Rexford Industrial Realty Inc (REXR) 2023 Q3 法說會逐字稿

Greetings, and welcome to Rexford Industrial Realty Inc. Third Quarter 2023 Earnings Call. (Operator Instructions). As a reminder, this conference is being recorded. It is now my pleasure to introduce David Lanzer, General Counsel. Thank you. You may begin.

您好，歡迎參加 Rexford Industrial Realty Inc. 2023 年第三季財報電話會議。 （操作員說明）。提醒一下，本次會議正在錄製中。現在我很高興向您介紹總法律顧問 David Lanzer。謝謝。你可以開始了。

We thank you for joining Rexford Industrial's Third Quarter 2023 Earnings Conference Call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package and investor presentation in the Investor Relations section on our website at rexfordindustrial.com.

我們感謝您參加 Rexford Industrial 2023 年第三季財報電話會議。除了昨天收盤後發布的新聞稿外，我們還在我們網站 rexfordindustrial.com 的投資者關係部分發布了補充資料和投資者介紹。

On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined by Federal Securities Laws. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ. For more information about these risk factors, please review our 10-K and other SEC filings.

在今天的電話會議上，管理層的言論和對您問題的回答可能包含聯邦證券法定義的前瞻性陳述。前瞻性陳述涉及可能導致實際結果不同的風險和不確定性的事項。有關這些風險因素的更多信息，請查看我們的 10-K 和其他 SEC 備案文件。

Rexford Industrial assumes no obligation to update any forward-looking statements in the future. Additionally, certain financial information presented on this call represents non-GAAP financial measures. Our earnings release and supplemental package present GAAP reconciliations and explanations of why such non-GAAP financial measures are useful to investors.

Rexford Industrial 不承擔未來更新任何前瞻性聲明的義務。此外，本次電話會議中提供的某些財務資訊代表非公認會計準則財務指標。我們的收益發布和補充方案提供了 GAAP 調節表，並解釋了為什麼此類非 GAAP 財務指標對投資者有用。

Today's conference call is hosted by Rexford Industrial's Co-Chief Executive Officers, Michael Frankel, and Howard Schwimmer, together with Chief Financial Officer, Laura Clark. They will make some prepared remarks, and then we will open the call for your questions. Now I turn the call over to Michael.

今天的電話會議由 Rexford Industrial 聯合執行長 Michael Frankel 和 Howard Schwimmer 以及財務長 Laura Clark 主持。他們將發表一些準備好的言論，然後我們將開始電話詢問您的問題。現在我把電話轉給麥可。

Thank you, David, and welcome, everyone, to Rexford Industrial's Third Quarter Earnings Call. I'll begin with a few remarks, followed by Howard, who will provide some additional market and operational color then Laura will provide more detail related to our performance and financial results.

謝謝大衛，歡迎大家參加雷克斯福德工業公司的第三季財報電話會議。我將首先發表一些評論，然後由霍華德提供一些額外的市場和運營方面的信息，然後勞拉將提供與我們的業績和財務業績相關的更多詳細信息。

To begin with, I'd like to thank our Rexford team for delivering a strong quarter across all of our value creation initiatives. Compared to the prior year quarter, our team grew FFO by 33%, and grew FFO per share by 12%, driven by strong same Property Pool Average occupancy of 97.8%, exceptional leasing spreads of 65% on a GAAP basis and 51% on a cash basis, as well as the substantial cash flow per share growth generated from our investments completed over the prior year.

首先，我要感謝我們的 Rexford 團隊在我們所有的價值創造計劃中提供了強勁的季度業績。與去年同期相比，我們團隊的FFO 增長了33%，每股FFO 增長了12%，這得益於97.8% 的強勁相同物業池平均入住率、按GAAP 計算的65% 的出色租賃價差和51 % 的51% 的出色租賃價差。現金基礎，以及我們上一年完成的投資產生的每股現金流量的大幅增長。

Tenant demand within our infill Southern California industrial markets continues to demonstrate resilience with market occupancy hovering around 98%, roughly equating to the 2019 market occupancy levels immediately preceding the pandemic. As expected, we continue to see market rent growth normalizing from the unprecedented growth we experienced during the pandemic. With regard to our Rexford portfolio, providing high-quality and prime locations within our submarkets, we continue to experience healthy diverse tenant demand as reflected in our strong operating metrics.

南加州填充工業市場的租戶需求持續展現彈性，市場入住率徘徊在 98% 左右，大致相當於疫情大流行之前的 2019 年市場入住率水準。正如預期的那樣，我們繼續看到市場租金成長從疫情期間經歷的前所未有的成長中恢復正常。至於我們的雷克斯福德投資組合，在我們的子市場中提供高品質和黃金地段，我們繼續經歷健康的多元化租戶需求，這反映在我們強大的營運指標上。

Although general economic conditions remain uncertain, Rexford remains well positioned. The company is currently situated with an estimated 33% embedded cash NOI growth within our existing portfolio, realizable over the next 2 years, assuming today's rents. Our largest driver of NOI growth derives from our repositioning and redevelopment work, which we continue to grow as we mine our in-place portfolio for incremental value creation opportunities, and as we layer in new investments, that are delivering strong levels of FFO per share accretion.

儘管總體經濟狀況仍不確定，但雷克斯福德仍處於有利地位。目前，該公司現有投資組合中嵌入現金 NOI 預計將成長 33%，假設當前租金不變，可在未來 2 年內實現。我們NOI 成長的最大驅動力來自於我們的重新定位和再開發工作，隨著我們挖掘現有投資組合以獲取增量價值創造機會，以及隨著我們分層進行新投資，這些工作將持續增長，這些投資將帶來強勁的每股FFO 水平吸積。

Looking forward, as markets nationwide normalize towards their post-pandemic levels of equilibrium and supply, we believe Rexford's entrepreneurial asset management, repositioning and value-add investing programs will enable the company to further differentiate our performance and FFO per share growth. We also believe over the near term, that the favorable supply-demand dynamics associated with our infill Southern California industrial markets will continue to drive the strongest tenant demand fundamentals of any major market in the nation.

展望未來，隨著全國市場朝著疫情後的均衡和供應水平正常化，我們相信 Rexford 的創業資產管理、重新定位和增值投資計劃將使公司能夠進一步實現我們的業績和 FFO 每股增長。我們也相信，在短期內，與填充南加州工業市場相關的有利供需動態將繼續推動全國所有主要市場中最強勁的租戶需求基本面。

Further supporting Rexford's favorable outlook, we remain focused on maintaining our investment grade, low leverage balance sheet ending the quarter at 16.7% net debt to total enterprise value, which provides the ability to both protect the company during uncertain times while also positioning Rexford to capitalize upon accretive investment opportunities as they may arise.

為了進一步支持Rexford 的良好前景，我們仍然專注於維持我們的投資等級、低槓桿資產負債表，本季末淨負債佔企業總價值的比例為16.7%，這提供了在不確定時期保護公司的能力，同時也讓Rexford 能夠利用資本抓住可能出現的增值投資機會。

With that, I'd like to acknowledge our Rexford team once again for your market-leading efforts that continue to differentiate Rexford's performance.

在此，我要再次感謝我們的 Rexford 團隊在市場領先方面所做的努力，使 Rexford 的業績不斷脫穎而出。

And now it's my pleasure to hand the call over to Howard.

現在我很高興將電話轉交給霍華德。

Thank you, Michael, and thank you, everyone, for joining us today. Rexford concluded the third quarter with strong results, driven by a high-quality portfolio and execution of value creation initiatives. With regard to market conditions, infill Southern California continues to demonstrate superior, long-term demand fundamentals with a virtually incurable supply-demand imbalance.

謝謝邁克爾，也謝謝大家今天加入我們。在高品質的產品組合和價值創造計劃的執行的推動下，雷克斯福德第三季度取得了強勁的業績。就市場狀況而言，南加州填充區持續展現出優越的長期需求基本面，但供需失衡幾乎無法治癒。

According to CBRE, in the third quarter, infill Southern California markets experienced 2.6 million square feet of positive net absorption. The infill Southern California market continues to outperform with vacancy at 2.2%, the lowest vacancy in the nation.

據 CBRE 稱，第三季度，南加州填充市場的淨吸收量為 260 萬平方英尺。南加州填充市場持續表現出色，空置率為 2.2%，為全國空置率最低。

A sequential 30 basis point vacancy increase compares favorably to an average increase of 70 basis points for the other major U.S. markets. Also, supply risk continues to be substantially lower for infill Southern California compared to the nation's other major markets.

