Broadstone Net Lease Inc (BNL) 2025 Q3 法說會逐字稿

Hello, and welcome to Broadstone Net Lease's Third Quarter 2025 Earnings Conference Call. My name is Elliot, and I will be your operator today. Please note that today's call is being recorded.

大家好，歡迎參加博通淨租賃公司2025年第三季財報電話會議。我叫艾略特，今天由我來為您接聽電話。請注意，今天的通話將會被錄音。

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

現在我將把電話交給博德斯通公司企業融資和投資者關係總監布倫特梅德爾。請繼續。

Thank you, everyone, for joining us today for Broadstone Net Lease's Third Quarter 2025 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.

感謝各位今天參加博通淨租賃公司2025年第三季財報電話會議。在今天的電話會議上，您將聽到執行長約翰·莫拉涅、總裁兼營運長瑞安·阿爾巴諾和財務長凱文·芬內爾的準備好的演講。三人均將參與本次電話會議的問答環節。

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. We caution you not to place undue reliance on these forward-looking statements. For a more detailed discussion of risk factors that may cause such differences, please refer to our SEC filings, including our Form 10-K for the year ended December 31, 2024, and our Form 10-Q for the quarter ended March 31, 2025, 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.

再次提醒，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，可能由於各種因素導致實際結果與預期結果有重大差異。我們提醒您不要過度依賴這些前瞻性陳述。有關可能導致此類差異的風險因素的更詳細討論，請參閱我們向美國證券交易委員會提交的文件，包括截至 2024 年 12 月 31 日止年度的 10-K 表格和截至 2025 年 3 月 31 日止季度的 10-Q 表格，並注意此類風險因素可能會在我們每季度提交給美國證券交易委員會的文件中進行更新。本次電話會議中提供的任何前瞻性陳述僅代表截至本次電話會議當天的觀點。

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

接下來，我會把電話交給約翰。

Thank you, Brent, and good morning, everyone. To start, I would like to thank everyone who joined or listened to our second quarter's earnings call. It was an important one for BNL, and my prepared remarks were certainly longer than usual, but there were important messages I felt needed to be conveyed, and I appreciate the positive feedback it received. Given our lengthier remarks last time and our upcoming Investor Day on December 2, our prepared remarks for this quarter are intentionally briefer.

謝謝你，布倫特，大家早安。首先，我要感謝所有參加或收聽我們第二季財報電話會議的朋友。這次會議對布魯克海文國家實驗室來說非常重要，我的發言稿也比平常長，但我認為有一些重要的訊息需要傳達，我很感謝大家給予的正面回饋。鑑於我們上次發言時間較長，且即將於 12 月 2 日舉行投資者日，因此我們本季的發言稿特意寫得較為簡短。

I'm excited to announce another strong quarter of results that reflects the continued success of our differentiated growth strategy as well as the deep expertise and strategic acumen of our team. We have consistently operated in a way that should answer any questions investors have about this team, our strategy or our ability to deliver attractive long-term value for our shareholders. We are proud of what we have accomplished so far but are no less determined to push B&L even higher.

我很高興地宣布，我們又取得了強勁的季度業績，這反映了我們差異化成長策略的持續成功，以及我們團隊深厚的專業知識和策略眼光。我們一直以來的營運方式應該能夠解答投資者對這支團隊、我們的策略或我們為股東創造長期價值的能力的任何疑問。我們為迄今為止的成就感到自豪，但我們決心將 B&L 推向更高的高度。

This quarter, we invested $204 million in an attractive pipeline of accretive acquisitions and development projects, collected 100% of our rents, resolved both the At Home and Claire's situations with all leases assumed and no bad debt incurred from either and secured 1.2% sequential quarterly growth in contractual rental obligations, which helped drive a 5.7% increase in quarterly AFFO per share when compared against the third quarter of 2024.

本季度，我們投資 2.04 億美元用於一系列具有吸引力的增值收購和開發項目，收取了 100% 的租金，解決了 At Home 和 Claire's 的所有租賃事宜，並且沒有因此產生任何壞賬，合同租金義務實現了 1.2% 的季度環比增長，這有助於推動與第三季度調整後營運資金 (AFFO) 每股 202% 每股 202%（2020 年）。

As a result of our strong execution, and as you saw in our release last night, we are raising our full year 2025 guidance to $1.49 to $1.50 of AFFO per share, representing 4.2% to 4.9% growth for the year.

由於我們執行力強勁，正如您昨晚在我們的新聞稿中所看到的，我們將 2025 年全年業績預期上調至每股 1.49 美元至 1.50 美元的調整後營運資金 (AFFO)，相當於全年增長 4.2% 至 4.9%。

On a year-to-date basis, we have invested $552.6 million, including approximately $353.4 million in new property acquisitions, $150.2 million in build-to-suit developments, $40.7 million in transitional capital and $8.3 million in revenue-generating capital expenditures. We are securing accretive yields in both our regular way acquisitions and in our build-to-suit pipeline. For our new property acquisitions in the third quarter, the weighted average initial cash capitalization rate was 7.1% and with strong lease terms and top-tier annual rent increases, we are achieving a weighted average straight-line yield on those acquisitions of 8.2%.

今年迄今為止，我們已投資 5.526 億美元，其中包括約 3.534 億美元用於新物業收購，1.502 億美元用於客製化開發，4,070 萬美元用於過渡性資本，以及 830 萬美元用於產生收入的資本支出。我們透過常規收購和客製化建造項目，確保了收益的增加。對於我們第三季新收購的物業，加權平均初始現金資本化率為 7.1%，加上強勁的租賃條款和一流的年度租金成長，我們實現了這些收購的加權平均直線收益率 8.2%。

The estimated returns in our build-to-suit pipeline are even better, standing at 7.5% on an initial cash capitalization rate basis and 8.9% on a straight-line basis. Our build-to-suit program continues to mature, providing us with long-term high-quality derisked value-creating growth that, as you've heard me say repeatedly, provides insight into our portfolio's embedded AFFO growth profile, not only in the current year, but for several years into the future.

我們客製化建造專案的預期報酬率甚至更高，以初始現金資本化率計算為 7.5%，以直線法計算為 8.9%。我們的客製化建造計劃不斷成熟，為我們提供了長期、高品質、低風險的價值創造成長，正如我多次說過的那樣，這讓我們得以深入了解我們投資組合中蘊含的 AFFO 增長情況，不僅是今年，而且是未來幾年。

We have started seven different build-to-suit developments so far in 2025 with budgeted deployment of $256.7 million. In addition, we have multiple new projects under executed letters of intent and have invested approximately $41 million in the form of transitional capital, yielding 7.8% on the first two phases of an exciting prospective development project you will hear more about from Ryan in a moment, with the third and fourth phases scheduled to close in the next couple of weeks for an additional approximately $44 million. We are also seeing a host of attractive opportunities in our build-to-suit pipeline that gives us lots of confidence heading into the end of the year and the first half of 2026.

截至目前，我們在 2025 年已啟動了七個不同的客製化開發項目，預算投資額為 2.567 億美元。此外，我們還有多個新項目已簽署意向書，並已投入約 4100 萬美元的過渡資本，在一個令人興奮的潛在開發項目的前兩個階段中獲得了 7.8% 的收益率，稍後您將從 Ryan 那裡聽到更多相關信息，第三和第四階段計劃在未來幾週內完成，預計將額外投入約 4400 萬美元。我們也看到客製化建造專案儲備中有很多有吸引力的機會，這讓我們對今年年底和 2026 年上半年充滿信心。

Taking all of that together, we are well on our way to hitting our $500 million goal for 2025, setting us up for continued success in 2026 and beyond. Looking ahead, we believe our industrial-focused strategy and differentiated build-to-suit program will provide us with a substantial platform for attractive growth due to several long-term trends and favorable market dynamics.

綜合以上所有因素，我們正朝著實現 2025 年 5 億美元的目標穩步前進，為 2026 年及以後的持續成功奠定了基礎。展望未來，我們相信，憑藉若干長期趨勢和有利的市場動態，我們以工業為中心的策略和差異化的客製化建造計劃將為我們提供一個具有吸引力的成長平台。

E-commerce remains a steady tailwind with continued investment in distribution and logistics assets geographically focused on major logistics hubs like Dallas-Fort Worth, Atlanta, Chicago as well as the Northeast, all of which are reflected in our growing pipeline of industrial build-to-suits.

