Gladstone Commercial Corp (GOOD) 2023 Q2 法說會逐字稿

Greetings, and welcome to the Gladstone Commercial Corporation Second Quarter Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加格拉德斯通商業公司第二季度財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Mr. David Gladstone, Chief Executive Officer. Thank you. You may begin, sir.

現在我很高興向大家介紹你們的東道主，首席執行官大衛·格萊斯頓先生。謝謝。您可以開始了，先生。

All right. Thank you very much. Very nice introduction, and thanks to all of you for calling in. We really do enjoy this time we have with you on the phone and wish we had more time to talk with you.

好的。非常感謝。非常好的介紹，感謝大家的來電。我們真的很享受這次與您通電話的時光，並希望我們有更多時間與您交談。

But first, before we get started, Michael LiCalsi, our General Counsel and Secretary, is to give a little legal and regulatory matters overview. Michael?

但首先，在我們開始之前，我們的總法律顧問兼秘書 Michael LiCalsi 將概述一些法律和監管事宜。邁克爾？

Thanks, David. Good morning, everybody.

謝謝，大衛。大家早上好。

Today's report may include forward-looking statements under the Securities Act of 1933 and the 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 we file with the SEC. If you go to the Investors page of our website, you can find them there. You'll also find them on the SEC's website at www.sec.gov. 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.

今天的報告可能包含根據 1933 年證券法和 1934 年證券交易法做出的前瞻性陳述，包括有關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，我們認為這些計劃是合理的。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 SEC 提交的 10-Q、10-K 表格和其他文件中的所有風險因素。如果您訪問我們網站的投資者頁面，您可以在那裡找到他們。您還可以在 SEC 網站 www.sec.gov 上找到它們。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、未來事件還是其他原因，除非法律要求。

And today, we will discuss FFO, which is funds from operations. 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, which are 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.

今天我們要討論的是FFO，即來自運營的資金。 FFO 是一個非公認會計準則會計術語，定義為淨利潤，不包括房地產銷售收益或損失以及任何財產減值損失，加上房地產資產的折舊和攤銷。我們還將討論核心 FFO，這些 FFO 通常根據某些其他非經常性收入和支出進行調整。我們相信這些指標可以更好地反映我們的經營業績，並可以更好地比較我們的同期業績。

Please take the opportunity to visit our website, once again, at gladstonecommercial.com, sign up for our e-mail notification service. On Facebook, you can find us at The Gladstone Companies. And on Twitter, the handle is @GladstoneComps.

請藉此機會再次訪問我們的網站gladstonecommercial.com，註冊我們的電子郵件通知服務。在 Facebook 上，您可以找到我們的 The Gladstone Companies。在 Twitter 上，用戶名是@GladstoneComps。

Now today's call is simply an overview of our results, so we ask that you review our press release and Form 10-Q both issued yesterday for more detailed information. Again, that's on the Investors page of our website.

今天的電話會議只是對我們結果的概述，因此我們要求您查看我們昨天發布的新聞稿和 10-Q 表格，以了解更多詳細信息。同樣，這是在我們網站的投資者頁面上。

With that, I'll turn it over to Gladstone Commercial's President, Buzz Cooper. Buzz?

接下來，我會將其交給格拉德斯通商業公司總裁巴茲·庫珀。嗡嗡聲？

Thank you, Michael, and thank you all for calling in. Today, we will discuss economic and portfolio topics that are top of mind. The country is going through a transitional period economically, which has affected the commercial property markets. Although remote work and lingering effects of the pandemic have weakened the office property market, the industrial property markets remain strong.

謝謝邁克爾，也謝謝大家的來電。今天，我們將討論最受關注的經濟和投資組合主題。該國正處於經濟轉型期，這對商業地產市場產生了影響。儘管遠程工作和疫情的持續影響削弱了寫字樓房地產市場，但工業房地產市場仍然強勁。

As we continue to pivot to a higher percentage of industrial assets by divesting noncore office assets, we are lowering our exposure to office market and derisking our portfolio. I would like to highlight several positive developments. Our overall portfolio remains stable and strong, and we continue to see attractive acquisition candidates. Further, we continue to have success with re-tenanting and capital recycling into industrial assets.

隨著我們繼續通過剝離非核心辦公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投資組合的風險。我想強調一些積極的進展。我們的整體投資組合保持穩定和強勁，並且我們繼續看到有吸引力的收購候選者。此外，我們在工業資產的重新租賃和資本回收方面繼續取得成功。

With these facts in mind, let me move on to a discussion covering the results of the 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 financial results for the period and our capital liquidity positions.

考慮到這些事實，讓我繼續討論上一季度的業績，並對投資組合的狀況和市場前景提供一些評論，然後再將電話轉交給我們的首席財務官加里·格森（Gary Gerson），以審查本季度的財務業績。期間和我們的資本流動性頭寸。

During the second quarter of 2023, we continued our focus on industrial acquisitions and improving operations. We acquired a 76,000 square foot industrial manufacturing facility in Riverdale, Illinois at a GAAP capitalization rate of 9.7%; fully leased our 119,224 square foot office building in Fort Lauderdale, Florida for 11.1 years; executed a lease with a subtenant of our 125,682 square foot industrial property in Milwaukee, Wisconsin for 10 years through 2038.

