STAG Industrial Inc (STAG) 2025 Q1 法說會逐字稿

Greetings, and welcome to STAG Industrial, Inc. first-quarter 2025 earnings conference call. (Operator instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 STAG Industrial, Inc. 2025 年第一季財報電話會議。（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, Mr. Steve Xiarhos, Investor Relations. Thank you, Mr. Xiarhos, you may begin.

現在我很高興介紹您的主持人，投資者關係部史蒂夫·夏霍斯先生。謝謝您，Xiarhos 先生，您可以開始了。

Thank you. Welcome to STAG Industrial's conference call covering the first quarter 2025 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 2025 年第一季業績電話會議。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.

在今天的電話會議上，公司準備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案》中定義的前瞻性陳述。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. 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 and in the supplemental information package available on the company's website.

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。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、非公認會計準則指標的定義和調節表以及公司網站上提供的補充資訊包中有關這些前瞻性陳述的更詳細討論。

As a reminder, forward-looking statements represent management's estimates as of today. STAG Industrial assumes no obligation to update any forward-looking statements. On today's call, you will hear from Bill Crooker, our Chief Executive Officer; and Matt Pinard, our Chief Financial Officer. Also here with us today is Mike Chase, our Chief Investment Officer; Steve Kimball, EVP of Real Estate Operations who are available to answer questions specific to the areas of focus.

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。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 Matt Pinard。今天和我們在一起的還有我們的首席投資長 Mike Chase；房地產營運執行副總裁史蒂夫金博爾 (Steve Kimball) 可以回答針對重點領域的問題。

I will now turn the call over to Bill.

現在我將把電話轉給比爾。

Thank you, Steve. Good morning, everybody, and welcome to the first quarter earnings call for STAG Industrial. You're pleased to have you join us and look forward to telling you about the first quarter 2025 results.

謝謝你，史蒂夫。大家早安，歡迎參加 STAG Industrial 第一季財報電話會議。很高興您加入我們，並期待向您介紹 2025 年第一季的業績。

We had a very strong start to the year, resulting in core FFO per share of $0.61 in the first quarter, exceeding our initial expectations. I'm happy to report that we have already leased 78.5% of the operating portfolio square feet we currently expect to lease in 2025, achieving cash leasing spreads of 25.1%.

我們今年開局非常強勁，第一季每股核心 FFO 達到 0.61 美元，超出了我們最初的預期。我很高興地報告，我們已經租賃了目前預計在 2025 年租賃的 78.5% 的營運組合平方英尺，實現了 25.1% 的現金租賃利差。

This level of leasing is at a similar pace to last year and consistent over the last few years. While tenant activity was healthy in Q1, the escalation of the global trade war continues to monopolize headlines. At this point, it is too early to quantify the potential impact of tariffs on our business. With the threat and implementation of tariffs, we have heard from some of our tenants that a key priority for them is diversification of their supply chains. We view this as a net positive to our portfolio, given our geographic diversity and focus on CBRE Tier 1 markets.

這一租賃水準與去年同期相似，且與過去幾年保持一致。儘管第一季租戶活動表現良好，但全球貿易戰升級仍繼續佔據頭條新聞。目前，量化關稅對我們業務的潛在影響還為時過早。隨著關稅的威脅和實施，我們從一些租戶那裡聽說，他們的首要任務是實現供應鏈多樣化。鑑於我們的地理多樣性和對世邦魏理仕一級市場的關注，我們認為這對我們的投資組合來說是淨利好。

Generally, we have witnessed some lengthening and lease gestation periods coming from these macroeconomic events. We are still seeing plenty of tours for our vacant spaces, over those tours are taking longer to convert to signed LOIs. With that being said, tenants are continuing to make leasing decisions in light of current uncertainty.

總體而言，我們見證了這些宏觀經濟事件帶來的一些延長和更短的孕育期。我們仍然看到大量參觀者參觀我們的空置空間，但這些參觀需要更長的時間才能轉化為簽署的意向書。話雖如此，鑑於當前的不確定性，租戶仍在繼續做出租賃決策。

Through today, we have signed 3.6 million square feet of leases commencing in the second quarter, $1 million of which is new leasing. This is highlighted by a 500,000 square foot full building lease executed in the Savannah market.

截至今天，我們已經簽署了第二季開始的 360 萬平方英尺的租約，其中 100 萬美元是新租賃。其中最突出的是薩凡納市場簽訂的 50 萬平方英尺的整棟建築租賃合約。

This lease was accomplished with zero downtime and produced a 25% cash leasing spread. The supply pipeline continues to contract with the national under construction pipeline decreasing more than 16% sequentially since the fourth quarter. In the longer term, weaker economic growth may negatively impact warehouse space demand, but this will be partially offset by increased nearshoring and onshoring activity. STAG's portfolio would be a relative beneficiary compared to other industrial portfolios due to our geographic footprint.

此次租賃在零停機時間內完成，並產生了 25% 的現金租賃利差。供應管道持續收縮，全國在建管道自第四季度以來環比下降超過 16%。從長遠來看，經濟成長放緩可能會對倉庫空間需求產生負面影響，但這將透過近岸外包和在岸外包活動的增加得到部分抵消。由於我們的地理覆蓋範圍，與其他工業投資組合相比，STAG 的投資組合將相對受益。

Moving to acquisitions. Volume for the first quarter totaled $43 million. This consisted of three buildings with cash and straight-line cap rates of 6.8% and 7.0%, respectively. In January, STAG acquired a 162,000 square foot building located in Chae, Minnesota for $16.6 million at a cash cap rate of 6.5%. The building is 100% leased at rents approximately 40% below market to a single tenant with strong credit profile. This acquisition provided STAG the opportunity to acquire a stabilized deal at an attractive yield and strong projected same-store NOI growth.

轉向收購。第一季的交易總額為 4,300 萬美元。其中包括三棟建築，現金和直線資本化率分別為 6.8% 和 7.0%。1 月份，STAG 以 1,660 萬美元的價格收購了位於明尼蘇達州 Chae 的一棟 162,000 平方英尺的建築，現金資本化率為 6.5%。該建築已 100% 出租，租金比市價低約 40%，租給了一位信用狀況良好的租戶。此次收購為 STAG 提供了以誘人的收益率和強勁的預期同店淨利潤增長獲得穩定交易的機會。

In February, STAG closed on a two-building portfolio totaling 232,000 square feet for $26.7 million and a cash cap rate of 6.9%. The portfolio is located in Buffalo Grove, Illinois, an infill submarket of Chicago. The portfolio is 100% leased to two tenants with a weighted average lease term of 3.3 years. The transaction provided an attractive combination of high yield and durable cash flow given the entrenched tenancy. In terms of dispositions this quarter, we sold one building in Nashville, New Hampshire for gross proceeds of $67 million, representing a cash cap rate of 4.9%.

2 月份，STAG 以 2,670 萬美元的價格收購了兩棟建築的組合，總面積達 232,000 平方英尺，現金資本化率為 6.9%。該投資組合位於伊利諾伊州布法羅格羅夫，這是芝加哥的一個填充子市場。該投資組合 100% 出租給兩個租戶，加權平均租賃期限為 3.3 年。鑑於已確立的租賃關係，該交易提供了高收益和持久現金流的誘人組合。就本季的處置而言，我們出售了位於新罕布夏州納許維爾的一棟建築，總收益為 6,700 萬美元，現金資本化率為 4.9%。

This disposition was a result of our team successfully repositioning the asset and ultimately selling it to a user. On the development front, we have approximately 2.5 million square feet of activity across 11 buildings in the US.

