Gladstone Commercial Corp (GOOD) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Gladstone Commercial Corporation Third Quarter Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. David Gladstone, CEO. Thank you.

各位好，歡迎參加格萊斯頓商業公司第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我榮幸地向大家介紹主持人，執行長大衛·格拉德斯通先生。謝謝。

You may begin, sir.

先生，您可以開始了。

Well, thank you, Latania. Good to hear from you again. That's a nice introduction, and thank you all for calling in this morning. We enjoy this time we have with you and on the phone, and I wish we had more time with you. Now I turn it over to Catherine Gerkis, and she's our Director of Investor Relations and she will provide a brief overview regarding certain items in this report today.

謝謝你，拉塔尼亞。很高興再次收到你的來信。這是一個不錯的介紹，感謝大家今天早上的來電。我們很珍惜和你在一起的時光，也很珍惜和你通電話的時光，我希望我們能有更多的時間和你在一起。現在我把麥克風交給凱瑟琳‧格爾基斯，她是我們的投資人關係總監，她將對今天這份報告中的某些內容進行簡要概述。

Catherine, go ahead.

凱瑟琳，請便。

Good morning. Today's call may include forward-looking statements, which are based on management's estimates, assumptions and projections. There are no guarantees of future performance, and actual results may differ materially from those expressed or implied in these statements, due to various uncertainties, including risk factors set forth in our SEC filings, which you can find on the Investors page of our website, gladstonecommercial.com. We assume no obligation to update any of these statements unless required by law. Please visit our website for a copy of our Form 10-Q and earnings press release for more detailed information.

早安.今天的電話會議可能包含前瞻性陳述，這些陳述是基於管理層的估計、假設和預測。我們不保證未來的業績，實際結果可能與這些聲明中明示或暗示的內容有重大差異，原因包括各種不確定因素，例如我們在提交給美國證券交易委員會（SEC）的文件中列出的風險因素（您可以在我們網站 gladstonecommercial.com 的「投資者」頁面找到這些文件）。除非法律要求，否則我們不承擔更新任何此類聲明的義務。請造訪我們的網站，以取得我們的 10-Q 表格和收益新聞稿，以了解更多詳細資訊。

You can also sign up for our e-mail notification service and find information on how to contact our Investor Relations department. We are also on X at Gladstone Comps as well as Facebook and LinkedIn, Keyword for both is the Gladstone Companies. Today, we'll discuss FFO, which is funds from operations, 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 may also discuss core FFO, which is generally FFO adjusted for certain other nonrecurring revenues and expenses.

您也可以註冊我們的電子郵件通知服務，並查找有關如何聯絡我們投資者關係部門的資訊。我們也在 X 平台（Gladstone Comps）、Facebook 和 LinkedIn 上，這兩個平台的關鍵字都是 Gladstone Companies。今天，我們將討論 FFO，即營運資金，這是一個非 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以及任何財產減損損失，再加上房地產資產的折舊和攤提。我們也可以討論核心 FFO，它通常是根據某些其他非經常性收入和支出進行調整後的 FFO。

We believe these metrics can be a better indication of our operating results and allow better comparability of our period-over-period performance. Now let's turn the presentation to Buzz Cooper, Gladstone Commercial's President.

我們認為這些指標更能反映我們的經營業績，並使我們各時期的業績更具可比性。現在讓我們把發言權交給格拉斯頓商業公司總裁巴茲庫柏。

Thank you, Catherine, and thank you all for joining today's call. We look forward to updating you on our results for the quarter ending September 30, 2025, our current portfolio and our 2025 outlook. From a macro level, Q3 provided a welcome sense of stability and positivity in the capital markets. The Fed reduced their funds rate by 50 basis points this year and long-term rates trended downward as well with a 10-year treasury making its way back to the 4% range. New acquisition offerings had the typical summer slowdown with an uptick after Labor Day weekend.

謝謝凱瑟琳，也謝謝各位參加今天的電話會議。我們期待向您報告截至 2025 年 9 月 30 日的季度業績、我們目前的投資組合以及我們對 2025 年的展望。從宏觀層面來看，第三季資本市場呈現出令人欣喜的穩定和正態勢。聯準會今年將聯邦基金利率下調了 50 個基點，長期利率也呈現下降趨勢，10 年期公債殖利率回落至 4% 左右。新收購產品上市量在夏季出現典型的放緩趨勢，但在勞動節週末後有所回升。

We also noticed a gradual downward trend in asking cap rates, which we expected as those tend to move in harmony with long-term treasury yields. In spite of the standard summer slowdown, our team achieved several key accomplishments both at the balance sheet and portfolio levels. Dealing with the portfolio first. As we have discussed in the past, we remain steadfast in several key focus areas: growing our industrial concentration, adding value on our existing portfolio through renewals, extensions, strategic capital investments, and disposing of noncore assets and strategically redeploying those proceeds into quality industrial assets.

