First Industrial Realty Trust Inc (FR) 2025 Q3 法說會逐字稿

Good day and welcome to the First Industrial Realty Trust Inc. third-quarter 2025 results call.

各位好，歡迎參加第一工業地產信託公司2025年第三季業績電話會議。

(Operator Instructions)

（操作說明）

Please note this event is being recorded.

請注意，本次活動正在錄影。

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

現在我謹將會議交給投資人關係和行銷資深副總裁 Art Harmon。請繼續。

Thank you, Dave. Hello everybody and welcome to our call.

謝謝你，戴夫。大家好，歡迎參加我們的電話會議。

Before we discuss our third quarter of 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. Today's statements may be time sensitive and accurate only as of today's date, October 16, 2025. We assume no obligation to update our statements or the other information we provide.

在我們討論 2025 年第三季業績和更新後的年度業績指引之前，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公司前景的預期、計劃和估計。今天的聲明可能具有時效性，並且僅在 2025 年 10 月 16 日當天準確無誤。我們不承擔更新聲明或其他資訊的義務。

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 on our supplemental report and our earnings release. The supplemental, our 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，導致這種情況的因素已在我們的 10-K 表格和其他提交給美國證券交易委員會的文件中進行了描述。您可以在我們的補充報告和獲利報告中找到今天電話會議中討論的非GAAP財務指標的調節表。補充資料、我們的獲利報告以及我們向美國證券交易委員會提交的文件可在 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.

我們的電話會議將首先由總裁兼執行長彼得·巴奇爾和財務長史考特·穆西爾致辭，之後我們將開放提問環節。今天與我們一同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；以及資本市場和資產管理執行副總裁 Bob Walter。

Now let me hand the call over to Peter.

現在我把電話交給彼得。

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

謝謝你，Art，也謝謝今天所有到場的各位。

Our team delivered another solid quarter highlighted by several development lease signings in the third quarter and fourth quarter to date, including a key win in the Inland Empire that contributed to our FFO guidance increase. Scott will provide additional details during his remarks.

我們的團隊又取得了穩健的季度業績，第三季和第四季迄今簽署了多項開發租賃協議，其中包括在內陸帝國取得的一項重要勝利，這促使我們提高了 FFO 預期。斯科特將在演講中提供更多細節。

We also captured strong cash rental rate growth from leasing activity. The renewal side of our business is exceptionally healthy, and we have now largely taken care of our rollovers for 2025. Moreover, our pace for 2026 is consistent with prior years and we're producing good early results.

租賃活動也帶來了強勁的現金租金成長。我們業務的續約方面非常健康，目前我們已經基本完成了 2025 年的續約工作。此外，我們2026年的發展速度與往年一致，我們已經取得了良好的早期成果。

Moving on to the leasing market, touring activity related to new leasing picked up in the third quarter. Notwithstanding our development leasing successes, tenant decision making on the whole remains deliberate as the uncertainty around tariffs continues to weigh on some prospects. The fundamental picture is improving. Based on CoStar data, vacancy in Tier 1 US markets was 6.3% at the end of the third quarter, which was flat compared to 2Q. We view this as a potential sign that fundamentals nationally are stabilizing.

再來看租賃市場，與新租賃相關的考察活動在第三季有所增加。儘管我們在開發租賃方面取得了成功，但由於關稅方面的不確定性繼續對一些前景造成影響，租戶的整體決策仍然較為謹慎。基本面正在改善。根據 CoStar 的數據，第三季末美國第一線市場的空置率為 6.3%，與第二季持平。我們認為這可能是國家基本面趨於穩定的跡象。

In our 15 target markets, net absorption in the third quarter was 11 million square feet, bringing the total for the first three quarters of the year to 22 million. With demand showing signs of strengthening, total leasing nationally is expected to approach near record levels this year. CBRE is projecting 900 million square feet of total leasing in 2025 which would be the second largest year on record, second only to 2021.

在我們 15 個目標市場中，第三季的淨吸收量為 1,100 萬平方英尺，使今年前三個季度的總吸收量達到 2,200 萬平方英尺。由於需求呈現增強跡象，預計今年全國租賃總量將接近歷史最高水準。世邦魏理仕預計，2025 年的總租賃面積將達到 9 億平方英尺，這將是史上第二高的年份，僅次於 2021 年。

New starts within our 15 target markets remained measured at 41 million square feet with completions of 37 million. Space under construction now totals 212 million square feet, and that pipeline is 47% pre-leased.

在我們 15 個目標市場中，新開工面積仍為 4,100 萬平方英尺，竣工面積為 3,700 萬平方英尺。目前在建空間總面積達 2.12 億平方英尺，其中 47% 已預租。

Moving now to our portfolio. Results were in line with our expectations within service occupancy of 94% at quarter end. Regarding our 2025 rollovers, we've now taken care of 95% by square footage, and our overall cash rental rate increase for new and renewal leasing is 32%. If you exclude the large, fixed rate renewal in central Pennsylvania, we previously discussed, the cash rental rate increase is 37% and the straight line increase is 59%.

接下來我們來看看我們的投資組合。季度末服務入住率達 94%，結果符合我們的預期。關於我們 2025 年的續租，我們現在已經完成了 95% 的面積，新租和續租的整體現金租金漲幅為 32%。如果排除我們之前討論過的賓州中部地區的大額固定利率續租，現金租金漲幅為 37%，直線漲幅為 59%。

As I mentioned, we're making good headway on our 2026 rollovers. Through yesterday, we've taken care of approximately 31% of our rollovers at a cash rental rate change of 31%. We'll provide our full-year 2026 cash rental rate increase guidance on our fourth-quarter earnings call, but we're off to a good start.

正如我之前提到的，我們在 2026 年的滾動更新方面取得了良好進展。截至昨天，我們已處理了約 31% 的續租，現金租金變動幅度為 31%。我們將在第四季財報電話會議上提供 2026 年全年現金租金漲幅預期，但我們目前開局良好。

Moving now to development leasing. As announced on our last call, we leased the remaining 501,000 square feet of the 968,000 square-foot building in our Camelback 303 joint venture. The three building 1.8-million-square-foot project, comprised of this building and the two we acquired from the venture earlier this year, is now 100% leased. We also leased 56,000 square feet at our First Park Miami Building 3.

接下來進入開發租賃階段。正如我們在上次電話會議上宣布的那樣，我們已出租了我們在 Camelback 303 合資企業中剩餘的 501,000 平方英尺（968,000 平方英尺）的建築物。該項目由三棟建築組成，總面積達 180 萬平方英尺，包括這棟建築以及我們今年稍早從合資企業收購的兩棟建築，目前已 100% 出租。我們還在邁阿密第一公園 3 號大樓租賃了 56,000 平方英尺的辦公空間。

In the Inland Empire, we leased our industrial outdoor storage asset in Fontana, and in the fourth quarter to date, we leased 100% of our 159,000 square-foot First Harley Knox Logistics Center. We also signed another lease at First Park Miami for 57,000 square feet at Building 12.

在內陸帝國地區，我們出租了位於豐塔納的工業戶外儲存資產，並且在第四季度迄今為止，我們已出租了 159,000 平方英尺的第一哈雷諾克斯物流中心 100%。我們還與 First Park Miami 簽訂了另一份租賃合同，租用了 12 號樓 57,000 平方英尺的辦公空間。

In sum, we're excited about the future cash flow growth opportunities ahead, and with that, I'll hand it over to Scott.

總之，我們對未來現金流成長的機會感到興奮，接下來我將把發言權交給史考特。

Thanks, Peter. Let me recap our results for the quarter.

謝謝你，彼得。讓我總結一下我們本季的業績。

NAREIT funds from operations were $0.76 per fully diluted share compared to $0.68 per share in 3Q 2024. Third-quarter 2025 FFO was positively impacted by a [$0.01] per share related to an insurance claim recovery.

NAREIT 營運資金為每股完全稀釋收益 0.76 美元，而 2024 年第三季為每股 0.68 美元。2025 年第三季 FFO 受到與保險理賠回收相關的每股 [0.01 美元] 的正面影響。

Our cash same store NOI growth for the quarter, excluding termination fees was 6.1%, primarily driven by increases in rental rates on new and renewal leasing, contractual rent bumps, and the aforementioned insurance claim recovery, partially offset by lower average occupancy and higher free rent.

本季度，不計終止費，我們的同店現金淨營業收入增長了 6.1%，主要原因是新租約和續租約的租金上漲、合約租金上調以及上述保險索賠的回收，但部分被平均入住率下降和免租期增加所抵消。

Excluding the insurance recovery, cash same store NOI growth was 5.4%. Please also note that third-quarter 2024 same store NOI excludes $4.5 million of income related to the accelerated recognition of a tenant improvement reimbursement associated with a tenant in Central Pennsylvania. We finished the quarter with in-service occupancy of 94%, down 20 basis points from the second quarter.