此次處置是由於我們的團隊成功地重新定位了資產並最終將其出售給用戶。在開發方面，我們在美國 11 棟建築中擁有約 250 萬平方英尺的業務活動。

Roughly 50% of that 2.5 million square feet is under construction and 16% is pre-leased. The remaining 50% has been delivered and is currently 51% leased. This includes a new lease totaling 102,000 square feet of warehouse and distribution space, which commenced at our building in Welford, South Carolina on April 1.

其中約 50% 正在建設中，16% 已預租。剩餘 50% 已交付，目前租賃率為 51%。其中包括一份總面積為 102,000 平方英尺的倉庫和配送空間的新租約，該租約於 4 月 1 日在我們位於南卡羅來納州韋爾福德的大樓內開始生效。

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

接下來，我將把主題交給馬特，他將介紹我們剩餘的結果和指導更新。

Thank you, Bill, and good morning, everyone. For FFO per share was $0.61 for the quarter an increase of 3.4% as compared to last year. Cash available for distribution totaled $106.5 million, an increase of 8.5% as compared to the prior period. Leverage remains low with net debt to annualized run rate adjusted EBITDA equal to 5.2 times. Liquidity stood at $1 billion at quarter end on incorporating committed private placement debt proceeds.

謝謝你，比爾，大家早安。本季每股 FFO 為 0.61 美元，較去年同期成長 3.4%。可供分配現金總額為 1.065 億美元，較上一期間成長 8.5%。槓桿率仍然很低，淨負債與年化運轉率調整後 EBITDA 比率為 5.2 倍。在計入承諾的私募債務收益後，季末的流動性達到 10 億美元。

During the quarter, we commenced 36 leases totaling 5 million square feet, which generated cash and straight-line leasing spreads of 27.3% and 42.1%, respectively. Retention for the quarter was 85.3%. As mentioned by Bill, we have accomplished 78.5% of the operating portfolio of square feet we currently expect to lease in 2025, achieving 25.1% cash leasing spreads. This demonstrates the strength of our portfolio. STAG has started the second quarter of leasing with strong momentum.

本季度，我們開始簽訂 36 份租賃合同，總面積達 500 萬平方英尺，現金和直線租賃利差分別為 27.3% 和 42.1%。本季的保留率為 85.3%。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 78.5% 的營運組合面積，實現了 25.1% 的現金租賃利差。這證明了我們投資組合的實力。STAG以強勁勢頭開啟了第二季的租賃業務。

This is highlighted by the execution of 1 million square feet of new leasing commencing in second quarter thus far. We will release the second quarter business update at the end of the week, similar to previous updates in advance of a large industry conference will be attending next week.

迄今為止，第二季度已開始執行 100 萬平方英尺的新租賃合同，這突顯了這一點。我們將在本週末發布第二季的業務更新，類似於下週參加大型行業會議之前的更新。

We achieved same-store cash NOI growth of 3.4% for the quarter. Primary drivers of our same-store growth in the first quarter include the leasing spread to 27.3% and annual escalators of 2.8%, partially offset by previously forecasted and now realized occupancy loss of 80 basis points.

本季度，我們實現了同店現金淨營業收入成長 3.4%。我們第一季同店成長的主要驅動力包括租賃利差達到 27.3% 以及年度自動增幅為 2.8%，但部分被先前預測的、目前已實現的 80 個基點的入住率損失所抵消。

Moving to capital market activity. We repaid the $100 million private placement note fee, which matured on February 20. There are minimal debt maturities remaining in 2025. Subsequent to quarter end, on April 15, the company entered into a note purchase agreement to issue $550 million of fixed rate senior unsecured notes in a private placement offering.

轉向資本市場活動。我們償還了1億美元的私募票據費用，該費用於2月20日到期。2025 年剩餘債務到期數極少。季度結束後，4 月 15 日，該公司簽訂了一份票據購買協議，以私募方式發行 5.5 億美元的固定利率優先無擔保票據。

The notes considered of 5, 8 and 10-year tenures with a weighted average fixed interest rate of 5.65% and a weighted average tenor of 6.5 years. The notes will be funded on June 25, and the proceeds will be used to pay down the revolver, which will restore liquidity to approximately $1 billion. We experienced minimal credit loss in the first quarter. There is no update for discussions with American Power Distributors at this time.

該等票據的期限為 5 年、8 年及 10 年，加權平均固定利率為 5.65%，加權平均年限為 6.5 年。該票據將於 6 月 25 日融資，所得款項將用於償還循環信貸，將使流動性恢復至約 10 億美元。我們在第一季遭受的信貸損失很小。目前與美國電力分銷商的討論尚無最新消息。

American Power Distributors are current under 225 rents through today. At this point, we are maintaining our 2025 credit loss guidance of 75 basis points and we're maintaining all other guidance as well.

截至今日，美國電力分銷商目前的租金低於 225 美元。目前，我們維持 2025 年信用損失指引 75 個基點，並維持所有其他指引。

I will now turn it back over to Bill.

現在我將把發言權交還給比爾。

Thank you, Matt. I want to thank our team for their continued hard work and achievement towards our 2025 goals. Our team continues to drive value in all macro environments. STAG has set the foundation of sustainable growth in 2025, and will continue to benefit from a strong balance sheet, ample liquidity and broad market diversification.

謝謝你，馬特。我要感謝我們的團隊為實現 2025 年目標而不斷努力並取得的成就。我們的團隊繼續在所有宏觀環境中推動價值。STAG已為2025年的可持續成長奠定了基礎，並將繼續受益於強勁的資產負債表、充足的流動性和廣泛的市場多元化。

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

我們現在將問題交還給接線員。

Thank you. We will now be conducting a question and answer session.(Operator instructions)

謝謝。我們現在將進行問答環節。 （操作員指示）

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, good morning. Matt, did I hear you right that you guys have signed 1 million square feet of new leasing quarter-to-date, so just in the month of April?

嘿，早安。馬特，我沒聽錯吧，你們本季迄今（也就是 4 月）已經簽署了 100 萬平方英尺的新租約？

Yes, Craig, it's Bill. Yes, in Q2, we've signed 3.6 million -- we have 3.6 million leases commencing, $1 million of which is new leasing. And one success we had was we had a space, a 500,000 square foot space that were notified a couple of months ago that they were going to vacate in Q2, and we backfilled that space with no downtime, seven-year lease, no downtime on a 25% rollover leasing spread. So really happy with the execution there.

是的，克雷格，我是比爾。是的，在第二季度，我們已經簽署了 360 萬份租約——我們有 360 萬份租約開始生效，其中 100 萬美元是新租賃。我們取得的一個成功是，我們擁有一個 500,000 平方英尺的空間，幾個月前他們通知我們將在第二季度騰空，我們填補了該空間，沒有停機時間，七年租約，25% 的展期租賃利差，沒有停機時間。我對那裡的執行效果非常滿意。

And so apologies. So you keep saying commenced, was the 1 million square feet of new leases executed quarter-to-date or some of those were done before and they'll just commence in the quarter?

所以我很抱歉。所以您一直說已經開始了，那麼這 100 萬平方英尺的新租約是本季度迄今為止執行的嗎，還是其中一些之前就已完成，並且將在本季度開始執行？

It's a mix with the new leasing, generally, they're signed and commencing in a shorter window versus some of the renewals may have been executed earlier. But for example, the 1 million square feet that's commencing in effectively April was all signed in the last 30 to 60 days.

這與新的租賃合約混合在一起，一般來說，它們的簽署和開始時間都很短，而一些續約合約可能已經提前完成了。但舉例來說，實際上從 4 月開始的 100 萬平方英尺的簽約都是在過去 30 到 60 天內完成的。

Okay. And then just for the follow-up, can you just talk about kind of the demand that you're seeing across different submarkets, right? You guys have had good activity in Greenville, which is maybe auto related. Could you talk about what you're seeing in more of your manufacturing type markets versus distribution? Are there any differences you're seeing across demand and tenant conversations?

