STAG Industrial Inc (STAG) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 STAG Industrial 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

I would now like to turn the call over to your host, Steve Zairos, Vice President, Investor Relations. Thank you. You may begin.

現在我將把電話交給主持人，投資者關係副總裁史蒂夫·扎伊羅斯。謝謝。你可以開始了。

Thank you. Welcome to STAG Industrial's conference call covering the third-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 公司關於 2025 年第三季業績的電話會議。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」專欄下發布了未經審計的季度補充資訊簡報。

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 and may cause actual results to differ from those discussed today.

在今天的電話會議上，公司準備的發言和對您問題的回答將包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。前瞻性陳述涉及存在風險和不確定性的事項，可能導致實際結果與今天討論的結果有所不同。

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 contained 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、續租率和其他指導、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閱公司向美國證券交易委員會提交的文件中包含的有關這些前瞻性聲明的更詳細討論，以及公司網站上提供的補充資訊包中包含的非GAAP指標的定義和調節表。

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'll hear from Bill Crooker, our Chief Executive Officer; and Matts Pinard, our Chief Financial Officer. Also here with us today are Mike Chase, our Chief Investment Officer; and Steve Kimball, our Chief Operating Officer, who are available to answer questions specific to their areas of focus.

再次提醒，前瞻性陳述代表管理階層截至今日的估計。STAG Industrial不承擔更新任何前瞻性聲明的義務。在今天的電話會議上，您將聽到我們執行長比爾·克魯克和財務長馬茨·皮納德的演講。今天和我們在一起的還有我們的首席投資官邁克·蔡斯和首席營運官史蒂夫·金博爾，他們可以回答與他們的關注領域相關的具體問題。

I'll now turn the call over to Bill.

現在我將把電話交給比爾。

Thank you, Steve. Good morning, everybody, and welcome to the third-quarter earnings call for STAG Industrial. We're pleased to have you join us and look forward to telling you about the third-quarter 2025 results. Our year-to-date results continue to exceed internal projections. The outperformance year to date has allowed us to increase our core FFO guidance for the year to a range of $2.52 to $2.54 per share, a $0.03 increase at the midpoint.

謝謝你，史蒂夫。各位早安，歡迎參加 STAG Industrial 第三季財報電話會議。我們很高興您加入我們，並期待向您介紹 2025 年第三季的業績。今年迄今的業績持續超出內部預期。今年迄今的優異表現使我們能夠將今年的核心FFO預期提高至每股2.52美元至2.54美元，中點值提高了0.03美元。

Industrial fundamentals remain stable and are improving. Leasing demand is improving with increased tours and RFPs. However, lease gestation periods remain elongated. Supply pipeline continues to decrease, and we are forecasting further decreases next year. While we expect national vacancy rates to be in and around 7% for the next two to three quarters, we anticipate those will improve materially in the back half of next year.

工業基本面保持穩定並正在改善。隨著參觀次數和招標數量的增加，租賃需求正在改善。然而，租賃的妊娠期仍然很長。供應管道持續減少，我們預測明年將進一步減少。雖然我們預計未來兩到三個季度全國空置率將在 7% 左右，但我們預計明年下半年空置率將大幅改善。

Based on this, we believe our market rent growth for next year to be similar to the 2% market rent growth expected for 2025. We have accomplished 99% of our forecasted leasing for 2025 at levels consistent with our initial guidance, including cash leasing spreads of approximately 24%.

基於此，我們認為明年的市場租金成長率將與 2025 年預期的 2% 的市場租金成長率相近。我們已完成 2025 年 99% 的租賃預測，租賃水準與我們最初的指導一致，其中包括約 24% 的現金租賃價差。

Turning to next year, 2026 represents a record amount of square footage expiring in a calendar year for our company. I'm pleased to report that we have addressed approximately 52% of the operating portfolio square feet we expect to lease in 2026. This compares to 38% at the same time last year.

展望明年，2026 年將是我們公司在一個日曆年內到期面積創紀錄的一年。我很高興地報告，我們已經解決了預計在 2026 年出租的營運物業組合面積的約 52%。這與去年同期的38%相比有所下降。

We expect cash leasing spreads to be between 18% and 20% for 2026. This leasing success is a testament to the quality of our portfolio and a welcome sign of tenant engagement and commitment to their space. We've seen an increase in acquisition opportunities in the market, specifically with sellers eager to close by year end. Acquisition volume for the third quarter totaled $101.5 million. This consisted of two buildings with cash and straight-line cap rates of 6.6% and 7.2%, respectively.

我們預計 2026 年現金租賃利差將在 18% 至 20% 之間。此次租賃成功證明了我們物業組合的質量，也令人欣喜地表明了租戶對租賃空間的積極參與和承諾。我們看到市場上的收購機會增加，尤其是一些賣家渴望在年底前完成交易。第三季收購總額為 1.015 億美元。這包括兩棟建築物，現金資本化率和直線資本化率分別為 6.6% 和 7.2%。

Subsequent to quarter end, we acquired one building for $49.2 million with a 6.5% cash cap rate. In addition to the $212 million of stabilized acquisitions we have closed so far this year, we have $153 million more under agreement and slated to close before year end. In terms of our development platform, we have 3.4 million square feet of development activity or recent completions across 13 buildings as of the end of Q3. 52% of these 3.4 million square feet are completed developments.

季度末之後，我們以 4,920 萬美元的價格收購了一棟建築物，現金資本化率為 6.5%。除了今年迄今我們已完成的 2.12 億美元穩定收購案外，我們還有 1.53 億美元的收購案正在洽談中，預計將在年底前完成。就我們的開發平台而言，截至第三季末，我們在 13 棟建築中擁有 340 萬平方英尺的開發活動或近期竣工項目。這 340 萬平方英尺中有 52% 是已竣工的開發案。

These completed developments are 83% leased as of September 30. This includes a full building lease totaling 244,000 square feet, which commenced in Greer, South Carolina on September 1, with 3.75% annual rent escalations. Subsequent to quarter end, we leased the remaining 91,000 square feet in our Nashville development. This project is now 100% leased with a cash stabilized yield of 9.3%. We stabilized this transaction 210 basis points higher than our initial underwriting and six months ahead of schedule.

截至9月30日，這些已完工項目的出租率已達83%。其中包括一份總面積達 244,000 平方英尺的整棟建築租賃合同，該合約於 9 月 1 日在南卡羅來納州格里爾市生效，年租金遞增 3.75%。季度末之後，我們出租了納許維爾開發案中剩餘的 91,000 平方英尺。該項目目前已100%出租，現金穩定收益率為9.3%。我們最終將這筆交易的承銷價格穩定在比最初承銷價高出 210 個基點，並且提前了六個月完成。

Including this transaction, our completed developments are currently 88% leased. I'm happy to announce a recently signed build-to-suit project on a fully entitled 40-acre parcel of land located in Union Ohio. We will develop a Class A 349,000 square foot warehouse with our development partner. The building is scheduled to be completed in Q3 2026. Upon completion, the building will be fully leased for 10 years with 3.25% annual lease escalations to a strong credit tenant. The project is estimated to cost $34.6 million and is expected to have a stabilized yield of 7%.

