Gladstone Commercial Corp (GOOD) 2025 Q1 法說會逐字稿

Greetings and welcome to the Gladstone commercial Corporation first quarter earnings call. (Operator Instructions). . As a reminder, this concert is being recorded. It is now my pleasure to introduce Mr. David Gladstone, Chief Executive Officer.

您好，歡迎參加格拉斯頓商業公司第一季財報電話會議。（操作員指令）提醒一下，這場音樂會正在錄製中。現在我很高興介紹執行長戴維·格拉德斯通先生。

Thank you, sir. You may begin.

謝謝您，先生。你可以開始了。

Well, thank you, Latanya. That was a nice introduction and thank all of you for calling in and listening to our pitch. We enjoy this time that we get with you and we're on the phone and I wish we had more time to talk to you, but I only do this once a quarter.

好吧，謝謝你，拉塔尼亞。這是一個很好的介紹，感謝大家打電話來聽我們的演講。我們很享受與您通話的這段時間，我希望我們能有更多時間與您交談，但我每個季度只這樣做一次。

And now we'll hear from Michael LiCalsi. He's our general counsel and secretary. To give the legal and regulatory matters concerning this report, Michael, go ahead.

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。關於本報告的法律和監管事宜，邁克爾，請繼續。

Thanks, David. Good morning, everybody. Today's report may include forward-looking statements in the Securities Act of 1933, the Securities Exchange Act of 1934, including those regarding the future performance.

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》中的前瞻性陳述，包括有關未來績效的陳述。

Statements involve certain risks and uncertainties that are based on our current plans which we believe to be reasonable. Now many factors may cause our actual results to be materially different from any future results expressed or implied by these overlooking statements, including all the risk factors in our forms 10, 10-k. And other documents that we filed with the SEC can be found on our website, which is Gladstone commercial.com. Specifically look on the investors page or on the SEC's website which is www.SEC.gov.

這些聲明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。現在，許多因素可能導致我們的實際結果與這些忽略陳述所表達或暗示的任何未來結果有重大差異，包括我們表格 10、10-k 中的所有風險因素。我們提交給美國證券交易委員會 (SEC) 的其他文件可以在我們的網站 Gladstone commercial.com 上找到。詳情請查看投資者頁面或美國證券交易委員會 (SEC) 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。

Now FFO is a non-gap accounting term defined as net income, excluding the gains or losses from the sale of real estate net 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. We believe these metrics are a better indication of our operating results and will allow better comparability of our period over period performance.

現在，FFO 是一個非缺口會計術語，定義為淨收入，不包括出售房地產的收益或損失的淨損失。財產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。我們相信這些指標能夠更好地表明我們的經營業績，並能更好地比較我們不同時期的業績。

Please visit our website once again. That's Glascommercial.com. Sign up for our email notification service. You can also find us on Facebook. The keyword there is the Gladstone companies and Twitter, which is at Gladstonecoms. Now today's call is an overview of our results, so we ask that you review our press release and Form 10Q both issued yesterday for more detailed information. With that, I'll hand it over to Gladstone.

請再次造訪我們的網站。請造訪 Glascommercial.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。那裡的關鍵字是格拉德斯通公司和 Twitter，網址是 Gladstonecoms。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新聞稿和 10Q 表格，以獲取更多詳細資訊。說完這些，我就把權力交給葛拉德斯通。

And thank you all for joining today's call. We look forward to updating you on our first quarter of 2025 results, our current portfolio, and our 2025 outlook.

感謝大家參加今天的電話會議。我們期待向您通報我們 2025 年第一季的業績、目前的投資組合以及 2025 年的展望。

Starting with the broader economic environment, the first quarter of 2025 has been marked by a growing uncertainty followed by recent tariff announcements. These announcements have added pressure to global trade flows and extended decision timelines for many companies are reassessing.

從更廣泛的經濟環境開始，2025 年第一季的特點是不確定性日益增加，隨後又發布了最近的關稅公告。這些聲明給全球貿易流動增加了壓力，並延長了許多公司重新評估的決策時間。

Manufacture and distribute their goods, especially those companies with exposure to Asia.

