Plymouth Industrial REIT Inc (PLYM) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Plymouth Industrial REIT first-quarter 2025 conference call. (Operator Instructions) Please note today's event is also being recorded.

早安，歡迎參加普利茅斯工業房地產投資信託 2025 年第一季電話會議。（操作員指示）請注意，今天的活動也正在被記錄。

I would now like to turn the conference call over to John Wilfong, Investor Relations. Sir, please go ahead.

現在我想將電話會議交給投資者關係部的約翰‧威爾方 (John Wilfong)。先生，請繼續。

Thank you, and good morning. Welcome to the Plymouth Industrial REIT conference call to review the company's results for the first-quarter of 2025. Yesterday afternoon, we issued our earnings release and posted a copy of our prepared commentary and a supplemental deck on the quarterly results section of our Investor Relations page.

謝謝，早安。歡迎參加普利茅斯工業房地產投資信託電話會議，回顧該公司 2025 年第一季的表現。昨天下午，我們發布了收益報告，並在投資者關係頁面的季度業績部分發布了我們準備好的評論和補充文件的副本。

In addition to these earnings documents, a copy of our 10-Q can be found on the SEC filings of our IR site. Our supplemental deck includes our full-year 2025 guidance assumptions, detailed information on our operations, portfolio and balance sheet, and definitions of non-GAAP measures and reconciliations to the most comparable GAAP measures.

除了這些收益文件之外，您還可以在我們 IR 網站的 SEC 文件中找到我們的 10-Q 副本。我們的補充資料包括我們對 2025 年全年的指導假設、有關我們的營運、投資組合和資產負債表的詳細信息，以及非 GAAP 指標的定義和與最具可比性的 GAAP 指標的對帳。

We will reference this information in our remarks. With me today is Jeff Witherell, Chairman and Chief Executive Officer; Anthony Saladino, President and Chief Financial Officer; Jim Connolly, Executive Vice President of Asset Management; and Anne Hayward, General Counsel.

我們將在評論中引用此資訊。今天與我一起的有董事長兼執行長 Jeff Witherell、總裁兼財務長 Anthony Saladino、資產管理執行副總裁 Jim Connolly 和總法律顧問 Anne Hayward。

I would like to point everyone to our forward-looking statements on page 3 of our supplemental presentation and encourage you to read them carefully. They apply the statements made in this call, our press release, our prepared commentary, and in our supplemental financial information.

我想向大家指出我們補充報告第 3 頁的前瞻性聲明，並鼓勵大家仔細閱讀。它們應用了本次電話會議、我們的新聞稿、我們準備好的評論以及我們的補充財務資訊中所作的聲明。

I'll now turn the call over to Jeff.

我現在將電話轉給傑夫。

Thanks, John. Good morning, and thank you for joining us today. I hope that everyone had a chance to review the commentary and supplemental information we posted last night. First, I will hit a few highlights and then we'll go to Q&A.

謝謝，約翰。早安，感謝您今天加入我們。我希望每個人都有機會回顧我們昨晚發布的評論和補充資訊。首先，我將介紹一些重點，然後我們進入問答環節。

The first quarter of 2025 marked a strong start to the year, highlighted by record leasing activity, positive acquisition momentum, and stable core financial performance. We continue to be well positioned to scale our platform with ample strategic capital and nearly 30% of annual rents rolling in 2025 and 2026 in markets benefiting from sequential rent growth, limited Class B supply, and favorable reshoring dynamics. We see a path for sustained internal growth and long-term value creation.

2025 年第一季標誌著今年的開局強勁，亮點包括創紀錄的租賃活動、積極的收購勢頭以及穩定的核心財務業績。我們將繼續以充足的戰略資本和近 30% 的年租金在 2025 年和 2026 年滾動，在受益於連續租金增長、B 級供應有限和有利的回流動態的市場中擴大我們的平台。我們看到了一條持續內部成長和長期價值創造的道路。

On a macro level, as global supply chains adjust to the shifting geopolitical and trade landscape, we will continue to actively monitor the impact across our tenant base in target markets. We have yet to see any material interruptions across our portfolio, but we have observed an increase in short-term space requirements, primarily driven by tenants responding to inventory adjustments and shifting trade flows.