包括此次交易在內，我們已竣工項目的出租率目前為 88%。我很高興地宣布，最近在俄亥俄州尤寧市一塊已獲得所有必要許可的 40 英畝土地上簽署了一個客製化建造項目。我們將與開發合作夥伴共同開發一個 349,000 平方英尺的 A 級倉庫。該建築預計將於 2026 年第三季竣工。完工後，該建築將全部出租，租期10年，年租金遞增3.25%，租戶信用良好。該項目預計耗資3,460萬美元，預計穩定收益率為7%。

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

接下來，我將把發言權交給 Matts，他將介紹我們剩餘的績效和績效指引更新。

Thank you, Bill, and good morning, everyone. Core FFO per share was $0.65 for the quarter, an increase of 8.3% as compared to last year. During the quarter, we commenced 22 leases totaling 2.2 million square feet, which generated cash and straight-line leasing spreads of 27.2% and 40.6%, respectively. Additionally, executed leasing activity accelerated from 4.1 million square feet leased in the second quarter to 5.9 million square feet leased in the third quarter. 2025 is on track to be a record year in terms of leasing volume.

謝謝你，比爾，大家早安。本季核心FFO每股為0.65美元，較去年同期成長8.3%。本季度，我們簽訂了 22 份租賃合同，總面積達 220 萬平方英尺，分別產生了 27.2% 的現金收益和 40.6% 的直線租賃收益。此外，租賃活動也加速成長，租賃面積從第二季的410萬平方英尺增加到第三季的590萬平方英尺。 2025年可望成為租賃量創紀錄的一年。

Retention for the quarter was 63.4% and 78% for the year through September 30. We have accomplished 98.7% of the operating portfolio square feet we currently expect to lease in 2025, achieving 23.9% cash leasing spreads, demonstrating the strength of our portfolio.

本季客戶留存率為 63.4%，截至 9 月 30 日的年度客戶留存率為 78%。我們已完成 2025 年預計出租的營運物業組合面積的 98.7%，實現了 23.9% 的現金租賃利差，這證明了我們物業組合的實力。

As mentioned by Bill, we have accomplished 52% of the square feet we currently expect to lease in 2026, achieving 21.8% cash leasing spreads. Same-store cash NOI grew 3.9% for the quarter and has grown 3.5% year to date. Included in the same-store cash NOI is 22 basis points of cash credit loss incurred this year as of yesterday.

正如比爾所提到的，我們已經完成了 2026 年預計租賃面積的 52%，現金租賃溢價為 21.8%。本季同店現金淨營業收入成長 3.9%，今年迄今成長 3.5%。同店現金淨營業收入包含了截至昨日今年發生的 22 個基點的現金信貸損失。

Moving to capital market activity. On September 15, we refinanced the $300 million Term Loan G, which was scheduled to mature in February 2026. It now matures March 15, 2030, with one one-year extension option. The terminal impairs an aggregate fixed interest rate inclusive of interest rate swaps of 1.7% until February 5, 2026, and will then ran aggregate fixed interest rate, inclusive of interest rate swaps at 3.94% from February 5, 2026, through initial maturity.

轉向資本市場活動。9 月 15 日，我們對 3 億美元的 G 類定期貸款進行了再融資，該貸款原定於 2026 年 2 月到期。該債券將於 2030 年 3 月 15 日到期，並可選擇延期一年。該終端將利率互換等綜合固定利率降低至 1.7%，直至 2026 年 2 月 5 日；之後，從 2026 年 2 月 5 日起至初始到期日，利率互換等綜合固定利率將為 3.94%。

Leverage remains low with net debt to annualized run rate adjusted EBITDA equal to 5.1 times with liquidity of $904 million at quarter end. As for guidance, we have made the following updates. We have decreased and narrowed the range of expected acquisition volume to range at $350 million to $500 million.

槓桿率仍然很低，淨負債與年化運作率調整後 EBITDA 比率為 5.1 倍，季末流動資金為 9.04 億美元。關於指導方針，我們已做出以下更新。我們已將預期收購規模的範圍縮小至 3.5 億美元至 5 億美元。

As a reminder, the impact of external acquisition volume has always been heavily weighted to the end of the year and has a minimal impact on our core FFO guidance. G&A expectations for the year have been reduced to a range of $51 million to $52 million, a decrease of $1 million at the midpoint.

需要提醒的是，外部收購量的影響一直集中在年底，對我們核心FFO（營運資金）指引的影響微乎其微。今年的一般及行政費用預期已下調至 5,100 萬美元至 5,200 萬美元之間，中點價值減少了 100 萬美元。

Cash same-store guidance has been increased to a range of 4% to 4.25% for the year, an increase of 25 basis points at the midpoint. These guidance changes contributed to a revised core FFO guidance range of $2.52 to $2.54 per share, an increase of $0.03 at the midpoint.

現金同店銷售預期全年成長區間為 4% 至 4.25%，中點數值成長 25 個基點。這些指導意見的調整導致核心FFO指導範圍修訂為每股2.52美元至2.54美元，中點值增加了0.03美元。

I will now turn it back over to Bill.

現在我把它交還給比爾。

Thank you, Matts, and thank you to our team for their continued hard work and achievement towards our 2025 goals. We're excited about the opportunities that are in front of us here at STAG. Activity is improving across all aspects of our platform, including acquisitions, operations, and development. These areas will all be key contributors to the future growth of STAG.

謝謝馬茨，也感謝我們的團隊為實現 2025 年目標所付出的持續努力和取得的成就。我們對STAG公司眼前的機會感到興奮。我們平台的各個方面，包括收購、營運和開發，都在不斷改善。這些領域都將是STAG未來發展的關鍵貢獻者。

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

現在我們將把電話轉回給操作員，以便回答問題。

(Operator Instructions) Craig Mailman, Citi.

（操作說明）Craig Mailman，花旗銀行。

Bill, the progress on '26 here is really good, puts you guys in a good spot for next year. I'm just kind of curious, is it tenants coming to you -- could you just talk about what is driving that, I guess? Is there a higher weighting of those maturities kind of skewed towards the first half? And so you're just in that window of tenants kind of looking to get that done or are people coming to you early?

比爾，你們在 26 年的進展非常順利，這讓你們為明年做好了充分的準備。我只是有點好奇，是租戶主動來找你們的嗎？ ——您能談談是什麼原因促使他們這樣做嗎？這些到期日是否權重較高，且更偏向上半年？所以，你現在正處於租戶想要完成租賃的這段時間裡，還是有人會提前聯絡你？

I just kind of want a little bit more color on what's driving that. And like what's the breakout of renewals versus kind of new leasing or backfills of vacated lease expirations?

我只是想更詳細地了解背後的驅動因素。續租與新租或填補空置租約到期空缺的租約之間分別佔多少比例？

Thanks, Craig. I'll just answer the second part first. The breakout between renewals and, call it, new leasing, about 95% of that number is renewals, which makes sense just given where we are in the calendar, so 5% is renewals. And then with respect to, are they coming to us, we go to them?

謝謝你，克雷格。我先回答第二部分。續租和新租之間的差距，大約 95% 是續租，考慮到目前的日曆時間，這是有道理的，所以 5% 是續租。那麼，至於他們是來找我們，還是我們去找他們？

It really is -- it's a blend, right? We've been a little bit more proactive with our tenants, just given the larger than normal lease expirations we have in 2026. So we've been proactive. Our team has been proactive. But then also, we've had our larger sophisticated tenants reach out to us and engage earlier than normal because I think a couple of factors.

