First Industrial Realty Trust Inc (FR) 2025 Q2 法說會逐字稿

Good day and welcome to the First Industrial Realty Trust, Inc. Second 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 年第二季業績電話會議。（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 of Investor Relations and Marketing. Please go ahead.

現在，我想將會議交給投資者關係和行銷高級副總裁 Art Harmon。請繼續。

Thank you, Michael. Hello, everybody, and welcome to our call. Before we discuss our second 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，麥可。大家好，歡迎來電。在我們討論 2025 年第二季的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, July 17, 2025. We assume no obligation to update our statements or the other information we provide. Actual results may differ materially from our forward-looking statements and factors which could cause this 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.

今天的聲明可能具有時效性，並且僅截至今天（2025 年 7 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。實際結果可能與我們的前瞻性聲明有重大差異，可能導致這種情況的因素在我們的 10-K 和其他 SEC 文件中有所描述。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。

The supplemental report, earnings release, and our SEC filings are available at firstindustrial.com under the Investors tab. 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.

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。我們的電話會議將以總裁兼執行長 Peter Baccile 和財務長 Scott Musil 的演講開始，之後我們將開始回答您的問題。

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.

今天與我們一起出席的還有首席投資長 Jojo Yap、執行副總裁 Peter Schultz、營運執行副總裁 Chris Schneider 和資本市場與資產管理執行副總裁 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. Our portfolio continues to perform well, producing strong cash rental rate growth with a solid pace of renewals. Tenant leasing activity and investments to support new growth continue to move at a deliberate pace. The uncertainty around tariffs, whether they will be applied, where and when, and to what degree continues to dampen momentum around decision-making. That said, we have a couple of success stories to share in the form of new development leases that I will review shortly. As we said on prior calls, a positive for our business is with new starts at a 10-year low, even with modest net absorption, the available alternatives for new Class A space continue to diminish. This trend is reflected in the most recent metrics on the broad industrial market reported by CoStar. Vacancy in Tier 1 US markets was 6.3% at the end of the second quarter and up 30 basis points compared to the prior quarter. On the demand side, according to CoStar, net absorption year-to-date totaled 16 million square feet nationally and 5 million square feet in our target markets.

謝謝你，阿特，也謝謝大家今天加入我們。我們的投資組合持續表現良好，現金租金率強勁成長，續約速度穩健。租戶租賃活動和支持新增長的投資繼續以穩健的步伐發展。關稅的不確定性，包括是否徵收、何時何地徵收以及徵收程度如何，繼續抑制決策的動力。話雖如此，我們還是有一些成功案例可以分享，以新開發租賃的形式，我很快就會進行回顧。正如我們在先前的電話會議上所說的那樣，對我們的業務有利的一點是，新開工量處於 10 年來的最低水平，即使淨吸收量適中，新的 A 級辦公空間的可用替代方案仍在繼續減少。這一趨勢反映在 CoStar 報告的廣泛工業市場最新指標中。第二季末美國第一線市場的空置率為 6.3%，較上一季上升 30 個基點。在需求方面，根據 CoStar 的數據，今年迄今全國淨吸收量總計 1,600 萬平方英尺，我們的目標市場淨吸收量總計 500 萬平方英尺。

We should also point out that there is a wide variation in reported net absorption. Depending upon the source you use, year-to-date net absorption ranges from negative 4 million square feet to positive 63 million square feet. Nationally, new construction start volume was 62 million square feet in the second quarter versus 66 million in the first quarter of 2025 and 72% lower than the peak of third quarter 2022. In our 15 target markets, new starts were 37 million square feet and completions were 38 million. Space under construction totals 204 million square feet, and that is 42% pre-leased.

我們也應該指出，報告的淨吸收量有很大差異。根據您使用的來源，年初至今的淨吸收量範圍從負 400 萬平方英尺到正 6,300 萬平方英尺。全國範圍內，第二季新開工建築面積為 6,200 萬平方英尺，而 2025 年第一季為 6,600 萬平方英尺，比 2022 年第三季的峰值低 72%。在我們的 15 個目標市場中，新開工面積為 3,700 萬平方英尺，竣工面積為 3,800 萬平方英尺。在建面積總計 2.04 億平方英尺，其中 42% 已預租。

From a portfolio standpoint, our in-service occupancy at quarter end was 94.2%, in line with our expectations reflecting the known 708,000 square-foot move out in Central Pennsylvania and the impact of two developments placed in service, partially offset by some new leasing. We've now taken care of 88% of our 2025 rollovers by square footage. Our overall cash rental rate increase for new and renewal leasing is 33% and if you exclude the large fixed rate renewal in Central PA we previously disclosed, the cash rental rate increase is 38%. This puts us on track to achieve our overall cash rental rate growth expectations of 30% to 40% and 35% to 45%, excluding the fixed rate renewal.

從投資組合的角度來看，我們季度末的入住率為 94.2%，符合我們的預期，反映了已知的賓夕法尼亞州中部 708,000 平方英尺的遷出以及兩個開發項目投入使用的影響，部分被一些新的租賃所抵消。目前，我們已經處理了 88% 的 2025 年翻修工程（以平方英尺計算）。我們新租賃和續租的整體現金租金率漲幅為 33%，如果不包括我們先前揭露的賓州中部大額固定利率續租，現金租金率漲幅為 38%。這使我們預計將實現整體現金租金率成長預期，即 30% 至 40% 和 35% 至 45%（不包括固定利率續約）。

Moving now to development. We are pleased to report that after we issued our press release, we leased the remaining 501,000 square feet of the 968,000 square-foot building in our Camelback 303 joint venture in Phoenix. That brings the entire three-building 1.8-million-square-foot project to 100% leased. Per our press release, we also leased 58,000 square feet at our First Loop project in Orlando.

現在轉向開發。我們很高興地報告，在我們發布新聞稿後，我們租賃了位於鳳凰城的 Camelback 303 合資企業中 968,000 平方英尺建築中剩餘的 501,000 平方英尺。這使得整個由三棟建築組成、佔地 180 萬平方英尺的項目的出租率達到 100%。根據我們的新聞稿，我們還在奧蘭多的 First Loop 項目中租賃了 58,000 平方英尺的空間。

As discussed on our last call, we're underway on two new starts in the quarter. The first is a 176,000 square-foot facility at First Park 121 in Northwest Dallas. The second is a 226,000 square-foot at our First Park Newcastle project in the Philadelphia market. The total estimated investment for both of these projects is $54 million with target cash yields of approximately 8% for each. Both of these opportunities are located in infill locations with low submarket vacancies and target the 50,000 to 100,000 square foot tenant segment.

