Gladstone Commercial Corp (GOOD) 2023 Q3 法說會逐字稿

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

您好，歡迎參加格拉斯頓商業公司第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的東道主，執行長大衛‧格拉德斯通 (David Gladstone)。請繼續，先生。

Thank you so much for that nice introduction, and thanks to all of you for calling in. We enjoy this time we have with you on the phone, and wish we had more time to talk with you.

非常感謝您的精彩介紹，也感謝大家的來電。我們很享受與您通電話的時光，並希望有更多時間與您交談。

Now we'll first hear from Michael LiCalsi, he's our General Counsel and Secretary and gives us good legal and regulatory information. So Michael, go ahead.

現在我們將首先聽到 Michael LiCalsi 的聲音，他是我們的總法律顧問兼秘書，為我們提供了良好的法律和監管資訊。所以邁克爾，繼續吧。

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements on 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. You can find those on the Investors page of our website, gladstonecommercial.com, or on the SEC's website, which is 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.

謝謝，大衛。大家早安。今天的報告可能包含有關 1933 年證券法和 1934 年證券交易法的前瞻性陳述，包括有關我們未來績效的陳述。這些前瞻性陳述涉及基於我們目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有重大差異，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。您可以在我們網站的投資者頁面（gladstonecommercial.com）或 SEC 網站（www.sec.gov）上找到這些資訊。我們沒有義務公開更新或修改任何這些前瞻性陳述，無論是由於新資訊、未來事件或其他原因，除非法律要求。

Today, we'll discuss FFO, which is funds from operations. It 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 is generally FFO adjusted for certain other nonrecurring revenue and expenses. We believe these metrics are a better indication of our operating results and allow better comparability of our period-over-period performance.

今天，我們將討論FFO，即來自營運的資金。它是一個非公認會計原則會計術語，定義為淨收入，不包括房地產銷售的損益和任何財產減損損失，加上房地產資產的折舊和攤提。我們還將討論核心 FFO，它通常是針對某些其他非經常性收入和支出進行調整的 FFO。我們相信這些指標可以更好地反映我們的經營業績，並且可以更好地比較我們的同期業績。

Please go to our website, once again, gladstonecommercial.com, sign up for our e-mail notification service. You can also find us on Facebook, keyword, The Gladstone Companies, and Twitter and that's @GladstoneComps.

請再次造訪我們的網站gladstonecommercial.com，註冊我們的電子郵件通知服務。您也可以在 Facebook、關鍵字、The Gladstone Companies 和 Twitter（@GladstoneComps）上找到我們。

Today's call is 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.

今天的電話會議是我們結果的概述，因此我們要求您查看昨天發布的新聞稿和表格 10-Q 以了解更多詳細資訊。

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

接下來，我將把它交給格拉斯頓商業公司的總裁巴茲庫柏。

Thank you, Michael, and thank you all for calling in. Today, we will discuss our operations and topics that are top of mind. Before discussing portfolio developments, I would like to briefly highlight the broader economic backdrop in which we operate.

謝謝邁克爾，也謝謝大家的來電。今天，我們將討論我們的營運和最重要的主題。在討論投資組合發展之前，我想先簡單強調一下我們營運所處的更廣泛的經濟背景。

In July 2023, the Fed raised rates by 25 basis points, raising the target policy rate to its highest level in 22 years. The impacts of the Fed's policies are becoming more pronounced in the real estate world with new construction starts across all asset classes slowing significantly. The office market continues to feel the impact of work-from-home dynamic, while despite a slight slowing in rent absorption, the industrial market continues to outperform, which is driven primarily by e-commerce demand and reshoring initiatives. Uncertainty in geopolitics, capital markets and Fed policies continue contributing to volatile real estate markets today.

2023年7月，聯準會升息25個基點，將目標政策利率提高至22年來的最高水準。聯準會政策對房地產領域的影響變得更加明顯，所有資產類別的新建築開工都顯著放緩。辦公市場繼續受到在家工作動態的影響，儘管租金吸收略有放緩，但工業市場繼續表現出色，這主要是由電子商務需求和回流舉措推動的。地緣政治、資本市場和聯準會政策的不確定性繼續導致當今房地產市場的波動。

Despite this uncertainty, we are sticking to our core strategies, divesting noncore office assets, acquiring mission-critical industrial assets in the path of growth markets and diligently underwriting tenants credits. By focusing on these strategies, we believe we position our portfolio for growth and outperformance. With that, I would like to highlight a few portfolio developments for the third quarter.

