Broadstone Net Lease Inc (BNL) 2025 Q1 法說會逐字稿

Hello and welcome to Broadstone Net Lease's first-quarter 2025 earnings conference call. My name is Emily, and I'll be your operator today. Please note that today's call is being recorded.

您好，歡迎參加 Broadstone Net Lease 2025 年第一季財報電話會議。我叫艾米麗，今天我將擔任您的接線生。請注意，今天的通話正在錄音。

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

現在我將電話轉給 Broadstone 公司財務和投資者關係總監 Brent Maedl。請繼續。

Thank you everyone for joining us today for Broadstone Net Lease's first-quarter 2025 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. As a reminder, the following discussion and answers to your questions contain forward-looking statements which are subject to risks and uncertainties that can cause actual results to differ materially due to a variety of factors.

感謝大家今天參加 Broadstone Net Lease 2025 年第一季財報電話會議。在今天的電話會議上，您將聽到執行長 John Moragne、總裁兼營運長 Ryan Albano 和財務長 Kevin Fennell 的準備好的演講。三人都將出席本次電話會議的問答環節。提醒一下，以下討論和對您的問題的回答包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能因各種因素導致實際結果存在重大差異。

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, 2024, for a more detailed discussion of the risk factors that may cause such differences. And note that such risk factors may be updated in our quarterly SEC filings. Any forward-looking statements provided during this conference call are only made as of the date of this call.

我們提醒您不要過度依賴這些前瞻性陳述，並請您參閱我們向美國證券交易委員會 (SEC) 提交的文件，包括截至 2024 年 12 月 31 日的 10-K 表格，以更詳細地討論可能導致此類差異的風險因素。請注意，此類風險因素可能會在我們提交給美國證券交易委員會的季度文件中更新。本次電話會議中提供的任何前瞻性陳述均僅截至本次電話會議之日有效。

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

說完這些，我會把電話轉給約翰。

Thank you, Brent, and good morning everyone. I am pleased to report strong first quarter results demonstrating continued disciplined execution and the unique benefits of our strategy. We remain focused on driving long-term shareholder value and believe our differentiated business model consisting of our four core building blocks, along with an investment grade balance sheet, positions us well in the current environment to drive attractive growth for our shareholders.

謝謝你，布倫特，大家早安。我很高興地報告第一季的強勁業績，證明了我們持續嚴格的執行和策略的獨特優勢。我們仍然專注於推動長期股東價值，並相信由四大核心建構模組組成的差異化商業模式以及投資等級資產負債表，使我們在當前環境下處於有利地位，能夠為股東帶來有吸引力的成長。

We continue to find success growing our build-to-suit pipeline through both existing and new relationships, providing visibility to embedded revenue growth through 2026 and into 2027. A distinct advantage in the triple Net Lease landscape, particularly amid ongoing market uncertainty.

我們繼續透過現有和新的關係成功擴大我們的客製化管道，為 2026 年和 2027 年的嵌入式收入成長提供可預見性。在三重淨租賃領域具有明顯優勢，尤其是在市場持續不確定的情況下。

Year-to-date, we have invested $103.9 million in new property acquisitions, build-to-suit developments, and revenue generating CapEx. We have approximately $305.9 million of committed build-to-suit developments with $255.8 million in remaining estimated investments to be funded through the third quarter of 2026. With initial cash cap rates in the sevens and straight line yields in the mid-eights to mid-nines, and we have $132.9 million of acquisitions under control, and $4.5 million of commitments to fund revenue generating CapEx with existing tenants.

年初至今，我們已投資 1.039 億美元用於新房地產收購、客製化開發和創收資本支出。我們承諾投資約 3.059 億美元進行客製化開發，預計剩餘投資 2.558 億美元將在 2026 年第三季到位。初始現金資本化率在七年左右，直線殖利率在八年中期到九年中期，我們控制著 1.329 億美元的收購，並承諾為現有租戶提供創收資本支出，金額為 450 萬美元。

Importantly, and I want to emphasize these points, our $305.9 million pipeline of in-process build-to-suit developments is fully signed up and committed. We now own or control the land. Construction is underway and on time. And we have locked in approximately $22.6 million of incremental ABR today that will come online later this year and during 2026, representing approximately 5.6% growth in our current ABR.

重要的是，我想強調這些要點，我們價值 3.059 億美元的在建定制開發項目已全部簽約並投入使用。我們現在擁有或控制這片土地。施工正在按時進行。我們今天已鎖定約 2,260 萬美元的增量 ABR，這些 ABR 將於今年稍後和 2026 年上線，相當於我們目前 ABR 成長約 5.6%。

These committed build-to-suit developments represent long term, high quality, de-risked, and value creating growth that is unique in this triple Net Lease space. We continue to be incredibly excited about this differentiated strategy and very much look forward to making additional project announcements in the months ahead.

這些致力於量身定制的開發項目代表著長期、高品質、低風險和創造價值的成長，這在三重淨租賃領域是獨一無二的。我們繼續對這項差異化策略感到無比興奮，並非常期待在未來幾個月內發布更多專案公告。

In that vein, last week we announced the addition of a new $78.2 million project to our pipeline of build-to-suit development commitments. For this project, we are excited to be partnering with the development team at Prologis, marking another significant milestone in our growing pipeline and our expanding network of development partners. Ryan will have more details on that new project and relationship in a few moments.

本著這項精神，我們上周宣佈在我們的客製化開發承諾中增加一個價值 7820 萬美元的新項目。對於這個項目，我們很高興能與普洛斯的開發團隊合作，這標誌著我們不斷增長的專案管道和不斷擴大的開發合作夥伴網路的另一個重要里程碑。瑞安稍後將會詳細介紹該新項目和新關係。

As we've been emphasizing over the last year, we believe our differentiated strategy provides a unique and compelling opportunity for growth in Net Lease. With top tier in place portfolio performance, a willingness to invest in our relationships, and improve the quality of our portfolio through revenue generating CapEx with existing tenants, a robust, resilient, and lettered pipeline of development projects providing attractive long-term and de-risk growth opportunities, and a proven ability to also grow through regular way acquisitions, we believe Broadstone Net Lease holds the promise of a brighter tomorrow and that our best days and shareholder returns are ahead of us.

正如我們在過去一年中一直強調的那樣，我們相信我們的差異化策略為淨租賃的成長提供了獨特且引人注目的機會。憑藉頂級的現有投資組合表現、投資於我們關係的意願、透過與現有租戶產生收入的資本支出來提高我們投資組合的質量、強大、有彈性且有信譽的開發項目渠道，提供有吸引力的長期和低風險增長機會，以及通過常規收購實現增長的能力，我們相信 Broadstone Net Lease 承諾帶來更光明的日子，我們最好的日子和股東回報就在我們面前。

We are making incredible progress on our strategy and remain focused on differentiated and disciplined growth, but it's important for us to also recognize the risks presented by the current macroeconomic environment. We are paying close attention to the impacts from actual or potential tariffs, the conditions in the overall economy and the capital markets, and the health of the consumer and spending trends.

我們的策略正在取得令人難以置信的進展，並繼續專注於差異化和規範的成長，但我們也必須認識到當前宏觀經濟環境所帶來的風險。我們密切關注實際或潛在關稅的影響、整體經濟和資本市場的狀況以及消費者和支出趨勢的健康狀況。

There are certainly pockets of incremental focus, but nothing that we can't handle. Although the headlines may be different today, we have dealt with more than our fair share of uncertainty in our history, and know how to manage it.

當然，也存在一些需要逐步關注的問題，但我們能夠處理這些問題。儘管今天的頭條新聞可能有所不同，但在我們的歷史上，我們已經處理過相當多的不確定性，並且知道如何應對它。

Broadstone Net Lease was formed in October 2007, and is coming up on its 18th anniversary as a Net Lease REIT later this year. And with the management team averaging a decade's time with the company, this isn't our first rodeo. Starting with prudent and disciplined underwriting, continuing with proactive and aggressive portfolio management, and bringing a laser focus to maintaining a fortified and flexible balance sheet, we are ready and equipped to manage through this period as well as anyone.

Broadstone Net Lease 成立於 2007 年 10 月，今年稍後將迎來其作為 Net Lease REIT 成立 18 週年。由於管理團隊在公司的平均任職時間為十年，因此這並不是我們第一次參與這樣的活動。從審慎和嚴謹的核保開始，繼續積極主動的投資組合管理，並集中精力維持穩健靈活的資產負債表，我們已做好準備並有能力像任何人一樣度過這段時期。

With a high-quality portfolio with strong operating metrics, 204 different commercial tenants, no single tenant accounting for more than 4% of our ABR, 99.1% occupancy and 99.1% rent collection for the first quarter, this is a resilient and diversified portfolio designed to weather and navigate any environment. As you saw in our earnings released last night, and you will hear more from Kevin in a bit, we are maintaining our 2025 AFFO guidance range at $1.45 to $1.49 per share, or approximately 3% growth at the midpoint.

