STAG Industrial Inc (STAG) 2024 Q4 法說會逐字稿

Greetings, and welcome to the STAG Industrial, Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 STAG Industrial, Inc. 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Steve Xiarhos, Vice President, Investor Relations. Thank you, sir. You may begin.

現在我很高興介紹您的主持人、投資者關係副總裁史蒂夫夏羅斯 (Steve Xiarhos)。謝謝您，先生。你可以開始了。

Thank you. Welcome to STAG Industrial's conference call covering the fourth quarter 2024 results. In addition to the press release distributed yesterday, we have posted an unaudited quarterly supplemental information package on the company's website at www.stagindustrial.com, under the Investor Relations section.

謝謝。歡迎參加 STAG Industrial 2024 年第四季業績電話會議。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包。

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 matters.

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。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'll hear from Bill Crooker, Chief Executive Officer; and Matts Pinard, our Chief Financial Officer. Also here with us today is Mike Chase, 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 fourth quarter earnings call for STAG Industrial. We're pleased to have you join us and look forward to discussing the fourth quarter and full year 2024 results. We will also provide our initial 2025 guidance. 2024 ended with an improved industrial supply backdrop and another solid quarter of operating results produced by our team. Supply pipeline continues to contract with deliveries down over 30%, and this is expected to continue in 2025.

謝謝你，史蒂夫。大家早安，歡迎參加 STAG Industrial 第四季財報電話會議。我們很高興您加入我們，並期待討論 2024 年第四季和全年業績。我們也將提供 2025 年的初步指導。 2024 年結束時，工業供應背景得到改善，我們的團隊又創造了一個穩健的季度營運表現。供應管道持續收縮，交付量下降超過 30%，預計這種情況將持續到 2025 年。

In aggregate, 2024 Natal industrial leasing demand was muted compared to recent years. However, much of the weakness was specific to certain markets. Many of the markets we operate in remain healthy on both the supply and demand segment. We are seeing an increase in tenant demand since the election spanning a broad array of industries. Most active tenant industries have been commercial services, building products and air freight and logistics.

整體而言，與近年來相比，2024 年納塔爾工業租賃需求低迷。然而，大部分疲軟現象僅存在於特定市場。我們經營的許多市場在供應和需求方面都保持健康。自大選以來，我們看到各行各業的租戶需求都在增加。最活躍的租戶產業是商業服務、建築產品以及航空貨運和物流。

In 2024, within our portfolio, we witnessed the strongest market rent growth in our non-coastal and manufacturing markets. Nearshoring and onshoring projects continue to progress. This, along with pent-up demand from delayed decision-making by tenants should result in growing warehouse demand.

2024 年，在我們的投資組合中，我們見證了非沿海和製造業市場最強勁的市場租金成長。近岸外包和在岸外包專案持續取得進展。這一情況加上租戶延遲決策而產生的被壓抑的需求將導致倉庫需求成長。

Leasing activity has reaccelerated with tenants committing to space to serve their warehousing needs. This is demonstrated in the leasing progress we have achieved to date and our 2025 business plan. I'm happy to report that we've already leased 70% of our operating portfolio square feet we currently expect to lease in 2025, achieving cash leasing spreads of 23.8%. This level of leasing is on a similar place to last year and consistent over the last few years.

隨著租戶承諾提供空間來滿足其倉儲需求，租賃活動再次加速。這體現在我們迄今為止所取得的租賃進度和 2025 年業務計畫中。我很高興地報告，我們已經租賃了目前預計在 2025 年租賃的 70% 的營運組合平方英尺，實現 23.8% 的現金租賃利差。這一租賃水準與去年類似，且與過去幾年保持一致。

As an update to last quarter, American Tire Distributors is still working through their bankruptcy process. As of today, all leases are current with zero missed rental payments. ATD credit exposure is reflected in our initial 2025 guidance provided in yesterday's earnings release, including same-store NOI and core FFO per share for the year.

根據上個季度的最新消息，美國輪胎經銷商仍在進行破產程序。截至今日，所有租約均有效，且無人拖欠租金。ATD 信用風險敞口反映在我們昨天的收益報告中提供的 2025 年初步指引中，包括當年的同店 NOI 和每股核心 FFO。

Moving to acquisitions. Volume for the fourth quarter totaled $294 million. This consisted of 15 buildings with cash and straight-line cap rates of 6.2% and 6.9%, respectively.

