Plymouth Industrial REIT Inc (PLYM) 2023 Q2 法說會逐字稿

Good day, and welcome to the Plymouth Industrial REIT second-quarter 2023 earnings conference call. (Operator Instructions) Please note that today's event is being recorded.

美好的一天，歡迎參加普利茅斯工業房地產投資信託基金 2023 年第二季度收益電話會議。 （操作員說明）請注意，今天的活動正在錄製中。

At this time, I would like to turn the conference over to Tripp Sullivan of Investor Relations. Please go ahead, sir.

現在，我想將會議交給投資者關係部的 Tripp Sullivan。請繼續，先生。

Thank you. Good morning. Welcome to the Plymouth Industrial REIT conference call to review the company's results for the second quarter of 2023. On the call today will be Jeff Witherell, Chairman and Chief Executive Officer; Anthony Saladino, Executive Vice President and Chief Financial Officer; Jim Connolly, Executive Vice President of Asset Management; and Anne Hayward, General Counsel.

謝謝。早上好。歡迎參加普利茅斯工業房地產投資信託基金電話會議，回顧該公司 2023 年第二季度的業績。今天的電話會議將由董事長兼首席執行官傑夫·威瑟雷爾 (Jeff Witherell) 主持。安東尼·薩拉迪諾，執行副總裁兼首席財務官； Jim Connolly，資產管理執行副總裁；和總法律顧問安妮·海沃德。

Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website, along with our Form 10-Q and supplemental filed with the SEC.

我們的業績今天早上在我們的收益新聞稿中發布，您可以在我們網站的投資者關係部分找到該新聞稿，以及我們向 SEC 提交的 10-Q 表格和補充材料。

A replay of this call will be available shortly after the conclusion of the call through August 10, 2023. The numbers to access the replay are provided in the earnings press release. For those who listened to the replay of this call, we remind you that the remarks made herein are as of today, August 3, 2023, and will not be updated subsequent to this call.

本次電話會議的重播將在電話會議結束後不久進行，直至 2023 年 8 月 10 日為止。收益新聞稿中提供了訪問重播的號碼。對於那些收聽本次電話會議重播的人，我們提醒您，本文中的言論截至今天，即 2023 年 8 月 3 日，並且不會在本次電話會議之後更新。

During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential acquisitions and other investments, future dividends, and financing activities.

在本次電話會議中，我們做出的某些評論和聲明可能被視為證券法規定含義內的前瞻性聲明，包括與我們投資組合的未來業績、我們的潛在收購和其他投資渠道、未來股息和融資活動。

All forward-looking statements represent our judgment as of the date of this conference call and are subject to risks and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risks and other information disclosed in the company's filings with the SEC.

所有前瞻性陳述均代表我們截至本次電話會議之日的判斷，並受到風險和不確定性的影響，可能導致實際結果與我們當前的預期存在重大差異。投資者應仔細審查公司披露的各種信息，包括公司向 SEC 提交的文件中披露的風險和其他信息。

We also will discuss certain non-GAAP measures, including but not limited to core FFO, AFFO, and adjusted EBITDA. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC.

我們還將討論某些非 GAAP 指標，包括但不限於核心 FFO、AFFO 和調整後 EBITDA。這些非 GAAP 衡量標準的定義以及與最具可比性的 GAAP 衡量標準的調節均包含在我們向 SEC 提交的文件中。

I'll now turn the call over to Jeff Witherell. Please go ahead.

我現在將把電話轉給 Jeff Witherell。請繼續。

Thanks, Tripp. Good morning, everyone, and thank you for joining us today. We are more than halfway through the year, and our team continues to execute across the objectives we outlined for 2023.

謝謝，特里普。大家早上好，感謝您今天加入我們。今年已過半，我們的團隊將繼續執行我們為 2023 年制定的目標。

Fundamentals continued to be strong with positive absorption, better-than-expected leasing volumes, and rent increases along with market rent growth. Achieving our objectives through the balance of the year will position us for even better growth in 2024.

基本面繼續強勁，吸納量積極，租賃量好於預期，租金隨市場租金增長而上漲。在今年剩下的時間裡實現我們的目標將使我們在 2024 年實現更好的增長。

Let's turn to growth first. Our organic growth is right on track with a 6% increase in cash same-store NOI this quarter and a 7.5% increase through the first half of the year. Occupancy in the same-store pool is still around 99%, and our portfolio continues to be among the top performers in the sector.

讓我們首先轉向增長。我們的有機增長步入正軌，本季度同店現金 NOI 增長 6%，今年上半年增長 7.5%。同店入住率仍約為 99%，我們的產品組合繼續躋身該行業表現最佳之列。

Leasing results demonstrate the attention we are providing the portfolio as well as the strong fundamentals in our specific markets. We have addressed 88% of our 2023 expirations and 24% of our 2024 expirations. Both are at a pace in rent increase ahead of where we were at this time a year ago.

租賃結果證明了我們對投資組合的重視以及我們特定市場的強勁基本面。我們已經解決了 88% 的 2023 年到期問題和 24% 的 2024 年到期問題。兩者的租金上漲速度均超過一年前此時的水平。

We saw a 19.3% increase in rental rates on a cash basis for the quarter. And through July 31, we have achieved a 23.1% increase on leases commencing in the second half of the year. That's in line with our commentary last quarter that we might be trending ahead of the 18% to 20% portfolio mark to market we have previously estimated.

