Office Properties Income Trust (OPI) 2021 Q3 法說會逐字稿

Good morning, and welcome to the Office Properties Income Trust Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Note, this event is being recorded. I would now like to turn the conference over to Kevin Barry, Director of Investor Relations. Please go ahead.

早安，歡迎參加 Office Properties Income Trust 2021 年第三季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係總監凱文·巴里 (Kevin Barry)。請繼續。

Thank you, and good morning, everyone. Thanks for joining us today. With me on the call are OPI's President and Chief Operating Officer, Chris Bilotto; and Chief Financial Officer and Treasurer, Matt Brown. In just a moment, they will provide details about our business and our performance for the third quarter of 2021, followed by a question-and-answer session with sell-side analysts.

謝謝大家，大家早安。感謝您今天加入我們。與我一起參加電話會議的是 OPI 總裁兼營運長 Chris Bilotto；財務長兼財務主管馬特布朗。稍後，他們將提供有關我們的業務和 2021 年第三季業績的詳細信息，然後與賣方分析師進行問答。

First, I would like to note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.

首先，我想指出的是，未經公司事先書面同意，禁止對今天的電話會議進行錄音和轉播。另請注意，今天的電話會議包含 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。

These forward-looking statements are based on OPI's beliefs and expectations as of today, Friday, October 29, 2021, and actual results may differ materially from those that we project. 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. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, or SEC, which can be accessed from our website, opireit.com, or the SEC's website.

這些前瞻性聲明是基於 OPI 截至今天（2021 年 10 月 29 日星期五）的信念和預期，實際結果可能與我們的預測有重大差異。該公司不承擔修改或公開發布對今天電話會議中前瞻性陳述的任何修改結果的義務。有關可能導致這些差異的因素的更多資​​訊包含在我們向美國證券交易委員會 (SEC) 提交的文件中，您可以從我們的網站 opireit.com 或 SEC 網站存取該文件。

Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations or normalized FFO, cash available for distribution, or CAD, adjusted EBITDA and cash basis net operating income, or cash basis NOI. A reconciliation of these non-GAAP figures to net income are available in our supplemental operating and financial data package, which also can be found on our website.

投資者應注意不要過度依賴任何前瞻性陳述。此外，我們將在本次電話會議中討論非 GAAP 數據，包括標準化營運資金或標準化 FFO、可用於分配的現金（或 CAD）、調整後 EBITDA 和現金制淨營業收入（或現金制 NOI）。這些非公認會計準則資料與淨利潤的對帳可在我們的補充營運和財務資料包中找到，這些資料包也可以在我們的網站上找到。

In addition, we will be providing guidance on this call, including normalized FFO and cash basis NOI. We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all, such as gains and losses or impairment charges related to the disposition of real estate.

此外，我們也將就本次電話會議提供指導，包括標準化 FFO 和現金制 NOI。作為我們指導的一部分，我們不會提供這些非公認會計原則措施的調節表，因為如果沒有不合理的努力，就無法獲得此類調節所需的某些信息，例如與房地產處置相關的損益或減值費用。

With that, I will now turn the call over to Chris.

這樣，我現在將把電話轉給克里斯。

Thank you, Kevin, and good morning. Welcome to the third quarter earnings call for Office Properties Income Trust. Yesterday, we reported third quarter results that reflect continued execution on our financial and operating objectives. Normalized FFO came in at $1.24 per share, exceeding the top end of our guidance range and consensus estimates for the quarter.

謝謝你，凱文，早安。歡迎參加辦公地產收入信託第三季財報電話會議。昨天，我們報告了第三季業績，反映了我們對財務和營運目標的持續執行。標準化 FFO 每股收益為 1.24 美元，超出了我們本季指導範圍和共識預期的上限。

Same-property cash basis NOI grew 1% year-over-year and also performed better than expected. We took action to strengthen our balance sheet with 2 bond offerings that favorably impacted our debt maturity schedule, and we ended the quarter with more than $800 million of total liquidity.

同物業現金基礎 NOI 較去年同期成長 1%，表現也優於預期。我們採取行動加強了我們的資產負債表，發行了兩次債券，這對我們的債務到期時間表產生了有利的影響，本季度結束時我們的流動性總額超過了 8 億美元。

Our portfolio continues to perform well, and we remain well positioned to advance our core business strategies, focused on the enhancement of the overall quality and geographic footprint of our portfolio through our capital recycling efforts, driving healthy portfolio absorption, cash flow growth and retention through proactive asset management and leasing, strategic development or major repositioning of properties, providing for higher risk-adjusted returns and continued advancement of our sustainability initiatives across our portfolio.

