Agree Realty Corporation (ADC) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Agree Realty first-quarter 2026 conference call. (Operator Instructions) Note this event is being recorded.

早安，歡迎參加 Agree Realty 2026 年第一季財報電話會議。（接線員指示）請注意，本活動將被錄音。

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

此刻，我想將會議交給企業財務資深總監 Reuben Treatman。請開始。

Thank you. Good morning, everyone, and thank you for joining us for Agree Realty's first-quarter 2026 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 2026 年第一季財報電話會議。在把電話交給 Joey 和 Peter 討論本季業績之前，我先說明一下警示性聲明。

Please note that during this call, we will make certain statements that may be considered forward-looking under federal securities law, including statements related to our updated 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陳述的聲明，包括與我們更新後的 2026 年指引相關的陳述。由於多種原因，我們的實際結果可能與任何前瞻性陳述中討論的事項存在重大差異。關於支撐我們前瞻性陳述的各項風險與不確定性，請參閱昨日的財報新聞稿以及我們向 SEC 提交的文件（包括最新的 Form 10-K 年報）中的相關討論。

In addition, we discuss non-GAAP financial measures, including core funds from operations or core FFO, adjusted funds from operations or AFFO, and pro forma 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，我們也會討論非 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），以及備考淨負債對經常性 EBITDA。將我們歷史非 GAAP 財務衡量指標調節至最直接可比 GAAP 指標的對照表，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.

我現在把電話交給 Joey。

Thank you, Reuben, and thank you all for joining us this morning. I'm extremely pleased with our performance to start the year as we have continued to execute on all fronts.

謝謝你，Reuben，也感謝各位今天早上加入。我對我們今年開局的表現感到非常滿意，因為我們持續在各方面落實執行。

During the quarter, we invested nearly $425 million across our three external growth platforms while further strengthening our market-leading portfolio. The $403 million of acquisitions completed during the period represents our largest quarterly acquisition volume since 2022 as we continue to source superior risk-adjusted opportunities.

本季，我們透過三個外部成長平台合計投資近 4.25 億美元，同時進一步強化我們領先市場的投資組合。本期間完成的 4.03 億美元收購，為我們自 2022 年以來最大的單季收購量，顯示我們持續尋找具優異風險調整後報酬的機會。

While the macro backdrop remains highly unpredictable, we have never been better positioned. During the quarter, we raised approximately $660 million of forward equity through our ATM. We now enjoy $2.3 billion of total liquidity and more than $1.6 billion of hedged capital, including a company record $1.4 billion of outstanding forward equity.

儘管總體環境仍高度難以預測，我們的定位從未如此有利。本季我們透過 ATM 計畫募集約 6.6 億美元的遠期股權。目前我們擁有 23 億美元的總流動性，以及超過 16 億美元的避險資本，其中包括公司創紀錄的 14 億美元未結算遠期股權。

At quarter end, pro forma net debt to recurring EBITDA was just 3.2 times, giving us meaningful flexibility to execute regardless of capital markets volatility. As a reminder, we have no material debt maturities until 2028.

截至季末，備考淨負債對經常性 EBITDA 僅為 3.2 倍，使我們在不論資本市場波動如何的情況下，都具備相當的執行彈性。提醒各位，我們在 2028 年之前沒有任何重大到期債務。

We have married this fortress balance sheet with the highest quality retail portfolio in the country that only continues to improve. In a K-shaped economy, our industry-leading tenants stay poised to leverage their scale and value propositions to drive further share gains. We are consistently seeing leading retailers with the balance sheet and operating discipline winning across cycles and expanding their brick-and-mortar footprint.

我們將這座「堡壘式」資產負債表，與全美最高品質且持續改善的零售投資組合結合。在 K 型經濟下，我們的產業領先租戶仍可憑藉其規模與價值主張，持續推動市占提升。我們一再看到具備資產負債表實力與營運紀律的領先零售商，能在不同景氣循環中勝出，並擴張其實體門市版圖。

Our pipeline across all three external growth platforms is robust, yet our approach remains unchanged. We will stay consistent within our established investment parameters without compromising our underwriting standards. While our investment in earnings guidance remain unchanged, I would note that we have increased our treasury stock method dilution in anticipation of an elevated stock price and as well as the additional forward equity raise during the quarter. We'll continue to provide updates as the year progresses, and Peter will provide additional details on our guidance and input shortly.

我們在三個外部成長平台的案源管線相當強勁，但我們的方法不變：將在既定投資參數內保持一致，不會犧牲我們的承銷標準。雖然我們的投資與盈餘指引維持不變，但我想指出，我們已提高庫藏股法（treasury stock method）的稀釋假設，以因應預期較高的股價，以及本季額外的遠期股權募集。我們將隨著年度進展持續提供更新，Peter 也將在稍後就指引與相關假設提供更多細節。

Turning to our external growth activity, we had an active start to the year, leveraging our unique market positioning and deep relationships with retail partners to uncover opportunities across all three platforms. During the first quarter, we invested nearly $425 million in 100 properties across these three platforms.

談到外部成長活動，我們今年開局相當積極，運用我們獨特的市場定位以及與零售合作夥伴的深厚關係，在三個平台上發掘機會。第一季我們在這三個平台合計投資近 4.25 億美元，涵蓋 100 項物業。

Of note, during the quarter, we executed a sale leaseback with Hobby Lobby on their corporately owned stores. As we've discussed on prior earnings calls, Hobby Lobby is privately owned, has a pristine balance sheet and stands as a clear market leader in the craft and hobby space. They are a terrific operator and partner. As a reminder, we do not impute investment-grade or shadow investment-grade ratings in our IG percentage.

值得一提的是，本季我們與 Hobby Lobby 就其公司自有門市完成一筆售後回租交易。正如我們在先前的財報電話會議所提到，Hobby Lobby 為私人持有公司，資產負債表極為健全，且是手作與嗜好品類的明確市場領導者；他們是非常出色的營運商與合作夥伴。提醒各位，我們在投資級（IG）占比中，不會推定（impute）投資級或影子投資級（shadow investment-grade）評等。

Additional acquisitions during the quarter included a Home Depot, 5 Wawa ground leases in Pennsylvania and Maryland, a portfolio of 11 Sherwin-Williams stores, several Aldis and 3 Walmarts located in Georgia and South Carolina. The acquired properties at a weighted average cap rate of 7.1% and a weighted average lease term of 11.3 years. Nearly 60% of base rents acquired was derived from investment-grade retailers, and we continue to add to our ground lease portfolio during the quarter.

本季其他收購包括：一間 Home Depot、位於賓夕法尼亞州與馬里蘭州的 5 筆 Wawa 地租（ground leases）、由 11 間 Sherwin-Williams 門市組成的投資組合、數間 Aldi，以及位於喬治亞州與南卡羅來納州的 3 間 Walmart。所收購物業的加權平均資本化率為 7.1%，加權平均租約年期為 11.3 年。所收購的基本租金中，近 60% 來自投資級零售商；同時我們也在本季持續擴增地租投資組合。

As previously discussed, we continue to see increased activity across our development and developer funding platforms. During the first quarter, we convinced two new development or DFP projects with total anticipated cost of approximately $18 million.

如先前所述，我們在開發與開發商資金（developer funding）平台的活動持續增加。第一季我們簽約承諾（commenced/committed）兩個新的開發或 DFP 專案，預計總成本約 1,800 萬美元。

Construction continued on nine projects during the quarter with aggregate and anticipated cost of approximately $71 million. We completed four projects during the quarter, representing a total investment of approximately $23 million. Our development in DFP pipeline continue to grow significantly, and we expect development in DFP activity to meaningfully ramp in the second and third quarters, including several additional projects that commenced subsequent to quarter end.

