STAG Industrial Inc (STAG) 2024 Q3 法說會逐字稿

Greetings and welcome to the STAG Industrial, Inc., third-quarter 2024 earnings conference call. ( Instructions)

問候並歡迎參加 STAG Industrial, Inc. 2024 年第三季財報電話會議。（ 指示）

It is now my pleasure to introduce Steve Xiarhos, Senior Associate, Investor Relations and Capital Markets. Thank you. You may begin.

現在我很高興介紹投資者關係和資本市場高級助理史蒂夫夏羅斯 (Steve Xiarhos)。謝謝。你可以開始了。

Thank you. Welcome to STAG Industrial's conference call covering the third-quarter 2024 results. In addition to the press release distributed yesterday, we 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 2024 年第三季業績電話會議。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資訊報告。

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.

在今天的電話會議上，公司準備好的評論和對您的問題的回答將包含 1995 年《私人證券訴訟改革法》定義的前瞻性陳述。前瞻性陳述涉及受風險和不確定因素影響的事項，這些風險和不確定因素可能導致實際結果與今天討論的結果不同。

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.

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

我們鼓勵所有聽眾查看公司向美國證券交易委員會提交的文件中與這些前瞻性陳述相關的更詳細討論，以及公司網站上提供的補充資訊包中包含的非公認會計準則指標的定義和對帳。提醒一下，前瞻性陳述代表管理階層截至今天的估計。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. Also here with us today is Mike Chase, our Chief Investment Officer; and Steve Kimball, EVP of Real Estate Operations. We're available to answer questions specific to their areas of focus.

在今天的電話會議上，您將聽到我們的執行長 Bill Crooker 的演講；以及我們的財務長 Matts Pinard。今天和我們在一起的還有我們的首席投資長 Mike Chase；以及房地產營運執行副總裁史蒂夫金博爾 (Steve Kimball)。我們可以回答針對他們關注領域的具體問題。

I'll now turn the call over to Bill.

我現在將電話轉給比爾。

Thank you, Steve. Good morning, everybody, and welcome to the third-quarter earnings call for STAG Industrial. We are pleased to have you join us and look forward to telling you about the third-quarter 2024 results. We are happy to report another strong quarter of operating results.

謝謝你，史蒂夫。大家早安，歡迎參加 STAG Industrial 第三季財報電話會議。我們很高興您加入我們，並期待向您介紹 2024 年第三季的業績。我們很高興地報告本季又取得強勁的經營業績。

The industrial supply pipeline continues to contract, and absorption remains stable in many of our markets. Availability and vacancy appear to be approaching a trough, although our expectation remains that we won't see an inflection point until the back half of next year. Market rent growth for our portfolio stands at 3.2% through September 30, keeping us on track for full-year market rent growth of approximately 4%.

工業供應管道持續收縮，許多市場的吸收量保持穩定。可用性和空置率似乎正在接近低谷，但我們仍然預計要到明年下半年才會看到轉折點。截至 9 月 30 日，我們投資組合的市場租金成長率為 3.2%，使我們全年市場租金成長率保持在約 4% 的水平。

The leasing market is active with tenants committing to space. I'm happy to report that we have already leased 38% of the square feet we currently expect to lease in 2025, achieving cash leasing spreads of 24.1%. This level of leasing is on a similar pace to last year.

租賃市場活躍，租戶紛紛簽訂租賃協議。我很高興地報告，我們已經租用了目前預計 2025 年租賃面積的 38%，實現了 24.1% 的現金租賃利差。這一租賃水準與去年同期相比持平。

On October 22, American Tire Distributors voluntarily filed for Chapter 11 bankruptcy. In conjunction with this filing, the tenant entered into a restructuring support agreement with participation from the current holders of its term loans. American Tire Distributors is the nation's largest independent tire distributor with over 80,000 customers. American Tire Distributors operates within seven of our facilities across 841,000 square feet. They represent 1% of our annualized base rent or approximately $6.1 million.

10月22日，美國輪胎經銷商自願申請第11章破產。結合此次申請，租戶與其定期貸款現有持有人的參與達成了重組支持協議。美國輪胎分銷商是美國最大的獨立輪胎分銷商，擁有超過 80,000 名客戶。American Tire Distributors 在我們的七個設施內開展業務，佔地 841,000 平方英尺。它們占我們年基本租金的 1%，約 610 萬美元。

In the aggregate, these seven leases have rents at market, and all seven buildings are actively utilized. All leases are current with zero missed rental payments. We are monitoring the situation closely. This event is reflected in our updated guidance provided in yesterday's earnings release, including core FFO per share for the year.

總體而言，這七份租約的租金與市場價格一致，並且七棟建築都得到了積極的利用。所有租約均有效，且沒有出現任何逾期租金的情況。我們正在密切監視局勢。這一事件反映在我們昨天的收益報告中提供的最新指引中，包括全年每股核心 FFO。

The acquisition market regained momentum in the third quarter, with activity noticeably accelerating post Labor Day. Acquisition volume for the third quarter totaled $113 million. This consisted of six buildings with cash and straight-line cap rates of 6.7% and 7.2% respectively.

收購市場在第三季恢復成長勢頭，勞動節後活動明顯加速。第三季的收購總額為1.13億美元。其中包括六棟建築，現金和直線資本化率分別為 6.7% 和 7.2%。

During the quarter, we acquired a five-property portfolio totaling 290,000 square feet. The total acquisition cost was $78.1 million with a cash cap rate of 6.9%. The portfolio is located in the supply-constrained Route 128, Route 3 submarkets of Boston, Massachusetts. All of the buildings are located within close proximity to I-93, I-95, and I-495. The portfolio is 100% leased to five tenants with a WAULT of 4.9 years and weighted average lease escalations of 3.75%. Subsequent to quarter end, we acquired two buildings for $66.6 million at a 6.3% cash cap rate.