轉向收購。第四季交易總額為 2.94 億美元。其中包括 15 棟建築，現金和直線資本化率分別為 6.2% 和 6.9%。

In December, we closed on our portfolio of five single-tenant buildings totaling 726,000 square feet in three different submarkets of Chicago. We acquired the portfolio for $73 million at a cash cap rate of 6.5%. The portfolio was 100% occupied with a weighted average lease term of 7.1 years and rents 12% below market. This transaction offered an attractive combination of current income and long-term NOI growth. Subsequent to quarter end, we acquired one building for $16.6 million at a 6.4% cash cap rate.

12 月份，我們完成了在芝加哥三個不同子市場中五棟單一租戶建築的收購，總面積達 726,000 平方英尺。我們以 6.5% 的現金資本化率收購了該投資組合，收購價為 7,300 萬美元。該投資組合的入住率為 100%，加權平均租賃期限為 7.1 年，租金比市場價格低 12%。這項交易提供了當前收入和長期淨收入成長的頗具吸引力的組合。季度末之後，我們以 6.4% 的現金資本化率收購了一棟價值 1,660 萬美元的建築。

The recent volatility with interest rates caused an initial slowdown in the transaction market to start the year. We anticipate the acquisition market will gain momentum as we move through the year. In terms of dispositions this quarter, we sold two buildings for aggregate proceeds of $29 million. One of those buildings was a noncore asset. The other building was in Pleasant Prairie, Wisconsin, resulting in pros $26 million, recording a cash cap rate of 5.7%.

近期利率波動導致年初交易市場出現放緩。我們預計，隨著時間的推移，收購市場將會獲得發展動力。就本季的處置而言，我們出售了兩棟建築，總收益為 2,900 萬美元。其中一棟建築物是非核心資產。另一棟建築位於威斯康辛州普萊森特草原，收益為 2,600 萬美元，現金資本化率為 5.7%。

In January, the company sold one building in Nashua, New Hampshire, for gross proceeds of $67 million, representing a cash cap rate of 4.9%. On the development front, as of 12/31, we have approximately 2.5 million square feet of activity across 11 buildings in the US. I'd like to highlight two events in the development portfolio.

今年 1 月，該公司出售了位於新罕布夏州納舒厄的一棟建築，總收益為 6,700 萬美元，現金資本化率為 4.9%。在開發方面，截至 12 月 31 日，我們在美國 11 棟建築中擁有約 250 萬平方英尺的活動面積。我想強調一下發展組合中的兩件事。

First, on the leasing front, roughly 50% of the 2.5 million square feet is under construction and 16% is preleased. The remaining 50% has been delivered and is currently 43% leased. This includes a full building lease set to commence May 1, 2025, for our 474,000 square foot cross-stock building in Greer, South Carolina. The existing customer expanded their footprint with STAG and we'll use this space for the production and distribution of consumer products.

首先，在租賃方面，250 萬平方英尺的建築面積中約有 50% 正在建設中，16% 已預租。剩餘50%已經交付，目前出租率為43%。這包括一份完整的建築租賃合同，該租賃將於 2025 年 5 月 1 日開始，租賃地點為位於南卡羅來納州格里爾的 474,000 平方英尺的跨庫存建築。現有客戶透過 STAG 擴大了其足跡，我們將利用此空間來生產和分銷消費品。

Second, in December, STAG entered a 90-10 joint venture development partnership to construct approximately 400,000 square feet across two rare load buildings in the Charlotte market. The project is in the Concord submarket northeast of the city, as a project cost of approximately $56 million and an expected stabilized yield of 7%. The site has secured favorable zoning, which positioned us well and is high barrier to entry market.

其次，12月，STAG 達成了一項 90-10 的合資開發夥伴關係，將在夏洛特市場建造兩棟稀有建築，總面積約 40 萬平方英尺。該項目位於城市東北部的康科德子市場，項目成本約為 5,600 萬美元，預期穩定收益率為 7%。該地塊已獲得有利的區域劃分，為我們提供了良好的定位，且進入市場的門檻較高。

With that, I will turn it over to Matts who will cover our remaining results and guidance for 2025.