從宏觀層面來看，隨著全球供應鏈適應不斷變化的地緣政治和貿易格局，我們將繼續積極監測其對目標市場租戶群體的影響。我們的投資組合尚未出現任何重大中斷，但我們觀察到短期空間需求增加，這主要是由於租戶對庫存調整和貿易流變化的反應。

Our strategic focus continues to be on acquiring and operating smaller footprint, infill industrial properties in dense, supply constrained submarkets, areas where speculative development has primarily targeted large scale bulk assets.

我們的策略重點仍然是收購和營運佔地面積較小、位於密集、供應受限的子市場中的填充工業地產，這些地區的投機性開發主要針對大規模批量資產。

In contrast to larger warehouses, which often face longer lease out periods in the narrower tenant base, our properties feature modular layouts and multi-tenant configurations that help mitigate binary vacancy risk and support more resilient cash flows. This flexibility enables us to adapt quickly to evolving tenant demands, including those driven by reshoring, inventory realignment, and supply chain diversification.

與大型倉庫相比，大型倉庫在較窄的租戶群體中往往面臨更長的租賃期，而我們的物業採用模組化佈局和多租戶配置，有助於降低二元空置風險並支持更具彈性的現金流。這種靈活性使我們能夠快速適應不斷變化的租戶需求，包括由回流、庫存調整和供應鏈多樣化驅動的需求。

Our acquisition strategy remains focused on expanding within our existing markets. Our deal activity in the first quarter and at the end of 2024 was funded largely by the proceeds of the Sixth Street transaction. These acquisitions were located in key distribution hubs within our target markets located across the Golden Triangle. As of today, we have approximately $205 million of acquisitions under agreement, representing roughly 2 million square feet at a targeted initial NOI yield of 6.5% to 6.75%.

我們的收購策略仍專注於在現有市場內擴張。我們第一季和 2024 年底的交易活動主要由第六街交易的收益資助。這些收購均位於我們金三角目標市場內的關鍵分銷中心。截至今天，我們已達成約 2.05 億美元的收購協議，面積約為 200 萬平方英尺，目標初始 NOI 收益率為 6.5% 至 6.75%。

Since our June 2017 IPO, we have acquired over 32 million square feet at an average cost under $50 per square foot, well below replacement cost, which not only provides a meaningful margin of safety, but also enhances cash flow returns and highlights our disciplined approach to capital deployment and value creation.

自 2017 年 6 月首次公開募股以來，我們已以每平方英尺不到 50 美元的平均成本收購了超過 3,200 萬平方英尺的土地，遠低於重置成本，這不僅提供了有意義的安全邊際，而且還提高了現金流回報，並凸顯了我們對資本部署和價值創造的嚴謹態度。

Moving to our balance sheet, we continue to have strong liquidity with over 88% of our debt being fixed, no debt maturities in 2025, and expect to operate in the 6 times range for the balance of the year. With the upsizing of our credit facility in last year's fourth quarter, we have $415 million of availability there, and with the capital secured through the Sixth Street transaction, we are well positioned and have the critical financial flexibility to scale our platform and support long-term value creation for our shareholders.

從我們的資產負債表來看，我們繼續擁有強勁的流動性，超過 88% 的債務是固定的，2025 年沒有債務到期，預計今年餘下的營運成本將在 6 倍左右。隨著去年第四季度信貸額度的增加，我們在那裡擁有 4.15 億美元的可用資金，並且透過第六街交易獲得了資本，我們處於有利地位，擁有關鍵的財務靈活性，可以擴大我們的平台規模並支持為股東創造長期價值。

Finally, we have affirmed our previously issued full-year 2025 guidance for core FFO. We anticipated a bit of a muted start to the year with a stronger second half driven by the stabilization of transitory vacancies in Cleveland and St. Louis, along with the full contribution from acquisitions expected to close in the second and third quarters. I look forward to providing further updates in the coming months as we execute on our leasing and capital deployment strategies.

