Orion Properties Inc. (ONL) 2026 Q2 法說會逐字稿

Greetings. Welcome to Orion Properties' second quarter 2026 earnings call. As a reminder, this conference is being recorded.

各位好。歡迎參加 Orion Properties 2026 年第二季財報電話會議。提醒各位，本次會議將進行錄音。

I would now like to turn the call over to Paul Hughes, General Counsel. Thank you. You may begin.

現在我想把電話會議交給法務長 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 June 30, 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 6 月 30 日止季度的業績，向美國證券交易委員會（SEC）提交了 10-Q 表格，並在 onlreit.com 網站上發布了財報補充資料。

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.

在今天的電話會議中，我們將討論 Orion 對 2026 曆年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出現重大差異。

These 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. We will also be discussing non-GAAP financial measures, such as funds from operations, or FFO, and core funds from operations, or Core FFO.

這些風險已在我們的財報新聞稿，以及 10-Q 表格與其他 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。我們也將討論非 GAAP 財務衡量指標，例如營運資金（FFO）以及核心營運資金（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.

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. 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 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 will turn the call over to Paul McDowell.

接下來，我把電話會議交給 Paul McDowell。

Good morning, everyone, and thank you for joining us on Orion's second quarter earnings call. I will start with a few words on our continuing strategic options process that began in late January. Since that announcement, in concert with our financial advisors at Wells Fargo and JPMorgan, we have conducted a robust effort, including broad outreach to solicit proposals from interested parties. Those efforts have been supported by a virtual data room containing comprehensive property and corporate data for those participants that sign nondisclosure agreements.

各位早安，感謝各位參加 Orion 第二季財報電話會議。我先就我們自 1 月下旬開始的持續策略選項評估流程說幾句。自該公告以來，我們與 Wells Fargo 與 JPMorgan 的財務顧問合作，進行了強而有力的推進工作，包括廣泛接觸以徵求有意方的提案。上述工作並由一個虛擬資料室提供支援；對於簽署保密協議的參與方，資料室包含完整的物業與公司層級資料。

With several parties continuing to conduct diligence, we believe it is in shareholders' interest to see that work through to its reasonable conclusion rather than set arbitrary deadlines. Rest assured, we are moving as expeditiously as possible, although we can offer no assurance that this process will result in Orion concluding any particular transaction.

目前仍有多方持續進行盡職調查，我們認為，與其設定任意期限，不如讓相關工作在合理範圍內推進至結論，這符合股東利益。請各位放心，我們正以最快速度推進；但我們無法保證此流程將使 Orion 達成任何特定交易。

Beyond the ongoing strategic review efforts, the team has continued to execute and deliver strong results against our business plan, which is reflected in our second quarter results.

除了持續進行的策略檢視工作之外，團隊也持續依照我們的營運計畫執行並交出強勁成果，這也反映在我們第二季的業績中。

Our strategy remains centered on four priorities: stabilizing the portfolio through increased leasing activity, the timely disposition of non-core assets, prudent leverage management, and selective capital recycling into dedicated use assets. As we have consistently communicated, we expect these efforts to drive Core FFO per share growth in 2026 and beyond, while maintaining prudent levels of leverage.

我們的策略仍聚焦於四項優先事項：透過提升租賃活動使投資組合趨於穩定、及時處分非核心資產、審慎管理槓桿，以及選擇性地將資本循環再投入至專用型資產。如我們一貫所傳達，我們預期這些努力將在 2026 年及其後推動每股 Core FFO 成長，同時維持審慎的槓桿水準。

So far this year, we have been successful on each of those priorities. From a leasing perspective, we have completed 673,000 square feet of leasing, including 202,000 square feet completed in the second quarter, and 116,000 square feet after quarter end, including our first new lease at our Tulsa property.

