Granite Real Estate Investment Trust (GRP.U) 2025 Q2 法說會逐字稿

Good morning. My name is Jenny, and I will be your conference operator today. At this time, I would like to welcome everyone to Granite REIT's Second Quarter 2025 Results Conference Call. (Operator Instructions)

早安.我叫珍妮，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Granite REIT 2025 年第二季業績電話會議。（操作員指示）

Speaking to you on the call this morning is Kevan Gorrie, President and Chief Executive Officer; and Teresa Neto, Chief Financial Officer.

今天早上與您通話的是總裁兼執行長 Kevan Gorrie 和財務長 Teresa Neto。

I will now turn the call over to Teresa Neto to go over certain adversaries.

現在我將把電話交給特蕾莎·內托 (Teresa Neto) 來討論某些對手。

Good morning, everyone. Before we begin today's call, I would like to remind you that the statements and information made in today's discussion may constitute forward-looking statements and forward-looking information and that actual results could differ materially from any conclusion, forecast or projection. These statements and information are based on certain material factors or assumptions, reflect management's current expectations and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from forward-looking statements or information.

大家早安。在我們開始今天的電話會議之前，我想提醒您，今天討論中做出的陳述和信息可能構成前瞻性陳述和前瞻性信息，實際結果可能與任何結論、預測或預計存在重大差異。這些聲明和資訊是基於某些重要因素或假設，反映了管理階層目前的預期，並受已知和未知的風險和不確定性的影響，可能導致實際結果與前瞻性聲明或資訊有重大差異。

These risks and uncertainties and material factors and assumptions applied in making forward-looking statements or information are discussed in Granite's material filed with the Canadian Securities Administrators and the US Securities and Exchange Commission from time to time, including the Risk Factors section of its annual information form for 2024 and Granite's management's discussion and analysis for the year ended December 31, 2024, filed on February 26 and for the quarter ended June 30, filed on August 6, '25.

這些風險和不確定性以及在製定前瞻性陳述或資訊時應用的重要因素和假設在 Granite 不時向加拿大證券管理局和美國證券交易委員會提交的資料中進行了討論，包括其 2024 年年度資訊表中的風險因素部分以及 Granite 管理層於 2 月 26 日提交的截至 2024 年 12 月 31 日的年度討論和分析30 日的季度討論和分析。

Granite posted Q2 '25 results in line with management's annual forecast and guidance, largely driven by strong NOI growth and positive accretion from NCIB unit repurchases, partially offset by unfavorable foreign exchange. FFO per unit in Q2 was $1.39, representing a $0.07 or 4.8% decrease from Q1 and a $0.07 or 5.3% increase relative to the same quarter in the prior year.

Granite 公佈的 2025 年第二季業績符合管理層的年度預測和指導，這主要得益於強勁的 NOI 增長和 NCIB 單位回購帶來的積極增長，但部分被不利的外匯因素所抵消。第二季每單位 FFO 為 1.39 美元，比第一季減少 0.07 美元或 4.8%，比去年同期增加 0.07 美元或 5.3%。

In Q1, FFO included a number of non-recurring items, including lease closeout revenue, a reversal of prior year bonus accruals and a favorable credit relating to a prior year German withholding tax reserve, all totaling $1.7 million, where if excluded, FFO per unit would have been $1.43. Therefore, Q2 '25 FFO per unit is $0.04 lower relative to a normalized Q1.

第一季度的營運現金流量（FFO）包含多項非經常性項目，包括租賃收尾收入、上年獎金應計項目的沖銷以及與上年德國預扣稅儲備相關的優惠抵免，總計170萬美元。若剔除這些項目，每單位營運現金流（FFO）應為1.43美元。因此，2025年第二季每單位營運現金流（FFO）較正常化第一季下降0.04美元。

However, in Q2, the US dollar weakened by 3.6%, partially offset by the euro strengthening by 4%, which caused a further negative $0.04 to FFO -- negative impact of $0.04 to FFO per unit quarter-over-quarter. In addition, Granite realized a foreign currency loss of $1 million on monetary items that was driven by the large changes in foreign currency rates and their impact on settling financial accruals.

然而，在第二季度，美元貶值了 3.6%，但歐元升值 4% 部分抵消了這一影響，導致 FFO 進一步下跌 0.04 美元——與上一季相比，每單位 FFO 下跌 0.04 美元。此外，由於外匯匯率的大幅變動及其對結算財務應計專案的影響，Granite 的貨幣專案出現了 100 萬美元的外匯損失。

And the impact of -- if the impact of foreign currency are isolated and excluded, FFO per unit in Q2 is, in fact, slightly ahead of normalized Q1 by $0.01 due to NCIB accretion, offset partially by a small decline in NOI tied to new vacancies commencing in the quarter. AFFO per unit in Q2 was $1.23, which is $0.18 lower relative to Q1 and $0.06 higher relative to the same quarter last year, with the decrease versus Q1 mostly tied to higher capital expenditures, leasing costs and tenant allowances incurred largely driven by strong leasing activity during the quarter, as previously mentioned.

如果單獨排除外幣的影響，那麼由於 NCIB 的增加，第二季度每單位 FFO 實際上比正常化的第一季度略高出 0.01 美元，但與本季度開始的新職位空缺相關的 NOI 的小幅下降部分抵消了這一影響。第二季度每單位 AFFO 為 1.23 美元，比第一季度低 0.18 美元，比去年同期高 0.06 美元，與第一季度相比的下降主要與資本支出、租賃成本和租戶津貼增加有關，這主要是由於本季度租賃活動強勁所致，如前所述。

AFFO-related capital expenditures incurred in the quarter totaled $8 million, which is an increase of $7.3 million over Q1 and $0.9 million lower than the same quarter last year. For 2025, we continue to expect AFFO-related expenditures to come in at approximately $40 million for the year, unchanged from our estimates previously provided.

本季與 AFFO 相關的資本支出總計 800 萬美元，比第一季增加 730 萬美元，比去年同期減少 90 萬美元。對於 2025 年，我們繼續預期 AFFO 相關支出將達到約 4,000 萬美元，與我們先前提供的估計數相同。

Same-property NOI for the second quarter was strong relative to the same quarter last year, increasing 4.6% on a constant currency basis and up 7.4% when foreign currency effects are included. Same-property NOI growth was driven primarily by CPI and contractual rent increases across all of Granite's regions, positive leasing spreads on lease renewals, primarily in the US and Canada, the expiration of a free rent period associated with the completed development in the prior year in Canada and the lease commencement of two expansion projects in Canada and the Netherlands and a new lease commencing at a development project in the US.

第二季同店淨營業收入與去年同期相比表現強勁，以固定匯率計算成長 4.6%，計入外匯影響則成長 7.4%。同類物業 NOI 成長主要受以下因素推動：Granite 所有地區的消費者物價指數 (CPI) 和合約租金上漲、續約時的正租賃利差（主要在美國和加拿大）、加拿大上一年已完成開發項目的免租期到期、加拿大和荷蘭兩個擴建項目的租賃開始以及美國一個開發項目的新租賃開始。

Given the strong leasing activity in the second quarter of '25 and the effects of removing assets held for sale, we are raising our guidance for the year for constant currency same-property NOI based on a 4-quarter average to be in the range of 5% to 6.5%, up from our previous estimate of 4.5% to 6%. G&A for the quarter was $10 million, which was $2.3 million higher than the same quarter last year and $1.5 million higher than Q1.

鑑於 2025 年第二季的強勁租賃活動以及移除待售資產的影響，我們根據 4 個季度的平均值將今年的固定匯率同物業 NOI 預測提高到 5% 至 6.5% 之間，高於我們先前估計的 4.5% 至 6%。本季的 G&A 費用為 1,000 萬美元，比去年同期高 230 萬美元，比第一季高出 150 萬美元。

The increase relative to Q1 includes $0.3 million unfavorable fair value adjustments to noncash compensation liabilities, which does not impact Granite's FFO and AFFO. G&A expenses that do impact FFO and AFFO were approximately $1.2 million higher than Q1, which is mostly related to the absence of a reversal of the prior year bonus accrual recorded in Q1 and higher public entity costs due to seasonality relating to Granite's AGM in June and the 2024 ESGR report that was released yesterday.

與第一季相比的成長包括對非現金薪酬負債的 30 萬美元不利公允價值調整，這不會影響 Granite 的 FFO 和 AFFO。對 FFO 和 AFFO 有影響的 G&A 費用比第一季度高出約 120 萬美元，這主要與第一季度記錄的上年獎金應計金額未發生逆轉以及由於 6 月份 Granite 年度股東大會和昨天發布的 2024 年 ESGR 報告相關的季節性因素導致公共實體成本增加有關。

For 2025, we continue to expect G&A expenses that impact FFO and AFFO of approximately $10 million per quarter or roughly 7% of revenues. Interest expense was higher in Q2 relative to Q1 by $0.4 million, while interest income decreased by $0.3 million compared to the first quarter, resulting in an increase to net interest expense.