2023 年第二季度，我們繼續關注產業收購和改善運營。我們以 9.7% 的 GAAP 資本化率收購了位於伊利諾伊州 Riverdale 的 76,000 平方英尺的工業製造工廠；完全租賃我們位於佛羅里達州勞德代爾堡的 119,224 平方英尺辦公樓，為期 11.1 年；與我們位於威斯康星州密爾沃基的 125,682 平方英尺工業地產的轉租人簽訂了一份租約，租期為 10 年，直至 2038 年。

We extended the lease of our 220 -- excuse me, 220,500 square foot Monroe, Michigan industrial facility for an additional 5 years; extended the lease at our 13,919 square foot Cumming, Georgia medical office building for an additional 5 years; extended the 22,031 square foot lease at our Burnsville, Minnesota industrial property by additional 5.4 years; and we sold a 12,070 foot -- square foot office property in Baytown, Texas outside Houston. We also sold a 30,850 square foot office property in Birmingham, Alabama.

我們將密歇根州門羅市 220 處（220,500 平方英尺）工業設施的租約又延長了 5 年；將佐治亞州卡明市 13,919 平方英尺的醫療辦公樓的租約再延長 5 年；將明尼蘇達州伯恩斯維爾工業地產 22,031 平方英尺的租約再延長 5.4 年；我們還出售了位於德克薩斯州休斯頓郊外貝敦的一處 12,070 平方英尺的辦公樓。我們還出售了位於阿拉巴馬州伯明翰的一處 30,850 平方英尺的辦公樓。

Subsequent to the end of the quarter, we acquired a 7,714 square foot medical property in Burlington, Texas with a 10-year lease in place. We acquired a 100,000 square foot industrial manufacturing distribution facility in Cedar Hill, Texas for $9.1 million in a 20-year sale-leaseback transaction at a GAAP cap rate of 10.1%. We sold [26,000] square foot office building in Pittsburgh, PA for $6.75 million, resulting in a gain on sale of $3.6 million. We extended the lease on our Wilmington, North Carolina industrial property until June 30, 2037. And we extended the lease of 51,940 square feet at our New Albany, Ohio office property by additional 5 years.

本季度末後，我們在德克薩斯州伯靈頓收購了 7,714 平方英尺的醫療地產，並簽訂了 10 年租約。我們通過一項為期 20 年的售後回租交易，以 910 萬美元的價格收購了位於德克薩斯州 Cedar Hill 的 100,000 平方英尺的工業製造分銷設施，GAAP 上限率為 10.1%。我們以 675 萬美元的價格出售了賓夕法尼亞州匹茲堡的 [26,000] 平方英尺辦公樓，銷售收益為 360 萬美元。我們將北卡羅來納州威爾明頓工業地產的租約延長至 2037 年 6 月 30 日。我們還將俄亥俄州新奧爾巴尼辦公地產 51,940 平方英尺的租約額外延長了 5 年。

These investments, dispositions and re-leasing activity further reinforced our strategy to increase our portfolio's industrial allocation and improved property operations. Our acquisitions volume since 2019 has exceeded $487 million, and 99% of the acquisitions have been industrial in nature.

這些投資、處置和轉租活動進一步強化了我們增加投資組合的產業配置和改善房地產運營的戰略。自2019年以來，我們的收購額已超過4.87億美元，其中99%的收購都是工業性質的。

Our industrial allocation, based on straight-line rent, 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 at least 60% within the next 6 to 12 months. And we continue to have success with acquisitions in the 50,000 to 300,000 square foot range with the predominance of sale leasebacks, and we expect to continue this focus.

在此期間，我們的工業配置（基於直線租金）從32%增加到59%，而純寫字樓配置則減少到37%。該團隊的近期目標是在未來 6 至 12 個月內達到至少 60% 的工業配置。我們繼續在 50,000 至 300,000 平方英尺範圍內的收購中取得成功，並以售後回租為主，我們預計將繼續這一重點。

Now I'd like to comment on the portfolio. Our asset management team continues to deliver on improving our same-store operations. Q2 2023 over Q2 2022 same-store lease revenues increased by 9.5%. We are also continuing our capital recycling efforts in order to redeploy sale proceeds into industrial assets.

現在我想對投資組合發表評論。我們的資產管理團隊繼續致力於改善我們的同店運營。 2023 年第二季度同店租賃收入較 2022 年第二季度增長 9.5%。我們還在繼續進行資本回收工作，以便將銷售收益重新部署到工業資產中。

Our rent collections continue to be strong. 100% of cash rents were collected through July, and we are very pleased with our portfolio and with our tenants' performance during these challenging times for all industries. It is appropriate to mention that the average GAAP cap rate on our 3 acquisitions year-to-date was 9.56%, which is very accretive to our shareholders. The potential acquisitions currently in our pipeline are above 8.5%.

