FRP Holdings Inc (FRPH) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to today's FRP Holdings, Incorporated second-quarter 2024 earnings conference call. (Operator Instructions) Please note this call is being recorded. (Operator Instructions)

大家好，歡迎參加今天的 FRP Holdings, Incorporated 2024 年第二季財報電話會議。（操作員說明）請注意此通話正在錄音。（操作員說明）

It is now my pleasure to turn the conference over to CEO, John Baker III. Please go ahead.

現在我很高興將會議交給執行長約翰貝克三世 (John Baker III)。請繼續。

Thank you, Angela, and good afternoon. I am John Baker III, Chief Executive Officer of FRP Holdings, Inc. And with me today are David deVilliers, Jr., our President; John Baker II, our Chairman; David deVilliers III, our Chief Operating Officer; Matthew C. McNulty, our Chief Financial Officer; and John Milton, our Executive Vice President and General Counsel.

謝謝你，安琪拉，下午好。我是 FRP Holdings, Inc. 執行長約翰貝克三世 (John Baker III)。約翰貝克二世，我們的主席； David deVilliers III，我們的營運長； Matthew C. McNulty，我們的財務長；以及我們的執行副總裁兼總法律顧問約翰·米爾頓 (John Milton)。

As a reminder, any statements on this call which relate to the future are by their nature, subject to risks and uncertainties that could cause actual results and events to differ materially as indicated in such forward-looking statements. These risks and uncertainties are listed in our SEC filings. We have no obligation to revise or update any forward-looking statements, except as imposed by law as a result of future events or new information.

提醒一下，本次電話會議中與未來相關的任何陳述本質上都受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果和事件與此類前瞻性陳述中所示的存在重大差異。這些風險和不確定性已在我們向 SEC 提交的文件中列出。我們沒有義務修改或更新任何前瞻性陳述，除非法律因未來事件或新資訊而強制要求。

To supplement the financial results presented in accordance with generally accepted accounting principles, FRP presents certain non-GAAP financial measures within the meaning of Regulation G promulgated by the Securities and Exchange Commission. The non-GAAP financial measure referenced in this call is net operating income or NOI and pro rata net operating income. FRP uses this non-GAAP financial measure to analyze its operations and to monitor, assess, and identify meaningful trends in its operating and financial performance. This measure should not be viewed as a substitute for GAAP financial measures.

為了補充根據公認會計原則提出的財務結果，FRP 提出了美國證券交易委員會頒布的 G 條例含義內的某些非 GAAP 財務指標。本次電話會議中引用的非公認會計準則財務指標為淨營業收入或 NOI 和比例的淨營業收入。FRP 使用這種非 GAAP 財務指標來分析其運營，並監控、評估和識別其營運和財務績效的有意義的趨勢。該措施不應被視為 GAAP 財務措施的替代品。

To reconcile NOI to GAP net income, please refer to the segment titled non-GAAP Financial Measures on pages 9 and 10 of our most recent earnings release. Any reference to cap rates, asset values, per share values or the analysis of the estimated value of our assets net of debt and liabilities are for illustrative purposes only as a reflection of how management views its various assets for purposes of informing management decisions and do not necessarily reflect the price that would be obtained upon the sale of the asset or the associated costs or tax liability.

若要將 NOI 與 GAP 淨利進行核對，請參閱我們最新財報第 9 頁和第 10 頁上標題為非 GAAP 財務指標的部分。任何對資本化率、資產價值、每股價值的引用或對我們資產扣除債務和負債的估計價值的分析僅用於說明目的，僅反映管理層如何看待其各種資產，以便為管理決策提供信息並做出決策。

Now, for our financial highlights from the second quarter. Despite revenues and operating profit remaining largely flat, net income for the second quarter increased 242% to $2 million or $0.11 per share versus $598,000 or $0.03 per share in the same period last year. For the first six months, net income saw a 188% increase to $3.3 million or $0.18 per share versus $1.2 million for the first six months of last year.

現在，讓我們來看看第二季的財務亮點。儘管營收和營業利潤基本上持平，但第二季淨利成長了 242%，達到 200 萬美元，即每股 0.11 美元，而去年同期為 598,000 美元，即每股 0.03 美元。前六個月的淨利潤增長了 188%，達到 330 萬美元，即每股 0.18 美元，而去年前六個月的淨利潤為 120 萬美元。

This increase was driven partly by the improved performance during lease-ups of our most recent multifamily development in D.C., the Verge which drove down our equity in loss on joint ventures by $891,000 compared to the second quarter last year and $1.6 million compared to the first six months of last year.

這一增長的部分原因是我們最近在華盛頓特區The Verge 的多戶住宅開發項目的租賃業績有所改善，這使得我們的合資企業權益損失比去年第二季度減少了891,000 美元，比第一季減少了160 萬美元。

The primary driver for the improvement in net income was the performance of our most recent lending venture Aberdeen Overlook. In the second quarter, Aberdeen Overlook generated $1.5 million and investment income compared to $560,000 in the second quarter last year from a previous lending venture project.

淨利潤改善的主要動力是我們最近的貸款企業 Aberdeen Overlook 的表現。第二季度，Aberdeen Overlook 創造了 150 萬美元的投資收入，而去年第二季度，先前的貸款風險專案的投資收入為 56 萬美元。

Year to date the project has generated $2.1 million in investment income compared to $614,000 from our previous project through the first six months of last year. By providing a developer we know and trust with the money required to develop land for national homebuilders that are desperate for lots, these projects were not part of our core business strategy in the long term, have generated returns for our cash well in excess of treasuries without tapping into the time and energy of our management and employees.

今年迄今為止，該項目已產生 210 萬美元的投資收入，而去年前六個月我們之前的項目的投資收入為 614,000 美元。透過向我們認識並信任的開發商提供為急需土地的國家住宅建築商開發土地所需的資金，這些項目並不是我們長期核心業務策略的一部分，但為我們帶來的現金回報遠遠超過了國債無需佔用我們管理階層和員工的時間和精力。

Over the last three years, we have grown pro rata NOI at a compound annual growth rate of 21.6%. We maintained that pace in the second quarter and the first six months of this year. Pro rata NOI for the second quarter was $9.2 million, a 22% improvement over the second quarter of 2023.

過去三年，我們的 NOI 按比例成長，複合年增長率為 21.6%。我們在第二季和今年前六個月保持了這一速度。比例計算的第二季 NOI 為 920 萬美元，比 2023 年第二季成長 22%。

For the first six months pro rata NOI was $17.8 million, a 22% increase over the same period last year. Primary drivers of this growth for the multifamily segment and the industrial and commercial segment as our mining royalty NOI is more or less flat compared to last year.

