Gladstone Commercial Corp (GOOD) 2024 Q4 法說會逐字稿

Greetings. Welcome to Gladstone Commercial Corporation year-end earnings call. (Operator Instructions). It is now my pleasure to introduce Mr. David Gladstone, Chief Executive Officer. Thank you, sir. You may begin.

問候。歡迎參加格拉斯頓商業公司年終收益電話會議。（操作員指令）。現在我很高興介紹執行長戴維·格拉德斯通先生。謝謝您，先生。你可以開始了。

Well, thank you, Sherry. That was a nice introduction and thanks to all of you for calling in this morning. We enjoy the time that we have with you on the phone, and I wish we had more time to talk to you. Now we'll hear from Michael LiCalsi. He's our general counsel and secretary to give you the legal and regulatory matters concerning the call of this report. Michael, it's your turn.

好吧，謝謝你，雪莉。這是一個很好的介紹，感謝大家今天早上的來電。我們很享受與您通電話的時光，我希望我們有更多的時間與您交談。現在我們來聽聽 Michael LiCalsi 的發言。他是我們的總法律顧問兼秘書，負責向您提供與本報告發布相關的法律和監管事宜。邁克爾，輪到你了。

Thanks, David, and good morning, everybody. 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.

謝謝，大衛，大家早安。今天的報告可能包括《1933 年證券法》和《1934 年證券交易法》規定的前瞻性陳述，其中包括有關我們未來績效的陳述。這些前瞻性陳述涉及某些風險和不確定性，這些風險和不確定性是基於我們認為合理的當前計劃。

The many factors may cause our actual results to be materially different for any future results expressed or implied by these forward-looking statements, including all the risk factors in our forms 10-Q, 10-K, and other documents we filed with the SEC. You can find them on our website at gladstonecommercial.com. Specifically go to the investors page or you can go to 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所表達或暗示的任何未來結果有重大差異，包括我們向美國證券交易委員會提交的 10-Q、10-K 表格和其他文件中的所有風險因素。您可以在我們的網站 gladstonecommercial.com 上找到它們。具體來說，請前往投資者頁面，或者您可以訪問美國證券交易委員會的網站 www.sec.gov。

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. And today we will discuss FFO, which is Funds from Operations.

現在，我們不承擔公開更新或修改任何這些前瞻性聲明的義務，無論是由於新資訊、未來事件或其他原因，除非法律要求。今天我們將討論 FFO，即營運資金。

The 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 is generally FFO, adjusted for certain other non-recurring revenues and expenses.

FFO 是一個非 GAAP 會計術語，定義為淨收入，不包括出售房地產的收益或損失和任何財產減損損失，加上房地產資產的折舊和攤提。我們還將討論核心 FFO，它通常是根據某些其他非經常性收入和支出進行調整的 FFO。

Now we believe these metrics are a better indication of our operating results and allow better comparability of our period over period performance. Now please visit our website once again that's gladstonecommercial.com. Sign up for our email notification service. You can also find us on Facebook. The keyword there is the Gladstone companies.

現在我們相信這些指標能夠更好地反映我們的經營業績，並能更好地比較我們不同時期的業績。現在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 上找到我們。這裡的關鍵字是格拉德斯通公司。

And Twitter, which is now X at gladstone.com. Today's call is an overview of our results, so we ask that you review our press release in Form 10-K, both issued yesterday for more detailed information. Now with that, I'll hand it over to Gladstone Commercial's President Buzz Cooper.

還有 Twitter，現在是 gladstone.com 上的 X。今天的電話會議概述了我們的業績，因此我們請您查看我們昨天發布的 10-K 表格新聞稿，以獲取更多詳細資訊。現在，我將把發言權交給 Gladstone Commercial 總裁 Buzz Cooper。

Thank you, Michael, and thank you all for joining today's. We look forward to updating you on our quarter and year-end results, current portfolio, and our 2025 outlook. Focusing first on the broader economic environment. Last month, Donald Trump assumed office, ushering in a new administration, policy goals, and economic agenda.

謝謝你，邁克爾，也謝謝大家參加今天的活動。我們期待向您通報我們的季度和年終業績、當前投資組合以及 2025 年展望。首先關注更廣泛的經濟環境。上個月，唐納德·川普就任，開啟了新政府、新政策目標和新經濟議程。

Shortly thereafter, the Federal Reserve announced a pause in interest rate cuts after progress toward the 2% long-term inflation target stalled. The length of the pause is still to be determined, but in the meantime, US Treasury yields remain volatile. Looking back on 2024, industrial real estate continued to outperform in spite of numerous headwinds, including interest rate volatility, inflation, and labor disputes.

