STAG Industrial, Inc. (STAG) 2026 Q3 法說會逐字稿

Greetings. Welcome to the STAG Industrial, Inc. third-quarter 2026 earnings conference call. (Operator Instructions) Please note, this conference is being recorded. I will now turn the conference over to Steve Xiarhos, Vice President, Investor Relations.

各位好。歡迎參加 STAG Industrial, Inc. 2026 年第三季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把會議交給投資人關係副總裁 Steve Xiarhos。

Thank you, Steve. You may begin.

謝謝你，Steve。你可以開始了。

Thank you. Welcome to STAG Industrial's conference call covering the third quarter 2026 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 2026 年第三季業績電話會議。除昨日發布的新聞稿外，我們也已在公司網站 www.stagindustrial.com 的「投資人關係」專區，發布一份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 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.

在今天的電話會議中，公司預先準備的發言以及對各位提問的回答，將包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。前瞻性陳述所涉及事項存在風險與不確定性，可能導致實際結果與今日討論內容有所差異。前瞻性陳述的例子包括：核心 FFO、同店 NOI、G&A、收購與處分量、續租率及其他指引、租賃前景、租金收繳、產業與經濟趨勢及其他事項的預測。

We encourage all listeners to review the more detailed discussion related to these forward-looking statements contained in the company's filings with the SEC and the definitions and reconciliations of non-GAAP measures contained in the supplemental information package available on the company's website. As a reminder, forward-looking statements represent management's estimates as of today. STAG Industrial assumes no obligation to update any forward-looking statements.

我們鼓勵所有聽眾查閱公司向 SEC 提交文件中，與上述前瞻性陳述相關的更詳細討論，以及公司網站所提供之補充資訊包中，非 GAAP 指標的定義與調節表。提醒各位，前瞻性陳述代表管理層截至今日的估計。STAG Industrial 不承擔更新任何前瞻性陳述的義務。

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

今天的電話會議中，您將聽到我們的執行長 Bill Crooker 與財務長 Matts Pinard 的發言。此外，今天也有投資長 Mike Chase 與營運長 Steve Kimball 與會。我們也可就各自負責領域的問題進行回答。

I'll now turn the call over to Bill.

現在我把電話交給 Bill。

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 discussing the third quarter 2026 results. The third quarter marked the continued improvement in industrial fundamentals with national vacancy rates down since last quarter. Net absorption totaled approximately 75 million square feet nationally, the highest quarterly figure since early 2023 and has now topped 69 million square feet in each of the last 2 quarters.

謝謝你，Steve。各位早安，歡迎參加 STAG Industrial 第三季財報電話會議。很高興各位加入，我們也期待與各位討論 2026 年第三季的業績。第三季工業不動產基本面持續改善，全國空置率較上季下降。全國淨吸納量約為 7,500 萬平方英尺，為 2023 年初以來最高的單季數字，且過去兩季每季皆超過 6,900 萬平方英尺。

Through 9 months, market has absorbed more than 186 million square feet, a pace we have not seen since 2022, and non-coastal markets drove 80% of year-to-date absorption.

累計前 9 個月，市場吸納量超過 1.86 億平方英尺，這樣的速度自 2022 年以來未曾見過；而非沿海市場貢獻了今年迄今吸納量的 80%。

New construction remains disciplined. While development starts are up, product under construction totals less than 2% of existing inventory with much of it already committed through pre-leasing or build-to-suit agreements. We are seeing broad-based demand primarily from 3PLs, hence manufacturing and data center-related tenants. We have now leased 2.5 million square feet to data center related tenants since the start of 2025. This data center-related leasing activity accounted for 26% of all of our new operating portfolio leasing during that same period.

新建供給仍維持自律。雖然開發動工量上升，但在建產品總量仍低於既有存量的 2%，且其中多數已透過預租或量身訂做（build-to-suit）協議提前承諾。我們看到需求面相當廣泛，主要來自第三方物流（3PL）、製造業以及與資料中心相關的租戶。自 2025 年初以來，我們已向資料中心相關租戶出租 250 萬平方英尺。在同一期間，這些資料中心相關的租賃活動占我們營運中投資組合所有新租賃的 26%。

The table is set for us to see upward pressure on rent growth in many markets as leverage gradually shifts back to the landlord. We expect our market rent growth for next year to be in the range of 2% to 4%, an acceleration as compared to the 1.6% market rent growth expected for 2026.

多數市場已具備條件，隨著議價能力逐步回到房東端，我們可望看到租金成長面臨上行壓力。我們預期明年的市場租金成長將落在 2% 至 4% 區間，較 2026 年預期的 1.6% 市場租金成長有所加速。

Geographically, the strength has been most pronounced in the markets where STAG is concentrated. Acquisition volume for the third quarter totaled $107.9 million. This consisted of 2 buildings with Cash and Straight-Line cap rate of 6.9% and 7.2%, respectively. Subsequent to quarter end, we acquired 1 building for $55 million at a Cash and Straight-Line cap rate of 6.7% and 7.1%, respectively.

就地理分布而言，STAG 集中布局的市場表現最為突出。第三季收購金額合計 1.079 億美元。其中包含 2 棟建物，其現金資本化率（Cash cap rate）與直線法資本化率（Straight-Line cap rate）分別為 6.9% 與 7.2%。在季末之後，我們以 5,500 萬美元收購 1 棟建物，其現金與直線法資本化率分別為 6.7% 與 7.1%。

In terms of our development platform, we have 7 buildings or 1.8 million square feet of development activity that is not in service as of the end of Q3. These buildings are in various stages of development and have an expected stabilized yield of 7%. We executed 2 development leases this quarter, totaling 69,000 square feet. The first was a 47,000 square feet lease at our Resource Drive building in Reno, bringing that building to 62% leased. The other was for 21,000 square feet at our Piedmont Commerce Street building in Charlotte, bringing that building to 100% leased.

就我們的開發平台而言，截至第三季末，我們有 7 棟建物、約 180 萬平方英尺的開發案尚未投入營運。這些建物處於不同開發階段，預期穩定後報酬率為 7%。本季我們簽訂 2 份開發案租約，合計 69,000 平方英尺。第一份為雷諾（Reno）Resource Drive 建物的 47,000 平方英尺租約，使該建物出租率提升至 62%。另一份為夏洛特（Charlotte）Piedmont Commerce Street 建物的 21,000 平方英尺租約，使該建物出租率達到 100%。

With that, I will turn it over to Matts who will cover our remaining results and guidance for 2026.

接下來我把時間交給 Matts，由他說明其餘業績以及 2026 年指引。

Thank you, Bill, and good morning, everyone. Core FFO per share was $0.66 for the quarter, an increase of 1.5% as compared to last year. Net debt to annualized run rate adjusted EBITDA was equal to 5.1x, while liquidity stood at $546 million. During the quarter, we commenced 30 leases across 3.6 million square feet generating Cash and Straight-Line leasing spreads of 23.8% and 35.7%, respectively. Retention for the quarter was 90.3%.