不計保險賠償，同店現金淨營業收入成長5.4%。另請注意，2024 年第三季同店淨營業收入不包括與賓州中部租戶相關的租戶裝修補償加速確認相關的 450 萬美元收入。本季末，入住率達 94%，比第二季下降了 20 個基點。

Summarizing our balance sheet leasing activity during the quarter, approximately 2.2 million square feet of leases commenced. Of these, approximately 400,000 were new, 900,000 were renewals, and 800,000 were for developments and acquisitions with lease up.

總結本季我們的資產負債表租賃活動，約有 220 萬平方英尺的租賃合約生效。其中，約 40 萬套為新房，90 萬套為續租房，80 萬套為已出租的開發和收購房。

Before I review our overall guidance, let me quickly update you on our bad debt expense and our credit watch list.

在回顧我們的整體指導方針之前，讓我先快速向您報告我們的壞帳支出和信用觀察名單。

Bad debt expense was $245,000 for the quarter, bringing our year to date total to approximately $750,000 which is right on top of our original guidance. Our forecast for the fourth quarter remains $250,000.

本季壞帳支出為 245,000 美元，使我們今年迄今的壞帳總額達到約 75 萬美元，正好超出我們最初的預期。我們對第四季的預測仍然是 25 萬美元。

Two additional credit-related points. One, Debenhams Group, formerly Boohoo, remains current. And two, we have added one 3PL tenant to our watch list for which we are collecting rent directly from the subtenant of the property. We are currently working through the collection process related to their lease obligation and due to confidentiality, we will not discuss further details of this matter.

額外獲得兩學分。其中一家公司，Debenhams Group（前身為 Boohoo），目前仍在運作。第二，我們已將一家第三方物流租戶加入我們的觀察名單中，我們將直接向該物業的轉租人收取租金。我們目前正在處理與其租賃義務相關的催收事宜，由於保密原因，我們不會討論此事的更多細節。

Now moving on to our guidance. We increased our 2025 NAREIT FFO midpoint by $0.04 to $2.96 per share. The $0.04 per share increase is primarily due to the development leasing successes, lower interest expense, and the aforementioned insurance claim recovery. The tightened range is now $2.94 to $2.98 per share.

接下來是我們的指導意見。我們將 2025 年 NAREIT FFO 中位數上調 0.04 美元至每股 2.96 美元。每股上漲 0.04 美元主要歸功於開發租賃的成功、利息支出的減少以及上述保險索賠的追回。目前收緊後的價格區間為每股 2.94 美元至 2.98 美元。

Our key assumptions are as follows. End of fourth quarter in-service occupancy of 94% to 96%. This implies an average quarter end in-service occupancy for the year of 94.4% to 94.9%. Our midpoint assumes we will lease an additional 300,000 square feet of our in-service developments at December 31. This lease up assumption has no impact on our midpoint FFO guidance given the December 31 date.

我們的主要假設如下。第四季末入住率達 94% 至 96%。這意味著全年平均季末在用入住率達到 94.4% 至 94.9%。我們的中點假設我們將在 12 月 31 日之前額外租賃 30 萬平方英尺的在用開發案。鑑於 12 月 31 日的日期，此租賃成長假設對我們的 FFO 中位數指引沒有影響。

Fourth quarter cash, same store NOI growth before termination fees of 3% to 5%. This implies a 2025 quarterly average same store NOI growth of 7% to 7.5%, a 75-basis-point increase at the midpoint. As a reminder, our same store guidance excludes the impact of the aforementioned accelerated recognition of a tenant improvement reimbursement in 2024.

第四季現金流，不計終止費的同店淨營業收入成長3%至5%。這意味著 2025 年季度平均同店淨營業收入成長 7% 至 7.5%，中點成長 75 個基點。再次提醒，我們的同店銷售預期不包括上述在 2024 年加速確認的租戶裝修補償的影響。

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

指導意見包括截至 9 月 30 日我們已完成和在建項目相關的預計 2025 年成本。預計到 2025 年全年，每股利息資本化金額約為 0.09 美元。我們的一般及行政費用指導範圍為 4,050 萬美元至 4,150 萬美元。

Now, let me turn it back over to Peter.

現在，讓我把麥克風交還給彼得。

Thanks, Scott.

謝謝你，斯科特。

We're energized about our recent development leasing wins and encouraged by the overall increase in foot traffic for our availabilities. We expect that as the topic of tariffs moves out of the global headlines, we will see prospective tenant requirements commit to making investments in additional space to accommodate future growth. Every day, our teams are working hard to convert prospects into tenants to drive cash flow growth and value for shareholders.

我們最近在開發租賃方面取得了一些進展，這讓我們倍感振奮；同時，我們房源的整體客流量增加也讓我們倍受鼓舞。我們預計，隨著關稅話題逐漸淡出全球新聞頭條，潛在租戶將承諾投資更多空間以滿足未來的成長需求。我們的團隊每天都在努力將潛在客戶轉化為租戶，以推動現金流成長，並為股東創造價值。

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

操作員，現在我們可以開始接受提問了。

(Operator Instructions)

（操作說明）

Rob Stevenson, Janney.

羅布史蒂文森，詹尼。

Scott, with 75 days left in the quarter, what's the delta between the $0.04-FFO range? How do you get to the low end? How do you get to the high end? What's the key thing that can move on you?

Scott，本季還剩 75 天，0.04 美元到 FFO 區間之間的差額是多少？如何達到低端水平？如何才能達到高端水準？什麼關鍵因素會讓你感到不安？

Well, I would say if you look at development leasing, we have 300,000 square feet of in-service development, and that's scheduled to lease up, Rob, on December 31, so that has no impact on the midpoint guidance. I would say the only other thing that we could think of are unanticipated credit challenging – challenges -- that could cause us to hit on the low end, and I would say on the upside leasing more than 300,000 square feet of our in-service development portfolio would push us up to the top.

嗯，我想說，如果你看一下開發租賃情況，我們有 30 萬平方英尺的在建開發項目，羅布，這些項目計劃於 12 月 31 日全部租完，所以這對中點指導沒有影響。我認為我們唯一能想到的其他因素就是意想不到的信貸挑戰——這可能會導致我們業績下滑，而從好的方面來看，如果我們在建項目組合中出租超過 30 萬平方英尺的面積，我們的業績將會達到頂峰。

Okay, that's helpful.

好的，這很有幫助。

And then can you just talk a little bit about the transaction market today, both in terms of the market for buying assets as well as selling assets? How much product you're seeing on the marketplace and what pricing looks like and how deep that buyer and seller pools are today (multiple speakers)--?

那麼，您能否談談目前的交易市場，包括資產買賣市場？如今市場上產品數量多少？定價情況如何？買家和賣家的數量又有多少？（多位發言者）－？

Jojo, you want to take that.

喬喬，你想拿走那個。

Yes. Rob, hi. It's Jojo.

是的。羅布，你好。是喬喬。

In terms of the market for leased assets, it is very, very competitive market -- the capital of the market, wants to get invested and, it's a little bit of a risk off. So if you have a leased asset, there's a lot of capital from every kind of buyer looking at it. The market for -- in terms of -- just staying on that -- in terms of valuation, I would say, “A” product, like we have, leased at market would be in the low-to-mid 5s. And depending upon market, it would be sub -- if you have markets like Nashville, Dallas, or South Florida, where it's a kind of market rent growth outpacing the whole market, the cap rates could fall below 5.

就租賃資產市場而言，這是一個競爭非常激烈的市場——市場上的資本都想進行投資，而且存在一定的風險規避。因此，如果你擁有一項租賃資產，就會有很多不同類型的買家關注它。就市場而言——就估值而言，我會說，像我們這樣的租賃產品，以市價出租，價格應該在 5 到 5 之間。根據市場情況，資本化率可能會低於 5%。例如，在納許維爾、達拉斯或南佛羅裡達等市場，市場租金成長速度超過了整個市場，資本化率可能會低於 5%。

In terms of vacant property and land, it is a little bit less robust, and the reason is that -- riskier for a lot of investors to go in, but there are some markets wherein land is continue to be very competitive and they basically get sold and compute to a -- probably a sub-6 eco yield and a sub-7.5 IRRs and those markets again include the markets I just mentioned because rent growth is expected to be higher like a Nashville or Dallas and a South Florida.

就空置房產和土地而言，情況略有不同，原因在於——對許多投資者來說，進入這些市場風險更大，但在某些市場，土地競爭仍然非常激烈，基本上會被出售，計算出的生態收益率可能低於 6%，內部收益率低於 7.5%，這些市場再次包括我剛才提到的市場，因為預計租金增長會更高，例如納什維爾、達拉斯和佛羅裡達。

Does that give you a sense?