確實如此——這是一種混合口味，對吧？鑑於 2026 年租約到期日比往年要多，我們對租戶採取了更積極主動的態度。所以我們一直積極主動。我們的團隊一直積極主動。但同時，我們的一些規模較大、實力雄厚的租戶也比往常更早聯繫我們並與我們展開合作，我認為這有兩個原因。

One, they like their space, they view themselves in their space for long term and they wanted to lock it up because, in some instances, they have a large investment in that space. And that skews a little bit more to the bigger suite sizes.

第一，他們喜歡自己的空間，他們認為自己會長期居住在這個空間裡，並且他們想鎖定這個空間，因為在某些情況下，他們在這個空間裡投入了大量資金。而且這種情況比較傾向於面積較大的套房。

So next year, we had five or six large lease expirations, so call it anything over 400,000 square feet. So of those, we've addressed all of them except for one, which we're in active negotiations with. So that was a little bit of a different dynamic in '26 than we've had in previous years. So that also impacted the 52% versus prior year's circa 38%.

所以第二年，我們有五、六個大型租賃合約到期，也就是面積超過 40 萬平方英尺的租賃合約。因此，除了一個問題之外，我們已經解決了所有其他問題，目前我們正在與該問題進行積極談判。所以，2026 年的情況與往年略有不同。因此，這也影響了 52% 的成長率，而前一年約為 38%。

And you talked about the build-to-suit in Ohio. You guys got Greenville done, you got Nashville done. I mean, is this -- I know that everyone and you guys included in talking about sort of a thawing of the tenant decision-making. I mean, is it people just feeling more comfortable, putting capital out the door or is there a bit of fomo in some of your markets where you don't have as much new supply as kind of where it's top heavy in a couple of markets in the US?

你還談到了俄亥俄州的客製化建造項目。你們搞定了格林維爾，你們搞定了納許維爾。我的意思是，這——我知道包括你們在內，每個人都在談論租戶決策機制的某種解凍。我的意思是，是因為人們感覺更安心了，所以才把資金投入市場，還是因為你們的一些市場存在一些「害怕錯過」的心理，導致新供應量不如美國某些市場那樣集中？

And so, some things have been taken off the table and now people are rushing to make sure they secure a spot? Like can you talk a little bit about the dynamics across some of your markets and maybe point out some of the really -- kind of your best and maybe still slowest market in terms of activity?

所以，有些事情已經被排除在外，現在人們都在爭先恐後地確保自己能獲得一個位置？能否請您談談貴公司部分市場的動態，並指出一些市場表現最佳、最不活躍的市場？

You're good, Craig. I think that was six questions in one. But I'll do my best to try to address all. I'll try to address as much as I can there. With respect to our markets and developments, we haven't had the volatility that the -- they call it the top five markets in the US have with respect to vacancy. So our vacancy rates have held in there.

你很棒，克雷格。我覺得那其實是六個問題合在一起問的。但我會盡力解決所有問題。我會盡量在那裡解答所有問題。就我們的市場和發展而言，我們沒有像美國排名前五的市場那樣出現空置率波動。所以我們的空置率一直保持穩定。

Our occupancy rates in those markets have held in there a little bit better than others. So that's been beneficial to us and you can collaborate that through any third-party industry report. Is there fomo for developing in our markets? I think to some degree, you can say that.

我們在這些市場的入住率比其他市場保持得略好一些。所以這對我們來說是有益的，您可以透過任何第三方行業報告來驗證這一點。我們市場的發展是否存在錯失恐懼症（FOMO）？我覺得在某種程度上，你可以這麼說。

We're certainly having a lot of success in our development platform. I've said in the past several quarters, our best use of capital then was incremental deployment of capital was developments. Really happy with the way that initiative is playing out. And then if you think about what our messaging has been in the last two quarters, it's been this degree of uncertainty in the market.

我們的開發平台確實取得了巨大的成功。我在過去幾季都說過，我們當時對資本的最佳利用方式是逐步增加資本投入開發案。我對這項措施的進展非常滿意。再想想我們過去兩季傳遞的訊息，那就是市場存在著某種程度的不確定性。

And our messaging now is the stability in the market. So it really has been a pretty big shift as we move into the last quarter of the year here. And that's a great thing. And we knew this was going to start the comp. Now we see stability.

我們現在傳遞的訊息是市場穩定。所以，隨著我們進入今年最後一個季度，情況確實發生了相當大的變化。那真是件好事。我們知道這將是比賽的開始。現在我們看到了穩定。

But as I mentioned in prepared remarks, looking at industry reports, vacancy rates nationally around 7%. I think our number's maybe high 6s. When does that really start to tick down and you can drive some additional market rent growth? It's probably another two, three quarters. But overall, we feel really good about where our portfolio sits with respect to the markets they're in.

但正如我在準備好的演講稿中提到的，根據產業報告，全國的職缺率約為 7%。我覺得我們的數字可能在6後面。這種情況何時才會真正開始下降，從而可以推動市場租金進一步成長？可能還需要兩到三個季度。但總的來說，我們對我們的投資組合在各個市場中的地位感到非常滿意。

Maybe I got four out of six there. I tried, Craig.

也許我答對了六個中的四個。我盡力了，克雷格。

You got the other [books]. Thanks, though.

你還有另一個[圖書]。不過還是謝謝你。

Nick Thillman, Baird.

Nick Thillman，Baird。

Maybe talking on the '26 leasing and the progress there, just the sustainability of these spreads in the mid-20 is a little bit higher. You mentioned sort of the four large renewals. If we just look at the expiration schedule, it looks like the rents expiring here around 15% below where they were at the beginning of this year. So just curious on what we're thinking for spreads for the remainder of the expirations.

或許可以談談 2026 年的租賃情況以及進展，只是這些價差在 2020 年中期的可持續性要高一些。你提到了四項大型更新。如果我們只看到期時間表，就會發現這裡的租金比今年年初的租金低了約 15%。所以，我只是好奇大家對剩餘到期日的價差有什麼想法。

Yeah. Thanks, Nick. And as I said in my prepared remarks, we're guiding to 18% to 20% cash leasing spreads for next year. And if you look at where they were a few years ago, I think 30 and then went to 24 this year, and 18 to 20 next year. And if you look at where our mark-to-market has been in those years, it's similar to what our escalators have been.

是的。謝謝你，尼克。正如我在準備好的演講稿中所說，我們預計明年的現金租賃利差將達到 18% 至 20%。如果你看看他們幾年前的情況，我想是 30，然後今年降到了 24，明年會降到 18 到 20。如果你看看這些年來我們的市值變化情況，你會發現它和我們的自動扶梯的變化情況很相似。

So you haven't been driving additional mark-to-market opportunities. So naturally, that similar type of degradation and spreads that will happen. And then with respect to next year and those large tenants, what we've done, those tenants early renewed, as I mentioned earlier to Craig, much ahead of time.

