Broadstone Net Lease Inc (BNL) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome to the Broadstone Net Lease fourth-quarter 2023 earnings conference call. My name is Bruno, and I'll be operating your call today. Please note that today's call is being recorded. (Operator Instructions)

大家好，歡迎參加 Broadstone Net Lease 2023 年第四季財報電話會議。我叫布魯諾，今天由我接聽您的電話。請注意，今天的通話正在錄音。（操作員說明）

I will now turn the call over to Brent Maedl, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

我現在將把電話轉給 Broadstone 公司財務和投資者關係總監 Brent Maedl。請繼續。

Thank you, operator, and thank you, everyone, for joining us today for Broadstone Net Lease's fourth-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 three will be available for the Q&A portion of this call.

謝謝營運商，也謝謝大家今天加入我們參加 Broadstone Net Lease 的 2023 年第四季財報電話會議。在今天的電話會議上，您將聽到執行長 John Moragne 準備好的演講；總裁兼營運長 Ryan Albano；和財務長凱文·芬內爾。這三人都將參加本次電話會議的問答部分。

As a reminder, the following discussion and answers to your questions contain forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors.

請注意，以下討論和對您問題的回答包含前瞻性陳述，這些陳述存在風險和不確定性，可能會因各種因素而導致實際結果出現重大差異。

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, 2023, for a more detailed discussion of the risk factors that may cause such differences.

我們提醒您不要過度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2023 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。

Any forward-looking statements provided during this conference call are only made as of the date of this call. In conjunction with and included within our earnings release, we provided details on our ongoing efforts to simplify our healthcare portfolio through the disposition of clinically oriented assets. These materials have been furnished with the SEC and may be found on the Investor Relations section of our website at Broadstone.com.

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。在我們的收益發布中，我們提供了有關透過處置臨床導向資產來簡化我們的醫療保健組合的持續努力的詳細資訊。這些資料已向 SEC 提供，可在我們網站 Broadstone.com 的投資者關係部分找到。

With that, I'll turn the call over to John.

這樣，我就把電話轉給約翰。

Thank you, Brent. Good morning, everyone. I'm proud of what our team accomplished throughout 2023 in what was a uniquely challenging year on many fronts. But before jumping into perspectives on our fourth-quarter and full-year results and market conditions, I would like to take a few minutes to discuss our decision and ongoing efforts to simplify our portfolio composition through the sale of our clinically oriented healthcare assets, specifically clinical, surgical, and traditional medical office building properties, commencing with our announcement of an agreement to sell 37 of these assets for $253 million that we anticipate to close in the first quarter.

謝謝你，布倫特。大家，早安。我為我們的團隊在 2023 年所取得的成就感到自豪，這一年在許多方面都是充滿挑戰的一年。但在深入了解我們的第四季度和全年業績以及市場狀況之前，我想花幾分鐘時間討論我們的決定以及透過出售臨床導向的醫療保健資產來簡化我們的投資組合構成的持續努力，特別是我們宣布以2.53 億美元的價格出售其中37 項資產，預計將在第一季完成。

The volatile macroeconomic conditions and depressed transaction environment we experienced in my first year as CEO provided our team with a great opportunity for internal process and portfolio evaluation. We completed a number of internal objectives and priorities.

我們在擔任執行長的第一年經歷了動盪的宏觀經濟狀況和低迷的交易環境，為我們的團隊提供了內部流程和投資組合評估的絕佳機會。我們完成了許多內部目標和優先事項。

But perhaps the greatest was the clarity we obtained in our decision to simplify our portfolio; sell our clinical, surgical, and traditional MOB assets; focus more intently and proactively on the industrial space and our other core investment verticals of retail and restaurant assets; and remove the complexity caused by holding healthcare assets not customarily included in the net lease wrapper.

但也許最重要的是我們在簡化投資組合的決定中所獲得的清晰度；出售我們的臨床、外科和傳統 MOB 資產；更專注、更主動地關注工業領域以及零售和餐飲資產的其他核心投資領域；並消除因持有通常不包含在淨租賃包裝中的醫療保健資產而造成的複雜性。

Since going public in the fall of 2020, the composition and complexity of our healthcare portfolio has been a hurdle for many investors over the years, and for good reason. Clinical, surgical, and traditional medical office building assets do not always fit well within the traditional net lease framework. While they can be high quality in nature, these types of assets generally have shorter lease durations, greater landlord responsibilities, longer potential downtime upon lease maturity, and in some cases, greater potential challenges with tenants, Green Valley being the starkest example.

自 2020 年秋季上市以來，我們的醫療保健投資組合的組成和複雜性多年來一直是許多投資者的障礙，這是有充分理由的。臨床、外科和傳統醫療辦公大樓資產並不總是適合傳統的淨租賃框架。雖然它們本質上是高品質的，但這些類型的資產通常具有較短的租賃期限、較大的房東責任、租賃到期時較長的潛在停機時間，並且在某些情況下，租戶面臨更大的潛在挑戰，綠谷就是最明顯的例子。

While the characteristics of these assets can make them attractive for a dedicated healthcare property investor and manager, those same characteristics can make them onerous for a net lease REIT operator. At one time, our diversified healthcare portfolio may have served as a positive differentiator, but it has since become a negative distraction of the publicly traded net lease REIT and a challenge to our growth and performance.

雖然這些資產的特徵可以使它們對專門的醫療保健房地產投資者和管理者有吸引力，但這些相同的特徵也可以使它們對淨租賃房地產投資信託基金業者造成負擔。曾經，我們多元化的醫療保健投資組合可能是一個積極的差異化因素，但此後它已成為公開交易的淨租賃房地產投資信託基金的負面乾擾，並對我們的成長和業績構成挑戰。

With this important strategic step, I believe we are positioning Broadstone Net Lease for long-term value creation and multiple expansion.

透過這個重要的策略步驟，我相信我們將 Broadstone Net Lease 定位為長期價值創造和多重擴張。

After a detailed review, we identified 75 clinical, surgical, and traditional medical office building assets for sale. On a pro forma basis, after completion of these sales, our healthcare exposure would be reduced by approximately 57% from approximately 17.6% of our ABR as of year end to approximately 7.5%.

經過詳細審查後，我們確定了 75 處臨床、外科和傳統醫療辦公大樓資產可供出售。按預計，完成這些銷售後，我們的醫療保健風險敞口將從截至年底的 ABR 約 17.6% 減少約 57% 至約 7.5%。

Following the sales, the remaining assets in our healthcare portfolio will primarily consist of consumer-centric medical properties that are customary for many publicly traded net lease REITs, examples of which include plasma, dialysis, and veterinary services, assets with real estate fundamentals critical to the tenant's business and little to no regulatory risk.

出售後，我們的醫療保健投資組合中的剩餘資產將主要包括以消費者為中心的醫療地產，這些地產是許多公開交易的淨租賃房地產投資信託基金的慣例，其中的例子包括血漿、透析和獸醫服務，這些資產的房地產基本面對房地產投資至關重要。租戶的業務，幾乎沒有監管風險。

In addition to the 37 assets expected to close in March, we are in varying stages of negotiations on another 38 assets that we intend to provide an update on with first-quarter earnings. We expect that some portion of the remaining assets may have a longer hold period as we determine best paths forward for optimal disposition outcomes.

除了預計 3 月完成的 37 項資產外，我們還正在就另外 38 項資產進行不同階段的談判，我們打算提供有關第一季收益的最新資訊。我們預計，隨著我們確定最佳處置結果的最佳路徑，剩餘資產的某些部分可能會有更長的持有期。

I am highly confident in our decision to sell these assets and focus on redeploying proceeds into industrial, retail, and restaurant properties. Our pro forma portfolio statistics as measured by asset mix, occupancy, WALT, fixed rent increases, and tenant diversification remain top of class. With prudent redeployment, we expect those key metrics will improve even further. We intend to regularly communicate progress on both the disposition and redeployment efforts as they take place and are excited for what is to come for BNL in 2024 and the years that follow.

