Broadstone Net Lease Inc (BNL) 2022 Q4 法說會逐字稿

Hello and thank you for your patience ladies and gentleman. (Operator Instructions). Hello and welcome to the Broadstone Net Lease Fourth Quarter 2022 Earnings Conference Call. My name is Bruno and I will be the operator of today's call. Please note this call is being recorded. I will now turn the call over to Michael Caruso, Senior Vice President of Corporate Finance, Investors Relations, Broadstone.

女士們先生們，您好，感謝您的耐心等待。 （操作員說明）。您好，歡迎來到 Broadstone Net Lease 2022 年第四季度收益電話會議。我叫布魯諾，我將擔任今天電話的接線員。請注意，此通話正在錄音中。我現在將把電話轉給 Broadstone 投資者關係企業財務高級副總裁 Michael Caruso。

Thank you everyone for joining us today for Broadstone Net Leases Fourth Quarter 2022 earnings call. On today's call, you will hear prepared remarks from Chris Czarnecki, John Moragne and Ryan Albano. Kevin Fennell will also be available for the Q&A portion of this call. Before we begin, I would like to remind everyone that the following presentation contains forward-looking statements, which are subject to risks and uncertainties that can cause actual results to differ materially due to a variety of factors. We caution you not to place undue reliance on these forward-looking statements and refer you to our SEC filings, including our form 10-K for the year ended December 31, 2022, for more detailed discussion of the risk factors that may cause such differences. Any forward-looking statements provided during this conference call are only made as of the date of this call. With that, I will turn the call over to Chris Czarnecki.

感謝大家今天加入我們，參加 Broadstone Net Leases 2022 年第四季度財報電話會議。在今天的電話會議上，您將聽到 Chris Czarnecki、John Moragne 和 Ryan Albano 準備好的發言。 Kevin Fennell 也將出席本次電話會議的問答環節。在我們開始之前，我想提醒大家，以下演示文稿包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果因各種因素而產生重大差異。我們提醒您不要過分依賴這些前瞻性陳述，並請您參考我們向美國證券交易委員會提交的文件，包括我們截至 2022 年 12 月 31 日止年度的 10-K 表格，以更詳細地討論可能導致此類差異的風險因素.本次電話會議期間提供的任何前瞻性陳述僅在本次電話會議之日作出。有了這個，我會把電話轉給 Chris Czarnecki。

Thank you, Mike and Good Morning everyone. As this will be my last earnings call before stepping down from my role as CEO at the end of the month, I want to open the call by acknowledging and sincerely thanking all of the BNL employees, directors and capital providers for their support during my leadership tenure. I am incredibly grateful to have had the opportunity to serve, (inaudible) stakeholders for the past 13 plus years, and to have served as CEO since 2017. I am also very pleased with our board's decision to elevate our current Chief Operating Officer, John Moragne to the role of CEO upon my departure. Having worked closely with John for more than a decade, I am extremely confident that there is nobody better-suited to lead BNL into its next chapter. John knows our business inside and out and is beloved by our employees for his service-oriented leadership mentality. He serves all with grace, humility and intelligence. John is an exceptional leader of the company already and he will make a phenomenal chief executive. I would also like to congratulate Ryan Albano and Kevin Fennell on their new roles as President and Chief Financial Officer respectively. Both are highly deserving of these new roles and responsibilities and are excited for what is to come.

謝謝邁克，大家早上好。由於這將是我在本月底辭去首席執行官一職之前的最後一次財報電話會議，因此我想在電話會議一開始就承認並衷心感謝所有 BNL 員工、董事和資本提供者在我領導期間的支持任期。我非常感謝有機會在過去 13 年多的時間里為（聽不清）利益相關者服務，並自 2017 年以來一直擔任首席執行官。我也非常高興我們的董事會決定提升我們現任首席運營官約翰Moragne 在我離職後接任首席執行官一職。與 John 密切合作了十多年，我非常相信沒有人比他更適合帶領 BNL 進入下一章。 John 對我們的業務瞭如指掌，並因其以服務為導向的領導理念而深受員工喜愛。他以優雅、謙遜和智慧為所有人服務。約翰已經是公司傑出的領導者，他將成為傑出的首席執行官。我還要祝賀 Ryan Albano 和 Kevin Fennell 分別擔任總裁和首席財務官的新職務。兩人都非常配得上這些新的角色和責任，並對即將發生的事情感到興奮。

Finally, I want to welcome Jessica Duran and Laura Felice to the BNL board. Both are exceptional individuals with impressive professional backgrounds that will help support and guide the company for years to come. Jessica has a deep background in retail and private equity from her current role as CFO with TSG Consumer and rechecks matters from her days at Deloitte. Laura’s background is also in retailing with for 10 years at Clark's and now as CFO at BJs Wholesale Club along with a deep audit background from her time at PWC. The entire board is very excited to be able to welcome these impressive individuals to an already strong group. And with that, I will turn the call over to John and the rest of the executive team here today.

最後，我要歡迎 Jessica Duran 和 Laura Felice 加入 BNL 董事會。兩人都是傑出的人士，擁有令人印象深刻的專業背景，將在未來幾年幫助支持和指導公司。傑西卡 (Jessica) 目前擔任 TSG Consumer 的首席財務官，在零售和私募股權領域擁有深厚背景，並在德勤 (Deloitte) 工作期間重新審視相關事宜。勞拉 (Laura) 的背景也是零售業，在克拉克 (Clark's) 工作了 10 年，現在擔任 BJs Wholesale Club 的首席財務官，以及她在普華永道 (PWC) 期間的深厚審計背景。整個董事會都非常高興能夠歡迎這些令人印象深刻的人加入一個已經很強大的團隊。有了這個，我今天將把電話轉給約翰和其他執行團隊成員。

Thank you, Chris. And good morning to all of you who are joining us today. Before we jump into BNL Fourth Quarter and Full Year 2022 result, I would like to begin by thanking Chris for his immeasurable and innumerable contributions to the company over the past 14 years, in particular during his service as our CEO since 2017. BNL would not be what it is today without Chris' humble leadership and selfless dedication to all of our stakeholders. Chris' vision as CEO and steadfast commitment to our growth were the foundational blocks for BNL that has guided us ever since. He believed in small ego, big shoulder leadership that taught us all how to contribute to the greater good, pursue continuous improvement, create a service oriented and fulfilling culture and did so in a way that was never about him. I am immensely grateful to Chris for his mentorship and friendship and I am confident that Chris' enduring legacy at BNL will be felt through our deep commitment to stewardship, transparency, and value creation. The foundation Chris has laid will help support BNL’s bright future for many years to come. I am also grateful to both Chris and our board of directors for their confidence and support in me, but I look to continue to deliver exceptional results alongside the same talented team I have worked closely with since joining the company.