我們看到本季度現金租金率增長了 19.3%。截至 7 月 31 日，我們下半年開始的租賃量增長了 23.1%。這與我們上個季度的評論一致，即我們的趨勢可能會領先於我們之前估計的 18% 至 20% 的投資組合市場份額。

In our development program, we have three more projects left to deliver by year end. The two buildings in Jacksonville are fully leased with deliveries in Q3 and Q4, and our second Atlanta project is coming online in Q3. We still have work to do on leasing up this Atlanta building and the one in Cincinnati that was delivered in Q2. Both of these properties were well located, and I'm confident we'll get these leased up within underwriting.

在我們的開發計劃中，我們還有三個項目需要在年底前交付。傑克遜維爾的兩座建築已全部出租，並於第三季度和第四季度交付，我們的第二個亞特蘭大項目將於第三季度上線。我們仍有工作要做，租賃亞特蘭大的這座大樓和第二季度交付的辛辛那提的大樓。這兩處房產都位置優越，我相信我們會在承保範圍內出租這些房產。

Across the entire $61 million that we have in our development program, we're expecting initial returns in the range of 7% to 9%. Based on the success of this program, we will continue to explore additional opportunities if the returns meet our thresholds and we have a clear line of sight on pre-leasing.

我們的開發計劃總共 6100 萬美元，我們預計初始回報率在 7% 到 9% 之間。基於該計劃的成功，如果回報達到我們的門檻並且我們對預租賃有明確的目標，我們將繼續探索更多機會。

The other major initiative is to continue improving our capital structure. We have now lowered our net debt plus preferred metric for five straight quarters and on a path to get to 7x by year end and further de-levering in 2024.

另一項重大舉措是繼續改善我們的資本結構。我們現已連續五個季度降低淨債務加優先指標，並有望在年底前達到 7 倍，並在 2024 年進一步去槓桿化。

While leasing up our new developments are part of this equation, another big piece is the elimination of our 7.5% Series A preferred stock. We announced last night that we will redeem the $49 million that's still outstanding. Anthony will get into more of the details later, but I want to highlight two of the main sources of capital for this redemption.

雖然出租我們的新開發項目是這個等式的一部分，但另一個重要部分是取消我們 7.5% 的 A 系列優先股。我們昨晚宣布，我們將贖回尚未償還的 4900 萬美元。安東尼稍後將介紹更多細節，但我想強調這次贖回的兩個主要資金來源。

First, we activated the ATM program during the quarter and for a part of July and executed at prices that in combination with sale proceeds from the sale of a property anticipated to occur within the next 60 days will allow us to eliminate the secured debt on that property and redeploy the proceeds towards the Series A redemption on an accretive basis.

首先，我們在本季度和 7 月份的部分時間啟動了 ATM 計劃，執行價格與預計在未來 60 天內出售房產的銷售收益相結合，將使我們能夠消除該項目的擔保債務。財產並以增值方式將所得款項重新用於A 輪贖回。

I've talked about this before, and it bears repeating now. We have a handful of properties that we would sell for real estate reasons, meaning it makes more sense to be owned by a user and/or it's a property where we might have little to no scale in that market as opposed to a strategy of capital recycling. This potential disposition fits that description perfectly.

我之前已經談過這一點，現在值得重複一遍。我們有一些出於房地產原因而出售的房產，這意味著由用戶擁有更有意義和/或我們在該市場上可能幾乎沒有規模的房產，而不是資本策略回收。這種潛在的性格完全符合這個描述。

I want to thank a couple of people who have made big contributions to Plymouth over the years. First, I'd like to thank Martin Barber, who many of you know from his decades of experience in the REIT sector. He retired from our Board effective with June's annual meeting after many years of service to Plymouth and its shareholders.

我要感謝多年來為普利茅斯做出巨大貢獻的幾位人士。首先，我要感謝馬丁·巴伯（Martin Barber），你們中的許多人都從他在房地產投資信託領域數十年的經驗中認識了他。在為普利茅斯及其股東服務多年後，他從我們的董事會退休，並於 6 月的年度會議上生效。

Second, I'd like to recognize Pen White, who cofounded Plymouth with me and retired from his positions as President and CIO last month. He'll continue to serve on the Board of Directors as well as advise the company on acquisitions and strategy.

其次，我要感謝 Pen White，他與我共同創立了 Plymouth，並於上個月從總裁兼首席信息官的職位上退休。他將繼續在董事會任職，並就收購和戰略向公司提供建議。

We are fortunate to have benefited over the years from Pen's contributions as well as the investment team he helped to put in place. We have a deep experienced team at Plymouth, and that gave us the luxury of not having to backfill those roles.

多年來，我們很幸運能夠從 Pen 的貢獻以及他幫助組建的投資團隊中受益。我們在普利茅斯擁有一支經驗豐富的團隊，這讓我們不必重新填補這些職位。

Before I turn it over to Jim, I'd like to highlight that last month, we published our first ESG report. We are proud of the effort our team went through to document all of the different activities, initiatives, and investments we've made throughout our company and our portfolio. You can find it on the dedicated ESG page on our website.

在將其交給 Jim 之前，我想強調一下，上個月，我們發布了第一份 ESG 報告。我們為我們的團隊為記錄我們在整個公司和投資組合中所做的所有不同活動、計劃和投資所做的努力感到自豪。您可以在我們網站的專門 ESG 頁面上找到它。

Jim, why don't you provide some color on the leasing activity?

吉姆，你為什麼不提供有關租賃活動的一些信息呢？

Thanks, Jeff. Good morning. I want to first touch on the leases we previously signed that commenced during the second quarter. We had a 19.3% rental rate increase on a cash basis on leases commencing in Q2. That's on an aggregate basis.

