Rexford Industrial Realty Inc (REXR) 2025 Q2 法說會逐字稿

Good morning and welcome to Rexford Industrial second quarter 2025 earnings 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 of investor relations and capital markets. Please go ahead.

早安，歡迎參加 Rexford Industrial 2025 年第二季財報電話會議。（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 second 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.

感謝您並歡迎參加 Rexford Industrial 2025 年第二季財報電話會議。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 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 對賬，並解釋了為何這些措施對投資者有用。

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。我們的聯合執行長邁克爾·弗蘭克爾 (Michael Frankel) 和霍華德·施維默 (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, Mikayla, and thank you all for joining us today. I'd like to start by thanking our Rexford team for your exceptional work and for delivering strong second quarter results in line with our expectations.

謝謝你，米凱拉，也謝謝大家今天加入我們。首先，我要感謝雷克斯福德團隊的出色工作以及符合我們預期的強勁第二季業績。

In the quarter we executed 1.7 million square feet of leases, including lease up of four repositioning and redevelopment projects. Net effective and cash leasing spreads for comparable leases were in line with expectations at 21% and 8% respectively.

本季度，我們執行了 170 萬平方英尺的租賃，包括四個重新定位和再開發項目的租賃。可比租賃的淨有效租賃利差和現金租賃利差分別符合預期，為 21% 和 8%。

Embedded rent steps in our executed leases averaged 3.7%, up 10 basis points from last quarter. Healthy tenant retention and new leasing activity drove increased same property occupancy and positive net absorption in the quarter. We ended the quarter with the same property occupancy at 96.1%, an increase of 40 basis points sequentially, and net absorption was a positive 220,000 square feet.

我們已執行租約中的嵌入式租金步幅平均為 3.7%，比上一季上漲 10 個基點。良好的租戶保留率和新的租賃活動推動了本季同類物業入住率的提高和淨吸收量的正成長。本季結束時，我們的物業入住率為 96.1%，比上一季增加了 40 個基點，淨吸收量為正 220,000 平方英尺。

Additionally, the strength of our tenant base and the critical nature of our infill locations was reflected in de minimis levels of bad debt in the quarter at only 6 basis points of revenue.

此外，我們租戶基礎的強大和填充位置的關鍵性反映在本季度的壞帳水準極低，僅為收入的 6 個基點。

In regard to the current market environment, while leasing activity remains steady and tenant help continues to be solid, macroeconomic and tariff uncertainty are still impacting some tenant decision making. This is putting some pressure on overall demand, impacting rent levels, and lease up time frames.

就當前的市場環境而言，雖然租賃活動保持穩定，租戶幫助持續穩固，但宏觀經濟和關稅的不確定性仍然影響著一些租戶的決策。這給整體需求帶來了一些壓力，影響了租金水平和租賃時間。

In the quarter, market rents across Rexford's portfolio declined approximately 3.5% sequentially and 12.8% year over year. Despite these market dynamics, our portfolio continues to exhibit relative strength when compared to the broader market.

本季度，雷克斯福德投資組合的市場租金較上季下降約 3.5%，年減 12.8%。儘管存在這些市場動態，但與大盤相比，我們的投資組合仍然表現出相對強勢。

The standout quality of our portfolio and the operational excellence of our team is positioning us to capture incremental demand in the near and long term. By way of example, we continue to execute on the lease up of repositioning and redevelopment projects, unlocking significant embedded growth.

我們投資組合的卓越品質和團隊的卓越營運使我們能夠在短期和長期內抓住增量需求。舉例來說，我們繼續執行重新定位和再開發專案的租賃，釋放出顯著的內在成長。

In the quarter and subsequent to quarter end, we executed 520,000 square feet of leases at our repositioning and redevelopment projects, which includes Turnbull Canyon Road in the San Gabriel Valley, Balboa Avenue in San Diego, and Coronado Street in North Orange County.

在本季及季末之後，我們在重新定位和重建項目中執行了 520,000 平方英尺的租賃，其中包括聖蓋博谷的特恩布爾峽谷路、聖地亞哥的巴爾博亞大道和北奧蘭治縣的科羅納多街。

This brings total year-to-date repositioning and redevelopment lease up activity to over 900,000 square feet, representing over $16 million of annualized NOI. Year-to-date, we have stabilized seven repositioning and redevelopment projects, achieving a 7.4% unlevered stabilized yield on total investment.

這使得年初至今的重新定位和再開發租賃活動總額達到 90 萬多平方英尺，相當於年化淨營業收入超過 1,600 萬美元。年初至今，我們已穩定了七個重新定位和再開發項目，實現了總投資 7.4% 的無槓桿穩定收益率。

In addition, further demonstrating the demand for our highly functional and superior quality portfolio, we currently have leasing activity on approximately 80% of our vacant spaces. This is consistent with prior quarter and up significantly when compared to a year ago when activity on our vacant spaces was about 60%.

此外，我們目前約 80% 的空置空間正在進行租賃活動，這進一步證明了市場對我們強大、品質卓越的產品組合的需求。這與上一季一致，與去年同期相比有顯著成長，當時我們的空置空間活動量約為 60%。

In regard to transaction activity, we sold two properties totaling $82 million bringing year-to-date dispositions to $134 million at a weighted average cap rate in the low 4% range, achieving an unlevered IRR of 11.9%. Looking forward, we have approximately $54 million of dispositions under contract or accepted offer, which are subject to customary closing conditions.

