Rexford Industrial Realty Inc (REXR) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Rexford Industrial's first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Mikayla Lynch, Director, Investor Relations and Capital Markets. Please go ahead.

早安，歡迎參加 Rexford Industrial 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音。現在我想將電話轉給投資者關係和資本市場總監 Mikayla Lynch。請繼續。

Thank you, and welcome to Rexford Industrial's first quarter 2025 earnings conference call. In addition to yesterday's earnings release, we posted a supplemental package and earnings presentation in the Investor Relations section on our website to support today's remarks.

謝謝，歡迎參加 Rexford Industrial 2025 年第一季財報電話會議。除了昨天的收益報告外，我們還在我們網站的投資者關係部分發布了補充資料和收益報告，以支持今天的言論。

As a reminder, management's remarks and responses to your questions may contain forward-looking statements as defined by federal securities laws, which are based on certain assumptions and subject to risks and uncertainties outlined in our 10-K and other SEC filings.

提醒一下，管理層的評論和對您的問題的回答可能包含聯邦證券法所定義的前瞻性陳述，這些陳述基於某些假設，並受我們 10-K 和其他 SEC 文件中概述的風險和不確定性的影響。

As such, actual results may differ, and we assume no obligation to update any forward-looking statements in the future. We'll also discuss non-GAAP financial measures on today's call. Our earnings presentation and supplemental package provide GAAP reconciliations as well as an explanation of why these measures are useful to investors.

因此，實際結果可能有所不同，我們不承擔將來更新任何前瞻性陳述的義務。我們也將在今天的電話會議上討論非公認會計準則財務指標。我們的收益報告和補充資料提供了 GAAP 對帳以及這些指標對投資者有用的解釋。

Joining me today are our Chief Operating Officer, Laura Clark; and Chief Financial Officer, Mike Fitzmaurice. Our Co-CEOs, Michael Frankel and Howard Schwimmer, will join us for the Q&A session following prepared remarks. It's my pleasure to now introduce Laura Clark. Laura?

今天與我一起出席的還有我們的營運長 Laura Clark；和財務長 Mike Fitzmaurice。我們的聯合執行長 Michael Frankel 和 Howard Schwimmer 將在準備好的發言後參加我們的問答環節。我很高興現在介紹勞拉·克拉克。勞拉？

Thank you, Makela, and thank you all for joining us today. I'd like to begin by recognizing the Rexford team. Your dedication and strong execution drove first quarter performance and position us well to navigate today's heightened macroeconomic uncertainty.

謝謝你，馬克拉，也謝謝大家今天加入我們。首先我要表彰雷克斯福德團隊。您的奉獻精神和強大的執行力推動了第一季的業績，並使我們能夠很好地應對當今加劇的宏觀經濟不確定性。

Rexford delivered solid first quarter performance, in line with expectations. We executed 2.4 million square feet of leases, achieving net effective and cash rent spreads of 24% and 15%, respectively. Embedded rent steps in our executed leases averaged 3.6%. Notably, 400,000 square feet of new leasing activity in the quarter was from five repositioning and redevelopment projects.

雷克斯福德第一季業績穩健，符合預期。我們執行了 240 萬平方英尺的租賃，實現淨有效租金和現金租金利差分別達到 24% 和 15%。我們已執行租約中的嵌入式租金步幅平均為 3.6%。值得注意的是，本季 40 萬平方英尺的新租賃活動來自五個重新定位和重建項目。

Overall absorption in the quarter was a positive 125,000 square feet and renewal activity remained strong. We achieved 82% tenant retention, the highest level over the past year. Market rents across our portfolio declined 2.8% sequentially and 9.4% year-over-year.

本季整體吸收量達到 125,000 平方英尺，更新活動依然強勁。我們的租戶保留率達到了 82%，這是過去一年來的最高水準。我們投資組合的市場租金月減 2.8%，年減 9.4%。

Despite continued softness in market rents, Rexford's portfolio outperformed the overall market, which experienced a decline of 4.7% sequentially and 12.1% year-over-year, according to CBRE. The decline in Rexford's portfolio market rents was largely concentrated in spaces above 100,000 square feet which are experiencing some excess supply in the submarkets of Mid-Counties, North Orange County and the Inland Empire West.

世邦魏理仕表示，儘管市場租金持續疲軟，但雷克斯福德的投資組合表現優於整體市場，整體市場季減 4.7%，年減 12.1%。雷克斯福德投資組合市場租金的下降主要集中在 100,000 平方英尺以上的空間，這些空間在中部縣、北奧蘭治縣和內陸帝國西部的子市場中存在供應過剩的情況。

In contrast, market rents for Rexford's smaller format spaces under 50,000 square feet continue to show relative resilience, supported by limited supply comparable to our superior highly functional product. Regarding the current leasing environment. At the start of the year, leasing activity had picked up as tenant requirements in the market were increasing.

相比之下，Rexford 面積低於 50,000 平方英尺的小型空間的市場租金繼續表現出相對的彈性，這得益於與我們卓越的高功能產品相當的有限供應。關於目前的租賃環境。今年年初，隨著市場租戶需求的增加，租賃活動回升。

At the time of our last earnings call, we had activity on approximately 90% of our vacant spaces, representing a material pickup when compared to 2024. Since the recent tariff announcements, we have seen some tenants defer decision-making amid increased economic uncertainty.

在我們上次召開收益電話會議時，我們大約 90% 的空置空間都在活動，與 2024 年相比，這是一個實質性的回升。自從最近宣布電價以來，我們看到一些租戶因經濟不確定性增加而推遲了決策。

We currently have leasing activity on approximately 80% of our vacant spaces. And while overall engagement remains healthy, it is difficult to predict the near-term impact surrounding the tariffs and overall levels of uncertainty. As Fitz will discuss in more detail, our guidance anticipates the potential for increased lease-up timing.

