Office Properties Income Trust (OPI) 2018 Q1 法說會逐字稿

Good morning, and welcome to Government Properties Income Trust's First Quarter Financial Results Conference Call. This call is being recorded.

早上好，歡迎參加政府財產收入信託第一季財務業績電話會議。此通話正在錄音。

At this time, for opening remarks and introductions, I would like to turn the call over to Director of Investor Relations, Mr. Christopher Ranjitkar.

現在，我想將電話轉給投資者關係總監 Christopher Ranjitkar 先生進行開場演講和介紹。

Thank you, and good morning, everyone. Joining me on today's call are David Blackman, President; and Mark Kleifges, Chief Financial Officer. They will provide insight about our recent accomplishments and results for the first quarter. They will then take your questions.

謝謝大家，大家早安。參加今天電話會議的有總裁大衛‧布萊克曼 (David Blackman)；和財務長 Mark Kleifges。他們將提供有關我們最近的成就和第一季業績的見解。然後他們會回答你的問題。

First, please note that the transcription, recording and retransmission of today's conference call are prohibited without the prior written consent of the company. Also, today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on GOV's present beliefs and expectations as of today, May 3, 2018. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call other than through filings with the Securities and Exchange Commission or SEC regarding this reporting period.

首先請注意，未經公司事先書面同意，禁止對今天的電話會議進行轉錄、錄音和轉發。此外，今天的電話會議還包含 1995 年《私人證券訴訟改革法案》和其他證券法含義內的前瞻性陳述。這些前瞻性聲明是基於 GOV 截至 2018 年 5 月 3 日的當前信念和期望。除了透過向美國證券交易委員會或美國證券交易委員會提交有關本報告期間的文件之外，該公司沒有義務修改或公開發布今天電話會議中前瞻性陳述的任何修改結果。

Additional information concerning factors that could cause those differences is contained in our filings with the SEC, which can be accessed from the SEC's website or the Investors section of our website at govreit.com. Investors are cautioned not to place undue reliance upon any forward-looking statements.

有關可能導致這些差異的因素的更多資​​訊包含在我們向 SEC 提交的文件中，您可以從 SEC 網站或我們網站 govreit.com 的投資者部分存取該文件。投資者應注意不要過度依賴任何前瞻性陳述。

And finally, we will be discussing non-GAAP financial metrics during this call, including normalized funds from operations or normalized FFO. A reconciliation of these non-GAAP figures to net income and the components to calculate cash available for distribution or CAD are available in our supplemental operating and financial data package, which, again, can be found on our website.

最後，我們將在本次電話會議期間討論非 GAAP 財務指標，包括來自營運的標準化資金或標準化 FFO。我們的補充營運和財務資料包中提供了這些非公認會計原則資料與淨利潤的對帳以及計算可分配現金或加元的組成部分，這些資料包也可以在我們的網站上找到。

Now I'll turn the call over to David Blackman to begin our quarterly discussion. David?

現在我將把電話轉給大衛布萊克曼 (David Blackman)，開始我們的季度討論。大衛？

Thanks, Christopher, and good morning. On today's call, I will review our quarterly leasing activity, discuss our forecast for tenant retention and provide an update on our distribution program before turning the call over to Mark to review our financial results and balance sheet.

謝謝克里斯托弗，早安。在今天的電話會議上，我將回顧我們的季度租賃活動，討論我們對租戶保留的預測，並提供我們的分配計劃的最新信息，然後將電話轉交給馬克，以審查我們的財務業績和資產負債表。

Government Properties Income Trust ended the first quarter with 107 properties containing 17.3 million square feet, excluding our 2 unconsolidated joint ventures. Occupancy was 94.4% on a consolidated basis and 95.3% on a same-property basis at quarter end, both of which were a 20 basis point increase from the previous quarter. We continued with solid leasing activity, completing new and renewal leases for approximately 280,000 square feet, with a 4.9% roll up in rent, a weighted average lease term of 5.6 years and leasing concessions and capital commitments of $5.13 per square foot per lease year. Our leasing with government tenants comprised only 72,000 square feet but the weighted average lease term was 8.2 years and the roll up in rent was 20.2% on leasing concessions and capital commitments of $6.20 per square foot per lease year.