本季度，我們收購了五處房產，總面積達 29 萬平方英尺。總收購成本為 7,810 萬美元，現金資本化率為 6.9%。該投資組合位於馬薩諸塞州波士頓供應受限的 128 號公路和 3 號公路子市場。所有建築物都位於 I-93、I-95 和 I-495 附近。該投資組合 100% 出租給五個租戶，WAULT 為 4.9 年，加權平均租賃上漲率為 3.75%。季度末之後，我們以 6.3% 的現金資本化率收購了兩棟建築，耗資 6,660 萬美元。

On the development front, as of September 30, we have over 2.1 million square feet of activity across nine buildings in the US. In July, we closed on a 5-acre land site. The planned 76,000-square-foot building will be developed with an estimated delivery date of Q3 2025.

在開發方面，截至 9 月 30 日，我們在美國 9 棟建築內擁有超過 210 萬平方英尺的業務。7 月份，我們購得了一塊面積為 5 英畝的土地。計劃建造的建築面積為 76,000 平方英尺，預計交付時間為 2025 年第三季。

In August, we closed on our first single asset joint venture with a national developer. The project will consist of a single 284,000-square-feet distribution facility capable of accommodating up to two tenants with an estimated delivery date of Q4 2025. Both projects sit in the North Valley submarket of Reno, which has experienced robust tenant demand and rent growth over the past several years and continues to be a premier location in the market for distribution tenants.

八月，我們與一家國家開發商建立了第一個單一資產合資企業。該項目將包括一個 284,000 平方英尺的配送設施，最多可容納兩個租戶，預計交付日期為 2025 年第四季。這兩個項目都位於裡諾的北穀子市場，該子市場在過去幾年中經歷了強勁的租戶需求和租金增長，並繼續成為分銷租戶市場的首選地段。

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

接下來，我將把主題交給馬特斯 (Matts)，他將介紹我們剩餘的結果和指導更新。

Thank you, Bill, and good morning, everyone. Core FFO per share was $0.60 for the quarter, an increase of 1.7% as compared to the third quarter of last year. Cash available for distribution for the third quarter totaled $88 million. We have retained approximately $75 million of cash flow after dividends paid through September 30 of this year. These dollars are available for incremental investment opportunities, debt repayment, and other general corporate purposes.

謝謝你，比爾，大家早安。本季每股核心 FFO 為 0.60 美元，較去年第三季成長 1.7%。第三季可供分配現金總額為 8,800 萬美元。截至今年 9 月 30 日，我們在支付股息後保留了約 7,500 萬美元的現金流。這些資金可用於增量投資機會、償還債務和其他一般公司用途。

Net debt to annualized run rate adjusted EBITDA was 5.1 times, and liquidity stood at $974 million at quarter end, inclusive of available forward ATM proceeds.

淨債務與年化運轉率調整後 EBITDA 比率為 5.1 倍，季末流動資金為 9.74 億美元，其中包括可用的遠期 ATM 收益。

During the quarter, we commenced 20 leases totaling 3.3 million square feet, which generated cash and straight-line leasing spreads of 24.6% and 34.3%, respectively. As of today, we have achieved 99.5% of the leasing we expect to accomplish in 2024 or approximately 13.2 million square feet at cash leasing spreads of 28.5%. There are six large leasing spread outliers totaling 1.2 million square feet that featured aggregate positive cash leasing spreads of almost 100%. Excluding these leases, cash leasing spreads would be 22.5% for the year.

本季度，我們開始簽訂 20 份租約，總計 330 萬平方英尺，分別產生 24.6% 和 34.3% 的現金和直線租賃利差。截至今天，我們已實現預計 2024 年租賃目標的 99.5%，約 1,320 萬平方英尺，現金租賃利差為 28.5%。有六個較大的租賃利差異常值，總計 120 萬平方英尺，總現金租賃利差接近 100%。除去這些租賃，全年現金租賃利差將為 22.5%。

As mentioned by Bill, we have accomplished 38% of the square feet we currently expect to lease in 2025, achieving 24.1% cash leasing spreads, spreads that are relatively in line with the adjusted 2024 level.

正如比爾所提到的，我們已經完成了目前預計 2025 年租賃面積的 38%，實現了 24.1% 的現金租賃利差，該利差與調整後的 2024 年水平相對一致。

We achieved same-store cash NOI growth of 4.4% for the quarter and 6.1% year-to-date. We've increased our annual same-store cash NOI guidance to a range of 5.25% to 5.5% for the year or a 12.5-basis-point increase at the midpoint.

本季度，我們實現了同店現金淨營運收入成長 4.4%，年初至今實現了 6.1% 的成長。我們已將年度同店現金淨營運收入指引上調至 5.25% 至 5.5% 的範圍，或中間值增加 12.5 個基點。

Moving to capital market activity. In the third quarter, we issued 2.3 million shares on a forward basis under ATM program at a gross average share price of $39.89, resulting in gross proceeds of $93 million. As of today, we have $164 million of forward equity proceeds available to fund at our discretion at a net share price of $38.86. This equity will be used to pay down the revolver and match fund our acquisition and development pipeline.

轉向資本市場活動。第三季度，我們根據 ATM 計劃以遠期方式發行了 230 萬股股票，總平均股價為 39.89 美元，總收益為 9,300 萬美元。截至今天，我們有 1.64 億美元的遠期股權收益可供我們自行決定，淨股價為 38.86 美元。該股權將用於償還循環信貸以及配套資金用於我們的收購和開發管道。

On September 10, we refinanced our $1 billion senior unsecured credit facility. The refinanced revolving credit facility matures in September 2028, with two six-month extension options and no change to pricings or covenants. Subsequent to quarter end, we fully repaid our $50 million private placement note A, which matured on October 1.

9月10日，我們對10億美元的優先無擔保信貸額度進行了再融資。再融資循環信用額度將於 2028 年 9 月到期，有兩個六個月的延期選擇，定價或契約不會改變。季度末之後，我們全額償還了 10 月 1 日到期的 5,000 萬美元私募票據 A。

Moving to guidance, we made the following updates. As previously mentioned, we have increased the cash same-store growth expectation to a range of 5.25% to 5.5%, an increase of 12.5 basis points at the midpoint.