憑藉具有強勁營運指標的高品質投資組合、204 個不同的商業租戶、沒有單一租戶占我們 ABR 的 4% 以上、第一季入住率為 99.1% 且租金收取率為 99.1% 的投資組合，這是一個具有彈性和多元化的投資組合，旨在經受住和應對任何環境。正如您在昨晚發布的收益報告中看到的，並且您稍後會從 Kevin 那裡聽到更多消息，我們將 2025 年 AFFO 指導範圍維持在每股 1.45 美元至 1.49 美元，或中間值增長約 3%。

Given several positive developments we have experienced so far this year, including the building momentum in our investment strategy; satisfactory resolutions of certain tenant matters, including Zips, as you will hear about from Ryan in a few moments; and incrementally lower operating expenses; we considered raising the bottom end of our guidance range this quarter.

鑑於我們今年迄今為止經歷的幾項積極發展，包括投資策略的不斷增強勢頭；某些租戶問題（包括 Zips）的令人滿意的解決方案，正如您稍後將從 Ryan 那裡聽到的；以及運營費用的逐步降低；我們考慮提高本季度指導範圍的下限。

With a high level of macroeconomic uncertainty however, we felt it would be prudent to maintain guidance this quarter and revisit our range as well as the underlying assumptions as the year progresses. Later this year, we also hope to be able to provide you with a preview of our forecasted based case growth for 2026 based on the contributions we expect to receive from our core building blocks and our execution in 2025.

然而，由於宏觀經濟不確定性較高，我們認為謹慎的做法是維持本季的指導，並隨著時間的推移重新審視我們的範圍以及基本假設。今年晚些時候，我們還希望能夠根據我們預計從核心構建模組和 2025 年的執行情況中獲得的貢獻，為您提供 2026 年預測案例增長的預覽。

During our fourth quarter earnings call, I told you that we have ambitious goals for the year and that we intended to meet or exceed them, positioning BNL for even better growth in 2026 and beyond. None of that has changed. And that includes our goal of adding at least $500 million in additional build-to-suit developments to our committed schedule of projects that would stabilize and begin paying rent in 2026 and 2027, further strengthening our build-to-suit ladder.

在我們第四季的財報電話會議上，我告訴大家，我們對今年有雄心勃勃的目標，我們打算實現或超越這些目標，為 BNL 在 2026 年及以後實現更好的成長做好準備。這一切都沒有改變。其中包括我們的目標是在我們承諾的項目計劃中增加至少 5 億美元的額外客製化開發項目，這些項目將在 2026 年和 2027 年穩定下來並開始支付租金，從而進一步加強我們的客製化開發階梯。

With our recently announced $78.2 million dollar project, we've made a strong first step towards that goal with more on the way. As you can readily see from this quarter's results in committed pipeline, we are well set up for growth in 2025 and beyond through our core building blocks and look forward to delivering on the promise that this differentiated strategy, portfolio, and team provide.

隨著我們最近宣布的 7820 萬美元項目，我們朝著這一目標邁出了堅實的第一步，並且還有更多的進展。從本季度承諾的管道結果中您可以輕鬆看到，我們已經透過核心建構模組為 2025 年及以後的成長做好了充分準備，並期待兌現這一差異化策略、產品組合和團隊所提供的承諾。

With that, I'll turn the call over to Ryan who will provide additional updates on our build-to-suit and acquisitions pipeline as well as portfolio matters.

說完這些，我將把電話轉給 Ryan，他將提供有關我們的客製化和收購管道以及投資組合事宜的更多更新。

Thanks, John, and thank you all for joining us today. With six in process build-to-suit development projects under construction, totaling an estimated investment of $305.9 million, and an exciting new developer partnership just announced, we are advancing steadily on our path to creating a robust and resilient pipeline of development opportunities that will drive attractive growth in 2025, 2026, and beyond.

謝謝，約翰，也謝謝大家今天加入我們。目前有六個客製化開發項目正在建設中，預計總投資額為 3.059 億美元，並且剛剛宣布了令人興奮的新開發商合作夥伴關係，我們正在穩步推進，以創造強勁而有彈性的開發機會管道，從而推動 2025 年、2026 年及以後的可觀增長。

Our in-process build-to-suit pipeline has a strong weighted average initial yield of 7.4% and a fantastic weighted average straight line yield of 8.9% driven by weighted average lease term and rent increases of approximately 13.2 years and 2.9% respectively. And as you have heard us say repeatedly, these projects come with stronger tenant credit, higher quality buildings, and better real estate fundamentals, which provide us with a high degree of confidence in the long-term value that these assets represent.

我們正在進行的客製化管道具有強勁的 7.4% 加權平均初始收益率和出色的 8.9% 加權平均直線收益率，這得益於加權平均租賃期限和租金分別增加約 13.2 年和 2.9%。正如您一再聽到我們所說的那樣，這些項目具有更強的租戶信用、更高品質的建築和更好的房地產基本面，這使我們對這些資產所代表的長期價值充滿信心。

In addition to the attractive earnings growth provided by this strategy, we are targeting a minimum spread between our development yield and stabilized value of 100 basis points, representing an additional layer of value creation, a rarity in that lease world that we expect to recognize either in the form of any of the accretion or through positive capital recycling upon a sale of the asset. Our recently announced project with Prologis is for a new state-of-the-art distribution facility for FCA US LLC, an existing tenant of ours, and the US subsidiary of the investment grade rated top 5 multinational automotive company, Stellantis, that is expected to deliver in the third quarter of 2026.

除了該策略帶來的可觀的獲利成長之外，我們還將開發收益率和穩定價值之間的最小差額定為 100 個基點，這代表著額外的價值創造，這在租賃領域實屬罕見，我們期望透過增值或資產出售時的積極資本回收來實現這一目標。我們最近與 Prologis 宣布的項目是為 FCA US LLC（我們現有的租戶）和投資級排名前五的跨國汽車公司 Stellantis 的美國子公司建造一個新的最先進的配送設施，預計將於 2026 年第三季交付。

The facility is strategically located along I-75 in the Atlanta MSA, providing access to population centers throughout the Southeast, which continues to benefit from strong demographic trends that support long-term demand for industrial space. At completion, BNL will own a new Class A industrial asset equipped with 36-foot clear heights, full HVAC, heavy power, and additional trailer parking appealing to a wide variety of logistics operators.

該設施位於亞特蘭大大都會統計區 I-75 沿線的戰略位置，可通往整個東南部的人口中心，該地區繼續受益於強勁的人口趨勢，支持對工業空間的長期需求。工程完成後，BNL 將擁有新的 A 級工業資產，配備 36 英尺淨空高度、全套 HVAC 系統、重型電力和額外的拖車停車位，吸引各類物流業者。

We are excited and proud to be partnering on this project with a customer-led development team at Prologis. As you can see from this latest development project, we are leveraging new and existing relationships to build our pipeline, further deepening relationships that should provide ample opportunity for more projects in the near term.

我們很高興也很自豪能夠與普洛斯的客戶主導開發團隊合作這個專案。從這個最新的開發項目中您可以看到，我們正在利用新的和現有的關係來建立我們的管道，進一步深化關係，這將為近期的更多項目提供充足的機會。

As with all of our build-to-suit projects, we have structures in place to mitigate the traditional development risk associated with construction delays and cost overruns. Including those associated with the recently announced tariffs, whether it's through general budget contingencies and allowances built into our overall construction cost estimates for each of our projects, GMP or lump sum construction contracts which set forth a maximum price for certain construction costs and shift inflation risk to the general contractors, change order processes or the like, we are well positioned to deal with any unanticipated cost issues that may arise.

與我們所有的客製化專案一樣，我們已建立相應的結構來減輕與施工延誤和成本超支相關的傳統開發風險。包括與最近宣布的關稅相關的費用，無論是透過我們每個專案的整體建設成本估算中內建的一般預算應急和津貼，還是GMP或總價建設合約（規定了某些建設成本的最高價格並將通貨膨脹風險轉移給總承包商），變更訂單流程或類似方式，我們都能夠很好地處理可能出現的任何意外成本問題。

This is one more example of our proven ability to structure our development projects to mitigate risk while helping our customers and developer partners secure projects and grow their respective businesses. As I said on our fourth quarter call, we are also in the process of expanding our pool of developer relationships beyond those currently announced. Prologis is the first of many new relationships we plan to add as we expand and deepen our development program. Our growing set of developer partners have recognized the value we bring to the table, and we expect to have some additional news to share soon.

