Agree Realty Corp (ADC) 2025 Q3 法說會逐字稿

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

早上好，歡迎參加 Agree Realty 2025 年第三季電話會議。（操作員指示）請注意，本次通話正在錄音。

I would now like to 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高級總監魯本·特里特曼。請繼續，魯本。

Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's third-quarter 2025 earnings call. Before turning the call over to Joel and Peter to discuss our results for the quarter, let me first run through the cautionary language.

謝謝。各位早安，感謝各位參加 Agree Realty 2025 年第三季財報電話會議。在將電話轉交給 Joel 和 Peter 來討論我們本季的表現之前，讓我先回顧一下需要注意的事項。

Please note that during this call, we will make certain statements that may be considered forward-looking under federal securities laws, including statements related to our updated 2025 guidance. 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-K for a discussion of various risks and uncertainties underlying our forward-looking statements.

請注意，在本次電話會議中，我們將發表一些根據聯邦證券法可能被視為前瞻性聲明的陳述，包括與我們更新的 2025 年業績指引相關的陳述。由於多種原因，我們的實際結果可能與任何前瞻性聲明中討論的事項有重大差異。請參閱昨天發布的收益報告和我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格年度報告，其中討論了我們前瞻性聲明中涉及的各種風險和不確定性。

In addition, we discuss 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.

此外，我們也討論了非GAAP財務指標，包括核心營運資金或核心FFO、調整後營運資金或AFFO以及淨負債與經常性EBITDA的比率。您可以在我們的獲利報告、網站和提交給美國證券交易委員會的文件中查看我們歷史上非GAAP財務指標與最直接可比較的GAAP指標的調節表。

I'll now turn the call over to Joey.

現在我將把電話交給喬伊。

Thanks, Reuben, and thank you all for joining us this morning. I'm pleased to report another very strong quarter at ADC as we further expanded and strengthened what we view to be the nation's leading retail portfolio. The unmatched value proposition of our three-pronged approach continues to drive a compelling opportunity set and expansive pipelines across all platforms.

謝謝魯本，也謝謝各位今天早上收看我們的節目。我很高興地報告，ADC 又迎來了一個非常強勁的季度，我們進一步擴大和加強了我們認為是全國領先的零售投資組合。我們三管齊下的方法所帶來的無可比擬的價值主張，持續推動著各平台上極具吸引力的機會和廣闊的銷售管道。

We achieved our largest quarterly investment volume since the depth of COVID five years ago, deploying over $450 million across all three platforms while maintaining a high level of discipline in our underwriting process.

我們實現了自五年前新冠疫情最嚴重時期以來最大的季度投資額，在所有三個平台上投入了超過 4.5 億美元，同時在承銷過程中保持了高度的紀律性。

Given growing pipelines across our three external growth platforms, we are increasing our full-year 2025 investment guidance to a new range of $1.5 billion to $1.65 billion. At the midpoint, this represents an increase of over 65% above last year's investment volume. This exceptional level of activity demonstrates our ability to efficiently scale our investment platforms while partnering with the best retailers in the country. We will continue to be disciplined capital allocators while maintaining our stringent real estate quality underwriting standards.

鑑於我們三大外部成長平台的專案儲備不斷增加，我們將 2025 年全年投資預期提高至 15 億美元至 16.5 億美元。以中點計算，比去年的投資金額增加了 65% 以上。這種卓越的活躍度表明我們有能力有效地擴展我們的投資平台，同時與全國最好的零售商合作。我們將繼續維持審慎的資本配置，同時維持嚴格的房地產品質承銷標準。

Our best-in-class portfolio is paired with a fortress balance sheet that has over $1.9 billion of liquidity and no material debt maturities until 2028. With pro forma net debt to recurring EBITDA of just 3.5 times and over $1 billion of forward equity available to us, we enjoy significant runway and have prefunded our growth well into next year.

我們一流的投資組合與穩健的資產負債表相匹配，擁有超過 19 億美元的流動資金，並且在 2028 年之前沒有重大債務到期。經調整後的淨負債與經常性 EBITDA 比率僅為 3.5 倍，且我們擁有超過 10 億美元的未來權益，因此我們擁有充足的資金儲備，並已為明年的成長做好了充分的準備。

During the quarter, we received an A- issuer rating from Fitch ratings, making us one of only 13 publicly listed US REITs with an A- credit rating or better. This was a significant milestone for our growing company and is a testament to over 15 years of disciplined growth and keen portfolio construction, having invested over $10 billion during that period while maintaining a preeminent balance sheet and leading the way on capital markets activities.

本季度，我們獲得了惠譽評級的 A- 發行人評級，使我們成為僅有的 13 家獲得 A- 或更高信用評級的美國上市 REIT 之一。對於我們不斷發展的公司而言，這是一個重要的里程碑，也證明了我們15年來堅持穩健成長和精明投資組合建構的成果。在此期間，我們投資了超過100億美元，同時保持了卓越的資產負債表，並在資本市場活動中處於領先地位。

Given our robust liquidity profile, fortress balance sheet, and strong portfolio performance, we are raising our AFFO per share guidance to a new range of $4.31 to $4.33 for the year. The new midpoint represents approximately 4.4% year-over-year growth. Peter will provide more details on our guidance momentarily.

鑑於我們穩健的流動性狀況、堅實的資產負債表和強勁的投資組合表現，我們將全年調整後營運資金（AFFO）每股預期上調至 4.31 美元至 4.33 美元的新區間。新的中點數值代表約 4.4% 的年成長。Peter稍後會提供更多關於我們指導方針的細節。

Turning to our three external growth platforms. During the third quarter, we invested over $450 million in 110 high-quality retail net lease properties across our three platforms. This includes the acquisition of 90 assets for over $400 million. The properties acquired during the quarter are leased to leading operators in home improvement, auto parts, grocery, off-price, farm and rural supply, convenience stores, and tire and auto service. The acquisitions had a weighted average cap rate of 7.2% and a weighted average lease term of 10.7 years. Investment-grade retailers account for 70% of the annualized base rent acquired, the highest mark so far this year.

接下來，我們來看看我們的三個外部成長平台。第三季度，我們在三大平台上投資超過 4.5 億美元，購置了 110 處優質零售淨租賃物業。其中包括斥資超過 4 億美元收購 90 項資產。本季度收購的物業已出租給家居裝修、汽車配件、雜貨、折扣店、農場和農村用品、便利商店以及輪胎和汽車服務等行業的領先營運商。這些收購項目的加權平均資本化率為 7.2%，加權平均租賃期間為 10.7 年。投資等級零售商佔年度基本租金收入的 70%，是今年迄今的最高水準。

Notable transactions during the quarter included a sale leaseback with a relationship tenant in the tire and auto service sector, multiple all these, the high-performing Kroger in Cincinnati, a Sherwin-Williams portfolio, a Home Depot in New York, as well as a Walmart Supercenter in Illinois.

本季值得關注的交易包括與輪胎和汽車服務業的長期租戶進行的售後回租交易、多家此類交易、辛辛那提業績優異的 Kroger 超市、Sherwin-Williams 塗料組合、紐約的 Home Depot 超市以及伊利諾伊州的沃爾瑪超級中心。

For the first nine months of the year, we've invested nearly $1.2 billion across 257 retail net lease properties spanning 40 states in 29 retail sectors. Approximately $1.1 billion of our investment activities originated for our acquisition platform, with the remainder meeting from our development and developer funding platforms.

今年前九個月，我們在 40 個州的 29 個零售業中，投資了近 12 億美元，用於 257 個零售淨租賃物業。我們約有 11 億美元的投資活動源自於我們的收購平台，其餘部分則來自我們的開發和開發商融資平台。

During the third quarter, we commenced five development or DSD projects with total anticipated cost of approximately $51 million. We are well on our way to commencing over $100 million of projects in the second half of the year, as discussed on last quarter's call.

第三季度，我們啟動了五個開發或DSD項目，預計總成本約為5,100萬美元。正如上季電話會議所討論的，我們正朝著在今年下半年啟動超過 1 億美元的專案穩步邁進。

Through the first nine months of the year, we've committed approximately $190 million across 30 projects that are either completed or under construction, representing a significant increase in development in DFP spend compared to prior years. We remain confident that we'll achieve our medium-term goal of $250 million commenced annually.

今年前九個月，我們已投入約 1.9 億美元用於 30 個項目，這些項目要么已經完成，要么正在建設中，與往年相比，DFP 的發展支出大幅增加。我們仍有信心實現每年啟動資金 2.5 億美元的中期目標。

In the third quarter alone, we invested a record of approximately $50 million across 20 development and DFP projects, representing a twofold increase in capital deployment quarter over quarter. These platforms are a growing component of our investment strategy, allowing us to partner with best-in-class retailers and private developers to add high-quality real estate to our portfolio at superior returns that we could achieve via acquisitions.

光是在第三季度，我們就投資了創紀錄的約 5,000 萬美元，用於 20 個開發和 DFP 項目，資本投入環比翻了一番。這些平台是我們投資策略中日益重要的組成部分，使我們能夠與一流的零售商和私人開發商合作，以比收購更高的回報，將高品質的房地產添加到我們的投資組合中。

Of note, during the quarter, we commenced construction on two of our first 7-Eleven developments. Located in Michigan and Ohio, we anticipate total costs for the two projects will be approximately $18 million. The Ohio location marks our first commercial fueling site for 7-Eleven, a compelling addition to our large-format convenience store portfolio.

值得一提的是，在本季度，我們啟動了首批兩個 7-Eleven 開發案的建設。這兩個項目分別位於密西根州和俄亥俄州，我們預計總成本約為 1800 萬美元。俄亥俄州的這家加油站是我們為 7-Eleven 設立的第一個商業加油站，是我們大型便利商店組合中一個引人注目的新成員。

These projects underscore the strategic depth of our relationship with yet another leading retailer. We're delivering our full complement of capabilities, round-up development, developer funding projects as well as acquisitions. I look forward to providing more details as we continue to roll out additional projects in the coming quarters.