我們的租金收入繼續強勁。截至 7 月份，我們已收取 100% 的現金租金，我們對我們的投資組合以及租戶在各行業面臨的挑戰時期的表現感到非常滿意。值得一提的是，今年迄今為止我們三筆收購的平均 GAAP 上限率為 9.56%，這對我們的股東來說是非常有利的。目前我們正在醞釀的潛在收購比例超過 8.5%。

Uncertainty and volatility continued in the second quarter of 2023 within the economy and financial markets. As a result of higher interest rates and tightened credit standards, transaction volumes are down by over 60% year-over-year. And the disconnect between buyers and sellers as it relates to pricing expectations continued throughout the second quarter.

2023 年第二季度經濟和金融市場持續存在不確定性和波動。由於利率上升和信貸標準收緊，交易量同比下降 60% 以上。買家和賣家之間與定價預期相關的脫節在整個第二季度持續存在。

The industrial sector normalized in the second quarter of 2023 relative to the last 2 record-setting years in '21, '22. However, overall fundamentals remain sound, and the sector continues to outperform other asset classes. The increase in cost of high-yield debt and leveraged loans has made sale leasebacks an attractive source of capital for private equity-backed businesses, and an increasing number of firms are exploring it as a financing alternative.

相對於過去兩年創紀錄的 21 年和 22 年，工業部門在 2023 年第二季度實現正常化。然而，總體基本面仍然良好，該行業的表現繼續優於其他資產類別。高收益債務和槓桿貸款成本的增加使得售後回租成為私募股權支持的企業有吸引力的資本來源，越來越多的公司正在探索將其作為一種融資選擇。

The Fed rate continued on its path of raising interest rates by 0.25% in July meeting, signaling that the Fed will look for lower levels of inflation before determining peak rate levels. With inflation moderating to its lowest year-over-year increase since March of '21, the economy is showing the effects of the rapid rate hikes and tightening credit standards over the past 18 months.

美聯儲在7月會議上繼續加息0.25%，這表明美聯儲在確定峰值利率水平之前將尋求較低的通脹水平。隨著通脹放緩至2019年3月以來的最低同比增幅，經濟正在顯現出過去18個月快速加息和收緊信貸標準的影響。

Companies continue to push return-to-work policies in the second quarter. Meta, formerly Facebook, and Lyft announced office mandates in the second quarter, which now means that the top 10 U.S. technology tenants all have some form of hybrid attendance policies. Additionally, federal agencies continue to implement policies for their employees to return to the office. Approximately 1.5 million office-based employees have had new attendance policies take effect in 2023, and another 1 million will face return-to-office mandates that will take effect through the end of the year.

二季度企業繼續推動復工政策。 Meta（前身為 Facebook）和 Lyft 在第二季度宣布了辦公室強制要求，這意味著美國十大科技租戶都擁有某種形式的混合出勤政策。此外，聯邦機構繼續實施員​​工重返辦公室的政策。大約 150 萬名辦公室員工的新出勤政策將於 2023 年生效，另有 100 萬名員工將面臨返回辦公室的強制要求，該規定將於年底生效。

New office development activity has decreased significantly due to high material cost, decreased demand and increased cost of capital. Just 5 million square feet of office has broken ground year-to-date, potentially providing much needed supply constraints in high-quality office for years to come. U.S. is seeking -- seeing a high record of office properties removed from the market for demolition, redevelopment or conversion to other property types. Our firm continues to successfully execute on the disposition of noncore office buildings.

由於材料成本高、需求減少和資本成本增加，新辦公室開發活動大幅減少。今年迄今為止，只有 500 萬平方英尺的辦公樓已破土動工，這可能會在未來幾年內為高質量辦公樓提供急需的供應限制。美國正在尋求將大量辦公物業從市場上移除，以進行拆除、重建或轉換為其他物業類型。我們公司繼續成功地執行非核心辦公樓的處置。

As it relates to our acquisition opportunities, we continue to see a reduction in sales listing activity, primarily from third-party leases. And investment sales brokers are indicating that the number of acquisition candidates on a per-property basis has been reduced. We have seen cap rate expansion in the market due to the continued rise in interest rates and cost of debt and new sponsors exploring sale-leaseback transactions.

由於這與我們的收購機會有關，我們繼續看到銷售掛牌活動的減少，主要來自第三方租賃。投資銷售經紀人表示，每處房產的收購候選數量已經減少。由於利率和債務成本持續上升以及新發起人探索售後回租交易，我們看到市場資本化率擴張。

Our current pipeline of acquisition candidates is approximately [$408 million] in volume, representing 25 properties. [Of the 25] properties, 2 have LOIs out for consideration and the balance are under review. Our team is staying actively engaged in our markets, and we believe acquisition opportunities will continue to rise as we can -- that we can and will pursue.

我們目前的候選收購渠道規模約為 [4.08 億美元]，涉及 25 處房產。 [25 處] 房產中，有 2 處已提出意向書供考慮，其餘房產正在審查中。我們的團隊正在積極參與我們的市場，我們相信收購機會將繼續增加，我們可以而且將會追求這一點。

So in summary, our second 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.