對於 2025 年，我們預計 G&A 費用將持續影響 FFO 和 AFFO，每季約 1,000 萬美元，約佔營收的 7%。第二季利息支出較第一季增加 40 萬美元，而利息收入較第一季減少 30 萬美元，導致淨利息支出增加。

The increase in interest expense was primarily driven by draws on the credit facility to fund Granite's NCIB repurchases. The decrease in interest income was due to lower invested cash balances. Although net interest expense was higher, the impact to both FFO and AFFO per unit is more than offset by the accretion from repurchased units under the NCIB.

利息支出的增加主要是由於提取信貸額度來資助 Granite 的 NCIB 回購。利息收入減少是因為投資現金餘額減少。儘管淨利息支出較高，但對每單位 FFO 和 AFFO 的影響被 NCIB 下回購單位的增值所抵消。

Granite's weighted average cost of debt is currently 2.71% and the weighted average debt term to maturity is 3.9-years. With Granite's net debt maturity now in September 2026, we continue to expect interest expense to remain stable over the next approximate 12-months or roughly $24 million per quarter, barring any other new transactions.

Granite目前的加權平均債務成本為2.71%，加權平均債務到期期限為3.9年。鑑於Granite的淨債務到期日為2026年9月，我們預計未來約12個月內，除非發生任何其他新交易，否則利息支出將保持穩定，即每季約2400萬美元。

Q2 '25 current income tax was $3 million, which is $0.4 million higher as compared to the prior year and $0.5 million higher as compared to Q1. The increase in current tax relative to Q1 is mostly related to the strengthening of the euro relative to Canadian dollar and the absence of the $0.2 million credit related to the German withholding tax reserve we recognized in Q1.

25 年第二季當期所得稅為 300 萬美元，比前一年高 40 萬美元，比第一季高 50 萬美元。與第一季相比，目前稅收的增加主要與歐元兌加幣走強以及我們在第一季確認的與德國預扣稅儲備相關的 20 萬美元抵免額的缺失有關。

For the remainder of 2025, we are expecting current income taxes to come in at approximately $2.8 million per quarter. Regarding '25 estimates. Granite is increasing its '25 guidance. Granite's current outlook reflects lease renewals and new leasing of vacant space completed year-to-date. The acquisition of the Florida properties we completed on June 30 and excludes any potential impact from the disposition activity of the five assets that Granite has classified as assets held for sale since the timing of such dispositions can't be determined at this time.

對於 2025 年剩餘時間，我們預計每季的當期所得稅收入約為 280 萬美元。關於‘25 估計。Granite 正在提高其 25 年指導價。Granite 目前的前景反映了今年迄今完成的租約續約和空置空間的新租賃。我們於 6 月 30 日完成了對佛羅裡達州房產的收購，但不包括 Granite 歸類為持有待售資產的五項資產的處置活動可能產生的影響，因為目前無法確定此類處置的時間。

The outlook also factors year-to-date financing and NCIB activity. For FFO per unit, we are raising guidance from last quarter to the range of $5.75 to $5.90, which represents an approximate 6% to 9% increase over '24. For AFFO per unit, we are increasing our guidance to the range of $4.90 to $5.05, which represents an increase of 1% to 4% over 2024, partially impacted by higher maintenance capital expenditures, which we discussed in prior calls.

該前景也考慮了年初至今的融資情況和 NCIB 活動。對於每單位 FFO，我們將上一季的指導價上調至 5.75 美元至 5.90 美元的範圍，這比 24 年增長約 6% 至 9%。對於每單位 AFFO，我們將指導價提高到 4.90 美元至 5.05 美元的範圍，這比 2024 年增長 1% 至 4%，部分原因是維護資本支出增加，我們在之前的電話會議中討論過這一點。

Granite's forecast was updated this quarter to assume a range on foreign currency of US dollar to Canadian dollar of $1.35 to $1.39. That was previously $1.37 to $1.42 and the range for the euro, Canadian dollar of $1.56 to $1.61, previously $1.52 to $1.58. Granite will continue to provide updates on guidance each quarter based on leasing and any other transaction activity.

Granite 的預測在本季度進行了更新，假設美元兌加元的匯率區間為 1.35 至 1.39 美元，此前為 1.37 至 1.42 美元；歐元兌加元的匯率區間為 1.56 至 1.61 美元，此前為 1.52 至 1.58 美元。 Granite 將繼續根據租賃和其他交易活動，每季提供最新指引。

Our balance sheet comprises of investment properties of $9 billion at the end of the quarter, and that was reduced by the approximate $310.5 million due to the classification of five assets as held for sale, consistent with our messaging from the last quarter, which Kevan will discuss further. This was further reduced by $189 million foreign exchange translation losses on Granite's foreign-based investment properties mostly driven by the 5.3% decrease in the US spot exchange rate relative to Q1, partially offset by a small gain of $16.8 million on the portfolio and the $49.5 million increase due to the Florida acquisition.

我們的資產負債表包括本季末的價值 90 億美元的投資性房地產，由於五項資產被歸類為持有待售，該價值減少了約 3.105 億美元，這與我們上一季的信息一致，Kevan 將對此進行進一步討論。這進一步減少了 Granite 海外投資物業 1.89 億美元的外匯折算損失，主要是由於美國現貨匯率相對於第一季度下降了 5.3%，但投資組合產生的 1,680 萬美元小幅收益和佛羅裡達收購帶來的 4,950 萬美元的增加部分抵消了這一損失。

The trust -- or the REIT's overall weighted average cap rate of 5.5% on in-place NOI increased 13 basis points from the end of Q1 and has increased 21 basis points since the same quarter last year. Net leverage at the end of the quarter was 36%, which is an increase of 4% from the last quarter at 32%. Net debt to EBITDA was 7.1 times, a slight increase from 6.8 times in Q1 and consistent relative to the second quarter of '24.

該信託或房地產投資信託基金的整體加權平均資本化率為 5.5%，較第一季末增加了 13 個基點，較去年同期增加了 21 個基點。本季末淨槓桿率為36%，較上季的32%上升4個百分點。淨負債與 EBITDA 比率為 7.1 倍，較第一季的 6.8 倍略有增加，與 24 年第二季持平。

The increase in Granite's key leverage ratios is primarily due to the classification of the five assets as held for sale as they are excluded from the investment property value, resulting in a decrease in the denominator of the net leverage ratio. In addition, Granite has increased unsecured debt due to drawing on the credit facility to fund repurchases of units under the NCIB, resulting in an outstanding balance of $91 million at the end of the second quarter.

Granite 主要槓桿率的上升，主要是因為該五項資產被歸類為持有待售資產，不包含在投資性房地產價值內，導致淨槓桿率的分母下降。此外，由於利用信貸額度為 NCIB 項下的單位回購提供資金，Granite 增加了無擔保債務，導致第二季末的未償餘額為 9,100 萬美元。

Granite expects these ratios to normalize lower when asset sales are completed. Our liquidity is approximately $1 billion currently, representing cash on hand of about $86 million and the undrawn operating line of $914 million. As of today, Granite has $95 million drawn on the credit facility and $2.4 million in letters of credit outstanding.

Granite 預計，當資產出售完成後，這些比率將會恢復正常並降低。我們目前的流動資金約為 10 億美元，其中包括約 8,600 萬美元的現金和 9.14 億美元的未動用營運額度。截至今天，Granite 已從信貸額度中提取了 9,500 萬美元，並且未償還信用證金額為 240 萬美元。

We do expect to reduce the outstanding balance on the credit facility throughout 2025 with free cash flow from operations, barring any other major transactions. And as noted in our disclosures, we have been taking advantage of the significant discount to NAV, and we repurchased year-to-date 2.2 million units on average with unit cost of $67.01 for a total consideration of about $145 million.

我們確實希望在 2025 年全年透過營運產生的自由現金流（除非發生任何其他重大交易）減少信貸額度的未償餘額。正如我們在披露中指出的，我們一直在利用資產淨值 (NAV) 的大幅折扣，今年迄今我們平均回購了 220 萬個單位，單位成本為 67.01 美元，總對價約為 1.45 億美元。

I'll turn over the call now to Kevan. Thank you.

我現在將電話轉給凱文 (Kevan)。謝謝。

Thanks, Teresa. Good morning, everyone. As Teresa mentioned, the Q2 results more or less were in line, obviously impacted negatively by the weakening of the US dollar in the quarter. And as mentioned, excluding the negative impact of FX and favorable onetime items in the first quarter, Q2 was slightly ahead of the first quarter with a slight drop in NOI of $0.01, offset by a roughly $0.02 net positive impact from unit buyback activity in the first and second quarters.

