Whitestone REIT (WSR) 2025 Q3 法說會逐字稿

Greetings and welcome to the Whitestone REIT third quarter 2025 earnings conference call. (Operator Instructions). I will now turn the conference over to your host, Mr. David Mordy. Please go ahead.

各位好，歡迎參加 Whitestone REIT 2025 年第三季財報電話會議。（操作說明）現在我將把會議交給主持人戴維·莫迪先生。請繼續。

Good morning and thank you for joining Whitestone REIT's third quarter 2025 earnings conference call. Joining me on today's call are David Holman, Chief Executive Officer, Christine Mastandrea, President and Chief Operating Officer, and Scott Hogan, Chief Financial Officer. Please note that some statements made during this call are not historical and may be deemed forward-looking statements.

早安，感謝各位參加 Whitestone REIT 2025 年第三季財報電話會議。今天與我一起參加電話會議的有執行長大衛·霍爾曼、總裁兼營運長克里斯汀·馬斯坦德里亞和財務長斯科特·霍根。請注意，本次電話會議中某些陳述並非歷史事實，可能被視為前瞻性陳述。

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. Acknowledging the fact that this call may be webcast for a period of time.

由於諸多風險、不確定性及其他因素，實際結果可能與這些前瞻性陳述有重大差異。有關這些因素的詳細討論，請參閱公司發布的盈利新聞稿和向美國證券交易委員會提交的文件，包括 Whitestone 最新的 10-Q 和 10-K 表格。考慮到本次通話可能會進行一段時間的網路直播。

It is also important to note that this call includes time sensitive information that may be accurate only as of today's date, October 30, 2025. The company undertakes no obligation to update this information. Whitestone's 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.

還要注意的是，本次通話包含有時效性的信息，這些信息可能僅在 2025 年 10 月 30 日當天準確無誤。該公司不承擔更新此資訊的義務。Whitestone 的獲利新聞稿和補充營運及財務資料包已提交給美國證券交易委員會，可在我們網站的投資者關係部分查閱。

We published third quarter 2025 slides on our website yesterday afternoon which highlight topics to be discussed today. I will now turn the call over to Dave Holeman, our Chief Executive Officer.

昨天下午，我們在網站上發布了 2025 年第三季的演示文稿，其中重點介紹了今天將要討論的主題。現在我將把電話交給我們的執行長戴夫霍爾曼。

Thanks, David. Good morning and thanks again for joining our call. We've got a number of great things to discuss this quarter, so I'll start in with some highlights for the quarter and our overall achievements. We hit 94.2% occupancy this quarter, up 30 basis points from Q2. This is near record occupancy, and given that the fourth quarter is typically our strongest leasing quarter, we're set up for a very strong finish to the year.

謝謝你，大衛。早安，再次感謝您參加我們的電話會議。本季我們有很多重要的事情要討論，所以我先從本季的一些亮點和我們的整體成就開始說起。本季入住率達 94.2%，比第二季提高了 30 個基點。這接近歷史最高入住率，而且鑑於第四季度通常是我們租賃業績最好的季度，我們預計今年將取得非常強勁的收官。

We delivered 4.8% same store net operating income growth for the quarter, a gain fueled by increases across the spectrum of shops face leases, various tenant types in both Texas and Arizona. The quality of our portfolio continues to be recognized by third parties as Green Street has now increased our tap score by 5 point since Green Street started scoring our portfolio 2.5 years ago.

本季同店淨營業收入成長 4.8%，此成長得益於德州和亞利桑那州各類租戶租賃業務的全面成長。我們的投資組合品質持續獲得第三方認可，自 2.5 年前 Green Street 開始對我們的投資組合進行評分以來，Green Street 已將我們的 Tap 評分提高了 5 分。

In that time, the 5 point increase leads the peer group and is a testament to the strength of our acquisitions, our operations, and our recycling efforts, as well as the demographic trajectory of the area surrounding our properties. We extended and improved the terms of our credit facility, locking down one of the key variables for us to achieve our long-term 5% to 7% core FFO per share growth target.

在此期間，5 個百分點的成長領先於同行，證明了我們在收購、營運和回收方面的實力，以及我們物業週邊地區的人口結構變化趨勢。我們延長並改善了信貸安排的條款，鎖定了實現長期核心FFO每股成長5%至7%目標的關鍵變數之一。

Scott will provide greater detail on our debt metrics in his remarks. We're near completion on redevelopment for La Mirada in Scottsdale. We're in full swing on our work at Lion's Square in Houston, and we've kicked off redevelopment at Terravita in Scottsdale.

斯科特將在演講中提供更多關於我們債務指標的細節。斯科茨代爾拉米拉達的重建計畫即將完工。我們在休士頓獅子廣場的工作正在如火如荼地進行，我們已經啟動了斯科茨代爾 Terravita 的重建工作。

We've forecasted that redevelopment will add up to 1% to Whitestone's same store NOI growth with a $20 million to $30 million capital spend over the next couple of years, and we're on track to have this initiative deliver in 2026. And our average base rent is now $25.59 and 8.2% increase over the third quarter last year, and a 26% increase versus this quarter four years ago translating to a 5.9% compound annual growth rate.

我們預測，在未來幾年內，透過 2,000 萬至 3,000 萬美元的資本支出進行重建，將使 Whitestone 的同店淨營業收入增加 1%，我們預計在 2026 年實現這一目標。目前我們的平均基本租金為 25.59 美元，比去年第三季成長了 8.2%，比四年前同期成長了 26%，複合年增長率為 5.9%。

Specific to this quarter, we delivered $0.26 in core FFO per share. As a reminder, we typically have a lift of a couple cents in the fourth quarter versus the third quarter as a result of new lease commencements and percent of sales clauses that trigger as we close out the year. Straight line leasing spreads were 19.3% for the quarter. Our 14th consecutive quarter above 17% on leasing spreads.

本季度，我們實現了每股0.26美元的核心FFO。提醒一下，由於新租約的簽訂和年底觸發的銷售百分比條款，第四季度通常比第三季高出幾美分。本季直線租賃利差為 19.3%。我們的租賃利差已連續第14季超過17%。

So those are the recent highlights. Let me go on now to talk a little about what we have planned ahead. Our path forward is clear. Deliver on consistent earnings growth. Deliver on the targets we put in front of our investors. And if you have any doubts about our ability to deliver these results and don't see the value of our differentiated business model, come talk to us, dig into our great results, and come see our properties.

以上就是近期的一些重要事件。接下來，我將簡要介紹我們接下來的計劃。我們前進的方向很明確。實現持續的獲利成長。實現我們向投資者提出的目標。如果您對我們能否取得這些成果有任何疑問，或不了解我們差異化商業模式的價值，歡迎來和我們洽談，深入了解我們所取得的卓越成果，並參觀我們的房產。

We know many investors have asked themselves why not Whitestone? How is this small cap delivering growth that's larger than many of our peers? Don't accept a quick inaccurate answer. We'll help you understand the building blocks underpinning our 5% to 7% core FFO growth target, and we'll help you understand why our cash flows are very durable.

