Whitestone REIT (WSR) 2024 Q1 法說會逐字稿

Greetings, and welcome to Whitestone Real Estate Investment Trust's first-quarter 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 Whitestone 房地產投資信託基金 2024 年第一季財報電話會議。（操作員說明）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

I would now like to turn the conference over to your host, David Mordy, Director of Investor Relations. Please go ahead, sir.

現在我想將會議交給東道主投資者關係總監大衛莫迪 (David Mordy)。請繼續，先生。

Good morning and thank you for joining Whitestone REIT's first-quarter 2024 earnings conference call. Joining me on today's call are Dave Holeman, Chief Executive Officer; Christine Mastandrea, Chief Operating Officer; and Scott Hogan, Chief Financial Officer.

早安，感謝您參加 Whitestone REIT 的 2024 年第一季財報電話會議。與我一起參加今天電話會議的是執行長 Dave Holeman；克里斯蒂娜·馬斯坦德里亞，營運長；和首席財務官斯科特霍根。

Please note that some statements made during this call are not historical and may be deemed forward-looking statements. Actual results may differ materially from those forward-looking statements due to a number of risks, uncertainties and other factors. Please refer to the company's earnings news release and filings with the SEC, including Whitestone's most recent Form 10-Q and 10-K for a detailed discussion of these factors.

請注意，本次電話會議中所做的一些陳述並非歷史性的，可能被視為前瞻性陳述。由於許多風險、不確定性和其他因素，實際結果可能與這些前瞻性聲明有重大差異。請參閱該公司的收益新聞稿和向 SEC 提交的文件，包括 Whitestone 最新的 10-Q 和 10-K 表，以詳細討論這些因素。

Acknowledging the fact that this call may be webcast for a period of time, it is also important to note that this call includes time-sensitive information that may be accurate only as of today's date, May 2, 2024. The company undertakes no obligation to update this information.

承認此電話會議可能會在一段時間內進行網絡直播，但還需要注意的是，此電話會議包含時間敏感信息，這些信息可能僅截至今天（2024 年 5 月 2 日）才準確。本公司不承擔更新該資訊的義務。

Whitestone's first-quarter earnings news release and supplemental operating and financial data package have been filed with the SEC and are available on our website in the Investor Relations section. We published first-quarter 2024 slides on our website yesterday afternoon, which highlight topics to be discussed today.

Whitestone 的第一季財報新聞稿以及補充營運和財務資料包已向 SEC 備案，並可在我們網站的投資者關係部分取得。昨天下午，我們在網站上發布了 2024 年第一季幻燈片，其中重點介紹了今天要討論的主題。

I will now turn the call over to Dave Holeman, our Chief Executive Officer.

我現在將把電話轉給我們的執行長戴夫霍爾曼 (Dave Holeman)。

Thank you, David. Good morning. And once again, we thank you for joining Whitestone's first-quarter 2024 earnings conference call. Let me begin by saying that we are very focused on delivering solid, consistent results for shareholders, and our first-quarter results are exactly that.

謝謝你，大衛。早安.我們再次感謝您參加 Whitestone 2024 年第一季財報電話會議。首先我要說的是，我們非常注重為股東提供堅實、一致的業績，而我們第一季的業績正是如此。

We put out our 2024 full-year guidance less than two months ago with strong core FFO per share growth of 11%, a robust same-store NOI growth target and a goal to beat last year's record occupancy finish. The team is delivering, and we are on track with our internal forecast and reaffirming our previously issued guidance.

不到兩個月前，我們發布了 2024 年全年指引，核心 FFO 每股強勁增長 11%，同店 NOI 增長強勁，目標是打破去年創紀錄的入住率。團隊正在交付，我們正在按照內部預測進行，並重申我們先前發布的指導。

In the first quarter, we signed new and renewal leases at a blended 17% increase over the prior leases on a straight-line basis and 9.3% increase on a cash basis. We grew our top-line revenue over 3.7%, produced 3.1% growth in same-store NOI, and achieved core FFO per share of $0.24.

第一季度，我們簽訂的新租約和續約租約比之前的租約直線增加 17%，現金基礎增加 9.3%。我們的營收成長超過 3.7%，同店 NOI 成長 3.1%，每股核心 FFO 達到 0.24 美元。

And we continue to strengthen our balance sheet with debt to EBITDAre at 7.8 times, which was negatively impacted by professional fees in the quarter related to our proxy contest, which Scott will go into further detail in his comments.

我們繼續加強我們的資產負債表，其 EBITDA 債務率為 7.8 倍，這受到了本季度與我們的代理商競爭相關的專業費用的負面影響，斯科特將在他的評論中進一步詳細介紹這一點。

Our occupancy was 93.6% at the end of the quarter, up 90 basis points from a year ago. And our net effective annual base rent per square foot was $23.83, up 7.2% from 2023. Our occupancy levels and average base rent aren't just up significantly over the last year. Our occupancy has increased 230 basis points, and our ABR is over 13% higher since I became the CEO at the beginning of 2022.

截至本季末，我們的入住率為 93.6%，比去年同期成長 90 個基點。每平方英尺的淨有效年基本租金為 23.83 美元，比 2023 年上漲 7.2%。我們的入住率和平均基本租金不僅比去年大幅上漲。自從我在 2022 年初擔任執行長以來，我們的入住率增加了 230 個基點，ABR 提高了 13% 以上。

This growth shows the value of our strategy and as a result of our new team's execution focus, the quality of our assets, and the demand for these types of spaces we specialize in.

這種成長顯示了我們策略的價值，以及我們新團隊的執行重點、我們的資產品質以及對我們專業的此類空間的需求的結果。

As Texas and Arizona continue their rapid growth as our leasing team continues to execute and as we continue our successful capital recycling efforts, we expect these important metrics to continue to increase. I'll have Christine discuss our leasing and organic growth more shortly.

