Eastgroup Properties Inc (EGP) 2023 Q3 法說會逐字稿

Good day, everyone, and welcome to the EastGroup Properties Third Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions) Also note today's event is being recorded.

大家好，歡迎參加 EastGroup Properties 2023 年第三季財報電話會議和網路廣播。 （操作員說明）也請注意今天的事件正在被記錄。

And at this time, I'd like to turn the floor over to Marshall Loeb, President and CEO. Sir, you may begin.

現在，我想請總裁兼執行長馬歇爾·勒布 (Marshall Loeb) 發言。先生，您可以開始了。

Good morning, and thanks for calling in for our third 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.

早安，感謝您撥打我們的 2023 年第三季電話會議。一如既往，我們感謝您的關注。我們的財務長布倫特伍德 (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 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G 條例中定義的非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找到。我們的網站以及我們向 SEC 提供或提交的定期報告，以了解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資訊。

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.

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。

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 it has made.

收益新聞稿中的前瞻性陳述以及我們的言論是截至今天做出的，反映了我們基於公司目前掌握的信息和假設對公司計劃、意圖、預期、戰略和前景的當前看法。已經做了。

We undertake no duty to update such statements or remarks, 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, including our most recent annual report on Form 10-K for more detail about these risks.

我們不承擔更新此類聲明或言論的義務，無論是由於新資訊、未來或實際事件或其他原因。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有重大差異的因素。請參閱我們向 SEC 提交的文件，包括我們最新的 10-K 表格年度報告，以了解有關這些風險的更多詳細資訊。

Thanks, Keena. Good morning, and I'll start by thanking our team for a strong quarter. They continue performing at a high level and capitalizing on opportunities in a fluid environment.

謝謝，基娜。早安，首先我要感謝我們的團隊在這個季度的強勁表現。他們繼續保持高水準表現，並在瞬息萬變的環境中抓住機會。

Our third 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 13% for the quarter and 11% year-to-date. For over 10 years now, our quarterly FFO per share has exceeded the FFO per share reported in the same quarter prior year, truly a long-term growth trend.

我們第三季的業績強勁，證明了我們投資組合的品質和工業市場的持續彈性。公佈的部分業績包括來自營運的資金超出預期，本季成長 13%，年初至今成長 11%。十多年來，我們的季度每股 FFO 已經超過了去年同期報告的每股 FFO，這確實是一個長期成長趨勢。

Demonstrating the market's normalizing trend, our average quarterly occupancy and quarter end occupancy are down from both third quarter '22 and June 30. The quarterly occupancy was historically strong at 97.7%, just down from what were at peak levels. And our percentage lease, however, remained consistent with June 30 at 98.5%.

我們的平均季度入住率和季末入住率較2022 年第三季和6 月30 日均有所下降，證明了市場的正常化趨勢。季度入住率處於歷史最高水平，達到97.7%，僅低於峰值水平。然而，我們的租賃百分比與 6 月 30 日保持一致，為 98.5%。

Our quarterly releasing spreads reached a record at approximately 55% GAAP and 39% cash, these results pushed year-to-date spreads to 53% GAAP and 37% cash. Same-store NOI was solid, up 6.9% for the quarter and 8.1% year-to-date.

我們的季度發布利差達到創紀錄的約 55% GAAP 和 39% 現金，這些結果將年初至今的利差推至 53% GAAP 和 37% 現金。同店 NOI 穩健，本季成長 6.9%，年初至今成長 8.1%。

And finally, I'm happy to finish the quarter with FFO rising to $2 a share, helping us achieve these results is thankfully having the most diversified rent roll in our sector, with our top 10 tenants falling to 8.2% of rents, down 70 basis points from third quarter 2022 and in more locations.

最後，我很高興本季末FFO 上漲至每股2 美元，值得慶幸的是，我們擁有業內最多元化的租金清單，幫助我們實現了這些成果，我們的前10 名租戶的租金下降至8.2% ，下降了70%從 2022 年第三季起以及更多地點開始調整基點。

We view the geographic and tenant diversity as ways to stabilize future earnings regardless of the economic environment.

我們將地理和租戶多樣性視為穩定未來收入的方法，無論經濟環境如何。

In summary, I'm proud of our year-to-date performance, especially given the larger economic backdrop. We continue responding to strengthen the market and user demand for industrial product by focusing on value creation via raising rents, developments and more recently, acquisitions. This strength allowed us to end the quarter at 98.5% leased and push rents throughout a wider portfolio geography.

總之，我對我們今年迄今為止的表現感到自豪，特別是考慮到更大的經濟背景。我們繼續透過提高租金、開發以及最近的收購來專注於價值創造，以加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末達到 98.5% 的出租率，並在更廣泛的投資組合地理區域推高租金。

Due to current capital markets, we're seeing broader strategic acquisition opportunities. It's hard to predict how large the opportunity may be, but we're pleased with our ability to acquire newer, fully leased properties with below market rents and attractive initial yields.

由於當前的資本市場，我們看到了更廣泛的策略收購機會。很難預測機會有多大，但我們很高興能夠以低於市場的租金和有吸引力的初始收益率收購更新的、完全出租的房產。

As we've stated before, our development starts are pulled by market demand within our parks. Based on our read through, we're forecasting 2023 starts of $360 million. And while our developments continue leasing with solid prospect interest, we're seeing more deliberate decision-making.

正如我們之前所說，我們的開發案是由園區內的市場需求所拉動的。根據我們的通讀，我們預測 2023 年的開工金額為 3.6 億美元。雖然我們的開發項目繼續以穩定的潛在利益進行租賃，但我們看到了更深思熟慮的決策。

In this environment, we're also seeing 2 promising trends. The first thing, the decline in industrial starts. Starts have fallen now for 4 consecutive quarters with third quarter 2023 being roughly 2/3 lower than third quarter 2022. Assuming reasonably steady demand than in 2024, the markets will tighten, allowing us to continue pushing rents and create development opportunities.

在這種環境下，我們也看到了兩個有希望的趨勢。首先是工業開工下降。開工率現已連續4 個季度下降，2023 年第三季比2022 年第三季大約下降2/3。假設需求比2024 年相當穩定，市場將收緊，使我們能夠繼續推高租金並創造發展機會。

The second trend we're seeing is being with developers who've completed significant site work prior to closing. With the forward sale window tightening, it's allowed us to step into shovel-ready sites in several markets such as Tampa, Denver, Austin, et cetera and Brent will now speak to several topics, including our assumptions within the updated 2023 guidance.

我們看到的第二個趨勢是與在關閉前完成重要現場工作的開發商合作。隨著遠期銷售窗口的收緊，我們可以進入坦帕、丹佛、奧斯汀等多個市場的準備場地，布倫特現在將討論幾個主題，包括我們在更新的 2023 年指導中的假設。

Good morning. Our third quarter results reflect the terrific execution of our team, the strong overall performance of our portfolio and the continued success of our time-tested strategy. FFO per share for the third quarter was $2 per share compared to $1.77 for the same quarter last year. $0.05 of FFO were attributable to an involuntary conversion gain, recognized as the result of roof replacements that were damaging storms along with related insurance claims.

早安.我們第三季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策略的持續成功。第三季 FFO 每股價格為 2 美元，去年同期為 1.77 美元。 0.05 美元的 FFO 歸因於非自願轉換收益，該收益被確認為破壞性風暴以及相關保險索賠的屋頂更換的結果。

Excluding the gain, FFO per share for the quarter exceeded the upper end of our guidance range at $1.95 per share an increase of 10.2% over the same quarter last year. The outperformance continues to be driven by stellar operating portfolio results and the success of our development program.

不計收益，本季 FFO 每股收益超出了我們指引範圍的上限，為每股 1.95 美元，比去年同期成長 10.2%。出色的業績繼續受到出色的營運組合業績和我們開發計劃的成功的推動。

From a capital perspective, the strength in our stock price continued to provide the opportunity to access the equity markets.

從資本角度來看，股價的強勢持續為我們提供進入股市的機會。

During the quarter, we sold shares for gross proceeds of $165 million at an average price of $177.14 per share. During this period of elevated interest rates, equity proceeds have been our most attractive capital source.

本季度，我們以每股 177.14 美元的平均價格出售股票，總收益為 1.65 億美元。在利率上升的時期，股票收益一直是我們最具吸引力的資本來源。

In our updated guidance for the year, we increased our stock issuance assumption by $110 million to $585 million, $465 million of which is complete. During the quarter, we repaid 2 loans totaling $52 million, including our loan remaining secured mortgage. The company's debt portfolio is now 100% unsecured. Also, we refinanced $100 million unsecured term loan with a 45 basis point reduction in the effective fixed interest rate while the maturity date was unchanged, that will produce interest savings of approximately $2.25 million over the remaining 5 years of term.

在我們更新的今年指引中，我們將股票發行假設增加了 1.1 億美元，達到 5.85 億美元，其中 4.65 億美元已經完成。本季度，我們償還了 2 筆貸款，總計 5,200 萬美元，其中包括剩餘的擔保抵押貸款。該公司的債務組合目前 100% 無擔保。此外，我們還為1 億美元的無擔保定期貸款進行了再融資，在到期日不變的情況下，有效固定利率降低了45 個基點，這將在剩餘5 年期限內節省約225 萬美元的利息。

Although capital markets are fluid, our balance sheet remains flexible and strong with record good financial metrics. Our debt to total market capitalization was 18%, unadjusted debt-to-EBITDA ratio is down to 4.1x, and our interest and fixed charge coverage ratio increased to 9.1x.

儘管資本市場充滿流動性，但我們的資產負債表仍然靈活而強勁，財務指標創歷史新高。我們的債務佔總市值的比例為 18%，未調整的債務與 EBITDA 比率降至 4.1 倍，我們的利息和固定費用覆蓋率升至 9.1 倍。

Looking forward, FFO guidance for the fourth quarter of 2023 is estimated to be in the range of $1.98 to $2.02 per share and $7.73 to $7.77 for the year, a $0.12 per share increase over our prior guidance. Those midpoints represent increases of 9.9% and 10.7% compared to the prior year, respectively.

展望未來，FFO 2023 年第四季的指引預計為每股 1.98 至 2.02 美元，全年為 7.73 至 7.77 美元，比我們之前的指引每股增加 0.12 美元。與前一年相比，這些中點分別成長了 9.9% 和 10.7%。

The revised guidance produces a same-store growth midpoint of 7.8% for the year, an increase of 50 basis points from last quarter's guidance. We also increased the midpoint of our average occupancy again by 10 basis points to 97.9%. This is the result of outperforming our budget expectations in the third quarter, along with continued optimism for the final quarter of the year.

修訂後的指引預計全年同店成長中點為 7.8%，較上季指引增加 50 個基點。我們也將平均入住率中位數再次提高了 10 個基點，達到 97.9%。這是第三季超出我們預算預期以及今年最後季度持續樂觀的結果。

In closing, we were pleased with our third quarter results and are well positioned to close out the year. As we have in both good and uncertain times in the past, we will rely on our financial strength, the experience of our team and the quality and location of our portfolio to lead us into the future.