謝謝你，克里斯。早上好所有今天加入我們的人。在我們進入 BNL 第四季度和 2022 年全年業績之前，我首先要感謝克里斯在過去 14 年中為公司做出的不可估量和無數的貢獻，特別是在他自 2017 年以來擔任我們的首席執行官期間。BNL 不會沒有 Chris 謙遜的領導和對我們所有利益相關者的無私奉獻，我們就有了今天的成就。 Chris 作為 CEO 的願景和對我們發展的堅定承諾是 BNL 的基石，從那以後一直指導著我們。他相信小自我、大肩膀的領導力教會我們所有人如何為更大的利益做出貢獻、追求持續改進、創造以服務為導向和充實的文化，並且以一種與他無關的方式做到這一點。我非常感謝 Chris 的指導和友誼，我相信 Chris 在 BNL 的持久遺產將通過我們對管理、透明度和價值創造的堅定承諾而得到體現。克里斯奠定的基礎將有助於支持 BNL 未來許多年的光明未來。我也感謝克里斯和我們的董事會對我的信任和支持，但我希望繼續與自加入公司以來與我密切合作的才華橫溢的團隊一起取得優異的成績。

Now turning to our results. I am pleased to report a strong fourth quarter to close out 2022. I am incredibly proud of all that we accomplished during the year and the results we were able to deliver for our shareholders, despite facing a challenging market backdrop. With over 900 million of accretive investments, more than 99.9% rent collected, minimal vacancies and proactive capital markets execution, we were able to deliver full year 2022 SFO of a $1.40 per share, representing 6.9% growth over the prior year. Closing out 2022 with a conservative leverage profile of 5.2 times net debt to annualized adjusted EBITDAre and ample liquidity, we are well-positioned to continue to selectively pursue attractive investment opportunities in 2023.

現在轉向我們的結果。我很高興地報告 2022 年第四季度表現強勁。儘管面臨充滿挑戰的市場背景，但我為我們在這一年中取得的成就以及我們能夠為股東帶來的成果感到無比自豪。憑藉超過 9 億美元的增值投資、超過 99.9% 的租金收取、最低的職位空缺和積極的資本市場執行，我們能夠實現 2022 年全年每股 1.40 美元的 SFO，比上一年增長 6.9%。到 2022 年，保守的槓桿率是淨債務與年化調整後 EBITDAre 的 5.2 倍，流動性充足，我們有能力在 2023 年繼續有選擇地尋求有吸引力的投資機會。

For me, 2022 was the perfect distillation of what makes our diversified investment strategy so dynamic and frankly undervalued by the market. Throughout 2022, our broadly diversified (inaudible) provided us with unparalleled flexibility. In Q1, we invested $210 million in 27 properties with 87% of the ABR coming from restaurants and retail assets. Now, fast forward to Q4. A significant period of macroeconomic uncertainty, rising interest rates, dislocation between cost of capital and asset pricing and the transaction market struggling through price discovery as sellers are slowly forced to adjust their expectations. Responding to all this disruption, we shifted our focus to industrial assets, where we saw cap rate expense at a more accelerated pace due to sector specific supply and demand characteristics, as many private leverage centric buyers who rely on asset level financing exited the market due to rising debt costs. With this shift, we finished the year with 72% of our total investment activity concentrated in our industrial vertical, as we were able to transact at higher cap rates and achieve better risk adjusted returns for our shareholders. During 2022, our weighted average acquisition cap rate expanded 100 basis points from Q1 to Q4, representing the largest expansion of any net lease REIT, having a buy box that spans multiple core property types and taking a disciplined, but nimble approach to where we allocate the capital, allowed us to maintain a creative investment spread without compromising our underwriting standards.

對我來說，2022 年是我們多元化投資策略如此活躍並被市場坦率低估的原因的完美昇華。整個 2022 年，我們廣泛的多元化（聽不清）為我們提供了無與倫比的靈活性。第一季度，我們在 27 個物業中投資了 2.1 億美元，其中 87% 的 ABR 來自餐廳和零售資產。現在，快進到第四季度。一段重要的宏觀經濟不確定性、利率上升、資本成本和資產定價之間的錯位以及交易市場在價格發現中苦苦掙扎，因為賣家被迫慢慢調整他們的預期。為應對所有這些中斷，我們將重點轉移到工業資產上，由於行業特定的供需特徵，我們看到資本化率支出以更快的速度增長，因為許多依賴資產級融資的以私人槓桿為中心的買家退出市場到不斷上升的債務成本。通過這一轉變，我們以 72% 的總投資活動集中在我們的垂直行業結束了這一年，因為我們能夠以更高的資本化率進行交易，並為我們的股東實現更好的風險調整後回報。在 2022 年期間，我們的加權平均收購上限率從第一季度到第四季度擴大了 100 個基點，這是所有淨租賃 REIT 中擴張幅度最大的，擁有涵蓋多種核心房地產類型的購買箱，並採取有紀律但靈活的分配方式資本，使我們能夠在不影響承保標準的情況下保持創造性的投資利差。

During the fourth quarter, we invested approximately $310 million in 17 properties at a weighted average initial cash cap rate of 6.7%. The leases for new acquisitions include a strong weighted average lease term of approximately 20 years and solid 2% rent escalation, translating into an attractive weighted average cash cap rate of 8%. As discussed on our previous earnings call, fourth quarter acquisitions were largely driven by the single largest sale leaseback transaction in the BNL history, an opportunity directly sourced from an existing relationship to acquire seven mission critical industrial facilities leased to a food manufacturer with a longstanding and successful operating history. As our new single largest tenant exposure of 4%, we feel confident that the tenants focus on (inaudible) end user products, deep industry relationships, and a strong track record uniquely positions the tenant to perform across all market cycles. In addition, the seven locations are master lease, well-located and represent 100% of the company's production capabilities.

第四季度，我們以 6.7% 的加權平均初始現金上限利率在 17 個物業中投資了約 3.1 億美元。新收購的租約包括約 20 年的強大加權平均租期和 2% 的穩定租金上漲，轉化為具有吸引力的 8% 的加權平均現金上限率。正如我們在之前的財報電話會議上所討論的那樣，第四季度的收購主要是由 BNL 歷史上最大的單筆售後回租交易推動的，這是一個直接來自現有關係的機會，可以收購租給一家食品製造商的七個關鍵任務工業設施，這些設施具有長期和成功的運營歷史。由於我們新的單一最大租戶敞口為 4%，我們相信租戶專注於（聽不清）最終用戶產品、深厚的行業關係和良好的業績記錄，使租戶能夠在所有市場週期中發揮獨特的作用。此外，這七個地點是主租賃，位置優越，代表了公司 100% 的生產能力。

While Q4 represents the largest quarter of activity for 2022, we intentionally slowed our acquisition pace during the quarter as it became clear to us that additional price discovery and expectation resetting needed to occur to properly reflect an appropriate risk-reward trade-off. Predominantly, all of our Q4 transactions were closed by early November and had been underwritten and signed up in late summer. Solid capital markets execution earlier in the year allowed us to lock in a favorable cost of capital that translated into a creative investment spread on all acquisitions completed during Q4. Heightened selectivity in the second half of the quarter translated into full year investment activity just above the low end of our guidance range, but it has positioned us to continue to prudently grow in 2023. We will continue to employ this more measured approach to external growth in the near term as price discovery persists.

