First Industrial Realty Trust, Inc. (FR) 2026 Q1 法說會逐字稿

Good day and welcome to the First Industrial Realty Trust Inc first quarter 2026 results call. (Operator Instructions) Please note this event is being recorded.

各位早安，歡迎參加 First Industrial Realty Trust Inc 2026 年第一季業績電話會議。（接線員指示）請注意，本活動將被錄音。

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

現在我想把電話會議交給投資人關係與行銷資深副總裁 Art Harmon。請開始。

Thanks very much, Dave. Hello, everybody, and welcome to our call. Before we discuss our first quarter 2026 results and our updated guidance for 2026, 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.

非常感謝，Dave。各位好，歡迎參加我們的電話會議。在我們討論 2026 年第一季業績以及更新後的 2026 年財測之前，請注意，本次電話會議可能包含依聯邦證券法所定義的前瞻性陳述。這些陳述係基於管理層對我們前景的預期、計畫與估計。

Today's statements may be time sensitive and accurate only as of today's date, April 23, 2026. 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.

今天的陳述可能具有時效性，且僅在今日（2026 年 4 月 23 日）當日為準且正確。我們不承擔更新我們的陳述或我們所提供其他資訊的義務。實際結果可能與我們的前瞻性陳述存在重大差異，可能導致差異的因素已載於我們的 10-K 及其他向 SEC 提交的文件中。

You can find a reconciliation of non-GAAP financial measures discussed in today's call in our supplemental report and our earnings release. The supplemental report, earnings release and our SEC filings are available at firstindustrial.com under the Investors tab. 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.

您可在我們的補充報告與新聞稿中，找到本次電話會議所討論之非 GAAP 財務衡量指標的調節表。補充報告、新聞稿以及我們的 SEC 申報文件，可於 firstindustrial.com 的 Investors 分頁取得。本次電話會議將先由我們的總裁兼執行長 Peter Baccile 與財務長 Scott Musil 發表談話，之後開放提問。

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. Now let me turn the call over to Peter.

今天與會的還有投資長 Jojo Yap、執行副總裁 Peter Schultz、營運執行副總裁 Chris Schneider，以及資本市場與資產管理執行副總裁 Bob Walter。現在我把電話交給 Peter。

Thank you, Art, and thank you all for joining us today. I'd like to express my congratulations and gratitude to our team for their efforts in getting 2026 off to an excellent start. We delivered some significant development leasing wins and signed a key renewal in Southern California for our largest remaining 2026 expiration. We're also capturing significant value creation via a pending $131 million land sale that I'll detail shortly.

謝謝你，Art，也謝謝各位今天加入。我想向我們的團隊致上祝賀與感謝，感謝大家讓 2026 年有一個非常出色的開局。我們在開發案出租方面取得一些重要勝利，並在南加州就我們 2026 年最大一筆尚未到期的租約完成關鍵續約。我們也正透過一筆待完成的 1.31 億美元土地出售案創造顯著價值，我稍後會詳細說明。

Turning to the overall market. Industry fundamentals continue to steady. According to CBRE, national vacancy was stable at 6.7% at the end of the first quarter.

接著談整體市場。產業基本面持續趨於穩定。根據 CBRE，全國空置率在第一季末維持在 6.7%。

Net absorption was a solid 43 million square feet modestly below new deliveries of 55 million square feet. New supply nationally continued to be disciplined with starts remaining muted at 39 million square feet. The national construction pipeline is 237 million square feet and highly pre-leased at 39%.

淨吸納量為穩健的 4,300 萬平方英尺，略低於新增交付的 5,500 萬平方英尺。全國新增供給仍維持紀律，開工量持續低迷，為 3,900 萬平方英尺。全國在建管線為 2.37 億平方英尺，且預租率高達 39%。

In our portfolio, overall touring activity has increased for our availabilities with decision-making accelerating for space sizes under 200,000 square feet within our development portfolio. With respect to potential economic and demand consequences from the conflict in the Middle East, thus far, we've seen no discernible impact to leasing activity, but this is a risk we'll continue to monitor.

就我們的投資組合而言，針對可出租物件的整體帶看活動有所增加；在我們的開發投資組合中，對於 200,000 平方英尺以下的空間，決策速度正在加快。至於中東衝突可能帶來的經濟與需求影響，截至目前我們尚未看到對出租活動有任何可辨識的影響，但這是一項我們將持續監控的風險。

From a portfolio standpoint, our in-service occupancy at quarter end was 94.3%, in line with our expectations. Since our last earnings call, we made further progress on our 2026 rollovers.

從投資組合角度來看，我們期末已投入營運（in-service）物件的入住率為 94.3%，符合我們的預期。自上次法說會以來，我們在 2026 年到期租約（rollovers）的處理上又取得進展。

We've now taken care of 61% by square footage and our overall cash rental rate increase for new and renewal leasing is 41%. This includes our largest remaining 2026 expiration, the 556,000 square footer in Southern California for which we achieved a cash rental rate change that significantly exceeded the top end of our annual guidance range of 40%.

目前我們已按面積計處理完成 61%，新簽與續租的整體現金租金漲幅為 41%。其中包含我們 2026 年最大一筆尚未到期租約：南加州一處 556,000 平方英尺物件；我們達成的現金租金變動幅度顯著高於我們年度財測區間上緣 40%。

Moving now to development leasing. We saw some broad-based success across several markets, inking 383,000 square feet in total. These included a full building lease for our 155,000 square-foot First Wilson II project in the Inland Empire. We also signed several sub-100,000 square-foot leases in the markets of Chicago, South Florida, Central Florida as well as Central Pennsylvania. There, we leased a 54,000 square-foot space at the recently completed first phase of First Park 33 in the Lehigh Valley.

接著談開發案出租。我們在多個市場取得廣泛成功，合計簽約 383,000 平方英尺。其中包括在 Inland Empire 的 First Wilson II 專案（155,000 平方英尺）整棟出租。我們也在芝加哥、南佛羅里達、中佛羅里達以及賓州中部等市場簽下多筆 100,000 平方英尺以下的租約。在當地，我們於 Lehigh Valley 的 First Park 33 第一階段（近期完工）出租了一處 54,000 平方英尺的空間。

As I noted in my opening comments, we're pleased to share with you that the ground lessee of 100 acres of land in the 303 Corridor in the Phoenix market exercised its option to purchase the site for a sales price of $131 million. The proceeds are approximately $30 per land square-foot, which is more than 3 times industrial land values in that market.

如同我在開場提到的，我們很高興與各位分享：鳳凰城市場 303 Corridor 一塊 100 英畝土地的地上權承租人已行使其購買選擇權，將以 1.31 億美元的價格購買該基地。該交易的土地售價約為每平方英尺 30 美元，超過該市場工業用地價值的 3 倍。

We expect this transaction to close in June. Before I turn it over to Scott, I would like to remind you of two upcoming property tours we will be hosting. On May 12, we will tour our Inland Empire portfolio, and on June 4, we'll be touring our Central New Jersey assets. Please reach out to Art Harmon to register or for more information.