謝謝，傑夫。早上好。我想首先談談我們之前簽署的、在第二季度開始的租約。從第二季度開始，我們的租賃租金按現金計算增長了 19.3%。這是在總體基礎上的。

You'll note from the release in the supplemental that the new leases experienced a 36% increase, while renewal leases experienced 11.2% increase. We had a 75% renewal rate during the quarter. Of the leases that were renewed, 21% were associated with contractual rent increases, which impacts the overall renewal rate increase.

您會從補充版本中註意到，新租約增長了 36%，而續租租約增長了 11.2%。本季度我們的續訂率為 75%。在續籤的租約中，21% 與合同租金上漲有關，這影響了整體續簽率的增長。

Through the first half of the year, of the leases that were renewed, 14.2% of the renewals were contractual increases. While during current market conditions fixed rate renewals tend to have lower rental rate increases than market renewals, they do potentially increase renewal probability and usually have a lower leasing cost. In many cases, there are no commissions or tenant improvements.

今年上半年，在續租的租約中，14.2%的續租是合同增長。雖然在當前市場條件下，固定利率續約的租金漲幅往往低於市場續約，但它們確實有可能增加續約概率，並且通常具有較低的租賃成本。在許多情況下，沒有佣金或租戶改善。

Related to the development program in Georgia, we have agreed to terms on a 72,000-square-foot lease in our 180,000-square-foot facility with active tenants pursuing the balance. In Cincinnati, we are close on numerous deals with full and partial building users.

與佐治亞州的開發計劃相關，我們已就 180,000 平方英尺的設施中 72,000 平方英尺的租賃條款達成一致，活躍租戶正在尋求平衡。在辛辛那提，我們即將與全部和部分建築用戶達成多項交易。

We have addressed over 88% of the total square footage scheduled to expire in 2023 when we add up all these leases signed. And commencing in 2023, we will experience an aggregate increase of 20.3% on a cash basis.

當我們將所有簽署的租約加起來時，我們已經解決了計劃於 2023 年到期的總面積的 88% 以上。從 2023 年開始，我們的現金支付總額將增長 20.3%。

The lease renewal rate so far for 2023 leasing is 67%. With total portfolio occupancy at 98% and the same-store occupancy at 98.9%, both of which are essentially flat from Q1, we continue to benefit from strong leasing activity with rental rates still accelerating at a record pace.

到目前為止，2023 年租賃的續租率為 67%。由於投資組合總入住率為 98%，同店入住率為 98.9%，兩者與第一季度基本持平，我們繼續受益於強勁的租賃活動，租金率仍以創紀錄的速度加速。

Turning to 2024, we have already leased over 24% of the initial 2024 expirations. We will experience an aggregate 14.6% increase on a cash basis on these rents, 8.7% for renewals and 43.7% for new tenants.

到 2024 年，我們已經租出了 2024 年最初到期的 24% 以上。這些租金按現金計算將總計上漲 14.6%，續租租金將上漲 8.7%，新租戶將上漲 43.7%。

This rental increase compares favorably to this time last year when our earliest batch of 2023 leases were up 11.1% on a blended basis. The renewal percentage for these transactions was 79%, with 53% of the renewal leases associated with contractual renewals.

與去年同期相比，此次租金漲幅相當可觀，當時我們最早一批 2023 年的租金混合增長了 11.1%。這些交易的續約率為 79%，其中 53% 的續租租賃與合同續約相關。

Consistent with nearly every quarter since the pandemic, we have collected over 99% of our rents billed during Q2, and there are currently no active rent deferral agreements.

與大流行以來的幾乎每個季度一致，我們已收回了第二季度收取的租金的 99% 以上，並且目前沒有有效的租金延期協議。

At this point, I'll turn it over to Anthony to discuss our financial results.

此時，我將把它交給安東尼來討論我們的財務業績。

Thank you, Jim. The second quarter unfolded as we projected, and we have exited the quarter with a slightly more accelerated timeline on de-levering. Before we get into that, let's walk through some of the key metrics.

謝謝你，吉姆。第二季度的發展正如我們預期的那樣，本季度結束時，我們的去槓桿化時間表略有加快。在我們開始討論之前，我們先來看看一些關鍵指標。

As we noted last quarter, we anticipated a Q2 same-store NOI below the full-year trend line with the second half of the year trending back up. This was only a timing of expected spend associated with scheduled repairs and maintenance occurring midyear, coupled with the impact of real estate tax assessments that will be substantially recovered by year end.

正如我們上季度指出的，我們預計第二季度同店 NOI 將低於全年趨勢線，下半年將呈回升趨勢。這只是與年中發生的計劃維修和維護相關的預期支出時間，加上房地產稅評估的影響將在年底大幅收回。

With the 6% cash same-store NOI increase this quarter, we are at 7.5% through the first half of the year. That's right at the midpoint of our same-store NOI guidance. G&A for the quarter was down year over year on an absolute basis and down 210 basis points as a percentage of revenues, primarily due to the timing of certain professional fees and other expenses.

隨著本季度現金同店 NOI 增長 6%，我們今年上半年的增長率為 7.5%。這正是我們同店 NOI 指南的中間點。本季度的一般管理費用絕對值同比下降，佔收入的百分比下降了 210 個基點，這主要是由於某些專業費用和其他費用的時間安排。

The main drivers of the year-over-year increase in interest expense were the increase on the borrowings of our revolver associated with completing our development program and the approximately 400-basis-point increase in silver year over year.

利息支出同比增長的主要驅動因素是與完成我們的開發計劃相關的左輪手槍借款的增加以及白銀同比增長約 400 個基點。

The revolver is our only debt that is not hedged or fixed, and our only contemplated use of the revolver at this time is to fund the Jacksonville development buildings. As noted in the release, we have funded 87% of the $23.9 million of the development program that remains, which includes the two pre-leased Jacksonville buildings and the second Atlanta building that are all delivering in the second half of the year.

