Office Properties Income Trust (OPI) 2020 Q4 法說會逐字稿

Good morning, and welcome to the Office Properties Income Trust Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早安，歡迎參加 Office Properties Income Trust 2020 年第四季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Olivia Snyder, Manager of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係經理 Olivia Snyder。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 fourth quarter of 2020, 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 2020 年第四季度業績的詳細信息，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. These forward-looking statements are based on OPI's beliefs and expectations as of today, Friday, February 19, 2021, and actual results may differ materially from those that we project.

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。這些前瞻性聲明是基於 OPI 截至今天（2021 年 2 月 19 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。

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. Investors are cautioned not to place undue reliance upon any forward-looking statements.

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。投資者應注意不要過度依賴任何前瞻性陳述。

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. 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）、可分配現金（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。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。

Now I will turn the call over to Chris.

現在我將把電話轉給克里斯。

Thank you, Olivia, and good morning. Welcome to the fourth quarter earnings call for Office Properties Income Trust. We entered 2020 with leverage below the low end of our target range after completing our post-merger deleveraging plan, as originally outlined, which included a disposition of close to $1 billion in assets. This outcome positioned the company with a strong balance sheet and a well-diversified portfolio going into an unprecedented global health crisis that would soon impact our personal and professional lives, communities and activities from the global economy down to neighborhood businesses. Despite these challenges, we continued executing on our business and capital recycling plan, and I am pleased to report operating and financial results representative of our strong portfolio composition.

謝謝你，奧利維亞，早安。歡迎參加辦公地產收入信託第四季財報電話會議。在完成最初概述的合併後去槓桿化計劃（其中包括處置近 10 億美元的資產）後，我們進入 2020 年的槓桿率低於目標範圍的低端。這一結果使該公司擁有強大的資產負債表和多元化的投資組合，進入了前所未有的全球健康危機，這場危機很快就會影響我們的個人和職業生活、社區和活動，從全球經濟到鄰裡企業。儘管面臨這些挑戰，我們仍繼續執行我們的業務和資本回收計劃，我很高興地報告代表我們強大的投資組合所構成的營運和財務表現。

Yesterday, we reported normalized FFO of $1.28 per share, exceeding our guidance range and consensus estimates for the quarter. Year-over-year, we generated same-property cash basis NOI growth of 5.1%, increased CAD by 6.5% and completed 2 million square feet of leasing activity for the year, resulting in a 6.9% increase in rent and a weighted average lease term of 7.3 years.

昨天，我們報告標準化 FFO 為每股 1.28 美元，超出了我們對本季的指導範圍和共識預測。與去年同期相比，我們的同物業現金基礎 NOI 增長了 5.1%，加元增長了 6.5%，全年完成了 200 萬平方英尺的租賃活動，導致租金和加權平均租賃增長了 6.9%任期7.3年。

Turning to our operating results. At the beginning of 2020, we introduced our capital recycling program with the principal goal of selling $100 million to $300 million of properties annually. Those older in age, more capital-intensive or with less remaining lease term and reinvesting the proceeds in newer, more stabilized properties that generate higher cash flows.

轉向我們的經營業績。 2020 年初，我們推出了資本回收計劃，主要目標是每年出售 1 億至 3 億美元的房產。那些年齡較大、資本較密集或剩餘租賃期限較短的人，並將收益再投資於更新、更穩定的房產，以產生更高的現金流。

During 2020, we sold $110.5 million of properties, which had an average age of 22 years, a weighted average lease term of 6.2 years and an average cash contribution yield of 3.6%. These sales also eliminated approximately $30.2 million of budgeted capital over the next 5 years.

2020年，我們出售了價值1.105億美元的房產，這些房產的平均房齡為22年，加權平均租賃期為6.2年，平均現金貢獻收益率為3.6%。這些銷售也消除了未來 5 年約 3,020 萬美元的預算資本。

In January 2021, we sold 2 additional properties for $131 million, including a small warehouse facility in Kansas City, Missouri for $845,000 and an opportunistic sale of a property in Richmond, Virginia for $130 million. While not originally considered for 2021 capital recycling, the Richmond property had a weighted average lease term of 3.4 years, anticipated vacancy with the subtenant occupying more than 61% of the property, an estimated 5-year capital of $7.9 million. As conversations ensued on leasing efforts for the property, we received an offer to purchase the property at what we believe is reflective of a long-term stabilized value despite the anticipated vacancy. This sale reflects a cash contribution yield of 3.6%, providing for an accretive redeployment of proceeds into newer, stabilized properties, consistent with our capital recycling plan.

2021 年1 月，我們以1.31 億美元的價格出售了另外2 處房產，其中包括以845,000 美元的價格出售位於密蘇裡州堪薩斯城的一處小型倉庫設施，以及以1.3 億美元的價格出售了位於弗吉尼亞州里士滿的一處房產。雖然最初沒有考慮在2021 年進行資本回收，但列治文房產的加權平均租賃期為3.4 年，預計空置率超過61%，轉租人佔據該房產的61% 以上，估計5 年資本為790 萬美元。隨著有關該房產租賃工作的對話展開，我們收到了購買該房產的報價，我們認為該價格反映了長期穩定的價值，儘管預計會有空置。此次出售的現金出資收益率為 3.6%，可將收益重新部署到更新、穩定的房產中，這與我們的資本回收計劃一致。

We have also entered into an agreement to sell a property located in Huntsville, Alabama, that we have previously discussed as a known vacate for 2021. The tenant provided notice of their lease termination for a move-out effective in August of this year, and we have evaluated both the re-leasing and disposition strategy for the property. The sale will eliminate anticipated leasing downtime, significant capital and a potential drag on occupancy with an industrial property not core to OPI's business strategy.

我們還簽訂了一項協議，出售位於阿拉巴馬州亨茨維爾的一處房產，我們之前曾討論過該房產為2021 年已知的騰出。租戶提供了其租賃終止通知，以便於今年8月搬出，並且我們評估了該房產的轉租和處置策略。此次出售將消除預期的租賃停機時間、大量資本以及對工業地產入住率的潛在拖累，而工業地產並非 OPI 業務策略的核心。

As previously announced, in December, we acquired a corporate headquarters property in Fort Mill, South Carolina for $35.1 million. This 150,000 square foot Class A property sits on 16 acres, was recently constructed in 2019 and serves as a tenant's corporate headquarters. The property has a remaining lease term of 10.8 years and is located in a growing market in what is considered suburban Charlotte, North Carolina. This acquisition is indicative of our core investment strategy with an average cash contribution yield of 7.4%.