我們預期此交易將於 6 月完成。在我把電話交給 Scott 之前，我想提醒各位我們即將舉辦的兩場物件參訪。5 月 12 日，我們將參訪 Inland Empire 投資組合；6 月 4 日，我們將參訪新澤西中部資產。如需報名或了解更多資訊，請聯繫 Art Harmon。

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

接下來我把電話交給 Scott。

Thank you, Peter. First quarter 2026 NAREIT funds from operations were $0.68 per fully diluted share compared to $0.68 per share in the first quarter of 2025. The first quarter 2026 FFO per share was negatively impacted by $0.04 per share of advisory costs related to the contested proxy campaign that was initiated by Land & Buildings. Excluding these costs, our FFO per share was $0.72.

謝謝你，Peter。2026 年第一季 NAREIT 營運資金（FFO）為每股完全稀釋後 0.68 美元，與 2025 年第一季每股 0.68 美元相同。2026 年第一季每股 FFO 受到每股 0.04 美元顧問費用的不利影響，該費用與 Land & Buildings 發起的爭議性委託書（proxy）戰有關。若排除這些費用，我們的每股 FFO 為 0.72 美元。

As we noted on our fourth quarter earnings call, FFO in the first quarter was impacted by higher G&A costs due to accelerated expense related to an accounting rule that requires us to fully expense the value of granted equity-based compensation for certain tenured employees.

如同我們在第四季法說會所提到的，第一季的 FFO 也受到較高的一般及行政（G&A）費用影響，原因是與一項會計規則相關的費用加速認列；該規則要求我們對特定資深員工所授予的股權型薪酬價值一次性全額費用化。

Our cash same-store NOI growth for the quarter, excluding termination fees, was 8.7%. The results in the quarter were primarily driven by increases in rental rates on new and renewal leasing, lower free rent and contractual rent bumps, partially offset by lower average occupancy.

本季現金同店（same-store）NOI 成長（不含解約費）為 8.7%。本季結果主要由新簽與續租租金上調、免租期降低以及合約性租金調升所帶動，但部分被平均入住率較低所抵銷。

Summarizing our leasing activity during the quarter, approximately 2.4 million square feet of leases commenced. Of these, 300,000 were new, 2 million were renewals and 100,000 were for developments and acquisitions with lease-up.

概述本季出租活動，約有 240 萬平方英尺的租約開始生效。其中，30 萬平方英尺為新租、200 萬平方英尺為續租，另有 10 萬平方英尺來自開發案與收購案的去化（lease-up）。

Before I discuss guidance, let me update you on the 3PL tenant on our credit watch list. If you recall, we were collecting rent directly from a subtenant while working through the collection process. We are pleased to announce that we signed an agreement with the 3PL that required a lump sum payment of approximately 60% of the balance owed us at December 31, 2025, which we received in March. In addition, the agreement calls for scheduled payments to pay off the remaining past due rent by the end of 2026. Now moving on to our guidance. Our guidance range for 2026 NAREIT FFO is now $3.05 to $3.15 per share, reflecting $0.04 per share of incremental advisory costs relating to the land and buildings contested proxy campaign.

在我討論財測之前，先向各位更新我們信用觀察名單上的那位 3PL 租戶。如各位所記得，我們在進行收款流程期間，是直接向其次承租戶收取租金。我們很高興宣布，我們已與該 3PL 簽署協議，要求其一次性支付約為截至 2025 年 12 月 31 日所欠餘額的 60%，且我們已於 3 月收到該款項。此外，協議亦規定按期付款，以在 2026 年底前清償剩餘逾期租金。接著談我們的財測。我們目前對 2026 年 NAREIT FFO 的財測區間為每股 3.05 至 3.15 美元，反映與 land and buildings 爭議性委託書戰相關的新增顧問費用每股 0.04 美元。

2026 FFO guidance range, absent these advisory costs, is $3.09 to $3.19 per share, which is unchanged compared to our last call. Our other major operating metric guidance assumptions are as follows: average quarter-end in-service occupancy of 94% to 95%. This range now reflects approximately 1.3 million square feet of incremental development leasing and the 708,000 square-footer in Central Pennsylvania, all to occur in the second half of the year.

若不計入上述顧問費用，2026 年 FFO 財測區間為每股 3.09 至 3.19 美元，與上次電話會議相比維持不變。我們其他主要營運指標的財測假設如下：平均期末已投入營運（in-service）入住率為 94% 至 95%。此區間目前反映約 130 萬平方英尺的新增開發案出租，以及賓州中部一處 708,000 平方英尺物件，皆預計在下半年發生。

Cash same-store NOI growth before termination fees of 5% to 6%. Guidance includes the anticipated 2026 costs related to our completed and under construction developments at March 31, for the full year 2026, we expect to capitalize about $0.08 per share of interest.

現金同店 NOI 成長（解約費前）為 5% 至 6%。財測包含截至 3 月 31 日我們已完工及在建開發案於 2026 年的預期成本；就 2026 全年而言，我們預期將資本化約每股 0.08 美元的利息。

Our G&A expense guidance range is $42 million to $43 million which excludes the $5.6 million of incremental advisory costs related to the content proxy campaign. And our guidance assumes that the aforementioned forecasted land sale in Phoenix will close in June.

我們的 G&A 費用財測區間為 4,200 萬至 4,300 萬美元，不包含與該爭議性委託書戰相關的 560 萬美元新增顧問費用。此外，我們的財測假設前述鳳凰城預計的土地出售將於 6 月完成。

Let me turn it back over to Peter.

我把話交回給 Peter。

We are optimistic about the activity levels we are seeing across our availabilities. As always, our team is focused on taking care of our customers, gaining new ones and sourcing and executing on profitable investments to drive long-term cash flow and value for shareholders. Operator, with that, we're ready to open it up for questions.

我們對於在各項可供出租物件上所看到的活動水準感到樂觀。一如既往，我們的團隊專注於照顧既有客戶、開發新客戶，並尋找與執行具獲利性的投資，以推動長期現金流並為股東創造價值。接線員，基於以上，我們準備開放提問。

(Operator Instructions)

（接線員指示）

Craig Mailman, Citi.

Craig Mailman，花旗。

Hey, good morning, guys. Peter, you mentioned that touring activities improved, velocity in the under 200,000 square feet has improved. Could you talk about other of your peers have talked about the data center adjacent demand. Could you talk about how much of this improvement is that segment of demand versus just either e-commerce or other broader industrial demand?

各位早安。Peter，你提到看屋（touring）活動改善、20 萬平方英尺以下的去化速度（velocity）也改善。你能談談嗎？你們其他同業提到資料中心周邊（data center adjacent）的需求。這波改善有多少是來自那一塊需求，相較於只是電商或其他更廣泛的工業需求？

I mean, from what we're seeing, most of it is just broader industrial demand, 3PLs continue to be very active. Manufacturing has picked up, and that includes data center, tech, aerospace, et cetera. So that's picked up but it looks more like broader demand for industrial than completely data center-driven.

就我們所看到的而言，大多數其實就是更廣泛的工業需求；第三方物流（3PL）仍然非常活躍。製造業也回升了，其中包含資料中心、科技、航太等等。所以那部分確實有回升，但看起來更像是整體工業需求走強，而不是完全由資料中心需求所驅動。

And then -- sorry, Scott, I know you had mentioned the Central PA is now second half. Could you just talk about kind of the activity you're seeing at Denver and Central PA and kind of the prospects today versus maybe on the fourth quarter call?

另外——抱歉，Scott，我知道你提到中賓州（Central PA）現在是在下半年。你能否談談你們在丹佛與中賓州看到的活動情況，以及目前的前景相較於第四季電話會議時的看法？

Hey Craig, it's Scott. I think you mentioned that we pushed it to the second half, the 708,000 square-footer. That's always been in the second half of the year per our 4Q guidance call.

