Lineage, Inc. (LINE) 2026 Q2 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the Lineage second-quarter 2026 earnings conference call. (Operator Instructions) I will now hand the conference over to Ki Bin Kim, Head of Investor Relations. Please go ahead.

各位好。感謝各位加入我們，歡迎參加 Lineage 2026 年第二季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係主管 Ki Bin Kim。請開始。

Thank you. Welcome to the Lineage's discussion of this second-quarter 2026 financial results. Joining me today are Greg Lehmkuhl, Lineage's President and Chief Executive Officer; and Robb LeMasters, Chief Financial Officer. Our earnings presentation, which includes supplemental financial information, can be found on our investor relations website at ir.onelineage.com. Following management's prepared remarks, we'll be happy to take your questions.

謝謝。歡迎參加 Lineage 2026 年第二季財務業績說明。今天與我一同出席的有 Lineage 總裁暨執行長 Greg Lehmkuhl，以及財務長 Robb LeMasters。我們的財報簡報（包含補充財務資訊）可於投資人關係網站 ir.onelineage.com 查閱。管理階層的準備發言結束後，我們很樂意回答各位的提問。

Before we start, I would like to remind everybody that our time of today will include forward-looking statements under federal securities laws. These statements are subject to numerous risks and uncertainties as described in our filings with the SEC. These risks could cause our actual results to differ materially from those expressed in or implied by our comments. Forward-looking statements in the earnings release that we issued today, along with the comments on this call, are made only as of today and will not be updated as actual events unfold.

在開始之前，我想提醒各位，今天的內容將包含依據聯邦證券法規所定義的前瞻性陳述。這些陳述受我們向美國證券交易委員會（SEC）提交之文件中所述的多項風險與不確定性影響。這些風險可能導致我們的實際結果與我們評論中明示或暗示的內容出現重大差異。我們今日發布的財報新聞稿中的前瞻性陳述，以及本次電話會議中的相關評論，僅以今日為準，且不會隨實際事件發展而更新。

In addition, reference will be made to certain non-GAAP financial measures. Information regarding our use of these measures and a reconciliation of non-GAAP to GAAP measures can be found in our press release and supplemental package that was issued this morning. Unless otherwise noted, reported figures are rounded and comparisons of the second quarter of 2026 are to the second quarter of 2025. Now I would like to turn the call over to Greg.

此外，我們也將提及若干非 GAAP 財務衡量指標。關於我們使用這些指標的資訊，以及非 GAAP 與 GAAP 指標之間的調節表，可在我們今早發布的新聞稿與補充資料包中查閱。除非另有說明，所報告的數字均已四捨五入，且 2026 年第二季的比較基準為 2025 年第二季。現在我想把電話交給 Greg。

Thanks, Ki Bin, and good morning, everyone. Let me walk through our agenda for this morning. First, I'll provide key highlights from the second quarter, then I'll share our latest views on cold storage industry dynamics. Following my remarks, I'll turn it over to Robb LeMasters, who will walk through the details of our segment performance, capital structure, and outlook. I'll then return to share closing comments before we open up the line for your questions.

謝謝你，Ki Bin，各位早安。我先帶各位看一下今天上午的議程。首先，我會分享第二季的重點摘要，接著說明我們對冷鏈倉儲產業動態的最新看法。在我發言之後，我會把時間交給 Robb LeMasters，他將說明各事業部門的表現、資本結構與展望細節。之後我會回來做結語，然後開放各位提問。

Turning to our quarterly performance on slide 4. We are pleased to report another quarter of better-than-expected results. Operational trends continue to show signs of stabilization, and this quarter marks another step forward in demonstrating our ability to execute on our plan and navigate the industry challenges highlighted in past calls.

接著看投影片第 4 頁的季度表現。我們很高興再次報告本季業績優於預期。營運趨勢持續顯示穩定的跡象，而本季也再次向前邁進一步，展現我們執行計畫的能力，並能因應過去電話會議中提到的產業挑戰。

During the second quarter, adjusted EBITDA was approximately $320 million, ahead of both our internal expectations and consensus estimates. Total AFFO was approximately $198 million or $0.76 per share, also ahead of expectations. As a reminder, the year-over-year decline in AFFO continues to be driven primarily by the expiration of prior year interest rate hedges consistent with our 2026 guidance. On a comparable basis, excluding this impact, underlying AFFO trends are showing meaningful improvement.

第二季調整後 EBITDA 約為 3.20 億美元，高於我們內部預期與市場一致預估。AFFO 總額約為 1.98 億美元，或每股 0.76 美元，同樣優於預期。提醒各位，AFFO 年對年下滑主要仍是由於前一年度利率避險到期所致，這與我們 2026 年指引一致。在可比基礎上，若排除此影響，基礎 AFFO 的趨勢正呈現明顯改善。

Turning to core operations. Let's start with the solid results in our Warehousing segment. We're pleased to see growth in same-store physical occupancy this quarter, increasing 90 basis points year over year. This is a welcome inflection point following last quarter's slight decline and the larger declines we saw throughout 2025. This reflects our ability to grow share despite competition, a function of our industry-leading offerings will discuss in a moment.

接著看核心營運。先從倉儲（Warehousing）事業部的穩健成果談起。我們很高興看到本季同店實體入住率（physical occupancy）成長，年增 90 個基點。在上季小幅下滑、以及 2025 年全年較大幅度下滑之後，這是一個令人欣慰的轉折點。這反映出我們即使面對競爭仍能提升市占，這也與我們業界領先的服務方案有關，稍後我會再說明。

The sequential occupancy trends were slightly better than normal seasonality and economic occupancy continued to track at a consistent spread to physical occupancy. Same-store rent storage and blast revenue per physical talent declined 0.7% year over year while services revenue for thermal pallet increased 2.1%.

依序列（sequential）來看，入住率趨勢略優於一般季節性表現，而經濟入住率（economic occupancy）與實體入住率之間的差距也持續維持在一致水準。同店倉租與急凍（blast）收入（以每單位實體 talent 計）年減 0.7%，而溫控棧板（thermal pallet）的服務收入則年增 2.1%。

As we've explained in the past, customer commodity, and geographic mix, along with FX create some quarter-to-quarter noise in these metrics. So we tend to view them on a combined and trended basis versus a short-term proxy for pricing trends. Robb will go into more detail, but we've completed the significant majority of our 2026 customer pricing discussions and remain confident in the 1% to 2% net pricing increase we previously discussed.

如同我們過去所說，客戶商品別與地理分布組合，以及匯率（FX）都會使這些指標在季度之間出現一些雜訊。因此，我們傾向以合併後並觀察趨勢的方式來看待，而不是把短期變動當作定價趨勢的代理指標。Robb 會進一步說明，但我們已完成 2026 年客戶定價討論的絕大部分，並仍對先前提到的 1% 至 2% 淨定價上調幅度保持信心。

We remain encouraged by the strong execution of our sales team, particularly give growth environment. I'll reiterate that our full-year outlook for revenue per pallet is unchanged. We still expect to be slightly down, consistent with prior guidance. That reflects the trade-related and mix headwinds we've called out on previous calls, which have broadly played out as expected.

我們仍對銷售團隊的強勁執行力感到鼓舞，尤其是在成長環境下。我再重申，我們對全年每棧板收入（revenue per pallet）的展望維持不變。我們仍預期會小幅下滑，與先前指引一致。這反映了我們在先前電話會議中提到的貿易相關因素與組合（mix）逆風，而整體發展大致如我們預期。

Turning to volume. Same-store throughput pallets declined 1.8% year over year. We continued to experience pressure in Q2 on higher turning trade-related port volumes with container volumes down 14% in the quarter. While this quarter's pace of decline represents an improvement relative to the declines we experienced in Q1, I'd remind you that cost or product mix can always play a role quarter to quarter. So this doesn't represent a change to how we see the full year playing out.

接著談量。同店吞吐量棧板數（throughput pallets）年減 1.8%。第二季我們持續承受與貿易相關、周轉較快的港口量壓力，本季貨櫃量下滑 14%。雖然本季下滑速度相較第一季的下滑有所改善，但我也要提醒各位，成本或產品組合在季度之間仍可能造成影響。因此，這並不代表我們對全年走勢的看法有所改變。

I'd also remind you that we adjust labor according to mix and service activity, allowing us to react quickly to optimize cost as mix changes. Overall, same-store NOI declined 2.9% year over year, continued improvement from the steeper declines we saw throughout 2025. Compared to the prior quarter, that's a wide decline in Q1's negative 0.9%, which is mostly explained by the step-down in FX benefit roughly 250 basis points in Q1 to about 90 basis points this quarter as well as Q1's elevated international services activity that we called out last quarter.

我也要提醒各位，我們會依據組合與服務活動調整人力，使我們能在組合變動時快速反應並最佳化成本。整體而言，同店 NOI 年減 2.9%，相較 2025 年全年較大幅度的下滑，持續呈現改善。與前一季相比，這較第一季的負 0.9% 有所擴大，主要原因是匯率帶來的正面效益從第一季約 250 個基點降至本季約 90 個基點，另外也包括我們上季提到的第一季國際服務活動偏高所致。

Before turning to our outlook, I want to briefly discuss the fire we had at our Big Bear Facility in Los Angeles during the quarter. I want to sincerely thank our team members on the ground for their extraordinary response along with the first responders who act quickly to protect the surrounding community. Safety remains our top priority, and I'm incredibly proud of our team, other handling this very challenging situation.

在談展望之前，我想簡要說明本季我們位於洛杉磯的 Big Bear 設施發生的火災。我想由衷感謝現場團隊成員的卓越應對，以及迅速行動、保護周邊社區的第一線救援人員。安全始終是我們的首要任務，我也為我們的團隊在處理這個極具挑戰的情況時所展現的表現感到非常自豪。

As part of our response, we committed over 3.3 million to local nonprofits through direct systems to support the local community during the cleanup and remediation efforts. Robb will provide more details in his remarks.

作為我們應對措施的一部分，我們承諾透過直接系統向當地非營利組織提供超過 330 萬美元的支持，以在清理與修復工作期間支援當地社區。Robb 將在他的發言中提供更多細節。

Turning to our outlook. We have maintained our adjusted EBITDA midpoint while narrowing the range despite the impact of the Big Bear fire. We're also raising our full-year same-store NOI guidance to a range of negative 3% to 0% and increasing our AFFO guidance to $2.80 to $3.05 per share.

接著談我們的展望。儘管 Big Bear 火災帶來影響，我們仍維持調整後 EBITDA 指引的中位數不變，同時縮小區間範圍。我們也上調全年同店 NOI 指引至負 3% 至 0% 的區間，並將 AFFO 指引提高至每股 2.80 至 3.05 美元。

The underlying trajectory of our business through the first half has been encouraging. Operations are performing better than expected, and the signs of stabilization we've highlighted over the past couple of quarters have continued. That said, the operating environment still includes some challenges, competitive dynamics in certain domestic markets, and trade-related volume headwinds. But we're encouraged by our results in the face of these obstacles.