正如我們上次電話會議所討論的那樣，本季度我們將啟動兩項新計劃。第一個是位於達拉斯西北部 First Park 121 的佔地 176,000 平方英尺的設施。第二個是位於費城市場的 First Park Newcastle 項目，面積為 226,000 平方英尺。這兩個項目的總預期投資額為 5,400 萬美元，目標現金收益率約為 8%。這兩個機會都位於子市場空置率較低的填充位置，目標是 50,000 至 100,000 平方英尺的租戶部分。

Turning to our capital markets activity. We reached two important milestones during the quarter. First, we were upgraded by Fitch to BBB+ in early May. That upgrade was timely and shortly thereafter, we launched our first public bond offering since 2007 in the form of $450 million of senior unsecured notes at a coupon rate of 5.25%. Demand from fixed income investors was strong, and we appreciate their support for the offering.

轉向我們的資本市場活動。我們在本季達到了兩個重要的里程碑。首先，惠譽在五月初將我們的評級上調至 BBB+。這次升級非常及時，此後不久，我們以 4.5 億美元的優先無擔保票據的形式進行了自 2007 年以來的首次公開發行債券，票面利率為 5.25%。固定收益投資者的需求強勁，我們感謝他們對此次發行的支持。

Let me conclude by saying thank you to my teammates around the country who are executing on our plan and taking care of our customers. With that, I'll turn it over to Scott.

最後，我要向全國各地執行我們的計劃並照顧我們的客戶的隊友們表示感謝。說完這些，我就把麥克風交給史考特。

Thanks, Peter. Let me recap our results for the quarter. Nareit funds from operations were $0.76 per fully diluted share compared to $0.66 per share in 2Q 2024. Our cash same-store NOI growth for the quarter, excluding termination fees, was 8.7%, primarily driven by increases in rental rates on new and renewal leasing and contractual rent bumps, partially offset by lower average occupancy.

謝謝，彼得。讓我回顧一下本季的業績。Nareit 營運資金為每股完全稀釋後 0.76 美元，而 2024 年第二季為每股 0.66 美元。本季度，我們的現金同店淨營業利潤增長率（不包括終止費）為 8.7%，主要得益於新租賃和續租租金上漲以及合約租金上漲，但平均入住率下降部分抵消了這一增長。

We finished the quarter with in-service occupancy of 94.2%, down 110 basis points from the quarter. As Peter noted, our occupancy change reflects the impact of the known move-out in Central Pennsylvania and two developments entering the in-service pool offset in part by some new leasing. Summarizing our leasing activity during the quarter, approximately 2.5 million square feet of leases commenced. Of these, approximately 400,000 were new, 2.1 million were renewals and 100,000 were for developments and acquisitions with lease-up.

本季結束時，飯店入住率為 94.2%，較上一季下降 110 個基點。正如彼得所指出的，我們的入住率變化反映了賓州中部已知的遷出和兩個進入在用池的開發項目的影響，部分被一些新的租賃所抵消。總結本季我們的租賃活動，約有 250 萬平方英尺的租賃開始。其中約 40 萬套為新建，210 萬套為續約，10 萬套為開發和收購併租賃。

On the capital side, as Peter noted, we were very pleased with our return to the public bond market for the first time since 2007. Our $450 million unsecured notes issued in this offering mature in January 2031 and carry a coupon rate of 5.25%. We remain strongly positioned on the capital front with our next maturity coming in 2027, assuming all available extension options are exercised on one of our bank loans. We would like to thank our banking partners for their outstanding execution and support in this transaction.

在資本方面，正如彼得所說，我們對自 2007 年以來首次重返公共債券市場感到非常高興。我們此次發行的 4.5 億美元無擔保票據將於 2031 年 1 月到期，票面利率為 5.25%。假設我們的一筆銀行貸款所有可用的延期選擇權都得到行使，我們的下一筆到期貸款將於 2027 年到期，因此我們在資本方面仍保持強勢地位。我們要感謝我們的銀行合作夥伴在此次交易中的出色執行和支持。

Now moving on to our guidance. Our guidance range for NAREIT FFO for the year remains $2.92 per share at the midpoint with the range narrowed to $2.88 to $2.96 per share. 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 of this year. 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.

現在繼續我們的指導。我們對今年 NAREIT FFO 的指導範圍仍為每股 2.92 美元（中間值），範圍縮小至每股 2.88 美元至 2.96 美元。我們的假設如下：季末平均入住率為 95% 至 96%。這一範圍反映了今年第四季預計發生的約 150 萬平方英尺的開發租賃。終止費用前的現金同店淨利成長率為 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。

Guidance includes the anticipated 2025 costs related to our completed and under construction developments at June 30. 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.

該指引包括截至 6 月 30 日我們已完成和正在建造的開發項目相關的預計 2025 年成本。對於 2025 年全年而言，我們預計每股資本化約為 0.09 美元。我們的 G&A 費用指導範圍是 4,050 萬美元至 4,150 萬美元。

Now let me turn it back over to Peter.

現在讓我把話題交還給彼得。

Thanks, Scott. Our diversified operating portfolio continues to perform strongly, generating cash rental rate growth on new and renewal leasing amongst the top performers in our sector. When the tariff picture becomes more clear, we expect improved confidence, more timely decision-making and an increase of investments in new growth initiatives. We remain focused on securing and serving existing and new customers to drive long-term cash flow growth.

謝謝，斯科特。我們多元化的營運組合持續表現強勁，在新租賃和續租業務中創造了同行業中最高水準的現金租金成長率。當關稅狀況變得更加明朗時，我們預期信心將會增強，決策將會更加及時，對新成長計畫的投資也會增加。我們將繼續專注於保護和服務現有和新客戶，以推動長期現金流成長。

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

接線員，好了，我們現在可以開始回答問題了。

(Operator Instructions) Rob Stevenson, Janney.

（操作員指示） Rob Stevenson，Janney。

Peter, incremental development starts from here more or less attractive today than they were three or six months ago? And how is construction pricing in terms of labor, materials today versus in the past?

彼得，從現在開始的漸進式開發與三到六個月前相比更有吸引力還是更沒有吸引力？與過去相比，現在的建築勞動力和材料定價如何？

Take the first part of that, Jojo, you can talk about construction pricing. Like we said on the last call, in order to really get deeper into new starts, we'd like to see more consistent development lease signings. There's a lot of activity in the market. The amount of gross leasing activity in the first half of the year was pretty strong relative to 2024. But we need to see more investment in new growth, more take-up of development space. As you've seen, we have executed on new starts in certain markets and in those markets that we think continue to show good fundamentals and where there is demand that is going unmet, we'll continue to execute starts there.