我們的投資組合繼續表現良好，我們仍然有能力推進我們的核心業務策略，重點是透過我們的資本回收工作來提高我們投資組合的整體品質和地理足跡，透過以下方式推動健康的投資組合吸收、現金流動成長和保留積極主動的資產管理和租賃、策略發展或重大財產重新定位，提供更高的風險調整回報，並持續推進我們整個投資組合的可持續發展計劃。

Turning to our portfolio reshaping efforts. We are making steady progress on our capital recycling program. As a reminder, our focus is on reducing OPI's aggregate capital needs, improving the average age of our properties, better positioning properties in strong markets to grow rents and improving the likelihood of lease renewables.

轉向我們的投資組合重塑工作。我們的資本回收計劃正在穩步取得進展。提醒一下，我們的重點是減少 OPI 的總資本需求，提高我們房產的平均年齡，在強勁的市場中更好地定位房產以增加租金，並提高租賃再生能源的可能性。

To that end, we continue to market properties, representing close to $275 million in value with an average age of 23 years, an average occupancy of 61% and a negative 5-year average cash contribution yield. We intend to use these proceeds to both reduce leverage following our recent investment in 2 core properties located in Chicago and Atlanta and to reinvest into our portfolio.

為此，我們繼續銷售價值接近 2.75 億美元的房產，平均房齡為 23 年，平均入住率為 61%，5 年平均現金貢獻收益率為負。我們打算利用這些收益來降低我們最近投資於芝加哥和亞特蘭大的兩個核心物業後的槓桿率，並重新投資於我們的投資組合。

Year-to-date, we sold 6 properties for $227 million that contained approximately 2.6 million square feet at an average age of 25 years, an average occupancy of 96% and a weighted average lease term of 1.2 years. As a result, we have eliminated approximately $98 million of budgeted capital over the next 5 years with a negative 5-year average cash contribution yield and accretive outcome with our reinvestment of these proceeds.

年初至今，我們以 2.27 億美元的價格出售了 6 處房產，面積約為 260 萬平方英尺，平均樓齡為 25 年，平均入住率為 96%，加權平均租賃期為 1.2 年。因此，我們在未來 5 年內消除了約 9,800 萬美元的預算資本，5 年平均現金貢獻收益率為負，而我們對這些收益的再投資卻帶來了增值。

Turning to an update on our leasing results. We reported solid leasing momentum with 659,000 square feet of new and renewal leasing, an increase of 37% above the trailing 12-month average, along with a weighted average lease term of 10.9 years and leasing concessions and capital commitments of $6.40 per square foot per lease year. New leasing activity increased sequentially and represented more than 40% of our total Q3 activity.

轉向我們的租賃結果的更新。我們報告了強勁的租賃勢頭，新租賃和續租面積為659,000 平方英尺，比過去12 個月的平均水平增長了37%，加權平均租賃期限為10.9 年，租賃優惠和資本承諾為每平方英尺6.40美元。租賃年。新租賃活動連續增加，佔第三季總活動的 40% 以上。

Rent roll up for the quarter was flat. However, year-to-date, we are up 7% and continued to trend in line with our projections. We ended the quarter with consolidated occupancy of 89%, and our total leasing activity improved OPI's overall portfolio remaining lease term to 6 years.

本季租金上漲持平。然而，今年迄今為止，我們上漲了 7%，並且繼續符合我們的預測。本季結束時，我們的綜合入住率為 89%，我們的總租賃活動將 OPI 的整體投資組合剩餘租賃期限延長至 6 年。

Since last quarter, we have seen an uptick with tenants and their employees returning to the office with utilization across the portfolio increasing to 38%, and we anticipate this will continue to escalate through the remainder of the year and into early 2022. We remain focused on proactive communications with our tenants to be a landlord of choice as they continue to evaluate their needs upon reentry.

自上個季度以來，我們看到租戶及其員工返回辦公室的情況有所增加，整個投資組合的利用率增加到 38%，我們預計這一情況將在今年剩餘時間和 2022 年初繼續升級。我們仍然專注與我們的租戶積極溝通，讓他們成為首選房東，因為他們在重新入住時會繼續評估自己的需求。

These efforts focus on both near-term expirations, along with strategies for expiring tenants over the next several years. Representative outcomes of this effort include a 13-year renewal and downsize with Micro Focus, a top 20 tenant expiring in 2024, complemented with a new lease to a university for health professionals for 170,000 square feet with a 15-year term, providing additional stability with the combined term at the property in excess of 13 years.