隨著德州和亞利桑那州繼續快速成長，我們的租賃團隊繼續執行，並且隨著我們繼續成功的資本回收工作，我們預計這些重要指標將繼續增加。我很快就會讓克里斯汀討論我們的租賃和有機成長。

Our capital recycling efforts are going very well also. This year, we have completed the sale of one center for $28 million and acquired two centers for approximately $50 million.

我們的資本回收工作也進展順利。今年，我們以 2800 萬美元的價格完成了一個中心的出售，並以約 5000 萬美元的價格收購了兩個中心。

Since we began our recycling efforts in late 2022, we now have completed $84 million in dispositions at an average cap rate of 6.2% based on the trailing 12-month NOI, and we have completed $104 million of acquisitions at an aggregate cap rate of 7.1%, which is based on actual or projected year one NOI.

自 2022 年底開始回收工作以來，我們現已完成 8,400 萬美元的處置，根據過去 12 個月的 NOI，平均上限率為 6.2%，並且我們已完成 1.04 億美元的收購，總上限率為 7.1% % ，基於實際或預計的第一年NOI。

Our next two transactions, which are underway will be property sales of about $25 million, balancing out our disposition and acquisition level.

我們正在進行的下兩筆交易將是約 2500 萬美元的房地產銷售，平衡我們的處置和收購水平。

Let me delve into the acquisitions a little bit. Garden Oaks is an Aldi-anchored center located in the pathway of significant residential and commercial development and which sits on a major thoroughfare in our Houston market with 30,000 vehicles per day passing by.

讓我深入研究一下收購。Garden Oaks 是 Aldi 旗下的一個中心，位於重要的住宅和商業開發區的道路上，坐落在休士頓市場的主要道路上，每天有 30,000 輛汽車經過。

The center has a strong mix of 19 service and convenience-based tenants and has significant potential for infill development. The surrounding neighborhood has seen residential property values increased nearly 50% since 2019.

該中心擁有 19 個以服務和便利為基礎的租戶，具有巨大的填充開發潛力。自 2019 年以來，週邊社區的住宅房產價值增加了近 50%。

Our most recent acquisition was Scottsdale Commons in our Phoenix market and is another great add to our portfolio. Scottsdale Commons is located on the second most trafficked intersection in Scottsdale, is home to 20 tenants, and has a surrounding 3-mile average household income of over $135,000. The center acts as a gateway linking North Scottsdale and Paradise Valley.

我們最近收購的是鳳凰城市場的 Scottsdale Commons，這是我們投資組合的另一個重要補充。Scottsdale Commons 位於斯科茨代爾第二大交通繁忙的十字路口，擁有 20 個租戶，周圍 3 英里的平均家庭收入超過 135,000 美元。該中心是連接北斯科茨代爾和天堂谷的門戶。

Both centers fit very well with our strategy and will benefit from our in-place leasing and property management teams who are eager to get to work, growing cash flow, and increasing the value of the centers.

這兩個中心都非常符合我們的策略，並將受益於我們的就地租賃和物業管理團隊，他們渴望開始工作、增加現金流並增加中心的價值。

Looking out slightly longer than the next couple of quarters, I think it is critical to look at what we're hearing from not only our current but prospective shareholders. We've doubled the percentage of our active institutional shareholders over the last few years and what is needed to continue expanding our shareholder base is to extend our track record of steady FFO growth while simultaneously improving our balance sheet.

展望未來幾個季度，我認為至關重要的是不僅要看看我們從現有股東和潛在股東那裡聽到的消息。在過去幾年中，我們的活躍機構股東比例增加了一倍，繼續擴大我們的股東基礎需要擴大我們穩定的 FFO 成長記錄，同時改善我們的資產負債表。

As I mentioned, we are forecasting 11% core FFO per share growth this year, driven primarily by strong same-store NOI growth. With the vast majority of our debt locked until 2027, we have a clear runway for growth, not just this year, but into 2025, '26, and '27.

正如我所提到的，我們預計今年核心 FFO 每股將成長 11%，這主要是由同店 NOI 強勁成長所推動的。由於我們的絕大多數債務鎖定到 2027 年，因此我們不僅在今年，而且在 2025 年、26 年和 27 年都有清晰的成長跑道。

In addition, our earnings growth, combined with free cash flow is driving our debt-to-EBITDA ratio down. We are forecasting sub 7 times debt-to-EBITDAre by the fourth quarter, and that does not assume we collect the bulk of the Pillarstone judgment until 2025.

此外，我們的獲利成長以及自由現金流正在推動我們的債務與 EBITDA 比率下降。我們預計到第四季度債務與 EBITDA 的比率將低於 7 倍，而這並不假設我們要到 2025 年才能獲得 Pillarstone 的大部分判決。

This metric should improve noticeably in the fourth quarter due to annual percent of sale clauses in many of our leases that typically contribute significantly to the fourth quarter as well as the anticipated drop in our G&A expenses once we're past the proxy season.

由於我們許多租賃中的年度銷售條款通常會對第四季度做出重大貢獻，一旦我們過了代理季節，我們的一般管理費用預計會下降，因此該指標應該在第四季度顯著改善。

In summary, we are very well lined up to do exactly what we need to do. We're looking forward to connecting with many investors. And for those of you attending REIT week in June, we'd love to meet with you at that conference. I hope you'll come by and see us.

總而言之，我們已經做好了準備，可以準確地完成我們需要做的事情。我們期待與許多投資者建立聯繫。對於那些參加六月房地產投資信託週的人們，我們很樂意在該會議上與您見面。我希望你能過來看看我們。

And with that, I'll turn the call over to Christine.

這樣，我就把電話轉給克莉絲汀。

Good morning, everyone. As Dave mentioned, we remain confident in terms of achieving our 2024 objectives and are on track within our internal monthly and quarterly goals.

