STAG Industrial Inc (STAG) 2023 Q2 法說會逐字稿

Greetings, and welcome to the STAG Industrial Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Steve Xiarhos, Associate Investor Relations. Thank you, sir. You may begin.

您好，歡迎參加 STAG 工業 2023 年第二季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係助理 Steve Xiarhos。謝謝你，先生。你可以開始了。

Thank you. Welcome to STAG Industrial's conference call covering the second quarter 2023 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information presentation on the company's website at www.stagindustrial.com, under the Investor Relations section.

謝謝。歡迎參加 STAG Industrial 電話會議，內容涉及 2023 年第二季度業績。除了昨天發布的新聞稿外，我們還在公司網站 www.stagindustrial.com 的投資者關係部分發布了未經審計的季度補充信息介紹。

On today's call, the company's prepared remarks and answers to your questions will contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. Examples of forward-looking statements include forecast of core FFO, same-store NOI, G&A, acquisition and disposition volumes, retention rates and other guidance, leasing prospects, rent collections, industry and economic trends and other matters.

在今天的電話會議上，公司準備好的評論和對您問題的回答將包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。前瞻性陳述涉及可能導致實際結果發生變化的風險和不確定性事項。與今天討論的不同。前瞻性陳述的例子包括核心 FFO、同店 NOI、G&A、收購和處置量、保留率和其他指導、租賃前景、租金收取、行業和經濟趨勢以及其他事項的預測。

We encourage all listeners to review the more detailed discussion related to these forward-looking statements contained in the company's filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the supplemental information package available on the company's website.

我們鼓勵所有聽眾查看與公司向美國證券交易委員會提交的文件中包含的這些前瞻性陳述相關的更詳細的討論，以及公司網站上提供的補充信息包中包含的非公認會計原則措施的定義和調節。

As a reminder, forward-looking statements represent management's estimates as of today. STAG Industrial assumes no obligation to update any forward-looking statements.

提醒一下，前瞻性陳述代表了管理層截至目前的估計。 STAG Industrial 不承擔更新任何前瞻性陳述的義務。

On today's call, you will hear from Bill Crooker, our Chief Executive Officer; and Matts Pinard, our Chief Financial Officer.

在今天的電話會議上，您將聽到我們的首席執行官 Bill Crooker 的講話；以及我們的首席財務官馬茨·皮納德 (Matts Pinard)。

Also with us here today is Mike Chase, our Chief Investment Officer; and Steve Kimball, EVP of Real Estate Operations are available to answer questions specific to the area of focus. I will now turn the call over to Bill.

今天與我們一起出席的還有我們的首席投資官 Mike Chase；房地產運營執行副總裁 Steve Kimball 可以回答特定於重點領域的問題。我現在將把電話轉給比爾。

Thank you, Steve. Good morning, everybody, and welcome to the second quarter earnings call for STAG Industrial. We're happy to have you with us today as we discuss our results for the quarter. Our portfolio continues to produce exceptional results as seen by our record leasing spreads this quarter. The industrial sector is benefiting from the secular tailwinds unique to our industry, including the near and onshoring and the continued penetration of e-commerce as a method of consumption.

謝謝你，史蒂夫。大家早上好，歡迎參加 STAG Industrial 第二季度財報電話會議。我們很高興今天有您與我們一起討論本季度的業績。從本季度創紀錄的租賃價差中可以看出，我們的投資組合繼續產生卓越的業績。工業部門正受益於我們行業特有的長期順風，包括近岸外包和電子商務作為一種消費方式的持續滲透。

Vacancy rates have crept up to approximately 3.7% nationally. While demand for industrial real estate remains historically strong, it has come off pandemic highs as we enter the new normal. Tenants are taking more time to evaluate their space needs. There are more examples of tenants weighing their supply chain footprint against the associated corporate finance cost of outfitting space. These are large cash outlays, which include items such as material handling equipment and automation systems. 9 to 12 months ago, there was strong demand for recently constructed buildings with large footprints, generally buildings north of 500,000 square feet.

全國空置率已攀升至約 3.7%。儘管對工業房地產的需求仍然保持歷史性強勁，但隨著我們進入新常態，它已經脫離了疫情高點。租戶需要更多時間來評估他們的空間需求。還有更多租戶權衡供應鏈足跡與裝修空間相關企業財務成本的例子。這些都是大量現金支出，其中包括物料搬運設備和自動化系統等項目。 9至12個月前，對新建佔地面積較大的建築物（通常是50萬平方英尺以北的建築物）的需求強勁。

In today's environment, the $50 million to $100 million investments by tenants to outfit large new spaces is being avoided by contracting with third-party logistics firms to manage supply chains. On the supply side, deliveries are expected to be approximately 3% of the overall industrial stock this year, with nearly half of those deliveries classified as big box buildings with sizes at or above 500,000 square feet.

在當今環境下，通過與第三方物流公司簽訂合同來管理供應鏈，租戶可以避免投資 5000 萬至 1 億美元來裝備大型新空間。在供應方面，預計今年的交付量將佔整個工業庫存的 3% 左右，其中近一半的交付量屬於面積在 500,000 平方英尺或以上的大型盒子建築。

These deliveries are expected to result in a national vacancy rate of 4.2% by year-end. This level of vacancy is still indicative of strong conditions. We continue to expect market rent growth in our portfolio to be in the mid- to high single digits this year. Development STAG's, however, are down approximately 30% since the end of 2022. This lower level of development STAG's coupled with continued strong demand, should push vacancy rates lower in the back half of 2024.

預計到年底，這些交付將使全國空置率達到 4.2%。這一空缺水平仍然表明了強勁的條件。我們仍然預計今年我們投資組合的市場租金增長將達到中高個位數。然而，自 2022 年底以來，開發 STAG 下降了約 30%。開發 STAG 水平較低，加上持續強勁的需求，應會在 2024 年下半年推低空置率。

Moving to our portfolio, we are proud to report cash and GAAP leasing spreads at high watermarks for STAG. As of July 25, we have achieved 94.2% of the leasing we expect to accomplish in 2023 at cash spreads of 30.6%. After the slow start to the year, we recently have seen an uptick in development and acquisition opportunities as the capital markets slowly normalize.

