Broadstone Net Lease, Inc. (BNL) 2026 Q1 法說會逐字稿

Hello, and welcome to Broadstone Net Lease's First Quarter 2026 Earnings Conference Call. My name is Emily, and I'll be your operator today. Please note that today's call is being recorded. I will now turn the call over to Brent Maedl, Director of Corporate Finance and Investor Relations at Broadstone. Please go ahead.

大家好，歡迎參加 Broadstone Net Lease 2026 年第一季財報電話會議。我叫 Emily，今天將擔任接線員。請注意，今天的電話會議將被錄音。現在我將把電話交給 Broadstone 企業財務與投資人關係總監 Brent Maedl。請開始。

Thank you, everyone, for joining us today for Broadstone Net Lease's First Quarter 2026 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 3 will be available for the Q&A portion of this call.

感謝各位今天參加 Broadstone Net Lease 2026 年第一季財報電話會議。在今天的電話會議中，您將聽到執行長 John Moragne、總裁兼營運長 Ryan Albano，以及財務長 Kevin Fennell 的預先準備發言。三位都將出席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.

提醒各位，以下討論以及對各位提問的回答包含前瞻性陳述；此類陳述受風險與不確定性影響，可能因多種因素導致實際結果與預期存在重大差異。我們提醒各位不要過度依賴這些前瞻性陳述。

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

如需更詳細了解可能造成此類差異的風險因素，請參閱我們向 SEC 提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K，並請注意，相關風險因素可能會在我們按季向 SEC 提交的文件中更新。本次電話會議中所提供的任何前瞻性陳述僅截至本次會議日期為準。接下來，我把電話交給 John。

Thank you, Brent. Good morning, everyone. After a strong finish to 2025, we carried that momentum into the first quarter of 2026, delivering 5.6% AFFO growth year-over-year, continuing to execute on our investment strategy and driving strong operational outcomes across our in-place portfolio.

謝謝你，Brent。各位早安。在 2025 年強勁收官之後，我們將這股動能延續到 2026 年第一季，AFFO 年增 5.6%；我們持續執行投資策略，並在既有投資組合中推動強勁的營運成果。

We advanced our committed build-to-suit platform through both existing and new relationships, adding over $90 million in new development projects year-to-date, invested over $60 million in a compelling acquisition, realized no bad debt during the quarter and addressed nearly half of our 2026 lease maturities with a recapture rate of 119%, a strong start to the year.

我們透過既有與新建立的合作關係推進已承諾的量身打造（build-to-suit）平台，今年迄今新增逾 9,000 萬美元的新開發專案；在一項具吸引力的收購上投資逾 6,000 萬美元；本季未發生任何壞帳；並以 119% 的回收率處理了我們 2026 年到期租約中近一半的部分，為今年打下強勁開局。

Collectively, our results reflect the progress we have made executing on our core building blocks and underscore the strength of our high-quality mission-critical portfolio and the increasing visibility we are providing to long-term sustainable growth.

整體而言，我們的成果反映了我們在核心基石上的執行進展，並凸顯我們高品質、關鍵任務型投資組合的實力，以及我們對長期可持續成長所提供的能見度正持續提升。

In total, we deployed $171.9 million during the quarter, including $61.2 million in new property acquisitions, $99.4 million in build-to-suit developments and $10.4 million in incremental investments in existing transitional capital projects. As previously announced earlier in the quarter, we added two additional build-to-suits, including a new state-of-the-art sub-same-day distribution center located in Sarasota, Florida for Amazon, sourced through an existing developer relationship.

本季合計我們部署了 1.719 億美元資金，包括 6,120 萬美元的新物業收購、9,940 萬美元的量身打造開發，以及 1,040 萬美元對既有過渡性資本專案的增量投資。如同我們在本季稍早先前公告，我們新增兩個量身打造專案，其中包括一座位於佛羅里達州薩拉索塔（Sarasota）的全新最先進「次同日」配送中心，承租方為 Amazon，該案來源於既有的開發商合作關係。

We also added a retail development for Academy Sports in Magnolia, Texas, a rapidly growing suburb of Houston that was directly sourced through the tenant and delivered in partnership with a new developer relationship. Continuing our momentum, subsequent to quarter end and as we announced in our earnings release last night, we closed on the land and started funding a new presort battery recycling facility for Tesla that will be located approximately three miles from the Gigafactory in Austin, Texas.

我們也新增一項位於德州 Magnolia 的 Academy Sports 零售開發案；Magnolia 是休士頓快速成長的郊區，該案由承租方直接引介，並與新的開發商合作關係共同交付。延續我們的動能，在季末之後且如同我們昨晚在財報新聞稿中所宣布，我們完成土地交割並開始撥款，為 Tesla 興建一座新的預分選（presort）電池回收設施，該設施將位於德州奧斯汀 Gigafactory 約三英里處。

Together, these three build-to-suit investments represent high-quality real estate paired with top-tier investment-grade quality tenants that blend to a first year initial cash cap rate of 7.2% with attractive straight-line yields of 8.3%, a weighted average lease term of 14 years and valuations on each asset that are likely at least 75 to 100 basis points below our development yields, further demonstrating the value creation of our build-to-suit strategy.

合計而言，這三項量身打造投資代表高品質不動產，並搭配一流的投資級優質承租方；其首年初始現金資本化率（cash cap rate）加權後為 7.2%，具吸引力的直線法收益率（straight-line yields）為 8.3%，加權平均租期為 14 年，且各資產估值很可能至少較我們的開發收益率低 75 至 100 個基點，進一步展現我們量身打造策略的價值創造能力。

As anticipated, on April 1, the second of two maintenance repair and overhaul hangar for Sierra Nevada Corporation rent commenced, supporting its continued work with the US Air Force replacing an aging fleet of Nightwatch planes. We are proud to be a part of this effort, and I couldn't be more pleased to have both projects reach stabilization on time and under our budgeted project investments, underscoring our team's ability to execute on our strategy and create value for our shareholders regardless of broader macroeconomic uncertainty and frequent market moving headlines.

如預期所示，4 月 1 日，為 Sierra Nevada Corporation 興建的兩座維修、修理與大修（MRO）機庫中的第二座開始起租，支持其持續與美國空軍合作，汰換老舊的 Nightwatch 機隊。我們很榮幸能參與這項工作；我也非常高興兩個專案都能按時達到穩定營運，且實際投資低於我們的預算專案投資，凸顯我們團隊無論面對更廣泛的總體經濟不確定性與頻繁牽動市場的新聞標題，仍能執行策略並為股東創造價值的能力。

With the completion of Sierra Nevada and the three new projects I just walked through, our build-to-suit pipeline remains in a strong position with approximately $382 million of high-quality developments scheduled to reach stabilization throughout 2026 and into 2027, providing visibility to over $28 million of new incremental ABR. Additionally, our opportunity set remains robust, driven largely by existing relationships, and Ryan will go into more detail on our active build-to-suit pipeline in a few moments.

隨著 Sierra Nevada 專案完成，以及我剛剛說明的三個新專案加入，我們的量身打造管線仍維持強勁態勢，約有 3.82 億美元的高品質開發案預計將在 2026 年至 2027 年間陸續達到穩定營運，為新增逾 2,800 萬美元的增量 ABR 提供能見度。此外，我們的機會集合仍相當充沛，主要由既有合作關係所驅動；Ryan 將在稍後更詳細說明我們目前活躍的量身打造管線。

During the quarter, we invested $61.2 million in a 60-acre campus, approximately 20 miles north of Boston, Massachusetts, tenanted by Charles River Laboratories, a leading global pharmaceutical and biotechnology contract research organization.

本季我們投資 6,120 萬美元於一座 60 英畝的園區，位於麻薩諸塞州波士頓以北約 20 英里處，承租方為 Charles River Laboratories，該公司是全球領先的製藥與生物科技委託研究機構（CRO）。

The sale-leaseback investment includes a long-term 12-year net lease with initial cash rents of $1.5 million and annual rent increases of 3% and a short-term one-year net lease with cash rents of $4 million for a blended 9% initial cash cap rate and four years of weighted average lease term. We intend to redevelop approximately 48 acres of the 60-acre campus that are subject to the short-term lease in partnership with the Sansone Group as part of our growing build-to-suit development program. We think this transaction is yet another great example of creatively driving additional value. Turning to Project Triboro.

此售後回租投資包含一份長期 12 年期的淨租約，初始現金租金為 150 萬美元且每年租金調升 3%；以及一份短期 1 年期的淨租約，現金租金為 400 萬美元；合併後初始現金資本化率為 9%，加權平均租期為 4 年。我們計畫與 Sansone Group 合作，將受短期租約約束的 60 英畝園區中的約 48 英畝進行再開發，作為我們持續成長的量身打造開發計畫的一部分。我們認為這筆交易再次展現了以創意方式驅動額外價值的絕佳案例。接下來談 Project Triboro。

As I said during our last call, our goal for 2026 is to advance three key work streams related to a potential data center development, zoning, power and tenant identification. All three of these work streams continue to advance, and our goals and time lines for each have not changed. To date, we have invested approximately $106 million in the project through our transitional capital platform, maintaining meaningful optionality as we evaluate the best path forward.