所以你並沒有創造更多以市價計價的機會。所以，類似的退化和蔓延自然就會發生。至於明年和那些大租戶，我們已經提前續約了，正如我之前跟克雷格提到的那樣，這些租戶都提前續約了。

But when you think about the spreads, what we've signed to date and what we're guiding to next year, there's a little bit of a difference there. And we usually don't get too much into the fixed renewal options, but they're part of our portfolio every year. So the remaining 48% of incremental leasing next year, almost all of our fixed renewals are in that number, which is why the spreads are a little bit lower for the remaining non-leased asset plan for next year.

但當你考慮到價差、我們迄今為止簽署的合約以及我們對明年的預期時，就會發現其中存在一些差異。我們通常不會太在意固定續約選項，但它們是我們每年投資組合的一部分。因此，明年剩餘的 48% 新增租賃，幾乎包含了我們所有的固定續租，這就是為什麼明年剩餘未租賃資產計畫的利差略低的原因。

No, that's very helpful. And then just on -- maybe Matts, on occupancy, you had a little bit of a headwind this year. As we think of building blocks for '26, good progress on the leasing. How are we feeling about sort of portfolio occupancy or potentially even growing that in the same-store pool next year?

不，這很有幫助。然後，就入住率而言——或許馬茨，你今年遇到了一些不利因素。當我們考慮 2026 年的發展藍圖時，租賃方面進展順利。我們對明年投資組合的入住率，甚至在同店範圍內提高入住率的可能性有何看法？

Nick, I think as we sit here in October, we're going to provide 2026 guidance in February. So I don't think that we're prepared to start walking down the list of what guidance is going to be next year. I think Bill gave a lot of the color in terms of the change from maybe a little bit of instability in the first half of the year into the third quarter to a much more stable environment now.

尼克，我認為，以我們現在10月的情況來看，我們將在2月提供2026年的業績指引。所以我認為我們還沒準備好開始逐一列出明年的指導方針。我認為比爾很好地描述了這種變化：從上半年到第三季可能有些不穩定，到現在的環境穩定得多。

Again, I just pointed the fact that we did the 52% of what we expect to do last year, which is north of 10% higher than what we normally are at this point during the calendar year.

我再次指出，我們去年完成了預期目標的 52%，比往年同期高出 10% 以上。

I had to try my best, Matts --

我必須盡力而為，馬茨--

It was very obvious.

這一點顯而易見。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO資本市場。

Bill, can you just talk a little bit about your appetite to lean into developments here, just given the improving demand environment and the potential for a vacancy inflection in the back half of '26? How are you feeling about potentially leaning into developments to get ahead or time up the deliveries with the improving landscape?

比爾，鑑於需求環境不斷改善，以及2026年下半年空置率可能出現拐點，你能否談談你對這裡發展前景的濃厚興趣？您如何看待利用市場發展來搶佔先機或根據不斷變化的市場環境調整交付時間？

Yeah. We're bullish on development. We're trying to sign up the right developments. We obviously are very careful with our underwriting, and we still want to achieve at least that 7% going in yield. We're really happy with the Ohio build-to-suit deal we signed up and that we signed up at a 7% yield to a very strong credit.

是的。我們看好發展前景。我們正在努力爭取合適的開發項目。我們顯然在承保方面非常謹慎，而且我們仍然希望至少達到 7% 的收益率。我們對簽署的俄亥俄州定制建造協議非常滿意，而且我們以 7% 的收益率與一家信用評級非常高的公司簽訂了協議。

So happy there. We're working on some others. We're trying to get more internal developments done as well as some additional partner developments. And as we sign those up, we'll announce those. So it's certainly a great use of our capital.

在那裡我過得很開心。我們正在研究其他一些項目。我們正在努力推動更多內部研發工作，以及一些額外的合作夥伴研發專案。一旦我們確定了簽約方，我們會立即公佈。所以這無疑是對我們資金的絕佳運用。

The market is stable now and looks to be improving and certainly in the back half of next year. But one other change in terms of deploying capital, we're seeing a great opportunity to deploy capital on acquisitions right now, which is not what we saw earlier this year.

目前市場穩定，而且看起來正在好轉，尤其是在明年下半年。但就資本部署而言，還有另一個變化，我們現在看到了將資本部署到收購的絕佳機會，這與我們今年早些時候看到的情況不同。

So if you look at where we are from an acquisition, we did lower the top end of our guidance. But we've closed $212 million to date. We've got another $150 million under contract NOI. So to get to our midpoint, we need to sign up another, call it, $60 million between now and Thanksgiving.

所以，從收購的角度來看，我們確實下調了業績指引的上限。但到目前為止，我們已經完成了 2.12 億美元的交易。我們還有1.5億美元的合約淨營業收入。所以為了達到我們的中期目標，我們需要在感恩節之前再簽一份價值 6000 萬美元的合約。

And we're underwriting a lot of deals. We're evaluating a lot of deals on a weekly basis. So we're hopeful that we can get to that midpoint this year. So that's been a pretty nice change that we've seen over the past couple of quarters.

我們承銷了很多交易。我們每週都會評估很多交易。所以我們希望今年能夠達到年中目標。所以，這是我們在過去幾季看到的相當不錯的變化。

Thanks. I appreciate that. Just one on the guidance. You raised guidance $0.03 at the midpoint, but it implies a sequential deceleration from the third quarter to the fourth quarter. Maybe could you just talk about some of the offsetting factors in the fourth quarter that are driving that sequential drag?

謝謝。我很感激。指導意見中只有一條。您將業績指引中位數上調了 0.03 美元，但這暗示著從第三季到第四季增速將有所放緩。您能否談談第四季度導致環比下滑的一些抵銷因素？

Yeah, absolutely. I'd say the easiest thing to point to here is credit loss. We've been outperforming our credit loss guidance, but we're not through the rest of the year. So we do have some credit loss baked in on a specular basis for the remainder of the year. To the extent we outperform that, and again, these are unforeseen, just call it, more of a modeling number, we would be at the higher end.

是的，絕對的。我認為最容易指出的問題是信用損失。我們一直超出信貸損失預期，但在今年剩餘時間裡，這種情況還不能完全持續。因此，我們已將今年剩餘時間的投機性信貸損失計入預期。如果我們實際業績優於預期（再次強調，這些都是不可預見的，更像是一個模型預測），那麼我們的預期收益將處於較高水平。

(multiple speakers) at the midpoint, I assume, right?

我猜（多位發言者）是在中間部分，對嗎？

Yeah. That's right.

是的。這是正確的。

I think it depends on where we fall within that core range.

我認為這取決於我們在這個核心範圍內處於什麼位置。

Blaine Heck, Wells Fargo.

Blaine Heck，富國銀行。

Just following up on acquisitions, Bill, can you talk about what might have changed over the last 90 days to kind of pull back on your forecast, if there was anything specific that you noticed? And then this is probably difficult to forecast now. But given the trends you're seeing today that you just alluded to, how do you feel about your ability to make up for this 2025 decrease in 2026 and show a more significant increase in activity year over year?

關於收購方面，比爾，你能否談談過去 90 天可能發生了哪些變化，導致你下調了預測？你有沒有註意到什麼具體的事情？現在這可能很難預測。但鑑於您剛才提到的當前趨勢，您認為自己有能力在 2026 年彌補 2025 年的下滑，並實現逐年更顯著的成長嗎？

That's a good one, Blaine. As Matts said, I think we'll handle all the remaining 2026 guidance in February. But certainly, if you look at the cadence throughout this year has been accelerating into year end, what dynamics have changed? You've got a couple of things. You've got interest rates that have been stable.

