Rexford Industrial Realty Inc (REXR) 2023 Q4 法說會逐字稿

Greetings. Welcome to the Rexford Industrial Realty, Inc. Fourth Quarter 2023 Earnings Call. (Operator Instructions) I will now turn the conference over to your host David Lanzer, General Counsel. You may begin.

問候。歡迎參加 Rexford Industrial Realty, Inc. 2023 年第四季財報電話會議。 （操作員指示）現在，我將會議交給主持人、總法律顧問 David Lanzer。你可以開始了。

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

感謝您參加 Rexford Industrial 2023 年第四季財報電話會議。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。在今天的電話會議上，管理層的評論和對您的問題的回答可能包含聯邦證券法定義的前瞻性陳述。前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能會導致實際結果差異。

For more information about these risk factors, please review our 10-K and other SEC filings. 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.

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 文件。 Rexford Industrial 不承擔將來更新任何前瞻性陳述的義務。此外，本次電話會議中提供的某些財務資訊代表非 GAAP 財務指標。我們的收益報告和補充資料提供了 GAAP 對賬，並解釋了為什麼這些非 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.

今天的電話會議由 Rexford Industrial 的聯合執行長 Michael Frankel 和 Howard Schwimmer 以及財務長 Laura Clark 共同主持。他們會發表一些準備好的講話，然後我們會開始回答大家的提問。

Now I turn the call over to Michael.

現在我將電話轉給麥可。

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

謝謝你，大衛，歡迎大家參加 Rexford Industrial 第四季財報電話會議。我首先會發表一些評論，然後霍華德會提供一些額外的市場和營運細節，然後勞拉會提供我們的財務結果和展望。

To begin with, I'd like to thank our Rexford team for your strong results across all of our value creation initiatives. As 2023 marked our 10th year as a public company and our 22nd year as a business, focused exclusively on creating value within Infill Southern California. It's a great time to reflect upon our growth and our current position as we look forward to our next decade.

首先，我要感謝雷克斯福德團隊在我們所有價值創造計畫中所取得的出色成果。 2023 年是我們作為上市公司的第 10 年，也是我們作為企業的第 22 年，專注於在南加州 Infill 創造價值。展望下一個十年，這是一個很好的時機來反思我們的成長和當前地位。

Since our public offering 10 years ago, we've generated average FFO or earnings per share growth of about 15% per year, which has fueled a total shareholder return of 40% on average per year over the prior 10 years, demonstrating the strength of our team, our highly differentiated business model and our substantial market opportunity. 2023 was a strong year for the company. We maintained our same property portfolio at essentially full occupancy, averaging almost 98%. Our team increased consolidated NOI by over 26%, principally driven by the absorption of 4.3 million square feet of highly accretive new investments, 7.4 million square feet of leasing activity with 78% average net effective rent spreads and embedded rent bumps averaging over 4% and the lease-up of 0.5 million square feet of value-add repositioned projects.

自 10 年前公開募股以來，我們平均每年的 FFO 或每股收益成長率約為 15%，這推動了過去 10 年平均每年 40% 的股東總回報率，證明了我們團隊的實力、高度差異化的業務模式和巨大的市場機會。 2023 年對公司來說是強勁的一年。我們的房地產組合基本上保持滿租狀態，平均入住率接近 98%。我們的團隊將合併後的淨營業利潤提高了 26% 以上，主要得益於吸收了 430 萬平方英尺的高增值新投資、740 萬平方英尺的租賃活動（平均淨有效租金利差為 78%，內含租金漲幅平均超過 4%）以及租賃了 50 萬平方英尺的增值重新定位項目。

Our Infill Southern California industrial markets also demonstrated a high degree of resilience over the prior year. We endured prolonged labor contract negotiations at the ports and a post-pandemic normalizing of tenant demand, exacerbated by increasing interest rates. Despite last year's headwinds, rents for quality products similar to our portfolio within Infill Southern California, demonstrated stability with nominally positive rent growth of about 1.2%. Stability and growth in rents after having increased by well over 80% through the pandemic are a testament to the favorable supply-demand fundamentals associated with our Infill Southern California industrial markets.

我們的南加州填充工業市場在過去一年也展現了高度的彈性。我們經歷了港口長時間的勞動合約談判，以及疫情後租戶需求的正常化，而利率上升又加劇了這種情況。儘管去年面臨阻力，但與我們在南加州 Infill 的投資組合類似的優質產品的租金仍然保持穩定，名義上租金增長率為 1.2% 左右。租金在疫情期間上漲逾 80% 之後保持穩定並增長，證明了我們南加州填充工業市場的供需基本面良好。

As we look forward, although we may see some near-term choppiness in demand for certain sized product in select submarkets, our extended market backdrop looks favorable. Port volumes are trending with accelerated growth driven by a resolution to last year's port labor negotiations, instability in the Middle East impacting the Suez Canal, a decline in capacity through the Panama Canal due to a long-term drought and lower cost and shorter time frames associated with importing from Asia via the ports of L.A. and Long Beach compared to the East and Gulf Coast ports.

展望未來，儘管我們可能會看到部分子市場對某些尺寸產品的需求在短期內會出現波動，但我們長期的市場背景看起來還是有利的。港口吞吐量呈現加速成長趨勢，原因包括去年港口勞工談判的結果、中東不穩定局勢影響蘇伊士運河、長期乾旱導致巴拿馬運河運力下降，以及與東海岸和墨西哥灣沿岸港口相比，透過洛杉磯和長灘港口從亞洲進口的成本更低、時間更短。

In addition, a more stable interest rate environment may also enable tenants to more proactively commit to their growth and inventory needs. Overall, our team is exceptionally well positioned to monetize our substantial embedded internal growth which includes our value-add repositioning pipeline comprising over 9 million square feet of space and process are scheduled for repositioning over the next 4 years and our estimated 51% portfolio-wide net effective mark-to-market for in-place rents, providing an opportunity to roll expiring, deeply below market leases to substantially higher market rents.

此外，更穩定的利率環境也可能使租戶更積極地致力於其成長和庫存需求。總體而言，我們的團隊完全有能力將我們大量的嵌入式內部成長轉化為現實，其中包括我們的增值重新定位管道，包括超過 900 萬平方英尺的空間和流程，計劃在未來 4 年內重新定位，以及我們估計的 51% 的投資組合範圍內的淨有效市價，用於現有租金，從而有機會將到期租金的、遠低於市場的租金。

Further supporting Rexford's favorable outlook, we remain focused on maintaining our investment grade, low leverage balance sheet, ending the year at 15% net debt to total enterprise value, which provides the ability to protect the company during uncertain times while also positioning Rexford to capitalize upon accretive growth opportunities as they may arise. We are also pleased to announce that we are increasing our dividend by 10%, bringing our average annual dividend growth to 23% since our public offering about 10 years ago. And with that, I'd like to acknowledge our Rexford team once again for your market-leading efforts that continue to drive substantial value creation for our shareholders.

為進一步支持 Rexford 的良好前景，我們將繼續專注於維持我們的投資級、低槓桿資產負債表，年底淨債務與企業總價值之比為 15%，這可以在不確定時期保護公司，同時也使 Rexford 能夠利用可能出現的增值增長機會。我們也很高興地宣布，我們將把股息提高 10%，自大約 10 年前公開募股以來，我們的年平均股息成長率達到 23%。最後，我要再次感謝雷克斯福德團隊在市場領先的努力，持續為我們的股東創造巨大價值。

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

現在我非常高興將發言權交給霍華德。

Thank you, Michael, and thank you, everyone, for joining us today. The Rexford team delivered strong fourth quarter and full year results, driven by our dynamic team's performance and our irreplaceable portfolio. Rexford's fourth quarter and full year operating performance demonstrates our advantageous position within the Infill Southern California market. In the fourth quarter, our team executed 1.9 million square feet of lease activity, driving 204,000 square feet of positive net absorption, highlighting the sustained demand for our highly functional portfolio.

謝謝邁克爾，也謝謝大家今天的參與。由於我們充滿活力的團隊表現和我們無可取代的投資組合，Rexford 團隊在第四季度和全年取得了強勁的業績。 Rexford 第四季和全年營運表現證明了我們在南加州填充市場中的優勢地位。在第四季度，我們的團隊執行了 190 萬平方英尺的租賃活動，推動了 204,000 平方英尺的正淨吸收量，突顯了對我們高度實用的投資組合的持續需求。

Leasing spreads were 63% and 46% on a net effective and cash basis, respectively, and both fourth quarter and full year average embedded rent steps were 4.1%. We have observed an incremental increase in tenant activity as we ended the year and into the first quarter, with activity on over 85% of our vacant space. We have also seen strong renewal activity indicative of the health of our tenants, their ability to pay increased rent and the lack of available functional supply in the market.

以淨有效和現金基礎計算的租賃利差分別為 63% 和 46%，第四季度和全年平均嵌入式租金幅度均為 4.1%。隨著年底和第一季的到來，我們觀察到租戶活動逐漸增加，超過 85％ 的空置空間都有活動。我們也看到強勁的續約活動，顯示我們的租戶健康狀況良好、有能力支付增加的租金，以及市場上缺乏可用的功能性供應。

In the quarter, market rents were flat sequentially for product comparable and quality to the Rexford portfolio. The overall Infill market vacancy remains exceptionally low, ending the fourth quarter at 2.75% with nominal positive net absorption according to CBRE. Additionally, port volumes at L.A. and Long Beach are rebounding with a 22% increase in activity over the prior year quarter while East and Gulf Coast ports saw a decrease over the same period.