總而言之，我們第二季度的活動反映了租賃和租金回收持續強勁的成功，持續積極參與尋找工業收購機會，並使我們在尋求增長機會方面處於有利地位。

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

現在讓我將其交給我們的首席財務官加里（Gary），以獲取有關財務業績（包括我們的資本市場活動）的報告。加里？

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

謝謝你，巴茲。今天上午，我將首先回顧我們 2023 年第二季度的運營業績，開始談論我們的財務業績。所有引用的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 $0.41 per share for the quarter. FFO and core FFO available to common stockholders during the second quarter of 2022 were both $0.39 per share, respectively. FFO and core FFO for the 6 months ended June 30, 2023, were $0.77 and $0.78, respectively. FFO and core FFO for the same period in 2022 were both $0.78 per share.

本季度普通股股東可獲得的每股 FFO 和核心 FFO 均為每股 0.41 美元。 2022 年第二季度普通股股東可獲得的 FFO 和核心 FFO 價格分別為每股 0.39 美元。截至 2023 年 6 月 30 日的 6 個月，FFO 和核心 FFO 分別為 0.77 美元和 0.78 美元。 2022年同期的FFO和核心FFO均為每股0.78美元。

Our same-store cash rent in the first 2 quarters of 2023 increased by 9.5% over the same period in 2022. This was primarily due to a onetime accelerated rental payment from a lease termination.

2023 年前 2 季度，我們的同店現金租金較 2022 年同期增長 9.5%。這主要是由於租賃終止導致的一次性加速租金支付。

Our second quarter results reflected total operating revenues of $38.7 million with operating expenses of $33.7 million as compared to operating revenues of $36.4 million and operating expenses of $27.8 million for the same period in 2022. Operating expenses were higher in this period in 2023, mainly due to impairment charges of $6.8 million taken against 3 office properties, all of which are currently held for sale.

我們第二季度的業績反映了總營業收入為3870 萬美元，營業費用為3370 萬美元，而2022 年同期營業收入為3640 萬美元，營業費用為2780 萬美元。2023 年同期營業費用較高，主要是由於3 個辦公物業的減值費用為 680 萬美元，目前所有這些辦公物業均處於待售狀態。

In connection with the preparation of our financial statements for the second quarter of 2023, we identified errors in the calculation of depreciation of tenant-funded improvement assets at a number of our properties. We had depreciated these assets through a term that was different than their useful lives. Their correction resulted in changes to depreciation expense, a noncash amount and net income.

在編制 2023 年第二季度財務報表時，我們發現我們的一些房產中租戶資助的改良資產的折舊計算存在錯誤。我們對這些資產的折舊期限不同於其使用壽命。他們的修正導致折舊費用、非現金金額和淨收入發生變化。

The correction of these errors had an immaterial impact on the incentive fee and no impact on any other advisory fee. The identified errors were included in our previously issued 2021 quarterly and annual financial statements, the 2022 quarterly and annual financial statements and the quarterly financial statements for the 3 months ended March 31, 2023. We evaluated the errors and determined that the related impact was not material to the consolidated statements of operations and comprehensive income, consolidated balance sheets, consolidated statements of cash flows or consolidated statements of equity for any period impacted.

這些錯誤的糾正對獎勵費沒有重大影響，對任何其他諮詢費沒有影響。已發現的錯誤已包含在我們之前發布的2021年季度和年度財務報表、2022年季度和年度財務報表以及截至2023年3月31日的三個月的季度財務報表中。我們評估了這些錯誤並確定相關影響不存在。對受影響期間的合併經營和綜合收益表、合併資產負債表、合併現金流量表或合併權益表具有重大影響。

We have revised the previously issued financial statements as of and for the 3 and 6 months ended June 30, 2022, to correct for these errors. These revisions are reflected in our 10-Q filed yesterday. A summary of the corrections to the impacted financial statement line items to our previously issued financial statements for each aforementioned affected period is presented in Note 9 to the 10-Q. Please note that these corrections had no effect on FFO.

我們修訂了之前發布的截至 2022 年 6 月 30 日止 3 個月和 6 個月的財務報表，以糾正這些錯誤。這些修訂反映在我們昨天提交的 10-Q 報告中。 10-Q 附註 9 中列出了對我們之前發布的每個上述受影響期間的財務報表中受影響的財務報表細目項目的更正摘要。請注意，這些更正對 FFO 沒有影響。

Looking at our debt profile, 46.2% is fixed rate, 48.7% is hedged floating rate and 5.1% is floating rate, which is the amount drawn on our revolving credit facility. As of June 30, our effective average SOFR rate was 5.09%. Our outstanding bank term loans are hedged with $200 million of interest rate swaps and the remainder with interest rate caps. In addition, we have $100 million of forward starting swaps to replace the maturing caps in Q3 2023.

從我們的債務狀況來看，46.2%是固定利率，48.7%是對沖浮動利率，5.1%是浮動利率，這是我們循環信貸額度提取的金額。截至 6 月 30 日，我們的有效平均 SOFR 率為 5.09%。我們未償還的銀行定期貸款通過 2 億美元的利率掉期進行對沖，其餘部分則設有利率上限。此外，我們還有 1 億美元的遠期啟動掉期，以取代 2023 年第三季度到期的上限。

We have continued to monitor interest rates closely and update our hedging strategy as needed. As of today, our 2023 and 2024 loan maturities are manageable with $9 million due in 2023 and $19.7 million coming due in 2024. As of the end of the quarter, we had $38.5 million of revolver borrowings outstanding. We had no activity this quarter in issuing equity through our at-the-market or ATM program.