這些努力的重點是近期到期，以及未來幾年到期租戶的策略。這項努力的代表性成果包括與Micro Focus（將於2024 年到期的前20 名租戶）進行為期13 年的續約和縮小規模，並與一所健康專業大學簽訂了170,000 平方英尺的新租約，租期為15 年，提供了額外的穩定性該房產的總期限超過 13 年。

In Sunnyvale, California, we completed a 10-year renewal with a full building user for 96,000 square feet with an original expiration in late 2022. In Chesapeake, Virginia, we completed a renewal with our full building tenant for 107,000 square feet in a term of 5.8 years. Our leasing pipeline remains robust with discussions covering more than 3.6 million square feet with a healthy mix of new and renewal activities with attractive lease terms and proposed rent roll-ups.

在加州桑尼維爾，我們與完整建築用戶完成了96,000 平方英尺的為期10 年的續約，最初到期日期為2022 年末。在維吉尼亞州切薩皮克，我們與完整建築租戶完成了107,000 平方英尺的續約。5.8 年。我們的租賃管道仍然強勁，討論面積超過 360 萬平方英尺，新建和更新活動健康組合，具有有吸引力的租賃條款和擬議的租金上調。

This includes more than 670,000 square feet in advanced stages of negotiation with an additional 172,000 square feet that has since been executed subsequent to quarter end. This is the fifth consecutive quarter where our leasing pipeline has been in excess of 3 million square feet, which highlights a growing interest from tenants across our portfolio. We currently expect to finish the year with occupancy around 89% and a 5% to 7% roll up in rent.

其中包括處於談判後期階段的超過 670,000 平方英尺，以及已在季度末後執行的額外 172,000 平方英尺。這是我們的租賃空間連續第五個季度超過 300 萬平方英尺，這凸顯了租戶對我們投資組合的興趣日益濃厚。目前，我們預計今年的入住率約為 89%，租金將上漲 5% 至 7%。

Turning to progress on upcoming expirations. We continue to make progress with our upcoming expirations and known vacates, supported by a healthy lease pipeline, inclusive of 1.4 million square feet or close to 6% of potential absorption across the portfolio. For 2021 expirations, we previously discussed the vacancy of our GSA tenant located in Plantation, Florida and have since signed a new lease this quarter for 70,000 square feet with a 10-year term, which represents over 50% of the building.

轉向即將到期的進度。在健康的租賃管道的支持下，我們繼續在即將到期和已知的騰出方面取得進展，其中包括 140 萬平方英尺或接近整個投資組合潛在吸收量的 6%。對於2021 年到期的情況，我們之前討論過位於佛羅裡達州種植園的GSA 租戶的空缺，此後本季度簽署了一份新租約，面積為70,000 平方英尺，期限為10 年，佔該建築面積的50 % 以上。

Activity within this market remains robust, and we are in conversations with various tenants, presenting a positive outlook for further leasing within the building.

該市場的活動依然強勁，我們正在與各個租戶進行對話，對大樓內的進一步租賃呈現出積極的前景。

In Sacramento, California, the state of California will be vacating roughly 158,000 square feet in November 2021, representing less than 1% of annualized revenue. This Class A building is located in Sacramento CBD is one block from the Golden 1 Center, the home of the Sacramento Kings and entertainment district.

在加州薩克拉門托，加州將於 2021 年 11 月騰出約 158,000 平方英尺，佔年化收入的不到 1%。這座甲級建築位於薩克拉門託中央商務區，距離薩克拉門托國王隊和娛樂區的主場 Golden 1 Center 僅一個街區。

The building amenities and lead platinum designation make it an attractive destination for space not previously available in the market. We have varying levels of activity for the building, including conversations with state agencies and private sector tenants. And as previously disclosed, F5, a tenant in Seattle, Washington, representing 2.2% of annualized revenue, will be vacating in 2022, and we have plans for a redevelopment of this campus, which I will highlight in a moment.

建築設施和領先的白金頭銜使其成為市場上前所未有的有吸引力的空間目的地。我們對該建築進行了不同程度的活動，包括與國家機構和私營部門租戶的對話。如同先前所揭露的，佔華盛頓州西雅圖市年化收入 2.2% 的租戶 F5 將於 2022 年騰出，我們有計劃重新開發這個園區，我稍後會重點介紹這一點。

Turning to our development. We continue to make steady progress on our redevelopment project at 20 Massachusetts Avenue in Washington, D.C. and remain on track to deliver in Q1 2023. The development is currently 54% pre-leased, and we have varying levels of early-stage interest from a variety of tenants, including technology, consulting services, legal and related uses and look forward to providing updates in future quarters.

轉向我們的發展。我們位於華盛頓特區馬薩諸塞大道 20 號的重建項目繼續取得穩步進展，並預計在 2023 年第一季交付。該開發項目目前已預租 54%，我們對早期階段的興趣程度各不相同。各種租戶，包括技術、諮詢服務、法律和相關用途，並期待在未來幾季提供更新。

We are also advancing plans to redevelop our property at Elliott Avenue in Seattle, Washington, that is currently leased to F5 through July of 2022. Our plan for this 300,000 square foot campus is to convert 2 of the 3 buildings to life science while maintaining an office use for the third building.

