Orion Properties Inc. (ONL) 2026 Q1 法說會逐字稿

(audio in progress) earnings call. (Operator Instructions) I would now like to turn the call over to Paul Hughes, General Counsel. Thank you. You may begin.

（音訊進行中）財報電話會議。（接線員指示）我現在要把電話交給總法律顧問 Paul Hughes。謝謝。您可以開始了。

Thank you, and good morning, everyone. Yesterday, Orion released its results for the quarter ended March 31, 2026; filed its Form 10-Q with the Securities and Exchange Commission; and posted its earnings supplement to its website at onlreit.com.

謝謝，各位早安。昨天，Orion 公布了截至 2026 年 3 月 31 日止季度的業績；向美國證券交易委員會（SEC）提交了 Form 10-Q；並在 onlreit.com 網站上發布了其財報補充資料。

During the call today, we will be discussing Orion's guidance estimates for calendar year 2026 and other forward-looking statements, which are based on management's current expectations and are subject to certain risks that could cause actual results to differ materially from our estimates. The risks are discussed in our earnings release as well as in our Form 10-Q and other SEC filings, and Orion undertakes no duty to update any forward-looking statements made during this call.

在今天的電話會議中，我們將討論 Orion 對 2026 日曆年度的指引估計以及其他前瞻性陳述。這些內容係基於管理層目前的預期，並受某些風險影響，可能導致實際結果與我們的估計存在重大差異。相關風險已在我們的財報新聞稿以及 Form 10-Q 與其他 SEC 申報文件中說明；Orion 對於本次電話會議中所作的任何前瞻性陳述不承擔更新義務。

We will be discussing non-GAAP financial measures such as funds from operations, or FFO, and core funds from operations, or core FFO. These non-GAAP financial measures are not a substitute for financial information presented in accordance with GAAP, and Orion's earnings release and supplement include a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP measure.

我們將討論非 GAAP 財務衡量指標，例如營運資金（funds from operations，FFO）以及核心營運資金（core funds from operations，core FFO）。這些非 GAAP 財務衡量指標不能替代依 GAAP 編製的財務資訊；Orion 的財報新聞稿與補充資料包含我們的非 GAAP 財務衡量指標與最直接可比的 GAAP 指標之調節表。

Hosting the call today are Orion's Chief Executive Officer, Paul McDowell; and Chief Financial Officer, Gavin Brandon. And joining us for the Q&A session will be Chris Day, our Chief Operating Officer.

今天主持電話會議的是 Orion 的執行長 Paul McDowell 與財務長 Gavin Brandon。問答環節將由營運長 Chris Day 一同參與。

With that, I am now going to turn the call over to Paul McDowell.

接下來，我將把電話交給 Paul McDowell。

Good morning, everyone, and thank you for joining us. I would like to start the call today with a few comments about Orion's strategic options review process which is ongoing and progressing well.

各位早安，感謝各位加入。我想先就 Orion 正在進行且進展順利的策略選項檢視流程，做幾點說明。

The Board and management continue to work closely and diligently with Orion's financial advisors at Wells Fargo and J.P. Morgan, and we remain open and fully committed to pursuing any actionable proposals that maximize shareholder value. We are conducting this process in a customary and thorough manner, and it will take time to conclude. While we have made significant progress so far, we are not yet in a position to comment on any specifics. We also can't comment on when the process will conclude, though we are working as expeditiously as possible.

董事會與管理團隊持續與 Orion 的財務顧問 Wells Fargo 與 J.P. Morgan 緊密且勤勉合作；我們仍保持開放態度，並完全致力於追求任何可執行、能使股東價值最大化的提案。我們以慣常且周延的方式進行此流程，完成仍需時間。雖然目前已取得顯著進展，但我們尚未能就任何具體事項發表評論。我們也無法評論流程何時結束，但我們正盡可能加速推進。

I also want to emphasize that the execution of our business plan continues to be positive. Our improving results reflect ongoing confidence in our standalone prospects should the strategic review determine that is the best path forward. We appreciate your patience while we work through the strategic options process, and we'll have more to say at the appropriate time.