我們的業務在上半年呈現的基本走勢令人鼓舞。營運表現優於預期，且我們在過去幾個季度所強調的穩定跡象仍在延續。話雖如此，營運環境仍存在一些挑戰，包括部分美國國內市場的競爭態勢，以及與貿易相關的量能逆風。但在面對這些阻礙之下，我們的成果仍令我們感到振奮。

The overall direction is positive, and we have the big blocks in place through pricing discipline, productivity initiatives, and the contribution of our past investments in people, process, and technology. I also want to spend a moment on something that I think it's overlooked, the strength of geographic diversification.

整體方向是正面的；我們已透過定價紀律、生產力提升計畫，以及過去在人員、流程與科技上的投資所帶來的貢獻，建立起關鍵基礎。我也想花一點時間談一件我認為常被忽略的事：地理多元化的優勢。

This year and last year, our APAC, European, and Canadian business have been a real source of stability. We haven't experienced the same headwinds we've done with here in the US, and we continue to extend our leadership position in each of these respective markets, built on the same customer service and value that has become our global hallmark.

今年與去年，我們在亞太、歐洲與加拿大的業務一直是穩定的重要來源。我們並未遭遇如同在美國所面臨的相同逆風；同時，我們持續在各自市場延伸領導地位，而這一切都建立在同樣的客戶服務與價值之上，這也已成為我們全球的標誌。

I'm excited about the trajectories in these portfolios and proud of the teams driving such solid results. As a reminder, we have 20 facilities under construction or in the process of ramping and stabilizing. We've invested $1.1 billion of capital into these projects and expect them to deliver over $134 million incremental NOI when stabilized.

我對這些投資組合的發展軌跡感到興奮，也為推動如此穩健成果的團隊感到自豪。提醒一下，我們目前有20座設施正在興建中，或正處於爬坡與穩定化的過程。我們已在這些專案投入11億美元資本，並預期在穩定後可帶來超過1.34億美元的新增NOI（淨營運收入）。

Non-same-store contribution in the second quarter even better than expected, given the strong continued customer demand for our high-quality modern assets, you'll also notice that our updated development pipeline disclosure that our pre-leased levels stand at 71%.

第二季非同店（non-same-store）貢獻甚至優於預期，反映客戶對我們高品質現代化資產的需求持續強勁；你也會注意到，我們更新後的開發管線揭露顯示，預租率（pre-leased）達到71%。

Moving to slide 5, US supply-and-demand trends. This slide revisits the three primary headwinds we faced in the recent past: supply and demand, inventory destocking, and trade impacts. I'll move quickly as we've covered each of these in detail on prior calls. We still see pockets of pressure from new supply and about 15% of our US markets, but broader stabilization trends are holding.

接著看第5頁，美國供需趨勢。本頁回顧我們近期面臨的三項主要逆風：供需、客戶去庫存，以及貿易影響。由於我們在先前的電話會議已詳細說明，我會快速帶過。我們仍在約15%的美國市場看到新供給帶來的局部壓力，但更廣泛的穩定化趨勢仍在延續。

We are better equipped to send off competitors as customers increasingly recognize our superior value proposition and operational [obsolescence]. Looking ahead, slowing supply growth asset repurposing potential competitor assets or bankruptcies and asset obsolescence should help offset the excess capacity [overnight].

隨著客戶日益認可我們更優越的價值主張與營運[汰舊]，我們更有能力擊退競爭對手。展望未來，供給成長放緩、資產再利用的可能性、部分競爭對手資產的破產或退出，以及資產老化（汰舊）應可協助抵消過剩產能[一夕之間]。

We're also managing supply proactively through selected facility idling. The second headwind, customer inventory destocking affected all of our North American business, levels that built up during COVID have since reset closer to historical norms.

我們也透過選擇性讓部分設施暫停運作，主動管理供給。第二項逆風是客戶去庫存，影響了我們所有北美業務；COVID期間累積的庫存水位此後已回落，更接近歷史常態。

Finally, our third headwind is import-export volumes pulling back on the tariff uncertainty. International container volumes, which are about 15% of our warehouse throughput stay pressured in Q2, and we remain cautious given the ongoing political concerns.

最後，第三項逆風是因關稅不確定性而使進出口量回落。國際貨櫃量約占我們倉儲吞吐量的15%，在第二季仍承壓；鑑於持續的政治疑慮，我們仍保持審慎。

Notably, internal international volume is highly margin accretive given the strong services attachment and network operating leverage, we expect to begin lapping 2025 steep volume declines in late Q3 into Q4, easing the headwind as the year closes. Longer term, we expect US agricultural trade to again become a tailwind.

值得注意的是，內部的國際量能因服務附加率高與網路營運槓桿強而具有高度的毛利增益；我們預期在第三季末至第四季開始與2025年大幅下滑的量能形成對比（lap），隨著年底接近，逆風將有所緩解。長期而言，我們預期美國農產品貿易將再次成為順風。

Beyond tariff resolution, there are several upside factors not netted in our guidance. Normalizing food inflation, easing political uncertainty, new product categories at lower interest rates, any of which could meaningfully move the needle over time.

除了關稅問題的解決之外，還有數項上行因素尚未反映在我們的財測指引中。包括食品通膨正常化、政治不確定性緩解、在較低利率環境下的新產品類別等；任何一項都可能隨時間推移而對表現帶來顯著影響。

So taken together, supply is stabilizing, tests behind us, and trade is a headwind that we expect to lap by year-end. None of these are structural, they're cyclical, and each is now moving in our direction. It's the same story of the past few decades of cold storage. Food demand doesn't go away, and we are the critical infrastructure that enables it. We like our position as we continue to turn the corner.

綜合來看，供給正在趨於穩定，壓力測試已在身後，而貿易則是一項我們預期在年底前可完成同比跨越（lap）的逆風。這些都不是結構性問題，而是景氣循環性的，而且每一項現在都正朝對我們有利的方向發展。這與過去幾十年冷鏈倉儲的故事一致。食品需求不會消失，而我們是支撐其運作的關鍵基礎設施。隨著我們持續走出谷底、迎來轉折，我們看好自身的定位。

Moving to slide 6. In navigating some of these macro challenges, we've doubled down on driving costs out of our operating cost base, allowing us to outperform industry inflation by 750 basis points. The Lineage operating platform and our lean continuous improvement approach are a big part of why we've been able to hold adjusted EBITDA stable year over year through the first half of 2026, following a challenge in 2025.

接著看第6頁。在應對部分總體挑戰時，我們加倍努力從營運成本基礎中擠出成本，使我們能夠較產業通膨表現優出750個基點。Lineage營運平台以及我們精實的持續改善方法，是我們在2025年面臨挑戰之後，仍能在2026年上半年維持調整後EBITDA年對年穩定的重要原因。

The team continues to impress me by finding new ways to land new business while aggressively managing our cost to drive profitability. And with that, let me turn it over to Robb LeMasters, who will give you more detail on the quarter and some comments on our revised outlook.

團隊持續以發掘新方法取得新業務、同時積極管理成本以提升獲利能力，讓我印象深刻。接下來我把時間交給Robb LeMasters，他將就本季表現提供更多細節，並對我們修訂後的展望做一些說明。

Thanks, Greg, and good morning, everyone. Starting with slide 7. In our Global Warehouse segment, second-quarter total Warehouse NOI was approximately $367 million and same-store NOI declined 2.9% year over year, both ahead of our expectations.

謝謝你，Greg，各位早安。先從第7頁開始。在我們的全球倉儲（Global Warehouse）部門，第二季倉儲NOI總額約為3.67億美元，同店NOI年減2.9%；兩者皆優於我們的預期。

In Q2, same-store NOI benefited by 90 basis points from favorable FX year over year as we contemplated in our previously provided outlook. Looking forward, we expect FX to be a relatively minor year-over-year factor for the balance of 2026. Within the same warehouse pool, rent, storage, and blast revenue per physical pallet declined approximately 0.7% year over year while same-store physical occupancy improved 0.9%, reflecting strong commercial execution by our sales team.

第二季同店NOI受惠於有利的匯率因素，年對年貢獻90個基點，符合我們先前提供的展望假設。展望未來，我們預期匯率對2026年剩餘期間的年對年影響將相對有限。在同一倉庫池中，每個實體棧板的租金、倉儲與急凍（blast）收入年減約0.7%，而同店實體入住率提升0.9%，反映我們銷售團隊強勁的商務執行力。

That team has built deep relationships in the food space and is now extending the reach of our sophisticated cold storage and logistics offerings into adjacent cold chain categories. As Greg mentioned last call, we secured a key confectionery account wins that launched successfully in June. That ramp is off to a strong start, and we expect continued momentum from this and other candy customers, positioning confectionery as a top 10 category for us over time.

該團隊在食品領域建立了深厚關係，並正將我們先進的冷鏈倉儲與物流解決方案延伸至相鄰的冷鏈品類。如Greg在上次電話會議提到的，我們拿下了一個關鍵的糖果客戶案，並於6月成功上線。該案爬坡進展良好；我們預期此案及其他糖果客戶將帶來持續動能，並使糖果品類隨時間推移成為我們的前十大品類之一。

Turning to services. Throughput and services revenue per throughput pallet both came in slightly ahead of our expectations for the quarter. A favorable mix helped to offset what continued to be a challenging important volume environment tied to trade-related headwinds.

接著談服務業務。本季吞吐量以及每個吞吐棧板的服務收入皆略高於我們的預期。有利的組合（mix）有助於抵消在與貿易相關逆風下，進口量環境仍具挑戰的情況。

As we look to the back half, the comparisons do a bit easier in the second half of the third quarter and for the full Q4 as we lap last year's post-liberation days downdraft. That said, we expect the mix tailwind that benefited Q2 debate. Netting those two dynamics together continue to expect full-year throughput and service metrics be down modestly, consistent with our prior expectations for the full year.

展望下半年，第三季後半段以及整個第四季的比較基期會稍微容易一些，因為我們將跨越去年「解放日」後的下滑影響。不過，我們預期第二季受惠的組合順風將減弱。綜合這兩項因素後，我們仍預期全年吞吐量與服務指標將小幅下滑，與我們先前對全年所做的預期一致。

Shifting to slide 8 to our Global Integrated Solutions segment. GIS NOI was $61 million. Excluding the impact of last year's Spain transportation disposition, the segment saw solid underlying revenue growth of 5%, driven by continued momentum in our US transportation and Food Service businesses.

接著看第8頁，我們的全球整合解決方案（Global Integrated Solutions）部門。GIS NOI為6,100萬美元。若排除去年西班牙運輸業務處分的影響，該部門的基本營收年增5%，主要由我們美國運輸與餐飲服務（Food Service）業務的持續動能所帶動。

While the underlying revenue growth was solid, two items impacted margins during the quarter. First, accelerating truckload and LTL carrier rates, which we passed through to customers but at a lag created near-term pressure. We expect margin recapture as new market rates are absorbed into customer pricing over time.

雖然基本營收成長表現穩健，但本季有兩項因素影響了利潤率。第一，整車（Truckload）與零擔（LTL）承運商運價加速上漲；我們已將其轉嫁給客戶，但因存在時間落差，對短期利潤率造成壓力。我們預期，隨著新的市場運價逐步反映在客戶定價中，利潤率將隨時間回補。

The second offsetting item was a $7 million legal settlement that was not contemplated in prior guidance, stemming from an employment matter for prior years. Excluding the settlement, GIS delivered solid underlying margin of 19%. Together, these drove a lower NOI for the quarter, and we're lowering our full-year GIS NOI outlook to minus 4% to minus 2% from 0% to plus 2% previously.