最後，我們對第三季的業績感到滿意，並為結束這一年做好了準備。正如我們過去經歷過的美好和不確定時期一樣，我們將依靠我們的財務實力、團隊的經驗以及我們投資組合的品質和位置來引領我們走向未來。

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 is creating. Internally, operations remain strong, and we're constantly strengthening the balance sheet. Externally, the capital markets and the overall environment remain clouded. And while never a pleasant experience, it's leading to further declines in starts. In the meantime, we're working to maintain high occupancies while pushing rents. And in spite of all the uncertainty, I like our positioning.

謝謝，布倫特。最後，我為我們團隊所創造的成果感到自豪。在內部，營運依然強勁，我們不斷強化資產負債表。從外部來看，資本市場和整體環境依然陰雲密布。雖然這從來都不是一次愉快的經歷，但它導致了開工率的進一步下降。同時，我們正在努力維持高入住率，同時推高租金。儘管存在所有不確定性，但我喜歡我們的定位。

More specifically, our portfolio is benefiting from several long-term positive secular trends such as population migration, evolving logistics chains, onshoring, near-shoring, et cetera. We have a proven management team with a long-term public track record. Our portfolio quality in terms of buildings and markets improves each quarter. Our balance sheet is stronger than it's ever been and we're expanding our diversity both in our tenant base as well as our geography.

更具體地說，我們的投資組合受益於一些長期積極的長期趨勢，例如人口遷移、不斷發展的物流鏈、在岸、近岸等。我們擁有一支久經考驗的管理團隊，擁有長期的公共業績記錄。我們在建築和市場方面的投資組合品質每季都在提高。我們的資產負債表比以往任何時候都更加強勁，我們正在擴大租戶基礎和地理位置的多樣性。

We'll now take your questions.

我們現在將回答您的問題。

(Operator Instructions) Our first question today comes from Craig Mailman from Citi.

（操作員說明）今天我們的第一個問題來自花旗銀行的 Craig Mailman。

Just the market right now is clearly focused on sequential market rent growth. And Marshall, I know you guys don't give a mark-to-market, but I'm just kind of curious if you guys looked at kind of where your marketing footprint stacked up from the sequential market perspective and maybe what impact you're seeing to kind of the trajectory of spreads or your embedded portfolio mark-to-market from some of the recent kind of movement.

目前的市場顯然專注於市場租金的連續成長。馬歇爾，我知道你們不會按市場定價，但我只是好奇你們是否從連續市場的角度來看你們的行銷足跡在哪裡堆積，以及可能對你們產生了什麼影響。我們正在從最近的一些走勢中了解利差的軌跡或您嵌入的投資組合按市值計價的軌跡。

Okay. Craig, thanks for the question. I guess -- as we look at our kind of what the market's done recently in our mark-to-market, maybe the good news now for a trailing 12 months on a GAAP basis and again, our cash numbers have been high, but our trailing 12-month GAAP rental rate increases have averaged 50%, a little higher than that. And this quarter, in spite of all the interest rate increases and things like that. It was a record quarter for us in terms of cash and GAAP spreads.

好的。克雷格，謝謝你的提問。我想，當我們以以市價計價來觀察市場最近的表現時，也許按照 GAAP 計算過去 12 個月的好消息是，我們的現金數量一直很高，但我們的過去12 個月的GAAP 租金率平均上漲50%，略高於此水準。本季度，儘管出現了利率上漲之類的情況。就現金和公認會計準則利差而言，這是我們創紀錄的季度。

So we were in the mid-50s and our year-to-date average is in the kind of come around 53%. So a little better, but not out of the park, but continually improving there.

我們當時是 50 多歲，今年迄今的平均值約為 53%。所以稍微好一點，但不是超出標準，而是不斷改進。

And then what we were looking at recently in terms of what the market has done this year, I know some of our peers were estimating around 7%. I saw a CBRE number in the mid-7s, but -- and working with Cushman & Wakefield, we took their market growth rate and really market weighted it based on our NOI and that's on overall market and that gets you just north of an 8.5%. So we're calling the rent, yes, it's gone negative in L.A. at least as we've read and things like that. But in our markets, using Cushman & Wakefield, it's, call it, 8.5%, a little above that.

然後我們最近觀察了今年市場的表現，我知道我們的一些同行估計約為 7%。我看到CBRE 的數字在7 左右，但是，透過與Cushman & Wakefield 合作，我們獲取了他們的市場成長率，並根據我們的NOI 對其進行了真正的市場加權，這是在整體市場上，這使您的得分略高於8.5 %。所以我們稱之為租金，是的，至少正如我們所讀到的那樣，洛杉磯的租金已經變成負數了。但在我們的市場中，使用 Cushman & Wakefield，可以說是 8.5%，略高於這個數字。

And then really, I would also encourage people, if you're curious, and I wish we had the ability to share a slide on our investor presentation on our website. If you'll flip through it, if you have a chance and go to about Page 12, there's another chart that shows vacancy rates for 100,000 feet and below really have not moved much in a year that where -- what's happened in the market, what's moving the rent is big boxes getting delivered and those prospects are deliberate and it's taking a little more time to lease those.

事實上，如果你們好奇的話，我也會鼓勵人們，我希望我們能夠在我們的網站上分享投資者簡報的幻燈片。如果你翻閱它，如果你有機會翻到第 12 頁，還有另一張圖表顯示 100,000 英尺及以下的空置率在一年內確實沒有太大變化——市場上發生了什麼，影響租金的因素是大箱子的交付，這些潛在客戶是經過深思熟慮的，而且租賃這些箱子需要更多的時間。

So that 8.5% for our product type, I'd probably add 100 to 150 basis points to that just because the supply has not been there. And that's why thankfully, you've seen our occupancy hold and our percent leased hold fairly steady this year at 98.5%.

因此，對於我們的產品類型來說，8.5%，我可能會增加 100 到 150 個基點，只是因為供應還沒有到位。值得慶幸的是，這就是為什麼我們今年的入住率和租賃率相當穩定地保持在 98.5%。

So we still feel like we've got good mark-to-market, although I would agree maybe with where you started the rent. It's not the hyperbolic kind of frenzy that it was post-COVID, but it's still pretty solid rent growth. And a little bit longer term, we're encouraged to see starts fall for the fourth consecutive quarter. I think they'll fall again in fourth quarter, too, just given what's going on in the world.

因此，我們仍然覺得我們的市場定價不錯，儘管我可能會同意你開始租金的地方。這並不是新冠疫情後那種雙曲線式的瘋狂，但租金成長仍然相當穩健。從長遠來看，我們很高興看到開工率連續第四個季度下降。考慮到世界上正在發生的事情，我認為第四季度它們也會再次下跌。

So we can stay around 98% leased with supply falling as fast as it is, we feel pretty good about our ability to push rents going forward, assuming steady demand.

因此，在供應量下降的速度如此之快的情況下，我們可以保持 98% 左右的出租率，假設需求穩定，我們對未來推高租金的能力感到非常滿意。

And I appreciate you guys haven't given '24 guidance yet. But as you guys look at what's expiring next year, it's kind of a lot of 2019 vintage, right, pre-COVID leases. I mean do you anticipate continued growth from kind of the mark-to-market you've seen in the last couple of quarters before maybe it received a little bit as you get into some of the COVID era leases? Or kind of -- again, I appreciate you haven't given guidance yet, but just some framework as people are thinking about next year.

我很感謝你們還沒有給出 '24 指導。但當你們看看明年到期的租約時，會發現有很多 2019 年的舊租約，對吧，新冠疫情之前的租約。我的意思是，您是否預計過去幾季所看到的按市值計價會持續增長，之後隨著您進入一些新冠時代的租賃，可能會有所增長？或者說，再次感謝您還沒有給出指導，而只是人們在明年考慮的一些框架。

Sure. A fair question. I'm an optimist that process. I'd say I feel pretty good about -- I feel good about our ability to push rents into next year. And then really, if I parse next year even more, I think the back half of the year, where we said, I think as things get absorbed, what little shallow bay and our average building size is about 95,000 feet, and our average tenant is about 34,000 feet.

當然。這是一個公平的問題。我對這個過程持樂觀態度。我想說，我對我們將租金推至明年的能力感到非常滿意。然後真的，如果我進一步分析明年，我認為今年下半年，我們說，我認為隨著事情的吸收，那個小淺灣和我們的平均建築尺寸約為 95,000 英尺，而我們的平均租戶大約34,000英尺。

So again, if you look, those vacancy rates haven't moved, I really feel even better about our ability to push rents, assuming the economy doesn't have to get a lot better, just doesn't get worse or maybe the Fed eventually stops raising rates or even drops it a little bit. I feel better about the second half of '24 probably than the second half of '23 in terms of our ability to push rents.

所以，如果你看一下，那些空置率沒有變化，我真的對我們推高租金的能力感覺更好，假設經濟不必變得更好，只是不會變得更糟，或者也許是美聯儲最終停止加息，甚至略有下降。就我們推高租金的能力而言，我對 24 年下半年的感覺可能比 23 年下半年好。

Our next question comes from Jeff Spector from Bank of America.

我們的下一個問題來自美國銀行的傑夫·斯佩克特。

Marshall, can you expand on your comments a little bit on the acquisition market? I think in your opening remarks, you said there's more opportunities. And I guess, what's changed? Are there -- is there less competition? Or again, somehow sellers are now being more active? What's exactly changed?

馬歇爾，您能談談您對收購市場的看法嗎？我想你在開場白中說有更多的機會。我想，發生了什麼變化？競爭是否減少了？或者說，賣家現在變得更活躍了？究竟改變了什麼？

A good question. Jeff, it's been really a more dynamic acquisition market or maybe market on the capital transaction than we've seen in a few years. And it's almost 2 parts. When we bid on portfolios, we've -- we bid on a couple and I say portfolio is like 3 to 6 buildings. We've been clovered and those have still traded. There's some out there in the 4s, 1 -- larger 1 below 4 type GAAP yield and things like that.

這是個好問題。傑夫，這確實是一個比我們幾年來見過的更具活力的收購市場，或者說資本交易市場。這幾乎是兩個部分。當我們對投資組合進行投標時，我們對一些投資組合進行投標，我說投資組合就像 3 到 6 棟建築物。我們已經三心二意，那些仍然在交易。有一些 4s、1——大於 1 低於 4 類型的 GAAP 收益率之類的東西。

But we've seen a few one-off transactions. And the way we've looked at it were that -- we're pretty indifferent between equity and debt, if all being equal. But this year, we've had the advantage of having our equity price in kind of that low to mid-4s implied cap rate, and we've been able to see -- we've closed on 3 and then we have another one as we moved our acquisition guidance that we are optimistic about by the end of the year, but the ability to buy new buildings in markets we're in, submarkets we want to be in at around, call it, a 6 GAAP yield, high 5, 6 GAAP and kind of the trend, and I'm trying to not violate every confidential agreement, but -- and then and below market rents.

但我們已經看到了一些一次性交易。我們看待這個問題的方式是──如果兩者都平等的話，我們對股本和債務相當漠不關心。但今年，我們的優勢是我們的股價處於 4 美元中低的隱含資本化率，而且我們已經能夠看到——我們已經收盤了 3 美元，然後我們還有另一美元當我們改變收購指導方針時，我們對今年年底感到樂觀，但在我們所處的市場、我們希望進入的子市場購買新建築的能力，稱之為6 GAAP 收益率，很高5、6 GAAP 和某種趨勢，我試圖不違反每一項機密協議，但是－然後低於市場租金。

So we have -- those would have been 4 type cap rates or sub 4, 18 months ago and there would have been a bidding frenzy, but all of a sudden, with debt prices where they are and some of the funds as we read about and hear about needing liquidity and it's awfully hard to sell office buildings. So they're trying to get things closed by the end of the year. And industrial is the most -- as the brokers explain it to us, the most attractive product to have on the market.