我們也正在推進重新開發位於華盛頓州西雅圖埃利奧特大道的房產的計劃，該房產目前已租給F5，租期至2022 年7 月。我們對這個300,000 平方英尺校園的計劃是將3 棟建築中的2 棟改造成生命科學大樓，同時保留第三棟大樓為辦公室用途。

The greater Seattle market continues to climb the rankings as a premier life science cluster, given its access to venture capital funding, major universities, access to an educated talent pool, combined with its existing tech presence. Rental rates for life science uses have increased more than 15% year-over-year and current demand continues to outpace supply in the market. We feel we are well positioned to deliver a premier Class A development, offering an extensive amenities package, campus connectivity with an outdoor experience in both LEED and Fitwel certifications.

由於能夠獲得風險投資資金、主要大學、受過教育的人才庫以及現有的技術存在，大西雅圖市場作為首要生命科學集群的排名繼續攀升。生命科學用途的租金年增超過 15%，目前市場需求持續超過供應。我們認為我們有能力提供一流的 A 級開發項目，提供廣泛的配套設施、校園連接性以及 LEED 和 Fitwel 認證的戶外體驗。

Our current schedule includes commencement of construction in 2022 with a planned delivery in early 2023. Total construction and leasing costs are expected to be close to $140 million, generating a stabilized return on cost of 10% to 12%. Currently, we are in advanced stages of negotiations with tenants representing close to 60,000 square feet, a solid start towards advancing this development.

我們目前的計劃包括於 2022 年開始建設，計劃於 2023 年初交付。總建設和租賃成本預計將接近 1.4 億美元，產生 10% 至 12% 的穩定成本回報。目前，我們正處於與近 60,000 平方英尺租戶的談判後期階段，這是推進這項開發的良好開端。

Turning to operations. We are proud of the progress we continue to make, enhancing OPI's energy and sustainability program and remain fully committed to elevating our ESG profile. In 2021, our real-time energy monitoring program has yielded close to $1.7 million in year-to-date cost savings.

轉向營運。我們為不斷取得的進展感到自豪，我們加強了 OPI 的能源和永續發展計劃，並繼續全力致力於提升我們的 ESG 形象。 2021 年，我們的即時能源監控計畫迄今已節省近 170 萬美元的成本。

We are on track to end the year with approximately 5.7 million square feet of LEED-certified buildings, an increase of 1.25 million square feet and plans continue toward advancement of these initiatives into 2022, along with the introduction of new programs, such as Fitwel strategies across the portfolio. I will now turn the call over to Matt Brown to provide details on our financial results. Matt?

我們預計在今年年底擁有約 570 萬平方英尺的 LEED 認證建築，增加 125 萬平方英尺，併計劃繼續將這些舉措推進到 2022 年，同時引入 Fitwel 戰略等新計劃整個投資組合。我現在將把電話轉給馬特布朗，以提供有關我們財務業績的詳細資訊。馬特？

Thanks, Chris, and good morning, everyone. Normalized FFO for the third quarter was $59.6 million or $1.24 per share, which beat consensus and exceeded our guidance. CAD for the third quarter was $30.9 million or $0.64 per share, resulting in a rolling 4-quarter CAD payout ratio of 69%.

謝謝克里斯，大家早安。第三季標準化 FFO 為 5,960 萬美元，即每股 1.24 美元，超出共識並超越我們的指導。第三季加幣為 3,090 萬美元，即每股 0.64 美元，第四季滾動加元支付率為 69%。

The G&A expense for the third quarter was $448,000, which includes the reversal of $6.6 million of previously accrued estimated business management incentive fees. This reversal represents the amount that the estimated incentive fees as of June 30 exceeded the amount estimated as of September 30. Excluding this reversal of fees, G&A expense was $7.1 million, consistent with the same period last year and the prior quarter.

第三季的一般管理費用為 448,000 美元，其中包括沖銷之前應計預計業務管理獎勵費的 660 萬美元。這項沖銷代表截至 6 月 30 日的估計激勵費用金額超過了截至 9 月 30 日的估計金額。不包括此費用沖銷，一般及行政費用為 710 萬美元，與去年同期和上一季一致。

The incentive fee accrued is based on OPI's total return in comparison to the index over the 3-year measurement period. OPI outperformed the index by 3.8% with a total return of 18.7%. If September 30 was the end of the measurement period, the incentive fee owed to RMR will be approximately $6 million. The incentive fee accrual may increase or decrease over the remainder of the year depending on how OPI performs relative to the index.