製造和分銷他們的產品，特別是那些在亞洲有業務的公司。

US Treasury yields remain volatile as markets absorb shifting policy signals and evaluate the outlook for inflation and economic growth.

隨著市場吸收不斷變化的政策訊號並評估通膨和經濟成長前景，美國公債殖利率依然波動。

Despite an uncertain macroeconomic outlook, the industrial real estate sector continues to perform. According to Cushman Wakefield, that of so for reached $23.1 million square feet in the first quarter of 2025, matching levels from a year ago. Vacancy rose modestly to 7%, driven by speculative deliveries, but remains in line with historical averages. This suggests the market is approaching a more balanced state.

儘管宏觀經濟前景不明朗，工業房地產業仍表現強勁。據 Cushman Wakefield 稱，2025 年第一季度，公寓售價達到 2,310 萬平方英尺，與去年同期持平。受投機性交付的推動，空置率小幅上升至 7%，但仍與歷史平均值持平。這表明市場正在接近更加平衡的狀態。

New construction completions during the quarter declined to the lowest level in nearly 4 years, reflecting higher capital costs and a slowdown in the development pipeline. We anticipate this construction slowdown will bring upward pressure on industrial rental rates and downward pressure on vacancy as industrial users compete for additional square footage to grow their businesses.

本季新建築完工數量降至近四年來的最低水平，反映出資本成本上升和開發進度放緩。我們預計，由於工業用戶爭奪更多的面積來發展業務，建築業放緩將對工業租金帶來上行壓力，對空置率造成下行壓力。

Moving on to our portfolio, we remain confident heading into the 2nd quarter. During the first quarter of 2025, we collected 100% of our cash based rents.

談到我們的投資組合，我們對進入第二季度仍然充滿信心。2025 年第一季度，我們收取了 100% 的現金租金。

Industrial properties encompassing 355,778 square feet for $73.25 million. We increased portfolio industrial concentration as a percentage of annualized straight line rent to 65%. Maintained portfolio occupancy at 98.4% as of March 31.

工業地產，佔地 355,778 平方英尺，售價 7,325 萬美元。我們將投資組合的產業集中度（佔年化直線租金的百分比）提高到 65%。截至 3 月 31 日，投資組合入住率維持在 98.4%。

And subsequent to the end of the quarter, we sold one office property for a gain of $377,000.01 industrial property previously recognized as selling profit of $3.9 million from a sales type lease. This is one of our most active quarters to date, with over $73 million in capital deployed for new industrial acquisitions.

在本季結束後，我們出售了一棟辦公大樓，收益為 377,000.01 美元，而此前我們透過銷售型租賃將一處工業地產的銷售利潤確認為 390 萬美元。這是我們迄今為止最活躍的季度之一，已部署超過 7,300 萬美元的資本用於新的工業收購。

While we remain focused on increasing our industrial concentration, I hope to get to at least 70% in the near term. We continue to maintain disciplined underwriting approach. This discipline was on display in the acquisitions we completed this quarter, and the numerous acquisitions we chose not to pursue.

我們將繼續致力於提高產業集中度，我希望在短期內至少達到 70%。我們繼續保持嚴謹的承保方式。這種紀律在我們本季完成的收購以及我們選擇不進行的眾多收購中得到了體現。

We evaluated hundreds of opportunities over the last year and passed on many that did not meet our criteria, whether due to credit concerns, overpricing, or location risk.

去年，我們評估了數百個機會，並放棄了許多不符合我們標準的機會，無論是由於信用問題、定價過高還是位置風險。

Our ability to act decisively reflects our continued focus on high quality mission critical assets that align with our investment thesis. In particular, we are seeing long term tailwinds from reshoring and onshoring activity. The private placement we completed in the 4th quarter of 2024 helped position us to execute with confidence, and we believe our disciplined approach will continue to create long-term value.