因此，18 個月前，這些利率將是 4 類上限利率或低於 4 類，並且會出現競購狂潮，但突然之間，債務價格保持在原來的水平，而我們讀到的一些基金聽說需要流動性，而且出售辦公大樓非常困難。所以他們正試著在今年底前完成這些工作。正如經紀人向我們解釋的那樣，工業產品是市場上最具吸引力的產品。

And all of these cases, our pitch has been, we're we may not be your highest bidder, but where you're most certain we have the line of credit. We have 0 outstanding or roughly a low balance on it. Most of kind of second and into third quarter, we have the ability to close, and we know this market in the submarket. And so that's actually worked where our batting average has been much lower. And then just anecdotally, talking to our 3 regionals, we have good relationships with the national marketing firms, brokerage firms and we'll get calls but the ratio of inbound calls has really increased.

在所有這些情況下，我們的宣傳是，我們可能不是您的最高出價者，但在您最確定我們擁有信用額度的情況下。我們的未償餘額為 0，或餘額大致較低。大多數情況下，第二季度和第三季度，我們有能力關閉，並且我們了解子市場的這個市場。因此，在我們的擊球率低得多的情況下，這實際上是有效的。有趣的是，與我們的 3 個地區交談，我們與全國行銷公司、經紀公司有著良好的關係，我們會接到電話，但呼入電話的比例確實有所增加。

All of a sudden, we're a more attractive buyer, and I think it's just been our ability to kind of acquire so all of a sudden acquisitions. And I don't think the window will stay open terribly long, but if our equity price were there, it's not today, but what it was an awful lot of third quarter, if we can kind of buy new assets at below market rents and get that spread on investments, what we've lined up should add a little more than a $0.05 to next year's earnings on a run rate with the $140 million, and the average building is probably literally 2 years old of those 4 that we've acquired.

突然之間，我們成為了一個更具吸引力的買家，我認為這只是我們有能力突然收購。我認為這個窗口不會打開太久，但如果我們的股價在那裡，那不是今天，而是第三季度的很多時候，如果我們能以低於市場租金的價格購買新資產，考慮到投資的利差，我們所安排的項目應該會在1.4 億美元的運行率下為明年的收益增加略多於0.05 美元的收益，而我們所預測的這4 棟建築中，平均建築可能只有2 年的歷史獲得的。

So we like that model. And if we can pursue that strategy, we would. We don't have the capital today. Our equity is not priced like that and it's below our NAV, but we'll continue to watch that window. And so we've seen some interesting opportunities. And I think we won't change what we're doing. But in terms of products or markets but I think we should pivot our strategy as the market gives us those opportunities.

所以我們喜歡這個模型。如果我們能夠推行這項策略，我們就會這麼做。我們今天沒有資本。我們的股票定價並非如此，而且低於我們的資產淨值，但我們將繼續關注這個視窗。所以我們看到了一些有趣的機會。我認為我們不會改變我們正在做的事情。但就產品或市場而言，我認為我們應該調整我們的策略，因為市場給了我們這些機會。

Very helpful. My 1 follow-up is on, again, the comment you made on declines in industrial starts. Are you able to quantify the, I guess, supply like the decrease in supply '24 over '23 in industrial, whether it's national or in your markets? Have you have any stats on that?

很有幫助。我的第一個後續行動是您對工業開工率下降的評論。我想，您是否能夠量化供應量，例如工業供應量 '24 比 '23' 的減少，無論是在全國還是在您的市場？你有這方面的統計數據嗎？

Some of those the best I could point you and I hate to -- it was interesting, we said, this is 1 call. I wish we had a Zoom call with some of our slides on our investor presentation and we just put this up late yesterday. So it's about Page 12, we'll show you the vacancy rates by size for anyone that wants to flip through that and about -- and I may be off the page, but I'm in the right ZIP code.

其中一些是我可以向你指出的最好的，但我討厭——這很有趣，我們說，這是 1 通電話。我希望我們能召開一次 Zoom 電話會議，其中包含一些關於投資者演示的幻燈片，我們昨天晚些時候才把它放出來。這是關於第 12 頁的內容，我們將按大小向您顯示空缺率，供任何想要翻閱該頁的人使用。我可能不在頁面上，但我所在的郵遞區號是正確的。

About Page 10, you'll see national starts and they've fallen 4 quarters in a row and (inaudible) from third quarter last year, which was the peak, and we're down quarter-to-quarter almost 2/3 this quarter and shallow bay usually makes up and there's another chart there that will show you the shallow bay numbers on our webcast. It's pretty far down. It's usually 10% to 15% of supply we feel like in any markets competitive.

關於第 10 頁，您會看到全國開工率，從去年第三季（高峰）開始連續下降了 4 個季度（聽不清楚），而我們每個季度的開工率下降了近 2/3四分之一和淺灣通常會組成，那裡還有另一個圖表，會向您顯示我們網路廣播上的淺灣數字。已經差得很遠了。我們認為在任何市場中，通常是供應量的 10% 到 15% 具有競爭力。

So the hope being was starts falling off and the supply construction pipeline emptying out, there'll be a vacuum for a bit, which should -- and they enable us kind of earlier question to really push some rents and then -- and it will be a minute before we get there, but should also allow us with our parks to really, if I'm being an optimist, hope to ramp up our development pipeline because people will need expansion space down the road in '24, if they feel better about the economy and usually, that's when our developments lease up quickly when there's lack of available product on the market that people have to go ahead and sign a pre-lease and things like that.

因此，希望開始落空，供應建設管道清空，將會出現一段時間的真空，這應該——它們使我們之前提出的問題能夠真正推高一些租金，然後——它將在我們到達那裡之前一分鐘，但如果我是一個樂觀主義者，也應該讓我們的公園真正希望擴大我們的開發管道，因為人們在24 年需要擴展空間，如果他們覺得的話經濟狀況更好，通常，當市場上缺乏可用產品時，我們的開發案會迅速出租，人們必須繼續簽署預租約之類的事情。

So hopefully, that's helpful to you. You'll see the start kind of graph and then where vacancies -- where our vacancy hasn't moved very much with an average building size under 100,000 feet, where the vacancies really moved is kind of when you get to 300,000 square feet and above. That's where most of the new product because that's mostly what's been built and where you could put a lot of capital to work the last few years and it's worked until all of a sudden, people got nervous about the economy and that's stopped. And I've always said I like where we kind of fit on the playground.

希望這對您有幫助。你會看到起始圖表，然後是空缺位置——平均建築面積在100,000 英尺以下時，我們的空缺位置沒有發生太大變化，而當建築面積達到300,000 平方英尺及以上時，空缺位置真正發生了變化。 。這是大多數新產品的所在地，因為這主要是已經建造的產品，過去幾年你可以投入大量資金來使用它，它一直有效，直到突然間，人們對經濟感到緊張，然後這種情況就停止了。我總是說我喜歡我們在操場上適合的地方。

Our next question comes from Alexander Goldfarb from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Alexander Goldfarb。

Marshall, 2 questions. So I guess one question, one follow-up. First, on the supply dropping out there, presumably, this is helping you guys as one of the sole people who can develop on your own, not having to borrow. So are you seeing this as increased opportunity and you guys want to ramp it up? Or are the global concerns and sort of all the risks that we read about interest rates, et cetera, mean that you're probably going to keep your development program at this level right now? Just trying to understand as you look out over the next year or 2 where you guys are thinking about putting your shovels.

馬歇爾，兩個問題。所以我猜一個問題，一個後續行動。首先，關於供應量的下降，想必這正在幫助你們，因為你們是唯一可以自己發展而不必借錢的人之一。那麼，您是否認為這是一個增加的機會，並且想要加強？或者，全球擔憂以及我們讀到的有關利率等的所有風險是否意味著您現在可能會將您的發展計劃保持在這個水平？只是想了解一下，當你們展望未來一兩年時，你們會考慮把鏟子放在哪裡。

Yes. No, thanks. A good question and (inaudible). I think we've always said we'll go -- we'll go as fast or as slow as really the market dictates. Phase 3 in a park is moving slowly. We're not going to roll into Phase 4. But if we run out of inventory and especially if we have tenants telling us they need expansion space or neighbors, we'll move pretty quickly. We always try to have permit in hand.

是的。不，謝謝。這是個好問題（聽不清楚）。我想我們一直說我們會走——我們會根據市場的實際情況走得快或慢。園區內的三期工程正在緩慢推進。我們不會進入第四階段。但如果我們的庫存用完，特別是如果我們有租戶告訴我們他們需要擴展空間或鄰居，我們很快就會採取行動。我們總是盡力獲得許可證。

So we'll -- looking into next year, I think the market will get tight, hopefully in the back half of the year, tighter because what comes out of the pipeline is not being replaced. Where we are seeing opportunities is, over the past few years, there's been such an appetite for industrial products that developers have been able to go through the permitting, zoning, all the kind of -- and it could take years, usually 1.5 years at a minimum, in some cases, 3 years to get the wetlands every issue so that you're ready to break ground. And in a number of cases, those local regional developers have then flipped the land or built the building and sold it on a forward basis and things like that where we've seen in a couple of cases with the Denver land acquisition we made recently, the one in Tampa -- we've got another one that we're optimistic about one in Austin, where those developers got to the end and they hadn't -- I guess I should have backed up where they done all this work while it's under contract, but haven't closed yet.

因此，展望明年，我認為市場將變得緊張，希望在今年下半年，因為管道中的產品不會被取代。我們看到的機會是，在過去的幾年裡，人們對工業產品的需求如此之大，開發商已經能夠完成許可、分區等所有手續——這可能需要數年時間，通常是 1.5 年在某有些情況下，至少需要3 年的時間來獲得濕地的每一個問題，以便您準備好破土動工。在許多情況下，這些當地的區域開發商隨後會翻轉土地或建造建築物並以遠期方式出售，類似的事情我們在最近收購丹佛的幾個案例中看到，坦帕的一個- 我們還有另一個我們對奧斯汀的一個感到樂觀的，那裡的開發人員到達了終點，但他們沒有- 我想我應該支持他們完成所有這些工作的地方它已簽訂合同，但尚未關閉。

So that ability with the forward window tightening, then they needed to look for capital sources to move forward. And it feels like my analogy, it's been we've been able to jump into the game in the fourth inning rather than the first inning. And like in Denver, for example, they had worked on this site for several years. And we broke ground within, I think, call it, 60 days of closing and the same thing in Tampa and some of these, where all of a sudden, those opportunities, we were getting outbid for years because people want to -- Nuveen, Heitman, you name it, different companies wanting to put capital out. Now we've become a source for them. Well, again, we've said they've created all this work and if they don't close the value they created reverts back to that seller and so they're looking for capital, and we've been able to step in and gets really circumvent an awful lot of that development cycle.