這些項目凸顯了我們與另一家領先零售商之間策略關係的深度。我們正在提供我們全部的能力，包括專案開發、開發商融資專案以及收購。隨著我們在接下來的幾個季度繼續推出更多項目，我期待著提供更多細節。

On the asset management front, we executed new leases, extensions or options on approximately 860,000 square feet of gross leasable area during the quarter, including a 50,000-square-foot T.J. Maxx and HomeGoods combo in Eugene, Oregon; a 27,000-square-foot Burlington in Midland, Texas; and two Walmarts comprising over 310,000 square feet.

在資產管理方面，本季度我們簽訂了約 860,000 平方英尺總可出租面積的新租賃、續租或選擇權協議，其中包括位於俄勒岡州尤金市的 50,000 平方英尺的 T.J. Maxx 和 HomeGoods 組合店；位於德克薩斯州沃爾瑪市的 27,000 平方英尺的 Burlington 店；以及兩家米德蘭市。

Through the first nine months of the year, we executed new leases, extensions or options on 2.4 million square feet of gross leasable area with a recapture rate of approximately 104%. We are in an excellent position for the remainder of the year, with just nine leases or 20 basis points of annualized base rents maturing.

今年前九個月，我們簽訂了 240 萬平方英尺總可租賃面積的新租賃、續約或選擇權協議，回收率約為 104%。今年剩餘時間裡，我們的處境非常有利，只有九份租約或 20 個基點的年化基本租金到期。

Dispositions this quarter totaled approximately $15 million and included our only At Home in Provo, Utah, as well as three advanced auto parts. The At Home disposition is emblematic of our underlying focus on real estate. The disposition cap rate of approximately 7% is nearly 50 basis points inside of where we acquired the asset, resulting in an unlevered IRR of approximately 9%.

本季資產處置總額約為 1,500 萬美元，其中包括我們在猶他州普羅沃的唯一一家 At Home 門市，以及三家先進的汽車零件公司。「居家辦公」概念反映了我們對房地產的根本關注。處置資本化率約為 7%，比我們收購該資產時的資本化率低了近 50 個基點，由此產生的無槓桿內部收益率約為 9%。

Our best-in-class portfolio now spans over 2,600 properties across all 50 states including 237 ground leases, representing 10% of total annualized base rents. Occupancy for the quarter remained very strong at 99.7%, and our investment-grade exposure remains sector-leading at 67%. Heading into the fourth quarter, I'm extremely excited to wrap up the year as we head into 2026 in a tremendous position as our earning algorithm kicks into gear.

我們一流的投資組合目前涵蓋了美國所有 50 個州的 2600 多處房產，其中包括 237 份土地租賃合同，佔年度總基本租金的 10%。本季入住率依然非常強勁，達到 99.7%，我們的投資等級資產佔比也維持在業界領先水平，達到 67%。進入第四季度，我非常興奮能夠為今年畫上圓滿的句號，並讓我們以非常有利的地位邁入 2026 年，因為我們的盈利演算法即將啟動。

I'll now hand the call over to Peter, and then we can open it up for questions.

現在我將把電話交給彼得，然後我們可以開始提問了。

Thank you, Joey. Starting with earnings, core FFO per share for the third quarter of $1.09 was 8.4% higher than the same period last year. AFFO per share for the third quarter increased 7.2% year over year to $1.10, which is $0.02 above consensus. A portion of the beat is attributable to lease termination fees, which contributed roughly $0.01 to AFFO per share in the quarter.

謝謝你，喬伊。先來看收益，第三季核心FFO每股為1.09美元，比去年同期成長8.4%。第三季調整後營運資金（AFFO）每股年增 7.2% 至 1.10 美元，比市場普遍預期高出 0.02 美元。部分業績超預期歸功於租賃終止費，該費用在本季度為每股調整後營運資金 (AFFO) 貢獻了約 0.01 美元。

As Joey highlighted, we have updated our 2025 earnings outlook to reflect our strong performance year to date. We raised both the lower and upper end of our full year AFFO per share guidance to a new range of $4.31 to $4.33, which implies year-over-year growth of approximately 4.4% at the midpoint.

正如喬伊所強調的，我們已更新了 2025 年的獲利預期，以反映我們今年迄今為止的強勁業績。我們將全年調整後營運資金（AFFO）每股預期下限和上限均上調至 4.31 美元至 4.33 美元的新區間，這意味著按中間值計算，同比增長約 4.4%。

Our new guidance range includes an assumption for approximately 25 basis points of credit loss for the year. As a reminder, the treasury stock method impact is included in our diluted share count prior to settlement if ADC stock trades above the net price of our outstanding forward equity offers.

我們新的業績指引範圍包括對全年約 25 個基點的信用損失的假設。提醒各位，如果 ADC 股票的交易價格高於我們未決遠期股權收購要約的淨價，則庫存股法的影響將在結算前計入我們的稀釋股份數量。

The aggregate dilutive impact related to these offerings was fairly de minimis in the third quarter. Our updated guidance range contemplates a minimal treasury stock method dilution in the fourth quarter as well. So that remains subject to how the stock trades for the remainder of the year.

第三季度，這些發行帶來的整體稀釋影響微乎其微。我們更新後的業績指引範圍也考慮了第四季庫存股稀釋程度最小的情況。所以，這仍然取決於該股票在今年剩餘時間內的交易情況。

For full year 2025, we still anticipate roughly $0.01 of dilution related to the treasury stock method, largely given the impact recognized in the first half of the year. In the third quarter, we declared monthly cash dividends of $0.256 per share for July, August, and September. This represents a 2.4% year-over-year increase. While raising our dividend twice over the past year, we maintain conservative payout ratios for the third quarter of 70% of core FFO per share and AFFO per share, respectively.

對於 2025 年全年，我們仍然預計與庫存股法相關的稀釋約為 0.01 美元，這主要是考慮到上半年確認的影響。第三季度，我們宣布派發 7 月、8 月和 9 月的每月現金股息，每股 0.256 美元。這比上年同期成長了2.4%。儘管我們在過去一年中兩次提高了股息，但我們仍保持第三季的保守派息率，分別為每股核心FFO和每股AFFO的70%。

Subsequent to quarter end, we again increased our monthly cash dividend to $0.262 per share for October. The monthly dividend reflects an annualized dividend amount of over $3.14 per share or a 3.6% increase over the annualized dividend amount of $3.04 per share from the fourth quarter of last year.

季度末之後，我們再次將10月份的月度現金股利提高至每股0.262美元。每月派發的股息相當於每股年化股息超過 3.14 美元，比去年第四季每股年化股息 3.04 美元增加了 3.6%。

Moving to the balance sheet. As Joey mentioned, in August, we achieved an A- issuer rating from Fitch with a stable outlook. This significant accomplishment is a testament to the strength of our portfolio as well as our balance sheet and reflects a thoughtful and disciplined way we have and will continue to grow the company.

接下來查看資產負債表。正如喬伊所提到的，8 月我們獲得了惠譽 A- 發行人評級，展望穩定。這項重大成就證明了我們投資組合的實力以及資產負債表的穩健，也反映了我們過去和將來發展公司所採取的深思熟慮、嚴謹自律的方式。

The A- rating reduced the interest rate on our 2029 term loan by 5 basis points. In addition, the F1 short-term rating assigned by Fitch translated into a similar pricing improvement for our commercial paper notes.

A- 評級使我們 2029 年定期貸款的利率降低了 5 個基點。此外，惠譽授予的 F1 短期評級也使我們的商業票據價格得到了類似的改善。

During the quarter, we settled approximately 3.5 million shares of forward equity for net proceeds of over $250 million. As of September 30, we had approximately 14 million shares remaining to be settled under existing forward sale agreements, which are anticipated to raise net proceeds of over $1 billion upon settlement.

本季度，我們結算了約 350 萬股遠期股權，淨收益超過 2.5 億美元。截至 9 月 30 日，我們還有大約 1,400 萬股股票根據現有的遠期銷售協議待結算，預計結算後將籌集超過 10 億美元的淨收益。

At quarter end, total liquidity stood at $1.9 billion, including cash on hand, forward equity as well as over $850 million of availability on our revolving credit facility, which is net of amounts outstanding on our commercial paper program. Pro forma for the settlement of all outstanding forward equity, our net debt to recurring EBITDA was approximately 3.5 times. Excluding the impact of unsettled forward equity, our net debt to recurring EBITDA was 5.1 times.

截至季末，總流動性為 19 億美元，包括手頭現金、遠選擇權益以及循環信用額度的 8.5 億美元以上可用額度，扣除商業票據計畫的未償金額後，淨額為 19 億美元。假設結算所有未償還的遠距權益，我們的淨負債與經常性 EBITDA 比率約為 3.5 倍。剔除未結算遠選擇權益的影響，我們的淨負債與經常性 EBITDA 比率為 5.1 倍。

Our total debt to enterprise value was approximately 29%, while our fixed charge coverage ratio, which includes principal amortization and the preferred dividend, remains very healthy at 4.2 times. Subsequent to quarter end, we further strengthened our balance sheet, securing commitments for a $350 million 5.5-year delayed draw term loan that will mature in 2031.

我們的總負債與企業價值之比約為 29%，而包括本金攤銷和優先股股息在內的固定費用保障倍數仍然非常健康，為 4.2 倍。在季度末之後，我們進一步加強了資產負債表，獲得了一筆 3.5 億美元的 5.5 年期延期提取定期貸款的承諾，該貸款將於 2031 年到期。

We anticipate closing later this quarter and have entered into $350 million of forward starting swaps to fix SOFR until maturity. Including the impact of the swaps, the interest rate on the term loan is fixed at approximately 4% based on our current A- credit rating. The term loan demonstrates continued strong support from our key banking partners and enables us to fill a gap in our debt maturity schedule while achieving opportunistic pricing in today's rate environment.