轉向我們的投資組合，我們很自豪地報告 STAG 的現金和 GAAP 租賃利差處於高水平。截至 7 月 25 日，我們已實現 2023 年預計完成的租賃量的 94.2%，現金利差為 30.6%。經過今年的緩慢開局後，隨著資本市場慢慢正常化，我們最近看到開發和收購機會有所增加。

One area where this has been evident is on the development side. There's been a growing number of opportunities as developers look to derisk their positions. Financing, supply and leasing risks are pushing some developers to lock in profits today thereby foregoing a portion of potential upside in exchange for certainty.

這一現象顯而易見的一個領域是開發方面。隨著開發商尋求擺脫職位風險，機會越來越多。融資、供應和租賃風險正促使一些開發商今天鎖定利潤，從而放棄部分潛在上漲空間以換取確定性。

We see opportunities ranging from the purchase of full entitled land sites with approval and negotiated construction contracts to completed vacant spec buildings. These projects present very limited construction risk with favorable upside in exchange for capital funding and leasing exposure. Also, STAG can be selective focusing on developments that demise to smaller spaces that align with leasing demand.

我們看到了各種機會，從購買經批准和談判的建築合同的完全有權的土地到已完工的空置規格建築。這些項目的建設風險非常有限，但以資本融資和租賃敞口換取有利的上升空間。此外，STAG 可以選擇性地關注那些符合租賃需求的較小空間的開發項目。

On the acquisition side, deal activity has restarted, the bid-ask spread between sellers and buyers has begun to narrow towards levels where transactions can begin to clear. Buyers have greater clarity into their cost of capital. Sellers now understand that prices previously achievable in 2021 are not available to them in the current interest rate and macro environment.

在收購方面，交易活動已重新啟動，賣方和買方之間的買賣價差已開始縮小至交易可以開始清算的水平。買家可以更清楚地了解自己的資金成本。賣家現在明白，在當前的利率和宏觀環境下，他們無法獲得 2021 年之前可以實現的價格。

The ongoing attractiveness of industrial real estate, given the strength in the underlying fundamentals further supports the case for capital to be placed in our sector. This has resulted in an uptick in deal flow during Q2 and an expectation of increased transaction activity in the back half of 2023, although unlikely to reach level seen prepandemic this calendar year. This sparring in the acquisition market can be seen by recent marketing and closing of several large portfolios of industrial real estate, something that was absent during the recent period of volatile capital markets.

鑑於基本面的強勁，工業房地產的持續吸引力進一步支持了資本投入該行業的理由。這導致第二季度交易流量增加，預計 2023 年下半年交易活動將會增加，儘管不太可能達到今年疫情爆發前的水平。收購市場上的這種爭吵可以從最近幾個大型工業房地產投資組合的營銷和關閉中看出，而這在最近資本市場波動的時期是不存在的。

Our acquisition volume for the second quarter totaled $40.7 million, this consisted of 2 buildings with stabilized cash and straight-line cap rates of 6.2% and 6.3%, respectively. In April, STAG acquired a 100,000 square foot warehouse distribution facility located in the I-287 Exit 10 submarket of Central New Jersey for $26.7 million. This acquisition represented an opportunity to acquire low coverage, functional asset in one of the nation's top markets.

我們第二季度的收購額總計 4,070 萬美元，其中包括兩座建築，現金穩定，直線上限率分別為 6.2% 和 6.3%。 4 月，STAG 以 2670 萬美元收購了位於新澤西州中部 I-287 10 號出口子市場的一處 100,000 平方英尺的倉庫配送設施。此次收購代表了在美國頂級市場之一收購低覆蓋率功能性資產的機會。

In May, STAG acquired a fully occupied 134,000 square foot facility in the airport submarket of Greensville, North Carolina, $14 million. As of closing, this building is leased for 1.8 years to a tenant who is moving to a larger facility at the end of their term. STAG will have the opportunity to realize a 50% or greater roll-up upon the release of the building. With the recent openings in the market of the Toyota EV battery plant and an aerospace manufacturing plant, the building's modern specs and airport adjacent location leave it well suited to capture the growing tenant base supporting these plants.

5 月，STAG 以 1,400 萬美元收購了北卡羅來納州格林斯維爾機場子市場一處佔地 134,000 平方英尺的設施。截至交割時，該大樓已租給一名租戶，租期為 1.8 年，該租戶在租期結束後將搬到更大的設施。 STAG 將有機會在大樓發布後實現 50% 或更多的回滾。隨著豐田電動汽車電池工廠和航空航天製造工廠最近在市場上的開放，該建築的現代化規格和毗鄰機場的位置使其非常適合吸引支持這些工廠的不斷增長的租戶群。

Subsequent to quarter end, we acquired 6 buildings for $70.7 million. On the disposition side, we sold 5 buildings for aggregate proceeds of $33.8 million. Three of these buildings were noncore assets. The other 2 buildings were located in Louisville, Kentucky, as a portfolio, resulting in proceeds of $26.8 million and reflecting a 6.2% cash cap rate.

季度末後，我們以 7,070 萬美元收購了 6 棟建築。在處置方面，我們出售了 5 棟建築，總收益為 3,380 萬美元。其中三棟建築是非核心資產。另外兩座建築位於肯塔基州路易斯維爾，作為一個投資組合，收益為 2680 萬美元，反映了 6.2% 的現金上限。

Year-to-date, the aggregate cash cap rate on the company's opportunistic dispositions was 5.5%. Finally, I'm excited to announce that STAG Industrial was added to the S&P MidCap 400 in May of this year. This is a testament to how the markets have begun to recognize the growth of the company and the evolution of the platform.

年初至今，該公司機會性處置的總現金上限率為 5.5%。最後，我很高興地宣布，STAG Industrial 已於今年 5 月被納入 S&P MidCap 400 指數。這證明了市場已經開始認識到公司的成長和平台的演變。

With that, I will turn it over to Matts, who will cover our remaining results and updates to guidance.

這樣，我將把它交給馬茨，他將介紹我們剩餘的結果和指導的更新。

Thank you, Bill, and good morning, everyone. Core FFO per share was $0.56 for the quarter, equal to the second quarter of last year. Cash available for distribution for the second quarter totaled $87.2 million. We have retained $42.5 million of cash flow after dividends paid this year through June 30.

