Rexford Industrial Realty Inc (REXR) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is (inaudible), and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty, Inc First Quarter 2024 Earnings Call. (Operator Instructions) I would now like to turn the conference over to David Lanzer, General Counsel. You may begin.

謝謝你的支持。我的名字是（聽不清楚），今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Rexford Industrial Realty, Inc 2024 年第一季財報電話會議。 （操作員指示）我現在想將會議轉交給總法律顧問 David Lanzer。你可以開始了。

We thank you for joining Rexford Industrial's First Quarter 2024 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.

我們感謝您參加 Rexford Industrial 2024 年第一季財報電話會議。除了昨天收盤後發布的新聞稿外，我們還在我們網站 rexfordinduscial.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. Rexford Industrial assumes no obligation to update any forward-looking statements in the future. In addition, 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.

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 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.

今天的電話會議由 Rexford Industrial 聯合執行長 Michael Frankel 主持；霍華德·施維默 (Howard Schwimmer) 以及首席財務官勞拉·克拉克 (Laura Clark)。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。

Now I will turn the call over to Michael.

現在我將把電話轉給麥可。

Thank you, David, and welcome, everyone, to Rexford Industrial's first quarter earnings call. I'll begin with a few remarks, followed by Howard, who will provide market and operational detail, then Laura will provide our financial results and outlook.

謝謝大衛，歡迎大家參加雷克斯福德工業公司第一季財報電話會議。我將首先發表幾句話，然後霍華德將提供市場和營運細節，然後勞拉將提供我們的財務表現和前景。

I'd like to begin by thanking our Rexford team for your strong results and another quarter marked by substantial value creation across the Rexford platform. On the leasing front, the team completed 3.2 million square feet of leasing activity at very favorable spreads as we continue to monetize the substantial mark-to-market or lease rates within our in-place portfolio. And notably, we extended our largest tenant, which Howard will detail shortly.

首先，我要感謝我們的 Rexford 團隊取得了出色的業績，並在另一個季度透過 Rexford 平台創造了巨大的價值。在租賃方面，團隊以非常優惠的價差完成了 320 萬平方英尺的租賃活動，我們繼續將現有投資組合中的大量按市價或租賃費貨幣化。值得注意的是，我們延長了最大的租戶，霍華德很快就會詳細介紹這一點。

On the investment front, our team completed over $1 billion of acquisitions, delivering substantial initial and longer-term accretion. Our activity included a large off-market portfolio purchase acquired from a combination of Blackstone-affiliated entities for approximately $1 billion, comprising over 3 million square feet of highest-quality warehouse products focused within premier Los Angeles and Orange County submarkets, with tenant sizes averaging 43,000 square feet. The transaction is notable for the high quality of assets and significant levels of cash flow accretion contributed to our portfolio. In 2024 alone, the portfolio is expected to contribute an incremental $0.04 of FFO per share, net of funding cost, along with an estimated 25 to 50 basis point increase in operating margin. Additional growth over time will be driven by some value-add improvements as well as the 3.9% embedded average annual rent increases within the portfolio.

在投資方面，我們的團隊完成了超過 10 億美元的收購，帶來了大量的初始和長期增值。我們的活動包括以約10 億美元的價格從Blackstone 附屬實體聯合體進行的大型場外投資組合購買，其中包括超過300 萬平方英尺的最高品質倉庫產品，主要集中在洛杉磯和奧蘭治縣的主要子市場，租戶規模平均為43,000 平方英尺。該交易以高品質的資產和為我們的投資組合帶來的大量現金流增長而聞名。僅在 2024 年，扣除融資成本後，該投資組合預計將增加每股 0.04 美元的 FFO，同時營業利潤率預計將增加 25 至 50 個基點。隨著時間的推移，附加價值的提高以及投資組合內 3.9% 的平均年租金成長將推動額外的成長。

The investment was also unique as it was the result of an off-market collaboration between the Rexford and Blackstone teams. We work together to curate the portfolio by selecting assets to optimize the blend of quality, return on investment and accretion to our business. The transaction is a testament to the benefits associated with working principal to principal to drive a superior outcome for both parties. The transaction is also indicative of a range of portfolios that we continue to track which may be catalyzed from time to time by potential seller or market circumstances.

這項投資也很獨特，因為它是 Rexford 和 Blackstone 團隊之間的場外合作的結果。我們透過選擇資產來共同管理投資組合，以優化品質、投資回報和業務成長的組合。該交易證明了委託人對委託人的工作所帶來的好處，可以為雙方帶來更好的結果。該交易還表明我們將繼續追蹤一系列投資組合，這些投資組合可能會不時受到潛在賣家或市場環境的催化。

With regard to market conditions, we are seeing some current choppiness, particularly within certain submarkets and size ranges. We expect some ongoing relative volatility within our markets through the near term, principally driven by heightened uncertainty in the interest rate environment, exacerbated by the current global geopolitical unrest. However, despite some relative market uncertainty, we believe our infill Southern California industrial tenant base will continue to prove itself by demonstrating the nation's strongest tenant and supply-demand fundamentals over time. Although we can't predict how our market may perform into future periods, so far, we are seeing a distinct and accelerating differentiation between the stronger relative performance of our infill SoCal portfolio, whether measured by net absorption, change in rents or related metrics as compared to the relative performance of larger product size over 200,000 square feet, primarily located in non-infill big-box markets such as the Inland Empire.

就市場狀況而言，我們看到當前的一些波動，特別是在某些子市場和規模範圍內。我們預計短期內我們的市場將出現一些持續的相對波動，這主要是由於利率環境的不確定性加劇，而當前的全球地緣政治動盪加劇了這種不確定性。然而，儘管存在一些相對的市場不確定性，但我們相信，隨著時間的推移，我們填充的南加州工業租戶基礎將繼續證明自己，展現出全國最強勁的租戶和供需基本面。儘管我們無法預測我們的市場在未來一段時間內的表現，但到目前為止，我們看到我們的填充南加州投資組合的較強相對錶現之間存在明顯且加速的分化，無論是透過淨吸收量、租金變化還是相關指標來衡量：與主要位於內陸帝國等非填充大型市場的超過 200,000 平方英尺的較大產品尺寸的相對錶現相比。

Big box larger space is typically part of a super regional or global logistics network, where space needs are relatively fungible across locations and where demand for any single space can be highly elastic and reactive to short-term demand drivers. In contrast, our smaller infill tenants are generally serving the nation's largest first and last mile of distribution focused on regional consumption within the nation's largest and most diverse regional economy, where performance through cycles has tended to be more durable. Big box markets such as the Inland Empire are also subject to volatility driven by substantial increases in new supply impacting occupancy through cycles as compared to our high barrier infill market, which is subject to an ongoing scarcity of supply with a virtually incurable supply-demand imbalance over the long term. Consequently, and as we've observed through prior cycles, our Rexford tenant base, which averages 26,000 square feet in size and is 100% located within prime high-barrier infill SoCal markets is outperforming the big box market and product type.

大型空間通常是超級區域或全球物流網路的一部分，其中空間需求在不同地點之間相對可互換，並且對任何單一空間的需求都可以具有高度彈性並且對短期需求驅動因素做出反應。相較之下，我們的小型填充租戶通常為全國最大的第一英里和最後一英里配送服務，重點關注全國最大、最多樣化的區域經濟中的區域消費，這些區域的業績週期往往更持久。與我們的高障礙填充市場相比，內陸帝國等大型盒子市場也受到新供應大幅增加的影響，從而影響入住率，而我們的高壁壘填充市場則受到供應持續短缺和幾乎無法治癒的供需失衡的影響。因此，正如我們在先前的周期中觀察到的那樣，我們的 Rexford 租戶群平均面積為 26,000 平方英尺，100% 位於南加州主要高障礙填充市場，其表現優於大型商場和產品類型。

Looking forward, the growth opportunity embedded within our existing portfolio continues to be substantial. Over just the next 3 years, we expect cash NOI to increase by $282 million or 47%, growing to $876 million in total NOI. Importantly, this assumes today's rents and no future acquisitions and is comprised of $94 million incremental NOI related to repositioning and redevelopments stabilizing over the next 3 years, $88 million from the conversion of below-market leases to market rents, assuming today's rents and no future market rent growth, $58 million related to acquisitions closed year-to-date and $42 million from the 3.6% embedded contractual rent steps within our current portfolio.

展望未來，我們現有投資組合中蘊含的成長機會仍然龐大。在接下來的 3 年裡，我們預計現金 NOI 將增加 2.82 億美元，即 47%，NOI 總額將增加至 8.76 億美元。重要的是，這假設當前租金且未來沒有收購，其中包括與未來三年穩定的重新定位和重建相關的9400 萬美元增量NOI，以及將低於市場租金轉換為市場租金的8800 萬美元（假設目前租金且沒有未來）市場租金成長，其中 5,800 萬美元與今年迄今已完成的收購相關，4,200 萬美元來自我們目前投資組合中 3.6% 的嵌入合約租金步驟。

We continue to be positioned to execute upon our expected 11% to 13% 3-year average annual core FFO per share growth through 2026, which assumes no future acquisitions. Please note that we plan to update our long-term core FFO per share growth forecast on an annual basis at the beginning of the year.

