Broadstone Net Lease Inc (BNL) 2023 Q1 法說會逐字稿

Hello, and welcome to Broadstone Net Lease's First Quarter 2023 Earnings Conference Call. My name is Emily, and I'll be your operator today. Please note that today's call is being recorded. I will now turn the call over to Mike Caruso, Senior Vice President of Corporate Strategy and Investor Relations at Broadstone. Please go ahead.

您好，歡迎參加 Broadstone Net Lease 2023 年第一季度收益電話會議。我叫艾米麗，今天我將成為您的接線員。請注意，今天的通話正在錄音。我現在將把電話轉給 Broadstone 企業戰略和投資者關係高級副總裁 Mike Caruso。請繼續。

Thank you, operator, and thank you, everyone, for joining us today for Broadstone Net Lease's First Quarter 2023 Earnings Call. On today's call, you will hear prepared remarks from CEO, John Moragne, President and COO, Ryan Albano; and CFO, Kevin Fennell. All 3 will 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 a 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. I will now turn the call over to John.

謝謝運營商，也謝謝大家今天加入我們參加 Broadstone Net Lease 的 2023 年第一季度財報電話會議。在今天的電話會議上，您將聽到首席執行官約翰·莫拉尼 (John Moragne)、總裁兼首席運營官瑞安·阿爾巴諾 (Ryan Albano) 準備好的講話；和首席財務官凱文·芬內爾。所有 3 個內容都將用於本次電話會議的問答部分。在開始之前，我想提醒大家，以下演示包含前瞻性陳述，這些陳述存在風險和不確定性，可能會因多種因素而導致實際結果出現重大差異。我們提醒您不要過分依賴這些前瞻性陳述，並請您參閱我們向 SEC 提交的文件，包括截至 2022 年 12 月 31 日的年度 10-K 表格，以更詳細地討論可能導致此類前瞻性陳述的風險因素。差異。本次電話會議期間提供的任何前瞻性陳述僅截至本次電話會議之日作出。我現在將把電話轉給約翰。

Thank you, Mike, and good morning, everyone. In what continues to be a challenging macroeconomic environment, I'm proud to report our first quarter 2023 results. Our core mission is to create long-term stockholder value through investing in and managing net lease real estate. There remains a lot of uncertainty in the market as the Federal Reserve continues its balancing act and the fight against persistent inflation and major headwinds surface in the banking world. As stewards of investor capital, we believe a conservative, prudent and selective approach to capital allocation is the best path to navigate this uncertain market, and our first quarter results reflect that belief.

謝謝你，邁克，大家早上好。在仍然充滿挑戰的宏觀經濟環境中，我很自豪地報告我們 2023 年第一季度的業績。我們的核心使命是通過投資和管理淨租賃房地產來創造長期股東價值。隨著美聯儲繼續採取平衡行動以及對抗持續通脹和銀行業面臨的主要阻力，市場仍然存在很多不確定性。作為投資者資本的管理者，我們相信保守、審慎和有選擇性的資本配置方法是駕馭這個不確定市場的最佳途徑，我們第一季度的業績反映了這一信念。

While we sourced and evaluated billions of dollars in potential new acquisitions, given current pricing dynamics and market risks, we did not feel that cap rates had increased enough to justify significant outlays of capital. During the first quarter, we were purposeful in how we evaluated opportunities sourced year-to-date and limited our pursuit to only those investments that we believe were priced appropriately and accretive to earnings. Times like these require discipline and selectivity but also creativity and opportunism as the debt capital markets and the banking systems adjusted to higher interest rates and structural dislocations in lending, we saw opportunities to partner with our existing tenants as well as developers who have turned to us as an alternative financing solution.

儘管我們在潛在的新收購中尋找並評估了數十億美元，但考慮到當前的定價動態和市場風險，我們認為資本化率的增長不足以證明大量資本支出的合理性。在第一季度，我們有目的地評估今年迄今獲得的機會，並將我們的追求僅限於那些我們認為定價適當且能增加收益的投資。像這樣的時代需要紀律和選擇性，但也需要創造力和機會主義，隨著債務資本市場和銀行系統適應更高的利率和貸款的結構性混亂，我們看到了與現有租戶以及轉向我們的開發商合作的機會作為替代融資解決方案。

Through these relationships, we were able to secure creative and accretive ways to deploy capital on a risk-adjusted basis into existing tenants and relationships in real estate with strong fundamentals. As I stated in February, we are not interested in growth for growth's sake, but rather, we are focused on making prudent capital allocation decisions that drive sustainable and accretive earnings growth over the long term. This has always been a core BNL principle and one that is critically important in the current environment. While we don't expect uncertainty and volatility to dissipate in the near term, -- we do believe the strength of our existing portfolio and fortified balance sheet have positioned us to continue to deliver consistent and reliable results for our shareholders.

通過這些關係，我們能夠找到創造性和增值性的方式，在風險調整的基礎上將資本部署到現有租戶和基礎穩固的房地產關係中。正如我在二月份所說，我們並不關心為了增長而增長，而是專注於做出審慎的資本配置決策，以推動長期可持續和增值的盈利增長。這一直是 BNL 的一項核心原則，在當前環境下至關重要。雖然我們預計不確定性和波動性不會在短期內消失，但我們確實相信現有投資組合的實力和強化的資產負債表使我們能夠繼續為股東提供一致和可靠的業績。

With 221 different tenants in 54 different industries, our best-in-class diversification defensively positions BNL to weather this period of sustained uncertainty and economic pressure. While substantially all our tenants' underlying operating profiles remain healthy, we believe a heightened level of scrutiny is only prudent given today's backdrop and are paying close attention to tenants who may be more susceptible to the topical pressures of today's environment, including tenants with capital structures that may face refinancing risk in the near and medium term.

BNL 擁有來自 54 個不同行業的 221 個不同租戶，我們一流的多元化策略能夠防禦性地幫助 BNL 度過這段持續的不確定性和經濟壓力時期。雖然我們所有租戶的基本經營狀況基本上保持健康，但我們認為，鑑於當今的背景，加強審查才是謹慎的做法，並密切關注可能更容易受到當今環境壓力的租戶，包括具有資本結構的租戶中短期內可能面臨再融資風險。

Our portfolio continues to demonstrate its resiliency despite many of the macro headwinds that have captured headlines as of late as evidenced by 100% rent collections and 99.4% occupancy in the first quarter. As of quarter end, only 2 of our 801 properties were vacant and not subject to a lease. Market conditions like these also demand a flexible and fortified balance sheet, which BNL certainly has at 5.1x leverage on a net debt to annualized adjusted EBITDAre basis, we have ample liquidity and flexibility to fuel our selective growth strategy for the remainder of 2023. Prudent capital markets execution last year has afforded us the ability to make decisions we want to, not decisions we have to.