謝謝你，比爾，大家早上好。本季度核心 FFO 每股為 0.56 美元，與去年第二季度持平。第二季度可用於分配的現金總額為 8720 萬美元。截至 6 月 30 日，我們在今年支付股息後保留了 4250 萬美元的現金流。

Leverage is near the low end of our guidance range with net debt to annualized run rate adjusted EBITDA to go to 4.9x. Liquidity stands at $794 million. During the quarter, we commenced 29 leases totaling 3.6 million square feet, which generated record cash and straight-line leasing spreads of 28% and 42.6%, respectively.

槓桿率接近我們指導範圍的低端，淨債務與年化運行率調整後 EBITDA 之比達到 4.9 倍。流動性為 7.94 億美元。本季度，我們啟動了 29 項租賃，總面積為 360 萬平方英尺，產生了創紀錄的現金和直線租賃利差，分別達到 28% 和 42.6%。

We expect cash leasing spreads of approximately 30% for the year. Retention was 79.6% for the quarter and 97.4% when adjusted for immediate backfills. We achieved same-store cash NOI growth of 4.5% for the quarter and 5.3% year-to-date. Year-to-date, we have experienced 2 basis points of credit loss with not incurred during the second quarter.

我們預計今年現金租賃利差約為 30%。本季度的保留率為 79.6%，根據立即回填調整後的保留率為 97.4%。本季度我們的同店現金 NOI 增長了 4.5%，年初至今增長了 5.3%。今年迄今為止，我們經歷了 2 個基點的信貸損失，但第二季度並未發生這種損失。

Moving to capital market activity. We issued approximately 2 million shares under our ATM program at a gross average share price of $35.86 resulting in gross proceeds of $70.5 million. As of today, we have $61.1 million of forward equity proceeds available to fund at our discretion. The equity will be used to match fund our acquisitions and development pipeline.

轉向資本市場活動。我們根據 ATM 計劃發行了約 200 萬股股票，總平均股價為 35.86 美元，總收益為 7050 萬美元。截至今天，我們有 6110 萬美元的遠期股權收益可供我們自行決定提供資金。該股權將用於為我們的收購和開發管道提供配套資金。

In terms of guidance, we made the following updates. We increased our cash same-store guidance to a range of 5% and 5.25% for the year or 12.5 basis points at the midpoint. This change was driven by improved retention and a modest reduction in expected credit loss from 40 basis points to 20 basis points.

在指導方面，我們進行了以下更新。我們將今年同店現金指導提高至 5% 至 5.25% 的範圍，即中點 12.5 個基點。這一變化是由於保留率提高以及預期信用損失從 40 個基點適度減少至 20 個基點推動的。

We increased our disposition guidance to a range of $100 million and $200 million, driven by our progress through today, an increase of the midpoint of $25 million. We updated our retention to range of 70% to 75% based on leases signed to date. We still expect net debt to annualized run rate adjusted EBITDA to be between 5 and 5.5x.

在我們今天取得的進展的推動下，我們將處置指導提高到了 1 億美元到 2 億美元的範圍，中值增加了 2500 萬美元。根據迄今為止簽署的租約，我們將保留率更新為 70% 至 75%。我們仍然預計淨債務與年化運行率調整後 EBITDA 之比將在 5 至 5.5 倍之間。

I will now turn it back over to Bill.

我現在將把它轉回給比爾。

Thank you, Matts. I'm excited about where the company sits today and the road ahead. I must express my gratitude to our team for their effort and dedication in achieving our goals this quarter. We continue to have extremely strong operational results and forecast for 2023.

謝謝你，馬茨。我對公司今天的處境和未來的道路感到興奮。我必須對我們的團隊為實現本季度目標所付出的努力和奉獻表示感謝。我們對 2023 年的運營業績和預測仍然非常強勁。

We are also benefiting from a conservative balance sheet with ample liquidity. These factors will allow us to take advantage of the opportunities that present themselves through the remainder of 2023 and beyond.

我們還受益於保守的資產負債表和充足的流動性。這些因素將使我們能夠利用 2023 年剩餘時間及以後出現的機會。

We will now turn it back over to the operator for questions.

我們現在將其轉回給操作員詢問。

(Operator Instructions) Our first question comes from Craig Mailman.

（操作員說明）我們的第一個問題來自 Craig Mailman。

Just kind of curious, you guys have a kind of a broader portfolio than maybe some of your peers and more recently, rent growth and sequential rent growth have been sort of top of mind for investors, especially in L.A. and some of the other coastal markets. But I'm just kind of curious, as you guys look at your portfolio, your footprint, what are you seeing on that front from a sequential market rent growth, fundamental kind of stable kind of conditions that kind of maybe differentiate your portfolio, your growth rate from people that are a little bit more exposed to some of the markets that maybe really benefit during COVID and are now kind of coming back a little bit to reality.

只是有點好奇，你們的投資組合可能比一些同行更廣泛，最近，租金增長和連續租金增長一直是投資者最關心的問題，尤其是在洛杉磯和其他一些沿海市場。但我只是有點好奇，當你們看看你們的投資組合、你們的足跡時，你們從連續的市場租金增長中看到了什麼，基本的穩定條件可能會讓你們的投資組合、你們的投資組合與眾不同。增長率來自那些更多地接觸某些市場的人，這些市場可能在新冠疫情期間真正受益，現在又有點回歸現實了。

Yes. Craig, thanks for the question. Our market rent growth forecast at the beginning of this year, were mid- to high single digits for the portfolio. We affirmed that last quarter and affirmed it again this quarter. So market rent growth has been pretty stable in our portfolio.

是的。克雷格，謝謝你的提問。今年年初，我們對投資組合的市場租金增長預測為中高個位數。我們在上個季度確認了這一點，並在本季度再次確認了這一點。因此，我們的投資組合中的市場租金增長相當穩定。

Last quarter, we mentioned benefiting from some of the near-shoring in El Paso markets. We're seeing those mega site investments start to go up in pockets in the U.S., the Southeast Texas, some Midwest markets. So we think that will be a demand driver for some of our markets as well. We're seeing also some demand coming from logistics tenants continuing to build up the supply chain in our market. So for all those reasons, we've seen pretty stable and strong market rent growth in our markets.