與美國其他主要市場平均 70 個基點的空缺增幅相比，連續 30 個基點的空缺增幅相當可觀。此外，與美國其他主要市場相比，南加州的供應風險仍然大大降低。

Core traffic may also be on track towards normalization following the resolution of the dock workers contract with the most recent L.A. Long Beach port activity, reflecting a 20% increase month-over-month and the second highest volumes in the past 12 months. While in contrast, the East and Gulf Coast ports experienced a decrease in activity.

隨著最近洛杉磯長灘港口活動的碼頭工人合約得到解決，核心交通也可能走上正常化的軌道，環比增長 20%，是過去 12 個月中的第二高交通量。相比之下，東部和墨西哥灣沿岸港口的活動有所減少。

Turning to the Rexford portfolio. Third quarter performance continues to demonstrate our favorable position within the infill Southern California market. Our team executed 1.5 million square feet of lease activity, driving 100 basis points of positive net absorption and highlighting the sustained demand for our highly functional portfolio.

轉向 Rexford 產品組合。第三季的業績繼續證明了我們在南加州填充市場中的有利地位。我們的團隊執行了 150 萬平方英尺的租賃活動，推動了 100 個基點的正淨吸收量，並凸顯了對我們強大的投資組合的持續需求。

Annual embedded rent steps in our executed leases increased to 4.3%, demonstrating our tenants' ability to pay increasing rent for their mission-critical locations. In regard to market rents, we observed 3% year-over-year market rent growth for highly functional product comparable and quality to the Rexford portfolio impacted by a 1% sequential decline quarter-over-quarter. Interestingly, the 1% decline was principally driven by larger buildings.

我們執行的租約中的年度嵌入租金增加至 4.3%，這表明我們的租戶有能力為其關鍵任務地點支付不斷上漲的租金。在市場租金方面，我們觀察到與 Rexford 投資組合相當和品質的高性能產品的市場租金同比增長了 3%，但受到環比下降 1% 的影響。有趣的是，1% 的下降主要是由大型建築推動的。

Turning to our investment activity in the quarter. We closed 6 transactions for a total of $315 million bringing year-to-date investment activity to approximately $1.2 billion. Our third quarter investment collectively generates an initial yield of 5.2%, a projected unlevered stabilized yield of 6% on total cost.

轉向我們本季的投資活動。我們完成了 6 筆交易，總金額達 3.15 億美元，使年初至今的投資活動達到約 12 億美元。我們第三季的投資總共產生了 5.2% 的初始收益率，預計總成本的無槓桿穩定收益率為 6%。

In addition, we currently have a pipeline of approximately $400 million of highly accretive investments under contract or accepted offer. This includes the imminent closing of $245 million of investments in the San Gabriel Valley submarket that has an aggregate 6.8% initial yield. This pipeline, including the imminent transaction is subject to customer closing conditions.

此外，我們目前根據合約或接受的要約擁有約 4 億美元的高增值投資管道。其中包括即將完成對聖蓋博穀子市場 2.45 億美元的投資，其初始收益率總計為 6.8%。該管道，包括即將進行的交易，均取決於客戶成交條件。

With regard to our robust internal growth initiatives, we have approximately 4 million square feet of value-add repositioning and redevelopments in process or projected to start within the next 24 months. These projects are expected to deliver an aggregate unlevered yield on total cost of 6.4%, representing an estimated $500 million of value creation. Lastly, I'd like to thank our entrepreneurial Rexford team for their dedication and for delivering on another strong quarter.

關於我們強勁的內部成長計劃，我們有大約 400 萬平方英尺的增值重新定位和重建正在進行中或預計將在未來 24 個月內啟動。這些項目預計將帶來總成本 6.4% 的無槓桿總收益率，預計創造 5 億美元的價值。最後，我要感謝我們富有創業精神的 Rexford 團隊的奉獻精神以及他們在另一個季度的強勁表現。

I will now turn the call over to Laura to discuss our financial results.

我現在將把電話轉給勞拉，討論我們的財務表現。

Thank you, Howard, and thank you to our incredible Rexford team. Your exceptional performance and value creation focus continues to differentiate Rexford.

謝謝你，霍華德，也謝謝我們令人難以置信的雷克斯福德團隊。您卓越的表現和對價值創造的關注繼續使 Rexford 脫穎而出。

In the third quarter, core FFO per share grew 12% over the prior year quarter, driven by same-property NOI growth of 9.5% on a cash basis and 8.9% on a GAAP basis. Third quarter leasing spreads outperformed projections and year-to-date leasing spreads are 62% and 82% on a cash and GAAP basis, respectively.

第三季度，核心 FFO 每股較上年同期成長 12%，這得益於以現金計算的同資產 NOI 成長 9.5%，以 GAAP 計算成長 8.9%。第三季租賃利差超出預期，以現金和公認會計準則計算，年初至今的租賃利差分別為 62% 和 82%。

The portfolio is positioned for significant internal cash NOI growth into the foreseeable future. Just considering the next 2 years, value-add repositioning and redevelopment, representing our largest driver of growth, are projected to contribute $71 million of incremental NOI. Annual embedded rent steps of 3.5% for the total portfolio are projected to contribute another $26 million. And acquisitions closed in the third quarter and fourth quarter today contribute an incremental $28 million.

該投資組合的目標是在可預見的未來實現內部現金 NOI 的大幅成長。僅考慮未來兩年，增值重新定位和再開發（代表我們最大的成長動力）預計將貢獻 7,100 萬美元的增量 NOI。總投資組合的年度內含租金上漲 3.5%，預計將再貢獻 2,600 萬美元。今天第三季和第四季完成的收購貢獻了 2800 萬美元的增量。

In addition, the net effective portfolio mark-to-market is estimated at 56% representing $77 million of incremental NOI over the next 2 years. As we look further out, the conversion of the total portfolio net effect of mark-to-market equates to $350 million of incremental NOI growth equal to $1.70 per share of FFO contribution or 79% FFO per share growth.

此外，以市值計價的淨有效投資組合預計為 56%，相當於未來 2 年增量 NOI 7,700 萬美元。當我們進一步觀察時，按市值計價的總投資組合淨效應的轉換相當於 3.5 億美元的 NOI 增量增長，相當於每股 1.70 美元的 FFO 貢獻或每股 79% 的 FFO 增長。

Now to our funding strategy and balance sheet. Our focus remains on internal and external investments that drive near- and long-term accretion and NAV growth. We continue to demonstrate a highly selective rigorous approach to capital allocation as reflected in our investments to date that are driving substantially higher accretion than our prior year investments, inclusive of today's higher cost of capital.

現在我們的融資策略和資產負債表。我們的重點仍然是推動近期和長期增值以及資產淨值成長的內部和外部投資。我們繼續展示高度選擇性的嚴格資本配置方法，這反映在我們迄今為止的投資中，這些投資比我們上一年的投資大幅增加，包括當今更高的資本成本。

We will continue to assess accretive capital sources to fund internal and external growth opportunities, including dispositions. Our sustained focus on maintaining a fortress balance sheet positions us to capitalize on our value-driven business strategy in the current environment.

我們將繼續評估增值資本來源，為內部和外部成長機會（包括處置）提供資金。我們持續專注於維持堡壘資產負債表，使我們能夠在當前環境下利用價值驅動的業務策略。

At quarter end, net debt-to-EBITDA is 3.7x and we have liquidity of $1.5 billion. This includes $83 million of cash on hand, full availability on our $1 billion revolver and approximately $450 million of forward equity remaining for settlement.

截至季末，淨負債與 EBITDA 比率為 3.7 倍，我們的流動資金為 15 億美元。這包括 8,300 萬美元的手頭現金、我們 10 億美元左輪手槍的全部可用資金以及約 4.5 億美元的剩餘待結算遠期權利益。

Turning to guidance. We are increasing our 2023 core FFO per share guidance range to $2.16 to $2.18 per share, up from our previous guidance range of $2.13 to $2.16 per share. Our revised guidance range represents 11% year-over-year earnings growth at the midpoint. Please note that our guidance range includes the imminent closing of the San Gabriel Valley transaction, Howard mentioned. No additional acquisitions, dispositions or related balance sheet activities that have not yet closed are included in our updated guidance range.

轉向指導。我們將 2023 年核心 FFO 每股指引範圍從先前的每股 2.13 美元至 2.16 美元提高至 2.16 美元至 2.18 美元。我們修訂後的指導範圍代表中點獲利年增 11%。霍華德提到，請注意，我們的指導範圍包括即將完成的聖蓋博谷交易。我們更新的指導範圍不包括尚未完成的其他收購、處置或相關資產負債表活動。

Our projected 2023 cash and GAAP same property NOI growth remains unchanged at the midpoint compared to our prior guidance, and we have tightened our ranges to 9.75% to 10% on a cash basis, and 8% to 8.25% on a GAAP basis.