截至目前，今年我們在上述各項優先事項上都取得成功。就租賃而言，我們已完成 67.3 萬平方英尺的租賃，其中第二季完成 20.2 萬平方英尺，季後又完成 11.6 萬平方英尺，包含我們在塔爾薩（Tulsa）物業的第一份新租約。

The weighted average lease term for the consolidated portfolio stands at 6.2 years at the end of the second quarter, up from 5.5 years at the end of the second quarter last year, continuing our steady improvement of this crucial metric.

截至第二季末，合併投資組合的加權平均租期為 6.2 年，高於去年第二季末的 5.5 年，延續我們對此關鍵指標的穩步改善。

Cash rent spreads on second quarter renewals were down 7.7% when comparing ending rents in the current term to starting rents in the new term. However, rent spreads are up 2.1% when comparing current ending rents to new ending rents, driven by escalations over the new lease term.

第二季續租的現金租金價差為下滑 7.7%，係以本期租約期末租金與新租約期初租金相比計算。然而，若以本期期末租金與新租約期末租金相比，租金價差上升 2.1%，主要受新租期內的租金調升條款帶動。

For the year-to-date period, cash rent spreads are very slightly down by 0.2% on renewals and up 7.1% when comparing current ending rents to new ending rents. Although volatile, leasing concessions are so far trending lower this year than last on a per square foot basis.

以年初至今而言，續租的現金租金價差僅小幅下滑 0.2%；若以本期期末租金與新租約期末租金相比則上升 7.1%。儘管波動，按每平方英尺計算，今年迄今租賃讓利的趨勢低於去年。

Due to a few scheduled move-outs and select opportunistic dispositions, offset to some extent by our leasing efforts, our consolidated portfolio occupancy rate of 78.1% at the end of the second quarter was down as expected from the end of the first quarter, but up from 76.8% at the end of the second quarter of last year.

由於少數既定搬遷退租以及部分機會型處分（並在一定程度上由我們的租賃努力所抵銷），截至第二季末，我們合併投資組合的出租率為 78.1%，如預期較第一季末下降，但高於去年第二季末的 76.8%。

As we have said many times, rent spreads and occupancy rates can and will be volatile from quarter to quarter given our largely single-tenant portfolio, though we remain positive about the overall trends, which continue to see steady improvement.

如我們多次提到，鑑於我們以單一租戶為主的投資組合特性，租金價差與出租率在各季之間可能且將會出現波動；但我們對整體趨勢仍持正面看法，並持續看到穩步改善。

Beyond the leasing completed year to date, our pipeline remains quite strong despite our smaller size at over 1.1 million square feet or over 17% of the total portfolio that is in either discussion or documentation stage, including a substantial number of new long-term leases for currently vacant space and some full-building renewals.

除了年初至今已完成的租賃外，儘管我們規模較小，我們的租賃管線仍相當強勁：超過 110 萬平方英尺、或占總投資組合超過 17% 的面積正處於洽談或文件作業階段，其中包含大量針對目前空置空間的新長期租約，以及部分整棟續租。

As we look out, we continue to see improving demand for our assets, and we are working hard to move forward on executing as much leasing as possible. The key message is that we continue to be quite pleased with our leasing velocity so far this year.

展望未來，我們持續看到對我們資產的需求正在改善，並正努力推進，盡可能落實更多租賃成交。重點訊息是：我們對今年迄今的租賃速度仍感到相當滿意。

Turning to dispositions, we have been very successful this year, and we have primarily utilized the proceeds from opportunistic asset sale activity to continue to deleverage, ending the quarter with net debt to annualized Adjusted EBITDA at 5.4 times, almost a full turn better than last quarter and the same quarter a year ago.

談到資產處分，我們今年表現非常成功；我們主要將機會型資產出售所得用於持續去槓桿，使本季末淨負債對年化調整後 EBITDA 比率為 5.4 倍，較上季改善接近整整 1 倍，且與一年前同季相同。

Specifically, during the first half of the year, we generated gross proceeds of almost $84 million on the sale of four properties, plus the 37.4-acre Deerfield, Illinois campus. The second quarter sales activity generated an aggregate gross sales price of $70.6 million and included two strategic dispositions. One of which was sold to the existing tenant at a 5.6% cash capitalization rate, and the other was a recently vacated asset sold to an adjacent user at an implied 5% cash capitalization rate on expiring rent.