到 2026 年，我們將繼續實現我們預期的 3 年平均核心 FFO 每股年增長率 11% 至 13%（假設未來不會進行收購）。請注意，我們計劃在年初更新我們的長期核心 FFO 每股成長預測。

With that, I'd like to thank the Rexford team once again for your tremendous dedication and results, and I'm pleased to turn the call over to Howard.

在此，我要再次感謝雷克斯福德團隊的巨大奉獻和成果，我很高興將電話轉給霍華德。

Thank you, Michael, and thank you all for joining us today. Rexford began the year with strong execution across our value-creation initiatives. During the first quarter, our team completed a very strong 3.2 million square feet of leasing by executing on the increased tenant activity we experienced during the first quarter, driving 140,000 square feet of positive net absorption. Notably, we extended Tireco, our largest tenant occupying 1.1 million square feet into 2027. During the quarter, Tireco's in-place rent increased by 4%, which was carried forward. The extension includes a 4% bump in year 2 and a 2-month rent concession. With this lease execution, we derisked our largest near-term lease expiration, securing favorable and growing cash flow for the next 3 years.

謝謝邁克爾，也謝謝大家今天加入我們。雷克斯福德在新的一年伊始就對我們的價值創造計畫進行了強而有力的執行。在第一季度，我們的團隊透過執行第一季增加的租戶活動，完成了 320 萬平方英尺的強勁租賃，推動了 140,000 平方英尺的正淨吸收量。值得注意的是，我們將佔地 110 萬平方英尺的最大租戶 Tireco 的租期延長至 2027 年。延期包括第二年 4% 的漲幅和 2 個月的租金折扣。透過此次租賃執行，我們消除了近期最大的租賃到期風險，確保未來三年有利且不斷成長的現金流。

Excluding the Tireco extension, leasing spreads in the quarter were 53% and 34% on a net effective and cash basis respectively, and were in line with our expectations. Concessions increased normally from a weighted average 1.2 to 1.4 months sequentially. Additionally, annual embedded rent steps averaged 4% for the first quarter executed leases, continuing to demonstrate our diverse tenant base's ability to pay higher rent in future periods.

不包括 Tireco 延期，本季租賃利差按淨有效值和現金計算分別為 53% 和 34%，符合我們的預期。優惠通常從加權平均 1.2 個月增加到 1.4 個月。此外，第一季執行的租賃的年嵌入租金平均上漲 4%，繼續證明我們多元化的租戶群有能力在未來支付更高的租金。

Within our portfolio, with an average base size of 26,000 square feet, we observed market rent growth that was flat sequentially and approximately negative 2% year-over-year for highly functional product, comparable in quality to our Rexford assets. As we have communicated, particularly with respect to select submarkets and size ridges, we expect to continue seeing some near-term fluctuations in market rents. However, as demonstrated by the leasing activity within our portfolio and what we are seeing on the ground today, tenants are evidencing their comfort with today's rent levels plus 4% embedded annual rent steps.

在我們的投資組合中，平均基礎面積為 26,000 平方英尺，我們觀察到市場租金增長環比持平，而功能強大的產品同比下降約 2%，其品質與我們的 Rexford 資產相當。正如我們所傳達的，特別是在選定的子市場和規模山脊方面，我們預計市場租金近期將繼續出現一些波動。然而，正如我們投資組合中的租賃活動以及我們今天所看到的情況所證明的那樣，租戶對今天的租金水平加上 4% 的嵌入年租金台階錶現出了滿意的態度。

According to CBRE, vacancy in the infill markets increased 45 basis points sequentially to 3.2%. Notably, Rexford's portfolio continues to outperform the market due to our superior quality and functionality. By way of example, Rexford's first quarter net absorption was positive 30 basis points in contrast to the overall market's negative 20 basis points of net absorption. In analyzing net absorption in the market, similar to prior quarters, nearly 80% of buildings that contributed to negative absorption were of lower quality, dysfunctional or obsolete and generally not competitive with Rexford's portfolio. In stark contrast to the market, Rexford's strong new and renewal activity in the quarter drove an exceptional retention plus backfill rate of 87%. We continue to see relatively healthy tenant interest for our higher-quality product with activity on approximately 85% of our vacant spaces.

根據 CBRE 的數據，填充市場的空置率較上季增加 45 個基點，達到 3.2%。值得注意的是，由於卓越的品質和功能，Rexford 的產品組合繼續跑贏大盤。舉例來說，Rexford 第一季的淨吸收量為正 30 個基點，而整體市場的淨吸收量為負 20 個基點。在分析市場淨吸收量時，與前幾季類似，近 80% 造成負吸收量的建築品質較低、功能失調或過時，通常與 Rexford 的投資組合不具競爭力。與市場形成鮮明對比的是，Rexford 本季強勁的新增和更新活動推動了 87% 的出色保留率和回填率。我們繼續看到租戶對我們高品質產品的興趣相對健康，大約 85% 的空置空間都有活動。

Turning to Rexford's investment activity during the quarter. We completed $1.1 billion of investments across 3.2 million square feet through off-market transactions. Subsequent to quarter end, we closed one stabilized transaction for $27 million at a 5.5% initial unleveraged deal. Additionally, we have $275 million of pipeline acquisitions under contract or accepted offer, which are subject to customary closing conditions. The near-term pipeline investments, coupled with our year-to-date activity are projected to generate an aggregate initial yield of 5%, growing to a 5% to 7% unleveraged stabilized yield on total cost.

轉向雷克斯福德本季的投資活動。我們透過場外交易完成了 11 億美元的投資，佔地 320 萬平方英尺。季度末後，我們以 5.5% 的初始無槓桿交易完成了價值 2700 萬美元的穩定交易。此外，我們還根據合約或接受的要約進行了 2.75 億美元的管道收購，這些收購須符合慣例成交條件。近期管道投資，加上我們今年迄今的活動，預計將產生 5% 的初始總收益率，並增長至總成本 5% 至 7% 的無槓桿穩定收益率。

Moving to our acquisition and capital recycling program. Subsequent to quarter end, we disposed of 1 property for $10 million, generating a 13% unlevered IRR. In addition, we have approximately $50 million of dispositions currently under contract or accepted offer, which are subject to customary closing conditions.

轉向我們的收購和資本回收計劃。季度末後，我們以 1000 萬美元的價格出售了 1 處房產，產生了 13% 的無槓桿 IRR。此外，我們目前根據合約或接受的要約擁有約 5,000 萬美元的處置，這些處置須符合慣例成交條件。

Regarding our repositioning and redevelopment activity. During the quarter, we stabilized and leased approximately 40,000 square feet of repositioned property in Central San Diego, achieving an aggregate 10.8% unlevered stabilized yield on total investment. Looking forward, we have 4.6 million square feet of value-add repositioning and redevelopments in process or projected to start within the next 18 months, with the remaining incremental spend of approximately $410 million, which we expect to deliver an aggregate unlevered stabilized yield on total investment of 6.2%.

關於我們的重新定位和重建活動。本季度，我們穩定並租賃了聖地牙哥中部約 40,000 平方英尺的重新定位物業，總投資實現了 10.8% 的無槓桿穩定收益率。展望未來，我們有460 萬平方英尺的增值重新定位和重新開發正在進行中或預計在未來18 個月內啟動，剩餘的增量支出約為4.1 億美元，我們預計將帶來總的無槓桿穩定收益率投資6.2%。

Finally, I'd like to thank our Rexford team for their innovation and collaboration, driving another strong quarter of results.

最後，我要感謝我們的 Rexford 團隊的創新和協作，推動了另一個強勁的季度業績。

Now I'm pleased to turn the call over to Laura.

現在我很高興將電話轉給勞拉。

Thank you, Howard, and thanks to the Rexford team for your market-leading efforts that drive our strong near- and long-term value creation. First quarter core FFO per share increased a strong 12% over the prior year quarter to $0.58 per share and was in line with our expectations. Same-property NOI growth was 8.5% and 5.5% on a cash and net effective basis, respectively. Leasing spreads over the trailing 12-month period of 71% on a net effective basis and 52% on a cash basis, drove strong rental income growth.

謝謝 Howard，也感謝 Rexford 團隊在市場領先所做的努力，推動了我們強勁的近期和長期價值創造。第一季核心 FFO 每股較上年同期強勁成長 12% 至每股 0.58 美元，符合我們的預期。以現金和淨有效基準計算，同物業 NOI 成長率分別為 8.5% 和 5.5%。在過去 12 個月期間，淨有效租賃利差為 71%，現金租賃利差為 52%，推動了租金收入的強勁成長。

Turning to the balance sheet and capital markets activities. This quarter, we opportunistically leveraged the balance sheet to fund accretive external as well as internal growth opportunities, including funding incremental spend of $455 million related to the near-term pipeline of repositioning and redevelopments that are projected to generate an incremental return of approximately 15%. At quarter end, net debt to EBITDA was 4.6x and we anticipate that embedded internal growth alone will reduce leverage within our target 4 to 4.5x range in the near term.

