Rexford Industrial Realty, Inc. (REXR) 2026 Q2 法說會逐字稿

Good morning. My name is Holly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rexford Industrial Realty, Inc. second quarter 2026 earnings call.

早安。我叫 Holly，今天將擔任各位的電話會議接線員。此刻，我謹代表主辦方歡迎各位參加 Rexford Industrial Realty, Inc. 2026 年第二季財報電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the call over to Doug Bettisworth, Senior Vice President, Investor Relations and Capital Markets at Rexford Industrial. Doug, please go ahead.

接下來我將把電話交給 Rexford Industrial 投資人關係與資本市場資深副總裁 Doug Bettisworth。Doug，請開始。

Thank you, and welcome to Rexford Industrial's second quarter 2026 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，歡迎各位參加 Rexford Industrial 2026 年第二季財報電話會議。除昨日發布的財報新聞稿外，我們也在公司網站的投資人關係專區上傳了補充資料包與財報簡報，以支援今天的發言內容。

As a reminder, management's remarks and responses to your questions may contain forward-looking statements as defined by the federal security laws, which are based on certain assumptions and subject to risks and uncertainties outlined in our 10-K and other SEC filings. As such, actual results may differ, and we assume no obligation to update any forward-looking statements in the future.

提醒各位，管理層的發言以及對各位提問的回覆，可能包含依據聯邦證券法所定義的前瞻性陳述；該等陳述係基於若干假設，並受我們 10-K 年報及其他向 SEC 申報文件中所列之風險與不確定性影響。因此，實際結果可能有所不同，且我們不承擔未來更新任何前瞻性陳述之義務。

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. Joining me today are Rexford's CEO, Laura Clark, together with our COO, John Nahas, and our CFO, Mike Fitzmaurice.

我們也將在今天的電話會議中討論非 GAAP 財務衡量指標。我們的財報簡報與補充資料包提供 GAAP 調節表，並說明這些指標為何對投資人有用。今天與我一同出席的有 Rexford 執行長 Laura Clark、營運長 John Nahas，以及財務長 Mike Fitzmaurice。

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

我很榮幸現在介紹 Laura Clark。Laura？

Thank you, Doug, and thank you all for joining us today. The Rexford team delivered another quarter of strong execution. Leasing volume is up 50% year-to-date compared to this time last year and we are raising core FFO per share guidance for the second consecutive quarter. We are also encouraged by improving fundamentals across the broader infill Southern California industrial market with increasing tenant demand, driving positive net absorption and lower market vacancy.

謝謝你，Doug，也謝謝各位今天加入我們。Rexford 團隊本季再次展現強勁的執行力。截至目前為止，今年的租賃量較去年同期成長 50%，我們也連續第二季上調每股核心 FFO 指引。我們同時也對南加州核心填充型（infill）工業市場整體基本面改善感到鼓舞：承租需求增加，帶動正向淨吸納並使市場空置率下降。

Our second quarter results reflect continued progress against the strategic priorities we laid out earlier this year, opportunistic dispositions, accretive capital recycling and operational rigor. We have moved with discipline, conviction and speed, taking meaningful action to position Rexford to deliver durable growth and shareholder value. Today, we are building on that momentum by announcing a comprehensive portfolio realignment through the planned disposition of approximately $2 billion of non-core assets. This is a pivotal and deliberate step to further strengthen Rexford's portfolio, enhance the quality and sustainability of our cash flows and position the company to deliver outsized total shareholder returns.

我們第二季的成果反映出我們在今年稍早所提出的策略優先事項上持續取得進展，包括把握時機的資產處分、具增益性的資本循環再投資，以及嚴謹的營運管理。我們以紀律、信念與速度推進，採取具實質意義的行動，使 Rexford 得以實現持久成長並為股東創造價值。今天，我們在此動能之上更進一步，宣布透過規劃處分約 20 億美元的非核心資產，進行全面性的投資組合調整。這是關鍵且審慎的一步，將進一步強化 Rexford 的資產組合、提升現金流的品質與可持續性，並使公司有望為股東帶來超額的總報酬。

Over the first half of the year, we conducted a comprehensive asset-by-asset review of the portfolio, evaluating every property through the lens of future growth potential, cash flow durability and the opportunity to create value. That review identified approximately $2 billion of non-core assets, representing approximately 8 million square feet that do not align with our long-term strategy.

在上半年，我們對投資組合逐一資產進行全面檢視，從未來成長潛力、現金流耐久性以及創造價值的機會等角度評估每一項物業。該檢視辨識出約 20 億美元的非核心資產，約合 800 萬平方英尺，與我們的長期策略不相符。

These assets are generally characterized by more limited value creation opportunity, elevated competitive supply, shorter remaining lease durations and substantially above market in-place rents. Just as importantly, this process reinforced our conviction and the quality, durability and embedded growth potential of the approximately 43 million square feet of core assets that will comprise our go-forward portfolio. These are assets we believe will drive outsized FFO and NAV per share growth and form the foundation of Rexford's next chapter.

這些資產通常具有以下特徵：可創造價值的機會較有限、競爭性供給較高、剩餘租期較短，以及現行租金顯著高於市場水準。同樣重要的是，這個流程也進一步強化了我們的信念：未來將構成我們前進投資組合的約 4,300 萬平方英尺核心資產，具備高品質、耐久性與內含成長潛力。我們相信，這些資產將推動每股 FFO 與每股 NAV 的超額成長，並成為 Rexford 下一階段發展的基石。

We have made significant progress executing this planned portfolio realignment. During the quarter, we launched a robust disposition process, and we are now in advanced discussions on a substantial portion of the planned sales. Based on the depth of interest and progress to date, we are confident in our ability to execute this realignment, and we expect the vast majority to be completed this year. The current valuation gap between private and public markets creates a compelling window to act now.

我們在執行此一規劃中的投資組合調整方面已取得顯著進展。本季我們啟動了強而有力的處分流程，目前已就規劃出售中的相當大部分資產進入深入洽談階段。基於目前的市場興趣深度與迄今進展，我們對完成此調整具備信心，並預期絕大多數將於今年完成。目前私募與公開市場之間的估值落差，提供了立即採取行動的極具吸引力窗口。

Our disciplined capital recycling strategy gives us the ability to capitalize on this opportunity in a way that is accretive over the long term. As we redeploy capital, our priorities remain clear and unchanged. We will continue to allocate capital to the highest risk-adjusted return opportunities available.

我們嚴謹的資本循環再投資策略，使我們能以長期具增益的方式把握此一機會。在我們重新部署資本之際，我們的優先順序依然清晰且不變。我們將持續把資本配置於可取得的最高風險調整後報酬機會。

This includes strengthening our balance sheet and liquidity profile, opportunistically repurchasing shares at a meaningful discount to intrinsic value and selectively investing in high-yielding repositioning and development opportunities across our portfolio. Taken together, this portfolio realignment enhances our financial flexibility, improves the quality and consistency of our cash flows and positions Rexford for long-term growth and value creation.

這包括強化資產負債表與流動性狀況、在股價相對內在價值有顯著折價時伺機回購股票，以及在我們的投資組合中選擇性投入高收益的資產重整（repositioning）與開發機會。綜合而言，這項投資組合調整提升了我們的財務彈性、改善現金流的品質與一致性，並使 Rexford 得以實現長期成長與價值創造。

To be clear, these actions together reflect conviction around our long-term view of infill Southern California industrial real estate. This market is powered by a robust local economy larger than most countries. New supply remains limited and barriers to future development are increasing. In fact, supply under construction today is at multi-decade lows and recent regulatory changes have introduced additional development constraints that will make it increasingly difficult to bring new industrial supply to the market.

需要明確指出的是，這些行動共同反映了我們對南加州核心填充型工業不動產長期展望的信心。此市場由強勁的在地經濟所驅動，其規模大於多數國家。新增供給仍然有限，且未來開發的門檻正在提高。事實上，目前在建供給處於數十年低點，而近期法規變動也引入額外的開發限制，使得將新的工業供給導入市場將愈加困難。

These dynamics reinforce the scarcity and long-term value of the assets we are choosing to own and strengthen the competitive advantages of the Rexford business model. Operational rigor also remains a core priority and is reflected in our execution to date. Through an in-depth and ongoing review of our cost structure, we identified an additional $3 million of G&A savings this quarter, bringing our total G&A savings since 2025 to $22 million. Our focus remains on driving greater operational effectiveness and efficiency across the business.

