Agree Realty Corporation (ADC) 2025 Q4 法說會逐字稿

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

早安，歡迎參加 Agree Realty 2025 年第四季電話法說會。(接線員指示) 提醒您，本活動將被錄音。

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

現在我想將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 Fourth 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.

謝謝。各位早安，感謝各位參加 Agree Realty 2025 年第四季財報電話會議。在把電話交給 Joey 與 Peter 討論本季業績之前，我先說明前瞻性聲明的注意事項。

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 2026 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，我們將發表若干依據聯邦證券法可能被視為前瞻性之聲明，包括與我們 2026 年指引相關的陳述。由於多項原因，我們的實際結果可能與任何前瞻性聲明中所討論的事項有重大差異。關於支撐前瞻性聲明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（包括最新的 Form 10-K 年報）。

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，我們將討論非 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、網站及 SEC 申報文件中查閱。

I'll now turn the call over to Joey.

接下來我把電話交給 Joey。

Thanks, Reuben, and thank you all for joining us this morning. 2025 represented yet another year of consistent execution for our growing company. In a dynamic macro environment, we remain disciplined continued investing in our future and delivered over 4.5% AFFO per share growth. The $1.55 billion invested across our three investment platforms was the second highest total in company history representing more than 60% year-over-year growth. As demonstrated by our 2026 guidance, the fundamentals supporting our outlook are very strong.

謝謝你，Reuben，也感謝各位今天早上加入我們。2025 年對我們這家持續成長的公司而言，是又一個穩健執行的一年。在多變的總體環境下，我們仍保持紀律、持續投資未來，並實現 AFFO 每股超過 4.5% 的成長。我們在三大投資平台合計投資 15.5 億美元，為公司史上第二高，年增超過 60%。如同我們 2026 年指引所示，支撐我們展望的基本面非常強勁。

Our portfolio has never been better positioned the depth and strength of our team is exceptional, and our balance sheet is in tremendous shape.

我們的投資組合從未如此具備優勢；團隊的深度與實力極為出色；資產負債表也處於極佳狀態。

We have commenced numerous IT undertakings, including the construction of the next iteration of ARC and continue to drive efficiencies through systematic process improvement. These initiatives will support bottom line growth this year and beyond, driven by ongoing efficiency gains and a material reduction in G&A as a percentage of revenue.

我們已啟動多項 IT 專案，包括建置 ARC 的下一代版本，並持續透過系統化的流程改善來提升效率。這些措施將在今年及未來推動獲利成長，動能來自持續的效率提升，以及一般與管理費用（G&A）占營收比重的顯著下降。

During the course of the year, we once again proactively fortified our balance sheet raising roughly $1.5 billion in capital. We concluded 2025 with over $2 billion of liquidity, including over $715 million of outstanding forward equity. With no material debt maturities until 2028, our balance sheet is in tremendous position to execute on our 2026 investment guidance and provide significant flexibility.

在年度期間，我們再次主動強化資產負債表，籌集約 15 億美元資金。我們在 2025 年底擁有超過 20 億美元的流動性，其中包括超過 7.15 億美元的未交割遠期股權。在 2028 年之前沒有重大到期債務，使我們的資產負債表具備極佳條件，可執行 2026 年投資指引並提供高度彈性。

At year-end, pro forma net debt to recurring EBITDA stood at just 3.8 times, enabling us to execute on the high end of our 2026 investment guidance without incremental equity while staying within our targeted leverage range of four times to five times. Our pipeline has expanded significantly over the past month and now represents over $0.5 billion and provides us confidence in increasing our 2026 investment guidance to a range of $1.4 billion to $1.6 billion.

截至年底，按備考口徑計算的淨負債對經常性 EBITDA 僅為 3.8 倍，使我們在不額外發行股權的情況下，仍可在維持 4 倍至 5 倍目標槓桿區間內，執行 2026 年投資指引的高端水準。過去一個月，我們的案源管線大幅擴增，目前超過 5 億美元，讓我們有信心將 2026 年投資指引上調至 14 億至 16 億美元。

Our updated investment guidance represents approximately a 10% increase from our prior range and the high end of the range is slightly above our 2025 investment activity. With yesterday's release, we have initiated full year AFFO per share guidance of $4.54 to $4.58.

我們更新後的投資指引較先前區間約提高 10%，且區間上緣略高於 2025 年的投資活動水準。隨著昨日的公告，我們啟動全年 AFFO 每股指引，區間為 4.54 至 4.58 美元。

At the midpoint, this represents 5.4% year-over-year growth and two-year stack growth of 10%. When combined with our current dividend yield, this implies a total operational return of our target of approximately 10%. We Combined with the fortress balance sheet, best-in-class portfolio and historic track record of execution, we believe that ADC offers one of the most compelling value propositions in the REIT sector.

以中位數計算，這代表年增 5.4%，兩年累計（two-year stack）成長 10%。若再加上我們目前的股息殖利率，意味著營運總報酬可達我們約 10% 的目標。結合堅實如堡壘的資產負債表、同業最佳的投資組合與長期的執行紀錄，我們相信 ADC 提供了 REIT 產業中最具吸引力的價值主張之一。

Turning to our three external growth platforms, our partnerships across the real estate spectrum have never been stronger or more productive. Today, Agree Realty is the preferred one-stop shop for the country's largest retailers. These partnerships are translating into actionable opportunities, including one-off acquisitions, sale leasebacks, blend and extend transactions, programmatic development and high-quality DFP projects. As a result, all three external growth platforms are accelerating and seeing increasing transactional opportunities.

接著談我們三大外部成長平台。我們在不動產領域各環節的合作夥伴關係從未如此強健且更具產出。如今，Agree Realty 已成為全美最大零售商首選的一站式合作夥伴。這些合作關係正轉化為可執行的機會，包括單筆收購、售後回租（sale leasebacks）、延長與調整（blend and extend）交易、計畫性開發，以及高品質 DFP 專案。因此，三大外部成長平台皆在加速推進，並看到更多交易機會。

Moving on to recap last year. During the fourth quarter, we invested approximately $377 million in 94 high-quality retail net lease properties across our three external growth platforms. This included the acquisition of 94 assets for over $347 million. The properties acquired during the quarter leased to leading operators in home improvement, auto parts, grocery store, farm and rule supply convenient store and tire and auto service sectors. Fourth quarter investment activity was a very high quality, evidenced by the largest quarterly percentage of ground lease acquisitions since 2021 at over 18%.

接下來回顧去年。第四季期間，我們在三大外部成長平台合計投資約 3.77 億美元，投向 94 項高品質零售淨租賃物件。其中包括以超過 3.47 億美元收購 94 項資產。本季收購的物件承租方為居家修繕、汽車零件、雜貨店、農場與鄉村用品、便利商店，以及輪胎與汽車服務等領域的領先營運商。第四季投資活動品質極高，體現在地上權（ground lease）收購占比超過 18%，為 2021 年以來單季最高。

Notable transactions included 3 geographically diverse ground leases leased to Lowe's as well as the Home Depot and Michigan paying under $5 per square foot in rent. The acquired properties had a weighted average cap rate of 7.1% and a weighted average lease term of 9.6 years. Investment-grade retailers accounted for nearly two third of the annualized base rent acquired.

具代表性的交易包括 3 筆地理分布多元、承租方為 Lowe's 的地上權，以及承租方為 Home Depot 的物件與位於密西根州的物件，租金低於每平方英尺 5 美元。本季收購物件的加權平均資本化率（cap rate）為 7.1%，加權平均租約年期為 9.6 年。投資等級零售商占我們所收購年化基本租金近三分之二。

For the full year 2025, we invested nearly $1.6 billion in 338 retail net lease properties spanning 41 states, over $1.4 billion of our investment activities originated from the acquisition platform. The acquisitions were completed at a weighted average cap rate of 7.2% and had a weighted average lease term of 11.5 years, with roughly 2/3 of rents coming from investment-grade retailers.

2025 全年，我們在 41 個州投資近 16 億美元，涵蓋 338 項零售淨租賃物件；其中超過 14 億美元的投資活動來自收購平台。這些收購以 7.2% 的加權平均資本化率完成，加權平均租約年期為 11.5 年，約三分之二的租金來自投資等級零售商。

As a reminder, we do not impute credit ratings for nonrated retailers. Our development in DFP platforms had a record year with 34 projects either completed or under construction representing approximately $225 million of committed capital. We're continuing to see increased activity across both these platforms as we partner with retailers and developers to execute on their store growth plans. During the fourth quarter, we commenced 4 new development and DSP projects with total anticipated cost of approximately $35 million. The new projects are with leading retailers, including Boot Barn, Burlington, Five Below, Ross Dress for Less, Alta and 7-Eleven.

提醒各位，我們不會為未被評級的零售商推定信用評等。我們的開發與 DFP 平台創下紀錄：共有 34 個專案已完工或在建，代表約 2.25 億美元的承諾資本。隨著我們與零售商及開發商合作執行其展店成長計畫，我們持續看到這兩個平台的活動增加。第四季期間，我們啟動 4 個新的開發與 DSP 專案，預估總成本約 3,500 萬美元。新專案合作對象為領先零售商，包括 Boot Barn、Burlington、Five Below、Ross Dress for Less、Alta 與 7-Eleven。

Construction continued during the quarter on nine projects with anticipated costs totaling approximately $59 million. Lastly, we completed construction on three projects during the quarter with total cost of $29 million.

本季期間，另有 9 個專案持續施工，預估成本合計約 5,900 萬美元。最後，我們於本季完成 3 個專案的施工，總成本為 2,900 萬美元。

On the asset management front, we executed new leases, extensions or options and over 640,000 square feet of gross lease area during the fourth quarter, including a Walmart Supercenter in Rochester, New York and Lowe's in Roland Park, Kansas. For the full year 2025, we executed new leases, extensions or options on approximately 3 million square feet of GLA with a recapture rate of 104%. We are very well positioned for 2026 with only 52 leases or 1.5% of annualized base rents maturing.

在資產管理方面，我們於第四季簽訂新租約、續約或行使選擇權，總計超過 640,000 平方英尺的總可出租面積（GLA），其中包括紐約州羅徹斯特的 Walmart Supercenter，以及堪薩斯州羅蘭公園的 Lowe's。2025 全年，我們就約 300 萬平方英尺的 GLA 簽訂新租約、續約或行使選擇權，回收率為 104%。展望 2026 年，我們的布局非常有利，僅有 52 份租約到期，或僅占年化基本租金的 1.5%。

During the past year, we disposed 22 properties for gross proceeds of just over $44 million at a weighted average cap rate of 6.9%. This includes nine properties that were sold for $20 million during the fourth quarter at a weighted average cap rate of 6.4%.