儘管存在這種不確定性，我們仍堅持我們的核心策略，剝離非核心辦公資產，在成長市場的道路上收購關鍵任務工業資產，並努力承保租戶信貸。透過專注於這些策略，我們相信我們的投資組合能夠實現成長並取得優異的業績。在此，我想強調第三季投資組合的一些發展。

First, as of September 30, our industrial concentration as a percent of annual straight-line rent increased to 59%, a strategy we initiated and have stated since before 2019. 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 acquired a 7,714 square foot medical property in Burleson, Texas with a 10-year lease in place. We sold 3 office assets in Pittsburgh, Pennsylvania; Eatontown, New Jersey; and Taylorsville, Utah for a combined $19 million in 3 separate transactions.

首先，截至9 月30 日，我們的工業集中度佔年直線租金的百分比增加到59%，這是我們自2019 年之前就發起並聲明的策略。我們在德克薩斯州雪松山收購了一個100,000 平方英尺的工業製造分銷設施以 910 萬美元的價格完成一項為期 20 年的售後回租交易，GAAP 上限率為 10.1%。我們在德州伯勒森購買了 7,714 平方英尺的醫療地產，並簽訂了 10 年的租約。我們出售了賓州匹茲堡的 3 處辦公資產；新澤西州伊頓敦；和猶他州泰勒斯維爾的 3 筆獨立交易總計 1,900 萬美元。

We extended 2 leases on our Wilmington, North Carolina industrial asset and New Albany, Ohio office property. The new leases resulted in term extensions through 2037 and 2042, respectively and straight-line rent increases. During the quarter, our asset management team grew same-store revenues by 5.4% Q3 2022 to Q3 2023. Subsequent to the end of the quarter, we acquired a 69,920 square foot industrial manufacturing distribution facility in Allentown, Pennsylvania for $7.8 million in a 20-year sale-leaseback transaction at a GAAP cap rate of 9.2%.

我們延長了北卡羅來納州威爾明頓工業資產和俄亥俄州新奧爾巴尼辦公物業的兩項租約。新租約導致租期分別延長至 2037 年和 2042 年，租金直線上漲。本季度，我們的資產管理團隊在2022 年第三季至2023 年第三季的同店營收成長了5.4%。本季末後，我們以780 萬美元的價格收購了賓州阿倫敦的一處69,920 平方英尺的工業製造分銷設施，總投資為20 年。年售回租交易以 GAAP 上限利率 9.2% 計算。

Again, subsequent to the end of the quarter, we also acquired a 67,709 square foot industrial manufacturing distribution facility in Indianapolis, Indiana for $4.5 million in a 20-year sale-leaseback transaction at a GAAP cap rate of 10.8%. These developments are all consistent with our outlined strategy and our team continues to create value through the repositioning and sustained disposition of our legacy office assets. Year-to-date, we have sold 6 office assets and executed new leases or extensions at an additional 5 office assets.

同樣，在本季末之後，我們也透過一項為期20 年的售後回租交易，以450 萬美元的價格收購了位於印第安納州印第安納波利斯的一處67,709 平方英尺的工業製造分銷設施，GAAP上限率為10.8%。這些發展都符合我們所製定的策略，我們的團隊透過重新定位和持續處置我們的遺留辦公資產繼續創造價值。年初至今，我們已出售 6 個辦公資產，並對另外 5 個辦公資產執行了新租賃或延期。

The combined GAAP cap rate on new acquisitions during the third quarter was 9.54% and the disposition cap rate on stabilized office sales was 8.23%, resulting in a 130 basis point increase in yield. This capital recycling is highly accretive to the portfolio in the short term and better positions the portfolio in the long term.

第三季新收購的合併 GAAP 上限率為 9.54%，穩定辦公室銷售的處置上限率為 8.23%，導致殖利率增加 130 個基點。這種資本循環在短期內對投資組合有很大的增值作用，並且從長遠來看可以更好地定位投資組合。

Another example of the strength of our portfolio, we were able to generate a same-store GAAP rent increase of 38% at our Fort Lauderdale office asset by executing a full building lease. This was a tremendous outcome for our shareholders and allows us to be strategic with our long-term plans for that asset. Since 2019, our industrial concentration as a percentage of annualized straight-line rent has increased from 32% to 59%. Furthermore, all industrial acquisitions are mission-critical to quality tenants and well-located growing MSA.