截至第一季末，政府房地產收入信託基金擁有 107 處房產，面積達 1,730 萬平方英尺，不包括我們的 2 家未合併的合資企業。截至季末，綜合入住率為 94.4%，同飯店入住率為 95.3%，均較上一季成長 20 個基點。我們繼續進行穩健的租賃活動，完成了約280,000 平方英尺的新租賃和續租租賃，租金上漲4.9%，加權平均租賃期限為5.6 年，租賃優惠和資本承諾為每個租賃年每平方英尺5.13 美元。我們與政府租戶的租賃面積僅為 72,000 平方英尺，但加權平均租賃期限為 8.2 年，基於租賃優惠和每租賃年每平方英尺 6.20 美元的資本承諾，租金累計上漲 20.2%。

We continue to be encouraged by the opportunities created from our acquisition of First Potomac Realty Trust. During the quarter, we entered 13 new leases containing approximately 44,000 square feet and contributing more than $1.4 million of annualized rent in space that has been vacant since the properties were acquired. GOV also continues to have a strong leasing pipeline with more than 2 million square feet of active deals, including more than 650,000 square feet of potential new leases and almost 280,000 square feet of potential leases that would absorb vacant space in our buildings.

我們繼續對收購第一波托馬克房地產信託公司所創造的機會感到鼓舞。本季度，我們簽訂了 13 份新租約，面積約為 44,000 平方英尺，為自收購房產以來一直空置的空間貢獻了超過 140 萬美元的年化租金。GOV 也繼續擁有強大的租賃管道，活躍交易量超過 200 萬平方英尺，其中包括超過 65 萬平方英尺的潛在新租賃和近 28 萬平方英尺的潛在租賃，這些租賃將吸收我們建築物的空置空間。

Now let's review our tenant retention expectations. As of March 31, we have leases contributing 10.4% of GOV's annualized rent and occupying less than 1.6 million square feet that are subject to expiration over the next 12 months. From these expirations, we expect CAD-contributing 5% of annualized rent to vacate at lease expiration. The vacating tenants include 4 government tenants that contribute 3.6% of annualized rent.

現在讓我們回顧一下我們的租戶保留預期。截至 3 月 31 日，我們的租約佔 GOV 年化租金的 10.4%，佔用面積不到 160 萬平方英尺，並將在未來 12 個月內到期。從這些到期日起，我們預計在租賃到期時將騰出 5% 的加幣年化租金。騰出的租戶包括4家政府租戶，貢獻了年化租金的3.6%。

The largest vacating tenant is the Bureau of Prisons, who is a full-building user in Washington, D.C. that contributes approximately 1.9% of annualized rent, and this lease expired March 31, 2018, but remains in holdover. This is a building we acquired from First Potomac where we underwrote the tenant vacating prior to year-end 2017 and where we also are in advanced lease negotiations with a full-building replacement tenant. The balance of the tenants expected to vacate are primarily small private-sector tenants in properties acquired from First Potomac that we also underwrote to vacate in our acquisition due diligence.

最大的空出租戶是監獄局，它是華盛頓特區的整棟建築用戶，貢獻了年化租金的約 1.9%，該租約於 2018 年 3 月 31 日到期，但仍處於保留狀態。這是我們從 First Potomac 收購的一棟建築，我們為 2017 年底前騰出的租戶提供了承保，並且我們也正在與整棟建築的替代租戶進行高級租賃談判。預計將騰出的租戶主要是從 First Potomac 收購的房產中的小型私營部門租戶，我們也在收購盡職調查中承諾騰出這些房產。

In addition to the tenants we have identified as vacating, we have identified tenants that contribute 69 basis points of GOV's annualized rent to be at risk of downsizing or vacating over the next 12 months. This is a 14 basis point increase from the previous quarter and consists primarily of small private-sector tenants, the largest of which contributes only 22 basis points of annualized rent.

除了我們確定要騰出的租戶外，我們還確定了貢獻 GOV 年化租金 69 個基點的租戶在未來 12 個月內面臨縮小規模或騰出的風險。這比上一季成長了 14 個基點，主要由小型私營部門租戶組成，其中最大的租戶僅貢獻了 22 個基點的年化租金。

This forward guidance to GOV's lease expiration schedule is the best information we have available today based upon our dialogue with tenants. Tenant negotiations are fluid with a number of tenants and circumstances can change. Tenant retention and attracting new tenants to our buildings remain a significant area of focus for GOV.

根據我們與租戶的對話，這份關於 GOV 租約到期時間表的前瞻性指引是我們今天掌握的最佳資訊。與許多租戶的租戶談判是不穩定的，情況可能會改變。保留租戶和吸引新租戶到我們的大樓仍然是政府關注的重要領域。

Now let's turn to dispositions. We continue to make progress on our property disposition program. In March, we sold an office property in Minneapolis, Minnesota for $20 million, realizing a 4.6% cap rate on in-place net operating income. We have also entered agreements to sell 2 additional properties, with sales expected to close during May. One is an office property in Sacramento, California for a sales price of approximately $10.8 million, and the other is our office property in New York City for a sales price of $118.5 million. The diligence period for both properties has expired. Both buyers' deposits are at risk, but the sales remain subject to customary closing conditions. By the end of May, we expect to have closed on more than $150 million in asset sales from 4 properties.