謝謝你，Bill，各位早安。本季每股核心 FFO 為 0.66 美元，較去年同期增加 1.5%。淨負債對年化運行率調整後 EBITDA 為 5.1 倍，而流動性為 5.46 億美元。本季我們啟動 30 份租約，涵蓋 360 萬平方英尺，帶來的現金與直線法租賃價差（leasing spreads）分別為 23.8% 與 35.7%。本季續租率為 90.3%。

Same-store cash NOI grew 3.5% for the quarter and 3.9% year-to-date. Year-to-date same-store cash NOI growth of 3.9% includes approximately 30 basis points of benefit related to a single tenant whose rent was unpaid as of the third quarter of 2025 and substantially collected in the fourth quarter of 2025. The benefit reverses in Q4 and we expect full year same-store growth within our guidance range, which we revised upwards since our last earnings call.

本季同店現金 NOI 成長 3.5%，今年迄今成長 3.9%。今年迄今同店現金 NOI 成長 3.9% 中，約有 30 個基點的增益，來自單一租戶：其租金在 2025 年第三季時仍未支付，並於 2025 年第四季大幅收回。該項增益將在第四季反轉；我們預期全年同店成長仍將落在指引區間內，而我們也已自上次財報電話會議後上修該指引。

Moving to capital market activity. As discussed on our last call, we did repay the $50 million private placement note fee, which matured on July 1. Also mentioned on our last call in July, we combined our Term Loan A and F, both of which were set to mature in March of 2027 into a single $350 million term loan returning January 2032. The swap fixed rate is 3.53% until March 2027 and 4.79% from then on until maturity. We also repriced our revolver in all of our term loans, saving 5 basis points across our bank debt. As of today, the company has total forward equity net proceeds $70 million available to settle at our discretion.

接著談資本市場活動。如同我們上次電話會議所提到的，我們確實已償還於 7 月 1 日到期的 5,000 萬美元私募票據。也如同我們 7 月上次電話會議所提到的，我們將原本預計於 2027 年 3 月到期的 A 與 F 兩筆定期貸款合併為單一 3.5 億美元的定期貸款，並將到期日延至 2032 年 1 月。利率交換後的固定利率在 2027 年 3 月前為 3.53%，其後至到期日為 4.79%。我們也對循環信貸額度（revolver）以及所有定期貸款進行重新定價，使我們的銀行負債利差整體節省 5 個基點。截至今日，公司尚有 7,000 萬美元的遠期股權（forward equity）淨募集款可供我們自行決定時點進行交割。

We're pleased to announce that in August of this year, STAG received an investment grade rating from S&P Global Ratings. S&P assigned a rating of BBB to STAG with a stable outlook. The company also maintains an investment-grade rating of BBB with a stable outlook with Fitch and an investment-grade rating of Baa2 with a stable outlook from Moody's.

我們很高興宣布，STAG 於今年 8 月獲得 S&P Global Ratings 授予投資等級評等。S&P 給予 STAG BBB 評等，展望穩定。公司同時也維持 Fitch 給予的 BBB 投資等級評等（展望穩定），以及 Moody's 給予的 Baa2 投資等級評等（展望穩定）。

Moving to guidance. We have made the following updates. Average same-store occupancy guidance has been increased to a range of 96.75% to 97.85%, an increase of 25 basis points at the midpoint. Cash same-store growth guidance has also been increased from a range of 3% to 3.5% to a range of 3.5% to 3.75% for the year. This increase is driven by the upward revision of expectations and lower-than-expected cash credit loss.

接著談到指引。我們已進行以下更新。平均同店入住率指引已上調至 96.75% 至 97.85% 的區間，中點上調 25 個基點。年度現金同店成長指引也已從 3% 至 3.5% 的區間上調至 3.5% 至 3.75% 的區間。這項上調主要來自對前景預期的上修，以及現金信用損失低於預期。

We have narrowed the range of expected acquisition volume to a range of $530 million to $600 million. We now expect to stabilize capitalization rate range between 6.3% and 6.4%. G&A guidance has been increased to a range of $56 million to $57 million. These guidance changes resulted in an increase in Core FFO guidance to a range of $2.64 to $2.66 per share, an increase of $0.02 at the midpoint. 2026 guidance can be found on page 21 of our supplemental package, which is available in the Investor Relations section of our website.

我們已將預期收購量的區間收斂至 5.30 億美元至 6.00 億美元。我們目前預期穩定後資本化率區間介於 6.3% 至 6.4%。一般及行政費用（G&A）指引已上調至 5,600 萬美元至 5,700 萬美元。上述指引變動使核心 FFO 指引上調至每股 2.64 美元至 2.66 美元的區間，中點上調 0.02 美元。2026 年指引可見於我們補充資料包第 21 頁，該資料可在我們網站的投資人關係（Investor Relations）專區取得。

I will now turn the call back over to Bill.

我現在把電話交回給 Bill。

Thank you, Matts, and thank you to our team for their continued hard work and achievement towards our 2026 goals. We will finish this year ahead of our initial budgets and are well positioned going into 2027. With that, I will turn it back to the operator for questions.

謝謝你，Matts，也感謝我們團隊持續努力工作並朝 2026 年目標取得成果。我們將在今年以優於最初預算的表現收官，並且在邁向 2027 年時具備良好態勢。接下來我把電話交回給接線員進行提問。

(Operator Instructions)

（接線員指示）

Craig Mailman, Citigroup.

Craig Mailman，花旗集團（Citigroup）。

Good morning, guys. Bill, appreciate your comment on your market rent growth expectation for 2027. Apologies if I missed this, but did you discuss where you think rent spreads are coming in, and maybe give us an update on progress on 2027 expirations to date? I know you used to give this metric in the press release.

各位早安。Bill，感謝你對 2027 年市場租金成長預期的評論。如果我漏聽了先說聲抱歉，但你們是否有談到你們認為租金價差（rent spreads）會落在什麼水準，並且能否更新一下截至目前 2027 年到期合約的續租/招租進度？我知道你們以前會在新聞稿中提供這個指標。

Hey, Craig. Yeah, we didn't include that, but I can give an update now. We're about 40% through our 2027 leasing plan. If those spreads on the 40% were 12% cash rollover spreads. The one nuance there is almost all of our fixed renewal items are in that 40%. So when you take those out, the spreads on that 40% was 17.5%. We expect leasing spreads next year to be around 15%.

嗨，Craig。對，我們沒有把那個放進去，但我現在可以更新一下。我們的 2027 年租賃計畫目前大約完成了 40%。就這 40% 而言，現金續租/換約價差（cash rollover spreads）是 12%。其中一個細節是：我們幾乎所有固定續約項目都包含在這 40% 裡。所以把那些剔除後，這 40% 的價差是 17.5%。我們預期明年的租賃價差大約在 15% 左右。

Okay. That is helpful. And I know you guys I'm asking for 2027, not going to get greedy and ask for 2028. But a lot of questions I'm getting are just -- you guys and some of your have talked about the sort of mid- to high teens spread for next year. Can you just walk us through the math or how we should think about maybe a normalized rate of decel or where like '28, '29 could be from a rent spread perspective on a cash basis?

了解。這很有幫助。我也知道我問的是 2027 年，不會貪心再問 2028 年。但我收到很多問題主要是——你們以及你們的一些同業談到明年大概會是中到高十幾%的價差。你能否帶我們走一遍計算邏輯，或我們應該如何思考一個較正常化的減速幅度？或者從現金口徑的租金價差角度來看，像 2028、2029 年可能會落在什麼水準？

And just kind of walk us through the math and what that could look like.

也請大致帶我們走一遍計算方式，以及可能會長什麼樣子。

Yes. I mean do you want to go out to '30 and '31 or no?

