Postal Realty Trust Inc (PSTL) 2024 Q3 法說會逐字稿

Greetings, and welcome to Postal Realty Trust's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Postal Realty Trust 2024 年第三季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Mr. Jordan Cooperstein, Vice President of FP&A, Capital Markets. Please go ahead now.

現在，我想將會議交給主持人、資本市場 FP&A 副總裁喬丹庫柏斯坦先生。請現在繼續。

Thank you, and good morning, everyone. Welcome to Postal Realty Trust's third-quarter 2024 earnings conference call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Robert Klein, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer.

謝謝大家，早安。歡迎參加 Postal Realty Trust 2024 年第三季財報電話會議。今天的電話會議由執行長 Andrew Spodek 主持；總裁 Jeremy Garber；羅伯特‧克萊恩 (Robert Klein)，財務長；以及首席會計官馬特·布蘭德溫 (Matt Brandwein)。

Please note the company may use forward-looking statements on this conference call, which are statements that are not historical facts and are considered forward looking. These forward-looking statements are covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

請注意，公司可能會在本次電話會議上使用前瞻性陳述，這些陳述不是歷史事實，而是前瞻性的陳述。這些前瞻性陳述受到 1995 年私人證券訴訟改革法案中前瞻性陳述安全港條款的約束。

Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including, but not limited to, those contained in the company's latest 10-K and its other Securities and Exchange Commission filings. The company does not assume and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

實際結果可能與前瞻性陳述中所述的結果有重大差異，並會受到公司無法控制的各種風險和因素的影響，包括但不限於公司最新的 10-K 和其他證券交易委員會文件中包含的風險和因素。本公司不承擔並明確否認更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Additionally, on this conference call, the company may refer to certain non-GAAP financial measures, such as funds from operations, adjusted funds from operations, adjusted EBITDA, and net debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials.

此外，在本次電話會議上，本公司可能會提及某些非公認會計準則財務指標，例如營運資金、調整後營運資金、調整後息稅折舊攤提前利潤和淨債務。您可以在公司的收益報告和補充資料中找到這些非 GAAP 財務指標與最新可比較 GAAP 指標的對帳表。

With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

現在，我將電話轉給郵政房地產信託公司執行長安德魯‧斯波德克 (Andrew Spodek)。

Good morning, and thank you for joining us today.

早安，感謝您今天加入我們。

The third quarter was notable as we made progress on releasing and have improved visibility on same-store cash NOI. In addition, we closed on our first significant disposition subsequent to quarter-end. As part of our efforts to streamline the releasing process, we worked collaboratively with the Postal Service and have arrived at a multi-tiered programmatic approach. Moreover, the Postal Service has devoted more resources towards the lease execution process. This methodology, coupled with increased resources, has improved the timing of releasing, allowing us to provide same-store NOI figures for 2023 through 2025.

第三季表現引人注目，因為我們在發布方面取得了進展，並且提高了同店現金淨營運收入的可見度。此外，我們在季度末之後完成了第一筆重大處置。作為簡化發布流程的努力的一部分，我們與郵政服務部門合作並達成了多層次的程序化方法。此外，郵政局也向租賃執行過程投入了更多資源。這種方法加上增加的資源改善了發佈時間，使我們能夠提供 2023 年至 2025 年的同店 NOI 數據。

We are already reaping the benefits of this approach. Rents for the 2023 and 2024 leases have already been agreed upon and we are working towards our mutual goal of executing leases before they expire on the 2025 leases and beyond. We expect 2023 same-store cash NOI growth to be greater than 4%. Also, we project 2024 to be at least 3.25% and we anticipate at least 3% growth in 2025. These strong same-store figures demonstrate our ability to generate internal growth through marking rents to market, incorporating annual rent escalations in new leases, and achieving operating efficiencies.

我們已經獲得了這種方法的益處。2023 年和 2024 年租約的租金已經達成一致，我們正在努力實現共同的目標，即在 2025 年租約到期之前及之後執行租約。我們預計 2023 年同店現金 NOI 成長率將超過 4%。此外，我們預計 2024 年的成長速度將至少達到 3.25%，而 2025 年的成長速度將至少達到 3%。這些強勁的同店數據證明了我們能夠透過以市場價格調整租金、在新租約中納入年度租金上漲以及實現營運效率來實現內部成長。

The newly executed 2023 and 2024 leases all contain 3% annual rent escalations, which increases the percentage of leases subject to escalations in our portfolio to 21%. The continued rent growth from these annual escalations provided us with comfort to begin including 10-year terms in certain tiers of our releasing process. We are excited about this result and the additional visibility this will provide into Postal Realty's strong (inaudible) cash flows.