雖然第四季度是 2022 年活動最多的一個季度，但我們有意放慢了本季度的收購步伐，因為我們很清楚，需要進行額外的價格發現和預期重置，以正確反映適當的風險回報權衡。主要是，我們所有的第四季度交易都在 11 月初完成，並在夏末進行了承銷和簽約。今年早些時候穩健的資本市場執行使我們能夠鎖定有利的資本成本，這轉化為第四季度完成的所有收購的創造性投資利差。本季度後半段的選擇性提高轉化為全年投資活動，略高於我們指導範圍的低端，但它使我們能夠在 2023 年繼續審慎增長。我們將繼續採用這種更加審慎的外部增長方法在短期內，價格發現持續存在。

As always, we remain focused on only pursuing opportunities where risk and return are appropriately calibrated. As stewards of our shareholder capital, we do not believe in growth for growth's sake, and we will take a disciplined, prudent and selective approach deploying our capital. We are currently focused on deploying available dry powder in hand that supports a creative spread investing at prevailing market cap rates. With quarter end, we currently have $5.2 million of investments under control, which we define as having an executed contract or letter of intent. In addition, we currently have $30.6 million in commitments to fund revenue generating capital expenditures with existing tenants. We continue to see creative ways to partner with our existing tenants in an effort to supplement our routine sourcing efforts. In addition, we will continue to creatively recycle capital through strategic dispositions in 2023.

一如既往，我們仍然專注於只追求風險和回報得到適當校準的機會。作為我們股東資本的管理者，我們不相信為了增長而增長，我們將採取有紀律、審慎和有選擇性的方式來部署我們的資本。我們目前專注於部署可用的干粉，支持以現行市值率進行創造性的價差投資。截至季度末，我們目前控制著 520 萬美元的投資，我們將其定義為已執行合同或意向書。此外，我們目前有 3060 萬美元的承諾，用於為現有租戶的創收資本支出提供資金。我們繼續尋找與現有租戶合作的創新方式，以補充我們的日常採購工作。此外，我們將在2023年繼續通過戰略佈局創造性地回收資本。

During the fourth quarter, we sold three properties for net proceeds of $39.2 million at a weighted average cash cap rate of 5.8%. Subsequent quarter end, we executed a simultaneous lease, buyout and sale of an office asset for total proceeds of approximately $39.5 million, translating into an all-in (inaudible) cap rate of approximately 6%. Opportunistic asset sales such as these not only provided additional dry powder to be accretively recycled, but also helped to mitigate both residual and credit risk in our existing portfolio. With this sale, and on a pro forma basis, we have reduced our office exposure to 5.9% of our ABR from 6.5% at year-end, and we will continue to look for opportunities to reduce our standalone office exposure further in ways that generate strong returns for our shareholders.

第四季度，我們以 5.8% 的加權平均現金上限利率出售了三處房產，淨收益為 3,920 萬美元。隨後的季度末，我們同時租賃、買斷和出售辦公室資產，總收益約為 3950 萬美元，轉化為約 6% 的總（聽不清）上限率。諸如此類的機會性資產出售不僅提供了額外的干火藥以進行增值回收，而且還有助於減輕我們現有投資組合中的剩餘風險和信用風險。通過這次出售，在備考基礎上，我們已將我們的辦公室風險從年底的 6.5% 減少到我們 ABR 的 5.9%，我們將繼續尋找機會進一步減少我們的獨立辦公室風險，從而產生為我們的股東帶來豐厚的回報。

As for the health of our existing portfolio, as of year-end, all but three of our 804 properties were subject to a lease, and our properties were occupied by 221 different commercial tenants across 55 industries. The portfolios weighted average annual rent escalation remains at 2% and the weighted average remaining lease term was 10.9 years. With significant ongoing economic uncertainty that may persist for an extended period of time, we have increased the scrutiny of our internal portfolio review process and credit stress testing in light of the current backdrop. Of note, the new operator at Santa Cruz Valley Hospital, now known as Green Valley Medical Center, continues to work through their licensing and accreditation process. It is on track to complete these steps and begin accepting patients later this year. In addition, we are monitoring Carvana situation closely and remain confident in the mission critical nature of the industrial asset we leased to them and its underlying residual value. Finally, we sold three of our Red Lobster properties in 2022 for gains at attractive cap rates, and we will continue to look for opportunities to decrease our exposure over time. We currently own 19 of the original 25 properties that we acquired in 2015 and 2016 at (inaudible) cap rates, all of which are subject to a master lease and are located in strong retail corridors and large population centers. Despite those areas of increased attention, our collections continue to pace the net lease industry with more than 99.9% collected for the year, which with the exception of 2020 during the COVID pandemic, when our collections were still top-tier in the net lease space, continues a seven year track record of 99 plus percent rent collections since becoming a public reporting company with some of the lowest tenant concentrations in the net lease space. Our highly diversified operating model creates a lower risk profile than a simple investment grade rated percentage would otherwise indicate. Geographic tenant brand and industry diversification provides a defensive hedge against any singular tenant credit event. I'm confident that our thoughtfully constructed portfolio is built to perform across all market environments, including the one we find ourselves in today. With a disciplined, prudent and selective approach to growth this year, no material debt maturities until 2026, conservative leverage profile, robust liquidity and solid portfolio performance, I believe BNL is well-positioned to capitalize on 2023 and build momentum throughout the year for differentiated growth in 2024 and beyond. And with that, I will now turn the call over to Ryan.

至於我們現有投資組合的健康狀況，截至年底，我們的 804 處房產中除三處外均處於租賃狀態，我們的房產被 55 個行業的 221 個不同的商業租戶佔用。投資組合的加權平均年租金上漲率保持在 2%，加權平均剩餘租期為 10.9 年。由於持續存在的重大經濟不確定性可能會持續很長時間，鑑於當前背景，我們加強了對內部投資組合審查流程和信用壓力測試的審查。值得注意的是，Santa Cruz Valley Hospital 的新運營商（現稱為 Green Valley Medical Center）繼續通過其許可和認證流程開展工作。它有望在今年晚些時候完成這些步驟並開始接受患者。此外，我們正在密切關注 Carvana 的情況，並對我們租賃給他們的工業資產的關鍵任務性質及其潛在剩餘價值充滿信心。最後，我們在 2022 年以有吸引力的資本化率出售了我們的三處紅龍蝦物業以獲取收益，我們將繼續尋找機會隨著時間的推移減少我們的風險敞口。我們目前擁有我們在 2015 年和 2016 年以（聽不清）上限率收購的原始 25 處房產中的 19 處，所有這些房產均受主租約約束，位於強大的零售走廊和大型人口中心。儘管這些領域受到越來越多的關注，但我們的藏品繼續在淨租賃行業中保持領先地位，全年收集了超過 99.9%，除了 2020 年 COVID 大流行期間，當時我們的藏品在淨租賃領域仍處於領先地位, 自成為一家公共報告公司以來，繼續保持 99% 以上的租金收入七年記錄，在淨租賃空間中租戶集中度最低。與簡單的投資等級評級百分比相比，我們高度多元化的運營模式創造了更低的風險狀況。地域租戶品牌和行業多元化提供了針對任何單一租戶信用事件的防禦性對沖。我相信，我們精心構建的投資組合能夠在所有市場環境中發揮作用，包括我們今天所處的市場環境。憑藉今年紀律嚴明、審慎和選擇性的增長方式、到 2026 年沒有實質性債務到期、保守的槓桿狀況、強勁的流動性和穩健的投資組合表現，我相信 BNL 有能力利用 2023 年並在全年為差異化的2024 年及以後的增長。有了這個，我現在將把電話轉給瑞安。