好的。然後，為了後續問題，您能談談您在不同子市場看到的需求嗎？你們在格林維爾的活動很順利，這可能與汽車有關。您能否談談您在製造型市場和分銷型市場中看到的情況？您在需求和租戶對話中發現有什麼不同嗎？

I mean the tenant conversation that we've had is, the tariffs everything that we're seeing in the macro environment is just causing a little bit more uncertainty. And with that uncertainty creates a little bit longer timeframe between lease negotiations and signing an LOI in the lease.

我的意思是，我們與租戶的對話是，我們在宏觀環境中看到的關稅一切都只是造成了更多的不確定性。這種不確定性導致租賃談判和簽署租賃意向書之間的時間間隔稍微變長。

With respect to markets, I mean, kind of similar to last quarter where -- some of those Midwest markets are operating really well, Milwaukee, Chicago, Minneapolis is doing really well. We're still seeing good demand in Detroit. And then Sun Belt is strong.

就市場而言，我的意思是，有點類似上個季度——一些中西部市場運作得非常好，密爾瓦基、芝加哥、明尼阿波利斯的表現都非常好。我們仍然看到底特律的需求良好。然後陽光地帶就變得強大了。

Nashville is really strong. And in markets that in one of which you noted that's improving. Greenville is improving, Columbus is improving. And then I'm sure if you had another follow-up question is, what's the -- weaker markets. We're seeing some -- a little bit of weakness in Atlanta, certainly some weakness. We own an asset in San Diego, a lot of weakness there. And then Indianapolis is still a little slow.

納許維爾確實很強大。在您注意到的其中一個市場中，情況正在改善。格林維爾正在進步，哥倫布也在進步。然後我敢肯定，如果您有另一個後續問題，那就是，什麼是較弱的市場。我們看到亞特蘭大有一些弱點，肯定有一些弱點。我們在聖地牙哥擁有一項資產，但那裡存在著許多弱點。然後印第安納波利斯仍然有點慢。

But overall, our tenants are still executing leasing leases. It's just taking a little bit longer. And just one other I guess, point I'd like to make is we're seeing some good demand from tenants wanting to renew this early. So leases that are rolling in '26, even 12 months out. We're in conversations with large tenants to renew those leases. So I think there's a lot of demand in the system, but with the events in the past 30 days, it just creates a little bit more uncertainty and some of those discussions taking a little bit longer than what they normally take.

但總體而言，我們的租戶仍在執行租賃租約。只是需要的時間稍微長一點。我想說的另一點是，我們看到一些租戶希望儘早續約。因此，租賃期限為 26 年，甚至 12 個月。我們正在與大租戶商談續約租約事宜。所以我認為系統中有很多需求，但考慮到過去 30 天發生的事件，它只會帶來更多不確定性，而且一些討論所花的時間會比平時更長一些。

Great. Thank you.

偉大的。謝謝。

Thanks, Greg.

謝謝，格雷格。

Jonathan Hughes, Raymond James.

喬納森·休斯、雷蒙·詹姆斯。

Hey good morning. Thanks for the prepared remarks. Just kind of sticking with leasing activity there. These tenants that are coming to you, are they just trying to renew early to get ahead of the expected supply inflection in hopes of achieving better rates? Was there an increased push to lease space ahead of tariffs, so they could fill space with imported goods. Just really trying to better understand that strong leasing volume because you're at kind of 11 million square feet year-to-date, that's not far off last year's total and only at $7 million expiring at the start of the year. So any team as to why the early renewals?

嘿，早安。感謝您準備好的發言。只是堅持在那裡進行租賃活動。這些來找您的租戶是否只是想提前續約，以趕在預期的供應拐點之前獲得更好的利率？在關稅上調之前，他們是否加大了租賃空間的力度，以便用進口商品填補空間。只是想更能理解強勁的租賃量，因為今年迄今的租賃量約為 1,100 萬平方英尺，與去年的總量相差不遠，而且年初到期的租賃金額僅為 700 萬美元。那麼有沒有球隊為什麼要提前續約呢？

Yes. I mean we just sat with the regional managers yesterday and talked about that exact point is, I think there's a combination, right? I mean there's still demand in the system, especially for these early renewals. I think tenants are seeing a little bit of an opportunity, right, with some of the noise out there to say, hey, maybe we can get a little bit better rate instead of waiting 12 months when we're post that inflection point whenever that may be. And then rates start to increase at a faster pace and tenants need the space, right?

是的。我的意思是，我們昨天剛剛與地區經理坐在一起討論了這一點，我認為這是一個結合點，對嗎？我的意思是系統中仍然存在需求，特別是對於這些早期更新的需求。我認為租戶看到了一些機會，對吧，外面有一些聲音說，嘿，也許我們可以得到更好的利率，而不是等待 12 個月，當我們過了那個轉折點，無論那可能是什麼。然後租金開始以更快的速度上漲，而租戶需要空間，對嗎？

There's still demand. I still think there's pent-up demand from last year. Tenants took a lot of time leasing pace last year in front of the election. And then we saw a lot of activity to start the year. And then we have a little bit of call it, a little bit of a slowdown or taking a step back, evaluating everything that's going on from a macro level in the past month.

仍有需求。我仍然認為去年有被壓抑的需求。去年大選前，租戶花了大量時間加快租賃步伐。然後我們看到年初有很多活動。然後我們稍微放慢速度或退一步，從宏觀層面評估過去一個月發生的一切。

But tenants still need space. It was really optimistic with the new leasing that we've signed in Q2, 1 million square feet, one month into the second quarter of new leasing. That's a big number for us. So really happy with that. And it was a big number on executing with some pretty strong leasing spreads.

但租戶仍然需要空間。我們在第二季簽署的新租賃合約非常令人樂觀，第二季新租賃合約簽署一個月後，面積達到 100 萬平方英尺。對我們來說這是一個很大的數字。我對此非常高興。這是一個很大的數字，而且執行起來還有相當強勁的租賃利差。

So overall, the demand feels really good. I think tenants are just taking a little bit more time making those decisions. And the tenants that are in those spaces to your point, I think, you're trying to get ahead of some of the some of what we see as potential inflection point at the end of this year.

所以整體而言，需求確實很好。我認為租戶只是花了更多時間來做這些決定。而對於您所說到的這些空間的租戶，我認為，您正在試圖領先於我們所看到的今年年底的一些潛在轉折點。

Thanks for that. I'll see the floor.

謝謝。我要看看地板。

Vince Tibone, Green Street.

文斯提博內 (Vince Tibone)，綠街。

Hi, good morning. Could you discuss trends in transactions market since April 2? And more specifically, are you seeing any retrading activity just given the uncertainty? Or potential sellers pulling deals that have already begun some form of formal marketing process. Just curious kind of how the transaction market has kind of evolved in the last few weeks.

嗨，早安。能談談4月2日以來交易市場的趨勢嗎？更具體地說，考慮到不確定性，您是否看到任何重新交易活動？或潛在賣家撤回已經開始某種形式的正式行銷流程的交易。只是好奇過去幾週交易市場是如何發展的。

Yes, I'll start off and then I'll pass it off to Mike, Ben. Start at the beginning of the year was the private market continued to be really strong, public bids on properties, maybe a little bit wider than the private markets. We saw some big portfolios come out of either a portfolio sale or recap come out to the market at some pretty attractive pricing that was compared to our comparable to portfolio. And to date, we haven't seen those trade. Broker feedback has been -- and the buyers are still involved.

是的，我先開始，然後我會把它交給麥克、班。從年初開始，私人市場持續表現強勁，公開競標的房產可能比私人市場廣泛一些。我們看到一些大型投資組合透過投資組合出售或重新組合進入市場，其價格與我們的可比較投資組合相比非常有吸引力。到目前為止，我們還沒有看到這些交易。經紀人的回饋已經——買家仍然參與其中。

There's still a lot of bids for these properties, but nothing has traded. And I think -- I may be wrong here, but I think one or two smaller portfolios have hold just due to some dislocation in pricing. But Mike, I'll let you elaborate on that a little bit.