我也想強調，我們的業務計畫執行仍持續呈現正向。我們改善的成果反映出：若策略檢視認定獨立經營是最佳前進方向，市場對我們獨立發展前景的信心仍在提升。感謝各位在我們推進策略選項流程期間的耐心，我們會在適當時機提供更多說明。

The remainder of today's call will focus on our operating performance and the meaningful progress we continue to make on our business plan. Our strategy remains centered on the stabilization of the portfolio through increased leasing activity, the timely disposition of non-core assets, managing leverage, and very selective capital recycling into new DUA assets. We expect these efforts to result in core FFO per share growth in 2026 and beyond.

今天電話會議其餘部分將聚焦於我們的營運表現，以及我們在業務計畫上持續取得的重大進展。我們的策略仍以透過提升租賃活動來穩定投資組合、及時處分非核心資產、管理槓桿，以及非常審慎地將資本循環投入新的 DUA 資產為核心。我們預期這些努力將在 2026 年及其後帶來每股核心 FFO 成長。

During the first quarter, we continued to build on the 2 million square feet we leased over the past two years by completing 355,000 square feet of leasing activity. The leasing highlight for this quarter is 172,000-square-foot full building lease of 12 years at our previously vacant Irving, Texas property.

第一季期間，我們在過去兩年已出租 200 萬平方英尺的基礎上持續推進，完成了 355,000 平方英尺的租賃活動。本季租賃亮點為：位於德州 Irving、先前空置的物業，簽下 172,000 平方英尺、整棟大樓、為期 12 年的租約。

During 2024 and '25, we strategically invested capital of about $5 per square foot to enhance the common areas and improve the overall appearance of this core property, enabling us to launch an aggressive leasing effort and secure a full building tenant.

在 2024 年與 2025 年，我們策略性投入約每平方英尺 5 美元的資本，用於提升公共區域並改善該核心物業的整體外觀，使我們得以啟動積極的招租行動並成功取得整棟大樓承租戶。

Importantly, our weighted average lease term, or WAL, averaged nearly 12 years on new leases signed during the quarter. Overall, the average wallet for the consolidated portfolio continues to move in the right direction and is approaching six years.

重要的是，本季新簽租約的加權平均租期（weighted average lease term，WAL）接近 12 年。整體而言，合併投資組合的平均 WAL 持續朝正確方向改善，並正接近 6 年。

Cash rent spreads on the first quarter renewals were up for the fourth consecutive quarter at 2.5%. As we have said many times before, rent spreads can and will be volatile quarter-over-quarter though we feel positive about current trends overall.

第一季續租的現金租金價差（cash rent spreads）連續第四季上升，達 2.5%。如同我們多次提到的，租金價差可能且將會在各季之間波動，但我們對目前整體趨勢仍感到正向。

Our leasing efforts and non-core asset dispositions have resulted in our consolidated portfolio occupancy rate, rising to 83.1% at the end of the first quarter, up from 73.7% in the first quarter of last year. Like rent spreads, our occupancy will show some volatility quarter-to-quarter as we have leases' role in our largely single-tenant portfolio, though we see occupancy continuing to improve overall in coming years.

我們的租賃努力與非核心資產處分，使合併投資組合入住率在第一季末提升至 83.1%，高於去年第一季的 73.7%。與租金價差相同，由於我們以單一承租戶為主的投資組合中租約到期的影響，入住率在各季之間也會出現一定波動；不過我們預期未來幾年整體入住率將持續改善。

Beyond the leasing completed year-to-date, our pipeline remains in excess of 1 million square feet that is in either discussion or documentation stages. This includes several full building leases as well as some possible longer duration renewals and new leases with terms materially greater than the average of our portfolio. Overall, we are quite pleased with leasing velocity to start the year.