前六個月按比例 NOI 為 1,780 萬美元，比去年同期增長 22%。多戶住宅市場和工業和商業市場成長的主要驅動力是我們的採礦權使用費 NOI 與去年相比基本持平。

Multifamily pro rata NOI increased by 84% this quarter compared to 2023, and 88% for the first six months compared to the same period last year. This growth is a result of the transfer to the multifamily segment of our .408 Jackson asset in Greenville and Bryant Street in D.C. from the development segment upon the stabilization of these assets when they reach 90% occupancy for 90 days.

與 2023 年相比，本季多戶家庭按比例 NOI 成長了 84%，與去年同期相比，前六個月增加了 88%。這一增長是由於我們將位於華盛頓特區格林維爾和布萊恩特街的 0.408 Jackson 資產從開發部分轉移到多戶住宅部分的結果，這些資產在 90 天的入住率達到 90% 的情況下穩定下來。

Same-store NOI for Dock 79 and the Maren and Riverside is basically flat in the first six months compared to last year. NOI for Bryant Street and .408 Jackson compared to the second quarter last year when these projects part of the development segment increased by 37.6% and 292%, respectively. For the first six months, these projects increased 27.9% and 867% compared to the same period last year.

79 號碼頭、Maren 和 Riverside 的同店 NOI 前 6 個月與去年同期基本持平。與去年第二季相比，Bryant Street 和 0.408 Jackson 的 NOI 分別成長了 37.6% 和 292%，當時這些專案屬於開發領域。前六個月，這些項目較去年同期分別成長27.9%和867%。

These increases in NOI were the drivers from the multifamily segment for the improvement we saw in overall pro rata NOI. The transfer of the Verge this segment upon stabilization in the third quarter of this year should only improve this segment's performance on an NOI basis.

NOI 的這些成長是多戶住宅市場整體比例 NOI 改善的驅動力。在今年第三季穩定後，Verge 的轉讓只會改善該部門在 NOI 基礎上的表現。

Industrial and commercial NOI increased by 41% in the second quarter to $1.19 million and by 44% in the first six months to $2.3 million compared to the same period last year. These increases are the result of having burned through the rent abatement concession periods at two buildings at our Hollander Business Park.

與去年同期相比，第二季工業和商業 NOI 成長了 41%，達到 119 萬美元，前六個月成長了 44%，達到 230 萬美元。這些增長是由於我們霍蘭德商業園區的兩棟建築的租金減免期被耗盡的結果。

These assets are now generating real cash as opposed to the unrealized revenues that we recognize in the early phases of occupancy from straight lining rents for GAAP purposes. Yesterday, we posted to our website a brief slide show of financial highlights for the second quarter. For those who have not seen it, we are now publishing for illustrative purposes an estimated value of our real estate assets, net of debt, and liabilities.

這些資產現在正在產生真正的現金，而不是我們在入住早期階段根據公認會計準則目的從直線租金中確認的未實現收入。昨天，我們在網站上發布了第二季財務亮點的簡短幻燈片。對於那些還沒有看到的人，我們現在出於說明目的發布我們的房地產資產（扣除債務和負債）的估計價值。

Our analysis yielded a per share value in the range of $31.90 to $37.87. We provide this information to reflect how management views its various assets for the purposes of informing management decisions that do not necessarily reflect prices be obtained upon a sale of the asset or the associated costs or tax liability.

我們的分析得出每股價值在 31.90 美元至 37.87 美元之間。我們提供此資訊是為了反映管理層如何看待其各種資產，以便為管理決策提供信息，這些決策不一定反映出售資產時獲得的價格或相關成本或納稅義務。

I will now turn the call over to our Chief Operating Officer, David deVilliers III for his report. David?

我現在將把電話轉給我們的營運長 David deVilliers III，聽取他的報告。大衛？

Thank you, John, and good day to those on the call. Allow me to provide an operational perspective on the second quarter results of the company. Starting with our commercial and industrial segment. This segment consists of 9 buildings totaling nearly 550,000 square feet, which are mainly warehouses in the state of Maryland. At quarter end, 95.6% of the buildings were occupied.

謝謝你，約翰，祝所有來電的人美好一天。請容許我提供對公司第二季業績的營運看法。從我們的商業和工業部門開始。該部分由9棟建築組成，總面積近55萬平方英尺，主要是馬裡蘭州的倉庫。截至季末，95.6%的建築已入住。

Total revenues and NOI for the quarter totaled $1.4 million and $1.2 million respectively, an increase of 2% and 41% over the same period last year. The large variance between revenue growth and NOI growth is due to several tenants beginning their lease term with rent abatement periods.

該季度總營收和 NOI 分別為 140 萬美元和 120 萬美元，比去年同期成長 2% 和 41%。收入成長和 NOI 成長之間存在巨大差異是因為一些租戶在租賃期開始時就享受了租金減免期。

GAAP requires the entire lease term to be straight-lined when calculating revenues. As a result, GAAP revenues are higher during the first half of the lease term than what is being received and the variance is more pronounced during a rent abatement period.

公認會計原則要求在計算收入時整個租賃期限是直線的。因此，租賃期間前半段的 GAAP 收入高於實際收到的收入，且在租金減免期間差異更為明顯。

As stated above, NOI is a non-GAAP financial measure. NOI calculations back out the straight lining effects. As a result, 2023 NOI reflected the reduced rental payments and 2024 NOI reflected the full lease payments. This is why we saw a 41% NOI growth compared to a 2% revenue growth this quarter over the same period last year.

如上所述，NOI 是一項非 GAAP 財務指標。NOI 計算推翻了直線效應。因此，2023 年 NOI 反映了租金支出的減少，2024 年 NOI 反映了全額租賃付款。這就是為什麼我們看到本季 NOI 成長 41%，而去年同期營收成長 2%。

Moving on to the results of our mining and royalty business segment. This division consists of 16 mining locations, predominantly located in Florida and Georgia with one mine in Virginia. Total revenues and NOI for the quarter totaled $3.2 million and $3 million respectively, a decrease of 1% and 3% over the same period last year.

接下來是我們的採礦和特許權使用費業務部門的業績。該部門由 16 個採礦地點組成，主要位於佛羅裡達州和喬治亞州，在維吉尼亞州有一個礦場。該季度總營收和NOI分別為320萬美元和300萬美元，比去年同期下降1%和3%。

These decreases were primarily the result of a $277,000 reduction in royalties to resolve a 2023 over payment by our tenant at our Manassas quarry which overestimated our portion of production tonnes, which is shared with other property owners. The outstanding balance of this overpayment credit is $53,000 which we expect will be exhausted in the first month of the third quarter of this year.