左輪手槍是我們唯一沒有對沖或固定的債務，目前我們對左輪手槍的唯一預期用途是為傑克遜維爾開發大樓提供資金。正如新聞稿中所指出的，我們已經資助了剩餘開發計劃2,390 萬美元中的87%，其中包括傑克遜維爾的兩座預租建築和亞特蘭大的第二座建築，這些建築均將於今年下半年交付。

The weighted average share and unit count was up year over year with a full quarter of the higher share count from the conversion of Madison's remaining shares of the Series B in two tranches last year.

加權平均股票和單位數量同比增長，其中四分之一的股票數量來自去年麥迪遜 B 系列剩餘股票分兩批的轉換。

The utilization of the ATM that Jeff mentioned earlier will have a prospective impact on the weighted average share count in the second half of the year. The impact of which will be more than offset by the accretive execution of the Series A redemption.

Jeff 之前提到的 ATM 的使用將對下半年的加權平均股數產生預期影響。其影響將被 A 系列贖回的增量執行所抵消。

Turning to our balance sheet, we ended Q2 with net debt to adjusted EBITDA at 7.06 times and net debt plus preferred to adjusted EBITDA at 7.45 times, our fifth consecutive quarter of de-levering.

轉向我們的資產負債表，第二季度結束時，我們的淨債務與調整後EBITDA 之比為7.06 倍，淨債務加優先股與調整後EBITDA 之比為7.45 倍，這是我們連續第五個季度去槓桿化。

One of the big opportunities to continue improving the balance sheet that we've talked about for some time is the elimination of our Series A preferred stock. As you saw last night, we announced the redemption of 7.5% Series A. at par or $25 per share. It will be redeemed on September 6 for the final dividend paid at that time. After that point, the shares will no longer be deemed outstanding and will de-list from the exchange.

我們已經討論了一段時間的繼續改善資產負債表的重大機會之一是取消我們的 A 系列優先股。正如您昨晚所看到的，我們宣布以面值或每股 25 美元的價格贖回 A 輪 7.5% 的股份。將於9月6日贖回當時派發的末期股息。此後，這些股票將不再被視為流通股，並將從交易所退市。

We have $48.8 million of the security outstanding, and we intend to utilize the $27 million of ATM proceeds raised in Q2 and to date in Q3, along with expected proceeds from the sale of a property that should close in the third quarter.

我們有 4880 萬美元的未償擔保，我們打算利用第二季度和第三季度迄今籌集的 2700 萬美元 ATM 收益，以及應在第三季度完成的出售房產的預期收益。

The redemption of the Series A is a significant de-levering event that upon execution is expected to be accretive to core FFO and brings us closer to sustaining below 7 times while creating strategic capacity as we evaluate internal and external growth opportunities.

A 系列的贖回是一項重大的去槓桿化事件，執行後預計將增加核心 FFO，使我們更接近於維持在 7 倍以下，同時在我們評估內部和外部增長機會時創造戰略能力。

As of June 30, 95% of our debt carried a fixed rate or was fixed through interest rate swaps with a total weighted average cost of debt of 3.96% with 58% of total debt on an unsecured basis.

截至6月30日，我們95%的債務採用固定利率或通過利率互換固定，總加權平均債務成本為3.96%，其中58%的債務是無擔保的。

Our liquidity position remains strong as presently, we have $12.4 million of cash on hand, plus an additional $6.7 million in operating escrows and $287.5 million of capacity on the revolving line of credit. The November maturity of the AIG loan for $110 million is our next opportunity to latter debt maturities, and we will provide a substantive update on the execution next quarter.

我們的流動性狀況依然強勁，目前我們手頭有 1,240 萬美元現金，另外還有 670 萬美元的運營託管資金和 2.875 億美元的循環信貸額度。 AIG 1.1 億美元貸款將於 11 月到期，這是我們推遲債務到期的下一個機會，我們將在下個季度提供執行情況的實質性更新。

Based on the first-half results, we once again affirmed our core FFO guidance for the year. We made a slight change in the net loss range to reflect additional depreciation, amortization, and interest expense and a shift in the timing of a lease up on the remaining Phase 1 development buildings.

基於上半年業績，我們再次肯定了今年的核心 FFO 指引。我們對淨虧損範圍進行了輕微調整，以反映額外的折舊、攤銷和利息費用，以及剩餘一期開發建築的租賃時間的變化。

As I've said all year, we don't have much variability in our ranges this year with the stability and growth in our same-store pool, the rental rate increases, and the volume of leasing we continue to accomplish and few variables that remain, which would govern the high and low end of the ranges.

正如我全年所說，今年我們的範圍沒有太大變化，同店池的穩定性和增長、租金率的增加以及我們繼續完成的租賃量以及很少的變量保留，這將控制範圍的高端和低端。

Operator, we are now ready to take questions.

接線員，我們現在準備好回答問題。

(Operator Instructions) Todd Thomas, KeyBanc Capital Markets.

（操作員說明）Todd Thomas，KeyBanc 資本市場。

Hi, thanks. Good morning. First question, I was just wondering if you could talk a little bit more about your plans to permanently finance the remaining in $21 million of preferred redemption. Sounds like you have a disposition teed up.

你好謝謝。早上好。第一個問題，我只是想知道您是否可以多談談您為剩餘的 2100 萬美元優先贖回永久融資的計劃。聽起來你已經做好了準備。

Can you just provide a little bit more detail on the expected proceeds that you expect to generate and maybe and bookend sort of the pricing on that asset sale?