謝謝，特蕾莎。大家早安。正如 Teresa 所提到的，第二季的業績基本上符合預期，顯然受到本季美元疲軟的負面影響。如上所述，排除第一季度外匯和一次性有利項目的負面影響，第二季度略微領先於第一季度，淨營業利潤略微下降 0.01 美元，但第一季度和第二季度單位回購活動帶來的約 0.02 美元的淨正向影響抵消了這一影響。

And as you can see from our Q2 guidance, we expect our financial performance to continue to strengthen over the remainder of the year. As shown in the MD&A, occupancy in the quarter was assisted by the listing of one of our vacant assets for sale in Indie, but new vacancy in the quarter was more than offset by strong leasing activity as the team executed on roughly 1.3 million square feet of renewals related to 2026 expiries and 1.1 million square feet of new leases since the first quarter call.

正如您從我們的第二季指引中所看到的，我們預計我們的財務表現將在今年剩餘時間內繼續增強。如 MD&A 所示，本季的入住率得益於我們在 Indie 的一處待售空置資產，但本季度新增空置率被強勁的租賃活動所抵消，因為自第一季電話會議以來，團隊執行了約 130 萬平方英尺的 2026 年到期續約合約和 110 萬平方英尺的新租約。

These new leases are expected to contribute over $10.5 million in gross rent in the portfolio in the first year. In terms of mark-to-market on renewal, we have now renewed roughly 80% of our 2025 expiries at a weighted average increase of over 40%. And that excludes the new lease in Atlanta, where the team achieved an increase in rental rate of 58% over the expiring rent at the end of the first quarter.

預計這些新租約將在第一年為該投資組合貢獻超過 1,050 萬美元的總租金。在續約市價方面，我們目前已續約約 80% 的 2025 年到期債券，加權平均增幅超過 40%。這還不包括亞特蘭大的新租約，球隊在那裡的租金比第一季末到期的租金上漲了 58%。

In addition to the contribution from new leasing, the renewal increases that we have achieved on our 2025 expiries will also contribute strongly to further NOI growth in the third and fourth quarters. To illustrate this point, the five largest renewal increases by dollar value represent roughly $13 million in additional rent annually.

除了新租賃的貢獻之外，我們在 2025 年到期的租賃合約中實現的續約成長也將對第三季和第四季的 NOI 進一步成長做出巨大貢獻。為了說明這一點，以美元價值計算，五次最大的續約增幅代表著每年增加約 1,300 萬美元的租金。

Those five renewal increases commenced in order of magnitude from largest to smallest on October 1, on January 1, 2026, on September 1, May 1 and August 1. So only one of those increases occurs in the first half of the year and the obvious point being that the increases are significantly weighted to the latter part of the year as we have discussed on previous calls. A few comments I would make on relevant market data.

這五次續約上調幅度由大到小依序為：10月1日、2026年1月1日、9月1日、5月1日和8月1日。因此，只有一次成長發生在上半年，顯而易見的是，正如我們在先前的電話會議上所討論的那樣，這些成長主要集中在下半年。我想就相關市場數據發表一些評論。

8 of our 15 markets in North America reported flat or a decline in market vacancy from the first quarter, with Savannah and Memphis reporting the largest quarter-over-quarter increases in vacancy. The majority of our markets reported positive net absorption in the second quarter with the exception of Toronto and New Jersey. The GTA was once again our weakest market in terms of demand, posting negative 900,000 square feet in net absorption following a positive print in the first quarter.

我們在北美的 15 個市場中，有 8 個市場空置率與第一季持平或下降，其中薩凡納和孟菲斯的空置率環比增幅最大。除了多倫多和新澤西外，我們的大多數市場在第二季都報告正淨吸收量。就需求而言，GTA 再次成為我們最弱的市場，在第一季出現正成長後，淨吸收量下降了 90 萬平方英尺。

Dallas and Houston saw the strongest net absorption in the second quarter at 5.6 million and 2.7 million square feet, respectively. With respect to market asking rents, Broward County, a key submarket of the Miami market and home to our new acquisition, posted the strongest quarter-over-quarter growth in asking rent at 3.4%, followed by Nashville at 3%.

達拉斯和休士頓第二季的淨吸收量最高，分別為 560 萬平方英尺和 270 萬平方英尺。就市場租金要價而言，邁阿密市場的關鍵子市場和我們新收購的所在地佈勞沃德縣的租金要價環比增長最強勁，達到 3.4%，其次是納許維爾，為 3%。

Conversely, Dallas and Toronto posted the weakest quarterly asking rent growth at negative 6.7% and 1.2%, respectively. So while leasing conditions continue to slowly improve across our portfolio and our leasing performance was obviously strong in the quarter, net absorption overall remains below the 10-year average and conditions remain competitive generally.

相反，達拉斯和多倫多的季度租金漲幅最弱，分別為負 6.7% 和 1.2%。因此，儘管我們整個投資組合的租賃條件繼續緩慢改善，而且本季度我們的租賃業績明顯強勁，但總體淨吸收量仍低於 10 年平均水平，而且總體上仍然具有競爭力。

In Europe, vacancy in Germany and the Netherlands was flat to slightly below first quarter levels and remains below 5%. Similarly, market rent growth, although subdued, remained positive quarter-over-quarter and year-to-date in the low-to-mid single-digits. Net absorption or take-up remains healthy across both markets, with Germany and the Netherlands recording well over 10 million square feet of positive net absorption, respectively, year-to-date.

在歐洲，德國和荷蘭的空置率持平至略低於第一季水平，仍低於 5%。同樣，市場租金成長雖然放緩，但季比和年初至今仍維持在中低個位數的成長水準。兩個市場的淨吸收量或吸收量依然保持健康，今年迄今為止，德國和荷蘭的淨吸收量分別超過 1,000 萬平方英尺。

For comparison, there was roughly 4.5 million square feet of positive net absorption in all of Canada over that same period. Concurrent with our second quarter results, I'm once again pleased to announce the publication of our corporate sustainability or ESG+R report, which summarizes our activities and progress against targets for 2024, including now achieving roughly 50 megawatts of peak rooftop solar capacity within our portfolio, achieving green building certification on 63 properties or roughly half of our portfolio and being ranked first in our peer group of North American listed industrial companies for ESG performance by GRESB. Sustainability is an important area for Granite.

相較之下，同一時期整個加拿大的淨吸收量約為 450 萬平方英尺。在公佈第二季業績的同時，我再次高興地宣布發布我們的企業永續發展報告或 ESG+R 報告，該報告總結了我們的活動以及實現 2024 年目標的進展情況，包括目前我們的投資組合中已實現約 50 兆瓦的峰值屋頂太陽能容量，63 處房產（約佔我們投資組合的一半）中獲得綠色建築認證公司中獲得綠色太陽能容量的第一級 GRE 工業績效。永續性是 Granite 的一個重要領域。

And I invite you to read a report now posted to the website. I don't have a lot of comments on our quarterly IFRS value. As Teresa mentioned, the roughly $70 million positive impact of leasing activity, rent growth and the addition of two new assets in Florida was more than offset by the negative impact of FX, primarily or all related to the significant weakening of the US dollar versus the Canadian dollar since the end of the first quarter.

我邀請您閱讀現已發佈到網站上的一份報告。我對我們的季度 IFRS 價值沒有太多評論。正如 Teresa 所提到的，租賃活動、租金增長和佛羅裡達州新增兩項新資產帶來的約 7000 萬美元的積極影響被外匯帶來的負面影響所抵消，這主要或全部與第一季末以來美元兌加元大幅貶值有關。

Moving on to capital allocation. The list of assets held for sale, combined with the announcement of our new acquisition in the Miami market and our NCIB activity reflect our priorities as a company to fund strategic acquisitions our build-to-suit development program and unit buybacks on an opportunistic basis to retain cash and the sale of select noncore assets.

繼續討論資本配置。持有待售資產清單，加上我們在邁阿密市場的新收購和我們的 NCIB 活動，反映了我們作為一家公司的優先事項，即為策略性收購、我們的客製化開發計劃和單位回購提供資金，以保留現金和出售精選的非核心資產。

We have obviously used our line of credit to fund the new acquisition and NCIB activity in the near term, but the objective remains to fund our growth on a debt-neutral basis, thereby maintaining our conservative capital ratios and the strength of our balance sheet. At this time, I don't wish to telegraph individual market -- target markets for new acquisitions, but I can tell you that the team is currently active on new opportunities.

我們顯然已經使用了我們的信用額度來為近期的新收購和 NCIB 活動提供資金，但目標仍然是以債務中性為基礎為我們的增長提供資金，從而保持我們保守的資本比率和資產負債表的實力。目前，我不想透露新收購的具體市場——目標市場，但我可以告訴大家，團隊目前正在積極尋找新的機會。

And as I have commented in the past, we will look to deploy capital in select core markets in Europe, Canada and the US In closing, the team's achievements on new leasing and renewals year-to-date have positioned us very well for continued strong organic growth in the coming quarters. And as evidenced by our announced acquisition and list of assets held for sale, successful execution of the disposition program and effective capital redeployment will be a focus of ours for the remainder of this year and into 2026.