這樣你明白了嗎？

Yeah. I guess any difference that you're seeing pricing-wise either on the buy or sell side in terms of size for 100,000 plus assets versus 250, 500, et cetera, the bigger assets.

是的。我猜想，無論買賣雙方，在價格方面，100,000 以上資產與 250, 500 等較大資產的價格差異，都是由資產規模造成的。

No, no material difference, Rob.

不，沒有實質的區別，羅布。

Okay. Thanks, guys. Appreciate the time this morning.

好的。謝謝各位。感謝您今天上午抽出時間。

Nick Thillman, Baird.

Nick Thillman，Baird。

Maybe wanted to touch a little bit on 2026. Good progress there, spreads are pretty stable year on year, but as we look at kind of '26 expirations, is there anything we should that's worth calling out, whether it be size of tenants or like fixed rate renewals that could really swing the numbers?

或許可以稍微談談2026年。進展不錯，利差逐年保持穩定，但當我們展望 2026 年到期的合約時，有沒有什麼值得我們特別指出的，例如租戶規模或固定利率續約等，這些都可能對數字產生重大影響？

Chris?

克里斯？

Yeah. We look at 2026, like I said, we're in pretty good shape. We've already renewed 31%. Our largest remaining rollover today is a 550,000 square-foot expiration in Southern California. That rolls in the third quarter of 2026, and right now we're in discussions with them about a renewal.

是的。就像我剛才說的，展望2026年，我們情況相當不錯。我們已經續簽了31%。我們目前剩餘的最大到期案是位於南加州的一處面積達 55 萬平方英尺的房產。這項計畫將於 2026 年第三季啟動，目前我們正在與他們討論續約事宜。

That's helpful.

那很有幫助。

And then maybe Peter Baccile, when you're talking to Peter Schultz or Jojo, like what markets or -- who do you like hearing from more right now? Like I guess who's been a little bit more active here in the last 90 days?

然後，也許彼得·巴奇爾，當你和彼得·舒爾茨或喬喬交談時，你會問他們，你現在更想聽到哪些市場或誰的聲音？我想問大家，過去90天裡，誰在這裡比較活躍？

I love hearing from both of them. Are you kidding? (laughter)

我很高興收到他們兩個的消息。你在開玩笑吧？（笑聲）

I mean, as far as market performance, South Florida, Nashville, Houston, Dallas. Actually the greater Philly area continue to be, I'll say, outperformers nationally. Atlanta is doing pretty well also. That doesn't mean I don't love to hear from Jojo about what's going on in Phoenix and SoCal. And in particular, I ping Jojo quite a bit about what's going on in SoCal. So, we're encouraged by the new lease for Harley Knox, 159,000. We do have good foot traffic around our other availabilities, and, not everyone is that tariff sensitive and so, we're getting to see some -- beginning to see some of those players begin to act.

我的意思是，就市場表現而言，南佛羅裡達、納許維爾、休士頓、達拉斯。事實上，我認為大費城地區在全國範圍內仍然表現優異。亞特蘭大的情況也相當不錯。但這並不意味著我不喜歡聽喬喬講述鳳凰城和南加州正在發生的事情。尤其是我經常向喬喬詢問南加州正在發生的事情。所以，我們對哈雷·諾克斯的新租賃合約（159,000）感到鼓舞。我們其他房源的客流量都不錯，而且並非所有人都對關稅那麼敏感，所以我們開始看到一些玩家開始採取行動。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

First, I wanted to ask if you could discuss the company's appetite for future developments. How you're thinking about new starts today? And can you talk about the mix between spec and build the suits as you think about adding more product to the pipeline and what the yield expectations between the two are like today?

首先，我想請您談談公司對未來發展的興趣。今天你對新的開始有什麼想法？您能否談談在考慮向產品線中添加更多產品時，規格製定和生產製造之間的平衡，以及目前兩者之間的良率預期如何？

Sure. We don't give guidance on volumes, but I don't mind talking about directionally what we're thinking about in the terms of development.

當然。我們不提供銷售方面的指導，但我不介意談論我們在發展方向上的想法。

As I mentioned a second ago, we do continue to like the markets of South Florida and Greater Philly, Dallas, Houston, Nashville. Where we have land in those markets, we will be considering starts in 2026. Where we don't have land, like Nashville and those markets, we're working very hard to change that.

正如我剛才提到的，我們仍然看好南佛羅裡達、大費城地區、達拉斯、休士頓和納許維爾的市場。在這些市場中，如果我們擁有土地，我們將考慮在 2026 年開工。在像納許維爾這樣的市場，我們沒有土地，我們正在努力改變這種狀況。

But we have some great sites today available in some of those markets that are entitled and ready to go, so we'll be thinking about that. In terms of yields on a portfolio basis our available opportunities are going to yield close to 7%. Some will be higher than that, with IRR's 9% or north of 9%. Is that -- was that you asked about returns, didn't you?

但是，目前我們在一些市場中有一些很棒的網站，這些網站已經獲得授權並準備就緒，所以我們會考慮這些網站。從投資組合的報酬率來看，我們目前可獲得的投資機會報酬率將接近7%。有些產品的收益率會更高，內部收益率 (IRR) 為 9% 或高於 9%。那是——那是你問關於退貨的問題，對吧？

Yeah, between, sort of spec and build to suits (multiple speakers)--

是的，介於兩者之間，有點像是規格和​​客製化。（多位發言者）——

-- (multiple speakers) Build-to-suits are going to be a little bit less than that. Where we try to get 100 to 125 basis points spread on spec development relative to, market cap rates you're probably looking at more like 50 to 60 basis point spreads for build-to-suits. And in terms of mix as most of our development volumes over the years has been spec. I don't think that that mix is going to change much for us going forward.

（多人發言）客製化產品的價格會比這略低一些。我們試圖在投機性開發項目中獲得相對於市值比率 100 至 125 個基點的利差，而對於定制建造項目，利差可能更接近 50 至 60 個基點。就產品組合而言，多年來我們的大部分開發量都是客製化產品。我認為這種組合在未來不會對我們造成太大影響。

Okay, that's helpful.

好的，這很有幫助。

And then I just wanted to follow-up I guess, on SoCal. Can you elaborate a little bit on current market conditions there, maybe discuss rent trends, and sort of what the latest is in terms of concessions and free rent in the market.

然後，我想就南加州的情況再補充一些資訊。您能否詳細介紹一下當地目前的市場狀況，例如租金趨勢，以及市場上最新的優惠和免租政策？

Yeah. Jojo?

是的。喬喬？

Sure, thanks. Well, a couple of things. Top level, the demand side, if you look at Q to Q, gross and net absorption was higher from 3Q to 2Q. So and that's -- and then, that was also a result of increased traffic. Now there's more inquiries, tours, and RFPs. As Peter noted in terms of the market, there are tenants just like the recent lease that we did where the tenant had to make a decision quickly because they need it and they're not kind of tariff-related. But the tenant paces for committing and signing leases were about flat Q2Q.

好的，謝謝。嗯，有兩件事。從最高層面，也就是需求方面，如果你看一下季度環比，毛吸收量和淨吸收量都從第三季到第二季增加。所以，那是──然後，那也是交通流量增加的結果。現在諮詢、參觀和招標邀請都更多了。正如彼得在市場上指出的那樣，有些租戶就像我們最近完成的那份租賃合約一樣，他們必須迅速做出決定，因為他們需要它，而且這與關稅無關。但租戶簽訂租賃合約的速度與上一季基本持平。

On the supply side, that's where we're continuing to be having good supply metrics under construction was basically flat and starts were actually much lower Q to Q again. So just top level, all in all, the fundamentals are pointing to the bottoming out of the market. And an overlay with that, you have improving supply metrics and signs of increasing demand.

在供應方面，我們繼續保持良好的供應指標，在建項目基本持平，開工量環比再次大幅下降。綜上所述，從根本來看，市場基本面正在觸底。同時，供應指標也在改善，需求跡像也在增加。

So overall, we see rents – Q to Q rents were about flat, vacancy was about flat, again, reflective bottoming out of the market. In terms of going forward, we think it's going to be flattish still because the whole -- the SoCal market still has space to digest, but it really -- we feel like it's stabilized.

所以總的來說，我們看到租金環比基本上持平，空置率也基本持平，這再次反映出市場觸底反彈。展望未來，我們認為市場仍將保持平穩，因為整個南加州市場還有消化空間，但我們感覺它已經趨於穩定。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Just thinking about '26, you guys still have Aurora and your asset in York to backfill. Can you talk through the kind of the competitive landscape in each of those markets and what the prospects you guys have to kind of address those vacancies?

想想 2026 年，你們還有 Aurora 和在 York 的資產可以填補空缺。您能否詳細介紹各市場的競爭格局，以及貴公司有哪些前景可以填補這些職缺？

Peter?

彼得？

Sure. Good morning, Craig. It's Peter.