正如先前宣布的，12 月，我們以 3,510 萬美元收購了位於南卡羅來納州米爾堡的一家公司總部房地產。這座 150,000 平方英尺的 A 級物業佔地 16 英畝，於 2019 年最近建成，作為租戶的公司總部。該房產的剩餘租期為 10.8 年，位於北卡羅來納州夏洛特郊區不斷增長的市場。此次收購反映了我們的核心投資策略，平均現金出資收益率為 7.4%。

Lastly, we have entered into an agreement to acquire a property adjacent to one we own in the Boston CBD. This acquisition represents the final piece for assemblage of properties within the block and provides us with optionality as part of a longer-term strategy for redevelopment and a high-growth corridor of the North Station neighborhood. In the near term, we will continue operating these properties as their current use and look forward to providing updates as we evaluate opportunities for the site.

最後，我們簽訂了一項協議，收購與我們在波士頓中央商務區擁有的房產相鄰的房產。此次收購代表了該街區內物業整合的最後一部分，並為我們提供了選擇，作為北站社區重建和高成長走廊的長期策略的一部分。在短期內，我們將繼續按照目前的用途運營這些房產，並期待在評估網站的機會時提供最新資訊。

We have been successful on the disposition end of our capital recycling plan and believe the low cash contribution yield on these sales to date creates ample room for OPI to reinvest in higher-yielding properties, resulting in CAD accretion as shown with the Fort Mill acquisition. Our acquisition pipeline remains healthy, and our focus in 2021 continues to be on acquiring properties we believe to be mission-critical to tenants, and those where remote work is less likely, including single-tenant headquarters, high-security government buildings, life science and medical office buildings.

我們在資本回收計劃的處置方面取得了成功，並相信迄今為止這些銷售的低現金貢獻收益率為OPI 創造了充足的空間，可以再投資於更高收益的房產，從而導致加元增值，如收購Fort Mill 所示。我們的收購管道保持健康，我們 2021 年的重點仍然是收購我們認為對租戶至關重要的房產，以及不太可能進行遠距工作的房產，包括單一租戶總部、高度安全的政府大樓、生命科學和醫療辦公大樓。

Turning to leasing for the quarter. During the fourth quarter, we completed 139,000 square feet of leasing with a 7% rolled out in rent, a weighted average lease term of 9.7 years and leasing concessions and capital commitments of $5.73 per square foot per lease year. We ended the quarter with consolidated occupancy of 91.2%, and the quarter's performance is in line with expectations. Timing of leasing can vary quarter-to-quarter, but we are pleased to have ended the year with strong leasing results, reflecting a 6.9% increase in rent and a weighted average lease term of 7.3 years.

轉向本季的租賃。第四季度，我們完成了 139,000 平方英尺的租賃，租金率為 7%，加權平均租賃期限為 9.7 年，租賃優惠和資本承諾為每個租賃年每平方英尺 5.73 美元。本季末，我們的綜合入住率為 91.2%，該季度的表現符合預期。租賃時間可能因季度而異，但我們很高興以強勁的租賃業績結束了這一年，租金上漲了 6.9%，加權平均租賃期限為 7.3 年。

Subsequent to quarter-end, we completed a lease restructure with Tailored Brands located in Houston, Texas, following its approved plan of reorganization, which includes a decrease of roughly 67 basis points of annualized revenue and a reduction to their footprint. Plans are currently underway with re-leasing efforts, and we look forward to providing feedback on leasing in the upcoming quarters.

季度末後，我們根據其批准的重組計劃，與位於德克薩斯州休斯頓的 Tailored Brands 完成了租賃重組，其中包括年化收入減少約 67 個基點並減少其足跡。目前正在進行重新租賃工作的計劃，我們期待在未來幾季提供有關租賃的回饋。

Our overall leasing pipeline remains active with discussions covering 3.7 million square feet, an increase of roughly 19% in pipeline activity from the prior quarter. This includes roughly 250,000 square feet of new and renewal leasing signed since year-end, 313,000 square feet of current activity that is in advanced stages of negotiation and more than 690,000 square feet that could absorb vacant space across the portfolio.

我們的整體租賃管道仍然活躍，討論面積為 370 萬平方英尺，管道活動比上一季增加了約 19%。其中包括自年底以來簽署的約 250,000 平方英尺的新租賃和續租租賃、目前處於談判後期階段的 313,000 平方英尺的活動以及超過 690,000 平方英尺的可吸收投資組合中的空置空間。

Given the circumstances with COVID-19 throughout 2020, we remain focused on our leasing activity and relationship with tenants, and we feel confident with how we have been able to navigate the pandemic. Despite broad market uncertainty and discussion around the demand for office space, our portfolio has performed well, leasing activity continues to improve, and we attribute our resilience through the pandemic, including quarterly rent collections remaining at 99% to our strong balance sheet, favorable geographic exposure, the quality of our properties, and the makeup of our tenant base with approximately 65% of annualized revenue coming from investment-grade tenants, including 39% coming from government tenants.

鑑於 2020 年整個新冠肺炎 (COVID-19) 的情況，我們仍然專注於我們的租賃活動以及與租戶的關係，並且我們對如何應對這一流行病充滿信心。儘管市場存在廣泛的不確定性以及圍繞辦公空間需求的討論，但我們的投資組合表現良好，租賃活動持續改善，我們將我們在大流行期間的韌性歸功於我們強勁的資產負債表、有利的地理地點、季度租金收取率維持在99%曝光度、物業品質以及租戶群的組成，約 65% 的年化收入來自投資級租戶，其中 39% 來自政府租戶。

As we look to 2021, we remain focused on the growth of our business through acquisitions, redevelopment, leasing and operational programs. In addition to those items we highlighted, we continue to advance several programs to manage operating costs, while utilization of our properties increased into 2021 and on our sustainability initiatives, which include current and proposed programs for real-time energy monitoring, lead, well and fit well programs and others which have previously earned OPI designations for the ENERGY STAR Partner of the Year Award and the Green Lease Leader Award.

