Gladstone Commercial Corp (GOOD) 2024 Q2 法說會逐字稿

Greetings, and welcome to the Gladstone Commercial Corporation's second-quarter earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加格拉斯頓商業公司第二季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, David Gladstone. Thank you, Mr. Gladstone, you may begin.

現在我很高興向大家介紹你們的主持人大衛‧格萊斯頓。謝謝你，格萊斯頓先生，你可以開始了。

Well, thank you for that nice introduction and thanks to all of you for calling in. We enjoy this time talking with you guys and the analysts that call in. We have a good time on these shows and would like to have a lot of good questions this time.

好的，謝謝您精彩的介紹，也謝謝大家的來電。我們很高興這次與你們和來電的分析師交談。我們在這些節目中度過了一段愉快的時光，這次想提出很多好問題。

Now, we'll hear from Michael LiCalsi, our General Counsel, and he's also Secretary, to give a few legal regulatory matters concerned from this call. Michael?

現在，我們將聽取我們的總法律顧問兼秘書 Michael LiCalsi 的發言，他將介紹本次電話會議中涉及的一些法律監管問題。麥可？

Thanks, and 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. Forward-looking statements involve certain risks and uncertainties that are based on our current plans, which we believe to be reasonable.

謝謝大家，早安。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，包括有關我們未來績效的陳述。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。

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 the risk factors in our 10-Qs and 10-Ks that we file with the SEC. You can find them on our website, specifically the Investors page, that's gladstonecommercial.com, or on the SEC's website, which is www.sec.gov.

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 和 10-K 中的所有風險因素。您可以在我們的網站，特別是投資者頁面（gladstonecommercial.com）或 SEC 網站（www.sec.gov）上找到它們。

Now, 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.

現在，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。

And today, we'll discuss FFO, which is funds from operations. And 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.

今天，我們將討論 FFO，即來自營運的資金。FFO是一個非公認會計原則會計術語，定義為淨利潤，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。

We'll also discuss core FFO, which is generally FFO adjusted for certain other non-recurring revenues and expenses. We believe these metrics are a better indication of our operating results and allow better comparability of our period-over-period performance.

我們還將討論核心 FFO，通常根據某些其他非經常性收入和支出對 FFO 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，並且可以更好地比較我們的同期業績。

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

請造訪我們的網站，即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，也可以在 Twitter 上找到我們：@GladstoneComps。

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.

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

Now, I'll hand it over to Gladstone Commercial's President, Buzz Cooper. Buzz?

現在，我將把它交給 Gladstone Commercial 總裁 Buzz Cooper。嗡嗡聲？

Thank you, Michael, and thank you all for calling in. Today, we will discuss our operations and topics that are top of mind.

謝謝你，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。

In June, the FOMC decided to keep the benchmark federal funds rate at 5.25% to 5.5% for the seventh consecutive meeting. While this prolonged high interest rate environment has severely impacted real estate capital markets, we continue to see leasing and investment activity normalize.

6月，FOMC連續第七次會議決定將基準聯邦基金利率維持在5.25%至5.5%。儘管這種長期的高利率環境嚴重影響了房地產資本市場，但我們仍然看到租賃和投資活動正常化。

Last week's job report, which missed expectations on job growth, coupled with a downward revised June print, has led many to believe that the US is headed toward a recession, which is one of the reasons the stock market dropped significantly in the last few days.

上週的就業報告未達就業成長預期，加上6月數據向下修正，讓許多人相信美國正走向衰退，這也是股市在過去幾天大幅下跌的原因之一。

Given the economic weakness, the Fed is under increased pressure to reduce interest rates. We believe a single rate cut is assumed by most market participants with the opportunity for one or two additional cuts by year-end.

鑑於經濟疲軟，聯準會面臨越來越大的降息壓力。我們認為，大多數市場參與者都認為單次降息，並有機會在年底前再降息一兩次。

Although the economic news is negative, aside from one tenant, we have not seen a material decrease in tenant credit quality across our portfolio. As it relates to specific asset classes, we see continued outperformance in industrial for both the near and long term. In the near term, we see industrial vacancy rates peaking as new developments have slowed for the last several quarters.