Thank you, John. And good morning everyone. I would like to first start with an overview of our current balance sheet positioning and recap some of the capital markets activities we completed during 2022 that have positioned us to operate in a period of economic uncertainty while also pursuing selective growth in 2023. Proactive balance sheet management in capital markets execution throughout 2022 have positioned us for success both in the near and long-term. During the year, we judiciously raised capital focused on creating near and intermediate term financial flexibility via many of the capital markets tools available to us. This approach allowed us to lock in an attractive investment spread on all acquisitions completed during the year. Build dry powder that can be accretively deployed during this period of extended pricing discovery, lengthen our debt maturity profile to provide greater flexibility in light of capital markets volatility, hedge our interest rate exposure in response to aggressive Fed monetary policy and provide ample cushion to operate during the economic uncertainty that lies ahead. As I outlined on our previous earnings call, we entered into two new unsecured bank term loans in August which allowed us to extend our debt maturity profile and lock in attractive relative cost of debt. We currently have no major debt maturities until 2026 and while we intend to be repeat issuers in the investment grade bond market in the future, the actions we took during 2022 provide us the flexibility to access the long-term debt markets when conditions normalize.

謝謝你，約翰。大家早上好。我想首先概述我們當前的資產負債表定位，並回顧一下我們在 2022 年完成的一些資本市場活動，這些活動使我們能夠在經濟不確定時期開展業務，同時也在 2023 年追求選擇性增長。積極的資產負債表整個 2022 年資本市場執行的管理使我們在近期和長期都取得成功。在這一年裡，我們明智地籌集了資金，重點是通過我們可用的許多資本市場工具創造近期和中期的財務靈活性。這種方法使我們能夠鎖定年內完成的所有收購的有吸引力的投資利差。建立可以在此長期定價發現期間增加部署的干火藥，延長我們的債務到期期限，以根據資本市場的波動提供更大的靈活性，對沖我們的利率風險以應對激進的美聯儲貨幣政策，並為運營提供充足的緩衝在未來的經濟不確定性期間。正如我在之前的財報電話會議上概述的那樣，我們在 8 月份簽訂了兩筆新的無擔保銀行定期貸款，這使我們能夠延長債務期限並鎖定有吸引力的相對債務成本。目前，我們在 2026 年之前沒有重大債務到期，雖然我們打算在未來成為投資級債券市場的重複發行人，但我們在 2022 年採取的行動為我們提供了在條件正常化時進入長期債務市場的靈活性。

In addition, during the year, we sold a total of approximately $10.5 million shares of common stock at a weighted average sales price of $21.66 per share for net proceeds of $223 million under our ATM program. While we did not use the ATM during the fourth quarter, opportunistic use of the program in the first half of the year fueled most of the accretive acquisitions completed during the last two quarters of 2022. The ATM has been and will continue to be a core component of our overall capital market strategy. As of year-end, there was approximately $145 million of capacity remaining on the current program.

此外，在這一年中，我們根據 ATM 計劃以每股 21.66 美元的加權平均售價出售了總計約 1050 萬美元的普通股，淨收益為 2.23 億美元。雖然我們在第四季度沒有使用 ATM，但今年上半年對該計劃的機會主義使用推動了 2022 年最後兩個季度完成的大部分增值收購。ATM 已經並將繼續成為核心我們整體資本市場戰略的組成部分。截至年底，當前計劃的剩餘產能約為 1.45 億美元。

Finally, as I outlined on our previous earnings call, we completed a forward settled public offering of 13 million shares of common stock, a price of $21.35 per share in August of last year. We settled all outstanding forward equity during Q4 on December 28 for total net proceeds of approximately $273 million. Following settlement, we ended the quarter with leverage of 5.2 times on a net debt to annualized adjusted EBITDAre basis. As of year-end, we had approximately $825 million of liquidity. As John stated, we are focused on selectively deploying this available dry powder on opportunities that are not only accretive, but are appropriately priced on a risk adjusted basis. Retained earnings coupled with strategic asset sales will continue to bolster available dry powder while also strengthening our balance sheet.

最後，正如我在之前的財報電話會議上概述的那樣，我們在去年 8 月完成了 1300 萬股普通股的遠期結算公開發行，每股價格為 21.35 美元。我們於 12 月 28 日在第四季度結清了所有未償還的遠期股權，淨收益總額約為 2.73 億美元。結算後，我們以 5.2 倍的淨債務與年化調整後 EBITDAre 為基礎的槓桿率結束了本季度。截至年底，我們擁有大約 8.25 億美元的流動資金。正如約翰所說，我們專注於有選擇地部署這種可用的干火藥，這些機會不僅具有增值性，而且在風險調整的基礎上進行了適當定價。留存收益加上戰略資產出售將繼續增加可用的干火藥，同時也加強我們的資產負債表。

Now turning to our financial results. During the quarter, we generated a AFFO of $65.6 million or $0.36 per share, which represents 6% growth over per share results from the same period last year. Q4 AFFO per share results represent approximately 3% growth quarter-over-quarter, largely due to early quarter acquisition closings. Given our heightened selectivity during the second half of Q4, we do not expect to benefit next quarter from the tailwinds we typically experience from late quarter acquisition closings. As for full year 2022 results, we generated AFFO of $252 million or $1.40 per share, which represents 6.9% growth of our 2021 results. Full year AFFO per share results landed at the top end of our final guidance range at the midpoint of our initial guidance range. We incurred $7.8 million and $32.1 million of cash G&A expense during Q4 and for the full year respectively. Total cash G&A expenses incurred during 2022 landed just below the midpoint of our guidance range. Strong and consistent operating results during 2022 translated into two dividend increases during the year. Our board of directors has maintained a $0.275 dividend per common share in OP Unit to holders as of March 31, 2023, payable on or before April 14, 2023. This represents an increase of 3.8% over the annualized dividend amount from the first quarter of 2022. The dividend continues to be well-covered with AFFO payout ratio in the mid-to-high 70% range and represents an attractive dividend yield relative to many of our (inaudible) peers. We will continue to evaluate additional future increases to our dividend with our board on a quarterly basis.