我們投資組合實力的另一個例子是，透過執行整棟建築租賃，我們的勞德代爾堡辦公資產的同店 GAAP 租金增加了 38%。這對我們的股東來說是一個巨大的成果，使我們能夠對該資產制定長期策略計畫。自2019年以來，我們的產業集中度佔年化直線租金的比例從32%上升至59%。此外，所有工業收購對於優質租戶和地理位置優越的不斷增長的 MSA 來說都是至關重要的。

Our new acquisitions are all poised to benefit from reshoring initiatives as corporations try to insulate themselves from geopolitical tensions to bring their manufacturing operations back to the United States. I would also like to point out that the company has collected 100% of rents since the beginning of the year.

我們的新收購項目都將受益於回流計劃，因為企業試圖將自己的製造業務帶回美國，以免受地緣政治緊張局勢的影響。我還想指出的是，公司自年初以來已收取100%的租金。

Going forward, we plan to continue targeting industrial assets, particularly leveraging our experience in negotiating acquisitions for sale-leaseback transactions. We appreciate these transactions as opportunities to negotiate leases that are mutually favorable for both the buyer and the seller and utilizing our tenant underwriting skills. We will always evaluate third-party transactions as well with the goal of further increasing our industrial concentration in the next 6 to 12 months.

展望未來，我們計劃繼續瞄準工業資產，特別是利用我們在售後回租交易收購談判的經驗。我們讚賞這些交易是談判租約的機會，這對買賣雙方都有利，並利用我們的租戶承保技能。我們也將始終評估第三方交易，目標是在未來6至12個月內進一步提高我們的產業集中度。

As of the end of the quarter, our pipeline consists of $366 million of opportunities, $45 million were in the LOI stage with the remainder under initial review. While the bid-ask spread between buyer and sellers narrowed somewhat in the third quarter, we expect to see more opportunities at attractive yields in the new year as seller expectations normalize.

截至本季末，我們的通路包括 3.66 億美元的機會，其中 4,500 萬美元處於意向書階段，其餘部分正在初步審查中。儘管第三季買方和賣方之間的買賣價差有所收窄，但隨著賣方預期正常化，我們預計在新的一年中將看到更多獲得有吸引力收益率的機會。

I will now turn the call over to Gary Gerson, our CFO, to review our financial results for the quarter and our liquidity position. Gary?

我現在將把電話轉給我們的財務長加里·格森（Gary Gerson），以審查我們本季度的財務業績和流動性狀況。加里？

Thank you, Buzz. I'll start my remarks regarding our financial results this morning by reviewing our operating results for the third quarter of 2023. All per share numbers referenced are based on fully diluted weighted average common shares. FFO and core FFO per share available to common stockholders were $0.33 and $0.34 per share for the quarter, respectively. FFO and core FFO available to common stockholders during the third quarter of 2022 were $0.43 and $0.44 per share, respectively.

謝謝你，巴茲。今天早上，我將首先回顧我們 2023 年第三季的營運業績，開始我對我們財務業績的評論。所有引用的每股數據均基於完全稀釋的加權平均普通股。本季度普通股股東可獲得的每股 FFO 和核心 FFO 分別為每股 0.33 美元和 0.34 美元。 2022 年第三季普通股股東可獲得的 FFO 和核心 FFO 分別為每股 0.43 美元和 0.44 美元。

FFO and core FFO for the 9 months ended September 30 were $1.10 and $1.11, respectively. FFO and core FFO for the same period in 2022 were $1.21 and $1.22 per share, respectively. Core FFO was affected this quarter by onetime expenses related to property distribution, professional fees and increased interest costs. FFO was further affected by derivative maturities and defeasance costs.

截至 9 月 30 日的 9 個月，FFO 和核心 FFO 分別為 1.10 美元和 1.11 美元。 2022 年同期的 FFO 和核心 FFO 分別為每股 1.21 美元和 1.22 美元。本季核心 FFO 受到與財產分配、專業費用和利息成本增加相關的一次性費用的影響。 FFO 進一步受到衍生性商品到期日和廢止成本的影響。

Our same-store rent in the first 3 quarters of 2023 increased by 5.4% over the same period in 2022. This was due to a onetime accelerated rental and increased recovery revenues. Our third quarter results reflected total operating revenues of $36.5 million with operating expenses of $29.6 million as compared to operating revenues of $39.8 million and operating expenses of $37.2 million for the same period in 2022. Operating expenses were lower in this period, mainly due to a $6.8 million of impairment charges taken in 2023 versus $10.72 million taken in the same period in 2022, waiver of the incentive fee in the 2023 and reduced depreciation expense in 2023 due to revisions related to tenant fund and improvement assets also resulted in lower operating costs.

