Broadstone Net Lease Inc (BNL) 2023 Q3 法說會逐字稿

Hello and welcome to Broadstone Net Lease's Third Quarter 2023 Earnings Conference Call.

您好，歡迎參加 Broadstone Net Lease 2023 年第三季財報電話會議。

My name is Cole, and I'll be the moderator for today's call. Please note that today's call is being recorded.

我叫科爾，我將擔任今天電話會議的主持人。請注意，今天的通話正在錄音。

I will now turn the call over to Mike Caruso, Senior Vice President of Corporate Strategy and Investor Relations at Broadstone.

我現在將把電話轉給 Broadstone 企業策略和投資者關係資深副總裁 Mike Caruso。

Please go ahead.

請繼續。

Thank you, operator. And thank you, everyone, for joining us today for Broadstone Net Lease's Third Quarter 2023 Earnings Call.

謝謝你，接線生。感謝大家今天參加我們 Broadstone Net Lease 的 2023 年第三季財報電話會議。

On today's call, you will hear prepared remarks from CEO John Moragne, President and COO Ryan Albano and CFO Kevin Fennell. All three will be available for the Q&A portion of this call.

在今天的電話會議上，您將聽到執行長 John Moragne、總裁兼營運長 Ryan Albano 和財務長 Kevin Fennell 的事先準備好的演講。這三人都將參加本次電話會議的問答部分。

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.

在開始之前，我想提醒大家，以下簡報包含前瞻性陳述，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。我們提醒您不要過度依賴這些前瞻性陳述；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截至本次電話會議之日作出。

I will now turn the call over to John.

我現在將把電話轉給約翰。

Thank you, Mike. And good morning, everyone.

謝謝你，麥克。大家早安。

From what continues to be a challenging and dynamic net lease and capital markets environment, I am pleased to report another strong quarter of results. As you have heard us say consistently throughout 2023, we believe our prudent and highly selective approach to capital allocation is the best path forward in our mission to maximize long-term shareholder value; and our third quarter results and slightly revised guidance for 2023 reflect that. While we are maintaining our AFFO guidance range of $1.40 to $1.42 per share for the year, we are slightly adjusting our investments, dispositions and G&A guidance. More to come from Kevin on this.

在仍然充滿挑戰和動態的淨租賃和資本市場環境中，我很高興地報告另一個強勁的季度業績。正如您在 2023 年一直聽到的那樣，我們相信，我們審慎和高度選擇性的資本配置方法是實現我們實現長期股東價值最大化的使命的最佳途徑；我們的第三季業績和略微修訂的 2023 年指引反映了這一點。雖然我們維持今年 AFFO 指導範圍為每股 1.40 美元至 1.42 美元，但我們正在略微調整我們的投資、處置和一般管理費用指引。凱文將就此提供更多資訊。

Notwithstanding the difficult environment, our pipeline of potential investment opportunities continues to grow, as we evaluated over $10 billion of potential new acquisitions, our third straight quarter of sourcing above-average volumes, but while sourcing and underwriting remained highly active, the number of investment opportunities that met our buy box were minimal, as interest rates expanded nearly 100 basis points throughout the quarter. And the dislocation between public and private markets continued to widen, with new investment cap rates lagging the pace of interest rate increases. Of particular note, we recently walked away from a large, significant late-stage investment opportunity, as we could not agree on final pricing terms amidst the rapid increase in rates.

儘管環境困難，我們的潛在投資機會仍在繼續成長，我們評估了超過100 億美元的潛在新收購，我們的採購量連續第三個季度高於平均水平，但儘管採購和承銷仍然高度活躍，但投資數量由於整個季度利率上漲了近 100 個基點，因此符合我們購買框架的機會微乎其微。公共和私人市場之間的錯位繼續擴大，新的投資上限落後於利率上漲的步伐。特別值得注意的是，我們最近放棄了一個大型、重要的後期投資機會，因為在利率快速上漲的情況下，我們無法就最終定價條款達成一致。

The lag we are seeing in cap rates and risk-reward trade-offs has been a persistent theme for this year, and the recent run-up in interest rates and treasuries only exacerbated the disconnect further. Despite that, we remain opportunistic in sourcing investment opportunities; and are committed to the prudent, patient and disciplined capital allocation strategy we have employed throughout 2023. We continue to believe that strategy will be key to avoiding missteps in such an uncertain market and providing long-term shareholder value.

我們在資本化利率和風險回報權衡方面看到的滯後一直是今年的持續主題，而最近利率和國債的上漲只會進一步加劇這種脫節。儘管如此，我們在尋找投資機會方面仍然保持機會主義態度；並致力於我們在 2023 年所採用的審慎、耐心和嚴格的資本配置策略。我們仍然相信，該策略將是在如此不確定的市場中避免失誤並提供長期股東價值的關鍵。

Given the current investment environment and our highly selective strategy, our third quarter results were driven by continued solid portfolio performance and incremental asset recycling during the first half of the year. Our existing portfolio of 800 assets with 220 unique tenants who operate across 54 different industries and our best-in-class diversification have positioned us to provide durable and consistent cash flows across any market cycle. We continue to view our tenant and industry diversification as a key differentiator for BNL which, when combined with top-tier annual rent escalations of a weighted average 2%, provides significant downside risk mitigation benefits, especially in difficult or uncertain markets like this one.

鑑於目前的投資環境和我們高度選擇性的策略，我們第三季的業績是由上半年持續穩健的投資組合表現和增量資產回收所推動的。我們現有的 800 項資產組合以及 220 個獨特的租戶，他們在 54 個不同的行業中開展業務，再加上我們一流的多元化，使我們能夠在任何市場週期提供持久且一致的現金流。我們仍然將租戶和行業多元化視為BNL 的關鍵差異化因素，再加上加權平均2% 的頂級年租金上漲，可提供顯著的下行風險緩解效益，尤其是在像這樣的困難或不確定的市場中。

Our real estate portfolio, which is predominantly leased to industrial and defensive retail and restaurant tenants, continues to perform exceptionally well, as evidenced by 99.9% rent collections during the third quarter and 99.4% occupancy as of September 30, 2023. As of quarter end, only 2 of our 800 properties were vacant and not subject to a lease. We have seen corporate- or site-level improvements in many of our headline watch list tenants, with the main lingering issue in our portfolio continuing to be Green Valley medical center.