大家，早安。正如 Dave 所提到的，我們對實現 2024 年目標仍然充滿信心，並且正在實現內部月度和季度目標。

Occupancy remains high at 93.6%, up 90 basis points from a year ago. Anchor occupancy was 96.9%, and smaller space occupancy was 91.6%. We achieved renewal leasing spreads of 15% and new leasing spreads of 25.9% for a combined overall positive leasing spread of 17% in the quarter.

入住率仍維持在 93.6% 的高位，較去年同期上升 90 個基點。錨點佔用率為96.9%，較小空間佔用率為91.6%。我們實現了 15% 的續租利差和 25.9% 的新租賃利差，本季整體正租賃利差為 17%。

I remain confident in the leasing team executing in our projections for the year. However, this is the strongest environment we've ever seen in Texas and Arizona for all size spaces in all the categories we serve across our mix of tenants of food, grocery, restaurants, health, wellness and beauty, financial services, other services, education, and entertainment. And I anticipate the next couple of years will bring the same as there's an increasing growth in a new demography that is showing a new interest and new types of things to do in their lives.

我對租賃團隊執行我們今年的預測仍然充滿信心。然而，這是我們在德克薩斯州和亞利桑那州見過的最強大的環境，對於我們在食品、雜貨、餐廳、健康、保健和美容、金融服務、其他服務等領域的租戶所服務的所有類別的所有規模的空間來說，這是最強大的環境。我預計未來幾年也會出現同樣的情況，因為新人口的成長將在他們的生活中表現出新的興趣和新的事物類型。

One of the things that we look for in our tenants is the best-in-class operators, whether it's an Aldi or the Pickler, one of our keys to success is not just evaluating the credit quality of a potential tenant, but their skill as operators and their ability to succeed over the next 5, 10, and even 20 years.

我們在租戶中尋找的因素之一是一流的運營商，無論是 Aldi 還是 Pickler，我們成功的關鍵之一不僅是評估潛在租戶的信用質量，還包括他們的技能運營商及其在未來5 年、 10 年甚至20 年取得成功的能力。

This environment is the perfect time to secure these businesses and ensure that our centers are the right drivers for the future success.

這種環境是保護這些業務並確保我們的中心成為未來成功的正確驅動力的最佳時機。

Regarding the acquisitions we've recently closed, Garden Oaks, Houston; and Scottsdale Commons in Arizona. Our leasing team knows how to deliver returns on these acquisitions, especially given the strong starting fundamentals.

關於我們最近完成的收購，休士頓 Garden Oaks；和亞利桑那州的斯科茨代爾下議院。我們的租賃團隊知道如何為這些收購帶來回報，特別是考慮到強勁的起步基本面。

Their excellent visibility on major thoroughfares and fast-growing surrounding neighborhoods in dense areas that are supply constrained in terms of more retail development. These factors provide for an infill development and make these acquisitions similar to, for example, our Las Colinas acquisition in late 2019.

他們在主要幹道和快速增長的周邊社區中具有出色的能見度，這些社區位於密集地區，但由於更多的零售開發而供應受到限制。這些因素提供了填充式開發，並使這些收購類似於我們在 2019 年底收購的拉斯科琳娜 (Las Colinas)。

Since 2019, we have replaced 50% of the tenants in Las Colinas. We've increased the NOI by 35% and strengthened the traffic drivers for the center, which allows us to continue to drive value for the center, both for our tenants, the neighborhoods, and for Whitestone.

自 2019 年以來，我們已經更換了拉斯科利納斯 50% 的租戶。我們將 NOI 提高了 35%，並加強了中心的交通驅動力，這使我們能夠繼續為中心、為我們的租戶、社區和白石創造價值。

With that, I'll keep my comments short today and turn it over to Scott to cover the financials. Scott?

因此，我今天的評論將保持簡短，並將其交給斯科特來報告財務狀況。史考特？

Thank you, Christine, and good morning. Our solid first quarter results demonstrate the strength of our high-quality portfolio of properties as evidenced by robust leasing spreads and positive same-store NOI growth.

謝謝你，克里斯汀，早安。我們第一季穩健的業績證明了我們高品質物業組合的實力，強勁的租賃利差和同店營業收入的積極增長證明了這一點。

Our core FFO per share was $0.24 for the quarter versus $0.24 for the same period in 2023. As Dave mentioned, we remain on track for our core FFO per share guidance of $0.98 to $1.04. We are also on track for our previous projections of same-store NOI growth, ending occupancy, interest expense, and debt to EBITDAre.

本季我們每股核心 FFO 為 0.24 美元，而 2023 年同期為 0.24 美元。正如 Dave 所提到的，我們仍有望實現每股 0.98 美元至 1.04 美元的核心 FFO 指引。我們先前對同店 NOI 成長、期末入住率、利息支出和 EBITDAre 債務的預測也符合預期。

We have increased our projection for net income and G&A expense to reflect the gain from our first quarter disposition and to reflect proxy contest professional fees. Our first quarter G&A expense included approximately $400,000 of professional fees related to our proxy contest, and we expect that our second quarter will include $1.2 million in professional fees related to our proxy contest.

我們提高了對淨利潤和一般行政費用的預測，以反映我們第一季處置的收益並反映代理競賽的專業費用。我們第一季的一般管理費用包括約 40 萬美元與代理商競賽相關的專業費用，我們預計第二季將包括 120 萬美元與代理商競賽相關的專業費用。

Additionally, bad debt was a bit higher in the first quarter, primarily from a small number of tenants we are now in the process of [refining]. We anticipate that number will come down for the remaining quarters.

此外，第一季的壞帳略高，主要來自我們現在正在處理的少數租戶。[精製]。我們預計剩餘季度的數字將會下降。

On the whole, we've taken significant steps to reduce earnings variables and allow for our same -- our strong same-store NOI growth to continue to drive earnings growth and balance sheet improvement.