這些動態進一步凸顯我們選擇持有之資產的稀缺性與長期價值，並強化 Rexford 商業模式的競爭優勢。營運嚴謹性仍是核心優先事項，並已反映在我們迄今的執行成果中。透過對成本結構的深入且持續檢視，我們本季再辨識出 300 萬美元的一般及行政費用（G&A）節省，使自 2025 年以來的 G&A 節省總額達到 2,200 萬美元。我們仍將專注於推動整體業務更高的營運效能與效率。

In summary, our transformative strategic actions, combined with the strength of our team, value creation framework, dynamic market fundamentals and commitment to operational rigor provide a powerful foundation for Rexford to deliver meaningful value for our shareholders in the years ahead.

總結而言，我們具轉型意義的策略行動，結合團隊實力、價值創造框架、充滿動能的市場基本面，以及對營運嚴謹性的承諾，為 Rexford 在未來數年為股東創造具意義的價值奠定了強大基礎。

Before I turn it over, I want to thank the entire Rexford team for their extraordinary efforts this quarter across the platform. I am energized by the focus, dedication and execution our team continues to bring every day. John?

在我把電話交出去之前，我要感謝整個 Rexford 團隊本季在各項平台工作上的卓越努力。我對團隊每天持續展現的專注、投入與執行力感到振奮。John？

Thank you, Laura, and good morning, everyone. The infill Southern California market experienced positive net absorption in the second quarter, with overall vacancy declining by 30 basis points. Performance continues to vary by submarket, size range and product type, reflecting diverse demand drivers and varying levels of competitive supply, but we are optimistic about the signals we're seeing. Net absorption turned positive in the IE West and San Diego markets this quarter and Greater Los Angeles posted its second consecutive positive quarter.

謝謝你，Laura，各位早安。南加州核心填充型市場在第二季出現正向淨吸納，整體空置率下降 30 個基點。各分市場、面積區間與產品類型的表現仍有差異，反映出多元的需求驅動因素與不同程度的競爭性供給，但我們對目前看到的訊號保持樂觀。本季 IE West 與聖地牙哥市場的淨吸納轉為正值，而大洛杉磯則連續第二季呈現正成長。

Orange County continued to experience negative net absorption, though we are encouraged by our recent pickup and tour activity there. As the market works through elevated supply and landlords compete for deals, market rents remain under pressure, declining just over 1% sequentially in the quarter. We are pleased by the overall trajectory and are closely monitoring the market for successive quarters of positive net absorption, which we believe is a precursor to market inflection.

橙縣仍持續出現負的淨吸納量，不過我們對近期當地租賃回升與帶看活動增加感到鼓舞。在市場消化偏高供給、房東為爭取成交而競爭之際，市場租金仍承受壓力，本季按季下滑略高於1%。我們對整體走勢感到滿意，並正密切監測市場是否能連續數季出現正的淨吸納量；我們認為這是市場轉折的前兆。

Leasing activity in our portfolio gained momentum throughout the second quarter. We executed 2.1 million square feet, which brings our year-to-date total to 6.2 million square feet, a 2 million square foot improvement compared to the first half of last year. Cash re-leasing spreads for the quarter were negative 11.3% driven primarily by rent roll downs from leases signed at the peak of the market. Rexford's leasing activity continues to be driven by a diverse mix of industries, including advanced manufacturing and consumption-related uses such as logistics, food and beverage, automotive and construction.

我們投資組合的租賃活動在第二季期間持續增溫。我們完成了210萬平方英尺的租賃，使年初至今累計達620萬平方英尺，較去年上半年增加200萬平方英尺。本季現金續租價差為負11.3%，主要受市場高點簽訂之租約到期後租金回落所致。Rexford 的租賃活動仍由多元產業組合所驅動，包括先進製造，以及與消費相關的用途，如物流、食品飲料、汽車與營建。

We are seeing healthy demand across our portfolio for spaces under 50,000 square feet and activity is picking up in spaces over 100,000 square feet, partially driven by incremental corporate demand for Class A product. Tenants continue to evaluate the efficiency of their operations and Rexford has directly benefited from the resulting flight to more functional space, which supports our leasing pipeline and builds our confidence in our leasing expectations for the remainder of 2026. As we have done throughout the year, we will continue to aggressively prioritize occupancy to capture demand.

我們看到投資組合內5萬平方英尺以下的空間需求健康，而10萬平方英尺以上的空間活動也在升溫，部分由企業對A級產品的新增需求所帶動。租戶持續評估其營運效率，Rexford 直接受惠於因此產生的「轉向更具功能性空間」趨勢，這支撐了我們的租賃管線，並提升我們對2026年剩餘期間租賃展望的信心。如同我們今年以來的作法，我們將持續積極優先提升入住率以掌握需求。

Shifting to capital allocation, our planned portfolio realignment will further concentrate ownership in the assets best aligned with our long-term strategy, focusing on the opportunities where we see the greatest long-term value creation potential. Through this process, we are targeting non-core disposition candidates generally having lease durations shorter than our portfolio average and in-place rents that are more than 20% above market while having characteristics that do not align with our value creation strategy, operational focus on uniquely competitive assets.

談到資本配置，我們規劃中的投資組合調整將進一步把持有集中於最符合我們長期策略的資產，聚焦於我們認為具備最大長期價值創造潛力的機會。在此過程中，我們鎖定的非核心處分標的通常具備較投資組合平均更短的租約期間、且現行租金高於市場超過20%，同時其特性不符合我們的價值創造策略與以具獨特競爭力資產為核心的營運聚焦。

We believe that executing upon this $2 billion rebalancing will enhance the portfolio's long-term growth profile and value. Our decision to execute this strategy now is supported by the increasing depth and activity of institutional capital focused on infill Southern California as investors continue to be drawn to these markets because of their unique supply-constrained characteristics and long-term fundamentals. This investor activity in part is why we are confident in our ability to execute this planned realignment at scale.

我們相信，執行這項20億美元的再平衡將提升投資組合的長期成長輪廓與價值。我們選擇在此時推動該策略，係因聚焦南加州填充型（infill）市場的機構資本深度與活躍度正在提升；投資人持續被這些市場獨特的供給受限特性與長期基本面所吸引。部分正因這些投資人活動，我們對於能以規模化方式執行此一規劃中的調整充滿信心。

With respect to repositioning and development, we continue to focus on creating value by executing on opportunities within our portfolio that are best suited to deliver appropriate risk-adjusted returns. We started on new development project, 16425 Gale, which exceeds our return thresholds and will deliver a highly differentiated property to the city of industry submarket featuring best-in-class specifications and demisable cross-dock layout that is unique to the market. The project is expected to be complete in late 2027. I'll now pass the call over to Fitz.

就資產重整與開發而言，我們仍專注於在投資組合內執行最適合提供恰當風險調整後報酬的機會，以創造價值。我們已啟動新的開發案 16425 Gale，其報酬率超過我們的門檻，並將為 City of Industry 次市場帶來高度差異化的物件，具備同級最佳規格，以及市場上獨特的可分割式（demisable）穿堂式（cross-dock）配置。該專案預計於2027年末完工。接下來我把電話交給 Fitz。

Thanks, Lauren, John, and good morning, everyone. Through this phase of the cycle, we remain focused on what we can control. Today, we're taking the next step in executing our strategic priorities acting on our comprehensive asset review to realign the portfolio and meaningfully strengthen our balance sheet to unlock significant capital allocation flexibility. Our updated full year disposition guidance of $1.5 billion to $2 billion gives us optimal flexibility to allocate capital where it creates the most value. We view balance sheet flexibility as an important strength, supporting both financial resilience and capital allocation optionality.

謝謝 Lauren、John，各位早安。在本輪週期的這個階段，我們仍專注於我們能掌控的事項。今天，我們將採取下一步行動，執行我們的策略優先事項：根據全面的資產檢視結果，重新調整投資組合，並大幅強化資產負債表，以釋放顯著的資本配置彈性。我們更新後的全年處分指引為15億至20億美元，使我們能以最佳彈性將資本配置到最能創造價值之處。我們將資產負債表彈性視為重要優勢，可同時支撐財務韌性與資本配置的選擇權。

We will use approximately $1 billion of the projected proceeds to repay debt maturing in 2027 rather than refinance into a higher rate environment, which will meaningfully strengthen our balance sheet.