我們的果斷行動能力反映了我們持續專注於符合我們投資理念的高品質關鍵任務資產。尤其是，我們看到了回流和在岸活動帶來的長期順風。我們在 2024 年第四季完成的私募幫助我們充滿信心地執行，我們相信我們嚴謹的方法將繼續創造長期價值。

Moving ahead to the 2nd quarter, we remain focused on requiring high quality industrial assets that are mission critical to tenants and industries and a creative to our long-term strategy. At the same time, we will continue to selectively dispose of non-core assets to further improve our portfolio.

進入第二季度，我們將繼續專注於對租戶和行業至關重要且對我們的長期策略具有創造性的高品質工業資產。同時，我們將繼續有選擇地處置非核心資產，以進一步改善我們的投資組合。

Our team is actively working to extend lease terms, capture mark to market opportunities, and support tenant growth through targeted expansions and capital improvement initiatives. We remain mindful of our overall leverage and are continuing to strengthen our balance sheet. With over $99 million in availability via our line of credit and cash on hand, we are well positioned to deploy capital into accretive industrial acquisitions.

我們的團隊正在積極努力延長租賃期限、抓住市場機會並透過有針對性的擴張和資本改善舉措支持租戶成長。我們始終關注我們的整體槓桿率，並正在繼續加強我們的資產負債表。我們擁有超過 9,900 萬美元的信用額度和現金，因此我們完全有能力將資本投入增值型工業收購。

Several opportunities are currently under exclusivity or contract, with closings expected to come in the next few months. Our portfolio continues to generate sustainable cash flow.

目前，有多個合作機會處於獨家或合約階段，預計將在未來幾個月內完成。我們的投資組合持續產生可持續的現金流。

We remain more than 98% occupied as of March 31st, and we've not seen any material deterioration in tenant credit quality, even in the face of higher for longer interest rates. I will now turn the call over to Gary to review our financial results for the quarter and liquidity position. Gary, thank you, buzz.

截至 3 月 31 日，我們的入住率仍超過 98%，即使面對長期更高的利率，我們也沒有看到租戶信用品質出現任何重大惡化。現在我將把電話轉給加里，讓他回顧本季的財務表現和流動性狀況。加里，謝謝你，巴茲。

I'll start my remarks this morning regarding our financial results by reviewing our operating results for the first quarter of 2025. All per share numbers referenced are based on fully diluted weighted average common shares. FFO and core FFO per share available to common shareholders were both $0.34 per share for the first quarter of 2025 as well as the first quarter of 2024.

今天上午，我將先回顧我們 2025 年第一季的經營業績，以此開始我對財務業績的評論。所有引用的每股數字均基於完全稀釋的加權平均普通股。2025 年第一季和 2024 年第一季普通股股東可用的每股 FFO 和核心 FFO 均為每股 0.34 美元。

Same store rents increased by 6.6% in the three months ended March 31st over the same period in 2024 due to increased property expense, recovery revenue, and increased rental rates from leasing activity subsequent to the first three months of 2024.

截至 2024 年 3 月 31 日的三個月內，同店租金較去年同期上漲 6.6%，原因是物業費用增加、回收收入增加，以及 2024 年前三個月後租賃活動的租金上漲。

Our first quarter results reflected total operating revenues of $37.5 million with operating expenses of $23.9 million as compared to operating revenues of $35.7 million and operating expenses of $23.3 million for the same period in 2024. Operating revenues were higher in 2025 due to increased recovery. Higher rental rates for the same properties slightly offset by lower variable lease payments from the seven property sales during and subsequent to the first quarter of 2024.

我們第一季的業績顯示，總營業收入為 3,750 萬美元，營業費用為 2,390 萬美元，而 2024 年同期的營業收入為 3,570 萬美元，營業費用為 2,330 萬美元。由於復甦加快，2025 年的營業收入將會更高。2024 年第一季及之後的七處房產銷售中，浮動租賃付款額較低，略微抵銷了相同房產較高的租金。

Expenses were higher in the first quarter of 2025 versus the same period in 2024, mainly due to increased costs created by the inflationary environment, as well as higher net incentive fee paid in Q1. In 2025 in Q1 2025 we increased net assets from $1.09 billion to $1.16 billion which was a result of the two acquisitions this quarter. Looking at our debt profile, 45% is fixed rate, 47% is hedged floating rate, and 8% is floating rate, which is the amount drawn on a revolving credit facility.