電子商務持續推動我們向分銷和物流資產領域進行持續投資，這些資產主要集中在達拉斯-沃斯堡、亞特蘭大、芝加哥以及東北部等主要物流中心，所有這些都體現在我們不斷增長的工業定制建造項目儲備中。

On the manufacturing side, reshoring continues to pick up momentum, and we are seeing more opportunities resulting from this trend, both in our investment pipeline as well as our existing portfolio. Reshoring should also have beneficial knock-on effects for us as those investments will drive additional demand for logistics and distribution facilities nearby. We feel good about where we are headed and believe we are well positioned to take advantage of the value-creating opportunities our strategy provides and this team produces.

在製造業方面，製造業回流的動能持續增強，我們看到這一趨勢帶來了更多機會，無論是在我們的投資項目中，還是在我們現有的投資組合中。回流到海外也應該對我們產生有益的連鎖反應，因為這些投資將帶動附近物流和配送設施的額外需求。我們對自己的發展方向感到樂觀，並相信我們已做好充分準備，能夠抓住我們的策略所提供的以及團隊所創造的價值創造機會。

Turning to the capital markets. This past quarter saw our successful return to the investment-grade bond market as we completed a public offering of $350 million of 5% senior unsecured notes due in 2032 and nearly 7 times oversubscribed. This execution and our results provide further validation of the strength of this company and the appeal of this strategy.

轉向資本市場。上個季度，我們成功重返投資等級債券市場，完成了 3.5 億美元 5% 高級無抵押債券的公開發行，該債券將於 2032 年到期，認購倍數接近 7 倍。此次執行及我們的成果進一步驗證了公司的實力和該策略的吸引力。

On the equity front, we continue to evaluate issuing new shares versus accretive capital recycling opportunities to support our growth plans. With the last couple of days aside, with solid price appreciation this year, our shares are trading at more constructive levels, reflecting both improved market sentiment about BNL and growing investor confidence in our long-term strategy. Recent share price appreciation paired with a strong investment pipeline and supportive debt capital markets may facilitate more activity for us in the equity capital markets, likely through tapping into our available ATM capacity.

在股權方面，我們將繼續評估發行新股與增值資本再利用機會，以支持我們的成長計畫。撇開最近幾天的波動不談，由於今年股價穩步上漲，我們的股票目前交易水平更加合理，這既反映了市場對 BNL 的情緒有所改善，也反映了投資者對我們長期戰略的信心不斷增強。近期股價上漲，加上強勁的投資管道和支持性的債務資本市場，可能會促使我們在股票資本市場開展更多活動，很可能是透過利用我們現有的ATM容量來實現。

At the same time, we remain focused on maintaining rigorous discipline around our cost of capital to ensure that any new investments or capital raises are accretive to shareholder value. We will continue to evaluate opportunistic dispositions where we can recycle capital from mature or noncore assets into accretive investment opportunities that align with our strategic priorities.

同時，我們將繼續專注於嚴格控制資本成本，以確保任何新的投資或融資都能增加股東價值。我們將持續評估各種機會性處置方案，以便將成熟或非核心資產的資金重新投入符合我們策略重點的增值投資機會。

Our build-to-suit assets are an important part of this balanced approach. We can either choose to hold these quality assets as more traditional long-term net lease investments or monetize them at attractive stabilized valuations once completed. We target a spread between our development yield and stabilized value of more than 100 basis points, representing an additional layer of value creation, a rarity in the net lease world that we expect to recognize either in the form of NAV accretion or through positive capital recycling upon a sale of the asset. I believe that balancing proactive equity capital markets activity with prudent capital recycling through opportunistic dispositions will position us well to enhance our portfolio quality, strengthen our balance sheet and drive sustainable long-term returns for our shareholders.

我們的客製化建造資產是這種平衡策略的重要組成部分。我們可以選擇將這些優質資產作為更傳統的長期淨租賃投資持有，或在專案完成後以有吸引力的穩定估值將其變現。我們的目標是開發收益率與穩定價值之間的利差超過 100 個基點，這代表著額外的價值創造，這在淨租賃領域是罕見的，我們預計這將以淨資產值增長的形式或在出售資產時通過積極的資本再利用來實現。我認為，透過積極參與股票資本市場活動和審慎地進行資本再利用（透過機會性處置），將使我們能夠更好地提高投資組合質量，增強資產負債表，並為股東帶來可持續的長期回報。

We have come a long way since this management team was put in place. We have delivered total shareholder return of more than 30% since the beginning of 2023, placing us in the top tier of the net lease space over that time. And year-to-date, we've delivered total shareholder return of nearly 20%. These are incredible returns and reflect a lot of hard work and the value that this team delivers.

自從這支管理團隊成立以來，我們已經取得了長足的進步。自 2023 年初以來，我們已為股東實現了超過 30% 的總回報，使我們在同期淨租賃領域躋身頂尖行列。今年迄今為止，我們已為股東帶來了近 20% 的總回報。這些回報令人難以置信，反映了團隊的辛勤付出和創造的價值。

Despite those returns, however, we still trade below average on an earnings multiple basis. So to put it plainly, we believe there's still a lot of share price valuation upside built into the Broadstone Net Lease, and we look forward to capturing that upside and delivering on the promise of this team, this strategy and this portfolio in the coming quarters and years.

儘管取得了這些收益，但以市盈率計算，我們的交易價格仍然低於平均值。簡而言之，我們認為 Broadstone Net Lease 的股價估值仍有很大的上漲空間，我們期待在未來幾季和幾年裡抓住這個上漲空間，兌現這支團隊、這項策略和這項投資組合的承諾。

With that, I will turn the call over to Ryan for more information on our investment pipeline, strategy and in-place portfolio performance.

接下來，我將把電話交給 Ryan，讓他詳細介紹我們的投資項目、策略和現有投資組合的表現。

Thanks, John, and thank you all for joining us. Today, I'm going to start with our build-to-suit pipeline and differentiated investment strategy. Since our inaugural build-to-suit for UNFI reached stabilization in September of 2024, we have continued to scale our build-to-suit pipeline through both existing and new relationships, having started 10 new projects with an aggregate estimated investment of $374.6 million.

謝謝約翰，也謝謝各位的參與。今天，我將首先介紹我們的客製化產品線和差異化投資策略。自 2024 年 9 月我們為 UNFI 建造的第一個客製化項目穩定下來以來，我們透過現有和新的合作關係不斷擴大客製化建造項目規模，目前已啟動 10 個新項目，總投資額估計為 3.746 億美元。

As of today, our active committed build-to-suit pipeline will deliver approximately $28 million of additional ABR between Q4 of this year and through the end of 2026, representing 6.7% growth in our current ABR. Our eight in-process developments, which range in size and scale and encompass both industrial and retail projects comprise an estimated total project investment of $370.9 million and have strong weighted average estimated initial yield of 7.5% and a fantastic weighted average estimated straight-line yield of 8.9%, driven by weighted average lease term and rent increases of approximately 13.1 years and 2.9%, respectively. These assets provide long-term, high-quality derisked and value-creating growth that is unique in the net lease space.

截至今日，我們已承諾的客製化建造項目將在今年第四季至 2026 年底期間帶來約 2,800 萬美元的額外年營業收入，相當於我們目前年營業收入的 6.7%。我們正在開發的八個項目規模各異，涵蓋工業和零售項目，預計總投資額為 3.709 億美元，加權平均初始收益率預計為 7.5%，加權平均直線收益率預計為 8.9%，這主要得益於加權平均租賃期限約為 13.1 年，租金漲幅約為 2.9%。這些資產能夠提供長期、高品質、去風險化且創造價值的成長，這在淨租賃領域是獨一無二的。

In a competitive and higher interest rate environment where cap rates are under pressure, we believe our build-to-suit strategy provides us with a compelling competitive edge. You have heard this from us before, but it bears repeating. Our build-to-suit program gives us access to high-quality tenant and developer relationships, superior yield generation, meaningful value creation, long-term income stability, higher quality in newly constructed buildings and better overall real estate fundamentals. When you consider all of this together, it should be easy to see why we have such a high degree of confidence in the long-term value of these assets and the added flexibility they provide.

