Modiv Industrial Inc (MDV) 2025 Q4 法說會逐字稿

Good day, and welcome to Modiv Industrial Inc fourth-quarter 2025 conference call. (Operator Instructions) On today's call, management will provide remarks and then we will open up the call for your questions. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Modiv Industrial Inc 2025 年第四季財報電話會議。(接線員指示) 今天的電話會議中，管理團隊將先發表談話，之後我們將開放提問。(接線員指示) 請注意，本活動將被錄音。

And I would now like to turn the conference over to Sara Grisham, Chief Accounting Officer. Please go ahead.

現在我想把電話會議交給首席會計官 Sara Grisham。請開始。

Thank you, operator, and thank you, everyone, for joining us for Modiv Industrial's fourth-quarter And full year 2025 earnings call. We issued our earnings release after market close today, and it's available on our website at modiv.com. I'm here today with Aaron Halfacre, Chief Executive Officer; Ray Pacini, Chief Financial Officer; and John Raney, Chief Operating Officer and General Counsel.

謝謝您，接線員，也謝謝各位參加 Modiv Industrial 2025 年第四季及全年財報電話會議。我們已於今日收盤後發布財報新聞稿，並已上傳至我們的網站 modiv.com。今天與我一同出席的有：執行長 Aaron Halfacre；財務長 Ray Pacini；以及營運長兼總法律顧問 John Raney。

Before we begin, I would like to remind you that today's comments will include forward-looking statements under the federal securities laws. Forward-looking statements are identified by words such as will, be, intend, believe, expect, anticipate or other comparable words or phrases.

在開始之前，我想提醒各位，今天的評論將包含依據聯邦證券法規所定義的前瞻性陳述。前瞻性陳述通常可由「將」、「是」、「打算」、「相信」、「預期」、「預估」或其他類似字詞或片語辨識。

Statements that are not historical facts, such as statements about our expected acquisitions and dispositions and business plans are also forward-looking statements. Our actual financial condition and results of operations may vary materially from those contemplated by such forward-looking statements. Discussion of the factors that could cause our results to differ materially from these forward-looking statements are contained in our SEC filings, including our reports on Form 10-K and 10-Q.

非歷史事實的陳述，例如關於我們預期的收購與處分以及業務計畫的陳述，也屬於前瞻性陳述。我們實際的財務狀況與營運結果可能與這些前瞻性陳述所預期者有重大差異。可能導致我們結果與這些前瞻性陳述有重大差異的因素之討論，載於我們向 SEC 提交的文件中，包括我們的 Form 10-K 與 10-Q 報告。

With that, I would like to turn the call over to Aaron. Aaron, please go ahead.

接下來，我想把電話會議交給 Aaron。Aaron，請開始。

Thanks, Sara. Hello, everyone. I hope you're doing well. Crazy times. So I know I'm looking forward to this call.

謝謝你，Sara。各位好。希望大家都一切順利。真是個瘋狂的時代。所以我知道我很期待這通電話會議。

I'm sure you are, too. Let me start off by saying that Sara just read the standard preamble that everyone has that talks about forward-looking statements. And I spend the vast majority of my time thinking about forward things. But the historical things and the things that are measured, the accounting are really important. And I just -- this is a point in time because this is going to be Ray's last earnings call, even though Ray is going to be with us for the remainder of the year, it's his last official earnings call, and John is going to be taking over the helm. And I just really want to speak and thank our team.

我相信你們也是。我先說，Sara 剛剛讀的是大家都會有的標準開場白，談到前瞻性陳述。而我把絕大部分時間都花在思考未來的事情上。但歷史的事情、以及可衡量的事情，也就是會計，其實非常重要。我想說——這是一個時間點，因為這將是 Ray 的最後一場財報電話會議；雖然 Ray 今年剩下的時間仍會與我們一起，但這是他最後一次以正式身分參與財報電話會議，而 John 將接手掌舵。我真的想藉此機會向我們的團隊致謝。

So Sara, John, Winnie, Lamont, Jason, all the accounting team, in particular, which is candidly more than half of our company, does such a good job and they make my job easier so I can spend all this time talking about the forward thinking things and dealing with these things that don't always have measurable outcomes. And that messy part of it that I do is that much easier because of how good they are.

所以 Sara、John、Winnie、Lamont、Jason，以及整個會計團隊，尤其是——坦白說——他們占了我們公司一半以上的人力；他們做得非常出色，讓我的工作更容易，讓我能把時間花在談論前瞻性的事情，以及處理那些不一定有可衡量結果的事。而我所做的那部分比較「混亂」的工作，也因為他們的優秀而變得容易許多。

So I appreciate that they're all here and just wanted to welcome Sara to the call, even though she's always been there in the background, she's going to be part of the call now along with John going forward. And of course, Ray.

所以我很感謝大家都在，也想歡迎 Sara 加入電話會議；雖然她一直都在幕後，但接下來她會和 John 一樣，正式成為電話會議的一部分。當然，還有 Ray。

So with that, let me sort of -- shifting gears. I'm sure we're going to have a whole host of interesting questions. I have no idea if I can answer your interesting questions, but I will do my best. But first, let's let Ray have the stage and do his thing. Ray?

那麼，讓我稍微——換個話題。我相信接下來會有一大堆有趣的問題。我不知道我能不能回答你們那些有趣的問題，但我會盡力。不過先讓 Ray 上場，做他該做的部分。Ray？

Thank you, Aaron. I'll begin with an overview of our fourth quarter operating results. Rental income for the fourth quarter was $11 million compared with $11.7 million in the prior year period. The decrease in rental income reflects expiration of our lease with Costco on our office property in Issaquah, Washington, which was sold to KB Home on December 15, 2025, and expiration of our lease with Solar Turbines on an office property in San Diego, California, which we plan to market for sale upon receiving approval from the City of San Diego for a lot split.

謝謝你，Aaron。我先概述我們第四季的營運結果。第四季租金收入為 1,100 萬美元，較去年同期的 1,170 萬美元下降。租金收入下降反映了我們在華盛頓州 Issaquah 的辦公物業與 Costco 的租約到期；該物業已於 2025 年 12 月 15 日出售給 KB Home；同時也反映了我們在加州聖地牙哥的一處辦公物業與 Solar Turbines 的租約到期。我們計畫在取得聖地牙哥市政府對地塊分割（lot split）的核准後，將該物業推向市場出售。

Fourth quarter adjusted funds from operations, or AFFO, was $4 million compared to $4.1 million in the year ago quarter. The $30,000 decrease in AFFO reflects a $554,000 decrease in cash rents, which was partially offset by a $299,000 decrease in cash interest expense, $138,000 decrease in preferred stock dividends, a $40,000 decrease in property expenses and a $15,000 decrease in G&A.

第四季調整後營運資金（Adjusted Funds From Operations，AFFO）為 400 萬美元，較去年同期的 410 萬美元略降。AFFO 減少 3 萬美元，主要反映現金租金減少 55.4 萬美元，部分被以下項目抵銷：現金利息費用減少 29.9 萬美元、特別股股利減少 13.8 萬美元、物業費用減少 4 萬美元，以及一般及行政費用（G&A）減少 1.5 萬美元。

AFFO per share decreased from $0.37 per share in the prior year period to $0.32 per share for the fourth quarter of 2025. The decrease in AFFO per share was primarily due to a 1.7 million share increase in diluted shares outstanding, which reflects previously disclosed issuance of operating partnership units during the first quarter of 2025, along with the issuance of common shares in our ATM and distribution reinvestment plan.

每股 AFFO 由去年同期的每股 0.37 美元下降至 2025 年第四季的每股 0.32 美元。每股 AFFO 的下降主要是因稀釋後流通股數增加 170 萬股，反映我們先前已揭露於 2025 年第一季發行營運合夥企業單位（operating partnership units），以及透過我們的 ATM（隨市發行）與股利再投資計畫發行普通股。

Interest expense for the quarter was $1.1 million higher than the comparable period of 2024, primarily due to amortization of off-market interest rate swaps. With respect to our balance sheet and liquidity, as of December 31, 2025, total cash and cash equivalents were $14.4 million, and we had $30 million available to draw on our revolver.

