Industrial Logistics Properties Trust (ILPT) 2023 Q1 法說會逐字稿

Hello, and welcome to the Industrial Logistics Properties Trust First Quarter 2023 Financial Results Conference Call. (Operator Instructions) Please note, today's event is being recorded.

您好，歡迎來到 Industrial Logistics Properties Trust 2023 年第一季度財務業績電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Stephen Colbert, Director of Investor Relations. Please go ahead, sir.

我現在想將會議轉交給投資者關係總監斯蒂芬科爾伯特。請繼續，先生。

Good morning. Joining me on today's call are Yael Duffy, President and Chief Operating Officer; and Brian Donley, Treasurer and Chief Financial Officer.

早上好。與我一起參加今天電話會議的還有總裁兼首席運營官 Yael Duffy；財務主管兼首席財務官 Brian Donley。

Today's call includes a presentation by management, followed by a question-and-answer session with analysts. Please note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company.

今天的電話會議包括管理層的介紹，隨後是與分析師的問答環節。請注意，未經公司事先書面同意，禁止錄製和轉播今天的電話會議。

Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on ILPT's beliefs and expectations as of today, April 26, 2023, and actual results may differ materially from those that we project.

另請注意，今天的電話會議包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性陳述基於 ILPT 截至今天（2023 年 4 月 26 日）的信念和預期，實際結果可能與我們預測的結果存在重大差異。

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, or SEC, which can be accessed from our website, ilptreit.com or the SEC's website.

公司沒有義務修改或公開發布對今天電話會議中所做的前瞻性陳述的任何修改結果。有關可能導致這些差異的因素的更多信息包含在我們提交給美國證券交易委員會 (SEC) 的文件中，可以從我們的網站 ilptreit.com 或 SEC 的網站訪問這些文件。

Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we will be discussing non-GAAP financial numbers during this call, including normalized funds from operations or normalized FFO, adjusted EBITDA and cash-based net operating income or cash basis NOI.

提醒投資者不要過分依賴任何前瞻性陳述。此外，我們將在本次電話會議期間討論非 GAAP 財務數據，包括標準化運營資金或標準化 FFO、調整後的 EBITDA 和基於現金的淨營業收入或現金基礎 NOI。

A reconciliation of these non-GAAP figures to net income and the components to calculate cash available for distribution are available in our supplemental operating and financial data package which can be found on our website.

這些非 GAAP 數據與淨收入的對賬以及計算可供分配現金的組成部分可在我們的補充運營和財務數據包中找到，這些數據包可在我們的網站上找到。

With that, I will turn the call over to Yael.

有了這個，我會把電話轉給 Yael。

Thank you, Stephen, and good morning. I would like to begin by highlighting the enhanced earnings release format that we issued last night. We believe this combined presentation of information will be helpful for analysts and investors to efficiently digest information about our company and results.

謝謝你，斯蒂芬，早上好。首先，我想強調一下我們昨晚發布的增強型收益發布格式。我們相信，這種信息的組合呈現將有助於分析師和投資者有效地消化有關我們公司和業績的信息。

On today's call, I will review ILPT's operating and leasing performance and then turn the call over to Brian to provide an update on our financial results.

在今天的電話會議上，我將審查 ILPT 的運營和租賃業績，然後將電話轉給布賴恩，以提供我們財務業績的最新情況。

We started the year with continued demand for our high-quality portfolio, consistent with the trends we saw throughout 2022. Same-property cash basis NOI grew by 3.2% compared to the same period last year. We executed new and renewal leases for 1.1 million square feet and total occupancy remained healthy at 98.7%.

今年年初，我們對高質量投資組合的需求持續增長，這與我們在整個 2022 年看到的趨勢一致。與去年同期相比，同物業現金基礎 NOI 增長了 3.2%。我們執行了 110 萬平方英尺的新租約和續租租約，總入住率保持在 98.7% 的健康水平。

Before we get into the details of the quarter, we wanted to make you aware that Home Depot, our third largest tenant exercised its termination rights on a 2.2 million square foot land parcel in Hawaii that they agreed to lease from us last year.