此後不久，由於2%長期通膨目標的進程受阻，聯準會宣布暫停降息。暫停的時間長度仍有待確定，但同時，美國公債殖利率仍波動。回顧 2024 年，儘管面臨利率波動、通貨膨脹和勞資糾紛等許多不利因素，工業房地產仍持續表現優異。

According to Cushman Wakefield, net absorption totaled 135 million square feet for the year. On par with forecasts, Q4 2024, industrial vacancy rose by 150 (Inaudible). This pace of increase was the slowest in two years, signaling that we may approach peak vacancy in the near future.

據 Cushman Wakefield 稱，全年淨吸收量總計 1.35 億平方英尺。與預測一致，2024 年第四季度，工業空置率增加了 150 個（聽不清楚）。這一增長速度是兩年來最慢的，預示著我們可能在不久的將來達到空置率的峰值。

Finally, new deliveries fell in Q4 2024, to the lowest level since mid 2021, driven by high interest rates and the excess news supply we saw coming online post COVID. While industrial fundamentals held up during the year, we have yet to see capital markets fully return. According to CBRE for the year end December 31, 2024, single asset investment volume increased by 5.1% year over year to $67.9 billion.

最後，受高利率和新冠疫情後出現的過剩新聞供應的影響，2024 年第四季新船交付量下降至 2021 年中期以來的最低水準。儘管今年工業基本面保持良好，但我們尚未看到資本市場完全回歸。根據世邦魏理仕的數據，截至 2024 年 12 月 31 日的年度，單一資產投資額年增 5.1% 至 679 億美元。

Total commercial rate real estate volume over the same period increased by 6.4%. Moving on to our portfolio, we are once again very confident heading into the new year and quarter. During 2024, we collected 100% of cash-based rents, acquired campus properties for $26.8 million totaling 316,727 square feet, increased portfolio industrial concentration as a percentage of high straight line rent to 63%.

同期商業不動產總成交量成長了6.4%。談到我們的投資組合，我們對新的一年和新一個季度再次充滿信心。2024 年，我們收取了 100% 的現金租金，以 2,680 萬美元收購了總面積達 316,727 平方英尺的校園地產，將投資組合工業集中度佔高直線租金的百分比提高到 63%。

Renewed or extended more than 2.9 million square feet of leases at 11 properties, resulting in a $3.8 million net increase in GAAP rent. We sold 7 properties consisting of 5 office and 2 medical office properties. We increased portfolio occupancy to 98.7% as of December 31, 2024. And we closed on a 75 million private placement of senior unsecured notes.

續約或延長了 11 處房產超過 290 萬平方英尺的租約，導致 GAAP 租金淨增加 380 萬美元。我們出售了 7 處房產，其中包括 5 處辦公室房產和 2 處醫療辦公室房產。截至 2024 年 12 月 31 日，我們的投資組合入住率提高至 98.7%。我們完成了 7,500 萬美元的優先無擔保票據私募。

While we remain focused on increasing our industrial concentration to at least 70% in the near term, we will not compromise our underwriting standards to achieve this goal. Over the past year, we reviewed and underwrote hundreds of opportunities, many of which did not meet our target criteria.

雖然我們仍致力於在短期內將我們的行業集中度提高到至少 70％，但我們不會為了實現這一目標而降低我們的承保標準。在過去的一年裡，我們審查並涵蓋了數百個機會，其中許多都沒有達到我們的目標標準。

We saw numerous opportunities with credits that showed cracks in the face of rate increases or real estate that was overpriced due to inflation or eager purchasers. We will not loosen our underwriting standards to acquire those assets, and we are confident our discipline approach will drive long-term value as evidenced by the private placement we did close in December.

我們看到了許多信貸機會，這些信貸在利率上調或房地產因通貨膨脹或熱切購買者而定價過高的情況下出現了漏洞。我們不會放鬆承銷標準來收購這些資產，我們相信，我們的紀律處分方法將推動長期價值，正如我們在 12 月完成的私募所證明的那樣。

Looking forward to 2025, we firmly believe that we are well positioned to capitalize on the right opportunities regardless of the economic environment. With more than $98 million in availability via our line of credit and cash on hand, we remain well positioned to deploy capital into accretive industrial acquisitions. Several opportunities are currently under exclusivity or contract, with closing expected in the coming months.

展望2025年，我們堅信，無論經濟環境如何，我們都有能力抓住正確的機會。透過我們的信用額度和庫存現金，我們擁有超過 9,800 萬美元的可用資金，因此我們仍有能力將資本投入到增值型工業收購中。目前有多個合作機會處於獨家或簽約階段，預計在未來幾個月內完成。

Our portfolio continues to generate sustainable cash flow. We are more than 98% occupied as of December 31, and we have not seen our tenant credit quality deteriorate in the face of higher for longer interest rates. Our portfolio management team has done a superb job over the last year and will continue to dispose of non-core office assets.

