LXP Industrial Trust (LXP) 2025 Q3 法說會逐字稿

Hello and thank you for standing by. My name is Mark and I will be your conference operator today. At this time, I would like to welcome everyone to the LXP industrial third quarter earnings call and webcast.

您好，感謝您的耐心等待。我叫馬克，今天將由我擔任你們的會議接線生。在此，我謹歡迎各位參加 LXP 產業第三季財報電話會議及網路直播。

(Operator Instructions)

（操作說明）

Now I would like to turn the call over to Heather Gentry in Investor Relations. Please go ahead.

現在我將把電話交給投資者關係部的希瑟·根特里。請繼續。

Thank you, operator. Welcome to LXP Industrial Trust's third quarter 2025 earnings conference call and webcast. The earnings release was distributed this morning, and both the release and quarterly supplemental are available on our website in the investor section and will be furnished to the SEC on a Form 8K. Certain statements made during this conference call regarding future events and expected results may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. LXP believes that these statements are based on reasonable assumptions. However, certain factors and risks, including those included in today's earnings press release. And those described in reports that LXP files with the SEC from time to time could cause LXP's actual results to differ materially from those expressed or implied by such statements.

謝謝接線生。歡迎參加 LXP Industrial Trust 2025 年第三季財報電話會議和網路直播。獲利報告已於今天上午發布，該報告和季度補充報告均可在公司網站的投資者關係部分查閱，並將以 8K 表格的形式提交給美國證券交易委員會。本次電話會議中有關未來事件和預期結果的某些陳述可能構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。LXP認為這些說法是基於合理的假設。然而，某些因素和風險，包括今天發布的盈利新聞稿中所包含的那些因素和風險。LXP 不時向美國證券交易委員會提交的報告中所描述的那些因素，可能會導致 LXP 的實際業績與此類聲明中明示或暗示的業績有重大差異。

Except as required by law, LXP does not undertake a duty to update any forward-looking statements. In the earnings press release and quarterly supplemental disclosure package, LXP has reconciled all non-GAAP financial measures to the most directly comparable GAAP measure.

除法律要求外，LXP不承擔更新任何前瞻性聲明的義務。在獲利新聞稿和季度補充揭露文件中，LXP 已將所有非 GAAP 財務指標與最直接可比較的 GAAP 指標進行了核對。

Any references in these documents to adjusted company FFO refer to adjusted company funds from operations available to all equity holders and unit holders on a fully diluted basis.

這些文件中提及的調整後公司 FFO 指的是所有股權持有人和單位持有人以完全稀釋基準可獲得的調整後公司營運資金。

Operating performance measures of an individual investment are not intended to be viewed as presenting a numerical measure of LXP's historical or future financial performance, financial positions, or cash flows.

單一投資的經營績效指標並非旨在被視為對 LXP 的歷史或未來財務表現、財務狀況或現金流量的數值衡量。

On today's call, Wilson Eglin, Chairman and CEO, and Nathan Brunner, CFO, will provide a recent business update and commentary on third quarter results. Brendan Mullinix, CIO, and James Dudley, Executive Vice President and director of asset management, will be available for the Q&A portion of this call.

在今天的電話會議上，董事長兼執行長威爾遜·埃格林和財務長內森·布魯納將提供最新的業務進展和對第三季業績的評論。資訊長 Brendan Mullinix 和執行副總裁兼資產管理總監 James Dudley 將出席本次電話會議的問答環節。

I will now turn the call over to Will.

現在我將把通話轉給威爾。

Thanks, Heather. Good morning, everyone.

謝謝你，希瑟。各位早安。

We had a great third quarter highlighted by the transformative sale of our 2 vacant 1 million square foot development projects in Central Florida and Indianapolis to a user buyer.

第三季業績斐然，其中最引人注目的是我們將位於佛羅裡達州中部和印第安納波利斯的兩個空置的 100 萬平方英尺的開發項目出售給了用戶買家。

This transaction was exceptionally impactful to our overall business, providing immediate earnings accretion while also materially reducing leverage, two positive outcomes rarely achieved in tandem.

這項交易對我們的整體業務產生了極其顯著的影響，在立即增加收益的同時，也大幅降低了槓桿率，這兩個積極的結果很少能同時實現。

The aggregate gross sale price of $175 million represented a 20% premium to the gross book value of the properties and is a superior outcome compared to leasing the assets.

總銷售價格為 1.75 億美元，比這些房產的帳面總價值溢價 20%，與租賃這些資產相比，這是一個更優的結果。

The transaction drove portfolio occupancy up 370 basis points, significantly decreased leverage to 5.2 times net debt to adjusted EBITDA from 5.8 times, and will generate an estimated 6% accretion to adjusted company FFO per share, reflecting the property operating cost savings and interest expense savings from debt reduction.

該交易使投資組合入住率提高了 370 個基點，淨債務與調整後 EBITDA 的槓桿率從 5.8 倍大幅降低至 5.2 倍，並將使公司調整後每股 FFO 預計增長 6%，這反映了物業運營成本的節省以及債務減少帶來的利息支出節省。

The net proceeds from the sale of $151 million were used to repay $140 million of our $300million 6.75% senior notes due in 2028 pursuant to a cash tender offer that closed subsequent to quarter end, considerably improving our balance sheet and financial flexibility.