正如我過去所評論的那樣，我們將尋求在歐洲、加拿大和美國的特定核心市場部署資本。最後，團隊今年迄今在新租賃和續約方面的成就為我們在未來幾季繼續保持強勁的有機成長奠定了良好的基礎。正如我們宣布的收購和待售資產清單所證明的那樣，成功執行處置計劃和有效的資本重新部署將是我們今年剩餘時間和 2026 年的工作重點。

And on that, I will turn the call over for questions.

關於這一點，我將轉交提問環節。

(Operator Instructions) Fred Blondeau, Green Street.

（操作員指示）弗雷德·布隆多 (Fred Blondeau)，格林街 (Green Street)。

Two questions from me for Kevan. Kevan, you touched on the capital allocation. Just to clarify, is it fair to say that you seem to be a little bit more -- your appetite has improved in terms of acquisitions on an opportunistic basis. Does that mean that you'll be focusing a little bit more on acquisitions versus the NCIB or your view will remain quite balanced between the two at this stage?

我要問凱文兩個問題。Kevan，你提到了資本配置。只是為了澄清一下，是否可以公平地說，您似乎更加——您對機會主義收購的興趣有所提高。這是否意味著您將更加關注收購而不是 NCIB，或者您在現階段對兩者的看法將保持相當平衡？

Well, I think the NCIB activity depends very much on the price of the unit, to be fair. On the acquisition side, we do expect to be more active. I think we find pricing for core assets and development in our target markets to be attractive. And I think we find the spread between those markets or Tier 1 markets and markets that we're in, such as Indie and Columbus to be quite -- that spread is quite low, and I think it's lower than we've seen in many years.

嗯，公平地說，我認為 NCIB 活動很大程度上取決於單位的價格。在收購方面，我們確實希望更加積極。我認為我們發現核心資產的定價和目標市場的發展具有吸引力。我認為我們發現這些市場或一級市場與我們所在的市場（例如獨立市場和哥倫布市場）之間的差距相當大——這個差距相當小，我認為它比我們多年來看到的差距要小。

So I think it's a good opportunity for us to continue our rotation into those core markets, the ones that we're targeting. So I do expect us to be active on that. Hopefully, we're not active on the NCIB based on the price of the unit, but it always remains an option if we find pricing to be very compelling on the NCIB side.

因此，我認為這對我們來說是一個很好的機會，讓我們繼續進入那些核心市場，也就是我們所瞄準的市場。所以我確實希望我們能夠積極地進行這項工作。希望我們不會根據單位價格對 NCIB 採取積極行動，但如果我們發現 NCIB 方面的定價非常有吸引力，它始終是一個選擇。

Got it. And secondly, is it fair to say that Germany is performing below your expectations so far this year? Or do you feel like the underperformance is related to more short-term specific factors in the country?

知道了。其次，今年迄今為止，德國的表現是否低於您的預期？或者您認為表現不佳與該國更多的短期特定因素有關？

Well, we don't have a lot of leasing activity to point to, Fred, to see that it's underperforming our expectations. I think it has slowed. Activity has slowed, but vacancy has sort of held in there at a very low level. And we continue to see market rent growth, which is more than we can say for a lot of markets, including the GTA. So if you were to characterize Germany as being weak, I would wonder what your view of the Toronto market would be.

嗯，弗雷德，我們沒有太多的租賃活動可以指出，這表明它的表現低於我們的預期。我認為它已經放緩了。活動已經放緩，但空置率仍然維持在非常低的水平。我們繼續看到市場租金的成長，這比我們能說的許多市場（包括 GTA）的租金成長還要快。因此，如果您認為德國市場疲軟，我想知道您對多倫多市場的看法是什麼。

Sam Damiani, TD Cowen.

薩姆·達米亞尼（Sam Damiani），TD Cowen。

Kevan, just with the big surge in leasing this quarter, three sizable leases covering some vacant space. I wonder if you could just touch on what's changed? What allowed you to sort of come to terms with these 3 tenants that really wasn't available 6-months, 12-months ago?

凱文，本季租賃量大幅成長，三份規模可觀的租賃合約涵蓋了一些空置空間。我想知道您是否可以簡單談談發生了哪些變化？是什麼讓您能夠與這 3 位租戶達成和解，而實際上 6 個月、12 個月前他們還無法入住？

I don't know, Sam, if there's any clear catalyst that I can point to. I mean, as we've said, we have seen activity pick up across our portfolio. And I think what we're finally starting to see is maybe we're seeing more activity than other portfolios out there, which isn't really a shock to us. As to why they're actually signing leases today, I can't point to a clear one. I just think we were due certainly for a few of these leases.

山姆，我不知道是否有任何明顯的催化劑可以指出。我的意思是，正如我們所說的，我們已經看到整個投資組合的活動有所回升。我認為，我們最終開始看到的是，也許我們看到了比其他投資組合更多的活動，這對我們來說並不令人意外。至於他們今天為什麼要簽租約，我無法明確指出原因。我只是認為我們確實應該獲得其中幾份租約。

I can tell you on the lease in Louisville, there were multiple prospects on that. So I think what we're finally starting to see is the delays in leasing decisions that tenants are making, they can no longer delay those decisions, and they're moving forward. And so I would say right now, we probably have another 300,000 to 350,000 feet under lease negotiation.

我可以告訴你，在路易斯維爾的租約上有多個前景。所以我認為我們最終開始看到的是租戶在做出租賃決定時出現延遲，他們不能再推遲這些決定，他們正在向前邁進。所以我現在想說，我們可能還有另外 30 萬到 35 萬英尺的空間正在租賃談判中。

So the activity continues to be good. But I will tell you, tenants continue to be cautious. And not that you're asking about tariffs, particularly, but when we look at our US portfolio, I think there's a general consensus that tariffs will ultimately be good for the US portfolio because it is going to drive more US production, domestic US production.

因此活動持續良好。但我會告訴你，租戶仍然保持謹慎。並不是說你特別問的是關稅問題，但是當我們審視我們的美國投資組合時，我認為大家普遍認為關稅最終將有利於美國投資組合，因為它將推動更多的美國生產，美國國內生產。

But I think right now, there remains an uncertainty about what the rules of the game really are. And we can see that. We can see that tenants probably need more space. They're just not sure how to proceed with the uncertainty around what these tariffs are going to look like from various countries. So that's where we are today. And I think slow and steady improvement in the market is what we would look to over the coming quarters overall.

但我認為，目前對於遊戲規則的真正意義仍然存在不確定性。我們可以看到這一點。我們可以看到租戶可能需要更多的空間。他們只是不確定該如何應對各國關稅的不確定性。這就是我們今天的狀況。我認為，總體而言，未來幾季我們期待市場緩慢而穩定地改善。

That's great. And would you say the rents that you achieved with these 3 leases kind of in line with what you were expecting, again, 6-months, 12-months ago or.

那太棒了。您是否認為這 3 份租約所獲得的租金與您 6 個月前、12 個月前或之前的預期一致？

I think they were stronger. Stronger.

我認為他們更強大。更強大。

Yes. That's great. Okay. Maybe just moving on, on the -- I guess, the outlook for the year-end committed occupancy. There's been a lot of change since the last quarter with assets held for sale and this leasing. How would you characterize your or update your outlook for year-end committed occupancy?

是的。那太棒了。好的。也許只是繼續討論——我猜，年底承諾入住率的前景。自上個季度以來，持有待售資產和租賃情況發生了很大變化。您如何描述或更新年底承諾入住率的展望？

I think we would expect our occupancy to be between 96.5% and 97% at the end of the year. And so roughly 100 basis points over what we were expecting at the end of the first quarter.

我認為我們預計今年年底的入住率將在 96.5％ 至 97％ 之間。因此，這比我們第一季末的預期高出約 100 個基點。

And sorry, that's committed. How much of that would be...

很抱歉，我已承諾。那會是多少...

Yes. I would say most of it would be in 2025.

是的。我想說大部分將在 2025 年實現。

Mike Markidis, BMO.

麥克·馬基迪斯，BMO。

Just with the $300-some-odd million of assets held for sale, I think they're fully occupied or close to it and most of them in the US. Are you able to give us some sort of range of income attached to those assets?

僅從待售的價值 3 億美元資產來看，我認為它們已經完全被佔用或接近被佔用，而且大部分位於美國。您能否告訴我們這些資產的收入範圍？

The majority are occupied, just the one is vacant. There's two assets in Indie, two in Columbus, one in the Netherlands. The income that's attached to those.

大部分都有人居住，只有一間是空著的。在印度有兩項資產，在哥倫布有兩項資產，在荷蘭有一項資產。與之相關的收入。

Yes. We have a schedule in the MD&A. It's $14.8 million of annualized revenue associated with those assets.

是的。我們在 MD&A 中有一個時間表。與這些資產相關的年收入為 1,480 萬美元。

I missed that. Okay. And just, Kevan, with your respect to comment, obviously, you don't want to get into the markets, et cetera, that you're targeting for acquisitions and the team seems active. Are you able to give us sort of like a quantum of opportunities that's being considered or underwritten today?