如同我在上次電話會議中所說，我們 2026 年的目標是推進與潛在資料中心開發相關的三項關鍵工作主軸：分區（zoning）、電力（power）以及承租方辨識（tenant identification）。這三項工作主軸都持續推進，我們對各項的目標與時程並未改變。截至目前，我們已透過過渡性資本平台在該專案上投資約 1.06 億美元，在評估最佳前進路徑的同時，保有具實質意義的選擇權。

The highest and best use for this site remains a hyperscale data center campus, and our backup option for a multi-building industrial build-to-suit development also remains intact. We continue to be immensely excited by this opportunity, and by the end of the year, we expect we will be able to decide our best path forward for this project, whether that be a powered land sale, a commitment to stay involved on a powered shell development or a decision to pursue multi-building industrial development and communicate the same to our investors, and I'm confident in our ability to deliver.

該基地的最高且最佳用途仍為超大規模（hyperscale）資料中心園區；而我們作為備援方案的多棟工業量身打造開發選項也仍然有效。我們對這個機會仍感到非常振奮；並預期在今年年底前，我們將能決定此專案的最佳前進路徑——無論是出售已具電力條件的土地、承諾持續參與具電力條件的殼體（powered shell）開發，或決定推進多棟工業開發——並向投資人溝通；我對我們的交付能力充滿信心。

Ryan will provide a more detailed update in his remarks, and you can expect we will provide relevant updates as we have them. Finally, to cap off a strong quarter of results and execution, I also want to highlight an important milestone for Broadstone Net Lease, our inclusion in the S&P 600 Index.

Ryan 將在他的發言中提供更詳細的更新，且在我們取得相關進展時，各位也可預期我們將提供相應更新。最後，為本季強勁的成果與執行畫下句點，我也想強調 Broadstone Net Lease 的一項重要里程碑：我們被納入標普 600 指數（S&P 600 Index）。

We view our inclusion as providing incremental support for our improving cost of equity capital and believe it will help expand our investor base over time with the increased amount of daily liquidity it will help provide. More broadly, we've been encouraged by improving market sentiment around REITs and the progress we've seen in our equity multiple. As our cost of equity improves, it expands our opportunity set and enhances our ability to fund growth in a disciplined and accretive manner.

我們認為此次納入將為我們持續改善的股權資本成本提供增量支持，並相信隨著其有助於提升每日流動性，將在時間推移中協助擴大我們的投資人基礎。更廣泛而言，我們對REITs周邊市場情緒的改善以及我們在股權倍數方面所見到的進展感到鼓舞。隨著我們的股權資本成本改善，將擴大我們的機會集合，並提升我們以審慎且具增益（accretive）的方式為成長提供資金的能力。

As you saw in our earnings release last night, we raised $71 million of equity under our ATM during the quarter at a weighted average price of $19.13, bringing total gross proceeds to approximately $82.5 million on a forward basis at a weighted average price of $19.02. Going forward, we expect issuances to remain measured and opportunistic as we evaluate our cost of capital alongside our investment opportunities. With that, I will hand the call over to Ryan and Kevin to take you through some of these topics in greater detail.

如同你們昨晚在我們的財報新聞稿中所見，我們在本季透過ATM以加權平均價格19.13美元發行並募集了7,100萬美元的股權資金，使總毛募集金額在遠期基礎上達到約8,250萬美元，加權平均價格為19.02美元。展望未來，當我們在評估資本成本並同時衡量投資機會時，預期發行將維持審慎且把握時機的節奏。接下來，我將把電話會議交給Ryan與Kevin，請他們就其中一些主題帶大家更深入說明。

Thank you, John, and thank you all for joining us today. As John highlighted, the first quarter clearly demonstrated the effectiveness of our strategy and the strength of our team and portfolio. In today's environment, we believe creativity and structuring is just as critical as sourcing. Our focus is on transactions where thoughtful structuring can materially enhance outcomes, driving higher yields, embedding growth and protecting downside through multiple exit pathways. A strong example is the $61.2 million investment we completed this quarter with Charles River Laboratories in Wilmington, Massachusetts.

謝謝你，John，也謝謝各位今天加入我們。如John所強調，第一季清楚展現了我們策略的有效性，以及我們團隊與投資組合的實力。在當前環境下，我們認為創意與交易結構設計的重要性不亞於案源取得。我們聚焦於那些透過周延的結構設計即可實質改善成果的交易：推動更高收益率、嵌入成長性，並透過多元退出路徑保護下行風險。一個很好的例子是我們本季在麻薩諸塞州威明頓與Charles River Laboratories完成的6,120萬美元投資。

The transaction involves the acquisition of a 60-acre campus, approximately 20 miles north of Boston, delivering both a long-term accretive sale leaseback and a strategically structured short-term investment with meaningful future value potential. The two leases together generate approximately $5.5 million of first year cash rent, representing a blended initial cash cap rate of 9%.

該交易包含收購一座60英畝的園區，位於波士頓以北約20英里，兼具一項長期、具增益的售後回租，以及一項策略性結構設計的短期投資，並具備可觀的未來價值潛力。兩份租約合計在第一年可產生約550萬美元的現金租金，對應的混合初始現金資本化率（cash cap rate）為9%。

As John noted, the first lease is a 12-year net lease with initial annual rent of $1.5 million and 3% annual rent escalations, nearly 100 basis points above our current and increasing weighted average rent growth. The second lease is a short-term lease with a term of one year covering approximately 48 acres of the campus. This shorter lease duration was intentional, allowing us to preserve near-term cash flow while maintaining flexibility to unlock value through redevelopment.

如John所提到，第一份租約為12年期的淨租約（net lease），初始年租金為150萬美元，並有每年3%的租金調升，較我們目前的加權平均租金成長率高出近100個基點，且仍在上升。第二份租約為短期租約，租期一年，涵蓋園區約48英畝。較短的租期是刻意安排，使我們在保留近期現金流的同時，仍能維持透過再開發釋放價值的彈性。

Specifically, the site has the potential to support up to 440,000 buildable square feet of industrial development. The campus benefits from a prime infill location with access to a population of more than 4 million people within a 30-mile radius, along with strong connectivity to major transportation corridors and labor pools, factors we believe underpin sustained long-term demand. Importantly, we did not underwrite this as a single outcome investment.

具體而言，該基地具備支撐最多約44萬可建築平方英尺之工業開發的潛力。該園區坐落於優質的都會填充（infill）區位，30英里半徑內可觸及超過400萬人口，並與主要運輸走廊及勞動力供給區高度連結；我們認為這些因素支撐了長期且持續的需求。重要的是，我們並未將此案以單一結果的投資情境來承作（underwrite）。

The 48-acre parcel provides flexibility for multiple build-to-suit opportunities, effectively extending our pipeline of committed development projects. While we actively pursue this upside, we are supported by a strong underlying land value and the optionality it affords, reinforcing our conviction in this investment.

這塊48英畝地塊為多個量身訂做（build-to-suit）機會提供彈性，等同於延伸我們已承諾的開發專案管線。在我們積極追求此上行空間的同時，亦有強勁的土地底層價值與其所帶來的選擇權作為支撐，進一步強化我們對此投資的信心。

Overall, this transaction highlights our ability to leverage relationships and apply a creative solutions-oriented approach to structuring investments to deliver attractive initial yields while positioning us to generate additional long-term value. As a broader update on our development pipeline, following the early and under budget delivery of the two MRO facilities for SNC, we currently have 11 in-process developments, representing approximately $382 million of total projected investments.

整體而言，這筆交易凸顯我們能夠運用關係網絡，並以具創意、以解決方案為導向的方式設計投資結構，在提供具吸引力的初始收益率之餘，也讓我們有利於創造額外的長期價值。就我們的開發管線提供更廣泛的更新：在為SNC提前且低於預算交付兩座MRO設施之後，我們目前有11個進行中的開發案，總預估投資金額約3.82億美元。

These projects are expected to generate strong initial cash yields of 7.3% and weighted average straight-line yields of 8.4% supported by a weighted average lease term of 12.9 years and annual rent escalations of 2.5%. Importantly, these tenant-driven developments are structured to mitigate traditional development risks, including construction timing and cost pressures. As we've discussed, build-to-suit development remains a core pillar of our differentiated strategy and a key driver of embedded growth visibility.

這些專案預期可帶來7.3%的強勁初始現金收益率，以及8.4%的加權平均直線法收益率（straight-line yields），並由12.9年的加權平均租期與2.5%的年度租金調升所支撐。重要的是，這些由租戶驅動的開發案在結構上可降低傳統開發風險，包括施工時程與成本壓力。如我們先前所討論，量身訂做（build-to-suit）開發仍是我們差異化策略的核心支柱，也是內嵌成長能見度的關鍵驅動因素。

We aim to consistently maintain an active, committed build-to-suit pipeline in the $350 million to $500 million range, and we continue to see a robust set of opportunities to support that run rate. Currently, we are actively evaluating approximately $1.3 billion of build-to-suit opportunities across both existing and new relationships, reinforcing our ability to drive visible long-term growth.