目前，我們約 80% 的空置空間正在進行租賃活動。儘管整體參與度依然良好，但很難預測關稅的近期影響和整體不確定性水準。正如 Fitz 將更詳細地討論的那樣，我們的指導預計租賃時間可能會增加。

Turning to capital allocation. By stabilizing assets at above-market yields, and selling properties at low cap rates, we are driving accretive cash flow growth and long-term value creation. By way of example, in the quarter, we stabilized five repositioning projects totaling 560,000 square feet at a 7.6% unlevered yield and completed two dispositions totaling $103 million at exit cap rates in the low 4% area.

轉向資本配置。透過以高於市場的收益率穩定資產，並以低資本化率出售房產，我們正在推動現金流的成長和長期價值創造。舉例來說，在本季度，我們穩定了五個重新定位項目，總面積達 560,000 平方英尺，無槓桿收益率為 7.6%，並完成了兩項總額為 1.03 億美元的處置，退出資本化率處於 4% 的低位區域。

Our capital allocation and recycling strategy will continue to be focused on maximizing returns and accretion. Our value-add repositioning and redevelopments are a key driver of accretive growth with $70 million of incremental NOI expected in the near term, from the 3.2 million square feet of projects under construction or in lease-up.

我們的資本配置和回收策略將繼續致力於最大化回報和增值。我們的增值重新定位和重新開發是增值成長的關鍵驅動力，預計短期內將在在建或租賃的 320 萬平方英尺專案中實現 7,000 萬美元的增量淨營運收入。

Regarding dispositions, we currently have approximately $30 million of dispositions under contract or accepted offer subject to customary closing conditions. We have no acquisitions under contract or accepted offer.

關於處置，我們目前有大約 3000 萬美元的處置合約或已接受的報價，但須遵守慣例成交條件。我們沒有簽訂任何收購合約或接受任何收購要約。

In closing, we are facing a heightened level of uncertainty related to the introduction of new tariffs. However, our portfolio continues to be well positioned over the medium to longer term. We own a high-quality portfolio located in infill Southern California, where the long-term supply-demand imbalance will continue to persist making our portfolio even more valuable into the future.

最後，我們面臨著與引入新關稅相關的更大不確定性。然而，從中長期來看，我們的投資組合仍處於有利地位。我們在南加州的填充區擁有高品質的投資組合，長期的供需失衡將持續存在，這使得我們的投資組合在未來更有價值。

Our tenants serve the nation's largest regional population base and one of the largest economies in the world where leasing demand is driven by consumption. This is in contrast to larger format industrial product where demand is more closely linked to global trade flows.

我們的租戶服務於全國最大的地區人口基數和世界上最大的經濟體之一，該地區的租賃需求由消費驅動。這與更大規格的工業產品形成對比，因為更大規格的工業產品的需求與全球貿易流動的連結更為緊密。

The health and diversity of our tenant base is strong and we are seeing demand from a wide range of industries, including manufacturing, construction, defense and aerospace and the warehousing and distribution of consumer staples, household goods and food and beverage to name a few. Our value-add focus drives accretive cash flow growth.

我們的租戶群體健康且多元化，我們看到了來自各行各業的需求，包括製造業、建築業、國防和航空航天業以及消費必需品、家居用品和食品飲料的倉儲和配送等等。我們對增值的關注推動了現金流的成長。

We currently have over $230 million of projected incremental NOI embedded within our portfolio, positioning us to grow shareholder value over the long term. We appreciate your continued support and look forward to sharing more progress in the quarters ahead.

目前，我們的投資組合中預計將有超過 2.3 億美元的增量淨營運收益，這使我們能夠長期增加股東價值。我們感謝您的持續支持，並期待在未來幾季分享更多進展。

Now, I'll turn the call over to Fitz.

現在，我將把電話轉給菲茲。

Thanks, Laura, and thank you, everyone, for joining. First, I'd like to thank our team for their commitment to excellence and teamwork as we continue to focus on driving long-term value. First quarter results were in line with our expectations. Core FFO was $0.62 per share, representing 7% growth, both sequentially and year-over-year. We recognized $0.04 of expected termination revenue that was tied to a couple of known tenant move-outs.

謝謝勞拉，也謝謝大家的參與。首先，我要感謝我們的團隊對卓越和團隊合作的承諾，我們將繼續專注於推動長期價值。第一季的業績符合我們的預期。核心 FFO 為每股 0.62 美元，環比和同比增長 7%。我們確認了 0.04 美元的預期終止收入，這與幾個已知的租戶搬出有關。

We are maintaining our full year 2025 core FFO outlook of $2.37 to $2.41 per share, though we are closely monitoring market dynamics and will assess our outlook to the extent conditions may evolve. Overall, our underlying 2025 guidance assumptions remain intact, including the projected $15 million net NOI contribution from repositioning and redevelopment.

我們維持 2025 年全年核心 FFO 預期為每股 2.37 美元至 2.41 美元，但我們正在密切關注市場動態，並將根據情況的變化評估我們的前景。總體而言，我們對 2025 年的基本指導假設保持不變，包括重新定位和重建預計帶來的 1500 萬美元淨 NOI 貢獻。

Although our projected lease-up timing has increased to nine months, from our prior expectations of eight months due to tariff disruption, this was positively offset by some short-term lease extensions for properties otherwise planned for future repositioning or redevelopment. Reflecting recent changes in market rents, we've revised our leasing spread assumptions.

儘管由於關稅中斷，我們預計的租賃時間已從先前預期的八個月增加到九個月，但一些原本計劃在未來重新定位或重建的物業的短期租賃延期抵消了這一增加。根據近期市場租金的變化，我們修改了租賃利差假設。

We now expect net effective and cash leasing spreads of approximately 25% and 15%, respectively. This change will not have a material impact on our guidance as only 11% of our ABR are set to expire through year-end with most expirations weighted toward the second half of 2025.