上個季度，我們提到受益於埃爾帕索市場的一些近岸外包。我們看到這些大型網站投資開始在美國、德克薩斯州東南部和一些中西部市場增加。因此，我們認為這也將成為我們某些市場的需求驅動力。我們還看到一些來自物流租戶的需求，他們繼續在我們的市場上建立供應鏈。因此，由於所有這些原因，我們看到我們市場的市場租金增長相當穩定和強勁。

Do you feel like you kind of mentioned the hesitancy of tenants to make big cap outlays and so maybe they're using 3PLs in the near term. I mean do you feel like there's a substantial amount of pent-up demand in your markets that if maybe the Fed pivots or something else gives people more assurances on the economy that you could see almost a reacceleration in the absorption in potentially kind of an upward pressure on rents in your market? Or is it just -- just it would be incremental on the margin?

您是否覺得您提到了租戶對於大額支出的猶豫，因此也許他們在短期內會使用 3PL。我的意思是，您是否覺得您的市場存在大量被壓抑的需求，如果美聯儲轉向或採取其他措施讓人們對經濟有更多的保證，那麼您可能會看到潛在的上行經濟的吸收幾乎重新加速您所在市場的租金壓力？或者只是——只是邊際上有所增量？

Yes. I mean, certainly, that's a scenario that could play out. I mean there's a lot of factors that would contribute to that, and we need to figure that out, but certainly could be an outcome. Right now, as I mentioned in the prepared remarks, big box demand is still very slow.

是的。我的意思是，當然，這種情況可能會發生。我的意思是，有很多因素會導致這種情況，我們需要弄清楚這一點，但肯定可能是一個結果。目前，正如我在準備好的發言中提到的，大盒子的需求仍然非常緩慢。

We're seeing a lot of demand from 3PLs as -- which is consistent with last quarter. So overall, I mean, we're really happy where the supply-demand dynamic is for our portfolio in our markets and our box size. As a reminder, our average lease size is 140,000 square feet and the demand -- the supply that's coming online today about half of that supply is big box supply, 500,000 square feet or above.

我們看到來自 3PL 的大量需求——這與上季度一致。總的來說，我的意思是，我們對我們市場中的產品組合和盒子尺寸的供需動態感到非常高興。提醒一下，我們的平均租賃面積為 140,000 平方英尺，而需求——今天上線的供應量中約有一半是大型供應量，即 500,000 平方英尺或以上。

And then if I could slip one more in. You guys talked about your -- the acquisitions that you made in the quarter, kind of the $70 million due to post quarter end versus the dispose and kind of your equity availability. I mean if you guys hit your guidance, what does the accretion on a net basis looked like from all the capital recycling activity within earnings maybe for '23 and what that kind of translates to on an annualized basis for a run rate?

然後，如果我可以再插一句的話。你們談論了你們在本季度進行的收購，比如季後末的 7000 萬美元，以及你們的股權處置和種類。我的意思是，如果你們達到了你們的指導，那麼 23 年收益中所有資本回收活動的淨增長是什麼樣的，以及按年化計算的運行率是什麼？

Yes. I mean for earnings this year, our acquisition guidance is back-end weighted. So we're not factoring in a large contribution to core FFO from acquisitions. Dispositions are happening a little quicker in the year. We increased our disposition guidance. But for this year, not a major contributor to core FFO. The acquisition this year should benefit significantly 2024 core FFO, and we'll obviously speak about that on our later call.

是的。我的意思是，對於今年的收益，我們的收購指導是後端加權的。因此，我們並未考慮收購對核心 FFO 的巨大貢獻。今年的處置速度要快一些。我們增加了處置指導。但就今年而言，並不是核心 FFO 的主要貢獻者。今年的收購將使 2024 年核心 FFO 受益匪淺，我們顯然會在稍後的電話會議上討論這一點。

Our next question comes from Eric Borden with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Eric Borden。

I appreciate the color on the potential development acquisition opportunities and just hoping that you could kind of expand on that, maybe quantify what you're seeing today in the pipeline and what you expect to close in the back half of the year? And then just a clarifier is, are those opportunities included in acquisition guidance? Or are they separate too?

我很欣賞潛在開發收購機會的色彩，只是希望您能對此進行擴展，也許可以量化您今天在管道中看到的內容以及您預計在今年下半年完成的內容？然後需要澄清的是，這些機會是否包含在收購指南中？或者它們也是分開的？

Yes. Good question, Eric. Thank you. The development opportunities we're seeing, we're really excited about. We've had really great success on our past developments. The developments are not in our acquisition guidance, any incremental developments would be incremental to that. But they do take time anywhere from 12 to 15, sometimes 18 months to develop.

是的。好問題，埃里克。謝謝。我們看到的發展機會讓我們感到非常興奮。我們過去的發展確實取得了巨大的成功。這些進展不在我們的收購指南中，任何增量開發都將是增量的。但它們確實需要 12 到 15 個月，有時甚至 18 個月的時間來開發。

So the deployment of capital for those will be over a period of time. We're seeing opportunities, as I said, from newly constructed buildings that are vacant to entitled land sites that will run the development to partnering with a developer and providing capital to that developer in return for taking the risk for upside and downside in the transaction. So we're seeing a lot of opportunities now as we close on those opportunities, we'll be sure to let everyone know.

因此，這些資金的部署將需要一段時間。正如我所說，我們看到了機會，從空置的新建建築物到將進行開發的有權土地，再到與開發商合作並向開發商提供資金，以換取在交易中承擔上行和下行風險。因此，我們現在看到了很多機會，當我們接近這些機會時，我們一定會讓每個人都知道。

At this point, there's not enough certainty in the pipeline for us to give guidance on that. But as that happens, we will be sure to give guidance and lay out a schedule, [noting] the deployment of capital when those developments will be completed, the yields, profit margins, et cetera.

目前，我們還沒有足夠的確定性來就此提供指導。但當這種情況發生時，我們一定會提供指導並製定時間表，[注意]這些開發項目完成時的資本部署、收益率、利潤率等。

Okay. That's helpful. And then maybe on the funding side, just how are you thinking about the funding for the remainder of the year, just given your share price today, you have $60 million of forward left versus cost of debt and mix of dispositions. What's the most attractive source of capital today? And how should we think about the mix kind of through the remainder of the year?

好的。這很有幫助。然後也許在資金方面，你如何考慮今年剩餘時間的資金，僅考慮到你今天的股價，你有 6000 萬美元的遠期左翼與債務成本和處置組合。當今最有吸引力的資金來源是什麼？我們應該如何考慮今年剩餘時間的混合情況？

Eric, this is Matts. You're right. So we have unfunded proceeds on the forward roughly $61 million. We're going to use those to fund acquisitions in the future ongoing developments that Bill just mentioned. The capital market has materially improved since April. And as we've talked about, our initial guidance ranges were set at the beginning of the year to allow us to operate our target leverage in, if we hit the midpoint of our net acquisition volume issued no equity would likely be at the high end of that leverage range.

