Broadstone Net Lease Inc (BNL) 2024 Q2 法說會逐字稿

Hello and welcome to Broadstone Net Lease's second quarter 2024 earnings conference call. My name is Kiki and I will be your operator today. Please note that today's call is being recorded. I will now turn the call over to Brent Maedl, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

您好，歡迎參加 Broadstone Net Lease 2024 年第二季財報電話會議。我叫 Kiki，今天我將成為您的接線生。請注意，今天的通話正在錄音。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 youeveryone for joining us today for Broadstone Net Lease's second quarter 2024 earnings call. On today's call, you will hear prepared remarks from Chief Executive Officer, John Moragne; President and Chief Operating Officer, Ryan Albano, and Chief Financial Officer, Kevin Fennell. All three will be available for the Q&A portion of this call.

感謝大家今天參加 Broadstone Net Lease 的 2024 年第二季財報電話會議。在今天的電話會議上，您將聽到執行長 John Moragne 準備好的演講；總裁兼營運長瑞安·阿爾巴諾 (Ryan Albano) 和財務長凱文·芬內爾 (Kevin Fennell)。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. 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. Any forward-looking statements provided during this conference call are only made of the date of this call.

提醒一下，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。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針對本次電話會議當日作出。

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

這樣，我就把電話轉給約翰。

Thank you, Brent, and good morning, everyone. I am pleased to report another strong quarter of results. We are on the cusp of substantially completing our healthcare portfolio simplification strategy, having fully redeployed those proceeds into closed and committed investments, and are continuing to build a strong pipeline focused on our core building blocks of growth, seeing incremental revenue generating capital expenditures with our existing tenants and build-to-suit funding opportunities with our development partners that supplement our traditional net lease acquisition pipeline.

謝謝你，布倫特，大家早安。我很高興地報告又一個強勁的季度業績。我們即將實質完成我們的醫療保健投資組合簡化策略，已將這些收益完全重新部署到已關閉和承諾的投資中，並繼續建立一個強大的管道，專注於我們的核心成長基石，看到增量收入產生資本支出現有租戶以及與我們的開發合作夥伴建立適合的融資機會，補充我們傳統的淨租賃收購管道。

I'm exceptionally proud that we were able to successfully navigate that process. At the same time we redeployed the proceeds into attractive investment opportunities. We are incredibly proud of the progress we've made on our strategic objectives for 2024.

我非常自豪我們能夠成功地完成這一過程。同時，我們將收益重新部署到有吸引力的投資機會。我們對 2024 年策略目標所取得的進展感到無比自豪。

While we recognize that the current outlook for interest rates has provided a tailwind for the broader net lease space, we believe investors are beginning to reward our consistent and successful execution on our strategic initiatives. Our shares are now trading at/or around an 18-month high, and we believe there is still plenty of room for continued multiple expansion as we fulfill our growth objectives.

雖然我們認識到當前的利率前景為更廣泛的淨租賃空間提供了順風，但我們相信投資者開始獎勵我們對策略性舉措的持續和成功執行。我們的股價目前處於 18 個月高點/或附近，我們相信，在我們實現成長目標的過程中，仍有足夠的空間繼續進行多重擴張。

As we've previously reported and discussed on last quarter's call, the majority of the $217.3 million of cash flowing investments we made in Q2 were closed early in the quarter and sourced through direct relationships.

正如我們之前在上季度電話會議上報導和討論的那樣，我們在第二季度進行的 2.173 億美元現金流投資中的大部分已在本季度初結束，並通過直接關係獲取。

Throughout the quarter, we continued to creatively source investment opportunities that fit within our buy box, notably including build to suit and forward commitments through existing relationships. We believe these opportunities are important part of our core building blocks and a key differentiator in our mission to drive long-term sustainable growth.

在整個季度中，我們繼續創造性地尋找適合我們購買箱的投資機會，特別是包括透過現有關係進行建構和轉發承諾。我們相信，這些機會是我們核心建構模組的重要組成部分，也是我們推動長期永續成長使命的關鍵差異化因素。

As we move into the back half of the year, we are maintaining our FFO guidance range of $1.41 to $1.43 per share and slightly adjusting our investment disposition and cash G&A ranges. Starting this year with a view that a neutral AFFO per share results might be our best case scenario as a result of our decision to strategically exit clinical health care, I am pleased that our execution this year will result in modest growth for 2024 and, more importantly, will set us up well for 2025 and 2026.

隨著進入今年下半年，我們將維持每股 1.41 美元至 1.43 美元的 FFO 指引範圍，並略微調整我們的投資配置和現金管理費用範圍。從今年開始，由於我們決定策略性地退出臨床醫療保健，中性的 AFFO 每股業績可能是我們最好的情況，我很高興我們今年的執行將帶來 2024 年的適度增長，並且更多重要的是，這將為我們2025 年和2026 年做好準備。

Before I walk you through details on our growing investment pipeline, which now encompasses nearly $408.6 million of new investments under control and commitments to fund developments. I would like to further highlight the significant progress we've achieved this year on our clinical healthcare simplification strategy. Our team executed decisively early in the first quarter and through the first half of the year, completing the sale of 38 assets for $262 million.