2023 年前 3 季度，我們的同店租金較 2022 年同期成長 5.4%。這是由於租金一度加速和復甦收入增加所致。我們第三季的業績反映了總營業收入為3,650 萬美元，營業費用為2,960 萬美元，而2022 年同期營業收入為3,980 萬美元，營業費用為3,720 萬美元。這段期間的營業費用較低，主要是由於2023 年的減損費用為680 萬美元，而2022 年同期的減損費用為1,072 萬美元，2023 年獎勵費的豁免以及由於與租戶基金和改善資產相關的修訂而減少的2023 年折舊費用也導致營運成本降低。

Looking to our debt profile, 41.6% is fixed rate, 49% is hedged floating rate and 9.4% is floating rate, which is the amount drawn on our revolving credit facility. As of September 30, our effective average SOFR rate was 5.31%. Our outstanding bank term loans are hedged with $310 million of interest rate swaps and the remainder with interest caps. We continue to monitor interest rates very closely and update our hedging strategy as needed.

從我們的債務狀況來看，41.6% 是固定利率，49% 是對沖浮動利率，9.4% 是浮動利率，這是我們循環信貸額度提取的金額。截至 9 月 30 日，我們的有效平均 SOFR 率為 5.31%。我們未償還的銀行定期貸款透過 3.1 億美元的利率掉期進行對沖，其餘的則設有利率上限。我們繼續密切監控利率，並根據需要更新我們的對沖策略。

As of today, our 2023 and 2024 loan maturities are manageable. We have no further maturities in 2023 and $19.6 million coming due in 2024. As of the end of the quarter, we had $70.95 million of revolver borrowings outstanding. We had no activity this quarter in issuing equity through our at-the-market or ATM program. We received net proceeds of $900,000 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.

截至今天，我們 2023 年和 2024 年的貸款期限是可控的。我們在 2023 年沒有進一步到期的貸款，並在 2024 年到期 1,960 萬美元。截至本季末，我們的未償還循環借款為 7,095 萬美元。本季我們沒有透過市場或 ATM 計劃發行股票的活動。我們從 F 系列優先股的銷售中獲得了 90 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。

As of today, we have approximately $6 million in cash and $43.6 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. Our common stock closed yesterday at $12.53 per share with a yield of 9.58%. And now I'll turn the program back to David.

截至目前，我們的信用額度下擁有約 600 萬美元的現金和 4,360 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，其中提供了本季更詳細的財務和投資組合資訊。我們的普通股股息為每季每股 0.30 美元或每年 1.20 美元。我們的普通股昨天收在每股 12.53 美元，收益率為 9.58%。現在我將把程式轉回給大衛。

Wonderful. Very good report. Good one from Buzz and Michael, too. The team has performed very well and reacted admirably, I have to say, to the various challenges presented by the lasting impact of much higher interest rates, which were always very difficult for real estate companies.

精彩的。非常好的報告。巴茲和麥可的作品也很棒。我必須說，該團隊表現非常出色，對利率大幅上漲的持久影響所帶來的各種挑戰做出了令人欽佩的反應，而這對房地產公司來說一直是非常困難的。

Overall, though, very nice quarter and the company is doing well. You heard a lot today. In summary, during the third quarter, we acquired 2 industrial facilities. We sold 3 noncore properties. All of them are office buildings. So you see we're continuing to get out of the business of renting office space. We also renewed or leased 2 of our properties. Subsequent to the end of the quarter, we acquired 1 industrial facility as well.

但總體而言，這是一個非常好的季度，公司表現也很好。今天你聽到了很多。總之，在第三季度，我們收購了 2 個工業設施。我們賣了 3 處非核心房產。全部都是辦公大樓。所以你看，我們正在繼續擺脫租賃辦公空間的業務。我們也更新或租賃了兩處房產。本季末後，我們也收購了 1 處工業設施。

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 with these very high interest rates. Our team of strong professionals continues to pursue potential quality properties on the list of acquisitions they are reviewing.

商業團隊正在以良好的速度發展我們擁有的房地產，並且團隊在管理我們擁有的房產方面做得很好，特別是在利率非常高的時期。我們強大的專業團隊將繼續在他們正在審查的收購清單上尋找潛在的優質房產。

Acquisition teams saw a little pickup in opportunities for us. So I'm going to stop at this point in time and have the operator come on and get some questions from the people on the call.

收購團隊看到了我們的機會增加。因此，我將在此時停下來，讓接線員接聽電話，詢問通話中的人員一些問題。

(Operator Instructions) Our first question comes 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。

Buzz, the buyers of your office assets today, are there any users? Or is there still 1031 demand in your various markets for these types of smaller assets?