在交易活動方面，我們出售了兩處房產，總價值 8,200 萬美元，使年初至今的處置額達到 1.34 億美元，加權平均資本化率在 4% 的低位範圍內，實現了 11.9% 的無槓桿 IRR。展望未來，我們有約 5,400 萬美元的處置合約或已接受的報價，但需遵守慣例成交條件。

Separately, while we have no acquisitions under contract or accepted offer today, we are actively pursuing a range of potential near-term opportunities to accretively recycle disposition proceeds.

另外，雖然我們目前沒有簽訂合約或接受報價的收購，但我們正在積極尋求一系列潛在的近期機會，以增值方式回收處置收益。

In closing, over the long term, we remain confident that our irreplaceable infill Southern California portfolio will continue to benefit from persistent and growing supply constraints coupled with demand from the nation's largest regional zone of consumption and 11th largest economy in the world. These superior long term fundamentals are the foundation of our value creation business model that drives shareholder value. And with that, I'll turn the call over to Fitz.

最後，從長遠來看，我們仍然相信，我們不可替代的南加州填充投資組合將繼續受益於持續不斷增長的供應限制，以及來自美國最大的消費區域和世界第 11 大經濟體的需求。這些卓越的長期基本面是我們推動股東價值所創造的商業模式的基礎。說完這些，我會把電話轉給菲茲。

Thanks Laura, and thank you all for joining us. Second quarter results were in line with our expectations. Core FFO was $0.59 per share, representing a $0.01 increase over the prior quarter when excluding one-time termination revenue that was recognized in the first quarter. The key driver for the increase was lower bad debt expense, demonstrating our strong tenant health. We are reaffirming our full year 2025 core FFO outlook of $2.37 to $2.41 per share.

謝謝勞拉，也謝謝大家加入我們。第二季的業績符合我們的預期。核心 FFO 為每股 0.59 美元，若不包括第一季確認的一次性終止收入，則比上一季增加 0.01 美元。成長的關鍵驅動因素是壞帳支出降低，顯示我們的租戶健康狀況良好。我們重申 2025 年全年核心 FFO 預期為每股 2.37 美元至 2.41 美元。

Compared to the prior quarter, we now expect lower interest expense due to achieving a more favorable interest rate on our $400 million term loan and higher capitalized interest offset by some delays in rent commencements. Our remaining underlying assumptions are unchanged.

與上一季相比，我們預計利息支出會降低，因為我們 4 億美元定期貸款的利率更加優惠，而且資本化利息有所增加，但租金開始時間有所延遲。我們其餘的基本假設保持不變。

I'd like to take a moment to highlight the embedded growth opportunity within our portfolio, which continues to be substantial, totaling $195 million of incremental cash NOI, representing growth of 28%.

我想花點時間強調我們投資組合中蘊含的成長機會，這個機會仍然很大，總計 1.95 億美元的增量現金淨營運收入，成長率為 28%。

Contractual rent steps are expected to generate approximately $105 million of incremental NOI, providing a steady and predictable source of growth. Our repositioning and redevelopment projects in process or in leases are projected to contribute an additional $70 million for incremental NOI reflecting our value creation strategy.

合約租金步驟預計將產生約 1.05 億美元的增量淨營運收入，提供穩定且可預測的成長來源。我們正在進行或租賃的重新定位和再開發項目預計將為增量淨營運收入貢獻額外的 7,000 萬美元，這反映了我們的價值創造策略。

In addition, this does not captured the upside embedded in our future pipeline, which totals over 3 million square feet. And lastly, today our cash marked the market for our portfolio stands at 3%, contributing about $20 million of incremental NOI to our embedded growth profile.

此外，這還沒有反映出我們未來管道中蘊含的優勢，其總面積超過 300 萬平方英尺。最後，今天我們的現金占我們投資組合的市場比重為 3%，為我們的嵌入式成長概況貢獻了約 2,000 萬美元的增量淨營業收入。

Turning to the balance sheet, we entered the quarter with over $1.8 billion of liquidity, including $560 million of cash and a low leverage balance sheet with net debt to EBITDA of 4 times. We continue to prioritize allocating capital toward our repositioning and redevelopment projects and opportunities to recycle capital into creative acquisitions that meet our underwriting criteria.

談到資產負債表，我們進入本季時擁有超過 18 億美元的流動資金，其中包括 5.6 億美元現金和低槓桿資產負債表，淨負債與 EBITDA 比率為 4 倍。我們繼續優先將資本分配給我們的重新定位和再開發項目，並將資本回收用於符合我們承保標準的創意收購。

During the quarter, we successfully closed the recast of our credit facility, extending duration, increasing capacity, and reducing interest expense. Overall, our balance sheet continues to provide flexibility to execute on a strategy and to create long term value.

本季度，我們成功完成了信貸安排的重組，延長了期限，增加了容量，並降低了利息支出。總體而言，我們的資產負債表繼續提供靈活性以執行策略並創造長期價值。

In closing, a big thank you to Team Rexford. The teamwork, standard of excellence, and commitment continue to be the foundation of our success. And with that, I'll turn the call back to the operator and open the line for questions.

最後，非常感謝雷克斯福德團隊。團隊合作、卓越標準和承諾繼續成為我們成功的基礎。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）

I will now turn the call back over to Mikayla Lynch for our first question.

現在我將把電話轉回給 Mikayla Lynch，回答我們的第一個問題。

Thanks, Julianne.

