STAG Industrial Inc (STAG) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings, and welcome to the STAG Industrial, Inc., second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 STAG Industrial, Inc. 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄製中。

It is now my pleasure to introduce your host, Steve Xiarhos, Vice President, Investor Relations. Please go ahead.

現在，我很高興介紹主持人、投資者關係副總裁史蒂夫夏羅斯 (Steve Xiarhos)。請開始。

Thank you. Welcome to STAG Industrial's conference call covering the second-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. 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.

謝謝。歡迎參加 STAG Industrial 2025 年第二季業績電話會議。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。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。

Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. Examples of forward-looking statements include forecast of core FFO, same-store NOI, G&A, acquisition and disposition volumes, retention rates and other guidance, leasing prospects, rent collections, industry and economic trends and other matters.

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、行業和經濟趨勢以及其他事項的預測。

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

我們鼓勵所有聽眾閱讀公司向美國證券交易委員會提交的文件中有關這些前瞻性陳述的更詳細討論，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。

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

提醒一下，前瞻性陳述代表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, 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, who are available to answer questions specific to the areas of focus.

在今天的電話會議上，您將聽到我們的執行長 Bill Crooker 和財務長 Matts Pinard 的演講。今天與我們一起出席的還有我們的首席投資長 Mike Chase 和房地產營運執行副總裁 Steve Kimball，他們可以回答針對重點領域的問題。

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 second-quarter earnings call for STAG Industrial. We are pleased to have you join us and look forward to sharing the second-quarter 2025 results. Our year-to-date results have exceeded our initial business plan for the first half of the year. We had favorable results in our operating portfolio and meaningful progress leasing our development portfolio.

謝謝你，史蒂夫。大家早安，歡迎參加 STAG Industrial 第二季財報電話會議。我們很高興您加入我們，並期待分享 2025 年第二季的業績。我們今年迄今的業績已經超出了我們上半年的初步業務計劃。我們的營運組合取得了良好的業績，開發組合的租賃也取得了重大進展。

I'm pleased to report that we have leased 90.8% of the operating portfolio square feet we currently expect to lease in 2025, achieving cash leasing spreads of 24.5%. This level of leasing is at a relatively similar pace to last year and consistent over the last few years.

我很高興地報告，我們已經租賃了目前預計在 2025 年租賃的 90.8% 的營運組合平方英尺，實現了 24.5% 的現金租賃利差。這一租賃水準與去年同期相比變化不大，且與過去幾年保持了一致。

In the first quarter, news related to the global trade war drove significant market volatility. Broadly speaking, today, the theme has shifted to a general desensitization to tariff headlines. We are witnessing businesses continue to grow and make corporate decisions in an uncertain environment, a change to the broad pause seen in the past 12 months.

第一季度，全球貿易戰相關消息引發市場大幅波動。總體而言，如今的主題已經轉向對關稅新聞的普遍脫敏。我們目睹了企業在不確定的環境中持續成長並做出企業決策，這與過去 12 個月出現的普遍停滯狀態不同。

While it's certainly not business as usual, users cannot delay space decisions in perpetuity, and supply chain diversification remains a priority for many companies. On the supply side, we have seen the pipeline moderate materially. New starts are down significantly from the first half of last year. The transaction market has been slow. We are seeing positive leading indicators that the transaction market is becoming more active.

雖然這肯定不是正常的業務，但用戶不能永遠推遲空間決策，供應鏈多樣化仍然是許多公司的首要任務。在供應方面，我們看到管道供應量大幅放緩。新開工數量較去年上半年大幅下降。交易市場一直低迷。我們看到了積極的領先指標，顯示交易市場正在變得更加活躍。

We have experienced an uptick in underwritten deals within the last three weeks and maintain a healthy deal pipeline. In June, State closed on 183,000 square foot building in a submarket of Milwaukee, Wisconsin for $18.4 million. This building was acquired at a cash cap rate of 7.1%. The building was a build-to-suit for the tenant. This site serves as a national distribution facility and is located less than 10 miles away from one of the tenant's primary manufacturing plants. This acquisition secured a newly constructed Class A asset with a strong credit profile at an accretive level.

在過去三週內，我們的承銷交易量有所上升，並維持著健康的交易管道。6 月份，State 以 1,840 萬美元的價格買下了位於威斯康辛州密爾瓦基市一個子市場內佔地 183,000 平方英尺的建築。建築物的現金資本化率為 7.1%。該建築是根據租戶的需要建造的。該場地將作為全國配送中心，距離租戶的主要製造工廠不到10英里。此次收購確保了一項新建的A級資產，該資產擁有強勁的信用狀況和增值潛力。

We had one disposition this quarter. We sold one noncore building in Calhoun, Georgia for gross proceeds of $9.1 million, representing a cash cap rate of 7.4% and an unlevered IRR of 14%. In terms of our development platform, we have approximately 3 million square feet of development activity across 12 buildings in the US. Roughly 42% of the 3 million square feet is under construction. The remaining 58% has been delivered and is currently 69% leased.

本季我們有一個處置。我們出售了位於喬治亞州卡爾霍恩的一棟非核心建築，總收益為910萬美元，現金資本化率為7.4%，無槓桿內部收益率為14%。就我們的開發平台而言，我們在美國擁有12棟建築，總開發面積約為300萬平方英尺。300萬平方英尺的建築面積中，約有42%正在興建中。剩餘的58%已經交付，目前出租率為69%。

Included in these numbers is a 95-5 joint venture we entered into in May. We will construct a 500,000 square foot cross-stocked warehouse located in a submarket of Louisville, Kentucky. This is an infill site in a supply-constrained market due to topography, entitlement and zoning difficulties. The project is estimated to cost $47 million and is expected to stabilize with a cash yield of 7.1%. The building is expected to be delivered in the second quarter of 2026. I'm happy with the progress we've been making on development initiative. This initiative will be a key component to STAG's future growth.