接下來，我將把話題交給馬特斯 (Matts)，他將介紹我們剩餘的業績以及 2025 年的指引。

Thank you, Bill, and good morning, everyone. Core FFO per share was $0.61 for the quarter and $2.40 for the year, representing an increase of 4.8% as compared to 2023. Cash available for distribution totaled $370 million in 2024. This past year, we retained approximately $95 million of free cash flow after dividends paid. Net debt to annualized run rate adjusted EBITDA was 5.2 times at year-end with liquidity of $623 million.

謝謝你，比爾，大家早安。本季每股核心 FFO 為 0.61 美元，全年每股核心 FFO 為 2.40 美元，較 2023 年成長 4.8%。2024 年可供分配的現金總額為 3.7 億美元。去年，我們在支付股息後保留了大約 9500 萬美元的自由現金流。截至年底，淨債務與年化運轉率調整後 EBITDA 比率為 5.2 倍，流動資金為 6.23 億美元。

During the quarter, we commenced 23 leases on 2.4 million square feet which generate cash and straight-line leasing spreads of 19.4% and 34.9%, respectively. For the year, we achieved cash and straight-line leasing spreads of 28.3% and 41.8%, respectively.

在本季度，我們簽訂了 23 份租約，佔地 240 萬平方英尺，分別產生 19.4% 和 34.9% 的現金和直線租賃利差。全年我們實現的現金和直線租賃利差分別達到28.3%和41.8%。

Same-store cash NOI grew 4.4% for the quarter, and we achieved record same-store cash NOI growth of 5.8% for the year. Retention was 76.9% for the quarter and 76.6% for the year. As mentioned by Bill, we have accomplished 70% of the operating portfolio square feet we currently expect to lease in 2025, achieving 23.8% cash leasing spreads, demonstrating the strength of our portfolio.

本季同店現金 NOI 成長 4.4%，全年同店現金 NOI 成長率創歷史新高，達 5.8%。本季的保留率為 76.9%，全年的保留率為 76.6%。正如比爾所提到的，我們已經完成了目前預計在 2025 年租賃的 70% 的營運組合平方英尺，實現了 23.8% 的現金租賃利差，證明了我們投資組合的實力。

Moving to capital market activity. We read the $50 million private placement which matured on October 1. All forward equity proceeds have been settled, and we do not have any forward equity contracts outstanding. There are minimal debt maturities in 2025.

轉向資本市場活動。我們讀到了10月1日到期的5000萬美元私募。所有遠期股權收益均已結算，我們並無任何未償還的遠期股權合約。2025 年債務到期數最少。

We are pleased to provide guidance, which can be found on page 20 of our supplemental package, which is available in the Investor Relations section of our website. Same-store cash NOI growth is expected to range between 3.5% to 4%. Components of our same-store cash NOI guidance include the following: Retention to range from 70% to 75%. Cash leasing spreads are projected to be approximately 25% and 14 million square feet of budgeted new and renewal leasing for the year. We expect same-store occupancy to decrease 100 basis points during the year.

我們很高興為您提供指導，您可以在我們的補充文件第 20 頁找到該指導，該文件可在我們網站的「投資者關係」部分找到。同店現金淨營運收入成長率預計在 3.5% 至 4% 之間。我們的同店現金淨營運收入指引包括以下內容：留任率介於 70% 到 75% 之間。預計現金租賃利差約 25%，全年預算新租賃和續租面積為 1,400 萬平方英尺。我們預計今年同店入住率將下降 100 個基點。

Given the volatile capital market environment, acquisition volume guidance ranges from $350 million to $650 million, with a cash capitalization rate between 6.25% and 6.75%. Acquisition timing will be heavily weighted to the back end of this year.

鑑於資本市場環境波動，收購額指引範圍為 3.5 億美元至 6.5 億美元，現金資本化率介於 6.25% 至 6.75% 之間。收購時機將主要集中在今年底。

Disposition volume guidance ranges from $100 million to $200 million. G&A is expected to be between $52 million and $54 million. Incorporating these components, we're initiating a core FFO per share range of $2.46 to $2.50 per share.

處置量指引範圍為1億美元至2億美元。預計一般行政開支在 5,200 萬美元至 5,400 萬美元之間。綜合考慮這些因素，我們設定每股核心 FFO 範圍為 2.46 美元至 2.50 美元。

I will now turn it back over to Bill.

現在我將把話題交還給比爾。

Thank you, Matts, and thank you to our team for the 2024 achievements. I'm really proud of all we've accomplished over the course of the year and look forward to a strong 2025.