具體而言，上半年我們出售四處物業以及伊利諾州迪爾菲爾德（Deerfield）37.4 英畝園區，合計取得近 8,400 萬美元的總收入。第二季的出售活動合計總售價為 7,060 萬美元，包含兩筆策略性處分。其中一處以 5.6% 的現金資本化率售予現有租戶；另一處為近期退租資產，售予相鄰使用者，按到期租金推算之隱含現金資本化率為 5%。

These sales have allowed us to repay roughly $61 million of debt, including over $35 million on our CMBS loan in the second quarter. Our debt repayment and refinance efforts have also allowed us to steadily reduce interest expense by $700,000 for the second quarter and $1.6 million for the year-to-date period, compared to the same periods in 2025.

這些出售使我們得以償還約 6,100 萬美元的債務，其中第二季償還 CMBS 貸款超過 3,500 萬美元。我們的還債與再融資努力也使利息費用持續下降：相較 2025 年同期，第二季減少 70 萬美元，年初至今減少 160 萬美元。

On another very positive note, the average sale price per square foot has steadily increased on the sale of vacant properties over the past year or so. These transactions continue to demonstrate our ability to monetize non-core assets and redeploy capital while improving the overall quality and durability of our remaining portfolio.

另一個非常正面的訊息是：過去一年左右，我們出售空置物業的每平方英尺平均售價持續上升。這些交易持續展現我們變現非核心資產並重新配置資本的能力，同時提升剩餘投資組合的整體品質與耐久性。

Our continued focus on selling properties with difficult re-leasing prospects and high carrying costs has allowed us to continue to materially reduce property operating expenses. For example, our 2025 and 2026 vacant or near-term vacant property sales are estimated to save more than $12 million in annual carrying costs. These efforts have already contributed to an improvement in property operating costs of $3.4 million for the second quarter and $5.1 million for the year-to-date period compared to the same periods in 2025.

我們持續聚焦出售再出租前景較困難且持有成本較高的物業，使我們得以大幅降低物業營運費用。例如，我們估計 2025 年與 2026 年已出售的空置或短期內將空置物業，每年可節省超過 1,200 萬美元的持有成本。相較 2025 年同期，這些努力已促成物業營運成本改善：第二季改善 340 萬美元，年初至今改善 510 萬美元。

We remain committed to 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.

我們仍致力於將投資組合集中度轉向專用型資產；在此類資產中，我們的租戶所從事的工作無法在家中複製，也不易轉移至一般辦公環境；並逐步降低對傳統郊區辦公物業的比重。這些物業類型包括醫療、實驗室、研發（R&D）、彈性空間（flex）以及政府類物業，而這些類型我們目前皆已持有。

At quarter end, these dedicated use assets, or DUA, represented 38.7% of annualized base rent of our consolidated portfolio, compared to 37.1% at the end of last quarter and 32.6% at the end of the second quarter of 2025, reflecting our sales of traditional office assets and our purchase earlier this year of the Barilla DUA property. We expect this percentage to continue increasing over time through continued disposition activity of traditional office and targeted acquisitions of DUA properties.

截至季度末，這些專用用途資產（Dedicated Use Assets，簡稱 DUA）占我們合併投資組合年化基礎租金的 38.7%，相較於上季末的 37.1% 以及 2025 年第二季末的 32.6%，反映了我們出售傳統辦公資產，以及今年稍早收購 Barilla DUA 物業。我們預期，隨著持續處分傳統辦公資產並有針對性地收購 DUA 物業，該比例將隨時間持續上升。

Before I close, I do want to take a moment to reflect on the very significant progress we have made at Orion. Over the past two years, we have averaged about 1 million square feet of leasing per year and are on track to lease about that much again this year. We have sold 39 properties since our spin, totaling more than 4.2 million square feet, reducing property operating expenses by millions per year.

