Peakstone Realty Trust (PKST) 2024 Q2 法說會逐字稿

Greetings, and welcome to Peakstone Realty Trust's second-quarter 2024 earnings and webcast Conference call.

您好，歡迎參加 Peakstone Realty Trust 的 2024 年第二季財報與網路廣播電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Ms. Mikayla Lynch, Senior Vice President, Corporate Finance and Strategy.

現在我很高興向您介紹主持人，公司財務和策略資深副總裁 Mikayla Lynch 女士。

Thank you, Ms. Lynch, you may begin.

謝謝你，林奇女士，你可以開始了。

Thank you.

謝謝。

Good afternoon, and thank you for joining us for Peakstone Realty Trust's second-quarter 2024 earnings call and webcast.

下午好，感謝您參加 Peakstone Realty Trust 的 2024 年第二季財報電話會議和網路廣播。

Earlier today, we posted an earnings release, supplemental and updated investor presentation to the Investors page on our website at www.pkst.com. Please reach out to our Investor Relations team at ir@pkst.com with any questions.

今天早些時候，我們在我們網站 www.pkst.com 的投資者頁面上發布了收益報告、補充和更新的投資者介紹。如有任何疑問，請透過 ir@pkst.com 聯絡我們的投資者關係團隊。

Please note the use of forward-looking statements by the company on this webcast.

請注意該公司在本次網路廣播中使用的前瞻性陳述。

Statements made on this call may include statements which are not historical facts and are considered forward-looking.

本次電話會議中的陳述可能包括非歷史事實且被視為前瞻性的陳述。

The company intends for all forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 as amended and Section 21E of the Securities Exchange Act of 1934 as amended and is making these statements for purposes of complying with those safe harbor provisions.

該公司打算將所有前瞻性聲明納入《1995 年私人證券訴訟改革法案》、《1933 年證券法修正案》第27A 條以及《證券法》第21E 條中適用的前瞻性陳述安全港條款的範圍內。

Furthermore, the forward-looking statements reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause actual results to differ significantly than those expressed in any forward-looking statement and could be affected by a variety of risks and factors that are beyond the company's control, including, without limitation, those contained in our most recent annual report on Form 10-K and any subsequent quarterly reports on Form 10-Q filed with the SEC.

此外，前瞻性陳述反映了我們目前對未來事件的看法，並受到許多已知和未知的風險、不確定性、假設和情況變化的影響，這些風險、不確定性、假設和情況變化可能導致實際結果與任何前瞻性陳述中表達的結果有顯著差異，並可能受到公司無法控制的各種風險和因素的影響，包括但不限於我們向SEC 提交的最新10-K 表格年度報告以及任何後續10 -Q 表格季度報告中包含的風險和因素。

We disclaim any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this call, except as required by applicable law.

我們不承擔公開更新或修改任何前瞻性陳述的義務，以反映本次電話會議之後基本假設或因素、新資訊、資料或方法、未來事件或其他變更的變化，除非適用法律要求。

Additionally, on this call, the company may refer to certain non-GAAP financial measures such as funds from operations, adjusted funds from operations, EBITDAre and normalized EBITDAre.

此外，在這次電話會議上，公司可能會參考某些非公認會計原則財務指標，例如營運資金、調整後的營運資金、EBITDAre 和標準化 EBITDAre。

You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP numbers in the company's filings with the SEC.

您可以在公司向 SEC 提交的文件中找到這些非 GAAP 財務指標與目前可比較 GAAP 資料的表格調整表。

On the call today are Mike Escalante, CEO and President; and Javier Bitar, CFO.

今天參加電話會議的是執行長兼總裁 Mike Escalante；和首席財務官哈維爾·比塔爾。

With that, I'll hand the call over to Mike.

這樣，我就把電話轉給麥克。

Good afternoon, and thank you for joining our call today.

下午好，感謝您今天加入我們的電話會議。

Over the past several quarters, we have executed on our strategic plan by strengthening our balance sheet and optimizing our portfolio composition, while accumulating a substantial cash balance to provide optionality.

在過去的幾個季度中，我們透過加強資產負債表和優化投資組合構成來執行我們的策略計劃，同時累積大量現金餘額以提供選擇性。

As a testament to these operational successes in our well-leased diversified portfolio, we are pleased to have successfully amended and extended our unsecured credit facility.