謝謝你，馬茨，也感謝我們團隊在 2024 年的成就。我為我們在過去一年所取得的成就感到無比自豪，並期待 2025 年取得更輝煌的成績。

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

我們現在將問題轉回給接線生。

(Operator Instructions)

（操作員指令）

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, good morning guys. Maybe one question in two parts. On leasing and spreads here, you guys had a good year overall in '24 on the spread side, but fourth quarter was a little bit lighter at 19%, and you're expected to reaccelerate the 24% on the 70% you did. So far, is that 24% a good kind of place to think about the full year to be? And then just separately, the 14 million square feet of plan for '25, if you kind of look -- last quarter, you guys are closer to 15 million square feet. What's going on with the volatility? Or how should we think about that in terms of the overall plan of gross leasing?

嘿，大家早安。也許一個問題分為兩個部分。就租賃和利差而言，你們在 24 年的利差方面總體表現不錯，但第四季度的利差略低，為 19%，預計你們將在 70% 的基礎上再次加速至 24%。到目前為止，24% 這個水準對於考慮全年業績來說是一個好的水準嗎？然後單獨來看，25 年計劃的 1400 萬平方英尺，如果你看一下——上個季度，你們已經接近 1500 萬平方英尺了。波動性是怎麼回事？或者從總租賃的總體規劃角度我們該怎麼考慮這個問題？

Yeah. Craig, very interestingly you phrased the question to get a couple of questions into one, but I appreciate it. So -- the leasing spreads for Q4 were a little lower. That was related to some fixed rate renewal options in Q4. That was factored into our original guidance. If you exclude those, our leasing spreads in Q4 would have been 34%. And then looking into '25, we're approximately 24% today for about 70% of the leasing we expect to do. So I think leasing spreads for '25 will be in and around at 24%, 25%. So we got a pretty good chunk of that done already.

是的。克雷格，非常有趣的是，你把這個問題表達了一個問題，但我很感激。因此，第四季的租賃利差略低。這與第四季度的一些固定利率續約選項有關。這已計入我們最初的指導。如果不考慮這些，我們第四季的租賃利差將達到 34%。然後展望25年，我們目前預期的租賃業務佔比約為 70%，而目前的比例約為 24%。因此我認為 25 年的租賃利差將在 24%、25% 左右。因此，我們已經完成了相當大部分的工作。

And then with respect to prior views on leasing activity versus current views on leasing activities, a couple of things happened there. One, we sold the building in Nashua, New Hampshire, in Q1. That was a building that we were repositioning in Q4, and we were planning on leasing it. Ultimately, we decided to sell it just due to the economics, a very interesting transaction there. That was a drop in leasing activity that were prior previously expected to lease in '24, but now we've sold the building. And there was also another like nonrenewal that we expected to renew in the back half of next year that it didn't reduce and now we're planning to lease back half of '25 now planning lease in '26.

然後，就租賃活動的先前觀點與對租賃活動的當前觀點而言，發生了幾件事。第一，我們在第一季出售了位於新罕布夏州納舒厄的建築。那是一棟我們在第四季度重新定位的建築，我們計劃將其租賃。最終，我們出於經濟原因決定將其出售，這是一筆非常有趣的交易。這是租賃活動的下降，之前預計租賃時間為24年，但現在我們已經出售了該建築。另外還有另一種類似的不續約，我們預計將在明年下半年續約，但數量沒有減少，現在我們計劃租回 25 年的一半，現在計劃在 26 年租賃。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey, good morning guys. Wanted to touch a little bit on the development and more specifically on kind of the yields you're seeing within that portfolio. The Tampa construction just finished up and moved into the completed but not in service. And we noticed kind of the yield still stayed at 5.5%. Is there anything in that -- and I know originally you guys were saying mid-6s on that. We thought the composition would be drift a little higher. Is there anything in there that's causing that? Do you have to change any underwriting for any of those specific assets? And also -- just a little commentary on the activity you're seeing in Spartanburg, obviously, it's on the lease, but curious on the other properties?