就第一部分而言，喬喬，你可以談談建築定價。就像我們在上次電話會議上所說的那樣，為了真正深入新項目，我們希望看到更一致的開發租賃簽約。市場活動十分活躍。與 2024 年相比，今年上半年的總租賃活動量相當強勁。但我們需要看到對新成長的更多投資，對發展空間的更多利用。如您所見，我們已經在某些市場啟動了新項目，在那些我們認為繼續展現出良好基本面且存在未被滿足的需求的市場中，我們將繼續在那裡啟動新項目。

Jojo, do you want to talk about the costs?

Jojo，你想談談費用嗎？

Yes. For construction costs from the second half of last year, costs are down 5% to 10%, depending upon the market. From the start of the year, total construction cost have been pretty flat -- the contractors have been more aggressive, so their margins have compressed. Slight increase in construction costs, though are keeping an eye on steel. There's some talk that steel might go up, but we haven't seen it. Contractors so are able to keep their pricing for 30 to 60 days, which is good. And you probably all follow this, there's been a tariff increase in copper, so you're looking at electrical -- the electrical supply to switch gear and -- but these items have a small impact on the cost, maybe -- total construction costs, under 1%.

是的。對於去年下半年的建築成本，成本下降了 5% 到 10%，具體取決於市場情況。從今年年初開始，總建築成本一直相當平穩——承包商變得更加積極，因此他們的利潤率受到了壓縮。建築成本略有增加，但鋼材價格仍持續上漲。有傳言稱鋼價可能會上漲，但我們還沒有看到。因此，承包商能夠在 30 到 60 天內保持其定價，這很好。大家可能都注意到了，銅的關稅已經上漲，所以你們正在關注電力——開關設備的電力供應——但這些項目對成本的影響很小，也許——總建築成本，不到 1%。

Okay. That's helpful. And then, Scott, anything abnormal or not recurring in the second quarter FFO or anything expected to be sequentially a drag in the back half of the year? Just trying to figure out, you guys did $0.76 and just doing a flat 76 and 76 in the next two quarters puts you at the very high end of your current guidance range. I just wanted to get a feel for what's coming up here.

好的。這很有幫助。那麼，斯科特，第二季度的 FFO 中有任何異常或未重複的情況嗎？或是預計下半年會造成持續拖累的情況嗎？只是想弄清楚，你們的業績為 0.76 美元，而在接下來的兩個季度中，你們的業績只是持平的 76 和 76，這是否就處於當前指導範圍的最高端。我只是想了解這裡會發生什麼。

So I would say in the third and fourth quarter, we’re recognizing more interest expense than in the second quarter. And Rob, that's driven by two items. We have to continue to fund our development pipeline. That's about $110 million of spend for the last six months of the year. So that's driving interest expense higher.

所以我想說，在第三季和第四季度，我們確認的利息支出比第二季要多。羅布，這是由兩件事驅動的。我們必須繼續為我們的開發管道提供資金。這意味著今年最後六個月的支出約為 1.1 億美元。因此這導致利息支出增加。

Also, the May bond offering was slightly dilutive. We used the funds to pay down our line of credit. And the line of credit had a lower interest rate than what the bond offering rate was. So in the back end of the year, you're going to see a little bit of higher interest expense, which will knock down our FFO in the third and fourth quarter.

此外，五月的債券發行略為稀釋作用。我們用這些資金償還了我們的信用額度。而且信用額度的利率低於債券發行利率。因此，在今年年底，你會看到利息支出略有增加，這將導致我們第三季和第四季的 FFO 下降。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

I just want to understand the new lease you just announced that was not in the 1.6 million target? And if you can just sort of maybe walk us through some of the bigger pieces in the 1.6 million, like how do the prospects look for 3Q and 4Q?

我只是想了解一下，您剛剛宣布的新租約中沒有包含 160 萬的目標嗎？您能否向我們介紹一下這 160 萬中的一些重要部分，例如第三季和第四季的前景如何？

Peter, do you want to talk about what's happening in your markets?

彼得，你想談談你們市場的狀況嗎？

Sure. On the 1.6 million square feet that we have in our guidance at year-end, the largest component of that is our building a first of a Commerce Center in Denver. We continue to have active prospects for all or portions of the building. In fact, a couple of the prospects have a need for rail, which we can accommodate on this site, but difficult to peg exactly when those get signed, but we continue to be pleased with the level of activity.

當然。在我們年底的 160 萬平方英尺的預期中，最大的部分是我們在丹佛建造的第一個商業中心。我們將繼續積極尋找建築物的全部或部分。事實上，有幾個潛在客戶需要鐵路，我們可以在這個站點上滿足這些需求，但很難確定具體何時簽署協議，但我們對活動的水平仍然感到滿意。

Part of the 1.5 million in the West Coast. We have three buildings there, two in the 150-square-foot range and one in the 324,000-square-foot range in East IE - good product, great product with very, very good functionality.

西海岸 150 萬人中的一部分。我們在那裡有三棟建築，其中兩棟面積在 150 平方英尺左右，一棟位於東 IE 的面積在 324,000 平方英尺左右——產品很好，功能非常非常好。

We're having tours and proposals for every building, but nothing -- no lease to announce yet. And then the remaining in the West would be under the West region, it will be a 120,000 square foot in Chicago. We get -- like East IE, we've been getting tours and now we're responding to requests for proposals, but don't have lease to announce yet.

我們對每棟建築都進行了參觀並提出了建議，但目前還沒有宣布租約。西部剩餘的部分屬於西部地區，位於芝加哥，佔地 120,000 平方英尺。我們得到了——就像 East IE 一樣，我們一直在進行參觀，現在我們正在回應提案請求，但還沒有租約可以宣布。

Okay. And then can you just clarify the $0.02 impact you had mentioned prior, like if you don't do any of the 1.6 million, is that still the $0.02 is still in the guide? Or have you pushed that out? And then -- and sorry, if you could just clarify that new 500,000 square-foot lease that was not part of the original 1.6 million.