Buzz，今天購買你們辦公資產的，有使用者嗎？或者您的各個市場對這些類型的小型資產是否仍存在 1031 需求？

The majority of them are honestly developers looking to reposition the properties in their respective markets. There are a few owner users that we have sold to, but majority are looking to reposition the properties. They see it as value-add more than occupancy of office per se. They're generally going into multifamily.

他們中的大多數都是誠實的開發商，希望在各自的市場中重新定位房產。我們已經向一些業主用戶出售了房產，但大多數人都希望重新定位房產。他們將其視為比佔用辦公室本身更有價值的附加價值。他們通常會進入多戶家庭。

Okay. That's helpful. And any known nonrenewals and move-outs that you're planning for over the next 12 to 18 months?

好的。這很有幫助。您計劃在未來 12 至 18 個月內進行任何已知的不續約和遷出活動？

Let me see. We've got one that we know is moving out, and we are in the process of, as we do, as you know, stay in front of our tenancy very tightly. Our portfolio managers and asset managers work very hard and closely to know what's happening with our tenants on the ground. But at this point in time, I know of one, but we do have that building under due diligence as it relates to a sale.

讓我看看。我們知道有一個即將搬出，正如您所知，我們正在嚴格保留在我們的租約前面。我們的投資組合經理和資產經理非常努力、密切地工作，以了解我們的租戶的實際情況。但目前，我知道有一座，但我們確實對該建築進行了盡職調查，因為它與出售有關。

Okay. That's helpful. And then, Gary, there were a lot of moving parts in the third quarter earnings. Obviously, fourth quarter is going to have the impact of any acquisitions, dispositions that you do and that you did do here in the third quarter and also higher rates. But anything else that's either carrying over from the third quarter drag wise or alternatively going away that we should be thinking about when updating our models?

好的。這很有幫助。然後，加里，第三季的收益中有很多變化。顯然，第四季將會受到您在第三季所做的任何收購、處置以及更高的利率的影響。但是，我們在更新模型時應該考慮的其他因素要么是從第三季度的阻力中延續下來，要么是消失了？

I mean, we did have -- thanks, Rob. We did have an unusual -- unusually high amount of G&A costs this quarter. We're going to associated with dispositions and so forth. And then we also had some financial costs related to a defeasance of a mortgage as well as cap, some realized losses on some cap maturities. So those won't be going forward.

我的意思是，我們確實有——謝謝，羅布。本季我們的一般管理費用確實異常高。我們將與處置等相關聯。然後，我們也產生了一些與抵押貸款失效和上限相關的財務成本，以及某些上限到期時已實現的損失。所以這些不會繼續下去。

But we did have some increase in interest costs, primarily due to refinancing a couple of mortgages on the line of credit, instead of going into the mortgage market as the -- unfortunately, the line of credit was cheaper, but more expensive in turn to the mortgages we refinance with it, hoping to go to the market when the rates go down on those, but that unfortunate drag will continue.

但我們的利息成本確實有所增加，主要是由於在信用額度上對幾項抵押貸款進行再融資，而不是進入抵押貸款市場，因為不幸的是，信用額度更便宜，但反過來又更昂貴。我們用它進行再融資的抵押貸款，希望在利率下降時進入市場，但這種不幸的拖累將繼續下去。

But as far as dispositions, as we dispose of our office properties, we'll see less of a drag in operating expenses. So I can't forecast what that's going to be. But hopefully, over the next couple of quarters, you'll definitely see that as an increase in overall...

但就處置而言，當我們處置我們的辦公物業時，我們將看到營運費用受到的拖累較小。所以我無法預測會發生什麼事。但希望在接下來的幾個季度中，您肯定會看到整體成長...

And other than the stuff that you've mentioned in the various releases, is there anything that you're expecting to close on acquisition disposition wise in the fourth quarter? Or are you waiting for pricing to sort of change, et cetera, or financing costs to come down?

除了您在各個版本中提到的內容之外，您還有什麼期望在第四季度完成收購處置方面的工作嗎？或者您正在等待定價發生某種變化等，或者融資成本下降？

We have a number -- I'll give this to Buzz, but we do have a number of buildings right now held for sale. But in some of those, we're hoping they will close in the fourth quarter. But Buzz, I'll let you have a word for that.