根據指導，我們做了以下更新。如前所述，我們已將現金同店成長預期上調至 5.25% 至 5.5% 之間，中間值增加了 12.5 個基點。

Additionally, we have increased and narrowed the range of expected acquisition volume to a range of $500 million to $700 million. G&A expectations for the year have been decreased to a range of $49 million to $50 million, a decrease of $500,000 at the midpoint. These guidance changes result in core FFO guidance revision to a range of $2.38 to $2.40 per share, an increase of $0.01 at the midpoint.

此外，我們已將預期收購額範圍擴大並縮小至 5 億美元至 7 億美元之間。今年的一般及行政開支預期已下調至 4,900 萬美元至 5,000 萬美元之間，中間值減少了 50 萬美元。這些指導變化導致核心 FFO 指導修改為每股 2.38 美元至 2.40 美元的範圍，中間值增加 0.01 美元。

I want to note that we've also added a new slide to our supplemental information package. Given the increase in development projects, we've added this slide to detail each project in our development pipeline. This can be found on page 10 of our supplemental information package.

我想指出的是，我們還在補充資訊包中添加了一張新幻燈片。鑑於開發項目的增加，我們添加了此投影片來詳細介紹我們開發流程中的每個項目。您可在我們的補充資訊包的第 10 頁找到此資訊。

I will now turn it over to Bill.

現在我將把話題交給比爾。

Thank you, Matts, and thank you to the rest of our team for their continued hard work and achievement towards our 2024 goals.

謝謝你，馬茨，也感謝我們團隊的其他成員為實現我們的 2024 年目標而持續的努力和取得的成就。

We'll now turn it back to the operator for questions.

我們現在將問題交還給接線員。

(Operator Instructions)

（操作員指令）

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Bill, maybe just going back to your commentary about the leasing market getting more active. Over the last year or so, you guys have become less active than historically partly on cost of capital and then just deal flow. What do you think it is now that's really kind of opening up the deal pipeline to you guys? Is it just the cost of capital? Or are you just seeing better opportunities out there?

比爾，也許只是回到你關於租賃市場變得更加活躍的評論。在過去一年左右的時間裡，你們的活躍程度已經不如以前了，部分原因是由於資本成本，其次是交易流程。您認為現在什麼對你們來說真正有助於開啟交易管道？這僅僅是資本成本嗎？或者您只是看到了更好的機會？

And kind of what -- do you think we could get back to sort of the baseline level of acquisitions you guys were doing a couple of years ago?

您認為我們能回到幾年前你們進行的收購的基準水平嗎？

Thanks, Craig. And just to clarify, you're referencing the acquisition market, right? I thought I heard leasing market.

謝謝，克雷格。只是為了澄清一下，您指的是收購市場，對嗎？我以為我聽過租賃市場。

Sorry, the acquisition market, yes.

抱歉，收購市場是的。

Yeah. Okay, yeah. Yeah, I think that's a number of things. I think there's -- it was pent up, call it, seller demand to sell properties. So we've seen a lot more properties on the market.

是的。好的，是的。是的，我認為有很多事情。我認為，這是一種被壓抑的、可以稱之為賣方出售房產的需求。因此，我們在市場上看到更多的房產。

I think with rates stabilizing for a period of time, it reduced the bid-ask spread. So you saw a lot of transactions occurring. And I think there's just a lot of confidence that where we can buy a building, the cap rates we can pay for it, but that's market.

我認為隨著利率在一段時間內保持穩定，買賣價差會縮小。所以你看到很多交易發生。我認為，我們對可以在哪裡購買建築物以及可以支付的資本化率充滿信心，但這就是市場。

So we're seeing a lot of opportunities. Our pipeline, as you saw, moved a little bit north of $4 billion, which was nice to see. About 75% of that pipeline is individual assets across the CBRE Tier-1 markets. About 20% of that pipeline is, you call it, portfolios, anywhere from five buildings or more. And about 5% of the pipeline is development.

因此我們看到了很多機會。正如您所看到的，我們的管道價值已略微超過 40 億美元，這是令人欣慰的。其中約 75% 為 CBRE 一級市場中的個人資產。該管道中約有 20% 是所謂的投資組合，涵蓋五棟或更多棟建築。其中約有 5% 正在開發中。

So I think it's -- regarding your second part of your question and what pace of acquisitions we can achieve, I think it's going to be subject to interest rates and seller expectations. When we look at transactions, we price transactions to be accretive day 1 and typically with some growth embedded in it, whether it'd be from escalators or mark-to-market and we make sure that those acquisitions at the submarkets that they're in really well.

所以我認為——關於你問題的第二部分以及我們可以實現的收購速度，我認為這將取決於利率和賣方的預期。當我們審視交易時，我們會將交易定價為第一天就具有增值性，並且通常會包含一些增長，無論是通過自動增值還是按市價計算，我們都會確保這些收購是在子市場進行的。好。

So certainly happy with the progress we've had on the acquisition front this year. We raised our guidance. We've had a bit of success subsequent to quarter end, and we closed another $67 million of acquisitions subsequent to quarter end.

因此，我們對今年在收購方面取得的進展感到非常高興。我們提高了指導價。我們在季度末之後取得了一些成功，我們在季度末之後又完成了另外 6700 萬美元的收購。

So the pace right now is really strong. Typically, the fourth quarter is the biggest quarter with regards to acquisitions. We'll see if that pans out this year. But overall, we're really happy with what we're seeing in the acquisition market.

所以現在的步伐非常強勁。通常，第四季是收購最多的季度。我們將看看今年是否會成功。但總體而言，我們對收購市場的現狀感到非常滿意。

And just from a competitive standpoint, I know you guys are in markets with other REITs, but largely not as much overlap. I mean, is that the competitive advantage here that your local peers may just need to source financing and you guys are all cash, and that has given you surety you've closed. Like is there a differentiator for you guys? Or is it solely just your cost of capital is getting better, you could maybe be a little bit more flexible on price and that's what's getting the deal flow back up?