儘管存在許多宏觀不利因素，但我們的投資組合繼續展現出其彈性，這些不利因素最近成為頭條新聞，第一季度 100% 的租金回收率和 99.4% 的入住率證明了這一點。截至季度末，我們的 801 處房產中只有 2 處處於空置且不受租賃約束。像這樣的市場狀況也需要靈活且強化的資產負債表，而 BNL 的淨債務與年化調整後 EBITDA 的槓桿率當然為 5.1 倍，因此我們擁有充足的流動性和靈活性來推動我們在 2023 年剩餘時間內的選擇性增長戰略。去年資本市場的執行使我們能夠做出我們想要的決策，而不是我們必須做出的決策。

More to come from Kevin on this. On the capital allocation front, we continue to find ourselves in an extended period of price discovery as seller expectations remain high and lag changes in both public and private buyer cost of capital. periods of dislocation like this always provide unique opportunities, many of which we have been able to successfully capitalize on. First, we have had continued success selling assets that we believe possess heightened credit and/or residual risk, and we have done so at attractive, accretive cap rates. These types of sales provide the simultaneous benefits of mitigating risk within the current portfolio while building dry powder to be accretively recycled at attractive spreads. Second, we have had success sourcing opportunities as an alternate financing provider given the conditions in the traditional debt markets.

凱文將就此提供更多信息。在資本配置方面，我們繼續發現自己處於長期的價格發現階段，因為賣方期望仍然很高，並且滯後於公共和私人買方資本成本的變化。像這樣的混亂時期總是提供獨特的機會，我們能夠成功地利用其中許多機會。首先，我們持續成功地出售了我們認為具有較高信用和/或剩餘風險的資產，並且我們以有吸引力的、增值的上限利率做到了這一點。這些類型的銷售同時提供了降低當前投資組合風險的好處，同時建立了以有吸引力的價差增加回收的干粉。其次，考慮到傳統債務市場的條件，我們成功地尋找了作為替代融資提供商的機會。

Our relationship-based approach to investing has yielded a pipeline of opportunities to partner with our existing tenants and revenue-generating capital expenditure projects that provide a mutually beneficial solution. These projects have helped us to continue to deploy capital at accretive yields in addition to our more traditional acquisition sourcing channels. We have also seen an increase in opportunities to partner with developers on build-to-suit transactions. Most notably, a 200-plus million state-of-the-art temperature-controlled food distribution facility. Opportunities like this will make market dislocations exciting and are the reward for maintaining our discipline and selectivity throughout the year.

我們基於關係的投資方法為我們提供了一系列與現有租戶和創收資本支出項目合作的機會，從而提供互惠互利的解決方案。除了我們更傳統的採購渠道之外，這些項目幫助我們繼續以增值收益部署資本。我們還看到與開發商合作進行定制交易的機會有所增加。最值得注意的是，擁有 2 億多人口的最先進的溫控食品配送設施。這樣的機會將使市場混亂變得令人興奮，也是我們全年保持紀律和選擇性的回報。

This milestone transaction will add the single largest asset to our portfolio and provide numerous long-term benefits for our shareholders, most importantly, growth in BNL's future earnings profile. Through this transaction, we have locked in an accretive yield and corresponding investment spread on a high-quality asset that would not have been possible just a year ago. This, coupled with a long-term lease with a leading operator that includes solid fixed annual rent escalations, will translate into consistent earnings growth over the life of the investment.

這項具有里程碑意義的交易將為我們的投資組合增添最大的單一資產，並為我們的股東帶來眾多長期利益，最重要的是，BNL 未來盈利狀況的增長。通過這次交易，我們鎖定了優質資產的增值收益和相應的投資利差，這在一年前是不可能的。再加上與領先運營商的長期租賃（包括穩定的固定年租金上漲），將轉化為在投資期限內持續的收益增長。

We are focused on making prudent capital allocation decisions that drive value for our shareholders over the long term, not just in the current calendar year, and this opportunity encapsulates that mission and showcases our ability to source and execute on accretive opportunities despite the current challenging environment. And with that, I will now turn the call over to Ryan, who will provide additional details on the health of our existing portfolio, our accretive capital recycling efforts and our investment activity, including this exciting build-to-suit opportunity.

我們專注於做出審慎的資本配置決策，為股東帶來長期價值，而不僅僅是在本年度，這一機會體現了這一使命，並展示了我們在當前充滿挑戰的環境下尋找和執行增值機會的能力。現在，我將把電話轉給瑞安，他將提供有關我們現有投資組合的健康狀況、我們的增值資本回收工作和我們的投資活動的更多詳細信息，包括這個令人興奮的定制機會。

Thanks, John, and thank you to all the listeners who have joined us today. Given current economic conditions and business pressures, let's start with portfolio monitoring. We're currently focusing our efforts on both granular individual tenant considerations as well as higher more thematic factors. From an individual tenant standpoint, we continue to closely monitor our exposure to Carvana, Red Lobster and Green Valley Medical Center, which we discussed in detail on our previous earnings call.

謝謝約翰，也謝謝今天加入我們的所有聽眾。鑑於當前的經濟狀況和業務壓力，讓我們從投資組合監控開始。目前，我們的工作重點是細粒度的個體租戶考慮以及更高的主題因素。從個體租戶的角度來看，我們將繼續密切關注 Carvana、Red Lobster 和 Green Valley Medical Center 的風險敞口，我們在之前的財報電話會議上對此進行了詳細討論。

While there have been no material updates since our call in February, we remain confident in our investments and the underlying value of the real estate despite many of the recent headlines concerning these tenants. These 3 tenants coupled with a handful of other smaller tenants as a percentage of ABR comprised the individualized tenant-specific portion of our watch list, which is largely consistent quarter-over-quarter. Our more thematic monitoring efforts include focusing on tenants whose capital structures may be susceptible to near-term refinancing risk given the current conditions in the lending market.

儘管自我們二月份的電話會議以來沒有任何重大更新，但我們對我們的投資和房地產的潛在價值仍然充滿信心，儘管最近有許多關於這些租戶的頭條新聞。這 3 個租戶加上少數其他較小租戶（佔 ABR 的比例）構成了我們觀察名單中的個性化租戶特定部分，該部分與每個季度基本一致。我們的更多主題監控工作包括重點關注資本結構可能容易受到短期再融資風險影響的租戶（考慮到貸款市場的當前狀況）。

Rent collections and occupancy continue to be the most accurate real-time measures of the health of our portfolio. And as John stated earlier, we're 100% and 99.4%, respectively, during the first quarter. While prudent management requires enhanced portfolio monitoring efforts in these conditions, it also presents opportunities for our proactive asset management initiatives. The current market environment has provided a unique opportunity to sell assets we believe possess outsized credit and/or residual risk at attractive pricing levels due to the quality of the underlying real estate.