布萊恩，這真是個好主意。正如馬茨所說，我認為我們將在二月處理完所有剩餘的 2026 年業績指引。但可以肯定的是，如果你觀察今年的節奏，你會發現它在年底前一直在加速，那麼發生了哪些變化呢？你手上有幾樣東西。你們的利率一直很穩定。

I think just a macroeconomic environment that's a little bit more stable. And you've got some seller pent-up demand. So I think the spreads are -- the ask price is a little bit more reasonable. If you look at what happened last year, there was not a lot of transactions trading in the market compared to historical norms. This year, you had all the uncertainty as you move through the year.

我認為只需要一個更穩定的宏觀經濟環境。而且賣家還有一些積壓的需求。所以我認為價差——賣價稍微合理一些。如果回顧去年的情況，與歷史平均值相比，市場交易量並不多。今年，你一路走來都充滿了不確定性。

And then lastly, with the stability that's in the market, you have a lot of sellers that want to get their deals done by year end. So when you look at somebody like us who have a really strong reputation in closing deals and closing deals in a pretty short period of time, we're the preferred buyer in a lot of these instances and some of them were not the high bidder. There's a preference to close by year end.

最後，由於市場穩定，許多賣家都希望在年底前完成交易。所以，像我們這樣在達成交易方面擁有非常強勢聲譽，並且能在很短時間內達成交易的公司，在很多情況下都是首選買家，而有些買家並不是出價最高的。他們傾向於在年底前完成交易。

So that's another driver in terms of giving us some confidence with our Q4 transactions. But I don't know if there's -- Mike, I don't know if there's anything else that you're seeing.

所以，這也是讓我們對第四季交易更有信心的另一個因素。但我不知道是否還有——麥克，我不知道你是否還看到了其他東西。

No. I mean, I think you hit on it. The end of Q3, we started seeing a significant increase in deals come into the market, particularly ones that wanted to close year end. And as you said, Bill, on those deals, surety of closure is almost as important as pricing and STAG has a great reputation for surety of closure. So we're seeing a lot of deals, and we're cautiously optimistic that we'll have a good Q4 here.

不。我的意思是，我覺得你說對了。第三季末，我們開始看到市場上的交易數量顯著增加，尤其是那些希望在年底前完成交易的交易。正如你所說，比爾，在這些交易中，成交的保證幾乎與定價同等重要，而 STAG 在成交保證方面享有盛譽。所以我們看到了很多交易，我們謹慎樂觀地認為第四季會是個好季度。

Yeah. And we expected a lot of deals to come to market post Labor Day after the summer slowdown and the other uncertainty to happen this year. And that's exactly what we saw.

是的。我們預計，在經歷了夏季的淡季以及今年其他不確定因素之後，勞動節後將會有許多交易湧入市場。而我們看到的也正是如此。

Okay. That's helpful and makes a lot of sense. Just shifting gears to leasing. Can you talk about any leases you've signed that are directly or indirectly related to manufacturing projects of near-shoring and off-shoring and any markets that you think are particularly well positioned in your portfolio to benefit from some of those trends?

好的。這很有幫助，也很有道理。只是轉型轉向租賃。您能否談談您簽署的與近岸外包和離岸外包製造項目直接或間接相關的任何租賃協議，以及您認為在您的投資組合中哪些市場特別有利於從這些趨勢中受益？

Yeah. I mean, from the markets that are going to benefit from those trends, it's a lot of the markets we operate, right? It's what we've said before. It's Midwest, it's Southeast, and we signed that lease last year. Or was it earlier this year, everything is kind of blending together.

是的。我的意思是，從這些趨勢中受益的市場，正是我們所經營的許多市場，對吧？我們之前就說過。它位於中西部，也位於東南部，我們去年簽了那份租約。或者說是今年早些時候？一切都混成一團了。

But that was a direct onshoring lease. It was a building that was a local distribution -- regional distribution building that ultimately became a supplier building to a wood flooring manufacturing company that brought their operations onshore to be closer to the consumer. So we're certainly benefiting from that.

但那是一份直接在岸租賃合約。這棟建築最初是當地配送中心，後來成為木地板製造公司的供應商大樓，該公司將業務轉移到國內，以便更接近消費者。所以，我們肯定從中受益匪淺。

There's a couple of leases that we've signed this year that are related to solar manufacturing plants. There are some leases that we've signed that they -- one lease we've signed, actually manufacturers generators for data centers, so not just staging for data centers, but generators for that. So that was a lease that we're benefiting from in our markets that maybe does not have the same demand drivers in other markets.

今年我們簽署了幾份與太陽能製造廠相關的租賃協議。我們已經簽署了一些租賃協議，其中一份協議實際上是為資料中心生產發電機，所以不僅僅是為資料中心搭建設備，而是為資料中心提供發電機。所以，這種租賃方式在我們自己的市場中受益匪淺，但在其他市場可能沒有同樣的市場需求驅動因素。

Vince Tibone, Green Street.

文斯·蒂博內，格林街。

For the near-term acquisitions you're looking at, are you considering any value-add deals that will require lease-up or focus more on stabilized assets? Just curious kind of where you find the best opportunity today and if there's any greater opportunities from some [four] sellers with some spec projects that have not gone according to their underwriting, kind of hitting the market and allowing for any interesting opportunities for yourself?

對於您正在考慮的近期收購項目，您是否考慮過任何需要租賃的增值交易，或更專注於已穩定營運的資產？我只是好奇，目前在哪裡能找到最好的機會？有沒有一些賣家有一些投機性項目，但這些項目並沒有按照他們的預期進行，從而進入市場，為您提供一些有趣的投資機會？

Yeah. We're seeing some of them. I would say we're not seeing a lot of value-add deals come to market or at least the ones that we have a desktop review. We're not penciling the pricing out. So they don't even make it to the full underwriting stage.

是的。我們已經看到其中一些了。我認為我們目前還沒有看到很多真正具有增值潛力的產品上市，或者至少在我們評測過的桌上型電腦產品中沒有看到。我們沒有仔細計算價格。所以它們甚至連完整的核保階段都達不到。

Well, we will absolutely evaluate those transactions, right? I mean, it's what we do, right? We build buildings, we buy buildings, we lease buildings. So if there is a developer that wants to take some chips off the table and as a vacant asset that they don't want to try to lease or that's not their core business, we'll absolutely take a look at that transaction and put a bit to price that. But we're not seeing a lot of those.

當然，我們會對這些交易進行評估，對吧？我的意思是，這就是我們所做的，對吧？我們建造建築物，我們購買建築物，我們租賃建築物。所以，如果有開發商想要套現一些閒置資產，而這些資產他們不想出租，或者這不是他們的核心業務，我們絕對會研究這筆交易，並對其進行一些估價。但我們並沒有看到很多這樣的情況。

I think what we're seeing now is probably a little bit more skewed to three, five, and kind of longer lease term transactions. And part of it is the ones we are seeing, like I said, just don't pass that even initial desktop review with respect to where we would price those assets.