可以啊。我的意思是，你想一路看到 2030、2031 年嗎，還是不用？

If your crystal ball is that good, go for it.

如果你的水晶球那麼準，就說吧。

No, I understand the question. The way we look at it, I mean, with moderate market rent growth, we're probably in the low double digits to mid-double digits of leasing spreads as you kind of move out to '28 and '29. I mean it kind of wouldn't say it bottoms out in '27, but it should be pretty steady from here on out.

不，我理解這個問題。我們的看法是，在溫和的市場租金成長情境下，當你往 2028、2029 年推進時，租賃價差大概會落在低雙位數到中雙位數。我不會說它在 2027 年觸底，但從現在開始應該會相當穩定。

Perfect. Thank you.

太好了。謝謝。

Nick Thillman, Baird.

Nick Thillman，Baird。

Hey, good morning, guys. Maybe I wanted to comment on -- get your thoughts on the updated deployment strategy. Obviously, the Board is authorizing the buyback here. As you look across acquisitions, with the interest rate rises. Are you seeing more opportunities there? Or do you see opportunity on the buyback? I guess, weighing all the buckets you can pick at where are you seeing the best opportunity to deploy capital is at?

嗨，各位早安。我想先談一下——聽聽你們對更新後資金部署策略的看法。顯然董事會在這裡授權了回購。當你們在收購面向上評估、且利率上升的情況下，你們是否看到更多機會？或者你們覺得回購更有機會？我想問的是，在你們可以選擇的各個資金投放「桶」之間權衡時，你們目前在哪裡看到最佳的資本部署機會？

Yeah. It's interesting, Nick. I mean, it changes. The good thing is the buyback, it's another tool in our toolkit here. So when that's the best use of capital, we'll deploy it to that. And if we can find stabilized acquisitions at higher yields that we like those assets in those markets, we'll deploy it there. And historically, or at least in the past year, two years, we've seen developments has been opportunity to deploy capital. Right now, we're -- and those developments are yielding 7% plus and build-to-suits a little bit inside of that. And you saw we were able to pick off some nice acquisitions in -- in this quarter, I think those came in at about a 6.9% cap rate. So we'll look across all those opportunities.

是的，Nick，這很有意思。我的意思是，情況會變。好的一點是回購——它是我們工具箱裡的另一項工具。所以當回購是資本的最佳用途時，我們就會把資本投放到那裡。如果我們能找到我們喜歡、位於我們看好的市場、且已穩定的收購標的並具備更高殖利率，我們就會把資本投放到那裡。而歷史上——至少在過去一到兩年——我們看到開發案一直是資本部署的機會。目前我們——而這些開發案的報酬率在 7% 以上，量身訂做（build-to-suit）的案子則略低一些。你也看到我們在本季完成了一些不錯的收購——我想那些的資本化率大約是 6.9%。所以我們會在所有這些機會之間做比較。

And frankly, if none of them are what we view as a good opportunity to put capital, and we won't do any of it. So we've done a good job of allocating capital in the past, and this just gives us another tool to use if we see that as the best opportunity.

坦白說，如果我們認為這些都不是好的資本投放機會，我們就什麼都不做。我們過去在資本配置上做得不錯，而這只是讓我們在看到它是最佳機會時，多一個可以使用的工具。

And then maybe for my follow-up, just on the overall development leasing and the progress you're seeing at some of your projects. I believe you guys underwrite 12 months post completion for lease up for a lot of these projects. So maybe just some of the bigger ones, how discussions have progressed on that front? And where the overall tenant mix and how far along we are within the pipeline on executed deals?

接著我的追問是，關於整體開發案的租賃進度，以及你們在一些專案上看到的進展。我相信你們對許多專案的承租（lease-up）假設，是在完工後 12 個月內完成。所以也許就幾個較大的案子，能否談談在這方面的洽談進展？以及整體承租戶組合（tenant mix），還有在管線中已簽約（executed deals）的進度到哪裡？

Yeah, I can pass it over to Steve to walk through the details there. But I will say our disclosure have developments that we've placed in service that are well within the 12-month lease-up. So I think that that's something that needs to be factored into when you look at the progress on developments.

好的，我可以把這題交給 Steve 來說明細節。但我想先說，我們揭露的那些已投入營運（placed in service）的開發案，都仍在 12 個月的招租期之內。所以當你看開發案進度時，我認為這點需要納入考量。

Yeah. Thanks, Bill. Thanks, Nick. Probably get a few questions on the development side so let me frame it a little bit first. We've kind of this has become a core part of our business with over 100 million annual starts, and we expect that to trend up as we go forward.

好的，謝謝，Bill。謝謝，Nick。開發面向我可能會收到幾個問題，所以我先稍微框架一下。這已經成為我們業務的核心部分之一，每年開工量超過 1 億，我們也預期未來會持續上升。

So if you're looking at page 10 and 11 of the supplemental, we're tracking over $500 million of investment in 16 buildings, and we spread that out across 11 markets and with 20% plus in build-to-suit category. So -- and as you too were just mentioned, we do underwrite 12 months of downtime for the spec construction. I think that's why Bill directed you did a couple of deals that we have stabilized and put into service as of September 30, and those two are obviously 100% occupied.

如果你看補充資料第 10 與第 11 頁，我們正在追蹤 16 棟建物、合計超過 5 億美元的投資，分布在 11 個市場，其中量身訂做（build-to-suit）類別占比超過 20%。所以——也如你們剛剛提到的——對於投機性建案（spec construction），我們在承作假設中會納入 12 個月的空置期（downtime）。我想這也是 Bill 指引你去看我們截至 9 月 30 日已穩定並投入營運的幾筆案子；那兩筆顯然都是 100% 入住。

If you put those together with the assets that we're working on right now that are complete but not in service, that bring that occupancy number up a little higher to like 37%. But on the 1.8 million square feet as a total that we have active projects to work on, let me just walk you through them quickly. In the under construction side because I think there's some good news there. We're in Kansas City with 188,000 square foot deal. That's a 4% vacancy market, and we've had excellent activity on that, Nick. So we feel very good about that project.

如果把這些與我們目前正在推進、已完工但尚未投入營運的資產合併來看，入住率會再提高一些，大約到 37%。不過，就我們目前有在推進的專案總計 180 萬平方英尺而言，我先快速帶各位過一遍。先從在建（under construction）部分開始，因為我認為這裡有些好消息。我們在堪薩斯城有一筆 18.8 萬平方英尺的案子。那是一個空置率 4% 的市場，我們在那個案子上的招租活動非常活躍，Nick。所以我們對那個專案非常有信心。

Dallas, that's a build-to-suit for 343,000 square feet. So construction is on time and, we expect that delivery to be smooth. The third project is Phoenix. And we're only breaking ground in Phoenix right now and just starting that construction. But it's a 184,000 square foot project in West Chandler, which is just off the I-10 and the Phoenix dynamics of that market continued to improve with vacancies moving down closer to 9%.

達拉斯那個案子是量身訂做（build-to-suit），面積 34.3 萬平方英尺。所以工程進度如期，我們預期交付會很順利。第三個專案是鳳凰城。我們目前才剛在鳳凰城動工，剛開始施工。但那是一個位於西錢德勒（West Chandler）的 18.4 萬平方英尺專案，就在 I-10 附近；而鳳凰城市場的動能持續改善，空置率已下滑、接近 9%。

They were a little bit higher prior to that. So there's a lot of activity in Phoenix, and we feel really good about those projects. So the under construction bucket, 48% leased through 2027 deliveries, and we think we'll lease up and feel comfortable with that 12 months of downtime.