您能否提供更多有關您期望產生的預期收益的詳細信息，以及資產出售的定價？

Hey, Todd, thanks for the question. Yes, we're not getting into a lot of detail on that asset sale. It is the contract, still subject to some final due diligence. So we're not identifying it or kind of getting into that. We did put that -- basically, the proceeds, almost [$12 million].

嘿，托德，謝謝你的提問。是的，我們不會詳細介紹該資產出售的細節。這是合同，仍需接受一些最終的盡職調查。所以我們不會識別它，也不會深入探討它。我們確實說過——基本上，收益幾乎是[1200萬美元]。

We have talked about in the past a handful of assets. We have another one under LOI for sale, and we're selling these for pretty much [real reasons]. So we're not selling these assets [to pay off the] Series A. We're working on it [really].

我們過去討論過一些資產。我們還有另一套待售意向書，我們出售這些產品幾乎是出於[真正的原因]。因此，我們不會出售這些資產[以償還] A 輪融資。我們[確實]正在努力解決這個問題。

Okay. And should we assume -- I know de-leveraging was an important initiative beyond the Series A redemption. Should we assume additional equity issuance is on the table to the extent that the stock remains in sort of a similar range to where it's trading to where you issued in the second quarter and through July?

好的。我們是否應該假設——我知道去槓桿化是 A 輪贖回之外的一項重要舉措。我們是否應該假設額外的股票發行已經擺在桌面上，只要該股票的交易價格與第二季度和截至 7 月份的發行價格保持在類似的範圍內？

I think [the easy answer is] yes, but remember, [anything we issue] needs to be [accretive]. And so when you when you put the equity (technical difficulty) in line with [paying off the] Series A, coupled that with the disposition (technical difficulty) it's accretive [to FFO]. And so, we got to work on (technical difficulty). So we're not going to issue [any sort] of equity, we're going to issue [equity that is] accretive.

我認為[簡單的答案是]是的，但請記住，[我們發布的任何東西]都需要是[增值的]。因此，當您將權益（技術難度）與 [償還] A 輪融資一致時，再加上處置（技術難度），[FFO] 就會增值。因此，我們必須努力解決（技術難度）。因此，我們不會發行[任何形式的]股權，我們將發行[具有增值性的股權]。

Okay. Got it. And then just one question around occupancy and the guidance. You ended June -- you ended the quarter at 98.9%. You maintained the 98% for the -- 98% range for guidance. Can you just talk about the trajectory of occupancy from here in that range? And if there are any known move outs or anything specific that you can sort of point to as you look out towards the second half of the year?

好的。知道了。然後只有一個關於入住率和指導的問題。截至 6 月，該季度的完成率為 98.9%。您將 98% 維持在 -- 98% 範圍內作為指導。您能談談這個範圍內的入住率軌跡嗎？當您展望下半年時，是否有任何已知的搬遷或任何具體的事情可以指出？

During the second half of the year, same-store occupancy [was pretty much] flat on the overall portfolio. Operating plan for the prior year was to flow between 97% and 99%, which we [have done through].

今年下半年，同店入住率[幾乎]與整體投資組合持平。上一年的運營計劃是在 97% 到 99% 之間進行，我們[已經完成了]。

We do have one move-out [of 50,000 feet], [a Michaels store] in Atlanta, but [that was in the budget to be] (technical difficulty) and we have a lease that we're negotiating that is going to study the [nine ones or the 10 ones]. So we're going to [beat it] on that for sure. Other than that, there's really minimal turnover for this [part] of the year.

我們在亞特蘭大確實有一個[50,000英尺]的搬遷，[邁克爾斯商店]，但是[這在預算中]（技術困難），而且我們正在談判一項租約，我們將研究該租約[九個或十個]。所以我們肯定會在這方面[擊敗它]。除此之外，今年這段時間的營業額確實很少。

Okay. All right. Thank you.

好的。好的。謝謝。

John Kim, BMO Capital Markets.

約翰·金 (John Kim)，BMO 資本市場。

Hey, good morning. I think the connection is not great, so we couldn't hear some answers just provided to Todd's questions. But I wanted to ask you about the preferred [regimen that] -- your stock is up 18% year to date. It's prudent to reduce leverage.

嗨，早上好。我認為聯繫不是很好，所以我們聽不到托德問題的一些答案。但我想問你關於首選的[方案]——你的股票今年迄今為止上漲了 18%。降低杠桿是謹慎的做法。

But, Jeff, I think you indicated before at NAREIT that you thought raising equity in the $25 to $27 range would be appropriate. It looks like today you're more comfortable raising a little below that. Just wanted to ask -- I'm wanted to ask how you got there.

但是，傑夫，我認為您之前在 NAREIT 曾表示，您認為籌集 25 至 27 美元範圍內的股本是合適的。看起來今天你更願意加註低於該水平的一點。我只是想問——我想問你是怎麼到達那裡的。

So can you hear me, John?

那麼你能聽到我說話嗎，約翰？

It's a little bit choppy, so we can hear like every other word, but --

聲音有點斷斷續續，所以我們能像其他單詞一樣聽到，但是——

Okay, we tested early on when we got on the phone, it works. So I apologize for that. Yes, to Todd's question was that -- and as I said, we've been very consistent. We were not going to be [diluting equity].

