Rexford Industrial Realty Inc (REXR) 2025 Q3 法說會逐字稿

Good afternoon. My name is Lacey and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty Inc. third-quarter earnings call. (Operator Instructions) Thank you.

午安.我叫萊西，今天將由我擔任你們的會議接線生。在此，我謹代表雷克斯福德工業地產公司，歡迎各位參加第三季財報電話會議。（操作說明）謝謝。

I will now hand the call over to Mikayla Lynch, Director [Relations] and Capital Markets at Rexford Industrial. Mikayla, please go ahead.

現在我將把電話交給雷克斯福德工業公司（Rexford Industrial）關係和資本市場總監米凱拉·林奇（Mikayla Lynch）。米凱拉，請繼續。

Thank you, and welcome to Rexford Industrial's third-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. 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.

謝謝，歡迎參加雷克斯福德工業公司2025年第三季財報電話會議。除了昨天發布的收益報告外，我們還在網站的投資者關係部分發布了補充資料包和收益演示文稿，以支持今天的演講。再次提醒，管理層的發言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，這些陳述基於某些假設，並受到我們在 10-K 和其他美國證券交易委員會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聲明的義務。我們也將在今天的電話會議上討論非GAAP財務指標。我們的獲利報告和補充資料包提供了 GAAP 調節表，並解釋了為什麼這些指標對投資者有用。

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.

今天與我一同出席的有我們的營運長勞拉·克拉克和首席財務官邁克·菲茨莫里斯。我們的聯合執行長邁克爾·弗蘭克爾和霍華德·施維默將在發表準備好的演講後，參加問答環節。

It's my pleasure to now introduce Laura Clark. Laura?

現在我很榮幸向大家介紹勞拉·克拉克。勞拉？

Thank you, Mikayla, and thank you all for joining us today. I'd like to start by recognizing the Rexford team for their hard work and strong execution of our strategy. Third-quarter results, which were ahead of expectations, are a testament to the strength of our business model and our focus on driving value. We executed 3.3 million square feet of leasing nearly double last quarter at healthy leasing spreads.

謝謝米凱拉，也謝謝大家今天能來參加。首先，我要表揚 Rexford 團隊的辛勤工作和對我們策略的出色執行。第三季業績超出預期，證明了我們商業模式的實力以及我們對創造價值的專注。我們完成了 330 萬平方英尺的租賃，比上季幾乎翻了一番，而且租賃價差也很健康。

Our performance demonstrates three broad themes that position Rexford to generate long-term value for our shareholders: one, our irreplaceable and high-quality infilled Southern California portfolio; two, our ability to drive out performance through strategic asset management powered by our vertically integrated team; and three, our focus on accretive capital allocation.

我們的績效體現了 Rexford 為股東創造長期價值的三大主題：一是我們擁有無可取代的高品質南加州填充式住宅投資組合；二是我們透過垂直整合團隊支持的策略性資產管理來推動績效成長的能力；三是我們專注於增值資本配置。

Starting with the performance of our portfolio and current market dynamics, Rexford's portfolio continues to outperform the broader infill market, and we are encouraged by improving tenant sentiment in the quarter. However, uncertainty around the overall macroeconomic environment and tariff policy remains, which could continue to impact tenant demand in an unpredictable manner.

從我們的投資組合表現和當前市場動態來看，Rexford 的投資組合持續跑贏大盤，本季租戶情緒的改善也讓我們感到鼓舞。然而，宏觀經濟環境和關稅政策的整體不確定性仍然存在，這可能會繼續以不可預測的方式影響租戶需求。

For the overall 1.8 billion square foot infill Southern California market, net absorption was nominally positive at 400,000 square feet in the quarter, according to CBRE. In comparison, net absorption in Rexford's portfolio was a positive 1.9 million square feet equal to 380 basis points of positive net absorption. This reflects the solid execution by our team and the superior quality and functionality of our assets relative to the overall market that is generally comprised of older vintage inferior properties.

據世邦魏理仕 (CBRE) 稱，在總面積達 18 億平方英尺的南加州填充式住宅市場中，本季淨吸收量名義上為正值，達到 40 萬平方英尺。相較之下，Rexford 投資組合的淨吸收量為 190 萬平方英尺，相當於 380 個基點的正淨吸收量。這反映了我們團隊紮實的執行力，以及我們資產相對於整體市場（通常由老舊劣質房產組成）的卓越品質和功能性。

Strong new leasing activity and healthy retention levels throughout the portfolio drove same property ending occupancy to 96.8%, a 60-basis-point increase compared to the prior quarter. Leasing spreads for comparable leases were 26% and 10% on a net effective and cash basis respectively, and in line with expectations. Additionally, bad debt levels are below historical averages at 30 basis points as a percentage of revenue year to date, underscoring the health and quality of our diverse tenant base.

強勁的新租賃活動和整個投資組合中健康的續租率推動同店物業期末入住率達到 96.8%，比上一季增長 60 個基點。可比租賃的租賃價差以淨有效價和現金價計算分別為 26% 和 10%，符合預期。此外，截至目前，壞帳水準低於歷史平均水平，佔收入的 30 個基點，這凸顯了我們多元化租戶群體的健康狀況和品質。

As it relates to market rents, Rexford's portfolio experienced a decline of 1% sequentially compared to the overall market decline of 2%. Notably, this quarter marks an improvement with respect to sequential rent change compared to recent quarters within the Rexford portfolio as well as the overall infill Southern California market. While we cannot predict when market rents will reach an inflection point, the underlying supply-demand dynamics in our market remain strong, but supply growth is severely limited by scarce developable land and highly restrictive development regulations.

