Eastgroup Properties Inc (EGP) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the EastGroup Properties Second Quarter 2024 Earnings Conference Call and Webcast. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. Instructions will be provided at that time for you to queue up for a question. (vOperator Instructions)

早安，女士們先生們。歡迎參加 EastGroup Properties 2024 年第二季財報電話會議和網路廣播。此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。屆時將向您提供排隊提問的說明。（v操作員說明）

I would now like to turn the conference over to Marshall Loeb, President and CEO. Please go ahead.

現在我想將會議交給總裁兼執行長馬歇爾·勒布 (Marshall Loeb)。請繼續。

Good morning, and thanks for calling in for our second quarter 2024 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 2024 年第二季電話會議。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聲明，因此我們請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。上找到。

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 it is made.

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資訊和假設對公司計劃、意圖、預期、策略和前景的當前看法。

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, 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評論的義務，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, Katina, and good morning. I'll start by thanking our team for another strong quarter. The team continues performing at a high level and finding opportunities and evolving market. Our second quarter results demonstrate the quality of the portfolio we've built and the continued resiliency of the industrial market.

謝謝，卡蒂娜，早安。首先，我要感謝我們的團隊又一個強勁的季度。該團隊繼續保持高水準表現，尋找機會和不斷發展的市場。我們第二季的業績證明了我們建造的投資組合的品質以及工業市場的持續彈性。

Some of our results produced includes funds from operations rising 8.5%, excluding voluntary conversions for over a decade, our quarterly FFO per share has exceeded the FFO per share reported in the same quarter prior year truly a long-term trend.

我們得出的一些業績包括來自營運的資金增長了8.5%，不包括十多年來的自願轉換，我們的季度每股FFO 已經超過了上年同季度報告的每股FFO，這確實是一個長期趨勢。

Quarter end leasing was 97.4% with occupancy at 97.1%. Average quarterly occupancy was 97%, which although historically strong, is down from second quarter 2023. Quarterly re-leasing spreads were solid at 60% GAAP and 42% cash. Year-to-date results were similar at 59% and 41%, GAAP and cash, respectively, and cash same-store NOI rose 5.3% for the quarter and 6.5% year-to-date. Finally, we have the most diversified rent roll in our sector, with our top 10 tenants falling to 7.8% of rents, down 50 basis points from second quarter 2023.

季末租約率為 97.4%，入住率為 97.1%。季度平均入住率為 97%，雖然處於歷史最高水平，但較 2023 年第二季有所下降。季度再租賃利差穩定在 60% GAAP 和 42% 現金水準。年初至今的業績（以 GAAP 計算）和現金計算的結果相似，分別為 59% 和 41%，現金同店 NOI 本季成長 5.3%，年初至今成長 6.5%。最後，我們擁有業界最多元化的租金，前 10 名租戶佔租金的比例降至 7.8%，比 2023 年第二季下降了 50 個基點。

We view our geographic and revenue diversity as strategic path to stabilize future earnings regardless of the economic environment. In summary, we're pleased with our performance year-to-date, and I'm optimistic about the combination of an improving economy with a lack of new supply.

無論經濟環境如何，我們都將地理和收入多元化視為穩定未來收益的策略途徑。總而言之，我們對今年迄今為止的表現感到滿意，並且我對經濟改善和新供應不足的結合感到樂觀。

Raleigh is similar to a number of markets we're attracted to offering economic stability and growth due to the mix of state capital, large educational presence; technology companies, which follow the university presence; topography constraints for new development; and long-term population growth. Our acquisitions will continue to be guided by two criteria: one, to be accretive; and secondly, raising the long-term growth profile of the portfolio, thus creating NAV as well.We're focused on value creation via raising rents, acquisitions and development. This allowed us to end the quarter over 97% leased and continue pushing rents throughout our portfolio. On the acquisition front, we're excited to enter the Raleigh market with 147 Exchange

羅利與許多我們被吸引的市場類似，由於擁有國有資本和大量的教育機構，因此經濟穩定和成長。科技公司，跟隨大學的腳步；新開發的地形限制；和長期人口成長。我們的收購將繼續遵循兩個標準：一是增值性；其次，提高投資組合的長期成長前景，從而創造資產淨值。這使我們能夠在本季結束時實現超過 97% 的出租率，並繼續推動整個投資組合的租金上漲。在收購方面，我們很高興透過 147 Exchange 進入羅利市場

Broadly, similar to a number of our markets were attracted to offering economic stability and growth due to the mix of the state capital, large educational presence, technology companies, which follow the university presence, topography constraints for new development and long term population growth.

從廣義上講，與我們的許多市場類似，由於國有資本、大型教育機構、科技公司（遵循大學的存在）、新開發的地形限制和長期人口增長的混合，被吸引來提供經濟穩定和成長。

Our acquisitions will continue to be guided by two criteria, one to be accretive, and secondly, raising the long-term growth for the profile of the portfolio, thus creating NAV as well.

我們的收購將繼續遵循兩個標準，一是增值，二是提高投資組合的長期成長，從而創造資產淨值。

We're continuing to patiently find one-off acquisition opportunities in the market. As we've stated before, our development starts are pulled by market demand within our parks. Based on our read through, we're maintaining our 2024 starts forecast of $260 million.

我們將繼續耐心地在市場上尋找一次性收購機會。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，我們維持 2024 年開工預測為 2.6 億美元。

We had some strong leasing wins during the quarter and have solid prospect interest. On the other side, decision-making is still deliberate and prospects are focusing later in the construction process.

我們在本季度取得了一些強勁的租賃勝利，並擁有堅實的潛在興趣。另一方面，決策仍然是深思熟慮的，前景是在建造過程的後期關注的。

In terms of starts, we ultimately follow demand on the ground to dictate pace. Based on the decision-making time frames we're seeing, our starts are more heavily weighted to the last part of 2024. In this environment, we're seeing two promising trends. The first thing, the decline in industrial starts.

就啟動而言，我們最終會根據實地需求來決定節奏。根據我們看到的決策時間框架，我們的啟動時間更傾向於 2024 年下半年。在這種環境下，我們看到了兩個有希望的趨勢。首先是工業開工下降。

Brent will now speak to several topics, including assumptions within our updated 2024 guidance, which I'm happy to say contains several improved metrics. My belief is when interest rates ultimately begin to fall and election passes and/or global turmoil settles and confidence and stability within the business community will rise.

布倫特現在將談論幾個主題，包括我們更新的 2024 年指南中的假設，我很高興地說其中包含幾個改進的指標。我的信念是，當利率最終開始下降、選舉通過和/或全球動盪平息時，商界的信心和穩定性將會上升。

As that demand improves, our goal is to capitalize earlier than our private peers on development opportunities based on the combination of our team's experience, our balance sheet strength, existing tenant base and the land and permits we have in hand.

隨著需求的改善，我們的目標是結合我們團隊的經驗、我們的資產負債表實力、現有租戶基礎以及我們手頭上的土地和許可證，比我們的私人同行更早地利用發展機會。

Good morning. Our second quarter results reflect the terrific execution of our team, the solid overall performance of our portfolio and the continued success of our time-tested strategy. FFO per share for the quarter exceeded the midpoint of our guidance range at $2.05 per share compared to $1.89 for the same quarter last year, an increase of 8.5%, excluding involuntary conversion gains.

早安.我們第二季的業績反映了我們團隊的出色執行力、我們投資組合穩健的整體業績以及我們經過時間考驗的策略的持續成功。本季每股 FFO 超出了我們指引範圍的中點，為每股 2.05 美元，而去年同期為 1.89 美元，成長了 8.5%（不包括非自願轉換收益）。

From a capital perspective, we continue to access the equity market. During the quarter, we directly issued common shares for gross proceeds of $50 million, settled forward shares agreements for gross proceeds of $77 million, and we have an additional $100 million in forward agreements available for funding when needed.

從資本角度來看，我們持續進入股權市場。本季度，我們直接發行普通股，總收益為 5000 萬美元，結算遠期股份協議，總收益為 7700 萬美元，並且我們還有額外 1 億美元的遠期協議，可在需要時提供資金。

In June, we renewed our $675 million unsecured credit facilities extending the maturity from July 2025 to July 2028. There were no other material changes to the agreements. Although capital markets are fluid, our balance sheet remains flexible and strong with increasingly healthy financial metrics.

6 月，我們續簽了 6.75 億美元的無擔保信貸額度，將期限從 2025 年 7 月延長至 2028 年 7 月。協議沒有其他重大變化。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，財務指標日益健康。

Our unadjusted debt-to-EBITDA ratio decreased to 3.8 times and our interest and fixed charge coverage increased to 11.3 times, both representing all-time best for the company. Collectively, the shares in these transactions were initiated at an average price at an average share price of $172.25. Debt maturities are minimal this year with $50 million in August and $120 million in mid-December.

我們未經調整的債務與 EBITDA 比率下降至 3.8 倍，利息和固定費用覆蓋率增加至 11.3 倍，兩者均代表公司歷史最佳水平。總的來說，這些交易中的股票以平均股價 172.25 美元發起。今年債務到期時間極短，8 月為 5,000 萬美元，12 月中旬為 1.2 億美元。

In June, we renewed our $675 million unsecured credit facilities extending the maturity from July 2025 to July 2028. There were no other material changes to the agreements. Although capital markets are fluid, our balance sheet remains flexible and strong with increasingly healthy financial metrics.

6 月，我們續簽了 6.75 億美元的無擔保信貸額度，將期限從 2025 年 7 月延長至 2028 年 7 月。協議沒有其他重大變化。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，財務指標日益健康。

Our unadjusted debt-to-EBITDA ratio decreased to 3.8 times and our interest and fixed charge coverage increased to 11.3times, both representing all-time best for the company.

我們未經調整的債務與 EBITDA 比率下降至 3.8 倍，利息和固定費用覆蓋率增加至 11.3 倍，兩者均代表公司歷史最佳水平。

Looking forward, we forecast FFO guidance for the third quarter to be in the range of $2.06 to $2.12 per share and $8.28 to $8.38 for the year, a $0.06 per share increase from our prior guidance. Those midpoints represent increases of 7.2% and 7.7% compared to the prior periods, respectively, excluding insurance-related gains on involuntary conversion claims.