好的。然後，您能否澄清一下您之前提到的 0.02 美元的影響，例如，如果您不做 160 萬中的任何一個，那麼 0.02 美元是否仍然在指南中？或者你已經把它推翻了？然後——抱歉，如果您能澄清一下，新的 50 萬平方英尺租約不包含在原始的 160 萬平方英尺租約中。

Well, the good news is with the benefit of that lease that Peter just announced on the call, coupled with the lease that we did it First Loop earlier than what we projected, Vikram, that $0.02 a share is now $0.00 a share. So what does that mean? The 1.5 million square feet of development leasing that we still have in our guide, and I'll also throw in the 700,000 square-footer in Central Pennsylvania. Now effectively, they have a 12/31 lease-up. So they're assumed to be leased up on 12/31.

好吧，好消息是，有了 Peter 剛剛在電話會議上宣布的租約的好處，再加上我們比預期更早完成的 First Loop 租約，Vikram，每股 0.02 美元現在是每股 0.00 美元。那麼這意味著什麼？我們的指南中仍然有 150 萬平方英尺的開發租賃面積，我還將加上賓州中部的 70 萬平方英尺的面積。現在實際上，他們有一個 12/31 的租賃期限。因此，預計這些房屋將於 12 月 31 日租用。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Okay. Following up maybe on that Camelback and the lease up there, is the plan there to kind of take that out like you did similar in 1Q?

好的。或許可以跟進 Camelback 和那裡的租賃事宜，是否有計劃將其取消，就像您在第一季所做的那樣？

The plan there like every time is to maximize value. We have a couple of executions. We can take it to market. We can acquire the product. We can look at holding it, really all about, centered again, about maximizing value. Also, we're very pleased about the execution because that JV project delivered returns exceeding our expectations. I also want to remind you there's another 71 acres left with great land, freeway frontage and that we're focused on, again, maximizing value there, either developing it, either doing a higher and better use deal like we've done before and all of that.

那裡的計劃和每次一樣，都是為了實現價值最大化。我們已經執行過幾次死刑了。我們可以將其推向市場。我們可以獲得該產品。我們可以看看持有它，實際上一切都是為了再次集中精力，以實現價值最大化。此外，我們對執行情況感到非常滿意，因為該合資項目帶來的回報超出了我們的預期。我還想提醒大家，這裡還剩下 71 英畝的優質土地，臨高速公路，我們再次專注於最大化那裡的價值，要么開發它，要么像我們以前做過的那樣，做一個更高更好的利用協議等等。

Maybe dovetailing on that, just on -- you guys have outlined maybe the potential opportunity for monetizing some of the land bank or existing portfolio for data centers. I guess, is there any update there, the size or scope of what that opportunity set is?

或許與此相吻合，你們可能已經概述了將部分土地儲備或現有資料中心投資組合貨幣化的潛在機會。我想，那裡有沒有什麼更新，這個機會集的規模或範圍是多少？

Not really. That's a pretty big project. It's going to take some time. We have to look into power, of course, without that, you really don't have much to talk about and these things they're going to take several months to get to the answers on some of this.

並不真地。這是一個相當大的項目。這需要一些時間。當然，我們必須研究權力，沒有權力，你就真的沒有什麼好談的，而這些事情他們需要幾個月的時間才能找到答案。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Peter, maybe can you just give some context around the 500,000 square-foot lease. Was that a longer kind of burn on the demand there? Is that more recent? Just to give us a sense of how quickly some of these can come together, having some bigger ones like First Aurora left to take care of?

彼得，你能否介紹一下有關 500,000 平方英尺租賃的背景？這是否對那裡的需求產生了更長的灼熱？這是最近的嗎？只是為了讓我們了解其中一些項目能夠多快地整合在一起，還有一些更大的項目需要處理，例如 First Aurora？

Yes, sure. That was on the shorter end of the spectrum. Jojo, do you want to talk about that?

是的，當然。這是光譜較短的一端。喬喬，你想談談這個嗎？

Sure, sure. Basically, the building was just completed. So basically, the building was leased at completion. Craig, we had a number of showings. As you may recall, too, that building has been 48% leased. So we've leased already basically half the building. And then so we had continuous showings in the remaining vacancy, and we actually had three interested parties, and this party wanted to really -- they needed to grow, and they want to control the space pretty quick.

當然，當然。基本上，這棟建築剛剛完工。因此基本上，該建築在竣工後就被出租了。克雷格，我們舉辦了多場演出。您可能還記得，該建築的出租率已達 48%。因此，我們基本上已經租掉了大樓的一半。然後，我們在剩餘的空置空間中不斷展示，實際上我們有三個感興趣的團體，而這個團體真的想要 - 他們需要成長，他們希望很快控制這個空間。

Tell them how long from beginning to now that discussion.

告訴他們從開始到現在討論花了多久時間。

The discussion, I would say, would be about 45 days.

我想說，討論將持續約 45 天。

Okay. And when does that will commence?

好的。那什麼時候開始呢？

Right now.

現在。

Right now immediately. Okay. And then just, I guess, more broadly, Peter, your kind of showing that there's some improvement in demand, but it doesn't sound like you guys are getting excited about it yet, but at the same time, there can be some big deals that can come quickly. I'm just kind of curious as you guys are talking to people at some of these developments, like First Aurora has been one that's been vacant for two years. Like -- are some of these I don’t want to call them stubborn vacancies but kind of longer tailed lease-ups. Are these in your opinion, like is it a leasing strategy issue? Is it a product issue? Or is it just a market issue that you guys are contending with on some of these that are taking a little bit longer to lease up.

現在，立即。好的。然後，我想，從更廣泛的角度來看，彼得，您表明需求有所改善，但聽起來你們還沒有對此感到興奮，但與此同時，可能會有一些大交易很快到來。我只是有點好奇，因為你們正在與一些開發項目的人交談，例如 First Aurora 已經空置了兩年。例如——我不想把其中一些稱為頑固空置，而是某種長期租賃。您認為這些都是租賃策略問題嗎？是產品問題嗎？或者這只是你們所面臨的一個市場問題，有些房屋的租賃時間會稍微長一些。

It's a demand-side issue. It's finding the right fit at the right time for the particular candidates or potential tenant people make decisions. This particular tenant that took the Phoenix property to the other half of the Phoenix property, made some business decisions that cause them to need it pretty quickly.

這是一個需求方的問題。人們做出決定的目的是在正確的時間為特定的候選人或潛在租戶找到合適的人選。這位將鳳凰城房產轉移到鳳凰城房產另一半的特定租戶做出了一些商業決策，導致他們很快就需要它。

It's really just finding the right fit, right, and having the right size space at the right time. And so we've had as you point out, Endeavor, several tenants come by there and actually, we've traded proposals with several tenants. Look, there's definitely pent-up demand. There's frustration to some degree. The tariff thing has really caused people to pause. And yet there are also other tenants who are less tariff sensitive who are going to do deals, and that, in fact, includes the one that signed the lease in Phoenix.