2025 年第一季的費用高於 2024 年同期，主要原因是通膨環境造成的成本增加，以及第一季支付的淨激勵費用增加。2025 年第一季度，我們的淨資產從 10.9 億美元增加到 11.6 億美元，這是本季兩次收購的結果。從我們的債務狀況來看，45% 是固定利率，47% 是對沖浮動利率，8% 是浮動利率，也就是從循環信用額度提取的金額。

Mortgage note and one of our small term loans. As of March 301, our effective average so was 4.41%. Our outstanding bank term loans were hedged with $310 million of interest rate swaps.

抵押票據和我們的一項小額定期貸款。截至 3 月 30 日，我們的有效平均值為 4.41%。我們未償還的銀行定期貸款已透過 3.1 億美元的利率互換進行對沖。

We continue to monitor interest rates closely and update our hedging strategy as needed. As of today, our remaining 2025 loan maturities are very manageable at $3.1 million. As of the end of the quarter, we had $51.3 million of revolver borrowings outstanding. During the quarter ended March 31, 2025, we sold $1.77 million common shares.

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，我們剩餘的 2025 年貸款到期金額為 310 萬美元，非常容易管理。截至本季末，我們有 5,130 萬美元的循環借款未償還。在截至 2025 年 3 月 31 日的季度中，我們出售了價值 177 萬美元的普通股。

Under our ATM program raising net proceeds of $27.7 million we also received net proceeds of $300,000 from sales of our Series F preferred stock through March 301. We continue to manage our equity activity to ensure that we have sufficient liquidity for upcoming capital requirements and new acquisitions.

根據我們的 ATM 計劃，我們籌集了 2770 萬美元的淨收益，截至 3 月 301 日，我們還從 F 系列優先股的銷售中獲得了 30 萬美元的淨收益。我們繼續管理我們的股權活動，以確保我們有足夠的流動性來滿足即將到來的資本需求和新的收購。

As of today, we have approximately $18.4 million in cash and $80.6 million of availability under our line of credit. We encourage you to review our quarterly financial supplement posted on our website which provides more detailed financial and portfolio information for the.

截至今天，我們擁有約 1,840 萬美元的現金和 8,060 萬美元的可用信用額度。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 13.$0.83, and our yield at that price was 8.68%. And now I'll turn the program back to David.

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 13.00 美元 0.83 美元，以該價格計算的收益率為 8.68%。現在我將把節目交還給大衛。

Well, thank you, Gary. That was a good one. We had a good one from Buzz and Michael too.

好吧，謝謝你，加里。那是一個很好的例子。我們也從 Buzz 和 Michael 那裡得到了很好的幫助。

And a team of commercial is really performing well. They're renting more of our buildings and so we're continuing to grow you've heard a lot today.

而且商業團隊的表現確實很好。他們租用了我們更多的建築，因此我們正在繼續發展，今天你已經聽到了很多。

In summary, we acquired two industrial facilities for a total of $73 million, nice addition to our group.

總之，我們以總計 7,300 萬美元的價格收購了兩家工業設施，這對我們集團來說是一個很好的補充。

Subsequent to the end of the quarter, we sold one office property with about a $377,000 profit previously recognized this as a selling profit of$ 3.9 million from sales type lease the commercial team is continuing to grow our real estate, add more deals.

在本季結束後，我們出售了一處辦公大樓，獲利約 377,000 美元，此前我們將其確認為來自銷售類型租賃的 390 萬美元銷售利潤，商業團隊正在繼續擴大我們的房地產，增加更多交易。

We find and we do things, so we just continue to march along at the same pace we've marched at for a long time now.