轉向資產負債表和資本市場活動。本季度，我們機會主義地利用資產負債表為外部和內部成長機會提供資金，包括為與近期重新定位和再開發管道相關的4.55 億美元增量支出提供資金，預計將產生約15% 的增量回報。截至季末，EBITDA 的淨負債為 4.6 倍，我們預期僅內含的內部成長就能將槓桿率降低到我們短期內 4 至 4.5 倍的目標範圍內。

During the quarter, we executed on a number of capital markets transactions. We completed the issuance of $1.15 billion of 3- and 5-year exchangeable notes at an average coupon of 4.25% and a 30% conversion premium. Let me pause here and take a few minutes to describe the mechanics of these exchangeable notes, also known as convert. Recent changes in accounting rules, combined with the ability to issue converts under the net share settlement method known as instrument C have created a unique opportunity and an additional attractive capital source. Under the net share settlement method, the par value of the convert, which in this case, is $1.15 billion in aggregate, is treated like a bond, whereby Rexford will pay the par value in cash at maturity. Regarding the conversion premium, if Rexford share price at maturity is 30% or more than the price on the date of issuance, the excess conversion value over par is settled at maturity in cash, shares or a combination of the two at Rexford's option. This provides us with maximum flexibility at any future point in the capital market cycle.

本季度，我們執行了多項資本市場交易。我們完成了11.5億美元3年期和5年期可交換票據的發行，平均票面利率為4.25%，轉換溢價為30%。讓我在這裡暫停一下，花幾分鐘來描述這些可交換票據（也稱為轉換）的機制。最近會計規則的變化，加上在被稱為工具 C 的淨股份結算方法下發行可轉換股票的能力，創造了獨特的機會和額外有吸引力的資本來源。根據淨股份結算方法，轉換的面額（在本例中總計為 11.5 億美元）被視為債券，Rexford 將在到期時以現金支付面額。關於轉換溢價，如果 Rexford 到期時股價比發行日價格高出 30% 或以上，超過面值的轉換價值將在到期時以現金、股票或兩者的組合方式結算，由 Rexford 選擇。這為我們在資本市場週期的未來任何時刻提供了最大的靈活性。

The accounting for convert has also been substantially simplified. On the income statement, the coupon, which averages 4.25% for our issuance is reflected as interest expense. In regards to the share count, only the net shares equivalent to the excess conversion value are added to the share count, if and when the stock is trading above the conversion price. Importantly, the par value of the convert has no impact to share count as it is always settled in cash. Under this structure, and with the accounting rule change, there is no immediate dilution upon issuance. And any potential future dilution is mitigated through the net share settlement mechanics as well as the flexibility for Rexford to settle any excess share value above the 30% conversion premium in cash or shares in the future.

轉換的會計處理也大幅簡化了。在損益表中，我們發行的平均利率為4.25%的票面利率反映為利息費用。就股份數量而言，如果股票交易價格高於轉換價格，則僅將相當於超額轉換價值的淨股份添加到股份數量中。重要的是，轉換的面值對股票數量沒有影響，因為它始終以現金結算。在這種結構下，隨著會計規則的變化，發行後不會立即稀釋。透過淨股份結算機制以及 Rexford 未來以現金或股票結算超過 30% 轉換溢價的任何超額股份價值的靈活性，可以減輕任何潛在的未來稀釋。

Continuing with our first quarter activities and concurrent with the exchangeable note offering, we completed a public offering of 17.1 million shares of common stock to an existing long-only investor based on the West Coast, subject to forward equity sale agreements for a gross offering value of $841 million. And during the quarter, we settled the remaining forward equity sale agreements related to prior offerings for net proceeds of $290 million. We currently maintain substantial liquidity of $2 billion comprised of $837 million of net forward equity remaining for settlement, $185 million of cash on hand, full availability under our $1 billion revolver as well as expected proceeds from our capital recycling program as we harvest value through dispositions. Finally, we have no material debt maturities until 2026, inclusive of extension options.

繼續我們第一季的活動，並與可交換票據發行同時進行，我們完成了向西海岸現有多頭投資者公開發行 1,710 萬股普通股，但須遵守遠期股權銷售協議，以獲得總發行價值8.41億美元。在本季度，我們解決了與先前發行相關的剩餘遠期股權銷售協議，淨收益為 2.9 億美元。我們目前保持著20 億美元的大量流動性，其中包括8.37 億美元的剩餘待結算遠期淨資產、1.85 億美元的手頭現金、我們10 億美元循環資金下的全部可用資金以及我們透過處置收穫價值時從資本回收計劃中獲得的預期收益。最後，我們在 2026 年之前沒有實質債務到期，包括延期選項。

Moving to full year guidance. As a result of the positive contribution from our first quarter investment activity, we are increasing full year 2024 core FFO per share guidance to a range of $2.31 to $2.34, up $0.04 at the midpoint when compared to our prior guidance. Please note that our 2024 guidance range does not include acquisitions, dispositions or related balance sheet activities that have not yet closed.

轉向全年指導。由於第一季投資活動的積極貢獻，我們將 2024 年全年核心 FFO 每股指引值提高至 2.31 美元至 2.34 美元範圍，與先前的指導值相比，中位數提高了 0.04 美元。請注意，我們的 2024 年指導範圍不包括尚未結束的收購、處置或相關資產負債表活動。

In regard to our same property guidance, our forecast assumes a range of expectations and is based upon the market dynamics we are observing today, including leasing activity and demand, current supply and the overall health of our tenant base. To the extent circumstances or markets deteriorate beyond the current levels we are experiencing today, we will update guidance accordingly. Our 2024 cash same-property NOI guidance remains unchanged, and is projected to be in the range of 7% to 8%. Net effective 2024 same-property NOI guidance has been increased to 4.25% to 5.25%, up from 4% to 5%, driven by the strong level of early renewal activity in the quarter that generates higher straight-line rental revenue. Components of our projected same property guidance remain unchanged, and includes full year average same-property occupancy in the range of 96.5% to 97%, which is primarily driven by lease timing and average downtime.

就我們相同的房地產指導而言，我們的預測假設了一系列預期，並基於我們今天觀察到的市場動態，包括租賃活動和需求、當前供應以及租戶群的整體健康狀況。如果情況或市場惡化超出我們今天所經歷的當前水平，我們將相應更新指導。我們的 2024 年現金同屬性 NOI 指引保持不變，預計在 7% 至 8% 範圍內。由於本季提前續約活動強勁，產生了更高的直線租金收入，2024 年同地產淨有效 NOI 指引已從 4% 升至 5%，升至 4.25% 至 5.25%。我們預測的相同物業指導的組成部分保持不變，包括全年平均相同物業入住率在 96.5% 至 97% 之間，這主要是由租賃時間和平均停機時間驅動的。

Cash leasing spreads of approximately 50% and net effective spreads of approximately 60%, excluding the impact of the aforementioned Tireco lease extension. Note that leasing spread guidance incorporates current market rents and leasing spreads quarter-to-quarter are impacted by the mix of leases we expect to execute.

現金租賃利差約為 50%，淨有效利差約為 60%，不包括上述 Tireco 續租的影響。請注意，租賃利差指引包含當前市場租金，而季度至季度的租賃利差受到我們預期執行的租賃組合的影響。

Bad debt as a percentage of revenue is expected to be in the 40 to 50 basis point range and in line with pre-pandemic levels and average concessions in the 1.5-month area. Thanks again to the Rexford team for your outstanding work that differentiates our business and enables our ongoing success. We now welcome your questions. Operator?

壞帳佔收入的百分比預計將在 40 至 50 個基點範圍內，與大流行前的水平和 1.5 個月區域的平均優惠水平一致。再次感謝 Rexford 團隊的出色工作，使我們的業務脫穎而出並使我們不斷取得成功。我們現在歡迎您提出問題。操作員？

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

（操作員說明）您的第一個問題來自富國銀行的 Blaine Heck 線路。

So one of your peers gave incrementally negative view on the timing of a rebound in activity in Southern California, but it seems as though your outlook is pretty consistent with your initial views. Michael, you gave some color earlier, which was really helpful. But can you just talk a little bit more about what might be driving that disparity, whether it be more conservatism in your initial view, just different size segments and/or different submarket exposure?

因此，您的一位同行對南加州經濟活動反彈的時機逐漸持負面看法，但您的前景似乎與您最初的觀點非常一致。邁克爾，你之前給了一些顏色，這真的很有幫助。但是，您能否多談談可能導致這種差異的原因，是否是您最初認為的更加保守，只是不同的規模細分市場和/或不同的子市場風險？

Blaine, thanks so much for joining us today. I appreciate the question. It's an important question because I don't think it's just about Rexford having been maybe a little more or less conservative on a relative basis in setting expectations. I think the answer really gets more to the fundamentals of our market and the fact that the fundamentals surrounding the infill markets, where the average tenant size, for example, in our portfolio is under 30,000 square feet, are very, very different than the fundamentals that often drive the larger space, 200,000 square foot or larger space markets, which tend to be more in non-infill markets like the Inland Empire. I think that's really where we get to the crux of it. And it really also gets to the fact there are so many reasons that we designed this business to focus exclusively on infill Southern California. It is a truly differentiated market with its own drivers.