本季共有 9 個專案持續施工，合計預計成本約 7,100 萬美元。我們於本季完成 4 個專案，總投資約 2,300 萬美元。我們的開發與 DFP 管線持續顯著成長，預期第二與第三季開發與 DFP 活動將明顯加速，其中包括數個在季末後啟動的新增專案。

Moving on to dispositions. We sold seven properties during the quarter for total gross proceeds of approximately $11 million at a weighted average cap rate of 6.8%. This activity included both the Jiffy Lube and Dutch Brothers that were included in the grocery portfolio acquisition last year. We've sold these assets approximately 300 basis points inside of where we acquired them less than one year ago, highlighting our ability to opportunistically recycle capital and harvest value across our portfolio.

接著談處分。我們本季出售 7 項物業，總毛收入約 1,100 萬美元，加權平均資本化率為 6.8%。其中包括去年雜貨投資組合收購案中的 Jiffy Lube 與 Dutch Brothers。我們在不到一年內，以較收購時約低 300 個基點的資本化率出售這些資產，凸顯我們能夠把握時機進行資本回收，並在投資組合中實現價值。

Our asset management team continues to do an excellent job proactively addressing upcoming lease maturities. We executed new leases, extensions, or options on over 876,000 square feet of gross leasable area during the first quarter with a recapture rate of over 104%. This included a Walmart Supercenter in Whitewater, Wisconsin; and a Home Depot in Orange, Connecticut.

我們的資產管理團隊持續出色地以主動方式處理即將到期的租約。第一季我們就超過 876,000 平方英尺的可出租面積完成新租約、續約或選擇權行使，回收率（recapture rate）超過 104%。其中包括威斯康辛州 Whitewater 的 Walmart Supercenter，以及康乃狄克州 Orange 的 Home Depot。

We remain well positioned for the remainder of the year with just 29 leases or 90 basis points of annualized base rent maturing, which is down 60 basis points quarter over quarter and 260 basis points year over year. We ended the quarter with pharmacy exposure at 3.5% of annualized base rent, and it now falls outside of our top 10 sectors, a meaningful milestone given that pharmacy once exceeded 40% of our portfolio.

展望今年剩餘期間，我們仍處於有利位置：僅有 29 份租約（或年化基本租金的 90 個基點）將到期，較前一季下降 60 個基點，較去年同期下降 260 個基點。季末我們的藥局曝險為年化基本租金的 3.5%，目前已不在前十大產業別之列；考量藥局曾一度占我們投資組合超過 40%，這是一項重要里程碑。

Anchored by assets, which is our Walgreens on the corner of the Diag on the University of Michigan campus and our CVS on Greenwich Avenue, we are confident in the real estate and performance of our remaining pharmacy assets. As of quarter end, our best-in-class portfolio comprised 2,756 properties spanning all 50 states. The portfolio included 261 ground leases, comprising over 10% of annualized base rent. Our investment-grade exposure stood at over 65% and occupancy is strong at 99.7%, up 50 basis points year over year.

以核心資產為支撐，包括位於密西根大學校園 Diag 轉角的 Walgreens，以及位於 Greenwich Avenue 的 CVS，我們對剩餘藥局資產的房地產品質與營運表現充滿信心。截至季末，我們同級最佳的投資組合包含 2,756 項物業，遍及全美 50 州。其中包含 261 筆地租，貢獻年化基本租金超過 10%。我們的投資級曝險超過 65%，出租率維持強勁在 99.7%，較去年同期提升 50 個基點。

Before I hand the call over to Peter, I'd like to thank and complement the tremendous work he and his team did on the creation of our inaugural supplement. We have taken feedback from a number of constituents and created a first-class document that provides investors and analysts with a thorough picture of our portfolio and financials.

在我把電話交給 Peter 之前，我想感謝並稱讚他與團隊在我們首份補充資料（inaugural supplement）製作上的傑出工作。我們採納多方利害關係人的回饋，打造出一份一流文件，讓投資人與分析師能全面了解我們的投資組合與財務狀況。

Peter, thank you, and take it away.

Peter，謝謝你，交給你了。

Thank you, Joey. Starting with the balance sheet. We were very active in the capital markets during the first quarter, selling 8.7 million shares of forward equity via our ATM program for anticipated net proceeds of approximately $658 million. This represents yet another company record for equity raised in the quarter and underscores our ability to raise equity at scale via our ATM and in a cost-efficient manner. At quarter end, we had approximately 18.4 million shares of outstanding forward equity, which are anticipated to raise net proceeds of approximately $1.4 billion upon settlement.

謝謝你，Joey。先從資產負債表談起。我們在第一季於資本市場相當活躍，透過 ATM 計畫出售 870 萬股遠期股權，預計淨募資約 6.58 億美元。這再次創下公司單季股權募資紀錄，並凸顯我們能以具規模且具成本效率的方式，透過 ATM 募集股權。截至季末，我們約有 1,840 萬股未結算遠期股權，預計於交割結算時可募集淨額約 14 億美元。

Additionally, during the period, we drew $250 million on our previously announced $350 million delayed draw term loan. As a reminder, we entered into forward starting swaps to fix SOFR through maturity in 2031 and inclusive of those swaps, the term loan bears interest at a fixed rate of 4.02%.

此外，本期間我們自先前公告的 3.5 億美元延遲提領定期貸款（delayed draw term loan）中提領 2.5 億美元。提醒各位，我們已簽訂遠期起算利率交換（forward starting swaps），將 SOFR 固定至 2031 年到期；納入這些交換後，該筆定期貸款的利率為固定 4.02%。

We also took further steps to hedge against interest rate volatility, entering into $50 million of forward starting swaps during the quarter. In total, we now have $250 million of forward starting swaps, effectively fixing the base rate for a contemplated 10-year unsecured debt issuance at roughly 4.1%. Combined with the approximately $1.4 billion of outstanding forward equity, we have over $1.6 billion of hedged capital, which provides critical visibility into our intermediate cost of capital, particularly amidst recent geopolitical and macro uncertainty.

我們也進一步採取措施以對沖利率波動，在本季期間簽訂了5,000萬美元的遠期起始利率交換（forward starting swaps）。合計而言，我們目前持有2.5億美元的遠期起始利率交換，等同於將一項規劃中的10年期無擔保債務發行之基準利率有效鎖定在約4.1%。結合約14億美元的未結清遠期股權（forward equity），我們已有超過16億美元的資本完成避險，這在近期地緣政治與總體經濟不確定性之下，為我們的中期資金成本提供關鍵能見度。

At quarter end, we had liquidity of approximately $2.3 billion, including the aforementioned forward equity availability on our revolving credit facility, term loan, and cash on hand. Pro forma for the settlement of all outstanding forward equity, our net debt to recurring EBITDA was approximately 3.2 times. Our total debt to enterprise value is under 29%, and our fixed charge coverage ratio, which includes the preferred dividend, remains very healthy at 4.2 times.

截至季末，我們的流動性約為23億美元，包括前述循環信用額度、定期貸款以及手頭現金上的遠期股權可用額度。若以所有未結清遠期股權完成交割後的備考（pro forma）口徑計算，我們的淨負債對經常性EBITDA約為3.2倍。我們的總負債占企業價值比率低於29%，而我們的固定費用保障倍數（包含優先股股利）仍維持在非常健康的4.2倍。

Our sole short-term or floating rate exposure was comprised of outstanding commercial paper borrowings at quarter end. And as Joey mentioned, we continue to have no material debt maturities until 2028. Our balance sheet is extremely well positioned to execute on our robust investment activity across all three external growth platforms.

我們唯一的短期或浮動利率曝險，在季末由未償還的商業本票借款所構成。正如Joey提到的，我們在2028年之前仍沒有任何重大到期的債務。我們的資產負債表處於極佳狀態，足以在三大外部成長平台上執行我們強勁的投資活動。

Moving to earnings. Core FFO per share was $1.13 for the first quarter, which represents an 8.1% increase compared to the first quarter of last year. AFFO per share was $1.14 for the quarter, representing a 7.9% year-over-year increase, which is the highest quarterly AFFO per share growth achieved since the second quarter of 2022.