這些數字包括我們在五月達成的一項95-5合資協議。我們將在肯塔基州路易斯維爾的一個子市場建造一個50萬平方英尺的交叉庫存倉庫。由於地形、權利和分區困難，這是一個供應受限的市場中的填充場地。該項目預計耗資4700萬美元，預計現金收益率將穩定在7.1%。該建築預計將於 2026 年第二季交付。我對我們在開發計劃上取得的進展感到滿意。該計劃將成為 STAG 未來發展的關鍵組成部分。

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

說完這些，我將把麥克風交給馬特斯，他將介紹我們剩餘的結果並更新指導。

Thank you, Bill, and good morning, everyone. Core FFO per share was $0.63 for the quarter, an increase of 3.3% as compared to last year. Leverage remains low, with net debt to annualized run rate adjusted EBITDA equal to 5.1 times. Liquidity stood at $961 million at quarter end.

謝謝你，比爾，大家早安。本季每股核心 FFO 為 0.63 美元，較去年同期成長 3.3%。槓桿率仍然很低，淨負債與年化運轉率調整後的 EBITDA 比率為 5.1 倍。季末流動資金為 9.61 億美元。

During the quarter, we commenced 32 leases totaling 4.2 million square feet, which generated cash and straight-line leasing spreads of 24.6% and 41.1%, respectively. Of the 4.2 million square feet of leases commenced, 1.6 million square feet was new leasing. This compares to 280,000 square feet of new leasing in the fourth quarter of 2024 and 280,000 square feet of new leasing in the first quarter of this year.

本季度，我們開始簽訂 32 份租賃合同，總面積達 420 萬平方英尺，現金和直線租賃利差分別為 24.6% 和 41.1%。在已開始租賃的 420 萬平方英尺中，有 160 萬平方英尺是新租賃。相較之下，2024 年第四季新增租賃面積為 28 萬平方英尺，今年第一季新增租賃面積為 28 萬平方英尺。

Retention for the quarter was 75.3%. As Bill mentioned, we have accomplished 90.8% of the operating portfolio square feet we expect to lease in 2025, achieving 24.5% cash leasing spreads, demonstrating the strength of our portfolio. We expect cash leasing spreads to be between 23% and 25% for the year.

本季的保留率為 75.3%。正如比爾所提到的，我們已經完成了預計在 2025 年租賃的 90.8% 的營運組合平方英尺，實現了 24.5% 的現金租賃利差，證明了我們組合的實力。我們預計今年的現金租賃利差將在 23% 至 25% 之間。

We achieved same-store cash NOI growth of 3% for the quarter and 3.2% year-to-date. The primary drivers of our same-store growth in the first half of the year include the leasing spreads of 26.1% and annual escalators of 2.9%, partially offset by average occupancy loss of 90 basis points. In May, Moody's Investor Services raised STAG's corporate credit rating to Baa2 with a stable outlook. Achieving this upgrade despite this year's market turmoil is a testament to the strength of the STAG platform and balance sheet.

本季我們實現了同店現金淨營業利潤成長 3%，年初至今實現了同店現金淨營業利潤成長 3.2%。我們上半年同店成長的主要驅動力包括 26.1% 的租賃利差和 2.9% 的年度自動調整率，但平均入住率損失 90 個基點部分抵消了這一增長。5月份，穆迪投資者服務公司將STAG的企業信用評等上調至Baa2，展望為穩定。儘管今年市場動盪，但仍能實現此次升級，證明了 STAG 平台和資產負債表的實力。

On June 25, we funded $550 million of fixed rate senior unsecured notes from a private placement offering completed in April of this year. The notes consisted of 5-, 8- and 10-year tenors with a weighted average fixed interest rate of 5.65% and a weighted average tenor of 6.5 years. The proceeds were used to pay down the outstanding revolver balance.

6 月 25 日，我們透過今年 4 月完成的私募發行，發行了 5.5 億美元的固定利率優先無擔保票據。該票據的期限為 5 年、8 年和 10 年，加權平均固定利率為 5.65%，加權平均期限為 6.5 年。所得款項用於償還未償循環信貸餘額。

This quarter, we resolved two credit situations we have discussed previously. We reached an agreement with American Tire Distributors, which resulted in the assumption of all seven of our leases. As part of this resolution, STAG granted one month of free rent across five of the seven facilities. [Vitamin Shoppe] assumed their leased with no adjustments and no credit loss incurred. Through June 30, we have experienced approximately 17 basis points of cash credit loss, 6 basis points of which was related to the free rent granted to American Tire Distributors.

本季度，我們解決了先前討論過的兩起信用問題。我們與美國輪胎分銷商達成了一項協議，該協議導致我們承擔了全部七份租約。作為該決議的一部分，STAG 為七家設施中的五家提供了一個月的免租金。 [Vitamin Shoppe] 承擔了這些設施的租金，無需進行任何調整，也未產生任何信用損失。截至 6 月 30 日，我們經歷了約 17 個基點的現金信用損失，其中 6 個基點與授予美國輪胎經銷商的免費租金有關。

Moving to guidance, we made the following updates. Our expected ending same-store portfolio occupancy losses has been moderated to 75 basis points as compared to our previous guidance of 100 basis points. We've increased our retention guidance to 75% based on leases signed to date. Credit loss guidance has been reduced from 75 basis points to 50 basis points, reflecting the resolution of the American Tire Distributors and Vitamin Shoppe leases.

根據指導，我們做了以下更新。我們預期的期末同店組合入住率損失已從先前的 100 個基點的預期降至 75 個基點。根據迄今為止簽署的租約，我們已將保留率指導提高至 75%。信用損失指引已從 75 個基點降至 50 個基點，反映了美國輪胎經銷商和 Vitamin Shoppe 租賃的解決方案。

Cash same-store guidance has been increased to a range of 3.75% to 4% for the year, an increase of 25 basis points at the low end of the range. G&A expectations for the year have been updated to a range of $52 million to $53 million, a decrease of $500,000 at the midpoint. These guidance changes result in a core FFO per share guidance revision to a range of $2.48 to $2.52 per share, an increase of $0.02 at the midpoint.