在競爭激烈、利率不斷攀升、資本化率面臨壓力的環境下，我們相信，我們的客製化建造策略為我們提供了強大的競爭優勢。你們以前已經聽我們說過這句話了，但值得再次強調。我們的客製化建造計畫使我們能夠獲得高品質的租戶和開發商關係、卓越的收益創造、有意義的價值創造、長期的收入穩定性、更高品質的新建築以及更好的整體房地產基本面。綜合考慮所有這些因素，就不難理解為什麼我們對這些資產的長期價值及其提供的額外靈活性如此充滿信心。

This past quarter, we also made an additional $17.9 million investment in the form of transitional capital through a preferred equity investment in a consolidated joint venture that has acquired fully entitled land designated for industrial development. This additional investment was for the second phase of this project, bringing our total investment to date to approximately $41 million. We acquired the first phase in June and are scheduled to acquire the final two phases in the next couple of weeks, which will bring our total investment to approximately $85 million. This large industrial development is located in Northeastern Pennsylvania and comprises more than 500 acres of developable land.

上個季度，我們還透過對一家已獲得完全產權的工業開髮用地的合併合資企業進行優先股投資，以過渡資本的形式追加投資 1790 萬美元。這筆追加投資用於該項目的第二階段，使我們迄今為止的總投資額達到約 4,100 萬美元。我們在 6 月收購了第一期項目，並計劃在接下來的幾週內收購最後兩期項目，這將使我們的總投資達到約 8,500 萬美元。這個大型工業開發案位於賓州東北部，佔地超過 500 英畝可開發土地。

The Eastern Pennsylvania industrial market is experiencing robust demand with over a 100 active tenants seeking more than 30 million square feet of space for requirements of 250,000 square feet and larger, particularly in Northeast Pennsylvania, where historical and under construction pipelines remain active, underscoring sustained interest amid constrained supply and asking rents continuing to rise faster than the broader region due to limited availability and competitive positioning versus higher cost markets.

賓州東部工業市場需求強勁，超過 100 家活躍租戶正在尋找超過 3000 萬平方英尺的空間，其中 25 萬平方英尺及以上的需求尤為突出，尤其是在賓夕法尼亞州東北部，那裡歷史悠久和正在建設中的項目仍然活躍，這凸顯了在供應受限的情況下，市場依然保持著濃厚的興趣。由於供應有限以及與成本更高的市場競爭，租金要價繼續以高於該地區整體的速度上漲。

This site, in particular, has proven to be very attractive to potential tenants because of its strategic location, reaching over 143 million consumers within one day's truck transit, its proximity to several major highways and necessary infrastructure and its access to a committed oversized power supply far exceeding standard distribution and heavy manufacturing specifications coupled with exceptional water and wastewater capacities. This transitional capital investment, which is currently earning a preferred return of 7.8% is a great example of the kinds of strategic investing and value-add transaction structuring that we can provide to our developer partners so that we can support the growth of their businesses while we grow ours and maintain necessary optionality.

該地點尤其對潛在租戶極具吸引力，因為它地理位置優越，一天卡車運輸即可覆蓋超過 1.43 億消費者，靠近幾條主要高速公路和必要的基礎設施，並且擁有遠超標準配電和重型製造規格的超大電力供應，以及卓越的水和廢水處理能力。這項過渡性資本投資目前獲得了 7.8% 的優先回報，它很好地體現了我們可以為開發商合作夥伴提供的策略性投資和增值交易結構，從而支持他們的業務成長，同時我們也發展自己的業務，並保持必要的選擇權。

In this case, this opportunity provides us with the ability to either move forward with a potentially substantial build-to-suit project or given the strong interest we have experienced with this site to date to capture an attractive return by selling or refinancing our interest. We're excited about this one and look forward to sharing more as the project develops.

在這種情況下，這個機會使我們能夠推進一個可能規模巨大的定制建造項目，或者鑑於我們迄今為止在該地塊上所感受到的強烈興趣，通過出售或再融資我們的權益來獲得可觀的回報。我們對此感到非常興奮，並期待隨著專案的進展與大家分享更多資訊。

I'll now turn to our regular way acquisition activity. Through the third quarter, we have closed $253.2 million in new property acquisitions and $8.3 million in revenue-generating CapEx, which together have a weighted average initial cash cap rate, lease term and annual rent increase of 7.1%, 12.3 years and 2.5%, respectively. And the completed acquisitions have an attractive weighted average straight-line yield of 8.2%.

接下來，我將介紹我們常規的收購活動。截至第三季末，我們已完成 2.532 億美元的新物業收購和 830 萬美元的創收資本支出，兩者的加權平均初始現金資本化率、租賃期限和年租金增長率分別為 7.1%、12.3 年和 2.5%。已完成的收購項目具有吸引力的加權平均直線收益率為 8.2%。

Subsequent to quarter end, we have closed on $103.2 million of additional acquisitions and have approximately $67 million of acquisitions under control that are scheduled to close in the fourth quarter, along with $1 million in commitments to fund revenue-generating CapEx with existing tenants, giving solid visibility into our investment activity for the full year.

季度末之後，我們完成了 1.032 億美元的額外收購，並控制著約 6,700 萬美元的收購項目，這些項目計劃在第四季度完成。此外，我們還承諾向現有租戶提供 100 萬美元的資金，用於產生收入的資本支出，這為我們全年的投資活動提供了清晰的可見性。

While we are certainly proud of our acquisitions this year, we are incredibly pleased with the way most of them have been sourced. More than 2/3 of our acquisitions have been direct, relationship-based deals where our tenants, tenant sponsors and developer partners have selected BNL to help them grow their businesses through strategic sale leasebacks and developer takeouts. In a hypercompetitive acquisitions environment characterized by an ever-growing number of net lease buyers chasing a rather muted product supply, having a channel of attractive direct deals is more important than ever.

雖然我們對今年的收購成果感到非常自豪，但我們對其中大部分收購項目的來源方式感到格外滿意。超過 2/3 的收購都是直接的、基於關係的交易，我們的租戶、租戶贊助商和開發商合作夥伴選擇 BNL 來幫助他們透過策略性售後回租和開發商收購來發展業務。在競爭異常激烈的收購環境中，淨租賃買家數量不斷增加，而產品供應卻相對疲軟，因此擁有有吸引力的直接交易管道比以往任何時候都更加重要。

Now shifting briefly to our in-place portfolio. We were 99.5% leased at quarter end with only 3 of our 759 properties vacant and collected 100% of base rents due for the quarter for all properties under lease, representing a 90-basis point increase compared to Q3 2024.

現在簡單介紹一下我們現有的投資組合。截至季末，我們的出租率達到 99.5%，759 處房產中僅有 3 處空置，並且所有已出租房產的季度基本租金均已收齊，與 2024 年第三季相比增長了 90 個基點。

With respect to At Home and Claire's, we successfully navigated through both bankruptcy proceedings with all leases assumed and no concessions on rent. As a result, we do not anticipate realizing any lost rent from either tenant in 2025, with Claire's already paid up through the end of the calendar year.

對於 At Home 和 Claire's，我們成功地完成了破產程序，所有租賃合約都已承接，租金方面沒有任何讓步。因此，我們預計 2025 年不會收到任何租戶的租金損失，因為 Claire's 已經支付了到年底的租金。

As you heard from us last quarter, we were confident that we would work through the At Home and Claire's situations as we have with any other portfolio matter and that we will deliver attractive AFFO per share growth despite the noise surrounding these two discrete tenant credit events. That proved to be the case, and those situations serve as two further examples in a growing list of instances where the market has overreacted to a tenant event and the subsequent headlines despite our long track record of successfully dealing with these types of situations when they occur.

正如您上個季度從我們這裡聽到的那樣，我們有信心能夠像處理其他任何投資組合問題一樣處理 At Home 和 Claire's 的情況，並且儘管圍繞這兩個獨立的租戶信用事件存在一些幹擾，我們仍將實現每股 AFFO 的可觀增長。事實證明確實如此，這些情況也進一步證明了，儘管我們長期以來一直成功地處理此類情況，但市場對租戶事件及其後續新聞報導的反應仍然過度。

The impact on our business from a tenant credit event has rarely been from the event itself. More often, it has been from the market's overreaction and the corresponding effect on our share price. Here, we have proven again that our underwriting is sound and our battle-tested team can navigate difficult situations when they arise.