我們的目標是持續維持約3.5億至5億美元規模的活躍且已承諾之量身訂做開發管線，且我們仍看到一組強勁的機會可支撐該運行速度。目前，我們正積極評估約13億美元的量身訂做機會，涵蓋既有與新建立的合作關係，進一步強化我們推動可見的長期成長之能力。

In the stabilized transaction market, we continue to see steady deal flow, including several larger portfolio opportunities, particularly within industrial. That said, we remain disciplined. In many cases, seller pricing expectations, particularly around cap rates, do not align with our view of the underlying risk profile, and we will not pursue volume at the expense of quality.

在已穩定（stabilized）的交易市場中，我們持續看到穩定的成交案源，包括數個較大型的投資組合機會，尤其是在工業領域。儘管如此，我們仍維持紀律。在許多情況下，賣方的定價期待，特別是對資本化率（cap rates）的期待，與我們對底層風險輪廓的看法並不一致；我們不會為了追求量而犧牲品質。

Dispositions remain an important component of our capital allocation strategy. On a routine basis, we use dispositions to refine the portfolio and proactively manage credit, lease rollover and sector exposure. Opportunistically, when market pricing allows us to recycle capital on an accretive basis, we will act. This was reflected in our $12 million disposition during the quarter at a 5.6% cap rate on an industrial asset with seven years of remaining lease term.

處分資產仍是我們資本配置策略的重要組成。在例行層面，我們透過處分來精煉投資組合，並主動管理信用風險、租約到期集中度（lease rollover）與產業曝險。在機會性層面，當市場定價允許我們以具增益的方式進行資本回收再配置（recycle capital）時，我們將採取行動。本季我們以5.6%的資本化率處分一項工業資產、剩餘租期七年，處分金額1,200萬美元，即反映了這一點。

Subsequent to quarter end, we completed the sale of three additional assets for total gross proceeds of $54.8 million, including 2 opportunistic dispositions totaling $50.4 million at a weighted average cap rate of 6.3% as well as the sale of a small vacant asset as part of our ongoing portfolio management.

在季末之後，我們完成另外三項資產出售，總毛處分收入為5,480萬美元，其中包含兩筆機會性處分，合計5,040萬美元，加權平均資本化率為6.3%；另亦出售一項小型空置資產，作為我們持續投資組合管理的一部分。

Turning to our in-place portfolio. Same-store performance remains strong with 2.8% year-over-year growth driven by contractual rent increases and successful re-leasing activity in prior periods. At the start of the year, we had 22 leases scheduled to expire in 2026. We have already addressed half of those leases, achieving a weighted average recapture rate of 119% and an average new lease term of six years on extended leases. For the remaining 11 leases, representing approximately only 2% of ABR, we are well underway in our leasing efforts and expect continued positive outcomes.

接著談我們的既有投資組合（in-place portfolio）。同店（same-store）表現仍然強勁，年增2.8%，主要由合約約定的租金調升以及前期成功的再出租活動所帶動。在年初，我們有22份租約預計於2026年到期。我們已處理其中一半的租約，達成加權平均回收率（recapture rate）119%，且在延長的租約上，新租期平均為六年。對於剩餘的11份租約（約僅占ABR的2%），我們的招租工作已在積極推進中，並預期將持續取得正面成果。

Finally, with respect to our watchlist, activity this quarter was relatively uneventful, reflecting the strength of our portfolio and proactive asset management efforts in recent years. As noted last quarter, Gardner-White Furniture assumed all six locations previously occupied by American Signature as part of its bankruptcy process.

最後，就我們的觀察名單（watchlist）而言，本季動態相對平淡，反映我們投資組合的韌性，以及近年來主動資產管理的成果。如同上季所述，Gardner-White Furniture已在American Signature的破產程序中承接其先前占用的全部六個據點。

Since then, we have executed a new 10-year master lease across all six sites, further enhancing what was already a strong outcome. Now shifting our focus to Project Triboro and building on John's earlier update. It may be helpful to frame where we are in the overall development life cycle.

此後，我們已就全部六個據點簽署一份新的10年期總租約（master lease），進一步強化原本就相當理想的結果。現在把焦點轉向Project Triboro，並延續John先前的更新。或許有助於先界定我們在整體開發生命週期中的位置。

Over the past several months, our efforts have been focused on advancing the site's foundational elements while simultaneously progressing key work streams across power, zoning and leasing. This coordinated approach is intended to derisk the project, preserve flexibility around ultimate use and position us to respond efficiently as milestones are achieved and market opportunities continue to evolve.

在過去幾個月中，我們的工作重點一直放在推進該場址的基礎要素，同時推動電力、分區與租賃等關鍵工作流的進展。此一協同方法旨在降低專案風險、保留最終用途的彈性，並使我們能在里程碑達成及市場機會持續演變之際，迅速且有效率地回應。

We are actively advancing the site to a pad-ready condition, including the installation of erosion and sediment controls, clearing and grubbing, mine remediation and mass grading. This also involves completing the core civil infrastructure required to create developable pads, such as storm water management systems, internal access roads and underground utilities, universal site work that must be completed regardless of whether the site is ultimately developed as a hyperscale data center campus or as multiple industrial buildings.

我們正積極推進場址達到可直接進行基礎墊施工（pad-ready）的狀態，包括設置侵蝕與沉積控制措施、清理與整地（clearing and grubbing）、礦區整治以及大規模整平。這也包括完成建立可開發地塊所需的核心土木基礎設施，例如雨水管理系統、內部通行道路與地下管線等；這些屬於通用場址工程，無論該場址最終是開發為超大規模資料中心園區，或是多棟工業建築，都必須完成。

We are approaching the site work in a deliberate phased manner, carefully sequencing activities to align with the project's multiphase nature and preserve maximum flexibility as we pursue value creation for our shareholders.

我們以審慎的分階段方式推進場址工程，仔細安排各項活動的先後順序，以配合專案的多期特性，並在追求為股東創造價值的同時，保留最大的彈性。

On the power side, this continues to be one of the defining attributes of the site. Importantly, the 1 gigawatt power commitment is supported by existing generation capacity, and we are not reliant on future power generation build-out to establish that supply. Our current focus is on coordinating the infrastructure required to transmit and deliver the power to the site as well as developing the on-site infrastructure necessary to receive it as it becomes available.

在電力方面，這仍是該場址最具代表性的特點之一。重要的是，1 吉瓦的電力承諾由既有發電容量支撐，我們不依賴未來新增發電建置來確立該供電。我們目前的重點是協調將電力輸送並交付至場址所需的基礎設施，以及開發場內在電力可用時接收電力所需的基礎設施。

In this regard, PPL plans to construct a new substation and switchyard along with approximately eight miles of new transmission lines. These upgrades are intended to support broader load growth and new customer demand, including Project Triboro while also enhancing overall system reliability.

就此而言，PPL 計畫興建一座新的變電站與開關場，並新建約八英里的輸電線路。這些升級旨在支援更廣泛的負載成長與新客戶需求（包括 Triboro 專案），同時提升整體系統可靠性。

PPL currently anticipates commencing construction in the summer of 2027 with completion targeted for the summer of 2030. At the site level, we plan to develop a dedicated substation to receive the delivered power, which we currently anticipate the first phase of energization consisting of 300 megawatts to commence between Q4 of 2027 and Q1 of 2028, with the additional 700 megawatts to follow thereafter.

PPL 目前預期將於 2027 年夏季開始施工，並以 2030 年夏季完工為目標。在場址層面，我們計畫建置一座專用變電站以接收交付的電力；目前預期第一階段送電（energization）規模為 300 兆瓦，將於 2027 年第四季至 2028 年第一季之間開始，之後再陸續導入其餘 700 兆瓦。

We remain in close and ongoing coordination with PPL and are actively working through the required electric and construction service agreements necessary to advance Project Triboro. With respect to zoning, in recent months, Olyphant Borough has considered amending its zoning ordinance to expressly allow data centers in the CM-2 District, where Project Triboro is located.

我們持續與 PPL 保持密切且持續的協調，並正積極推進 Triboro 專案所需的電力服務與施工服務協議。在分區方面，近幾個月 Olyphant Borough 已考慮修訂其分區條例，以明確允許在 Triboro 專案所在的 CM-2 分區設置資料中心。

We understand Pennsylvanian municipalities must accommodate all lawful land uses somewhere within their boundaries, including data centers, but may regulate them through standards such as siting rules, setbacks and required studies and reports, which are typical for real estate development.

我們理解，賓夕法尼亞州的市鎮必須在其轄區內某處容納所有合法的土地使用（包括資料中心），但可透過設置標準加以規範，例如選址規則、退縮距離，以及要求進行研究與提交報告等，這些皆為不動產開發的常見要求。

As drafted, Project Triboro aligns with the framework contemplated by the proposed amendment. At its most recent meeting, Borough Council chose not to adopt the amendment as written and instead started a process giving it up to 180 days to address data centers in the ordinance. We will continue working with the council on the amendment during this period.

依目前草案內容，Triboro 專案符合該擬議修訂所設想的架構。在最近一次會議上，Borough Council 決定不按原文採納該修訂，而是啟動一項程序，給予其最長 180 天時間在條例中處理資料中心相關規範。在此期間，我們將持續與議會就該修訂進行合作。

To protect our rights in the meantime, we filed a zoning permit application last week and formally asserted that the proposed data center campus is permitted by right under the current ordinance and may proceed as planned. Accordingly, despite heightened attention on data center development, we remain confident in our path forward and do not expect any impact to our anticipated 2026 time line.