現在轉向我們的財務業績。本季度，我們產生了 6560 萬美元或每股 0.36 美元的 AFFO，比去年同期每股收益增長 6%。第 4 季度 AFFO 每股業績表示環比增長約 3%，這主要是由於季度早期的收購關閉。鑑於我們在第四季度下半年提高了選擇性，我們預計下個季度不會從我們通常在季度末收購關閉中遇到的順風中受益。至於 2022 年全年的業績，我們產生了 2.52 億美元的 AFFO 或每股 1.40 美元，比我們 2021 年的業績增長了 6.9%。全年 AFFO 每股業績落在我們最終指導範圍的頂端，處於我們初始指導範圍的中點。我們在第四季度和全年分別產生了 780 萬美元和 3210 萬美元的現金 G&A 費用。 2022 年產生的總現金 G&A 費用略低於我們指導範圍的中點。 2022 年強勁而一致的經營業績轉化為年內兩次股息增長。截至 2023 年 3 月 31 日，我們的董事會維持 OP 單位每股普通股 0.275 美元的股息，應在 2023 年 4 月 14 日或之前支付。這比第一季度的年化股息金額增加了 3.8% 2022 年，AFFO 的派息率將繼續很好地覆蓋 70% 的中高範圍，與我們的許多（聽不清）同行相比，股息收益率具有吸引力。我們將繼續每季度與董事會一起評估未來額外增加的股息。

Finally, we are introducing initial 2023 guidance today with an AFFO range of $1.40 to $1.42 per share, which represents an implied growth rate of 1.4% at the midpoint. This more modest estimate of year-over-year growth is driven by the strength of our 2022 results and reflects our patience in highly selective view and growth opportunities in 2023. We hope to revise our guidance upward as we progress further into the year and gain more clarity into both the pace of asset repricing and conditions in the capital markets. For now, we are providing a conservative guidance range that reflects the following key assumptions. Acquisition volume between $300 million and $500 million, disposition volume between $100 million and $150 million, total cash G&A between $32 million $34 million. As a reminder, our per share results for the year are sensitive to both the timing and amount of acquisitions, dispositions and capital markets activity that occur throughout the year. And with that, I will turn it over to Chris for closing remarks.

最後，我們今天將推出 2023 年初步指引，AFFO 範圍為每股 1.40 美元至 1.42 美元，這意味著中點的隱含增長率為 1.4%。對同比增長的這種更為溫和的估計是由我們 2022 年業績的強勁推動的，反映了我們對高度選擇性觀點和 2023 年增長機會的耐心。我們希望隨著我們進一步進入這一年並獲得收益，向上修改我們的指導資產重新定價的步伐和資本市場的狀況更加清晰。目前，我們提供反映以下關鍵假設的保守指導範圍。收購量在 3 億美元到 5 億美元之間，處置量在 1 億美元到 1.5 億美元之間，現金 G&A 總額在 3200 萬美元和 3400 萬美元之間。提醒一下，我們今年的每股收益對全年發生的收購、處置和資本市場活動的時間和數量都很敏感。說到這裡，我將把它交給 Chris 作結束語。

The time at Broadstone has been an incredible experience that far surpassed any expectations I had when joining the company. I am deeply grateful to have had the opportunity to serve for many years and in many roles. The best has always been being part of the team at the BNL and living our one Broadstone mentality with them. The board and I have the utmost confidence in John, Ryan and the entire management team who have a long history of working together. They will continue to uphold our track record of success in delivering long-term value for all of our shareholders. I look forward to cheering on all of their successes. Thank you everyone. Operator you can now open the line up for questions.

在 Broadstone 的時光是一段不可思議的經歷，遠遠超出了我加入公司時的任何期望。我非常感謝有機會服務多年並擔任許多職務。最好的一直是 BNL 團隊的一員，並與他們一起生活我們的 Broadstone 心態。董事會和我對約翰、瑞安和整個管理團隊充滿信心，他們有著長期的合作歷史。他們將繼續維護我們為所有股東創造長期價值的成功記錄。我期待著為他們的所有成功歡呼。謝謝大家。接線員，您現在可以打開問題隊列。

(Operator Instructions). Our first question is from Ronald Kamdeem from Morgan Stanley. Ronald, your line is now open. Please go ahead.

（操作員說明）。我們的第一個問題來自摩根士丹利的 Ronald Kamdeem。羅納德，你的電話現在開通了。請繼續。

Couple quick ones. First congrats to your management changes. Just curious as you are sort of thinking about taking the helm. Anything that we should expect different or is it just more of the same? Anything organizationally, strategy wise? Thanks.

幾個快速的。首先祝賀你的管理層變動。只是好奇，因為你有點想掌舵。有什麼我們應該期待的不同或者只是更多相同？在組織上，戰略上有什麼明智的嗎？謝謝。

Thanks Ron. From a strategy standpoint, I think the way we are thinking about 2023 as an opportunity to look for us, a differentiation for us, a catalyst for the type of growth and the multiple expansion that we believe this portfolio deserves would be the same whether (inaudible) or we are in the position that we are today. There has been no daylight between Chris, Ryan and myself the entire time we have been working together. And so the strategy and the way that we are thinking about evaluating portfolio, evaluating opportunity set and looking to provide the type of long-term shareholder value that we have, and we believe that this portfolio can provide, would be the same. Similarly, the sense of stewardship, the transparency and the commitment to growth and the commitment to value for our shareholders that Chris has instilled in us over these years at Broadstone, in particularly as CEO, we absolutely hope to be able to continue and honor him in that way. And so that is what you should expect to continue to see from us going forward.

謝謝羅恩。從戰略的角度來看，我認為我們將 2023 年視為尋找我們的機會、我們的差異化、增長類型的催化劑以及我們認為該投資組合應得的多重擴張的方式是否相同（聽不見）或者我們處於今天的位置。在我們一起工作的整個過程中，Chris、Ryan 和我之間沒有任何交流。因此，我們正在考慮評估投資組合、評估機會集以及尋求提供我們擁有的長期股東價值類型的戰略和方式，我們相信該投資組合可以提供，將是相同的。同樣，克里斯這些年來在 Broadstone 灌輸給我們的管理意識、透明度和對增長的承諾以及對股東價值的承諾，特別是作為首席執行官，我們絕對希望能夠繼續並尊重他以這種方式。因此，這就是您應該期望繼續從我們那裡看到的。

And then what about organizationally, in terms of the reporting structures or any anything like that?

那麼在組織上，在報告結構或類似的方面呢？

I mean, the biggest changes are the two that you have got on the phone with you right now beyond me, shifting Ryan into his new role as President, Chief Operating Officer and sitting over our real estate functions. That is an area that Ryan has leaned into more and more over the years and really is sort of at the heart of how his brain works. So we are excited to have him as a part of that and bringing his deep experience as our CFO over the last 6 or 7 years into that role and really providing sort of a forest level, big picture view of the market, the industry, how our real estate investments and full asset life cycle fit into the broader capital markets and investor relations picture. So that is an exciting area for us. And then elevating Kevin into the CFO role. Really deep capital markets expertise from his time previously with us with BNL as well as in the last 3 or 4 years that he has been with us. So we are excited to have Kevin step into that role. And so those are the 2 major reporting changes that you all would see. And then otherwise, we have got a really incredible team of people that I believe is the smartest group that we have got in the industry and working going incredibly hard to provide value for our shareholders.