在此之前空置率還稍微高一些。所以鳳凰城的活動量很大，我們對那些專案感覺非常好。因此，在建這一籃子專案，截至 2027 年交付的部分已出租 48%，我們認為可以順利出租完畢，對於那 12 個月的空置期也覺得可控。

When you move to the more highlighted section, the complete not in service, we're really looking at three markets. I think the first property that's listed there is Resource Driven only has 28 000 square foot left lease there. That's currently being demised with office built out, and we expect that will be leased up pretty quickly. You move down to Reno, the Mt Henderson building, the 284. And candidly, that's the one project that probably sticks out that has the most leasing risk right now.

接著看較受關注的區塊，也就是「已完工但未投入營運」（complete not in service），我們主要看三個市場。我想第一個列在那裡的物件是 Resource Driven，目前只剩 28,000 平方英尺待出租。目前正在做分割（demise）並完成辦公室裝修，我們預期很快就能出租完畢。再往下是雷諾（Reno）的 Mt Henderson 大樓，也就是 284 那棟。坦白說，這個專案大概是目前出租風險最高、最突出的那一個。

The Reno market when it comes to pure distribution fulfillment uses and the submarket where the North Valleys has been slower. Now the good news there is the trend is that vacancy is coming down, absorption picked back up in the fourth quarter of '25 and has been consistently positive, but we do have some leasing challenges in the Reno North Valleys market as the traditional fulfillment logistics users have not pushed back out to Reno. So we do have activity there. We've had activity since we delivered it. We just haven't landed those deals. They tend to be multi-market opportunities and there's a lot of competition.

雷諾市場若以純配送／履約（distribution fulfillment）用途來看，且在北谷（North Valleys）這個子市場，確實比較慢。不過好消息是，趨勢上空置率正在下降，2025 年第四季的吸納量（absorption）回升並且持續為正；但在雷諾北谷市場，我們確實面臨一些招租挑戰，因為傳統的履約物流使用者尚未再度把布局推回雷諾。所以我們那邊是有在跑案子的。自從交付以來，我們一直都有招租活動。只是還沒有把交易敲定。這些通常是跨多市場的機會，而且競爭非常激烈。

Moving down to Charlotte. Charlotte is on the list here. But remember, that was a two-building development. The first building leased within seven months. We did four leases in that building, just systematically leased it up. We are very active on the building that shows here the 200,000 square feet, and those leases, you can expect will come in at 40,000 to 50,000 square foot leases, and I would expect we'll have three or four leases to lease up that final building.

再往下看夏洛特（Charlotte）。夏洛特也在這份清單上。但請記得，那是一個兩棟樓的開發案。第一棟在七個月內就出租完成。我們在那棟做了四筆租約，按部就班把它租滿。目前我們對這裡顯示的那棟 20 萬平方英尺的建物非常積極；這些租約你可以預期會是每筆 4 萬到 5 萬平方英尺，我預期最後那棟會需要三到四筆租約就能租滿。

When you put the tubings together, we should average 12 or 13 months of downtime to stabilization. So feeling good about that market and the progress that we have in Charlotte. And then the large project that really jumps off the page is our 500,000 square footer in Louisville.

把這些組合起來看，從空置到穩定（stabilization）我們平均應該是 12 到 13 個月的空置期。所以我們對那個市場以及夏洛特目前的進展感覺很好。另外，一個非常醒目的大型專案是我們在路易維爾（Louisville）的 50 萬平方英尺案子。

Again, a very healthy market of 5.9% vacancy. We're in the right part. We're in the right submarket, and there's been a lot of very positive activity in that market with some of the competing buildings being taken down, and we are active as well with prospects for that building. So in general, we feel pretty good about the complete not-in-service portfolio.

同樣地，那是一個非常健康的市場，空置率 5.9%。我們在對的區位。我們在對的子市場；而且那個市場有很多非常正面的動態，一些競爭物件已被租走（taken down），我們也在積極與該建物的潛在承租戶接洽。所以整體而言，我們對「已完工但未投入營運」的投資組合感覺相當不錯。

Dave Rodgers, Raymond James.

Dave Rodgers，Raymond James。

Yeah. Hey, good morning, guys. I wanted to ask about the step-up in earnings from 3Q to 4Q. It's a pretty strong increase sequentially for this late in the year. So was leasing just well ahead of expectations? Is the business just performing better than anticipated? And then you mentioned the same-store kind of slip between 3 and 4Q. Can you quantify kind of what that looks like from the last year?

是的。各位早安。我想問一下從第三季到第四季獲利跳升的原因。以年底這個時間點來看，季比增幅相當強。所以是招租進度大幅超出預期嗎？還是整體營運表現比原先預期更好？另外你提到同店（same-store）在第三季到第四季之間有點下滑。你能量化一下，跟去年相比大概是什麼樣子嗎？

Yeah, absolutely, Dave. It's Matts. You're right. If you were to take a look at the midpoint of our guidance, we would expect the step up in Core FFO for the fourth quarter. One of the drivers is the fact that what we acquired this quarter occurred literally in the last week of September.

好的，當然可以，Dave。我是 Matts。你說得沒錯。如果你看我們指引（guidance）的中位數，我們確實預期第四季的 Core FFO 會有一個跳升。其中一個驅動因素是，我們本季收購的資產實際上是在 9 月最後一週才完成交割。

So you had a full quarter of economics on the 6.9% cap rate deals. And then the same-store, right? We increased occupancy, credit losses trending much better than we had initially projected in February. We did moderate our expectation of credit loss in the last call, and we continue to outperform there. Those are the two big drivers. And was there a second part to your question?

所以你在 6.9% 資本化率（cap rate）的交易上，第四季會有完整一季的經濟貢獻。然後同店方面，對吧？我們提高了入住率，信用損失（credit losses）的走勢也比我們在 2 月最初預估的好很多。我們在上一次電話會議已經下修了對信用損失的預期，而目前仍持續優於預期。這兩點是最大的驅動因素。你問題還有第二部分嗎？

You had mentioned that there was a same-store NOI kind of impact from the tenant last year. I don't know if there's going to be a bigger impact? Or what's that look like from a quantification standpoint?

你提到去年有一個租戶對同店 NOI 造成了一些影響。我不確定是否會有更大的影響？或是從量化角度來看，那大概是什麼樣子？

Yes, absolutely. So the simple answer is cap same-store is 3.9% year-to-date. And if you adjust the timing, which I'll walk into a second, that 3.9% would be 3.6%. So just to kind of back up and reframe what occurred. The tenant last year in the third quarter was affiliated with the first brands bankruptcy. We moved them to cash basis. There was kind of a disruption in communication. They're domiciled in Europe. They did not pay rent in the third quarter. They fully paid the third quarter rents and the current rent fourth quarter.