租戶信用事件對我們業務的影響很少來自事件本身。更多時候，這是由於市場反應過度以及由此對我們股價產生的影響。在這裡，我們再次證明了我們的核保體系健全，我們身經百戰的團隊能夠應對各種困難局面。

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

接下來，我會把電話交給凱文。

Thank you, Ryan. During the quarter, we generated adjusted funds from operations of $74.3 million or $0.37 per share, in line with the prior quarter and a 5.7% increase over Q3 of last year. Core G&A totaled $7.4 million for the quarter and $21.7 million year-to-date, continuing to track in line with the low end of our full year expectations of $30 million to $31 million.

謝謝你，瑞恩。本季度，我們實現了調整後的營運資金 7,430 萬美元，即每股 0.37 美元，與上一季持平，比去年第三季度增長了 5.7%。本季核心一般及行政費用總計 740 萬美元，今年迄今總計 2,170 萬美元，繼續符合我們全年 3,000 萬美元至 3,100 萬美元預期範圍的下限。

Year-to-date bad debt totaled 30 basis points, benefited by no bad debt incurrence during the third quarter. We have funded our investments through a combination of retained cash flow, disposition proceeds and our revolving credit facility. We ended the quarter with pro forma leverage of 5.4 times net debt, approximately $38 million of unsettled equity and over $900 million available on our revolver, maintaining sufficient financial flexibility heading into the end of the year.

今年迄今的壞帳總額為 30 個基點，這得益於第三季沒有發生壞帳。我們透過留存現金流、處置收益和循環信貸額度相結合的方式為我們的投資提供資金。本季末，我們的備考槓桿率為淨債務的 5.4 倍，未結算權益約為 3,800 萬美元，循環信貸額度超過 9 億美元，在年底前保持了足夠的財務彈性。

In September, we raised $350 million of 5% senior unsecured notes due November 2032, marking our return to the investment-grade bond market for the first time since our inaugural issuance back in September of 2021. The transaction garnered significant interest with an order book that was nearly 7 times oversubscribed and proceeds were primarily used to pay down our revolver balance. This level of interest in our business from this investor base is highly encouraging as our attention turns back to growth capital alongside medium-term refinancing needs. We will continue opportunistically evaluating this market moving forward with an eye for maintaining our strong balance sheet and financial flexibility, making decisions we want to make versus those we have to make.

9 月，我們發行了 3.5 億美元的 5% 優先無擔保債券，該債券將於 2032 年 11 月到期，這標誌著自 2021 年 9 月首次發行以來，我們首次重返投資等級債券市場。該交易引起了廣泛關注，訂單簿認購額接近7倍，所得款項主要用於償還我們的循環信貸餘額。投資者對我們業務的這種興趣令人鼓舞，因為我們將重新關注成長資本以及中期再融資需求。我們將繼續抓住機會評估這個市場，同時著眼於保持我們強勁的資產負債表和財務靈活性，做出我們想做的決定，而不是我們必須做的決定。

Last week, our Board of Directors approved a $0.29 dividend per share payable to holders of record as of December 31, 2025, on or before January 15, 2026. Our dividend remains well covered. Our payout ratio continues to decline given our earnings growth from a peak of approximately 80% in Q1 of 2024, and our yield still represents a compelling investment relative to our peers.

上週，我們的董事會批准向截至 2025 年 12 月 31 日登記在冊的股東派發每股 0.29 美元的股息，股息將於 2026 年 1 月 15 日或之前支付。我們的股息支付能力依然充足。鑑於我們的獲利成長已從 2024 年第一季約 80% 的高峰持續下降，我們的派息率也將繼續下降，而且相對於同業而言，我們的收益率仍然具有吸引力。

As John mentioned, we are increasing our 2025 per share guidance to a range of $1.49 to $1.50 with adjustments to key assumptions that include investment volume between $650 million and $750 million, an increase of $100 million at the midpoint, disposition volume between $75 million and $100 million, reflecting identified transactions that have already occurred or are expected to occur by year-end.

正如約翰所提到的，我們將 2025 年每股收益預期上調至 1.49 美元至 1.50 美元，並對關鍵假設進行調整，包括投資額在 6.5 億美元至 7.5 億美元之間（中點增加 1 億美元），處置額在 7500 萬美元至 1 億美元之間，反映了已確定交易或已確定交易。

Regarding bad debt, we would normally maintain at least 50 basis points for the remaining months in the year, but given no active or highly probable workup scenarios, we are expecting little to no bad debt to close out the year. Finally, it's always worth reminding everyone that our per share results for the year are 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. Please reference last night's earnings release for additional details.

關於壞賬，我們通常會在今年剩餘的月份中保持至少 50 個基點的壞賬率，但鑑於沒有活躍的或極有可能發生的壞賬處理方案，我們預計今年年底將幾乎沒有壞賬。最後，我們始終要提醒大家，我們全年的每股盈餘對投資和處置活動的時機、金額和組合，以及年內可能發生的任何資本市場活動都非常敏感。更多詳情請參考昨晚發布的財報。

And we will now open the call for questions.

現在開始接受提問。

(Operator Instructions) John Kim, BMO Capital Markets.

（操作員說明）John Kim，BMO資本市場。

A couple of questions on the build-to-suits. John, you mentioned the value creation that you are set to realize and some of these build-to-suits may be capital recycling opportunities for you. Is that currently your preferred outcome for some of these developments? Or are you just using that -- or you just mentioned as a potential source of income?

關於客製化建造，我有幾個問題。約翰，你提到了你即將實現的價值創造，而其中一些客製化建造專案可能為你提供資本回收的機會。目前，這是您對其中一些事態發展的預期結果嗎？還是你只是把那當成潛在的收入來源？

It's certainly not preferred. I'd like to joke that these are our babies. We're growing them up. We'd love to hold on to them for the long term. But given where cost of equity sits today, particularly after the last couple of days, it's something that we'll spend a lot of time thinking about. Our plan is to make sure that we can control our destiny. And if we need to sell off some of these assets and capture the upside, not only is that going to be a great source of capital for us to be able to continue to grow this business, but it also helps prove out the concept. It's one thing for us to continue to emphasize the value creation, and it's certainly something that we can point to market statistics and BOVs and all sorts of things, but there's a proof of concept there that may be useful one day in the future. So not the preferred outcome, but it's certainly something we're willing to do to continue to fund the business.

這當然不是首選方案。我想開玩笑說，這些都是我們的孩子。我們正在培養他們。我們非常希望能夠長期留住他們。但鑑於目前的股權成本水平，尤其是在過去幾天之後，我們將花很多時間思考這個問題。我們的計劃是確保我們能夠掌控自己的命運。如果我們需要出售其中一些資產並獲得收益，這不僅會成為我們繼續發展這項業務的重要資金來源，而且還有助於驗證這一理念。我們繼續強調價值創造是一回事，當然，我們可以拿出市場統計數據、BOV（銀行間價值）以及各種數據來佐證這一點，但這其中存在一個概念驗證，將來或許會有用。所以這不是我們想要的結果，但為了繼續為公司提供資金，我們當然願意這麼做。

Okay. And then second, are you seeing more competition for build-to-suit projects given the success you've had so far? And then just following up, if you do sell some of these assets, some of these developments, would you need to put them back into acquisitions from a 1031 perspective? Or can those funds be put back into the developments?

好的。其次，鑑於你們目前取得的成功，你們是否看到客製化建造專案的競爭加劇？然後，我想進一步問一下，如果您出售其中一些資產、一些開發項目，從 1031 條款的角度來看，您是否需要將它們重新用於收購？或者這些資金能否重新投入開發案？

So from a competition standpoint, we're certainly seeing a little bit more, but the way that we have been working our relationships and making sure that we prove out the value of this team and the creative structure that we can bring and the surety of execution, the goal is to not to have any. Our best developer relationships are the ones where they bring us their pipeline every single week, every single month, and they provide us with ample opportunity to look at their deals and to work on them directly with them and not have to go through a marketed process. Ones that may involve a marketed process are slightly less appealing to us. We're looking for good relationships, and that's something that we're similarly seeing on the acquisitions front, where the majority of our deal flow this year has been from direct off-market relationships where our clients or sponsors are coming to us and looking for us to work with them. So those are the same types of relationships that we're working to curate within the build-to-suit pipeline.