這些減少主要是由於特許權使用費減少了 277,000 美元，以解決我們馬納薩斯採石場租戶 2023 年多付的問題，該問題高估了我們與其他業主共享的產量份額。這筆超額付款信貸的未償餘額為 53,000 美元，我們預計將在今年第三季的第一個月用完。

As to our multifamily segment, this business segment consists of 1,483 apartments and over 117 located in Washington, D.C. and South Carolina. At quarter end, the apartments were 92.6% occupied and the retail space was 75.6% occupied.

至於我們的多戶住宅部門，該業務部門包括 1,483 間公寓，其中超過 117 間公寓位於華盛頓特區和南卡羅來納州。截至季末，公寓入住率為 92.6%，零售空間入住率為 75.6%。

Total revenues and NOI for the quarter were $11.9 million and $7 million respectively. FRP's share of revenues and NOI for the quarter totaled $6.9 million and $4 million respectively. This is a significant increase over prior quarters due to our Bryant Street and .408 Jackson joint ventures being included in this segment as of January 1, 2024, and adding $3.5 million of revenue and $1.9 million of NOI this quarter.

該季度的總收入和 NOI 分別為 1190 萬美元和 700 萬美元。FRP 本季的營收份額和 NOI 分別為 690 萬美元和 400 萬美元。由於自2024 年1 月1 日起，我們的Bryant Street 和0.408 Jackson 合資企業被納入該細分市場，本季度收入增加了350 萬美元，NOI 增加了190 萬美元，這比前幾季度有了顯著增長。

As a same-store comparison, which only included Dock, Maren, and Riverside, FRP's share of revenues and NOI for the quarter totaled $3.4 million and $2.1 million respectively, a decrease of 0.9% and 3.7% over the same period last year. This is primarily the result of the average vacancy and average expenses increasing by 1% and less rental overage payments from our retail tenants this quarter as compared to 2023.

以同店比較（僅包括 Dock、Maren 和 Riverside），FRP 本季的營收份額和 NOI 分別為 340 萬美元和 210 萬美元，比去年同期下降 0.9% 和 3.7%。這主要是由於本季的平均空置率和平均費用增加了 1%，與 2023 年相比，我們的零售租戶支付的租金超額費用減少了。

An abundance of supply in the D.C. market will continue to put pressure on vacancies and revenue growth in the foreseeable future. Rising real estate taxes and insurance premiums may also remain a headwind for NOI growth, which increased to over 5.25% from a same-store perspective this quarter compared to 2023.

在可預見的未來，華盛頓市場的充足供應將繼續對空缺和收入成長構成壓力。不斷上漲的房地產稅和保險費也可能仍然是 NOI 成長的阻力，與 2023 年相比，本季同店成長至 5.25% 以上。

Management continues to be diligent and tenant retention and rental rates in the market. We are pleased to have renewal success rates over 60% with all renewal rental rates showing positive growth and a majority of our trade-out rental rates being positive as well.

管理層繼續勤奮，租戶保留率和租金率保持在市場水平。我們很高興續約成功率超過 60%，所有續約租金率都呈現正成長，而且我們大部分的換出租金率也呈現正值。

Now on to the development segment. This segment is where we acquire, entitle, develop, and create new income-producing assets that are transferred into our commercial industrial and multifamily business segments.

現在進入開發部分。該部門是我們收購、授權、開發和創造新的創收資產的地方，這些資產將轉移到我們的商業工業和多戶型業務部門。

Upon reaching certain completion and occupancy benchmarks, the segment uses capital to entitle and develop lands and fund our vertical construction endeavors with the goal of turning our non-NOI-producing assets into NOI producing assets. The segment also lends funds to prepare and develop lands for sale to national homebuilders in exchange for principal and interest payments and profit sharing.

在達到某些竣工和入住基準後，該部門使用資本來授權和開發土地，並為我們的垂直建設工作提供資金，目標是將我們的非 NOI 生產資產轉變為 NOI 生產資產。該部門還提供資金，用於準備和開發土地，出售給全國住宅建築商，以換取本金和利息支付以及利潤分享。

In terms of our commercial and industrial pipeline, our 258,000 square foot state-of-the-art class A warehouse building in the Perryman Industrial Sector of Harford County, Maryland, is nearing completion and is expected to be delivered on or before November 1, of this year. Upon shell completion, this asset will be moved to the industrial commercial segment and will impact NOI negatively until it is occupied and stabilized with the operating expenses being passed through to the tenants.

在我們的商業和工業管道方面，我們位於馬裡蘭州哈福德縣佩里曼工業區的 258,000 平方英尺最先進的 A 級倉庫建築即將竣工，預計將於 11 月 1 日或之前交付，今年的。殼完成後，資產將轉移到工業商業領域，並對 NOI 產生負面影響，直到它被佔用並穩定下來，營運費用轉嫁給租戶。

Our 200,000 square foot class A warehouse building in Lakeland, Florida, located along the I-4 Corridor between Tampa and Orlando is where FRP intends to be a 90% partner with BBX Logistics and as well into the entitlement stage, permits for the development should be in hand on or before Q1 2025. FRP and BBX also closed on land that will support two class A warehouse buildings in Broward County, Florida, totaling over 182,000 square feet.

我們位於佛羅裡達州萊克蘭的200,000 平方英尺A 級倉庫大樓位於坦帕和奧蘭多之間的I-4 走廊沿線，FRP 打算成為BBX Logistics 90% 的合作夥伴，並且已進入授權階段，開發許可證應在此處在 2025 年第一季或之前到達。FRP 和 BBX 還關閉了佛羅裡達州布勞沃德縣兩座 A 級倉庫建築的土地，總面積超過 182,000 平方英尺。

The site is minutes from Port Everglades and the Fort Lauderdale Hollywood International Airport with frontage on I-595, accessing the Florida Turnpike and I-95. The entitlement process is now underway and permits may be in hand by Q1 2025 as well. In Cecil County, Maryland, along the I-95 Corridor, we are in the middle of predevelopment activities on 170 acres of industrial land that will support a 900,000 square foot distribution center. We look to secure permits in Q2 of 2025.

該場地距離埃弗格雷茲港和勞德代爾堡好萊塢國際機場僅幾分鐘路程，臨 595 號州際公路，可通往佛羅裡達州收費公路和 95 號州際公路。授權流程目前正在進行中，許可證也可能在 2025 年第一季拿到手。在馬裡蘭州塞西爾縣 I-95 公路沿線，我們正在進行 170 英畝工業用地的預開發活動，該工業用地將支持一座 90 萬平方英尺的配送中心。我們希望在 2025 年第二季獲得許可。

Finally, we are in the initial permitting stage for a 55 acre track in Harford County, Maryland. The intent is to obtain permits for four buildings totaling some 635,000 square feet of industrial product, existing land leases for the storage of trailers on site, helped to offset our carrying and entitlement costs until we are ready to build, which could be as early as 2025, pending favorable market conditions.