為在此期間保障我們的權利，我們已於上週提交分區許可申請，並正式主張擬議的資料中心園區依現行條例屬於依法允許（permitted by right），可按計畫推進。因此，儘管資料中心開發受到更多關注，我們仍對後續推進路徑充滿信心，且不預期會對我們預計的 2026 年時程造成任何影響。

Finally, with respect to leasing efforts, we are currently engaged in active discussions with multiple hyperscale users that have expressed strong interest in Project Triboro. We look forward to providing updates as these discussions progress and as we gain greater clarity on potential structures and timing.

最後，就租賃工作而言，我們目前正與多家對 Triboro 專案表達高度興趣的超大規模用戶進行積極洽談。隨著這些討論推進，以及我們對可能的交易架構與時程有更清晰的掌握，我們期待提供最新進展。

As John has consistently stated, our objective is to have clarity on the optimal path for Project Triboro by the end of 2026 based on the progress achieved relative to several milestones, including zoning, power and leasing, and remain focused on maximizing shareholder value while preserving optionality. With that, I will now turn the call over to Kevin.

正如 John 一再表示，我們的目標是基於若干里程碑（包括分區、電力與租賃）所取得的進展，在 2026 年底前釐清 Triboro 專案的最佳推進路徑，並在保留選擇權的同時，專注於最大化股東價值。接下來，我把電話會議交給 Kevin。

Thank you, Ryan. During the quarter, we generated adjusted funds from operations of $76.9 million or $0.38 per share, representing a 5.6% increase over Q1 of 2025. Results benefited from strong same-store rent growth of 2.8% and from recent investment activity and build-to-suits reaching stabilization. The quarter's results also notably benefited from no loss rent realized during the quarter and lower nonreimbursable property expenses. G&A remains well controlled with core expenses totaling $7.8 million during the first quarter.

謝謝你，Ryan。本季我們產生的調整後營運資金（adjusted funds from operations，AFFO）為 7,690 萬美元，或每股 0.38 美元，較 2025 年第一季成長 5.6%。業績受惠於強勁的同店租金成長 2.8%，以及近期投資活動與量身訂做（build-to-suit）專案達到穩定期。本季結果亦明顯受惠於本季未實現任何損失租金（loss rent），以及較低的不可報銷物業費用。一般及行政費用（G&A）仍控制良好，第一季核心費用合計 780 萬美元。

While this represents an increase of 5.4% year-over-year, this change was largely impacted by onetime or timing-related expenses, including employer tax expense for stock vesting and professional services. We remain well on track to achieve our G&A guidance. With respect to the balance sheet, we ended the quarter with pro forma leverage of 5.8 times, unchanged quarter-over-quarter.

雖然這代表年增 5.4%，但此變動主要受一次性或時點性費用影響，包括股票歸屬的雇主稅費以及專業服務費。我們仍非常有把握達成 G&A 指引。就資產負債表而言，我們在季末的備考槓桿倍數為 5.8 倍，與前一季持平。

At quarter end, we had approximately $82.5 million of unsettled equity and nearly $600 million available on our revolver. With limited debt maturities through the first half of 2027, we maintain sufficient financial flexibility as we look ahead.

截至季末，我們約有 8,250 萬美元尚未交割的股權，且循環信貸額度（revolver）尚有近 6 億美元可用。由於直到 2027 年上半年之前到期的債務有限，我們在展望未來時仍維持充足的財務彈性。

Last week, our Board of Directors elected to maintain our $0.2925 dividend per share payable to holders of record as of June 30, 2026, on or before July 15. Lastly, we are maintaining our 2026 per share guidance range of $1.53 to $1.57 with no changes to our key assumptions. Despite no bad debt in the first quarter, we are also maintaining our full year assumption of 75 basis points of lost rent within our 2026 guidance and plan to revisit this assumption throughout the year. 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.

上週，我們董事會決議維持每股 0.2925 美元的股利，將於 6 月 30 日（2026 年）為登記日的股東，在 7 月 15 日或之前支付。最後，我們維持 2026 年每股指引區間為 1.53 至 1.57 美元，關鍵假設不變。儘管第一季沒有壞帳，我們仍在 2026 年指引中維持全年損失租金假設為 75 個基點，並計畫在全年持續檢視此一假設。也值得再次提醒大家，我們全年每股結果對投資與處分活動的時點、金額與組合，以及年度內可能發生的任何資本市場活動都相當敏感。更多細節請參考昨晚發布的財報新聞稿。

And we will now open the call up for questions.

接下來我們將開放提問。

(Operator Instruction)

（接線員指示）

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

Just on Project Triboro, you mentioned that there will be some infrastructure improvements there that are done irrespective of what the ultimate use of the land is. Are you all responsible for that? And just wondering like what that capital commitment might be in the meantime?

關於 Triboro 專案，你提到會有一些基礎設施改善是不論土地最終用途為何都會進行的。這部分是由你們負責嗎？另外想請教，在此期間大概需要投入多少資本承諾？

Sure. This is Ryan. Yes, when we're talking about that universal site work, that's site work and infrastructure improvement that we would be looking at regardless of whether we were going to proceed with data center usage or industrial usage. The infrastructure that would relate specifically to the data center itself, I think the majority of that cost is being pushed off at this point until we're a little further along in our decision-making process.

當然。我是 Ryan。是的，當我們談到那些通用場址工程時，指的是不論我們最終是推進資料中心用途或工業用途，都會考量進行的場址工程與基礎設施改善。至於與資料中心本體直接相關的基礎設施，我認為其中大部分成本目前會先往後遞延，直到我們在決策流程上再往前推進一些。

Okay. But it sounds like then the rest of those costs are fairly small? Or should we expect like some bigger checks to be written in the near term?

好的。但聽起來其餘那些成本都相當小？還是我們應該預期近期會開出一些較大的支票？

Sure. I'd say total at the moment, probably for this year, less than $15 million.

當然。我會說目前合計來看，可能今年會少於1,500萬美元。

Okay. Got it. And then just my other one relates to the Boston acquisition. Can you talk a bit more around just conviction level that you'll find some tenants there to take on that risk, Sansone's role in all of that? And also just as you step back and do like a transaction like that, Triboro, for instance, just your appetite to take on what I guess is sort of like land risk for future type of build-to-suits?

好的。了解。另外我還有一個問題與波士頓收購案有關。你能否多談一些你們對於在那裡找到願意承擔該風險的租戶的信心程度，以及Sansone在其中扮演的角色？還有，當你們退一步看並進行那樣的交易（例如Triboro），你們對於承擔我想算是為未來量身打造（build-to-suit）開發所需的土地風險的意願如何？

Yes. This is John. I think it's a great example of the way that our strategy can unlock value by creatively structuring solutions for our developer partners and clients. This isn't the first time that we've done something that's a little more creatively structured with Sansone. We did it with Sunset Hills.

是的。我是John。我認為這是我們策略如何透過為開發商夥伴與客戶創意性地設計解決方案來釋放價值的一個很好的例子。這也不是我們第一次與Sansone做一些結構上更具創意的安排。我們在Sunset Hills就做過。

We're doing it with Triboro. We have it with Charles River, and we have other things in the hopper that we're considering with them. They continue to grow as a fantastic partner for us with our business as we're helping them grow theirs. This project was particularly attractive to us because there were certain things that needed to be solved for the overall transaction to move forward for Charles River. They needed a long-term sale leaseback for the assets that they were looking to double down on and continue to invest in.

我們也在Triboro做。在Charles River我們也有，而且我們還有其他正在醞釀、正在考慮與他們合作的事項。隨著我們協助他們擴張其業務，他們也持續成長，成為我們非常出色的合作夥伴。這個專案對我們特別有吸引力，因為為了讓Charles River的整體交易得以推進，有一些問題需要被解決。他們需要針對他們打算加碼並持續投資的資產，進行一個長期的售後回租（sale-leaseback）。

And then they had some assets that they were looking to move on, but they needed a transition period for. This is a premier location in the Northern Boston market right off of I-93 in that I-93, I-95 corridor, strong industrial area. We've underwritten this, as you heard from Ryan, the 440,000 square foot of industrial build. It's probably four buildings, somewhere in the, give or take, 100,000 square foot. You're talking shallow bay industrial, which is perfect for that space.

另外他們也有一些資產想要處分，但需要一段過渡期。這是北波士頓市場的黃金地段，就在I-93旁邊，位於I-93、I-95走廊，屬於強勁的工業區。我們已就此完成承銷評估（underwrite），如同你聽Ryan提到的，規劃為44萬平方英尺的工業開發。大概會是四棟建物，每棟約10萬平方英尺上下。你說的是淺倉型（shallow bay）工業產品，對那種空間非常合適。

Our cost basis is slightly below market. So we feel like if we did need to get out of this, there's going to be interest in the site where we're going to be able to make some money on the back end, whether we develop it or not. But our intention is to develop this. We think there is a good opportunity for build-to-suit in this area. We've already had interest from one tenant for a build-to-suit on site.