我們也注意到，要求的資本化率呈現逐漸下降的趨勢，這符合我們的預期，因為資本化率往往與長期國債殖利率同步變動。儘管夏季業務通常會放緩，但我們的團隊在資產負債表和投資組合層面都取得了一些關鍵成就。先處理投資組合。正如我們過去所討論的，我們將繼續堅定不移地關注幾個關鍵領域：提高工業集中度，透過續約、延期、戰略資本投資為現有投資組合增值，處置非核心資產並將所得收益戰略性地重新部署到優質工業資產中。

By concentrating on these key focus areas, we expect to achieve increased portfolio vault, strong occupancy rates and straight-line rental growth across the portfolio.

透過專注於這些關鍵領域，我們期望實現投資組合資金增加、入住率強勁以及整個投資組合租金直線成長。

These focus areas drove our activity in Q3. Regarding industrial concentration, we acquired a 6-facility cross-regional industrial manufacturing portfolio via a $54.5 million sale-leaseback transaction. This brings our acquisition total for the year through Q3 to $206 million and brings our industrial concentration to 69% of our annualized straight-line rents compared with industrial concentration of 63% at the start of the year. We're making great progress along those lines. As it relates to our working our existing portfolio, our asset management team continues to effectively manage the existing portfolio, evidenced by 100% collection of cash-based rents in the period, completing leasing activity of 734,000 square feet with remaining lease terms ranging from 0.7 years to 11.4 years at 14 of our properties and provided a total straight-line rental increase of $1.1 million and the disposition of 1 noncore industrial property.

這些重點領域推動了我們第三季的業務活動。在產業集中度方面，我們透過 5,450 萬美元的售後回租交易收購了一個跨區域的 6 個工廠組成的工業製造組合。這使得我們截至第三季的年度收購總額達到 2.06 億美元，並使我們的工業地產集中度達到年度直線租金的 69%，而年初的工業地產集中度為 63%。我們在這方面取得了巨大進展。就我們現有投資組合的運作而言，我們的資產管理團隊繼續有效地管理現有投資組合，這體現在：本期現金租金收款率達到 100%，完成了 14 處物業 734,000 平方英尺的租賃活動，剩餘租期從 0.7 年到 11.4 年不等，實現了 110 萬美元的直線增長，工業地 11.4 年。

These combined efforts as of September 30, the portfolio is 99.1% occupied, which is the highest since Q1 of 2019. The weighted average lease 7.5 years is the longest Walt at quarter end since Q1 2020. The Same-store lease revenues increased by 3.1% compared to the same period a year ago, and each of these milestones is a testament to the mission-critical nature of the assets in our portfolio the quality of tenant credit and our underwriting. In short, our relationship with our tenants, the capital market community and our financial capability have allowed us to execute upon our focused areas at a high level. Moving to the balance sheet.

截至 9 月 30 日，這些共同努力使該投資組合的入住率達到 99.1%，這是自 2019 年第一季以來的最高水準。截至季末，沃爾特的加權平均租約期限為 7.5 年，是自 2020 年第一季以來最長的租約期限。與去年同期相比，同店租賃收入成長了 3.1%，這些里程碑式的成就都證明了我們投資組合中資產的關鍵性、租戶信用品質以及我們的承銷能力。簡而言之，我們與租戶、資本市場界的關係以及我們的財務能力，使我們能夠在重點領域取得高水準的成就。接下來查看資產負債表。

I'll allow Gary to share the specifics during his remarks, but we also worked hard on our balance sheet during this quarter. As such, in addition to increasing our equity base through stock issuance throughout the quarter and subsequent to the end of the quarter, we successfully increased our credit facility to $600 million, extending and laddering our debt maturities.

我會讓 Gary 在發言中分享具體細節，但我們本季也為改善資產負債表做了許多工作。因此，除了在本季及季末透過發行股票增加我們的股本外，我們還成功地將信貸額度增加到 6 億美元，延長並調整了我們的債務到期日。

We are grateful to our lenders for their continued trust and partnership with us. These long-standing relationships are critical to our continued investment in the current portfolio and the addition of mission-critical industrial real estate going forward. Also looking ahead to the fourth quarter, we remain focused on evaluating opportunities to acquire high-quality industrial assets that are mission-critical to tenants and industries and accretive to our long-term strategy. At the same time, we will work to continue with our existing tenants to extend leases, capture mark-to-market opportunities and support tenant growth through targeted expansions, capital improvement initiatives and build-to-suit opportunities. While we remain aware of the challenging office environment, we will be strategic and intentional in evaluating our specific portfolio.