儘管經濟消息是負面的，但除了一名租戶外，我們沒有看到整個投資組合的租戶信用品質出現實質下降。由於它與特定資產類別相關，我們認為工業股在短期和長期內都將持續表現出色。短期內，隨著新開發案在過去幾季放緩，我們預計工業空置率將達到頂峰。

According to CBRE, industrial product under construction for Q2 dropped to 291.9 million square feet, the first time under construction product has been below 300 million square feet since Q2 2019. In the long term, we see significant tailwinds, driven by reshoring and near-shoring manufacturing operations, trends which will benefit our existing portfolio and play to our proven expertise underwriting middle market credits.

根據世邦魏理仕的數據，第二季工業在建面積下降至 2.919 億平方英尺，這是自 2019 年第二季以來在建工業面積首次低於 3 億平方英尺。從長遠來看，在回流和近岸製造業務的推動下，我們看到了巨大的推動力，這些趨勢將有利於我們現有的投資組合，並發揮我們在承保中間市場信貸方面經過驗證的專業知識。

Moving on to a few company and portfolio specific highlights for the second quarter. During the quarter, we increased our industrial concentration as a percentage of annualized straight line rent from 60% to 62% and decreased office from 36% to 34%.

接下來討論第二季的一些公司和投資組合的具體亮點。本季度，我們將工業集中度佔年化直線租金的百分比從 60% 提高到 62%，並將辦公室集中度從 36% 降低到 34%。

We successfully leased and mark-to-market nearly 1 million square feet in Taylor, Pennsylvania. We inquired an industrial asset in Southern Pennsylvania for $11.7 million with a weighted GAAP cap rate of 12.3%. We successfully sold our 29,000 square foot office asset in Egg Harbor, New Jersey.

我們在賓州泰勒成功租賃並按市場定價近 100 萬平方英尺。我們對賓州南部的一項工業資產進行了詢價，售價為 1,170 萬美元，加權 GAAP 上限率為 12.3%。我們成功出售了位於新澤西州埃格港的 29,000 平方英尺辦公室資產。

Through the second quarter, our portfolio management team has released or renewed nearly 2.4 million square feet across five assets for an aggregate $3.6 million straight line rent plus up. Through the remainder of 2024, we have just 6,600 square feet of expiring leases.

截至第二季度，我們的投資組合管理團隊已釋放或更新了五項資產近 240 萬平方英尺的面積，直線租金加起來總計 360 萬美元。到 2024 年剩餘時間，我們只有 6,600 平方英尺的到期租約。

We collected 100% of cash base rents and portfolio occupancy increased to 98.5%. Subsequent to the end of the quarter, we also renewed a lease on 72,000 square feet of office lease in Columbus, Ohio to the end of the year 2030. And in addition, should close shortly on a sale of two medical office building properties located in Georgia that we have held for sale.

我們收取了 100% 的現金基本租金，投資組合入住率提高至 98.5%。本季末後，我們也將俄亥俄州哥倫布市 72,000 平方英尺的辦公室租約續約至 2030 年底。此外，我們待售的位於喬治亞州的兩座醫療辦公大樓物業的出售應該很快就會結束。

Lastly, we raised an additional $21.6 million in net proceeds from the sale of approximately 1.5 million shares of common stock and $100,000 in net proceeds from the sale of 3,200 shares of Series F preferred stock.

最後，我們透過出售約 150 萬股普通股籌集了 2,160 萬美元的淨收益，並透過出售 3,200 股 F 系列優先股籌集了 100,000 美元的淨收益。

Before turning the call over to Gary, I will highlight our plans and goals for the next 12 months. We will continue growing our industrial concentration as capital markets open up and we dispose of non-core office assets. We plan to increase this concentration above 70% of annualized straight line rent in the next 6 to 12 months, and we currently have one opportunity under contract for $10 million scheduled to close in the third quarter.