我們預計在本季稍後完成交易，並已簽訂 3.5 億美元的遠期起始互換合約，以鎖定 SOFR 直至到期。考慮到互換交易的影響，根據我們目前的 A- 信用評級，定期貸款的利率固定為約 4%。這項定期貸款反映了我們主要銀行合作夥伴的持續大力支持，使我們能夠在當前利率環境下獲得有利定價的同時，填補債務到期計劃中的缺口。

Upon closing, the term loan will increase our pro forma liquidity to approximately $2.2 billion, and we have now locked in attractively priced equity and debt capital to fund our growth well into 2026.

交易完成後，該筆定期貸款將使我們的預計流動資金增加到約 22 億美元，我們現在已經鎖定了價格有吸引力的股權和債務資本，為我們 2026 年之前的成長提供資金。

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

那麼，我想把電話交還給喬伊。

Thank you, Peter. At this time, operator, we'll open it up for questions.

謝謝你，彼得。操作員，現在我們將開放提問環節。

(Operator Instructions) Smedes Rose, Citi.

（操作說明）Smedes Rose，花旗銀行。

Thanks, it's Nick Joseph here Smedes. Appreciate the color around the treasury method for the forward equity. But can you just walk through what's required in terms of the actual timing and settlement just given the upcoming expirations around the forward equity?

謝謝，我是尼克·約瑟夫·斯梅德斯。欣賞國庫券法在遠期權權益方面的色彩運用。但鑑於遠期權益即將到期，您能否詳細說明實際的時間安排和結算要求？

Sure, Nick. This is Peter. In terms of our outstanding forward equity, we have about 40 million shares of forward equity outstanding as of the end of the third quarter, roughly 6 million of those shares that the contracts mature on at some point during the fourth quarter. And so we anticipate settling those shares, those 6 million shares at some point during the fourth quarter as those contracts come to maturity. As for the remainder of the outstanding forward equity, we would anticipate settling that at some point in 2026.

當然可以，尼克。這是彼得。就我們未平倉的遠距權益而言，截至第三季末，我們約有 4,000 萬股未平倉的遠期權權益，其中約 600 萬股合約將在第四季的某個時候到期。因此，我們預計將在第四季度某個時候結算這 600 萬股股票，因為這些合約將到期。至於剩餘的未償付遠距選擇權益，我們預計將在 2026 年的某個時候結算。

Thanks. That's very helpful. And then just on acquisitions, I understand the visibility is limited, but it does continue to track ahead of expectations. But is there anything on the horizon that you're seeing right now that could slow that pace that you're currently seeing?

謝謝。那很有幫助。至於收購方面，我知道相關資訊有限，但它確實繼續超出預期。但你目前是否看到任何可能減緩當前發展速度的因素？

Good morning, Nick, it's Joey. Nothing on the horizon that we see that pace slowing in 2025. Obviously, the 10-year treasury is down to the 395, 396 level, but we haven't seen anything that should slow us down this year. Thank you.

早上好，尼克，我是喬伊。目前來看，2025年之前沒有任何跡象顯示這種成長速度會放緩。顯然，10 年期公債殖利率已降至 395、396 的水平，但我們還沒有看到任何今年會拖慢我們步伐的因素。謝謝。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. Yes. First, on the cap rates, the acquisition cap rates actually ticked up in the period, and we keep hearing from others about the pricing landscape and there's a narrative of increased competition. So are you seeing any of that out there? And how have you been able to navigate some of those headwinds that others are seeing?

早安.非常感謝您回答我的問題。是的。首先，就資本化率而言，收購資本化率在此期間實際上有所上升，我們不斷聽到其他人談論定價環境，並有一種說法是競爭加劇。所以你那邊有看到這種情況嗎？那麼，你是如何面對其他人所面臨的這些逆境的呢？

Yeah. As I talked about pretty frequently, Michael, I wouldn't get overly enthralled with the narratives that are out there from different institutional acquirers. We haven't seen any material change in cap rates year to date through 9/30 or to frankly today.

是的。正如我經常提到的那樣，邁克爾，我不會過分迷惑來自不同機構收購方的各種說法。截至9月30日，我們尚未看到資本化率發生任何實質變化，坦白說，直到今天也是如此。

What we do is differentiated. It's bespoke. We're doing one-off transactions generally short term, blending extends, different types of transactions. And the output this quarter was 10 basis points higher than last quarter just because of the composition. So like I said, I wouldn't get carried away in the overall narratives of the largest, most fragmented at least institutionally owned market in commercial real estate that being retail net lease.

我們的做法與眾不同。這是定制的。我們通常進行短期的一次性交易，混合延期交易，以及不同類型的交易。由於產品結構的變化，本季產量比上季高出 10 個基點。所以就像我說的，我不會被零售淨租賃這個商業房地產市場（至少是機構所有市場）的整體敘事所迷惑，因為零售淨租賃市場是商業房地產中規模最大、最分散的市場。

Thanks for that, Joey. And as a follow-up, the fourth-quarter implied AFFO per share is consistent with the third quarter. So any reason why that would be kind of flat sequentially or any onetime items that impacted the third quarter or overall impact to the fourth quarter that -- to expect that to be kind of consistent?

謝謝你，喬伊。此外，第四季隱含的每股調整後營運資金與第三季一致。那麼，有什麼原因會導致第三季業績環比持平，或者有什麼一次性因素影響了第三季業績，或者對第四季度整體業績產生了影響，從而導致業績保持穩定呢？

I'll turn it over to Peter, but I don't really see anything. I think the third quarter was fairly front-loaded in terms of acquisition volume. Nothing overly material there. Peter, am I missing anything?

我會把它交給彼得，但我真的什麼也沒看到。我認為第三季收購量主要集中在前期。沒什麼特別實質的東西。彼得，我漏掉了什麼嗎？

No, Michael, the only thing I would add is just in my prepared remarks, I did mention the term fees received during the third quarter, which contributed to AFFO per share in the third quarter. We typically don't receive much in the way of term fees. We don't have anything contemplated in the fourth quarter. And so as you look at Q4 being roughly flat at the midpoint to Q3, I think the term fees are a contributing factor there.

不，邁克爾，我唯一要補充的是，在我準備好的發言稿中，我確實提到了第三季度收到的期限費用，這計入了第三季度的每股調整後營運資金 (AFFO)。我們通常收不到多少學期費用。第四季我們沒有任何計劃。因此，當你觀察第四季與第三季中點大致持平的情況時，我認為期限費用是造成這種情況的因素。

Thanks very much. Good luck with the fourth quarter.

非常感謝。祝你第四節比賽順利。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Thank you. Good morning. I'm following up on your comments on the growing pipeline for the different external growth platforms. Can you talk to how much is current tenants versus new to portfolio and then kind of where you see cap rates trending for 4Q and potentially into 2026?

謝謝。早安.我謹就您提出的不同外部成長平台管道不斷增長的觀​​點進行跟進。您能否談談現有租戶與新加入投資組合的租戶之間的比例，以及您認為第四季度和到 2026 年的資本化率趨勢如何？

Good morning, Jana. No new tenants that I can think of that we don't exist -- on existing in the 2,600 assets. We're staying within our sandbox amongst all three external growth platforms. In terms of cap rate trends, we'll see how the macro works out. Again, we haven't seen anything different to date. We don't anticipate any material deviation in Q4.

早上好，Jana。就我所知，沒有新的租戶是我們不存在的——在我們現有的 2,600 項資產中。我們始終堅持在自己的「沙盒」內運作，不參與任何外部成長平台的競爭。至於資本化率趨勢，我們將拭​​目以待宏觀經濟情勢的發展。到目前為止，我們還沒有看到任何不同的情況。我們預計第四季不會出現任何實質偏差。

Our Q4 pipeline in terms of acquisitions is very strong. I will say that there's a significant component of ground leases in there in Q4. And then as we've said previously, we anticipate breaking ground at over $100 million in projects in the second half of this year. Obviously, that was approximately $50 million in Q3. I would anticipate a potential acceleration of that as well into Q4 through development and developer funding platform.

我們第四季的收購計畫非常強勁。我想說的是，第四季其中包含相當大一部分土地租賃收入。正如我們之前所說，我們預計今年下半年將啟動價值超過 1 億美元的計畫。顯然，第三季的營收約為 5,000 萬美元。我預計到第四季度，隨著開發和開發者資助平台的建立，這種情況可能會加速發展。

Thank you, Joey. And then maybe for Peter, you had mentioned in the guidance, there's 25 basis points of credit loss. Can you just kind of update us where you stand as of third quarter?

謝謝你，喬伊。然後，對於 Peter 來說，正如你在指導意見中提到的，信用損失為 25 個基點。能否簡單介紹一下您第三季的進展？

Yeah. So in the third quarter, we experienced just under that, about 21 basis points of credit loss during the third quarter. To your point, for the year, we're assuming in our guidance range approximately 25 basis points of credit loss. And with only a couple of months left here in the year, at this point, most of that is known or identified at this point.

是的。因此，第三季我們經歷了略低於這個數字的信貸損失，第三季信貸損失約為 21 個基點。正如您所說，我們預計今年的信用損失約為 25 個基點。今年只剩下幾個月了，目前大部分情況已經為人所知或確定。

Again, I do want to reiterate, I know we've talked about it on past calls, but how we think about credit loss here. That is a fully loaded number inclusive not only of credit events, but also of any occupancy loss related to re-leasing assets that may not have been tied to a tenant that is in any form of distress or having credit issues.

我再次重申一下，我知道我們之前在電話會議中討論過這個問題，但我們在這裡是如何看待信用損失的。這是一個包含所有相關因素的完整數字，不僅包括信用事件，還包括與重新出租資產相關的任何入住率損失，而這些資產可能與處於任何形式的困境或有信用問題的租戶無關。

It also includes not only base rent, but any that's associated with any space that we get back and that we're responsible during a period of downtime. And so a fully loaded number, I think it's different than somehow others in the space think and talk about credit loss. But again, 25 basis points is what we anticipate for the year.

