Agree Realty Corporation (ADC) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Agree Realty first-quarter 2025 conference call. (Operator Instructions) Note this event is being recorded.

早安，歡迎參加 Agree Realty 2025 年第一季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I will now turn the conference over to Reuben Treatman, Senior Director of Corporate Finance. Please go ahead, Reuben.

現在我將把會議交給企業財務資深總監 Reuben Treatman。Reuben，請開始。

Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's first-quarter 2025 earnings call. Before turning the call over to Joey and Peter to discuss our results for the quarter, let me first run through the cautionary language. Please note that during this call we'll make certain statements that may be considered forward-looking under federal securities law, including statements related to our updated 2025 guidance.

謝謝。各位早安，感謝各位參加 Agree Realty 2025 年第一季財報電話會議。在把電話交給 Joey 和 Peter 討論本季業績之前，我先宣讀警語說明。請注意，在本次電話會議中，我們將發表若干依據聯邦證券法可能被視為前瞻性陳述的內容，包括與我們更新後的 2025 年指引相關的陳述。

Our actual results may differ significantly from the matters discussed in any forward-looking statements for a number of reasons. Please see yesterday's earnings release and our SEC filings, including our latest Annual Report on Form 10-Q for a discussion of various risks and uncertainties underlying our forward-looking statements.

由於多項原因，我們的實際結果可能與任何前瞻性陳述中討論的事項有重大差異。關於支撐我們前瞻性陳述的各項風險與不確定性，請參閱昨日的財報新聞稿以及我們向 SEC 提交的文件，包括我們最新的 Form 10-Q 季報。

In addition, we discussed non-GAAP financial measures including core funds from operations or core FFO, adjusted funds from operations or AFFO, and net debt to recurring EBITDA. Reconciliations of our historical non-GAAP financial measures to the most directly comparable GAAP measures can be found in our earnings release website and SEC filings. I'll now turn the call over to Joey.

此外，我們也討論了非 GAAP 財務衡量指標，包括核心營運資金（core funds from operations，或 core FFO）、調整後營運資金（adjusted funds from operations，或 AFFO），以及淨負債對經常性 EBITDA。我們歷史非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表，可於我們的財報新聞稿、公司網站及 SEC 申報文件中查閱。現在我把電話交給 Joey。

Thanks Reuben, and thank you all for joining us this morning. We're extremely pleased with our performance in the first-quarter of 2025 as we invested over $375 million across our three external growth platforms while further strengthening our best-in-class portfolio.

謝謝 Reuben，也感謝各位今天早上加入我們。我們對 2025 年第一季的表現非常滿意；我們透過三個外部成長平台合計投資超過 3.75 億美元，同時進一步強化我們同級最佳的投資組合。

This represents the largest quarter of investment volume since the third-quarter of 2023 and is characteristic of the accelerating activity that we're seeing across our three platforms. While the macroeconomic environment remains volatile and unpredictable, our company remains a bastion of stability and poised for growth.

這是自 2023 年第三季以來最大的單季投資量，亦反映我們在三個平台上所見活動加速的特徵。儘管總體經濟環境仍然波動且難以預測，我們公司依然是穩定的堡壘，並蓄勢待發以實現成長。

Our liquidity, bolstered by our outstanding forward equity and swaps combined with our preeminent cost of capital, position Agree Realty to again take advantage of market dislocations and disruptions. Here to date we have added over a dozen team members, initiated several systems improvements, and sequenced multiple process improvements to accelerate our investment activities.

在優異的遠期股權與交換（swaps）以及領先同業的資金成本加持下，我們的流動性使 Agree Realty 能再次把握市場錯位與擾動所帶來的機會。截至目前，我們已新增十多位團隊成員，啟動多項系統改善，並依序推動多項流程優化，以加速我們的投資活動。

This growing investment activity is supported by a fortress balance sheet with $1.9 billion of liquidity and over $1.2 billion of hedge capital.

這項日益增加的投資活動，受到堅若磐石的資產負債表所支撐：我們擁有 19 億美元的流動性，以及超過 12 億美元的避險資本。

During the quarter we raised another $181 million of forward equity of via ATM program, effectively replenishing amounts settled in the first quarter and maintaining an ample runway to execute our growth strategy.

本季我們透過 ATM 計畫再募集 1.81 億美元的遠期股權，實質上補回第一季已交割結算的金額，並維持充足的跑道以執行我們的成長策略。

With no material debt maturities until 2028 and pro forma net debt to recurring EBITDA of just 3.4 times the quarter end, our fortified balance sheet provides significant flexibility and protection against capital markets volatility.

在 2028 年之前沒有任何重大到期債務，且以季末備考（pro forma）計算的淨負債對經常性 EBITDA 僅為 3.4 倍；我們強化後的資產負債表提供顯著的彈性，並可抵禦資本市場波動。

Our balance sheet is paired with what we view to be the country's leading retail portfolio. We launched the acquisition platform in 2010 with a focus on recession resistant retailers that have adapted to a comprehensive omnichannel strategy. Although we have yet to experience a traditional recession since its inception, our portfolio has proven to be pandemic proof, and we remain confident it will be tariff resistant.

我們的資產負債表，搭配我們認為全美領先的零售投資組合。我們於 2010 年推出收購平台，聚焦於具抗衰退特性的零售商，且這些零售商已採行完整的全通路（omnichannel）策略。雖然自成立以來我們尚未經歷傳統意義上的景氣衰退，但我們的投資組合已證明具備抗疫情能力，我們也有信心其將具備抗關稅能力。

We have and will remain focused on the country's biggest and best retailers that sell necessity goods and services. Many of these retailers benefit from the trade down effect during tougher economic times, and they have the scale and balance sheet strength to mitigate higher input costs and withstand margin pressure.

我們一直並將持續聚焦於全美規模最大、品質最佳、提供民生必需商品與服務的零售商。其中許多零售商在經濟較艱困時期受惠於「消費降級」（trade down）效應，並具備規模與資產負債表實力，可緩解投入成本上升並承受毛利壓力。

While tariff headlines continue to evolve and dominate the news flow, ultimately, we believe the bid will continue to get bigger in this environment, further validating our investment philosophy over the past 15 years. Given our robust investment pipeline across our three external growth platforms, we've increased our investment guidance range from $1.1 billion to $1.3 billion to $1.3 billion to $1.5 billion for the year.

儘管關稅相關新聞標題持續演變並主導資訊流，但最終我們相信在此環境下，競價（bid）將持續走高，進一步驗證我們過去 15 年的投資理念。鑑於我們在三個外部成長平台上強勁的投資管線，我們已將全年投資指引區間由 11 億至 13 億美元，上調至 13 億至 15 億美元。

At the midpoint, this represents a 47% increase over last year's investment volume. As I mentioned, all three of our investment platforms continue to find compelling opportunities that hurdle both our qualitative and quantitative analysis. While increasing our investment guidance for the year, we were discipline and thoughtful in our approach to asset underwriting and portfolio construction during these volatile times.

以中位數計算，這代表較去年投資量增加 47%。如我所提到，我們三個投資平台皆持續找到同時通過我們質化與量化分析門檻的具吸引力機會。在上調全年投資指引的同時，我們在這些波動時期對資產承作評估（underwriting）與投資組合建構仍保持紀律且審慎。

In addition, we are raising the low end of our full year AFFO per share guidance by $0.01 to a new range of $4.27 to $4.30 representing over 3.5% growth at the midpoint and demonstrating the durability of our cash flows. As a reminder, this number includes realized potential treasury method dilution due to our significant forward equity position.

此外，我們將全年每股 AFFO 指引下緣上調 0.01 美元至新的區間 4.27 至 4.30 美元；以中位數計算，成長超過 3.5%，展現我們現金流的韌性。提醒各位，此數字已納入因我們龐大的遠期股權部位而產生、以庫藏股法（treasury method）計算的已實現潛在稀釋影響。

Peter will provide additional details on our guidance range and the input shortly. Raising our investment in earnings guidance amid the current macroeconomic uncertainty demonstrates that our company is built for all markets. We thrive in periods of uncertainty where we can leverage our speed, relationships, exceptional team, balance sheet flexibility and superior cost of capital.

Peter 稍後將就我們的指引區間與相關假設提供更多細節。在目前總體經濟不確定性之下仍上調投資與獲利指引，顯示我們公司具備適應各種市場環境的體質。我們在不確定時期表現尤佳，能運用我們的速度、關係網、卓越團隊、資產負債表彈性與更優的資金成本。

We launched the acquisition platform on the heels of the GFC in 2010, doubled the size of the company during the depths of the pandemic and are always positioned to take on the next challenging economic period.

我們於 2010 年、全球金融危機（GFC）後不久推出收購平台；在疫情最嚴峻的期間將公司規模倍增；並始終做好準備迎接下一個具挑戰性的經濟週期。

Turning to our external growth activity. We had an active start to the year, leveraging our unique market positioning and deep relationships with retail partners to uncover opportunities across all three platforms. During the first quarter, we invested over $375 million and 69 properties across all three platforms. This includes $359 million of acquisitions across 46 assets.

接著談我們的外部成長活動。我們在年初即積極展開行動，運用我們獨特的市場定位以及與零售合作夥伴的深厚關係，在三個平台上發掘機會。第一季我們在三個平台合計投資超過 3.75 億美元、共 69 處物業。其中包含 46 項資產、合計 3.59 億美元的收購。

Acquisitions during the quarter included a lender-owned Home Depot in California, a sale leaseback with the leading national grocer and Albertsons back to Ace Grocery Store in Bronxville, New York, an off-market portfolio from a relationship seller, a CarMax ground lease in Colorado as well as approximately 40 one-off transactions.