現在讓我們轉向配置。我們的財產處置計劃繼續取得進展。3 月份，我們以 2000 萬美元的價格出售了明尼蘇達州明尼阿波利斯市的一處辦公物業，實現了 4.6% 的淨營業收入上限。我們也簽訂了出售另外 2 處房產的協議，預計銷售將於 5 月期間完成。其中一處是位於加州薩克拉門託的辦公物業，售價約 1,080 萬美元，另一處是我們位於紐約市的辦公物業，售價為 1.185 億美元。兩處房產的盡職調查期間均已到期。兩位買家的定金都面臨風險，但銷售仍須遵守慣例成交條件。到 5 月底，我們預計 4 處房產的資產銷售將超過 1.5 億美元。

GOV is also marketing or working with brokers to market many other properties, including most of our flex buildings in Maryland and Virginia. Although we cannot provide assurances that we will sell every property we market for sale, our guidance for asset sales remains between $500 million and $700 million in gross proceeds by year-end 2018.

GOV 也正在行銷或與經紀人合作行銷許多其他房產，包括我們在馬裡蘭州和維吉尼亞州的大部分彈性建築。儘管我們不能保證我們會出售我們出售的所有房產，但我們對資產銷售的指導方針是，到 2018 年底，資產銷售總收益仍保持在 5 億至 7 億美元之間。

Before I turn the call over to Mark, I would like to address GOV's dividend. In recent weeks, an analyst report was issued predicting a future cut in our quarterly distribution to shareholders. This has raised concern with many shareholders and may be the reason for the recent saw-off in our share price. Since that report, we announced our regular quarterly distribution of $0.43 per share with the full support of our Board of Trustees.

在我把電話轉給馬克之前，我想先談談政府的股利。最近幾週，發布了一份分析報告，預測未來我們向股東分配的季度股利將被削減。這引起了許多股東的擔憂，也可能是近期我們股價下跌的原因。自該報告發布以來，我們在董事會的全力支持下宣布定期季度分配每股 0.43 美元。

We believe maintaining our high occupancy rate from long-term leases with good-credit tenants is important for our company and our shareholders. In doing so, GOV's continued high leasing volume has resulted in capital expenditures that have made it difficult to fully cover the dividend. To date, our shortfall has been modest and easily supported by borrowings under our revolving credit facility.

我們相信，透過與信用良好的租戶進行長期租賃來維持高入住率對於我們的公司和股東來說非常重要。在此過程中，GOV 持續高的租賃量導致資本支出難以完全支付股利。迄今為止，我們的缺口一直不大，很容易透過循環信貸安排下的借款來支撐。

Our ongoing disposition program has many factors that will impact our dividend coverage. These factors include the ultimate dollar of the asset sold, the cap rate or multiple for which the properties sell, and the cash contribution after capital expenditures for both the assets sold and those that GOV continues to own. However, we recognize the importance of the dividend to shareholders, and today, management is not prepared to recommend a change in the distribution rate to our Board of Trustees even if that results in an over-distribution of our dividend through the remainder of 2018.

我們正在進行的處置計劃有許多因素會影響我們的股利覆蓋率。這些因素包括所售資產的最終金額、所售資產的資本化率或倍數，以及所售資產和 GOV 繼續擁有的資產在資本支出後的現金貢獻。然而，我們認識到股利對股東的重要性，目前，管理階層不准備向我們的董事會建議改變分配率，即使這會導致我們在 2018 年剩餘時間內過度分配股利。

I will now turn the call over to Mark to review financial results.

我現在將把電話轉給馬克來審查財務業績。

Thanks, David. I'll begin with a review of our property-level performance for the first quarter of 2018.

謝謝，大衛。我先回顧我們 2018 年第一季的房地產表現。

For the first quarter, GOV's consolidated rental income was $108.7 million, an increase of $39.4 million. This increase was a result of the FPO acquisition and an increase in same-property rental income. On a same-property basis, first quarter rental income increased by $1.4 million or 2.1% year-over-year. In cash basis, rental income increased $2 million or 3% year-over-year.