展望 2021 年，我們仍專注於透過收購、重建、租賃和營運計劃實現業務成長。除了我們強調的這些項目之外，我們還繼續推進多項計劃來管理營運成本，同時我們的物業利用率將在2021 年有所增加，並實施我們的永續發展計劃，其中包括當前和擬議的即時能源監控、領先、油井和適合計劃和其他先前已獲得 OPI 年度能源之星合作夥伴獎和綠色租賃領袖獎稱號的項目。

Before I turn the call over to Matt, I would like to acknowledge RMR's property and engineering teams for the exceptional work in 2020 to ensure the health and safety of our tenants, employees and the many programs implemented across our portfolio for a safe reentry to the office. I would also like to quickly recognize the RMR Group for being named one of the top 2020 places to work in Massachusetts by The Boston Globe. We are proud to be part of an organization that commits to building an inclusive culture, investing in the wellness and development of its employees and providing an innovative workplace. We believe that the scale and caliber of RMR's operations as well as the opportunities for advancement attract top talent, and OPI is a beneficiary of this success.

在將電話轉給Matt 之前，我要感謝RMR 的物業和工程團隊在2020 年所做的出色工作，以確保我們的租戶、員工的健康和安全，以及在我們的投資組合中實施的許多項目，以確保安全地重返家園。辦公室。我還想對 RMR 集團被《波士頓環球報》評為馬薩諸塞州 2020 年最佳工作場所之一表示認可。我們很自豪能夠成為一家致力於打造包容性文化、投資於員工健康和發展並提供創新工作場所的組織的一員。我們相信，RMR 營運的規模和水準以及晉昇機會吸引頂尖人才，而 OPI 則是這項成功的受益者。

I will now turn the call over to Matt Brown to provide details on our financial results. Matt?

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 fourth quarter was $61.8 million or $1.28 per share, which beat consensus by $0.03 and the high end of our estimate by $0.02 due to NOI coming in higher than forecasted, partially offset by an increase in G&A.

謝謝克里斯，大家早安。第四季標準化 FFO 為 6,180 萬美元，即每股 1.28 美元，比市場預期高出 0.03 美元，超出我們預期的上限 0.02 美元，因為 NOI 高於預期，但被一般管理費用的增加部分抵消。

CAD for the fourth quarter was $42.3 million or $0.88 per share. Our dividend is well covered with a full year 2020 CAD payout ratio of 58.8%. Despite pressure from the 2021 vacancies that we have discussed, we expect our dividend to remain well covered. G&A expense for the fourth quarter was $7.1 million, down from $7.3 million for the fourth quarter of 2019 and flat sequentially.

第四季加幣為 4,230 萬美元，即每股 0.88 美元。我們的股利支付良好，2020 年全年升元股息率為 58.8%。儘管我們已經討論過 2021 年職缺帶來的壓力，但我們預計我們的股息仍將得到很好的支付。第四季的一般管理費用為 710 萬美元，低於 2019 年第四季的 730 萬美元，與上一季持平。

G&A expense for the fourth quarter includes approximately $600,000 of share grant accelerations from the retirement of 3 RMR officers and $450,000 of net G&A expense related to a lease obligation we assumed in connection with our 2017 acquisition of FPO. This lease expired on January 31, 2021, and will result in a reduction of $300,000 of G&A expense in Q1 and $450,000 beginning in Q2.

第四季度的一般管理費用包括因 3 名 RMR 官員退休而加速的約 600,000 美元的股份授予加速，以及與我們在 2017 年收購 FPO 時承擔的租賃義務相關的 450,000 美元的淨一般管理費用。該租約於 2021 年 1 月 31 日到期，第一季的一般管理費用將減少 30 萬美元，第二季開始將減少 45 萬美元。

Interest expense for the fourth quarter was $28.8 million, down from $30 million in the fourth quarter of 2019 and up $1.7 million sequentially. The sequential quarter increase is due primarily to the issuance of $250 million of unsecured senior notes in September 2020.

第四季利息支出為 2,880 萬美元，低於 2019 年第四季的 3,000 萬美元，比上一季增加 170 萬美元。環比成長的主要原因是 2020 年 9 月發行了 2.5 億美元的無擔保優先票據。

Turning to property level results for the quarter. Same-property cash basis NOI increased $4.5 million or 5.1% compared to the fourth quarter of 2019, exceeding our guidance range of 2% to 4%. The increase was mainly driven by increased cash received from contractual rents of $3 million as a result of free rent expiring and roll-ups and rent related to leasing activity in 2020 and as well as a $2.2 million decrease in operating expenses, mainly driven by cost savings initiatives implemented by RMR in response to the pandemic. These NOI increases were partially offset by a decline in parking revenue of $800,000.

轉向本季的房地產水平結果。與 2019 年第四季相比，相同財產現金基礎 NOI 增加了 450 萬美元，即 5.1%，超出了我們 2% 至 4% 的指導範圍。這一增長主要是由於免費租金到期以及 2020 年租賃活動相關租金的累加和租金增加導致從合約租金中收到的現金增加了 300 萬美元，以及主要由成本驅動的營運費用減少了 220 萬美元RMR 為因應疫情而實施的儲蓄措施。這些 NOI 的成長被停車收入下降 80 萬美元部分抵消。

We have been encouraged by OPI's strong performance throughout 2020, including full year same-property cash basis NOI growth of 2.8%. Our monthly rent collections continue to average approximately 99% and granted rent deferrals totaled $2.5 million, which is unchanged from what we reported on our Q3 earnings call. Repayment activity has been strong as we have collected $2 million or over 78% of total granted rent deferrals to date. While there was a surge in COVID cases in the U.S. over the last several months, we have not experienced an increase in deferral requests, which we believe is a testament to the resilience and strength of our tenant base.

我們對 OPI 在 2020 年的強勁表現感到鼓舞，包括全年相同財產現金基礎 NOI 成長 2.8%。我們的月租金收取率繼續保持平均約 99%，並批准租金延期總計 250 萬美元，這與我們在第三季財報電話會議上報告的情況沒有變化。還款活動一直很強勁，迄今為止，我們已收到 200 萬美元的租金延期付款，佔總租金延期付款的 78% 以上。儘管過去幾個月美國的新冠病例激增，但我們的延期請求並未增加，我們認為這證明了我們租戶群的彈性和實力。

Turning to normalized FFO and same-property cash basis NOI expectations. We expect first quarter normalized FFO to be between $1.22 and $1.24 per share. The decline from $1.28 per share reported this quarter is mainly due to the January 2021 disposition of the Richmond, Virginia property, resulting in $0.03 of lower normalized FFO in Q1 and a restructure of the Tailored Brands lease effective January 1, 2021, also resulting in $0.03 of lower normalized FFO in Q1, offset by the share grant accelerations in Q4 and FPO lease expiration discussed earlier that will have a favorable impact of $0.02 on G&A expense in Q1.