我們發現了一些東西，並且做了一些事情，所以我們只是繼續以長期以來的步伐前進。

Our team of strong professionals continues to pursue potential quality properties on this list of acquisitions that we keep adding to there are an acquisition team that's just out there seeking only the strong credit tenants and we're going to continue that process. So, let's stop now and have the operator come on and tell listeners how they can ask some questions.

我們強大的專業團隊將繼續在這份收購名單上尋找潛在的優質房產，我們不斷增加收購名單，有一個收購團隊只尋找信用良好的租戶，我們將繼續這一進程。那麼，我們現在停下來，讓接線員告訴聽眾如何提出一些問題。

Thank you. We will now conduct a question answer session. (Operator Instructions).

謝謝。我們現在將進行問答環節。（操作員指令）。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah, thank you. Good morning. I wanted to, your acquisition pipeline and what you were seeing in the market for industrial properties.

是的，謝謝。早安.我想要了解您的收購管道以及您在工業房地產市場上看到的情況。

Thanks. We are seeing activity. It's picking up here as the year gets started, for ourselves, we currently have approximately $70 million teed up here that we believe will close into the second quarter, and are looking at, have a backlog that we're reviewing of approximately $140 million, which consists of about 10 assets.

謝謝。我們正在看到活動。隨著新年的開始，情況開始好轉，就我們自己而言，我們目前已準備好大約 7,000 萬美元，我們相信這些資金將在第二季度到賬，我們正在審查的積壓訂單約為 1.4 億美元，其中包括大約 10 項資產。

Obviously there is a lot of competition coming from the marketplace, both family offices as well as P/E shops, but as David referenced, the team is aggressive in the market looking at every transaction we can find, being very selective in these challenging times, but we believe we will continue to be active certainly through next quarter, this quarter and into next quarter.

顯然，市場上存在著許多競爭，既有家族辦公室，也有私募股權投資公司，但正如大衛所提到的，我們的團隊在市場上非常積極，關注我們能找到的每一筆交易，在這個充滿挑戰的時期非常挑剔，但我們相信，我們肯定會在下個季度、本季和下個季度繼續保持活躍。

Okay, and so the $70 million dollar, that you mentioned under contract, can you maybe provide some color on how you expect to fund those acquisitions?

好的，那麼您提到的合約中的 7000 萬美元，您能否提供一些關於您預計如何為這些收購提供資金的資訊？

As Gary mentioned, we've got great liquidity. We have adequate cash and availability on hand.

正如加里所提到的，我們擁有強大的流動性。我們手頭上有充足的現金和可用庫存。

We will also and have been going to look at other financing sources as we did a private placement at the end of last year, as well as perhaps other ways of having capital on hand whether perhaps through a JV or other.

我們也將並且一直在尋找其他融資來源，因為我們在去年年底進行了私募，或許還有其他方式來獲得手頭上的資本，例如透過合資企業或其他方式。

Okay, thank you that's all.

好的，謝謝，就這樣。

I have.

我有。

Thank you.

謝謝。

Next question.

下一個問題。

Craig Kucera, Lucid Capital

Craig Kucera，Lucid Capital

Yeah, hey, good morning, guys. I want to circle back to the acquisition volume here. Obviously a big pickup after really a relatively slow couple of years.

是的，嘿，大家早安。我想回到這裡的收購量問題。顯然，在經歷了幾年相對緩慢的發展之後，出現了大幅回升。

Are you seeing sellers more willing to budge on price or are you just seeing more assets that fit what you want the portfolio to look like?

您是否看到賣家更願意在價格上讓步，或者您只是看到更多符合您希望投資組合的資產？

If I may, a little, it's a combination of both we have been also aggressively trying to stay close with our broker relationships in order to have an early look as well as hopefully a last look at transactions. One of our value adds is we do what we say we got to do. We don't re-trade. Don't like that word. So I think it's a function of getting to the transactions earlier rather than later and having early impact back to either seller or broker that's allowing us this success.