是的，當然。簡單的答案是：同店 NOI 年初至今（year-to-date）是 3.9%。如果你把時間點（timing）做調整——我等一下會說明——那 3.9% 會變成 3.6%。我先稍微倒回去、重新說明當時發生了什麼事。去年第三季那個租戶與 First Brands 破產案有關聯。我們把他們改為現金基礎（cash basis）認列。溝通上有一些中斷。他們的註冊地在歐洲。他們在第三季沒有付租金。但他們在第四季把第三季的租金以及第四季當期租金都全額支付了。

So no payment in the third quarter, double payment in the fourth quarter. Again, on a calendar year basis, no impact. But in our third quarter, Q3 artificially high due to the favorable comp, and it would reverse in the fourth quarter. I think really the story here, Dave, is our 3.9% year-to-date, if you accounted this timing mismatch in 2025, 3.9% is 3.6%, which is in the -- basically the midpoint of our updated guidance. Does that clearly answer that question?

所以第三季沒有付款，第四季則是雙倍付款。同樣地，以整個曆年來看，沒有影響。但在我們的季度比較上，第三季因為比較基期有利而被人為墊高，而這個效果會在第四季反向呈現。我認為這裡真正的重點是：我們年初至今 3.9%，如果把 2025 年這個時間錯配（timing mismatch）納入調整，3.9% 其實是 3.6%，也就是——基本上——落在我們更新後指引的中位數附近。這樣有清楚回答你的問題嗎？

Yeah, I got that. Thank you. That's helpful. And then just a follow-up. I think Nick asked a good capital question earlier. But I'm curious if you change that math instead of just saying, where do we put money, but where can we raise money have you guys kind of looked at the convert market or something to maybe lower initial borrowing costs, take advantage of the backup in cap rate that convert market probably lets you equity in the mid -- low to mid-40s, which is above the 39% where you seem comfortable.

有，我理解了。謝謝。這很有幫助。再追問一個問題。我覺得 Nick 先前問的資本問題很好。但我好奇的是，如果你們把數學換個角度，不只是「我們把錢投到哪裡」，而是「我們可以從哪裡籌到錢」：你們是否有研究過可轉債市場（convert market）之類的工具，或許可以降低初期借款成本，並利用資本化率回升所帶來的機會；因為可轉債市場可能讓你們以每股淨值（equity）在 40 出頭、低到中 40 的水準來籌資，這高於你們看起來覺得舒適的 39% 水準。

So curious if maybe changing that equation of how do we raise money maybe more accretively today to take advantage of this backup in cap rates because this could help you drive growth even more. Is that something you're thinking about?

所以我很好奇，是否改變我們募資方式的那個方程式——也許在今天能以更具增值性的方式募資——以利用資本化率（cap rates）回升，因為這可能幫助你們推動更大的成長。這是你們正在思考的事情嗎？

Yeah, Dave, we valuate everything. We're obviously very familiar with the convert market. The good news is, look, we have a revolver balance of $500 million. We have $70 million of unfunded equity. We retained $130 million of cash after dividends paid.

是的，Dave，我們會評估所有選項。我們顯然非常熟悉可轉債市場。好消息是，你看，我們的循環信貸（revolver）餘額是5億美元。我們有7,000萬美元的未出資股權。在支付股利後，我們保留了1.3億美元的現金。

So we don't -- we don't need additional count right now. We would raise capital in the sense that we saw opportunities to deploy it. But where we are right now with where our balance sheet is, our liquidity and our retained cash flow, we're in a very comfortable spot capital wise.

所以我們——我們現在不需要額外的資金。我們會在看到有機會可以部署資金的情況下才去募資。但以我們目前的資產負債表狀況、流動性以及保留的現金流來看，在資本面我們處於非常舒適的位置。

All right. Thanks, guys.

好的。謝謝各位。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great, thanks. Maybe just starting on the acquisition environment. I saw the cap rate guidance ticked up marginally. I imagine that was largely due to the acquisitions in the third quarter, but have you gotten a sense if you've seen any repricing or re-trading yields, just given the volatility in interest rates recently? Curious if higher seller expectations have moved, the bid-ask spreads widened? Any additional color there would be helpful.

很好，謝謝。我先從收購環境談起。我看到你們對資本化率（cap rate）的指引小幅上調。我猜這主要是因為第三季的收購，但鑑於近期利率波動，你們是否感受到任何重新定價或收益率（yield）重新交易的情況？也想了解賣方較高的期待是否有改變、買賣價差是否擴大？若能補充一些細節會很有幫助。

Yeah. Hey, Michael, this is Mike Chase. I appreciate the question. I mean, it takes a little while for the volatility to push the market, but there has been some indications of higher re-trades and general repricing on deals that are coming to market. I'm not -- the cap rate -- the movement in cap rates we'll take a little bit to flush through the system. But I would say so far, I would say it's probably somewhere in the 25 basis points to 30 basis points based on kind of the re-trades we've heard about.

是的。嗨，Michael，我是Mike Chase。謝謝你的問題。我的意思是，波動要傳導到市場需要一點時間，但確實有一些跡象顯示，進入市場的交易出現較高的重新議價（re-trades）以及整體重新定價。我不——資本化率——cap rate 的變動需要一點時間才會在系統中完全反映出來。但我會說，到目前為止，根據我們聽到的重新議價情況，大概在25到30個基點左右。

Some of those re-trades are happening and some the sellers are saying no and either waiting to see what happens with the capital markets and the kind of market volatility or buyers are pushing through. So we have seen a few -- a few re-trades here and there or hearing about them.

其中一些重新議價正在發生，也有一些賣方說不，選擇觀望資本市場以及市場波動接下來會怎麼走，或者買方仍然推進成交。所以我們確實看到零星幾筆——幾筆重新議價，或是聽到相關情況。

Yes. We expect it to stabilize all else being equal, 25 basis points to 35 basis points higher than what it was this year. And the reason for the lag generally is 1031 buyers hold the pricing for a little bit. And that usually, as Mike was saying, flushes through within three to six months. And with respect to our guidance, yes, really, our guidance was moved and represented very little acquisition activity for the rest of the year just due to the uncertain capital markets environment.

是的。在其他條件不變的情況下，我們預期它會趨於穩定，較今年水準高出25到35個基點。而落後的原因通常是1031買家會在一段時間內撐住價格。而這通常如Mike所說，會在三到六個月內逐步反映出來。至於我們的指引，是的，我們的指引調整後，基本上代表今年剩餘時間的收購活動非常有限，主要是因為資本市場環境不確定。

Thanks. I certainly appreciate the context there. And then, Bill, just going back to your comments in the prepared remarks about continued improvement in industrial fundamentals. As you talk to your big customers, your big tenants out there, I mean, what are they saying is the reason for this increased demand? Is there more certainty in their business? And do they just feel more confident about the macro outlook and the need to lease space? And then just also if you could add anything whether proposal activity, decision time lines shrunk. Some commentary around that would be great, too.

謝謝。我確實很感謝你提供的背景。然後，Bill，再回到你在事先準備的講稿中提到工業基本面持續改善。當你和大型客戶、主要承租戶交流時，他們說這種需求增加的原因是什麼？是他們的業務更有確定性嗎？他們是否對總體前景更有信心、因此更需要租用空間？另外也想請你補充，提案活動是否增加、決策時間是否縮短。若能就這些提供一些評論也很棒。

Yeah. I mean what we're hearing, and there's a couple of demand drivers, and this has been pretty consistent for the past 6, 12 months and even further, I guess. Our large sophisticated tenants global tenants have said they've wanted to diversify supply chains for years, and that dates back to port strikes and water levels in the Panama Canal and for a number of reasons, diversification of supply chains is important for business because the disruption is very costly to them. So that takes years and years to implement. And part of that is on-shoring manufacturing. It's bringing goods into the US through other ports, it's nearshoring. So that is a demand driver we're seeing.