展望未來，我們預測第三季 FFO 指引為每股 2.06 美元至 2.12 美元，全年指引值為 8.28 美元至 8.38 美元，比我們先前指引價值的每股增加 0.06 美元。與上一時期相比，這些中點分別增加了 7.2% 和 7.7%，不包括非自願轉換索賠的保險相關收益。

We raised the midpoints for cash same-store growth and occupancy from our prior guidance. We increased the estimated capital proceeds raised for the year by $100 million as a direct result of more property acquisition opportunities. We currently anticipate raising that capital via our ATM program.

我們提高了同店現金成長和入住率的中點，高於先前的指導。由於更多的房產收購機會，我們將今年籌集的資本利得預估增加了 1 億美元。目前，我們預計透過 ATM 計劃籌集資金。

In closing, we were pleased with our second quarter results and are well positioned entering the latter half of 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 multi-tenant portfolio to lead us into the future.

最後，我們對第二季的業績感到滿意，並為進入下半年做好了準備。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、團隊的經驗以及多租戶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 our quarterly and year-to-date results and the value our team is creating. Internally, we continue to grow earnings while strengthening the balance sheet. Externally, the capital markets and the overall environment remain unsteady, which has led to the continued low levels of construction starts.

謝謝，布倫特。最後，我對我們的季度和年度迄今的業績以及我們團隊正在創造的價值感到自豪。在內部，我們持續增加收益，同時強化資產負債表。從外部看，資本市場和大環境仍不穩定，導致開工率持續低點。

In the meantime, we're working main high occupancies while pushing rents. And in spite of the uncertainty, I like our positioning as our portfolio is benefiting from several long-term positive secular trends such as population migration, near-shoring and onshoring trends, evolving logistics chains and historically lower shallow bay market vacancies.

同時，我們在提高租金的同時，也努力提高入住率。儘管存在不確定性，但我喜歡我們的定位，因為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、近岸和在岸趨勢、不斷發展的物流鏈以及歷史上較低的淺灣市場空缺。

We also have a proven management team with a long-term public track record, our portfolio quality in terms of buildings and markets is improving each quarter, our balance sheet is stronger than ever, and we're expanding our diversity in both our tenant base as well as our geography.

我們還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質量每個季度都在提高，我們的資產負債表比以往任何時候都更強大，並且我們正在擴大租戶基礎的多樣性以及我們的地理。

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

我們現在想打開電話詢問您的問題。

(Operator Instructions) Your first question is from Jeff Spector from Bank of America. Please ask your question.

（操作員說明）您的第一個問題來自美國銀行的 Jeff Spector。請提出你的問題。

Good morning. I guess if I could focus my question on the acquisition market, which seems to have opened up, I guess, what has changed since 1Q? And again, how are you – it sounds like you believe with whether it’s past the election or again, maybe after the first cut that things will open further? Thank you.

早安.我想如果我可以將我的問題集中在收購市場上，這個市場似乎已經開放，我想自第一季以來發生了什麼變化？再說一次，你怎麼樣——聽起來你相信無論是在選舉之後還是再次，也許在第一次削減之後事情會進一步開放？謝謝。

Hey Jeff, good morning. It’s Marshall. Good question. It’s probably a little more micro than that, at least in our case. It felt like first quarter acquisitions were getting pretty competitive. We’ve heard people wanted to bring things to market and seeing it a little bit before the election. And I would still describe it that a portfolio and a portfolio of being three or four buildings. When you get the dollar number up there, it gets awfully competitive.

嘿，傑夫，早安。這是馬歇爾。好問題。它可能比這更微觀一些，至少在我們的例子中是如此。感覺第一季的收購變得相當有競爭力。我們聽到人們希望將產品推向市場，並在大選前進行一些觀察。我仍然會把它描述為一個投資組合和一個由三到四棟建築組成的投資組合。當你把美元數字提高到那裡時，它就會變得非常有競爭力。

We have seen it even as recently as in the last week or so dropped into the 4s. What pushed our guidance raise more this quarter were more specific than kind of one-off deals are similar to what you’ve seen us buy newer buildings, existing markets where we’re working our way through due diligence and happy to share as much as we can as soon as we can on those.

我們甚至在最近一周左右就看到它跌至 4 秒。推動我們本季指引提高的原因比一次性交易更具體，類似於您所看到的我們購買新建築、現有市場的情況，我們正在透過盡職調查努力並樂於分享我們會盡快處理這些問題。

But just we were able to secure a couple of bids and similar, we’re newer buildings, I think at least one had been under contract, falling out of contracts because of financing, and we represented a more certain path to closing.

但只要我們能夠獲得幾個投標和類似的投標，我們是較新的建築，我認為至少有一個已經簽訂合同，由於融資而脫離合同，我們代表了一條更確定的關閉途徑。

So a couple of times, we were able to find pricing that we liked on acquisitions and that drove the guidance raise. We’re still out pitching on some other buildings. So maybe we can increase it later in the year.

因此，有幾次，我們能夠找到我們喜歡的收購定價，從而推動了指導意見的提高。我們仍在為其他一些建築進行宣傳。所以也許我們可以在今年晚些時候增加它。

And again, I hope we close these two. We’ll see how due diligence and everything shakes out, but we felt like they were more probable at not, given where we are in due diligence and raised our guidance as a follow-up to that.

再次，我希望我們能夠關閉這兩個項目。我們將看到盡職調查和一切如何擺脫困境，但考慮到我們在盡職調查中的進展，我們認為它們更有可能不會發生，並提出了我們的指導作為後續行動。

Great. Thank you

偉大的。謝謝

Sure. You’re welcome.

當然。不客氣。

Thank you. Your next question is from Craig Mailman from Citi. Please ask your question.

謝謝。您的下一個問題來自花旗銀行的 Craig Mailman。請提出你的問題。

Hey, good morning. Marshall.

嘿，早安。馬歇爾。

I just wanted to go back to your comment that demand for your shallow bay product is good, smaller tenants were a little bit more robust. And you’re continuing to push rents throughout the portfolio. Could you just give a sense of kind of how much you’re able to still push when there’s concerns about kind of flattening market rent growth or even declining market rents in some markets?

我只是想回到您的評論，即對淺灣產品的需求良好，較小的租戶更加強勁。而且您將繼續推高整個投資組合的租金。當人們擔心市場租金成長趨於平緩，甚至某些市場的市場租金下降時，你能透露一下你還能推動多少嗎？

And just also, I think you guys are running slightly ahead of your average occupancy guidance. Is there anything in the back half of the quarter that you know about that brings you down? Or is that just kind of a placeholder based on an uncertain environment?

而且，我認為你們的平均入住率指導略有領先。您知道本季後半段有什麼事情讓您情緒低落嗎？或者這只是一種基於不確定環境的佔位符？

Good morning, Craig, and thanks. I’ll try to touch all those points and Brent, catch me for the ones I miss. What I would say is, I guess, a little bit of both. We have the embedded growth in our portfolio. And I’m having been an industrial, I pleasantly surprised how many quarters in a row, our GAAP re-leasing spreads have been north of 50%.

早安，克雷格，謝謝。我會嘗試觸及所有這些點，布倫特，請抓住我錯過的那些點。我想，我想說的是，兩者兼具。我們的投資組合具有內在的成長。身為工業企業，我驚訝地發現，我們的 GAAP 轉租利差連續幾個季度都超過了 50%。

We’re probably six, seven quarters in a row. We still have that embedded growth. You’re right, the market rents have slowed certainly kind spiked post-COVID. They’ve slowed to where we’re maybe. I saw a national report and it was showing 7% to 8%. That feels a little high to me, and they did admit those were asking rents, not effective rents, so maybe more mid-single digits.

我們可能連續六、七個季度。我們仍然有這種內在的成長。你是對的，市場租金已經放緩，在新冠疫情之後肯定會出現飆升。他們已經放慢了腳步，到達了我們可能所處的位置。我看到一份國家報告，顯示是7%到8%。對我來說，這感覺有點高，他們確實承認這些是要價，而不是有效租金，所以可能更多是中個位數。

And. so that's our embedded growth rate has slowed a little bit, although I think where construction spend for going on two years now, we could have a pretty sharp turn hopefully next year given the lag and supply catching up.

和。所以我們的內嵌成長率已經放緩了一點，儘管我認為現在兩年的建築支出，鑑於滯後和供應的趕上，我們希望明年會有一個相當大的轉變。

And then in terms of occupancy, you’re right, we’ve trended ahead of where our budget has been really about every month. This year, things feel like they’ve been slowly improving kind of those green shoots kind of month-to-month this year, still have within our budget kind of some dips here and there, but there’s no major move-outs that are known or anything like that, that would really throw us in terms of, just thankfully don’t have those big boxes or anything out of 60 million square feet, any one space here or there that will throw it. It’s just a little bit more, I hope, it’s conservatism by the team, but that’s kind of where our budget shook out.f where our budget shook out Bantam and I am glad we didn't move it by a lot, but it listed did move positively.

然後就入住率而言，你是對的，我們每個月的趨勢都領先於我們的預算。今年，情況感覺就像是慢慢改善，就像今年每個月的萌芽一樣，在我們的預算範圍內仍然有一些下降，但沒有重大舉措——已知的或類似的東西，這真的會讓我們感到困惑，幸運的是，沒有那些大盒子或任何東西超出6000 萬平方英尺，這裡或那裡的任何一個空間都會拋出它。我希望，這只是多了一點，這是團隊的保守主義，但這就是我們的預算震動的地方。它上市後確實出現了積極的變化。

And I am glad we didn’t move it by a lot, but at least it did move positively. So we’re up to 97, one for the year. And hopefully, we can do a little – we’ll see how the economy shakes out, we can do a little better than that.