現金同店銷售指導價已上調至全年 3.75% 至 4% 的區間，低階上漲了 25 個基點。全年一般及行政開支預期已更新至 5,200 萬美元至 5,300 萬美元之間，中間值減少了 50 萬美元。這些指導變更導致核心每股 FFO 指引修訂至每股 2.48 美元至 2.52 美元的範圍，中間值增加 0.02 美元。

I will now turn it back over to Bill.

現在我將把發言權交還給比爾。

Thank you, Matts. I want to thank our team for their continued hard work and execution in 2025. The team has done an excellent job of executing our operating plan in the first half of the year. This strong first half sets us up well for the rest of the year.

謝謝你，馬茨。我要感謝我們的團隊在 2025 年的持續努力和執行。團隊出色地執行了我們上半年的營運計劃。上半年的強勁表現為我們今年剩餘時間的良好表現奠定了基礎。

With that, I will now turn it back over to the operator for questions.

現在，我將把問題交還給接線員。

(Operator Instructions) Craig Mailman, Citi.

（操作員指示）Craig Mailman，花旗銀行。

Bill, I just want to touch back on leasing. You noted that things are getting better, but it's clearly not back to normal. But could you just walk through maybe what markets you're seeing better early signs of recovery versus markets that maybe are a little bit lagging at this point?

比爾，我只是想談談租賃問題。您注意到情況正在好轉，但顯然還沒有恢復正常。但是，您能否簡單介紹哪些市場看到了更好的復甦早期跡象，而哪些市場目前可能有些延遲？

Yes, sure, Craig. Yes, I mean, this quarter was a really strong quarter for leasing, 4 million square feet leased, 1.6 million of that new leasing. And as we look at some of the leasing that we've addressed in July, I mean, we've already -- I think we're going to sign about 500,000 square feet of -- we're going to commence about 400,000, 500,000 square feet of new leases just in July thus far.

是的，當然，克雷格。是的，我的意思是，本季的租賃業務確實非常強勁，租賃面積為 400 萬平方英尺，其中新租賃面積為 160 萬平方英尺。當我們回顧 7 月份處理的一些租賃事宜時，我的意思是，我們已經——我想我們將簽署大約 500,000 平方英尺的——到目前為止，僅在 7 月份，我們就將開始簽署大約 400,000 到 500,000 平方英尺的新租約。

And signings executed leases in July for around 760,000 square feet, and that's about 600,000 of renewals and about another 100,000 of signed leases for new lease in July. When you think about markets, the Midwest markets are still doing really well. Minneapolis, Milwaukee, Louisville, Detroit, Cleveland, Nashville has done really well. Houston has done really well.

7 月簽訂的租約面積約為 76 萬平方英尺，其中續約面積約為 60 萬平方英尺，新簽訂的租約面積約為 10 萬平方英尺。當你考慮市場時，中西部市場仍然表現良好。明尼亞波利斯、密爾瓦基、路易斯維爾、底特律、克里夫蘭、納許維爾的表現都非常出色。休斯頓的表現確實很好。

And then some of the weaker markets, I would say, categorize it at more kind of bulk distribution markets, [Indie], Columbus, Memphis, still a little bit weaker. And then you've got some markets that have some short term, I think, tariff uncertainty, some of the border markets like El Paso would be one that has a little uncertainty short term, but we really like that market kind of medium term.

然後我想說，一些較弱的市場可以歸類為批量分銷市場，[獨立]、哥倫布、孟菲斯，仍然有點弱。然後你會發現有些市場在短期內存在關稅不確定性，像埃爾帕索這樣的邊境市場在短期內會有一點不確定性，但我們真的很喜歡這種中期市場。

That's helpful. And then just a follow-up, maybe it comes at it from two parts. But you had mentioned that the transaction market is starting to get a little bit better. We've noticed that there are definitely some users out there, particularly ones like a Samsung that is going to be opening mega plants and they're buying some assets down in Atlanta.

這很有幫助。然後只是後續問題，也許它來自兩個部分。但您曾提到交易市場開始變得更好。我們注意到確實有一些用戶，特別是像三星這樣的用戶，他們將開設大型工廠，並在亞特蘭大購買一些資產。

Could you just talk about maybe some of the competition from well-funded users and the impact that that could have on some of your markets from a net absorption standpoint where it may not get picked up as a lease, but it's essentially a lease of some bigger companies because it will be occupied by that user?

您能否從淨吸收的角度談談來自資金充足的用戶的競爭以及這可能會對您的一些市場產生的影響？在淨吸收的角度，它可能不會被作為租賃來接收，但它本質上是一些大公司的租賃，因為它將被該用戶佔用？

Yes. That's definitely a theme we're seeing. I mean, our Q1 sale was to a user. We see some sales in our pipeline for dispositions that are going to be some user sales. And those are pretty attractive cap rates and pricing for those transactions.

是的。這絕對是我們看到的主題。我的意思是，我們的第一季的銷售對像是用戶。我們看到我們的銷售管道中有一些銷售將會是一些用戶銷售。對於這些交易來說，這些資本化率和定價相當有吸引力。

And then as you noted, it's taking some vacancy out of the market, which net-net is good for landlords in that market. And where this is happening is really, as we mentioned before, more of those onshore manufacturing markets where you got Midwest, Southeast and some Texas markets.

正如您所說，這會從市場上消除一些空置空間，這對該市場的房東來說是件好事。正如我們之前提到的，這種情況實際上更多地發生在那些國內製造業市場，包括中西部、東南部和一些德克薩斯州市場。

Nick Thillman, Baird.

尼克·蒂爾曼，貝爾德。

Maybe I wanted to touch a little bit more on just the leasing and demand, and maybe talking a little bit more on like the vacancy within the portfolio, of the operating portfolio, less so on the development side.