我對出售這些資產並專注於將收益重新部署到工業、零售和餐飲業的決定充滿信心。我們透過資產組合、入住率、WALT、固定租金上漲和租戶多元化來衡量的預計投資組合統計數據仍然是一流的。透過審慎的重新部署，我們預計這些關鍵指標將進一步改善。我們打算定期通報處置和重新部署工作的進展情況，並對 2024 年及隨後幾年 BNL 的發展感到興奮。

Turning to our 2023 results, I'm happy to report a strong fourth quarter to close out the year. We consistently demonstrated our agility and prudence in a highly dynamic macroenvironment, characterized by significant fluctuations in interest rates and muted transaction activity across our investment sectors. As we navigated the challenging disconnect between interest rates and cap rates, we maintained our focus on long-term value creation and adaptability, demonstrated by a high degree of discipline and selectivity.

談到我們 2023 年的業績，我很高興地報告第四季度的強勁表現，為這一年畫上了圓滿的句號。我們在高度動態的宏觀環境中始終表現出我們的敏捷性和審慎性，其特點是利率大幅波動和整個投資領域的交易活動平淡。在我們解決利率和資本化率之間具有挑戰性的脫節問題時，我們保持對長期價值創造和適應性的關注，這透過高度的紀律和選擇性得到了證明。

As rates retreated from their highs at the end of the fourth quarter, we started to see sellers reenter the market at the beginning of this year with a somewhat refreshed set of expectations as compared to what we had seen during much of 2023. Despite the relative improvement and incremental optimism, we remained mostly on the sidelines, investing $64 million during the fourth quarter, of which $16 million was revenue-generating CapEx.

隨著第四季末利率從高點回落，我們開始看到賣家在今年年初重新進入市場，與 2023 年大部分時間相比，他們的預期有所刷新。儘管相對改善和樂觀情緒不斷增加，但我們仍然保持觀望，第四季度投資了 6,400 萬美元，其中 1,600 萬美元是創收資本支出。

As an example of our continued discipline as well as the challenging transaction market, late in the fourth quarter, we walked away from a roughly $70 million investment opportunity as the unfortunately increasing challenges in the insurance market proved insurmountable in this instance, resulting in an investment that would have exceeded our risk tolerance.

作為我們持續遵守紀律以及充滿挑戰的交易市場的一個例子，在第四季度末，我們放棄了大約7000 萬美元的投資機會，因為不幸的是，保險市場中日益增加的挑戰在這種情況下被證明是不可克服的，導致投資這將超出我們的風險承受能力。

Despite the lower-than-expected investment volume, we are pleased to report a full-year AFFO of $1.41 per share, in line with our guidance as we realized operational efficiencies across G&A and bad debt. In our efforts to prudently redeploy disposition proceeds, we have secured $97.1 million of investments under control, which we expect to close during the first and second quarters.

儘管投資額低於預期，但我們很高興地報告全年 AFFO 為每股 1.41 美元，與我們的指導一致，因為我們實現了 G&A 和壞帳方面的營運效率。在我們審慎地重新部署處置收益的努力中，我們已經控制了 9,710 萬美元的投資，我們預計將在第一季和第二季完成這些投資。

While our pipeline of opportunities has improved compared to 2023, we continue to believe a higher degree of selectivity is required as we navigate the macro backdrop. We also continue to focus on sourcing off-market investments and unique capital allocation opportunities where we can partner with developers and tenants seeking capital solutions as the constraints on traditional commercial real estate lending persist.

儘管與 2023 年相比，我們的機會管道有所改善，但我們仍然認為，在應對宏觀背景時需要更高程度的選擇性。我們也繼續專注於尋找場外投資和獨特的資本配置機會，因為傳統商業房地產貸款的限制仍然存在，因此我們可以與尋求資本解決方案的開發商和租戶合作。

Our objectives for 2024 include redeploying substantially all of our anticipated disposition proceeds during the year, which is embedded within our 2024 guidance.

我們 2024 年的目標包括重新部署年內幾乎所有預期處置收益，這已包含在我們的 2024 年指引中。

Shifting to our overall portfolio, which remains predominantly leased to industrial and heads of retail and restaurant tenants, it continued to perform exceptionally well, as evidenced by 99.2% rent collections during the fourth quarter and 99.4% occupancy as of December 31, 2023.

轉向我們的整體投資組合，該投資組合仍然主要出租給工業以及零售和餐廳租戶，它的表現繼續異常出色，第四季度的租金收取率為99.2%，截至2023 年12 月31 日的入住率為99.4%。

Green Valley Medical Center was the only rent outstanding as of December 31st, and we began marketing the asset for sale during the quarter. This decision resulted in us recognizing an approximately $26 million impairment. While early in the process, we have seen indications of interest from multiple parties for various uses, and we remain focused on putting this distraction behind us by the middle of the year.

截至 12 月 31 日，綠谷醫療中心是唯一未付租金的中心，我們在本季開始推銷該資產。這項決定導致我們確認了約 2,600 萬美元的減損。在這過程的早期，我們已經看到多方對各種用途表現出興趣，我們仍然致力於在今年年中之前消除這種幹擾。

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. We continued to execute on selective dispositions during the fourth quarter, selling five properties for gross proceeds of $16.5 million at an average cash cap rate of 6.7%, bringing our full-year disposition proceeds to $200 million at an attractive weighted average cash cap rate of 6%.

謝謝約翰，也謝謝大家今天加入我們。我們在第四季繼續執行選擇性處置，以 6.7% 的平均現金上限出售了五處房產，總收益為 1,650 萬美元，使我們的全年處置收益達到 2 億美元，加權平均現金上限為6% 。

I'm extremely pleased with the outcome of our full-year disposition efforts, which exceeded our initial guidance for the year as we were able to capture opportunistic pricing for what I would consider a risk mitigation exercise. Given the environment, we were able to take advantage of market dislocation to sell assets with outsized credit and/or real estate risk at a weighted average cash cap rate of 6% for the year.

我對我們全年處置工作的結果感到非常滿意，這超出了我們今年的最初指導，因為我們能夠為我認為的風險緩解活動捕獲機會主義定價。在這種環境下，我們能夠利用市場混亂的機會，以當年 6% 的加權平均現金上限出售具有巨大信貸和/或房地產風險的資產。

On the external growth front, we remain highly selective and disciplined during the fourth quarter, which aligns with our consistent messaging throughout 2023. Given an anemic net lease transaction market in the back half of the year, we consciously chose to selectively allocate capital to investments that align with our growth strategy and mission to deliver long-term shareholder value rather than target short-term accretion.

在外部成長方面，我們在第四季度保持高度選擇性和紀律性，這與我們在 2023 年全年一貫的訊息一致。鑑於下半年淨租賃交易市場疲軟，我們有意識地選擇將資本配置到符合我們成長策略和使命的投資，以實現長期股東價值，而不是追求短期增值。

This resulted in fourth-quarter investment volume of $64.1 million, inclusive of $47.9 million in development fundings and $16.2 million in revenue-generating CapEx at a weighted average initial cap rate of 7.5%. Fourth-quarter investment activity brought our full-year investment volume to $166 million at a weighted average cash cap rate of 7.2%.

這導致第四季投資額達到 6,410 萬美元，其中包括 4,790 萬美元的開發資金和 1,620 萬美元的創收資本支出，加權平均初始上限率為 7.5%。第四季的投資活動使我們的全年投資金額達到 1.66 億美元，加權平均現金上限率為 7.2%。

Looking forward into 2024, price discovery in the transaction market persists. Interest rate volatility continues to influence the capital allocation decisions of buyers at a more accelerated pace than the price expectations of sellers, leading to a persistent gap in bid-ask spreads and an overall muted level of completed transactions in the broader market.

展望2024年，交易市場的價格發現依然存在。利率波動繼續以比賣方價格預期更快的速度影響買方的資本配置決策，導致買賣價差持續存在差距以及更廣泛市場的總體已完成交易水平低迷。

As John highlighted, we remain focused in our efforts to source attractive investments and highly selective in the pursuit of opportunities as the market continues price discovery. Our investment activity during the quarter consisted entirely of fundings related to UNFI and incremental revenue-generating CapEx.