我們將使用約10億美元的預估處分所得，用於償還2027年到期的債務，而非在較高利率環境下再融資，這將大幅強化我們的資產負債表。

We estimate this will bring us at 3.5 times on a net debt to adjusted EBITDA basis, down from 4.5 times today, reflecting a deliberate disciplined sequencing of our capital allocation. This improved leverage profile puts us in a position of strength. Combined with remaining disposition proceeds, it provides us significant flexibility and liquidity to allocate capital toward the highest risk-adjusted return opportunities, including share buybacks. As a result, making this planned portfolio realignment accretive over the long term.

我們估計，這將使我們的淨負債對調整後EBITDA倍數降至3.5倍，低於目前的4.5倍，反映我們在資本配置上的刻意且嚴謹的節奏安排。改善後的槓桿水準使我們處於更有利的強勢位置。再加上其餘處分所得，將為我們提供可觀的彈性與流動性，把資本配置到最高風險調整後報酬的機會上，包括庫藏股回購。因此，使這項規劃中的投資組合調整在長期具增益性（accretive）。

The ultimate magnitude of that accretion will depend on how we deploy the remaining proceeds, which will be guided by market conditions, and the most attractive opportunities available to us at that time. We're not delevering to sit idle. We're delevering to redeploy, and we are committed to being prudent and disciplined in deploying shareholders' capital.

該增益的最終幅度將取決於我們如何運用剩餘所得；這將由市場狀況以及當時我們可取得的最具吸引力機會所引導。我們去槓桿並不是為了閒置不動。我們去槓桿是為了再部署資本，並承諾在運用股東資本時保持審慎與紀律。

Turning to results. Second quarter core FFO per share came in at $0.63, $0.02 above the first quarter, driven by accretive share buybacks, settlement income and lower G&A. Same-property NOI growth was 1.5% on a cash basis and a negative 0.5% on a net effective basis, both ahead of expectations. Same-property ending occupancy was 95.1% up 30 basis points year over year. We ended the quarter with net debt to adjusted EBITDA of 4.5 times and total liquidity of approximately $1.3 billion.

接著看業績。第二季每股核心FFO為0.63美元，較第一季高0.02美元，主要受具增益性的庫藏股回購、和解收入以及較低的G&A所帶動。同店NOI成長在現金基礎下為1.5%，在淨有效（net effective）基礎下為負0.5%，兩者均優於預期。同店期末入住率為95.1%，年增30個基點。本季末我們的淨負債對調整後EBITDA為4.5倍，總流動性約13億美元。

During the quarter, we redeployed year-to-date disposition proceeds into $100 million of share buybacks, repurchasing approximately 3 million shares at a weighted average price of $36. Over the last year, that brings our buyback activity to approximately 15 million shares for $550 million or approximately 6% of shares outstanding.

本季期間，我們將年初至今的處分所得再部署於1億美元的庫藏股回購，以加權平均價格36美元回購約300萬股。過去一年累計，我們的回購活動約為1,500萬股、金額5.5億美元，約占流通在外股數的6%。

Given the additional capacity created by our planned portfolio realignment, our Board has authorized a new $1 billion share repurchase program. As for guidance, we're raising our full year core FFO per share midpoint by $0.01, driven by better-than-expected same-property NOI growth, lower G&A and second quarter settlement proceeds. This is partially offset by modestly dilutive projected capital recycling activity due to the timing of deployment, but it meaningfully lowers leverage, while also avoiding future rent roll-down risk and eliminating the need to refinance our 2027 maturities at higher rates.

鑑於規劃中的投資組合調整所創造的額外容量，我們董事會已核准新的10億美元股票回購計畫。至於財測指引，我們將全年每股核心FFO中位數上調0.01美元，主要受優於預期的同店NOI成長、較低的G&A以及第二季和解款項所帶動。上述部分被預估資本循環活動在部署時點上的影響所小幅稀釋，但該策略將顯著降低槓桿，同時避免未來租金回落風險，並消除在較高利率下為2027年到期債務再融資的需求。

To execute this, we plan to pay off all but $575 million of our 2027 maturities in 2026 with the remainder repaid at maturity in March '27. As a result, we are reducing our 2026 interest expense guidance to $105 million. These prepayments carry little to no penalty, making this an efficient use of projected proceeds. We've also raised our same-property NOI growth outlook by 75 basis points at the midpoint on both a net effective and cash basis, primarily reflecting the removal of lower growth assets tied to our 2026 expected dispositions, along with continued leasing momentum.

為了執行此計畫，我們打算在2026年償還2027年到期債務中除5.75億美元以外的全部金額，其餘部分於2027年3月到期時償還。因此，我們將2026年利息費用指引下調至1.05億美元。這些提前償還幾乎沒有或完全沒有罰金，使其成為預估所得的有效運用。我們也將同店NOI成長展望在中位數上調75個基點（不論以淨有效或現金基礎），主要反映剔除與2026年預期處分相關的低成長資產，以及租賃動能持續。

Consistent with that, we raised our average same-property occupancy guidance to a range of 95.3% to 95.7% for the year, up 15 basis points at the midpoint. Cash re-leasing spreads are now expected to be a negative 15% to negative 10%. This incremental change from last quarter reflects a change in the mix of leases we expect to execute in 2026. Further, our total portfolio cash mark-to-market stands at approximately negative 4% down from negative 3% last quarter. Lastly, G&A guidance now stands at $57 million, down from our original $60 million target, a tangible result of our continued cost discipline.

與此一致，我們將全年平均同物業入住率指引上調至95.3%至95.7%的區間，中位數上調15個基點。現金續租價差目前預期為負15%至負10%。相較上季的這項增量變動，反映我們預期於2026年執行之租約組合的變化。此外，我們整體投資組合的現金市價重估（mark-to-market）約為負4%，較上季的負3%下滑。最後，G&A指引目前為5,700萬美元，低於原先6,000萬美元目標，這是我們持續成本紀律所帶來的具體成果。

I also want to provide context on the $625 million impairment charge we recognized this quarter, which has no impact on cash flow and is excluded from core FFO. As part of our increased disposition guidance, we shortened the holding period on non-core assets, which triggered the charge, a deliberate portfolio decision to drive long-term value.

我也想就本季認列的6.25億美元減損費用提供一些背景說明；該項目對現金流沒有影響，且已自核心FFO中排除。作為我們提高處分指引的一部分，我們縮短了非核心資產的持有期間，因而觸發該項費用；這是為了推動長期價值而做出的審慎投資組合決策。

Before we turn to questions, here's the one thing I want you to walk away with. Everything we're doing, including scaling our portfolio realignment, executing our plan to lower leverage and authorizing a new $1 billion buyback plan enhanced our flexibility to act on the opportunities ahead. That's what will drive sustainable FFO and NAV per share growth over the long term. Finally, I want to thank the entire Rexford team. I see the work everyone puts in every day, and I don't take it for granted.

在進入提問之前，我希望你們帶走的一個重點是：我們所做的一切——包括擴大投資組合重整、執行降低槓桿的計畫，以及核准新的10億美元庫藏股回購計畫——都提升了我們把握未來機會的行動彈性。這將在長期推動可持續的FFO與每股NAV成長。最後，我要感謝整個Rexford團隊。我看見大家每天投入的努力，我不會視為理所當然。

I'll now turn the call back to the operator to open the line for questions.

我現在把電話交回給接線員，開放提問。

(Operator Instructions) I will now hand the call back to Doug Bettisworth to begin the question-and-answer session.

(接線員指示) 我現在把電話交回給Doug Bettisworth，開始問答環節。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Great. So the disclosure on dilution in 2026 was very helpful. And obviously, I'm not looking for guidance on '27 yet, but I think it would be helpful to contextualize how much dilution from these specific transactions we should expect to impact '27 earnings.