應計獎勵費用是根據 3 年衡量期間 OPI 的總回報率與指數的比較得出的。 OPI 跑贏指數 3.8%，總報酬率為 18.7%。如果 9 月 30 日為衡量期結束日，則欠 RMR 的激勵費將約為 600 萬美元。在今年剩餘時間內，應計獎勵費用可能會增加或減少，具體取決於 OPI 相對於指數的表現。

As a reminder, incentive fees are payable after the end of each calendar year in which they are earned but are recognized in the calculation of net income in accordance with GAAP in the first, second, and third quarters, if applicable. We do not include such expense in adjusted EBITDAre or normalized FFO until the fourth quarter when the final incentive fee amount is determined.

提醒一下，獎勵費用應在賺取獎勵的每個日曆年結束後支付，但如果適用，則根據公認會計原則在第一、第二和第三季度的淨利潤計算中予以確認。在第四季度確定最終激勵費用金額之前，我們不會將此類費用計入調整後的 EBITDAre 或標準化 FFO 中。

Interest expense for the third quarter was $26.9 million, a decrease of $2.1 million from the prior quarter, primarily due to our accretive bond offerings in May and August and subsequent redemption of higher interest rate debt. In September, we issued $400 million of 3.45% 10-year bonds and use the proceeds to repay all amounts outstanding on our revolving credit facility. We expect interest expense to be between $27 million and $28 million during the fourth quarter.

第三季的利息支出為 2,690 萬美元，比上一季減少 210 萬美元，主要是由於我們在 5 月和 8 月增加了債券發行以及隨後贖回了更高利率的債務。 9 月份，我們發行了 4 億美元、利率為 3.45% 的 10 年期債券，並用所得收益償還我們循環信貸安排的所有未償還金額。我們預計第四季的利息支出將在 2,700 萬美元至 2,800 萬美元之間。

These debt refinancing activities have strengthened our balance sheet, increased the weighted average remaining term of our debt to approximately 6 years and reduced our weighted average cost of fixed rate debt. In aggregate, these 2021 opportunistic offerings, raising over $1 billion in proceeds will result in net interest expense savings of $5 million annually.

這些債務再融資活動增強了我們的資產負債表，將我們債務的加權平均剩餘期限延長至約 6 年，並降低了我們固定利率債務的加權平均成本。總的來說，這些 2021 年機會性發行籌集了超過 10 億美元的收益，每年將節省 500 萬美元的淨利息費用。

We ended the quarter with more than $800 million of total liquidity, including full availability on our $750 million revolving credit facility. We expect fourth quarter normalized FFO to be between $1.17 and $1.19 per share, excluding incentive fees that impact normalized FFO in the fourth quarter and $1.05 to $1.07 per share, including our current estimate of incentive fees of $6 million, which represents $0.12 per share.

本季末，我們的總流動資金超過 8 億美元，其中包括 7.5 億美元的循環信貸額度。我們預計第四季度標準化FFO 為每股1.17 至1.19 美元，不包括影響第四季度標準化FFO 的激勵費用和每股1.05 至1.07 美元，包括我們目前估計的600 萬美元激勵費用，即每股0.12 美元。

Turning to property level results for the quarter. Same-property cash basis NOI increased 1% compared to the third quarter of 2020 and came in better than our guidance range of flat to down 2%. And this increase was primarily due to a decrease in operating expenses of $1.1 million, mainly a decrease in real estate taxes as a result of successful appeals and reductions in asset value at certain of OPI's properties in 2021 as part of RMR's abatement program and lower repairs and maintenance costs. The RMR managed real estate tax abatement program has saved OPI approximately $7.5 million since the beginning of 2018. We expect fourth quarter same-property cash basis NOI to be negative 1% to negative 3% as compared to the fourth quarter of 2020.

轉向本季的房地產水平結果。與 2020 年第三季相比，同物業現金基礎 NOI 成長了 1%，優於我們持平至下降 2% 的指導範圍。這一增長主要是由於營運費用減少了 110 萬美元，主要是由於上訴成功而導致的房地產稅減少，以及作為 RMR 削減計劃的一部分，2021 年 OPI 某些房產資產價值的減少以及維修費用的減少和維護成本。自 2018 年初以來，RMR 管理的房地產減稅計劃已為 OPI 節省了約 750 萬美元。我們預計第四季度相同房地產現金基礎 NOI 將比 2020 年第四季為負 1% 至負 3%。

Turning to capital expenditures on the balance sheet. We spent $26.3 million on recurring capital and $13.3 million on development capital during the third quarter. The main contributor of the development spend was from our 20 Mass Ave project that incurred $11.3 million in the quarter. We expect recurring capital expenditures for the full year to be between $75 million and $85 million.