我認為我們現在看到的可能是租賃期限為三、五年或更長的交易。部分原因是，正如我所說，我們看到的那些資產，甚至連初步的桌面審查都無法通過，無法達到我們為它們定價的標準。

No, that's helpful color. Maybe just switching gears for a second. Just on the updated same-store guide for the year, it looks like it's implying decent acceleration in the fourth quarter. If you could just talk about kind of what's driving that? Are you expecting any sequential occupancy gains in the fourth quarter? Or kind of what else may be at play that kind of gets things like the mid- to high 5s is what it implies for the fourth quarter, the updated same-store guide? Can you just touch on that? That would be helpful.

不，那是很有幫助的顏色。或許只是暫時換個話題。僅從更新後的年度同店銷售指南來看，似乎暗示第四季將出現不錯的成長。您能否談談造成這種情況的原因？您預計第四季入住率會較上季成長嗎？或者說，還有什麼其他因素可能導致第四季同店入住率維持在5%到5%之間？能簡單談談這方面嗎？那會很有幫助。

Yeah, absolutely, Vince. Thank you for the question. So I'm going to walk you through, it's related to a tenant and some cash basis accounting. So number one, we've executed virtually all the leasing we expect this year. In the third quarter, the metrics include the impact of moving one tenant to cash basis accounting and obviously, the associated impact of writing off AR balance.

是的，當然，文斯。謝謝你的提問。接下來我將一步步講解，這與租戶和一些現金制會計有關。首先，我們今年幾乎完成了所有預期的租賃交易。第三季指標包括將一個租戶的會計核算方式改為現金制會計的影響，以及顯然與註銷應收帳款餘額相關的影響。

Well, after September and quite recently, we executed a repayment agreement that requires the tenant to come current during this quarter and also make the required rental payments. So a performed pursuant an agreement through today. And to the extent they become current by year end, we'd expect to be near at the high end of our same-store guidance.

嗯，9 月之後，就在不久前，我們簽訂了一份還款協議，要求租戶在本季度補繳欠款並支付所需的租金。因此，今天已根據協議履行完畢。如果這些措施能在年底前落實到位，我們預計同店銷售額將接近我們先前預測的上限。

So this is what I think is going to help here. Had we not written off the AR balance, the Q3 same-store would have been approximately 5% as opposed to where it is. And year to date, it would have been approximately 4%, right in line with our updated guidance. So this is a matter of timing. Tenants catching up on past due payments in the fourth quarter, Q3 is lower due to the write-off. In the fourth quarter, we'll benefit from the payments being made by the tenant as they become current.

所以我認為這會有所幫助。如果我們沒有註銷應收帳款餘額，第三季同店銷售額將約為 5%，而不是現在的水平。今年迄今為止，這一數字約為 4%，與我們更新後的預期完全一致。所以這只是時機問題。租戶在第四季補繳了逾期款項，第三季因核銷而下降。第四季度，我們將受益於租戶按時支付的款項。

Just a little background, this customer is a supplier to the automotive industry and has an incredibly strong customer roster and is profitable. So it really is timing, Vince.

簡單介紹一下背景，這位客戶是汽車產業的供應商，擁有非常強大的客戶群，而且獲利能力很強。所以，關鍵在於時機，文斯。

No, that's super helpful. And is there any color on occupancy? I mean, should we expect same-store occupancy to be around 97% as well in the fourth quarter, given it sounds like most the leasing is done.

不，這太有幫助了。入住率有顏色標示嗎？我的意思是，考慮到大部分租賃工作似乎已經完成，我們是否應該預期第四季度同店入住率也能達到 97% 左右？

Yeah. I mean, our guidance, which we didn't change, is roughly 75 basis points of occupancy loss in the same store for the full year. So we didn't change that.

是的。我的意思是，我們沒有改變的預期是，全年同一家門市的入住率將下降約 75 個基點。所以我們沒有改變這一點。

Jon Petersen, Jefferies.

Jon Petersen，傑富瑞集團。

The $153 million of acquisitions that you have under agreement, can you give us a sense of the cap rates on those properties that we should be thinking about?

您已達成協議的1.53億美元收購項目，能否讓我們了解這些物業的資本化率，以便我們參考？

Yeah, it's pretty consistent with what we've closed in the third quarter.

是的，這與我們第三季的業績基本一致。

Okay. And then the new land that you bought in Union Ohio, I believe that's near Dayton. Can you just talk about that market a little bit, maybe not one I'm super familiar with. So just what are you seeing from a demand and supply perspective that gives you confidence in doing a development there?

好的。還有你在俄亥俄州尤寧市買的那塊新地，我記得好像在代頓附近。您能稍微談談那個市場嗎？我可能對它不太熟悉。那麼，從供需角度來看，您看到了哪些因素讓您有信心在那裡進行開發？

Yeah. That land that we bought, that's the build-to-suit that I mentioned in the prepared remarks to a strong credit for 10 years.

是的。我們買的那塊地，就是我在準備好的發言稿中提到的，經過10年的發展，一直信譽卓著的客製化住宅計畫。

But I don't know, Mike or Steve, who wants to take the -- Mike, why don't you take that?

但我不知道，麥克還是史蒂夫，誰想承擔這個任務──麥克，為什麼不承擔這個任務呢？

Yeah. I mean, Dayton is kind of, I would say, a market that is up and coming and emerging. It's 104 million square feet. It's about 4% vacant. They have less than 1 million square feet of construction going on right now. But all that said, we were very comfortable with acquiring that land and developing as we had a long-term build-to-suit lease signed up with a strong credit tenant. So that was an easy one for us to kind of take a look at.

是的。我的意思是，代頓可以說是一個正在崛起和發展中的市場。面積達1.04億平方英尺。空置率約為4%。他們目前正在建造的建築面積不到100萬平方英尺。儘管如此，我們對收購和開發這塊土地感到非常放心，因為我們已經與信譽良好的租戶簽訂了長期客製化建造租賃協議。所以對我們來說，這很容易上手。

And this property is near the airport.

而且這處房產靠近機場。

Yeah, this property is located or next to the International Airport, a couple of miles away from the main interstate there --

是的，這處房產位於國際機場附近，距離主要州際公路只有幾英里。--

If not the best submarket in the market, one of the best submarkets, right? So the building fits the market really well. So to the extent after the 10 years, the tenant doesn't renew, we feel very comfortable with the leasability of that asset.

即使不是市場上最好的細分市場，也是最好的細分市場之一，對吧？所以這棟建築非常符合市場需求。因此，如果 10 年後租戶不續租，我們對該資產的可出租性感到非常有信心。

Okay. And then I know we're all trying to tease out 2026 same-store, so maybe I'll ask it one more way. Is there any known move outs that we should be thinking about as we look into '26?

好的。我知道我們都在努力預測 2026 年同店銷售情況，所以也許我會再換一種方式問一次。在展望 2026 年時，有哪些已知的搬遷計畫值得我們考慮？

All right. I'll answer that one just because you're so direct with it. Nothing material. We call out the large no move-outs, call it, anything over $400 million. As I said, I think there was five of them. We addressed four of them. We're in active negotiations with the last, so nothing to call out.