這是我們證明能夠建立開發專案以降低風險，同時幫助我們的客戶和開發合作夥伴獲得專案並發展各自業務的能力的又一例證。正如我在第四季度電話會議上所說的那樣，我們還在擴大開發者關係庫，使其超越目前宣布的範圍。隨著我們開發計畫的不斷擴大和深化，我們計劃與 Prologis 建立許多新的合作關係，Prologis 就是其中第一個。我們不斷成長的開發合作夥伴已經意識到我們所帶來的價值，我們期待很快能分享更多新聞。

Turning to our investment activities so far in 2025, we have invested $103.9 million in new property acquisitions build-to-suit developments and revenue generating CapEx. The completed acquisitions and revenue generating CapEx had a weighted average initial cash cap rate, lease term, and annual rent increase of 7.2%, 13.8 years, and 2.5% respectively. And had an attractive weighted average straight line yield of 8.3%.

談到我們 2025 年迄今的投資活動，我們已投資 1.039 億美元用於新房地產收購、客製化開發和創收資本支出。已完成的收購和創收資本支出的加權平均初始現金資本化率、租賃期限和年租金增幅分別為 7.2%、13.8 年和 2.5%。並且具有相當吸引力的 8.3% 加權平均直線收益率。

Our total investments were weighted approximately 80% to industrial properties and 20% to retail. As we head into the second quarter, we also have $132.9 million of acquisitions under control, and $4.5 million of commitments to fund revenue generating CapEx with existing tenants.

我們的總投資約 80% 為工業地產，20% 為零售房地產。進入第二季度，我們也控制著 1.329 億美元的收購，以及 450 萬美元的承諾，為現有租戶提供創收資本支出。

Now shifting to our in-place portfolio. We have already addressed a number of 2025 rollovers and only 1% of our ABR remains to be addressed for 2025. With only 3% of our ABR rolling in 2026, we have minimal near term rollover concerns and are actively engaged with our tenants on those leases.

現在轉向我們的現有投資組合。我們已經解決了許多 2025 年的展期問題，只有 1% 的 ABR 仍需在 2025 年解決。由於我們的 ABR 中只有 3% 將在 2026 年展期，因此我們對短期展期的擔憂很小，並且我們正積極與這些租約的租戶進行接洽。

Given the overall macroeconomic uncertainty, we continue to see incremental pockets of credit risk. We see further strain being placed on consumer-centric industries and entities with less flexible capital structures, stemming from the lengthening duration of the higher interest rate environment, broader market conditions impacting business operations, and potential tariff induced inflation pressures impacting inventory sourcing and cost structures, which in turn may influence consumer spending.

鑑於整體宏觀經濟的不確定性，我們繼續看到信貸風險的增加。我們看到，以消費者為中心的行業和資本結構不夠靈活的實體將面臨進一步的壓力，這是由於高利率環境持續時間延長、更廣泛的市場條件影響企業運營，以及潛在的關稅引發的通膨壓力影響庫存採購和成本結構，進而可能影響消費者支出。

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. Our watchlist has remained fairly consistent, and consumer centric tenants, as well as some of our remaining clinically oriented healthcare properties, including our tenant, Stanislaus Surgical, remain in focus.

我們對租戶監控工作保持警惕，並對我們的投資組合保持高度信心，因為其多元化的構建限制了任何潛在的個別信用事件的影響，並且我們已證明有能力應對可能出現的任何此類情況。我們的關註名單一直保持相當一致，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（包括我們的租戶 Stanislaus Surgical）仍然是關注的焦點。

Broadly speaking, the home furnishing space continues to be in focus for us as well, specifically including our exposure to at home. Given the potential impact of tariffs on its inventory sourcing and cost structure, we are also paying close attention to Claire's. As we announced last quarter, we own 10 Zips Car Wash sites under three separate master leases, which account for 62 basis points of our full year ABR. We have received rent through April. Expect to receive rent throughout the remaining portion of the bankruptcy process, and are finalizing negotiations on our sites.

廣義上講，家居裝飾領域也繼續成為我們關注的焦點，具體包括我們對家居的接觸。鑑於關稅對其庫存採購和成本結構的潛在影響，我們也密切關注 Claire's。正如我們上個季度宣布的那樣，我們根據三個獨立的主租約擁有 10 個 Zips 洗車場，占我們全年 ABR 的 62 個基點。我們已經收到四月的租金。預計在破產程序的剩餘部分將收到租金，並且正在就我們的地點進行最後的談判。

It is our current expectation that Zips will remain our tenant at nine of the properties and that we will dispose, re-tenant, or redevelop the one remaining property. Upon execution of new mass releases and Zip's emergence from bankruptcy, we expect to recover approximately 80% of the ABR previously generated by Zips and only incur approximately 9- or 10-basis points of bad debt from Zips in 2025.

我們目前的預期是 Zips 將繼續作為我們九處房產的租戶，而我們將處置、重新出租或重新開發剩餘的一處房產。在執行新的大規模釋放和 Zip 擺脫破產後，我們預計將收回 Zips 先前產生的約 80% 的 ABR，並且在 2025 年僅產生來自 Zips 約 9 或 10 個基點的壞帳。

We are pleased with this outcome and believe this result is a further testament to and evidence of the strength of our underwriting and ability to patiently and prudently address tenant credit matters.

我們對這一結果感到滿意，並相信這一結果進一步證明並證明了我們的承保實力以及耐心、審慎解決租戶信貸問題的能力。

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

說完這些，我會把電話轉給凱文。

Thank you, Ryan. During the quarter, we generated adjusted funds from operations of $71.8 million or $0.36 per share. Results benefited from recent investments in lower vacant assets and releasing related operating expenses, which served to offset rent loss from dispositions that occurred in Q4. Core G&A totaled $7.4 million for the quarter, reflecting our continued focus on controllable expenses, and bad debt totaled 86 basis points, substantially driven by non-payment from Stanislaus, one of our remaining clinical healthcare tenants.

謝謝你，瑞安。本季度，我們產生的調整後經營資金為 7,180 萬美元，即每股 0.36 美元。業績受益於近期對較低空置資產的投資以及相關營運費用的釋放，抵銷了第四季度處置造成的租金損失。本季核心一般及行政費用總計 740 萬美元，反映出我們持續關注可控費用，壞帳總計 86 個基點，主要原因是我們剩餘的臨床醫療租戶之一 Stanislaus 未付款。

During the quarter, we amended our $1 billion revolving credit facility. Among other changes, the amendment extended the initial maturity date to March of 2029, and reduced the all in borrowing rate by 10 basis points. Additionally, we refinanced our $400 million dollar term loan that was set to mature in February 2026. The new term loan has an initial maturity date in March of 2028, includes two 1-year extension options, and includes a $100 million dollar delayed draw option that is available to us through late May.

在本季度，我們修改了 10 億美元的循環信貸額度。除其他變化外，該修正案將初始到期日延長至2029年3月，並將總借款利率降低10個基點。此外，我們也對原定於 2026 年 2 月到期的 4 億美元定期貸款進行了再融資。新定期貸款的初始到期日為 2028 年 3 月，包括兩個 1 年延期選項，以及一個 1 億美元的延期提款選項，該選項可在 5 月底之前使用。

This $1.5 billion transaction reflects the depth and strength of our banking relationships, and we very much appreciate their continued support and investment in our business. We ended the quarter with pro forma leverage of 5.0 times net debt, $38.1 million of unsettled forward equity, and approximately $826 million available on our revolving credit facility.

這筆 15 億美元的交易反映了我們與銀行之間關係的深度和實力，我們非常感謝他們對我們業務的持續支持和投資。本季結束時，我們的備考槓桿為淨債務的 5.0 倍，未結算遠期權益為 3,810 萬美元，循環信貸額度可用金額約為 8.26 億美元。

The strong and flexible financial position provides us ample capacity as we pursue incremental investment opportunities. Regarding our dividend, our Board of Directors elected to maintain our $0.29 dividend per share, payable to holders of record as of June 30, 2025, on or before July 15, 2025.

強大而靈活的財務狀況為我們尋求增量投資機會提供了充足的能力。關於我們的股息，董事會決定維持每股 0.29 美元的股息，並於 2025 年 7 月 15 日或之前支付給截至 2025 年 6 月 30 日登記在冊的股東。

Finally, as John mentioned, we are maintaining our 2025 per share guidance and key assumptions that we provided on our last call. It's worth reminding everyone that our per share results for the year are particularly sensitive to the timing, amount, and mix of investment and disposition activity, as well as any capital markets activities that may occur during the year.