新簽訂的 2023 年和 2024 年租約均包含 3% 的年度租金上漲，這使得我們投資組合中租金上漲的租約比例上升至 21%。這些年度上漲帶來的持續租金成長讓我們有信心在租約解除流程的某些層級中納入 10 年期租約。我們對這個結果感到非常興奮，這將為 Postal Realty 強勁的（聽不清楚）現金流帶來額外的可見性。

Through October 21, we have completed $64 million in acquisitions for the year and have placed an additional 29 properties totaling $11 million under definitive contracts. While acquisition volume was a bit lighter during the third quarter, we are still targeting $90 million at or above a 7.5% weighted average cap rate for 2024. Additionally, in October, the company sold two properties to two independent parties for a combined sale price of $6.3 million, representing a weighted average exit cap rate of 4.9%. We purchased these properties for $3.6 million.

截至 10 月 21 日，我們今年已完成價值 6,400 萬美元的收購，並根據最終合約簽訂了另外 29 處房產，總額為 1,100 萬美元。雖然第三季的收購量略有減少，但我們仍將目標定為 2024 年 9,000 萬美元，加權平均資本化率在 7.5% 或以上。此外，10 月份，該公司向兩家獨立方出售了兩處房產，總售價為 630 萬美元，加權平均退出資本化率為 4.9%。我們以 360 萬美元的價格購買了這些房產。

While the two properties are quite different, in each case, the buyer reproached us, having been attracted to the steady cash flows and strong underlying real estate. One of them is an urban property located in New York, which we effectively locked in a sales price today that accounts for potential future growth. The other property is a last-mile postal asset in Colorado, where the local owner had interest in acquiring the neighboring parcel to his property. While our goal is to grow earnings by expanding our portfolio, we will continue to explore recycling assets and accretively redeploying the proceeds.

雖然這兩處房產有很大不同，但在每種情況下，買家都被穩定的現金流和強勁的房地產潛力所吸引，因此對我們提出了指責。其中之一是位於紐約的一處城市房產，我們目前已有效地鎖定了考慮到未來潛在增長的銷售價格。另一處地產是科羅拉多州的最後一哩郵政資產，當地業主有意收購其房產附近的土地。雖然我們的目標是透過擴大投資組合來增加獲利，但我們將繼續探索回收資產並重新部署收益。

In reference to our balance sheet, last week, we announced an amendment to our credit facility, which included an additional $50 million commitment to our term loan maturing in 2028. The proceeds from the initial funding were used to pay down our revolving credit facility. With the vast majority of our revolver undrawn, stable cash flows from a reliable tenant, and exceptional internal growth, we believe Postal Realty is well positioned for years to come.

關於我們的資產負債表，上週，我們宣布了對信貸安排的修改，其中包括對 2028 年到期的定期貸款額外提供 5000 萬美元的承諾。初始融資所得用於償還我們的循環信貸額度。憑藉我們絕大多數未動用的循環信用額度、來自可靠租戶的穩定現金流以及出色的內部成長，我們相信 Postal Realty 在未來幾年將佔據有利地位。

I'll now turn the call over to Jeremy.

現在我將電話轉給傑瑞米。

Thank you, Andrew. To reiterate Andrew's sentiments, we made great progress on releasing same-store NOI growth, had our first significant dispositions, and are on track to meet our 2024 acquisitions guidance.

謝謝你，安德魯。重申安德魯的觀點，我們在釋放同店淨營運收入成長方面取得了巨大進展，進行了首次重大處置，並且預計將實現 2024 年收購目標。

As of October 21, the company had received 80 fully executed leases representing nearly 55% of the aggregate 2023 expired rent. The total net lump sum catch-up payment related to the 2023 leases was approximately $1.4 million, comprised of $326,000 for leases executed during the second quarter, $971,000 for leases executed during the third quarter, and $78,000 for leases executed during October.