除年初至今已完成的租賃外，我們的租賃管線仍超過 100 萬平方英尺，正處於洽談或文件作業階段。其中包括數筆整棟大樓租約，以及一些可能期限更長的續租與新租約，其租期顯著高於我們投資組合的平均水準。整體而言，我們對年初至今的租賃速度感到相當滿意。

A second part of our strategy towards stabilization has been through the timely and strategic sale of non-core properties. Since our spin-off, we have sold 38 properties totaling 4.1 million square feet. This includes first quarter sales of two vacant Northeast properties, one in Massachusetts and one in Pennsylvania for aggregate gross proceeds of $13.1 million, as well as the second quarter sales of the 37.4-acre Deerfield, Illinois properties for $13.1 million and the 120,000-square-foot property in Glen Burnie, Maryland for $22.5 million.

我們策略中穩定化的第二個面向，是及時且策略性地出售非核心物業。自分拆以來，我們已出售 38 項物業，合計 410 萬平方英尺。其中包括第一季出售兩項東北部空置物業（麻薩諸塞州一項、賓夕法尼亞州一項），合計總收益 1,310 萬美元；以及第二季出售伊利諾州 Deerfield 的 37.4 英畝物業，售價 1,310 萬美元，並出售馬里蘭州 Glen Burnie 的 120,000 平方英尺物業，售價 2,250 萬美元。

Regarding the Glen Burnie disposition, this was a very successful and accretive disposition for Orion as the tenants lease was terminated a few days prior to the sale and pricing represented a 5% capitalization rate on expiring rent or $188 per square foot. In addition, we are currently under contract to sell an additional three properties for gross proceeds of $46 million, nearly all of which will be used to reduce debt.

就 Glen Burnie 的處分而言，這對 Orion 來說是一筆非常成功且具增益（accretive）的交易，因為承租戶的租約在出售前數日即已終止，而成交價格相當於以到期租金計算的 5% 資本化率（capitalization rate），或每平方英尺 188 美元。此外，我們目前已簽約出售另外三項物業，總收益 4,600 萬美元，其中幾乎全部將用於降低負債。

Our overall focus on selling properties, primarily with difficult re-leasing prospects and high carrying costs, has proven very effective. These sale transactions continue to substantially reduce the carry costs associated with vacant properties. Our 2025 and 2026 vacant or near-term vacant property sales are estimated to save more than $12 million in annual carrying costs.

我們整體聚焦於出售物業（主要為再出租前景較困難且持有成本較高者）的策略，已證明非常有效。這些出售交易持續大幅降低空置物業相關的持有成本。我們估計，2025 年與 2026 年已出售或近期將出售的空置或即將空置物業，將可每年節省超過 1,200 萬美元的持有成本。

Our ongoing targeted disposition efforts are expected to enable us to continue to reduce debt levels while still funding vital tenant improvement allowances, leasing commissions, and other capital expenditures in support of our strong leasing activity.

我們持續進行的目標性處分行動，預期將使我們在持續降低負債水準的同時，仍能為強勁的租賃活動提供必要的承租戶裝修補助（tenant improvement allowances）、租賃佣金（leasing commissions）及其他資本支出。

Beyond continuing to reduce leverage, we also continue to search for and actively evaluate opportunities to recycle a modest percentage of asset sale proceeds into accretive cash flowing acquisitions. We employed this targeted approach with the $15 million acquisition of the Barilla America headquarters and R&D facility in Northbrook, Illinois during the first quarter.

除了持續降低槓桿外，我們也持續尋找並積極評估機會，將資產出售所得的一小部分循環投入具增益且能產生現金流的收購案。我們在第一季以 1,500 萬美元收購位於伊利諾州 Northbrook 的 Barilla America 總部與研發設施，即採用了此一目標性做法。

It remains our intention to continue shifting our portfolio concentration toward dedicated use assets where our tenants perform work that cannot be replicated from home or relocated to a generic office setting and away from traditional suburban office properties. These property types include medical, lab, R&D, flex, and government properties, all of which we already own. Our experience is that these assets tend to exhibit stronger renewal trends, higher tenant investments, and more durable cash flows.