Craig 你好，我是 Scott。我想你提到我們把它推到下半年，那棟 708,000 平方英尺的案子。依照我們第四季（4Q）指引電話會議的說法，它一直都是在下半年。

So I wanted to clarify that -- and then I'll turn it over to Peter for an update on that vacancy in the Denver development.

所以我想先澄清這點——接著我把話交給 Peter，請他更新丹佛開發案的那個空置情況。

Good morning, Craig, it's Peter. So in Denver, we continue to have interested prospects for our large vacancy there. Activity or decision-making, I would say, for larger users has been slow.

Craig 早安，我是 Peter。丹佛方面，我們對那個大面積空置持續有感興趣的潛在客戶。我會說，大型使用者的活動或決策速度一直偏慢。

Limited competitive supply. There were just two buildings that came back that will compete with us. One from a business failure from another landlord and another from a lease expiration. But we continue to have prospects. They're just very slow in their decision-making. Smaller, midsized tenants in Denver continue to be pretty active.

競爭性供給有限。只有兩棟建物重新回到市場，會與我們競爭；一棟是因為另一位房東的租戶經營失敗，另一棟則是租約到期釋出。但我們仍持續有潛在客戶，只是他們的決策非常慢。丹佛的小型與中型租戶則仍相當活躍。

Moving to Pennsylvania. To the second part of your question, Pennsylvania probably is our most active or certainly one of our most active markets across the country. In terms of prospect activity across a range of sizes in the industries, including Peter's comments about 3PLs being very active.

再談賓州。就你問題的第二部分，賓州可能是我們全國最活躍、或至少是最活躍的市場之一。就不同面積區間與產業的潛在客戶活動而言都很熱絡，也包括 Peter 提到的 3PL 非常活躍。

We have several prospects for our 708,000 square-foot building in Central Pennsylvania. All but one of which are full building users and all of those continue to be engaged in discussions with us.

我們在中賓州那棟 708,000 平方英尺的建物有數個潛在客戶；除了一個以外，其餘都是整棟承租的使用者，而且他們都持續與我們進行討論。

Great. Thank you.

很好，謝謝。

Nick Thillman, Baird.

Nick Thillman，Baird。

Hey, good morning. Maybe touching a little bit, Peter, just thought process on starting some new projects here, given the land bank is a little bit more heavy concentrated in, say, the IE, you did sign a lease there. But just how you're viewing the landscape and just thought process on overall activity and if that would warrant some starts here in the back half of the year?

早安。Peter，想稍微請教一下你們在此時啟動一些新案子的思考。考量你們的土地儲備（land bank）較集中在例如內陸帝國（IE），你們也在那裡簽了一份租約。但你們如何看待目前的環境、整體活動的思考，以及這是否會支持你們在今年下半年啟動一些開工？

Sure. We continue to evaluate opportunities for new starts. We're not going to guide on volume, of course and the markets that we're focused on continue to be markets like Dallas, Delaware, which is really the South Philly submarket. Lehigh Valley PA, we have opportunity. South Florida and, of course, we're continuing to try to acquire additional opportunity in the way of land and some of the other markets that we've been in and most active recently.

當然。我們持續評估新開工的機會。當然我們不會對量體提供指引。我們聚焦的市場仍包括達拉斯、德拉瓦（其實是南費城的次市場）、賓州利哈伊谷（Lehigh Valley PA）我們也有機會、南佛羅里達；當然，我們也持續嘗試在我們過去涉足且近期最活躍的一些市場，取得更多土地等機會。

So -- that's -- those are the markets we're focused on. Yes, we do have very good sites in Southern California, but those markets still have a number of availabilities. So they are not markets where we're going to be starting projects anytime soon.

所以——以上就是我們聚焦的市場。是的，我們在南加州確實有非常好的基地，但那些市場仍有不少可供出租物件。因此，那些不是我們短期內會啟動新案子的市場。

And then, Scott, maybe just on the 3PL tenant. What was the lift in same-store from that within first quarter? And then can you just provide an update on what the bad debt expectations are for the full year? And I know boohoo, from the standpoint of just the credit agreement that you're covered for the full year, but just any updates on that kind of as well.

另外，Scott，想問一下那位 3PL 租戶。第一季同店（same-store）因此帶來的租金成長幅度（lift）是多少？另外你能更新一下全年壞帳（bad debt）預期嗎？我知道就 boohoo 而言，從信用協議（credit agreement）的角度你們全年都有保障，但也請更新一下那部分的近況。

Okay. So the 3PL tenant, no impact to same-store. We never reserved that tenant back in 2025 when we discussed it being on our watch list. We just made you guys aware of it. We always thought it was collectible.

好的。關於 3PL 租戶，對同店沒有影響。我們在 2025 年討論它被列入觀察名單時，從未對該租戶提列準備；我們只是讓各位知道。我們一直認為款項可收回。

We updated you on this call with the big payment we received and the agreement we reached with the tenant. So again, there's no impact to FFO or same-store related to that.

我們在這通電話會議上也更新了我們收到的大筆付款，以及與租戶達成的協議。因此，再次強調，這件事對 FFO 或同店都沒有影響。

On boohoo, they continue to be current on their rent. They pay right at the end of the month, every month. And Peter, I'll turn it over to you to update them on the sublease potential in this space.

至於 boohoo，他們的租金仍按時繳納。他們每個月都在月底左右付款。Peter，我把話交給你，請你更新該空間的轉租（sublease）可能性。

Thanks, Scott. Boohoo continues to market the building for sublet. There are a declining number of available 1 million square-foot plus buildings in Pennsylvania. Activity, as I mentioned a few minutes ago, continues to be very good at that level as well.

謝謝，Scott。Boohoo 持續將該建物對外行銷以尋求轉租。在賓州，可供出租的 100 萬平方英尺以上建物數量正在下降。我在幾分鐘前提到，該等級的活動也仍然非常好。

Amazon is about to ink 2 more million square-foot plus buildings in Pennsylvania as of today. So that's in process. And there are relatively few options. There likely will be some more starts in that size range given the strength of demand, but boohoo continues to market the building for sublet.

截至今天，Amazon 正準備在賓州再簽下 2 棟 100 萬平方英尺以上的建物，這正在進行中。而市場上可選擇的方案相對不多。鑑於需求強勁，這個面積級距未來很可能會有更多新案開工，但 boohoo 仍持續將該建物對外行銷以尋求轉租。

And Nick, you had one other part of the question, our bad debt expense was $100,000 in the first quarter compared to our guidance of $250,000, and we kept our guidance the same in 2Q, 3Q and 4Q at $250,000 per quarter.

Nick，你的問題還有另一部分：我們第一季的壞帳費用是 10 萬美元，相較於我們指引的 25 萬美元；而我們在第二季、第三季與第四季仍維持每季 25 萬美元的指引不變。

Great. Appreciate it. Thank you all.

很好，感謝。謝謝各位。

Nicholas Yulico, Scotiabank.

Nicholas Yulico，加拿大豐業銀行（Scotiabank）。

Hello, this is Viktor Fediv on with Nick. So you posted really strong Q1, and it seems like year-to-date activity is also solid. So just trying to understand what's driving your decision to maintain your full year FFO and same-store NOI guidance instead of raising it?