而且從競爭的角度來看，我知道你們與其他房地產投資信託基金處於同一市場，但重疊程度並不大。我的意思是，這裡的競爭優勢在於您當地的同行可能只需要尋找融資，而您都是現金，這給了您完成交易的保證。你們之間有什麼差別嗎？或者只是因為您的資本成本正在改善，您在價格上可能更靈活一些，這就是交易流回升的原因？

Yeah, I think it's a combination. It depends on what markets we're in, who our competition is. And a lot of our competition has been private equity, and it's a large institutional private equity. I think we still have a cost of capital advantage against some of those folks, but then it comes down to maybe their return metrics, maybe a little bit more aggressive than ours or they have their underwriting differently. But oftentimes, we do compete against small local regional private equity, where not only do we have a cost of capital advantage, but we have that surety of close.

是的，我認為這是一個結合。這取決於我們處於什麼市場，我們的競爭對手是誰。我們的競爭對手很多都是私募股權，而且是大型機構私募股權。我認為與其中一些公司相比，我們仍然具有資本成本優勢，但這可能取決於他們的回報指標，可能比我們更激進一些，或者他們的承保方式不同。但很多時候，我們確實會與當地小型區域私募股權競爭，我們不僅在資本成本上具有優勢，而且還有成交的保證。

And over the years, especially in the fourth quarter, there has been opportunities where sellers need to close a disposition in their case, an acquisition in our case by year-end. And because of the processes and the people we have in place, we're able to close relatively quickly.

多年來，尤其是在第四季度，賣方需要在年底前完成處置，在我們看來則是完成收購。由於我們現有的流程和人員，我們能夠相對快速地完成任務。

So surety of close is a priority for some sellers. So there's oftentimes that we're not the highest bid, but because of our reputation, because of our broker network, and our surety of close, we're able to get those transactions. So short answer to your question, it's a combination of cost of capital advantage, reputation, and surety of close.

因此，對一些賣家來說，成交保證是首要考慮的問題。因此，很多時候我們並不是出價最高的，但由於我們的聲譽、我們的經紀人網絡和我們的成交保證，我們能夠獲得這些交易。所以對你的問題的簡短回答是，它是資本成本優勢、聲譽和成交保證的結合。

And if I could sneak one more quick one in. Any comment on what the Exeter transaction during the quarter kind of means potentially for the valuation of your portfolio?

如果我可以再偷偷地快速進去一次。您對本季埃克塞特交易對您的投資組合估值有何潛在影響有何評論？

Yeah. I don't want to talk specifically about other transactions in the market, but I think as we view our portfolio, we view the submarkets our portfolio are in, where the supply/demand dynamics are heading, we feel like there's a lot of upside to our portfolio going forward. And frankly, we're happy with where the portfolio is going.

是的。我不想具體談論市場上的其他交易，但我認為，當我們審視我們的投資組合、審視我們的投資組合所在的子市場、審視供應/需求動態走向時，我們覺得有很大的上行空間加入我們未來的產品組合。坦白說，我們對投資組合的走向感到滿意。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Maybe touching a little bit on 2025 leasing. I appreciate the update on spreads, how they're tracking thus far. Do you think that's kind of indicative of where -- as you look at '25 role, is that a good representation of what you guys are rolling and what you kind of expect for the full year without --

或許會稍微涉及 2025 年的租約。我很欣賞有關利差的更新以及迄今為止它們的追蹤情況。你覺得這能說明什麼嗎？--

Yeah. Nick, we'll give a range for our leasing spreads that we always do in our February guidance for 2025. But this is indicative of what we expect at this point, but we'll give a range as we move into '25.

是的。尼克，我們將在 2025 年 2 月的指引中給出我們一貫的租賃利差範圍。但這顯示了我們目前的預期，但我們會在進入25年時給出一個範圍。

And then maybe a follow-up for Matts. On just bad debt, maybe what was it in 3Q. I appreciate the update on American Tire, but any other tenants on the watch list or things we should be watching out for?

然後也許是對 Matts 的後續報導。僅就壞帳而言，也許第三季的情況是這樣的。我很欣賞有關 American Tire 的最新消息，但還有其他租戶在關註名單上嗎？

Good morning, Nick. So in terms of the watch list, it's similar as it was 90 days ago. We've experienced about $1.4 million of credit loss through September 30, which is about 23 basis points. We maintained our guidance. We did raise same-store rate in core FFO.

早安，尼克。因此，就觀察名單而言，它與 90 天前的情況類似。截至 9 月 30 日，我們的信用損失約為 140 萬美元，約 23 個基點。我們維持原有的指導價格。我們確實提高了核心 FFO 中的同店利潤率。

This compares to the guidance of 50 basis points for the year. We expect that to be a real number. We expect to incur that. But the theme across our credit events is really centered on weakness in the highly levered low-margin businesses, and our analysis is fully captured in the guidance that we gave for the year.

相比之下，今年的指導價格為 50 個基點。我們希望這是一個實數。我們預計會發生這種情況。但我們信用事件的主題實際上集中在高槓桿、低利潤業務的疲軟上，我們的分析完全體現在我們給予的年度指引中。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO 資本市場。

Maybe just starting with development. I appreciate the new disclosure there and the new slide in the sub. I was just wondering if you could provide an update on potential tenant interest as it relates to your Greenville-Spartanburg assets and your Powell Road assets. Bill, I think you mentioned in your prepared remarks that availability and leasing the environment appears to be troughing, and we could see a potential increase through the back half of 2025. So just curious, are more tenants taking the tires today, and could we potentially see those leased up in the upcoming quarters?