最後，我們正處於馬裡蘭州哈福德縣 55 英畝賽道的初始許可階段。其目的是為四棟總面積約635,000 平方英尺的工業產品建築獲得許可證，用於現場存放拖車的現有土地租賃有助於抵消我們的運輸和權利成本，直到我們準備好建造為止，這最早可能會在2025 年，等待有利的市場條件。

Completion of these industrial commercial development projects will add over 2.1 million square feet of additional industrial commercial product to our industrial platform. Growing the business segment from 550,000 square feet to over 2.7 million square feet.

這些工業商業開發項目的完成將為我們的工業平台增加超過210萬平方英尺的額外工業商業產品。將業務部門的面積從 55 萬平方英尺擴大到超過 270 萬平方英尺。

Over the next three to five years, we will focus on the permitting, construction, and lease-up of the Perryman, Lakeland, Fort Lauderdale and 212,000 square foot building in Harford County. These four buildings represent over 850,000 square feet of new industrial commercial product with a total project cost estimated at $142 million.

在未來三到五年內，我們將重點關注佩里曼 (Perryman)、萊克蘭 (Lakeland)、勞德代爾堡 (Fort Lauderdale) 和哈福德縣 212,000 平方英尺建築的許可、建設和租賃。這四座建築代表了超過 85 萬平方英尺的新工業商業產品，項目總成本估計為 1.42 億美元。

With 6% to 7% return on cost expectations upon stabilization, these projects represent some $8.5 million to $10 million in potential NOI. As to our multifamily development pipeline, the Verge, our 344 residential unit project located in the district was 90.7% occupied at quarter end. Total revenues and NOI for the quarter were $2 million and $1.16 million respectively. FRP's share revenues in NOI for the quarter totaled $1.3 million and $710,000 respectively.

這些項目穩定後的成本預期回報率為 6% 至 7%，潛在 NOI 約為 850 萬至 1000 萬美元。至於我們的多戶住宅開發項目，Verge，我們位於該地區的 344 個住宅單元項目，截至季度末的入住率為 90.7%。該季度的總收入和 NOI 分別為 200 萬美元和 116 萬美元。本季 FRP 在 NOI 的股份收入分別為 130 萬美元和 71 萬美元。

While our development focus is currently weighted toward our industrial assets, we continue to watch market conditions and their impact on four multifamily projects in our development segment pipeline located in Washington, D.C., Greenville, South Carolina and Estero, Florida. These projects represent over 1,200 apartments and 58,000 square feet of retail.

雖然我們目前的開發重點是工業資產，但我們將繼續關注市場狀況及其對位於華盛頓特區、南卡羅來納州格林維爾和佛羅裡達州埃斯特羅的開發部門管道中的四個多戶住宅項目的影響。這些項目包括超過 1,200 套公寓和 58,000 平方英尺的零售空間。

Turning to our principal capital source strategy or lending ventures, I have the following updates to our two current projects. Amber Ridge in Prince George's County, Maryland, consisting of 187 lots is completely sold out. Final development activity is to get off bonds are ongoing and upon completion of this project, interest income, and profits are expected to total $3.9 million, a 21% profit on funds drawn.

談到我們的主要資本來源策略或貸款企業，我對我們目前的兩個專案有以下更新。馬裡蘭州喬治王子縣的 Amber Ridge 共有 187 塊地塊，現已全部售空。最終的開發活動正在進行中，以擺脫債券，該項目完成後，利息收入和利潤預計將達到 390 萬美元，即提取資金的 21% 利潤。

Our second lending bench Presbyterian Homes, or Aberdeen Overlook consists of 344 lots located on 110 acres in Aberdeen, Maryland. We have committed $31.1 million in funding, $24.6 million was drawn as of quarter end and over $12.7 million in preferred interest and principal payments have been received to date.

我們的第二個貸款平台 Presbyterian Homes 或 Aberdeen Overlook 位於馬裡蘭州阿伯丁，佔地 110 英畝，由 344 塊土地組成。我們承諾提供 3,110 萬美元的資金，截至季末已提取 2,460 萬美元，迄今已收到超過 1,270 萬美元的優先利息和本金付款。

A national homebuilder is under contract to purchase all the finished building lots by Q4 2027. 78 of the 344 lots were closed upon and we expect to generate at least a 20% internal rate of return and funds drawn upon completion of the project.

一家全國性住宅建築商已簽訂合同，將於2027 年第四季度購買所有已竣工的建築地塊。率和資金提取。

In closing, we are pleased with the entitlement progress being made upon several industrial land assets, particularly on our Lakeland and Fort Lauderdale projects in Florida. The renewal and trade-out rent growth within our multifamily assets is encouraging and a key indicator of where we are on the supply and demand curve.

最後，我們對多個工業土地資產的權利取得進展感到高興，特別是我們位於佛羅裡達州的萊克蘭和勞德代爾堡計畫。我們的多戶資產的更新和換出租金成長令人鼓舞，也是我們在供需曲線上所處位置的關鍵指標。

Interest rates and construction costs have appeared to stabilize. Interest rate spreads have eased and although new supply of apartments in the D.C. Waterfront submarket remains a headwind for rent growth, absorption and demand for apartments and warehouse space remain a bright spot. As we look ahead, our focus remains on the margin between revenue and expense growth at our existing assets.

利率和建築成本似乎已趨於穩定。利差有所緩解，儘管華盛頓海濱子市場的新公寓供應仍然是租金增長的阻力，但對公寓和倉庫空間的吸收和需求仍然是一個亮點。展望未來，我們的重點仍然是現有資產的收入和支出成長之間的利潤率。

Having a fundamentally sound capital stack with sensible construction financing terms and hyper-focused development, leasing, and property management teams. With several permits expected in 2025 and our efforts and (technical difficulty) the entitlements to vertical due diligence through our cautious, patient, and thorough vertical due diligence process we will make informed and calculated decisions to wait or pull the trigger on vertical construction.

擁有基本健全的資本結構、合理的建設融資條款以及高度專注的開發、租賃和物業管理團隊。預計2025 年將獲得多項許可證，加上我們的努力和（技術難度）透過我們謹慎、耐心和徹底的垂直盡職調查流程進行垂直盡職調查的權利，我們將做出明智且經過深思熟慮的決定，是等待還是啟動垂直建設。

Thank you, and I'll now turn the call back to John.