我們的投資組合持續產生可持續的現金流。截至 12 月 31 日，我們的入住率超過 98%，儘管利率長期處於上升趨勢，但我們的租戶信用品質並未惡化。我們的投資組合管理團隊在過去一年做得非常出色，並將繼續處置非核心辦公資產。

Finally, our balance sheet is further strengthened by the private placement with the potential for follow on offerings in the future. We will continue to be mindful of our overall leverage as we grow our balance sheet and portfolio of mission critical assets. I will now turn the call over to Gary to review our financial results for the quarter and liquidity position. Gary.

最後，我們的資產負債表透過私募進一步加強，並有可能在未來進行後續發行。隨著我們資產負債表和關鍵任務資產組合的擴大，我們將繼續關注我們的整體槓桿率。現在我將把電話轉給加里，來審查我們本季的財務表現和流動性狀況。加里。

Thank you, Buzz. Good morning, everyone. I'll start my remarks regarding our financial results this morning by reviewing our operating results for the fourth quarter of 2024. All per share numbers referenced are based on fully diluted weighted average common shares.

謝謝你，巴茲。大家早安。今天上午，我將透過回顧 2024 年第四季的營運表現開始談論我們的財務表現。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 with both $0.35 per share for the quarter. FFO and core FFO available to common stockholders during the fourth quarter of 2023 or both $0.36 per share. FFO and FFO for the 12 months ended December 31 with $1.41 and $1.42 per share respectively. FFO and core FFO for the same period in 2023 $1.46 and $1.47 per share respectively.

本季度普通股股東可獲得的每股 FFO 和核心 FFO 均為 0.35 美元。2023 年第四季普通股股東可獲得的 FFO 和核心 FFO 或均為每股 0.36 美元。截至 12 月 31 日的 12 個月的 FFO 和 FFO 分別為每股 1.41 美元和 1.42 美元。2023 年同期的 FFO 和核心 FFO 分別為每股 1.46 美元和 1.47 美元。

Same store rents increased by 5% in three months ended December 31, over the same period in 2023 due to increased straight line rent rates and recovery revenue associated with one of our properties.

截至 2023 年 12 月 31 日的三個月內，同店租金較 2023 年同期上漲了 5%，原因是直線租金率上漲以及我們其中一處物業相關的回收收入上漲。

Our same store rent for the year ended December 2024 increased by 2.3% over the same time period in 2023 due to an increase in recovery revenue from property operating expenses and a settlement received at one of our properties related to deferred maintenance during the current period, partially offset by accelerated rent attributable to a lease terminated in the prior period.

截至 2024 年 12 月的年度，我們的同店租金較 2023 年同期增長了 2.3%，原因是來自物業運營費用的回收收入增加，以及我們其中一處物業收到的與本期間遞延維護相關的結算款，部分被歸因於上一期終止的租約的加速租金所抵消。

Our fourth quarter results reflected total operating revenues of $37.4 million with operating expenses of $25 million as compared to operating revenues of $35.9 million and operating expenses of $28.1 million for the same period in 2023. Operating revenues were higher in 2024 due to increased straight line rental rates and recovered revenue associated with one of our properties.

我們第四季的業績顯示，總營業收入為 3,740 萬美元，營業費用為 2,500 萬美元，而 2023 年同期的營業收入為 3,590 萬美元，營業費用為 2,810 萬美元。由於直線租金率的提高和與我們其中一處房產相關的收入的恢復，2024 年的營業收入有所增加。

Expenses were higher in 2023 in the 2023 period, mainly due to larger impairment charges offset by higher property operating expenses in 2024. Looking at our debt profile, 49% is fixed rate, 50% is hedge floating rate, and 1% is floating rate, which is the amount drawn on our revolving credit facility and one mortgage note.

2023 年期間的費用較高，主要是由於 2024 年較大的減損費用被較高的物業營運費用所抵銷。查看我們的債務狀況，49％為固定利率，50％為對沖浮動利率，1％為浮動利率，這是我們的循環信貸額度和一張抵押票據中提取的金額。

As of December 31, our effective averages so for rate was [4.49%]. 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 as needed. As of today, our 2025 loan maturities are manageable at $10.4 million. As of the end of the quarter, we have $1.9 million of revolver borrowings outstanding.

截至 12 月 31 日，我們的有效平均利率為[4.49%]。我們的未償還銀行定期貸款已透過 3.1 億美元的利率互換進行對沖，其餘部分則透過利率上限進行對沖。我們將繼續密切關注利率並根據需要更新我們的對沖策略。截至今天，我們 2025 年的貸款到期金額可控制在 1,040 萬美元。截至本季末，我們有 190 萬美元的循環借款未償還。

Comparing year in 2024 to 2023, we reduced overall leverage from 46.1% of gross assets to 44.1%. We reduced secured net mortgage debt from $283.9 million to $258.6 million and reduced total net debt from $726.9 million to $682.4 million. We issued $75 million of senior unsecured notes in a private placement with institutional investors entering a new market for raising long-term debt capital.