你好，我是 Viktor Fediv，代 Nick 提問。你們第一季表現非常強勁，而且看起來年初至今的活動也很穩健。我想了解的是：你們為何決定維持全年 FFO 與同店 NOI 指引，而不是上調？

Okay. So Nick, this is Scott. We did lease up 400,000 square feet of development leasing. It did have slightly positive impact on our FFO compared to guidance.

好的。Nick，我是 Scott。我們確實完成了 40 萬平方英尺的開發案出租（development leasing），相較於指引，對 FFO 有些微正面影響。

That's being offset by a couple of things. One is we have in our guidance the land sale that's expected to close in June. That's a leased piece of land. So there's slight dilution from that sale because we're assuming the funds are used to pay on the line of credit.

但這被幾件事抵銷。第一，我們的指引中包含一筆預計於 6 月完成交割的土地出售。那是一塊已出租的土地。因此，這筆出售會有些微稀釋效果，因為我們假設資金將用於償還循環信用額度（line of credit）。

And the other piece of it is like what we do every quarter when we update guidance, we look at all of our leasing assumptions and guidance and we update them accordingly, and we make adjustments as we see fit. So that's the reconciliation.

第二，就像我們每一季更新指引時都會做的，我們會檢視所有出租假設與指引，並據此更新，視需要進行調整。以上就是調節的原因。

Got it. And then a quick follow-up on the disposition of land. So how does this transaction kind of inform the timeline and strategy for unlocking like similar higher and better use value for the rest of your land bank? Just how many similar opportunities you might have within your portfolio?

了解。再追問一個關於土地處分的問題：這筆交易如何影響你們釋放其餘土地儲備中、類似「更高且更佳用途」（higher and better use）價值的時間表與策略？你們投資組合中大概還有多少類似機會？

Yes. As you know, we have taken a pretty close look at every asset that we own, land and income-producing real estate properties. And we've narrowed it down now to about a handful of opportunities where we think we might be able to push forward and create significant value.

是的。如你所知，我們已非常仔細地檢視我們擁有的每一項資產，包括土地與收益型不動產。現在我們已縮小到大約少數幾個機會，我們認為可以推進並創造顯著價值。

We're in the process now of trying to secure power. That's a very lengthy process. And so we'll see where that goes. If we're successful with that, that would add significant value above and beyond the value of the industrial value for those particular assets.

我們目前正在嘗試取得電力（power）。那是一個非常漫長的流程，所以我們會再看看進展。如果我們能成功取得電力，對於那些特定資產而言，將能在其工業用途價值之上，額外增加顯著價值。

Got it. Thank you.

了解。謝謝。

Todd Thomas, KeyBanc.

Todd Thomas，KeyBanc。

Hi, thanks. First, I just wanted to follow up on the Central PA vacancy. I was just curious where things stand with the tenants that you're engaged with, regarding a lease or a sale, is a sale still a potential outcome that's being contemplated?

嗨，謝謝。首先，我想追問一下中賓州（Central PA）的空置情況。我只是好奇，對於你們正在接洽的租戶，目前在租約或出售方面進展到哪一步？出售是否仍是你們正在考量的潛在結果？

Todd, it's Peter. All the prospects we're engaged with are for lease only today.

Todd，我是 Peter。我們目前正在接洽的所有潛在客戶，今天都只是在談租賃。

Okay. And then you talked about the increase in demand from tenants looking for space 200,000 square feet or less, that generally aligns with some of the more recent development starts.

好的。然後你提到，租戶對於尋找 20 萬平方英尺或以下空間的需求增加，這大致與近期一些開發案的動工情況一致。

And I'm just wondering what the holdback is from increasing starts here a little bit more meaningfully. What are you sort of looking for in order to increase development starts a bit further?

我想問的是，為什麼不把動工量更有意義地再提高一些？你們在尋找什麼訊號，才會進一步增加開發動工？

Yes, that's a market-by-market question. For example, as you know, we've got a number of availabilities in South Florida. We also have a number of opportunities to -- for new starts there. We want to make sure that we're not too concentrated with development in any one market at one time. And we just completed the project, the first phase of the project, in Central Pennsylvania.

是的，這要看各個市場而定。舉例來說，如你所知，我們在南佛羅里達有不少可供出租的空置物件。我們也有一些在那裡啟動新案的機會。我們希望確保在任何單一市場、同一時間的開發不會過度集中。而且我們剛完成了中賓州專案的第一期。

And that we've signed a small lease, a 54,000 square-foot lease there. We'd like to see a little bit more leasing there before we begin Phase 2. So it's really more of a concentration question.

而且我們在那裡簽了一筆小型租約，面積為 54,000 平方英尺。我們希望在開始第二期之前，能再看到多一些出租進展。所以這其實更像是集中度的問題。

Okay. All right. Thank you.

好的。明白。謝謝。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

Thanks. Scott, I wanted to circle back on your comments regarding the land sale. I mean how much rent is the JV paying on that land today? I mean just given the sale is 3 times the industrial land value, I think that the corresponding cap rate would be pretty low and not dilutive to earnings.

謝謝。Scott，我想回到你對土地出售的評論。我的意思是，合資企業（JV）目前為那塊土地支付多少租金？考量到這次出售價格是工業用地價值的 3 倍，我認為對應的資本化率（cap rate）應該會很低，而且不會稀釋盈餘。

Well, it's not in the JV. This is on balance sheet. And in the supplemental Mike, if you look, we disclosed the cap rate, it's about a 5.3% cap rate. We got a great rent from the tenant when we leased the land to them back a couple of years ago.

嗯，它不在 JV 裡。這是在資產負債表上。Mike，在補充資料裡，如果你看一下，我們揭露了資本化率，大約是 5.3% 的 cap rate。幾年前我們把土地租給該租戶時，拿到的租金非常好。

Okay. And then I just wanted to confirm, too, that you didn't change the expected timing of the 1.3 million square feet remaining development leasing and the PA space. Those are still the same timing as it was in the prior guidance that you provided in 4Q? I believe it was, but I just wanted to confirm that.

好的。另外我也想確認一下，你們沒有改變對剩餘 130 萬平方英尺開發案出租，以及賓州（PA）空間的預期時程。這些時程仍與你們在第四季（4Q）提供的先前指引相同嗎？我相信是，但想確認一下。

That's correct. The only difference is the development leasing in the fourth quarter was 1.7 million. Now it's 1.3 million, and the decline has to do with the 400,000 square-foot of development leases that we signed.

沒錯。唯一的差異是，第四季時開發案出租是 170 萬平方英尺，現在是 130 萬平方英尺；下降的原因是我們已簽下 40 萬平方英尺的開發案租約。

Okay, great. Appreciate it.

好的，太好了。感謝。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Thanks. Good morning. So on the IE lease 556K, can you go through the economics of that transaction? I don't know if that's been provided some place. If I missed it, I apologize.

謝謝。早安。關於 IE 的 55.6 萬平方英尺租約，你能否說明一下這筆交易的經濟條件？我不確定是否在某處已提供過；如果我漏看了，先致歉。

Jojo, do you want to cover that?

Jojo，你要不要說明一下？

No, we can really go through the lease rate or the economics. But I can tell you, it's long term, we're very happy about the long-term renewal -- the space is very critical to the tenant, and it significantly exceeds the high end of our rent change guidance of 40%.