謝謝您，我現在將把電話轉回給約翰。

Thank you, David. As we have said on several occasions and you just heard in David's report, we are maintaining our strategy of focusing on industrial development and expanding our footprint on a square footage and regional basis. July, we closed on the purchase of the land for our industrial joint venture in Broward County, Florida for a total purchase price of $24.5 million. We also closed on the land for our other industrial JV in Lakeland, Florida last quarter for a total purchase price of $2.8 million.

謝謝你，大衛。正如我們在多個場合所說的，以及您剛剛在大衛的報告中聽到的，我們將維持專注於工業發展並擴大我們在面積和區域基礎上的足蹟的戰略。7 月，我們完成了佛羅裡達州布勞沃德縣工業合資企業土地的購買，總購買價為 2,450 萬美元。上個季度，我們也關閉了位於佛羅裡達州萊克蘭的另一家工業合資企業的土地，總購買價為 280 萬美元。

We expect to start construction on both projects on or before March of 2025. We are nearly finished with shell construction of our 258,000 square foot industrial asset in Perryman, Maryland, with completion expected in the fourth quarter.

我們預計這兩個項目將於 2025 年 3 月或之前開始建造。我們位於馬裡蘭州佩里曼的 258,000 平方英尺工業資產的外殼建設即將完成，預計將於第四季度完工。

These three projects totaling 649,000 square feet of new class A industrial space represent an estimated $118 million in total CapEx and $72 million of equity capital, of which we account for $66.8 million. We have underwritten these assets at a 6% to 7% NOI yield on costs, but expect to outperform these conservative assumptions.

這三個項目總計 649,000 平方英尺的新 A 級工業空間，預計資本支出總額為 1.18 億美元，股本資本為 7,200 萬美元，其中我們佔 6,680 萬美元。我們以 6% 至 7% 的 NOI 成本收益率承保了這些資產，但預期表現將優於這些保守的假設。

I will now open the call up for any questions that you might have.

我現在將打開電話詢問您可能有的任何問題。

(Operator Instructions) Stephen Farrell, Oppenheimer Close.

（操作員說明）Stephen Farrell，Oppenheimer Close。

Good afternoon.

午安.

Hi, Stephen.

嗨，史蒂芬。

Just a quick question with the two Florida development, the expected CapEx, $57 million and $28 million, does that include the purchase of land?

簡單問一下佛羅裡達州的兩個開發項目，預計資本支出分別為 5700 萬美元和 2800 萬美元，這是否包括購買土地？

Yes. Yes.

是的。是的。

Is there any particular reason why there's such a big discrepancy in the cost per square foot between the two?

兩者之間每平方英尺的成本差異如此之大，是否有任何特殊原因？

Yes. In Lakeland, Florida, rental rates, let's say, range from $750 to $950 in the Broward County, Fort Lauderdale site rental rates range from $18.50 and are coming up against $20 a square foot triple net and that well-heeled Broward County, Florida market land is just more expensive and rental rates are a heck a lot higher. So that's the driving difference.

是的。比方說，在佛羅裡達州萊克蘭，勞德代爾堡布勞沃德縣的租金從750 美元到950 美元不等，勞德代爾堡的布勞沃德縣場地租金從18.50 美元不等，而佛羅裡達州布勞沃德縣的富裕市場的租金則為每平方英尺20 美元。這就是駕駛差異。

And even if I look at excluding the land though, it looks like the construction cost to develop is about $180 per square foot versus $125, is there any construction related costs that are different?

即使我不考慮土地，開發的建築成本似乎約為每平方英尺 180 美元，而每平方英尺 125 美元，是否有任何與建築相關的成本有所不同？

A couple. The Lakeland building is a single building. It's a single 200,000 square foot building. There's just efficiencies when you build a single building versus two, which is the, we're going to build 290,000 square foot buildings in the Fort Lauderdale site.

一對。萊克蘭大樓是一棟單體建築。這是一棟佔地 20 萬平方英尺的建築。建造一棟建築與建造兩棟建築相比，效率更高，也就是說，我們將在勞德代爾堡工地建造 290,000 平方英尺的建築。

In Fort Lauderdale, there's some interesting site development costs. There are nuances to all these things. They may look the same but there's always nuances that can move the cost around a little bit, particularly when it comes to the land development side of them.

在勞德代爾堡，有一些有趣的網站開發成本。所有這些事情都存在細微差別。它們可能看起來相同，但總有一些細微差別可以稍微改變成本，特別是當涉及到它們的土地開發方面時。

Okay. Thank you. And for the Chelsea project. Is there a lease in place for when construction is finished?

好的。謝謝。還有切爾西項目。施工完成後有沒有租約？

No, there is not.

不，沒有。

Do you anticipate having any issue filling that space?

您預計在填補該空間時會遇到任何問題嗎？

No, not at this time. I mean in the market, there's still a good demand. We feel we have a good product. Typically, it's rare for us to get buildings pre-leased before we really deliver them. This building really gets kind of put on the market in Q4 of this year and once we put it on the market and people can drive to it, pavings in, and they can walk in it. That's typically when we start seeing a lot of activity. We've had some inquiries but no paper traded at this time.

不，現在不行。我的意思是，市場上仍然有很好的需求。我們覺得我們有一個很好的產品。通常情況下，我們很少會在真正交付建築物之前就將其預租。這棟建築確實在今年第四季投放市場，一旦我們將其投放市場，人們就可以開車去那裡，鋪路，然後可以在裡面行走。這通常是我們開始看到大量活動的時候。我們收到了一些詢問，但目前沒有票據交易。

Okay, good. And just a quick question on Dock 79 and Maren in the new chart on the second page of your release, it looks like renewal rates at the Dock were kind of outpacing Maren, which the percentage increase, which has not happened recently. Is there any color you can provide on that?

好的，很好。在您發布的第二頁的新圖表中，我想問一個關於Dock 79 和Maren 的簡單問題，看起來Dock 的續訂率有點超過了Maren，後者的百分比有所增加，但最近沒有發生這種情況。您可以提供任何顏色嗎？

I think that, Dock for a while may have had some effects of Maren and now things are evening out and we're able to push rents at Dock more these days. Dock also has just lower rental rates to begin with and more attractive. We'll have to see if it continues, I'd love it if Dock start seeing effective rents the same as Maren's. I don't know if we'll get there, but that's kind of where we are right now.