就市場租金而言，Rexford 的投資組合環比下降了 1%，而整體市場則下降了 2%。值得注意的是，與最近幾個季度相比，Rexford 投資組合以及整個南加州填充式住宅市場的租金環比變化有所改善。雖然我們無法預測市場租金何時會達到轉折點，但我們市場的潛在供需動態依然強勁，但可開發土地稀缺和高度限制性的開發法規嚴重限制了供應成長。

These supply constraints, combined with demand from the nation's largest regional zone of population and consumption and key growth sectors, including aerospace, defense, manufacturing, consumer products, and construction, to name a few, will continue to support favorable long-term industrial fundamentals.

這些供應限制，加上來自全國人口和消費最集中的區域以及航空航太、國防、製造業、消費品和建築等關鍵成長產業的需求，將繼續支撐良好的長期工業基本面。

Turning to our strategic approach to asset management that drives outperformance and value creation, our vertically integrated teams' on-the-ground presence and expertise enables us to proactively identify opportunities to capture tenant demand and drive occupancy. Through strategic asset management, we continually evaluate each property to determine the optimal value creation strategy, whether that be repositioning or redevelopment, leasing as is, or disposing of an asset that strengthens and de-risks our future cash flows and capital requirements.

轉向我們以策略性資產管理方法推動績效超越和價值創造，我們垂直整合的團隊憑藉其實地經驗和專業知識，能夠主動發現機會，抓住租戶需求並提高入住率。透過策略資產管理，我們不斷評估每個房產，以確定最佳價值創造策略，無論是重新定位或重新開發、按現狀出租，還是處置資產，從而增強和降低我們未來現金流和資本需求的風險。

For example, during the quarter, our team procured tenants and executed leases at two properties in the San Gabriel Valley, totaling 556,000 square feet. These properties had been previously slated for near-term repositioning and redevelopment. We also opportunistically disposed of a 76,000 square foot property in the San Gabriel Valley, which would have otherwise been a near-term redevelopment, unlocking an accretive capital recycling opportunity at an implied exit cap rate of 3.7%. The execution of our strategy on these assets afforded us the flexibility to generate near-term NOI, avoid additional capital investment and downtime, while capitalizing on an accretive disposition.

例如，在本季度，我們的團隊在聖蓋博谷的兩處房產中找到了租戶並簽訂了租賃協議，總面積達 556,000 平方英尺。這些房產先前已被列入近期重新定位和重建計劃。我們也抓住機會，出售了位於聖蓋博谷的一處 76,000 平方英尺的房產，否則該房產將很快被重新開發，從而釋放了一個增值資本循環利用的機會，隱含退出資本化率為 3.7%。我們對這些資產的策略執行使我們能夠靈活地產生近期淨營業收入，避免額外的資本投資和停機時間，同時利用增值處置。

Turning now to our capital allocation priorities, we continue to focus on allocating capital to drive the highest risk-adjusted returns while remaining cognizant of market conditions. We are pleased with our progress on repositions and redevelopments, which continue to yield double-digit incremental returns.

現在來說說我們的資本配置重點，我們將繼續專注於配置資本，以實現最高的風險調整後收益，同時密切關注市場狀況。我們對重新定位和重新開發方面的進展感到滿意，這些進展持續帶來兩位數的增量收益。

In the quarter, we executed 845,000 square feet of repositioning and redevelopment leases, bringing total year-to-date lease-up of our repositioning and redevelopments to 1.5 million square feet, representing $27 million of annualized incremental NOI.

本季度，我們執行了 845,000 平方英尺的重新定位和重建租賃，使我們今年迄今的重新定位和重建租賃總面積達到 150 萬平方英尺，相當於 2700 萬美元的年度新增淨營業收入。

Regarding dispositions, we sold three properties totaling $54 million in the quarter, bringing year-to-date dispositions to $188 million at a weighted average exit cap rate of 4.2%, with proceeds being redeployed into accretive share repurchases. We currently have $160 million of dispositions under contract or accepted offer. We have not closed any acquisitions year to date and have none under contract or accepted offer.

在資產處置方面，我們本季出售了三處房產，總價值 5,400 萬美元，使今年迄今的資產處置總額達到 1.88 億美元，加權平均退出資本化率為 4.2%，所得款項將重新投入增值股票回購中。我們目前有價值 1.6 億美元的資產處置項目已簽訂合約或已接受報價。今年迄今為止，我們尚未完成任何收購，也沒有任何收購項目正在簽訂合約或已被接受。

In summary, we're pleased with our performance in the quarter and are encouraged by improved leasing activity across our portfolio. We remain focused on strengthening our cash flow, accretive allocation of capital, and expanding our operating leverage while maintaining a low-levered, flexible balance sheet.

總而言之，我們對本季的業績感到滿意，並對我們投資組合中租賃活動的改善感到鼓舞。我們將繼續專注於增強現金流、增值性資本配置和擴大營運槓桿，同時保持低槓桿、靈活的資產負債表。

We appreciate your continued support, and now I'll turn the call over to Fitz.

感謝您一直以來的支持，現在我將把電話交給菲茲。

Thanks, Laura. Third-quarter core FFO was $0.60 per share, up $0.01 from last quarter, driven by higher occupancy and accretive capital recycling from dispositions in the share repurchases. Total portfolio occupancy, including repositioning and redevelopment, was up 260 basis points sequentially. Notable rent commencements included 500,000 square feet at 1601 Mission, as well as 191,000 square feet at 218 Turnbull Canyon, and 123,000 square feet at 8888 Balboa, the latter two being recently repositioned or redeveloped properties.

謝謝你，勞拉。第三季核心FFO為每股0.60美元，較上一季成長0.01美元，主要得益於更高的入住率和股票回購處置帶來的增值資本再利用。包括重新定位和重新開發在內的總投資組合入住率較上季上升 260 個基點。值得注意的租金開租項目包括：1601 Mission 的 500,000 平方英尺，218 Turnbull Canyon 的 191,000 平方英尺，以及 8888 Balboa 的 123,000 平方英尺，後兩個項目是最近重新定位或重新開發的物業。

Turning to guidance, we are raising our full-year 2025 core FFO per share midpoint to $2.40, up $0.01 compared to last quarter. The increase is driven by strong leasing activity, accretive capital recycling from dispositions in the share repurchases, and higher capitalized interest. This is partially offset by projected lease-up delays related to repositioning and redevelopment projects. We also increased our same property cash NOI midpoint to 4%, up 150 basis points from last quarter, primarily due to lower concessions within our same-property pool.