租金收取和入住率仍然是衡量我們投資組合健康狀況的最準確的實時衡量標準。正如約翰之前所說，我們在第一季度分別達到 100% 和 99.4%。雖然審慎管理需要在這種情況下加強投資組合監控工作，但這也為我們主動的資產管理舉措提供了機會。當前的市場環境提供了一個獨特的機會，可以以有吸引力的價格水平出售我們認為由於基礎房地產質量而擁有巨大信用和/或殘餘風險的資產。

During the first quarter, we sold 3 properties for gross proceeds of $51.9 million at a weighted average cash capitalization rate of 6%. The dispositions include a $32 million sale of an office asset, which together with a simultaneous lease buyout of $7.5 million represented an all-in cash capitalization rate of 6.1%. As a result of the sale, we reduced our office exposure to 5.8% of ABR at quarter end. Since quarter end, we have sold an additional 3 assets for a total of $39.4 million at a weighted average cash capitalization rate of 5.2% and have a pipeline of additional dispositions at various stages of execution.

第一季度，我們出售了 3 處房產，總收益為 5190 萬美元，加權平均現金資本率為 6%。這些處置包括出售 3200 萬美元的辦公資產，加上同時購買的 750 萬美元的租賃資產，總現金資本化率為 6.1%。由於出售，我們在季度末將辦公室風險降低至 ABR 的 5.8%。自季度末以來，我們已以 5.2% 的加權平均現金資本化率為 5.2% 額外出售了 3 項資產，總價值為 3,940 萬美元，並且在不同的執行階段有一系列額外的處置。

Together with our first quarter dispositions, we've sold 6 properties for gross proceeds of $94.3 million at a weighted average cash capitalization rate of 5.4%. We intend to continue to strategically sell assets to proactively mitigate risk within our existing portfolio while also generating proceeds to be accretively redeployed. On the external growth front, we intentionally slowed the pace of our investment activity to start 2023. We believe that cap rates have not yet fully absorbed the amount of risk in the market and should move incrementally higher.

加上我們第一季度的處置，我們已經出售了 6 處房產，總收益為 9,430 萬美元，加權平均現金資本率為 5.4%。我們打算繼續戰略性地出售資產，以主動降低現有投資組合中的風險，同時產生收益以進行增值重新部署。在外部增長方面，從 2023 年開始，我們有意放慢了投資活動的步伐。我們認為，上限利率尚未完全吸收市場風險，應該會逐步走高。

Supply and demand dynamics, stubbornly high seller expectations and continuing pricing discovery have made it challenging to identify opportunities that we believe are appropriately priced on a risk-adjusted basis, especially in the non-investment-grade segment of the market. During the first quarter, we sourced approximately $8 million of new acquisition opportunities, the large majority of which we elected to pass on, given our view on a miscalibration between risk and return. Sellers continue to slowly adjust their price expectations and in many cases, have delayed transacting in hopes of achieving more attractive pricing in the future when market conditions stabilize.

供需動態、頑固的高賣家期望和持續的定價發現，使得我們很難找到我們認為在風險調整的基礎上適當定價的機會，特別是在非投資級市場領域。在第一季度，我們尋找了大約 800 萬美元的新收購機會，鑑於我們對風險與回報之間的錯誤校準的看法，我們選擇放棄其中的大部分機會。賣家繼續緩慢調整價格預期，在許多情況下，他們推遲了交易，希望在未來市場狀況穩定時獲得更具吸引力的價格。

With more traditional sourcing channels providing suboptimal opportunities, we have focused on finding creative ways to continue to accretively deploy capital starting with revenue-generating capital expenditure projects with our existing tenants. First quarter investment activity totaled approximately $20 million at a weighted average initial cash cap rate of 7%, which included a single one-off retail property acquisition for $5.2 million. The majority of our first quarter investment activity came in the form of revenue-generating capital expenditure projects with existing tenants.

由於更傳統的採購渠道提供了次優機會，我們專注於尋找創造性的方法，從與現有租戶的創收資本支出項目開始，繼續增加部署資本。第一季度投資活動總計約 2000 萬美元，加權平均初始現金上限率為 7%，其中包括一筆價值 520 萬美元的一次性零售物業收購。我們第一季度的大部分投資活動都是與現有租戶進行創收資本支出項目的形式。

During Q1, we invested a total of $14.8 million in 2 of our existing industrial assets at a weighted average initial cash cap rate of 7%. Partnering with existing tenants as a capital provider has been a compelling way to generate attractive accretive yields while simultaneously growing the underlying value of our assets with very little risk. We have seen an increase in these types of opportunities as lending conditions become tighter and currently have $18 million of unfunded commitments towards future investments in our existing properties with a growing pipeline of additional potential future projects currently under active consideration.

第一季度，我們以 7% 的加權平均初始現金上限投資了總計 1,480 萬美元的 2 項現有工業資產。作為資本提供者與現有租戶合作是一種令人信服的方式，可以產生有吸引力的增值收益，同時以很小的風險增加我們資產的潛在價值。隨著貸款條件變得更加嚴格，我們看到此類機會有所增加，目前我們對現有房產的未來投資有 1800 萬美元的無資金承諾，目前正在積極考慮更多潛在的未來項目。

We currently have $225.2 million of investments under control, which we define as executed contract or letter of intent. The substantial majority of under-controlled volume is comprised of the build-to-suit transaction John mentioned earlier, which is sourced from an existing relationship who we have worked with in the past. Acting as a capital solution, we have the opportunity to fund the development of a 1 million square foot state-of-the-art temperature-controlled food distribution facility in Florida, leased to a leading North American operator.

我們目前控制著 2.252 億美元的投資，我們將其定義為已執行的合同或意向書。絕大多數未受控制的交易量由約翰之前提到的定制交易組成，該交易源自我們過去合作過的現有關係。作為資本解決方案，我們有機會資助在佛羅里達州開發一處 100 萬平方英尺的最先進的溫控食品配送設施，該設施租賃給北美一家領先的運營商。

While we are still negotiating and finalizing terms of the deal, we expect to fund approximately half of the total estimated $200 million during 2023, the balance of which will be funded next year with targeted delivery and subsequent rent commencement estimated for early Q4 of 2024. During the construction period, we will earn capitalized interest at an attractive yield on our invested capital, which upon the commencement of rent translates into an initial cash yield in the low 7s.

雖然我們仍在談判和敲定交易條款，但我們預計將在 2023 年期間為預計總額 2 億美元的大約一半提供資金，其餘資金將在明年提供，預計將於 2024 年第四季度初進行有針對性的交付和隨後的租金開始。在施工期間，我們將以有吸引力的投資資本收益率賺取資本化利息，在租金開始時，該利息將轉化為較低的 7 美元的初始現金收益率。

We are acting solely as a capital provider and not an at-risk development party. Upon completion, the asset will be subject to a long-term lease with annual rent escalations consistent with our industrial portfolio. Given where we are in the deal process, we will provide additional disclosure following contract execution. We are thrilled with the opportunity to invest in a high-quality asset in a strong market with an attractive return profile on a risk-adjusted basis that will generate future earnings growth. This transaction demonstrates our patient and thoughtful approach to capital allocation, which will drive value for our shareholders for years to come. And with that, I will now turn the call over to Kevin.