我們感謝貸款方一直以來對我們的信任與合作。這些長期合作關係對於我們持續投資現有投資組合以及未來增加關鍵工業房地產至關重要。展望第四季度，我們將繼續專注於評估收購對租戶和產業至關重要且有利於我們長期策略的高品質工業資產的機會。同時，我們將繼續與現有租戶合作，延長租約，抓住市場機會，並透過有針對性的擴張、資本改善計劃和客製化建設機會來支持租戶成長。儘管我們始終意識到當前辦公環境充滿挑戰，但我們將採取策略性和有計劃性的方法來評估我們的特定投資組合。

seeking opportune times to dispose of office and noncore industrial as part of our continued capital recycling efforts.

作為我們持續資本循環利用工作的一部分，我們正在尋找合適的時機來處置辦公室和非核心工業資產。

With the availability and very increased line of credit and access to private placement bond market, cash on hand and the ability to raise equity at our ATM, although currently, we believe our stock price does not reflect the quality of our portfolio, tenant credit and shareholder returns, we are positioned to deploy capital into accretive industrial acquisitions and portfolio improvements. In closing, these last several quarters have seen a lot of activity and the team is focused on continuing their efforts as we head towards 2026. We are pleased with their efforts and their accomplishments. I'll now turn the call over to Gary to review our financial results for the quarter and liquidity position.

由於信貸額度大幅增加，以及進入私募債券市場的機會，加上手頭現金和透過我們的自動櫃員機籌集股權的能力，儘管目前我們認為我們的股價並未反映我們投資組合的品質、租戶信用和股東回報，但我們有能力將資本投入到增值型工業收購和投資組合改進中。最後，過去幾季我們進行了許多活動，團隊將繼續努力，朝著 2026 年的目標邁進。我們對他們的努力和成就感到滿意。現在我將把電話交給 Gary，讓他回顧一下我們本季的財務表現和流動性狀況。

Thank you, Buzz. I'll start my remarks regarding our financial results this morning. by reviewing our operating results for the third quarter of 2025. All per share numbers referenced are based on fully diluted weighted average common shares. FFO and core FFO share available to common stockholders for both $0.35 per share, respectively.

謝謝你，巴茲。今天上午，我將先回顧我們2025年第三季的經營業績，以此作為我對我們財務表現的發言。所有提及的每股數據均基於完全稀釋後的加權平均普通股股數。普通股股東可獲得的FFO和核心FFO份額分別為每股0.35美元。

For FFO available to common stockholders during the third quarter of 2024 were both $0.38. FFO and core FFO for the 9 months ended September 30, 2025, were $1.02 and $1.03 per share, respectively. FFO and core FFO for the same period in 2024 were $1.07 and $1.08 per share, respectively. Same-store lease revenue increased by 3.1% in the 9 months ended September 30 over the same period in 2024 due to an increase in recovery revenue from property expenses and an increase in rental rates from leasing activity subsequent to the 9 months ended September 30, 2024, partially offset by settlement received at 1 of our properties related to deferred maintenance in the prior period.

2024 年第三季歸屬於普通股股東的 FFO 均為 0.38 美元。截至 2025 年 9 月 30 日的 9 個月，FFO 和核心 FFO 分別為每股 1.02 美元和 1.03 美元。2024 年同期，FFO 和核心 FFO 分別為每股 1.07 美元和 1.08 美元。截至 2024 年 9 月 30 日的 9 個月內，同店租賃收入較 2024 年同期增長 3.1%，主要原因是物業費用回收收入增加，以及 2024 年 9 月 30 日之後租賃活動的租金上漲，但部分被我們行業在上期因延期維護而收到的和解款項所抵消。

Our third quarter results reflect the total operating revenues of $40.8 million with operating expenses of $26 million as compared to operating revenues of $39.2 million and operating expenses of $28.5 million for the same period in 2024. Operating revenues were higher in 2025 due to increased recovery and higher rental rates, expenses were lower in the third quarter of 2025 versus the same period in 2024, mainly due to an impairment charge in 2024 and crediting back all the incentive fee in 2025 offset by higher depreciation and property operating expenses in 2025. In Q3, we increased net assets from $1.21 billion to $1.265 billion, which was a result of the portfolio acquisition this quarter. During the quarter, we increased our revolver commitment by $30 million to $155 million.

第三季業績反映出總營業收入為 4,080 萬美元，營業支出為 2,600 萬美元，而 2024 年同期營業收入為 3,920 萬美元，營業支出為 2,850 萬美元。2025 年營業收入因回收率提高和租金上漲而增加；2025 年第三季支出較 2024 年同期有所下降，主要原因是 2024 年提列了減損準備，以及 2025 年退回了所有激勵費用，但被 2025 年更高的折舊和物業營運費用所抵消。第三季度，我們的淨資產從 12.1 億美元增加到 12.65 億美元，這是本季投資組合收購的結果。本季度，我們將循環信貸額度增加了 3,000 萬美元，達到 1.55 億美元。

Subsequent to the end of the quarter, we extended and upsized our bank credit facility to $400 million in term loans and a $200 million revolver. The revolving credit facility maturity was extended to October 2029 and the maturity dates for Term Loan A and Term Loan B components were extended until October 2029 and February 2030, respectively. The amended credit facility also provides the company with options to extend the maturity dates of the revolving line of credit and term loan C components until October '30 -- October 2030 and February 2029, respectively. The transaction led by KeyBanc as joint lead arranger and book manager as well as Bank of America, the Huntington National Bank and Fifth Third Bank National Association as joint leader Rangers, Synovus Bank and S&T also renewed their commitments.