正如約翰所強調的，我們仍然專注於尋找有吸引力的投資，並隨著市場不斷發現價格而高度選擇性地尋找機會。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, our previously announced $204.8 million build-to-suit transaction, remains on track to be completed and delivered to our tenant in the third quarter of 2024 with rent commencing no later than October, and we have funded approximately $93.9 million through December 31. We will continue to look at creative opportunities to partner with developers in this capital-constrained environment while remaining selective and cautious as the macro environment evolves.

UNFI 是我們先前宣布的價值2.048 億美元的客製化交易，仍有望在2024 年第三季完成並交付給我們的租戶，租金不遲於10 月開始，截至12 月31 日，我們已融資約9,390 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創意機會，同時隨著宏觀環境的變化保持選擇性和謹慎。

Moving to our existing portfolio, 2023 credit performance was in line with prior years, which exceeded expectations, given the interest rate and macroeconomic backdrop. Heading into 2024, we remain cautious on and continue to pay extra attention to industries that are sensitive to discretionary consumer spending.

轉向我們現有的投資組合，2023 年的信貸表現與往年一致，考慮到利率和宏觀經濟背景，超出了預期。進入2024年，我們對可自由支配消費支出敏感的產業保持謹慎並繼續格外關注。

Of note, we have seen some operational performance decline in the furniture sector and as recently as this month had one tenant within the industry, representing one asset or 0.2% of ABR, file for Chapter 11 bankruptcy.

值得注意的是，我們看到家具業的營運表現有所下降，就在本月，該行業內的一名租戶（代表一項資產或 ABR 的 0.2%）申請了美國破產法第 11 章破產保護。

As part of the company's reorganization efforts, we anticipate that the tenant will vacate the site, which is predominantly a distribution center that also has a small retail showroom. We will begin working to backfill the space upon receipt of the property and expect to receive rents in the interim.

作為公司重組工作的一部分，我們預計租戶將騰出該場地，該場地主要是一個配送中心，也有一個小型零售陳列室。我們將在收到房產後開始努力回填空間，並期望在此期間收到租金。

Red Lobster site-level performance remains healthy, and we will continue to look to opportunistically sell these assets as we did during the fourth quarter for a single site at a 6.45% cash cap rate. Thai Union recently announced its intention to sell its stake in Red Lobster, and we are working with them as they navigate that process. Given the strength of our site-level performance, the quality of our real estate, the strength of the brand, and early interest in Thai Union stake, we remain cautiously optimistic about Red Lobster's future.

Red Lobster 網站層面的表現仍然健康，我們將繼續尋找機會出售這些資產，就像我們在第四季以 6.45% 的現金上限出售單一網站一樣。Thai Union 最近宣布打算出售其在 Red Lobster 的股份，我們正在與他們合作，以幫助他們完成這一過程。考慮到我們的場地表現、房地產品質、品牌實力以及對 Thai Union 股權的早期興趣，我們對 Red Lobster 的未來保持謹慎樂觀。

As John noted earlier, we will finalize the resolution for Green Valley Medical Center through a near-term sale of the asset. The tenant has been unable to pay rent since October of 2023 and still has not commenced operations given the ongoing challenges in the financing markets.

正如約翰早些時候指出的，我們將透過近期出售資產來最終確定綠谷醫療中心的決議。自 2023 年 10 月以來，該租戶一直無法支付租金，並且鑑於融資市場持續面臨的挑戰，該租戶仍未開始營運。

And lastly, re-leasing efforts for our previously tenanted Shutterfly location has increasingly improved as we have received significant interest in the property. We are in late stages of negotiations with multiple parties and now expect a new tenant to take possession in the fourth quarter of 2024. Shutterfly will continue to pay rent and operate at the site through the second quarter of 2024, so we are expecting minimal downtime at the property.

最後，隨著我們對該物業產生了濃厚的興趣，我們之前租用的 Shutterfly 地點的重新租賃工作也日益改善。我們正處於與多方談判的後期階段，目前預計新租戶將於 2024 年第四季入住。Shutterfly 將在 2024 年第二季繼續支付租金並在該場地運營，因此我們預計該場地的停機時間將降至最低。

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. During the quarter, we generated AFFO of $71 million or $0.36 per share, an increase of 1.6% in per-share results year over year. For the full year, we generated AFFO of $278 million or $1.41 per share, an increase of 1.1% year over year and in line with the midpoint of our guidance.

謝謝你，瑞安。本季度，我們產生了 7,100 萬美元的 AFFO，即每股 0.36 美元，每股業績年增 1.6%。全年，我們產生了 AFFO 2.78 億美元，即每股 1.41 美元，年增 1.1%，與我們指導的中位數一致。

Quarterly and full-year results were largely driven by same-store portfolio growth and incremental asset recycling throughout the year. We incurred $8 million of cash G&A during the quarter and $32.1 million for the full year or a 1% increase year over year.

季度和全年業績主要是由全年同店投資組合成長和增量資產回收所推動的。本季我們產生了 800 萬美元的現金 G&A，全年產生了 3,210 萬美元，年增 1%。

We once again ended the quarter in a strong and flexible financial position despite no capital markets activity. From a leverage perspective, we ended the quarter in a position of strength at 5 times net debt, up slightly from 4.9 times at the end of last quarter.

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。從槓桿角度來看，本季末我們處於強勢地位，淨債務倍數為 5 倍，略高於上季末的 4.9 倍。

Our mostly fixed rate debt capital structure keeps us insulated from interest rate volatility with no material near-term maturities. So our exposure to floating rates will start increasing later this year as our existing swaps start to roll in the fourth quarter.

我們大部分的固定利率債務資本結構使我們免受利率波動的影響，並且沒有重大的近期到期日。因此，隨著我們現有的掉期交易在第四季度開始滾動，我們的浮動利率敞口將在今年稍後開始增加。

At our quarterly meeting, our Board of Directors maintained our $0.285 dividend per common share and OP unit payable to holders of record as of March 29, 2024, on or before April 15, 2024. This represents an increase of 3.6% over the dividend declared in the first quarter of 2023.

在我們的季度會議上，我們的董事會維持了截至 2024 年 3 月 29 日以及 2024 年 4 月 15 日或之前向記錄持有人支付的每股普通股和 OP 單位 0.285 美元的股息。這比 2023 年第一季宣布的股息增加了 3.6%。

Our dividend remains well covered and represents an attractive dividend yield relative to many of our peers, given likely timing differences between asset sales and capital redeployment throughout 2024, our payout ratio could increase into the low 90% range of the middle of the year. However, we anticipate returning to our targeted payout ratio of mid to high 70% range in the relative near term as we redeploy the sale proceeds.

考慮到2024 年資產出售和資本重新部署之間可能存在時間差異，我們的股息支付率仍然良好，相對於許多同業而言，股息收益率頗具吸引力，我們的派息率可能會在年中增至90% 的低水平。然而，隨著我們重新部署銷售收益，我們預計在相對短期內將恢復到 70% 中高範圍的目標支付率。

Finally, details of our 2024 guidance and key assumptions were included in our earnings release last night. They include an AFFO of $1.41 per share, reflecting the timing of our ongoing dispositions and redeployment efforts; investment volume between $350 million and $700 million; disposition volume between $300 million and $500 million with ongoing healthcare sales accounting for the substantial majority; and finally, cash G&A between $32 million and $34 million, which is the same cash G&A guidance last year.

最後，我們昨晚發布的財報中包含了 2024 年指導和關鍵假設的詳細資訊。其中包括每股 1.41 美元的 AFFO，反映了我們正在進行的處置和重新部署工作的時間；投資額在3.5億美元至7億美元之間；處置量在 3 億至 5 億美元之間，其中持續的醫療保健銷售佔絕大多數；最後，現金管理費用在 3,200 萬美元至 3,400 萬美元之間，與去年的現金管理費用指導相同。

I will now turn the call back over to John before we open up the line for questions.

現在，在我們開通提問熱線之前，我將把電話轉回給約翰。

Thanks, Kevin. As you can hear from our remarks, we are quite proud of the way we navigated 2023 and are excited for what's to come in 2024. Reflecting on 2023 and my first year as CEO, I'm proud of the decisions we have made, the discipline we have shown in our commitment to long-term value creation, and the results our actions produced in a volatile year.