好的。既然你這麼直接，我就回答這個問題吧。沒什麼實質的東西。我們指出，任何超過 4 億美元的大型項目都不能搬遷。正如我所說，我認為他們有五個人。我們已經解決了其中四個問題。我們正在與最後一個問題進行積極談判，所以目前沒有什麼需要特別指出的。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Bill, I want to go back to your comment in your prepared remarks about lease gestation timeframe remaining longer and maybe marrying that up to the execution you've had in your '26 leasing plan already. I mean, whether it's new leases or renewals, like can you give us a sense, are tenants shopping around for a deal? Or does it seem like they're getting closer and closer and ready to sign on the dotted line, given the maybe greater clarity and certainty that's out in the market?

比爾，我想回到你事先準備好的發言稿中關於租賃準備時間延長以及或許可以將其與你在 2026 年租賃計劃中已經實施的內容相結合的評論。我的意思是，無論是新租約還是續租，您能否大致介紹一下，租戶們是否在四處尋找更優惠的租約？或者，鑑於市場上的情況可能更加明朗和確定，他們是否看起來越來越接​​近達成協議，準備簽字了呢？

Yeah. And it's a good question. Just to clarify, it's, call it, a couple of months for the negotiations to go on, maybe a little bit longer for normal negotiations with the lease. Historically, those are the numbers. Maybe we're a little bit longer this year. But for example, in our Nashville lease that we got done, that was done from start to finish in weeks, right?

是的。這是個好問題。澄清一下，談判大概需要幾個月的時間，租賃談判可能需要更長。歷史上通常都是這樣。今年可能時間會稍長。但舉例來說，我們在納許維爾簽訂的租賃合同，從開始到結束只花了幾週就完成了，對吧？

So I do expect those to remain elongated for a period of time, similar to tracking with vacancy rates, right? As I mentioned, in and around that 7% or high 6s mark for the next couple of three quarters. And as those vacancy rates comes down, naturally, the lease gestation periods got reduced, right, because these are less options.

所以我預計這些情況會在一段時間內保持延長狀態，類似於追蹤空置率的情況，對吧？正如我之前提到的，在接下來的兩三個季度裡，利率將維持在 7% 或 6% 左右。隨著空置率下降，租賃週期自然也縮短了，對吧，因為選擇變少了。

You needed to make decisions a little quicker. In Nashville, a great example, very strong industrial market, not a ton of options, tenant needed our space. We got the deal done to start to finish in a matter of weeks. So I think it's just a period of time for these to stay relatively, call it, elongated and then those will start to shorten as vacancy rates come down.

你需要更快地做出決定。納許維爾就是一個很好的例子，工業市場非常強勁，選擇不多，租戶需要我們的空間。我們只花了幾週就完成了這筆交易。所以我認為，這只是這些空置率相對延長的一段時間，然後隨著空置率下降，這些空置率就會開始縮短。

Thanks. Appreciate the color there. And then maybe you could just give us some insights into the demand of the four development projects that are going to be completed in the fourth quarter? I know there's probably some time until those stabilize, but what's the traction sort of looking like on that space? And would you be willing to give on concessions in order to get the projects leased up?

謝謝。欣賞那裡的色彩。那麼，您能否為我們介紹一下第四季度即將完工的四個開發案的需求情況呢？我知道這些情況可能還需要一段時間才能穩定下來，但目前來看，這方面的市場動向如何？為了促成專案租賃，您是否願意做出一些讓步？

Yeah. I'll let Steve answer the details there. And just as a reminder, we underwrite 12 months of lease-up for our development projects, but Steve can walk through the demand that we're seeing for the ones that are going to be completed soon.

是的。我會讓史蒂夫來回答具體細節。再次提醒大家，我們為開發案提供 12 個月的租賃保障，但史蒂夫可以詳細介紹我們目前看到的即將完工的項目的需求情況。

Yeah, Michael, I appreciate the question. We've made good progress on the existing, but the stuff coming that we still have left to lease. I'll just walk you through the five markets. That's probably the easiest way to do it. We have a small amount of vacancy in Greenville, Spartanburg, just 70,000 square feet.

是的，邁克爾，感謝你的提問。我們已經在現有項目上取得了良好進展，但還有一些待租賃的項目。我帶你去參觀這五個市場。這可能是最簡單的辦法了。我們在格林維爾和斯帕坦堡有少量空置物業，面積僅 70,000 平方英尺。

As you probably know, the activity in that market has been very good with a lot of absorption in the last couple of quarters, and we do have activity on that 70,000. So we feel pretty good about that space. It's built out the offices there. It's ready to go, and we have users looking at it. And that market has dropped to below 7% vacancy. And on these calls, we've talked about it being double digit for some time. So a big improvement in that market.

您可能已經知道，該市場近幾個季度的活躍度非常好，吸收率很高，而且我們確實有 7 萬套房屋在進行交易。所以我們對這個空間感覺相當不錯。它在那裡建好了辦公大樓。它已經準備就緒，並且已經有用戶在關注它了。而該市場的空置率已降至7%以下。在先前的電話會議中，我們已經討論過一段時間以來空置率一直維持在兩位數的情況。所以，這個市場有了很大的改善。

The next market where we have vacancy would be in Tampa. If you recall, we had the two buildings there. We leased one of them relatively quickly to a single user. We have one remaining at 140,000 square feet. That market as a whole is about 6.5% vacant and our submarket is below 5%. And there, again, we have activity for that building. And so we feel good about the Tampa market and prospects for that building. The next market where we'll be delivering here in the fourth quarter is two 200,000 square foot buildings into the Charlotte market.

下一個有空缺的市場是坦帕。如果你還記得的話，我們當時在那裡有兩棟大樓。我們很快就把其中一套租給了單一用戶。目前剩一套，面積為14萬平方英尺。整個市場的空置率約為 6.5%，而我們所在的次市場空置率低於 5%。而且，那棟大樓又出現了活動跡象。因此，我們對坦帕市場和建築物的前景感到樂觀。第四季度，我們將向夏洛特市場交付兩棟 20 萬平方英尺的建築。

That market is about 8% vacancy with a lot of positive momentum, particularly in the larger bulk that's brought that vacancy down. So as it was alluded to earlier, one of the questions about developing into improving markets, I think Charlotte should be one of those stories where that market is starting to improve, and we're delivering product.

該市場空置率約為 8%，發展勢頭良好，尤其是在大型住宅區，降低了空置率。如同先前所提到的，關於開拓不斷改善的市場，我認為夏洛特應該是其中一個例子，那裡的市場開始好轉，我們也在交付產品。

In the submarket that we're out in Concord, that's about a 5% vacancy market. And in that project, you'll recall when we've talked about it, we have some benefits on users relative to some of the peers because there are some zoning issues with sewer availability in the market. So we can do distribution and manufacturing tenants when some of our competition can't do the distribution.

在我們所在的康科德子市場，空置率約為 5%。您可能還記得，我們​​之前討論過這個項目，由於市場上污水處理設施的可用性存在一些分區問題，因此我們相對於一些同行來說，給用戶帶來了一些好處。因此，當我們的一些競爭對手無法進行分銷時，我們可以開展分銷和製造業務。

Next market would be Reno where we have two buildings delivering a 285,000 and a 76,000 square footer. Both of those buildings fit the North Valley submarket that we're in. That market has been slower absorption in the last probably six quarters. And so that little bit of headwinds there, but we expect absorption will pick up as we deliver these buildings. And we do have activity and have had activity on both buildings, but nothing to report yet.