截至 10 月 21 日，該公司已收到 80 份完全執行的租約，佔 2023 年到期租金總額的近 55%。與 2023 年租約相關的淨一次性補付款總額約為 140 萬美元，其中包括第二季度執行的租約 326,000 美元、第三季度執行的租約 971,000 美元以及 10 月份執行的租約 78,000 美元。

The company received 106 fully executed leases representing 78% of the aggregate 2024 expired and scheduled to expired rent. The total net lump sum catch-up payment related to the 2024 leases was approximately $351,000, comprised of $226,000 for leases executed during the third quarter and $125,000 for leases executed during October. As Andrew mentioned, all executed leases were subject to 3% annual rent escalations, and 6% of the portfolio now possesses 10-year leases.

該公司已收到 106 份完全執行的租約，佔 2024 年已到期和即將到期租金總額的 78%。與 2024 年租約相關的淨一次性補繳總額約為 351,000 美元，其中包括第三季執行的租約 226,000 美元和 10 月執行的租約 125,000 美元。正如安德魯所提到的，所有已執行的租約每年租金都會上漲 3%，目前 6% 的投資組合擁有 10 年期租約。

The company acquired 35 properties for $13.3 million at a weighted average cap rate of 7.5% during the third quarter. This added 106,000 net leasable interior square feet to our portfolio, inclusive of 29,000 square feet from 20 last-mile properties and 77,000 square feet from 15 flex properties. Subsequent to quarter-end, the company acquired 13 properties for $4.2 million.

該公司第三季以 1,330 萬美元的價格收購了 35 處房產，加權平均資本化率為 7.5%。這為我們的投資組合增加了 106,000 平方英尺的淨可出租室內面積，其中包括來自 20 處最後一英里房產的 29,000 平方英尺和來自 15 處靈活房產的 77,000 平方英尺。季度末之後，該公司以 420 萬美元收購了 13 處房產。

I'll now turn the call over to Rob to discuss our third-quarter financial results.

現在我將把電話轉給羅布，討論我們的第三季財務表現。

Thank you, Jeremy, and thank you, everyone, for joining us on today's call.

謝謝傑里米，也謝謝大家參加今天的電話會議。

For the third quarter, we delivered funds from operations, or FFO, of $0.24 per diluted share and adjusted funds from operations, or AFFO, of $0.30 per diluted share.

第三季度，我們的營運資金（FFO）為每股攤薄收益 0.24 美元，調整後營運資金（AFFO）為每股攤薄收益 0.30 美元。

Thanks to our strong partnership with our supportive lenders, we added $50 million of commitments to our term loan maturing in February 2028 and also increased our term loan accordion by $50 million subsequent to quarter-end. At closing, we funded $40 million to our 2028 term loan, leaving $10 million available on a delayed draw basis.

由於與支持性貸款機構的牢固合作關係，我們增加了 5000 萬美元的定期貸款承諾，該承諾將於 2028 年 2 月到期，並且在季度末之後將定期貸款額增加了 5000 萬美元。交易結束時，我們為 2028 年定期貸款提供了 4,000 萬美元的資金，剩下 1,000 萬美元可供延期提取。

Concurrently with the $40 million funding, we entered into an interest rate swap, fixing the interest rate through the maturity date of the loan at a current rate of 5.37%. The proceeds were used to repay the revolving credit facility, and after closing, $7 million remained outstanding on the revolver. The transaction lowers our weighted average interest rate, reduces our exposure to floating rate debt, and gives us plenty of capacity to fund future growth.

在獲得 4,000 萬美元融資的同時，我們簽訂了一項利率互換協議，將貸款到期日的利率固定在目前 5.37%。所得款項用於償還循環信貸額度，結清後，循環信貸額度仍有 700 萬美元未償還。此交易降低了我們的加權平均利率，減少了我們的浮動利率債務風險，並為我們提供了充足的資金來支持未來的成長。

Inclusive of the term loan funding and the revolver pay down, our debt outstanding had a weighted average interest rate of 4.4% and no significant near-term maturities.

包括定期貸款融資和循環信貸償還，我們未償還債務的加權平均利率為 4.4%，且沒有重大短期到期債務。

At the end of the third quarter, net debt to annualized adjusted EBITDA was 5.6 times, which is down from 6.1 times for Q2.

第三季末，淨債務與年化調整後 EBITDA 比率為 5.6 倍，低於第二季的 6.1 倍。

During the third quarter and through October 21, we issued approximately 732,000 shares of common stock through our ATM offering program and 252,000 common units in our operating partnership for total gross proceeds of approximately $14.2 million at an average gross price of $14.41.