接著談獲利表現。第一季每股核心FFO為1.13美元，較去年第一季成長8.1%。本季每股AFFO為1.14美元，年增7.9%，為自2022年第二季以來所達成的最高單季每股AFFO成長。

As Joey noted, we are reiterating our full-year 2026 AFFO per share guidance of $4.54 to $4.58, which implies approximately 5.4% year-over-year growth at the midpoint. We provide parameters on several other inputs in our earnings release, including investment and disposition volume, general and administrative expenses, non-reimbursable real estate expenses, as well as income tax and other tax expenses.

如Joey所述，我們重申2026全年每股AFFO指引為4.54至4.58美元，以中位數計算意味著約5.4%的年增率。我們也在財報新聞稿中提供其他多項假設參數，包括投資與處分量、一般及管理費用、不可報銷的不動產費用，以及所得稅與其他稅費。

Our current guidance also includes anticipated treasury stock method dilution related to our outstanding forward equity. Provided that our stock continues to trade around current levels, we anticipate that treasury stock method dilution will have an impact of $0.02 to $0.04 on full-year 2026 AFFO per share. This is up from approximately $0.01 in our prior guidance due to both the higher share price and more forward equity outstanding. As always, the impact could be higher or lower if our stock price moved significantly above or below current levels.

我們目前的指引亦納入與未結清遠期股權相關、採庫藏股法（treasury stock method）計算的預期稀釋。若我們股價持續在目前水準附近交易，我們預期庫藏股法稀釋將對2026全年每股AFFO造成0.02至0.04美元的影響。相較先前指引約0.01美元有所上升，原因在於股價較高且未結清遠期股權規模更大。一如既往，若股價顯著高於或低於目前水準，影響可能更高或更低。

During the quarter, we recorded approximately $2.4 million of percentage rent, up from $1.6 million in the first quarter of last year. Roughly a third of the increase was driven by strong same-store sales performance across this group of leases as we have actively targeted leases with potential percentage rent upside. The remainder reflects a timing shift as certain tenants that have historically paid percentage rent in Q2 contributed in Q1 of this year.

本季我們認列約240萬美元的百分比租金（percentage rent），高於去年第一季的160萬美元。增幅約三分之一來自該租約組合同店銷售表現強勁，因為我們積極鎖定具有百分比租金上行潛力的租約。其餘增幅則反映時點移轉：部分歷來在第二季支付百分比租金的承租戶，今年改在第一季貢獻。

Our growing and well-covered dividend continues to be supported by our consistent and durable earnings growth. During the first quarter, we declared monthly cash dividends of $0.262 per common share for January, February, and March. The monthly dividend equates to an annualized dividend of over $3.14 per share and represents a 3.6% year-over-year increase.

我們持續成長且覆蓋良好的股利，仍由我們穩健且具韌性的獲利成長所支撐。第一季我們宣告1月、2月與3月每月每股普通股現金股利0.262美元。該月配息折算年化後每股超過3.14美元，年增3.6%。

Our dividend is very well covered with a payout ratio of 69% of AFFO per share for the first quarter. We anticipate having over $140 million in free cash flow after the dividend this year, an increase of over 10% from last year. This provides us another source of cost-efficient capital while maintaining a healthy and growing dividend.

以第一季每股AFFO計算，我們的股利覆蓋度非常充足，配息率為69%。我們預期今年在支付股利後仍將有超過1.4億美元的自由現金流，較去年增加逾10%。這在維持健康且成長的股利之同時，也為我們提供另一項具成本效率的資本來源。

Subsequent to quarter end, we announced an increased monthly cash dividend of $0.267 per common share for April. This represents a 4.3% year-over-year increase and equates to an annualized dividend of over $3.20 per share. Our inaugural financial supplement this quarter includes several non-GAAP financial metrics and key performance indicators, including our recapture rate, credit, and occupancy loss and same-store rent growth.

在季末之後，我們宣布將4月每股普通股每月現金股利提高至0.267美元，年增4.3%，折算年化後每股超過3.20美元。本季我們首次發布的財務補充資料包含多項非GAAP財務指標與關鍵績效指標，包括我們的回收率（recapture rate）、信用、空置與承租損失，以及同店租金成長。

The enhanced disclosures are intended to provide better visibility into our operations and highlight the high-quality nature of our tenancy and portfolio, reflecting our best-in-class execution. We also hope the supplement serves as a one-stop resource that centralizes the key information needed to understand the performance and drivers of our business.

這些強化揭露旨在讓外界更清楚掌握我們的營運狀況，並凸顯我們承租戶與投資組合的高品質，反映我們同業最佳的執行力。我們也希望該補充資料能作為一站式資源，集中呈現理解我們業務表現與驅動因素所需的關鍵資訊。

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

接下來，我想把電話交回給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) Jana Galan, Bank of America.

（接線員指示）Jana Galan，美國銀行。

Joey, if you could just follow up on the investment guidance. I know it's already been raised once this year, but with $1.6 billion of hedged capital already raised, just curious if you could expand on the pace or the size of the different pipelines for the platform.

Joey，想就投資指引再追問一下。我知道今年已經上調過一次，但目前已籌措並完成避險的資本達16億美元，想請你進一步談談各平台不同管線的推進速度或規模。

Sure. So our pipeline, as I mentioned in the prepared remarks, across all three platforms is very strong. There are two things that will determine frankly our pace into Q2. Number one is just the macro environment here. Obviously, we have a significant amount of uncertainty that seems to change by the hour.

當然。如我在事先準備的發言中提到，我們三個平台的管線都非常強勁。坦白說，第二季的推進節奏將由兩件事決定。第一就是目前的總體環境。顯然，我們面臨大量不確定性，而且似乎每小時都在變。

And then two, at our election, which transactions we decide to pursue. So we have a number of transactions across all three platforms that are under contract or under a letter of intent going through the diligence period, but all three pipelines are extremely strong.

第二則是由我們自行決定要追求哪些交易。因此，我們在三個平台上都有多筆交易已簽約或已簽署意向書（letter of intent），並正處於盡職調查期間，但三條管線都極為強勁。

And maybe just following up on the kind of macro uncertainty, rates moving around. Does this cause any delay in your partner's decision-making or wanting to kind of pause on any type of big plans?

再追問一下關於這種總體不確定性、利率上下波動。這是否會讓你們的合作夥伴在決策上有所延遲，或想要暫停任何大型計畫？

No. This is totally unilateral on our side here. We have pipelines that are extensive across all three platforms. Just didn't think it was appropriate to raise investment guidance at this time in the midst of a war with JD Vance sitting on the runway.

不會。這完全是我們單方面的考量。我們在三個平台的管線都很龐大；只是我認為在目前這種不確定性之下——就像在一場與JD Vance的戰爭中、他還坐在跑道上——此時上調投資指引並不合適。

Michael Goldsmith, UBS Financial.

Michael Goldsmith，瑞銀金融。

You now have a record $1.4 billion of forward equity outstanding. Can you walk us through a bit about the timing of physical settlement relative to acquisition funding and how you're thinking about using the forward versus term loans or other forces? Thanks.

你們目前有創紀錄的14億美元未結清遠期股權。能否請你們說明一下實體交割（physical settlement）的時點相對於收購資金到位的安排，以及你們如何看待使用遠期股權相較於定期貸款或其他資金來源？謝謝。

Sure. Michael, this is Peter. To your point, we still have $100 million of capacity on our delayed draw term loan. That's at a fixed rate of roughly 4% given the swaps that we entered into. So given the attractive rate there, I think that's likely the first option we look to when we decide to term out some of our short-term variable rate debt.

當然。Michael，我是Peter。正如你所說，我們的延遲提用定期貸款（delayed draw term loan）仍有1億美元的可用額度。由於我們所簽訂的利率交換，該額度的固定利率約為4%。因此，考量到這個具吸引力的利率，我認為當我們決定將部分短期浮動利率負債轉為中長期時，這很可能會是我們優先考慮的第一個選項。

Beyond that, to your point, we have roughly 18.4 million shares of outstanding forward equity. As disclosed in our new supplemental, the contract for about 8 million of those shares matures at some point this year. And while we can always extend the contract, if needed, I think there's a good chance that we settle those shares at or prior to maturity given our anticipated uses. So I would expect that those 8 million shares are likely settled at some point in 2026.

