First Industrial Realty Trust Inc (FR) 2025 Q1 法說會逐字稿

Good day and welcome to the First Industrial Realty Trust Inc. first quarter 2025 results call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 First Industrial Realty Trust Inc. 2025 年第一季業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Art Harmon, Senior Vice President, Investor Relations and Marketing.

現在，我想將會議交給投資者關係和行銷高級副總裁 Art Harmon。

Thank you, Dave. Hello, everybody, and welcome to our call. Before we discuss our first-quarter 2025 results and our updated guidance for the year, please note that our call may include forward-looking statements as defined by federal securities laws. These statements are based on management's expectations, plans, and estimates of our prospects.

謝謝你，戴夫。大家好，歡迎來電。在我們討論 2025 年第一季業績和年度更新指南之前，請注意，我們的電話會議可能包含聯邦證券法定義的前瞻性陳述。這些聲明是基於管理層對我們的前景的期望、計劃和估計。

Today's statements may be time sensitive and accurate only as of today's date, April 17, 2025. We assume no obligation to update our statements or the other information we provide.

今天的聲明可能具有時效性，並且僅截至今天（2025 年 4 月 17 日）的準確性。我們不承擔更新我們的聲明或我們提供的其他資訊的義務。

Actual results may differ materially from our forward-looking statements, and factors which could cause these are described in our 10-K and other SEC filings. You can find a reconciliation of non-GAAP financial measures discussed in today's call in our supplemental report and our earnings release. The supplemental report, earnings release, and our SEC filings are available at firstindustrial.com under the Investors tab.

實際結果可能與我們的前瞻性聲明有重大差異，可能導致這些差異的因素已在我們的 10-K 和其他 SEC 文件中描述。您可以在我們的補充報告和收益報告中找到今天電話會議中討論的非 GAAP 財務指標的對帳表。補充報告、收益報告和我們的 SEC 文件可在 firstindustrial.com 的「投資者」標籤下找到。

Our call will begin with remarks by Peter Baccile, our President and Chief Executive Officer; and Scott Musil, our Chief Financial Officer, after which we'll open it up for your questions. Also with us today are Jojo Yap, Chief Investment Officer; Peter Schultz, Executive Vice President; Chris Schneider, Executive Vice President of Operations; and Bob Walter, Executive Vice President of Capital Markets and Asset Management.

我們的電話會議將以總裁兼執行長 Peter Baccile 的演講開始；以及我們的財務長 Scott Musil，之後我們將開始回答您的問題。今天與我們一起的還有首席投資官 Jojo Yap；彼得·舒爾茨 (Peter Schultz)，執行副總裁；克里斯·施耐德 (Chris Schneider)，營運執行副總裁；以及資本市場和資產管理執行副總裁鮑勃·沃爾特 (Bob Walter)。

Now, let me hand the call over to Peter.

現在，讓我把電話交給彼得。

Thank you, Art, and thank you all for joining us today.

謝謝你，阿特，也謝謝大家今天加入我們。

We're off to a solid start in 2025, advancing our leasing objectives and closing on a few attractive new investments. On the capital side, we renewed our line of credit and $200 million term loan, further pushing out their maturities. Scott will provide additional details during his remarks.

2025 年，我們將迎來一個良好的開端，推進我們的租賃目標，並完成一些有吸引力的新投資。在資本方面，我們更新了信用額度和 2 億美元的定期貸款，進一步延長了它們的到期日。斯科特將在演講中提供更多細節。

Top of mind for everyone is the evolving landscape surrounding tariffs. Like all of you, we are closely monitoring the developments and their potential impact on business activity and the leasing market. We are all operating in unfamiliar territory and, whether we like it or not, we're being included in the geopolitical and economic sausage making.

每個人最關心的是關稅情勢的演變。與大家一樣，我們正在密切關注事態發展及其對商業活動和租賃市場的潛在影響。我們都在陌生的領域中活動，無論我們是否願意，我們都被納入了地緣政治和經濟的香腸製造。

We have ringside seats to what looks to be an ongoing and volatile negotiation with our international trading partners. It stands to reason that if more clarity is slow to develop, it could further impact the operating environment and decision making on new investments in growth. At this point, it is too early to assess the specific impacts on leasing, as I'm sure there will be further developments in this area in the coming days, weeks, and months.

我們親眼目睹了與國際貿易夥伴之間正在進行的、充滿變數的談判。可以預見的是，如果進一步明確的情況進展緩慢，可能會進一步影響經營環境和成長的新投資決策。目前，評估對租賃的具體影響還為時過早，因為我相信未來幾天、幾週和幾個月該領域將有進一步的發展。

Before getting into specifics of our performance, let me comment on the industrial market broadly. Based on CoStar data, vacancy in Tier 1 US markets was 5.9% at the end of the first quarter, unchanged since year end. On the demand side, net absorption was 56 million square feet, 24 million of which was in our target markets.

在介紹我們的業績細節之前，讓我先對工業市場進行廣泛的評論。根據 CoStar 的數據，第一季末美國一線市場的空置率為 5.9%，與去年年底相比沒有變化。在需求方面，淨吸收量為 5,600 萬平方英尺，其中 2,400 萬平方英尺位於我們的目標市場。

Nationally, new construction start volume was 75% lower than the peak of 3Q '22, with just 54 million square feet breaking ground in the first quarter. In our 15 target markets, new starts were 29 million square feet and completions were 39 million. Space under construction totals 200 million square feet, and that is 38% pre-leased.

全國新開工建築數量比 2022 年第三季的峰值下降了 75%，第一季僅有 5,400 萬平方英尺的新開工面積。在我們的 15 個目標市場中，新開工面積為 2,900 萬平方英尺，竣工面積為 3,900 萬平方英尺。在建面積總計 2 億平方英尺，其中 38% 已預租。

From a portfolio standpoint, our in-service occupancy at quarter end was 95.3% in line with our expectations. Since our last earnings call, we made further progress on our 2025 rollovers. We have now taken care of 73% by square footage and our overall cash flow rate increase for new and renewal leasing is 30%.

從投資組合的角度來看，我們季末的入住率為 95.3%，符合我們的預期。自上次收益電話會議以來，我們在 2025 年展期方面取得了進一步進展。我們現在已經處理了 73% 的面積，新租賃和續租的整體現金流成長率為 30%。

If you exclude the large fixed rate renewal in Central PA we previously disclosed, the cash rental rate increase is 36%. For the full year, we continue to expect overall cash rental rate growth of 30% to 40% and 35% to 45% excluding the fixed rate renewal.

如果不考慮我們先前揭露的賓州中部地區的大型固定利率續約，現金租金率的漲幅將達到 36%。就全年而言，我們繼續預期整體現金租金率將成長 30% 至 40%，不包括固定利率續租，則將成長 35% 至 45%。

Moving now to development leasing, we successfully expanded one of our tenants at our First 76 project in Denver by 99,000 square feet, bringing that 200,000 square-foot building to 100% occupancy.

現在轉向開發租賃，我們成功地將丹佛 First 76 項目的一位租戶的面積擴大了 99,000 平方英尺，使該 200,000 平方英尺的建築的入住率達到 100%。

On the new construction front, in the second quarter, we plan to break ground on a 176,000 square-foot facility at our fully leased 1.2 million square-foot First Park 121 in the Northwest Dallas submarket of Lewisville. Vacancy rates in this submarket have ranged from 4% to 5% since year-end 2022. The building can accommodate one or multiple tenants and will feature auto and trailer parking capacity above submarket standards. Estimated investment is $23 million with a target cash yield of approximately 8%.

在新建築方面，我們計劃在第二季度在達拉斯西北部路易斯維爾子市場已完全租賃的 120 萬平方英尺 First Park 121 破土動工建造一座 176,000 平方英尺的設施。自 2022 年底以來，該子市場的空置率一直在 4% 至 5% 之間。該建築可容納一個或多個租戶，並將擁有高於市場標準的汽車和拖車停車容量。預計投資額為 2,300 萬美元，目標現金收益率約為 8%。

We also closed a 61-acre site in Philadelphia's New Castle submarket for $16 million. The site is near our successful first day crossing project that we leased last year shortly after completion. It's located within a mile of a full I-95, I-495 interchange. In total, we can develop 830,000 square feet.

我們也以 1,600 萬美元的價格收購了費城新城堡子市場一塊佔地 61 英畝的土地。該地點靠近我們去年成功完成的首日過境項目，該項目完成後不久我們就租賃了。它距離 I-95 和 I-495 交匯處不到一英里。總計我們可以開發 83 萬平方英尺。

In the second quarter, we will start construction of a 226,000 square-foot facility that is divisible and targets the 50 to 100,000 square-foot tenant segments where vacancy is around 5% today. Total projected investment is $31 million with a target cash yield of approximately 8%.