因此，隨著遠期窗口的收緊，他們需要尋找資金來源來前進。這感覺就像我的比喻，我們能夠在第四局而不是第一局進入比賽。例如，就像在丹佛一樣，他們已經在這個網站上工作了幾年。我想，我們在關閉後 60 天內破土動工，在坦帕也發生了同樣的事情，其中​​一些，突然之間，這些機會，我們多年來一直在出價過高，因為人們想要 - Nuveen，海特曼，凡是你能想到的，都有不同的公司想要投入資金。現在我們已經成為他們的來源。好吧，我們再說一遍，他們已經創造了所有這些工作，如果他們不關閉他們創造的價值，他們創造的價值就會回到那個賣家，所以他們正在尋找資本，我們已經能夠介入並確實繞過了很多開發週期。

Okay. And then so as a follow-up to that, sort of going back to, I think it was Craig Mailman, who asked about sort of looking into next year. You guys traditionally are always a cautious group. You always think that like this year was good, next year, it will be tougher. But you have the big COVID rent uptick that creates a wonderful mark-to-market in your portfolio, you're the sole developer. So what's really the risk here going forward? Is it that your stock remains depressed, thus, you can't really issue equity and that slows down your growth? Or is it truly tenant issues, which so far have not seemed to be at all an issue.

好的。然後，作為後續行動，我想是克雷格·梅爾曼詢問了明年的情況。你們傳統上總是一個謹慎的群體。你總覺得今年好，明年就更難了。但由於新冠肺炎疫情，租金大幅上漲，這為您的投資組合創造了出色的市價，您是唯一的開發商。那麼未來真正的風險是什麼呢？是否您的股票仍然低迷，因此您無法真正發行股票，從而減慢了您的成長速度？或者這確實是租戶問題，到目前為止這似乎根本不是問題。

So I'm just wondering, in a tangible way, what is really the risk here to growth? Is it more your equity price or potential for tenant challenges?

所以我只是想知道，以一種切實的方式，成長的真正風險是什麼？更重要的是您的股權價格還是租戶挑戰的潛力？

Yes. I'll take a stab, and then Brent can correct me if he disagrees. To me, the risk is always that we've said for years, worry way less about supply than we do demand given not many people build what we build and especially today, that's got an exclamation point at the end. I do worry about our tenants balance sheet with oil prices higher, labor wages higher, interest rates higher, rents higher, it's a lot on them.

是的。我會嘗試一下，如果布倫特不同意，他可以糾正我。對我來說，風險始終是我們多年來所說的，考慮到沒有多少人建造我們建造的東西，而不是我們對需求的擔憂，尤其是在今天，最後有一個感嘆號。我確實擔心我們租戶的資產負債表，油價上漲，勞動力工資上漲，利率上漲，租金上漲，這對他們來說有很多。

So I worry about the tenant demand. But if we can stay full, we do have land for development. We do have -- I guess in reverse order, we've got the ability to push rents first and that organic growth. And then we can develop and fund it with dispositions or this or that. It's -- it's great to have the equity when we do and we can take advantage of it in this market. But I'd also say we don't feel compelled. I think we've got a perfectly good company. And if we don't buy a lot we'll be all right on that. It's a way to accelerate our growth, but we'll have growth one way or the other.

所以我擔心租戶的需求。但如果我們能保持飽足，我們確實有土地可供開發。我們確實有——我想以相反的順序，我們有能力首先推動租金和有機成長。然後我們可以透過配置或這樣或那樣的方式來開發和資助它。當我們這樣做時，擁有股權真是太好了，我們可以在這個市場上利用它。但我也想說，我們並不覺得被迫。我認為我們有一家非常好的公司。如果我們不買太多，那也沒什麼問題。這是加速我們成長的一種方式，但無論如何我們都會實現成長。

And we'll just -- I think the way we've tried to view it is be nimble in what the market allows us, we'll take advantage of it. and we won't change our strategy, but we may change the way we implement it. And a few -- for several years when everybody wanted to own U.S. industrial, our attitude was it's better to create it than outbid people for it. And now if there's some good acquisition opportunities, we'll pivot to that.

我們只是 - 我認為我們試圖看待它的方式是在市場允許我們的情況下保持靈活，我們將利用它。我們不會改變我們的戰略，但我們可能會改變我們實施戰略的方式。還有一些 - 幾年來，當每個人都想擁有美國工業時，我們的態度是創造它比出價更高。現在，如果有一些好的收購機會，我們將轉向這一點。

It doesn't mean we'll stop development if it's there, but we'll pivot to those. And then sometimes it's okay to sit on your hands and wait for a window to open, too. And thankfully, we've got that organic growth that you were talking about.

這並不意味著我們會停止開發，但我們會轉向這些。有時，坐在你的手上等待窗戶打開也是可以的。值得慶幸的是，我們已經實現了您所說的有機成長。

Our next question comes from Nick Thillman from Baird.

我們的下一個問題來自貝爾德 (Baird) 的尼克·蒂爾曼 (Nick Thillman)。

Maybe touching on the acquisition opportunities. You guys were pretty active in Las Vegas recently. Are there any like specific markets that you're kind of targeting where you're seeing more opportunities in?

也許會涉及收購機會。你們最近在拉斯維加斯很活躍。是否有任何類似的特定市場是您所瞄準的，您在其中看到了更多機會？

A good question. The way we think about it is really -- we'll look at our percent NOI kind of as a portfolio and then kind of where we are in that market, Las Vegas has been a really strong market. I'll complement Mike Sacco, our guy we've been able to really push rents in Las Vegas over the last couple of years and we're under-allocated and that it's about looking at 3% of our NOI. So strong market and really just the way our pricing worked out and really our story, I'm not I'm pretty positive on one, if not both of those that we acquired, there were higher offers. But again, we were the most certain buyer, we believe.

這是個好問題。我們的想法是——我們將把我們的 NOI 百分比視為投資組合，然後看看我們在這個市場中的位置，拉斯維加斯一直是一個非常強大的市場。我要補充一下邁克·薩科（Mike Sacco），我們的人在過去幾年裡我們一直能夠真正推高拉斯維加斯的租金，但我們的分配不足，大約是我們 NOI 的 3%。如此強勁的市場，以及我們的定價方式和我們的故事，我對其中一個（如果不是我們收購的兩個）非常樂觀，有更高的報價。但我們再次相信，我們是最確定的買家。

And so the West Coast the last few years, we've been under-allocated to that market. And we try to look at it, what's the right real estate, the right submarket and then also by market. We don't want any market. We spend a lot of time bringing Houston down from 20% into the 10s as a percent of our NOI, too. So that's -- part of it is the real estate itself and then part of it is how much have we allocated that market.

因此，過去幾年在西海岸，我們對該市場的分配不足。我們試著看看什麼是合適的房地產、合適的子市場以及市場。我們不要任何市場。我們花了很多時間將休士頓的 NOI 比例從 20% 降至 10%。所以，一部分是房地產本身，一部分是我們分配了多少市場。

And then we think having more of our NOI from Las Vegas positions us long term to have higher cash same-store NOI, higher releasing spreads, all the things we get measured by each quarter. But those -- that's kind of one of the markets. It's really those high-performing markets. You've seen us do a lot in Austin. El Paso has been a strong market. Florida has had a great run in the last couple of years as well.

然後我們認為，從拉斯維加斯獲得更多的 NOI 將使我們長期擁有更高的現金同店 NOI、更高的釋放利差，以及我們每季衡量的所有因素。但那些——這就是市場之一。這確實是那些表現出色的市場。您已經看到我們在奧斯汀做了很多事情。埃爾帕索一直是個強勁的市場。佛羅裡達州在過去幾年中也取得了巨大的進步。

That's helpful. And then maybe touching a little bit on development lease-up and you've really pull demand from existing parks historically. Maybe just an update on kind of what you're seeing from tenants in your existing parks like willing to expand? Are they a little bit more cautious today than maybe, say, 6 months from now or like 6 months ago? Like any commentary around that would be helpful.

這很有幫助。然後也許稍微涉及開發租賃，歷史上你確實拉動了現有公園的需求。也許只是您從現有公園的租戶那裡看到的最新情況，例如願意擴建？他們今天是否比 6 個月後或 6 個月前更謹慎？就像任何關於這方面的評論都會有幫助。

Yes. No, we feel good about our development pipeline and we pulled half dozen buildings in and we can maybe talk -- I'll save it for later in the call and kind of parsing our development pipeline. Answering your question, I would say, yes and understandably so people are -- we have activity and we're getting leases signed, getting people closing and once you get in the red zone seems slow. And I think it's all about the economy. It's hard to feel confident to expand your business probably given the larger climate. So I appreciate -- from a future bad debt perspective, I appreciate our tenants and our prospects being a little more hesitant than shooting from the hip.

是的。不，我們對我們的開發管道感覺良好，我們拉了六座建築物，我們也許可以談談——我會在稍後的電話會議中保存它並解析我們的開發管道。回答你的問題，我會說，是的，這是可以理解的——我們有活動，我們正在簽署租約，讓人們關閉，一旦你進入紅色區域，速度似乎很慢。我認為這都與經濟有關。考慮到大環境，你很難有信心擴展你的業務。所以我很欣賞——從未來壞帳的角度來看，我很欣賞我們的租戶和我們的潛在客戶比魯莽行事更猶豫一些。

So yes, it was felt a little frenzy kind of post-COVID to the point where you felt made you a little bit nervous of brokers saying things they hadn't seen in years in their career, revoking offers to tenants and things like that because the time clock had passed and things that people told us they'd never done. So I'm glad it's normalized a little bit. And now it feels like -- with the interest rates in 2 different wars and everything else, I get why people are being a little slow and deliberate in their decision-making.

所以，是的，在新冠疫情之後，人們感覺有點瘋狂，以至於你覺得經紀人會說一些他們職業生涯多年來從未見過的事情，撤銷對租戶的報價之類的事情，讓你有點緊張，因為時鐘已經過去了，人們告訴我們他們從未做過的事情。所以我很高興它已經正常化了一點。現在感覺就像是——考慮到兩場不同戰爭的利率和其他一切，我明白為什麼人們在決策時有點緩慢和深思熟慮。

Our next question comes from Todd Thomas from KeyBanc Capital Markets.

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

First question, Marshall, you mentioned that you've been fortunate to issue equity in the low to mid-4% implied cap rate range and the stock has pulled back more recently. And I think you mentioned that you're trading below NAV. I'm just -- I'm a little confused by some of the comments around the go-forward plan here. Do you pump the brakes on equity? Or do you continue to issue at these levels vis-a-vis the $125 million of incremental equity issuance that's implied in the guidance that was -- the updated guidance issued last night.

第一個問題，Marshall，您提到您很幸運能夠在 4% 的隱含資本化率範圍內發行股票，並且該股最近有所回落。我想你有提到你的交易價格低於資產淨值。我只是——我對這裡關於未來計劃的一些評論有點困惑。你會踩煞車嗎？或者，相對於昨晚發布的最新指南中暗示的 1.25 億美元增量股票發行，您是否會繼續以這些水平進行發行。

Brent, I'll let you...

布倫特，我會讓你...