轉向資產負債表上的資本支出。第三季我們的經常性資本支出為 2,630 萬美元，開發資本支出為 1,330 萬美元。開發支出的主要貢獻來自我們的 20 Mass Ave 項目，該項目本季產生了 1,130 萬美元。我們預計全年經常性資本支出將在 7,500 萬美元至 8,500 萬美元之間。

At September 30, our leverage was 7.3x. We expect to dispose of noncore properties under our capital recycling program to repay debt and manage our leverage levels and have approximately $300 million of properties in various stages of disposition, including 2 vacant land parcels that were sold earlier this week for $28.5 million.

截至 9 月 30 日，我們的槓桿率為 7.3 倍。我們預計將根據我們的資本回收計劃處置非核心財產，以償還債務並管理我們的槓桿水平，並擁有約3 億美元的財產處於不同的處置階段，其中包括本週早些時候以2,850 萬美元出售的兩塊空置地塊。

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

接線員，我們準備好的發言到此結束。我們已準備好接受提問。

(Operator Instructions) The first question comes from Bryan Maher with B. Riley.

（操作員說明）第一個問題來自 Bryan Maher 和 B. Riley。

A couple of questions for me. Starting with the point of clarity. On the Plantation Florida property, I think you mentioned in your prepared comments that you re-leased about half of the space, 70,000 square feet for 10 years. Was that back to GSA? Or is that to another tenant?

有幾個問題問我。從清晰度開始。關於佛羅裡達種植園的房產，我想您在準備好的評論中提到您重新租賃了大約一半的空間，即 70,000 平方英尺，為期 10 年。是回到 GSA 了嗎？還是給另一個租戶的？

That's to a private sector tenant, Bryan.

這是一位私部門的租戶布萊恩。

So is GSA still planning on vacating the whole building? And do you have a date for that?

那麼 GSA 是否仍計劃騰出整棟大樓？你有約會嗎？

So they are. And so I think right now, we had originally talked about them vacating the full building in December of this year. It looks like that's now trickling into early next year with them to vacate. So that would leave approximately 65,000 square feet that they would vacate kind of when you net out the new lease we've done.

他們確實如此。所以我認為現在我們最初討論過他們在今年 12 月騰出整棟大樓。看起來現在要到明年初他們才會搬出去。因此，當您扣除我們完成的新租約後，他們將騰出大約 65,000 平方英尺的空間。

And then you talked a lot about -- you have $800 million in liquidity. You want to keep an eye on your leverage, which I think is at 7.3%. In conjunction with those 2 things, what is your acquisition appetite going forward? And I know to some extent, it has to do with successfully closing on the $300 million in dispositions that you have in the pipeline. But can you give us some view as to what you expect over the next 2, 3, 4 quarters?

然後你談到了很多——你有 8 億美元的流動性。你要留意你的槓桿率，我認為是 7.3%。結合這兩件事，您未來的收購意願是什麼？我知道在某種程度上，這與成功完成正在進行的 3 億美元處置有關。但您能否告訴我們您對未來 2、3、4 個季度的預期？

We can kind of talk, Matt and I. I would say we're just coming off the 2 acquisitions, which we've discussed and certainly have kind of jumped into the deleveraging program supported by our capital recycling. As noted, we have the $300 million that we're currently focused on and kind of continue -- want to continue to advance that going into next year as well. And so that you'll continue to see.

馬特和我，我們可以談談。我想說，我們剛剛完成了兩次收購，我們已經討論過這些收購，並且肯定已經進入了由我們的資本回收支持的去槓桿化計劃。如前所述，我們目前專注於 3 億美元，並希望繼續推進這項計劃到明年。這樣你就會繼續看到。

I think from an acquisition standpoint, we're always kind of looking in the market. I think it's a little bit kind of more tame today just given that we don't necessarily have a (inaudible) of a pipeline of acquisition opportunity just because of where we're focused and kind of the markets we want to be in. And so I think it's going to be somewhat muted kind of in the near-term versus kind of having a broader acquisition strategy.

我認為從收購的角度來看，我們一直在尋找市場。我認為今天的情況有點溫和，因為我們不一定有（聽不清楚）收購機會的管道，只是因為我們專注於哪裡以及我們想要進入的市場類型。因此，我認為與制定更廣泛的收購策略相比，短期內它會有所減弱。

Okay. And then you talked a little bit about the expirations coming up and the potential for re-leasing those. And it seems like you're a bit ahead of the game approaching 2022, '23 and '24. Do you have any thoughts on what we might see kind of in aggregate as far as rent roll-ups or roll downs go?