當然。早安，克雷格。是彼得。

Starting in Denver, we're one of two buildings in that size. The supply picture in Denver has improved. We continue to see and work with prospects for all or portions of the building. As we've talked about on prior calls, the larger deals tend to move a little bit slower than the smaller mid-size deals, but we continue to see good activity there and as I said, not a lot of options for full building users.

從丹佛開始，我們是僅有的兩座同等規模的建築之一。丹佛的供應情況有所改善。我們繼續與有意購買該建築物全部或部分產權的潛在買家接洽。正如我們在之前的電話會議中討論過的，較大的交易往往比較小的中型交易進展得慢一些，但我們仍然看到這方面的交易活動良好，而且正如我所說，整棟樓的用戶並沒有太多選擇。

In Pennsylvania for the 708 in York, there are three or four other buildings of similar size. Pennsylvania saw some positive absorption. In the third quarter, more importantly, there's almost 9-million square feet of deals that are already signed in Pennsylvania that'll be taking occupancy in the fourth quarter of this year in the first half of next year.

在賓州，約克市的 708 號公路沿線還有三、四座規模相近的建築。賓州的吸納量增加。更重要的是，在第三季度，賓州已經簽署了近 900 萬平方英尺的交易，這些交易將在今年第四季或明年上半年投入使用。

So as Peter said in his remarks, activity is up. We're seeing more tours and interest. We are talking to a couple of prospects, particularly on the 3PL side for our building in York. That size, I would say has been good, but smaller and bigger has been better, but we're encouraged by the level of activity and the lease signings that we've seen to date that are going to occupy, as I said, in the fourth quarter and the first half of next year.

正如彼得在演講中所說，活動增加。我們看到參觀人數和關注度都在增加。我們正在與幾家潛在客戶洽談，特別是為我們在約克的辦公大樓尋找第三方物流供應商。我認為目前的規模還不錯，但規模更小或更大一些會更好，不過我們對迄今為止看到的活躍度和租賃簽約情況感到鼓舞，正如我所說，這些簽約將在第四季度和明年上半年投入使用。

That's helpful color and that listen, I know it's not embedded in your '25 guidance, but at this point just given the dynamics of the market and the activity that you're seeing, how should we think realistically about, kind of, commencement timing potentially for those two assets over the next 12 months?

這些資訊很有幫助。聽著，我知道這並沒有包含在你們的 2025 年業績指引中，但就目前而言，考慮到市場動態和你們所看到的活動，我們應該如何務實地考慮未來 12 個月內這兩個資產的潛在啟動時間？

Yeah I think we'll update you on that on our fourth quarter call, but we're encouraged by some of what we're seeing at this point.

是的，我想我們會在第四季度財報電話會議上向您報告情況，但目前我們看到的一些情況令人鼓舞。

Okay, and then slipping one more in.

好吧，然後又偷偷加了一個。

Scott, on the 3PL that just got added to the watch list. I know you can't give too many details, but is that subtenant kind of talking to you about potentially going direct if the primary tenant does default. Like what's the -- can you give anything on the magnitude of the rent there or what market it's in just anything incremental?

Scott，關於剛被列入觀察名單的第三方物流公司。我知道你不能透露太多細節，但是那個二房客是不是在跟你商量，如果主房客違約，他可能會直接找你？例如，你能透露一下那裡的租金水平，或是它所處的市場環境之類的資訊嗎？任何相關的補充資訊都可以。

We're not going to get into the magnitude of the rent, Craig, but there are some potential conversations or conversations we're having with the subtenant to take over, so yes.

克雷格，我們不打算討論租金的具體數額，但我們正在與二房客進行一些潛在的談判，或者說我們正在與二房客商討接管事宜，所以是的。

Nick Yulico, Scotiabank.

Nick Yulico，加拿大豐業銀行。

Hello, everyone. This is Viktor Fediv on with Nicholas Yulico.

大家好。這裡是維克托·費迪夫，我正在和尼古拉斯·尤利科連線。

So just a quick question on your development leasing assumptions. So on the previous call you mentioned 1. 5 -- 1.5 million square feet by the end of this quarter, obviously got pushed a bit just trying to understand whether it's end of first quarter or end of second quarter of 2026. Do you have a perspective on that?

那麼，關於你們的開發租賃假設，我還有一個小問題。所以在上一次電話會議上，您提到到本季末將達到 150 萬平方英尺，顯然我有點疑惑，只是想弄清楚這是指 2026 年第一季末還是第二季末。你對此有何看法？

We're -- Peter talked about two of the leases that we're talking about, but we're not going to -- we're having our budget process coming up in December -- fourth quarter. And in our fourth quarter call which is in early February, we'll give you a better idea of what our thoughts are on lease up on that remaining pool.

彼得談到了我們正在討論的兩份租賃合同，但我們不會——我們的預算流程將在 12 月——第四季度進行。在二月初舉行的第四季電話會議上，我們將向您更清楚地說明我們對剩餘泳池租賃情況的看法。

Got it. Thank you.

知道了。謝謝。

And then a quick follow-up on the market rents. Just trying to understand from boots on the ground, what you are seeing in terms of best performing markets and worst performing markets in your portfolio in terms of market rents?

然後快速跟進一下市場租金狀況。我只是想從實際角度了解一下，就市場租金而言，您認為您的投資組合中表現最佳和表現最差的市場分別是什麼？

Yeah, to start with, just kind of say, our leading markets in 2025 I’ll highlight four of the markets. Atlanta, we had cash rental rate increases of 113%; Baltimore, Washington was up 86%; South Florida was up 62%; and then finally Dallas and Fort Worth have been a strong market for us, they're up 61% in 2025. So it's going to give you an idea on the leading markets, Peter and Jojo can comment a little bit more on what they see.

是的，首先，就說說我們在 2025 年的主要市場吧，我將重點放在其中的四個市場。亞特蘭大的現金租金上漲了 113%；巴爾的摩和華盛頓上漲了 86%；南佛羅裡達上漲了 62%；最後，達拉斯和沃斯堡一直是我們的強勁市場，預計 2025 年將上漲 61%。這樣可以讓你對主要市場有所了解，Peter 和 Jojo 可以對他們觀察到的情況再做一些評論。

Want to talk about market rent growth, Jojo?

喬喬，你想聊聊市場租金成長嗎？

In terms of market rent growth, I mean, in terms of the west part of the market, I think Dallas would be the strongest market and then we expect SoCal to be flattish. And Phoenix has been a slight increase, a lot of supply, but outperforming in terms of growth and net absorption.

就市場租金成長而言，我的意思是，就市場西部而言，我認為達拉斯將是成長最強勁的市場，然後我們預計南加州市場將保持穩定。而鳳凰城的房價略有上漲，供應量很大，但在成長和淨吸收量方面表現優異。

Peter?

彼得？

I would say that the other markets around the country are flattish to slightly up, and it's really a submarket by submarket call.

我認為全國其他地區的市場走勢基本上持平或略有上漲，具體情況需要逐個子市場進行判斷。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Not to pile on, but can you just clarify and walk us through the ins and outs related to the 1.5-million square feet of development leasing discussed last quarter? Just wondering some of those specific adjustments that might have been made to that lease of time frame and whether any of the development leasing that you guys did this quarter was part of that 1.5-million square feet or was that expectation reduced by the full 1.2-million square feet?

我不想雪上加霜，但您能否澄清並詳細介紹一下上個季度討論的150萬平方英尺開發租賃的來龍去脈？我想知道租賃期限的具體調整有哪些，以及你們本季進行的開發租賃是否包含在150萬平方英尺的範圍內，還是預期面積減少了120萬平方英尺？

So here's the math that we talked about on the second quarter call. We had the 1.5-million square feet of projected in service development leasing and that was going to happen on December 31. We have the 708,000 square-foot in Central PA that Peter talked about. So that's the 2.2-million square feet that we referenced on the second quarter call. We signed 200,000 square feet of leases in the in-service development pool, one in Miami, one in Southern California. That leaves us with 2-million square feet remaining.

這就是我們在第二季財報電話會議上討論的數學計算。我們預計將有 150 萬平方英尺的服務開發租賃項目，該項目將於 12 月 31 日完成。我們在賓州中部擁有彼得提到的那塊 708,000 平方英尺的土地。這就是我們在第二季電話會議上提到的 220 萬平方英尺。我們在用開發案池中簽署了 20 萬平方英尺的租賃協議，其中一處位於邁阿密，一處位於南加州。這樣還剩下200萬平方英尺。

We are in our forecast or guidance forecasts, we have 300,000 square feet, and that's a macro assumption of in-service development. It could be a multitude of different options assumed, so that leaves us 1.7-million square feet, and that's now slated to lease up in 2026. And as we said, we're going to go through our budget process here in the next couple of months, and when we have our fourth quarter call in early February, we'll give you an idea of when we think lease up will occur.