布萊恩，非常感謝您今天加入我們。我很欣賞這個問題。這是一個重要的問題，因為我認為這不僅僅是雷克斯福德在設定期望時相對基礎上或多或少保守一點的問題。我認為答案確實更多地涉及到我們市場的基本面，以及圍繞填充市場的基本面這一事實，例如，我們投資組合中的平均租戶規模低於 30,000 平方英尺，與基本面非常非常不同這通常將推動更大的空間，如200,000 平方英尺或更大的空間市場，這些市場往往更多地出現在像內陸帝國這樣的非填充市場中。我認為這才是我們真正找到問題癥結的地方。事實上，我們設計這項業務專門專注於填充南加州的原因有很多。這是一個真正差異化的市場，有自己的驅動力。

And as I mentioned, our tenant base in the infill markets are disproportionately serving regional consumption. It's the largest first and last mile zone of distribution in the largest regional economy in the country. And that's really the fundamental difference. The big box market is driven by super regional global trade flows, global demand drivers tend to have a bigger impact on that. I think the greatest real-world case study, an example probably came during the great financial crisis. And naturally, we had a dramatic drop in demand globally. But if you saw the way the big box market performed relative to the smaller tenant base like Rexford's was dramatic. For instance, at that time the Eastern and Inland Empire vacancy doubled, tripled or worse depending on the submarket and vacancy was actually relative, and occupancy was actually relatively stable within our infill markets. And that was during the worst of times, nothing like today.

正如我所提到的，我們在填充市場的租戶基礎不成比例地服務於區域消費。它是該國最大的區域經濟體中最大的第一英里和最後一英里配送區。這確實是根本的差別。大型市場是由超區域全球貿易流驅動的，全球需求驅動因素往往對此產生更大的影響。我認為最偉大的現實世界案例研究，一個例子可能是在金融危機期間出現的。當然，我們的全球需求急劇下降。但如果你看到大賣場市場相對於像雷克斯福德這樣的較小租戶群的表現是戲劇性的。例如，當時東部和內陸帝國的空置率根據子市場的不同而增加了一倍、三倍或更糟，而空置率實際上是相對的，而在我們的填充市場中，入住率實際上相對穩定。那是在最糟糕的時期，與今天不同。

So I think that that's really the key driver in differentiation in terms of performance. And then you layer on the fact that within our infill markets, Rexford, our mandate is to deliver the highest functional, best locations, highest-quality product within our submarket. So even within a submarket and infill market that's going to outperform through cycles, the big box market, within our markets, we should see differentiated positive performance by Rexford within the submarket. So there's a lot to it. I think we've observed it through cycles, through many cycles. I think the data is pretty clear. You can go back almost 11 years and look at our disclosures when we went public. We tracked it then. So I think it's fairly consistent and supported by the data out there.

所以我認為這確實是效能差異化的關鍵驅動因素。然後你會發現，在我們的填充市場中，Rexford，我們的使命是在我們的子市場中提供功能最高、位置最佳、品質最高的產品。因此，即使在一個子市場和填充市場（將在整個週期中表現優於大型市場）內，我們的市場內，我們也應該看到 Rexford 在子市場內的差異化積極表現。所以有很多事情要做。我認為我們已經透過多個週期觀察到了這一點。我覺得數據已經很清楚了。您可以追溯到近 11 年前，看看我們上市時的披露。我們當時就追蹤到了。所以我認為這是相當一致的，並且得到了現有數據的支持。

And additionally, I think we try to take -- we did try to be conservative in how we look forward, and we try not to prognosticate about what may happen in the future. And that's why our guidance and our thoughts on the future really don't incorporate market rent growth and things like that.

此外，我認為我們確實試圖在展望未來時保持保守，我們盡量不預測未來可能發生的事情。這就是為什麼我們的指導和對未來的想法確實沒有納入市場租金成長等因素。

Great. Very helpful, Michael. Second question, last quarter, I believe you talked about an expectation for 40% cash rent spreads in 2024. Your spreads this quarter were 33.6%, excluding Tireco. And I think you just mentioned, Laura, that the goal is now 50%, but correct me if I misheard that. So just wondering if you guys can comment on what might be giving you confidence in higher spreads in the second through fourth quarters?

偉大的。非常有幫助，邁克爾。第二個問題，上個季度，我相信您談到了 2024 年現金租金利差 40% 的預期。我想你剛才提到，蘿拉，現在的目標是 50%，如果我聽錯了，請糾正我。所以想知道你們是否可以評論一下是什麼讓你們對第二季到第四季的更高利差充滿信心？

Yes, Blaine, just to clarify, our cash same property guidance for the full year is 50%, and that's in line with our expectations that we set last quarter. Our net effective guidance for the full year is 60% and also in line with expectations that we set last quarter, excluding Tireco. So all that being said, as you know, spreads in any given quarter can vary dependent upon the leases that are rolling and the leases that are executed in that quarter. This quarter, spreads came in right in line with our expectations for the leases that we expected to sign. As we look forward, we're trading paper on a number of new and renewals that give us comfort that we will be able to achieve our expectations around leasing spreads for the full year.

是的，布萊恩，我想澄清一下，我們全年的現金相同財產指導是 50%，這符合我們上季度設定的預期。我們全年的淨有效指引為 60%，也符合我們上季設定的預期（不包括 Tireco）。綜上所述，正如您所知，任何特定季度的利差可能會有所不同，具體取決於滾動的租賃和該季度執行的租賃。本季度，利差與我們對預期簽署的租賃的預期一致。展望未來，我們正在交易一些新的和續約的票據，這讓我們感到安慰，我們將能夠實現全年租賃利差的預期。

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

您的下一個問題來自美國銀行的 Camille Bonnel。

I have a few questions about your investment strategy. While the cost of capital you raised allows you to transact accretively, how do you balance deploying this capital in a market when rents continue to decline and there's risk to underwriting?

我對你們的投資策略有幾個問題。雖然您籌集的資金成本可以讓您進行增值交易，但當租金持續下降且存在承保風險時，您如何平衡在市場上部署這些資金？

Camille, thanks so much for joining us today, and thank you for the question. So the key focus around our investment strategy is about value creation and the ability to overcome whatever cost of capital may be. In fact, we take a steady state look at our cost of capital, which means when capital was very inexpensive, we didn't underwrite that in our investment strategy. And the key to our investment strategies are we identifying opportunities to create value that overcome that cost of capital hurdle, if you will, and create value over the medium to long term. And that is the greatest differentiator of our business, frankly, because even in an environment to your question, where you may have nominal or even declining market rents, our investment strategy focused on value creation, where we're increasing the inherent cash flow generating capability of these assets with 0 or even in some cases, declining market rent growth is truly unique and powerful.

卡米爾，非常感謝您今天加入我們，也感謝您提出問題。因此，我們投資策略的重點是價值創造和克服任何資本成本的能力。事實上，我們以穩定的狀態審視我們的資本成本，這意味著當資本非常便宜時，我們並沒有在我們的投資策略中承保。我們投資策略的關鍵是我們尋找創造價值的機會，克服資本成本障礙（如果你願意的話），並在中長期創造價值。坦白說，這是我們業務的最大區別，因為即使在您的問題的環境中，您的市場租金可能名義上甚至下降，我們的投資策略也專注於價值創造，我們正在增加產生的固有現金流這些資產具有0甚至在某些情況下不斷下降的市場租金成長能力，確實是獨一無二且強大的。

And I think that's where you're going to -- the more that markets stabilize or the more that you see markets overall decline, the more Rexford is going to differentiate itself because we're going to continue to do the work, increasing the inherent cash flow generating capabilities properties through the renovations and modernizations that enable us to increase cash flow with 0 or even declining market rent growth.

我認為這就是你要去的地方——市場越穩定，或者你看到市場整體下滑越多，雷克斯福德就越能脫穎而出，因為我們將繼續做工作，增加固有的通過翻新和現代化改造物業產生現金流的能力，使我們能夠在市場租金增長為零甚至下降的情況下增加現金流。

Got it. And I understand that different points of your ownership, you'll update the business plan. So if we look through to the Tireco lease extension and option you've created in 2027, are there levers you can pull? Or how confident are you in being able to position this asset so it performs in line or better than your initial underwriting?

知道了。我了解您所有權的不同點，您將更新商業計劃。因此，如果我們仔細研究您在 2027 年創建的 Tireco 租約延期和選項，您是否可以利用一些槓桿？或者您對能夠定位該資產使其表現符合或優於您最初承保的信心有多大？

Camille, it's Howard. Well, first of all, the Tireco extension was done just after we increased rent 4% under the existing lease. So that option, they had a fixed increase. And so we really only gave up a 4% initial bump, which we pick up again in another year under the lease. So we are pretty happy with that outcome. The lease also has a 5-year option in it, so that we're -- the options at fair market value. So we're able to reset at the exploration to market rent in (inaudible) which from what we see in the marketplace there would be substantially less deliveries in competing product, even looking into expirations that could occur within the marketplace in any product that could come to market. So from our window, it looks like a much better time to be addressing that lease. And so we've left the window open actually to reset and continue the performance of the asset.

卡米爾，我是霍華德。嗯，首先，Tireco 的擴建是在我們根據現有租約將租金提高 4% 後不久完成的。所以這個選擇，他們有固定的增加。所以我們實際上只放棄了 4% 的初始加價，我們在租約的另一年再次獲得了這個加價。所以我們對這個結果非常滿意。租約也包含 5 年期選擇權，因此我們的選擇權具有公平的市場價值。因此，我們能夠在探索時重置市場租金（聽不清楚），從我們在市場上看到的情況來看，競爭產品的交付量將大大減少，甚至考慮市場上任何可能發生的產品的到期情況。因此，從我們的角度來看，現在似乎是處理該租約的更好時機。因此，我們實際上將視窗打開以重置並繼續資產的效能。

Appreciate the added color there. And you've built a lot of excess capital and closed the quarter with quite an elevated level of cash. So can you shed a bit more light on how you're thinking about the cash balance this year and what's been assumed in guidance?