在我向您介紹我們不斷增長的投資管道的詳細資訊之前，該管道目前包含近 4.086 億美元的受控新投資以及對資助開發的承諾。我想進一步強調我們今年在臨床醫療簡化策略方面取得的重大進展。我們的團隊在第一季初和上半年果斷執行，以 2.62 億美元的價格完成了 38 項資產的出售。

This momentum continued early in the third quarter with a third party buyer completing due diligence on 15 additional assets closing on 5 of them in early July with the remaining 10 assets scheduled to close in October. These successful transactions will bring our total clinical healthcare dispositions to $342.5 million year to date at a weighted average cash cap rate of 7.9%.

這一勢頭在第三季初得到延續，第三方買家完成了對另外 15 項資產的盡職調查，並於 7 月初關閉了其中 5 項資產，其餘 10 項資產計劃於 10 月關閉。這些成功的交易將使我們今年迄今的臨床醫療保健處置總額達到 3.425 億美元，加權平均現金上限率為 7.9%。

Combined with our redeployment efforts and incremental investment activity, we anticipate this will reduce our healthcare exposure to approximately 11% of our total ABR at the end of 2024. While we continue to engage in negotiations in marketing for our remaining clinically oriented healthcare assets, we anticipate these sales will follow a more typical asset management approach and take time to achieve optimal disposition outcomes.

結合我們的重新部署工作和增量投資活動，我們預計到 2024 年底，這將使我們的醫療保健業務減少至總 ABR 的約 11%。雖然我們繼續就剩餘的臨床導向醫療保健資產進行行銷談判，但我們預計這些銷售將遵循更典型的資產管理方法，並需要時間才能實現最佳處置結果。

With a substantial majority of our clinical healthcare simplification strategy successfully behind us, I'm excited to look ahead and walk you through our evolving investment pipeline that we announced last night, including a number of highly compelling build-to-suit transactions we have been pursuing as part of our overall mission to drive long-term sustainable growth.

隨著我們絕大多數臨床醫療保健簡化策略的成功實施，我很高興展望未來並引導您了解我們昨晚宣布的不斷發展的投資管道，包括我們已經進行的許多非常引人注目的定制交易推動長期永續成長是我們整體使命的一部分。

Of the $408.6 million in investments under control and commitments to fund developments, approximately $307 million are brand new specialized industrial and QSR build-to-suit assets, including food distribution, cold storage and manufacturing properties, delivering in 2025 and 2026.

在控制下的投資和開發資金承諾的 4.086 億美元中，約 3.07 億美元是全新的專業工業和 QSR 定制資產，包括食品配送、冷藏和製造資產，將於 2025 年和 2026 年交付。

These investments represent unique opportunities for us to capture higher going-in cash cap rates and straight-line yields compared to much of the regular-way product that we are seeing in the traditional acquisition market. We are achieving these attractive yields, not because we are running up the risk spectrum, but because we are creatively sourcing and structuring investment opportunities with our developer partners.

與我們在傳統收購市場上看到的許多常規產品相比，這些投資為我們提供了獨特的機會，以獲得更高的現金投入率和直線收益率。我們實現了這些有吸引力的收益，並不是因為我們的風險範圍不斷擴大，而是因為我們正在與我們的開發商合作夥伴創造性地尋找和建立投資機會。

Once construction is completed and these assets are stabilized, we believe they would trade up to 150 basis points to 200 basis points tighter than where we executed. We are not only generating attractive yields on high-quality build-to-suits, we are also creating long-term value and NAV accretion. Ryan will go into more detail on some of the specifics around our current pipeline and opportunity set.

一旦建設完成並且這些資產穩定下來，我們相信它們的交易價格將比我們執行的價格收緊 150 至 200 個基點。我們不僅在高品質的客製化產品上產生有吸引力的收益，而且還在創造長期價值和資產淨值增值。Ryan 將更詳細地介紹我們目前的管道和機會集的一些細節。

We view these development opportunities as an increasingly important part of our core building blocks to sustainable long-term growth, which include best-in-class fixed rent escalations, revenue-generating CapEx investments in our existing tenants and assets, development funding opportunities, and traditional external acquisitions.

我們將這些發展機會視為我們實現可持續長期增長的核心構建模組中日益重要的一部分，其中包括一流的固定租金上漲、對現有租戶和資產的創收資本支出投資、開發融資機會以及傳統的外部收購。

While the commercial real estate and lending environment has certainly played a role in generating these opportunities, we believe there's a long-term role for Broadstone net-lease as the funding partner of choice for our development partners, even when interest rates eventually decline.

雖然商業房地產和貸款環境無疑在創造這些機會方面發揮了作用，但我們相信，即使利率最終下降，Broadstone net-lease 作為我們開發合作夥伴的首選融資合作夥伴也將發揮長期作用。

The regular-way transaction market is beginning to show increased activity as we get into the back half of the year. So absolute levels remain compressed and much of what we are seeing continues to price at levels we believe misrepresent the underlying risks. We remain highly selective and are excited about the $69.3 million of investments we have under control and expect to close in the third quarter. The combination of our building blocks will naturally vary based on market conditions, as is the case today with more muted volumes for traditional sale leaseback and assumption deals.

隨著下半年的到來，常規交易市場開始表現出活躍度的增加。因此，絕對水平仍然受到壓縮，我們所看到的大部分價格繼續處於我們認為歪曲潛在風險的水平。我們仍然保持高度選擇性，並對我們掌控的 6,930 萬美元投資感到興奮，預計將在第三季完成。我們的建造模組的組合自然會根據市場狀況而變化，就像今天的情況一樣，傳統售後回租和假設交易的交易量更加疲軟。

Our ability to rely on more than one investment channel and allocate capital to the areas where we see the best risk-adjusted return opportunities provides a compelling path to near and medium-term value creation and earnings growth.