謝謝，凱文。正如您從我們的演講中所聽到的，我們對 2023 年的發展方式感到非常自豪，並對 2024 年的發展感到興奮。回顧2023 年，也是我擔任執行長的第一年，我對我們所做的決定、我們在致力於長期價值創造中所表現出的紀律，以及我們在動蕩的一年中採取的行動所取得的成果感到自豪。

I believe the culmination of these efforts will be demonstrated through the growth opportunities they will present us with as we navigate 2024 with an eye for what that means in 2025 and beyond. The last year has been challenging for real estate generally, but I believe the future is bright for BNL.

我相信，當我們展望 2024 年並著眼於 2025 年及以後意味著什麼時，這些努力將透過它們為我們帶來的成長機會來體現。去年對房地產業來說總體來說是充滿挑戰的一年，但我相信 BNL 的未來是光明的。

We can now open up the line for questions.

我們現在可以開放提問熱線。

(Operator Instructions) Spenser Allaway, Green Street.

（操作員指示）Spenser Allaway，格林街。

Thank you. Are you guys able to share any color on the buyer pool for the assets currently under contract? And do you have a sense of whether any of these assets will be repurposed or if they are intended to remain leased to clinically focused tenants?

謝謝。你們能分享一下目前合約下資產的買家池的顏色嗎？您是否知道這些資產是否會被重新利用，或者是否打算繼續租賃給以臨床為重點的租戶？

Hi, Spenser. Buyer pool, we had a pretty robust list that we went out to. There was an active marketed process. So we were very pleased with the ability of the brokers that we worked with our team to drive this down to the best optimal disposition outcome for us, so robust process. These are a variety of dedicated healthcare operators in the real estate space. There's some private players in there as well as some public.

嗨，史賓塞。我們有一個非常強大的買家名單。有一個活躍的市場化過程。因此，我們對經紀人與我們團隊合作的能力感到非常滿意，他們為我們提供了最佳的處置結果，因此流程非常穩健。這些是房地產領域的各種專門的醫療保健運營商。那裡有一些私人參與者，也有一些公眾參與者。

And our understanding is that all these assets are going to continue to be operated sort of as they are structured. So they're not being repurposed into something different, whether there's a view towards retenanting some of these in the future, given that that's something that is more prevalent as we talked about in the prepared remarks in the dedicated healthcare space.

我們的理解是，所有這些資產都將按照其結構繼續運作。因此，它們不會被重新用於不同的用途，無論將來是否有保留其中一些的觀點，因為正如我們在專門的醫療保健領域的準備好的評論中所討論的那樣，這種情況更為普遍。

I can't speak to that and what their plans are, but there's not a view that these are going torn down and turned to something totally different from the healthcare purposes they serve today.

我無法談論這一點以及他們的計劃是什麼，但沒有人認為這些計劃將被拆除並轉向與他們今天所服務的醫療保健目的完全不同的東西。

Okay, thank you. And then just turning to your investment guidance for '24, I suggest you would plan to be a net acquirer this year. In the event that you continue to trade at a discount to NAV, would this still be the case, or should we expect dispositions to outpace acquisitions again for this year?

好的謝謝。然後轉向您 24 年的投資指導，我建議您今年計劃成為淨收購者。如果您繼續以低於資產淨值的折扣進行交易，情況是否仍然如此，或者我們是否應該預期今年的處置速度將再次超過收購速度？

Yeah, I think it depends on what we see. We -- as you've heard in our remarks, there's a little bit of price discovery still going on. We're cautiously optimistic that this will start to sort of clarify itself over the coming quarters and you'll start to see volumes pick up.

是的，我認為這取決於我們所看到的。正如您在我們的演講中所聽到的，我們仍然在進行一些價格發現。我們謹慎樂觀地認為，這種情況將在未來幾季開始變得清晰，並且您將開始看到交易量回升。

There's a lot of good indicators that suggest it should. We're about 18 months into this tightening on net lease volumes as we start to see, hopefully, some of that bid-ask spread come in a little bit more from where it was, particularly during 2023.

有很多好的指標表明它應該這樣做。淨租賃量收緊已經持續了大約 18 個月，我們希望一些買賣價差會比原來的水平有所增加，特別是在 2023 年期間。

As you start to see some cost of capital improve, there might be some more buyers and get sellers more excited. That's part of the issue that people have experienced. But sellers haven't necessarily been willing to go out and market their properties or to look for transactions because I'm not sure what the buyer pool looks like.

當您開始看到資金成本有所改善時，可能會有更多的買家，並使賣家更加興奮。這是人們經歷過的問題的一部分。但賣家不一定願意出去推銷他們的房產或尋找交易，因為我不確定買家群體是什麼樣的。

But what we have seen is even though there's been an increase in some places in the number of offers, you're not seeing it everywhere. Buyers that are well-capitalized, all cash buyers are in a much better position than those that are coming in with financing contingencies, which you continue to see on both deals that we're bidding on and deals that we are actively selling ourselves. So that positions us really well.

但我們看到的是，儘管某些地方的優惠數量有所增加，但並不是到處都能看到。資本充足的買家，所有現金買家都比那些有融資意外情況的買家處於更好的地位，您在我們正在競標的交易和我們正在積極出售自己的交易中繼續看到這種情況。所以這使我們處於非常有利的位置。

We also, as you heard in the remarks, are really keenly focused on looking at off-market opportunities that might come through our network as well as unique investment structures that we can take advantage of with developers and others that are struggling still because of the constraints in the commercial real estate lending business.

正如您在演講中所聽到的那樣，我們也非常關注透過我們的網路可能帶來的場外機會以及獨特的投資結構，我們可以利用這些機會與開發商和其他仍在苦苦掙扎的人一起利用。商業房地產貸款業務受到限制。

That's one of the areas that we talked about a lot last year, and we're starting to see some good effort and good opportunity there. Within the $97.1 million that we've got under control is a fairly large transaction. That's a repeat deal with a developer from UNFI.

這是我們去年經常討論的領域之一，我們開始看到一些好的努力和良好的機會。在我們控制的 9,710 萬美元中，這是一筆相當大的交易。這是與 UNFI 開發商的重複交易。

So we're very excited about that repeat relationships, being able to find those off-market direct opportunities to invest capital. And things that we get really excited about are the places where we hope to see some more. So it just depends on what's going to happen for the year. And as we said, we will regularly update folks on both these sales efforts relative to the healthcare portfolio simplification strategy as well as our redeployment.

因此，我們對這種重複關係感到非常興奮，能夠找到那些場外直接投資機會。我們真正興奮的是我們希望看到更多的地方。因此，這僅取決於今年會發生什麼。正如我們所說，我們將定期向人們通報與醫療保健組合簡化策略相關的銷售工作以及我們的重新部署。

Hey, Spenser. It's Kevin. I would just add on the other part of your question is, from a need for capital, we're in the same spot we were last year. We were lowly levered, so we've got some leverage capacity as we think about net acquiring.

嘿，史賓塞。是凱文。我想補充你問題的另一部分是，出於對資本的需求，我們與去年處於同樣的境地。我們的槓桿率較低，因此在考慮淨收購時我們有一定的槓桿能力。

Okay. Thank you.

好的。謝謝。

Anthony Paolone, JPMorgan.

安東尼保隆，摩根大通。

Great, thanks. I guess, first, just some clarifying items on the healthcare portfolio that you intend to sell. 11% of ABR is about $43 million, but there's some MOBs in there and such, and it sounds like some landlord responsibilities. Is the NOI a different number? Can you -- or is it the $43 million?

萬分感謝。我想，首先，只是澄清一下您打算出售的醫療保健產品組合中的一些項目。 ABR 的 11% 大約是 4300 萬美元，但裡面有一些 MOB 之類的，聽起來像是一些房東的責任。NOI 是不同的號碼嗎？可以嗎——或者是 4300 萬美元嗎？

The way we're thinking about it, it's $43 million. There's certainly some savings built in. (Multiple speakers)

按照我們的想法，它是 4300 萬美元。當然有一些節省。（多位發言者）

Si the NOI is the $43 million, though, it sounds like.