我錯過了。好的。凱文，就您的評論而言，顯然您不想進入您所針對的收購市場等，而且您的團隊似乎很活躍。您能否提供我們一些目前正在考慮或承保的機會？

We have roughly CAD65 million in negotiation right now, both in Europe and probably -- I would -- this would be a guess right now, Mike, but I would say probably another $100 million to $150 million that we're pursuing early days.

目前，我們正在談判的金額大約為 6500 萬加元，包括在歐洲，而且可能——我——這只是目前的猜測，麥克，但我想說，我們早期可能還在爭取另外 1 億至 1.5 億加元。

Okay. Got it. And then spec development, I guess, being -- sorry, not spec development, build-to-suit development, I should say. I know you've got the one project in Houston that's underway. Is it reasonable to think -- like are you close to getting anything else done on the development side on the build-to-suit? Or is that something that just...

好的。知道了。然後我想，規格開發，是——抱歉，不是規格開發，而是客製化開發。我知道你們在休斯頓有一個項目正在進行中。這樣想合理嗎—例如，在客製化開發方面，您是否即將完成其他工作？或者那隻是...

We are -- we have activity on our Branford site, and we have some further activity on our Houston site, but early days. So nothing that's close. Maybe we'll have a little bit more information on our third quarter call.

我們在布蘭福德工廠有活動，在休士頓工廠也有一些進一步的活動，但還處於早期階段。所以沒有什麼可以接近的。也許我們會在第三季電話會議上獲得更多資訊。

Mark Rothschild, Canaccord Genuity.

馬克·羅斯柴爾德（Mark Rothschild），Canaccord Genuity。

Kevan, I heard your comments just now from an earlier question on tariffs and some positive -- there is some positive leasing news that you had. But your tone overall maybe just sounds a bit cautious still. I recognize that market vacancy in the US has increased, but there's so much news about companies expanding operations in the US. Are we possibly heading into a time when fundamentals can improve meaningfully in the US? And is that something you think about as you consider capital allocation decisions?

凱文，我剛剛聽到了您關於關稅的評論以及一些積極的消息——您有一些積極的租賃消息。但總體而言，您的語氣可能聽起來仍然有點謹慎。我意識到美國的市場空缺有所增加，但有關公司在美國擴大業務的新聞很多。我們是否有可能進入美國經濟基本面顯著改善的時期？當您考慮資本配置決策時，您是否會考慮這一點？

Yes. I think what you're hearing, Mark, is a fair comment. I think our leasing has been strong, leasing activity and traffic in our portfolio is positive, but it's against a more cautious backdrop in the market. And that's what I'm hoping comes through. I think our portfolio is performing well, probably better than most in the market. In terms of the tariffs, I have to think that once the agreements are signed and people understand what the tariffs are and hopefully, they're as low as possible.

是的。馬克，我認為你所聽到的評論是公正的。我認為我們的租賃業務一直很強勁，我們投資組合中的租賃活動和流量都是積極的，但這是在市場更加謹慎的背景下進行的。這正是我所希望的。我認為我們的投資組合表現良好，可能比市場上的大多數投資組合表現要好。關於關稅，我認為一旦協議簽署，人們就會了解關稅是多少，並且希望關稅盡可能低。

But I think what people are waiting for is just certainty around what the deals are. And I think that, that will -- I don't want to say it will unleash a significant movement in leasing, but I think it will be a positive catalyst for the leasing market once the certainty -- once the uncertainty around the impact, the extent of the tariffs is removed.

但我認為人們正在等待的只是有關交易內容的確定性。我認為，這將——我不想說它會引發租賃業的重大動向，但我認為，一旦確定性——一旦圍繞關稅影響程度的不確定性消除，它將成為租賃市場的積極催化劑。

Maybe this just isn't the type of business you're in, but are you seeing opportunities to buy assets with vacancy with a more positive outlook? Or is it just -- that's not your core business?

或許這不是您所從事的業務類型，但您是否看到了以更樂觀的前景購買空置資產的機會？或者這只是——這不是您的核心業務？

I think that's on the table for us to buy a vacant asset, and we have pursued those at the right price. I mean, cost basis remains probably the most important thing that we pay attention to. Obviously, location, quality of asset, it has to be in a market that we like. That's definitely on the table for us. But I will tell you, to your point, we can't seem to get there on pricing because sellers probably have the same level of confidence in the future of the market that we do.

我認為我們可以購買空置資產，我們已經以合適的價格進行了購買。我的意思是，成本基礎可能仍然是我們關注的最重要的事情。顯然，地理位置、資產品質都必須位於我們喜歡的市場。這絕對是我們考慮的。但我會告訴你，就你的觀點而言，我們似乎無法在定價上達到這個目標，因為賣家可能對市場的未來有著與我們相同的信心。

So the opportunities are there. We just can't seem to shake them loose at pricing that we want, which is not a surprise to us. And by the way, one of the assets we have for sale has vacancy. We're going to take the same approach to that. I don't think we're interested in any sort of compromise sales because it's vacant. We have enough confidence in the market that we're going to want to achieve pricing on the sell side as well.

所以機會是存在的。我們似乎無法以我們想要的價格說服他們，這對我們來說並不奇怪。順便說一句，我們出售的其中一項資產目前處於空置狀態。我們將採取同樣的方法。我認為我們對任何形式的折衷銷售都不感興趣，因為它是空的。我們對市場有足夠的信心，也希望在賣方實現定價。

Kyle Stanley, Desjardins.

凱爾‧史丹利 (Kyle Stanley)，德斯雅爾丹 (Desjardins)。

One of your US peers earlier in earnings season kind of mentioned an element of FOMO, it seems like from occupiers that may have been contributing to the recent pickup in demand for space. Just love to hear your thoughts on that comment. And could that help explain maybe the more recent leasing demand you've seen maybe since June?

在財報季早些時候，您的一位美國同行提到了 FOMO 的因素，這似乎是由佔用者造成的，可能是導致近期空間需求回升的原因之一。我很想聽聽你對該評論的看法。這是否有助於解釋自 6 月以來您看到的最新租賃需求？

Well, I think we saw it in real time, Kyle, in Louisville, where we actually had a competition for the space. And I think that advanced the time line on it. So yes, and I also think an important element of all of this that I think gets overlooked is we renewed over 90% of our expiries last year. This year, we will renew between 80% and 85%. And I hope everyone appreciates that those are very strong numbers.

嗯，凱爾，我想我們在路易斯維爾實時看到了它，我們實際上在那裡進行了一場空間競爭。我認為這提前了時間表。是的，而且我認為這一切中一個被忽視的重要因素是，我們去年續簽了 90% 以上的到期合約。今年我們的續約率將達到 80% 至 85%。我希望每個人都能認識到這些是非常強大的數字。

And I think one of the things that we are seeing in the market is although a lot of tenants may be hesitant to expand their space, they certainly don't want to lose it. And I think part of it is, and this is becoming a bigger factor in the US is fear of losing out on workforce. And so that is becoming a really important element for tenants. And I think that will lead into that sort of formal comment that you're referring to. We expect to see that probably later this year, early into 2026 for sure.

我認為我們在市場上看到的一個現像是，儘管許多租戶可能不願意擴大他們的空間，但他們肯定不想失去它。我認為部分原因是，而且這在美國正成為一個更大的因素，擔心失去勞動力。因此，這對租戶來說正成為一個非常重要的因素。我認為這將引出您所指的那種正式評論。我們預計今年晚些時候，或者肯定在 2026 年初就會看到這一點。

Okay. No, that's very helpful context. Just with regards to the Louisville asset, I think going back to when it was vacated, I believe, in 2023, you'd highlighted a potential 20% gain to lease opportunity. Obviously, a lot has changed in the market since then. I'm curious to know if you can disclose how did that work?

好的。不，這是非常有用的背景。就路易斯維爾資產而言，我認為回到它被騰空的時候，我相信是在 2023 年，您曾強調租賃機會可能帶來的 20% 收益。顯然，自那時以來市場發生了很大變化。我很好奇，您是否可以透露一下這是如何實現的？

Yes, I think we are right in line with that.

是的，我認為我們完全符合這項要求。

Okay. That's encouraging.

好的。這令人鼓舞。

I can tell you we achieved better rents than we thought at the time.

我可以告訴你，我們實現的租金比我們當時想像的還要好。

Okay. Great. And then just the last one. Obviously, looking at your assets held for sale, you disclosed kind of the locations of them. What's the private market like? What's demand like for those types of assets today? And who are the buyers that are active?

好的。偉大的。然後就剩最後一個了。顯然，從您持有的待售資產來看，您披露了它們的位置。私人市場是什麼樣的？目前對這些類型資產的需求如何？活躍的買家是誰？

Well, I think going out to the market on these, we have seen a lot of interest coming in, i.e., signing NDAs. So the level of activity on the NDAs has been high, which would suggest to us that there's a fair amount of capital on the sidelines looking for assets in these markets. So we think that is strong. We will see. I think we're pretty disciplined on pricing both ways.