本季收購案包括：加州一處由放款人持有的 Home Depot；與全國領先雜貨商 Albertsons 進行售後回租（sale-leaseback），並回租給位於紐約 Bronxville 的 Ace Grocery Store；一個由關係型賣方提供的非公開市場（off-market）投資組合；科羅拉多一處 CarMax 的地上權租賃（ground lease）；以及約 40 筆單一資產交易。

Our acquisition activity remains focused on industry-leading necessity-based retailers. The properties acquired in the first quarter leased to operators and sectors, including grocery, off-price, auto parts, convenience stores and tire and auto service. The acquired properties had a weighted average cap rate of 7.3% and a weighted average lease over 13.4 years.

我們的收購活動仍聚焦於產業領先、以民生必需為主的零售商。第一季收購的物業承租人與產業別包括：雜貨、折扣零售（off-price）、汽車零件、便利商店，以及輪胎與汽車維修服務。收購資產的加權平均資本化率（cap rate）為 7.3%，加權平均剩餘租期超過 13.4 年。

There will be 69% of base rents was derived from investment-grade retailers and we continue to add to our ground lease portfolio during the quarter. We continue to see increased activities across our development and DFP platforms as well. During the first quarter, we commenced four new development or developer funding projects with total anticipated costs of approximately $24 million.

其中 69% 的基本租金來自投資等級零售商，且我們在本季持續擴增地上權租賃投資組合。我們也持續看到開發與 DFP 平台的活動增加。第一季我們啟動 4 個新的開發或開發商資金提供（developer funding）專案，預計總成本約 2,400 萬美元。

Construction continued on 14 projects during the quarter with aggregate anticipated cost of approximately $80 million.

本季共有 14 個專案持續施工中，合計預計成本約 8,000 萬美元。

We also completed six projects during the quarter, representing a total investment of approximately $27 million. These projects are with several leading retail partners, including TJX Companies, Burlington, 7-Eleven, Boot Barn, Starbucks, Gerber Collision and Sunbelt Rentals. Our development in DFP pipeline continue to grow with several upcoming starts we announced in the near future.

本季我們也完成 6 個專案，總投資約 2,700 萬美元。這些專案合作夥伴包括多家領先零售商：TJX Companies、Burlington、7-Eleven、Boot Barn、Starbucks、Gerber Collision 與 Sunbelt Rentals。我們的開發與 DFP 管線持續成長，未來近期將有數個即將開工的案子，我們也將對外公布。

Our asset management team continues to proactively address upcoming lease maturities. We executed new leases, extensions or options on over 584,000 square feet of gross level area during the first quarter. This included a Walmart supercenter in Rancho Cordova, and Home Depot in Farmington, New Mexico and 16 geographically diverse AutoZone leases comprised of 100,000 square feet.

我們的資產管理團隊持續主動因應即將到期的租約。第一季我們就超過 584,000 平方英尺的總可出租面積（GLA）簽訂新租約、展延或行使選擇權。其中包括位於 Rancho Cordova 的 Walmart 超級中心、位於新墨西哥州 Farmington 的 Home Depot，以及 16 份地理分布多元的 AutoZone 租約，合計 100,000 平方英尺。

We remain well positioned for the remainder of the year with only 30 leases or 90 basis points of annualized base rents maturing. Quarter-over-quarter, our pharmacy and dollar store 20 and 30 basis points, respectively. We have been clear that our exposure to both of these categories peaked within our portfolio before their challenges have become newsworthy.

今年剩餘期間，我們仍處於有利位置，因為僅有30份租約（或年化基本租金的90個基點）到期。按季比較，我們的藥局與一元商店曝險分別下降20個基點與30個基點。我們已明確表示，在這兩個類別的挑戰成為新聞焦點之前，我們在投資組合中對它們的曝險就已達到高峰。

As of quarter end, our best-in-class portfolio comprised 2,422 properties spanning all 50 states. The portfolio includes 231 ground leases comprising nearly 11% of annualized base rents. Our investment-grade exposure stood at 68.3% and occupancy remained solid at 99.2%.

截至季末，我們同級最佳的投資組合包含2,422處物業，遍及全美50州。投資組合包含231筆地面租賃（ground leases），約占年化基本租金的近11%。我們的投資級曝險為68.3%，出租率仍維持穩健在99.2%。

This number represents a temporary dip as we continue to resolve the former remaining big lots in our portfolio. Our second former big lot in Cedar Park, Texas was successfully released to Aldi at a net effective rental lift of nearly 50% during the quarter, while an additional store was acquired during the bankruptcy process for a variety of wholesalers.

這個數字代表一個暫時性的下滑，因為我們仍在持續處理投資組合中剩餘的前Big Lots據點。本季，我們在德州Cedar Park的第二個前Big Lots據點已成功重新出租給Aldi，淨有效租金提升近50%；同時，在破產程序期間，我們也為多家批發商收購了另一家門市。

Rent has already commenced on both of these locations. We anticipate further announcements on next call about the remaining big lots in our portfolio.

這兩個據點都已開始計收租金。我們預期在下一次電話會議上，將就投資組合中剩餘的Big Lots據點發布進一步公告。

With that said, I'll hand the call over to Peter to discuss our financial results for the quarter.

話說到這裡，我把電話交給Peter，請他說明本季的財務結果。

Thank you, Joey. Starting with the balance sheet. We remained active in the capital markets during the first quarter, raising approximately $181 million of forward equity via our ATM program. We also settled 2.7 million shares of forward equity for net proceeds of approximately $183 million. Additionally, we established our inaugural $625 million commercial paper program during the quarter.

謝謝你，Joey。先從資產負債表開始。第一季我們在資本市場持續積極運作，透過ATM計畫募集約1.81億美元的遠期股權（forward equity）。我們也交割了270萬股遠期股權，淨募得約1.83億美元。此外，我們在本季建立了首個6.25億美元的商業本票（commercial paper）計畫。

The program allows us to tap into another pool of short-term capital and further diversifies our balance sheet. We anticipate that we will be able to efficiently fund our short-term capital needs on the program at rates that are substantially lower than our revolving credit facility today.

該計畫讓我們能動用另一個短期資金來源，並進一步分散資產負債表的資金來源。我們預期可透過該計畫，以顯著低於目前循環信貸額度（revolving credit facility）的利率，有效率地滿足短期資金需求。

Since the end of last quarter, we have taken further steps to hedge against interest rate volatility by entering into $125 million of forward starting swaps. In total, we now have $325 million of forward starting swaps, effectively fixing the base rate for a contemplated 10-year unsecured debt issuance at roughly 3.9%.

自上季末以來，我們透過簽訂1.25億美元的遠期起始利率交換（forward starting swaps），進一步對沖利率波動。合計而言，我們目前共有3.25億美元的遠期起始利率交換，等同於將一筆規劃中的10年期無擔保債發行之基準利率有效鎖定在約3.9%。

Combined with approximately $920 million of outstanding forward equity, we have over $1.2 billion of hedge capital, which provides critical visibility into our intermediate cost of capital particularly during this uncertain period. At quarter end, we had liquidity of approximately $1.9 billion including the aforementioned forward equity and availability on our revolving credit facility.

再加上約9.20億美元未交割的遠期股權，我們合計擁有超過12億美元的對沖資本，這在當前不確定期間，為我們的中期資金成本提供關鍵能見度。截至季末，我們的流動性約19億美元，包含前述遠期股權以及循環信貸額度的可用額度。

Pro forma for the settlement of all outstanding forward equity our net debt to recurring EBITDA was approximately 3.4 times. Excluding the impact of unsettled forward equity, our net debt to recurring EBITDA was 4.9 times. Our total debt to enterprise value was under 26% and our fixed charge coverage ratio, which includes the preferred dividend, remains very healthy at 4.3 times. Our only free rate exposure was comprised of amounts outstanding on the revolver at quarter end. And as Joey mentioned, we continue to have no material debt maturities until 2028.

若以所有未交割遠期股權完成交割後的備考（pro forma）計算，我們的淨負債對經常性EBITDA約為3.4倍。若排除未交割遠期股權的影響，我們的淨負債對經常性EBITDA為4.9倍。我們的總負債對企業價值低於26%，固定費用保障倍數（包含特別股股利）仍非常健康，為4.3倍。我們唯一的浮動利率曝險為季末循環信貸的未償餘額。且如Joey所提，我們在2028年之前仍沒有任何重大到期債務。

Our balance sheet is extremely well positioned to execute on our accelerating investment activity across all three external growth platforms.

我們的資產負債表已處於極佳狀態，足以在三大外部成長平台上執行加速的投資活動。

Moving to earnings. Core FFO per share was $1.04 for the first quarter, which represents a 3.1% increase compared to the first quarter of last year. AFFO per share was $1.06 for the quarter, representing a 3% year-over-year increase. As Joey highlighted, we have updated our full year 2025 outlook to reflect our strong start to the year.

接著談獲利。第一季每股核心FFO為1.04美元，較去年第一季成長3.1%。本季每股AFFO為1.06美元，年增3%。如Joey所強調，我們已更新2025全年展望，以反映今年強勁的開局。

We raised the low end of our full year AFFO per share guidance to a new range of $4.27 to $4.30, which implies year-over-year growth of more than 3.5% at the midpoint. We provide parameters on several other inputs in our earnings release, including investment and disposition volume, general and administrative expenses, nonreimbursable real estate expenses as well as income tax and other tax expenses.

我們將全年每股AFFO指引下緣上調至新的區間4.27至4.30美元，以中位數計算，意味年增超過3.5%。我們在財報新聞稿中也提供其他多項假設參數，包括投資與處分量、一般及行政費用、不可報銷的不動產費用，以及所得稅與其他稅費。

In addition to those inputs, our earnings guidance for 2025 includes anticipated treasury stock method dilution related to our outstanding forward equity. As a reminder, if ADC stock trades above the net price of our outstanding forward equity offerings, the dilutive impact of unsettled shares must be included in our share count in accordance with the treasury stock method.