最後，正如約翰所提到的，我們維持上次電話會議上提供的 2025 年每股指引和關鍵假設。值得提醒大家的是，我們今年的每股業績對投資和處置活動的時間、金額和組合以及年內可能發生的任何資本市場活動特別敏感。

Please reference last night's earnings release for additional details, and we will now open the call up for questions.

請參閱昨晚的收益報告以了解更多詳細信息，我們現在將開始回答問題。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Anthony Paolone, JP Morgan.

安東尼保隆 (Anthony Paolone)，摩根大通 (JP Morgan)。

Great, thanks. I guess first question is, looking at your industrial exposure and curious how you're going about just watching credit, given the impact of tariffs, particularly on the 17.5% of the ABR that's from manufacturing activity and just wondering how you're going about that and approaching it. Thanks.

太好了，謝謝。我想第一個問題是，看看你的工業風險敞口，好奇考慮到關稅的影響，你是如何看待信貸的，特別是對來自製造業活動的 17.5% 的 ABR 的影響，我只是想知道你是如何看待和處理這個問題的。謝謝。

Yeah. Thanks, Tony. So we took both the top-down and the bottom approach here. We looked at individual tenants to see where we thought there might be some softness or some concern around the tariffs. We also looked at it from a top-down approach in terms of what industries we think might be hit in a different way. And as you highlighted with 17% manufacturing, that was certainly an area we spent some time, although I want to make sure we emphasize here that manufacturing is not a monolith. They all don't do the same thing in the same way. Just as like distribution space or food processing or whatever else, you have to sort of get into the weeds and understand what our tenants are doing and how.

是的。謝謝，托尼。因此，我們在這裡採用了自上而下和自下而上的方法。我們觀察了個別租戶，看看哪些地方可能存在關稅方面的寬鬆或擔憂。我們也從自上而下的角度研究了哪些行業可能會受到不同的衝擊。正如您所強調的 17% 的製造業，這無疑是我們花費一些時間的一個領域，但我想確保我們在這裡強調製造業並不是一個整體。他們不會以同樣的方式做同樣的事情。就像配送空間或食品加工或其他任何東西一樣，您必須深入了解我們的租戶在做什麼以及如何做。

So even within that manufacturing bucket or any of the other buckets within our industrial, there's pockets there where there's incremental concern, and we've had some good calls with folks and trying to understand, how are you approaching the tenants? What tariffs? What are your concerns? How are you going to navigate it? Do you have the ability to pass those costs onto their end users? Do you have minimum volume requirements in your contracts?

因此，即使在製造業領域或我們工業領域的任何其他領域中，也存在一些令人擔憂的領域，我們與一些人士進行了一些很好的溝通，試圖了解，您是如何與租戶接洽的？什麼關稅？您擔心什麼？您將如何應對？您有能力將這些成本轉嫁給最終用戶嗎？你們的合約有最低數量要求嗎？

All the things that you'd want to know and understand. And of course, first and foremost, where are you getting your inputs? Where do you get your inventory from? What are the different countries? Are you subject to just the baseline 10% there? Or do you have a majority of it coming from China?

所有您想要知道和理解的事情。當然，首先也是最重要的，您從哪裡獲得輸入？您的庫存從哪裡來？有哪些不同的國家？您是否只受到 10% 的基準限制？還是大部分來自中國？

On the other hand, we also have some tenants in our industrial sleeve as well as other sleeves where they actually are positioned really well to benefit from the current environment. Either from having a highly US domestic focused production line, sourcing system, they've made changes overtime, whether they've adjusted for this in anticipation of it? And we've actually even heard from some of our customers and tenants that this isn't the first time they've had to deal with this.

另一方面，我們的工業園區和其他園區也有一些租戶，他們實際上處於非常有利的位置，可以從當前的環境中受益。無論是從高度關注美國國內的生產線、採購系統，還是隨著時間的推移，他們都做出了改變，他們是否已經為此做好了調整？事實上，我們甚至從一些客戶和租戶那裡聽說，這不是他們第一次遇到這種情況。

There was a raft of tariffs back in 2018 and 2019, and so this isn't the first time they've dealt with it, and they'll manage through it just fine. So there's a couple of spots where we're paying more attention. You heard Ryan talk about it a little from a watchlist standpoint, but overall, we feel very pleased with where our portfolio sits.

2018 年和 2019 年就曾經徵收過一系列關稅，所以這不是他們第一次處理這個問題，他們會妥善處理。因此，有幾個地方我們需要給予更多的關注。您聽到瑞安從關註名單的角度稍微談論了這一點，但總的來說，我們對我們的投資組合的現狀感到非常滿意。

Okay. Thanks. And then just follow up, can you remind us or give us some context around how much bad debt is in the guidance for the year and maybe how much you think is kind of spoken for with some of the things you already talked about versus like where you have some cushion for the rest of the year.

好的。謝謝。然後繼續問，您能否提醒我們或給我們提供一些背景信息，說明今年的指導方針中壞賬金額是多少，以及您認為已經談到的一些事情中壞賬的佔比是多少，以及在今年剩餘時間內您有哪些緩衝。

So we started the year at 125, we've maintained that through to today. We think with the overall environment, it's prudent to sort of hold firm to where we started the year.

因此，我們以 125 為年初目標，一直維持到今天。我們認為，考慮到整體環境，保持年初的水平是明智之舉。

We talked about with our first quarter call for Q4 there. Part of it was informed by known issues that we were dealing with in the portfolio of the Zip's bankruptcy, which late breaking news, they emerged this morning. So our leases are now in effect. We feel really proud about that adjustment. So Zips was north of 60 basis points in total exposure. Our bad debt relative to Zips, as you heard from Ryan for the year is going to be about 9 or 10 basis points.

我們在第一季電話會議上討論了第四季的情況。部分原因是我們在處理 Zip 破產投資組合時遇到了一些已知問題，這些問題是今天早上才出現的突發新聞。所以我們的租約現已生效。我們對這項調整感到非常自豪。因此 Zips 的總風險敞口超過了 60 個基點。正如您從 Ryan 那裡聽到的，我們今年相對於 Zips 的壞帳率將達到約 9 或 10 個基點。

New leases in place for 9 of our 10 assets, so we feel very pleased there. We're also navigating Stanislaus, working to resolve that fairly quickly. The messaging there hasn't changed. Stanislaus is one tenant of ours that is a part of a much larger healthcare sort of workaround workout situation that we're not planning on sticking through because it could take a long time.

我們的 10 項資產中有 9 項已簽訂新租約，因此我們感到非常高興。我們也正在與史丹尼斯勞斯溝通，努力盡快解決這個問題。那裡的訊息沒有改變。斯坦尼斯勞斯 (Stanislaus) 是我們的租戶之一，他參與了一項更大規模的醫療保健變通方案，但我們不打算繼續執行，因為這可能需要很長時間。

So looking to sell that fairly quickly. So we start with 125 basis points. There certainly are areas where, including Zips, that we've done a lot better than we potentially could have at the beginning of the year. So there's a little bit of extra room that's built into it, but we're going to hold the 125 basis points for now and we'll reassess that after Q2 and into Q3.

因此希望盡快將其出售。因此我們從 125 個基點開始。當然，在包括 Zips 在內的一些領域，我們做得比年初可能做到的要好得多。因此，其中還有一點額外的空間，但我們暫時將維持 125 個基點，並將在第二季和第三季之後重新評估。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Hi, good morning. I think just in the prepared remarks you mentioned that Claire's is a tenant that you're watching, which they've been in the news before, so noted. But I was just wondering if you could go through what your exposure is there? Like is it a distribution center or what is it?

嗨，早安。我認為您在準備好的發言中提到過，Claire 是您正在關注的租戶，他們之前也出現在新聞中，所以值得注意。但我只是想知道您是否可以介紹一下您在那裡接觸的情況？它是一個配送中心嗎？或者它是什麼？

We own their primary or actually their sole distribution facility here in the United States. We know that as well. We actually own an industrial asset across the street from it. It's about 78 basis points of exposure for it. It's their corporate headquarters, 4,000 square foot distribution warehouse, Hoffman Estates, Illinois.

我們在美國擁有他們的主要或實際上唯一的分銷設施。我們也知道這一點。我們實際上在它的街對面擁有一處工業資產。它的暴露量約為 78 個基點。這是他們的公司總部，位於伊利諾伊州霍夫曼莊園，佔地 4,000 平方英尺的配送倉庫。

We had some good conversations with them as a result of the tariffs announcement. Of course, a lot of their product comes from China and other places. They're viewing this as very much a long term thing in terms of how they think about, realigning their logistics chain and their inventory process. They're also in the middle of working on uptiering their footprint, by the end of the year, they're looking to get out of their non-productive stores. They've got shorter lease terms. They're looking to move into upper tier, higher end malls to try to drive better foot traffic, better average tickets as people are cashing out at the stores and things like that.