我們知道很多投資人都問過自己，為什麼不選擇白石集團？這家小市值公司是如何實現比許多同業更高的成長的？不要接受倉促而不準確的答案。我們將幫助您了解支撐我們 5% 至 7% 核心 FFO 成長目標的基石，並幫助您了解為什麼我們的現金流非常穩定。

Because our success is rooted in operations, we believe investors gain a tremendous amount by seeing our operations. We'll be at REIT World in Dallas this December. We'll be showing investors' properties on Monday, December 8, and we'll have one on ones on Tuesday. We hope you'll be able to join us at this conference.

因為我們的成功源自於經營，所以我們相信投資者透過了解我們的營運狀況會獲得巨大的收益。今年12月，我們將參加在達拉斯舉行的REIT世界大會。我們將於12月8日星期一帶投資者參觀房產，並於星期二進行一對一洽談。我們希望您能參加本次會議。

As part of our ongoing asset recycling efforts, we disposed of one property this quarter, Sugar Park Plaza in Houston. Over the last three years, we've increased the NOI in this property by 22% by transforming the center into a grocery anchored center and re-merchandizing the shop space, and the time was right to sell and deploy the proceeds where we can create greater value over the coming years.

作為我們持續資產回收利用工作的一部分，本季我們處置了一處房產，即位於休士頓的 Sugar Park Plaza。過去三年，我們透過將中心改造成以雜貨店為主的中心並重新佈置店鋪空間，使該物業的淨營業收入提高了 22%，現在是時候出售並將所得資金用於未來幾年可以創造更大價值的地方了。

This disposition brings our total acquisitions and dispositions over the past three years to approximately $150 million. I anticipate we'll have a couple more acquisitions very shortly and should have one to two dispositions to finish out the year. Our markets are continuing to show significant strength as Texas and Arizona's business friendly environments and strong demographic trends continue to support demand.

此次資產處置使我們過去三年來的收購和處置總額達到約 1.5 億美元。我預計我們很快還會完成幾筆收購，並在年底前完成一到兩筆資產處置。我們的市場持續展現出強勁的勢頭，德克薩斯州和亞利桑那州良好的營商環境和強勁的人口趨勢持續支撐著市場需求。

Our acquisition team continues to identify neighborhoods with upwardly mobile consumers where our leasing team can have the greatest impact applying our business model. And in closing, we remain steadfast in our belief that a company with a well aligned forwarding team, a well-located portfolio with a concentration of high value shop space properly anchored to the community, can outperform the herd.

我們的收購團隊持續尋找擁有向上流動消費者的社區，以便我們的租賃團隊能夠透過應用我們的商業模式發揮最大的影響力。最後，我們仍然堅信，擁有協調一致的貨運團隊、位置優越且集中了大量高價值店鋪空間並與社區緊密聯繫的公司，能夠超越其他公司。

I look forward to connecting with investors in the months ahead, and I look forward to being able to lay out our 2026 plan on the fourth quarter call. Christine?

我期待在接下來的幾個月與投資者們交流，也期待在第四季電話會議上闡述我們的 2026 年計畫。克里斯汀？

Good morning, everyone. On the leasing front, we had a strong quarter and we're accelerating as we close in on year end. We signed $29.1 million in total lease value with spreads on new leases at 22.5% and renewals at 18.6% for a combined 19.3% on a straight-line leasing spreads.

各位早安。在租賃方面，我們本季表現強勁，隨著年底臨近，我們正在加速發展。我們簽署了總價值 2,910 萬美元的租賃協議，新租賃的利差為 22.5%，續租的利差為 18.6%，直線租賃利差合計為 19.3%。

Same store NOI growth was 4.8% for the quarter, allowing us to raise the lower end of the same store NOI growth target by 50 basis points. Foot traffic across the portfolio is up 4% versus the third quarter of 2024. That's a good indicator we've got in terms of the health of the consumer specific to our footprint in our locations.

本季同店淨營業收入成長4.8%，使我們得以將同店淨營業收入成長目標的下限提高50個基點。與 2024 年第三季相比，整個投資組合的客流量成長了 4%。這是衡量我們業務涵蓋區域內消費者健康狀況的一個良好指標。

What we're seeing in terms of successful tenants right now are those that are successfully expanding on their offerings. For restaurant delivery services have gone from a nice ad to a critical component of the business. In addition, we continue to see an expansion of beauty, health, wellness, fitness, and see the spend on overall health and mental wellness continues to increase.

我們現在看到的成功的租戶都是那些成功擴展其業務範圍的租戶。對於餐廳來說，外帶服務已經從一種不錯的廣告形式變成了業務的關鍵組成部分。此外，我們看到美容、健康、養生、健身等領域持續擴張，人們在整體健康和心理健康方面的支出也在增加。

Understanding these avenues for the tenants' success is critical for Whitestone to stay on top as we curate our centers to the neighborhood needs. On the redevelopment front, we've completed the facade renovation at La Mirada, which puts us on track to finish this by year end.

了解租戶成功的這些途徑對於 Whitestone 保持領先地位至關重要，因為我們需要根據社區的需求來建立我們的購物中心。在重建方面，我們已經完成了拉米拉達的外觀翻新工程，這將使我們預計在年底前完成這項工作。

And at Lion Square, the transformation is striking is about 75% complete. With the redevelopment at Lion Square, the grocery brought in last year, Sun wing will expand, creating value by making this grocery anchorage center the heart of Houston's Asian town. Now we're kicking off the facade work at Terravita, which we talked about on the second earnings call bringing in the Picklr and Ace Hardware.

獅子廣場的改造工程已完成約 75%，效果顯著。隨著 Lion Square 的重建，去年引進的超市 Sun Wing 將擴大規模，使這家超市成為休士頓亞洲城的中心，從而創造價值。現在我們正式啟動 Terravita 的外觀工程，我們在第二次財報電話會議上談到了 Picklr 和 Ace Hardware 的入駐。

This will further accelerate the transformation of the center, which is experiencing dynamic growth as a result of TSMC's nearby semiconductor fabrication facility. We also generally move a couple of pads into action each year. This year we created a pad at Lakeside in Dallas and brought in Central National Bank on that pad.

這將進一步加速該中心的轉型，由於台積電附近的半導體製造廠，該中心正經歷蓬勃發展。我們通常每年也會啟用幾個墊子。今年我們在達拉斯湖畔打造了一個辦公園區，並邀請中央國民銀行進駐。

We also signed a tenant for a pad at Scottsdale Commons. As a reminder, we purchased Scottsdale Commons in 2024, so the creation of the new pad represents a significant value creation pretty rapidly post acquisition. We anticipate bringing a couple of additional pads online in 2026 as well. We continue to see Picklr succeed as the demand with the younger demographic accelerates.