Yes, I'll jump in. Todd, this is Brent. Yes, the equity, our stock price has had some volatility just due to macro concerns and so it's moved around a lot. And even NAV itself has been very fluid this year. I mean, as most everyone on the call realizes that has been a moving target, but has been drifting down. So we have full capacity on our revolver. We have just a little bit drawn on our $675 million. So it would just depend. We've not been crunched for capital so far this year.

是的，我會插話。托德，這是布倫特。是的，股票，我們的股價只是由於宏觀擔憂而出現了一些波動，因此波動很大。甚至資產淨值本身今年也非常不穩定。我的意思是，大多數參加電話會議的人都意識到，這是一個不斷變化的目標，但一直在下降。所以我們的左輪手槍已經滿了。我們的 6.75 億美元只用了一點點。所以這要看情況。今年到目前為止，我們還沒有遇到資金短缺的情況。

As you can see, we've been very active on the ATM, somewhere around, I think, $465 million year-to-date issued at very good pricing. So we would take a pause at the current pricing, but the way it's moved up and down. But look, if it were to shut us out for an extended period, then you've got to -- maybe we won't be able to do certain things on some of the good opportunities, Marshall, alluded to maybe on some one-off acquisitions or that could impact our decisions on starts next year.

正如您所看到的，我們在 ATM 上非常活躍，我認為，今年迄今為止，我們以非常優惠的價格發行了大約 4.65 億美元。因此，我們會暫停目前的定價，但會考慮其上下波動的方式。但是看，如果它要把我們長期拒之門外，那麼你就必須——也許我們將無法在一些好機會上做某些事情，馬歇爾，提到也許在某些機會上——收購或可能影響我們明年啟動的決定。

But we're just going to take that as it comes. Again, understanding we have plenty of dry powder to fund what we're doing. It's just a matter of the cost of funding. And obviously, we've been very pleased with what we've been able to do this year. And so we'll just take it as it comes. The way the market's been, I can almost look at my phone and see our price drop and say, well, the Feds must have talked about higher, longer or in this odd environment today, you have good consumer news, which is bad because we want the money or the economy to slow for interest rates to come down to it's all factors that go into it.

但我們只會接受它。再次強調，我們有足夠的乾粉來資助我們正在做的事情。這只是資金成本的問題。顯然，我們對今年所做的事情感到非常滿意。所以我們就順其自然吧。按照市場的情況，我幾乎可以看著我的手機，看到我們的價格下跌，然後說，好吧，美聯儲一定談論了更高、更長的價格，或者在今天這種奇怪的環境下，你有好的消費者消息，這是壞消息，因為我們希望貨幣或經濟放緩，以降低利率，這是所有因素的結果。

So as we've always been, we'll just be flexible and let -- if the market will allow us, we're excited about what opportunities are out there. But at the same time, we're not -- as Marshall said, we don't have to do anything. Obviously, we'd have to unwind what we're doing. But -- so we'll just take it as it comes. We're in a good position. And the price raises its head up just for a little bit. We're in a position to grab chunks and continue what we're doing. So we'll just take a wait-and-see approach.

因此，正如我們一直以來所做的那樣，我們將保持靈活性，如果市場允許的話，我們會對存在的機會感到興奮。但同時，正如馬歇爾所說，我們不需要做任何事。顯然，我們必須放鬆我們正在做的事情。但是——所以我們就順其自然吧。我們處於有利位置。價格略有上漲。我們能夠抓住大塊並繼續我們正在做的事情。因此，我們將採取觀望態度。

Okay. And then my follow-up question on the development and value-add pipelines, looked like some of the conversion dates moved around a little bit, some of the 2024 conversion dates moved into 2025, for example. Does that reflect delays in the completion of construction? Or delays in your assumptions around lease-up for those assets? And then can you also just for clarification, just I'm curious when you stop capitalizing interest and cost capitalization on developments altogether, is that at the time of conversion?

好的。然後我關於開發和增值管道的後續問題看起來有些轉換日期發生了一些變化，例如，一些 2024 年的轉換日期移至 2025 年。這是否反映了施工進度的延遲？或者您對這些資產租賃的假設有延遲？然後，您也可以澄清一下，我很好奇，當您停止將開發專案的利息和成本資本化時，是在轉換時嗎？

I guess answering it reverse, as you will -- we will always underwrite 12 months after completion to roll it in -- well, the earlier of when we hit 90% occupancy or 12 months after completion. So thankfully, the outside date has been -- the last few years has been that 12 months after. The movement within completion dates, you're right, it's more construction timing related than us stopping construction that we really didn't do any of that or things like that.

我想反過來回答，就像你會的那樣——我們總是會在竣工後12 個月內承保以將其投入——好吧，是我們達到90% 入住率時或竣工後12 個月中較早的一個。值得慶幸的是，過去幾年的外部日期是 12 個月後。完工日期內的變動，你是對的，這與我們停止施工更多的施工時間有關，我們確實沒有做任何這樣的事情或類似的事情。

Traditionally, it's been weather and things like that could be one of the reasons. And things have certainly gotten better supply chain-wise post-COVID, but what we're hearing kind of ordering switchgear, electrical transformers, those type things, that's really gotten to be -- that's always the new item that takes a year now. So we're able that -- we used to be able to deliver buildings in about 6 months pre-COVID, and now that's stretched out, and that's what's kept the construction pipeline, so full for a little bit longer than it normally does.

傳統上，天氣等因素可能是原因之一。在新冠疫情之後，供應鏈方面的情況肯定有所改善，但我們聽到的訂購開關設備、電力變壓器等類型的東西，確實是這樣的——這總是需要一年時間的新項目。所以我們能夠——在新冠疫情爆發之前，我們過去能夠在大約 6 個月內交付建築物，而現在這個時間已經延長了，這就是使施工管道保持比正常情況更長的時間的原因。

But any kind of electrical equipment takes a while. And my guess is just the timing here or there on orders or concrete. I guess the good news in a number of our markets is where we've had the new semiconductor plants or some of the government work that's done between whether it's Dallas or Austin or Phoenix. The bad news is when we're also ordering those same concrete and subcontractors, it's awfully hard to get on their schedules on a timely basis, too, at times.

但任何一種電氣設備都需要一段時間。我的猜測只是訂單或具體的時間安排。我想在我們的許多市場中，好消息是我們已經建立了新的半導體工廠，或者在達拉斯、奧斯汀或鳳凰城之間完成了一些政府工作。壞消息是，當我們也訂購相同的混凝土和分包商時，有時也很難及時按照他們的時間表進行。

Okay. But I guess if we look at the under construction pipeline and those conversion dates, is that currently the schedule there set for when completion is anticipated that -- or did you move them back though. It's related to construction completion being delayed, it is not related to a delay at all in your lease-up assumptions. Is that right?

好的。但我想，如果我們看看正在建造的管道和那些轉換日期，目前的時間表是預計完工時間——或者你是否將它們移回了。這與施工完工延遲有關，與租賃假設的延遲完全無關。是對的嗎？

Correct. Yes, correct. And just to be clear, we -- just on the side of being conservative, we typically always put into the anticipated conversion date that we list there typically the 12-month date outside of what we expect to be completion. And then we typically don't narrow that window unless, one, if it's a build-to-suit, obviously, we would base that on delivery day or if a project begins to get leased up or 200%, like you see on the schedule now, we have a project that's 100% leased, but still under construction. We will begin to tighten that window once it's 100% in that case, it's closer to delivery. But on the newer projects started, we always start from a basis of 12 months outside of our expected completion. And so when those dates move around a little bit, as Marshall mentioned, it's typically that construction maybe back a month or 2 from the expected time line.

正確的。是，對的。需要明確的是，我們——只是保守一點，我們通常總是將我們列出的預期轉換日期放入我們預期完成日期之外的 12 個月日期。然後我們通常不會縮小這個窗口，除非，一，如果它是定制的，顯然，我們會以交付日為基礎，或者如果一個項目開始出租或 200%，就像你在現在時間表，我們有一個100%出租的項目，但仍在建設中。一旦達到 100%，我們將開始收緊該窗口，在這種情況下，它更接近交付。但對於新啟動的項目，我們總是比預期完成時間提早 12 個月開始。因此，正如馬歇爾所提到的，當這些日期稍微移動時，施工通常可能會比預期時間線推遲一兩個月。

Next question comes from Samir Khanal from Evercore ISI.

下一個問題來自 Evercore ISI 的 Samir Khanal。

Marshall or Brent. This is more of a modeling question. Just curious, your G&A expense guide was down, which was about a $0.02 on earnings. I guess what was driving that? And I'm just trying to figure out the right run rate to use going forward?

馬歇爾或布倫特。這更多的是一個建模問題。只是好奇，您的 G&A 費用指南下降了，收入約為 0.02 美元。我猜是什麼推動了這一點？我只是想找出未來使用的正確運行率？

Yes, this is Brent. The G&A was down actually our actual expenses for the quarter relative to G&A were along the lines of our budget, but we actually had more capital overhead development cost than we anticipated. And so that capitalization in that line item reduces G&A. So I think where we are for the 3 quarters year-to-date would be a good run rate number. For the third quarter, I'd say that quarterly number was a little bit low relative to the other 2, and that was just again, the capitalization impact of that particular quarter. But I would say for the 9 months, the total for the 9 months to date is -- has landed about where it should be in the fourth quarter, as you can see, we're pretty much from that point forward.

是的，這是布倫特。 G&A 下降了，實際上，我們本季的實際支出相對於 G&A 符合我們的預算，但我們實際上的資本管理費用開發成本比我們預期的要多。因此，該行項目中的資本化會減少總費用。因此，我認為今年迄今為止的三個季度我們的運行率數字是不錯的。對於第三季度，我想說，季度數字相對於其他兩個季度來說有點低，這又是該特定季度的資本影響。但我想說的是，就這 9 個月而言，迄今為止 9 個月的總數已經達到了第四季度應有的水平，正如你所看到的，我們從那時起就已經差不多了。

I think that year-to-date number, we're forecasting now is a good optimal 12-month G&A figure for us that pretty much maximizes the amount we can capitalize from the development side of things.

我認為，我們現在預測的今年迄今為止的數字對我們來說是一個很好的最佳 12 個月一般管理費用數字，它幾乎最大限度地提高了我們可以從開發方面利用的金額。

Got it. And I guess for Marshall, there's been a lot of conversations around onshoring. I mean maybe talk about what you're seeing on the ground. How much of that is a conversation with your customers? And how much of that is sort of demand driver in your markets?

知道了。我想對馬歇爾來說，圍繞著外包進行了很多對話。我的意思是也許可以談談你在實地看到的情況。其中有多少是與客戶的對話？其中有多少是您所在市場的需求驅動因素？

It's definitely helping. I mean when you look -- when we look at our activity in markets, especially some of the Texas market and I guess, I'm lumping on-shoring and near-shoring together and the number of -- the building we acquired in Dallas, for example, it's a tech company or electrical equipment, and they are a supplier to the semiconductor plant in Sherman, Texas, which is suburb of Dallas.