在介紹本季度的細節之前，我們想讓您知道，我們的第三大租戶家得寶 (Home Depot) 在他們去年同意從我們租賃的夏威夷 220 萬平方英尺的地塊上行使了終止權。

The lease was executed in June of 2022 and allowed for a due diligence period that was scheduled to expire on March 31. We remain in active discussions with Home Depot regarding this site but have also reengaged broader leasing efforts.

租約於 2022 年 6 月執行，並允許原定於 3 月 31 日到期的盡職調查期。我們仍在與 Home Depot 就該地點進行積極討論，但也重新開展了更廣泛的租賃工作。

This lease termination had no impact on our financial results as we continue to recognize rent from an existing tenant that leases the site through March 2024, which we believe gives us ample time to re-lease the property prior to the tenant's lease maturities.

終止租約對我們的財務業績沒有影響，因為我們繼續確認租用該場地至 2024 年 3 月的現有租戶的租金，我們相信這使我們有足夠的時間在租戶的租約到期之前重新出租該物業。

Turning to our operating and leasing results. ILPT's consolidated portfolio includes 413 warehouse and distribution properties in 39 states, totaling approximately 60 million square feet with a weighted average remaining lease term of approximately 8 years.

轉向我們的經營和租賃結果。 ILPT 的綜合投資組合包括 39 個州的 413 個倉庫和配送物業，總面積約為 6000 萬平方英尺，加權平均剩餘租期約為 8 年。

During the first quarter, we entered 12 new and renewal leases for approximately 1.1 million square feet at a weighted average lease term of 8.9 years. This activity resulted in GAAP and cash leasing spreads of 15.1% and 9.5%, respectively.

第一季度，我們簽訂了 12 項新租約和續租約 110 萬平方英尺，加權平均租期為 8.9 年。該活動導致 GAAP 和現金租賃利差分別為 15.1% 和 9.5%。

The impact of this activity is an increase of $1.4 million in annualized rental revenue, of which 75% will go into effect in 2023. These results continue to showcase our ability to generate organic cash flow growth while maintaining portfolio stability.

這項活動的影響是年租金收入增加 140 萬美元，其中 75% 將在 2023 年生效。這些結果繼續展示我們在保持投資組合穩定性的同時產生有機現金流增長的能力。

Renewals on the Mainland drove most of our leasing for the quarter, including 3 renewals with FedEx, our largest tenant that totaled 587,000 square feet with weighted average roll-up in GAAP and cash rents of 14.1% and 12.6%, respectively.

內地的續租推動了我們本季度的大部分租賃，其中包括與聯邦快遞的 3 次續租，聯邦快遞是我們最大的租戶，總面積為 587,000 平方英尺，按 GAAP 和現金租金計算的加權平均累計租金分別為 14.1% 和 12.6%。

Earlier this month at its DRIVE investor event, FedEx announced that it plans to consolidate its operating companies into 1 organization, which will merge FedEx Express, Ground and several other of its operating companies into Federal Express Corporation.

本月早些時候，在其 DRIVE 投資者活動上，聯邦快遞宣布計劃將其運營公司合併為一個組織，這將把 FedEx Express、Ground 和其他幾家運營公司合併到聯邦快遞公司。

Our leasing and asset management teams have a strong relationship with FedEx decision makers who have committed to having an open dialogue with us as they work through their plans.

我們的租賃和資產管理團隊與 FedEx 決策者建立了牢固的關係，他們承諾在製定計劃時與我們進行公開對話。

Furthermore, over 75% of our FedEx portfolio and the associated $96.9 million in annualized revenue is secure given its long-term lease with expirations in 2027 and beyond.

此外，鑑於其長期租約將於 2027 年及以後到期，我們超過 75% 的 FedEx 投資組合和相關的 9690 萬美元年化收入是安全的。

Looking ahead, approximately 18% of ILPT's portfolio is scheduled to roll by the end of 2025, primarily driven by our Mainland properties. We are currently tracking 27 deals in our pipeline for more than 2.5 million square feet.