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2023 年和2024 年的貸款到期日處於可控範圍內，2023 年到期900 萬美元，2024 年到期1,970 萬美元。截至本季度末，我們的未償還循環借款為3,850 萬美元。本季度我們沒有通過市場或 ATM 計劃發行股票的活動。

During the quarter, we repurchased $1 million of our common stock. We also received net proceeds of $3.8 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 and new acquisitions. Presently, we have 6 office properties held for sale, 1 is scheduled to close in August.

本季度，我們回購了價值 100 萬美元的普通股。我們還從 F 系列優先股的銷售中獲得了 380 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要求和新的收購。目前，我們有 6 處待售寫字樓物業，其中 1 處計劃於 8 月交割。

As of today, we have approximately $6.9 million in cash and $44.1 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 quarter or $1.20 per year. Our common stock closed yesterday at $13.36. The distribution yield on our stock is at 9.02%.

截至今天，我們的信用額度下擁有約 690 萬美元的現金和 4,410 萬美元的可用資金。我們鼓勵您還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 0.30 美元或每年 1.20 美元。我們的普通股昨天收於 13.36 美元。我們股票的分配收益率為 9.02%。

And now I'll turn the program back to David.

現在我將把程序轉回給大衛。

Well, thank you very much, Gary. That was a good report, a good one from Buzz as well and Michael. The team has produced very well this quarter and reacted admirably to the various challenges presented by the lasting impact of the pandemic and our economy that seems to be in a bit of turmoil. Overall, we have a nice quarter.

嗯，非常感謝你，加里。這是一份很好的報告，巴茲和邁克爾也都做了很好的報告。該團隊本季度的表現非常出色，並對大流行的持久影響和我們似乎有點混亂的經濟帶來的各種挑戰做出了令人欽佩的反應。總的來說，我們度過了一個美好的季度。

You've heard a lot today. In summary, during the quarter, we had 76,000 square foot building, an industrial building, and we collected 100% of cash rents. We also reviewed and leased 502,000 square feet of remaining lease terms from 5.4 to 14 years and 6 of our properties. So we're going right along in our renewals.

今天你已經聽到很多了。總而言之，本季度我們擁有76,000平方英尺的建築，一座工業建築，並且我們收取了100%的現金租金。我們還審查並租賃了 502,000 平方英尺的剩餘租賃期限（從 5.4 年到 14 年）以及我們的 6 處房產。因此，我們將繼續進行更新。

Subsequent to the end of the quarter, we acquired 2 additional properties, including a 100,000 square foot industrial facility. We also renewed 397,000 square feet of remaining lease ranging from 13.9 to 18.7 years at 2 of our properties. So again, everything is filling out as we'd like to see it.

本季度末後，我們又收購了 2 處房產，其中包括一處 100,000 平方英尺的工業設施。我們還續簽了 2 處房產 397,000 平方英尺的剩餘租約，租期從 13.9 年到 18.7 年不等。再說一次，一切都如我們所希望的那樣充實。

The commercial 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, especially during these times that are a little bit challenged by all the interest rates.

商業團隊正在以良好的速度開發我們擁有的房地產。該團隊在管理我們擁有的財產方面做得非常出色，尤其是在這些受到所有利率挑戰的時期。

The company outlook, again, the team is strong professionals continuing to pursue potential quality properties on the list of acquisitions they are reviewing. Our acquisition team is seeking strong credit tenants. They know that the quality of the tenant and the real estate make an excellent investment. Our asset managers are actively managing the properties that the company owns in order to maximize their value. This is a different environment that we're in, and the team is doing a good job of doing that.

公司前景再次表明，該團隊是強大的專業人士，繼續在他們正在審查的收購清單上追求潛在的優質房產。我們的收購團隊正在尋找信用良好的租戶。他們知道租戶的質量和房地產是一項極好的投資。我們的資產經理正在積極管理公司擁有的財產，以實現其價值最大化。我們所處的環境不同，團隊在這方面做得很好。

So I'm going to stop here and let the operator come on and help us listen to some questions that should be asked from some of the listeners.

所以我要在這裡停下來，讓接線員上來幫助我們聽聽一些聽眾應該提出的一些問題。

(Operator Instructions) Our first question is from Rob Stevenson with Janney Montgomery Scott.

（操作員說明）我們的第一個問題來自 Rob Stevenson 和 Janney Montgomery Scott。

So you had, call it, a little over $63 million of assets held for sale at June 30, sold all -- 1 already for just under $7 million, so call it $57 million more or less still held for sale. What's the expected timing on those remaining 5 dispositions? Are they likely to close in third quarter? By year-end? Will some of that spill over into '24? And where is pricing coming in versus your acquisition cap rates?

因此，截至6 月30 日，您擁有略高於6,300 萬美元的待售資產，其中1 項已以略低於700 萬美元的價格出售，所以稱其為仍持有待售的5,700 萬美元左右。剩餘 5 項處置的預計時間是什麼？他們有可能在第三季度關閉嗎？到年底？其中一些會溢出到24年嗎？與您的收購上限率相比，定價在哪裡？

Thanks, Rob. I will give a shot at this. Also I have my Chief Investment Officer, EJ Wislar, here. Of the number you mentioned, I think one may bleed into '24; other than that, not expecting such. And the reason would be it is a repositioning within the marketplace of the property. So it could fall into '23, but most likely I think it will be first quarter '24.