此次出售所得淨收益 1.51 億美元用於償還我們 2028 年到期的 3 億美元 6.75% 高級票據中的 1.4 億美元，該票據是根據季度末後完成的現金要約收購而發行的，這大大改善了我們的資產負債表和財務靈活性。

We have now successfully leased or sold 98% of our development program. Our program has contributed to LXP, having the youngest industrial portfolio in the public market, with 15 facilities developed since 2019, totaling 9.1 million square feet at a weighted average estimated stabilized cash yield of 7.1%. Additionally, the two development property sales and a leased land sale completed late last year produced gains of $91 million or 54% over our cost of $170 million.

我們目前已成功出租或出售了98%的開發案。我們的專案為 LXP 做出了貢獻，使其擁有公開市場上最年輕的工業地產組合，自 2019 年以來已開發 15 個設施，總面積達 910 萬平方英尺，加權平均估計穩定現金收益率為 7.1%。此外，去年底完成的兩筆開髮用地出售和一筆租賃土地出售，為我們帶來了 9,100 萬美元的收益，比 1.7 億美元的成本高出 54%。

Year-to-date sales volume totals $273 million with an average cash capitalization rate of 5.1% on stabilized assets.

今年迄今銷售額總計 2.73 億美元，穩定資產的平均現金資本化率為 5.1%。

The investment sales market remains healthy, and we are currently marketing approximately $115 million of assets for sale in our non-target markets for opportunistic reinvestment, which may include opportunities in our land bank.

投資銷售市場依然健康，我們目前正在非目標市場銷售約 1.15 億美元的資產，以進行機會性再投資，其中可能包括我們土地儲備的機會。

During the quarter we further added to our target market exposure and acquired an approximately 157,000 square foot Class A industrial facility in the Atlanta market for $30 million to satisfy a 1031 exchange requirement.

本季度，我們進一步擴大了目標市場敞口，並以 3000 萬美元的價格收購了亞特蘭大市場一處面積約為 157000 平方英尺的 A 級工業設施，以滿足 1031 交換要求。

We continue to focus on our 12 market investment strategy in the Sun Belt and select Lower Midwest states, which accounts for approximately 85% of our gross assets.

我們繼續專注於陽光地帶和部分中西部南部各州的 12 個市場投資策略，這些市場約占我們總資產的 85%。

Market fundamentals improved during the third quarter with our 12 target markets after forming the broader market.

第三季度，市場基本面有所改善，我們的 12 個目標市場在形成更廣泛的市場後，市場基本面也隨之改善。

We continue to see robust net absorption in our target markets, which accounted for roughly 33 million square feet of the overall US net absorption of approximately 45 million square feet in the third quarter.

我們持續看到目標市場淨吸收量強勁成長，第三季美國整體淨吸收量約為 4,500 萬平方英尺，其中目標市場約佔 3,300 萬平方英尺。

Dallas, Houston, Phoenix, and Indianapolis were standouts with net absorption of between 4million and 8 million square feet in each of these markets.

達拉斯、休士頓、鳳凰城和印第安納波利斯表現突出，這四個市場的淨吸收量均在 400 萬至 800 萬平方英尺之間。

Furthermore, Atlanta, Greenville, Spartanburg, Columbus, and Central Florida each experience net absorption of over 2 million square feet.

此外，亞特蘭大、格林維爾、斯帕坦堡、哥倫布和佛羅裡達中部地區的淨吸收量均超過 200 萬平方英尺。

In addition to demand from large retailers and 3PLs, it's notable to highlight that manufacturing-related demand has been a meaningful contributor to demand in our markets.

除了大型零售商和第三方物流公司的需求外，值得注意的是，製造業相關的需求也對我們市場的需求做出了重要貢獻。

Reflecting the significant onshoring investment across our geographic footprint.

這反映了我們在業務覆蓋區域內進行的大量本土化投資。

During the quarter, flight to quality continued with large corporate users driving the absorption into newer facilities, and we saw an increase in demand for larger spaces. We stand to benefit from both of these trends given our portfolio is the newest in the industrial re space and our focus is on bulk logistics.

本季度，追求更高品質的趨勢仍在繼續，大型企業用戶推動了對新設施的吸收，我們看到對更大空間的需求增加。鑑於我們的投資組合是工業房地產領域最新的，並且我們專注於大宗物流，我們將從這兩個趨勢中受益。

US vacancy held relatively steady, around 7%, primarily due to positive demand and a further decline in new completions.

美國空置率保持相對穩定，約 7%，這主要是由於需求旺盛和新竣工項目進一步減少。

Construction starts remain below historical levels with the construction pipeline in our 12 markets of approximately 88 million square feet, down nearly 73% from the 2022 peak of approximately 330 million square feet.