本季利息費用較 2024 年同期增加 110 萬美元，主要由於攤銷低於市場水準的利率交換（off-market interest rate swaps）。就資產負債表與流動性而言，截至 2025 年 12 月 31 日，現金及約當現金總額為 1,440 萬美元，且我們的循環信貸（revolver）尚有 3,000 萬美元可動用額度。

Our $262.1 million of consolidated debt outstanding consists of a $12.1 million mortgage on one property, excluding a $12.1 million mortgage on the Santa Clara property that was owned by tenants in common and therefore, not consolidated as of December 31, 2025, and $250 million of outstanding borrowings on our $280 million credit facility.

我們合併口徑未償還債務總額為 2.621 億美元，包括一處物業的 1,210 萬美元抵押貸款（不含 Santa Clara 物業的 1,210 萬美元抵押貸款；該物業由共同承租人（tenants in common）持有，因此截至 2025 年 12 月 31 日未納入合併報表），以及我們 2.80 億美元信用額度項下未償還借款 2.50 億美元。

Following the January 2026 extension of our credit facility, we do not have any outstanding debt maturities until July 2028. Based on interest rate swap agreements we entered into in January 2026, 100% of our indebtedness as of December 31, 2025, held a fixed interest rate with a weighted average interest rate of 4.15% based on our leverage ratio of 45.1% at quarter end and the January amendment to our credit facility.

在 2026 年 1 月延展我們的信用額度之後，我們在 2028 年 7 月之前沒有任何未償還債務到期。根據我們於 2026 年 1 月簽訂的利率交換協議，截至 2025 年 12 月 31 日我們的全部負債（100%）均為固定利率；在季末槓桿比率 45.1% 以及 1 月對信用額度的修訂條款基礎上，加權平均利率為 4.15%。

I'll now turn the call back over to Aaron.

接下來我把電話會議交回給 Aaron。

Thanks, Ray. Let's just -- operator, let's just go to questions, it'd just be easier.

謝謝你，Ray。我們就——接線員，直接進入問答吧，這樣比較容易。

(Operator Instructions) Gaurav Mehta, Alliance Global Partners.

(接線員指示) Gaurav Mehta，Alliance Global Partners。

I wanted to ask you, I think in your -- in the press release, you talked about receiving multiple offers and spending some time on one of those and not pursuing it. So I just want to get some more color on what those reasons were for not pursuing the offer?

我想請教一下，我記得你們——在新聞稿中提到收到多個報價，並且花了一些時間評估其中一個，但最後沒有繼續推進。所以我想更了解一下，當初不繼續追求該報價的原因是什麼？

I figured you'd ask that. And I don't really have an answer that I can give you other than to say that we, at that moment, didn't see a secure path forward. So we stepped back from discussions. And I think that -- I think fundamentally, there was -- the vast majority of the stuff there was good. It's just that we -- our job is to protect our investors and to make sure that we have put forward the requests that we need to make sure that our investors are going to get what they're going to get.

我就知道你會問這個。而我其實也沒有什麼能給你的答案，只能說我們在那個當下看不到一條安全、可行的前進路徑。所以我們就從討論中退一步。而我想——我想從根本上來說，那裡絕大多數的內容都是好的。只是我們——我們的工作是保護投資人，並確保我們已提出必要的要求，好讓我們的投資人能拿到他們應得的東西。

And it was just a process. I think that it was a generally positive exchange. And sometimes these things happen where it's just like it's not quite flowing. So that's about all I could say. It doesn't give you much. But as it relates to that, we just -- in that particular moment, we didn't see a secure path forward. And so we stepped back from discussions.

而那只是一個流程。我認為整體而言那是一段相當正面的交流。有時候事情就是會發生，感覺就像是不太順。所以我大概只能說到這裡。這對你幫助不大。但就那件事而言，我們只是——在那個特定時點，我們看不到一條安全的前進路徑。因此我們就從討論中退一步。

All right. Maybe on 2026, I was wondering as far as asset recycling, should we expect any -- are you guys expecting to sell any assets this year? And then maybe some comments on the acquisition environment that you guys are seeing?

好。也許談談2026年，我想問就資產循環（asset recycling）而言，我們今年是否應該預期會有任何——你們今年有沒有打算出售任何資產？另外也請你們評論一下你們所看到的併購環境？

So yes, on a go-forward basis, the recycling will -- as I mentioned in January, we will start to pick up in earnest. I'd say the stuff that's happened in the last two or three weeks might -- is going to cause -- it's hard, right? It's hard for pipelines. It's hard for dispositions because you've got rates just gyrating all over, and that just really stings confidence for buyers and sellers in general.

所以是的，往後來看，資產循環——如我在一月提到的，我們會開始認真加速。我會說，過去兩三週發生的事情可能——會造成——這很難，對吧？對交易管線很難。對處分也很難，因為利率到處劇烈波動，而這真的會打擊買賣雙方的信心。

And I think appetite is always there, but it's hard. It's just hard. If you're a buyer, you're pricing in a huge margin of safety because you could be wrong. And if you're a seller, you don't want to sell and do a deal that you would regret literally 30 days later, right? And so the landscape has changed a lot.

我認為需求（appetite）一直都在，但很難。就是很難。如果你是買方，你會把很大的安全邊際（margin of safety）納入定價，因為你可能會判斷錯。如果你是賣方，你不想賣掉、做了一筆交易，結果字面上30天後就後悔，對吧？所以整個環境已經改變很多。

So I think -- the near term, it's a little bit harder, a little bit cloudier, but it's not -- candidly, it's not any different than before. But let's assume that the trend long term, barring $200 barrels of oil is that we will eventually find REITs returning to favor.

所以我認為——短期來看更難一些、更不明朗一些，但坦白說，跟之前也沒有什麼不同。但我們假設長期趨勢——除非出現每桶200美元的油價——最終我們會看到REITs重新受到青睞。

I think all of us here on the call probably presume this at some point. It's certainly been long in the tooth, and we would have liked to see it sooner, but this is the narrative we have. So we will continue to honor our recycling. I think the way we're thinking about the recycling and this is a couple of different phases. The first phase is really looking at like we have some noncore assets, particularly office. Those are going to get -- we're going to get rid of those, right?

我想在這通電話上的我們大概都在某個時點會這麼假設。這個狀況確實拖得很久了，我們也希望能更早看到，但這就是我們目前的敘事。所以我們會持續履行我們的資產循環計畫。我認為我們對資產循環的思考方式是分成幾個不同階段。第一階段主要是看我們有一些非核心資產，特別是辦公室。那些會——我們會把那些處理掉，對吧？

There's only two office properties we have. One is Solar, which, as you know, went -- or not Solar. It's the property in San Diego that was formerly leased to solar turbines. They left at the end of September. That's why we had a little bit of falloff, which is inevitable in rents in the fourth quarter.

我們只有兩個辦公室物業。其中一個是Solar，你知道的，它——或者不是Solar。是聖地牙哥那個物業，之前租給solar turbines（太陽能渦輪）那家公司。他們在九月底離開。這就是為什麼我們在第四季租金出現一些下滑，這是不可避免的。

That property is a great property to sell to an owner user. We've actually had quite a bit of interest for it. The interest has been above the appraised value of the property. The reason why we haven't sold it yet or the flip side, the reason why we haven't leased it is that it was or it is on the same technical parcel as our WSP property.