我們的成本基礎略低於市場。因此我們認為，即便我們確實需要退出，這個基地也會有興趣買家，我們能在後端賺到一些錢，不論我們是否開發。但我們的意圖是要開發它。我們認為在這個區域有很好的量身打造（build-to-suit）機會。我們已經收到一位租戶對於在基地上進行量身打造的興趣。

The way we've penciled this out is we're looking at yields probably on yield to cost in that low to mid 7 cap range. And on a stabilized basis, you're going to have values in these assets in the mid to high 5 cap range. So this potentially is a homerun for us. So we're very excited about it. But we also make sure that as we underwrote it, we found good optionality.

我們在試算時，預期報酬率大概是成本收益率（yield to cost）落在7%出頭到7%中段的資本化率（cap rate）區間。而在穩定營運（stabilized）基礎上，這些資產的價值會落在5%中段到5%高段的資本化率區間。所以這對我們而言可能是一支全壘打。因此我們非常興奮。但同時我們也確保在承銷評估時，找到了良好的選擇權（optionalities）。

So to answer your question about appetite for more, if we can find deals like this, we've got all sorts of appetite for it, because this is the place where our strategy really shows the value of the build-to-suit, focusing on real estate operation and investment and not just doing the commodity net lease trade that we have seen often in other places.

所以回答你關於是否還有更多意願的問題：如果我們能找到像這樣的案子，我們對此有各式各樣的胃納，因為這正是我們策略真正展現價值的地方——透過量身打造（build-to-suit），聚焦於不動產的營運與投資，而不只是做我們在其他地方常看到的那種商品化的三網租賃（net lease）交易。

Eric Borden, BMO.

Eric Borden，BMO。

Just kind of going back to Project Triboro and around the council's decision to take 180 days to address the data centers in the ordinance. Just curious what needs to happen there to get that cleared and you're able to kind of move forward with data center development? And is there any risk around the council to kind of push that 180-day review even further out?

我想回到Triboro專案，以及議會決定用180天來處理條例中資料中心相關內容。想請教需要發生什麼事情才能把這件事釐清，讓你們能夠推進資料中心開發？另外，議會是否有任何風險會把這個180天的審查再往後延？

Yes. So the 180 days is up to. Our understanding is that the council wants to move this forward as quickly as possible, although it was prudent for them to take the 180 days. I think it's important to go back to sort of what Ryan walked everyone through in terms of how municipal and zoning regs work in Pennsylvania. Pennsylvania does not allow a prohibition of any type of use within any municipality.

是的。所以180天是上限。我們的理解是，議會希望盡快推進，儘管他們採取180天是審慎之舉。我認為重要的是回到Ryan先前向大家說明的賓州地方政府與分區（zoning）法規如何運作。賓州不允許任何市政當局禁止任何一種用途。

You can certainly set the standards, as Ryan walked you through, for setbacks and for studies and things like that, but there is nothing that can be absolutely prohibited. We had already worked with the council on the amendment that was in front of them for approval in earlier part of April. Project Triboro fits squarely within what they were considering.

你當然可以設定標準，如Ryan所說明的退縮距離（setbacks）、研究要求等，但沒有任何用途可以被絕對禁止。我們先前已與議會就4月初提交他們審議核准的修正案合作過。Triboro專案完全符合他們當時所考量的內容。

We have all the confidence in the world that, that's where this will land at the end. But to make sure that we are pursuing all potential opportunities to maximize the value and to push the time line, we have submitted for a conditional approval at the same time as we are going to work with them and hope that the council will be able to push the amendment process a little bit further.

我們對最終結果會落在那個方向有十足信心。但為了確保我們追求所有可能的機會以最大化價值並推進時程，我們在同一時間也已提交附條件核准（conditional approval）的申請，同時我們會與他們合作，並希望議會能把修正案流程再往前推進一些。

There are folks in addition to us who have interest in that site and the zoning ordinance being pushed forward. So there's other remedies that are being sought by other folks that have interest in land in that particular park besides us. So it does not change our time line.

除了我們之外，也有人對該基地以及推進分區條例有興趣。因此，除了我們之外，還有其他對該園區特定土地有興趣的人正在尋求其他救濟途徑。所以這不會改變我們的時程。

As you heard Ryan say, by the end of 2026, which is what I've been saying for a long time, we're looking to have zoning, power and tenant interest solidified so we can make the right decision to maximize value. And sometimes real estate development work can be a little messy, zoning in particular.

如同你聽到Ryan所說，到2026年底——這也是我長期以來一直在說的——我們希望把分區、電力以及租戶興趣都確定下來，這樣我們就能做出最大化價值的正確決策。而有時不動產開發的過程可能會有點混亂，尤其是分區。

So none of this is out of the ordinary. None of this is a problem. We'll work through it over time, and we expect to stay on the time line that we've announced without any hiccups.

所以這些都不算反常。這些都不是問題。我們會隨時間推進把它處理好，並且預期能按照我們已公布的時程進行，不會有任何卡關。

Great. And then you were active on the ATM this quarter. How should we be thinking about equity issuance for the rest of the year? And what conditions would lead you to accelerate or pause the issuance here? Just obviously, share price is a big factor, but just capital and so on and so forth.

很好。另外你們本季在ATM（隨市發行）上很活躍。我們應該如何看待今年剩餘時間的股權發行？在什麼條件下你們會加速或暫停發行？顯然股價是一個很大的因素，但也包括資金等各方面。

Yes, share price is a big factor for sure. I think opportunistic is the right word to use. It is entirely dependent on both share price, which is far more constructive than it was. We've been very excited to see the increase in the returns that we've been providing on the share price, certainly, including the S&P 600 Index, which was a wonderful surprise.

是的，股價確實是一個很大的因素。我認為用「機會主義」這個詞很貼切。這完全取決於股價，而股價的走勢已比之前建設性得多。我們很高興看到我們在股價上所提供的報酬有所提升，當然也包括納入S&P 600指數，這是一個很棒的驚喜。

But then it's also opportunistic related to our opportunity set in the pipeline with the types of deals that we can see, if we find other Charles River type deals or opportunities to deploy capital in an accretive manner.

但同時，這也帶有機會主義色彩，取決於我們在管線中的機會集合以及我們能看到的交易類型；如果我們找到其他像 Charles River 這類型的交易，或是能以具增益（accretive）的方式部署資本的機會。

And as you know, our focus is on direct relationship-based deals like Charles River and some of these others. Put those two things together and there may be more opportunity to do this in the future.

而如你所知，我們的重點是像 Charles River 以及其他一些案子這類、以直接關係為基礎的交易。把這兩件事結合起來，未來可能會有更多機會再做這類事情。

Jay [Kornreich], Cantor Fitzgerald.

Jay [Kornreich]，Cantor Fitzgerald。

I guess, first off, just following up on that last question. How do you assess kind of just the opportunity set for regular way acquisitions currently? I guess how is the pipeline? Are you seeing any changes in cap rates? And do you see an opportunity to maybe push what's already embedded in guidance throughout the year?Or just what are your thoughts on that?

我想，首先，延續剛才那個問題。你們如何評估目前一般常規收購（regular way acquisitions）的機會集合？我想問管線狀況如何？你們有看到資本化率（cap rates）有任何變化嗎？以及你們是否看到機會，可能在一年當中把目前已反映在財測指引裡的內容再往上推？還是你們對此有什麼看法？

Yes. We're certainly seeing increased transaction activity, more portfolio deals, more industrial portfolio deals. So right down the middle of the fairway for things that we're looking at. We're having an increasing number of conversations with our relationships, so tenants, sponsors, things like that and finding good opportunities. We're being really disciplined about where we deploy capital.

是的。我們確實看到交易活動增加，更多投資組合型交易、更多工業不動產投資組合交易。所以這正好落在我們關注標的的核心範圍內。我們與既有關係網的對話也在增加，例如承租戶、贊助方等，並且找到不錯的機會。我們在資本部署上非常自律。

There wasn't a ton that we needed this year to hit our guidance range from a growth standpoint. We are allocating a lot towards the build-to-suit program. As everyone knows, that's where the focus is for us for the long-term derisked attractive value-creating growth into the future. But there are incremental deals that are out there that are interesting to us. We're spending time on them.

從成長角度來看，今年其實不需要做很多就能達到我們的指引區間。我們把相當多的資源配置到量身打造（build-to-suit）計畫。如大家所知，這是我們長期的重點，能在去風險的前提下，提供具吸引力、創造價值的未來成長。但市場上也確實有一些增量交易對我們而言很有意思。我們正在投入時間研究。

And just like last year, we're starting at a place where our guidance and our assumptions around this are relatively conservative in terms of what we think we can do. And as the opportunity set starts to form and as we have a better view on what the longer-term cost of capital is going to be for us with the better and more constructive stock price, hopefully there's an opportunity for us to do more and potentially push that guidance towards the back half of the year.

而且就像去年一樣，我們目前的起點是：在指引與相關假設上相對保守，反映我們認為自己能做到的程度。隨著機會集合逐步成形，以及在股價更好、更具建設性的情況下，我們對自身長期資本成本會有更清晰的視野；希望我們有機會做得更多，並可能在下半年把指引往上推。

Okay. I appreciate that. And then I guess moving to the core part of the company. With the industrial build-to-suits, you've announced the target of $350 million to $500 million of new deals annually and also mentioned evaluating really a robust $1.3 billion of new development opportunities. So can you maybe just comment what's driving such an increase in volume being evaluated?