在我們 12 個市場中，建築開工量仍低於歷史水平，在建項目面積約為 8,800 萬平方英尺，比 2022 年約 3.3 億平方英尺的峰值下降了近 73%。

Today we also announced that the board of trustees authorized an annualized dividend increase of $0.02 per share to an annualized rate of $0.56 per share on a pre-split basis.

今天我們也宣布，董事會批准將年度股息提高 0.02 美元/股，達到拆股前年度股息 0.56 美元/股。

The newly declared common share dividend represents an increase of 3.7% over the prior dividend and will be paid in the first quarter of 2026.

新宣布的普通股股息比之前的股息增加了 3.7%，將於 2026 年第一季支付。

In summary, our company is in a great position.

總之，我們公司目前處境非常有利。

The sale of the development projects accelerated and de-risked several of our most critical operating objectives, resulting in meaningfully higher occupancy, lower leverage, and earnings accretion.

開發項目的出售加速並降低了我們幾個最關鍵的營運目標的風險，從而顯著提高了入住率，降低了槓桿率，並增加了收益。

We believe this outcome combined with our high-quality young portfolio of primarily Class A assets in markets that are outperforming, consistent contractual rent growth, inexpensive rents in relation to market, above average tenant credit with an investment grade balance sheet, moderate payout ratio, and a land bank to be utilized for creative growth opportunities, positions us well for success going forward.

我們相信，這一結果，加上我們高品質的年輕資產組合（主要為 A 級資產，位於表現優異的市場）、持續的合約租金增長、相對於市場而言較低的租金、高於平均水平的租戶信用、投資級資產負債表、適中的派息率以及可用於創新增長機會的土地儲備，使我們為未來的成功奠定了良好的基礎。

With that, Nathan will now discuss our financials, leasing, and balance sheet in more detail.

接下來，Nathan 將更詳細地討論我們的財務狀況、租賃狀況和資產負債表。

Thanks, Will. We produced adjusted company FFO in the third quarter of $0.16 per diluted common share for approximately $47 million.

謝謝你，威爾。第三季度，我們調整後的公司FFO為每股攤薄普通股0.16美元，總計約4,700萬美元。

This morning we increased the midpoint and tightened the range of our 2025 adjusted company FFO guidance to $0.63 to $0.64 per share.

今天早上，我們提高了 2025 年公司調整後 FFO 指引的中點，並將指引範圍收窄至每股 0.63 美元至 0.64 美元。

The revised guidance reflects the creative impact from the sale of the development projects and debt repayment.

修訂後的指導意見反映了開發項目出售和債務償還的創造性影響。

As we discussed, the Central Florida and Indianapolis development properties were sold for an aggregate gross sale price of $175 million which represented a 20% premium to the cost basis, or $29 million over the gross book value of the properties.

正如我們所討論的那樣，佛羅裡達州中部和印第安納波利斯的開髮用地以 1.75 億美元的總銷售價格售出，比成本基礎溢價 20%，比這些用地的賬面總價值高出 2900 萬美元。

Based on our underwriting of market rents, TI leasing and holding period costs, and free rent, we estimated the yield implied by the sale price to be approximately 5%, which demonstrates the attractive valuation achieved in the sale.

根據我們對市場租金、TI租賃和持有期成本以及免租期的評估，我們估計售價所隱含的收益率約為5%，這表明此次出售實現了具有吸引力的估值。

Our share of net proceeds of approximately $151 million was used to tender for the 6.75% senior notes due in 2028.

我們獲得的約 1.51 億美元淨收益份額用於購買 2028 年到期的 6.75% 優先票據。

The tender resulted in the repayment of bonds with a principal amount of $140 million and will produce savings and interest expense and amortization of deferred financing costs of approximately $10 million per year.

此次招標償還了本金為 1.4 億美元的債券，每年可節省約 1,000 萬美元的利息支出和攤銷遞延融資成本。

We will also save roughly $1.8 million of property operating costs per year at these two properties, which were previously expensed in the income statement.

我們每年還將節省這兩處房產約 180 萬美元的物業營運成本，這些成本以前在損益表中計入費用。

In aggregate, these interest and property operating costs total approximately $12 million per year, or $0.04 per share, which represents 6% accretion versus our adjusted company FFO in the third quarter.

總計這些利息和物業營運成本每年約為 1,200 萬美元，即每股 0.04 美元，比我們第三季調整後的公司 FFO 增加了 6%。

This significant earnings secretion is paired with a 0.6% reduction in leverage, making this transaction even more compelling.

此次顯著的獲利成長與槓桿率降低 0.6% 結合，使這筆交易更具吸引力。

Turning to the same store portfolio, we produced same store NOI growth of 4% year-to-date and 2% for the third quarter. With our same store portfolio 96.9% leased at quarter end.

從同店組合來看，我們今年迄今的同店淨營業收入成長了 4%，第三季成長了 2%。截至季末，我們同店物業組合的出租率為 96.9%。

We narrowed our full year 2025 same store NOI growth guidance to 33%.

我們將 2025 年全年同店淨營業收入成長預期下調至 33%。

As a reminder, our sandstor pool does not include the 1 million square foot development property in Greenville that we leased in May, and the benefit of this lease is not included in the same store growth metrics.