關於業績指引，我們將 2025 年全年核心 FFO 每股中位數上調至 2.40 美元，比上一季增加 0.01 美元。成長主要得益於強勁的租賃活動、股票回購處置帶來的增值資本再利用以及更高的資本化利息。但這部分被與重新定位和重建項目相關的預計租賃延遲所抵消。我們同時將同店現金淨營業收入中點提高至 4%，比上一季提高了 150 個基點，這主要是由於同店物業池內的優惠減少所致。

We continue to allocate capital with a focus on FFO and NAV per share accretion, while preserving healthy levels of liquidity, totaling $1.6 billion as of quarter end and maintaining a low net debt to EBITDA of 4.1 times. During the third quarter, we executed $150 million of share repurchases funded by disposition proceeds, capturing a 200-basis-point spread between the weighted average exit cap rate and applied FFO yield. Our Board also authorized a new $500 million share repurchase program, which provides us renewed capacity and the ability to remain opportunistic.

我們繼續分配資本，重點關注 FFO 和每股淨資產值的增長，同時保持健康的流動性水平，截至季度末總額為 16 億美元，並將淨債務與 EBITDA 的比率維持在 4.1 倍的低位。第三季度，我們利用處置所得資金執行了 1.5 億美元的股票回購，實現了加權平均退出資本化率與適用 FFO 收益率之間 200 個基點的利差。我們的董事會還批准了一項新的 5 億美元股票回購計劃，這將使我們重新獲得能力，並使我們能夠繼續把握機會。

Turning to repositioning and redevelopment NOI, as of the third quarter, we have approximately $65 million of projected annualized NOI, of which $41 million is tied to projects that stabilize during the quarter or are in lease-up, with an additional $24 million related to properties under construction. This is offset by about $25 million of annualized NOI expected to come offline as future projects commence construction in late 2025 and throughout 2026.

再來看重新定位和重建的淨營業收入，截至第三季度，我們預計年度淨營業收入約為 6,500 萬美元，其中 4,100 萬美元與本季度穩定或正在租賃的項目有關，另有 2,400 萬美元與在建物業有關。但這將被預計在 2025 年底和 2026 年隨著未來專案開工建設而減少的約 2,500 萬美元年度淨營業收入所抵消。

Importantly, these projects are expected to deliver incremental cash flow upon stabilization. The offline impact is largely driven by four assets: the Hertz site at 9000 Airport Boulevard, 9400 Santa Fe Springs Road, along with two obsolete office buildings, Herbalife at 950 West 190th Street and 600 Vermont Avenue.

重要的是，這些項目一旦穩定下來，預計將帶來增量現金流。線下業務的影響主要來自四個資產：位於機場大道 9000 號、聖菲斯普林斯路 9400 號的 Hertz 門市，以及兩棟廢棄的辦公大樓，分別是位於西 190 街 950 號和佛蒙特大道 600 號的 Herbalife 公司。

As we move forward, we will continue to evaluate the full range of strategic value creation opportunities for our assets, be it reinvestment, leasing as is, or selling, while remaining disciplined and responsive to evolving market conditions and our cost of capital.

展望未來，我們將繼續評估我們資產的各種策略價值創造機會，無論是再投資、按現狀出租還是出售，同時保持自律，並對不斷變化的市場狀況和我們的資本成本做出快速反應。

This discipline has led us to release or sell certain assets that had otherwise been slated for repositioning or redevelopment, reducing future capital spend by about $40 million. In closing, I want to thank our team for their commitment to excellence, execution, and a winning attitude, which continue to be the foundation of Rexford's success.

這種紀律促使我們釋放或出售了某些原本計劃重新定位或重新開發的資產，從而減少了未來約 4000 萬美元的資本支出。最後，我要感謝我們的團隊，感謝他們對卓越、執行和必勝信念的堅持，這些一直是雷克斯福德成功的基石。

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

這樣，我就把電話轉回給接線生，並開放線路接受提問。

(Operator Instructions) I will now hand the call back to Mikayla Lynch to begin the Q&A session.

（操作員指示）我現在將把電話轉回給米凱拉·林奇，開始問答環節。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Yes. Good afternoon, everybody. I guess, Mike, you talked about the 3.3 million square feet in the third quarter. How should we think about the run rate of that, right? I mean, how much of that is sort of carryover from 2Q being that 2Q is low? Does this think about -- just help us think about the kind of the run rate and what's sustainable. Thanks.

是的。大家下午好。麥克，我想你之前提到第三季新增的330萬平方英尺的建築面積。我們該如何看待這個運行率呢？我的意思是，這其中有多少是第二季延續下來的，畢竟第二季業績比較低？這是否有助於我們思考運行速率的類型以及什麼是可持續的？謝謝。

Hey, Samir. Thanks so much for your question. Yes, it was a great quarter of leasing 3.3 million square feet, the highest actually leasing quarter in our history. Strong positive net absorption, the highest ever as well as we're seeing improved tenant decision-making across the portfolio and strong retention levels.

嘿，薩米爾。非常感謝您的提問。是的，這是一個非常棒的季度，租賃面積達到 330 萬平方英尺，是我們歷史上實際租賃面積最高的季度。強勁的正淨吸收量，創歷史新高，同時我們看到整個投資組合中的租戶決策有所改善，續租率也很高。

As we look at activity across our portfolio today, we have activity on about 80% of our vacant spaces. That's in line with activity levels at this time in the second quarter. So we are certainly encouraged by what we're seeing in the market.