謝謝，茱麗安。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Thanks, Laura, or Fitz, maybe I just want to go over, page 30 on your stuff you guys are giving, better disclosure about potential future repositioning and redevelopment starts, and if you, annualize the quarterly NOI you have in there, it's somewhere between $30 million and $32 million of potential NOI that's going to come offline by the end of '26.

謝謝，勞拉，或者菲茨，也許我只是想看一下你們提供的資料的第 30 頁，更好地披露未來潛在的重新定位和重新開發的開始，如果將其中的季度 NOI 進行年度化，那麼潛在的 NOI 大約在 3000 萬美元到 3200 萬美元之間，這些 NOI 將在 26 年底前下線。

Can you just talk about with maybe some of the slower lease up of projects under construction today like should we think about that as being a pretty firm plan as we get to the end of '26, or what kind of variability could that be with some of that pushed into '27 or some of the '25s pushed into '26?

您能否談談目前正在建造的一些項目租賃速度較慢的情況，例如我們是否應該將其視為在 26 年底前的一個相當堅定的計劃，或者如果將其中一些項目推遲到 27 年，或者將一些 25 年的項目推遲到 26 年，那麼這會帶來什麼樣的變化？

Yeah, look, I think that that pipeline is somewhat fluid. It has changed quarter to quarter, but the biggest driver in that in that pipeline today is the Hertz asset, which we expect that will expire that lease in the first quarter of March, and that has about $8.6 million of ABR from an NOI perspective. It's about $9 million or so that's going to have a significant impact of rent coming offline next year. Now in terms of our plan for Hertz, Laura if you want to touch on what the plan is there.

是的，看，我認為該管道有點流暢。它每個季度都在變化，但目前該管道中最大的驅動力是赫茲資產，我們預計該資產的租約將於 3 月第一季到期，從 NOI 角度來看，其 ABR 約為 860 萬美元。大約 900 萬美元左右，將對明年的租金下降產生重大影響。現在就我們對赫茲的計劃而言，勞拉，如果你想談談我們的計劃是什麼。

Yeah, absolutely. I think just as a reminder on the Hertz asset in particular, this is an irreplaceable location. It's adjacent to LAX.

是的，絕對是如此。我認為，特別提醒一下赫茲資產，這是一個不可替代的位置。它毗鄰洛杉磯國際機場。

We acquired this property from Hertz back in 2023. This was a sale lease back. Hertz is moving to a centralized rental car facility at LAX when that facility is complete. So currently expires in March 26th. We're ready to start development. We're going to be able to deliver 400,000 square foot building there. It will be one of one in the market, and we're really excited about being able to move forward with that that value creation.

我們於 2023 年從赫茲手中收購了這處房產。這是一項售後回租。當洛杉磯國際機場的集中租車設施完工後，赫茲公司將搬遷至該設施。因此目前將於 3 月 26 日到期。我們已準備好開始開發。我們將在那裡建造 40 萬平方英尺的建築。它將是市場上獨一無二的產品，我們非常高興能夠繼續推進這一價值創造。

Okay, that's helpful.

好的，這很有幫助。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Thank you, and good morning. I guess Mike, just help us understand how you think about that 3% cash mark to market going forward. Just trying to understand what your view on that, sort of, how that will trend over the next few quarters and what that impact could be on sort of the cash same store growth going forward? Thanks.

謝謝，早安。我想，麥克，請幫助我們了解您對未來 3% 現金市價位的看法。只是想了解您對此的看法，未來幾季的趨勢如何，以及對未來現金同店成長會產生什麼影響？謝謝。

Hey Samir, this is Laura. Thanks for your question. Yeah, in terms of the mark to market, currently, as you mentioned, the cash mark to markets it's at 3%, and the cadence of what that mark to market looks like over the next few quarters is going to depend on a number of factors including market rent growth. I think it's really important though to remember that only about 15% of our portfolio rolls annually.

嘿，薩米爾，我是勞拉。謝謝你的提問。是的，就市價而言，目前，正如您所提到的，現金市價為 3%，未來幾季的市價節奏將取決於多種因素，包括市場租金成長。但我認為，真正重要的是要記住，我們投資組合中每年只有約 15% 會滾動。

So future leasing spreads, and how that's going to impact and flow down producing property is going to be driven by the mix of units and properties that are rolling. The other thing to note is that Rexford's growth is not dependent upon mark to market.

因此，未來的租賃利差以及其對生產性房地產的影響和流動將取決於正在滾動的單位和房地產的組合。另一件需要注意的事情是，雷克斯福德的成長並不依賴市價。

I think that's the most important thing to note. We have significant and better growth within the portfolio. Irrespective of what happens with the mark to market, we have $70 million of incremental NOI embedded in the portfolio from our repositions and redevelopments that are in process or at least up today, and we also have strong growth from contractual embedded rent steps which currently sit at 3.7% in the portfolio.

我認為這是需要注意的最重要的事情。我們的投資組合實現了顯著且更好的成長。無論以市價計價的情況如何，我們的投資組合中都嵌入了 7,000 萬美元的增量淨營運收入，這些收入來自我們正在進行或至少今天已經完成的重新定位和重新開發，而且我們還從合約嵌入租金步驟中獲得了強勁增長，目前佔投資組合的 3.7%。

Blaine Heck, Wells Fargo.

布萊恩·赫克，富國銀行。

Great, thanks. Good morning out there. With respect to capital allocation thus far you've taken a more measured approach to acquisitions. In your commentary, it sounds like you might be more open to them. So I guess are you seeing opportunities to invest at much higher cap rates than you have in the past, or what's driving that increased appetite, given that your cost of capital hasn't seemingly changed for the better?