作為我們租賃多元化投資組合營運成功的證明，我們很高興成功修改並擴展了我們的無擔保信貸額度。

This amendment is a key milestone that provides us with a solid foundation for growth and increased flexibility to make industrial investments, which we believe will build long-term shareholder value over time.

這項修正案是一個重要的里程碑，為我們的成長奠定了堅實的基礎，並提高了工業投資的靈活性，我們相信隨著時間的推移，這將建立長期的股東價值。

At a high level, this amendment reflects the bank group's endorsement of our business plan and does several important things for us.

從較高層面來看，這項修正案反映了銀行集團對我們業務計畫的認可，並為我們做了幾件重要的事情。

It pushes our revolver and 2025 term loan maturity out four years from closing to 2028.

這使得我們的左輪手槍和 2025 年定期貸款到期日從交易結束到 2028 年推遲了四年。

It lowers our borrowing costs, and it provides us with increased flexibility to grow.

它降低了我們的借貸成本，並為我們提供了更大的成長靈活性。

Javier will provide additional details on the amendment along with proforma balance sheet metrics in his later remarks.

哈維爾將在稍後的演講中提供有關修正案的更多細節以及形式資產負債表指標。

Turning to our portfolio.

轉向我們的投資組合。

Our high-quality industrial and office segments continue to provide stability with a combined wealth of seven years, 99.5% economic occupancy, minimal near-term rollover in the next three years, representing 7.5% of the ABR for these two segments, significant credit tenancy and newer buildings with minimal capital requirements.

我們的高品質工業和辦公部門繼續保持穩定，七年的總財富、99.5%的經濟入住率、未來三年的短期展期極少，佔這兩個部門 ABR 的 7.5%、大量的信貸租賃以及資本要求最低的新建築。

Disposition of our other segment assets continued this quarter with the sale of one property located in Mechanicsburg, Pennsylvania, totaling approximately 57,000 square feet for $8.7 million.

本季我們繼續處置其他部門資產，以 870 萬美元的價格出售了位於賓州梅卡尼克斯堡的一處房產，總面積約 57,000 平方英尺。

Importantly, for the first half of the year, other segment sales totaled approximately $58.2 million.

重要的是，今年上半年，其他部門的銷售額總計約為 5,820 萬美元。

In addition, we significantly advanced the sales of several other segment properties, and we will continue to progress dispositions in this segment for the balance of the year.

此外，我們也大幅推進了其他幾個分部物業的銷售，我們將在今年餘下時間繼續推進該分部的處置。

This quarter, we continued to demonstrate our ability to achieve positive leasing activity and strong re-leasing spreads.

本季度，我們持續展現了實現積極租賃活動和強勁再租賃利差的能力。

In our industrial segment, we finalized the fair market rental rate increase and annual escalations for a five-year 818,000 square foot extension we executed and announced in the fourth quarter of '23 at our Samsonite property in Jacksonville, Florida.

在我們的工業部門，我們於 23 年第四季度在佛羅裡達州傑克遜維爾的 Samsonite 物業執行並宣布了為期五年的 818,000 平方英尺擴建項目，最終確定了公平市場租金上漲和年度升級。

This extension takes effect December 1, 2024, and includes 3.75% annual rent escalations, resulting in a 28% GAAP and 7% cash re-leasing spread.

此次延期於 2024 年 12 月 1 日生效，包括每年租金上漲 3.75%，導致 GAAP 為 28%，現金再租賃利差為 7%。

Given the fair market rent was not finalized when this lease extension was executed, we previously recorded base rent for the extension period equal to the expiring rent, which was the floor value per the lease.

鑑於執行本次續租時公平市場租金尚未最終確定，我們先前記錄的續租期基本租金等於到期租金，即每份租約的底價。

Clearly, this is a solid no-cost lease transaction that will generate further strong internal growth.

顯然，這是一項可靠的無成本租賃交易，將帶來進一步強勁的內部成長。

In the office segment, a previously executed 7.7-year 83,000-square-foot new lease with Spectrum commenced June 1 at our property in Largo, Florida.