很好。所以，關於2026年稀釋的揭露非常有幫助。而且顯然，我現在還不是在尋求對'27的指引，但我認為若能釐清這些特定交易預期會對'27盈餘造成多少稀釋，會很有幫助。

I guess the question is, how should we think about cap rates on the dispositions? And how are you thinking about keeping cash on the balance sheet for eventual debt paydown at maturity in March of '27 versus maybe putting the cash to work immediately or at least earlier through the share repurchases?

我想問題是，我們應該如何看待這些處分的資本化率（cap rates）？以及，你們如何權衡在資產負債表上保留現金，以便在'27年3月到期時償還債務，與可能立即、或至少更早透過股票回購把現金投入運用之間的取捨？

Blaine, I'll start and Fitz will jump in with some more detail around '27 and expectations. But what I'll say around cap rates and valuation is that, as I mentioned in my prepared remarks, we are well underway and in advanced negotiations on a substantial portion of the dispositions -- but given that negotiations are ongoing, disclosing valuation at this point and cap rates could impact optimal execution.

Blaine，我先回答，Fitz會再補充一些關於'27與預期的細節。但就資本化率與估值而言，如我在事先準備的發言中提到，我們已在相當大一部分處分案上取得實質進展並進入深入談判——但由於談判仍在進行中，此時揭露估值與資本化率可能會影響最佳執行。

So as transactions close, we will provide cap rates and valuation at that time. But what I can tell you is this, we have confidence in our ability to execute the planned dispositions by the end of the year. We expect that pricing will be achieved at levels that allow us to redeploy proceeds on a neutral to accretive basis to our 2027 FFO per share, and this is not a dilutive exercise.

因此，待交易完成時，我們會在當時提供資本化率與估值。但我可以告訴你的是，我們對於在年底前完成計畫中的處分具備信心。我們預期成交價格將達到可使我們在2027年每股FFO上以中性至增益（accretive）的基礎重新部署資金的水準，這不是一項稀釋性的操作。

And look, we're going to redeploy the proceeds pretty quickly. We estimate that the $1.5 billion to $2 billion will close in probably the mid-fourth quarter. We have an opportunity, like I said in my prepared remarks, to bring forward some of the $1 billion of debt maturities that are maturing next year about $500 million or so, we can pay off pretty quickly. And then the remaining $575 million, which is tied to our converts doesn't mature until March '27.

而且你看，我們會相當快速地重新部署這些資金。我們估計15億至20億美元的交易大概會在第四季中後段完成交割。如我在事先準備的發言中所說，我們有機會把明年到期的10億美元債務到期日提前處理其中一部分，大約5億美元左右，我們可以很快償還。然後剩下的5.75億美元與我們的可轉債相關，要到'27年3月才到期。

So I can't get it that early. And then in between all that, we're going to be very opportunistic with share repurchase, depending on where our share price is. We've been very active, very committed over the last 12 months.

所以我無法那麼早處理它。而在這些安排之間，我們會視股價水準非常機會主義地進行股票回購。過去12個月我們一直非常積極、也非常投入。

As I mentioned in my prepared remarks, we bought over $550 million. We're very grateful for the Board to authorize a new program, and we're going to put it to work. And we do believe that this will be at the minimum neutral next year and potentially accretive depending on market conditions.

如我在事先準備的發言中提到，我們已回購超過5.5億美元。我們非常感謝董事會核准新的計畫，我們會加以運用。我們也相信，這至少在明年會是中性的，並且在市場條件允許下可能帶來增益（accretive）。

Samir Khanal, BofA.

Samir Khanal，美國銀行（BofA）。

I guess, John, you talked about positive signs in the overall market there in Southern California. Maybe just expand on those comments. I mean where are you seeing those sort of improvements, maybe some strength. And on the other side, I mean, where are things still under sort of the pressure or weakness in terms of these submarkets?

我想，John，你談到南加州整體市場出現一些正面跡象。能否再延伸說明一下？也就是說，你們在哪些地方看到這些改善、或一些強勁的表現？另一方面，就這些次市場而言，哪些地方仍承受壓力或呈現疲弱？

Yes. Samir, so overall, consistent with last quarter, sub 50,000 square feet continues to be a good vein of strength. We're seeing pricing stability and some growth in some submarkets below that threshold. And that's fairly consistent across all the submarkets. We obviously like to talk about the under 50 and then everything above that.

是的。Samir，整體而言，與上季一致，5萬平方英尺以下仍然是一個強勢區間。我們看到價格穩定，且在部分次市場於該門檻以下出現一些成長。而這在所有次市場之間都相當一致。我們當然喜歡把5萬以下與其以上的部分分開來談。

When you get to the larger sized space, which for us, 100,000 square foot or larger, it starts to vary a little bit. What we saw overall in the market is a good step, right? We saw a positive net absorption, and that's been growing.

當你看到較大面積的空間時——對我們而言是10萬平方英尺或以上——情況就開始有些差異。我們在整體市場看到的是一個良好的進展，對吧？我們看到淨吸納量轉為正值，而且這個趨勢正在擴大。

So as you look into where that's occurring within each submarket, that's an important nuance. So for example, in the IE, most of the positive net absorption was coming in much larger spaces, those over 500,000 square feet. We don't have a lot of exposure to that size range in that submarket. Our average unit size there is around 30,000 square feet, but that falls into the sub-50 where we've seen some continued strength.

因此，當你進一步觀察各次市場中這些變化發生在哪裡時，這是一個重要的細微差異。例如，在IE（內陸帝國），大部分正向淨吸納量來自更大面積的空間，也就是50萬平方英尺以上。我們在該次市場對這個面積區間的曝險不多。我們在那裡的平均單位面積約為3萬平方英尺，屬於5萬以下的區間，而我們在該區間持續看到一些強勢。

And converse to the IE, if you look at Greater LA, which had an additional quarter of positive net absorption, most of the gains there are sub-200, which fits right in the wheelhouse of the Rexford portfolio and has been a good trend for us where there's pockets of weakness continue to be around Class A in certain submarkets.

相對於IE，如果你看大洛杉磯地區（Greater LA），其淨吸納量已連續多一季為正，其中大部分增量來自20萬平方英尺以下的空間，這正好符合Rexford投資組合的核心範圍，對我們而言一直是個良好趨勢；而持續的疲弱區域則主要集中在某些次市場的A級（Class A）物件。

As I mentioned in the prepared remarks, Orange County is one of those. That's a market that received a lot of additional supply in the peak periods. And it's going to take some time to work through that. And so we saw negative net absorption there again this quarter. And I would say rents probably moved the most in that specific size range within that submarket.

如我在事先準備的發言中提到的，橘郡就是其中之一。那是一個在高峰期新增供給大量湧入的市場。而要消化這些供給還需要一些時間。因此，我們本季在那裡再次看到淨吸納為負。我會說，在該子市場的那個特定面積區間內，租金的變動幅度可能是最大的。

So it continues to be varied. This is expected as we've kind of progress towards recovery here, we do not expect it to be linear. We're going to see certain pockets of certain submarkets improve before others and pricing stability will occur kind of in tune. So we continue to be very focused on the net absorption numbers by market and by size range and are optimistic that things will continue to improve.

所以情況仍然是多樣且分歧的。這是符合預期的，因為我們在朝復甦推進的過程中，不預期會是線性的。我們會看到某些子市場的特定區塊會比其他區塊更早改善，而價格穩定也會大致同步發生。因此，我們仍然非常專注於按市場與面積區間來看淨吸納數據，並且樂觀認為情況將持續改善。

Craig Mailman, Citi.

Craig Mailman，花旗。

Mike or Laura, I just want to go back to the commentary that you think that at the end of this, the transaction could be potentially a push or accretive to '27. Maybe just help me walk through the math on that. I know you guys don't want to talk about cap rates today, but if you're selling a good amount of assets with 20% above market rents, I can't imagine you're getting super low cap rates on those because those would roll down even more, right?

Mike 或 Laura，我想回到你們的評論：你們認為到最後，這筆交易對 2027 年可能是持平或具增益（accretive）。能否幫我把其中的數學邏輯走一遍。我知道你們今天不想談資本化率（cap rates），但如果你們在出售一大批租金比市價高 20% 的資產，我很難想像你們能以非常低的 cap rate 賣出，因為那些租金之後會下調得更多，對吧？

So if you assume that -- I don't want to put a number out there, but if you assume 6% or higher on that, and you're paying off $1 billion of your '27 roll, which is on average, 4.1%. I'm just trying to figure out how that can ultimately be accretive even if you then swap out and relever back up to 4.5 and buy back stock.