欣賞那裡添加的顏色。您已經累積了大量過剩資本，並在本季度結束時擁有相當高的現金水平。那麼，您能否進一步說明您如何看待今年的現金餘額以及指引中的假設？

Yes, Camille, thanks for your question. In terms of our cash and liquidity, as we sit today, we currently have about $2.1 billion of liquidity. That does include our $1 billion revolver. On top of that, included in the $2.1 billion is also $837 million of forward equity remaining for settlement as well as $185 million of cash on hand. So when we look at the uses of that capital, we have about $275 million of acquisitions that are in the pipeline under accepted offer and then -- or under contract. We also have about $250 million of capital to spend just this year on repositioning and redevelopments that are in process. So that leaves us with substantial liquidity of about $600 million on top of the -- with the revolver. And really, when we're thinking about other sources of -- I mean, other uses of capital, we are going to continue to be very selective in terms of investing and driving and executing on our investment strategy to find those opportunities that we can drive value creation, not just today but over -- but into the future on an accretive basis.

是的，卡米爾，謝謝你的問題。就我們的現金和流動性而言，目前我們擁有約 21 億美元的流動性。這確實包括我們價值 10 億美元的左輪手槍。除此之外，21 億美元中還包括 8.37 億美元的剩餘待結算遠期權權益以及 1.85 億美元的手頭現金。因此，當我們審視這些資金的用途時，我們有大約 2.75 億美元的收購正在進行中，這些收購是根據已接受的要約或合約進行的。今年我們還有大約 2.5 億美元的資金用於正在進行的重新定位和重建。因此，除了左輪手槍之外，我們還擁有約 6 億美元的大量流動資金。事實上，當我們考慮其他來源時——我的意思是，資本的其他用途，我們將繼續在投資、推動和執行我們的投資策略方面非常有選擇性，以找到我們可以找到的機會不僅在今天，而且在未來不斷地推動價值創造。

Next question comes from the line of Greg McGinniss with Scotiabank.

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

I guess based on the data that you guys have showed us, market rents held steady quarter-over-quarter, down a little bit year-over-year, but what about on net effective rents? Have you guys been seeing any increase in free rent or other concessions? And also, how are you determining market rent for the Rexford comparable portfolio?

我猜根據你們向我們展示的數據，市場租金環比保持穩定，比去年同期略有下降，但淨有效租金呢？你們有沒有看到免費租金或其他優惠的增加？另外，您如何確定雷克斯福德可比投資組合的市場租金？

Yes. I'll jump in here. Thanks, Greg, so much for joining us today. In terms of concessions, as you can see, I mean, our concessions this quarter were 1.4 months, excluding the Tireco lease. Our guidance for the full year is 1.5 months. I'll note that that's consistent with the guidance that we had last quarter. And concessions we have estimated, as we did at the beginning of this year to increase from 1 month on average in 2023. And really, that's what we think is more consistent with the normalized market in which we're operating in. If you look back to the pre-pandemic years, 2018, 2019, we're assuming concessions more in line with those markets.

是的。我會跳到這裡。格雷格，非常感謝您今天加入我們。就優惠而言，正如您所看到的，我的意思是，本季我們的優惠期限為 1.4 個月，不包括 Tireco 租賃。我們對全年的指導是 1.5 個月。我要指出的是，這與我們上季的指導是一致的。正如我們今年年初所做的那樣，我們預計到 2023 年，優惠將從平均 1 個月增加。 2018年、2019年，我們假設所做的讓步更符合這些市場。

When you look at our average concessions guidance, it includes new and -- concessions on new and renewal leases. And so when you look at our activity just this quarter, 75% of our activity was renewals that have lower concessions. Concessions on renewals this quarter were 1.2 months compared to 2.1 months on our new leases. So that's certainly driving the average concessions of 1.5 months for the entire portfolio that we're projecting for the full year. In terms of concessions, it certainly varies. It varies by submarket. It varies by size across the markets and certainly varies, as I mentioned, between new and renewal leases.

當您查看我們的平均優惠指導時，它包括新租賃和續租租賃的優惠。因此，當您查看我們本季的活動時，我們 75% 的活動是優惠較低的續約。本季續約優惠為 1.2 個月，而新租約約為 2.1 個月。因此，這肯定會導致我們預計全年的整個投資組合平均優惠 1.5 個月。就優惠而言，肯定有所不同。它因子市場而異。它因市場的規模而異，而且正如我所提到的，新租約和續約租約之間當然也有所不同。

In terms of your second question around how we determine market rents and market rent growth within our portfolio, our team does an incredible job every single quarter. Thank you so much to the team, by the way, there are some on the call listening, but they do an incredible job every quarter. Bottoms-up analysis, we have over 1,600 spaces within our portfolio, and we apply a market rent to each space quarterly, and that market rent is the rent that we believe that we would lease that space at today. And then we compare that rent back to prior quarter and the market rent that we thought that we could lease the space at in the prior quarter. And that's how we determine market rent growth for our portfolio.

關於我們如何確定投資組合中的市場租金和市場租金成長的第二個問題，我們的團隊每季都做得非常好。非常感謝團隊，順便說一句，有一些人在聽電話，但他們每個季度都做得非常出色。自下而上的分析，我們的投資組合中有超過 1,600 個空間，我們每季對每個空間應用市場租金，而該市場租金是我們認為我們今天會租賃該空間的租金。然後我們將租金與上一季的租金以及我們認為可以在上一季租賃空間的市場租金進行比較。這就是我們確定投資組合的市場租金成長的方式。

Okay. And then I guess at the end of the last year, it seemed like there was a greater openness to utilizing dispositions to fund investment activities. Did you end up taking any steps to test the market? And what were you seeing on cap rates? And did that maybe kind of push you to sticking with equity funding and the convert instead of asset sales?

好的。然後我想在去年年底，人們似乎對利用處置來為投資活動提供資金持更加開放的態度。您最終是否採取了任何措施來測試市場？您對上限利率有何看法？這是否會促使您堅持股權融資和轉換而不是資產出售？

Yes. Actually, we have increased activity on dispositions this year. We announced a $10 million sale with a $50 million of dispositions either under contract or accepted offer. And so we're actually providing more transparency this year on -- some increase in activity this year actually. And maybe to your point or question maybe reflected to the perception, at least earlier this year, they were in a more stable interest rate environment.

是的。事實上，我們今年增加了處置活動。我們宣佈出售 1,000 萬美元，並根據合約或已接受的要約進行 5,000 萬美元的處置。因此，我們今年實際上提供了更多的透明度——今年的活動實際上有所增加。也許你的觀點或問題可能反映了這種看法，至少在今年早些時候，他們處於更穩定的利率環境中。

And I'll just add to Michael's comment, the disposition we completed for $10 million, the in-place cap rate was 4.2%.

我只想補充邁克爾的評論，我們以 1000 萬美元完成的處置，到位上限率為 4.2%。

Okay. But it's not -- but I guess there's not really any expectation that dispositions will become a meaningful part of the capital structure in terms of how you're raising funds for acquisitions or for the repositioning redevelopment portfolio spend?

好的。但事實並非如此，但我想，就如何為收購或重新定位重建投資組合支出籌集資金而言，實際上並沒有任何預期處置將成為資本結構的有意義的一部分？

Well, it depends how you define meaningful, but we think it's a very important part of our strategy. It's a very important source of accretive capital. And so it really depends how you define meaningful. And that's why we also provided a little additional disclosure on the immediate pipeline to give folks a better sense of where the activity is.

嗯，這取決於你如何定義有意義，但我們認為這是我們策略中非常重要的一部分。這是增值資本的一個非常重要的來源。所以這其實取決於你如何定義有意義。這就是為什麼我們還在直接管道上提供了一些額外的披露，以便讓人們更好地了解活動的情況。

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

您的下一個問題來自 BMO 資本市場的 John Kim。

I wanted to ask about the pricing of your off-market transaction with Blackstone. The 4.7% initial cap rate seems a little tight just given the limited mark-to-market. It was accretive to you, I realize, based on your cost of capital, but a lot of your competitors don't have that cost of capital. So I was wondering how you came up with that pricing and where you think this would go out in the open market?

我想詢問你們與 Blackstone 的場外交易的定價。考慮到按市值計價有限，4.7% 的初始上限利率似乎有點緊張。我意識到，根據你的資本成本，這對你來說是增值的，但你的許多競爭對手沒有這樣的資本成本。所以我想知道你是如何想出這個定價的，你認為這會在公開市場上出現？

John, it's Howard. Well, we're seeing transactions in terms of the current market of -- there was one that just closed that was literally -- I think it was [2.7%] with some vacancy growing to a 5 in year 2 with some -- with obviously some lease-up risk in it. And there's quite a few other transactions under contract that when they close, I think it will represent a little bit of cap rate compression even just some of the cap rates we've seen recently. But in terms of how we curated this portfolio, it was a balance between finding high-quality assets with great functionality and location that had some growth within them. And so the initial yield, the [4.7%] growing to the [5.6%] had the upside we were looking for. And frankly, it's interesting. In the past, you probably heard us talk about how we conservatively underwrite. The portfolio was actually performing a little bit already. We've had some renewals and some rents that we've been able to put in place that are already outperforming underwriting.