這實際上只是找到正確的匹配，並在正確的時間擁有正確大小的空間。正如您所指出的，Endeavor，已經有幾位租戶來過那裡，實際上，我們已經與幾位租戶交換了提案。看起來，肯定存在著被壓抑的需求。某種程度上存在挫敗感。關稅問題確實讓人們猶豫不決。然而，也有一些對關稅不太敏感的租戶願意達成交易，事實上，其中包括在鳳凰城簽署租約的租戶。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great. So one of your competitors mentioned that their build-to-suit pipeline is very strong. I guess are you demand on that side as well? What's your general appetite for build-to-suits? And how do those returns compare with what you might be able to generate through spec development?

偉大的。您的一位競爭對手提到，他們的客製化管道非常強大。我猜你對那方面也有要求嗎？您對訂製西裝的整體喜好是怎樣的？這些回報與您透過規範開發所能產生的回報相比如何？

Yes, the returns are always going to be a little bit lower unless there's a special circumstance. We do execute on build-to-suits. You've seen us do that, but it's also not ever been a very high-volume component of our business. Our platform is set up and our land holdings are such that we're more targeted to the speculative development business, but we do like the build-to-suit business depending on what we can earn.

是的，除非有特殊情況，否則報酬率總是會低一點。我們確實執行客製化生產。您已經看到我們這樣做了，但這也從來不是我們業務中非常重要的組成部分。我們已經建立了平台，並且持有的土地也更加專注於投機性開發業務，但是，根據我們的盈利能力，我們也喜歡定制建設業務。

And obviously, we're trying to maximize returns for shareholders. So we're going to evaluate the kinds of returns we can earn on a build-to-suit relative to the risk and taking on a speculative project - risk and return - of taking on a speculative project.

顯然，我們正在努力實現股東回報最大化。因此，我們將評估我們在客製化建設中可以獲得的回報類型，相對於風險和承擔投機專案而言 - 風險和回報 - 承擔投機專案。

Great. That's helpful. And then maybe a little bit more high level. It seems as though there are new different strategies we're seeing from tenants. Those that are continuing on with their business plans and leasing despite the uncertainty. You’ve got those that are strategizing more, but still in the market, but taking a little bit longer to make decisions and those that are completely on pause and waiting for clarity. I guess, would you agree with that characterization? And how would you kind of characterize the relative size of each of those groups today in your markets?

偉大的。這很有幫助。然後可能會更高一點。我們似乎看到了租戶採取了新的不同策略。儘管存在不確定性，但那些仍在繼續其商業計劃和租賃的公司。有些人正在製定更多策略，但仍然在市場中，但需要更長的時間來做決定，而有些人則完全暫停並等待明確的結果。我想，您會同意這種描述嗎？您如何描述當前市場上各個群體的相對規模？

I would agree with it. We've had some conversations. We're close to trading paper and they said, we want your building, but we've just got worked from HQ that we have to pause now and that was post April 2. So there's definitely a large group there. There is definitely a large group who window shop because they know they need space. They're just not sure when.

我同意。我們已經進行了一些對話。我們快要交易文件了，他們說，我們想要你的建築，但是我們剛從總部下班，現在必須暫停，那是 4 月 2 日之後。所以那裡一定有一大群人。一定有一大群人會只逛商店，因為他們知道自己需要空間。他們只是不確定具體時間。

And then there are the ones who are a bit more bold and some of them who say, hey, we see what Amazon is doing, spending $15 million or at least they're announcing to spend $15 billion on new centers, largely in rural areas, and they're going to build out their same-day delivery from the city to the suburbs to the rural areas, and they can't afford to sit and watch. So they're going to go ahead and sign leases. So I think you outlined it pretty well. You've got tenants kind of active across the spectrum in terms of objectives.

還有一些人比較大膽，他們中的一些人說，嘿，我們看到了亞馬遜在做什麼，花費 1500 萬美元，或者至少他們宣布要花費 150 億美元建立新的中心，主要在農村地區，他們將從城市到郊區再到農村地區建立當日送達服務，他們不能坐視不管。所以他們將繼續簽租約。所以我認為你概括得非常好。就目標而言，租戶在各方面都很活躍。

And do you think those different strategies are roughly equal in size? Or would you say one or another or more prominent here?

您認為這些不同的策略在規模上大致相同嗎？或者你會說這裡有一個或另一個或更突出的？

It's hard to say.

這很難說。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

I think you historically mentioned the answer was that it doesn't, but to what extent have you found that reducing price can create more leasing demand, whether it's developments or other vacancies? Like have you seen this work in some places, but not others?

我認為您以前提到過答案是否定的，但是您在多大程度上發現降低價格可以創造更多的租賃需求，無論是開發項目還是其他空置物業？就像您是否在某些地方見過這種作品，但在其他地方卻沒有見過？

Caitlin, we really -- first of all, we focus on the NPV of that discussion, if you want to call it that. There are lots of different inputs, certainly rates is one, TIs, free rent and move-in date. Some people want to sign leases and not moving for six or eight months. So there's a lot of variables there.

凱特琳，我們真的——首先，我們關注的是該討論的 NPV，如果你想這麼稱呼的話。有很多不同的輸入，當然包括費率、TI、免租期和入住日期。有些人想簽訂租約，但六個月或八個月內不搬家。因此，這裡存在著很多變數。

Lowering the rate doesn't create new demand and it's really -- then you subject yourself to a big hit to that NPV model. And so that's always the thing you try to hold steady on is rate.

降低利率不會創造新的需求，實際上——那麼你將受到 NPV 模型的巨大打擊。因此，您要始終努力保持穩定的速度。

Got it. Okay. And then just on the decision to issue the unsecured bonds. I was wondering if you guys could go through, I don't think you had talked about it before, but maybe you had, but kind of like what drove that? Is it based on your size today, efficiency of the market, that you're not doing dispositions or like what was different now versus the last 18 or so years?