如果可以的話，我可以稍微說一下，這是兩者的結合，我們也一直在積極地嘗試與我們的經紀人保持密切的關係，以便儘早了解交易情況，並希望最後了解交易情況。我們的附加價值之一就是我們說到做到。我們不進行重複交易。不喜歡這個詞。因此，我認為，儘早完成交易，並儘早對賣方或經紀人產生影響，是我們成功的關鍵。

Okay, great. I know you don't have much in the way of remaining lease expirations here in 2025, but I'm kind of curious to hear if you're starting tackling 26 and 27, which are much larger years that are expiring.

好的，太好了。我知道到 2025 年，剩餘的租約到期日期已經不多了，但我很好奇，您是否開始著手處理第 26 和第 27 個租約到期年份，這兩個年份的租約到期日期要長得多。

As has been our history, Craig, we do and we are, if you look, the expiration again as you mentioned for this year is under 2% and that represents transactions of which we are an RFP out on the other for a longer term extension, so we're in talks as it relates to 26.

正如我們的歷史一樣，克雷格，我們確實這樣做了，如果你看一下，你提到的今年的到期率低於 2%，這代表著我們針對另一項長期延期發出的 RFP 交易，所以我們正在就 26 進行談判。

We have approximately Eight or Nine that we are working on, and of those we really only have one at this point in time that we have not traded paper on or had discussions with, so we will hopefully winnow that down quickly and at the appropriate time. But we've got a good handle on it. We get out in front of it and we are, as we work these 26 expirations, also looking at 27 and believe that we will be successful there as well.

我們正在處理大約八到九個項目，其中目前我們實際上只有一個項目尚未進行過文件交換或討論，因此我們希望能夠在適當的時候迅速篩選出合適的項目。但我們已經很好地掌握了這一點。我們走在了前面，當我們處理這 26 個到期日時，我們也在關注 27 個到期日，並相信我們也會在那裡取得成功。

Many of those are industrial in nature, which we hope will allow us for obviously rent pickup.

其中許多是工業性質的，我們希望這能讓我們明顯地提高租金。

Got it, And kind of circling back to the lease you did renew recently, can you talk about leasing spread relative to expiring rent on the asset that you extended for another 3 years? Did you get a pick up there?

明白了，回到您最近續約的租約，您能談談相對於您續約 3 年的資產到期租金的租賃利差嗎？你在那邊搭車了嗎？

That was not a pick up on a straight line basis, for the term. It's a small drop, and the reason for that was, again, we could not get them to extend longer. They have to let us know after an 18 month period if they're going to remain.

就該術語而言，這並不是直線上升。下降幅度很小，原因又是因為我們無法讓它們延長更久。他們必須在 18 個月後告知我們他們是否要留下來。

But it is in a market that is strong and I believe that should we not have success in re-upping them longer, we will have a pick up as it relates to the rental rate.

但市場很強勁，我相信如果我們不能成功地重新吸引他們，我們的租金率就會回升。

Okay, great. And just one more for me, for Gary. You mentioned the swaps on the floating rate debt. Are any of those expiring this year or are they swapped through maturity?

好的，太好了。再為我和加里 (Gary) 寫一封信。您提到了浮動利率債務的掉期。其中有任何債券是今年到期的嗎？或者它們在到期時是否進行交換？

No, all those are swapped to maturity. Those two term loans mature in late 207 and early 208.

不，這些都已交換至到期日。這兩筆定期貸款分別於 207 年底和 208 年初到期。

Okay, thanks guys.

好的，謝謝大家。

Thank you.

謝謝。

Next question. .

下一個問題。。

John Masoka, B. Riley Securities.

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

Good morning, So apologies if I missed this, in the prepared remarks, but, any quarter on the dispositions completed subsequent quarter end, kind of what was pricing there may be and what made those kind of noncore.

早安，如果我在準備好的發言中錯過了這一點，請原諒，但是，任何季度的處置在隨後的季度末完成，定價可能是什麼樣的，以及是什麼導致了這些非核心的出現。

And John, you were cutting up a little bit. I think you're asking about our dispositions that we had here in the 1st and into the 2nd quarter. correct.