了解。謝謝你的說明。接著我想談公司核心業務。就工業類量身打造案而言，你們宣布每年新增交易目標為 3.5 億到 5 億美元，並提到正在評估相當強勁的 13 億美元新開發機會。你能否評論一下，為何評估量會增加這麼多？

Is it really just the Broadstone name brand getting stronger in the development space? And I guess within that, is it safe to say you feel pretty good about hitting that target in 2026?

這是否主要是因為 Broadstone 的品牌在開發領域變得更強？另外，在此之下，是否可以說你們對於在 2026 年達成該目標相當有把握？

Yes. We feel very good about hitting that target. We've got a lot of opportunities we're evaluating right now. I think it's a handful of things. One, I got to give all the credit to the team.

是的。我們非常有信心達成那個目標。我們目前正在評估很多機會。我認為原因有幾個。第一，我必須把功勞都歸於團隊。

Ryan and Will Garner, Sam DeLemos, Ryan Rahaeuser are the folks that are really driving the build-to-suit development process for us, are hitting the ground and really making a lot of phone calls, reaching out to their contacts, finding new relationships, really honing in on existing relationships, getting views of entire pipelines of deal flow to see what was out there. And then it's also that we're getting some calls. People -- our name is getting out there. People have heard what we've been able to do. The referral network is great.

Ryan 和 Will Garner、Sam DeLemos、Ryan Rahaeuser 這些同仁，正是推動我們量身打造開發流程的主力；他們積極外出、打了很多電話、聯繫他們的人脈、建立新關係，也更聚焦於既有關係，掌握整體交易流的管線視角，看看市場上有哪些機會。此外，我們也開始接到一些來電。大家逐漸知道我們。人們聽說我們能做到的成果。轉介網絡非常好。

You do a good job for one developer and you provide a solid outcome, they're more likely to recommend you to somebody who is in a different geographic area or operates in a different type of retail or industrial space. So the team is working really hard to build out this pipeline.

你替某個開發商把案子做好、交出穩健成果後，他們更可能把你推薦給在不同地理區域、或在不同類型零售或工業領域運作的人。所以團隊非常努力在建立這條管線。

And then we're also getting a little bit lucky as the name gets out there and the space expands. And people are starting to call us as well. So all of those things are putting us in a great spot to execute on the strategy and to hit the numbers that we plan.

另外，隨著我們的名聲傳開、這個領域擴大，我們也有點運氣成分。也開始有人主動打電話給我們。所有這些因素都讓我們處於很好的位置，能執行策略並達成我們規劃的數字。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，Goldman Sachs。

I guess as we think of the incremental build-to-suit announcement and what it means for 2027 completions, I guess could you give some, I don't know, parameters or range of how many quarters would you say is average for a project to get completed? Obviously, we could look at what you have in the disclosure right now.

我想，當我們思考新增的量身打造公告，以及它對 2027 年完工量的意義時，我想問你能否提供一些——我不知道——參數或區間：一般一個專案平均需要多少個季度才能完工？當然，我們可以參考你們目前揭露的內容。

But is it four? Is it more? I'm just wondering if incremental '26 announcements that are larger than, say, like $5 million or something at this point could open in the first half of '27 or would it be later in '27?

但會是四個季度嗎？還是更久？我只是想了解，若在 2026 年新增公告的案子規模比方說大於 500 萬美元之類，是否可能在 2027 年上半年開業（open），還是會落在 2027 年較晚的時間？

Yes. Great question. We usually work on an assumption of -- like the average in the pipeline is about 15 months. Certainly are ones that come inside of that and others that take a little bit more. So call it 12 to 18, generally speaking.

是的。這是個好問題。我們通常的假設是——管線中的平均工期大約 15 個月。當然也有一些會更快完成，另一些則會稍微久一點。所以一般來說，大概是 12 到 18 個月。

So there's a handful of things that could come in, in the first half of 2027. But at this point, a lot of our attention has been sort of filling out the pipeline on that second half of '27. So we're having that consistent rent commencement from the build-to-suit pipeline over time.

因此，確實有少數案子可能在 2027 年上半年完成。但就目前而言，我們的注意力更多是在把 2027 年下半年的管線補齊。這樣我們就能隨時間推移，讓量身打造管線帶來持續一致的租金起算（rent commencement）。

There's a handful of things that are near completion right now that should add to that. And then the stuff that's a little bit higher up in the pipeline would likely be more into that second half of '27.

目前有少數案子已接近完工，應該會對此有所貢獻。而管線中位置更前端的案子，可能就會更偏向落在 2027 年下半年。

Got it. Okay. And then maybe just on the tenant side, last quarter, you guys had brought up the Claire's location and how you were evaluating to either sell or re-tenant that and then also taking another look at the Red Lobster exposure. So wondering if you have any update on either of those?

了解。好。接著可能談一下承租戶面：上季你們提到 Claire's 的據點，以及你們正在評估要出售或重新招租；同時也再度檢視 Red Lobster 的曝險。想請問這兩者是否有任何更新？

Yes, not really. Claire's, we're still working through the re-leasing and the sale process. No announcements to make on that front. We still have time to work through it. So we still feel good there.

是的，沒有太多更新。Claire's 方面，我們仍在推進重新出租與出售流程。目前沒有可對外宣布的消息。我們還有時間可以處理。所以我們仍然覺得那邊的狀況良好。

And then on Red Lobster, we haven't had any material change in sort of the position. We continue to monitor them and we continue to look for opportunities for us to reduce that exposure over time while finding accretive ways to dispose those assets. But no material updates on either one.

接著談到 Red Lobster，我們在相關部位上並沒有任何重大變化。我們會持續監控他們，也會持續尋找機會，隨著時間推移在找到具增益（accretive）的方式處分這些資產的同時，逐步降低該曝險。但兩者都沒有重大更新。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

This is [Jenny] on for Ron. Just a follow-up on the tenant health. So the bad debt guide, do you still hold 75 basis points of the year given there's no loss rent in Q1?

我是代 Ron 發問的 [Jenny]。針對承租戶健康狀況再追問一下。關於壞帳指引，鑑於第一季沒有租金損失，你們今年仍維持 75 個基點的假設嗎？

Yes. So no loss rent in Q1, 100% rent collection, which we feel great about. It's still early. We always have to remind ourselves that it's still the first half of the year. And so we've always sort of taken the position that we'll reevaluate our bad debt assumption at least halfway through the year, so at the end of -- after Q2.

是的。第一季沒有租金損失、租金收取率 100%，我們對此感到非常好。但現在仍然偏早。我們也總是提醒自己，現在仍在上半年。因此我們一向的立場是，至少會在年中重新評估我們的壞帳假設，也就是在第二季結束之後。

So yes, we're still holding it at 75%, but that's just our more conservative stance that we have taken historically on -- we said at the beginning of the year, and we leave it until at least after Q2.

所以是的，我們仍維持在 75 個基點，但這只是我們歷來採取的較保守立場——我們在年初就這麼說，並且至少會維持到第二季之後再調整。

Got it. Just a follow-up on the Charles River Laboratory. How should we think about the tenant health there given the lab has challenging demand environment? It seems like they have an impairment recognized in Q4. Just yes, maybe talk a little bit more how you get comfortable with this type of tenant? And on the credit side, how do you feel about it?

了解。再追問一下 Charles River Laboratory。考量到實驗室需求環境具挑戰，你們應該如何看待該承租戶的健康狀況？看起來他們在第四季認列了減損。是的，或許可以多談一些你們如何對這類型承租戶感到安心？以及在信用面，你們的看法如何？

Yes. I mean we feel pretty good there. I mean we do internal risk ratings, of course. But if you kind of look at their agency rating, S&P has got them at BB+, Moody's beat up, Ba1. They've got $4 billion plus of revenue.

是的。我們的感受其實相當不錯。當然我們會做內部風險評等。但如果你看他們的外部評等，S&P 給的是 BB+，穆迪則是 Ba1。他們的營收超過 40 億美元。

They're at 2.8 times on a leverage basis, and they got fixed charge coverage in 3.5. So we feel very good. The longer term piece here -- obviously, the short-term piece is the majority of the rents in the near term, the $4 million over the course of next year. But the other piece of this is fairly small given the overall size of Charles River. It's $1.5 million a year on a 12-year lease. So we feel very comfortable with the credit relative to our exposure.

槓桿倍數約 2.8 倍，固定費用保障倍數約 3.5 倍，所以我們覺得非常好。這裡較長期的部分——顯然短期部分是近期大多數租金，明年全年約 400 萬美元。但另一部分相對於 Charles River 的整體規模來說相當小。這是一份 12 年期租約、每年 150 萬美元。因此就我們的曝險而言，我們對其信用狀況感到非常安心。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀。

As you think about the dispositions in 2026, I think you did one in the quarter, you got three subsequent to the quarter. So what characteristics most often trigger a sale here? Is it asset age? Is it tenant credit? Is it cap rate arbitrage or just kind of strategic noncore exposure?