最後，我們確認了先前發布的 2025 年全年核心 FFO 指引。我們預計今年年初業績會略顯平淡，但下半年業績會有所好轉，這得益於克利夫蘭和聖路易斯暫時空置職位的穩定，以及預計將在第二季度和第三季度完成的收購的全部貢獻。我期待在未來幾個月執行租賃和資本部署策略時提供進一步的更新資訊。

I would now like to turn it over to the operator for questions.

現在我想把問題交給接線生。

(Operator Instructions)

（操作員指示）

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thanks, good morning. First question in the prepared commentary, you noted the potential three year renewal at the 624,000 square foot asset in St. Louis and the backfill prospects you're negotiating with at ODW, that the 772,000 square footer in Columbus. Just in light of the current environment, how confident are you that those deals get done and have conversations changed at all over the last few weeks, in light of the current environment here?

嗨，謝謝，早安。在準備好的評論中，第一個問題是，您指出聖路易斯 624,000 平方英尺資產的潛在三年續約，以及您正在與 ODW 談判的補充前景，即哥倫布 772,000 平方英尺的資產。僅就當前環境而言，考慮到當前的環境，您對這些交易能夠完成以及過去幾週的對話是否發生了變化有多大信心？

Yes. Regarding St. Louis, that's we've come to terms with the -- on the renewal, it's been signed right now. So any day three year deal. And in ODW, they've agreed to take anywhere from 280,000 square feet to 400,000 square feet back for a period of time, and that to 265,000 of it is out for signature right now.

是的。關於聖路易斯，我們已經就續約問題達成了協議，現在已經簽署了。所以任何一天都是三年的交易。在 ODW 中，他們同意在一段時間內收回 280,000 平方英尺到 400,000 平方英尺的土地，其中 265,000 平方英尺的土地目前正在等待簽名。

Okay. And then in terms of the acceleration in growth in the back half of the year. So really strong second half in terms of increase in total NOI and portfolio occupancy. The larger St. Louis asset, I guess is a contributor that you backfilled and signed the lease there, the 769,000 square foot facility, but that was removed from the same store. Can you just walk through the key drivers behind the acceleration in the same store growth rate later in the year what the primary drivers are there?

好的。然後就下半年的成長加速而言。因此，就總淨營業收入和投資組合入住率的成長而言，下半年確實表現強勁。我猜想，聖路易斯較大的資產是您填補並在那裡簽署租約的貢獻者，即佔地 769,000 平方英尺的設施，但它已從同一家商店中移除。您能否簡單介紹一下今年稍晚同店成長率加速背後的關鍵驅動因素是什麼？主要驅動因素是什麼？

Yeah, happily. And Todd, as a point of correction, that St. Louis asset is in same store. So that is a key contributor to the growth. But -- as Jeff mentioned, we experienced a fairly moderate start to the year in the pool. That said, about 70% of 1.6 million square feet of speculative space greater than 100,000 square feet included in our guidance has now been leased.

是啊，很開心。托德，需要糾正的是，聖路易斯的資產在同一家商店。所以這是成長的關鍵因素。但是——正如傑夫所提到的，我們今年在游泳池方面經歷了相當平淡的開局。也就是說，我們指導範圍內超過 10 萬平方英尺的 160 萬平方英尺投機空間中，約有 70% 已出租。

So the cadence of occupancy is the best way to illustrate the path to the full year growth. Starting back to Q4 2024 for this pool, occupancy was 92.2%. The lease-up of this larger format space, which we just discussed, adds approximately 640 basis points of occupancy. This is going to be partially offset by a temporary 130 basis point vacancy expected in Q4, which results in a projected year-end same-store occupancy of about 97.3%.