不過聽起來，NOI 是 4,300 萬美元。

There's certainly some savings in there from property (inaudible) CapEx resulting from additional landlord responsibilities. But the way we've been thinking about it from a sales and redeployment standpoint is focused on the $43 million.

額外的房東責任所帶來的財產（聽不清楚）資本支出肯定會省下一些。但我們從銷售和重新部署的角度考慮的方式主要集中在 4300 萬美元上。

Okay. And then how should we think about cap rates on the stuff to be sold still? Outside of (inaudible) no NOI there. But this is just higher cap rate stuff do you see it as, or is this 7.9% reflective of the first tranche? How should we think about that?

好的。那我們應該如何考慮仍待銷售的產品的上限利率呢？外面（聽不清楚）沒有 NOI。但這只是您認為更高的資本化率，還是這 7.9% 反映了第一部分？我們該如何思考這個問題？

Yeah, I think the 7.9% is reflective. Where we've been focusing on is this sort of that mid to high sevens for where we're looking to sell these assets. We're not straight price takers in this exercise. No, this is not something where we're looking to fire sale these. We took a long time to think through this process and what we thought was going to provide the best long-term shareholder value. And we believe this is it.

是的，我認為 7.9% 是有反映的。我們一直關注的是我們希望出售這些資產的中高點。在這項工作中，我們並不是直接的價格接受者。不，這不是我們想要甩賣的東西。我們花了很長時間來思考這個過程以及我們認為什麼將提供最佳的長期股東價值。我們相信就是這樣。

We're really excited about executing on this in '24 and what that's going to mean for 2025 and the years beyond in terms of our ability to grow and drive value for shareholders, including AFFO accretion and multiple expansion. So we're not looking to sell these at really high cap rates just to move them along.

我們對 24 年執行此計劃感到非常興奮，這對 2025 年及未來幾年我們為股東增長和推動價值的能力（包括 AFFO 增值和多重擴張）意味著什麼。因此，我們並不打算以非常高的資本化率出售這些資產，只是為了推動它們前進。

If we need to hold these for a little bit longer, that's okay. These were assets that we had a lot of conviction in before we went public when we acquired majority of them. And so we can hold these and look to execute in the mid to high sevens. This is not something like I said that's going to be a fire sale at higher cap rates.

如果我們需要將這些保留更長時間，那也沒關係。當我們收購其中大部分資產時，我們在上市之前就對這些資產充滿信心。因此，我們可以持有這些股票，並預期在中高水準執行。這並不像我說的那樣，將以更高的上限利率進行甩賣。

Okay. And then with that being said then, if we are all sitting here looking at you taking on this divestiture initiative, how do we get comfortable looking out to 2025 and that being a return to growth, or it may not be? I mean, how should we think about that? When does this process end and you get back to driving accretive acquisitions?

好的。話雖這麼說，如果我們都坐在這裡看著你們採取這項剝離舉措，我們如何才能放心地展望 2025 年，即恢復增長，或者可能不是？我的意思是，我們該如何思考這個問題？這個過程什麼時候結束，你才能重新開始推動加值收購？

Yeah, I mean, 2025 is where we expect that to happen, although there's a chance you could see it in '24. The reason we came out at $1.41 rather than providing a range is that the timing on the sales and the redeployment is, as you can imagine, the single greatest variable.

是的，我的意思是，我們預計 2025 年會發生這種情況，儘管你有可能在 24 年看到它。我們給出 1.41 美元而不是提供範圍的原因是，正如您可以想像的那樣，銷售和重新部署的時間是最大的變數。

The range and the focus there is entirely on the healthcare simplification strategy. There's not anything that we were thinking about from broad credit issues. There's no credit, bad debt stuff that we're worried about. You heard us during our remarks from a bad debt and from a tenant credit standpoint, there's only a handful of relatively immaterial issues that we're focused on right now.

其範圍和重點完全集中在醫療保健簡化策略上。我們沒有考慮任何廣泛的信貸問題。沒有我們擔心的信用、壞帳問題。您從壞帳和租戶信用的角度聽到了我們的言論，我們現在只關注少數相對無關緊要的問題。

So this is entirely based off of the strategic work that we're doing in the clinical healthcare sales and then redeploying those proceeds. And the goal here is that at worst, we wanted this to be a neutral exercise, so $1.41 to $1.41.

因此，這完全基於我們在臨床醫療保健銷售中所做的策略性工作，然後重新部署這些收益。這裡的目標是，在最壞的情況下，我們希望這是一個中性的練習，所以 1.41 美元到 1.41 美元。

But if things go our way a little bit on the timing standpoint, both in terms of are there ways that we can lengthen out some of the sales but still execute? Or are there ways that we can accelerate some of the investment activity depending on the opportunities we see? We might be able to push it, but we started the year $1.41. We're going to regularly update this.

但是，如果從時間的角度來看事情進展順利，那麼我們是否可以透過一些方法來延長部分銷售但仍能執行？或者我們可以根據我們看到的機會加速一些投資活動？我們也許可以推動它，但我們年初的價格是 1.41 美元。我們將定期更新此內容。

We believe as we get closer to sort of the end of Q3, beginning of Q4, we'll have a very clear view as to what our growth path looks like in 2025. And that's what we're gearing ourselves to.

我們相信，隨著第三季末、第四季初的臨近，我們將對 2025 年的成長路徑有一個非常清晰的認識。這就是我們正在努力實現的目標。

A big piece of this, but I don't want to get lost either, and we talked a little bit about this last year, is the huge benefit that we're going to get from UNFI coming online. But not only are we going to be going into 2025, hopefully with the majority of this healthcare portfolio simplification strategy sort of put to bed, but also, we're going to have UNFI coming online. And both of those things, plus whatever other incremental redeployment we can do this year are going to give us one heck of a 2025, we think. So we're excited for what that is.

其中很重要的一點是，我們將從 UNFI 上線中獲得的巨大好處，但我也不想迷失方向，去年我們對此進行了一些討論。但我們不僅要進入 2025 年（希望醫療保健組合簡化策略的大部分內容能夠落實），而且我們還將讓 UNFI 上線。我們認為，這兩件事，再加上我們今年可以做的任何其他增量重新部署，都將為我們帶來美好的 2025 年。所以我們對此感到興奮。

So the intention is to manage this process to have growth in AFFO in 2025?

那麼，我們的目的是管理這項流程，以便 AFFO 在 2025 年實現成長？

Correct.

正確的。

Okay. Thank you.

好的。謝謝。

Michael Gorman, BTIG.

邁克爾·戈爾曼，BTIG。

This is Fisher Rhodes on for Mike. With the UNFI facility coming on later this year and starting to impact cash flow, can you remind us how those economics impacted back the back half of 2024? And as you near the end of the project, have you seen other similar opportunities in the market right now? And where could we see you execute?

我是費雪·羅茲（Fisher Rhodes）為麥克代言。隨著 UNFI 設施在今年稍後啟動並開始影響現金流，您能否提醒我們這些經濟狀況對 2024 年下半年有何影響？當您的專案接近尾聲時，您現在是否在市場上看到其他類似的機會？我們在哪裡可以看到你執行死刑？

Ryan, why don't you do the UniFi update?

Ryan，為什麼不更新 UniFi？

Sure. So in terms of UNFI, we expect it to come online and start paying rent in the last quarter of the year, so fourth quarter. So we'll have one quarter of that this year and then obviously a full year next year, so most impactful for 2025.

當然。因此，就 UNFI 而言，我們預計它將在今年最後一個季度（即第四季度）上線並開始支付租金。因此，今年我們將實現四分之一，明年顯然將實現一整年，因此對 2025 年影響最大。

In terms of additional opportunities like that, we have been spending a lot of time with a host of relationships that we've built over the years from a developer perspective. I'd call the depth of that somewhere just north of 10 relationships that we've been working with and seeing opportunities from.