從我們目前的投資組合來看，大約 80% 的空置空間都有業務活動。這與第二季同期活動水準相符。因此，我們對目前市場上的情況感到非常鼓舞。

As I mentioned in my remarks, though, there continues to be a lot of uncertainty around the macroeconomic picture, volatility, and tariffs. So it's challenging to predict the go-forward demand and what that could look like, but we are certainly encouraged by signs we're seeing in the market today.

不過，正如我在演講中提到的，宏觀經濟狀況、波動性和關稅方面仍然存在許多不確定性。因此，預測未來的需求及其發展趨勢具有挑戰性，但我們目前在市場上看到的跡象確實令人鼓舞。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great, thanks. I want to circle back, Laura, just to your comments on leasing and really, I think, driving occupancy, as we saw with a sequential uptick this quarter relative to last. How should we think about the trade-off of boosting that occupancy, maybe at the expense of some elevated concessions or the rent side? Or maybe walk us through those two pieces to how you solve for revenue growth going forward.

太好了，謝謝。勞拉，我想再回到你關於租賃的評論，我認為，正如我們所看到的，本季度入住率較上一季度有所上升，這確實有助於提高入住率。我們應該如何權衡提高入住率的利弊，例如是否需要提高一些優惠或租金？或者，您能否詳細解釋一下您如何透過這兩個方面來解決未來營收成長問題？

Yes, thanks so much for your question. We've been communicating -- our strategy has been a focus on driving occupancy, driving cash flow, and NOI. So in some cases where we're able to capture immediate NOI from either dropping rate or other terms of the deal, concessions, TIs, we're going to take that approach.

是的，非常感謝你的提問。我們一直在溝通——我們的策略重點是提高入住率、提高現金流和營業淨收入。因此，在某些情況下，如果我們能夠透過降低利率或交易的其他條款（例如讓步、稅收抵免）立即獲得淨營業收入，我們將採取這種方法。

In some cases, we are able to assign shorter lease terms, which allows us to get back to that space sooner. But across the board, the focus is on driving NOI and driving occupancy. I think most importantly though, our buildings are of higher quality in the market and our team is proactively driving demand today. And both of those factors are what are contributing to our overall leasing success that we've seen this year and certainly in the quarter.

在某些情況下，我們可以縮短租賃期限，這樣我們就能更快地重新使用該場地。但總的來說，重點是提高營業淨收入和提高入住率。但我認為最重要的是，我們的建築在市場上品質更高，而且我們的團隊正在積極地推動市場需求。這兩個因素共同促成了我們今年乃至本季整體租賃業務的成功。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yes, hi. I guess going back to the redevelopment pipeline, when you sit there and look at everything today that's there, how much of it do you think could be sold off, as you previously referenced? And on a go-forward basis, how are you thinking about what's the right level to have either under construction and in process at any given time?

是的，你好。我想回到重建計畫的話題，當你坐下來看看現在的一切，你認為其中有多少可以像你之前提到的那樣被賣掉？那麼，展望未來，您認為在任何特定時間，在建和進行中的項目數量應該是多少才合適呢？

Hi, Mike. Nice to hear your voice. It's Howard. As far as I think you're asking about dispositions -- and we continually assess our portfolio in the market for those opportunities, really where we can strengthen the quality and the growth profile and reduce risk. And we've been leaning into dispositions as we're achieving very attractive spreads there.

嗨，麥克。很高興聽到你的聲音。是霍華德。我認為你問的是資產處置——我們會不斷評估我們的投資組合，尋找市場機會，真正在哪些方面可以加強品質和成長前景，並降低風險。我們一直在增加對證券處置的投入，因為我們在那裡獲得了非常有吸引力的價差。

We currently have about $160 million under contract or LOI, except for LOI. And on top of that, we've already closed a significant amount of acquisitions year to date, which in total would bring us to about $350 million. And there are opportunities in portfolio well into the future that allow us to recycle capital and attract spreads.

目前我們約有 1.6 億美元的合約或意向書，但意向書除外。除此之外，我們今年迄今已經完成了大量的收購，總額約 3.5 億美元。而且，投資組合中存在著面向未來的投資機會，使我們能夠循環利用資本並獲得利差。

Yes, and in regards to repositioning and redevelopment and the future pipeline, as I mentioned in my remarks, we evaluate multiple paths for every asset through our strategic planning process. We're focused on taking the right path forward that's going to drive cash flow and position the portfolio for long-term growth.

是的，關於重新定位、重新開發和未來規劃，正如我在發言中提到的，我們會透過策略規劃流程評估每項資產的多種路徑。我們專注於走正確的道路，這將推動現金流，並使投資組合為長期成長做好準備。

So as we assess repositioning and redevelopment, we're assessing moving forward with those projects today, potentially pausing those projects, should we lease a property as is, or should we sell a property? And so that optionality is what's allowing us to drive the optimal value creation strategy. It really comes back to we're going to continue to evaluate that ongoing forward strategy with our capital allocation framework in mind and to allocate capital to the highest risk-adjusted returns.

因此，在評估重新定位和重建時，我們正在評估是否繼續推進這些項目，還是暫停這些項目，是按現狀租賃房產，還是出售房產？正是這種選擇權使我們能夠制定最佳的價值創造策略。歸根結底，我們將繼續根據我們的資本配置框架評估當前的策略，並將資本配置到風險調整後收益最高的項目上。

And Mike, the way we would like to think about it in terms of managing the risk around it is, based on score footage today, we have around 5.5% to 6% of our score footage is in redevelopment and repositioning. Our comfort zone on that front in terms of a range between 5% and 7.5%.

麥克，我們希望從管理相關風險的角度來考慮這個問題，根據目前的得分錄影來看，我們大約有 5.5% 到 6% 的得分錄影正在進行重新開發和重新定位。我們在這方面的舒適範圍是 5% 到 7.5%。

Craig Mailman, Citigroup.