埃里克，這是馬茨。你說得對。因此，我們的遠期合約尚有大約 6100 萬美元的未融資收益。我們將利用這些資金為比爾剛才提到的未來持續發展中的收購提供資金。 4月份以來，資本市場明顯好轉。正如我們所討論的，我們的初始指導範圍是在今年年初設定的，以便我們能夠操作我們的目標槓桿率，如果我們達到發行的淨收購量的中點，那麼任何股權都可能不會處於高端該槓桿範圍。

With this modest amount of equity funding, it's more likely we're going to operate closer to the middle part of our range. But the concept of being able to operate without any additional equity is still in place. As Bill mentioned, we slightly increased the bottom end range of our disposition guidance. So we expect from a funding source, you're going to see, I'd say, incrementally more disposition proceeds.

有瞭如此少量的股權融資，我們更有可能在接近我們範圍的中間部分進行運營。但無需任何額外股權即可運營的理念仍然存在。正如比爾提到的，我們略微提高了處置指導的下限範圍。因此，我們期望從資金來源中，我想說，你會看到越來越多的處置收益。

Our next question comes from Vince Tibone with Green Street.

我們的下一個問題來自 Green Street 的 Vince Tibone。

I just wanted to clarify the cash cap rates on the acquisitions in the quarter. Just given the shorter WAULT deals, does that 6.2% cap rate reflect run rate current NOI? Or does this incorporate this kind of big mark-to-market you highlighted, especially in the Carolina property?

我只是想澄清本季度收購的現金上限。鑑於 WAULT 交易時間較短，6.2% 的資本化率是否反映了當前 NOI 的運行率？或者這是否包含您強調的這種按市值計價的做法，尤其是在卡羅來納州的房產中？

Yes. It depends on if it's a known vacate, Vince. One of the deals is a known vacate, so that would be stabilized. And the other one is not a known vacate, so that would be the in place.

是的。這取決於是否是已知的空缺，文斯。其中一項交易是已知的空缺，因此情況將會穩定。另一個不是已知的空缺，所以這就是就位的。

Got it. So basically, the year 1 yield on these is going to be a little lower than the $62 million, just to clarify.

知道了。所以基本上，這些的第一年收益率將略低於 6200 萬美元，只是澄清一下。

Yes, slightly lower.

是的，稍微低一些。

Yes. Got it. And then just a kind of question on the development opportunities and kind of just really how leasing risk is being priced today. So if you were going to buy the completed development that's vacant, how much additional yield do you think you could achieve by leasing that building versus just buying a stabilized core property today?

是的。知道了。然後是關於發展機會的問題，以及當今租賃風險如何定價的問題。因此，如果您要購買已竣工的空置開發項目，您認為與今天僅購買穩定的核心房產相比，通過租賃該建築可以獲得多少額外收益？

It depends on the market. It depends on suite size, demand, the supply, but anywhere, call it, circa 75 basis points depending -- again, depending on the suite sizes. But we're -- the opportunities we're looking at on the development side is, call it, smaller boxes generally, medium-sized boxes. And a lot of times, we're building those.

這取決於市場。這取決於套房的大小、需求、供應，但無論在哪裡，都可以稱之為大約 75 個基點，這又取決於套房的大小。但我們在開發方面看到的機會是，一般來說，較小的盒子，中等大小的盒子。很多時候，我們正在構建這些。

We're planning to build those to demise them into 2 to 3 suites, so really meets the teeth of the demand.

我們計劃將它們建造成 2 至 3 間套房，從而真正滿足需求。

Our next question comes from Samir Khanal with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Samir Khanal。

Matts, I mean there's a lot of positivity around the comments here, but you kept the guidance unchanged. So I'm just trying to figure out as you kind of still a pretty wide gap considering you're in August here. So wondering what's sort of holding you back here? Maybe talk about the factors, maybe to get you to the low end of guidance here?

馬茨，我的意思是這裡的評論有很多積極的一面，但你保持了指導不變。所以我只是想弄清楚，考慮到你是八月份在這裡，你仍然有很大的差距。那麼想知道是什麼阻礙了您？也許談談這些因素，也許是為了讓你在這裡得到指導的低端？

Yes. So just to talk about the no change in core FFO. To your point, we did have a modest increase in our same-store guidance. Look, there's still macro uncertainty as we sit here in July, that definitely influences our view on guidance. We did increase our disposition volume expectation for the year. Look, there can be a timing mismatch between selling an asset and redeploying those proceeds. As Bill mentioned, external growth is really not a material driver to earnings this year.

是的。所以只是談談核心 FFO 沒有變化。就您而言，我們的同店指導確實略有增加。看，當我們七月份坐在這裡時，仍然存在宏觀不確定性，這肯定會影響我們對指導的看法。我們確實提高了今年的處置量預期。看，出售資產和重新部署這些收益之間可能存在時間不匹配。正如比爾提到的，外部增長實際上並不是今年盈利的實質性推動因素。

The acquisitions are expected to be back-end weighted. In terms of the low end of guidance, to the extent something on the macro front, really kind of tipped the capital market picture and that flowed into the share price. But we're very confident with the midpoint. And to the extent credit loss comes in lower, et cetera, we would dip towards the higher end.

預計這些收購將是後端加權的。就指導的低端而言，在某種程度上，宏觀方面的某些事情確實改變了資本市場的格局，並流入了股價。但我們對中點非常有信心。如果信用損失較低，等等，我們將向高端傾斜。

Yes. Just to add on to that, I mean I think you'd have to have some a real material macro event to push us to the low end of guidance, some significant credit issues in the portfolio, which we're not anticipating, but we certainly don't want to put a guidance range out there that doesn't factor some of that uncertainty into it.

是的。除此之外，我的意思是，我認為必須有一些真正的重大宏觀事件才能將我們推向指引的低端，投資組合中會出現一些重大的信貸問題，這是我們沒有預料到的，但我們當然不想制定一個不考慮一些不確定性的指導範圍。

Our next question comes from Blaine Heck with Wells Fargo.