我們有一個數字——我會把這個數字告訴巴茲，但我們現在確實有一些建築物待售。但其中一些項目，我們希望它們能在第四季度關閉。但是巴茲，我要跟你說句話。

Sure. On the acquisition side, Rob, here is we hit 2.5 months out, if you will, before year-end. We have a few under review that we would love to push to get closed in this quarter. I'm not sure that's going to occur. So at this point in time, I would say most likely not at the end of the year. But as we just closed, when you saw right at the beginning of this month -- sorry, just closed, I guess, on Friday.

當然。在收購方面，Rob，如果你願意的話，我們將在年底前完成 2.5 個月的目標。我們有一些正在審查中，我們希望推動在本季度完成。我不確定這是否會發生。所以在這個時候，我想說很可能不是在今年年底。但正如我們剛剛關閉的那樣，當你在本月初看到時——抱歉，我想是在周五才關閉的。

We are doing all we can to push for lack of a better word, get those assets on our books and our portfolio. But at this point in time, we've seen a relatives, I'll call it, less year-over-year activity going toward the end of the year. Haven't seen the plethora of packages out for properties for sale as people try to dispose of them in '23 versus '24, which tells you that the brokers and the sellers are, I think, currently sitting on the sidelines a bit.

我們正在盡我們所能推動缺乏更好的詞，將這些資產納入我們的帳簿和投資組合中。但在這個時候，我們看到了一個親戚，我稱之為，臨近年底的活動逐年減少。還沒有看到大量的待售房產包裹，因為人們試圖在 23 年和 24 年處置它們，這告訴你，我認為，經紀人和賣家目前有點袖手旁觀。

We still have several to look at in a good volume of dollars of over [$366] million that we're looking at. But at this point in time, I don't foresee, close some sales before the end of the year, but I don't see that we will have any new acquisitions unless something were to fall quickly into our laps.

我們仍然有幾個值得關注的項目，我們正在關注的金額超過 3.66 億美元。但目前，我預計不會在年底前完成一些銷售，但我認為我們不會進行任何新的收購，除非有東西很快就落入我們的手中。

Okay. And then any proceeds that you have there on dispositions, just go towards repayment line until the acquisitions get teed up?

好的。然後，您在處置中獲得的任何收益都可以用於償還額度，直到收購準備就緒？

Equals that and/or the mortgage that the building maybe encumbered with..

等於該建築可能承擔的抵押貸款。

The next question comes from Dave Storms with Stonegate.

下一個問題來自 Stonegate 的 Dave Storms。

Just, curious if you can kind of talk to us about how you think your lease profile term or the term of your lease profile will shift over 2024.

只是好奇您是否可以與我們談談您認為您的租賃資料期限或租賃資料期限在 2024 年將如何變化。

As it relates to new acquisitions, of course, as I mentioned, Dave, we're looking for a long-term sale lease backs, recent closings, obviously reflect that, 15-plus years in order to increase our wallet.

當然，因為它涉及新的收購，正如我所提到的，Dave，我們正在尋找長期的銷售回租，最近的成交，顯然反映了這一點，15年以上，以增加我們的錢包。

On the renewals, we are pushing for longer and have a few that we are looking at. But generally, they are 5-year renewals. So that puts the concentration, obviously on the origination side versus renewal to 15-, 20-year sale leasebacks, but we do not have any great concentration of lease expiring into '24. So I believe we'll be able to keep our wallet and increase our wallet going forward.

在續約方面，我們正在爭取更長時間，並且正在考慮一些續約。但一般來說，都是5年續約。因此，這顯然將注意力集中在起始方面與續約方面，以 15 年、20 年期售後回租為主，但我們並沒有特別集中於 24 年到期的租賃。所以我相信我們將能夠保住我們的錢包並繼續增加我們的錢包。

Very helpful. And then just as it relates to occupancy, it's kind of taken a step up every quarter here in the year and see the other 80 basis points or so since the end of the quarter. How much more headroom do you think is there? And are you having to give any concessions or anything like that to get to those occupancy numbers up?

很有幫助。然後，正如與入住率相關的那樣，今年每個季度都有所上升，並且自本季度末以來還出現了 80 個基點左右。您認為還有多少空間？您是否必須做出任何讓步或類似的事情才能提高入住率？

With new leases, obviously, there are some concessions as it relates to TI dollars. We are not, however, going to give away just to get occupancy. We need to make sure that these transactions are accretive to our portfolio and help the company overall. But yes, we do see concessions in Marketplace, some larger than others.

顯然，對於新的租約，由於涉及 TI 資金，因此會有一些讓步。然而，我們不會僅僅為了獲得入住而放棄。我們需要確保這些交易能夠增加我們的投資組合併為公司整體帶來幫助。但是，是的，我們確實在市場上看到了讓步，有些比其他的更大。

But the team actually has done a great job in negotiating the balance between term and cost to get that term. As we know, capital expense into an existing deal can create creative positive numbers to the deal itself and to the portfolio overall.

