Gladstone Commercial Corp (GOOD) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Gladstone Commercial Corporation First Quarter Earnings Call. (Operator Instructions)

您好，歡迎來到 Gladstone Commercial Corporation 第一季度財報電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, David Gladstone, Chief Executive Officer. Please proceed, sir.

提醒一下，這次會議正在錄製中。現在，我很高興向您介紹主持人，首席執行官大衛·格萊斯頓 (David Gladstone)。請繼續，先生。

Well, thank you, [Latoya]. This is a nice introduction that you do each time, and thanks to all of you for calling in this morning. It's a chilly day here in McLean, Virginia, just outside of Washington, D.C., and we'll warm you up with some good news in a minute. We enjoy this time, we have with you on the phone and wish we had more time to talk with you. Now we'll hear from Michael LiCalsi, our General Counsel and Secretary, give us legal and regulatory matters concerning our reports.

好吧，謝謝你，[拉托亞]。這是一個很好的介紹，你每次都做，感謝大家今天早上的來電。在華盛頓特區外的弗吉尼亞州麥克萊恩，這是一個寒冷的日子，我們很快就會用一些好消息讓你暖和起來。我們很享受這段時間，我們與您通了電話，希望我們有更多時間與您交談。現在我們將聽取我們的總法律顧問兼秘書 Michael LiCalsi 的意見，向我們介紹與我們的報告有關的法律和監管問題。

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements under the Securities Act of 1933 and Securities Exchange Act of 1934, including those regarding our future performance. These forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable, and many factors may cause our actual results to be materially different from any future results expressed or implied by these forward-looking statements, including all risk factors in our Forms 10-Q, 10-K and other documents that we filed with the SEC. You find these on our website, gladstonecommercial.com, specifically the Investors page or the SEC's website, which is www.sec.gov.

謝謝，大衛。大家早上好。今天的報告可能包含根據 1933 年證券法和 1934 年證券交易法作出的前瞻性陳述，包括關於我們未來業績的陳述。這些前瞻性陳述涉及基於我們當前計劃的某些風險和不確定性，我們認為這是合理的，許多因素可能導致我們的實際結果與這些前瞻性陳述明示或暗示的任何未來結果存在重大差異，包括我們向美國證券交易委員會提交的 10-Q 表格、10-K 表格和其他文件中的所有風險因素。您可以在我們的網站 gladstonecommercial.com，特別是投資者頁面或美國證券交易委員會的網站 www.sec.gov 上找到這些信息。

And we undertake no obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Today, we will discuss FFO, which is funds from operations. Now FFO is a non-GAAP accounting term defined as net income, excluding the gains or losses from the sale of real estate and any impairment losses on property, plus depreciation and amortization of real estate assets. We'll also discuss core FFO to generally FFO adjusted for certain other nonrecurring revenues and expenses. And we believe these metrics are a better indication of our operating results and allow better comparability of our period-over-period performance.

我們沒有義務公開更新或修改任何這些前瞻性陳述，無論是由於新信息、未來事件或其他原因，除非法律要求。今天，我們將討論 FFO，即來自運營的資金。現在 FFO 是一個非 GAAP 會計術語，定義為淨收入，不包括出售房地產的收益或損失和財產的任何減值損失，加上房地產資產的折舊和攤銷。我們還將討論針對某些其他非經常性收入和支出調整的核心 FFO 到一般 FFO。我們相信這些指標可以更好地表明我們的經營業績，並且可以更好地比較我們的期間業績。

We ask everyone to visit our website, once again, gladstonecommercial.com, sign up for our e-mail notification service. You can also find us on Facebook. Keyword there is The Gladstone Companies, and our Twitter handle is @gladstonecomps.

我們再次請大家訪問我們的網站 gladstonecommercial.com，註冊我們的電子郵件通知服務。您也可以在 Facebook 上找到我們。關鍵字是 The Gladstone Companies，我們的 Twitter 句柄是@gladstonecomps。

Today's call is an overview of our results, so we ask that review our press release and Form 10-Q, both issued yesterday for more detailed information. Again, (inaudible) find them. Now I'll hand the baton over to Gladstone Commercial's President, Buzz Cooper.

今天的電話會議是對我們結果的概述，因此我們要求查看昨天發布的新聞稿和 10-Q 表格以獲取更多詳細信息。再次，（聽不清）找到它們。現在我將把接力棒交給 Gladstone Commercial 的總裁 Buzz Cooper。

Thank you, Michael, and thank you all for calling in. Today, we will discuss economic and portfolio topics that are top of mind. Country is going through a rough patch economically, which has affected the commercial property market. Although remote work and linger effects of the pandemic have weakened the office property market. The industrial property markets remain strong, and we continue to pivot to a higher percentage of industrial assets by divesting from noncore assets and we are lowering our exposure to the office market and derisking our portfolio. I'd like to highlight several positive developments. Our overall portfolio remains stable, and we continue to see attractive acquisition candidates.