在我結束之前，我確實想花點時間回顧一下我們在 Orion 取得的非常顯著的進展。過去兩年，我們平均每年完成約 100 萬平方英尺的租賃，且今年也有望再完成大致相同的租賃量。自分拆以來，我們已出售 39 項物業，合計超過 420 萬平方英尺，使物業營運費用每年減少數百萬美元。

We continue to work to manage overhead, significantly reducing headcount over the past two years, including at the executive level. We successfully refinanced and extended both our revolving debt and our CMBS debt this year. We continue to manage leverage and have steadily reduced debt by $183 million since the spin.

我們持續致力於管理間接費用，過去兩年大幅縮減人力編制，包括高階主管層級。我們今年成功為循環債務與 CMBS 債務完成再融資並延長到期日。我們持續管理槓桿，自分拆以來已穩步將債務減少 1.83 億美元。

These combined efforts are showing up in our key metrics, such as WALT, occupancy, net debt to adjusted EBITDA, and G&A, all of which are improved over the same period a year ago. Finally, we have significant confidence in our ability to meaningfully grow Core FFO from here.

這些綜合努力已反映在我們的關鍵指標上，例如 WALT（加權平均剩餘租期）、入住率、淨負債對調整後 EBITDA，以及 G&A（一般及行政費用），相較於一年前同期均有所改善。最後，我們對於從現在起能夠有意義地成長 Core FFO（核心營運資金）充滿信心。

For the balance of 2026, our operational focus remains on improving portfolio quality, lengthening WALT, renewing tenants, filling or selling vacant space, and prudently managing expenses and leverage as we work to maximize Orion's value for investors and potential strategic partners.

在 2026 年剩餘期間，我們的營運重點仍將放在提升投資組合品質、延長 WALT、續約租戶、填補或出售空置空間，以及在我們致力於為投資人與潛在策略夥伴最大化 Orion 價值的同時，審慎管理費用與槓桿。

I firmly believe that if we continue to execute on our business plan, the market will finally begin to recognize the meaningful intrinsic value of this company that is not reflected in our current discounted valuation.

我堅信，只要我們持續落實我們的商業計畫，市場終將開始認可這家公司具有重大內在價值，而這些價值目前並未反映在我們折價的估值之中。

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

接下來，我把電話交給 Gavin。

Thanks, Paul. For the second quarter of 2026 compared to the second quarter of 2025, Orion had total revenues of $34.3 million compared to $37.3 million. Net income was $24.6 million, or $0.43 per share in the second quarter of 2026, and included a gain of $28.8 million, primarily related to the opportunistic sale of two of our operating properties during the quarter.

謝謝，Paul。以 2026 年第二季相較於 2025 年第二季，Orion 的總營收為 3,430 萬美元，去年同期為 3,730 萬美元。2026 年第二季淨利為 2,460 萬美元，或每股 0.43 美元，其中包含 2,880 萬美元的收益，主要與本季機會性出售兩項營運物業有關。

This nonrecurring gain does not impact our Core FFO results, which were $11.8 million, or $0.20 per share, basically flat compared to the same quarter in 2025. Adjusted EBITDA was $17.2 million versus $18 million in the same quarter of 2025.

這項非經常性收益不影響我們的 Core FFO 結果；Core FFO 為 1,180 萬美元，或每股 0.20 美元，與 2025 年同季基本持平。調整後 EBITDA 為 1,720 萬美元，去年同季為 1,800 萬美元。

G&A in the second quarter improved to $4.6 million, compared to $4.8 million in the same quarter of 2025, as we benefited from the decision to continue to lower headcount through attrition and other means. G&A expense includes the ongoing costs related to the strategic review, which we equate to approximately $100,000 in the second quarter of 2026 and $200,000 year to date.