但該團隊實際上在談判期限和成本之間的平衡方面做得很好，以獲得該期限。眾所周知，現有交易的資本支出可以為交易本身和整個投資組合創造創造性的正數。

In fact, in a couple of cases, they're much more accretive than they would be on a new deal. So we look at it carefully as it relates to the TI dollars and capital spend into the existing portfolio because tenant improvement dollars, obviously, can be as accretive as new dollars out the door.

事實上，在某些情況下，它們比新協議帶來的增值要多得多。因此，我們會仔細研究它，因為它與 TI 美元和現有投資組合的資本支出相關，因為租戶改善美元顯然可以像新推出的美元一樣增值。

Very, very helpful. And then just one more, if I could. How do you think about geographic focused acquisitions going forward? It looks like your last 2 acquisitions were in Pennsylvania and Indianapolis. Do you -- are you focusing more Westward Southward or kind of right in those core markets? And then...

非常非常有幫助。如果可以的話，然後再來一張。您如何看待未來以地域為重點的收購？您最近的兩次收購似乎是在賓夕法尼亞州和印第安納波利斯進行的。您是否更關注西部、南部或在這些核心市場？進而...

Sure. We are not focused west of the Rockies at this point in time. It's just too expensive to play. Majority of growth as we've seen in the country from various industries has been more Midwest to South, Southeast, Texas, if you will, to the east. So that is where we see the focus because that's where we see the opportunities.

當然。目前我們的重點不是洛磯山脈以西。就是玩起來太貴了。正如我們在該國看到的，各個行業的大部分增長更多地集中在中西部、南部、東南部、德克薩斯州（如果你願意的話）到東部。這就是我們看到的焦點，因為這就是我們看到的機會。

And as you've heard in the past, we look to -- look for acquisitions in the path of growth so that we can get the returns that we're looking for. But we're not going to get away from our credit necessities as it relates to evaluation of the tenancy.

正如您過去所聽說的那樣，我們希望在成長的道路上尋找收購，以便我們能夠獲得我們正在尋找的回報。但我們不會放棄信貸必要性，因為它與租賃評估有關。

But mostly you're going to see this growth not in the Northeast, but it's going to be in Illinois, Ohio to the south, if you will, and over to Georgia, Florida, with a few opportunities being created. When I say in the Northeast in New Jersey with a couple of assets we have as we look to build a concentration there, but they've got to be accretive to the portfolio. Okay?

但大多數情況下，你不會在東北部看到這種增長，但如果你願意的話，它會在伊利諾伊州、俄亥俄州南部，以及喬治亞州、佛羅裡達州，並創造一些機會。當我說我們在新澤西州東北部擁有一些資產時，我們希望在那裡建立集中化，但它們必須能夠增加投資組合。好的？

Yes, sorry.

是的，抱歉。

(Operator Instructions) Our next question comes from John Massocca with B. Riley.

（操作員說明）我們的下一個問題來自 John Massocca 和 B. Riley。

So sticking with kind of dispositions, were any of the assets that were sold either this quarter or subsequent to quarter end vacant. And I guess for ones that were occupied, what's kind of the rough disposition cap rate or even kind of gross NOI that went away as a result of the sales?

因此，按照某種處置方式，本季或季末後出售的任何資產都處於空置狀態。我想對於那些被佔用的人來說，粗略的處置上限是多少，甚至是因銷售而消失的總 NOI？

I've got that answer for you, John, give me one second. With the dispositions, one that we had discussed previously a building down in South Carolina had a tenant that purchased the building. So that one, however, we had not been responsible for the building, but it did indeed close here at the beginning -- or last quarter.

我已經給你答案了，約翰，請等我。透過這些處置，我們之前討論過的南卡羅來納州的一棟大樓有一個租戶購買了該大樓。然而，我們並不負責這座建築，但它確實在一開始或上個季度就在這裡關閉了。

On other dispositions, they are not -- we have one vacancy that did get sold. And the others that we, as Gary mentioned, held for sale, those are all currently occupied, I think, saved one. I'm not sure that will give you the complete answer that you're looking for, but we feel very good about our dispositions and what we have coming up as we laser that toward the end of the year because they're all under contract.