所以如果你假設——我不想在這裡拋出一個數字，但如果你假設是 6% 或更高的 cap rate，而你們用來償還 2027 年到期的 10 億美元債務，其平均利率是 4.1%。我只是想弄清楚，這怎麼可能最終還是具增益；即便你們之後再把槓桿加回到 4.5 左右並回購股票。

Could you just try to help me bridge that math? And also just -- I know you guys said this your math could be accretive. Does that just mean that the dividend is safe here? Is there any risk to that going forward?

你能否試著幫我把這個數學橋接起來？另外——我知道你們說過按你們的計算可能是具增益的。這是否只是表示股利在這裡是安全的？未來在這方面有任何風險嗎？

Sure, Craig. Thanks for the question. Look, directionally, the full year interest savings from the $1 billion debt repayment, the in-place rents or in-place interest is about 4.1%. That's a highly certain quantifiable benefit. You combine that with the redeployment of the remaining proceeds plus the option to lever up into buybacks. It's all designed to be accretive on a run rate basis.

當然可以，Craig。謝謝你的問題。大方向來看，償還 10 億美元債務所帶來的全年利息節省，以現行利率或既有利息成本計算約為 4.1%。這是一項高度確定、可量化的效益。再把剩餘資金的再部署，以及可選擇加槓桿進行回購的選項結合起來。整體設計就是要在經常性（run rate）基礎上具增益。

If you look at the last 12 months and what we bought in terms of share buybacks, that yielded anywhere between 6% and 7%. So that's a toggle in terms of -- or the range of possibility as we look at share buybacks going into next year. We can combine those two factors with how we're selling these assets and what we're selling them at in terms of pricing. We do believe it's going to be neutral to accretive next year.

如果你看我們過去 12 個月在股票回購上的投入，其隱含報酬率大約在 6% 到 7% 之間。因此，當我們展望明年的股票回購時，這是一個可切換的槓桿——或說可能性的區間。我們可以把這兩個因素，與我們出售這些資產的方式以及成交價格結合起來看。我們確實相信明年會是持平到具增益。

I'd remind you that in our disclosure last night in the prepared remarks, I think in John or Laura's sections that the roll-down risk is real here, right? That's what we're eliminating with the sale of these assets. It's plus 20%. So that roll-down risk is real. It's going to happen, expect it to happen in '27 and into '28. So that also allows us to this transaction to be accretive as well.

我也提醒你，昨晚我們在事先準備的發言揭露中——我想是在 John 或 Laura 的段落——提到租金下調（roll-down）風險在這裡是真實存在的，對吧？而我們透過出售這些資產，正是在消除這個風險。它是高出市價 20%。所以這個 roll-down 風險確實存在。它會發生，預期會在 2027 年並延續到 2028 年。因此，這也讓我們這筆交易能夠具增益。

And as far as the dividend, it's safe, like this portfolio realignment plan: one, it strengthens the balance sheet; and two, it strengthens the durability of our cash flow. So we're very confident that we can continue to grow the dividend.

至於股利，它是安全的；像這個投資組合重新調整計畫：第一，它強化資產負債表；第二，它強化我們現金流的耐久性。因此，我們非常有信心能夠持續提高股利。

John Kim, BMO.

John Kim，BMO。

On the impairment, I just wanted to clarify, was that on the full $2 billion that you've identified for sale? And can we assume that you have a good sense of where the market value is for these assets? And finally, can you confirm that these assets will be sold at a taxable loss and there's no need for 1031?

關於減損（impairment），我想確認一下，那是針對你們已識別要出售的整個 20 億美元嗎？我們是否可以假設你們對這些資產的市場價值所在區間已經有相當把握？最後，你能否確認這些資產將以應稅損失（taxable loss）出售，因此不需要做 1031 交換？

Great question. The impairments, so let's take a step back on that. So the planned dispositions, the $1.5 billion, $2 billion that we expect to sell this year were largely bought at the height of the market. To Laura's point, we're in advanced negotiations on a substantial amount of those planned dispositions or the intent to sell is very clear, which triggered the impairment charge. Look, further charges are possible if additional assets are added to the pool and there's an intent to sell.

好問題。關於減損，我們先退一步說明。我們計畫處分的資產，也就是今年預期出售的 15 億到 20 億美元，多數是在市場高點時買入的。如 Laura 所說，我們就相當一部分計畫處分資產已進入深入談判階段，或出售意圖非常明確，這觸發了減損費用的認列。另外，如果有更多資產被納入這個池子且出現出售意圖，未來也可能會有進一步的費用。

But this impairment charge is not indicative of any impairment risk within our our broader portfolio. As far as any need to -- I think this is what you are alluding to, to issue a special dividend, the answer is no. Similar to the impairment, there are tax losses which will offset any tax gains as part of these planned dispositions.

但這筆減損費用並不代表我們更廣泛的整體投資組合存在任何減損風險。至於是否需要——我想你在暗示的是——發放特別股利，答案是否定的。類似於減損的情況，這些計畫處分所產生的稅務損失將抵銷任何稅務收益。

Vikram Malhotra, Mizuho.

Vikram Malhotra，瑞穗。

Congrats on a lot of work, I guess, done, to get the step done already started, I should say. I just want to go back again. I know you've been asked on this sort of how to keep this accretive? And I'm wondering, in effect, are you saying that there are certain buyers willing to pay a 5% cap even though there's a big roll down because they're assuming a lot of rent growth going forward.

恭喜你們完成了很多工作，我想應該是已經把這一步做完、或者說已經開始推進了。我想再回到這點。我知道大家一直在問這件事：要如何讓它具增益（accretive）？我在想，實際上你們是不是在說，有些買方願意付出 5% 的 cap rate，即便存在很大的租金下調，因為他們假設未來租金會有很高的成長。

And then do you mind just sort of clarifying on the -- on your presentation, you talked about 20% roll down for these assets and then the portfolio at 4%. I just want to clarify, the 4% or roll down 4% including these assets as it is today? Or is it like ex these assets, the roll down is 4%?

另外你能否再釐清一下——在你們的簡報中，你們談到這些資產有 20% 的 roll down，而整體投資組合是 4%。我想確認，這個 4% 的 roll down 是包含這些資產、以目前的組合來算嗎？還是說排除這些資產後（ex these assets），roll down 才是 4%？

Yes. As far as the roll down that we put in our disclosure last night, the 4% includes the entire portfolio that exists today. We do believe that, that 4% will get better after we get through the portfolio realignment, but that's just like one part of our growth profile going forward. So I want to spend a little time there to discuss that as we move through this portfolio alignment plan throughout the remaining part of this year.

是的。就我們昨晚在揭露中提到的 roll down 而言，4% 是包含目前存在的整個投資組合。我們確實相信，在完成投資組合重新調整之後，這個 4% 會改善，但那只是我們未來成長輪廓的一部分。因此，隨著我們在今年剩餘時間推進這個投資組合調整計畫，我想花一點時間在這裡進一步討論。

Look, this puts us in a much better place, just given the roll down and the vacancy risk associated with this portfolio and the firepower that it gives us the $1.7 billion to reshape the business from a position of strength, paying down debt ahead of maturity while we're buying back stock at a discount to intrinsic value, we're preserving the optionality to invest where we see the best risk-adjusted return as conditions change.

你看，單就這個投資組合所伴隨的租約到期自然下滑（roll down）與空置風險而言，這讓我們處在更有利的位置；同時也賦予我們 17 億美元的火力，得以在強勢基礎上重塑業務——在我們以低於內在價值的折價回購股票的同時，提前於到期日前償還債務；並且在環境變化時，保留在我們看到最佳風險調整後報酬之處進行投資的選擇權。

We absolutely believe a stronger balance sheet plus real capital to deploy here is what creates the most value for shareholders. You can't forget the embedded opportunity that we have already underway within our repositioning and development pipeline that represents approximately $50 million of annualized NOI once it's fully leased.