我們現在預計淨有效租賃利差和現金租賃利差分別約為 25% 和 15%。這項變更不會對我們的指導產生重大影響，因為只有 11% 的 ABR 將在年底前到期，並且大多數到期時間集中在 2025 年下半年。

Our low leverage investment-grade balance sheet positions us to be opportunistic while navigating market uncertainties. Today, we have more than $1.6 billion of liquidity, including $608 million of cash and nearly full availability on our $1 billion unsecured line of credit.

我們的低槓桿投資等級資產負債表使我們能夠在應對市場不確定性的同時抓住機會。今天，我們擁有超過 16 億美元的流動資金，其中包括 6.08 億美元的現金和幾乎完全可用的 10 億美元無擔保信用額度。

Since last quarter, we have further bolstered our balance sheet, reducing net debt to EBITDA by over 0.5 turn to 3.9 times. Due to the settlement of $400 million of forward equity that was raised at $49 per share in March 2024.

自上個季度以來，我們進一步增強了資產負債表，將淨債務與 EBITDA 的比率降低了 0.5 倍以上，達到 3.9 倍。由於 2024 年 3 月以每股 49 美元的價格籌集了 4 億美元的遠期股權。

During the quarter, we proactively initiated the recast of our credit facility, extend duration, lower interest expense, increased liquidity, enhanced flexibility. This includes the refinancing of our $400 million term loan, positioning us with no significant maturities until 2027. We expect to close on our recast in May, subject to customary closing conditions. We will continue to remain opportunistic with our debt maturities, focusing on duration and further lowering our cost of debt.

本季度，我們主動啟動了信貸安排的重組，延長期限，降低利息支出，增加流動性，增強靈活性。這包括對我們 4 億美元定期貸款的再融資，使我們在 2027 年之前不會出現重大到期債務。我們預計在五月完成重組，但需遵守慣例成交條件。我們將繼續把握債務到期機會，專注於期限並進一步降低債務成本。

And with that, I'll turn the call back to the operator and open the line for questions.

說完這些，我會將電話轉回給接線生，並開通熱線回答問題。

(Operator Instructions)

（操作員指示）

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great. Thanks. So as you mentioned, market rents accelerated downward during the quarter, down 2.8% from 1.5% in Q4 and I guess maybe putting aside the potential impact of tariffs on leasing demand for a moment, do you have any better sense of how much further you'd expect rents to decline just based on how much excess vacancy is on the market and how aggressive some of your competitors have been on pricing? And then I guess if you were to factor in the tariffs, how much of an accelerant to moderation do you think a drawn out trade disagreement could potentially present in your markets?

偉大的。謝謝。因此，正如您所提到的，本季度市場租金加速下降，從第四季度的 1.5% 下降了 2.8%，我想也許暫時不考慮關稅對租賃需求的潛在影響，您是否對僅基於市場上過剩空置量以及一些競爭對手在定價方面的激進程度，預計租金還會下降多少有更好的了解？然後我想，如果將關稅因素考慮在內，您認為曠日持久的貿易分歧可能對您們的市場產生多大程度的緩和作用？

Hey, Blaine, it's Laura. Thanks for joining us today. As you mentioned, we are seeing some nominal pressure on market rents, but we're certainly not giving away space in the market and demand continues as represented by, as I mentioned in our prepared remarks, the current level, we've got activity on about 80% of our vacant spaces.

嘿，布萊恩，我是蘿拉。感謝您今天加入我們。正如您所提到的，我們看到市場租金面臨一些名義壓力，但我們肯定不會放棄市場空間，而且需求仍在繼續，正如我在準備好的發言中提到的那樣，目前的水平是，我們約有 80％ 的空置空間都在活動。

And we actually have leasing of that leasing activity, we're actually trading paper on about 2.7 million square feet today alone. So while it's challenging to predict future rent growth, in the near term, Ed since indicated, we only have about 11% of our portfolio rolling through year-end and feel really good about the positioning of current activity given the uncertainty in the market.

我們實際上有租賃活動，光是今天我們就在交易約 270 萬平方英尺的紙張。因此，雖然預測未來的租金成長具有挑戰性，但在短期內，正如 Ed 所指出的，我們只有大約 11% 的投資組合能夠延續到年底，並且考慮到市場的不確定性，我們對當前活動的定位感到非常滿意。

I also think it's important to note that we -- that demand is represented by a diverse array of tenants. That activity is made up of some of the larger drivers are the construction industries and trades, 3PLs, also including technology, manufacturing, entertainment and apparel.

我還認為值得注意的是，這種需求是由各種各樣的租戶所代表的。該活動由一些較大的驅動因素組成，包括建築業和貿易、第三方物流，還包括技術、製造、娛樂和服裝。

So that diversity, the levels of demand as well as the diversity, we're pleased with at this point in time. One more note I think that's important is our business model. Our business model has many levers of growth, embedded growth that in a current environment, when there could be pressure and continued pressure on rents allows us to continue to grow cash flow.

因此，我們對目前的多樣性、需求水準以及多樣性感到滿意。我認為還有一點很重要，那就是我們的商業模式。我們的商業模式有許多成長槓桿，在當前環境下，當租金可能面臨壓力並且持續壓力時，嵌入式成長使我們能夠繼續增加現金流。

We've got about $230 million of incremental NOI embedded in the portfolio today, about $60 million of that's the mark-to-market, about $70 million from our repositioning and redevelopments that are in process and in the pipeline. And then another $100 million from the annual embedded rent steps in our leases that's at 3.7%.

目前，我們的投資組合中已包含約 2.3 億美元的增量淨營運收入，其中約 6,000 萬美元是按市價計算的，約 7,000 萬美元來自我們正在進行和籌備中的重新定位和再開發。然後，我們每年從嵌入租金中再提取 1 億美元，佔租約的 3.7%。

And Blaine, it's Michael. I'll just add a little bit to your question related to the impacts -- or potential impacts from the tariffs -- and I'll start with reminding everyone about before the tariffs, the backdrop is actually looking relatively favorable.