克雷格‧梅爾曼，花旗集團。

Hey, everyone. I guess maybe just a two-parter here. I guess, number one, you guys are ramping up share buybacks here and dispositions. Have you talked to Elliott or has there been any communication? Is this part of their feedback here?

大家好。我想這可能就分成兩部分吧。我想，首先，你們正在加大股票回購和處置力道。你和艾利歐特談過嗎？或是你們之間有過任何溝通嗎？這是他們在這裡提供的回饋意見的一部分嗎？

And just also on that front, how much could you sell and be able to absorb gains without having to be able to absorb it within your current dividend versus having to special out part of the proceeds?

另外，關於這一點，你能賣出多少股票才能在不佔用當前股息的情況下吸收收益，而不是必須將部分收益用於特定用途？

Hey, Craig. It's Michael. Thanks so much for joining us today, and thanks for your question. Thanks for your three-part question, I think. Yes, we have met with Elliott, and we have a constructive dialogue with him, as we encourage with all of our shareholders.

嘿，克雷格。是麥可。非常感謝您今天收看我們的節目，也感謝您的提問。謝謝你提出的三部分問題。是的，我們已經和艾利歐特會面，並與他進行了建設性的對話，我們也鼓勵所有股東這樣做。

And addressing your question around buybacks and whatnot, actually, that's a process that started almost a year ago. We announced it at the beginning of the year, and we were executing on it, frankly, long before there was a rumor that Elliott had even become a shareholder. So certainly not a reaction to that.

至於你提出的關於股票回購之類的問題，實際上，這個過程差不多在一年前就開始了。我們在年初就宣布了此事，坦白說，早在有傳言說艾利歐特已成為股東之前，我們就已經開始執行了。所以這肯定不是對那件事的反應。

Yes, and Craig, as far as this position goes, we're committed to being a big part of our fabric as we move forward in terms of capital allocation priorities. Today, we sold $180 million, $190 million. We have another $160 million under contract, as Howard alluded to.

是的，克雷格，就這個職位而言，我們致力於在未來的資本配置優先事項中，使其成為我們組織架構的重要組成部分。今天，我們銷售額達到 1.8 億美元，1.9 億美元。正如霍華德所暗示的那樣，我們還有價值 1.6 億美元的合約在身。

In terms of tax gains versus losses, in 2025, we don't expect to have to do a special dividend. But as we continue to evaluate the portfolio and dispositions going into 2026, we'll share more information whether or not there'll be a special dividend or not next year.

就稅收收益與損失而言，我們預計在 2025 年無需派發特別股息。但隨著我們繼續評估 2026 年的投資組合和資產處置情況，我們將分享更多信息，以確定明年是否會派發特別股息。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Great, thanks. Can you just talk about where you are with respect to credit and bad debt relative to expectations? And any visibility into how those metrics could trend throughout the rest of this year and into next? Any trends on the watch list?

太好了，謝謝。您能否談談您目前的信用狀況和不良債務狀況與預期相比如何？能否預測這些指標在今年剩餘時間和明年將如何變化？有哪些值得關注的趨勢？

Yes, sure. From a watch list perspective, Blaine, not much has really changed since the outset of the year. We have about 20 or so tenants on our watch and pre-watch list. The tenant health in our portfolio has been resilient and look no further than the bad debt levels that we've experienced over the last couple quarters. In the second quarter, we had a negligible $100,000. This quarter was effectively zero.

當然可以。從觀察名單的角度來看，布萊恩，自年初以來並沒有太大變化。我們大約有 20 戶左右的租戶在我們的觀察名單和預觀察名單上。我們投資組合中的租戶健康狀況一直保持良好，看看過去幾季的壞帳水準就知道了。第二季度，我們只有微不足道的 10 萬美元。本季度實際上為零。

As we look forward into the fourth quarter, we do have a reserve in there for about 70 basis points, which is obviously heightened from the second and third quarter, which equates to about 1.7 million of NOI. And that's just out of a bunch of caution. There could be upside there, but we're watching a few tenants within our watch list that could be disrupted in the fourth quarter. As we look out to next year, it's a bit early to talk about, but I think there's a possibility we can get back to more historical levels between 40 and 50 basis points of revenue.

展望第四季度，我們預留了約 70 個基點的準備金，這顯然比第二季和第三季要高，相當於約 170 萬淨營業收入。這純粹是出於謹慎考慮。這其中可能存在上漲空間，但我們正在關註一些可能在第四季受到影響的租戶，這些租戶都在我們的觀察名單中。展望明年，現在談論還為時過早，但我認為我們有可能恢復到更接近歷史水平的收入水平，達到 40 到 50 個基點。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗銀行。

Good morning. Thanks for taking the question. I guess just one clarification and a question. The asset sales you mentioned, the 4.4%, I think, cap rate, I believe some of those assets were vacant. Do you mind just giving us a sense of what the square footage or the occupancy of those assets were? And does that play into future sales, meaning, are you looking to sell vacant assets?

早安.感謝您回答這個問題。我想再澄清一點，並問一個問題。您提到的資產出售，資本化率是 4.4%，我認為其中一些資產是空置的。能否簡單介紹一下這些資產的建築面積或入住率？這是否會影響未來的銷售？也就是說，您是否打算出售空置資產？

And then just secondly, can you just confirm the mark-to-market? I think it's 0% or 1% cash mark-to-market. What does that mean for rent spares into '26? Thank you.

其次，能否確認市值？我認為現金市值計價率為 0% 或 1%。這對 2026 年的租賃備件意味著什麼？謝謝。

Sure, so the occupancy on the assets that were sold in a quarter were about 67%, but the cap rates that we quote within our disclosure based on market cap rates, so we do assume a market cap rate for those vacant assets.