我的意思是，最大的變化是你現在通過電話與你通話的兩個變化，將 Ryan 調任為總裁、首席運營官並主持我們的房地產職能。這是 Ryan 多年來越來越關注的一個領域，確實是他大腦運作方式的核心。因此，我們很高興他能參與其中，並將他在過去 6 或 7 年擔任我們首席財務官的豐富經驗帶入該職位，並真正提供某種森林層面、市場、行業的大局觀，如何我們的房地產投資和完整的資產生命週期適合更廣泛的資本市場和投資者關係圖景。所以這對我們來說是一個令人興奮的領域。然後將凱文提升為首席財務官。從他之前在 BNL 和我們一起工作的過去 3 到 4 年裡，他擁有真正深厚的資本市場專業知識。所以我們很高興 Kevin 能夠擔任這個角色。這些就是你們都會看到的 2 項主要報告更改。除此之外，我們擁有一支非常了不起的團隊，我相信他們是我們業內最聰明的團隊，並且非常努力地為我們的股東提供價值。

Excellent. From my side, if I could just switch to the acquisition pipeline. Obviously, the acquisition guide of $400 million. Maybe if you could give a little bit more color in terms of where you guys are seeing cap rates trending and what sort of a sweet spot that you guys want to be executing at? Clearly, high 6s, may be low 7s to get to the spreads. I would love to hear a little bit more commentary on the ground.

出色的。從我這邊來說，如果我可以切換到採集管道就好了。顯然，4億美元的收購指南。也許如果你能在你們看到上限率趨勢的地方以及你們想要執行什麼樣的最佳點方面提供更多顏色？顯然，高 6s，可能是低 7s 來獲得點差。我很想听到更多實地評論。

Yes. You sort of now that we are looking at high 6s, low 7s. It is sort of a triangulation among a number of different things, but including the spread, how we think about risk-adjusted return, trying to match up what the opportunity set is with our cost of capital and still making good, prudent selected decisions. That discipline, that prudence that we are bringing, I think, is evident in sort of the first quarter pipeline numbers you are seeing, and now we have got $5 million under control at the moment. There are a handful of things that we are looking at including one fairly significant large off-market opportunity that we are evaluating right now that could shift those numbers, but it is not at a point yet where we felt comfortable including it in the under control numbers. But the place that we have spent a lot of our time focusing on is the opportunity set in the space generally. Right now, the top of the funnel is in line with what we consider more normalized at these volumes. 2021 and 2022 has much heavier volumes than what you had seen in this industry on a normalized basis, pre-COVID. So in terms of the sort of routine volume that we are seeing in the first quarter, it works out to $20 billion to $25 billion in opportunities on an annualized basis that we would review. So definitely a slower start to the year than what people have been used to the last couple of years, but there is still plenty of good opportunities that are out there heavily-weighted for us in terms of what we believe is actionable towards industrial, but there has been a lot of retail that has been on the market this year as well.

是的。你有點現在我們正在看高 6s，低 7s。這是許多不同事物之間的三角測量，但包括利差，我們如何看待風險調整後的回報，試圖將機會集與我們的資本成本相匹配，並仍然做出良好、謹慎的選擇決策。我認為，我們帶來的這種紀律和謹慎，在你看到的第一季度管道數字中是顯而易見的，現在我們目前已經控制了 500 萬美元。我們正在考慮一些事情，包括我們現在正在評估的一個相當重要的大型場外機會，它可能會改變這些數字，但還沒有達到我們認為可以控制的地步數字。但是我們花了很多時間關注的地方是一般在空間中設置的機會。現在，漏斗的頂部與我們認為在這些數量上更正常化的情況一致。 2021 年和 2022 年的交易量比您在 COVID 之前正常情況下在該行業中看到的交易量要大得多。因此，就我們在第一季度看到的常規交易量而言，按年計算，我們將審查 200 億至 250 億美元的機會。因此，今年的開局肯定比過去幾年人們習慣的要慢，但就我們認為對工業可採取的行動而言，仍然有很多對我們來說很重要的好機會，但是今年市場上也有很多零售產品。

The cap rates in industrial, as everyone saw last year, moved much further and faster than the other areas that we invest in. Retail and restaurants are coming along. Certainly, the investment-grade space has stayed in the hot 5s, low 6s. So that is not something that we are spending much time on right now. Health care has not moved as much. We are currently in a little bit of a place where it feels like the heavier movement you saw on cap rates throughout that sort of the last 9-month period of 2022 has may be slowed or plateaued a bit, but at the same time, there is still lots of opportunities that are out there where we feel like price expectations are still getting reset, price discovery is continuing and the risk-reward trade-off on these assets, there is still a little bit of room to grow. So we are cautiously and carefully monitoring these things. And with our $400 million midpoint of guidance on acquisitions, it certainly will be more back-end weighted than what it was last year when we were a little bit more smoothed out with roughly $200 million every quarter with $300 million in the fourth quarter, but we are completely open to reevaluating that guidance as the year goes on. And if the opportunity set or our cost of capital changes in a way where we believe that we can increase that acquisition guidance, we absolutely look.

正如大家在去年所看到的那樣，工業領域的資本化率比我們投資的其他領域走得更遠、更快。零售業和餐館也在發展。當然，投資級空間一直停留在熱門5s，低6s。所以這不是我們現在花很多時間的事情。醫療保健沒有那麼大的變化。我們目前所處的位置感覺您在 2022 年的最後 9 個月期間看到的資本化率的較大變動可能會有所放緩或趨於平穩，但與此同時，仍然有很多機會，我們覺得價格預期仍在重新設定，價格發現仍在繼續，這些資產的風險回報權衡，仍有一點增長空間。因此，我們正在謹慎、仔細地監控這些事情。憑藉我們 4 億美元的收購指導中點，它肯定會比去年的後端權重更高，當時我們每個季度大約 2 億美元，第四季度為 3 億美元，但更加平滑，但是隨著時間的推移，我們完全願意重新評估該指南。如果機會集或我們的資本成本以我們認為可以增加收購指導的方式發生變化，我們絕對會看。

Right, that is it for me. Super helpful.

對，對我來說就是這樣。超級有幫助。

Our next question is from Ki Bin Kim from Truist. Kim, your line is now open. Please go ahead.

我們的下一個問題來自 Truist 的 Ki Bin Kim。金，你的線路現在開通了。請繼續。

Congratulations, John, and best wishes, Chris. First question on the new top tenant Roskam Baking Company. Can you just help us understand the deal and operate a little better just given the tenant concentration? I noticed that they were bought out by a private equity company like a year ago or 2 years ago, just trying to better understand the credit quality and potential risk for the company.

恭喜你，約翰，祝你好運，克里斯。關於新頂級租戶 Roskam Baking Company 的第一個問題。考慮到租戶的集中度，您能否幫助我們了解這筆交易並更好地運營？我注意到他們在一年前或兩年前被一家私募股權公司收購，只是想更好地了解公司的信用質量和潛在風險。

Sure. Ki Bin, it is Ryan. We are very pleased with this deal. It is a defensive industry from a food processing perspective. Again, at the place that we have talked about before and like to play. We acquired 6 assets that are basically the entire production of the company itself. They have, from a financial perspective, a defensive position in terms of their ability to pass through costs and protect margins. Their leverage is generally moderate and calibrated very well to the private equity starting point. And we feel good about the investment overall.