我們的房地產投資組合主要出租給工業和防禦性零售和餐廳租戶，繼續表現出色，第三季的租金收取率為 99.9%，截至 2023 年 9 月 30 日的入住率為 99.4%。截至季度末，我們的800 處房產中只有2 處是空置且不受租賃限制。我們已經看到我們的許多主要觀察名單租戶的企業或站點級別得到改善，而我們投資組合中揮之不去的主要問題仍然是綠谷醫療中心。

Similar to our update last quarter, the tenant continues to fail to meet certain milestones as defined by our agreement. Based on the tenant's lack of progress, we are no longer anticipating operations to commence in Q4 of this year. While we have yet to receive rent that commenced on October 1, the tenant continues to maintain the property and cover carrying costs. We are closely monitoring their progress towards reopening the hospital, but we have also begun evaluating all potential alternatives and may look to bring a clear end to the outsized distraction that this single asset has caused our company for over a year.

與我們上季度的更新類似，租戶仍然未能達到我們協議中定義的某些里程碑。由於租戶缺乏進展，我們不再預計今年第四季開始營運。雖然我們尚未收到 10 月 1 日開始的租金，但租戶將繼續維護房產並支付持有費用。我們正在密切關注他們重新開放醫院的進展，但我們也開始評估所有潛在的替代方案，並可能尋求明確結束這一單一資產一年多來對我們公司造成的巨大干擾。

As noted in my comments earlier, we had only a limited number of investments meet our criteria during the quarter, with the majority of investments driven by development fundings and revenue-generating CapEx. Partnering with current tenants and developers has created additional ways to add value and continues to supplement our more traditional investment-sourcing efforts. Our team remains focused on these relationships, along with establishing new partnerships, further diversifying our business. Despite the challenging lending environment, we have continued to have success selling select assets that either possessed a credit and/or residual risk throughout the quarter. These sales continue to provide benefits in both mitigating risk within our current portfolio while also building dry powder to be accretively recycled when the time and investment are right.

正如我之前的評論中所指出的，本季度我們只有有限數量的投資符合我們的標準，其中大部分投資是由開發資金和創收資本支出所驅動的。與現有租戶和開發商的合作創造了額外的增值方式，並繼續補充我們更傳統的投資採購工作。我們的團隊仍然專注於這些關係，同時建立新的合作關係，進一步使我們的業務多元化。儘管貸款環境充滿挑戰，我們在整個季度繼續成功出售具有信用和/或殘餘風險的精選資產。這些銷售繼續為我們目前的投資組合帶來好處，既可以降低風險，又可以在時間和投資合適時建立乾粉，以增加回收。

The resiliency of our portfolio, paired with our flexible and fortified balance sheet, gives us great confidence as we navigate this higher-for-longer interest rate environment. We ended the quarter at 4.9x leverage on a net debt-to-annualized adjusted EBITDAre basis, giving us ample liquidity and flexibility to deploy capital when an investment opportunity meets our criteria. I've said this before and I'm sure I will say it again: The decisions we made throughout 2022 and year-to-date in 2023 continue to put us in a position to make decisions that we want to, not decisions that we have to, which remains an important distinction in today's real estate market. In a higher-for-longer interest rate environment where the outsized growth of the post-GFC years will be difficult to achieve, operational expertise, financial flexibility, solid portfolio performance and durable cash flows will be key to success. And you have seen all 4 of those things from BNL throughout this year, and you will continue to heading into 2024.

我們投資組合的彈性，加上我們靈活而穩健的資產負債表，讓我們在應對這種長期較高的利率環境時充滿信心。以淨債務與年化調整後 EBITDA 為基礎，本季末我們的槓桿率為 4.9 倍，這為我們提供了充足的流動性，並在投資機會符合我們的標準時靈活地部署資本。我之前已經說過這​​一點，我相信我會再說一遍：我們在 2022 年全年和 2023 年迄今所做的決定繼續使我們能夠做出我們想要的決定，而不是我們不想做的決定。必須，這仍然是當今房地產市場的一個重要區別。在長期較高的利率環境下，全球金融危機後的大幅成長將難以實現，營運專業知識、財務靈活性、穩健的投資組合表現和持久的現金流將是成功的關鍵。今年您已經從 BNL 看到了這 4 件事，並且您將繼續邁向 2024 年。

With that, I'll turn the call over to Ryan, who will provide an update on our portfolio.

這樣，我會將電話轉給 Ryan，他將提供我們投資組合的最新資訊。

Thanks, John. And thank you all for joining us today.

謝謝，約翰。感謝大家今天加入我們。

As John noted, our efforts in disposing of select assets that either possessed a credit or residual risk remained successful throughout the quarter. We sold 2 properties for gross proceeds of $62.3 million at a weighted average cash cap rate of 6.2%. Year-to-date, inclusive of asset sales closed since quarter end, we have sold 11 properties for gross proceeds of $189.1 million at a weighted average cash cap rate of 6% on tenanted properties. We intend to continue to opportunistically execute on asset sales in the fourth quarter and into 2024.

正如約翰所指出的那樣，我們在處置具有信用或殘餘風險的精選資產方面所做的努力在整個季度仍然取得了成功。我們出售了 2 處房產，總收益為 6,230 萬美元，加權平均現金上限率為 6.2%。年初至今，包括自季度末以來結束的資產銷售，我們已出售 11 處房產，總收益為 1.891 億美元，租賃房產的加權平均現金上限率為 6%。我們打算在第四季和 2024 年繼續機會主義地執行資產出售。

On an external growth front, price discovery in the transaction market persists. The upward trajectory of treasury yields continue to influence the capital allocation decisions of buyers at a more accelerated pace than the price expectations of sellers, leading to widening of bid-ask spreads and an overall decline of the transaction volume in the broader market. As John highlighted, we remain focused in our efforts of sourcing the right investments and highly selective in the pursuit of opportunities as the market continues its price discovery.