也許剛從開發開始。我很欣賞那裡的新披露和子版塊中的新幻燈片。我只是想知道您是否可以提供與您的格林維爾-斯帕坦堡資產和鮑威爾路資產相關的潛在租戶興趣的最新資訊。比爾，我想你在準備好的演講中提到，可用性和租賃環境似乎正在觸底，我們可能會在 2025 年下半年看到潛在的成長。所以我很好奇，現在是否有更多的租戶租用輪胎？

Yeah. I mean, I think as we said on our last call, our expectation for the two Greenville-Spartanburg assets we expect to lease in Q3 '25. The other Greenville-Spartanburg asset, the casual drive, that tip is a 12-month lease-up period we underwrote. That one, as a reminder, is it was a sister building. When we acquired that project, we also acquired a fully completed building that we end up leasing up shortly after closing for, I think, it was like a 7.5% cap rate.

是的。我的意思是，我認為正如我們在上次電話會議上所說的那樣，我們預計將在 2025 年第三季租賃兩處格林維爾 - 斯巴達堡資產。格林維爾-斯帕坦堡的另一項資產是休閒駕駛，這是我們承保的 12 個月租賃期。提醒一下，那是一座姊妹建築。當我們收購該專案時，我們還收購了一棟完全竣工的建築，我們在交易結束後不久就將其出租，我想，它的資本化率大概是 7.5%。

So on the casual drive, I think we're closer to the 7% cap rate range. With respect to that market, it's a market that has great demand drivers. The buildings are positioned extremely well near the inland port, can service light manufacturing users or distribution users. And it's a market that has experienced some excess supply.

因此，在常規駕駛中，我認為我們更接近 7% 的資本化率範圍。就該市場而言，它是一個具有巨大需求驅動力的市場。這些建築位置極佳，靠近內陸港口，可以為輕工業製造用戶或分銷用戶提供服務。而這個市場已經出現了供應過剩的情況。

That supply is getting absorbed. It's going to take a little bit of time. But we've had a fair bit of activity on all three of those buildings. Nothing to report yet, but overall, still expect to lease it up in our prior -- as we noted in our prior quarter in that Q3 '25 range for the first two and then about a year lease-up from -- for the last one.

這些供應正在被吸收。這需要一點時間。但我們在這三棟建築上都進行了相當多的活動。目前還沒有報告，但總體而言，我們仍然預計前兩年的租賃量將在 2025 年第三季左右，最後一年的租賃量將在 2026 年第四季左右。

That's helpful. And then maybe one for Matts. Sorry if I missed this in your prepared remarks, but could you just provide an update on your same-store average occupancy loss expectations for the remainder of the year?

這很有幫助。然後也許還有一個給馬茨的。很抱歉，如果我在您準備好的發言中遺漏了這一點，但您能否提供有關今年剩餘時間同店平均入住率損失預期的最新資訊？

Yeah, absolutely. So there was no change. So if you recall last quarter, we had adjusted our guidance. Initially at the beginning of the year, we had guided the market to 50 basis points of average occupancy loss. We've seen some successes.

是的，絕對是如此。所以沒有變化。所以如果你還記得上個季度的話，我們已經調整了我們的指導。最初在年初，我們曾指導市場平均入住率損失為 50 個基點。我們已經看到了一些成功。

We've seen retention has ended up at the higher end of our range. We're guiding to 75%. So we adjusted that expectation down. So we're still assuming 25 basis points of average occupancy loss on the year.

我們已經看到保留率已經處於我們範圍的較高端。我們的指導目標是達到 75%。因此我們下調了這項預期。因此，我們仍然假設今年的平均入住率損失為 25 個基點。

Jason Belcher, Wells Fargo.

富國銀行的傑森·貝爾徹。

Just wondering if you could talk about any common themes or characteristics in the properties you sold recently or are targeting for sale this year. To what extent are there specific markets you may be looking to exit or maybe tenant industries or categories you're trying to avoid?

只是想知道您是否可以談談您最近出售或今年計劃出售的房產中的任何共同主題或特徵。在多大程度上您可能希望退出特定市場，或者您可能試圖避開的租戶產業或類別？

Yeah. With respect to the markets, we have that CBRE Tier 1 focus. So I would expect most of our dispositions that are noncore to be in the non-CBRE Tier 1 markets. They'll -- we'll have dispositions on an annual basis that are opportunistic, where we feel like we've achieved the most value out of that asset, and we'll realize that value and redeploy that capital.

是的。就市場而言，我們專注於世邦魏理仕 (CBRE) 一級市場。因此，我預計我們的大部分非核心資產配置都將在非世邦魏理仕一級市場。我們每年都會進行機會性處置，我們覺得我們已經從該資產中獲得了最大價值，我們將實現該價值並重新部署該資本。

With respect to what we sold this quarter, and that was a noncore asset, I think we spoke about on the previous call, that was sold for a 7.1% cap rate. But overall, we're really happy with that execution given our view on the asset.

關於我們本季出售的資產，那是一項非核心資產，我想我們在上次電話會議上討論過，其出售利率為 7.1%。但總體而言，考慮到我們對資產的看法，我們對該執行感到非常滿意。

And then just one more in terms of the slowdown in construction we've seen this year. To what extent have you seen land prices decline? And how are you thinking about maybe adding or building up your land bank for development opportunities in the future?

關於今年我們看到的建築業放緩，再說一個。您看到土地價格下降到何種程度？您是否考慮增加或擴大土地儲備，以便在未來獲得發展機會？

Yeah. We've seen land prices stay relatively flat throughout the year. Right now, with our development initiative, we're not buying raw land. We're really focused on sites that are permitted. And so a little -- not as far out on the risk spectrum.

是的。我們看到土地價格全年保持相對穩定。目前，根據我們的開發計劃，我們不會購買未開發土地。我們真正關注的是獲得允許的網站。所以，風險範圍並沒有那麼大。

But we still continue to see a lot of opportunities to acquire permanent land for development. So we're -- that will continue to be an initiative for us, and we feel like we can continue to grow that throughout the years.