是的。我們聽到的情況是，有幾個需求驅動因素，而且在過去6到12個月，甚至更久以來都相當一致。我們的大型、成熟的承租戶與全球型承租戶表示，他們多年來一直想要分散供應鏈，這可以追溯到港口罷工、巴拿馬運河水位等因素；基於多種原因，供應鏈多元化對企業很重要，因為中斷對他們而言成本非常高。所以這需要很多年才能落實。其中一部分就是製造業回流（on-shoring）。包括透過其他港口把貨物運進美國、以及近岸外包（nearshoring）。所以這是我們看到的一個需求驅動因素。

We're also seeing for a couple of years there, it was some -- there was a lack of demand, I would say, a couple of years, we're at the lowest level of demand we've seen in industrial in a decade. That created some pent-up demand. And so those tenants are in the market, active. And so I think there is confidence in their businesses. Obviously, oil prices are driving some issues with the economy and driving inflation.

我們也看到，過去有幾年——我會說——需求不足；在工業地產方面，我們處於過去十年所見的最低需求水準。這造成了一些被壓抑的需求。因此這些承租戶正在市場上、而且很活躍。所以我認為他們對自身業務是有信心的。當然，油價也在對經濟造成一些影響並推升通膨。

But overall business activity remains really strong, and that's a big driver of demand. With respect to, call it, lease gestation periods, those have shortened certainly in markets where vacancy has dropped. I mean, one of our bigger markets is probably more unique to us, Greenville, Spartanburg. I mean there's some buildings there that over 300,000 square feet Class A facilities beginning at 25%, there was double-digit in 50s that's close to 0 now. So that's a market where if tenants are looking for space, they're acting really quickly to take it down because they're going to lose it.

但整體而言，商業活動仍然非常強勁，而這是需求的一大驅動因素。至於所謂的租賃孕育期（lease gestation periods），在空置率下降的市場確實縮短了。我的意思是，我們較大的市場之一、可能也比較是我們獨有的市場，是Greenville、Spartanburg。那裡有一些超過30萬平方英尺的A級物件，起初空置率在25%，曾經是兩位數、甚至到50%多，但現在幾乎接近0。所以在那樣的市場，如果承租戶在找空間，他們會非常快速地做決定把空間拿下，因為不然就會被別人搶走。

And that -- when you have urgency in markets when you have vacancy rates coming down, that shortens the lease gestation periods.

而當你在空置率下降的市場出現這種急迫性時，就會縮短租賃孕育期。

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

很好。我這邊就這些。謝謝撥冗。

Jason Belcher, Wells Fargo.

Jason Belcher，Wells Fargo。

Yeah. Hi, good morning. Matt, just thinking about the ratings upgrade from S&P in August. Can you touch on how that might change the calculus on tapping the public unsecured market? And maybe tell us where you think you could price a 10-year offering today?

是的。嗨，早安。Matt，我在想8月S&P調升評等這件事。你能談談這可能如何改變你們進入公開無擔保市場（public unsecured market）籌資的考量嗎？也請你說說看，你認為今天發行10年期債券大概可以以什麼利率水準定價？

Yeah, absolutely. So this is our inaugural rating actually from S&P. Previously, we had Moody's and Fitch, Fitch at BBB stable. Moody's at Baa2 stable. And then we originated S&P rating at BBB stable. And to your point, that was what we felt was a gating item to enter the public bond market. We were looking at market earlier this year. The capital market world change, capital deployment has slowed. So like I explained to Dave Rodgers, we don't really have a need for long term that capital at this point, again, with $500 million plus liquidity in the unfunded forward plus the retained earnings. But to directly answer your question, if we were to go to the public bond market, we'd likely look at the 5-year tenure.

是的，當然。所以這其實是我們首次取得S&P的評等。先前我們有Moody's和Fitch，Fitch是BBB、展望穩定。Moody's是Baa2、展望穩定。然後我們取得S&P評等為BBB、展望穩定。如你所說，這是我們認為進入公開債券市場的一個門檻項目。我們今年稍早有在看市場。但資本市場環境改變後，資本部署已放緩。所以就像我跟Dave Rodgers解釋的，以目前來看我們並不需要那種長期資金，因為我們有超過5億美元的流動性、未出資的遠期（forward）額度加上保留盈餘。但直接回答你的問題，如果我們要進入公開債券市場，我們可能會優先考慮5年期。

If we look at the 5-year tenure spreads are anywhere between 100 basis points and 110 basis points over. If we were to look at the 10-year added additional 20 basis points to that credit spread. So to kind of sum that up, the all-in coupon rate on a 5-year public bond with our 3 ratings would be a little below 6% and closer to 6.25%, 6.4% in the 10-year. But again, to reiterate, we're not actively looking at that market. We do not have a need for long-term capital right now.

如果我們看5年期，利差大約落在加100個基點到加110個基點之間。如果看10年期，則在該信用利差之上再增加約20個基點。因此總結來說，以我們的3個評級來看，5年期公募債的全包票息利率會略低於6%，而10年期則更接近6.25%、6.4%。但再次重申，我們目前並未積極關注那個市場。我們現在並不需要長期資本。

Understood. Thank you. And then just can you give us an update on your tenant credit profile, if there are any tenant industries that are giving you more concern than others currently and maybe how that's trended over the past couple of quarters?

了解。謝謝。另外，能否請您更新一下租戶的信用概況？目前是否有任何租戶所屬產業比其他產業更讓您擔憂？以及過去幾個季度這種情況的趨勢如何？

Yeah, absolutely. Happy to report, I really don't have a change to the answer to this question from 90 days ago. Tenants come on or come off, et cetera. But the theme really is, it's not necessarily beverage in low-margin businesses, I think furniture, for example. We've incurred 12 basis points of credit loss through the third quarter. We started the year at a 50 basis point expectation. We lowered that last quarter when we spoke in July because this could help you drive growth even more. Is that something you're thinking about?

好的，當然。很高興回報，這個問題的答案跟90天前相比，我其實沒有什麼改變。租戶會進來或退出等等。但主軸其實是：不一定是飲料這類低毛利的生意，我認為例如家具也是。截至第三季，我們已發生12個基點的信用損失。我們年初的預期是50個基點。我們在上季7月通話時下調了該預期，因為這可能幫助你把成長推得更快。這是你正在考慮的事情嗎？

Great. Thanks a lot.

很好。非常感謝。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO資本市場。

Great. Thanks, everyone. Thanks for taking my question. Not getting too far ahead of '27 guidance, but could you just help us think about the building blocks for cash same store outside of contractual rent bumps and the leasing spreads that you're previously discussed? Is there anything meaningful from a free rent burn or the timing of cash commencements that we should keep in mind?

很好。謝謝各位。謝謝讓我提問。不想太超前去談你們對2027年的指引，但能否請你們協助我們思考一下，現金同店成長（cash same store）的組成要素，除了你們先前談過的合約租金調升與續租價差之外？在免租期消化（free rent burn）或現金起租時間點（cash commencements timing）方面，有沒有什麼重要因素需要我們留意？

No, nothing from a free rent perspective. When you think about the building blocks as you noted, it's contractual escalators, which are around 3%. We've got leasing spreads, which, as I noted, we're targeting around 15% for next year. Occupancy is a material driver. We had some occupancy loss this year.