布萊恩，我是麥可。我只想就你關於關稅的影響或潛在影響的問題做一點補充，首先我想提醒大家，在關稅之前，情況實際上看起來相對有利。

And we had an increase in tenant activity and the pent-up demand that we felt might be coming back to the market felt tangible. And when the tariffs were announced, we did see a shift, as Laura mentioned earlier. And so our tenants are clearly sensitive about the prospect of what tariffs could bring.

我們發現租戶活動增加，我們感覺到被壓抑的需求可能會重返市場。正如勞拉之前提到的，當關稅宣佈時，我們確實看到了轉變。因此，我們的租戶顯然對關稅可能帶來的前景很敏感。

And the impacts of the tariffs, there's a range of potential impacts. To the extent they drive a change in trade flows, our tenant base is relatively insulated. Nobody is perfectly insulated. But as you know, our tenants are disproportionately serving regional consumption.

關稅的影響有一系列的潛在影響。就它們推動貿易流變化的程度而言，我們的租戶群體相對而言沒有受到影響。沒有人是完全絕緣的。但正如您所知，我們的租戶不成比例地服務於區域消費。

And this is the largest zone of consumption in the country. And so we believe that does mitigate the impacts associated with changing or shifting trade flows to the extent that tariffs drive a reduction in overall consumer demand.

這是全國最大的消費區。因此，我們認為，這確實會減輕貿易流變化或轉變的影響，因為關稅會導致整體消費需求下降。

Clearly, that's something that our tenants are a little more worried about. And I think that our tenant base in terms of their behaviors, it is very sentiment-driven right now in terms of their expectations about the future because what they told us earlier this year is they're feeling pretty good about their underlying business actually.

顯然，這是我們的租戶比較擔心的事情。我認為，就我們的租戶群體的行為而言，他們對未來的期望目前在很大程度上受到情緒驅動，因為他們今年早些時候告訴我們，他們實際上對他們的基礎業務感覺相當良好。

And to the extent there is a drop-off in consumer demand, I think if we look back to prior cycles. Again, we found that our infill Southern California tenant base has proven to be relatively resilient, certainly more resilient, for example, than your big-box non-infill markets where those -- that space is more fungible, it's more of a commodity.

我認為，如果我們回顧一下先前的周期，就會發現消費者需求確實有所下降。再次，我們發現，我們的南加州填充租戶群體已被證明具有相對的彈性，當然比大型非填充市場更具彈性，因為這些市場的空間更具可替代性，更像是一種商品。

And our tenants tend to be far more sticky through downturns because our -- because of the extreme long-term scarcity of our space, the irreplaceable nature of our space and the fact that it's very difficult for tenants to move and find the same -- they need to be near their end points of distribution. They need to be near skilled labor.

在經濟低迷時期，我們的租戶往往更加忠誠，因為我們的空間長期極度稀缺，我們的空間具有不可替代性，而且租戶很難搬遷和找到相同的空間，他們需要靠近分銷的終點。他們需要靠近熟練勞動力。

They need to be within the -- the business ecosystem and services that support their products and components. So a lot of factors that drive the relative stability of our infill tenant base, even through cycles associated with reduced consumer demand.

他們需要融入支持其產品和組件的商業生態系統和服務之中。因此，即使在消費者需求減少的週期中，也有很多因素推動我們的填充租戶基礎保持相對穩定。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Yes. Good morning, everybody. I guess, Mike, I know you talked about the lease up. I think you talked about nine months instead of eight months. But maybe -- maybe help us understand a little bit more about the low end of guidance here. I think given the uncertainty, everybody is trying to figure out maybe how much room or cushion there is for sort of rents to fall. (inaudible) think about kind of what PLD did they sort of stress test their guidance. So walk us through that, please. Thanks.

是的。大家早安。我想，麥克，我知道你談到了租賃問題。我認為您說的是九個月而不是八個月。但也許——也許可以幫助我們更多地了解這裡的指導低端。我認為，鑑於這種不確定性，每個人都在試圖弄清楚租金下跌的空間或緩衝有多大。 （聽不清楚）想想 PLD 對他們的指導做了什麼壓力測試。請向我們詳細介紹一下。謝謝。

Sure, Samir. I appreciate the question. And again, congrats on the new role. Like any quarter, we're always sensitizing our earnings at the top end and to the bottom end of the range. Obviously, this quarter took kind of a bit of a heightened focus for obvious reasons.

當然，薩米爾。我很感謝你提出這個問題。再次恭喜你擔任新職務。與任何季度一樣，我們始終關注最高收益和最低收益範圍。顯然，由於顯而易見的原因，本季受到了更多的關注。

But the way we looked at it is we really sensitized our expectation to historical downturns, whether it be the pandemic recent market rent changes in Southern California, then [GFC] and the variables that we focused on were projected lease-up time for our repositioning redevelopment, also market rent decline, bad debt expense and same-property occupancy and we track those down to the historic downturns, the lows of the market, and we feel really, really good about where that gets us to in the bottom end of our range to $2.37 and -- to your point, embedded in our guidance is a longer projected downtime of nine months, which is a full quarter beyond what historical norms are of six months.

但我們看待這個問題的方式是，我們確實讓我們的預期對歷史性的衰退很敏感，無論是南加州近期的疫情導致的市場租金變化，還是 [GFC]，我們關注的變量是我們重新定位重建的預計租賃時間，還有市場租金下降、壞賬費用和同房入住率，我們將這些追溯到歷史性的衰退，市場的低點，我們對此感到非常滿意，因為我們對此感到非常滿意。正如你所說，我們的指導中包含了預計的九個月的更長的停工期，這比六個月的歷史常態多了整整一個季​​度。

And then also bad debt. Bad debt is at 75 basis points, which is about double of what this portfolio has generated over the last six years, seven years since 2018, 2019. So we feel really, really good about the range of possibilities on the downside.

還有壞帳。壞帳率為 75 個基點，約為該投資組合自 2018 年、2019 年以來過去六年、七年產生的壞帳的兩倍。因此，我們對不利因素的各種可能性感到非常非常樂觀。

John Kim, BMO Capital Markets.