我很高興我們沒有將其移動太多，但至少它確實發生了積極的變化。所以我們總共有 97 個，一年一個。希望我們能做一點——我們會看到經濟如何擺脫困境，我們可以做得更好一點。

And I feel like I already broke your one question rule, so I’m going to break it again. Can you guys just talk about balancing kind of the use of the forward ATM versus just going directly to the market given, I know you guys don’t want to kind of speculate on your multiple, but clearly versus where you guys did the forward versus where the stock is trading today, you left like 15% on the table, so just the thought there of pulling those two levers?

我覺得我已經打破了你的「一問一答」規則，所以我要再次打破它。你們能否談談平衡遠期 ATM 的使用與直接進入市場的問題，我知道你們不想猜測你們的倍數，但顯然與你們進行遠期的地方相比與今天股票交易的情況相比，你們留下了大約15% 的股份，所以只是想拉動這兩個槓桿？

Yes. I tried to tell Marshall that the whole time, Craig, that we were probably leaving that on the table. But I’ll jump in and Marshall can fill in the holes. But obviously, at that point, we’re very pleased to have gained what we have since we went into black. We were $170 a share at June 30. So certainly, the news about potential rate cuts and all of that got more positive incrementally and quicker, more positive post quarter end.

是的。我一直試著告訴馬歇爾，克雷格，我們可能會把這個問題留在桌上。但我會介入，馬歇爾可以填補漏洞。但顯然，在這一點上，我們非常高興能夠獲得自從我們進入黑色以來所擁有的一切。截至 6 月 30 日，我們的股價為每股 170 美元。因此，可以肯定的是，有關可能降息的消息以及所有這些消息在季度末後逐漸變得更加積極、更快、更加積極。

But as a reminder, our revolver is still running 6% to 6.25% on an interest rate – variable interest rate. And we’ve had some great acquisition opportunities, the team – we continue to find good opportunities to invest capital. So we were trying to de-risk that a little bit with the forward and taking some of that down.

但提醒一下，我們的左輪手槍仍以 6% 至 6.25% 的利率運作 — 可變利率。我們的團隊已經獲得了一些很好的收購機會，我們將繼續尋找投資資本的好機會。所以我們試著透過前鋒來降低一點風險，並減少一些風險。

As a reminder, just a couple of weeks after quarter close, we always know we have our dividend payment coming, which is in the mid-$60 million range. So looking staring at a low 6 interest rate versus kind of stockpiling or taking some risk off the table, we were pleased to do it. You make a decision at that time. And if you like it, you roll with it. Look, I hope that we issue something in the next coming days at 190 and we look back and we say, why did you do it at 190 when you could have done it at 200.

提醒一下，季度結束後幾週，我們總是知道我們將支付股息，金額在 6000 萬美元左右。因此，著眼於低 6 利率，而不是囤積或規避一些風險，我們很高興這樣做。到時候你就做出決定。如果你喜歡它，你就會跟著它。聽著，我希望我們在接下來的幾天裡以190 的價格發行一些東西，當我們回顧過去時，我們會說，當你本可以在200 的價格上做到這一點時，你為什麼要在190 的價格上做到這一點。

So I’ve kind of likened it like a 401-k. You would like to always invest right at the peak, but you really over time, when you’re issuing equity like we’ve been, you’re to some extent, you’re always looking at the dynamics of it, but you’re averaging your way into some extent. And so we’ll blend some of that in the third quarter, hopefully, if the price holds up. But you’re evaluating in the moment, and it was attractive and made sense then. And we like having the forward component. It does allow us to take some risk off the table.

所以我把它比作 401-k。你希望總是在高峰期進行投資，但隨著時間的推移，當你像我們一樣發行股票時，你在某種程度上，你總是在關注它的動態，但你在某種程度上正在平均化。因此，如果價格保持不變，我們將在第三季混合其中一些。但你此刻正在評估，這在當時很有吸引力並且有意義。我們喜歡有前向組件。它確實讓我們能夠規避一些風險。

Certain things could go in another way, and then maybe you’re looking at down 15%, and you’re glad you have it. So a lot of that goes into the equation. But as we always do, you do it in bite-size pieces. And so we’re not making any big bets or anything else. It’s a pretty normal course of business in terms of just getting capital together.

某些事情可能會以另一種方式發展，然後也許您會看到下降 15%，並且您會很高興自己擁有了它。所以很多因素都需要考慮。但正如我們一貫所做的那樣，你是把它分成一口大小的。因此，我們不會下任何大賭注或其他任何事情。就籌集資金而言，這是一個非常正常的業務流程。

Perfect. Thank you.

完美的。謝謝。

Yes.

是的。

You’re welcome.

不客氣。

Your next question is from Alexander Goldfarb from Piper Sandler. Please ask your question.

您的下一個問題來自 Piper Sandler 的 Alexander Goldfarb。請提出你的問題。

Hey, good morning. And I will stick to the one question rule. So if we look at the sort of softness in tenants that you guys spoke about 6 months to 12 months ago and then now nothing’s really changed in the economy. Jobs are still pretty good.

嘿，早安。我將堅持一問一答的規則。因此，如果我們看看你們在 6 個月到 12 個月前談到的租戶的疲軟情況，那麼現在經濟並沒有真正發生任何變化。就業還是不錯的。

The economy is humming along. Interest rates, everyone expected generically year-end, that’s still the case. So it’s not like we suddenly have lower interest rates. It’s not like the election has gotten more certain, and it’s not like the global macro has improved.

經濟正在蓬勃發展。利率，每個人都普遍預期年底，情況仍然如此。因此，我們的利率並不是突然降低的。選舉並沒有變得更加確定，全球宏觀經濟也沒有改善。

So in your view, what caused tenants to sort of slowdown late last year, earlier this year versus now picking back up, given when you look at what’s going on, nothing has really changed? I mean, obviously, it’s good to hear you’re seeing increased demand and potential for improvement in the back half of this year. But from a tenant perspective, there doesn’t really seem to be anything different. So can you just sort of parse through that?

那麼，在您看來，是什麼原因導致去年年底、今年早些時候的租戶數量放緩，而現在又有所回升，因為當您觀察正在發生的事情時，發現一切都沒有真正改變？我的意思是，顯然，很高興聽到您看到今年下半年需求的增加和改進的潛力。但從租戶的角度來看，似乎並沒有什麼不同。那你能簡單地解析一下嗎？

Yes. Good morning, Alex.

是的。早安，亞歷克斯。

I’ll try, and again, it’s more theory. What I would say is maybe if you went back a year ago, we really felt like development leasing. It was probably the second half, third quarter and the end of the year, it felt like leasing decisions were noticeably slowing.

我會嘗試，再說一次，這更多的是理論。我想說的是，也許如果你回到一年前，我們真的感覺像是開發租賃。大概是下半年、第三季和年底，感覺租賃決策明顯放緩。

And I wouldn’t say end of this year, as I mentioned earlier, it’s improving, it’s not gotten dramatically better, but it’s better and heading in the right direction.

我不會說今年年底，正如我之前提到的，它正在改善，並沒有顯著改善，但它更好了，並且朝著正確的方向前進。

So it’s not dramatically better. And then maybe a year ago, I think people were still, i don’t hear as much about a hot landing. Everybody seems to think it’s a soft landing and interest rates even – maybe every quarter an interest rate cut gets kicked down the road, eventually, we’ll get their people seem to think it’s always 90 days away. I just don’t know 90 days from when.

因此，情況並沒有明顯改善。然後也許一年前，我認為人們還沒有聽到太多關於熱著陸的消息。每個人似乎都認為這是一次軟著陸，而且利率甚至可能每個季度都會降息一次，最終，我們會讓他們的人認為這總是 90 天後。我只是不知道從什麼時候開始 90 天。

And I think at some point, people have put off their expansion plans and you just kind of get used to the new norm. And so maybe they were waiting for the other shoe to drop late last year, and now we’re rolling into August next week and people are starting to go, all right, we’re operating in this environment, we’re kind of used to political chaos and used to interest rates being about to drop sometime in the next few months and people are just starting to feel like, okay, we need our sales are still there, we need to make decisions, and we need to expand our space and make a decision and that’s what we’re seeing.

我認為在某些時候，人們已經推遲了擴張計劃，而你只是習慣了新的規範。因此，也許他們在去年年底就在等待另一隻鞋落下，而現在我們下週將進入八月，人們開始離開，好吧，我們在這種環境下運營，我們正在有點習慣了政治混亂，習慣了未來幾個月利率即將下降，人們才開始覺得，好吧，我們需要我們的銷售仍然存在，我們需要做出決定，我們需要擴大我們的空間並做出決定，這就是我們所看到的。

And also i think the other thing that helps us, as I mentioned earlier, we’re going on two years now of lower supply. I mean a lot has delivered certainly to the market. But on the back end, the construction pipelines are at today in our market is probably 70% to 80% of what they held at the peak.

我還認為，正如我之前提到的，另一件事對我們有幫助，我們現在的供應量已經下降了兩年。我的意思是，很多產品確實已經投入市場。但在後端，我們市場上目前的建築管道數量可能是高峰時的 70% 到 80%。

So there’s just no inventory coming, and it will take a while for that inventory to get there. I don’t know that hit tenants yet, but that will be a reality as the supply gets taken off the shelves, there’s not going to be much restocking the shelves for a while. Operator?

因此，根本沒有庫存，而且庫存需要一段時間才能到達。我不知道這會對租戶造成什麼影響，但這將成為現實，因為供應被下架，一段時間內不會有太多的補貨。操作員？

Yes. Thank you. Your next question is from John Kim from BMO Capital Markets. Please ask your question.

是的。謝謝。您的下一個問題來自 BMO 資本市場的 John Kim。請提出你的問題。

Thank you. I realized UPS is not a top 10 tenant of yours. That might be in your portfolio overall, I wanted to ask about that. But specifically, to the extent that you paid attention to the results yesterday, I’m not really asking you to comment on their results, but I was wondering if you had thought that it could be reflective of maybe some other tenants of yours as far as struggling with profitability, high labor cost. And if this is in any concern with you as far as leasing demand?