展望未來，ILPT 約 18% 的投資組合計劃在 2025 年底前推出，主要由我們的大陸物業推動。我們目前正在追踪 27 筆交易，交易面積超過 250 萬平方英尺。

We anticipate a near-term conversion of 62% of our pipeline, given that 1.6 million square feet of current activity is in advanced stages of negotiation or lease documentation. Once executed, we expect these leases will yield average rollups in rent of 20% on the Mainland and 30% in Hawaii, further illustrating the strength of our portfolio.

鑑於 160 萬平方英尺的當前活動處於談判或租賃文件的後期階段，我們預計近期將轉換 62% 的管道。一旦執行，我們預計這些租約將產生大陸 20% 和夏威夷 30% 的平均租金匯總，進一步說明我們投資組合的實力。

Before turning the call over to Brian, I wanted to make you aware of the recent publication of the RMR Group's Annual Sustainability Report. The report highlights insights, accomplishments and data regarding our managers' commitment to long-term ESG goals. We are proud of the progress made to strengthen ILPT's sustainability practices and enhance our ESG transparency and disclosure. You can find links to the complete report as well as an ILPT specific tearsheet on our website at ilptreit.com. Brian?

在將電話轉給 Brian 之前，我想讓您了解最近發布的 RMR 集團年度可持續發展報告。該報告重點介紹了有關我們的管理人員對長期 ESG 目標的承諾的見解、成就和數據。我們為加強 ILPT 的可持續發展實踐和提高我們的 ESG 透明度和披露所取得的進展感到自豪。您可以在我們的網站 ilptreit.com 上找到完整報告的鏈接以及 ILPT 特定的撕樣。布萊恩？

Thank you, Yael, and good morning. Starting with our consolidated financial results for the first quarter of 2023. Normalized funds from operations were $7.9 million or $0.12 per share, a decline of $19.7 million compared to the prior year quarter.

謝謝 Yael，早上好。從我們 2023 年第一季度的綜合財務業績開始。標準化運營資金為 790 萬美元或每股 0.12 美元，比去年同期減少 1970 萬美元。

The major drivers impacting normalized FFO over the prior year quarter was higher interest expense, partially offset by a $29.3 million increase in NOI.

影響上一季度標準化 FFO 的主要驅動因素是利息支出增加，部分被 NOI 增加 2930 萬美元所抵消。

Adjusted EBITDAre increased 53.6% year-over-year to $80.7 million. These changes were a result of our acquisition and related financing activities of Monmouth in 2022.

調整後的 EBITDAre 同比增長 53.6% 至 8070 萬美元。這些變化是我們在 2022 年對 Monmouth 的收購和相關融資活動的結果。

Total portfolio same-property cash basis NOI for the first quarter increased 3.2% year-over-year. The increase this quarter was driven by the favorable change to reserve for uncollectible rents of approximately $850,000, and an increase in percentage rents earned at 1 of our Hawaii properties.

第一季度總投資組合同資產現金基礎 NOI 同比增長 3.2%。本季度的增長是由於為約 850,000 美元的無法收回的租金準備金的有利變化，以及我們在夏威夷一處物業賺取的租金百分比的增加。

Interest expense increased $29.8 million over the prior year quarter as a result of our financing activities related to the Monmouth acquisition in 2022.

由於我們在 2022 年與 Monmouth 收購相關的融資活動，利息支出比上一季度增加了 2980 萬美元。

As a reminder, we have interest rate caps for our $2.6 billion of floating rate loans and rates continue to exceed the strike rates fixing our interest through the initial maturities in 2024. Our current estimated quarterly interest expense run rate is approximately $71 million, consisting of $58 million of cash interest expense and $13 million of noncash amortization of financing costs, including the interest rate caps.