所以從競爭的角度來看，我們當然看到了一些變化，但我們一直在努力維繫人際關係，確保證明我們團隊的價值、我們所能帶來的創意結構以及執行的可靠性，我們的目標是避免任何競爭。我們與開發商建立的最佳合作關係是，他們每週、每月都會向我們提供他們的專案儲備，並給我們充足的機會查看他們的交易，並直接與他們合作，而無需經過市場推廣流程。那些可能涉及市場化流程的項目對我們來說吸引力稍低。我們尋求建立良好的合作關係，這在收購方面也同樣適用，今年我們的大部分交易都來自直接的非公開市場關係，我們的客戶或贊助商主動聯繫我們，希望我們與他們合作。所以，這些正是我們在客製化建造流程中努力建構的關係類型。

From a tax efficiency standpoint, certainly, we'd be looking at that. We're not going to be in a spot where you're going to be working losses or anything on these. So you want to make sure that we could readily deploy that into 1031. So that way, we're not having any of the tax inefficiency that could come with it. So that would be more in the usual acquisition vein than it would be in build-to-suit.

從稅務效率的角度來看，我們當然會考慮這一點。我們不會讓你在這些項目上遭受損失或其他任何問題。所以你要確保我們可以輕鬆地將其部署到 1031 條款中。這樣一來，我們就不會遇到由此可能產生的稅收效率低下問題。所以這更像是常見的收購模式，而不是客製化建造模式。

Upal Rana, KeyBanc.

Upal Rana，KeyBanc。

John, I appreciate the commentary on the ATM in your prepared remarks. But when you're looking at the possibility of issuing equity, are you looking at a particular share price or -- on when to issue? Or is it based on the opportunity you're seeing coming up in order to execute on more investments?

約翰，我很欣賞你在準備好的演講稿中對自動櫃員機的評論。但是，在考慮發行股票的可能性時，您關注的是特定的股價，還是發行時間？或者，這是基於你看到的即將出現的機會，以便進行更多投資？

That's a little bit of both, but we lean more towards the opportunity set and looking at what the incremental cost of capital is relative to the investment pipeline. So that's why I mentioned in my remarks, both the pipeline itself and having a more constructive cost of capital, which was, of course, a little bit more constructive three days ago than it is today. But short term isn't going to drive sort of the longer-term decisions we're going to make here. So we'll continue to evaluate against the opportunity set. And when that makes sense, that will be more of the driving force than sort of the headline share price in and of itself.

兩者兼而有之，但我們更傾向於機會集，並專注於相對於投資管道而言的增量資本成本。所以，這就是為什麼我在演講中提到了管道本身以及更具建設性的資本成本，當然，三天前的情況比今天要好一些。但短期因素不會影響我們在這裡所做的長期決策。因此，我們將繼續根據現有機會進行評估。當這種情況發生時，它將比股價本身更能起到驅動作用。

Okay. Great. That was helpful. And then in terms of the build-to-suit pipeline, are you working to add anything more to 2026? Or are you just looking at potentially building out 2027 at this point?

好的。偉大的。那很有幫助。那麼，就客製化建造專案而言，你們是否計劃在 2026 年增加更多專案？或者，您目前只是在考慮到 2027 年的潛在發展規劃？

For 2026, we feel pretty good. As you heard from Ryan, we got $28 million that's coming online between now and the end of 2026 for 6.7% ABR growth. That feels great. So right now, we're a lot more focused on 2027 from that standpoint. We'll certainly be adding some incremental growth from an acquisition standpoint in '26. But the build-to-suits that are at the finish line right now for us, and as I mentioned, we've got a handful of things under executed LOI. We've got a handful of things in late-stage negotiations that we believe will come together in the next couple of months here. Those are really going to be for the benefit of '27 when you're talking average builds somewhere in that 10-, 12- to 15-month range.

對於2026年，我們感覺相當不錯。正如 Ryan 所說，從現在到 2026 年底，我們將有 2,800 萬美元投入運營，實現 6.7% 的年均成長率。感覺真棒。所以現在，從這個角度來看，我們更關注2027年。2026年，我們肯定會從收購的角度實現一些增量成長。但目前我們最接近尾聲的客製化建造項目，正如我之前提到的，還有一些項目已經簽署了意向書。我們有一些項目正處於談判後期階段，我們相信這些項目將在未來幾個月內達成協議。如果平均建造週期在 10、12 到 15 個月之間，那麼這些對於 2027 年來說確實會很有好處。

Anthony Paolone, J.P. Morgan.

Anthony Paolone，摩根大通。

Great. Just if I look at your lease expiration schedule between now and the end of 2027, it's about 10% of ABR. Is there anything we should be thinking about at this point where there's either like known move-outs or a part of that piece of the portfolio that you'll have to backfill or do something with?

偉大的。如果我看一下您從現在到 2027 年底的租賃到期時間表，大約是 ABR 的 10%。目前我們是否應該考慮一些問題，例如已知的人員流失，或投資組合中的某些部分需要填補空缺或進行其他處理？

Nothing material. The executions that we've had so far this year have been really good. We've been at like 108% from leases that we have executed for situations where we know someone is vacating. We've been able to get out in front of it in terms of finding someone on the back end to either re-lease or to sell, and we're doing the same thing.

沒什麼實質的東西。今年到目前為止，我們的執行情況都非常好。在我們簽訂的租賃合約中，對於我們知道有人要搬走的情況，入住率已經達到了 108%。我們已經搶佔了先機，找到了後續的買家進行續租或出售，我們正在做同樣的事情。

We've already gone through -- our underwriting teams already looked all the way up through 2028. So we're planning well in advance and are having advanced discussions with those folks for '26 and even some for '27. So nothing material, and we feel pretty good about our ability to work through those over time. And particularly next year, there's only 3%. So it's a fairly immaterial amount.

我們已經研究過了——我們的核保團隊已經研究到了 2028 年。所以我們提前做好了計劃，並且正在與這些人就 2026 年甚至 2027 年的一些事宜進行深入討論。所以沒有什麼實質的問題，我們很有信心能夠隨著時間的推移解決這些問題。尤其是明年，只有 3%。所以這只是個微不足道的金額。

Okay. And then, John, you said you kind of want to keep your babies. If we go outside of maybe some of the build-to-suits and things that you've been doing, what portion of the portfolio do you see as just being noncore, more regular way dispositions? And is there positive, negative or a wash on spreads on those types of transactions versus maybe where your investment returns are?

好的。然後，約翰，你說你有點想留下你的孩子。如果我們拋開一些客製化建造項目和您一直在做的項目，您認為投資組合中有多少部分屬於非核心的、更常規的處置方式？那麼，這類交易的價差是正的、負的還是持平的，與你的投資報酬率相比呢？

So regular way disposition strategy for us outside of opportunistic sales is going to be a lot of like what you've seen this year, more in that like $50 million to $100 million. It's going to be regular portfolio pruning, customary asset management type stuff where we believe the right decision is to sell and move on from an asset. And usually after we've exhausted all alternatives or taken steps to try to improve the value of it before we go, whether it's from a lease extension or doing some TI or what have you.

因此，除了機會性銷售之外，我們的常規處置策略將與今年你們看到的類似，金額大約在 5000 萬美元到 1 億美元之間。這將是一次常規的投資組合精簡，一種慣常的資產管理操作，我們認為正確的決定是賣掉某項資產並擺脫它。通常情況下，在我們嘗試了所有其他方法或採取措施來提高房屋價值之後，例如延長租賃期限、進行一些房屋裝修等等，我們才會考慮出售。

Opportunistically, we will look for places. We actually have right now a handful of assets where we've received unsolicited offers to sell those, and we'll evaluate them and see if it makes sense for us to use that as an additional source of capital to redeploy back into our investment pipeline.

我們會伺機尋找合適的地點。目前我們確實有一些資產收到了主動提出的出售要約，我們將對這些要約進行評估，看看將其作為額外的資金來源重新投入到我們的投資項目中是否合理。

From a noncore standpoint, of course, as you all heard me say lots, we will continue to work through the remaining clinical, but that's fairly immaterial. And so, we'll take it bit by bit. Office will go bit by bit. So there's nothing holistic we're planning to do with either one of those. Anything that we're going to be doing on sort of that risk mitigation asset management, hopefully, we're at par or better, maybe a little bit of a quality trade that we're getting from a higher cap rate into the stuff that's core to our business. And then anything that we do opportunistically, we'll be doing primarily from a view of being able to get a good spread and reinvest it into the pipeline.