那個物業非常適合賣給自用型買家（owner user）。我們其實已經收到相當多的興趣。這些興趣出價高於該物業的估值（appraised value）。我們之所以還沒賣掉，或者反過來說，我們之所以還沒把它租出去，是因為它當時——或現在——在技術上與我們的WSP物業屬於同一個地籍地塊（technical parcel）。

So they're right next to each other. This is a property that was acquired by the prior legacy team. We've had it. We have been working through the bureaucratic process that is not uncommon in any county or city since 2021, five years now trying to get that parcel split in -- so that it has its own parcel and we can sell it separately.

所以它們就在彼此旁邊。這個物業是前一個傳承團隊（legacy team）收購的。我們持有它。自2021年以來，我們一直在走一個在任何郡或城市都不罕見的官僚流程，五年了，試著把那個地塊分割——讓它有自己的地號，這樣我們就能單獨出售。

We are so close to that. We are at a final very detailed scrutiny like filing -- refiling parcel maps. I mean there could be little things like ADA slopes on things. All that stuff is done. We're super close to that. Once we have that in hand, then we will take that property to market.

我們已經非常接近完成了。我們正處於最後一個非常細緻的審查階段，例如提交——重新提交地籍圖（parcel maps）。我的意思是，可能會有一些小細節，比如無障礙（ADA）坡度之類的。那些都已經完成。我們真的非常接近了。一旦我們把那個拿到手，我們就會把那個物業推向市場。

The reason why we haven't leased it is because, look, I think the owner -- the right user of that is an owner user or some sort of tenant who might want a five year lease or might want a gross lease or -- we want long-term industrial manufacturing tenants on that lease basis, you can't -- that's not going to fit that box. That box has a better use. So we will sell that one.

我們之所以沒有把它租出去，是因為，聽著，我認為那個物業——最合適的使用者是自用型買家，或某種可能想要五年租約、或想要總租約（gross lease）的租戶——我們希望的是長期的工業製造型租戶，以那種租賃模式來看，你不可能——那不符合那個框架。那個框架有更好的用途。所以我們會把那一個賣掉。

That's an office property technically. It's really a flex space. If you look at it now from when it was before, it's like completely open, clean shell, it's ready to go, right? So that will get sold. My guess right now, if you were to put a gun to my head, that's like, call it, $7 million to $8 million, right?

技術上那是一個辦公室物業。但它其實更像是彈性空間（flex space）。如果你看它現在相較於以前，它幾乎是完全開放、乾淨的空殼（clean shell），已經可以直接使用，對吧？所以那個會被出售。我現在的猜測，如果你硬要我說的話，大概是，算它，約700萬到800萬美元，對吧？

So it's not a huge number. The other office property is OES. OES has this purchase option. We're talking to them. They -- like it's a blue -- I mean that's an investment-grade tenant, but it's a government, right?

所以這不是一個很大的數字。另一個辦公室物業是OES。OES有這個購買選擇權（purchase option）。我們正在跟他們談。他們——就像是藍——我的意思是，那是一個投資等級（investment-grade）的承租戶，但它是政府單位，對吧？

That's got -- we think that's a super sticky asset, but it's not a net lease manufacturing asset. So we're going to -- and it is office. It's a balancing act we've waited. We don't -- if we sold it two years ago, I'd probably sell like a 10 cap. I mean who wants to do that when you've got really good rent that's coming in.

那個——我們認為是非常黏著（super sticky）的資產，但它不是淨租賃（net lease）的製造業資產。所以我們會——而且它是辦公室。這是一個需要權衡的問題，我們一直在等。如果我們兩年前賣掉它，我可能得用大概10%的資本化率（10 cap）去賣。我的意思是，當你有很好的租金現金流進來時，誰會想做那種交易。

And so we have to be patient. But at some point, you're like, okay, you got to should or get off the pot. And so we'll clean that one up. And that's -- that will happen ideally by the end of the year. I don't -- we're going to be thoughtful about the timing. We're not going to force it, but it's moving forward so no longer to wait. So that's the obvious part. People ask about the Kia dealership. It's a noncore asset.

所以我們必須有耐心。但到某個時點，你會想，好吧，你要嘛就做、要嘛就別拖了。所以我們會把那一個整理好。而那——理想情況下會在年底前發生。我不——我們會審慎思考時點。我們不會勉強推進，但它正在往前走，所以不會再等了。所以這是最明顯的部分。大家也會問起Kia經銷商。那是一個非核心資產。

That one is -- the conundrum of that one, that is a layup to recycle, right? We've seen interest in that one, not offers, but interest at or below the cap rate that it's appraised at. It's a very attractive asset, but it's a big one. It's $70 million, call it, property. That was a 1031 -- I mean excuse me, an UPREIT transaction from about five years ago.

那一個——那一個的難題在於，它其實是很容易拿來做資產汰換（recycle）的，對吧？我們看到對它有興趣，但還沒有正式出價；不過有興趣的水準大概在它估值所對應的資本化率（cap rate）附近或更低。這是一項非常有吸引力的資產，但它的規模很大。大概是 7,000 萬美元的物業。那是一筆 1031——我是說不好意思，是大約五年前的一筆 UPREIT 交易。

So we have a really low tax basis on that one. So it's super sensitive. And so if you're going to sell it, you have to make sure you already know what to buy. And to buy, I don't want to buy a $70 million industrial manufacturing facility. I would be better served buying sort of three $23 million industrial manufacturing facilities and rolling it into it, right? And so that will be an accretive transaction because we'll talk about the forward pipeline here in a bit.

所以那一項的稅務成本基礎（tax basis）非常低。因此它對稅務非常敏感。所以如果你要賣，就必須確保你已經知道要買什麼。而要買的話，我不想買一個 7,000 萬美元的工業製造設施。我更適合買大概三個各 2,300 萬美元的工業製造設施，然後把它滾入（rolling it into）那個架構裡，對吧？因此那會是一筆增益性（accretive）的交易，因為我們稍後會談到前瞻管線（forward pipeline）。

But that cap rate that it's selling at, we would sell the Kia is at least and if not more, 100 basis points tighter than what we can redeploy it. So that would be generated. But we have to line that up because you can't just take it to market. You would get bids undoubtedly. A lot of those bids would be fast closing bids. And then you would be left with a short window to 1031 designate.

但以它目前可能成交的那個資本化率來看，我們若出售 Kia，那個 cap rate 至少、甚至可能更緊（tighter）100 個基點，較我們能重新部署（redeploy）的水準更低。所以那會創造價值。但我們必須把時點與標的先對齊，因為你不能只是直接把它拿去市場上賣。你毫無疑問會收到投標。其中很多投標會是要求快速交割的出價。然後你就會只剩下一個很短的窗口期去做 1031 的指定（designate）。

So we're -- we'll be patient on that one in terms of noncore. That will happen when we find the right target to roll it into. So setting that noncore aside, obviously, we move the office. And then from there, we have a lot of short WALTs. And our short WALT philosophy is that we will do our darnest to see if they will extend. We will have conversations with them.

所以——在非核心（noncore）資產這一塊，我們會對那一項保持耐心。等到我們找到合適的目標可以把它滾入時，這件事就會發生。先把那個非核心放一邊，顯然我們會處理辦公室資產。接著，我們有很多加權平均剩餘租期（WALT）很短的資產。而我們對短 WALT 的理念是：我們會盡最大努力看看租戶是否願意延長。我們會跟他們對話。

We are starting to have those conversations if they're willing to extend and not just extend like two years, like they can really give us something that makes us decide we might want to keep it for longer term or if they don't, realizing that let's just clean up the WALT. Even though they're great tenants, I think our goal is -- our vision is let's get to a rock-solid portfolio long term. We understand that as leases get shorter and you see this in sort of O and W.Carey, that you get down to the option periods and CFOs and things like that typically just -- they just exercise five year renewals, five year renewals, they exercise their option periods. That's normal.