可以，我們可以談一下租金水準或經濟條件。不過我可以告訴你，這是長期的，我們對這次長期續約非常滿意——這個空間對租戶非常關鍵，而且租金漲幅明顯高於我們租金變動指引上限的 40%。

Okay. So okay, up more than 40%. Is that right?

好的。所以是上漲超過 40%。對嗎？

Yes.

是的。

Okay. thanks for that. Second, I asked this question on EastGroup, I kind of butchered the question and see if I could do it better here. On the -- on the data center demand that you're seeing, I'm wondering how siloed that is in the confines of your broader business.

好的，謝謝。第二個問題，我在 EastGroup 問過這題，我有點把問題問得很糟，看看在這裡能不能問得更好。關於你們看到的資料中心需求，我想知道它在你們更廣泛的業務中有多「分隔」或獨立。

I mean, to what degree is the data center demand sort of informing your core tenants, your kind of consumption-oriented tenants and telling them I better act now because space is getting taken by this other way of using industrial space.

我的意思是，資料中心需求在多大程度上會影響你們的核心租戶——那些偏消費導向的租戶——讓他們覺得「我最好現在就行動，因為空間正在被另一種工業空間用途拿走」。

And from your point of view, how does it change your strategy from a development point of view? Does it --does First Industrial have to go about things differently depending on the customer, whether it's a supplier or it's a consumption-oriented or e-commerce or whatever. Like, I'm curious, how is this is disruptive in any way or it's just pure new demand, and that's -- it's as simple as that.

從你們的角度看，這會如何改變你們在開發策略上的做法？First Industrial 是否需要依不同客戶（不論是供應商、消費導向、電商等）而採取不同方式？我好奇這是否在任何程度上具有顛覆性，或它只是純粹的新需求——就這麼簡單。

We've talked in the past about what would be a catalyst for tenants to begin to make decisions faster. The decision-making now for a couple of years has been fairly slow, especially on the, kind of, larger spaces. And that the topic that you're discussing does create a cost to waiting. So it does help on the margin.

我們過去談過，什麼因素會成為促使租戶更快做決策的催化劑。過去幾年，決策速度一直相當慢，尤其是較大面積的空間。而你提到的這個議題，確實會讓「等待」產生成本，所以在邊際上是有幫助的。

The other topic, of course, is power. And while data centers need a lot of power, warehouses need their fair share as well. So that's also a topic. So these are both helpful on the margin to get tenants to make decisions sooner. But it hasn't really created a wave of new lease signings. Peter and Jojo, do you want to add anything to that?

當然，另一個議題是電力。資料中心需要大量電力，倉庫也需要相當份量的電力。所以這也是一個議題。這兩者在邊際上都有助於讓租戶更早做決策。但它並沒有真正帶來一波新的簽約潮。Peter 和 Jojo，你們要補充嗎？

The only other thing I'd add to that, Rich, is there is a little bit of incremental demand as we commented earlier, from tenants that are supporting the construction of data centers and infrastructure. So we are seeing a little bit of that, but I wouldn't call it material to the overall demand profile.

我唯一想補充的是，Rich，正如我們先前提到的，確實有一些增量需求來自支援資料中心與基礎設施建設的租戶。所以我們有看到一點，但我不會說它對整體需求輪廓有重大影響。

Just to add just a little bit more detail there. If you look at the data center development, there's a lot of infrastructure-related switch gear, semiconductor, hikes, electrical supply, a lot of that and that has to be manufactured and distributed.

再補充一點細節。如果你看資料中心的開發，會有很多與基礎設施相關的設備，例如開關設備（switch gear）、半導體、（hikes）、電氣供應等，很多這類東西都必須被製造並配送。

And data center-involved businesses need space to either distribute that equipment, store equipment and fulfill that equipment in a lot of places in the US. So at the end of the day, they need warehouses where they can store these goods or do some light assembly.

而與資料中心相關的企業，需要在美國許多地方有空間來配送這些設備、儲存設備並履行（出貨/交付）這些設備。歸根結底，他們需要倉庫來存放這些貨物，或做一些輕度組裝。

So that is the incremental demand that both Peters have mentioned. But if you look at the Q1 '26 they are not the biggest users. In fact, I think they're growing, but they didn't even make the top 10. The biggest ones are the 3PLs, consumer goods, like Peter mentioned, broad-based, construction and food and beverage.

所以這就是兩位 Peter 提到的增量需求。但如果你看 2026 年第一季（Q1 '26），他們並不是最大的使用者。事實上，我認為他們在成長，但甚至沒有進入前 10 名。最大的使用者是第三方物流（3PL）、消費品（如 Peter 提到的）、更廣泛的產業、建築，以及食品飲料。

I guess just to finish the question. From your point of view, when do you need -- if you're building something spec, when do you need to know that you're going to have an alternative user in the building?

我想把問題收尾一下。從你們的角度，如果你們在建一個投機性（spec）的案子，你們何時需要知道這棟建物會有替代使用者？

And how does that inform your development process? Or can you just -- or do you not need to know necessarily any specific time frame?

這會如何影響你們的開發流程？或者你們其實不一定需要在任何特定時間點知道？

That's not going to change our process or our philosophy around the quality, location, features and functionality that we build.

這不會改變我們的流程或我們對於所建產品在品質、地點、特色與功能性方面的理念。

Okay that's all I got thank you.

好的，我就這些。謝謝。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，Goldman Sachs。

Hi, everyone. Maybe it lines up with the markets you mentioned you'd be most interested in building, but can you go through which markets, maybe three of your strongest versus weakest today on demand and rents and what's driving that difference?

嗨，各位。也許這與你們提到最有興趣開發的市場一致，但你們能否說明一下，哪些市場目前在需求與租金方面最強（例如三個）與最弱（例如三個），以及造成差異的原因是什麼？

You want to talk about PA? Sure. Caitlin, it's Peter. I would say, as I mentioned a couple of minutes ago, Pennsylvania is probably our most active market from a tenant perspective across, really, all size ranges reflective of the deal we signed in our just-completed project in the Lehigh Valley.

你想談賓州（PA）嗎？當然。Caitlin，我是 Peter。我會說，如我幾分鐘前提到的，賓州可能是我們從租戶角度來看最活躍的市場，幾乎涵蓋所有面積區間，這也反映在我們剛完成的利哈伊谷（Lehigh Valley）專案所簽下的那筆交易。

The activity we have on the 708, the activity from market participants for large buildings over 1 million square feet. Very, very active. We're seeing good activity in South Florida. We're seeing a little less activity in Nashville than we've seen in the last couple of years, but pretty tight from a supply standpoint. And as I mentioned, in Denver, slower decision-making from larger tenants.

我們在 708 上的活動、以及市場參與者對於超過 100 萬平方英尺大型建物的興趣，都非常、非常活躍。我們在南佛羅里達也看到不錯的活動。納什維爾的活動比過去幾年少一些，但從供給角度仍相當吃緊。而如我提到的，在丹佛，大型租戶的決策較慢。

But overall, markets are performing well. Along the East Coast, rents are stable and still trending up a little bit. So pretty good shape there. Jojo, you want to talk about the West?

但整體而言，市場表現良好。在東岸，租金穩定，且仍略有上行趨勢。所以那邊的狀況相當不錯。Jojo，你要談談西岸嗎？

Yes. Thank you, Peter. If you look at gross leasing, Dallas, Houston and Phoenix have exhibited significant gross leasing. And that's been really continuing since the second half of '25 through Q1 of '26. What's most interesting is that gross leasing, actually, in the IE has been positive from Q-to-Q.