嗯，我認為，進入這些市場後，我們已經看到了很多興趣，例如簽署保密協議。因此，NDA 的活動水平一直很高，這表明有相當多的場外資本正在尋找這些市場的資產。所以我們認為這很強大。我們會看到。我認為我們在定價方面非常嚴格。

So there's pricing that we want to achieve here. But so far, the level of interest that's come in on those assets has been strong.

這就是我們想要實現的定價。但到目前為止，人們對這些資產的興趣仍然很濃厚。

Brad Sturges, Raymond James.

布萊德·史特吉斯、雷蒙·詹姆斯。

Just following up on Kyle's question there. Just I think last quarter, you talked about even being open to selling in Toronto. I guess, at this point, it's more a function of where you're seeing the best demand with these five assets? Or is there something you're thinking around the softness in the Toronto market that -- or there's leasing that needs to be get done that would make it maybe less of an ideal time to maybe sell a little bit out of Toronto right now?

只是想回答 Kyle 的問題。我認為上個季度您甚至談到願意在多倫多銷售。我想，目前，這更多的取決於您認為這五種資產的最佳需求在哪裡？或者您是否考慮過多倫多市場的疲軟——或者需要完成租賃，這可能會使現在成為出售多倫多房產的理想時機？

Yes. I mean we have assets listed for sale or lease in the Toronto market, and we have assets in Europe that we're working through leasing, et cetera, and we would consider a sale on. These are ones that we have identified for a formal marketing process and moving forward with. And part of it is market concentration. We've talked about rotation in markets we want to be in and markets where we could probably afford to trim and free up some capital for deployment.

是的。我的意思是，我們在多倫多市場上有待出售或出租的資產，我們在歐洲也有資產，我們正在透過租賃等方式進行經營，我們會考慮出售。我們已經確定了這些，並且正在推動正式的行銷流程。其中一部分是市場集中度。我們已經討論了我們想要進入的市場以及我們可能有能力削減並釋放一些資本用於部署的市場的輪換。

So that's why these ones were sort of chosen as ones to formally market and which we expect to dispose of within the next 12-months. That doesn't mean that there aren't other noncore assets within our portfolio that we're in discussions on or may sell or at least consider selling that are not listed as assets held for sale.

這就是為什麼我們選擇這些產品作為正式的行銷產品，並預計在未來 12 個月內將它們處理掉。這並不意味著我們的投資組合中沒有其他非核心資產正在討論或可能出售或至少考慮出售，但這些資產並未列為持有待售資產。

But I guess to expand the program further, you need to see line of sight on the acquisition side or use of capital for that to expand beyond what you've done?

但我想，為了進一步擴大該計劃，您需要從收購方面或資本使用方面來觀察，以便超越您已經在做的事情？

Yes. We're always trying to balance the timing of it. But as you can see, we didn't hesitate to use the line of credit on the acquisition in Florida nor do we hesitate to use the line of credit on the NCIB activity. Now there is a limit to that, but we're retaining cash. So we have confidence, as Teresa mentioned, we will pay down that line of credit.

是的。我們一直在努力平衡時間。但如您所見，我們毫不猶豫地在佛羅裡達州的收購中使用了信用額度，我們也毫不猶豫地在 NCIB 活動中使用了信用額度。現在有一個限制，但我們保留了現金。因此，我們有信心，正如特蕾莎所提到的，我們將償還這筆信用額度。

And we're trying to balance sort of assets going out and assets coming in, but it's never easy to sort of balance those. So I wouldn't say -- I would say that the pace of disposition or successful disposition will be a consideration for us. But I don't think we would hesitate to make the right acquisition at the right time, even if it's a portfolio and use the line of credit to execute on that. If that answers your question, Brad.

我們正在嘗試平衡資產流出和資產流入，但平衡這些從來都不是一件容易的事。所以我不會說——我會說處置的速度或成功處置將是我們的考慮因素。但我認為，我們會毫不猶豫地在正確的時間進行正確的收購，即使它是一個投資組合，並使用信用額度來執行。如果這回答了你的問題，布拉德。

Yes. Last question, just going -- circling back to Louisville real quick. I think that 20% gap that you kind of highlighted, is that a gross basis? Or how would that look like on a net effective? Would it be similar? Like it would have been more like a standardized TI package that would have been used?

是的。最後一個問題，很快就回到路易斯維爾。我認為您強調的 20% 差距是一個整體基礎嗎？或者從網路效果來看看起來如何？會不會很類似？就像它會更像一個標準化的 TI 套件？

Well, the one thing I will say if you're talking about free rent and that, I don't want to get into the specifics of it. But if you look at the lease term in terms of months, you can kind of get a guess -- you can kind of guess and see the amount of free rent that's in the term of the lease. And it gives you an idea. But in this case, I mean, we bought this building occupied.

好吧，如果您談論免費租金，我想說的一件事是，我不想談論它的具體細節。但是，如果您以月為單位來查看租賃期限，您可以進行猜測 - 您可以猜測並了解租賃期限內的免租金額。它會給你一個想法。但在這種情況下，我的意思是，我們購買了這棟建築並供其使用。

So it's hard for us to look back and see what the net effective rent was when the deal was first done, which is the way you really should do it to compare apples-to-apples. So I don't have an answer for you on that, but I would just say that I think that the net effect of rent over the expiring rent is very close to the rent because I think that the free rent within the term was quite nominal.

因此，我們很難回顧並了解交易剛開始時的淨有效租金是多少，而這才是進行同類比較的真正方法。所以我對這個問題沒有答案，但我只想說，我認為租金對到期租金的淨效應非常接近租金，因為我認為期限內的免租金相當名義上。

Himanshu Gupta, Scotiabank.

加拿大豐業銀行的 Himanshu Gupta。

So just looking at the acquisitions in Florida, going in cap rate of 5%, how do you get that 15% increase you mentioned in the next two-years? I mean, considering the WALT is like six-years to seven-years?

那麼，只看佛羅裡達州的收購，以 5% 的資本化率計算，如何在未來兩年內實現您提到的 15% 的成長？我的意思是，考慮到 WALT 需要六年到七年？

Yes, there's contractual escalations built into the leases, and that's what gets us up in the next couple of years.

是的，租約中包含了合約升級，這就是我們在未來幾年內要做的事情。

Okay. And then I mean, bigger picture wise, as you resume your acquisition program, is 5% to 6% cap rates going in is what you're targeting? I mean, anything in mind there?

好的。然後我的意思是，從更大的角度來看，當您恢復收購計劃時，5％到6％的資本化率是您的目標嗎？我的意思是，有什麼想法嗎？

Well, I don't think the going-in cap rate is sort of the most important thing that we're targeting. We really are more long-term IRR driven. But I think if you were to use a number, I think 5% to 6% would be fair overall.

嗯，我不認為進入資本化率是我們關注的最重要的事情。我們確實更加重視長期 IRR。但我認為如果用數字來表示的話，總體來說 5% 到 6% 是公平的。

Okay. And for the $300 million dispositions, sub-5 cap rate on your in-place NOI, fair to say that, I mean, based on your $14.8 million in-place NOI, so something in that range?

好的。對於 3 億美元的處置，您的現有 NOI 的資本化率低於 5，公平地說，我的意思是，基於您 1,480 萬美元的現有 NOI，那麼在這個範圍內是什麼樣的呢？

I think that's fair.

我認為這是公平的。

Yes, the math is 4.8. Okay. Fair enough. And then, Kevan, on the acquisition program coming back there, I mean, as you resume your program here, are there -- were there any discussions to go for like a relatively smaller bay assets or multi-tenant properties?

是的，算出來的結果是4.8。好的。很公平。然後，凱文，回到收購計劃，我的意思是，當您在這裡恢復您的計劃時，是否有任何討論，例如收購相對較小的海灣資產或多租戶物業？

Yes. I think we're always looking at what best fits our portfolio. In terms of small bay, no. I can tell you that, that is something that is not on our radar. Now something that's -- well, I think infill is used rather irresponsibly at times. But the smaller to mid-bay, yes, as long as it's logistics focused, we have. I will tell you the small bay for us has a lot of -- and I've talked about this many times before has a lot of concerns for us and a lot of drawbacks.

是的。我認為我們一直在尋找最適合我們投資組合的東西。就小海灣而言，沒有。我可以告訴你，這不在我們的考慮範圍內。現在有件事——嗯，我認為填充物有時被不負責任地使用。但是對於小型到中型企業，是的，只要是以物流為重點，我們都有。我要告訴你，對我們來說，這個小海灣有很多——我之前已經多次談到這個問題，它給我們帶來了很多擔憂和缺點。

And so that is not on our radar, that's sort of small multi. But anything that's small to -- sorry, midbay, whether it's a multi or single as long as it's really functional logistics that's well located in our markets is on our radar.