第二項抵銷因素是一筆700萬美元的法律和解金，先前的財測指引並未納入，源自於過往年度的一起雇用相關事項。若排除該和解金，GIS 的基本利潤率仍達到穩健的19%。綜合上述因素，導致本季 NOI 較低，因此我們將全年 GIS NOI 展望由先前的0%至正2%，下修至負4%至負2%。

Ultimately, the strength in the Transportation and Food Service markets that is driving the higher carrier rates and providing this temporary profit squeeze should actually work in our favor and drive more customers to our unique value-driven offering. Customers will increasingly look to offset carrier rate pressure with a well-priced integrated storage-plus transportation solution.

最終而言，推升承運商運價、並造成這段暫時性獲利擠壓的運輸與餐飲服務市場強勁需求，實際上應會對我們有利，並促使更多客戶轉向我們獨特、以價值為導向的產品與服務。客戶將愈來愈希望透過價格具競爭力的「整合式倉儲加運輸」解決方案，來抵銷承運商運價上行的壓力。

Turning to slide 9, adjusted EBITDA and AFFO. Second-quarter adjusted EBITDA was $320 million, which includes the impact of the legal settlement I just mentioned. Second-quarter AFFO was approximately $198 million or $0.76 per share. Better-than-expected results were driven by both stronger-than-expected same-store and non-same-store NOI growth.

接著看第9頁，調整後 EBITDA 與 AFFO。第二季調整後 EBITDA 為3.20億美元，已包含我剛提到的法律和解金影響。第二季 AFFO 約為1.98億美元，或每股0.76美元。優於預期的表現，來自同店與非同店 NOI 成長均強於預期。

Administrative expenses, which exclude stock-based comp, were approximately $118 million in the quarter, modestly better than expected due to the timing of certain spending and better cost management. As a result, we're tightening our full-year admin guidance to $460 million to $470 million, which puts us at the lower end of our previously guided quarterly range of $120 million to $125 million for the remaining two quarters of 2026.

本季管理費用（不含股票基礎薪酬）約為1.18億美元，因部分支出時點因素與成本控管優於預期，略好於原先預估。因此，我們將全年管理費用指引收斂至4.60億至4.70億美元，這意味著在2026年剩餘兩個季度，我們將落在先前所給每季1.20億至1.25億美元區間的低端。

On AFFO, in addition to the adjusted EBITDA, we benefited from favorable timing of maintenance, capital expenditures, and tax items, driving a result of $0.76 per share, well above both consensus and our internal expectations. We're pleased to see both our core operations NOI and adjusted EBITDA come in ahead of expectations despite a challenging operating environment.

在 AFFO 方面，除調整後 EBITDA 外，我們亦受惠於維護性資本支出、資本支出與稅務項目的有利時點，使每股達到0.76美元，明顯高於市場共識與我們內部預期。在具挑戰的營運環境下，我們的核心營運 NOI 與調整後 EBITDA 仍雙雙優於預期，對此我們感到欣慰。

Moving to slide 10, capital structure. We ended the quarter with net debt of approximately $7.8 billion and total liquidity of approximately $1.6 billion. We have manageable near-term maturities and ample flexibility to address them through a revolver or other available sources of capital, supported by our strong access to both the US and European public bond markets.

接著看第10頁，資本結構。本季末，我們的淨負債約為78億美元，總流動性約為16億美元。我們短期到期債務規模可控，且在我們能夠進入美國與歐洲公開債券市場、融資管道強勁的支持下，我們具備充足彈性，可透過循環信貸額度（revolver）或其他可用資金來源加以因應。

Also, we continue to make good progress on our strategic portfolio review. We're evaluating a range of options here with the goal of increasing our financial flexibility so we can capitalize on potential M&A opportunities that market dislocations may present, while maintaining a strong balance sheet to invest in future high-return opportunities alongside our customers and being able to return capital to shareholders.

此外，我們在策略性投資組合檢視方面持續取得良好進展。我們正評估多種選項，目標是提升財務彈性，以便把握市場錯位可能帶來的潛在併購（M&A）機會；同時維持強健的資產負債表，以便與客戶一同投資未來高報酬機會，並能回饋資本給股東。

As we've done this work, we feel even better about the disconnect between the private and public valuations for high-quality cold storage assets. We now have firm timetables around key transactional work streams, and we're confident we'll be in a position to provide a comprehensive update by year-end.

在進行這些工作後，我們對高品質冷鏈倉儲資產在私募與公開市場估值之間的落差更有信心。我們目前已就關鍵交易工作流建立明確時程，並有信心在年底前提供全面更新。

Our adjusted net debt to transaction adjusted EBITDA stands at approximately 5.3 times. This metric accounts for intra-period acquisitions or dispositions and capital invested in our development pipeline that has yet to stabilize. Keep in mind that these developed projects have been significantly derisked as the majority are anchored by customers with long-term commitments.

我們的「調整後淨負債／交易調整後 EBITDA」約為5.3倍。此指標已納入期中收購或處分，以及投入於尚未穩定的開發管線之資本。請記得，這些開發專案已大幅去風險，因為多數專案由具長期承諾的客戶作為錨定。

For example, our new state-of-the-art, fully automated project in Hazelton continues to ramp in line with our expectations. These new automated buildings are genuinely complex mega builds and Hazelton is now 1 of 25 fully automated facilities in our portfolio reinforcing our leadership in developing and operating highly sophisticated productivity-enhancing cold storage solutions for our customers.

例如，我們位於 Hazelton 的全新最先進全自動化專案，持續依照我們的預期進入爬坡期。這些新的自動化建築確實是高度複雜的超大型建置案；而 Hazelton 現已成為我們投資組合中25座全自動化設施之一，進一步鞏固我們在為客戶開發與營運高度精密、可提升生產力的冷鏈倉儲解決方案方面的領導地位。

Maintaining our investment grade balance sheet remains a key focus for our company, and we remain committed to bringing reported leverage currently approximately 6.0 times into our targeted range of 5.0 times to 5.5 times. Before turning to guidance, let me provide a little more detail on the Big Bear fire that Greg mentioned.

維持投資等級的資產負債表仍是公司的關鍵重點；我們也持續致力於將目前約6.0倍的申報槓桿比率，降至我們目標區間的5.0倍至5.5倍。在進入財測指引之前，我想再補充一些 Greg 提到的 Big Bear 火災細節。

As a reminder, this facility is roughly 500,000 square feet with about 85,000 pallet positions. So call it approximately 1% of our total global capacity. We moved quickly to engage our customers and we're able to address their immediate needs by shifting volume to ceramic sites. We believe the fire originated during third-party testing of the rooftop solar array, which was owned and operated by Altus.

提醒一下，該設施面積約50萬平方英尺，約有85,000個棧板儲位。因此大約相當於我們全球總產能的1%。我們迅速與客戶接洽，並能透過將貨量轉移至 ceramic 站點來滿足其即時需求。我們相信火災起因於第三方對屋頂太陽能陣列進行測試期間；該太陽能陣列由 Altus 擁有並營運。

This is the only site where we have a relationship with Altus and we're pursuing all options to hold them accountable. In the meantime, we carry insurance for exactly this kind of event, and we are working with our insurance partners to cover immediate remediation costs and the financial impact while our responsibility gets fully worked out.

這是我們唯一與 Altus 有合作關係的站點，我們正採取一切選項追究其責任。同時，我們投保了正是為了因應此類事件的保險，並正與保險合作夥伴合作，以涵蓋即時修復成本與財務影響，直到責任歸屬完全釐清為止。

There are really two areas where we expect to see an impact. First, there will be a drag on the adjusted EBITDA we had expected to deliver in Q3 and Q4. That's driven by loss revenue during the recovery period, plus incremental cost to support our customers and team members through the transition. We do expect to retain the significant majority of this business but there's a lag before inventory fully replenishes and when we're back to the level of service our customers expect from us.

我們預期影響主要會出現在兩個面向。第一，原本預期在第三季與第四季可達成的調整後 EBITDA 將受到拖累。這主要來自復原期間的營收損失，以及為支援客戶與團隊成員完成轉換所增加的額外成本。我們確實預期可保留絕大多數業務，但在庫存完全補回、以及我們恢復到客戶對我們所期待的服務水準之前，仍會有時間落差。

We've estimated that impact at approximately $15 million of adjusted EBITDA and the guidance we provided today. Over time, we expect to recover that lost profit through our business interruption insurance and that recovery will be recognized below the EBITDA line. To be clear, our current guidance does not contemplate any BI insurance benefit. As we get more clarity on both the cost and the recoveries will provide additional color next quarter.

我們估計該影響約為1,500萬美元的調整後 EBITDA，並已反映在我們今天提供的指引中。隨時間推移，我們預期可透過營業中斷保險（BI）回收這部分流失的利潤，而該回收將在 EBITDA 線以下認列。需要明確說明的是，我們目前的指引並未納入任何 BI 保險收益。隨著我們對成本與回收金額有更清楚的掌握，我們將在下季提供更多說明。

Second, we'll incur repair and remediation costs for the building structure and freezers, along with legal fees, community support costs, and other onetime items. It's too early to precisely quantify all that, but we'll exclude these costs and the offsetting insurance recoveries from adjusted EBITDA, so we keep our core operating results comparable to other periods.

第二，我們將發生建築結構與冷凍庫的修繕與整治成本，以及法律費用、社區支持成本與其他一次性項目。目前仍太早，無法精確量化全部金額；但我們會將這些成本及相對應的保險理賠回收自調整後 EBITDA 中排除，以維持核心營運結果與其他期間的可比性。

Moving on to our outlook. We're raising our full-year 2026 guidance for same-store NOI and AFFO per share with same-store NOI growth now expected at negative 3% to flat, up from negative 4% to negative 1%. On the non-same-store NOI front, the only substantial change is Big Bear moving into that pool. So an increase in same-store NOI, offset by the Big Bear headwind, we still expect total warehouse NOI growth of negative 2% to positive 1%.

接著談我們的展望。我們上調2026年全年同店 NOI 與每股 AFFO 的指引；同店 NOI 成長目前預期為負3%至持平，高於先前的負4%至負1%。在非同店 NOI 方面，唯一重大的變動是 Big Bear 納入該範疇。因此，同店 NOI 的上修被 Big Bear 的逆風所抵銷，我們仍預期整體倉儲 NOI 成長為負2%至正1%。

Other minor changes include a slight reduction in GIS NOI from the legal settlement and temporary carrier pressure, offset by an improvement in the outlook of our admin guidance. Together, these puts and takes leave the midpoint of our EBITDA guidance unchanged. For full-year 2026, AFFO per share is now expected to be $2.80 to $3.05, up from $2.75 to $3, reflecting better CapEx management from batching, CapEx projects, and procurement savings.

其他較小的變動包括：因法律和解與承運商短期壓力，GIS NOI 略有下降，但被我們行政費用指引展望的改善所抵銷。綜合這些增減因素後，我們 EBITDA 指引的中位數維持不變。對於 2026 全年，每股 AFFO 目前預期為 2.80 至 3.05 美元，高於先前的 2.75 至 3.00 美元，反映出透過批次化、資本支出（CapEx）專案以及採購節省所帶來的更佳 CapEx 管理。

We're pleased with our consistency and better-than-expected results in the first half. Our underlying trajectory of improving same-store service revenue, same-store occupancy gains, and stabilizing development projects gives us a solid foundation.