談到你們在 2026 年的處分，我想你們本季做了一筆，季後又做了三筆。那麼通常是哪些特徵最常觸發出售？是資產年齡嗎？是承租戶信用嗎？是資本化率（cap rate）套利，或是策略性地處分非核心曝險？

Yes. I think it comes on both sides of the barbell for us. There's the risk mitigation type sales, which hit a number of things you talked about in terms of whether it's tenant exposure, real estate fundamentals, underlying credit, maybe there was a change of control that we didn't particularly love. All sorts of stuff that could put something noncore, as you mentioned, into the bucket of -- one side of the barbell that we're just looking to reduce that exposure over time. And then as Ryan highlighted in his comments, we're also very happy to do some cap rate arbitrage.

是的。我認為對我們而言，這同時發生在「槓鈴」兩端。一端是風險緩解型的出售，會涵蓋你提到的多項因素，例如承租戶曝險、不動產基本面、底層信用，或許也包括我們不太喜歡的控制權變更等。各種因素都可能讓某項資產如你所說變成非核心，進而被歸入——槓鈴的一端，也就是我們希望隨時間推移降低該曝險。另外如 Ryan 在評論中提到的，我們也很樂意進行一些資本化率套利。

And if there's an opportunistic sale that we can have, then we're more than willing to do it. We've got a couple of the deals that we've done this year that were the result of unsolicited offers to sell at fantastic cap rates. And so part of our job is to make sure that we're accretively recycling our real estate. And so when we can do that and we can put that back to work in a fashion that's going to help us grow our earnings, we're very pleased to do it.

如果有機會型的出售，我們也非常願意去做。我們今年做的幾筆交易，是因為收到未經徵詢的收購提案，對方願意以極佳的資本化率買下。因此我們工作的一部分，就是確保以具增益（accretive）的方式循環再投資我們的不動產資產。當我們能做到這點，並把資金重新投入到有助於提升獲利成長的用途時，我們非常樂於這麼做。

Got it. And then you had that exposure to American Signature, and that's been streamlined with Gardner-White taking over those boxes. But just can you talk a little bit about how much exposure you have to the home furnishing space? How comfortable your level with this exposure? Are there plans to reduce this exposure over time?

了解。另外你們先前對 American Signature 有曝險，而 Gardner-White 接手了那些店面後已經簡化處理。但能否談談你們在家居／家具（home furnishing）領域的曝險有多少？你們對這個曝險水位的舒適度如何？是否有計畫隨時間推移降低這個曝險？

Yes. I mean -- so we don't have a huge exposure. I want to say it's been like a 2-ish percent range, maybe mid-2. Just a couple of handful of tenants in there. We certainly would be open to reducing that exposure over time.

是的。我們的曝險其實不算大。我想大概在 2% 左右的區間，可能是 2% 出頭。裡面只有少數幾個承租戶。我們當然願意隨時間推移降低這個曝險。

I mean if you look at consumer data over the last couple of quarters, home furnishings has been roughly flat in terms of sale and foot traffic. So it's not exactly growing, but it's not shrinking the same way that it was for a period of time once the sort of post-COVID boom fell off and they all started to experience a little bit of difficulty.

如果你看過去幾季的消費者數據，家居／家具在銷售與來客量方面大致持平。所以它不算在成長，但也不像之前那段時間在萎縮——當疫情後的榮景退去後，大家都開始遇到一些困難。

But we're very pleased with the resolution for American Signature with Gardner-White. We think they've got a great team in place and a great business model that they're going to be pushing through with our stores in addition to a handful of additional stores that they got from the American Signature bankruptcy. So we feel like we're in a great spot with that new master lease and 10-year term, but it doesn't mean that we wouldn't look to reduce that over time depending on where we see demographic trends and sales trends and things going.

但我們對 American Signature 由 Gardner-White 接手的解決方案非常滿意。我們認為他們有很棒的團隊與商業模式，會在我們的門市推進，此外他們也從 American Signature 破產案中取得了另外少數幾家門市。因此就這份新的總租約（master lease）與 10 年期而言，我們覺得目前處於很好的位置；但這不代表我們不會視人口結構趨勢、銷售趨勢等發展，隨時間推移考慮降低該曝險。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

Kevin, on equity issuances, you sold $3.7 million during the quarter. I know this topic comes up often, but just any updated thoughts there or likelihood to issue more or not would be helpful.

Kevin，關於股權發行，你們本季賣出了 370 萬美元。我知道這個話題常被提起，但若能分享任何更新想法，或未來是否可能再發行更多，會很有幫助。

Yes, sure. I think John addressed it for the most part a little bit ago. But it's all relative to the opportunity set. We are certainly working with a better cost of capital in the equity slice today versus in the last three years, frankly. And so it's opened up the door on the margin, but we're still not looking to pour on in a big way.

好的，當然。我想 John 不久前已經大致回應過了。但一切都取決於機會集合。坦白說，相較於過去三年，我們目前在股權這一塊的資本成本更有利。因此在邊際上確實打開了一些空間，但我們仍不打算大幅加碼發行。

And so we get a question very often as an expansion of this, which is, should we be expecting some type of balance sheet equitization and large overnight. And the answer is still no. And so measured, opportunistic is still the thing.

因此，我們經常會被問到一個延伸問題：我們是否應該預期會出現某種資產負債表的股權化，而且是大規模、隔夜發生的那種。答案仍然是否定的。所以，循序漸進、把握機會的策略仍然是重點。

Okay. Great. That was helpful. And then maybe could you give us an update on the total addressable market for the build-to-suit side? It just seems demand for development has increased broadly recently.

好的。很好。這很有幫助。接著，也許你們可以就量身訂做（build-to-suit）這一端的總可服務市場（TAM）提供最新看法嗎？看起來最近整體開發需求普遍增加。

So just wondering how that pool has changed? Or competition or any comments on pricing would be helpful.

所以想請教那個需求池有什麼變化？或是競爭情況、以及對定價的任何評論都會很有幫助。

Yes. I mean the total addressable market for us is continuing to increase. Obviously, there's sort of the nationwide market, but then we're thinking more in terms of what we are seeing and what we have an opportunity for, and that's been growing quarter-over-quarter since we initiated the program. There is increased development activity. I think people are continuing to look for opportunities to bring onshore, nearshore to increase the sophistication of their facilities.

是的。我的意思是，我們的總可服務市場仍在持續擴大。當然，有一個全國性的市場，但我們更著重於我們所看到、以及我們有機會切入的部分；自從我們啟動這個計畫以來，這部分一直在逐季成長。開發活動確實增加。我認為大家持續在尋找把產能移回本土（onshore）或近岸（nearshore）的機會，以提升其設施的先進程度。

We've seen it with some of the work that we've done as people are getting out of older dated facilities and looking to put in narrow racking, robotics, all the things that they can do with a build-to-suit that they can't necessarily do with just walking into a blank slate on a spec.

我們從一些已完成的案子也看到了：企業正在搬離較老舊的設施，並希望導入窄巷道貨架（narrow racking）、機器人等各種設備；這些是透過量身訂做（build-to-suit）才能做到的，而不一定能靠直接進駐一棟投機性開發（spec）的空白建物來實現。

And then I think even you saw with today's GDP numbers that even though the consumer is a little bit more muted than people would like, you are seeing a huge increase in investment on the business side with 10.4% growth on a period-over-period basis.

另外，我想你也從今天的 GDP 數據看到，即使消費者端比大家希望的更為保守，你仍然看到企業端投資大幅增加，期對期成長 10.4%。

So people are looking to put money to work. They're looking to get into the right types of buildings for their business. They're looking to make investments into the equipment that's going to help them grow their businesses as well.

所以大家正在尋找資金的投放機會。他們希望進入適合其業務的正確類型建物。他們也希望投資於能協助其業務成長的設備。

So we see a huge amount of opportunity here. And we're very glad that we got into this space early when we did and have started building the reputation that's allowed us to execute the way that we have.

因此我們在這裡看到非常大的機會。我們也很高興當初能夠及早進入這個領域，並開始建立聲譽，使我們能以目前的方式執行落地。

Ryan Caviola, Green Street Advisors.

Ryan Caviola，Green Street Advisors。

In this new world of AI, how do you view your portfolio's durability against any secular changes caused by technological advancements? Does that view differ between the retail side of the portfolio and the industrial side and maybe even that small office side that's still in the portfolio?

在 AI 的新世界裡，你們如何看待投資組合在面對科技進步所帶來的任何長期結構性變化時的耐久性？這個看法在投資組合中的零售、工業，甚至仍在組合裡的那一小部分辦公資產之間，是否有所不同？

Yes. If there's anything maybe on the office side because of the utilization that people are going to be reducing headcount or looking at different arrangements. But we think that there's a lot of resiliency built into our industries and our asset classes in industrial and in the retail and restaurant category. People are still going to want to go out to eat. They're still going to want to go out to shop.

是的。如果要說的話，可能是在辦公端，因為使用率的關係，人們可能會縮減人力或尋求不同的安排。但我們認為，在工業以及零售與餐飲類別這些產業與資產類別中，內建了很強的韌性。人們仍然會想外出用餐。他們仍然會想外出購物。

They're still going to be looking for those products to be delivered, for the food to be manufactured, all of the things that our real estate provides and supports. So those industries don't concern us. But office, I think there's broader secular trends and AI is only going to potentially accelerate those.