在外部成長方面，交易市場的價格發現依然存在。國債殖利率的上升軌跡繼續以比賣方價格預期更快的速度影響買方的資金配置決策，導致買賣價差擴大和大盤交易量整體下降。正如約翰所強調的那樣，我們仍然專注於尋找正確的投資，並隨著市場繼續發現價格而高度選擇性地尋找機會。

Our investment activity during the quarter consisted entirely of fundings related to UNFI and incremental revenue-generating CapEx. UNFI, our previously announced $204.8 million build-to-suit transaction, remains on track to open in the third quarter of 2024, with rent commencing no later than October of next year. Year-to-date, we have funded approximately $58.4 million and expect to fund an additional $37.5 million throughout the remainder of the year. We will continue to look at similar opportunities to partner with developers in this capital-constrained environment while remaining highly selective and cautious as the macro environment evolves.

我們本季的投資活動完全包括與 UNFI 相關的資金和增量創收資本支出。 UNFI 是我們先前宣布的價值 2.048 億美元的客製化交易，預計將於 2024 年第三季開業，租金不遲於明年 10 月開始。年初至今，我們已資助約 5,840 萬美元，並預計在今年剩餘時間內再資助 3,750 萬美元。我們將繼續在資本緊張的環境中尋找與開發商合作的類似機會，同時隨著宏觀環境的變化保持高度選擇性和謹慎。

From a watch list standpoint, similar to last quarter, we still do not see any notable overarching thematic trends across our portfolio. Specific assets such as Red Lobster, Carvana and Green Valley medical center remain a key focus. While we recognize that Red Lobster continues to evaluate ways to improve the company's overall operating performance, site-level performance across our sites continues to improve. We remain focused on these assets. And we'll look to confirm these trends over the next several quarters, beginning with Thai Union's third quarter results which will be released next week and through ongoing corporate- and site-level financial reporting. As for Carvana, we remain confident in our investment's defensive positioning driven by both the mission-critical nature of our industrial sites as well as the longer-term fundamentals in a submarket in which they are located. As we highlighted last quarter, we are encouraged by the steps they took during the second quarter to increase the company's financial flexibility and its planned path forward.

從觀察名單的角度來看，與上季類似，我們在我們的投資組合中仍然沒有看到任何顯著的整體主題趨勢。 Red Lobster、Carvana 和 Green Valley 醫療中心等特定資產仍然是重點關注的焦點。雖然我們認識到紅龍蝦將繼續評估提高公司整體營運績效的方法，但我們各個站點的站點級性能仍在持續改善。我們仍然關注這些資產。我們將在接下來的幾個季度中確認這些趨勢，首先是 Thai Union 將於下週發布的第三季業績，並透過持續的公司和網站層級的財務報告。至於 Carvana，我們對投資的防禦性定位仍然充滿信心，這是由我們工業基地的關鍵任務性質及其所在子市場的長期基本面所推動的。正如我們上季度所強調的那樣，我們對他們在第二季度為提高公司財務靈活性及其計劃的前進道路所採取的步驟感到鼓舞。

With that, I'll turn the call over to Kevin for commentary on our financial results for the quarter.

接下來，我將把電話轉給凱文，請他對我們本季的財務表現發表評論。

Thank you, Ryan.

謝謝你，瑞安。

Turning to our financial results. During the quarter, we generated AFFO of $70 million or $0.36 per share, an increase of 1.3% in per share results quarter-over-quarter. Results were largely driven by same-store portfolio growth and incremental asset recycling in the first half of the year. Additionally, we incurred $7.9 million of cash G&A, which tracks slightly better than planned.

轉向我們的財務表現。本季度，我們產生了 7,000 萬美元的 AFFO，即每股 0.36 美元，每股業績環比成長 1.3%。業績主要受到上半年同店投資組合成長和增量資產回收的推動。此外，我們還產生了 790 萬美元的現金管理費用，略好於計劃。

We once again ended the quarter in a strong and flexible financial position despite no capital markets activity. Our success in disposing off selective assets allowed us to further reduce the balance on our revolver by $49 million in the quarter, resulting in more than $925 million of remaining capacity. From a leverage perspective, John mentioned we ended the quarter at 4.9x, down slightly from 5x at the end of last quarter. Given the current market dynamics, it is worth reminding everyone again that our mostly fixed-rate debt capital structure has insulated us from the surge in interest rates and the higher-for-longer expectations.

儘管沒有資本市場活動，但我們在本季末再次保持了強勁而靈活的財務狀況。我們成功地處置了選擇性資產，使我們能夠在本季度進一步減少左輪手槍餘額 4,900 萬美元，從而使剩餘產能超過 9.25 億美元。從槓桿角度來看，John 提到我們本季末的槓桿率為 4.9 倍，略低於上季末的 5 倍。考慮到當前的市場動態，值得再次提醒大家的是，我們大部分固定利率的債務資本結構使我們免受利率飆升和長期較高預期的影響。

At our quarterly meeting, our Board of Directors approved a $0.285 dividend per common share and OP unit. This is a 1.8% increase compared to last quarter and a 3.6% increase over the dividend declared in the fourth quarter of 2022. This quarter's increase marks our sixth semiannual dividend increase since our IPO and is payable to holders as of December 29, 2023, on or before January 12, 2024. The dividend remains well covered and 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 peers.

在我們的季度會議上，我們的董事會批准了每股普通股和 OP 單位 0.285 美元的股息。與上一季相比增加了1.8%，比2022 年第四季宣布的股息增加了3.6%。本季度的增加標誌著我們自IPO 以來第六次增加半年度股息，並將於2023 年12 月29 日向持有人支付， 2024 年1 月12 日或之前。股息仍然得到充分覆蓋，符合我們在70% 的中高範圍內的目標AFFO 支付率，並且相對於我們的許多同行而言，股息收益率具有吸引力。

Finally, we are maintaining our 2023 per share guidance today with an AFFO range of $1.40 to $1.42 per share. We've been navigating this year with a focus on strong operating performance and self-financing our capital deployment. And as John alluded to in his comments, we are revising our investment volume from between $300 million and $500 million to up to $250 million for the full year 2023.

最後，我們今天維持 2023 年每股指引不變，AFFO 範圍為每股 1.40 美元至 1.42 美元。今年我們一直專注於強勁的營運績效和自籌資金部署資本。正如約翰在評論中提到的那樣，我們正在將 2023 年全年的投資額從 3 億至 5 億美元調整為最多 2.5 億美元。

As Ryan talked about our success on the disposition front, we are also revising our total disposition volume from between $150 million and $200 million to approximately $200 million. Finally, G&A has been well controlled throughout the year, and as a result, we are revising cash G&A from between $32 million and $34 million to between $31 million and $33 million.