我們對上半年表現的一致性以及優於預期的結果感到滿意。同店服務營收改善的基本趨勢、同店入住率提升，以及開發專案趨於穩定，為我們奠定了堅實基礎。

A few things to keep in mind on second-half cadence. Quarterly and seasonal month-to-month timing is always difficult to precisely estimate but we want to give you as much visibility as we can sitting here today for modeling purposes.

關於下半年節奏，有幾點需要留意。季度與季節性逐月時點一向難以精準估計，但就建模目的而言，我們希望在今天能提供您盡可能多的能見度。

First, FX is a minimal factor year-over-year in both Q3 and Q4. Second, Q3 2025 is our toughest comparison of the year. Given that, we still expect Q3 2026 same-store NOI to grow sequentially, but on a year-over-year basis, that same-store growth will likely be the lowest reported level of the year, probably a bit below Q2 levels.

第一，外匯（FX）在 Q3 與 Q4 的年對年影響都很小。第二，2025 年 Q3 是我們全年最艱難的比較基期。在此情況下，我們仍預期 2026 年 Q3 同店 NOI 將較前一季成長，但若以年對年來看，同店成長可能會是全年報告中最低的水準，可能會略低於 Q2 的水準。

Q4 is where it gets more interesting. We're lapping an easier import/export comparison from Q4 of last year. And by that point, we'll be ramping new business wins and the continued progress we are making on our key productivity initiatives. Taken together, we think that gets us close to flat year-over-year fourth quarter same-store NOI growth.

Q4 就更有意思了。我們將跨過去年 Q4 較容易的進出口比較基期。而到那時，我們將加速推進新業務得標，以及我們在關鍵生產力計畫上持續取得的進展。綜合而言，我們認為這將使第四季同店 NOI 年對年成長接近持平。

On administrative expenses, which exclude stock-based compensation, we are expecting those should run towards the lower end of our previously guided quarterly range of $120 million to $125 million per quarter. On the non-same-store front, our outlook reflects continued strong contributions from 2025 acquisitions and the ramp up new developments.

在行政費用方面（不含股票基礎薪酬），我們預期將落在先前指引之每季 1.20 億至 1.25 億美元區間的較低端。在非同店方面，我們的展望反映 2025 年收購案的持續強勁貢獻，以及新開發案的爬坡成長。

Netting out Big Bear impact, we expect a non-same-store NOI run rate of approximately $20 million per quarter in both Q3 and Q4. A stabilizing supply-and-demand environment and a sharper focus on revenue growth coupled with expense management and balance sheet optimization, provide a solid foundation for 2026 and positions us well for long-term growth.

扣除 Big Bear 的影響後，我們預期 Q3 與 Q4 的非同店 NOI 走勢（run rate）約為每季 2,000 萬美元。供需環境趨於穩定、更加聚焦營收成長，再加上費用管理與資產負債表最佳化，為 2026 年奠定了堅實基礎，並使我們在長期成長方面具備良好定位。

I'll now turn it back over to Greg to wrap up our prepared remarks.

接下來我把時間交回給 Greg，為我們的事先準備發言作結。

Thanks, Robb. Temperature-controlled Warehousing is essential infrastructure, the connected tissue making food producers, processors, distributors, and retailers. Cold storage exists to bridge the distance and time between where and when food has grown and when and where it's consumed.

謝謝，Robb。溫控倉儲是關鍵基礎設施，是連結食品生產者、加工商、經銷商與零售商的「連結組織」。冷鏈倉儲的存在，是為了彌合食物生產的時間與地點，與其被消費的時間與地點之間的距離。

Data science algorithms AI don't change this. The Turkey on your Thanksgiving table this year was almost certainly frozen and stored for months in advance. People will always need to eat and food will always need to be stored along the way. And while we're not fully insulated from every permutation that can reshape our customers' behavior, we believe the core demand for what we do is structurally durable and will grow over time.

資料科學演算法與 AI 並不會改變這一點。你今年感恩節餐桌上的火雞，幾乎可以確定是事先冷凍並提前數月儲存的。人們永遠需要吃，食物也永遠需要在過程中被儲存。雖然我們並非能完全隔絕所有可能重塑客戶行為的各種變化，但我們相信我們所做之事的核心需求在結構上具備韌性，並將隨時間成長。

Before I wrap up, I want to spend a moment on LinOS. In the quarter, our LinOS sites expanded to 14 total conventional sites. We saw significant progress in our productivity across locations giving us increased confidence in this investment and in achieving the goal of $110 million in EBITDA impact.

在我結束之前，我想花一點時間談談 LinOS。本季，我們的 LinOS 站點擴增至合計 14 個傳統站點。我們看到各地點的生產力有顯著進展，讓我們對這項投資以及達成 EBITDA 影響 1.10 億美元的目標更有信心。

In summary, this quarter's results reinforce the trajectory we've built over the past several quarters. Operations are performing better than expected, and our KPIs continue to trend positively. We're encouraged by the continued signs of stabilization in our core business and believe we're well positioned to build on this momentum in the coming quarters.

總結來說，本季結果再次印證了我們在過去數季所建立的發展軌跡。營運表現優於預期，我們的 KPI 也持續呈現正向趨勢。我們對核心業務持續出現穩定化跡象感到鼓舞，並相信我們已具備良好條件，在未來幾季延續這股動能。

Before we move to your questions, I want to sincerely thank our global team members for their continued dedication to our customers. Operator, let's open it up for questions.

在進入提問之前，我想真誠感謝我們全球團隊成員持續為客戶付出的投入與奉獻。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

(inaudible), Goldman Sachs.

(聽不清楚)，高盛。

Could you go through your take on occupancy? So that's average warehouse occupancy of 80% from 79.9% in 1Q, why that was up sequentially? I realize it's only 10 basis points, but that's compared to 2Q normally being a seasonal step down. Do you think it was a function of something you did or customer actions or policies and whether it could potentially be related to the cyclospora outbreak?

你能否說明一下你們對入住率的看法？也就是倉庫平均入住率從第一季的 79.9% 升至 80%，為何會呈現季增？我知道只有 10 個基點，但這與第二季通常是季節性下滑相對。你認為這是你們採取了某些措施、或是客戶行為或政策所致？以及是否可能與環孢子蟲（cyclospora）疫情有關？

Yeah. I mean just to clarify, so year over year, exactly right. Occupancy was up year over year on a same-store basis, pretty great outcome there. First-time outcome for us since going public. So that's a great turn looking year over year.

是的。我的意思是先澄清一下，年對年來看，你說得完全正確。同店口徑下的入住率年對年上升，這是相當好的結果。這是我們上市以來第一次出現這樣的結果。所以從年對年的角度看，這是很好的轉折。

Sequentially, we actually saw about what we thought actually a little bit better. So we were down sequentially. And in terms of occupied pallets about 1%. We revealed the USDA data is not perfect. Generally, it looks to be down about 3% sequentially. So we would know that that's slightly better than what we thought on occupancy and an occupied pallet basis.

就季比而言，我們實際看到的情況大致符合我們的預期，甚至略好一些。所以我們是季比下降。以已占用棧板數來看，大約下降 1%。我們也揭露過 USDA 的數據並不完美。整體來看，數據顯示季比約下降 3%。因此，無論從入住率或已占用棧板的角度，我們都知道這略優於我們原先的預期。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Maybe just following up on the occupancy. It's nice to certainly see things stabilizing. As you kind of look out over the next couple of years, maybe outside of taking market share, how do you see both the physical and economic occupancy trending for the portfolio? And what do you think is a normalized level for the Lineage portfolio?

也許接續入住率的問題。看到情況穩定下來當然很好。當你展望未來幾年，除了搶市占之外，你如何看待整體投資組合的實體入住率與經濟入住率走勢？你認為 Lineage 投資組合的常態化水準會是多少？

Steve, thanks for your question. So on occupancy, we continue to see stability basically. The -- we broadly believe food inventory levels are healthy and relatively balanced. That said, we have heard several customers say, since the last earnings call, that they're rebuilding inventories because they overcorrected during destocking period that we've been discussing.

Steve，謝謝你的提問。關於入住率，我們基本上持續看到穩定。我們普遍認為食品庫存水位是健康且相對平衡的。不過，自上次財報電話會議以來，我們確實聽到幾位客戶表示，他們正在重建庫存，因為在我們一直討論的去庫存期間，他們矯枉過正了。

I'm not saying that's a widespread trend, but I do believe it's another indication that inventories have at least stabilized. So I mean, I think we're back into a normal period, and we would expect outside of market share gains, consistent inventories that would reflect all seasonality going forward.

我不是說這是一個普遍趨勢，但我確實認為這是另一個跡象，顯示庫存至少已經穩定下來。所以我的意思是，我認為我們回到了正常時期；而在不考慮市占提升的情況下，我們預期未來庫存將維持一致，並反映所有季節性因素。

Michael Carroll, RBC Capital Markets.

Michael Carroll，RBC Capital Markets。

Greg, I wanted to follow up on your LinOS comments that you made at the end of prepared remarks. I know the company continues to expand this pilot program or the pilot program this year. Should we expect it to be more rolled out broadly in 2027? And when will that start to impact numbers? I mean Robb, in his prepared remarks, I believe, said that there are some productivity improvements expected in 4Q '26. Is that driven by LinOS? Or is that driven by other tech-type investments the company has made?

Greg，我想追問你在事先準備發言結尾提到的 LinOS 評論。我知道公司今年持續擴大這個試點計畫（pilot program）。我們是否應預期在 2027 年更廣泛地推行？以及它何時會開始反映在數字上？我的意思是，Robb 在他的事先準備發言中，我相信提到 2026 年第四季預期會有一些生產力改善。那是由 LinOS 驅動的嗎？還是由公司其他科技類投資所驅動的？

Yeah. Thanks for your question, Michael. So as you know, we've been successfully running LinOS in our automated buildings for some time, and we're now in the process of rolling out, as you mentioned, across our conventional warehouse network. We've mentioned in the prepared remarks the Hazelton automated mega build. I mean, this facility is delivering best-in-class service in an extremely competitive cost entirely because of our long-term investment in LinOS in data science and automation.

是的。謝謝你的提問，Michael。如你所知，我們在自動化倉庫中成功運行 LinOS 已有一段時間了，而現在正如你提到的，我們正在把它推廣到我們的傳統倉庫網路。我們在事先準備的發言中提到 Hazelton 的自動化超大型新建案。我的意思是，這座設施之所以能以極具競爭力的成本提供同級最佳的服務，完全是因為我們長期在 LinOS、資料科學與自動化方面的投資。

The remaining two Tyson facilities that we're building right now will use the same tech and deliver similar performance. I will just throw out there that the Hazelton building is a site to see if anyone wants to see it live, we have an amazing team there that gives a great tour if you're interested in seeing it just get with Kevin or Alex and we'd be happy to host.