轉向標準化 FFO 和相同財產現金基礎 NOI 預期。我們預計第一季標準化 FFO 將為每股 1.22 美元至 1.24 美元之間。本季度報告的每股1.28 美元的下降主要是由於2021 年1 月對弗吉尼亞州里士滿財產的處置，導致第一季標準化FFO 降低0.03 美元，以及自2021 年1 月1 日起生效的Tailored Brands租賃重組，也導致第一季標準化 FFO 下降 0.03 美元，被第四季度的股份授予加速和前面討論的 FPO 租賃到期所抵消，這將對第一季度的一般管理費用產生 0.02 美元的有利影響。

We expect first quarter same property cash basis NOI to decline between 2% and 4% as compared to the first quarter of 2020. We are forecasting a reduction in rental income of $2.4 million, most notably due to the Tailored Brands lease restructure that will impact cash revenue by $1.4 million in the first quarter and a decrease of $600,000 in parking revenue due to the pandemic. In addition, we are forecasting an increase in operating expenses of $1 million, most notably an increase in forecasted snow removal costs.

我們預計第一季相同房產現金基礎 NOI 將比 2020 年第一季下降 2% 至 4%。我們預計租金收入將減少 240 萬美元，最顯著的是由於 Tailored Brands 租賃重組將影響受疫情影響，第一季現金收入減少140 萬美元，停車收入減少60 萬美元。此外，我們預計營運費用將增加 100 萬美元，其中最顯著的是預計除雪成本的增加。

Looking ahead to Q2 2021, we expect previously disclosed known tenant vacates and capital recycling activity to impact normalized FFO as follows: The expiration of the GSA lease at 20 Massachusetts Avenue that will impact normalized FFO by $0.06. However, we remain optimistic about a potential redevelopment that could generate cash-on-cash returns of 8% to 10%. The disposition of our Huntsville, Alabama property that is expected to impact normalized FFO by $0.02 and other disposition activity and vacancies that we expect may impact normalized FFO by $0.04.

展望2021 年第二季度，我們預計先前披露的已知租戶騰出和資本回收活動將對正常化FFO 產生如下影響： 馬薩諸塞大道20 號的GSA 租約到期，將對正常化FFO 造成0.06 美元的影響。然而，我們對可能產生 8% 至 10% 現金回報率的潛在重建仍持樂觀態度。我們阿拉巴馬州亨茨維爾財產的處置預計將對正常 FFO 造成 0.02 美元的影響，我們預計其他處置活動和空缺可能會對正常 FFO 造成 0.04 美元的影響。

Turning to capital expenditures and the balance sheet. We spent $20.2 million on recurring capital during the fourth quarter, bringing total 2020 recurring capital expenditures to $76.3 million, and we expect 2021 recurring capital expenditures to be approximately $85 million. At December 31, our leverage was 6x, the low end of our target range. We currently have more than $900 million of liquidity, including full availability under our $750 million revolving credit facility, and we have no significant debt maturities until February 2022. We are confident that the strength of our portfolio and balance sheet provides flexibility and support to our business and safety to our shareholders as we execute on our strategic business plans in 2021.

轉向資本支出和資產負債表。第四季我們在經常性資本上花費了 2,020 萬美元，使 2020 年經常性資本支出總額達到 7,630 萬美元，我們預計 2021 年經常性資本支出約為 8,500 萬美元。截至 12 月 31 日，我們的槓桿率為 6 倍，是我們目標範圍的低端。我們目前擁有超過9 億美元的流動資金，包括7.5 億美元循環信貸額度下的全部可用資金，並且在2022 年2 月之前我們沒有重大債務到期。我們相信，我們的投資組合和資產負債表的實力為我們的業務提供了靈活性和支援。在我們執行 2021 年戰略業務計劃時，我們將確保股東的業務和安全。

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 Securities.

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

Can you talk a little bit about the Technicolor disposition and how it relates to pricing relative to expectations and other opportunities you may or may not have had that with property?

您能否談談特藝色彩的處置以及它與相對於預期的定價以及您可能擁有或可能沒有的房地產機會的其他機會有何關係？

Yes. Bryan, this is Chris. I think kind of going back, as you know, the tenant gave us notice to vacate effective August of this year. We originally kind of went out assembling a team and marketed the space for lease and at the same time, have an opportunity to spend a lot more time with the building and understanding kind of what the strategy could be from a leasing effort. And I think as we continue to kind of work through things, we just found that more interest came from the acquisition side and kind of coupled that with the fact that this building, despite being industrial, is really 31% manufacturing with the balance of warehouse distribution.

是的。布萊恩，這是克里斯。我想有點回到過去，如你所知，租戶通知我們從今年八月起搬出。我們最初出去組建了一個團隊，並對租賃空間進行行銷，同時，我們有機會花更多的時間來建立和了解租賃工作的策略。我認為，當我們繼續解決問題時，我們發現更多的興趣來自收購方，事實上，這座建築儘管是工業建築，但實際上 31% 是製造業，其餘則是倉庫分配。

And there's just some logistical challenges with dock doors and other things that really layered on additional capital required to reposition the asset. And I think the last caveat there is, as we started kind of looking around and seeing tenants in the market, we're seeing -- there were some bigger users maybe at 250,000 square feet, but on average, the users were 50,000 square feet. And it just became more evident that the cost to reposition versus a strategic play and selling it at a price that we think is indicative of the value given the rent rates and kind of what capital are required, we'd be in a better position to redeploy those proceeds into something more core to our business.

而且碼頭門和其他東西確實存在一些後勤挑戰，這些挑戰確實需要重新定位資產所需的額外資本。我認為最後一個警告是，當我們開始環顧四周並看到市場上的租戶時，我們發現——有一些更大的用戶，面積可能在 250,000 平方英尺，但平均而言，用戶面積為 50,000 平方英尺。更明顯的是，與策略性策略相比，重新定位的成本並以我們認為能夠反映租金率和所需資本類型的價值的價格出售，我們將處於更有利的地位將這些收益重新部署到我們業務更核心的領域。

Okay. Great. And can you shift gears to Mass Ave asset in D.C. It's been a couple of months since you last updated us on that asset and the potential for redevelopment. Has anything changed in your thought process there?