提醒一下，我們的 26 億美元浮動利率貸款有利率上限，並且利率在 2024 年的初始到期日繼續超過固定利率的執行利率。我們目前估計的季度利息支出運行率約為 7100 萬美元，包括5800 萬美元的現金利息支出和 1300 萬美元的非現金融資成本攤銷，包括利率上限。

Turning to our balance sheet, including extension options, ILPT's weighted average debt maturity is 6 years with no maturities until 2027. As of March 31, our total debt that either carried a fixed rate or is fixed through interest rate caps with a total weighted average interest rate of 5.4%. We currently have $61 million of cash on hand, excluding the cash held by our consolidated joint venture and amounts escrowed under our debt agreements.

轉向我們的資產負債表，包括延期選擇權，ILPT 的加權平均債務期限為 6 年，直到 2027 年才到期。截至 3 月 31 日，我們的總債務要么採用固定利率，要么通過利率上限固定，總加權平均利率為5.4%。我們目前手頭有 6100 萬美元的現金，不包括我們合併後的合資企業持有的現金和根據我們的債務協議託管的金額。

Capital expenditures for the fourth quarter were $4.9 million, including $2.5 million of development costs, $2 million of tenant improvements and leasing costs and $400,000 of building improvements.

第四季度的資本支出為 490 萬美元，其中包括 250 萬美元的開發成本、200 萬美元的租戶改善和租賃成本以及 400,000 美元的建築改善費用。

In closing, we're focused on our operations and continue to monitor market conditions for potential dispositions and deleveraging opportunities. Our portfolio remains strong with an exceptional tenant roster, near full occupancy and rising rents across our portfolio, and we expect that ILPT will continue to benefit from industry demand for high-quality industrial real estate.

最後，我們專注於我們的運營，並繼續監控市場狀況以尋找潛在的處置和去槓桿化機會。我們的投資組合依然強勁，擁有出色的租戶名冊、幾乎全部入住和我們投資組合的租金上漲，我們預計 ILPT 將繼續受益於行業對高質量工業房地產的需求。

That concludes our prepared remarks. Operator, please open the line for questions.

我們準備好的發言到此結束。接線員，請打開問題線路。

(Operator Instructions) And the first question comes from Bryan Maher with B. Riley FBR.

（操作員說明）第一個問題來自 Bryan Maher 和 B. Riley FBR。

Yael and Brian. Maybe a question for Brian to start. On the interest rate, it's a big topic these days and you kind of walked through the cash component and the noncash component.

耶爾和布賴恩。也許是布賴恩開始的問題。關於利率，這是當今的一個大話題，您已經了解了現金部分和非現金部分。

As we think out to 2024 and let's assume that you exercise your extension options and you have to make -- pay for new caps. How should we think about that noncash component of the amortization and the cost of the new caps? And let's just to say, assume you have to do that at today's rates, how should we think about interest expense next year under that scenario?

當我們考慮到 2024 年時，讓我們假設您行使延期選擇權並且您必須支付新的上限。我們應該如何考慮攤銷的非現金部分和新上限的成本？我們只是說，假設你必須以今天的利率這樣做，在這種情況下我們應該如何考慮明年的利息支出？

Thanks, Bryan. It's a good question. As we look at the interest rate caps and how that accounting works, you're essentially buying down the interest to maintain the same strike rate for the next 1-year period.

謝謝，布萊恩。這是個好問題。當我們查看利率上限和會計工作方式時，您實際上是在購買利息以在接下來的 1 年期間保持相同的罷工率。

If we were to buy a cap today, I would estimate a 1-year cap based on today's SOFR curve anywhere from $10 million to $20 million. It's a very volatile market and interest rates, as you know, can change on a whim.

如果我們今天要買一個上限，我會根據今天的 SOFR 曲線估計 1 年的上限在 1000 萬到 2000 萬美元之間。這是一個非常不穩定的市場和利率，如您所知，可以隨心所欲地改變。

But the way that will work is the amortization of the current cap will expire, and I will note, especially on the CMBS loan we did in September, that cap was very expensive, $50 million. So the amortization of that cap -- there could be a favorable change in what we're recognizing for interest expense if the cap for 1 year is cheaper. So that's the best guidance I can give today that -- hopefully, the rates continue in the forward curve continues to decline and the price of those caps decline because they're not cheap today.