當然，從非核心的角度來看，正如你們都聽我說過很多次的那樣，我們將繼續處理剩餘的臨床工作，但這無關緊要。所以，我們會一步一步來。辦公室會一點一點恢復開放。所以，我們目前沒有計劃對這兩者進行任何整體性的處理。我們希望，在風險緩解資產管理方面，我們所做的任何事情都能達到甚至超過預期，或許還能透過更高的資本化率，為我們的核心業務帶來一些高品質的交易。然後，我們任何投機取巧的行為，主要都是為了獲得良好的利潤，並將其再投資到產品線中。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Maybe on the transitional capital kind of properties or investments, you guys list three of them now. I know you gave some detail in the prepared remarks, but I guess I was wondering if you could talk like how you think about those investments and the future plans. It sounds like maybe the industrial future plan might be different than the retail one. But for the industrial one, is it that you expect it to ultimately convert to a development site or not? And then on the retail one, kind of what's the outlook for that as well?

或許可以談談過渡性資本類型的房產或投資，你們現在列舉了其中三項。我知道您在準備好的演講稿中已經提供了一些細節，但我很想知道您能否談談您對這些投資和未來計劃的看法。聽起來工業領域的未來規劃可能與零售業的未來規劃不同。但對於工業用地而言，您是否預期它最終會轉變為開髮用地？那麼零售業方面，前景又如何呢？

Yes, I'll take the retail one first. That was less than $1 million. It was a few hundred thousand dollars that we put in the retail site. It was in terms of re-leasing TI that we were doing there. Just as a reminder, that is a community center in St. Louis that's anchored by one of the top Home Depots in the country. That transitional capital came about as a way for us not only to support one of our developer partners' growth, but also we were able to acquire seven individual assets on a sale-leaseback basis at basically high 7, low 8 cap rate for things like Chick-fil-A and Bass Pro and Burger King and things like that. So a very attractive opportunity for us to not only get some individual sale -- individual deals, excuse me, not sale leasebacks, but then to also get this preferred capital joint venture structure that we put in place for Sunset Hills, the property that we own, where -- we'll hold it for the next couple of years. We were waiting for the Home Depot to renew its lease, which it did this year. Right now, we'll hold, but then there may be a plan in the future if we choose to monetize that.

是的，我先買零售版的。那還不到100萬美元。我們在零售網站上投入了數十萬美元。我們當時在那裡從事的是TI產品的再租賃業務。提醒一下，這是聖路易斯的一個社區中心，其核心商家是全國頂尖的家得寶之一。這筆過渡性資金的出現，不僅是為了支持我們的一位開發商合作夥伴的發展，也是為了讓我們能夠以售後回租的方式收購七項獨立資產，資本化率基本上在 7% 到 8% 之間，例如 Chick-fil-A、Bass Pro 和 Burger King 等品牌。因此，這對我們來說是一個非常有吸引力的機會，不僅可以獲得一些單獨的銷售——抱歉，不是售後回租，還可以獲得我們為我們擁有的 Sunset Hills 物業設立的優先資本合資結構，我們將在未來幾年內持有該物業。我們一直在等家得寶續租，他們今年終於續租了。目前我們會繼續持有，但如果將來我們選擇將其商業化，可能會有相應的計劃。

On the industrial side, it's still in early stages. So we're a little bit limited in what we can say, but our view is absolutely that, that is going to convert into a build-to-suit. We came into it with the view of not only having a lot of optionality, but also a lot of upside.

從工業方面來看，它仍處於早期階段。所以我們在發言方面有些限制，但我們的觀點是，這絕對會變成客製化建造。我們一開始就抱著這樣的想法：不只要有很多選擇，還要有很多上漲空間。

You heard from Ryan on the call about the heavy power, heavy water, the strategic location. We're seeing a lot of interest in the site already by both prospective tenants, including those in the beverage, packaging, logistics industries. We also have some owner users that are looking to purchase the land from us already, actually at a multiple of our invested capital. So lots of upside, we think, lots of optionality depending on which way it goes. And the hope is that that will convert in the near term into one or more build-to-suits for us.

你在電話裡聽著瑞安提到了強大的電力、大量的水以及優越的地理位置。我們已經看到很多潛在租戶對這個地塊表現出濃厚的興趣，其中包括飲料、包裝、物流業的租戶。我們也有一些業主用戶已經打算向我們購買土地，而且價格是我們投資資本的數倍。所以我們認為，上漲空間很大，選擇空間也很大，這取決於它的發展方向。我們希望這能在短期內轉化為一個或多個為我們量身定制的建造項目。

Got it. And then sorry to bring it up again, but just on the funding side, so, I know last quarter and obviously, a lot has happened since last quarter, but last quarter, you guys mentioned how you still had leverage capacity and the share price wasn't so attractive. So you'd lean into the leverage side. I guess how are you thinking today, I realize that it's share price dependent, but about like you even mentioned in the prepared remarks that you think there's still a lot of upside to the share price. So leaning on leverage maybe for longer, realizing you don't have a crystal ball on the equity side, but leaning on leverage for longer before relying on the equity side, I guess.

知道了。很抱歉再次提起這件事，但就資金方面而言，我知道上個季度的情況，而且顯然，自上個季度以來發生了很多事情，但上個季度，你們提到你們仍然有槓桿能力，而且股價並不那麼有吸引力。所以你會傾向於使用槓桿的那一方。我想知道您今天的想法如何？我知道這取決於股價，但就像您在準備好的發言稿中提到的那樣，您認為股價還有很大的上漲空間。所以，或許應該更長時間地依賴槓桿，因為你意識到你無法預知股票方面的情況，但在依賴股票方面之前，我想應該更長時間地依賴槓桿。

That's a fair summary I think, still holding pretty firm to our staying inside leverage, our 6 times leverage on a sustained basis. And so, we've been talking all year how we plan to put that to work. That's what we're doing, but still very much aligned with maintaining that discipline around the balance sheet. And I think if you pair that with John's comments earlier about the opportunity set relative to where we're trading, it's certainly a dynamic equation that we continue to evaluate.

我認為這是一個比較合理的總結，我們仍然堅持保持內部槓桿，持續保持 6 倍槓桿。所以，我們一整年都在討論如何將這個想法付諸實現。這就是我們正在做的，但仍然與保持資產負債表方面的紀律高度一致。我認為，如果結合約翰之前關於我們當前交易位置的機會設定的評論，這無疑是一個動態的等式，我們會繼續評估它。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Just two quick ones. Just back to the regular way acquisitions. I take it that was a big driver of the guidance raise sort of this quarter. Maybe can you just talk through just the amount of product that's been coming online? And between industrial and retail, are you sort of seeing any sort of changes in cap rate, cap rate compression or anything like that? So talk through the product on the market and potential for cap rate compression industrial versus retail.

就兩個簡單的問題。回歸常規收購方式。我認為這是本季業績預期上調的主要原因。能否簡單介紹一下目前上線的產品數量？在工業和零售業之間，您是否觀察到資本化率、資本化率壓縮或其他類似方面有任何變化？所以，請討論一下市場上的產品以及工業和零售領域資本化率壓縮的潛力。

Yes. So we're seeing a lot of good product. It's certainly not as much as I think we or anyone hope for. Hopefully, those numbers will increase over time, but that's going to take some macro shifts either from an interest rate environment or from an overall sort of macro certainty and calm to start seeing a little bit more volume and see it creep back up to levels a little bit higher than what we've seen since 2023. Cap rates feel like to me at least that they’ve plateaued a little bit.

是的。所以我們看到了很多優質產品。這肯定沒有我們或任何人希望的那麼多。希望這些數字會隨著時間的推移而增加，但這需要宏觀經濟環境或整體宏觀經濟的確定性和穩定帶來一些轉變，才能開始看到交易量略有增加，並逐漸回升到比 2023 年以來我們所看到的水平略高的水平。至少在我看來，資本化率似乎已經趨於平穩了。

Competition is as fierce right now, as it's been as we've been at least talking about it for the last year. There's lots of folks that are looking for industrials because they're bigger ticket sizes and then the retail stuff has obviously been in favor, and that's the majority or the predominant asset class for most of our peers and for a lot of the private platforms that have come online this year. So we're still focused on things that work relative to our cost of capital. So we're in that sort of 7 cap and north range for everything that we're looking at as things sort of go south from there. From a cap rate compression standpoint, it starts to be less interesting to us.