在過去一年中，我們處分了 22 項物業，總處分收入略高於 4,400 萬美元，加權平均資本化率為 6.9%。其中包括第四季以 2,000 萬美元出售的 9 項物業，加權平均資本化率為 6.4%。

Our capital recycling efforts will continue to focus on select noncore assets as well as opportunistic dispositions. At year-end, our best-in-class portfolio is approaching 2,700 properties in tidal 50 states. The portfolio includes 251 ground leases, representing over 2% of annualized base rents. Our investment grade exposure at year-end stood at nearly 67% occupancy increased to 99.7% and reflecting a 50 basis point improvement since the first quarter of the year. Lastly, I want to recognize Peter and his team for their exceptional work in 2025.

我們的資本循環策略將持續聚焦於部分非核心資產，以及把握機會的處分。截至年末，我們同級最佳的投資組合接近 2,700 項物業，遍布美國本土 50 州。該投資組合包含 251 份地面租約，代表超過 2% 的年化基本租金。截至年末，我們的投資級曝險接近 67%，入住率提升至 99.7%，較年初第一季改善 50 個基點。最後，我想表揚 Peter 及其團隊在 2025 年的卓越表現。

We achieved an A- rating from Fitch and successfully launched our commercial paper program. both milestones that will deliver meaningful savings and long-term benefits to our cost of capital.

我們獲得 Fitch 的 A- 評級，並成功推出商業本票（Commercial Paper）計畫。這兩項里程碑將為我們的資金成本帶來可觀節省，並提供長期效益。

With that, I'll hand it over to Peter, and then we can open up for questions.

接下來我把時間交給 Peter，之後我們就可以開放提問。

Thank you, Joey. Starting with the balance sheet. We had a very active year in the capital markets, raising approximately $1.5 billion of long-term capital, including roughly $715 million of forward equity, a $400 million bond offering and closing on a $350 million term loan. Additionally, we established a $625 million commercial paper program became one of only 19 US REITs with a commercial paper program.

謝謝你，Joey。先從資產負債表談起。我們在資本市場非常活躍，全年籌集約 15 億美元的長期資金，包括約 7.15 億美元的遠期股權、4 億美元的債券發行，以及完成 3.5 億美元的定期貸款。此外，我們建立了 6.25 億美元的商業本票計畫，成為全美僅 19 家擁有商業本票計畫的 REIT 之一。

This has become our preferred source of short-term capital, enabling us to issue approximately $28 billion of notes during the year and generate over $1 million in savings compared to borrowings on our revolving credit facility. During the fourth quarter, we sold 1.5 million shares of forward equity via our ATM program for anticipated net proceeds of approximately $109 million. We also settled 5.9 million shares of forward equity receiving proceeds of over $428 million.

這已成為我們偏好的短期資金來源，使我們得以在全年發行約 280 億美元的票據，並相較於使用循環信用額度借款節省超過 100 萬美元。第四季，我們透過 ATM 計畫出售 150 萬股遠期股權，預計淨募集款約 1.09 億美元。我們也交割了 590 萬股遠期股權，取得超過 4.28 億美元的募集款。

At year-end, we had approximately 9.6 million shares of outstanding forward equity, which are anticipated to raise net proceeds of $716 million upon settlement. During the quarter, we closed on the previously announced $350 million 5.5-year term loan. Prior to closing the term loan, we entered in the $350 million of forward starting swaps to fix SOFR until maturity. Including the impact of those swaps, the interest rate on the term loan is fixed at 4.02%. The term loan fits well into our debt maturity schedule and demonstrates continued strong support from our banking partners.

截至年末，我們尚未交割的遠期股權約為 960 萬股，預計於交割時可募集淨額 7.16 億美元。本季我們完成先前公告的 3.5 億美元、5.5 年期定期貸款。在該定期貸款完成前，我們簽訂了 3.5 億美元的遠期起息利率交換（forward starting swaps），以將 SOFR 固定至到期。包含上述交換的影響後，該定期貸款利率固定為 4.02%。此定期貸款與我們的債務到期結構相當契合，也展現銀行合作夥伴持續強勁的支持。

To date, no amounts have been drawn under the term loan, which has a 12-month delay draw feature. We also entered into $200 million of forward starting swaps during the year, effectively fixing the base rate for a future 10-year unsecured debt issuance and approximately 4.1%.

截至目前，該定期貸款尚未動用任何金額，並具備 12 個月的延後動用（delay draw）功能。我們在年內也簽訂了 2 億美元的遠期起息利率交換，等同於為未來 10 年期無擔保債務發行有效鎖定基準利率，約為 4.1%。

This is consistent with our proactive hedging strategy and combined with our outstanding forward equity, provides over $915 million of hedged capital to fund investment activity in 2026. As of December 31, we have over $2 billion of liquidity, including approximately $1.3 billion of availability under our revolving credit facility and term loan. The previously mentioned outstanding forward equity and cash on hand.

這與我們主動避險策略一致，並結合我們尚未交割的遠期股權，為 2026 年投資活動提供超過 9.15 億美元的已避險資金。截至 12 月 31 日，我們流動性超過 20 億美元，其中包括循環信用額度與定期貸款項下約 13 億美元的可用額度。以及前述尚未交割的遠期股權與手上現金。

Pro forma for the settlement of our outstanding forward equity, net debt to recurring EBITDA was approximately 3.8 times at year-end.

若以交割我們尚未交割的遠期股權作為備考（pro forma）基礎，年末淨負債對經常性 EBITDA 約為 3.8 倍。

Excluding the impact of unsettled forward equity, our net debt to recurring EBITDA was 4.9x. Our total debt to enterprise value was approximately 27%, while our fixed charge coverage ratio, which includes principal amortization in the preferred dividend, was very healthy at 4.2 times. Our floating rate exposure remained minimal with approximately $321 million of outstanding commercial paper borrowings at year-end. And as Joey mentioned, we have no material debt maturities until 2028. We are in an excellent position to execute on our increased investment guidance this year without having to raise any additional equity capital.

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。總負債對企業價值約為 27%；而固定費用覆蓋倍數（包含本金攤還與優先股股利）維持在非常健康的 4.2 倍。我們的浮動利率曝險仍維持在低水位，年末未償商業本票借款約 3.21 億美元。如 Joey 所提，我們在 2028 年之前沒有任何重大債務到期。我們處於極佳位置，可在今年執行提高後的投資指引，而無需再募集任何額外股權資本。

The strength of our fortress balance sheet was further validated by the A- issuer rating that we received from Fitch in August. The rating makes us 1 of only 13 publicly listed US REITs to carry an A- credit rating equivalent or better.

我們堅實如堡壘的資產負債表實力，亦在 8 月獲 Fitch 授予 A- 發行人評級後進一步獲得驗證。該評級使我們成為全美僅 13 家公開上市 REIT 中，擁有 A- 或更高等同信用評級的公司之一。

This achievement reflects the prudent, disciplined way we continue to grow the company and stands as a testament to more than 15 years of thoughtful portfolio of construction and disciplined capital allocation. Over that period, we have invested nearly $11 billion in best-in-class retailers while maintaining a preeminent balance sheet and consistently leading the way in capital markets execution. Moving to earnings. Core FFO per share was $1.10 for the fourth quarter and $4.28 for full year 2025. The representing 7.3% and 5.1% year-over-year increases, respectively.

這項成就反映我們持續以審慎、紀律的方式成長公司，也證明了超過 15 年來深思熟慮的投資組合建構與嚴謹的資本配置。在此期間，我們在同級最佳的零售商上投資近 110 億美元，同時維持領先同業的資產負債表，並在資本市場執行上持續領先。接著談獲利表現。第四季每股核心 FFO 為 1.10 美元，2025 全年為 4.28 美元。分別代表年增 7.3% 與 5.1%。

AFFO per share was $1.11 for the fourth quarter, representing a 6.5% year-over-year increase. For the full year, AFFO per share was $4.33, which reflects the high end of our guidance range and 4.6% year-over-year growth. As Joey mentioned, our initial AFFO per share guidance of $4.54 to $4.58 for 2026, represents approximately 5.4% year-over-year growth at the midpoint, which would be our highest earnings growth since 2022.

第四季每股 AFFO 為 1.11 美元，年增 6.5%。全年每股 AFFO 為 4.33 美元，反映我們指引區間的高端，並達成 4.6% 的年增。如 Joey 所提，我們對 2026 年每股 AFFO 的初始指引為 4.54 至 4.58 美元，以中位數計約為 5.4% 的年增，將是我們自 2022 年以來最高的獲利成長。

We provide parameters on several other inputs in our earnings release, including investment in disposition volume, general and administrative expenses, nonreimbursable real estate expenses, income and other tax expenses as well as treasury stock method dilution. Our guidance for treasury stock method dilution relates to our outstanding forward equity.

我們在財報新聞稿中也提供其他多項輸入假設的參數，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、所得稅與其他稅費，以及庫藏股法（treasury stock method）稀釋。我們對庫藏股法稀釋的指引與我們尚未交割的遠期股權相關。

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. Provided that our stock continues to trade near current levels, we anticipate that treasury stock method dilution will have an impact of approximately $0.01 on full year 2026 AFFO per share. That said, the impact could be higher if our stock price moved significantly above current levels.

提醒一下，若 ADC 股價高於我們尚未交割之遠期股權發行的淨價格，依庫藏股法規定，未交割股份的稀釋影響必須納入我們的流通股數計算。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 2026 全年每股 AFFO 的影響約為 0.01 美元。不過，若股價顯著高於目前水準，該影響可能會更高。

Our accelerating earnings growth supports a growing and well-covered dividend. During the fourth quarter, we declared monthly cash dividends of $0.262 per common share for each of October, November and December. The monthly dividend equates to an annualized dividend of over $3.14 per share and represents a 3.6% year-over-year increase. Our dividend is very well covered with a payout ratio of 71% of AFFO per share for the fourth quarter.

我們加速的獲利成長支撐了持續成長且覆蓋充足的股利。在第四季，我們宣告10月、11月與12月每月每股普通股現金股利為0.262美元。該月配息換算年化後每股超過3.14美元，並代表年增3.6%。我們的股利覆蓋度非常充足，第四季每股AFFO的配息率為71%。

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

接下來，我想把電話會議交回給Joey。

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

謝謝你，Peter。接線員，現在我們開放提問。

(Operator Instructions)

(接線員指示)

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

This is Amy (inaudible) with Michael. I was hoping to start -- we could dig in a little bit on the increase in the 2026 investment guidance, just 30 days after providing the initial guide. How was this increase split across the platforms? And were there any large transactions identified? Or is this more of an increase in one-off opportunities?

我是Amy（聽不清）與Michael一起。我想先從你們在提供初始指引後僅30天就上調2026年投資指引這件事深入了解一下。這次上調在各平台之間是如何分配的？是否已辨識到任何大型交易？或者這更像是一次性機會的增加？

Since the initial release in January, we've secured a number of transactions, including a couple of sale-leaseback transactions that will close in Q1 and Q2, respectively, as well as some single credit portfolio transactions on the acquisition side. From the development DFP side, we just have more confidence, frankly, in those projects commencing in Q1 and subsequently also in Q2.