季度結束後，我們將銀行信貸額度擴大至 4 億美元的定期貸款和 2 億美元的循環信貸。循環信貸安排的到期日延長至 2029 年 10 月，定期貸款 A 和定期貸款 B 部分的到期日分別延長至 2029 年 10 月和 2030 年 2 月。修訂後的信貸安排也為公司提供了選擇權，可將循環信貸額度和定期貸款 C 部分的到期日分別延長至 2030 年 10 月至 2030 年 10 月和 2029 年 2 月。本交易由 KeyBanc 擔任聯合牽頭安排行和簿記管理人，美國銀行、亨廷頓國家銀行和第五三銀行國家協會擔任聯合牽頭行，Rangers、Synovus 銀行和 S&T 也續簽了其承諾。

In addition, PNC Bank and Webster Bank, both joined as lenders. As of today, we have no remaining 2025 loan maturities and $28 million of loan maturities in 2026. As of the end of the quarter, we had $145.4 million in revolver borrowings outstanding. Looking at our debt profile. As of September 30, 39% was fixed rate, 37% was hedge floating rate and 24% was floating rate, which is the amount drawn on our revolving credit facility and the amounts outstanding on term loans B and D.

此外，PNC銀行和韋伯斯特銀行也加入為貸款方。截至今日，我們已無 2025 年到期的貸款，2026 年有 2,800 萬美元的貸款到期。截至季末，我們未償還的循環貸款餘額為 1.454 億美元。查看我們的債務狀況。截至 9 月 30 日，39% 為固定利率，37% 為對沖浮動利率，24% 為浮動利率，即我們循環信貸額度的提取金額以及 B 類和 D 類定期貸款的未償金額。

As of today, all of our term loans are hedged to maturity and only 13% is floating rate. As of September 30, our effective average SOFR was 4.24%. Our outstanding bank term loans are all hedged to maturity with interest rate swaps. We continue to monitor interest rates closely and update our hedging strategy as needed.

截至今日，我們所有的定期貸款均已對沖至到期，只有 13% 為浮動利率。截至 9 月 30 日，我們的有效平均 SOFR 為 4.24%。我們所有未償還的銀行定期貸款已透過利率互換進行到期對沖。我們將繼續密切關注利率走勢，並根據需要更新我們的對沖策略。

During the 9 months ended September 30, 2025, we sold 4.4 million shares of common stock under our ATM program, raising net proceeds of $61 million. We continue to manage our equity activity to ensure that we have sufficient liquidity for upcoming capital requirements and new acquisitions. As of today, we have approximately $6 million in cash and $63 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 quarter. Our common stock dividend is $0.30 per share per quarter or $1.20 per year.

截至 2025 年 9 月 30 日的 9 個月內，我們根據 ATM 計劃出售了 440 萬股普通股，淨收益為 6,100 萬美元。我們將繼續管理我們的股權活動，以確保我們有足夠的流動資金來滿足即將到來的資本需求和新的收購需求。截至今日，我們擁有約 600 萬美元現金，以及 6,300 萬美元可用信貸額度。我們建議您查閱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的財務和投資組合資訊。我們的普通股股息為每股每季 0.30 美元，或每年 1.20 美元。

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

現在我把節目交還給大衛。

Well, it's a good one for Buzz and Catherine too. The teams are really performing very well. Overall, a very nice quarter for all of us, I enjoy those dividends, I'm sure you guys do. We acquired a 6-facility industrial portfolio for a total of $54.5 million during the quarter, and we sold 1 industrial property and completed leasing activities on 14 properties comprising of 734,000 square feet. -- as an annual increase in our straight-line rents of about $1.1 million, so that's nice to see.

嗯，這對巴茲和凱瑟琳來說也是個好主意。各隊表現都非常出色。總的來說，對我們所有人來說，這都是一個非常好的季度，我很享受這些分紅，我相信你們也是。本季我們以總計 5,450 萬美元的價格收購了 6 處工業設施，出售了 1 處工業地產，並完成了 14 處物業（總面積 73.4 萬平方英尺）的租賃活動。 ——這相當於我們直線租金的年度成長約 110 萬美元，所以這令人欣喜。

Subsequent to the end of the quarter, we extended and increased our bank credit facility, which is now at about $600 million. The commercial team is growing the real estate we own at a nice pace, and we're doing a good job of monitoring properties we own, especially during some of these challenging times that we have. Our team is strong professionals and continue to pursue potential quality properties on the list of acquisitions they are reviewing and our acquisition team is seeking strong credit tenants. Well, that's a good summary, and let's move on now to some good questions from those.