謝謝邁克爾，也謝謝大家的來電。今天，我們將討論最重要的經濟和投資組合話題。該國經濟正經歷艱難時期，這影響了商業地產市場。儘管遠程工作和大流行的揮之不去的影響削弱了寫字樓市場。工業地產市場依然強勁，我們繼續通過剝離非核心資產轉向更高比例的工業資產，我們正在降低對辦公市場的敞口並降低我們投資組合的風險。我想強調幾個積極的發展。我們的整體投資組合保持穩定，我們繼續看到有吸引力的收購對象。

Further, we continue to have success with retenanting, capital recycling into industrial assets. With these facts in mind, let me move on to a discussion covering the results for last quarter and provide some comments on the state of the portfolio and market outlook before turning the call over to Gary Gerson, our CFO, to review our financial results for the period and our capital and liquidity positions. I would add that I've asked EJ Wislar, the company's CIO to join us here in the room today to address specific market questions.

此外，我們在將資本回收到工業資產方面繼續取得成功。考慮到這些事實，讓我繼續討論上一季度的業績，並在將電話轉交給我們的首席財務官 Gary Gerson 審查我們的財務業績之前，對投資組合的狀況和市場前景發表一些評論。期間以及我們的資本和流動性狀況。我要補充一點，我已經邀請公司的首席信息官 EJ Wislar 今天加入我們的會議室，以解決具體的市場問題。

During the first quarter of 2023, we continued our focus on industrial acquisitions and improving operations. We collected 100% of cash-based rents during the first quarter, extended lease of 352,860 square feet industrial property in Ottumwa, Iowa for an additional 5 year. Extended the lease on 3,546 square feet of office space for an additional 5 years. Our investments, dispositions and re-leasing activities further reinforce our strategy to increase our portfolio's industrial allocation and improve property operations.

2023 年第一季度，我們繼續專注於工業收購和改善運營。我們在第一季度收取了 100% 的現金租金，並將愛荷華州 Ottumwa 的 352,860 平方英尺工業地產的租賃期再延長 5 年。將 3,546 平方英尺辦公空間的租約再延長 5 年。我們的投資、處置和轉租活動進一步強化了我們增加投資組合的行業配置和改善物業運營的戰略。

The acquisition volume since 2019 has exceeded $470 million and all assets have been industrial in nature. Our industrial allocation has increased from 32% to 59% during this period, while pure office allocation has been reduced to 37%. The team's near-term objective is to reach an industrial allocation of over 60% within the next 6 to 12 months. We have had success in acquisitions in the 50,000 to 300,000 square foot range with the predominance of long-term sale leasebacks, and we expect this to continue.

2019年以來的收購量已超過4.7億美元，所有資產均為工業性質。在此期間，我們的工業配置從 32% 增加到 59%，而純寫字樓配置減少到 37%。該團隊的近期目標是在未來6至12個月內達到60%以上的產業配置。我們在 50,000 至 300,000 平方英尺範圍內的收購取得了成功，主要是長期售後回租，我們預計這種情況將繼續下去。

Now I'd like to comment on the portfolio. Our asset management team continued to deliver on improving our same-store operations. Q1 2023 over Q1 2022 same-store lease revenues increased by 5.8%. We are also continuing our capital recycling efforts in order to redeploy sales proceeds into industrial assets. Our rent collection experience continues to be strong. 100% of cash rents were collected through April. We are very pleased with our portfolio and with our tenant's performance during these challenging times for all industries. It is appropriate to mention that for the quarter, average GAAP cap rates on our $114.2 million of 2022 acquisitions was 7.12%. Our transactions in due diligence currently scheduled to close within the next 45 days, are above 7.5%, which we expect will be very accretive to our shareholders.

現在我想評論投資組合。我們的資產管理團隊繼續致力於改善我們的同店運營。與 2022 年第一季度相比，2023 年第一季度同店租賃收入增長了 5.8%。我們還在繼續我們的資本回收工作，以便將銷售收益重新部署到工業資產中。我們的收租經驗仍然很豐富。 100% 的現金租金已收取至 4 月。我們對我們的投資組合以及租戶在所有行業面臨挑戰的時期的表現感到非常滿意。值得一提的是，在本季度，我們 2022 年 1.142 億美元收購的平均 GAAP 上限率為 7.12%。我們目前計劃在未來 45 天內完成的盡職調查交易超過 7.5%，我們預計這將對我們的股東產生很大的影響。

As a result of higher interest rates and the limited availability of credit, transaction volumes are down by over 50% year-over-year, and there continues to be a disconnect between buyers and sellers as it relates to pricing expectations. However, the industrial sector continues to outperform other asset classes with the sector accounting for roughly 25% of all commercial property sales.