自1月初次發布以來，我們已敲定多筆交易，包括幾筆售後回租交易，將分別於第一季與第二季完成交割，以及在收購端的一些單一信用投資組合交易。在開發DFP端，坦白說，我們對這些專案於第一季啟動、並在第二季陸續啟動更有信心。

So all three platforms have seen accelerated activity. I would note that the increase after approximately 30 days in the investment guidance is primarily due to those sale-leaseback transactions in the so credit portfolio. .

因此三個平台的活動都加速了。我會指出，在約30天後上調投資指引，主要是因為那些售後回租交易以及該單一信用投資組合。.

Great. And then on the noncore asset sales, you highlighted dispositions of some retailers that I think we were expecting and some that we weren't maybe Family Dollar, a fitness operator, a good year store. What makes some of these tenants more right for capital recycling than others?

很好。另外關於非核心資產出售，你們提到處分了一些我們原本預期會賣出的零售商資產，以及一些可能沒預期到的，例如Family Dollar、一家健身營運商、一家Goodyear門市。是什麼讓某些承租戶比其他承租戶更適合用於資本回收（capital recycling）？

Yes. So capital recycling, as I mentioned in our prepared remarks, the portfolio is in tremendous shape. There's opportunistic sales that were taking place in Florida, California and Texas on good years, as you noted, we pared back Advanced Auto Parts exposure as well. And so you'll see us continue to pare back exposure to retailers that we don't either have full confidence in on a go-forward basis, select noncore assets with I would say the predominance of our disposition activity this year will just be valuations that are driven by the 1031 market or the beautiful bill where we don't see the value of the asset matching our prospective purchasers. .

是的。關於資本回收，如同我在事先準備的談話中提到的，我們的投資組合狀況非常好。我們在佛羅里達、加州與德州進行了一些機會型出售，正如你提到的Goodyear；我們也降低了對Advanced Auto Parts的曝險。因此你會看到我們持續降低對於我們對其未來發展並非完全有信心的零售商曝險，並處分部分非核心資產；我會說，今年我們處分活動的主要驅動因素，將是由1031市場或「beautiful bill」所帶動的估值情況，在這些情況下，我們認為資產價值與潛在買方的認知不相符。.

Jana Galan, Bank of America.

Jana Galan，美國銀行（Bank of America）。

I was hoping you can maybe talk to you about the cap rate on acquisitions where you kind of see that trending? And then any other maybe there is cap rate stability, but anything changing on the escalators, lease terms or options at expiration when you're speaking with your different retailers?

我想請你談談收購的資本化率（cap rate），你們認為趨勢會如何？另外，即使cap rate可能維持穩定，但在你們與不同零售商洽談時，租金調升條款（escalators）、租期或到期時的續租選擇權方面，有沒有任何變化？

Don't see anything materially changing on the cap rate front. Obviously, at the beginning of the year, we have won a complete but pretty -- our Q1 pipeline is effectively filled at this point, no material cap rate deviations. Obviously, we won't move up the we won't change our parameters and move up the risk spectrum. So no change there. Also, I think that rent escalators have been embedded with the historic inflation that we've seen post pandemic, and we haven't seen any reversal of that trend or increase in that trend in terms of size of escalators or frequencies.

在cap rate方面沒有看到任何實質性的變化。顯然在年初，我們已經——我們第一季的管線目前基本上已經填滿，cap rate沒有出現重大偏離。當然，我們不會提高——我們不會改變參數、也不會把風險承擔範圍往上移。所以這方面沒有變化。另外，我認為租金調升幅度已反映我們在疫情後看到的歷史通膨，我們也沒有看到這個趨勢出現反轉或加速，不論是調升幅度大小或調升頻率。

I think most tenants have agreed today that escalators of 7.5% to 10% every 5 years are appropriate, given just the inflation that we're seeing currently and as well as historically on a cut basis. .

我認為目前多數承租戶都同意，每5年調升7.5%到10%是合適的，考量到我們目前看到的通膨，以及歷史上以（聽不清）基礎來看也是如此。.

And then can you just share some information with us on construction costs. We're hearing those are increasing?

另外，你能否分享一些關於營建成本的資訊？我們聽說營建成本正在上升？

But they certainly aren't going down in the 100 years if you'll capacity the past 100 years, while commercial rental rates have peaks and valleys, construction costs just continue to migrate upwards. And so we're seeing construction costs that are fairly in line with last year. We've looked to altered engineering and alternative mechanisms to reduce those costs in conjunction with our retailers. Those costs are embedded, obviously, in our development budgets. They certainly aren't going down.

但它們當然也不會下降——如果你把過去100年的（聽不清）容量納入考量，商用租金水準有高有低，但營建成本只會持續往上走。因此我們看到的營建成本大致與去年相當。我們與零售商合作，透過替代工程設計與其他機制來降低成本。這些成本顯然已反映在我們的開發預算中。它們確實不會下降。

As I mentioned, the typical junior box in this country today is approximately $160 per square foot vertical cost.

如我所提到的，目前在美國，一般的中型盒式店（junior box）垂直建造成本約為每平方英尺160美元。

That's an off-price retailer today. Pre-pandemic, those were $95 per square foot. Obviously, a constrained labor environment doesn't help that tariffs don't help that. Since we've been able to look at sourcing domestically and like I said, other alternatives here to try to reduce those costs, different construction methodologies, reducing labor when appropriate, using some prefabricated materials and (inaudible) , our construction team have worked diligently with our retailers to value engineer any buildings.

這是目前折扣零售商（off-price retailer）的水準。疫情前，約為每平方英尺95美元。顯然，勞動力緊縮環境無助於降低成本，關稅也無助於降低成本。我們已能改採國內採購，以及如我所說的其他替代方案來嘗試降低成本，包括不同的施工方法、在適當時減少用工、使用一些預製材料與（聽不清）；我們的施工團隊一直與零售商密切合作，對任何建築進行價值工程（value engineer）。

Smedes Rose with Citigroup.

Smedes Rose，花旗集團（Citigroup）。

It's Nick (inaudibl) Smedes. Just on the sale leaseback, is that more timing driven that you've seen those deals come through? Or are you seeing more interest broadly from corporates on that structure?

我是Nick（聽不清），代表Smedes。關於售後回租，這比較是你們看到這些交易出現的時間點因素所致嗎？還是你們更廣泛地看到企業對這種結構的興趣增加？

Yes. Nick, it's a great question. It's really just frankly specific. We haven't seen a multitude of sale leasebacks coming to market, certainly not within our sandbox. There are 2 that we will execute on in Q1 and Q2.

是的。Nick，這是個很好的問題。坦白說，這真的比較是個別情況。我們沒有看到大量售後回租交易湧入市場，當然在我們的投資範圍內更是如此。我們將在第一季與第二季各執行一筆。

Q1 will have the larger sale leaseback. A core tenet of our -- is a relationship tenant of ours who we're very fond have been very close to an existing top 20 tenant of ours. So haven't seen an increase in the sale leaseback velocity, but 2 tenants that we have historical relationships with we'll execute on here in the first 2 quarters of the year.

第一季會有較大的一筆售後回租。我們的——其中一個核心原則是與承租戶建立關係；這筆交易的對象是我們很欣賞、也一直非常密切往來的關係型承租戶，且是我們現有前20大承租戶之一。因此我們沒有看到售後回租的成交速度增加，但我們會在今年前兩季，與兩個我們有長期關係的承租戶完成這兩筆交易。

That's helpful. And then you mentioned kind of the potential for G&A savings with some of the efficiencies. How does that look medium and longer term versus where you are today as a percentage of revenue?

這很有幫助。另外你提到透過一些效率提升，可能帶來G&A節省。就中期與長期而言，相較於你們目前的水準，作為營收百分比來看會是什麼樣子？

So last year, we were very clear that it was an investment year for us coming off of 2024, when we started with the do-nothing scenario. We had effectively net new -- 0 net new team members incremental to the team. Last year, we added almost 25 team members through the organization. We're approaching 100, as I mentioned in the prepared remarks, and we're in a (inaudible) position to continue to execute with depth across all areas and functional areas of the organization. At the same time, we continue to benefit from our IT improvement.

所以去年我們非常清楚地表示，那是我們的投資年，因為我們是從2024年走過來——當時我們採取的是「什麼都不做」的情境。我們實際上淨新增——相對於原團隊，淨新增人員為0。去年我們在整個組織新增了將近25名成員。如同我在事先準備的談話中提到的，我們正接近100人，並且處於（聽不清）的有利位置，能在組織各領域與各職能面向以更深的量能持續執行。同時，我們也持續受益於IT改善。

The team here has done really a terrific job. I mentioned, we're working on the ARC 3.0 next iteration of ARC.

這裡的團隊確實做得非常出色。我提到過，我們正在推進 ARC 3.0，也就是 ARC 的下一次迭代。

We put a Microsoft backbone in place and have a number of projects that the team is executing on for data efficiency and access, which will continue to make us faster and more efficient. We're utilizing AI, as we mentioned for higher calls for the last 3.5 years for lease underwriting checklist. We've deployed AI for lease extraction. We anticipate deploying artificial intelligence for purchase agreement draft and other form documentation this year. And so I would anticipate that approximately 30-plus basis points of G&A savings relative to total revenues.

我們已建置以 Microsoft 為骨幹的架構，團隊正在執行多個專案，以提升資料效率與存取能力，這將持續讓我們更快、更有效率。如同我們提到的，過去 3.5 年我們在租賃承作檢核表方面，已運用 AI 來支援更高頻率的審核作業。我們也已部署 AI 用於租約資料擷取。我們預期今年會部署人工智慧，用於購買協議草稿及其他表單文件。因此，我預期相較於總營收，G&A 可節省約 30 個以上基點。

And so I think we'll continue to see that on a go-forward basis.

因此，我認為未來我們將持續看到這樣的成效。

On top of that, as Peter mentioned, we're seeing just from our size, scale, obviously, obtaining the A- credit rating $1 million in savings from the commercial paper program. And so our size and scale now is giving us access to different tools, different capital raising short-term capital in this case, let's say, $1 million, so almost $0.01 last year, subject to the curve and obviously, the commercial paper program that can move up and move down. but we just have more tools, frankly, at our disposable to drive savings. And so this year, I would anticipate single-digit hires. And I think we are we're in a tremendous position to execute across all facets of the business on a go-forward basis and continue to benefit from those efficiencies.

此外，如 Peter 所提到的，隨著我們的規模與體量提升，並且取得 A- 信用評等，商業本票（commercial paper）計畫帶來了 100 萬美元的節省。因此，我們現在的規模讓我們能使用不同工具、不同的資本籌措方式——在這裡是短期資金——例如 100 萬美元，去年約接近 0.01 美元（視殖利率曲線而定），而且商業本票計畫的成本也會上上下下；但坦白說，我們手上可用的工具更多，能推動節省。因此，今年我預期新增人員將是個位數。我認為我們在未來各個業務面向的執行上都處於非常有利的位置，並將持續受益於這些效率提升。

Spenser Glimcher with Green Street.