在辦公室領域，先前與 Spectrum 簽署的為期 7.7 年、面積為 83,000 平方英尺的新租約於 6 月 1 日開始在我們位於佛羅裡達州拉戈的物業開始。

In the Other segment, we executed a 305,000 square foot one-year lease extension at an industrial property in Columbus, Ohio, at a 40% GAAP and 63% cash re-leasing spread, which will enhance the value of this asset.

在其他部門，我們以 40% 的 GAAP 和 63% 的現金再租賃價差對俄亥俄州哥倫布市的一處工業地產執行了 305,000 平方英尺的一年期租約，這將提高該資產的價值。

With that, I will turn the call over to Javier to review our financial results.

這樣，我會將電話轉給哈維爾，以審查我們的財務表現。

Javier?

哈維爾？

Thanks, Mike.

謝謝，麥克。

I'd like to begin by sharing a few highlights of our financial results for the quarter.

首先，我想分享一下我們本季財務表現的一些亮點。

Total revenue was approximately $56 million, and NOI was approximately $45.4 million.

總收入約 5,600 萬美元，NOI 約 4,540 萬美元。

Net loss attributable to common shareholders was approximately $3.8 million or $0.11 per share, inclusive of a $6.5 million noncash impairment related to a pending other segment sale.

普通股股東應佔淨虧損約 380 萬美元，即每股 0.11 美元，其中包括與待決的其他部門出售相關的 650 萬美元非現金減損。

Same-store cash NOI was approximately $44.2 million, a 1.7% increase compared to the same quarter of last year.

同店現金NOI約4,420萬美元，較去年同期成長1.7%。

But for rent abatement in the 11th year of a preexisting lease in our Industrial segment, same-store cash NOI would have grown by 4.2%.

如果不是我們工業部門現有租約第 11 年的租金減免，同店現金 NOI 將成長 4.2%。

The abatement period for this lease continues through November 2024.

該租約的減免期持續至 2024 年 11 月。

FFO, as defined by NAREIT, was approximately $25.6 million or $0.65 per share on a fully diluted basis, and AFFO was approximately $27.6 million or $0.70 per share on a fully diluted basis.

根據 NAREIT 的定義，完全稀釋後的 FFO 約為 2560 萬美元，即每股 0.65 美元，而 AFFO 完全稀釋後的價值約為 2760 萬美元，即每股 0.70 美元。

Moving on to our balance sheet.

繼續我們的資產負債表。

As Mike mentioned, at quarter end, we were in a great position to execute on our credit facility extension given our strong balance sheet and high-quality portfolio.

正如麥克所提到的，在季度末，鑑於我們強大的資產負債表和高品質的投資組合，我們處於有利的位置來執行我們的信貸額度延期。

Subsequent to quarter end, we used a portion of our cash to pay down the credit facility and simultaneously completed this amendment and extension, which leaves us with ample liquidity and flexibility to support our industrial growth initiatives.

季度末後，我們使用部分現金償還信貸額度，並同時完成了本次修訂和延期，這使我們擁有充足的流動性和靈活性來支持我們的工業成長計劃。

Key terms of the amended facility are as follows: we now have a total facility of $907 million comprised of a $547 million revolver, a $210 million term loan and a $150 million term loan.

修改後的貸款的主要條款如下：我們現在的貸款總額為 9.07 億美元，其中包括 5.47 億美元的循環貸款、2.1 億美元的定期貸款和 1.5 億美元的定期貸款。

The maturity dates of the revolver and the $210 million term loan were extended 4 years from closing to July 2028.

左輪手槍和 2.1 億美元定期貸款的到期日從交割日起延長了 4 年至 2028 年 7 月。

The maturity date of the $150 million term loan remains April 2026.

1.5 億美元定期貸款的到期日仍為 2026 年 4 月。

The weighted average term to maturity for the credit facility is now 3.6 years.

信貸額度的加權平均到期日現為 3.6 年。

The rates are SOFR-based with applicable spreads ranging from 125 to 165 basis points.

利率基於 SOFR，適用利差範圍為 125 至 165 個基點。

Given our $750 million of interest rate swaps at a weighted average rate of 1.97%, 100% of our current outstanding debt is now fixed through July 1, 2025.