我們仍然打算持續將投資組合的集中度轉向「專用用途資產」（dedicated use assets），亦即承租戶所從事的工作無法在家中被複製、也無法搬遷至一般通用辦公環境的資產，並逐步降低對傳統郊區辦公物業的配置。此類物業類型包括醫療、實驗室、研發（R&D）、彈性空間（flex）以及政府類物業，而這些我們目前皆已持有。我們的經驗顯示，這些資產通常展現較強的續租趨勢、較高的承租戶投資，以及更具韌性的現金流。

At quarter end, approximately 37.1% of our consolidated portfolio by annualized base rent consisted of dedicated use assets versus 32.2% at the end of the first quarter 2025. And we expect this percentage will continue to increase over time through disposition activity of traditional office and targeted acquisitions of DUA properties.

截至季度末，以年化基本租金計算，我們合併投資組合中約 37.1% 為專用用途資產，相較於 2025 年第一季末的 32.2% 有所提升。我們預期，透過處分傳統辦公資產以及有針對性地收購 DUA 物業，該比例將隨時間持續提高。

We continue to evolve the portfolio toward stabilization and have positioned the company for meaningful per-share core FFO growth in the coming years. For the balance of 2026, our benchmarks will be to remain focused on improving portfolio quality, lengthen wall, renew tenants, and fill or sell vacant space, all while prudently managing expenses and leverage as we work to maximize Orion's value for investors and potential strategic partners.

我們持續推動投資組合朝向穩定化演進，並已使公司在未來數年具備實現顯著「每股核心 FFO」成長的條件。就 2026 年剩餘期間而言，我們的衡量重點將是：持續專注於提升投資組合品質、拉長加權平均剩餘租期（lengthen wall）、續約承租戶，以及填補或出售空置空間；同時在審慎管理費用與槓桿的前提下，致力於為投資人及潛在策略夥伴最大化 Orion 的價值。

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

接下來，我把電話會議交給 Gavin。

Thanks, Paul. For the first quarter of 2026, compared to the first quarter of 2025, Orion had total revenues of $36.3 million compared to $38 million; net loss of $0.24 per share compared to $0.17 per share; core FFO of $0.21 per share compared to $0.19 per share. The $0.21 per share of this quarter's Core FFO includes a one-time expected lease termination payment of $1.9 million associated with our East Syracuse, New York property.

謝謝，Paul。以 2026 年第一季相較 2025 年第一季而言，Orion 的總營收為 3,630 萬美元，去年同期為 3,800 萬美元；每股淨損為 0.24 美元，去年同期為 0.17 美元；每股核心 FFO 為 0.21 美元，去年同期為 0.19 美元。本季每股 0.21 美元的核心 FFO 包含一筆一次性、預期的租約提前終止付款 190 萬美元，與我們位於紐約州 East Syracuse 的物業相關。

Adjusted EBITDA was $17.2 million, compared to $17.4 million. G&A came in as expected at $5.1 million, compared to $4.9 million, with the increase primarily driven by approximately $100,000 of legal expenses related to the ongoing strategic option review process and activist shareholder relations costs.

調整後 EBITDA 為 1,720 萬美元，去年同期為 1,740 萬美元。一般及行政費用（G&A）如預期為 510 萬美元，去年同期為 490 萬美元；增加主要來自約 10 萬美元的法律費用（與持續進行的策略選項審查流程相關）以及行動派股東關係成本。

CapEx and leasing costs were $18.7 million, compared to $8.3 million. The increase in CapEx in the first quarter of 2026 was primarily due to the completion of landlord and tenant improvement work relating to the acceleration in our leasing activity. As we have previously discussed, CapEx timing is dependent on when leases are signed and work is completed on properties. We expect to allocate more capital to CapEx over time as leases roll and new and existing tenants draw upon their tenant improvement allowances.