與我們先前的指導相比，我們預計2023 年現金和GAAP 相同房地產NOI 增長保持在中點不變，並且我們已將現金範圍收窄至9.75% 至10%，按GAAP 基準收窄至8% 至8.25%。

Average same-property occupancy for the full year is projected to be approximately 97.75%, unchanged at the midpoint compared to our prior guidance. Other assumptions in our same property guidance include full year cash and GAAP leasing spreads are now projected to be 60% to 65% and 75% to 80%, respectively, an increase of 500 basis points at the midpoint, driven by higher-than-expected third quarter executed leasing spreads.

全年同物業平均入住率預計約為 97.75%，與我們先前指引的中位數持平。我們同一房地產指引中的其他假設包括全年現金和 GAAP 租賃利差目前預計分別為 60% 至 65% 和 75% 至 80%，中點增加 500 個基點，原因是高於 -預計第三季度執行的租賃利差。

And lastly, bad debt as a percent of revenue is expected to be approximately 35 basis points, in line with our prior guidance and below the historical average of 30 basis points, reflecting the continued health of our tenant base. Further guidance updates including a roll forward of our revised FFO per share guidance range can be found in our supplemental package.

最後，壞帳佔收入的百分比預計約為 35 個基點，與我們先前的指導一致，低於 30 個基點的歷史平均水平，反映了我們租戶群的持續健康狀況。進一步的指導更新，包括我們修訂後的 FFO 每股指導範圍的前滾，可以在我們的補充包中找到。

Finally, as part of Rexford's continued commitment to creating value through a comprehensive ESGi approach, we are excited to announce our target to reach net zero greenhouse gas emissions by 2045. As well as near-term reduction targets.

最後，作為 Rexford 透過全面的 ESGi 方法創造價值的持續承諾的一部分，我們很高興地宣佈到 2045 年實現溫室氣體淨零排放的目標以及近期減排目標。

Our emission targets were validated by SBTi and are a testament to our focus on driving substantial internal value through our differentiated business model.

我們的排放目標得到了 SBTi 的驗證，證明了我們致力於透過差異化的業務模式推動巨大的內部價值。

Thank you all for joining us today, and we now welcome your questions. Operator?

感謝大家今天加入我們，我們現在歡迎您提出問題。操作員？

Thank you. Ladies and gentlemen, at this time, we'll be conducting a question-and-answer session. (Operator Instructions). Our first question comes from the line of Camille Bonnel with Bank of America.

謝謝。女士們、先生們，此時我們將進行問答環節。 （操作員說明）。我們的第一個問題來自美國銀行的 Camille Bonnel。

Can you talk to the change in market net absorption, which turned positive this quarter? What is driven by any particular submarket. And given today's economic outlook feel very different than it was 3 months ago? Do you expect this trend to continue?

能談談本季市場淨吸收量的變化嗎？市場淨吸收量轉正？由任何特定子市場驅動的因素。鑑於今天的經濟前景感覺與三個月前有很大不同嗎？您預計這種趨勢會持續下去嗎？

Hi, Camille. It's Howard. Nice to hear your voice. There was an uptick in absorption in the Inland Empire-West submarket that was, I think, neatly responsible for a large amount of absorption.

嗨，卡米爾。是霍華德。很高興聽到你的聲音。我認為，內陸帝國西部子市場的吸收量上升，這完全是大量吸收量的原因。

Hi, Camille. It's Laura. I'll talk a little bit about our portfolio as well. Howard mentioned, the market change but our portfolio did experience an increase in absorption of about 434,000 square feet. That represents about 100 basis points. Importantly, we've experienced positive absorption within our portfolio every quarter this year, certainly outpacing the market and really demonstrating the differentiation of our portfolio in the market, which we've been discussing.

嗨，卡米爾。是勞拉。我也會談談我們的投資組合。 Howard 提到，市場發生了變化，但我們的投資組合吸收面積確實增加了約 434,000 平方英尺。這代表大約 100 個基點。重要的是，今年每季我們的投資組合都經歷了積極的吸收，肯定超過了市場，並真正展示了我們一直在討論的投資組合在市場中的差異化。

In terms of select markets, we actually -- if you dive into the absorption, we saw positive absorption in every one of our markets from Greater LA, i.e. Orange County and San Diego.

就選定市場而言，我們實際上 - 如果您深入研究吸收情況，我們會發現大洛杉磯地區的每個市場（即奧蘭治縣和聖地亞哥）都出現了積極的吸收情況。

And it looks like some of the stabilization date in your redevelopment program were pushed out. What were the factors influencing this? And how is your leasing pipeline tracking?

看起來你們的重建計劃中的一些穩定日期被推遲了。影響這現象的因素有哪些？您的租賃管道追蹤情況如何？

I'll take that, Camille. So in terms of timing pushes in terms of repositioning and redevelopment, there's a couple of drivers there. One is around the permitting and approval process, which has continued to impact construction timing.

我會接受的，卡米爾。因此，就重新定位和重新開發的時機推動而言，有幾個驅動因素。一是圍繞許可和審批流程，這繼續影響施工時間。

The other is around timing of our lease-up. It's certainly returning to more normalized levels. If you look back historically pre-COVID, lease-up timing upon completion of redevelopment was about 6 months. During the last few years, we saw that timing compressed pretty significantly given the friendly levels of demand. But as we look forward, currently sub timing, we believe, will be more consistent with pre-COVID levels, which is around that 6-month area.

另一個是關於我們租賃的時間。它肯定會恢復到更正常化的水平。如果回顧新冠疫情之前的歷史，重建完成後的租賃時間約為 6 個月。在過去的幾年裡，我們發現，鑑於需求水平友好，時間大大縮短了。但展望未來，我們相信，目前的子時間將與新冠肺炎疫情前的水平更加一致，即 6 個月區域左右。

And finally, can you please walk through the drivers behind the mark-to-market changes in your lease expiration schedule as well as the changes in cumulative FFO contribution. It's driven by changes in the overall portfolio proposition. One hasn't the lease expiration schedule remain relatively stable?

最後，您能否詳細介紹租賃到期時間表中按市值計價的變化以及累積 FFO 貢獻的變化背後的驅動因素。它是由整體投資組合主張的變化所驅動的。一是租約到期時間表不是保持相對穩定嗎？

Hi, Camille. Great question. And I think it's important to walk through the various components that contribute to mark-to-market. First, we're certainly excited to be able to capture the mark-to-market and convert that into FFO and cash flow. But as we've communicated in the past, the mark-to-market is going to decline, and that's going to be driven by a number of factors.

嗨，卡米爾。很好的問題。我認為了解有助於按市值計價的各個組成部分非常重要。首先，我們當然很高興能夠捕捉到按市值計價並將其轉化為 FFO 和現金流。但正如我們過去所傳達的那樣，按市值計價將會下降，這是由許多因素驅動的。

The first and really most significant is that the substantial embedded mark-to-market that we're able to recognize today was driven by the incredible market rent growth that we saw since 2019, if you look back to the fourth quarter, market rents has grown 80%. So as we convert market, the convert -- the mark-to-market in the cash flow and FFO unless market rent growth continued at those same levels. mark-to-market is going to decline.

第一個也是最重要的是，我們今天能夠認識到的大量嵌入市價是由我們自 2019 年以來看到的令人難以置信的市場租金增長推動的，如果你回顧第四季度，市場租金已經上漲增長了80%。因此，當我們轉換市場時，轉換——現金流量和 FFO 中的市價，除非市場租金成長繼續保持在相同水平。以市值計價將會下降。

Second, mark-to-market is impacted by the leases that we're signing and that conversion of the mark-to-market into FFO. And so if you look year-to-date, we've executed on an impressive leasing spreads, 5.4 million square feet of leasing, 82% GAAP spread, 62% cash spread. The conversion of mark-to-market represents an incremental $50 million of annualized NOI just this year alone, [3, 3] quarters.

其次，按市值計價受到我們正在簽署的租賃以及按市值計價轉換為 FFO 的影響。因此，如果你看看今年迄今為止，我們已經執行了令人印象深刻的租賃利差，540萬平方英尺的租賃面積，82％的公認會計準則利差，62％的現金利差。光是今年，[3, 3] 個季度，以市價換算的年化 NOI 就增加了 5,000 萬美元。

The last real component that moves around the mark-to-market has not impacted it certainly the properties that move in and out of the pool. For example, when we move a property into repositioning or redevelopment, that property gets removed from the mark-to-market pool, and that value creation is now represented an accretive stabilized yields.