這些房產仍有大量競標者，但尚未成交。我認為——我可能錯了，但我認為一兩個較小的投資組合之所以能夠維持，只是因為定價出現了一些錯位。但是麥克，我讓你稍微詳細說明一下。

Sure. Yes. Just recently, we have been getting some information on a few portfolios, both large and small that have been pulled from the market just because of the volatility and concerns about pricing. We haven't heard a lot about retrading, maybe one or two, but it's mostly just sellers pulling portfolios or deals from the market to see where the volatility settles out.

當然。是的。就在最近，我們得到了一些關於一些投資組合的信息，這些投資組合有大有小，只是因為波動性和對定價的擔憂而被撤出市場。我們還沒有聽說過很多關於重新交易的事情，也許有一兩次，但大多數情況下只是賣家從市場中撤出投資組合或交易，以觀察波動性在哪裡穩定下來。

Yes. And Vince, just one more comment there. I don't think it's too dissimilar to what we've seen over the past four to five years really since COVID, where you have these either spike in race or macro uncertainty and volatility enters the market, bid-ask spreads widen. It goes on a, call it, a three-month, four-month pause? And then next thing you know the acquisition transaction market starts to improve.

是的。文斯，我再說一句。我認為這與我們在過去四五年裡看到的情況並沒有太大不同，因為自新冠疫情爆發以來，要么是種族歧視加劇，要么是宏觀不確定性和波動性進入市場，買賣價差擴大。它會持續三個月、四個月的暫停時間嗎？接下來你會發現收購交易市場開始好轉。

So that is -- it's not uncommon for us to see this. I mean, for us, we've got a really strong balance sheet, great liquidity. And when we see these type of situations, we're comfortable just waiting it out and then pouncing on opportunities when they present themselves.

所以，這種情況對我們來說並不罕見。我的意思是，對我們來說，我們擁有非常強大的資產負債表和極佳的流動性。當我們看到這種情況時，我們只需等待，然後在機會出現時抓住它。

No, that's really helpful color. And how are you thinking about your cost of capital? I mean, just given recent share price changes. So you have provided the (inaudible) of stable cap rates. I mean is it fair to assume you kind of want your implied cap rate to get closer to that range? Or obviously, I imagine the hurdle is higher to to buy things today than it was. Just talk a little bit about you didn't change acquisition guidance, but I imagine there's some change in underwriting or just given your.

不，那確實是很有幫助的顏色。您如何考慮資本成本？我的意思是，考慮到最近的股價變化。因此，您提供了（聽不清楚）穩定的資本化率。我的意思是，假設您希望隱含資本化率更接近該範圍，這公平嗎？或者顯然，我認為現在買東西的門檻比以前更高了。請稍微談談您沒有改變收購指導，但我想承保方面會有一些變化，或者只是考慮到您的情況。

Yes. I'll talk about the acquisition guidance, and then Matt can jump in for cost of capital. But our acquisition -- initial acquisition guidance was the same as it is today. Everything has been affirmed. But -- that guidance was a wide range.

是的。我將談論收購指導，然後馬特可以談談資本成本。但我們的收購——最初的收購指引與今天相同。一切都已得到肯定。但是——該指導範圍很廣。

And as we noted at last call and again this call, it's very back-end weighted. So there's very little impact to our core FFO from our acquisition guide. So we have the ability to acquire a lot of product. If our cost of capital is supportive of where we can deploy it accretively, generally in these situations of volatility, and we've had this a couple of years, we do a wide range of acquisition and we assess that as we move through the year.

正如我們在上次和這次電話會議中提到的那樣，它非常注重後端。因此，我們的收購指南對我們的核心 FFO 的影響很小。因此我們有能力獲得大量產品。如果我們的資本成本支持我們以增值方式部署它，一般在這些波動的情況下，我們已經有這種情況幾年了，我們會進行廣泛的收購，並在一年中對其進行評估。

It's a little too early in the year to change that. But just a reminder to everyone, it's back-end weighted and very little impact to our core FFO guide, Matt, you can jump in for cost of capital.

今年要改變這狀況還為時過早。但只是提醒大家，它是後端加權的，對我們的核心 FFO 指南影響很小，馬特，你可以參與資本成本。

Yes, Vince, I think cost of capital is the easiest one here. You heard in the prepared remarks in the press release, we just raised north of $0.5 billion of long-term debt at 5.65% and if that was all 10-year money, it's 5% to 5.75%. So that part, as Bill mentioned, once we fund this private place note, we're going to have $1 billion I also want to reiterate the point that we're retaining a lot of capital. We retain north of $35 million of cash after dividends paid in the first quarter. That's great capital for us.

是的，文斯，我認為資本成本是這裡最簡單的一個。大家在新聞稿中已經聽見了，我們剛剛以 5.65% 的利率發行了超過 5 億美元的長期債券，如果這都是 10 年期債券，那麼利率將在 5% 至 5.75% 之間。因此，正如比爾所提到的那樣，一旦我們為這筆私募股權融資，我們將擁有 10 億美元。我還想重申一點，我們保留了大量資本。在第一季支付股息後，我們保留了 3500 萬美元以上的現金。這對我們來說是巨大的資本。

The other point I and I think it's very, very much apparent in this quarter, but it is the way that we view our cost of capital is accretive recycling capital. But going back to that Nashville sale, we received $67 million of proceeds at pricing sub-5%. It was a 4.9% cap rate. We redeployed two-thirds of that money into assets that Bill described in his prepared remarks that fit our portfolio perfectly in markets that we love at stabilized cap rates close to 7%.

另一點，我認為在本季非常明顯，那就是我們看待資本成本的方式是增值回收資本。但回顧納許維爾的那次銷售，我們以低於 5% 的定價獲得了 6,700 萬美元的收益。資本化率為 4.9%。我們將其中三分之二的資金重新部署到比爾在其準備好的發言中描述的資產中，這些資產完全符合我們的投資組合，並且位於我們喜愛的市場中，穩定的資本化率接近 7%。

So when we look at how we deploy capital in the sources, certainly in this environment, as you mentioned, with the volatility in the share price, accretive recycling and capital, coupled with the cash that we are able to retain gives us some flexibility to be opportunistic even in this market.

因此，當我們考慮如何在來源中部署資本時，當然在這種環境下，正如您所提到的，股價波動、增值回收和資本，再加上我們能夠保留的現金，這為我們提供了一定的靈活性，即使在這個市場中也能抓住機會。

Thank you.

謝謝。

And just one some more points, Vince, on that private placement transaction. I want to give Matt some team credit there, but that was a cover, I think, $200 million on the cover of that transaction, and we raised $550 million, we had over $3 billion of demand for that transaction. So there's a lot of liquidity in that market at very attractive pricing. So I'm really happy with the execution Matt and team did there

文斯，關於私募交易，我還有幾點想說。我想給馬特一些團隊榮譽，但我認為那隻是一筆掩護，這筆交易的掩護金額為 2 億美元，我們籌集了 5.5 億美元，而這筆交易的需求超過 30 億美元。因此，該市場流動性充足，價格也極具吸引力。我對 Matt 和團隊的表現非常滿意

Mr. Thibon, are you done with the question?

Thibon 先生，您的問題問完了嗎？

Yes, thank you.

是的，謝謝。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Hey, good morning guys. Maybe digging a little bit more into the acquisitions and kind of what you're seeing there, understanding that your probably return thresholds are a little bit higher. But just a little bit more curious on kind of the characteristics of the assets you're rating. Are you looking for more near-term walls, longer-term walls? And I know you guys have made a little bit more pivot into multi-tenant assets for a single tenant, but how would you like describe the mix of that sort of pipeline?