總體而言，我們已採取重大措施減少獲利變量，並實現強勁的同店 NOI 成長，繼續推動獲利成長和資產負債表改善。

Same-store NOI was 3.1 -- our same-store NOI growth was 3.1% for the quarter, which is exactly what we need in order to drive the $0.07 earnings growth expected to come from same-store NOI growth in 2024. We redeemed our Pillarstone OP units in January. So going forward, our income statement no longer has a deficit related to Pillarstone and any associated variability.

同店 NOI 為 3.1——本季同店 NOI 成長率為 3.1%，這正是我們推動 2024 年同店 NOI 成長預期 0.07 美元收益成長所需要的。我們在一月贖回了 Pillarstone OP 單位。因此，展望未來，我們的損益表不再有與 Pillarstone 相關的赤字和任何相關的波動性。

We'll keep you updated on our collection efforts and our guidance does not assume much of that occurs in 2024, and we may have some significant stretches with no update as our collection efforts progress.

我們將隨時向您通報我們的收集工作的最新情況，我們的指南並未假設大部分情況會在2024 年發生，並且隨著我們收集工作的進展，我們可能會出現一些重大的延伸而沒有更新的情況。

We are also in the process of covering off maturities we have coming due later in the year and are currently rate locked for approximately $55 million of seven-year mortgage debt at 6.2%.

我們也正在償還今年稍後到期的到期債務，目前約 5,500 萬美元的七年期抵押貸款債務的利率被鎖定為 6.2%。

Accordingly, I anticipate our fixed debt rate percentage will be greater than 85% by the end of the year. Furthermore, if the two upcoming dispositions Dave mentioned close as expected, our fixed debt percentage will increase as we reduce our overall debt.

因此，我預計到今年年底我們的固定債務率百分比將超過85%。此外，如果戴夫提到的兩項即將進行的處置如預期接近，我們的固定債務百分比將隨著我們減少整體債務而增加。

Let me wrap up our prepared comments by saying we are excited to be able to support the businesses that populate our centers. But most of all, we are thrilled to deliver results to our shareholders. We look forward to connecting with you in the weeks and months ahead.

讓我在結束我們準備好的評論時說，我們很高興能夠支持我們中心的企業。但最重要的是，我們很高興能為股東帶來成果。我們期待在未來幾週和幾個月內與您聯繫。

And with that, let's open the line for questions.

接下來，讓我們開始提問。

(Operator Instructions) Mitch Germain, JMP Securities.

（操作員指令）Mitch Germain，JMP 證券。

Hi, good morning. Can you provide some perspective on some of the nuances related to the JV accounting now that you've redeemed the units?

早安.既然您已經贖回了這些單位，您能否就與合資企業會計相關的一些細微差別提供一些看法？

Yes. Sure, Mitch. This is Scott. As we mentioned on the call, in January, we redeemed our OP units, which changes the accounting from that of equity method accounting because we're no longer a partner. In Pillarstone, to an accounting where we have collection effort around the redemption.

是的。當然，米奇。這是斯科特。正如我們在電話會議中提到的，一月份，我們贖回了 OP 單位，這改變了權益法會計的會計方法，因為我們不再是合作夥伴。在 Pillarstone 的會計部門，我們圍繞著贖回進行了收款工作。

So there is a $30 million or $31 million receivable. And then as the guarantor on Pillarstone's only loan, we paid $13.6 million. Both of those are amounts that we're working to collect through the bankruptcy. And we're confident that we'll collect at least that much through the bankruptcy process.

因此，應收帳款為 3,000 萬美元或 3,100 萬美元。然後，作為 Pillarstone 唯一一筆貸款的擔保人，我們支付了 1,360 萬美元。這兩項都是我們正在努力透過破產籌集的金額。我們有信心透過破產程序至少能收回那麼多錢。

Hey, Mitch. Sorry, Scott. I was going to just add one thing, which was real positive, obviously, we'll take some of the volatility that we've had in past quarters out of our results as we no longer will be recording those deficits from Pillarstone that we had in '23. Sorry, Scott, I didn't mean to step on you there.

嘿，米奇。對不起，斯科特。我只想補充一件事，這確實是積極的，顯然，我們將從過去幾個季度的業績中消除一些波動，因為我們將不再記錄 Pillarstone 的赤字在'23。抱歉，史考特，我不是故意踩到你的。

That's okay. Did I answer it, Mitch, or are there any other --

沒關係。我回答了嗎，米奇，還是還有其他的--

Yeah. So two questions. One, there's no more management fee as well about it?

是的。那麼兩個問題。一、沒有更多的管理費嗎？

Well, we haven't had a management fee from Pillarstone since August of '22 when we canceled the management contract. So --

嗯，自 22 年 8 月取消管理合約以來，我們就沒有從 Pillarstone 收到管理費。所以--

That's right. (inaudible)

這是正確的。（聽不清楚）

Yeah. Really what we've had with Pillarstone is a JV where there haven't been any distributions to us or any funding from us to Pillarstone. It's just been an equity method accounting exercise that ended on January '25, when we redeemed our OP units.

是的。實際上，我們與 Pillarstone 的合作是一家合資企業，我們沒有向 Pillarstone 進行任何分配，也沒有向 Pillarstone 提供任何資金。這只是權益法會計工作，於 25 年 1 月結束，當時我們贖回了我們的 OP 單位。

And is the deposit on the debt? Was that money out the door by you guys? Or --

押金是債務嗎？這些錢是你們送出去的嗎？或者--

That was -- it was money out the door. We have a right of subrogation now. I did mention that there'll be a disclosure in our 10-Q around this, but in April. Pillarstone and the lender filed a motion to settle the loan with Uptown Tower, whereby Pillarstone will pay by June 10 or can pay by June 10, $1.1 million more dollars.