知道了。好的。然後就發行無擔保債券的決定。我想知道你們是否可以討論一下，我不認為你們之前談論過這個問題，但也許你們談論過，但是是什麼推動了這一點？是基於您目前的規模、市場效率、您不進行處置還是與過去 18 年相比有什麼不同？

Sure, Caitlin, it's Scott. I think we saw that we had a path to be a serial issuer in the public bond market. We've got maturities coming up the next five years. And if you look over the majority of the years in the last 20 years, the pricing in the public bond market is inside of this pricing in the private placement market from a spread point of view. So that was the rationale for doing it. As far as the home for the offering, we had about $500 million on our line of credit. So we utilized the proceeds to pay down our line.

當然，凱特琳，我是史考特。我認為我們已經看到了成為公共債券市場連續發行者的道路。我們的債務將在未來五年內到期。如果你回顧過去 20 年的大部分時間，從利差的角度來看，公共債市場的定價都處於私募市場的定價之內。這就是這樣做的理由。就所出售的房屋而言，我們的信用額度約為 5 億美元。因此，我們利用所得款項來償還債務。

Got it. And just in terms of like what was different now versus like four years ago or something to not do it then -- any comments on that?

知道了。那麼，與四年前相比，現在有什麼不同，或者當時不應該做什麼——對此有什麼評論嗎？

We have the -- well, now if you look at our maturity schedule over the next five years, we've got enough maturities to be a somewhat of a serial issuer in the public bond market, which is what the investor base wants to see. And four years ago, we just didn't -- we might -- if we did something then, we might not have been back to the market for a couple of years, and the public bond investors like you to be back on a more recurring basis.

我們有——好吧，現在如果你看看我們未來五年的到期時間表，我們已經有足夠的到期日，可以成為公共債券市場的連續發行人，這正是投資者群體希望看到的。四年前，我們沒有——我們可能——如果我們當時採取了行動，我們可能幾年內都不會重返市場，而像您這樣的公共債券投資者也不會更頻繁地回歸。

And the size of the offering back four years ago was smaller than it is today. It wasn't benchmark size, and in some cases, the private placement market was cheaper actually than the public market.

四年前的發行規模比現在小。它不是基準規模，在某些情況下，私募市場實際上比公開市場便宜。

'17 and '18, yes

'17 和 '18，是的

Jessica Zheng, Green Street.

Jessica Zheng，綠街。

I was wondering if you have any insights around how private industrial developers are behaving in the current environment? I just wonder for the firms that are sitting on their spec developments, are they starting to offer elevated concession packages? Or are they materially cutting base rents to try to secure a tenant?.

我想知道您對私人工業開發商在當前環境下的行為有何見解？我只是想知道，對於那些正在進行規格開發的公司來說，他們是否開始提供更高的優惠待遇？或者他們正在大幅削減基本租金以試圖保住租戶？

Peter and Jojo, you guys want to talk about what you're seeing?

彼得和喬喬，你們想談談你們所看到的嗎？

Sure. I would say, generally speaking, where there are more choices you've seen concessions drift up because tenants have a lot of choices. So some developers are responding in that way. But I wouldn't say there's a material difference across the landscape for developers, Jojo?

當然。我想說，一般來說，當選擇較多時，優惠就會增加，因為租戶有很多選擇。因此一些開發人員以這種方式回應。但是我不會說對於開發商來說整個領域存在著實質性的差異，Jojo？

Yes. I would agree. And then in terms of starts, they're cautious. Hard to get debt. Debt is expensive and they're sitting - a lot of developers - are sitting on their land because they've got still some vacancies on their new developments.

是的。我同意。從開始的角度來看，他們非常謹慎。很難獲得債務。債務成本高昂，而且許多開發商都坐擁土地，因為他們的新開發案中仍有一些空置土地。

Nick Yulico, Scotiabank.

加拿大豐業銀行的 Nick Yulico。

This is Victor Fediv, on with Nick Yulico. Now that the focus is shifted to addressing '26, '27 expirations. We see that expiring rents are rather on the lower end for '26 and '27 as well. Are those assets indicative and comparable to the types of assets you leased in 2025? Just trying to understand here the demand and potential rent spreads for those properties.

我是 Victor Fediv，和 Nick Yulico 一起。現在焦點轉移到解決 26、27 年到期的問題。我們發現，26 年和 27 年到期的租金也處於較低水準。這些資產是否具有指示性並且與您在 2025 年租賃的資產類型具有可比性？只是想了解這些房產的需求和潛在的租金差價。

So asking about '26 or '27 expirations and how the rents stack up.

因此詢問 26 年或 27 年的到期情況以及租金如何累積。

Well, so '26 compared to '25, I would say, pretty consistent, but in '26, we do have a higher proportion of expirations in Dallas and Atlanta, which have been very good markets over the last several years. So I would say that's pretty much the difference between '26 and '25, '27, I don't know right off hand. I can get back to you after the call.

好吧，所以 26 年與 25 年相比，我想說，相當一致，但在 26 年，達拉斯和亞特蘭大的到期比例確實更高，這兩個市場在過去幾年裡一直非常好。所以我想說這基本上就是 26 年和 25 年、27 年之間的差別，我現在還不知道。通話結束後我會回覆您。

Got it. And then could follow-up on your current development leasing, any types of tenants that you might highlight that are having a kind of higher interest in your assets at this point? Or there is no kind of particular trend you can highlight?

知道了。然後，您能否跟進一下您目前的開發租賃情況，您是否可以強調一下目前對您的資產有更高興趣的任何類型的租戶？或者您沒有可以強調的特定趨勢？

I would say, generally, we're seeing a lot of activity from food and beverage and 3PLs, some automotive, some manufacturing, some consumer products. E-commerce continues to be very busy. As Peter mentioned a couple of minutes ago, Amazon, in particular, has a range of requirements in a number of markets. They are very, very active. So activity overall continues to be pretty broad-based. We're pleased with the breadth of that.

我想說，總體而言，我們看到食品飲料、第三方物流、汽車、製造業、消費品等領域的大量活動。電子商務依然十分繁忙。正如彼得幾分鐘前提到的，亞馬遜在多個市場都有一系列的要求。他們非常非常活躍。因此，總體而言，活動仍然相當廣泛。我們對其廣度感到滿意。

(Operator Instructions) Brendan Lynch, Barclays.

（操作員指示）巴克萊銀行的布倫丹·林奇。

You mentioned the interest rate drag on FFO in the back half. Can you also discuss the drag on same-store that's implied in guidance for the second half as well?

您提到了下半年利率對 FFO 的拖累。您能否也討論一下下半年指引中暗示的同店銷售額的拖累？

Yes, if you look at the same-store kind of the second half, it's primarily due to lower average occupancy in the second half of the year compared to the first half of the year, a little bit less contribution of the cash rental rate increases. And then we have some assumed increased free rent concessions on new leasing. So that's really what's driving that a little bit lower in the second half of the year.