是的。謝謝你，Peter。若看總租賃量（gross leasing），達拉斯、休士頓與鳳凰城都呈現顯著的總租賃量。而且這個趨勢自 2025 年下半年延續到 2026 年第一季。最有意思的是，IE 的總租賃量實際上呈現季對季（Q-to-Q）正成長。

And if you look at just activity from the large spaces over there, that's been pretty good in IE. But at the same time, in IE, you have space ranges from 200,000 to 400,000 square feet is abundant in the market today that the -- basically the market has to digest and tenants in that size range, 200 to 400, has quite a bit of choices.

如果只看那邊大型空間的活動，IE 的表現相當不錯。但同時，在 IE，市場上目前有大量 200,000 到 400,000 平方英尺的空間——基本上市場必須消化這些供給，而在 200 到 400 這個區間的承租戶有相當多的選擇。

Got it. Okay. And then maybe to talk about SoCal a little bit more. So you mentioned that other leases you guys did with the rent spreads meaningfully above 40%.

了解。好。那接著也許再多談一點南加州（SoCal）。你提到你們做的其他租約，其租金價差（rent spreads）顯著高於 40%。

I guess, can you go through what you're seeing more broadly from a leasing spread perspective in SoCal, I imagine some are up, some are down. Is it mostly a function of lease vintage certain building space types act one way versus another. Just what's the range you're seeing there?

我想問的是，從南加州更廣泛的租賃價差角度，你們看到的是什麼情況？我猜有些上升、有些下降。這主要是租約簽訂年份（lease vintage）的因素，或是某些建物/空間類型的表現不同嗎？你們看到的區間大概是什麼？

Sure, sure. In terms of rent spreads, we will continue to see rent change, positive rent change in SoCal because when you look at it, it has come down from the high of Q1 2023.

當然、當然。就租金價差而言，我們預期南加州仍會持續出現租金變動為正（positive rent change），因為你看，它已經從 2023 年第一季的高點回落。

But the growth from pre-Covid to Covid significantly still exceeds that. So over the next couple of years, we will still see positive rent change. In terms of actual Q-to-Q -- quarter-to-quarter, in terms of rent growth, it's been flat. There are some deals that actually have shown some growth, but overall, it's been flattish.

但從疫情前到疫情期間的成長幅度仍然明顯高於目前水準。因此在接下來幾年，我們仍會看到正向的租金變動。至於實際的季對季——也就是租金成長的季度變化，目前是持平。有些交易確實顯示出一些成長，但整體而言偏平。

Got it. Okay, thank you.

了解。好的，謝謝。

Jason Belcher, Wells Fargo.

Jason Belcher，富國銀行（Wells Fargo）。

Wondering if you could talk a little bit about your investment or capital allocation preferences in the current environment and how you're thinking about deploying capital for, say, acquisitions versus development versus share repurchase?

想請你談談在目前環境下，你們對投資或資本配置的偏好，以及你們如何思考資本投放，例如：收購（acquisitions）相較於開發（development）相較於庫藏股回購（share repurchase）？

Sure. Look, we're going to -- the primary driver of our growth will continue to be speculative development. We're also always in the market, making offers for opportunities to acquire cash-flowing buildings. In the past that you've seen the majority of our capital go into development.

當然。你看，我們的成長主要驅動力仍將是投機性開發（speculative development）。我們也一直在市場上，針對有現金流的建物提出收購機會的報價。過去你看到我們大部分資本都投入在開發。

So maybe 20% -- 25% cash flowing buildings. And with respect to the share purchase opportunity, the share authorization, look, again, the primary use of our capital is going to be to support the growth of development and acquisitions.

所以大概 20%—25% 投向有現金流的建物。至於回購股票的機會、以及回購授權（share authorization），你看，再次強調，我們資本的主要用途會是支持開發與收購的成長。

But there have been several market disruptions in the recent past where our stock price has been pretty negatively impacted to levels that belie fundamentals and our long-term prospects. And we have a very strong belief in the long-term value of our shares.

但近年來市場出現過幾次干擾事件，導致我們股價受到相當負面的影響，跌到與基本面及我們長期前景不相符的水準。我們非常相信公司股票的長期價值。

So in those periods of dislocation we've concluded it would be value-enhancing to shareholders to opportunistically acquire shares. You can figure out, I suppose, on your own, what that means in terms of allocation to that versus the other two categories.

因此在那些錯位（dislocation）的期間，我們認為機會性地買回股票能提升股東價值。至於這代表在配置上相對於另外兩類的比重，我想你大概可以自行推算。

Great. And then just as a follow-up, can you give us an update on how your embedded rent increases are trending and what you're incorporating into newly signed leases. And if you can touch on any shifts you've seen there in recent quarters?

很好。接著追問一下，你能否更新一下你們內含租金調升（embedded rent increases）的趨勢，以及你們在新簽租約中納入了哪些條款？也請談談近幾季你們看到的任何變化。

Yes. If you look at where we're at on the completed 2026 deals that we've signed the overall bumps are about 3.6%. And if you look at the entire portfolio as far as in-place bumps in 2026, we're at about 3.4%. So we're still holding pretty strong.

可以。如果看我們已完成、且在 2026 年簽下的交易，整體的年增幅（bumps）大約是 3.6%。如果看整個投資組合在 2026 年的既有年增幅（in-place bumps），大約是 3.4%。所以我們仍維持得相當穩健。

And if you're asking about the rental increase side of it, we're still consistent with our cash rental rate change guidance of 30% to 40% for 2026 is I think we -- As Peter mentioned in the script, I think we're at about 41% for the leases that we've signed already in 2026.

如果你問的是租金調升幅度那一塊，我們仍與 2026 年現金租金調整（cash rental rate change）指引 30% 到 40% 一致。我想我們——如 Peter 在講稿中提到的，我們目前對於 2026 年已簽租約大約是 41%。

The reason that's a little bit higher is that 556,000 square-foot renewal that Jojo spoke about that was significantly higher than the top end of our 40% range.

之所以略高，是因為 Jojo 提到的那筆 556,000 平方英尺的續租，其幅度顯著高於我們 40% 區間的上緣。

Vince Tibone, Green Street Advisors.

Vince Tibone，Green Street Advisors。

Some of the development leasing this quarter was for smaller suites within larger buildings. Curious if that reflects any change in strategy and, kind of, willing to carve up some of these boxes have taken a little longer to lease into multi-tenant spaces or suites? Or was that always the business plan for those properties?

本季部分開發案的租賃是針對較大建物中的較小套間（suites）。好奇這是否反映策略上的任何改變，也就是願意把一些較大的箱型倉（boxes）切分成多承租戶空間或套間，因為整棟出租可能需要更久？還是說這些資產原本的商業計畫就是如此？

It's Peter. Yes, that was always the plan for those buildings. So they're all designed for multi-tenant use. Certainly, over the last several years, we've been fortunate to see some full building users.

我是 Peter。是的，那一直都是這些建物的計畫。所以它們都是以多承租戶使用來設計的。當然，過去幾年我們也很幸運看到一些整棟使用者。

But we always design flexibility into our buildings. As I mentioned on the question about our building in Central Pennsylvania for 708, just to contrast that size range, really good activity there that we're seeing today, and there's a lot of activity for larger buildings from tenants in Pennsylvania and some of the other big markets.