當 Ryan 談到我們在處置方面取得的成功時，我們也將總處置金額從 1.5 億至 2 億美元之間修改為約 2 億美元。最後，全年的一般管理費用得到了很好的控制，因此，我們將現金一般管理費用從 3,200 萬至 3,400 萬美元修改為 3,100 萬至 3,300 萬美元。

Please reference last night's earnings release for additional detail. And we will now open the call up for questions.

請參閱昨晚的收益發布以了解更多詳細資訊。我們現在開始接受提問。

(Operator Instructions) Our first question comes from Mitch Germain with JMP Securities.

（操作員指令）我們的第一個問題來自 JMP 證券的 Mitch Germain。

Nice quarter. This is the second quarter in a row where we've seen a bit more of industrial on the disposition front. And I'm curious. Is it -- I know that you guys have talked about specific assets and what the requirements are for you to sell, but is it also a little bit where the demand is in the market for sales?

不錯的季度。這是我們連續第二季在處置方面看到更多的工業化。我很好奇。是嗎——我知道你們已經討論過具體的資產以及出售的要求是什麼，但這是否也有一點是市場上對銷售的需求？

Yes. It's a little column A, a little column B. Thanks for joining, Mitch. We certainly have continued our trend this year of looking at dispositions where we continue to have either credit or lease rollover risk, and so we're looking to do risk mitigation at the same time that we're trying to generate proceeds. And to hit the old cliche, in many cases, real estate is a local game. And so when we're looking at where we have an opportunity to sell something, particularly when more than 50% of our portfolio is made up of industrial assets, there's going to be some industrial assets that make their way into it. There still continue to be some good demand for those assets. And where we've got some concerns, we're happy to move some of those along.

是的。這是一個小 A 欄，一個小 B 欄。感謝您的加入，米奇。今年我們當然延續了我們的趨勢，即考慮繼續存在信貸或租賃展期風險的處置，因此我們希望在努力產生收益的同時減輕風險。套用一句老話，在很多情況下，房地產是一種本地遊戲。因此，當我們考慮在哪裡有機會出售某些東西時，特別是當我們的投資組合超過 50% 由工業資產組成時，就會有一些工業資產進入其中。對這些資產的需求仍然強勁。如果我們有一些擔憂，我們很樂意解決其中一些問題。

Great. And John, the runway. So if I think about -- obviously you guys have a fantastic balance sheet, lots of liquidity, but if I'm thinking about your funding growth heading into 4Q and 2024, how much of a -- you still have a pretty decent runway in terms of the ability to sell properties in this market...

偉大的。還有約翰，跑道。因此，如果我考慮一下——顯然你們擁有出色的資產負債表和大量的流動性，但如果我考慮到你們進入第四季度和2024 年的融資增長，有多少——你們仍然有一個相當不錯的跑道就在這個市場上出售房產的能力而言...

Yes, yes. We feel pretty confident about it. Our current view -- and you can call it conservative, but our view is that '24 is going to look a lot like '23. We're not anticipating that the equity market is going to turn our way where we're going to be raising significant amounts of equity capital, if at all, so we'll continue to look to self-fund and control what we can control. And so we've got an ample pipeline of opportunities that we're evaluating on the disposition front, a handful of the things that are in the same vein that we looked at this year, looking at some incremental reductions in health care exposure. And so we'll continue to do that and prepare ourselves for another run in '24 like we did for '23.

是的是的。我們對此非常有信心。我們目前的觀點——你可以稱之為保守，但我們的觀點是「24」看起來會很像「23」。我們預計股票市場不會轉向我們將籌集大量股權資本（如果有的話），因此我們將繼續尋求自籌資金並控制我們可以控制的東西。因此，我們有大量的機會正在處置方面進行評估，其中一些事情與我們今年的情況相同，並著眼於醫療保健風險的逐步減少。因此，我們將繼續這樣做，並為 24 年的另一場比賽做好準備，就像我們為 23 年所做的那樣。

Got you. It seems like you've got some frustration regarding Green Valley. Where do we hit a certain head where you start to evaluate alternatives there?

明白你了。看來你對綠谷有些不滿。當你開始評估替代方案時，我們在哪裡遇到了某個問題？

We're already there. Green Valley, as I said in my prepared remarks, has been the single largest distraction that we've had as a company over the last year. Where we stand today, we have 800 properties. And the large majority of my time and almost every conversation I've had externally has been focused on one of them, so we have been absolutely hopeful and supportive of our operator and trying to get them up and running. We will continue to do that, and -- but at the same time, this has been an outsized distraction. It's 0.8% of our ABR, so it's immaterial overall. We did not include any rent in our '23 guide. We will not be including any rent in our '24 guide, so it doesn't have a material impact on how we're thinking about financial results for this year or for next year. And it's time to look at all the options we have to clean that up, if we can.

我們已經到了。正如我在準備好的演講中所說，綠谷是我們公司去年遇到的最大的干擾。目前，我們擁有 800 處房產。我的大部分時間以及我在外部進行的幾乎每一次對話都集中在其中一個，因此我們對我們的運營商充滿希望和支持，並努力讓它們啟動並運行。我們將繼續這樣做，但同時，這也造成了極大的干擾。它占我們 ABR 的 0.8%，所以整體來說並不重要。我們的 23 指南中沒有包含任何租金。我們不會在 24 小時指南中包含任何租金，因此它不會對我們如何考慮今年或明年的財務表現產生重大影響。如果可以的話，現在是時候考慮我們必須清理的所有選項了。

Is it a labor issue?

是勞工問題嗎？

There's a host of things related to that particular asset, both the market itself and as well as sort of structural problems that you would see if you're looking at that type of hospital throughout the country. We're lucky to have a member of our Board of Directors serve as one of the regional CEOs for one of the largest hospital systems in the country. And speaking with her about the difficulties that sort of regional community hospitals like Green Valley are experiencing throughout the country and the number of ones that have shut down even in the last 12 months has been very helpful for us understanding the sort of risk profile of this asset and sort of helping confirm our view of where we need to take it.