嘿，大家早安。也許深入研究一下收購以及你所看到的情況，就會發現你的回報門檻可能會更高。但我對您所評級的資產的特徵有點好奇。您是否在尋找更多近期牆、長期牆？我知道你們已經為單一租戶做出了更多的轉向多租戶資產，但您想如何描述這種管道的組合？

Yes. I mean the mix is a broad mix of assets that we evaluate. This quarter, it happened to be a two-building portfolio and then an asset right outside of Minneapolis, both assets, strong markets, ability to mark those assets to market. I think the Minneapolis asset, I think, is 40% below market. So we're not focusing on one type of acquisition.

是的。我的意思是，我們評估的資產組合是廣泛的。本季度，它恰好是一個由兩棟建築組成的投資組合，然後是位於明尼阿波利斯郊外的一項資產，這兩項資產都擁有強勁的市場，並且能夠將這些資產按市場價格標記。我認為明尼阿波利斯的資產比市場價格低 40%。因此，我們的重點不在於某一種類型的收購。

We're not just saying we want to buy 3.5-year, 4.5-year lease or 7-year lease or a 10-year lease, we're evaluating the opportunities. Our thresholds have effectively increased just based on the inputs that go into our underwriting model. But we're evaluating long-term leases, short-term leases, roll-ups, even vacant assets.

我們不僅僅是說我們想購買 3.5 年、4.5 年或 7 年或 10 年的租約，我們正在評估機會。僅根據承保模型的輸入，我們的門檻就有效地提高了。但我們正在評估長期租賃、短期租賃、累積租賃，甚至空置資產。

But depending on where those assets are, we might extend lease-up period for some of those assets, just given some of the earlier commentary about some tenants taking a little bit longer to make leasing decisions. So it all factors into our underwriting, but we're looking at everything.

但根據這些資產的所在地，我們可能會延長部分資產的租賃期，因為先前有評論稱，一些租戶需要更長的時間來做出租賃決定。所以這一切都會影響我們的承保，但我們正在考慮一切。

That's helpful. And then Matt, maybe on credit loss. You mentioned minimal amount in the first quarter, maybe put some more details or numbers around that. And then 75 basis points for the full year, how much of that is attributable to American Tire?

這很有幫助。然後馬特，也許是關於信用損失。您提到了第一季的最低金額，也許可以提供一些更詳細的細節或數字。那麼全年 75 個基點中有多少歸功於美國輪胎？

Thanks for the question, Nick. When I say minimal, I mean 1 basis point is roughly $50,000 of credit loss. An important note here is related to American tires, they're current on rent through today. We have not incurred any credit loss related to that situation. With that being said, we're still in that process, expectations by the end of May, we will have a firmer idea of the exact project and potential restructure.

謝謝你的提問，尼克。當我說最低限度時，我的意思是 1 個基點大約是 50,000 美元的信用損失。這裡要注意的是與美國輪胎有關，它們目前仍在出租中。我們並未因該情況而遭受任何信用損失。話雖如此，我們仍處於這一過程中，預計到 5 月底，我們將對確切的項目和潛在的重組有一個更明確的想法。

So we have 75 basis points of credit loss into our guidance, which is the same as that we had in February when we initiated, we just said going back to Bill's original points, given this volatility, the last thing we wanted to do was get aggressive on our credit loss assumption. We'll continue to update the market if and when there's an ATD settlement related to our leases.

因此，我們的預期中信用損失為 75 個基點，與我們 2 月啟動時的情況相同，我們剛才說，回到比爾最初的觀點，考慮到這種波動性，我們最不想做的就是對我們的信用損失假設採取激進的態度。如果有與我們的租賃相關的 ATD 結算，我們將繼續更新市場資訊。

But in terms of the split, our guidance is 50 basis points of cash credit loss, which is basically how we start every single year, and we added 25 specifically to the American Power distributor situation. And again, I want to reiterate the current on every single dollar owed through today.

但就分割而言，我們的指導是現金信用損失 50 個基點，這基本上是我們每年的開始方式，我們專門針對美國電力分銷商的情況增加了 25 個基點。再次，我想重申一下今天所欠的每一美元。

Very helpful. Thank you.

非常有幫助。謝謝。

Michael Carroll, RBC.

邁克爾·卡羅爾，RBC。

Yeah, thanks. Bill, I wanted to circle back on your comments on the broader leasing activity that it appears to be holding in there, at least so far. Is that more focused on renewals? Do you hear that correctly? What new leasing activity as tenants kind of pulled back on new leasing and most of the activity you're seeing right now is on renewals?

是的，謝謝。比爾，我想回到你對更廣泛的租賃活動的評論，至少到目前為止，它似乎仍在進行中。這是否更側重於續約？你聽對了嗎？由於租戶減少了新的租賃，而您現在看到的大部分活動都是續約，因此新的租賃活動有哪些？

Well, certainly, this quarter, we had a lot more renewal leasing than we did new leasing. But in the second quarter, we're through April, we've commenced 3.6 million square feet of which $1 million is new leasing. So really 4 times the amount of new leasing that we did in the first quarter. So I don't know if it's fair to say that new leasing is pulled back significantly. It's just taking some tenants a little bit longer to make decisions.

嗯，當然，本季我們的續租量比新租賃量多得多。但在第二季度，截至 4 月份，我們已經開始租賃 360 萬平方英尺，其中 100 萬美元是新租賃。因此，我們實際的新租賃量是第一季的 4 倍。因此，我不知道說新租賃大幅減少是否公平。有些租戶只是需要花更長的時間來做決定。

The example I said earlier, I mean, that time made a decision rather quickly because we just got noticed a couple of months ago that the the tenant that was in that space was not renewing, and we backfilled that 500,000 square foot facility with zero downtime. So the tenants are leasing space. They are making decisions. The renewal market really strong, our renewals are very high to start the year. And we're in discussions with a number of tenants for early renewals for leases expiring in '26. So the demand is healthy, but I do want to caution that, too, which is taking a little bit longer on some spaces, and there's some uncertainty in the macro environment.

我之前提到的例子是，當時我們做出的決定相當快，因為幾個月前我們才注意到那個空間的租戶沒有續約，而我們在零停機時間內就填補了那個 50 萬平方英尺的設施。因此租戶正在租賃空間。他們正在做決定。續約市場確實強勁，今年年初我們的續約量就非常高。我們正在與一些租戶討論提前續約 26 年到期的租約。因此，需求是健康的，但我也想提醒一下，在某些領域，這需要更長的時間，而且宏觀環境中存在一些不確定性。

Okay. And I know you've made really good progress achieving your 2025 leasing targets right at 78%, 79% done so far. That is tracking a little bit below what it was last year. I mean can we read anything into that? Or is it just kind of in the normal realm of expectations, just given I think last year, you're in the low 80s, so not much further below. So could we read anything into that at all?

好的。我知道你們在實現 2025 年租賃目標方面取得了很大進展，目前已完成 78% 至 79%。這比去年的水準略低一些。我的意思是我們能從中讀出什麼嗎？或者這只是在正常的預期範圍內，只是考慮到我認為去年你的預期在 80 出頭，所以不會低太多。那我們能從中讀出什麼嗎？

Yes. I mean if we're 1% or 2% difference, we kind of view that as in line. So I wouldn't read anything into that.

是的。我的意思是，如果我們有 1% 或 2% 的差異，我們會認為這是一致的。所以我不會對此做任何解讀。

Okay, thanks.

好的，謝謝。

Eric Borden, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Eric Borden。

Hey, good morning, everyone. So it sounds like new leasing is off to a solid start post quarter end driven by one tenant. But I was hoping that you could provide an update on demand for your development pipeline, how are KPIs tracking interest in tours? And if you think there's a potential -- if the lease-up could take longer than your initial underwriting, just given the current macro uncertainty?