沒有，免租方面沒有什麼。如你所說，組成要素包括合約式調升，約在3%左右。我們也有續租價差，如我提到的，我們明年目標大約15%。出租率是重要的驅動因素。我們今年的出租率有一些下滑。

I think we've explained it in numerous times. But just assume flat occupancy for next year. And then we bake in 50 basis points of credit loss, right? So you can back at the envelope of that, and you're going to be close to the mid-single digits circa 5%.

我想我們已經多次解釋過。但明年就先假設出租率持平。然後我們會納入50個基點的信用損失，對吧？所以你用這些做個粗略估算，結果會接近中個位數，大約5%。

Great. And then just on the fixed renewal options. How much of the portfolio still has those embedded? And how has that exposure trended over time? Can you negotiate leases today are generally able to move away from those fixed options? Or are they still asking for?

很好。另外關於固定續租選擇權（fixed renewal options）。投資組合中還有多少比例仍內含這些條款？而這個曝險隨時間如何變化？你們現在在談新租約時，一般能否把這類固定選擇權談掉？還是租戶仍會要求？

Yeah. Those are -- those are not in any of our kind of form leases. When we sign new leases, those aren't in there. These are -- when you acquire a lease, you acquire a building subject to a lease, you acquired the lease. And sometimes those are in there and sometimes it takes a couple of renewals to get through those fixed renewal options.

是的。那些——那些不在我們任何制式租約範本裡。我們簽新租約時，裡面不會有那些條款。這些是——當你收購一份租約時，你是收購一棟受租約約束的建物，也就是把租約一併收購。有時候裡面會有這些條款，有時候沒有；而且有時需要經過幾次續約，才能把這些固定續租選擇權消化掉。

It's 2%, 3% of our portfolio, maybe even 5%. But I think the impact on leasing spreads over the year has been consistent the last three years. So we try not to back them out of our numbers. They're part of our numbers. Good thing is you're just kicking the can down the road with respect to the rollover rents for those. So we'll get at those market rents at some point. But it's really year-over-year, it's not really an impact to same store.

大概占我們投資組合的2%、3%，甚至可能到5%。但我認為，這些條款對年度續租價差的影響，在過去三年一直都很一致。所以我們通常不會把它們從數字中剔除。它們就是我們數字的一部分。好處是，就這些租約的到期換約租金而言，你只是把問題往後延。所以我們終究會在某個時間點拿到市場租金。但就同店而言，年對年其實不太會造成影響。

Great. Thanks, everyone. Thanks for taking my question.

很好。謝謝各位。謝謝讓我提問。

Henry Newell,RBC Capital Markets.

Henry Newell，RBC資本市場。

(inaudible) for Michael Caroll this morning. Just wanted to move back to the acquisition pipeline for another moment. It's a pretty big pipeline. Can you quantify really what portion of this pipeline is maybe in the later stages of negotiation. And would we expect acquisitions to increase in 4Q and moving into 2027?

（聽不清）今天早上代替Michael Caroll提問。我想再回到收購案源（acquisition pipeline）談一下。你們的案源池相當大。你能否量化一下，這個案源池中大概有多少比例可能已進入較後期的談判階段？以及我們是否應預期第四季、並延伸到2027年，收購會增加？

Yeah. So the pipeline, our pipeline may be may be different than others. The way we define it is deals that we evaluating, have underwritten, maybe they're back on the market. Maybe we're talking about them internally, they're at various stages. So it's a pretty healthy number, but those are all the deals we're evaluating in the market.

是的。所以這個pipeline，我們的pipeline可能跟其他人不太一樣。我們的定義是：我們正在評估、已做承銷分析的案子；也許它們又回到市場上；也許我們正在內部討論；它們處於不同階段。所以數字看起來相當健康，但那包含了我們在市場上正在評估的所有案子。

Some of those deals are -- the pricing is too rich for us, but we hang around the hoop and if they can -- if the pricing changes, then we'll be there. So for us, I mean, when you look at that pipeline, I mean, historically, our hit rate on that pipeline is really low. So when I think about acquisition guidance for the year, we updated that. We spend a lot of time on it. It's not really factoring in additional -- many additional acquisitions this year just due to the uncertain macro environment.

其中一些案子——價格對我們來說太貴，但我們會在旁邊等著；如果——如果價格改變，我們就會出手。所以對我們而言，當你看那個pipeline，歷史上我們在那個pipeline的命中率其實很低。因此當我思考今年的收購指引時，我們已更新過。我們在這上面花了很多時間。由於宏觀環境不確定，今年其實沒有把很多額外收購納入考量。

Now with respect to next year, we'll evaluate the opportunity. We'll evaluate our capital and we'll buy what makes sense, based on our free cash flow and our liquidity, and that's the calculus we use for next year's acquisitions and frankly, every year acquisition. So it's hard to pinpoint a number at this point.

至於明年，我們會評估機會。我們會評估我們的資本狀況，並根據我們的自由現金流與流動性，去買合理的標的；這就是我們用來計算明年收購、坦白說也是每一年收購的方式。所以此刻很難精確指出一個數字。

Great. I appreciate that context. And then just on the demand side of things in Q3 and Q4 to date, are you guys continuing to see a lot of early data center adjacent demand? And are you seeing this emerge more or less in any specific markets?

很好。我很感謝這些背景說明。另外在需求端，第三季以及截至目前第四季，你們是否仍持續看到大量早期的資料中心周邊（data center adjacent）需求？以及你們是否看到這種需求在某些特定市場更明顯或更不明顯？

I mean the markets where we're seeing is where the data centers are, right? I mean you're seeing them in the Midwest and the Southeast and Texas. And frankly, we've had some really good success on leasing to data center-related tenant. And there's been a lot more leasing that, frankly, it just hasn't made it into our portfolio because we have buildings in those markets that are occupied. When you look at 2025 last year, I think you accounted for almost 20% of our new leasing in year-to-date 2026, it's about 30% of our new leasing.

我的意思是，我們看到的市場就是資料中心所在的市場，對吧？你會在中西部、東南部以及德州看到。坦白說，我們在把物件租給與資料中心相關的租戶方面，取得了相當不錯的成果。而且其實有更多的租賃活動，但坦白說，因為我們在那些市場的建物是已出租的，所以那些租賃並沒有反映進我們的投資組合。回頭看2025年去年，我想資料中心相關租戶占我們今年截至目前新租賃的將近20%；而在2026年截至目前，約占我們新租賃的30%。

The good thing is these are long-term leases. The weighted average lease term is between 6 years and 7 years, really good credits. These leases are supporting the ongoing operations of data centers. What I do want to know what's important here is these buildings, we're already built, we're in these markets, and we're there to service other demand drivers within these markets.

好的一點是，這些都是長期租約。加權平均租期介於 6 年到 7 年之間，承租方信用非常好。這些租約支撐資料中心的持續營運。我想強調、也希望大家理解這裡重要的一點是：這些建築物我們已經建好了，我們已經在這些市場裡，而且我們在那裡是為了服務這些市場中其他需求驅動因素。

This is just another incremental demand driver in these markets. So a lot of these buildings were leased to either regional distributors servicing the local economy, servicing a plant nearby. So our buildings in these markets were there for other reasons. This is just an incremental demand driver.