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

Thank you, and good morning. I was wondering if you could provide some more insight on the cash mark-to-market -- or sorry, the cash leasing spreads this quarter, which went negative. And just looking at the leases that you signed this quarter, the average rent was [1650] and comparing that versus your in-place ABR, it looks like it would suggest a negative mark-to-market. But I'm wondering if you could just provide some more color on that.

謝謝，早安。我想知道您是否可以提供一些有關現金按市價計價的更多見解——或者抱歉，本季度的現金租賃利差為負值。僅查看您本季簽署的租約，平均租金為 [1650]，並將其與您現有的 ABR 進行比較，似乎表明市場價格為負。但我想知道您是否可以對此提供更多說明。

Yes, John, I'll take that question. In terms of our new leasing spreads, I think it's important to note that this quarter only included about 280,000 square feet of comparable leases. So a very small sample set. Most of the new leasing activity we did this quarter was in our repositioning and redevelopment where you don't have comparable leasing spreads.

是的，約翰，我願意回答這個問題。就我們的新租賃利差而言，我認為值得注意的是，本季僅包括約 280,000 平方英尺的可比租賃。因此樣本集非常小。本季我們進行的大部分新租賃活動都屬於重新定位和重新開發，在這些領域沒有可比擬的租賃利差。

So drilling into that negative 5% cash leasing spread for the quarter, it was primarily attributed to one lease that lease had an above-market rent that was related to some specialized improvements that were in that space. And then we lease that building as is. So it's really a unique circumstance with that lease. But again, a small sample size.

因此，深入研究本季負 5% 的現金租賃利差，主要原因是一項租賃的租金高於市場水平，這與該空間的一些專門改進有關。然後我們按原樣租賃該建築。因此，該租約確實存在特殊情況。但同樣，樣本量很小。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yes. Hi. I guess -- can you talk about the pace of redevelopment repositioning starts for the next 12 months or so based on what you're seeing and expecting today and maybe how it compares to the past year or two?

是的。你好。我想——您能否根據您目前所看到和預期的情況，以及與過去一兩年相比的情況，談談未來 12 個月左右重新開發和重新定位的步伐？

Sure, Mike. I'll take that question. I think it's [important]. So in terms of what's coming online this year, we have about $30 million of incremental NOI relative to $224 million. In the first quarter, we experienced about $9 million of that 30. And as we look through the remaining part of the year and second through the fourth quarter, it's going to be more back half weighted, the additional $21 million or so.

當然，麥克。我來回答這個問題。我認為[重要的]。因此，就今年上線的項目而言，相對於 2.24 億美元，我們的增量 NOI 約為 3000 萬美元。在第一季度，我們的損失約為 900 萬美元。當我們回顧今年剩餘時間以及第二季至第四季時，我們會發現後半部分的收入將更多，即額外的 2,100 萬美元左右。

In terms of what's coming offline, that cadence has changed a bit from last quarter, where we had expected it to come offline predominantly in the first quarter -- first part of the second quarter. But today, we expect that to be more ratable throughout the year.

就下線產品而言，節奏與上一季相比略有變化，我們預計下線產品將主要在第一季（第二季上半段）。但今天，我們預計全年的評級將更加合理。

So we had about $3 million come offline in the first quarter, and it will be ratable to get to the $15 million coming off-line for the full year in 2025. And so when you net those two together, you could do the $15 million net NOI contribution that we expect.

因此，我們在第一季就有大約 300 萬美元的資金下線，預計到 2025 年全年將達到 1,500 萬美元的資金下線。因此，當你將這兩者加在一起時，你就可以實現我們預期的 1500 萬美元淨 NOI 貢獻。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes, good afternoon, guys. Could you talk a little bit about the lease terminations in 1Q, like the nature of those tenants? And how are you just kind of thinking about the watch list today is one of potential tenants.

是的，大家下午好。您能否談談第一季的租約終止情況，例如這些租戶的性質？您覺得今天的觀察名單是潛在租戶之一嗎？

Sure. Yes, we did experience, as he just alluded to, and I mentioned in the call about $9 million or so of termination revenue that was tied to two tenants, and that was expected in line with our expectations. Laura, do you want to talk a bit about the color?

當然。是的，正如他剛才提到的，我們確實經歷了與兩個租戶相關的約 900 萬美元的終止收入，這符合我們的預期。蘿拉，你想談談顏色嗎？

Yes. I think it's important to note that the majority of that termination income was tied actually to an office property that we acquired as part of a redevelopment plan. That property is owned industrial. So the tenant that was occupied in that space as an office user, not your traditional industrial user. We were able to negotiate a favorable term fee there and now have the ability to move forward with the redevelopment plan in the future. And then in terms of bad debt. Our bad debt assumptions for the year.

是的。我認為值得注意的是，大部分終止收入實際上與我們作為重建計劃的一部分而獲得的辦公物業有關。該財產為工業財產。因此，佔用該空間的租戶是辦公室用戶，而不是傳統的工業用戶。我們能夠在那裡協商出一個優惠的期限費用，現在有能力推進未來的重建計畫。然後是壞帳方面。我們對今年的壞帳假設。

Yes. Our bad debt assumptions for the year. We had outsized growth in the first -- or outsized performance in the first quarter, but to about $3.4 million, which was about 120 basis points. As we look through the remaining part of the year, be between 50 basis points and 55 basis points, which lines up with our 75 basis points expectation.

是的。我們對今年的壞帳假設。我們在第一季實現了超額成長——或者說超額業績，但僅為 340 萬美元左右，約為 120 個基點。展望今年剩餘時間，利率將在 50 個基點至 55 個基點之間，這與我們的 75 個基點預期一致。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, everyone. This question may be a bit ironic or hypocritical over you want to look at it, given that I've kind of asked you guys about selling assets over the last couple of years and now you are doing it and being successful. But I'm just kind of curious about the timing of it, given you're sitting on $600 million. Is there some -- were these more reverse inquiries that users want to buy these buildings? Or what's driving the uptick in disposition activity when acquisitions look a little bit less likely in the near term?