我們僅作為資本提供者而不是面臨風險的開發方。竣工後，該資產將實行長期租賃，每年租金上漲與我們的工業投資組合一致。鑑於我們在交易過程中所處的階段，我們將在合同執行後提供額外的披露。我們很高興有機會在強勁的市場中投資優​​質資產，並在風險調整的基礎上獲得有吸引力的回報，這將帶來未來的盈利增長。這項交易展示了我們耐心和深思熟慮的資本配置方法，這將在未來幾年為我們的股東帶來價值。現在，我將把電話轉給凱文。

Thank you, Ryan, and good morning, everyone. As John reiterated again this quarter, even with significant capital in hand with an attractive cost, we are focused on selectively deploying available dry powder on opportunities that are both accretive and appropriately priced on a risk-adjusted basis. We once again ended the period in a position of financial strength and flexibility despite there being no capital markets activity during the quarter. Given the disposition activity that Ryan outlined, we were able to reduce the balance on our revolver by nearly $90 million in the quarter, resulting in more than $890 million of remaining borrowing capacity.

謝謝瑞安，大家早上好。正如約翰本季度再次重申的那樣，即使手頭有大量資本和具有吸引力的成本，我們仍專注於選擇性地部署可用的干粉，這些機會既具有增值性，又在風險調整的基礎上定價適當。儘管本季度沒有資本市場活動，但我們再次以財務實力和靈活性結束了這一時期。鑑於 Ryan 概述的處置活動，我們在本季度將左輪手槍餘額減少了近 9000 萬美元，從而使剩餘借貸能力超過 8.9 億美元。

This, combined with our low leverage profile and no significant maturities until 2026 continues to provide us with ample liquidity as we selectively pursue investment opportunities. Our substantially fixed rate debt capital structure has insulated us for many of the upward pressures associated with higher for longer interest rate expectations. All of our debt, excluding our revolver, is fixed at a weighted average interest rate of 3.7% after considering the effect of our nearly $974 million interest rate swaps that have staggered maturities beginning in 2024 and running through 2034. We -- as we think about equity, we continue to view our ATM as a core component of our overall capital market strategy that allows us to opportunistically consider raising equity alongside investment volume if needed.

再加上我們的低杠桿率以及 2026 年之前沒有重大到期日，繼續為我們有選擇地尋求投資機會提供充足的流動性。我們基本上固定利率的債務資本結構使我們免受與長期較高利率預期相關的許多上行壓力。考慮到近 9.74 億美元利率掉期的影響後，我們的所有債務（不包括左輪手槍）的加權平均利率固定為 3.7%，這些利率掉期從 2024 年開始到 2034 年錯開到期。我們——正如我們所想的那樣關於股權，我們繼續將 ATM 視為我們整體資本市場戰略的核心組成部分，這使我們能夠在需要時機會性地考慮在投資額的同時籌集股權。

Given no activity in the quarter, we maintained $145 million of capacity on the current program. Turning to our financial results. During the quarter, we generated AFFO of $67.5 million or $0.34 per share versus $65.6 million or $0.36 per share in Q4. The decline was driven by the effect of additional shares from settling the 13 million share forward offering at the end of the year. We incurred $8.5 million of cash G&A expense in the quarter, which tracks in line with our guidance. At our quarterly meeting, our Board of Directors approved a $0.28 dividend per common share in OP unit, which is a 1.8% increase from last quarter.

鑑於本季度沒有任何活動，我們維持了當前計劃 1.45 億美元的產能。轉向我們的財務業績。本季度，我們產生了 AFFO 6750 萬美元，即每股 0.34 美元，而第四季度為 6560 萬美元，即每股 0.36 美元。這一下降是由於年底解決 1300 萬股遠期發行而產生的額外股份的影響所致。本季度我們產生了 850 萬美元的現金管理費用，這與我們的指導相符。在我們的季度會議上，我們的董事會批准了 OP 單位每股普通股 0.28 美元的股息，比上季度增加 1.8%。

This represents our fifth semiannual dividend increase since our IPO and is payable to holders on or before July 14, 2023. The dividend continues to be well covered aligns with our targeted AFFO payout ratio in the mid- to high 70% range and represents an attractive dividend yield relative to many of our net lease peers. Finally, we are maintaining our 2023 per share guidance today with an AFFO range of $1.40 to $1.42 per share, so we are increasing our disposition volume given the success we have experienced year-to-date.

這是我們自 IPO 以來第五次增加半年度股息，並將於 2023 年 7 月 14 日或之前向持有人支付。股息繼續得到很好的覆蓋，符合我們在中高 70% 範圍內的目標 AFFO 支付率，代表著一個有吸引力的股息相對於我們許多淨租賃同行的股息收益率。最後，我們今天維持 2023 年每股指引，AFFO 範圍為每股 1.40 美元至 1.42 美元，因此，鑑於我們今年迄今所取得的成功，我們正在增加處置量。

We will continue to evaluate guidance revisions as we progress further into the year and gain more clarity into both the pace of asset repricing and conditions in the capital markets. Our guidance range reflects the following key assumptions: investment volume between $300 million and $500 million, which includes amounts to be funded this year under the aforementioned build-to-suit transaction. disposition volume between $150 million and $200 million, which has been revised higher and total cash G&A between $32 million and $34 million, which remains unchanged. As a reminder, our per share results for the year are sensitive to both the timing and amount of acquisitions, dispositions and capital markets activities that occur throughout the year. And with that, we'll now open the call up for questions.

隨著今年的進展，我們將繼續評估指導意見的修訂，並更加清楚地了解資產重新定價的步伐和資本市場的狀況。我們的指導範圍反映了以下關鍵假設：投資額在 3 億至 5 億美元之間，其中包括今年根據上述定制交易提供的資金金額。處置金額在 1.5 億美元至 2 億美元之間，已調高，現金總管理費用在 3200 萬美元至 3400 萬美元之間，保持不變。提醒一下，我們今年的每股業績對全年發生的收購、處置和資本市場活動的時間和數量都很敏感。現在，我們將開始提問。

(Operator Instructions) Our first question today comes from Anthony Paolone with JPMorgan..

（操作員說明）我們今天的第一個問題來自摩根大通的 Anthony Paolone。

Okay. My first question is just on the large build-to-suit that you announced. I know you said you'll give more details, I guess, in future quarters. But can you maybe talk a bit more about, say, the credit behind it, nature of the either operator or developer or any further details there.