但我們一向在建物設計中保留彈性。正如我在回答關於我們位於賓州中部、面積 708 的那棟建物問題時提到的，若對比那個面積區間，我們目前看到那邊的活動非常好，而且在賓州以及其他一些大型市場，也有很多來自承租戶對大型建物的需求活動。

So I wouldn't take that tenant demand is limited to under 200,000 but we built those buildings because we felt those pockets were underserved, and we're seeing the results of that. The Lehigh Valley building that Peter mentioned, we just completed and we've seen good activity there and already have our first deal signed.

所以我不會解讀為承租需求只限於 200,000 平方英尺以下；我們興建那些建物是因為我們認為那些區域供給不足，而我們也看到了成果。Peter 提到的 Lehigh Valley 那棟建物我們剛完工，就看到不錯的活動，而且已經簽下第一筆交易。

No, that's really helpful color. I appreciate that. And then maybe staying on development a bit. It seems that the 1 million square-foot plus box is where you're seeing the most favorable kind of changes in supply/demand dynamics right now in most markets.

不，這些補充資訊很有幫助，謝謝。接著也許繼續談開發。看起來在多數市場中，面積 100 萬平方英尺以上的超大箱型倉，是你們目前看到供需動態改善最有利的區間。

I'm curious, are you willing to kind of go spec at that ultra-large size range? I know you've done some of that in the past, but generally have been a little smaller building size, like if demand stays strong for this ultra large box, could you pivot or don't go a bit more larger, ultra large, box when you're doing more some of these new spec deals?

我想問的是，你們是否願意在那種超大型尺寸區間做投機性開發（go spec）？我知道你們過去做過一些，但一般建物規模會小一點；如果這種超大箱型倉的需求持續強勁，你們會不會調整方向，在新的投機案中做得更大、偏超大型？

Sure. I mean we're always looking to maximize value of our land. We continue to seek out new land investment opportunities and some of which would involve large-format properties -- large-format buildings. It's part of the game plan.

當然。我的意思是，我們一直在尋求把土地價值最大化。我們持續尋找新的土地投資機會，其中有些會涉及大尺度產品——大尺度建物。這是整體計畫的一部分。

As you know, we do own some sites in SoCal that could accommodate very, very large format buildings. And we continue to evaluate those in light of the economic realities and leasing realities of that market.

如你所知，我們在南加州確實擁有一些基地，可容納非常、非常大尺度的建物。我們也會根據該市場的經濟現實與租賃現實，持續評估這些基地。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗（Mizuho）。

I guess just first one to clarify, you're ahead on your development lease-up. You've got good rent growth, like rent spreads that you cited and good visibility. So I'm wondering two things that you can maybe be more specific, like one, why not move up the occupancy guide. Specifically like what's the offset to not moving that up given the leasing? And then can you be more granular on like why the guide didn't go up because even what you described, it would still suggest you should be trending at least $0.01 or $0.02 higher.

我想先釐清一下，你們的開發出租進度領先；你們提到的租金成長、例如租賃價差也不錯，而且能見度高。所以我有兩個問題希望你們能更具體：第一，為什麼不上調入住率（occupancy）指引？具體來說，在出租表現這麼好的情況下，不上調的抵銷因素是什麼？第二，你能否更細緻說明為什麼指引沒有上調？因為即便按你描述的情況，似乎也表示你們至少應該高出 0.01 或 0.02 美元的趨勢。

Vikram, this is Scott. And -- so the answer is, yes, we did pick up a little bit of FFO due to the 400,000 square feet of development leasing we announced. That was offset by two items. One had to do with the projected land sale that we have in our guidance, that's a lease parcel.

Vikram，我是 Scott。答案是：是的，我們確實因為宣布的 400,000 平方英尺開發出租而增加了一點 FFO。但這被兩個項目抵銷。第一個與我們指引中預計的土地出售有關，那是一塊租賃地塊（lease parcel）。

So when we sell that land parcel, we lose the NOI and we're paying down the line of credit. So there's a little bit of dilution there. And then the other item has to do with just our normal process of going through our lease availabilities and our leasing assumptions on a quarterly basis when we update guidance. We made assumptions to some of those -- we did not make changes, though, to the 1.3 million square feet of development and the 708,000 square feet that we have in our guidance. So it's more some changes in some of the core lease-up.

因此當我們出售那塊土地時，我們會失去 NOI，並用所得償還信用額度（line of credit）。所以會有一些稀釋。另一個項目則與我們在更新指引時、按季度檢視可出租面積（lease availabilities）與租賃假設的正常流程有關。我們對其中一些做了假設調整——不過，我們並未對指引中的 130 萬平方英尺開發案以及 708,000 平方英尺那部分做變更。所以更多是核心出租進度（core lease-up）的一些變動。

So those are the pieces.

所以這些就是各個部分。

But just to clarify, the occupancy piece, I don't think the land would sale would impact that, right? Like what offset the occupant? Is it just you've assumed lower real.

但只是想釐清一下，關於入住率（occupancy）那一塊，我不認為土地出售會影響它，對吧？例如，什麼會抵消入住率？只是因為你們假設較低的實際……

We made some slight adjustments to some core lease-up assumptions as well. And also keep in mind that occupancy, we provide a range to it and we're comfortable with that occupancy range.

我們也對一些核心的出租爬坡（lease-up）假設做了些微調整。另外也請記得，對於入住率我們提供的是一個區間，而我們對這個入住率區間是有信心的。

Got it. Okay. And then just maybe stepping back, you announced the buyback, you're doing these property tours. There's a change in, sort of, the Board as well. I'm just trying to understand, like can you walk through kind of each of these actions, like what are you sort of aiming for?

了解。好。那再稍微退一步看，你們宣布了庫藏股回購，也在做這些物業參訪（property tours）。董事會也有一些變動。我只是想了解，你能否帶我們走一遍這些行動各自的脈絡，你們大概想達成什麼？

There's obviously in the background, the quasi, I guess, activist that's pushing I'm just trying to understand like all these different actions, like are they related?

顯然在背景裡，有個算是……我猜是準行動派（quasi activist）在推動。我只是想了解，這些不同的行動彼此之間是否有關聯？

Are they independent? What are driving those three things?

它們是各自獨立的嗎？是什麼在驅動這三件事？

A lot of topics in one question. Okay. So the whole topic around the new director, as you may know, we unexpectedly lost a director last year who passed away. Again, unexpectedly. At that point, we determined it would be prudent to go ahead and start a process for a new one.

一個問題裡有很多主題。好。先談新董事這件事，如你所知，我們去年意外失去一位董事，他過世了。再次強調，是很突然的。在那之後，我們判斷審慎起見，應該啟動尋找新董事的流程。

That process was extended on two occasions. First, to consider the candidacy of the L&B nominee, past nominee and then again to consider the candidacy of the two individuals that the L&B nominee suggested we talked to.

這個流程曾兩度延長。第一次是為了考量 L&B 提名人（nominee）先前提名的候選人；第二次則是為了考量 L&B 提名人建議、我們也與之洽談的兩位人士的候選資格。

So that whole process was well underway long before those conversations began. With respect to the share buyback, look, we took a look at what happened to our stock in certain periods, okay, such as COVID, such as when Amazon announced they were pulling back in April of '22, the tariffs impact on the shares. Less so the war in the Middle East. And when you look at those time periods, you see significant falloff in share price when the fundamentals and long-term prospects for our shares did not.