我們的下一個問題來自富國銀行的 Blaine Heck。

Just following up on some of the earlier questions. Can you just talk about how you're thinking about your overall cost of capital today and the spread between your cost of debt and equity and the required return on investment. I guess, what's that spread on the deals you've executed year-to-date? And is there a spread that you guys target that we should be thinking about over the longer term?

只是跟進一些之前的問題。您能否談談您如何看待當前的總體資本成本以及債務和股本成本與所需投資回報之間的利差。我想，您今年迄今執行的交易的價差是多少？你們的目標價差是否是我們應該長期考慮的？

Blaine, this is Matts. I can start with the cost of our capital. So let's start with that. So if we were to go out and originate long-term debt, would be in the private placement market, we've been very successful there. We would likely issue something between a 7- and 10-year tenure, probably mix both of those. If we were to go to market today, we're in the 5.75% area, notably below the cap rates that we just discussed in a couple of questions ago.

布萊恩，這是馬茨。我可以從我們的資本成本開始。那麼讓我們從這個開始吧。因此，如果我們要出去發行長期債務，那就是在私募市場，我們在那裡非常成功。我們可能會發行 7 年至 10 年任期的債券，也可能將兩者混合使用。如果我們今天進入市場，我們將處於 5.75% 的區域，尤其低於我們剛剛在幾個問題中討論過的上限利率。

In terms of the equity, we're comfortable with where we should equity because we had accretive uses for those proceeds. As we sit here today, we would need appropriate uses for additional equity, right? There has been modest increases in the acquisition activity, but I really want to emphasize modest, particularly compared to what we look like in 2019.

就股權而言，我們對應該股權的地方感到滿意，因為我們對這些收益有增值用途。當我們今天坐在這裡時，我們需要適當地使用額外的股權，對嗎？收購活動略有增加，但我真的想強調適度的增加，特別是與 2019 年的情況相比。

So we sit here today, we like where the balance sheet is. We're looking at the opportunities. We're hoping the opportunities increase, but we're very cognizant of the stabilized yield versus the cost of debt, and I think that's flowing through.

所以我們今天坐在這裡，我們喜歡資產負債表的情況。我們正在尋找機會。我們希望機會增加，但我們非常清楚穩定的收益率與債務成本的關係，我認為這正在發生。

Yes. And then just on the opportunity side, Blaine, I mean this quarter, we are really excited about the 2 acquisitions we executed on the low 6% cash cap range. We can add a lot of value to those assets as well. When you look at what we closed subsequent those 6 buildings, 3-ish, call it, WAULT, 3-year WAULT on those opportunities we can add value to as well.

是的。然後就機會而言，Blaine，我的意思是本季度，我們對在 6% 的低現金上限範圍內執行的兩次收購感到非常興奮。我們也可以為這些資產增加很多價值。當你看到我們隨後關閉的那 6 棟建築時，大約 3 棟，稱之為“WAULT”，“3 年 WAULT”，我們也可以為這些機會增加價值。

And then when you think about some of these development opportunities that we're close to closing on a few of these those are going to generate even higher returns. And we feel like in markets that are some of our stronger markets. So great opportunities and certainly accretive uses for where we can raise incremental capital today.

然後，當你想到我們即將實現的一些發展機會時，其中一些將產生更高的回報。我們覺得我們的市場是一些更強大的市場。如此巨大的機會和肯定的增值用途，讓我們今天可以籌集增量資本。

All right. That's really helpful. Second question, just -- are there any common themes or traits in the properties you guys have sold or those that you guys are targeting for sale in the rest of the year? Any specific markets you might be looking to exit or kind of industries that you're trying to avoid? Or is it just more opportunistic?

好的。這真的很有幫助。第二個問題，你們已經出售的房產或你們計劃在今年剩餘時間出售的房產有什麼共同的主題或特徵嗎？您可能希望退出的任何特定市場或您試圖避免的行業？或者這只是更多的機會主義？

Yes. On the industries, not really, right? We're really focused on the real estate. So it's a good piece of real estate, we'll deal with the tenants. With respect to the dispositions, there was a couple of opportunistic dispositions. I think year-to-date, we're in the mid-5s for a disposition cap rate, which in this environment was pretty good. And a lot of those properties, Blaine, are either on the cusp of our CBRE Tier 1 markets or just locations that we feel like long term are not maybe the best for us, one example of a sale was to the tenant itself, who just wanted to own the building. So it was a great opportunity for us to realize a pretty good yield while improving the overall quality of the portfolio.

是的。就行業而言，並非如此，對嗎？我們確實專注於房地產。所以這是一塊很好的房地產，我們會和租戶打交道。就處置而言，有一些機會主義的處置。我認為今年迄今為止，我們的處置上限率處於 5 左右，在這種環境下這是相當不錯的。布萊恩，這些房產中有很多要么位於我們世邦魏理仕一級市場的風口浪尖，要么只是我們認為從長遠來看可能對我們來說不是最好的位置，一個出售的例子是租客本身，他們只是想擁有這棟大樓。因此，這對我們來說是一個很好的機會，可以在提高投資組合整體質量的同時實現相當不錯的收益率。

Our next question comes from Camille Bonnel with Bank of America.

我們的下一個問題來自美國銀行的卡米爾·博內爾。

Can you talk to the downtime trends in your portfolio? Clearly, you've made significant progress on leasing this year, and even factoring in lower retention, your occupancy looks to improve. So just trying to get a sense if anything can detract from this trajectory in the second half of the year?

您能談談您的投資組合中的停機趨勢嗎？顯然，今年您在租賃方面取得了重大進展，即使考慮到較低的保留率，您的入住率似乎也會有所提高。那麼，只是想了解一下今年下半年是否有什麼因素會偏離這一軌跡？

Yes. From a downtime perspective, we're not seeing material changes. I mean, it's basically flat or up just a little bit, but we're not seeing any material changes there. What we're seeing changes in is just tenants taking a little bit longer to make decisions. So leasing space well in advance, a year in advance, like they were last year versus now they're taking a little bit more time making those decisions. Part of that is just due to their outlook on the economy, part of that's due to putting capital in the building and making a long-term commitment to the space, and weighing the decision to either go in the space themselves or utilize the 3PL network.