好的。然後您談到了即將到期的問題以及重新租賃這些內容的可能性。接近 2022 年、23 年和 24 年，您似乎有點領先了。對於租金上調或下調的整體情況，您有什麼想法嗎？

I mean from a rent roll up, we're targeting the 5% to 7% this year. I think our pipeline is showing good roll-ups, but I think we're going to kind of have to wait until we get into next year to see how some of that shakes out. I mean there's still a lot of moving pieces with tenants getting back into the office and kind of finalizing decisions around space and some of that may impact the overall metrics downstream.

我的意思是，從租金上調來看，我們今年的目標是 5% 到 7%。我認為我們的管道顯示出良好的匯總，但我認為我們必須等到明年才能看到其中的一些結果如何。我的意思是，隨著租戶返回辦公室，並最終確定有關空間的決策，仍有許多變化，其中一些可能會影響下游的整體指標。

But I think for the most part, we feel pretty good about where we're going to end the year. And so far, it looks like we're continuing down the path with roll-ups of these what our pipeline has currently. Okay.

但我認為在很大程度上，我們對今年結束的情況感覺很好。到目前為止，看起來我們正在繼續沿著我們管道目前擁有的這些內容的匯總之路前進。好的。

And then just last for me. As it relates to what we're hearing in the marketplace regarding supply chain issues, inflation costs, et cetera. Is that impacting at all what your cost thoughts were for 20 Mass Ave, which is underway, and Seattle, which you're going to embark upon next year? And that's all for me.

然後就對我來說最後一次。因為它與我們在市場上聽到的有關供應鏈問題、通貨膨脹成本等的問題有關。這是否會影響您對正在建設中的 20 Mass Ave 項目和明年將要開始建設的西雅圖項目的成本考慮？這就是我的全部。

So for 20 Mass Ave, I mean, we have contingencies with the project, no different than Seattle. And so I think we have -- where we feel like we have a pretty good cushion. I think in some aspects, there's been some increase in pricing. But I think for the most part, with 20 Mass Ave, we really went into that project, which we started earlier this year. So kind of in the midst of what was -- what we're already seeing kind of some of the logistics challenges.

因此，對於 20 Mass Ave，我的意思是，我們的專案有意外情況，與西雅圖沒有什麼不同。所以我認為我們有 - 我們感覺我們有一個非常好的緩衝。我認為在某些方面，價格有所上漲。但我認為，在很大程度上，對於 Mass 大道 20 號，我們確實投入了今年早些時候啟動的那個計畫。我們已經看到了一些物流上的挑戰。

And so I think for now, we feel pretty good with where our budget is and how things are trending, including kind of the delivery time frame. And then it's the same thing with Seattle. With us kind of moving forward on that project, our pricing has largely taken into consideration where things stand today and what we foresee kind of in the near-term with respect to the actual schedule. And so I think we feel pretty good today about where those costs are.

因此，我認為目前我們對預算狀況以及事情的發展趨勢（包括交付時間框架）感覺非常好。西雅圖也是如此。隨著我們在該專案上取得進展，我們的定價在很大程度上考慮了目前的情況以及我們對近期實際時間表的預測。所以我認為我們今天對這些成本的情況感覺很好。

(Operator Instructions) The next question comes from Ronald Kamdem with Morgan Stanley.

（操作員說明）下一個問題來自摩根士丹利的 Ronald Kamdem。

Just a couple of quick ones from me. The first one was just, I think I heard the same-store NOI guidance for 4Q was, I think you said down 3% to 4%. Apologies if I got that wrong, but just what's causing the delta between 3Q, which I'm looking at plus 1% versus that down 3% to 4%. Is it all just known vacates? Or is there something else that we should think about?

只是我的幾個快速的。第一個是，我想我聽說第四季的同店 NOI 指引是，我想你說下降了 3% 到 4%。如果我弄錯了，我很抱歉，但到底是什麼導致了第三季之間的增量，我正在考慮增加 1%，而下降 3% 到 4%。難道這一切都只是已知的騰空？或者說還有什麼值得我們思考的嗎？

Ron, this is Matt. So the range that we provided was down 1% to down 3%. It sounded like you may have heard 3% to 4%, but just to confirm, it's down 1% to down 3%. We have a little bit on the revenue side from the vacate of the state of California that Chris commented on in the prepared remarks. That's about $400,000. And then the rest is really on the expense side. We are forecasting some snow removal and an increase in utilities and cleaning from Q4 of 2020.

榮恩，這是馬特。所以我們提供的範圍是下降 1% 到 3%。聽起來你可能聽過 3% 到 4%，但為了確認一下，它下降了 1% 到 3%。克里斯在準備好的演講中評論了加州騰空帶來的收入方面的一些情況。大約是 40 萬美元。剩下的實際上是在費用方面。我們預計從 2020 年第四季開始將進行一些除雪工作，並增加公用設施和清潔費用。

And then just switching gears to sort of acquisition and dispositions. Just on the acquisitions in the quarter. What's the plan there? So it's almost 60% leased. Just curious what's sort of the strategy there with that property?