但可行的方法是當前上限的攤銷將到期，我會注意到，特別是我們在 9 月份提供的 CMBS 貸款，該上限非常昂貴，為 5000 萬美元。因此，該上限的攤銷——如果 1 年的上限更便宜，我們確認的利息支出可能會有有利的變化。所以這是我今天能給出的最好指導——希望遠期曲線的利率繼續下降，並且這些上限的價格下降，因為它們今天並不便宜。

Right. That's helpful. And another company that we cover here last year, bought some caps or some hedges or did something. I'd have to go look it up. last year knowing that caps would expire this year on loans that they were going to extend.

正確的。這很有幫助。我們去年在這里報道的另一家公司購買了一些上限或一些對沖或做了一些事情。我得去看看。去年知道他們將要延長的貸款上限將於今年到期。

Is there anything that you're looking at, given the tenure at 3 40 today that you could do today that would lock in something for an extension for next year.

考慮到今天 3 點 40 分的任期，你有沒有看到你今天可以做的事情，從而鎖定明年的延期。

Yes. That's a good question. It's not something we're considering. I think all pundits would say that interest rates are expected to decline at some point in the future. And the forward curve is what drives the pricing on a cap.

是的。這是個好問題。這不是我們正在考慮的事情。我認為所有權威人士都會說利率預計會在未來某個時候下降。遠期曲線是推動上限定價的因素。

It's something we talk to different people on what that could look like in a year. And for us, we're going to give it some more time and let the backdrop settle in, hopefully, over the next few quarters.

這是我們與不同的人討論一年後會是什麼樣子的事情。對於我們來說，我們將給它更多的時間，讓背景在接下來的幾個季度內穩定下來。

Okay. And maybe shifting gears. Can you elaborate a little bit more, maybe, Yael, on the Home Depot termination. It seems like you're still engaged with them? Are they just simply looking for a lower price? And maybe how deep is the bench of potential tenants to take that space if you can't come to an agreement with them?

好的。也許換檔。 Yael，你能詳細說明一下 Home Depot 的終止嗎？好像還和他們訂婚了？他們只是在尋找更低的價格嗎？如果你不能與他們達成協議，潛在租戶的替補席有多深？

Thanks, Bryan. This was a unique circumstance. We generally don't allow for diligence periods and termination rights in our leases. And with Home Depot, this is a very large parcel of 2.2 million square feet, and they had done some diligence, as I think we mentioned earlier, they are planning on putting a warehouse and distribution facility on this site. So they just needed a little more time on their planning.

謝謝，布萊恩。這是一個獨特的情況。我們通常不允許在我們的租約中有盡職調查期和終止權。對於 Home Depot，這是一個 220 萬平方英尺的非常大的地塊，他們已經做了一些努力，正如我想我們之前提到的，他們正計劃在此站點上放置一個倉庫和配送設施。所以他們只是需要多一點時間來計劃。

And so as I mentioned, they didn't give us the reason why they terminated, but I think they realized that the site would be really essential as they grow their network, and they remain interested. But as I mentioned, we have started engaging the broader market.

因此，正如我提到的，他們沒有告訴我們終止的原因，但我認為他們意識到該網站在他們發展網絡時非常重要，並且他們仍然感興趣。但正如我所提到的，我們已經開始參與更廣闊的市場。

And I think the reasons why Home Depot like this site and other Mainland retailer would also find it attractive and I think our chances are good in this park, the parcels in James Campbell Industrial Park. And as of Q1, it had less than 0.5% of vacancy. So I think that provides us with a competitive advantage to re-lease it.