資本支出（CapEx）與租賃成本為 1,870 萬美元，去年同期為 830 萬美元。2026 年第一季 CapEx 增加主要是因完成房東與承租戶改善工程（landlord and tenant improvement work），與我們租賃活動加速相關。正如我們先前所討論，CapEx 的時點取決於租約簽署時間以及物業工程完工時間。隨著租約到期輪轉，以及新舊承租戶動用其承租戶改善補助（tenant improvement allowances），我們預期將隨時間投入更多資金於 CapEx。

Our net debt to annualized most recent quarter adjusted EBITDA was a relatively conservative 6.36 times at quarter end. As of March 31, we had total liquidity of $148.5 million, including $60.5 million of cash and cash equivalents and restricted cash, and $88 million of available revolver capacity.

截至季度末，我們的淨負債對年化最近一季調整後 EBITDA 倍數為相對保守的 6.36 倍。截至 3 月 31 日，我們的總流動性為 1.485 億美元，其中包括 6,050 萬美元的現金及約當現金與受限制現金，以及 8,800 萬美元的循環信貸額度（revolver）可用額度。

Orion continues to manage leverage while maintaining significant liquidity to support our ongoing leasing efforts and provide the financial flexibility needed to execute on our business plan for the next several years.

Orion 持續管理槓桿，同時維持充足流動性，以支持我們持續的租賃推進，並提供未來數年執行商業計畫所需的財務彈性。

Since our spin and including the recent repayment, we have repaid a net $166 million of outstanding debt. As previously announced, during the first quarter, we entered into a new senior secured credit facility revolver which refinances our original credit facility revolver and extends the maturity date until February 2029, inclusive of two six-month borrower extension options. The updated terms of the agreement have also right-sized our borrowing capacity and lowered the interest rate on our borrowings.

自分拆（spin）以來，包含近期償還在內，我們已淨償還 1.66 億美元的未償債務。如先前公告，第一季我們簽訂新的優先擔保信用融資之循環額度（senior secured credit facility revolver），用以再融資原有循環信貸額度，並將到期日延長至 2029 年 2 月，且包含兩個各為期六個月的借款人展期選擇權。更新後的協議條款亦使我們的借款額度更符合需求，並降低借款利率。

As of March 31, we had $127 million outstanding and $88 million of borrowing capacity under our new credit facility revolver. Subsequent to the quarter, we repaid $25 million and now have $113 million of available borrowing capacity.

截至 3 月 31 日，我們在新的循環信貸額度下已動用 1.27 億美元，並有 8,800 萬美元的借款額度可用。季度結束後，我們償還了 2,500 萬美元，目前可用借款額度為 1.13 億美元。

As communicated previously, we also successfully amended our CMBS loan in the first quarter. The loan modification agreement extends the maturity to August 2030, inclusive of two borrower extension options for a total of 18 months. During all extension periods, the fixed interest rate on the CMBS loan remains at 4.971%, and excess cash flows will be used by the lender to prepay the outstanding principal balance of the loan and to fund an all-purpose reserve, which we can access to pay leasing costs and capital expenditures. As of March 31, we had $352.3 million outstanding under the CMBS loan and $46.1 million in reserves.

如先前所述，我們亦在第一季成功修訂我們的 CMBS 貸款。該貸款修改協議將到期日延長至 2030 年 8 月，並包含兩個借款人展期選擇權，合計可展期 18 個月。在所有展期期間，CMBS 貸款的固定利率維持在 4.971%；超額現金流將由放款人用於提前償還該貸款未償本金餘額，並提撥至一個通用準備金（all-purpose reserve），我們可動用該準備金以支付租賃成本與資本支出。截至 3 月 31 日，我們在 CMBS 貸款下的未償餘額為 3.523 億美元，準備金為 4,610 萬美元。

Turning to our unconsolidated joint venture. While we have written our investment in the JV down to zero and recorded a loan loss reserve for the full amount of our member loan due to the uncertainty around the mortgage debt financing, we continue to believe that the portfolio which is performing with an occupancy rate of 100% and a weighted average lease term of 6.1 years has positive equity net of the mortgage debt and our outstanding member loan. We intend to continue to work with our partner and lenders to maximize the value of the portfolio and recover both our member loan and as much equity as possible.