鑑於我們以 1.97% 的加權平均利率進行了 7.5 億美元的利率掉期，目前我們 100% 的未償債務現已固定至 2025 年 7 月 1 日。

Based on our current consolidated leverage ratio, our weighted average effective interest rate for the entire facility is 3.67%, inclusive of our current swaps.

根據我們目前的綜合槓桿率，我們整個貸款的加權平均實際利率為 3.67%，包括我們目前的掉期利率。

Subsequent to quarter end, we purchased $550 million of four-year forward interest rate swaps effective July 1, 2025, when our current swaps expire through July 1, 2029, at a weighted average rate of 3.58%.

季度末後，我們購買了5.5 億美元的四年期遠期利率互換，自2025 年7 月1 日起生效，屆時我們目前的互換將在2029 年7 月1 日到期，加權平均利率為3.58%。

We are pleased that we were able to swap $550 million of our variable rate debt for an additional 4-year period at 3.58%.

我們很高興能夠將 5.5 億美元的可變利率債務以 3.58% 的利率換成額外 4 年期的債務。

When we purchased these forward swaps, the current one-month term SOFR was approximately 5.33%.

當我們購買這些遠期掉期時，目前的一個月期限 SOFR 約為 5.33%。

The amended facility also provides an improved valuation for our industrial assets included in the borrowing base calculation.

修訂後的設施也為借款基礎計算中包含的工業資產提供了改進的估值。

These assets are now valued at a 6% cap rate rather than 7% previously.

這些資產現在的估值上限為 6%，而不是之前的 7%。

I would now like to discuss certain financial impacts as a result of closing the extension.

我現在想討論關閉延期所帶來的某些財務影響。

As of 6/30, prior to the extension, we have cash of $447 million, with the majority of our cash earning interest in the 5% range for approximately $4.6 million of interest income in the second quarter.

截至 6 月 30 日，在延期之前，我們擁有 4.47 億美元的現金，其中大部分現金賺取 5% 範圍內的利息，第二季的利息收入約為 460 萬美元。

Accordingly, at quarter end, our net debt to normalized EBITDAre ratio was 5.9x.

因此，截至季末，我們的淨負債與正常化 EBITDAre 的比率為 5.9 倍。

In connection with the closing of the extension, we used $200 million to pay down the unhedged portion of the credit facility and incurred $13 million of one-time transaction costs.

在延期結束時，我們使用了 2 億美元來償還信貸額度中未對沖的部分，並產生了 1,300 萬美元的一次性交易成本。

The $213 million of cash generated approximately $2.7 million of interest income in the second quarter.

2.13 億美元的現金在第二季產生了約 270 萬美元的利息收入。

It's important to note that in the near term, the prospective interest expense savings more than offset the interest income earned previously on this cash.

值得注意的是，在短期內，預期節省的利息費用足以抵消先前用這筆現金賺取的利息收入。

With that said, our proforma metrics reflecting the closing of the amended facility are as follows: cash of approximately $234 million, available revolver capacity of approximately $157 million, total liquidity of approximately $391 million, consolidated net debt balance of approximately $980 million, consolidated weighted average interest rate for all debt secured and unsecured of 3.96% and proforma net debt to normalized EBITDAre ratio of 6.4x, reflecting the $213 million cash utilization and associated reduction of interest income.

話雖如此，我們反映修訂後融資結束的形式指標如下：現金約 2.34 億美元，可用左輪手槍容量約 1.57 億美元，總流動性約 3.91 億美元，合併淨債務餘額約 9.8 億美元，合併加權所有有擔保和無擔保債務的平均利率為3.96%，預期淨債務與正常化EBITDA 的比率為6.4 倍，反映了2.13 億美元的現金利用率和相關的利息收入減少。

For the second quarter, we paid a dividend of $0.225 per common share in July.

第二季度，我們在 7 月支付了每股普通股 0.225 美元的股息。

And the Board of Trustees approved a third quarter dividend of $0.225 per share, payable on October 17 to holders of record on September 30.

董事會批准了每股 0.225 美元的第三季股息，將於 10 月 17 日支付給 9 月 30 日登記在冊的股東。

While the company expects to continue paying dividends on a quarterly basis, all future dividend decisions will continue to be made by the Board of Trustees.