我們有能力依賴多個投資管道，並將資本分配到我們認為最佳風險調整回報機會的領域，這為近中期價值創造和獲利成長提供了一條引人注目的道路。

Turning to our portfolio. Through dispositions and ongoing investment opportunities, our portfolio composition is becoming gradually more weighted towards our industrial and defensive retail and restaurant sectors. These assets continued to perform well during the quarter as evidenced by 99.8% rent collections, excluding Green Valley and 99.3% occupancy as of June 30, 2024.

轉向我們的投資組合。透過處置和持續的投資機會，我們的投資組合構成逐漸更偏重於工業和防禦性零售和餐飲業。這些資產在本季持續表現良好，租金收取率為 99.8%（不包括 Green Valley），截至 2024 年 6 月 30 日的入住率為 99.3%。

While our overall operating results remain strong, we are seeing incremental pockets of credit risk as the broader impact from the duration of higher interest rates appears to be having an effect on consumer centric industries and entities with less flexible capital structures. We remain vigilant in our tenant monitoring efforts and maintain great confidence in our portfolio due to its diversified construction, which limits the impact of any potential individual credit event and our proven ability to manage through any such situation that may arise.

儘管我們的整體經營業績仍然強勁，但我們看到信用風險不斷增加，因為利率持續上升的更廣泛影響似乎正在對以消費者為中心的行業和資本結構不太靈活的實體產生影響。我們對租戶監控工作保持警惕，並對我們的投資組合保持極大信心，因為其多元化的結構限制了任何潛在個人信用事件的影響，而且我們已證明有能力管理可能出現的任何此類情況。

With that, I'll turn the call over to Ryan, who will provide additional details on our transaction efforts, our building blocks for growth and portfolio updates.

接下來，我會將電話轉給瑞安，他將提供有關我們的交易工作、成長基石和投資組合更新的更多詳細資訊。

Thanks, John, and thank you all for joining us today. Before turning to routine portfolio updates, we wanted to expand on our growing pipeline of build-to-suit opportunities. As John mentioned, we have currently committed to fund seven opportunities for a total estimated cost to build of approximately $307 million.

謝謝約翰，也謝謝大家今天加入我們。在轉向常規產品組合更新之前，我們希望擴大我們不斷成長的客製化機會管道。正如 John 所提到的，我們目前已承諾資助 7 個機會，預計總建設成本約為 3.07 億美元。

While still subject to final structuring and relevant permitting approvals, we anticipate funding of these developments will have varying construction start dates through the end of 2024 anticipate rent commencement dates that will be phased in over the period of Q1 2025 and Q2 of 2026.

雖然仍需最終結構和相關許可批准，但我們預計這些開發案的資金將在2024 年底之前有不同的施工開始日期，預計租金開始日期將在2025 年第一季和2026 年第二季期間分階段實施。

Outside of these seven opportunities, there are more than $400 million of additional built-to-suit investments that we are actively evaluating as we balance this robust pipeline alongside other traditional acquisition activity. These opportunities typically represent initial cash yields in the mid sevens to low eights and taken together with long lease terms and rent escalations between 2% and 4% translate into straight-line yields north of 9%.

除了這七個機會之外，我們正在積極評估超過 4 億美元的額外客製化投資，同時平衡這個強大的管道與其他傳統收購活動。這些機會的初始現金收益率通常在 7% 到 8% 之間，加上長期租賃期限和 2% 到 4% 之間的租金上漲，可轉化為超過 9% 的直線收益率。

We believe these build-to-suit investment opportunities are highly compelling with newly constructed buildings, typically well located assets and strong tenant credit with yields that are superior to most of the regular way transactions that we have evaluated since the interest rate hiking cycle began.

我們認為，這些量身定制的投資機會對於新建築非常有吸引力，通常是位置優越的資產和強大的租戶信用，其收益率優於我們自加息週期開始以來評估的大多數常規方式交易。

Now turning our attention back to routine updates. As John mentioned, during the first half of the year, we were able to execute on key pieces of our healthcare portfolio simplification strategy through the completion of a portfolio sale during the first quarter comprised of 37 assets for $251.7 million at a 7.9% cap rate.

現在將我們的注意力轉回日常更新。正如約翰所提到的，今年上半年，我們能夠透過在第一季完成投資組合銷售來執行我們的醫療保健投資組合簡化策略的關鍵部分，該投資組合由37 項資產組成，價值2.517 億美元，上限為7.9% 。

Further, shortly after the quarter, we sold the first tranche of the two phase 15 properties healthcare portfolio for just inside an 8% cap rate. And the next tranche is scheduled to close in early October. As we step through this disposition effort and begin focusing on the remaining properties identified, we anticipate various transaction time lines that comfortably extend into 2025 given the need to address some combination of shorter lease duration, space utilization rates, and elevated credit risk.