第二季的 G&A 改善至 460 萬美元，去年同季為 480 萬美元，主要受益於我們決定透過自然流失及其他方式持續降低人力編制。G&A 費用包含與策略性檢視相關的持續成本，我們估計 2026 年第二季約為 10 萬美元，年初至今約為 20 萬美元。

CapEx and leasing costs in the second quarter were $8.9 million, compared to $15.6 million in the same quarter of 2025. As we have previously discussed, CapEx timing is dependent on when leases are executed and work is completed on properties.

第二季資本支出（CapEx）與租賃成本為 890 萬美元，去年同季為 1,560 萬美元。如我們先前所討論，CapEx 的時點取決於租約何時簽署以及物業工程何時完成。

Turning to the balance sheet, our net debt to annualized Adjusted EBITDA was 5.4 times at quarter end, compared to 6.4 times at the end of the second quarter of 2025. As of June 30, we had total liquidity of approximately $177 million, comprised of $63.5 million of cash and cash equivalents and restricted cash, and $113 million of available capacity under our credit facility revolver.

轉到資產負債表，截至季末，我們淨負債對年化調整後 EBITDA 為 5.4 倍，相較於 2025 年第二季末的 6.4 倍。截至 6 月 30 日，我們總流動性約為 1.77 億美元，包括 6,350 萬美元的現金及約當現金與受限制現金，以及循環信用額度下可用額度 1.13 億美元。

Given our strong efforts to sell non-core and select operating properties, we have significantly lowered debt outstanding and extended maturities. We ended the quarter with $436.6 million of outstanding debt, compared to $483 million a year ago, excluding our proportionate share of the unconsolidated joint venture's debt.

鑑於我們大力出售非核心及部分營運物業，我們已顯著降低未償債務並延長到期日。本季末未償債務為 4.366 億美元，去年同期為 4.83 億美元；上述數字不包含我們按比例分攤之未合併合資企業的債務。

Our next significant maturity is not until February of 2028, which we have an option to extend until February 2029. Our net debt to gross real estate assets was 27.9% at the end of the quarter, compared to 29.5% a year ago. On August 5, Orion's Board of Directors declared a quarterly cash dividend of $0.02 per share for the third quarter of 2026, payable on October 15, 2026, to stockholders of record as of September 30, 2026.

我們下一筆重大到期日要到 2028 年 2 月，且我們有選擇權可延長至 2029 年 2 月。截至季末，我們淨負債對總不動產資產為 27.9%，去年同期為 29.5%。8 月 5 日，Orion 董事會宣告 2026 年第三季每股 0.02 美元的季度現金股利，將於 2026 年 10 月 15 日支付給截至 2026 年 9 月 30 日登記在冊的股東。

Moving to our outlook for 2026, we are narrowing and raising the range for our Core FFO, lowering the range for our net debt to Adjusted EBITDA, and reaffirming our expectations for G&A.

談到我們對 2026 年的展望，我們正在縮窄並上調 Core FFO 的區間、下調淨負債對調整後 EBITDA 的區間，並重申我們對 G&A 的預期。

Core FFO for the year is now expected to range from $0.72 to $0.77 per diluted share, up from our previously affirmed range of $0.69 to $0.76 per diluted share. Net debt to Adjusted EBITDA is now expected to range from 6 to 6.8 times, down from our previous range of 6.5 to 7.3 times. These improvements in our guidance for the year are driven by several factors, including recurring items such as actively reducing operating expenses and improved leasing expectations, as well as one-time items such as lease termination income and property tax appeals and refunds.

全年 Core FFO 現預期為每股稀釋後 0.72 至 0.77 美元，高於我們先前重申的每股稀釋後 0.69 至 0.76 美元區間。淨負債對調整後 EBITDA 現預期為 6.0 至 6.8 倍，低於先前的 6.5 至 7.3 倍區間。本年度指引的改善由多項因素驅動，包括經常性項目（如積極降低營運費用與租賃預期改善），以及一次性項目（如租約終止收入與不動產稅申訴及退稅）。

Our G&A range of $19.8 million to $20.8 million is unchanged.