好的。我的第一個問題是關於您宣布的大型定制產品。我知道你說過你會在未來幾個季度提供更多細節。但您能否多談談其背後的信用、運營商或開發商的性質或任何進一步的細節。

Thanks, Tony. As we mentioned, that one still needs to -- we got to dot some Is, cross some Ts on it. So, there's going to be some more information that we'll have in the future. But as we talked about in our prepared remarks, we're really excited for this one. It's a really solid operator, good credit, great location, really stable business model in terms of the distribution that happened that will be happening out of the facility once it's completed. This is a transaction that we really feel is unique for us right now and is unique in the net lease market. One of the things that gets talked about often is with the additional stress that's being put on the financing system. Traditional debt capital markets, the availability of financing for build-to-suit has gotten a lot more stressed than it has in the past 12 months.

謝謝，托尼。正如我們提到的，仍然需要——我們必須在上麵點一些“Is”，交叉一些“T”。因此，我們將來將會獲得更多信息。但正如我們在準備好的發言中談到的那樣，我們對此感到非常興奮。這是一家非常可靠的運營商，信用良好，地理位置優越，就設施建成後將在設施外進行的分銷而言，它的業務模式非常穩定。我們確實認為這是一項目前對我們來說獨一無二的交易，並且在淨租賃市場上也是獨一無二的。人們經常談論的事情之一是融資系統承受的額外壓力。在傳統債務資本市場中，定制化融資的可用性比過去 12 個月承受的壓力要大得多。

And so it provides us a really great opportunity for companies like us to step in as an alternative source of capital here in a way that a year ago, the markets were perfectly operating and be able to -- they find the financing they were looking for. And if we were to look at this on the backside of it, when it was fully stabilized and built out, the pricing would be significantly below where it is today, and we would be able to afford it properly. So we're very excited about it. There's a lot more to come on it once we have a definitive documentation, and we're going to look forward to talking with you all in more detail at that point.

因此，它為我們這樣的公司提供了一個非常好的機會，可以以一年前的方式介入這裡作為替代資本來源，市場運行良好並且能夠 - 他們找到他們正在尋找的融資。如果我們從它的背面來看，當它完全穩定並建成時，定價將大大低於今天的水平，我們將能夠負擔得起。所以我們對此感到非常興奮。一旦我們有了明確的文檔，還有很多事情要做，我們將期待屆時與大家進行更詳細的討論。

Okay. And then just as a follow-up, -- maybe can you talk a bit about how you thought about maybe selling more assets and maybe buying back stock and I get the economics of that and how that makes sense. But how do you think about in terms of the context of just shrinking the overall business and I guess sort of like the negative leverage on scale that comes with that.

好的。然後，作為後續行動，也許您可以談談您如何考慮出售更多資產並回購股票，我了解了其中的經濟學原理以及其意義。但是，您如何看待整體業務萎縮的背景，我想有點像隨之而來的規模上的負槓桿。

Yes. So maybe the first place to start with there is that we continue to believe our shares are undervalued. And so that's not a place that we're looking at from a cost of capital standpoint in terms of how we're going to grow this portfolio. We are still in a place, as Ryan talked about, where we have the opportunity to sell off assets that we have some concerns about from a risk mitigation standpoint, whether it's tenant's credit profile, underlying industry business operations or it's a lease rollover risk at the end of it, but they continue to have solid real estate fundamentals that are attractive for other sets of buyers outside of sort of long-term holders in the net lease industry.

是的。因此，也許首先我們仍然認為我們的股票被低估。因此，我們不會從資本成本的角度來考慮如何發展這個投資組合。正如瑞安所說，我們仍然有機會出售我們從風險緩解角度擔心的資產，無論是租戶的信用狀況、基礎行業業務運營還是租賃展期風險。結束了，但他們仍然擁有堅實的房地產基礎，這對淨租賃行業長期持有者之外的其他買家具有吸引力。

So with that dislocation, we're able to execute on those, as we talked about in the high 5s and low 6s, relative to where we are then reinvesting in the 7% cap range, we feel it's a great accretive spread. We get excited about that, and it's something that we'll continue to lean into for so long as we're looking at a share price that we think is undervalued. Now the repurchase program, we put it in place so that we have a tool. There's limited windows throughout the year where you could put one in place.

因此，隨著這種錯位，我們能夠執行這些，正如我們在高 5 和低 6 中討論的那樣，相對於我們在 7% 上限範圍內再投資的情況，我們認為這是一個巨大的增值利差。我們對此感到興奮，只要我們看到我們認為被低估的股價，我們就會繼續關注這一點。現在是回購計劃，我們把它落實到位，這樣我們就有了一個工具。一年中可以放置一個的窗口有限。

And if you ever were in a position where you wanted to be able to utilize it, which we are not right now, as you saw, we put it in place, but didn't buy no shares back. and we're not currently in a place where we think that's something that we would do. But it's another tool in the toolkit. Kevin would tell you, we have been adding tools to the toolkit each year over the last 3 years since we went public, and this is just the latest one that we added.

如果您曾經處於希望能夠利用它的位置，但我們現在還沒有，正如您所看到的，我們將其到位，但沒有回購任何股票。目前我們認為我們不會這樣做。但這是工具箱中的另一個工具。 Kevin 會告訴你，自從我們上市以來，在過去的三年裡，我們每年都在向工具包中添加工具，而這只是我們添加的最新一個。

Our next question comes from John Kim with BMO.

我們的下一個問題來自 BMO 的 John Kim。

It's Eric on for John. I just want to start with the acquisition pipeline. Outside of the investments under control. What's the size of the pipeline today? And then if you could comment on the split between opportunistic investments and traditional triple-net assets and maybe the split between marketed and off-marketed transactions, would be great.

埃里克替約翰上場。我只想從收購渠道開始。受控制的投資之外。今天的管道尺寸是多少？然後，如果您可以評論機會主義投資和傳統三重淨資產之間的劃分，以及市場交易和場外交易之間的劃分，那就太好了。

So in the pipeline, I think everyone can agree volumes are lower this year. And particularly if you're comparing it to '21 and '22, you're back at a point where volumes look a lot more like that '17 to '19 period, 2017, 2019. For us, if you take a step back and think about what's available out there on the pipeline, I think there's a set of facts that pretty much any net lease company could agree to right now. In addition to lower volumes, seller expectations continue to sort of stubbornly stay where they are, particularly for the best product, the best product in the marketplace, you're seeing sellers that are looking to hold or are waiting even to post it for sale.

因此，在籌備過程中，我認為每個人都同意今年的銷量較低。特別是如果你將其與 21 和 22 年進行比較，你會發現銷量看起來更像是 17 至 19 年期間、2017 年、2019 年。對我們來說，如果你退後一步想想管道中現有的東西，我認為現在幾乎所有網絡租賃公司都可以同意一系列事實。除了銷量下降之外，賣家的期望仍然頑固地保持在原地，特別是對於最好的產品，市場上最好的產品，你會看到賣家希望持有或等待甚至將其發佈出售。

Financing conditions are much tighter. Levered buyers are predominantly out at this point because of the higher for longer interest rate environment. You're seeing a little bit of stress now in the 1031 market. And then on top of all that, cap rates have moved a lot in the last 12 to 15 months, but it looks like they plateaued a little bit. So when you take the view in the bond market and how people are pricing in risk for operators and you compare with the cap rates, we don't necessarily believe that the cap rates have moved all the places where they should have.