它還包括基本租金，以及我們在關閉期間收回的任何空間的相關費用，以及我們應承擔的任何費用。因此，我認為，一個包含所有因素的完整數字，與該領域其他人對信用損失的思考和談論方式有所不同。但我們預計今年的漲幅為 25 個基點。

Great. Thank you very much.

偉大的。非常感謝。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Good morning. Thank you. Joey, maybe I should have listened more carefully. Did you indicate or say that on the re-leasing activity in aggregate, it was a 104% recovery for the quarter? Or did I mishear that?

早安.謝謝。喬伊，也許我應該更仔細地聽聽看。您是否表示或說過，本季整體再租賃活動恢復了 104%？還是我聽錯了？

No, that's correct, Jim.

沒錯，吉姆。

And is that -- and what -- could you remind what the year to date was? Is that --?

那麼，還有什麼？您能提醒一下今年到目前為止都發生了什麼嗎？是嗎？——？

[I can't recall]. So we've released 2.4 million square feet of GLA year to date with the recapture rate of 104%. Through the first six months of the year, we were also at 104%. And so that recapture rate has trended pretty steadily around that 104% throughout the year.

[我記不起來了]。今年迄今為止，我們已經釋放了 240 萬平方英尺的 GLA（總建築面積），回收率為 104%。今年前六個月，我們的佔比也達到了 104%。因此，全年的再捕獲率一直穩定在 104% 左右。

Okay, my apologies. Great. And then obviously, Peter, you mentioned, obviously, you have the new term loan that will be funding here in November probably. There's no -- given you have no unsecured maturities, et cetera, as you say, we just think about it as liquidity and you either put it in cash or just pay down the line. There's no real target use for the funds immediately?

好的，抱歉。偉大的。然後，彼得，很顯然，你提到了，很顯然，新的定期貸款可能會在 11 月到位。正如你所說，鑑於你沒有無擔保到期債務等等，我們只是把它看作是流動性，你可以把它變成現金，或者以後再償還。目前還沒有明確的資金用途嗎？

Yes. So we'll close on that term loan in November. We have a 12-month delayed draw feature on that term loan, and so we don't necessarily need to draw down the proceeds right away. We have flexibility there.

是的。所以我們將在11月完成那筆定期貸款的交割。此定期貸款有 12 個月的延期提取條款，因此我們不一定需要立即提取資金。我們在這方面有彈性。

In terms of when we draw those proceeds down what the intended use is, we do have about $390 million of outstanding commercial paper notes as of the end of the quarter. And so I think the intended use will be to pay down short-term borrowings with any remaining funds used to fund incremental investment activity.

至於何時提取這些收益以及預期用途，截至本季末，我們還有約 3.9 億美元的未償商業票據。因此，我認為其預期用途是償還短期借款，並將剩餘資金用於新增投資活動。

Great, thanks for the clarification. Thank you.

太好了，謝謝你的解釋。謝謝。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi, with the ground leases being a bigger portion of 4Q acquisitions and 10% of the overall portfolio ABR, any thoughts on how much do you want to grow this piece of the business?

您好，鑑於土地租賃在第四季度收購中所佔比例較大，並且佔整個投資組合年收益的 10%，您對這部分業務的增長有什麼想法嗎？

We'd love to continue to grow at window. We're going to do so opportunistically if we find opportunities that obviously hurdle qualitatively. And quantitatively, we're going to strike. Like I said, there are a number of ground leases, a much higher percentage in Q4 currently. That could change here as we wrap up sourcing for Q4 over the next couple of weeks, but they're just opportunistic sellers here generally that we're finding opportunities, both institutional as well as individual sellers.

我們希望繼續在視窗領域中發展壯大。如果發現明顯存在品質障礙的機會，我們將抓住機會去做。在數量上，我們將發起打擊。正如我所說，有很多土地租賃，目前第四季的比例要高得多。未來幾週，隨著我們完成第四季度的採購工作，情況可能會有所改變，但總的來說，這裡有很多投機取巧的賣家，我們正在尋找機會，包括機構賣家和個人賣家。

Thanks. And then I know you said the term fees are always minimal for you always, but would you be okay sharing who the retailer was in 3Q?

謝謝。我知道您說過您的貸款手續費總是很低，但您能否透露一下第三季的零售商是誰？

Yeah, that was two advanced auto parts stores that we like the real estate and we are actively working on retenanting those assets. You'll also notice we divested a few advanced auto parts during the quarter, as I mentioned during the prepared remarks, so just continuing to diversify the portfolio and take advantage of opportunities. Thanks.

是的，那是兩家我們很喜歡的高檔汽車零件商店，我們正在積極尋找新的租戶。正如我在準備好的演講稿中提到的，您還會注意到，我們在本季度剝離了一些先進的汽車零件業務，這只是為了繼續實現投資組合多元化並抓住機會。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yeah, good morning, everyone. Good to see you guys firing on all cylinders. The credit rating upgrade, could you just talk a little bit about how you expect that to ultimately impact your cost of debt? Are you certainly 25 bps tighter? Or like how do we kind of think about that as a potency your long-term debt and maybe term loan funding?

是的，大家早安。很高興看到你們火力全開。信用評等提升後，您能否談談您預計這最終會對您的債務成本產生怎樣的影響？你確定能再緊25個基點嗎？或者，我們應該如何看待它對你的長期債務和定期貸款融資的潛在影響？

Sure. I think with the receipt of the A- rating from Fitch during the quarter, we saw an immediate improvement on our existing 2029 term loan, where we saw 5 basis points of pricing improvement there. We were also active issuing commercial paper during the quarter, and we saw a similar pricing improvement on commercial paper issuance after receiving the A- rating.

當然。我認為，隨著本季獲得惠譽 A- 評級，我們現有的 2029 年定期貸款價格立即得到改善，降幅達 5 個基點。本季我們也積極發行商業票據，在獲得 A- 評級後，商業票據發行價格也出現了類似的改善。

As we think about long-term debt issuance in the public markets going forward, I certainly think the A- rate helps. I think it's a validation of the manner in which we've built the company in a very conservative manner, the strength of our balance sheet, and our portfolio, and frankly, what we hear from fixed income investors about how they view the credit today.

當我們展望未來在公開市場發行長期債務時，我認為 A 級利率無疑會有所幫助。我認為這驗證了我們以非常保守的方式建立公司、我們資產負債表和投資組合的實力，坦白說，也驗證了我們從固定收益投資者那裡聽到的他們對當今信貸的看法。

And so I think in time, that will allow us to continue to compress spreads and achieve better pricing in the public unsecured markets when we come back to those markets. But we've seen immediate pricing improvement on our term loan and commercial paper issues this year as well.

因此我認為，隨著時間的推移，當我們重返公開無擔保債券市場時，這將使我們能夠繼續壓縮利差並實現更好的定價。但今年我們的定期貸款和商業票據的定價也立即得到了改善。

That's very helpful. And then on the DFP side, could you just talk a little bit about -- again, you're ramping up pretty nicely. You guys have put out a really good target for that business, which implies a decent amount of growth and demand. I mean, probably every other property type, everyone is kind of talking about development is really, really hard, whether it's due to construction costs or what have you. So can you just talk a little bit about what's driving all of a sudden your ability to kind of ramp up that business?

那很有幫助。然後，關於DFP方面，您能否再談談—你們的進展非常順利。你們為這項業務設定了一個非常好的目標，這意味著它有相當大的成長空間和需求。我的意思是，可能其他所有類型的房產，大家都在談論開發真的非常非常困難，無論是因為建築成本還是其他原因。那麼，您能否談談是什麼因素促使您突然具備了快速發展業務的能力？

Yeah. Just to clarify, when -- development, when we talk about the Speedway projects in the prepared remarks, those are true development projects. We're working hand-in-hand, the team here with 7-Eleven Speedway, everything from site selection to entitlements and permitting, A&E, overseeing construction, and turning over. That's true organic development projects, Agree Realty working with 7-Eleven hand-in-glove.

是的。澄清一下，當我們談到賽道專案時，在準備好的演講稿中，我們所謂的「發展」指的是真正的發展項目。我們團隊與 7-Eleven Speedway 攜手合作，從選址到權利和許可、建築設計、監督施工，再到最終交付，所有環節都由我們負責。這是一個真正的有機發展項目，Agree Realty 與 7-Eleven 密切合作。

The developer funding platform is really being utilized as a bridge for developers to get projects to complete. And many of the times in the developer funding projects, usually, we're providing the capital is more of a financial structure. We own the asset upon completion the developers are able to obtain a TIF to help make his numbers work or her numbers work on their side of the equation or we'll retain our lots or ancillary real estate where they see eventual upside.

開發者融資平台確實被用作開發者完成專案的橋樑。而且在開發商融資專案中，我們通常提供的資金更像是一種金融結構。項目完成後，我們將擁有該資產。開發商可以獲得 TIF 來幫助其實現盈利，或者我們將保留我們的地塊或附屬房地產，因為他們認為這些地塊最終會有升值空間。

I will note, both pipelines have both platforms -- excuse me, have deep pipelines. There are some fairly large projects also in both platforms right now that could hit in Q4 or due to entitlement and permitting issues could hit in Q1. That's why we're -- we've got kind of a wide stance there in terms of what we're anticipating. But that number could be well over $100 million or could move into for the back half of this year, as I mentioned, or could move into Q1 really out of our control, third-party municipal and governmental controller.

需要指出的是，這兩個管道都擁有這兩個平台——抱歉，應該說是擁有深層管道。目前這兩個平台上都有一些相當大的項目，這些項目可能會在第四季度完成，或者由於審批和許可問題，可能會在第一季完成。這就是為什麼我們對未來的預期採取了比較廣泛的態度。但正如我之前提到的，這個數字可能會遠遠超過 1 億美元，或者可能會推遲到今年下半年，或者可能會推遲到第一季度，而這完全不受我們控制，因為第三方市政和政府控制機構已經介入。

Great, thank you.

太好了，謝謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Maybe just starting off, given the distress we've seen in autos this year, I think there was a BK announced this morning for a subprime lender. How do you think about your exposure there? And are there any of those tenants entering watchlist territory for you?