由於利率上升和信貸供應有限，交易量同比下降了 50% 以上，買賣雙方在定價預期方面仍然存在脫節。然而，工業部門的表現繼續優於其他資產類別，該部門約佔所有商業地產銷售額的 25%。

Furthermore, the increase in cost to high-yield debt leverage loans has made sale-leasebacks an attractive source of capital for private equity firms and an increasing number of firms are exploring it as a financing alternative. Return to office efforts are beginning to progress across the United States as the labor market softens and companies focus on efficiency and productivity.

此外，高收益債務槓桿貸款成本的增加使售後回租成為對私募股權公司具有吸引力的資本來源，並且越來越多的公司正在探索將其作為融資替代方案。隨著勞動力市場疲軟以及公司關注效率和生產力，重返辦公室的努力在美國各地開始取得進展。

Major employers in key industries have announced reversals of remote policies or increased frequency of hybrid workers with most to take effect midyear. In April, the White House released new guidelines for federal employees, to substantial increase in-office work. Although remote work remains elevated and the office market faces cyclical challenges, there are promising signs from corporate tenants pushing towards an increase of in-person work.

關鍵行業的主要雇主已宣布取消遠程政策或增加混合型員工的頻率，其中大部分將於年中生效。 4 月，白宮發布了針對聯邦僱員的新指南，以大幅增加辦公室工作。儘管遠程工作仍然處於高位並且辦公室市場面臨週期性挑戰，但企業租戶推動增加面對面工作的跡象令人鼓舞。

As it relates to our acquisition opportunities, we see a reduction in sales listing activities and investment sales brokers are indicating that a number of acquisition candidates on a per property basis has been reduced. We have seen cap rate expansion in the market due to its continued rise in interest rates and cost of debt. And again, new sponsors exploring sale leasebacks.

由於它與我們的收購機會有關，我們看到銷售上市活動減少，投資銷售經紀人表示，每處房產的收購候選人數量已經減少。由於利率和債務成本持續上升，我們已經看到市場上限利率擴張。再次，新贊助商探索售後回租。

Our current pipeline of acquisition candidates is approximately $408 million in volume, representing 25 properties, all of which are industrial. Of the 25 properties, 3 properties are in due diligence, totaling $25.5 million. One property is letter of intent stage for another $8.5 million, and the balance are under initial review. Our team is staying actively engaged in our markets as we believe acquisition opportunities will continue to arise and we can and will pursue.

我們目前的收購候選人渠道規模約為 4.08 億美元，代表 25 處房產，全部為工業房產。在這 25 處房產中，有 3 處房產正在進行盡職調查，總計 2550 萬美元。一處房產是另外 850 萬美元的意向書階段，餘額正在初步審查中。我們的團隊將繼續積極參與我們的市場，因為我們相信收購機會將繼續出現，我們可以而且將會追求。

So in summary, our first quarter activities reflected continued strong leasing and rental collection success, continued active engagements to identify industrial acquisition opportunities and have collectively positioned us well to pursue growth opportunities.

因此，總而言之，我們第一季度的活動反映了持續強勁的租賃和收租成功，持續積極參與以識別工業收購機會，並共同為我們尋求增長機會做好了準備。

Now let's turn it over to Gary, our CFO, for a report on the financial results, including our capital market activities.

現在讓我們將其轉交給我們的首席財務官加里，以獲取有關財務結果的報告，包括我們的資本市場活動。

Thank you, Buzz. Good morning, everyone. I'll start my remarks regarding our financial results this morning by reviewing our operating results for the first quarter of 2023. All per share numbers referenced are based on fully diluted weighted average common shares.

謝謝你，巴茲。大家，早安。今天早上，我將通過回顧我們 2023 年第一季度的經營業績來開始對我們的財務業績發表評論。所引用的所有每股數據均基於完全稀釋的加權平均普通股。

FFO and core FFO per share available to common stockholders were both $0.37 per share for the quarter. FFO and core FFO available to common stockholders during the first quarter of 2022 were $0.39 and $0.40 per share, respectively. Our same-store cash rent in the first quarter of 2023 increased by 5.8% over the same period in 2022.

本季度可供普通股股東使用的每股 FFO 和核心 FFO 均為每股 0.37 美元。 2022 年第一季度可供普通股股東使用的 FFO 和核心 FFO 分別為每股 0.39 美元和 0.40 美元。我們在 2023 年第一季度的同店現金租金比 2022 年同期增長了 5.8%。

Our first quarter results reflect the total operating revenues of $36.6 million with operating expenses of $25.4 million as compared to operating revenues of $35.5 million and operating expenses of $25.7 million for the same period in 2022.