就此類額外機會而言，我們花了很多時間從開發人員的角度建立了多年來建立的一系列關係。我將這種深度稱為我們一直在合作並從中看到機會的 10 個關係的深度。

There are certainly, as John had mentioned, some dislocation in the capital markets, and we do see future opportunities on a build-to-suit basis. But to be determined as we continue forward here in terms of how meaningful that will be.

正如約翰所提到的，資本市場肯定存在一些混亂，我們確實看到了未來的客製化機會。但當我們繼續前進時，我們才能確定這將有多大意義。

Perfect, makes sense. And then how does the deal flow look on the reinvestment side? Basically, how quickly you think you can redeploy these proceeds? And as you think about redeploying assets, where are you seeing the most interesting opportunities?

完美，有道理。那麼再投資方面的交易流程又如何呢？基本上，您認為您可以多快重新部署這些收益？當您考慮重新部署資產時，您在哪裡看到最有趣的機會？

We feel pretty confident right now on the redeployment there. As we mentioned, we've got that $97.1 million that's already under contract. We're seeing more and more come along. Whether those transact or not is still an open question. As you heard in Ryan's prepared remarks, there continues to be a lot of opportunity out on the market. Whether those transact or not has really been the key thing in 2023 and what we've seen so far in 2024.

我們現在對那裡的重新部署非常有信心。正如我們所提到的，我們已經簽訂了 9710 萬美元的合約。我們看到越來越多的人出現。這些交易是否進行仍然是一個懸而未決的問題。正如您在 Ryan 準備好的演講中聽到的那樣，市場上仍然存在許多機會。這些交易是否真正成為 2023 年以及 2024 年迄今為止我們所看到的關鍵問題。

But we've sharpened our pencil. There's a number of things that we're looking at in our core verticals, industrial and defensive retail and restaurant sectors that we think are actionable. So we're working hard on them. Expect to see some of that come in for Q2, Q3.

但我們已經削尖了鉛筆。在我們的核心垂直行業、工業和防禦性零售以及餐飲業，我們正在研究許多我們認為可行的事情。所以我們正在努力解決它們。預計第二季、第三季將出現其中一些情況。

The timing, as I mentioned before, on the redeployment of the healthcare sale proceeds is going to be critical. So we're hopeful that we're going to see what we can, but we're going to maintain that discipline. This is still not the market of 2022 or 2021. This is an area where we still need to be disciplined and focused on finding the right opportunities, shifting ourselves to find a way to get to a yes, but still being very comfortable to say no if it isn't going to work. But there's good opportunities right now in all three of those, industrial, retail, and restaurant.

正如我之前提到的，重新部署醫療保健銷售收益的時機至關重要。因此，我們希望能夠盡我們所能，但我們將保持這種紀律。這仍然不是 2022 年或 2021 年的市場。在這個領域，我們仍然需要遵守紀律，專注於尋找合適的機會，轉變自己以找到一種方法來達成“是”，但如果行不通，我們仍然可以輕鬆地說“不”。但現在工業、零售和餐飲這三個領域都有很好的機會。

Great. Thank you for your time.

偉大的。感謝您的時間。

Mitch Germain, Citizens JP Morgan.

米奇傑曼，摩根大通公民。

Looks like I changed companies. Is it safe to assume that there's -- are there any other acquisition -- dispositions planned other than healthcare? How should I think about that?

看來我換公司了是否可以安全地假設，除了醫療保健之外，還計劃進行其他收購處置？我該如何思考這個問題？

They'd be pretty minimal, Mitch. There's the usual risk mitigation stuff that we'd be focused on depending on how we're looking at the individual asset from an underwriting standpoint. But with the pressure that the healthcare sales put on earnings growth for the year, that's clearly the area that we'll be focused on, and it will only be a handful of things that we might do separately.

它們會非常小，米奇。我們會關注通常的風險緩解措施，這取決於我們從承保的角度如何看待單一資產。但考慮到醫療保健銷售對今年獲利成長的壓力，這顯然是我們將重點關注的領域，而這只是我們可能單獨做的少數事情。

Got you. And then, John, you said, call it around a high seven cap rate on the sales. You were able to do some deals recently. I think it was like an average low sevens for deployment. How should we think about yields that you're seeing in the market today? Can you replicate something close to the 7.9% or is there likely to be a little bit of dilution as you go through that process?

明白你了。然後，約翰，你說，將其稱為銷售上限七高的上限。你最近能夠做一些交易。我認為這就像部署的平均低七。我們應該如何看待您今天在市場上看到的收益率？你能複製接近 7.9% 的東西嗎？或者在你經歷這個過程時可能會有一點稀釋？

It depends on the asset, obviously, but more focused in the sevens. With selling off, I mean, if you think about this first tranche of things that were selling and the healthcare portfolio, you're talking about sub five-year WALT, the individual landlord responsibilities, and some of the other things that again don't work well for us as a publicly traded net lease company but worked great for dedicated healthcare investors.

顯然，這取決於資產，但更側重於七人制。我的意思是，關於拋售，如果你考慮正在出售的第一批東西和醫療保健投資組合，你會談論五年以下的 WALT、個人房東的責任，以及其他一些同樣不重要的事情。作為一家上市淨租賃公司，這對我們來說效果不佳，但對專注的醫療保健投資者來說效果很好。

That's a lot of the stuff that they look for in terms of where they have the ability to leverage their operational expertise as opposed to more of a passive net-lease environment. So that's why we believe that there's good opportunity to sell these and move them along.

他們尋找的很多東西是因為他們有能力利用自己的營運專業知識，而不是更多的被動網路租賃環境。這就是為什麼我們相信有很好的機會出售這些產品並將其轉移。

Then on that redeployment side, we're solidly in the sevens. There's still good opportunity out there, particularly in places where we're able to find off-market opportunities and unique investment structures with developers or others that aren't able to find the type of financing they used to 18 months ago. So that's where our focus is on an individual deal. You might be talking low to mid sevens on a blended basis. Maybe we're talking mid sevens, but that remains to be seen as we go.

然後在重新部署方面，我們已經穩操勝券了。那裡仍然有很好的機會，特別是在那些我們能夠與開發商或其他無法找到 18 個月前所使用的融資類型的開發商或其他人一起找到場外機會和獨特投資結構的地方。因此，這就是我們關注個別交易的地方。您可能會在混合的基礎上談論低到中七。也許我們正在談論七點半，但這還有待我們繼續觀察。

Got you. You talked about a repeat deal with the UNFI relationship that brought you that transaction. That's not a development deal, right? That's a traditional acquisition. Is that the way to think about it?

明白你了。您談到了與 UNFI 關係的重複交易，這為您帶來了這筆交易。這不是一個開發協議，對吧？這是傳統的收購。是這樣思考的嗎？

It's not a -- it's actually not a -- there's an existing property that they're working through a solution on in terms of potentially selling some of the asset and looking for a financing solution on the other pieces. So we're working on that now.

這不是——實際上不是——有一個現有的財產，他們正在研究解決方案，可能會出售一些資產，並為其他資產尋找融資解決方案。所以我們現在正在努力。

It's not a straight-up development, and the entirety of it does not include sort of a straight-fee simple sale. So working on, as I said, unique transaction structures to help the developers out there that aren't finding what they need anymore from commercial real estate lending.

這不是一個直接的開發項目，整個項目也不包括直接收費的簡單銷售。因此，正如我所說，致力於開發獨特的交易結構，以幫助那些無法從商業房地產貸款中找到所需的開發商。

Got you. And last one, Kevin, obviously, you mentioned the swaps are expiring. And I think that's kind of going start to bleed into earnings over the course of the next couple of quarters or years. Is there any desire to pursue something to replace what's expiring right now? What are your thoughts there?

明白你了。最後一位，凱文，顯然，你提到互換即將到期。我認為這將在接下來的幾季或幾年內開始影響收益。是否有渴望尋找一些東西來取代現在即將過期的東西？你有什麼想法？

Yeah, I think the first part of the answer is we've got time. October of this year is when they'll start to roll. That's another $30 million by the end of this year, another $125 million into next year. So the order of magnitude is not particularly significant.