在其他配置上，情況並非如此——我們有一個空缺職位確實被出售了。正如加里所提到的，我們持有待售的其他房屋，目前都已被佔用，我認為，保存了一個。我不確定這是否能給您所尋找的完整答案，但我們對我們的配置以及我們在年底進行雷射照射時即將推出的產品感到非常滿意，因為它們都簽訂了合約。

And then as we look early into next year, the first 6 months, we are actively engaged with the property as it relates to either having it occupied because we've had several leases -- sorry, several tours at our buildings as well as sales for repositioning the properties generally for multi-tenant.

然後，當我們展望明年年初，即前6 個月時，我們正在積極參與該房產的開發，因為這涉及到是否佔用該房產，因為我們已經簽訂了多項租約- 抱歉，我們的建築進行了多次參觀以及銷售用於重新定位多租戶的屬性。

Okay. I guess, maybe asked another way, I mean, how is the cap rate on dispositions comparing to acquisition cap rates?

好的。我想，也許用另一種方​​式問，我的意思是，與收購上限率相比，處置的上限率如何？

As I mentioned earlier, on the one that had, I think, [130] basis point swing to it. We are making sure that what we can do is going to be accretive to the portfolio. We also have to weigh that -- if it is an empty building as it relates to the burn associated with carrying the building. So we have to balance that out, but we are increasing the value of the portfolio. Also, as mentioned with a couple of the renewals that we are doing that, again, the office building reference might give us an ability to redeploy that cash as the building has increased in value as a result of full tenancy.

正如我之前提到的，我認為有 [130] 個基點的波動。我們確保我們能做的事情能夠增加投資組合。我們還必須權衡這一點——如果它是一座空建築，因為它涉及與搬運建築物相關的燃燒。因此，我們必須平衡這一點，但我們正在增加投資組合的價值。此外，正如我們正在做的幾次更新中所提到的，辦公大樓參考可能使我們能夠重新部署現金，因為建築物因完全租賃而增值。

Okay. And then on the balance sheet side, if you kind of think about the -- I think you mentioned on the 3Q call -- sorry, the 2Q call that it's important, starting swaps that came on and replaced caps. I mean is the full impact of that reflected in the current quarter? Or was that kind of mid-quarter? And I guess is there any kind of other onetime stuff as it relates to kind of swapping out interest rates that maybe is worth noting in the next couple of quarters.

好的。然後在資產負債表方面，如果你想一想——我想你在第三季度電話會議上提到過——抱歉，第二季度電話會議很重要，開始進行掉期並更換上限。我的意思是，其全部影響是否反映在當前季度？還是那是季度中期的情況？我想是否還有其他一次性的事情，因為它與交換利率有關，這可能在接下來的幾季值得注意。

Well, right now, we have $310 million of swaps, the one that was forward starting, started at the beginning of July. So that's all within this quarter. So there will be any additional effects ongoing with those swaps. They are what they are. They're on our term loans.

嗯，現在我們有 3.1 億美元的掉期，這是從 7 月初開始的提前啟動的掉期。這就是本季的全部內容。因此，這些互換將會產生額外的影響。他們就是他們。他們是我們的定期貸款。

We would probably -- you might see a little bit in first quarter some realized losses on some cap maturities in first quarter, but that should be it. We don't have any -- we're working on our hedging strategy. We don't have any plans right at the moment to swap or cap anything right now, but that could change given where interest rates go.

我們可能會在第一季看到一些上限到期的一些已實現損失，但應該就是這樣。我們沒有——我們正在製定對沖策略。我們目前沒有任何計劃來交換或限制任何東西，但考慮到利率的走向，這種情況可能會改變。

Okay. And then lastly, the incentive adviser incentive fee. How should we think about that in the near term? I know you've kind of waived it for the last couple of quarters?

好的。最後是激勵顧問激勵費。短期內我們應該如何考慮這個問題？我知道你在過去幾個季度放棄了它？

Obviously, that discussions occurred -- will occur at the Board level. We have not made any decisions at this point in time to do anything different than what we are currently doing in waiving it. But that will be discussed at the right time.

顯然，討論將在董事會層級進行。目前，我們尚未做出任何與目前放棄該協議不同的決定。但這將在適當的時候進行討論。

There are no questions in queue at this time. I would like to turn it back to you for closing comments.

目前隊列中沒有問題。我想將其轉回給您以供結束評論。

Okay. Thank you so much, all of you, for calling in. We love all those good questions you have. Next quarter, we ended with a lot of good questions as well. That's the end of this call, and we thank you all again.

好的。非常感謝你們所有人的來電。我們喜歡你們提出的所有好問題。下個季度，我們也提出了許多好問題。本次通話到此結束，我們再次感謝大家。

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。