謝謝。我意識到 UPS 不是你們的前 10 名租戶。這可能在你的整體投資組合中，我想問一下。但具體來說，就您昨天關注的結果而言，我並不是真的要求您對他們的結果發表評論，但我想知道您是否認為這可能反映了您的其他一些租戶，因為就盈利能力而言，勞動成本高。就租賃需求而言，您是否擔心這一點？

Sure. I mean, we watched it and you wish again, that's why I say the economy is doing better. Certainly not an expert or any real insight on UPS versus we read what's public like everybody else. I would say, I think it's been a tough environment with labor and I'll say, insurance cost for businesses, utility cost, everything,

當然。我的意思是，我們看了它，你再次希望，這就是為什麼我說經濟表現更好。當然，與我們像其他人一樣閱讀公開內容相比，我們不是專家，也不是對 UPS 的任何真正見解。我想說，我認為這是一個艱難的勞動環境，我會說，企業的保險成本，公用事業成本，一切，

I've said I felt for our tenants at times with rents up, labor cost up, utility cost up, it's hard to get inflation in line. It does feel like the economy is improving. And look, that's why, as we kind of mentioned in our prepared remarks, I'm glad our top 10 are under 8% because I like that diversity because even large companies have issues during times when interest rates have been high for this long and debts are rolling to higher levels and things like that.

我說過，有時我對我們的租戶感到同情，租金上漲，勞動成本上漲，公用事業成本上漲，很難控制通貨膨脹。確實感覺經濟正在好轉。看，這就是為什麼，正如我們在準備好的發言中提到的那樣，我很高興我們的前10 家公司的比例低於8%，因為我喜歡這種多樣性，因為即使是大公司在利率長期處於高位時也會遇到問題。

So we like the tenant diversity, and it does feel like things are getting better. Although our bad debts run ahead of where we thought it would be year-to-date or what we budget, we keep bumping our reserve, but we're our watch list and things like that. It will feel better when the economy is on a little firmer footing. So yes, I hate that for them, and I'm appreciative of the geographic and the tenant diversity we've got.

所以我們喜歡租戶的多樣性，而且確實感覺事情正在變得更好。儘管我們的壞帳超出了我們預計的年初至今或預算，但我們不斷增加儲備金，但我們是我們的觀察名單之類的。當經濟基礎稍微穩固一點時，感覺會更好。所以，是的，我討厭他們這樣，但我很欣賞我們所擁有的地理和租戶多樣性。

Is UPS a major tenant of yours or…

UPS 是您的主要租戶嗎？

They are not a major tenant. I don't know exactly what percentage they are. I don't even think they're top 20, which would put them less than 0.4% of our revenue. It's not a name that our team has really brought up. But they've been a tenant in the past. And again, they're not a major tenant side of our 1,300 or 1,400 tenants. We likely have a space or two with them, but they're not on any large scale.

他們不是主要租戶。我不知道具體比例是多少。我甚至不認為他們進入前 20 名，這意味著他們占我們收入的比例不到 0.4%。這並不是我們團隊真正提出的名字。但他們過去一直是房客。再說一遍，他們並不是我們 1,300 或 1,400 名租戶中的主要租戶。我們可能有一兩個空間可以容納它們，但它們的規模並不大。

Yes. We have FedEx, but not as much UPS.

是的。我們有聯邦快遞，但沒有那麼多 UPS。

Got it. Appreciate it. Thank you.

知道了。欣賞它。謝謝。

Thank you. Your next question is from Todd Thomas from KeyBanc Capital Markets. Please ask your question.

謝謝。您的下一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。請提出你的問題。

Yes, hi. Good morning.

是的，嗨。早安.

I just wanted to go back to investments and capital raising activity where there has been a lot of uncertainty and volatility in the capital markets. And you talked a little bit about the issuance in the quarter, both on the regular ATM and the forward just relative to where the stock is trading today at almost $190. How much does that drive your thought process on capital deployment?

我只是想回到資本市場有許多不確定性和波動性的投資和融資活動。您談到了本季的發行情況，無論是在常規 ATM 還是在遠期發行上，都與該股票今天的交易價格接近 190 美元有關。這在多大程度上推動了您對資本部署的思考過程？

And does this provide you with a window to be more aggressive and afford you an ability to maybe change your underwriting thresholds a little bit on new acquisitions and also maybe new starts later in the year and into 2025 ?

這是否為您提供了一個更積極進取的窗口，並讓您有能力稍微改變新收購的承保門檻，也可能在今年稍後和 2025 年開始新的收購？

Hey, Todd. Good morning, it's Marshall.

嘿，托德。早安，我是馬歇爾。

Good question. And for right or wrong, I've always tried to decouple those a little bit. Certainly, as we're bidding, we don't , if it were the other way around, we don't want to run up our line of credit and not have that capital. So we will kind of, as Brent mentioned, as we got towards the end of the quarter, we knew we were running into a blackout. And we did a couple of acquisitions that I mentioned earlier that we were awarded, a couple of more things that we were pursuing and still pursuing some with a $50 million mortgage maturing in August.

好問題。無論對錯，我總是試著將它們稍微分開。當然，正如我們所競價的那樣，我們不會這樣做，如果情況相反，我們不想耗盡我們的信用額度而沒有足夠的資金。因此，正如布倫特所提到的那樣，當我們接近本季末時，我們知道我們即將陷入停電。我們進行了幾項收購，我之前提到過，我們獲得了獎勵，還有一些我們正在追求並且仍在追求的事情，其中​​一些是 8 月到期的 5000 萬美元抵押貸款。

It felt like, okay, we know we've got uses, and our equity cost was right kind of in the ZIP code of NAV, which is around $170 a share, at least last $170, $171 consensus. So that felt like a green light today.

感覺就像，好吧，我們知道我們有用途，而且我們的股權成本在 NAV 的郵政編碼中是正確的，每股大約 170 美元，至少最後 170 美元，171 美元的共識。所以今天感覺就像開了綠燈。

We certainly like it a lot better at $190. But I like keeping a discipline on our acquisitions. And really, you don't want to buy something. You regret later just because your equity cost was low at the moment. We really bubbles up from the field. So the guys that are responsible for operating it, we purposely have never had a Chief Investment Officer so that really what buy and Brent and I were both in the regionals at one point, you kind of need to live with.

我們當然更喜歡 190 美元的價格。但我喜歡在收購方面保持紀律。事實上，你不想買東西。你後來會後悔只是因為你當時的股權成本很低。我們真的是從現場冒出來的。因此，負責營運它的人，我們故意沒有首席投資官，所以，實際上，我和布倫特都曾經在區域內，你需要忍受。

So we like that discipline that let's only buy, things we really like long-term and that are going to create NAV for us long-term. And on starts, we've always said, too, again, driven by the field as fast as your last building lease stop, we'll go to the next one as long as the world is not shutting down for COVID or some unusual circumstances and things like that.

因此，我們喜歡這樣的紀律：我們只購買我們真正喜歡長期的東西，這將為我們創造長期的資產淨值。在開始時，我們也總是說，只要你的上一個建築租賃停止，我們就會去下一個，只要世界沒有因為新冠病毒或一些異常情況而關閉諸如此類的事情。

So we'll typically follow the field. And as leasing goes on development leasing, we'll go as fast, and we know the way to solve a Phase 3 issue isn't to start Phase 4 or anything like that. So it's – I like our model for our simplicity.

因此，我們通常會關注該領域。隨著租賃繼續發展租賃，我們會盡快進行，我們知道解決第三階段問題的方法不是啟動第四階段或類似的事情。所以，我喜歡我們的模型，因為它很簡單。

Okay. Thank you.

好的。謝謝。

Sure You're welcome.

當然，不客氣。

Thank you. Your next question is from Rich Anderson from Wedbush. Please ask your question.

謝謝。您的下一個問題來自韋德布希的里奇安德森。請提出你的問題。

Thank you. Good morning. I guess, apparently, the mailman always rings twice. I'll stick to one question myself.

謝謝。早安.我想，顯然，郵差總是按兩次鈴。我自己會堅持一個問題。

So on the same-store guidance, just up a hair 10 basis points. And I'm curious about that. Are your systems so sophisticated that it spit it out a 10% or 10 basis point increase from last quarter? And if so, impressive, kudos or is it really more of an art than science, meaning you wanted to sort of set in the signal that things are getting better, you don't really necessarily see an increase in your same-store growth profile, but you also felt like it would send the right signal to just nudge it up a little.

所以就同店指導而言，僅僅上漲了10個基點。我對此很好奇。您的系統是否如此複雜以至於比上個季度增加了 10% 或 10 個基點？如果是這樣，令人印象深刻，值得稱讚，或者它真的更像是一門藝術而不是科學，這意味著你想發出一種信號，表明事情正在變得更好，但你並不一定會看到同店成長情況的增加，但你也覺得它會發出正確的訊號，將其稍微推高一點。

I'm just curious how you came to a 10% very subtle increase to your same-store outlook? Thanks.

我只是好奇你的同店前景如何微妙地提高了 10%？謝謝。

Rich, thanks. We really would say, it's really more just straight mathematical, meaning it just from the field, obviously, at this point, you've got six months of actual, then you plug in the assumptions of the other, and it bubbles up from the other six months, you combine it. It did happen to result in that 10 basis points. But to your point, it really fits with our narrative and that we are seeing that continual steady, slight better improvement. We've done better.

有錢，謝謝。我們真的會說，這實際上更只是直接的數學，這意味著它只是來自現場，顯然，在這一點上，你有六個月的實際時間，然後你插入另一個假設，它從其他六個月，你把它結合起來。它確實導致了 10 個基點。但就你的觀點而言，這確實符合我們的敘述，而且我們正在看到持續穩定的、稍微好一點的改進。我們做得更好了。

First quarter, we beat our midpoint of same-store guidance by 50 basis points from what we had originally projected. This quarter, we were pleased to beat by 40 basis points. We pretty much have been maintaining the back end of the year as we go pretty steady without a lot of movement.

第一季度，我們的同店指引中位數較最初預測高出 50 個基點。本季度，我們很高興超過 40 個基點。我們幾乎一直維持著今年年底的狀態，因為我們的發展相當穩定，沒有太多的變化。

So where you've seen that midpoint move has been more picking up what we actually accomplished to the positive versus building it in. So we're hopeful that we can continue to pick that up. If the market allows and the guys execute that we can pick up additional growth through the back end of the year.