嘿，大家好。考慮到過去幾年我曾問過你們有關出售資產的問題，而現在你們正在這樣做並且取得了成功，這個問題可能有點諷刺或虛偽。但我只是有點好奇這件事發生的時間，因為你手上有 6 億美元。是否存在一些——這些是用戶想要購買這些建築物的更多反向詢問嗎？或者，當短期內收購的可能性看起來較小時，是什麼推動了處置活動的增加？

Hi, Craig, it's Howard. Thanks for the question. We've always looked into the portfolio and considered dispositions, but we've -- in the past, had such tremendous upside in rent growth that it was hard to justify a great majority of sales.

你好，克雷格，我是霍華德。謝謝你的提問。我們一直在研究投資組合併考慮處置，但過去，我們的租金成長如此巨大，以至於很難證明絕大多數的銷售是合理的。

And today, yes, those two dispositions we completed were unsolicated offers. And what was unique about those is that there were some owner users that came to us, and they paid an extraordinary premium for the two assets we sold.

是的，今天我們完成的這兩項處置都是主動提出的。這些資產的獨特之處在於，有一些業主用戶來找我們，他們為我們出售的兩項資產支付了高昂的溢價。

Those traded for in aggregate in the range of about a 4% cap rate which is really interesting when you consider in today's market that deals are trading in the mid-4s to 5% range or higher even depending on what the circumstances with above-market rent in the portfolio. So great opportunity for us in terms of being able to recycle very accretively this capital.

總體而言，這些交易的資本化率在 4% 左右，這真的很有趣，因為考慮到在當今市場上，交易的資本化率在 4% 到 5% 之間，甚至更高，甚至取決於投資組合中高於市場租金的情況。對我們來說，這是一個絕佳的機會，能夠非常有效率地回收這些資本。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good morning. Just looking at the average rent escalator signed in Q1 is down to 3.6% as compared to 4% last year. Are you starting to see tenants push back on the 4% escalators you've been able to achieve over the last couple of years?

嘿，早安。僅看第一季簽署的平均租金上漲幅度，與去年的 4% 相比下降至 3.6%。您是否開始看到租戶對過去幾年來已經實現的 4% 的租金上漲幅度產生抵觸情緒？

Hey, Greg, it's Laura. Yes, given some of the market dynamics and pressures on rents, we're certainly seeing some other components of the leases where there is pressure, but it's really concentrated by submarket in certain size ranges.

嘿，格雷格，我是蘿拉。是的，考慮到一些市場動態和租金壓力，我們肯定會看到租賃的其他一些組成部分也存在壓力，但它確實集中在特定規模範圍內的子市場。

So looking into that 3.6% embedded rent steps that was really focused around the spaces over 100,000 square feet, where we saw rent steps averaging about 3.4%. Looking at our smaller format spaces, those rent steps are holding closer to 4%.

因此，研究 3.6% 的嵌入式租金階梯實際上集中在 100,000 平方英尺以上的空間，我們發現租金階梯平均約為 3.4%。看看我們較小規模的空間，租金漲幅保持在接近 4% 的水平。

Anthony Hau, Truist Securities.

安東尼·豪（Anthony Hau），Truist Securities。

Hi, guys. Thanks for taking my question. Howard, I think you have highlighted that in those locations tend to be more resilient in downturns. Can you help us like better quantify that, whether through occupancy, rent growth or leasing velocity compared to [non-indul] assets?

嗨，大家好。感謝您回答我的問題。霍華德，我認為你已經強調了這些地方在經濟低迷時期往往更具彈性。您能否幫助我們更好地量化這一點，無論是透過入住率、租金成長還是與非住宿資產相比的租賃速度？

Sure. Yes. Thanks for the question. It's really more of a scarcity for space. Southern California is a fully built-out market. There is while we do have some construction that occurs in our tight infill markets, it's generally just to replace older dysfunctional product. So we're really not introducing any more supply, whereas you look at many other markets around the country that have land -- and you don't have any limits on growth in terms of construction.

當然。是的。謝謝你的提問。這其實更多的是空間的匱乏。南加州是一個完全建成的市場。雖然我們在緊張的填充市場中確實有一些建設，但通常只是為了更換舊的、功能失調的產品。因此，我們實際上並沒有引入更多的供應，而你看看全國許多其他擁有土地的市場——在建築方面的成長沒有任何限制。

Land values tend to drop quickly in tougher times and competing product and enter the market and at lower prices than even existing products. So we don't have that dynamic in Southern California. And as we've sort of mentioned earlier in the call, we're really a consumption-driven market with upwards of 24 million people here. It's really a different dynamic than you find and through cycles. We really -- generally haven't had a huge drop-off in occupancy. It's really more just timing of leasing and so forth.

在困難時期，土地價值往往會迅速下降，競爭產品會進入市場，而且價格甚至低於現有產品。所以南加州沒有這種動態。正如我們之前在電話會議中提到的那樣，我們實際上是一個消費驅動的市場，擁有超過 2400 萬人口。這確實是一種與你在週期中發現的動態不同的動態。我們的入住率整體上並沒有大幅下降。這實際上只是租賃時機等問題。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great. Thanks for taking my question. I wanted to just dig in a little bit on your philosophy on the pace of redevelopment and repositioning. If we're entering a period of market weakness, is that -- would you be leaning into more redevelopment now because there's a lower opportunity cost of taking assets offline?

偉大的。感謝您回答我的問題。我想稍微深入了解您對重建和重新定位步伐的看法。如果我們進入市場疲軟期，那麼—您是否會傾向於進行更多的再開發，因為將資產下線的機會成本較低？

Hey, Brendan, thanks for joining us today. When we think about capital allocation, I mean, taking it back to our capital allocation strategy, we're focused on driving accretion and then long-term value. So when we're considering repositioning and redevelopments, we're doing just that.