約翰，這是霍華德。嗯，我們看到當前市場的交易——有一個剛結束的交易，字面意思是——我認為是[2.7%]，一些空缺在第二年增長到了 5 個，其中一些——顯然其中存在一些租賃風險。還有相當多的其他合約交易，當它們結束時，我認為這將代表一點資本化率壓縮，即使只是我們最近看到的一些資本化率。但就我們如何策劃這個投資組合而言，這是尋找具有強大功能的高品質資產和具有一定成長的位置之間的平衡。因此，最初的收益率（4.7%）增長到了[5.6%]，具有我們所尋找的上漲空間。坦白說，這很有趣。過去，您可能聽到我們談論我們如何保守承保。該投資組合實際上已經有了一些表現。我們已經進行了一些續約和租金，這些租金的表現已經優於承保。

Did you get a sense that if it didn't go to Rexford then a similar pool of assets has gone to one of your public peers?

您是否有一種感覺，如果它沒有流向雷克斯福德，那麼類似的資產池就會流向您的一位上市同行？

Not necessarily because we really curated the portfolio directly with Blackstone. There wasn't a broker involved. And this was really building upon 10 years of relationship that we have with Blackstone Principles, where we've been seeking to be able to transact with them. And it was a unique opportunity that came up. And it wasn't a scenario where they said, hey, we're bringing something to market. You want an early shot out of it. It was really a collaboration here. So no, it really wasn't something that would have just gone to somebody else. And frankly, if Blackstone had, in fact, decided to market this particular portfolio, the marketplace right now in terms of capital coming back to the market, we think would have transacted possibly a little tighter even.

不一定是因為我們確實直接與 Blackstone 一起策劃了投資組合。沒有經紀人參與其中。這實際上是建立在我們與 Blackstone 原則 10 年的關係基礎上的，我們一直在尋求能夠與他們進行交易。這是一個獨特的機會。他們並不是說，嘿，我們正在將一些東西推向市場。你想要儘早擺脫它。這確實是一次合作。所以不，這確實不是一件會直接送給別人的東西。坦白說，如果黑石實際上決定推銷這個特定的投資組合，就資本回流市場而言，我們認為現在的市場交易可能會更加緊張。

And John, just to provide an additional perspective, these are assets that we are very familiar with. We've been underwriting them, offering on them and many of them long before Blackstone even owned them. So that gave us an inherent informational advantage in terms of crafting the portfolio together with Blackstone.

約翰，只是提供一個額外的視角，這些都是我們非常熟悉的資產。早在黑石集團擁有它們之前，我們就一直在承銷、發售它們，其中許多都是如此。因此，這為我們與 Blackstone 共同打造投資組合提供了固有的資訊優勢。

Okay. I wanted to ask about your redevelopment and repositioning portfolio and the leasing interest that you have on projects under redevelopment and particularly some of the larger assets, including 500 DuPont Avenue, if there's strong demand or weaker demand for larger...

好的。我想詢問你們的再開發和重新定位投資組合，以及你們對再開發項目的租賃興趣，特別是一些較大的資產，包括杜邦大道 500 號，如果對較大的資產需求強勁或需求減弱…

Yes. So -- well, first of all, I just want to frame how the market here functions. Most all of the assets in Southern California come to market generally on a speculative basis. Typically, there's not a lot of pre-leasing, but it does happen here and there. We have many instances where we've pre-leased some of the assets. So we're on the right path. There's nothing unusual about our repo redevelopment pipeline right now and any of the activity on it. But that said, we just completed the asset you were speaking to, the 275,000 feet in the Inland Empire West. And we do have very good activity on it. We actually have two parties we're trading paper with. And we're encouraged that we might exceed the lease-up time frames with something in the very near future.

是的。所以——首先，我只想描述這裡的市場如何運作。南加州的大多數資產通常都是在投機的基礎上進入市場的。通常情況下，預租的情況並不多，但這種情況確實時有發生。我們在很多情況下都預租了一些資產。所以我們走在正確的道路上。目前我們的回購重建管道以及其中的任何活動都沒有什麼異常。但話雖如此，我們剛剛完成了您所說的資產，即內陸帝國西部 275,000 英尺的資產。我們確實在這方面開展了非常好的活動。實際上，我們有兩個交易方進行票據交易。我們很高興在不久的將來我們可能會超過租賃期限。

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

您的下一個問題來自花旗集團的 Craig Mailman。

To go back to the rent question. I understand the methodology. I guess if you guys kind of just broad it out to a submarket level in aggregate versus maybe with CBRE kind of is reporting for the quarter, what's sort of the outperformance of your specific pool versus what some of the brokerage firms have put out there? Can you give us a sense of if that spread between where you guys are estimating your market rents are versus where kind of the market view of rents are, if that's held pretty steady in terms of your hit rate on accuracy versus the bigger picture kind of view of the markets that we all kind of focus on here from the headlines.

回到租金問題。我了解方法論。我想，如果你們將其擴大到總體的子市場水平，而不是世邦魏理仕本季的報告，那麼你們的特定池與一些經紀公司的表現相比，表現如何？您能否讓我們了解一下你們估計的市場租金與租金的市場看法之間的差距是否存在，如果就您的準確率與大局而言，這種差距保持相當穩定從頭條新聞中我們可以看到我們都關注的市場的觀點。

Yes, I think it's a great question, Craig. Thanks so much for joining us today. And I think a couple of things. One, the primary difference in how we report rents and versus what you're hearing in the market in general is that the market in general is fundamentally covering a different pool of assets. And I think consistently -- to your question, consistently through time, we've observed that around 80% of the negative net absorption driving those numbers in the market overall is generally driven by very much lower quality, lower functionality, even obsolete product. And this is almost a 2 billion square foot market with over 1 billion square feet built well before 1980. So that is the vast majority of the marketplace. And then in terms of driving our performance, it's a function of the higher quality, higher functionality, better locations. .

是的，我認為這是一個很好的問題，克雷格。非常感謝您今天加入我們。我認為有幾件事。第一，我們報告租金的方式與您在一般市場上聽到的租金的主要區別在於，一般市場從根本上涵蓋了不同的資產池。我始終如一地認為，對於你的問題，隨著時間的推移，我們一直觀察到，導致市場總體數字下降的負淨吸收率中，約80% 通常是由質量低得多、功能低下甚至過時的產品驅動的。這是一個幾乎 20 億平方英尺的市場，其中超過 10 億平方英尺是在 1980 年之前建成的。就推動我們的業績而言，這是更高品質、更高功能和更好位置的結果。 。

And I think what's interesting is that each quarter, we tend to give our view of market rents, which is also informed by our actual leasing activity, but what we've also found is that our actual leasing activity as we move forward has tended to exceed what we thought our rents were for our portfolio. So I think that the answer to your question is we've been pretty accurate and pretty consistent. If anything, actually, and this might be a little counterintuitive, it doesn't necessarily predict the future, we've probably been underestimating very slightly for our portfolio.

我認為有趣的是，每個季度，我們傾向於給出我們對市場租金的看法，這也是由我們的實際租賃活動決定的，但我們也發現，隨著我們的前進，我們的實際租賃活動傾向於超出了我們對投資組合的租金預期。所以我認為你的問題的答案是我們非常準確且非常一致。實際上，這可能有點違反直覺，如果有的話，它不一定能預測未來，我們可能稍微低估了我們的投資組合。

Okay. That's helpful. And then as we think about the Blackstone portfolio you guys just purchased, could you just go through a little bit kind of the characteristics of it from a submarket perspective, how much of it is kind of traditional, industrial versus maybe R&D? Just any kind of deeper dive into kind of what it consists of?

好的。這很有幫助。然後，當我們考慮你們剛購買的 Blackstone 投資組合時，您能否從子市場的角度稍微了解一下它的特徵，其中有多少是傳統的、工業的，而不是研發的？只是更深入地研究它的組成部分嗎？

Sure. Craig, it's Howard. Well, first of all, as I mentioned in a previous comment, we curated this portfolio with Blackstone. So it is right in the bull's eye of the product that Rexford owns and operates in the marketplace. And what I mean by that is it's all low finish, highly functional industrial. The product is primarily 70% of it was in the L.A. markets, 30% of it was in Orange County and 1 miniscule 33,000 foot building was in Chino, which is Inland Empire West. So it is exactly where we want to own real estate, and it's the best performing markets that we've seen through cycles. So that said, the average size space in that portfolio is 43,000 square feet.

當然。克雷格，我是霍華德。嗯，首先，正如我在之前的評論中提到的，我們與 Blackstone 共同策劃了這個投資組合。因此，它正是 Rexford 在市場上擁有和經營的產品的中心。我的意思是，它都是低成品、高功能的工業產品。該產品的 70% 主要銷往洛杉磯市場，30% 銷往奧蘭治縣，一棟 33,000 英尺的微型建築位於奇諾，即內陸帝國西部。因此，這正是我們想要擁有房地產的地方，也是我們在各個週期中看到的表現最好的市場。也就是說，該投資組合的平均空間面積為 43,000 平方英尺。

And if you had done some deep research on deliveries to the market, what you'd find is that for decades, no one has been able to deliver space in those size ranges to the marketplace because the math doesn't work between land values, construction costs and rents. And so there's huge barriers in terms of any competition around that type of product. And especially when you get into the quality of the assets, sort of back to Michael's comments about what really comes to the market in terms of age and quality. So -- and then looking at the portfolio of leases that were in place were about 10% below market, in-place rent steps averaged 3.9% and the weighted average lease term is 3.2 years.