嘿，大家早安。想要稍微談一下發展情況，更具體地說是您在那個投資組合中看到的收益率。坦帕的建設剛結束並搬入，但尚未投入使用。我們注意到收益率仍保持在 5.5%。這其中有什麼嗎——我知道最初你們是說 6 中段。我們認為構圖會稍微漂移得更高一些。是不是有什麼東西導致了這樣的情況？您是否需要更改任何特定資產的承保？另外——您對斯巴達堡的活動有什麼看法，顯然，這是租賃關係，但您對其他房產感到好奇嗎？

Yeah. Nick, I'm not sure where the mid-5s were for the Tampa, but we're still expecting mid-6s for stabilization on those two assets, and we're as I previously said, expecting we underwrite a 12-month downtime. So end of '25 for leasing on those assets. With respect to Spartanburg, and that's a market, as I mentioned previously, too, that had some oversupply but there was some leasing getting done there. That has created more of a urgency amongst tenants in that market. We were able to strike at least at our Cross sock facility, $474,000.

是的。尼克，我不確定坦帕的 5 中段在哪裡，但我們仍然預計這兩項資產的穩定度將達到 6 中段，正如我之前所說，我們預計我們將承保 12 個月的停機時間。因此，25年末是這些資產租賃的末期。關於斯帕坦堡，正如我之前提到的，這個市場存在供應過剩的情況，但那裡也有一些租賃業務。這讓該市場的租戶感到了更大的緊迫感。我們至少在 Cross 襪子工廠賺到了 474,000 美元。

So a little bit ahead of scale, a little bit ahead of the revised timing last quarter. I think I mentioned we're expecting this to be middle call it, end of Q2. That lease is expected to start May 1. So you're really happy with that outcome. We're seeing a lot of tours, on the rear load building there, the 240,000 square foot facility. And then on the other building, the casual drive facility. We have part of that building leased right now, we're getting some really good increase on the remaining pieces -- the remaining 2 suites of that building.

因此，比規模稍微提前了一點，比上個季度修訂後的時間安排稍微提前了一點。我想我提到過，我們預計這將是中間階段，即第二季末。該租約預計於 5 月 1 日開始。所以你對這個結果非常滿意。我們看到了很多參觀者，他們參觀了那裡的後部負載建築，該設施佔地 240,000 平方英尺。另一棟建築物裡有休閒駕駛設施。我們現在已經將建築物的一部分出租，剩餘部分——該建築剩下的兩間套房——的租金獲得了相當不錯的增長。

That's helpful. Maybe just a point of clarification. I was talking about like the mid-5s as for the Spartanburg, but I assume with moving the Tampa into the portfolio that, that yield would drift higher. Did you adjust any yields for the Spartanburg assets?

這很有幫助。也許只是為了澄清一點。我之前談論的是斯巴達堡的 5 中段收益率，但我認為，隨著坦帕納入投資組合，收益率將會更高。您是否調整了斯巴達堡資產的收益率？

Yeah. So the one we leased was approximately 5%. That was Spartanburg.

是的。因此，我們租賃的比例約為5%。那是斯巴達堡。

Jason Belcher, Wells Fargo.

富國銀行的傑森·貝爾徹。

Good morning. Just wondering if you could touch on the topic of tariffs a little bit. Maybe share anything you're hearing from your tenants on that front as well as any trends you might be seeing across your tenants or tenant industry portfolio that you might attribute to tariff concerns? And then if you can just kind of comment generally on how you're thinking about tariffs and potential impact? Is it something you think could over the next 6 to 12 months in terms of what you've seen results? Or do you think it's further out than that?

早安.我只是想知道您是否可以稍微談談關稅問題。也許您可以分享您從租戶那裡聽到的任何關於這方面的消息，以及您在租戶或租戶行業組合中看到的任何可能歸因於關稅問題的趨勢？然後，您能否整體評論一下您對關稅及其潛在影響的看法？從您所看到的結果來看，您認為在未來 6 到 12 個月內會發生這種情況嗎？或者您認為它比這更遠？

Yeah, it's a good question. I think there's just a lot of uncertainty with respect to the tariffs. Some have been announced, some have been delayed, expecting some more to be announced today or soon. And so the question is, what products are getting impacted and when? And I don't think our tenants really know. I mean the feedback that we've been hearing from tenants is it's a little too early to tell. Certainly, seeing this really was a trend last year. Tenants storing more finished goods in the facilities ahead of tariffs, onshoring dialogue, nearshoring dialogue increasing, but those decisions take a little bit of time. And so the question is, if tenants are thinking that these tariffs are going to be in place for the long term, then I think it will spur more onshoring. And depending on what happens, your neighbors, maybe some additional nearshoring, right now, it's a little too early to tell. And from our tenants, it's just a lot of uncertainty.