我們絕對相信，更強健的資產負債表加上可在此部署的實質資本，才是為股東創造最大價值的關鍵。你也不能忽略我們在資產重新定位與開發管線中已經在推進的內含機會；一旦完全出租，約可帶來每年約 5,000 萬美元的年化 NOI。

And the backdrop is getting better, as John noted, fundamentals are improving, real signs of improvement, net absorption turn positive, vacancy is going down, construction starts continue to remain at multi-decade lows.

而且如 John 所提到的，整體背景正在改善：基本面在好轉，出現了實質改善的跡象，淨吸納量轉為正值，空置率下降，動工量仍維持在數十年低點。

Now the re-leasing spreads that you're alluding to, Vikram. Let's be clear eyed on this, re-leasing spreads on our retained portfolio will stay under pressure for a bit as we do have leases signed that are rolling -- that were signed at the peak that are rolling over the next couple of years. That's real, and that's something a portfolio this size fixes overnight, but it's a known. It's a shrinking headwind. I can tell you that, it's an open-ended one.

至於你提到的續租價差（re-leasing spreads），Vikram。我們要把話說清楚：我們保留投資組合的續租價差短期內仍會承壓，因為我們確實有一些在高峰期簽下、即將在未來幾年到期的租約正在滾動到期。這是事實，而且不是像這麼大規模的投資組合能一夕之間解決的，但這是已知事項。這股逆風正在縮小。我可以告訴你，這不是一個沒有期限的問題。

It's why we prioritize selling the assets that face a steep reset. So overall, one thing that we wanted to continue to walk away with here. This is a cleaner, lower risk portfolio, stronger balance sheet and higher liquidity with strong embedded growth in place from our pipeline.

這也是為什麼我們優先出售那些面臨大幅重置的資產。因此整體而言，我們希望大家帶走的一點是：這是一個更乾淨、風險更低的投資組合，資產負債表更強、流動性更高，並且我們的管線已具備強勁的內含成長動能。

And I'll -- Vikram, I'll offer some general commentary on the cap rate component of your question. And what we're seeing in the market broadly across Southern California is transactions that are focused on good product quality, good locations with good credit and a decent amount of [wall].

另外——Vikram，我也針對你問題中的資本化率（cap rate）部分提供一些一般性評論。我們在南加州市場廣泛看到的交易，主要聚焦在產品品質佳、地點佳、信用良好，且具有相當程度的[wall]。

That's hitting about a 5.5% on average is where I would put market cap rates. Cap rates, as we've discussed and fluctuate significantly up and down from there, largely depending on the mark-to-market and how much duration there is, in fact, on the lease and the quality of the real estate, which is preeminently important. We've seen some transactions in the market where there was a big positive mark-to-market opportunity.

這類交易的市場資本化率平均大約落在 5.5%。如我們討論過的，資本化率會在此基礎上大幅上下波動，主要取決於租金與市場水準的差距（mark-to-market）、租約剩餘期間（duration）有多長，以及不動產本身的品質——而這點至關重要。我們也看到市場上有些交易具有很大的正向 mark-to-market 機會。

We've seen cap rates dip well below 5% for that type. Conversely, it's well above 5.5% and can be into the 6s if you have lower quality assets or significant negative mark-to-market. Generally, the buyers in the market are going to underwrite to a restabilized deal that is congruent with today's market cap rates, adjusting for all those factors that I went through.

對於那種類型的資產，我們看到資本化率曾降到遠低於 5%。相反地，如果是品質較低的資產或存在顯著的負向 mark-to-market，資本化率會高於 5.5%，甚至可能到 6% 多。一般而言，市場買方會以與今日市場資本化率一致的「重新穩定後」（restabilized）交易來進行承作（underwrite），並依我剛提到的各項因素做調整。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

I appreciate the commentary on the market and the backdrop that's improving. But the market also saw vacancy go down while Rexford's vacancy increased. Is this related to timing, and so we should assume some occupancy growth in the back half of the year? Were there specific assets that were drivers? Any explanation on this disconnect would be appreciated.

感謝你們對市場以及正在改善的背景所做的評論。但市場也看到空置率下降，而 Rexford 的空置率卻上升。這是否與時間點有關，因此我們應該假設今年下半年會有一些入住率成長？是否有特定資產是主要驅動因素？若能說明這種落差的原因，將不勝感激。

Sure. Greg. So yes, we saw quarter-over-quarter average occupancy decline about 60 basis points. This was largely driven by a few larger move-outs. The two most significant ones were located in the IE West market, a couple of spaces that were just north of 200,000 square feet a piece. One of those move-outs was unplanned. It was related to a bankruptcy. The other one was expected and budgeted.

當然。Greg。是的，我們看到平均入住率季對季下降約 60 個基點。這主要是由幾個較大型的搬出所致。其中最顯著的兩個位於 IE West 市場，各自的面積都略高於 20 萬平方英尺。其中一個搬出是非預期的。與破產有關。另一個則是預期內且已納入預算。

Just a quick note on the one that was a result of bankruptcy. We actually just released that unit this week with occupancy recommencing in September. So good results on that. So part of it is just some of these these move-outs that are getting offset by move-ins that you'll see in the next quarter's data.

關於因破產而搬出的那一個，我補充說明一下。我們其實就在本週重新把該單位出租，並將於 9 月重新開始入住。所以結果不錯。因此其中一部分只是這些搬出，會在你們下一季的數據中看到由搬入所抵消。

And Greg, in terms of the shape of the occupancy as we move through the second half of the year, we do expect it to decelerate some in the third quarter between 50 and 100 basis points. due to planned move-outs and then reaccelerate in the fourth quarter of this year.

另外 Greg，就今年下半年入住率的走勢而言，我們預期第三季會因計畫性搬出而放緩約 50 到 100 個基點，之後在今年第四季再度加速回升。

Rich Anderson, Cantor Fitzgerald.

Rich Anderson，Cantor Fitzgerald。

So on the positive net absorption figure for the second quarter, that sort of came out of nowhere relative to the historical patterns that we've seen. It's not in disagreement though with some of what your peers have said about the market. So a good sign.

關於第二季淨吸納量轉正的數字，相較於我們過去看到的歷史型態，這有點像是突然出現的。不過這也不與你們同業對市場的部分說法相牴觸。所以是個好跡象。

But I'm curious if you can make any comment about subsequent to second quarter, what you're feeling about the net absorption being somewhat repeatable -- positive net absorption being somewhat repeatable as we go forward. Obviously, you call it a prerequisite for a continuation of a market inflection. Any signs post second quarter that you can talk about in terms of the cadence of fundamentals?

但我想請教，你們是否能評論一下第二季之後的情況：你們對於淨吸納量（正向淨吸納量）在未來是否具有一定可重複性，有什麼感受？顯然你們把它稱為市場拐點延續的先決條件。第二季之後，在基本面節奏方面，有沒有任何跡象可以分享？

Yes. Thanks, Rich. Thanks so much for your question. In regards to third quarter, and it's early, but what we can tell you is that when we look at what happened in the second quarter, our leasing pipeline built through the back half of the second quarter, and that has continued early into the third quarter. Executions and our pipeline, we're less than a month in, but I would say that it has been strong as we've entered the third quarter. So that's -- those are all positive indications.

有的。謝謝你，Rich。非常感謝你的提問。就第三季而言，雖然現在還早，但我們可以告訴你的是：回頭看第二季，我們的租賃管線在第二季後半段逐步建立起來，並在第三季初期持續延伸。就簽約執行與管線而言，我們進入第三季還不到一個月，但我會說，第三季開局表現強勁。所以——這些都是正面的訊號。

As you noted, it was a strong quarter, positive absorption, lowering vacancy and availability in the overall market. I think it's important to also consider, obviously, tenant demand is increasing and that's a positive indication. But also to look at supply. Supply today under construction and what is going to be delivered to the market is that multi-decade lows. So as -- and those are two good things to put together.

如你所提到的，這是一個強勁的季度：淨吸納量為正、整體市場空置率與可租面積下降。我認為也很重要的是要同時考量：顯然租戶需求正在增加，這是正面訊號。但也要看供給。目前在建供給以及即將交付到市場的供給量，處於數十年低點。因此——把這兩點放在一起看，是兩個很好的因素。

While we still have elevated vacancy and availability in the market, we are not increasing the supply. And so as tenant demand is increasing in the market, that incremental demand will continue to absorb the space. And that sets up the market for continued improvement and inflection in the future.