如果您對向市場交付進行了一些深入研究，您會發現幾十年來，沒有人能夠向市場交付這些尺寸範圍的空間，因為土地價值之間的數學不起作用，建築成本和租金。因此，圍繞此類產品的任何競爭都存在巨大的障礙。尤其是當你談到資產的品質時，有點回到麥可對市場上真正的資產的年齡和品質的評論。因此，再看看現有的租賃組合，租金比市場水準低約 10%，現有租金階梯平均為 3.9%，加權平均租賃期限為 3.2 年。

So there's this near-term stabilization, which gets us up to that 5.6%, but we're locking in 4% escalators in these leases. So there's a great compounding effect and then there's a little bit of value-add work here and there just to do some light modernization and some functional improvements, maybe a little bit of loading we can add and some fence yard and so forth that will add more value in the future periods and potentially even more value creation down the road.

因此，近期的穩定性使我們達到了 5.6%，但我們在這些租賃中鎖定了 4% 的自動扶梯。因此，有一個很好的複合效應，然後到處都有一些增值工作，只是為了進行一些輕微的現代化和一些功能改進，也許我們可以添加一點負載和一些圍欄院子等等，這將增加未來會產生更多價值，並可能在未來創造更多價值。

Great. And one last one. Michael, I know you guys, cost of capital, you try to find assets that are accretive to that. And so it's not necessarily dependent on where your stock cost of capital is. But at these levels, would you be a buyer of assets here today at similar cap rates to what you just bought or if there's cap rate compression? Or would we expect to see Rexford kind of move to the sideline until your cost of equity improves?

偉大的。還有最後一張。邁克爾，我了解你們，資本成本，你們試圖找到能夠增加資本成本的資產。因此，這不一定取決於您的股票資本成本。但在這樣的水平上，您今天是否會以與您剛剛購買的資產類似的資本化率購買資產，或者是否存在資本化率壓縮？或者，在您的股本成本改善之前，我們是否會期望看到雷克斯福德（Rexford）採取旁觀態度？

We don't give guidance on what we haven't closed yet, but I will tell you that we are going to focus on investment opportunities that we believe give lift to our stock price that more than overcome the cost of capital at the time that we're buying.

我們不會對尚未關閉的項目提供指導，但我會告訴您，我們將重點關注我們認為能夠提升我們股價的投資機會，這些投資機會將超過克服當時的資本成本。

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

你的下一個問題來自 Nick Thillman 和 Baird 的對話。

Maybe touching a little bit on, just scrolling through your leasing activity over the last 5 quarters, around like 20% to 25% of leases expiring have been moved into repositioning or redevelopment. I guess, looking into '24 and '25 expirations, are we expecting a similar level? Or is that just elevated from like the acquisition activity we saw in '21 and '22?

也許稍微觸及一下，只要滾動一下過去 5 個季度的租賃活動，大約 20% 到 25% 的到期租賃已轉移到重新定位或重新開發。我想，考慮到 '24 和 '25 的到期時間，我們是否期望達到類似的水平？或者這只是我們在 21 和 22 年看到的收購活動的結果？

Yes. I mean, I think we talked a lot about last quarter, the opportunities that we've within the portfolio to be able to execute on our value creation plan, and that comes at the point of acquisition where we set strategic plans around every single asset. And so last quarter, we moved a number of projects -- 10 projects into repositioning and redevelopment into the pipeline. And so we've looked -- we try to look as far deep into the pipeline as possible and give you as much visibility as possible. And so we're incorporating projects that we believe that there's a reasonable likelihood that we'll execute on a repositioning and redevelopment plan over the next 12 to 18 months. You'll also notice that we didn't move any additional projects into repositioning and redevelopment this quarter because we're giving you that forward look, and we included those properties last quarter.

是的。我的意思是，我認為我們在上個季度談論了很多，我們在投資組合中能夠執行我們的價值創造計劃的機會，這是在收購時我們圍繞每一項資產製定戰略計劃的機會。因此，上個季度，我們將許多項目——10 個項目轉移到了重新定位和重新開發的管道中。因此，我們嘗試盡可能深入地了解管道，並為您提供盡可能多的可見性。因此，我們正在整合我們認為有合理可能性在未來 12 到 18 個月內執行重新定位和重新開發計劃的專案。您還會注意到，本季我們沒有將任何其他項目進行重新定位和重新開發，因為我們為您提供了前瞻性，並且我們在上個季度納入了這些房產。

So what's in the disclosure is kind of what you planned and what you have visibility today?

那麼，披露的內容是您計劃的內容以及您今天能看到的內容嗎？

That's correct. Over the next 12 to 18 months. Yes.

這是正確的。在接下來的 12 到 18 個月內。是的。

Okay. And then, Laura, maybe just touching a little bit on bad debt in the quarter. You guys did call up a 1 specific tenant, but then reaffirmed kind of the guide expectations for the year. So just a little bit more color on that would be helpful.

好的。然後，勞拉，也許只是觸及了本季壞帳的一些情況。你們確實給一位特定的租戶打電話，但隨後重申了今年的指導期望。所以只要多加一點顏色就會有幫助。

Yes, absolutely. So our bad debt guidance for the full year is 40 to 50 basis points, in line with pre-pandemic levels. Our tenant health remains very stable. And when we look at our watch list, we have less than 5 tenants on our watch list, and we have over 1,600 tenants within our portfolio, and that's remained very consistent and in line with what we've seen in the past 12 to 24 months. In terms of this quarter, we did see an increase in bad debt. It was isolated to a single tenant. Importantly, that tenant was on our prewatchlist, and that was already incorporated into guidance, which is why you're not seeing us increase guidance. So we feel good about where our bad debt expectations are for the full year. Currently, for Q2 to Q4, that would imply bad debt of about 30 basis points through the rest of the year.

是的，一點沒錯。因此，我們全年的壞帳指引為 40 至 50 個基點，與大流行前的水準一致。我們的租戶健康狀況仍然非常穩定。當我們查看我們的觀察名單時，我們的觀察名單上只有不到5 個租戶，而我們的投資組合中有超過1,600 個租戶，這仍然非常一致，與我們在過去12 至24 年所看到的情況一致幾個月。就本季而言，我們確實看到壞帳增加。它被隔離給一個租戶。重要的是，該租戶在我們的預觀察名單上，並且已經納入指導中，這就是為什麼您沒有看到我們增加指導。因此，我們對全年的壞帳預期感到滿意。目前，從第二季到第四季度，這意味著今年剩餘時間的壞帳約為 30 個基點。

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

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

Maybe just first one, with the Tireco extension this deal with Blackstone, what does that do to sort of your 3-year outlook kind of to get to the 14% to 17% for the next 2 years that you sort of outlined last quarter?

也許只是第一個，隨著 Tireco 與 Blackstone 延長這筆交易，這對您的 3 年前景有何影響，以達到您上季度概述的未來 2 年 14% 至 17% 的水平？

No change in our outlook as we communicated. This was within our expectations.

在我們溝通的過程中，我們的觀點並沒有改變。這在我們的預期之內。

So you're still expecting '25 and '26 to be -- for FFO to be about 14% to 17%?

所以你仍然預計 25 和 26 年 FFO 會達到 14% 到 17% 左右？

Well, based on the math, again, going back to our forecast for the next 3 years is an average annual growth of 11% to 13%. This year, we're anticipating growth of 6% on an FFO per share basis at the midpoint. So that would imply higher growth in '25 and '26. And importantly, that's being driven by the repositioning and redevelopments that we have in the pipeline that are -- or projected to start and the delivery of those.

好吧，再次根據數學計算，回到我們對未來 3 年的預測，年均成長率為 11% 至 13%。今年，我們預計 FFO 每股成長率將達到 6% 的中點。因此，這意味著 25 年和 26 年會有更高的成長。重要的是，這是由我們正在或預計將開始和交付的重新定位和重新開發所推動的。

Got it. Okay. That's helpful. Laura, I think you gave us the GAAP mark-to-market as a portfolio. Do you mind just giving us where the cash mark-to-market is today?

知道了。好的。這很有幫助。勞拉，我認為您向我們提供了 GAAP 按市值計算的投資組合。您介意告訴我們今天的現金市價是多少嗎？

Yes. The cash mark-to-market today is 33%. That compares to 38% at the end of fourth quarter. I'll give you the drivers of that, which I'm sure you'll find helpful. So that's a 5 percentage point change that's being driven by 100 points from leasing that we completed in the quarter, the conversion of the mark-to-market there. As a note, that equated to $7 million of NOI annually that we've been able to capture through the conversion of mark-to-market just this quarter. 100 basis point impact from the -- any vacates within the portfolio, a 100 basis point impact from contractual rent steps of 3.6%, which is our portfolio average and then a 200 basis point impact from our first quarter acquisition.

是的。今天的現金市價為 33%。相比之下，第四季末這一比例為 38%。我將為您提供驅動程序，我相信您會發現這很有幫助。因此，這是 5 個百分點的變化，這是由我們在本季完成的租賃（以市價計價的轉換）推動的 100 個百分點。需要注意的是，這相當於我們本季透過市價換算獲得的每年 700 萬美元的 NOI。投資組合內的任何空缺帶來了100 個基點的影響，3.6% 的合約租金階梯帶來了100 個基點的影響，這是我們投資組合的平均水平，然後是我們第一季收購帶來的200個基點的影響。

Okay. That's really helpful. And then just last one, I guess some of your peers have called out 3PL weakness in the broader sort of SoCal market. I know your markets are different, your box are different. But do you have a rough sense of whether these are larger 3PLs or maybe the smaller regional ones? What's the portfolio exposure to 3PL?