是的。從停機時間的角度來看，我們沒有看到重大變化。我的意思是，它基本上持平或略有上升，但我們沒有看到任何實質性變化。我們看到的變化只是租戶需要更長的時間才能做出決定。因此，提前一年租賃空間，就像去年一樣，而現在他們需要更多的時間來做出這些決定。部分原因是他們對經濟的看法，部分原因是他們在建築上投入了資金並對這個空間做出了長期承諾，並權衡了自己進入這個空間還是利用 3PL 網絡的決定。

So from a downtime perspective, from a concession perspective, nothing material from a TIs, those are pretty flat on a free rent, and we're hearing rumblings in the market that free rents up a little bit. We're not seeing that in our portfolio. We're not seeing that in our lease proposals, so overall, it's pretty consistent with what it has been.

因此，從停機時間的角度來看，從特許權的角度來看，TI 沒有任何實質性內容，這些在免費租金方面相當平穩，而且我們聽到市場上有關於免費租金略有上漲的傳言。我們在我們的投資組合中沒有看到這一點。我們在租賃提案中沒有看到這一點，所以總的來說，它與過去的情況非常一致。

That's very helpful. And just a bigger picture question on the transaction market, given it looks like you're starting to get more active, what's your view on what's driving deals across the line now despite no real changes around interest rate and questions around the economy. And have you seen any changes in appetite from sellers and buyers in the recent weeks?

這非常有幫助。關於交易市場的一個更大的問題是，鑑於您似乎開始變得更加活躍，儘管利率和經濟問題沒有真正的變化，但您對現在推動交易的因素有何看法。最近幾週，您看到賣家和買家的興趣有什麼變化嗎？

What I think time has been helpful in that respect. I think the volatility of interest rates coming down has helped. So the stable say, another way, the stabilization of interest rates. And now sellers really understand where their cost of capital is. And when they know that, that generates where they're willing to trade their assets.

我認為時間在這方面很有幫助。我認為利率波動性的下降有所幫助。所以說穩定，換個說法，就是利率的穩定。現在賣家真正了解他們的資金成本在哪裡。當他們知道這一點時，他們就會願意交易他們的資產。

So you're seeing that bid-ask spread between sellers and buyers come down. And that's really what's starting to fuel the transaction market. A couple of big portfolio deals got done. There's 1 or 2 on the market today as well. And those just give a little more confidence to both sides of the equation of what's the right market.

所以你會看到賣家和買家之間的買賣價差下降了。這確實開始推動交易市場的發展。幾筆大型投資組合交易已經完成。今天市場上也有 1 或 2 個。這些只是讓雙方對什麼是正確的市場更有信心。

When you have a rapid rise in interest rates like we had over the past couple of years, sellers don't know what their properties are valued at. And now that we've had stabilization, I think people are more comfortable with the value of the properties, and that's why you're seeing deals get done.

當利率像過去幾年那樣迅速上升時，賣家不知道他們的房產的價值是多少。現在我們已經穩定下來，我認為人們對房產的價值更加滿意，這就是為什麼你會看到交易完成。

Our next question comes from Nick Thillman with Baird.

我們的下一個問題來自尼克·蒂爾曼和貝爾德。

Maybe touching a little on leasing now with 94% of '23 kind of in the books here. I mean as we're looking out into '24, do you have any like early indication of kind of where those spreads are coming in? Just trying to get a sense of we have a sustainable like same-store performance here going forward?

也許現在會稍微涉及一下租賃，這裡的書裡有 23 年 94% 的內容。我的意思是，當我們展望 24 年時，您是否有任何類似的早期跡象表明這些利差將出現在哪裡？只是想了解一下我們未來的同店業績是否可持續？

Nick, you know I'm not going to answer the '24 leasing spreads. But I will say the supply-demand dynamic in our markets continues to be pretty balanced. We really like how our portfolio sits and how it fits our submarkets. We said this on the last call, we had some El Paso assets roll this year. We had a couple of buildings roll in Southern New Jersey. We don't have those same markets rolling next year. But with that being said, supply starts -- development supply starts are down pretty significantly year-over-year. That's the impact like through the back half of '24. How much of an impact that's going to have, it's hard to measure that today.

尼克，你知道我不會回答 24 年的租賃價差問題。但我想說的是，我們市場的供需動態仍然相當平衡。我們非常喜歡我們的投資組合以及它如何適合我們的子市場。我們在上次電話會議上說過，今年我們滾動了一些埃爾帕索資產。我們在新澤西州南部建造了幾座建築物。明年我們不會再有同樣的市場了。但話雖如此，供應開工——開發供應開工同比大幅下降。這就是 24 世紀下半年的影響。這會產生多大的影響，今天很難衡量。

But overall, we're really comfortable with the portfolio sits. I think if you look at same-store, last year, we had some occupancy gains in same-store and you had half the leasing spreads, we had no credit loss. This year, we're still budgeting some credit loss, and we were 5% same-store last year.

但總的來說，我們對產品組合非常滿意。我認為，如果你看看同店，去年我們的同店入住率有所增加，而租賃利差只有一半，我們沒有信用損失。今年，我們仍在預算一些信用損失，去年同店信用損失為 5%。

This year, we're still budgeting credit loss, we had doubled the leasing spreads. We had 50 basis points of average occupancy loss, and we're still in that 5% plus range in same store. So I think you back of the envelope, this it's hard to think we're not kind of in a sustainable same-store range for a period of time.

今年，我們仍在預算信貸損失，我們已將租賃利差翻倍。我們的平均入住率損失了 50 個基點，而同一家商店的入住率仍處於 5% 以上的範圍內。所以我認為你從信封上看，很難認為我們在一段時間內沒有處於可持續的同店範圍內。

That's helpful. And then maybe looking at the third quarter acquisitions too far, it seems as though a little bit more smaller builds, maybe around like 80,000 square feet. So is this more of a shift into just kind of meet that demand? Or this is kind of what you're seeing transact on the market today.

這很有幫助。然後，也許把第三季度的收購看得太遠了，似乎建築面積更小了一些，可能大約有 80,000 平方英尺。那麼這更多的是為了滿足這種需求嗎？或者這就是您今天在市場上看到的交易。

Part of what we're seeing transact in the market, I mean, we're certainly willing to buy bigger buildings. But if it has a shorter WAULT on that bigger book building, it's going to result in us paying less for it because of the way the market is today. So I think you're seeing sellers not put those large buildings with shorter WAULT on the market because they know they won't transact at the appropriate yield they're looking for. So I think part of it is a mix change in terms of what's on the market and part of it is just pricing given market dynamics.