季度結束後，我們延長並增加了銀行信貸額度，目前約為 6 億美元。商業團隊正以良好的速度發展我們擁有的房地產，並且我們很好地監控了我們擁有的房產，尤其是在我們面臨的這些充滿挑戰的時期。我們的團隊由經驗豐富的專業人士組成，他們將繼續在正​​在審查的收購清單上尋找潛在的優質物業，而我們的收購團隊正在尋找信譽良好的租戶。好的，總結得很到位，接下來我們來討論一下這些問題中的一些好問題。

So operator, Catania, could you come on and call on these people, and let's hear some questions from them.

接線生卡塔尼亞，請你接通電話，請這些人提問。

(Operator Instructions) Gaurav Mehta, Alliance Global.

（操作說明）Gaurav Mehta，Alliance Global。

I want to be on your industrial allocation, it's running close to 70% target that you've talked about in the past. I wanted to get some more color on what you expect going forward? Do you expect that industrial allocation will keep increasing beyond 70%? Or are you around where you want it to be?

我希望能夠參與你們的工業用地分配計劃，目前該計劃已接近你們之前提到的70%的目標。我想更詳細地了解你對未來的期望？你認為工業用地佔比會持續超過70%嗎？或者，你現在的位置是否接近你想要的位置？

Thank you, Gaurav. Yes, we do anticipate that increasing going forward. Obviously, there may be some ups and downs as it relates to dispositions within the portfolio. But our intent is to increase our industrial percentage as it relates to the straight-line rent going forward, certainly for the foreseeable future.

謝謝你，高拉夫。是的，我們預計未來這數字還會成長。顯然，投資組合的配置可能會出現一些波動。但我們的目標是提高工業地產相對於直線租金的比例，尤其是在可預見的未來。

Okay. Second question I want to ask is on your expenses. The same property operating expenses for third quarter and year-to-date are running and more than 20%. I just want to get some more color on the expense increase you're seeing in your portfolio.

好的。我想問的第二個問題是關於您的開支。第三季和年初至今的物業營運費用均超過 20%。我只是想更詳細地了解您投資組合中支出增加的情況。

We had some capital expense items. Are you talking about operating expenses.

我們有一些資本支出項目。您指的是營運費用嗎？

Yes, same property operating expenses.

是的，物業營運費用相同。

We have -- unfortunately, we've seen increases in expenses mainly due to big like inflation, and that's 1 of the main drivers.

不幸的是，我們看到支出增加，這主要是由於通貨膨脹等重大因素造成的，這也是主要驅動因素之一。

Insurance.

保險。

Yes. And that's -- and those are the -- insurance is -- that's been driven by returns for insurance companies as well as inflation.

是的。而保險業——保險業——是由保險公司的報酬以及通貨膨脹所驅動的。

And as you know, Gaurav, we pass on to the tenant and what we can and charge them back as it relates to the structure of the lease. But as Gary referenced, we have seen obviously a little effect of inflation and costs rising.

如你所知，Gaurav，我們會將部分費用轉嫁給租戶，並根據租賃合約的結構向他們收取費用。但正如加里所提到的，我們已經明顯看到了通貨膨脹和成本上漲的影響。

Okay. And then lastly, on the capital expenditure for third quarter at more than $10 million. Can you provide some more color on what drove that higher?

好的。最後，第三季資本支出超過 1,000 萬美元。能否詳細說明一下是什麼因素導致價格上漲？

What drove that higher was renewals. You noticed we had several renewals both from the second quarter into third quarter. And so as a result of that, that's positive CapEx accretive to company as it relates to those dollars put out, obviously are keeping tenants, adding tenants and with increased rents.

推動這一數字上升的是續費。您注意到我們在第二季到第三季期間有好幾筆續約交易。因此，就投入的資金而言，這筆資本支出對公司來說是積極的，因為它可以留住租戶、增加租戶並提高租金。

Okay. Operator, do you have some more questions?

好的。操作員，您還有其他問題嗎？

Barry Oxford, Colliers.

Barry Oxford，Colliers。

David, just to build on that CapEx being higher in the quarter. How do you think of that in relation to the dividend? Are you confident in the dividend when you look at your CapEx expenditures going out. Now I realize that that's kind of good CapEx because on the renewals, you're going to be getting higher income going forward. But how do you think about the dividend in relation to the CapEx?

David，我只是想補充一點，本季資本支出增加。您如何看待這與股利之間的關係？考慮到資本支出，您對股利有信心嗎？現在我意識到這其實是一筆不錯的資本支出，因為續約之後，你未來的收入將會更高。但您如何看待股利與資本支出之間的關係？

The dollars going out are accretive. So I don't see that it has an effect relative to the dividend other than at some point in time. increasing.