嘿，大家早安。因此聽起來，在一位租戶的推動下，新租賃在季度末之後有了良好的開端。但我希望您能提供有關開發流程需求的更新，KPI 如何追蹤旅遊興趣？如果您認為存在這種可能性—考慮到當前的宏觀不確定性，租賃時間是否可能比您最初的承保時間更長？

Yes. I mean we're still -- we have a lot of activity at our available Greenville asset. That's the 240,000 square foot facility. I think in general, new leasing for new developments is a little slower, and that's more of a macro comment.

是的。我的意思是我們仍然——我們在可用的格林維爾資產上有很多活動。該設施佔地 240,000 平方英尺。我認為總體而言，新開發項目的新租賃速度會稍微慢一些，這更多的是一個宏觀評論。

But we're seeing a lot of good activity at that facility. And with respect to the Tampa facilities, some really strong leasing activity at the first one, the 6020 Power Road, and the 6508 Power Road is also getting a lot of activity.

但我們看到該設施有很多良好的活動。就坦帕設施而言，第一個設施，即 6020 Power Road 和 6508 Power Road 的一些非常強勁的租賃活動也得到了大力開展。

Hopefully, there's the something report soon on at least one of those, and the casual drive facility, as I mentioned, we leased 100,000 square feet there. So that's 69%. So some good activity, and those are -- I just covered all the ones that are delivered. The developments that have not delivered, the Nashville is delivering this quarter, still probably arguably the strongest industrial market in the US right now.

希望至少其中一個能很快得到報告，而休閒駕駛設施，正如我所提到的，我們在那裡租用了 100,000 平方英尺的空間。所以是 69%。所以有一些很好的活動，那些是——我剛剛介紹了所有已完成的活動。那些尚未實現的發展，納許維爾本季正在實現，可能仍是目前美國最強大的工業市場。

Portlands a build-to-suit, the Reno has some really good activity. And the Charlottes really just kind of got started. So overall, some really good activity. If anything, you might see a little bit of slippage maybe with some of the lease-up periods, and maybe depending on where deals get stuck, maybe a little slippage on ongoing yields, but overall, really happy with the activity

波特蘭是個量身訂製的城市，裡諾有一些非常好的活動。而夏洛特一家才剛開始。總的來說，這是一些非常好的活動。如果有的話，你可能會看到一些租賃期的下滑，也許取決於交易的進展，也許持續收益率會略有下滑，但總的來說，我對活動非常滿意

Okay. And then Matt, I think last quarter, you guys -- you said you expected about 100 basis points of occupancy loss. I was just wondering if you could provide an update there. And how much of the 100 basis points is currently allocated to tenants, if any? And then what sort of buffer do you have built into the assumption there?

好的。然後馬特，我想上個季度，你們說過預計入住率將損失約 100 個基點。我只是想知道您是否可以提供更新資訊。如果有的話，這 100 個基點中有多少目前分配給了租戶？那麼您在那裡的假設中建立了什麼樣的緩衝呢？

Yes. I think that there's a little bit unpack there. Just to answer the direct question first. We have not changed any piece of our guidance, and that includes the 100 basis points of occupancy loss that we expect. In terms of what I think -- I think the question is, did we stress test our projections, -- what's our downside?

是的。我認為那裡有一點問題。首先回答直接的問題。我們沒有改變任何指導意見，其中包括我們預期的 100 個基點的入住率損失。就我的想法而言——我認為問題是，我們是否對我們的預測進行了壓力測試——我們的缺點是什麼？

We absolutely did. Again, we're incredibly comfortable with all of our guidance measures. As Bill mentioned, we're even a little bit ahead this quarter, but we're being cautious given the market uncertainty that we're all living in right now.

我們確實這麼做了。再次強調，我們對所有指導措施都非常滿意。正如比爾所提到的，本季我們甚至領先了一點，但考慮到我們目前所處的市場不確定性，我們還是持謹慎態度。

Remember, we've accomplished 80% of our leasing. So 80% of what we expect to happen this year has already been booked. So when you stress it's really the remaining 20%. But the variables that we emphasize are pretty straightforward.

請記住，我們已經完成了 80% 的租賃。因此，我們預計今年發生的 80% 的事情已經被預訂了。因此，當你強調時，它實際上是剩下的 20%。但我們強調的變數非常簡單。

What does it look like if we don't acquire an additional deal this year, was it look like if we don't lease any of our developments this year, was it look like if we moderate the projected leasing related to that remaining 20%, it all ends up within our range, we're incredibly comfortable. So 100 basis points of average occupancy as continues to be the expectation for this year.

如果我們今年沒有達成額外的交易，如果我們今年沒有出租任何開發項目，如果我們調整與剩餘 20% 相關的預計租賃，最終都會在我們的範圍內，那會是什麼樣子，我們會感到非常舒服。因此，今年的平均入住率預計仍為 100 個基點。

Okay. Well, thank you very much.

好的。嗯，非常感謝。

Jason Belcher, Wells Fargo.

富國銀行的傑森·貝爾徹。

Yeah, hi, good morning, Just following up on the bad debt front. Wondering if you could talk about any tenant categories that might be giving you a little more concern than others in the current environment and also how your tenant watch list has trended over the past couple of quarters?

是的，嗨，早上好，我只是想跟進一下壞帳方面的情況。您是否可以談談在當前環境下哪些租戶類別可能會讓您比其他類別更加擔憂，以及您的租戶觀察名單在過去幾季的趨勢如何？

Yes, absolutely. Thanks for the question, Jason. So we look at this off and we have a three-person fully dedicated credit team -- this is their job. We have financial disclosure, transparency clauses and 90% plus of our leases. We look hard at every sector.

是的，絕對是。謝謝你的提問，傑森。因此，我們考慮了這一點，並成立了一支由三人組成的全心投入的信貸團隊——這是他們的工作。我們有財務揭露、透明度條款以及 90% 以上的租約。我們認真審視每一個領域。

It's really not sector, is what we're taking. It's not food and beverage. It's not housing. It's not consumer. It really is taking a look at the tenants that have low margin businesses with highly levered balance sheets. And good examples are the bankruptcies seen by cons, vitamin shops, and we've talked about American Tire a few times here.

這其實不是一個部門，而是我們所採取的。這不是食物和飲料。這不是住房。這不是消費者。它實際上關注的是利潤率低、資產負債表槓桿率高的租戶。很好的例子是騙子、維生素商店的破產，我們在這裡也談過幾次美國輪胎公司的破產。

So from a sector by sector, we really couldn't say anything there, it really was digging into the balance sheet and what are they selling and what margins. The watch list is dynamic, but it has not expanded materially at all. It really is kind of the same themes and really it's kind of dominated by that American Tire discussion that we had previously.

因此，從各個行業來看，我們真的無法說什麼，我們只能深入研究資產負債表以及他們銷售什麼以及利潤率是多少。觀察名單是動態的，但根本沒有實質的擴大。這確實是同樣的主題，而且確實受我們之前關於美國輪胎的討論所主導。

That's helpful. Thank you. And then back on the leasing front, I know you said you've completed close to, I think, 80% of expected '25 leasing and you've already begun to tackle some of the '26 expirations. Just wondering if you could share what kind of rent spreads you're seeing on those '26 expirations and how that compares to the spreads done for '25 and then what percent of '26 expirations have been addressed so far.

這很有幫助。謝謝。然後回到租賃方面，我知道您說過您已經完成了接近預期 25 年租賃的 80%，並且已經開始處理一些 26 年到期的租賃。只是想知道您是否可以分享一下您在 26 年到期的租金利差情況，以及與 25 年的利差相比如何，以及到目前為止已解決了 26 年到期的百分之多少。

Yes. It's a little too early for us to discuss '26 spreads. I mean right now, we've executed given 15% plus of our '26 leasing. So in line with what we've done in past years at this time, but it's still a little early to talk about economics for next year.