我們第一季度的業績反映了總營業收入為 3660 萬美元，營業費用為 2540 萬美元，而 2022 年同期的營業收入為 3550 萬美元，營業費用為 2570 萬美元。

Moving on to the balance sheet. We had no acquisitions or dispositions this quarter. We continue to reduce our debt to gross assets, and are now down to 45.2% as of the end of the quarter. Looking at our debt profile, 47.4% is fixed rate, 49.1% is hedged floating rate and 3.5% is floating rate, which is the amount drawn on our revolving credit facility. We have seen increased expenses this quarter due to the rise in interest rates and the expensing of hedging costs.

轉到資產負債表。本季度我們沒有收購或處置。我們繼續減少債務佔總資產的比例，截至本季度末已降至 45.2%。從我們的債務狀況來看，47.4% 是固定利率，49.1% 是對沖浮動利率，3.5% 是浮動利率，這是我們循環信貸額度的金額。由於利率上升和對沖成本的支出，本季度我們看到支出增加。

As of March 31, our effective average SOFR was 4.87%. Our outstanding bank term loans are hedged with $210 million of interest rate swaps and the remainder with interest rate caps. In addition, we have $100 million of forward starting swaps to replace maturing caps in mid-2023.

截至 3 月 31 日，我們的有效平均 SOFR 為 4.87%。我們未償還的銀行定期貸款通過 2.1 億美元的利率掉期進行對沖，其餘部分採用利率上限。此外，我們還有 1 億美元的遠期啟動互換，用於替換 2023 年年中到期的上限。

We continue to monitor interest rates closely and update our hedging strategy as needed. As of today, our 2023 and 2024 loan maturities are manageable with $54.8 million due in 2023 and $11.2 million coming due in 2024.

我們繼續密切監控利率，並根據需要更新我們的對沖策略。截至今天，我們的 2023 年和 2024 年貸款期限是可控的，2023 年到期的貸款有 5480 萬美元，2024 年到期的貸款有 1120 萬美元。

As of the end of the quarter, we had $26.25 million of revolver borrowings outstanding. We've had minimal activity in issuing equity through our at-the-market or ATM program. During the first quarter of 2023 and net of issuance costs, we raised $4 million through common stock sales.

截至本季度末，我們有 2625 萬美元的未償還循環借款。我們通過我們的市場或 ATM 計劃發行股票的活動很少。在 2023 年第一季度，扣除發行成本後，我們通過普通股銷售籌集了 400 萬美元。

We also raised net proceeds of $0.5 million from sales of our Series F preferred stock. We continue to manage our equity activity to ensure that we have sufficient liquidity for upcoming capital requirements. Presently, we have 3 office properties held for sale, 2 scheduled to close in June with signed PSAs and negotiations ongoing for a sale of our Columbia, South Carolina asset, with the current lessee.

我們還通過出售 F 系列優先股籌集了 50 萬美元的淨收益。我們繼續管理我們的股權活動，以確保我們有足夠的流動性來滿足即將到來的資本需求。目前，我們有 3 處待售辦公物業，其中 2 處計劃於 6 月關閉，並與當前承租人簽署 PSA 並就出售我們位於南卡羅來納州哥倫比亞的資產進行談判。

As of today, we have approximately $7.4 million in cash and $75 million of availability under our line of credit. We encourage you to also review our quarterly financial supplement posted on our website, which provides more detailed financial and portfolio information for the quarter. Our common stock dividend is $0.30 per share per quarter or $1.20 per year.

截至今天，我們的信用額度下有大約 740 萬美元的現金和 7500 萬美元的可用資金。我們鼓勵您也查看我們網站上發布的季度財務補充資料，其中提供了本季度更詳細的財務和投資組合信息。我們的普通股股息為每季度每股 0.30 美元或每年 1.20 美元。

And now I'll turn back to David.

現在我將回到大衛。

All right. Thank you very much. Wonderful yield on the stock at 10% or so. And so we are all happy that things are going well here. It was a really good report you did, Gary, and good one from Buzz and Michael, too. The team has performed very well and reacted admirably to the various challenges.

好的。非常感謝。股票的驚人收益率在 10% 左右。所以我們都很高興這裡一切順利。加里，你所做的報告非常好，巴茲和邁克爾的報告也很好。團隊表現非常出色，對各種挑戰的反應令人欽佩。

Overall, it's been a nice quarter. Commercial's team is growing the real estate we own at a good pace, and the team is doing a great job of managing the properties we own. Our team of strong professionals continues to pursue potential quality properties on the list of acquisitions that they are reviewing.

總的來說，這是一個不錯的季度。 Commercial 的團隊正在以良好的速度發展我們擁有的房地產，並且該團隊在管理我們擁有的財產方面做得很好。我們強大的專業團隊繼續在他們正在審查的收購清單上尋找潛在的優質物業。

Our acquisition team is seeking strong credit tenants. They know the quality of the tenant and the real estate make excellent investments. Our asset managers are actively managing the properties that the company owns in order to maximize the value.