謝謝，羅布。我會嘗試一下。這裡還有我的首席投資官 EJ Wislar。在你提到的數字中，我認為其中一個可能會流到'24；除此之外，沒想到會這樣。原因是它是房地產市場的重新定位。所以它可能會落在 23 年，但我認為最有可能的是 24 年第一季度。

And as it relates to valuations, I don't have the exact figure of what we -- as we laid out with impairment. But other than that, I can't be certain because a few of them, honestly, have some necessary adjustments coming to it currently as we go through due diligence.

由於與估值相關，我沒有我們所列出的減值的確切數字。但除此之外，我不能確定，因為老實說，在我們進行盡職調查時，他們中的一些人目前正在進行一些必要的調整。

Okay. That's helpful. And then how should we be thinking about the investment-grade tenant base in the portfolio? If I go back pre-COVID, year-end 2019, your portfolio is 63% investment-grade tenants. Now it's 51%. I assume that the vast majority of that is the migration from investment-grade office tenants to industrial. But when you're looking at new acquisitions, how are you guys thinking about the credit quality of industrial tenants in the sort of smaller- and mid-range assets versus the sort of underwriting that you did when you were focused on investment-grade office tenants?

好的。這很有幫助。那麼我們應該如何考慮投資組合中的投資級租戶基礎呢？如果我回到新冠疫情之前的 2019 年底，您的投資組合中有 63% 是投資級租戶。現在是51%。我認為其中絕大多數是從投資級辦公租戶遷移到工業租戶。但是，當您考慮新的收購時，你們如何考慮中小型資產中工業租戶的信用質量與您專注於投資級寫字樓時所做的承銷類型租戶？

Again, I'll let EJ have a statement here as well. But we have not gotten away from our historical and prioritized underwriting as it relates to all of our tenants. We lost some credit tenants as it relates to their either going remote and were selling buildings. But as it relates to our internal underwriting as well, we have maintained those standards. EJ?

再次，我也會讓 EJ 在這裡發表聲明。但我們並沒有擺脫我們歷史上的優先承保，因為它關係到我們所有的租戶。我們失去了一些信貸租戶，因為這與他們要么搬到偏遠地區，要么正在出售建築物有關。但由於它也與我們的內部承保有關，因此我們一直維持這些標準。埃傑？

Yes. It's obviously really important to us on the underwriting side, to your point, to make sure we're putting good credit tenants into the portfolio. As we've moved more into industrial, to your point, you do see more middle-market type businesses, especially in the manufacturing space. What we do find, though, is you're able to acquire assets that are a lot more mission-critical to the tenant. So you have a lot higher renewal probabilities than your legacy office assets.

是的。從您的觀點來看，在承保方面，確保我們將信用良好的租戶納入投資組合顯然非常重要。正如您所說，隨著我們更多地進入工業領域，您確實會看到更多的中間市場類型的企業，尤其是在製造領域。不過，我們確實發現，您能夠獲得對租戶而言更為關鍵的資產。因此，與舊辦公室資產相比，您的更新概率要高得多。

So it's a bit of a balancing act as we look to construct the portfolio. But for us, it's -- the key is making sure that the asset you're acquiring is a major revenue and EBITDA driver to the underlying business in order to ensure a high renewal probability mixed in with the overall corporate strength of that tenant.

因此，當我們尋求構建投資組合時，這是一種平衡行為。但對我們來說，關鍵是確保您所收購的資產是基礎業務的主要收入和 EBITDA 驅動因素，以確保較高的續約概率與該租戶的整體企業實力相結合。

Okay. That's helpful. And then, Gary, you guys bought back $1 million of stock. What was the average price there? Or how many shares did you wind up by? I didn't see that in the release.

好的。這很有幫助。然後，加里，你們回購了 100 萬美元的股票。那裡的平均價格是多少？或者你最終獲得了多少股？我在發布的版本中沒有看到這一點。

I think we can get back to you on the average price. I believe it was somewhere around $12, but -- and around 90,000 shares, something around that neighborhood.

我想我們可以給您回復平均價格。我相信它大約是 12 美元左右，但是——大約有 90,000 股，大約在那個附近。

Okay. That's helpful. And then lastly, you guys paid down -- in the release, you guys paid down $36 million of debt here in the third quarter. Any disposition proceeds off of that stuff likely to be used to pay down additional debt? Is it -- are you still in the market to buy back stock? Is it just going to be to fund acquisitions? How are you thinking about sort of uses of proceeds from the dispositions and any type of free cash flow at this point?

好的。這很有幫助。最後，你們還清了——在發布的版本中，你們在第三季度還清了 3600 萬美元的債務。這些東西的處置收益可能會被用來償還額外的債務嗎？您還在市場上回購股票嗎？僅僅是為了收購資金嗎？您目前如何考慮處置收益的用途以及任何類型的自由現金流？

Obviously, we look to redeploy capital into industrial acquisitions, as we've stressed. We'll be talking internally as to whether or not we continue to look to buy back at this point. It is on the table. But at this point in time, what we want to do is redeploy that capital into, for lack of a better word, [higher] accretive deals and obviously move away [from that].