Green Street 的 Spenser Glimcher。

On the 4 DSPs commenced in the quarter, are you guys able to share if these are one-off projects for these tenants? Or are they part of larger store count expansion for the retailers? Just trying to give a sense if there will be opportunity for more projects alongside these retailers.

關於本季啟動的 4 個 DSP，你們能否分享這些是否是針對這些承租戶的一次性專案？還是它們屬於零售商更大規模的展店計畫的一部分？我只是想了解，未來是否有機會與這些零售商一起做更多專案。

They are not one-off projects. There will be, I think, a significant opportunity for us. What we're seeing is retailer and many of these are publicly issued statements retailer expansion with the desire that is greater or greater than any time since the prior to the GFC. So if we look across the board, Home Depot, Walmart, Kroger, keep going, tractor supply O'Reilly, all the off-price operators have realized in a 21st century omnichannel world, their store base is critical. And so absent construction costs getting in the way, of project feasibility here.

它們不是一次性專案。我認為我們會有相當大的機會。我們看到零售商——而且其中許多零售商已有公開發布的擴張聲明——其擴張意願比金融危機（GFC）之前任何時候都更強。因此，如果我們放眼整體，包括 Home Depot、Walmart、Kroger，再往下還有 Tractor Supply、O'Reilly，以及所有折扣零售業者，都已在 21 世紀的全通路世界中認知到：門市基礎至關重要。因此，除非建築成本阻礙了專案可行性。

We're going to continue to see that. I would anticipate us breaking ground on 10-plus projects over the course of the first and second quarter. . And so we're excited about both the development pipeline. We've announced 3711 Speedway projects last year.

我們將持續看到這樣的趨勢。我預期在第一季與第二季期間，我們會有 10 個以上的專案動工。。因此，我們對開發管線感到振奮。我們去年已宣布 3711 個 Speedway 專案。

We will continue to execute those on the -- in the first and second quarter of this year as well as some significant DFP projects where we'll step in and financing, the developer and knowing them upon completion.

我們今年第一季與第二季也會持續推進這些專案，此外還有一些重要的 DFP 專案，我們將介入並提供融資給開發商，並在完工後收購。

Okay. Great. And then just on the ground lease market. Maybe first on the transactions that you've executed on recently. Are there purchase options on any of those at the end of the lease?

好的。很好。接著談一下地租（ground lease）市場。先從你們最近執行的交易來看。這些交易在租期結束時是否包含購買選擇權？

And then just maybe more broadly, if you're able to share any color on the ground lease market in general, just in terms of opportunity set and/or pricing that you're seeing?

再更廣泛一點，如果你們方便的話，能否分享一些對整體地租市場的觀察，例如機會集合和／或你們看到的定價情況？

Yes. No purchase options at the end of the lease that I can think of that's very atypical. The ground lease market per se isn't really a market. I mean oftentimes, sellers aren't even frankly cognizant of the ground lease structure and look at it as a net lease transaction. We did one unique transaction, I would say, during the quarter in Flanders, New Jersey, which had a number of ground leases driven by a Lowe's ground lease, as I mentioned, in the prepared remarks.

是的。我想不到有任何在租期結束時的購買選擇權，這種情況非常不典型。所謂的地租市場本身其實不太算是一個「市場」。我的意思是，很多時候賣方甚至坦白說並未意識到地租結構，而是把它當作一筆淨租賃（net lease）交易。本季我們做了一筆我認為相當獨特的交易，位於新澤西州 Flanders，該案有多筆地租，主要由一筆 Lowe's 的地租所帶動，如我在事先準備的發言中提到。

There's also a ground lease to Panda Express there, a ground lease to Wells Fargo, a ground lease to Wendy's there.

那裡還有一筆給 Panda Express 的地租、一筆給 Wells Fargo 的地租，以及一筆給 Wendy's 的地租。

So a number of ground leases, all pads to that Lowe's Obviously, 18% was elevated in Q4, driven by that. The other lows I mentioned as well as the Home Depot, about 20 minutes from here. We'll have more ground lease opportunities in Q1. But I think thinking of it as a market is pretty challenging. Many times, we're working with retailers on early extensions through short term, either retail or directed.

因此有多筆地租，都是 Lowe's 周邊的獨立地塊（pads）。顯然第四季的 18% 偏高就是由此帶動。我也提到另一筆 Lowe's，以及距離這裡約 20 分鐘的 Home Depot。我們在第一季會有更多地租機會。但我認為把它視為一個「市場」是相當具挑戰的。很多時候，我們是與零售商合作，透過短期方式進行提前續約，可能是零售端或定向安排。

And so it's a unique seller pool all the way from institutions to mom-and-pop owners here.

因此，賣方來源非常多元，從機構到夫妻店型（mom-and-pop）業主都有。

John Kulikoski with Wells Fargo.

Wells Fargo 的 John Kulikoski。

Great. This is actually [Jamie Feldman] here (inaudible) for John. So how much of the high end of your investment guidance range, the $1.6 billion is dictated by the available forward equity you always already have versus what you think the true opportunity set could be this year?

很好。其實我是 [Jamie Feldman]（聽不清）代替 John 發問。所以，你們投資指引區間上緣的 16 億美元，有多少是由你們已經持有的可用遠期股權（forward equity）所決定，而不是你們認為今年真正的機會集合可能有多大？

None of it is driven. I mean, I would say they're really separate. Peter, feel free to chime in. But I think we're confident in the uses with the $1.4 billion to $1.6 billion. As we mentioned, in the prepared remarks, we can stay under our targeted leverage range of 4 to 5x, really excluding dispositions.

完全不是由此驅動。我的意思是，我會說兩者其實是分開的。Peter，你也可以補充。但我認為我們對 14 億到 16 億美元的資金用途很有信心。如我們在事先準備的發言中提到，我們可以在目標槓桿區間 4 到 5 倍之下運作，基本上不包含處分。

We anticipate having significant free cash flow after the dividend, even increasing the dividend this year. And obviously, with $700 million plus outstanding of forward equity, we're in tremendous shape.

我們預期在股利之後仍有可觀的自由現金流，即使今年提高股利也是如此。而且顯然，我們尚有超過 7 億美元的遠期股權未結清，狀況非常好。

Yes. Jamie, just to echo Joey's comments, we have over $2 billion of total liquidity, but thinking about it from a leverage perspective, we have $1.6 billion of buying power without having to raise any additional equity and we can end the year at the high end of our stated leverage range of 4x to 5x while executing really on the high end of our investment guidance range. And so we're very well positioned for this year from a balance sheet perspective. given that liquidity and outstanding forward equity, but I think that's really only one factor as we think about setting guidance.

是的。Jamie，我呼應 Joey 的評論：我們總流動性超過 20 億美元；但從槓桿角度來看，在不需要再募集任何額外股權的情況下，我們有 16 億美元的購買力，而且在執行投資指引區間上緣的同時，年底仍可落在我們所述槓桿區間 4 倍到 5 倍的高端。因此，考量到這些流動性與未結清的遠期股權，從資產負債表角度看，我們今年的定位非常好；但我認為在設定指引時，那只是其中一個因素。

Okay. So if I heard you right, you really feel strongly 1.6 is kind of the max of what you see out there?

好的。所以如果我理解正確，你們其實很有把握，16 億美元大概就是你們看到的外部機會的上限？

Definitely not. I think it is our guide at this time. We have no visibility outside of development into Q3 or Q4. We started commencing sourcing Q2 acquisitions 15 days ago. What I can tell you is there's $0.5 billion in the pipeline, as I mentioned, that we are very confident in, and we'll continue to source across all three platforms and update the market and everybody on this call as we continue to see activity.

絕對不是。我認為那只是我們目前的指引。除了開發以外，我們對第三季或第四季沒有能見度。我們在 15 天前才開始啟動第二季收購的案源開發。我可以告訴你的是，如我提到的，管線中有 5 億美元，我們非常有信心；我們也會持續在三個平台上尋找案源，並在我們持續看到活動時，向市場以及本次電話會議上的各位更新。

but no visibility outside of development and a couple of DFP projects beyond, let's call it, (inaudible) now.

但除了開發部門以及少數幾個 DFP 專案之外，幾乎沒有其他可見度；姑且稱之為（聽不清）目前如此。

Okay. And then secondly, I think we had expected yields to compress more than they have. Any thoughts on why you think that hasn't been happening given there is more competition in the space. And then the developer funding program, do you think that's better as a low -- in a low rate regime or a higher rate regime as we think about you growing that business?

好的。第二點，我想我們原本預期殖利率會比目前壓縮得更多。在這個領域競爭更激烈的情況下，你認為為什麼沒有發生？另外，關於開發商資金計畫（DFP），就你們擴大該業務而言，你覺得在低利率環境或高利率環境下哪一種更有利？

So in terms of competition, we haven't seen any increase in competition due to the private capital that's entered the space. I think everyone on the call is familiar with the numerous different sleeves and operations that have launched. These -- our typical transaction is $4 million to $5 million. 20 people touch it from letter of intent and our underwriting letter of intent execution to close. We're a horizontally integrated machine that's closing 2 transactions per day.

就競爭而言，我們並未看到因進入該領域的私人資本而導致競爭增加。我想電話會議上的各位都熟悉已推出的眾多不同策略與營運平台。我們典型的交易規模是 400 萬到 500 萬美元；從意向書到我們的承銷、意向書簽署到交割，會有 20 個人參與。我們是一個橫向整合的機器，每天完成 2 筆交易。

It's high touch, frankly. We are working with retailers to extend deals, to identify dealers. We're working directly with developers.

坦白說，這是高度接觸的業務。我們與零售商合作延展交易、辨識經銷商。我們也直接與開發商合作。

We overcome obstacles and hurdles that are, again, high touch real estate exercises, not just sale leasebacks with middle market credits. And so it's a very different business and the preponderance of capital that has entered the space is chasing. In terms of our DFP platform, I think what's really driving -- the increased activity is on our own efforts. Those are critical. But two, we already touched on construction costs today.

我們克服的障礙與關卡，同樣是高度接觸的不動產操作，而不只是針對中型市場信用的售後回租。因此這是非常不同的生意，而進入這個領域的大量資金主要是在追逐（同類標的）。就我們的 DFP 平台而言，我認為真正推動活動增加的是我們自身的努力。這些努力至關重要。第二點，我們今天也提到了營建成本。

And so with vertical construction costs primarily vertical, I should say, penciling these projects is extremely challenging. You combine that with the availability and the cost of capital, as you mentioned, driven by the tenure, which drives equity returns to fill any gaps or potential (inaudible) these projects are very difficult to pencil for private developers. And so our developer funding platform provides a unique solution to finance the entire project and owner upon completion really taking the risk off the developer unless they load their budget.