我們的收購團隊正在尋找信用良好的租戶。他們知道租戶和房地產的質量是極好的投資。我們的資產管理人正在積極管理公司擁有的財產，以實現價值最大化。

I'm going to stop here, [Latoya], if you will come on and see if we have some questions from some of the good analysts that follow our company.

我要在這裡停下來，[Latoya]，如果你能過來看看我們是否有一些關注我們公司的優秀分析師提出的問題。

(Operator Instructions) Our first question comes from Gaurav Mehta with EF Hutton.

（操作員說明）我們的第一個問題來自 EF Hutton 的 Gaurav Mehta。

My first question is on the vacancy in the portfolio. Can you provide some color on your expectations to fill some of the vacancy that you have?

我的第一個問題是關於投資組合的空缺。你能提供一些關於你的期望的顏色來填補你的一些空缺嗎？

Certainly, Gaurav, thank you. We are aggressively obviously looking to sell the office assets that do have vacancies. And as referenced in the report, we have several that are either due to close under PSA. And we had one that came about at the end of January that we also have been able to have a signed LOI, upon larger transaction that we are -- have a PSA out on it. And from a square footage basis, was $155,000 (sic) [155,000 square feet] all office. So we feel very good about those that are fortunately a drag on the portfolio currently, and we will continue that capital recycling. I hope that answers your question as it relates to that, and happy to get deeper if need be.

當然，Gaurav，謝謝。我們顯然正在積極尋求出售確實有空缺的辦公資產。正如報告中所提到的，我們有幾個將根據 PSA 關閉。我們在 1 月底達成了一個協議，我們也已經能夠簽署 LOI，根據我們正在進行的更大的交易 - 有一個 PSA。從平方英尺的角度來看，所有辦公室的價格為 155,000 美元（原文如此）[155,000 平方英尺]。因此，我們對目前拖累投資組合的幸運因素感到非常滿意，我們將繼續進行資本回收。我希望這能回答你的問題，因為它與此相關，如果需要，我很樂意深入了解。

No, that's helpful. Second question, I was hoping if you could address debt maturities for 2023 of $54.8 million. How do you plan to refinance that debt? And if you do, where do you think the rates are today to refinance it?

不，那很有幫助。第二個問題，我希望你能解決 2023 年 5480 萬美元的債務到期問題。你打算如何為這筆債務再融資？如果你這樣做，你認為今天的再融資利率在哪裡？

Well, those are all mortgage maturities, and we are working on those as we speak. Our treasurer is in contact with potential lenders. And it depends. I mean, the majority of that is office. And so the rates on those are relatively high, but we think we can get -- we'll get them all done. And that's -- I mean, I can't really say more than that. I think that you're looking at rates. Some of the spreads are higher than 200 to 300 basis points over the tenure. So unfortunately, the cost of those mortgages could be more than if they're fixed, but we can also get variable rate mortgages and swap those out at probably a lower rate.

好吧，這些都是抵押貸款到期日，我們正在努力解決這些問題。我們的財務主管正在與潛在的貸方聯繫。這取決於。我的意思是，其中大部分是辦公室。因此，這些費用相對較高，但我們認為我們可以——我們會完成所有這些工作。那就是——我的意思是，我真的不能說更多了。我認為你在看利率。一些利差在整個期限內高於 200 至 300 個基點。所以不幸的是，這些抵押貸款的成本可能比固定抵押貸款的成本更高，但我們也可以獲得可變利率抵押貸款，並以可能較低的利率將其換掉。

Our next question comes from Rob Stevenson with Janney Montgomery Scott.

我們的下一個問題來自 Rob Stevenson 和 Janney Montgomery Scott。

Buzz, sorry if I missed it. But what's the rough dollar amount on the 7.5% cap rate assets that you expect to acquire in the next 45 days. Is that the $25.5 million that you spoke of or does that $25.5 million include deals that are further out than the next 45 days?

嗡嗡聲，對不起，如果我錯過了。但是，您預計在未來 45 天內獲得的 7.5% 資本化率資產的粗略金額是多少？那是您所說的 2550 萬美元，還是這 2550 萬美元包括比接下來的 45 天更遠的交易？

No, sir. That's the $25.5 million.

不，先生。那就是 2550 萬美元。

Okay. Perfect. And then how should we be thinking about dispositions over the remainder of '23 beyond the 3 office assets? And where is pricing for those type of office assets today?