我們的 G&A 區間 1,980 萬至 2,080 萬美元維持不變。

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

接下來，我們開放提問。接線員？

(Operator Instructions) Mitch Germain, Citizens JMP.

（接線員指示）Mitch Germain，Citizens JMP。

Congrats on the quarter. One asset for sale today, it seems like. I'm curious about your decision to potentially sell an asset leased to the government, which kind of meets your criteria for the existing portfolio.

恭喜本季表現。今天看起來有一項資產正在出售。我很好奇你們決定可能出售一項租給政府的資產；這類資產某種程度上符合你們現有投資組合的標準。

Hey, Mitch, this is Chris. Thanks for dialing in. The asset that we are under contract to sell is one where the government's looking to downsize on that asset. There is some risk around the government tenancy in that one asset. Plus, it's in a very remote area, and it's one that we analyzed the disposition of it and thought that that's the best overall outcome for that asset.

嗨，Mitch，我是 Chris。謝謝你撥入。我們已簽約出售的那項資產，政府正在考慮縮減在該資產的使用規模。該資產的政府租戶存在一些風險。此外，它位於非常偏遠的地區；我們分析了處分該資產的可行性後，認為這是對該資產整體而言最好的結果。

That's super helpful. There are four vacant assets in the portfolio. It's pretty amazing. I think at one point you had 11 or 12. Tell me about the decision and process that you guys go through regarding either to sell or to re-lease.

這非常有幫助。投資組合裡有四項空置資產。這相當驚人。我記得某個時點你們有 11 或 12 項。請談談你們在決定與流程上，如何在「出售」或「重新出租」之間做取捨。

Yeah, Mitch, it's been a pretty consistent process. It's evolved over time, as you might imagine. We look really hard at the asset and say, is this an asset that we think is worth putting money into and leasing up over time? Or is this an asset that's going to cost us either a lot of money to re-tenant, or really just doesn't have, in our view, the long-term demand factors present?

是的，Mitch，這一直是一個相當一致的流程。如你所想，這個流程也隨時間演進。我們會非常仔細地檢視該資產並問：這是否是一項值得投入資金、並在時間推進中逐步出租滿租的資產？或者，這是否是一項要重新引進租戶就會讓我們付出很高成本的資產，或是在我們看來，長期需求因素其實並不存在的資產？

We've obviously sold a lot of vacant assets, but we've also been pretty successful in leasing some assets up. For example, we thought it made sense to put money into our asset in Parsippany, New Jersey. We put that money in. That asset is leasing up pretty well. I think the same is true with our Buffalo property. We looked at that property and thought, that's a Class A building in downtown Buffalo.

我們顯然已經出售了許多空置資產，但我們在把部分資產出租出去方面也相當成功。例如，我們認為把資金投入到我們位於新澤西州帕西帕尼（Parsippany）的資產是合理的。我們已經投入了那筆資金。該資產的出租進展相當不錯。我認為我們在水牛城（Buffalo）的物業也是同樣情況。我們看了那個物業，認為那是一棟位於水牛城市中心的甲級（Class A）大樓。

We think we can lease that up. We've migrated our tenant, Ingram Micro, into that building, and we've got some strong momentum on leasing in the building from other tenants. We feel good about that.

我們認為我們可以把它出租出去。我們已將我們的租戶 Ingram Micro 遷入那棟大樓，而且也從其他租戶那裡在該大樓的出租方面取得了強勁動能。我們對此感到很有信心。

It's sort of an ongoing and dynamic process. We're fortunate in that we have moved most of the vacant properties off our balance sheet. We have a few left. Some we have quite a bit of confidence about leasing up. For example, the Tulsa property, we just put our first lease into that property. Others, we're sort of evaluating whether we think in the long term we're going to get leasing momentum or not.