是的，這是個好問題。我認為關稅方面存在著許多不確定性。有些消息已經公佈，有些消息被推遲，預計還有更多消息將在今天或不久後公佈。那麼問題是，哪些產品會受到影響？但我認為我們的租戶並不真正了解。我的意思是，我們從租戶那裡聽到的回饋是現在說還為時過早。當然，這是去年才出現的趨勢。在關稅上調前，租戶在設施中儲存了更多的成品，在岸談判、近岸談判中不斷增加，但這些決定需要一點時間。所以問題是，如果租戶認為這些關稅將長期實施，那麼我認為這將刺激更多的在岸投資。並且根據發生的情況，你的鄰居可能會有一些額外的近岸外包，現在說這些還為時過早。從我們的租戶角度來看，這存在著許多不確定性。

Got it thank you.

明白了，謝謝。

Thank you.

謝謝。

Vince Tibone, Green Street

文斯提博內（Vince Tibone），綠街

Hi, good morning. Can you discuss recent trends in the private transaction market. And specifically, I mean, have you seen any slowdown in transaction activity or a notable change in pricing since the 10-year has climbed pretty significantly from the trough in September last year?

嗨，早安。您能討論一下私人交易市場最近的趨勢嗎？具體來說，自 10 年期公債殖利率從去年 9 月的低谷大幅攀升以來，您是否發現交易活動有所放緩或價格明顯變化？

I mean there's been some interesting trends in the private market. There were some portfolios that got executed last year. There was some big appetites for some of the larger private equity shops, the largest private equity shops are actually selling more, which I think you know who I'm referencing. But right now, there's a little bit of probably a pause in the private market. We are seeing and hearing of some portfolios coming out that may trade and those may trade at is a little bit tighter yields because they're shorter lease terms that they can get higher yields in the next three years. But Mike, I don't know if there's anything else you want to touch on there?

我的意思是私人市場出現了一些有趣的趨勢。去年有一些投資組合已經執行。一些較大的私募股權公司有很大的需求，最大的私募股權公司實際上賣得更多，我想你知道我指的是誰。但目前私人市場可能稍微處於暫停狀態。我們看到和聽到一些即將上市的投資組合，它們的收益率可能會稍微緊張一些，因為它們的租賃期限較短，所以它們可以在未來三年內獲得更高的收益率。但是麥克，我不知道您是否還有什麼想談的？

No, Bill, I think you hit on that. The year-end was a little bit slower. What it was past year-end for closing deals, but it was a slower year-end for deals coming off the market. That trickled into January, but we've seen a little bit of an uptick in February, and we expect that to accelerate throughout the rest of the year.

不，比爾，我想你已經意識到了這一點。年末稍微慢了一點。去年年底的交易成交情況如何，但今年底市場交易成交速度較慢。這一趨勢一直延續到 1 月份，但我們在 2 月份看到了小幅上漲，我們預計這一趨勢將在今年剩餘時間內加速。

Steve Sakwa, Evercore ISI.

史蒂夫·薩誇（Steve Sakwa），Evercore ISI。

Yeah, thanks. Good morning. Bill, I was just wondering, we've heard from many of your boards and some brokers that activity -- leasing activity seem to noticeably pick up once the election was over. And so just taking your comments about tariffs and the uncertainty into account. Just like what have you seen on the actual just kind of pace of leasing activity towards your pipeline? And is there a big difference in that pickup between kind of the existing portfolio and maybe the development pipeline?

是的，謝謝。早安.比爾，我只是想知道，我們從你們許多董事會和一些經紀人那裡聽說，選舉結束後，租賃活動似乎明顯回升。所以，只是考慮了您關於關稅和不確定性的評論。就像您所看到的管道租賃活動的實際速度一樣？那麼，現有投資組合和可能正在開發中的投資組合之間的回升是否有很大差異？

Thanks, Steve. We've seen a pretty material uptick in Poor's calls, inquiries to start this year. We're seeing it's really broad based across our markets. We're seeing a lot in Greenville, Spartanburg, Milwaukee, Chicago, the Sunbelt, certainly on the Nashville market. The new builds are getting a lot of looks I think there's a lot of commentary in the market that there's a flight to quality. But we're seeing a lot of demand in our existing buildings as -- it takes a little bit of time for those stores to increase calls to convert to trading papers and signing leases. But the activity has increased and probably at a level we haven't seen in 12 months or so. So we're really, really happy with the activity we're seeing.