好的，我們在接到電話時進行了早期測試，它可以工作。所以我對此表示歉意。是的，托德的問題是——正如我所說，我們一直非常一致。我們不會[稀釋股權]。

So we took advantage of the ATM to raise capital to the Series A. So maybe that is [staff coupon]. So that, with this position, as we have [spread out] in the remarks, what we've just done was accretive to FFO. So I wouldn't draw any conclusions that we're happy to [issue equity] at this price. It's really going to be [the dilutive] effect. If it's accretive to FFO, [we'll issue] equity. If it's dilutive, we won't do it.

所以我們利用 ATM 機為 A 輪融資籌集資金。所以也許這就是[員工優惠券]。因此，通過這個立場，正如我們在評論中[展開]的那樣，我們剛剛所做的事情是對 FFO 的增值。因此，我不會得出任何我們樂意以這個價格[發行股票]的結論。這確實會產生[稀釋]效應。如果它能增加 FFO，[我們將發行]股權。如果它會稀釋，我們就不會這樣做。

Okay. Got it. In in his prepared remarks, Jim mentioned the difference again that you had between new and renewal spreads and renewal options having an impact on that. I think, last quarter, you guys have mentioned that 10% of the remaining [expirations in the past so] that we know our option. So going forward, should we expect that gap to narrow?

好的。知道了。在他準備好的講話中，吉姆再次提到了新利差和續約利差之間的差異以及對此有影響的續約選項。我想，上個季度，你們提到了剩餘的 10% [過去已過期]，所以我們知道我們的選擇。那麼展望未來，我們是否應該預期這一差距會縮小？

Yes, as it relates to fixed rate [renewals], the component of this rate renewal in the portfolio will bleed out over the next two or so years. And just remember, John, this is not [dissimilar] from the blended results that we accomplished as we were addressing '23 expirations.

是的，由於它與固定利率[續訂]有關，因此投資組合中利率續訂的組成部分將在未來兩年左右的時間內消失。請記住，John，這與我們在解決 23 年到期問題時所取得的混合結果沒有[不同]。

We're about 400 bps ahead relative to last year's performance and are confident we're on the path to achieve a blended [cash build] at or in excess of 20% on '24 expirations.

與去年的表現相比，我們領先了約 400 個基點，並且有信心在 24 年到期時實現混合[現金增長]達到或超過 20%。

Okay, great. We'll follow up with the other questions and congrats [on the timing].

好的，太好了。我們將跟進其他問題並祝賀[時機]。

Nick Thillman, Baird.

尼克·希爾曼，貝爾德。

Hey, good morning. Maybe following up a little bit on the renewal, 52% of renewal activity with fixed renewals. I guess, what percentage of the stuff that is remaining in 2024 has that fixed renewal option embedded in it?

嗨，早上好。也許對續訂進行一些跟進，52% 的續訂活動是固定續訂。我猜，2024 年剩餘的產品中嵌入了固定續訂選項的比例是多少？

2024, the entire -- of the total, it's about [8%] left. This is a phenomenon that happens every year. So our numbers are always low looking at the forward year because the fixed renewals can commence sooner. And as we move into the [year], we start filling up with new leases in market rate renewals, and that's how the rate goes from 14% up to 20%.

到 2024 年，總數還剩下大約 [8%]。這是每年都會發生的現象。因此，展望未來一年，我們的數字總是很低，因為固定續約可以更快開始。隨著進入[年份]，我們開始在市場利率續約中填補新的租約，利率就是這樣從 14% 上升到 20%。

Okay. That's helpful. And then maybe there's been a decent amount of comments on like bigger box demand being a little softer. Your three largest tenants have spaces over 500,000 square feet expiring in St. Louis through 2025. Maybe could you provide a little commentary on that specific market and those spaces and then maybe early indications for FedEx in 2024? Thanks.

好的。這很有幫助。然後也許有很多評論說大盒子的需求有點軟。您的三個最大的租戶在聖路易斯擁有超過 500,000 平方英尺的空間，有效期到 2025 年。也許您可以提供一些關於該特定市場和這些空間的評論，然後可能是聯邦快遞在 2024 年的早期跡象？謝謝。

Those properties are (technical difficulty) that they're quite [low] (technical difficulty) FedEx is -- it's got a lot of money in the building. Their lease expires at 7/31. They have two renewal options, [and their notification period is February]. So we haven't heard from them, but there are intentions (technical difficulty) we certainly expect.

這些屬性（技術難度）相當[低]（技術難度）聯邦快遞——它在大樓裡投入了很多錢。他們的租約將於 7 月 31 日到期。他們有兩個續訂選項，[他們的通知期是二​​月]。所以我們還沒有收到他們的消息，但我們當然期望他們有意圖（技術難度）。

That's helpful. Thanks.

這很有幫助。謝謝。

(Operator Instructions) Nikita Bely, JPMorgan.

（操作員指令）Nikita Bely，摩根大通。

Hey, guys. Good morning. Can you talk a little bit about the pipeline for additional development starts, maybe what your yield expectation on the new deals would be? And also any color at all on potential acquisitions given the market environment, anything will be appreciated.

大家好。早上好。您能否談談額外開發項目的啟動情況，您對新交易的收益率預期是多少？鑑於市場環境，任何潛在收購的色彩都會受到讚賞。

Yes. So we do have a significant amount of land that's available for development. I think we've talked in the past where we've outlined we have additional capacity (technical difficulty) additional capacity in Charlotte, also in Cincinnati. And until we have a clear line of sight on leasing, we're probably not seeing any more new development.

是的。因此，我們確實有大量土地可供開發。我想我們過去已經談過，我們已經概述了我們在夏洛特和辛辛那提有額外的能力（技術難度）。在我們對租賃有清晰的認識之前，我們可能不會看到任何新的發展。

We had to finish up [what we have] and get them leased out. We do have several prospects that we are looking for [to pursue]. So if those come to fruition, we will build those. Those yields will be -- we said between (technical difficulty) I think we're achieving between (technical difficulty) and so [that] development yield is accretive and very attractive for us.