約翰，你剛才說得有點多了。我認為您問的是我們的在第一季和第二季的部署情況。正確。

Okay, so, we had two sales right at the, beginning of April and if I may, one was industrial, tenant had an option to buy, so they did, and that was the realization of the gain there that we had, and the other, was a office property that was purchased, had a little loss on that, not great. It did pay through its rent, but it was good to get away from a one-story office.

好的，我們在 4 月初有兩筆銷售，如果可以的話，一筆是工業用地，租戶可以選擇購買，所以他們購買了，這就是我們實現的收益，另一筆是購買的辦公大樓，損失了一些，不是很大。它確實通過租金支付了費用，但擺脫一層樓的辦公室還是不錯的。

And then I guess maybe just as an update, how much the portfolio today would you view as non-core and maybe an update on the situation and with you know with the Austin Office property.

然後我想也許只是作為一個更新，你認為今天的投資組合有多少是非核心的，也許是關於情況的更新，以及你所知道的奧斯汀辦公室財產的情況。

As it relates to non-core, I assume you're referring to office our office, occupancy is north of 93% at the moment. . I would say of that very small amount would be considered non-core, but we do have some property types within that office we do wish to get move on from and redeploy those into industrial assets.

至於非核心業務，我假設您指的是辦公室，我們的辦公室，目前的入住率已超過 93％。。我想說的是，其中很小一部分將被視為非核心資產，但我們確實希望將該辦公室內的一些類型的資產轉移出去，並將其重新部署到工業資產中。

We have 2 call centers that we are working on. So most of the offices from the standpoint of office today, healthy and I could not understand the property you were referencing.

我們有 2 個呼叫中心正在運作中。因此，從當今辦公室的角度來看，大多數辦公室都是健康的，我無法理解您所引用的財產。

Sorry, the Austin office property and the update on lease up there.

抱歉，奧斯汀辦公物業和那裡的租賃更新情況。

Sure, Austin always is top of mind. It does throw a lot of positive cash for us at the moment. We currently have a few requirements out in the marketplace that we are tracking, as well as two RFPs unsolicited out in the marketplace Austin is improving.

當然，奧斯汀始終是人們最先想到的。目前它確實為我們帶來了很多現金。目前，我們正在追蹤市場上的一些需求，同時奧斯汀正在改進市場上主動發出的兩份 RFP。

Office is also leading coming back to office work, so we are hopeful that we will be able to add tenancy there and then make a decision relative to a long term plan.

辦公室也正在引領辦公室工作的回歸，因此我們希望能夠在那裡增加租賃，然後根據長期計劃做出決定。

Okay, and then bigger picture, any changes in the acquisition kind of parameters given some of the changes in government policy and I mean I guess specifically does light manufacturing look more attractive relative to warehouse distribution today?

好的，然後從更大的角度來看，考慮到政府政策的一些變化，收購參數是否會發生任何變化？我的意思是，我猜具體來說，輕工業製造相對於倉庫配送而言是否更具吸引力？

In your mind.

在你的心裡。

Yes, absolutely, and we do not have a lot of distribution in our portfolio. We don't have a large boxes that are going to be affected by, if you will, tears and incoming product.

是的，絕對如此，而且我們的投資組合中並沒有太多分銷。我們沒有大箱子，如果你願意的話，它們不會受到撕裂和進來的產品的影響。

We are light manufacturing in nature. So we feel confident and I think if you look back at our previous calls we have had a focus for the last 2 years as it relates to reshoring and onshoring. So we believe we're in a good position there to take advantage of that occurrence.

我們的本質是輕工業製造。因此我們充滿信心，而且我認為，如果你回顧一下我們之前的電話會議，我們會發現過去兩年我們一直關注的是回流和在岸業務。因此，我們相信我們處於有利位置，可以利用這個機會。

Okay, that's it for me.

好的，對我來說就這樣了。

Thanks very much.

非常感謝。

Thank you.

謝謝。

Okay, we have any more questions? One more?