在第二季度，我們將開始建造一個佔地 226,000 平方英尺的可分割設施，目標是 50 至 100,000 平方英尺的租戶區，目前這些區域的空置率約為 5%。預計總投資為 3,100 萬美元，目標現金收益率約為 8%。

Moving on to investments, we acquired two fully leased developments from our joint venture in Phoenix, the 375,000 square-foot Building A and the 421,000 square-foot Building B. They are 100% leased to three tenants with a weighted average lease term of approximately seven years.

在投資方面，我們從鳳凰城的合資企業收購了兩個已完全租賃的開發項目，即 375,000 平方英尺的 A 樓和 421,000 平方英尺的 B 樓。它們 100% 出租給三個租戶，加權平均租賃期限約為七年。

These highly functional buildings include 40-foot clear heights, 200-foot truck courts, multiple access points, and prime frontage on Loop 303 in the Southwest Valley submarket. Our basis in the buildings is $120 million, adjusted for our share of JV profit, with a cash yield of 6.4%, significantly exceeding market cap rates.

這些功能齊全的建築包括 40 英尺的淨空高度、200 英尺的卡車場、多個出入口以及西南穀子市場 303 環路的黃金臨街面。我們在這些建築上的基準是 1.2 億美元，根據我們在合資企業利潤中的份額進行調整，現金收益率為 6.4%，大大超過市場資本化率。

With that, I'll turn it over to Scott.

說完這些，我就把麥克風交給史考特。

Thanks, Peter. For the first quarter, NAREIT funds from operations were $0.68 per fully diluted share compared to $0.60 per share in 1Q 2024. Our cash same store NOI growth for the quarter, excluding termination fees was 10.1%. The results in the quarter were primarily driven by increases in rental rates, a new and renewal leasing, contractual rent bumps, and slightly higher average occupancy.

謝謝，彼得。第一季度，NAREIT 營運資金為每股完全稀釋後 0.68 美元，而 2024 年第一季為每股 0.60 美元。本季度，我們的現金同店淨營業利潤成長率（不含終止費用）為 10.1%。本季的業績主要受租金上漲、新租賃和續約、合約租金上漲以及平均入住率略高的影響。

We finished the quarter with in-service occupancy of 95.3%, down 90 basis points from year end and 20 basis points from the year-ago quarter.

本季我們的入住率為 95.3%，比年底下降 90 個基點，比去年同期下降 20 個基點。

Summarizing our leasing activity during the quarter, approximately 1.3 million square feet of leases commenced. Of these, 400,000 were new, 800,000 were renewals, and 100,000 were for developments and acquisitions with lease-up.

總結本季我們的租賃活動，約有 130 萬平方英尺的租賃開始。其中，40 萬套為新建，80 萬套為續約，10 萬套為開發和收購併租賃。

On the capital side, we renewed and upsized our senior unsecured revolving credit facility by $100 million, bringing the total commitment to $850 million. Including our extension options, the maturity date has been extended to March 2030. Pricing for the new facility removes the incremental 10 basis points SOFR adjustment that was part of the previous facility's pricing structure.

在資本方面，我們續約並增加了 1 億美元的優先無擔保循環信貸額度，使總承諾額度達到 8.5 億美元。包括我們的延期選擇權在內，到期日已延長至 2030 年 3 月。新工具的定價取消了先前工具定價結構中增量的 10 個基點 SOFR 調整。

We also renewed a $200 million unsecured term loan with an initial maturity date of March 2028. With two one-year extension options available, we can extend the maturity date to March 2030. There was no change to the pricing structure of this renewal. We'd like to thank our banking partners for their continuing commitments and support.

我們也續簽了一筆 2 億美元的無擔保定期貸款，初始到期日為 2028 年 3 月。透過兩個一年期的延期選項，我們可以將到期日延長至 2030 年 3 月。此次續訂的定價結構沒有變動。我們要感謝我們的銀行合作夥伴的持續承諾和支持。

Lastly, we have given notice to our lenders that we are exercising a one-year extension option in our $300 million term loan which will push its maturity to August 2026. We still have another extension option available by which we can push the maturity to August 2027. Post these transactions and assuming we exercise the remaining extension option available to us in our $300 million term loan, our next debt maturity is in 2027.

最後，我們已通知我們的貸款人，我們將對 3 億美元定期貸款行使一年延期選擇權，這將使其到期日推遲至 2026 年 8 月。我們還有另一個可用的延期選項，可以將到期日推遲到 2027 年 8 月。發布這些交易並假設我們行使 3 億美元定期貸款中剩餘的延期選擇權，我們的下一個債務到期日是 2027 年。

Now moving on to our guidance. Our FFO and key guidance assumptions are unchanged compared to our last earnings call. Guidance ranged for NAREIT FFO for the year remains $2.87 to $2.97 per share.

現在繼續我們的指導。與上次收益電話會議相比，我們的 FFO 和關鍵指導假設沒有變化。NAREIT FFO 年度指導範圍仍為每股 2.87 美元至 2.97 美元。

Our assumptions are as follows: average quarter end in-service occupancy of 95% to 96%. This range reflects approximately 1.5 million square feet of development leasing assumed to occur in the fourth quarter. Given this assumption and the fourth-quarter leasing assumption for a 708,000 square-foot building in Central PA, we expect in-service occupancy to trough in the second quarter and then increase by year end.

我們的假設如下：季末平均入住率為 95% 至 96%。該範圍反映了第四季度預計發生的約 150 萬平方英尺的開發租賃。基於這個假設以及賓州中部一座 708,000 平方英尺建築的第四季度租賃假設，我們預計在用入住率將在第二季觸底，然後在年底前上升。

Cash same store NOI growth before termination fees of 6% to 7%. As a reminder, our same store guidance excludes the impact of the accelerated recognition of a tenant improvement reimbursement in 2024. Guidance includes the anticipated 2025 costs related to our completed and under construction developments at March 31, plus the two new future development starts announced on this call. For the full year 2025, we expect to capitalize about $0.09 per share of interest, and our G&A expense guidance range is $40.5 million to $41.5 million.

終止費用前的現金同店淨營業利潤成長率為 6% 至 7%。提醒一下，我們的同店指引不包括 2024 年加速確認租戶改善補償的影響。該指引包括截至 3 月 31 日我們已完成和正在建造的開發項目預計的 2025 年成本，以及本次電話會議上宣布的兩個新的未來開發項目的啟動。對於 2025 年全年，我們預計每股權益資本化約 0.09 美元，我們的 G&A 費用指導範圍為 4,050 萬美元至 4,150 萬美元。

Let me turn it back over to Peter.

讓我把它交還給彼得。

We're off to a good start in 2025. However, like all of you, we will continue to monitor the situation around tariffs and their impact on the levels and timing of tenant demand. We hope to have a more complete picture of its impact on our business in the next several months. As always, we will be focused on executing on our objectives to drive long-term cash flow growth.

2025年，我們迎來了一個好的開始。然而，與大家一樣，我們將繼續關注關稅情況及其對租戶需求水準和時間的影響。我們希望在接下來的幾個月中更全面地了解它對我們業務的影響。像往常一樣，我們將專注於實現我們的目標，以推動長期現金流成長。

Operator, we're ready to open it up for questions.

接線員，我們準備好開始回答問題了。

(Operator Instructions) Ki Bin Kim, Truist Securities.

（操作員指示）Ki Bin Kim，Truist Securities。

Thank you. Good morning. So going back to the tariff question or topic, if these trade negotiations end up taking just like an extended amount of time to resolve, does this pose any kind of near-term tangible risk for your tenancy perspective? For example, I'm not sure how many Chinese 3PLs you have and what this would mean for that $1 million reserve?

謝謝。早安.那麼回到關稅問題或話題，如果這些貿易談判最終需要很長時間才能解決，這是否會對您的租賃前景構成任何短期有形風險？例如，我不確定您有多少家中國第三方物流公司，以及這對 100 萬美元的儲備金意味著什麼？

Thank you, guys.

謝謝你們。

Jojo, you want to talk about our exposure to Chinese 3PLs?

Jojo，你想談談我們對中國第三方物流的了解嗎？

Yes, Ki Bin, this is Jojo. Basically, if you total all of our spaces that's leased to Chinese 3PLs, they're approximately 450,000 square feet, so they're pretty de minimis. We actually have not done a lot of deals with Asian 3PLs in the past and turned them down because of credit.