我們也為斯科茨代爾公地的一間公寓找到了租戶。提醒一下，我們在 2024 年收購了 Scottsdale Commons，因此新辦公大樓的建成代表著收購後很快便能創造巨大的價值。我們預計在 2026 年還會推出幾個額外的墊子。隨著年輕族群需求的加速成長，我們看到 Picklr 繼續取得成功。

We're looking at bringing Picklr on the roof of Boulevard, which is adding value to where we had no income stream for that square footage previously, and welcome this as an opportunity to add value also for the office community in the area.

我們正在考慮將 Picklr 引入 Boulevard 的屋頂，這將為我們之前沒有收入來源的這部分面積增加價值，我們也歡迎這個機會為該地區的辦公社區增加價值。

On the last several calls we've talked about the intentional design of our business model to benefit from change, both in terms of change allowing us to enhance our growth trajectory and change enabling us to ensure more durable cash flows, a key component of what we do proactively tracking and understanding consumer behavior and capitalizing on that knowledge.

在最近幾次電話會議中，我們討論了我們商業模式的有意設計，以從變化中受益，這既包括變化使我們能夠增強增長軌跡，也包括變化使我們能夠確保更持久的現金流，這是我們主動跟踪和了解消費者行為並利用這些知識的關鍵組成部分。

We will see change as the result of three primary forces. First, change as a result of generational shifts as the younger generations step up into new roles, both as consumers and business owners. Two, migratory change as consumers move to more business-friendly areas and take advantage of opportunities there, such as our markets and what we've seen over the last number of years.

我們將看到變革是由三大主要力量共同作用的結果。首先，隨著年輕一代作為消費者和企業主承擔起新的角色，世代更迭帶來了改變。第二，隨著消費者遷往更利於商業發展的地區並利用那裡的機會，出現了遷移性變化，例如我們的市場以及我們在過去幾年中所看到的現象。

And number three, technological change as both consumers and businesses become more sophisticated in utilizing technology and as spending patterns shift accordingly. Both generational change and migratory change show up in the [Ezri] data heavily used by our acquisitions team and our leasing team.

第三，隨著消費者和企業在科技運用上變得越來越成熟，以及消費模式也隨之轉變，科技也發生了變化。我們的收購團隊和租賃團隊大量使用的 [Ezri] 數據都顯示了世代變化和人口遷移變化。

Migratory change is a bit slower moving, but also critically component for acquisition team to get it right. The Houston metro area has added nearly 2 million people over the last 15 years, while the Phoenix metro area has added 1 million residents during that time as well. Ensuring we benefit from that phenomenal growth is very important in terms of Whitestone's success.

遷移變革進展較慢，但對於收購團隊來說，這也是至關重要的一部分，必須確保遷移工作順利進行。過去 15 年裡，休士頓都會區人口增加了近 200 萬，而鳳凰城都會區同期也增加了 100 萬居民。確保我們能從這種驚人的成長中受益，對於惠特斯通的成功至關重要。

All three types of change also impact the consumer data that we and traffic data that we follow in place our AI. This is critical for leasing, but is key in our underwriting process. Our assessment of the business's ability to meet the future consumer demands weighs heavily into our decisions to move forward on any lease we sign for all of our leasing agents.

這三種類型的變化也會影響我們用來建構人工智慧的消費者數據和流量數據。這對租賃至關重要，也是我們核保流程的關鍵所在。我們對企業滿足未來消費者需求的能力的評估，對我們所有租賃代理商決定是否推進任何租賃協議都起著至關重要的作用。

Our weekly leasing meetings provide an opportunity to discuss what changes we're seeing as they interact with their neighborhoods and the tools they're using to evaluate those changes around our centers. The biggest takeaway for investors here is that our ability to translate change into a higher, same stored NOI growth starts with our assets and our business model but also relies heavily on technology.

我們每週的租賃會議提供了一個機會，讓我們討論他們在與週邊社區互動時所看到的變化，以及他們用來評估我們中心周圍這些變化的工具。對投資人而言，最重要的啟示是，我們將變革轉化為更高、相同儲存NOI成長的能力，始於我們的資產和商業模式，但也很大程度上依賴科技。

But ultimately needs to be embedded in our culture and our processes to which Whitestone delivers our results. We delivered strong finishes in both 2023 and 2024, and the team here is pushing hard to take advantage of the year-end dynamics and close leases. And with that, I turned it over to Scott to cover the financials.

但最終需要將其融入我們的文化和流程中，惠特斯通正是透過這些文化和流程來實現我們的成果。我們在 2023 年和 2024 年都取得了不錯的成績，我們的團隊正在努力利用年底的市場動態，盡快完成租賃交易。說完這些，我就把麥克風交給史考特，讓他負責財務部分。

Thank you, Christine. This morning we reiterated our 2025 $1.03 to $1.07 core FFO per share guidance, improved our same store in NOI growth range to 3.5% to 4.5%, and reiterated our long-term growth rates. On our leverage metrics, we're making steady progress and I anticipate our fourth quarter annualized debt to EBITDA REIT ratio. We'll be in the mid to high sixes.

謝謝你，克里斯汀。今天上午，我們重申了 2025 年每股核心 FFO 1.03 美元至 1.07 美元的預期，將同店 NOI 成長範圍提高至 3.5% 至 4.5%，並重申了我們的長期成長率。就我們的槓桿指標而言，我們正在穩步前進，我預計我們第四季度的年度債務與 EBITDA REIT 比率將達到預期。我們會在六位數中後期。

The most significant development this quarter on the financial side was our amended and extended credit facility. We accomplished everything we wanted to accomplish here in large part because of the actions we've taken over the last three years. We were able to expand our bank group and improve Whitestone's valuation cap rate to 6.75% because there was wide recognition.

本季財務方面最重要的進展是我們修訂和延長了信貸額度。我們在這裡實現了所有想要實現的目標，很大程度上要歸功於我們過去三年採取的行動。由於得到了廣泛的認可，我們得以擴大銀行集團規模，並將白石集團的估值資本化率提高到 6.75%。

That we are consistently delivering and we have steadily increased the value of our properties through our focus, strategy, and strong execution. We increased the size of the facility to put Whitestone on par with our size-based peers in terms of available revolver credit capacity. And we expect to continue our debt leverage improvement initiative over the coming quarters and years.

我們始終如一地交付成果，並透過我們的專注、策略和強有力的執行，穩步提升了我們旗下物業的價值。我們擴大了融資規模，使 Whitestone 在可用循環信貸能力方面與我們規模相近的同行保持一致。我們預計將在未來幾季和幾年內繼續推動債務槓桿改善計劃。

We fixed an increased percentage of our overall debt, bringing the weighted average term on all of our debt to 4.3 years and the weighted average rate on our fixed debt to 4.8%. Most importantly, locking down our debt clears the runway for us to focus on executing our plan and delivering core FFO per share growth for shareholders.

我們提高了整體債務的固定比例，使所有債務的加權平均期限達到 4.3 年，固定債務的加權平均利率達到 4.8%。最重要的是，鎖定債務為我們騰出了空間，讓我們專注於執行計劃，並為股東帶來核心每股FFO成長。

I will note that included in the quarter is approximately $800,000 of debt extinguishment costs related to our refinancing. We have adjusted for this amount in our core FFO. Our revenue for the quarter was up 6%, and most importantly, the quality of revenue continues to strengthen, as evidenced by our improvement in uncollectible accounts and downward revision to our full year bad debt guidance.