提醒一下，我們的沙店池不包括我們在 5 月租賃的位於格林維爾的 100 萬平方英尺的開發用地，而且該租賃帶來的收益也沒有計入同店增長指標中。

Our portfolio occupancy increased to 96.8% during the quarter, up from 94.1% the previous quarter, primarily driven by the successful execution of the sale transaction.

本季度，我們的投資組合入住率上升至 96.8%，高於上一季的 94.1%，主要得益於銷售交易的成功完成。

We also continue to see our rent escalators trend higher with an increase in the average annual escalator to 2.9%. As market fundamentals trend upward, tenant sentiment appears to be improving with increased activity, although decision-making timelines continue to be extended. Our current mark to market on leases expiring through 2030 remains attractive, with in place rents 17% below market based on brokers estimates.

我們也看到租金遞增趨勢持續上升，平均年遞增幅度已增至 2.9%。隨著市場基本面呈上升趨勢，租戶情緒似乎有所改善，活動也隨之增加，儘管決策時間線仍在延長。我們目前對 2030 年前到期的租賃合約的市價估值仍然很有吸引力，根據經紀人的估計，現有租金比市場價格低 17%。

Regarding 2025 exploration, subsequent to quarter end, we leased a 380,000 square foot facility in the Indianapolis market to a new tenant for 10 years with 3.5% annual rent bumps.

關於 2025 年的勘探，季度末之後，我們在印第安納波利斯市場將一處 380,000 平方英尺的設施租賃給了新租戶，租期為 10 年，每年租金遞增 3.5%。

This was a July 2025 expiration in which the previous tenant held over through the end of September. This was a great outcome with the new rent representing a 34% increase over the prior rent.

該租約原定於 2025 年 7 月到期，但先前的租戶一直租到 9 月底。這是一個非常好的結果，新租金比之前的租金上漲了 34%。

We continue to see promising activity where we have experienced tenant move outs if these rents approximately 30% below market.

我們持續看到一些前景可觀的市場活動，例如，如果租金比市價低約 30%，就會出現租戶搬離的情況。

We've made good progress on our 2026 lease expirations, addressing approximately 1.8 million square feet, or 27% of total 2026 explorations at an average base cash rental increase of approximately 31%, excluding one fixed rate renewal.

我們在 2026 年租賃到期方面取得了良好進展，處理了約 180 萬平方英尺的租賃，佔 2026 年勘探總量的 27%，平均基本現金租金增長約 31%，不包括一項固定費率續約。

Our remaining 2026 lease roll represents roughly 8.5% of our ABR with good prospects for attractive mark to market outcomes.

我們剩餘的 2026 年租賃合約約占我們 ABR 的 8.5%，預計將獲得可觀的市場收益。

During the third quarter, this leasing included a 3 year renewal with 3.25% annual bumps on a September 2026 expiring lease at our approximately 500,000 square foot facility in the Dallas market.

第三季度，我們在達拉斯市場約 50 萬平方英尺的設施中續約了一份租約，租期為 3 年，每年遞增 3.25%，租約將於 2026 年 9 月到期。

The new rent represents an 8% increase over the prior rent.

新租金比之前的租金上漲了8%。

Subsequent to quarter end, we extended a June 2026 expiring lease at our 70,000 square foot facility in the Greenville Spartanburg market for five years with 3.5% annual bumps, representing an increase in rent of approximately 7% over the prior rent.

季度末之後，我們將位於格林維爾-斯帕坦堡市場的 70,000 平方英尺設施的租約延長了 2026 年 6 月到期，租期為五年，每年租金遞增 3.5%，比之前的租金上漲了約 7%。

Additionally, the tenant at our approximately 650,000 square foot facility in Cleveland with an October 2026 expiration exercised their five year fixed rate renewal option with 2.5% annual escalators.

此外，我們位於克利夫蘭的約 650,000 平方英尺的設施的租戶，其租約將於 2026 年 10 月到期，並行使了其五年固定利率續租選擇權，每年遞增 2.5%。

Our 600,000 square feet of redevelopment projects continue to progress.

我們60萬平方英尺的重建計畫正在持續推進。

As a reminder, this includes a 350,000 square foot redevelopment in Orlando and a 250,000 square foot redevelopment in Richmond.

提醒一下，其中包括奧蘭多一個 35 萬平方英尺的重建項目和里士滿一個 25 萬平方英尺的重建項目。

Both facilities are expected to be completed in the first quarter of 2026 and produce yields on cost in the low 10s.

這兩個設施預計將於 2026 年第一季完工，成本收益率將達到 10% 左右。

Moving to balance sheet, the quarter end our net debt to adjusted EBITDA was 5.2 times. We had $230 million of cash on the balance sheet at quarter end and approximately $80 million pro forma for the bond tender.

從資產負債表來看，本季末我們的淨負債與調整後 EBITDA 比率為 5.2 倍。截至季末，我們的資產負債表上有 2.3 億美元的現金，以債券投標的備考金額約為 8,000 萬美元。

As we noted in our earnings release, the board approved a 1 for 5 reverse stock split which is scheduled to take effect on November 10th, but trading on a post-split basis beginning on November 11th.