那是——錢已經流出了。我們現在有代位權。我確實提到過，我們將在 10-Q 中對此進行披露，但時間是 4 月。Pillarstone 和貸方提出了一項動議，要求與 Uptown Tower 解決貸款問題，Pillarstone 將在 6 月 10 日之前支付，或者可以在 6 月 10 日之前支付 110 萬美元。

And then that releases the liens the lender has against the asset and releases Whitestone as the guarantor. And then allows Pillarstone to hopefully sell the property and then Whitestone would have a right of subrogation against Pillarstone.

然後，貸款人對資產的留置權被釋放，並釋放白石作為擔保人。然後允許 Pillarstone 有希望出售該房產，然後 Whitestone 將擁有針對 Pillarstone 的代位權。

We think there's a contract for $26 million on that building right now. So the amount should cover our $13 million claim.

我們認為該建築目前有一份價值 2600 萬美元的合約。因此，該金額​​應足以支付我們的 1,300 萬美元索賠。

Got you. They have a contractual right to do that despite what's happening between both entities now with the potential settlement from the court?

明白你了。儘管兩個實體之間現在發生了什麼事並且法院可能達成和解，但他們擁有這樣做的合約權利？

Well, they have to work through the bankruptcy court. But getting the lender out of the equation is a good thing and that the loan that I was just talking about is the only loan against any of the properties that they have.

好吧，他們必須通過破產法庭。但是，將貸方排除在外是一件好事，而且我剛才談論的貸款是針對他們擁有的任何財產的唯一貸款。

Yes. Okay. I -- legal fees that you guided to in addition to the proxy costs, is that all big for G&A?

是的。好的。我——除了代理費用之外，您還收取了法律費用，這對 G&A 來說是不是很大？

I'm sorry, I didn't understand the last part of the question. It was legal fees. So there's legal fees --

抱歉，我不明白問題的最後一部分。這是法律費用。所以有律師費--

The G&A guidance, right? Yeah, you've got G&A guidance that went out quarter over quarter. Obviously, you're backing out the proxy costs, but that still includes legal, correct?

G&A 指南，對吧？是的，您已經獲得了逐季度發布的一般行政費用指南。顯然，您取消了代理費用，但這仍然包括合法費用，對嗎？

We haven't changed the guidance on the legal fees. There can be timing on that depending on when hearings happen and so forth. So I think we had a little more in the first quarter. The full-year legal fees, we don't think are going to change. And the only change to the guidance was just the proxy fees that we mentioned.

我們沒有改變法律費用的指導。時間安排可能取決於聽證會的舉行時間等。所以我認為第一季我們有更多的成果。我們認為全年法律費用不會改變。指南的唯一變化就是我們提到的代理費。

Yes. Great. Okay. And then can you give some color on the asset sales. You sold the property. It sounds like -- I don't know, $28 million or so. And then you've got another one that's another one or two queued up. How should I just think about what's been done and what we should anticipate going forward?

是的。偉大的。好的。然後您能否對資產出售進行一些說明？你賣掉了房產。聽起來——我不知道，大概是 2800 萬美元左右。然後你又得到了另一個，還有另外一兩個在排隊。我應該如何思考已經做了什麼以及我們應該期待未來做什麼？

Sure. It's Dave. I'll take that one. And so I think we announced a couple of years ago the intent to continue just refining the portfolio, looking at assets that we felt like were either very attractively valued or assets that have less upside in the future and recycling those into some new properties.

當然。是戴夫。我會接受那個。因此，我認為我們幾年前就宣布了繼續完善投資組合的意圖，著眼於我們認為估值非常有吸引力的資產或未來上漲空間較小的資產，並將這些資產回收到一些新的房產中。

I think in my -- earlier, I commented on if we're about $100 million once we close the next two acquisitions. We've done the dispositions at a cap rate of approximately [$6.2 million] and we've been able to acquire properties with a day one cash flow of [$7.1 million] and obviously, more importantly, much more upside in really great areas with opportunity.

我想在我之前的文章中，我評論過一旦我們完成接下來的兩次收購，我們的收入是否約為 1 億美元。我們已經以大約[620萬美元]的上限利率完成了處置，並且我們已經能夠以[710萬美元]的第一天現金流收購房產，顯然，更重要的是，在真正偉大的地區，有更多的上升空間機會。

So I think as you think about our recycling efforts, I mean, this is no different than a portfolio. We're going to continue probably looking to turn -- we've done $100 million in two years. That's probably a decent run rate that we would do going forward and redeploying that.

因此，我認為當您考慮我們的回收工作時，我的意思是，這與投資組合沒有什麼不同。我們可能會繼續尋求轉型——我們在兩年內完成了 1 億美元的投資。這可能是一個不錯的運行率，我們將繼續進行並重新部署它。

We are seeing some positive movement on the cap rates on acquisitions as evidence. But right now, we're pleased with the efforts. We think they're contributing significantly. If you look at the new properties, we have bought better demographics, higher incomes, higher ABRs, just continuing to strengthen the portfolio at Whitestone.

我們看到收購資本化率的一些正面變化就是證據。但現在，我們對這些努力感到滿意。我們認為他們做出了重大貢獻。如果你看看新的房產，我們已經購買了更好的人口統計、更高的收入、更高的 ABR，只是繼續加強白石的投資組合。

Okay. Understood. Just one more follow-up. The $28 million closed, when in the quarter?

好的。明白了。只是還有一個後續行動。2800 萬美元是在本季什麼時候完成的？

So the $28 million closed in the -- Scott, do you remember the date? It was in the first quarter.

那麼 2800 萬美元的成交額是——斯科特，你還記得日期嗎？那是在第一季。

You're talking about the asset sale?

你說的是資產出售？

Yeah.

是的。

It was towards the end of March. So yeah, towards the end of March.

那是快到三月底的時候了。是的，三月底。

And then you've got $25 million in process, right?