因此，入住率的節奏是說明全年成長路徑的最佳方式。從 2024 年第四季開始，該泳池的入住率為 92.2%。我們剛剛討論過的這種更大面積空間的租賃增加了大約 640 個基點的入住率。預計第四季將出現 130 個基點的臨時空置率，這將部分抵消這一影響，導致預計年底同店入住率約為 97.3%。

Okay, that's really helpful. And sorry about that. I appreciate the clarification on St. Louis. And then last question, just in terms of the $205 million of acquisitions under agreement. Can you just remind us run through the funding sources for those investments from here? That the timing of the remaining drawdown of the $79 million preferred, what you're anticipating there? And I guess in terms of funding the balance, how we should think about that?

好的，這確實很有幫助。我對此感到抱歉。我很感謝對聖路易斯的澄清。最後一個問題，是關於協議規定的 2.05 億美元收購事宜。您能否提醒我們這些投資的資金來源？您對剩餘的 7,900 萬美元優先股提取時間有何預期？我想，在資金平衡方面，我們該如何考慮呢？

Sure. So the funding mechanism is the line of credit. To your point, we have another $79 million to draw from the Series C preferred, which we will do so in May. Thinking about the impact of that drawdown compared to current rates, there's about 125 basis point premium relative to our line. So there'll be an uptick in interest expense post draw.

當然。因此，融資機制就是信用額度。正如您所說，我們還可以從 C 系列優先股中提取另外 7,900 萬美元，我們將在 5 月提取。考慮到與目前利率相比此次提款的影響，相對於我們的額度，溢價約為 125 個基點。因此提款後利息支出將會上升。

With respect to cadence of deployment, we identified the $200 million-plus. There's probably another $150 million right behind that. So there could be some chunky deployment in the middle of the year with tapering as we arrive at year-end.

關於部署節奏，我們確定了2億多美元。此後可能還有另外 1.5 億美元。因此，年中可能會出現大規模部署，而到年底時部署將逐漸減少。

Okay, all right, thank you.

好的，好的，謝謝。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thank you. Good morning. Where does a buyback stack up with you on your priorities from a capital deployment standpoint today?

謝謝。早安.從當今資本配置的角度來看，回購在您的優先事項中處於什麼位置？

So to be clear, we did not repurchase shares during Q1. Our view is that a balanced approach deploying capital into both acquisitions and opportunistic repurchases is the best way to optimize long-term shareholder value. The repurchase math is compelling given the current market dislocation, but expanding the platform remains our priority.

因此需要明確的是，我們在第一季沒有回購股票。我們認為，將資本平衡地投入收購和機會性回購是優化長期股東價值的最佳方式。考慮到當前的市場混亂，回購運算是令人信服的，但擴大平台仍然是我們的首要任務。

Right. So -- and the buyback also can just be disruptive from a balance sheet perspective. I assume if you did go that direction, it would be on a balance sheet neutral way? Is that taking -- again, taking capital from the Sixth Street transaction and just instead of portfolio expansion buyback and it would still be a balance sheet neutral transaction in your mind. Is that correct?

正確的。因此，從資產負債表的角度來看，回購也可能造成損害。我認為如果您確實朝這個方向走，那將是資產負債表中立的方式？這是否再次表明，從第六街交易中獲取資本，而不是進行投資組合擴張回購，在您看來，這仍然是一項資產負債表中立的交易。對嗎？

It would be. And that's in part the motivation for a balanced approach to the deployment of the remaining capital.

這將是。這在某種程度上也是平衡部署剩餘資本的動機。

Okay. On ODW, you said $280 million to $400 million some amount as being signed now or sort of -- it's sort of -- what was that? Was that $280 million that's being close to being signed. Is that what you said? I missed that. I apologize.

好的。關於 ODW，您說現在簽署的金額是 2.8 億到 4 億美元，或者某種——某種——那是什麼？那筆 2.8 億美元的交易即將簽署。你是這麼說的嗎？我錯過了。我很抱歉。

Yes.

是的。

$280 million. And you said period of time, is that like another one of those short-term six-month type situations or longer or shorter? How could you describe that?

2.8億美元。您說的一段時間，是像另一種短期六個月的情況，還是更長或更短？你怎麼形容它？

Yeah. It's through the end of the year plus into '26 with an undefined end date at this point.