而且我認為Home Depot喜歡這個網站的原因和其他大陸零售商也會覺得它有吸引力，我認為我們在這個園區的機會很大，James Campbell Industrial Park的地塊。截至第一季度，它的空置率不到 0.5%。所以我認為這為我們提供了重新租賃的競爭優勢。

And just last for me. You mentioned the 27 deals that you're tracking, 2.5 million square feet for the next couple of years re-leasing? You said something about a 62% conversion anticipated. Am I to assume from that, that the properties or tenants that you've engaged in the 38% aren't looking to renew and what are the prospects for those properties?

對我來說只是最後一次。你提到了你正在跟踪的 27 筆交易，未來幾年將有 250 萬平方英尺的重新租賃？你說了一些關於預期 62% 的轉換。我是否可以由此假設，您所從事的 38% 的房產或租戶不打算續約，這些房產的前景如何？

No, that's actually not what I meant. So we have, in our pipeline, in '23, '24 expirations, we actually have very minimal expirations in the next couple of years. And so that's mostly '23 and '24, and we just have -- we've engaged with them early and the ones that are 62% likely to execute are just the ones that we have assigned LOI over and we're negotiating a lease.

不，這實際上不是我的意思。因此，在我們的管道中，在 23 年、24 年到期時，我們實際上在未來幾年的到期時間非常少。所以這主要是 23 年和 24 年，我們剛剛 - 我們很早就與他們接觸了，62% 可能執行的人只是我們已經分配了 LOI 的人，我們正在談判租約.

Okay. If you had to put some kind of probability on the level of renewals from those that are expiring, give or take, 5 percentage points? What do you anticipate that being?

好的。如果您必須將某種可能性放在即將到期的續約水平上，給予或接受，5 個百分點？你期望那是什麼？

Yes. So currently, today, we only know of 3 properties where the tenant is likely to vacate, and it represents less than 0.5% of ILPT's annualized revenue, about 240,000 square feet.

是的。所以目前，今天，我們只知道租戶可能騰出的 3 個物業，它佔 ILPT 年收入的不到 0.5%，約 240,000 平方英尺。

And the next question comes from Mitchell Germain with JMP Securities.

下一個問題來自 JMP Securities 的 Mitchell Germain。

I appreciate the new disclosures. I wanted to talk about revenues. Brian, I know you talked about a reserve and a percentage rent from Hawaii. So assuming the reserve is kind of a onetimer, what about the percentage rent? Is that just going to be a onetime benefit in the quarter?

我很欣賞新的披露。我想談談收入。布賴恩，我知道你談到了夏威夷的儲備金和百分比租金。所以假設儲備金是一次性的，那麼租金百分比呢？這只是本季度的一次性福利嗎？

Yes, that tenant pays percentage rent annually and that tenant -- they've a significant increase in their revenues that were up in the percentage rent. It could repeat next year, but it's a percentage rent that could be -- could disappear as well. So it's not something we'll necessarily project for, but we were seeing some form of percentage rent in that tenant annually.

是的，那個租戶每年支付一定比例的租金，而那個租戶——他們的收入有了顯著的增長，而租金的百分比也在上升。明年可能會重複，但租金的百分比也可能會消失。所以這不是我們一定要預測的事情，但我們每年都會看到該租戶的某種形式的租金百分比。

What's the dollar value of that?

它的美元價值是多少？

Yes. We had an increase of $680,000 and change year-over-year, quarter-over-quarter.

是的。我們增加了 680,000 美元，並且同比、環比變化。

Okay. So about $1.5 million of revenues this quarter that are nonrecurring. Is that the way to think about it?

好的。因此，本季度約有 150 萬美元的非經常性收入。是這樣想的嗎？

Yes.

是的。

Okay. I saw Par Pacific entered your top tenant list. Anything you can provide some perspective there?

好的。我看到 Par Pacific 進入了您的頂級租戶名單。你能提供一些觀點嗎？

No, I think it's just with Home Depot, with that lease terminating, that was 2.2 million square feet, they just moved up in the ranks.