在第三季截至 10 月 21 日，我們透過 ATM 發行計畫發行了約 732,000 股普通股，並在我們的營運合夥企業中發行了 252,000 股普通股單位，總收益約為 1,420 萬美元，平均總價格為 14.41 美元。

Recurring CapEx for Q3 was within our anticipated range at $253,000. Looking forward to Q4, we anticipate the figure to be between $125,000 and $225,000.

第三季的經常性資本支出在我們預期的範圍內，為 253,000 美元。展望第四季度，我們預計該數字將在 125,000 美元至 225,000 美元之間。

Our cash G&A expense guidance for the full year 2024 remains between $9.5 million and $9.8 million. Similar to prior years, we continue to decrease cash G&A as a percentage of revenue on an annual basis.

我們對 2024 年全年現金 G&A 費用的預期仍在 950 萬美元至 980 萬美元之間。與前幾年類似，我們繼續逐年減少現金一般及行政開支佔收入的百分比。

Our Board of Directors approved a quarterly dividend of $0.24 per share, representing a 1.1% increase from the Q3 2023 dividend.

我們的董事會批准每股 0.24 美元的季度股息，較 2023 年第三季股息增加 1.1%。

With the execution of new leases and the strong internal growth they provide, as well as accretive acquisitions, a conservative balance sheet, and significant access to capital, we are well positioned to generate value for our stakeholders through internal and external growth.

透過執行新的租約及其帶來的強勁內部成長、增值性收購、保守的資產負債表和大量的資本獲取，我們完全有能力透過內部和外部成長為我們的利害關係人創造價值。

That concludes our prepared remarks, and we'd like to open the line to take any questions you may have. Operator?

我們的準備好的演講到此結束，我們想開通熱線來回答大家的任何問題。操作員？

(Operator Instructions) Anthony Paolone, JPMorgan.

（操作員指示）摩根大通 (JPMorgan) 的 Anthony Paolone。

Thanks. Good morning. First question is, just as it relates to doing these 10-year duration deals now, can you talk a bit more about just whether that becomes a default duration or whether it's just certain assets that USPS is willing to go that length? Or maybe just talk a bit more about that process.

謝謝。早安.第一個問題是，就像現在進行這些 10 年期交易一樣，您能否再談談這是否會成為預設期限，或者只是 USPS 願意這麼長時間的某些資產？或者也許只是多談談這個過程。

Sure. Thanks for the question, Tony. So it's not a default term. It is something that we discussed with the Postal Service that seemed to make a lot of sense. We were happy with the rent growth we saw on the 23s and 24s. We're happy that we received our rent escalations for both those vintages.

當然。謝謝你的提問，托尼。所以它不是一個預設術語。我們與郵政服務部門討論過這個問題，覺得很有道理。我們對 23 日和 24 日的租金成長感到滿意。我們很高興這兩個年份的租金都上漲了。

And also importantly, our mutual goal with the Postal Service is to try to get in front of these leases before they expire. So pushing out the term for 10 years seemed to be a good idea given all those factors.

同樣重要的是，我們與郵政服務的共同目標是在這些租約到期之前盡快完成租約。因此，考慮到所有這些因素，將任期延長 10 年似乎是個好主意。

Okay. But it's something -- as we start to look to next year, you think you can maybe do more along those lines, like it doesn't have to just be five years at this point, like we could see more duration in the portfolio.

好的。但當我們開始展望明年時，你會認為也許可以沿著這條路線做更多的事情，例如現在不必只有五年，例如我們可以看到投資組合的更長期限。

Correct. That is the goal, assuming that it makes sense for us and for the Postal Service based on the rents we're receiving. It's a fluid process, and as we negotiate and as we continue to roll through these leases, we will update everybody on the percentage of leases that we're doing 10 years versus five years. But we think this is a good development for us and for shareholders, as well as for the Postal Service.

正確的。這就是我們的目標，假設這對我們和郵政服務都是合理的，並且是基於我們所收到的租金。這是一個流動的過程，隨著我們的談判以及我們繼續執行這些租約，我們將向大家通報 10 年期租約和 5 年期租約的百分比。但我們認為，這對我們、股東、郵政服務都是一個很好的發展。

Okay. And then just my second one, it sounded like from your intro comments that this really was a newer way of doing business with them to get these leases knocked out earlier than maybe what we've been seeing over the last couple of years. And so just remind me, is there any risk that that changes with the election or change in administration? Or is their process kind of just ring-fenced and just should continue the way you've been doing it?