當然，當季出售資產的入住率約為 67%，但我們在揭露中引用的資本化率是基於市場資本化率，因此我們確實假設這些空置資產具有市場資本化率。

And in terms of occupancy as well, I think this is kind of where you're going, the occupancy increase that we had sequentially, both on the same property and total portfolio. That was primarily driven by net absorption. We only had about 10 basis pickup due to dispositions that we sold during the quarter.

就入住率而言，我認為這就是我們努力的方向，無論是同一處房產還是整個投資組合，入住率都逐週增長。這主要是由淨吸收所驅動的。由於本季出售的資產處置，我們只有大約 10 個基點的回收。

Your other question on mark-to-market, yes, net effective this quarter was about 10%. On a cash basis, it's negative 1%. As we look forward, we could have pressure on releasing spreads into '26 and '27, but here's how we're thinking about it.

關於以市值計價的另一個問題，是的，本季的淨有效值約為 10%。以現金收付制計算，虧損為-1%。展望未來，我們可能會面臨在 2026 年和 2027 年釋放利差的壓力，但我們是這樣考慮的。

Here are some of the mitigants, Vikram. One, at least maturity profile is fairly staggered. No more than 15% of our rent relative expires in any given year. And we have plenty of other cashflow drivers that we can pull, starting with repositioning and redevelopment.

維克拉姆，以下是一些緩解措施。第一，至少到期日安排是相當錯開的。每年到期的租金相關款項不超過我們租金相關款項的 15%。我們還有很多其他現金流驅動因素可以利用，首先是重新定位和重新開發。

As I noted in my prepared remarks a few minutes ago, we have $65 million of NOI tied to our repositioning and redevelopment. $12 million of that stabilized during the quarter, with another $30 million tied to what's in lease up, which is representative of our $1.5 million square feet. We have 75% of activity on that space, meaning we're trading paper with tenants through LOIs and lease negotiations.

正如我幾分鐘前在準備好的演講稿中提到的，我們有6500萬美元的淨營業收入與我們的重新定位和重建項目相關。其中1200萬美元在本季度已趨於穩定，另有3000萬美元與正在招租的項目相關，這相當於我們150萬平方英尺的租賃面積。我們在該領域的活動佔比高達 75%，這意味著我們正在透過意向書和租賃談判與租戶進行紙面交易。

We also have other mitigants like accretive capital recycling. This year, we've showcased our abilities on that with dispositions and the shared repurchases, and we are absolutely committed to that if the opportunity to arrive going forward in 2026.

我們還有其他緩解措施，例如增值資本再利用。今年，我們透過資產處置和共同回購展示了我們在這方面的能力，如果 2026 年有機會，我們絕對會致力於此。

And we're going to continue to drive operating margin. We made some tough decisions earlier this year with the reduction in force, reducing some of the comp there. And then we also had a reorg during the quarter with our asset investment management team. So we're very focused on operating margin as well. So we have multiple levers to pull to drive our cash flow from an FFO perspective and create NAV.

我們將繼續提高營業利潤率。今年早些時候，我們做出了一些艱難的決定，包括裁員和降低部分員工的薪資。此外，本季我們也對資產投資管理團隊進行了重組。因此，我們也非常關注營業利益率。因此，我們可以利用多種手段從 FFO 的角度推動現金流量並創造 NAV。

Greg McGinnis, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

Hey, good morning. How did the assets that stabilized in Q3 at that 4.4% yield compare to the initial underwriting when they were put into the pipeline? And how have you adjusted assumptions for assets currently in the pipeline? And how should we think about targeted yields going forward?

嘿，早安。第三季殖利率穩定在 4.4% 的資產與最初進入專案流程時的承銷情況相比如何？那麼，對於目前正在籌備中的項目，你們是如何調整假設的呢？那麼，我們該如何看待未來的目標報酬率呢？

Yes, thanks so much for your question. In terms of -- we've stabilized 14 properties year to date with an average yield of 5.8%. And as you mentioned, in the quarter, we stabilized seven properties at a 4.4% yield.

是的，非常感謝你的提問。就收益而言——今年迄今為止，我們已經穩定了 14 處房產，平均收益率為 5.8%。正如您所提到的，本季我們穩定了七處房產的收益率，達到 4.4%。

Look, admittedly, some of these yields are not meeting our expectations, given the overall market conditions and the decline in rents that we've seen in the prior two years. We're certainly very excited about the superior positioning of these properties within the markets and their prospects for outperformance over the medium to longer term.

誠然，鑑於整體市場狀況以及過去兩年我們看到的租金下降，其中一些收益率並未達到我們的預期。我們對這些物業在市場中的優越地位以及它們在中長期內的優異表現前景感到非常興奮。

So these properties are the highest quality and functionality in their submarkets. They're unmatched when compared to the overall older vintage product in the market. And importantly, these projects are contributing an annualized $12 million of NOI.

因此，這些房產在其細分市場中擁有最高的品質和功能性。與市場上其他老款復古產品相比，它們無可匹敵。更重要的是，這些項目每年可帶來 1,200 萬美元的淨營業收入。

But as we think forward, we're certainly committed to allocating capital to the highest risk-adjusted returns. As we look at yields going forward, we're adjusting yields based on what the rents in which we can achieve to date.

但展望未來，我們一定會致力於將資金配置到風險調整後收益最高的項目上。展望未來收益率，我們將根據迄今為止我們能夠實現的租金水準來調整收益率。

And we're going to make capital allocation decisions based on -- going forward, based on where we can allocate capital to those highest risk-adjusted returns. And if needed, we'll pause future projects and could potentially dispose of projects if they don't meet our criteria.

未來，我們將根據以下原則做出資本配置決策：將資本配置到風險調整後收益最高的領域。如有必要，我們將暫停未來的項目，如果項目不符合我們的標準，我們甚至可能會終止這些項目。

Thanks, Greg.

謝謝你，格雷格。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

Hey, thanks. Good morning. So could you maybe hazard a guess? Let's assume for a moment you're bouncing at the bottom now, and everyone wants to see an inflection up, assuming most of all you guys.