在本季度，與 Rexford 投資組合相比，產品同類產品和品質的市場租金環比持平。根據世邦魏理仕的數據，整體填充市場空置率仍然非常低，第四季末的空置率為 2.75%，名目淨吸收量為正。此外，洛杉磯和長灘的港口吞吐量正在反彈，比去年同期增加了 22%，而東部和墨西哥灣沿岸港口的吞吐量則在同一時期有所下降。

Turning to our investment activity in the fourth quarter, we closed $315 million of investments, which are projected to generate an unlevered stabilized yield of 6.8% of total cost. For the full year, we completed $1.5 billion of investments, which in aggregate, are generating an initial yield of 5.4% and are projected to generate a 6.1% unlevered stabilized yield on total cost. Over 70% of these investments were sourced through off-market or lately marketed transactions. Additionally, we sold 2 properties for an aggregate sales price of $28 million, which generated a 21% weighted average unlevered IRR. Subsequent to quarter end, we acquired a two-building state-of-the-art distribution facility in the San Gabriel Valley submarket for $84 million that is generating a 5.4% unlevered initial yield. Looking forward, we currently have an acquisition pipeline of approximately $150 million of investments under contract or accepted offer, which are subject to customary closing conditions.

談到我們第四季的投資活動，我們完成了 3.15 億美元的投資，預計將產生佔總成本 6.8% 的無槓桿穩定收益。全年我們完成了 15 億美元的投資，總計產生了 5.4% 的初始收益率，預計總成本無槓桿穩定收益率為 6.1%。超過 70% 的投資是透過場外交易或最近上市的交易獲得的。此外，我們還以 2,800 萬美元的總售價出售了 2 處房產，產生了 21% 的加權平均無槓桿 IRR。季度末之後，我們以 8,400 萬美元的價格收購了位於聖蓋博穀子市場兩棟大樓的最先進的配送設施，其無槓桿初始收益率為 5.4%。展望未來，我們目前擁有約 1.5 億美元的投資收購管道，這些投資已簽訂合約或已接受的報價，但須遵守慣例成交條件。

With regard to our repositioning and redevelopment activity in the fourth quarter, we stabilized 2 projects which was pre-leased in order, and we also pre-leased our Quay project achieving an aggregate 7.7% unlevered stabilized yield on the 3 projects. Notably, the pre-leased activity in the quarter exceeded our most recent rate projections. For the full year, we stabilized 6 projects comprising $197 million in total investment and achieved an aggregate 6.9% unlevered stabilized yield. In addition, we have 4.7 million square feet of repositioning and redevelopment projects in process or expected to start within the next 18 months. These investments have an aggregate remaining incremental spend of approximately $455 million with a projected stabilized yield of 6.2% on total investment.

關於我們在第四季度的重新定位和再開發活動方面，我們穩定了 2 個按順序預租的項目，並且我們還預租了我們的 Quay 項目，這 3 個項目總共實現了 7.7% 的無槓桿穩定收益率。值得注意的是，本季的預租活動超過了我們最近的費率預測。全年共穩定了6個項目，總投資金額1.97億美元，實現總計6.9%的無槓桿穩定收益率。此外，我們還有 470 萬平方英尺的重新定位和再開發項目正在進行中或預計將在未來 18 個月內啟動。這些投資的剩餘增量支出總計約為 4.55 億美元，預計總投資的穩定收益率為 6.2%。

Finally, I'd like to acknowledge our entrepreneurial Rexford team for their tremendous effort on achievements in 2023. And with that, I'm pleased to turn the call over to Laura to discuss our financial results.

最後，我要感謝我們富有創業精神的雷克斯福德團隊在 2023 年取得的成就 接下來，我很高興將電話轉給勞拉，討論我們的財務表現。

Thank you, Howard. In the fourth quarter, core FFO per share grew 14% over the prior year quarter, driven by same-property NOI growth of 9.5% on a cash basis and 8.4% on a net effective basis. Full year core FFO was $2.19 per share ahead of our guidance projections, representing 12% earnings growth. Full year same-property NOI growth came in at the high end of our guidance range at 10% and 8.2% on a cash and net effective basis, respectively. Leasing spreads also topped expectations. With full year cash leasing spreads of 59% and net effective spreads of 78%. As a result of our strong full year performance and Rexford's continued commitment to delivering superior total shareholder return, our Board declared a first quarter dividend of $0.4175 per share representing 10% annualized increase over the prior year.

謝謝你，霍華德。第四季度，每股核心 FFO 較去年同期成長 14%，其中，同地產 NOI 現金基礎成長 9.5%，淨有效基礎成長 8.4%。全年核心 FFO 為每股 2.19 美元，高於我們的預期，相當於獲利成長 12%。全年同類物業淨營運收入成長率達到我們預期範圍的高位，以現金和淨有效基礎計算分別為 10% 和 8.2%。租賃利差也超乎預期。全年現金租賃利差59%，淨有效利差78%。由於我們全年業績強勁，且 Rexford 持續致力於提供卓越的股東總回報，董事會宣布第一季度股息為每股 0.4175 美元，較上年同期增長 10%。

Turning to capital allocation and the balance sheet. We are committed to a disciplined capital allocation strategy focused on driving shareholder value, as demonstrated by our earnings per share growth, which has averaged 16% annually over the past 5 years, outperforming the peer group by nearly 50%. Our Fortress balance sheet positions us to execute on our value creation strategy. At quarter end, net debt-to-EBITDA was 3.6x and net debt to enterprise value was 15%. We maintained substantial liquidity of $1.2 billion, comprised of $138 million of net forward equity currently remaining for settlement, $33 million of cash on hand and full availability on our $1 billion revolver. We have no material debt maturities until 2026, inclusive of extension options.

轉向資本配置和資產負債表。我們致力於實施嚴格的資本配置策略，專注於提高股東價值，這從我們的每股盈餘成長率就可以看出，過去 5 年，我們的每股盈餘年均成長率為 16%，比同業高出近 50%。我們的 Fortress 資產負債表使我們能夠執行價值創造策略。截至季末，淨債務與 EBITDA 比率為 3.6 倍，淨債務與企業價值比率為 15%。我們維持了 12 億美元的大量流動資金，包括目前剩餘待結算的 1.38 億美元淨遠選擇權益、3,300 萬美元庫存現金以及 10 億美元循環信貸的全部可用餘額。我們在 2026 年之前沒有重大債務到期，包括延期選擇權。

As we look forward, Rexford's internal cash flow and earnings growth opportunity is significant. Over just the next 3 years, we project 42% internal cash NOI growth equal to $240 million of incremental NOI embedded within our in-place portfolio. This is expected to grow total cash NOI to over $800 million over the next 3 years, assuming today's rent and no future acquisitions. This includes $95 million of incremental NOI from repositioning and redevelopment stabilizing over the next 3 years, $95 million of incremental NOI related to the conversion of in-place rents to market rents, $40 million from the average 3.6% annual embedded rent steps in the total portfolio and $10 million from acquisitions completed in the fourth quarter and year-to-date.

展望未來，雷克斯福德的內部現金流和獲利成長機會巨大。僅在未來 3 年內，我們預計內部現金 NOI 將成長 42%，相當於我們現有投資組合中嵌入的 2.4 億美元增量 NOI。假設今天的租金和未來沒有收購，預計未來 3 年內總現金淨營運收入將成長到 8 億美元以上。這包括未來 3 年內重新定位和再開發穩定所帶來的 9,500 萬美元增量淨營運收入、與將現有租金轉換為市場租金有關的 9,500 萬美元增量淨營運收入、整個投資組合中平均 3.6% 的年嵌入式租金步驟所帶來的 4,000 萬美元以及第四季度和年初至今完成的收購所帶來的 1,000 萬美元。

This significant internal NOI growth within our existing portfolio is projected to generate average annual core FFO per share growth over the next 3 years in the 11% to 13% range. In addition, we expect to continue to capitalize upon our substantial external growth opportunity as we expand our current 2.5% market share within the 1.8 billion square foot Infill Southern California market. With regard to 2024 guidance, we are projecting core FFO per share in the range of $2.27 to $2.30. As a reminder, our 2024 guidance range does not include acquisitions, dispositions or related balance sheet activities that have not yet closed. 2024 cash and net effective same-property NOI growth is projected to be in the range of 7% to 8% and 4% to 5%, respectively, and full year average same-property occupancy is projected to be 96.5% to 97%.

我們現有投資組合中的這一顯著內部 NOI 成長預計將在未來 3 年內產生 11% 至 13% 的每股核心 FFO 年平均成長率。此外，我們希望繼續利用我們龐大的外部成長機會，擴大我們在 18 億平方英尺的南加州填充市場中目前 2.5% 的市場份額。關於 2024 年的指引，我們預期每股核心 FFO 在 2.27 美元至 2.30 美元之間。提醒一下，我們 2024 年的指導範圍不包括尚未完成的收購、處置或相關資產負債表活動。 2024 年現金和淨有效同店 NOI 成長預計分別在 7% 至 8% 和 4% 至 5% 之間，全年平均同店入住率預計為 96.5% 至 97%。

Cash leasing spreads are estimated to be approximately 40% and net effective spreads of approximately 50%. Note that excluding the impact of an assumed fixed rate early renewal from a non-same property tenant in the Inland Empire West. Cash and net effective leasing spread guidance is approximately 50% and 60%, respectively. To provide further detail around the components of our same-property net effective growth, the mark-to-market on the in-place leases within the same property pool at 60% leasing spreads, contributes approximately 750 basis points of growth.

現金租賃利差估計約40%，淨有效利差約50%。請注意，不包括內陸帝國西部非同一房產租戶假設的固定利率提前續約的影響。現金和淨有效租賃利差預期分別約為50%和60%。為了進一步詳細說明我們同類物業淨有效增長的組成部分，同一物業池中的現有租賃按 60% 的租賃利差進行按市價計價，貢獻了約 750 個基點的增長。

This growth is offset by a 200 basis point impact from lower noncash revenue related to the burn off of straight-line and below-market rents. Last year, we benefited from an outsized amount of early renewals, allowing us to increase rents to higher market rates. As is our practice, our guidance does not assume the same elevated pace of early renewals in 2024. Our net effective same-property guidance is also impacted by 100 basis points related to lower average occupancy, bad debt as a percentage of revenue that is expected to be in the range of 40 to 50 basis points and higher expenses net of recoveries.