好的。然後只是我的第二個問題，從你的介紹評論來看，這確實是一種與他們做生意的較新的方式，以便比我們過去幾年所看到的更早地取消這些租約。所以請提醒我一下，隨著選舉或政府變動，這種情況是否有變化的風險？或者他們的流程只是受到限制並且應該繼續按照你現在的方式進行？

Yeah. I don't believe that politics or the election really come into play on these lease negotiations. The Postmaster General was appointed under Trump and stayed in position while Biden was in office. And so I don't believe that this is really a concern for our negotiations today or going forward.

是的。我不相信政治或選舉會真正影響這些租賃談判。這位郵政局長是在川普任內任命的，拜登任職期間他一直留任。因此，我認為這實際上不是我們今天或今後談判所擔心的問題。

Okay. That's all I got. Thank you.

好的。這就是我得到的全部。謝謝。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist Securities。

Thanks. Good morning. I was wondering if you can share some more details around the leases, and more specifically, if you can talk about the cash or cap lease spreads that you were able to achieve.

謝謝。早安.我想知道您是否可以分享一些有關租賃的更多細節，更具體地說，您是否可以談談您能夠實現的現金或上限租賃利差。

I'm sorry. Can you repeat that? I couldn't hear it very well.

對不起。你能重複一遍嗎？我聽不太清楚。

If you can talk about the lease spreads that you were able to achieve.

如果您可以談談您能夠實現的租賃利差。

So we have not and do not disclose our leasing spreads, but we do speak to our same-store growth, which we relate to everybody, which we're very, very happy with: 4% for '23, 3.25% for '24, and we even gave a projection of greater than 3% for '25.

因此，我們不會透露我們的租賃利差，但我們確實談到了我們的同店成長率，我們對此感到非常非常滿意：23年為4％，24年為3.25％，我們甚至預測25年將超過3％。

Okay. Maybe I can ask it a different way then. When you look at that at least 3% growth projection for '25, can you help us break down the components of it?

好的。那我或許可以用不同的方式詢問。當您看到 25 年至少 3% 的成長預測時，您能幫我們分解其各個組成部分嗎？

We haven't really disclosed that as time goes on, and we may give you more color on it. But as of now, we really don't speak to more detail on it. We have a concentration with one tenant that we're constantly negotiating with, and for competitive advantages, also, it doesn't really make sense to disclose it.

隨著時間的推移，我們還沒有真正透露這一點，但可能會給你更多詳細資訊。但截至目前，我們還沒有談論更多細節。我們與一個租戶保持著集中關係，我們一直在與他們進行談判，但為了獲得競爭優勢，披露這一點實際上也沒有意義。

Okay. Understandable. Just last question then, is that 3% growth projection for 2025, would you say that's somewhat of a sustainable figure? I wasn't sure if there were some other components that might be driving it a little bit higher.

好的。可以理解。那麼最後一個問題，2025 年的成長預測為 3%，您認為這是一個可持續的數字嗎？我不確定是否還有其他因素可能導致其價格略微上漲。

So there are a lot of different components that go into setting the same-store number. It's not just about rent growth. It's also about the expenses of the company and the efficiencies that we can get in operating these properties. So we wanted to give you a projection to give you a line of sight as to where things are going to be, and we hope to continue to do that as time goes on and as we get in front of these leases of working with the Postal Service.

因此，設定同店銷售額需要考慮許多不同的因素。這不僅關乎租金成長。這也與公司的費用以及我們在經營這些資產時可以獲得的效率有關。因此，我們希望為您提供一個預測，讓您大致了解事情的發展方向，並且我們希望隨著時間的推移以及我們與郵政服務合作的進展情況繼續這樣做。

Okay. Thank you, guys.

好的。謝謝你們。

Steve Dumanski, Janney.

史蒂夫杜曼斯基，詹尼。

Thank you. I appreciate that you provided some insight on the two dispositions. Can you just provide more, I guess, of an update on why they were transacted at such a relatively low blended cap rate and if you see any more of these opportunities in terms of recycling capital going forward?