我認為，Dock 在一段時間內可能受到了 Maren 的一些影響，現在情況已經平息，這些天我們能夠進一步提高 Dock 的租金。Dock 的租金價格也較低，而且更具吸引力。我們必須看看這種情況是否會持續下去，如果 Dock 開始看到與 Maren 相同的有效租金，我會很高興。我不知道我們是否能到達那裡，但這就是我們現在所處的位置。

Yeah. Stephen, I think, pretty consistently pushed high rental growth at Maren. And last year, a Dock we were trying to maintain occupancy and you didn't see the kind of rent growth on renewals that you had previously and I think this is probably Dock just might catch up.

是的。我認為，史蒂芬一直在推動馬倫的租金高成長。去年，我們試圖維持碼頭的入住率，但您沒有看到以前那樣的續租租金增長，我認為這可能是碼頭可能會趕上的。

That's good. That's all I had. Thank you very much.

那挺好的。這就是我所擁有的一切。非常感謝。

(Operator Instructions) Bill Chen, Rhizome Partners.

（操作員說明）Bill Chen，Rhizome Partners。

Good afternoon, guys.

下午好，夥計們。

Hey, Bill.

嘿，比爾。

Good to talk with you guys. I have a few questions, and I may jump around a little bit. Just a first quick question on the pro rata NOI for Dock 79, Maren, the effects of that JV transaction, that's beyond, right? There's no these are like-for-like numbers?

很高興和你們聊天。我有幾個問題，我可能會跳來跳去。關於 79 號碼頭按比例 NOI 的第一個快速問題，Maren，該合資交易的影響，超出了，對吧？沒有這些是類似的數字嗎？

Correct.

正確的。

Okay. Got you. I guess like the drop in NOI is due to slightly lower occupancy and maybe expenses growing faster. Is that the read?

好的。明白你了。我猜 NOI 的下降是由於入住率略有下降以及費用增長更快所致。是這樣讀的嗎？

It is for Q2 alone. Bill, year-to-date they're even, Q2 is really the first quarter where we saw erosion.

僅適用於第二季。比爾，今年迄今為止，他們是持平的，第二季度實際上是我們看到侵蝕的第一個季度。

Okay. When you say erosion, are you talking occupancy? Or are you talking NOI like just one of which metric to talk about?

好的。當你說侵蝕時，你指的是佔用率嗎？或者您只是將 NOI 視為要討論的指標之一？

Both. So Q2 of 2024 compared to Q2 2023, we saw around a 3.5% decrease in NOI and from a occupancy standpoint, the average occupancy in Q2 2024 was about a 1% lower compared to Q2 2023.

兩個都。因此，與2023 年第二季相比，2024 年第二季的NOI 下降了約3.5%，從入住率的角度來看，2024 年第二季的平均入住率比2023 年第二季下降了約1%。

Got you. Okay. Well, I mean, your good thing is the renewal rent growth is kind of better than what we're seeing in the Sunbelt. Generally (inaudible) is a healthier rent trends in the DC Metro area. I see that, that's just the renewal.

明白你了。好的。嗯，我的意思是，你的好處是續租租金成長比我們在陽光地帶看到的要好。一般來說（聽不清楚）華盛頓都會區的租金趨勢更為健康。我明白了，這只是更新。

Do you know like what the new lease? I don't think you guys ever published that in the past. Like what we see in some of the bigger REITs is the renewals are usually positive and then the new leases tend to be slightly negative. Like is that what you're seeing as well?

你知道新租約是什麼樣的嗎？我認為你們過去從未發表過這樣的文章。就像我們在一些較大的房地產投資信託基金中看到的那樣，續約通常是正面的，然後新的租約往往會略有負面。你所看到的也是這樣嗎？

So at Dock and Riverside, we had positive trade outs, and at Maren the trade out was negative just under 2%, about 1.8% negative.

因此，在 Dock 和 Riverside，我們的交易率為正，而在 Maren，交易率為負，略低於 2%，約為 1.8%。

Got you. That's helpful. Jumping over to the warehouses. Can we assume Chelsea's kind of get about $9 in that per square foot? Is that a reasonable assumption?

明白你了。這很有幫助。跳到倉庫。我們可以假設切爾西的每平方英尺售價約為 9 美元嗎？這是一個合理的假設嗎？

A couple of things. I would say that we are out in the market at $10 for Chelsea. Where we land is going to be, it's going to be an equation of how many improvements they want and plan the term and what type of annual escalations we get that average rate across that term is even better. But we're looking at that year one rate. We're out in the market right now, $10.

有幾件事。我想說的是，我們在市場上以 10 美元的價格收購切爾西。我們的目標是，這將是一個等式，包括他們想要多少改進併計劃該期限，以及我們在該期限內獲得的平均比率更好的年度升級類型。但我們正在考慮當年的利率。我們現在已經上市了，10 美元。

$10. Okay. That's helpful. And what's the market vacancy in that submarket right now?

10 美元。好的。這很有幫助。目前該子市場的市場空缺是多少？

For our product type. I'd say it's don't hold me to this exact number, but I think we're probably going to at 5%.

對於我們的產品類型。我想說，這並不能讓我堅持這個確切的數字，但我認為我們可能會達到 5%。

5%. Okay.

5%。好的。

So I mean it's not like before but still very healthy. I think in one of the earlier filings you had mentioned, I don't know if it's in earnings call or filings, you have mentioned that you learned a lot from the commonly learned a lot from the lending venture and you're exploring ways to potentially apply that kind of to the [220] acres you have in Florida and Georgia.

所以我的意思是它不像以前但仍然非常健康。我認為在您提到的早期文件中，我不知道是在財報電話會議還是文件中，您提到您從貸款企業中學到了很多東西，並且您正在探索如何可能將這種情況應用於佛羅裡達州和喬治亞州的[220] 英畝土地。

Like if I remember firstly correctly, that's what you guys said or might have disclose that? And any update on any potential sites or targets where we may, we historically have thought of these parts as multi-decade assets when the land will be available to be monetized. So like any update on any near term monetization or just by near term, I mean, like, within five years, right, turning them into potentially homebuilding lots, et cetera, like, any commentary on that would be helpful.

如果我沒記錯的話，這就是你們所說的或可能已經透露的？對於任何潛在地點或目標的任何更新，我們歷來都將這些部分視為數十年的資產，屆時土地將可用於貨幣化。因此，就像任何近期貨幣化或短期貨幣化的任何更新一樣，我的意思是，在五年內，對吧，將它們變成潛在的住宅建設用地，等等，對此的任何評論都會有所幫助。

Go ahead, David.