也許我想更多地談談租賃和需求，也許更多地談論投資組合中的空置情況，運營投資組合中的空置情況，而不是開發方面。

And just on the assets, maybe we'll call it stubborn vacancy or areas where you've seen just maybe more downtime. Is there any specific markets or asset types that you're seeing that particular? You guys have a broad breadth of markets. So I just kind of want to get some more color there.

就資產而言，也許我們會稱之為頑固空置或您可能看到更多停機時間的區域。您是否看到了任何特定的市場或資產類型？你們的市場範圍很廣。所以我只是想在那裡添加一些顏色。

Yes. I mean, it's a broad breadth of markets, and I would even go a step further to say it really depends on the building type in a particular market. So in some markets, if you've got a 200,000 square foot building, vacancy rates could be 3.5%. But if you've got a 500,000 square foot building or above, you could be high single-digits vacancy rate. So it really is a story of building and markets.

是的。我的意思是，這是一個廣泛的市場，我什至會進一步說，這實際上取決於特定市場的建築類型。因此在某些市場，如果你擁有一棟 20 萬平方英尺的建築，空置率可能高達 3.5%。但如果你擁有一棟面積為 50 萬平方英尺或以上的建築，空置率可能會高達個位數。所以這實際上是一個關於建築和市場的故事。

The markets I just mentioned, I think those are pretty indicative of where you're seeing some of the higher vacancy rates, but those are really on bigger boxes. So I would say, overall, when you think about lease-up times or downtimes, when things were really going well there for a while, it was three to six to nine months of lease-up time. And I think we're more in like 12 months of lease-up time for our assets. Some take a little bit longer and some are a little bit less.

我剛才提到的市場，我認為這些很能說明你看到的一些較高的空置率，但這些確實發生在更大的盒子上。所以我想說，總的來說，當你考慮租賃時間或停工時間時，當事情進展順利時，租賃時間為三到六到九個月。我認為我們的資產租賃期大約是 12 個月。有些需要更長的時間，有些則需要更短的時間。

I mean, in the second quarter, we had a 500,000 square foot facility that we leased up with no downtime, right? So when you kind of take the mix of all that, we're probably still looking at, on average, 9 to 12 months of lease-up for our assets. So we're in a really good spot. I mean, we're really happy with the results we put forth to date and really happy with the guidance range we had this quarter, guidance range increase.

我的意思是，在第二季度，我們有一個 500,000 平方英尺的設施，我們租用了它，沒有停機時間，對嗎？因此，當你把所有這些因素綜合起來考慮時，我們可能仍然需要平均 9 到 12 個月的資產租賃期。所以我們現在的處境非常好。我的意思是，我們對迄今為止提出的結果感到非常滿意，並且對本季度的指導範圍、指導範圍的增加感到非常滿意。

That's helpful. And then maybe just following up a little bit, looks from your expiration schedule that you kind of started working through some of '26, maybe like 2.7 million square feet of renewals. I guess just a little bit more color on that. Is the timeline on those discussions tracking similar to what it has historically? And have you seen any sort of changes, whether it be in escalators or term when you kind of are going into those renewal discussions?

這很有幫助。然後也許只是稍微跟進一下，從您的到期時間表來看，您已經開始處理 26 年的一些事情，大概是 270 萬平方英尺的續約。我想這只是稍微豐富了一點色彩而已。這些討論的時間表是否與歷史上的時間表相似？當您進行續約討論時，您是否看到了任何變化，無論是在自動扶梯方面還是在期限方面？

Yes. I mean, that's another theme. I'm glad you brought that up is early renewals for, call it, our large, sophisticated tenants are -- they're very active. We're in active discussions with them. We've kicked off a lot of the upcoming expirations in 2026. We're ahead of where we were last year and the year before with respect to addressing the next year's lease expirations.

是的。我的意思是，這是另一個主題。我很高興你提到了提前續約，因為我們的大型、經驗豐富的租戶非常活躍。我們正在與他們進行積極討論。我們已經開始實施許多即將於 2026 年到期的合約。在解決明年租約到期問題方面，我們比去年和前年取得了進步。

And I think that speaks to the market and that these large, sophisticated tenants expect that market rent growth will start increasing probably at a little faster pace as some of this supply continues to get eaten through this year. So really happy with what we're doing with the early renewals within our portfolio.

我認為這反映了市場狀況，這些大型、成熟的租戶預計，隨著今年部分供應繼續被消化，市場租金成長可能會開始以更快的速度成長。我們對投資組合中的早期續約工作感到非常高興。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO 資本市場。

Bill, I just want to go back to your remarks on the acquisition market and how it's been improving with the underwriting picking up. But you left the guidance fairly wide. So I'm just curious, what does the pipeline currently consists of in terms of maybe singles and doubles, larger, chunkier deals and portfolios today.

比爾，我只是想回到你對收購市場的評論，以及隨著承銷業務的回升，收購市場是如何改善的。但你給的指導範圍相當廣泛。所以我只是很好奇，就目前的單筆和雙筆交易、更大、更豐厚的交易和投資組合而言，目前的管道包括哪些內容。

Mike, do you want to talk specifically about the pipeline, the makeup or --

麥克，你想具體談談通路、化妝還是--

Yes. I mean the pipeline makeup is very similar to what we've seen in the past. I think we're -- the majority of the pipeline, I'd say, 60%-plus is kind of our one-off assets and then 20% to 30% in portfolios, and then beyond that, some development deals. The market has come alive a little bit in the last couple of weeks.

是的。我的意思是，管道的組成與我們過去看到的非常相似。我認為我們的大部分項目，我想說，60% 以上是我們的一次性資產，然後 20% 到 30% 是投資組合，除此之外，還有一些開發交易。過去幾週，市場略有活躍。

We've been seeing an underwriting and offering on more assets than we did in the second quarter. So we're cautiously optimistic about the fact that we'll have an active second half of the year.