目前的競爭依然激烈，正如我們過去一年來一直在談論的那樣。許多人都在尋找工業地產，因為它們的交易額較大；而零售地產顯然也備受青睞，對於我們的大多數同行以及今年上線的許多私人平台來說，零售地產都是主要的資產類別。所以我們仍然專注於那些相對於我們的資金成本而言行之有效的方法。所以，我們目前處於 7 級上限及以上的範圍內，我們所關注的一切都在向南發展。從資本化率壓縮的角度來看，它對我們來說就沒那麼有吸引力了。

We also find a lot of those deals to not necessarily be appropriately priced from a risk-adjusted return standpoint. There's lots of folks that have different incentives than we do in terms of deployment and leverageability and things. So multivariable calculus in terms of how we're thinking about what we're going to be adding into our pipeline.

我們也發現，從風險調整後的收益角度來看，許多這類交易的定價並不合理。在部署和利用等方面，許多人的動機與我們不同。所以，從多變量微積分的角度來看，我們正在思考要在我們的流程中添加什麼。

Helpful. And then just back on the build-to-suits, maybe just a quick update on just the -- I know you guys mitigate a lot of the construction costs and so forth. But just what's the update on the environment in terms of where construction costs are trending and so forth?

很有幫助。然後回到客製化建造的話題，也許可以簡單更新一下——我知道你們可以降低很多建設成本等等。但就建築成本趨勢等方面而言，環境的最新情況如何？

Yes. Construction costs certainly have gone up. The tariffs didn't help in a lot of ways, but most of that is on the hard cost components of our build-to-suits and that on a relative basis is a fairly small percentage of the overall budget on these things when you add in all the design and the architecture costs and soft costs and things like that. So they certainly have gone up. Labor has gone up as well. But in terms of being able to make the economics work for us, we haven't had any issues with that.

是的。建築成本確實上漲了。關稅在許多方面都無濟於事，但其中大部分都集中在我們定制建造項目的硬成本部分，而從相對意義上講，這只佔這些項目總預算的一小部分，因為還要加上所有的設計、建築成本、軟成本等等。所以它們的價格肯定上漲了。勞動成本也上漲了。但就經濟效益而言，我們還沒有遇到任何問題。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

I just wanted to follow up on the regular way acquisition side of the story. As that part of the investments start to pick up, are there any guideposts that you think about as to what part of the future earnings story you'd like to see regular way acquisitions versus developments?

我只是想跟進一下常規收購方式方面的情況。隨著這部分投資開始增多，您是否考慮過一些指導原則，來決定未來收益的哪一部分是透過常規收購實現的，還是透過開發實現的？

So I'd love to be in a spot at the beginning of every single year where our sort of forward pipeline of build-to-suits that we have coming online in a particular year gives us a baseline of growth that we feel is relatively attractive in and of itself. And then put ourselves in a position through the regular way acquisitions where we can sort of top that off and push our growth to a more attractive place.

所以我希望每年年初，我們都能擁有一個相對有吸引力的成長基準，也就是我們未來幾年即將上線的客製化建造專案。然後透過常規的收購方式，使我們處於能夠錦上添花並推動我們成長到更具吸引力水平的位置。

And then maybe as importantly, we always want to be in a spot where when we get the phone call from one of our clients, one of our sponsors, one of our partners that they have a deal that they want to do with us directly. They're not taking it to market. They want to work with us because of the relationship that we're always in a spot where we can be able to do those deals. And that's something that we've been emphasizing a lot this year.

而且，或許同樣重要的是，我們始終希望隨時接到客戶、贊助商或合作夥伴的電話，表示他們想直接與我們達成交易。他們並沒有將其推向市場。他們想和我們合作，是因為我們之間的關係讓我們總是能達成這些交易。而這正是我們今年一直非常重視的事情。

If you look at the volume of deals that we've done this year on the regular way side, it's about $430 million closed and under control, more than 2/3 of that, maybe even higher, are things that we're seeing on a direct relationship-based off basis place, and that's why that number is higher than we anticipated at the beginning of the year. At the beginning of the year, there were certain ones that we saw. But as the course of the year moved on and people started calling, we were in a spot where we could help them grow their business at the same time that we grow ours, and that's something that we always want to make sure that we can do. So going into a year, we want to have a baseline of growth already locked in and then be in a spot where we can upsize that with additional deals at the same time that we're serving our clients' needs.

如果你看一下我們今年透過常規方式完成的交易量，大約有 4.3 億美元已經完成並得到控制，其中超過三分之二，甚至可能更多，都是我們透過直接關係達成的交易，這就是為什麼這個數字比我們年初的預期要高。年初的時候，我們看到了一些例子。但隨著一年時間的推移，人們開始打電話諮詢，我們發現自己能夠幫助他們發展業務，同時也能發展我們自己的業務，而這正是我們一直想要確保能夠做到的事情。因此，在新的一年裡，我們希望已經鎖定一個成長基線，然後能夠透過額外的交易來擴大規模，同時滿足客戶的需求。

I appreciate that color. And then just one follow-up on the tenant credit side. You mentioned expecting no bad debt through the rest of the year, which is great. So just curious, as we look into 2026, are there any specific tenants on the watch list to call out? Or is it looking, I guess, relatively clean from your vantage point at this point?

我喜歡這個顏色。然後，也需要跟進租戶的信用狀況。您提到預計今年剩餘時間不會出現壞賬，這太好了。所以我很好奇，展望 2026 年，有沒有哪些租戶需要特別關注？或者，從你的角度來看，它現在看起來相對乾淨嗎？

Yes. I feel pretty good about our watch list right now. There's no individual tenant names that I would call out in the way that we've had in the past, particularly this year with At Home and Claire's and Zips at the beginning of it. So no specific names to talk about. We're paying a lot of attention to the furnishing -- furniture, home furnishing sector, some casual dining stuff as well as folks with near-term debt maturities. So the list of sort of sectors or industries or factors that we've been paying attention to hasn't changed probably in the last two years. It's all fairly consistent, but there's nothing material or no individual names that I would mention.

是的。我覺得我們目前的觀察名單相當不錯。我不會像過去那樣點名稱讚個別租戶，尤其是今年初的 At Home、Claire's 和 Zips。所以沒有什麼具體的名字可以談。我們非常關注家具業——家具、家居用品行業、一些休閒餐飲用品以及近期有債務到期的人。因此，在過去兩年裡，我們一直關注的產業、領域或因素清單可能並沒有改變。一切都相當一致，但沒有什麼實質的內容或個人名字需要提及。

(Operator Instructions) Ryan Caviola, Green Street.

（操作員說明）瑞安·卡維奧拉，格林街。

Could you provide some color on the average deal size and box size you're targeting in regards to the acquisition pipeline? I thought it was interesting the last time you acquired this much in the quarter was across 27 new properties in 2024 versus this quarter across three larger properties. Is that a strategic shift or just opportunistic?

能否詳細說明您在收購管道中瞄準的平均交易規模和目標收購規模？我覺得很有趣的是，你上一次在一個季度內收購這麼多資產是在 2024 年收購了 27 個新房產，而本季度只收購了三個較大的房產。這是策略轉變還是只是投機取巧？

It's opportunistic. It really depends on are we buying retail or are we buying industrial. Our box size and the ticket size of the deal is always going to be much larger on the industrial side than the retail. So the change between those quarters is really just a reflection of the makeup of retail versus industrial.

這是投機取巧。這主要取決於我們是購買零售產品還是購買工業產品。我們的包裝箱尺寸和交易金額在工業領域總是比零售領域大得多。因此，這兩個季度之間的變化實際上只是零售業與工業的組成差異。

Got it. And then going to the US administration, I know there's been a lot of noise around tariffs. Could you remind us how any policies upcoming are impacting US manufacturing and onshoring activity for your tenants? And is there a timing on any of those tailwinds?

知道了。然後說到美國政府，我知道圍繞關稅問題有很多爭議。能否提醒我們一下，即將推出的政策將如何影響貴公司租戶的美國製造業和回流生產活動？這些順風有時間限制嗎？

From a tailwind standpoint, I mean, I mentioned this a little bit in my prepared remarks. We actually think that there is a longer-term really positive tailwind for the industrial sector from a reshoring standpoint. And not just from reshoring that manufacturing, but also, as I said, there's these beneficial knock-on effects that you get because as you bring additional manufacturing and other types of activity in the United States, you then have to have the logistics and the distribution assets surrounding it to support that type of growth. So we think we're entering into a really positive multiyear period where those tailwinds are going to help push some additional interest and investments and good opportunities for us on the industrial side and particularly on the build-to-suit side. So we're having conversations that are clearly stemming from that type of tailwind from administrative policy. And then we're also seeing it in our existing portfolio.