雖然公司預計將繼續按季度支付股息，但所有未來的股息決定將繼續由董事會做出。

With that, I will pass the call back to Mike.

這樣，我會將電話轉回給麥克。

Thank you, Javier.

謝謝你，哈維爾。

We are excited about our growth opportunities as we seek to build on the momentum achieved with our amended credit facility.

我們對我們的成長機會感到興奮，因為我們尋求利用修訂後的信貸安排所取得的勢頭再接再厲。

Overall, we will continue to execute on the plan that we've laid out, strengthening the balance sheet, evolving the portfolio towards industrial, eliminating our other segment and providing the company with the financial flexibility to grow.

總體而言，我們將繼續執行我們制定的計劃，加強資產負債表，將投資組合向工業發展，消除我們的其他部門，並為公司提供成長的財務靈活性。

The amended credit facility is a key aspect for growth and reflects our relentless pursuit to maximize shareholder value.

修改後的信貸安排是成長的關鍵方面，反映了我們對股東價值最大化的不懈追求。

We will now turn the call over to the operator to take a few questions from analysts.

我們現在將把電話轉給營運商，回答分析師的一些問題。

Operator?

操作員？

(Operator Instructions) Josh Dennerlein, Bank of America.

（操作員指示）Josh Dennerlein，美國銀行。

This is Farrell Granath on behalf of Josh.

我是法雷爾·格拉納特，代表喬許。

I just had a few questions.

我只是有幾個問題。

And I guess to start off, can you remind me what your target leverage is?

我想首先，您能提醒我您的目標槓桿是多少嗎？

And how does the new financing kind of play into your targeting or looking forward into how you're thinking about leverage?

新的融資方式如何影響您的目標或展望您對槓桿的看法？

Javier?

哈維爾？

Farrell, yes, over the long term, we've mentioned we're targeting a 6 times debt-to-EBITDA on a proforma basis, as I mentioned in our remarks.

法雷爾，是的，從長遠來看，我們已經提到我們的目標是按形式計算 6 倍的債務與 EBITDA，正如我在發言中提到的那樣。

We're up a bit on that to 6.4 times as a result of the lost interest income with the utilization of the cash paydown.

由於使用現金還款而損失了利息收入，我們將該數字提高了一點，達到 6.4 倍。

We'll continue to execute on our sales program with respect to the other segment.

我們將繼續執行其他部門的銷售計劃。

So we'll continue to focus on our strong balance sheet, and over the long term, reaching a debt-to-EBITDA ratio that makes sense.

因此，我們將繼續關注強勁的資產負債表，並從長遠來看，達到合理的債務與 EBITDA 比率。

Great.

偉大的。

And also, when thinking about the extensions or the re-leasing in the different segments, I noticed that there was also the re-leasing in the other segment.

而且，當考慮不同部分的延期或重新租賃時，我注意到其他部分也有重新租賃。

I was wondering if you could comment on, I guess, either the strategy when thinking about lease expirations coming up and how you consider to bucket the Other segment versus the industrial and office?

我想知道您是否可以評論一下在考慮即將到期的租賃時的策略，以及您如何考慮將其他部門與工業和辦公部門進行比較？

The good news is we have very little rollover in both of our core segments, right, both on the Industrial and the Office side.

好消息是，我們的兩個核心細分市場（工業和辦公領域）的展期都很少。

And specifically, office only has, I think, 5% rollover in the next three years.

具體來說，我認為 Office 在未來三年內只有 5% 的展期。

So there's not a lot of activity there.

所以那裡沒有太多活動。

As you might expect, the way we set it up was that our other segment was going to be -- had the most exposure, and we identified that we were hopeful that we would be able to effectuate some renewals, which happily, we've been able to do.

正如您所預料的那樣，我們設定的方式是我們的其他部分將擁有最多的曝光度，我們確定我們希望能夠實現一些續約，令人高興的是，我們已經能夠做到。

And all of that, we believe, is going to translate into a higher recovery for the other segment and facilitate on a much more rapid basis, the sale of those assets.

我們相信，所有這些都將轉化為其他細分市場的更高復甦，並以更快的速度促進這些資產的出售。

Great.

偉大的。

And then one last one for me.