此外，如你所提，我們約有1,840萬股未結清遠期股權。依我們新的補充資料揭露，其中約800萬股的合約會在今年某個時間到期。雖然如有需要我們一向可以延長合約，但考量我們預期的資金用途，我認為很有可能在到期時或到期前交割這些股份。因此，我預期這800萬股很可能會在2026年的某個時間完成交割。

And then lastly, we have the $250 million of forward starting swaps in place that have effectively fixed the base rate for us on a future 10-year issuance at 4.1%. And so with those swaps in place, we'll evaluate the appropriateness of an issuance later this year. But we're not in a rush to do anything given the term loan we have the capacity there, plus the forward equity. And I think, most importantly, with $2.3 billion of liquidity from multiple sources, we have plenty of flexibility optionality here.

最後，我們已建立2.5億美元的遠期起始利率交換，已有效將未來10年期發行的基準利率鎖定在4.1%。在這些交換到位後，我們將評估今年稍晚進行發行是否合適。但由於我們仍有定期貸款額度可用，加上遠期股權，我們並不急於採取任何行動。而且我認為最重要的是，我們透過多元來源擁有23億美元的流動性，因此在此具備充分的彈性與選擇權。

Thanks for that, Peter. And then Joey, you talked in the prepared remarks about Hobby Lobby and how you've been partnering with them. Can you just talk a little bit more about what makes this particular tenant attractive and just how you view the outlook for the craft base going forward?

謝謝你，Peter。接著Joey，你在事先準備的發言中談到Hobby Lobby，以及你們如何與他們合作。你能否再多談一些，這個承租戶特別吸引人的地方是什麼，以及你們如何看待未來手作／工藝（craft）類別的前景？

Sure. Hobby Lobby is clearly the far and away leader in the craft and hobby space. Out of respect for the Green family and our confidentiality, I won't go into their financials, but they are an extremely strong company here. The Green family as well as Hobby Lobby as an entity, literally zero or no debt -- net debt to EBITDA -- net debt basis here. So we're talking about a leading operator here if they pursued a rating would be a high investment-grade operator.

當然可以。Hobby Lobby 顯然是手作與嗜好零售領域中遙遙領先的龍頭。出於對 Green 家族以及我們保密義務的尊重，我不會深入談他們的財務細節，但他們在這裡是一家極其強健的公司。Green 家族以及作為一個實體的 Hobby Lobby，基本上是零負債——以淨負債／EBITDA 來看、以淨負債口徑來看都是如此。所以我們談的是一個領先的營運商；如果他們去申請信用評等，會是一家高投資級的營運商。

They effectively put Joann out of business. They're a market leader here. They had limited stores on their balance sheet. Most of their assets are leased. They wanted to eliminate the real estate from the balance sheet and the management responsibilities that is entitled and had with owning those assets. And so this was a unique transaction for us. They're a tremendous operator, a tremendous partner. They're extremely methodical in their growth plans, and we are thrilled to complete this transaction with them.

他們實際上把 Joann 擠到退出市場。他們是這裡的市場領導者。他們在資產負債表上自有門店數量有限；他們的大部分資產都是租賃的。他們希望把不動產從資產負債表中移除，並消除因持有這些資產而需要承擔的管理責任。因此，這對我們而言是一筆獨特的交易。他們是非常出色的營運商、非常出色的合作夥伴。他們在成長計畫上極為審慎、有條不紊，而我們也很高興能與他們完成這筆交易。

Smedes Rose, Citi.

Smedes Rose，花旗。

I guess I wanted to ask you a little bit more. I mean, I think the answer is probably no here because you mentioned that you're meaningfully ramping up your development pipeline in the second and third quarters. But I just don't have the knowledge of construction enough, I guess, to know, but you're not seeing any increases in kind of pricing or due to what's going on in the Middle East or any kind of hesitancy on the part of tenants? Maybe to kind of pause interest at this point given a more fluid macro backdrop. Or I mean, it sounds like the answer is no, but I'm just curious as to maybe why.

我想再多問一點。我是說，我覺得答案可能是「沒有」，因為你提到你們在第二、第三季會大幅提升開發案的儲備管線。但我對建築施工的了解不夠，所以不太確定：你們沒有看到任何價格上漲嗎？例如因為中東局勢或其他因素導致的成本上升？或是承租戶端有任何猶豫？也許在更為多變的總體環境下，暫時先按下暫停鍵、降低興趣？我意思是，聽起來答案是沒有，但我只是好奇，可能原因是什麼。

Yeah. No, it's a great question, Smedes. We're seeing absolutely no hesitancy on the part of tenants as world events unfold here. Could that be possible? Sure.

是的。不，這是個很好的問題，Smedes。隨著全球事件發展，我們完全沒有看到承租戶有任何猶豫。這種情況有可能發生嗎？當然。

But what we're seeing is the exact opposite in the middle of the conflict in the Middle East has not changed the perspective of brick-and-mortar retailers. And as we mentioned on prior calls, if you look at just the announced store openings for the biggest and best retailers in this country, they have all come to the recognition that the store is the hub of an omnichannel world. It is not a spoke. And so they are all opening new stores, some at voracious paces here to reduce last-mile delivery costs and be efficient.

但我們看到的恰恰相反：中東衝突並沒有改變實體零售商的看法。正如我們在先前的電話會議提到的，如果你看美國最大、最優質零售商已宣布的開店計畫，他們都已認知到：門店是全通路世界的「樞紐」，不是「輻條」。因此他們都在開新店，有些甚至以非常驚人的速度擴張，以降低最後一哩配送成本並提升效率。

And so we have not seen any slowdown from any of the tenants that we're working with. In fact, we've seen some acceleration. As I mentioned in the prepared remarks, we have commenced several projects subsequent to quarter close, and we will be closing on additional projects later this week and next week.

所以，我們沒有看到任何正在合作的承租戶放緩；事實上，我們還看到一些加速。正如我在事先準備的發言中提到的，我們在季末之後已啟動數個專案，本週稍晚與下週也會再完成更多專案的交割。

In terms of costs, the projects that we close on have guaranteed maximum price bids. They have GMP contracts in place from general contractors. I'll remind everybody, we're not speculating on land. We were mobilizing and commencing right after close. We aren't speculating on small tenant space here. These are build-to-suit projects or ground lease projects for the leading operators in the country that are signed, sealed, and delivered at the time we close.

就成本而言，我們交割的專案都有保證最高價（GMP）的投標；我們已與總承包商簽有 GMP 合約。我提醒大家，我們不是在投機買地；我們在交割後立刻動員並開工。我們也不是在投機小型承租戶空間。這些都是為全美領先營運商量身打造的 BTS（量身訂做）專案或地租（ground lease）專案，在我們交割時就已經簽妥、蓋章、交付。

And so we have not seen any material cost creep yet. The team here, the construction team, led by Jeff Konkle, does a tremendous job budgeting these projects in advance, and then we work with general contractors to the bid process prior to close.

因此，我們目前尚未看到任何實質性的成本上升。我們的團隊——由 Jeff Konkle 領導的施工團隊——在事前編列預算方面做得非常出色，然後我們在交割前就與總承包商完成投標流程。

Okay, thanks. And then I wanted to ask you, obviously, we all saw a 7-Eleven's announcement to close a bunch of stores, I mean, first of all, do you think any of your stores might be impacted? And given some of your leaning into convenience stores in a way, some of the reasons that they're closing some of those stores seems like it's going to support some of your white papers that you guys have written around this space. So just curious, any just near-term concerns around your portfolio specifically and anything it might tell you about kind of where convenience stores are going?