根據我們的預測或指導預測，我們有 30 萬平方英尺，這是在役開發的一個宏觀假設。假設有多種不同的選擇，那麼就剩下 170 萬平方英尺，這些面積預計將於 2026 年出租。正如我們所說，我們將在接下來的幾個月完成預算編制工作，並在二月初召開第四季電話會議時，向大家介紹我們認為租賃何時能夠完成的情況。

Okay, great, that's really helpful.

好的，太好了，這真的很有幫助。

Second question, Asian 3PLs have been a significant part of the leasing activity we've seen over the last year or so. Can you give us any color on how demand from that group has trended more recently? How much additional demand is behind that group over the longer-term? And maybe also how you're thinking about credit for those tenants.

第二個問題，在過去一年左右的時間裡，亞洲第三方物流公司一直是租賃活動的重要組成部分。您能否介紹一下近期該族群的需求趨勢？從長遠來看，該群體還有多少額外需求？或許也要考慮一下你對這些租戶信用狀況的看法。

Yeah, they've definitely been very active, following up on a lot of the, I'll say, pull forward of imports trying to get ahead of the tariffs. We kind of look at that as a bit of a short-term thing and from a credit standpoint would prefer not to be in discussions a year or two or three from now about trying to get rent that we couldn't collect. So we have generally stayed away from that demand. It has been pretty strong though and been a pretty significant percentage of the space that's been leased.

是的，他們確實非常積極，一直在跟進許多提前進口的貨物，試圖搶在關稅生效前完成交易。我們把這看作是短期問題，從信用角度來看，我們寧願不要在一兩年甚至三年後討論如何追討我們收不回來的租金。所以我們基本上都避開了這種需求。不過，它的表現一直相當強勁，而且在已出租的空間中所佔比例也相當大。

Vikram Malhotra, Mizuho Securities.

Vikram Malhotra，瑞穗證券。

Maybe just, I'm wondering if you can maybe give us a little bit more color on some of the large lease ups, in particular, like the Federal-Mogul space, some of the other large lease ups more -- not just -- not timing, but what sort of demand are you seeing relative to kind of what you typically see in the submarket, anything unique you may be seeing -- any need to subdivide or I guess redevelop those assets. If you can walk through some of the bigger pieces you're trying to lease up and what sort of demand and what the strategy behind those.

我想請您詳細介紹一些大型租賃項目，特別是像 Federal-Mogul 的租賃空間，以及其他一些大型租賃項目——不僅僅是時間安排，而是您看到的市場需求與該細分市場通常的需求相比如何，您是否看到了任何獨特的情況——是否需要分割或重新開發這些資產。如果您能詳細介紹您正在嘗試租賃的一些較大的地塊，以及它們的需求類型和背後的策略，那就太好了。

Vikram, it's Peter Schultz. I answered that question a couple of questions ago, but I will say that both of the buildings are designed to be multi-tenanted. That's something we always incorporate in our new developments, so certainly flexible. Activity is good. As we've commented on a couple of times, the larger deals tend to move a little slower and more deliberately, but we're encouraged by the activity we're seeing today.

維克拉姆，我是彼得‧舒爾茨。我之前已經回答過這個問題了，但我還是要說，這兩棟建築都是設計成多租戶用途的。這是我們始終會在新開發專案中融入的元素，所以它肯定具有靈活性。活動是好事。正如我們之前多次提到的，較大的交易往往進展得比較慢，也比較謹慎，但我們對目前看到的交易活動感到鼓舞。

Okay, great.

好的，太好了。

And then maybe just to follow on to the, I guess, the '26 sort of you mentioned good progress on expiration. I'm just wondering if you have some high-level math. You've done a lot of leasing this year which will flow into next. For whatever reason, if you had -- if you were to do all the additional leasing that you've pushed out into next year, if that were to occur at right at the end of next year, is there like a rough impact to earnings next year you would have?

然後，也許可以接著您提到的「26 年」之類的到期日，進展順利。我只是想知道你是否懂一些高等數學。你今年做了很多租賃業務，這些業務將會延續到明年。無論出於何種原因，如果您將所有推遲到明年進行的額外租賃活動都安排在明年年底，這對明年的收益會有大致的影響嗎？

I mean the later in the year that we complete that leasing, the less impact it has on 2026 results. And that timing when we sit down and do our budgets, we're going to talk about where we are in discussions on these assets, and that'll inform our decisions around when in the -- during the year that we think we can get those leases signed. So that's work that we have yet to do and you'll hear a lot more from us on that subject in February.

我的意思是，租賃交易完成得越晚，對 2026 年業績的影響就越小。屆時，當我們坐下來製定預算時，我們會討論這些資產的談判進展情況，這將影響我們決定在一年中的哪個時間段簽署這些租賃協議。所以這是我們尚未完成的工作，二月你們會聽到更多關於這個主題的消息。

Okay, no, I guess what I was just saying is it seems like you have a lot of the growth baked in for next year through the leasing you've done through the expirations, obviously the renewal activity has been good, so it just -- to me it felt like, there's less risk whether you do it at the beginning of the year or the end of the year, a lot of the growth that I guess the Street anticipating seems to be locked in. I don't know if you agree or disagree with that.

好的，不，我剛才想說的是，你們似乎已經通過之前到期的租賃交易，為明年的成長做好了充分的準備。顯然，續租情況也很好，所以——對我來說，感覺無論是在年初還是年末進行，風險都比較小，華爾街預期的大部分增長似乎都已經鎖定了。我不知道你是否同意這種觀點。

Yeah, I mean when you look at what we're trending right now on cash rent growth, the 31% -- call it 31% of the rollovers, that's obviously a very strong number and helps 2026 considerably. Also, for next year our portfolio wide bumps on average are going to be 3.45%. So that obviously contributes on the proportion of the portfolio that doesn't roll so yeah, we're in pretty good position.

是的，我的意思是，看看我們目前現金租金成長的趨勢，31%——或者說31%的續租——這顯然是一個非常強勁的數字，對2026年有很大的幫助。此外，明年我們投資組合的整體漲幅平均將達到 3.45%。所以這顯然會影響到不進行展期的投資組合比例，因此，是的，我們處於相當有利的地位。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

So I just reading your sort of (technical difficulty)--

所以我只是讀了讀你那邊的情況。（技術難題）——

Hey, Rich, we're having a hard time hearing you.

嘿，里奇，我們聽不太清楚你說話。

How about now?

現在怎麼樣？

That's better.

這樣好多了。

Much better.

好多了。

Is it better? Okay, sorry about that.

這樣更好嗎？好的，抱歉。

Just listening to your body language on the call and just sort of the level of confidence that you're expressing, it doesn't necessarily jump off the screen as much as it did for PLD yesterday, but sort of mentioning deliberate tenants and all that sort of stuff, but good tone nonetheless.

從你在電話中的肢體語言和你表現出的自信程度來看，雖然不像昨天PLD那樣令人印象深刻，但你提到了刻意安排的租戶等等，語氣依然很好。

But how would you describe the interplay between tenants? I mean, to what degree are they sort of watching one another and someone takes the leap and the others are following? Do you think that that's sort of a perhaps an oversimplification, but how the market may ultimately recover? There'll be more of a herd event of some sort or do you think it'll be more like a slow-and-steady recovery type of process?

但您會如何描述租戶之間的互動呢？我的意思是，他們在多大程度上互相觀察，當有人踏出第一步時，其他人就會跟隨？你認為這或許是一種過於簡單的概括，但市場最終可能會如何復甦呢？你認為會出現某種群體性的反彈，還是會像緩慢而穩定的復甦過程？

Yeah, there's definitely linkages from a competitive standpoint between certain businesses and certain sectors, and you do see that when a bigger player moves quickly and moves significantly. It does tend to act as a catalyst for others to get off the sidelines. We saw that certainly in during COVID with Amazon getting way ahead of its competitors and pretty much if you sell anything today, you're competing with Amazon.

是的，從競爭的角度來看，某些企業和某些行業之間肯定存在聯繫，當規模更大的企業迅速採取重大行動時，你就會明白這一點。它確實能起到催化劑的作用，促使其他人不再袖手旁觀。我們在新冠疫情期間就看到了這一點，亞馬遜遠遠領先競爭對手，如今如果你銷售任何東西，你都在與亞馬遜競爭。

So what they do definitely has a playthrough to the rest of the business, but that's kind of a higher level observation. To get too focused on details on that is probably not constructive. But yes, there is a little bit of a follow you, follow me that happens and the more leases that get signed now.