因此在營建成本上升、主要是垂直施工成本上升的情況下，我應該說，要讓這些專案在財務上可行（pencil）極具挑戰。再加上你提到的資金可得性與資金成本，並受到期限（tenure）影響；期限會影響股權報酬以填補任何缺口或潛在的（聽不清），使得這些專案對私人開發商而言很難算得過去。因此，我們的開發商資金平台提供一個獨特的解決方案，可為整個專案提供融資，並在完工後由業主承接，基本上把風險從開發商身上移除，除非他們把預算灌水。

And then it comes out of, frankly, their profit payment. And so we're entering with a fixed return. We're providing our -- not only our balance sheet as well as an exit, but our relationships with retailers, many of which we have form leases and very strong relationships with, so we can expedite or accelerate that project. And so we see that looking pretty stable, and our goal is to continue to ramp it.

而那部分坦白說就會從他們的利潤分成中扣回。因此我們以固定報酬進場。我們不僅提供資產負債表資金與退出機制，也提供我們與零售商的關係；其中許多我們已有制式租約並維持非常強的合作關係，因此能加快或加速該專案。所以我們認為這看起來相當穩定，我們的目標是持續擴大規模。

Okay. But I guess the question on just why yields have been so sticky? Are you saying because you haven't seen that much competition? Or is there anything else we should be thinking about?

好的。但我想問的是，為什麼殖利率會這麼黏著（不易下滑）？你的意思是因為你們沒有看到那麼多競爭嗎？還是我們還應該考慮其他因素？

I think the 10-year is obviously traded within a band, right? We've seen the 10-year trade within a band. There's no material increase in competition in the sandbox that we are operating in. And so we really haven't seen anything deviate over the past, call it, a year plus here now. .

我想 10 年期公債殖利率顯然是在一個區間內交易，對吧？我們看到 10 年期一直在區間內波動。在我們所處的沙盒（市場範圍）裡，競爭並沒有實質增加。因此在過去大約一年多的時間裡，我們確實沒有看到任何偏離。.

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC Capital Markets。

You've had the medium-term goal of $250 million in development investment commitments per year. Do you think this will be the year that you see that number? And does that represent a steady state? Or should we expect a higher goal at some point?

你們的中期目標是每年 2.5 億美元的開發投資承諾。你認為今年會達到這個數字嗎？這是否代表一個穩態水準？或者未來某個時點我們應該期待更高的目標？

We're always raising goals here. We are able to scale as we talked about on prior questions. I'm hesitant to say this will be the year because due to third-party timing, that's retailer approvals, municipal approvals, access approvals, often from DOTs and counties. I think this will be a continued year of growth for us. Our pipeline is large.

我們一直在提高目標。如同先前問題所談，我們具備擴張規模的能力。我不太願意說今年一定會達到，因為受到第三方時程影響，包括零售商核准、市政核准、出入口核准，往往還涉及交通部門（DOT）與郡縣。我認為今年對我們而言仍會是持續成長的一年。我們的管線很大。

The timing of those projects is subject to third parties but our pipeline continues to grow across development well developed funding platform with projects in all stages from the shadow pipeline to breaking ground as we speak. .

這些專案的時程取決於第三方，但我們的管線在開發與開發商資金平台上持續成長，專案涵蓋各個階段，從影子管線到我們此刻正在動工的案子。.

Okay. Got it. And then, Peter, can you talk about what the assumed credit losses and guidance and where you ended up in 2025 as well?

好的。了解。另外，Peter，你能談談指引中假設的信用損失，以及你們在 2025 年最終落點是多少嗎？

Sure. In terms of our AFFO per share guidance for 2026, we're assuming at the high end of that guidance range 25 basis points of credit loss, which is relatively in line with where we ended up for 2025. I believe we're at 28 basis points to be exact. And then at the low end of our AFFO per share guidance range for 2026, we're assuming 50 basis points of credit loss for the year. So overall, the portfolio continues to be in great shape, but it was 99.7% occupied as of year-end and is performing well.

當然。就我們 2026 年每股 AFFO 指引而言，在指引區間上緣，我們假設信用損失為 25 個基點，這與我們 2025 年的最終結果大致一致。我記得精確數字是 28 個基點。而在 2026 年每股 AFFO 指引區間下緣，我們假設全年信用損失為 50 個基點。整體而言，投資組合仍維持非常良好狀態；截至年末出租率為 99.7%，表現良好。

We're not seeing any significant changes to our watch list or any new entrants that are material from an exposure perspective and anticipate the portfolio should continue to perform well in 2016. .

我們沒有看到觀察名單有任何重大變化，也沒有看到從曝險角度而言具重大性的新進名單，並預期投資組合在 2016 年應可持續良好表現。.

Alec Feygin, Baird.

Alec Feygin，Baird。

So you just mentioned -- talked about how the development and DFP pipelines are growing. I'm curious now that you're -- as you said, last year, a full seat real estate platform, how has that maybe changed conversations or seeing other retailers that you haven't worked with come to you seeking out your full suite of capabilities?

你剛提到——談到開發與 DFP 的管線正在成長。我好奇的是，既然你們如你所說，去年已成為一個全方位的不動產平台，這是否改變了你們的對話方式，或讓你們看到一些過去未合作的零售商主動找上門，尋求你們完整的能力組合？

No, it's a timely question. The team was down with a number of retailers yesterday that we are working with currently and aren't working with currently across all three platforms. I think most importantly, it provides a holistic conversation with retailers. I would add our asset management platform.

不，這個問題很切題。團隊昨天與多家零售商一起拜訪；其中有些我們目前正在合作，也有些目前尚未合作，且涵蓋三個平台。我認為最重要的是，這讓我們能與零售商進行更全面的對話。我也要補充我們的資產管理平台。

And so everything we manage is internally property managed, lease administrated internally taxes, insurance, any ancillary responsibilities, the ability to sit down with any retailer in the country and provide an entrepreneurial platform that can execute across all phases of the life cycle of a transaction from net new development to extensions of short-term leases to sale leasebacks is just a unique value proposition that is one of one.

因此，我們管理的所有資產都由內部進行物業管理、內部租約管理，以及稅務、保險與任何附帶責任；我們能與全國任何零售商坐下來，提供一個具企業家精神的平台，能在交易生命週期的各個階段執行，從全新開發、短期租約展延到售後回租，這是一個獨特且獨一無二的價值主張。

And so you combine the entrepreneurial DNA of a real estate company of a private real estate company with a $12 billion, $13 billion balance sheet of an A- rated company that is a publicly traded REIT with significant liquidity, access and a premier cost of capital. and opportunities will arise. And so we continue to maintain dialogue with retailers grow those relationships that are existing. We're always talking to retailers about net new projects and launching a vertical with the in conjunction with our standard acquisition third-party activities.

因此，當你把一家私人不動產公司的企業家 DNA，與一家 A- 評級、資產負債表規模 120 億到 130 億美元、具顯著流動性與融資管道、且擁有一流資金成本的上市 REIT 結合在一起，機會就會出現。因此我們持續與零售商保持對話，深化既有關係。我們也一直與零售商討論全新專案，並在我們標準的收購與第三方活動之外，結合推出一條垂直業務線。

Paul Rana, KeyBanc Capital Markets.

Paul Rana，KeyBanc Capital Markets。

Great. On the forward equity, you've got $700 million remaining to deploy. Is there any timing when you need to settle those shares? You've done some significant forward offerings during 1Q last year and April last year. So just wondering if there's any timing related to those shares settling and expectations when you need to deploy that capital.

很好。關於遠期股權（forward equity），你們還有7億美元可供部署。在結算這些股份方面，有沒有任何時間點上的要求？你們在去年第一季以及去年四月做了幾筆規模不小的遠期發行。所以想請教，這些股份的結算是否有任何時間安排相關性，以及你們預期何時需要部署那筆資金。

We have a lot of flexibility in terms of settling the $75 million plus of outstanding forward equity. I think the earliest tranche matures in June of this year, the latest tranche matures in May of 2027. And so we have a lot of flexibility in terms of when we sell those shares. I think it's fair to assume that most of those shares get settled at some point and in 2026, subject obviously to uses and other capital sources, but we have a good amount of flexibility in terms of when we decide to settle those shares and receive the proceeds.

就結算尚未結算的7,500萬美元以上遠期股權而言，我們有很大的彈性。我想最早的一批在今年六月到期，最晚的一批在2027年5月到期。因此在何時出售這些股份方面，我們有很大的彈性。我認為可以合理假設，這些股份大多會在某個時間點、並且在2026年內完成結算；當然這取決於資金用途以及其他資本來源，但在我們決定何時結算並收取款項方面，我們確實有相當程度的彈性。

Okay. Great. That was helpful. And then just given we're halfway through 1Q already and you've already increased your investment guidance almost 10%. Could you share any preliminary 1Q or even 2Q visibility you're seeing on investment activity?

好的。很好。這很有幫助。另外，考量我們已經進入第一季一半，而你們已將投資指引上調了將近10%。能否分享一下你們目前看到的第一季、甚至第二季投資活動的初步能見度？

Yes. As I mentioned, there will be a sale leaseback in there with the existing top 20 tenant of ours in the first quarter. The second quarter, we'll have a sale lease with another top 20 tenant. There are -- 2 or 3 single credit portfolios, one with the largest retailer in the world from a third-party seller, another with the leading paint manufacturer and retailer in the world. Those are primary drivers, I would say in there and then one-off transactions on the acquisition front there typical of everything we do..

可以。如我提到的，第一季會有一筆與我們現有前20大租戶之一的售後回租（sale-leaseback）。第二季，我們會與另一位前20大租戶做一筆售後回租。另外還有2到3個單一信用（single credit）投資組合：其中一個是從第三方賣方取得、承租方為全球最大零售商；另一個則是全球領先的塗料製造商與零售商。我會說這些是主要驅動因素，此外在收購端也會有一些零星交易，這些都符合我們一貫的操作方式。

Mitch Germain, Citizens Bank.

Mitch Germain，Citizens Bank。

Joe, you've been pretty good at predicting retail trends and I'm curious if there's like a tenant or maybe a sector that you think could become a bigger piece of the portfolio on a go-forward basis.

Joe，你在預測零售趨勢方面一向很準，我想知道是否有某個租戶或某個產業，你認為未來可能會在投資組合中占比變得更大？

Yes. I'm going to hesitate to we've talked about Boot Barn, we talked about our increased exposure there. We foreshadowed Gerber Collision. We foreshadow tractor supply. Obviously, we're extremely acquisitive with off-price that TJX concepts Burlington, Ross, there are tenants that we're always looking at that are, I would tell you on the periphery of our sandbox or potentially even on the cusp of entering that sand back.

是的。我會有點保留；我們談過Boot Barn，也談過我們在那裡提高曝險。我們也曾預告過Gerber Collision。我們也預告過Tractor Supply。很明顯地，我們在折扣零售（off-price）方面非常積極，像是TJX旗下概念店、Burlington、Ross；也有一些租戶我們一直在看，我會說它們位於我們「沙盒」的邊緣，甚至可能正處於即將進入那個沙盒的門檻上。

I'm hesitant to mention them because as soon as we start, frankly, targeting them, it seems that we get some copycats out there that then start chasing those credits. And so there are always tenants that we're looking at.