除上述項目外，我們2025年的獲利指引亦納入與未交割遠期股權相關、依庫藏股法（treasury stock method）計算的預期稀釋。提醒一下，若ADC股價高於我們未交割遠期股權發行的淨價格，則依庫藏股法規定，未交割股份的稀釋影響必須計入股數。

Provided that our stock continues to trade near current levels, we anticipate that treasury stock method dilution will have an impact of roughly $0.02 on full year 2025 AFFO per share. That said, the impact could be higher if our stock moves materially above current levels or if we were to issue additional forward equity.

在我們股價持續接近目前水準的前提下，我們預期庫藏股法稀釋對2025全年每股AFFO的影響約為0.02美元。不過，若股價大幅高於目前水準，或我們額外發行遠期股權，影響可能更高。

Our growing and well-covered dividend continues to be supported by our consistent and durable earnings growth. During the first quarter, we declared monthly cash dividends of $0.253 per common share for January, February and March.

我們持續成長且覆蓋充足的股利，仍由我們一貫且具韌性的獲利成長所支撐。第一季，我們宣告1月、2月與3月每股普通股每月現金股利0.253美元。

The monthly dividend equates to an annualized dividend of almost $3.04 per share and referenced a 2.4% year-over-year increase. Our dividend is very well covered with a payout ratio of 72% of AFFO per share for the first quarter. We anticipate having almost $120 million in free cash flow after the dividend this year, up approximately 15% from last year.

該月配息換算年化股利接近每股3.04美元，並代表年增2.4%。我們的股利覆蓋度非常充足，第一季每股AFFO的配息率為72%。我們預期今年在股利發放後仍將有近1.20億美元的自由現金流，較去年增加約15%。

We view this as another source of cost-efficient capital while maintaining a robust and growing dividend. Subsequent to quarter end, we announced an increased monthly cash dividend of $0.256 per common share for April. The monthly dividend equates to an annualized dividend of over $3.07 per share and also represents a 2.4% year-over-year increase.

我們將其視為另一個具成本效率的資本來源，同時維持穩健且成長中的股利。在季末之後，我們宣布4月每股普通股每月現金股利提高至0.256美元。該月配息換算年化股利超過每股3.07美元，同樣代表年增2.4%。

With that, I'd like to turn the call back over to Joey.

接下來，我把電話交回給Joey。

Thank you, Peter.

謝謝你，Peter。

Operator at this time, let's open it up for questions.

接線員，現在請開放提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。各位女士、先生，我們現在開始問答環節。（接線員指示）

Ki Bin Kim at Truist.

Truist的Ki Bin Kim。

Thank you. Good morning. So Joey, you guys raised investment guidance by $200 million. You guys also mentioned the treasury stock dilution method. Were there other detracting items? Because I would have thought you guys raising that much of your investment guidance that the AFFO guidance would have been more than $0.5. Thank you.

謝謝。早安。所以Joey，你們把投資指引上調了2億美元。你們也提到了庫藏股法稀釋。還有其他拖累項目嗎？因為我原本以為你們把投資指引提高這麼多，AFFO指引上調幅度應該會超過0.5。謝謝。

Hey, good morning, Ki Bin. No other detractors. Obviously, we've included, as Peter mentioned in the prepared remarks, approximately $0.02 of treasury method, anticipated treasury method dilution that's already hit the P&L but also throughout the year. Obviously, we can't predict the stock price on a daily or for an annual basis here.

嗨，早安，Ki Bin。沒有其他拖累因素。很明顯地，我們已如Peter在事先準備的講稿中提到，納入約0.02美元的庫藏股法稀釋預期；這部分已反映在損益表上，也會在全年持續反映。當然，我們無法預測每日或全年股價走勢。

But we've been conservative we think and appropriately included that treasury method dilution as it incurs and what's incurred today. Peter can talk about any other puts and takes in there, but that's really the only offset to the investment increase.

但我們認為自己已採取保守且適當的作法，把庫藏股法稀釋在其發生時、以及截至目前已發生的部分納入。Peter可以補充其中其他增減因素，但這確實是投資增加的唯一抵銷項目。

Ki Bin, yeah, this is Peter. In terms of other puts and takes, there's to Joey's point, really no other offsets. If you think about the incremental $200 million of investment spend this year subject to timing of that investment spend and spread, we think that should translate to about $1 million or so of incremental earnings or about $0.01. Obviously, at the low end of our guidance range, we took up the range by $0.01. We didn't touch the top end.

Ki Bin，是的，我是 Peter。就其他的增減因素而言，呼應 Joey 的觀點，確實沒有其他抵銷項。如果你考慮今年額外增加的 2 億美元投資支出（取決於該投資支出的時點與攤提/分攤），我們認為這應可轉化為約 100 萬美元左右的增量盈餘，或約 0.01 美元。很明顯地，在我們指引區間的低端，我們把區間上調了 0.01 美元；但我們沒有動到高端。

That's really a reflection of the fact that we do anticipate treasury stock method dilution will be closer to that $0.02 rather than $0.01 to $0.02 given where we're trading currently. And obviously, that remains subject to where we trade for the remainder of the year and any other capital markets activity throughout the year as well.

這主要反映出我們確實預期庫藏股法（treasury stock method）的稀釋會更接近 0.02 美元，而不是 0.01 至 0.02 美元之間，考量到我們目前的交易價位。當然，這仍取決於我們在今年剩餘時間的股價表現，以及全年任何其他資本市場活動。

And I guess it's a high-class problem that your stock price goes higher and create treasury stock dilution. But when does the kind of calculate start to work out so that we can start to get to a plus like 4% type of AFFO per share growth rate or more from Agree?

我想這算是個「高級的煩惱」：股價上漲反而造成庫藏股稀釋。但大概什麼時候這個計算會開始變得有利，讓我們能看到像是每股 AFFO 成長率 +4% 或更高、由 Agree 帶動的成長？

Well, I think in the near term, obviously, subject to macroeconomic conditions, which are outside of control, this business is built for that. And so we made the decision to pre-equitize the balance sheet, put hedges in position in terms of the swaps this year in anticipation of increased volatility, but we think that algorithm kicks in there outside of just balance sheet protection and treasury method dilution.

我認為短期內，當然仍取決於我們無法控制的總體經濟環境；但這個業務模式就是為此而打造的。因此我們決定先行以股權強化資產負債表（pre-equitize），並在今年就 swap 方面建立避險部位，以因應波動加劇；但我們認為這套「演算法/機制」的效果不僅是資產負債表保護與庫藏股法稀釋而已。

Okay, thank you.

好的，謝謝。

Thanks, Kin Bin.

謝謝你，Kin Bin。

Smedes Rose, Citi.

Citi 的 Smedes Rose。

Hi, good morning, I just wanted to ask you a little bit about some of your tenant exposure. It looks like grocery exposure went up by about 90 basis points. And within that, your name tenants Krogers was up. And I was just wondering, is that any specific change in your strategy around groceries? Or is that more just sort of a one-off opportunity that you found during the quarter?

嗨，早安。我想稍微問一下你們的一些承租戶曝險。看起來雜貨（grocery）曝險提高了大約 90 個基點。而在其中，你們的主要承租戶 Kroger 的占比也上升了。我想請問，這是否代表你們在雜貨類別上的策略有任何特定調整？還是說這比較像是本季剛好遇到的一次性機會？

Good morning Smedes. That was a one-off opportunity predominantly in the quarter. I also mentioned the Acme in Bronxville, New York who we acquired as well. We'll continue to find dominant grocers across the country. There's a number in the pipeline already for the second quarter. We continue to believe that dominated grocers we'll gain share here.

早安，Smedes。這主要是本季的一次性機會。我也提到我們同時收購了位於紐約 Bronxville 的 Acme。我們會持續在全國尋找具主導地位的雜貨商。第二季的管線裡已經有好幾個案子。我們仍然相信，具主導地位的雜貨商將在這裡取得更多市占。

Given the macro, obviously, but also just the challenges is for small grocers to operate in a 2% margin business, ex tariffs and all the other noise out there.

考量到總體環境當然是一部分，但也因為小型雜貨商在一個 2% 利潤率的生意中很難經營（不含關稅以及其他外部雜音）。

Okay. And then just maybe just touching on tariffs. Given your tenant exposure, is there anyone that you are particularly maybe concerned about or watching more carefully, particularly given the higher tariffs with China specifically, which I realize is kind of a moving a very fluid situation, but what's on your radar?

了解。那再稍微談一下關稅。以你們的承租戶曝險來看，有沒有哪一些你們特別擔心、或會更密切觀察的對象？尤其是針對中國的較高關稅——我知道這是個變動很快、非常動態的情況——但你們雷達上目前有哪些重點？

I appreciate you acknowledging the moving and fluid situation. It seems to be day. I'll be honest, there really is nobody that we're overly concerned with tariff inputs in the portfolio today. Now all retailers, subject to carve-outs and exclusives, obviously electronics carve out for the Truth Social Post or whatever it was last week, alleviated concerns for computers and televisions. Now that could all obviously change but we think this portfolio is in a tremendous position to continue to benefit from the trade-down effect.