然後只是切換到某種收購和處置。只是關於本季的收購。那裡有什麼計劃？所以它幾乎有60%被出租。只是好奇該財產的策略是什麼？

Yes. So this is Chris. So that is really kind of a value-add acquisition. And really, the plan there is we actually own 2 other properties adjacent to that. So combined kind of control the full block and kind of given its location, we felt like that was a great opportunity to just be in a position for, I guess, continued growth downstream.

是的。這就是克里斯。所以這確實是一次增值收購。事實上，我們的計劃是實際上擁有與之相鄰的另外兩處房產。因此，結合控制整個區塊和考慮到其位置，我們覺得這是一個很好的機會，我想，我想，這是一個可以持續向下游增長的機會。

I think as we look at that location, there's -- I think there's opportunity for potential redevelopment, but that's certainly not something in the near term. So that really was the goal just to kind of control that asset adjacent to our other 2 properties.

我認為，當我們審視該地點時，我認為有可能進行重建的機會，但這肯定不是短期內的事情。因此，這確實是我們的目標，只是為了控制與我們其他兩處房產相鄰的資產。

Got it. And then just on the disposition side. Can you just maybe comment on who are the buyers, what the market's like, who's sort of looking at these properties? And any comments on pricing would also be helpful, whether it's cap rates or you're seeing increased interest would be helpful.

知道了。然後就在處置方面。您能否評論一下買家是誰、市場狀況如何、誰在關注這些房產？任何有關定價的評論也會有所幫助，無論是上限利率還是您看到的利息增加都會有所幫助。

Yes. So I think from who the buyers are, I mean these -- given kind of the size of these assets, a lot of these properties are kind of more local-local regional groups, not necessarily institutional investors. And so it really is a mix, just kind of given the fact that these properties, it's not necessarily a portfolio, but they're individual dispositions.

是的。因此，我認為買家是誰，我的意思是這些——考慮到這些資產的規模，這些房產中有很多是更本地化的區域團體，而不一定是機構投資者。所以它確實是一個混合體，只是考慮到這些財產不一定是投資組合，但它們是個人配置。

And so I think from kind of looking at the financial aspect, I would say that from kind of a cap rate for these assets and at least what we've sold, we're seeing kind of collective cap rates in between 7% and 8%, and that can kind of vary on one side of the other, depending on the circumstances.

因此，我認為，從財務方面來看，我想說，從這些資產的上限利率以及至少我們出售的資產的上限利率來看，我們看到集體上限利率在 7% 到 8% 之間%，並且根據具體情況，一側可能會有所不同。

And I think it's just kind of important to note that these are buildings we're selling as part of our capital recycling strategy because they're buildings that we feel like where we have either maximized value. These are buildings that are older in age, capital intensive, and in some cases, kind of have short-term [walt].

我認為值得注意的是，我們出售的這些建築是我們資本回收策略的一部分，因為我們認為它們是我們價值最大化的建築。這些建築年代較長，資本密集，在某些情況下，期限較短[walt]。

And so by way of example, from what we've sold to date, as I noted, the weighted average lease term was 1.2 years. And so as we look at this program, it really kind of complements the broader strategy with respect to kind of where we're acquiring properties. At the cap rates we've talked about historically. And kind of when you look at NOI minus capital, looking at that economic yield, it turns out to be very accretive as a whole.

舉例來說，正如我所指出的，從我們迄今為止出售的產品來看，加權平均租賃期限為 1.2 年。因此，當我們審視這個計劃時，它確實補充了我們收購房產的更廣泛策略。按照我們歷史上討論過的上限利率。當你看到 NOI 減去資本，看看經濟收益時，你會發現它整體上是非常增值的。

And then I think kind of the layer on the last piece is when you kind of round out the capital recycling, where we're acquiring and then now looking at development and focusing on leasing a vacancy, we feel pretty good about some of kind of the yield spreads that we're getting across the spectrum, kind of what the overall plan for the company.

然後我認為最後一塊的一層是當你完成資本回收時，我們正在收購，然後現在考慮開發並專注於租賃空缺，我們對某種形式感覺非常好我們得到的收益率差在整個範圍內，類似於公司的總體計劃。

That concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto, President and Chief Operating Officer, for closing remarks.

我們的問答環節到此結束。我想將會議轉回總裁兼營運長 Chris Bilotto 致閉幕詞。

Thank you, everybody. We look forward to talking to many of you at NAREIT, and we'll be in touch.

謝謝大家。我們期待與 NAREIT 的許多人交談，我們將與您保持聯繫。

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。