但這一增長被直線租金和低於市場價格的租金消耗導致的非現金收入降低 200 個基點的影響所抵消。去年，我們受益於大量提前續約，這使我們能夠將租金提高到更高的市場價格。與我們的慣例一樣，我們的指引並不假設 2024 年的提前續約速度會以同樣快的速度增長。

In aggregate, these components impact same property net effective NOI growth by approximately 300 basis points, which would have otherwise brought our guided same-property net effective growth to 7.5%. Other components of our FFO per share guidance include 2023 and year-to-date investments are expected to contribute approximately $40 million of incremental NOI and repositioning and redevelopment stabilizations in 2024 are projected to contribute incremental NOI of approximately $13 million, equal to $0.06 per share, offset by a decline of approximately $13 million from NOI coming offline related to projects being placed into repositioning and redevelopment, rebooking and a net neutral contribution to 2024 core FFO per share guidance.

整體而言，這些因素對同一房產淨有效 NOI 成長的影響約為 300 個基點，原本將我們預期的相同房產淨有效成長率提高到 7.5%。我們每股 FFO 指引的其他組成部分包括 2023 年和年初至今的投資預計將貢獻約 4000 萬美元的增量 NOI，而 2024 年的重新定位和再開發穩定預計將貢獻約 1300 萬美元的增量 NOI，相當於每股 0.06 美元，但因項目被投資萬美元。

Before turning the call over for your questions, I want to thank our incredible Rexford team for an outstanding year and your continued commitment to excellence. Rexford's success is a direct result of your great work. Thank you all for joining us today, and we now welcome your questions. Operator?

在轉入回答您的問題之前，我想感謝我們出色的 Rexford 團隊，感謝他們一年來的出色表現以及對卓越的持續承諾。雷克斯福德的成功直接歸功於您的出色工作。感謝大家今天的參與，現在我們歡迎大家來提問。操作員？

(Operator Instructions) Our first question comes from the line of Blaine Heck with Wells Fargo.

（操作員指示）我們的第一個問題來自富國銀行的布萊恩·赫克。

Michael, you mentioned some choppiness in demand in certain tenant sizes and submarkets. Can you talk a little bit more about that segment of the market? And how long do you think that could be a headwind? And then on the flip side, where are you seeing strength or improving demand conditions in your market?

邁克爾，您提到某些租戶規模和子市場的需求存在一些波動。能否進一步談談該部分市場的狀況？您認為這種不利因素會持續多久？那麼另一方面，您認為您所在的市場需求狀況在哪些方面表現強勁或有所改善？

Blaine, thanks so much for joining us today. Appreciate it. No, it's a great question. And as I mentioned, our markets are generally performing well. And where we saw a little bit of excess supply would be in the Inland Empire West, for instance, where during the pandemic, we saw a little bit of exuberant development starts, and that's really impacting the larger space sizes above 100,000 square feet. And so it's very much isolated to the IE West where we also see a little bit of softness is in the Central Los Angeles market, really just impacted by the shift utilization of office space and the demand for housing and multifamily in downtown Los Angeles adjusting in the post-pandemic period. The bigger driver really is out in the IE West and we see that normalizing. We see absorption even of the larger space occurring over the near to fairly medium term, probably over the next 12 months or so. And the good news for Rexford, frankly, is we only have 2 spaces in that entire submarket. That even begin to compete in that larger size range.

布萊恩，非常感謝您今天加入我們。非常感謝。不，這是一個很好的問題。正如我所提到的，我們的市場整體表現良好。例如，我們看到內陸帝國西部出現了一些供應過剩的情況，在疫情期間，我們看到了少量的蓬勃發展的開發項目，這對 10 萬平方英尺以上的較大空間產生了很大影響。因此，它與 IE West 非常隔離，我們也看到洛杉磯中部市場有些疲軟，這實際上只是受到辦公空間的轉移利用以及後疫情時期洛杉磯市中心對住房和多戶住宅的需求調整的影響。更大的驅動力確實在 IE West，而且我們看到它正在正常化。我們看到，更大範圍的吸收甚至會發生在近期到中期內，可能是在未來 12 個月左右。坦白說，對於雷克斯福德來說，好消息是我們在整個子市場只有 2 個空間。甚至開始在更大的尺寸範圍內競爭。

Our average size space is closer to 25,000 square feet. So not really a material threat to Rexford, but it is impacting market dynamics out there for larger space, in particular. And in terms of where we see strength, quite frankly, throughout the rest of the Infill markets, meaning Greater L.A. and Orange County and pockets of Ventura and San Diego, where we own product. We actually saw about 4% market rent growth last year, that's excluding the IE West. And that's a pretty favorable growth rate, particularly considering the fact that those markets grew by over 80% during the pandemic.

我們的平均空間面積接近25,000平方英尺。因此，這對雷克斯福德來說並不是一個真正的實質威脅，但它確實影響了更大空間的市場動態。就我們在其他填充市場中看到的優勢而言，坦率地說，這意味著大洛杉磯和奧蘭治縣以及文圖拉和聖地亞哥的部分地區，我們在那裡擁有產品。事實上，去年我們看到市場租金成長了約 4％，這還不包括 IE West。這是一個相當有利的成長率，特別是考慮到這些市場在疫情期間成長了 80% 以上。

So we're seeing great signs in the market that we're holding these rent levels. And by the way, I'll just touch back on the IE West. The IE West is a very interesting market also because during the pandemic, we saw rents in the IE West increased by over 160%. So the IE West was an outlier in positive and accelerated rent growth through the pandemic, which may also help explain why we're seeing normalization in the IE West a little bit different than the rest of the Infill markets. But again, we see near-term stabilization in the IE West as well. And with regard to 2024 guidance, I mean, it's true that we're seeing strength in the markets.

因此，我們看到市場上有良好跡象表明我們維持了這些租金水平。順便說一下，我想再談談 IE West。 IE West 也是一個非常有趣的市場，因為在疫情期間，我們看到 IE West 的租金上漲了 160% 以上。因此，IE West 是疫情期間租金正成長和加速成長的異常值，這也許有助於解釋為什麼我們看到 IE West 的正常化與其他填充市場略有不同。但我們再次看到，IE West 地區近期也將趨於穩定。關於 2024 年的指引，我的意思是，我們確實看到了市場的強勁勢頭。

As I mentioned in my remarks, we believe that the markets are favorably positioned. But there are storm clouds out there with regard to geopolitical issues and therefore, continued economic stability, we're encouraged by a more stable interest rate environment, but we feel it's prudent at this point in time to be thoughtful and conservative about how we're setting near-term expectations. And that having been the case, and I'll just extend this a little bit, timing has a huge impact on near-term performance.

正如我在發言中提到的，我們相信市場已經處於有利地位。但地緣政治問題方面仍存在陰雲，因此，為了保持經濟穩定，我們受到更穩定的利率環境的鼓舞，但我們認為，在這個時候，謹慎地設定短期預期是明智的。事實就是如此，我只想稍微延長一下，時機對近期表現有很大的影響。

So what I mean by that, I'll just give you 1 significant example. Laura mentioned that we have about $0.06 of FFO per share coming in during 2024 as we lease up our value-add reposition projects. And while that's substantial, but on an annualized basis, on a fully leased up basis, that represents about $0.16 of FFO per share contribution. And although we don't get the full benefit of that this year, it sets us up to next year and the following year for great growth and actually, we estimate 2025 and '26 FFO per share growth to be in the 14% to 17% range each for each of those years. So interesting year for Rexford, but couldn't be more excited about how we're positioned.

我的意思是，我只想給你一個重要的例子。勞拉提到，隨著我們租賃增值重新定位項目，我們在 2024 年每股 FFO 收入約為 0.06 美元。雖然這個數字相當可觀，但以年率計算，以完全租賃計算，這相當於每股 FFO 貢獻約 0.16 美元。雖然我們今年沒有獲得全部利益，但它為我們明年和後年的巨大成長奠定了基礎。對於雷克斯福德來說，這是非常有趣的一年，但我們對我們的定位感到非常興奮。

That is very helpful color there, Michael. And then just switching gears real quick for my second question for Laura. Thanks for the commentary on GAAP and cash NOI differences. It seems like one of the biggest drivers there is just the early renewals that you guys did in 2023 that had free rent that will be burning off this year. I guess, how do you feel about that same thing happening this year? Or what gives you kind of hesitation that, that type of activity is going to be maybe more subdued this year?

那是非常有用的顏色，麥可。然後很快轉換話題，問勞拉我的第二個問題。感謝您對 GAAP 和現金 NOI 差異的評論。似乎最大的驅動因素之一就是你們在 2023 年進行的提前續約，免除了今年的租金。我想，您對今年發生的同樣的事情有何感想？還是什麼讓您猶豫，認為今年這類活動可能會更加平淡？

Yes, Blaine, great question. In terms of how we forecast, I mean, we certainly take a conservative approach to the timing of renewals. So last year, we did have outsized early renewals, and that contributed, as I mentioned, to the higher straight-line rent revenue. And as we look forward, renewal activity (inaudible) mentioned this in his remarks, has been very strong within our portfolio and was like that throughout the year.

是的，布萊恩，這個問題問得很好。就我們的預測而言，我的意思是，我們肯定對續約時機採取保守的態度。因此，去年我們確實有過大的提前續約，正如我所提到的，這有助於提高直線租金收入。展望未來，更新活動（聽不清楚）在他的演講中提到了這一點，在我們的投資組合中一直非常強勁，並且全年都是如此。

So as we look forward, we're in discussions with tenants and more visibility into the timing of renewals, we'll certainly be updating our guidance accordingly.