我們已經開始進行這些對話：看他們是否願意延長，而且不是只延兩年，而是能否真的給我們一些條件，讓我們決定可能想把它長期持有；如果不行，那就要認知到：那就把 WALT 整理乾淨。即便他們是很棒的租戶，我認為我們的目標——我們的願景——是打造一個長期非常穩健的投資組合。我們也理解，當租約變短時——你在 O 和 W. Carey 這類公司也會看到——到了選擇權期間（option periods），CFO 等通常就會——他們就會行使五年續租、五年續租，去行使他們的選擇權期間。那是正常的。

But we have a period of time right now that we can positively -- have a positive arb by selling certain assets, even if they're shorter WALT and creating more AFFO by reallocating them into longer WALT and having a more solid portfolio. So we'll spend time this year looking at -- Northrop was one of those properties -- we got an unsolicited offer that came in. It was worth our time.

但我們現在有一段時間，可以透過出售某些資產來取得正向的套利（arb），即使它們的 WALT 較短；再把資金重新配置到 WALT 更長的資產上，創造更多 AFFO，並讓投資組合更穩固。所以今年我們會花時間檢視——Northrop 就是其中一個物業——我們收到一個主動上門的要約（unsolicited offer）。這值得我們投入時間。

It was worth our energy. We gave them -- we were patient with it. We were not in rush for them to do their due diligence. We were not in rush for them to close because we do need to roll it into a replacement property ideally. There's other uses for it, too.

也值得我們投入精力。我們對這件事保持耐心。我們不急著讓他們完成盡職調查（due diligence）。我們也不急著讓他們交割，因為我們確實需要理想狀況下把它滾入一個替代物業（replacement property）。它也還有其他用途。

I won't get into that, but we could use that money fungibly, but that was one that is an example. That's a property that it's a short WALT. We got an offer that was compelling and we took it. So that's on the plate. We will see more of that activity.

我就不展開說了，但我們也可以把那筆錢以更具彈性的方式使用（fungibly）；不過那是一個例子。那是一個 WALT 很短的物業。我們收到一個很有吸引力的出價，於是我們接受了。所以這已經在進行中。我們會看到更多這類活動。

Separate from that phase is we have a few industrial credits that I would probably like to recycle through. There are nothing wrong with them. They're perfectly fine. They're just smaller. They're less institutional. And so they would -- I think recycling those at the right time, and that might be this year, it might be early next will allow us to just clean ourselves up that much more.

另外一個面向是：我們有幾個工業類的信用租戶（industrial credits），我可能也想把它們拿來做汰換（recycle）。它們沒有任何問題。都完全沒問題。只是規模比較小。機構化程度較低（less institutional）。所以我認為在合適的時間把它們汰換掉——可能是今年，也可能是明年初——能讓我們把投資組合再整理得更乾淨一些。

And when I say clean up, it doesn't mean more dirty. It just means I want to polish it as best we can because I think the process that we've been through with these offers and the interest and -- it's helped us say, hey, if we do these things and extract the value for our shareholders, then we're going to be in a really solid position.

我說的「整理乾淨」不是指現在比較髒。只是表示我想盡可能把它打磨到最好，因為我認為我們在這些要約與市場興趣的過程中——它幫助我們認清：如果我們做這些事、並為股東提取價值（extract the value），那我們就會處在非常穩健的位置。

Outside of that, we have a few -- and I mentioned this before in January, sort of some opportunistic assets that are great assets. They may not be manufacturing assets. They are certainly lower cap rate assets that at the right time, if we got ready or we had clearly identified things to buy, we would roll those as well, right?

除此之外，我們還有幾個——我在一月也提過——一些偏機會型（opportunistic）的資產，它們是很好的資產。它們可能不是製造業資產。它們當然是資本化率較低的資產；在合適的時間，如果我們準備好了，或我們已經清楚鎖定要買的標的，我們也會把那些資產拿來做汰換、滾動配置（roll those）對吧？

And so you will see more activity over the course of the year, barring something bigger and strategic happening, you'll see more activity in the course of this year. And yes, we're not -- those weren't just words, those were actions that we're going to take. I think the interesting thing about all this is they're all -- as I mentioned before, they're all tax sensitive in terms of we have low basis. If we don't redeploy them in 1031, investors are going to have taxable events.

所以在今年的過程中——除非發生更大、更具策略性的事情——你會看到更多活動。而且是的，我們不是只說說而已，那些是我們會採取的行動。我覺得這整件事有趣的地方在於：如我之前提到的，它們在稅務上都很敏感，因為我們的成本基礎很低。如果我們沒有透過 1031 重新部署，投資人就會產生應稅事件（taxable events）。

And we just -- that's not how you're supposed to manage the REIT. So we're trying to be thoughtful about that. But -- so the selling of the assets is actually pretty easy. You can happen pretty quickly and you -- a lot of brokers ready to go. If you put a property on there, you probably are sold in 60 days if you really wanted to, but comfortably 90.

而我們——這不是你應該管理 REIT 的方式。所以我們正努力在這方面更周全、更審慎。不過——所以出售資產其實相當容易。可以很快發生，而且——有很多仲介都已經準備好。如果你把物業拿去市場上，你如果真的想賣，大概 60 天就能賣掉；但比較舒服的節奏是 90 天。

The problem is finding replacement properties that line up. And I'd say over the course of our journey, I've gotten and the team has gotten a lot more selective in the terms of you want really good manufacturing products. So the product that they're manufacturing has got to be really good. We've gotten that right. You want to make sure that the lease structure is really good. You want to make sure that the financials of that tenant are really good.

問題在於找到能對得上的替代物業（replacement properties）。我會說在我們一路走來的過程中，我和團隊在挑選上變得更嚴格：你要的是非常好的製造業產品（manufacturing products）。也就是他們所製造的產品必須非常好。這一點我們做對了。你要確保租約結構非常好。你要確保該租戶的財務狀況非常好。

You would ideally like that tenant to only have one source of manufacturing, which is your thing or you have control all their manufacturing so that you can't get rejection, make sure you proceeding, God willing if it ever happens, but you're addressing that through credit. And you'd also really like to have good location as best as you can. And then on top of that, a good cap rate. Those are a lot of fine wish list, and you can't be the princess and the pea about it. You have to really be compromised in marginal areas if you have to, but we don't have to right now, and we've been patient.

理想情況下，你會希望那個承租戶只有一個製造來源，也就是你的那一套，或是你能掌控他們所有的製造流程，這樣就不會被拒收；確保你能繼續推進，若上天保佑真的發生了，但你是透過信用來處理這件事。而且你也真的希望地點能盡可能好。再加上，一個好的資本化率（cap rate）。這是一長串很理想的願望清單，你不能像《豌豆公主》那樣挑剔。必要時你必須在邊際地段做出妥協，但我們現在不必這麼做，而且我們一直很有耐心。

But the pipeline has been episodic. It's been erratic. We started to see pipeline come out in January. Some of it is just like we still -- sometimes we're still waiting for the OMs, right? They're like, and it's like the OEMs haven't come out.

但案源管線一直是零星出現的。一直很不穩定。我們在一月開始看到一些案源出來。有些情況就像是我們仍然——有時候我們還在等OM（投資備忘錄），對吧？他們就像是——而且就像OEM（原始設備製造商）還沒出來一樣。

Well, why? Because the person on the other end is concerned about selling, right? We might want to be bidding with a margin of safety. They're wanting to sell with security.

那為什麼？因為對方在擔心要不要賣，對吧？我們可能想用有安全邊際的方式出價。他們則想在有把握的情況下出售。

But they know they're going to get -- this is a stable ground and that they go and go out in the market, they're going to execute on what they think they are and in fact, they're going to just change on them. So it's a little bit of weird time in that regard. And so we're looking at our box, the buy box, making sure we're looking -- we're looking at a lot of things. I'd say price talk about overall is interesting. If you go look at the $22.19 NAV per share we have, which like everyone has an NAV, right?