以市值計算的最後一個實際成分並沒有影響進出池的房產。例如，當我們將一處房產進行重新定位或重新開發時，該房產就會從按市值計價的池中刪除，而價值創造現在代表著增值的穩定收益率。

Today, our repositions and redevelopments are generating 6.4% stabilized yields. And in this quarter, the impact was about 200 basis points for our mark-to-market as we moved 7 properties into repositioning and redevelopment. Acquisitions are also part of that move in and out of pool for mark to market and can certainly have an impact.

如今，我們的重新定位和再開發產生了 6.4% 的穩定收益率。在本季度，我們對 7 處房產進行了重新定位和重新開發，對我們的按市價計算產生了約 200 個基點的影響。收購也是按市值計價進出池的一部分，肯定會產生影響。

Our next question comes from the line of John Kim with BMO.

我們的下一個問題來自 BMO 的約翰金 (John Kim)。

Thank you. On the net absorption, your stats are positive, but it does (inaudible) I think from some of your spaces that you put into redevelopment. I was wondering if you could comment on overall net absorption in the market or demand that you're seeing in your portfolio or in the market overall over the last few weeks, just given the rising interest rate environment and uncertainty in the financial markets.

謝謝。在淨吸收方面，您的統計數據是積極的，但我認為從您投入重建的一些空間來看，確實如此（聽不清楚）。我想知道您是否可以對過去幾週市場的整體淨吸收或您在投資組合或整個市場中看到的需求發表評論，考慮到不斷上升的利率環境和金融市場的不確定性。

Hi. Thanks so much for joining us today. And this is Michael, and I'm pleased to answer the call. I think with regard to the last few weeks, we really haven't seen much change relative to what we're reporting for the quarter. So really no trend line there that's incrementally different.

你好。非常感謝您今天加入我們。我是邁克爾，我很高興接聽電話。我認為在過去的幾周里，相對於我們本季報告的情況，我們確實沒有看到太大的變化。所以其實沒有逐漸不同的趨勢線。

And then I'll add to that just around that absorption and the overall market. We've usually taken a pretty deep dive and analyzed every building in the market that's contributed to negative net absorption throughout the year, we've been communicating those metrics. And it's been really consistent. Only about 20% of the buildings that contributed to negative absorption in the overall market, is what we would deem to be kind of higher quality, higher functional type buildings.

然後我將圍繞吸收率和整個市場進行補充。我們通常會進行相當深入的研究，分析市場上全年導致負淨吸收量的每一棟建築，我們一直在傳達這些指標。而且它一直都非常一致。在整個市場中，只有大約 20% 的建築被我們認為是更高品質、更高功能類型的建築。

So said another way, 80% of the product that's hitting the market in terms of the negative net absorption throughout a year, doesn't directly compete with Rexford. And so this, like I mentioned, this trend has really helped throughout each quarter of the year and certainly speaks to the metrics that, and to the results of our portfolio and that differentiation is certainly driving our results.

換句話說，就全年負淨吸收量而言，進入市場的產品中有 80% 並不與 Rexford 直接競爭。因此，就像我提到的那樣，這種趨勢確實在一年中的每個季度都起到了幫助作用，並且肯定說明了這些指標、我們的投資組合的結果以及差異化肯定正在推動我們的業績。

Okay. I noticed the lease term that you signed this quarter. First of all, are your leasing stats signed or commenced? That's Part A, but on the lease...

好的。我注意到您本季簽署的租賃條款。首先，您的租賃統計資料是否已簽署或開始？這是 A 部分，但在租約上...

It's signed.

已簽了。

Okay. The lease terms were 3.4 years and on renewals, 2.1, which seems low compared to where it has been historically. Just wanted to get some commentary on that.

好的。租賃期限為 3.4 年，續約期限為 2.1 年，與歷史水準相比似乎較低。只是想得到一些對此的評論。

Yes, John, I can take that. Our weighted average lease term this year was a little bit shorter. It was driven by several shorter-term deals that were 12 months or less in term. And those were signed in advance of repositioning and redevelopments, giving us the ability to capture revenue while we're positioning those for construction start.

是的，約翰，我可以接受。我們今年的加權平均租賃期限稍微短一些。這是由幾項期限為 12 個月或更短的短期交易所推動的。這些協議是在重新定位和重新開發之前簽署的，使我們能夠在為開工定位這些協議時獲得收入。

So would you characterize that aberration or going forward or at least term is going to be shorter nature?

那麼，您是否認為這種偏差或未來或至少期限會更短？

Yes, I think it was really driven by -- there were about 3 to 4 deals that had a larger impact on the weighted average lease during this quarter.

是的，我認為這確實是由——本季約有 3 到 4 筆交易對加權平均租賃產生了較大影響。

Okay. And just one final one on the mark-to-market disclosure on Page 15. The 7% reduction from 63% to 56%, which you clarified. Going forward, the outer years, the projections that you have are down 6% from last quarter. And I'm wondering why it's not the full 7%, including the market rental change.

好的。最後一項是關於第 15 頁按市值計價的揭露。您已澄清，從 63% 減少到 56%，減少了 7%。展望未來，您對外部年份的預測將比上季下降 6%。我想知道為什麼不是全部 7%，包括市場租金變化。

I think it's important as you think about the -- first of all, the calculation there and you can certainly have various rounding impacts. But I think it's important to look the disclosure are a few comments there on the disclosure that we provide by year from a mark-to-market perspective. Because you'll see that the change in mark-to-market has varied across years. And so that's really driven by the pool of leases that's included in any given year that's constantly changing.

我認為這很重要，因為您首先要考慮那裡的計算，並且您肯定會產生各種舍入影響。但我認為重要的是要從市值計價的角度來看我們按年提供的披露的一些評論。因為您會發現以市值計價的變化多年來有所不同。因此，這實際上是由任何特定年份中不斷變化的租賃池所驅動的。

That's driven by the leasing activity that we're doing, the acquisitions, the properties we're moving to repositioning and redevelopment. So just by way of example, if you have a lease that expired in the third quarter of '23, and we executed a new lease, I'd say we executed a new lease at 100% leasing spread we captured that mark-to-market, and that NOI is now reflected in our cash flow.

這是由我們正在進行的租賃活動、收購以及我們正在重新定位和重新開發的房產所推動的。舉例來說，如果您的租約在 23 年第三季度到期，並且我們執行了新的租約，我想說我們以 100% 的租賃利差執行了新的租約，我們捕獲了該標記到-市場，NOI 現在反映在我們的現金流中。

Let's say that, that lease had a 3-year lease term. That expiration is now reflected in our 2026 mark-to-market at the market rent and that resets the market -- mark-to-market to zero. So because of these constant changes within the pool across various years that are driven by a number of factors, you will see different impacts from a mark-to-market perspective.

假設該租約的租期為 3 年。現在，該到期日已反映在我們 2026 年以市場租金計價的價格中，並將市場重置為零。因此，由於多年來池內的這些不斷變化是由多種因素驅動的，因此從按市值計價的角度來看，您會看到不同的影響。

Got it. Okay. So this quarter, it just happened to be a 6% change per year. But going forward, that could change year-by-year.

知道了。好的。所以這個季度，每年的變化恰好是 6%。但展望未來，這種情況可能會逐年改變。

Yes. I mean this -- if you look at this quarter, the mark-to-market change for 24 and 26 were actually closer to 1,200 basis points. And the factors that I just mentioned drove those changes.

是的。我的意思是——如果你看看這個季度，24 和 26 的按市價計算的變化實際上接近 1,200 個基點。我剛才提到的因素推動了這些改變。

Our next question comes from the line of Blaine Heck with Wells Fargo.

我們的下一個問題來自布萊恩·赫克 (Blaine Heck) 與富國銀行 (Wells Fargo) 的對話。

So you touched on this a little bit in prepared remarks, but you all continue to be active on the acquisition market with $400 million under contract. But you're getting a little lower on forward equity at $450 million, you have capacity on the line, but the rate is much higher than it has been and your cost of equity has increased.

所以你們在準備好的發言中稍微提到了這一點，但你們都繼續活躍在收購市場上，合約金額為 4 億美元。但你的遠期股本略低，為 4.5 億美元，你有產能，但利率比以前高得多，你的股本成本也增加了。

So can you just talk a little bit more about how you're thinking about the pace of additional acquisitions? And how much of that funding for future acquisitions could be driven by disposition proceeds?