我們目前正在建造的另外兩座 Tyson 設施也將採用相同的技術，並帶來類似的表現。我順帶一提，Hazelton 這棟建築非常值得一看；如果有人想親自去看，我們那裡有一支很棒的團隊，能提供非常精彩的導覽。如果你有興趣，跟 Kevin 或 Alex 聯繫，我們很樂意接待。

But let me spend a couple of minutes updating you on the LinOS conventional rollout. I'll start just by saying that cold storage warehouses are uniform. Every facility has its own physical footprint and product characteristics, racking maybe two pallets deep in one building and four pallets deep at another.

不過讓我花幾分鐘向各位更新 LinOS 在傳統倉的推廣進度。我先說，冷藏倉庫並不一致。每個設施都有其自身的實體占地與產品特性，例如某棟建築的貨架可能是兩棧板深，另一棟則可能是四棧板深。

Freezer temperatures are different. Obviously, cooler temperatures are different than freezers. Product care categories have very unique customer requirements. We don't handle seafood the same way we handle strawberries, for example, the docs and the yards are configured differently.

冷凍庫的溫度也不同。顯然，冷藏區的溫度與冷凍區不同。產品保管類別有非常獨特的客戶要求。例如，我們處理海鮮的方式不會和處理草莓一樣；月台與場地的配置也不同。

And so these variations are and complexity are core to our business and no doubt making building technology more challenging. But in each quarter as we roll out LinOS, we encounter new requirements and learn more. We knew from the beginning that this was a major undertaking for our company. And we're clear that the progress would probably not be perfectly linear.

因此，這些差異與複雜性是我們業務的核心，毫無疑問也讓建置技術更具挑戰。但在每一季推廣 LinOS 的過程中，我們都會遇到新的需求並學到更多。我們從一開始就知道，這對公司而言是一項重大工程。而且我們也清楚，進展很可能不會是完全線性的。

Last quarter on this call, we discussed that we were discovering new requirements in some of our larger buildings, while the smaller facility rollouts were going very smoothly. In Q2, the team made very significant strides in the larger buildings, and I'm proud to say that we're hitting our internal savings targets across all 14 LinOS buildings and still on track to deliver 20 conventional buildings by year-end.

上一季在這通電話中，我們談到在一些較大型的建築中發現了新的需求，而較小型設施的導入則非常順利。在第二季，團隊在大型建築方面取得了非常顯著的進展；我也很自豪地說，我們在全部 14 座 LinOS 倉庫都達成了內部節省目標，並且仍按計畫在年底前完成 20 座傳統倉的交付。

I mean we've been building the digital foundation to make the possible for over a decade. We -- as you all know, we own this platform end to end, which we think is really important. And the fact that, frankly, this is very complex and difficult and that is performing as designed in 14 buildings already gives us confidence that this technology will just deepen our competitive mode of time.

我的意思是，我們打造這個數位基礎、讓這一切成為可能，已經超過十年。而且——各位都知道——我們端到端擁有這個平台，我們認為這點非常重要。坦白說，這件事非常複雜且困難，但它已在 14 座建築中按設計運作，這讓我們有信心，這項技術將隨時間推移進一步加深我們的競爭護城河。

On the conventional side of the business, just like it's already done on the audited side of the business with evidence like why we won Tyson. So -- and lastly, it takes real scale and sophistication to make this kind of investment, something that very few in our industry happen and it's one of the reasons why we feel so well positioned to continue to be the industry.

在傳統業務端也是如此，就像它已經在自動化業務端證明過一樣——例如我們為什麼能贏得 Tyson。所以——最後，進行這類投資需要真正的規模與成熟度；我們產業中能做到的公司非常少，這也是我們認為自己具備良好定位、能持續引領產業的原因之一。

So as far as the impact this year, yes, we'll see some impact in the fourth quarter. It's not going to be -- it's not going to move the needle this year, and we'll see increasing impact in '27 and '28, and we'll share those numbers as we move forward.

至於今年的影響，是的，我們會在第四季看到一些影響。但今年不會——不會對整體造成顯著改變；我們會在 2027 年與 2028 年看到影響逐步增加，並會在往後推進時分享相關數字。

Michael Lewis, Truist Securities.

Michael Lewis，Truist Securities。

Early on in the call, you mentioned some headwinds the industry has faced in recent years that are now abating, obviously, elevated supply, destocking, et cetera. I was wondering if you had an update on the impact of the GLP-1 since the usage there is still going up. I know it might be hard to parse, but any thoughts on the impact of those drugs on the food industry and on your business?

在電話會議前段，你提到產業近年面臨的一些逆風現在正在消退，顯然包括供給偏高、去庫存等等。我想請問你是否能更新一下 GLP-1 的影響，因為那邊的使用率仍在上升。我知道可能很難拆解，但你對這些藥物對食品產業以及對你們業務的影響有何看法？

Yeah, great question. We hear a lot of noise around GLPs. And actually, since our last call, we've dug into the new Cornell research as well as several other indeed studies, and I think the data is getting better. And so what we've learned is even under the most aggressive adoption scenarios, GLP-1 penetration lands in the mid- to high-teens as a share of the adult population. Critically, that the steepest calorie reductions are concentrated in snacks and packaged foods, not fresh and frozen.

是的，這是個好問題。我們聽到很多關於 GLP 的雜音。而且其實自上次電話會議以來，我們也深入研究了 Cornell 的最新研究以及其他幾項研究，我認為資料正在變得更完善。我們學到的是，即使在最激進的採用情境下，GLP-1 的滲透率作為成人總人口的占比，也大約落在 10% 中段到接近 20% 的區間。關鍵是，最明顯的熱量下降主要集中在零食與包裝食品，而不是生鮮與冷凍食品。

And so when we apply the individual commodity impacts in the study to our actual commodity mix, even the most bearish studies suggest that the impact of our business is in the very low-single digits and the most current research voice is something less than 1%.

因此，當我們把研究中各個品類的影響套用到我們實際的品類組合時，即便是最悲觀的研究也顯示，對我們業務的影響僅在非常低的個位數百分比；而最新的研究觀點則是低於 1%。

And so lastly, GLP-1s were designed to target obesity and diabetes, which is the fourth largest killer in the United States. And one of these studies factor in the potential impact of people living longer on total food consumption. So long story short, we're going to continue all of this data extremely closely. But based on the most temporary research, we don't believe the GLP-1 drug will have a material impact on our business.

最後，GLP-1 的設計目的是針對肥胖與糖尿病，而糖尿病是美國第四大死因。其中一項研究也把人們壽命延長對總食物消費的潛在影響納入考量。總之，我們會非常密切地持續追蹤所有這些資料。但根據目前最新的研究，我們不認為 GLP-1 藥物會對我們的業務造成重大影響。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I appreciate the commentary around new supply growth. I wanted to ask about supply. Last quarter, you commented that you thought you were past the peak impact from new supply and you and your peers have been idling warehouses, Greg, I think you mentioned functional obsolescence and you've talked also about customers transitioning back to the Lineage platform. Assuming a relatively steady demand environment, how are you thinking about the industry's return to a tighter supply-demand balance and what that timeline might look like?

我很感謝你對新增供給成長的評論。我想問的是供給方面。上一季你提到你認為新增供給的影響已經過了高峰，而你和同業也一直在讓倉庫閒置；Greg，我記得你提到功能性淘汰，你也談到客戶正在轉回 Lineage 平台。在需求環境相對穩定的假設下，你如何看待產業回到更緊的供需平衡，以及那個時間表可能會是什麼樣子？

Yeah. Great question. And what we've been discussing openly for several quarters now, our view is that the cold storage industry right now is going through a real rationalization, and we think the outcome is going to be a story of winners and losers and the larger, more sophisticated providers like the need will be the winners.

是的。好問題。我們已經公開討論了好幾季：我們的看法是，冷鏈倉儲產業目前正在經歷真正的理性化調整；我們認為結果會是贏家與輸家的故事，而像我們這樣規模更大、能力更成熟的供應商將會是贏家。

As the largest company in our industry by a significant margin, we have advantages that are very hard to replicate. The scale of our network allows us to move customer inventory across the system in ways a regional or subscale operators simply cannot.

作為我們產業中規模最大、且領先幅度相當顯著的公司，我們具備非常難以複製的優勢。我們網路的規模讓我們能以區域型或規模不足的營運商根本做不到的方式，在整個系統內調度客戶庫存。

Our tech platform, I just talked about LinOS, our procurement capabilities, our customer relationships, the ability to deploy capital into sophisticated purpose-built automated warehouses like Hazelton for Tyson are all just compounding advantages that widen the gap between us and the rest of the field.

我們的技術平台——我剛談到 LinOS——我們的採購能力、客戶關係、以及將資本投入像 Hazelton 這種為 Tyson 打造的高階、專用自動化倉庫的能力，這些都是疊加式的優勢，持續擴大我們與其他競爭者之間的差距。

And what we're seeing in the market is consistent with what you'd expect at this point in the cycle. Some operators overexpanded, lack the capital structure to absorb the challenges that we've been facing and don't have the platform to deliver against both diverse and extremely stringent customer requirements and are under a lot of pressure.

而我們在市場上看到的情況，也符合你在這個週期階段所預期的樣子。有些業者過度擴張，缺乏足以吸收我們所面臨挑戰的資本結構，也沒有平台能同時滿足多元且極為嚴苛的客戶要求，因此承受很大的壓力。

And so we wouldn't be surprised at all, and we're certainly hearing on the street, if you will, there'll be a couple of competitor exits in the coming quarters, and we think this is just a natural way the supply gets rationalized in any real estate cycle, and will ultimately benefit the operators who have the staying power of the capital and the platform to absorb the volume and in some cases, the assets.

因此我們一點也不會感到意外，而且我們也確實在市場上聽到一些風聲——如果你願意這麼說的話——未來幾個季度可能會有幾家競爭對手退出。我們認為，這只是任何不動產週期中供給被合理化的一種自然方式，最終將有利於那些具備資本續航力與平台能力、能夠吸收量能，並在某些情況下吸收資產的營運商。

On the idling front, we -- I think you know we idled 10 facilities last year. We've idled five so far this year, taking out almost 2.5 million square feet of capacity or about 1% [LLP] of the US -- our US capacity. We're evaluating a handful more this year. But you know because our occupancy level levels are strong and our new business pipeline is so strong, I wouldn't expect that pace to continue. We're happy with where we sit right now. And also, I think it's exciting to point out that a couple of the buildings that we've idled, we believe that we'll be able to turn those back on for specific customer activities. So I think the industry is shaking out, and we're in a great position to capitalize.

在閒置方面，我們——我想你知道我們去年閒置了10座設施。今年到目前為止我們已閒置了5座，移除了將近250萬平方英尺的產能，約占我們美國產能的1% [LLP]。我們今年還在評估另外幾座。但你知道，由於我們的入住率水準很強、而且新業務管線也非常強勁，我不預期這樣的速度會持續下去。我們對目前的位置感到滿意。另外，我覺得值得一提的是，我們閒置的幾棟建物中，有幾棟我們相信能夠針對特定客戶活動再度啟用。所以我認為產業正在洗牌，而我們處於非常有利的位置可以把握機會。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

I wanted to talk about GIS for a second. Some of the weaker port activity that you kind of noted impacting the business. Just curious how you're thinking about that unfolding back half of '26 into '27 just given some of this incremental information around taxes, tariffs from the Trump administration. And second of all, if you still feel like there's still opportunities to kind of lower labor costs in general within that business so that you can still kind of manage your margins.