有很多與該特定資產相關的事情，包括市場本身，以及如果您在全國範圍內查看此類醫院時您會看到的結構性問題。我們很幸運有一位董事會成員擔任該國最大的醫院系統之一的區域執行長之一。與她談論像綠谷這樣的地區社區醫院在全國範圍內遇到的困難，以及在過去 12 個月內關閉的醫院數量，這對我們了解這種風險狀況非常有幫助資產，並在某種程度上幫助我們確認我們需要將其用於何處的觀點。

Our next question is from Eric Borden with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Eric Borden。

Maybe just starting with Green Valley. What was -- just given the fact that they didn't pay rent in October, what is the expected drag on AFFO in 4Q? And then maybe, could you just talk about some of the different options that you're currently evaluating as it relates to the asset?

也許只是從綠谷開始。考慮到 10 月他們沒有支付租金，預計第四季度對 AFFO 的拖累是什麼？然後，也許您能談談您目前正在評估的與資產相關的一些不同選項嗎？

Sure. Thanks for joining, Eric. No impact on AFFO. They -- we had already built into our guide that they weren't going to be paying rent. And they are covering all the carrying costs as well as maintaining the property, so there's no leakage for us with respect to the asset right now, so there's no impact on AFFO. And from a sort of opportunity standpoint, they still are working hard to try to get up and running. And so there's a good chance that that's what happens, but in our focus on trying to minimize the distraction caused by the asset, we have worked to engage local brokers to help us evaluate possible re-tenanting options as well as to sell the asset. So we're looking at all possible options here.

當然。感謝您的加入，艾瑞克。對 AFFO 沒有影響。他們——我們已經在我們的指南中明確表示他們不會支付租金。他們承擔了所有持有成本以及維護財產的費用，因此目前我們的資產沒有洩漏，因此對 AFFO 沒有影響。從某種機會的角度來看，他們仍在努力嘗試啟動和運行。因此，很有可能會發生這種情況，但在我們專注於盡量減少資產造成的干擾時，我們努力聘請當地經紀人來幫助我們評估可能的重新租賃選項以及出售資產。所以我們在這裡考慮所有可能的選擇。

Okay, that's very helpful. And then one on Carvana: I know we've talked in the past and you mentioned in your prepared remarks how it's crucial to their operations. They recently received a rerating. And the stock is up 500% year-to-date, but on the other hand, car loan defaults are on the rise just given the weakening consumer. How are you thinking about your exposure to the auto industry at this time?

好的，這非常有幫助。然後是關於卡瓦納的一個：我知道我們過去談過，你在準備好的發言中提到了這對他們的運作至關重要。他們最近收到了重新評級。該股今年迄今已上漲 500%，但另一方面，鑑於消費者疲軟，汽車貸款違約率正在上升。您如何看待此時涉足汽車產業？

Yes. I mean it's great to see Carvana have the improvement that they've had this year. It makes us feel better about it, but we keep coming back to that is a real estate play at heart. It's 140 acres of graded industrial land and a great industrial submarket outside of Indianapolis that has a lot of potential uses to it, so the residual value there was key to how we thought about making that investment. And it's key to how we think about, if there ever were to be something that happens with Carvana where either they go through a restructuring and they go through a liquidation, we feel comfortable that we'll be in a pretty solid position to maintain the value.

是的。我的意思是很高興看到卡瓦納今年取得了進步。這讓我們感覺好多了，但我們不斷回到這本質上是房地產遊戲。這是 140 英畝的分級工業用地，也是印第安納波利斯郊外的一個大型工業子市場，有許多潛在用途，因此那裡的剩餘價值是我們考慮如何進行投資的關鍵。這是我們如何思考的關鍵，如果 Carvana 發生任何事情，要么他們經歷重組，要么經歷清算，我們感到很放心，我們將處於一個非常穩固的地位來維持價值。

Okay, that's helpful. And then one last one, maybe just on the acquisitions under control. What's kind of the breakout there, the $76.1 million? Is there any developments in that pool? And what is the expected pricing on those assets?

好的，這很有幫助。最後一項，也許只是關於控制下的收購。 7610 萬美元的突破是什麼樣的？該池有任何進展嗎？這些資產的預期定價是多少？

Sure. The breakdown there is primarily leaning towards industrial, I'd say, there and upward. If you look further up the pipeline not under control, there are certainly development opportunities that we're looking at, but it's a -- predominantly industrial weighted, with a little bit of retail mix in there as well. And then in terms of economics, we're looking at things certainly north of 7%.

當然。我想說，那裡的細分主要傾向於工業，並且向上。如果你進一步觀察不受控制的管道，我們肯定會看到一些發展機會，但它主要是工業加權，也有一點零售組合。然後就經濟學而言，我們所看到的情況肯定超過 7%。

Our next question is from Spenser Allaway with Green Street.

我們的下一個問題來自 Green Street 的 Spenser Allaway。

You talked about a widening bid-ask spread. Can you guys just comment on the magnitude of the spreads you're seeing currently? And are there any property types or industries that stand out as having a larger-than-average bid-ask spread?

您談到了買賣價差的擴大。你們能評論一下目前看到的價差幅度嗎？是否有任何房地產類型或行業因買賣價差大於平均水平而脫穎而出？

Sure. I'd say we've seen the bid-ask spread probably widen out in some cases; widen out maybe 25 bps, maybe even 50 bps. What I would say is there are certainly less bids on deals, and those bids are a range in terms of what the economics are that buyers are looking for. I'd say I've seen things probably about as wide as 200 basis points from top to bottom of the bid range. Obviously there are other terms involved that are at play that sort of drive some of that spread differential, but that's probably the widest I've seen it in quite a long time.

當然。我想說的是，在某些情況下，我們已經看到買賣價差可能擴大；擴大可能 25 bps，甚至可能 50 bps。我想說的是，交易的出價肯定會減少，而這些出價是根據買家所尋求的經濟效益而定的。我想說的是，我見過出價範圍從上到下相差大約 200 個基點。顯然，也涉及其他術語，這些術語在某種程度上推動了一些價差差異，但這可能是我很長一段時間以來見過的最寬的價差差異。

Okay, that's really helpful. And then do you guys have a sense of what your AFFO growth would be next year absent any external growth?