這絕對有幫助。我的意思是，當你看時- 當我們看我們在市場上的活動時，特別是德克薩斯州的一些市場，我想，我將在岸和近岸以及我們在達拉斯收購的建築物的數量混為一談，例如，它是一家科技公司或電氣設備公司，他們是德克薩斯州謝爾曼（達拉斯郊區）半導體工廠的供應商。

So again, as we see those things so many of the different kind of semiconductor EV plants have been Tesla going to Austin. We picked up Tesla suppliers in Austin and even we're in Northeast San Antonio. So just on I-35. There -- San Diego, we're feeling the effects of Tijuana and Juárez although we're going to stay on this side of the border have really picked up and then so many of the plant, whether -- and even Phoenix has the TSMC plant and some things like that. So it's picked up a number of those. So we're -- whether if we're directly involved, maybe we won't be directly involved if we are, it will be a -- we'll have the suppliers to that plant, but it's also helping push that economy forward.

再說一遍，正如我們所看到的，特斯拉在奧斯汀建立了許多不同類型的半導體電動車工廠。我們在奧斯汀找到了特斯拉供應商，甚至我們在聖安東尼奧東北部。所以就在 I-35 上。在那裡——聖地亞哥，我們感受到了蒂華納和華雷斯的影響，儘管我們將留在邊境的這一側，但許多植物確實已經恢復，無論是——甚至是菲尼克斯台積電工廠和類似的東西。所以它選取了其中的一些。因此，無論我們是否直接參與，也許我們不會直接參與，如果我們參與的話，我們都會擁有該工廠的供應商，但這也有助於推動經濟向前發展。

So I like again, when I mentioned some of the secular drivers, whether it's just e-commerce growing every year and more people moving to Phoenix, Orlando or Dallas, Texas, those -- that onshoring, near-showing, it seems like the tech plants really come on to the U.S. and then you end up with a lot more activity.

因此，當我提到一些長期驅動因素時，我再次喜歡，無論是電子商務每年都在增長，還是越來越多的人搬到奧蘭多鳳凰城或德克薩斯州達拉斯，這些——那些在岸、近乎顯現的因素，似乎是科技工廠真的來到美國，然後你就會有更多的活動。

We've been looking for our next opportunity and patient with that in markets like El Paso and San Diego as an example. It's been hard kind of -- we'll wait until we find it, but we'd like to grow in those 2 markets just given the pace of activity across the border. And I don't think that slowed down. It really started with some of the trade tariffs with China. And in each quarter, it seems that the Mexican -- the trade with Mexico seems to grow and China falls as a trade partner. And again, we think between Arizona, Southern California and Texas, we're in a good position to try to grab our piece of that market share.

我們一直在尋找下一個機會，並以埃爾帕索和聖地牙哥等市場為例耐心等待。這有點困難——我們會等到找到它，但考慮到跨境活動的步伐，我們希望在這兩個市場實現成長。我認為這並沒有放緩。這實際上是從對中國的一些貿易關稅開始的。每個季度，墨西哥與墨西哥的貿易似乎都在成長，而中國作為貿易夥伴的地位卻下降。再說一遍，我們認為在亞利桑那州、南加州和德克薩斯州之間，我們處於有利位置，可以嘗試搶占我們的市場份額。

Our next question comes from Bill Crow from Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的比爾克勞。

Marshall, you talked about the looming risk out there potentially being the health of the tenant, their balance sheets, et cetera. Wondering as you look ahead to the lease roll next year, is that causing you to think about retention rates being lower than they were, say, this year?

馬歇爾，您談到了迫在眉睫的風險，可能包括租戶的健康、資產負債表等。想知道當您展望明年的租賃情況時，這是否會導致您認為保留率低於今年的水平？

No. It's interesting. Actually, what seems to happen is when things get bad, like during COVID, our retention rate goes up. And I guess what makes sense to me is people are nervous to expand or things like that. So you might do a shorter-term renewal. I think next year's role -- we've taken a big bite out of it from where we started. We're down to about 11%, it should be an opportunity for us to push rents next year as we move those to today's market.

不，這很有趣。事實上，當事情變得糟糕時，例如在新冠疫情期間，我們的保留率似乎會上升。我想對我來說有意義的是人們對擴張或類似的事情感到緊張。因此，您可能會進行短期續訂。我認為明年的角色——我們從一開始就已經取得了很大的進展。我們已降至 11% 左右，這應該是我們明年推高租金的機會，因為我們將租金轉移到今天的市場。

I guess I just worry about all the compounding effect. I'd say it may be twofold. At a high level, you think of all the things that are impacting any business today and our tenants aren't immune to that. And so that concerns me. But then when I look at our bad debt, and our watch list, it feels very manageable. And it's been -- actually, each quarter, it's been a little bit less than what we budgeted knock on wood.

我想我只是擔心所有的複合效應。我想說這可能是雙重的。從較高的層面來看，您會想到影響當今任何企業的所有因素，而我們的租戶也不能倖免。這讓我很擔心。但當我看到我們的壞帳和觀察名單時，我感覺非常容易管理。實際上，每季的預算都比我們的預算少一點。

So we haven't had the problems, probably than I would have expected at this point in time. I'm glad we have the tenant diversity we do and things like that. And I think the role next year will give us an opportunity to push rents, which will really benefit mainly assuming kind of a midyear convention 2025, even more will benefit next year from this year's rent increases. And I hope our tenants as well as the tenants and the buildings next door can hang in there given the drops in supply.

所以我們還沒遇到問題，可能比我此時預期的還要多。我很高興我們擁有租戶多樣性以及類似的事情。我認為明年的角色將為我們提供推高租金的機會，這將真正受益，主要是假設 2025 年年中大會召開，明年更多人將從今年的租金上漲中受益。我希望我們的租戶以及隔壁的租戶和建築物​​能夠在供應下降的情況下堅持下去。

Is there any reason to think about a material downshift in same-store NOI as we turn the calendar to next year?

當我們把日曆轉向明年時，是否有理由考慮同店 NOI 大幅下降？

Unless we have a lot of tenant bankruptcies, I guess, as I'll try to think about it mathematically, it would have to be a pretty big drop in occupancy. When we have 11% rolling. And we'll -- any quarter, it can bounce around, but it always seems that we average somewhere -- if even if I were picking up coverage of a company, I would model 70% to 75% retention rate. That seems to be our kind of on an annual basis about where we shake out at any time. And if the economy gets weak, we might pick up a little bit and a low number isn't always bad, especially if we're moving them into the next building in our park.

我想，除非我們有很多租戶破產，否則入住率一定會大幅下降，因為我會嘗試從數學角度來思考這個問題。當我們有 11% 的滾動時。我們會 - 任何季度，它都可能會反彈，但似乎我們總是在某個地方進行平均 - 即使我正在覆蓋一家公司，我也會模擬 70% 到 75% 的保留率。這似乎是我們每年都會隨時調整的情況。如果經濟疲軟，我們可能會稍微好一點，而數量少並不總是壞事，特別是如果我們將它們搬到公園的下一棟建築。

Our next question comes from Vince Tibone from Green Street Advisors.

我們的下一個問題來自 Green Street Advisors 的 Vince Tibone。

It looks like the expected yield on third quarter development starts were slightly higher than the existing pipeline. Can you just confirm if that was the case? And also just discuss kind of where you believe market cap rates are today for new developments? And what profit margins you're targeting on any new starts, just given there's a lot of uncertainty right now around where cap rates may be and kind of what profit margins could be on some of these developments.

看起來第三季開發案的預期收益率略高於現有管道。可否確認一下情況是否如此？而且還只是討論一下您認為目前新開發案的市值在哪裡？考慮到目前上限利率可能在哪裡以及其中一些開發項目的利潤率可能存在許多不確定性，您對任何新項目的利潤率目標是多少。

Yes. Good point. We typically -- we'll probably for a new start now, look, ideally, I'd say, again, it would depend on if we had some pre-leasing and existing tenant or what city that's in because the cap rates will vary north of 7, we typically said as a rule of thumb, we'd like 150 basis points above a market cap rate. It's going to justify the construction and the leasing risk of a new development. And I will say the cap rates and you all study it more closely probably than even we do. It's been a pretty fluid market.

是的。好點子。我們通常 - 我們現在可能會開始一個新的開始，理想情況下，我再說一遍，這將取決於我們是否有一些預租和現有租戶，或者位於哪個城市，因為資本化率會有所不同根據經驗，我們通常會說，在7 以內，我們希望比市值高出150 個基點。它將證明新開發案的建設和租賃風險是合理的。我會說資本化率，你們都可能比我們更仔細地研究它。這是一個相當流動的市場。

We've been able to buy one-off buildings at attractive cap rates and we've gotten clobbered on some portfolio transactions. And again, not big portfolios, meaning kind of 3, 4, 5 building portfolios. So cap rates seem pretty fluid right now.

我們已經能夠以有吸引力的上限利率購買一次性建築，並且我們在一些投資組合交易中遭受了重創。再說一次，不是大的投資組合，意思是 3、4、5 個建構投資組合。因此，目前資本化率似乎相當不穩定。

And ideally, we thought if we can start in the 7s, call it, we have a high 6 to at least to 7, you're looking at our cost of capital, we're creating value above the cap rate when we deliver the building and what I like about the REIT model compared to maybe private equity or merchant developer, our bet has always been there will be another 0.5 million people in Austin, Texas 10 years from now. So if we can start with a good yield, it will only grow over time. So if it helps, that's kind of how we think about it.

理想情況下，我們認為如果我們可以從 7 開始，稱之為，我們有一個高 6 到至少 7，你會看到我們的資本成本，當我們交付時，我們正在創造高於資本化率的價值與私募股權或商業開發商相比，我對房地產投資信託基金模式的喜愛在於，我們一直打賭，從現在起10 年後，德州奧斯汀將再增加50 萬人。因此，如果我們能夠從良好的產量開始，它只會隨著時間的推移而增長。因此，如果它有幫助，那就是我們的想法。

No, that's really helpful. And maybe just clarify 1 point. When you say kind of high 6s, low 7s, is that on a GAAP or a cash basis that yields.

不，這真的很有幫助。也許只是澄清 1 點。當你說高 6 分、低 7 分時，是指以 GAAP 或現金基礎計算的收益率。

It's usually about, call it, 10 to 15. I try quoting GAAP and it's usually about a 10 to 15 basis point spread.

通常約為 10 至 15 個基點。我嘗試引用 GAAP，通常約為 10 至 15 個基點。

Got it. That's helpful. And then maybe one more for me. I mean if you just discuss some trends in the market for development land. I know you guys bought a few parcels in different markets in the quarter. Just how volatile is that market? Do you think values are down significantly? Or like the stuff you even bought in the third quarter? Do you think you got that at a much lower price than you would have 6, 12 months ago?

知道了。這很有幫助。然後也許還有一個給我。我的意思是，如果您只討論開發土地市場的一些趨勢。我知道你們本季在不同市場購買了一些包裹。這個市場到底有多不穩定？您認為價值大幅下降嗎？或是喜歡你在第三季買的東西？您認為現在的價格比 6、12 個月前低很多嗎？

Short answer would be yes. And I think what -- probably -- and I can't speak for the kind of the developer of the groups we work with on those. They had tied it up a couple of years ago or more, and the markets had -- the prices had risen. But then it was -- they basically run through all of their contingencies successfully, thankfully, zoning, planning, permitting all the things like that. And when it came time to close, their options were more limited.