但他們知道他們會拿到——這是一個穩固的基礎；而且他們一旦到市場上，他們會按自己以為的狀況去成交，但事實上條件可能又會被改掉。所以在這方面，現在是一個有點奇怪的時點。因此我們在看我們的框架、收購範圍（buy box），確保我們——我們在看很多事情。我會說，整體的價格討論很有意思。如果你去看我們每股22.19美元的NAV（淨資產價值），就像每個人都有一個NAV，對吧？

Some people use a street analyst NAV. Most REITs have an internal NAV of some sort. We have -- our internal NAV happens to be done by a blue-chip appraisal firm, Cushman & Wakefield, and they've been doing it for, I don't know, six years. there's consistent history if you go piece it together. And so you're like, appraisals are full of -- right?

有些人用華爾街分析師的NAV。大多數REIT都有某種內部NAV。我們的——我們的內部NAV剛好是由一間一流的估價公司Cushman & Wakefield做的，他們做這件事，我不知道，大概六年了；如果你把資料拼起來看，歷史一致性很高。所以你會想，估價裡面充滿了——對吧？

They don't -- they're not real, but they actually are pretty indicative. I would tell you that we have -- I can think of three properties in our portfolio in the last six months where we have received unsolicited offers that are at or below the cap rate that is implied in our appraisals. So -- and we've all -- I think we all understand, particularly now in this environment that there's a fairly large disconnect between private real estate and public real estate and public real estate is just taking it on the chin repeatedly.

它們——它們不是真實的，但其實相當具有指標性。我可以告訴你，在過去六個月，我們投資組合裡我想得到有三個物件收到未經徵求的出價，其資本化率等於或低於我們估價所隱含的資本化率。所以——而且我們都——我想我們都理解，尤其在現在這個環境下，私募不動產與公開市場不動產之間存在相當大的落差，而公開市場不動產一直在反覆挨打。

So we understand that. So that $22.19 NAV, I think round numbers, it's an implied 6.8% cap rate. First, you think, well, you're not trading anywhere near that, and we're not. And price talk, we've seen and the price talk is maybe like an appraisal, it is indicative of something. It doesn't mean it's transactional, but it's in the range of possible. There's a $200 million portfolio going out there today. It has a tenancy that's very similar to our largest tenancy in terms of the sector. And it's got -- they're talking 6.75% on that one. We saw another property where someone was talking 6.75%.

所以我們理解這點。所以那個22.19美元的NAV，我想用整數來說，它隱含大約6.8%的資本化率。首先你會想，嗯，你的交易價格離那個水準差很遠，而確實是。而所謂的價格風聲（price talk），我們看到——而且價格風聲也許像估價一樣，是某種指標。它不代表一定能成交，但落在可能的範圍內。今天市場上有一個2億美元的投資組合在出售。它的承租結構在產業別上非常類似我們最大的承租戶。而且他們——他們在談那個案子是6.75%。我們也看到另一個物件，有人也在談6.75%。

Now that's broker talk. They're leading a little bit. Do I think it's going to trade there? Probably it's going to trade wider than that, might be 7%, might be 7.25%. But clearly, you're seeing stuff between 6.75% and 7.5% right now.

現在那是仲介的說法。他們會稍微帶風向。我覺得會成交在那裡嗎？可能會成交得更寬一些，可能是7%，可能是7.25%。但很明顯，你現在看到的東西大概落在6.75%到7.5%之間。

You just got to find the right thing. Sometimes you'll find something that might -- if something is 7.5% and it's just dog doodoo, you don't want to pay 7.5%. If something is great and it's a 7%, then you can do it. But sometimes there's dog doodoo that 6.75% too. Everyone is trying to do their own thing.

你就是得找到對的標的。有時你會找到某個東西——如果某個案子是7.5%但品質很爛，你不會想用7.5%去買。如果某個案子很棒而且是7%，那你就可以做。但有時候也有很爛的案子在6.75%。每個人都在做自己的事。

But I would say that the pipeline right now, and it's a little bit of a strobic effect when you see it, sometimes it's there, sometimes it's not, like back on, it's tighter than it was a year ago. It does feel tight to me. Whereas a year ago, I was probably saying 7.5% to 7.75%, now the talk has gotten tighter. I think that might be a little bit of the optimism that we saw three or four weeks ago. And now I'm not really hearing calls for the last two weeks, but I think everyone is kind of holding their breath, right?

但我會說現在的案源管線——而且你看到時會有點像頻閃效果，有時有、有時沒有、像開關一樣——比一年前更緊。我覺得確實偏緊。一年前我可能會說7.5%到7.75%，現在市場的說法變得更緊了。我想那可能有一點是我們在三、四週前看到的那股樂觀情緒。而最近兩週我其實沒怎麼聽到電話，但我想大家都在屏息以待，對吧？

I mean, the first weekend with the conflict, we were like, oh, is this going to be like the last time where we just bombed them and then we went back to our business. And then no, it's not extended. And then we've gotten all as a collective, gotten ADHD. We're like, oh, no, it's been an 18 day war. I mean, historically, we had wars that lasted for years.

我的意思是，衝突發生的第一個週末，我們還在想，喔，這會不會像上次一樣，我們只是轟炸他們一下，然後就回去做自己的事。結果不是，沒有延伸。然後我們大家作為一個整體，都變得有點ADHD（注意力不足過動）。我們就想，喔不，這已經是一場18天的戰爭了。我的意思是，歷史上我們有些戰爭是打了好幾年。

So I don't know if you can hold your breath on this one. It might be over soon, it might not be. It's certainly volatile, and you certainly got to stick to your knitting. But it's a long-winded way of saying that we see opportunity. We're looking at it. We're just being extremely thoughtful. It takes an inordinate amount of patience, which is very hard to do. It's very hard to do. It's not fun. It's not -- . It's -- I wish I was an AI company. That would be fun. But we're not. So sorry for the long-winded answer. I hope that helps.

所以我不知道你能不能在這件事上一直屏住呼吸。它可能很快結束，也可能不會。它當然很波動，而你也確實得守住本業、按部就班。但繞了一大圈要說的是，我們看到機會。我們正在看。我們只是非常審慎。這需要異乎尋常的耐心，而這非常難做到。真的很難。一點也不好玩。這不-- 。這——我希望我是一家AI公司。那會很好玩。但我們不是。所以抱歉答案講得很長。希望這有幫助。

I appreciate it. That's all I had.

感謝。我就這些。

Jay Kornreich, Cantor Fitzgerald.

Jay Kornreich，Cantor Fitzgerald。

In line with a lot of your comments there, obviously, a lot of questions on the macro perspective at the moment. And I guess if we could just wrap up all those comments you just made about the transaction front and how you're thinking about that going forward.

呼應您剛才的許多評論，顯然目前大家從總體宏觀角度有很多問題。我想如果可以的話，請您把剛才關於交易面的那些評論，以及您未來如何看待這件事，做個總結。

Do you still feel on track to get the portfolio to the 100% pure-play manufacturing industrial over the next 24 months? Or does maybe the time line shift just with everything that's going on at the moment?

您是否仍然認為，未來24個月內能按計畫把投資組合調整為100%純製造業工業資產？還是說，考量到目前發生的一切，時程可能會有所調整？

Yes, I do because I always like to under promise and overdeliver whatever the phrase is. So that 24 months, I think if things are rosy and the market starts hitting its stride, that's a 12 month process, right? So it can be a lot tighter. Again, the bottleneck is having the right assets to acquire and the right assets to acquire will become much more evident when the market gets a little bit more stable.