融資條件更加緊張。由於長期較高的利率環境，槓桿買家目前主要退出。您現在在 1031 市場上看到了一點壓力。最重要的是，在過去 12 到 15 個月裡，資本化率發生了很大變化，但看起來已經趨於穩定。因此，當您審視債券市場以及人們如何為運營商定價時，並與上限利率進行比較時，我們不一定認為上限利率已移動到應有的所有位置。

So you can have all of those facts and agree to them 100%, and you can still choose to go in a couple of different directions. What we've done is we've chosen to be selective, prudent, patient with how we're looking to allocate capital. There's others that can agree with everything I just said and decide to work their way up the risk spectrum because they want to continue to deploy capital and put it into whatever product is available out there. So in terms of the volume that's out, it's a pretty healthy split in terms of deals on assumptions, new product on the sale-leaseback market as everyone is anticipating, we are seeing more product come as a result of difficulties in getting debt financing.

因此，您可以了解所有這些事實並 100% 同意它們，並且您仍然可以選擇幾個不同的方向。我們所做的是，我們選擇對如何分配資本保持選擇性、謹慎和耐心。還有其他人可以同意我剛才所說的一切，並決定逐步提高風險範圍，因為他們希望繼續部署資本並將其投入到現有的任何產品中。因此，就發布的數量而言，正如每個人都預期的那樣，就假設交易、售後回租市場上的新產品而言，這是一個相當健康的分割，我們看到更多的產品是由於債務融資困難而產生的。

So the sale-leaseback market is becoming more attractive for CFOs to think about how they're going to finance their business. And maybe just to bring it back to the build-to-suit opportunity, that's a perfect example. That opportunity came to us because the financing, the capital source provider on that was not able to commit and complete their obligations. And so they had a broken financing situation and brought it back to us. So overall, the market is certainly leaner than it was before, but we're still seeing ample opportunity to execute on. We just are taking the conservative approach to it in the way that we're going to be deploying capital right now.

因此，售後回租市場對於首席財務官來說變得越來越有吸引力，讓他們思考如何為業務融資。也許只是為了將其帶回定制機會，這是一個完美的例子。這個機會來到了我們身邊，因為融資、資金來源提供者無法承諾並完成其義務。因此，他們的融資狀況出現了問題，並將其帶回給我們。因此，總體而言，市場肯定比以前更加精簡，但我們仍然看到充足的執行機會。我們只是採取保守的方法來部署資本。

Okay. That's helpful. And then more of a big picture one for me. Just kind of curious from what the foot traffic data from the underlying consumer is telling you, just curious if you're seeing any change in the consumer behavior across regions or affluence levels and anything you could point to where you yourself are maybe seeing some signs of changing the behavior. I understand that the retail and the restaurant portion is not as predominant as industrial, but just curious if you have any thoughts there?

好的。這很有幫助。對我來說還有更大的圖景。只是好奇潛在消費者的人流量數據告訴您什麼，只是好奇您是否看到跨地區或富裕水平的消費者行為有任何變化，以及您可能指出的任何跡象，您自己可能會看到一些跡象改變行為。我知道零售和餐飲部分並不像工業那樣占主導地位，但只是好奇您對此有什麼想法嗎？

Sure. We have certainly seen some softness, at least in the casual dining space as you look back over the last year or so, but generally remain healthy. I think that foot traffic seems to continue to correlate along with AUVs at those sites. So we feel pretty comfortable about it. We've seen a little bit of softening. But at the end of the day, it hasn't been a significant amount overall. And I wouldn't really say that there's been any difference of impact categorically by region or by concept specific.

當然。回顧過去一年左右的時間，我們確實看到了一些疲軟的情況，至少在休閒餐飲領域是這樣，但總的來說仍然保持健康。我認為這些地點的人流量似乎繼續與 AUV 相關。所以我們對此感覺很舒服。我們看到了一些軟化。但歸根結底，總體金額並不大。我真的不會說按地區或特定概念劃分的影響有任何差異。

Our next question comes from Michael Gorman with BTIG.

我們的下一個問題來自 BTIG 的 Michael Gorman。

I wonder if we could go back to the acquisition market just for a minute and kind of walk through the $8 billion that you underwrote, how much of that was strictly a pricing issue? And then I think Ryan made an interesting comment that some of those sellers didn't actually wind up transacting. So is there any sense for how much of that is still out there because of the bid-ask spread? Or did the -- what amount of that actually went to a seller ultimately even if the pricing was mismatched on your side?

我想知道我們是否可以回到收購市場一分鐘，回顧一下您承銷的 80 億美元，其中有多少是嚴格意義上的定價問題？然後我認為瑞安做了一個有趣的評論，其中一些賣家實際上並沒有完成交易。那麼，由於買賣價差，其中有多少仍然存在，是否有意義？或者，即使您這邊的定價不匹配，最終實際流向賣家的金額是多少？

Sure. A little hard to track through across the board. What I would say is, overall, we have certainly seen some transactions even dating back to maybe Q2, Q3 of last year that stalled out from seller expectations that reapproached the market, some of which have reapproached at higher pricing levels -- or I'm sorry, lower pricing levels, higher cap rates and our clearing at those levels. When I think about sort of the mix on a cap rate basis, I'd say probably about 50-50 in terms of what's above a 7% cap rate versus what's below, maybe a little bit more heavily weighted towards what's above in terms of the breakdown of that $8 billion.

當然。全面追踪有點困難。我想說的是，總的來說，我們確實看到了一些交易，甚至可以追溯到去年第二季度、第三季度，這些交易因賣家重新進入市場的預期而陷入停滯，其中一些交易已經以更高的定價水平重新進入——或者我'抱歉，較低的定價水平，較高的資本化率以及我們在這些水平上的清算。當我考慮基於資本化率的組合時，我會說，就高於 7% 資本化率的情況與低於 7% 資本化率的情況而言，我想說的可能是 50-50 左右，也許更偏重於高於 7% 的資本化率這80億美元的細目。

Okay. Great. And then maybe as a follow-up, I guess, part of what I was also getting at is within that $8 billion, did any of the transaction activity fall out because you've rethought credit standards or you rethought kind of economic exposure because of what's going on in the market beyond just kind of pricing as you think about putting money to work?

好的。偉大的。然後，也許作為後續行動，我想，我也得到的部分內容是在這 80 億美元範圍內，是否有任何交易活動失敗，因為你重新考慮了信用標準，或者你重新考慮了某種經濟風險，因為當您考慮投入資金時，除了定價之外，市場上還發生了什麼？

Yes, absolutely. I would say the good majority of that was actively passed on by us versus passing on from a pricing expectation perspective. when I look at the breakdown, I'd say the majority of that did fall into categories that were either credit related or real estate fundamental related, where we weren't comfortable with the pricing in this current market. We feel that it needs to be a bit wider to price in the risk and we passed on it.