第一季度，GOV 的綜合租金收入為 1.087 億美元，增加了 3,940 萬美元。這一增長是由於收購 FPO 以及同一房產租金收入的增加所致。以同物業計算，第一季租金收入年增 140 萬美元，即 2.1%。以現金收付計算，租金收入較去年同期增加 200 萬美元，即 3%。

First quarter consolidated property operating expenses increased by approximately $15.7 million year-over-year to $42.5 million, reflecting the impact of the FPO acquisition and an increase in same-property operating expenses. Same-property operating expenses increased by $1.95 million or 7.5% year-over-year to $28 million due primarily to higher real estate taxes, repairs and maintenance and utilities expense during the 2018 period. We expect same-property operating expenses to increase at a more modest rate for the remainder of 2018.

第一季綜合物業營運費用年增約 1,570 萬美元，達到 4,250 萬美元，反映了 FPO 收購的影響以及同一物業營運費用的增加。同一物業營運費用年增 195 萬美元，即 7.5%，達到 2,800 萬美元，這主要是由於 2018 年期間房地產稅、維修和保養以及公用事業費用增加。我們預計 2018 年剩餘時間內，同物業營運費用將以較為溫和的速度成長。

Consolidated first quarter net operating income or NOI increased by $23.7 million to $66.2 million. Consolidated cash-basis NOI for the first quarter increased by $22.1 million to $63.8 million. Our consolidated GAAP and cash NOI margins for the 2018 first quarter were 60.9% and 60%, respectively.

第一季合併淨營業收入或 NOI 增加 2,370 萬美元，達到 6,620 萬美元。第一季綜合現金 NOI 增加 2,210 萬美元，達到 6,380 萬美元。2018 年第一季我們的綜合 GAAP 利潤率和現金 NOI 利潤率分別為 60.9% 和 60%。

From a same-property perspective, our first quarter GAAP NOI decreased $504,000 or 1.2% year-over-year to $41.5 million. And our cash-basis NOI increased by $42,000 or 0.1% to $41.3 million. Our same-property GAAP NOI margin was 59.7%, and our same-property cash basis NOI margin was 59.5% for the 2018 first quarter.

從相同飯店的角度來看，我們第一季的 GAAP NOI 年減 504,000 美元，即 1.2%，至 4,150 萬美元。我們的現金 NOI 增加了 42,000 美元，即 0.1%，達到 4,130 萬美元。2018 年第一季度，我們的同飯店 GAAP NOI 利潤率為 59.7%，同飯店現金基礎 NOI 利潤率為 59.5%。

Turning to our consolidated financial results. Normalized FFO for the first quarter was $54.1 million, which is up from $39.9 million for the 2017 first quarter. Normalized FFO per share for the 2018 first quarter was $0.55, which is down $0.01 or 1.8% from the 2017 first quarter.

轉向我們的綜合財務表現。第一季標準化 FFO 為 5,410 萬美元，高於 2017 年第一季的 3,990 萬美元。2018 年第一季標準化 FFO 每股為 0.55 美元，較 2017 年第一季下降 0.01 美元，即 1.8%。

GOV's adjusted EBITDA was $73.4 million for the 2018 first quarter and includes approximately $12.7 million of cash distributions received from our SIR investment. We spent $2.7 million on recurring building improvements and $4.8 million on tenant improvements and leasing costs in the 2018 first quarter. As of quarter end, we had approximately $32.8 million of unspent leasing-related capital obligations.

GOV 2018 年第一季調整後 EBITDA 為 7,340 萬美元，其中包括從我們的 SIR 投資中收到的約 1,270 萬美元現金分配。2018 年第一季度，我們在經常性建築改善上花費了 270 萬美元，在租戶改善和租賃成本上花費了 480 萬美元。截至季末，我們有約 3,280 萬美元的未動用租賃相關資本義務。

At March 31, GOV's ratio of debt to total gross assets was 56.4%, and we had $570 million outstanding on our $750 million revolving credit facility. As we have previously stated, during 2018, we intend to reduce borrowings under our credit facility and our debt leverage with proceeds from our property disposition program. On a pro forma basis, assuming the sale of the Sacramento and New York properties under contract, debt to total gross assets would have been 54.8% at March 31.

截至 3 月 31 日，GOV 的債務與總資產的比率為 56.4%，我們的 7.5 億美元循環信貸額度中尚未償還 5.7 億美元。正如我們之前所說，2018 年期間，我們打算利用財產處置計畫的收益來減少信貸安排下的借款和債務槓桿。根據預估，假設以合約出售薩克拉門托和紐約的房產，截至 3 月 31 日，債務佔總資產的比例將為 54.8%。

Operator, that concludes our prepared remarks. We're ready to open up the call for questions.