所以他們的所作所為肯定會對公司的其他業務產生影響，但這是更高層次的觀察。過度關注細節可能並無益處。但確實存在著一種「你追我趕」的現象，而且現在簽署的租約也越來越多。

If you're a tenant rep and your attitude to your client's needs goes from you can wait a couple of months to you better sign now, it's the best deal you're ever going to get. And when the Chinese 3PLs lease up all the competitive space and all that's left is say ours and maybe one other, people start to move a lot more quickly. So that dynamic hasn't happened, but it's certainly trending toward that.

如果你是租戶代表，你對客戶需求的態度從“你可以等幾個月”轉變為“你最好現在就簽約”，那麼這將是你所能獲得的最佳交易。當中國第三方物流公司租下所有競爭空間，只剩下我們公司和可能另一家公司時，人們的行動速度就會加快很多。所以這種局面還沒有發生，但肯定正在朝著這個方向發展。

Yeah, I wonder if the pull forward of demand in the early COVID era, if that's something like that could materialize and if perhaps you don't even want that, but it may be the fact of the matter nonetheless.

是的，我很好奇新冠疫情初期那種提前釋放需求的現像是否會再次出現，也許你並不希望如此，但這或許就是事實。

Yeah, I wouldn't call it pull forward. I would call it now all of a sudden there's a cost to waiting and for the last two years, there's been no cost to waiting. And when there becomes a cost to wait, that's when people act, and that does not mean that we're over-signing leases like we did during COVID. That's a completely different phenomenon.

是的，我不會稱之為向前拉動。現在突然之間，等待是有代價的，而過去兩年等待卻沒有任何代價。當等待需要付出代價時，人們就會採取行動，但這並不意味著我們會像新冠疫情期間那樣過度簽訂租約。那是完全不同的現象。

Okay, fair enough.

好吧，這說得有道理。

Second, any -- you talked about taking advantage of the land positions in some of your better markets and considering a development next year. What about monetizing some land elsewhere, the data center movement, AI, all that, is that something that could be on the horizon for you guys as well to some degree?

其次，您提到要利用一些較好市場的土地優勢，並考慮明年進行開發。將其他地方的土地貨幣化、資料中心發展、人工智慧等等，這些在某種程度上也是你們未來可能考慮的事情嗎？

I mean, we're looking at everything, not just land, but even all the income producing assets we have to see if from an economic standpoint and from a feasibility standpoint, it would make sense to convert those assets to a higher and better use. From a value standpoint, data centers are a higher and better use, so we're looking at that. There are a lot of hurdles and a lot of challenges involved in trying to do something like that but we're tearing into it and we'll see if we can dig up any opportunities.

我的意思是，我們正在考察一切，不僅是土地，還包括我們擁有的所有創收資產，從經濟角度和可行性角度來看，將這些資產轉化為更高更好的用途是否有意義。從價值角度來看，資料中心是更高更好的用途，所以我們正在考慮這方面。做這樣的事情有很多障礙和挑戰，但我們正在全力以赴，看看能否挖掘出一些機會。

Great last for me. We've done some work on this sort of the ultimate recovery of industrial, and it seems to me that larger boxes may be the leaders in the inevitable recovery of the business, if it's not already recovered or getting recovered. Do you agree with that? That perhaps, the larger boxes are the -- will lead the pack or do you have sort of a different view based on size category?

對我來說，這是個很棒的結尾。我們已經對工業的最終復甦做了一些研究，在我看來，如果工業尚未復甦或正在復甦，那麼大型包裝箱可能會引領工業的必然復甦。你同意嗎？或許，較大的盒子會引領潮流，或者你根據尺寸類別有不同的看法？

Certainly that impacts the volume and capacity and one of the reasons the volume has been down is that there haven't been that many 1 million footers lease like there were in '21, '22, and '23. So from that standpoint, that impacts the capacity on the large numbers but what we really need is -- as a group of tenant requirements that begin to sign, consistently, new development leases and investing in growth, and it's beginning to happen.

這肯定會影響貨運量和運力，貨運量下降的原因之一是，不像 2021 年、2022 年和 2023 年那樣，有那麼多 100 萬英尺長的貨輪被租賃。從這個角度來看，這會影響到大量的容量，但我們真正需要的是——作為一群租戶，開始持續簽署新的開發租賃協議並投資於成長，而這種情況正在開始發生。

Some of it is from tenants who aren't that tariff sensitive. Some of it is from tenants who kind of say they can't wait anymore. So there's definitely been some pent-up demand. And I would say this is the -- we're getting back to a feeling like we had pre-April 2. We're not there yet, but it's feeling like we're getting back to that time period.

部分原因是租戶對關稅不太敏感。其中一些來自租戶，他們表示他們已經等不及了。所以，肯定存在一些被壓抑的需求。我想說，我們正在恢復到4月2日之前的感覺。我們還沒到那個時候，但感覺我們正在回到那個時代。

Hey, Rich. It's Peter Schultz.

嘿，里奇。他是彼得·舒爾茨。

The other thing I'd add to Peter's comments is we continue to see a flight to quality. So as you think about the quality and location of our assets and activity. Certainly, we're seeing activity a million and more, but we're also seeing strength and breadth of activity across a variety of sizes. So I wouldn't say it's in one size, but we focus as you know on delivering new product in unmet pockets of size in our target markets, so we feel pretty good about the broad range of square-footage requirements.

我還要補充彼得的觀點，那就是我們持續看到投資人轉向優質產品。所以，當你考慮我們資產和活動的品質和位置。當然，我們看到了百萬級及以上的活躍用戶，但我們也看到了各種規模用戶的活躍度和廣度。所以，我不會說它只有一種尺寸，但正如您所知，我們專注於在目標市場中尚未滿足的規模範圍內提供新產品，因此我們對各種面積需求都相當有信心。

And I just want to emphasize that movement to quality favors us because we've built now so much of what we own and that's another reason that we're -- our foot traffic's way up.

我只想強調，追求品質的趨勢對我們有利，因為我們現在擁有的東西很多都是我們自己建造的，這也是我們客流量大幅上升的另一個原因。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

I was wondering if you guys could go through today how you're balancing the rate versus occupancy equation. How does it vary maybe by first-generation development properties versus the existing portfolio and then renewals?

我想請教一下各位，今天你們是如何平衡房價和入住率的？第一代開發案與現有資產組合以及續約項目有何差異？

Sure, I mean, the whole thing is all about NPV. We're constantly trying to maximize the NPV with respect to those inputs. Base rate is most important and near and dear to our hearts, giving up another month or two of free rent’s not the end of the world, although we'd rather not. And on the TI front, it's typically been standard TI packages.

當然，我的意思是，這一切都與淨現值有關。我們一直在努力使淨現值在這些投入的基礎上最大化。基本租金對我們來說最重要、最珍貴，放棄一兩個月的免費租金並不是世界末日，儘管我們寧願不要這樣做。而德州儀器方面，通常都是標準的德州儀器封裝。

Do you guys want to add some color and what you're seeing in your markets?

你們想不想分享你們在市場上看到的景象，增添一些色彩？

So Caitlin, the other thing I'd point to is, as we talked about in the script, our renewals in '26 are really strong to date, and you're seeing good pricing pressure there. So it's, I think you've asked us about this before, it's not really about price, it's about the demand and the right product in the right place, and we clearly see an improvement in traffic, particularly among those tenants who are not tenant -- not tariff-centric, as we've commented about a couple of times today. Certainly, there are assets where we have work to do and some of those may be in more competitive pockets like JoJo has talked about, and we're going to meet the market and do what we need to do to the lease the space.

所以凱特琳，我想指出的另一點是，正如我們在劇本中討論的那樣，到目前為止，我們在 2026 年的續訂情況非常強勁，而且你也看到了良好的定價壓力。所以，我想你們之前也問過我們這個問題，這真的不是價格的問題，而是需求和合適的產品出現在適當的地方的問題。我們明顯看到客流量有所改善，尤其是在那些並非以租金為中心的租戶中——正如我們今天幾次提到的那樣。當然，有些資產我們還需要努力，其中一些可能位於競爭更激烈的地區，就像 JoJo 提到的那樣，我們將迎合市場，盡我們所能出租這些空間。

Got it, yeah, I guess I was wondering if like the willingness for you guys to wait that extra month to get the better rate has changed, but it sounds like it probably hasn't, so got it.

明白了，是的，我之前是想知道你們是否願意再等一個月以獲得更優惠的利率，但聽起來好像沒有，所以我明白了。

And then on the point you made on the progress you guys have made on '26, I would have generally thought that spreads would decline over time as comps get tougher, but you have essentially maintained the 31% or 32% spread in '26 from 2025, so I was just wondering if you could give more detail on how that was possible, what the drivers were, if it could continue. Is it just like lease-specific or is there something else going on to kind of sustain the same level of spreads?