謝謝。我很感激您對這兩種性格提供了一些見解。您能否提供更多最新信息，說明為什麼它們以如此相對較低的混合資本化率進行交易，以及您是否看到未來在資本回收方面還有更多這樣的機會？

Appreciate the question. So these were both reverse inquiries. These were not marketed. These were not deals that we were putting out there for sale. Buyers approached us.

我很感謝你提出這個問題。因此，這些都是反向詢問。這些並未在市場上銷售。這些並不是我們要出售的交易。買家聯絡我們。

In general, we believe that we are undervalued. We think that a lot of the properties that we own have greater value and should be valued at lower cap rates. We were able to achieve a good return. We extracted value from these properties, and we're recycling this capital and putting them into other properties that we will extract value out of. We will continue to do that as the opportunity presents itself. But in the end, this is a growth company. And our goal is to continue to acquire and grow the company as we have been.

總體而言，我們認為我們被低估了。我們認為，我們擁有的許多房產具有更高的價值，應該以較低的資本化率來估價。我們獲得了豐厚的回報。我們從這些資產中提取了價值，我們正在回收這些資本，並將其投入到其他我們將從中提取價值的資產中。一旦有機會，我們將繼續這樣做。但最終，這是一家成長型公司。我們的目標是像以前一樣繼續收購和發展公司。

Thank you. That's all from us.

謝謝。我們要說的就這些。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO 資本市場。

Hey. Good morning, everyone. Maybe just starting with the acquisition environment, you noted that 3Q volumes were lighter than expected, but you still maintained the full-year target of $90 million. So I guess, what's kind of given you confidence to achieve that $90 million guidance as you look to continue to acquire in the fourth quarter? Thank you.

嘿。大家早安。也許剛從收購環境開始，您注意到第三季的交易量低於預期，但您仍然保持了 9000 萬美元的全年目標。那麼我想問一下，當您希望在第四季度繼續收購時，是什麼讓您有信心實現 9,000 萬美元的預期目標？謝謝。

Thank you. So as I've stated in the past, this is really not a quarterly business. And I know, by nature, everybody just takes what our targets are and applies them by quarter. This quarter was light just by a timing of the transactions, and so I'm not concerned about hitting our target. I'm very happy with our pipeline. I'm looking forward to our cost of capital going down and be able to increase our pipeline thereafter. But I didn't see a reason to adjust our target because I believe we're going to achieve it.

謝謝。正如我過去所說的，這實際上不是一個季度業務。我知道，從本質上講，每個人都只是確定我們的目標，並按季度實施它們。由於交易時間原因，本季的交易量比較少，因此我並不擔心能否達到我們的目標。我對我們的管道非常滿意。我期望我們的資本成本下降，從而能夠增加我們的產品線。但我認為沒有理由調整我們的目標，因為我相信我們能夠實現它。

That's helpful. And then maybe just on the cap rate environment, just given the tenure still remains volatile today post the Fed cutting rates, just curious, are buyers readjusting to that higher rate environment? Or are they still expecting kind of better pricing on their end just given potential future cuts?

這很有幫助。然後也許只是在資本化率環境中，鑑於聯準會降息後今天的期限仍然不穩定，只是好奇，買家是否正在重新適應更高的利率環境？或者說，考慮到未來可能出現的降價，他們是否仍期望獲得更好的定價？

We haven't seen a significant change in cap rates and sellers' expectation of pricing. But we do see a lot of sellers that are considering selling today that weren't in the market, let's call it, a year or so ago. So that's all positive.

我們尚未看到資本化率和賣家定價預期有顯著變化。但我們確實看到很多賣家今天正在考慮出售，而他們在一年前左右還沒有進入市場。這一切都是正面的。

Okay, that's helpful. Thank you very much. That's it for me.

好的，這很有幫助。非常感謝。對我來說就是這樣了。

(Operator Instructions) Ladies and gentlemen, we have reached the end of question-and-answer session. I would now like to turn the floor over to Andrew Spodek for closing comments.

(操作員指示)女士們、先生們，我們的問答環節已經結束。現在我想請安德魯·史波德克作最後發言。

Thank you. On behalf of the entire team, we want to thank you for your support and taking the time to join us today, and we look forward to connecting with all of you in the coming months.

謝謝。我謹代表整個團隊感謝您的支持並感謝您今天抽出時間加入我們，我們期待在接下來的幾個月與大家建立聯繫。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開您的線路。感謝您的參與。