顯然，正如我們所強調的那樣，我們希望將資本重新部署到工業收購中。我們將在內部討論是否繼續考慮此時回購。它在桌上。但在這個時候，我們想做的是將資金重新部署到（沒有更好的詞）[更高的]增值交易中，並顯然[遠離]。

Just so you know, Rob, it was 80,000-or-so shares at an average price of $12.40.

Rob，您知道嗎，大約有 80,000 股，平均價格為 12.40 美元。

Our next question is from Craig Kucera with B. Riley Securities.

我們的下一個問題來自 B. Riley Securities 的 Craig Kucera。

Could you give us a little bit more color on the lease termination this quarter, where the tenant was located? Anything in that regard?

您能否為我們提供有關本季度租約終止的更多信息以及租戶所在的位置？有這方面的事情嗎？

Certainly. I'll let EJ have that. He did a great job with his asset manager on getting that completed for us.

當然。我會讓 EJ 擁有它。他和他的資產經理一起出色地為我們完成了這項工作。

Yes, that was specific to the Fort Lauderdale office property where Citrix was the legacy tenant there as part of their [take private] a few years ago, they had gone remote. And so we've been working with them, putting a subtenant in, and we worked then with the subtenant to make that a prime lease. It's a great opportunity for us to effectuate a termination fee and go direct with the tenant that took the entire facility. The cash value of that was approximately $2 million, offset a bit by some deferred rent assets there. So it's a great outcome there, being able to execute an over 11-year lease to go direct and make that their corporate headquarters for the new tenant.

是的，這是勞德代爾堡辦公樓特有的情況，幾年前，Citrix 是那裡的傳統租戶，作為其[私有化]的一部分，他們已經進行了遠程辦公。因此，我們一直在與他們合作，引入分租客，然後我們與分租客合作，使其成為優質租賃。對於我們來說，這是一個很好的機會，可以收取終止費並直接與占用整個設施的租戶聯繫。其現金價值約為 200 萬美元，被部分遞延租金資產所抵消。因此，這是一個很好的結果，能夠執行超過 11 年的租約，直接將其作為新租戶的公司總部。

Got it. That's helpful. And did you mention with the 2 dispositions this quarter, what the cap rate was?

知道了。這很有幫助。您是否提到本季度的兩次處置，資本化率是多少？

I don't think we mentioned it, but on average, I may have to get back to you on that. I'm not sure I have that handy.

我認為我們沒有提到這一點，但平均而言，我可能必須就此回复您。我不確定我是否有那麼方便。

Yes, it's -- for the -- one of them had some vacancies, so a true cap rate on in-place wouldn't be the best way to look at it. The office building that was sold subsequent to the quarter was fully leased, and that was exited just inside of a 6.5% initial cap. So we'll be looking to redeploy that at least at a 200 basis point spread. So that will be a good outcome there.

是的，其中一個有一些職位空缺，因此真正的上限利率並不是看待這一問題的最佳方式。本季度後出售的辦公樓已全部出租，並且在 6.5% 的初始上限內退出。因此，我們將尋求至少以 200 個基點的利差重新部署。所以這將是一個好的結果。

Got it. And a big pickup in assets you are expecting to sell, of course. Is one of those buildings the former Verizon call center that went dark at the end of last year? And can you just give us some color on what the sort of average occupancy of those buildings is?

知道了。當然，你預計出售的資產也會大幅增加。其中一棟建築是去年年底關閉的前 Verizon 呼叫中心嗎？您能否告訴我們這些建築物的平均入住率是多少？

Verizon is a big one. We are looking forward to that sale in this quarter. We are waiting for a blessing in order for it to close from the municipality, and that will get that off our books. That's the primary, if you will, size one that I think you're referring to.

威瑞森是一家大公司。我們期待本季度的銷售。我們正在等待政府的祝福，以便它能夠從我們的賬簿中關閉。如果你願意的話，這是我認為你所指的第一個尺寸。

Correct. Got it. And then I guess what I'm just looking for is just some color on, are these office assets that have meaningful vacancy? Or are they -- are there any industrial assets in that pool? Or just any color would be helpful.

正確的。知道了。然後我想我只是在尋找一些顏色，這些辦公資產是否有有意義的空置？或者說——該資產池中有工業資產嗎？或者任何顏色都會有幫助。

There's not any industrial assets in that class. And relative, they -- Verizon was a single-story office, our 2-story building in Richardson, Texas. And again, I'll point out, these are held for sale, obviously, with PSAs on them or currently being negotiated. And total square foot there is 558,000 square feet. And again, we should get them all done, save one, by the end of this year.