早安.也許這只是個開始，考慮到我們今年在汽車行業看到的困境，我想今天早上就有一家次級貸款機構宣布破產。你覺得你在那裡的風險敞口如何？這些租戶中是否有任何進入您的觀察名單？

No. I think the subprime lending market actually plays into our thesis on frankly, auto parts, the distress you're seeing in those borrowers. This car every day is a new record for cars on the road.

不。我認為，坦白說，次貸市場實際上印證了我們關於汽車零件行業的論點，以及你在這些借款人身上看到的困境。這輛車每天都在創造新的道路行駛車輛紀錄。

Auto parts, obviously, is a substantial part of our portfolio being number five in terms of sector concentrations at 6.8% were amongst the O'Reillys and AutoZone's largest landlords and partners. I'll be down in O'Reilly pretty soon with the team here. We continue to work with leading auto parts to operators and then obviously, Gerber Collision as well. But I think that really plays into the hands here. We're not ownerships of -- we're not owning new car dealerships. That's not our business.

顯然，汽車零件是我們投資組合的重要組成部分，在行業集中度方面排名第五，佔比 6.8%，是 O'Reillys 和 AutoZone 最大的房東和合作夥伴之一。我很快就會和團隊一起去奧萊利。我們繼續與領先的汽車零件供應商合作，當然也包括 Gerber Collision。但我認為這反而對對方有利。我們並不擁有－我們不擁有新車經銷店。那不關我們的事。

And so we're really focused on the age of the cars on the road, the durability of the cars on the road that ultimately the agility of the boxes on the real estate that we're acquiring. So we put a white paper out on that. It's on our website, and I think we stayed aligned with that thesis.

因此，我們真正關注的是路上行駛的汽車的車齡、路上行駛的汽車的耐用性，以及最終我們正在收購的房地產的靈活性。因此，我們發布了一份關於此問題的白皮書。它已發佈在我們的網站上，我認為我們始終堅持這一論點。

Got it. That's very helpful. And then maybe jumping to the 7-Eleven developments there. Are those discussions for new builds on a one-off basis? Or is there any sort of visibility in a larger opportunity set there where you have some idea what the runway is?

知道了。那很有幫助。然後或許可以跳到那裡的 7-Eleven 便利商店的發展。這些討論是針對一次性的新建專案嗎？或者，在更大的機會範圍內，是否存在某種可見性，讓你對未來的發展方向有所了解？

The latter. We're working with 7-Eleven in defined geographic territories and have a pipeline of opportunities behind us.

後者。我們正在與 7-Eleven 在特定地理區域合作，背後還有許多潛在合作機會。

Got it, very helpful. Thanks, Joey.

明白了，很有幫助。謝謝你，喬伊。

Rob Stevenson, Janney.

羅布史蒂文森，詹尼。

Good morning. Joey, given the spreads on developments over comparable acquisitions and the fact that these already have tenants in place, what's the limiting factor for you today in terms of growing that beyond the sort of $250 million in the external growth story? Is it the construction partners and finding those? Is it targeted tenants in their expansion or just a reluctance to make this too big of a percentage of the balance sheet?

早安.Joey，考慮到開發案與類似收購案之間的價差，以及這些專案已經擁有租戶，目前對你而言，在外部成長方面，將規模擴大到 2.5 億美元以上的限制因素是什麼？是尋找施工夥伴的問題嗎？是為了擴張而瞄準特定租戶，還是僅僅因為不願讓這部分業務在資產負債表中佔比過大？

Well, again, we're not doing anything on a speculative basis here. We know our returns and we go into the project here. So we have everything in hand when we are -- when we close, including a guaranteed maximum price -- bid from a general contract or that contract is executed.

再次聲明，我們在這裡所做的一切都不是出於推測。我們知道我們的回報，所以我們才投入這個專案。因此，當我們完成交易時，包括保證最高價格在內的所有事項都已準備就緒——無論是根據一般合約的報價，還是該合約的執行。

The only limiting factor is opportunities. I'd love to grow it. Commensurate, obviously, with the returns being appropriate, I would love to grow it more. And I think you've seen this material acceleration in these platforms. We hope to continue to materially accelerate it further. And as I talked about, there is a deep pipeline behind this, where we do have visibility. These are projects that generally take 12 to 18 months, not like acquisitions where we turn and burn in 67 days.

唯一的限制因素是機會。我很樂意種植它。當然，如果回報合適，我很樂意擴大規模。我認為你已經在這些平台上看到了這種物質上的加速成長。我們希望繼續實質地加快這一進程。正如我剛才所說，這背後有一個龐大的管道，我們對它非常了解。這些項目通常需要 12 到 18 個月的時間，不像收購那樣，我們可以在 67 天內完成並完成。

And so we are working actively through site selection, permitting, entitlements. We've closed projects subsequent to the quarter end, and we will close more projects this quarter, first quarter and second quarter over next year.

因此，我們正積極推動選址、許可和權利等工作。我們在季度末之後完成了一些項目，並且我們將在本季、明年第一季和第二季完成更多項目。

Okay. And then in terms of conversations with major tenants, anybody changing or thinking about expanding or shrinking the size of their prototypical boxes, for example, a typical 10,000 square foot tenant wanting to downsize towards 7,500 square feet going forward or upsizing to 15,000? Any sort of material changes to any of your major tenants boxes -- preferred boxes going forward?

好的。那麼，在與主要租戶的對話方面，是否有人正在改變或考慮擴大或縮小其典型商舖的面積，例如，一個典型的 10,000 平方英尺的租戶是否希望縮小到 7,500 平方英尺，或者擴大到 15,000 平方英尺？貴公司主要租戶的機房（例如，未來首選的機房）是否有任何實質變化？

No. It's a great question. Tenants are always tinkering with their prototypes and square footages for those different prototypes, which are getting moved to a larger prototype obviously. There's always been nothing material in terms of just quantity of tenants changing prototypical structures.

不。這是一個很好的問題。租戶總是不斷調整他們的原型和不同原型的面積，而這些原型顯然最終都會被轉移到更大的原型中。從租戶數量的角度來看，一直沒有什麼實質的改變來改變傳統的建築結構。

What we've seen over the last few years, frankly, is more of the BOPUS elements here and the pickup from store, the parking spaces, the drive-throughs, the pickup windows. Those are the types of elements we've seen a lot more change than prototypical size.

坦白說，過去幾年我們看到的是更多「買一送一」的元素，例如到店取貨、停車位、免下車通道、取貨窗口等等。這些類型的要素比原型尺寸的變化大得多。

Okay, thanks, guys. Appreciate the time this morning.

好的，謝謝各位。感謝您今天上午抽出時間。

Thank you, Rob.

謝謝你，羅布。

Spenser Glimcher, Green Street.

史賓塞‧格林徹，格林街。

Thank you. Maybe just another one on the development front. In your conversations with these clients, are you getting a sense of future growth appetite beyond these initial projects that are either commenced or in some form of zoning or entitlement? And then if so, how much confidence does this give you in your ability to achieve those annual DFP goals that you outlined, Joey?

謝謝。或許只是開發方面又出現了一個問題。在與這些客戶的交談中，您是否感受到他們對未來發展的需求，而不僅僅是目前已經啟動或正在進行某種形式的規劃或審批的專案？那麼，如果真是這樣，喬伊，你對自己實現所製定的年度DFP目標的能力有多大信心呢？

What we hear from major tenants and the largest retailers in this country is they want to grow, grow, grow, grow, grow their store base. So I talked about on the last call. There was too much attention in terms of both physical attention, mental attention, and capital return to distribution for e-commerce.

我們從主要租戶和這個國家最大的零售商那裡聽到的是，他們想要不斷擴大、擴大、擴大、擴大他們的門市數量。所以我在上次通話中談到了這件事。電子商務分銷在物質關注度、精神關注和資本回報方面都投入了過多的精力。

And what all retailers have now realized, the store is the hub of a successful omnichannel operation, not just a spoke. And so whether it's auto parts or off-price, Walmart, Costco, BJ's, Home Depot, Lowe's, all the way down, obviously, to the fast-food operations that we're seeing today, C-stores are growing voraciously across this country. It is the continued expansion mode even in the face of tariffs and construction costs and the other macro challenges that are out there.

現在所有零售商都意識到，實體店是成功的全通路營運的核心，而不僅僅是一個分支。因此，無論是汽車配件還是折扣商品，沃爾瑪、好市多、BJ's、家得寶、勞氏，甚至我們今天看到的快餐店，便利商店都在全國各地蓬勃發展。即使面對關稅、建設成本以及其他宏觀挑戰，它仍然保持著持續擴張的模式。

Will you repeat the second part of your question, Spenser?

史賓塞，你能再說一次你問題的第二部分嗎？

Well, what I was just asking is if you have a sense of their like near-term growth appetite, if that gives you confidence in achieving those annual DFP goals, the few hundred million that you want to put to work in that vertical?

我剛才想問的是，您是否了解他們近期的成長意願，這是否讓您有信心實現年度DFP目標，也就是您希望在該垂直領域投入的數億美元？

Yeah. Look, we were lucky enough to have the president of a major off-price retailer up here to speak to our Board and talk about their growth ambitions with their differentiated banners recently into the entire real estate team. Yeah, that gives me confidence, but also gives me, I think, the most confidence is our capabilities and our team here and the fact that that we can effectuate all three growth platforms.

是的。你看，我們很幸運地邀請到一家大型折扣零售商的總裁來到這裡，與我們的董事會成員交流，探討他們最近將旗下不同品牌融入整個房地產團隊的成長雄心。是的，這給了我信心，但我覺得，最讓我有信心的還是我們的能力、我們團隊以及我們能夠實現所有三個成長平台的事實。

And I'll tell you, I think what we've created here, and I talked about this a little bit on the last call, is a different type of net lease company. I think it's imperative now that the sell side and the buy side start being discerning about the types of net lease companies. I know it's easy to group companies, obviously, in property types and sectors, but we have companies in the net lease space that are high-yield spread investors. They are sale-leaseback organizations that are global investors across asset classes. And now we have Agree Realty, which is a real estate company that happens to be in the retail net lease space.