美元流出是增加的。所以，除了在某些時候股息會增加之外，我看不出它對股息還有其他影響。

Okay. And then switching gears. When you look at the acquisitions pipeline for now and going out into '26, do you feel you can match 25% or just too early? I think it may be a little too early. We obviously plan to and hope to, we have 2 transactions currently that we'd love to see getting the door perhaps by the end of the year, if not into the next I think 1 may fall into this year.

好的。然後轉換話題。展望2026年，你認為目前的收購計畫能否達到25%的目標，還是現在還為時過早？我覺得現在可能還太早。我們當然有此計劃，也希望如此。目前我們有兩筆交易，我們希望能在年底前完成，如果不能在明年完成，我認為其中一筆可能會在今年完成。

Competition, as we have referenced previously and I think as all of us do, is strong. But again, as we've worked on our balance sheet and look to bring our cost of capital down, we believe we'll be able to be competitive in the marketplace. And again, the team is doing a really strong job uncovering off-market transactions as well as repeat transactions.

正如我們之前提到的，而且我想大家都會認同的，競爭非常激烈。但是，隨著我們不斷優化資產負債表並努力降低資本成本，我們相信我們將能夠在市場上保持競爭力。再次強調，該團隊在揭露場外交易和重複交易方面做得非常出色。

Craig Kucera, Lucid.

Craig Kucera，Lucid。

I saw in the Q that you had on lease termination. Can you give us some color on the tenant and what type of assets it is? And was that the termination fee?

我在問答中看到了你關於租賃終止的問題。能否介紹一下租戶的情況以及其資產類型？那是終止合約的費用嗎？

No, we didn't have a termination fee. We had 1 lease termination. I believe that was the sale of ...

不，我們沒有收取終止費用。我們有1份租賃合約終止。我相信那是一筆交易…

Has about doors.

有門。

Okay. I thought I saw some accelerated right now. I was just trying to figure out when and how that would be recognized because none of it has been recognized yet year-to-date.

好的。我感覺剛才好像看到一些加速了。我只是想弄清楚何時以及如何獲得認可，因為今年到目前為止，還沒有任何一項認可。

We'll look into that. Honestly, I need to trying to get a little help here. Okay. We did have 1 small tenant quest that we did terminate and we're rolling into a new lease within that building. in Ohio.

我們會調查此事。說實話，我需要一些幫助。好的。我們之前有一個小型租戶的租約已經終止，我們正在該樓內簽訂新的租約。地點在俄亥俄州。

So the termination was let the tenant out, but a new tenant jumped right in and took more of that space in the building.

所以，雖然終止合約讓租戶搬走了，但新租戶很快就搬了進來，佔據了大樓裡更多的空間。

Got it. So with that remaining termination fee we recognized in the future? Or is that not going to be.

知道了。那麼，剩餘的終止費用我們將在未來確認嗎？或者，事實並非如此。

We just terminated that and rolled right into the new tenancy.

我們剛剛終止了先前的租約，直接進入了新的租約階段。

Okay. That's helpful. Changing gears, you stepped up and certainly added to your automotive exposure here with the portfolio acquisition. I think it's now about 15% of our -- just given the recent bankruptcy news out there, I'd be curious to hear your thoughts on the space and how it relates to what's in your portfolio.

好的。那很有幫助。轉換思路，你加大了力度，透過此次投資組合收購，無疑增加了你在汽車產業的投資。我認為它現在大約占我們投資組合的 15%——鑑於最近破產新聞頻頻出現，我很想聽聽您對這個領域的看法，以及它與您投資組合中其他投資的關係。

One thing, of course, and we have shown this over the years, we do extensive underwriting within our tendencies, as you know, and we have a robust investment committee. We do keep an eye on our concentration Yes, we have 1 asset you know with GM down in Austin, Texas, that is not, for lack of a better word, concerned from a credit standpoint nor are they a manufacturer, it is an office building and that does mature at the end of next year. So we are currently looking to reposition that property as we get into next year with hopeful additional tenancy or end user. So when you do calculate that, we have to take into consideration the fact that, that's strictly just an office building in a good market, but unfortunately, in Austin, there currently is about $5 million, both industrial and office under construction.

當然，有一點我們多年來已經證明，正如您所知，我們在自身業務範圍內進行了廣泛的承銷，並且我們擁有一個強大的投資委員會。我們確實會關注我們的投資集中度。是的，你知道，我們在德克薩斯州奧斯汀有一項通用汽車的資產，從信用角度來看，它並不令人擔憂，而且他們也不是製造商，它是一棟辦公大樓，將於明年年底到期。因此，我們目前正在考慮在明年重新定位該物業，希望能夠吸引更多租戶或最終用戶。所以，在計算這個數字時，我們必須考慮到，這嚴格來說只是在良好的市場環境下的一棟辦公大樓，但不幸的是，在奧斯汀，目前有價值約 500 萬美元的工業和辦公大樓正在建設中。

So we have heavy competition there. But as I mentioned, that we do underwrite heavily to keep an eye on concentration, but we feel confident with the tendency that we have.