從順風的角度來看，我的意思是，我在準備好的演講稿中稍微提到了這一點。我們認為，從製造業回流的角度來看，工業部門實際上存在著長期的積極利好因素。而且，正如我所說，這不僅意味著製造業回流，還會帶來一系列有益的連鎖反應，因為隨著更多製造業和其他類型的活動在美國開展，你必須擁有相應的物流和分銷資產來支持這種增長。因此，我們認為我們即將進入一個非常積極的多年期，這些順風將有助於推動更多興趣和投資，並為我們在工業領域，特別是定制建造領域帶來良好的機會。因此，我們正在進行的對話顯然是受到行政政策這種順風的影響。而且我們在現有投資組合中也看到了這種情況。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO資本市場。

I just wanted to touch on At Home and Claire's. Just given the positive outcome there, could you just provide an update on your long-term thoughts, whether you plan to keep those assets or use them as an attractive piece of paper for capital recycling?

我只想簡單提一下 At Home 和 Claire's。鑑於目前取得的積極成果，您能否更新一下您的長期計劃，您是否打算保留這些資產，還是將其作為資本循環利用的誘人憑證？

It will depend. At Home, we think, has a decent chance in terms of reemerging the bankruptcy with the structure they put in place. We were very pleased to see during the bankruptcy process that they actually reopened some stores that they originally thought that they were going to be closing, which gives you a view into the confidence that, that management team has in their model and their ability to run that business. So At Home, we'll continue to evaluate, but that one may sit there for a little while.

這要視情況而定。我們認為，憑藉他們建立的結構，At Home 有相當大的機會從破產中重新崛起。在破產程序中，我們非常高興地看到他們實際上重新開設了一些他們原本打算關閉的門市，這反映了管理團隊對他們的商業模式和經營能力的信心。所以，在家工作方面，我們會繼續評估，但這個問題可能會暫時擱置一段時間。

Claire's is certainly emerging as a smaller business. And so, in the near term, we're going to be looking at, is there a way for us to help them transition to that smaller business. It's great that we're paid out through the end of the year, and they assume the lease on the other side of it. We'll evaluate that in '26. And if we can find a way to help them transition into that smaller business at the same time that we're able to bring someone else into our asset or sell it or do something different with it and generate some additional return for us, either with a re-leasing, multi-tenant leasing or with a sale, we'll absolutely explore that.

Claire's 確實正在逐漸變成規模較小的企業。因此，在短期內，我們將研究是否有辦法幫助他們轉型為規模較小的企業。太好了，我們能拿到年底的工資，而且他們還會接手年底後的租約。我們將在 2026 年對此進行評估。如果我們能找到一種方法，幫助他們過渡到規模較小的企業，同時我們又能將我們的資產引入其他人，或者將其出售，或者以其他方式進行處置，從而為我們創造一些額外的回報，無論是透過重新出租、多租戶租賃還是出售，我們都會認真考慮。

Okay. And then just on the build-to-suit side, I know you've mentioned there's some competition from the investment side. But from the owner-user, has there been any change or thinking on their plans to accelerate or decelerate any new building opportunities just given the pressures from layoffs that we've seen in the headlines?

好的。至於客製化建造方面，我知道您提到過來自投資方面的競爭。但對於業主用戶而言，鑑於我們從新聞頭條中看到的裁員壓力，他們的計劃是否有所改變或考慮，以加快或減緩任何新的建設機會？

So that's really going to be client-specific in terms of how they're thinking about what their business is. I've said this a bunch of times, but our clients in the build-to-suit space are making multiyear, sometimes multi-decade decisions here. And so, they want to make sure that they're making the right one from a capital allocation standpoint and as do we.

所以，這其實取決於客戶本身對業務的思考方式。我已經說過很多次了，但我們客製化建造領域的客戶正在做出多年甚至數十年的決策。因此，他們希望確保從資本配置的角度來看，他們做出了正確的選擇，我們也是。

So what we've seen is there's been a little bit of a slowing down of people making decisions, but the pipeline is big enough to accommodate that. And so being in a spot where we can feel confident that the decisions that they're making are going to help support the decisions that we make, if it takes an extra month or a quarter to get there, then that's okay because the pipeline is big enough for us to be able to fill out what we're looking for, for 2026.

所以我們看到的是，人們做決定的速度有所放緩，但產能足夠大，可以應付這種情況。因此，如果我們能夠確信他們所做的決定將有助於支持我們所做的決定，即使需要額外一個月或一個季度的時間才能實現，那也沒關係，因為我們的人才儲備足夠充足，可以滿足我們 2026 年的需求。

And as I said earlier, we're already looking at 2027, which is one of the real benefits of this strategy. When you're trying to fill your pipeline on a quarter-by-quarter basis with regular way deals, if a quarter slips, a quarter slips and that can hurt a lot. When you're in our business and you're looking out to 2027 and the growth you're having there, if something pushes a month, but you're still going to have it come online 15 months from now, that feels pretty good. So we're in a great spot, both with a robust pipeline with a bunch of resilient operators, developers that are very busy right now looking at new deals and look forward to having additional announcements in the coming months and quarters on that front.

正如我之前所說，我們已經在展望 2027 年了，這是該策略的真正好處之一。當你試圖按季度透過常規交易來填補你的銷售管道時，如果一個季度出現延誤，那就是一個季度的延誤，這可能會造成很大的損失。在我們這個行業，展望 2027 年以及我們所取得的成長，如果某件事推遲一個月，但你仍然會在 15 個月後上線，那感覺相當不錯。所以我們現在處境很好，我們擁有強大的專案儲備，有很多有韌性的運營商和開發商，他們現在非常忙於尋找新的交易，並期待在未來幾個月和幾個季度就此方面發布更多公告。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Just a follow-up on the build-to-suit pipeline. It sounded like you mentioned in the prepared remarks that you were confident in reaching the $500 million of announcements by year-end, which requires a lot more volume. So I guess as you think about kind of the pace of announcements that you've had this year, is there anything that's held up recent incremental announcements? Maybe they're bigger deals and just take longer? Do you want to just save a lot of that excitement for the Investor Day? Or just could you comment on how that timing is kind of working out versus expectations?

關於客製化建造流程的後續跟進。聽起來你在準備好的演講稿中提到，你對年底前宣布的5億美元目標充滿信心，這需要更大的規模。所以我想，當你回顧今年以來發布的公告速度時，有沒有什麼因素阻礙了近期的後續公告發布？也許它們規模更大，所以需要更長時間？你想把大部分的興奮情緒都留到投資人日嗎？或者您能否評價一下，目前的時間安排與預期相比如何？

Yes, there's a little bit of timing there where some stuff will close -- sort of close in terms of becoming committed towards the end of the year. But I don't think we're as far off as you might. We're at [256.7] in terms of seven different build-to-suits that we started this year, beginning with Southwire, which we paper closed at the very, very end of '24, but didn't actually start funding until January. You take the multiple projects we have under executed LOI, which hopefully we will have some of those out in the next couple of weeks and months here. And then we are looking at our transitional capital, the $85 million investment we've got there as a future build-to-suit. So take all those things together, we're north of $400 million. So it's a chip shot for us to finish out the rest of the year, and we feel pretty good about what we're seeing in the pipeline for it.

是的，這其中存在著一些時間上的考量，有些事情會在年底前完成——就最終確定下來而言，算是接近尾聲了。但我認為我們之間的差距並沒有你想像的那麼大。我們今年啟動了七個不同的客製化建設項目，目前已達到 [256.7]，第一個項目是 Southwire，我們在 2024 年末完成了該項目的紙面交割，但實際上直到 1 月才開始融資。看看我們目前已簽署意向書的多個項目，希望在接下來的幾週或幾個月內，我們能拿出其中一些項目。然後，我們正在考慮我們的過渡資本，也就是我們為未來客製化建設而投入的 8,500 萬美元投資。把所有這些加起來，我們已經超過 4 億美元了。所以，對我們來說，完成今年剩餘的比賽輕而易舉，我們對目前的計畫進展感到非常滿意。

We have no further questions. So I'll now hand back to John Moragne for any final remarks.

我們沒有其他問題了。現在我將把麥克風交還給約翰·莫拉涅，請他作最後的總結發言。

Thanks, everybody, for joining us today. Hope you have a good rest of your day.

謝謝大家今天收看我們的節目。祝您今天餘下的時間過得愉快。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

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