是的，我仍然這麼認為，因為我一向喜歡「少承諾、多交付」之類的做法。所以那個24個月，我認為如果情勢順利、而市場開始步入正軌，那其實可能是12個月的流程，對吧？所以時間可以更緊湊。再說一次，瓶頸在於要有合適的資產可供收購；而當市場更穩定一些時，哪些是合適的收購標的會變得更明顯。

So -- and theoretically, just putting out our portfolio, I could -- if I identify the right portfolio of assets as an example, and I had the right timing to buy them, that I could almost in effect, do it in one fell swoop, right? So just mathematically, if you think about it, it's not going to happen likely because it's hard to find these things, but it doesn't mean it can't happen. It doesn't mean we are not looking.

所以——理論上，單就我們的投資組合來說，我可以——如果我辨識出一個合適的資產組合作為例子，並且掌握正確的買入時點，我幾乎可以在某種意義上一次到位完成，對吧？所以從數學上來看，你想一想，這很可能不會發生，因為很難找到這些標的，但不代表不可能。也不代表我們沒有在找。

But if you found a $100 million portfolio of assets that you like that you could line up to purchase that met your box, and then you sold your -- you could take your assets out to market, they would all be reversed 1031 or forward 1031 designated exchange and you're done in one fell. It's the pipeline that matters. So yes, I do think 24 months is very realistic and doable.

但如果你找到一個你喜歡、規模1億美元、而且符合你條件框架的資產組合，並且你能安排好去收購它，然後你再把你自己的——你可以把你現有資產拿到市場上出售，它們都會以反向1031或前向1031指定交換（designated exchange）的方式處理，你就能一次完成。關鍵在於管線。所以是的，我確實認為24個月非常現實且可行。

Okay. I appreciate that. And then just one follow-up. And I recognize that there's a little commentary you can provide on the potential acquisition offers that you received. But can you maybe just from a different angle, talk about what's perhaps brought you more on the radar of others more recently as an acquisition target, maybe relative to a year ago?

好的。感謝您的說明。接著再追問一個問題。我也理解您對於收到的潛在收購要約能提供的評論有限。但您能否換個角度談談，為什麼最近相較於一年前，您似乎更進入其他人視野、成為收購標的？

Is it the state of interest rates? Is it the progress you've done on the asset recycling efforts? Is it something else? Just what do you think has brought you more into the light of others looking for a portfolio like yours? And how do you expect additional potential inbounds moving forward?

是利率環境的因素嗎？是您在資產汰換／循環（asset recycling）上的進展嗎？還是其他原因？您認為是什麼讓您更受到那些在尋找像您這樣投資組合的買方關注？以及您如何看待未來會有更多潛在主動接洽（inbound）的可能性？

That's a good question. So I think, look, we've seen REIT M&A -- the discount for public REITs to private real estate has been persistent. We started to see REITs get picked off. In some ways, you could argue why hasn't there been more M&A volume, but there's still been a decent amount of M&A activity, right? So in our space, you obviously had the real germane thing you had sort of Fundamental, which was not public, but they got taken out by Starwood.

這是個好問題。我想，先看大方向：我們看到REIT併購（M&A）——公開市場REIT相對於私募不動產的折價一直存在。我們開始看到一些REIT被「逐一收購」。某種程度上你可以問為什麼併購量沒有更多，但其實仍然有相當程度的併購活動，對吧？在我們這個領域，你當然看到一個非常相關的案例：Fundamental（它不是上市公司）被Starwood收購下市。

You had Plymouth taken out. You had Peakstone taken out. Broader than that, you got Alexander & Baldwin, you just had the NSA deal. We've had a lot of different names get consumed. I think a lot of them were smaller cap names, which means that there's a greater buyer pool of people who can afford to take those out.

你看到Plymouth被收購下市。你看到Peakstone被收購下市。更廣泛來看，有Alexander & Baldwin，還有剛剛的NSA那筆交易。我們看到很多不同的名字被併入。我認為其中很多是小型市值公司，這意味著有更多買方群體有能力把它們收購下市。

So I think there's been a trend where for a while now, I mean, if you had raised a value-added opportunistic fund in '23, you've got a three year investment window maybe or you raised it in '24, you've got a three year deployment window that you had to get it deployed. At some point, people are starting to deploy and they were waiting and they're waiting.

所以我認為一直以來有個趨勢：如果你在2023年募了一支增值型／機會型基金（value-added opportunistic fund），你可能有三年的投資窗口；或者你在2024年募資，你也有三年的資金部署窗口，必須把資金投出去。到某個時間點，人們開始部署資金——他們一直在等、一直在等。

And I think we saw early signs -- we started seeing signs as early as the third quarter of last year where activity started to pick up, and we've seen a fair number of those things. And so once that starts happening, people start looking, right? If you're -- once you decide you're a seller, then you're potentially a seller, so that attracts buyers. But if you're starting a buyer, you start to look for things to buy, right? And so I think that's been the first thing. I think the near-term volatility in rates and global economic pictures, it's frustrating that on the margin.

我認為我們早在去年第三季就看到一些早期跡象——活動開始回升，而且我們也看到相當數量的這類交易。一旦這開始發生，人們就會開始尋找，對吧？如果你——一旦你決定你是賣方，那你就可能成為賣方，這會吸引買方。但如果你是買方，你就會開始找東西買，對吧？所以我認為這是第一點。我認為短期利率波動以及全球經濟情勢，確實在邊際上令人沮喪。

But again, I don't think it's changing directionally where things are at is that people see attractive positive leverage, long-term positive leverage opportunities in public real estate, either public to public or like we saw with Public Storage or it's a public to private, right? And we've seen this at different times. And look, there are probably too many REITs out there. There are too many undercapitalized REITs out there and we are in one of those buckets. We understand people say why did you ever go public?

但再說一次，我不認為這會在方向性上改變現況：人們看到在公開不動產中存在有吸引力的正向槓桿（positive leverage）、長期正向槓桿機會——不論是公開對公開，或像我們在Public Storage看到的那樣；或者是公開對私募，對吧？而且我們在不同時期都看過這種情況。坦白說，市場上的REIT可能太多了。資本不足的REIT也太多了，而我們屬於其中一類。我們理解有人會問：你們當初為什麼要上市？

Well, we -- at the time we were a nontraded REIT, and we knew that we didn't provide immediate liquidity, we would be gating and no one wants to gate as BREIT, ask Starwood REIT that thing. They're much bigger, so they can afford to do it, but no one wants to do that. So we provide liquidity for that generation of investors, and we've recycled. And we've just been in a rough time.

嗯——當時我們是一家非交易型REIT（nontraded REIT），我們知道我們無法提供即時流動性，我們會設置贖回限制（gating），而沒有人想要「gate」，看看BREIT，問問Starwood REIT就知道。他們規模大得多，所以他們承受得起，但沒有人想那樣做。所以我們為那一代投資人提供流動性，並且我們也做了資產循環（recycled）。只是我們正處在一段艱難的時期。

But we've created a valuable portfolio. I don't -- I can't -- off the top of my head, I would think our share price is a ridiculously wide cap rate to the assets. And so that's what's attracting people. They're like, hey, you've got 14 years, you've got 2.5% in place.

但我們打造了一個有價值的投資組合。我——我一時想不起來，但我會認為我們的股價相對於資產所反映的資本化率（cap rate）折價寬得離譜。這就是吸引別人的原因。他們會說：嘿，你有14年的（期限／年期），你有2.5%的現行（利率／成本）在位。

You've got manufacturing tenants that don't have obsolete -- arguably that the real estate is already obsolete in the sense that it's not whizbang. It's been doing this stuff for 40 or 50 years. It's really good durable real estate, and it's still here, right? If you bought a 2018 vintage data center, it's already obsolete. You're already having to replace all the guts on it other than the shell of a box.

你有製造業租戶，而且這些資產不會過時——可以說，這些不動產在某種意義上早就「過時」了，因為它不是那種很炫的新式產品。它做這些事情已經40或50年了。這是非常優質、耐久的不動產，而且它仍然在這裡，對吧？如果你買的是2018年那一批（vintage）的資料中心，它其實已經過時了。除了外殼那個盒子之外，你已經得把裡面的所有核心設備都換掉。

If you bought a 1999 warehouse, it's obsolete, right? Our stuff arguably is not that sexy. It's older real estate, but it doesn't have any more obsolescence value. You're buying a core income-producing value. And with the EBITDA rent coverage and the fixed charge coverage ratio of our tenancy, it's a strong portfolio.