接著談我們的非合併合資企業（unconsolidated joint venture）。雖然由於抵押債務融資存在不確定性，我們已將對該合資企業的投資減記至零，並就我們的成員貸款（member loan）全額提列貸款損失準備，但我們仍相信：該投資組合目前出租率為 100%、加權平均租期為 6.1 年，在扣除抵押債務及我們未償成員貸款後，仍具有正的股權價值。我們打算持續與合作夥伴及放款人合作，以最大化該投資組合價值，並回收我們的成員貸款及盡可能多的股權。

As part of these efforts, we are working on a disposition plan with our partner and the lenders and continue to explore refinancing options. The joint venture has entered into an agreement to sell one of the properties in the portfolio, and if it closes, we intend to use the net proceeds from the sale to reduce the principal balance of the mortgage debt.

作為上述努力的一部分，我們正與合作夥伴及放款人共同制定處分計畫，並持續探索再融資選項。該合資企業已簽署協議出售投資組合中的一項物業；若交易完成，我們擬將出售所得淨收益用於降低抵押債務的本金餘額。

As for the dividend, on May 5, Orion's Board of Directors declared a quarterly cash dividend of $0.02 per share for the second quarter of 2026.

至於股利方面，5 月 5 日，Orion 董事會宣告 2026 年第二季每股 0.02 美元的季度現金股利。

Turning to our 2026 outlook, as our recent leasing and capital initiatives begin to translate into improved recurring earnings power for 2026 and beyond, we believe the positive trajectory will continue to take hold as we move ahead. Accordingly, we are affirming our previously announced guidance.

接著談我們對 2026 年的展望。隨著近期租賃與資本措施開始轉化為 2026 年及其後更佳的經常性獲利能力，我們認為正向趨勢將在未來持續鞏固。因此，我們維持先前公布的財測指引不變。

Core FFO for the year is expected to range from $0.69 to $0.76 per diluted share. G&A is expected to range from $19.8 million to $20.8 million. Excluding non-cash compensation, we expect 2026 G&A will be in line or slightly better than 2025. We also do not expect G&A to rise significantly in future periods, including non-cash compensation. As a percentage of revenue and total assets, our G&A remains in line with other similarly-sized public REITs. Net debt-to-adjusted EBITDA is expected to range from 6.5 times to 7.3 times.

全年核心 FFO 預期介於每股稀釋後 0.69 至 0.76 美元。G&A 預期介於 1,980 萬至 2,080 萬美元。排除非現金薪酬後，我們預期 2026 年 G&A 將與 2025 年持平或略有改善。我們亦不預期未來期間（包含非現金薪酬）G&A 會顯著上升。以營收與總資產的比例來看，我們的 G&A 仍與其他規模相近的上市 REITs 一致。淨負債對調整後 EBITDA 倍數預期介於 6.5 倍至 7.3 倍。

With that, we'll open the line for questions. Operator?

那麼，我們將開放電話線供提問。接線員？

Matthew Erdner, Jonestrading.

Matthew Erdner，Jonestrading。

So you touched on the pipeline, about 1 million square feet that you guys are talking to right now. How much of that is the leases that are going to expire this year versus next year? Just what should we expect in terms of momentum as we progress throughout the year?

你們剛才提到目前正在洽談的管線約 100 萬平方英尺。這當中有多少是今年到期的租約、多少是明年到期的？隨著今年進行下去，在動能方面我們應該期待什麼？

A lot of the renewals that we're working on, some are 2026, but most are for 2027 and even actually beyond that in 2028 as well. As you know, we don't have too much lease rollover for the remainder of this year, and we've got good momentum on the rollover for next.

我們正在處理的續租中，有一些是 2026 年，但大多數是 2027 年，甚至其實還有更往後到 2028 年的。如你所知，今年剩餘期間我們的租約到期量不多，而對於明年的到期續租，我們也有不錯的動能。

We also have got pretty good momentum on filling some of our vacant space. We've got a bunch of leases that were in discussion with potential tenants in our vacancy. So we feel, in general, pretty good about our pipeline. And our pipeline has been roughly the same size for the past few quarters which is reflected in our overall leasing momentum that we had both in '24, in '25, and now the beginning of '26.