我們看到承銷和發行的資產比第二季更多。因此，我們對下半年的活躍表現持謹慎樂觀的態度。

Yes. When you look at the pipeline from Q1 to Q2, I think it's down a couple of hundred million bucks. I think it's like $3.4 billion in Q2. But what's more important to note is the pipeline, that $3.4 billion, the bid-ask spread between buyers and sellers is much narrower than it was in Q1. You're seeing more one-off transactions get done.

是的。當你查看從第一季到第二季的管道時，我認為它下降了數億美元。我認為第二季的數字是 34 億美元。但更值得注意的是，34 億美元的交易管道，買賣雙方之間的買賣價差比第一季窄得多。您將看到越來越多的一次性交易得以完成。

We've been very close on pricing on a number of deals, but we're continuing to maintain our discipline, right? We're looking at transactions that we feel like are good fits for the portfolio, those buildings fit their submarket and they're good accretive transactions to us.

我們在多筆交易的定價上已經非常接近了，但我們會繼續保持紀律，對嗎？我們正在尋找我們認為適合投資組合的交易，這些建築適合其子市場，並且對我們來說是良好的增值交易。

So we kept the range wide, but we maintained our range because our team that we have in place, we've had quarters where we've done $700 million, $800 million of acquisitions in the quarter. I think even last Q4, we did $300 million of acquisitions. So we'll maintain our discipline, but it certainly feels like that market is improving and it's improving quite rapidly.

因此，我們保持了較寬的範圍，但我們維持了我們的範圍，因為我們現有的團隊已經完成了 7 億美元、8 億美元的收購。我認為即使在去年第四季度，我們也進行了價值 3 億美元的收購。因此，我們會保持紀律，但確實感覺到市場正在改善，而且改善得相當快。

That's helpful. And then for my follow-up, just on the credit upgrade in May, does that provide you additional debt borrowing cost savings either on the line or potential future debt raises?

這很有幫助。然後，我的後續問題是，僅就 5 月份的信用升級而言，這是否為您節省了額外的債務借貸成本，無論是現有的還是潛在的未來債務增加？

Eric, this is Matts. So number one, we're very happy and very pleased that we're able to achieve the upgrade, particularly with the backdrop, which I mentioned in my prepared remarks. Historically, we've been a private placement issuer. So I think, yes, on the margin, if we were to go back to the private placement market, we expect to receive some benefit.

艾瑞克，這是馬茨。所以，首先，我們非常高興能夠實現升級，特別是在我準備好的發言中提到的背景下。從歷史上看，我們一直是一家私募發行人。所以我認為，是的，從邊際上來說，如果我們回到私募市場，我們預計會獲得一些好處。

But really what the upgrade does is it allows us to take the next step towards becoming a public bond issuer. We would like to take on an S&P investment-grade rating, so we'd have the Moody's to fit in the S&P prior to going into that market. It's our expectation we'll start working with S&P, and I can foresee in the coming 12 months that we would switch from the private to the public bond market.

但升級的真正作用是讓我們能夠向成為公債發行人邁出下一步。我們希望獲得標準普爾的投資等級評級，因此在進入該市場之前，我們需要穆迪來適應標準普爾。我們期望開始與標準普爾合作，我可以預見在未來 12 個月內我們將從私人債券市場轉向公共債券市場。

But again, we maintain optionality and we've been incredibly successful in the private placement market. So short answer, we're very happy. We think there's some -- maybe some modest benefit in the private placement market that absolutely sets us up for potential public bonds.

但同樣，我們保持了選擇性，並且我們在私募市場取得了令人難以置信的成功。簡而言之，我們很高興。我們認為私募市場可能存在一些適度的利益，這絕對為我們潛在的公共債券奠定了基礎。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Hi, thanks, this is Sanket on for Steve. In case of like how are you guys thinking in terms of financing the deals that you're trying to close in the second half of this year on the acquisition side? And then I think you guys have $300 million of debt that's coming due in the first quarter of next year. So how are you guys thinking around the financing for this?

嗨，謝謝，我是 Sanket，代表 Steve。例如，你們如何考慮為今年下半年試圖完成的收購交易提供融資？另外，我認為你們還有3億美元的債務將於明年第一季到期。你們打算如何融資？

Yes. Absolutely. This is Matts again. Why don't I take the second one first. So that's a $300 million term loan maturing early next year. And we're in the process of refinancing it. Typically, with bank term loans, you start that process six to nine months prior to expiration. We're in the middle of that process. We expect a successful transaction. It really is kind of down the middle rolling that term loan.

是的。絕對地。我又是馬茨。我為什麼不先選第二個呢？這是一筆 3 億美元的定期貸款，將於明年年初到期。我們正在對其進行再融資。通常，對於銀行定期貸款，您需要在貸款到期前六到九個月開始流程。我們正處於這一進程之中。我們期待交易成功。這確實是一種中等規模的定期貸款。

So hopefully, something to announce in the next four to five weeks on that front. In terms of financing, generally, as I mentioned, when we look at our long-term debt, we look at the private placement market, we funded our $550 million private placement in June, weighted average interest expense of 5.65% 6.5-year tenor.

因此，希望在未來四到五週內能夠宣布一些有關這方面的消息。在融資方面，一般來說，正如我所提到的，當我們看我們的長期債務時，我們會看私募市場，我們在 6 月份為我們的 5.5 億美元私募融資，加權平均利息支出為 5.65%，期限為 6.5 年。

Those proceeds were used to retire the balances on the revolver. We have liquidity approaching $1 billion. That was the purpose. So from a financing perspective and liquidity specifically, we have roughly $1 billion in liquidity. In terms of the way that we were finding, so obviously, there'd be a portion of debt.

這些收益被用來償還循環信貸的餘額。我們的流動資金接近10億美元。這就是目的。因此，從融資角度和流動性來看，我們的流動性約為 10 億美元。就我們尋找的方式而言，顯然會有部分債務。

And I always like to remember, people paying attention to the STAG stock, we retain north of $100 million of cash flow after dividends paid. That money can be used to finance our development platform and potential acquisitions as well. And to the extent necessary and it makes sense, incremental ATM issuance is on the table as well.