繼續吧，大衛。

Bill, I was going to say at one of our quarries in Fort Myers, Lee County purchased land from us to put a major road through it, called Alico Road. That's going to cause probably some of the mining operations to stop there, because you can't exactly bring large aggregate vehicles across a major highway. And when stuff like that comes up, we look at it to see if there's a second life to see if we can do something with it.

比爾，我想說的是，在我們位於邁爾斯堡的一個採石場，李縣從我們這裡購買了土地，用於建造一條主幹道，稱為阿利科路。這可能會導致一些採礦作業停在那裡，因為你無法準確地讓大型集料車輛穿過主要高速公路。當類似的事情出現時，我們會看看它是否有第二次生命，看看我們是否可以利用它做些什麼。

Near term, I don't think that's something near term. A lot has to happen for a major road to be built and water sewer zoning, but that's the type of stuff that we're just, we're keeping an eye on and if there's a way to squeeze some dollars at a property that otherwise is going to sit vacant. That's what we're going to do.

就近期而言，我認為這不是近期的事。要建造一條主要道路和進行下水道分區，需要做很多事情，但這就是我們正在關注的事情，如果有辦法從一處房產中榨取一些錢，否則的話將處於空缺狀態。這就是我們要做的。

Yeah. Bill, just to piggyback on what David said. Vulcan is going to get every bit of limestone out of Fort Myers that there is to get prior to Alico Road being built, that's just too valuable to them. And so they are hustling to get that, to get it mined so that they can get to the other side of the road and continue mining in like the second phase of that.

是的。比爾，只是順應大衛所說的話。瓦肯公司將在建造阿利科路之前從邁爾斯堡開採所有的石灰石，這對他們來說太有價值了。因此，他們正在努力獲得它，開採它，以便他們可以到達路的另一邊，並像第二階段一樣繼續採礦。

But those are, I wouldn't say they're top of mind, but we certainly revisit them often and continue to talk internally about what development will look like there, but particularly that site you're going to need, you're going to bring in some utilities with that road to make it happen until that road is built, it's not going to be profitable to develop it, we are going to make sure that we're ready to develop that stuff as soon as it's capable of being developed.

但這些是，我不會說它們是首要考慮的，但我們當然會經常重新審視它們，並繼續在內部討論那裡的開發情況，特別是您將需要的網站，您將在這條道路建成之前引入一些公用事業來實現這一目標，開發它不會有利可圖，我們將確保一旦有能力就準備好開發這些東西發達。

I remember it was a time when the bridge, the [frigid Douglass] bridge needed to be built in the 01 demo and it I thought man, it's going to take at least 15, 20 years, but that happen like in a much shorter time frame than I thought. In Alico Road, building Alico Road, is that three years? Is that five years? Is that a 10-year like help me understand like what kind of time frame are we talking about?

我記得在 01 演示中需要建造這座橋，[寒冷的道格拉斯]橋，我想，夥計，這至少需要 15 年、20 年，但這會在更短的時間內發生框架比我想像的要好。在阿利科路，建造阿利科路，是三年嗎？那是五年嗎？是不是 10 年可以幫助我理解我們正在談論什麼樣的時間框架？

Yeah, probably 2027, 2028, something like that.

是的，可能是 2027 年、2028 年之類的。

Okay. All right. Because in New York, when we say we're going to do something, we mean like 30 years later. So I just want to make sure that we're at the same page there. Okay, that's helpful.

好的。好的。因為在紐約，當我們說我們要做某件事時，我們的意思是 30 年後。所以我只是想確保我們意見一致。好的，這很有幫助。

It's a priority for the county. The sub road is going to open up a lot for them. And I would say it's almost it's probably the county's top priority.

這是該縣的首要任務。地鐵將為他們開放很多。我想說，這幾乎可能是該縣的首要任務。

Got you. That's helpful. Am I thinking like too fast here because I've driven past Lake Louise years ago, this is like eight years ago. And if I remember correctly, I like right by Disney where all these subdivisions are going up, like is there any potential that being sold to some home developer in the near term, meaning like 5, 10 years for those lots?

明白你了。這很有幫助。我是不是想得太快了，因為我幾年前就開車經過路易斯湖，這就像八年前一樣。如果我沒記錯的話，我喜歡迪士尼旁邊所有這些細分市場都在上漲的地方，例如是否有可能在短期內出售給一些家庭開發商，也就是說這些地塊的期限是5 年、10 年？

No. I think first of all, Cemex is going to have to start mining, which hasn't happened yet. And I think they'd have to mine a pretty meaningful portion of the property just to get the kind of scale, you'd want to develop it, which we're going to be making good money while they're doing. And yeah, that place is going to be the proverbial hole in the donut, even when we can go about developing the first phase of it.

不。我認為首先，Cemex 將不得不開始採礦，但這還沒有發生。我認為他們必須開採相當有意義的部分財產才能達到你想要開發的規模，而他們這樣做時我們將賺很多錢。是的，那個地方將成為眾所周知的甜甜圈上的洞，即使我們可以開始開發它的第一階段。

And it's within this overall concept plan in Lake County, called Wellness Way. Everybody knows development is coming there. It's just going to be a little bit before we do but I think that whatever you, however long you have to wait the demand for land down there as well exceeding inflation. So I don't think we're losing any money by sitting tight. We're going to be generating income as Cemex lines it. Just be patient.

它屬於萊克縣的總體概念規劃，稱為「健康之路」。每個人都知道那裡即將發展。這只是比我們提前一點，但我認為，無論你做什麼，無論多久，你都必須等待那裡的土地需求以及超過通貨膨脹。所以我認為我們不會因為袖手旁觀而損失任何金錢。我們將按照 Cemex 的規定創造收入。請耐心等待。

Well, I mean it's not a bad thing to let everything else appreciate and get build out, right. Like you're already holding on that. Is there a reason why that Cemex, I mean it's unbelievable because it was a year ago when I drove across actually maybe nine now, but Cemex still hasn't started. Like what's -- any time line on when they may start mining that?

好吧，我的意思是讓其他一切都增值並發展起來並不是一件壞事，對吧。就像你已經堅持下去一樣。Cemex 有什麼原因嗎？ 我的意思是這令人難以置信，因為那是一年前，當時我開車穿過現在可能是九個，但 Cemex 仍然沒有啟動。就像什麼——他們什麼時候可以開始開採？

I don't know, they know they own it or at least have a lease on it. And I think kind of the biggest hurdle to them getting in there in mining was they were required to extend some county roads at their expense. That was part of getting permits and they do have other assets in that area.