是的，一點沒錯。我想說，其中大部分是我們主動傳遞的，而不是從定價預期角度傳遞的。當我查看細分時，我想說其中大部分確實屬於信貸相關或房地產基本面相關的類別，我們對當前市場的定價感到不滿意。我們認為風險定價需要更廣泛一些，所以我們放棄了它。

That said, there were certainly some opportunities that continued forward at aggressive pricing levels that wouldn't make sense for us today. But generally speaking, if you think about where our cost of capital is from the capital that we're actually deploying based on disposition proceeds as well as dry powder. Where the market has transacted and where you're seeing our peers transact at the 7% plus mark, we could have made all of those work economically, we just chose not to.

也就是說，肯定有一些機會繼續以激進的定價水平繼續前進，這對今天的我們來說沒有意義。但一般來說，如果你考慮一下我們的資本成本來自於我們根據處置收益和乾粉實際部署的資本。在市場已經交易的地方，以及在你看到我們的同行以 7% 以上的價格進行交易的地方，我們本可以讓所有這些都經濟地發揮作用，但我們只是選擇不這樣做。

Got it. Got it. That's helpful. And maybe last one for me is just -- and I guess, maybe this goes a little bit back to the off-market question. But -- are you seeing any difference in the market today between kind of the secondary property market versus the sale-leaseback origination and just maybe any increased pressure on some of those companies looking to originate because of the other lending options that maybe they had in the past that they don't have now. Is that becoming a better target market?

知道了。知道了。這很有幫助。也許最後一個對我來說只是 - 我想，也許這有點回到了場外問題。但是，您是否看到當今市場上的二級房地產市場與售後回租發起之間存在任何差異，以及可能由於某些公司可能擁有的其他貸款選擇而對一些尋求發起發起的公司造成更大的壓力？他們現在所沒有的過去。這會成為更好的目標市場嗎？

I'd say early stages, I think seller expectations are still sort of working their way through. And I also think that companies are beginning to work their way through their capital stack and understand what their options truly are and what access to capital they have or don't and at what pricing level. So I think that's sort of at early stages, at least in terms of the sale-leaseback market. What has become abundantly clear is that we are seeing opportunity on the build-to-suit side of things where the access to capital has dried up a bit, and we are seeing a good amount of opportunities on that front for new build, build-to-suit opportunities. And I think that we can be a solution in that market as time moves forward here.

我想說的是早期階段，我認為賣家的期望仍在發揮作用。我還認為，公司正在開始研究他們的資本堆棧，並了解他們的真正選擇是什麼，他們有或沒有什麼渠道獲得資本，以及在什麼定價水平上。所以我認為這還處於早期階段，至少就售後回租市場而言是這樣。已經非常清楚的是，我們在定制方面看到了機會，而獲得資本的渠道已經有點枯竭，而且我們在這方面看到了大量新建、建設的機會。適應機會。我認為隨著時間的推移，我們可以成為該市場的解決方案。

Our next question comes from Ki Bin Kim with Truist.

我們的下一個問題來自 Ki Bin Kim 和 Truist。

Any updates on Red Lobster you can share in terms of the store performance in your portfolio?

關於您的投資組合中的商店業績，您可以分享有關紅龍蝦的任何更新嗎？

Yes. I would say Red Lobster performance has been -- we're a little bit on a lag in terms of financial reporting. But what I would say is that we've seen it pretty neutral quarter-over-quarter. We did see some recent news out of Thai Union that was positive on the Red Lobster front. So it seems to be early stages of turnaround. But overall, we feel pretty good about our position, the value we have on that real estate as well as the operating performance at those sites quarter-over-quarter.

是的。我想說，紅龍蝦的業績一直是——我們在財務報告方面有點滯後。但我想說的是，我們看到季度環比相當中性。我們確實從泰國聯合公司最近看到了一些關於紅龍蝦方面的積極消息。因此，這似乎是扭虧為盈的早期階段。但總體而言，我們對我們的地位、我們在該房地產上的價值以及這些地點的季度運營業績感到非常滿意。

And any other tenants that might be entering the watch list of note?

還有其他可能進入觀察名單的租戶嗎？

Nothing of note. We had one additional add to the watch list, and we had one come off. So we've had a couple more immaterial items, I'd say, maybe just an update on the larger ones that we've talked about before Red Lobster. I just gave you update from a Carvana perspective. They continue to move along. We did see some recent news on some of the creditors considering a debt for equity swap so that's just early kind of positive news potentially. And then from a Green Valley Medical perspective, they continue to progress towards hospital licensing.

沒什麼值得注意的。我們在觀察名單上又添加了一項，並且刪除了一項。因此，我們有了更多非物質性的項目，我想說，也許只是我們在《紅龍蝦》之前討論過的較大項目的更新。我剛剛從 Carvana 的角度向您提供了最新情況。他們繼續前行。我們確實看到一些最近關於一些債權人考慮債轉股的消息，因此這只是潛在的早期積極消息。然後從綠谷醫療的角度來看，他們繼續在醫院許可方面取得進展。

And just last one here. The Bob evidence, is that mostly restaurants? Or is that actually like a distribution facility? And is that a pretty vibrant tenant today?

這裡只是最後一個。鮑勃的證據，主要是餐館嗎？或者這實際上就像一個配送設施？那今天是一個非常有活力的租戶嗎？

We have both. We have industrial facilities as well as restaurants, comfortable with both operating performance at both look good.

我們兩者都有。我們有工業設施以及餐廳，既舒適又經營，性能看上去都不錯。

Our next question comes from Ronald Kamdem with Morgan Stanley.

我們的下一個問題來自摩根士丹利的羅納德·卡姆德姆。

You have Jenny on for Ron. So my first is, can you talk a little bit more about like how much dry powder do you have now? I see you raised your disposition guidance. Maybe talk a little bit more on any specific sector that you're focused on to sell.

你讓珍妮代替羅恩。我的第一個問題是，你能多談談你現在有多少干粉嗎？我看到你提出了你的性格指導。也許可以多談談您專注於銷售的任何特定部門。

Yes, I think the first part of the question, I think you've heard us probably talk in the past, having some pretty clear religion around staying inside at 6x leverage metrics. So if you think about where we are today, there's quite a bit of room there. And more thematically, I'd say we operate the business in that mid-5 range. So if you take that in conjunction with the availability we have on our revolver can sort of back into a pretty clear answer that we've got room to run inside of our guidance range. And then as you pointed out, on the disposition front, that's sort of unique and opportunistic capital source for us that we've had a lot of success with. And Ryan, if you want to talk about the deposition piece?