謝謝你也提到這是個變動且動態的情況。看起來幾乎每天都在變。老實說，就目前投資組合而言，沒有任何一家因關稅投入成本而讓我們特別擔心的承租戶。當然，所有零售商都會受到影響（視各種豁免與排除條款而定）；例如上週那則 Truth Social 的貼文或不管是什麼，提到電子產品的排除，確實緩解了對電腦與電視的疑慮。當然這些都可能改變，但我們認為這個投資組合處於極佳位置，能持續受惠於「消費降級」（trade-down）效應。

As you mentioned, grocery, obviously, with economic conditions where they are, people will stop eating out. Auto parts, you've seen that accelerate in our portfolio. Obviously, new cars will be impacted significantly by tariffs. The average new cars in this country is already approximately $45,000. That's pre-tariff. Tire and auto service, another category we highlighted during the prepared remarks, off-price retail, where one of TJX in Burlington's largest landlord, we continue to think build-in from any tariff implication.

如你所提到的，雜貨方面，在目前的經濟狀況下，人們會減少外食。汽車零件方面，你已經看到在我們的投資組合中加速成長。顯然，新車會受到關稅顯著影響。這個國家新車平均價格已約 45,000 美元。那還是關稅前。輪胎與汽車保養服務，是我們在事先準備的講稿中強調的另一個類別；折扣零售（off-price retail）方面，我們是 TJX 與 Burlington 最大的房東之一，我們仍認為可從任何關稅影響中受益。

So we think this portfolio, as I mentioned in the prepared remarks, was built to be recession resistant. We haven't heard of hit a traditional recession since 2010 upon its inception but approved to be pandemic resistance, and we're resistant and we're very confident it will be ultimately whatever way, shape and form tariffs pan out we'll be tariff resistant as well.

因此我們認為，正如我在事先準備的講稿中所說，這個投資組合的打造初衷就是具備抗衰退能力。自 2010 年成立以來，我們還沒有經歷過傳統意義上的衰退，但已證明具備抗疫情能力；我們也具備韌性，並且非常有信心——無論關稅最後以何種方式落地——我們也將具備抗關稅能力。

Okay, thank you. I appreciate it.

好的，謝謝。感謝你的說明。

Thanks, Smedes .

謝謝，Smedes。

RJ Milligan, Raymond James

Raymond James 的 RJ Milligan

Hey, good morning guys. Joey, I was wondering, as you are having conversations with your development partners, what's their current appetite for opening new stores? Has there been a pause? Just trying to get a broader market read there?

嗨，各位早安。Joey，我想問，當你們與開發合作夥伴對談時，他們目前對開新店的意願如何？有沒有出現暫停的情況？我想更廣泛地了解一下市場狀況。

Yeah, good morning, RJ. We have not seen any pause to date, albeit this is a volatile and fast-moving environment. The team was with a number of retailers this week and will be again with two or three in the upcoming couple of days here. We haven't seen a pause. We've actually seen announcements. Sam's Club has announced that they're opening net new stores.

是的，早安，RJ。截至目前我們沒有看到任何暫停，儘管這是一個波動且快速變化的環境。團隊本週與多家零售商會面，接下來幾天也還會再與兩到三家會面。我們沒有看到暫停。事實上，我們還看到一些公告。Sam's Club 已宣布將開設淨新增門市。

Kroger's made announcements in terms of remodels and net new stores in the past two weeks as well. And so we have not seen that pause. We haven't had any deals, frankly, tabled or put on hold either yet. But obviously, again, this is a fluid situation, which is out of our control.

Kroger 在過去兩週也發布了關於店面翻新與淨新增門市的公告。因此我們沒有看到暫停。坦白說，我們也還沒有任何交易被擱置或暫緩。但當然，如前所述，這是一個我們無法控制的動態情況。

But again, I think when you have a discount-oriented necessity-based tenant roster, those tenants today, I don't think are overly scared by tenant tariffs. I think a lot of them see this as an opportunity. As I mentioned in the prepared remarks, the big are getting bigger. And this is what we've effectively built this portfolio and constructed around to invest in price, they have to invest in labor and invest in omnichannel fulfillment and tariffs will require retailers to effectively invest in price unless they're going to ask that entire tariff on to the end consumer.

不過我認為，當你擁有一個以折扣導向、必需品為主的承租戶名單時，這些承租戶今天並不會因關稅而過度恐慌。我想他們很多人把這視為機會。正如我在事先準備的講稿中提到的，大者恆大。而這正是我們打造並建構這個投資組合的核心：他們必須投資於價格、投資於人力、投資於全通路履約（omnichannel fulfillment）；而關稅將迫使零售商實質上必須在價格上投入，除非他們打算把全部關稅成本轉嫁給終端消費者。

That's helpful. And I wanted to move over from a portfolio standpoint, is there any tenants out there. Obviously, this is not really tariff related where you're just keeping a watch on them and saying ex the tariffs, there might be some fundamental issue?

這很有幫助。我想從投資組合角度再問一下，有沒有任何承租戶——當然這不太算關稅相關——是你們正在密切觀察的，覺得即使不談關稅，也可能存在一些基本面問題？

No, no new entrants into that. Obviously, one of the three movie theaters total in the portfolio, we continue to watch. We have been proactive in reducing, as I mentioned in the prepared remarks, dollar store and pharmacy exposure in 2023. That was prior to the headlines in 2024. And so there are really no changes to our watch list here.

沒有，沒有新增需要納入的對象。當然，投資組合裡總共只有三家電影院中的其中一家，我們仍持續觀察。如我在事先準備的講稿中提到的，我們在 2023 年就已主動降低一元店（dollar store）與藥局的曝險。那是在 2024 年相關新聞標題出現之前。因此，我們的觀察名單基本上沒有變化。

Just one last follow-up. In terms of cap rates, where do you think we end the year in terms of Agree's acquisition cap rates? Is it going to be higher or lower? And sort of how do you think about the inputs there?

最後再追問一題。就資本化率（cap rates）而言，你認為今年 Agree 的收購資本化率年底會落在什麼水準？會更高還是更低？你們如何看待其中的影響因素？

RJ to be frank, I have no idea. The volatility in the 10-year treasury, which has been historically, obviously, the base rate for the world, the fear greed spectrum continues to vacillate. Obviously, we're on the fee side. We are just starting effective Monday, building our Q3 pipeline, just given our 66, 67 days letter of intent to close. I think this is going to be a volatile world.

RJ 坦白說，我完全不知道。10 年期美國公債的波動——歷史上顯然一直是全球的基準利率——在恐懼與貪婪的光譜上持續擺盪。很明顯地，我們是在收費端。我們從週一開始著手建立第三季的案源管線，主要是考量到我們的意向書到成交大約需要 66、67 天。我認為這將是一個波動的世界。

I think it's going to change. I think the volatility doesn't effectively move cap rates as a secondary impact. I think the volatility that we were frankly accustomed to, all of us are accustomed to inclusive of real estate owners or when you have 10%, 15% swings in the 10-year treasury. These used to be aberrations. They seem to happen on a monthly basis now, if not a daily basis with 3%, 5% swings.

我認為情況會改變。我認為這種波動並不會以次要影響的方式有效地推動資本化率（cap rates）。我認為我們過去坦白說已經習慣的波動——我們所有人都習慣了，包括不動產持有人——當 10 年期公債出現 10%、15% 的擺動時。這些過去算是異常現象。但現在似乎每個月都會發生，甚至不是每天都有 3%、5% 的擺動。

And so none of this volatility effectively moved cap rates. Ultimately, I believe that owners of real estate and perhaps those that have secured interest in real estate ultimately make a disposition or investment decisions based upon the fear greed spectrum. And so the 10-year going sub-4 or the 10-year piercing five can move cap rates. But with the 10-year moving between 4, 2 and 4, 6 I'm just using a band here, I don't think that ultimately moves cap rates in any material way just because of the, frankly, people being accustomed to that volatility.

因此，這些波動並沒有有效地推動資本化率。最終，我相信不動產所有人，以及可能已取得不動產權益的人，最終做出處分或投資決策，是基於恐懼與貪婪的光譜。因此，10 年期利率跌破 4% 或是突破 5%，可能會帶動資本化率變動。但若 10 年期利率在 4.2 到 4.6 之間波動——我只是用一個區間來說——我不認為這會在任何實質層面上推動資本化率，坦白說，因為大家已經習慣了這種波動。

Great, that's it for me. Thanks guys.

很好，我這邊就到這裡。謝謝各位。

Thanks RJ.

謝謝 RJ。

Michael Goldsmith at UBS.

UBS 的 Michael Goldsmith。

Good morning. Thanks a lot for taking my question. Maybe a similar question that was just asked but from a different angle. Have you seen any changes in the transaction market post the April 2 tariff out. Maybe not directly from the tariff, but just from the overall uncertainty. You sort of touched on the cap rate environment, but are you seeing any changes in competition? Or any deals pulled just given the uncertainty?

早安。非常感謝讓我提問。也許是剛剛類似的問題，但從不同角度切入。4 月 2 日關稅公布後，你們是否看到交易市場有任何變化？也許不是關稅直接造成，而是整體不確定性所致。你們稍早提到資本化率環境，但在競爭方面是否看到任何變化？或是因為不確定性而有任何交易被撤回？

No deals pulled. Competition remains extremely limited. Obviously, the 1031 buyer has effectively been cut over half just due to commercial real estate transactional volume being down by half, the lap of liquidity and investment markets. Just frankly, the -- sorry, the lending markets. We see very limited competition. The analogy I did during the fourth quarter of a door versus a window, we see a door here.

沒有交易被撤回。競爭仍然非常有限。很明顯地，1031 買方實際上已經減少超過一半，主要是因為商用不動產交易量下滑一半、流動性與投資市場的缺口。坦白說，就是——抱歉，是放貸市場。我們看到的競爭非常有限。我在第四季用「門」與「窗」做過比喻；我們現在看到的是一扇門。

In our balance sheet, our cost of capital, as I mentioned, as well as our portfolio and the tremendous team here we have is going to take advantage of that opportunity. And so we took advantage of the opportunity during the GFC.