在將電話轉給加里之前，我將重點介紹我們未來 12 個月的計劃和目標。隨著資本市場的開放和非核心辦公資產的處置，我們將繼續提高產業集中度。我們計劃在未來 6 到 12 個月內將這一集中度提高到年化直線租金的 70% 以上，目前我們有一個價值 1000 萬美元的合約機會，計劃於第三季度完成。

We will continue disposing of non-core office assets. As of June 30, we had two medical offices, I just referenced, that are held for sale, and we will use the proceeds from these sales and our existing cash flow to redeploy into industrial assets. We will leverage our proprietary in-house credit underwriting expertise to capitalize on sale leaseback opportunities. Again, the sale leaseback is a hallmark of our value proposition.

我們將繼續處分非核心辦公資產。截至 6 月 30 日，我們有兩個醫療辦公室，我剛才提到，正在出售，我們將利用這些銷售所得和我們現有的現金流重新部署到工業資產中。我們將利用我們專有的內部信貸承銷專業知識來利用售後回租機會。同樣，售後回租是我們價值主張的標誌。

We will keep a healthy and flexible balance sheet. As of June 30, we have liquidity of $52.5 million, including $42.1 million of availability under our credit facility and $10.4 million in cash. We remain below 50% levered as of June 30, 2024.

我們將保持健康、靈活的資產負債表。截至 6 月 30 日，我們的流動資金為 5,250 萬美元，其中包括信貸額度下的 4,210 萬美元可用資金和 1,040 萬美元現金。截至 2024 年 6 月 30 日，我們的槓桿率仍低於 50%。

Successfully completing these goals will better position us for our next stage of growth, including obtaining rating and private placements and expanding our industrial portfolio in new and existing markets.

成功完成這些目標將使我們更好地為下一階段的成長做好準備，包括獲得評級和私募以及在新市場和現有市場擴大我們的工業投資組合。

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

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

Thank you, Buzz. I'll start my remarks regarding our financial results this morning by reviewing our operating results for the second quarter of 2024. 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 2024 年第二季的營運業績，就我們的財務業績發表評論。所有引用的每股數字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 $0.36 per share for the quarter. FFO and core FFO available to common stockholders during the second quarter of 2023 were both $0.41 per share. FFO and core FFO for the six months ended June 30 were $0.69 and $0.70 per share, respectively. FFO and core FFO for the same period in 2023 were $0.77 and $0.78 per share, respectively.

本季度普通股股東可獲得的每股 FFO 和核心 FFO 均為每股 0.36 美元。2023 年第二季普通股股東可獲得的 FFO 和核心 FFO 均為每股 0.41 美元。截至 6 月 30 日的六個月，FFO 和核心 FFO 分別為每股 0.69 美元和 0.70 美元。2023 年同期的 FFO 和核心 FFO 分別為每股 0.77 美元和 0.78 美元。

Over this -- our same-store cash rent in the two quarters of 2024, first two quarters of 2024, decreased by 2.9% over the same period in 2023. This was due to accelerated rent from the lease termination in 2023.

在此之上－我們2024年兩季的同店現金租金，2024年前兩季比2023年同期下降了2.9%。這是由於 2023 年租約終止導致租金加速上漲。

Our second-quarter results reflected total operating revenues of $37.1 million with operating expenses of $26 million, as compared to operating revenues of $38.7 million and operating expenses of $33.7 million for the same period in 2023. Expenses were higher in 2023 period mainly due to impairment charges, offset by a waiver of the incentive fee.

我們第二季的業績反映了總營業收入為 3,710 萬美元，營業費用為 2,600 萬美元，而 2023 年同期營業收入為 3,870 萬美元，營業費用為 3,370 萬美元。2023 年期間的費用較高，主要是由於減損費用，但被免除激勵費所抵銷。

Looking at our debt profile, 37% is fixed rate, 51% is hedged floating rate, and 12% is floating rate, which is the amount drawn on a revolving credit facility and one mortgage note. As of June 30, our effective average SOFR is 5.33%.