正如我們在盈利報告中提到的，董事會批准了 1 比 5 的反向股票分割，該分割計劃於 11 月 10 日生效，但從 11 月 11 日起按分割後的價格進行交易。

The earnings press release includes further details. The dividend for first quarter 2026, reflecting the dividend increase announced today will be adjusted for the reverse stock split on a pro-rated basis.

盈利新聞稿包含更多詳情。2026 年第一季的股利（反映了今天宣布的股利成長）將按比例調整反向股票分割的影響。

With that, I'll turn the call back over to Will.

這樣，我就把電話轉回威爾了。

Thanks, Nathan. In closing, we're pleased with our third quarter results and our outlook moving forward.

謝謝你，內森。最後，我們對第三季的業績以及未來的展望感到滿意。

The creative sale of the vacant development projects addressed our most important operating objectives in 2025 and positions LXP for a strong 2026 and beyond. We remain focused on creating value for our shareholders by marking rents to market, raising rents through annual escalators, capitalizing on our lease of opportunities, and concentrating on our 12 market investment strategy.

透過創意地出售閒置的開發項目，我們實現了 2025 年最重要的營運目標，並為 LXP 在 2026 年及以後取得強勁發展奠定了基礎。我們將繼續專注於為股東創造價值，具體措施包括：按市場價格確定租金、透過年度遞增租金提高租金、利用租賃機會以及專注於我們的 12 個市場投資策略。

With that, I'll turn the call back over to the operator.

這樣，我就把電話轉回接線生了。

(Operator Instructions)

（操作說明）

John Petersen with Jefferies.

John Petersen，任職於 Jefferies 公司。

Oh great, thank you. Congrats on the property sales.

太好了，謝謝。恭喜您成功售出房產。

Your debt is now down to 5.2 times debt to EBITDA. So I wonder if you could just talk about the decision making on deploying capital in the future for external growth, whether it's acquisitions or development, or are you guys more focused on, I guess, internal growth at the moment.

您的債務目前已降至債務與 EBITDA 比率的 5.2 倍。所以我想請您談談未來在外部成長方面（無論是收購還是開發）的資本部署決策，或者您目前是否更專注於內部成長。

Well, we have a very good internal growth profile, John, beginning with contractual rent escalations and expensive rents and hopefully some occupancy gains that we're working on.

約翰，我們內部的成長前景非常好，首先是合約規定的租金遞增和高昂的租金，我們希望還能提高入住率，這些都是我們正在努力的方向。

Our orientation on the external growth side would still be focused on this, and there are a handful of places in the land bank where some, modest spec development could be in the cards next year if tenant demand continues to stay strong. But those would be smaller boxes and you know the overall scale would be pretty pretty small in relation to our overall liquidity acquisitions are really not something that we're looking at from time to time as we've discussed. If we have a property sale and we're trying to manage tax gain, we might purchase something like we did with the Atlanta asset.

我們在外部成長方面的方向仍將集中於此，如果租戶需求繼續保持強勁，那麼明年我們土地儲備中的一些地方可能會進行一些適度的投機性開發。但這些盒子會比較小，而且你知道，相對於我們的整體流動性而言，整體規模會非常小，正如我們討論過的那樣，我們並不經常考慮進行流動性收購。如果我們出售房產並試圖管理稅收收益，我們可能會像對待亞特蘭大的資產一樣購買其他資產。

In your presentation there's a lot of focus on your 12 target markets, so it kind of raises the question, what about the other markets, and it gets about 15% of your revenue comes from outside of those 12 markets. Is that something we should think about as a medium term, disposition target?

你的簡報重點介紹了你的 12 個目標市場，這不禁讓人產生疑問：其他市場呢？結果顯示，你約有 15% 的收入來自這 12 個市場之外。這是否應被視為中期處置目標？

Yeah. We've been selling assets out of those markets and creating liquidity for redeployment, and we have a handful of things in the market that meet that criteria. So we do do that portfolio as a source of liquidity for other initiatives, but so we're committed to taking, it'll be a process where we realize as much value as we can in each case, and there's some assets that require, a lease extension would be supportive of the best sale outcome, that sort of thing. So I think slow and steady, but yeah, we're looking at that portfolio as a source of liquidity for reinvestment.

是的。我們一直在從這些市場拋售資產，為重新部署創造流動性，目前市場上有一些資產符合這項標準。因此，我們確實將該投資組合作為其他計劃的流動性來源，但我們致力於採取，這將是一個盡可能實現每項資產最大價值的過程，有些資產需要延長租賃期限，這將有助於實現最佳出售結果，諸如此類。所以我認為應該穩紮穩打，但沒錯，我們正在將該投資組合視為再投資的流動性來源。

Todd Thomas with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Todd Thomas。

I just wanted to go back to your comments. You mentioned the company's marketing on the on the non-target market side, about $115 million of assets. Can you just elaborate on that a little bit what the timeline might be for some additional dispositions to materialize and what the disposition cap rate might sort of look like for those assets.