而且我可以告訴你，我認為我們在這裡創建的，我在上次電話會議上也稍微談過，是一種不同類型的淨租賃公司。我認為現在買賣雙方都必須開始對淨租賃公司的類型進行甄別。我知道將公司按房地產類型和行業分組很容易，但顯然，淨租賃領域的公司中也有一些是高收益利差投資者。它們是售後回租機構，在全​​球範圍內進行各類資產投資。現在我們有了 Agree Realty，這是一家房地產公司，碰巧從事零售淨租賃業務。

And so when we talk about these other two platforms and the acquisitions is in the focus, obviously, the predominance of the investment capital we'll put to work this year. And I assume next year and the year after, it's not typical spread investing anymore. No. And I talked about I grew up on a site moving dirt. And the goal was always to create that real estate company in the net lease space.

因此，當我們談到另外兩個平台，並且收購是重點時，很顯然，我們將把大部分投資資本投入今年的收購中。我估計明年和後年，將不再是典型的價差投資了。不。我講述了我從小在工地搬運土方的經歷。我們的目標始終是打造一家淨租賃領域的房地產公司。

And so we started as a developer. And it's quite ironic. We launched the acquisition platform and we had never acquired a property in 2010. Development kind of dropped off the radar but it was still a small piece of what we were doing at the time.

於是，我們最初就是從開發人員起步的。這真是莫大的諷刺。我們推出了收購平台，而我們在 2010 年從未收購過任何房產。開發工作一度淡出人們的視線，但它仍然是我們當時工作的一小部分。

Today, we're in a position where we can invest and have invested in all three platforms, and they are firing on all cylinders. And I think it's time for everyone to use, hopefully a different -- I would hope, a different lens when they're viewing net lease companies than just multiple spreads because we had a lot of different types of businesses on operation and frankly, investment philosophies in this space.

如今，我們有能力投資，並且已經投資了這三個平台，它們都運作良好。我認為現在是時候讓大家用不同的視角——我希望——來看待淨租賃公司，而不僅僅是看多個價差，因為我們有很多不同類型的企業在運營，坦白說，這個領域的投資理念也各不相同。

And what we're doing today is differentiated. It's been 15 years in the making, as I've talked about in the prepared remarks. And it's here and it's here now. And so we're excited about development. We're excited about developer funding platform. We're excited about acquisition platform.

而我們今天所做的事情則有所不同。正如我在準備好的演講稿中所說，這項工作歷時15年才得以完成。它就在這裡，現在就在這裡。因此，我們對發展感到興奮。我們對開發者融資平台感到非常興奮。我們對收購平台感到興奮。

And I'll tell you, retailers are just as excited with us that we can help them grow across all of those different efforts.

而且我可以告訴你，零售商們也和我們一樣興奮，因為我們可以幫助他們在所有這些不同的領域中成長。

Okay. Great. Thank you for that color. And then maybe just one on the ground lease front. You've recently had a really favorable releasing outcome with an existing ground lease. Can you just remind us if you have any other near-term lease maturities? And would you expect to have similar favorable outcomes?

好的。偉大的。謝謝你提供的這種顏色。然後，或許只需要在土地租賃方面做一件事。您最近在現有土地租賃的解除方面取得了非常有利的結果。請問您還有其他近期到期的租賃合約嗎？你認為會得到類似的理想結果嗎？

We have a few there, I'll call it, naked leases don't have any actions, nothing overly material. We have had a vacant Brinker ground lease, Brinker-backed ground lease sitting out front of a former borders that my father develops, which is now a Walmart neighborhood market, which is shorter term in nature, but nothing overly material in 2026. There will be a significant mark-to-market opportunity.

我們這裡有一些，我稱之為“裸租約”，沒有任何實際的租賃行為，也沒有任何實質性的內容。我們有一塊空置的 Brinker 土地租賃地，一塊由 Brinker 擔保的土地租賃地，位於我父親開發的以前的邊界前面，現在那裡是一家沃爾瑪社區市場，這塊地的租賃期限較短，但到 2026 年不會有太大的影響。這將帶來巨大的市值調整機會。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great, thanks for taking my question. I wanted to get your stance on the current consumer environment. Given continued ambiguity on the macro tariffs and softness in the jobs market. And have you noticed any impact starting to creep into any of the industry categories you have exposure to? You already mentioned auto parts earlier, but any other categories that you're seeing any impact?

太好了，謝謝你回答我的問題。我想了解您對當前消費環境的看法。鑑於宏觀關稅政策持續不明朗，以及就業市場疲軟。您是否注意到您所涉足的任何行業類別開始受到任何影響？您之前已經提到了汽車零件，但您還發現其他哪些類別受到了影響？

I think we're seeing positive flow-through for the majority of -- the vast majority of the categories we invested. And so we're not doing entertainment. We're not doing experiential. We're not doing anything fun. We are the trade down.

我認為我們看到，在我們投資的絕大多數類別中，都出現了正面的連鎖反應。所以我們不是在做娛樂節目。我們不做體驗式行銷。我們沒有做任何好玩的事情。我們處於交易下行階段。

We own the trade down -- Walmart, TJX, auto parts, right? So we focus on the trade down. And so we're -- our tenants are the beneficiaries, generally speaking, of that trade-down effect, and it continues to permeate, I think, most notably right now, the middle class.

我們掌控著向下交易的領域——沃爾瑪、TJX、汽車配件，對吧？所以我們專注於向下交易。因此，總的來說，我們的租戶是這種降級效應的受益者，而且我認為，這種效應仍在持續滲透，尤其是在目前中產階級。

The target customer is shifting to TJX and Walmart. We see that in their prints. And so that middle-class customer is trading down to our tenant base. We love Target. I think we own two or three, three of them, but we see that customer trading down, looking for savings than being a more asserting shopper today.

目標客戶正在轉向 TJX 和沃爾瑪。我們從他們的版畫可以看出這一點。因此，原本的中產階級客戶正在轉向我們的租戶群體。我們喜歡塔吉特百貨。我認為我們擁有兩三家這樣的店，但我們發現，如今的顧客更傾向於購買價格更低的商品，以節省開支，而不是像以前那樣成為更有主見的消費者。

Great. That was helpful. And then are you seeing impact on the accelerated depreciation policy from the Big Beautiful Bill creeping in as well on the transaction market or the 1031 market?

偉大的。那很有幫助。那麼，您是否看到《大法案》對加速折舊政策的影響也逐漸滲透到交易市場或 1031 市場？

Not in any spaces we [fall] -- maybe in the car wash space, where you get the accelerated depreciation with 1031 or private investors, maybe on the edges on the C-store space, but nothing overly beautiful.

在任何領域我們都不會失敗——也許在洗車領域，你可以透過 1031 條款或私人投資者獲得加速折舊，也許在便利商店領域的邊緣地帶，但沒有什麼特別出彩的地方。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you.

謝謝。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO資本市場。

Hey, good morning, everyone. Just going back to the forward equity contracts, Peter, can you remind us if the forward equity in place has to be settled before the date of expiry? Or can those agreements be rolled forward?

嘿，大家早安。Peter，我們再回到遠期股票合約的問題上來，你能提醒我們一下，已簽訂的遠期股票合約是否必須在到期日之前結算嗎？或者這些協議可以繼續有效嗎？

Yeah. I think there's certainly the opportunity to go back to the banks or counterparties to extend those contracts if we thought that was the appropriate thing to do. I think for a few reasons, we think it makes sense to settle our upcoming forwards at maturity. First and foremost, it's not like we're going to be sitting in cash when we settle that forward equity. We have $390 million of short-term borrowings outstanding as of quarter end. And obviously, as we continue to invest, that number will grow.

是的。我認為，如果我們認為有必要，當然有機會與銀行或交易對手方續簽這些合約。我認為基於以下幾個原因，我們認為在到期時結算即將到期的遠期合約是明智之舉。首先，我們結算遠選擇權益時，手邊不會有現金。截至季末，我們有 3.9 億美元的短期借款未償還。顯然，隨著我們持續投資，這個數字還會成長。

And so I think there's a use of proceeds for the forward equity settlements that we have contemplated here in the fourth quarter. And I think there are other considerations as well when you think about extending those contracts from a rating agency or leverage perspective.

因此，我認為我們在第四季度考慮的遠期股權結算的收益是有用途的。我認為，從評級機構或槓桿角度考慮延長這些合約時，還有其他一些需要考慮的因素。

Okay, thank you.. And then can we just get your early thoughts on the Series A preferred shares that can be redeemed in September of next year?

好的，謝謝。那麼，您能否就明年9月可贖回的A系列優先股發表一些初步看法？

We think that is a very attractive piece of paper today, and I would not anticipate that that gets called anytime in the near future given the coupon on it, which was the lowest REIT coupon in history for preferred outside of PSA and then we continue to view that as an attractive piece of paper. Thank you.

我們認為這是一張非常有吸引力的債券，鑑於其票息（這是PSA以外REIT優先股歷史上最低的票息），我預計在不久的將來它不會被贖回，因此我們仍然認為這是一張有吸引力的債券。謝謝。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場。

Thanks, everybody. Joey, you talked about cap rates not really changing in a material way. I'm wondering why you think that is. I mean, obviously, we've seen cost of debt come down quite a bit, SOFR is hopefully moving lower, and we've heard these anecdotes about increased competition. So were spreads just anomalously narrow before and they're getting back to normal levels now? Or is there something else that you would call out?

謝謝大家。喬伊，你之前說過資本化率不會有實質變化。我想知道你為什麼會這麼想。我的意思是，很顯然，我們已經看到債務成本大幅下降，SOFR有望繼續走低，我們也聽到了一些關於競爭加劇的傳聞。所以之前的價差只是異常窄，現在正在恢復正常水準嗎？或者您還有其他想指出的地方嗎？

Just to clarify, Brad, I'm not predicting cap rates for 2026. I'm just talking about my visibility into 2025. By the time I had any visibility into 2026, we'll get a new crew social post and something will change. So I'm not predicting and we just haven't seen any material change in cap rates year to date, and I don't expect it in the fourth quarter of 2025.