然後你就有 2500 萬美元正在處理中，對嗎？

That's right. And that will be timing-wise right now, that's expected to be -- potentially in the second quarter, but definitely, if not second quarter, early third quarter. And there's risk, but we feel very confident with what we're moving forward and just continuing to execute on the recycling efforts.

這是正確的。從目前的時間安排來看，預計可能是在第二季度，但肯定是在第三季初，如果不是第二季的話。雖然存在風險，但我們對正在推進的工作以及繼續執行回收工作充滿信心。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，聯盟全球合作夥伴。

Good morning. I wanted to follow up on the asset sales. Just to clarify, the $80 million number that you have in the slide, does that include $25 million or you would have $25 million on top of $80 million?

早安.我想跟進資產出售情況。澄清一下，幻燈片中的 8000 萬美元數字是否包括 2500 萬美元，還是在 8000 萬美元之外還有 2500 萬美元？

It does not. The $84 million is the actual dispositions. I think the comment we were making is we have about $100 million in acquisitions, roughly $80 million in dispositions. The next two transactions will really balance that. So we're going to get about an additional $20 million-ish to go, just continuing to refine the portfolio, upgrade the portfolio with -- by recycling and without the need for external capital.

它不是。8400萬美元是實際處置金額。我認為我們的評​​論是我們有大約 1 億美元的收購，大約 8000 萬美元的處置。接下來的兩筆交易將真正平衡這一點。因此，我們將獲得約 2000 萬美元左右的額外資金，繼續完善投資組合，透過回收來升級投資組合，而不需要外部資本。

Okay. Okay. Great. Second question on your leverage. I think you touched upon this in your prepared remarks but hoping to get some more color on your debt to EBITDAre going from [7.8] to the guidance of [6.57].

好的。好的。偉大的。第二個問題是關於你的槓桿作用。我認為您在準備好的發言中談到了這一點，但希望對您的 EBITDA 債務有更多的了解，我們正在從 [7.8] 轉向指導[6.57]。

Sure. In the first quarter of this year, we've got some elevated G&A costs around legal pertaining to our efforts with Pillarstone and also proxy contest costs. We also expect NOI to grow throughout the year and that to continue to improve by the time we get to the fourth quarter.

當然。今年第一季度，我們在與 Pillarstone 合作相關的法律方面的一般管理費用以及代理競爭費用有所增加。我們也預期 NOI 全年都會成長，並且到第四季時將繼續改善。

So I think we'll see improvement both in the numerator and the denominator by the time we get to the end of the year through top line growth and also through lower G&A costs.

因此，我認為，到今年年底，我們將透過收入成長以及較低的管理費用來看到分子和分母的改善。

Okay. Maybe one more follow-up on the balance sheet. The 2024, I think the $55 million debt that you've talked about on the -- earlier on the call, you said 6.2% rate. Is that the rate that's expiring on that debt? Or is that the rate you're seeing in the market?

好的。也許資產負債表上還有一個後續行動。2024 年，我認為您在電話會議早些時候談到過 5500 萬美元的債務，利率為 6.2%。這是該債務即將到期的利率嗎？或者這是您在市場上看到的利率？

That's the right lock we have on that loan. And I didn't understand the second part of the question about the market, sorry.

這就是我們對該貸款的正確鎖定。抱歉，我不明白有關市場的問題的第二部分。

And I guess, where would you -- how do you plan to replace that debt? Would you be looking to do another mortgage debt or put that on the line?

我想，你打算如何償還這筆債務？您是否會考慮再償還抵押貸款債務或將其置於危險之中？

I mean that is the replacement debt. So we would -- it's a $55 million loan and then we'd use those proceeds to pay down the revolver.

我的意思是這是替代債務。所以我們會——這是一筆 5500 萬美元的貸款，然後我們會用這些收益來償還左輪手槍。

We have about $50 million of debt maturities this year. And basically, I think this is just replacing those, right, Scott?

今年我們約有 5000 萬美元的債務到期。基本上，我認為這只是取代那些，對吧，斯科特？

That's right. Yeah.

這是正確的。是的。

(Operator Instructions) John Massocca, B. Riley Securities.

（操作員指示）John Massocca，B. Riley Securities。

Maybe going back to the capital recycling. I caught the acquisition cap rates, but what's the disposition cap rates and the kind of the other leg of that -- of those transactions?

也許回到資本回收。我了解了收購上限利率，但處置上限利率以及這些交易的另一條腿是什麼？

Sure, John. Yes, we've done $84 million in dispositions since October '22. Those have been at a disposition cap rate of [6.2%] based on the trailing 12-month NOI. The acquisitions, the other side have been at a [7.1%] cap rate on first year NOI, actual or projected.

當然，約翰。是的，自 22 年 10 月以來我們已經完成了 8,400 萬美元的處置。根據過去 12 個月的 NOI，這些資產的處置上限為 [6.2%]。另一方的收購對第一年實際或預期的 NOI 的上限為 [7.1%]。

And maybe how does year-to-date compare to that longer-term number?

也許今年迄今的數字與長期數字相比如何？

I think you're asking what's our volume level for recycling? Is that what you're asking?

我想您是在問我們的回收量是多少？這就是你問的嗎？

No, no, just cap rate. I mean, I was going to -- how does the year-to-date cap rate compared to the number you're setting since 2022?

不，不，只是上限利率。我的意思是，我打算——今年迄今為止的資本化率與您自 2022 年以來設定的數字相比如何？

Yeah, I think it's right on it. So I mean we're not trying to play with the period. It's just saying and looking at the most recent performance on a 12-month period, what we're buying versus what we're selling right now, there's about a 1% spread positive for us.