該類別中沒有任何工業資產。相對而言，Verizon 是一座單層辦公室，而我們位於德克薩斯州理查森的兩層建築。我要再次指出，這些顯然是為了出售，上面有公益廣告或目前正在談判。總面積為 558,000 平方英尺。再說一次，我們應該在今年年底前完成所有這些工作，只保留一個。

And to that point, the majority of those have some vacancy or are completely vacant. And so the thought process there as we kind of look at the office market today, there are some office markets where there is still good activity like Fort Lauderdale. But in certain markets where absorption is negative or leasing is very slow, we view it as a more prudent capital allocation strategy to exit those deals, redeploy them versus sinking money into those buildings. So that's kind of the thought process there and should hopefully see an uptick in occupancy as we move through those vacant assets.

到目前為止，其中大多數都有一些空缺或完全空缺。因此，當我們審視今天的寫字樓市場時，我們的思考過程是，有些寫字樓市場仍然有良好的活動，比如勞德代爾堡。但在某些吸收率為負或租賃速度非常緩慢的市場中，我們認為退出這些交易、重新部署它們是一種更審慎的資本配置策略，而不是將資金投入到這些建築中。這就是那裡的思考過程，當我們處理這些空置資產時，希望看到入住率上升。

Okay. That's helpful. And I apologize, but there was some background noise when you were reading through your comments on your sort of acquisition pipeline and what was under due diligence, et cetera. Can you go through those again just so we have a little clearer listening on that?

好的。這很有幫助。我很抱歉，但是當您閱讀對您的收購渠道以及盡職調查等內容的評論時，存在一些背景噪音。您能否再回顧一下這些內容，以便我們能更清楚地聽到這些內容？

What I'll do just so that it is more clear is I'll let EJ provide an update on that for you, but the team is actively engaged, looking at many opportunities.

為了讓大家更加清楚，我將讓 EJ 為您提供最新情況，但團隊正在積極參與，尋找許多機會。

Yes. So the pipeline is about $408 million, plus or minus. Two deals, we have LOIs out. We had closed a few deals recently subsequent to quarter end, so nothing is currently in diligence. We've got a few deals we think are very actionable at the moment. We're viewing a lot. And as Buzz mentioned in the prepared remarks, seeing a lot of interesting sale-leaseback opportunities.

是的。因此，管道資金約為 4.08 億美元（增減）。兩筆交易，我們已發出意向書。我們最近在季度末結束了幾筆交易，因此目前沒有進行盡職調查。我們認為目前有一些非常可行的交易。我們看很多。正如巴茲在準備好的發言中提到的那樣，看到了很多有趣的售後回租機會。

Got it. And are you, at this point, comfortable handicapping sort of what your expectations are on the acquisition front for the rest of the year or third quarter? Or is it still sort of TBD?

知道了。此時此刻，您是否願意對今年剩餘時間或第三季度的收購方面的預期做出一些調整？或者它仍然是待定的嗎？

I'd say it's more TBD, obviously, as it relates to what cap rates are doing and the availability of capital and debt.

顯然，我想說這更多的是待定，因為它與資本化率的作用以及資本和債務的可用性有關。

Got it. And just one more for me. We've seen REITs, I think, in a lot of sectors sort of pick up their activity of stepping in as sort of a temporary lender for merchant builders. I don't know if new product necessarily fits kind of what you've been doing on the industrial front, but is that something you guys are looking at as far as sourcing some additional transaction volume?

知道了。還給我一個。我認為，我們已經看到許多行業的房地產投資信託基金都開始介入，作為商業建築商的臨時貸款人。我不知道新產品是否一定適合你們在工業方面所做的事情，但是你們正在考慮尋找一些額外的交易量嗎？

I don't know if we're going to be merchant builders per se. We certainly would look at and have been exploring internally how we can generate more business, whether it's through JV or otherwise. But I'll let EJ have a throw at that.

我不知道我們本身是否會成為商業建設者。我們當然會考慮並一直在內部探索如何能夠產生更多業務，無論是通過合資企業還是其他方式。但我會讓 EJ 嘗試一下。

Yes, to your point, obviously, with a lot of regional banks and banks sort of on the sideline in the construction lending world, we have seen some groups, private and public, that are traditionally equity players stepping in to provide construction financing. We see those opportunities. We have some of those discussions.

是的，就你的觀點而言，顯然，由於許多地區銀行和銀行在建築貸款領域處於旁觀地位，我們看到一些傳統上的股權參與者介入提供建築融資，無論是私人還是公共團體。我們看到了這些機會。我們進行了一些討論。

In our view, as we kind of look at our capital allocation strategy, we can still see better returns on the equity side, especially in the sale-leaseback space as we look to construct a long-term weighted average lease term for our portfolio. So we look at those. I don't see us doing any in the near term.

我們認為，當我們審視我們的資本配置策略時，我們仍然可以看到股權方面更好的回報，特別是在售後回租領域，因為我們希望為我們的投資組合構建長期加權平均租賃期限。所以我們看看這些。我認為我們短期內不會採取任何行動。

As there are no further questions at this time, I am turning the call back to Mr. David Gladstone for closing comments. Please proceed, sir.

由於目前沒有其他問題，我將把電話轉回給大衛·格萊斯頓先生以徵求結束意見。請繼續，先生。

Well, we thank you very much for a good meeting. And wish you all well, and we'll see you next quarter. That's the end of this call.

嗯，我們非常感謝你們給我們帶來了一次愉快的會議。祝您一切順利，我們下季度再見。本次通話就到此結束。