此外，在填補部分空置空間方面，我們也有相當不錯的動能。我們有多筆租約正在與潛在承租人就空置物件進行討論。因此整體而言，我們對管線狀況感覺相當良好。而且我們的管線規模在過去幾個季度大致相同，這也反映在我們整體的租賃動能上——無論是 24 年、25 年，以及現在 26 年初。

Got it. That's helpful. And then shifting to the guidance, you guys reaffirmed there, came in at $0.21 this quarter. So just looking at that from an annualized basis, that would put you above the guidance. Were there any kind of one-time things or stuff that we should be thinking about that's going to drive that a little bit lower based off of that $0.21?

了解，這很有幫助。接著談到指引，你們在這裡重申了指引，本季為 0.21 美元。若以年化來看，這會讓你們高於指引。是否有任何一次性項目或我們需要考量的因素，會使得在 0.21 美元的基礎上，後續數字略低一些？

Gavin, why don't you answer that?

Gavin，你來回答一下好嗎？

So this quarter, we had a $1.9 million lease termination payment that came in on the first quarter. And then we also had a reimbursement from some of our GSA work we did in Lincoln, Nebraska. The one-time reimbursement for the Lincoln, Nebraska work will be straight-lined versus recognized in the full period quarter. So the $1.9 million for the lease termination income really drove up the first quarter in our model. But as far as the remaining of the year goes, we haven't accrued for or expecting a significant amount of lease termination income coming in.

本季第一季我們收到一筆 190 萬美元的租約提前終止補償金。此外，我們也收到一筆針對我們在內布拉斯加州林肯市所做部分 GSA 工程的補償。林肯市工程的這筆一次性補償將採直線法攤提，而不是在單一季度全額認列。因此，在我們的模型中，租約終止收入的 190 萬美元確實推升了第一季表現。但就今年剩餘期間而言，我們並未預提、也不預期會有大量租約終止收入進帳。

Mitch Germain, Citizens JMP.

Mitch Germain，Citizens JMP。

Paul, what's the profile of the buyers of these vacant properties and are most of them being repurposed to other uses?

Paul，這些空置物件的買方輪廓是什麼？大多數是否被改作其他用途？

Good question, Mitch. The profile is sort of mixed. The Walgreens properties or the property in Deerfield, Illinois, we call it the Walgreens properties, their former headquarters. We actually tore the buildings down there and sold raw land to a developer.

好問題，Mitch。買方輪廓算是混合型。Walgreens 的物件——或伊利諾伊州迪爾菲爾德那個物件，我們稱之為 Walgreens 物件，也就是他們的前總部——我們其實把那裡的建物拆除了，然後把素地賣給開發商。

The Glen Burnie property that we sold at such a terrific premium, that was sold to a user who happened to be a next-door neighbor, so that property was very valuable to them. So over our sale process over the past few years, we've had -- the best outcomes are from people who are going to either repurpose the property into something else or users, and then when you have somebody who's just buying the property as an investor hoping to release it, those are the most challenging buyers, but sometimes they're the only ones in the market.

我們以非常可觀的溢價出售的 Glen Burnie 物件，是賣給一位自用買家，剛好是隔壁鄰居，因此那個物件對他們非常有價值。就我們過去幾年的出售流程來看——最好的結果通常來自於會把物件改作其他用途的人，或是自用買家；而如果是單純以投資人身分買下、希望再出租的買家，通常是最具挑戰性的買方，但有時候市場上也只有這類買家。

Got you. That's helpful. You only have three vacant assets remaining, which is quite an accomplishment considering I think that metrics been kind of double-digit for you last couple of years. Is the goal -- for those three remaining, are those sale candidates or is some of that part of your leasing pipeline as well?

了解，這很有幫助。你們目前只剩三個空置資產，這相當了不起，因為我記得過去幾年你們的空置資產數量好像一直是兩位數。對於剩下這三個，你們的目標是——它們是出售候選，還是也屬於你們的租賃管線的一部分？

We hope to lease all three of those properties up, Mitch. So we've made a lot of progress, obviously, in the property in Buffalo with moving Ingram Micro into that property. The property in Tulsa, Oklahoma is a very high-quality Class A building. And that is currently vacant, but we've started to get some good leasing momentum there. We're in discussion and in negotiation with a few leases in that property. So our goal is to lease up that vacancy.