我想先談一下GIS。你提到一些較疲弱的港口活動正在影響業務。考量到川普政府在稅收、關稅方面的一些新增資訊，我很好奇你們如何看待這在2026年下半年延伸到2027年的發展。第二，你們是否仍認為在該業務中，整體而言仍有機會進一步降低勞動成本，以便仍能管理利潤率？

Yeah. Thanks for the question. Yeah. So GIS is a tale of a couple positives, negatives at the year sort of unfolded for us. We clearly highlighted that the settlement was not contemplated in our guidance, so that kind of came in the quarter. So when you back that out, we actually had a pretty good quarter, right? It was actually in line to slightly better, excluding that.

是的。謝謝你的問題。是的。所以GIS在今年的發展對我們而言，是正負面因素交織的故事。我們已清楚指出，和解並未納入我們的指引，因此它在本季反映出來。所以如果把那部分扣除，其實我們本季表現相當不錯，對吧？排除那項因素後，實際上與預期一致到略優。

What we're really dealing with there is we have had some benefits overall in the business as it relates to fuel. That's generally a pass-through, but that's come through slightly better than we thought. What's really hit us, as you mentioned, was on the drayage side, and we contemplated the container volume in our Warehouse business. That was contemplated. I would say that's about in line, maybe a touch harder than we've thought in that business.

我們在那邊真正面對的是：就燃料而言，整體業務確實有一些受益。那通常是轉嫁項目，但實際表現略優於我們原先的預期。真正衝擊我們的，如你所提到，是在短途拖運（drayage）端；而我們在倉儲業務中對貨櫃量的影響是有納入考量的。那是已經納入的。我會說那大致符合預期，可能在該業務上比我們想的稍微更具壓力一些。

And then we have the carrier rate situation, which is really just a tightening of the economy ultimately drives up the rates and what's going on with supply and demand on the trucker side. That generally leveled out, it can take a quarter or two. So as we made a comment, we're lowering our guidance generally from the $7 million settlement and a little bit of softness related to that carrier issue.

然後我們還有承運商運價的情況，這基本上就是經濟收緊最終推升運價，以及卡車運輸端供需所發生的狀況。那通常會趨於平穩，但可能需要一到兩個季度。因此如我們所評論的，我們下調指引主要是因為那筆700萬美元的和解，以及與該承運商問題相關的一些疲弱。

So I think that kind of covers all the different puts and takes as we roll forward, given your comments there, we still are positive about what's going to happen with the drayage long term and with import exports on our Warehouse business. But we really haven't contemplated a pickup as it relates to the second half.

所以我想，考量你剛才的評論，這大致涵蓋了我們往前看時各種不同的利多與利空因素。我們對短途拖運的長期發展，以及我們倉儲業務中的進出口仍然保持正向看法。但就下半年而言，我們其實沒有把回升納入假設。

Michael Mueller, JPMorgan.

Michael Mueller，摩根大通。

Greg, on your comments about confectionery becoming a top 10 category. Talk a little bit about like where are you winning this business from where they currently doing for storage and logistics?

Greg，關於你提到糖果類成為前十大品類的評論。能否多談談你們是從哪裡贏得這些業務？他們目前在倉儲與物流方面原本是怎麼做的？

Yeah. Great question, Michael. So for the customer that we launched this building for the product was flowing through the traditional Food Service segment or channel, it was not going through third-party cold storage, and they felt they could get better service and better cost through working with us, and we believe that's a trend that will continue with this customer and others.

是的。好問題，Michael。所以對於我們為其啟用這棟建物的那位客戶而言，該產品原本是透過傳統的餐飲服務（Food Service）部門或通路流通，並不是透過第三方冷鏈倉儲；他們認為與我們合作可以獲得更好的服務與更低的成本，而我們相信這會成為該客戶以及其他客戶會延續的趨勢。

And so it is -- it does have specific requirements, specific temperature requirements and pulling it out of just the normal Food Service channel made sense to them. And we believe of both or others. And so we are really excited about the next several years in growing this segment of our business, and it's a great example of how some of the excess supply get absorbed.

因此它——確實有特定要求、特定的溫度要求，把它從一般的餐飲服務通路中抽離出來，對他們而言是合理的。而我們也相信其他客戶也是如此。所以我們對未來幾年在這個業務區塊的成長感到非常興奮，這也是多餘供給如何被吸收的一個很好的例子。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗。

I guess just -- I wanted to dig into the cost more in the Warehouse segment. Just if you can unpack a little bit more kind of on labor, on power, et cetera. What's your ability to control costs from here? What's the impact positive negative from oil perhaps? And then we just think about the occupancy build, do you mind giving us a little bit of color on how that should influence the margin?

我想——我想更深入了解倉儲部門的成本。如果可以的話，能否再多拆解一下勞動力、電力等等？從現在開始你們控制成本的能力如何？油價可能帶來的正面或負面影響是什麼？另外，當我們思考入住率提升時，你介意提供一些色彩，說明這應該如何影響利潤率嗎？

I'll take the first one. You want to take the second?

我先回答第一個。你要回答第二個嗎？

Sure.

當然。

Okay. So I mean, we have a culture of being continuous improvement at Lineage, and we're making productivity, energy gains every quarter. Our technology platform is a huge supporter of that.

好。所以，我們在Lineage有持續改善的文化，每一季都在提升生產力、並在能源方面取得成效。我們的技術平台對此提供了很大的支持。

LinOS continues to ramp up, but we have a lot of other initiatives and technologies rolling out side by side with LinOS like our platform, which is a labor planning tool, and we have that just this year, we went from very few to 100 buildings. So we feel great about our ability to manage labor over time. And we think we have many years of runway to attack that cost and that is obviously our largest controllable cost.

LinOS持續加速導入，但我們也有許多其他計畫與技術與LinOS並行推出，例如我們的平台——這是一個勞動力規劃工具——而且就在今年，我們從很少的建物擴展到100棟建物。因此我們對長期管理勞動力的能力感到非常有信心。我們也認為未來還有很多年的空間可以持續攻克這項成本，而這顯然是我們最大、且可控的成本。

Yeah. And just in terms of guidance, in terms of thinking about the margin as well as occupancy and a couple of the factors that we generally go through with you guys. Yes, as we contemplated the guidance, there's a couple of different aspects there. There's the volumetric side, the revenue side, the revenue per pallet side, if you will, and then margins.

是的。而就指引而言，當我們思考利潤率以及入住率，還有我們通常會和各位一起檢視的幾個因素。是的，在我們制定指引時，裡面有幾個不同面向。包括量的面向、收入的面向、如果你願意這麼說的話還有每棧板收入的面向，然後是利潤率。

As we're looking through those different components and as the year has unfolded, on the volume side, really, that has to do with keeping your eye on occupancy as well as throughput pallets, right? Those are our two different businesses, the storage business for occupancy. And then as you think about throughput, that really drives what's going on in the services side.

當我們檢視這些不同組成部分、以及隨著年度進展時，在量的面向上，主要是要關注入住率以及吞吐棧板量，對吧？這對應到我們兩種不同的業務：倉儲業務看入住率。而當你思考吞吐量時，那會真正驅動服務端的表現。

When you blend both up, right, seeing good stuff on the occupancy front and still seeing headwinds on the throughput. So generally slightly better than where we came in the year as it related to the total volumetric side, but still probably flat to a little bit down when you blend up those two business lines in the volumetric side.

當你把兩者合併來看，對吧，在入住率方面看到不錯的表現，但在吞吐量方面仍然看到逆風。因此就總量面向而言，整體略優於我們年初的預期；但若把這兩條業務線在量的面向加總起來看，可能仍是持平到小幅下滑。

On price, just to review that, on the Storage business, again, we look at those kind of together. We have the RSP for physical pallets and then we have services revenue per throughput pallet. Every quarter, there's both a price element of how we put it out to the street.

就價格而言，先回顧一下，在倉儲業務上，我們同樣會把這些項目一起看。我們有實體棧板的RSP（建議售價），另外也有按吞吐棧板計算的服務收入。每一季，在我們對外報價時，兩者都會包含價格面的因素。

Greg talked about how we're getting that book businesses at a 1% to 2%, but then different quarter-to-quarter mix or commodities or different customers can really move that around. And so we've been consistent all year, and we still see that ultimately blending to a slightly down rate for the full year. Again, that's RSP side as well as services revenue per throughput side. So that will be a slight negative.

Greg談到我們目前拿到的簿記業務（book business）價格增幅約為1%到2%，但不同季度之間的組合、商品品類或不同客戶，確實會讓結果上下波動。因此我們全年表現一直很一致，而我們仍然看到，最終全年加權後會呈現略為下滑的費率。同樣地，這包含RSP端以及按吞吐棧板計算的服務收入端。所以這會是小幅負面影響。

And when you take those two, right, that kind of blends to a same-store revenue flat to down a little bit. And Greg talked about that you try to offset that with the cost savings initiatives, but you're fighting inflation, right? And so any business that has a challenged top line like that, which we're coming through, really hard to mitigate all the labor inflation you have, and Greg and the team are doing a great job. But the third component then becomes around margins.

當你把這兩項合在一起看，對吧，整體就會加權成同店收入持平到小幅下滑。Greg也提到，你會嘗試用成本節省計畫來抵消，但你同時在對抗通膨，對吧？因此，任何像我們這樣營收端承壓、正在走出來的業務，都很難完全抵消你面臨的所有勞動力通膨；Greg和團隊做得非常好。但第三個構成因素就會落在利潤率上。

We generally are baking in a slight decline in margins because that saw that this quarter had a little bit of margin pressure, last quarter we did well. So that's really our third component. But to keep key margins at almost flat in this environment is a stellar outcome. So those are the three, hopefully, that helps you kind of parse through how we're thinking about the minus 3% to 0% overall guidance.

我們一般會在模型中納入利潤率小幅下滑，因為本季確實看到一些利潤率壓力，而上季我們表現不錯。所以這就是我們的第三個因素。但在這樣的環境下，能把關鍵利潤率維持幾乎持平，是非常出色的結果。以上三點，希望能幫助你拆解我們對整體-3%到0%指引的思考方式。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

Sitting in for Blaine, who's out today. But I appreciated your color on the back half kind of some of the comps for same-store NOI and how to think about the model. Is there anything as we look ahead to '27 that sticks out is particularly easy or challenging comps?

我今天代替Blaine，他今天不在。不過我很感謝你們對下半年同店NOI（淨營運收入）比較基期（comps）以及如何看待模型的說明。展望到'27年，有沒有什麼特別顯得比較容易或比較具挑戰性的比較基期？

I know you also mentioned this year you had a drag from some refinancing. But just kind of like big-picture line items, where do you think it gets particularly easy next year? And where may not be so easy based on how you did this year?

我知道你也提到今年有一些再融資帶來的拖累。但就比較宏觀的損益表科目來看，你覺得明年哪些地方會變得特別容易？以及哪些地方可能不那麼容易，取決於你們今年的表現？

Yeah. No. I mean just moving through the P&L as you think about the different components, generally, a little bit early to go into 2027. But we're setting up good as we exit the year, right? We said we're scratching out a flat outcome. I think Greg has really helped the team battle through those three headwinds, but there's a couple that are still kind of rolling over as we go to next year, import export being on top of my mind, just given geopolitical attention.