將 2024 年與 2023 年進行比較，我們將整體槓桿率從總資產的 46.1% 降低至 44.1%。我們將有擔保淨抵押貸款債務從 2.839 億美元減少到 2.586 億美元，並將總淨債務從 7.269 億美元減少到 6.824 億美元。我們透過私募向機構投資者發行了價值 7,500 萬美元的無擔保優先票據，從而進入了籌集長期債務資本的新市場。

And as Buzz mentioned, we've increased our percentage of industrial from 60% to 63% and reduced our office from 36% to 33%. During the year ended December 30, 2024, we sold $3,699 and $597. Shares of common stock under our ATM program raising net proceeds of $53.5 million. We also received net proceeds of $1.1 million from the sales of our Series F preferred stock through December 31.

正如 Buzz 所提到的，我們將工業佔比從 60% 提高到了 63%，並將辦公室佔比從 36% 降低到了 33%。在截至 2024 年 12 月 30 日的年度內，我們的銷售額分別為 3,699 美元和 597 美元。我們的 ATM 計劃下的普通股股份淨收益為 5,350 萬美元。截至 12 月 31 日，我們也從 F 系列優先股的銷售中獲得了 110 萬美元的淨收益。

We continue to manage our equity activity to ensure that we have sufficient liquidity for upcoming capital requirements and new acquisition. At present we have two properties held for sale. As of today we have approximately $8 million in cash and $90 million of availability under our line of credit.

我們繼續管理我們的股權活動，以確保我們擁有足夠的流動性來滿足即將到來的資本需求和新的收購。目前我們有兩處房產待售。截至今天，我們擁有約 800 萬美元現金和 9,000 萬美元可用信用額度。

We encourage you to review our quarterly financial supplement posted on our website, which provides more detail, more detailed financial and portfolio information for the quarter. Our common stock dividend is $0.30 per share per quarter of $1.20 per year. Our stock closed yesterday at $16.04 with a yield of approximately 7.5%. And now I'll return the program back to David.

我們鼓勵您查看我們網站上發布的季度財務補充報告，其中提供了本季更詳細、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，每年 1.20 美元。我們的股票昨日收盤價為 16.04 美元，收益率約為 7.5%。現在我將把該程式歸還給大衛。

Oh, that was a good report, Gary, and a good one from Buzz and Michael too. The team that we've got now is performing very well overall, a very nice quarter. And you heard today in summary during the fourth quarter. We acquired an industrial facility in St. Clair, Missouri. We spent about $5.2 million doing that, so we may have some more this month, but that's the one that we did in the last quarter.

哦，那是一份很好的報告，加里，巴茲和邁克爾的報告也很好。我們現在的團隊整體表現非常出色，這是一個非常好的季度。今天大家聽到的是第四季的總結。我們在密蘇裡州聖克萊爾收購了一家工業設施。我們花了大約 520 萬美元來做這件事，所以這個月我們可能會有更多的支出，但這是我們上個季度所做的。

We sold one non-performing core property, so that's gone, and we renewed leases of two of our properties, so we're still in very good shape. The commercial team is growing the real estate that we own at a good pace, and the team is doing a great job managing the partnership, the parties that will.

我們出售了一處表現不佳的核心房產，因此該房產已不存在了，而且我們續租了兩處房產，因此我們的狀況仍然很好。商業團隊正在快速發展我們所擁有的房地產，並且團隊在管理合作夥伴關係和各方方面做得非常出色。

Especially during these challenging times, our team of strong professionals continues to pursue potential quality properties, and the list of acquisitions that we're reviewing continues to grow nicely. The acquisition team is seeking strong credit tenants. A lot of people talk about being location. We are always into who is the team that's running the business.

特別是在這個充滿挑戰的時期，我們強大的專業團隊繼續尋求潛在的優質房產，我們正在審查的收購名單也持續成長。收購團隊正在尋找信用強勁的租戶。很多人都在談論位置。我們始終關注經營該業務的團隊是誰。

Okay, let's stop here and the operator if you'll come on and help some of our listeners ask a lot of good questions for this time.

好的，我們就到此為止，接線員請您上台，幫助我們的一些聽眾提出很多好問題。

Yes, sir. (Operator Instructions).

是的，先生。（操作員指令）。

Our first question is from Gaurav Mehta with Alliance Global Partners. Please proceed.

我們的第一個問題來自 Alliance Global Partners 的 Gaurav Mehta。請繼續。

Yeah, thank you. Good morning.

是的，謝謝。早安.