是的，Ki Bin，這是 Jojo。基本上，如果把我們租給中國第三方物流公司的所有空間加起來，總面積大約是 45 萬平方英尺，所以面積相當小。事實上，我們過去並沒有與亞洲第三方物流公司進行過很多交易，並且因為信用問題而拒絕了他們。

Okay, great. And how about just maybe not the Chinese 3PLs, but like your auto tenants or anything like that, do you see any kind of near-term risks?

好的，太好了。那麼，也許不是中國的第三方物流，而是像您的汽車租戶或類似的東西，您是否看到任何短期風險？

So in terms of auto tenants, we don't have any tenants right now that are involved significantly in heavy manufacturing. There's a lot of design and assembly, and so right now, we have not really heard any big impact or any concern from our existing tenants.

因此，就汽車租戶而言，我們目前沒有任何涉及重型製造業的租戶。有大量的設計和組裝工作，所以目前，我們還沒有聽到任何重大影響或現有租戶的任何擔憂。

Okay, thank you.

好的，謝謝。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, good morning. Just wanted to clarify, Scott, you said the 1.5 million square feet of development leasing is now 4Q. I recall it was second half '25, maybe that's just a nuance, but did you guys shift that out at all? And maybe what's the visibility on that?

嘿，早安。只是想澄清一下，史考特，你說 150 萬平方英尺的開發租賃現在是第四季。我記得那是 25 年下半年，也許這只是一個細微差別，但你們有沒有把它改變過來？它的可見度如何？

Yeah, so it was second half when we discussed it on the last quarter's call, but the vast majority of it still was in the fourth quarter. We made some slight adjustments to development leasing, but nothing material. So as we stand now, the 1.5 million square feet is in 4Q. That's the assumption.

是的，我們在上個季度的電話會議上討論這個問題時是下半場，但絕大部分問題仍在第四季度。我們對開發租賃做了一些細微的調整，但沒有什麼實質的調整。因此，就目前情況而言，150 萬平方英尺是在第四季。這是假設。

Another material assumption is the 708,000 square footer in Central PA is 4Q as well. And if you want to do a sensitivity analysis of what the impact is of not leasing any of that up, it's only about $0.02 per share.

另一個重要假設是賓州中部的 708,000 平方英尺也是 4Q。如果你想對不租賃任何資產的影響進行敏感度分析，其影響僅為每股 0.02 美元。

What does the visibility look like of that leasing pipeline today?

如今租賃通路的可見性如何？

I'll turn it over to Peter and Jojo.

我將把它交給彼得和喬喬。

Good morning, Craig. It's Peter. So activity continues to be -- the market continues to see good activity. As we talked about on our last call, we continue to see deals getting made. A fair amount of tenants are obviously concerned about the impact and the timing and the resolution of the tariffs. So some of those are going slower and some have paused.

早安，克雷格。是彼得。因此活動持續進行－市場持續呈現良好活動。正如我們在上次通話中談到的那樣，我們繼續看到交易的達成。相當多的租戶顯然擔心關稅的影響、時間和解決方案。因此，有些進程正在放緩，有些進程已經暫停。

But in general, we have more prospects today for the majority of spaces than we had at 60, 90, 120 days ago. In terms of this building in Pennsylvania specifically, we've been marketing that and we've seen some interest from partial and full building users but nothing really actionable today.

但總體而言，今天我們大多數領域的潛在客戶比 60、90、120 天前要多。具體來說，就賓州的這棟建築而言，我們一直在推銷它，並且我們看到了部分和全部建築用戶的興趣，但今天還沒有什麼真正可行的行動。

We continue to see -- just to add a little bit to Peter, we continue to see increased RFPs now this is pre tariff, but at the same time, one thing I only add is that in our Chicago asset, recently we've been seeing also an increase RFPs from manufacturers.

我們繼續看到——只是向彼得補充一點，我們繼續看到 RFP 增加，現在這是關稅之前，但與此同時，我只想補充一點，在我們的芝加哥資產中，最近我們也看到來自製造商的 RFP 有所增加。

Okay. And then maybe Peter, bigger picture, I know you guys are planning on starting two developments in the second quarter and that yield of the Dallas start seems pretty high at 8%. Could you walk through just kind of thoughts here on incremental starts beyond these two and how you guys are kind of underwriting with the potential upward kind of push in input and labor costs?

好的。然後也許彼得，從更大的角度來看，我知道你們計劃在第二季度啟動兩個開發項目，而達拉斯啟動的收益率似乎相當高，達到 8%。您能否在這裡談談對這兩個項目之外的增量啟動的想法，以及你們如何承擔潛在的投入和勞動力成本的上升壓力？

Yeah, so big picture, Craig, in terms of new investments for growth, why don't we look at it that way because that could be developments or cash flowing deals? We're going to remain opportunistic. Clearly, the tariff questions are going to be disruptive to the markets in a lot of different ways so we're going to be cautious with that from that standpoint.

是的，克雷格，從總體上看，就成長的新投資而言，我們為什麼不這樣看待它呢，因為這可能是發展或現金流交易？我們將繼續抓住機會。顯然，關稅問題將在許多方面擾亂市場，因此從這個角度來看，我們將對此保持謹慎。

But where we have these new starts that we've just talked about, we're really going to be serving some pockets of unmet demand in those markets so that's the focus. In terms of the geography, we've said a couple of times in the past couple of calls, it's still going to be places like Texas, Florida, and Pennsylvania, Nashville.

但是，正如我們剛才談到的，我們真正要滿足的是這些市場中一些尚未滿足的需求，所以這是重點。就地理位置而言，我們在過去的幾次電話會議中已經說過幾次，仍然是德克薩斯州、佛羅裡達州、賓夕法尼亞州和納什維爾等地。

So yeah, that we're going to continue to focus there and look to make good risk-adjusted returns but also factoring in what we're learning as we all learn about the way forward with the discussions on tariffs.

所以，是的，我們將繼續關注這一點，尋求獲得良好的風險調整回報，同時也考慮到我們在了解關稅討論的進展情況時所學到的知識。

Great, thank you.

太好了，謝謝。

Todd Thomas, Keybanc Capital Markets.

托德·托馬斯 (Todd Thomas)，Keybanc 資本市場。

AJ on for Todd. Scott, first one probably for you just around guidance. So what was the amount in G&A this quarter related to stock-based comp that was non-recurring?

AJ 替換 Todd 上場。斯科特，第一個問題可能只是為您提供一些指導。那麼本季與非經常性股票薪酬相關的 G&A 金額是多少？

I don't have the dollar amount in front of me, but you're exactly right that the increase in the G&A had to do accelerated stock-based comp due to tenured employees that was forecasted in our guidance as you saw. Our G&A guidance for the year was unchanged compared to last quarter, but I can get back to you on the exact amount after the call.

我面前沒有美元金額，但您說得完全正確，正如您所見，由於我們的指導中預測了終身僱員，因此 G&A 的增加必須加速股票薪酬。我們今年的 G&A 指導與上一季相比沒有變化，但我可以在通話後向您告知具體金額。

Okay, perfect. And then on the larger picture, are you seeing any short-term activity on vacant warehousing related to inventory stocking, and what if anything are you hearing about larger spaces in the Inland Empire?

好的，完美。然後從更大的角度來看，您是否看到與庫存備貨相關的空置倉庫有任何短期活動，並且您是否聽說過有關內陸帝國更大空間的消息？

Okay, in terms of short term, there continues to be requests on short-term leasing. We typically do not like to do short-term leasing, so we don't have much of that. In terms of larger requirements, I think you asked about larger requirements, the 750,000 to 800,000 square feet and up in Inland Empire is actually pretty active. In fact, just in the first quarter, there were two big leases over a million feet, just for first quarter, that got signed in the first quarter for Inland Empire.

好的，就短期而言，短期租賃的需求持續存在。我們通常不喜歡做短期租賃，所以我們沒有太多這樣的業務。就更大的需求而言，我認為您問的是更大的需求，內陸帝國 750,000 到 800,000 平方英尺及以上的需求實際上相當活躍。事實上，僅在第一季度，Inland Empire 就簽署了兩份超過一百萬英尺的大型租約。

All right, thank you.

好的，謝謝。

Rob Stevenson, Janney Montgomery Scott.

羅伯史蒂文森、珍妮蒙哥馬利史考特。

Good morning, guys. Are there any markets today that you're seeing a notable change either up or down operating fundamental wise over what you would have expected, three or six or nine months ago of note?

大家早安。就目前市場基本面而言，您是否發現任何市場出現與您三月、六個月或九個月前的預期相比有顯著的上漲或下跌？

No, not really. We continue to like South Florida and Nashville and certain submarkets in Dallas, even Houston, Lehigh Valley, et cetera. And there's been a few too many alternatives for our taste in a market like Denver that hasn't really changed. Denver's getting better, having said that, but no, there's been no big change in the dynamics around any of the 15 target markets that we're focused on.