是的。它將持續到今年年底，並持續到 26 年，但目前結束日期尚未確定。

And the mentality there generally and maybe specifically for that is just we don't know what's going on in front of us with tariffs, et cetera, in the economy. And so we're just -- don't want to make an overcommitment. Is that basically the commentary from your tenants?

那裡的普遍心態，或許具體而言，就是我們不知道關稅等因素對我們經濟的影響。所以我們只是——不想做出過多的承諾。這基本上就是您的租戶的評論嗎？

On that particular one, Rich, that's not the case. So they occupy the entire building. They have built out a newer campus. And so they're going through a flux of new contracts, expiring contracts, and moving to other space. So that's not a tariff issue.

就這一點而言，Rich，事實並非如此。所以他們佔據了整棟建築。他們建造了一個新的校園。因此，他們正在經歷一系列新合約、到期合約以及轉移到其他領域。所以這不是關稅問題。

As I recall, they have some presence in that area. But generally speaking, is that the sort of the mentality that you're hearing?

我記得他們在那個地區有一些存在。但一般來說，您聽到的就是這樣一種心態嗎？

So yeah. So in our marks and in the commentary here, we have mentioned that there is some short-term. So thought process going on from tenants to secure additional space, additional stocking material. So there is some dislocation. Again, we've said in here, we haven't really seen it in a significant manner across our portfolio yet.

是的。因此，在我們的標記和評論中，我們提到存在一些短期因素。因此，租戶正在考慮確保額外的空間和額外的庫存材料。因此存在一些錯位。再說一次，我們在這裡說過，我們還沒有在我們的投資組合中看到它顯著的變化。

Okay. And last for me, you reiterated guidance. You got some acquisitions coming, maybe some more after that. What -- some of your peers saying we would have raised guidance had it not been for some of these uncertainties ahead.

好的。最後，我要說的是，您重申了指導。您將進行一些收購，之後可能還會進行更多收購。一些同行表示，如果沒有未來的一些不確定性，我們會提高指導。

Do you -- would you make the same comment or would you say guidance is good, it sort of captures whatever might happen in the future as stands. So it's not something that you would have raised if not for some of the questions that are out there right now broadly, broadly speaking.

您會做出同樣的評論嗎？或者您會說指導是好的，它可以捕捉到未來可能發生的任何事情。所以，從廣義上講，如果不是因為現在存在的一些問題，你是不會提出這個問題的。

I mean I think our view is that, that's a good range. And to Jeff's point, there hasn't been a lot of static and just given the momentum around leasing and the success in pursuing and ultimately deploying this capital. I think we're in a good position to achieve within the range that we previously reported and recently affirmed.

我的意思是，我認為我們的觀點是，這是一個很好的範圍。正如傑夫所說，並沒有出現太多靜態情況，只是考慮到租賃的勢頭以及追求和最終部署這筆資本的成功。我認為我們有能力實現我們先前報告和最近確認的範圍內的目標。

Okay, fair enough. Thanks very much.

好吧，夠公平。非常感謝。

Thank you.

謝謝。

Nick Tillman, Baird.

尼克·蒂爾曼，貝爾德。

Good morning. I appreciate all the commentary on some of the larger tenant. Anthony, I think you mentioned 140 basis points of occupancy loss in fourth quarter. Is that related to any specific tenants or I know like as we look through the schedule, that's like the next tenant that we didn't touch on is like communications test design. Any updates there?

早安.我感謝所有關於一些較大租戶的評論。安東尼，我想你提到了第四季度入住率損失了 140 個基點。這是否與任何特定租戶有關，或者我知道，當我們查看時間表時，就像我們沒有涉及的下一個租戶一樣，就像通訊測試設計。有任何更新嗎？

I'll let Jim fill you in on that, but it is not that tenant. It is a single tenant that we anticipate is more likely than not to vacate now in November.

我會讓吉姆告訴你這件事，但那不是那個房客。我們預計，單一租戶很有可能在 11 月搬走。

As far as CTDI, we have reached out to them about extending their lease. As you know they only did a one year renewal last time because they had a buyout in the contract which has passed. So we're looking for them to extend longer this time. The plant is very busy and they're very good tenant.