我不太願意點名，因為一旦我們開始——坦白說——鎖定它們，市場上似乎就會出現一些跟風者，開始追逐那些信用標的。所以我們一直都有在關注的租戶。

We've been pretty outward with 5 below in terms of developing, acquiring. So there's always tenants on the outside of that sandbox that are making their way in. I think we'll hold off disclosing them until they are actually in our table.

我們在Five Below方面一直相當公開，包含開發、收購等。所以總是會有一些在沙盒外的租戶逐步進來。我想我們會先暫緩揭露，直到它們真的出現在我們的名單上。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO Capital Markets。

Joe, CVS performance appears to be improving. Have the CVS' recent initiatives begin to show up in the performance metrics within your portfolio? And how does your exposure compared to their broader store base?

Joe，CVS的表現看起來正在改善。CVS近期的各項措施是否已開始反映在你們投資組合內的績效指標上？另外，你們的曝險相較於CVS整體門市基礎（store base）是如何？

Yes, look, we've got a tremendous relationship with CVS. I would note that pharmacy exposure at 12/31 was down 3.6% in totality. Again, that's in as versus in 2010, when we launched the acquisition platform of being 43% Walgreens exposure. There's a case study in the deck about that that's very de minimis for us now. Our focus with CVS is acquiring high-performing stores where the -- frankly, the fixed cost, the rents make sense, the days of dualing suburban pharmacies on opposing corners we believe, is over.

是的，你看，我們與CVS有非常深厚的合作關係。我想指出，截至12/31，藥局類型曝險合計已降至3.6%。再次強調，這相較於2010年我們啟動收購平台時，當時Walgreens曝險高達43%。簡報裡有一個相關案例研究，對我們而言現在已非常微不足道。我們與CVS合作的重點，是收購表現優異的門市——坦白說——固定成本與租金要合理；我們認為郊區藥局在對街兩個角落互相競爭的時代已經結束了。

ground leases, super high-performing stores and then stores that have an extremely good rental basis and are productive. And so we're not interested in the suburban $400,000 per year pharmacy, it's 14,000 feet on two acres.

也就是地租（ground lease）、表現極佳的門市，以及租金基礎非常好且具生產力的門市。因此我們對那種郊區一年40萬美元租金、1.4萬平方英尺、占地兩英畝的藥局不感興趣。

Those are readily available on the market for anyone who wants to roll back the clock 10, 15 years. We're more interested in the pharmacies that are either on a ground lease or paying a couple of hundred thousand dollars in rent or have outperformance 24-hour operations or early extensions with our tenants there. And so we're -- it's a very selective acquisition process for us. It's a very informed acquisition process for us. We'll make select additions to the portfolio, but it's not a focus for us.

如果有人想把時鐘倒回10到15年前，市場上這類資產隨處可得。我們更感興趣的是：要嘛是在地租架構下的藥局、要嘛租金只有二十幾萬美元、或是具備超額表現（outperformance）的24小時營運、或是與租戶有提前續約等情況。因此對我們而言——這是一個非常嚴格篩選的收購流程。這也是一個資訊非常充分的收購流程。我們會選擇性地增加一些資產到投資組合，但這不是我們的重點。

You will not see any material growth in our pharmacy exposure for CVS exposure at this time.

目前你不會看到我們在藥局曝險或CVS曝險方面有任何實質性的成長。

Great. And then just on the quick service restaurant side, I noticed that the exposure increased to 2.3% of ABR. Can you just discuss the types of tenants you're targeting today, whether more QSR assets are coming to market? And how does the brand coverage within this segment compared to the overall portfolio?

很好。另外在速食餐廳（quick service restaurant）方面，我注意到曝險提高到ABR的2.3%。你能否談談你們目前鎖定的租戶類型、是否有更多QSR資產正在釋出到市場？以及在這個子產業中，你們的品牌覆蓋度相較於整體投資組合如何？

=Yes, be frank, we're not targeting the sector. As I mentioned earlier, these are generally ground leases, and that's what you saw in Q4. So the Flanders outlets, the Panda Express, the Wendy's, we acquired an olive garden ground lease with a Darden guarantee during the quarter. restaurants, McDonald's ground lease. So I would tell you, restaurants for us, we will continue to stay away from outside of the ground lease structure or a very unique opportunity, not a focus for us, especially in today's economy.

=是的，坦白說，我們並沒有鎖定這個產業。如我先前提到的，這些通常是地租，而你在第四季看到的就是這種情況。所以像Flanders outlets、Panda Express、Wendy's；我們在本季也收購了一筆Olive Garden的地租，並有Darden的保證；還有餐廳、McDonald's的地租。所以我會說，對我們而言，餐廳類資產我們會持續避免，除非是在地租架構下或是非常特殊的機會；這不是我們的重點，尤其在當前的經濟環境下。

And then more importantly, when we look at the ability of the box and the rents per square foot, we just don't see the residual values there to mark-to-market. And so restaurants will be in the perimeter. If we do -- if you see us acquire a restaurant or any such single-purpose type structure or fit out, it will generally be on a ground lease.

更重要的是，當我們看盒體（box）的可替代性以及每平方英尺租金時，我們看不到足夠的剩餘價值（residual values）來支撐按市價重估（mark-to-market）。因此餐廳會維持在我們的外圍範圍。如果我們真的——如果你看到我們收購餐廳或任何此類單一用途的建物結構或裝修（fit out），通常都會是在地租架構下。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，Deutsche Bank。

This is Sam on for Tayo. I was wondering if the exposure to lower income consumers present some sort of downside risk, particularly around categories such as dollar stores, off-price retail, or discount stores? And like what are you guys doing to mitigate this risk?

我是Sam，代替Tayo提問。我想請教，對較低收入消費者的曝險是否存在某種下行風險，特別是在像是一元店（dollar stores）、折扣零售（off-price retail）或折扣店（discount stores）等類別？以及你們正在做什麼來降低這項風險？

I think it's -- on last call, I said we are the trade down effect -- what we're seeing in 2026 is just the steepening of the case. The theme in 2024, and I don't want to get -- this is about affordability and I'll put it in quotes, the theme of 2024 and 2025 was the low income consumer and the challenges they were having. The theme of 2026, and hopefully, it gets resolved, but I don't see any resolution in the near term is the middle-income consumer. We have dual working parent households in this country costs are increasing, whether it's automobiles, health insurance, residential costs, right, calving across the board.

我認為這是——在上一次電話會議上我說過，我們看到的是「消費降級效應」——而我們在 2026 年看到的，只是這個情況進一步惡化、趨勢更陡峭。2024 年的主題——我不想把話題帶偏——這關乎可負擔性，我會加上引號，2024 年與 2025 年的主題是低收入消費者以及他們所面臨的挑戰。2026 年的主題——希望能解決，但短期內我看不到任何解方——是中等收入消費者。在這個國家，雙薪父母家庭的成本正在上升，無論是汽車、健康保險、住宅成本，對吧，幾乎各方面都在上漲。

Inflation, the cumulative inflation that we've seen since the pandemic has been devastating for these families. And so if you look at the print of the targets of the world, and you juxtapose that against the prints of the Walmarts of the world and the dollar stores of the world, the trade-down effect is (inaudible) you can see those consumers looking for four bargains, four discounts. You see it, frankly, in the size of the basket size, the ticket size and the frequency of the trips. You see five below retailers like five below, really we're thriving in this environment. Dollar General performing extremely well; and Walmart, frankly, kicking gas crossing $1 trillion equity cap.

自疫情以來我們所看到的累積通膨，對這些家庭而言是毀滅性的。因此，如果你看一下像 Target 這類公司的業績表現，並把它與像 Walmart 以及各種一元店的表現並列比較，消費降級效應（聽不清）——你可以看到那些消費者在尋找更多便宜貨、更多折扣。坦白說，你也能從購物籃大小、客單價以及到店頻率看出來。你會看到像 Five Below 這樣的零售商，確實在這種環境下蓬勃發展。Dollar General 表現非常好；而 Walmart 也確實強勢，市值突破 1 兆美元。

And so you'll continue to see us focus on those retailers that cater to that consumer. We avoid luxury. We avoid experiential. We avoid fun. It's goods and services that are necessity-based.

因此，你會持續看到我們聚焦於那些服務該類消費者的零售商。我們避開奢侈品。我們避開體驗型消費。我們避開娛樂性消費。我們關注的是以必需品為主的商品與服務。

And if they're not the lowest priced operator, they have a unique value proposition. And so that's our focus. It has been our focus. I think it inures to our benefit of what we're seeing out there given the portfolio composition that you see, obviously, in our materials.

如果他們不是最低價的營運商，那他們就必須有獨特的價值主張。因此這就是我們的重點。這一直是我們的重點。我認為，鑑於你在我們資料中看到的投資組合組成，外部環境的變化反而對我們有利。

Linda Tsai, Jefferies.

Linda Tsai，Jefferies。

Earnings growth was over 4.5% in '25, and you're guiding to midpoint to 5.4% in '26. Do you view this 4.5% to 5.5% earnings growth cadence is a sustainable state?

2025 年的盈餘成長超過 4.5%，而你們對 2026 年的指引中位數是 5.4%。你們是否認為這種 4.5% 到 5.5% 的盈餘成長節奏是一種可持續的常態？

We've been very clear for a month that our earnings algorithm would kick in this year. We drove 4% or 4.5% AFFO growth per share last year after only deploying $950 million approximately in 2024 and while investing and dealing with the big lots, bankruptcy imaginations. And so we were very clear that our earnings algorithm would kick in this year. We have no upcoming material debt maturities, and so where all systems go. Let's be clear, across all three external growth platforms as well as from a balance sheet perspective.

我們在過去一個月一直非常清楚地表示，我們的盈餘演算法會在今年開始發揮作用。去年我們每股 AFFO 成長達到 4% 或 4.5%，而 2024 年我們僅部署了約 9.5 億美元，同時還在投資並處理 Big Lots 的破產相關影響。因此我們非常明確地說過，我們的盈餘演算法會在今年啟動。我們沒有即將到期的重大債務，因此一切系統都準備就緒。講清楚一點，無論是三個外部成長平台，還是資產負債表的角度都是如此。

And so our goal has consistently been to deliver 10% operational returns we will deliver 10% 2 years back to AFFO growth, whether it's last year or this year, this year, next year.

因此，我們的目標一貫是交付 10% 的營運報酬；我們也會交付 10%——回到 AFFO 成長來看，無論是去年或今年、今年或明年，都是如此。

We've been very clear about that while maintaining a defensive posture from a portfolio position maintaining our strict underwriting criteria and a fortress balance sheet.

我們也一直非常清楚：在維持投資組合防禦性姿態的同時，維持嚴格的承作（underwriting）標準，以及堅若磐石的資產負債表。

And then in terms of new-to-market comers, not sure if you track it this way, but what percentage of ABR came from new to market in '25? And would you expect to increase your exposure to these customers in '26?