需要指出的是，本季包含了與我們的再融資相關的約 80 萬美元債務清償成本。我們已將此金額計入核心FFO。本季我們的營收成長了 6%，更重要的是，營收品質持續增強，壞帳減少和全年壞帳預期下調都證明了這一點。

Our total headcount is down 6% from a year ago and we continue to focus on lowering G&A cost as we scale. As a reminder, our dividend is well covered with a healthy payout ratio, and we expect to grow the dividend in sync with earnings growth. And with that, I'll conclude my comments and open the line for questions.

我們的員工總數比一年前減少了 6%，隨著公司規模的擴大，我們將繼續專注於降低一般及行政成本。再次提醒大家，我們的股息支付率健康，足以涵蓋股息，我們預期股息將與獲利成長同步成長。至此，我的發言就結束，歡迎大家提問。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions). Mitchell Germain with JMP Securities.

謝謝。接下來我們將進行問答環節。（操作說明）Mitchell Germain，JMP Securities公司。

Hi, good morning. This is Judy on for Mitchell just a few questions here. The first one being, so the rent expirations in 2026. The average rent is higher than average there. So should we expect similar leasing spreads as in recent quarter, I think it's about 17% for the next year or sir.

您好，早安。這裡是朱迪，她正在回答米切爾的幾個問題。首先，租金將於 2026 年到期。那裡的平均租金高於平均水平。所以，我們是否應該預期租賃價差與最近一個季度類似？我認為明年大約是 17% 左右。

Thanks, Judy. Excuse me, this is Dave. I'll start out and Christine may want to add some granularity, but there's always mix when you look at the, one of the things about our tenants are we have a highly diversified tenant base with 1,500 tenants. So in any particular year you do have some mix, but there's nothing unique about next year's rental rates.

謝謝你，朱迪。打擾一下，我是戴夫。我先來，Christine 可能想添加一些細節，但當你觀察時，總是會發現各種因素交織在一起。我們租戶的特點之一是，我們擁有高度多元化的租戶群體，共有 1500 個租戶。所以，每年的租金都會有些波動，但明年的租金並沒有什麼特別之處。

We continue. To see really strong leasing demand and there's no sign of any weakening in our leasing spread. So great quarter this quarter, I think our, I can't remember the number, but we've had many quarters over 17% I think it's about three years and so I'll let Christine add anything she wants to add.

我們繼續。租賃需求非常強勁，而且我們的租賃價差沒有任何減弱的跡象。所以，這個季度業績很棒，我想，我記不清具體數字了，但我們已經連續好幾個季度超過 17% 了，我想大概有三年了，所以我就讓 Christine 來補充她想補充的內容吧。

We don't see anything distinguishing next year any different than this past year. We see, we expect that we're going to continue to see the. The same rate of leasing spreads if not more continue because there's just such a demand for retail space.

我們認為明年與去年並沒有什麼顯著的不同。我們看到，我們預計這種情況還會繼續發生。租賃價格的上漲速度不僅沒有加快，反而會持續維持甚至超過目前的水平，因為零售空間的需求實在太大了。

Okay, that's very helpful. Secondly, could you give any more information on the change in occupancy? I think the larger centers increase in occupancy in the smaller ones, occupancy went down to any more details, sir?

好的，這很有幫助。其次，您能否提供更多關於入住率變化的資訊？我認為大型購物中心的入住率有所提高，而小型購物中心的入住率則有所下降。先生，您能提供更多細節嗎？

It's the same thing that we've been doing in the past couple of years where we're taking some space back and the purpose for that on the smaller spaces is we see the opportunity for higher revenue and stronger quality tenants that we want to bring in we have been doing that for the last couple of years and we continue to do so going forward.

這和我們過去幾年一直在做的事情一樣，我們收回了一些空間，這樣做的目的是為了在較小的空間中獲得更高的收入和更高品質的租戶，這是我們想要引進的。過去幾年我們一直在這樣做，未來我們將繼續這樣做。

So there's been a number of small spaces that we've taken back that we expect to put to put to work with, a higher income stream. Based off of, our leasing efforts and then we did fill a couple of large, larger spaces this year, and much of that timing has to do with just city approvals and the timing that we can bring that revenue online.

因此，我們收回了一些小空間，希望能夠利用它們創造更高的收入來源。根據我們的租賃工作，我們今年確實租下了幾個較大的空間，而這很大程度上取決於市政審批以及我們能夠實現收入上線的時間。

Hey Judy, I might also just remind everyone that we report fully commenced occupancy, so I know many of our peers report leased and commenced Whitestone's 94.2 is tenants are in the space and so continuing to see good trends and occupancy, I think we were up 30 basis points just over the second quarter, and I think as we said in our remarks, fourth quarter tends to be a very good time period for us and so we're excited about finishing out the year strong.

嗨，朱迪，我還要提醒大家，我們報告的是已全面投入使用的入住率，我知道很多同行報告的是已出租和已開工的入住率。 Whitestone 的 94.2% 指的是租戶已入駐，因此，我們看到良好的趨勢和入住率，我認為我們比第二季度增長了 30 個基點。正如我們在發言中所說，第四季度通常是我們業績非常好的時期，所以我們很高興能夠以強勁的勢頭結束這一年。

Okay, and the last one for me here is if you all have any update on the Pillarstone JV.

好的，我最後一個問題是，你們有關於 Pillarstone 合資企業的最新消息嗎？

Yeah, I'm glad to give an update, Judy. I will encourage everyone to, we'll file our 10-Q shortly, and it has a very detailed description of the activities that have gone on. What I will say is we're nearing the end. We've talked about, we're in the collection phase of just collecting our funds from the partnership. The court recently, there was recently a settlement agreement filed with the court.

是的，我很樂意向大家報告最新情況，朱迪。我會鼓勵大家這樣做，我們很快就會提交 10-Q 表格，其中對已經進行的活動有非常詳細的描述。我想說的是，我們即將結束。我們已經討論過了，我們現在正處於收款階段，也就是向合作夥伴收取資金。最近，法院收到了一份和解協議。

And we expect that to be to be approved, and with that there would be a distribution of proceeds, but I encourage you very shortly, I encourage you to read the 10-Q because it gives all of the all of the details, but the short answer is we have we have reached a settlement with the court. The court has to approve that settlement, and if it is done, then the proceeds are expected to be distributed by in December.

我們預計這將獲得批准，屆時將進行收益分配，但我建議您盡快閱讀 10-Q 表格，因為它提供了所有細節，但簡而言之，我們已經與法院達成了和解。法院必須批准和解方案，如果獲得批准，預計收益將在 12 月分配。

Okay, thank you so much. I'm looking forward to that and good luck for the next quarter.

好的，非常感謝。我很期待，祝你下個季度好運。

Thank you.

謝謝。

Our next question comes from Gaurav Mehta with Alliance Global Partners.