因此，展望未來，我們正在與租戶進行討論，並更加清楚續約的時間，我們肯定會相應地更新我們的指導。

Our next question comes from the line of Camille Bonnel with Bank of America.

我們的下一個問題來自美國銀行的 Camille Bonnel。

I hear a bit of static, so I hope I'm coming through clearly. So it looks like you hit a new record with the 7 million square feet of leasing activity last year. And even on a deal level, you're up slightly from '22. So can you talk about how the leasing pipeline is looking for the first few months of the year? And do you expect to continue signing leases at a similar pace?

我聽到了一些靜電噪音，所以我希望我能聽清楚。看起來去年 700 萬平方英尺的租賃活動創下了新紀錄。即使從交易層面來看，也比 22 年略有上升。那麼您能談談今年前幾個月的租賃情況如何嗎？您是否預計繼續以類似的速度簽訂租約？

It's Howard. We're really pleased with the activity we've seen building. Looking back in October, November, things had slowed down quite a bit. And then towards the end of the year, we saw a significant pickup, and that's continued through (inaudible). So we have a lot of activity. Of course, right now, we have to turn that activity into signed leases. So Michael mentioned some concerns over the economy and so forth. So sort of a wait and see. And while we are real, real excited, we've got some work ahead of us to do in that respect.

是霍華德。我們對所見的建築活動感到非常高興。回顧十月、十一月，事情已經慢了不少。然後在年底，我們看到了顯著的回升，而這種趨勢一直持續到（聽不清楚）。因此我們有很多活動。當然，現在，我們必須將這項活動轉化為簽署的租約。麥可提到了一些對經濟等方面的擔憂。所以，還是拭目以待吧。雖然我們真的非常興奮，但在這方面我們還有很多工作要做。

Are those concerns around the economy translating into you seeing any changes in the pace of the deals that are being signed? Or has it been more or less consistent with '23 activity?

對經濟的這些擔憂是否導致簽署協議的速度改變？還是它與 '23 活動或多或少一致？

I think I'll use the word normalization, just thinking back to 2019 pre-COVID levels. Typically, a good example is just talking about some of our repositioned and redevelopment space. We were seeing that space lease up in 1 month, 2 months. And now we're seeing that lengthening out, looking more in the 4-month range, maybe even a little longer. So yes, definitely stretching out, but nothing unusual compared to what you'd see in a typically normalized functioning market. And also the activity we're seeing really picked up, I think, when you think about the first half of the year and then pushing really into the second in terms of our expirations also even going forward, I think we have a lot more space expiring later than sooner.

我想我會使用正常化這個詞，回想一下 2019 年新冠疫情之前的水平。通常，一個很好的例子就是談論我們的一些重新定位和重新開發的空間。我們發現該空間的租賃價格在1個月到2個月內就上漲了。現在我們看到這個期限在延長，看起來更像是在 4 個月的範圍內，甚至可能更長一點。所以是的，肯定是延伸了，但與通常正常運作的市場中看到的情況相比，並沒有什麼不尋常的。而且，我認為，當你考慮今年上半年，然後真正進入下半年時，就我們的到期情況而言，甚至展望未來，我們看到活動確實在回升，我認為我們有更多的空間在晚些時候到期。

Right. So that actually leads me to my just last follow-up on the repositioning program and the guidance you provided around $0.06 contribution. Just given many of these are yet to be leased, how confident are you in reaching this target? And what are you tracking that needs to happen further to be upside to this?

正確的。因此，這實際上讓我想起了我對重新定位計劃的最後一次跟進以及您提供的約 0.06 美元捐款的指導。鑑於其中許多尚未出租，您對實現這一目標有多大信心？您正在追蹤哪些需要進一步發生才能實現這一目標？

Camille, it's Michael. Yes. No, I think we're very confident actually in our -- the expectations we're setting with respect to the repositionings. And upside would be in the form of reduced time frame for lease-up and maybe we beat our target rents. And we're going to work hard to do both of those. But we'd like to set expectations in a way that we feel is appropriate given the environment and also maybe does leave the opportunity for some pleasant surprises.

卡米爾，我是麥可。是的。不，我認為我們對於我們設定的重新定位期望非常有信心。而好處則是可以縮短租賃時間，或許我們就能超過目標租金。我們將努力實現這兩點。但我們希望以我們認為適合環境的方式來設定期望，也許還能留下一些令人愉快的驚喜的機會。

And Camille, I'll just add that these repositionings, redevelopments, especially even the redevelopments, they're really all in very tight Infill markets and when you start looking at the competing space, there's not much product that even comes close to competing with the quality as well as the size ranges. So that really lends optimism on our part in terms of our ability to lease the space up.

卡米爾，我只想補充一點，這些重新定位、重新開發，尤其是重新開發，它們實際上都處於非常緊張的填充市場中，當你開始關注競爭領域時，並沒有多少產品能夠在質量和尺寸範圍上與競爭對手相媲美。因此，這確實讓我們對租賃空間的能力充滿信心。

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

我們的下一個問題來自 BMO 資本市場的 John Kim。

I wanted to focus on Page 6 of your presentation with the NOI bridge and the growth potential. The -- certainly, a lot of organic growth that's forecasted. The mark-to-market seemed a little bit lighter than we were modeling or anticipated. Because if you look at that $95 million over the $568 million, which is NOI, so arguably, we should be using revenue, but that's 17% that you're expecting of growth from mark-to-market. Overall, you're expecting 51% mark-to-market over the entire portfolio, extending past 3 years. But just given the amount of leases expiring over the next 3 years, I thought that number would have been higher than $95 million. So I just wanted to ask about that figure.

我想專注於您簡報的第 6 頁，其中介紹了 NOI 橋樑和成長潛力。當然，預測會有大量有機成長。市價似乎比我們建模或預期的要低。因為如果您將 9,500 萬美元除以 5.68 億美元，即淨營運收入，那麼可以說，我們應該使用收入，但這是您預期的以市價計算的成長 17%。整體而言，您預期整個投資組合的市價率為 51%，延續 3 年之久。但考慮到未來 3 年內到期的租約金額，我認為這個數字將高於 9,500 萬美元。所以我只是想問這個數字。

Yes, John. I think a couple of things that I would note. Remember, this is only a 3-year period. So it doesn't capture us marking the entire portfolio to market. So I think that's probably the most significant piece of it. And then the other side of it is, we continue to, every day, mark the portfolio to market. So the baseline annualized NOI growth that you see there from fourth quarter includes leases that we mark-to-market in the fourth quarter and obviously impacts the future mark-to-market. So -- but I think the most important component here is that, that's only a 3-year look at the growth from mark-to-market. And obviously, as the portfolio continues to roll, we'll have additional mark-to-market to realize. The other thing I want to note about the bridge that you mentioned is that this includes no future rent growth.

是的，約翰。我想有幾件事要注意。請記住，這只是 3 年的時間。因此，它並沒有記錄我們將整個投資組合以市場價格標記的情況。所以我認為這可能是其中最重要的部分。另一方面，我們每天繼續根據市場狀況調整投資組合。因此，您從第四季度看到的基準年化淨營運收入成長包括我們在第四季度以市價計價的租賃，這顯然會影響未來的以市價計價。所以 — — 但我認為這裡最重要的部分是，這只是對 3 年市價成長的觀察。顯然，隨著投資組合的不斷滾動，我們將有額外的市價來實現。關於您提到的橋樑，我想指出的另一件事是，這不包括未來的租金成長。

So this assumes that over the next 3 years, rents are where they are today.

所以這假設未來 3 年的租金將與現在的水平相同。

That mark-to-market over the entire portfolio, the last quarter presentation had it at $350 million. And I know you took it out, but is that right on the ballpark of where you sit today?

根據上一季的報告，整個投資組合的市值為 3.5 億美元。我知道您把它拿出來了，但這和您今天所處的位置差不多嗎？

We're -- yes, we haven't provided that number. We're going to continue to provide the essential components that allow you to incorporate, that allow you to be able to calculate and see that full mark-to-market within the portfolio.

是的，我們沒有提供這個數字。我們將繼續提供基本組件，讓您能夠整合這些組件，計算並查看投資組合中的完整市價。

Okay. My last question is on your FFO growth guidance. At midpoint, it's 4.3%. Your GAAP NOI guidance is at 4.5% midpoint. The dividend growth that you announced was at 10%. So I'm just wondering how you came up with the 10% versus your FFO guidance. I thought that would have correlated a little bit stronger.

好的。我的最後一個問題是關於您的 FFO 成長指導。中間值為 4.3%。您的 GAAP NOI 指導值為 4.5% 的中間值。您宣布的股息成長率是 10%。所以我只是想知道您是如何得出 10% 而不是 FFO 指導的。我認為，相關性會更強一些。

Yes. In terms of our dividend growth, and we've communicated this in the past, dividend growth is going to be pretty similar to what we're seeing in terms of earnings growth. Our earnings growth this past year in 2023 was 12%. Our dividend growth, we announced dividend growth of 10%. So those are pretty much in line as we're retaining the capital that we can. So you should see those growth rates continue to mirror each other as we track forward.

是的。就我們的股息成長而言，我們過去已經傳達過這一點，股息成長將與我們所看到的獲利成長非常相似。我們去年（2023 年）的獲利成長率為 12%。我們的股息成長，我們宣布股息成長 10%。因此，這些都與我們保留盡可能多資本的情況相符。因此，隨著我們不斷前進，你會看到這些成長率將繼續相互映襯。

Our next question comes from the line of Nate Crossett with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 Nate Crossett。

I was wondering if you could just talk about the Tireco lease expiration in January of next year. How should we be thinking about that in terms of probability of renewal and what spreads could be like? And then my second question is, how should we think about leverage levels for the balance of this year? I think you're well below your kind of guided range of 4% and 4.5%. So what is your kind of tolerance for more leverage right now?