是的。不。我的意思是，當你沿著損益表往下看、思考不同構成項目時，現在談2027年通常還有點太早。但我們在年底退出時的態勢不錯，對吧？我們說過我們會努力做到持平的結果。我認為Greg確實幫助團隊挺過那三個逆風，但有幾項在進入明年時仍會延續；我最關注的是進出口，主要是考量地緣政治的關注度。

So we'll see how that same-store NOI builds as we turn the corner on the non-same-store NOI, I think there's good evidence that we're really building our green fields and expansions, and that should build admin. We've talked about that we've really gotten ahead of that. That's nice, but we'll be fighting inflation again next year. So we've taken out the costs and we want to continue to invest in the business, but I think you'll have good outcome there.

因此，當我們在非同店NOI轉正之後，我們會再看同店NOI如何逐步建立；我認為有很好的證據顯示，我們確實在推進綠地（greenfield）與擴建，這應該會帶動管理費用（admin）的攤提/吸收。我們也談過，我們在這方面其實已經走在前面。這很好，但明年我們仍會再次面臨通膨壓力。所以我們已經把成本降下來，也希望持續投資於業務，但我認為你會在那裡看到不錯的結果。

So generally, that's our view. A little bit too early to say. It's still really attacking the problems at hand so we don't want to get ahead of ourselves. We've had a good first half, but need to get through the second half.

總體而言，這就是我們的看法。現在說還有點太早。我們仍然專注於解決眼前的問題，所以不想操之過急。我們上半年表現不錯，但還需要把下半年走完。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

Just wanted to follow up on some of the other uses this cycle. I mean you talked about confectionery, I think we talked about sort of pharmaceutical and Nareit as well. And again, just a little bit more color if we could get some more hard numbers of what you think this revenue opportunity could be? Is that business price like the rest of the business is where are the puts and takes as it does seem like this is different versus previous cycles?

我想追問一下本輪週期中其他用途（other uses）的一些情況。你們提到糖果（confectionery），我想我們也談到製藥以及Nareit。同樣地，如果可以的話，能否再多給一些細節，最好是更具體的數字，說明你們認為這個營收機會可能有多大？這塊業務的定價是否和其他業務一樣？以及在你看來有哪些利多與利空（puts and takes），因為看起來這次和以往週期有所不同？

Sure. Thanks, Ronald. Yeah, Confectionery does price similarly to the rest of the business. We love the business. We like margins, and we think this could be multiple hundreds of millions of revenue over time. So that's the way we're looking at it.

當然。謝謝你，Ronald。是的，糖果業務的定價方式與其他業務相近。我們很喜歡這門生意。我們喜歡它的利潤率，而且我們認為長期來看，這可能帶來數億美元等級的營收。所以我們是用這樣的角度在看。

I think on the other uses or absorption of supply, there has been a couple of deals already where we've idled buildings, where we've been able to make deals to either sell or working on leases for non-competitive uses. And so one was with the trucking company, was with a producer that would clearly not -- would ensure that those -- that capacity exits the third-party public warehousing space. And so that's just the overall (inaudible).

我想在其他用途或供給吸收方面，我們已經有幾筆交易：在我們讓部分建物停用（idled）後，我們能夠達成交易，要嘛出售，要嘛正在洽談以非競爭用途出租。其中一筆是與一家卡車運輸公司，另一筆是與一家生產商，這些用途顯然不會——會確保那些——確保該產能退出第三方公共倉儲市場。所以那就是整體的(聽不清)。

Craig Mailman, Citigroup.

Craig Mailman，花旗集團。

Maybe a two-parter here. I guess just first on conversations you're having with tenants, I mean, we're starting to see some in your tenant based kind of cut prices as the last resort to spur volumes and so they're already getting pressured on margin there. Just kind of curious how that bodes for your ability to push through rent increases as we go forward here, and what you're discussing with tenants so far.

我這裡可能有兩個問題。首先，關於你們與承租戶（tenant）的對話：我們開始看到你們一些以承租戶為主的客戶把降價當作最後手段來刺激出貨量，因此他們的利潤率已經受到壓力。我想了解這對你們未來推動租金上調的能力意味著什麼，以及到目前為止你們和承租戶都在討論些什麼。

And then just second on the guidance. My understanding was always the second half was ramp versus the first half on earnings. But if you look at the run rate, you guys are desettling in the back half of the year.

第二個是關於指引。我原本的理解一直是，下半年獲利會相較上半年走升。但如果看目前的運行水準（run rate），你們在今年下半年反而在降速。

And I understand Big Bear to $15 million EBITDA headwind, but you also have a $7 million legal settlement. And so it's -- that $0.05, $0.06 drag from Big Bear -- I'm just trying to think about why guidance shouldn't trend towards the high end of the range versus the new midpoint.

我理解Big Bear帶來1,500萬美元EBITDA逆風，但你們也有700萬美元的法律和解。所以——Big Bear帶來的0.05到0.06美元拖累——我只是想理解，為什麼指引不應該朝區間高端走，而是落在新的中點？

So I'll take the first one first, and then I'll turn it over to Robb to answer the second one. So on price, as the new supply hit us over the last couple of years, we had to contend with price challenges. We reported already and discussed that this year, we expect to get net price increases of 1% to 2%. And I think we've worked through the vast majority of that new supply getting delivered. And so I would expect similar results next year where we would have net positive price.

我先回答第一個，然後再交給Robb回答第二個。就價格而言，過去幾年新供給進入市場後，我們必須面對定價方面的挑戰。我們已經在今年的報告中提到並討論過，我們預期今年可取得1%到2%的淨價格上調。而我認為我們已經消化了絕大多數已交付的新供給。因此我預期明年也會有類似結果，也就是我們將會有淨正向的價格。

Yeah. And then talking about the math around your question as to how the year unfolds, right, to be clear, what we've commented on is the year-over-year growth. So we do see the second half of the core business on the Warehousing side being up dollars, right? But as you think about the year over year, you're quoting some year-over-year growth rates.

是的。然後回到你提到的、關於一年走勢的數學問題，為了說清楚，我們評論的是年對年成長。所以我們確實看到倉儲端核心業務的下半年在金額上是增加的，對吧？但當你用年對年來思考時，你引用的是一些年對年成長率。

And I think the simple way to think about it is the first and the second quarter, same-store NOI blends to about a minus 2%, right? The first quarter was about 1% minus 1%, and we just reported a minus 3%. So you blend those two together and that's a minus 2%. And you know that our new guidance is minus 3% to 0%. So midpoint there is minus 1.5%. So you can see really you line up quite nicely.

我認為最簡單的理解方式是：第一季和第二季的同店 NOI 加總後約為負 2%，對吧？第一季大約是負 1%，而我們剛公布的是負 3%。所以把這兩季加在一起就是負 2%。而你也知道我們新的指引是負 3% 到 0%。所以其中點是負 1.5%。所以你可以看到，兩者其實對得相當好。

So nothing really to deal with. And then, of course, I'm sure you're adjusting for FX. That has been a tailwind in the first part of the year, and that goes away as we think about the second half. So we're pretty proud of the team and nothing to call out. We are not seeing a deceleration at all given your question.

所以其實沒有什麼需要特別處理的。當然，我相信你也有把匯率（FX）因素調整掉。匯率在今年前半段一直是順風，但我們看下半年時這個因素就會消失。所以我們對團隊感到很自豪，也沒有什麼需要特別點出的。就你提的問題而言，我們完全沒有看到任何減速。

Ami Probandt, UBS.

Ami Probandt，瑞銀（UBS）。

I'm here with Michael Goldsmith. A couple of questions on the new development disclosure. First off, how fast do you expect to ramp occupancy at the development facilities which were delivered in the last year? Should we expect a similar path to those delivered two or three years ago? And then for facilities, what is the -- what's leading to the spread between the achieved economic occupancy and NOI?

我和 Michael Goldsmith 一起。關於新的開發案揭露有幾個問題。首先，你們預期在過去一年交付的開發設施，入住率（occupancy）會以多快速度爬坡？我們是否應該預期與兩、三年前交付的案子有類似的軌跡？另外，就這些設施而言，造成已達成的經濟入住率與 NOI 之間差距的原因是什麼？

So on the development pipeline, yeah, we're seeing a very similar ramp across the portfolio, really good outcome as you study that page, you'll see that the class that really you watch right before it becomes part of our base. The IRR that we're expecting actually notched a little bit up, right? So sequentially from Q1 to Q2 that's what I keep my eye on, and you can see that, that 25-month to 36-month class.

就開發管線而言，是的，我們看到整個投資組合的爬坡速度非常相似；當你研究那一頁時，結果相當不錯，你會看到在它成為我們基礎資產之前、我們特別關注的那一類。我們預期的 IRR 其實還小幅上調了，對吧？所以從 Q1 到 Q2 的序列變化是我會盯著看的，你可以看到那個 25 個月到 36 個月的類別。

In Q1, we were expecting about a 12% return. Now we're expecting at 13%. These are smaller numbers, but generally just points to really the aging of our portfolio right before it becomes part of our base, really is looking nice. So nothing to call out in terms of the years, it's a multiyear ramp for projects. And then I think your question -- your second question had to do with economic versus physical occupancy, I believe, but you can clarify if I didn't get it right.

在 Q1，我們預期大約 12% 的報酬率。現在我們預期是 13%。這些數字規模不大，但整體而言，這反映出我們的投資組合在納入基礎資產之前的成熟度，表現確實不錯。所以就年期而言沒有什麼特別要點出；專案的爬坡本來就是跨多年的。然後我想你的第二個問題——我理解是關於經濟入住率與實體入住率（physical occupancy）的差異，但如果我理解不對你可以再澄清。

We're generally seeing the same trends in the second quarter. We've talked about that generally being a spread of about 400 to 600 basis points, and we came in right in that range. Very consistent with what we saw in Q1. So we've addressed that in the last couple of earnings calls that we really worked with our customer, and we do on a year-to-year basis, and we generally feel like people have a need for that extra capacity that they sign up for.

我們在第二季大致看到相同的趨勢。我們之前談過，這個差距通常約為 400 到 600 個基點，而我們這次也正好落在這個區間。與 Q1 看到的非常一致。所以我們在過去幾次財報電話會議中已經說明過：我們確實與客戶合作，而且每年都會這樣做；我們一般認為，人們確實需要他們所簽下的那部分額外容量。

That is what's caused the delta between economic and physical. And that range really feels like we're in the right zone right now with our customers. They need that for seasonal purposes or other means. And so we really feel like we're in a good shape there. I don't think you'll have any surprises up or down from the range that we've been consistently at the past couple of quarters.

這就是造成經濟與實體之間差異的原因。而目前這個區間，對我們與客戶的狀況而言，確實感覺是在合適的範圍。他們可能因季節性或其他原因需要那樣的容量。因此我們覺得這方面的狀態很好。我不認為你會看到相較於我們過去幾季一直維持的區間，有任何向上或向下的意外。

Vince Tibone, Green Street.