那麼您能否多談談您對額外收購步伐的看法？未來收購的資金中有多少可以由處分收益驅動？

Hi, Blaine, thanks for joining us today. I'll jump in here as well. As we've mentioned and it continues to be a significant focus is going to be on driving accretion and NAV growth through how we deploy capital. So when you think about capital deployment for Rexford, that includes our internal investments, so our repositioning and redevelopments that today are yielding very accretive yields at 6.4%.

嗨，布萊恩，感謝您今天加入我們。我也跳到這裡來。正如我們所提到的，透過我們如何部署資本來推動增值和資產淨值成長仍然是一個重要的焦點。因此，當您考慮 Rexford 的資本部署時，這包括我們的內部投資，因此我們今天的重新定位和重建產生了 6.4% 的非常增值的收益率。

Our external investments today, if you include the pipeline that you mentioned the $400 million, stabilized deals are 6.4%. So our investments today are accretive. They're driving more accretion today than they did last year even at our higher cost of capital, and that's driven by our higher initial and stabilized yields.

我們今天的外部投資，如果算上您提到的 4 億美元的管道，穩定交易率為 6.4%。所以我們今天的投資是增值的。即使在我們的資本成本較高的情況下，它們今天也比去年推動了更多的成長，這是由我們較高的初始收益率和穩定收益率所推動的。

As we think about sources of capital going forward, we're going to continue to assess debt and equity and dispositions and sources of capital in relation to the hurdle rates in which we're solving to today as well as the embedded growth of those investments are going to contribute over the long-term [Director].

當我們考慮未來的資本來源時，我們將繼續評估與我們今天解決的最低資本回報率以及這些投資的內在增長相關的債務和股權、處置和資本來源將做出長期貢獻[導演]。

In terms of dispositions, specifically, there will be another potential source of capital. We believe that there is a great opportunity to realize the value-creation efforts that we've executed on, and we can redeploy that in the higher-yielding assets and grow our overall net asset value. So today, we're currently actively pursuing a number of dispositions in the market, and we'll provide updates on those properties as they close.

具體而言，就處置而言，將有另一個潛在的資金來源。我們相信，有一個很好的機會來實現我們已經執行的價值創造努力，我們可以將其重新部署到更高收益的資產中，並增加我們的整體資產淨值。因此，今天，我們正在市場上積極尋求一些處置，我們將在這些物業關閉時提供最新資訊。

Okay. Great. Just a follow-up on that. Can you talk about kind of the spread between the stabilized cap rates at which you think you can dispose of assets and the stabilized cap rates? Do you think you can use those funds to invest that?

好的。偉大的。只是對此的後續行動。您能談談您認為可以處置資產的穩定上限利率與穩定上限利率之間的差距嗎？您認為您可以用這些資金進行投資嗎？

Hi, Blaine, it's Michael. No, I was just going to say that, suffice to say that the reason we're disposing of such assets is because we believe they'd be highly accretive in our recycling capital. And so we'll disclose those spreads when we close those disposition transactions. Otherwise, it's kind of tough just to speculate.

嗨，布萊恩，我是麥可。不，我只是想說，我們處置此類資產的原因就足夠了，因為我們相信它們會大大增加我們的回收資本。因此，當我們關閉這些處置交易時，我們將揭露這些利差。否則，光是猜測就有點困難。

Okay. Fair enough. And then lastly, I was hoping you could talk a little bit about the tenants that are creating the most demand across your portfolio today. And maybe you can touch on tenant size and industry?

好的。很公平。最後，我希望您能談談今天在您的投資組合中創造最大需求的租戶。也許您可以談談租戶規模和產業？

Sure. It's pretty interesting in terms of what we're seeing in the market. Demand is pretty broad-based. And despite economic concerns generally in the overall economy, we see demand from consumer products, food industry, the beverage industry, a lot of incremental demand reflected in the leasing activity during the quarter from those sectors. We continue to see the electric vehicle market as a very strong contributor towards demand. We continue to see distribution companies, whether they're e-commerce driven or 3PLs.

當然。就我們在市場上看到的情況而言，這非常有趣。需求相當廣泛。儘管整體經濟普遍存在經濟擔憂，但我們看到消費品、食品業、飲料業的需求，這些行業本季的租賃活動反映了大量增量需求。我們仍然認為電動車市場是需求的強勁貢獻者。我們繼續看到分銷公司，無論它們是電子商務驅動的還是 3PL 的。

Obviously, all the change in shipping in the 3PL market, given the incredible growth in demand they saw during the pandemic. But nonetheless, we continue to see very healthy demand from the 3PL market and e-commerce players in general. And omnichannel distribution for your traditional retailers is here to stay. It's a path to survival for retailers.

顯然，考慮到疫情期間需求的令人難以置信的增長，3PL 市場的運輸發生了所有變化。但儘管如此，我們仍然看到 3PL 市場和電子商務參與者的整體需求非常健康。傳統零售商的全通路分銷將持續存在。這是零售商的生存之路。

And so we continue to see demand from traditional all-time retailers who are building out -- continue to build out their omnichannel distribution capability, requiring warehouses closer to their end points of distribution. So pretty broad-based demand drivers, actually, which is great to see.

因此，我們繼續看到傳統零售商的需求，他們正在繼續建立全通路分銷能力，要求倉庫更靠近其分銷終點。實際上，非常廣泛的需求驅動因素，這是很高興看到的。

Our next question comes from the line of Craig Mailman from Citigroup.

我們的下一個問題來自花旗集團的 Craig Mailman。

It is Nick Joseph here with Craig, just following up on the disposition comments. I was hoping you could quantify maybe how much you have out to market and where they stand in terms of the process?

我是尼克約瑟夫和克雷格，正在跟進處置評論。我希望您能能量化一下您投放市場的金額以及它們在流程方面的立場？

Hi, Nick. Thanks so much for joining us today. And it's similar to our acquisition activity. There are so many factors that contribute to whether or not we close a certain volume of transactions on the acquisition side in any given quarter or year. That we don't give acquisition guidance.

嗨，尼克。非常感謝您今天加入我們。這與我們的收購活動類似。有很多因素會影響我們在任何特定季度或年度是否在收購方完成一定數量的交易。我們不提供收購指導。

Similarly, on the disposition front, although we have a lower [mansional] range of properties as with the potential disposition candidates that are actively in process, there's so many factors that play into when and whether they close and in what time frame. So we just are ready to give that kind of guidance, but we hope that you'll be pleased when we actually announce closings.

同樣，在處置方面，儘管我們的[豪宅]房產範圍與正在積極進行的潛在處置候選者相比較低，但有很多因素會影響它們何時、是否以及在什麼時間範圍內關閉。因此，我們已經準備好提供此類指導，但我們希望當我們真正宣布關閉時您會感到高興。

Yes. No, I appreciate that. I guess not necessarily looking for guidance, but I think you obviously talked on the acquisition pipeline. So hoping kind of a similar comment on, at least, just a broad range of where the dispositions could be? Are we talking $100 million? Are we talking $500 million? Just recognize things can fall in or out of that pipeline.

是的。不，我很欣賞這一點。我想不一定是在尋求指導，但我認為您顯然談到了收購管道。那麼希望至少在廣泛的處置範圍上發表類似的評論嗎？我們說的是 1 億美元嗎？我們說的是 5 億美元嗎？只要認識到事物可能會落入或落出該管道即可。

Again, with regard the reason we give a visibility on the pipeline for acquisitions is arguably, there are more things in our control because we're the buyer and on the disposition front, there are fewer things in our control because we just can't predict how a prospective buyer may behave or may close. So we just don't give that kind of guidance, and I apologize. But just not -- we just don't find a big benefit in giving that kind of guidance.

再一次，關於我們對收購管道進行可視性的原因可以說是，我們可以控制更多的事情，因為我們是買家，而在處置方面，我們控制的事情更少，因為我們無法預測潛在買家的行為或成交方式。所以我們只是不提供這種指導，我很抱歉。但事實並非如此——我們只是沒有發現提供這種指導有什麼大好處。

All right. And then just one other question on the dispositions. You mentioned maybe harvesting some of that value, would it have an impact on the mark-to-market for the existing portfolio? Or are these assets that have maybe been leased more recently? Or should we not expect any impact on that number?

好的。然後還有一個關於處置的問題。您提到也許會收穫一些價值，這會對現有投資組合的市值計價產生影響嗎？或者這些資產可能是最近被租賃的？或者我們不應該期望這個數字會受到任何影響？

Well, consistent with the notion that we're harvesting our value creation, we wouldn't expect the impact to be terribly material.

嗯，與我們正在收穫價值創造的理念一致，我們預期影響不會非常重大。

It's Craig here with Nick. Just wanted to follow up on the San Gabriel acquisition. The yield there is almost close to 7%. Can you just talk about the nature of that asset and what the upside of that could be? Is this more of a sale leaseback and future redevelopment? Is this just any kind of color would be helpful.