是的，如果你看一下下半年的同店情況，這主要是因為下半年的平均入住率低於上半年，現金租金上漲的貢獻略小。然後，我們假設新租賃的免租金優惠會增加。所以這就是導致下半年價格略有下降的真正原因。

Okay. That's helpful. And can you also discuss what dictates when you grant a fixed-rate renewal options for tenants? Where does that kind of fall in your list of priorities when negotiating a lease -- and should we expect any more of these in the remainder of '25 to '26.

好的。這很有幫助。您還可以討論一下在授予租戶固定利率續約選項時有哪些規定嗎？在談判租約時，這些事項在您的優先考慮中處於什麼位置？我們是否應該在 2025 年至 2026 年剩餘時間內期待更多此類事項？

It's not on page 1 of the list. Let's put it that way. Obviously, you'd rather not do that, but sometimes there is a benefit. That particular case, very large tenant, very good credit, and it made sense for that deal.

它不在清單的第一頁。我們就這麼說吧。顯然，你不想這樣做，但有時這樣做是有好處的。在那個特殊的案例中，租戶規模非常大，信用非常好，這筆交易是合理的。

And Brandon, the timing of that, that was done in 2017 as part of a lease renewal at that point. So it should -- you should not take that as a reflection of market conditions in the current environment.

布蘭登，這件事發生的時間是在 2017 年，當時是作為租約續約的一部分進行的。所以你不應該將其視為當前環境下市場狀況的反映。

We do it rarely, very rarely.

我們很少這樣做，非常少。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

First question, just from your comments earlier around the Camelback lease, you mentioned that it replaced the lease-up assumptions on the 1.6 million square feet that you had in guidance, the $0.02 and that you're now assuming a 12/31 lease-up essentially. But two questions. Do you actually feel different or less confident in the timing of the lease-up on that 1.6 million square foot bucket? Any different than you did last quarter? And then I suspect this means that the 95% to 96% occupancy assumptions if you're pushing out some of that leasing that, that should sort of be disregarded, I guess, to some extent as it pertains to '25. We can do the math, but I just wanted to ask about that also since this sort of hit after the release, it sounds like.

第一個問題，僅從您先前關於 Camelback 租賃的評論來看，您提到它取代了您指導中的 160 萬平方英尺的租賃假設，即 0.02 美元，並且您現在基本上假設 12/31 的租賃假設。但有兩個問題。您是否真的對這 160 萬平方英尺土地的租賃時間感到不同或不太有信心？與上一季相比有什麼不同嗎？然後我懷疑這意味著如果您推遲部分租賃，那麼 95％ 到 96％ 的入住率假設應該被忽略，我想，在某種程度上，因為它與 '25 有關。我們可以算一下，但我只是想問一下，因為聽起來發布後這種打擊是存在的。

So for the occupancy assumptions don't change, Todd, because both the 1.5 million actually, and then also that includes the 708,000 they're assumed to lease up on 12/31. So that impacts positively impacts our four-quarter average on that. And I'm sorry, what was the other question you had? I think I took care of the last part first.

因此，對於入住率假設不會改變，托德，因為實際上有 150 萬，而且還包括 708,000 個，他們假設在 12 月 31 日租賃完畢。因此，這會對我們四個季度的平均值產生正面影響。抱歉，您還有其他問題嗎？我想我首先處理了最後一部分。

Whether or not you actually feel different at all around the timing of that 1.6 million square-foot lease up, right? Camelback helps in the sense that you're kind of pushing back that assumption, but in terms of traffic and the leasing prospects that you're working on, do you feel any different than you did last quarter?

您是否真的對這 160 萬平方英尺的租賃時間有任何不同感受，對嗎？Camelback 在某種程度上起到了幫助作用，因為你正在推翻這種假設，但就流量和你正在努力的租賃前景而言，你感覺與上一季有什麼不同嗎？

Look, we've got 5.5 months left in the year. Traffic around those assets is decent. They happen to be -- most of them happen to be – assets, as someone earlier pointed out, that have been available for a while. So the risk of getting those done is not 0. So generally, we felt than it was more reflective of the probability to push those to the end of the year.

瞧，今年還剩下 5.5 個月。這些資產周圍的交通狀況良好。它們恰好是——其中大多數恰好是——資產，正如之前有人指出的那樣，已經存在一段時間了。因此完成這些任務的風險不為 0。因此，總的來說，我們認為這更能反映將這些推遲到年底的可能性。

Michael Mueller, J.P. Morgan.

摩根大通的邁克爾·穆勒。

Two questions and one is probably like a really dumb clarification question. But on the first one, was there anything to note out of the ordinary with either property operating expenses or recoveries this quarter? Is it just looks like the ratio -- the expense ratios were kind of lighter compared to where they've been running and especially compared to last year and stuff?

在兩個問題中，其中一個可能是一個非常愚蠢的澄清問題。但關於第一個問題，本季的物業營運費用或回收方面有什麼值得注意的異常情況嗎？這是否看起來像是比率——與之前的水平相比，尤其是與去年同期相比，費用率有點低？

Mike, it's Scott. I'll explain it this way. It has to do with our tenure policy related to equity-based compensation. If you remember in the first quarter, our G&A was a lot higher because of that tenure-based policy. What does that mean? GAAP accounting requires us to expense immediately awards issued to folks that reach a certain point of age and at a certain point of service in accordance with our policy. You saw that it increased our G&A that quarter.

麥克，我是史考特。我會這樣解釋。這與我們基於股權的薪酬的任期政策有關。如果您還記得，在第一季度，由於基於任期的政策，我們的 G&A 費用要高得多。這意味著什麼？根據我們的政策，GAAP 會計要求我們立即將向達到一定年齡和一定服務點的人員頒發的獎勵計入費用。您會看到，該季度我們的 G&A 有所增加。

It also increases our property expenses because our people that manage our properties, their compensation is reflected down in that line item. So what happens is it causes a depressed margin in the first quarter. And then in the second, third and fourth quarter, the margins are elevated. And if you were to look back in the first quarter of '24 and compare it to the following quarters, that same dynamic happened. And my bet is if you look back further years, that dynamic has happened. So I would say that's the cause of the differential in margins between 1Q '25 and 2Q '25.