好的。完美的。那麼我們應該如何考慮對 23 年剩餘時間的 3 處辦公資產的處置？如今這類辦公資產的定價在哪裡？

Obviously, it depends on the location, and we have good quality real estate in our office, but they are in areas, obviously, that have been hit as they have all across the country. So giving you an idea of the value, we look to get out a whole, if I can call it that way, relative to both debt and/or value on our books. In some cases, we might be selling over our cost and acquisition price, some cases not. So I think we have it very manageable, especially with the 3 I mentioned, that in a not-too-distant future are going to be off our books. But we are continuing to address in other 1 specific office property that does mature at the end of the year, looking to dispose of that property because it's in a very tough market that somebody needs to come in and redevelop that property. And obviously, that is not our business model. So I think it's very manageable of the 3 properties that I referenced. It's about 1.85% of the portfolio rent that we're missing, if you will. So I think it's very manageable. And again, the team has really done a great job in moving properties, and we continue to focus on that.

顯然，這取決於地點，我們的辦公室裡有優質的房地產，但很明顯，它們所在的地區受到了全國各地的打擊。因此，讓您了解價值，我們希望得到一個整體，如果我可以這樣稱呼它，相對於我們賬面上的債務和/或價值。在某些情況下，我們可能會以高於成本和收購價格的價格出售，而在某些情況下則不會。所以我認為我們非常容易管理，尤其是我提到的 3 個，在不久的將來它們將被淘汰。但我們正在繼續解決其他 1 個在年底到期的特定辦公物業，希望出售該物業，因為它處於一個非常艱難的市場，有人需要進入並重新開發該物業。顯然，這不是我們的商業模式。所以我認為我引用的 3 個屬性非常易於管理。如果你願意的話，這大約是我們遺漏的投資組合租金的 1.85%。所以我認為這是非常易於管理的。再一次，該團隊在搬家方面確實做得很好，我們將繼續關注這一點。

Okay. And then I guess given those commentaries and given how difficult the market is in valuing office assets and cash flows relative to industrial. Is there any compelling reason why you guys over the next 12 to 18 months would buy an office asset? Or is whatever capital you're going to deploy, 100% going to be industrial?

好的。然後我想考慮到這些評論，並考慮到市場在評估辦公資產和相對於工業的現金流方面有多麼困難。在接下來的 12 到 18 個月內，你們是否有任何令人信服的理由購買辦公資產？或者無論您要部署什麼資本，100% 都將用於工業？

I would say it's going to be 100% industrial. Office is just too unknown at this point in time for us to take that risk. So I would leave it at that. We are fully focused on our industrial acquisitions versus office.

我會說它將是 100% 工業化的。 Office 在這個時間點還鮮為人知，我們不能冒這個風險。所以我會保留它。我們完全專注於我們的工業收購而不是辦公室。

Okay. And then last one for me. Can you just talk about the markets, given where interest rates are for the preferred right now, that you guys have dribbled out a little bit of that in both the first quarter and thus far in the second quarter. Where is that having to price in order to go? Is that being priced at a discount to the $25 par? Or at the $25 par, is there a deep market for that given where rates are? Can you just talk a little bit about the environment there?

好的。然後最後一個給我。你能不能談談市場，考慮到目前利率是首選，你們在第一季度和第二季度到目前為止都已經減少了一些。為了去哪裡必須定價？它的定價是否低於 25 美元的標準價？或者以 25 美元的標準桿計算，在給定利率的情況下，是否存在深厚的市場？能簡單介紹一下那裡的環境嗎？

So the Series F preferred is a nontraded and it's being -- it's not sold through the public markets, and we are not selling it at a discount.

因此，首選的 F 系列是非交易的，它不是通過公開市場出售的，我們也沒有以折扣價出售。

Next question comes from John Massocca with Ladenburg Thalmann.

下一個問題來自 John Massocca 和 Ladenburg Thalmann。

I know it's still early days and still very much ongoing, but are you seeing any impacts, both in terms of maybe deal flow and then even financing on your end from some of the stress we've seen in the regional banking market?

我知道現在還處於早期階段，而且仍在進行中，但是您是否看到任何影響，無論是在交易流量方面，還是在我們在區域銀行市場看到的一些壓力下，甚至在您的端融資方面？

And I'll let EJ have a shot at, obviously, from the deal standpoint. But certainly, with the rise in interest rates, some lenders have been less willing to lend than others, although our Treasurer and Gary have established a good stable of lenders that we can go to, and we have commitments from on some of our acquisitions. So I would say it's a difficult market, but it's a market that we are able to still acquire and place mortgages on. EJ, If you want to have a shot at what the current purchase market, if you will -- acquisition market looks like.