從我們的債務狀況來看，37% 是固定利率，51% 是對沖浮動利率，12% 是浮動利率，即循環信貸額度和一張抵押票據的提取金額。截至 6 月 30 日，我們的有效平均 SOFR 為 5.33%。

Our outstanding bank term loans are hedged with $310 million of interest rate swaps and the remainder with interest rate caps. We continue to monitor interest rates closely and update our hedging strategy accordingly. As of today, we have no 2024 loan maturities and our 2025 loan maturities are manageable at $25.5 million. As of the end of the quarter, we had $81.2 million of revolver borrowings outstanding.

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相應更新我們的對沖策略。截至今天，我們還沒有 2024 年貸款到期日，2025 年貸款到期日約在 2,550 萬美元。截至本季末，我們的未償還循環借款為 8,120 萬美元。

During the six months ended June 30, 2024, we sold 756,214 shares of common stock under our ATM program, raising net proceeds of $10.6 million. We also received net proceeds of $600,000 from sales of our Series F preferred stock through June 30. We continue to manage our equity activity to ensure that we have sufficient liquidity for upcoming capital reforms and new acquisitions.

截至 2024 年 6 月 30 日的六個月內，我們根據 ATM 計劃出售了 756,214 股普通股，籌集了 1,060 萬美元的淨收益。截至 6 月 30 日，我們也從 F 系列優先股的銷售中獲得了 60 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應對即將到來的資本改革和新收購。

At present we have two properties held for sale. As of today we have approximately $4 million in cash and $60.3 million of availability under our credit facility. 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.

目前我們有兩處房產待售。截至目前，我們的信貸額度下擁有約 400 萬美元的現金和 6,030 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。

Our common stock dividend is $0.30 per share per quarter or $1.20 per year. Our common stock closed yesterday at $14.36, and our distribution yield on the stock is 8.36%.

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 14.36 美元，我們的股票分配收益率為 8.36%。

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

現在，我將把程式轉回給大衛。

Well, thank you. That was a good report, Gary, and good ones from Buzz and Michael, too.

嗯，謝謝。這是一份很好的報告，加里，巴茲和邁克爾的報告也很好。

I think the team has performed very, very well. Overall, very nice quarter. We've got to keep it up. So we've got to do this again next quarter.

我認為球隊的表現非常非常好。總的來說，非常好的季度。我們必須堅持下去。所以我們必須在下個季度再次這樣做。

If you heard today, in summary, during the second quarter, we acquired one industrial facility and we sold one non-core property. We also renewed leases on five of our properties, so we're doing great there. The commercial team is growing real estate, and a good part of the team is doing a great job managing the properties we own, especially in all of our areas that we're in.

如果您今天聽到的話，總而言之，在第二季度，我們收購了一項工業設施，並出售了一項非核心財產。我們還續約了五處房產的租約，所以我們在那裡做得很好。商業團隊正在開發房地產，團隊的很大一部分人在管理我們擁有的房產方面做得很好，尤其是在我們所在的所有領域。

Our team of strong professionals continues to pursue the potential quality properties that we're looking for and list acquisitions that they are reviewing. We've got a good backlog, strong persons in this skilled analysis of these businesses. We underwrite the businesses if we're lending them money because in reality we're letting them rent our real estate.

我們強大的專業團隊將繼續尋找我們正在尋找的潛在優質房產，並列出他們正在審查的收購項目。我們擁有大量積壓的訂單，以及對這些業務進行熟練分析的強大人員。如果我們借錢給這些企業，我們就會為他們提供擔保，因為實際上我們讓他們租用我們的房地產。

Okay, operator -- let's stop here and have the operator come in and help us with the listeners that want to ask us some questions. So, give us a lot of questions, please.

好的，接線生－我們就到此為止，讓接線員進來幫我們解答那些想問我們一些問題的聽眾。所以，請給我們很多問題。

(Operator Instructions) Gaurav Mehta, Alliance Global Partners.

（操作員說明）Gaurav Mehta，Alliance Global Partners。

Thank you. Good morning.

謝謝。早安.

Good morning.

早安.

I wanted to ask on the transaction market, wanted to get some more color on your acquisition pipeline and what cap rates are you seeing in the market?