Morning (Multiple Speakers)

早晨（多位發言者）

I wanted to ask you on your balance sheet, I was hoping to get some more colour on your leverage expectations. I think you said it's 44.1% as of Q4. And just, wanted to hear if that's close to your target, number or you expect your leverage to go lower and then, as a follow up on the balance sheet also wanted to learn, what your expectations were between secured and unsecured that makes within your capital structure.

我想問一下你的資產負債表，希望能對你的槓桿預期有更進一步的了解。我記得您說的是截至第四季度，這一比例是 44.1%。只是想聽聽這是否接近您的目標數字，或者您預計您的槓桿率會降低，然後，作為對資產負債表的後續跟進，還想了解，在您的資本結構中，您對有擔保和無擔保之間的預期是什麼。

Our goal is to continue to delever getting down, we're at 44.1%. We'd like to get that down further, probably in the lower 40s, and then, as far as secured debt, we continue to decrease that as an overall proportion of our debt and an absolute basis. So that's really where we're going with that. We want to get, build up on the unsecured debt and but overall less debt on the balance sheet.

我們的目標是繼續降低槓桿率，目前已達到 44.1%。我們希望進一步降低這一比例，可能在 40% 以下，然後，就擔保債務而言，我們將繼續降低這一比例作為我們債務的總體比例和絕對基礎。這正是我們要做的事。我們希望增加無擔保債務，但總體上減少資產負債表上的債務。

Okay, second question. And then a follow up on your industrial focus I think you said 70% in the near term do you expect to achieve that 70% this year?

好的，第二個問題。然後是關於您對工業重點的後續問題，我想您說過近期要達到 70%，您預計今年能達到 70% 嗎？

We're very hopeful of that. Obviously, it's going to be in combination of acquisitions as well as dispositions, but I believe that we will, as it relates to the percentage relative to straight line rent.

我們對此充滿希望。顯然，這將是收購和處置的結合，但我相信我們會這樣做，因為它與直線租金的百分比有關。

Okay thank you that's all.I have.

好的，謝謝，就這些。

Thank you.

謝謝。

Okay, do we have another question Operator?

好的，接線生我們還有其他問題嗎？

Yes, our next question is from Rob Stevenson with Janney Montgomery Scott. Please proceed.

是的，我們的下一個問題來自 Janney Montgomery Scott 的 Rob Stevenson。請繼續。

Good morning, guys. Buzz, given your acquisition commentary, can you talk about the market debt today for the office assets that you want to sell over the next 12 months to 18 months? Are the transactions happening and, what the sort of pricing looks like these days relative to, 6 months, 12 months and18 months ago on the office side?

大家早安。Buzz，鑑於您對收購的評論，您能否談談您想要在未來 12 個月到 18 個月內出售的辦公資產的當前市場債務？交易是否正在進行？

Sure, thanks, Rob. And as we've been very selective on our sales. We are not looking to just sell to sell. We, our office portfolio is a vacancy factor of 7%, but as we look to sell, it's going to be opportunistic at this point in time, as well as we want to make sure that we backfill that income that we may be losing with industrial income.

當然，謝謝，羅布。我們對銷售非常挑剔。我們不只是想為了銷售而銷售。我們的辦公室組合的空置率為 7%，但當我們尋求出售時，這將是一個機會，同時我們希望確保用工業收入來填補我們可能損失的收入。

So I think we will identify 4 or 5 that we will sell here during the year, but if we see something opportunistically on the sales side relative to office, we'll take it. We know it's important to continue to drive down that office portfolio, but again I would reiterate it is performing.

因此，我認為我們將確定 4 到 5 個將在年內在這裡銷售的項目，但如果我們在銷售方面看到與辦公室相關的機會，我們就會抓住機會。我們知道繼續降低辦公室投資組合的規模非常重要，但我再次重申它的表現良好。

Okay, and where is the 130 basis points of vacancy today? Is that aggregated in one or two assets and what's the prospects for releasing or selling those in '25?

好的，那麼今天的 130 個基點的空置率在哪裡呢？這些資產是否集中於一兩項資產？

The majority of the occupancy, excuse me, vacancy is in one or two assets, a couple of which that will from expiring rents here, for instance, property in Carolina that's going to fall off the books at the end of March at the expiration of that lease, so we won't have that office property to re-lease or have to worry about. Majority is 1 or 2 assets, but as it relates to our overall concerns over this year.

大部分的入住率，對不起，空置率都集中在一兩項資產中，其中有幾項是來自這裡的租金到期，例如卡羅來納州的房產，該房產的租約將於 3 月底到期，因此我們不需要重新出租或擔心該辦公室物業。大多數是 1 或 2 項資產，但它與我們今年的整體關注點有關。

We have two of the properties that make up approximately 3% of those leases that are coming due are scheduled to be sold or have a lease in place that they have an option to purchase. Of the others that we have specific to office, we have termed proposals on two of those buildings. And are waiting response to extending the leases.