我們希望把那三個物件都租出去，Mitch。顯然我們已經取得很大進展，例如在水牛城的物件，我們已讓 Ingram Micro 進駐。奧克拉荷馬州塔爾薩的物件是一棟非常高品質的 A 級大樓，目前仍是空置，但我們已開始看到不錯的租賃動能。我們正與幾筆租約進行討論與談判。因此，我們的目標是把該空置物件租出去。

But as you may have noticed over the past year or so, given our accelerated disposition volume, we're taking a very, very hard look quickly at whether or not that leasing interest is going to turn into true leases signed in buildings. And if we come to the conclusion that it is, we're going to lease these properties up. If we come to the conclusion that leasing is stalling, we're going to take a hard look and perhaps sell those assets. But just to be clear, the vacant assets we have remaining, for the most part, we expect to be able to lease up.

但如你在過去一年左右可能注意到的，鑑於我們加速的處分量，我們會非常、非常迅速且嚴格地評估這些租賃興趣是否會轉化為真正簽署的租約。如果我們判斷會，我們就會把這些物件租滿；如果我們判斷租賃進展停滯，我們就會嚴格檢視，並可能出售這些資產。但要說清楚的是，我們剩餘的空置資產，大部分我們預期都能租出去。

That's super helpful, which then leads me to it seems like the next phase of dispositions is going to be, some of your stable properties that have some wall, fairly decent tenant, but just may not fit some of that criteria that you mentioned, the critical use criteria. Is that a way to think about the next phase, if there is a go-forward plan for you guys?

這非常有幫助，也讓我想到：看起來下一階段的處分，可能會是你們一些穩定的物件——有一定租約期限、租戶也相當不錯——但可能不符合你們提到的某些標準，也就是關鍵用途（critical use）的標準。這樣理解下一階段是否合理？如果你們有後續計畫的話。

I think that's pretty good. I mean, I think we look at things, Mitch, as sort of everything's for sale. So we'll comment on it probably next quarter. But one of the properties we're announcing that we have under contract for sale is where we the tenant is interested in buying the property and they offered us a price we frankly couldn't refuse.

我覺得這樣說相當貼切。我的意思是，我們看事情的方式是——某種程度上，一切都可以出售。我們可能會在下季再評論。不過，我們剛宣布有一個已簽約待售的物件，是因為該租戶有意購買該物件，並提出了一個坦白說我們無法拒絕的價格。

So you say, okay, if you're willing to pay a price, and it makes sense for them because they're already in the building, and it makes sense for us because they're paying us a significant value for the real estate. So I think we'll look at sales opportunistically. And then to the extent once we get those proceeds, we'll look at what do we do with those proceeds. In the case of the property I just mentioned, we're going to utilize it to pay down debt. But in the future, we will utilize some of those sales to recycle capital into dedicated use assets, just as you described.

所以你會說，好吧，如果你願意支付這個價格——對他們而言合理，因為他們已經在那棟樓裡；對我們而言也合理，因為他們為這項不動產支付了相當可觀的價值。因此，我們會以機會主義的方式來看待出售。接著，一旦我們取得這些款項，我們會思考要如何運用。在我剛提到的那個物件案例中，我們會用來償還債務。但未來，我們也會運用部分出售所得，把資本再循環投入到專用用途資產（dedicated use assets），正如你所描述的。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. McDowell for any final comments.

謝謝。各位女士、先生，問答環節到此結束。我將把時間交還給 McDowell 先生作最後結語。

Thank you, all, for participating in the call today, and we look forward to further updates at the end of the second quarter. Have a good day.

感謝各位今天參與本次電話會議，我們期待在第二季結束時提供進一步更新。祝各位有美好的一天。

Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。您現在可以掛斷電話線。感謝您的參與。