所以我們在那裡面臨激烈的競爭。但正如我之前提到的，我們確實投入了大量資金來關注集中度，但我們對目前的趨勢感到有信心。

Okay. Great. Your leverage has ticked up year-over-year. You've obviously been very active in the acquisition market, issued some equity but mostly debt. I'm curious, are you looking to maybe ramp up your asset sales to maybe bring down leverage or any dispositions on the horizon expected?

好的。偉大的。您的槓桿率較去年同期有所上升。顯然，你們在收購市場非常活躍，發行了一些股權，但主要還是發行了債務。我很好奇，您是否正在考慮加快資產出售以降低槓桿率，或者是否有任何預期中的資產處置計劃？

No. I mean we'll continue to with our capital recycling program to reinvest into more secondary markets, from tertiary markets, industrial, from office and so forth. But what we will probably be doing is issuing a little more equity and bringing our leverage down upon new acquisitions. So when we acquire a new acquisition, we'll probably put more equity into it to continue to delever the balance sheet. Yes, we got -- we're a little higher than we want to be.

不。我的意思是，我們將繼續推行資本循環利用計劃，將資金再投資到更多二級市場，例如三級市場、工業市場、辦公市場等等。但我們可能採取的措施是增發一些股票，降低新收購的槓桿率。因此，當我們進行新的收購時，我們可能會投入更多股權，以繼續降低資產負債比率。是的，我們——我們比預期的要高一些。

But I think the results speak for themselves, and we're going to -- we're not going to go higher on the leverage than we are today.

但我認為結果已經說明了一切，而且我們不會再提高槓桿了。

Dave Storms, Stonegate.

戴夫·斯托姆斯，斯通蓋特。

Just want to start maybe trying to get a read on where you see cap rates at or going? I know it was mentioned in the prepared remarks that you're seeing rates move down with the rate cut to Fed rate cut. But it looks like between last quarter's acquisitions to this quarter's acquisitions, the weighted average cap rate expanded by like 65 basis points or so. Is this more one-off transactions? Or maybe just any thoughts there around cap rates?

我只是想初步了解您認為目前的資本化率水準以及未來的發展趨勢？我知道在事先準備好的發言稿中提到，隨著聯準會降息，利率也在下降。但從上一季的收購到本季的收購，加權平均資本化率似乎上升了約 65 個基點。這更多是一次性交易嗎？或是大家對資本化率有什麼看法？

We do see cap rates coming down. I think that there was an anticipation of a greater rate cut than what occurred. So that had an effect, obviously, and does at the moment. We'll see what happens, I guess, in December. But we do see cap rates compressing a bit.

我們確實看到資本化率會下降。我認為，人們原本預期降息幅度會比實際發生的更大。所以這顯然產生了影響，而且目前仍然如此。我想，我們到12月再看看會發生什麼事吧。但我們確實看到資本化率略有下降。

So we hope to take advantage of that, again, from our capital and the cash that we have on hand. But we are seeing good accretive plus 8.5% on average cap rates for us, and we just hope to find other good solid and you noticed we've moved up as it relates to the size of transaction going forward at the end of this year, but also into '26.

所以我們希望再次利用我們的資本和手頭上的現金來做到這一點。但我們看到平均資本化率達到了 8.5% 以上，我們希望找到其他好的、穩健的投資機會。您也注意到，就今年年底以及 2026 年的交易規模而言，我們已經有所增加。

That's very helpful. And then maybe just circling back to some of your underwriting. Are you seeing any impact from the government shutdown on for tenants, maybe you can call up a second order impact, anything like that?

那很有幫助。然後或許可以再回到你們的核保方面。政府停擺是否對租戶造成任何影響？或許可以稱之為次要影響，諸如此類？

We actually have not. And as you know, we have a very robust property management team. One of the foundations of this company is our underwriting and the portfolio management team staying in front of our tenancies -- and they have not, as they've checked in with them, had expressed great concerns as of this moment as it relates to the shutdown.

實際上我們還沒有。如您所知，我們擁有一支非常強大的物業管理團隊。這家公司的基石之一是我們的核保和投資組合管理團隊密切關注我們的租戶——而且，就目前而言，他們與租戶溝通後，並未對停業表示過大的擔憂。

John Massocca, B. Riley.