此外，在本季結束後不久，我們以 8% 的上限利率出售了兩期 15 期房地產醫療保健投資組合的第一部分。下一批計劃於十月初結束。當我們逐步完成這項處置工作並開始關注已確定的剩餘房產時，考慮到需要解決較短的租賃期限、空間利用率和較高的信用風險等問題，我們預計各種交易時間線將輕鬆延長至2025 年。

As we have communicated in the past, we are intently focused on the tactical execution of our healthcare property sales and maximizing value for our shareholders. In addition to executing the portfolio sale during the second quarter, we sold three other properties on an individual basis, including one healthcare property, one industrial property and one small vacant office property for $24.4 million, representing a 7.3% cap rate on tenanted properties.

正如我們過去所傳達的那樣，我們專注於醫療保健房地產銷售的戰術執行以及為股東實現價值最大化。除了在第二季執行投資組合銷售外，我們還以2,440 萬美元的價格單獨出售了其他三處房產，包括一處醫療保健房產、一處工業房產和一處小型空置辦公房產，相當於租賃房產7.3% 的上限利率。

Alongside our disposition efforts, we executed on a strong set of investment opportunities, closing $247.8 million of investments. This investment activity included $165.1 million of acquisitions with a corresponding cap rate of 7.3% and additional $30.5 million of funding associated with our UNFI build-to-suit investment and $52.2 million related to the previously discussed transitional capital.

除了我們的處置工作外，我們還抓住了一系列強大的投資機會，完成了 2.478 億美元的投資。這項投資活動包括 1.651 億美元的收購（相應上限率為 7.3%）、與我們的 UNFI 客製化投資相關的額外資金 3,050 萬美元，以及與先前討論的過渡資本相關的 5,220 萬美元。

As part of our investment activity during the quarter, we are excited to add Jelly Belly Candy Company, a newly acquired subsidiary of Ferrara Candy Company, to our top 20 tenant roster. As a quick update on our UNFI build-to-suit investment, we have funded approximately $161.3 million through June 30, and the project remains on track for delivery and rent commencement no later than October of this year.

作為本季投資活動的一部分，我們很高興將 Ferrara Candy Company 新收購的子公司 Jelly Belly Candy Company 加入我們的前 20 名租戶名單中。作為我們 UNFI 量身定制投資的快速更新，截至 6 月 30 日，我們已資助約 1.613 億美元，該項目仍按計劃在不遲於今年 10 月的交付和租金開始。

As we look towards the earlier stages of our investment pipeline, we continue to source opportunities across all of our core building blocks and generally favor investments where we can provide a holistic capital solution where price is not the sole variable of importance to the seller as evidenced by our transitional capital investment in our growing pipeline of built-to-suit investments.

當我們著眼於投資管道的早期階段時，我們將繼續在所有核心建構模組中尋找機會，並普遍青睞那些我們可以提供整體資本解決方案的投資，其中價格並不是賣方唯一重要的變數（事實證明）透過我們對不斷成長的客製化投資管道的過渡性資本投資。

Now I'll briefly shift our focus towards the strength of our in-place portfolio. As we progress through the second quarter, trends remain largely unchanged. Our high degree of rent collections for the quarter continue to provide confidence in the overall strength of our portfolio.

現在我將簡要地將我們的注意力轉移到我們現有投資組合的實力上。隨著第二季的進展，趨勢基本上保持不變。我們本季的高租金收取率繼續為我們投資組合的整體實力提供了信心。

While we remain confident that our portfolio will continue to deliver strong performance and generate durable and predictable cash flows, we remain cautious of the macroeconomic backdrop, which includes continued caution on industries that are sensitive to discretionary consumer spending. Our watch list has remained fairly consistent so far this year and consumer centric tenants as well as some of our remaining clinically oriented health care properties remain in focus.

儘管我們仍然相信我們的投資組合將繼續實現強勁業績並產生持久且可預測的現金流，但我們對宏觀經濟背景保持謹慎，其中包括對可自由支配消費者支出敏感的行業繼續保持謹慎態度。今年到目前為止，我們的觀察名單保持相當一致，以消費者為中心的租戶以及我們剩餘的一些以臨床為導向的醫療保健物業仍然是焦點。

As we've highlighted in previous quarters, Red Lobster, which represents 1.6% of ABR remains on our watch list. As reported in recent headlines, the company appears to be heading towards a resolution of its Chapter 11 proceedings in the second half of the year. Our 18 master lease properties remain open and we continue to work towards a resolution alongside the proceedings and will provide updates as available.

正如我們在前幾季所強調的那樣，佔 ABR 1.6% 的 Red Lobster 仍然在我們的觀察名單上。正如最近的頭條新聞報道的那樣，該公司似乎將在今年下半年就其第 11 章訴訟獲得解決。我們的 18 個主租賃物業仍然開放，我們將繼續努力在訴訟過程中找到解決方案，並將提供最新資訊。

With recurring negative headlines related to the home furnishing space, we continue to monitor the sector, specifically including our tenant at home, which represents approximately 1% of ABR. We own a distribution center in Plano, Texas and a strong retail site in Raleigh, North Carolina, both of which we expect would be assumed through any potential reorganization event.

由於與家居空間相關的負面新聞不斷出現，我們繼續監控該行業，特別是我們的家居租戶，約佔 ABR 的 1%。我們在德克薩斯州普萊諾擁有一個配送中心，在北卡羅來納州羅利擁有一個強大的零售站點，我們預計這兩個地點都將透過任何潛在的重組事件而實現。

Further, both sites are well located in strong markets and we believe they would garners significant interest from alternative users if we were ever to get them back. Lastly, we only had three vacant properties as of June 30, including two for which we're actively negotiating leases with new tenants. We anticipate these leases to commence and begin paying rent late this year or early next year, resulting in minimal downtime at the properties.