接線員，我們準備好的發言到此結束。我們已準備好開始提問。

(Operator Instructions) The first question comes from Vikram Malhotra with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Vikram Malhotra。

This is Adam Gabalski on for Vikram. Just wanted to talk about the expected cap rates on the dispositions moving forward with the rest of 2018. You said you had a 4.6% cap rate on in-place NOI in the property you sold in the quarter. I'm just wondering if that's sort of the cap rate range we should expect with the rest of the expected $500 million to $700 million in dispositions.

我是亞當·加巴爾斯基 (Adam Gabalski)，代表維克拉姆 (Vikram) 發言。只是想談談 2018 年剩餘時間處置的預期上限利率。您表示，您在本季出售的房產中，就地 NOI 的上限率為 4.6%。我只是想知道這是否是我們應該預期的上限利率範圍，以及剩餘的 5 億至 7 億美元的預期處置。

Yes. We haven't really put a cap rate range out there for the market. We're selling a lot of different types of assets, and I think that cap rates can vary quite a bit. So I don't think, at this point, we're prepared to give a range, but we will announce the cap rates every quarter after we close the assets.

是的。我們還沒有真正為市場設定上限利率範圍。我們正在出售許多不同類型的資產，我認為資本化率可能會大不相同。因此，我認為目前我們不准備給出一個範圍，但我們將在關閉資產後每季宣布上限利率。

Okay, fair enough. And then just one more from me. As far as the synergies that you expected to realize with G&A regarding the FPO transaction, just kind of wanted to get your refresh take on how you expect that run rate to play out moving forward.

好吧，很公平。然後我又發了一封。至於您期望與 G&A 在 FPO 交易方面實現的協同效應，只是想讓您重新了解您期望運行率如何向前發展。

Yes. I think we've realized, really, on day 1 most of the synergies that we expected. The one -- I guess, there's a couple of costs that had continued through today, and that's one. As part of the transaction, we assumed FPO's former headquarters lease in Washington, D.C., and we're attempting to sublease that property. But as of today, we're still incurring about $425,000 of rental expense on that space. And then we also inherited some litigation from FPO, and we've incurred some legal fees related to that. But I think we're, at the end of the first quarter, through most of that and not expecting any material costs going forward.

是的。我認為我們實際上在第一天就實現了我們預期的大部分協同效應。我想，有一些成本一直持續到今天，這就是其中之一。作為交易的一部分，我們假設 FPO 位於華盛頓特區的前總部租賃，並且我們正在嘗試轉租該財產。但截至今天，我們仍在該空間上支付約 42.5 萬美元的租金費用。然後我們也繼承了 FPO 的一些訴訟，並且我們支付了一些與此相關的法律費用。但我認為，在第一季末，我們已經完成了大部分工作，預計未來不會有任何材料成本。

The next question comes from Jamie Feldman with Bank of America.

下一個問題來自美國銀行的傑米·費爾德曼。

I guess, just first, kind of housekeeping. Mark, you had mentioned $12 million of SIR income. Can you just walk us through? Like, as we're building our models for next quarter, what are the onetime items that hit this quarter that aren't going to continue or will continue? It's a little noisier than usual.

我想，首先是做家事。馬克，您提到了 SIR 的 1200 萬美元收入。可以跟我們介紹一下嗎？就像，當我們為下個季度建立模型時，本季出現的哪些一次性項目將不會繼續或將繼續？比平時有點吵。

On the SIR side?

在SIR這邊？

No, just in earnings overall.

不，只是整體收益。

Yes. I don't know if there was a whole lot of noise, to use your term, in the first quarter. The income, from an FFO standpoint, that we've realized from our SIR investment, we pick up our proportionate share of their normalized FFO. And that was up about $1 million or 7% from where it was in the prior year first quarter. But other than that, I don't really think there is any noise per se in the first quarter numbers.

是的。我不知道第一季是否有很多噪音，用你的話來說。從 FFO 的角度來看，我們從 SIR 投資中實現的收入，我們獲得了他們標準化 FFO 的相應份額。與去年第一季相比，這一數字增加了約 100 萬美元，即 7%。但除此之外，我真的不認為第一季的數據本身有任何噪音。

Okay. So in terms of a sequential run rate, there's no line items to really adjust other -- beyond...

好的。因此，就順序運行率而言，沒有任何行項目可以真正調整其他項目 - 除了...

No. Other than normal seasonality that we...

不。除了正常的季節性外，我們...

Yes. Repairs and maintenance may vary some, and Mark talked about the 2 G&A items that we expect to improve over time. But no, I don't think there's anything extraordinary going on.

是的。維修和維護可能會有所不同，馬克談到了我們預計隨著時間的推移會改進的 2 個一般管理費用項目。但不，我不認為有什麼不尋常的事情發生。

Okay. And then, I mean, moving on to operations. So you'd mentioned the move-out at the Bureau of Prisons. Can you talk about the timing if you were to get a tenant back in there? How are those discussions going?