當然。 Ki Bin，是 Ryan。我們對這筆交易非常滿意。從食品加工的角度來看，這是一個防禦性行業。又是在我們之前說好的喜歡玩的地方。我們收購了6項資產，基本上是公司本身的全部生產。從財務角度來看，他們在轉嫁成本和保護利潤方面處於防禦地位。他們的槓桿率通常適中，並且非常適合私募股權的起點。我們對整體投資感覺良好。

And since it is the entire production for the company, you probably have a good sense of where the rent coverage ratio is relative to their of EBITDA. What does that look like?

由於這是公司的全部生產，您可能很清楚租金覆蓋率相對於他們的 EBITDA 的位置。那看起來像什麼？

Yes. We do not typically look at rent coverage for manufacturing sites themselves or food processing sites rather. We are looking at the credit profile of the tenant or the corporation as a whole, similar to how banks will underwrite it from a lending perspective. Primarily because the numbers that are going through the facilities themselves are not all that relevant from a coverage perspective, we spend more time thinking about how much manufacturing capacity they have at each site, how much of that they are utilizing, how much of that is open for additional production capabilities where they would need to add new lines. Those type of things are the things that we focus on at the actual site level, but less so from a general coverage perspective.

是的。我們通常不會查看製造場所本身或食品加工場所的租金覆蓋率。我們正在審視租戶或整個公司的信用狀況，類似於銀行從貸款角度進行承銷的方式。主要是因為從覆蓋範圍的角度來看，通過設施本身的數字並不是那麼相關，我們花更多時間思考他們在每個地點擁有多少製造能力，他們正在利用多少，其中有多少是開放額外的生產能力，他們需要增加新的生產線。這些類型的事情是我們在實際站點級別關注的事情，但從一般覆蓋範圍的角度來看就不那麼關注了。

And just second question on Red Lobster. Any updates you can share on recent conversations you have had with the operator? And any updates on just how their business is doing overall?

關於紅龍蝦的第二個問題。您可以分享您最近與接線員的對話的任何更新嗎？關於他們的業務整體表現如何的任何更新？

I do not think it is a secret that they are going through some difficulties right now. Thai Union has been very open about that publicly, as they have talked about their results for the year, and that is not a surprise to us or anyone else. We have had routine conversations with that since the Thai Union deal ever since COVID, making sure that we are aligned and understanding how their businesses are operating. We continue to have comfort with our investment in Red Lobster. The sites that we have were specifically picked at the time that we did those deals in 2015 and 2016. So these were not having to take a portfolio (inaudible) we were able to go through and pick the ones that we thought were going to perform well over time. As you heard during our prepared remarks, these were located in strong retail corridors. These are in the same strips that you are going to see in Olive Garden, Walmart, LongHorn Steakhouse, Outback – (inaudible) you name it. Really good average 5-mile population of about 150,000 plus. So we feel really good about the real estate itself. Understanding that Red Lobster is going through some difficulties right now, we are looking at it as how do we think about the investments overall from the time that we purchased these assets to today and through potentially exiting the position, as you heard. We originally had 25 sites. We sold 6 of them over time, including 3 last year. The 3 we sold last year were high 5 or flat fixed cap rates in terms of dispositions. That compared against the high fixed weighted average acquisition cap rate for these back in 2015 and 2016. And if you take the rents that we have received over time from Red Lobster in addition to the disposition proceeds that we received, we have already received back more than 75% or roughly 75% of our initial investment lease assets with 19 of them still to go. So we have looked at how do we continue to recoup our investment and get to a spot where we feel very comfortable that we are going to have well more than our initial investment back in it.

我不認為他們現在正在經歷一些困難是秘密。 Thai Union 對此公開表示非常開放，因為他們已經討論了他們今年的業績，這對我們或其他任何人來說都不足為奇。自從 COVID 以來與 Thai Union 達成交易以來，我們一直與他們進行例行對話，以確保我們保持一致並了解他們的業務運作方式。我們繼續對我們對 Red Lobster 的投資感到滿意。我們擁有的網站是在 2015 年和 2016 年進行這些交易時專門挑選的。因此，這些網站不必採用投資組合（聽不清），我們能夠瀏覽並選擇我們認為會執行的網站隨著時間的推移。正如您在我們準備好的發言中所聽到的那樣，它們位於強大的零售走廊中。這些與您將在 Olive Garden、Walmart、LongHorn Steakhouse、Outback 看到的相同條帶 -（聽不清）隨您便。非常好的平均 5 英里人口約 150,000 多。所以我們對房地產本身感覺很好。了解到 Red Lobster 現在正在經歷一些困難，我們將其視為我們如何看待從我們購買這些資產到今天以及可能退出該職位的整體投資，正如您所聽到的那樣。我們最初有 25 個站點。隨著時間的推移，我們賣掉了其中的 6 個，包括去年的 3 個。就處置而言，我們去年出售的 3 個是高 5 個或持平的固定上限率。與 2015 年和 2016 年這些高固定加權平均收購上限率相比。如果你把我們從 Red Lobster 收到的租金加上我們收到的處置收益，我們已經收回了更多超過 75% 或大約 75% 的初始投資租賃資產，其中 19 項仍在使用中。因此，我們研究瞭如何繼續收回我們的投資，並讓我們感到非常放心，我們將擁有比最初投資更多的回報。

Understanding the difficulties, we will look for opportunities to continue to reduce our exposure over time, but they continue to pay their rent, no indications otherwise. And so we feel that we could take a patient methodical approach to that exposure for us. And if you look at where it was at the beginning of 2022, today we dropped at 50 basis points in overall (inaudible) exposure from 2.1% to 1.6%. So head in the right direction, but confident in our ability to manage that through the conclusion.

了解困難，我們將尋找機會隨著時間的推移繼續減少我們的風險敞口，但他們繼續支付租金，沒有其他跡象。因此，我們認為我們可以採取耐心、有條不紊的方法來應對這種情況。如果你看看 2022 年初的情況，今天我們的整體（聽不清）風險敞口從 2.1% 下降了 50 個基點至 1.6%。所以朝著正確的方向前進，但相信我們有能力通過結論來管理它。

And sorry to belabor the point, but any near-term rent cuts in the cards?

抱歉誇大了這一點，但近期有可能減租嗎？

Not for us. (inaudible) I know that is being discussed, but it is not something that we are currently interested.

不適合我們。 （聽不清）我知道正在討論這個問題，但這不是我們目前感興趣的事情。

(Operator Instructions). Our next question is from Eric Borden from BMO Capital Markets. Eric, your line is now open. Please go ahead.

（操作員說明）。我們的下一個問題來自 BMO Capital Markets 的 Eric Borden。埃里克，你的線路現在開通了。請繼續。

Good morning, thank you for taking my question. I just may be following up on the guidance and the acquisition. Given the (inaudible) curve and the typical seasonality, how should we think about acquisitions throughout the year and your assumptions for the expected move in cap rates?