謝謝，史蒂夫。我們看到，今年初普爾的電話諮詢量出現了相當大的上升。我們發現它在我們的整個市場中具有廣泛的影響力。我們在格林維爾、斯帕坦堡、密爾瓦基、芝加哥、陽光地帶，當然還有納許維爾市場都看到了許多這樣的情況。新建築受到廣泛關注，我認為市場上有許多評論稱人們正在追求品質。但我們發現現有建築的需求很大，因為這些商店需要一點時間來增加電話量以轉換為交易文件和簽署租約。但活動已經增加，可能達到了我們 12 個月左右未曾見過的水平。因此，我們對所看到的活動感到非常高興。

John Kim, BMO Capital Markets.

BMO 資本市場部的 John Kim 說。

Thank you. Can you tie in the 100 basis point occupancy loss you expect this year with the 9.7 million square feet that you've addressed for '25? And also the 6.9 million square feet that is expiring. I'm just -- it doesn't seem like it's apples-to-apples to me, so I just wanted to clarify.

謝謝。您能否將今年預計的 100 個基點的入住率損失與您為 25 年解決的 970 萬平方英尺的損失聯繫起來？另外還有 690 萬平方英尺即將到期。我只是——對我來說這似乎不太一樣，所以我只是想澄清一下。

I don't know if I can connect all those dots, but we certainly, we can drill down more detail maybe after the call, John. But I mean, what we're seeing here is what our expected leasing for 2025 is around 14 million-ish square feet. We've done 70% of our leasing in our operating portfolio. So math there is we've got another 4 million square feet in our operating portfolio we expect to lease.

我不知道我是否能將所有這些點聯繫起來，但我們當然可以在通話後深入了解更多細節，約翰。但我的意思是，我們在這裡看到的是，2025 年的預期租賃面積約為 1400 萬平方英尺。我們的營運組合中 70% 的租賃業務都已完成。因此，從數學上講，我們的營運組合中還有另外 400 萬平方英尺的空間可供租賃。

And then there's about 2 million square feet we expect to lease outside of the operating portfolio, which is a higher number than we've had in the past, but I think it speaks to what we've been doing with our developments, our redevelopments, our repositioning. And so that's all. I think it's a great shift, but there's still a fair amount of wood to chop as we move through the year.

然後，我們預計將在營運組合之外租賃約 200 萬平方英尺的空間，這個數字比我們過去的數字要高，但我認為這說明了我們在開發、再開發和重新定位方面所做的事情。就這樣吧。我認為這是一個偉大的轉變，但隨著時間的流逝，我們仍然有相當多的木材需要砍伐。

I guess what's in that expected leasing number? Is '25 expirations, there's development? There's existing vacancy...

我猜預期租賃數字是多少？'25 到期了嗎，還有發展嗎？現有一個空缺...

Also vacancy that there's -- you've got new leasing that is from either existing vacancy or vacancy that we think is going to not renew earlier in the year and maybe it gets leased up later. You've got renewal leasing. And then you've got non-operating portfolio leasing that is that additional 2 million square feet I was referencing, which includes developments and some other repositioning assets.

另外，還有空置情況——您有新的租賃，這些租賃要么來自現有的空置，要么來自我們認為今年早些時候不會續租的空置，也許以後會被租出去。您已獲得續租。然後你有非經營性投資組合租賃，也就是我提到的額外的 200 萬平方英尺，其中包括開發和一些其他重新定位資產。

Okay, got it, thank you.

好的，知道了，謝謝。

Yeah, John, this is Matt. So I'll jump in here. I think one point of clarification here is when we talk about the square feet we expect to lease in 2025, that's not simply addressing expiries, to Bill's point, includes new speculative leasing that we have in our budget as well. I think that's going to help bridge the numbers you're looking at.

是的，約翰，這是馬特。所以我就跳到這裡。我認為這裡需要澄清的一點是，當我們談論預計在 2025 年租賃的平方英尺時，這不僅涉及到期租賃，正如比爾所說，還包括我們預算中的新投機性租賃。我認為這將有助於彌合你所看到的數字。

Michael Carroll, RBC Capital Markets.