我總是想記住，關注 STAG 股票的人們，在支付股息後我們保留了超過 1 億美元的現金流。這筆錢也可以用於資助我們的開發平台和潛在的收購。在必要且合理的範圍內，增量 ATM 發行也是可以考慮的。

Makes sense. And in terms of your development pipeline, how has been the demand on the leasing side for those assets? And how are you guys thinking in terms of timing to get those assets leased?

有道理。就你們的開發計畫而言，租賃方面對這些資產的需求如何？你們考慮何時租賃這些資產？

Yes, it's Steve here. Let me answer that one, and thanks for the question. I look at the development pipeline in three different buckets. We've got the in-service, which is 76% leased, and we really have two vacancies there. Those two vacancies are in the Greenville market, a market that we're heavily invested in. There's been notable improvements from prior calls in that market. Their vacancy is now sub 10% and there's very good activity and we have prospects on both of our vacant spaces there.

是的，我是史蒂夫。讓我來回答這個問題，謝謝你的提問。我從三個不同的角度來看開發流程。我們現有的在用樓宇出租率為 76%，目前仍有兩個空置樓宇。這兩個空缺職位位於格林維爾市場，我們在該市場投入了大量資金。與先前的通話相比，該市場已經有了顯著的改善。他們的空置率現在低於 10%，而且活動非常好，我們對那裡的兩個空置空間都有前景。

Second bucket I look at is the complete not in service, where we're 47% leased. And what we have is a single building in Tampa. It's in the Tampa East market, which is, again, a good solid market, about 5% vacancy. So the fundamentals are good there. And we have prospects looking at that building as well.

我看到的第二個桶子是完全未投入使用的部分，其中我們的租賃率為 47%。我們在坦帕只有一棟建築。它位於坦帕東部市場，這是一個良好且穩固的市場，空置率約為 5%。所以那裡的基本面是好的。我們也有潛在客戶在關注那棟建築。

The second building in that bucket is in Nashville. We leased 200,000 of that building in the second quarter, about 95,000 left. There, again, very healthy market, very strong fundamentals out that I-40 East corridor. So we feel really good about those portions. When we get into the under construction when we're in Reno and Concorde, which is Charlotte and Louisville, all good markets, all good product, but we're too early into the construction process, not a lot of leasing activity to report right now.

該類別中的第二棟建築位於納許維爾。我們在第二季度租用了該建築的 200,000 平方英尺，剩餘面積約為 95,000 平方英尺。再次強調，那裡的市場非常健康，I-40 東走廊的基本面非常強勁。所以我們對這些部分感到非常滿意。當我們在裡諾和康科德（也就是夏洛特和路易斯維爾）進入建設階段時，所有市場都很好，產品也都很好，但我們還處於建設階段的早期階段，目前沒有太多的租賃活動可以報告。

Michael Carroll, RBC Capital Markets.

麥可卡羅爾，加拿大皇家銀行資本市場。

I guess, Bill, I wanted to circle back on your comments saying that you're starting to see an uptick in overall acquisition activity. I believe you mentioned that you're just seeing more underwritten deals in the market the past three weeks. Is there any driver related to that?

比爾，我想回到你的評論，你說你開始看到整體收購活動增加。我相信您提到過，過去三週您看到市場上承銷交易增加。有沒有與此相關的驅動程式？

Is it just related to tariff concerns kind of abating and stakeholders just getting much more comfortable bringing assets to market? Is that kind of the driver of what you're seeing the improvement over the past three weeks?

這是否僅僅與關稅擔憂的減弱以及利害關係人更願意將資產推向市場有關？這是否是您在過去三週內看到情況改善的驅動因素？

I mean, that's certainly a component of it. I think seller expectations is a component of it, too, understanding where the capital markets are and what buyers are willing to pay. And then I think a little bit more conviction on the buyer side, not just us, but just other buyers of, hey, what's happening in the market.

我的意思是，這當然是其中的一個組成部分。我認為賣方預期也是其中的一個組成部分，了解資本市場在哪裡以及買家願意支付多少錢。然後我認為買方會更有信心，不僅僅是我們，還有其他買家，知道市場上發生了什麼。

As time passes, I think people understand that maybe the tariff threats aren't as bad as they were initially thought to be. So I think all that helps. And then, yes, I mean, just -- when we say underwritten deals, we evaluate a lot of deals. We evaluate a lot of deals in the first quarter.

隨著時間的推移，我認為人們會明白，關稅威脅可能不像最初想像的那麼糟糕。所以我認為所有這些都有幫助。然後，是的，我的意思是——當我們說承銷交易時，我們會評估很多交易。我們在第一季評估了很多交易。

And then when we take them to further underwriting and presenting them to our internal investment community, those are deals that we think we've got a legitimate shot of winning. And so having that uptick in the past three weeks has given us that conviction to maintain our guidance range for acquisitions.

然後，當我們對它們進行進一步承銷並將其呈現給我們的內部投資界時，我們認為這些交易我們有合法的機會贏得勝利。因此，過去三週的上漲讓我們有信心維持收購指引範圍。

I do want to note, we've said this before, we still anticipate much more back-end weighted acquisition cadence this year. So our initial guidance included that, so very little contribution to core FFO for this year. But we still feel comfortable with the range. And the last three weeks of activity has given us a little bit more conviction of that.

我確實想指出，我們之前已經說過，我們仍然預計今年的後端加權收購節奏會更加頻繁。因此，我們的初步指導包括了這一點，因此今年對核心 FFO 的貢獻很小。但我們仍然對該範圍感到滿意。過去三週的活動讓我們對此更加確信。

Okay. Great. And I know activity is usually back end weighted, maybe more so this year than normal. I mean, how long does it typically take? So when do you need to have a deal locked in to close it before year-end? I mean, does that happen pretty quickly? Or do you need like several months to actually close the transaction? So you need to start working on these deals now to get them done before year-end?