好的。然後，我的意思是，繼續進行營運。所以你提到了監獄管理局的搬遷。如果您要讓租戶回到那裡，您能談談時間嗎？這些討論進展如何？

Well, the Bureau of Prisons has not moved out yet. Indications are they're going to be in until at least May, so we kind of think we're going to get maybe 6 months more rent out of that tenant than we anticipated. And we are pretty active in negotiating our lease with a replacement. So I think if we have any downtime, it will be a matter of weeks or months that we have downtime on.

嗯，監獄管理局還沒搬走。有跡象表明它們至少要租到五月份，所以我們認為我們會從該租戶那裡得到比我們預期多 6 個月的租金。我們非常積極地與替代者就租約進行談判。所以我認為，如果我們有任何停機時間，那麼我們的停機時間將是幾週或幾個月。

And they want the entire building, you said?

你說他們想要整棟大樓？

They want the entire building.

他們想要整棟大樓。

And you would recognize -- you'd recognize revenue as soon as they took over? Or is there some build-out required, renovation required?

你會體認到－他們一接管你就會確認收入？或是否需要擴建、翻新？

We would recognize GAAP revenue when they sign the lease.

當他們簽署租約時，我們將確認公認會計準則收入。

Okay. Is that another government tenant or a federal tenant?

好的。那是另一個政府租戶還是聯邦租戶？

It is not a government tenant.

它不是政府租戶。

Okay. And then also, just maybe if you could provide some more color on the rest of the '18 expirations and maybe handicap where you think occupancy could end the year based on what you're seeing. And then if there's any '19 expirations you can talk about.

好的。另外，也許您可以對 18 年剩餘的到期時間提供更多信息，也許根據您所看到的情況，您認為今年年底的入住率可能會有所障礙。然後如果有 19 年到期的情況，你可以談談。

Well, what we've provided guidance on, Jamie, is for the next 12 months so that would be through the end of March 2019. And as I mentioned, the Bureau of Prisons is almost half of that, and that, we expect to occur maybe May or June of this year. So there's really not much material beyond that.

好吧，Jamie，我們提供的指導是未來 12 個月的指導，即到 2019 年 3 月底為止。正如我所提到的，監獄管理局幾乎佔其中的一半，我們預計可能會在今年五月或六月發生。所以除此之外確實沒有​​太多材料。

And then for like the remainder of '19? I know that you said this is through March.

然後就像 19 年剩下的時間一樣？我知道你說過這已經是三月了。

We're giving 12 months guidance on lease expirations, Jamie.

傑米，我們將就租約到期提供 12 個月的指導。

Okay. But do you have any large chunky ones to even be concerned about in the rest of '19?

好的。但在 19 年剩下的時間裡，你還有什麼需要擔心的大塊頭嗎？

Not at this point.

目前還沒有。

Okay. And then turning to the distribution. I mean, it sounds like you -- kind of sacred in your mind through year-end '18. What kind of payout ratio do you need to get to before you do start to think about a cut?

好的。然後轉向分配。我的意思是，這聽起來像你——在 18 年底，你的心目中有點神聖。在你開始考慮削減之前，你需要達到什麼樣的支付率？

Jamie, we -- in our prepared remarks, I think we are pretty explicit on our view. And I think the results of our property disposition program is something that we need to work through before we're prepared to address it further. But I think it's important to understand that we are comfortable with -- or we don't intend to recommend, where we currently sit today, a change in the distribution rate for the rest of this year.

傑米，我們——在我們準備好的發言中，我認為我們的觀點非常明確。我認為我們的財產處置計劃的結果是我們需要先解決的問題，然後才能準備進一步解決它。但我認為重要的是要明白，我們對今年剩餘時間分配率的變化感到滿意，或者我們不打算建議，我們目前所處的位置。

Right. I guess what I'm asking is what type of AFFO payout do you want to see. Like what do you think the right payout ratio is for this entity?

正確的。我想我想問的是您希望看到哪種類型的 AFFO 付款。您認為該實體的正確派息率是多少？

Jamie, I think when we get to the end of the disposition program, we'll sit down -- we'll see where we are and we'll sit down with the board. And I don't want to get too far ahead of where we are with discussions with the full board. And I think our preference would be for this call or for today to leave -- what we said is what, I guess, we're prepared to say today. How is that?