太好了，謝謝。大家早安。就資本配置而言，到目前為止，你們對收購採取了更為謹慎的態度。從您的評論來看，您似乎對他們更加開放。因此，我想您是否看到了以比過去更高的資本化率進行投資的機會，或者考慮到您的資本成本似乎沒有變得更好，是什麼推動了這種投資興趣的增加？

And it does seem like there's a clear opportunity to buy back shares at a much lower basis than where you issued on the forward, I guess, is that something you'd consider rather than the acquisition?

而且看起來確實有一個明顯的機會以比遠期發行低得多的價格回購股票，我想，這是您會考慮的事情，而不是收購嗎？

Hey Blaine, thanks for your question. In terms of capital allocation, our principles remain unchanged and intact. We're focused on allocating capital where we can drive cash flow accretion and net asset value.

嘿布萊恩，謝謝你的提問。在資本配置方面，我們的原則保持不變。我們專注於分配能夠推動現金流成長和淨資產價值的資本。

As we think about, the various places that we can allocate capital, certainly repositioning and redevelopment continues to be very attractive investment. It's allowing us to achieve double digit incremental returns, while we position properties to add value over the long term.

正如我們所想，我們可以分配資本的各個地方，當然重新定位和重新開發仍然是非常有吸引力的投資。它使我們能夠實現兩位數的增量回報，同時我們定位資產以在長期內增加價值。

As we think about acquisitions, we're continuing to evaluate acquisition opportunities that meet very stringent underwriting criteria. We are looking at opportunities where we can recycle cap, we can recycle disposition proceeds at higher yields, and that will also drive accretion, increase the quality of our portfolio and our cash flow.

當我們考慮收購時，我們會繼續評估符合非常嚴格的承保標準的收購機會。我們正在尋找機會回收資本，以更高的收益率回收處置收益，這也將推動增值，提高我們的投資組合和現金流的品質。

As a reminder, we've sold about $134 million of dispositions to date. We have $54 million under contract or accepted offer today, and those are -- and the disposition cap rate on those is in the low 4% range. So this gives us an attractive source of capital for both repositioning and redevelopments as well as acquisitions.

提醒一下，到目前為止，我們已經售出了價值約 1.34 億美元的資產。我們今天簽訂的合約或接受的報價為 5400 萬美元，這些金額的處置上限率在 4% 以下。因此，這為我們重新定位、重新開發以及收購提供了一個有吸引力的資金來源。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, thanks for taking the question. I was hoping you could touch on the delays and rent commencements on the repositioning, redevelopment front, kind of what you guys are assuming today and what's giving you confidence in in achieving the new target or the new assumption, given the fact that you know you had the 80% interest this quarter, same as last quarter, but you know it's kind of leasing not getting across the finish line.

嘿，謝謝你回答這個問題。我希望您能談談重新定位、重建方面的延遲和租金開始情況，也就是您今天的假設，以及是什麼讓您有信心實現新的目標或新的假設，因為您知道本季度您擁有 80% 的權益，與上一季度相同，但您知道這是一種租賃尚未跨越終點線的情況。

Hey Greg, thanks for your question. Yeah, we actually feel good about the progress that we've made in terms of repositioning and redevelopment to date. As I mentioned in my prepared remarks, we've leased about 900,000 square feet. That leaves us with about 1.5 million square feet remaining, through the end of the year.

嘿，格雷格，謝謝你的提問。是的，我們對迄今為止在重新定位和重建方面的進展感到非常滿意。正如我在準備好的演講中提到的，我們已經租賃了大約 900,000 平方英尺的空間。到今年年底，我們還剩下大約 150 萬平方英尺的空間。

Our assumptions around rent commencement have been and continue to be very late in the year there. We have pushed at least the timing a bit by about one month on average, that's driven by the current market dynamics, but we do have activity on 80% of that 1.5 million square feet. And based on where we're seeing activity levels today, what we were able to execute in late June and into July, we feel really comfortable with our projections at this time.

我們對租金開始時間的假設一直是並將繼續是在今年的很晚的時候。我們至少將時間平均推遲了大約一個月，這是由當前市場動態驅動的，但我們確實在 150 萬平方英尺的 80% 上開展了活動。根據我們今天看到的活動水平以及我們在 6 月底和 7 月的執行情況，我們對目前的預測感到非常滿意。

Yeah, I would echo those same sentiments in an extreme case, Greg, if we didn't sign the 1.5 million square feet, it'd only be an unfavorable one penny impact for our guide.

是的，格雷格，在極端情況下，我也會有同樣的想法，如果我們不簽署 150 萬平方英尺的協議，對我們的指南來說，只會產生一分錢的不利影響。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey, good morning out there. Maybe you wanted to touch on kind of just tenant behavior if you're seeing any sort of shift on whether it be like lease terms on length of term that people are doing or maybe even just when they're approaching, sort of renewal activity like are they taking longer to get back to you any sort of change in behavior there that you guys have noticed over the last 60 to 90 days that'd be helpful. Thank you.

嘿，大家早安。也許您想談談租戶的行為，如果您發現任何變化，無論是租賃條款、租期長度，還是臨近續約時，他們是否需要更長時間才能回复您，您在過去 60 到 90 天內註意到的行為變化，這將會很有幫助。謝謝。

Yeah, thanks for your question, Nick. In terms of lease term, though, lease terms help pretty steady in the four to five year range on average for Rexford, which is consistent with prior years.