克雷格和尼克在這裡。只是想跟進聖蓋博收購案。那裡的收益率幾乎接近7%。您能談談該資產的性質以及它的好處是什麼嗎？這更像是售後回租和未來的重建嗎？這只是任何一種顏色都會有幫助嗎？

Hi, Craig. It's Howard. While I'd love to tell you all about it because it's really an amazing transaction that our team was able to negotiate off-market and without, frankly, much of any other competition. We're going to wait until we close, and then we'll be happy to provide full details.

嗨，克雷格。是霍華德。雖然我很想告訴大家這一切，因為這確實是一筆令人驚奇的交易，我們的團隊能夠在場外進行談判，坦白說，沒有任何其他競爭。我們將等到關閉，然後我們將很樂意提供完整的詳細資訊。

Okay. And just one last one. You guys bought the Tireco building in the sale leaseback with them back in 1Q, it's your largest tenant now in the 2025 expiration. Could you guys just talk about the prospects of that tenant staying? Are they definitely out? And where the mark-to-market expectation is today on that versus maybe when you bought it closer to the beginning of the year.

好的。還有最後一張。你們在第一季透過售後回租購買了 Tireco 大樓，現在它是你們最大的租戶，2025 年到期。你們能談談那位租客留下來的前景嗎？他們肯定出去了嗎？今天按市值計價的預期與您在接近年初購買時的預期不同。

Hi, Craig. In terms of Tireco specifically, we are in constant communication with our tenants and Tireco specifically. And at this time, and based on those conversations, they currently have no intentions of vacating in 2025.

嗨，克雷格。具體就 Tireco 而言，我們與租戶和 Tireco 保持持續的溝通。目前，根據這些對話，他們目前無意在 2025 年搬出去。

Okay. And they have options to stay?

好的。他們有留下來的選擇嗎？

They do, they have options.

他們確實如此，他們有選擇。

Okay. Perfect.

好的。完美的。

And those options are -- that they have fixed options to stay.

這些選擇是——他們有固定的選擇留下來。

And they led to 4% annually, just in perpetuity?

他們每年帶來 4% 的收益，而且是永久的？

3%.

3%。

3%? Okay. Great. Thank you.

3%？好的。偉大的。謝謝。

Our next question comes from the line of Greg McGinniss with Scotiabank.

我們的下一個問題來自豐業銀行的格雷格‧麥金尼斯 (Greg McGinniss)。

Hi, there. Laura, I have another question on clarifying that mark-to-market disclosure. We're hoping to dig into that 2% quarter-to-quarter impact from portfolio vacates or moving to repositioning/redevelopment. Is that just a lack of comparable rent on a new vacant asset, so you can't provide the upside?

你好呀。勞拉，我還有一個關於澄清按市值計價披露的問題。我們希望深入研究投資組合騰空或轉向重新定位/重新開發帶來的 2% 的季度影響。這是否只是新的空置資產缺乏可比租金，因此您無法提供優勢？

And if thinking about that potential mark-to-market was previously greater than 56%, which is why it came down before, why would those properties need to be repositioned or redevelop anyways?

如果考慮到潛在的以市價計算之前高於 56%（這就是先前下降的原因），那麼為什麼這些房產需要重新定位或重新開發？

Well, it's that -- those can be 2 separate things. So to your point, yes, on the vacate side to a comparable, there's not obviously a comparable rent. But on the repositioning, redevelopment, this can be a different set of properties. So as we are able to get properties back and execute on the repositioning and redevelopment plan, then they move out of the mark to market.

嗯，就是這樣──它們可以是兩件不同的事。因此，就您的觀點而言，是的，在可比租金方面，顯然沒有可比租金。但在重新定位、重新開發時，這可能是一組不同的屬性。因此，當我們能夠收回房產並執行重新定位和重建計劃時，它們就會脫離市場進入市場。

Right. But I'm saying so, is the rent growth, the mark-to-market assumed on those properties. Is that contingent on repositioning?

正確的。但我想說的是，租金成長是這些房產的以市價計算的。這取決於重新定位嗎？

For those properties that are moving into the repositioning? The repo and repositioning pipeline, is that your question specifically?

對於那些正在重新定位的房產？回購和重新定位管道，這是您的具體問題嗎？

Yes. I'm just trying to like basically CapEx requirement on achieving the 56% mark-to-market.

是的。我只是想基本上滿足實現 56% 按市值計價的資本支出要求。

No, that is not -- they are not.

不，那不是——他們不是。

Okay. And then is there beyond like typical second-generation TIs, is there any additional spend that we should be thinking about for achieving the mark-to-market?

好的。那麼，除了典型的第二代 TI 之外，我們是否還應該考慮為實現按市值計價的額外支出？

No. If a property is in the mark-to-market pool in that calculation in the 56%, it's not in our repositioning. It probably is in that pool. It would just be your typical TI leasing commission, capital -- recurring capital spend.

不會。如果該計算中按市值計價的房產池中的房產佔 56%，則它不在我們的重新定位範圍內。它可能就在那個池子裡。這只是典型的 TI 租賃佣金、資本——經常性資本支出。

Okay. Great. And then my apologies for what might be an ignorant question here, but we are new to the coverage. How does the 100 basis points of positive net absorption impact reported occupancy?

好的。偉大的。然後我對這裡可能是一個無知的問題表示歉意，但我們對報導還很陌生。 100 個基點的正淨吸收率如何影響報告的入住率？

In terms of the overall portfolio or the same property pool? What specifically....

就整體投資組合或同一財產池而言？具體什麼....

The overall portfolio. So if you have occupancy changing 10 basis points quarter-over-quarter, but it's 100 basis points of positive net absorption. Just trying to figure out where the delta is there and how it's actually impacting occupancy to have the positive absorption.

整體投資組合。因此，若入住率較上季變化 10 個基點，但淨吸收量為 100 個基點。只是想弄清楚三角洲在哪裡，以及它實際上如何影響入住率以實現積極的吸收。

Yes, I can. Greg, maybe it'd be better offline. I can take that with you and walk you through the components of that.

我可以。格雷格，也許離線會更好。我可以隨身攜帶它並引導您完成其中的各個組成部分。

Our next question comes from the line of Nick Thillman with Robert W. Baird.

我們的下一個問題來自尼克·蒂爾曼（Nick Thillman）和羅伯特·W·貝爾德（Robert W. Baird）的對話。

I just wanted to touch a little bit on economics. It does seem like shorter lease duration. Just curious if you're seeing any more like free rent being given or is this more TI associated with your leasing?

我只是想接觸一點經濟學。看起來租期確實較短。只是好奇您是否看到更多類似免費租金的情況，或者這與您的租賃更相關？

Thanks so much for joining us. In terms of concessions, our free rent this quarter, free rent was actually 0.7 months. So lower than what we've experienced in the prior quarter.

非常感謝您加入我們。優惠方面，我們這個季度免租，免租實際上是0.7個月。低於我們上一季的經驗。

Year-to-date concessions are 1 month. That's in line with our guidance and in line with our prior 4 quarter average. So as we look back year-to-date, we haven't really seen a material increase overall in terms of concessions. Looking back to prior years, concessions have averaged about 1.25 months so we continue to be inside of that.

今年迄今的優惠為 1 個月。這符合我們的指導方針，也符合我們之前四個季度的平均值。因此，當我們回顧今年迄今為止的情況時，我們並沒有真正看到在優惠方面總體上有實質的增加。回顧往年，優惠時間平均約為 1.25 個月，因此我們將繼續保持在其中。

Your question around TI. Yes, your question around TI is no, we haven't seen any material change in terms of TI.

您關於 TI 的問題。是的，您關於 TI 的問題是否定的，我們沒有看到 TI 方面有任何實質變化。

That's helpful, Laura. And then maybe just another question related to just GAAP leasing spreads. You guys have been big acquirers over the last 2 to 3 years. So when we're looking at when you're quoting GAAP leasing spreads, are you guys including the adjustment made to GAAP fair value of those leases when you're quoting the spreads quarter-by-quarter? Just kind of seeing which is going to actually be flowing through to FFO going forward?

這很有幫助，勞拉。然後也許只是另一個與 GAAP 租賃利差相關的問題。在過去的兩三年裡，你們一直是大型收購者。因此，當我們考慮你們引用 GAAP 租賃利差時，你們在按季度引用利差時是否包括對這些租賃的 GAAP 公允價值進行的調整？只是看看未來哪些內容將真正流向 FFO？

Yes, that would be included in the acquired leases.