傑米，我想當我們完成處置計劃時，我們會坐下來——我們會看看我們的處境，然後我們會與董事會坐下來。我不想在與全體董事會的討論中走得太遠。我認為我們更傾向於召開這次電話會議或今天離開——我想我們所說的就是我們今天準備要說的。那個怎麼樣？

Okay. All right.

好的。好的。

The next question comes from Bryan Maher with B. Riley FBR.

下一個問題來自 Bryan Maher 和 B. Riley FBR。

Most of my questions have already been asked, but can you give us a little bit of color on what your CapEx spending expectations are for 2018 and 2019?

我的大部分問題已經被問到了，但您能給我們介紹一下您 2018 年和 2019 年的資本支出預期嗎？

Well, we had -- our CapEx in the first quarter was relatively low. Total BI and leasing capital is about $7.5 million. I expect that to trend up in the remainder of the year. I think it's tough to give guidance because a lot of it is going to depend on both the timing of asset sales and what assets we end up selling. But -- so I think, if you kind of look at what we incurred last year, recognize the fact that post FPO, we're about 50% larger from a square footage standpoint, I think you can ballpark some trends to use from a modeling perspective.

嗯，我們第一季的資本支出相對較低。BI 和租賃資本總額約 750 萬美元。我預計這一趨勢將在今年剩餘時間內呈上升趨勢。我認為很難提供指導，因為很大程度上取決於資產出售的時間以及我們最終出售的資產。但是 - 所以我認為，如果你看看我們去年發生的事情，認識到 FPO 後的事實，從平方英尺的角度來看，我們大約擴大了 50%，我認為你可以從以下方面大致了解一些趨勢：建模視角。

Bryan, it's a good question. It's hard to answer. I mean, every year, when we budget capital expenditures, a big chunk of that is leasing capital, and it always includes speculative leasing on space that is either vacant or expected to have expirations during the year. And our history is we don't spend 100% of what we budget. So I think that's why it's hard for us to give you a direct answer.

布萊恩，這是個好問題。很難回答。我的意思是，每年，當我們預算資本支出時，其中很大一部分是租賃資本，並且它總是包括對空置或預計在年內到期的空間的投機性租賃。我們的歷史是我們不會花掉預算的 100%。所以我認為這就是為什麼我們很難給你一個直接的答案。

Would you characterize some of the product that you have for sale, assuming it doesn't sell, to be more heavy CapEx than the rest of the portfolio or not?

您是否會認為您出售的某些產品（假設它不出售）的資本支出比投資組合的其他產品更重？

We have taken a pretty hard look at the capital relative to some of our asset sales. As an example, our New York asset, we have very little capital budgeted for that building in 2018 or 2019. So that's a capital-light building. A lot of the flex buildings that we're going to market for sale in Maryland and Virginia have deferred maintenance on it that we recognized when we acquired those assets. And so part of our desire in selling those assets is to not have to spend a lot of capital on a go-forward basis. So it's a -- I guess the answer is, Bryan, it's a mix.

我們非常仔細地審視了與我們的一些資產出售相關的資本。以我們在紐約的資產為例，我們在 2018 年或 2019 年為該建築提供的資本預算非常少。所以這是一座輕資本建築。我們將在馬裡蘭州和維吉尼亞州出售的許多靈活建築都推遲了維護，這是我們在收購這些資產時認識到的。因此，我們出售這些資產的部分願望是不必在未來的基礎上花費大量資金。所以這是——我想答案是，布萊恩，這是一個混合體。

Okay. And then maybe this is for Mark. You talked about some increased expense costs in the quarter, real estate taxes, maintenance, utilities. Where are you seeing the most pressure come from those increased costs among those items?

好的。也許這是給馬克的。您談到了本季一些增加的費用成本、房地產稅、維護、公用事業。您認為這些項目中成本增加帶來的最大壓力來自哪裡？

Well, in terms of dollar value, I mean, real estate taxes were clearly the largest increase in expenses, and it's really just due to higher assessments. On the utilities and repairs and maintenance side, it was a large -- to a large degree, it was weather impact. Year-over-year temperatures were colder in several areas in the country and snow amounts were higher. So the incurred increased utilities expenses and snow removal costs versus the prior year first quarter.

嗯，就美元價值而言，我的意思是，房地產稅顯然是支出增幅最大的部分，而這實際上只是由於評估較高。在公用事業、維修和保養方面，這是一個很大的影響——在很大程度上，這是天氣的影響。該國多個地區的氣溫較去年同期較低，降雪量較多。因此，與去年第一季相比，公用事業費用和除雪費用有所增加。

Okay. And then just lastly from me on the real estate taxes side. I'm assuming that RMR has a pretty aggressive appeals department in that regard. What type of success do you guys typically have with appealing real estate tax increases?