這是一個持續且動態的過程。我們很幸運，因為我們已將大部分空置物業從資產負債表上移除。我們還剩下少數幾個。其中一些，我們對其出租滿租相當有信心。例如塔爾薩（Tulsa）的物業，我們剛剛在那個物業簽下第一份租約。另外一些，我們正在評估從長期來看是否能取得出租動能。

Got you. 57 assets, 6.4 million square feet. What percentage would you characterize to be kind of non-core at this point?

了解。57 項資產、640 萬平方英尺。你會把其中多少比例形容為目前屬於非核心（non-core）？

We make that judgment based upon our expectations for long-term leases. I would say it's just a few percent at this stage. We feel pretty confident about the assets we have left, and our ability to keep those properties leased or to lease them up if they are vacant or become vacant. We're always going to look at it. We may have some vacant sales over the course of the year, but we just have to see how leasing shapes up.

我們是根據對長期租約的預期來做這個判斷。我會說在這個階段只占幾個百分點。我們對剩下的資產以及維持這些物業已出租、或在其空置或變為空置時將其出租出去的能力相當有信心。我們會一直持續檢視。今年期間我們可能會有一些空置資產出售，但還得看出租情況如何發展。

Great. Last one from me. Paul, I really truly appreciate the color and perspective you're providing regarding your strategic review. Not so many management teams are as transparent regarding the process. To that end, will there be a formal announcement? Obviously, if something happens, we'll know, but will there be a formal announcement if you decide to continue to operate? Is that the plan here?

很好。我最後一個問題。Paul，我非常、非常感謝你就策略性檢討提供的細節與觀點。並不是很多管理團隊會對這個流程如此透明。基於此，是否會有正式公告？當然，如果有事情發生我們會知道，但如果你們決定繼續營運，是否也會有正式公告？這是你們的計畫嗎？

Look, Mitch, thank you very much for the transparency. We want to be as transparent as we possibly can be. We know this process has been going on for a long time. We do not control a lot of the timing. We are interacting with third parties, and they control the timing to some degree. We are trying to move as expeditiously as possible.

Mitch，你看，謝謝你對透明度的重視。我們希望盡可能保持透明。我們知道這個流程已經進行很長一段時間。很多時程我們無法掌控。我們正在與第三方互動，而他們在某種程度上掌控時程。我們正努力盡可能迅速推進。

When we come to a conclusion of the process, whatever that is, we will make an announcement. We are just not there yet, and when we do get there, we will let everyone know. That includes if we decide to move forward with our independent business plan.

當我們對這個流程得出結論時，不論結論是什麼，我們都會發布公告。我們目前還沒到那一步；等到到了，我們會讓大家知道。這也包括如果我們決定依照我們的獨立業務計畫繼續推進。

(Operator Instructions) Matthew Erdner, JonesTrading.

（接線員指示）Matthew Erdner，JonesTrading。

Hey, guys. Apologies, I thought I had dialed in. Thanks for taking the question.

嗨，各位。抱歉，我以為我已經撥進來了。謝謝讓我提問。

Yeah, no problem.

好的，沒問題。

Congrats on the continued progress. I thought you guys had a really good quarter. I guess following up on kind of the portfolio, you said you had a few percent left. Kind of piggybacking on that, what percentage are you looking to get those dedicated use assets to in kind of the near term and then over the long term, call it three to five years out?

恭喜你們持續取得進展。我覺得你們這一季表現非常不錯。我想接著追問投資組合的部分，你們說還剩下幾個百分點。延伸這點，短期內以及長期（比如三到五年後），你們希望專用用途資產（DUA）的占比達到多少？

It's a good question. I think a lot of it, when you think about the longer term component, that is the three to five years out, that will be dependent to some degree on our access to outside capital. At the moment, our share price doesn't support that, so we have to work within our existing portfolio.