我們有兩處房產，約佔即將到期租約的 3%，這些房產計劃出售或簽訂了租約，他們可以選擇購買。在我們針對辦公室的其他具體問題中，我們已經對其中兩棟建築提出了提案。並且正在等待延長租約的回覆。

Okay, that's helpful. And then one for you, David, how should we be thinking about the incentive fee waivers going forward? Is '25 likely to look a lot like how you did it in '24? Is there something that fundamentally flips in 2025 and commercial goes back to paying the entire incentive fee this year? How should we be thinking about that as we play with our models over the next few days?

好的，這很有幫助。然後問你一個問題，大衛，我們該如何考慮未來的激勵費用減免？'25 年的情況是否可能與 '24 年的情況非常相似？2025 年是否會發生根本性的變化，商業公司今年將重新支付全部激勵費？當我們在接下來的幾天裡玩我們的模型時，我們應該如何思考這個問題？

As you can imagine, everybody here would like to go back to the original, and so they're working hard to fill in where they need to fill in in order to get it back to a stronger payment to the employees here, but you know our position, we don't pay ourselves if we're not doing a good job for our shareholders. It's shareholders first at this company.

你可以想像，這裡的每個人都想回到原來的樣子，所以他們正在努力填補需要填補的地方，以便重新為這裡的員工提供更高的報酬，但你知道我們的立場，如果我們沒有為股東做好工作，我們就不會給自己付工資。這家公司以股東為先。

Rob, I wish I knew the projections well enough to say to you when we'll be back to that, but I don't have a date yet in mind, and I think we're going to be much stronger this year than we were last year, so hopefully that gives you a feeling of security about what we're doing here.

羅布，我希望我對預測足夠了解，以便能告訴你我們什麼時候會回到那個水平，但我還沒有確定具體的日期，我認為今年我們的表現會比去年強大得多，所以希望這能讓你對我們在這裡所做的事情有一種安全感。

Okay perfect thanks guys appreciate the time this morning.

好的，非常感謝大家今天早上抽出時間。

Thank you.

謝謝。

Do you have any more questions? Yes.

您還有其他問題嗎？是的。

Our next question is from John Masoka with B. Riley Securities. Please proceed.

下一個問題來自 B. Riley Securities 的 John Masoka。請繼續。

Good morning.

早安.

Morning

早晨

Let me. Starting off with the balance sheet, given the private placement and security issuance. You recently completed, I mean, is that kind of how we should expect. Funding to go forward I guess that pricing kind of the correct. Pricing at least in the current market in terms of interest rate.

讓我。從資產負債表開始，給出私募和證券發行。您最近完成的，我的意思是，這就是我們應該期待的。我認為，繼續提供資金的定價是正確的。至少在當前市場利率方面定價。

John, I think we should expect that to be not, our primary mode of financing. Obviously, we have the line of credit, we have bank term loans, but yes, we intend to continue on with private placements, the market willing that the interest rate we got we thought was pretty strong for a first-time issuer, so it might hopefully be indicative and hopefully maybe even less in the future.

約翰，我認為我們應該預料到這不是我們主要的融資方式。顯然，我們有信用額度，有銀行定期貸款，但是是的，我們打算繼續進行私募，市場願意接受我們所獲得的利率，我們認為對於首次發行人來說，這個利率相當高，所以希望它具有指示性，希望未來甚至可能更低。

That's helpful. And then on the leasing front, can you just provide a little colour on your leasing activity in Q4? I know you get kind of numbers and metrics, but were those industrial assets, office properties, and kind of maybe how did rents trend versus what was in place before, renewal or releasing.

這很有幫助。那麼在租賃方面，您能否稍微介紹一下第四季的租賃活動呢？我知道你會得到一些數字和指標，但那些是工業資產、辦公物業嗎？

They were both office and industrial. Majority was industrial. They also were plus ups as relates to industrial, but also in the office. The office deals were mostly on 5 years. We see that trend continuing as we look to renew current office buildings and then on the industrial side, various pockets around the country and again we did see a large one last year up in Pennsylvania. We are seeing a plus up in rents as it relates to those renewals.

它們既是辦公大樓，也是工業大樓。大多數是工業性的。他們在工業領域和辦公室領域也都表現出色。辦公室交易多為5年期。我們看到這種趨勢仍在繼續，因為我們著眼於更新現有的辦公大樓，然後在工業方面，全國各地都有這樣的建築，去年我們在賓州再次看到了一個大型建築。由於這些續約，我們看到租金有所上漲。

Okay, and then, and I talked in the last earnings call, but maybe more in the context of 2025 just broad strokes, what's kind of the CapEx expectations just, balancing the relatively small amount of leases expiring in the current year versus maybe some more meaningful lease expirations in '26 and '27, just trying to think about how, spending there might go in the current year.