嘿，謝謝。早安.你能猜一下嗎？假設你們現在正處於底部反彈階段，每個人都希望看到價格反彈，尤其是你們。

But when you take into account supply coming down, sort of flattish market rent growth sequentially, a little bit negative, tenant sentiment just generally in the marketplace, maybe some influence on China and port activity, even though you're not a port-centric story, how quickly can we pivot from bottom-flat, sort of sitting along the bottom, to actually seeing a growth trajectory start to materialize?

但考慮到供應減少、市場租金成長停滯不前（甚至略微下滑）、租戶情緒普遍低迷，以及中國和港口活動可能對其產生的影響（即使你並非以港口為中心），我們究竟要多久才能從底部徘徊、真正看到成長軌跡開始顯現？

In your history in this market, do you see that as a year, two years, six months? How would you characterize when we could return to a story of growth here? versus sort of finding the bottom? Thanks.

以你在這個市場的經驗來看，你認為這需要一年、兩年還是六個月？您認為我們何時才能重回成長的軌道？還是說要找到某種底線？謝謝。

Hey, Rich. It's Michael. Thank you. Thank you so much for that good question. I think, in part, you answered your own question, and I'll add to it. And it really starts with a very favorable market backdrop. Overall market vacancy is about 5%. However, and importantly, when you drill down and look at the high-quality, well-located product that's comparable to our portfolio, that market vacancy is substantially lower.

嘿，里奇。是麥可。謝謝。非常感謝你提出的好問題。我認為，你已經部分回答了自己的問題，我再補充一點。而這一切確實始於一個非常有利的市場環境。整體市場空置率約為5%。然而，更重要的是，當你深入研究並查看與我們產品組合類似的高品質、位置優越的產品時，你會發現市場空置率要低得多。

And so the backdrop is very strong. And overall, tenant health is holding very well. Within our 51 million square foot portfolio, for example, tenant debt was essentially zero for the quarter. And we're also continuing to see a range of drivers of demand that are very favorable.

因此，背景非常強大。整體而言，租戶健康狀況良好。例如，在我們 5,100 萬平方英尺的物業組合中，本季租戶債務基本上為零。而且我們還持續看到一系列非常有利的需求驅動因素。

Obviously, there's some pent-up demand that came back to market, but more importantly, we're seeing a lot of incremental demand from a wide range of industry sectors. Laura named several of them, just to name a few.

顯然，一些被壓抑的需求已經回歸市場，但更重要的是，我們看到來自各個行業領域的大量新增需求。勞拉列舉了其中幾個例子。

Interest rate environment is helping us. And I think some business leaders, to your point and question, have become somewhat desensitized around the constantly changing tariff environment. And maybe they're feeling it's time to get on with business. But I think most importantly, and then I'll come to your last question, tenants are driven to our portfolio for two key factors.

利率環境對我們有利。我認為，正如您所指出的，一些企業領導人對不斷變化的關稅環境已經有些麻木了。或許他們覺得是時候繼續做正事了。但我認為最重要的是，然後我再回答你的最後一個問題，租戶選擇我們的房源主要有兩個關鍵因素。

As Laura mentioned, it's the superior quality and functionality of our product, and it's the entrepreneurial approach of our unique team who are proactively capturing and catalyzing incremental tenant demand and leases that enable us to outperform them in our markets. And so I think all these things are painting a positive picture and backdrop, and we're very encouraged about what we're seeing, et cetera.

正如勞拉所提到的，正是我們產品的卓越品質和功能，以及我們獨特團隊的創業精神（他們積極主動地獲取和促進租戶需求和租賃的成長），使我們能夠在市場上超越競爭對手。所以我覺得所有這些事情都描繪了一幅正面的圖景和背景，我們對所看到的情況感到非常鼓舞等等。

But the ongoing macroeconomic and geopolitical uncertainty makes it really impossible to predict the forward arc of recovery or exactly when the inflection point for rents may occur. But I can tell you, as Fitz mentioned very eloquently, we have many drivers of growth within the portfolio.

但持續的宏觀經濟和地緣政治不確定性使得預測復甦的未來軌跡或租金轉折點何時出現變得非常不可能。但我可以告訴你，正如菲茨雄辯地指出的那樣，我們的投資組合中有很多成長動力。

So irrespective of what market rents do in the very near term or even medium term, the company is very well positioned to capitalize on our substantial embedded NOI growth as we move forward.

因此，無論市場租金在短期甚至中期內如何波動，公司都已做好充分準備，在未來的發展中充分利用我們龐大的內含淨營業收入成長。

Nick Thillman, Baird.

Nick Thillman，Baird。

Hey, good morning. Appreciate the added disclosure on the upcoming repositioning and redevelopment. Just for clarification on the mark-to-market, that excludes all redevelopment, repositioning, and future redevelopment?

嘿，早安。感謝您對即將進行的重新定位和重建計劃的補充披露。為了澄清一下以市值計價的問題，這是否不包括所有重建、重新定位和未來的重建？

And then as we look at just the overall projected square footage of like 2.3 million square feet, what is the actual amount that is currently in place as a square footage amount and the occupancy as we kind of are looking at what's going to be rolling out of just expirations in late '25 and 2026?

然後，當我們查看預計總建築面積約為 230 萬平方英尺時，目前實際的建築面積是多少？考慮到 2025 年底和 2026 年到期的建築，入住率又是多少？

Yes, so the negative 1% excludes anything from reposition or redevelopment, to answer your first question. And the way I would think about I think the building blocks for repositioning or redevelopment, to go back to my previous comments there, Nick, is $12 million of the $65 million that we have in future projected annualized NOI with repo and redev stabilized during the quarter. So that'll come out in the fourth quarter.