我們必須完成[我們擁有的]並將它們出租。我們確實有幾個正在尋找的前景。因此，如果這些成果得以實現，我們將建造它們。這些收益將是——我們所說的（技術難度）之間，我認為我們正在（技術難度）之間實現，因此開發收益是增值的，對我們來說非常有吸引力。

On additions, we continue to have a very robust pipeline. The market is still bifurcated, where we're seeing multiple offers on some properties, limited offers on others. We're still seeing deals [great to finance] and in cap rates that are somewhat spread out for a fairly wide range.

在補充方面，我們仍然擁有非常強大的管道。市場仍然是兩極分化的，我們看到一些房產有多個報價，而另一些房產的報價則有限。我們仍然看到[對融資很有好處]的交易和資本化率在相當大的範圍內分散。

And I think we're in agreement with several of the large houses. I know CBRE came out. We don't really see any clarity on cap rates until the end of the year. And that's being driven by the cost of debt that continues [to develop].

我認為我們與幾家大公司的意見一致。我知道世邦魏理仕出來了。直到今年年底，我們才真正看到上限利率有任何明確的情況。這是由持續[發展]的債務成本推動的。

Right. Two more questions. Anthony, you mentioned the $110 million AIG loan that matured. So what's the plan for that one when it matures. How are you going to take it out? What's the go forward on that one?

正確的。還有兩個問題。安東尼，你提到了 AIG 的 1.1 億美元貸款已經到期。那麼當它成熟時，它的計劃是什麼？你要怎麼把它拿出來？那個進展如何？

And the last one is just -- I wanted to hear the overall tone from tenants, like what have you heard from the tenants now? We've heard that some folks are taking longer to sign leases, decision-making process is a little slower, the business is not 10 out of 10 anymore. It's just good. It's great, but it's not 2020, 2021. Just overall color, the conversations that you're having with tenants -- what are they telling you?

最後一個就是——我想听聽租戶的整體基調，比如你現在從租戶那裡聽到了什麼？我們聽說有些人簽署租約的時間更長，決策過程有點慢，業務不再是十分之十。這很好。這很棒，但現在不是 2020 年、2021 年。只是整體色彩，你與租戶的對話——他們在告訴你什麼？

Why don't we start with tenant response with Jim, and then I'll follow-up with a response to your question on AIG?

我們為什麼不先與吉姆一起回答租戶的問題，然後我再回答您在 AIG 上提出的問題？

Yes. Like I said in the past, the tenants this year have taken a little longer to sign leases. I think if you just want to see how the general (technical difficulty) of the economy and how it's gone, it's not really indicative of the businesses. They are all still doing well. The [field business] is doing great.

是的。正如我過去所說，今年的租戶簽署租約的時間要長一些。我認為，如果你只是想看看經濟的總體（技術難度）如何以及它是如何消失的，那麼它並不能真正說明企業的情況。他們都還做得很好。 [現場業務]做得很好。

It's just the matter of is there going to be a recession? There's an upcoming recession. So they are holding off to the latest moment to sign a lease. We are still getting help in rent increases. [It's just agreeing to the standard]. Rent has gone up, but it's taking a little longer to make sure that macro -- any macro issues are [addressed] before the sign.

問題只是經濟是否會出現衰退？經濟衰退即將到來。因此，他們推遲到最後一刻才簽署租約。我們仍在獲得租金上漲方面的幫助。 [只是同意標準而已]。租金上漲了，但需要更長的時間來確保宏觀問題——任何宏觀問題在標誌出現之前得到[解決]。

And then as it relates to AIG, the base case addressing that maturity, we utilized some of the capacity on the line until we put it out or originated an alternative instrument with a five- or seven-year tenor.

然後，由於涉及到 AIG（解決該成熟度的基本案例），我們利用了部分生產線容量，直到我們推出或發明了一種期限為五年或七年的替代工具。

So as Jeff mentioned, interest rates continue to rise and will likely stay elevated for longer, and our sensitivity to pricing let us do -- widen our options, including exploring a (technical difficulty) incumbent lender and other [lenders].

因此，正如傑夫所提到的，利率繼續上升，並且可能會在更長的時間內保持高位，而我們對定價的敏感性讓我們能夠擴大我們的選擇，包括探索（技術難度）現有貸款人和其他[貸款人]。

The line currently is 6.9%. Short-term bank debt is around 7%. [Private debt market now is stable.] It's not overly receptive to (technical difficulty) is at this time. And the convertible debt bucket, which has seen a recent uptick in activity, remains opaque in terms of an option for us.

目前該線為 6.9%。短期銀行債務約為7%。 [私人債務市場現在穩定。] 目前還不太接受（技術難度）。而最近活動有所增加的可轉換債券對於我們來說仍然是不透明的選擇。

So on a relative basis, (technical difficulty) are offering really compelling terms starting at the low to [mid-fives], depending on [BV and term]. We've received actionable [candidates] from our banking partners. But listen, we look forward to heading for some kind of update on our [next call].

因此，相對而言，（技術難度）提供了真正令人信服的條款，從低到[中五]，具體取決於[BV和條款]。我們已收到來自銀行合作夥伴的可採取行動的[候選人]。但是聽著，我們期待在我們的[下一次通話]中獲得某種更新。

Got it. Thank you.

知道了。謝謝。

Anthony Hao, SunTrust.

安東尼·豪，SunTrust。

Good morning, guys. Thanks for taking my questions. Maybe I missed this, but Anthony, can you talk about what drove the 11% same-store expense growth this quarter?