是的。現在討論‘26’利差還為時過早。我的意思是現在，我們已經執行了 26 年租賃的 15% 以上。因此，與我們過去幾年所做的一致，但現在談論明年的經濟狀況還為時過早。

Understood. Thanks guys.

明白了。謝謝大家。

Thanks.

謝謝。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah. Sorry, I guess in the world where you have just lesser overall demand, are there any segments where, I don't know, it seems to be less of a pause or just kind of continuing along at more of an overall normal clip? Or is everything kind of muted that you're seeing across the board regardless of the category?

是的。抱歉，我想，在總體需求較少的世界中，是否存在某些部分，我不知道，看起來停頓較少，或者只是以更正常的總體速度繼續發展？或者，無論屬於哪個類別，您所看到的一切都顯得平淡無奇？

Yes. I mean it's an interesting question. I mean, I think there's a big assumption there, right, that everything is muted, I would say, demand is -- feels like it's still there. I mean, we've had some really good new leasing, as I noted a couple of times. It's taking a little bit longer to make decisions.

是的。我的意思是這是一個有趣的問題。我的意思是，我認為這裡有一個很大的假設，對吧，一切都被壓制了，我想說，需求——感覺它仍然存在。我的意思是，正如我多次提到的那樣，我們有一些非常好的新租賃。做決定需要更長的時間。

We're still seeing some strong activity from 3PLs. And when you look at the markets, I mentioned earlier, the strong markets. I mean, a lot of those markets have some sort of manufacturing component to them with some distribution components. So overall, I mean, we feel pretty good about the demand side. It's just in some situations, it might take a little bit longer to lease up some spaces, and that's just tenants taking longer to make decisions given the uncertainty.

我們仍然看到來自第三方物流的一些強勁活動。當你觀察市場時，我之前提到過，市場強勁。我的意思是，許多這樣的市場都包含某種製造成分和分銷成分。所以總的來說，我們對需求方面感覺相當良好。只是在某些情況下，租賃一些空間可能需要更長的時間，而這只是因為租戶在存在不確定性的情況下需要更長的時間來做出決定。

I mean, if you peel back before the last 30 days, I mean, leasing activity was significant. I mean in terms of tours, RFPs, everybody was extremely busy with the team, brokers are really busy -- and then things just started to slow down a little bit when folks were looking at the macro environment, what does that mean for their business and making a long-term decision.

我的意思是，如果你回顧過去 30 天的情況，你會發現租賃活動非常重要。我的意思是，就旅遊、招標書 (RFP) 而言，每個人都非常忙於團隊，經紀人也非常忙 - 然後當人們關注宏觀環境時，事情就開始放緩一點，這對他們的業務和做出長期決策意味著什麼。

With that being said, a lot of those folks still made that long-term decision because they need to. And I do think there was some pent-up demand from last year and the delayed decision-making that made its way into this year. And absent the last, call it, 30 days, I think leasing on the whole for the industrial sector would have been up pretty significantly. So we still feel really good about the demand side. It just might take a little longer.

話雖如此，許多人仍然做出了長期決定，因為他們需要這樣做。我確實認為，去年的一些被壓抑的需求和今年決策的延遲都存在。如果沒有最後 30 天，我認為整個工業部門的租賃價格將會大幅上漲。因此，我們對需求方面仍然感覺良好。只是可能需要更長的時間。

Got it. And maybe one follow-up on that. Before you were talking about activity at Greenville and Tampa being pretty good. Can you just kind of like put some context around that, like roughly how many tours are you seeing now? How frequent are they? And how did that compare to a month or two ago?

知道了。也許還有後續行動。之前您談到格林維爾和坦帕的活動相當不錯。您能否簡單介紹一下相關情況，例如您現在大概看了多少場巡演？它們出現的頻率如何？與一兩個月前相比情況如何？

I would say, as compared to a month or two ago, I would say probably flat, maybe slightly down. But the activity that we're seeing is, call it, for lack of a better term, better activity, so more likely to get a deal done activity versus just a lot of folks kicking the tires.

我想說，與一兩個月前相比，可能持平，甚至略有下降。但是，我們所看到的活動，由於缺乏更好的術語，可以稱之為更好的活動，因此更有可能達成交易的活動，而不僅僅是許多人在閒逛。

Got it. Okay, thank you.

知道了。好的，謝謝。

Rich Anderson, Wedbush Securities.

里奇·安德森（Rich Anderson），韋德布希證券公司。

Thank you and good morning. So I wanted to talk about the 85% retention. And if I could marry it with the pace of early leasing, you meant 79% of it already addressed. Is it fair to say that you kind of get a bigger retention number to start the year and that kind of marries with the activity that you've seen in terms of 2025 expirations because tenants in that case, sort of have made a decision to stick around, and so that the retention would maybe naturally trickle down as the year progresses. Is that the right way to think about it in terms of those two observations?

謝謝，早安。所以我想談談 85% 的保留率。如果我將其與早期租賃的速度結合起來，那麼意味著其中 79％ 已經解決。是否可以這樣說，年初你會獲得更大的留存率，並且這與你在 2025 年到期方面看到的活動相結合，因為在這種情況下，租戶已經決定留下來，因此隨著時間的推移，留存率可能會自然下降。從這兩個觀察來看，這是正確的思考方式嗎？

Yes, Rich, I think you got it. Just to say it in a different way, and I'm sorry to repeat myself, but we've got 80% of our leasing, and we didn't change any guidance. So our guidance range is 70% to 75%. If we've done 80% of our lease and I'll commence this year, we have a pretty good clear line of sight of what retention will be. I think 85% in the first quarter is just mathematically high.

是的，Rich，我想你明白了。只是換一種方式說，很抱歉重複，但我們已經完成了 80% 的租賃，而且我們沒有改變任何指導。因此我們的指導範圍是 70% 到 75%。如果我們已經完成了 80% 的租賃，並且從今年開始，那麼我們對保留率就會有一個非常清晰的認識。我認為第一季的 85% 從數學上來說已經很高了。

As you see from almost 5 million square feet of leased and the majority of that was renewal. Bill did mentioned the 500,000 square foot immediate backfill, but that's a negative retention event just for that metric in the second quarter. The way I would explain is we've done most of our book of business this year, and we feel very confident with our current guidance.

如您所見，租賃面積接近 500 萬平方英尺，其中大部分是續租。比爾確實提到了 50 萬平方英尺的立即回填，但這對於第二季的該指標來說是一個負面保留事件。我想解釋的是，我們今年已經完成了大部分的業務，我們對目前的指導非常有信心。

Yes. We guide to just an absolute retention number. We don't guide to retention adjusted for immediate backfills, which is basically filling the space with zero to one or two months at the time. And so that 500,000 square foot is going to add to that retention adjusted for immediate backfill numbers. So as that number ticks up, it really drops to the bottom line. So it's a great outcome for us.

是的。我們指導的只是一個絕對的保留數字。我們不針對立即填補的人員調整留存率進行指導，這基本上是用零到一到兩個月的時間來填補空缺。因此，500,000 平方英尺的空間將根據立即填補的數字進行調整，以增加保留量。因此，隨著這個數字的上升，它實際上會下降到底線。所以這對我們來說是一個很好的結果。

Okay. Great. And then probably too early to observe this yet, but are you keeping an eye on where perhaps new tenants are coming from, you would think that your area of the country would be -- I know you think this beneficiary of onshoring, nearshoring. What about like -- I'm going to use the term in-migration into your area. I mean, is that something that you're tracking to see where perhaps new tenants are coming from to sort of take advantage of the manufacturing sort of DNA of your geography.