不，我認為只是與 Home Depot 一起，隨著租約終止，那是 220 萬平方英尺，他們的排名剛剛上升。

Got you. Okay. And you talked about the leasing spreads, Yael, 9%, but then you referenced FedEx was a bit higher. I think it was 12%. And I think it looks like FedEx was about half of your leasing in the quarter. So kind of what was on the lower end, anything specific that we should be noting there or any trends that we should be worried about?

明白了好的。你談到了租賃利差，Yael，9%，但你提到聯邦快遞有點高。我認為是 12%。我認為 FedEx 似乎佔了本季度租賃的一半左右。那麼低端是什麼，我們應該注意那裡的任何具體內容或我們應該擔心的任何趨勢？

No. As you know, when we do renewal leasing, especially in Hawaii, those are smaller rents. And so in certain instances, the roll-ups just aren't as big, and we had a couple of leases in Hawaii on the renewal.

不。如您所知，當我們進行續租時，尤其是在夏威夷，這些都是較小的租金。因此，在某些情況下，匯總並沒有那麼大，我們在夏威夷有幾份續約租約。

Okay. Given where your cost of debt is today, is there any thought about maybe pursuing some one-off sales now that the market is at least kind of digesting the higher rates and seems to be stabilizing a bit?

好的。考慮到你今天的債務成本，現在市場至少在某種程度上消化了較高的利率並且似乎正在穩定一點，是否有考慮過進行一次性銷售？

Yes. We're constantly evaluating opportunities. We've had a lot of inbound inquiries from opportunistic buyers looking and we're evaluating all of those on a case-by-case basis.

是的。我們不斷評估機會。我們收到了很多來自機會主義買家的入站查詢，我們正在逐案評估所有這些。

I think there's still a period of price discovery. Transaction volume is considerably down year-over-year, I think, upwards of 55%.

我認為還有一段價格發現期。交易量同比大幅下降，我認為超過 55%。

So I think if the opportunity presents itself and it makes sense, we will. But I think we're still holding tight and we're going to be patient until we have a little more data.

所以我認為如果機會出現並且有意義，我們會的。但我認為我們仍然堅持不懈，我們會耐心等待，直到我們獲得更多數據。

(Operator Instructions) And the next question comes from Aditi Balachandran with RBC Capital Markets.

（操作員說明）下一個問題來自 RBC Capital Markets 的 Aditi Balachandran。

Can you talk a little bit more about what you're seeing in the transaction market right now? And what exactly would need to happen or change for you to bring some into the market?

你能多談談你現在在交易市場上看到的情況嗎？您究竟需要發生什麼或改變什麼才能將一些產品推向市場？

Yes. I mean, we have really a big network of brokers, capital market brokers. We have acquisitions and dispositions team that are very close to the market. And I -- there just hasn't been a lot of deals closing.

是的。我的意思是，我們真的有一個很大的經紀人網絡，資本市場經紀人。我們擁有非常貼近市場的收購和處置團隊。而我——只是沒有完成很多交易。

And so again, I think until there's more price discovery, I think we're just waiting. So I mean, again, I think from what we hear, things might start to open up in Q2, Q3 and as interest rates kind of settle. I think the banking crisis kind of put a little bit of a slowdown in the process. So hopefully, in the next 1 quarter or 2, we'll have more data.

因此，我認為在出現更多價格發現之前，我認為我們只是在等待。所以我的意思是，我再次認為，從我們聽到的情況來看，事情可能會在第二季度、第三季度開始開放，並且隨著利率的穩定下來。我認為銀行業危機在一定程度上減緩了這一進程。因此，希望在接下來的 1 個或 2 個季度中，我們將獲得更多數據。

Okay. Got it. And is it fair to assume that you're thinking about like some of the outright asset sales? Or what are your thought process on that?

好的。知道了。假設您正在考慮一些直接的資產出售是否公平？或者你對此的思考過程是什麼？

I think any way we can maximize value. I think we're open to a portfolio. But again, I think with financing being hard to come by, I think that's a limited buyer pool.