但我們仍然看到很多獲取永久土地用於開發的機會。因此，這將繼續成為我們的一項舉措，並且我們覺得我們可以在未來幾年繼續發展這一舉措。

Michael Carroll, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Michael Carroll。

Bill, just kind of building off of that last question, how do you think about new development starts? I know it does look like you bought a few land parcels this past quarter. I mean, are those sites that you want to break ground and start developments on? Or do you want to lease up some of your projects that are currently under construction and completed before you start pursuing new starts?

比爾，基於最後一個問題，您如何看待新的發展開始？我知道看起來你上個季度確實買了幾塊土地。我的意思是，這些是您想要破土動工並開始開發的地點嗎？或者，您是否想在開始新的項目之前，租賃一些目前正在建設中並已完成的項目？

Yeah. We -- the ones that we did buy, those were permanent and we've already broken ground on those, Mike. So we're not sitting on any land parcels that are permitted, ready to go. So everything that we have on that development slide, we've broken ground. As I mentioned earlier, we underwrite a 12-month lease-up period upon building completion, so you can underwrite or model when that revenue should be coming in.

是的。我們 — — 我們確實買了那些建築，它們是永久性的，而且我們已經破土動工了，麥克。因此，我們並沒有任何已獲許可、準備出售的土地。所以，我們在開發投影片上所做的一切都已取得突破。正如我之前提到的，我們在建築竣工後承保 12 個月的租賃期，因此您可以承保或模擬收入何時到帳。

And with respect to new opportunities, we'll continue to evaluate it. I like the laddered, call it, development schedule that we have right now. And we'll -- as we add new properties, it's going to take, call it, 9 to 12 months to build it and then another 12 months to lease it. So we can continue to ladder these developments.

對於新的機遇，我們將繼續評估。我喜歡我們現在的階梯式開發計劃。當我們新增房產時，將需要 9 到 12 個月的時間來建造，然後再花 12 個月的時間來租賃。因此我們可以繼續推動這些發展。

And when I look at some of the newer developments, the Tampa developments will be completed in the fourth quarter. Those are getting some really good interest. It's not a pre-leasing market, but we feel really good about the suite sizes how they fit the market. The Nashville property that was on land we owned in the portfolio, we're able to permit that break ground on that, that's going to be a very successful market, and Nashville is one of the stronger industrial markets today.

當我看到一些較新的開發案時，坦帕的開發案將在第四季完工。這些確實引起了人們的極大興趣。這不是一個預租賃市場，但我們對套房大小如何適應市場感到非常滿意。納許維爾的房地產位於我們投資組合中的土地上，我們可以允許其在那裡破土動工，這將是一個非常成功的市場，納許維爾是當今較強勁的工業市場之一。

The Portland development, that's a 10-year build-to-suit to a strong credit, and that is in the high 6s from a cap rate perspective. So that's a great transaction.

波特蘭開發案是一項為期 10 年的客製化建設，具有強勁的信貸能力，從資本化率的角度來看，其利率高達 6% 以上。這是一次偉大的交易。

The Reno market, we like both those locations. I mentioned that in the prepared remarks, it's one of the premier submarkets within Reno and suite sizes that I think will fit the market pretty well.

裡諾市場，我們喜歡這兩個位置。我在準備好的評論中提到，它是裡諾內首屈一指的子市場之一，我認為套房規模非常適合市場。

So overall, really happy with the way the development initiative is coming along and comfortable adding to it, assuming it's a building that we can put up that will fit the submarket well.

所以總的來說，我們對開發計劃的進展感到非常滿意，並且願意對其進行擴展，假設我們能建造的建築物能夠很好地適應這個子市場。

Okay. I mean, is there -- I guess, off of that, is there a limit to how big you want the pipeline to be that's not yet leased? I mean, are -- like at what point do you want to kind of slow that down? And then just second to that, with what is your capitalization policy? So should we assume that these Greenville-Spartanburg assets will roll off capitalization on the beginning of 2025, if they're not leased?

好的。我的意思是——我想，基於此，您希望尚未租賃的管道規模是否有限制？我的意思是──你想在什麼時候放慢速度？其次，您的資本化政策是什麼？那麼，如果這些格林維爾 - 斯帕坦堡資產沒有被租賃，我們是否應該假設它們將在 2025 年初停止資本化？

Yeah, that's right. I think that's -- I think from a capitalization policy, that's just gap. So I think it's 12 months is what the allowable time is to capitalize interest on that -- wages on that. Sorry, I'm getting a look from Matts. So the -- with respect to cap and development, it's something that we're evaluating.

是的，沒錯。我認為這是——我認為從資本化政策來看，這只是差距。所以我認為 12 個月是允許將利息資本化為薪資的時間。抱歉，我正看著馬茨。所以—關於上限和發展，這是我們正在評估的事情。

I mean, certainly, if you look at the total invested capital here, it's a very low percentage on our total overall enterprise value. We'll continue to evaluate that. Obviously, the build-to-suits bring a lot less risk than some of the more speculative developments that we have on here. I think anywhere in that right now is a newer initiative somewhere in that circa 5% of enterprise value is probably where we feel comfortable. But it will be well laddered. It will be diversified across geography, across suite sizes.

我的意思是，當然，如果你看看這裡的總投資資本，它占我們整體企業價值的比例非常低。我們將繼續評估此事。顯然，與我們這裡的一些更具投機性的開發項目相比，客製化建設帶來的風險要小得多。我認為現在任何地方都有一項較新的舉措，大約佔企業價值的 5% 可能是我們感到舒適的水平。但它將很好地梯子化。它將在不同地區和不同套房規模上實現多樣化。

Jessica Zheng, Green Street.

Jessica Zheng，綠色街道。

I was just wondering if you could provide some color around the drop in retention rate this quarter. Was it driven by any particular leases?

我只是想知道您是否可以提供一些本季留存率下降的原因。它是由任何特定租約推動的嗎？

There was one lease that was a non-retention, but we backfilled it with zero downtime. And so we didn't include that in the prepared remarks, maybe we should have. But if you factor that one in our retention adjusted for immediate backfills is about 73%. So it was really just one outlier that didn't -- we didn't retain them, but we backfilled it with no downtime.