所以這不在我們的關注範圍內，這是一種小型多元化。但任何小型到——抱歉，中型倉庫——的東西，無論是多倉庫還是單一倉庫，只要是真正功能齊全的物流，並且位於我們市場中的良好位置，都在我們的關注範圍內。

Okay. Fair enough. And then just turning to Indianapolis lease, which got done. Did you demise that second property? And I think only a portion of that 290,000 square feet got done. That's the idea.

好的。很公平。然後就轉向印第安納波利斯租賃，已經完成了。您轉讓了第二處房產嗎？我認為那 29 萬平方英尺中只有一部分完成了。就是這個意思。

Yes, 290,000 feet, which is being demised as we speak. And I think we listed 178,000 of the 290,000, which is -- which I think our original underwriting, we had two tenants in there. So this is very much in line with our original pro forma and expectations for the building.

是的，290,000 英尺，正如我們所說，這個高度正在消亡。我認為我們列出了 290,000 個中的 178,000 個，也就是 - 我認為我們最初的承保，我們在那裡有兩個租戶。所以這非常符合我們對建築的最初設想和期望。

And for the bigger piece, and you're exploring demising that property too as well, the bigger property?

對於更大的部分，您是否也在考慮將該部分財產轉讓，更大的財產？

Yes. We have responded to RFPs for the entire building. We've responded to RFPs for a portion of the building. So there are -- there is activity on the building. I don't want to say what size range right now, but we are open to demising the large one as well. And that probably would have been in our original pro forma as well.

是的。我們已經回應了整棟建築的 RFP。我們已經對部分建築的 RFP 做出了回應。所以——大樓裡有活動。我現在不想透露尺寸範圍，但我們也願意接受大尺寸。這也可能出現在我們最初的表格中。

Okay. Maybe just one last quick question here. I mean 2025 lease expiries is almost done now. I mean, as you shift focus on 2026, any space expected to come back or any chunky deals you're expecting?

好的。這裡也許只剩下最後一個簡短的問題了。我的意思是 2025 年的租約即將到期。我的意思是，當您將注意力轉向 2026 年時，預計任何空間都會恢復，或者您期待任何大宗交易嗎？

Yes. I think we talked about the one in Pennsylvania, 750,000 feet with Samsung. We are expecting that to come back to us. I think it's in the latter part of 2026. But I think we discussed it on the previous call. It's a very strong location on I-78 within a 2.5-hour drive of what New York, Philly, Baltimore, Washington. So that one, we are expecting to come back. And again, we're sort of running the leasing process right now, and we expect there to be some decent activity over the coming quarters.

是的。我想我們討論的是賓州的那個，750,000 英尺高的三星。我們期待它能回到我們身邊。我認為是在 2026 年下半年。但我認為我們在上次通話中討論過這個問題。飯店地理位置優越，位於 I-78 高速公路上，距離紐約、費城、巴爾的摩、華盛頓均僅 2.5 小時車程。因此，我們期待它再次回歸。我們現在正在進行租賃流程，我們預計未來幾季會有一些不錯的活動。

(Operator Instructions) Matt Kornack, National Bank Financial.

（操作員指示）國家銀行金融的馬特·科納克 (Matt Kornack)。

Can you just provide a bridge as to kind of where in-place and like rent paying occupancy would be today to kind of your 96% to 97% end of year. It sounds like there's still a lot to be captured potentially into 2026 on that front as well. I'm just trying to gauge kind of how it comes in on an economic basis versus a straight-line basis because it's a pretty big number of GLA.

您能否提供一座橋樑，說明目前就地和租金支付入住率與年底 96% 到 97% 之間的差距。聽起來到 2026 年在這方面仍有許多事情有待解決。我只是想衡量一下它在經濟基礎上與直線基礎上的差異，因為這是一個相當大的 GLA 數字。

I'm trying to understand the question. Sorry, Matt, was looking at...

我正在嘗試理解這個問題。抱歉，馬特，我正在看…

Well, I think we have committed occupancy. I think he was trying to get at like where is the -- I guess by the end of the year, we're at least going to be at 96.5% in place, right? Like we know that for sure.

嗯，我想我們已經承諾入住了。我認為他想了解的是——我猜今年年底，我們至少會達到 96.5% 的到位率，對嗎？就像我們確信那樣。

No, by the fourth quarter.

不，到第四季。

Yes. I say before the end of the year, by the fourth quarter -- sorry, by the fourth quarter, we'll hit 96.5%. Yes.

是的。我說的是在今年年底之前，到第四季度——抱歉，到第四季度，我們將達到 96.5%。是的。

Okay. And then I mean -- so the full benefit will be felt in...

好的。然後我的意思是──因此全部的好處將會體現在…

Matt, if I could, like I said -- like I pointed out before, look at the lease term in months and you get a sense of the free rent.

馬特，如果可以的話，就像我說的——就像我之前指出的，看看以月為單位的租賃期限，你就會了解免租金的情況。

Okay, we'll do that. But needless to say, the setup is very positive for '26 growth. Is there anything in other than the Pennsylvania asset in '26 that you've got any concern about? Or at this point, is it pretty locked? I know you haven't done much in the committed for next year, but would you think that you'd get kind of in that 80% to 90% retention ratio again?

好的，我們會這麼做。但毋庸置疑，這項安排對於 26 年的成長非常有利。除了 26 年的賓州資產以外，還有什麼讓您擔心的嗎？或者在這一點上，它已經相當鎖定了？我知道您對明年的承諾還不夠，但您認為您的保留率還能再達到 80% 到 90% 嗎？

Yes, I don't want to throw a number out there. If your question is, do we have any particular concerns? No, we don't. We know we have 750,000 feet coming back, but we think the mark-to-market there is probably 15% to 20%. So we're encouraged by sort of the prospects there to drive rents in the future, but don't have any specific concerns about '26 at this time.

是的，我不想說出具體數字。如果你的問題是，我們有什麼特別的擔憂嗎？不，我們不知道。我們知道有 75 萬英尺的飛機回來了，但我們認為那裡的市價大概在 15% 到 20% 之間。因此，我們對未來推動租金上漲的前景感到鼓舞，但目前對 26 年沒有任何具體的擔憂。

And I think you highlighted it last quarter and achieved a good rent spread in the US this quarter. Can you give us a sense as to kind of where mark-to-market sits for the geographies at this point or what you'd expect? I know Europe was kind of low-single digits, but it sounded like there were some fixed renewal aspects there as well.

我認為您在上個季度就強調了這一點，並且本季度在美國實現了良好的租金差價。您能否告訴我們目前各地區的市價水平如何，或者您有何預期？我知道歐洲的成長率有點低，但聽起來那裡也有一些固定的更新面向。

Are you talking about 2026 specifically?

您具體指的是 2026 年嗎？

Maybe just in terms of the balance of '25 and then how '26 is shaping up.

也許只是就 25 年的平衡以及 26 年的進展而言。

I don't have that for you. I think we'll make a point on the Q3 call to have more specific numbers. And the only reason I'm hesitating is we've moved rents so much on these assets that I'd rather wait for another quarter and give you a better idea of our viewpoint.

我沒有那個給你。我認為我們會在第三季電話會議上強調提供更具體的數字。我猶豫的唯一原因是我們已經將這些資產的租金調高了太多，我寧願再等一個季度，讓你更了解我們的觀點。

And then the last one for me. Toronto, like you've done well in your portfolio in the Toronto market. Is it at this point, do you feel good with what you own in the market?

對我來說這是最後一個。多倫多，就像你們在多倫多市場的投資組合表現良好一樣。就目前而言，您對自己在市場上所擁有的資產感到滿意嗎？

I think I lost you for a bit there. You had mentioned that we have done well in Toronto. Are we happy with the portfolio in Toronto? Is that the question?

我想我暫時失去你了。您曾提到我們在多倫多做得很好。我們對多倫多的投資組合滿意嗎？這是問題嗎？

No. Would you look to -- as you kind of expand into, I guess, gateway markets, I don't know if the pricing is attractive in Toronto at this point or more attractive, but would you look to add in Toronto or any other Canadian market for that matter?

不。您是否會考慮——當您擴展到門戶市場時，我不知道目前多倫多的定價是否具有吸引力或更具吸引力，但您是否會考慮擴展到多倫多或任何其他加拿大市場？

Yes, I think we would. I think what's really important to us when we underwrite is the strength of the market, what we think the market is going to do and how it's going to perform over the next 5-years to 10-years. And I think -- and that's how we base our pricing on it as well. And I think for us, we think some markets will outperform Toronto, and therefore, we adjust our pricing accordingly. So we do want to continue to grow in the GTA market.

是的，我想我們會的。我認為，當我們承保時，對我們來說真正重要的是市場的實力、我們認為市場將會如何發展以及它在未來 5 年到 10 年內的表現如何。我認為——這也是我們定價的依據。我認為，對我們來說，一些市場的表現將優於多倫多，因此，我們會相應地調整價格。所以我們確實希望在 GTA 市場繼續成長。

I think right now, we just probably have a different view than most on where rents will be in the market in a couple of years from now, and that obviously impacts our pricing on those assets. So we will -- I am confident we will grow in the Toronto market. I just think we're going to remain very disciplined on pricing on what we buy.