我們的下一個問題來自 Alliance Global Partners 的 Gaurav Mehta。

Thank you. Good morning. I wanted to, ask you on your leverage comments, mid to high six is, in 4Q. It seems like it was 7.2 as of 3Q. So, just want to get some more color on assumptions, driving leverage lower in this quarter.

謝謝。早安.我想問一下您關於槓桿率的評論，6%到6%的中高水準是指第四季的情況。截至第三季度，似乎為 7.2。所以，我想更詳細地了解相關假設，以及本季槓桿率下降的原因。

I'm sorry, Gaurav Scott, here I didn't catch the whole question. Are you asking about the leverage ratios?

抱歉，Gaurav Scott，我沒聽清楚你的問題。您是在問槓桿比率嗎？

Yeah, I think you mentioned mid to high 6 is expected in 4Q from 7.2 as of 3Q. So I just want to get some more color on the assumptions driving leverage lower.

是的，我想你提到過，預計第四季將達到 6.5% 到 6% 之間，而第三季為 7.2%。所以我想更詳細地了解一下導致槓桿率降低的假設因素。

Oh sure, so I think there's two pieces to the puzzle. We continue to improve the balance sheet and we're focused on that and then operations continue to improve. The fourth quarter is as Dave mentioned before, usually one of our strongest quarter normally we have percent sales break points that are hitting the fourth quarter.

哦，當然，所以我認為這個問題有兩個部分。我們持續改善資產負債表，並專注於此，然後營運狀況也會持續改善。正如戴夫之前提到的，第四季度通常是我們業績最好的季度之一，我們通常會在第四季度迎來銷售額的轉折點。

And so on an annualized basis we do expect the fourth quarter to be in the mid to high 6 range on debt to EBITDA REIT and then we think we'll continue to improve our balance sheet as we move forward. This year there's been a little bit of timing in our recycling efforts. The acquisitions have gotten ahead of the dispositions, but we think we'll balance those out as we move forward.

因此，按年計算，我們預計第四季度 REIT 的債務與 EBITDA 比率將在 6% 到 6% 之間，然後我們認為隨著我們不斷前進，我們的資產負債表將繼續改善。今年我們的回收工作在時間安排上遇到了一些問題。收購進度超過了處置進度，但我們認為隨著我們不斷推進，兩者最終會達到平衡。

Okay, a follow-up on the, on acquisitions and dispositions, I think in the prepared remarks you said you're expecting some acquisitions, shortly, and then you also mentioned a few more dispositions. So just in terms of timing is that expected this quarter.

好的，關於收購和處置，我想在準備好的發言稿中，您提到預計近期會有一些收購，然後您也提到了一些處置。所以就時間安排而言，預計會在本季完成嗎？

Yes, we expect, I think I said in my remarks, Gaurav, that we, we've got what we expect is a couple more acquisitions and one to two dispositions to finish out the year, so that would be expected to occur in the fourth quarter. I think what you'll see is consistent to what we've done in the past. Looking at properties that fit Whitestone's model, continuing to upgrade the portfolio.

是的，我想我在演講中也說過，Gaurav，我們預計今年還會有幾筆收購和一到兩筆資產處置，預計這些交易將在第四季度完成。我認為你們將會看到與我們過去所做的一貫做法一致。尋找符合 Whitestone 模式的房產，繼續升級投資組合。

I think we've got a chart in our investor deck that lays out what we've done where we've bought properties that have what we believe is, much more upside in better areas and sold properties that we see less growth in the future. So just continuing what we're doing with a couple of those for the balance of the year and as we've said, we're fairly well balancing the assets acquisitions and dispositions at this point.

我認為我們在投資者簡報中有一張圖表，詳細列出了我們所做的工作，包括購買我們認為在較好地段有更大升值空間的房產，以及出售我們認為未來成長空間較小的房產。所以，我們將繼續在今年剩餘的時間裡對其中幾個項目進行操作，正如我們所說，目前我們在資產收購和處置方面做得相當平衡。

Okay thank you that's all I had.

好的，謝謝，我只有這些了。

Thank you.

謝謝。

(Operator instructions). Craig Kucera with Lucid Capital Markets.

（操作說明）Craig Kucera，來自 Lucid Capital Markets。

Yeah, hey, good morning guys. Scott, you had a fairly large pickup in real estate tax accruals this quarter. Can you talk about your expectations for the year in regard to real estate tax?

是啊，嘿，大家早安。史考特，你這季度的房地產稅應計款項大幅增加。您能否談談您對今年房地產稅的預期？

Sure, yeah, so it's mainly Taxes. Has a has a choppy real estate valuation process that we go through, so we really go through a three or four step process to ultimately settle on what we're going to pay and what we typically see is around July what's called the ARB process happens.

是的，沒錯，主要是稅務問題。房地產估值過程比較繁瑣，我們實際上要經過三到四個步驟才能最終確定我們要支付的價格，而我們通常看到的是，大約在七月份，所謂的 ARB 流程會發生。

And we usually settle in on a little higher valuation and then we continue to protest those and we continue to litigate those and ultimately I think we feel confident that those will come down. We do pass through most of those costs to our tenants, but we work very hard to keep those low because it's a burden on the tenants.

我們通常會接受稍高的估值，然後繼續抗議，繼續提起訴訟，最終我們相信這些估值會下降。我們確實會將大部分成本轉嫁給租戶，但我們會努力降低這些成本，因為這會對租戶造成負擔。

And some of those can take two to three years to get through the full litigation process. So I think it's just the normal increase that you'd see in the third quarter, particularly in Taxes.

有些案件可能需要兩到三年才能走完整個訴訟程序。所以我認為這只是第三季正常的成長，尤其是在稅收方面。

Okay, that's helpful. Excuse me. Just to circling back to your commentary Dave on the acquisitions and dispositions I think earlier this year you were talking about maybe $40 million for the year. Is that number changed at all or is that still sort of the expectation of having $40 million of acquisitions and maybe $40 million on the disposition side?

好的，這很有幫助。打擾一下。戴夫，回到你之前關於收購和處置的評論，我想今年早些時候你曾說過，今年的收購和處置金額可能在 4000 萬美元左右。這個數字有變化嗎？還是仍預期收購方面會有 4,000 萬美元，處分方面也會有 4,000 萬美元？

Hey Craig, yeah, I don't, I think we, like I said in page 10 of our deck we've laid out, we've done, two of two acquisitions this year, and as I said, I have a couple more, so I would say probably we're going to be a little higher than those numbers on the acquisition and disposition side, so not significantly different if you look back, so far we've done basically $150 million over the last 2.5 years or three years.

嘿，克雷格，是的，我不這麼認為。就像我在簡報第 10 頁提到的那樣，我們今年已經完成了兩項收購，正如我所說，還有幾項收購正在進行中。所以我認為，在收購和處置方面，我們的實際數字可能會比這些數字略高一些。回顧過去，我們在過去兩年半或三年基本上完成了 1.5 億美元的交易，所以不會有太大的變化。

I think that run rate is consistent with where we are today, but we are seeing some nice opportunities. I'm very pleased with the acquisition of San Clemente in Austin earlier this year, which is across from our Davenport property and provides us some really nice synergies between those two properties. We acquired Hulen in Fort Worth market earlier this year.