嘿，布倫丹，感謝您今天加入我們。當我們考慮資本配置時，我的意思是，回到我們的資本配置策略，我們專注於推動增值，然後是長期價值。因此，當我們考慮重新定位和重新開發時，我們就是這樣做的。

On our repositioning, we're achieving high above-market incremental returns somewhere in the 15% area on the incremental returns on the incremental capital that we're investing into those assets. So not only is that driving accretive cash flow growth, but we're also enhancing the value of these assets over time.

在我們的重新定位中，我們在投資這些資產的增量資本的增量報酬率約為 15% 左右，高於市場的增量報酬率。因此，這不僅推動了現金流的成長，而且我們也隨著時間的推移提高了這些資產的價值。

So to the extent that those repositioning and redevelopment opportunities that we have in the pipeline allow us to do that, we think that it's prudent for us to continue to move forward and that a significant part of how we will continue to drive outsized cash flow per share growth.

因此，只要我們正在進行的重新定位和再開發機會允許我們做到這一點，我們認為繼續向前邁進是明智之舉，而且這在很大程度上是我們將繼續推動每股現金流大幅成長的方式。

And then one item I would note there, just by way of example, what we experienced during the quarter, we did -- as Laura noted earlier in my prepared remarks to the stabilized lot projects 560,000 square feet. Now that stabilized deal is about 7.6%. But on an incremental return perspective to line up with lower thoughts just a moment ago, that was 20%, which is the highest risk-adjusted return today, I think a great way to deploy our capital.

然後，我想指出的一件事，僅作為例子，我們在本季度經歷了什麼，正如勞拉早些時候在我準備好的關於穩定地段項目 560,000 平方英尺的發言中提到的那樣。目前，穩定的交易利率約為 7.6%。但從增量回報的角度來看，與剛才較低的想法一致，這是 20%，這是今天最高的風險調整回報，我認為這是部署我們資本的好方法。

Michael Griffin, Evercore ISI.

邁克爾·格里芬（Michael Griffin），Evercore ISI。

Great. Thanks. Wondering if you could give just a little more commentary on occupancy expectations. If I look at your kind of same-store quarter-end occupancy versus the total portfolio, it's a delta of about 600 basis points versus 400 basis points on average the four quarters before.

偉大的。謝謝。想知道您是否可以對入住率預期做出更多評論。如果我將您的同店季末入住率與整體投資組合進行比較，您會發現差異約為 600 個基點，而前四個季度的平均差異為 400 個基點。

So it seems like you're going to get towards that midpoint of the same-store average occupancy guidance, but should we see that spread narrow? Should we see it widen as we get throughout the year? Like if there's any numbers you can kind of put around that, that would be helpful. Thank you.

因此看起來您將要達到同店平均入住率指引的中點，但我們是否應該看到這一差距縮小？隨著時間的流逝，我們是否應該看到它逐漸擴大？如果您能提供一些數字來說明這一點，那將會很有幫助。謝謝。

Yes. Thanks for the question, Griff. Appreciate it. But yes, we ended the quarter for same-property occupancy at what 95.7%. We should end at the same level. So it will dip here in a second and third quarter and an increase in the fourth quarter.

是的。謝謝你的提問，格里夫。非常感謝。但是的，我們本季結束時的同店入住率達到了 95.7%。我們應該以相同的水平結束。因此，第二季和第三季該數字將會下降，而第四季則會上升。

As we think about our portfolio occupancy, it did take a dip of about 170 basis points since last quarter, and that was primarily related to repositioning and redevelopments that we put into the active arena. And that should end the year right around 90% to 91% or so.

當我們考慮我們的投資組合入住率時，它自上個季度以來確實下降了約 170 個基點，這主要與我們在活躍領域進行的重新定位和重新開發有關。這樣到年底，這一比例應該會在 90% 到 91% 左右。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Morning. Thanks for the question. I guess you've alluded to sort of long-term value creation through development, but also to the private market kind of being 5 or sub-5. So I'm just wondering like as you sell assets, like how much could you sell? And then what about using proceeds for buybacks given kind of where the stock is relative to what you just said the private market is trading at?

早晨。謝謝你的提問。我想您已經提到了透過開發實現的長期價值創造，但也提到了私人市場是 5 或 5 以下。所以我只是想知道，當你出售資產時，你能賣多少？那麼，考慮到股票相對於您剛才所說的私人市場交易的情況，如何使用收益進行回購呢？

Yes. Hi, Vikram. Good morning. This is Mike. First, as you know, we're a capital-intensive business. We have many competing uses of capital. The highest risk-adjusted returns that we're achieving today, as we just noted on the previous question, is repositioning redevelopments. Like I said, we have five projects and a return on an incremental basis, about 20%. We have $15 million of net NOI contribution in 2025. This really positions Rexford up for outsized growth over the medium and long term.

是的。你好，維克拉姆。早安.這是麥克。首先，如您所知，我們是一家資本密集型企業。我們的資本用途多種多樣，相互競爭。正如我們在上一個問題中提到的那樣，我們今天實現的最高風險調整回報是重新定位再開發。正如我所說，我們有五個項目，增量回報率約為 20%。2025 年我們的淨營業利潤貢獻為 1,500 萬美元。這確實為雷克斯福德在中長期的超額成長奠定了基礎。

As we think about it, the $600 million of cash that we have sitting on the balance sheet, we're offensive. We're an offensive position. We have an opportunity to be very patient. And it goes back to our core tenets of how we think about our capital allocation philosophy and that's accretive to earnings, balance sheet, NAV and portfolio quality and reinvesting inside our assets and improving the functionality is the best return that we're getting today.

當我們考慮這一點時，我們資產負債表上就有 6 億美元現金，我們對此很感興趣。我們處於進攻地位。我們有機會變得非常有耐心。這又回到了我們如何看待資本配置理念的核心原則，即增加收益、資產負債表、資產淨值和投資組合質量，並在我們的資產中進行再投資並改善功能是我們今天獲得的最佳回報。

Now in terms of dispositions, today, we have about $30 million or so that is under contract. And beyond that, I think it's too early to give you a guidance on what we could sell later in the year. But it is an attractive use of capital, as Howard pointed out earlier, where we were able to sell in the low 4% area.