我認為現在，我們可能與大多數人對幾年後市場租金走勢的看法不同，這顯然會影響我們對這些資產的定價。所以我們會——我相信我們會在多倫多市場成長。我只是認為我們將對所購買商品的定價保持非常嚴格的紀律。

Tal Woolley, CIBC Capital Markets.

加拿大帝國商業銀行資本市場 (CIBC Capital Markets) 的 Tal Woolley。

Teresa, I was just wondering if I'm reading my charts here correctly, you're sort of -- if you were looking to float unsecured right now, you're probably looking at a rate in the 4s, low 4s?

特蕾莎，我只是想知道我是否正確地讀懂了這裡的圖表，你有點——如果你現在想要浮動無擔保，你可能正在考慮 4s 中的利率，4s 以下的利率？

Yes, that's right. I would say right around 4%, especially looking at the deal that Choice did yesterday and that brought in spreads quite a bit. So that would be on the Canadian front. If we were to go like to swap to euro, which is, of course, we do most of our debt that way, we would be looking at 3.5.

是的，沒錯。我認為大約是 4%，特別是看看 Choice 昨天達成的交易，這帶來了相當大的利差。所以那將是在加拿大方面。如果我們要兌換成歐元，當然，我們的大部分債務都是透過歐元償還的，那麼我們會看到 3.5。

Okay. Perfect. And then I guess, Kevan, let's assume for a moment, I'm a representative from a pension plan here in Canada. And I come to you say, I've got a couple of billion dollars I'd like Granite to manage for me and invest in industrial real estate. First of all, are you interested in that proposition?

好的。完美的。然後我想，凱文，讓我們假設一下，我是加拿大退休金計畫的代表。我來告訴你，我有幾十億美元，想讓 Granite 公司幫我管理並投資工業房地產。首先，你對這個提議有興趣嗎？

Well, that is a loaded question. Understanding the strings attached and the conditions, probably not, I would say. Well, we're not a fee driver. We are open to the right strategic partnerships, I would say that. So I wouldn't say no forever. I just feel -- our focus is on building the portfolio and the business in the right way. And there will be a time, I think, for JV partnerships, but those have to be on the right terms.

嗯，這是一個引導性的問題。了解附加的條件和條件，我想說，可能不會。嗯，我們不是收費司機。我想說，我們對正確的策略夥伴關係持開放態度。所以我不會永遠說不。我只是覺得——我們的重點是以正確的方式建立投資組合和業務。我認為，將來會有合資夥伴關係的時機，但必須建立在正確的條件下。

And you have to be very aligned. And I think the last few years will show you that will put partnerships and alignment under a lot of pressure, right? I think it has been constructive to go through the challenges that I think all REITs and all companies have gone through over the past few years. So I think anyone coming out of this would look at partnership opportunities carefully. And so to answer your question, under the right conditions, absolutely.

而且你必須非常一致。我認為過去幾年的情況表明，合作夥伴關係和協調將面臨很大壓力，對嗎？我認為，克服過去幾年所有房地產投資信託基金和所有公司所面臨的挑戰是建設性的。因此我認為任何走出困境的人都會仔細考慮合作機會。所以回答你的問題，在適當的條件下，絕對可以。

Okay. So let's say we can come to mutually agreeable terms. Where would you expect -- if you can maybe do it on a percentage basis, how much would you look to buy in Europe versus Canada versus the US right now?

好的。所以我們可以說我們能夠達成雙方都同意的條款。您預計—如果您可以以百分比計算，現在打算在歐洲、加拿大和美國購買多少？

Well, I mean, I think for us, I think Europe is providing more compelling opportunities today, and that can change. And I think as you've seen, we like certain markets in the US, and there's always opportunities in the US There are fewer, although I say compelling, there is not as much transaction volume in Europe, but the opportunities we are seeing today are more compelling in Europe.

嗯，我的意思是，我認為對我們來說，歐洲今天正在提供更多引人注目的機會，而且這種情況可能會改變。我認為，正如您所見，我們喜歡美國的某些市場，而且美國總是有機會。雖然我說引人注目，但歐洲的交易量沒有那麼多，但我們今天看到的機會在歐洲更具吸引力。

And I think for now that's going to continue. So if you look at our activity, and this is just an opinion of mine at a point in time today, I would say we'll probably be more active in Europe and select markets in the US and less so in Canada over the next 12-months based more on opportunities and pricing that we see on those opportunities.

我認為目前這種情況將會持續下去。因此，如果你看看我們的活動，這只是我今天某個時間點的看法，我想說，在未來 12 個月內，我們可能會在歐洲和美國的特定市場更加活躍，而在加拿大則不那麼活躍，這更多地取決於我們在這些機會中看到的機會和定價。

And sorry, your reason for calling Europe compelling is that your -- the returns you think you can get upfront are materially better than what you can get elsewhere?

抱歉，您之所以說歐洲具有吸引力，是因為您認為您可以從歐洲預先獲得的回報比在其他地方獲得的回報要好得多？

Not materially. I mean it's very -- the market is very efficient, believe me. And we're not the only ones that are trying to place capital. If you look at the quantum of private equity capital, institutional capital pursuing these types of assets is very large. And it is a challenge for a company like Granite to find the right opportunities that fit for us in a very competitive capital environment right now, but that's what we do.

不是物質上的。我的意思是，市場非常高效，相信我。我們不是唯一試圖投入資本的人。如果你看一下私募股權資本的數量，你會發現追求這些類型資產的機構資本非常龐大。對於像 Granite 這樣的公司來說，在目前競爭激烈的資本環境中尋找適合我們的機會是一項挑戰，但這就是我們所做的。

We've been successful through the years doing just that. So I'm confident we'll continue to be successful. But to me, I just feel that there will be better performance overall in Europe than we will see in markets in the US. And again, that can change, and it depends on pricing. It depends on the denominator as well.

多年來我們一直這樣做並取得成功。因此我相信我們將繼續取得成功。但對我來說，我只是覺得歐洲的整體表現將比美國市場更好。再次強調，這可能會發生變化，並且取決於定價。這也取決於分母。

And in fact when you -- are you factoring in the cost of financing there, too, with Europe as well? Is that part of what makes it compelling?

事實上，您是否也考慮了那裡以及歐洲的融資成本？這是讓它引人注目的部分原因嗎？

It can, but that will be a consideration and that wouldn't be a major consideration. When we underwrite most deals, we do it on a leverage-neutral basis and a gross basis, i.e., without leverage, right? So that's -- the acquisition and the asset has to stand on its own without the benefit of leverage and pricing on the debt.

可以，但這只是一種考慮，而且不會是主要考慮因素。當我們承銷大多數交易時，我們都是按照槓桿中性和總額來做的，即不使用槓桿，對嗎？因此，收購和資產必須獨立存在，不能利用債務的槓桿和定價。

Pammi Bir, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Pammi Bir。

Kevan, you've made some good leasing progress, but you've also mentioned or maybe emphasize a bit of caution still among tenants. Are you seeing any pressure on any of the tenant base at the moment or anything that maybe gives you some concern either by segment or by market?

Kevan，你們在租賃方面取得了一些良好的進展，但你也提到或強調了租戶仍然需要謹慎。您是否發現目前任何租戶群體面臨壓力，或任何可能讓您在細分市場或市場中感到擔憂的事情？

No, I don't think we have any immediate concerns. And I didn't think I came by that. I didn't think I sort of sounded that negative, but I guess I did. But no, and I think everyone is sort of reading too much into this, and we think that there's this sort of shoe to drop. We're not aware of any immediate concerns with our tenant base, if that's the sort of question.

不，我認為我們沒有任何當前擔憂。但我沒想到我會這麼做。我並不認為我的聲音聽起來如此消極，但我想我確實如此。但不，我認為每個人都對這個問題過度解讀了，我們認為這是有預兆的。如果這是一個問題的話，我們還沒有意識到我們的租戶群體有任何直接的擔憂。

Okay. And then just lastly, any notable changes in terms of bad debts?

好的。最後，壞帳方面有什麼顯著的變化嗎？

No, nothing right now.

不，現在沒有。

Or provisioning.

或配置。

No, we provisioned nothing, Pammi, and no credit watch at the moment.

不，我們沒有提供任何準備，帕米，目前也沒有信用監控。

Thank you. There are no further questions at this time. Please proceed.

謝謝。目前沒有其他問題。請繼續。

All right. Well, thank you, everyone, for being on the call today and look forward to hopefully speaking with you again in Q3.

好的。好吧，謝謝大家今天的電話會議，並希望在第三季再次與你們交談。

Thank you. Ladies and gentlemen, this concludes today's conference call. You may now disconnect your lines.

謝謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路了。