就 CTDI 而言，我們已經與他們聯繫，商討延長租約事宜。如你所知，他們上次只續約了一年，因為他們的合約中有一項買斷條款，現在已經過去了。因此我們希望他們這次能延長一段時間。工廠非常繁忙，他們是非常好的租戶。

And maybe following up, Jeff, you've kind of talked a lot about sort of the smaller tenant or smaller building, multi-tenant assets and kind of the focus there on the acquisition standpoint. Is there any appetite from like a disposition side to maybe de-risk on some of these individual tenants and sell some of those assets, given where the stock is trading today?

傑夫，也許接下來，您已經談了很多關於小型租戶或小型建築、多租戶資產以及從收購角度的關注點。考慮到目前的股票交易情況，處置方是否有意願降低部分個人租戶的風險並出售部分資產？

I mean, Nick, we look at that all the time. But I don't think there's a situation of de-risking. I think we've been very clear that if you look at the St. Louis property, I mean, if you look at our basis, we bought a Class A building at $72 a square foot. Unilever probably should have renewed there.

我的意思是，尼克，我們一直在關注這一點。但我不認為有去風險的情況。我想我們已經非常清楚了，如果你看看聖路易斯的房產，我的意思是，如果你看看我們的基礎，我們以每平方英尺 72 美元的價格購買了一棟 A 級建築。聯合利華或許應該在那裡續約。

They did a global reorganization of their supply chain. You can see that we've backfilled it with a Fortune 500 global tenant, and they may take some more space in there. And what we're going through right now is, again, is a lot of like one-year extensions or six-month extensions until they figure out their supply lines.

他們對全球供應鏈進行了重組。您可以看到，我們已經將財富 500 強全球租戶納入其中，他們可能會佔用其中的更多空間。我們現在所經歷的，是許多類似於一年的延期或六個月的延期，直到他們弄清楚他們的供應線。

I don't really think it's a lot of the stuff that we've talked about is tariff related. It's really just an inflection point of groups like Unilever. You see, Amazon is just made some main changes. FedEx is making some major changes.

我並不認為我們討論的很多內容都與關稅有關。這其實只是聯合利華等集團的一個轉捩點。你看，亞馬遜只是做了一些主要的改變。聯邦快遞正在進行一些重大變革。

Again, I don't think a lot of that is tariff related, quite frankly. It just seems to be that now is the time that a lot of these groups are starting to reorganize. So we always look at assets that we believe if we can sell them and reposition them into something better, we're always looking at that. So we'll see how it goes.

再說一次，坦白說，我認為這與關稅關係不大。現在看來，許多團體正開始重組。因此，我們總是關注那些我們認為可以出售並重新定位為更好資產的資產，我們一直在關注這一點。我們將拭目以待。

No. That's very helpful. And then maybe just one last question quickly for Anthony. Any changes to sort of what you're seeing on collections or bad debt within the portfolio or changes to the watch list?

不。這非常有幫助。然後也許我只想快速問安東尼最後一個問題。您所看到的投資組合中的收款或壞帳情況或監視名單有什麼變化嗎？

No. The composition in terms of count on the watch list hasn't really changed. We have 35 bps of bad debt embedded in our guidance, none of which was utilized in Q1. This compares favorably to our historical run of about 10 bps. For context, 2024 was an anomaly due to the Cleveland bankruptcies, which pushed bad debt above 100 bps. But excluding those events, bad debt for 2024 would have been approximately 20 basis points.

不。觀察名單的數量組成其實並沒有改變。我們的指引中包含 35 個基點的壞賬，但第一季並未使用任何壞帳。這與我們歷史上約 10 個基點的成長率相比更為有利。就背景而言，由於克利夫蘭破產，2024 年是一個異常年份，導致壞帳率超過 100 個基點。但排除這些事件，2024 年的壞帳率將約為 20 個基點。

As of quarter end, our watch list includes five tenants. They occupy a combined 290 square feet. Their total ABR is less than 1%, and all but one of those tenants is current on rent. And so when we zoom back and make these assessments in terms of our watch list, today, we think there's a 90%-plus likelihood that those tenants will stay current or make full term payments over the remaining life of their lease, which across those five tenants is about 1.5 years.