我想知道您是否可以談談明年 1 月 Tireco 租賃到期的情況。我們應該如何從續約機率和利差的角度來考慮這個問題？我的第二個問題是，我們應該如何考慮今年平衡的槓桿程度？我認為遠低於 4% 和 4.5% 的指導範圍。那麼現在您對更大槓桿的容忍度如何？

Thanks so much for joining us today. In regards to the Tireco lease, just to get everybody the background of Tireco, the Tireco lease expires in January of 2025. They have a fixed rate renewal option that's 4%. The update that we can provide you on is that we are in constant discussions with Tireco. And based on our most -- very recent discussions, they have no intentions on vacating the space. So as is our practice, we'll provide you with an update upon lease execution around the Tireco lease.

非常感謝您今天加入我們。關於 Tireco 租賃，只是為了讓大家了解 Tireco 的背景，Tireco 租賃將於 2025 年 1 月到期。 他們有一個固定利率續約選項，即 4%。我們可以向您提供的最新消息是，我們正在與 Tireco 進行持續討論。根據我們最近的討論，他們沒有撤出該空間的打算。因此，按照我們的慣例，我們將為您提供有關 Tireco 租賃的租賃執行更新資訊。

In terms of leverage, from a leverage perspective, we are very focused on maintaining a low leverage balance sheet. And when we have those target leverage levels out there at 4 to 4.5x, it doesn't mean that we may not be below them for periods of times because maintaining a low leverage balance sheet really allows us to be opportunistic, no matter where we're at in the capital cycle. And so we look to really leverage the balance sheet that allows us to be opportunistic and take advantage of opportunities to drive accretion and shareholder value. When we think about leverage, we're really comfortable about where we sit today and really puts us in a great position for the year and moving forward.

就槓桿率而言，從槓桿率的角度來看，我們非常注重維持低槓桿的資產負債表。當我們的目標槓桿率達到 4 至 4.5 倍時，並不意味著我們不會在某些時期低於該水平，因為維持低槓桿率的資產負債表確實可以讓我們抓住機會，無論我們處於資本週期的哪個階段。因此，我們希望真正利用資產負債表，讓我們能夠抓住機會，並利用機會推動成長和股東價值。當我們考慮槓桿作用時，我們對目前所處的位置感到非常滿意，並且確實為我們今年及未來的發展奠定了良好的基礎。

Our next question comes from the line of Craig Mailman with Citi.

我們的下一個問題來自花旗銀行的 Craig Mailman。

Just want to go back -- I know you guys took out the disclosure around the mark-to-market in the quarterly, but I just had a question as it pertained to the $0.34 that you guys had expected to come in through the net effective mark-to-market as of the last presentation. I think $0.05 of that had expected to come in '23. So an incremental $0.29 was expected to come in '24. And I saw in the same-store, you guys are getting $0.11 basically from that. Just could you kind of give us a bridge from that incremental $0.29 to the $0.11? And what else would be embedded in guidance that would have been comparable to that incremental upside that was in the last presentation?

只是想回想一下——我知道你們在季度報告中取消了有關市價調整的披露，但我有一個問題，它與你們上次報告時預計通過淨有效市價調整獲得的 0.34 美元有關。我認為其中的 0.05 美元預計將在 23 年到帳。因此預計 24 年將增加 0.29 美元。我在同一家商店看到，你們基本上從中獲得了 0.11 美元。您能否為我們提供從增量 0.29 美元到 0.11 美元的橋樑？那麼，指引中還包含哪些內容可以與上次簡報中的增量上行相媲美呢？

Yes, Craig, I think I've provided the components of guidance of our same property guidance. And then we also provide a roll forward of those components. And so I think what I can kind of walk you through that's helpful is the components of that same property NOI guidance that we put out on a cash basis. I know I gave you the components on a GAAP basis but on a cash basis and how we generate that 7.5%. So in terms of the 7.5% midpoint of our cash same property NOI guidance, 900 basis points of that is from base rent growth that's associated with the mark-to-market of our expiring leases within the same property pool with an average 50% leasing spread.

是的，克雷格，我想我已經提供了我們相同財產指導的指導組成部分。然後我們也提供這些組件的前滾。因此，我認為我可以向您介紹一些有用的內容，即我們以現金為基礎發布的相同房地產淨營運收入 (NOI) 指導的組成部分。我知道我根據 GAAP 向您提供了各組成部分，但這些組成部分是按照現金基礎計算的，以及我們如何產生這 7.5% 的利潤。因此，就我們現金同一房產淨營運收入指引的 7.5% 中點而言，其中 900 個基點來自基本租金成長，該成長與同一房產池中即將到期的租約的市價有關，平均租賃利差為 50%。

Included in that is another 300 basis points of rent steps, the embedded rent steps in our portfolio that averaged 3.6% on the total portfolio. That's offset by concessions of about 350 basis points. We're projecting concessions this year of about 1.5 months. That's in line with pre-COVID averages. In terms of average occupancy decline of 25 basis points, that has another 30 basis point impact, a bit higher bad debt assumptions given where we're at in the year, has about a 20 basis point impact and then higher expenses net of recoveries have another 50 basis point impact. So these components together bring you to our 7.5% cash same property guidance.

其中包括另外 300 個基點的租金步驟，即我們投資組合中嵌入的租金步驟，平均佔整個投資組合的 3.6%。這被約 350 個基點的讓步所抵銷。我們預計今年的優惠期約為 1.5 個月。這與新冠疫情前的平均值一致。就平均入住率下降 25 個基點而言，這又產生了 30 個基點的影響；考慮到我們今年所處的狀況，壞帳假設會略高一些，大約會產生 20 個基點的影響；扣除回收費用後的更高費用又會產生 50 個基點的影響。因此，這些因素共同為我們帶來了 7.5% 的現金相同財產指導。

No, no. I was getting more at the FFO impacts of -- and maybe this goes back to John's question about the $350 million versus the $95 million this quarter. But if you just had looked at the old kind of disclosure you guys had in there that you guys called the near-term conversion of mark-to-market to FFO, assuming no incremental rent growth, right? It was $0.34 cumulative from 3Q '23 to the end of '24. And embedded in that $0.34 was $0.05 that would hit in '23, so that implicitly lease $0.29 in '24.

不，不。我更關注的是 FFO 的影響——也許這可以追溯到約翰關於本季度 3.5 億美元與 9500 萬美元的問題。但是，如果您只是看一下你們那裡的舊披露，您稱之為按市價計價到 FFO 的短期轉換，假設沒有增量租金增長，對嗎？從 23 年第三季到 24 年底累計為 0.34 美元。而這 0.34 美元中隱含的 0.05 美元將在 23 年達到，因此隱含的租賃費用為 24 年的 0.29 美元。

And I'm just kind of figuring out where in the bridge to your FFO guidance, I see $0.11 coming in from same-store GAAP into it, but I'm not seeing maybe where that incremental $0.18 would come into play and if there is a change in timing or if that's related to what you talked about, I don't know if there was a pull forward of retention in that previous number. I'm just kind of trying to bridge that $0.34 in the last presentation. I know you guys don't provide any more. Is that still $0.34 for year-end '24? Or is that number changed for what should come through FFO just from the net effective mark-to-market?

我只是在弄清楚在您的 FFO 指導中，我看到 0.11 美元來自同店 GAAP，但我看不到增量的 0.18 美元可能發揮作用，如果時間發生變化，或者這與您談論的內容有關，我不知道之前的數字是否有保留的提前。我只是想彌補上次演講中提到的 0.34 美元。我知道你們不再提供任何內容了。 24 年底的價格還是 0.34 美元嗎？或者該數字是否根據僅從淨有效市價計算的 FFO 而改變？

No. There's a lot of different components, right, that are going to impact that. Some of that is that we've already converted some of that mark-to-market in Q3 and Q4 of 2023. Some of that could be how we pulled the additional properties that we pulled into repositioning and redevelopment and we talked about that $0.06 impact from the NOI that's coming offline in 2023. And some of that is associated with additional share impacts as well from additional share count -- share issuance and so higher share count. So there's a number of different components that go into that. And I think we've provided a very thorough bridge. They get -- they walk you through the reconciliation in the roll-forward of our prior FFO same property guidance and then to our current FFO.

不，有很多不同的因素都會對此產生影響。部分原因是我們已經在 2023 年第三季和第四季轉換了部分市價。這其中涉及許多不同的組件。我認為我們已經搭建了一座非常完善的橋樑。他們會引導您完成我們先前的 FFO 相同財產指導的滾動對賬，然後引導您完成當前 FFO 的對帳。

Okay. So part of it is just dilution from equity into the share count from the $0.34. So you're saying the nominal cumulative number for year-end '24 adjusting for kind of redevelopment coming in and out should be roughly the same? I don't want to put words in your mouth, I just want -- trying to bridge it.

好的。因此，其中一部分只是從股權稀釋到股票數量，從 0.34 美元開始。所以您的意思是，經過重新開發進出調整後，24 年底的名目累計數字應該大致相同？我不想把話強加給你，我只是想嘗試彌補這一差距。

Yes. I think I was really clear about what the components are that we've provided a really transparent look in terms of the components of guidance as we're seeing it today.

是的。我認為我非常清楚這些組成部分是什麼，我們已經在指導的組成部分方面提供了真正透明的視角，正如我們今天所看到的。

Okay. And then just one quick one. What's the updated cash mark-to-market? You guys gave the net effect of 51%, what's on a cash basis?