是的，我認為答案的第一部分是我們有時間。今年十月是他們開始滾動的時候。到今年年底，這將再增加 3,000 萬美元，明年將再增加 1.25 億美元。所以這個數量級並不是特別重要。

I think the decision on what you do is easier to make and clear to make as you get closer. And if we're potentially sitting on cash or whatever considerations we have, we'll certainly evaluate best option and look at that alongside our maturities, which don't start until 2026.

我認為，當你越來越接近時，你所做的決定會更容易做出，也更清楚。如果我們可能持有現金或有任何考慮因素，我們肯定會評估最佳選擇，並根據我們的到期日來考慮這一點，而到期日要到 2026 年才會開始。

Thank you.

謝謝。

John Kim, BMO Capital Markets.

約翰金 (John Kim)，BMO 資本市場。

Thank you. On the healthcare sales, John, you mentioned the rationale of selling the assets, which certainly make sense with lower weighted average lease term, potentially higher risk to the landlord. But I just wanted to clarify the timing of this decision now and whether or not there was any tenant issues that were drilling or something that you were seeing on the horizon?

謝謝。關於醫療保健銷售，約翰，您提到了出售資產的理由，這在加權平均租賃期限較低的情況下當然是有意義的，但房東的潛在風險較高。但我只是想澄清一下現在做出這項決定的時間，以及是否存在任何正在鑽探的租戶問題或您即將看到的問題？

Yeah, no. Obviously, we've got Green Valley from a tenant issue that we've spent a lot of time talking about. But from the rest of this portfolio, this is a strategic structural issue, call it. This is not looking at any individual tenant concerns. This is not something that we're thinking about from a tenant credit, bad debt standpoint.

是的，不。顯然，我們已經花了很多時間討論了租戶問題，從而解決了綠谷的問題。但從這個投資組合的其餘部分來看，這是一個策略結構問題。這並不是考慮任何個別租戶的擔憂。這不是我們從租戶信用、壞帳的角度考慮的問題。

As I mentioned during my remarks, 2023 was a great year in many ways for us to be able to sit back and think about what do we want to be, what is the thing that's going to help us drive long-term shareholder value, get into some multiple expansion, get back to that virtual cycle. And we're now thinking of this three-year period as being critical to that.

正如我在演講中提到的，2023 年在許多方面都是偉大的一年，讓我們能夠坐下來思考我們想成為什麼，什麼可以幫助我們推動長期股東價值，獲得進入一些多重擴展，回到那個虛擬循環。我們現在認為這三年時期對此至關重要。

2023 was sort of a pause in the net lease market, gave us time to sit and think about where we are, particularly relative to where we came from, four years prior with going public. 2024 is now going to be this execution period, and then 2025 is when we get to harvest the fruits of these labors.

2023 年是淨租賃市場的暫停期，讓我們有時間坐下來思考我們現在的處境，特別是相對於我們上市前四年的情況而言。 2024年將是這個執行期，然後2025年就是我們收穫這些勞動成果的時候。

We're going to be spending a lot of time in 2024 executing really well, setting ourselves up. The core mission of this business, as any publicly traded net lease REIT would be, is to grow long-term shareholder value, to grow AFFO.

2024 年，我們將花費大量時間來很好地執行，為自己做好準備。與任何公開交易的淨租賃房地產投資信託基金一樣，該業務的核心使命是增加長期股東價值，發展 AFFO。

We're not focused on sort of the vagaries and the vicissitudes of quarterly earnings. We're looking at what is going to drive long-term shareholder value. And that's what we're doing this year, and that was what drove this decision. And we're excited, as I said, to harvest the fruits of these labors in '25 and beyond.

我們並不關注季度收益的變幻莫測和變化。我們正在研究什麼將推動長期股東價值。這就是我們今年所做的事情，也是推動這項決定的原因。正如我所說，我們很高興能夠在 25 年及以後收穫這些勞動的成果。

Okay. And then in your answer to prior questions on the cap rates that you expect on the remaining 75 assets identified for sale, if it's at 7.9% or lower, that would imply roughly [$295 million] on the remaining assets, and so the total for the healthcare dispositions would be [$550 million] or higher in your guidance for this year on dispositions of $300 million to $500 million?

好的。然後，在您對先前關於剩餘75 項待售資產的預期資本化率問題的回答中，如果資本化率為7.9% 或更低，則表示剩餘資產的資本化率約為[2.95 億美元] ，因此在您今年關於 3 億至 5 億美元處置的指導中，醫療保健處置將是 [5.5 億美元]或更高？

So I was just wondering if you were being conservative on that disposition guidance or was there some kind of leakage or something that we're not accounting for?

所以我只是想知道您是否對該處置指南持保守態度，或者是否存在某種洩漏或我們沒有考慮到的情況？

No, I don't think it's either of them. I think that was sort of our best view as to what we've got in the pipeline for right now. I think another key component of this is -- and I think I touched on this earlier, but we're not wedded to selling every single last one of those 75 assets or the 38 that aren't under contract right now in 2024.

不，我不認為是他們中的任何一個。我認為這是我們對目前正在醞釀的內容的最佳看法。我認為其中的另一個關鍵組成部分是——我想我之前已經談到過這一點，但我們並不打算在2024 年出售這75 項資產中的最後一項或目前尚未簽訂合約的38 項資產。

We're not going to be price takers on this. We could be patient with these. So there may be a handful of those or more that flip into 2025, and that's okay. This is again with a long-term view towards driving shareholder growth and value. So we're not going to try to push them all through 2024. So that's for the range. I think if you're seeing any disconnect there, it's probably our view that some of these are probably going to push into 2025 as opposed to just taking whatever we can in '24.

我們不會成為這方面的價格接受者。我們可以對這些保持耐心。因此，到 2025 年可能會有少數或更多的情況發生，這沒關係。這再次是出於推動股東成長和價值的長遠考量。因此，我們不會試圖將它們全部拖到 2024 年。這就是範圍。我認為，如果您發現其中存在任何脫節，我們可能認為其中一些可能會推遲到 2025 年，而不是在 24 年盡我們所能。

Okay, so more of a timing issue?

好吧，那麼更多的是時間問題？

Yes.

是的。

My final question is on your G&A guidance. You expected to be down $6 million or 15% this year versus last year. I realized, last year, you have $1.6 million of severance costs are not expected to happen again. But what is the remaining cost savings that comes from the SG&A side?

我的最後一個問題是關於你們的一般管理費用指南。您預計今年將比去年減少 600 萬美元或 15%。我意識到，去年你有 160 萬美元的遣散費，預計不會再發生。但 SG&A 方面剩下的成本節省是多少呢？

Hey, John. It's Kevin. I think the numbers, you might be combining. We guide to cash G&A, and the delta that explains most of that is probably the stock-based comp.

嘿，約翰。是凱文。我想你可能會把這些數字結合起來。我們指導現金管理費用，而解釋其中大部分的增量可能是基於股票的比較。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Ki Bin Kim, Truist.

金基賓，真理主義者。

Thanks. Good morning. I just wanted to go back to the AFFO cadence that we should expect in 2024. I think you mentioned at one point you'll hit a 90% payout ratio, implying AFFO of low $0.30. I just want to confirm that, and if you can comment on the cadence, please?

謝謝。早安.我只是想回到 2024 年我們應該期待的 AFFO 節奏。我想您曾經提到您將達到 90% 的支付率，這意味著 AFFO 的價格僅為 0.30 美元。我只是想確認一下，您能否對節奏發表評論？

Yeah, I think a point of clarification on that is that it’s in terms of trying to quantify where the dividend could theoretically go to. We basically said, if these all happened today, what would the payout ratio look like? Obviously, the timing impact will mitigate a lot of that. And so once again, we're back to the, I think, point of clarity here that the timing, both on the disposition and the redeployment, will be the driving factor on a lot of the quantitative outcome each quarter here.

是的，我認為需要澄清的一點是，它試圖量化理論上股息的去向。我們基本上是說，如果這些都發生在今天，派息率會是什麼樣子？顯然，時間影響將大大減輕這種影響。因此，我認為，我們再次回到了明確的一點，即處置和重新部署的時機將成為每個季度許多定量結果的驅動因素。

Okay, and I just want to go back to the Red Lobster and Shutterfly comments. Should we expect some type of rent or asset value dilution as these assets transition to different owners, possibly?