我想問一下交易市場，想了解更多有關您的收購管道的信息，以及您在市場上看到的資本化率是多少？

Thank you, Gaurav. As I mentioned, we do have one transaction that will close. It was a -- it is a north of 10 cap -- average cap. We have also put out two LOIs of which they also were above 10 on a straight-line basis on the cap. And we have some 20 or so under review.

謝謝你，高拉夫。正如我所提到的，我們確實有一筆交易即將結束。這是一個——它是 10 上限——平均上限。我們也提出了兩個 LOI，其中直線上限也高於 10。我們正在審查大約 20 個。

Obviously, we're not going to bid them all, but the pipeline we believe will pick up here toward the end of the year as we believe credit will become more available as interest rates drop and definitely see a pickup going into '25. I'm sure as you're aware in the marketplace everyone has referenced a slowdown, if you will, as it relates to the first half of the year, but we're hopeful of a pickup here going forward.

顯然，我們不會全部競標，但我們相信，到今年年底，管道數量將會增加，因為我們相信，隨著利率下降，信貸將變得更加容易獲得，而且肯定會在 25 年後出現回升。我確信，正如您所知，市場上每個人都提到了經濟放緩（如果您願意的話），因為這與今年上半年有關，但我們希望未來有所回升。

Okay, thank you. Second question I wanted to ask was incentive fee waiver. Do you expect incentive fee waiver to continue for next few quarters?

好的，謝謝。我想問的第二個問題是獎勵費減免。您預計未來幾季會繼續免獎勵費嗎？

Hey, Gaurav, thanks for the question. We waived the incentive fee for the entire year 2023, and we began a partial payment in Q1 of this year. And so far, we've credited back 44% of the incentive fee. I mean, we intend to, in consultation with our Board, take consideration of both our shareholders and our stakeholders and decide how much we're going to be paying. But the intent is to pay at a reduced rate to ensure both that we're rewarding our people, but also that we're giving back to the shareholders.

嘿，高拉夫，謝謝你的提問。我們免除了2023年全年的激勵費，並從今年第一季開始支付部分激勵費。到目前為止，我們已退回 44% 的獎勵費。我的意思是，我們打算與董事會協商，考慮我們的股東和利害關係人，並決定我們將支付多少費用。但目的是降低薪酬，以確保我們既獎勵我們的員工，又回饋股東。

Okay, thank you. That's all I had.

好的，謝謝。這就是我所擁有的一切。

Thank you. Operator, any other questions?

謝謝。接線員，還有其他問題嗎？

Rob Stevenson, Janney.

羅布史蒂文森，珍妮。

Hi, good morning. Gary, in the release, there's a line about the core FFO increase primarily due to the accelerated rent related to a termination fee on a property sold during the quarter. Is that the $2.6 million property that was sold in the second quarter?

嗨，早安。加里，在新聞稿中，有一條關於核心 FFO 增長的內容，主要是由於與本季度出售的房產終止費相關的租金加速上漲。這是第二季出售的價值 260 萬美元的房產嗎？

Yeah, that was the Egg Harbor property.

是的，那是蛋港財產。

Okay. And then, what was -- how big was that termination fee? I didn't see that in --

好的。然後，終止費用是多少？我沒有看到--

That was about $570,000.

那大約是57萬美元。

Okay, that's helpful. Thank you. And then, Buzz, there's a footnote about two properties classified as held for sale for $9.3 million and 26,000-and-change square feet. Those the medical office sales in Georgia that you alluded to?

好的，這很有幫助。謝謝。然後，巴茲，有一個腳註，涉及兩處待售房產，價格為 930 萬美元，面積為 26,000 平方英尺。您提到的喬治亞州醫療辦公室銷售情況是那些？

Correct, sir.

正確，先生。

Okay, perfect. And then, I guess, the other question for me winds up being, how aggressive should we expect you guys to be in the back half of the year on dispositions if and when rates come down? Is there a bunch of pent-up demand from 1031 buyers and other people who might be interested in your office assets and maybe some of the industrial assets that you don't want to own longer term? Is that sort of needs to be matched with acquisitions? How should we be thinking about the dispositions?