好的。偉大的。您能否轉向華盛頓特區的 Mass Ave 資產？距離您上次向我們通報該資產和重建潛力的最新情況已經過去幾個月了。您的思考過程有什麼改變嗎？

Nothing's changed. I mean we're running dual pass. This building can support kind of the government uses that's currently in there today. We've seen some activity. We're in various levels of conversations with some government uses, certainly around the repositioning. We believe that adds additional value and provides attractive returns as well. We've been running parallel pass, meaning from a use standpoint, we have flexibility with the different types of uses we can put in there and have done some work around design and other related items. So when we get down the path, which we hope to kind of have some direction here in the near term, we're not necessarily missing a beat on timing and our ability to get out and start construction and be in a position to deliver timely.

什麼都沒有改變。我的意思是我們正在運行雙通道。這座建築可以支持目前在那裡的政府用途。我們看到了一些活動。我們正在與一些政府用途進行不同程度的對話，當然是圍繞著重新定位進行的。我們相信這會增加附加價值並提供有吸引力的回報。我們一直在運行並行傳遞，這意味著從使用的角度來看，我們可以靈活地處理可以放入其中的不同類型的使用，並圍繞設計和其他相關項目做了一些工作。因此，當我們走上這條路時，我們希望在短期內能找到一些方向，我們不一定會錯過時機，也不會錯過我們走出去開始建設並能夠及時交付的能力。 。

Okay. And then when we think about kind of the 4 big assets this year with vacates, Technicolor, Plantation, Fresno and Mass Ave, if we were to back those out of the equation and just think about the core balance of the portfolio, where would you envision that occupancy being around year-end 2021, give or take?

好的。然後，當我們考慮今年的 4 大資產（即 vacates、Technicolor、Plantation、Fresno 和 Mass Ave）時，如果我們將這些資產排除在外，只考慮投資組合的核心平衡，您會在哪裡？預計2021 年底左右入住率是多少？

I think a reasonable assumption at this and there's certainly a handful of variables that will play into this, just given the level of capital recycling and then where we may buy, right around 90% is probably a reasonable assumption.

我認為這是一個合理的假設，而且肯定有一些變數會影響到這一點，只要考慮到資本回收的水平以及我們可能購買的地方，大約 90% 可能是一個合理的假設。

Okay. And then just last for me. When we look at what's happening with New York City and a couple of other marketplaces out there, really impacted by COVID. Is there some level of discount on potential assets that would come available that could compel you into those markets? Or is there just really no appetite at OPI for that?

好的。然後就對我來說最後一次。當我們看看紐約市和其他幾個市場的情況時，它們確實受到了新冠病毒的影響。潛在資產是否有一定程度的折扣，可以迫使您進入這些市場？或者 OPI 真的對此沒有興趣嗎？

I think it's more around kind of our core business strategy. We just see less opportunities in a market like kind of some of these gateway cities and the CBDs. As we look at single-tenant occupied assets or kind of how we've expanded the horizon a little bit, it's not that we don't find opportunities on the peripheral, like New Jersey, in California and San Jose, where we have assets, Southern California and other markets, those are the likely candidates for opportunities for acquisitions.

我認為這更多的是圍繞著我們的核心業務策略。我們只是在一些門戶城市和中央商務區等市場中看到機會較少。當我們審視單一租戶佔用的資產或我們如何稍微擴大視野時，並不是說我們在外圍地區沒有找到機會，例如新澤西州、加利福尼亞州和聖何塞，我們在那裡擁有資產、南加州和其他市場，這些都是可能的收購機會。

The next question is from Jason Idoine with RBC Capital.

下一個問題來自 RBC Capital 的 Jason Idoine。

Yes. I was wondering about the Boston acquisition. It looks like that was 59% leased, but it sounds like that might be part of a larger plan. I guess what were your thoughts when pulling the trigger on that with the lower utilization? And is it okay to just assume that you're going to operate that at the current level until that other opportunity kind of presents itself?

是的。我想知道波士頓收購案。看起來 59% 已被出租，但聽起來這可能是更大計劃的一部分。我猜你在啟動利用率較低的專案時有什麼想法？是否可以假設您將在當前水平上進行操作，直到其他機會出現？

I think that's right. I mean, ultimately, we own 2 other buildings that connect to this building. And so with the acquisition of this, and they actually share party walls, we're able to assemble about 0.7 acres within kind of the North Station's submarket. And so I think the strategy with that building is to be in a position where we have control of some of the space, and we can do short-term leasing with no capital or very little capital and so that really is the play as we evaluate longer-term options. I think it's important to caveat that with the other adjacent building, we do have term on some of the leases. And so this is not something I would expect to come to fruition in, let's just say, the next year or 2, this is probably likely a longer-term strategy.

我認為這是對的。我的意思是，最終，我們擁有與這棟大樓相連的另外兩棟大樓。因此，透過收購這個項目，並且他們實際上共享聚會牆，我們能夠在北站的子市場內聚集約 0.7 英畝的土地。因此，我認為該建築的策略是我們能夠控制部分空間，並且我們可以在沒有資本或很少資本的情況下進行短期租賃，所以這確實是我們評估的遊戲更長期的選擇。我認為重要的是要注意，與其他相鄰的建築物相比，我們確實有一些租賃期限。因此，我預計這不會在明年或兩年內實現，這可能是一項長期策略。

Got it. Okay. And then in terms of the capital recycling program going forward, I know you guys have said in the past, $100 million to $300 million annually came in at the low end in 2020, but you have $170 million sold or under agreement year-to-date. So I guess what's the possibility of going above that range? I guess is that something that you guys are open to? And how open is the market today?

知道了。好的。然後就未來的資本回收計劃而言，我知道你們過去曾說過，2020 年每年1 億至3 億美元的收入處於低端，但每​​年已售出或根據協議的金額為1.7 億美元。日期。所以我想超過這個範圍的可能性有多大？我想你們對此持開放態度嗎？如今市場的開放程度如何？

I mean it's not necessarily -- I don't know that we'll hit that. I think, $100 million to $200 million -- excuse me, $100 million to $300 million is kind of the range we're comfortable with. It really is on a case-by-case basis, just where we're at with opportunities and strategies. But I think at this stage, it's a comfortable range to continue earmarking.

我的意思是，這不一定是——我不知道我們會實現這一點。我認為，1 億到 2 億美元——對不起，1 億到 3 億美元是我們可以接受的範圍。這實際上是根據具體情況而定的，這正是我們所面臨的機會和策略。但我認為在現階段，繼續指定用途是一個合適的範圍。

Okay. And then last one for me. If you guys could just touch on the acquisition that was terminated in Georgia.