關稅公告發布後，我們與他們進行了一些很好的對話。當然，他們的許多產品來自中國和其他地方。就他們如何考慮重新調整物流鍊和庫存流程而言，他們認為這是一個長期的事情。他們也正在努力擴大業務範圍，希望在今年底前退出那些沒有生產力的商店。他們的租賃期限較短。他們希望進軍上層、高端商場，試圖吸引更多人潮、提高平均票價，因為人們在商店結帳等等。

So from a real estate standpoint, it's in a good location, it's a good asset. If they are not there, we certainly could think about some redevelopment or retooling that for a new tenant. But assuming Claire's is able to continue to perform and navigate their way through a difficult environment, particularly one with the tariff issues there, they're going to be at our asset and continue paying rent.

因此，從房地產的角度來看，它地理位置優越，是一筆優質資產。如果他們不在那裡，我們當然可以考慮進行一些重新開發或改造，以容納新租戶。但假設 Claire's 能夠繼續經營並在困難的環境中（特別是在存在關稅問題的情況下）找到出路，他們將繼續成為我們的資產並繼續支付租金。

Got it. And then maybe on the build-to-suit side. I think last quarter you mentioned that you had the goal of $500 million. Now you've announced the [$78.2 million] I think at the time you had $700 million if I'm not mistaken, in the point of discussion.

知道了。然後也許在定制方面。我記得上個季度您提到過，您的目標是 5 億美元。現在您已經宣布了 [7820 萬美元]，如果我沒記錯的話，我認為當時您有 7 億美元，就討論而言。

So now taking out what's already been announced, I guess can you go through like an update of that pipeline. Have deals moved out? Or is anyone that was previously there still there and being considered just movement in that category? Thanks.

因此，現在除去已經宣布的內容，我想您能否對該管道進行一次更新。交易已經完成了嗎？或者之前在那裡的任何人是否仍在那裡並且僅被視為該類別中的運動？謝謝。

So the pipeline continues to be pretty robust there. We've got a lot of opportunities we're kicking around. The tariff announcement has had an impact on how we think about costs, and Ryan talked about that in prepared remarks and the way that we've been able to navigate through the cost considerations there.

因此，那裡的管道仍然非常強勁。我們有很多機會在等著我們。關稅公告對我們的成本思考產生了影響，瑞安在準備好的演講中談到了這一點，以及我們如何能夠解決那裡的成本考慮問題。

The broader macroeconomic uncertainty has had a little bit more of an impact on a handful of opportunities where people, they still want to be able to move forward, but they want to hit the pause. That being said, our pipeline is as robust as it was in the first quarter when we talked about it. Our goal hasn't changed, as you heard me say in my prepared remarks, we're still looking to do $500 million this year, and we think that's global.

更廣泛的宏觀經濟不確定性對一些機會產生了更大的影響，人們仍然希望能夠繼續前進，但他們想要暫停一下。話雖如此，我們的管道仍然像我們在第一季談論的那樣強勁。我們的目標沒有改變，正如你們在我準備好的發言中聽到的那樣，我們仍然希望今年能達到 5 億美元，而且我們認為這是全球性的。

The biggest change for us over the course of the year is going to be as we continue to add more developer partners to the roster, the one that we announced the $78.2 million deal with Prologis was really important. We're very happy with that relationship and looking to try to do more with them over time. But there's others, other developer partners that we're in contact with and discussions with right now that we're expecting to make some announcements in the next few months.

對我們來說，今年最大的變化是繼續增加更多的開發合作夥伴，我們宣布與普洛斯達成的 7,820 萬美元交易非常重要。我們對這種合作關係感到非常高興，並希望隨著時間的推移與他們進行更多的合作。但我們正在與其他人、其他開發合作夥伴進行聯繫和討論，並預計在未來幾個月內發布一些公告。

And as we add more to the roster, just opens up the funnel a little bit more and find more deals. So even though there's some broader shakeup that could be happening in terms of people pulling back from macroeconomic standpoint as we increase our funnel and sort of the aperture of deals, we're able to see through the develop partner relationships, we have absolute confidence in our goals for the year.

隨著我們增加更多名單，我們只需要稍微打開管道並找到更多交易。因此，儘管從宏觀經濟角度來看，隨著我們擴大管道和交易範圍，人們可能會出現一些更廣泛的震動，但我們能夠看透發展合作夥伴關係，我們對今年的目標充滿信心。

Thanks.

謝謝。

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

Thank you. On your development and the funding for it, just wanted to confirm that you plan to spend -- or the remaining spend of $193 million will be sourced from the line, or will there be other sources of capital? And what are the -- what is the plan or the timing as far as obtaining permanent financing either on those assets or the free of capacity on the credit facility?

謝謝。關於您的開發及其資金，我只是想確認您計劃花費——或者剩餘的 1.93 億美元支出將來自該生產線，還是會有其他資金來源？那麼，就這些資產或信貸額度的免費能力而言，獲得永久融資的計劃或時間是什麼？

So right now we've got ample capacity on the facility, as you heard, pro forma leverages at 5 times. We've got north to $800 million remaining on the revolver. We've got the $100 million term loan that we can take down by the end of the month. We've got $38 million sitting in the ATM. So we're flushed with capital. We don't need any right now. Longer term plans, we don't intend on putting permanent financing on any of the deals that we're doing. It's not to say that we wouldn't consider it in the future if it made sense.

因此，正如您所聽到的，目前我們的設施擁有充足的容量，形式槓桿率為 5 倍。我們的左輪手槍還剩下 8 億美元。我們已經獲得了 1 億美元的定期貸款，可以在月底前還清。我們的 ATM 機裡有 3800 萬美元。因此我們的資本充裕。我們現在不需要任何東西。長期計劃是，我們不打算為我們正在進行的任何交易提供永久性融資。這並不是說如果它有意義的話我們將來就不會考慮它。

Overall, we continue to want to control our own destiny. If we're in a spot where equity capital markets are constructive to investing for us, then we'll absolutely take a look at it. If not, we'll control the destiny by selling assets that are in the portfolio, either on an existing basis or as we ladder into the build-to-suit portfolio.

總的來說，我們仍然希望掌握自己的命運。如果我們處於股權資本市場對我們的投資有利的境地，那麼我們絕對會考慮它。如果沒有，我們將透過出售投資組合中的資產來掌控命運，無論是以現有資產出售還是逐步進入客製化投資組合。

You heard Ryan in his prepared remarks talk about the opportunity for us to capture some additional value, we're sourcing build-to-suit deals, with a view that there's a minimum of at least 75 basis points to 100 basis points of accretion that we can get on a stabilized basis that we can either try to capture through any of the accretion or by selling the assets. So as we continue to add to that latter, we'll look for ways that we can finance it ourselves through our portfolio through the build-to-suit process rather than having to go to the market and make decisions that we may not be there half the job.

您聽到瑞安在他的準備好的發言中談到了我們獲取一些額外價值的機會，我們正在尋找量身定制的交易，以期在穩定的基礎上獲得至少 75 個基點到 100 個基點的增值，我們可以嘗試通過任何增值或出售資產來獲取。因此，隨著我們繼續增加後者，我們將尋找方法，透過我們的投資組合，透過量身定制的流程自行融資，而不必去市場做出我們可能無法完成一半工作的決定。

On your development project with Prologis, obviously, it's a very strong well-capitalized partner. Can you just provide some color on how you source that transaction if you think there will be further opportunities to partner with them. And maybe provide some color as to why they decided not to keep that asset either on balance sheet or maybe sell to one of their funds.

在您與普洛斯合作的開發項目中，顯然，它是一個非常強大且資金雄厚的合作夥伴。如果您認為有進一步與他們合作的機會，您能否提供一些關於您如何獲得該交易的詳細資訊？或許可以提供一些解釋，說明為什麼他們決定不將該資產保留在資產負債表上，或將其出售給他們的某個基金。

So the first part is we have a really well-connected team here within the development space. We have a lot of relationships throughout developer space overall with the brokers that are in that space, with the developers themselves, with the tenants, with the contractors, you name it. So this is a deal that was sourced through our relationships. It was a direct one that came in.

首先，我們在開發領域擁有一支人脈廣的團隊。在整個開發領域，我們與該領域的經紀人、開發商本身、租戶、承包商等都建立了許多關係。所以這是透過我們的關係達成的交易。這是直接進來的。

And we were able to find a way to make the deal work. That is, I think one of the key things that we've been highlighting with investors is that the competitive world in our build-to-suit development pipeline is very different from regular way deals. We're not going up against 20 or 25 people in first rounds and sort of working your way down on a price basis to the best and finals.