顯然，從交易的角度來看，我會讓 EJ 嘗試一下。但可以肯定的是，隨著利率的上升，一些貸方比其他貸方更不願意放貸，儘管我們的財務主管和加里已經建立了一個我們可以去的穩定的貸方，並且我們對我們的一些收購做出了承諾。所以我想說這是一個困難的市場，但我們仍然能夠在這個市場上獲得併抵押貸款。 EJ，如果你想了解當前的採購市場，如果你願意的話——收購市場是什麼樣的。

Yes, absolutely, and then -- on the debt as well, as we operate with a lower leverage than many buyers in the private space, which is advantageous for us when we look to place a mortgage on an asset. More generally, year-over-year, we have seen a material slowdown in active listings from the brokerage community as well as off-market transactions. There has been a slight slowdown in the sale-leaseback market, certainly not as much as the third-party space, and that's driven by a weaker backdrop for the private equity M&A environment. That being said, we are seeing a number of attractive sale leaseback options as Buzz alluded to. It is an attractive source of capital for sponsor-backed businesses in a tightened credit condition environment. So I'd say more broadly you're probably looking between a 50% and 70% drop across the industry in transaction volume. You could look at the earnings of some of the major brokerage houses in their conversation around that. But for us, having a longer focus on the sale-leaseback world, we're seeing some lower, I'll say, drop in terms of active listings and some opportunities, but we are being very discerning right now on what we're looking at.

是的，當然，然後 - 在債務方面也是如此，因為我們的槓桿率低於私人領域的許多買家，這在我們希望對資產進行抵押時對我們有利。更普遍的是，與去年同期相比，我們看到經紀界的活躍上市以及場外交易顯著放緩。售後回租市場略有放緩，肯定沒有第三方空間那麼大，這是由私募股權併購環境較弱的背景推動的。話雖如此，正如 Buzz 所暗示的那樣，我們看到了許多有吸引力的售後回租選擇。在信貸環境收緊的情況下，對於贊助商支持的企業來說，這是一個有吸引力的資金來源。所以我想更廣泛地說，整個行業的交易量可能會下降 50% 到 70%。你可以看看一些主要經紀公司在他們圍繞這個問題的談話中的收益。但對我們來說，更長時間地關注售後回租世界，我們看到一些較低的，我會說，活躍上市和一些機會方面的下降，但我們現在對我們正在做的事情非常挑剔看著。

And in terms of kind of cap rate expansion, I mean, what are you seeing today, is that 9.7% that was kind of posted on the subsequent to quarter end acquisition typical, what's in the market? Or was that very bespoke to that particular transaction?

就資本化率擴張而言，我的意思是，你今天看到的是在隨後的季度末收購中發布的 9.7%，市場上有什麼？還是那是為特定交易量身定制的？

It's a mix. I would say that one was maybe a bit higher than some of what we're seeing given how we were able to find that deal. I'd say broadly marketed deals are going to be a bit inside that. We're also using some of our proprietary sources, where you'd be a little higher. But I'd say that's fairly representative of what you might see, maybe just a bit inside that.

這是一個混合。我會說，考慮到我們如何能夠找到那筆交易，其中一個可能比我們所看到的要高一些。我想說廣泛銷售的交易將在其中。我們還使用了一些我們的專有資源，您的資源會更高一些。但我會說這相當代表您可能會看到的內容，也許只是其中的一點點。

And John, if I could. We're also able to achieve a little higher cap rates that this company is known in the market of doing what they say we're going to do -- what we say we're going to do. So as a result of that, the seller wants to have the comfort that it's going to execute and going to close. So that certainty of close is very important today in the marketplace.

還有約翰，如果可以的話。我們還能夠實現更高的資本化率，這家公司在市場上以做他們所說的我們要做的事情而聞名——我們說我們要做的事情。因此，賣方希望安心地執行和關閉。因此，成交的確定性在當今市場上非常重要。

Okay. And then maybe as we think about the incentive fee waiver, any update on -- if that would be potentially extended deeper into 2023, just your kind of thoughts there?

好的。然後，也許當我們考慮免除激勵費用時，是否有任何更新——如果這可能會更深入地延伸到 2023 年，那麼你有什麼想法嗎？

I would let Gary take a shot and David as well. Obviously, our Board makes that decision at the time when they will next meet and onwards. So I don't have a lot to say towards that at this point.

我會讓 Gary 和 David 也試一試。顯然，我們的董事會會在他們下次開會時及之後做出該決定。所以在這一點上我沒有太多要說的。

I really don't have anything to add to that. I mean, the first 2 quarters contractually waived, and our Board will decide ongoing if that's -- they want to continue that or partially waive it or not waive it at all.

我真的沒有什麼要補充的。我的意思是，前兩個季度根據合同被放棄，我們的董事會將繼續決定是否要繼續這樣做或部分放棄或根本不放棄。

If you remember, the reason -- it's David Gladstone. You remember, the reason that we reduce that amount or stop that amount and maybe use the same logic going forward is that we want to make our dividend, and we want to make sure that we're strong in that area. So the goal is to keep going. I've cut dividends twice in my life, and I don't like either one of those periods. So we'll be fine. We'll do what's necessary to make sure that the dividend keeps going to shareholders.