好的，這真的很有幫助。那麼，如果沒有任何外部成長，你們明年的 AFFO 成長會是多少？

Yes. I think I'd point you towards a low single-digit figure based on our embedded lease bumps of 2%. Run rate for us is in that low single-digit growth.

是的。我想我會向您指出一個基於我們嵌入的 2% 租賃上漲的低個位數數字。我們的運行率處於較低的個位數成長。

Okay, great.

好的，太好了。

And maybe, Spenser, I'll finish the question if you step forward a little bit more on run rate. Given UNFI's impact when you think through that starting in October of next year, that number ticks a decent bit higher for ['25].

史賓塞，如果你在運行率上再進一步一點，我也許就能完成這個問題。考慮到 UNFI 的影響，當您從明年 10 月開始考慮這個問題時，['25] 的數字會稍微高一些。

Our next question is from Ki Bin Kim with Truist.

我們的下一個問題是由 Ki Bin Kim 和 Truist 提出的。

Just going back to Green Valley. Can you just talk about how that -- how deep is that potential pool of different operators that can operate that hospital? And secondly, how is the nurses' strike indirectly or directly impacting potential operations there?

剛要回綠谷。您能談談可以運營該醫院的不同運營商的潛在池子有多深嗎？其次，護理師罷工如何間接或直接影響那裡的潛在業務？

I'll take the second part, first. Ki Bin, they are having any sort of difficulties that you can imagine in terms of getting this thing up and running between the licensing process that they have to go through; between looking at staffing, pharmaceutical licenses, financing on these things; and all sorts of stuff, so I wouldn't attribute the delay to any one particular thing. Certainly nurses' strikes that are happening aren't helpful for the health care system generally and certainly aren't helpful for folks that are trying to get a new hospital up and off the ground. Let's take the first part of the question: This isn't a huge pool of potential operators that can come in there. Between state licensing as well as population densities and the way that the health care production system is surrounding this area, there's only a handful of players that could potentially have an interest in it. And it may need to be something that you rethink the use of the physical space, where maybe it's getting cut up into a different direction. You've got multi tenants that are going to potentially be in there or someone who thinks about using a portion of it. There's a whole lot that we have to think about and we're still in that learning phase, so more to come.

我先講第二部分。 Ki Bin，在他們必須經歷的許可流程之間啟動和運行這個東西方面，他們遇到了任何你可以想像的困難；考慮人員配備、藥品許可證、融資等問題；以及各種各樣的事情，所以我不會將延遲歸因於任何特定的事情。當然，正在發生的護士罷工總體上對醫療保健系統沒有幫助，對那些試圖建立新醫院的人來說當然也沒有幫助。讓我們來看問題的第一部分：這並不是一個可以進入的潛在運營商的巨大池子。由於國家許可、人口密度以及醫療保健生產系統圍繞該地區的方式，只有少數參與者可能對此感興趣。你可能需要重新思考物理空間的使用，也許它會被分割成不同的方向。您可能會有多個租戶，或者有人考慮使用其中的一部分。我們必須考慮很多事情，而且我們仍處於學習階段，所以還有更多的事情要做。

And you have 18% of your portfolio dedicated to health care. And I know the nurses' strike may not impact operations directly, but it does cause a higher benchmark for wages. Are you seeing kind of fall-through impacts on perhaps the cost structure for your health care tenants?

您的投資組合中有 18% 專門用於醫療保健。我知道護士罷工可能不會直接影響運營，但確實會導致工資基準上升。您是否看到醫療保健租戶的成本結構受到某種程度的影響？

Not at the moment, but I think it's also important to dive into the particulars of what our health care portfolio is. You can't paint with a broad brush the 18% that we have. About 7% of that is clinical, and the clinical assets would have nurses on staff and on site. And so maybe there's a little bit of a read-through to those assets, but then the other 11% of our ABR is a variety of things, including what would traditionally be considered medtail-type assets, plasma centers, dialysis. We have a decent chunk that's committed to veterinary services which wouldn't have those types of issues. And then we also have some sort of more R&D-type facilities that will be included in our health care bucket, so you can't sort of look at it as a monolith. And it's a fairly small percentage that we do have. And there's not any read-through that we have at the moment on that type of nurses' strike issue.

目前還不行，但我認為深入了解我們的醫療保健組合的細節也很重要。你不能用大筆畫出我們擁有的 18%。其中約 7% 是臨床資產，臨床資產中將配備護理師和現場護理師。因此，也許需要對這些資產進行一些通讀，但我們 ABR 的另外 11% 是各種各樣的東西，包括傳統上被認為是 medtail 類型的資產、血漿中心、透析。我們有相當大的一部分致力於獸醫服務，不會有此類問題。然後我們還有一些更多的研發設施，這些設施將包含在我們的醫療保健桶中，所以你不能將其視為一個整體。我們所擁有的比例相當小。目前我們還沒有對此類護理師罷工問題進行任何通讀。

Our next question is from Michael Gorman with BTIG.

我們的下一個問題來自 BTIG 的 Michael Gorman。

John, maybe just stepping back for a second and talking about dividend policy, obviously a nice little increase in the quarter. Stock is yielding about 8% in a market that seems to want to pay more attention to dividend yields, but given what we're seeing just generally in the cost of capital environment, how are you thinking about balancing continuing to kind of increase that payout to investors versus retaining what is probably your cheapest cost-of-equity capital here? So how are you balancing out the payout versus retained cash flow for future growth?

約翰，也許只是退後一步，談談股息政策，顯然本季有不錯的小幅增長。在一個似乎想要更多關注股息收益率的市場中，股票收益率約為 8%，但考慮到我們在資本成本環境中普遍看到的情況，您如何考慮平衡繼續增加派息向投資者提供還是保留最便宜的股本成本？那麼，您如何平衡未來成長的支出與保留現金流呢？

Yes, good question. Mike, it's something that we talked about a lot. And when you look at the hard dollars, the total amount of increased dollars [that then go out the door] as a result of this dividend increase, it's about $1 million, so it's not a huge amount, but it is something. It's $1 million that could be applied somewhere else, from a capital allocation standpoint. Where we came down on was that in the current environment, as I sort of mentioned in my prepared remarks, the outsized growth that the net lease sector has experienced in the post-GFC world, for that 15-year period or so, feels more and more difficult. That's not to say that it's not going to come back and it's unlikely, but at the moment, we've gone through the entirety of 2023. We're looking at '24. And us and, I think, a lot of our peers are looking at '24 being very similar to '23. And so in a period when you're not seeing the type of external growth and the outsized return expectations that come from that, which is fed by a low interest rate environment and much better cost of capital than what our industry is currently experiencing, we turned and looked at, "Okay. Then we need to do better as real estate operators." And as I mentioned in my remarks, operational expertise, financial flexibility, solid portfolio performance and durable cash flows are going to be key to success in the short term; and potentially longer term, if you don't see a significant change in cost of capital. So when we looked at that and we thought about how do we provide the best possible value for our shareholders and the highest possible total shareholder return, continuing to provide them with solid dividend growth was a key part of that, so that's where we came down on that decision.