好的。然後只剩下一個快速的步驟。更新後的現金市價是多少？你們給的淨效應是 51%，那麼以現金基礎計算是多少？

Yes. On a cash basis -- and we're happy to provide the cash mark-to-market. We do feel like the net effect of mark-to-market is much more helpful. It certainly captures the significant embedded rent steps that we're achieving in our leases. But that being said, the cash mark-to-market is 38% today. That's down from 43% in the prior quarter as a similar change that we saw from our net effective mark-to-market. It was impacted by about 200 basis points from the conversion of the mark-to-market in the fourth quarter of leases that we signed, about 200 basis points from rent steps and about 100 basis points from those properties moving under repositioning.

是的。以現金計算－我們很樂意提供以市價計算的現金。我們確實覺得以市價計價的淨效應更有幫助。它確實體現了我們在租約中實現的重大嵌入式租金步驟。但話雖如此，如今現金的市價比率是 38%。這比上一季的 43% 有所下降，與我們從淨有效市價中看到的變化類似。它受到了我們簽署的租約在第四季度按市價轉換約 200 個基點的影響，來自租金階梯約 200 個基點以及來自重新定位的那些物業移動約 100 個基點的影響。

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

我們的下一個問題來自加拿大豐業銀行的 Greg McGinniss。

So I know you may be tired of answering the question, but just to expand on Craig's point, that $0.34 that was originally disclosed, was that the expected contribution to 2024 or the expected run rate contribution by year-end?

所以我知道你可能厭倦了回答這個問題，但只是為了擴展 Craig 的觀點，最初披露的 0.34 美元是預計到 2024 年的貢獻還是預計到年底的運行率貢獻？

It was not a run rate. But I think let's go back to mark-to-market really quick. And one of the reasons that -- and I think that one of the reasons that we decided to take out that (inaudible) is because our mark-to-market changes every single day. Mark-to-market is a point in time, and it's based on the leasing that we're doing. So in the fourth quarter, we marked the portfolio to market on a daily basis, some of those releases that were expiring this year, some of those releases that were expiring in 2024 and some even in 2025. So I think it's really important to really work holistically the portfolio mark-to-market and provide transparency into what we expect to achieve for marking the portfolio to market as leases role.

這不是運行率。但我認為我們還是趕緊回到以市價計算的話題吧。我認為我們決定取消該（聽不清楚）的原因之一是因為我們的市價每天都在變化。按市價計價是一個時間點，它基於我們正在進行的租賃。因此，在第四季度，我們每天將投資組合按市價記賬，其中一些發行將於今年到期，一些發行將於 2024 年到期，還有一些甚至將於 2025 年到期。

Okay. Could you just walk us through the expected cadence of occupancy levels through this year that get us to the guidance range and while we're not looking for future guidance, whether this overall downward trend is expected to continue in 2025.

好的。您能否向我們介紹今年預計的入住率節奏，以便達到指導範圍，儘管我們不尋求未來的指導，但這種整體下降趨勢是否預計會在 2025 年繼續。

We are not providing 2025 occupancy guidance. In terms of the cadence of guidance, we don't provide the cadence of occupancy guidance on a quarterly basis. We provide you with the average occupancy number, which can allow you to appropriately model occupancy and those impacts through the year.

我們不提供 2025 年的入住率指導。就指導節奏而言，我們不會按季度提供入住率指導節奏。我們為您提供平均入住人數，這可以讓您適當地模擬全年的入住率及其影響。

Okay. Maybe just one follow-up here. Regarding the 1.5 months of concessions that are currently being offered in leases, I understand that's in line with pre-COVID levels. Have concessions ever gone above that level? And what is the risk of seeing concessions increase from here?

好的。這裡也許只有一個後續行動。關於目前租賃中提供的 1.5 個月的優惠，我理解這與 COVID 之前的水平一致。優惠幅度曾經超過這個水準嗎？那麼，今後特許權增加的風險是什麼？

I would say that on average, we have generally not seen levels rise above that. There are exceptional moments in time, for instance, during the great financial crisis, which obviously we don't really see anything of that nature on the horizon today. And those are very consistent levels during the probably many, many years pre-COVID, and oftentimes, we beat that on a submarket basis or a certain size product type, but it's probably a very reasonable assumption.

我想說，平均而言，我們一般不會看到水平超過這個水平。有一些特殊時刻，例如金融危機期間，但很顯然，我們今天還看不到類似的事情發生。在新冠疫情爆發之前的許多年裡，這些水平一直非常穩定，而且很多時候，我們會在某個細分市場或某種規模的產品類型上超越這一水平，但這可能是一個非常合理的假設。

But I think if we think about different product and market -- submarkets and what competition could be out there, on a case-by-case basis, you'll see a lot of variability perhaps, and Michael mentioned an example earlier about what's happening in the Inland Empire on some of those larger buildings, probably would see a little bit more concession on those, whereas the majority of the Infill markets, you wouldn't.

但我認為，如果我們考慮不同的產品和市場——子市場以及可能存在的競爭，逐案分析，你可能會看到很多變化，邁克爾之前提到了一個例子，關於內陸帝國在一些較大的建築上發生的情況，可能會看到對這些建築更多的讓步，而在大多數填充市場，你不會看到這種情況。

All right. So we take 1.5 months as an average then, right?

好的。所以我們取 1.5 個月為平均值，對嗎？

That's a good indicator.

這是一個很好的指標。

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

我們的下一個問題來自貝爾德的尼克·蒂爾曼。

Can we start with Howard or Michael, maybe wanted a little update on the transaction market and kind of what you're seeing? Are you seeing like more competition in the market, larger institutions looking to buy? And do you see that as an ability to maybe recycle some more assets that you view as like noncore?

我們可以從霍華德或邁克爾開始嗎，也許想了解交易市場的最新情況以及您所看到的情況？您是否發現市場競爭更加激烈，大型機構是否在尋求購買？您是否認為這可以回收一些您認為的非核心資產？

Thanks so much for joining us today. Just briefly, I'd say, and Howard could add if he has more color. But generally speaking, the transaction market really hasn't seen much change probably over the last 6 months or so. I think -- and maybe the higher interest rate environment is a contributor or just some general uncertainty out there, which is good news for Rexford, quite frankly. It means that buyer competition is somewhat moderated, generally speaking, and we continue to find great opportunities as a buyer. So I would say no big change in the transaction environment. With regard to dispositions, that also can have an impact because if buyer competition is low, it means there might just be, generally speaking, fewer buyers in the market and will take a little longer on the disposition activity, although we do have a recycling program in place, we have assets that we intend to market for sale and our marketing for sale this year. So we'll see where that goes. But we're going to continue to use our best judgment in terms of how and when we transact on those.

非常感謝您今天加入我們。我只是簡單地說一下，如果霍華德有更多的見解，他可以補充。但總體來說，交易市場在過去 6 個月左右的時間裡確實沒有太大的變化。我認為——也許較​​高的利率環境是一個因素，或者只是一些普遍的不確定性，坦白說，這對雷克斯福德來說是個好消息。總體而言，這意味著買家競爭有所緩和，並且我們作為買家繼續發現巨大的機會。所以我認為交易環境不會有太大的改變。至於處置，這也會產生影響，因為如果買家競爭較低，就意味著一般來說市場上的買家會較少，處置活動會花費更長的時間，儘管我們確實有一個回收計劃，我們有一些資產打算進行營銷以待出售，而且我們今年正在進行營銷以待出售。我們將拭目以待。但我們將繼續運用最佳判斷來決定如何以及何時進行這些交易。

That's helpful. And then maybe a couple of quick ones for Laura. Of this mark-to-market, is that still only 80% of the square footage just being represented in that statistic?

這很有幫助。然後也許還有幾個快速的問題要問勞拉。在這個以市價計算的數據中，是否仍然只有 80% 的平方英尺被體現在這個統計數據中？

Yes, that's about right.

是的，基本上正確。

Okay. And then the other one is just on the bridge from the prior presentation to what you quoted on net effective spreads for 2024, I think the prior presentation said 67%, now you're quoting around like 60%. Is that just based on activity that's happened in the past?

好的。然後另一個是關於從之前的介紹到您對 2024 年淨有效利差的引用，我認為之前的介紹說的是 67%，而現在您引用的是 60% 左右。這只是基於過去發生的活動嗎？

Yes, that's correct. We saw flat market rent growth in the quarter. So that's a good assumption.

是的，正確。我們看到本季市場租金成長持平。這是一個很好的假設。

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

我們的下一個問題來自瑞穗銀行的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Laura, I guess just you -- or Michael, you've given sort of a broader 3-year outlook on FFO growth for next 2 years, I think you said 14% to 17% annually. I'm wondering in the last few presentations, you usually give like a 2-year or a multiyear same-store growth. Since you've given us FFO, do you mind giving us sort of a broad kind of multiyear same-store growth? Just where are you thinking things will shake out?

勞拉，我想只有你 - 或者邁克爾，你對未來兩年的 FFO 增長給出了更廣泛的 3 年展望，我想你說的是每年 14% 到 17%。我想知道在最近的幾次演講中，您通常會給出兩年或多年的同店成長數據。既然您已經向我們提供了 FFO，您介意向我們提供一下多年的同店增長數據嗎？您認為事情會如何發展呢？

Yes. We haven't provided a same-property outlook beyond 2024. But obviously, we are providing you with a 3-year look at our embedded internal growth, which is $240 million of NOI on a cash basis that represents 42% cash NOI growth.

是的。我們還沒有提供 2024 年以後的同類物業展望。

And just to clarify, does that 14% to 17% assume steady state like no more properties are repositioned?

需要澄清的是，14% 到 17% 是否假設處於穩定狀態，即不再重新定位任何房產？

That assumes the current pipeline that we've disclosed -- current pipeline and what we have in process of repositioning and redevelopments, it does not have anything outside of what we've already disclosed.