好的。這真的很有幫助。最後一點，我想你們的一些同行已經指出了 3PL 在更廣泛的南加州市場中的弱點。我知道你們的市場不同，你們的盒子也不同。但您是否大致了解這些是較大的 3PL 還是較小的區域性 3PL？ 3PL 的投資組合風險有多大？

Vikram, thank you again so much for joining us, it's Michael. And again, when we hear peer mentioned 3PLs, they're talking about spaces larger than 200,000 square feet actually averaging closer to 300,000 to 400,000 square feet. So it really is a different type of tenant base. And I think what we've seen within our infill markets is, yes, some movement among 3PLs, but not really dramatic relative to other tenants and other sectors and other industries. It's been pretty balanced, both on the demand side, on a positive and also to the side where there's been any negative absorption. So a little more balanced within our infill markets.

Vikram，再次非常感謝您加入我們，我是邁克爾。而且，當我們聽到同行提到 3PL 時，他們談論的是大於 200,000 平方英尺的空間，實際上平均接近 300,000 到 400,000 平方英尺。所以這確實是一種不同類型的租戶群。我認為，我們在填充市場中看到的是，3PL 之間確實發生了一些變化，但相對於其他租戶、其他行業和其他行業來說，變化並不明顯。無論是在需求方面，還是在有任何負面吸收的方面，這都相當平衡。因此，我們的填充市場更加平衡。

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

您的下一個問題來自摩根大通的 Nikita Bely。

Are you aware of any other fixed renewal situations that are similar to Tireco that you had in your portfolio maybe over the next 12 to 18 months?

您是否知道在接下來的 12 到 18 個月內，您的投資組合中是否存在與 Tireco 類似的其他固定續約情況？

No material at this point.

目前沒有任何材料。

And regarding the demand, where are you seeing most activity in terms of demand? And maybe specifically, which tenant category, what is driving most of that activity to date?

關於需求，您認為哪裡的需求活動最多？也許具體來說，哪個租戶類別，是什麼推動了迄今為止大部分活動？

Well, I think that's the beauty of our markets and our tenant base. It's extremely diverse. And I think the trend is that there's no strong single trend from a sector perspective, which is a great thing. It's one of the many reasons we focus on infill industrial in Southern California and focusing on generic space, by the way, which enables us to appeal to the widest, deepest, broadest and most diverse tenant base probably in the country, maybe the world. And so the sources of demand are very, very diverse from aerospace, electric vehicle sector, consumer products, the building trades, which we expect -- they've really shown some positive momentum. .

嗯，我認為這就是我們的市場和租戶基礎的美妙之處。它極為多樣化。我認為趨勢是，從行業角度來看，沒有強烈的單一趨勢，這是一件好事。順便說一句，這是我們專注於南加州填充工業並專注於通用空間的眾多原因之一，這使我們能夠吸引全國乃至全世界最廣泛、最深入、最廣泛和最多樣化的租戶基礎。因此，需求來源非常非常多樣化，包括航空航太、電動車產業、消費品、建築業，正如我們所期望的那樣，它們確實表現出了一些積極的勢頭。 。

And by the way, that's not surprising given the fact that California has a mandate to increase housing by at least 20%, representing over 1.5 million units of housing. And so that's actually -- we think that's going to give us some great tailwinds in terms of demand for about the next 20-plus years. So extremely diverse set of drivers. Actually, we had a lot of interest and activity in terms of leasing activity from e-commerce-driven tenants, which actually was elevated this last quarter compared to prior quarters in a notable way. And that's not surprising, by the way at all. We're still in the early stages of seeing the impacts of e-commerce on our distribution market.

順便說一句，考慮到加州有規定將住房增加至少 20%（即超過 150 萬套住房），這並不奇怪。因此，實際上，我們認為這將為我們未來 20 多年的需求帶來一些巨大的推動力。驅動程式非常多樣化。事實上，我們對電子商務驅動的租戶的租賃活動有很大的興趣和活動，與前幾季相比，上個季度的租賃活動實際上顯著增加。順便說一句，這並不奇怪。我們仍處於了解電子商務對分銷市場影響的早期階段。

Got it. That's great. Laura, can I ask you one other question. I think at some point, correct me if I'm wrong, did you -- you talked about maybe the mark-to-market on the portfolio for the future like year-end '24, year end '25. Is that something that you guys are willing or can provide at this point the recalculation of what you think your mark-to-market on the entire portfolio will be over the next several quarters?

知道了。那太棒了。蘿拉，我可以再問你一個問題嗎？我想在某些時候，如果我錯了，請糾正我，是嗎？你們現在是否願意或可以提供重新計算你們認為整個投資組合在未來幾季按市值計價的內容？

Yes. I mean as we've communicated, we communicated last quarter that we're going to provide the mark-to-market as we see it each quarter because as we know, the mark-to-market changes actually daily. As we sign leases, we're resetting the mark-to-market and moving that -- moving the market into -- will change on a quarterly and annual basis, dependent upon the leases that we signed. So we think that it's most helpful to provide you all with the visibility into the mark-to-market every quarter at a point in time.

是的。我的意思是，正如我們所傳達的那樣，我們在上個季度表示，我們將提供每個季度所看到的按市價計價，因為據我們所知，按市價計價實際上每天都在變化。當我們簽署租約時，我們會重新設定以市價計價，並將市場轉移到每季和每年的基礎上，這取決於我們簽署的租約。因此，我們認為，為大家提供每季某個時間點以市價計價的可見度是最有幫助的。

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

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

I noticed that you guys added 4 million square feet of assets into the 2024 secured pool, mostly in the Inland Empire West and LA County, and these assets appear to be under leased compared to the 2023 pool. Just curious if you can provide any color on these assets? And maybe where do you think the occupancy is going to be at year-end?

我注意到你們在 2024 年擔保池中增加了 400 萬平方英尺的資產，主要位於內陸帝國西部和洛杉磯縣，與 2023 年池相比，這些資產似乎租賃不足。只是好奇您是否可以為這些資產提供任何顏色？也許您認為年底入住率會是多少？

Yes. Thanks, Anthony, for your question. In terms of the same-store pool, yes, we did add a number of assets into the same-store pool. There were a few assets in that pool that have lease-up opportunity. We've actually signed a number of leases this quarter that will contribute to occupancy of about 50 basis points actually as we move through the year. So we're excited about the prospects there and the prospects or opportunity for growth.

是的。謝謝安東尼的提問。就同​​店池而言，是的，我們確實在同店池中添加了一些資產。該資產池中有一些資產有租賃機會。本季度我們實際上簽署了多項租約，隨著全年的推移，這些租約實際上將有助於提高約 50 個基點的入住率。因此，我們對那裡的前景以及成長的前景或機會感到興奮。

(Operator Instructions) And our next question comes from the line of Vince Tibone with Green Street.

（操作員說明）我們的下一個問題來自 Vince Tibone 和 Green Street 的路線。

Are you starting to see any distressed acquisition opportunities from spec developers in Inland Empire West and would you be willing to actually grow your footprint in IE and take on some leasing risk if the price is right?

您是否開始看到來自內陸帝國西部規範開發商的任何不良收購機會？

Vince, it's Howard. Nice to hear your voice. I've heard a little bit, but I haven't seen anything in mass in terms of any type of trend like that. As far as our appetite to take on larger vacancy in a market that has that product supply? The answer would be simple no. It's not an area that we're putting any focus. We're more interested if we're going to buy anything in that market in the product that hasn't been delivered to market and is not really easily replicable in terms of the underwriting side of it.

文斯，是霍華德。很高興聽到你的聲音。我聽說過一點，但我還沒有看到任何類似的趨勢。至於我們有興趣在擁有該產品供應的市場中承擔更大的空缺嗎？答案很簡單：不行。這不是我們關注的領域。如果我們要在該市場購買尚未交付市場且在承保方面不易複製的產品，我們會更感興趣。

Got it. Makes sense. And then kind of just a follow-up to that. What do you think the stabilized cap rate spread is today between IE West and infill LA adjusted for a similar lease mark-to-market?

知道了。說得通。然後就是後續行動。您認為今天 IE West 和填充洛杉磯之間的穩定資本化率差值是多少，並根據類似的租賃市值進行調整？

It's hard to say. But from some of the transactions that I think we're starting to see or product that we know is under contract, it's probably somewhere in the plus or minus 50 basis point range.

很難說。但從我認為我們開始看到的一些交易或我們知道已簽訂合約的產品來看，它可能在正負 50 個基點範圍內。

That concludes our Q&A session. I will now turn the conference back over to the management team for closing remarks.

我們的問答環節到此結束。我現在將把會議轉回管理團隊進行閉幕致詞。

Thank you very much for joining Rexford Industrial on today's call. We look forward to reconnecting with you and wish you well for about the next 3 months.

非常感謝您參加 Rexford Industrial 今天的電話會議。我們期待與您重新聯繫，並祝您在接下來的 3 個月中一切順利。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。