我的意思是，我們在市場上看到的部分交易，我們當然願意購買更大的建築。但如果它在更大的簿記建檔上的 WAULT 更短，那麼由於當今市場的情況，我們將為此支付更少的費用。因此，我認為賣家不會將那些 WAULT 較短的大型建築投放到市場上，因為他們知道自己不會以所需的適當收益率進行交易。因此，我認為部分原因是市場上產品的混合變化，部分原因是考慮到市場動態的定價。

Our next question comes from Michael Carroll with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的邁克爾·卡羅爾。

I wanted to follow up on the 2024 lease expirations. I know, Bill, in your earlier comments, you're talking about, I don't know, some slowdown in the larger blocks of space. I mean if you're looking out at 2024, I mean is there a number of large blocks expiring next year? Or how is that mix compared to this year or the past few years?

我想跟進 2024 年租約到期的情況。我知道，比爾，在你之前的評論中，你正在談論，我不知道，更大的空間塊的一些放緩。我的意思是，如果你展望 2024 年，我的意思是是否有許多大型區塊明年到期？或者與今年或過去幾年相比，這種組合如何？

What we're seeing is the slowdown in demand, and you can put a pin in what number you want to use as large, 500,000 square feet and above is what we use. In terms of next year, we have nothing 500,000 square feet or above this rolling and we don't have anything even 400,000 square feet or above that's rolling next year. So for us, what's rolling meets the demand in our submarkets. So there's nothing abnormal that's happening next year. And just to remind you, our average lease size is 140,000 square feet. So it meets a lot of the demand that's in the market.

我們看到的是需求的放緩，你可以把你想要使用的數字釘在大號上，500,000平方英尺及以上是我們使用的。就明年而言，我們沒有任何 500,000 平方英尺或以上的土地正在滾動，我們甚至沒有任何 400,000 平方英尺或以上的土地正在滾動。所以對我們來說，滾動的東西滿足了我們子市場的需求。所以明年不會發生任何異常情況。謹提醒您，我們的平均租賃面積為 140,000 平方英尺。所以它滿足了市場上的很多需求。

Our next question comes from Mike Mueller with JPMorgan.

我們的下一個問題來自摩根大通的邁克·穆勒。

I'm curious on the development pipeline, can you give us a sense as to how large you want that program to be either, say, relative to annual dollars deployed versus acquisitions or relative to your total market cap. Just some guidelines there.

我對開發渠道很好奇，您能否告訴我們您希望該計劃有多大，例如相對於每年部署的美元與收購或相對於您的總市值。只是一些指導方針。

Yes. It's still early days, Mike. As we get more of these under contract or we start to close on more of these we'll lay out a schedule and give some threshold there, but we've got a ways to go before we're putting out thresholds. I know some of the others in the sector have a 10% of enterprise value cap or a little bit north of that. For us, it will be lower than that, just given it's a newer endeavor for us. But as we close more of these, we'll certainly provide some of that guidance.

是的。現在還為時尚早，邁克。當我們根據合同獲得更多此類產品或開始完成更多此類產品時，我們將製定時間表並給出一些閾值，但在設置閾值之前我們還有很長的路要走。我知道該行業的其他一些公司的企業價值上限為 10% 或稍高一些。對我們來說，它會比這個低，因為這對我們來說是一個新的嘗試。但隨著我們關閉更多這些，我們肯定會提供一些指導。

(Operator Instructions) Our next question comes from Bill Crow with Raymond James.

（操作員說明）我們的下一個問題來自 Bill Crow 和 Raymond James。

Bill, you quoted development starts down 30%. I think others have talked about down 40%. I'm just curious whether you're seeing evidence that the development reduction might be longer duration in nature? Or is this just really a pause? I mean are you seeing anything from merchant builders cutting headcount or selling entitled land at a faster pace. It's unique and that fundamentals are really, really strong, and we're seeing development slowing dramatically. So everybody just on the sidelines, they're going to jump in as soon as the financial markets, the lending markets recover? Or what's your take on that?

比爾，你提到的開發開工率下降了 30%。我想其他人也談到過下降 40%。我只是好奇你是否看到證據表明發展減少實際上可能持續更長的時間？或者這真的只是一個暫停？我的意思是，你是否看到商業建築商削減員工人數或以更快的速度出售有權利的土地。它是獨一無二的，而且基本面非常非常強勁，但我們看到發展速度急劇放緩。所以每個人都在觀望，一旦金融市場、貸款市場復甦，他們就會介入？或者你對此有何看法？

Yes. It's a really good question. We're seeing a lot of different things in the market today. I mean we're certainly partnering with some developers. As I mentioned, we are seeing some entitled land sites come on the market, the merchant developers that can sit on land are sitting on land, what starts the wave of supply again, I think you're going to need a pretty significant decrease in interest rates for that to happen. I think that's really been a big issue for the merchant developers.

是的。這是一個非常好的問題。今天我們在市場上看到了很多不同的東西。我的意思是我們肯定會與一些開發商合作。正如我所提到的，我們看到一些有資格的土地出現在市場上，可以坐擁土地的商業開發商正在坐擁土地，這再次引發了供應浪潮，我認為您將需要大幅減少利率來實現這一點。我認為這對於商家開發商來說確實是一個大問題。

The markets are great. The fundamentals are great, but it's really the interest rates and the debt capital markets that's putting them on the sidelines. So I haven't seen, I guess I'm not close to it to see how much -- if they're cutting head count or whatnot there. I think what they're trying to do is derisk their portfolio as much as they can, and that's where we're looking to partner with some of these folks.

市場很大。基本面很好，但真正讓他們觀望的是利率和債務資本市場。所以我還沒有看到，我想我還沒有接近看到有多少——如果他們正在削減員工人數或其他什麼。我認為他們想做的就是盡可能降低投資組合的風險，這就是我們希望與其中一些人合作的地方。

There are no further questions at this time. I would now like to turn the floor back over to Bill Crooker for closing comments.

目前沒有其他問題。我現在想把發言權交還給比爾·克魯克（Bill Crooker）徵求結束意見。

Thank you all for attending the call this morning. I appreciate the questions and appreciate your support, and we look forward to talking to you all soon. Thank you.

感謝大家今天早上參加電話會議。我感謝您提出的問題並感謝您的支持，我們期待很快與您交談。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。