關於你們提到的你們在 2026 年取得的進展，我原本以為隨著競爭加劇，價差會逐漸縮小，但你們基本上保持了 2026 年到 2025 年 31% 或 32% 的價差，所以我想請您詳細解釋一下這是如何實現的，背後的驅動因素是什麼，以及這種局面是否可以持續下去。只是租賃方面的原因，還是有其他因素導致價差維持在相同水準？

We have said over time that we thought that that math had some running room, some duration. And when we look at the mix of our leases and when they were signed. Don't forget if you signed a lease in 2019 for seven years, you signed at a very, very cheap rate relative to even today coming off the highs, and that is going to be driving that cash rental rate number for some time.

我們曾多次表示，我們認為數學還有一定的發展空間和持續時間。當我們查看租賃合約的組合以及它們的簽訂時間。別忘了，如果你在 2019 年簽了一份為期七年的租約，那麼即使考慮到如今租金已經從高位回落，你籤的租金也非常非常便宜，這將會在一段時間內推高現金租金價格。

Vince Tibone, Green Street.

文斯·蒂博內，格林街。

The stock has been trading at a significant discount to NAV for several quarters now. Have you given consideration to selling assets and buying back shares as a way to create shareholder value?

該股股價已連續幾季大幅低於資產淨值。您是否考慮過透過出售資產和回購股份來創造股東價值？

Hey, Vince. We have looked at that. Selling assets and buying stock has not turned out to be from a mathematical standpoint that accretive. And we've also looked at borrowing and buying back stock, and that doesn't look very accretive.

嘿，文斯。我們已經研究過了。從數學角度來看，出售資產和購買股票並沒有帶來增值。我們也研究過借貸和回購股票，但這看起來並不會帶來太多收益。

And given that we're in a capital-intensive business, in a very volatile market as this has been. In March, I think we're at $58. Sector was trading a lot better. It's now obviously coming up from the lows, but speculating in our stock is probably not what investors invest in us to do.

鑑於我們身處資本密集型產業，且當前市場波動性極大。我認為三月的價格會達到 58 美元。該板塊的交易情況好得多。現在股價顯然已經從低點回升，但投資者投資我們公司可能不是為了進行投機炒作。

So what I have said in the past is if we had some opportunity, for example, to convert some of our properties to data centers and create significant additional value beyond industrial value that that could be capital that could be used to buy back some stock. But in the absence of that, the math doesn't really move much, Vince.

我過去曾說過，如果我們有機會，例如將我們的一些房產改造成資料中心，並在工業價值之外創造顯著的額外價值，那麼這些資金就可以用來回購一些股票。但如果沒有這些因素，數學計算其實不會有太大變化，文斯。

No thank you.

不用了，謝謝。

And then switching gears, I was hoping to drill down a little bit on the supply landscapes in your markets. Are there any markets where you're starting to see a pickup in development starts activity or is it still pretty quiet out there across the board?

然後，我想轉換一下主題，深入了解你們市場的供應情況。在某些市場，您是否看到開發案開始活躍起來，還是說整體市場仍然相當冷清？

Peter and Jojo, you want to talk about starts?

彼得和喬喬，你們想聊聊星星嗎？

Sure. No, there's -- really, we don't see pickup. In fact, starts are on the decline. So, there is some -- if there's pick up, there would be a little bit on the build-to-suit activity, but, by and large, we don't see pickup. In fact, there's a decline starts.

當然。不，真的，我們沒看到有人接單。事實上，影片的首映數量正在下降。所以，如果出現回暖，客製化建造活動可能會增加，但總的來說，我們沒有看到回暖的跡象。事實上，已經開始出現下滑趨勢。

In Pennsylvania, I would say there's anticipated to be a couple of starts for 1-million square foot plus buildings in the next couple of quarters, but other than that, pretty flattish.

在賓州，預計未來幾季會有幾棟面積超過 100 萬平方英尺的建築開工建設，但除此之外，市場發展基本上穩定下來。

We don't know what everybody's math looks like. Obviously, most of the space, Vince, is developed by the private players with private capital, but a lot of that land, we've competed for over the years and we think that it's very possible that the underwriting assumptions that were used at that time were pretty aggressive. Not to mention the cost of debt is a lot higher than it was in 2022 and 2023. So it's possible those deals don't pencil that well. So we think there's a natural drag to new supply ramping up.

我們並不知道每個人的數學程度如何。顯然，文斯，大部分土地都是由私人投資者用私人資本開發的，但多年來我們一直在爭奪其中許多土地，我們認為當時使用的承銷假設很可能相當激進。更何況，現在的債務成本比 2022 年和 2023 年高出許多。所以這些交易可能都不划算。所以我們認為，新供應的成長自然會受到阻礙。

No, that makes sense and it's good to hear.

沒錯，這很有道理，聽到這個消息真好。

(Operator Instructions)

（操作說明）

Michael Mueller, JP Morgan.

邁克爾·穆勒，摩根大通。

I guess just for Scott. Can you connect the dots a little bit? I think you said earlier part of the guidance increase was due to development leasing success, but it looks like you pushed off some of the I guess anticipated '25 leasing into 2026. And now I know it sounds like that component was at year end anyway, so it may not be a lot of impact there. But again, what was the portion of development leasing success that is pushing the numbers higher?

我猜只是為了斯科特。你能把這些點稍微連結起來嗎？我認為你之前說過，部分業績預期上調是由於開發租賃的成功，但看起來你把一些預計在 2025 年完成的租賃推遲到了 2026 年。我知道這聽起來像是年底才會發生的事情，所以可能不會造成太大影響。但話說回來，究竟是開發租賃的成功推動了這些數字的成長，又佔了多大比例呢？

I would say, Mike, it's about $0.01 and keep in mind all development leasing, this is what we assumed in our second quarter call was assumed to happen on 12/31. So all of the leasing that we announced on the call helped us by about $0.01 a share.

麥克，我想說，大概是 0.01 美元，記住所有開發租賃，這是我們在第二季度電話會議上假設在 12 月 31 日發生的。因此，我們在電話會議上宣布的所有租賃活動幫助我們每股收益增加了約 0.01 美元。

Okay, so it's this stuff, just earlier than what was expected. That was it, got it.

好的，就是這些東西，只是比預期的早。就是這樣，明白了。

Yeah, again from an FFO guidance point of view, we assumed it leased up on December 31, and it leased up earlier than that.

是的，同樣從 FFO 指引的角度來看，我們假設它在 12 月 31 日全部租出，但實際上租出時間更早。

Okay, so that was about $0.01 of it, okay.

好的，那大概是其中的 0.01 美元，好的。

And then just as it relates to escalators, 3, 4, 5 -- 3.45%, or something, in place bumps for next year. On the 2026 signings thus far, have there been any notable changes one way or the other in terms of lease escalators compared to what you're getting in '25?

然後就像手扶梯一樣，3、4、5——3.45%或其他什麼，為明年設定緩衝帶。就目前為止 2026 年的簽約情況來看，與 2025 年相比，租賃價格上漲幅度方面是否有任何明顯的變化？

It's interesting we got 3.6% in '24, 3.6% in '25 including the big, fixed rate renewal, and so far in '26, about 3.6%. So our team is doing a really good job dealing with significant pushback, as you can imagine since that's a number that's above inflation. So they've been successful in keeping that number about 3.6%.

有趣的是，我們在 2024 年獲得了 3.6% 的利率，2025 年也獲得了 3.6% 的利率（包括大額固定利率續約），而到目前為止，2026 年的利率也約為 3.6%。因此，正如你所想，我們的團隊在應對巨大的阻力方面做得非常出色，因為這個數字高於通貨膨脹率。所以他們成功地將這個數字維持在 3.6% 左右。

Michael Carroll, RBC Capital Markets.

Michael Carroll，加拿大皇家銀行資本市場。

I guess and I know the guidance range doesn't include leasing within the recently completed or in-process development projects, but I know that you guys continue to highlight some of your best markets and a lot of these buildings are in those markets. So can you talk a little bit about the activity that's happening at those specific properties and what are the near-term leasing prospects of getting those leased up?

我知道指導範圍不包括最近竣工或在建項目的租賃，但我知道你們一直在重點宣傳一些最好的市場，而這些建築很多都位於這些市場。那麼，您能否談談這些特定物業目前的租賃情況，以及近期出租的前景如何？

Yeah, I mean, the stuff that's under construction, there's not really much activity around that. Our business has always been a “build it first, and then they will come” and that was a little bit different during COVID when I'll call it, we had the gold rush to go lease up in logistics space. But, so it's a little premature to try to talk about activity around the current construction pipeline.

是的，我的意思是，那些正在建設中的項目，周圍並沒有太多活動。我們的業務一直秉持著「先建好，然後他們就會來」的理念，但在新冠疫情期間情況有所不同，我稱之為物流空間租賃的淘金熱潮。但是，現在談論目前在建項目的相關活動還為時過早。

The assets that have been recently completed, there's really good foot traffic around those and again, we hope to have leases on some of these buildings sooner rather than later.