以我們的資產負債表、資金成本（我先前提到過），以及我們的投資組合和這裡優秀的團隊，將會把握這個機會。因此我們在全球金融危機（GFC）期間就把握了機會。

We took advantage of the opportunity during COVID, obviously, when we doubled the size of the company, we see a light-kind opportunity potentially on the horizon, obviously, subject to the next TruthSocial post here and changes in the macro. But with limited competition across all three investment platforms and with our core strength here, this is a tremendous opportunity for our company to continue to grow this portfolio in an accretive manner and solidify it as the preeminent net lease portfolio in the country.

我們在 COVID 期間也把握了機會，顯然當時我們把公司規模擴大了一倍；我們看到地平線上可能出現一個類似的機會，當然仍取決於接下來 TruthSocial 的貼文以及總體環境的變化。但在三個投資平台的競爭都有限、加上我們的核心優勢之下，這對公司而言是個極佳的機會，能以具增益（accretive）的方式持續擴大投資組合，並鞏固其作為全美首屈一指的淨租賃（net lease）投資組合。

Thanks for that. And as a follow-up, on slide 22 of your presentation, you highlight what you're investing in and what you're not and you call out the avoidance of private equity sponsorship. Just given where we are in the cycle and the uncertainty, what's been your experience with private equity sponsorship at this point in the cycle? Just get them some of that uncertainty. Thanks.

謝謝你的說明。追問一下，在你們簡報第 22 頁，你們強調你們投資什麼、不投資什麼，並特別提到避免私募股權（private equity）贊助。考量目前週期位置與不確定性，在這個週期階段，你們與私募股權贊助方合作的經驗如何？主要是因為其中一些不確定性。謝謝。

Ultimately, and this isn't for this part of the cycle, we seek to work and partner with retailers that have a long-term perspective on the operations of their business. So special dividends, levering up the balance sheet, OpCo, PropCo structures, sale leasebacks to improve liquidity and frankly, in order to special dividend it out probably those just aren't things that we believe work in a 21st century omnichannel world, which is hypercompetitive.

最終，而且這不只針對這個週期階段，我們希望與對其營運具有長期視角的零售商合作並建立夥伴關係。因此，特別股利、提高槓桿的資產負債表、OpCo/PropCo 架構、透過售後回租（sale leasebacks）改善流動性，坦白說，為了把資金以特別股利方式分配出去——我們認為這些做法在 21 世紀高度競爭的全通路（omnichannel）世界裡並不奏效。

And so we'll continue to focus on our sandbox is the 30, 35 biggest and best retailers in this country rated or unrated. And if you sub-investment grade rate retailers that are selling essential goods and services that have long-term sponsorship and ownership. And frankly, private equity doesn't match that duration for us.

因此我們會持續聚焦在我們的「沙盒」：也就是全美規模最大、品質最好的 30 到 35 家零售商，不論有無評級。以及若是次投資級（sub-investment grade）的零售商，則必須是販售民生必需品與服務、且具長期贊助與所有權結構的業者。坦白說，私募股權的持有期間與我們所需要的期限並不匹配。

Thank you very much. Good luck in the second quarter. Appreciate it.

非常感謝。祝第二季順利。感謝。

Linda Tsai, Jefferies.

Jefferies 的 Linda Tsai。

Hi. The temporary occupancy dip from big loss. Would that be resolved by year-end?

嗨。因 Big Lots 流失造成的暫時性入住率下滑。這會在年底前解決嗎？

Yeah. I would anticipate that would be resolved much sooner than year-end, most likely by the end of the second quarter. And so we've resolved a number of them the off-price retailer in Manassas, Virginia was the first one where we have a net effective lift, Peter to jump over 150%.

會。我預期會比年底更早解決，很可能在第二季末之前。因此我們已經解決了其中幾個；維吉尼亞州馬納薩斯（Manassas）的那家折扣零售商是第一個，我們的淨有效提升（net effective lift）超過 150%，Peter。

Net effective lift of over 150%. Cedar Park, Texas is released with a net effective rent lift of approximately 50% to a large German-based grocer. And then Fuqua Barina was acquired in the bankruptcy by variety wholesalers, and we're working through those others to have optimal solutions here, but we think they will be favorable and not a concern.

淨有效提升超過 150%。德州 Cedar Park 已重新出租給一家大型德國背景的雜貨商，淨有效租金提升約 50%。另外 Fuqua Barina 在破產程序中被 Variety Wholesalers 收購；我們正在處理其他案子以取得最佳解決方案，但我們認為結果會是正面的，不會構成疑慮。

And then for the 50% to 150% rent uplift, is there CapEx involved.

那麼，50% 到 150% 的租金上調，是否涉及資本支出（CapEx）？

That's a net effective basis, not same-store NOI. So the lease that we purchased in bankruptcy, we purchased for a couple of hundred thousand dollars, and that was the only truly expense on that. It was an as-is basis. Same with the grocery in Cedar Park, Texas with that approximately 50% net effective rent lift and then the variety wholesalers dealer they came current, and so that's just the same rent as big lots was paying prior. And so we continue to work on leasing a number of these assets and have letters of intent in hand from large national retailers predominantly.

那是以淨有效（net effective）基礎計算，不是同店 NOI。我們在破產中買下的那份租約，我們只花了幾十萬美元購買，那就是唯一真正的成本。是以現況（as-is）基礎。德州 Cedar Park 的雜貨店也是如此，淨有效租金提升約 50%；而 Variety Wholesalers 那個承租方已補齊欠款，因此租金就是 Big Lots 先前支付的同一水準。我們也持續推進多個資產的出租作業，手上已有多家大型全國性零售商的意向書（LOI），為主。

That's our focus there, our first order of business and we hope to further expand upon on the Q2.

這是我們目前的重點，也是我們的首要任務；我們希望在第二季能進一步擴展說明。

And then the comment about drug and dollar stores peaking in our portfolio became -- before it became newsworthy what were you looking at direct to recognize this trend? Was it shift in traffic or rent coverage?

另外，你提到我們投資組合中的藥局與一元店在達到高峰後——在它成為新聞話題之前——你們是觀察到哪些直接指標而辨識出這個趨勢？是人流的變化，還是租金覆蓋率（rent coverage）？

Different perspectives on each sector pharmacy. We've been pretty adamant about our Walgreens exposure. We were pretty adamant about Rite Aid's future, that bankruptcy and liquidation will occur any day, most likely now.

每個子產業的觀點不同，先談藥局。我們一直非常堅定地看待我們的 Walgreens 曝險。我們也一直非常堅定地認為 Rite Aid 的未來是破產與清算，可能隨時發生，很可能就是現在。

Obviously, that's been a theme through the past 15 years of our history in terms of Walgreens depositions going from over 40% to sub-1%. Most importantly, as we talked about another call, 13,000 to 14,000 square foot boxes with approximately 11,000 square feet of front-end space paying $20 to $30 per square foot that is really isn't relevant in today's world isn't something that we're overly attracted to.

很明顯地，這一直是我們過去 15 年歷史中的主題之一：Walgreens 的處分占比從超過 40% 降到低於 1%。最重要的是，正如我們在另一通電話中談到的，面積 13,000 到 14,000 平方英尺的盒子店，其中約 11,000 平方英尺是前場空間，租金每平方英尺 20 到 30 美元——在今天的世界其實已不再適用，也不是我們特別有興趣的標的。

That said, we'll continue to work on unique pharmacy opportunities where we think the basis is rental basis is appropriate or high store sales or barriers to entry. I'd remind everyone, our largest two pharmacy exposures in terms of asset size, our Greenwich, Connecticut, and Greenwich avenue, the CVS and the Walgreens on the corner of the Diag, the best piece of real estate and the University of Michigan.

話雖如此，我們仍會持續尋找獨特的藥局投資機會，在我們認為以租金基礎（rental basis）定價合理、或門店銷售額高、或具備進入門檻的情況下進行投資。我也提醒大家，就資產規模而言，我們最大的兩筆藥局曝險是位於康乃狄克州格林威治（Greenwich, Connecticut）與格林威治大道（Greenwich Avenue）的資產，也就是密西根大學旁、位於 Diag 轉角的 CVS 與 Walgreens——那是最好的不動產地段。

And so the pharmacy space, we've obviously made a considered effort to reduce. Dollar stores, we just saw them being overbuilt, frankly. We took advantage in the 2023 of merchant developers that were stressed and took some of those properties out. We've never engaged in a sale leaseback with a dollar store operator, very different themes running through Dollar General and Dollar Tree Family Dollar, but we saw the space is overbuilt.

因此，藥局這個領域我們顯然已經有意識地努力降低曝險。至於一元商店（Dollar stores），坦白說，我們看到它們被過度興建。我們在 2023 年把握了一些承受壓力的商業開發商所帶來的機會，將其中一些資產買下來。我們從未與一元商店營運商做過售後回租（sale leaseback）；Dollar General 與 Dollar Tree／Family Dollar 的經營主題很不一樣，但我們看到這個領域確實是過度興建。

But also we were having challenges getting our arms around the pricing in conjunction with the residual. And so you'll see, and I mentioned in the prepared remarks that they fell year-over-year quarter-over-quarter. They peaked in 2023, and we were pretty clear on the Q3 2023 call that would be the case.

此外，我們在結合殘值（residual）來掌握定價方面也遇到一些挑戰。因此你會看到——我在事先準備的講稿也提到——它們無論年比年、季比季都在下滑。它們在 2023 年達到高峰，而我們在 2023 年第三季的電話會議上也相當明確地說過會是這樣。

Thanks for that helpful context. Just one last one. The dozen team members you added, what departments were they located in? And has AI reduced the need to stock up in other areas?