這假設我們已經披露的當前管道 - 當前管道以及我們正在重新定位和重新開發的內容，除了我們已經披露的內容之外，它沒有任何內容。

Got it. Okay. Just second, you mentioned the pipeline sort of what's under contract or I think near-term close. But just from a broader perspective, given the kind of stress in the market, is there a sort of a broader dollar number you can talk about? Like what are you pursuing in 2024? We're just trying to get a better sense of like where volumes -- acquisition volumes could shake out for the year.

知道了。好的。其次，您提到了合約中的管道類型，或者我認為是近期完成的管道類型。但從更廣泛的角度來看，考慮到市場的壓力，您能談談一個更廣泛的美元數字嗎？例如，2024 年你會追求什麼？我們只是想更了解今年的收購量可能會如何變化。

We really can't offer guidance on acquisition volume because it's the one variable we really don't know. But as Michael pointed out, we have capital. There's not a lot of capital floating around that can be placed in the market. So we're in a great position to capture opportunities, but it's really -- it's just too difficult to give you an idea of what an opportunity could be like that we don't know about.

我們確實無法提供關於收購量的指導，因為這是我們真正不知道的變數。但正如邁克爾指出的那樣，我們有資本。可供投入市場的流通資本不多。因此，我們處於一個極佳的位置來抓住機遇，但事實上——我們很難讓你了解我們不知道的機會是什麼樣的。

Okay. And just lastly, I wanted to go back sort of more a competitive question. You cited sort of your Infill SoCal markets, 2.7% vacancy, I'm just having a hard time reconciling like you have extremely low vacancy, yet you're seeing higher incentives, arguably no rent growth. I know you haven't given a market rent growth forecast, but just going by the last data point, no sequential rent growth, and then you talked a little bit about bad debt. So I'm just trying to wonder like how competitive is the market in general? And your product, what things are you watching to sort of say, "Hey, we're still going to see a gap in fundamentals between our product versus the broader SoCal market?

好的。最後，我想回到一個更具競爭性的問題。您提到了南加州填充市場，空置率為 2.7%，我只是很難接受，因為你們的空置率極低，但激勵措施卻更高，可以說租金沒有增長。我知道您沒有給出市場租金成長預測，但僅根據最後一個數據點，沒有連續的租金成長，然後您談到了一點壞帳問題。所以我只是想知道整個市場競爭力如何？對於您的產品，您正在關注哪些方面，以便說「嘿，我們仍然會看到我們的產品與更廣泛的南加州市場之間存在基本面差距？

Vikram, thanks so much again for joining us today. First of all, the markets have performed well. Let's be clear. I mean, with the exception of the IE West, for instance, we saw about 4% growth in the rest of the Infill markets that we're in, which cover 80% of our portfolio in the Greater L.A., Orange County, a little bit of San Diego, a little bit of Ventura markets. So the backdrop actually is strong, not weak. And those are great growth rates, actually, particularly given the uncertainty that we saw over the prior year with interest rates and all the rest. And so we're not too worried about fundamentals. And I think perhaps we were spoiled during the pandemic period, where we saw unsustainable fundamentals and rent growth and occupancy levels. And no matter how much we try to prepare the market for the fact that those were not very sustainable. Again, it's a change. The fundamentals remain very strong.

維克拉姆，再次非常感謝您今天加入我們。首先，市場表現良好。讓我們明確一點。我的意思是，例如，除了 IE West 之外，我們看到我們所在的其餘填充市場都增長了大約 4%，這些市場覆蓋了我們在大洛杉磯地區、奧蘭治縣、聖地亞哥和文圖拉市場的 80% 的投資組合。因此，背景實際上是強勁的，而不是弱的。事實上，這是很高的成長率，特別是考慮到前一年利率和其他方面存在的不確定性。因此我們並不太擔心基本面。我認為，也許我們在疫情期間被寵壞了，我們看到了不可持續的基本面、租金增長和入住率。無論我們如何努力讓市場做好準備，但這些都不是永續的。再次，這是一個改變。基本面依然強勁。

And I think the important thing also to remember is that although fundamentals are strong, reflecting more 2019 levels, which again was a very strong market. So when Laura talks about 1.5 months concessions and that sort of thing, that is a -- those are indicators of a very strong market. And yes, some space will lease up in much less time and less downtime. But on an average basis, that is a very strong market. And I think it's also important to remember that our product is vastly superior in terms of functionality and location as compared to the broader market. And so irrespective of what we may be seeing in the broader market, our portfolio has been outperforming, and I think there's some great data in our investor deck to that effect, and we expect it will continue to outperform in the general market because our properties are better positioned, more functional, our properties are actually of more value to tenants because they can be more productive within our spaces. So the outlook, I think, is not negative. Actually, to your question, it's quite positive in terms of the underlying fundamentals.

我認為還需要記住的重要一點是，儘管基本面強勁，但更多地反映了 2019 年的水平，這又是一個非常強勁的市場。因此，當勞拉談到 1.5 個月的優惠和諸如此類的事情時，這就是——這是一個非常強勁的市場的指標。是的，一些空間將會在更短的時間內和更少的停機時間內租用。但從平均值來看，這是一個非常強勁的市場。我認為還需要記住的是，與更廣泛的市場相比，我們的產品在功能和位置方面具有巨大的優勢。因此，無論我們在更廣泛的市場中看到什麼，我們的投資組合一直表現出色，我認為我們的投資者平台中有一些很好的數據，我們預計它將繼續在整個市場中表現出色，因為我們的房產定位更好，功能更多，我們的房產實際上對租戶更有價值，因為他們可以在我們的空間內提高生產力。因此我認為前景並不樂觀。實際上，對於您的問題，從基本面來看，這是非常積極的。

Okay. No, fair enough. I was just trying to square that with where the market rent growth is.

好的。不，夠公平。我只是想將其與市場租金成長情況相協調。

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

我們的下一個問題來自 Green Street 的 Vince Tibone。

How much of the issues at the Suez Canal impact the SoCal Seaport? From what I've read, it seems like most ships now avoiding Suez are going around the Cape instead of going through the Pacific and into SoCal. So I'd just love to hear any color you have or you've been hearing from your tenants on this topic and how maybe shipping routes are evolving as the situation unfolds?

蘇伊士運河問題對南加州海港有多大影響？據我所知，現在大多數避開蘇伊士運河的船隻似乎都繞過好望角，而不是穿過太平洋進入南加州。所以我很想聽聽你們對這個問題的看法或你們從租戶那裡得到的意見，以及隨著情況的發展，航運路線可能會如何演變？

Well, diverting the Suez to go down around the Cape increases time and cost. And even without that, we had a substantial time and cost advantage even compared to going through the Suez Canal, originally associated with coming direct to the Ports of L.A. and Long Beach. And so obviously, that benefit in terms of timing and cost here is accelerated and becomes a greater advantage. So we think it does have some positive impact. And I think it also -- there was some concern about diversification away from Los Angeles and Long Beach, and I think that that's just really not the case. Actually, L.A. and Long Beach turns out to be about the safest and most reliable entry point into the United States, which I think reflects in the volumes that we're seeing more recently.

那麼，讓蘇伊士運河繞過好望角會增加時間和成本。即使沒有這一點，與通過蘇伊士運河相比，我們仍然擁有相當大的時間和成本優勢，而蘇伊士運河原本是直達洛杉磯港和長灘港的。顯然，時間和成本方面的優勢在這裡得到了加速，並成為更大的優勢。所以我們認為它確實有一些正面的影響。我還認為，有人擔心遠離洛杉磯和長灘的多元化，但我認為事實並非如此。事實上，洛杉磯和長灘是進入美國最安全、最可靠的入境點，我認為這在我們最近看到的數量上有所反映。

And I'd like to add to that also, I think really for the ports and this increased activity, a lot had to do with the labor contract finally solidifying and I saw JLL had some information recently that wrapped a 15% increase just associated with the port contract completion pretty quickly after that was done. So Suez, Panama, et cetera, could lead to incremental activity. But that's really not the driver. Again, it's Michael's comment to the cost and timing.

我還想補充一點，我認為對於港口而言，活動的增加很大程度上與勞動合約的最終鞏固有關，我看到 JLL 最近有一些信息，稱港口合約完成後很快就出現了 15% 的增長。因此，蘇伊士運河、巴拿馬等事件可能會導致活動增加。但這其實並不是驅動因素。再次，這是邁克爾對成本和時間的評論。

And by the way, Vince, just to add one final note. I think it's important to recall with respect to our portfolio, that our tenant base demand for their goods and services is predominantly driven by regional consumption. So this is a great benefit that the ports are operating, labor is stable, et cetera, et cetera. But at the end of the day, we're very much distribution and consumption driven. And we're serving the largest zone of regional consumption, the most diverse economy in the country here in Southern California by far. So that really was what's driving these superior fundamentals.

順便說一句，文斯，最後我再補充一點。我認為，就我們的投資組合而言，重要的是要記住，我們的租戶對其商品和服務的需求主要受到區域消費的驅動。所以，這對於港口的運作、勞動力的穩定等等都是很大的好處。但歸根究底，我們主要是受分銷和消費驅動。我們服務於南加州迄今為止全國最大的區域消費區和最多元化的經濟。這正是推動這些優越基本面的真正原因。

No, that's all helpful color. I appreciate that. I have just one quick clarification on just the comments around concessions. I just wanted to confirm that 1.5 months of free rent per year is in regard to new leases? Or are you guys expecting to have to give any form of concessions on renewals to kind of keep people in their spaces?

不，那都是有用的顏色。我很感激。我只想對讓步的評論做一點快速澄清。我只是想確認每年 1.5 個月的免租金是針對新租約的嗎？或者你們希望在續約時做出任何形式的讓步，以便讓人們留在自己的空間裡？

Yes, Vince, that's an aggregate number, so that includes new and renewal.

是的，文斯，這是一個總數，包括新增和續約。

Got it. And is like -- so is new -- like just in terms of the broader marketplace, like is new lease concessions increasing pretty significantly? I don't mean to keep asking the same question, but just any color on maybe what the overall market is doing versus just your expectations would be helpful as well.