如果您還記得的話，原因是 David Gladstone。您還記得，我們減少或停止該金額並可能在未來使用相同邏輯的原因是我們希望獲得紅利，並且我們希望確保我們在該領域的實力。所以目標是繼續前進。我這輩子削減過兩次股息，我都不喜歡其中任何一次。所以我們會沒事的。我們將採取必要措施確保股息繼續流向股東。

Our next question comes from [Timothy Hertz], who a private investor.

我們的下一個問題來自 [Timothy Hertz]，他是一位私人投資者。

Congratulations on the sale of some of the properties. How much capital do you expect to be able to recycle from the sale of those properties? And just roughly, I'm not looking for precision.

祝賀您出售部分房產。您希望通過出售這些房產可以回收多少資金？粗略地說，我不是在尋找精確度。

I would say approximately, as I look at it and what's on the potential on the horizon, somewhere in a $20 million range.

我會大致說，當我看到它以及地平線上的潛力時，大約在 2000 萬美元的範圍內。

Okay. Good. That be able to fund most of the acquisition that you have then. And you mentioned that one of the interest rate caps is going to expire midyear. What increase in interest expense might we see from the expiration of that cap?

好的。好的。那能夠為您當時擁有的大部分收購提供資金。你提到其中一個利率上限將在年中到期。從該上限到期後，我們可能會看到利息支出增加多少？

All in, probably that cap obviously is at an older cap. It's at a lower rate than our swap. So you'll probably see interest rates increase. I think it's about 1 point over that for the $100 million. So it's about $1 million a year.

總而言之，可能那個上限顯然是在一個舊的上限。它的利率低於我們的掉期利率。所以你可能會看到利率上升。我認為這比 1 億美元高出約 1 個百分點。所以每年大約100萬美元。

Okay. Are there any other caps expiring in 2023 or '24?

好的。是否還有其他上限將在 2023 年或 24 年到期？

Yes. We have about $60 million in caps expiring in the first quarter of 2024. That's -- those are hedging the $60 million Term B loan, which matures in 2026. We are looking now at potentially swapping that out and we're going to watch the markets to see -- watch pricing on that swap rate as we go forward.

是的。我們有大約 6000 萬美元的上限將在 2024 年第一季度到期。也就是說，這些上限是對沖 6000 萬美元的 B 期貸款，該貸款將於 2026 年到期。我們現在正在考慮可能將其換掉，我們將觀察要看的市場——在我們前進的過程中觀察掉期利率的定價。

Okay. And then on the credit agreement, when will the properties that collateralize that agreement be next reevaluated?

好的。然後在信貸協議上，下一次重新評估抵押該協議的財產是什麼時候？

So in terms of the valuation on that, if you look at what was publicly available, it's based on a trailing 12-month income for the valuation component. So it's done on a quarterly basis.

因此，就估值而言，如果你看一下公開的內容，它是基於估值部分過去 12 個月的收入。所以它是按季度進行的。

Okay. And it's done off of income rather than a property assessment value?

好的。它是根據收入而不是財產評估價值完成的嗎？

Yes.

是的。

Okay. That's terrific. And are there any provisions in the credit agreement that you're watching more carefully than others to make sure you don't violate?

好的。真了不起。信貸協議中是否有任何條款是您比其他人更仔細地觀察以確保您不違反的？

No. We're in a pretty good position right now. I don't think there's anything we're really bumping up against. So I would answer no to that.

不，我們現在處於一個非常好的位置。我認為我們沒有真正遇到任何問題。所以我會拒絕。

At this time, there are no further questions in queue. I'd like to turn the call back over to Mr. David Gladstone for closing comments.

此時，隊列中沒有其他問題。我想將電話轉回給 David Gladstone 先生以徵求意見。

Thank you very much. We appreciate all those nice questions. We like it when you give us questions. I think one of the things that didn't come up is that we saw some relief coming in this quick moving increase in the Fed's rate. So the Fed seems to be, although they don't say it the same way everyone is saying it now, they seem to be in a pause mode and maybe we can hold them at 5% in our projections going forward. If so, I think we'll be in very nice shape. So we do appreciate the Fed backing off where they were. And at this point in time, if there are no final questions, I'm going to say goodbye to you, folks, and see you next quarter.

非常感謝。我們感謝所有這些好問題。我們喜歡您向我們提問。我認為沒有出現的事情之一是我們看到美聯儲利率的快速上升帶來了一些緩解。因此，美聯儲似乎是，儘管他們說的方式與現在每個人所說的不同，但他們似乎處於暫停模式，也許我們可以在未來的預測中將其保持在 5%。如果是這樣，我認為我們的狀態會很好。因此，我們非常感謝美聯儲讓步。在這個時候，如果沒有最後的問題，我將與你們說再見，伙計們，下個季度見。

Thank you. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有美好的一天。