簡短的回答是肯定的。我認為——可能——我不能代表我們合作的小組的開發人員。他們在幾年前或更早的時候就將其捆綁起來，市場價格也上漲了。但後來是這樣的——他們基本上成功地處理了所有的突發事件，值得慶幸的是，分區、規劃、允許所有類似的事情。當交易結束時，他們的選擇就更加有限。

So that's probably a trend we're seeing is the ability to jump into projects that are pretty far along -- much further along than us acquiring a greenfield or site to start from scratch. And those land prices, they didn't lose money on it, but we were really able to step in at about their basis because their timing was -- they were under some time pressure to get the things closed and perform with their seller there. So it was less than where it would have been at the peak, but they were able to get a successful outcome and move on or in 1 case in Denver, stay and partner with us on the project in a smaller way.

因此，我們看到的一個趨勢可能是能夠跳入那些已經很遠的項目——比我們獲得一塊綠地或從頭開始的項目要遠得多。對於那些土地價格，他們並沒有賠錢，但我們確實能夠介入他們的基礎，因為他們的時機是——他們面臨著一些時間壓力，需要完成這些事情並與他們的賣家一起執行。因此，這比高峰時要少，但他們能夠取得成功的結果並繼續前進，或者在丹佛的一個案例中，留下來並以較小的方式與我們合作開展該專案。

Our next question comes from Ronald Kamdem from Morgan Stanley.

我們的下一個問題來自摩根士丹利的羅納德·卡姆德姆。

Just going back to the same-store NOI guidance, as we're thinking about sort of '24, maybe can you remind us, is the lease roll just as large as it was in '23 and obviously, occupancy could potentially be down, but just trying to figure out what are some of the puts and takes as we're rolling into '24?

回到同店 NOI 指導，因為我們正在考慮 24 年，也許您可以提醒我們，租賃量是否與 23 年一樣大，顯然，入住率可能會下降，但只是想弄清楚當我們進入24 世紀時，有哪些看跌期權和採取的措施？

The lease roll -- this is Brent. The lease roll is very similar to be at around 11% at this point. It's a pretty typical standpoint for us. Obviously, the occupancy, we had -- if you recall, our original midpoint guide for this year was -- I forget the exact number now, but it was several hundred basis points lower than what we've achieved. And part of that is we did anticipate having some occupancy headwind and we didn't know we'd be sitting here in October and still be over 98% leased. We're very appreciative and the team has executed very well.

租賃卷－這是布倫特。目前租賃量非常相似，約 11%。這對我們來說是一個非常典型的立場。顯然，我們的入住率——如果你還記得的話，我們今年最初的中點指南是——我現在忘記了確切的數字，但它比我們實現的目標低了幾百個基點。部分原因是我們確實預計到入住率會出現一些逆風，我們不知道我們會在 10 月坐在這裡，但出租率仍然超過 98%。我們非常感激，團隊執行得非常好。

So kind of to the comment earlier that we feel good about the rental rate side of things, the ability to push rents. We've also been able to obtain a bit higher annual escalators in our leases, which add up over time. That's been more in the 4% area as opposed to maybe 2% or 3% in the past. But the occupancy is the one, bit of a wildcard in that factor that we didn't incur that this year, so now we're guiding to a much higher -- almost an 8 midpoint on same store. Next year, it just depends if you want to factor in if we could be in that 97%, 98% again? Or do you give up a little bit of room or not. That's just part of the factor that's hard to put your finger on at this point.

對於先前的評論，我們對租金方面的情況以及推高租金的能力感到滿意。我們還能夠在租賃中獲得更高的年度自動扶梯數量，隨著時間的推移，這些數量會不斷增加。這個數字更集中在 4% 的區域，而不是過去的 2% 或 3%。但入住率是我們今年沒有遇到的因素，所以現在我們的目標是更高——同一家商店的入住率幾乎是 8 的中點。明年，這取決於你是否想考慮我們是否可以再次進入 97%、98%？或者說你是否放棄一點空間。這只是目前很難確定的部分因素。

Great. And then my one follow-up is just you guys are on the development side, clearly focused on small or shallow bay. So does that mean that data center development is completely off the table or is that something where, on a one-off basis could peak your interest?

偉大的。然後我的一個後續行動是你們在開發方面，顯然專注於小海灣或淺海灣。那麼，這是否意味著資料中心開發完全不可能，或者說一次性的開發可以讓您的興趣達到頂峰？

I guess it's probably -- never say always or never. So there are circumstances where we would do it, and we have -- look, we've got a couple of data centers. We talk to data center brokers. It would be at the margin. It's not going to be a driver of our business. It won't be a focus of our business. But if we have the right center and either could sell the land or ground lease the land, get the right type transaction, then we would look at it or some things like that.

我想這可能是——永遠不要說總是或從不。因此，在某些情況下我們會這樣做，而且我們有——看，我們有幾個資料中心。我們與資料中心經紀人交談。它將處於邊緣。它不會成為我們業務的驅動力。這不會是我們業務的重點。但是，如果我們有合適的中心，並且可以出售土地或租賃土地，獲得正確類型的交易，那麼我們就會考慮它或類似的事情。

But when -- we've explored that just from the sense that look if there's opportunities there or we're exploring it, we should take advantage of it, but it will be ancillary and minor to our -- look, I'd rather stick to what we do well and kind of do it over time in more markets or in the right submarkets than tell ourselves we understand data centers and Brent and I would shoot ourselves or I would shoot myself in the foot a year or 2 down the road. But if we do one, it will be the stars aligned rather than we really went out with a big net looking for data centers.

但是，當我們已經探索過這一點時，看看是否有機會或我們正在探索它，我們應該利用它，但這對我們來說是輔助的和次要的，我寧願堅持我們擅長的事情，並隨著時間的推移在更多的市場或正確的子市場中做到這一點，而不是告訴自己我們了解資料中心，布倫特和我會開槍自殺，或者在一兩年後我會搬起石頭砸自己的腳。但如果我們真的這麼做了，那將是群星對準，而不是我們真的用一張大網尋找資料中心。

Great. Congrats on a great quarter.

偉大的。恭喜您度過了一個出色的季度。

Our next question comes from Blaine Heck from Wells Fargo.

我們的下一個問題來自富國銀行的 Blaine Heck。

Can you talk about contractual rent increases or bumps and what you guys are incorporating in newly signed leases? And I guess, whether you're getting any pushback on that aspect of the lease agreement? And then also just remind us what the average escalator is across your portfolio at this point?

您能談談合約租金的上漲或上漲，以及您們在新簽署的租約中納入的內容嗎？我想，您在租賃協議的這方面是否受到任何阻力？然後提醒我們此時您的投資組合的平均自動扶梯是多少？

Yes, Blaine, this is Brent. As I mentioned, we've really done quite well there. Any time you have the leverage as long as it's been on the landlord side, that's a win we've been able to make. And I would say it's probably been a little more pronounced maybe in Texas where the annual rent bumps kind of lag the other markets, and that's caught up some. But I would say that's more in the 4% average. On the portfolio, we've been able to move the average from upper 2s over time to more toward that mid-3 on an average for the annual escalator. So as we turn through 18%, 20% roll a year and we'll continue to be in this strong landlord environment, that's been some wins that we've made.

是的，布萊恩，這是布倫特。正如我所提到的，我們在那裡做得非常好。任何時候，只要房東一方有影響力，這就是我們能夠取得的勝利。我想說的是，這種情況可能在德州更為明顯，那裡的年租金上漲有點落後於其他市場，而且已經趕上了一些市場。但我想說的是，這個數字在 4% 的平均值中更高。在投資組合中，隨著時間的推移，我們已經能夠將年度自動扶梯的平均值從上 2 級提高到 3 級中級。因此，當我們每年滾動 18%、20% 時，我們將繼續處於這種強大的房東環境中，這是我們取得的一些勝利。

And obviously, when you're maintaining a high occupancy as we have, that's important because you need that. It's great to have that stabilization, but you also don't want it to be -- it also needs to contribute, though to help same-store growth. And so our team has done a good job of executing that in the field and growing that. And I would say it's a broader base now and across's all of our markets versus it had been concentrated more so at one point, say, California, Florida and some of our other, call it, Texas or even some of our ancillary markets are catching up during this period.

顯然，當您像我們一樣保持高入住率時，這一點很重要，因為您需要它。擁有這種穩定性固然很好，但你也不希望它如此——它也需要做出貢獻，儘管有助於同店成長。因此，我們的團隊在現場執行和發展方面做得很好。我想說，現在它的基礎更加廣泛，跨越了我們所有的市場，而它曾經更加集中，所以在某一時刻，比如說，加利福尼亞州、佛羅裡達州和我們的其他一些市場，稱之為德克薩斯州，甚至我們的一些輔助市場正在迎頭趕上。在此期間上漲。

Okay. Great. And then we've heard from some brokers that developers of large box properties have kind of reluctantly begun chopping them up into smaller spaces as demand is smaller in that segment of the market. Have you guys seen any of that on the ground? And how do you feel about that potentially affecting the supply in your segment of the market?

好的。偉大的。然後我們從一些經紀人那裡聽說，大型盒子房產的開發商有點不情願地開始將它們分割成更小的空間，因為該細分市場的需求較小。你們在地面上有看過這樣的東西嗎？您對這可能影響您所在細分市場的供應有何看法？

I think -- it's Marshall. I think it's inevitable. I guess if you don't lease it or depending on how long you want to carry it. Again, I think we could see some of that, but depends on how big the big box is really. And when you think of our average tenant size is 34,000 feet. And we certainly have tenants that are larger than that. But if you've got an 800,000-foot building, for example, that may be 500 or 600 feet deep million square foot building, that depth is probably twice the depth of our -- a large building for us.

我想——是馬歇爾。我認為這是不可避免的。我想如果你不租它或取決於你想攜帶它多長時間。同樣，我認為我們可以看到其中的一些，但這取決於大盒子的實際大小。想想我們的平均租戶面積是 34,000 英尺。我們當然有比這更大的租戶。但是，例如，如果您有一棟 800,000 英尺高的建築物，那麼建築物的深度可能為 500 或 600 英尺，百萬平方英尺的建築物的深度可能是我們的大型建築物深度的兩倍。

And so for that tenant, what you end up with is it's a very long narrow space with very few dot doors. So it's not efficient for those tenants. Ideally, and you're running the forklifts up and down an awfully long run if that inventory is going from one side of the warehouse down to where the 2 or 3 dot doors.

所以對於那個租戶來說，你最終得到的是一個非常狹長的空間，幾乎沒有點門。所以對於那些租戶來說效率不高。理想情況下，如果庫存要從倉庫的一側運送到 2 或 3 點門的位置，則您需要讓堆高機來回運行很長一段時間。

So I think they will break those buildings up. But I think depending on how big they are, that's going to be awfully expensive when you think of the cost of adding that much more office in, which wasn't in their original plans and then the demising walls where you build Florida sealing sheet rock, fire rate and walls, that's going to be awfully expensive for those developers. And at the end of the day, the loading efficiency isn't -- it's not going to be ideal for those tenants. So I think some of it will happen, but the (inaudible) kind of cash, you've built what you built, and you can maybe move -- it doesn't have to be a single tenant, but it's probably hard to put 7 or 8 tenants in those buildings, the way they were designed to -- what they were designed for.