是的，謝謝你的提問，尼克。不過，就租賃期限而言，雷克斯福德的租賃期限平均穩定在四到五年之間，這與前幾年一致。

In terms of renewals, we've had really strong renewal activity. Tenants are coming to us a bit earlier in terms of the renewal. In terms of renewals, it's interesting that we've seen a bit of a trend and an acceleration. And early renewals and early renewals means those spaces that we are renewing, that's six months or earlier than their expiration.

在續約方面，我們的續約活動確實非常強勁。在續約方面，租戶來找我們比較早。在續約方面，有趣的是，我們看到了一種趨勢和加速。提前續約和提前續約意味著我們正在續約的空間，比其到期時間提前六個月或更早。

Just to put some numbers around that year-to-date, early renewals at about 1.1 million square feet if you look at the back half of last year. So third and fourth quarter of last year we did about 600,000 square feet of early renewals, so essentially double. I think that's what that's telling us is tenants need their space. They need to lock in that space, and I think it's a good indication of the strength of the businesses and they're and they're thinking long term about their strategy and need to serve the infill markets.

僅舉一些今年迄今為止的數據，如果你看一下去年下半年的數據，你會發現提前續約的面積約為 110 萬平方英尺。因此，去年第三季和第四季，我們完成了約 60 萬平方英尺的提前續約，基本上翻了一番。我認為這告訴我們租戶需要自己的空間。他們需要鎖定那個空間，我認為這很好地表明了企業的實力，他們正在考慮長期策略，需要服務填充市場。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Looks like we lost Tayo, apologies for that.

看起來我們失去了 Tayo，對此我們深表歉意。

Michael Griffin, Evercore ISI.

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

Great, thanks. I realized that sort of market rent growth was down both sequentially and year over year, but I'm wondering if we can dig into that a little bit more. And maybe April was an outlier to the downside and things got better in May and June. I don't know if there are any numbers you can quantify or put around it. I'm just trying to get a sense of, were things improving sequentially during the quarter or was it just all kind of impacted negatively on a year over year basis, kind of agnostic of the month?

太好了，謝謝。我意識到市場租金成長無論是環比還是同比都有所下降，但我想知道我們是否可以更深入地探討這個問題。也許四月是一個異常的不利因素，五月和六月情況有所改善。我不知道是否有任何數字可以量化或表達它。我只是想了解一下，本季的情況是否比上一季有所改善，還是同比去年同期都受到了負面影響，這跟本月的情況無關？

Yeah, I mean, I think it's tough to look at, week over week or month over month changes in terms of market rents. But we did see we did see a decline in market rents sequentially and year over year.

是的，我的意思是，我認為很難看清市場租金週復一周或月復一月的變化。但我們確實看到市場租金環比和同比有所下降。

I do think it's important to remember what happened in the quarter. We started the quarter on April 2, with sweeping tariffs were announced and throughout the quarter there was tremendous volatility around tariff policy and when an expected resolution would occur. So I think that certainly impacted, as we mentioned, some tenants' decision making was paused or delayed, and that has impacted market rents in the quarter.

我確實認為記住本季發生的事情很重要。4 月 2 日，我們開啟了本季度，當時宣布了全面關稅，整個季度關稅政策以及預期解決方案的時間都存在巨大波動。因此我認為這肯定會產生影響，正如我們所提到的，一些租戶的決策被暫停或推遲，這影響了本季的市場租金。

That said, we continue to execute leases. Tenants are making decisions, and we've made great progress on the repo redevelopment lease up. I will note that I think in today's environment it's important to indicate where we're focused. We're focused on capturing demand and occupancy, and in some cases that has also impacted rent levels.

話雖如此，我們仍會繼續執行租約。租戶正在做出決定，我們在回購重建租賃方面取得了很大進展。我要指出的是，我認為在當今的環境下，表明我們的重點很重要。我們專注於捕捉需求和入住率，在某些情況下，這也會影響租金水準。

Mike Mueller, J.P. Morgan.

摩根大通的麥克·穆勒。

Yeah, hi, I think you mentioned low force cap rate on recent asset sales. Just curious, like how is that influenced if at all, by user purchases and then just if you're thinking of your comparable property with an at-market rent, what do you see as the band of cap rates today?

是的，您好，我想您提到了最近資產銷售的強制資本化率較低。只是好奇，例如，這是否受到用戶購買的影響？如果您考慮具有市場租金的可比較房產，您認為今天的資本化率區間是多少？

Hi Mike, it's Howard. Good to hear your voice. Yeah, and clearly, we've really tried to sell assets and capitalize on some opportunities to achieve premium values and the user side of that is very important, and several of our transactions have been user sales in the quarter. We sold one property, in Orange County that was a company that I was actually thinking forward.

嗨，麥克，我是霍華德。很高興聽到你的聲音。是的，顯然，我們確實嘗試出售資產並利用一些機會來實現溢價，而用戶方面非常重要，本季度我們的幾筆交易都是用戶銷售。我們出售了位於橘郡的一處房產，那是我真正考慮過的一家公司。

They're going to convert a site to battery storage and bought it, I think it's the equivalent on that deal, it was about 3.5 cap rate, and there was a bit of term left and a few options for the tenant to extend, but an irreplaceable site that they paid the premium for. And in terms of cap rates in the overall market, you asked about, at-market leasing. There's, they're still in the 5, zone plus or minus in terms of cap rates.