有一個租約是非保留的，但我們在零停機時間內完成了它。因此，我們沒有在準備好的發言中提到這一點，也許我們應該這麼做。但是如果你考慮到我們的保留率中立即填補的因素，那麼保留率大約是 73%。因此，這實際上只是一個異常值——我們沒有保留它們，但我們在沒有任何停機時間的情況下對其進行了補充。

Okay. Great. And then just maybe one more. On the occupancy side, are there any material non-move-outs in '25 that we should be aware of?

好的。偉大的。然後也許還會再有一個。在入住率方面，25 年是否有任何我們應該注意的重大非搬出情況？

No, no material non-move-outs. At this point in the year, there's leases rolling in the back half that we're unsure that whether they're going to retain or not but nothing material that's known move out at this point.

不，沒有實質的未搬出。今年這個時候，下半年有一些租約正在滾動，我們不確定他們是否會保留，但目前還沒有任何已知的重要租約到期。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

So if we go to American Tire, what is the bull and bear case there in terms of things that could transpire. Do you sort of -- you said you're monitoring, but you sort of devising some plan Bs. And also, where do the rents sit relative to market? Maybe there's an opportunity here in some cases, just if you can add some more color to the extent you can.

那麼，如果我們去美國輪胎公司，就可能發生的事情而言，那裡的牛市和熊市情況是什麼。你是否——你說你正在監控，但你正在製定一些 B 計劃。而且，租金相對於市場而言處於什麼水準？在某些情況下，也許這裡有機會，只要您能盡可能地添加更多顏色。

Yeah. On average, the leases are pretty close to market. I don't want to dive too much into this. It's -- we're speculating, right? It's their company.

是的。平均而言，租賃價格非常接近市場價格。我不想過度探討這個問題。這是——我們正在推測，對吧？這是他們的公司。

They filed, but if you read some of the public information out there, it's very good support from their lenders. I think it's going to come down. It appears it's going to come down to their evaluation of their distribution network and how they're utilizing the buildings and whether they affirm or reject leases.

他們提交了申請，但如果你讀過一些公開的信息，你會發現他們的貸款人提供了很好的支持。我認為它會下降。看來這將取決於他們對其分銷網絡的評估以及他們如何利用這些建築以及他們是否確認或拒絕租約。

So as you can probably figure out with our guidance this year, there's not a lot related to ATD credit loss. The buildings are utilized. These are buildings that fit the submarket well. They're highly functional buildings, healthy submarkets and with leases generally at market. So will the bull and bear case, I mean, I think the bull and bear case is they vacate all leases or they stay in all leases, but I think the answer will be we have to figure out and see how things shake out in the first quarter next year?

因此，您可能根據我們今年的指導意見發現，與 ATD 信用損失相關的內容並不多。這些建築物已被利用。這些建築非常適合該子市場。它們都是功能齊全的建築，健康的次市場，租賃價格一般與市場價格相當。所以牛市和熊市的情況，我的意思是，我認為牛市和熊市的情況是他們撤回所有租約或他們保留所有租約，但我認為答案是我們必須弄清楚，看看事情會如何發展。季度？

Is it still too fresh to like sort of already think about optionality should something come at you? Or are you sort of sitting tight and just monitoring at this point?

是不是感覺事情還太新鮮，無法開始思考如果遇到什麼狀況時可以選擇什麼？還是你現在只是坐著觀察並監視？

We've got some views on this. It's just nothing I want to publicly comment on right at this point.

我們對此有一些看法。目前我不想公開評論任何事情。

Okay. Fair enough. Second question on the acquisition window, the pipeline up relative to last quarter. But you referenced sort of stable interest rate environment, which was yesterday's news at this point. I'm wondering how quickly does that pipeline kind of ebb and flow as the macro changes.

好的。很公平。第二個問題是關於收購窗口的，與上一季相比，通路增加。但是您提到了穩定的利率環境，這是昨天的消息。我想知道隨著宏觀變化，這種管道的起伏有多快。

We've had quite a change at the longer end of the curve in the more recent past. I'm wondering how much -- how quickly that 4.2% can go to something below 4% with some suddenness.

近期，曲線較長的一端發生了相當大的變化。我想知道 4.2% 會以多快的速度突然降至 4% 以下。

Yeah. I mean, the pipeline is dynamic. The assets roll on and off every week. It's not going to go from 4.2% to 3% in a matter of a week. But assets -- a lot of times, assets will sit on the pipeline if they don't trade.

是的。我的意思是，管道是動態的。資產每週都會滾動增加和減少。它不會在一周之內從 4.2% 降到 3%。但是資產－很多時候，如果不進行交易，資產就會滯留在管線中。

So I think when you think about just the broader transaction market and what has happened at least in the past couple of years is you've seen spikes in interest rates, and there's a little bit of a pause in the market. And sometimes sellers reset expectations, and sometimes they don't, and that sometimes results in a pause in the acquisition market.

因此，我認為，當你考慮更廣泛的交易市場以及至少過去幾年發生的事情時，你會看到利率飆升，而市場則略有停頓。有時賣家會重新設定預期，有時則不會，這有時會導致收購市場暫停。

So for us, as net buyers, we adjust our returns immediately with our cost of capital. So the benefit of the team we've built is that we're looking across all the CBRE Tier 1 markets and evaluating opportunities from high net worth individuals to large institutional private equity. And we're adjusting our returns immediately. So we think there's still some really good opportunities even with some elevated 10-year rates right now?

因此對我們來說，作為淨買家，我們會根據資本成本立即調整我們的回報。因此，我們組成的團隊的優勢在於，我們可以縱覽所有世邦魏理仕一級市場，並評估從高淨值人士到大型機構私募股權的機會。我們正在立即調整回報。所以我們認為，即使目前 10 年期利率較高，仍存在一些非常好的機會？

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Maybe on the development -- excuse me, the acquisition pipeline, can you just talk about the characteristics of the assets that you're looking for in terms of value add or fully leased or market condition considerations?