好的。偉大的。我知道活動通常都是後端加權的，今年可能比平常更是如此。我的意思是，通常需要多長時間？那麼，你們什麼時候需要敲定交易才能在年底前完成呢？我的意思是，這個時間會很快嗎？或者您需要幾個月的時間才能真正完成交易？所以您需要現在就開始著手這些交易以便在年底前完成它們嗎？

Yes. I'll let Mike talk specifically, but at year-end is interesting. You've got sellers that really want to close quick at year-end. So when you get from price agreement to P&S to closing, it's a much more compressed time frame. But Mike can walk through a little more details.

是的。我會讓麥克具體談談，但年底很有趣。有一些賣家確實希望在年底迅速完成交易。因此，從價格協議到 P&S 再到成交，時間框架會更加緊湊。但麥克可以講解更多細節。

Yes. I mean, typically, a deal from price agreement to closing can be anywhere from 30 to 45 days, and maybe 60 depending on the seller and how quickly people are responding. But at the year-end, typically, if we're within 30 days of the year end, 45 days of the year end, we can close on new transactions. So it goes up until the mid-November that we can put transactions under --

是的。我的意思是，通常情況下，從價格協議到成交可能需要 30 到 45 天，甚至可能需要 60 天，具體取決於賣家以及人們的反應速度。但在年底，通常如果我們在年底前 30 天內或 45 天內，我們就可以完成新的交易。因此，直到 11 月中旬，我們才能將交易置於--

I mean, we kind of soft circle. Thanksgiving as kind of -- we can get a deal under price agreement by then or we're looking at deals right around Thanksgiving, I think we could still close those by year-end.

我的意思是，我們有點像軟圈。感恩節——我們可以在那時根據價格協議達成交易，或者我們正在考慮感恩節前後的交易，我認為我們仍然可以在年底前完成這些交易。

Jason Belcher, Wells Fargo.

富國銀行的傑森·貝爾徹。

Just following up on the development pipeline and specifically the Greenville assets. Just wondering if you could kind of remind us what your timing is, what your convention is for the timing of capitalized interest and whether you're still capitalizing interest on those assets? And if so, when that's expected to cease?

只是跟進開發管道，特別是格林維爾資產。只是想知道您是否可以提醒我們您的時間安排，您對資本化利息時間的慣例是什麼，以及您是否仍在將這些資產的利息資本化？如果是的話，預計什麼時候會停止？

Jason, it's Matt. So just in terms of capitalized interest, we ceased capitalizing interest once the building is complete. So these buildings are complete, we are not capitalizing.

傑森，我是馬特。因此，就資本化利息而言，一旦建築物完工，我們就停止資本化利息。所以這些建築已經完工，我們並沒有將其資本化。

Got it. Thank you. And then if you could just give us an update on how your embedded rent bumps are trending in the current environment and any shifts you might have seen there in the last few quarters and what the average is across the portfolio.

明白了。謝謝。然後，您是否可以向我們介紹一下當前環境下嵌入式租金上漲的趨勢，以及過去幾季中您可能看到的任何變化以及整個投資組合的平均水平。

Yes, absolutely. So as we sit here today, our weighted average rental escalator across the portfolio is 2.9%. That's going to continue to tick up, just basically math. We're not seeing leases that don't begin with a 3% rental escalator. I would say, 12, 18 months ago, you would see the high-3s, 3.75%, maybe even 4%.

是的，絕對是。因此，今天我們坐在這裡，整個投資組合的加權平均租金上漲率為 2.9%。這將繼續上升，基本上只是數學。我們看到，所有租約的起步租金都以 3% 遞增。我想說，12、18 個月前，你會看到 3% 以上的數字，3.75%，甚至 4%。

We're seeing much closer to the 3% to 3.5%. So there's been a slight moderation, but that's not a new trend. That's something that we've been seeing over the last six months. But again, if we're sitting at 2.9% today, and we're signing leases at, call it, 3.25%, that 2.9% is going to continue to edge up, just simply the weighted math.

我們看到的更接近 3% 到 3.5%。因此，雖然出現了輕微的緩和，但這並不是一個新趨勢。這是我們在過去六個月中看到的情況。但是，如果我們今天的利率是 2.9%，而我們簽訂的租約利率是 3.25%，那麼 2.9% 將繼續上升，這只是簡單的加權計算。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

I guess following up on acquisitions, a couple of things. One, did you think at all about reducing the acquisition guidance or it just wasn't on the table because it seems like you're feeling a little bit better? And I know you said there's a little -- just a little impact to the 25% range.

我想跟進收購，還有幾件事。第一，您是否考慮過降低收購指導，還是只是因為您感覺好一點所以沒有考慮？我知道您說過，這只會對 25% 的範圍產生一點影響。

But if the past three weeks was, say, a bit of a false start and acquisitions don't materialize, what's the sensitivity to '26? I guess, the impact to '26, if you kind of blank the balance of the year from an acquisition standpoint?

但如果過去三週有點不順利，收購沒有實現，那麼對 26 年的敏感度會怎麼樣呢？我想，如果從收購的角度來看，清空當年的餘額會對 26 年產生什麼影響？

Yes. I mean, we haven't given any '26 guidance, Mike. So we could certainly run some back of the envelope math. I don't have those numbers right now. If we blank the acquisition numbers for '25, which I do not expect to happen, it's probably $0.005 to $0.0075 for the year. And with respect to guidance, I mean, every piece of guidance that we evaluate, and we go through.

是的。我的意思是，我們還沒有給任何 26 條指導，麥克。因此我們當然可以進行一些簡單的數學計算。我現在沒有這些數字。如果我們清空​​ 25 年的收購數字（我預計不會發生這種情況），那麼今年的收購價格可能在 0.005 美元到 0.0075 美元之間。關於指導，我的意思是，我們會評估並遵循每一條指導。

So we want to raise same-store guidance by 25 basis points or keep it flat or raise at 50. Do we want to keep acquisition guidance or raise it or reduce it. I mean, those are all conversations we have across every piece of our guidance. So I think what's important is we spend a lot of time on our guidance. We're thoughtful about it, and we're very comfortable with it.