不，不是真的。我們繼續看好南佛羅裡達州和納許維爾以及達拉斯、休士頓、利哈伊谷等地的某些子市場。在丹佛這樣的市場上，有太多不符合我們口味的選擇，而且這個市場並沒有真正改變。話雖如此，丹佛的情況確實在好轉，但我們關注的 15 個目標市場中的任何一個的動態都沒有發生重大變化。

Okay, so nothing in Southern California especially?

好的，那麼南加州沒有什麼特別的嗎？

I mean, Jojo can comment. It's slowly getting better, methodically and slowly. The alternatives are becoming less, but go ahead.

我的意思是，Jojo 可以發表評論。情況正在慢慢好轉，有條不紊，緩慢進行。替代方案越來越少，但請繼續。

Yeah, for the first quarter, the under-construction pipeline for IE and LA came down. Vacancy, actually, rate ticked down 30 basis points for IE, so that's good. Deliveries are actually a very small at under 2 million square feet for a large market.

是的，第一季度，IE 和 LA 的在建管道數量減少了。實際上，IE 的空置率下降了 30 個基點，所以這是一件好事。對於一個大型市場來說，交付量實際上非常小，不到 200 萬平方英尺。

For IE, the starts were very small for the Q1. It was only 1.1 million square feet. So all the stats in terms of supply is trending the right way. In terms of absorption, Inland Empire had like a 3 million square feet net absorption, which is also good. Trending the right way.

對 IE 來說，Q1 的起步非常小。它的面積只有110萬平方英尺。因此，所有供應方面的統計數據都呈現正確的趨勢。在吸收量方面，內陸帝國的淨吸收量約為 300 萬平方英尺，這也是不錯的。以正確的方式流行。

IE West was particularly stronger than IE East. Rents were pretty flat and in IE West did not come down. There was a slight reduction in IE East. So overall, it really feels like we're in a trough depending on what happens in tariffs, but right now, it seems like we're in a trough.

IE West 尤其比 IE East 強。租金基本上持平，IE West 地區的租金也沒有下降。IE East 略有減少。所以總的來說，感覺我們確實正處於低谷，這取決於關稅的情況，但現在，我們似乎正處於低谷。

Okay, and then I guess sort of dovetailing with that in terms of tenant demand today, are you seeing better demand at certain square footage levels or is the demand fairly even spread across the various buckets of sub 100,000, 100,000 to 200,000 et cetera?

好的，那麼我想，就今天的租戶需求而言，您是否看到某些平方英尺水平的需求更好，或者需求是否均勻分佈在 100,000 以下、100,000 到 200,000 等各個範圍內？

Any sort of bifurcation that you're seeing in terms of demand today and what's moving faster?

就目前的需求而言，您看到什麼分叉現象？什麼發展得更快？

It's Peter. I would say smaller, mid-sized tenants, as we've commented about previously, continues to be active and as Jojo just said, there's demand for the larger buildings in Southern California, but demand continues to be pretty broad based. Our smaller spaces re-lease quickly. We're not seeing any weakness there.

是彼得。我想說，正如我們之前評論的那樣，小型、中型租戶繼續保持活躍，正如喬喬剛才所說，南加州對大型建築有需求，但需求仍然相當廣泛。我們的較小空間很快就重新出租。我們沒有看到那裡有任何弱點。

So we feel, overall, good about the level of activity, we just need more persistent decision making, and hard for all of us to forecast when will that be, given the tariff turbulence and headwind that that's creating.

因此，總體而言，我們對活動水平感到滿意，我們只需要更持久的決策，而且考慮到由此造成的關稅動盪和逆風，我們所有人都很難預測何時會出現這種情況。

Vikram Malhotra, Morgan Stanley.

摩根士丹利的維克拉姆‧馬洛特拉 (Vikram Malhotra)。

Thanks for taking the question. Two things. First of all, one of your peers has said leasing velocity or volumes kind of were down 20% the first two weeks of April, and then they sort of carried out a stress test including GFC type scenarios and said they can kind of hit the low end.

感謝您回答這個問題。兩件事。首先，您的一位同行表示，4 月份前兩週租賃速度或租賃量下降了 20％，然後他們進行了包括 GFC 類型情景在內的壓力測試，並表示他們可能會達到低端水平。

So two parts I know, kind of, what have you seen kind of velocity or volume wise in your markets the last two or three weeks? And then have you done any sensitivity analysis on, like, if we have a fairly steep drop off in occupancy events in the next few quarters, what happens to your FFO?

所以我知道有兩個部分，即過去兩三週內您在市場中看到的速度或交易量如何？然後，您是否做過任何敏感度分析，例如，如果未來幾個季度入住率大幅下降，您的 FFO 會發生什麼變化？

Scott, you want to take the sensitivity question?

史考特，你想回答這個敏感問題嗎？

Right. So Vikram, it's Scott, I think for us when you looked at the material leasing assumptions that I talked about before, the 1.5 million square feet that we've got assumed in the fourth quarter and the 708,000 square-footer in the fourth quarter, if that doesn't get leased up, that's about $0.02 per share. So not a material impact to our guidance.

正確的。所以維克拉姆，我是斯科特，我認為對我們來說，當你查看我之前談到的材料租賃假設時，我們在第四季度假設的 150 萬平方英尺和第四季度的 708,000 平方英尺，如果沒有租出去，那大約是每股 0.02 美元。因此對我們的指導沒有重大影響。

I'd say the other thing we looked at was bad debt expense. When we look back to COVID, that was about $1.8 million compared to our guidance of $1 million. You have to realize that back during COVID, that was two tenants, and the reason that that number was that high is because of the restrictions the government put on us in California to evict tenants. So that's what we've done from a stress test point of view, and I think we stack up pretty well.

我想說我們研究的另一件事是壞帳費用。當我們回顧 COVID 時，這個數字約為 180 萬美元，而我們的指導金額為 100 萬美元。你必須意識到，在 COVID 期間，那是兩名租戶，而這個數字如此之高的原因是由於加州政府對我們驅逐租戶的限制。這就是我們從壓力測試的角度所做的，我認為我們做得相當不錯。

And from a tone standpoint, look, we came into this year with good momentum, a lot more foot traffic, more RFPs, fewer alternatives for tenants and more tenants looking at spaces just in terms of gross numbers. That hasn't changed. What isn't going to be helpful for decision making now is all the uncertainty around tariffs. It's just another headwind, I suppose, on top of all the headwinds we've had in the past.

從基調的角度來看，我們今年的發展勢頭良好，客流量增加，招標書增多，租戶的選擇減少，而更多的租戶只是從總數的角度來考察空間。這一點沒有改變。現在圍繞關稅的所有不確定性對於決策沒有任何幫助。我想，這只是我們過去遇到的所有逆風之上的另一個逆風。

We're built for this. It's fine. We're going to get through this and we're going to come out looking good in the end. So the tone it is still positive, but the conversations, a lot of the conversations have paused until people have more clarity on what's going to go forward with the tariffs.

我們就是為此而生的。沒事的。我們會渡過難關，最終圓滿成功。因此基調仍然是積極的，但是對話，許多對話已經暫停，直到人們更清楚地了解關稅的未來方向。

Got it. So just sort of building on that in terms of pause. I mean, I guess, you kept the guide intact, but when you say the conversations pause, does that mean, when, like, a new leasing that you anticipated in the in the second quarter kind of get -- might get pushed out in the third? Is that something you've baked in and can you just clarify, like, when you say pause, have there been folks who are kind of at the finish line and have just sort of walked away?

知道了。因此，就暫停而言，這只是一種補充。我的意思是，我想，您保留了指南的完整性，但是當您說對話暫停時，這是否意味著，您預計在第二季度獲得的新租賃可能會在第三季度被推遲？這是您已經融入其中的東西嗎？您能否澄清一下，例如，當您說暫停時，是否有人已經到達終點線，然後就走開了？

So first of all, our objectives for the first half of the year were 100,000 feet, and we've done that already. The rest of the leasing is in the end of the year, as Scott mentioned, so none of that has changed. Our forecasts on that remain the same. With respect to pause, largely, that's a general comment. We are seeing some of the conversations paused in our own portfolio. We're hearing about it from the brokerage community and other players that we talk to in the business.

首先，我們上半年的目標是 100,000 英尺，我們已經實現了這個目標。正如斯科特所提到的，其餘的租賃都是在年底，所以這一切都沒有改變。我們對此的預測保持不變。關於暫停，很大程度上，這是一個一般性的評論。我們發現我們自己的投資組合中的一些對話已經暫停。我們從經紀界和業內其他參與者那裡聽說了這件事。

It doesn't necessarily mean those requirements have gone away. It just means that with respect to pulling the trigger on investing in growth, some of the prospects have decided to wait.