截至季末，我們的關註名單包括五名租戶。它們總共佔地 290 平方英尺。他們的總 ABR 不到 1%，除一名租戶外，其餘所有租戶均按時支付租金。因此，當我們回顧並根據今天的觀察名單做出這些評估時，我們認為這些租戶有 90% 以上的可能性會在剩餘的租約期限內保持現狀或全額付款，這五個租戶的剩餘租約期限約為 1.5 年。

Very helpful, thank you guys.

非常有幫助，謝謝大家。

Thanks, Nick.

謝謝，尼克。

(Operator Instructions)

（操作員指示）

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah, hi. So I think you said you expect at year-end about 97.3% occupancy. And I guess how much of that 97.3% is this short-term leasing, like 170,000 in St. Louis or something that could be 36 to 90 days or something, they could go away pretty quickly. So how much of that 97.3% could kind of go away within a couple of months or something?

是的，你好。所以我認為您說過您預計年底的入住率約為 97.3%。我猜這 97.3% 中有多少是短期租賃，例如聖路易斯的 170,000 套，租賃期可能是 36 到 90 天左右，這些租賃可能很快就會消失。那麼這 97.3% 有多少會在幾個月內消失呢？

Mike, I would say about 25 bps of that. But here's the caveat. With respect to the temp fill there's prospects that will likely absorb that space on a longer-term basis. And so we're not thinking about that space as being all that disruptive to the occupancy ramp.

麥克，我想說大約是 25 個基點。但這裡有一個警告。對於臨時填補，有前景可能會在長期內吸收該空間。因此，我們並不認為該空間會對入住率造成太大影響。

The 90 day out was actually added benefit for us because we do have interest in the space longer term. So it's for us to be able to replace them with a longer-term tenant.

90 天的期限實際上對我們來說是額外的好處，因為我們確實對該領域的長期發展感興趣。因此，我們可以用長期租戶來取代他們。

Got it. Okay. And then just to clarify, the 97.3% that does reflect 140 basis points of recapture, I think that you were talking about in November?

知道了。好的。然後需要澄清的是，97.3% 確實反映了 140 個基點的回收，我認為您在 11 月談論的是這個嗎？

It does.

確實如此。

It does, okay.

確實如此，好吧。

It's 130 bps just for clarification sake.

為了清楚起見，我們將其定為 130 bps。

Okay. Sounds good. And then one other question. I guess how much capacity -- I know you talked about $200 million under contract, I think another $150 million behind it. I guess what's the capacity for acquisitions after that before you get to the point where you need to start thinking about the next round of equity as being critical to fund the acquisitions.

好的。聽起來不錯。還有一個問題。我猜想容量有多大——我知道您談到了合約中的 2 億美元，我認為後面還有 1.5 億美元。我想，在你開始考慮下一輪股權融資對於收購融資至關重要之前，你認為之後的收購能力如何？

And I guess if the stock doesn't rerate, what -- how do you approach the next batch of acquisitions once you need to start thinking about equity?

我想，如果股票沒有重新評級，那麼當您開始考慮股權時，您將如何處理下一批收購？

I think beyond those tranches, there remains ample capacity. But to fund that kind of next iteration, there could be intake in recycling. We'll evaluate that as we deploy through the balance of this year, but we do think post that deployment, specifically as it relates to the articulation of deployment and guidance, they're still a couple of hundred million of capacity before we have to go back to the market.

我認為除了這些部分之外，還有足夠的容量。但為了資助這種下一次迭代，可能會進行回收。我們將在今年餘下的部署過程中對此進行評估，但我們確實認為，在部署之後，特別是與部署和指導的闡述相關的部署之後，在我們必須重返市場之前，它們仍然有幾億的容量。

Got it. Okay, appreciate it. Thank you.

知道了。好的，謝謝。謝謝。

Thanks, Mike.