好的，謝謝。接著我想問，顯然我們都看到 7-Eleven 宣布要關閉一批門店。首先，你覺得你們的任何門店可能會受到影響嗎？另外，考量到你們某種程度上更偏向便利商店這個領域，而他們關店的一些原因似乎反而會支持你們在這個領域所寫的白皮書觀點。所以我想了解：就你們的投資組合而言，短期內有任何疑慮嗎？以及這是否透露便利商店未來走向的任何訊號？

Absolutely zero concerns. We have no stores closing in our portfolio, and I appreciate you referencing the white paper. I ask everyone to take a look at it on our home page.

完全零疑慮。我們的投資組合沒有任何門店要關閉，也謝謝你提到白皮書；我也請大家到我們首頁看看。

7-Eleven is closing the stores that have roller hotdogs and Slurpees. That's the bottom line. The -- and they're constructing and we are developing, on their behalf, large-format convenience stores that have food and beverage offerings that are extensive, aligned with where the convenience store space.

7-Eleven 關的是那些賣滾輪熱狗和思樂冰（Slurpee）的店，重點就是這樣。而他們正在興建、我們也正代表他們開發的是大型規格的便利商店，提供更豐富的餐飲（food and beverage）選項，這與便利商店產業的發展方向一致。

And so 7-Eleven is just a proxy here for the broader gas station convenience store space. The days of the 1,800 square foot get cigarettes and gum and a couple of coolers and gas are gone. That was the gas station. If you think back 10, 15 years ago, they also had an auto bay. They probably blocked that up to add a little bit more square footage to sell in-store products.

因此，7-Eleven 在這裡只是更廣泛的加油站型便利商店產業的一個代表。那種 1,800 平方英尺、進去買香菸口香糖、幾個冷藏櫃再加油的年代已經過去了——那是傳統加油站。如果回想 10 到 15 年前，它們還有汽修工位（auto bay）。後來可能把那個區塊封起來，增加一點面積來販售店內商品。

Today, the gas station is moving to the convenience store model, whether it's 7-Eleven or Sheetz or Wawa, we acquired a number of assets this quarter and led their development entry into the state of Florida over a decade ago. These operators are taking meaningful share across sectors and the evolution of the business is happening before our eyes.

如今，加油站正在轉向便利商店模式，不論是 7-Eleven、Sheetz 或 Wawa。我們本季收購了多項資產，而我們在十多年前就主導他們進入佛羅里達州的開發布局。這些營運商正在跨領域取得可觀的市占，而這種商業模式的演進正發生在我們眼前。

And so again, the pump, while it produces significant revenue, doesn't produce the EBITDA that the inside source sale does. That is F&B, food, and beverage, primarily breakfast and lunch, liquid gold, coffee, and affordable meals and convenience items that also take from the front end of the pharmacy for consumers. And so this is going to be a multiyear evolution, and we're going to continue to see the 2,000 square foot -- 1,200 to 2,000 square foot, quote-unquote, gas stations go away.

再說一次，加油槍雖然帶來可觀營收，但它不會像店內銷售那樣產生 EBITDA。店內主要是 F&B（餐飲），以早餐與午餐為主，還有「液體黃金」——咖啡——以及平價餐點與便利商品；同時也會分流消費者在藥局前端（front end）的消費。因此，這將是一個多年期的演進，我們也會持續看到 2,000 平方英尺——或 1,200 到 2,000 平方英尺——所謂的「加油站」逐步消失。

Michigan, we're at the heart of this right now with Sheetz and QuikTrip and 7-Eleven, Speedway, and operators expanding across the state while the legacy gas stations are frankly put out of business. Now this takes time, like any transition of any retail sector. But effectively, it's sweeping the country.

在密西根州，我們正處於這股浪潮的核心：Sheetz、QuikTrip、7-Eleven、Speedway 等營運商正在全州擴張，而傳統加油站坦白說正在被淘汰出局。當然，這需要時間，就像任何零售業態的轉型一樣。但實際上，這股趨勢正在席捲全美。

And so it's a tremendous opportunity for us. You see us our activity here through all three platforms. But it's truly the evolution of a business model into a highly successful operator that has significant margin in food, beverage, and in-store components.

所以，這對我們而言是巨大的機會。你可以透過我們三大平台看到我們在這裡的活動。但這確實是一種商業模式的演進：走向一個在餐飲與店內組合上擁有顯著毛利、且高度成功的營運商模式。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行。

Joey, that was very helpful on the 7-Eleven breakdown. I guess, if you wouldn't mind, maybe just talking about the rest of the portfolio, what's in guide from a credit loss perspective? And if there's anything else in there that you're looking at that maybe has forecasted that you have some expected closures or if all of that is just precautionary?

Joey，你對 7-Eleven 的拆解非常有幫助。我想，如果你不介意，能否談談投資組合的其他部分：從信用損失（credit loss）的角度來看，你們的指引（guide）裡包含了什麼？另外，裡面是否還有你們正在關注的項目，例如你們預測可能會有一些關店？還是那些都只是出於保守預防？

No, no anticipated closures, all precautionary. We give our guide. We try to narrow it down during the year. The supplement does a great job of bucketing what we call credit loss, whether it's expirations or actual -- or credit loss at tenant defaulting falling out of -- entering vacancy, rejecting a lease shows that historical trend. We don't anticipate anything material in the portfolio this year. We're watching one to two -- a couple of assets, but really, that's about it.

沒有，沒有任何預期的關店，全部都是預防性的。我們提供指引，並嘗試在年度進行中把範圍收斂。補充資料（supplement）在分類我們所稱的信用損失方面做得很好，不論是到期（expirations）、或實際——或承租戶違約導致的信用損失、退出並進入空置、拒付租約等，並呈現歷史趨勢。我們不預期今年投資組合會有任何重大事項。我們在看一到兩——幾個資產，但基本上就這樣。

Peter, anything to add?

Peter，有什麼要補充的嗎？

No, I think you hit it, just to hit on the numbers quickly, John. In the supplement, we disclosed 14 basis points of both credit and occupancy loss during the first quarter. Our AFFO per share guidance for the year still assumes 25 to 50 basis points of credit and occupancy loss. So there is an implied acceleration in Q2 through Q4 there.

沒有，我覺得你講到重點了。我快速補充一下數字，John：在補充資料中，我們揭露第一季信用與入住率損失合計為 14 個基點。我們今年的每股 AFFO 指引仍假設信用與入住率損失為 25 到 50 個基點。因此，這意味著在第二季到第四季之間會有隱含的加速。

At this point in the year, we thought it was prudent to leave that range as is. But as Joey said, the portfolio is continuing to perform well.

在今年這個時間點，我們認為維持這個區間不變是審慎的做法。但如 Joey 所說，投資組合仍持續表現良好。

Got it. Thank you. And then the second one for me is just yields and deployment timeline on development DFP. [Lighter] 1Q, I know in opening remarks, you mentioned some scale in 2Q and 3Q. I guess my question is, we've highlighted $250 million as sort of a medium-term target. Is that still a realistic target for this year?

了解，謝謝。那第二個問題是關於開發 DFP 的殖利率與資金投放時程。[Lighter] 第一季，我知道你在開場發言提到第二季與第三季會有一些規模。我想問的是：我們把 2.5 億美元作為一個中期目標來強調，這在今年仍是可實現的目標嗎？

And then maybe above and beyond that, is there the opportunity to scale above that? Like would it be surprising for us to see a number well north of $250 million a year or is there a reason from a risk perspective why your initial remarks sort of capped that target is like a 250 number?

然後也許更進一步來看，是否有機會把規模擴大到那之上？例如，我們看到每年遠高於 2.5 億美元的數字會令人意外嗎？還是從風險角度來看，有什麼原因使得你們一開始的發言某種程度上把目標上限設定在大約 2.5 億美元？

So we said about -- I said about 18 months ago, our intermediate target -- that was approximately three years -- was to put $250 million in commencements in the ground per year. There's a chance we hit it this year. Again, Q1 is generally light just because if you get into the northern half of the country, you get weather related. You're not going to commence a project with frost in the ground. Q1 is generally light. Q2 will be significantly larger and Q3 is shaping up to be along the same lines of Q2.