這並不一定意味著這些要求已經消失。這只是意味著，在啟動成長投資方面，一些潛在客戶決定等待。

Got it. Okay. And then just last, quickly a clarification, can you remind us -- so both the Federal-Mogul and the Boohoo space, when did you get the Federal-Mogul space back? Was it the end of 1Q or is it beginning of 2Q? And then just prospects for both those spaces?

知道了。好的。最後，快速澄清一下，您能否提醒我們 - 那麼 Federal-Mogul 和 Boohoo 空間，您什麼時候重新獲得 Federal-Mogul 空間？這是第一季末還是第二季初？那麼這兩個領域的前景如何？

Vikram, it's Peter, so the Federal-Mogul lease expired at the end of the first quarter, so it is now vacant in the second quarter. We've seen some interest in full and partial building users for that space. Nothing specific to comment on this morning.

維克拉姆，我是彼得，聯邦大亨的租約在第一季末到期，所以現在第二季處於空置狀態。我們看到了一些對該空間的全部和部分建築用戶的興趣。今天早上沒有什麼特別值得評論的事情。

The Boohoo building, as you know, they are marketing that entire building for sublet. They do have a sub-tenant in about a third of the building today, and that duration is a couple of years with the ability of Boohoo to terminate that. We continue to view that building very favorable where it's positioned in the market. Not a lot of competition, great location in terms of proximity to parcel hubs, and there's not a lot of options for users of that size.

如您所知，Boohoo 大樓正在整棟大樓進行轉租。目前，該建築約三分之一的空間確實有轉租人，租期為數年，但 Boohoo 有權終止該租約。我們仍然認為該建築在市場上的定位非常有利。競爭並不激烈，地理位置優越，靠近包裹樞紐，但對於這種規模的用戶來說，選擇並不多。

They are current on their rent and, as a reminder, we have a security letter of credit that covers us for another 12 months of rent or so we don't view that as a risk today.

他們目前已支付租金，並且，提醒一下，我們有一份擔保信用證，可以支付我們另外 12 個月的租金，因此我們認為今天這不是一個風險。

Great, thank you.

太好了，謝謝。

Michael Carroll, RBC Capital Markets.

麥可‧卡羅爾 (Michael Carroll)，加拿大皇家銀行資本市場。

I'm going to circle back on some of your earlier comments on current tenant activity. I know you said that activity seems to be pretty healthy right now, but some tenants have decided to pause. I mean, should we assume from that that the majority of tenants are still kind of actively moving forward and there's a much smaller percentage that's kind of delaying and not making a decision?

我將回顧您之前對當前租戶活動的一些評論。我知道您說過，目前的活動似乎非常健康，但有些租戶已決定暫停。我的意思是，我們是否應該由此假設大多數租戶仍在積極地向前邁進，而只有一小部分租戶在拖延，不做決定？

I mean, is there a possible, to kind, of quantify or provide some guidelines on how many tenants have decided to pause?

我的意思是，是否有可能量化或提供一些指導，說明有多少租戶決定暫停？

No, can't quantify how many. All I would say is that the interest that the -- the pent-up demand to invest in growth that we came into the year with still exists. The question for them now is when? What's the world going to look like? How much product are they going to need to store and ship?

不，無法量化數量。我想說的是，我們今年對投資成長的興趣——被壓抑的需求仍然存在。他們現在的問題是什麼時候？世界將會變成什麼樣子？他們需要儲存和運輸多少產品？

And that all depends on the tariff outcomes so some conversations have paused. It's a little too early to say whether those conversations or those tenant requirements have gone away. I can't say that now but right now, it looks like a pause. Not all of them, I'm not going to get into how many -- that's just not something we're going to track.

而這一切都取決於關稅結果，因此一些對話已經暫停。現在判斷這些對話或租戶要求是否已經消失還為時過早。我現在不能這麼說，但現在看起來像是暫停了。不是全部，我不會說具體有多少——這不是我們要追蹤的東西。

I can say renewal tenants, are we still renewing about six months in advance? And that's a good sign. They want to get their transactions done, they're confident in their business. This tariff thing doesn't impact everyone, don't forget and in fact, the majority of the business that we do is not impacted by this. So this is just another factor on the margin that impacts development leasing for sure and we're going to work through it.

我可以說續租的租戶，我們還是提前六個月左右續租嗎？這是一個好兆頭。他們希望完成交易，他們對自己的業務充滿信心。別忘了，這項關稅政策不會影響到所有人，事實上，我們所進行的大部分業務都不會受到影響。因此，這只是影響開發租賃的另一個邊際因素，我們將努力解決這個問題。

No, I appreciate that. Now related to the few tenants or some tenants decided to pause, are there any common themes like are they in specific industries or specific markets or anything like that?

不，我很感激。現在，關於少數租戶或一些租戶決定暫停，是否存在一些共同的主題，例如他們是否處於特定行業或特定市場或類似的東西？

No, I would say, to echo some of Peter's comments, Mike, a number of tenants are continuing to move forward irrespective of the tariff turbulence, but the pace continues to be somewhat measured. But no, we haven't really seen any specific concentration, if you will, and I think it's still too early to tell.

不，我想說，呼應彼得的一些評論，麥克，許多租戶無論關稅動盪如何，都在繼續前進，但步伐仍然有些緩慢。但不，如果你願意的話，我們還沒有真正看到任何特定的集中，我認為現在還為時過早。

A lot of our tenants, let's use the example of the lease we just signed in Denver. That company is in the heavy crane and rigging business. They have nothing to do with tariffs, right? It's all domestic based, so we have plenty of examples of companies who are moving forward. It just might take a little bit longer, just given some of the noise in the world today.

我們的許多租戶，讓我們以剛剛在丹佛簽署的租約為例。該公司從事重型起重機和索具業務。它們與關稅無關，對嗎？這一切都是基於國內的，所以我們有很多公司正在向前發展的例子。考慮到當今世界上的一些噪音，這可能需要更長的時間。

Okay, great. And then just last for me. I know that you've already addressed about 73% of your 2025 expirations. I mean, can you kind of describe what's remaining? Is there anything lumpy within the remaining 27%?

好的，太好了。然後就為我持續下去。我知道您已經解決了 2025 年到期債務中的約 73%。我的意思是，您能描述一下還剩下什麼嗎？剩下的 27% 有什麼不平整的東西嗎？

Of course, yeah, no, what we have in the remaining is they're basically under 100,000 square feet. We really don't have anything bigger than that rolling, so pretty granular.

當然，是的，不，我們剩下的面積基本上都在 100,000 平方英尺以下。我們確實沒有比這更大的東西了，所以相當精細。

Okay, great. Appreciate it.

好的，太好了。非常感謝。

Nicholas Yulico, Scotiabank.

加拿大豐業銀行的 Nicholas Yulico。

Thanks. Just going back to the guidance and I realize it's a difficult time to be trying to forecast the world, but you talked about the impact in the second half or in the fourth quarter from -- if you don't get certain leasing done, it's going to be 2 pennies on the year.

謝謝。回到指引上，我意識到現在很難預測世界，但你談到了下半年或第四季的影響——如果你沒有完成某些租賃，那麼今年的利潤將損失 2 美分。

So I mean, should we assume then that that's sort of the bottom end of the FFO guidance range, reflects that? I don't know, I'm not sure what else sort of reflects that just as we're thinking about potential downside scenarios for your guidance which didn't change this quarter.

所以我的意思是，我們是否應該假設這就是 FFO 指導範圍的底端，反映了這一點？我不知道，我不確定還有什麼可以反映這一點，就像我們正在考慮本季度沒有改變的指導的潛在下行情景一樣。

Nick, it's Scott, those are the material lease-up assumptions. There's other new leasing we have baked in guidance that could be another upside or downside and also bad debt expense. I think we had a question about that earlier. So those are two other items that could be variables as well.

尼克，我是史考特，這些是實質的租賃假設。我們在指導中也納入了其他新的租賃，這可能會帶來另一個好處或壞帳費用。我想我們之前對此有過疑問。所以另外兩個項目也可能是變數。

Okay, and just again going back to -- I mean, the idea here is that if things stay tough, if things were to stay tough on the leasing market, you guys still feel good about hitting the bottom end of your FFO guidance?

好的，再次回到——我的意思是，這裡的想法是，如果情況繼續艱難，如果租賃市場的情況繼續艱難，你們仍然對達到 FFO 指導的底線感到滿意嗎？

Yes, correct.

是的，正確。

Okay, great. And then can you just also just remind us, in terms of sort of what's assumed for retention in your expirations for the remainder of this year? I know you've already addressed a lot of them and also just a reminder on the move outs that are assumed?