布拉德，澄清一下，我並不是預測 2026 年的資本化率。我只是在談論我對2025年的展望。等我能預見到 2026 年的時候，我們會發布新的船員社交媒體帖子，到時候情況就會有所改變。所以我沒有做出預測，而且今年到目前為止我們還沒有看到資本化率發生任何實質變化，我預計 2025 年第四季也不會發生這種情況。

Obviously, things outside of our control will drive that overall narrative, but we'll continue to try to look for opportunities to push cap rates and obviously, when we transact where we think the appropriate pricing levels are.

顯然，一些我們無法控制的因素會影響整體趨勢，但我們將繼續努力尋找機會來提高資本化率，當然，我們也會根據我們認為合適的定價水平進行交易。

Okay. Got it. And then I know you've had kind of a self-imposed hiatus on new equity issuance since the April offering. And obviously, you have plenty of equity as you sit here today. But I'm curious how you view the attractiveness of equity right now and when you might look to issue again.

好的。知道了。而且我知道，自 4 月的增發以來，你們已經主動暫停了新的股權發行。顯然，你今天坐在這裡時，擁有大量的資產。但我很好奇您目前如何看待股票的吸引力，以及何時會考慮再次發行股票。

I appreciate the self-imposed hiatus, I haven't thought about it that way. When we did that deal, we promised investors, and we stick to our word here, consistency is the third slide in our deck. We told investors we were -- we're not coming back, right? And I mean, that's what we've done. We obviously don't need to raise equity at 3.5 times levered and about $1.7 billion, Peter in liquidity. Is that correct?

我很欣賞你主動給自己設定的休息時間，我之前沒這樣想過。當初我們達成那筆交易時，我們向投資者做出了承諾，而我們在這裡也信守諾言，言行一致是我們簡報中的第三張幻燈片。我們告訴投資者，我們不會回來了，對吧？我的意思是，我們就是這麼做的。顯然，我們不需要以 3.5 倍槓桿率和約 17 億美元的流動性來籌集股權，Peter。是這樣嗎？

$1.9 billion or $2.2 billion, including the term loan, [that kind of close].

19億美元或22億美元，其中包括定期貸款。[那種程度的接近]。

So we obviously don't need to raise any capital. The term loan, as Peter mentioned, the delayed draw feature of that term loan gives us a lot of flexibility. And so when we raised that equity, I guess we did put on a self-imposed hiatus. But I think the most important piece of that was that we stayed true to our word to investors that we were going to constantly be flooding the equity markets with new issuance, whether it will be the ATM or obviously a block or overnight transaction.

所以顯然我們不需要籌措任何資金。正如彼得所提到的，定期貸款的延期提取功能給了我們很大的靈活性。所以，當我們募集到那筆股權時，我想我們確實為自己設定了一個暫停期。但我認為最重要的是，我們信守了對投資者的承諾，我們將不斷地向股票市場注入新股，無論是透過 ATM 交易，還是透過大宗交易或隔夜交易。

But we'll continue to look, obviously. We're an external growth-driven company as a net lease REIT. We are growing voraciously. We'll continue to look at all different types of access to sources of capital, but we're in the pole position here. And Peter, we can spend how much until we got to 5 times levered?

但我們顯然會繼續尋找答案。我們是一家以外部成長為導向的淨租賃房地產投資信託基金。我們正以驚人的速度成長。我們將繼續研究各種不同的融資管道，但我們目前處於領先地位。彼得，我們最多可以花多少錢才能達到5倍槓桿？

We could spend approximately $1.5 billion, excluding free cash flow until we get to 5 times. We can execute on the high end of our investment guidance range this year without raising any additional equity, and we would end the year at 4 times pro forma net debt to EBITDA. So we have plenty of runway, and we're in a great position.

我們大約需要花費 15 億美元，不包括自由現金流，直到達到 5 倍的回報。今年，我們可以在不增加任何股權融資的情況下，執行我們投資指導範圍的高端目標，並且在年底時，我們的備考淨債務與 EBITDA 比率將達到 4 倍。所以我們還有充足的時間，我們處於非常有利的位置。

They add in free cash flow next year of over $125 million minimally. And then you add in disposition proceeds, and we clearly don't need a $1 and no [debt matures]. Or look, we maintain full flexibility. I think the most important thing to -- I appreciate, again, the self-imposed hiatus was we want to be consistent with investors so they understand where we're going and what we're doing. This is net lease. It should be predictable.

他們預計明年的自由現金流將至少超過 1.25 億美元。再加上處置收益，我們顯然不需要1美元，而且沒有[債務到期]。或者說，我們保持著充分的彈性。我認為最重要的是——我再次感謝我們主動暫停業務——我們希望與投資者保持溝通，讓他們了解我們的發展方向和正在做的事情。這是淨租賃。這應該是可以預測的。

Got it. Thank you.

知道了。謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

I want to have a question on the true development platform. Are you willing to develop for all your targeted tenants? Or do you have -- do you view some as being a little bit more risk or too complex?

我想問一個關於真正開發平台的問題。您是否願意為所有目標租戶進行開發？或者您認為有些風險更大或過於複雜？

Interesting question. Complexity certainly would not be an issue. We generally stick direct tangles. Those aren't overly complex. We're not building anything overly difficult.

有趣的問題。複雜性肯定不是問題。我們通常堅持直接纏繞。這些並不十分複雜。我們並沒有建造任何特別複雜的東西。

Yeah, I think we would. I can't think off my hand or when we wouldn't develop for. Again, all three platforms are targeting the same tenant base. And so will we do industrial for those retailers or distribution? No. But will we develop their traditional retail formats? Certainly.

是的，我想我們會的。我一時想不出我們什麼時候不會進行開發。同樣，這三個平台的目標客戶群都是相同的。那麼，我們會為這些零售商或經銷商提供工業產品嗎？不。但我們會發展他們傳統的零售模式嗎？當然。

I'll tell you, we have been approached to develop in Canada. That's a no. We have been approached in other instances to try new prototypes or concepts. That's generally no as well. We're not interested in 180,000-square-foot sporting goods experiential constructs.

我告訴你，有人聯絡我們，希望我們在加拿大開發。答案是否定的。在其他情況下，我們也曾被邀請嘗試新的原型或概念。通常情況下，答案是否定的。我們對佔地 18 萬平方英尺的體育用​​品體驗式建築不感興趣。

And so -- but I think I would tell you for 95% of them, yes, we will develop, we will use our developer funding platform, and we will acquire a third party or sale leaseback.

所以——但我認為對於其中 95% 的項目，是的，我們會進行開發，我們會利用我們的開發商融資平台，我們會收購第三方或進行售後回租。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

R.J. Milligan, Raymond James.

R.J. Milligan，Raymond James。

Hey, good morning guys. Joey, I just wanted to get your higher-level views as we look into '26. Third-quarter investment volumes jumped quite a bit. You've got all the growth platforms that are delivering. You've got, as I said, debt and equity lined up with the forwards and the term loan. Guidance for this year is about $1.6 billion of investment volume.

嘿，各位早安。Joey，我只是想聽聽你對2026年的看法。第三季投資額大幅成長。你們擁有所有能夠帶來實際效果的成長平台。正如我所說，你們已經安排了債務和股權，包括遠期合約和定期貸款。今年的投資金額預計約16億美元。

And so two questions. Would you want to do more next year in terms of investment volume? And two, is the gating factor really what's just available on the market? Or is there like a number of incremental investment activity that just doesn't deliver enough so you'd want to smooth it out? I'm just trying to gauge like at what levels of investment volume are you comfortable on a longer-term basis?

所以，我有兩個問題。明年您是否希望增加投資金額？第二，市場真的只提供這些限制嗎？或者說，是否存在一些增量投資活動，但收益不足，因此你想對其進行平滑處理？我只是想了解一下，從長遠來看，您能接受的投資規模達到什麼程度？

A great question, R.J. We have never thought of pacing here. We don't do pacing. We take advantage of opportunities. We turn windows into doors, and then we sprint through them.

R.J.，你問得好。我們之前從未想過在這裡踱步。我們不進行步速控制。我們抓住機會。我們把窗戶變成門，然後衝進去。

And so whether it was COVID or whether it was a disruption from a macro perspective or when we launched the acquisition platform, if we find a $5 billion transaction that fits this company's profile from a quality perspective and it provides for accretive spreads and making up the number $5 billion, obviously, we will strike.

因此，無論是新冠疫情，還是宏觀層面的衝擊，亦或是我們推出收購平台，如果我們找到一筆價值 50 億美元的交易，從品質角度來看符合這家公司的標準，並且能夠帶來增值收益，最終達到 50 億美元的目標，那麼顯然，我們會出手。

And so I don't think of any gating factor [except] qualitative and quantitative hurdles. We have a cost of capital. We now have 93 team members here. We had 90 team members, excuse me. We've hired 23 new team members this year, hence, the increase in G&A as a percentage of revenue in the updated guidance. We don't anticipate anything like that. We are built to grow. The only thing that will limit that growth is opportunities, and we will not stretch for them.

因此，我認為除了定性和定量方面的障礙之外，沒有其他阻礙因素。我們有資金成本。我們現在有93名團隊成員。不好意思，我們團隊有90位成員。今年我們新聘了 23 位團隊成員，因此，更新後的績效指引中，一般及行政費用佔收入的百分比增加。我們預計不會發生類似的事情。我們生來就是為了成長。唯一會限制這種成長的因素是機遇，而我們不會去爭取這些機會。

Okay, that's helpful. That's it from me, guys. Thank you.

好的，這很有幫助。各位，我今天就到這裡了。謝謝。

Thank you.

謝謝。

Rich Hightower, Barclays.