謝謝你提供這些很有幫助的背景。最後再問一個。你們新增的那 12 位團隊成員分別在哪些部門？另外，AI 是否降低了你們在其他領域增員的需求？

Certainly. So to roll back the clock, 2024 obviously start with the do-nothing scenario effectively a hiring freeze we are more than caught up now. This is all built into our G&A forecast for the year that we've provided to The Street.

當然。如果把時間往回拉，2024 年一開始基本上是「什麼都不做」的情境，也就是實質上的凍結招募；而我們現在已經不只追上進度。這些都已納入我們今年提供給市場（The Street）的 G&A（一般及行政費用）預測之中。

Those team members is true across the entire organization, from HR to IT to acquisitions, construction, development, analysts, accounting, asset management, lease administration, we are built and poised for growth. Simultaneously, we have deployed effective in the last month a new AI module, which is eliminating legal costs significantly for us.

這些新增成員分布在整個組織各部門，從人資到 IT、到收購、營建、開發、分析師、會計、資產管理、租約管理（lease administration）；我們已建置完成並蓄勢待發以支持成長。同時，我們在過去一個月也有效部署了一個新的 AI 模組，正大幅降低我們的法律成本。

And we got an update actually yesterday from our General Counsel that we're very pleased with the results, continue to make some tweaks there. AI will continue to be deployed throughout this company. We have been utilizing AI for lease abstraction again, Peter referenced.

而我們其實昨天才從法務長（General Counsel）那邊收到更新，我們對成果非常滿意，並會持續做一些微調。AI 也會持續在公司各處推進部署。我們一直在使用 AI 進行租約摘要（lease abstraction），如同 Peter 先前提到的。

To 2022.

從 2022 年開始。

Dating back to 2022 when no one was talking about AI. We think there's significant opportunities, both within our underwriting as we launch the next iteration of ARC in 2026 to deploy AI. But also, I would tell you, significantly in overall transactional expense.

早在 2022 年、當時還沒有人在談 AI 的時候。我們認為有很大的機會，無論是在我們的承銷（underwriting）流程中——當我們在 2026 年推出 ARC 的下一個版本時——導入 AI。此外，我也會告訴你，在整體交易費用方面也有非常顯著的空間。

Thank you.

謝謝。

Thanks, Linda.

謝謝你，Linda。

John Kilichowski, Wells Fargo

John Kilichowski，富國銀行（Wells Fargo）

Thank you. Good morning, Joey, you touched on this briefly earlier, but how will tariffs that they stay on impact your go-forward strategy as it relates to investments? And if so, would you not expect tighter pricing on those assets?

謝謝。早安，Joey，你稍早有簡單提到，但如果關稅持續存在，會如何影響你們未來的投資策略？如果會的話，你是否預期這些資產的定價會更趨緊縮？

I don't think tariffs impact our go-forward strategy really at all. I don't think tariffs ultimately impact -- all retailers will be subject to various levels of tariffs if this continues to go down this route. And I think effectively, the biggest retailers, the country that sell necessity-based goods and services will benefit. And so you'll continue to see us invest in the Walmart and Home Depot and Lowe's and O'Reilly's AutoZone, the dominant tire and auto service operators, dominant C stores throughout the country, off-price retail. I think all of these sectors are effectively winners in a large tariff environment.

我不認為關稅會對我們未來策略造成任何實質影響。我也不認為關稅最終會造成——如果這條路繼續走下去，所有零售商都會在不同程度上受到關稅影響。而我認為，實際上，規模最大的零售商、以及提供必需型商品與服務的業者將會受益。因此你會繼續看到我們投資於 Walmart、Home Depot、Lowe's、O'Reilly、AutoZone、全美具主導地位的輪胎與汽車服務營運商、具主導地位的便利商店（C stores）、以及折扣零售（off-price retail）。我認為在高關稅環境下，這些產業基本上都是贏家。

There may be some short-term pain, but long term, they have the balance sheets, the market position to continue to thrive.

短期可能會有一些陣痛，但長期來看，他們具備資產負債表實力與市場地位，能持續茁壯。

Got it. And then in a similar vein, on the bad debt nonreimbursable side, is it just too early to change your outlook? Or do you feel very comfortable with conservatism already built in?

了解。那在類似的脈絡下，關於壞帳／不可報銷（nonreimbursable）那一塊，現在是不是還太早調整你們的展望？還是你們覺得目前已經把保守性充分納入？

I'll let Peter hit. I think it's pretty early to change the outlook. Obviously, that outlook incorporated the few big lots that we continue to work through. But I think it's frankly pretty early here in the middle of April.

我讓 Peter 來回答。我認為現在要改展望還太早。顯然，那個展望已經納入我們仍在處理的幾個大型 Big Lots 案件。但坦白說，現在才四月中旬，確實還太早。

Yeah, John, just to hit specifically on credit loss and our guidance for the year. Our 2025 earnings guidance, as I mentioned on the last call, includes an assumption for 50 basis points of credit loss. And that included an allowance for Big Lots as we've talked about on this call.

好的，John，我就針對信用損失以及我們今年的指引具體說明。我們 2025 年的盈餘指引，如同我在上次電話會議提到的，包含了 50 個基點的信用損失假設。而這也包含了我們在本次會議中談到的 Big Lots 的預留。

In Q1, we experienced roughly 30 basis points of credit loss and that compares to the 35 basis points roughly that we experienced in 2024. So based on what we have line of sight into today, we feel good about the credit loss guide embedded within our earnings guidance and how the portfolio is continuing to perform.

在第一季，我們的信用損失約為 30 個基點，對比 2024 年約 35 個基點。因此就我們目前可見的情況而言，我們對於盈餘指引中所內含的信用損失假設，以及投資組合持續表現的狀況，感到有信心。

And just to expound upon our 50 basis points of credit loss a little bit. That 50 basis points is a fully loaded number for any lease expirations where we are carrying vacancy taxes, insurance, maintenance of the building, any rejections in bankruptcy, again, where we are carrying any taxes, maintenance, any expenses that 50 basis points has no carve-outs, has no footnote, has nothing in there.

再稍微延伸說明一下我們的 50 個基點信用損失。這 50 個基點是「全包式」（fully loaded）的數字，涵蓋任何租約到期時我們需承擔的空置期間稅費、保險、維護成本；也涵蓋破產程序中被拒絕（rejections）的租約——同樣在我們承擔稅費、維護與任何費用的情況下。這 50 個基點沒有任何排除項（carve-outs）、沒有任何註腳，裡面什麼都沒有被排除。

That's a fully loaded 50 basis points that we put in there that is akin to our underwriting on the acquisition side, right? To truly understand the full economic impact and it provides the street transparency into that full economic impact.

這就是我們放進去的「全包式」50 個基點，概念上類似於我們在收購端做承銷時的做法，對吧？用來真正理解完整的經濟影響，也讓市場能清楚看到這個完整的經濟影響。

Just to confirm, the 40 bps of occupancy loss, would that have been included?

我確認一下，那 40 個基點的入住率（occupancy）損失，也會包含在裡面嗎？

Yes, that was -- it's specifically tied to the -- last and is included in that number.

是的，那是——它是特別與——最後那部分相關，並且已包含在那個數字裡。

Okay, perfect. Thank you.

好的，完美。謝謝。

Ronald Camden, Morgan Stanley.

Ronald Camden，摩根士丹利（Morgan Stanley）。

Hey, just two quick ones. Just going back to the development in the DFP platform. Any sort of early indications of how much construction costs could be going up? And how are you guys thinking about sort of your yield requirements for that channel?

嗨，兩個很快的問題。回到 DFP 平台的開發（development）。目前有沒有任何初步跡象顯示營建成本可能上升多少？以及你們如何思考這個管道的收益率（yield）要求？

Yeah, great question, Ron. We have done a preliminary and had third parties also do studies on tariff implications, obviously, a moving target. The tariffs would mostly affect obviously the hard costs call it, the vertical cost here. In terms of construction, we would anticipate a 2% to 5% on the high-end increase in tariffs.

是的，Ron，問得很好。我們已做過初步評估，也請第三方做了關稅影響的研究；當然這仍是個變動中的目標。關稅主要會影響所謂的硬成本（hard costs），也就是這裡的垂直建造成本（vertical cost）。就營建而言，我們預期關稅帶來的成本上升幅度，高端約在 2% 到 5%。

Obviously, those assumptions have to be broken out by country. Some of them are indirect in terms of input, right, input costs finished product here. We don't think there's any material moves in our construction costs for tariffs here. Again, these projects are effectively rectangle. And so we have our arms around them.

當然，這些假設必須按國家拆分。其中一些是間接影響，例如投入品（input）成本、以及這裡的成品成本。我們不認為關稅會讓我們的營建成本出現任何重大的變動。再說一次，這些專案基本上就是「長方形盒子」（rectangle）。所以我們是掌握得住的。

Your second question, sorry Ron?

你第二個問題是什麼，不好意思 Ron？

Yeah, sorry. Part two just I don't think we've hit on sort of the decisions yet. Just any sort of thought indication there would be helpful.

好的，不好意思。第二部分是，我覺得我們還沒談到相關決策的部分。如果能提供任何想法或方向性的指引會很有幫助。

It didn't change the guidance for this quarter. It didn't change our annual guidance. I don't think you'll see us change that annual guidance this year unless there's some sort of change, frankly. I think we have done a tremendous job leaning out assets that we didn't think were core in the portfolio over the last several years. That said, we'll look at opportunistic dispositions.

這並未改變本季的指引。也沒有改變我們的全年指引。坦白說，除非出現某種變化，否則我不認為你會看到我們今年調整那個全年指引。我認為過去幾年，我們在精簡投資組合中那些我們認為非核心的資產方面做得非常出色。話雖如此，我們也會評估機會型的處分。

We have inbounds all of the time. We'll continue to look for opportunities to prune the portfolio as we get feedback, either on the ground level or the corporate level or if we just think something is above market and the retenantability is limited.