好的，然後，我在上次財報電話會議上談到了，但可能更多的是在 2025 年的背景下，只是大致的，資本支出預期是什麼，平衡今年到期的相對較少的租約與'26 年和'27 年可能一些更有意義的租約到期，只是試著想想，今年的支出可能會如何。

Obviously CapEx that we have been spending on renewals is what I'll term positive cap X for us both with the retention of the tenancy, but it does bring an increase in rent so we don't have a lot of expense from a capital exposure point within our buildings.

顯然，我們在續約上花費的資本支出，對於我們雙方來說都是積極的上限X，因為它保留了租賃權，但它確實帶來了租金的增加，因此我們在建築物內的資本風險點上不會產生太多費用。

The majority of it is leasing expenses and improvements to the buildings of that we have it budgeted. We are, it's very manageable. But again, a majority of it has been and we'll be here in the next nine months going to be for those dollars that we had to spend in leasing commissions in order to have the nice plus up that we had coming out of 2024.

其中大部分是我們已經預算好的租賃費用和建築物改善費用。是的，這是非常易於管理的。但同樣，其中大部分已經並且將在接下來的九個月裡用來支付我們必須在租賃佣金上花費的那些錢，以便獲得 2024 年帶來的良好收益。

Okay, that's helpful, and that's great. Thank you very much.

好的，這很有幫助，非常好。非常感謝。

Thank you.

謝謝。

Okay, do we have any other questions Today?

好的，今天我們還有其他問題嗎？

Yes, we do. Our next question is from Dave Storms with Stonegate Capital. Please proceed.

是的，我們知道。下一個問題來自 Stonegate Capital 的 Dave Storms。請繼續。

Good morning.

早安.

Morning Dave.

早上好，戴夫。

Just hoping to maybe get a sense of, around the timing, for some that you help sell, assets I think by there.

我只是希望大概能了解一下您幫忙出售的一些資產的大概時間。

As to timing, one is going to be in the, April 1, for a contract, we don't see a reason for that not to occur. And the other would be in the second quarter, I think early April most likely.

至於時間安排，一份合約將在 4 月 1 日簽訂，我們認為沒有理由不這樣做。另一個可能是在第二季度，我認為最有可能是四月初。

So thank you and then just as it relates to the recycling program, is there any sense of what you're seeing in the spreading cap rates between maybe those [health] for sale assets and. What you might have in the acquisition pipeline.

所以謝謝你，然後就它與回收計劃的關係而言，你是否看到了那些[健康]待售資產和之間的資本化率差距？您可能在收購管道中擁有什麼。

Dave, I'm not sure I understand that question unless you're asking the cap rate difference between sale to acquisition.

戴夫，我不確定我是否理解了這個問題，除非你問的是銷售與收購之間的資本化率差異。

Yes, essentially,

是的，本質上，

Okay, so obviously on the acquisition side we are seeing cap rates and need to play in an area of 7.5 to 8 going in basis. Our sales are probably somewhat a little bit higher than that just because they're office. But not dramatically so. Because we don't have the pressure to other than within the industry to get off our books, we can be selective.

好的，顯然在收購方面我們看到了資本化率，並且需要在 7.5 到 8 的範圍內進行操作。我們的銷售額可能比這略高一點，只是因為他們是辦公室。但情況並沒有那麼顯著。由於除了行業內部以外，我們沒有其他要求我們放棄債務的壓力，因此我們可以進行選擇性。

Understood. That's very helpful. Thank you. And then just one more for me, are you seeing any early impacts from some of the rhetoric around tariffs, and some of them, implementation of those tariffs?

明白了。這非常有幫助。謝謝。我還想問一個簡單的問題，您是否看到了有關關稅的一些言論以及這些關稅的實施所帶來的早期影響？

Yeah, thank you for that. We've canvassed our tenancy. Do not see an immediate impact as relates to the potential threat of tariffs. Of course, we've got to see where they, who and where they hit, but our tendency currently does not has not expressed any such fear. We are looking for that it may help create more industrial opportunities with reshoring onshoring. So we are not currently seeing a great deal of stress as a result.

是的，謝謝你。我們已經調查了我們的租賃情況。並未看到與關稅潛在威脅相關的直接影響。當然，我們必須看看他們會攻擊哪裡、攻擊誰，但我們目前的傾向並沒有表達出任何這樣的恐懼。我們希望它能透過在岸生產回流幫助創造更多的工業機會。因此我們目前並沒有看到很大的壓力。

That's all for me thank you.

對我來說這就是全部了，謝謝。

Thank you.

謝謝。

Okay, do we have any other questions today?

好的，今天我們還有其他問題嗎？

Yes, our final question is from Craig Kucera with Lucid Capital Markets. Please proceed.