是的，我認為這是正確的。所以我的意思是我們並不想玩弄這段時期。這只是說，看看 12 個月內的最新表現，我們購買的產品與我們現在出售的產品相比，對我們來說大約有 1% 的利差。

Okay. And then maybe just kind of more holistically, I mean, just because they were in the same market, what makes something like selling Mercado at Scottsdale Ranch and moving into the other assets you purchased in Scottsdale, like what's kind of the logic in that -- those two transactions together?

好的。然後也許只是更全面地考慮，我的意思是，僅僅因為它們處於同一市場，是什麼使得諸如出售斯科茨代爾牧場的梅爾卡多並轉移到您在斯科茨代爾購買的其他資產之類的事情，就像其中的邏輯一樣 - - 這兩筆交易一起進行？

Sure. Let me help a little bit on this. So first of all, Mercado was in an area that was a bit challenged as far as locationally because it only hit a 180-degree trade area. So the trade area was somewhat limited along Shea Road, and it was further closer to Fountain Hills.

當然。讓我在這方面提供一點幫助。首先，梅爾卡多所在的區域在地理位置上有點挑戰，因為它只觸及 180 度的貿易區域。所以沿著謝伊路的貿易區域有些有限，而且距離噴泉山更近。

So what I look at is I always think about where is my location as far as infill in my trade area. And what I like about -- so if you look for almost a swap from that type of asset where your trade area is limited by 180 degrees, which is pretty significant. That's because the Indian reservation surrounds it.

所以我所關注的是我總是在思考我的位置在哪裡，以填充我的貿易區域。我喜歡的是——所以如果你尋找那種類型的資產的互換，你的交易區域被 180 度限制，這是相當重要的。那是因為印度保留地就在它周圍。

And then you go all the way to Scottsdale and Shea, which is probably -- it's the Northern Gateway over to PV, Paradise Valley, and also the East gateway to the 101, which goes around the city.

然後一直走到斯科茨代爾和謝伊，這可能是通往 PV、天堂谷的北門戶，也是通往環繞城市的 101 號公路的東門戶。

So it's probably one of the best what I consider one of the best intersections in the city of Scottsdale versus a trade area that's limited. And that's been some of the recycling. So just to comment on some of the recycling that we have done.

因此，與有限的貿易區相比，這可能是我認為斯科茨代爾市最好的十字路口之一。這就是一些回收。所以只是對我們所做的一些回收發表評論。

It's either been assets that are tapped out, limited trade areas, limited growth and opportunity. And the assets that we've purchased, I think we've exceeded our expectations on the rental rates and the lease-up times.

要嘛是資產被閒置、貿易區域有限、成長和機會有限。我認為我們購買的資產的租金率和租賃時間超出了我們的預期。

Okay. That makes sense. And then on the bad debt that increased, any kind of specific themes to call out there? Was that one tenant, multiple tenants, any particular tenant industry? Just looking for some more color on that.

好的。這就說得通了。那麼，關於壞帳的增加，有什麼具體的主題可以指出嗎？是一個租戶、多個租戶還是某個特定的租戶產業？只是尋找更多的顏色。

It's just a handful of tenants that we're working to re-tenant and really upgrade and better serve. It gives us an opportunity also to better serve the community around the properties. It's not a pervasive issue across tenant base. It's really just probably three or four tenants.

我們正在努力重新租用、真正升級並提供更好服務的只是少數租戶。這也讓我們有機會更能為飯店週邊的社區提供服務。這並不是租戶群中普遍存在的問題。實際上可能只有三、四個租戶。

Yeah, really, this has been something that -- I think overall, we've really improved this in our portfolio. And also as a team, as we've talked about this in the past that if we do have tenants out there that are weaker tenants, we'd rather re-merchandise them in a strong market. So we've taken a very active stand towards that.

是的，確實，我認為總的來說，我們確實在我們的產品組合中改進了這一點。而且作為一個團隊，正如我們過去討論過的那樣，如果我們確實有實力較弱的租戶，我們寧願在強勁的市場中重新推銷他們。因此，我們對此採取了非常積極的立場。

And quite frankly, the team knows that we look at bad debt is something that is part of how we operate, is something that is to be taken seriously and not to have a lingering number out there. So we've been very active at managing towards reducing what I would consider some challenges in the past.

坦白說，團隊知道我們所關注的壞帳是我們運作方式的一部分，是需要認真對待的事情，而不是一個揮之不去的數字。因此，我們一直非常積極地設法減少我認為過去存在的一些挑戰。

And as we talked about, we really look for quality of revenue going forward and the type of tenancy that we bring in. So I think the team has done a really good job with us, and we continue to see improvement of that in the future.

正如我們所討論的，我們真正關注的是未來的收入品質以及我們引入的租賃類型。因此，我認為團隊與我們一起做得非常好，並且我們將在未來繼續看到這一點的改進。

But I'm not -- I look for tenant weakness all the time, and we also look through our portfolio to figure out where we need to be careful in leasing efforts in the future. And so far, we've seen the market is really, really strong towards all tenant types, and I haven't seen like a significant amount of weakness in a certain type of tenant since COVID. So --

但我不是——我一直在尋找租戶的弱點，我們也會審視我們的投資組合，找出未來在租賃工作中需要小心的地方。到目前為止，我們已經看到市場對所有租戶類型都非常非常強勁，而且自新冠疫情以來，我還沒有看到某種類型的租戶出現明顯的疲軟。所以--

Okay. And then maybe bigger picture, as you kind of think about capital recycling beyond the transactions that you completed or that are kind of in the pipeline. Is that impacted at all by the ongoing proxy contest? I mean do you kind of take a pause on any strategic initiatives until that's completed? Or is it -- we'll see the results of that and then adjust as need be?

好的。然後也許是更大的圖景，因為你會考慮除了完成或正在進行的交易之外的資本回收。這是否受到正在進行的代理權爭奪的影響？我的意思是，在完成之前，您是否會暫停任何戰略舉措？或者是－我們會看到結果，然後根據需要進行調整？

I think I would say, John, absolutely not. Our business is frankly firing on all cylinders. Our tenant demand is strong. We've got great locations. You've got a team that's synced in executing. We intend to keep delivering and keep laying down a track record.