早上好，謝謝你接受我的問題。我可能只是在跟進指導和收購。鑑於（聽不清）曲線和典型的季節性，我們應該如何考慮全年的收購以及您對資本化率預期變動的假設？

So we have looked at cap rates, as I said, sort of plateauing a little bit. I think that is (inaudible) with the type of year-end activity that you usually see in the fourth quarter, where expectations sort of settle in as people are sort of just put their head down and trying to get through year-end activity, which is always heavier than others. Couple that with what happens in a slower start to the year, there has been this bit of a pause. Now the same time the information we are seeing from the market and from the transaction that we are looking at from our quarters and there has been an uptick again and the type of repricing discussions in that a place where the asset is in the (inaudible) that we are seeing relative to the current macroeconomic backdrop. So for us, that is part of the reason why you are seeing such a (inaudible) first quarter and why we are sort of leaning more towards the belief that our acquisition pipeline will result in a heavier back-end weighted to the year. So our belief is that there is still some (inaudible) to happen to the caps, but at the same time, we are going to the opportunity we find the right risk-adjusted returns and the right (inaudible) against our in-hand grip powder or we are in a position relative to the opportunity set or our cost of capital where we can execute the way to provide the same thing, then we will absolutely look to increase our acquisition guidance if either of those things come to pass.

因此，正如我所說，我們已經研究了資本化率，有點趨於平穩。我認為這與您通常在第四季度看到的年終活動類型有關（聽不清），隨著人們有點低下頭並試圖完成年終活動，預期會逐漸穩定下來，總是比別人重。再加上今年開局較慢，出現了一些停頓。現在同時，我們從市場和交易中看到的信息，我們正在從我們的季度看到，並且再次出現上漲，並且在資產處於（聽不清）的地方進行重新定價討論的類型我們所看到的是相對於當前的宏觀經濟背景。因此，對我們來說，這就是為什麼您會看到這樣的（聽不清）第一季度的部分原因，以及為什麼我們更傾向於相信我們的收購管道將導致較重的後端加權到今年。因此，我們相信上限仍有一些（聽不清）發生，但與此同時，我們將抓住機會找到正確的風險調整後回報和正確的（聽不清）反對我們手中的抓地力粉末或我們處於相對於機會集或我們的資本成本的位置，我們可以執行提供相同事物的方式，那麼如果這些事情中的任何一個發生，我們絕對會尋求增加我們的收購指導。

So currently thinking on a conservative basis, more back-end weighted with a little bit of cap rate movement, but if opportunity set cost of capital just in place, we will adjust both of those forward in the year and look to increase it if we can.

因此，目前在保守的基礎上思考，更多的後端加權有一點點資本化率變動，但如果機會設定資本成本恰好到位，我們將在今年調整這兩項，並希望增加它，如果我們能。

Great. And then just (inaudible) on Ki Bin’s last question about rent cuts. Could you just elaborate a little bit more on that? What are the discussions you are having, the type of tenants, the potential impact to ABR? And any additional color there would be very helpful.

偉大的。然後就是（聽不清）Ki Bin 關於減租的最後一個問題。你能詳細說明一下嗎？您正在進行哪些討論，租戶類型，對 ABR 的潛在影響？任何額外的顏色都會非常有幫助。

Yes, we are not in active discussions or actively considering rent cuts for any of our tenants right now. I know those things get talked around a lot given where people sit, and I think it may be is a little bit more prevalent in the last couple of years as people think about the COVID environment or they are thinking about movie theaters in the way that those have been handled since then. But we are not actively considering giving rent cuts to any of the tenants. There is nothing in the watch list that we think about as particularly thematic that would lead us to a place where we think that those are coming. The ones that are on there right now are the things that we talked about during the prepared remarks, it is the Lobster, keep an eye on Carvana, keep an eye on Santa Cruz, which is now Green Valley Medical Center, and we feel confident in where all 3 of those are headed or our ability to manage those through what might be a difficult period.

是的，我們現在沒有在積極討論或積極考慮為我們的任何租戶減租。我知道考慮到人們坐的地方，人們經常談論這些事情，而且我認為在過去幾年中，隨著人們考慮 COVID 環境或者他們正在考慮電影院的方式，這種情況可能會更加普遍從那時起就處理了這些問題。但我們並未積極考慮向任何租戶減租。觀察列表中沒有任何我們認為特別的主題可以引導我們到達我們認為這些即將到來的地方。現在在那裡的是我們在準備好的發言中談到的事情，是龍蝦，關注 Carvana，關注 Santa Cruz，現在是綠谷醫療中心，我們有信心這三個方面的發展方向或我們管理這些方面的能力如何度過可能困難的時期。

Okay. And then last for me on the development side. The $30 million pipeline currently in place, is that for the quarter? Is that your assumption for the year? And then what is the expected commencement period on those projects and the yields there?

好的。然後在開發方面對我來說是最後一個。目前已到位的 3000 萬美元管道，是本季度的嗎？這是你今年的假設嗎？那麼這些項目的預期開工期和收益是多少？

So it is not a full year projection. This is just currently a spot number that we have. We have taken a pretty proactive approach in the last couple of years to sort of enabling our property management and asset management teams to spend more time working with our tenants to find revenue generating capital expenditures that we can have to supplement our existing sourcing efforts. So this is just a spot number. It is comprised of a handful of different ones. So there is different time lines on these different yields. But one of the reasons why we focused on it, which is probably an assumption that you are making the question, but one of the reasons we focused on it is that by working directly with our tenants and finding ways to partner with them for their success, we are going to get better yields with lower transaction costs than we do out on the open market. So this is an attractive area for us to be allocating capital, and we are going to be looking to do as much of it as we can this year and every year going forward for those reasons.

所以這不是全年預測。這只是我們目前的一個現貨號碼。在過去的幾年裡，我們採取了一種非常積極主動的方法，使我們的物業管理和資產管理團隊能夠花更多的時間與我們的租戶合作，以尋找產生收入的資本支出，我們可以補充我們現有的採購工作。所以這只是一個現貨號碼。它由幾個不同的組成。因此，這些不同的收益率有不同的時間線。但我們關注它的原因之一，這可能是假設你提出了這個問題，但我們關注它的原因之一是通過直接與我們的租戶合作並找到與他們合作以取得成功的方法，與公開市場相比，我們將以更低的交易成本獲得更高的收益。因此，這是我們分配資本的一個有吸引力的領域，出於這些原因，我們將在今年和以後的每一年都盡可能多地做這件事。

We currently have no further questions. I will now hand back to Chris Czarnecki for final remarks. Please go ahead.

我們目前沒有進一步的問題。我現在將交還給 Chris Czarnecki 做最後的評論。請繼續。

Thank you. Just wanted to again thank all of the folks in the Broadstone universe for all the support you have shown me over the years. I am incredibly grateful. And more importantly, I am even more excited about the future of this team. I know they are locked and loaded and ready to continue to execute on your behalf and we look forward to seeing you soon at a number of industry events and (inaudible). And so thank you, and have a great rest of your week. Bye.

謝謝。只是想再次感謝 Broadstone 宇宙中的所有人，感謝你們多年來對我的支持。我非常感激。更重要的是，我對這支球隊的未來更加興奮。我知道它們已鎖定並加載並準備好繼續代表您執行，我們期待很快在許多行業活動和（聽不清）中見到您。所以謝謝你，祝你度過愉快的一周。再見。

Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的加入。您現在可以斷開線路。