此外，這兩個網站都位於強大的市場中，我們相信，如果我們要讓其他用戶回來，它們會引起他們的極大興趣。最後，截至 6 月 30 日，我們只有三處空置房產，其中兩處我們正在與新租戶積極談判租賃事宜。我們預計這些租賃將於今年年底或明年初開始並開始支付租金，從而最大限度地減少物業的停機時間。

In summary, while the broader market environment for regular-way net lease acquisitions that align with our targeted investment criteria remains challenging, we continue to demonstrate our differentiated approach to capital allocation, focusing on the pursuit and execution of investments that enhance the value of our highly diversified portfolio while simultaneously employing an active portfolio management strategy to drive strong operating performance.

總而言之，雖然符合我們目標投資標準的常規淨租賃收購的更廣泛市場環境仍然充滿挑戰，但我們繼續展示我們差異化的資本配置方法，專注於追求和執行能夠提高我們的價值的投資。的投資組合，同時採用積極的投資組合管理策略來推動強勁的經營績效。

With that, I'll turn the call over to Kevin for him to provide an update on our financial results for the quarter.

這樣，我會將電話轉給凱文，讓他提供我們本季財務表現的最新資訊。

Thank you, Ryan. During the quarter, we generated AFFO of $70 million or $0.36 per share, an increase of 2.9% in per-share results year-over-year. Results were largely driven by lower interest expense and partially offset by lower lease revenues, both as a result of our healthcare simplification strategy.

謝謝你，瑞安。本季度，我們產生了 7,000 萬美元的 AFFO，即每股 0.36 美元，每股業績年增 2.9%。結果主要是由利息支出下降所推動的，並部分被租賃收入下降所抵消，這都是我們的醫療保健簡化策略的結果。

As John and Ryan mentioned, our portfolio continues to show resiliency realizing 33 basis points of bad debt year to date, excluding Green Valley. Cash G&A continues to be well controlled, incurring $7.8 million during the quarter or a 1.4% decrease year-over-year. As a result, we are lowering our G&A guidance from $32 million to $34 million to $31.5 million to $33.5 million.

正如約翰和瑞安所提到的，我們的投資組合繼續表現出彈性，今年迄今壞帳減少了 33 個基點（不包括綠谷）。現金管理費用繼續得到良好控制，本季產生 780 萬美元，年減 1.4%。因此，我們將 G&A 指引從 3,200 萬美元降低到 3,400 萬美元，再降低到 3,150 萬美元到 3,350 萬美元。

Once again, we ended the quarter in a strong and flexible financial position with leverage of 5.1 times net debt up slightly from 4.8 times at the end of the first quarter. Our net debt on a pro forma basis for our unified suit was 4.9 times, which combined with approximately $920 million of revolver availability gives us ample capacity as we evaluate incremental investment opportunities.

我們在本季末再次保持了強勁而靈活的財務狀況，淨債務槓桿率為 5.1 倍，略高於第一季末的 4.8 倍。我們統一套裝的預期淨債務是 4.9 倍，加上約 9.2 億美元的左輪手槍可用性，為我們評估增量投資機會提供了充足的能力。

To reduce rate uncertainty through 2025 and mitigate some of our near term rolling swap maturities, we executed $460 million in forward-starting SOFR swaps during the quarter. These new swaps are scheduled and are supplemental and begin in March of next year with maturity spread across 2030, locking in a weighted average sulphur rate of 3.7%.

為了減少 2025 年之前的利率不確定性並緩解部分近期滾動掉期到期問題，我們在本季度執行了 4.6 億美元的遠期 SOFR 掉期。這些新的掉期計畫是補充性的，將於明年 3 月開始，期限跨度為 2030 年，鎖定加權平均硫磺率為 3.7%。

At our quarterly meeting, our Board of Directors maintained our $0.29 dividend per common share and OP unit, payable to holders of record as of September 30, 2024 on or before October 15, 2024. Given our successful redeployment efforts, our dividend remains well covered and still represents an attractive relative yield in this market environment.

在我們的季度會議上，我們的董事會維持了每股普通股和 OP 單位 0.29 美元的股息，應在 2024 年 10 月 15 日或之前向截至 2024 年 9 月 30 日的記錄持有人支付。鑑於我們成功的重新部署努力，我們的股息仍然得到充分支付，並且在當前市場環境中仍然代表著有吸引力的相對收益率。

Lastly, we are reaffirming our AFFO guidance range of $1.41 to $1.43 per share. In addition to the cash G&A reduction I previously mentioned, we are raising the low end of investment guidance from $350 million to $400 million and tightening our dispositions range to $350 million to $450 million. Please reference last night's earnings release for additional details.

最後，我們重申 AFFO 指導範圍為每股 1.41 美元至 1.43 美元。除了我之前提到的現金管理費用減少之外，我們還將投資指導的下限從 3.5 億美元提高到 4 億美元，並將我們的處置範圍收緊到 3.5 億美元到 4.5 億美元。請參閱昨晚的收益發布以了解更多詳細資訊。

And with that, we will now open the call for questions.