好的。然後是我的最後一張。你們能談談在喬治亞州終止的收購嗎？

The Georgia acquisition, so we were originally looking at 3 buildings that's part of kind of a campus where we also own buildings. And really, this was an opportunity to try to kind of assemble a larger piece. But ultimately, when we got into diligence, I think what we found that kind of the capital required to reposition those assets and the fact that there was still other assets in the park that we wouldn't control. It just wasn't the right strategy. I think we're comfortable with the buildings the way they are. They're fully leased. And I think we're better suited just to kind of continue down the path we are there.

喬治亞州的收購，所以我們最初考慮的是 3 棟建築，它們是校園的一部分，我們也擁有校園的建築。事實上，這是一個嘗試組裝更大作品的機會。但最終，當我們進行盡職調查時，我認為我們發現重新定位這些資產所需的資本，以及園區內還有其他我們無法控制的資產。這不是正確的策略。我認為我們對這些建築的現狀感到滿意。它們已全部出租。我認為我們更適合繼續沿著現有的道路前進。

Our next question is from Omotayo Okusanya with Mizuho.

我們的下一個問題來自 Mizuho 的 Omotayo Okusanya。

First question, it looks like there's an asset you guys own in Englewood, Colorado, I think the tenant is United Launch Alliance. It looks like you're trying to lease that building as well or at least it's up for lease. So is that an additional vacancy we should be thinking about in 2021?

第一個問題，看起來你們在科羅拉多州恩格爾伍德擁有一項資產，我認為租戶是聯合發射聯盟。看起來您也正在嘗試租賃該建築物，或者至少它正在出租。那麼，這是我們在 2021 年應該考慮的額外職缺嗎？

I don't think so. I mean that lease -- that building doesn't expire until late 2022. That location is strategic in the sense that their corporate headquarters is there within the park. There are several other buildings they occupy. That building specifically has their space program in it with skipped space across a handful of floors. And so I think at this stage, I wouldn't expect that we have any insight into them vacating. I think the focus right now is on conversations to continue to keep them in the building.

我不這麼認為。我的意思是，該建築的租約要到 2022 年底才會到期。該地點具有戰略意義，因為他們的公司總部就位於園區內。他們還佔據了其他幾座建築物。建築物特別有他們的太空計劃，其中有幾層樓有跳過的空間。因此，我認為在現階段，我預計我們不會對他們的撤離有任何了解。我認為現在的焦點是繼續讓他們留在大樓裡的對話。

Good. That's helpful. And then the Technicolor space, again, understand industrials noncore. But again, I guess when we take a look at the rents you were getting there and the sale price, it just looks like a really big cap rate. So kind of trying to wonder, even with your expectations of how much CapEx you would need to repurpose it, how you kind of look at that, that still was the best of fruit at the current sale price?

好的。這很有幫助。然後，特藝色彩領域再次了解非核心工業。但同樣，我想當我們看看你在那裡得到的租金和銷售價格時，它看起來像是一個非常大的上限利率。因此，我想知道，即使您預計需要多少資本支出來重新利用它，您又如何看待這一點，以當前的銷售價格來看，這仍然是最好的水果？

I guess we're trying to figure out this idea of portfolio repositioning you're doing, you're trying to make it CAD accretive. And I guess we just struggle with the pricing on this transaction, how that ends up being CAD accretive in the longer term, given what you end up investing the proceeds into?

我想我們正試圖弄清楚您正在做的投資組合重新定位的想法，您正試圖使其增值。我想我們只是在為這筆交易的定價而煩惱，考慮到您最終將收益投資於什麼，從長遠來看，這最終如何使加元增值？

Yes. I mean, I think kind of looking at it, if you may recall that last year, with Technicolor, we did a restructuring of their lease I think later in the year, whereby the rent was reduced, they had a downsized right. We were trying to work with them to kind of continue to retain them in the building, albeit they had a termination right. And so their rent was adjusted to something closer to market, which I think was to the tune of about $4.9 million.

是的。我的意思是，我想看看這個問題，如果你還記得去年，我們與特藝公司一起對他們的租賃進行了重組，我想在今年晚些時候，租金減少了，他們擁有了縮小規模的權利。我們試圖與他們合作，繼續將他們保留在大樓裡，儘管他們有終止權利。因此他們的租金被調整到更接近市場水平，我認為約為 490 萬美元。

And so fast forward today, I mean we look at the building despite there's being NOI, it's a vacant building. They're leaving in August. And so we're effectively starting from scratch. And I think kind of going back to some of the feedback earlier, what we found with time is there's a lot of complexities with this building. And given kind of the shallow market itself, I just -- with the capital required downtime, free rent and other elements that go into this, it really didn't make sense for us to kind of spend the time and the resources with an outcome that doesn't produce any value for the company.

今天快進了，我的意思是，儘管有 NOI，我們還是看了這座建築，它是一座空置的建築。他們八月就要離開。所以我們其實是從頭開始。我想回到之前的一些回饋，隨著時間的推移我們發現這棟建築有很多複雜性。考慮到市場本身的淺薄，我只是 - 考慮到所需的資本、停機時間、免費租金和其他因素，我們花時間和資源來獲得結果確實沒有意義這不會為公司產生任何價值。

Got it. And then one more for me. The Richmond asset that you sold, just remind me again, the sales price, and then it sounds like you have a top 10 tenant in that building why they're going to -- it didn't make sense to hold on to that? Was it really the pricing, the attractive pricing that kind of influenced you to kind of sell it?

知道了。然後再給我一張。你出售的里士滿資產，再次提醒我，銷售價格，然後聽起來你在那棟大樓裡有一個排名前十的租戶，為什麼他們要——堅持下去沒有意義？真的是定價、有吸引力的定價影響了你出售它嗎？

Yes. I mean that wasn't part of our original plan to sell it. And again, as we continue to evaluate options, again, as I think I mentioned it's -- the lion's share of that building is currently subleased. I think for us, there was a real risk of vacancy on the horizon. And also with that building, it was a built-to-suit for the tenant at the time, and we expected there to be a roll down in rent. And so as we started looking at it, we ultimately decided that based on the offer we see, which was extremely attractive, it was a better opportunity for us opportunistically to sell that and focus on redeploying that in something more stabilized.

是的。我的意思是，這不是我們最初出售它的計劃的一部分。再次，當我們繼續評估選擇時，正如我想我提到的那樣，該建築的大部分目前已轉租。我認為對我們來說，確實存在職缺的風險。而且那棟大樓也是為當時的租戶量身打造的，我們預計租金會有所下降。因此，當我們開始考慮它時，我們最終決定，根據我們看到的非常有吸引力的報價，這對我們來說是一個更好的機會，機會主義地出售它，並專注於將其重新部署到更穩定的領域。

And you said it was a 3.6% cap rate?