知道了。就更廣泛的市場而言，新的租賃優惠是否大幅增加？我並不是想一直問同樣的問題，但只要了解整體市場表現與你的預期有何不同，也會有所幫助。

Vince, the new leasing concessions we're seeing are going to be a bit higher than renewals. And again, it's really space-driven and location-driven. So we've got an abundance of a certain product size in a particular market, you're probably going to see a little heavier concession being offered.

文斯，我們看到的新租賃優惠將比續約優惠略高。再說一次，它確實是由空間驅動和位置驅動的。因此，我們在特定市場上擁有大量某種規模的產品，您可能會看到提供稍微更大的優惠。

And by the way, I'll just add one more thing here, Vince, where we do see maybe heavier concessions, for instance, in the IE West, we also see that stabilizing. We see absorption over the near term for the size ranges that have a little bit of additional supply compared to historical periods, and we do see that reverting to a more normalized supply/demand scenario, hard to predict, but arguably over the next 12 months or so.

順便說一句，文斯，我在這裡再補充一點，我們確實看到了可能更大幅度的讓步，例如在 IE West，我們也看到了穩定性。我們看到，與歷史時期相比，短期內供應略有增加的規模範圍的吸收量會有所增加，而且我們確實看到供應/需求狀況將恢復到更加正常的狀態，這很難預測，但可以說會在未來 12 個月左右出現。

Our next question comes from the line of Nikita Bely with JPMorgan.

我們的下一個問題來自摩根大通的 Nikita Bely。

I promise I want to ask about the bridge to earnings anymore. Easy one. Can you talk a little bit more about a $125 million loan that you guys extended? A little more color just how they all came about, what the loan is -- I know it's securitized by land, what do you plan to do with it, converting into ownership and when? And if you're going to build something on it, like what can -- how much investment can that site support over time?

我保證我想問一下有關收入橋樑的問題。簡單吧。您能否進一步談談您們提供的 1.25 億美元貸款的情況？再詳細講講它們是怎麼產生的，貸款是什麼——我知道它是透過土地證券化的，你打算用它做什麼，轉換成所有權，什麼時候？如果你想在其上建立一些東西，那麼該網站隨著時間的推移可以支持多少投資？

It's Howard. That was an amazing transaction. On surface, there was an effective interest rate of 8%. But what you're not seeing is the opportunity that Rexford has surrounding that. We have a right of first offer to purchase a site. We have a right of first offer to JV the site and if we choose not to do either of those, we actually have a [ticker] on top of these interest rates if the property is sold to somebody else, we're going to achieve a 5% net equity fee on that sale. And that's going to be in place for 20 years. So we really were successful in structuring a transaction around that loan that puts us in a great position to create value on the site. And our loan to value on that today is just about 50%, low 50s and the work that's being done on the site right now by the ownership is to fill in some of the other excavated areas there that this is a strip mining former use and on top of the buildable 60 acres there over time, the first completion within the next 3 years would drop the loan-to-value down to 35% at a very low value on the land.

是霍華德。那是一次令人驚奇的交易。表面上看，實際利率為8%。但您沒有看到的是雷克斯福德在這一方面所擁有的機會。我們有優先購買場地的權利。我們有對該地塊進行合資的優先購買權，如果我們選擇不做任何一項，那麼我們實際上會在這些利率之上再加一個 [股票代碼]，如果該房產被出售給其他人，我們將從該筆銷售中獲得 5% 的淨股權費用。這個政策將持續實施20年。因此，我們確實成功地圍繞該貸款構建了交易，這讓我們處於在網站上創造價值的有利位置。目前，我們的貸款價值比僅為 50% 左右，出頭便是 50%，而業主目前正在現場進行的工作是填充那裡的一些其他挖掘區域，這裡以前是露天採礦區，再加上那裡可長期建設的 60 英畝土地，未來 3 年內第一批工程將使貸款價值比降至 35%，而土地價值將非常低。

So not only is it a very safe and secure transaction, but it has a lot of upside for us on the site. And I believe the site would accommodate upwards of 3.5 million square feet in development once the entirety of the land is available to be built.

因此，這不僅是一種非常安全可靠的交易，而且對我們網站來說也有許多好處。我相信，一旦整個土地可供建設，該地塊將可容納 350 萬平方英尺的開發面積。

How did you guys do this transaction? Was it something you've been working on for years off-market deal?

你們是如何完成這筆交易的？這是您多年來一直致力於的場外交易嗎？

It was an off-market deal. There was a lot of circling of relationships and so forth. And the borrower had a dire need to complete a transaction based on another loan that was -- repayment was due on. So that's, I guess, why we are in the driver's seat on this one to get some of the other goodies tossed in here.

這是一筆場外交易。存在著很多循環的關係等等。借款人迫切需要完成基於另一筆貸款的交易，該貸款到期需要償還。所以我想，這就是為什麼我們要在這件事上佔據主導地位，以便獲得其他一些好東西。

Got you. Interesting, interesting. My last question is, did you talk about the -- your expectation for overall 2024 market rents for comparable properties for the full year?

明白了。有趣，有趣。我的最後一個問題是，您是否談到了對 2024 年全年同類房產整體市場租金的預期？

Yes, Nikita, as we discussed last year, we're not going to be providing market rent growth expectations going forward. We're going to be providing an update on the market on a quarterly basis. We'll be very transparent around that. As you can see, we provided market rent growth by submarket and we'll continue to communicate what we're seeing in the market as we see it from a demand and activity perspective.

是的，尼基塔，正如我們去年討論的那樣，我們不會提供未來的市場租金成長預期。我們將每季提供一次市場更新資訊。我們將對此保持高度透明。如您所見，我們按子市場提供了市場租金成長情況，我們將繼續從需求和活動的角度傳達我們在市場中看到的情況。

Our next question comes from the line of Anthony Hau with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Anthony Hau。

Laura, I have a quick one for you. What is the cadence of the $0.06 redevelopment and repositioning drag throughout the year?

蘿拉，我有一個簡單的問題給你。全年 0.06 美元的重建和重新定位拖累的節奏是怎樣的？

It's pretty even throughout the year. And we provide actually within our disclosure on the repositionings and redevelopments, we provide the 4Q NOI that was realized in 4Q of 2023 from each of our repositionings and redevelopments that are in the pipeline. And then we provide color around and dates around construction start as well as completion and stabilization. So that should be -- should allow you to model appropriately in terms of the timing and the cadence.

全年都很均勻。實際上，我們在重新定位和再開發的披露中提供了 2023 年第四季度我們正在進行的每一個重新定位和再開發項目實現的第四季度淨運營收入。然後，我們提供施工開始、完成和穩定的顏色和日期。所以這應該——應該允許您在時間和節奏方面進行適當的建模。

And what's that on an annualized basis? Is it also like $0.16 similar to the contribution from redevelopment?

以年率計算，這個數字是多少？它是否也類似於重建的貢獻 0.16 美元？

That's correct. It's about $0.16 fully leased up annualized basis.

沒錯。以完全租賃計算，年化成本約為 0.16 美元。

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

我們的下一個問題來自瑞穗銀行的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Just my 2 quick clarifications. Just one on the equity line that you have in the guidance, it has a line there, which says there's and some additional equity for, I think, redevelopment. So I just want to be clear, are you assuming any more incremental equity in the guide?

我只想簡單澄清兩點。關於您在指導意見中所提到的股權線，其中有一條線，上面說有一些額外的股權，我認為，用於重建。所以我只是想明確一點，您是否假設指南中還會有更多增量公平？

It's a marginal amount. We have about $300 million of repositioning and redevelopment spend remaining for 2024 related to the projects that we've disclosed. We first fund that with free cash flow, and then we have $138 million of net forward equity remaining for settlement. And then remaining -- in terms of the remaining funding, we have a number of options. We could fund that with equity. We could fund that through debt. We could fund that through dispositions. So for purposes of the roll forward, we've attributed that to equity, but we've got a lot of optionalities in terms of how we may fund that as the year goes on.

這是一個邊際量。對於我們已揭露的項目，我們在 2024 年剩餘的重新定位和再開發支出約為 3 億美元。我們先用自由現金流來資助該資金，然後我們還剩下 1.38 億美元的淨遠選擇權益來結算。然後剩下的——就剩餘的資金而言，我們有很多選擇。我們可以用股權來提供資金。我們可以透過債務來籌集資金。我們可以透過處置來資助該工程。因此，為了實現滾動，我們將其歸因於股權，但隨著時間的推移，我們在如何為其提供資金方面有很多選擇。

Got it. And then just last clarification. The reported GAAP mark-to-market for the portfolio that you gave was a 50-plus percent. Does that include the impact of say, all the volume of acquisitions you've done over the last, call it, year or 2 years has been a big volume? And I just asked that because if you acquire those, you arguably, those are already marked up. And so I just want to understand if that is reflective of those acquisitions as well?

知道了。最後再澄清一下。您提供的投資組合的 GAAP 市價比率是 50% 以上。這是否包括了比如說過去一年或兩年內您進行的所有大規模收購的影響？我問這個問題只是因為如果你購買了這些，那麼可以說它們已經被標記了。所以我只是想了解這是否也反映了這些收購？

Yes, it's included.

是的，包含在內。

We have reached the end of the question-and-answer session. I'll now turn the call back over to Michael Frankel for closing remarks.

問答環節已經結束。現在我將電話轉回給麥可‧法蘭克爾，請他作最後發言。

Well, we'd like to thank everybody for joining us today, and we very much look forward to connecting next quarter. Thanks, everybody. Have a great day.

好吧，我們感謝大家今天的加入，我們非常期待下個季度的聯繫。謝謝大家。祝你有美好的一天。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，各位現在可以掛斷電話了。感謝您的參與。