所以我們說過——我大約在 18 個月前提過，我們的中期目標——大約是三年——是每年讓 2.5 億美元的開工項目落地（動工）。今年有機會達成。再說一次，第一季通常比較淡，因為如果你進到美國北半部，就會受到天候影響。地面結霜時你不會啟動一個專案。第一季一般都偏淡。第二季會顯著放大，而第三季看起來也會與第二季差不多。

Now these projects are generally subject to entitlements and municipal the government authorities approving approvals there. But we are on track to hit that intermediate goal of $250 million in the ground. The team is doing a tremendous job working with the biggest retailers in the country and the best developers in the country on the DFP side. And we're very excited about our pipeline there.

現在這些專案通常需要取得各項核准（entitlements），以及地方市政政府主管機關的批准。不過我們正按計畫推進，有望達成每年 2.5 億美元落地動工的中期目標。團隊在 DFP 端與全美最大的零售商、以及最優秀的開發商合作，表現非常出色。我們對那邊的案源管線也非常興奮。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

On the competition and seller behavior side, you mentioned people are not pulling back due to the macro volatility, but are you seeing any change in behavior due to the volatility in the 10-year? Just wondering if you're seeing any increased deal flow in the past month or so that could positively impact 2Q investment volumes.

關於競爭與賣方行為，你提到大家並沒有因為總體環境波動而退縮；但就 10 年期殖利率的波動而言，你是否看到行為上有任何改變？想請教你是否在過去一個月左右看到成交案源增加，可能會對第二季投資量帶來正面影響？

Upal, nothing that I could say is causal. We've said with the 10-year between 4 and 5, it seems like the world has been accustomed to the base rate purportedly for the entire world, the 10-year UST vacillating by 10%, 15%, up and down. We haven't seen anything causal. I'll tell you, we see more and more opportunities. Our funnel is bigger than it's ever been across all three platforms. We don't see increased competition. I wouldn't tell you we haven't seen a notable decrease in competition. Really, nothing's changed since coming out of 2024 and our do-nothing scenario.

Upal，我沒有什麼可以說是具因果關係的。我們之前說過，當 10 年期在 4% 到 5% 之間時，市場似乎已經習慣把 10 年期美國公債（UST）視為全球的基準利率，而它上下波動 10%、15% 也被視為常態。我們沒有看到任何具因果關係的變化。我可以告訴你的是，我們看到的機會愈來愈多。我們在三個平台的漏斗（funnel）都比以往任何時候更大。我們沒有看到競爭加劇；但我也不會說競爭有明顯下降。基本上，自 2024 年結束、以及我們的「什麼都不做」情境以來，沒有什麼改變。

And so the only thing that I can point to is the performance, the size, the scope, the depth, and the experience of this team and then our relationships within the market, highlighted in the supplemental just the retailer relationship-driven transaction.

所以我唯一能指出的，就是這個團隊的績效、規模、覆蓋範圍、深度與經驗，還有我們在市場中的關係網；在補充資料中也特別強調了由零售商關係驅動的交易。

Okay. Great. That was helpful. And then acquisitions of investment-grade-rated tenants has come down again this quarter. I'm just curious, outside of IG credit ratings, is there something else in the lease economics that we should -- that you're acquiring that is a sign of higher quality that we should be considering?

好的，了解。這很有幫助。接著，本季你們收購的投資級評等租戶占比又下降了。我想問的是，除了投資級信用評等之外，在租約經濟條件上是否還有其他面向——你們正在收購的——能顯示更高品質、值得我們納入考量？

No, but let's clarify why investment grade came down this quarter. We don't impute a credit rating to Hobby Lobby, a privately held company by the Green family. So that's the biggest piece of this year. We're talking about, again, the largest craft and hobbies retailer. It's a multibillion dollar revenue operator that is far and away the leader in the crafts and hobby space that is privately owned by one family. So that is the driver.

沒有，但我們先釐清為什麼本季投資級占比下降。我們不會替 Hobby Lobby 這家由 Green 家族持有的私人公司推定信用評等。所以這是今年最大的因素。我們談的是——再說一次——最大的手作與嗜好用品零售商。它是營收數十億美元的經營者，在手作與嗜好領域遙遙領先，而且由單一家族私有持有。這就是主因。

And I'll reiterate, investment grade is an output for us. We have tremendous operators in our portfolio that we don't impute shadow investment-grade ratings, too, but Publix, Chick-fil-A, ALDI, Wegmans, Hobby Lobby, again, so that is an output. In order for us to call an operator an investment-grade operator, they have to be rated by a major agency and therefore have the outstanding debt. Alta is not an investment-grade company, but I believe they don't have any debt, correct, Peter?

我再強調一次，對我們而言，「投資級」是結果（output）。我們的投資組合裡有很多很優秀的營運商，我們也不會替它們推定（shadow）投資級評等；例如 Publix、Chick-fil-A、ALDI、Wegmans、Hobby Lobby 等等，所以這是結果。要讓我們把某個營運商稱為投資級營運商，它必須被主要評等機構評等，因此也必須有在外流通的債務。Alta 不是投資級公司，但我相信他們沒有任何債務，對嗎，Peter？

Correct.

對。

They don't have any outstanding debt. So we have debt free, multibillion-dollar public and private operators in our portfolio. If you want to impute shadow investment-grade ratings to our portfolio, we'd be at 80%. Then add on the ground lease exposure, which doesn't have any sub-investment grade. And I would tell you the safety of those assets is even greater than investment-grade assets, and we'd probably be at 85%, 87%.

他們沒有任何在外流通的債務。所以我們的投資組合裡有無負債、營收數十億美元的上市與非上市營運商。如果你想替我們的投資組合推定投資級評等，我們會到 80%。再加上地租（ground lease）曝險，那裡沒有任何次投資級（sub-investment grade）。而我會告訴你，那些資產的安全性甚至高於投資級資產，我們大概會到 85%、87%。

So it's an output to what we do. Our focus is on the biggest and best operators, the best real estate opportunities across the country, leveraging all three platforms. Whether or not they have an investment-grade rated balance sheet or carry any debt is really, again, just a secondary here.

所以這是我們所做事情的結果。我們的重點是全美最大、最好的營運商，以及最好的不動產機會，並運用三個平台。不論他們的資產負債表是否有投資級評等、或是否背負任何債務，說到底都只是次要因素。

Rich Hightower, Barclays.

Rich Hightower，Barclays。

Joey, I want to go back to a comment you made in the prepared comments. You sold some grocery store assets with a pretty quick turnaround versus where you bought the assets at a lower cap rate versus the purchase price. So is there any movement specifically in grocery assets versus non-grocery? Any sort of bifurcation in cap rate trends? Because obviously, we all saw sort of the headline number didn't really change in terms of what you bought quarter on quarter. Just help us understand any movement there.

Joey，我想回到你在事先準備的發言中提到的一點。你們出售了一些雜貨店資產，周轉相當快；而且出售時的資本化率（cap rate）比你們買入時更低、相對於買入價格而言。那麼在雜貨店資產相對於非雜貨店資產方面，有沒有任何特別的變化？資本化率趨勢是否出現某種分化？因為很明顯，我們都看到你們本季買入的整體 headline 數字，與上一季相比並沒有太大變化。請幫我們理解其中的變動。

Yes. Just to clarify, Rich, we did not sell the grocery assets. The grocery portfolio that we bought had outlets that were leased to Jiffy Lube as well as Dutch Brothers that we disposed approximately 300 basis points inside of where we bought the grocery-anchored portfolio, inclusive of those assets.