然後是最後一張給我的。

When you mentioned about the sale of the one property.

當您提到出售一處房產時。

Was that a vacant asset?

那是空置資產嗎？

And also, could you either, if it wasn't update what you're seeing in terms of cap rates?

而且，如果沒有更新您在資本化率方面看到的情況，您也可以嗎？

I guess, I believe last quarter, you mentioned that you guys keep track of it on a rolling basis.

我想，我相信上個季度，你們提到你們會滾動跟踪它。

I'm sorry, you said we only sold one asset in the quarter.

抱歉，您說我們本季只出售了一項資產。

Sorry, the property.

對不起，物業。

Yes, we did have one sale during the quarter in April of this year.

是的，我們在今年四月的季度確實進行了一次銷售。

And correct, it was an asset that had a near-term expiration in others.

正確的是，這是一項在其他資產中近期到期的資產。

Anthony Hau, Truist Securities.

安東尼·豪（Anthony Hau），Truist 證券公司。

Just curious, what was the reason behind reducing the maximum commitment amount on the revolver?

只是好奇，減少左輪手槍最大承諾金額的原因是什麼？

Was it the change in capitalization rate?

是資本化率的變化嗎？

And did they use, like, last 12 months NOI or four 12 months NOI to calculate the portfolio on days?

他們是否使用過去 12 個月的 NOI 或四個 12 個月的 NOI 來計算投資組合的日數？

Hi, Anthony.

嗨，安東尼。

Yes, in the facility, we use prior quarter annualized, and it did result from a change in the capitalization rate.

是的，在該工具中，我們使用上一季的年化值，這確實是資本化率變化的結果。

We improved our cap rate on the valuations for industrial, which will serve us well on a go-forward basis as we transition toward Industrial.

我們提高了工業估值的上限，這將在我們向工業轉型的過程中為我們提供良好的幫助。

And on the office side, we went from a 7% cap rate to an 8% cap rate.

在辦公室方面，我們將上限利率從 7% 提高到 8%。

Also, as you'll note in the 8-K that was filed, the leverage percentage for the office side was at 50%, and we have a leverage capacity on the industrial side at 60%.

此外，正如您在提交的 8-K 中註意到的那樣，辦公室方面的槓桿率為 50%，而我們工業方面的槓桿能力為 60%。

We do have the ability to accordion back up to the $1.3 billion, and we'll utilize the accordion as we execute on our strategic growth plan.

我們確實有能力將資金恢復到 13 億美元，並且我們將在執行策略性成長計畫時利用這項能力。

At this point, it didn't make sense to continue to pay a non-utilization fee for excess capacity.

此時，繼續為過剩產能繳納非使用費已經沒有意義。

Got you.

明白你了。

And for the accordion, like can you just exercise the option and just upsize the facility anytime you want?

對於手風琴，您可以隨時行使選擇權並擴大設施規模嗎？

Or are there certain conditions that you have to meet to exercise that option?

或者您必須滿足某些條件才能行使該選擇權？

Well, obviously, we have to be in compliance, and then, the member banks would have to approve.

嗯，顯然，我們必須遵守規定，然後成員銀行必須批准。

And Mike, maybe this is for you.

麥克，也許這適合你。

Can you provide any color on the investment-grade tenancy for the portfolio?

您能否提供有關該投資組合的投資等級租賃的任何資訊？

I saw that drop meaningfully this quarter, just curious which tenants caused that.

我看到本季這一數字大幅下降，只是好奇是哪些租戶造成的。

Yes.

是的。

I don't know what you mean by meaningfully, but I think part of that is happening as a result of some of the sales on the other side of the segment.

我不知道你所說的有意義是什麼意思，但我認為部分原因是該細分市場另一側的一些銷售造成的。

We do tend to fluctuate a little bit back and forth relative to certain tenants inside the core portfolio depending on their ratings around -- some are on the cusp of BBB-, as an example.

我們確實傾向於相對於核心投資組合內的某些租戶來回波動，這取決於他們的評級——例如，有些處於 BBB 的尖端。

Yes.

是的。

So I was referring to the fact that like I think it went from -- say, for industrial, right, it went from 74% to 59% this quarter, and

所以我指的是這樣一個事實，就像我認為的那樣，對於工業來說，本季它從 74% 上升到 59%，並且

--

--

Yes.