你說上限利率是 3.6%？

Cash contribution yield, yes.

現金貢獻收益率，是的。

Cash contribution yield, perfect.

現金貢獻收益率，完美。

The next question is from James Feldman with Bank of America Merrill Lynch.

下一個問題來自美銀美林的詹姆斯費爾德曼 (James Feldman)。

I just wanted to make sure I heard you right on some of these FFO moves. So you had said $1.22 to $1.24 in the first quarter. And then were you saying sequentially you lose about $0.12 to get to the second quarter number of like $1.10 to $1.12? Is that the right way to think about it?

我只是想確保我在 FFO 的一些舉措上聽到的都是正確的。所以你說第一季為 1.22 至 1.24 美元。然後你是說你連續損失了大約 0.12 美元才能達到第二季 1.10 美元到 1.12 美元的數字？這是正確的思考方式嗎？

That is, correct.

那是對的。

Okay. And so I mean how long do you think you stay at that level? Like what are the offsets that give you a little bit of upside from that $1.10 to $1.12?

好的。所以我的意思是你認為你能保持這個水平多久？例如，從 1.10 美元到 1.12 美元，有哪些補償可以為你帶來一點上行空間？

Yes. I'd say that our 2021 forecast is pretty conservative. We do have a very healthy lease pipeline that Chris highlighted in the prepared remarks. So if we're successful on some of that leasing activity, that should help us. In addition, on the capital recycling front, we've sold a lot more than we've acquired. So if we can find acquisition opportunities, we'll see some upside there as well.

是的。我想說，我們對 2021 年的預測相當保守。我們確實有一個非常健康的租賃管道，克里斯在準備好的評論中強調了這一點。因此，如果我們在某些​​租賃活動上取得成功，那應該會對我們有所幫助。此外，在資本回收方面，我們出售的產品遠多於收購的產品。因此，如果我們能找到收購機會，我們也會看到一些好處。

Okay. And does that include the G&A benefit you mentioned on the call?

好的。這是否包括您在電話中提到的一般行政費用福利？

It does. Yes.

確實如此。是的。

That it's baked into the $1.22 to $1.24?

它被納入 1.22 至 1.24 美元嗎？

That's right. And that really fluctuates quarter-to-quarter. In Q2 of each year, we have trustee share grant expense. So G&A will naturally increase from the Q1 level that I had highlighted.

這是正確的。這確實每個季度都有波動。每年第二季度，我們都有受託人股份授予費用。因此，一般行政費用自然會比我強調的第一季水準增加。

Okay. So that's a further drag into 2Q?

好的。那麼這會進一步拖累第二季嗎？

Yes.

是的。

How much do you think that goes up?

您認為會上漲多少？

$0.01.

0.01 美元。

So if you're at this $1.10 to $1.12, I guess $1.09 to $1.11 for the second quarter, how do you think about dividend coverage? I know you've sold stuff that's kind of higher CapEx. Where do you think your CAD payout ratio ends up trending?

因此，如果第二季的股價為 1.10 至 1.12 美元，我猜為 1.09 至 1.11 美元，您如何看待股息覆蓋率？我知道你賣的東西的資本支出較高。您認為您的加幣支付率最終趨勢如何？

For 2021, we expect it to remain well covered. It will be expected to be just north of 75%.

2021 年，我們預計它仍將得到很好的覆蓋。預計該比例將略高於 75%。

Okay. All right. That's helpful. And then as we think about both '21 and '22, I mean, what are the largest still unknown or potential vacancy risks, potentials move-outs in '21 and '22?

好的。好的。這很有幫助。然後，當我們考慮「21」和「22」時，我的意思是，「21」和「22」中最大的未知或潛在的空缺風險、潛在的遷出是什麼？

Well, for '21, the big 4 that we've highlighted are still stands. You probably saw that our expiring annualized revenue increased into this quarter for '21, which was largely attributed to some tenants holding over. And so we think as we think about that added, let's call it, 2% increase in exploration this year, there's only 30 basis points of that at risk, and those were known vacates that didn't conclude at the end of 2019. So that's just more carryover.

好吧，對於 21 年來說，我們強調的 4 強仍然是看台。您可能已經看到，我們即將到期的年化收入在 21 年本季有所增加，這主要歸功於一些租戶的保留。因此，我們認為，當我們考慮這一點時，我們可以稱之為今年勘探增加 2%，只有 30 個基點面臨風險，而這些已知的退出在 2019 年底尚未結束。這只是更多的結轉。

So I don't think there's any real change to 2021. And same for 2022, I mean, I think we've talked about the kind of the bigger exploration risk in 2022 and outside of that, at this stage, we don't necessarily have anything meaningful to report on.

所以我認為 2021 年不會有任何真正的變化。2022 年也是如此，我的意思是，我認為我們已經討論了 2022 年更大的勘探風險，除此之外，在現階段，我們不會必須有任何有意義的報告。

Okay. And then for '21, do you have anything beyond the 7% of move-outs you highlighted in the third -- on the third quarter call?

好的。然後，對於 21 年，除了您在第三次電話會議中強調的 7% 的遷出率之外，您還有其他情況嗎？

Yes. There's probably another 30 basis points added to that.

是的。可能還會再加上 30 個基點。

Okay. But that's included in what you gave for the second quarter in terms of the drag on earnings?

好的。但這是否包含在您給出的第二季度對盈利的拖累中？

I would say of the expiring annualized revenue we have, 7.3% at risk or expected to vacate for 2021. And with respect to the earnings ...

我想說的是，我們擁有的即將到期的年化收入，有 7.3% 面臨風險或預計將在 2021 年騰出。就收益而言...

Yes. I mean, I think the biggest drag on Q2 is the 20 Mass Ave vacancy at March 31. There's nothing else significant impact in Q2 forecast on a vacancy side.

是的。我的意思是，我認為第二季最大的拖累是 3 月 31 日 20 Mass Ave 的空置率。第二季的空置率預測沒有其他重大影響。

Okay. I mean are there more vacates in the back half of the year or everything is already in by the second quarter?

好的。我的意思是下半年是否會有更多的空缺，或者到第二季一切都已經準備好了？

No. We have -- I mean, we've highlighted -- I mean Technicolor is August. We have the Fresno tenant that expires in November. There's conversations that they may continue into early 2022, but our forecast assumes that they don't. And so those are the larger ones on the back half.