最近竣工的那些項目週邊人流都非常好，我們希望能夠盡快與租戶簽訂其中一些建築物的租賃合約。

Okay great.

好的，太好了。

And then just lastly, can we talk a little bit about the 3PL tenant? I know that there's not much that you want to say, but is the issue with the sub-tenant or is the issue with the direct tenant at that specific site?

最後，我們可以稍微談談 3PL 租戶嗎？我知道你沒什麼好說的，但是問題是出在分租戶身上，還是出在那個特定地點的直接租戶身上呢？

The issue is with the direct tenant, the 3PL.

問題出在直接租戶，也就是第三方物流公司。

Okay, so then assuming that there is an opportunity for the sub-tenant to take that space and you're just kind of working through the process on that?

好的，那麼假設轉租人有機會租用那個空間，而你現在正在辦理相關手續？

Yeah, that's something that we're thinking about and having conversations about. We can't give you a definitive view of what's going to happen at this point in time, but that's something we're working on.

是的，這是我們正在考慮和討論的問題。目前我們還無法明確告訴您將會發生什麼，但我們正在努力解決這個問題。

Jonathan Petersen, Jefferies.

喬納森‧彼得森，傑富瑞集團。

I guess in the saga of the 10-year treasury throughout this year, it definitely seems to be trending downward, at least today, let's say, and spreads have been tightening a bit. I'm just curious what impact that's been having on cap rates for warehouses across your market and how you've seen those trends.

我想，就今年10年期美國公債的走勢而言，至少就目前來看，它肯定呈下降趨勢，而且利差也略有收窄。我只是好奇這對你們市場上倉庫的資本化率產生了什麼影響，以及你們是如何看待這些趨勢的。

You guys want to cover (multiple speakers)--

你們想報道（多位發言者）——

No material change from Q2 to Q3. I would just say that that demand for, like I said earlier, demand for leased assets and quality buildings have increased from Q2 to Q3.

第二季到第三季沒有實質變化。我想說的是，正如我之前所說，對租賃資產和優質建築的需求從第二季到第三季增加。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thank you for taking my question.

太好了，謝謝你回答我的問題。

You mentioned that there's some tenants out there that are still quite sensitive to tariffs. Can you describe their thought process? Is it that they're just out of the market while tariffs are in place or they're just waiting for tariffs to kind of settle into a final rate or any other considerations that might be keeping them on the sidelines but might be able to move them off in the future?

您提到有些租戶仍然對關稅非常敏感。你能描述一下他們的思考過程嗎？是因為關稅生效期間他們暫時退出市場，還是在等待關稅最終確定稅率，或者還有其他因素導致他們暫時觀望，但未來可能會讓他們加入市場？

There are two things, one is the cost to them. Without knowing the cost, they don't know what the impact on their margins might be.

有兩個方面，一是他們付出的代價。如果不了解成本，他們就無法知道這對利潤率會有什麼影響。

And then secondly, to protect those margins, can they put some or all of the additional cost through to the end buyer, the consumer. And so they're looking perhaps at investing in growth in say a 500,000-square-foot building. That's a $60-million investment when you consider the lease and the equipment and the racking, and the materials, the product, and then hiring all the people. And if your EBITDA multiple is 8 times, that's almost $0.5 billion decision and so they don't want to make that decision unless they know what the cost of their inputs is.

其次，為了保護這些利潤，他們能否將部分或全部額外成本轉嫁給最終買家，也就是消費者？因此，他們或許正在考慮投資建造一座 50 萬平方英尺的建築，以實現成長。如果把租賃、設備、貨架、材料、產品以及所有人員的僱用都考慮進去，那就是 6,000 萬美元的投資。如果你的 EBITDA 倍數是 8 倍，那將是一個價值近 5 億美元的決定，所以除非他們知道投入成本是多少，否則他們不想做出這樣的決定。

And what's going to be the outcome for their margins and that's really it. And I think over time, the subject is becoming -- I'll say more commonplace, but digested a little bit like interest rates. When interest rates started to move much higher, that caused people to pause for a while and now pretty much everyone's built into their business plans, their models, their P&Ls, higher interest rates, and they are now moving ahead and it's kind of not an issue anymore, so that's where we need to get with the tariff subject.

最終結果會如何影響他們的利潤率，僅此而已。而且我認為隨著時間的推移，這個主題變得越來越——我可以說是越來越普遍，但就像利率一樣，人們也越來越容易接受它。當利率開始大幅上升時，這讓人們猶豫了一段時間，但現在幾乎每個人都將更高的利率納入了他們的商業計劃、模型和損益表中，他們現在正在繼續前進，這不再是一個問題了，所以這就是我們在關稅問題上需要達到的境界。

But Brendan I would add that we're seeing some of those companies are actively looking RFPs and discussions, but they're not making decisions and continuing to push off their target occupancy dates for all the reasons Peter just said. That's what's happening on the ground.

但布倫丹，我想補充一點，我們看到其中一些公司正在積極尋找 RFP 並進行討論，但由於彼得剛才提到的所有原因，他們還沒有做出決定，並繼續推遲他們的目標入住日期。這就是實際情況。

Okay, great. Thanks. That's helpful.

好的，太好了。謝謝。那很有幫助。

And a related question, we've seen some weakening consumer data jobs growth a little bit weaker. To what extent our prospective tenants factoring in this kind of change in the macro environment and just kind of waiting on the sidelines because of that as well.

還有一個相關的問題，我們看到消費者數據領域的就業成長放緩。我們的潛在租戶在多大程度上考慮到了宏觀環境的這種變化，並因此而持觀望態度。

I think it's different depending on the sector and the business that they're in and notwithstanding all of the shocks and the projections of doom and gloom, the economy's done pretty well through it all. We haven't seen massive increases in inflation from the tariff subjects so far, and it doesn't mean it won't come. But, right now, things -- I think most of the prospects are pretty confident in the base business and it's really this -- just this question about when and how and how much to invest in growth.

我認為這取決於他們所在的行業和業務，儘管經歷了各種衝擊和悲觀預測，但經濟總體上表現得相當不錯。到目前為止，我們還沒有看到關稅徵收對像出現大幅通膨，但這並不意味著以後不會出現。但是，就目前而言，我認為大多數潛在客戶對基礎業務都相當有信心，真正的問題是——何時、如何以及投資多少資金用於成長。

And I just want to add that the 3PL activity continues to be good. In fact, it's increased from Q to Q, food and beverage, RFPs, and tours have increased as well, so that sector seems to be doing good. Manufacturing activity is higher from Q to Q. We see some softness in the home related, like furniture. There's some weakness in that. So, by and large, overall, I think, demand activity has increased offset by a slight decrease from other sectors.

我還要補充一點，第三方物流業務依然保持良好勢頭。事實上，從第一季到第二季度，食品飲料、招標書和旅遊等行業的業務量都有所增長，因此該行業似乎發展良好。製造業活動季增。家居相關行業，例如家具業，出現一些疲軟跡象。這其中存在一些不足之處。因此，總的來說，我認為，需求活動總體上有所增加，但其他行業的略微下降抵消了這一增長。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Maybe just to follow-up to that last point on like where's stronger, where is weaker. I mean yesterday Prologis just reported they had a record leasing volume in 3Q and you mentioned that CBRE is forecasting '25 will be second only to 2021. Could you put your own leasing volume in 3Q into the context of your past and if you have a view on the future of like how that should be trending, realizing that you might be a more weighted to development which makes it lumpier but trying to figure out a trend there if there is one.

也許可以接著上一點，討論一下哪裡比較強，哪裡比較弱。我的意思是，昨天 Prologis 剛剛公佈了他們第三季的租賃量創歷史新高，而你提到 CBRE 預測 2025 年的租賃量將僅次於 2021 年。能否將您第三季的租賃量與您過去的情況連結起來，並展望一下未來的發展趨勢？我知道您可能更專注於開發項目，這會導致租賃量波動較大，但您能否嘗試找出其中的趨勢？

It's hard to see a trend. I mean, last year we leased 4.7-million square feet and this year it's less, some of that has to do with what we have available, and what's rolling and what's renewing and I'm not sure you can -- we don't have enough volume given the scale of our company to have to identify trends like that, Caitlin.

很難看出什麼趨勢。我的意思是，去年我們出租了 470 萬平方英尺的辦公空間，而今年有所減少，部分原因是由於我們可用的空間、正在續租的租約以及正在到期的租約等因素造成的。凱特琳，我不確定你是否能夠——鑑於我們公司的規模，我們的租賃量還不足以讓我們識別出這樣的趨勢。

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。我謹將會議交還給彼得·巴奇爾，請他作總結發言。

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

謝謝接線員，也謝謝今天所有參加電話會議的各位。如果您對本次通話有任何後續問題，請聯絡 Art、Scott 或我，祝您有美好的一天。

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

會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。