是的，這將包含在所收購的租賃中。

Our next question comes from the line of Vince Tibone with Green Street.

我們的下一個問題來自 Vince Tibone 與 Green Street 的對話。

Occupancy guidance implies about a 75 basis point drop in the fourth quarter compared to third quarter levels. Can you just discuss the drivers there, whether it's a known move out or just some conservatism in forecasting?

入住率指引意味著第四季的入住率比第三季的水準下降約 75 個基點。您能否討論一下那裡的驅動因素，無論是已知的退出還是只是預測中的一些保守主義？

Hi, Vince. Thanks for joining us today. In terms of our same property occupancy guidance, yes, as you mentioned, our guidance for the full year is 97.75%. So we did tighten our guidance range to the midpoint. That occupancy -- the occupancy guidance implies a decline in the fourth quarter, about 60 basis points. Just as a reminder, our prior guidance also implied a decline of about 30 basis points in the second half of the year, largely driven by down -- a bit more downtime in some spaces where we are performing some light and moderate repo, and that factored into our prior guidance.

嗨，文斯。感謝您今天加入我們。就我們相同的房產入住率指導而言，是的，正如您所提到的，我們全年的指導值為 97.75%。因此，我們確實將指導範圍收緊至中點。入住率指引意味著第四季入住率下降約 60 個基點。提醒一下，我們先前的指引還暗示下半年會出現約30 個基點的下降，這主要是由於經濟下行所致——在我們進行一些輕度和中度回購的某些領域，停機時間會更多一些，而且已納入我們先前的指導中。

New into our updated guidance, about is that we have a 30 basis point impact from a space that we got back from a tenant that was on our pre-watchlist, and that moved the guidance range to our midpoint. That was a tenant, just a little color there, who went through an acquisition of their business earlier this year. We've had them on the pre-watchlist for several quarters now. They had some challenges in the integration of that merger. And so we did get that space back at the end of the quarter.

我們更新的指導中的新內容是，我們從預觀察名單上的租戶處獲得的空間產生了 30 個基點的影響，這將指導範圍移至了中點。那是一個租戶，只是那裡的一個小色人種，他在今年早些時候經歷了一次對其業務的收購。我們已經將它們列入預觀察名單幾個季度了。他們在合併的整合過程中遇到了一些挑戰。所以我們確實在季度末收回了這個空間。

Great. And then since the port labor agreement has been finalized and some of the backups, the Panama Canal have gotten worse. Have you seen any pickup in tenant interest or porting activity or other side that -- so industrial could benefit from some of these factors?

偉大的。自從港口勞工協議敲定以及一些備用協議之後，巴拿馬運河的情況變得更糟。您是否看到租戶興趣或搬運活動或其他方面有所回升——因此工業可以從其中一些因素中受益？

Hi, Vince. It's Howard. Yes, we're really pleased to see the increase in port activity. Keep in mind that our tenant base is really mainly serving the consumption occurring here in Southern California. So through cycles, we haven't really seen impact from port slowdown or shutdowns, et cetera, in terms of that tenant base that we focus on and is in the portfolio. But the ports are really more connected a super-regional global trade.

嗨，文斯。是霍華德。是的，我們真的很高興看到港口活動的增加。請記住，我們的租戶群實際上主要服務於南加州的消費。因此，在整個週期中，就我們關注的並在投資組合中的租戶基礎而言，我們還沒有真正看到港口放緩或關閉等因素的影響。但港口確實與超區域全球貿易聯繫更加緊密。

So some of the larger buildings that typically you'll see out in the Eastern and even the Western Inland Empire absolutely, certainly, that's a benefit. There's a lot of revenue generated from ancillary services and so forth throughout Southern California through port volumes. So it's really nice to see those volumes increase and hopefully, that it's a go-forward trend in terms of some further recovery.

因此，您通常在東部甚至西部內陸帝國看到的一些較大的建築絕對是一個好處。透過港口吞吐量，整個南加州的輔助服務等產生了大量收入。因此，很高興看到這些交易量的增加，並希望這是進一步復甦的前進趨勢。

Great. And if I could maybe squeeze in one more. I'd be curious to get your view on how the transaction and secured debt market have changed over the past few months since the treasury rates moved up pretty substantially here.

偉大的。如果我能再擠進一張就好了。我很想知道您對過去幾個月自國債利率大幅上漲以來交易和擔保債務市場發生了怎樣的變化的看法。

Hi, Vince, I'll take that around the transaction market. We continue to see capital flowing into the Southern California market. And interestingly, we're seeing new market entrants into industrial. And that has been, I'd say, an incremental change over the past quarter or 2. So although, yes, you've certainly seen an increase in interest rates and certainly availability of that capital can be challenging. There continues to be transactions occurring in the market and cap rates really haven't moved that materially, maybe up about only about 25 basis points.

嗨，文斯，我將圍繞交易市場進行討論。我們繼續看到資本流入南加州市場。有趣的是，我們看到工業領域有新的市場進入者。我想說，這是過去一兩個季度的增量變化。因此，儘管你確實看到了利率的上升，而且資本的可用性肯定會面臨挑戰。市場上仍有交易發生，上限利率實際上並沒有實質變化，可能只上漲了約 25 個基點。

Buyers are still accepting lower cap rates for properties that have mark-to-market and are even taking on -- waiting some time to get to stabilization. So there's a property that traded just recently in the North Orange County, Mid County market above $50 million transaction, going an initial cap rate of 3.4%, stabilizing about 5 years from now, a little over 5%. And that was and that was a new entrant to the market from a buyer perspective. So there continues to be even with the increase in interest rates, there continues to be capital flowing into the market.

對於市值計價的房產，買家仍然接受較低的上限利率，甚至正在等待一段時間才能穩定下來。最近，北橘郡和中部縣市場上有一處房產的交易額超過 5,000 萬美元，初始上限利率為 3.4%，5 年後穩定在略高於 5% 的水平。從買家的角度來看，這就是市場的新進者。因此，即使利率上升，資本仍繼續流入市場。

Our next question comes from the line of Mike Mueller with JPMorgan.

我們的下一個問題來自 Mike Mueller 與摩根大通 (JPMorgan) 的對話。

Just a quick one. I was wondering, can you talk about the yields that you're expecting on new repositioning starts compared to the overall in-place yield on that pipeline and what you're achieving on acquisitions today?

只是快一點。我想知道，您能否談談與該管道的整體就地收益率相比，您對新的重新定位啟動的預期收益率以及您今天在收購中取得的成果？

Hi, Mike, it's Howard. Those yields vary. Some of them are legacy acquisition that we might have bought at the peak of the market, that might have a bit of a lower stabilized yield, while there's others that have substantially higher, above that 6.4% rate stabilized yield that we're moving.

嗨，麥克，我是霍華德。這些產量各不相同。其中一些是我們可能在市場高峰時購買的遺留收購，其穩定收益率可能會稍低一些，而其他一些則具有更高的水平，高於我們正在調整的 6.4% 的穩定收益率。

So in terms of anything we'd look to buy, we've absolutely reset the targets in terms of those stabilized yields we're seeking. But again, those also have to do with when we're actually going to get to the asset that we can stabilize. We've got quite a few examples of assets we've bought recently that had very strong in-place rents in place where we're able to entitle properties and then start construction maybe 2, 3 years down the road and get to even higher stabilized rates on top of that. So we're really selective. And as far as bringing in some of these assets, that strategy definitely is different than it would have been looking back a year or 2 years ago.

因此，就我們想要購買的任何東西而言，我們絕對已經根據我們尋求的穩定收益率重新設定了目標。但同樣，這些也與我們何時真正獲得可以穩定的資產有關。我們有很多我們最近購買的資產的例子，這些資產的就地租金非常高，我們能夠獲得房產資格，然後開始建設，也許 2、3 年後，甚至會更高在此基礎上穩定利率。所以我們真的是有選擇性的。就引入其中一些資產而言，該策略肯定與一年或兩年前不同。

Hi, Mike, and just Michael, a little bit more color there. We added 7 new projects to reposition redevelopment pipeline or current in process, representing about 600,000 square feet of properties.

嗨，麥克，還有邁克爾，還有一點色彩。我們增加了 7 個新項目，以重新定位重建管道或目前正在進行的項目，代表約 600,000 平方英尺的物業。

On those investments, the yield -- the aggregate stabilized yield is 6.5%. So actually coming in a bit above the aggregate yield for everything and the repositioning, redevelopment pipeline.

這些投資的總穩定收益率為 6.5%。因此，實際上略高於所有項目以及重新定位、重建管道的總收益。

Our next question comes from the line of Vikram Malhotra with Mizuho.