是的。

So I think that could be related to restoration hardware coming and going.

所以我認為這可能與恢復硬體的出現和消失有關。

I think this is the first time that it happened actually at a quarter end, but they tend to move in and out within the quarter depending on what's going on in the marketplace.

我認為這是第一次在季度末真正發生這種情況，但他們往往會根據市場的情況在季度內進出。

Okay.

好的。

And how does your like tenant watch list compare today versus like a year ago?

您現在的同類租戶觀察名單與一年前相比如何？

Well, again, we spend an awful lot of time looking and managing and monitoring our credit tenancy.

好吧，我們再次花費大量時間來尋找、管理和監控我們的信用租賃。

And I think, as you know, we've had 100% collections for quite some time.

我認為，如您所知，我們已經擁有 100% 的收藏已經有一段時間了。

So we don't really call it a watch list.

所以我們並沒有真正稱之為觀察名單。

We just call it as part of our policies and procedures.

我們只是將其稱為我們政策和程序的一部分。

We look at every single tenant all the time, making sure that we understand what's going on there.

我們一直關注每一個租戶，確保我們了解那裡發生的事情。

And our receivables are quite small, almost de minimis, I think, at this point, so.

我們的應收帳款非常小，我認為在這一點上幾乎是微不足道的。

And just last question

最後一個問題

--

--

I don't want to go so far as to jinx either by saying anything.

我也不想說出任何話來帶來厄運。

I believe that putting words in the universe is not a good thing.

我認為把文字放在宇宙中並不是一件好事。

I believe that, too.

我也相信這一點。

Just last question for me.

這只是我的最後一個問題。

What are you guys seeing on the ground today in terms of like buyer's appetite for the single-tenant office assets?

你們今天在現場看到買家對單一租戶辦公資產的興趣如何？

Last time we spoke, you mentioned that you're seeing the [dark pool] increase a bit compared to like six months ago.

上次我們談話時，您提到您看到[暗池]與六個月前相比有所增加。

Is that still the same?

還是一樣嗎？

Has that changed at all?

這有什麼改變嗎？

Yes.

是的。

The way you described the question is interesting.

你描述問題的方式很有趣。

I guess I would say that my statement was a broader statement, was that I believe that there is a significant amount of interest for properties in the marketplace generally, not necessarily net leased assets.

我想我會說我的聲明是一個更廣泛的聲明，我相信市場上通常對房產有很大的興趣，不一定是淨租賃資產。

And I think that's just across the board.

我認為這是全面的。

I think what I said the last time was that we had, had very few buyers showing up and that our bid lists were burgeoning out, if you will, getting larger.

我想我上次所說的是，我們的買家很少出現，而且我們的投標清單正在迅速增長，如果你願意的話，會變得越來越大。

And I still believe that they're on the larger side, certainly relative to the last couple of years.

我仍然相信，與過去幾年相比，它們的規模更大。

Let me make one correction back to Farrell.

讓我對法雷爾做出一處更正。

On the asset that we did sell, that was a longer-term asset, seven-plus years of term.

我們出售的資產是長期資產，期限為七年多。

We did have one held-for-sale asset that was a shorter term.

我們確實有一項短期持有待售資產。

So I just wanted to clarify that.

所以我只是想澄清這一點。

Ladies and gentlemen, we have reached the end of question-and-answer session.

女士們、先生們，問答環節已經結束。

I would now like to turn the floor over to the management for closing comments.

我現在想請管理階層發表總結意見。

Thank you, everyone, for joining this quarter.

感謝大家加入本季。

Again, very happy with what we've been able to achieve.

再次，我們對我們所取得的成就感到非常滿意。

Very excited about the achievement, specifically on the credit side, and looking forward to moving the portfolio forward as we've been suggesting just over the last year since we listed the company in April, so stay tuned.

我們對這項成就感到非常興奮，特別是在信貸方面，並期待著推動投資組合向前發展，正如我們自四月份上市以來去年一直建議的那樣，敬請期待。

And we think we have good news in our future.

我們認為未來會有好消息。

Thank you for your time.

感謝您抽出時間。

This concludes today's teleconference.

今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation.

感謝您的參與。