這只是這些市場中的另一個增量需求驅動因素。所以，這些建築物中有很多原本是租給區域型配送商，用來服務當地經濟、或服務附近的工廠。因此，我們在這些市場的建築物原本就因為其他原因而存在。這只是額外增加的一個需求驅動因素。

Wonderful. Thank you, and congrats on another strong report.

太好了。謝謝你，也恭喜再度交出一份強勁的成績。

Jessica Zheng, Green Street.

Jessica Zheng，Green Street。

Hi, good morning. So in the last earnings call, you mentioned El Paso as one of your weaker markets in terms of market rent growth. Can you just walk us through your thesis on the El Paso acquisition in this quarter?

嗨，早安。所以在上一次財報電話會議中，你們提到 El Paso 在市場租金成長方面是較弱的市場之一。你能否帶我們了解一下你們本季收購 El Paso 的投資論點？

Yeah. We like El Paso. We like the long-term fundamentals in that market. The El Paso acquisition had a little over five years of lease term it's right near the bridge where a lot of the demand is in El Paso, especially cross-border demand. So for us, El Paso is going to we think, have some short-term struggles, but long term, we really like the market. So that was the thesis behind that acquisition.

可以。我們喜歡 El Paso，也看好該市場的長期基本面。這筆 El Paso 的收購案租期略超過五年，位置就在橋附近，而那裡是 El Paso 需求集中的地方，尤其是跨境需求。所以對我們而言，我們認為 El Paso 短期可能會有一些挑戰，但長期來看，我們非常喜歡這個市場。這就是這筆收購背後的投資論點。

Great. Thank you. And then maybe just additionally, curious, what drove the increase in the G&A guidance this quarter?

很好。謝謝。另外也想請教，本季 G&A 指引上調的原因是什麼？

Absolutely. So the midpoint of G&A increased $2 million with our updated guidance. It's not one item. It's a collection of items and it includes internal employee adjustments. We have some new hires. Every year, we have a normal course annual service provider fee increases, true up for the short-term incentive program. So it's not one thing. It's a collection of things. But added together, we did increase our G&A guidance.

當然。在我們更新後的指引中，G&A 的中位數上調了 200 萬美元。這不是單一項目造成的。而是一系列項目的合計，其中包含內部員工調整。我們也有一些新聘人員。每年我們都有例行性的年度服務供應商費用調漲，以及短期激勵計畫的調整（true up）。所以不是某一件事。而是一組因素的集合。但加總起來，我們確實上調了 G&A 指引。

Okay, that is very helpful. Thank you.

了解，這非常有幫助。謝謝。

Sydney McKensie, JPMorgan Chase.

Sydney McKensie，摩根大通（JPMorgan Chase）。

Hi, guys. So in your opening remarks, you mentioned expecting rent growth in the 2% to 4% range next year. Can you just talk a little bit specifically on any green shoots you're seeing in any of your markets in particular that might be making you feel better about market rent growth?

嗨，各位。在你們的開場致詞中，你們提到預期明年租金成長在 2% 到 4% 的區間。能否更具體談談，你們在某些市場是否看到任何「回溫跡象」（green shoots），讓你們對市場租金成長更有信心？

Yeah. I mean it's -- we operate in a lot of markets, so it's hard to go market by market. But because it's one of our top markets, I'll go back to the Greenville Spartanburg, I mean that even market occupancy last year, I think, was in -- the vacancy rates were in the double digits. It's probably mid-single digits now, and depending on the product type, it's lower, right?

是的。我的意思是——我們在很多市場營運，所以很難逐一按市場說明。但因為它是我們的主要市場之一，我再回到 Greenville-Spartanburg。那個市場去年的入住率，我記得空置率還在兩位數。現在大概是中個位數，而且依產品類型不同，還會更低，對吧？

I think I mentioned over 300,000 square feet Class As, close to 0%. So when you look at market rent growth, you also then have to further look at product type and what assets are in those markets. If you look at Columbus, great success in that market, a lot of big box leasing. It's a big box market. So you're getting really strong market rent growth for big box distribution assets in that market. If you've got a smaller box asset there, any market rent growth is probably not as strong.

我想我提過，超過 30 萬平方英尺的 A 級（Class A）產品，空置率接近 0%。所以當你看市場租金成長時，也必須進一步看產品類型，以及那些市場裡有哪些資產。如果你看 Columbus，那個市場表現非常成功，有很多大型倉（big box）出租。它是一個大型倉市場。因此在那個市場，大型倉配送資產的市場租金成長非常強勁。但如果你在那裡持有的是較小型的倉庫資產，市場租金成長可能就沒那麼強。

So we take a market-by-market look, layer on our view of our assets in those markets, and that's where we come up with our market rent growth of 2% to 4%. And we had -- this year, we had 0% to 2% market rent growth and think we're 1.6% year-to-date. So trending on the higher end of that range in our portfolio. And we'll see how 2027 shakes out, but we feel really good about the fundamentals and how our assets fit in those markets.

所以我們會逐一按市場檢視，再疊加我們對於在那些市場中自有資產的看法，這就是我們得出市場租金成長 2% 到 4% 的原因。而今年我們的市場租金成長是 0% 到 2%，年初至今我們大約是 1.6%。所以在我們的投資組合中，走勢偏向該區間的高端。至於 2027 年會如何發展還要再看，但我們對基本面以及我們的資產如何契合這些市場感到非常有信心。

Okay. Great. And then maybe as a follow-up to the acquisition talk earlier. Could this rate volatility in the macro environment in the acquisition market currently, maybe create an opportunity to acquire assets from smaller developers who might be facing higher financing costs or watch list exposures now?

好的，很棒。接著可能作為先前收購話題的追問。在目前宏觀環境下利率波動、收購市場的情況，是否可能創造機會，讓你們從一些較小型開發商手中收購資產？他們可能正面臨更高的融資成本，或是現在有被列入觀察名單（watch list）的曝險？

Absolutely. I mean this is part of our business, and we were able to find some great opportunities in Q3. You turn the clock back six months, we're not able to acquire those assets for 6.9%, right? I mean I think one of them just talked about the El Paso asset, I think there's some noise there with the short-term fundamentals in that market. But long term, we really like the market, and we've got a five-year lease to a good credit.

絕對會。我的意思是，這本來就是我們業務的一部分，而我們在第三季確實找到一些很好的機會。把時間往回推六個月，我們不可能以 6.9% 的水準收購到那些資產，對吧？我想其中一筆就是剛才提到的 El Paso 資產，我認為那個市場短期基本面有一些雜音。但長期來看，我們非常喜歡這個市場，而且我們有一份五年期、承租方信用良好的租約。

So we'll be able to get through the short-term market issues there, and we got it at a really strong cap rate. So yes, there will be opportunities, and we'll look at them and hopefully, we'll be able to take advantage of them.

所以我們能夠度過那裡短期的市場問題，而且我們是以非常有吸引力的資本化率（cap rate）買到的。所以是的，會有機會，我們也會評估，並希望能夠把握這些機會。

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

目前沒有其他問題。我想把時間交回給 Bill Crooker 作結語。

Yeah. Just thanks, everybody, for joining the call. And thank you for the questions, and we look forward to seeing you soon at the upcoming conferences.

好的。感謝各位參與這通電話會議。也謝謝大家的提問，我們期待在接下來的會議上很快再見到各位。

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

今天的會議到此結束。各位現在可以掛線。感謝各位的參與。