好的，完美。然後，我想，對我來說另一個問題是，如果利率下降，我們應該期望你們在今年下半年的處置上採取多大的動機？1031 買家和其他可能對您的辦公資產以及您不想長期擁有的工業資產感興趣的人是否存在大量被壓抑的需求？這種需求是否需要與收購相符？我們該如何考慮處置？

Obviously, we're going to recycle that capital into new deals, and yes, we hope to be aggressively doing that. As it relates to sales, team has done a great job, obviously, in the past year with over a total of nine office buildings sold since last July.

顯然，我們將把這些資本回收到新的交易中，是的，我們希望積極地這樣做。就銷售而言，團隊在過去的一年裡顯然做得很好，自去年 7 月以來總共售出了九棟辦公大樓。

We will continue that. However, we've only got a vacancy factor within that office portfolio of 6.4%, and as I referenced, with only one small vacancy here till the end of the year. We will be aggressive in looking to sell them. We'll be opportunistic, and we are hopeful of a pickup as rates do come down.

我們將繼續這樣做。然而，我們的辦公室組合中的空置率僅為 6.4%，正如我所提到的，到今年年底這裡只有一個小空置率。我們將積極尋求出售它們。我們將採取機會主義態度，並且希望隨著利率的下降，情況會有所改善。

Okay. And then, last one for me. You indicated that you had one credit -- one tenant where you were seeing credit deteriorate. Is that an office or an industrial tenant? And is that likely to need to be re-tenanted or the assets sold? How are you guys thinking about that as that tenant sort of slides down the credit spectrum?

好的。然後是我的最後一個。您表示您有一項信用—您發現一名租戶的信用惡化。那是辦公室還是工業租戶？是否可能需要重新租用或出售資產？當那個租戶的信用等級下降時，你們對此有何看法？

Yeah, it was a small industrial box for distribution of retail product. We anticipate it being sold, and in fact, we've traded paper on it currently. It represented less than 1% of straight line rent, but we do anticipate that being off our books here relatively shortly.

是的，這是一個用於分發零售產品的小型工業盒子。我們預計它會被出售，事實上，我們目前已經在進行票據交易。它只佔直線租金的不到 1%，但我們確實預計這一比例很快就會從我們的帳簿中消失。

Okay, that's helpful. Thanks, guys. Have a great day.

好的，這很有幫助。謝謝，夥計們。祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks, Rob. Operator, do we have anybody else who wants to ask a question?

謝謝，羅布。接線員，還有其他人想問問題嗎？

Dave Storms, Stonegate.

戴夫·斯托姆斯，石門。

Good morning. Appreciate you taking my questions. Just as you continue divesting from non-core assets, is there any sort of profile of office assets that you would consider renewing?

早安.感謝您回答我的問題。就像您繼續剝離非核心資產一樣，您是否會考慮更新任何類型的辦公室資產？

We certainly would renew any that we can and have done so. And as a result, we've got longer term that allows us to garner the income and the rent off of those properties as we hope that the marketplace for office especially improves to then allow us to continue opportunistically sell some of those assets. Certainly, have one or two in Florida that are a great example, but we're not ready to dispose of them at this point in time.

我們當然會盡我們所能並且已經這樣做了。因此，我們有更長的期限，使我們能夠從這些房產中獲得收入和租金，因為我們希望辦公市場特別改善，以便我們能夠繼續機會主義地出售其中一些資產。當然，佛羅裡達州有一兩個就是一個很好的例子，但我們目前還沒有準備好處理它們。

But we would certainly entertain any offers, but we are looking to extend, as I referenced, the office property in Cincinnati and then certainly we're going to have discussions internally on moving that asset off the book. So we're going to look to be opportunistic as relates to dispositions of those.

但我們當然會接受任何報價，但正如我所提到的，我們正在尋求擴展辛辛那提的辦公物業，然後我們當然會在內部討論將該資產從賬簿中刪除。因此，我們將在這些方面採取機會主義態度。

Understood. That's very helpful. And then, just turning to the macro, you mentioned rate cuts that are expected later this year, but also with the recent economic data, we had unemployment tick up a hair. Does that change any of your thought process with regards to underwriting? Or is it still very tenant by tenant basis?