現在，我們將開始提問。

(Operator Instructions)

（操作員說明）

Eric Borden, BMO Capital Markets.

博登（Eric Borden），蒙特婁銀行資本市場部。

Hey, good morning out there. John, you've certainly made some solid progress sourcing a number of investments, through multiple investment verticals. Just curious, not asking for guidance here, but how does the next 12 months play out for you in terms of the mix of development opportunities, peer play acquisitions and any other things that may be developing in the pipeline?

嘿，早安。約翰，您在透過多個投資垂直領域尋找大量投資方面確實取得了一些紮實的進展。只是好奇，不是在這裡尋求指導，而是未來 12 個月在發展機會、同行收購和任何其他可能正在醞釀中的事情的組合方面對您來說有何影響？

Yeah, thanks, Eric. So, it's a balance here. With the $307 million and the 7 development deals that we have in the active pipeline, plus another $400 million or so in that active prospect bucket, we've got a lot of really great opportunities in the development build-to-suit that we're very excited about.

是的，謝謝，艾瑞克。所以，這裡是一個平衡。憑藉我們在活躍管道中擁有的 3.07 億美元和 7 項開發交易，再加上活躍前景桶中的另外 4 億美元左右，我們在開發構建中獲得了很多非常好的機會。

As one of the core building blocks that we have for providing sustainable growth, we're very excited that we're laddering into this development process and the way that we had planned and have talked about with investors, starting earlier this year. So the strategy is playing out well, but there's still a balance.

作為我們提供永續成長的核心組成部分之一，我們非常高興能夠逐步進入此開發流程以及我們從今年稍早開始規劃並與投資者討論的方式。因此，該策略效果良好，但仍存在平衡。

We've got $69.3 million of regular way acquisitions in the pipeline today. We still continue to be a little disappointed in the volumes that are out there, as well as what we're seeing in terms of the quality of the product and where pricing is landing. But if you've got a view towards having a little bit of relief on the interest rate side, depending on how the Fed meeting goes today, and of course, for the next 3 months to 12 months or so, I think you start to see a little bit more regular way acquisition volume.

今天，我們正在進行價值 6,930 萬美元的常規收購。我們仍然對現有的銷售以及我們在產品品質和定價方面所看到的情況感到有點失望。但如果你認為利率方面會有所緩解，這取決於今天聯準會會議的進展情況，當然還有未來 3 個月到 12 個月左右的時間，我認為你開始看看更正規一點的方式採集量。

The great thing with where we sit today from a balance sheet standpoint is that we're at 4.9% on a pro forma basis. We have evaluated where we would land over the course of that development pipeline, and we stay comfortably below six throughout it, and we've got ample liquidity as well as ample room to be able to do regular way acquisitions. So our goal is to be able to balance those things together and give the type of attractive growth that we know our shareholders are expecting.

從資產負債表的角度來看，我們今天所處的狀況最棒的是，我們的預估利率是 4.9%。我們已經評估了我們在開發管道過程中的著陸點，並且在整個開發過程中我們舒適地保持在六點以下，並且我們擁有充足的流動性以及足夠的空間來進行常規方式的收購。因此，我們的目標是能夠平衡這些因素，並實現股東所期望的有吸引力的成長。

I appreciate that. And then on the capital allocation side, just with shares up 23% over the last 3 months, has your thoughts on capital outlay changed? Are you willing to issue equity here today or will the majority of future investments be funded via the capital recycling program and potentially on a leverage neutral basis?

我很欣賞這一點。那麼在資本配置方面，光是過去三個月股價上漲了23%，您對資本支出的想法有改變嗎？您今天是否願意在這裡發行股票，或者未來的大部分投資是否會透過資本回收計劃並可能在槓桿中性的基礎上提供資金？

Yes, so the equity is certainly more constructive today than it was 3 months ago. That being said, we don't need any right now. We've got ample liquidity. Our leverage is well south of where we are looking to operate on a sustained basis. And we've got pretty great availability on our revolver today. We've also been very successful in the last 18 months, 24 months on capital recycling between the $200 million we did last year at a 6 cap in the clinical health care assets that we've been selling this year, as well as a handful of things that we've identified that we'd be able to sell if we needed to.

是的，所以今天的股票肯定比三個月前更有建設性。話雖如此，我們現在不需要任何東西。我們有充足的流動性。我們的槓桿率遠低於我們希望持續營運的水平。今天我們的左輪手槍有非常多的庫存。我們在過去 18 個月、24 個月的資本回收方面也非常成功，去年我們在今年出售的臨床醫療保健資產的 6 上限中回收了 2 億美元，以及少數我們已經確定如果需要的話我們可以出售的東西。

We're very comfortable continuing to fund our growth through recycling and through dispositions if the cost of capital that we're looking at in the equity and debt markets isn't attractive to us. So opportunity set, of course, plays a role in this as well, and we'll balance all those things together, but certainly more constructive, but not where we want it to be. And it's something that we don't need right now either.

如果我們在股票和債務市場上看到的資本成本對我們沒有吸引力，我們很樂意繼續透過回收和處置為我們的成長提供資金。因此，機會集當然也在這方面發揮作用，我們將平衡所有這些事情，但肯定更具建設性，但不是我們想要的地方。這也是我們現在不需要的東西。

I appreciate it. And last one for me, just on the new development opportunities, Ryan, sorry if I missed this, did you say the cash yields you're targeting are in the mid sevens up into the low eights?