如果你買了一座1999年的倉庫，它就過時了，對吧？我們的東西可以說沒那麼性感。它是較老的房地產，但它不再有任何額外的過時風險。你買的是核心、能產生收入的價值。而且以我們租戶的EBITDA租金覆蓋率與固定費用覆蓋率來看，這是一個很強的投資組合。

And if you look long term and think, hey, long term -- not right now, though, because if you look at in the futures market, the ZB or the UB in the long bond area, they've sold off, right, which is counterintuitive in the short term with the war, they typically rally, but they sold off, which base rates gone up. But if you think longer term that we'll have a yield curve that suggests that long-duration assets with low leakage in terms of NOI and particularly the advent that we can start putting private capital into retired 401(k)s and things like that, there's a natural demand for this nice pool of portfolio. We are synergistic, right? I'll give you the color that the people looking at us, we're not looking for the team.

而如果你用長期角度來看並想，嘿，長期——雖然不是現在，因為如果你看期貨市場，長天期公債那邊的ZB或UB，它們已經下跌了，對吧？這在短期內、在戰爭背景下是反直覺的，通常它們會上漲，但它們卻下跌了，這表示基準利率上升了。但如果你想得更長期一些，我們會有一條殖利率曲線，暗示那些久期長、在NOI（淨營運收入）漏損低的資產——尤其再加上我們可以開始把私人資本導入已退休的401(k)等工具——對這一池優質投資組合會形成自然需求。我們是有協同效應的，對吧？我給你一些背景：看我們的人，他們不是在看團隊。

They're looking at the assets. I wish they were looking for the team. It would be fun to do that, but they're looking at the assets. And you can -- this portfolio, you can strip out -- it's pretty simple. You can strip out the G&A and it becomes accretive.

他們在看資產。我希望他們是在看團隊。那樣做會很有趣，但他們是在看資產。而且你可以——這個投資組合，你可以把——它很簡單。你可以把G&A（一般及行政費用）剝離掉，然後它就會變成具增益性（accretive）。

We're not opposed to selling. We're just wanting to make sure it's the right value for our investors because we're not desperate. We're not going to just give it away that might be a great payday for me because all I do is I have equity like everyone else, but we're going to do the right thing. And the right thing will come about. And in the meantime, we're going to pay that $0.10 a share per month and get done.

我們不排斥出售。我們只是想確保對投資人而言是正確的價值，因為我們並不急迫。我們不會就這樣把它送出去——那可能對我來說是很棒的一次性回報，因為我跟大家一樣只有持股——但我們會做正確的事。而正確的事終究會發生。在此期間，我們會每月每股支付0.10美元，然後把事情做完。

But -- so I think the interest is because there's really good value coupled with there's people who have money and they're starting to decide they want to make allocation. I think the last element is, look, there are arguably four small cap industrial REITs that I can think of -- and maybe you can include ILPT in there, so maybe that's five. But of those five, ILPT and Gladstone are externally managed. So good luck with that, right, getting the whole of those. And the other three were Plymouth, Peakstone and us. And clearly, we're the smallest. And so I think that's part of it, too. There's just like if you want to pick up this sector or you like the space, there's not a whole lot you can do, right? So that's where we're at.

但是——所以我認為之所以有興趣，是因為有非常好的價值，再加上有些人手上有錢，開始決定要做資產配置。我想最後一個因素是，你看，我能想到大概有四家小型股工業類REIT——也許你也可以把ILPT算進去，那可能就是五家。但這五家裡，ILPT和Gladstone是外部管理的。所以祝你好運，對吧，要把它們整個買下來。另外三家是Plymouth、Peakstone和我們。而很明顯，我們是最小的。所以我想這也是其中一部分原因。如果你想佈局這個產業或你喜歡這個領域，其實你能做的選擇不多，對吧？所以我們目前就是這樣。

(Operator Instructions) John Massocca, B. Riley Securities.

（接線員指示）John Massocca，B. Riley Securities。

So I know you kind of talked a lot about the inbound interest after the January '20 update. But I guess, given that you've seen that, does that maybe spark an interest in running a kind of strategic alternatives process earlier than that, I guess, maybe that kind of post 24 month time line that was kind of talked about in that update. Just kind of curious how that changes your mindset, if at all.

所以我知道你在一月『20那次更新之後，已經談了很多關於外部主動接觸的興趣。但我想問的是，既然你已經看到這些，這會不會讓你更有興趣在那之前就啟動某種策略性替代方案（strategic alternatives）的流程？也就是比那次更新中提到的、約24個月之後的時間表更早一些。只是好奇這是否、以及如何改變你的想法。

I think that, I think the interest suggests to me that people know there's value here and that they know that we can clean up the portfolio. And look, again, the portfolio is not dirty, but if it's more polished, it's going to be more valuable. And so they see a window of opportunity if they can take it out cheaper than what it will be in the future, that's their job. Their job is to try and take it -- keep the upside for themselves and give you a few shekels.

我認為，這些興趣讓我覺得人們知道這裡有價值，也知道我們可以把投資組合整理得更好。而且你看，再說一次，這個投資組合並不髒，但如果更拋光一些，它就會更有價值。所以他們看到一個機會窗口：如果他們能用比未來更便宜的價格把它買走，那就是他們的工作。他們的工作就是試著把它拿走——把上行空間留給自己，然後給你幾個謝克爾（shekels，一點點錢）。

I think what this suggests to me is that barring someone closing that value gap -- and again, closing that value gap does not mean $22. Let's just all be clear. No one is going to do that. No investor in the right mind or buyer in the right mind is going to do that. But there's no upside, right? They don't -- they want it bad. They just buy a bond, right? So they need upside, but our investors need upside. And so there's -- it's a dance of where that is.

我認為這對我來說意味著，除非有人把那個價值落差補上——而且再說一次，補上價值落差不代表22美元。我們大家要講清楚。沒有人會那樣做。任何理智的投資人或買家都不會那樣做。因為那樣就沒有上行空間了，對吧？他們——他們想要的是上行。如果不要上行，他們就去買債券就好，對吧？所以他們需要上行，但我們的投資人也需要上行。因此——這是一場關於價格落點在哪裡的拉鋸／舞步。

But what it suggests to us is that if we didn't have -- like if you look at -- if I'm going to go buy a used car, and that car has got a little bit of rim rash in the back wheel or there's a little bit of scratch. I'm going to use that to get lower price. But what we have the ability to do is clean that -- polish that portfolio up. And so that it's even more valuable. So if you flash forward in this environment, let's think about where we're at right now.

但這對我們的啟示是：如果我們沒有——比如你看——如果我要去買一台二手車，而那台車後輪輪圈有一點刮傷，或車身有一點刮痕。我會用這些理由去把價格談低。但我們有能力把那些清理掉——把投資組合拋光整理好。讓它變得更有價值。所以在這個環境下，如果你把時間往前推，想想我們現在所處的位置。

We're in a super crazy rate environment, right, where people are dealing with inflation and bonds are doing this, it's crazy. And you're like, what do you expect if you went and ran a process now or in six months, right? If you did it where you flash forward, you clean up your portfolio, you're humming, you're good, the rate environment is stable. Maybe it's lower, but it's certainly stable. You've clearly gotten what it is. You know you can extract more value, and you've done that. And let's say that is in 24 months.