是的，好問題。麥克，這是我們討論過很多次的事情。當你看一下硬通貨時，由於股息增加而增加的美元總額（然後流出）約為 100 萬美元，所以這不是一個巨大的金額，但它是重要的。從資本配置的角度來看，這 100 萬美元可以用於其他地方。我們得出的結論是，在當前環境下，正如我在準備好的發言中提到的那樣，淨租賃行業在全球金融危機後的世界中經歷了大約 15 年的大幅增長，感覺更並且更加困難。這並不是說它不會回來，也不太可能回來，但目前，我們已經度過了整個 2023 年。我們正在展望 24 年。我想，我們以及我們的許多同行都認為 24 世紀與 23 世紀非常相似。因此，在你看不到外部增長類型和由此產生的超額回報預期的時期，這是由低利率環境和比我們行業目前經歷的更好的資本成本推動的，我們轉頭看了一眼，“好吧，那我們作為地產商就需要做得更好。”正如我在演講中提到的，營運專業知識、財務靈活性、穩健的投資組合表現和持久的現金流將是短期成功的關鍵；如果您沒有看到資本成本發生重大變化，則可能是長期的。因此，當我們考慮這一點並思考如何為股東提供盡可能最佳的價值和盡可能高的股東總回報時，繼續為他們提供穩定的股息增長是其中的關鍵部分，所以這就是我們的落腳點關於這個決定。

No, that makes sense, and I agree. And I'm curious as you think about '24 and you look at the opportunity set. Obviously, as you mentioned, Broadstone has got some skill sets here in terms of operations and redevelopment and development. Understanding that the cold storage facility is a pretty big lift through October, are you seeing alternative opportunities to step into broken development, step in on sort of mezz financing on properties you'd ultimately like to own at the end? Are you seeing any more unusual opportunities away from the regular-way acquisition market that's pretty slow?

不，這是有道理的，我同意。我很好奇你會想到 24 年，看看機會集。顯然，正如您所提到的，Broadstone 在營運、重建和開發方面擁有一些技能。了解冷庫設施對 10 月來說是一個相當大的提升，您是否看到了其他機會來進入破碎的開發，介入您最終想要擁有的房產的夾層融資？您是否在緩慢的常規收購市場之外看到了更多不尋常的機會？

Yes. No, absolutely, we are. And that's actually the place where we continue to see what we think are the best possible opportunities. The regular-way acquisition market has been slow to adjust to rising interest rate and treasuries and cost of capital, a reality for people that are on the buy side, particularly now that you're seeing a full dropoff of the PE buyer and the 1031 buyer. There's a much smaller buyer pool than there was before. And as Ryan talked about earlier, that bid-ask spread is still pretty high in sort of the traditional market, but where you see a lot of difficulty for folks right now is in those developments. It's in those sort of creative capital allocation decisions where they are having difficulty finding their traditional sources of financing because the bank real estate lending market has completely ceased up, so that's a great opportunity for us to step in and provide them with a unique source of new capital. And then we're just in the process of looking at those, evaluating them and trying to make sure that those fit within the net lease wrapper and will be something that is readily digestible by the market and not something too far afield.

是的。不，絕對是，我們是。這實際上是我們繼續尋找我們認為最好的機會的地方。常規收購市場在適應不斷上升的利率、國庫券和資本成本方面進展緩慢，這對買方來說是一個現實，尤其是現在你看到 PE 買家和 1031 買家的全面下降買方。買家池比以前小得多。正如瑞安之前所說，在傳統市場中，買賣價差仍然相當高，但你現在看到人們面臨的許多困難就是這些發展。在這種創造性的資本配置決策中，他們很難找到傳統的融資來源，因為銀行房地產貸款市場已經完全停止，所以這是我們介入並為他們提供獨特的融資來源的絕佳機會。新資本。然後我們正在研究這些，評估它們，並試圖確保它們適合淨租賃包裝，並且將是市場容易消化的東西，而不是太遙遠的東西。

Great. And then just last one for me. I'm triangulating a few of the comments that you had in prepared remarks and prior questions. You mentioned of the deals kind of not fitting within the buy box, mostly from the cost of capital side, but then also, with the dispositions, kind of some credit risk or some tail risks on the tenant side. I'm wondering if -- given what you're seeing on cost of capital, if you've adjusted your tenant credit buy box in terms of what would actually make you comfortable in bringing new tenant credit onboard.

偉大的。然後是我的最後一個。我正在對您在準備好的評論和之前的問題中提出的一些評論進行三角測量。您提到這些交易有點不適合購買框，主要是來自資本成本方面，但隨著處置，租戶方面也存在一些信用風險或尾部風險。我想知道，考慮到您所看到的資本成本，您是否已經調整了您的租戶信貸購買框，以真正讓您放心地引入新的租戶信貸。

Sure. I would say, yes, there's not a one size fits all in terms of how we're thinking about that today. However, we certainly have adjusted the way that we're looking at it and how we're thinking about bringing potential new credits online. In addition to that, I'd say that also goes for the real estate fundamentals. I would say we're -- we always look for a balance between the two, but we're in an environment where we've got pricing backing up and we've got financial strength across the market in general. And how long does that persist is a good question at this point, so we have certainly tightened up the way that we're looking at things. And I think you see that in terms of our selectiveness.