他們打算將一個場地改建成電池存儲併購買了它，我認為這相當於那筆交易，它的資本化率約為 3.5，還有一些期限和一些供租戶延長的選擇，但他們為這個場地支付了溢價，這是不可替代的。就整個市場的資本化率而言，您詢問的是市場租賃。就資本化率而言，它們仍然處於 5 區間加減範圍內。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Well sorry about that earlier. Yeah, quick question about occupancy. So at the end of 2Q, average occupancy is at 95.9. Guidance is 95.5 to 96. Just kind of curious to back half of the year, why you don't expect occupancy to increase from current levels. Are there any additional tenant fallouts, any kind of issues with bad debt? Just kind of curious why the occupancy outlook is not a little bit higher given where you are at that 2Q.

嗯，很抱歉之前發生過這樣的事。是的，關於入住率的快速問題。因此，第二季末的平均入住率為95.9%。預期入住率為95.5至96。只是有點好奇，回顧上半年，為什麼您不認為入住率會從目前的水平增加。是否有其他租戶糾紛或任何壞帳問題？只是有點好奇，考慮到第二季的情況，為什麼入住率前景沒有更高一點。

Sure, thanks for your question, Theo, and you're incorrect. So we ended the second quarter at 96.1%, and we do expect some deceleration in the second half of the year, and our guide again is 95.5% to 96%. The driver of the deceleration is really planned move outs within our same property portfolio. So it was expected in part of our guide from the initial guidance to now.

當然，謝謝你的提問，西奧，你錯了。因此，我們第二季的銷售額達到了 96.1%，我們確實預計下半年銷售額會下降，我們的預期仍然是 95.5% 至 96%。減速的驅動因素其實是我們同一房地產投資組合內的計畫遷出。因此，從最初的指導到現在，這都是我們指南中預期到的部分。

As far as bad debt goes in terms of what we should expect in the second half of the year, it's a bit structural. Last year, for the second half of 2024, we had a very low bad debt of about 1 million or so, and we have kept our reserve at about the same level for the second half of this year at about 70 basis points. So it's 1 million versus 4 million. So that's also some of the deceleration that you could see in the same property NOI as well.

就我們對下半年壞帳的預期而言，它有點結構性。去年，也就是 2024 年下半年，我們的壞帳非常低，約為 100 萬美元左右，今年下半年我們的準備金也保持在同一水平，約為 70 個基點。所以是 100 萬對 400 萬。因此，這也是您可以在同一房地產 NOI 中看到的一些減速現象。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. Having leasing activity on 80% of your vacant properties, I understand this is up from 65% a year ago. Maybe you could just aggregate that increase from tenants that are just taking longer time to make decisions versus an actual increase in demand, and maybe any color that you could provide around that in terms of like conversion that you've had.

太好了，感謝您回答我的問題。據我了解，目前 80% 的空置房產都有租賃活動，比一年前增加了 65%。也許您可以將那些需要更長時間做出決定的租戶的成長與實際需求的成長進行匯總，也許您可以根據您所擁有的轉換情況提供任何相關顏色。

Oh, can you repeat the end of your question, Brendan? You cut out.

哦，布倫丹，你能重複一下你問題的結尾嗎？你切掉。

Yeah sorry about that just any details on conversion rates in the past.

是的，很抱歉，我只是想了解過去的轉換率的詳細資訊。

Yeah, absolutely. Yeah, so we have activity at about 80% of our vacant spaces today. When you think about conversion levels, we can use, let's use a repositioning rev redevelopment from last quarter as an example.

是的，絕對是如此。是的，今天我們大約 80% 的空置空間都有活動。當您考慮轉換等級時，我們可以使用，讓我們以上一季度的重新定位 rev 重新開發為例。

So if we look at where we had, activity last quarter on repositioning redevelopments, about two-thirds of that activity has either leased or is still in negotiations, and we expect to convert to leasing. And we also executed a couple of leases on repositioning redevelopments last quarter that had no activity actually when we reported last quarter.

因此，如果我們看看上個季度我們在重新定位重建方面的活動，大約三分之二的活動已經租賃或仍在談判中，我們預計將轉為租賃。上個季度我們還簽署了幾項重新定位重建項目的租約，但截至上個季度報告時，這些項目實際上並沒有任何活動。

So overall conversion is taking a bit more time as indicated by some longer lease up assumptions, but what we're seeing is the majority of our activity is converting or expected to convert into executed leases.

因此，正如一些較長的租賃假設所表明的那樣，整體轉換需要更多時間，但我們看到的是，我們的大部分活動正在轉換或預計將轉換為已執行的租賃。

John Kim, BMO.

約翰金（BMO）。

Good morning. This quarter, you've taken on redevelopment yield expectations by 50 basis points at the midpoint, and I was wondering if that was driven mostly by the change in rent expectations and what the new, or what your hurdle rate is for new redevelopments.

早安.本季度，你們對重建收益的預期中位數提高了 50 個基點，我想知道這是否主要是由租金預期的變化以及新的重建項目或新重建項目的最低收益率所驅動。

Hi, John, good morning. The driver behind that was a mixed issue. We had two projects that stabilized during the quarter turn bill, which was a 9.2% stabilized yield, and also the burden, which was a redevelopment that was at a 6% yield. And then we added three projects Gabbot, Figueroa, and Venice, one of our redevelopments, and those were a bit lower yields.