我只是想回到你的評論上來。您提到了公司在非目標市場方面的行銷，資產約為 1.15 億美元。您能否詳細說明一下，其他資產處置的實現時間表可能是什麼，以及這些資產的處置資本化率大概會是什麼樣子？

It's just 4 buildings. They're not under contract at the moment, but we think there's a good chance that they close this year in December and in terms of cap rates, probably something in the low sixes which is a little bit higher than where we've made trades early in the year, but we're kind of looking at the plan in its entirety, which should land somewhere in the sort of 5.5 to 5 and 3/4 area, which we think is, it's a good outcome and where we've redeployed capital this year, there's some accretion.

只有4棟大樓。他們目前還沒有簽訂合同，但我們認為他們很有可能在今年 12 月完成交易。就資本化率而言，可能在 6% 左右，比我們年初進行的交易略高一些。但我們正在全面審視整個計劃，最終應該會在 5.5% 到 5.75% 之間。我們認為這是一個不錯的結果，而且在我們今年重新部署資本的地方，也有一些收益成長。

Okay, and then Nathan, you talked about the stronger in place escalator that that that you've been sort of achieving here. You're close to 3%. You have about 10% of ABR expiring in 2026.

好的，然後內森，你談到了你在這裡所取得的進展，即更強大的原地扶梯。你接近3%。您約有 10% 的 ABR 將於 2026 年到期。

Sorry if I missed this, but can you talk about the expected mark to market in 2026, what that might look like and whether there are any other, meaningful considerations that we should be thinking about as it relates to same store and why growth?

如果我錯過了，請見諒。您能否談談 2026 年的預期市值，它可能會是什麼樣子，以及與同店銷售和成長相關的其他有意義的因素是否值得我們考慮？

Yeah, so we're projecting about a 20% mark for 2026 (expiration) which is slightly from last quarter because we did pull that Dallas that had a slightly lower mark to market on it. I do want to talk about that one just for a second. We marked it up 8%, but if you remember that was a 3 year deal that we marked up 30% in the last.

是的，所以我們預計 2026 年（到期日）的成交量約為 20%，這比上個季度略有上升，因為我們撤回了達拉斯的股票，該股票的市值略低。我想就此事簡單談一下。我們加價了 8%，但如果你還記得的話，那是一份為期 3 年的合同，我們在最後一年加價了 30%。

And then just layering on top of that, some other observations, you pointed out the contractual rent escalators which are creeping up, we're almost at 3% now, on average it's 2.9% across the portfolio.

此外，您還指出了一些其他觀察結果，例如合約租金遞增條款正在緩慢上升，現在幾乎達到了 3%，整個投資組合的平均漲幅為 2.9%。

With regard to the expiration, a quarter end, we're around 10% in terms of expirations in 2026, but with the subsequent events where it's around about 8.5% and we've addressed 27% of the 2026 expirations in totality. And then the one other thing I would mention, Todd with regard to the same storm metric next year is we will get the benefit of the income from the 1 million square foot Greenville property. Which will move into the same pool for 2026. It is not in the metrics for 2025.

關於到期日，季度末到期日，2026 年到期日約佔 10%，但隨著後續事件的發生，到期日約佔 8.5%，我們總共解決了 2026 年到期日的 27%。還有一點我想提一下，托德，關於明年同樣的風暴指標，我們將從格林維爾那處佔地 100 萬平方英尺的房產中獲得收入。2026年，這些球隊將進入同一支球隊。2025年的指標中沒有這項指標。

Okay, and then it sounded like you see an opportunity for occupancy growth as well. What level of retention are you anticipating in 2026 and what what's that been trending like in 2025 if you can just remind us.

好的，聽起來您也看到了入住率成長的機會。您預計 2026 年的顧客留存率會是多少？能否簡單介紹一下 2025 年的顧客留存率趨勢？

So in 206 we're anticipating around 80%, so kind of a return to the norm on what we've had historically, and we've got a decent amount of visibility there. I mean it is back and loaded, the majority of the lease expirations are in the back half of the year, but we just addressed two of the big ones in the Dallas asset and then and then in the Cleveland assets. So we're moving along and knocking that out as we kind of go along.

因此，我們預計 206 年的成長率將達到 80% 左右，這算是回歸到我們歷史上的正常水平，而且我們對這一趨勢也有相當的了解。我的意思是，它已經恢復並蓄勢待發，大部分租賃合約都在今年下半年到期，但我們剛剛解決了達拉斯資產和克利夫蘭資產中的兩個大問題。所以我們正在逐步推進，邊做邊解決。

2025 was a unique year in the fact that we had some 3PL exposure, so I think it was, we had quite a bit of vacancy. We're working through that vacancy now. We've got about a million square feet of second generation leasing that needs to be done, and we've got really good activity across that portfolio right now. So hoping to have some good outcomes and we're excited about the market to market opportunity, which is a little above 30%.