是的，我認為問題的第一部分，我想您過去可能聽過我們談論過，對於保持 6 倍槓桿指標有一些非常明確的信仰。因此，如果你想想我們今天的處境，就會發現那裡還有相當大的空間。更具體地說，我想說我們在 5 中範圍內經營業務。因此，如果您將這一點與我們左輪手槍上的可用性結合起來，可以得出一個非常明確的答案，即我們有空間在我們的指導範圍內運行。正如您所指出的，在處置方面，這對我們來說是一種獨特的機會主義資本來源，我們已經取得了很大的成功。瑞安，你想談談證詞嗎？

Sure. In terms of dispositions, we have another, call it, $75-plus million of active disposition activity working its way through various stages of negotiating all around the 6 cap mark. And then behind that, we have a couple of hundred million of opportunities that we've identified that we could bring to market and think about these sellers in this market.

當然。在處置方面，我們還有另一項稱為 75 多萬美元的積極處置活動，正在圍繞 6 上限的各個談判階段進行。在這背後，我們有數億個機會，我們已經確定可以將這些機會推向市場，並考慮這個市場上的這些賣家。

Thanks. With regards to your acquisition pipeline, I see the cap rate is 7%. Can you talk a little bit more like how much more do you expect the (inaudible) is it like a [8 ring] or like what's your comfortable level?

謝謝。關於你們的收購渠道，我認為上限率為 7%。你能多說一點嗎，比如你期望（聽不清）它像[8環]或者你的舒適水平是多少？

Sure. I'd say there's not a specific target in mind. We're very focused on risk versus return, and we're being very selective. So the things that you see us executing on or advancing in the pipeline are around that 7% mark. We have specifically chosen not to push out on the risk spectrum. We certainly could. There are dearth of opportunities to do so and whatnot, but we feel that we're not interested in taking on the additional risk. We don't think it's pricing to the spot that we'd be comfortable with at this point. So I'd say you should expect us to continue to identify opportunities around that 7% yield zone, but that's not a hard and fast rule.

當然。我想說的是，心裡沒有一個具體的目標。我們非常關注風險與回報，並且我們非常有選擇性。因此，您看到我們正在執行或正在推進的事情大約在 7% 左右。我們特別選擇不排除風險範圍。我們當然可以。這樣做的機會很少，但我們覺得我們沒有興趣承擔額外的風險。我們認為目前的定價還沒有達到我們滿意的水平。所以我想說，你應該期望我們繼續在 7% 收益率區域周圍尋找機會，但這並不是一個硬性規定。

Our next question is a follow-up question from Ki Bin Kim from Truist.

我們的下一個問題是來自 Truist 的 Ki Bin Kim 的後續問題。

Just a quick question on dispositions. When you take a look at the portfolio, I guess, what is the kind of total scope of possible dissolutions that you can make at a low 6 cap rate or lower? Because obviously, with the cost of capital where it is, is it realistic to assume that you're going to continue to sell assets to buy higher yielding assets.

只是一個關於處置的快速問題。當你看一下投資組合時，我猜想，你可以在低 6 上限利率或更低的情況下進行的可能解散的總範圍是多少？因為顯然，考慮到當前的資本成本，假設您將繼續出售資產以購買收益率更高的資產是否現實。

Sure. I'd say, in general, we certainly feel that our assets are from a market pricing perspective, well inside of our stock price right now. So we think that there's plenty of room and opportunity to execute on the disposition front in today's market. The 2 key themes that we focused on early on were properties and tenants where we felt like there was either heightened credit risk or heightened residual/rollover risk associated with those properties that we didn't necessarily want to incur. But at the end of the day, the market was pricing aggressively. We think we still have continued opportunity to be where we would be a seller today and we'll continue to execute there.

當然。我想說，總的來說，我們當然認為我們的資產從市場定價的角度來看，目前完全在我們的股價之內。因此，我們認為當今市場在處置方面有足夠的空間和機會來執行。我們早期關注的兩個關鍵主題是房產和租戶，我們認為這些房產的信用風險較高，或者與我們不一定希望承擔的那些房產相關的剩餘/展期風險較高。但最終，市場定價激進。我們認為我們仍然有繼續的機會成為今天的賣家，我們將繼續在那裡執行。

So maybe I can ask it in a different way. Quick service restaurants likely will get a lower cap rate than some of your other asset classes. So when you kind of go down the category list, I guess, what does that basket look like? Just trying to get a sense of like in our models and forecasting, I'm just trying to understand like how much more runway you have in terms of selling these accretive deals.

所以也許我可以用不同的方式問它。快餐服務餐廳的資本化率可能會低於其他一些資​​產類別。因此，當您查看類別列表時，我想，那個籃子是什麼樣子的？只是想了解我們的模型和預測，我只是想了解在銷售這些增值交易方面您還有多少跑道。

Sure. Look, I think the runway is far and long. When we look today at the opportunities that I just referenced earlier in the Q&A session, we've got a couple of hundred million dollars of opportunities that we could bring to market that aren't at market right now as well as another $75 million to $100 million that are actively being negotiated for sale. So I don't think it does a whole lot of use to go beyond that at the moment. We're focused on executing one by one with what's in front of us today and accretively redeploying that. I think that gives us plenty of runway to accomplish our guidance this year and continue to fuel the machine.

當然。看，我覺得跑道又遠又長。今天，當我們審視我剛才在問答環節中提到的機會時，我們可以將目前尚未上市的價值數億美元的機會推向市場，另外還有 7500 萬美元的機會可以投入市場。 1 億美元正在積極談判出售。所以我認為目前超越這一點並沒有多大用處。我們專注於對今天擺在我們面前的事情一一執行，並不斷地重新部署。我認為這為我們提供了充足的跑道來完成今年的指導並繼續為機器提供動力。

(Operator Instructions) At this time we have no further questions registered. So I'll turn the call back to John for closing remarks.

（操作員說明） 目前我們沒有登記任何其他問題。因此，我將把電話轉回給約翰，讓他作結束語。

Thanks, everybody. Really appreciate the questions today. Thank you for joining and your interest in BNL. We're looking forward to seeing many of you at the upcoming conferences. If you're not already on our schedule, please reach out to Mike Caruso, we'll get you on the calendar. With a strong portfolio, accretive pipeline, fortified flexible balance sheet. We really believe we're well positioned to navigate 2023 and grow in 2024 and beyond. We thank you all for your time, and hope you all have a great day.

謝謝大家。非常感謝今天的問題。感謝您的加入以及對 BNL 的興趣。我們期待在即將舉行的會議上見到你們中的許多人。如果您尚未出現在我們的日程中，請聯繫 Mike Caruso，我們會將您列入日曆。擁有強大的投資組合、增值的管道、強化的靈活資產負債表。我們堅信，我們已做好準備迎接 2023 年並在 2024 年及以後實現增長。我們感謝大家抽出寶貴的時間，希望大家度過愉快的一天。

Thank you, everyone, for joining us today. This concludes our call, and you may now disconnect your lines.

謝謝大家今天加入我們。我們的通話到此結束，您現在可以斷開線路了。