我們找到了一種方法來使這筆交易成功。也就是說，我認為我們一直向投資者強調的關鍵事項之一是，我們的客製化開發管道中的競爭環境與常規交易有很大不同。我們不會在第一輪就與 20 或 25 人競爭，然後按照價格從高到低進行角逐，直至獲得最佳成績並進入決賽。

These are first and foremost relationship-based deals where developers are coming to you and saying, I have this opportunity and I'd like to partner with you on it. Can we make this work? Is there a way to pencil out the budget in a way that works for both of us?

這些首先是基於關係的交易，開發商來找你並說，我有這個機會，我想與你合作。我們能完成這個任務嗎？有沒有一種對我們雙方都適用的預算編制方法？

So you start from there. It is first and foremost, relationship-based, and the relationships that our team brings brought this one to us. To take the second part of your question, why would Prologis do this? So they have, of course, their core business where they're building spec, large scale industrial in core markets, primary markets, you have -- you name it.

所以你就從那裡開始。它首先是基於關係的，而我們團隊建立的關係為我們帶來了這一點。回答你問題的第二部分，普洛斯為什麼要這樣做？當然，他們有自己的核心業務，即在核心市場、主要市場等建立規格、大規模工業。

They also do what they call their consumer-led or customer-led development process which is specialized build-to-suit deals, hence, the one that we're working on with them here. They want to be able to capture the revenue and the fees associated with deals like this, but they're not necessarily deals that they would want to keep on balance sheet in the same way that they would their core business, which actually ends up making for a really nice symbiotic relationship between us because these are absolutely the types of deals that we want to hold long term and keep on our balance sheet.

他們也進行所謂的消費者主導或客戶主導的開發流程，即專門客製化的交易，因此，我們正在與他們合作。他們希望能夠獲得與此類交易相關的收入和費用，但他們不一定會像對待核心業務那樣將這些交易保留在資產負債表上，這實際上最終在我們之間形成了一種非常好的共生關係，因為這些絕對是我們希望長期持有並保留在資產負債表上的交易類型。

They're looking to service their clients, bring in that revenue, and make sure that they are continuing to build a diversified set of revenue streams for their business. But they don't necessarily want to hold it. So this was one of them that fit perfectly inside of that, sort of Venn diagram where it's one that we wanted and it's one that they wanted to be able to build, and then we can hold it long term.

他們希望為客戶提供服務，帶來收入，並確保繼續為其業務建立多元化的收入來源。但他們並不一定想持有它。所以這是其中一個完全符合那種維恩圖的東西，它是我們想要的，也是他們想要建造的，然後我們可以長期持有它。

Is there anything specialized with this particular asset or the standard (inaudible)?

這個特定資產或標準有什麼特殊之處嗎？（聽不清楚）？

Sorry, could you repeat that?

抱歉，您能再說一次嗎？

Is there anything specialized or different or maybe atypical to their product with this project?

這個項目中他們的產品有什麼特殊性、不同之處或非典型之處嗎？

For this asset, no. I mean, in terms of geographic location, it's a little bit outside of where Prologis would traditionally be, but the build itself is fairly standard. The relationship that they have with Stanislaus and FCA is fairly large, and they're doing other projects with them around the world. So, this was just one that they decided they wanted to run through that consumer-led development team and partner with us.

對於此資產，沒有。我的意思是，從地理位置來看，它有點偏離普洛斯傳統的所在地，但建築本身是相當標準的。他們與 Stanislaus 和 FCA 的關係相當密切，並且正在世界各地與他們合作進行其他計畫。因此，他們決定透過消費者主導的開發團隊來進行這項工作，並與我們合作。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great, thank you. Just going back to the new Fiat build-to-suit, the 6.9% cap rate seems relatively low compared to the remainder of your pipeline. Could you give us some color on the yields there, and is this something we should be expecting, more of the range going forward?

太好了，謝謝。回到新款菲亞特的客製化車型，6.9% 的資本化率與其餘車型相比似乎相對較低。您能否向我們介紹一下那裡的收益率狀況？這是我們該期待的嗎？未來收益率還會有更大的成長嗎？

So it's a tick lower than where we are, obviously on a weighted average basis we're still very pleased. 7.4% on the upfront cap rate, 8.9% on a straight line basis. I mean that's really fantastic returns across the strategy here at 6.9% on the upfront cap rate. I think that's really just reflective of the fact that this is an investment grade tenant. Not just investment grade tenant, it's the top five auto company in the entire world. So it's a fairly large credit in addition to being a credit rated one. And then the geography, in the Atlanta MSA. So you add those three things together and it sort of has a slight tick down from where you see the rest of our build-to-suit pipeline.

因此，它比我們現在的水平低了一點，顯然，按加權平均值計算，我們仍然非常滿意。前期資本化率為 7.4%，以直線法計算為 8.9%。我的意思是，整個策略的回報確實非常出色，前期資本化率達到 6.9%。我認為這實際上只是反映了這是一個投資級租戶的事實。它不僅是投資等級租戶，也是全球排名前五的汽車公司。因此，除了信用評級之外，它還是一筆相當大的信用。然後是地理位置，位於亞特蘭大 MSA。因此，如果你把這三件事加在一起，它會比我們其餘的客製化管道稍微下降一點。

Okay. Great. And then could you remind us on some of the pace of your plan to fund your existing build-to-suit pipeline this year and going into '26?

好的。偉大的。然後，您能否提醒我們您今年以及 26 年為現有的客製化管道提供資金的規劃進度？

So the goal, of course, as I said, was $500 million. We've got the [$305.9] that's under control today. We expect to fund about $217 million of that in 2025. The remainder of that would be in 2026. And that all adds up to, as I said, the $22.6 million in incremental ABR growing our rent base by 5.6%.

所以，正如我所說，目標當然是 5 億美元。我們今天已經控制住了 [$305.9]。我們預計到 2025 年將提供約 2.17 億美元的資金。剩餘部分將在 2026 年完成。正如我所說，所有這些加起來就是 2,260 萬美元的增量 ABR，使我們的租金基數增加了 5.6%。

Okay, great. The last one for me was, we saw your exposure at Dollar General in the quarter increased, and what was the decision behind picking a handful of those assets up and considering some of your peers have been taking steps to reduce exposure to that tenant.

好的，太好了。對我來說最後一個問題是，我們發現本季度您在 Dollar General 的風險敞口有所增加，考慮到您的一些同行已經採取措施減少對該租戶的風險敞口，您做出收購這些資產的決定是什麼？

So we added four, that was a direct relationship with the developer of the properties. We've got 14-year leases on those. We're going to be more than one time out on our money by the end of the lease term. I understand some people might want to be reducing their exposure, but their exposures are far larger than where we sit today.

所以我們增加了四個，這是與房地產開發商的直接關係。我們與這些公司簽訂了 14 年的租約。到租賃期結束時，我們的資金將會被多次使用。我知道有些人可能想減少他們的曝光度，但他們的曝光度遠高於我們今天的水平。

So adding incremental for us isn't necessarily pushing the bounds of where we would want to take it. Dollar General continues to be a great place we think to allocate capital. We got those in the mid-7 cap range, and getting one-time out on your money within the 14-year period from a tenant that you know is going to pay every dollar of rent all the way through the end of that term, it feels really good.

因此，對我們來說，增加增量並不一定會突破我們想要達到的界限。我們認為 Dollar General 仍然是配置資本的絕佳場所。我們獲得了 7 個中等上限範圍內的貸款，並且在 14 年內從租戶那裡一次性收回您的資金，並且您知道租戶會一直支付到該期限結束的每一美元租金，這種感覺真的很好。

Ryan Caviola, Green Street Advisors.

瑞安·卡維奧拉 (Ryan Caviola)，Green Street Advisors 的顧問。

Good morning, thanks for taking my question. I know this is more likely a mid- to long-term variable, but could you talk on how the impact of onshoring is expected to affect your industrial portfolio?

早上好，感謝您回答我的問題。我知道這更有可能是中長期變量，但您能否談談在岸化預計會如何影響您的工業投資組合？

Something that we're pretty bullish on, as you can imagine, we are heavily weighted towards industrial, just as a starting matter for where our portfolio sits and the way that we're leaning into the build-to-suit strategy fits perfectly into conversations we've been having with developers as well as our tenants and other partners about the view that people are interested in bringing more of their production and distribution capabilities onshore into the United States.