明白了。這非常有幫助。然後，就宏觀而言，您提到了預計今年稍後的降息，而且根據最近的經濟數據，我們的失業率略有上升。這會改變您關於承保的思考過程嗎？還是仍以租戶為基礎？

Our underwriting is not going to change as it relates to the credit profile. Obviously, we've shown that over the years, with both our occupancy and default rates and so forth, that underwriting of our tenant is our value add. And as a result, we're going to stick to those disciplines. But as we do see and believe we will see interest rate cuts, that should allow us to go after, for lack of a better word, more product.

我們的承保不會改變，因為它與信用狀況有關。顯然，多年來我們已經證明，無論是入住率還是違約率等，對租戶的承保都是我們的增值。因此，我們將堅持這些原則。但正如我們確實看到並相信我們會看到降息一樣，這應該讓我們能夠追求更多的產品（找不到更好的詞來形容）。

Understood. Thank you for taking my questions, and good luck in 3Q.

明白了。感謝您回答我的問題，祝第三季好運。

Thank you.

謝謝。

We have one more question?

我們還有一個問題？

John Massocca, B. Riley Securities.

約翰‧馬索卡 (John Massocca)，B. 萊利證券 (Riley Securities)。

Good morning.

早安.

Good morning.

早安.

Good morning.

早安.

So I was wondering if you could give a little more color maybe on the leasing activity in the quarter just given the size of it. Was there any kind of TIs or significant kind of concessions involved in that lease up? And then maybe how much of that leasing was dealing with lease maturities that happened in the quarter? And how much is just mark to marketing stuff that's maybe a little bit -- that's going to mature later in the timeframe?

因此，我想知道您是否可以就本季度的租賃活動（鑑於其規模）提供更多資訊。該租賃是否涉及任何類型的 TI 或重大類型的讓步？那麼，也許該租賃中有多少是在處理本季發生的租賃到期問題？行銷內容的標記量是多少——可能會在稍後的時間範圍內成熟？

Certainly, there are leasing commissions in TIs, not on all of the transactions that have been done in the past quarter, but certainly our very successful lease up in Taylor, Pennsylvania had with it TI as well as leasing commission. But from the standpoint of the plus up that resulted in that of approximately 95% rent, obviously, you have to do it, should do it, but you got to pay the piper as well, but we feel very confident of that.

當然，TI 中存在租賃佣金，並非針對上個季度完成的所有交易，但我們在賓州泰勒的非常成功的租賃當然包含 TI 和租賃佣金。但從導致大約95%租金的加成的角度來看，顯然，你必須這樣做，應該這樣做，但你也必須付錢給風笛手，但我們對此非常有信心。

So the majority of our assets that we do, do have leasing commissions. And the team is working hard to keep the TI dollars down. And if we have to do that in reference to what the tenant needs and to the building improvements, but we are not throwing dollars out there just to get it -- the lease done. They've got to be, for lack of a better word, improvements to the building. So they are associated, but we've done a great job keeping those down in these recent renewals.

因此，我們所做的大部分資產確實都有租賃佣金。該團隊正在努力降低 TI 費用。如果我們必須根據租戶的需求和建築物的改進來做到這一點，但我們不會只是為了完成租賃而投入金錢。由於找不到更好的詞，它們必須是對建築物的改進。所以它們是相關的，但我們在最近的更新中做了很好的工作來控制它們。

Okay. And then maybe kind of just broad strokes, not with Taylor specifically, but what are you kind of seeing in terms of the TI need to close new leases with industrial versus maybe some of the office leasing you've done in past quarters?

好的。然後，也許只是粗略的描述，不是專門針對泰勒，但您認為 TI 需要與工業完成新的租賃，而不是您在過去幾個季度完成的一些辦公室租賃？

If you would explain that to me a little bit what you're looking for?