好的，還有其他問題嗎？再來一個？

Dave Storms, Stonegate Capital.

戴夫·斯托姆斯（Dave Storms），Stonegate Capital。

Morning, Dave.

早上好，戴夫。

Morning. Just going back to the renewal process, with your average lease term, it's just down a couple of months sequentially in your top five tenants' lease term is down to about 5 years. Just curious as to what your thoughts are and how you feel about the duration of your contracts as you, start preparing for the 26 and 27 negotiations.

早晨。回到續約過程，平均租賃期限僅連續幾個月下降，前五名租戶的租賃期限已下降至約 5 年。我只是好奇，當你開始準備 26 日和 27 日的談判時，您對合約期限的想法和感受是什麼。

We do feel good about our term and it will, I believe, with these closings I mentioned coming up, going to, for lack of a better word, move back up over seven year Walt. They are good long term sale lease back transactions.

我們對我們的任期確實感到滿意，我相信，隨著我提到的這些結束，我們將在七年內，由於缺乏更好的詞彙來形容，重新回到任期的起點。它們是良好的長期售後回租交易。

Obviously we also have to keep in mind. You get a little more bang for the buck on the shorter term deals, so that's also important to us. We have continued and will continue our underwriting focus as to the ability of the tenant obviously to pay their rent and the stickiness of the real estate is mission critical or C-suite and orientation that we feel comfortable they will renew if a shorter term lease.

顯然我們也必須牢記。您可以在短期交易中獲得更多收益，因此這對我們來說也很重要。我們將繼續並將繼續專注於承保能力，顯然租戶支付租金的能力以及房地產的黏性是任務關鍵型或高階主管層級的，並且我們確信如果是短期租約，他們會續約。

So hopefully that answers your question.

希望這能回答你的問題。

That's very helpful.

這非常有幫助。

Thank you. And then just one more for me and apologies if I missed this in the beginning. I know you mentioned that there's additional competition out there buying properties. I'm curious what kind of competition are you seeing on the lease in front? Are there any new tenants that are coming into the market, that maybe have been historically there just in light of some of the macro, stuff?

謝謝。然後我再說一遍，如果我一開始沒有註意到這一點，我深感抱歉。我知道您提到購買房產的競爭更加激烈。我很好奇您在租賃方面看到了什麼樣的競爭？是否有新的租戶進入市場，這些租戶可能只是根據一些宏觀因素而一直存在於市場上？

For us on the leasing front and if the question is who's leasing, most of it currently is end users and that's also true on the purchase side of the equation, so that's a good thing, the competition for those leases relative to.

對我們來說，在租賃方面，如果問題是誰在租賃，那麼目前大多數是最終用戶，而對於購買方來說也是如此，因此這是一件好事，相對於這些租賃的競爭。

Who we might be quote unquote losing a deal to, has also been similar. They're looking for obviously properties that fit their need. So, I think we're very competitive within the market where we have current leases coming due.

我們可能會輸掉一筆交易，這也是類似的。他們顯然正在尋找符合其需求的房產。因此，我認為我們在現有租約即將到期的市場中非常有競爭力。

Very helpful, thank you for taking My questions.

非常有幫助，感謝您回答我的問題。

Thank you.

謝謝。

Any more questions.

還有問題嗎？

Mr. Gladstone? There are no further questions.

格拉斯頓先生？沒有其他問題了。

Thank you. I'll turn it back to you for closing comments.

謝謝。我將把它交還給您，請您發表最後評論。

All right. Well, we thank you all for listening to our presentation and asking good questions, and we hope you'll save up a lot of good questions for next time because we like the questions. That's the end of this.

好的。好吧，我們感謝大家聆聽我們的演講並提出好問題，我們希望你們下次能留出很多好問題，因為我們喜歡這些問題。事情就這樣結束了。

Thank you.

謝謝。

Thank you. This does conclude today's teleconference. Please disconnect your lines at this time and thank you for your participation.

謝謝。今天的電話會議到此結束。請您此時斷開您的線路，感謝您的參與。