雖然市場的空置率與可租面積仍偏高，但供給並沒有增加。因此，當市場中的租戶需求增加時，新增的需求將持續吸收空間。這也為市場未來持續改善與出現拐點奠定基礎。

Dave Rodgers, Raymond James

Dave Rodgers，Raymond James

Fitz, all of your comments were really helpful earlier. I wanted to take one other shot at the portfolio realignment. Everything you've sold, I think, year-to-date is like a zero cap rate, zero occupancy. As you look at the occupancy or where these assets of the portfolio realignment are coming from, can you give us a sense of kind of what the occupancy might be or whether they're coming out of same-store versus the redevelopment because you had made the comment about $50 million of real upside in redevelopment. So trying to reconcile to see if we're selling some of that upside off going forward?

Fitz，你先前的所有評論都非常有幫助。我想再就投資組合重新調整追問一次。我認為你們今年迄今賣掉的資產，看起來像是零資本化率、零出租率。當你看這些出租率、或這些投資組合重新調整所出售資產的來源時，你能否讓我們了解一下大概的出租率會是多少，或它們是來自同店資產（same-store）還是來自重建/再開發（redevelopment），因為你曾提到再開發有5,000萬美元的實質上行空間。所以我想把這些資訊對起來，看看我們未來是否正在把部分上行空間賣掉？

And then maybe just a follow-up to Laura, your last comment about leasing during the second quarter. It sounds like it ended stronger than it started. Was there anything in particular at the beginning of the quarter that kind of kept the second quarter leasing pace a little lower than what you saw in the first quarter?

另外也許再追問一下Laura，你剛才關於第二季租賃的最後一點評論。聽起來第二季結束時比開始時更強。在該季初期是否有任何特定因素，使得第二季的租賃節奏比你們在第一季看到的略低一些？

Dave, this is Fitz. Yes, the vast, vast majority of the assets that we plan to sell this year are operating properties and are coming out of the same property portfolio.

Dave，我是Fitz。是的，我們今年計畫出售的資產中，絕大多數都是在營運中的物業，且來自同一個物業投資組合。

Yes. Going back to the leasing, I can offer a little bit more color there. So yes, this quarter number was a little bit lower, 2.1 million square feet. Keep in mind, in the first quarter, we did have a renewal of our largest unit in the portfolio that increased the volumes there. So when you adjust for that, and you also look at more than one quarter together, I think it is more indicative of the overall trend that we're seeing for them, which is incrementally positive.

是的。回到租賃部分，我可以補充一些細節。所以是的，本季的數字略低，為210萬平方英尺。請記得，在第一季我們完成了投資組合中最大單元的續租，拉高了當季的租賃量。因此當你把那筆調整掉，並且把不只一個季度放在一起看時，我認為這更能反映我們看到的整體趨勢，也就是逐步轉為正向。

I wish everything lined up perfectly with quarter end. But subsequent to quarter end. We have seen continued touring activity, and we've actually made some good progress in certain areas of the market.

我希望所有事情都能剛好在季末完美對齊。但在季末之後，我們持續看到帶看活動，而且我們在市場的某些區域其實取得了不錯的進展。

I can give you a few examples. We've touched on previously how the South Bay continues to be particularly strong. A lot of that is being driven by advanced manufacturing, which is focused on the most coastal areas of the South Bay market. We have a project in our -- that's under construction currently in that market that's delivering two buildings, and we have just completed leases on both of those buildings ahead of the completion of construction. So we're happy with that.

我可以舉幾個例子。我們先前提過South Bay持續特別強勁。其中很大一部分是由先進製造業帶動，這些需求聚焦在South Bay市場最靠海岸的區域。我們在該市場有一個目前正在施工的專案，將交付兩棟建物，而我們已在施工完成前就把這兩棟都完成出租。所以我們對此很滿意。

In the San Fernando Valley, we've been making some progress on some of our repositioning buildings, most recently, signing leases at Plummer, which completed before as a new development and more recently, our Avenue Kearney project. Both of those were leased to tenants that are in the consumer products business. So overall, we're pleased with the levels of activity that we're seeing. I think it is a steady improvement, but it is moderated in pace, and we are carefully watching each submarket in our properties and what they're competing with in each case.

在San Fernando Valley，我們在一些重新定位（repositioning）的建物上也取得進展；最近我們在Plummer簽下租約，該案先前以新開發案完工；以及更近期的Avenue Kearney專案。這兩個案子都出租給消費性產品產業的租戶。整體而言，我們對目前看到的活動水準感到滿意。我認為這是穩步改善，但速度較為溫和；我們也正仔細觀察各個子市場中我們的物業，以及在每個情況下它們所面臨的競爭供給。

And Dave, to answer your question about whether or not we're selling any of the $50 million of upside in our repositioning and development pipeline, the answer is no.

Dave，至於你問我們是否正在出售重新定位與開發管線中那5,000萬美元的上行空間，答案是否定的。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great. Not to belabor the point on the valuation for the portfolio realignment, but could we get a sense maybe, Laura, you started off the prepared remarks talking about $2 billion of asset sales on 8 million square feet. That would equate to about $250 a square foot versus what you sold this year about $300 a square foot. I guess, is $250 a good sort of floor valuation that we could look at? And then maybe just one more, just buyer pool and interest types, do you expect to sell these properties and one-off portfolio deals? And then what kind of capital is interested in buying them?

很好。我不想在投資組合重新調整的估值問題上過度糾結，但我們能否了解一下：Laura，你在準備好的發言一開始提到，80 0萬平方英尺的資產出售總額為20億美元。這相當於每平方英尺約250美元，而你們今年賣出的約為每平方英尺300美元。我想問，250美元是否可以視為一個不錯的估值底部（floor）？另外再問一個：就買方池與買方類型而言，你們預期會以單一資產交易或整包投資組合交易來出售這些物業？以及哪一類資金對購買它們有興趣？

As I mentioned in an answer earlier, we'll certainly provide cap rates and valuations as these transactions close, providing that today could impact execution. So that's important that we continue to be able to execute these at the highest level of pricing. In terms of the process that we ran, I'll give you a little bit more visibility around that. We ran a competitive process and a substantial portion of the planned dispositions.

如我先前在回答中提到的，我們一定會在交易完成時提供資本化率與估值；但今天提供可能會影響執行。因此，確保我們能以最高水準的價格完成交易，這點很重要。就我們所採取的流程而言，我可以再多提供一些能見度。我們針對相當大一部分的計畫處分資產，進行了競爭性流程。

We had multiple institutional buyers involved. We received offers that we believe represented a competitive pricing. And so today, we're in advanced negotiations around a portfolio transaction. So while a substantial portion of the pool will be sold via a portfolio sale, we're also in various stages of our process to transact on the remaining assets, which will likely be sold via one-off or maybe smaller portfolio transactions.

我們有多家機構型買方參與。我們收到的出價，我們認為反映了具競爭力的定價。因此目前我們正就一筆投資組合交易進行深入談判。所以，雖然池子中的相當大一部分將透過投資組合出售，但我們也正處於不同階段，推進其餘資產的交易；這些資產很可能會以單一資產交易，或較小型的投資組合交易出售。

So that's what -- given our current visibility and the progress that we've made to date, that's what gives us the confidence in our ability to transact on the majority of these planned dispositions at attractive pricing by the end of the year.

因此，基於我們目前的能見度以及迄今取得的進展，這也是我們有信心在年底前，以具吸引力的價格完成大多數這些計畫處分交易的原因。

Brendan Lynch, Barclays.

Brendan Lynch，Barclays。

It looks like you've lowered your development yield assumptions by 50 basis points quarter over quarter. Can you discuss the puts and takes there? And also maybe discuss the rent assumptions relative to where the market is in your currently expected yields?

看起來你們把開發收益率（development yield）假設較上季下調了50個基點。能否談談其中的增減因素（puts and takes）？另外也請談談在你們目前預期的收益率中，租金假設相對於市場水準的位置？

Yes. Brendan, so the yield is aggregated based on what goes in and out of the pipeline. So there's some impact there. We do also adjust our returns based on what we're seeing in the market and overall, we saw, as we mentioned, a slight decline and particularly for the new buildings that are getting developed, those are going to fall into the Class A segment and in certain submarkets, we're seeing more movement around pricing based on competitive supply than others.