好的。最後是我在房地產稅方面的發言。我認為 RMR 在這方面有一個相當積極的上訴部門。你們在吸引人的房地產稅增加方面通常會取得什麼樣的成功？

You're right, we do have a robust program. I don't know if I have data in front of me to characterize how successful it is. But I think every property is reviewed on an annual basis and assessments are made whether to appeal or not appeal. And I think we do -- we've been doing it for a long time, and I think we do a pretty good job of doing so.

你是對的，我們確實有一個強大的計劃。我不知道我面前是否有數據來描述它有多成功。但我認為每年都會對每個房產進行審查，並評估是否上訴。我認為我們確實這樣做了——我們已經這樣做了很長時間，而且我認為我們在這方面做得非常好。

The next question comes from Mitch Germain with JMP Securities.

下一個問題來自 JMP 證券公司的 Mitch Germain。

David, I guess I was curious. I saw the progress on the sales, and I know you mentioned the flex portfolio. What's -- are there assets out there right now being marketed?

大衛，我想我很好奇。我看到了銷售的進展，我知道您提到了彈性產品組合。現在有正在銷售的資產嗎？

The flex properties, no. We're working with a couple of brokers to bring those to market, and I would expect they will be actively marketed beginning in about 2 to 3 weeks.

彈性屬性，沒有。我們正在與幾家經紀人合作，將這些產品推向市場，我預計它們將在大約 2 到 3 週內開始積極上市。

Okay. And then are there any other assets on the market as we speak right now?

好的。那麼正如我們現在所說，市場上還有其他資產嗎？

Yes. We have about 4 or 5 assets from our -- we're continuing to market from Phase 1. And then we're continuing to look at the portfolio to see if there's anything else we want to consider.

是的。我們有大約 4 或 5 項資產，我們將繼續從第一階段開始進行行銷。然後我們將繼續查看投資組合，看看是否還有其他我們想要考慮的內容。

I know you have a couple of larger move-outs that are probably more forward-looking, 2021 or beyond. Are those the characteristics of some of the assets that might be sold here? Or is it really more core stable?

我知道你們有幾個規模較大的搬遷計劃，可能更具前瞻性，2021 年或以後。這些是這裡可能出售的一些資產的特徵嗎？或者說它真的更核心穩定嗎？

When we started looking at our disposition program, Mitch, we really looked at assets that we -- that might be vacant now, that we thought could become vacant and the prospects of leasing them would either be difficult or the capital would be uneconomic to re-lease those buildings. And then we also looked at some stuff where the ongoing capital requirements were higher than we wanted to spend. And then like New York as an example. That's a building that we felt we could sell at a low cap rate, we could recognize a gain and it would be very accretive to our debt-to-EBITDA ratio. So it's really a mix of all of those various parameters.

當我們開始考慮我們的處置計劃時，米奇，我們確實考慮了我們現在可能空置的資產，我們認為這些資產可能會空置，租賃它們的前景要么很困難，要么資本不經濟。 - 租賃這些建築物。然後我們也研究了一些持續資本要求高於我們想要支出的東西。然後以紐約為例。我們認為我們可以以較低的資本化率出售這座建築，我們可以認識到收益，並且它將非常增加我們的債務與 EBITDA 比率。所以它實際上是所有這些不同參數的混合。

Great. And last one. I hate to ask this question. Just in your prepared text, you talked about the -- I think you mentioned 650,000 square feet of new leasing. Just maybe just kind of go through that again. I got on the call little late.

偉大的。最後一張。我討厭問這個問題。就在您準備的文本中，您談到了——我想您提到了 650,000 平方英尺的新租賃。也許只是再經歷一次。我接到電話有點晚了。

Yes. No, that's fine. I was talking about our lease pipeline. We have about 2 million square feet of active deals in the pipeline. That includes 650,000 square feet of new leases and about 280,000 square feet of potential leases that would absorb vacancy in our existing buildings.

是的。不，沒關係。我說的是我們的租賃管道。我們有大約 200 萬平方英尺的活躍交易正在進行中。其中包括 65 萬平方英尺的新租約和約 28 萬平方英尺的潛在租約，這些租約將吸收我們現有建築的空置。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. David Blackman, President and CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回總裁兼執行長大衛布萊克曼先生發表閉幕詞。

Thank you, operator, and thank you for joining us on today's call. Mark and I will be at the NAREIT conference in June, and looking forward to meet with many of you there. That concludes our call.

謝謝您，接線員，也謝謝您參加我們今天的電話會議。馬克和我將參加 6 月的 NAREIT 會議，並期待在那裡與你們中的許多人見面。我們的通話到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。