有。Rich，先澄清一下，我們並沒有出售雜貨店資產。我們買入的那個雜貨店投資組合裡，包含一些出租給 Jiffy Lube 以及 Dutch Brothers 的據點；我們處分的是那些資產，處分的資本化率大約比我們買入該「以雜貨店為主力店（grocery-anchored）」投資組合的資本化率低約 300 個基點（包含那些資產在內的整體比較）。

We have no interest in owning 1,000-square-foot Dutch Brothers that trades in the low-fives or a Quick Lube that the 1,200 square feet that has no residual value in the (inaudible) either. So we quickly moved, we closed those in a TRS and then quickly move to recycle those assets, accretive to the overall transaction. And we'll redeploy those proceeds accretively into better real estate and we think better credit.

我們對持有 1,000 平方英尺、交易資本化率在 5% 出頭的 Dutch Brothers 沒有興趣；同樣地，1,200 平方英尺的快修（Quick Lube）店也沒有興趣，因為在（inaudible）方面也沒有任何殘值。所以我們動作很快：我們在 TRS 裡完成交割，然後迅速把這些資產回收再配置（recycle）掉，對整體交易是增益的（accretive）。我們也會把這些處分所得以增益方式再投入到更好的不動產、以及我們認為更好的信用標的。

Okay. Appreciate the clarification there. I guess, secondly, maybe there's nothing to read into this, but you did mention better percentage rents in the first quarter, part of which, not all of which, but part of which was due to obviously better sales at those particular properties. Is there anything to read into that in terms of strength of the consumer, a particular type of consumer relative to the aggregate just as we see sort of other indicators maybe softening given everything else going on in the world?

好的，感謝澄清。第二點，也許沒什麼特別含意，但你確實提到第一季的百分比租金（percentage rents）表現更好，其中一部分（不是全部）顯然是因為那些物件的銷售更好。這是否能解讀為消費者力道更強、或某一類消費者相對於整體更強？因為在目前世界局勢下，我們看到其他一些指標似乎正在轉弱。

It's such a small handful of assets. It's the biggest retailers in the country. We're talking about five or six properties that contributed -- two that contributed the vast majority of that percent rent. I think it's aligned with our thesis and what we're seeing in terms of the K-shaped economy, but I would be hesitant to draw broader conclusions from it, just because of this year of limited number of properties. But we are seeing through non-percentage rent but through anecdotal conversations and also through other data here, and look, you're seeing it as well through the public reporters, the Walmarts and the [TJs] of the world are thriving, right?

那只是一小部分資產，而且都是全美最大的零售商。我們談的是五、六個物件對百分比租金有貢獻——其中兩個貢獻了絕大部分的百分比租金。我認為這與我們的投資論點、以及我們看到的 K 型經濟現象是一致的，但我會很謹慎，不會從中推導出更廣泛的結論，因為今年涉及的物件數量有限。不過，我們確實透過非百分比租金的面向，從一些軼事性的對話以及其他數據中看到一些訊號；而且你們也看得到，從公開財報來看，像 Walmart 以及 [TJs] 這類公司表現非常好，對吧？

The trade-down effect is real. In the middle-income consumer, the $125,000 median household income, plus/minus, is trading down. And we're seeing that through multiple data points, both public and private. I think the percent rent falls in line with it. That's the only conclusion I would rather.

「向下消費」（trade-down）的效應是真實存在的。中等收入消費者——家庭收入中位數約 12.5 萬美元上下——正在往更便宜的選項移動。我們從多個公開與非公開的數據點都看到了。我認為百分比租金也符合這個趨勢。這是我比較願意下的唯一結論。

Linda Tsai, Jefferies.

Linda Tsai，Jefferies。

Hi. Two questions. In your investor deck, you highlight avoiding private equity ownership. Do you have a sense of what percentage of your tenants are owned by private equity and how it's trended over time in your portfolio?

嗨，兩個問題。在你們的投資人簡報中，你們強調避免私募股權（private equity）持有的標的。你們是否掌握你們租戶中有多少比例是由私募股權持有？以及這個比例在你們投資組合中隨時間的趨勢如何？

So Linda, we added some new disclosure to our supplemental that highlights ownership type and I would just call out in that disclosure, 77% based on ABR of our portfolio today is publicly traded. There's -- the remainder of that is private companies, but that is broken down into a few buckets. Those could be privately held companies. We talked about Hobby Lobby owned by David Green. They could be nonprofit companies, ESOPs, or some other form of private ownership. So there is a small component of private equity within that private bucket, but it isn't a significant component of the portfolio today for us.

Linda，我們在補充資料中新增了一些揭露，強調所有權類型。我想特別指出，在那份揭露中，以 ABR 計算，我們目前投資組合的 77% 是上市公司。其餘部分是私人公司，但又可分成幾個類別：可能是私人持有公司（例如我們提到由 David Green 持有的 Hobby Lobby）、也可能是非營利組織、員工持股計畫（ESOP），或其他形式的私人所有權。因此，在這個「私人」類別中確實有一小部分是私募股權，但就我們目前而言，它不是投資組合中很顯著的組成。

Thanks. And then just one for Joey, you always have a clear idea of the state of retail. I guess you said the consumer is trading down and that's been happening for quite some time. But are you seeing sectors where the consumer really is pulling back completely? And then any kind of sectors where you'd be more concerned, just broadly speaking, not necessarily in your portfolio?

謝謝。接著再問 Joey 一題，你一向對零售現況有很清楚的掌握。我想你提到消費者正在降級消費，而且這種情況已經持續一段時間了。但你是否看到有些產業領域，消費者其實是完全縮手、不再消費？另外，有沒有任何你會更擔心的產業板塊——就廣義而言，不一定是在你們投資組合裡？

Yeah, not within our portfolio, but I think if we watch the casual dining space, we're seeing with the some of the quick service restaurants, all the guys that sell bowls for $18, $22, I don't know, I don't get to them very often. It's the discretionary options where people have the ability to trade out and that goes across really all sectors. So whether it's basic goods and services here, basic things like grocery. I mean, I drove by the Costco gas station two days ago and the line was about 25 cars deep for fuel. And so we are continuously seeing that trade-down effect now pinched by gasoline prices as well and exacerbated by gasoline prices and prices at the pump.

是的，不是在我們的投資組合裡，但我認為如果我們觀察休閒餐飲領域，我們看到一些速食餐廳——那些賣一碗要 18、22 美元的，我不知道，我不太常去。這些屬於可選擇性消費（discretionary）的選項，人們有能力改買別的、把消費移出去，而這其實橫跨幾乎所有產業。所以不管是這裡的基本商品與服務，像是民生必需的雜貨。我是說，我兩天前開車經過 Costco 加油站，排隊加油的車大概有 25 輛那麼長。所以我們持續看到這種降級消費的效果，現在也受到汽油價格的擠壓，並且被汽油價格與加油站油價進一步加劇。

So I think it's across all luxury experience discretionary sectors and then also trading down in the necessity-based stuff for things like groceries.

所以我認為這是橫跨所有奢侈體驗型的可選擇性消費板塊，同時在以必需品為主的項目上（例如雜貨）也出現降級消費。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO Capital Markets。

Joey, just curious how cap rates are trending to start the year between investment grade and non-investment grade tenants. Are you seeing any meaningful changes in the spread between the two, just given the macro uncertainty here?

Joey，我想請教一下，今年年初以來，投資等級與非投資等級承租戶之間的資本化率（cap rates）走勢如何？考量到目前宏觀不確定性，你們是否看到兩者之間的利差有任何顯著變化？

We haven't seen any change in cap rates in, I would tell you, the past 18 to 20 months. Again, the volatility even with the 10-year treasury really hasn't driven it. We're still nowhere near peak transactional activity coming out of COVID or before COVID. There's still limited 1031 or private buyer competition out there on a relative basis. So we really haven't seen any real material moves in cap rates here.