這是個好問題。我認為其中很大一部分，當你談到較長期的部分，也就是三到五年後，會在某種程度上取決於我們取得外部資本的能力。目前我們的股價不支持那樣做，所以我們必須在既有投資組合內運作。

To the extent we're working within our existing portfolio, the progress will be steady but incremental. As we recycle capital, we sell assets and we might occasionally buy DUA assets. We'll slowly build that up over time. To the extent we get access to outside capital, we would expect that transition to occur much more rapidly.

在我們於既有投資組合內運作的前提下，進展會是穩定但逐步的。隨著我們進行資本循環，我們出售資產，並且可能偶爾買入 DUA 資產。我們會隨時間慢慢把占比提高。如果我們能取得外部資本，我們預期這個轉型會快得多。

Got it.

了解。

The longer-term goals, of course, are to have well more than a majority of the portfolio in DUA assets. The timing of that is yet to be determined.

當然，長期目標是讓投資組合中 DUA 資產的占比遠高於過半。至於時間點仍有待決定。

Perfect. I appreciate the color there. I know that the CapEx is kind of a chunky number and can bounce around from quarter to quarter, but do you guys have any idea of what you are expecting kind of across the remainder of the year?

很好。感謝你提供的細節。我知道資本支出（CapEx）是一個相對較大的數字，且可能會在各季之間波動，但你們對今年剩餘期間的預期大概是什麼？

So far this year, we've spent about, call it $27 million in CapEx. We use that term broadly, meaning that includes building and site updates that we've done to update our buildings, tenant improvements and lease incentives, and then leasing commissions. It's a pretty volatile number because we don't know when tenants are going to draw down on existing obligations that we have, which is disclosed in our 10-Q.

截至今年目前為止，我們已經花了大約 2,700 萬美元的資本支出（CapEx）。我們對這個用語採較廣義的定義，包含我們為更新建物所做的建築與基地更新、租戶裝修與租賃誘因，以及租賃佣金。這是一個波動性很高的數字，因為我們不知道租戶何時會動用我們既有的承諾，這在我們的 10-Q 中有揭露。

We expect for the remainder of the year, that total number of additional CapEx from here could range anywhere from $30 million to $40 million.

我們預期在今年剩餘期間，從現在起新增的資本支出總額可能落在 3,000 萬到 4,000 萬美元之間。

Okay. Got it. That's helpful.

好的。了解。這很有幫助。

We've modeled that in. This is an expectation. Our guidance incorporates those expectations.

我們已把這納入模型。這是一個預期值。我們的指引（guidance）已反映這些預期。

Okay, perfect. That's very helpful. Then you talked a little bit about Tulsa starting to lease up. It's good to see somebody go in there. How are discussions going for the remainder of that building, and what's your confidence level there to kind of strengthen the occupancy at that specific site?

好的，很好。這非常有幫助。另外你提到塔爾薩開始有出租進展。很高興看到有人進駐。那棟大樓其餘部分的洽談進展如何？你們對於提升該特定據點的入住率（occupancy）的信心程度如何？

I think our confidence is relatively high. It's a very high-quality building in downtown Tulsa. There's not a lot of competing product of that quality. Sort of if you're looking for Class A space, we're the ones you go to look to. We've got one lease done, and we're in discussions on at least one more of relatively significant size. We sort of feel pretty good about that over time.

我認為我們的信心相對高。那是一棟位於塔爾薩市中心、品質非常高的大樓。同等品質的競爭產品不多。如果你在找甲級（Class A）空間，我們就是你會來看的選擇。我們已完成一份租約，並且至少還在就另一份規模相對可觀的租約進行洽談。我們對於隨時間推進的結果感覺相當不錯。

I would now like to turn the floor back over to Paul McDowell for closing comments.

現在我想把會議交回給 Paul McDowell 作結語。

Thank you, everyone, for joining us on the call. We look forward to updating you again at our third quarter call in the fall.

感謝各位參加本次電話會議。我們期待在秋季的第三季電話會議上再次向各位更新。

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

謝謝。今天的電話會議到此結束。您現在可以掛線。感謝您的參與。