現在就處置而言，今天，我們有大約 3000 萬美元左右的合約。除此之外，我認為現在就給出今年稍後我們可以銷售什麼產品的指導還為時過早。但正如霍華德之前指出的那樣，這是一種很有吸引力的資本利用方式，我們能夠在 4% 以下的利率範圍內銷售。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great. Thanks for taking the follow up. Mike, it's helpful to hear you all went through a stress test on operating results and still feel good about the low end of FFO guidance, but I'm wondering if you can talk about some of the specific assumptions in that stress test as it relates to occupancy, rents and bad debts. And I guess, how you think that scenario would likely impact same-store numbers as well?

偉大的。感謝您的跟進。麥克，聽到你們都經歷了經營業績壓力測試並且仍然對 FFO 指導的低端感到滿意，這很有幫助，但我想知道您是否可以談談該壓力測試中與入住率、租金和壞賬相關的一些具體假設。我想，您認為這種情況可能會對同店銷售額產生什麼影響？

Yes, I can provide you with a little more insight there, and I appreciate the follow-up question, Blaine. Like I mentioned earlier, the four variables that we look at are projected lease-up timing related to reposition or redevelopment, market rent change, had debt and same-property occupancy.

是的，我可以為您提供更多見解，我很感謝布萊恩的後續問題。正如我之前提到的，我們關注的四個變數是與重新定位或重新開發相關的預計租賃時間、市場租金變化、債務和同一房產的入住率。

Now as it relates to core FFO, we -- if you project another month of downtime or lease-up time related to reposition and redevelopment, that's about $0.01 or so than market rent decline of 10% and a 25 basis points increase, 100 basis points for bad debt. That's another pending in same property occupancy if we went down to where we were more towards the GFC of about 50 basis points, it's another half paying to $0.01. So it gets it to the bottom end of the range for core FFO.

現在，就核心 FFO 而言，如果您預測與重新定位和重新開發相關的另一個月的停工期或租賃時間，那麼這比市場租金下降 10% 和增加 25 個基點、壞帳增加 100 個基點大約高出 0.01 美元左右。這是同一房產入住率的另一個待定因素，如果我們將其降至更接近全球金融危機時期的水平（約 50 個基點），那麼另一半的支付額將達到 0.01 美元。因此它處於核心 FFO 範圍的底端。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, that's just squeezing me in. Could you guys talk a little bit about 3PL exposure within the portfolio, just kind of given your markets generally are big is in [3PL] market?

嗨，是的，這只是在擠壓我。你們能否談談投資組合中的 3PL 風險敞口，考慮到你們的市場總體上很大，那麼 [3PL] 市場呢？

Sure. Hi, Tayo, it's Howard. Well, first of all, we have very limited 3PL exposure in our portfolio. And today, we look at 3PLs in the market and they're turning out to be a great solution for a lot of the uncertainty that tenants have, meaning that they're able to take tenants short term, they can expand, contract their needs very quickly. And then to the other part of your question on some of the Asian 3PLs that are in the marketplace.

當然。你好，Tayo，我是 Howard。首先，我們的投資組合中第三方物流業務的曝光度非常有限。今天，我們來看看市場上的第三方物流，它們被證明是解決租戶諸多不確定性的絕佳解決方案，這意味著他們能夠短期出租租戶，能夠快速擴大或縮小需求。然後回答您問題的另一部分，關於市場上的一些亞洲第三方物流。

We've done a great job of really being selective on any tenant coming into our portfolio, whether it's 3PL, manufacturer, distributor, we're very throw in our credit analysis. And to be honest with you, we turned down many, many tenants that we don't actually want to bring into the portfolio. That said, we do have some Asian 3PL companies, but they are very well established in the market. They've been around for a long time.

我們在選擇進入我們投資組合的任何租戶方面做得非常出色，無論是 3PL、製造商還是分銷商，我們都非常重視我們的信用分析。老實說，我們拒絕了許多我們實際上不想納入投資組合的租戶。話雖如此，我們確實有一些亞洲第三方物流公司，但它們在市場上已經非常成熟。它們已經存在很長時間了。

They have solid businesses and we may expand them or we may -- we're actually negotiating a deal right now on a 190,000 foot building with a Chinese 3PL that's been in the market a long time and has a good credit profile.

他們的業務很穩健，我們可能會擴大他們的業務，或者我們可能會——實際上，我們目前正在與一家中國第三方物流公司就一棟 190,000 英尺的建築進行談判，該第三方物流公司已經在市場上經營了很長時間，並且擁有良好的信用狀況。

What you hear in the marketplace are some of these 3PLs coming to the market that have no credit and people because they have vacancy and are in [dire] need for occupancy or taking some of those -- and those are highly risky and are not the type of uses that we're going to ever put into the Rexford portfolio.

您在市場上聽到的是，一些進入市場的第三方物流公司沒有信用和人員，因為他們有空置的場地，急需入住或占用其中的一些場地——這些場地風險很高，不屬於我們將納入 Rexford 投資組合的用途類型。

This will conclude today's Q&A session. I would like to turn the call back over to Laura Clark for closing remarks.

今天的問答環節到此結束。我想將電話轉回給勞拉克拉克 (Laura Clark) 做最後發言。

Rexford delivered strong first quarter performance and that underscores the power of our platform and the rigor of our execution. In the face of ongoing uncertainty today, our high-performing and full portfolio and significant embedded growth positions us to navigate through these near-term headwinds and to deliver long-term value. We thank you all for your time with Rexford today.

雷克斯福德第一季業績表現強勁，凸顯了我們平台的強大和執行的嚴謹性。面對當今持續存在的不確定性，我們高性能、完整的產品組合和顯著的內在成長使我們能夠克服這些短期阻力並實現長期價值。我們感謝大家今天來到雷克斯福德。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。