所以在那些對話開始之前，整個流程其實早就進行了一段時間。至於股票回購，你看，我們回頭檢視了在某些期間我們股價發生的情況，例如 COVID 期間、例如 2022 年 4 月 Amazon 宣布縮減時、關稅對股價的影響；中東戰爭的影響相對較小。當你看這些期間，你會看到股價大幅下跌，但我們的基本面與長期展望並沒有。

And those are times that will continue to happen with the volatility that we have experienced and will continue to experience. And so it just simply makes sense to be in the market supporting the long-term value of our shares during those time periods.

而在我們已經經歷、且未來仍會持續經歷的波動之下，這類情況還會再發生。所以在那些時點進場、支持我們股票的長期價值，就是合乎邏輯的。

That, again, is a conversation that we have had with the Board for a long time. I've now forgotten the rest of your question.

這同樣也是我們和董事會討論很久的議題。我現在忘了你問題的其他部分了。

Property tours.

物業參訪。

Property tours. I would say, look, yes, we want to do whatever we can to get the word out on not only the transformation that we have completed, but also what's going on right now in some of our markets. We want you guys to be able to get to know our market leaders it just makes sense to take the opportunity to enhance shareholder engagement.

物業參訪。我會說，是的，我們希望盡我們所能把訊息傳出去，不僅是我們已完成的轉型，也包括我們部分市場目前正在發生的事情。我們希望你們能認識我們的市場負責人；把握機會加強股東互動是合理的。

Brendan Lynch, Barclays.

Brendan Lynch，Barclays。

You mentioned waning concessions contributed to the strong cash NOI growth in the quarter. Can you provide some more additional color on the current trends that you're seeing with concessions and what we should expect going forward?

你提到本季現金 NOI 的強勁成長，部分來自租賃讓利（concessions）減少。你能否就目前你們看到的讓利趨勢提供更多說明，以及我們往後應該如何預期？

Yes, Brendan, it's Peter. Generally speaking, we're seeing rent concessions at half of one month to one month of rent per year of term. And I would say that's drifted upward a little bit, which is more of a market by market and in some cases, asset by asset, and that's on new leases.

好的，Brendan，我是 Peter。一般來說，我們看到的租金讓利大約是每年租期（term）給予相當於半個月到一個月租金的讓利。我會說這個水準略有上移，更多是因市場而異，有些情況甚至是因資產而異，而這主要發生在新租約上。

TIs have been roughly the same, just depends upon the specific requirements of the tenant.

租戶裝修（TIs）大致差不多，主要取決於租戶的具體需求。

And renewals have been pretty steady, still very low renewals and TIs -- involved with renewals.

續租方面相當穩定，續租的讓利與租戶裝修（TIs）仍然非常低——也就是續租所涉及的讓利與 TIs 很少。

Okay. Great. And another question. We've seen a lot of discussion recently about how brokers are going to be disintermediated by AI or at least the broker fees are going to be pressured lower -- what is your view on how that cost dynamic will evolve for First Industrial and for the industry in general going forward?

好，很好。再一個問題。最近有很多討論提到，經紀人可能會被 AI 去中介化（disintermediated），或至少經紀費用會面臨下行壓力——你怎麼看 First Industrial 以及整體產業未來這種成本動態會如何演變？

Do you have a view on that, Jojo?

Jojo，你對這個有看法嗎？

Yes. There's -- we don't see material impact right now on AI in terms of brokerage services. Again, when we hire brokers, I mean, we feel we hire the best.

有的。就目前而言，我們沒有看到 AI 對經紀服務造成實質影響。再說一次，當我們聘用經紀人時，我們認為我們聘的是最好的。

They bring value to the table in terms of our leasing efforts. We've seen more very quick flow, efficient flow, of information back and forth in the industry. But brokers play a key role in the industrial leasing business.

他們在我們的出租工作上能帶來價值。我們確實看到產業內資訊往返的速度更快、流程更有效率。但在工業不動產租賃業務中，經紀人扮演關鍵角色。

Yes. AI is going to provide a lot of data Maybe these transactions happen more quickly for that reason, but intermediaries do bring value. And those negotiations, it always helps to have some distance.

是的，AI 會提供大量數據，也許因此交易會更快完成，但中介方確實能帶來價值。而在談判上，保持一定距離總是有幫助的。

And we don't see the value of that community lessening over time because of AI.

我們不認為因為 AI，這個社群（community）的價值會隨時間降低。

(Operator Instructions)

（接線員指示）

Michael Mueller, JPMorgan.

Michael Mueller，JPMorgan。

I guess first, are the light assembly data center users that you've referenced -- are they generally shorter-term lease takers of space? Or are you seeing long-term leases there? And I guess at the completion of the data center, are they expected to kind of stick around or just that's the end of the lease may go away and space goes to a different type of user?

我想先問，你們提到的那些輕組裝（light assembly）資料中心使用者——他們通常是承租較短期的空間嗎？還是你們看到的是長期租約？另外，當資料中心完工後，他們預期會繼續留下來，還是租期結束就離開，空間再轉給不同類型的使用者？

Let me give you some color there, Michael. The light assembly, usually, they're long -- midterm to longer-term leases because the assembly of the equipment, it depends on how much data center development, a particular tenant is fulfilling.

Michael，我補充一些背景。輕組裝通常是中期到較長期的租約，因為設備的組裝取決於特定租戶正在承作多少資料中心開發案。

And if you have a multi-phased, for example, development going on that our tenant is fulfilling, that would take anywhere for a couple of years to long term as much as 10 years. So it really depends on what they're fulfilling.

如果是多期（multi-phased）的開發案，例如我們的租戶正在承作的那種，可能需要從幾年到長達 10 年不等。所以真的取決於他們在履行什麼工作。

It also depends on how many regions that particular prospect will be serving. As you know, data center development and data center buildings take a longer time than industrial buildings.

也取決於該潛在客戶會服務多少個區域。如你所知，資料中心開發與資料中心建築的工期比工業建築更長。

So that's another piece of color there. But yes, so in terms of data center development, we cannot predict. You know as much as we do. If you look at the industry news and how much the hyperscalers one we will put out in the marketplace, and that's pretty -- it seems like a pretty long term, pretty huge dollars.

所以這也是另一個補充。不過是的，至於資料中心開發，我們無法預測。你知道的跟我們一樣多。如果你看產業新聞，以及超大規模業者（hyperscalers）會有多少需求釋出到市場上——那相當……看起來是很長期、金額也非常龐大。

Got it. Okay. And then just a quick second one. Are there any notable disposition expectations beyond the Phoenix sale that's expected to close this year or just expected to be nominal.

了解。好。那第二個很快的問題：除了預計今年完成交割的鳳凰城（Phoenix）出售案之外，還有任何值得注意的處分（disposition）預期嗎？還是預期只是名目上的？

No, there's really nothing else in the hopper that looks like that.

沒有，管線裡真的沒有其他看起來像那樣的案子。

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

問答環節到此結束。我想把電話交回給 Peter Baccile，請他做結語。

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

謝謝你，接線員，也謝謝各位今天參與我們的電話會議。如果你們對我們今天的電話會議有任何後續問題，請聯絡 Scott 或我。祝各位有美好的一天。

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

本次電話會議已結束。感謝各位參加今天的簡報。您現在可以中斷連線。