因此，您所看到的中點變動更體現了我們實際取得的正面成果，而不是建構它。因此，我們希望能夠繼續這樣做。如果市場允許並且人們執行的話，我們可以在今年年底獲得額外的成長。

I would just point out that our last six months, we're projecting a little lower occupancy than, say, a year ago, but we were running the bar that we're comparing against for the last six months of last year was 98.1%, and we're projecting the back half of this year falling somewhere around 97%. So it's just a high bar.

我只想指出，我們預計過去六個月的入​​住率比一年前要低一些，但我們運行的酒吧與去年最後六個月的入​​住率相比為 98.1% ，我們預計今年下半年下降97%左右。所以這只是一個高標準。

So, we've been able to do better than we've been projecting and pick up some of those little bits to the positive. But it really, when you look at our guidance table, pretty much, we say, here are the ingredients that produces our midpoint of guidance. And from there, you can toggle either way. But we do like that our occupancy is up slightly, the same store is up. And I think that fits with what we're feeling as far as our momentum as well.

因此，我們能夠做得比我們預期的更好，並且取得了一些積極的成果。但實際上，當你查看我們的指導表時，我們會說，以下是產生我們指導中點的要素。從那裡，您可以切換任一方式。但我們確實喜歡我們的入住率略有上升，同一家商店也有所上升。我認為這也符合我們對動力的感受。

Okay, fair enough. Thanks very much.

好吧，很公平。非常感謝。

Thanks, Rich.

謝謝，里奇。

Thank you. Your next question is from Michael Carroll from RBC. Please ask your question.

謝謝。您的下一個問題來自加拿大皇家銀行 (RBC) 的邁克爾卡羅爾 (Michael Carroll)。請提出你的問題。

Hi, thanks. I just wanted to touch on your development start guidance. I know, Marshall, you highlighted earlier in the call that you think that your starts will be more back-end weighted this year.

你好，謝謝。我只是想談談您的開發開始指南。我知道，馬歇爾，您早些時候在電話會議中強調，您認為今年的首發將更加註重後端。

I guess, what are you really waiting for on those? I mean, do you need to see leasing activity within your current portfolio to break ground on those projects? And if that doesn't occur as when you expect, is there a chance that some of these starts kind of get pushed out a quarter or so into 2025?

我想，你到底在等什麼？我的意思是，您是否需要在目前的投資組合中看到租賃活動才能破土動工這些項目？如果這沒有像您預期的那樣發生，那麼其中一些啟動是否有可能被推遲到 2025 年四分之一左右？

Good morning, Mike. Yes, a little both. And that typically, I would say the last phase gets pretty well leased, we'll start the next. I mean, that's kind of our bread and butter. Given the amount of supply that really kind of hit the market in 2023, there's a few spots like Austin, like Phoenix, for example, and even Greenville, South Carolina, where we're already getting closer, ready to start that next building. It's really waiting for some of our competition to fill up and kind of create that entry point and where they stand.

早上好，麥克。是的，兩者都有一點。通常情況下，我會說最後一期的租賃情況很好，我們將開始下一期。我的意思是，這就是我們的麵包和黃油。考慮到 2023 年真正進入市場的供應量，有一些地方，例如奧斯汀、菲尼克斯，甚至南卡羅來納州格林維爾，我們已經離那裡越來越近，準備開始建造下一棟建築。它確實在等待我們的一些競爭對手填補並創建切入點和他們的立場。

So we do look at that, but we probably look at it a little more of late given the amount of supply. So, in terms of our $260 million in starts, I would say kind of traditionally, if you ask our field, that number is $100 million more than we're telling the Street, and I love their optimism over that.

所以我們確實會關注這一點，但考慮到供應量，我們可能會在後期更多地關注它。因此，就我們 2.6 億美元的啟動資金而言，我會傳統上說，如果你問我們的領域，這個數字比我們告訴華爾街的多 1 億美元，我喜歡他們對此的樂觀態度。

It stresses Brent out of how do we fund that at the beginning of each year. And then there's usually a little bit of give and take of, all right, what is it and when does it start? And then sometimes it can get delayed.

每年年初，它都會向布倫特強調我們如何為其提供資金。然後通常會有一些讓步，好吧，這是什麼？有時它可能會延遲。

It seems like getting permits and approval takes longer and longer in each of the cities we're in. So sometimes, it's usually not that they go away. It just can make one slip from one quarter to the next and things like that.

在我們所在的每個城市，獲得許可和批准的時間似乎越來越長。所以有時候，它們通常不會消失。它只是可以從一個季度滑到下一個季度之類的事情。

So, we feel pretty good about our $260 million in starts. The field is higher than that, and that's usually been the case. And we'll go as fast as our leasing goes or as fast as kind of that, I won't say the market, but maybe the submarket leasing is and which area of Austin or which area of Phoenix and what type of supply and that. Thankfully, it's usually been big box supply that doesn't affect us and we can sneak another phase in here and there.

因此，我們對 2.6 億美元的啟動資金感到非常滿意。領域比這更高，通常都是這樣。我們會像我們的租賃一樣快，或者像那樣快，我不會說市場，但也許子市場租賃是，奧斯汀的哪個地區或鳳凰城的哪個地區以及什麼類型的供應和那個。值得慶幸的是，通常是大箱供應，不會影響我們，我們可以在這裡或那裡偷偷地進行另一個階段。

Thank you. Your next question is from Nick Thillman from Baird. Please ask your question.

謝謝。您的下一個問題來自貝爾德 (Baird) 的尼克·蒂爾曼 (Nick Thillman)。請提出你的問題。

Hey, good morning, guys.

嘿，早上好，夥計們。

Maybe touching a little bit on leasing activity and lease economics. Relative to your peers, a little bit stronger here in Q2. I guess any noteworthy trends are you seeing in your markets? Or just like from tenant behavior over the last 90 days, you seem a little bit more positive on that front?

也許會涉及一些租賃活動和租賃經濟學。相對於您的同行，第二季稍強。我想您在市場中看到了任何值得注意的趨勢嗎？或者就像過去 90 天的租戶行為一樣，您在這方面似乎更積極一些？

And then, Brent, maybe just on development lease-up assumptions for the second half of the year, what timing you're baked in for executive lease-up in the second half? That would be helpful. Thank you.

然後，布倫特，也許只是根據下半年的開發租賃假設，您在下半年準備什麼時間進行高階主管租賃？那會有幫助的。謝謝。

Okay. I'll take the first half. Good morning, Nick,

好的。我就拿上半場來說吧早安，尼克，

The first half and it does feel like. Again, we got some nice wins within development leasing and then even within some of our portfolio leasing that it still feels like people are taking their time in terms of development, leasing. One of the guys think there's so many options at the frenzy, we were signing leases while you're still fairly early under construction and their comment to me was now you really need to have the building about finished and painted that the tenant rep brokers don't have to take the risk that the space gets delayed today that they needed to take maybe in 2022. So they're waiting and only looking at finished buildings and things like that. So the economics are still pretty positive.

上半場確實感覺像。同樣，我們在開發租賃方面取得了一些不錯的成果，甚至在我們的一些投資組合租賃中，人們仍然感覺人們在開發和租賃方面花了不少時間。其中一個人認為，在瘋狂的時期有很多選擇，我們在你們還處於建設初期的時候就簽署了租約，他們對我的評論是，現在你真的需要將建築物完成並粉刷，而租戶代表經紀人則不這樣做不必冒今天空間被推遲的風險，而他們可能需要在 2022 年承擔這一風險。所以他們在等待，只看完工的建築和類似的東西。所以經濟仍然相當樂觀。

Positive rent growth, I would say the one really markets that are an anomaly for us, if you reading through the brokerage reports, any market to the east of California, you would see positive absorption every – certainly, every year, most every quarter going back years, and it’s just a matter of how much did supply get out ahead of absorption that then supply shut off, so the markets working its way to equilibrium.

正面的租金成長，我想說，這個市場對我們來說確實是一種反常現象，如果你閱讀經紀報告，加州以東的任何市場，你都會看到每年的積極吸收——當然，每年，幾乎每年回溯到幾年前的一個季度，問題只是供應量在吸收之前流出了多少，然後供應就停止了，因此市場逐漸達到平衡。

The markets really that have been historically, some of our best markets would be L.A. and San Francisco and to materially lesser extent, San Diego, but they’ve actually had negative absorption for the last five to six quarters. So we’re waiting for that to stabilize.

從歷史上看，我們最好的市場是洛杉磯和舊金山，以及在較小程度上的聖地牙哥，但它們實際上在過去五到六個季度中出現了負吸收。因此，我們正在等待情況穩定下來。

Those are the markets where rents had a great run-up, but are certainly coming back now. And there, unlike our other markets and that they do have negative net absorption where every other market has positive net absorption. It’s just a matter of how much supply is hitting and clearing the market in any given quarter there. Brent?

這些市場的租金曾大幅上漲，但現在肯定會回升。在那裡，與我們的其他市場不同，它們確實有負的淨吸收量，而其他每個市場都有正的淨吸收量。這只是一個特定季度有多少供應進入市場並出清的問題。布倫特？

Yes, just following-up on the development lease-up assumptions, we have seen our lease-up period kind of get really tight, but then widen back out to more traditional 12-month lease-up time. Frankly, we’ve been pretty conservative with our leasing assumptions in the development portfolio.

是的，根據開發租賃假設，我們發現我們的租賃期變得非常緊張，但隨後又延長至更傳統的 12 個月租賃期。坦白說，我們對開發組合中的租賃假設相當保守。

We have very little, and I can send you exact number. We have very little in terms of speculative NOI baked into the back half of the year in terms of contribution to the numbers. So, anything there could be incrementally positive in terms, you get to this point in the year, the time you sign leases, get the build-out done for the tenants and get them occupying, there’s not a lot of time left for them to contribute.