您能向我解釋一下您在尋找什麼嗎？

It's like a TI per square foot, I mean, how is that kind of trending? I mean maybe how is that in the industrial space today versus what you were seeing with new leases or lease up in that space 12 months ago? And then maybe also with just office? I know, obviously, it's not as relevant to the current quarter, but I'm just intrigued how that's all trending.

就像每平方英尺 TI 一樣，我的意思是，這種趨勢如何？我的意思是，也許今天的工業領域與 12 個月前該領域的新租約或租賃情況相比有何不同？然後也許也只是辦公室？我知道，顯然，這與當前季度無關，但我只是很好奇這一切的趨勢。

Sure. And obviously, office is more expensive which is obviously why we move toward industrial as it relates to cost of re-tenanting the properties. We are in fact seeing a decrease in demands for office as it relates to concessions. So that's a good item.

當然。顯然，辦公室更昂貴，這顯然是我們轉向工業的原因，因為它與重新租賃房產的成本有關。事實上，我們看到對辦公室的需求有所減少，因為這與特許權有關。所以這是一個好項目。

On the industrial side, it's basically remained the same from what we saw two or three years ago. Vacancy rates are down a little bit. Rental rates have remained steady, as well as up, but the TI dollars have not jumped as a percentage of what is needed in order to keep the tenant.

工業方面，與兩、三年前基本沒有變化。空置率略有下降。租金保持穩定並有所上升，但 TI 的資金並沒有達到留住租戶所需的百分比。

Okay. And then maybe just, in terms of leasing, what does the kind of office leasing environment look like today, both kind of broadly and maybe just specifically with Austin just given the size of that one Austin office asset?

好的。然後，也許就租賃而言，今天的辦公室租賃環境是什麼樣子的，既廣泛又可能只是針對奧斯汀，考慮到奧斯汀一項辦公資產的規模？

Of course, Austin is always top of mind for us and we've made some progress there as it relates to activity. We've had four tours here in the last six weeks. We've seen a uptick in the overall office market for Austin. Sublease space has come down as the tech world seems to be stabilizing itself. And on the deals that we're seeing there, the ask on the TI side is also down for office.

當然，奧斯汀始終是我們的首要考慮，我們在那裡取得了一些與活動相關的進展。在過去的六週裡我們已經在這裡進行了四次旅行。我們看到奧斯汀整體辦公市場的成長。隨著科技界似乎趨於穩定，轉租空間已經下降。在我們看到的交易中，TI 方面的要求也有所下降。

So we are hopeful of getting something there in the not-too-distant future, but certainly by year-end. And overall, of course, it would depend what market you're looking at. Again, Florida has been a very good market for us and not as expensive as one might think.

因此，我們希望在不久的將來能夠實現這一目標，但肯定是在年底之前。當然，總的來說，這取決於您所關注的市場。同樣，佛羅裡達州對我們來說是一個非常好的市場，而且並不像人們想像的那麼昂貴。

We don't have any CBD, so that is not a problem for us from the standpoint of cost to keep. But we're going to do what we have to do to retain just as we did in office building in Cincinnati, Ohio, but it was not an expensive transaction as it relates to TI cash dollars.

我們沒有任何 CBD，因此從保留成本的角度來看，這對我們來說不是問題。但我們將採取我們必須採取的措施來保留，就像我們在俄亥俄州辛辛那提的辦公大樓所做的那樣，但這並不是一筆昂貴的交易，因為它涉及 TI 現金美元。

John, you got any more questions?

約翰，你還有什麼問題嗎？

I don't believe that he has any more questions. It does look like he has disconnected. This does conclude our question-and-answer session. I would like to turn the floor back over to David Gladstone for closing comments.

我不相信他還有什麼問題。看起來他確實已經斷線了。我們的問答環節到此結束。我想把發言權交還給大衛·格拉德斯通（David Gladstone）以供結束評論。

Well, we thank you all for calling in and asking some good questions. That was fun to do and we look forward to next quarter. So we'll see you next quarter. That's the end of this call.

好的，我們感謝大家致電並提出一些好問題。這很有趣，我們期待下個季度。那我們下個季度再見。本次通話就到此結束。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

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。