我很感激。我的最後一個問題是關於新的發展機會，瑞安，抱歉，如果我錯過了這一點，您是否說您的目標現金收益率在七分之一到八分之一之間？

Yeah, so if you're looking at the development opportunities, right now we've got upfront cash yields in the mid sevens, and then when you straight line it over the term of the lease that we're looking at, you're in that mid eight, sometimes low nines. So very attractive relative to what we're seeing in the regular way space, which is still sort of settling in that low sevens on an upfront cash yield basis getting into the eight on a straight line.

是的，所以如果你正在尋找開發機會，現在我們的預付現金收益率在七成左右，然後當你在我們正在考慮的租賃期限內直線計算時，你會發現八分之一，有時九分低。相對於我們在常規方式領域看到的情況來說，這是非常有吸引力的，在預付現金收益率的基礎上，常規方式的收益率仍然處於低七水平，直線進入八位。

Thank you. Appreciate the time.

謝謝。珍惜時間。

Thank you.

謝謝。

[Upal Rana], KeyBanc Capital Markets.

[Upal Rana]，KeyBanc 資本市場。

Great. Thank you for taking my question. You mentioned the development funding commitments of $339 million. Any additional color you can provide on those commitments?

偉大的。謝謝你回答我的問題。您提到了 3.39 億美元的發展資金承諾。您可以對這些承諾提供任何額外的說明嗎？

Yes, so we've got a UNFI is part of that. We've got about maybe another $32 million on UNFI. We're very excited about the progress there. Looking for that to come online, late Q3, rent commencement no later than mid-October. We got about $32 million or so left, but the project we're expecting to come in slightly under budget and slightly ahead of schedule, so that feels really good. Of the $307 million in the build-to-suits for new ones, there's seven different opportunities that range from things as small as $2 million in the QSR space to as large as $170 million in distribution and manufacturing spaces.

是的，所以我們有一個 UNFI 是其中的一部分。我們可能也向 UNFI 提供了大約 3200 萬美元。我們對那裡的進展感到非常興奮。期待在第三季末上線，租金不遲於十月中旬開始。我們還剩下大約 3200 萬美元左右，但我們預計該專案的進度將略低於預算且略提前於計劃，所以感覺非常好。在 3.07 億美元的新產品客製化中，有七種不同的機會，小到 200 萬美元的 QSR 領域，大到 1.7 億美元的分銷和製造領域。

These are all from new and existing development relationships. So we're expanding the roster of folks that we're working with, and we feel really good about the active prospects that we have, as Ryan mentioned, with another $400 million or so that we're actively evaluating.

這些都來自新的和現有的開發關係。因此，我們正在擴大合作夥伴的名單，正如 Ryan 所提到的，我們對我們擁有的積極前景感到非常滿意，我們正在積極評估另外 4 億美元左右的資金。

Great. That was helpful. And then in terms of the health care simplification strategy, so it looks like you complete about 65%, but on the remaining 35%, are those the one-offs that you had mentioned in prior calls that will take some time to kind of get off your portfolio?

偉大的。這很有幫助。然後就醫療保健簡化策略而言，看起來您完成了大約 65%，但剩下的 35% 是您在之前的電話中提到的那些一次性任務，需要一些時間才能獲得關閉您的投資組合？

Yeah. Yeah, those are all the onesie-twosies that we'll work through in a traditional asset management approach. There are some in there that have great value that we're just making sure that we're getting the right value out of, and there's a handful that will require maybe a lease extension, some tenant improvement, some work on our end to make sure that we can get the right value out of those. So the timeline on those will comfortably extend into 2025.

是的。是的，這些都是我們將在傳統資產管理方法中解決的所有問題。其中有一些具有巨大的價值，我們只是確保我們能夠從中獲得正確的價值，還有少數可能需要延長租約，對租戶進行一些改進，以及我們要做的一些工作確保我們能夠從中獲得正確的價值。因此，這些項目的時間表將輕鬆延長至 2025 年。

Okay, got it. And then lastly on -- maybe cap rates here. It seems like maybe, what do you think Q3 kind of trends from here and any early indication on where maybe Q4 might be headed.

好的，明白了。最後——也許是這裡的上限利率。看起來也許，您認為第三季的趨勢是什麼，以及第四季度可能走向的任何早期跡象。

Yeah, I mean, we've seen cap rates sort of plateau this year on. If you look at like sort of mid market industrial, that's been really hot this year as hot as we saw it in 2022. You're getting 20 bids on any particular acquisition that's out there. You're starting to see those creep down past the low sevens into the high sixes.

是的，我的意思是，今年以來我們看到資本化率趨於穩定。如果你看看類似的中端市場產業，你會發現今年它的熱度與我們在 2022 年看到的一樣熱。對於任何特定的收購，您將收到 20 個出價。你開始看到那些從低七點爬到高六點的現象。

We're still solidly in the sevens as we think about capital allocation, so we're looking for the right opportunity as you heard Ryan saying in his remarks, we're continuing to be very disciplined and focused on where we're looking to allocate the capital, and if we're not seeing it in regular way deals, we're very fortunate to have multiple channels that we can allocate capital to with the build-to-suits where we're getting those mid-sevens upfront cash rates and those cash cap rates, and then the straight line yields in the mid eighths to low nines.