我們的數量很少，我可以寄給你確切的數字。從對數字的貢獻來看，今年下半年的投機性 NOI 幾乎沒有。因此，任何事情都可能逐漸產生積極的影響，到了一年中的這個時候，當你簽署租約、為租戶完成擴建並讓他們入住時，剩下的時間已經不多了讓他們做出貢獻。

So there’s not a lot baked in very little in terms of FFO impact for the back half of the year for the existing leases. I would say that’s what we budgeted, not our goal. We tend to be, again, a little bit conservative with one thing that can slip in your budget more than anything is if you get really aggressive with the lease-up and the development, it starts going away from you, it gets hard to catch back up out in front of that. So history has told us to take a pretty conservative approach.

因此，就今年下半年現有租賃的 FFO 影響而言，影響並不大。我想說的是，這就是我們的預算，而不是我們的目標。再說一遍，我們往往會有點保守，有一件事比其他任何事情都可能會減少您的預算，那就是如果您在租賃和開發方面非常激進，它就會開始遠離您，很難抓住備份到前面。所以歷史告訴我們要採取相當保守的方法。

Even when you sign leases, as Marshall said earlier, wind up maybe takes 30 or 60 days longer to get the build-out and get the tenant in. So there’s not much of anything in terms of contribution baked into the back half of the year in terms of the actual NOI impact.

正如馬歇爾之前所說，即使您簽署了租約，最終也可能需要 30 或 60 天的時間才能進行擴建並讓租戶入住。因此，就實際 NOI 影響而言，今年下半年的貢獻並不多。

Helpful. Thanks everybody.

有幫助。謝謝大家。

Thank you. Your next question is from Mike Mueller from JPMorgan. Please ask your question.

謝謝。您的下一個問題來自摩根大通的麥克·穆勒。請提出你的問題。

Yes, hi. All of your completed developments that were in lease-up as of June 30th were in Florida, Texas. But if you look at what's under construction, the mix also includes which like Georgia, North Carolina and Colorado. I guess as you're thinking out to what you could start in 2025, do you think the starts could be more geographically diverse? Or do you think it will be more concentrated like what you've recently completed?

是的，嗨。截至 6 月 30 日，您所有處於租賃狀態的已竣工開發案均位於德州佛羅裡達州。但如果你看看正在建設的地區，你會發現其中還包括喬治亞州、北卡羅來納州和科羅拉多州等。我想，當您考慮 2025 年可以開始做什麼時，您是否認為開始的地域可以更加多樣化？或者你認為它會像你最近完成的那樣更集中？

Hey, good morning. I think we'll certainly have a lot. We like Texas and Florida. And the good news about does or such the big states and such diverse economies and only kind of run from Orlando, Tampa are so different, our Jacksonville and Miami. And then again, in Texas, Dallas, Houston, Austin, San Antonio, Alpha, El Paso's, so different. So will remain active and kind of monitor our portfolio allocation into those markets. But yes, next year and really maybe maybe even late this year, but probably next year. Greenville, South Carolina were in development in Colorado.

嘿，早安。我想我們肯定會有很多。我們喜歡德克薩斯州和佛羅裡達州。好消息是，像這樣的大州和如此多樣化的經濟體，只有奧蘭多、坦帕這樣的運作方式是如此不同，我們的傑克遜維爾和邁阿密。再說一次，在德克薩斯州、達拉斯、休斯頓、奧斯汀、聖安東尼奧、阿爾法、埃爾帕索，如此不同。因此，我們將保持活躍，並監控我們在這些市場的投資組合配置。但是，是的，明年，甚至可能是今年晚些時候，但可能是明年。南卡羅來納州格林維爾正在科羅拉多州開發。

We are timing in Phoenix. We have got a really good land site in Mesa near the airport down there. That will break ground probably late this year or first quarter next year. So I think we like the geographic mix long-term.

我們的時間在鳳凰城。我們在梅薩機場附近有一塊非常好的土地。該項目可能會在今年年底或明年第一季破土動工。所以我認為我們長期看好地理組合。

And then, really, I’ll tie it into maybe the acquisition question earlier, kind of our goal is to ultimately own well-located, shallow bay, multi-tenant industrial buildings, and sometimes the market seems to open the window better for acquisitions than development. And we will really toggle back and forth or even value-add between where the risk return looks attractive.

然後，實際上，我會先將其與收購問題聯繫起來，我們的目標是最終擁有位置優越、淺灣、多租戶的工業建築，有時市場似乎為更好地打開窗口收購大於開發。我們確實會在風險回報看起來有吸引力的地方來回切換，甚至是增值。

I think next year, if interest rates do come down and the economy picks up, I have been waiting for the acquisition window to slam shut and it probably will and we’ll be back to being a developer again and cap rates will fall a good bit. But we should have a good kind of geographic mix, and we’ll go where we can find land sites that make sense within our markets. We would like to develop in Nashville and Raleigh, a couple of new markets for us. So we are looking at sites and those as well.

我認為明年，如果利率確實下降並且經濟回升，我一直在等待收購窗口的關閉，它很可能會關閉，我們將再次成為開發商，資本化率將下降好一點。但我們應該有一個好的地理組合，我們會去能找到對我們的市場有意義的土地的地方。我們希望在納許維爾和羅利開發兩個新市場。所以我們也在尋找網站和那些。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Thank you. Your next question is from Brendan Lynch from Barclays. Please ask your question.

謝謝。您的下一個問題來自巴克萊銀行的布倫丹·林奇。請提出你的問題。

Great. Thanks for taking my question. You mentioned earlier in the call that there is no investment officer. So it sounds like acquisitions and operations are managed by the same team on the ground. Maybe you could just walk through what informs that structure or the philosophy of that arrangement?

偉大的。感謝您提出我的問題。您之前在電話中提到沒有投資官員。因此，聽起來收購和營運是由同一個團隊管理的。也許您可以簡單介紹一下該結構或該安排的理念是什麼？

Okay. Sure. Good question.

好的。當然。好問題。

Yes, we kind of always done it that way, and I’ve worked at REITs. And there is pros and cons, obviously, to every structure. But the way we have been structured is, if you had Texas, for example, every renewal, new lease, acquisition development, you’re responsible for not so much an assembly line.

是的，我們一直都是這樣做的，而且我也曾在房地產投資信託基金工作過。顯然，每種結構都有優點和缺點。但我們的結構方式是，例如，如果你在德州，每次更新、新租賃、收購開發，你都不用負責裝配線。

And really, the thoughts are you are living in Phoenix or you’re living in Dallas or Orlando, you will know that market better than someone from corporate can and that you really are responsible. I enjoyed it . I was in our Western region, I enjoyed it that you could find things, acquire them and see it all the way from A to Z to see it through to fruition.

事實上，如果你住在菲尼克斯，或者你住在達拉斯或奧蘭多，你會比公司裡的人更了解市場，而且你真的有責任。我很喜歡它。我在我們西部地區，我很高興你可以找到東西，獲得它們，並從頭到尾地觀察它，直到它結出碩果。

And I like that. And then the only negative I have seen in every structure has its pros and cons. Sometimes when you have a Chief Investment Officer and an operations person, kind of usually the push and pull is the investment officer is underwriting rents that are higher than the operations person thinks they can get and things like that. So you will have a little bit: you can have tension there. We kind of like, hey, it iss your area, and you can grow it as fast as you can find opportunities there.

我喜歡這樣。然後我在每種結構中看到的唯一負面因素都有其優點和缺點。有時，當你有首席投資官和營運人員時，通常的推動和拉動是投資官承保的租金高於營運人員認為他們可以獲得的租金以及類似的事情。所以你會有一點：你可能會感到緊張。我們有點喜歡，嘿，這是你的領域，你可以盡可能快地發展它，只要你能在那裡找到機會。

And then you also know our dispositions of we’ll typically say if you got a call and a tenant went bankrupt, what building do you not want to have that call from, and that really starts to set our dispositions kind of batting order as well. So we are admittedly a different model than our peers, but it worked well for us. And I will put words in Brent’s mouth, too, since we were both Brent had, Texas, I had the Western region, I love that job where you are kind of responsible for everything and you got to touch all the real estate that was in your area and come up with the new ideas.

然後你也知道我們的處置——我們通常會說，如果你接到電話，而租戶破產了，你不希望從哪棟樓接到這個電話，這確實開始將我們的處置順序設置為出色地。因此，誠然，我們的模式與同行不同，但它對我們來說效果很好。我也會把話放在布倫特的嘴裡，因為我們都是布倫特，德克薩斯州，我負責西部地區，我喜歡這份工作，你要對一切負責，你必須接觸所有的房地產這是在你的領域並提出新的想法。

Yes. I would just add to that, Brendan, I think it is a good point. And as Marshall said, it does set us apart a little bit, but we are a very vertical organization, a very team-oriented. And you basically, the old Bill Parcells you get to eat some of the growth, you get to pick the groceries and you have to eat what you cook sort of thing as you bring it in. But obviously, the guys in the field still have an approval process, we have an internal investment committee depending on size of Board level investment committee.

是的。我想補充一點，布倫丹，我認為這是一個很好的觀點。正如馬歇爾所說，這確實讓我們有點與眾不同，但我們是一個非常垂直的組織，一個非常注重團隊的組織。基本上，老比爾·帕塞爾（Bill Parcells）你可以吃一些生長的東西，你可以挑選雜貨，你必須在你帶進來的時候吃你煮的東西。但顯然，該領域的人員仍然有審批流程，我們有一個內部投資委員會，這取決於董事會級投資委員會的規模。

So it is, obviously, some approvals. But if Marshall has a question about what’s happening in Texas, he calls the regional head there, and he’s got one point of contact, and that guy or lady to know the answer. So I think it is really, we are fortunate to be a seismic organization where we can still do that, and I think it helps our culture a lot as well.

顯然，這是一些批准。但是，如果馬歇爾對德克薩斯州發生的事情有疑問，他會打電話給那裡的地區負責人，他有一個聯絡點，那個人知道答案。所以我認為，我們真的很幸運能夠成為一個地震組織，我們仍然可以做到這一點，而且我認為這對我們的文化也有很大幫助。

Great. Thank you. That's helpful color.