嗨，約翰，早安。背後的驅動力是個混合問題。我們有兩個專案在季度轉帳期間保持穩定，穩定收益率為 9.2%，此外還有一個負擔，即再開發，收益率為 6%。然後我們又增加了三個專案 Gabbot、Figueroa 和 Venice（我們的一個再開發專案），這些專案的收益率略低。

But in terms of the incremental yields that we're experiencing on the products that we stabilize year-to-date, which is about seven or so, we're at 19% on an incremental return basis. And that's why, as Laura noted earlier, in terms of our priorities for capital allocation, that's our highest rates just returned today, and that's where you're seeing a lot of those dollars on our balance sheet continue to be deployed in those opportunities.

但就我們今年迄今穩定的產品的增量收益而言，約為 7% 左右，增量回報率為 19%。這就是為什麼，正如勞拉之前指出的那樣，就我們的資本配置優先事項而言，這是我們今天剛剛恢復的最高利率，也是你看到我們的資產負債表上的大量資金繼續部署在這些機會中的原因。

Vikram Malhotra, Mizuho.

瑞穗的維克拉姆·馬洛特拉 (Vikram Malhotra)。

Morning, thanks for the question. I guess I want to clarify something. I had a question. So the move in the flow of dollars coming in and out from the developing pipeline, you had outlined $15 million coming out, $15 million going in. I just want to focus on the dollars going out the $15 million.

早安，感謝您的提問。我想我需要澄清一些事情。我有一個問題。因此，從正在開發的管道流入和流出的資金流量來看，您已經概述了流出 1500 萬美元，流入 1500 萬美元。我只想關注 1500 萬美元的支出。

Based on what you've done so far, into next and in the second half, it seems like there's more than 15 million if you could clarify that and if you add up sort of the planned redevelopments for later in '25 and '26, it seems like on my maps like $45 million or plus of coming out with the next year and a half coupled with sort of negative rent spreads likely and just I mean higher vacancy across the market. I mean it just seems like the growth set up for '26 is a lot lower than we're expecting. If you could just help us think through that. Thank you.

根據您目前所做的工作，進入明年和下半年，似乎有超過 1500 萬美元，如果您能澄清這一點，如果您將 25 年和 26 年後期計劃的重建項目加起來，在我看來，未來一年半的收入將達到 4500 萬美元或更多，再加上可能出現的負租金差額，我的意思是整個市場的空置率會更高。我的意思是，26 年的成長預期似乎比我們預期的要低得多。如果您能幫助我們思考這個問題。謝謝。

At this point I think we're ready to comment on '26, but for 2025, Vikram, we had messaged from the start of the year that we're going to have about $15 million of NOI come offline for 2025 starts. That is still consistent today. It's actually a little bit down from last quarter. It's at right around $13 million as we execute on a couple of short term renewals, in terms of what Is going to come offline in 2026. Yeah, we put some new disclosure out there to give you some guideposts on what those 2026 starts could potentially look like and also some guideposts around costs.

此時，我認為我們已經準備好對 26 年發表評論，但對於 2025 年，維克拉姆，我們從年初就表示，我們將在 2025 年開始投入約 1500 萬美元的 NOI。時至今日，這一點依然一致。實際上，與上一季相比略有下降。就 2026 年即將下線的項目而言，當我們執行幾個短期續約時，其成本約為 1,300 萬美元。是的，我們發布了一些新的信息，為您提供有關 2026 年開工情況以及成本方面的一些指導。

I would tell you that the pool is fluid. We, have a strategic plan for every single one of our assets, and sometimes it's multiple plans where we could release. Or we can reposition and redevelop. So that future pipeline is somewhat fluid. It's largely driven by the Hertz lease that we mentioned earlier when we're talking to Craig about it.

我會告訴你，池子是流動的。我們對每項資產都有戰略計劃，有時我們可以發布多個計劃。或者我們可以重新定位並重新開發。因此未來的管道是有一定的流動性的。這在很大程度上是受到我們之前與 Craig 談論此事時提到的赫茲租賃的影響。

So it's too early to tell you what exactly is going to come offline, but at this point we're okay giving you at least guideposts, and as we move throughout the rest of this year, we will continue to give you more guidance around what comes offline next year, including what the capitalized interest impact could be.

因此，現在告訴您究竟會出現哪些離線情況還為時過早，但目前我們可以至少為您提供一些指導，並且隨著今年剩餘時間的推進，我們將繼續為您提供有關明年離線情況的更多指導，包括資本化利息可能產生的影響。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Thanks for taking the follow-up. Just want to go back to the commentary, maybe a couple of follow-ups here in my one question Laura, on the 80% kind of activity, is any of that double counting like one tenant looking at three of your spaces or is it all unique, to kind of unique interest in each asset and then also you had mentioned, LA is a little bit spotty with pockets of weakness on demand and rents versus others that aren't, could you kind of bucket your portfolio?

感謝您的跟進。只想回到評論，也許我有一個問題想在這裡跟進，勞拉，關於 80% 的活動，是否有重複計算，比如一個租戶查看你的三個空間，或者都是獨一無二的，對每項資產都有獨特的興趣，然後你也提到過，洛杉磯的需求和租金有些疲軟，而其他地區則不然，你能把你的投資組合分成幾類嗎？

I don't know if you guys look at like percent of NOI or percent of square feet that's maybe in like strongest submarkets, kind of moderate strength submarkets than the below average submarkets as we think about just LA in general, given your SoCal exposure is kind of more broad than some others.