我們一直都有主動找上門的詢問。我們會持續尋找修剪投資組合的機會，當我們從第一線或公司層面收到回饋，或是我們認為某些資產價格高於市場且再出租能力有限時。

So I don't see dispositions being a major contributor in terms of capital this year but we'll continue obviously to be active on that front, but I don't think it's not a priority as it was last year, when we were focused on recycling capital.

因此，我不認為今年資產處分會在資本面成為主要貢獻來源，但我們顯然會持續在這方面保持活躍；只是我認為它不會像去年那樣是優先事項，去年我們的重點在於資本回收再配置。

Helpful. Thank you.

很有幫助。謝謝。

Spenser Glimcher, Green Street.

Spenser Glimcher，Green Street。

Thank you. Just one for me. As you started working through your 2Q acquisition pipeline, have you guys observed any cap rate movements or changes spread in any particular retail segments?

謝謝。我這邊只有一個問題。當你們開始推進第二季的收購案源管線時，你們是否觀察到任何資本化率（cap rate）的變動，或特定零售細分領域的利差變化？

No, good morning, Spencer. Q2 is effectively built, right? Subject to diligence and closing, Q2 is effectively built just using that 65-day plus transaction time line on execution we're effectively to close, we're effectively through Q2.

沒有，早安，Spencer。第二季基本上已經建好（定案）了，對吧？在盡職調查與交割的前提下，依照我們65天以上的交易執行時間軸，第二季基本上已經定案；我們實際上已經走完第二季的流程了。

And if you look at the volatility in the 10-year treasury during that 65, 70-day sourcing period, obviously, the 10-year dropped, then it pulled back up. Having this hedge position in terms of both forward equity and the swap in place allows us to be frankly consistent. And so this is not -- we're not in a situation where we have to constantly be changing our targets in terms of yield hurdles.

而且如果你看在那65到70天的案源期間，10年期美國公債的波動，顯然10年期先下跌，之後又回升。我們在遠期股權與利率交換（swap）兩方面都建立了避險部位，讓我們坦白說能保持一致性。因此我們不會處於必須不斷調整目標、例如收益率門檻的狀況。

We'll see how Q3 now plays out. Again, that sourcing effectively starts on Monday or Friday of this week just given our traditional transaction time line. And then frankly I have no idea what the next again, what the next move from the administration will be where the 10-year treasury goes where our stock price goes, but the good news is we're locked and loaded and we'll come into with a running start here.

接下來就看第三季如何發展。同樣地，依照我們傳統的交易時間軸，案源開發基本上會從本週的週一或週五開始。坦白說，我也不知道接下來政府會有什麼動作、10年期公債會走到哪裡、我們股價會走到哪裡；但好消息是我們已經準備就緒、火力全開，會以加速起跑的姿態進入下一階段。

Okay, I understood you have the pricing power, I guess, and you don't have to be volatile, as you mentioned in terms of your cost of capital. But if you observe anything in terms of tenant ask or where kind of pricing expectations were on the other side of the bidding?

好的，我理解你們有定價能力，也就是如你所說，在資金成本方面不需要那麼波動。但你們有沒有觀察到承租方的要價，或是在競標另一端的定價預期有任何變化？

Not really. I think the only thing we noticed is some of the larger institutions would like to play in the space given the dislocation in the debt markets could be out for a little while here. As spreads widen or the 10-year treasury yield spiked. But again, I forewarn everyone the number one sale-leaseback is a minority of what we do. We're traditionally a third-party acquirer.

沒有特別。我認為我們唯一注意到的是，一些大型機構希望進入這個領域，因為債務市場的錯位可能會讓他們暫時觀望一段時間。當利差擴大或10年期公債殖利率飆升時尤其如此。但我再次提醒大家，第一，售後回租只占我們業務的一小部分。我們傳統上是第三方收購方。

We think we create more value there rather than being just a financier of real estate. And then two, drawing parallels or even putting threads through transactions in this massive, fragmented individual owned market called net lease is very difficult.

我們認為在那裡能創造更多價值，而不只是做不動產的融資方。第二，在這個龐大、分散、以個別持有人為主的淨租賃（net lease）市場中，要把交易拿來類比、甚至串成一條線是非常困難的。

I gave some examples of the transactions that we executed on the acquisition front in Q1, they were wholly disparate from a sale leaseback with a national grocer to a portfolio with a relationship seller. It's our probably seventh or eighth transaction with that seller to a family office that owned the Bronxville, Acme grocery store. And so the seller pool remains extremely disparate. We're seeing more institutions to the table to recycle capital and potentially dispose of assets. We're in those types of conversations.

我舉了一些我們在第一季收購端執行的交易例子：它們彼此完全不同，從與全國性雜貨商的售後回租，到與關係型賣方的一個投資組合。那大概是我們與該賣方的第七或第八筆交易；再到一家家族辦公室持有的Bronxville的Acme雜貨店。因此賣方來源仍然極度分散。我們也看到更多機構走到談判桌前，進行資本回收再配置並可能處分資產。我們正在進行這類對話。

We're also in the midst of a conversation with a 80-year-plus-old window about a transaction, who effectively owns a portfolio that are husband acquired. And so at the end of the day, the aggregation of those transaction is comprised the quarter and I always say the most exciting part about this business is you never know where the next one is going to come from.

我們也正在與一位80多歲的賣方就一筆交易進行洽談，他基本上持有一個投資組合，是夫妻一路買下來的。所以歸根結底，這些交易的集合構成了一個季度；而我總是說，這個行業最令人興奮的部分就是你永遠不知道下一筆交易會從哪裡冒出來。

Great thank you.

太好了，謝謝。

Thanks, Spencer.

謝謝，Spencer。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Thank you, good morning. Just following up on the commercial paper program. Peter, can you quantify the spread relative to the revolver and if this benefit is included in the updated guidance? Or did you already plan to launch the program with the initial guide?

謝謝，早安。我想追問一下商業本票（commercial paper）計畫。Peter，你能量化一下相對於循環信貸（revolver）的利差嗎？這項效益是否已納入更新後的指引？還是你們在最初的指引中就已經規劃要推出這個計畫？

Sure. And just in terms of pricing on the commercial paper program, obviously, we closed on the program on March 31, dependent on the tenor of commercial paper notes that we're issuing as well as conditions in the commercial paper market, which are subject to change.

當然。就商業本票計畫的定價而言，顯然我們在3月31日完成了該計畫；定價會取決於我們發行的商業本票票據期限，以及商業本票市場的狀況，而這些都可能變動。

Today, we think we can issue commercial paper notes 40 basis points-plus inside of our borrowing cost on the revolver. The current borrowing cost on the revolver at quarter end was around 5.2% for reference. To date, so far in Q2, we have been active in the CP market and use that for short-term borrowings.

以今天來看，我們認為我們發行商業本票票據的成本，可以比循環信貸的借款成本低40個基點以上。供參考，季末循環信貸的當前借款成本約為5.2%。截至目前，在第二季我們已積極參與CP市場，並用其作為短期借款工具。

And in our current guidance range, we have contemplated the impact of using commercial paper throughout the year is appropriate.

而在我們目前的指引區間中，我們已將全年在適當情況下使用商業本票的影響納入考量。

Thank you. And I know you think of your kind of long-term WACC, but just between this and the swaps that you have in place, I mean, I think investment spreads should be kind of at historic highs currently. Can you maybe comment to that?

謝謝。我知道你們會以長期加權平均資本成本（WACC）來思考，但在商業本票與你們已建立的利率交換之間，我的意思是，我認為投資利差目前應該處於歷史高位。你能否就此評論一下？

I would agree absent the depths of the pandemic when the rates were at effectively 0 and we were issuing 10-year paper at 2%-plus and perpetual preferred 4.25, there's no doubt that our investment spreads are wide, we'll be the beneficiary of those investment spreads and our superior cost of capital here, but we are in no doubt in that disposition.

我同意。若不算疫情最嚴峻時期——當時利率幾乎為0，我們發行10年期債券的利率在2%以上、永續優先股在4.25——毫無疑問，我們的投資利差是很寬的；我們將受益於這些投資利差以及我們在此的優越資金成本，但我們對此毫不懷疑。

Thank you.

謝謝。

Thanks, Jana.

謝謝，Jana。

Jim Kammert, Evercore.

Jim Kammert，Evercore。

Hi, good morning. Thank you. Joey, you obviously had the conviction to raise your investment volume for the year. Is that really built just expanding with your existing relationships? Or have you kind of started to identify additional partners?

嗨，早安。謝謝。Joey，你們顯然有信心把今年的投資量上調。這主要是建立在擴大既有合作關係上嗎？還是你們也開始辨識新的合作夥伴？

All over the board, Jim, the existing relationships. It's additional partners. It's the breadth and depth of the coverage that this team has across the country. We are the go-to-buyer for net lease retail, high quality net lease retail bar on today. And so our transactional history, the quality of the team, our marketing and e-marketing campaign, they are owner to our benefit here.

各方面都有，Jim：既有關係、也有新增夥伴。還有這個團隊在全美的覆蓋廣度與深度。我們是淨租賃零售領域的首選買家，就以今天的標準來看也是高品質的淨租賃零售首選買家。因此，我們的交易歷史、團隊品質、行銷與電子行銷活動，都正在為我們帶來好處。

Our ability to look at real estate with a different lens, our relationships with the retailers, the end users of these properties is the secret sauce, part of the secret sauce. And so it's all of the above and more.