我認為我們可以通過任何方式最大化價值。我認為我們對投資組合持開放態度。但同樣，我認為由於很難獲得融資，我認為這是一個有限的買家群體。

So again, we have a robust team that can execute on individual sales, and we're fine to go that route if we can maximize value.

因此，我們再次擁有一支強大的團隊，可以執行個人銷售，如果我們能夠實現價值最大化，我們可以走這條路。

And next question is the call from Mitch Germain with JMP Securities.

下一個問題是 Mitch Germain 與 JMP Securities 的電話。

Sorry, I couldn't help myself. Yael, what happened with Home Depot in Illinois? I know you talked about Hawaii.

對不起，我忍不住了。 Yael，伊利諾伊州的 Home Depot 怎麼了？我知道你談到了夏威夷。

Yes. So they came to their natural lease expiration. When we actually brought them on this portfolio, we knew that to be a known vacate. We're in active discussions with another tenant, and we're hoping to be able to lease it this quarter.

是的。所以他們的租約自然到期。當我們真正將他們帶入這個投資組合時，我們知道這是一個已知的空缺。我們正在與另一位租戶進行積極討論，我們希望能夠在本季度出租。

And we also have follow from Bryan Maher with B. Riley FBR.

我們還有來自 Bryan Maher 和 B. Riley FBR 的關注。

Yes. Just a quick one. As it comes to thinking about potential dispositions or JV partner or putting assets into JVs that you've already established -- are you still actively engaged in those JV partners, sovereign wealth funds that you had dialogue with or worked with in the past? And what's their level of interest currently?

是的。只是一個快速的。在考慮潛在的處置或合資夥伴或將資產投入您已經建立的合資企業時——您是否仍在積極參與那些您過去與之對話或合作過的合資夥伴、主權財富基金？他們目前的興趣水平如何？

As you know, we have a couple of JVs in place, and we're in active discussions with them because we're managing the JVs with that for them. But for bringing on additional partner, especially for the Mountain JV there's been no discussions. As you can see from our financial and supplemental disclosures that JV is not currently cash flowing. So it would be hard to make it attractive for a new partner.

如您所知，我們有幾個合資企業，我們正在與他們積極討論，因為我們正在為他們管理合資企業。但對於引入額外的合作夥伴，尤其是 Mountain JV，還沒有進行任何討論。從我們的財務和補充披露中可以看出，合資企業目前沒有現金流。所以很難讓它對新合作夥伴有吸引力。

And would you ever entertain bringing on a new JV related to the Hawaii assets. I know those have been kind of the crown jewels in the RMR Complex for 20-ish years. But given the fixed rate debt on that, and valuation as you can tell me maybe north of $1.5 billion. What would the appetite be there for ILPT?

並且您是否願意建立與夏威夷資產相關的新合資企業？我知道 20 多年來，它們一直是 RMR Complex 皇冠上的明珠。但考慮到固定利率債務，以及你可以告訴我的估值可能超過 15 億美元。 ILPT 的胃口是什麼？

Yes. I think we're -- I mean, we're really evaluating anything that can help with our deleveraging. So that's not off the table, but we're not in any active conversations right now.

是的。我認為我們——我的意思是，我們真的在評估任何有助於我們去槓桿化的事情。所以這不是不可能的，但我們現在沒有進行任何積極的對話。

And can you share with us what you think that, that property is worth currently in Hawaii, maybe give or take $100 million.

您能否與我們分享您的看法，即該物業目前在夏威夷的價值，可能會給予或接受 1 億美元。

I think your assumption was correct, if not a little low.

我認為你的假設是正確的，即使不是有點低。

And this concludes our question-and-answer session. I would like to turn the call over to Yael Duffy, President and Chief Operating Officer, for any closing remarks.

我們的問答環節到此結束。我想將電話轉給總裁兼首席運營官 Yael Duffy，聽取任何結束語。

Thank you, everyone, for joining us on the call today. We look forward to speaking with many of you at NAREIT in June.

謝謝大家今天加入我們的電話會議。我們期待在 6 月的 NAREIT 與你們中的許多人交談。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your phone lines.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開電話線。