當然。我想說，是的，就我們今天的思考方式而言，沒有一刀切的方法。然而，我們當然已經調整了我們看待它的方式以及我們如何考慮將潛在的新積分帶到網上。除此之外，我想說這也適用於房地產基本面。我想說，我們總是在兩者之間尋求平衡，但我們所處的環境是價格有支撐，我們在整個市場上都有財務實力。目前，這種情況會持續多久是一個很好的問題，因此我們確實加強了看待事物的方式。我認為您從我們的選擇性方面看到了這一點。

Our next question is 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. I just have 2 quick ones. The first one is, if I dig into your pipelines, I see that Q3 investment is very light, so in this higher rate environment for Q4, if you want to compare with Q3, are your new conversations going on right now still kind of in the same pace? [Or every party rather want to wait] until like early 2024. Like any color on the pipeline would be helpful.

你讓珍妮代替羅恩。我只有 2 個快速的。第一個是，如果我深入研究你們的管道，我發現第三季的投資非常輕，所以在第四季度這種較高利率的環境下，如果你想與第三季進行比較，你們現在正在進行的新對話是否仍在進行中？相同的節奏？ [或各方都想等到] 直到 2024 年初。就像管道中的任何顏色都會有幫助一樣。

Sure. I guess I'd sort of zoom out for a second. I'd say that, if you look at Q3 of this year versus Q3 of last year on an overall transaction closing basis for the market as a whole, not just us specifically, it's down about 66%. So I think that tells pretty much everything you need to know. From our perspective, we're looking at it being very selective. We've had a lot of commentary around that. As we look forward here, we're looking for prices to continue to adjust. Since late summer, we've seen 100 bps of change in treasuries, such as the risk-free rate alone, pushing the change in asset pricing or asset pricing expectations from a buyer perspective. And we're being highly selective, so I think what you're seeing is probably, [yes], a light Q3, but we have a number of opportunities that we're looking at today that have either been broken in the past -- and we're looking at ways that [there are] good deals. Just capital behind them is no longer there, but they take time to sort of come through the finish line.

當然。我想我應該稍微縮小一下。我想說的是，如果你根據整個市場（而不僅僅是我們）的整體交易成交情況來比較今年第三季與去年第三季的情況，就會發現下降了約 66%。所以我認為這幾乎說明了你需要知道的一切。從我們的角度來看，我們認為它是非常選擇性的。我們對此有很多評論。展望未來，我們期待價格持續調整。自夏末以來，我們已經看到國債發生了100個基點的變化，例如僅無風險利率，就推動了資產定價或從買方角度來看的資產定價預期的變化。我們是高度選擇性的，所以我認為你看到的可能是，[是的]，一個輕鬆的第三季度，但我們今天看到的許多機會要么在過去被打破了—— - 我們正在尋找有利的交易方式。他們背後的資本已經不復存在，但他們需要時間才能衝過終點線。

Makes sense. Second one is your -- on your cap structures. I hear you said you're not planning to use ATM programs in the, like, near future, but as you mentioned as well, the cap rates are continuing to go up, not only from acquisition front but also from disposition front. Just curious: If cap rates continue to go up, like, how do you measure whether you want to rather like sell assets to recycle, to fund your acquisitions; or you would use a further, like, ATM program? If you can talk about your approach there, it would be great.

說得通。第二個是你的上限結構。我聽說你說你不打算在不久的將來使用 ATM 程序，但正如你也提到的，資本化率正在繼續上升，不僅從收購方面，而且從處置方面。只是好奇：如果資本化率繼續上升，例如，你如何衡量你是否願意出售資產進行回收，為你的收購提供資金？或者您會使用進一步的，例如 ATM 程式？如果您能在那裡談論您的方法，那就太好了。

Yes. I think the heart of your question is on source of funding. I'd say we've got a pretty big runway in front of us with where our balance sheet sits today. And I'd set a baseline expectation on, considering leverage, our disposition opportunities as we think about where we can redeploy that money. As John has mentioned, I think, quarter after quarter, after quarter, there's not a world where we're thinking about issuing equity at these levels, especially where the transaction environment currently sits from an opportunity set.

是的。我認為你問題的核心是資金來源。我想說，我們面前有一條相當大的跑道，就是我們今天的資產負債表所在的位置。當我們考慮可以在哪裡重新部署這筆錢時，考慮到槓桿作用，我會對我們的處置機會設定基準預期。正如約翰所提到的，我認為，一個季度又一個季度，又一個季度，我們沒有考慮在這些水平上發行股票，特別是在當前交易環境處於機會集的情況下。

Yes. If I can ask another one just for the pipeline front: Like do you think you will be focusing more on the industrial, like, over other sectors?

是的。如果我可以問另一個關於管道方面的問題：您認為您會更專注於工業領域，而不是其他領域嗎？

Yes. I'd say -- when I look at our pipeline today and even look further up from what we have under control, I'd say it's weighted towards industrial and then with a second weighting towards retail.

是的。我想說 - 當我今天審視我們的管道，甚至從我們所控制的範圍進一步向上看時，我會說它偏向工業，然後又偏向零售。

We have a follow-up question from Ki Bin Kim with Truist.

Ki Bin Kim 向 Truist 提出了一個後續問題。

Just a quick one on the large development project you have [for UNFI]. Can you just remind us how you're treating the costs to fund that? Are you capitalizing costs? And when do you start booking that income?

簡單介紹一下您[UNFI] 的大型開發專案。您能否提醒我們您如何處理資助該專案的成本？您是否將成本資本化？您什麼時候開始記錄該收入？

Ki Bin, everything is -- associated with that development is hung up on the balance sheet, so you'll see the asset grow both from the dollars we fund but also the interest associated with it. And then when it comes online in October, that's when it will start hitting the P&L on both fronts.

Ki Bin，與該開發相關的一切都掛在資產負債表上，因此您會看到資產的增長既來自我們資助的美元，也來自與之相關的利息。然後，當它在 10 月上線時，它將開始在兩個方面影響損益。

There are currently no further questions registered, so I'll pass the conference back to the management team for any closing remarks.

目前沒有進一步的問題登記，因此我會將會議轉回給管理團隊以供結束語。

Thanks, everybody, for joining us today. Appreciate all the questions and looking forward to seeing many of you in Los Angeles, at Nareit, in a couple of weeks. Have a great rest of your day. Bye all.

謝謝大家今天加入我們。感謝所有的問題，並期待幾週後在洛杉磯的 Nareit 見到你們中的許多人。祝您有個愉快的一天。再見了。

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

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。