也許是關於開發 - 對不起，收購管道，您能否談談您正在尋找的資產的特點，包括增值或完全租賃或市場條件考慮？

Yeah. I mean, it's CBRE Tier 1 markets. It's building needs to fit the submarket well. The -- it's made up about 75% individual assets, 20% portfolios, 5% developments. The individual assets and some of those are value add.

是的。我的意思是，這是世邦魏理仕 (CBRE) 一級市場。它的建築需要很好地適應子市場。它由大約 75％ 的個人資產、20％ 的投資組合和 5％ 的發展項目組成。個別資產，其中有些是增值的。

I don't have the exact breakout, but it's a wide range of opportunities. And similar to past years, similar to this year, we can buy assets that have -- it's a vacant asset to an asset that has a 10-year lease term, and we evaluate all the aspects of the transaction when determining whether to put a bid in for it.

我沒有確切的突破，但這是一個廣泛的機會。與過去幾年和今年類似，我們可以購買空置資產，也可以購買租賃期為 10 年的資產，我們會評估交易的各個方面，以確定是否競標。

Great. And in the past, you've called out El Paso as being a market of particular strength. Can you give us an update there and maybe any others along the border that are performing particularly well?

偉大的。過去，您曾指出埃爾帕索是一個特別強勁的市場。您能否向我們介紹一下那裡的最新情況以及邊境地區其他表現特別好的地方？

I mean, El Paso is still performing well. I mean, it's certainly seeing a little bit of an uptick in vacancy there with some new deliveries, but still a very strong market. I mean, when I look across other markets, the mid -- a lot of Midwest markets continue to be strong, Detroit, Milwaukee, Minneapolis, Chicago. Sacramento is strong. Tampa is strong. I mentioned Nashville early with our development. That's a really strong market.

我的意思是，埃爾帕索的表現仍然很好。我的意思是，隨著一些新房的交付，那裡的空置率確實有所上升，但市場仍然非常強勁。我的意思是，當我放眼其他市場時，許多中西部市場持續保持強勁，如底特律、密爾瓦基、明尼阿波利斯、芝加哥。薩克拉門托很強。坦帕很強大。我在早期的發展中就提到納許維爾。這是一個非常強大的市場。

And then the weakness -- continued weakness in Columbus, Indie. I mentioned Philly on the last call, Philly, Southern Jersey is some weakness there. Not too dissimilar from what we've seen in this last quarter.

然後是弱點——哥倫布、印第安納持續疲軟。我在上次通話中提到了費城，費城、南澤西在那裡有些弱點。與我們在上個季度看到的情況並無太大不同。

I'd say on the whole, though, you're seeing markets generally absorption improving kind of quarter over quarter, at least staying flat and net absorption is staying flat on a lot of our markets. And it feels like we'll see some pretty good recovery in the back half of next year.

不過，我想說，總體而言，你會看到市場吸收量總體上逐季改善，至少保持平穩，而且在我們的許多市場上，淨吸收量也保持平穩。看起來明年下半年我們將會看到相當好的復甦。

Jon Petersen, Jefferies.

傑富瑞的喬恩彼得森。

Great. One more question on American Tower. One of your peers had a similar situation, and they talked about how there's a security deposit in place. They can contribute to topline rents in the case that they don't pay. Do you guys have anything like that with American Tire and what would be the duration on it?

偉大的。還有一個關於美國塔的問題。您的一位同事也遇到類似的情況，他們討論瞭如何設定保證金。如果他們不支付租金，他們可以為最高租金做出貢獻。你們有與 American Tire 類似的產品嗎？

Nothing material. I will say, just as I said in the prepared remarks, they're current on all the rent. There's no AR related to them. We've been to all seven of our facilities. They're actively utilizing our facilities. They're highly functional facilities in healthy submarkets.

沒有任何實質的東西。我要說的是，正如我在準備好的演講中所說的那樣，他們已經支付了所有租金。沒有與它們相關的 AR。我們已經去過所有七個設施。他們正在積極利用我們的設施。它們都是健康子市場中功能齊全的設施。

Got it. Okay. All right. I appreciate that. And then maybe just one other maybe somewhat more broad question, but what impact does election uncertainty having on your business right now, whether it's closing on transactions or the leasing market?

知道了。好的。好的。我很感激。然後也許還有一個可能更廣泛的問題，但是選舉的不確定性對你目前的業務有什麼影響，無論是交易完成還是租賃市場？

It's an interesting question, Jon. I mean, we've heard from brokers that tenants, larger tenants are waiting on the election to make a decision. I don't know what the reason for that is other than maybe buying some time and just getting some certainty. But it feels like it's being used as -- used for a reason to delay decision-making in the leasing market. With respect to the acquisition market, I don't think it has really played a factor in that, but more on the leasing market and delaying decision-making.

這是一個有趣的問題，喬恩。我的意思是，我們從經紀人那裡聽說，租戶，大租戶正在等待選舉結果。我不知道這樣做的原因是什麼，也許只是為了爭取一些時間和獲得一些確定性。但感覺它被用作推遲租賃市場決策的理由。就收購市場而言，我認為它並沒有真正發揮影響，而更多的是影響租賃市場和延遲決策。

All right. I'll ask you a follow-up question at NAREIT on what you think once we get results.

好的。一旦我們獲得結果，我將向 NAREIT 詢問您一個後續問題，以了解您的想法。

Thank you for not asking it now.

感謝您現在沒有問這個問題。

Thank you. That does conclude our question-and-answer session. I would now like to turn the floor back over to Bill Crooker for closing remarks.

謝謝。我們的問答環節到此結束。現在我想把發言權交還給比爾·克魯克，請他作最後發言。

Thank you all for attending the call. And thank you to the analysts again for their thoughtful questions, and we look forward to seeing you all soon.

感謝大家參加電話會議。再次感謝分析師們提出深思熟慮的問題，我們期待很快與大家見面。

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開您的線路。祝你剩餘的時光愉快。