我想我會說，約翰，絕對不會。坦白說，我們的業務正在全速運轉。我們的租戶需求強勁。我們有很棒的地點。您擁有一支執行同步的團隊。我們打算繼續交付並保持良好記錄。

(Operator Instructions) Michael Diana, Maxim Group LLC.

（操作員說明）Michael Diana，Maxim Group LLC。

Okay. Thank you. Christine, you mentioned that in one of the two recent acquisitions, you re-tenanted a lot or there's a lot of re-tenanting. Can you just give us some more detail why would the new tenants better than the old? What were you doing there?

好的。謝謝。克里斯汀（Christine），您提到在最近的兩筆收購之一中，您重新出租了很多，或者有很多重新出租。您能否告訴我們更多細節，為什麼新租戶比舊租戶更好？你在那幹什麼？

I wouldn't consider it a lot of re-tenanting. It's just that what we look at when we buy a center. We -- so we have an approach, a couple of different approaches that we take. First of all, is it's serving -- successfully serving the community.

我不認為這是很多重新出租的事情。這就是我們購買中心時所重視的。我們——所以我們有一種方法，我們採取的幾種不同的方法。首先，它是在服務——成功地為社區服務。

And we look for opportunities that maybe there are some tenants that have been just rolling forward in portfolios or properties that haven't been actively managed. And those types of test maybe not serving the community as well as they could be. Their sales numbers aren't there. The management of the business is not as active as it should be.

我們尋找機會，也許有一些租戶剛剛在尚未積極管理的投資組合或物業中滾動。這些類型的測試可能無法為社區提供應有的服務。他們的銷售數字並不存在。企業的管理沒有應有的積極。

We take those opportunities to re-merchandise because we think, first of all, again, our goal is to successfully serve the community. And in doing so, we look for those types of businesses that do that and have the strong sales to match that.

我們利用這些機會重新推銷產品，因為我們認為，首先，我們的目標是成功服務社區。在這樣做的過程中，我們尋找那些能夠做到這一點並且擁有與之相匹配的強勁銷售的企業類型。

So an example is, I think, is a really good one is when we bought the one in Woodlands, which has been really a phenomenal property. It's a really well-located property. We've been able to re-tenant two of the operators in there and significantly raise the rents at the same time. So we've gotten stronger operators and have been able to raise the rents.

我認為，一個例子是，當我們在兀蘭購買了一個非常好的房產時，這確實是一處非凡的房產。這是一間位置優越的飯店。我們已經能夠重新租用那裡的兩家營運商，同時大幅提高租金。因此，我們擁有了更強大的營運商，並且能夠提高租金。

And again, we look at that because the area is such a strong area, why shouldn't we move in that direction, especially with the strong market that we have today. The same -- and we always have that look at every other acquisition that we take a look at the same type of point of view. We get an understanding of who's in there, are they meeting the community needs, is there an opportunity to re-tenant.

我們再次審視這一點，因為該區域是如此強勁，為什麼我們不應該朝著這個方向前進，尤其是在我們今天擁有強勁市場的情況下。同樣的——我們總是以同樣的觀點看待其他每一次收購。我們了解誰在那裡，他們是否滿足社區需求，是否有機會重新租戶。

And then again, I would say that Las Colinas, which is an example that we used at one that was several years ago. There was a significant re-tenanting in that center. But with that, the traffic levels are much higher. Again, the quality of revenue is much better, and we've been able to raise the rents as well.

再說一次，我會說拉斯科琳娜，這是我們幾年前使用的一個例子。中心有大量的重新出租。但這樣一來，流量水平就會高很多。同樣，收入品質好多了，我們也能夠提高租金。

So that's always been our approach and acquisition. I think it's been very successful, and we'll continue doing it in the future.

所以這一直是我們的方法和收購。我認為這是非常成功的，我們將來會繼續這樣做。

Thank you, sir. Ladies and gentlemen, we have reached the end of our question-and-answer session. And I would like to turn the call back over to Dave Holeman for closing remarks. Please go ahead, sir.

謝謝你，先生。女士們先生們，我們的問答環節已經結束了。我想將電話轉回給戴夫·霍爾曼（Dave Holeman），讓他發表結束語。請繼續，先生。

Well, thank you, everyone, for joining us today. I'd just like to wrap up by saying I'm extremely proud of the progress that's been made at Whitestone. A little over two years ago, we put a new team in place at the leadership level, our Board significantly reshaped itself, and we made commitments to shareholders. Since that time, I'm extremely proud that we've delivered on those commitments.

好的，謝謝大家今天加入我們。最後我想說，我對白石所取得的進步感到非常自豪。兩年多前，我們在領導層組建了新團隊，董事會進行了重大重組，並向股東做出了承諾。從那時起，我對我們兌現了這些承諾感到非常自豪。

And I guess I'll just leave you with today, I'm also extremely confident that the momentum and the progress we have today is going to only continue to accelerate as we move through this year and into the coming years. We have great assets, great markets, have a great team, and we thank you so much for your support.

我想我今天就留給你們了，我也非常有信心，隨著我們今年和未來幾年的發展，我們今天所取得的勢頭和進展只會繼續加速。我們擁有豐富的資產、廣大的市場、優秀的團隊，非常感謝您的支持。

As I said in my comments, a number of conferences coming up over the next few months. So love to run into some of you at Nareit or other places. If there's anything we can do, don't hesitate to reach out. Thank you.

正如我在評論中所說，未來幾個月將召開許多會議。所以很高興在 Nareit 或其他地方遇到你們中的一些人。如果有什麼我們可以做的，請隨時與我們聯繫。謝謝。

Thank you, sir. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

謝謝你，先生。女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路。