我不知道你們是否考慮過 NOI 百分比或平方英尺百分比，這些百分比可能位於最強的子市場中，類似於中等強度的子市場，而不是低於平均水平的子市場，因為我們只考慮洛杉磯，因為你們在南加州的曝光度比其他一些市場更廣泛。

Yeah, Craig, thanks for the follow-up questions. In terms of your first question around the 80%, yeah, that's all unique. We're not double counting interest if we have a tenant that's looking at a few spaces. So that's all unique interest.

是的，克雷格，謝謝你的後續問題。關於你的第一個問題，大約 80%，是的，這都是獨一無二的。如果有租戶正在考慮幾個空間，我們不會重複計算利息。這就是所有獨特的興趣。

In terms of kind of more color around markets and performance, a few comments there. What we are seeing generally across all markets with an infill Southern California is that are smaller spaces, I'd say spaces less than 50,000 square feet, continue to be relatively stable in the market. We continue to see solid demand there and rent levels have been the strongest in those spaces that are 50,000 square feet or smaller. That's great for Rexford, by the way. Our average tenant size is 26,000 square feet in the portfolio. And so I think it just speaks to the quality and functionality of our space and the market.

關於市場和業績的更多細節，這裡有一些評論。我們普遍看到，在南加州所有填充市場中，較小的空間（我認為小於 50,000 平方英尺的空間）在市場上繼續保持相對穩定。我們繼續看到那裡的強勁需求，面積為 50,000 平方英尺或更小的空間的租金水平最高。順便說一句，這對雷克斯福德來說很棒。在我們的投資組合中，平均租戶面積為 26,000 平方英尺。所以我認為這只是說明了我們的空間和市場的品質和功能。

I'd say that where we're just diving into a few of the submarkets, when we're looking at submarkets, I think you also have to look at the size of spaces within the submarket. It's, but a couple of submarkets where I'd say we're seeing some pockets of weaknesses where you've got some more supply.

我想說的是，當我們深入幾個子市場時，當我們觀察子市場時，我認為你還必須觀察子市場內的空間大小。是的，但是我想說，在幾個子市場中，我們看到了一些薄弱環節，這些地方的供應量更多。

So I'd say in the mid-counties market, the supply in the kind of 100,000 to 200,000 square foot ranges is elevated, and so there's some weakness. That being said, we had some leasing activity in that submarket in that size range this quarter, so seeing some more interest there.

所以我想說，在中部縣市場，100,000 到 200,000 平方英尺範圍內的供應量較高，因此存在一些弱點。話雖如此，本季度我們在該規模範圍內的子市場開展了一些租賃活動，因此看到了更多的興趣。

Other pockets, a weakness, potentially, some Central LA and North Orange County, but again, we're seeing some increases in overall activity as we got to the end of the quarter. So I'd say that those are generally, what we're seeing from a market perspective. Michael?

其他地區可能存在弱點，例如洛杉磯中部和橘郡北部，但到本季末，我們再次看到整體活動增加。所以我想說，這些基本上就是我們從市場角度所看到的。麥可？

Yeah, no, hey, Craig, it's great to hear you today. It's Michael here, and I'd just like to add and answer to your question. Consistent with our strategy, upwards of 75% of our portfolio is generally positioned within Greater LA, Orange and the Ontario submarkets, in Orange County and Ontario submarkets. And over time we'll find that those are tremendous markets.

是的，不，嘿，克雷格，今天很高興聽到你的消息。我是邁克爾，我只想補充並回答你的問題。與我們的策略一致，我們 75% 以上的投資組合通常位於大洛杉磯地區、奧蘭治和安大略省子市場、橘郡和安大略省子市場。隨著時間的推移，我們會發現這些都是龐大的市場。

And what we're seeing more recently as you roll through the different submarkets throughout Southern California is the different submarkets are adjusting in different -- in their own time frames and so they're not all adjusting equally, to the post-pandemic rent increase and all the uncertainty that has resulted post-pandemic, and we're just continuing to see some of that adjustment, but it's not at the same time across all submarkets, and I think that we're seeing that variability today.

最近，當您瀏覽南加州各個子市場時，我們看到不同的子市場在不同的時間段內進行調整，因此它們對疫情後的租金上漲以及疫情後帶來的所有不確定性的調整並不相同，我們只是繼續看到一些調整，但並不是所有子市場都同時進行調整，我認為我們今天看到的是這種變化。

But the markets where Rexford is present, our strategy is to own the best locations within the strongest info market in the country, possibly the world, and to substantially outcompete by having the highest quality product in those submarkets. And so I think that we are well-positioned in terms of relative strength of the submarkets and over time we believe that's going to prove itself out.

但在 Rexford 所在的市場中，我們的策略是在該國乃至全世界最強大的資訊市場中佔據最佳位置，並透過在這些子市場中提供最高品質的產品來大幅超越競爭對手。因此我認為我們在子市場的相對實力方面處於有利地位，並且隨著時間的推移，我們相信這一點將會得到證明。

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

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

Thanks, Mikayla. In closing, Rexford's differentiated portfolio and entrepreneurial team drove solid second quarter results. Our irreplaceable infill portfolio, substantial embedded NOI growth, and value creation strategy positioned us to deliver significant shareholder value. Thank you all again for joining us today.

謝謝，米凱拉。最後，雷克斯福德的差異化投資組合和創業團隊推動了第二季的穩健表現。我們不可取代的填充投資組合、大量的嵌入式 NOI 成長以及價值創造策略使我們能夠為股東提供巨大的價值。再次感謝大家今天的參與。

This concludes Rexford Industrials second quarter 2025 earnings call. You may now disconnect.

雷克斯福德工業公司 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。