好的。偉大的。現在觀察這一點可能還為時過早，但您是否在關注新租戶可能來自哪裡，您是否認為您所在的地區將是——我知道您認為這是在岸外包和近岸外包的受益者。那怎麼樣——我將使用“遷入”這個術語進入你們的地區。我的意思是，您是否正在追蹤某件事，以了解新租戶可能來自哪裡，以便利用您所在地區的製造業 DNA。

Yes. I mean it's a little early to talk too much about that, and there's not a tremendous amount of data on that. But when you look at the demand for our buildings today. It's certainly distribution demand. It's consumption, call it, for population migration.

是的。我的意思是現在談論這個還為時過早，而且關於這個主題的數據並不多。但是當你看看今天對我們建築的需求。這當然是分銷需求。這可以說是人口遷移的消費。

That's still a theme. And then it's it's manufacturing. And as I said in the initial and prepared remarks, tenants have been talking for the last couple of years about diversifying their supply chains, right? And there's a lot of reasons why, right? You've got port strikes, you've got low water levels in the Panama Canal. You've got terrorist attacks, you've got tariffs.

這仍然是一個主題。然後就是製造。正如我在最初的準備好的演講中所說的那樣，過去幾年租戶一直在談論實現供應鏈多樣化，對嗎？原因有很多，對吧？港口發生罷工，巴拿馬運河水位下降。你們遭遇恐怖攻擊，你們遭遇關稅。

There are a number of reasons why large companies should diversify their supply chains. And there has been a lot of dialogue about that. And you've started to see it over the past couple of years, a few years with some onshoring with some near-shoring and certainly, some good activity on other ports in the US. I mean, just I hate to keep bringing it up, but the tenant we signed in Q2, I mean that's a 3PL that distributes larger goods over 50 pounds for goods that are coming in the Savannah port, and they signed a seven-year lease, right?

大公司應該實現供應鏈多元化的原因有很多。關於這一點已經有很多討論。在過去的幾年裡，你已經開始看到這種情況，幾年來，美國出現了一些在岸外包和近岸外包，當然，美國其他港口也出現了一些很好的活動。我的意思是，我只是不想一直提起這件事，但是我們在第二季度簽約的租戶是一家第三方物流公司，負責為進入薩凡納港的貨物配送超過 50 磅的大型貨物，他們簽了一份為期七年的租約，對吧？

That's a new demand for that market. That was clearly something that was driven on diversifying supply chain. So we think that's a real theme. We think it's going to continue, and we think we're going to be a net benefiter from that.

這是該市場的新需求。這顯然是供應鏈多樣化所推動的。所以我們認為這是一個真正的主題。我們認為這種情況將會持續下去，而且我們認為我們將從中受益。

Okay, great. Thanks very much.

好的，太好了。非常感謝。

Thanks.

謝謝。

Michael Griffin, Evercore.

邁克爾·格里芬，Evercore。

Great, thanks. Wondering if you can give us any insight into whether the concessionary environment has changed. It seems like tenants are still kind of kicking the tire, so to say, on making decisions. So -- have you offered maybe any more in the concessions in order to entice them to sign leases quicker? Or are you really holding out to kind of get the best net effective rent.

太好了，謝謝。想知道您是否可以告訴我們優惠環境是否發生了變化。看起來，租戶們似乎仍在猶豫不決，可以這麼說，還在做決定。那麼——您是否提供了更多優惠以吸引他們更快地簽署租約？或者您真的在堅持獲取最佳的淨有效租金。

We hold out to the best we can. I mean some markets that have some higher vacancy rates, and we think that it's a great transaction. I may give another month or two of free rent. With respect to leasing commissions, I mean that's kind of a market commission.

我們盡力堅持下去。我的意思是，一些空置率較高的市場，我們認為這是一筆很棒的交易。我可能會再免除一兩個月的租金。關於租賃佣金，我的意思是這是一種市場佣金。

Those can kind of change year-to-year. So I don't really view that as more of a concession. When I think it concessions to tenants, it's really on the TIs and free rent side of it. So it all depends on the market. So I think broadly across the industrial sector, you're probably going to see free rent increase a little bit. And TIs, I think it really, really varies. I mean if you look at our small sample size and new leasing in Q1, it looks like there's an elevated TI really that was more of a building improvement.

這些可能會逐年改變。所以我並不認為這是一種讓步。當我認為它對租戶做出讓步時，它實際上是指 TI 和免租金方面。所以一切都取決於市場。因此我認為，在整個工業領域，你可能會看到免租金增加。而 TI，我認為它確實有很大差異。我的意思是，如果你看我們第一季的小樣本量和新租賃情況，你會發現 TI 確實有所提高，這更多的是一種建築改進。

We enhanced the ability of the building. We had to put in a couple of drive in doors that really are going to enhance our property for that market. We put it in the TI column because the tenant wanted it, but we think it's going to increase leasing activity, and we'll stay with the building after. So it's not really a concession there. So on the whole, I think you probably see a little bit of free rent, but generally, we're trying to hold that effect around as best we can.

我們增強了建築的能力。我們必須安裝幾扇車道門，這確實能提升我們在該市場的表現。我們把它放在 TI 欄中，因為租戶想要它，但我們認為它會增加租賃活動，之後我們將繼續保留建築物。所以這其實不算是讓步。所以總的來說，我認為你可能會看到一點免費租金，但總的來說，我們正在盡力保持這種效果。

Great, thanks. That's helpful. And then Matt, I appreciate the commentary on American Tire and kind of the bad debt assumptions and realize they're current on rent through April and maybe this is a little hypothetical, but if they were to reject the leases, do you have a sense of what the demand would be like to backfill some of those properties? Or is it still kind of too early to speculate?

太好了，謝謝。這很有幫助。然後馬特，我很欣賞對美國輪胎的評論以及壞帳假設，並意識到他們目前的租金是到四月份，也許這有點假設，但如果他們拒絕租約，你是否知道填補其中一些房產的需求會是什麼樣的？或者現在猜測還太早？

It really is market -- this is Bill. It's really market-to-market specific. There's seven leases. The good thing is the buildings are newer buildings in the 100,000 to 120,000 square foot range. So a decent clear height for those buildings.

這確實是市場——這是比爾。這確實是針對特定市場的。共有七份租約。好消息是，這些建築都是較新的建築，面積在 10 萬至 12 萬平方英尺之間。因此這些建築物的淨空高度適宜。

I think anywhere like 28 to 32 or 36 foot. So good buildings in the market would have to go market by market. And just to take a step back, this it is one of our top tenants, but it's still 1% of our ABR, right? So it's really not that material of a tenant. We spend a lot of time talking about it, but overall in the grand scheme of things, it's really not that big of a percentage of our ABR. And we're in active negotiations with them.

我認為任何地方都像 28 到 32 或 36 英尺。因此，市場上的優質建築必須逐一市場推廣。退一步說，這是我們的頂級租戶之一，但它仍然占我們 ABR 的 1%，對嗎？所以這確實不是一個合格的租戶。我們花了很多時間討論這個問題，但總體而言，它在我們的 ABR 中所佔的比例並不大。我們正在與他們進行積極談判。

Great, That's it for me. Thanks for the time.

太好了，對我來說就這樣了。謝謝你的時間。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, we have reached the end of question and answer session. I would now like to turn the floor over to Bill Crooker for closing comments.

謝謝。女士們、先生們，問答環節已經結束。現在我想請比爾·克魯克發表最後評論。

Thank you all for joining the call this morning. As always, I appreciate the thoughtful questions and look forward to seeing you all soon. Take care.

感謝大家今天上午參加電話會議。像往常一樣，我很感謝這些深思熟慮的問題，並期待很快見到你們。小心。

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

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。