不。我們——我的意思是，我們強調了——我的意思是特藝色彩是八月。我們的弗雷斯諾租戶將於 11 月到期。有討論稱它們可能會持續到 2022 年初，但我們的預測假設不會。所以那些是後半部較大的。

Okay. And so what are you expected to vacates in '22 on a percentage basis?

好的。那麼您預計 22 年將空出多少百分比呢？

Right now, the only one that we're tracking is the building in Seattle with F5.

目前，我們唯一追蹤的是西雅圖的 F5 大樓。

What percentage of that is that?

那是百分之多少？

It's about 2.2% of annualized revenue. And I would say with that building, while the tenant is expected to vacate, which has been something that we've communicated historically and have been in front of, I think, in general, we're pretty optimistic about the potential for that with alternative uses in addition to just office.

約為年化收入的2.2%。我想說的是，對於那棟大樓，雖然租戶預計會搬出，這是我們歷史上溝通過的事情，並且一直在前面，但我認為，總的來說，我們對這種潛力非常樂觀除了辦公室以外的其他用途。

And so I think as we think about that, there's a real opportunity to put some of these proceeds to work which could, again, put us in a position where we're getting attractive yields kind of in the high single digits as strategies outside of just acquisitions.

因此，我認為，當我們考慮這一點時，確實有機會將其中一些收益投入使用，這可以再次使我們處於這樣一個位置，即我們可以獲得高個位數的有吸引力的收益率，作為外部策略之外的策略只是收購。

Okay. And then, I guess, sorry to jump around here, but then for the -- if -- so with Huntsville, does that mean that the third quarter can go even lower? In the $1.10 to $1.12. I guess I was thinking that $1.10 to $1.12 is your bottom for the year, but it sounds like maybe you go even lower than that before stabilizing.

好的。然後，我想，很抱歉在這裡跳來跳去，但是如果亨茨維爾如此，這是否意味著第三季的業績可能會更低？在 1.10 美元到 1.12 美元之間。我想我當時認為 1.10 至 1.12 美元是今年的底部，但聽起來可能比穩定前的價格還要低。

No, I think that's a pretty good run rate where Q2 ends up.

不，我認為第二季的運行率相當不錯。

Okay. And then, I mean, what would you say is your portfolio mark-to-market right now?

好的。然後，我的意思是，您認為您的投資組合現在以市價計算是多少？

As far as on rental rate?

至於租金率？

Yes. I know rents have moved in most markets.

是的。我知道大多數市場的租金都改變了。

They have. I mean, if you think about -- we originally thought we would end 2020 at 2% to 3% and certainly ended the year at a roll-up of just under 7%. I think based on our pipeline today, I think we're kind of seeing that trend in the range of, let's just call it, 4% to 5%.

他們有。我的意思是，如果你想一想，我們最初認為 2020 年結束時的成長率將達到 2% 到 3%，而今年結束時的成長率肯定略低於 7%。我認為，根據我們今天的管道，我認為我們看到的趨勢在（我們就這麼稱呼它）4% 到 5% 的範圍內。

4% to 5% below?

低於4%到5%？

Increase.

增加。

Increase, okay. Got it. And then as you think about your just kind of sources and uses, I know you said $100 million to $300 million of acquisition activity, but how do you think about your capital position today? And if you do any more dispositions just kind of when you think you'll need capital again?

增加一下，好吧。知道了。然後，當您考慮您的來源和用途時，我知道您說過 1 億至 3 億美元的收購活動，但您如何看待您今天的資本狀況？當您認為自己再次需要資金時，是否會進行更多處置？

We have $900 million of liquidity. So we have a lot of cushion to find acquisitions to source. And in addition, we do have some properties in the market for disposition as well, while not material, but it could increase our liquidity position.

我們有 9 億美元的流動資金。因此，我們有很大的緩衝空間來尋找收購來源。此外，我們在市場上確實還有一些房產可供處置，雖然並不重要，但它可以增加我們的流動性狀況。

Yes. We would also use proceeds for kind of a redevelopment like 20 Mass Ave and some other strategic opportunities as well in addition to just acquisitions.

是的。除了收購之外，我們還將利用所得資金進行 20 Mass Ave 等重建項目以及其他一些戰略機會。

But that's in addition to the $100 million to $300 million, the redevelopment spend?

但這還不包括 1 億至 3 億美元的重建支出嗎？

With respect to just kind of being net neutral, meaning buying $300 million and selling $300 million, is that what you're referring to?

關於淨中立，即買入 3 億美元並賣出 3 億美元，這就是您所指的嗎？

Well, know you said earlier that $100 million to $300 million of acquisition seems about right for a given year. I assume that the price...

嗯，您之前說過，每年 1 億至 3 億美元的收購似乎是合適的。我猜價格...

That was capital recycling. That was disposition.

這就是資本循環。這就是性格。

That was recycling, okay. Do you include -- are you talking about the redevelopment spend in that $100 million to $3 million? Or there's an additional capital spend?

那是回收，好吧。您是否包括——您談論的是那 1 億至 300 萬美元的重建支出？或有額外的資本支出？

It'd be additional.

這將是額外的。

So like what's your total capital expected spend this year on the redevelopment side?

那麼，您今年在重建方面的預期總資本支出是多少？

If we do move forward with the 20 Mass Ave redevelopment, it's about $60 million.

如果我們確實推進 20 Mass Ave 的重建工作，大約需要 6000 萬美元。

For the whole project?

對於整個專案？

In 2021.

2021 年。

We're targeting costs for that project before leasing at $150 million. So the balance would be in 2022.

我們將該專案的租賃前成本目標定為 1.5 億美元。所以餘額將在 2022 年實現。

Okay. And any other big projects in the portfolio that you're thinking about?

好的。您正在考慮的投資組合中還有其他大型專案嗎？

No, not at all scale.

不，完全沒有規模。

This concludes our question-and-answer session. I would like to turn the conference back over to Chris Bilotto for any closing remarks.

我們的問答環節到此結束。我想將會議轉回克里斯·比洛托 (Chris Bilotto) 發表閉幕詞。

Thank you for joining us today. We look forward to updating you on our progress this year and hope to see many of you at the upcoming conferences and events.

感謝您今天加入我們。我們期待向您通報我們今年的最新進展，並希望在即將舉行的會議和活動中見到您。

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。