約翰·馬索卡，B·萊利。

When taking on the CapEx maybe touching on the CapEx spend during the quarter a little bit more. I mean, is that typical of what we should expect going forward as you kind of address some of the remaining '26 and '27 lease expirations and get in front of them? Or was this quarter just because of the amount of leasing activity may be a little abnormal relative to what you would expect as we look into 2026?

在討論資本支出時，或許可以稍微多談談本季的資本支出狀況。我的意思是，隨著你們處理一些剩餘的 2026 年和 2027 年的租賃到期事宜並提前做好準備，這是否是我們今後應該預期的典型情況？或者，這只是因為本季的租賃活動量相對於我們展望 2026 年的預期而言可能略顯異常嗎？

Yes, I would say you're correct. Just as we did have great success with a great number of re-leasings as we look forward into '26 and even several of our tenants, we've been in contact with all of them, and we feel confident on the renewals and the properties involved, honestly, we don't see the heavy CapEx we've had this past 9 months, the past 3 quarters. We do see it trailing down. So again, it's good dollars spent, but we are not anticipating as heavy a hit.

是的，我認為你是對的。正如我們在2026年取得了巨大的續租成功一樣，我們與許多租戶都保持了聯繫，我們對續租和相關物業充滿信心，坦白說，我們預計不會像過去9個月、過去3個季度那樣出現巨額資本支出。我們確實看到它正在下降。所以，這筆錢花得值，但我們預計不會遭受太大打擊。

And now in the spending in the quarter, does that reflect at all the mix of the lease -- leasing activity being between office and industrial? Is it -- I guess it was a heavier office component this quarter? Or just kind of curious if there's another factor involved.

那麼，本季支出是否反映了租賃組合的組成——即辦公室和工業租賃活動之間的組成？是不是－我猜這季度辦公業務佔比比較大？或者只是有點好奇是否還有其他因素在起作用。

No other factor involved as a combination between the 2 with and again, office is more expensive than industrial. So it was more weighted toward office, which, of course, extending those terms will become part of our capital recycling moving out of office.

沒有其他因素會影響兩者之間的結合，而且，辦公大樓比工業大樓更貴。因此，它更側重於辦公室，當然，延長這些任期將成為我們資本循環的一部分，從而退出辦公室。

And then on the investment front, just given where kind of cost of capital is moving both on the debt and equity side for you all -- how should we think about kind of a return hurdle you're looking at, either in terms of a GAAP cap rate, cash cap rate IRR, I mean, -- are you still, you think, in a place where your cost of equity capital allows you to be expressive on the acquisition front? And a, kind of how is that looking versus what you're seeing in terms of cap rate movements in the pipeline?

那麼在投資方面，考慮到你們債務和股權方面的資本成本都在朝著哪個方向發展——我們應該如何看待你們所面臨的回報門檻，無論是 GAAP 資本化率、現金資本化率還是內部收益率 (IRR)——我的意思是，你們是否仍然認為，你們的股權資本成本允許你們在收購方面有所作為？那麼，與您目前看到的在建項目的資本化率變動情況相比，這又如何呢？

And the cap rates within the pipeline, if you will, and what we see is some compression. We do believe we'll have to -- as we analyze our transactions depending on where our cost of capital goes. We're averaging north of $8.5 million and I see that going forward. And again, as we move up the chain as released the size a little bit, hopefully, we'll have a little better efficiency as it relates to those cap rates.

還有管道內的資本化率，或者說，我們看到的是一些壓縮。我們相信我們不得不這樣做——因為我們需要根據資金成本的去向來分析我們的交易。我們的平均收入超過 850 萬美元，而且我認為未來將繼續保持這個水準。而且，隨著我們往上推進，規模也稍微擴大了一些，希望我們在資本化率上能獲得更好的效率。

But I guess at 8.5%, if that's where cap rates are today, do you think you're able to kind of -- your cost of capital is at a place where that's essentially you have a green light to acquire assets?

但我想，如果目前的資本化率是 8.5%，你認為你的資本成本是否處於一個可以讓你收購資產的水平？

Yes.

是的。

At this time, I would like to turn the call back over to Mr. David Gladstone for closing comments.

此時，我想把電話轉回給大衛‧格拉德斯通先生，請他作總結發言。

Well, thank you. We've got a good team, and they've done a good job and we continue to grow the assets and pretty soon, we'll catch up with some of those bigger deals out there. But hopefully, this next quarter is going to be just as good as the past quarter. That's the end of this, and we thank you all for calling in. Next time, be more prepared with more questions.

謝謝。我們擁有一支優秀的團隊，他們做得很好，我們也不斷增加資產，很快，我們就能趕上那些更大的交易了。但願下一季也能像上一季一樣好。節目到此結束，感謝各位的來電。下次要準備更充分的問題。

We like questions because that tells us where you're thinking and where you're going.

我們喜歡提問，因為這能告訴我們你在想什麼，以及你要去哪裡。

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。您可以在此時斷開線路。感謝您的參與，祝您有美好的一天。