另外，關於新進入市場的客戶——我不確定你們是否用這種方式追蹤——但 2025 年有多少比例的 ABR 來自新進入市場的客戶？你們預期在 2026 年會提高對這些客戶的曝險嗎？

New to market, meaning new to our portfolio. Peter, I can't take a one new tenant to the portfolio that we added. Can you?

你說的新進入市場，是指新加入我們投資組合的客戶。Peter，我想不出我們新增到投資組合的任何一個新租戶。你想得到嗎？

No, we did. It would have been in a pretty de minimis way.

沒有，我們確實有，但規模會是非常微不足道的。

Yes, extremely de minimis. We took on a bank ground lease, I think, $80,000 or $100,000 as an outlet to one of the lows that we acquired. So it would be an ancillary small piece, but really no new tenants or new entrants of any substance at all in the portfolio in 2025. .

是的，極其微不足道。我們承接了一筆銀行的地租（ground lease），我記得是 8 萬或 10 萬美元，作為我們收購的其中一個 Lowe's 資產的附帶項目。所以那會是一個附屬的小部分，但 2025 年投資組合中確實沒有任何具實質規模的新租戶或新進入者。.

Just one last one, if I could. So Walmart is 5.6% of your ABR, obviously, gold standard in terms of tenant credit, but any feeling to which you'd be comfortable with any specific tenant exposure?

如果可以的話，最後再問一個。Walmart 佔你們 ABR 的 5.6%，顯然就租戶信用而言是黃金標準，但你們對於單一租戶曝險的舒適度，有沒有任何想法或上限？

To Walmart, specifically?

特別是指 Walmart 嗎？

Just anyone.

任何租戶都可以。

Look, Walmart is the only tenant as you mentioned, over 5% of the portfolio. We've thought that was a great line for a while was breached by different operators within the space. We also look at 10% as a great threshold for sector, line of trade, grocery is just over 10%. We feel very comfortable there. I'm happy to add more Walmart exposure on a percentage basis as we go forward.

你看，正如你提到的，Walmart 是唯一一個佔投資組合超過 5% 的租戶。我們認為這條線長期以來是很好的界線，但在這個領域也曾被不同的營運商突破過。我們也把 10% 視為產業別、業態別的一個很好的門檻；雜貨類別略高於 10%。我們對此非常放心。展望未來，就比例而言，我也樂於增加 Walmart 的曝險。

We're always working on Walmart transactions, frankly across our platforms. There are Walmart in our pipeline right now.

坦白說，我們一直在推進 Walmart 的交易，涵蓋我們各個平台。我們目前的案源管線裡就有 Walmart。

So as a percentage basis, we feel very good with where Walmart is. I mean they are also our top 3 or top 4 ground lease tenant in the portfolio, net actually in terms of ground lease ABR. And so we're very confident in our Walmart exposure. The company continues to perform tremendously. And so we're comfortable.

所以就比例而言，我們對 Walmart 目前的占比感覺非常好。我的意思是，他們也是我們投資組合中前 3 或前 4 大的地租租戶——以地租 ABR 來看，實際上是淨額口徑。因此我們對 Walmart 的曝險非常有信心。公司持續表現非常出色。所以我們很放心。

I think at the peak during COVID, it went off almost up to 9, Peter, correct me if I'm wrong, went up to 9%. I wouldn't anticipate that occurring, but we'll certainly pursue Walmart transactions aggressively.

我記得在 COVID 期間的高峰，它一度接近 9%，Peter，如果我沒記錯的話，曾上升到 9%。我不預期會再發生那種情況，但我們當然會積極追求 Walmart 的交易。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

I want to go back to -- I think it was Jamie Seldon's question just on sizing sort of the forward equity component of the total sources. And so is the gating factor there at any given time related to the deal pipeline? Is it market impact on the share issuance? Is it something else? Just what would prevent you from taking $70-something million in ATM -- I'm sorry, in the forward unsettled shares today to $1 billion, $1.5 billion or something like that?

我想回到——我想那是 Jamie Seldon 的問題——關於總資金來源中，遠期股權（forward equity）部分的規模。所以在任何時間點，那裡的限制因素是與交易管線有關嗎？是發行股票對市場的影響嗎？還是其他因素？具體來說，是什麼會阻止你們把今天 ATM——抱歉，是把今天未結算的遠期股份從 7,000 多萬美元提高到 10 億、15 億美元或類似的規模？

When I get the confluence of factors, most importantly is ultimately uses right? Do we have the uses of that capital? Obviously, we have the liquidity and the balance sheet tolerance, the full flexibility to do whatever we want. The most important thing is to have that flexibility and never raise any type of capital. We want to continue to be opportunistic.

當我看到多項因素同時具備時——最重要的是最終的資金用途，對吧？我們是否有這筆資本的用途？顯然，我們具備流動性與資產負債表的承受度，也有完全的彈性去做任何我們想做的事。最重要的是保有那種彈性，並且不要在任何情況下被迫去籌資。我們希望持續保持機會主義。

But I think ultimately, it sources. So with no material debt maturity or uses excuse me, ultimately with no material debt maturities in all of the capital that we raised effectively going towards net new investment activity, we'll monitor those -- the pipelines across all 3 verticals. But I think that's the driver. Peter. Anything else you want to add?

但我認為歸根結底，關鍵在於資金來源。因此，在我們沒有任何重大債務到期的情況下，而且我們所募集的所有資本基本上都用於淨新增投資活動，我們將持續監控三大垂直領域的管線。但我認為這就是驅動因素。Peter。你還有什麼要補充的嗎？

No, I agree with that. I think staying ahead of our uses is ultimately most important and that will allow us to continue to be opportunistic in terms of how and when we raise capital. And today, with over $2 billion of liquidity and $1.3 billion of buying power, as I referenced earlier, we are well ahead of our uses and well positioned for the year. .

沒有，我同意。我認為最重要的是讓我們的資金來源走在資金用途之前，這將使我們能夠在何時以及如何募資方面持續保持機會主義。而且今天，如我先前提到的，我們擁有超過20億美元的流動性以及13億美元的購買力，我們的資金來源遠遠領先於資金用途，並且今年的布局非常到位。.

And I guess just to follow up on that. I mean, is it a safe signal for the rest of us, I guess, on this side of the phone call, that every quarter or so as you're kind of issuing forward shares, is that a signal that the pipeline is indeed sort of growing above and beyond the current target? Or is that not really the right way to interpret some of those movements?

我想就此再追問一下。我的意思是，對我們其他人來說——我想，對電話這一端的我們而言——你們大約每季左右在發行遠期股票，這是否是一個安全的訊號，表示投資管線確實在超出目前目標地成長？還是說，這並不是解讀這些變動的正確方式？

We'll look at all capital sources. I hope we get back to the day where we can issue a perpetual preferred for a quarter. We'll look at all capital sources, see how they fit within our capital stack. Last year was the first year in a number of years with the 5.5-year delayed draw term loan. We have a full suite, obviously, access to all 4 quadrants of longer-term capital Short term, we have the line of credit, the commercial paper program, significant free cash flow as well as dispositions, which we anticipate ramping a little bit this year.

我們會檢視所有資本來源。我希望我們能回到那個可以發行永續優先股、至少維持一季的日子。我們會檢視所有資本來源，看看它們如何融入我們的資本結構。去年是多年來首次使用5.5年期的延遲提用定期貸款。我們擁有完整的工具箱，顯然可以接觸到長期資本的四個象限；短期方面，我們有信用額度、商業本票計畫、可觀的自由現金流以及資產處分，而我們預期今年處分規模會稍微加速。

So it's -- there's really no direct causation. Are they correlative? Sure. I would say it's correlative as we see our investment pipeline grow further it's wholly possible that we'll add incremental equity to fund that, subject to other capital sources and obviously, the respective cost of those capital sources.

所以——這之間其實沒有直接的因果關係。它們有相關性嗎？當然。我會說，當我們看到投資管線進一步成長時，確實可能會增加額外的股權來提供資金，但仍取決於其他資本來源，以及當然，各項資本來源各自的成本。

But look, we have it at the forefront of capital raising in the net lease space, and I would argue read them today, utilizing forward equity first in 2018 on a regular way and then subsequently off of the -- and so we anticipate continuing, obviously, in an external growth business to be raising capital. We have swaps in place, as Peter mentioned, to tap the unsecured long-term unsecured bond market this year as well. And as the year progresses, we'll look at all, obviously, the sources and the uses and continue to match them to create an A- balance sheet that's on par with our expectations.

但你看，我們一直站在淨租賃領域募資的最前沿，我甚至會主張——你們今天讀到的內容——我們在2018年率先開始定期使用遠期股權，之後也持續運用。我們也已建立利率交換，如Peter所提到的，今年也會進入無擔保長期公司債市場。隨著年度推進，我們會檢視所有資金來源與資金用途，並持續加以匹配，以打造符合我們期待、具A-水準的資產負債表。

That's helpful. If I could sneak in one more, just on development and DSP. Just maybe help us understand where kind of across America, this sort of development is taking place because I think otherwise, retail, commercial real estate obviously is being underdeveloped more broadly, but you guys are finding these sort of pockets. I mean is it infill, is it redevelopment of sort of existing underperforming real estate? Is it greenfield kind of associated with new residential development in different places?

這很有幫助。如果我可以再塞一個問題，關於開發與DSP。能否幫我們理解一下，這類開發大致是在美國哪些地方進行？因為我想，整體而言零售商用不動產顯然普遍開發不足，但你們卻能找到一些這樣的「口袋」機會。我的意思是，這是都會填補型（infill），還是對既有表現不佳的不動產進行改造重建（redevelopment）？還是屬於綠地開發（greenfield），與不同地區的新住宅開發相伴而生？

Just what does that composition look like?

這樣的組成結構大概是什麼樣子？

Interesting question. Look, the constraint today and net new retail development is not desired from retailers. It is cost project feasibility driven by the vertical construction costs primarily. And so we are operating from the West Coast to the East Coast, all the way down south. There are tertiary markets, there are primary markets.

有趣的問題。你看，當前限制淨新增零售開發的因素，並不是零售商不想要。而是成本與專案可行性，主要由垂直建築成本所驅動。因此我們的業務從西岸到東岸，一路延伸到南部。有次級市場，也有一級市場。

There are redevelopments of existing structures, splitting up larger boxes into junior boxes. There's ground-up projects. that have tips or outlets or extreme land bases to support it. It's highly diversified. It's hard corners for C-stores, it is exit ramps for C stores, larger commercial fueling locations that provide for diesel.