下一個市場將是裡諾，我們在那裡有兩棟大樓，面積分別為 285,000 平方英尺和 76,000 平方英尺。這兩棟建築都符合我們所在的北穀子市場定位。過去六個季度以來，該市場的消化速度有所放緩。所以，雖然目前存在一些不利因素，但我們預期隨著這些建築物的交付，市場吸收量將會上升。我們確實在兩棟樓裡都發現了活動，但目前還沒有什麼可以報告的。

And then the last market is Louisville, probably the one I'm personally the most bullish about. It's a 4% vacancy market. We are in a Class A park just south of the market and a very established park. We have strong activity in our building and there's very limited supply that we'll be competing with in that market. That takes you through kind of the five markets where we have future exposure.

最後一個市場是路易斯維爾，這可能是我個人最看好的市場。目前的空置率為4%。我們位於市場南邊的一個A級園區內，這是一個非常成熟的園區。我們大樓的裝修活動非常活躍，而且市場上的供應非常有限，我們面臨的競爭壓力也很大。這就帶你了解了我們未來可能涉足的五個市場。

Nikita Bely, JPMorgan.

尼基塔貝利，摩根大通。

It looks like you are pretty bullish on both acquisitions and developments. Can you talk a little bit about how you rank them on a relative basis, one versus another? And as you start to ramp both of them up, it appears in 2026, how do you plan to fund it? And are we close enough to issue equity at these prices?

看來你對收購和開發都非常看好。您能否談談您是如何對它們進行相對排名，也就是將它們彼此進行比較的？隨著這兩項計畫在 2026 年全面啟動，你們打算如何籌募資金？我們是否已經接近以這些價格發行股票的條件？

Nikita, it's Bill. With respect to ranking, it's hard. I mean, that was good -- I guess, I'll still say the joke, it's like ranking your children, right? They're different. I would say we evaluate opportunities for development and acquisitions.

尼基塔，我是比爾。至於排名，這很難。我的意思是，這挺好的——我想我還是會講這個笑話，就像給你的孩子排名一樣，對吧？它們不一樣。我認為我們會評估發展和收購機會。

And depending on the returns, the market, et cetera, we may choose to look at one or the other. But the reality is we've got a balance sheet and liquidity to, if we like both opportunities, we can deploy capital to both opportunities. So it's not an either/or for us. And we certainly have the process, the people and the systems internally to evaluate all those opportunities. So for us, it's not an either/or. So we don't have to force rank those two opportunities. But as I said, development was the favorite choice of deployment of capital earlier this year, and I think acquisitions is catching up, which is great to see.

根據回報、市場等因素，我們可能會選擇考慮其中一種或另一種。但現實情況是，我們擁有充足的資產負債表和流動資金，如果我們對這兩個機會都感興趣，我們可以將資金投入這兩個機會。所以對我們來說，這不是二選一的問題。我們公司內部當然有相應的流程、人員和系統來評估所有這些機會。所以對我們來說，這不是二選一的問題。因此，我們不必強行對這兩個機會進行排序。但正如我所說，今年早些時候，開發是資本部署的首選，我認為收購正在迎頭趕上，這令人欣慰。

In terms of capitalizing those and financing those, I'll turn it over to Matts to talk about that.

至於如何籌集資金和融資，我將把這個問題交給馬茨來談談。

Yeah. Nikita, so as we sit here today, we're retaining north of $100 million of free cash flow. Our balance sheet is at the low end of our balance of our leverage target. So those are probably the two first sources. We have $47 million of unfunded forward equity, which would be the next source. We don't anticipate any deviation from our normal leverage bands generally operating in the low 5 times.

是的。尼基塔，所以截至目前，我們保留了超過 1 億美元的自由現金流。我們的資產負債表處於槓桿目標範圍的下限。所以，這大概就是最初的兩個資訊來源。我們有 4,700 萬美元的未註資遠選擇權益，這將是下一個資金來源。我們預計槓桿率不會偏離正常水平，通常在 5 倍左右。

Brendan Lynch, Barclays.

巴克萊銀行的布倫丹·林奇。

You mentioned the fixed renewal options that are in place for some of the leases that are going to roll in 2026. Do you have a lot more of these? And are they mostly reflecting acquisitions that you've made and the contracts that were put in place by the prior owners?

您提到了一些將於 2026 年到期的租賃合約中規定的固定續約選項。你還有很多這樣的嗎？它們主要反映的是您所進行的收購以及前任所有者簽訂的合約嗎？

Yeah. They're almost all based on assuming leases. And I would say they're not materially higher or lower than other years. They just happen to be in the remaining portion of the unleased space for next year. Generally, those renewal options have some sort of notice period. It could be as short as three months. So some of those are to the back end of next year.

是的。它們幾乎都是基於租賃合約的假設。而且我認為，它們與往年相比，並沒有顯著更高或更低。他們恰好租下了明年剩餘的未出租空間。一般來說，這些續約選項都有一定的通知期。最短可能只需三個月。所以其中一些要到明年年底才能完成。

Okay. Thanks. That's helpful. And then maybe kind of a strategy question. You seem to have an improving view on how the market is trending. And I think there's a lot of third-party data out there to support that. When you think about the acquisitions that you have made versus the ones that you passed on, do you get the sense that you could have been more aggressive in the past to make more acquisitions? And is that changing your calculus now as the market seems to be improving?

好的。謝謝。那很有幫助。然後或許會問一些策略上的問題。你似乎對市場走向的看法越來越有把握。我認為有很多第三方數據可以佐證這一點。當你回顧自己完成的收購和放棄的收購時，你是否覺得過去可以更積極主動地進行更多收購？現在市場似乎有所好轉，你的計算方式是否改變了？

One of the things we look at for acquisitions is are we deploying capital accretively, right? And that was part of the issue that we were seeing earlier was that we weren't able to do that with all of them. You can always -- Monday morning quarterback decisions. We try to evaluate decisions with the information that we have on hand at that point in time and make the best informed decision at that point in time.

我們在進行收購時會考慮的一個問題是，我們是否以增值的方式部署資本，對嗎？而這正是我們之前遇到的問題之一，那就是我們無法對所有人這樣做。你總可以事後諸葛亮。我們會根據當時掌握的資訊來評估決策，並做出當時最明智的決策。

So I think we've made a lot of good decisions this year. Really, I'm happy with the acquisitions that we've made this year and really happy with the development decisions we've made this year. So we'll continue to evaluate acquisitions and development opportunities with the information that we know and try to make the best decision we can.

所以我覺得我們今年做了許多正確的決定。說實話，我對我們今年完成的收購感到滿意，也對我們今年做出的發展決策非常滿意。因此，我們將繼續利用我們掌握的資訊評估收購和發展機會，並努力做出我們所能做出的最佳決策。

Ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Crooker for any final comments.

女士們、先生們，我們的問答環節到此結束。我把發言權交還給克魯克先生，請他作最後的總結發言。

I just want to thank everybody for joining the call. And as always, the thoughtful questions. And we look forward to seeing you all soon at the upcoming conferences. Take care.

我只想感謝所有參加電話會議的人。一如既往，大家提出了許多發人深省的問題。我們期待在即將舉行的會議上與大家見面。小心。

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

謝謝。今天的會議到此結束。您可以在此時斷開線路。感謝您的參與。