Vince Tibone，Green Street。

Can you provide an update on the strategic review process? At NAREIT, I think you talked about selling -- potentially looking to sell up to $1 billion. Just want to see if that's still the case and how we should think about kind of the most likely timing of any transaction? Is it possible something is agreed upon and announced for year-end? Or is this more of a '27 event now?

你能否更新一下策略檢討（strategic review）流程的進度？在 NAREIT 上，我記得你提到出售——可能考慮出售最多 10 億美元。我想確認這是否仍然如此，以及我們應該如何看待任何交易最可能發生的時間點？是否有可能在年底前達成協議並對外宣布？還是說這現在更像是 2027 年的事件？

Yeah. Thanks for the question. Yeah. Again, we really took it on ourselves to look at portfolio and see the disconnect that we're seeing in the public versus private markets and take advantage of that, frankly, to solve where we want to get to from a leverage standpoint to have more optionality in the future.

是的。謝謝你的問題。是的。再說一次，我們主動檢視投資組合，看到公開市場與私募市場之間的落差，坦白說希望利用這個落差，來解決我們在槓桿水準上想達到的目標，讓未來有更多選擇性。

As you know, our reported leverage is 6 times right now, and we made a commitment to our rating agencies and to all of US investors that we want to have flexibility to get into the range of the 5 to 5.5 times, which is what we committed to at the IPO.

如你所知，我們目前揭露的槓桿倍數是 6 倍；我們也對信評機構以及所有美國投資人承諾，我們希望有彈性把槓桿降到 5 到 5.5 倍的區間，這也是我們在 IPO 時所承諾的。

If you do the math as to how you get there, you're exactly right. You need to divest a little over $1 billion of proceeds at the multiples that we've outlined in the past in order to get that done. And so we still see a really good path. What I've done over time is look at the various transactions that we could do. We've narrowed it down. We've hired advisers or consultants to kind of try to understand what the value could be. And I think our comments today just say we really have soft circled a couple of interesting transactions that would get us there.

如果你計算要如何達到那個水準，你說得完全沒錯。以我們過去所提到的估值倍數來看，你需要處分取得略高於 10 億美元的資金，才能完成這件事。因此我們仍然看到一條非常好的路徑。我長期以來做的事情，是檢視我們可能進行的各種交易。我們已經把範圍縮小了。我們也聘請顧問或諮詢機構，來協助理解可能的價值。我想我們今天的評論只是說：我們已經初步圈定了幾筆有意思、能讓我們達標的交易。

We're encouraged by that. And we expect, to your question, that we'll have a meaningful update on the lion's share of those transactions within this calendar year. Now the cash proceeds could spill over into the early part of next year. But I know everybody is watching kind of getting there by year-end. And so we're feeling increasingly confident that we can make substantial progress this year and give you an update by our year-end announcement.

我們對此感到鼓舞。就你問的問題而言，我們預期在今年這個曆年內，會就其中占大宗的那些交易提供一個有意義的更新。當然，現金入帳可能會延伸到明年年初。但我知道大家都在關注是否能在年底前達成。因此我們越來越有信心，今年可以取得實質進展，並在我們的年終公告時向各位更新。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Just following on Vince's question. I realize, Robb, you're not giving '27, but overall, it sounds like the macro environment is the macro environment, it sounds like customers are settling out, maybe a little plus, maybe a little bit minus but settling out. But if we think about you guys selling $1 billion of assets and deleveraging, it sounds like net-net, '27 is a lower number than '26.

延續 Vince 的問題。我知道，Robb，你不會談 2027 年，但整體聽起來，總體環境就是那樣；客戶似乎正在趨於穩定，可能略為正向、也可能略為負向，但正在穩定下來。但如果我們考慮你們出售 10 億美元資產並去槓桿，聽起來整體而言，2027 年會比 2026 年低。

I realize you're not giving guidance, but just conceptually from what you guys have talked about the macro and then what you're doing strategically that's mentally sort of how the math seems to pencil. And I just want to make sure if that's correct or if you do anticipate '27 would be positive versus '26 on an FFO basis.

我知道你們不提供指引，但就概念上，從你們談到的總體環境，以及你們在策略上所做的事情來看，我心裡大概覺得這樣的數學推算似乎說得通。我只是想確認這是否正確，或者你們是否預期以 FFO 口徑來看，'27 會比 '26 更為正面。

Yeah. No. So again, we're not guiding to AFFO for 2027, but you've laid out a couple of pieces there. I think we generally have outlined that if we find the right transaction at the right pricing, we don't find this to be a super dilutive event at the AFFO.

是的。不。所以再說一次，我們不會對 2027 年的 AFFO 提供指引，但你剛才確實把幾個要點都列出來了。我認為我們一般已經說明過，如果我們能以合適的價格找到合適的交易，我們不認為這會在 AFFO 上造成非常大的稀釋。

It's hard when for a period of time, you sell an asset and then you put the cash on the balance sheet and you don't earn the same. That's just a fact of deal map. But we don't think that, that AFFO dilution from that event alone will be substantial to be concerned about. And so then you just have the business, and as I commented earlier, it will be too difficult to kind of talk about the business outside of outside of that transaction.

困難之處在於，有一段時間你賣出資產後，把現金放在資產負債表上，而你賺不到同樣的收益。這就是交易流程的客觀事實。但我們不認為僅僅因為那個事件所造成的 AFFO 稀釋會大到需要擔心。然後就回到業務本身；正如我先前評論的，在那筆交易之外要單獨談業務，會非常困難。

Viktor Fediv, Scotiabank.

Viktor Fediv，豐業銀行（Scotiabank）。

On Big Bear fire, you mentioned that you were able to relocate some of your customers to nearby facilities. So to what extent does that create tailwind for your same-store portfolio through higher occupancy and throughput and is the estimated $15 million impact net of those benefits? And also compared to the Kennewick incident, are there any meaningful differences in the insurance structure, expected timing or potential scope of recoveries that could result in different financial outcome this time around?

關於 Big Bear 火災，你提到你們能把部分客戶轉移到附近的設施。那在多大程度上，這會透過更高的入住率與吞吐量，為你們的同店組合帶來順風？以及估計的 1,500 萬美元影響是否已扣除這些效益？另外，與 Kennewick 事件相比，保險結構、預期時程或可能的理賠範圍是否有任何重大差異，可能導致這次的財務結果不同？

Thanks for your question. So I'll just start to talk just a couple of high-level comments on the fire, and then I'll turn it over to Robb on the financials. But I, again, just want to thank our team. This is a very, very, very challenging situation and our response on the ground it was nothing short of extraordinary from literally day one standing side by side with the firefighters and helping them solve how to put out this fire was simply remarkable.

謝謝你的提問。我先就火災做幾點高層次的說明，然後把財務部分交給 Robb。不過我再次要感謝我們的團隊。這是一個非常、非常、非常具挑戰性的情況，而我們在第一線的應對可說是非同凡響——從第一天起就與消防人員並肩站在一起，協助他們解決如何撲滅這場火災，真的非常了不起。

As Robb talked about, the facility is a relatively small portion of our overall network, just about 1%. And we've been working with customers literally from the first day to divert product across the network to provide solutions for them.

如 Robb 所提到，該設施在我們整體網路中占比相對小，大約只有 1%。我們從第一天起就一直與客戶合作，把產品在整個網路中分流，為他們提供解決方案。

It's also important to recognize another kind of network effect or benefit scale is that we have almost 30 other facilities in the broader Southern California region, and those teams have jumped in and helped our customers in a heroic way.

同樣重要的是要認知到另一種網路效應或規模效益：在更廣泛的南加州地區，我們還有將近 30 個其他設施，而那些團隊也投入支援，以非常英勇的方式協助我們的客戶。

And so right now, we are focused on the cleanup entirely supporting the community. We've given over $3.3 million to the local residents through charities and directly and feel great about our remediation and community support efforts. As far as the Kennewick piece and comparing it to that, yeah, our insurance coverage is adequate to handle this, and we wouldn't expect the cash flows to be much different than that played out.

因此目前我們的重點完全放在清理工作，以及全力支持社區。我們已透過慈善機構與直接捐助的方式，向當地居民提供超過 330 萬美元的援助，並對我們的修復與社區支持工作感到很欣慰。至於 Kennewick 的部分以及與其比較，是的，我們的保險保障足以應對這次事件，我們預期現金流不會與當時的情況有太大差異。

Nicholas Thillman, Baird.

Nicholas Thillman，Baird。

Maybe I wanted to touch on some comments you made about just operators looking to exit and capacity potentially being flushed from the North American market. But you also commented on potential institutional interest just within the cold storage infrastructure and the public-private disconnect valuations.

我想談談你提到的一些評論：一些營運商想要退出，以及北美市場的產能可能會被出清。但你也提到冷鏈倉儲基礎設施可能存在的機構投資興趣，以及公私市場估值之間的落差。

Just curious how you think it could play out from a pricing impact if you're starting to see some of the private players get more involved and maybe get some reset basis on some of these assets? Is that put downward pressure on pricing for the portfolio overall? I guess how are you viewing -- being aggressive on the acquisition front versus just letting capacity get flushed out of the system?

我想了解的是，如果你開始看到一些民間玩家更積極參與，並且可能在這些資產上建立新的成本基礎，你認為對價格的影響會如何發展？這是否會對整體投資組合的定價造成下行壓力？我想問的是——在收購方面採取更積極的策略，與只是讓產能從系統中被出清相比，你們是怎麼看待的？

Yeah. I mean I think we're in the best position to acquire the assets that we want as some of these companies take different strategic directions because we have the most synergies because we have the densest network and we can have the technology and capability and add an structure to optimize these assets.

是的。我的意思是，我認為當其中一些公司採取不同的策略方向時，我們處於最有利的位置去收購我們想要的資產，因為我們擁有最多的協同效益：我們的網路最密集，也具備技術與能力，並且能加入相應的架構來最佳化這些資產。

As far as new private institutional investors coming in, I think it's clear that it's very difficult for these small companies to compete with the more established providers. And so I don't think there's a lot of motivation for them to come and buy a five-asset company that's struggling because them buying them doesn't change their trajectory because they're not in a different competitive position.

至於新的民間機構投資人進場，我認為很明顯，小公司要與更成熟的供應商競爭是非常困難的。因此，我不認為他們有很大的動機去買一家正在掙扎、只有五個資產的公司，因為他們買下來也不會改變其發展軌跡，因為他們並沒有處在不同的競爭位置。

So we don't see that as a major threat. And we think, if anything, give this shakeout could firm up price over time and allow us to get closer over time to being able to recover inflationary levels as it plays out.

所以我們不把這視為重大威脅。而且我們認為，如果有的話，這一波出清（shakeout）隨著時間推移反而可能讓價格更為穩固，並讓我們隨著情勢發展，逐步更接近能夠回收通膨水準的能力。

That is all the time we have today for questions. Apologies to those whose questions we did not get to. I will now turn the call back over to Ki Bin Kim for closing remarks.

今天的提問時間就到這裡。很抱歉有些朋友的問題我們沒能回答到。接下來我把電話交回給 Ki Bin Kim 作結語。

Thank you, everyone, for joining our second-quarter earnings call. Have a good week.

感謝各位參加我們的第二季財報電話會議。祝各位本週愉快。

Thanks, everybody. Appreciate it.

謝謝大家。感謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。