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

Hi, good morning. This is [Didion] from Mike. I guess just thinking about how are you thinking about development starts for 2025? Are you planning on leasing some projects that are currently under construction before starting breaking ground on new things? Just -- Mark, can you know your thoughts.

嗨，早安。我是 Mike 的 [Didion]。我猜你只是在想如何開始 2025 年的發展？在開始動工之前，您是否計劃租賃一些目前正在建造的項目？只是──馬克，你能知道你的想法嗎？

I mean right now, we're really happy with the way the development platform is running. We expect we hope to have some additional development starts. I mean we just leased our biggest building in our development pipeline at 474,000 square feet. So even if it was apples-to-apples, we would add at least that, hopefully. It really comes down to opportunities.

我的意思是現在，我們對開發平台的運作方式非常滿意。我們期望能夠有一些額外的發展開始。我的意思是，我們剛剛租賃了我們開發項目中最大的建築，面積為 474,000 平方英尺。因此，即使是同類比較，我們也希望至少能夠添加這一點。這實際上取決於機會。

The assets that we're putting in our development pipeline in really strong markets. We're seeing really attractive yields. We just was able to put two buildings in our development pipeline in Concord, North Carolina. Those sites fit the market well. In total, it's, call it, $55 million. So we're really happy with the development pipeline right now, and we'll add to it for sure, if the right opportunities come around.

我們在真正強勁的市場中投入開發通路的資產。我們看到了非常有吸引力的收益率。我們剛剛在北卡羅來納州康科德的開發案中列入了兩棟建築。這些網站非常適合市場。總計大約是 5500 萬美元。因此，我們對目前的開發流程非常滿意，如果有合適的機會，我們肯定會進一步擴展。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

Great, thanks for taking my question. Maybe you could put your 70% -- the 70% of renewals that you've addressed already in the historical context? And -- is it normal to have that level completed at this point in the year? And are you reaching out to clients earlier than in the past? Or are they coming to you earlier? Any color around that would be helpful.

太好了，感謝您回答我的問題。也許您可以將您已經解決的 70% 的更新放在歷史背景中？並且－在每年的這個時候完成這個等級是正常的嗎？您是否比過去更早與客戶取得聯繫？還是他們早就來找你了？周圍的任何顏色都會有幫助。

Yeah. The 70% that we've done to date for 2025 is consistent with last year and really consistent with the past few years. So we're always in front of our tenants. I don't think there's a strategic push to change whether we're going to trying to renew tenants early or not. It's a back-and-forth conversation. So we've a similar pace to last year, the last few years.

是的。我們迄今為 2025 年實現的 70% 與去年一致，也與過去幾年非常一致。因此我們始終站在租戶的前面。我認為，無論我們是否試圖提前續約租戶，都不會產生策略上的改變。這是一場來回的對話。因此我們的步伐與去年和過去幾年的步伐相似。

Great. And maybe just a follow-up there. At what point do you turn your attention to 2026?

偉大的。或許只是後續行動。您什麼時候會將目光轉向 2026 年？

We've leased what, about 8% of 2026 already. So we're always looking to make the best transactions and decisions that for the company. And part of that is tenants may come to us with their 2026 lease expirations and say, "Hey, I want to renew early." And if the economics work and we like the transaction, then we'll execute on it. So -- we're about 8% of our way through our 2026 at this point.

我們已經租賃了 2026 年的約 8%。因此，我們始終致力於為公司做出最佳的交易和決策。部分原因在於，租戶可能會在 2026 年租約到期時來找我們，說：“嘿，我想提前續約。”如果經濟狀況允許並且我們喜歡這筆交易，那麼我們就會執行它。所以 —— 到目前為止，我們已經完成了 2026 年目標的 8%。

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

目前沒有其他問題。現在我想把發言權交還給比爾·克魯克。

Thank you. And I just want to thank everybody for participating in the call today, and -- certainly want to thank the analysts for their questions, and look forward to seeing everyone at the upcoming conferences. Thank you.

謝謝。我只想感謝大家今天參加電話會議，當然也要感謝分析師提出的問題，並期待在即將召開的會議上見到大家。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。現在您可以斷開您的線路。感謝您的參與。