有既有建物的改造重建，例如把較大的大盒子（big box）切分成較小的次主力店鋪（junior box）。也有從零開始的新建案（ground-up），在有小費（tips）或outlets或具備足夠土地基礎可支撐的地方。整體非常多元分散。有適合便利商店（C-store）的黃金角地，也有位於交流道匝道口的便利商店點位，還有提供柴油的大型商用加油據點。

And so if you look at the C-store sector today and the growth of the regionals and the nationals, the off-price sector, their voracious appetite to grow, whether it's TJX banners, Ross to or Burlington's desire to get to 1,000 stores. And then the big box space, Lowe's, Home Depot, as I mentioned, Walmart, Costco, Kroger even announcing net new stores. We see the tremendous appetite to grow, again, get the permutation correct in an omnichannel world. I would tell you all retailers have recognized that free shipping and then a 40% return rate does not work. And so they're trying to get stores in place to get our but to the store to pick things up and if it is delivered to deliver from the store fulfill that last mile or 2 in the most efficient way possible, whether that's tertiary or primary.

因此，如果你看今天的便利商店產業，以及區域型與全國型業者的成長；再看折扣零售（off-price）產業，他們對擴張的強烈渴望——不論是TJX旗下品牌、Ross，或是Burlington想要達到1,000家門市的目標。再來是大盒子空間，如我提到的Lowe's、Home Depot、Walmart、Costco，甚至Kroger也宣布淨新增門市。我們看到非常強勁的擴張意願，目的在於在全通路（omnichannel）世界中把各種組合配置做到正確。我可以告訴你，所有零售商都已認知到：免運再加上40%的退貨率是行不通的。因此他們正努力佈建門市，讓顧客到店取貨；若是配送，則由門市出貨，以最有效率的方式完成最後1到2英里的配送，不論是在次級市場或一級市場。

And so there's tremendous appetite for growth. Again, most of these retailers are public. They're out there with their stated store goals. We can -- we're in a really unique position to fulfill that appetite with our 3 vertical external growth platform.

因此，成長動能非常強。同樣地，這些零售商多數是上市公司。他們都有對外公布的展店目標。我們——憑藉三大垂直外部成長平台——處於一個非常獨特的位置，能夠滿足這樣的需求。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，Morgan Stanley。

This is Jenny on for Ron. The first is, we noticed the weighted average lease term on 4Q acquisition was 9.6 years versus like 10.7 years in Q3. I'm just curious, more broadly, how do you think about lease terms when you underwrite acquisitions? Like what's the right balance between lease duration and returns?

我是代Ron提問的Jenny。第一個問題是，我們注意到第四季收購案的加權平均租約年期是9.6年，而第三季大約是10.7年。我想更廣泛地請教，你們在承作收購案的評估（underwrite）時，如何看待租期？例如，在租期長短與報酬之間，什麼才是合適的平衡？

All project-specific or opportunity specific. We'll buy short-term leases when we like the real estate, the mark-to-market we have strong performance feedback. We obviously, the sale leasebacks will have longer-term. Some of my favorite opportunities are pre-inflationary or construction cost inflation opportunities in the junior box space. They're paying $10, $11 per square foot on a short-term deal when mark-to-market is $17, $18, $19, just due to those construction costs I've been talking about on this call.

一切都取決於個別專案或個別機會。當我們喜歡該不動產、看好市價調整（mark-to-market），且我們得到強勁的營運表現回饋時，我們也會買短租期的租約。而售後回租（sale-leaseback）通常會有較長的租期。我最喜歡的一些機會，是在次主力店鋪（junior box）領域中，屬於通膨前或建築成本通膨帶來的機會。他們在短期合約下每平方英尺只付10、11美元，但市價租金是17、18、19美元，原因正是我在這通電話中提到的那些建築成本。

And so you'll see a variety of lease terms. This is a real estate operation here, lease term is one input store performance, underlying real estate fundamentals, access, visibility, fungibility of the box, signage, trap accounts and demographics are all playing a part in that role as well.

因此你會看到各式各樣的租期。我們這裡是一個不動產營運平台，租期只是其中一個輸入變數；門市表現、底層不動產基本面、可達性、能見度、店鋪空間的可替代性（fungibility）、招牌（signage）、攔截型商圈（trap accounts）與人口結構等，也都在其中扮演角色。

So I wouldn't think of Q4 as a static state at all. I think if we dive into the individual transactions, you'll see really what the driver was and really pushed it over through the approval threshold.

所以我不會把第四季視為任何靜態狀態。我認為如果我們深入看每一筆交易，你會真正看到驅動因素是什麼，以及究竟是什麼讓它跨過審核門檻並獲得核准。

Appreciate the comment. The second question is how should we think about the re-leasing spread for investment-grade tenants I see you only have 1.5% of ABR being renewed next year, but how should we think about the releasing spread? .

感謝你的評論。第二個問題是，我們應該如何看待投資等級租戶的續租價差（re-leasing spread）？我看到你們明年只有 1.5% 的 ABR 會到期續約，但我們應該如何看待續租價差？.

No difference. 104% has been approved. 104% recapture rate has been pretty static.

沒有差異。已核准為 104%。104% 的回收率（recapture rate）一直相當穩定。

Yes. Over the last few years, we've been at 103% or 104% in each year.

是的。過去幾年，我們每一年都在 103% 或 104%。

It doesn't seem to be moving and the vast majority of our upcoming expirations, which will be handled with favorable outcomes here, we'll I think that blended will fall into the same range. We don't anticipate many of these tenants leaving here. .

看起來沒有在變動，而我們即將到期的大多數租約，在這裡都會以有利的結果處理；我認為加權後的綜合結果會落在同樣的區間。我們不預期會有很多這些租戶離開。.

John Kilkowski, Wells Fargo.

John Kilkowski，富國銀行。

It's Jamie again, just with a quick follow-up. The disposition guidance, $25 million to $75 million, I think you had mentioned 1031s and even OBBA being a driver of demand. How are you thinking about that range? And then can you talk more about what's changed and what -- if you might be ramping up that pipeline due to pricing?

我是 Jamie，再追問一個簡短的問題。關於處分（disposition）指引 2,500 萬到 7,500 萬美元，我想你提到 1031 交換，甚至 OBBA 也是需求的驅動因素。你們如何看待這個區間？另外能否多談談有哪些改變，以及你們是否可能因為定價而加速擴大那個管線？

Well, I think I haven't heard the acronym. I think the OB VA is a driver there for us. And so we have what I would call not economically rational real estate purchases that are benefiting from accelerated depreciation that they're taking, aren't looking at the real estate fundamentals. And if someone wants to buy a good year with a 5 handle in front of it, we're sellers. I'll be honest.

嗯，我想我沒聽過那個縮寫。我認為 OB VA 對我們來說是個驅動因素。因此，我們看到一些我稱之為在經濟上不太理性的房地產購買行為：他們受益於加速折舊，並不看重房地產基本面。如果有人想用「5 字頭」的價格買到一個好標的，我們就是賣方。老實說。

We're big fans of Goodyear where their largest landlord.

我們非常看好 Goodyear，我們是他們最大的房東。

We obviously did the sale leaseback with them and took the real estate that they owned on balance sheet and did a sale leaseback at extremely low rents, but they have control of that property through options. We don't see redevelopment potential, there contractual rental increases. So if someone wants to pay something that we don't think makes sense relative to where we can redeploy that capital, we'll do that. So a lot of it is the one big beautiful bill purchasers. Then you have some interesting alcoholic purchasers that seem to traverse Florida.

我們顯然與他們做了售後回租（sale leaseback），把他們資產負債表上自有的不動產拿來做售後回租，租金非常低，但他們透過選擇權掌控該物業。我們看不到重建（redevelopment）潛力，且有合約約定的租金調升。所以如果有人願意付出一個我們認為相對於我們可重新配置資本的機會而言不合理的價格，我們就會做。所以其中很大一部分是「one big beautiful bill」的買家。然後你還會看到一些有趣的酒類買家，似乎在佛羅里達各地穿梭。

That doesn't seem -- the pricing often doesn't seem to make sense, and we take advantage there. California as well and in Texas as well. in some of these states.

那看起來——定價往往看起來不太合理，而我們就利用這點。加州也是，德州也是，在其中一些州。

Now you're not going to see -- and then I'll tell you, we'll look at opportunistic sales and larger price point assets as well. And so if we think we can redeploy the capital at a material spread while increasing the credit profile and the real estate fundamentals, the tenant we're going to jump on that opportunity and then overall, it's an accretive transaction for us. So many of these are inbound, not even listed. When you have a portfolio of 2,700 properties. There's always inbound activity.

另外你不會看到——我也會說，我們也會看機會型出售以及更高價位的資產。因此，如果我們認為能以顯著的利差重新配置資本，同時提升信用概況與不動產基本面、租戶品質，我們就會把握那個機會；整體而言，這對我們是增益（accretive）的交易。所以很多都是主動找上門的，甚至沒有掛牌。當你有 2,700 項物業的投資組合時，總是會有主動洽詢。

We'll listen. We'll look at those and vet those opportunities and the qualifications of the purchaser. And if appropriate, we're going to strike to drive ultimately accretion.

我們會聽。我們會看這些、審核這些機會以及買方的資格。如果合適，我們就會出手，最終推動增益。

Okay. But it still sounds like it's more the smaller buyers rather than institutions when you think about the sales?

好的。但聽起來在你們考慮出售時，仍然比較偏向小型買家，而不是機構買家？

Yes. Generally, it's the smaller 1031 net lease dominated 1031 purchaser or tax motivated purchaser as you mentioned. Occasionally, there is some institutional inbounds for a variety of reasons. Maybe they own the adjacent property, maybe there's an overall redevelopment that they're trying to execute upon. But the vast majority of transactions, just like the entire space is individual purchases.

是的。一般而言，是以小型的 1031 淨租賃（net lease）買家為主的 1031 買方，或如你提到的、以稅務為動機的買方。偶爾也會有一些機構主動找上門，原因各式各樣。也許他們擁有相鄰的物業，也許他們正試圖執行整體重建。但絕大多數交易，就像整個市場一樣，都是個人買家。

Okay. And then I know it's a small dollar amount, but what are you targeting for cap rates on dispositions?

好的。另外我知道金額不大，但你們處分的目標資本化率（cap rate）是多少？

I would say, (inaudible) in the 6s, right? Again, we'll continue to pair down. I anticipate advanced auto exposure to a, frankly, a material level and not very material today. There are some good year transactions in the pipeline, which are nonrefundable, which will close in the first quarter or have closed already. I don't see anything different in the second quarter or beyond this time.

我會說，（聽不清）大概在 6% 區間，對吧？同樣地，我們會持續精簡。我預期 Advanced Auto 的曝險會降到——坦白說——一個相當程度，而目前其實並不算很重大。管線中有一些 Goodyear 的交易，屬於不可撤銷（nonrefundable）的，將在第一季完成交割，或已經完成。我看不出第二季或之後在此時會有任何不同。

This concludes the question-and-answer session. I'll hand the call back over to Joel Agree for closing remarks.

問答環節到此結束。我把電話交回給 Joel Agree 作結語。

Well, thank you all for joining us this morning. Good luck to the rest of earnings season, and we look forward to seeing you at the upcoming conferences. I appreciate your time.

好的，感謝各位今天早上加入我們。祝各位接下來的財報季順利，我們也期待在即將到來的各場會議上與各位見面。感謝各位撥冗。

This concludes today's call. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。