所以我認為他們會拆除這些建築物。但我認為，根據它們的規模，當你考慮到增加更多辦公室的成本時，這將是非常昂貴的，這不在他們最初的計劃中，然後是在佛羅裡達州建造密封板岩的即將消失亡的牆壁、防火率和牆壁，這對那些開發商來說將是非常昂貴的。歸根究底，裝載效率對這些租戶來說並不理想。所以我認為其中一些會發生，但是（聽不清楚）那種現金，你已經建造了你建造的東西，你也許可以搬家 - 它不一定是一個租戶，但它可能很難放置這些建築裡有7或8 個租戶，依照它們的設計方式－它們的設計目的。

Yes. I would even add to that, Blaine. Blaine, When you're building some of those bigger box properties that sometimes an easy way to look at pretty much the maximum way to divide a large bulk building would be by 4. I mean they don't want to do it, but you -- they probably say, "Hey, we designed where we could do it in a quad where you can put a divided into quarters." But even there, if you're talking about a 500,000, 600,000 square foot building, you're still talking about 125,000 or larger minimum tenant size.

是的。我甚至想補充一點，布萊恩。 Blaine，當你建造一些更大的盒子屬性時，有時一種簡單的方法來查看幾乎將大型建築劃分為 4 的最大方法。我的意思是他們不想這樣做，但你- 他們可能會說，“嘿，我們設計了可以在四邊形中進行操作的地方，您可以將其分成四等分。”但即使在那裡，如果您談論的是 500,000、600,000 平方英尺的建築，那麼您仍然在談論 125,000 或更大的最小租戶規模。

So you're -- I like what Marshall said, kind of the (inaudible) is pretty much cash once you commit to the bigger building, you could put a few tenants in it, but you're still not going to get down into that 30,000, 50,000, 75,000 square foot tenant size like you would see in a multi-tenant type building, they still really aren't going to cross-pollinate very much.

所以你——我喜歡馬歇爾所說的，一旦你承諾建造更大的建築，（聽不清楚）幾乎是現金，你可以在其中安置一些租戶，但你仍然不會深入其中30,000、50,000、75,000 平方英尺的租戶規模（就像您在多租戶類型建築中看到的那樣），它們仍然不會真正交叉授粉。

And our final question comes from Rich Anderson from Wedbush.

我們的最後一個問題來自韋德布希的里奇安德森。

Final question. Sorry about that. So I do have a question as it relates to acquisition specifically. You are unique and your disposition guidance came down, your acquisition guidance went up. So that is obviously specific to you guys. But when it comes to operating acquisition, to operate property acquisitions, you mentioned some of the things with developers coming in the fourth inning, but specifically about operating assets, are you seeing any trends materializing there in terms of the nature of the seller? Are banks involved at all in any cases. I'm just curious if you can sort of give an idea or a picture of what the pipeline looks like of potential sellers of operating assets.

最後一個問題。對於那個很抱歉。所以我確實有一個問題，因為它與具體的收購有關。你是獨一無二的，你的處置指導下降了，你的收購指導上升了。所以這顯然是針對你們的。但是，當涉及經營性收購、經營性財產收購時，您提到了開發商在第四局中出現的一些事情，但特別是關於經營性資產，您是否看到了賣方性質方面出現的任何趨勢？銀行是否參與任何情況？我只是好奇你能否提供一下營運資產潛在賣家的想法或圖片。

Yes. Rich, we've seen a couple -- no banks involved, although we've been -- there'll be a lot of distress, hopeful that, that might come in time. And it's been -- we have seen a couple of pension funds that we've either acquired from or had conversations or looked at portfolios and where they -- again, I mentioned maybe earlier, they've needed to raise some liquidity and industrial is what you could sell. Kind of some of the funds that have raised are different things, whether it's pension funds or just to fund itself and they wanted liquidity and they were selling their industrial.

是的。里奇，我們已經看到了一些——雖然我們一直在參與，但沒有銀行參與——會有很多痛苦，希望這會及時到來。我們已經看到了一些退休基金，我們要么從它們那裡收購了它們，要么進行了對話，或者研究了它們的投資組合，以及它們在哪裡——我可能之前提到過，它們需要籌集一些流動性，而工業是你可以賣什麼。籌集的一些基金是不同的東西，無論是退休基金還是只是為了自己融資，他們想要流動性，並且正在出售他們的工業品。

On the dispositions, and again, they weren't big numbers, what I would say maybe the difference, the $60 million we had assets more of a placeholder a little bit, whereas this quarter, and I'm hopeful by the end of the year, our next update, we've got it's more specific. We've got funds at risk on a disposition. We've got one that we were looking to sell where the tenant is the buyer. And hopefully, that gives me a little bit higher probability since they know the asset better than we do probably at this point.

再說一次，在處置方面，它們並不是很大的數字，我想說的也許是差異，我們擁有的 6000 萬美元資產更像是一個佔位符，而本季度，我希望到本季度末今年，我們的下一次更新，我們得到了更具體的資訊。我們的資金面臨處置風險。我們有一間想要出售的房子，而租戶就是買家。希望這給了我更高的機率，因為他們目前可能比我們更了解該資產。

And another under a letter of intent that really that we thought we might close this year, but as they get their financing, it will probably drift into hopefully January of '24 that will get that closed. So that's what drove the drop.

還有一份意向書，我們確實認為我們可能會在今年關閉，但當他們獲得融資時，它可能會漂移到希望 24 年 1 月才能關閉。這就是推動下跌的原因。

So it's 2, 3, 4 transactions that total that $40 million to $50 million, but I do feel better call it, 60, 90 days later, where we stand on those dispositions in terms of -- we're just a little bit further down the road with those than we were last call. And we'll keep -- kind of keep running. It will be a good source of capital if equity stays where it is. I like the idea of trading some of our older assets. And if we can find the right one-off acquisition to kind of move chips around to just kind of nudge growth at a little bit higher rate in the future.

因此，這是 2、3、4 筆交易，總計 4000 萬至 5000 萬美元，但我確實覺得更好的是，60 天、90 天后，我們對這些處置的立場是——我們只是更進一步了一點與我們上次打電話的人一起沿著這條路走。我們將繼續——繼續運行。如果股本保持不變，這將是一個很好的資本來源。我喜歡交易我們一些舊資產的想法。如果我們能夠找到正確的一次性收購來轉移晶片，從而在未來以更高的速度推動成長。

Yes. I was more interested on the acquisition side. And then the second question is, you talked about how all the development largely is in bigger assets that aren't necessarily competitive with you and your 95,000 square foot average. But do you concern yourself with the secret getting out about this shallow bay model? And if developers maybe want to dial down their cost profile and build something that's not quite as expensive. Do they come into your market a little bit more in terms of being more competitive with you and you start to see some of that of that pressure? Or are you just not seeing that? And why not, I guess, since I would think it would be an easier pill to swallow for a merchant developer.

是的。我對收購方面更感興趣。第二個問題是，您談到所有開發案主要集中在更大的資產上，這些資產不一定與您和您的 95,000 平方英尺平均面積競爭。但是您是否擔心這個淺灣模型的秘密被洩露？如果開發人員可能想降低成本並建立不太昂貴的東西。他們是否更多地進入您的市場，以便與您更具競爭力，並且您開始看到一些壓力？或者你只是沒有看到這一點？我想為什麼不呢，因為我認為這對商業開發商來說是更容易吞下的藥丸。

Probably 2 or threefold. I mean, one, I don't -- it's hard to be a secret and have a public company and website. You can go NAREIT and do all the other things we do. So I wish we could be more secretive than we are at times about it. So I think it's out there. And certainly, the number of developers balloons kind of industrial development, everybody became an industrial developer. We said it was your Uber driver giving you stock tips. You knew it was -- things were too hot.

大概是兩到三倍。我的意思是，第一，我不認為——很難保持秘密並擁有上市公司和網站。您可以去 NAREIT 做我們所做的所有其他事情。所以我希望我們能比有時更保密。所以我認為它就在那裡。當然，開發商的數量促進了工業發展，每個人都成為了工業開發商。我們說這是你的 Uber 司機給你的股票提示。你知道——事情太熱了。

Probably twofold that makes us comfortable is that I don't -- it's not like it's a well-kept secret. The big pension funds, our larger public private peers they have so much capital to put to work. If our average developments maybe $14 million, $15 million develop a building or the next phase, you can stay awfully busy, but miss your allocation targets doing what we do.

也許讓我們感到舒服的雙重原因是我不會——這不像是一個保守得很好的秘密。大型退休基金，我們更大的公共私營同行，他們有大量的資本可以投入使用。如果我們的平均開發費用可能為1400 萬美元，開發一棟大樓或下一階段的費用為1500 萬美元，那麼您可能會非常忙碌，但在做我們所做的事情時卻無法達到您的分配目標。

So I think that's one of the reasons and even talking to some of the kind of local regional merchant developers, they're working for promotes and things like that, so you can make so much more money flipping a 0.5 million square foot building than a 100,000-foot building. And then probably I'm doing in reverse order. The biggest reason is we struggle to find good infill land sites and it's edge of town in a low price point, bigger tracks of land south of Dallas, south of Atlanta, Southwest Phoenix, inland Empire East. It's easier to find the land and put it into production more quickly than go through all the zoning, permitting issues that we deal with that can be measured in a couple of 3 years on an infill side.

所以我認為這是原因之一，甚至與一些當地的區域商業開發商交談，他們正在從事促銷活動和類似的事情，所以你可以透過翻轉一棟50 萬平方英尺的建築賺到比一棟50 萬平方英尺的建築 更多的錢。100,000 英尺高的建築。然後我可能會以相反的順序做。最大的原因是我們很難找到好的填充用地，而且它位於城鎮邊緣，價格較低，達拉斯以南、亞特蘭大以南、鳳凰城西南部、內陸帝國東部有更大的土地。找到土地並將其投入生產比遍歷所有分區更容易，這使得我們處理的問題可以在填充方面的三年內進行衡量。

And so I really think and it's actually gotten worse. It's interesting with the e-commerce. Everyone -- the dilemma is everyone wants the delivery or the repair person to their house immediately, but they don't want it to originate from around the corner. So I think our zoning challenges have gotten harder over the last couple of years.

所以我真的認為情況實際上變得更糟了。電子商務很有趣。每個人 - 困境是每個人都希望送貨或修理人員立即到他們的房子，但他們不希望它來自附近的拐角處。所以我認為過去幾年我們的分區挑戰變得更加困難。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session. I'd like to turn the floor back over to the management team for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想將發言權交還給管理團隊，讓他們發表結束語。

Thanks, Jamie. Thanks, everyone, for your time, your interest in EastGroup. If we -- if you have any follow-up questions, we're certainly available by phone, by e-mail, and we look forward to seeing many of you in a couple of weeks in NAREIT.

謝謝，傑米。感謝大家抽出寶貴的時間以及對 EastGroup 的興趣。如果我們——如果您有任何後續問題，我們當然可以透過電話、電子郵件聯繫我們，我們期待幾週後在 NAREIT 見到你們中的許多人。

Thanks, everyone.

感謝大家。

And with that, we'll be concluding today's conference call and webcast. We thank you for joining. You may now disconnect your lines.

至此，我們將結束今天的電話會議和網路廣播。我們感謝您的加入。現在您可以斷開線路。