是的，所以負 1% 不包括任何重新定位或重新開發，回答你的第一個問題。而我認為，重新定位或重新開發的基石，回到我之前的評論，尼克，是我們未來預計的 6500 萬美元年度淨營業收入中的 1200 萬美元，其中回購和重新開發在本季度已經穩定下來。所以，這將在第四季揭曉。

And then we also have another $30 million that currently is tied to about 1.5 million square feet that is in lease up that we expect to come on in the near term. And then we have about $20 million -- plus $20 million or so that's related to projects that are currently under construction, so it's a bit longer dated, coming online late in '26 and into '27.

此外，我們還有 3,000 萬美元的投資，用於租賃約 150 萬平方英尺的物業，我們預計這些物業將在近期投入使用。此外，我們還有大約 2000 萬美元——加上大約 2000 萬美元與目前正在建設中的項目有關，所以時間跨度比較長，將在 2026 年底和 2027 年上線。

John Peterson, Jefferies.

約翰‧彼得森，傑富瑞集團。

Great. Thank you. I was hoping we could talk about G&A levels. I know as a percent of revenue, it's a bit above the peer group. I know there's been some efforts, though, to control that in 2025. So just curious if you can maybe give us your longer-term vision as we start to think towards '26 and '27, how you're trying to trend that expense line.

偉大的。謝謝。我希望我們能談談一般及行政費用水準。我知道按營收百分比計算，它略高於同行。我知道，為了在 2025 年控制這種情況，已經做了一些努力。所以，我很好奇，您能否給我們一些關於2026年和2027年的長遠展望，您打算如何控制這筆支出？

Hey, Jon. It's Michael. And thank you so much for joining us today and for your question. And this is really front and center for the company. If you look back to our transcripts, our IPO, we describe this business as one that should drive significant operating leverage as we grow and scale the company. And we're super pleased that the company today is at a scale where we can really double down on that focus.

嘿，喬恩。是麥可。非常感謝您今天收看我們的節目並提出問題。而這正是公司工作的重中之重。回顧我們的業績記錄和首次公開發行（IPO）報告，我們將這項業務描述為隨著公司成長而帶來顯著營運槓桿效應的業務。我們非常高興公司如今的規模已經足夠大，可以讓我們真正加倍專注於這一領域。

And I think you've seen great progress this year. For example, you saw I think about 70% of my growth year over year from last year with zero G&A growth this year. And we talked a lot this year about some of the initiatives internally. Fitz described some of them a few minutes ago.

我認為你們今年已經取得了很大的進步。例如，您可以看到，我認為我今年的成長約有 70% 是同比成長的，而今年的 G&A 成長為零。今年我們內部也多次討論過一些措施。菲茨幾分鐘前描述過其中一些。

And those are really designed to continue to drive efficiency and, more importantly, effectiveness as we move forward. So I think we see a lot of opportunities as we move forward. Obviously, we're not going to provide guidance into the future years around G&A, et cetera, but we're pretty optimistic there.

這些措施旨在持續提高效率，更重要的是，提高我們未來發展的成效。所以我認為，隨著我們不斷前進，我們將看到很多機會。顯然，我們不會就未來幾年的一般及行政費用等問題提供指導，但我們對此相當樂觀。

Jon Kim, BMO Capital Markets.

Jon Kim，BMO資本市場。

Good morning. Just to follow up on Elliot, was there any topic discussed that was maybe surprising to you or different than you've had with other shareholders? And are they still a major shareholder of the company today?

早安.艾利歐特，關於你提到的那些話題，有沒有哪些是你之前和其他股東討論過的，讓你感到意外或有所不同的？他們如今還是公司的主要股東嗎？

Hi, John. It's Michael. Thank you so much for joining and for the question. We really aren't in a position to comment on the nature of discussions that we're having with any of our investors. Above all else, we think they generally don't appreciate that. And so I'm afraid that that's pretty much all that we can comment on.

嗨，約翰。是麥可。非常感謝您的參與和提問。我們實在不便對與任何投資者進行的討論的具體內容發表評論。最重要的是，我們認為他們通常並不欣賞這一點。所以恐怕我們能評論的也就只有這些了。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great. Thanks for taking my question. You mentioned that you have kind of been leaning into occupancy versus pushing rate for a while now. Maybe you can just talk about where you fall on that spectrum now relative to the past 18 to 24 months.

偉大的。謝謝您回答我的問題。您提到您最近一段時間以來一直更注重提高入住率而不是提高入住率。或許你可以談談你現在在這個範圍內相對於過去 18 到 24 個月的情況處於什麼位置。

Yes, I mean, it's a great question. And I would just say today and throughout the year, that's been our focus. So I wouldn't say that that focus has shifted more so today versus it did at the beginning of the year. Where we can capture immediate NOI today, who will make those decisions, and like I said earlier, whether it's around rate, term, TIs, rent steps, we do believe that driving cash flow today is a really important focus.

是的，我的意思是，這是一個很好的問題。我想說的是，今天以及過去一年來，這始終是我們的重點。所以，我不會說與年初相比，如今的關注點發生了更大的轉變。我們今天能夠立即獲得淨營業收入的地方，誰來做這些決定，就像我之前說的，無論是利率、期限、裝修、租金階梯，我們都認為推動今天的現金流是一個非常重要的重點。

Thanks, Brendan. That concludes the Q&A portion of our earnings call. I'd now like to turn the call over to Laura Clark for closing remarks.

謝謝你，布倫丹。本次財報電話會議的問答環節到此結束。現在我把電話交給勞拉·克拉克，請她做總結發言。

In closing, Rexford's third-quarter results underscored the strength of our platform and high-quality infill portfolio, strategic approach to value creation, and our focus on accretive capital allocation to deliver long-term shareholder value. Thank you all again for joining us today.

綜上所述，Rexford 第三季的業績凸顯了我們平台和高品質填充式住宅組合的實力、創造價值的策略方法，以及我們專注於增值資本配置以實現長期股東價值的概念。再次感謝各位今天蒞臨。

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了。