好的，太好了。然後，您能否也提醒我們一下，就今年剩餘時間內到期的保留期限而言，假設是什麼？我知道您已經解決了很多問題，並且只是提醒一下假設的搬出情況？

As far as retention, we're anticipating the year to be about 70% to 75%. That's pretty much what we've been averaging in the last several years. So no surprises there. And again, we have very little under 100,000 square feet, the majority of the remaining rollovers. So pretty, very little variability there.

就保留率而言，我們預計今年的保留率將達到 70% 至 75% 左右。這幾乎就是我們過去幾年的平均值。所以這並不奇怪。再說一次，我們剩下的大部分翻修工程面積都低於 10 萬平方英尺。非常漂亮，變化很小。

Okay, thanks.

好的，謝謝。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, maybe a couple questions on development. So on the Philadelphia land deal that you did, but even more broadly, I imagine the ideal situation would be to like buy the land and then start construction pretty quickly. So I guess, just could you clarify if that's correct?

你好，我想問幾個關於開發的問題。因此，關於您所做的費城土地交易，但更廣泛地說，我認為理想的情況是購買土地然後很快就開始建造。所以我想，您能否澄清一下這是否正確？

But then could you go through how possible that is? So for the Philadelphia deal, it seems like it would be tough to time a land acquisition exactly when you want to start a development, but it did happen, so maybe it's not that difficult? But just wondering if you could go through that process broadly and then specific to the Philadelphia deal?

但您能否解釋一下這有多大可能呢？因此，對於費城的交易來說，似乎很難確定何時開始開發並進行土地收購，但這件事確實發生了，所以也許並不是那麼困難？但我只是想問，您是否可以大致介紹一下這個過程，然後具體談談費城交易？

Caitlin, good morning. It's Peter Schultz. So that site has been under contract for a number of years, an infill location across from the New Castle County Airport. We had to get it rezoned and fully entitled as well as deal with all the agency approvals and, as you can appreciate, that continues to take longer pretty much anywhere around the country.

凱特琳，早安。我是彼得‧舒爾茨。因此，該地點已經簽訂了多年的合同，是新城堡縣機場對面的一個填充地點。我們必須重新劃分區域並獲得完全的授權，同時還要處理所有機構的批准，而且正如你所理解的，這在全國各地幾乎都需要更長的時間。

And we were happy to close on that. When we did, we thought it would have been sooner, but that process continues to be elongated and given what it is and where it is, the infill nature of the site, the population density, the road access, Delaware being a lower cost market compared to some of the competition. The building's designed to be single or multi-tenant tenanted, and as Peter said, this is a pocket of underserved demand, so we're happy to proceed with that now and close and we're going to start on the first of the two buildings.

我們很高興能夠達成這項目標。當我們這樣做的時候，我們認為它會更快，但這個過程繼續被延長，考慮到它是什麼和它的位置，場地的填充性質，人口密度，道路通行，特拉華州與一些競爭對手相比是一個成本較低的市場。該建築設計為單一或多租戶租賃，正如彼得所說，這是一個尚未得到充分滿足的需求領域，因此我們很高興現在就繼續進行這項工作並結束，我們將從兩棟建築中的第一棟開始。

Got it. Okay, so that makes sense. And then on development yields, it seems like the average yield for recent and under construction projects is in the 6% to 7% range. I think you mentioned the 2Q starts would be targeting around 8%.

知道了。好的，這很有道理。就開發收益率而言，近期和在建項目的平均收益率似乎在 6% 至 7% 之間。我認為您曾提到第二季的開工率目標為 8% 左右。

I feel like we hear a lot about higher construction costs, maybe land costs and rent growth not necessarily keeping up. So just wondering if you could comment on how sustainable you think that 6% to 7%-plus yield is, recognizing a backdrop of like higher costs and possibly lower rents?

我覺得我們聽到很多關於建築成本上漲的消息，也許土地成本和租金成長不一定跟上。所以我只是想知道您是否可以評論一下，在成本上升和租金可能下降的背景下，您認為 6% 到 7% 以上的收益率有多可持續？

So Caitlin, it's Peter. We, on a regular basis, look at our land holdings and evaluate new opportunities, building in current day construction cost and rental rates. Our most recent update shows that we can put out about a $1.9 billion over a 7 yield on what we have today. Of course, you're not going to do that into markets where there are too many alternatives right now, but that's the opportunity that we have.

凱特琳，我是彼得。我們定期審查我們的土地持有量並評估新的機會，並考慮當前的建築成本和租金。我們最近的更新顯示，我們可以在現有基礎上，以 7 倍的收益率，獲得約 19 億美元的收益。當然，你不會在目前有太多替代品的市場上這樣做，但這就是我們擁有的機會。

So yeah, we have a great opportunity to grow going forward just on the property that we own. Peter talked about the Pennsylvania transaction. Where we can, and that's a good example, we tie up real estate that we don't have to necessarily buy until all of that hard work is done. That takes, in some cases several years to get done, and that's a good example and one of the reasons the yield on that deal is so high.

是的，我們有很好的機會利用我們所擁有的財產來實現未來發展。彼得談到了賓州的交易。在我們力所能及的地方，這是一個很好的例子，我們會鎖定房地產，而這些房地產我們不一定要等到所有艱苦的工作完成之後才購買。在某些情況下，這需要幾年的時間才能完成，這是一個很好的例子，也是該交易收益率如此之高的原因之一。

Got it, thanks.

明白了，謝謝。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Good morning. Just another kind of big picture question. In conversations you're having with tenants that might have hit the pause button on leasing given the uncertainty around tariffs, do you get the sense that a near-term resolution of trade agreements could bring about enough confidence to get them kind of to return to normal leasing activity quickly?

早安.這只不過是另一種宏觀問題而已。在與那些因關稅不確定性而可能暫停租賃的租戶交談時，您是否覺得近期貿易協定的解決可以給他們帶來足夠的信心，讓他們迅速恢復正常的租賃活動？

Or do you think the indecision and mixed messages from the administration could cause a delayed leasing recovery, even if agreements are reached?

或者您認為，即使達成協議，政府的猶豫不決和混亂的資訊也可能導致租賃復甦延遲？

What I would say is that if you want to use the word recovery, and I guess we're still recovering from too much supply and too much leasing during COVID, that pace, as you know, from all these calls over the past couple of years has been slow or methodical and probably on every call we say that decision-making is slow.

我想說的是，如果你想用「復甦」這個詞，我想我們仍然在從新冠疫情期間供應過剩和租賃過剩中恢復，正如你所知，從過去幾年的所有這些電話會議來看，這種速度一直是緩慢或有條不紊的，可能在每次電話會議上我們都會說決策很慢。

Not sure that that means that all of a sudden, we're going to break the dam and leases are going to get signed left and right if the tariff thing clears up in the short term. When you say go back to where we were, we may still go back to a market where the pickup is methodical. And now, as I said a bit earlier, the number of alternatives does continue to shrink and that's a very good thing. So predicting the pace of uptake once the tariff question has been settled is a pretty tough thing to do.

不確定這是否意味著，如果關稅問題在短期內解決，我們就會突然打破大壩，租約就會到處簽署。當你說回到原來的狀態時，我們可能仍然會回到一個有條不紊的回升的市場。現在，正如我之前所說的，替代方案的數量確實在繼續減少，這是一件非常好的事情。因此，一旦關稅問題解決，預測採用速度是一件相當困難的事情。

Okay, great. That's really helpful commentary. And then Scott, I think you've pointed out that a delay in the development leasing expected in the fourth quarter would only have a $0.02 impact this year, which makes sense given the timing, but can you talk about what that impact would be on more of an annualized basis as we think towards -- head towards a potential impact to '26 numbers?

好的，太好了。這確實是很有幫助的評論。然後斯科特，我想你已經指出，預計第四季度開發租賃的延遲只會對今年產生 0.02 美元的影響，考慮到時間因素，這是有道理的，但你能談談這種影響在年度基礎上會是什麼嗎？我們認為這會影響 26 個數字的潛在影響？

I'll get back to you on that, but I think an easy way to do it is I would just take that impact, that $2 million and just times by 10 or 11 months and you'll probably get pretty close to the potential impact in 2026, that would be the easiest math.

我會回覆您，但我認為一個簡單的方法就是把這個影響，200 萬美元乘以 10 或 11 個月，你可能會非常接近 2026 年的潛在影響，這將是最簡單的數學。

Great. Thank you.

偉大的。謝謝。

Rich Anderson, Wedbush Securities.