因此，我們希望將同店銷售額預期提高 25 個基點，或維持不變，或提高 50 個基點。我們是想保持收購指導還是提高或降低它？我的意思是，這些都是我們在製定每一個指導意見時都會進行的對話。所以我認為重要的是我們花大量時間進行指導。我們對此深思熟慮，並且感到非常舒適。

Jessica Zheng, Green Street.

Jessica Zheng，綠街。

You have a mix of multi- and single-tenant buildings in your development pipeline today. I'm just curious, the multi-tenant category is easier to lease in the current environment? And what are some considerations when deciding which route to take when you start a development project?

您目前的開發流程中混合有多租戶建築和單一租戶建築。我只是好奇，在當前環境下多租戶類別更容易租賃嗎？當您開始一個開發專案時，決定採取哪條路線時需要考慮哪些因素？

Jessica, it's Steve here. I appreciate the question. I think when we set out to build these buildings, we spent a lot of time making sure that they would demise down to multi-tenant because there was greater demand in the smaller tenant space at that time, and the bulk was moving more slowly, and we want to make sure we had flexibility.

潔西卡，我是史蒂夫。我很感謝你提出這個問題。我認為，當我們著手建造這些建築時，我們花了很多時間來確保它們能夠轉變為多租戶，因為當時較小租戶空間的需求更大，而大部分建築的移動速度較慢，我們希望確保我們具有靈活性。

What's been interesting in the lease-up of our portfolio, if you look through it, is we've actually done a number of single tenant deals and larger deals. So I think the answer is we've maintained flexibility in the design of our building in order to deal with all different tenant sizes. But so far, we've been fortunate to land larger tenants than maybe we had originally underwritten.

如果你仔細看一下，你會發現我們投資組合的租賃情況很有趣，我們實際上已經完成了許多單一租戶交易和更大規模的交易。所以我認為答案是我們在建築設計上保持了靈活性，以應對不同規模的租戶。但到目前為止，我們很幸運地找到了比我們最初承保的更大的租戶。

Yes. I mean, two examples of that, Jessica, is our Tampa building that's 100% leased and our Greenville building is 100% leased. If you look back when those are under construction, those are both identified as multi-tenant buildings. We anticipated leasing those multi-tenant.

是的。我的意思是，傑西卡，舉兩個例子，我們的坦帕大樓已 100% 出租，我們的格林維爾大樓也已 100% 出租。如果你回顧這些建築的建造過程，你會發現它們都被認定為多租戶建築。我們預計將租賃這些多租戶。

And as Steve said, we had full building users come by to lease those buildings. So when you look at the under construction or even the not-in-service buildings that are multi, those could easily flip to single tenant if we find a full building user. Really, maintaining optionality is important for us.

正如史蒂夫所說，我們有滿員的大樓用戶來租用這些大樓。因此，當您查看正在建造中或甚至尚未投入使用的多棟建築時，如果我們找到一個完整的建築用戶，那麼這些建築可以輕鬆地轉為單一租戶。確實，保持可選性對我們來說很重要。

All right. That's very helpful. And just as a follow-up, I was wondering if you can share some colors around the fundamentals in Nashville. Like in your mind, what's been driving the outperformance in that market, recently? And I know there are several REITs, including yourself that have active developments in that market right now. What's the supply backdrop in Nashville today?

好的。這非常有幫助。作為後續問題，我想知道您是否可以分享一些有關納許維爾基本面的情況。您認為，最近是什麼推動了該市場表現優異？我知道目前有幾個房地產投資信託基金（REITs）在該市場積極發展，包括您自己。納許維爾今天的供應背景如何？

I'll go first on the supply. First of all, it is often referenced as one of the more healthy markets, the Nashville market. We do have a balance there of both manufacturing with auto, and we have the distribution market as well. And we're finding in general that markets that have some balance of distribution and manufacturing have remained in a little bit better supply-demand condition.

我首先來談談供應。首先，納許維爾市場經常被認為是比較健康的市場之一。我們在汽車製造和分銷市場之間確實取得了平衡。我們發現，整體而言，分銷和製造保持一定平衡的市場仍然保持著較好的供需狀況。

And then there's been -- the supply in Nashville was regulated relative to some of the other markets. It didn't get the attention of the large bulk markets where everyone went in and created an oversupply. So it stayed in a good balance, and it has a broad range of demand.

然後，與其他一些市場相比，納許維爾的供應受到了監管。它並沒有引起大型散裝市場的關注，每個人都進入了這些市場並造成了供過於求。因此它保持了良好的平衡，並且擁有廣泛的需求。

Yes. I mean, the broad range of demand, as Steve said, you have manufacturing, you get distribution. But I mean, you've had population growth in that market for the past 10 years. It's a high consumption market and that's also a demand driver.

是的。我的意思是，正如史蒂夫所說，需求範圍很廣，有製造業，也有分銷業。但我的意思是，過去10年，這個市場的人口一直在增加。這是一個高消費市場，這也是需求驅動因素。

Thank you. Ladies and gentlemen, as there are no further questions, I would now hand the conference over to Bill Crooker for his closing comments.

謝謝。女士們、先生們，由於沒有其他問題，我現在將會議交給比爾‧克魯克，請他作總結發言。

Thanks, everybody, for joining the call. As always, I appreciate the thoughtful questions, and we look forward to talking to you soon. Thank you.

感謝大家參加電話會議。像往常一樣，我很欣賞這些深思熟慮的問題，我們期待很快與您交談。謝謝。

Thank you. The conference of STAG Industrial has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。STAG工業大會現已結束。感謝您的參與。現在您可以斷開線路了。