是的，我們的最後一個問題來自 Lucid Capital Markets 的 Craig Kucera。請繼續。

Yeah, hey, good morning guys. Just following up on some of the discussion on capital recycling. Can you give us a sense, broadly of the dollar amount of what you might be acquiring and selling, in your, as you're reviewing things?

是的，嘿，大家早安。只是跟進一些關於資本循環的討論。在審查過程中，您能否大致告訴我們您可能收購和出售的金額是多少？

On the acquisition side, I'm hoping that it is a good bit more than what we had in 2024. We're looking forward to getting back to our what I'll call what I think is more normal production of $100 million a year, so I'm hopeful for that. I think we have a pretty good pipeline going in.

在收購方面，我希望它比 2024 年的收購多得多。我們期待著恢復到我認為更正常的每年 1 億美元的產量水平，所以我對此充滿希望。我認為我們擁有非常好的管道。

They're not all booked, obviously, and as it relates to dispositions that will allow us to be more discerning in our dispositions looking to get rid of some of the office assets that we feel might be problematic down the road as it relates to what people are looking for in the marketplace.

顯然，這些資產並未全部被預訂，而這涉及到處置，這將使我們能夠更加明智地處置一些辦公資產，我們認為這些資產在未來可能會帶來問題，因為這與人們在市場上尋找的東西有關。

We've been, I think, pleasantly surprised with some of our dispositions on the creative activity of the buyers, either turning it into pickle balls, turning it into single family and apartments, and again just to remind, we don't have properties in CBDs. So as a result, there's some local buyers that find some of our our properties attracted to reposition.

我認為，我們對買家創意活動的一些處理方式感到驚喜，他們要么把它變成球場，要么把它變成獨戶住宅和公寓，再次提醒一下，我們在中央商務區沒有房產。因此，一些當地買家發現我們的一些房產受到重新定位的吸引力。

Okay, great. You mentioned you had the North Carolina asset, I think it was an office asset expiring at the end of this quarter which you expected to sell. But for the remaining 2025 expirations, are those office or industrial?

好的，太好了。您提到您擁有北卡羅來納州的資產，我認為這是一項辦公資產，將於本季度末到期，您預計會出售。但是剩下的 2025 年到期的項目是辦公用地還是工業用地？

One is an industrial that is again under a lease with the purchase option which we believe will get exercised, and two others are office of which we do have and that's approximately 110,000 square feet. We do have have exchange paper as it relates to renewals.

其中一個是工業用地，目前仍處於租賃狀態，我們相信該購買選擇權將會被行使，另外兩個是我們確實擁有的辦公室，面積約為 110,000 平方英尺。我們確實有與續約相關的交換文件。

Got it. And just one more for me, you did reclass a lease as a sales type this quarter. Is that going to still be a component of the base management fee calculation?

知道了。另外我要補充一點，本季您確實將租賃重新歸類為銷售類型。這仍然是基本管理費計算的一部分嗎？

Yes, that will be it's an odd kind of addition to the accounting this ASC 842, this is the property, the industrial property that Buzz mentioned and when they entered into the lease in November with our expectation of a sale, we had to give them the guidance.

是的，這將是對 ASC 842 會計的一種奇怪的補充，這是 Buzz 提到的財產、工業財產，當他們在 11 月簽訂租約並期望出售時，我們必須為他們提供指導。

Reclass classified as a sales type lease. It's kind of an odd deal. That's one of the reasons we have that large gain on sale on our balance on our income statement and so but yes to answer your question, we are accounting for that as part of the base management fee. It's still a piece of real estate on our balance sheet, but even though it's not on our balance sheet as a piece of real estate.

重新分類為銷售類型租賃。這是一件很奇怪的事。這就是我們在損益表餘額中獲得巨額銷售收益的原因之一，但是，是的，回答你的問題，我們將其作為基本管理費的一部分進行核算。它仍然是我們資產負債表上的一塊房地產，但儘管它在我們的資產負債表上並不屬於一塊房地產。

Got it. That, that's what I figured. I just wanted to double check.

知道了。那，我就是這麼想的。我只是想再確認一下。

Thank you. That's all for me.

謝謝。對我來說這就是全部了。

Okay, any more questions today?

好的，今天還有其他問題嗎？

There are no further questions.

沒有其它問題了。

Well, that was a little bit better than last quarter in terms of number of questions, but we'd love to have more questions. So next quarter, I hope you guys get all tuned up and ask us lots of questions because we enjoy answering them, and I know our audience likes to hear. All right, that's the end of this presentation, and so we'll say goodbye until next quarter.

嗯，從問題數量上看，這比上一季要好一點，但我們希望有更多問題。因此下個季度，我希望你們能夠關注並向我們提出很多問題，因為我們樂於回答這些問題，而且我知道我們的觀眾也喜歡聽。好的，本次示範到此結束，我們將在下個季度再見。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。