偉大的。謝謝。這是有用的顏色。

You are welcome..

不客氣..

Thank you. Your next question is from Samir Khanal from Evercore ISI. Please ask your question.

謝謝。您的下一個問題來自 Evercore ISI 的 Samir Khanal。請提出你的問題。

Hey, Marshall, good morning.

嘿，馬歇爾，早安。

Maybe you can provide some color on supply and the pace of new construction starts in some of your major markets. The reason I asked is, we were sort of calculating, we saw one broker report where the pace of starts were up in 2Q over 1Q at the national level. I’m just wondering what kind of you’re seeing in some of your Sunbelt markets. You’ve identified some of these stronger markets in Florida, Austin. Just give us an idea kind of what you’re seeing. Thanks.

也許您可以提供一些關於供應的信息，以及您的一些主要市場的新建設的步伐。我問的原因是，我們在進行計算，我們看到一份經紀人報告稱，全國範圍內第二季度的開工率比第一季有所上升。我只是想知道您在陽光地帶的一些市場中看到了什麼樣的情況。您已經在佛羅裡達州和奧斯汀確定了其中一些更強勁的市場。請告訴我們您所看到的情況。謝謝。

Yes. No, I think if I’m picturing the same report. Good morning. I think I remember the report that you all put out and even asking one of the other brokerage peers about it. The numbers, we were seeing for second quarter and I’m doing this from memory, I will say we’ve got any investors or any other listeners, I think I just made some notes, Page 13 of our investor presentation. It is one of the brokerage firm starts. So they were up a little bit in second quarter from first quarter. But by their calculations, we have been gone from a peak in late 2022 of about 120 million square feet nationally to now we’ve been below 50 million square feet for the last four consecutive quarters.

是的。不，我想如果我想像的是同一份報告。早安.我想我記得你們都發布了一份報告，甚至向其他經紀同行詢問了此事。我們看到的第二季度的數字，我是憑記憶做的，我會說我們有任何投資者或任何其他聽眾，我想我只是做了一些筆記，我們投資者演示的第 13 頁。它是經紀公司之一。因此，他們在第二季度比第一季略有上升。但根據他們的計算，我們已經從 2022 年底全國約 1.2 億平方英尺的峰值到現在，已經連續四個季度低於 5,000 萬平方英尺。

And if I were going to guess, I guess, probably with the emphasis on guess, I don’t think we will get over 50 million this quarter. The other metric in speaking with them usually build the suits and maybe that’s the lack of starts or kind of in the teens, call it, mid-teens as a percentage of starts that it had peaked up into kind of 25%. I’m trying to remember that number 25% or 28%. So there were more build-to-suit started in second quarter and that pushed the number up a little bit more. But it was probably larger build-to-suit projects driving that.

如果我要猜測的話，我想，可能是強調猜測，我認為本季我們的銷量不會超過 5000 萬。與他們交談時的另一個衡量標準通常是建立西裝，也許這就是缺乏首發或在青少年中，所謂的青少年中，作為首發的百分比，其高峰已達到 25%。我正在努力記住 25% 或 28% 這個數字。因此，第二季度開始了更多的客製化生產，這使得這個數字略有上升。但這可能是由更大的客製化項目推動的。

So we still see supply really low nationally. It’s typically been a big box. The two markets that we are in that have had more supply and they’ve got the growth are Austin and Phoenix where we would say usually, it’s there’s a lot of supply in Dallas. But looking at Dallas, for example, the peak there was about 70 million, a little north of 70 million in the construction pipeline. And reading through some of the reports, it’s down about 80% to 14 million square feet. And a lot of that, given what land is available that I don’t know, Dallas specifically, but using it as an example, it’s gotten further and further out.

因此，我們仍然看到全國供應量非常低。它通常是一個大盒子。我們所在的兩個市場有更多的供應，並且正在成長，那就是奧斯汀和鳳凰城，我們通常會說，達拉斯的供應量很大。但以達拉斯為例，高峰時約有 7,000 萬人口，略高於正在建設的 7,000 萬人口。閱讀一些報告後，您會發現面積下降了約 80%，降至 1,400 萬平方英尺。其中很多，鑑於我不知道有哪些可用土地，特別是達拉斯，但以它為例，它變得越來越遠。

So it’s big boxes. And given this last run in supply, it’s getting pushed further and further out, like in Charlotte, where you just get further out into Rowan County and things like that. So we’re not absent in Phoenix and Austin, we feel good about supply and it’s clearing the markets in those. And we’re really kind of watching each submarket in those cities because the great news is there’s a lot of positive absorption and a lot of economic growth in Phoenix and Austin. So it will work its way through without much behind it. But I hope that helps. And I did notice your supply numbers were a little bit more than CBREs and that’s really the conversation we have with them of what they were seeing.

所以它是大盒子。鑑於最後的供應，它被推得越來越遠，就像在夏洛特，在那裡你可以進一步進入羅文縣和類似的地方。因此，我們並沒有缺席菲尼克斯和奧斯汀，我們對供應感到滿意，並且正在清理這些地區的市場。我們確實在關注這些城市的每個子市場，因為好消息是菲尼克斯和奧斯汀有大量積極的吸收和大量的經濟成長。所以它會順利完成，不需要太多的支援。但我希望這會有所幫助。我確實注意到你們的供應數量比 CBRE 多一點，這確實是我們與他們就所看到的情況進行的對話。

No, that helps, Marshall. Thanks for the color.

不，這有幫助，馬歇爾。謝謝你的顏色。

You're welcome.

不客氣。

Thank you. Your next question is from Vince Tibone from Green Street. Please ask your question

謝謝。您的下一個問題來自 Green Street 的 Vince Tibone。請提出您的問題

Hi. Good morning. Are you seeing increased competition from new players for shallow bay acquisitions? We have heard about more private funds that are now targeting this strategy just given some of the strength in fundamentals. So I’m curious what you’re seeing on the ground? And also just wanted to follow up on the cap rate comment you made earlier about cap rates starting to creep back into the four. Just wanted to confirm on that comment specifically whether that’s a representative of a building at market rents or does that building with a large lease mark-to-market?

你好。早安.您是否看到新參與者對淺灣收購的競爭加劇？我們聽說，鑑於基本面的一些實力，現在有更多的私募基金瞄準了這個策略。所以我很好奇你在地面上看到了什麼？我也只是想跟進您之前關於資本化率開始回升到四的評論。只是想具體確認一下該評論，這是否是按市場租金計算的建築物的代表，還是按市場租金計算的大型租賃建築物的代表？

Yes. Good morning, Vince. Yes, we are seeing more competition. I mean – and again, I think the acquisition market is probably of all the things we kind of track can move the most rapidly or the quickest. On a one-off basis, we compete fairly well, and we’ve been able to buy things where it’s either falling out of contract or something, someone needs a quick closing and we’re certain path. I mean, that’s where the forward contract and forward ATM has helped us out to have that. We can point someone and say we have this dry powder. We’re certainty of closing. We can close in probably a little over a month type thing between due diligence to closing.

是的。早上好，文斯。是的，我們看到了更多的競爭。我的意思是——再說一次，我認為收購市場可能是我們追蹤的所有市場中發展最快或最快的市場。在一次性的基礎上，我們的競爭相當好，而且我們能夠購買那些合約到期或其他原因、有人需要快速成交而我們有確定路徑的東西。我的意思是，這就是遠期合約和遠期 ATM 幫助我們實現這一目標的地方。我們可以指著某人說我們有這種乾粉。我們確信關閉。從盡職調查到交割，我們可能需要一個多月的時間才能完成。

Where we’ve seen more competition is if the dollar size of the investment grows, there are more funds that have been raised. I don’t think last mile kind of shallow bay is a – it’s hard to be public and have well-kept secrets. I guess we’ve kidded kind of during the runup where you have a 15-page press release and a 25-page supplement, there’s not many secrets within that, that development at seven and cap rates in the 3s works pretty well.

我們看到競爭更加激烈的地方是，如果投資規模增加，就會籌到更多資金。我不認為最後一英里的淺海灣是一個——它很難公開，也很難保守秘密。我想我們在籌備過程中開玩笑說，你有一份 15 頁的新聞稿和 25 頁的補充資料，其中沒有太多秘密，7 的開發和 3 的資本化率效果很好出色地。

So there is more competition out there. And in the 4s, as we were underwriting it, those would be existing in-place NOIs in the 4s, they were little bit larger portfolios, some things. We were looking at pursuing, and I say larger. It was in a 10-building portfolio, so much as three, 4s and 5s within our markets. And kind of a variety of, I guess, as they say, WALT or weighted average lease term. So it wasn’t all rolling next year, but you had a little bit of time and that was a little bit, I guess, cold water to us or maybe we’re better off. Our opportunities are probably going to be better off – one off acquisitions that when the dollar size gets up there. It certainly seems to draw more attention and the cap rates get compressed.

所以那裡有更多的競爭。在 4s 中，正如我們所承保的那樣，這些將是 4s 中現有的就地 NOI，它們是更大的投資組合，有些東西。我們正在考慮追求，我說更大。它是由 10 棟建築組成的投資組合，在我們的市場中多達 3 棟、4 棟和 5 棟。我想，正如他們所說，WALT 或加權平均租賃期限。所以明年不會一切都在滾動，但你有一點時間，我想這對我們來說是一點冷水，或者也許我們的情況會更好。當美元規模上升時，我們的機會可能會更好——一次性收購。它確實似乎引起了更多關注，資本化率也被壓縮。

Thank you. That’s really helpful color.

謝謝。這是非常有用的顏色。

You're welcome. Thank you.

不客氣。謝謝。

Thank you. Your next question is from Ronald Kamdem from Morgan Stanley. Please ask your question.

謝謝。您的下一個問題來自摩根士丹利的羅納德·卡姆德姆。請提出你的問題。

Hey, good morning, guys. This is Tamim on for Ronald. Just wanted to get back to some of the comments on equity issuance and how it looks like. You guys are going to pay off some of that debt in the back half of this year with equity issuance. Just looking forward to 2025, it looks like there are some debt maturities that come up. Should we sort of take that commentary around paying off debt with equity issuance and kind of play it forward? Or how are you guys thinking about that? And then just where do you guys see leverage ticking down to if that’s continuing just to get paydown with equity here?