這也增加了我們的財產費用，因為管理我們財產的人員的報酬反映在該項目中。因此，這會導致第一季利潤率下降。然後在第二季、第三季和第四季度，利潤率就會上升。如果你回顧 24 年第一季並將其與接下來的幾個季度進行比較，你會發現同樣的動態。我敢說，如果你回顧過去的歲月，這種動態已經發生過。所以我認為這就是 2025 年第一季和第二季利潤率差異的原因。

Got it. Okay. Yes. I just thought it was a little bit bigger even compared to last year, but maybe not in that context. And then the second one, and this is kind of the dumber question. When you talk about the development leasing, because in my mind, I think, development and external growth development pipeline, when I think of same-store, I think, of occupancy, the in-service portfolio. How much of this like is all the 1.6 million development leasing you're talking about doing or the 1.5 million, is all that related to the in-service portfolio?

知道了。好的。是的。我只是覺得它比去年更大一點，但可能不是在那個背景下。然後是第二個問題，這是一個比較愚蠢的問題。當您談到開發租賃時，因為在我看來，我認為，開發和外部成長開發管道，當我想到同店時，我認為，入住率，在職投資組合。您所說的 160 萬開發租賃或 150 萬開發租賃中有多少與在役投資組合有關？

So it just happens to be stuff that you developed at some point in time that is in there? So you can have development leasing that's impacting your occupancy guidance for the in-service portfolio or is a portion of that kind of true development leasing where it's not in the in-service portfolio. It's just getting a little kind of confusing in my -- from my standpoint.

所以它恰好就是你在某個時間點開發的東西嗎？因此，您可以進行開發租賃，這會影響您在用投資組合的入住率指導，或者是屬於不在用投資組合中的那種真正的開發租賃的一部分。從我的角度來看，這有點令人困惑。

Mike, I mean, the way that we look at it, it relates to what's already in service. That's the 1.5 million. And if you want to walk through those projects after the call, I'd be willing -- definitely be willing to do so. Now life isn't perfect in development leasing though. We saw that last year as well. There might be 300,000 square feet of projects that we've completed that not aren't in service that aren't in our guidance that we lease up this year that have a positive impact that make up maybe for not leasing up some of the 1.5 million square feet. But what we have in guidance is in service. And again, I'd be glad to walk through the projects with you after the call if you'd like to.

麥克，我的意思是，我們看待它的方式與已經投入使用的東西有關。那就是150萬。如果您想在通話結束後了解這些項目，我非常願意—絕對願意這樣做。然而，現在開發租賃的生活並不完美。我們去年也看到了這種情況。我們可能已經完成了 30 萬平方英尺的項目，這些項目尚未投入使用，也不在我們的預期範圍內，但我們今年將出租這些項目，這些項目可能會產生積極的影響，彌補 150 萬平方英尺中部分面積未出租的損失。但我們的指導就是服務。再次，如果您願意的話，我很樂意在通話結束後與您一起討論這些項目。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

I feel like there hasn't been much talk about specific markets, so I figured I would follow up on it. Could you talk a little bit first about SoCal, how you saw evolve during the quarter, maybe from a demand perspective and on the rent side and whether there are any differences to call out by submarkets?

我覺得關於特定市場的討論並不多，所以我想我會跟進。您能否先談談南加州的情況，您看到本季度南加州的發展情況如何，例如從需求角度和租金方面，以及子市場之間是否存在差異？

Sure, Caitlin. Let's start with the rents. Rents I would say, from Q1 to Q2, there was a 5% decline in market rents in terms of -- but it's still -- rents today are probably about 100% or double the pre-COVID rents. So that's the way to look at it. So if you look at it, it's about 13.5%, 14% CAGR. Now let's move on to activity. Gross leasing activity in Q2 was kind of comparable to Q1. Vacancy increased about 10 basis points in both IE West and East. IE East is a little bit lower vacancy rate. It's performing better than IE East.

當然，凱特琳。讓我們從租金開始。就租金而言，我想說，從第一季到第二季度，市場租金下降了 5%——但仍然——今天的租金可能是疫情之前租金的 100% 或兩倍。這就是看待這個問題的方式。如果你看一下，它的複合年增長率大約是 13.5% 到 14%。現在讓我們繼續活動。第二季的總租賃活動與第一季相當。IE 西部和東部的空置率均增加了約 10 個基點。IE East 的空置率稍低。它的表現比 IE East 更好。

In terms of net absorption ’'s somewhat flat because despite the positive gross leasing activity, there has been a little bit higher giveback of space. Then moving on to the supply stats. Deliveries and starts have been really low. Total deliveries is under 2 million, of which roughly about 35% is pre-leased and starts are about 1.6 million, under 2 million, of which 600,000 was built to suit, so now the stats I'm giving you is basically only IE core because we don't invest in the high desert, IE North, which is less than 4% of the market. Anyway, I hope that helps in terms of rents and absorption and activities.

就淨吸收量而言，情況略有平穩，因為儘管總租賃活動呈現正態勢，但空間回饋量略有增加。然後轉到供應統計。交付量和開工率確實很低。總交付量不到 200 萬輛，其中大約 35% 是預租的，開工量約為 160 萬輛，不到 200 萬輛，其中 60 萬輛是定制生產的，所以現在我給你的數據基本上只有 IE 核心，因為我們沒有投資高沙漠地區，IE 北部，那裡的市場份額不到 4%。無論如何，我希望這對租金、吸收和活動方面有所幫助。

It does. And then I guess as you think about the other markets you guys are in, are there any to call out as being strongest versus weakest today?

確實如此。然後我想，當你考慮到你們所處的其他市場時，有沒有一個市場可以被稱為當今最強或最弱的市場？

Sure, Caitlin, it's Peter Schultz. I would say Nashville continues to be among the strongest in the country. Little new supply, good demand rents continue to go up. We've seen some increased activity in Florida recently. So all the markets are doing pretty well, but those would be two of the stronger.

當然，凱特琳，我是彼得舒茲。我想說納許維爾仍然是全國最強的城市之一。新增供應量較少，需求旺盛，租金持續上漲。我們最近發現佛羅裡達州的活動有所增加。所以所有市場都表現良好，但這兩個市場是其中表現較強的。

Caitlin, I'd just add certain submarkets in Dallas and Houston we like right now. They're doing well.

凱特琳，我現在只想補充我們喜歡的達拉斯和休士頓的某些子市場。他們做得很好。

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 our call, please reach out to Art Scott or me.

謝謝接線員，也謝謝大家今天參加我們的電話會議。如果您對我們的通話有任何後續事宜，請聯絡 Art Scott 或我。

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。