Rich Hightower，巴克萊銀行。

Hey, good morning, guys. Thanks for taking the question here. I guess, Joey, just to continue the line of thinking from the last question. You just talked about it and you've talked about it before sort of increasing the size of the investment team. And so I guess, all else constant, does that -- is it reasonable to think that that implies you can sort of continue along the pace of acquisitions and other deal volumes that you sort of paced in the third quarter going forward? Or is that not the right way to think about that?

嘿，各位早安。感謝您接受這個問題。我想，喬伊，只是想延續上一個問題的想法。你剛才提到過，之前也提到過，要擴大投資團隊的規模。所以我想，在其他條件不變的情況下，這是否意味著你可以繼續保持第三季收購和其他交易的節奏？或者，這種思考方式不對？

Well, I think the size and scale of the team is to accommodate all different types of transactions that we're managing, and we don't see that as a constraint, right? Again, it's opportunity dependent. Q4 will be a strong quarter for us. We know that development in DFP looks like going into 2026 for the first half right now, and that looks strong.

我認為團隊的規模和規模是為了適應我們正在管理的各種類型的交易，我們不認為這是一個限制，對吧？這同樣取決於機會。第四季對我們來說將是一個強勁的季度。我們知道，DFP 的發展目前看來會持續到 2026 年上半年，發展勢頭強勁。

But again, we are able to handle 400 discrete transactions. We had 110 transactions, not including dispositions or leasing in Q3 alone, and the team has an incremental capacity. We continue to invest in systems. We are launching ARC 3.0 in 2026. We continue to lean out processes and eliminate waste inefficiencies here. And the team continues to get better at all levels. We've built redundancy in succession.

但是，我們能夠處理 400 筆獨立的交易。僅在第三季度，我們就完成了 110 筆交易，還不包括資產處置或租賃，而且團隊還有額外的處理能力。我們持續投資於系統建設。我們將於 2026 年推出 ARC 3.0。我們將繼續精簡流程，消除浪費和低效之處。而且球隊在各個層面都在不斷進步。我們透過連續部署建立了冗餘機制。

So we're in a great position to take advantage of those opportunities. In terms of how it materializes into numbers and volume, that's going to be subject to what we find, the grit determination that we put forth and in context of the overall marketplace.

因此，我們處於非常有利的位置，可以抓住這些機會。至於最終如何轉化為數字和規模，這將取決於我們的發現、我們展現的決心和毅力，以及整個市場的狀況。

Okay. That's helpful. And then one just small one. I did notice, I guess, your exposure to Dollar Tree fell quarter on quarter. So just maybe talk about the moving parts there. Was that part of the group of assets that was sold? And maybe just talk about how you feel about the Dollar more concept in general kind of relative to everything else that you own, if you don't mind?

好的。那很有幫助。然後還有一個很小的。我注意到，你對Dollar Tree的投資似乎逐季下降了。所以，或許可以談談其中的各個環節。那批資產是否包含在出售的資產組合中？如果你不介意的話，或許可以談談你對「美元更多」這個概念的整體感受，以及它與你所擁有的其他東西之間的關係？

Yeah, the bulk piece of that is the separation of Family Dollar, obviously from Dollar Tree with that sale. We've also made a couple of disposition. Dollar stores, I'll note, year over year have dropped 87 basis points as a component of our portfolio. Similarly, pharmacy has dropped 30 basis points from 4% to 3.7%.

是的，其中最主要的部分顯然是透過那次出售將 Family Dollar 從 Dollar Tree 中剝離出來。我們也做了一些安排。值得注意的是，作為我們投資組合的一部分，一元商店的佔比年減了 87 個基點。同樣，藥局的就業率也從 4% 下降了 30 個基點至 3.7%。

We will continue to be extremely discerning. We're not going to increase exposures, especially in a material way to either of those sectors. If we find a unique opportunity, we will strike, but they are certainly not at the top of our list in terms of new investment appetite.

我們將繼續保持高度的審慎態度。我們不會增加對這兩個產業的投資，尤其是不會大幅增加投資。如果發現獨特的投資機會，我們會抓住它，但就新的投資意願而言，它們肯定不是我們的首選。

Understood, thank you.

明白了，謝謝。

Thank you.

謝謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Two quick ones. Just going back on tenant health, 25 basis points, I think, baked into the guide, I think that's lower from last quarter. Is that part of the sale of the [At Home]? Just maybe talk through that and just general color of -- I know we've talked to a few tenant groups, so how are you feeling about tenant house today? Thanks.

兩個簡短的問題。再說說租戶健康狀況，我認為已經計入指導方針中，25 個基點，比上個季度要低。這是銷售的一部分嗎？[在家]？或許我們可以就此談談，以及大致情況——我知道我們已經和一些租戶團體談過了，那麼你對現在的租戶住房有什麼看法？謝謝。

To the At Home question, that was an opportunistic sale. We bought that seven years ago, I think, Peter, correct me if I'm wrong, at seven years ago, it was a straight real estate play. It was directly across from a mall that was to be redeveloped in a high-growth area. Obviously, Provo, Utah, that signalized intersection with outlet capability to be developed in the future at a very, very low basis, effectively below land basis.

至於「在家工作」的問題，那是一次機會主義銷售。我想，彼得，如果我沒記錯的話，我們七年前買了那棟房子，當時這完全是一筆房地產投資。它正對面是一個即將重建的購物中心，位於一個高速發展區域。顯然，猶他州普羅沃市的那個訊號交叉路口，未來可以以非常非常低的成本進行開發，實際上低於土地成本。

The purchaser of that at a seven cap is going to do multifamily for BYU, which is just north. And so it obviously worked out for us in terms of the acquisition and disposition. Again, I think that's emblematic of our real estate vision here. We were never -- and we'll never be focused on At Home or secondary or tertiary home furniture and accessory retailers. In terms of the 25 basis points, Peter, do you want to add anything to color there?

以七倍資本化率購買該物業的買家將為楊百翰大學（BYU）建造多戶住宅，該大學就在北邊。因此，就收購和處置而言，這顯然對我們有利。再次強調，我認為這體現了我們在這裡對房地產的願景。我們過去不是，未來也不會專注於家居用品或二級、三級家居家具及配件零售商。關於這 25 個基點，Peter，你還有什麼要補充的嗎？

Yeah. Ron, last quarter, our guidance contemplated 25 basis points of credit loss at the high end FFO per share range and 50 basis points of credit loss at the low end of the range. So we have tightened that up to 25 basis points, and that compares to the 50 basis points of credit loss that we assumed in our initial guidance range going back to February.

是的。羅恩，上個季度，我們的預期是，在每股 FFO 範圍的高端，信用損失為 25 個基點；在範圍的低端，信用損失為 50 個基點。因此，我們將信貸損失收緊至 25 個基點，而我們最初在 2 月發布的指導範圍內假設的信貸損失為 50 個基點。

And so as the portfolio has continued to perform very well, and we haven't realized that higher level of credit loss, we've continued to trim up and bring down our assumption for credit loss for the year.

因此，由於投資組合持續表現良好，而且我們並未出現更高的信貸損失，我們繼續調整並降低了今年的信貸損失預期。

Great. And then just back on the cap rate question. I know it's going to asked a bunch of different ways, but maybe can you comment on any sort of larger deals or larger portfolios and what you see in terms of cap rates there? Thanks.

偉大的。然後，我們再回到資本化率的問題。我知道這個問題可能會被以各種不同的方式問到，但您能否就一些規模較大的交易或投資組合，以及您觀察到的資本化率發表一些看法？謝謝。

We'll say we have passed on a couple of larger deals that I'm sure you'll see hit the wires that we didn't think were priced appropriately, most notably sale-leaseback portfolios. We think we can create more value through alternative means, including development. But that's really the only the color I can give. Thank you.

我們承認，我們放棄了一些較大的交易，我相信你們很快就會看到相關消息，因為我們認為這些交易定價不合理，其中最值得注意的是售後回租投資組合。我們認為可以透過其他途徑創造更多價值，包括發展。但我只能給出這樣的顏色描述。謝謝。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi. Just a follow-up to an earlier question. Given your investment levels reverting back to historical highs, I just want to confirm, are you growing the investment team? Or is the investment team getting more productive with data technology like ARC?

你好。這是對先前問題的後續。鑑於您的投資水準已回升至歷史高位，我想確認一下，您是否正在擴充投資團隊？或者，投資團隊是否透過 ARC 等數據技術提高了工作效率？

Both. We have grown the investment team. Again, that's part of the 23 team members that we've added this year. We have grown the investment team, all three platforms all way down to the analyst level and interns that have become an analyst. And so we feel like we're fully staffed that team.

兩個都。我們的投資團隊規模擴大了。再次強調，這是我們今年新增的 23 名團隊成員的一部分。我們擴大了投資團隊，涵蓋了所有三個平台，一直到分析師級別，還有從實習生晉升為分析師的人員。因此，我們感覺我們的團隊人員配備已經齊全。

We continue to make IT improvements from the use of AI for lease extraction, lease underwriting checklist, and continue to work on ARC 3.0. But we think that team has been built and we're -- but we'll continue to coach, obviously, approach and develop the younger team members. So we're in position for 2026, and I don't anticipate any material hires there.

我們持續改善IT技術，例如利用人工智慧進行租賃資訊擷取、租賃承保清單編制，並持續開發ARC 3.0。但我們認為團隊已經組成完畢，我們當然會繼續指導、培養年輕的團隊成員。所以我們已經為 2026 年做好了準備，我預計到那時不會有任何實質的招募。

Thank you.

謝謝。

And that concludes our Q&A session. I will now turn the conference back over to Joey Agree for closing remarks.

我們的問答環節到此結束。現在我將把會議交還給喬伊·阿格里，請他作閉幕致詞。

Well, thank you, everybody, for joining us. We look forward to seeing you in Dallas for any upcoming conferences and good luck through the rest of earnings season. Appreciate it.

謝謝大家的參與。我們期待在達拉斯舉行的任何會議上見到您，並祝您在接下來的財報季中一切順利。謝謝。

And this concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。