你可以想像，我們非常看好工業領域，這是我們投資組合的起點，而我們傾向於定制建設戰略的方式與我們與開發商、租戶和其他合作夥伴的對話完全吻合，因為人們有興趣將更多的生產和分銷能力轉移到美國本土。

So we think we're incredibly well positioned to take advantage of that. What we think is going to be a longer-term trend in the industry to help people build those facilities out, particularly as you're seeing the shift in overall development projects get back to a place where build-to-suit, the specialized build outs are taking up a larger share of overall development volume in the states versus spec. So we think we're really well positioned and are looking forward to seeing more of it.

因此，我們認為我們完全有能力利用這一點。我們認為，幫助人們建造這些設施將成為該行業的長期趨勢，特別是當你看到整體開發項目的轉變回到客製化建設的階段時，專業建設在各州的整體開發量中所佔的份額比規範建設更大。因此，我們認為我們確實處於有利地位，並期待看到更多。

Awesome. And then in the transaction markets in general for industrial properties that will benefit from the onshoring, are you seeing an uptick in competition at all or others or private buyers getting interested in these properties?

驚人的。那麼，在受益於國內轉移的工業地產交易市場中，您是否看到競爭加劇，或者其他買家或私人買家是否對這些房地產感興趣？

There's been a lot of competition in industrial in the last couple of years. That's the spot where we've actually seen more even than we have on the retail, particularly as sort of the 1031 buyer slowed a little bit in the last couple of years in the retail space. The biggest spot where we've seen the most competition and cap rate compression is on the larger deals, whether it's individual deals of substantial size on an individual property basis. Or even more so on the portfolio deals, that's where we're seeing huge amounts of competition.

過去幾年，工業領域的競爭非常激烈。實際上，我們看到的這個現像比零售業還要多，特別是因為過去幾年零售業的 1031 買家數量略有放緩。我們看到競爭最激烈、資本化率壓縮最嚴重的領域是規模較大的交易，無論是基於單一房產的大規模單筆交易。或者更確切地說，在投資組合交易方面，我們看到了巨大的競爭。

The private buyers in the space have big mandates in terms of what they have to go out and spend and deploy this year. And so their ability to -- or their desire to be able to do that in bigger chunkier things means they're pushing pricing on those deals. Which makes us feel better about our specialized focus on the build-to-suit nature, and then also the relationship based individual regular way deals that we've been focused on this year and last year.

該領域的私人買家對於今年的支出和部署有著很大的要求。因此，他們有能力——或者說他們希望能夠在更大、更笨重的東西上做到這一點，這意味著他們正在推動這些交易的定價。這讓我們對專注於客製化性質的專業化關注感到更加滿意，也讓我們對今年和去年一直關注的基於關係的個人常規方式交易感到更加滿意。

Right, that's it for me. Thanks for the color.

好的，對我來說就是這樣。謝謝你的顏色。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. You got rid of some of the healthcare facilities in the quarter, but your healthcare services exposure was steady. Are there separate puts and takes into these two subtypes of healthcare assets that factor into your disposition strategy and maybe what's the outlook for your healthcare exposure going forward? Thanks.

早安.非常感謝您回答我的問題。您在本季擺脫了部分醫療設施，但您的醫療服務曝險保持穩定。這兩種醫療資產子類型是否有單獨的看跌和看漲因素會影響您的處置策略，以及您未來在醫療保健領域的前景如何？謝謝。

So anything that's within the other bucket, so for us that's the remaining 3% that's in there. Clinical surgical assets, we have a long-term view of reducing that to zero subject to there's a larger asset in there that we may hold long term really high performing. Orthopedic practice in Arkansas that we may hold for a long time.

所以其他桶子裡的任何東西，對我們來說，就是剩下的 3%。臨床外科資產，我們有一個長期目標，就是將其減少到零，但前提是我們可能長期持有更大的、真正高效的資產。我們可能會長期在阿肯色州從事骨科實踐。

Otherwise, the clinical surgical bucket we would love to see go to zero overtime, but we'll deal with those on a one-off basis as we did in the first quarter with those couple of sales that you saw that we accomplished. Healthcare services, anything that falls more into that medical retail type bucket, we intend to hold long term and we're open to further investment in those assets or acquiring other ones if the risk adjuster returns and the cap rates and things make sense.

否則，我們希望看到臨床手術費用的加班費為零，但我們將一次性處理這些問題，就像我們在第一季對您所看到的我們完成的幾筆銷售所做的那樣。醫療保健服務，任何屬於醫療零售類型的東西，我們都打算長期持有，並且如果風險調整員回歸並且資本化率和情況合理的話，我們願意進一步投資這些資產或收購其他資產。

Thanks for that and some of your top tenants are in the food processing and warehousing space, as we've seen with some of the cold storage operators lately, trends in that space has been a little bit volatile. So I guess are you seeing any impact on the health of these tenants? Or is the tariffs weighing on that shipments being getting cancelled, just any concern around that space overall. Thanks.

謝謝您，您們的一些主要租戶都在食品加工和倉儲領域，正如我們最近從一些冷藏業者那裡看到的那樣，該領域的趨勢有點不穩定。那麼我猜您是否看到這些租戶的健康受到了任何影響？或者是關稅導致貨物被取消，還是整個航運領域都存在擔憂。謝謝。

Food processing, cold storage, all of those things, refer back to my comments earlier on the tariffs in terms of the way that we've been evaluating those. Some of those tenants, we've got incremental concerns with, and we'll have conversations with. Otherwise, there's others that are in there, excuse me, that we think are actually going to benefit really well from this environment.

食品加工、冷藏，所有這些事情，請參考我先前對關稅的評論，以了解我們評估這些關稅的方式。我們對其中一些租戶越來越擔心，我們會與他們溝通。否則，對不起，我們認為還有其他人實際上會從這種環境中受益匪淺。

But in terms of comparing it to other sort of cold storage operators and things like that, as a key differentiator here is that we have essentially boxes and boxes. The product that's inside these facilities is the product that's owned by our tenants. These are not third-party logistical sites we're worried about their overall utilization, and shipments, and inventories, and things like that. They're using and occupying this space on a 100% basis.

但與其他類型的冷藏操作員等相比，這裡的一個關鍵區別在於我們基本上有箱子和盒子。這些設施內的產品是我們的租戶擁有的產品。這些不是第三方物流網站，我們擔心的是它們的整體使用率、出貨量、庫存等等。他們正在 100% 使用和佔用這個空間。

Thank you very much. Good luck in the second quarter.

非常感謝。祝第二季好運。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Thank you. Good morning. Going back to your development business, can you just talk a little bit more about where is it in the value chain that you're bringing value? Is it mostly on the capital availability side of it? Or how often is it the case you're bringing the deal coming from the tenant and finding a developer?

謝謝。早安.回到您的開發業務，能否再多談談您在價值鏈中創造價值的哪個階段？這主要與資本可用性有關嗎？或者，您從租戶那裡獲得交易並找到開發商的情況有多頻繁？

Primarily, it's on the capital side. Our developers are looking for surety of execution. They want someone they've done a deal with before. They want someone they know is coming to the table with the money they need to get the deal done. And as I've talked about a handful of times, doing it in a way that's differentiated from the traditional development model where they're having to chase three different pockets of capital from mortgage financing to their limited partners for the construction period and a takeout buyer at the end. Being a one stop shop and someone that they've done repeat deals with is really attractive to developers because what they want to be able to do is get in there, build these projects, collect their fees and move on to the next one. So as we partner with them, they're more likely to come back to you for the next one because they know that they've performed, and you'll perform again.

主要在於資本方面。我們的開發人員正在尋求執行的保證。他們想要找一個之前曾經與他們做過交易的人。他們希望有人能為他們提供完成交易所需的資金。正如我多次談到的那樣，這樣做的方式與傳統的開發模式不同，在傳統的開發模式中，他們必須追逐三個不同的資金來源，從抵押融資到建設期間的有限合夥人，以及最後的收購買家。作為一站式服務商和與他們有重複交易的人，對開發商來說非常有吸引力，因為他們希望能夠做的就是進入那裡，建造這些項目，收取費用，然後轉向下一個項目。因此，當我們與他們合作時，他們更有可能在下一次活動中再次找你，因為他們知道他們已經表現出色，而你也會再次表現出色。

As we have grown our sophistication in this business and we've started to have further conversations within internally and with our tenants, we absolutely are looking for opportunities where we can bring deals to our developer partners and make this a two-way street. So that's something we hope to do more in the future. We're starting to have some success in it now, but it's one that is still a little bit nascent, and we'll be growing over time.