當我們考慮資本配置時，我們仍然處於穩定的狀態，所以我們正在尋找合適的機會，正如你聽到瑞安在他的演講中所說的那樣，我們將繼續非常自律並專注於我們想要的地方分配資本，如果我們沒有在常規交易中看到它，我們很幸運有多個管道，我們可以透過客製化建置來分配資本，在那裡我們可以獲得七分之一的預付款利率和現金上限利率，然後直線收益率在八分之一中間到九分之一以下。

So our expectation is back after the year, you're going to start to see some more product come online as there's a little bit more certainty around the interest rates. And hopefully, we'll see a more constructive environment in terms of pricing on a risk-adjusted basis.

因此，我們的預期是在今年之後，您將開始看到更多產品上線，因為利率有了更多的確定性。希望我們能在風險調整的基礎上看到一個更具建設性的定價環境。

All right. Great. That was helpful. Thank you.

好的。偉大的。這很有幫助。謝謝。

Thank you. (Operator Instructions) Caitlin Burrows, Goldman Sachs.

謝謝。（操作員指令）Caitlin Burrows，高盛。

Hi. Good morning. Maybe just on the acquisition pipeline. I think you said it was about $70 million. Could you go through if to what extent that's a mix of like a lot of QSR type small deals versus just a couple larger industrial or what that mix might be as we try to get a sense for what could ultimately close.

你好。早安.也許只是在收購管道上。我想你說的是大約7000萬美元。您能否介紹一下，在多大程度上，這是大量快餐類型的小型交易與幾個較大的工業交易的混合，或者當我們試圖了解最終可能完成的交易時，這種混合可能是什麼。

Yes, so a portion of it is a retail acquisition, a large single site supported goods, and then the other is a fairly large industrial acquisition. So there's two deals in that pipeline.

是的，所以其中一部分是零售收購，一個大型的單一站點支援商品，然後另一部分是相當大的工業收購。因此，該管道中有兩筆交易。

Got it. Okay. And then back to the build-to-suit topic, I think I've kind of asked this in the past, but we've heard build-to-suit can be difficult because it's tough to get the land. So can you just talk through again how you would do that if there's been any change in thinking?

知道了。好的。然後回到定制建造的話題，我想我過去曾問過這個問題，但我們聽說定制建造可能很困難，因為很難獲得土地。那麼，您能否再次討論一下，如果想法發生任何改變，您將如何做到這一點？

And I think you mentioned in the past that you'd be working or buying from somebody who already has the land, so you wouldn't need to go, I guess get approvals and source it yourself. But yeah, is that still the case? And how do you kind of get past that hurdle of getting the land that's attractive for this user that they want?

我想你過去提到過，你會從已經擁有土地的人那裡工作或購買，所以你不需要去，我想你會得到批准並自己尋找土地。但是，是的，情況仍然如此嗎？您如何克服這一障礙，獲得對他們想要的用戶有吸引力的土地？

Yeah, so that's a great question. The build-to-suit strategy is very different than your regular way net lease, sale lease back and assumption process where the land is already in hand with someone else. The way that we've been thinking about our commitments to fund developments is to have the certainty around that to be able to report it out to you all.

是的，這是一個很好的問題。量身定制的策略與常規方式的淨租賃、售後回租和土地已在他人手中的假設過程非常不同。我們一直在思考我們對資助開發的承諾的方式是要有確定性，以便能夠向大家報告。

The land needs to be in hand. It's not necessarily in our hand yet, but we'll have an opportunity to acquire it over the course of the process. But the land is under control by the developer or by the tenant, depending on the situation.

土地必須在手。它不一定在我們手中，但我們將有機會在這個過程中獲得它。但土地由開發商或租戶控制，視情況而定。

We're in a place where we feel very comfortable that the business deals have been agreed to between the developer and their client and the relationship between us as the funding partner here. You're still in the process of negotiating final documentation, but our ability to have surety around that development pipeline starts with is the land under control, because that's going to be critical to whether or not the client decides to move forward with the project. And for the seven that we have and the $307 million in that pipeline, that is the case.

我們感到非常放心，開發商與其客戶之間已經就業務交易達成一致，而且我們作為融資合作夥伴之間的關係也已達成。您仍在談判最終文件的過程中，但我們確保開發管道的能力首先是控制土地，因為這對於客戶是否決定推進該專案至關重要。對於我們現有的 7 個項目以及該管道中的 3.07 億美元來說，情況就是如此。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Thank you. As we currently have no further questions, I'd like to hand over to John Moragne for closing remarks.

謝謝。由於我們目前沒有其他問題，我想請約翰·莫拉涅 (John Moragne) 致閉幕詞。

Thank you, Kiki, and thank you everyone for joining us today. We are incredibly excited and proud of all that we've accomplished so far this year, but we're just getting started. So we'll have more to come with our Q3 earnings call, come October and November. Thank you all for joining us, and enjoy the rest of your day.

謝謝你，琪琪，也謝謝大家今天加入我們。我們對今年迄今為止所取得的一切感到非常興奮和自豪，但我們才剛剛開始。因此，我們將在 10 月和 11 月舉行的第三季財報電話會議上發布更多內容。感謝大家加入我們，祝您有個愉快的一天。

This concludes today's conference call. You may now disconnect your lines. Thank you.

今天的電話會議到此結束。現在您可以斷開線路。謝謝。