是的。Brendan，收益率是依據管線中新增與移出的專案加總而來。因此那裡會有一些影響。我們也會根據市場上看到的情況調整報酬；整體而言，如我們所提到的，我們看到些微下滑，特別是正在開發的新建物，將落在A級（Class A）區隔，而在某些子市場，我們看到因競爭性供給而導致的定價變動幅度比其他子市場更大。

We'll say for what we have in the pipeline, we're pretty excited about those properties. They all represent assets that are going to be delivered with unique and differentiated functionality that we think are going to be completed at the appropriate returns and it will be great long-term additions to our portfolio.

我們會說，就我們管線中的專案而言，我們對這些物業相當興奮。它們都代表將以獨特且差異化的功能交付的資產；我們認為它們將以適當的報酬完成，並且會成為我們投資組合長期很好的新增資產。

Yes. I mean look, we continue to be very disciplined around capital allocation related to our repositioning and developments, solving for 100 to 200 basis points above a stabilized cap rate and the ones we started to date have followed that framework.

是的。我的意思是，你看，我們在與重新定位與開發相關的資本配置上，仍然非常自律；我們的目標是比穩定後資本化率（stabilized cap rate）高出100到200個基點，而我們迄今啟動的專案都遵循這個框架。

And in fact, the Gale project that we added to the pipeline this quarter is over 200 basis points excess of the stabilized cap rate. And then another asset that we started under construction is 500 to 600 basis points above a stabilized cap rate. So we continue to be very, very disciplined around that front.

事實上，我們本季新增至管線的 Gale 專案，其超額收益超過穩定化資本化率（cap rate）200 個基點以上。另外一個我們已開始動工的資產，則高於穩定化資本化率 500 到 600 個基點。因此，我們在這方面仍然保持非常、非常嚴謹的紀律。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

Can you give us a sense as to how much 2027 rent spreads should improve with the sales relative to what you previously messaged. And I think you said that '27 spreads were going to be worse than '26?

你能否讓我們了解一下，相較於你們先前傳達的訊息，透過這些出售交易，2027 年租金價差（rent spreads）應該會改善多少？而且我記得你說過，'27 年的價差會比 '26 年更差？

Like I mentioned in the earlier answer, Mike, there's going to be continued pressure on rent spreads, but that's just one part of the P&L. We only have 50% of our rent roll expiring in any given year, which is a great natural hedge against market rate fluctuations with market rent.

Mike，如我在先前的回答中提到的，租金價差仍會持續承受壓力，但那只是損益表（P&L）的一部分。我們在任何一年到期的租金收入（rent roll）只有 50%，這對於市場租金波動而言，是一個很好的天然避險。

But what I can tell you, it's shrinking. Like I said, it's a known -- it's a known commodity. We're just going to have to get through over the next couple of years. We've got plenty of offsets with accretive cap recycling and occupancy upside across the portfolio. But again, it's going to be -- there'll be continued pressure next year on re-leasing spreads.

但我可以告訴你的是，它正在縮小。如我所說，這是已知的——這是已知的量。我們接下來幾年只需要撐過去。我們有很多抵消因素，包括具增益性的資本化率循環再投資（cap recycling）以及整體投資組合的入住率上行空間。但再說一次，明年續租價差仍會——仍將持續承受壓力。

Vince Tibone, Green Street.

Vince Tibone，Green Street。

Could you discuss how you think about intrinsic value for Rexford and kind of what share price levels you consider taking a pause from buybacks, I mean, John, you mentioned market cap rates of 5.5% on average. And on our numbers after today's popping the share price, the implied cap rate is also in the mid-5s. So just trying to get a sense of how you think about the gap between public and private valuations in your portfolio on stock?

你能否談談你們如何看待 Rexford 的內在價值，以及在什麼樣的股價水準下你們會考慮暫停回購？我的意思是，John，你提到市場資本化率平均約 5.5%。而依照我們的數據，在今天股價跳升之後，隱含資本化率也在 5% 中段。所以我想了解一下，你們如何看待投資組合中股票的公開市場估值與私募市場估值之間的差距？

By no means we're going to share what our NAV is on today's call, but I appreciate the question, Vince. But that's -- the share price is the number one thing we look at when assessing and whether or not we're going to buy back shares. Obviously, that's combined with where our balance sheet leverage is at and then other competing uses of capital.

我們絕不會在今天的電話會議上分享我們的 NAV，但我很感謝你的問題，Vince。不過——股價是我們在評估是否要回購股票時最優先看的第一項因素。當然，這也會結合我們資產負債表的槓桿水準，以及其他相互競爭的資本用途一起考量。

And I think what we've proven over the last year is that this has been very accretive to FFO per share and NAV per share. As I mentioned earlier, the FFO yield that we're achieving, that's compounding very quietly in the background to our earnings growth profile going forward has been between 6% and 7%. So very, very good use of capital for us and we're committed to that, and we look forward to taking advantage of that going forward.

我認為我們在過去一年所證明的是，這對每股 FFO 與每股 NAV 都非常具增益性。如我先前提到，我們所達成的 FFO 殖利率，正悄悄地在背景中複利累積，推動我們未來的獲利成長輪廓，介於 6% 到 7%。因此，對我們而言這是非常、非常好的資本運用，我們也致力於持續進行，並期待未來繼續把握這樣的機會。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

Thanks for taking a follow-up from our team. So I mean your commentary certainly sounds like transaction markets are getting healthier quicker. I'm just curious, I mean we've now seen several big announcements across multiple sectors and large portfolio buys. Can you just talk about how fast things are changing, both on the buyer pool and also on the cost of capital for buyers? It seems like there's a lot happening quickly.

謝謝讓我們團隊追問一題。所以你的評論聽起來，交易市場確實正在更快地轉為更健康。我只是好奇，我們現在已經看到多個產業出現幾項大型公告，以及大型投資組合收購。你能否談談變化的速度有多快——不論是買方資金池，或是買方的資金成本？看起來很多事情都在快速發生。

Yes, Jamie, we have seen a change in an incremental improvement in terms of the institutional demand for product in the market. And so I think that is what we are doing today is taking advantage of that change. Certainly, improving market conditions. There's a lot of conviction around the Southern California market, not just in the near term but long term. And I think that's all driving capital and more capital into the market.

是的，Jamie，我們確實看到機構對市場產品的需求出現變化並有逐步改善。因此，我認為我們今天所做的，就是在利用這個變化。市場狀況當然正在改善。市場對南加州的信心很強，不僅是短期，長期亦然。我認為這些因素都在推動資本、以及更多資本流入這個市場。

Certainly, I would say that there's been an incremental increase in institutional capital and demand for product in this market over the last six months. But for us today, I mean this is -- we really view this as an incredibly unique opportunity in a moment in time where we can capitalize upon this. And so we are not reacting. This is incredibly proactive.

我會說，過去六個月，這個市場的機構資本與對產品的需求確實有逐步增加。但對我們今天而言，我的意思是——我們真的把這視為一個極其獨特的、在特定時間點出現的機會，我們可以藉此加以把握。因此我們不是在被動反應。這是非常主動的作為。

We're going to be able to achieve competitive pricing. At the same time, we can redeploy proceeds in an accretive manner. So it's not a dilutive exercise as we've talked about. And we can do this all at the same time while we're increasing the portfolio quality, our future cash flow durability and value creation opportunities that align with our strategy. So these factors rarely emerge together, and we are taking advantage of this unique opportunity that sets Rexford up for the future.

我們將能夠達成具競爭力的定價。同時，我們也能以具增益性的方式重新部署出售所得。因此，正如我們所談到的，這並不是一項稀釋性的操作。而且我們可以在提升投資組合品質、提高未來現金流的耐久性，以及創造與我們策略一致的價值創造機會的同時，一次完成這些事情。因此，這些因素很少同時出現，而我們正在把握這個獨特機會，讓 Rexford 為未來做好布局。

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.

以上為本次財報電話會議的問答環節。接下來我想把電話交給 Laura Clark 作結語。

Thank you all for joining us today, and we look forward to spending time with you over the next few months.

感謝各位今天的參與，我們期待在接下來幾個月與各位有更多交流。

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

本日電話會議到此結束。您現在可以掛線。