謝謝，麥克。

Eric Borden, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Eric Borden。

Hey, good morning. I'm just going back to ODW, on the space that is being leased about the one-third. Can you talk about any frictional vacancy? Is there any downtime associated? And do you plan or intend to split up the box and if there's any CapEx involved there?

嘿，早安。我剛剛回到 ODW，談論大約三分之一正在租賃的空間。你能談談任何摩擦空缺嗎？是否存在相關的停機時間？您是否計劃或打算拆分該盒子，以及是否涉及任何資本支出？

They may be depending on the term of the tenancy, some cost demise, but we've had agreements with the prospects that we have in hand, where it's going to fence off the different areas.

它們可能取決於租賃期限，一些成本會降低，但我們已經與現有客戶達成協議，將不同區域分開。

Okay. so it would be a minimal downtime in terms of occupancy and them paying rent, or would they immediately just pay rent, and the fence would go up rather quickly?

好的。那麼從入住和支付租金的角度來看，停工期會很短，還是他們會立即支付租金，然後圍欄就會很快建起來？

The latter. We would demise it very quickly and they pay rent immediately.

後者。我們很快就會將其出租，他們會立即支付租金。

Okay, that's helpful. And then just following up on that, when would ODW be added back to the same store pool?

好的，這很有幫助。然後繼續問，ODW 什麼時候會被重新加入到同一個儲存池？

Once the space is restabilized. So it's more likely than not that they'd be added back in '26

一旦空間重新穩定下來。所以他們很有可能在 26 年被重新加入

Okay. You talked about acquisitions being our priority focus, maybe with some stock buybacks, but just curious where new development starts fit into the capital outlay understand that you started a smaller investment during the quarter. Just curious on your thoughts going forward for the development pool?

好的。您談到收購是我們的重點，也許還會進行一些股票回購，但我好奇新開發項目在資本支出中佔比如何，據了解，您在本季度開始了一項較小的投資。我只是好奇您對開發池未來的想法？

Yeah, Eric. So we did start the last remaining parcel in our -- one of our parks in Jacksonville. So it's 42,000 square feet. There's a lot of demand down there. So we feel that was a build it and they'll come situation, and it's not a lot of money. So it's not a big issue for us. But we had this deal contracted. It just made a lot of sense to finalize construction in that park and stabilize. So that's what we're doing.

是的，埃里克。因此，我們確實開始了傑克遜維爾其中一個公園中剩下的最後一塊土地的開發。所以它的面積是 42,000 平方英尺。那裡的需求很大。因此，我們認為這是一種建好之後他們就會來的情況，而且花費也不多。所以這對我們來說不是什麼大問題。但我們已經簽訂了這筆交易。完成該公園的建設並使其穩定下來是非常有意義的。這就是我們正在做的事情。

Aside from there, I mean, we've mentioned in the past that we have 200,000 square feet ready to go in Cincinnati. We have, I think, 115,000 square feet ready to go in the new acquisition in Memphis, that portfolio. They're being set up as built right now. So unless someone comes today and wants us to build them a building at a high single-digit yield to us, we're not going to build spec. I don't think you're going to see us build spec in the next couple of quarters.

除此之外，我的意思是，我們過去曾提到過，我們在辛辛那提有 20 萬平方英尺的空間可供使用。我認為，我們在孟菲斯新收購的投資組合中有 115,000 平方英尺的空間可供使用。它們現在正在按原樣安裝。因此，除非今天有人來要求我們為他們建造一棟收益率高達個位數的建築，否則我們不會進行規格建造。我認為你不會看到我們在接下來的幾個季度內建立規格。

Great, thanks for the time guys.

太好了，謝謝大家的時間。

All right, thank you.

好的，謝謝。

And ladies and gentlemen, in showing no additional questions, we'll conclude today's question-and-answer session as well as today's conference call. We do thank everyone for joining. You may now disconnect your lines.

女士們、先生們，如果沒有其他問題，我們將結束今天的問答環節以及今天的電話會議。我們非常感謝大家的加入。現在您可以斷開線路了。