里奇·安德森（Rich Anderson），韋德布希證券公司。

I think they said me, Rich Anderson here, Wedbush. So getting back to the impact from leasing and particularly development leasing looking at your development chart on page 21 of the supplemental, if you were to get the 1.5 million done, what is the pre-leasing or what is the percentage leased look like in looking at those seven projects in isolation? It's 43% today.

我想他們說的是我，我是里奇安德森，韋德布希。那麼回到租賃的影響，特別是開發租賃的影響，看看補充材料第 21 頁的開發圖表，如果您要完成 150 萬，那麼單獨看這七個項目，預租賃情況如何，或者租賃百分比是多少？今天是43%。

You've got four of them that are 0% leased. Do you see activity across the board, and would that number be 70%, 80% if you get it all done or more or less? Just curious what your thoughts are there.

其中有四個的出租率為 0%。您是否看到了全面的活動？如果全部完成，這個數字是 70% 還是 80%，或更多還是更少？只是好奇你的想法是什麼。

So you're looking at the developments under construction at March 31. None of that is embedded in our 2025 guidance that is forecasted for post of that time. So any lease-up that impacts '25 would be incremental to FFO.

所以您正在查看 3 月 31 日正在建設中的開發項目。這些都沒有包含在我們預測的 2025 年之後的指導中。因此，任何影響 25 年的租賃都會對 FFO 產生增量影響。

Okay, excuse me, I understand that, but I guess, when I think of this, the speculative leasing cap, $800 million rough math, about 10% of your enterprise value, at what point do you start sort of reconsidering that? Have you reconsidered that? And is that sort of the way you look at that $800 million as a 10% number, or how do you get to it, and under what circumstance would you start to consider reducing it?

好的，對不起，我明白這一點，但是我想，當我想到這一點時，投機性租賃上限，粗略計算為 8 億美元，約佔企業價值的 10％，您什麼時候開始重新考慮這一點？你重新考慮過這一點嗎？您是這麼看待 8 億美元這個 10% 的數字的嗎？或者您是如何達到這個數字的？在什麼情況下您會開始考慮減少它？

Yeah, so it is a formula, it is based on our equity and debt, market cap. It is a cap and not a target. We are going to operate according to the strength of the markets and not because we have cap space. I think the good thing about the cap is that in bull markets, you don't get out over your skis, but we're only using about $470 million of it today including the two new developments.

是的，這是一個公式，它是基於我們的股權和債務以及市值。這是一個上限，而不是目標。我們將根據市場的實力來運營，而不是因為我們有資本空間。我認為上限的好處是，在牛市中，你不會失去理智，但今天我們只使用了其中的 4.7 億美元，包括兩個新開發項目。

And so reducing it is not really a topic of discussion for us and as we continue to grow obviously you've seen this in the past increase it. So yeah, there's no really no reason to reduce it because we don't execute on new starts based on how much availability we have. We do it based on the opportunity to earn great risk-adjusted returns in the submarkets that we're targeting.

因此，減少它實際上並不是我們討論的話題，而且隨著我們的不斷發展，顯然您在過去已經看到它增加。所以，是的，真的沒有理由減少它，因為我們不會根據有多少可用資源來執行新的啟動。我們這樣做是基於在我們目標子市場中獲得巨大風險調整回報的機會。

Okay, great, and let me reformulate my first question because I butchered it. The exposure that you have there, even though it's apples to oranges to the $0.02 that you talked about, does it give you any pause at all in this environment and does it lead you to think more in the way of build-to-suits versus speculative development? Again, is any of that sort of entering your mind at this point?

好的，太好了，讓我重新表達我的第一個問題，因為我把它搞錯了。您在那裡所面臨的風險，即使它是您所說的 0.02 美元的蘋果和橘子之間的差異，是否會讓您在這種環境下停下來思考，是否會讓您更多地考慮量身定制的方式而不是投機性開發？再說了，現在您是否有想過這些事情？

We are in a place where we will execute on starts again where the markets are strong and where there's unmet demand in those submarkets. In terms of volume, we're not going to get into a position where we would somehow impair our balance sheet or otherwise be in a rough capital position.

我們目前所處的市場狀況是，當市場強勁且次市場存在未滿足的需求時，我們就會重新啟動。從數量上看，我們不會陷入以某種方式損害我們的資產負債表或陷入艱難的資本狀況的境地。

So again, looking at good risk-adjusted returns there, no it doesn't concern us. If we got to the point where nothing was leasing for a period of time, we would probably pause, but then the rest of the market's probably having a bigger issue as well.

所以，再說一次，看看那裡良好的風險調整回報，這並不與我們有關。如果一段時間內沒有任何租賃的情況發生，我們可能會暫停，但其他市場也可能面臨更大的問題。

Hey, Rich, the other thing I'd add maybe more granular to your question is, as you look at each of those projects, they're all designed for multi-tenant as well as single tenants, so we have a lot of flexibility so it's not a binary output.

嘿，Rich，我想補充的另外一點可能更詳細地回答你的問題是，當你查看每個項目時，它們都是為多租戶和單租戶設計的，所以我們有很大的靈活性，所以它不是一個二進制輸出。

Okay, fair enough, thanks very much.

好的，夠公平，非常感謝。

We're always open for business on the build to suit front. You've seen us execute on those and we have some in the hopper now.

我們始終致力於提供量身訂製的服務。您已經看到我們執行了這些目標，現在我們已經有一些目標正在實施中。

Okay, thank you.

好的，謝謝。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Two questions on development. Number one for the land parcel that you bought, how do you think pricing has changed for that over the past year or so? And then the second question is, was there any consideration to pausing the 2Q development starts just given what's been going on in the past couple of weeks, or do you think it just made sense regardless of the current environment?

關於發展的兩個問題。第一，對於您購買的地塊，您認為過去一年左右其價格發生了怎樣的變化？第二個問題是，考慮到過去幾週發生的情況，是否有考慮暫停第二季的開發工作，或者您認為無論當前環境如何，這都是有意義的？

So Mike, it's Peter Schultz. In terms of the pricing on the land parcel that we just closed on, it's probably -- the market value is probably double what we paid for it, given that we put it under contract a number of years ago. And as we talked about earlier, we had to work through some prolonged rezoning and entitlement and agency approvals.

麥克，我是彼得‧舒爾茨。就我們剛剛成交的土地的定價而言，考慮到我們幾年前就簽訂了合同，它的市場價值可能是我們支付價格的兩倍。正如我們之前所討論的，我們必須解決一些長期的重新分區、授權和機構批准問題。

And these two projects are not necessarily going to be trade-related tenancies. These are going to be smaller tenants, local regional guys.

這兩個項目不一定會是與貿易相關的租賃。這些都是規模較小的租戶，是當地區域的人。

Anything else, Mike? We lost Mike.

還有什麼嗎，麥克？我們失去了麥克。

Vince Tibone, Green Street Advisors.

文斯蒂博內 (Vince Tibone)，Green Street Advisors 的顧問。

Hi there, could you just clarify the cap rate on the Phoenix acquisitions? Is the 6.4% cap rate based on the net purchase price of $120 million or the gross purchase price of $140 million if you were to add back the incentive fees you would have earned, I imagine otherwise?

您好，您能澄清一下 Phoenix 收購的資本化率嗎？6.4% 的資本化率是基於 1.2 億美元的淨購買價，還是基於 1.4 億美元的總購買價（如果您要加上您應得的激勵費用），我想不是嗎？

Sure, this is Jojo. Basically the 6%, that's the price that we made to get us a 6.4% cap. The market price, the valuation for the property, is about a 5.3%. And so we basically had third-party market opinion on the asset and then the resulting in 6.4% is net of our profit, JV profit.

當然，這是喬喬。基本上，6% 是我們為達到 6.4% 的上限而設定的價格。該房產的市價（估價）約為 5.3%。因此，我們基本上獲得了第三方市場對資產的意見，然後得出的 6.4% 是我們的利潤淨額，即合資利潤。

Makes sense. That's what I figured. Are you able to share kind of when that 5.3% valuation was set, just given all the volatility in terms of read through other deals?

有道理。我就是這麼想的。考慮到其他交易的波動性，您能否透露一下 5.3% 的估值是何時確定的？

Sure, when that valuation was set, it was Q1 of this year. We had a good amount of comps that pointed to a valuation of 5.25% cap and it's really hard to tell going forward on this situation with tariffs. There's very few traces to market, but again, when you look at the valuation of Q1, there's a lot of long-term investors who are investing in Phoenix today at high fours, low fives because of the location of the asset in the market.

當然，這個估值是在今年第一季確定的。我們有大量的同類產品表明估值上限為 5.25%，但在關稅的情況下，很難判斷未來情況如何。市場軌跡很少，但是，當你查看 Q1 的估值時，會發現有很多長期投資者今天以四分高或五分低的價格投資 Phoenix，因為該資產在市場上的位置。

I think it's safe to say based on the trading environment a month ago, the market clearing cap rate was five and a quarter. That's pretty recent.