我們用不同視角看待不動產的能力、以及我們與零售商——也就是這些物件的最終使用者——之間的關係，是祕密武器之一，也是祕密武器的一部分。所以答案是以上皆是，甚至更多。

Great. And more tender question. The ground leases have about a 9.5-year remaining [walt]. Is that -- remind me, is that to final expiration? Or is that really just the first potential extension? Because I kind of think about the organic growth opportunities if they -- sort of any help there? Thank you.

很好。再問一個更棘手的問題。這些地租合約剩餘年期大約 9.5 年[walt]。那個——提醒我一下，那是到最終到期日嗎？還是其實只是第一個可能的延展期？因為我在想，如果他們——有機成長的機會方面，能否提供一些協助？謝謝。

That's exclusive of options just as Walt is for the remainder of the portfolio.

那是不包含選擇權的，就像 Walt 在投資組合其餘部分一樣。

Got it. Thank you guys.

了解。謝謝各位。

Thanks Jim.

謝謝，Jim。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

Great thank you. Joey, you mentioned seeing more opportunities in the development and DFP side. And you know the increase in construction costs as well. But just wondering how big do you think the development pipeline could potentially get from here?

很好，謝謝。Joey，你提到在開發與 DFP 方面看到更多機會。也提到營建成本上升。不過我想請教，你認為從現在起，開發案的管線規模可能會成長到多大？

So we set that medium-term target of putting $250 million in the ground per year. We are on track. Again, it's a medium-term target, not for this year. We are on track. Our pipeline and our shadow pipeline are very large.

所以我們設定了中期目標：每年投入 2.5 億美元進行動工。我們進度符合預期。再次強調，這是中期目標，不是今年的目標。我們進度符合預期。我們的管線以及影子管線都非常龐大。

They're obviously subject to diligence and closing conditions, sometimes entitlements as well. I would tell you very distinctly our development platform, and the team has done a tremendous job. We've added team members that have really hit the ground running and Craig Erlich, our Chief Growth Officer, working with retailers all the time, has a very significant pipeline.

當然，這些都取決於盡職調查與交割條件，有時也包含取得許可（entitlements）。我可以很明確地告訴你，我們的開發平台與團隊做得非常出色。我們新增的團隊成員也很快就上手；而我們的成長長 Craig Erlich（Chief Growth Officer）持續與零售商密切合作，手上有非常可觀的管線。

And then our developer funding platform continues to benefit from just the lack of liquidity out there as well as unknown exit cap rates through other third-party developers. And so we've used our developer funding platform as a bridge to get projects across the finish line.

此外，我們的開發商資金提供平台也持續受惠於市場流動性不足，以及其他第三方開發商對於退出資本化率（exit cap rates）的不確定性。因此我們把開發商資金提供平台當作一座橋樑，協助專案順利完成。

A lot of them are directed to us by retailers, some sourced by the acquisition team, by our development team here. But both pipelines, they don't get a lot of pipelines but both pipelines, we think, combined with our acquisition and active asset management platform, provide really a full-service value proposition to retailers and it's recognized by all of them today that we can step into any and all types of situations and frankly, create value and provide for value in that partnership.

其中很多案源是由零售商轉介給我們，有些則由收購團隊或我們這邊的開發團隊取得。但這兩條管線——雖然大家不常同時談兩條管線——我們認為，結合我們的收購與主動資產管理平台，能為零售商提供真正的一站式價值主張；而且目前所有零售商都已認可，我們可以介入各種不同情境，坦白說，能在合作夥伴關係中創造價值並提供價值。

Okay, great, that was helpful. And then just a quick follow-up on the commercial paper program. Does this put ADC in a position to push more investments in the future, especially combined with your increase in team members?

好的，很棒，這很有幫助。接著快速追問一下商業本票（commercial paper）計畫。這是否讓 ADC 未來能推動更多投資，尤其是再加上你們增加了團隊人員？

No, I think the commercial paper program, as Peter mentioned, while it's priced inside of the revolving credit facility, we don't use a revolver short-term cost of capital to impact or to impact or even in our calculus for our weighted average cost of capital. These are short-term borrowing needs. The commercial paper program effectively the plants, the use of the credit facility and cheaper pricing but that does not impact how we look at deals or impact our weighted average cost of capital.

不，我認為商業本票計畫，如 Peter 提到的，雖然其定價低於循環信用額度（revolving credit facility），但我們不會用循環額度這種短期資金成本去影響——或納入——我們對加權平均資本成本（WACC）的計算。這些是短期借款需求。商業本票計畫本質上是取代部分信用額度的使用並取得更便宜的定價，但這不會影響我們看案子的方式，也不會影響我們的加權平均資本成本。

Okay, great. Thank you.

好的，很棒。謝謝。

Thank you.

謝謝。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

Hey, good morning guys. Thanks for taking the question. I really just got one, but I want to go all the way back to Ki Bin's line of questioning to start the call just on equity issuance. Now I think we all appreciate the TSM dilution conundrum and things like that, but it is sort of a high-class problem. And so it looks like equity issuance went down quarter-over-quarter relative to fourth quarter.

嗨，各位早安。謝謝讓我提問。我其實只有一個問題，但我想回到一開始 Ki Bin 那條提問脈絡，談談股權發行。我想大家都理解 TSM 稀釋的兩難以及類似議題，但這某種程度上算是「高級的煩惱」。看起來相較於第四季，股權發行在本季是季對季下降的。

Stock price has done obviously very well, absolute and relative year-to-date. So maybe why not lean in a little more to equity issuance in this environment, especially, but it seems like the acquisition pipeline is biased to get bigger, not smaller. Thanks.

股價今年以來表現顯然非常好，無論絕對或相對。所以在這樣的環境下，為什麼不在股權發行上更積極一些？尤其看起來收購管線的方向是偏向變大而不是變小。謝謝。

Well, I think if you look at the amount settled during Q1 of existing forward or formerly existing forward, but net of what we issued, we effectively ended up neutral, right, 3.3 times, 3.4 times, just over $180 million each.

嗯，我想如果你看第一季已結算的既有遠期（forward）——或先前既有的遠期——再扣除我們新發行的部分，我們實際上最後是中性，對吧，大約 3.3 倍、3.4 倍，各自略高於 1.8 億美元。

And so the balance sheet while deploying $370 million approximately, ended up effectively in a neutral position. And so we continue to have nearly $2 billion in hedged capital. We have significant liquidity. We're in -- $2 billion in liquidity, excuse me, and $1.3 billion of hedged capital approximately and so we're in a terrific position here from a balance sheet or liquidity and cost of capital perspective to execute on our pipeline. Does that answer your question?

因此，雖然我們部署了約 3.7 億美元，資產負債表最終仍大致維持中性。我們仍有接近 20 億美元的避險資本。我們有相當充足的流動性。我們——更正，是 20 億美元的流動性，以及約 13 億美元的避險資本，所以從資產負債表、流動性與資本成本角度來看，我們在執行管線方面處於非常有利的位置。這樣有回答你的問題嗎？

Yeah, it does. I mean I didn't know if there was any sort of internal back and forth on if it makes sense to go any bigger in that light. But obviously, you guys are in a really great position, no one would dispute that. And actually, if I may ask a quick follow-up, just again on bad debt. I think you guys have articulated pretty clearly how that gets built up.

有的。我只是想知道內部是否有討論過，在那樣的情況下是否有必要把規模做得更大一些。不過顯然你們的狀況非常好，這點沒有人會反對。另外如果可以的話，我想快速追問一下壞帳。我認為你們已經很清楚地說明它是如何累積起來的。

But just to be clear, is that a it sounds like from your perspective, given the creditworthiness of the tenant base, it really is kind of a bottoms up location by location, tenant by tenant situation to get to that 50 basis points. Is there any sort of general credit overlay on top of that, that gets you to the $50 million? Or is it really sort of highly specific as it sounds, at least from my end?

但我想確認一下：聽起來以你們的角度，考量租戶基礎的信用狀況，這其實是逐點位、逐租戶自下而上的方式，來推導到那 50 個基點。那是否還有任何一般性的信用層面（credit overlay）疊加在上面，才會到 5,000 萬美元？還是說真的就如我理解的那樣，是高度具體、逐案處理？

Yeah, thanks, Rich. This is Peter. I think in terms of the buildup and how we think about that 50 basis points of credit loss, I mentioned in the first quarter, we had roughly 30 basis points of credit loss and so to answer your question, it is a location by location and tenant by tenant buildup that we look at as we think about credit loss based on what's identified or known today, I think the 30 basis points that we experienced in Q1, we anticipate more or less seen throughout the remainder of the year.

是的，謝謝，Rich。我是 Peter。就累積方式以及我們如何看待那 50 個基點的信用損失而言，我提到第一季我們大約有 30 個基點的信用損失；所以回答你的問題，確實是逐點位、逐租戶地累積評估，我們會根據目前已辨識或已知的情況來判斷信用損失。我認為第一季經歷的 30 個基點，我們預期在今年剩餘期間大致也會看到類似水準。

And then we have some level of cushion built into that 50 basis points that allows for other potential tenants that we're monitoring, but there's not a known issue.

另外，我們在 50 個基點裡也建立了一定程度的緩衝，用來涵蓋其他我們正在監控、但目前沒有已知問題的潛在租戶。

Okay helpful. Thank you guys.

好的，很有幫助。謝謝各位。

Thank you.

謝謝。

Thank you, we have no further questions, I will turn the call back over for closing comments.

謝謝，目前沒有其他問題，我將把電話交回去做結語。

Well, thank you all for joining us this morning. We look forward to seeing everybody at the upcoming conferences, and we appreciate your time. Thank you.

好的，感謝各位今天早上加入我們。我們期待在接下來的各場會議上與大家見面，也感謝各位撥冗。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

各位女士先生，今天的電話會議到此結束。感謝各位參與，也請各位掛斷線路。