我們沒有看到資本化率有任何變化，我會說在過去 18 到 20 個月都是如此。再說一次，即使 10 年期公債殖利率波動，實際上也沒有帶動資本化率。我們距離 COVID 後或 COVID 前的交易活動高峰仍然很遠。目前市場上 1031 或私人買家的競爭，相對而言仍然有限。所以我們確實沒有看到資本化率有任何實質性的變動。

The low price point stuff, the Jiffy Lubes and the Dutch Brothers, those trade extremely aggressively. Those are to the 1031 buyers. But if you look at just the inventory out there even for Starbucks and things like that, there's a significant amount of inventory that's stale out there because of the lack of a bid in the buyer pool. But we really haven't seen any material change here almost to two years.

低價位的標的，像是 Jiffy Lube 和 Dutch Bros，那些交易非常積極，主要是賣給 1031 買家。但如果你看市場上的存量，即便是 Starbucks 之類的資產，也有相當多的存量已經在市場上放了很久，因為買方資金池缺乏出價。但我們幾乎在將近兩年的時間裡，都沒有看到任何實質性的變化。

That's helpful. And then just on the forward equity, just given the increasing dilutive impact in the TSM as your share price rises, would you consider a more balanced approach to equity issuance between forward equity and traditional? Or do you believe it's more prudent to keep the forward equity book falls given the current macro side or some of that going off?

這很有幫助。接著關於遠期股權（forward equity），考量到當你們股價上升時，在 TSM 中稀釋影響會增加，你們是否會考慮在遠期股權與傳統股權發行之間採取更平衡的方式？還是你們認為在目前的宏觀環境下，維持遠期股權的部位更為審慎，或是讓其中一部分到期結算？

We'll continue to look at all alternatives. Obviously, our balance sheet is in a fortress position. But I think when we first issued forward equity and came up within the net [new] space, the goal was to get an intermediate perspective on our cost of capital. So volatility could give us the decision-making real-time basis, whether we do something or not because we liked it in relative to the environment, not because we had to fund it just in time, right?

我們會持續評估所有替代方案。顯然，我們的資產負債表處於非常穩健的狀態。但我認為當我們最初發行遠期股權、並在淨租賃（net [new]）領域成長時，目標是以中期視角來看我們的資金成本。因此，波動性可以讓我們即時做決策——是否要做某件事——因為相對於環境我們覺得划算，而不是因為我們必須在最後一刻即時籌資來支付它，對吧？

And so inherently, we think the forward equity construct, and I think has adopted now by all or the vast majority of our peers takes a just-in-time financing business and then gives you that intermediate cost of capital to truly operate looking forward months and quarters in advance.

因此，本質上我們認為遠期股權的架構——而且我想現在我們所有或絕大多數同業也都採用——是把一個「即時融資」的模式，轉變為能提供中期資金成本視角的模式，讓你真正可以提前以數月、數季為單位來營運與規劃。

Now we'll look at all opportunities to raise and source capital that are efficient and fit within context of our balance sheet and so why wouldn't rule anything out on a go-forward basis. But sitting here with $1.4 billion of forward equity and $2.3 billion of liquidity, it's not something that's top of mind for us.

當然，我們會尋找所有有效率、且符合我們資產負債表脈絡的募資與資金來源機會，所以未來我們不會排除任何選項。但以目前我們有 14 億美元的遠期股權，以及 23 億美元的流動性來看，這並不是我們最優先在想的事情。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，Morgan Stanley。

Great. Two quick ones. Thanks for the disclosure on the supplemental. Just comparing the acquisitions versus the DFP -- developer in the DFP platform, just remind us what the spread on yields are that you're getting on the DFP side -- developer and the DFP side.

很好。兩個快速問題。謝謝你們在補充資料（supplemental）中的揭露。比較收購（acquisitions）與 DFP——開發商資金平台（developer funding platform）——請再提醒我們，DFP 這一端（開發商、DFP 這一端）你們取得的收益率利差大概是多少？

And also, I think you mentioned earlier that competition is actually easing on the acquisition front. Maybe can you just talk a little bit more about like which of those platforms is more competitive and you're better positioned?

另外，我想你先前提到在收購方面的競爭其實正在緩和。你能否再多談一點，像是哪些平台競爭更激烈、以及你們在哪些方面的定位更有利？

Good morning, Ron. So we've always talked about development subject to the timing and scope of the project, whether it's a retrofit or a ground-up development, right, that's going to range anywhere from 9 to 18 months. Those projects being significantly wide 75 to 150 basis points where we can buy a like-kind asset.

早安，Ron。我們一直都有提到，開發案會取決於專案的時程與範圍——不論是改造（retrofit）或從零開始的開發（ground-up development），對吧——通常會落在 9 到 18 個月。這些專案相較於我們購買同類型資產，利差會顯著更寬，大約 75 到 150 個基點。

Developer funding platform is generally ranging from 6 to 12 months. That will be tighter just given the time horizon. Again, we're targeting the same tenant through all three external growth platforms. The only difference here is time. And so it is just time and pricing that duration risk. And so that's where we drive that spread from.

開發商資金平台（Developer funding platform）一般是 6 到 12 個月。由於時間跨度較短，利差會更緊一些。同樣地，我們在三個外部成長平台上鎖定的是同一類承租戶。這裡唯一的差異是時間。因此，本質上就是時間與對期限風險（duration risk）的定價，而這就是我們利差來源。

But we're not targeting different types of assets or credits here. It's all within our sandbox. We're not doing anything on a speculative basis across all three platforms. So we're seeing significant activity across all three platforms at appropriate spreads, and we're going to continue to build that pipeline and we'll demonstrate it in Q2.

但我們並沒有在這裡鎖定不同類型的資產或信用。全部都在我們的能力範圍（sandbox）之內。我們在三個平台上都不做任何投機性的操作。因此，我們在三個平台上都看到在適當利差下的顯著活動，我們也會持續建立那個管線，並會在第二季展示。

Helpful. And then just a quick one on the -- so I'm looking at the recapture rates and same-store rent growth on the supplement. Is that -- is the $1.6 billion, is some of that sort of volatility from quarter-to-quarter. Is that all the percentage rents? Or is there something else going on? There seems to be some seasonality to the same-store rent growth. Thanks.

有幫助。再快速問一題——我在補充資料裡看回收率（recapture rates）與同店租金成長（same-store rent growth）。那個 16 億美元——其中是否有一些是季度之間的波動？那全部都是百分比租金（percentage rents）嗎？還是還有其他因素？同店租金成長看起來有一些季節性。謝謝。

Yes. In terms of some of the seasonality you see in same-store rent growth, Ron, you're right, that percentage rent is included in Q1. And so that's driving a portion of the seasonality. But if you look at that over a longer time series as well, that seasonality is going to be driven by the underlying lease structure of our portfolio. And we disclosed in the supplemental about 91% of our leases have fixed rental escalators.

是的。就你在同店租金成長中看到的一些季節性而言，Ron，你說得對，第一季包含了百分比租金。因此那會驅動一部分的季節性。但如果你把時間序列拉長來看，這種季節性也會受到我們投資組合底層租約結構的影響。我們在補充資料中揭露，大約 91% 的租約具有固定租金調升條款（fixed rental escalators）。

Those are typically rental escalators taking place every five years, ranging from 5% to 10%. And so when those escalators hit, it's going to drive some variability in same-store rent growth. But what we've seen over the trailing eight quarters, and it's consistent with what we've seen historically is same-store rent growth just north of 1%, with very little falling out, as you can see from our credit loss and occupancy loss disclosure.

這些通常是每五年調升一次，幅度約 5% 到 10%。因此當這些調升生效時，就會帶來同店租金成長的一些變動性。但我們在過去連續八個季度看到的情況——也與我們歷史上一致——是同店租金成長略高於 1%，而且幾乎沒有流失，正如你從我們的信用損失與空置損失揭露中所看到的。

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

以上為我們的問答環節。我現在把電話會議交回給 Joey Agree 作結語。

Thank you all for joining us this morning, and we look forward to seeing everyone at the upcoming conferences and appreciate your time. Thanks again.

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

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。感謝各位的參與。您現在可以掛線。