我認為根據一個月前的交易環境可以肯定地說，市場清算上限率為 5.25%。這是最近發生的事情。

Yeah, no, that's helpful. And then just switching gears to the development. I mean, both the projects you announced seemed to cater to smaller tenants, to multiple tenants, smaller suite sizes. Were those just more kind of idiosyncratic or is this potentially First Industrial doing going to pursue more light industrial development going forward than maybe the company has historically?

是的，不，這很有幫助。然後就轉向開發。我的意思是，您宣布的兩個項目似乎都迎合了較小的租戶、多個租戶和較小的套房規模。這些只是一種特質嗎？還是第一工業集團未來可能比過去更追求輕工業發展？

No. First of all, we always try to deliver the size and amenities to the market that are going to meet the deepest part of the demand in that market. These particular submarkets are suited to this kind of demand, and that's really what drives it. We're going to continue to do that across our 15 target markets and sometimes that's going to mean 100,000 feet and sometimes it's going to mean 1 million feet.

不。首先，我們始終致力於向市場提供能夠滿足該市場最深層需求的規模和設施。這些特定的子市場適合這種需求，這也是推動其發展的真正因素。我們將繼續在我們的 15 個目標市場中這樣做，有時這意味著 100,000 英尺，有時這意味著 100 萬英尺。

Now this is not light industrial space, you mentioned that. Maybe you're using that term just to reflect the size, but it's not light Industrial.

現在這不是輕工業空間，您提到過這一點。也許您使用該術語只是為了反映規模，但它不是輕工業。

Just to add, we actually over invest in some of our products. I'll give you an example for the 175,000 footer, which is the last building on the fully leased park of 1.2 buildings, which comprised 5 buildings. There are fully leased buildings exceeding single tenants that exceeding 175. The reason we always multi-tenant design our buildings is for future proofing and added flexibility.

補充一下，我們實際上對某些產品進行了過度投資。我給你舉個 175,000 英尺的例子，它是 1.2 棟建築完全租賃的園區中的最後一棟建築，園區共有 5 棟建築。已完全出租且單一租戶以上的建築超過 175 棟。我們始終採用多租戶設計建築的原因是為了面向未來並增加靈活性。

What happens is that is we have the highest functional building there and we can demise to multiple tenants that actually increases the functionality of the building.

事實上，我們在那裡擁有功能性最高的建築，我們可以將其出租給多個租戶，這實際上增加了建築的功能性。

No, thank you for clarifying that. That's helpful, I appreciate it.

不，謝謝你澄清這一點。這很有幫助，我很感激。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. There's some press reports about Amazon having a $15 billion expansion plan. I wonder if you're seeing any difference in their approach to requesting RFPs or if they're doing anything different than they had in the past and if you get any sense that maybe they're changing their approach to warehousing, perhaps like bringing more capacity in house?

太好了，感謝您回答我的問題。有媒體通報亞馬遜有一個 150 億美元的擴張計畫。我想知道您是否發現他們在請求 RFP 的方式上有什麼不同，或者他們是否做了與過去不同的事情，以及您是否感覺到他們可能正在改變倉儲方式，例如在內部增加更多容量？

So they want to fulfill same day. So they're very focused on that and that's what this big investment that you've read about is about. You might recall a number of years ago, they did a similar thing looking at multi-story and put it out to bid. We'll see what they get back on this in terms of economics, whether they like it or not, but the thrust for this is just to build out their same-day delivery capability.

所以他們希望當天完成。所以他們非常關注這一點，這就是您所讀到的這項大投資的意義所在。您可能還記得，幾年前他們也做過類似的事情，研究多層建築並將其進行招標。無論他們是否喜歡，我們都會看看他們在經濟方面能得到什麼回報，但這樣做的目的只是為了增強他們的當日送達能力。

Brendan, this is Peter. The other thing I'd add is we are seeing them very active in several markets today.

布倫丹，這是彼得。我想補充的另一件事是，我們看到它們今天在幾個市場上非常活躍。

And that just includes leasing space and not actually doing a financial transaction just like the $15 billion that you mentioned.

這僅包括租賃空間，而不是像您提到的 150 億美元那樣實際進行金融交易。

Okay, great, that's helpful. And maybe a second question, can you talk us through what is the minimum percent of rent that you'd ideally like to derive in any of your given markets to kind of drive some of the local scale that you've talked about in the past?

好的，太好了，這很有幫助。也許還有第二個問題，您能否告訴我們，在您所指定的任何市場中，您最希望獲得的最低租金百分比是多少，以推動您過去談到的一些本地規模？

I wouldn't say we have a minimum allocation. We're really focused on the markets that we think is going to generate the highest rent growth and therefore the highest value accretion. South Florida is a great example. We had maybe 1% of our space there and that's heading to double digits, and it's because it's a great market with, obviously, natural barriers to entry with the Atlantic on one side and the Everglades on the other.

我不會說我們有最低分配。我們真正關注的是那些我們認為將產生最高租金成長並因此產生最高價值增值的市場。南佛羅裡達州就是一個很好的例子。我們在那裡的面積可能只有 1%，而且這個數字正在上升到兩位數，這是因為這是一個巨大的市場，顯然，一邊是大西洋，另一邊是大沼澤地，具有天然的進入障礙。

So no, we don't have a minimum now -- we have one building in Salt Lake. I wouldn't say that that's a primary market for us, but we really like the building, so we're keeping it. So we do want to have some kind of critical mass wherever we go, but we don't have a minimum percentage target for the portfolio allocation.

所以，我們現在沒有最低限度——我們在鹽湖城有一棟建築。我不會說那是我們的主要市場，但我們真的很喜歡這棟建築，所以我們會保留它。因此，無論我們去哪裡，我們確實希望擁有某種臨界規模，但我們對投資組合配置沒有最低百分比目標。

Just to add to what Peter said, we also measure scale in terms of our organizational capabilities. In all of the 15 target markets, we have full management, asset management, leasing, development, and acquisition abilities.

除了彼得所說的內容之外，我們還根據組織能力來衡量規模。在所有15個目標市場中，我們都擁有全面的管理、資產管理、租賃、開發和收購能力。

Great, thank you for the color.

太好了，謝謝你的顏色。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi again, just back to the development and land acquisitions, maybe this is just a question that's not for now, but I was curious I figured I would ask. So you mentioned on that Philly project, how the land value probably doubled over the past few years. So whether it's that one in particular or just a general example, can you go through how that land purchase works and that you can agree to a price being contracted for a few years, maybe the market changes, then the terms don't change?

大家好，再次回到開發和土地收購的話題，也許這只是一個目前還不是的問題，但我很好奇，我想我會問。所以您提到了費城項目，土地價值在過去幾年可能翻了一番。那麼，無論是特定的例子還是一般的例子，您能否解釋一下土地購買是如何運作的，以及您是否可以同意簽訂幾年的合約價格，也許市場會發生變化，但條款不會改變？

It seems like it works out great for you. So I'm just wondering what indicates the timing of closing in that sort of situation. Is it up to you? Part of the original agreement? Is it more of like an option? I guess I'm wondering also like how the seller agrees to that seeming uncertain situation.

看起來它對你來說很有效。所以我只是想知道在這種情況下什麼表明了結束的時間。這取決於你嗎？原始協議的一部分？它更像是一種選擇嗎？我想我也想知道賣家是如何同意這種看似不確定的情況的。

So Caitlin, our local team, this is our expertise, and this was an off-market deal with a relationship that we cultivated with the owner of the property, and that's typically how we like to approach it where we buy subject to getting all the entitlements and de-risk that process.

因此，凱特琳，我們的當地團隊，這是我們的專長，這是一項場外交易，我們與房產所有者建立了良好的關係，這通常是我們喜歡處理的方式，即在購買房產時獲得所有權利並降低該過程的風險。

It took longer and we were able to negotiate some extensions as well. So I give a lot of kudos to our team on how they structured that.

這花了更長的時間，我們也能夠協商一些延期。因此，我對我們團隊的建構方式表示高度讚賞。

Got it. Okay, that makes sense, thanks.

知道了。好的，有道理，謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Peter Baccile for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Peter Baccile 做最後發言。

Thank you, operator, and thanks to everyone for participating on our call today. If you have any follow-ups from the call, please reach out to Art, Scott, or me. Have a great weekend.

謝謝接線員，也謝謝大家今天參加我們的電話會議。如果您對此通話有任何後續事宜，請聯絡 Art、Scott 或我。祝你周末愉快。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。