我們正處在一個超級瘋狂的利率環境，對吧？人們在處理通膨，債券走勢又是這樣，真的很瘋狂。你會想，如果你現在或六個月後就去跑一個流程，你能期待什麼結果，對吧？如果你把時間往前推：你把投資組合整理好，你運作順暢、狀態很好，利率環境也穩定。也許更低，但至少是穩定的。你已經很清楚狀況是什麼。你知道你可以萃取更多價值，而且你也做到了。假設那是在24個月後。

Let's just put that hypothetical situation there. In that 24 months, our investors, assuming no change in our dividend, no increase or decrease in our dividend, which, look, I'm not going to decrease in the dividend, but let's assume no increase either. That's $2.40 of income in the next two years and a higher value of your portfolio to execute.

我們就把這個假設情境放在那裡。在這24個月裡，我們的投資人——假設股利沒有變動、不增也不減；你看，我不會去減股利，但我們也先假設不增加——那就是未來兩年2.40美元的收入，以及一個更高價值、可供你執行交易的投資組合。

So you would try to buff out the scratches. You would try to get rid of the rim rash. You would get yourself in an environment where your type of car that is for sale is in demand. And so doing so prematurely would suggest one of two things in my mind, would suggest doing so prematurely is running a shred process to be clear, which suggests either, one, your leadership doesn't want to do it or can't stomach it. And look, it's not fun sometimes, but we got -- we don't have weak stomach here.

所以你會試著把刮痕拋光磨掉。你會試著把輪圈刮傷處理掉。你會讓自己處在一個你的這種車款在市場上有需求的環境。因此，在我看來，過早這麼做會暗示兩件事之一——先講清楚，過早這麼做就是在跑一個「碎紙機式」流程（shred process）——這表示要嘛第一，你的領導層不想做或無法承受。而且你看，有時候確實不有趣，但我們——我們這裡沒有玻璃胃。

Or two, do you think you can't do any better? Otherwise, why would you do that? Why would you shortchange the investor? You just wouldn't. If there an opportunity comes along that closes the value gap and you say, well, okay, this is pretty good. This is going to give them a chance to redeploy their capital or this is going to be another public currency where they can get -- continue to get dividends and part in the REIT upside. There's a lot of different ways to look at this. If someone could do that better, we're all ears. But it doesn't mean just because you've gotten interest that you should not sell, right?

或者第二，你覺得你不可能做得更好嗎？不然，你為什麼要那樣做？你為什麼要讓投資人吃虧？你根本不會那樣做。如果出現一個能縮小價值落差的機會，而你說，好吧，這相當不錯。這會讓他們有機會重新部署資本，或者這會成為另一種公開市場的「貨幣」，他們可以—持續領取股利，並參與 REIT 的上行空間。看待這件事有很多不同的方式。如果有人能做得更好，我們洗耳恭聽。但這不代表僅僅因為你收到了興趣，就不該賣，對吧？

If you've gotten really -- and if you did go into an offer unless it was an offer where you felt secure and there was no go-shop associated with it, you're effectively having a process there. So that's -- I think really thinking about it philosophically to think about what does the strat als process suggest. I think there's been a lot of REITs out there that have -- that are undergoing strat als processes, even if they're quiet or they're done some publicly.

如果你已經收到非常—而且如果你確實進入了一個要約，除非那是一個你覺得很有把握、且不附帶 go-shop 條款的要約，否則你實際上就是在進行一個流程。所以—我認為，從哲學層面去思考：策略替代方案（strat als）流程所傳達的是什麼。我認為外面有很多 REIT—正在進行策略替代方案流程，即便他們很低調，或是有些已經以某種方式公開進行。

And there are -- I don't know if this is the right time to do that. Why are you trying to sell right now if you have to. If someone wants to, that's one thing. But why would you try to sell?

而且有—我不知道現在是不是做那件事的正確時機。如果你不是非賣不可，為什麼要現在就試著賣？如果有人想買，那是一回事。但你為什麼要主動去賣？

Okay. That makes sense. Maybe on a more detailed level, and apologies if I missed this in the prepared material. What were the terms of -- or the potential terms of the Melbourne, Florida office sale? Or is that kind of TBD?

好的。這有道理。也許更細一點，若我在事先準備的資料裡漏看了也請見諒。墨爾本（佛羅里達州）辦公室出售案的條款是什麼—或可能的條款是什麼？還是說那部分仍待定（TBD）？

The terms are well known, but I'm not to us. And I -- as a respect to that buying party and respect to us, I like to keep those silent until after the fact. Suffice it to say is we have slightly over $400,000 of earned money that's gone hard. And this has been a process. We've given them a long -- this was not a fast deal. It was an organized methodical one. And so once it closes, I'll inform you of what it was.

條款是眾所周知的，但對我們而言不是。而且我—出於對買方以及對我們的尊重，我希望在事後之前都先保持不公開。簡單說，我們有略高於 40 萬美元的誠意金（earned money）已經轉為不可退還（gone hard）。而且這一直是一個流程。我們給了他們很長的—這不是一筆快速成交的交易。這是一個有組織、按部就班的方法性流程。所以一旦完成交割，我會告訴你具體內容。

And I'll tell you right now, just to be clear, what we don't have right now, and we're working on that, we don't have a replacement property identified yet. We don't need to worry about this one. So that's okay in terms of the tax sensitivity. Why is that? Well, because we're selling Kalera, and let's just all be honest, we took a loss on Kalera. And so that creates a tax loss that shelters the gain on this one.

我現在就先說清楚，我們目前沒有的—而我們正在處理的是—我們還沒有找到替代資產。這一筆我們不需要擔心。所以就稅務敏感度而言，這沒問題。為什麼？因為我們正在出售 Kalera，而且老實說，我們在 Kalera 上是虧損的。因此會產生可抵稅的稅務損失，用來遮蔽這一筆的資本利得。

So we have a little bit of time to be thoughtful about the redeployment of that. But it's scheduled to close in the second quarter. And once it closes, which my guess is we will -- well, we will absolutely tell you what happens on it once it closes.

所以我們有一點時間，可以更審慎地思考如何重新部署那筆資金。但預計會在第二季完成交割。而一旦完成交割，我的猜測是我們會—嗯，我們一定會在交割後把結果告訴你。

Okay. And maybe with Kalera, the former Kalera property in mind, can you remind us what the kind of, I guess, cost of carry was for that in 4Q or kind of the OpEx costs associated with that asset in 4Q that's going to go away now that you sold it in January? Like roughly.

好的。另外，考量 Kalera（前 Kalera）那處資產，你能提醒我們第四季（4Q）那個資產大概的持有成本（cost of carry）是多少，或是與該資產相關、在第四季會發生且現在因為你們一月賣掉而會消失的營運費用（OpEx）大概是多少嗎？大概就好。

Ray, do you know roughly on top of -- it's not -- it wasn't terrible...

Ray，你大概知道嗎—在…之上大概是多少？它不—其實不算太糟…

Yes. I mean I think it was running about $20,000, $30,000 a month.

是的。我的意思是，我認為大概每月在 2 萬到 3 萬美元左右。

Okay, that's it for me. And Ray, appreciate all the help over the years that you've shown on these calls.

好的，我這邊就到這裡。Ray，也感謝你這些年在這些電話會議上提供的所有協助。

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

目前沒有其他問題。請繼續。

Everyone, thank you so much. I know we came out a little bit later. That was because of the aforementioned offers. I don't like to come out as late, but it didn't seem -- we are a pebble in -- causing a ripple in the ocean that is raging right now. So I appreciate all that did join. Wishing you the best of luck for your families and your portfolios and talk to you again for next quarter. Thanks so much.

各位，真的非常感謝。我知道我們開始得稍微晚了一點。那是因為前面提到的那些要約。我不喜歡拖到這麼晚才出來，但看起來—我們只是一顆小石子—在此刻正汹湧翻騰的海洋裡激起一點漣漪而已。所以也感謝所有參與的各位。祝福你們的家人與投資組合一切順利，我們下個季度再談。非常感謝。

This concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝各位參與。各位可以掛線離開。