早上好傢伙。感謝您回答我的問題。也許我錯過了這一點，但是安東尼，你能談談是什麼推動了本季度同店費用增長 11% 嗎？

Anthony, a lot of that is timing of events more than anything. I think we mentioned in Q2, we saw a bit of a pop, and we always anticipated this sort of ramp to Q4. So we're at that point today, if you will, 7.5% anticipated rent recovery will normalize the balance of the year to get us at/or maybe even slightly above the [midpoint].

安東尼，其中很多都是事件發生的時間比什麼都重要。我想我們在第二季度提到過，我們看到了一些增長，並且我們一直預計第四季度會出現這種增長。因此，如果你願意的話，我們今天就處於這個階段，7.5% 的預期租金恢復將使今年的平衡正常化，使我們達到/甚至略高於[中點]。

Okay. For 2024 leasing, if we exclude the renewal options, what would the renewal lease spread be?

好的。對於 2024 年的租賃，如果我們排除續租選擇，續租租差是多少？

That would be -- excuse me, one second, [23.6%].

那就是——對不起，一秒鐘，[23.6%]。

Okay. Thanks, guys.

好的。多謝你們。

Thank you.

謝謝。

Mitch Germain, JMP Securities.

米奇·傑曼，JMP 證券。

Sorry about that. Nice quarter. Jeff, I know I ask you this every couple of quarters, but just curious in terms of your willingness to entertain a joint venture discussion or another joint venture. Clearly, now that you've cleaned up the capital stack, is that something that is still under discussion?

對於那個很抱歉。不錯的季度。傑夫，我知道我每隔幾個季度就會問你這個問題，但只是好奇你是否願意接受合資企業討論或另一家合資企業。顯然，既然你已經清理了資本堆棧，那麼這件事還在討論中嗎？

Sure, Mitch. Yes, it is. I keep going back to [the Memphis] transaction that we did several years ago, where we were able to buy a $75 million folio. And we bought, which is funny because it's about $7 million or $8 million, no CapEx, leasing commissions that we could just not take our balance sheet. I mean, it would just [scar] our numbers each quarter.

當然，米奇。是的。我不斷回顧幾年前我們在孟菲斯進行的交易，當時我們能夠購買價值 7500 萬美元的對開本。我們買了，這很有趣，因為它的價格約為 700 萬或 800 萬美元，沒有資本支出，沒有租賃佣金，我們無法接受我們的資產負債表。我的意思是，這只會讓我們每個季度的數字都受到影響。

And so we did it as a (technical difficulty) We bought it back last year. And that portfolio is performing exceptionally well. And so that's a win-win. And so we'll continue to do that. We're doing that because we believe we're adding that for the shareholders.

所以我們把它作為一個（技術難度）我們去年買回來了。該投資組合的表現非常出色。所以這是雙贏的。所以我們將繼續這樣做。我們這樣做是因為我們相信我們是在為股東增加這一點。

As I said at the time, everybody that is in this room is a substantial shareholder -- on this call. And so we're not going [to be silly to dilute ourselves]. So as we do DVs, we're building the value, and that's the entry point. If it is going to add value, we're going to do. And I think it's a great complement for us.

正如我當時所說，在這次電話會議上，在座的每個人都是大股東。所以我們不會[愚蠢地稀釋自己]。因此，當我們製作 DV 時，我們正在構建價值，這就是切入點。如果它能增加價值，我們就會這麼做。我認為這對我們來說是一個很好的補充。

And so we actively have discussions. We've come across (technical difficulty) in our markets. We're picking up the property management fees, the asset management fees, and we do that. I think [we're winning in this] business, so we will continue to explore that.

所以我們積極地進行討論。我們在市場中遇到了（技術困難）。我們收取物業管理費、資產管理費，我們就這樣做。我認為[我們在這項業務中獲勝]，所以我們將繼續探索這一點。

That's helpful. Now that your development exposure is thinning out a little, and industrial fundamentals are still kind of extending this run to the positive, is there any desire to maybe look toward executing on some of your land positions? Or is it going to take some either pre-leased or significant interest to move forward on a new project?

這很有幫助。現在，您的開發業務正在逐漸減少，而且工業基本面仍然在某種程度上將這一趨勢向積極方向延伸，您是否希望考慮執行您的一些土地頭寸？或者是否需要一些預租或重大興趣才能推進新項目？

Yes, the -- and I think -- we are in active discussions on build-to-suit as we speak on our [development]. So I think that's where we're going to focus our attention, [not affect the] development.

是的，我認為，當我們談論我們的[開發]時，我們正在積極討論定制化的問題。所以我認為這就是我們要集中註意力的地方，[而不是影響]發展。

Got you. Thank you so much. A great quarter.

明白你了。太感謝了。一個很棒的季度。

Thank you.

謝謝。

At this time, we are showing no further questioners in the queue. And this does conclude the question-and-answer session. I would now like to turn the conference over to Mr. Jeff Witherell for any closing remarks.

目前，我們在隊列中沒有顯示更多提問者。問答環節到此結束。現在我想將會議轉交給 Jeff Witherell 先生髮表閉幕詞。

Thanks for joining us this morning. As always, we are available for follow-up questions. Thanks again.

感謝您今天早上加入我們。與往常一樣，我們可以回答後續問題。再次感謝。

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

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。

Portions of this transcript marked (technical difficulty) indicate audio problems. This file has been reviewed to minimize indiscernible language.

該文字記錄中標記為（技術難度）的部分錶明存在音頻問題。該文件已經過審查，以盡量減少難以辨認的語言。