我認為目前的運行速度與我們目前的水平相符，但我們也看到了一些不錯的機會。我非常高興今年早些時候收購了奧斯汀的聖克萊門特酒店，它位於我們達文波特酒店的對面，這為我們這兩個酒店帶來了非常好的協同效應。今年早些時候，我們收購了位於沃斯堡市場的 Hulen 公司。

I think great acquisition for us and excited about a couple more that we should announce shortly, but no huge change here just continuing to make sure we're working the portfolio. We're taking the steps we need to do to achieve our 5% to 7% long-term FFO growth and so probably just a little bit more than the $40 million but kind of a consistent pattern with what we've done over the last three years.

我認為這對我們來說是一筆很棒的收購，而且我們很快還會宣布另外幾筆收購，對此我們感到非常興奮，但目前不會有太大的變化，我們只是繼續確保我們的投資組合運作良好。我們正在採取必要的措施來實現 5% 至 7% 的長期 FFO 成長目標，因此可能會略高於 4,000 萬美元，但這與我們過去三年所做的工作模式基本一致。

Got it and kind of changing gears here in the fourth quarter, I think you've got about 4% of your ADR expiring. Is that? Is that really just because you have a concentration of month to month leases or anything other going on there?

明白了，現在到了第四季度，情況有點不一樣了，我想你們大約有 4% 的 ADR 即將到期。是嗎？是因為你們那裡有許多按月租賃的房源，還是有其他原因？

Well I think if you're looking at the number of leases, most just on the lease count most of that is in our what we call the cubic exact product which is a very small percentage of the portfolio but it's a shared office space concept and so it's a high number of leases that just tend to be either month to month or very short-terms and that's normal.

我認為，如果你只看租賃數量，大部分租賃都集中在我們所謂的「立方體精確產品」中，這只占我們投資組合的一小部分，但它是一種共享辦公空間的概念，因此租賃數量很多，而且往往是按月或非常短期的租賃，這很正常。

I think if we looked at just what we consider being a wheelhouse of leases the numbers closer to 50 to 75 that are expiring in the fourth quarter, something like that, probably closer to 50. So I think it's mainly just cubic leases expiring.

我認為，如果我們只看我們認為屬於租賃業務範疇的那些租賃合同，那麼在第四季度到期的合同數量接近 50 到 75 份，大概是這樣，可能接近 50 份。所以我覺得主要是因為立方體租賃合約到期了。

It's actually very consistent with what we we've always had. I mean, if you look back to the last fourth quarter, I think we're a little smaller, so super pleased with the opportunity to continue to have rolls. One of the things that I think is a benefit for Whitestone is in this environment we're rolling a greater percent of our leases and some of our peers.

實際上，這和我們一直以來的做法非常一致。我的意思是，如果你回顧一下上個季度，我認為我們的規模略小一些，所以我非常高興有機會繼續提供捲餅。我認為對 Whitestone 有利的一點是，在這種環境下，我們和一些同業相比，租賃展期比例更高。

So obviously with the positive marks we're having, we're pleased with that but consistent with what we've had is, about 20% of our leases rolling. If you look at the 4% of revenue that translates very closely.

顯然，我們獲得了積極的評價，對此我們感到高興，但與我們以往的情況一致，大約 20% 的租賃合約正在續約。如果你看一下這 4% 的收入，你會發現它與實際情況非常接近。

I think on a square footage and ABR basis is actually lower than we were in this position last year, Craig, so.

克雷格，我認為以建築面積和平均每臥室房價計算，實際上比我們去年在這個位置的情況要低。

Okay, that's helpful one more, just on slide 10 on the investor presentation, appreciate the color, first of all, that's helpful but just looking at it optically, it looks like you're acquiring properties with higher rents, higher cap rates and selling assets with lower rents and lower cap rates.

好的，這很有幫助。再補充一點，在投資者簡報的第 10 張投影片上，首先，請注意顏色，這很有幫助，但從視覺上看，似乎你們正在收購租金較高、資本化率較高的房產，同時出售租金較低、資本化率較低的資產。

So obviously you're getting that positive cap rate arbitrage which you've reported over the past few years. Is that just you executing your strategy or is that a focus more on more small shop space where you can charge higher rents. I just would be interested in your color on how you're doing that.

顯然，你獲得了過去幾年你所報告的正資本化率套利機會。這是你們在執行既定策略，還是更注重開設更多可以收取更高租金的小店？我只是對你如何運用色彩這一點很感興趣。

I think it's largely our strategy, and I think if you look at the fundamental aspect of what we do, it's capital allocation. So just continuing to look at our portfolio, we do believe that right now it's the right time to continue to upgrade a number of things upgrading the tenant base, upgrading the properties to higher income levels to potentially higher ABRs.

我認為這很大程度上是我們的策略，而且我認為，如果你看看我們所做的事情的根本方面，那就是資本配置。因此，繼續審視我們的投資組合，我們認為現在是繼續升級多項內容的合適時機，包括升級租戶基礎、將房產升級到更高的收入水平，以及有可能更高的平均臥室租金 (ABR)。

So it is a focused strategy to ultimately buy properties that we think have greater growth going forward and we're doing that probably in a little better areas and upgrading the portfolio. You've seen us move the ABR, you've seen us move kind of our consolidated tap score and then most importantly, if you look at the chart on 10, not only. Buying these properties at good rates, but Christine and her team are doing a fabulous job of stepping in day one, looking at the merchandizing mix, looking at ways we can drive NOI. So we're buying it at more attractive cap rates and then we're making, very quick return increases as we as we move forward.

因此，我們的策略是集中精力購買我們認為未來成長潛力更大的房產，而且我們可能正在更好的地區進行此類投資，並升級我們的投資組合。您已經看到我們調整了 ABR，您也看到我們調整了綜合 Tap 分數，最重要的是，如果您查看第 10 頁的圖表，不僅如此。以優惠的價格購買這些房產，但克里斯汀和她的團隊做得非常出色，他們從第一天起就介入，研究商品組合，尋找提高營業淨收入的方法。因此，我們以更具吸引力的資本化率買入，然後隨著我們不斷推進，我們將獲得非常快速的回報成長。

Okay great appreciate the color thank you.

好的，很喜歡這個顏色，謝謝。

Thanks Craig.

謝謝你，克雷格。

Bill Chen with Rhizome Partners.

Bill Chen 與 Rhizome Partners 合作。

Hi, I was wondering if you have an update on Pillarstone in terms of, timing and then if the dollar figures are still, in that same range of I believe 50 to 70 that you have previously guided.