隨著我們在這個業務上的成熟度不斷提高，並且我們開始在內部和與租戶進行進一步的對話，我們絕對在尋找機會，為我們的開發商合作夥伴帶來交易，並使這成為一條雙向的道路。所以我們希望將來能做更多這樣的事。我們現在開始取得一些成功，但它仍處於起步階段，我們會隨著時間的推移而成長。

And for example like the Prologis deal, do you see that as like a repeat business in the foreseeable future or these deals like more one off?

以 Prologis 交易為例，您是否認為這在可預見的未來會是重複業務，還是這些交易更像是一次性的？

Repeat business for sure, not a one-off. We've already had multiple conversations with Prologis about other potential deals within their pipeline that we might be able to partner on. I wouldn't put a timeline on it. These things have a really long conversion time frame associated with them. And deals can get delayed or accelerated for a whole host of reasons.

肯定會重複做生意，而不是一次性的。我們已經與普洛斯就其可能合作的其他潛在交易進行了多次對話。我不會為此設定時間表。這些事物都與很長的轉換時間框架有關。由於各種原因，交易可能會被推遲或加速。

So I wouldn't put a timeline on it, but that's absolutely part of the excitement that we have about this relationship and it's that there's a repeat opportunity, there's a really deep pipeline associated with Prologis, and it's one where as we perform well as we did here, we expect to have opportunities to hopefully do more with them.

所以我不會為此設定時間表，但這絕對是我們對這種關係感到興奮的一部分，這是一個重複的機會，與普洛斯相關的有一個非常深厚的管道，而且我們在這裡表現良好，我們期望有機會與他們做更多的事情。

And if I could add a third one on this topic, where have you or intend to add more personnel for this business? In terms of like what -- you know (multiple speakers) roles?

如果我可以就此主題添加第三個問題，那麼您在哪裡或打算為這項業務增加更多人員？就什麼而言－您知道（多位發言者）角色嗎？

Yeah, spot we've been spending a bunch of time on lately is in the ongoing management. These are -- I like to joke that, once we've closed on the land, we've signed the lease, all we got to do is cut checks until we start collecting rent, and that is a gross oversimplification of the amount of work that goes into managing the build-to-suit while the construction is happening. That's the area where we think there's some incremental hires, so it's not necessarily on the sourcing, it's not necessarily at a higher level.

是的，我們最近花了大量時間進行持續管理。這些是——我喜歡開玩笑說，一旦我們完成了土地交易，簽署了租約，我們所要做的就是開支票，直到我們開始收取租金，而這過於簡化了在施工期間管理客製化建造的工作量。我們認為這個領域的招募會有一些增量，所以不一定是在招募來源上，也不一定在更高的層次。

We really need to be thinking about, how are we adding additional capacity to manage these projects once they've been added to our build-to-suit schedule in terms of evaluating the construction progress, the draw requests, managing that. So that's the area where we're spending a little bit more time thinking about personnel.

我們確實需要思考，一旦這些專案被添加到我們的客製化計劃中，我們如何在評估施工進度、繪圖請求和管理方面增加額外的能力來管理這些專案。因此，我們在人員方面花了更多時間。

Okay, thank you.

好的，謝謝。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Great, I had two quick ones. And going back to the Prologis sort of deal and relationship, I had sort of a similar question trying to understand sort of the nature of the relationship and how big this could go, this could get. It sounds like there's other deals in the pipeline, but is this an annual cadence? Just any color on like size as well, right? Like are some of these deals large or smaller?

太好了，我很快就吃了兩餐。回顧 Prologis 的交易和關係，我有一個類似的問題，試圖了解這種關係的性質以及這種關係可以發展到多大。聽起來好像有其他交易正在進行中，但這是每年一次的節奏嗎？任何顏色和尺寸都一樣，對嗎？這些交易有些規模大還是規模小？

And also, just I think you said it before, but I didn't really understand it, but just the value add of bringing you guys in versus Prologis just going at it alone, would be helpful.

而且，我認為您之前說過，但我並不真正理解，但是與 Prologis 單獨行動相比，引入您所帶來的附加價值將會很有幫助。

So the hope is that it's not just an annual thing. We'd love to see more opportunities hit during the year because of Prologis deal size with them is sort of just by nature of their business going to be a little bit larger than we might see with some of the other developers that are in our roster.

所以我們希望這不僅僅是每年一次的事情。我們希望看到今年有更多的機會，因為普洛斯與他們的交易規模從業務性質上來說會比我們名單上的其他一些開發商的交易規模要大一些。

In terms of what value we bring to them, they have multiple revenue streams that they are focused on in terms of their core business, their international business, whatever else. The consumer customer led development team is one where they are focused on being a fee developer, not a long-term owner.

就我們為他們帶來的價值而言，他們有多種收入來源，他們專注於核心業務、國際業務等等。消費者客戶主導的開發團隊專注於成為收費開發商，而不是長期所有者。

So the projects that they have in here and they have a team that's dedicated to this type of work. They're not looking to do this on balance sheet and then hold this asset for the long term. So they're looking for people like us that are going to step in and help them and the relationships that we have in the space through our team brought this initial one to us.

所以他們在這裡有專案並且有一個專門從事這類工作的團隊。他們並不打算在資產負債表上這樣做，然後長期持有該資產。所以他們正在尋找像我們這樣的人來介入並幫助他們，我們透過團隊在該領域建立的關係為我們帶來了這個初步的幫助。

So now we're at a spot where we have closed on the initial deal. We have docs in place, we understand each other really well in terms of what each of us needs in terms of making a deal work and be mutually beneficial. And so now it's going to make it incrementally easier for us to partner with them and hopefully, deals in the future.

現在我們已經完成了初步交易。我們有文件，我們彼此非常了解，知道在達成交易和互惠互利方面我們各自需要什麼。因此，現在我們可以更輕鬆地與他們合作，並希望在未來達成交易。

Helpful. And then on the construction side, it's been asked different ways but I'm just curious if there's any quick pricing changes that you've seen right at steel. Like whatever -- just what the quick read is since April 2, how pricing is moving maybe to the good or to the bad, right, on any sort of commodities or parts that you guys need would be helpful. Thanks.

很有幫助。然後在建築方面，人們以不同的方式詢問，但我只是好奇您是否看到鋼鐵價格有任何快速變化。就像不管怎樣——自 4 月 2 日以來的快速閱讀，對於你們需要的任何商品或零件，價格走勢可能是好的還是壞的，對吧，這都會有所幫助。謝謝。

Certainly some moving parts in terms of pricing here in terms of the inputs whether it's steel, or it's concrete, electrical switch gears, you name it, there's been changes in the pricing. What we've been focused on is as we've been evaluating new deals is, how are you sourcing the inputs and the materials that you need for this project? Does it make sense for you to go and buy them today, even though it might be slightly incrementally higher than what it might be in the future if the tariffs were to go away?

當然，這裡的定價方面存在一些變動，無論是鋼材、混凝土、電氣開關設備等投入，價格都會改變。我們評估新交易時的重點是，您如何購買該項目所需的投入和材料？即使價格可能會比未來取消關稅後的價格略高一些，你今天去買這些產品是否有意義？

Let's have surety of execution and bring them on board. If there's a change over the period of time, as Ryan talked about, we've got lots of ways to be able to deal with that. Whether it's working it within the construct of the budget for the general contractor, adding a contingency or an allowance to adjust for it, using a change order process, putting that additional expense on the tenant to be able to move forward. There's lots of ways that we've been able to structure this to ensure that these projects can manage whatever cost volatility that we might experience in the near- to long-term, and still make them work.

讓我們確保執行並讓他們參與其中。如果一段時間內發生變化，正如瑞安所說的，我們有很多方法可以應對。無論是在總承包商的預算結構內進行，或是增加緊急費用或調整津貼，使用變更單流程，將額外費用轉嫁給租戶，以便能夠繼續前進。我們可以透過多種方式來建構這個體系，以確保這些項目能夠應對我們在短期和長期內可能遇到的任何成本波動，並且仍然能夠正常運作。

Thank you. At this time, we have no further questions, and so I'll turn the call back to the management team for any closing remarks.

謝謝。目前，我們沒有其他問題，因此我將把電話轉回給管理團隊，請他們做最後發言。

Thanks, Emily, and thanks all for joining us today. Looking forward to seeing everyone in the next couple of weeks. We're going to be on the road a bunch. And if not in the next couple of weeks, we'll see you at [NAREIT] in June. Enjoy the rest of your day.

謝謝，艾米麗，也謝謝大家今天加入我們。期待在接下來的幾週內見到大家。我們將會經常上路。如果接下來的幾週內還沒有見面，我們將在 6 月在 [NAREIT] 與您見面。享受你剩餘的一天。

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

感謝大家今天的參與。您的通話已結束，您可以斷開線路了。