嘿，早上好，夥計們。這是羅納德的塔米姆。只是想回到一些關於股票發行及其情況的評論。你們將在今年下半年透過發行股票來償還部分債務。展望 2025 年，似乎會有一些債務到期。我們是否應該接受有關透過發行股票償還債務的評論並繼續推進？或者說你們對此有何看法？那麼，如果繼續只是為了獲得股本回報，你們認為槓桿率會下降到什麼程度呢？

Yes. I appreciate the question. And I would just say it’s been more just a byproduct of the environment than any goal. We haven’t necessarily said, hey, let’s get our debt-to-EBITDA to sub four into the mid 3s, which where we are and even headed lower than that. It’s just been a component of continually evaluating our most attractively priced source of capital, where we can create the most long-term value for the shareholder and that’s been equity. We are seeing interest rates back up some. Our potential 10-year cost of money is probably receded 60 or so basis points from its peak and is headed in the right direction. I would say it still has a bit of a ways to go before we would view it as an attractive, maybe alternative or comparative alternative to equity at the moment. But we’re continually watching it.

是的。我很欣賞這個問題。我只想說，這更多的是環境的副產品，而不是任何目標。我們不一定會說，嘿，讓我們的債務與 EBITDA 的比值從 4 降到 3 左右，我們現在的水平甚至會更低。它只是不斷評估我們價格最具吸引力的資本來源的一部分，我們可以在其中為股東創造最長期的價值，那就是股權。我們看到利率有所回升。我們的 10 年潛在資金成本可能會比高峰迴落 60 個基點左右，並且正朝著正確的方向發展。我想說，在我們目前將其視為股權的有吸引力的、也許是替代性或相對性的替代品之前，它還有一段路要走。但我們一直在關注它。

So if you ask me to project now, I would say, yes, especially in the first half of 2025, I would think that we would be a little continue, again, hope the price all subject to the equity price hanging in there for us. But I would think that it would continue in the first half. But if rates continue to come down, the good news is, thinking glass have full long term, if our team in the field continue to find investment opportunities, if we can reaccelerate, for example, development pipeline next year, we have an immense runway ability to add debt.

因此，如果你現在讓我進行預測，我會說，是的，特別是在 2025 年上半年，我認為我們會稍微繼續，再次希望價格全部取決於我們的股價。但我認為這種情況會在上半場繼續下去。但如果利率繼續下降，好消息是，思維玻璃有充分的長期前景，如果我們的團隊在該領域繼續尋找投資機會，如果我們能夠重新加速，例如明年的開發管道，我們將擁有一條巨大的跑道增加債務的能力。

Obviously, with the balance sheet, it’s incredibly flexible and low leverage lowest leverage we’ve had in the history of the company. But that will be just predicated in where we are in the moment. So over the past two years, Marshall, Staci and I have had more daily conversations about financing and best sources than we probably had in the four years prior to that when you’re trading at a nice large premium to NAV and interest rates are in the three, you’re just a matter of just kind of running some which bucket do you want to dip into. It’s been much more cash management and daily intensive and a lot of evaluation.

顯然，資產負債表具有令人難以置信的靈活性和低槓桿率，是我們公司歷史上最低的槓桿率。但這只是基於我們目前所處的情況。因此，在過去的兩年裡，馬歇爾、史塔西和我每天就融資和最佳來源進行的對話比我們在四年前可能進行的對話要多，當時你的交易價格比資產淨值有很大溢價，而且利率也很高。這是更多的現金管理、日常密集和大量的評估。

But so yes, to summarize, I think it would be safe to assume into early 2025, I would expect that to probably look more toward equity. But frankly, look forward to having another good viable alternative in terms of debt, and it’s headed in the right direction. And hopefully, the economy is strong, and it’s headed there for a good reason, and then we can tap into it when it looks more attractive.

但總而言之，我認為可以安全地假設到 2025 年初，我預計這可能會更專注於公平。但坦白說，期待在債務方面有另一個可行的替代方案，而且它正朝著正確的方向發展。希望經濟強勁，並且有充分的理由朝著這個方向發展，然後當它看起來更有吸引力時我們就可以利用它。

Great. Thank you guys.

偉大的。謝謝你們。

Thank you. Your next question is from Blaine Heck from Wells Fargo. Please ask your question.

謝謝。您的下一個問題來自富國銀行的 Blaine Heck。請提出你的問題。

Great, thanks. Good morning guys. Just a follow-up on the leasing metrics. Spreads improved during the quarter, which was good to see, but it did look like full second quarter rent spreads came in lower than they were at your June NAREIT update when they were 49% quarter-to-date on a cash basis.

太好了，謝謝。早安，夥計們。只是租賃指標的後續行動。本季度利差有所改善，這是一件好事，但看起來第二季度的租金利差確實低於 6 月份 NAREIT 更新時的水平，當時按現金計算，本季度至今租金利差為 49%。

Potentially indicating that leasing in the back half of the second quarter came with lower spreads. Can you just comment on whether that was kind of a mix issue? Or you think maybe we should expect to see some moderation from the peak rent spread levels that you’ve seen recently?

這可能表示第二季後半段的租賃利差較低。您能否評論一下這是否是一個混合問題？或者您認為也許我們應該看到您最近看到的最高租金價差水平會有所放緩？

Hey, good morning, Blaine. It’s Marshall. Now good catch. And a couple of thoughts on volume. I’ll touch on spreads and then volume. It was more of a mix than an indication of the market that one of the larger leases that happened kind of post hitting in the NAREIT update and into the quarter was, we have one building with one tenant left here in Jackson, Mississippi.

嘿，早上好，布萊恩。這是馬歇爾。現在好捕獲。還有一些關於音量的想法。我將談談點差和成交量。這更多的是一種混合，而不是市場的跡象，在 NAREIT 更新後和本季度發生的一項較大的租約是，我們在密西西比州傑克遜有一棟大樓，只剩下一名租戶。

So we got that renewal done. It was positive, but it’s probably on a GAAP basis, about half our run rate which again and we are putting that property on the market. So that will take Jackson off our math. It will still be our headquarters.

所以我們完成了更新。這是正面的，但它可能是在公認會計準則的基礎上，大約是我們運行率的一半，我們再次將該財產推向市場。所以這會讓傑克遜遠離我們的數學。它仍然是我們的總部。

But in terms of we like moving our capital to Austin and Raleigh, and Nashville, Phoenix and moving it out of Jackson. So as we kind of manage our portfolio, and that was one that given the size of that lease and just the timing of all within one quarter brought us back a little bit, but I’m glad we got that renewal done, and that will position us well to take that property in the market. And if we can close it a little bit later this year, that was our bump in dispositions guidance.

但就我們而言，我們希望將首都遷至奧斯汀和羅利，以及納許維爾、菲尼克斯，並將其遷出傑克遜。因此，當我們管理我們的投資組合時，考慮到租約的規模以及一個季度內的所有時間安排，我們的投資組合有所回升，但我很高興我們完成了續約，而且將使我們能夠很好地將該房產推向市場。如果我們能在今年稍後關閉它，那就是我們的處置指南。

We sold a couple of assets in Jackson earlier in the year. This will be our last one. And we’ll just think we owe it to our shareholders to kind of always be pruning our portfolio from the bottom best we can. And then on the leasing, we were kind of looking through some of the numbers, this is more year-to-date. We’ve signed about 11% more square feet year-to-date than we did last year, although we said things had slowed down. It’s actually – maybe it feels that way, but we’ve signed about 11% more square feet year-to-date.

今年早些時候，我們出售了傑克遜的幾處資產。這將是我們的最後一次。我們只是認為，我們應該始終盡最大努力從底部修剪我們的投資組合，這是對我們股東的責任。然後在租賃方面，我們查看了一些數據，這是今年迄今為止的數據。今年迄今為止，我們簽署的面積比去年增加了約 11%，儘管我們說事情已經放緩。事實上，也許感覺是這樣，但今年到目前為止，我們已經多簽了約 11% 的平方英尺。

And then quarter-over-quarter, it was about a 14% pickup. So again, I’ve used the phrase green shoots. It hasn’t been a U-turn, but kind of month by month slowly improving. And I think with our embedded rent and I think we can keep similar rent spreads, knock on wood. And really, the drop in May or in June was really the one large lease in Jackson, but that set us up well for a disposition here in the next few months.

然後季度環比增長了 14% 左右。我再次使用了“綠芽”這個詞。這並不是一個大轉變，而是逐月緩慢改善。我認為透過我們的嵌入租金，我認為我們可以保持類似的租金利差，敲敲木頭。事實上，五月或六月的下降確實是傑克遜的一大筆租約，但這為我們在接下來的幾個月內進行處置奠定了良好的基礎。

Very helpful. Thanks, Marshall.

非常有幫助。謝謝，馬歇爾。

Sure You are welcome.

當然，不客氣。

Thank you. There are no further questions at this time. I will now hand the call back to Marshall Loeb for the closing remarks.

謝謝。目前沒有其他問題。現在，我將把電話轉回給馬歇爾·勒布，讓其結束語。

Thanks, everyone, for your time. Thanks for your interest in EastGroup. I know we tried to keep it on time and that apologize for lemming. You'd have one question that said, Brent and I certainly have available for your second third fourth and a question following the call. So just give us a call or drop us an email and again, appreciate everybody's time this morning. Thank you.

謝謝大家抽出時間。感謝您對東方集團的關注。我知道我們盡力保持準時，並對旅鼠表示歉意。你可能會問一個問題：布倫特和我當然可以回答你的第二個第三個問題，還有一個問題是在電話會議後提出的。因此，請給我們打電話或給我們發送電子郵件，再次感謝大家今天早上的時間。謝謝。

Thank you. Ladies and gentlemen, the conference has now ended you all for joining. You may all disconnect your lines.

謝謝。女士們、先生們，會議現已結束。你們都可以斷開線路。