2025 年是一個特別的年份，因為我們接觸了一些第三方物流業務，所以我覺得，那一年我們有很多職缺。我們正在處理這個空缺職位。我們大約有 100 萬平方英尺的第二代租賃項目需要完成，而且目前該項目整體的租賃活動非常活躍。所以我們希望能夠取得一些好的結果，並且我們對市場對市場的機會感到興奮，這個機會略高於 30%。

Mitch Germain with Citizens Bank

公民銀行的米奇傑曼

Thank you and congrats on the sale.

謝謝惠顧，也恭喜您成功賣出商品。

How long were those discussions ongoing? I'm just trying to, I'm curious to see, kind of how the leasing versus the sale discussions, kind of were transpiring.

這些討論持續了多久？我只是想看看租賃和出售方面的討論是如何進行的。

Well, It was an unsolicited offer that we got on the buildings and that we were under access agreement dating back sometime in May, so we were in possession of material nonpublic information for a long time, both in the second quarter and third quarter, so it was, it took a long time to get from May May to the closing, but it was, in the works for a pretty long time.

嗯，我們收到了一份關於這些建築物的主動收購要約，而且我們早在五月份就簽訂了信息公開協議，所以我們在第二季度和第三季度都掌握了大量非公開信息，因此，從五月份到最終完成交易花了很長時間，但實際上，這筆交易已經籌備了相當長一段時間。

And then how much of the portfolio is subject to these fixed renewals versus, you able to, kind of drivers, kind of in within line with kind of what your expectations are for the 2026 and beyond.

那麼，投資組合中有多少部分受到這些固定續約條款的限制，又有多少部分能夠根據您對 2026 年及以後的預期，以某種方式進行調整呢？

Yeah, it's probably about 15% of the portfolio. We do have some near term large ones that they kind of drive down that market to market. Mitch, I would just remind you that our mark to market numbers always incorporate the fixed rate renewals. We have 3 more that are they're coming up this year, and then we have a couple of large ones with our Nissan leases in 2027.

是的，大概佔投資組合的15%左右。我們確實有一些近期的大項目，它們在某種程度上推動了市場向下游發展。米奇，我只想提醒你，我們的市值計價數據始終包含固定利率續約。我們今年還有 3 個計畫即將啟動，然後 2027 年我們還有幾個與日產汽車租賃相關的重大計畫。

When we have the opportunity and it does present itself periodically, sometimes we can negotiate around them if the tenants looking for capital dollars or something else kind of outside of the base lease terms.

當機會出現時（這種情況確實會不時發生），如果租戶尋求資金或其他超出基本租賃條款範圍的東西，我們有時可以協商繞過這些條款。

Okay great and then I guess my last question.

好的，太好了，那我最後一個問題。

See your results this quarter. I, there's a little bit of that driven by some of, I think you had a couple of assets go vacant. Is that kind of what happened this quarter to, drive that result a little bit lower versus where you were trending? Is there anything specific that you want to call out.

查看您本季的業績。我認為，這其中有一些原因是由於某些原因造成的，例如，你們有一些資產空置了。本季是否也出現了類似的情況，導致業績比預期略有下滑？有什麼特別想指出的嗎？

Yeah, Mitch on spot on, the delta between Q2 and Q3.

是的，米奇說得對，第二季和第三季之間的差距確實存在。

The impact of those moves at the end of Q2 and and during the course of Q3. So simplistically the building blocks of the outcome are, top-line contractual rent escalators and the benefit of renewals and new leasing outcomes is about 4.75% as a positive impact and then the drag from lower occupancy was about 2.7%. But just as a reminder that Greenville asset is not in the pool and had it been in the pool for the quarter, it would have had a 1.8% positive impact and so the result for Q3, rather being 2% would have been 3.8%. Well, as I said earlier, we'll obviously get the benefit of that next year.

這些舉措在第二季末和第三季期間的影響。因此，簡單來說，結果的組成要素是：合約租金上漲帶來的收益，以及續約和新租賃帶來的約 4.75% 的正面影響，而入住率下降帶來的拖累約為 2.7%。但需要提醒的是，格林維爾資產不在該資產池中，如果它在該季度被納入資產池，它將產生 1.8% 的正面影響，因此第三季的結果將不是 2%，而是 3.8%。正如我之前所說，我們明年顯然會從中受益。

That's super helpful. Thanks guys.

這太有幫助了。謝謝各位。

Vince Hotel with Queen Street.

文斯飯店，位於皇后街。

I just wanted to follow-up on things to run why as well. If I heard correctly, it looks, I think full year guidance was brought down at the high end from 4 to 3.5. I thought all the, move outs in the third quarter were expected. So if you can just talk about what drove kind of the lowering of the high end of expectations. Was it bad debt or just kind of taking out, any new leasing that maybe would have got you to the high end because it looks like. Some rough math looks like 4th quarter is expected to accelerate further on the same sort of basis. So if we can talk about those few pieces, that'd be helpful.

我只是想跟進一下事情，弄清楚原因。如果我沒聽錯的話，全年業績預期上限似乎從4%下修到了3.5%。我認為第三季的所有人員流失都在預期之內。所以，如果您能談談是什麼原因導致了人們對高端期望值的降低，那就太好了。是壞帳還是只是藉貸，或者任何可能讓你達到高端水平的新租賃，因為看起來是這樣。粗略估算顯示，第四季預計將在類似的基礎上進一步加速成長。所以如果我們能討論這幾個方面，那就很有幫助了。

So we did narrow the guidance range for same store.