好吧，我只想回到 Red Lobster 和 Shutterfly 的評論。當這些資產轉移給不同的所有者時，我們是否應該預期某種類型的租金或資產價值稀釋？

For the Red Lobster, we're working with them as they try to find a new home for their stake, Thai Union being them. That has not come up yet. That's not something that we're interested in. There's good value in the real estate that we own there, and we're not interested in taking a step back. It has not been a conversation that we've had as they have explored potential opportunities.

對於紅龍蝦，我們正在與他們合作，因為他們試圖為他們的股份找到一個新家，泰國聯盟就是他們。那還沒出現。這不是我們感興趣的事。我們在那裡擁有的房地產很有價值，而且我們沒有興趣退後一步。我們沒有進行過這樣的對話，因為他們已經探索了潛在的機會。

And then on Shutterfly, it's in a great market. We've already had a handful of tours coming through. We feel pretty good about our prospects there, so we're not looking to take a step back. Although as we mentioned in our remarks there, we're thinking that re-leasing that is probably scheduled for the fourth quarter, and then Shutterfly would be vacating at the end of the second quarter. So there's a little bit of downtime there, but immaterial overall.

然後在 Shutterfly 上，它有一個很大的市場。我們已經進行了一些巡迴演出。我們對在那裡的前景感到非常滿意，所以我們不打算退後一步。儘管正如我們在評論中提到的，我們認為重新租賃可能計劃在第四季度進行，然後 Shutterfly 將在第二季末騰出。因此，存在一點停機時間，但總體而言並不重要。

Okay. Thank you.

好的。謝謝。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hey, just a couple of quick ones. So I'm just looking at the presentation about sort of the pro forma portfolio. As you were going through this process, was it solely focused on the healthcare vertical? Or did you sort of kick the tires at some of the other verticals, and I'm thinking office here as well, right? Why not do everything at once and so forth? So how did you guys think through that?

嘿，只是幾個快速的。所以我只是在看有關預估投資組合的示範。當您經歷這個過程時，它是否只專注於醫療保健垂直領域？或者你是否在其他一些垂直領域進行了嘗試，我也在考慮這裡的辦公室，對吧？為什麼不一次完成所有事情等等？那你們是怎麼想的呢？

Yeah, we looked at everything, honestly. As I mentioned, 2023 was a great year for sort of stepping back. And we didn't want to go into it with preconceived notions, so we were very keen on evaluating everything that was in the portfolio. Ron, as you know and as everyone else knows, we have been very industrial focused in the last five years, north of $2 billion in total acquisition, 70% of that being in industrial.

是的，老實說，我們考慮了一切。正如我所提到的，2023 年是退一步的好一年。我們不想帶著先入為主的觀念進入它，所以我們非常熱衷於評估投資組合中的所有內容。Ron，正如你和其他人都知道的那樣，過去五年我們一直非常關注工業領域，收購總額超過 20 億美元，其中 70% 是工業領域。

Part of our hypothesis around the clinical healthcare assets was looking at where do we transact. And that had fallen off a cliff, less than 10% of total investment volume in the last five years, and then all the other things that we had talked about. So not only was it a place that doesn't really fit well within our wrapper, but it's also a place that we hadn't been able to scale in a meaningful way for a long period of time.

我們圍繞臨床醫療保健資產的部分假設是著眼於我們在哪裡進行交易。這已經斷崖式下跌，不到過去五年總投資額的 10%，然後是我們談論的所有其他事情。因此，它不僅是一個不太適合我們的包裝的地方，而且也是一個我們在很長一段時間內無法以有意義的方式擴展的地方。

The other assets, so in terms of our core verticals, industrial and then defensive, retail, and restaurant sectors, we feel really, really good about, particularly after doing a deep dive and going through it asset by asset and sector by sector in terms of what works for us and what we think will drive that long term shareholder value and multiple expansion.

其他資產，因此就我們的核心垂直行業，工業，然後是防禦性、零售和餐飲行業而言，我們感覺非常非常好，特別是在進行了深入研究並逐個資產和逐個行業地進行了深入研究之後什麼對我們有效以及我們認為什麼將推動長期股東價值和倍數擴張。

But office, what you just touched on, starting with -- and I think it was about this time last year, we took a very clear stance that office is not going to be a part of our future on a standalone basis. We will be looking to slowly wind that portfolio down.

但是辦公室，你剛才談到的，我想大約是在去年的這個時候，我們採取了非常明確的立場，即辦公室不會單獨成為我們未來的一部分。我們將尋求慢慢減少該投資組合。

We're very happy to hold on to those master leased office assets just because we think of them more as being a part of the industrial or retailer restaurant grouping that they're with. Those standalone office assets are better held somewhere else, but we're not going to fire sell them. There's good credits on those. They consistently pay rent. We don't have any landlord obligations. It's not something that is causing any real issues for us. So we will happily hold those until we could find an optimal disposition outcome, but we will be looking for an optimal disposition outcome at some point.

我們很高興保留這些主要租賃的辦公資產，因為我們更認為它們是它們所屬的工業或零售餐廳集團的一部分。這些獨立的辦公資產最好放在其他地方，但我們不會甩賣它們。這些都有很好的信用。他們始終如一地支付租金。我們沒有任何房東義務。這不會給我們帶來任何真正的問題。因此，我們會很高興地持有這些，直到我們找到最佳處置結果，但我們將在某個時候尋找最佳處置結果。

Got it. And then just in terms of people and staffing, does anything change there? Are there people that are working on healthcare that are either getting let go or refocusing? Or is it -- how does the team actually change come from these sorts of events?

知道了。那麼就人員和人員配置而言，有什麼改變嗎？是否有從事醫療保健工作的人要么被解僱，要么重新集中精力？或者說——團隊實際上是如何因這些事件而改變的？

So we're fairly leanly staffed to begin with, and we haven't had a lot of growth. We've been pretty much flat for the last two years to three years here. On the healthcare, in particular, there was already some attrition that we had experienced during the year. And then we have one retirement that's coming up that's planned separate and apart from our healthcare reorganization.

因此，我們的人員一開始就相當匱乏，我們並沒有取得很大的成長。過去兩三年我們的表現基本上持平。特別是在醫療保健方面，我們在這一年中已經經歷了一些人員流失。然後我們即將迎來一項退休計劃，該退休計劃是與我們的醫療保健重組分開的。

And then keep in mind, even at the end of this, we're going to have 7.5% sitting in the consumer-centric healthcare space. And so the folks that we have that work on that would continue to be dedicated to that space. So as I said, we're kind of flat from a person-over-person basis for the last couple years here, and we anticipate that's probably going to hold true for this year as well.

然後請記住，即使到最後，我們也將有 7.5% 的人進入以消費者為中心的醫療保健領域。因此，我們從事這方面工作的人員將繼續致力於該領域。正如我所說，過去幾年我們的人與人之間的情況基本上持平，我們預計今年也可能如此。

Great. That's it for me. Thanks so much.

偉大的。對我來說就是這樣。非常感謝。

We currently have no further questions. So I'd like to hand the call back to John Moragne for closing remarks. Over to you.

目前我們沒有進一步的問題。因此，我想將電話轉回給約翰莫拉尼 (John Moragne)，讓其致閉幕詞。交給你了。

Thanks, Bruno. Thanks all for joining us today. I hope you can hear the excitement that we have about the strategy and what we're going to be doing in 2024, particularly with that long-term view of growing shareholder value and multiple expansion in 2025 and beyond.

謝謝，布魯諾。感謝大家今天加入我們。我希望您能聽到我們對 2024 年策略和計劃的興奮之情，特別是考慮到 2025 年及以後股東價值增長和多重擴張的長期願景。

Looking forward to seeing many or all of you in the upcoming weeks at various conferences and hope you all enjoy the rest of your day. Thank you.

期待在接下來的幾週內在各種會議上見到你們中的許多人或所有人，並希望你們都度過愉快的一天。謝謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的加入。現在您可以斷開線路。謝謝。