您好，我想問一下關於 Pillarstone 項目，您有沒有關於時間安排的最新進展？另外，美元金額是否仍然在您之前預測的 50 到 70 美元範圍內？

Hey Bill, Dave Holeman, thanks for your question. I think I said earlier and I'll I'll remind folks we're going to file our 10 very shortly, and there is a very detailed explanation in the 10_Q that goes through all the activities that have happened on Pillarstone. But just briefly, during the quarter we received $13.6 million that was a payment of part of our proceeds due from Pillarstone.

嘿，比爾，戴夫·霍爾曼，謝謝你們的提問。我想我之前說過，我再提醒大家一下，我們很快就會提交 10_Q 表格，其中有非常詳細的解釋，涵蓋了 Pillarstone 專案上發生的所有活動。但簡單來說，本季我們收到了 1,360 萬美元，這是我們應從 Pillarstone 收到的部分收益。

We have, there has been a settlement reached with the court, the plan agent, that would result in about another $40 million coming to Whitestone that settlement needs to be approved by the court. There will be a hearing to do so in November and then if all of that's approved, it's expected the distribution of approximately $40 million would be made in mid-December.

我們已經與法院和計劃代理人達成和解，這將使惠特斯通再獲得約 4000 萬美元，和解需要得到法院的批准。11 月將舉行聽證會，如果所有事項都獲得批准，預計將在 12 月中旬分配約 4,000 萬美元。

There are obviously there are, we expect that to happen. But there are a number of steps to get there, so that's the update. We're very close to receiving what we believe is kind of the end of the joint venture $13.6 million received in the quarter, and right now we estimate another 40 to come in in December.

顯然會有這種情況發生，我們預料到這種情況會發生。但要達到這個目標還需要經過很多步驟，以上就是最新情況。我們即將收到我們認為是合資企業本季收到的 1,360 萬美元的尾款，目前我們預計 12 月還會收到 4,000 萬美元。

Got it and thank you for that great color. I appreciate that and does your leverage ratios factor into those payments? That you previously just, that you mentioned on the call earlier today.

收到了，謝謝你提供的這麼棒的顏色。非常感謝。請問您的槓桿率是否會影響這些付款？就像你之前在今天早些時候的電話會議上提到的那樣。

Now right now the guidance for the fourth quarter does not include the impact of any gains or losses or Pillarstone don't proceeds, so, $40 million the $40 million they mentioned would probably be right around a half term.

目前，第四季度的業績指引不包括任何收益或損失的影響，或者 Pillarstone 沒有繼續推進，因此，他們提到的 4000 萬美元可能只是半年的預期。

Okay, I appreciate that and one last question if I may, on the pad site developments, is the strategy going forward to hold them or to kind of sell them for the game and redeploy the capitals?

好的，我明白了。如果可以的話，我還有一個問題，關於基地建設方面，未來的策略是保留它們，還是為了遊戲而出售它們並重新部署首都？

Great question. I think that's an individual-by-individual pad site, kind of, that we go through. Obviously we. We do think there's value in, having an aggregation of the properties that all go together, but as you can see from what we've done in the last couple of years, we selectively sold a couple pad sites that we thought the value was very attractive. So as we do these pad sites.

問得好。我認為那是一個需要逐一查看的衛生棉網站，我們得仔細閱讀。當然，我們。我們認為將這些相關的房產集中起來是有價值的，但正如你從我們過去幾年的做法中看到的那樣，我們選擇性地出售了一些我們認為價值非常有吸引力的獨立地塊。所以，當我們進行這些墊片施工時。

One of the things we look at is structuring them in a way with at least that is attractive to a buyer and then so keeping that opportunity open to us but it's really it's an individual you know kind of decision we go through we look at the pad site, we look at where it is in the center, we look at potentially the pricing in the market so you know we're looking at a number of ways to do things that add value to shareholders.

我們考慮的其中一點是，如何以至少對買家有吸引力的方式建構它們，從而為我們自己保留這種機會。但這其實是一個需要具體考慮的決定。我們會考察地塊位置，考察它在中心地帶的地理位置，考察潛在的市場定價，所以我們正在研究多種方法來為股東創造價值。

Thank you for that I appreciate it. I have no further questions.

謝謝你，我很感激。我沒有其他問題了。

Thanks Bill.

謝謝你，比爾。

John Massocca with B. Riley Securities.

John Massocca，B. Riley Securities公司。

Good morning. I was in Mississippi earlier in the call and I know it's not really how you tend to think about the portfolio, but as we think about 4Q rents and maybe even beyond that, I mean, do you have a assigned not open pipeline or a pipeline of things that are on? Call it a free rent period that you know could be kicking in here in in the next three to six months and if so, kind of what's the broad parameters of how big that number is?

早安.我之前在密西西比州，我知道這可能不是你們通常考慮投資組合的方式，但是當我們考慮第四季度的租金，甚至更遠的時候，我的意思是，你們是否有已分配但尚未開放的項目，或者是否有正在進行的項目？可以稱之為免租期，你知道它可能在未來三到六個月內生效；如果是這樣，那麼這個期限大概有多長？

Yeah, so as I, hey John, Dave, so as I mentioned earlier, we report occupancy as commenced occupancy, so the tenants have taken possession of the space. Some of our peers report, I think, a leased occupancy and then a sign not open.

是的，所以，嘿，約翰，戴夫，正如我之前提到的，我們將入住情況報告為已開始入住，也就是說租戶已經佔有了該空間。我認為，我們的一些同行反映，他們出租了店鋪，但卻掛出了「未營業」的牌子。

One of the fundamental aspects of our business model is smaller tenants, shorter leases, much more quick and nimble. So we just don't have a substantial amount of leases that aren't commenced because we move quickly, we get those tenants in very quickly.

我們商業模式的基本特點之一是租戶規模小、租期短，營運速度更快、更靈活。因此，我們沒有大量未生效的租賃合同，因為我們行動迅速，很快就能找到租戶。

So. I also think, when people report sign not open, they're not reporting, potential tenants that move out so there's that sign not open GAAP always sits there, but Whitestone's at a solid 94/94, fourth quarter moving forward, and you know we sign leases and we get them commenced very quickly. I think I answered your question. Maybe.

所以。我也認為，當人們報告「未開業」時，他們並沒有報告潛在租戶搬走的情況，所以「未開業」的GAAP數據總是存在，但Whitestone的業績穩健，第四季度/94%的業績都保持良好，而且你知道，我們簽訂租賃合約後，很快就能開始執行。我想我已回答了你的問題。或許。

Just, the 3.5% to 4.5% same store guidance that we've given for the year includes any kind of free rent or anything of that nature in it as well.

只是，我們給出的今年同店銷售額增長 3.5% 至 4.5% 的預期也包含了任何形式的免租期或類似優惠。

So I guess maybe just, as you think about 4Q historically a big leasing quarter, I mean, is that stuff that's in negotiation today or is that things that have been negotiated in 3Q and 2Q that are essentially just, formalities to close in the quarter.