因此，我們縮小了同店指導價的範圍。

It was 34 previously 3% to 3.5%. as a reminder, that that outcome in the range of outcomes we expect Q2, but also in the range of outcomes we expected at the at the beginning of the year when we initially released guidance the change on the high end is really a reflection of the passage of time since our last call. The high end on our last call really required a conversion of a lot of leasing prospects with very near term needs.

此前為 34，3% 至 3.5%。提醒一下，這結果在我們預期第二季業績的範圍內，也在年初我們最初發布業績指引時預期的範圍內。上限的變化實際上反映了自我們上次電話會議以來時間的流逝。在我們上次電話會議中，高端客戶確實需要轉換許多近期有租賃需求的潛在客戶。

We have very good activity across, the movers we've had in 2025, but the conversion, Of those spaces to tenancies take a little bit more time and not going to result in us, hitting the high end of, the Q2 guidance.

我們在各方面都表現出色，2025 年的搬遷活動也十分活躍，但將這些空間轉化為租賃需要更多時間，因此我們無法達到第二季業績指引的上限。

And let's just to confirm it doesn't sound like bad debt at all was an issue. Can you just confirm that's the case prior bad debt.

我們再確認一下，聽起來壞帳根本不是個問題。請您確認一下，之前的壞帳是否確實如此。

Yeah, so no bad debt in the quarter or year-to-date and we collected or rent.

是的，所以本季和年初至今都沒有壞賬，我們也收回了租金。

And then maybe just one last one for me and sorry if you already touched on this, but just on the press release you mentioned, 1.1 million square foot of leasing post quarter end. Are you able to split that between renewals and new leasing on a square footage basis?

最後，我可能還有一個問題，如果您已經提到過，請見諒。關於您提到的新聞稿，季度末租賃面積達 110 萬平方英尺。能否依面積將租金分成續租租金和新租金租金兩部分？

Yeah, they were renewals.

是的，那是續約。

Okay, so just to clarify, Vince.

好的，文斯，我再澄清一下。

There were two renewals and there was one new new lease which was a 380 in Indianapolis, that we described in the prepared remarks.

有兩份續約合同，還有一份新的租賃合同，是位於印第安納波利斯的 380 號，我們在準備好的發言稿中對此進行了描述。

Perfect. No, thank you, that's all I have.

完美的。不，謝謝，我只有這些了。

Jim Kammert with Evercore ISI.

Jim Kammert，來自 Evercore ISI。

Thank you. Good morning.

謝謝。早安.

With the apparent mania happening in data centers and AI, I'm just curious what your latest thoughts are on the Phoenix land. If there's any additional opportunity for Lexington there to monetize, sell to other developers, or proceed on your own. Just curious.

鑑於目前資料中心和人工智慧領域似乎正掀起一股熱潮，我很好奇您對鳳凰城這片土地的最新看法是什麼。如果萊剋星頓還有其他獲利機會，可以將其出售給其他開發商，或自行開發。只是好奇而已。

Thank you.

謝謝。

Well.

出色地。

This is high. It's an avenue that we're certainly very interested in in Phoenix, like most of the data center markets in the country, the limiting factor is power and access to power, so that's the focus there, I think that, we'll continue to explore whether there are opportunities to power the site, which would allow for data center development, but in the meanwhile, we're incredibly encouraged by the tightening in that market, which will put us in a great position to compete on building to do and in the future potentially considers back there. So the market fundamentals there for just conventional warehouse distribution are improving really dramatically there.

這個數值很高。在鳳凰城，我們當然對這條道路非常感興趣。和全國大多數資料中心市場一樣，限制因素是電力和電力接入，所以這是我們關注的重點。我認為，我們將繼續探索是否有機會為該網站供電，這將允許資料中心的發展。同時，我們對該市場的收緊感到非常鼓舞，這將使我們在建設方面處於有利地位，並且未來可能會考慮再次在那裡投資。因此，就傳統倉儲配送而言，那裡的市場基本面正在顯著改善。

Fair enough. And second question, I've forgotten, are the two large Nissan explorations I realized not till Q127, but are those fixed escalations, should they extend or not?

很公平。第二個問題，我忘了，我意識到的日產兩項重大探索直到 Q127 才出現，但這些是固定升級，它們應該延長還是不延長？

Yes, they have.

是的，他們有。

And can you say the percentage or you're not disclosing?

能透露一下百分比嗎？還是你不願透露？

1.5%.

1.5%。

(Operator Instructions)

（操作說明）

I will now turn the call back over to Will Eglin for closing remarks, Will.

現在我將把電話交還給威爾·埃格林，請他作總結發言。威爾。

We appreciate everyone joining our call this morning and we look forward to updating you on our progress over the balance of the year. Thanks again for joining us today.

感謝各位今天上午參加我們的電話會議，我們期待在今年餘下的時間裡向大家報告我們的進展。再次感謝您今天收看我們的節目。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。