我們的下一個問題來自維克拉姆·馬爾霍特拉 (Vikram Malhotra) 和瑞穗 (Mizuho) 的線。

Just 2 quick ones. So first of all, on the mark-to-market, the changes if I just run the math sort of forward, I would assume that your negative 1% rent growth had a lot of variability by market and by size for there to be like a 600, 700 basis point impact. So given that you said it was larger boxes, can you just also kind of give us a sense of what the ranges were to impact?

就2個快的。因此，首先，就按市值計價而言，如果我向前進行數學計算，我會假設 1% 的負租金增長會因市場和規模而產生很大的變化，例如600、700 個基點的影響。鑑於您說這是更大的盒子，您能否讓我們了解範圍會影響什麼？

And if I'm correct, if I roll all that forward, assuming current conditions, I sort of get to your mark-to-market being 25% to 30% by the year-end '24? Is it fair?

如果我是對的，如果我把所有這些都向前推進，假設目前的情況，到 24 年底，我的按市值計價大概會達到 25% 到 30%？公平嗎？

In terms of the mark-to-market over the next several years, we actually provided a disclosure around the projected portfolio net effective market by year, assuming current rents and no further rent growth. So that by the end of 2023, so I think next quarter, it's 52% by the end of 2024, it's 42%.

就未來幾年的以市價計算而言，我們實際上揭露了每年預期的投資組合淨有效市場，假設當前租金且租金不再進一步成長。因此，到 2023 年底，我認為下個季度，到 2024 年底，這一比例將達到 52%，達到 42%。

Now as a reminder, there's -- as they talked about earlier, there's a lot of different components, right, that can impact that. The leases that we're executing, repositioning and redevelopment opportunities. So acquisitions that we're acquiring but based on the current portfolio and where it sits today, the end of 2024, we would be at a 42% projected portfolio net effective mark-to-market.

現在提醒一下，正如他們之前談到的，有很多不同的組件，對吧，可以影響這一點。我們正在執行的租賃、重新定位和重新開發機會。因此，我們正在收購的收購，但根據目前的投資組合以及目前的情況，到 2024 年底，我們預計投資組合的淨有效市價將達到 42%。

Okay. But just to clarify that 1% market rent growth, if I just flow that through the forward projections that you have made, I'm just still -- it's still hard to get to such like the 600-point change in, say, '25. So I'm wondering the sort of variability in that negative 1% to market rent growth.

好的。但為了澄清 1% 的市場租金增長，如果我只是將其通過您所做的前瞻性預測，我仍然 - 仍然很難達到 600 點的變化，比如說，' 25.所以我想知道市場租金負成長 1% 的變化是怎麼樣的。

There's some variability. And that's obviously driven by -- because the change in market rents is not straight line across the portfolio. So there's durability in terms of submarkets, there's durability in terms of the size of basis. But as I mentioned before, there's many other factors that are driving the mark-to-market besides the change in end market run.

有一定的可變性。這顯然是由——因為市場租金的變化在整個投資組合中並不是直線變化的。因此，子市場具有持久性，基礎規模也具有持久性。但正如我之前提到的，除了終端市場運作的變化之外，還有許多其他因素推動著以市價計算。

Okay. Fair enough. And then just a follow-up on your largest tenant, the Tireco acquisition or exploration. Can you just clarify, I think you said the automatic renewals? Or is it just highly likely they're going to renew? I only ask because it seems like in '25, there is a step down. And I'm wondering what you have sort of embedded on renewal for that lease?

好的。很公平。然後是對您最大的租戶 Tireco 收購或勘探的後續行動。您能否澄清一下，我想您說的是自動續約？或者他們很可能會續訂？我之所以這麼問，是因為好像在 25 年，情況有所下降。我想知道你們在續約租約時加入了什麼內容？

Yes. Yes, they have an option to extend their option to renew the lease, and that's a fixed option at 3%. So that is impacting our mark-to-market in 2025 because we're capturing that option at 3% and not what would be the embedded mark-to-market if we were to get that space back.

是的。是的，他們可以選擇延長續約選擇權，這是 3% 的固定選擇權。因此，這會影響我們 2025 年的以市價計價，因為我們以 3% 的價格獲取該選項，而不是如果我們要收回該空間，則嵌入的按市價計價會是多少。

And -- sorry, just as it stands today, is that a roll up or a roll down if nothing changes?

而且 - 抱歉，就像今天的情況一樣，如果沒有任何變化，是上滾還是下滾？

In terms of if we were to get the space back, would that roll up or down? Is that your question?

如果我們要收回空間，那麼空間會向上滾動還是向下滾動？這是你的問題嗎？

Yes. I guess you're saying you're not getting the full mark-to-market because of the 3%.

是的。我猜你是說，由於 3%，你沒有得到完全按市值計算的價格。

That's correct. It would roll up.

這是正確的。它會捲起來。

It would roll up. Okay.

它會捲起來。好的。

It would roll up that base is below market today.

它將導致基數低於今天的市場水平。

(Operator Instructions). Our next question comes from the line of Nate Crossett with BNP.

（操作員說明）。我們的下一個問題來自 Nate Crossett 與 BNP 的對話。

A quick one on just recurring CapEx. It's up quite a bit the last couple of quarters. Just wanted to know if you can maybe unpack that. Is there anything we should know going forward for maybe recurring CapEx expenditures? And then also G&A, I think the guidance for the year implies a significant ramp into 4Q. And maybe you can just kind of unpack what that is?

關於經常性資本支出的快速介紹。最近幾季上漲了不少。只是想知道你是否可以解壓縮它。對於可能的經常性資本支出，我們是否應該了解什麼？然後還有一般行政費用，我認為今年的指導意味著第四季將大幅成長。也許你可以解開那是什麼？

Hi, Nate, thanks so much for your questions today. So in terms of recurring CapEx, it's really largely driven by seasonality especially related to exterior work within the third quarter and some into the second quarter, we do take advantage of some of the hotter dryer weather conditions for that exterior work such as roof and exterior painting. So that really drove our third quarter capital expenditures higher. As we look forward, we would expect fourth quarter to be more in line with prior quarters.

你好，內特，非常感謝你今天提出的問題。因此，就經常性資本支出而言，它實際上很大程度上是由季節性驅動的，特別是與第三季和第二季的外部工程相關的，我們確實利用了一些更熱乾燥的天氣條件來進行外部工程，例如屋頂和外部繪畫。因此，這確實推動了我們第三季資本支出的增加。展望未來，我們預計第四季將與前幾季更加一致。

And to your question around G&A, I'll note this is the first increase in G&A in 2023. We do continue to realize really significant operating synergies. Our G&A as a percentage of revenue for the full year is expected to be 9.6%, and that compares to 10.2% in the prior year.

對於您關於一般管理費用的問題，我要指出的是，這是 2023 年一般管理費用的首次增加。我們確實繼續實現真正重要的營運綜效。我們的 G&A 佔全年收入的百分比預計為 9.6%，而上一年為 10.2%。

In terms of the fourth quarter, the driver is really primarily related to noncash equity true-up, and that's related to performance-based equity compensation. So that noncash equity compensation is not realized unless Rexford is continuing to perform at elevated levels. So that's the primary driver in the fourth quarter.

就第四季度而言，驅動因素實際上主要與非現金股權調整有關，而這與基於績效的股權薪酬有關。因此，除非 Rexford 繼續維持在高水準的業績，否則非現金股權補償就無法實現。這是第四季的主要驅動力。

Okay. That's helpful. And then sorry if I missed it, I can't remember if you disclosed it or not, but at lease escalation on new contracts, what was it this quarter versus, say, last quarter?

好的。這很有幫助。然後抱歉，如果我錯過了，我不記得你是否披露了它，但至少新合約的升級，本季度與上季度相比是多少？

Yes. This quarter, our embedded rent steps on our executed leases was 4.3%. And then compared to the prior quarters, this is actually the highest rent steps that we've signed [3] of the past 3 year-to-date and the second quarter embedded rent (inaudible) 4.1%. And in the first quarter, they were 4%.

是的。本季度，我們執行的租賃中的嵌入租金為 4.3%。與前幾季相比，這實際上是我們過去 3 年迄今簽署的最高租金步驟 [3]，第二季嵌入租金（聽不清楚）為 4.1%。第一季的成長率為 4%。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題。我想將電話轉交給管理階層以供結束語。

On behalf of the entire company, we'd like to thank everybody for joining us today, and we look forward to reconnecting next quarter. Thank you so much.

我們謹代表整個公司感謝大家今天加入我們，並期待下個季度重新建立聯繫。太感謝了。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路，度過美好的一天。