所以我想，考慮到第四季度歷來是租賃業務的大季度，我的意思是，這些租賃業務是目前正在談判的，還是在第三季度和第二季度已經談判完成，現在只是需要在本季度完成一些形式上的交易？

It's both, John. I mean, leasing, there's complicated leases can take, six months to negotiate to put in place and some are different. I mean, it's across the board, so but traditionally we've always tried to take back some space at the beginning of the year and which always kind of dips our occupancy a bit and in that we're moving towards either leasing activity well into the second and third that delivers on the fourth.

兩者都是，約翰。我的意思是，租賃方面，租賃合約很複雜，可能需要六個月的時間才能協商落實，而且有些合約條款各不相同。我的意思是，這是普遍現象，但傳統上我們總是試圖在年初收回一些空間，這總是會稍微降低我們的入住率，因此我們正在轉向在第二年和第三年進行租賃活動，以在第四年實現目標。

And then sometimes the fourth, for whatever reason, people wanting to start their businesses up at the beginning of the year just seems to always been a very productive quarter for us in the beginning. For, and I think again you can see the trend has been the same the last couple of years we just expected to keep being that way.

然後，不知何故，第四個季度，那些想在年初創業的人，似乎總是我們年初業績最好的一個季度。而且我認為，你可以看出，過去幾年來的趨勢一直如此，我們也預料到這種情況會持續下去。

Yeah, and I think obviously we're not just saying that because it's been that way. We've got great visibility into the leases. We, yeah, Christine and her team every week we look at the activity, we look at leases in place, so we feel good about where we are on the leasing side and, at this point in the year there's substantial activity we believe to finish out in Q4.

是的，而且我認為我們這麼說顯然不是因為事情一直都是如此。我們對租賃情況瞭如指掌。是的，克里斯汀和她的團隊每週都會查看租賃活動，查看現有租賃合同，所以我們對租賃方面的狀況感到滿意，而且，在今年的這個時候，我們相信會有大量的租賃活動在第四季度結束。

Yeah, I haven't seen a downtick in leasing activity this year. Surprisingly, I thought there'd be a little bit of pullback and there really has not been.

是的，我今年還沒有看到租賃活動下滑的跡象。出乎意料的是，我以為會出現一些回調，但實際上並沒有。

Okay, and then on the kind of redevelopment or center enhancement CapEx you're putting in, is all of the, kind of tailwind to same star NOI or NOI you're expecting to see from that going to hit in 2026, or is there projects in place that are really more of a 2027 impact and I guess how big could that be compared to what you're, going to complete this year early next and therefore have it be impacting the '26 numbers.

好的，那麼關於您正在投入的重建或中心提升資本支出，所有這些對同類型明星淨營業收入（NOI）的順風效應，您預期會在 2026 年實現嗎？或者是否有一些項目實際上對 2027 年的影響更大？我想，與您今年年初即將完成的專案相比，這些專案的影響會有多大，從而對 2026 年的數據產生多大的影響？

It's, we've been stacking this evenly across the board over the number of the years just because the timing of lease roles when we're able to put production into place, but I think, we may see some of our larger projects coming online on '27, but '26 is going to be similar to this past year as far as what we're able to achieve as far as putting pads into production etc.

多年來，我們一直均衡地推動這些項目，因為租賃合約的簽訂時間與我們能夠投入生產的時間有關。但我認為，我們的一些大型專案可能會在 2027 年上線，但 2026 年的情況將與去年類似，就我們能夠實現的地基投入生產等方面而言。

And the same thing you're we have a couple of projects that we expect to see an uplift from, I think as we talked about Lion Square, Terravita, a number of these that they take about six months to nine months to put in production and then you see the results in 2020, the following year.

同樣的情況是，我們也有幾個項目預計會有所提升，我想就像我們之前談到的 Lion Square、Terravita 等項目一樣，這些項目大約需要 6 到 9 個月的時間才能投入生產，然後你會在 2020 年，也就是第二年看到成果。

So we continue that is part of the value add of our business that we find to be, as far as whenever we purchase an asset, we look at doing that. Garden Oaks will probably be the next one to start up and It's just how we do business and that's how we were able to keep increasing and improving the value of the portfolio, the quality of the revenue, and deliver to the bottom line.

因此，我們認為這是我們業務增值的一部分，無論何時購買資產，我們都會考慮這樣做。Garden Oaks 可能是下一個啟動的項目，這就是我們的經營方式，也是我們能夠不斷提高投資組合價值、收入品質並最終實現盈利的方式。

And then, maybe kind of on a very short-term basis as I think about the acquisitions and dispositions that are in the pipeline for the remainder of the year, should we expect kind of cap rates roughly be aligned with what you've done historically on kind of both ends of those transactions?

然後，從短期角度來看，考慮到今年剩餘時間即將進行的收購和處置，我們是否應該預期資本化率大致與您過去在這些交易兩端所做的一致？

The general answer is yes nothing no substantial changes. I mean, we're working a program, you know the specific cap rates may be slightly different, but generally we're seeing cap rates consistent with what we show on slide 10, as far as the acquisition side, most importantly to us is obviously the day one cap rate is important, but we are equally focused on the day 300 cap rate what can we do?

整體答案是肯定的，沒有實質的變化。我的意思是，我們正在實施一個計劃，你知道特定的資本化率可能會略有不同，但總的來說，我們看到的資本化率與我們在第 10 張幻燈片中展示的一致。就收購方面而言，對我們來說最重要的是第一天的資本化率，但我們同樣關注第 300 天的資本化率，我們能做些什麼？

How can we move the rent? So it should be no substantial change in doing similar to what we've been doing. I think I said in my remarks, what we plan to do is execute and deliver, share with investors where we think we can add value and then do that. So you should see that on the acquisition disposition side throughout the rest of the year.

我們該如何轉移房租？因此，在做法上應該不會有實質的變化，和我們一直在做的事情類似。我想我在發言中說過，我們計劃執行並交付成果，與投資者分享我們認為可以創造價值的地方，然後去做。因此，在今年剩餘的時間裡，您應該會在收購和處置方面看到這種情況。

Okay, that's it for me thank you very much.

好了，我的話就說到這裡，非常感謝。

Thank you, John.

謝謝你，約翰。

This now concludes our question-and-answer session. I would like to turn the floor back to Dave Holeman for closing comments.

我們的問答環節到此結束。現在請戴夫·霍爾曼做總結發言。

Thank you. Thanks to everyone for joining our call. We're very pleased with the progress we're making. I think we've laid down another solid quarter and are excited about finishing out the year with a very strong year. We'd love to interact with anyone that was going to be at REIT World in Dallas in December.

謝謝。感謝各位參與我們的電話會議。我們對目前的進展非常滿意。我認為我們又完成了一個穩健的季度，並對以非常強勁的業績結束今年充滿期待。我們非常希望與所有計劃在12月參加達拉斯REIT World大會的人士進行交流。

We're going to be having a property tour and then obviously meeting one on one with investors. So if you'd like to do that, reach out to us and thanks again for joining and have a great day.

我們將進行房產參觀，然後顯然會與投資者進行一對一會面。所以，如果您想這樣做，請聯絡我們。再次感謝您的參與，祝您有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。您可以斷開線路，祝您有美好的一天。