我不知道，他們知道他們擁有它或至少擁有它的租約。我認為他們進入採礦業的最大障礙是他們需要自費擴建一些縣公路。這是獲得許可的一部分，他們在該領域確實擁有其他資產。

And so maybe it's not as if they were immediately running out of reserves and they could supply the ready-mix operations with what they already had. They will mine it eventually. I know that we are happy to collect the minimum royalty payments in the meantime. That's another product that the price is exceeding the inflation. So again, I don't think we're losing any money by them not mining it.

因此，也許他們的儲備並沒有立即耗盡，他們可以用他們現有的資源來為預拌業務提供服務。他們最終會開採它。我知道我們很樂意同時收取最低的特許權使用費。這是另一種價格超過通貨膨脹的產品。再說一遍，我認為他們不開採不會為我們帶來任何損失。

The site in Jacksonville, I know I'm jumping around a little bit, but I just have all these thoughts in my head. The site in Jacksonville, that's now vacant site. Could that potentially be a warehouse?

傑克遜維爾的網站，我知道我有點跳來跳去，但我腦子裡只有這些想法。傑克遜維爾的場地現在是空的。那可能是倉庫嗎？

I don't know about a warehouse, but I think it could definitely be like equipment storage. Yeah, nothing we have to worry about like immediately, but I think there's two or three years left on that lease, as we kind of get to a year or six months out, I think that when we'll start exploring its next phase, but it will not sit there vacant.

我不知道倉庫是什麼，但我認為它絕對可以像設備倉庫一樣。是的，我們不必立即擔心，但我認為租約還剩兩三年，因為我們還有一年或六個月的時間，我認為當我們開始探索下一階段時，但它不會閒置在那裡。

Okay. Got you. And like how many square foot could be built on that site?

好的。明白你了。那個場地可以蓋多少平方英尺？

I don't know about it's viability is a future industrial asset. I think equipment storage, at least for the time being, is it best use.

我不知道它是否是未來工業資產的可行性。我認為裝備儲存，至少目前來說，是最好用的。

Got you. And I don't think I have more questions, but I just kind of want to leave the management team with a thought I've been tracking the company I've been a shareholder for nine years since 2014, 2015, so maybe 10 years now and I track the cash flow, track the NOI and I think that the management team and Board should start thinking about initiating a dividend.

明白你了。我不認為我還有更多問題，但我只是想給管理團隊留下一個想法：我一直在跟踪這家公司，自2014 年、2015 年以來，我作為股東已經九年了，所以也許有10年了現在我追蹤現金流，追蹤 NOI，我認為管理團隊和董事會應該開始考慮啟動股利。

I know there's a lot of projects in the pipeline, I know you guys do a great job putting that capital to work, but I think that I also know that because I've been a shareholder for 9, 10 years and I know your intentions, but that's not necessarily the case for a casual shareholder or prospective shareholder and I think, I know you guys went out and hired really good IR team, I know that you guys are trying to increase visibility.

我知道有很多專案正在籌備中，我知道你們在將這些資本投入使用方面做得很好，但我想我也知道這一點，因為我已經成為股東九年、十年了，我知道你們的意圖，但對於臨時股東或潛在股東來說，情況不一定如此，我認為，我知道你們聘請了非常優秀的投資者關係團隊，我知道你們正在努力提高知名度。

So in today's environment, when you could get 4% two-year treasury, 5% in the six-month treasury, and then the mid-America is paying almost a 4% yield. I think that there is competitively the company could be helped by initiating a 1% dividend because most of the capital could still be allocated and then that would be maybe just $5 million a year. I did some math before jumping on the call. I think we're going to be running at over $40 million of NOI once Chelsea gets leased on the Verge gets consolidated and a lot of these assets don't have debt on there, debt service is very minimal.

因此，在今天的環境下，當你可以獲得 4% 的兩年期國債、5% 的六個月期國債時，美國中部地區將支付幾乎 4% 的收益率。我認為，公司可以透過啟動 1% 的股息來獲得競爭優勢，因為大部分資本仍然可以分配，那麼每年可能只有 500 萬美元。在接聽電話之前我做了一些數學計算。我認為，一旦切爾西在 The Verge 上出租並得到整合，我們的 NOI 將超過 4000 萬美元，而且其中許多資產都沒有債務，償債量非常小。

And there's still a lot of cash on the balance sheet. So I think that initiating a 1% dividend will be good, it will bring. I think more important than anything else is signals, it signals to the casual shareholder and the prospective shareholder that, there is an intention to return some of the capital to shareholders eventually and I think if you start at 1%, you could have that dividend easily grow 10% the year and even 15% a year. And they will still be very, very affordable because the NOI has grown so quickly and you're starting off at a very low base at a very low amount.

資產負債表上仍有大量現金。所以我認為啟動 1% 的股息會很好，它會帶來好處。我認為最重要的是信號，它向臨時股東和潛在股東發出信號，表明最終有意將部分資本返還給股東，我認為如果你從 1% 開始，你就可以獲得股息輕鬆每年增長10%，甚至15 %。而且它們仍然非常非常實惠，因為 NOI 成長得如此之快，而且您的起點非常低，金額也非常低。

So that's something to think about sometimes on these earnings calls, I'd like to use the calls to kind of express some of my thoughts and a lot of it comes from talking to other shareholders and other prospective shareholders who kind of have worked us up and I think it will also help with the trading liquidity, which is kind of a perpetual issue that the company deal with. So it's not a question, it's more of sharing some of the feedbacks that I have when I talk to other shareholders.

因此，有時在這些財報電話會議上需要考慮這一點，我想利用電話會議來表達我的一些想法，其中許多想法來自於與其他股東和其他潛在股東的交談，他們讓我們興奮不已我認為這也將有助於改善交易流動性，這是公司處理的永恆問題。所以這不是一個問題，更多的是分享我與其他股東交談時得到的一些回饋。

No, Bill, that's really good feedback. And I'd be lying if I said that it's not something that we about an idea that we believe bounce around. So I appreciate you sharing that.

不，比爾，這是非常好的回饋。如果我說這不是我們相信會反彈的想法，那我就是說謊。所以我很感謝你分享這一點。

Well, thank you. And I'm glad that, it's been thought about internally and I have no further questions.

嗯，謝謝。我很高興，內部已經考慮過這個問題，我沒有其他問題了。

It appears we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks.

目前看來我們沒有其他問題了。我現在將把節目交還給我們的主持人，以供補充或結束語。

Thank you all. And we of course, appreciate your continued investment and interest in the company. Thanks. Bye.

謝謝大家。當然，我們感謝您對公司的持續投資和興趣。謝謝。再見。

This does conclude today's program. Thank you for your participation. You may disconnect at any time. On behalf of our client we would like to thank you for joining. This concludes the program.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。我們謹代表我們的客戶感謝您的加入。程式到此結束。