他們仍然會需要產品配送、需要食品製造，以及我們的不動產所提供並支撐的所有事情。所以這些產業不會讓我們擔心。但辦公方面，我認為存在更廣泛的長期結構性趨勢，而 AI 可能只會加速這些趨勢。

I appreciate that. And then just one quick one on the disposition front. Just seeing if there's a pricing read-through here on the one asset you sold during the quarter. I just noticed there's a touch to mid-5s cap rate with a sub-10 lease term, which is kind of interesting. So just any color there.

了解，謝謝。另外再快速問一個關於處分（disposition）的問題。想看看你們本季賣出的那一項資產，是否能提供一些定價上的解讀。我注意到它的資本化率（cap rate）大約落在 5% 中段，且剩餘租期不到 10 年，這點蠻有意思的。能否補充一些背景？

Yes, a great opportunistic sale for us. That was an unsolicited offer to sell. We will always look for places where we've got an asset valued at one place and somebody else think it's inside it or the cap rate is inside of that, so they're willing to pay more for it. And if we can make that arbitrage work, we will. We're not looking at going around selling our best trophy assets.

是的，對我們而言是一筆很好的機會型出售。那是一個非主動徵詢（unsolicited）的收購出價。我們一向會留意這種情況：我們對某項資產的估值在某個水準，但別人認為它的內含價值更高，或認為其資本化率比我們的假設更低，因此願意付出更高價格。如果我們能做出這樣的套利（arbitrage），我們就會做。我們並不是要到處去賣我們最好的旗艦資產（trophy assets）。

These are places where we've seen good opportunities for assets that we kind of put in the middle of the pack for us, but somebody else sees it as a gem. And if that's the case, we're happy to sell it to them at a mid-5 cap.

這些是我們認為屬於中段水準的資產，但別人把它視為寶石。如果是這樣，我們很樂意以 5% 中段的資本化率把它賣給對方。

John Kim, BMO Capital Markets.

John Kim，BMO Capital Markets。

This quarter, you had 119% recapture rate and that follows what you did last quarter of 110%. Is that mainly driven by industrial leasing? And secondly, do you have visibility on what your current mark-to-market is of your portfolio, just to see how returning this could be going forward?

本季你們的租金回收率（recapture rate）是 119%，而上季是 110%。這主要是由工業租賃所帶動的嗎？第二，你們是否能掌握目前投資組合的市價調整幅度（mark-to-market），以便了解未來這個回收率可能如何走？

Yes, mostly driven by industrial. A lot of times, the retail assets that are going to roll are going to have a fixed rent bump as the way they go through, but we've got a little bit more of ability to mark-to-market on the industrial side. We aren't looking necessarily at the assets that have 10-plus years of term left on a mark-to-market basis. I mean, that's anyone's guess at this point what's going to be rent in those periods of time. We do look at it, though, for the next two to three to four years.

是的，主要由工業帶動。很多時候，零售資產在到期續租時，租約結構通常是固定的租金調升幅度；但在工業端，我們更有能力把租金調整到市價水準（mark-to-market）。我們不會特別針對剩餘租期還有 10 年以上的資產去做市價調整分析。我的意思是，到了那麼久以後的期間，租金會是多少，現在誰也說不準。不過，我們確實會針對未來兩到三到四年去看。

We've got our re-leasing pretty much under control already for 2026. We have a little bit of a heftier volume for 2027, but we started working on those last year. And so we have a view on the mark-to-market and then also looking out into 2028 and 2029. Generally speaking, without putting a number on it, we feel very good that on an aggregate basis we're in a good spot from a same-store growth standpoint for the assets that are going to re-lease moving forward.

我們對 2026 年的再出租（re-leasing）基本上已經掌握得差不多了。2027 年的到期量會稍微大一些，但我們去年就開始著手處理。因此我們對市價調整幅度有一定的視角，同時也會往 2028、2029 年去看。整體而言，在不給出具體數字的前提下，我們對於未來將再出租的資產，從同店成長（same-store growth）的角度來看，整體處於不錯的位置，我們感到很有信心。

But 119%, is that something that could occur again? Or is this sort of an aberration in this quarter?

但 119% 這個水準，未來還可能再發生嗎？還是說這只是本季的偶發現象？

It depends. I mean we've had good results. I mean in the last couple of years, we've looked at like 107%, 108%. So 119% is a little bit higher than what we've seen in the last year or so. Happy to continue to push for those if we can get it, but that's maybe a little bit more on the high watermark side.

要看情況。我們確實有不錯的成果。過去幾年我們大概是 107%、108% 這樣的水準。所以 119% 比我們過去一年左右看到的要高一些。如果能做到，我們也很樂意繼續努力推升，但那可能比較偏向高水位（high watermark）。

Okay. And on Project Triboro, it was a very thorough update, which is helpful. I think at your Investor Day, you talked about hyperscaler interest in acquiring that site from you at a nice premium. Just given the process could be elongated and maybe it could be -- end up getting pretty political, is that an option that's still on the table for you or something that you're considering?

好的。關於 Triboro 專案，這次更新非常詳盡，很有幫助。我記得在你們的投資人日上，你們提到有超大規模雲端業者（hyperscaler）有興趣以不錯的溢價向你們收購那個場址。考量到流程可能會拉長、而且最後可能會變得相當政治化，這個選項對你們來說是否仍在考慮範圍內，或是你們仍在評估？

Yes. So our conversations with hyperscalers have primarily been in the zone of leasing. So leasing the sites to them. But powered land sale and us exiting the opportunity still is on the table. There continues to be interest from all sorts of institutional buyers that would like to get access to it.

是的。我們與超大規模雲端業者的對話，主要還是集中在租賃層面。也就是把場址租給他們。不過，出售已供電土地、讓我們退出這個機會，仍然是可行選項。各類機構型買家持續對此有興趣，並希望取得進入該資產的機會。

So the hyperscaler conversation has been much more in the vein of leasing. And to the extent that we believe the right value maximization opportunity for us to sell, there's plenty of folks that are interested in the site.

所以，與超大規模雲端業者的討論更偏向租賃。而如果我們認為出售才是能為我們帶來最佳價值極大化的機會，對該場址有興趣的人選非常多。

Michael Gorman, BTIG.

Michael Gorman，BTIG。

This is Zach Light on for Michael Gorman. Just building on the first question asked and going back to the Boston transaction in the quarter. It's a unique deal relative to typical acquisitions in the past. Given the implications and additional infrastructure spend and BTS development component mentioned in the remarks, was this a broadly marketed process or relationship source transaction?

我是代 Michael Gorman 提問的 Zach Light。延續第一個問題，回到本季的波士頓交易。相較於過去典型的收購案，這是一筆相當獨特的交易。考量到你們談話中提到的影響、額外的基礎設施支出以及 BTS（依需求興建）開發的組成部分，這是一個廣泛行銷的流程，還是透過關係來源取得的交易？

And would this type of partial structured sale leaseback with embedded development be something that you're actively seeking to replicate or more of an opportunistic one-off in the quarter?

另外，這種部分結構化的出售-回租（sale leaseback），並內嵌開發內容的交易型態，是你們正在積極尋求複製的模式，還是本季較偏機會型的一次性交易？

So a direct deal all the way. This was not broadly marketed. This was one that we partnered with Sansone to find a solution for them and for Charles River to make this work in an attractive way for us. These are the types of deals that we think that we absolutely excel at because there's a lot of other folks that would look at something like this and just say no and they would walk away because it would involve a little bit more work and it's a little bit more outside of, as I said, sort of the commodity net lease business that prevails in a lot of other places. So we absolutely would look for more opportunities like this.

這完全是一筆直接洽談的交易。並沒有廣泛行銷。我們與 Sansone 合作，為他們以及 Charles River 找到一個解決方案，讓這件事以對我們而言具吸引力的方式成案。我們認為這正是我們絕對擅長的交易類型，因為很多其他人看到這種案子會直接說不、轉身離開，因為它需要多做一些工作，而且也比較偏離——如我所說——在許多地方普遍存在的那種商品化淨租賃（net lease）業務。所以我們絕對會尋找更多類似的機會。

We think we've built a good reputation on someone who can creatively structure deals that work for everybody but still provide a great way for us to grow our earnings and find ways to deploy capital to interesting places that can provide value in the future. S

我們認為自己已建立起良好口碑：能以創意方式設計出對各方都可行的交易結構，同時也能為我們提供一條很好的路徑來成長獲利，並找到將資本部署到有趣領域的方法，這些領域未來能帶來價值。S

o this isn't something where you necessarily can find opportunities like this just on the listings that are out there from brokers. These are relationship-based type deals and these are the types of deals that we believe are going to come through our network. And we hope to be able to find more, because if this plays out the way that we've underwritten and the way that we believe, it's going to be a heck of a success for Broadstone.

所以，這不是那種你可以單純從仲介釋出的清單上就找到的機會。這些是以關係為基礎的交易，我們相信這類交易會透過我們的人脈網絡出現。我們也希望能找到更多，因為如果事情如我們承作時的假設、以及我們所相信的那樣發展，這將會是 Broadstone 一個非常大的成功。

That's great. And then just a follow-up, switching over to the portfolio. We noticed industrial exposure continues to climb. So as industrial concentration approaches that two third range in the portfolio, how are you thinking about the appropriate ceiling for industrial exposure? And does the mix shift within industrial reflect a specific strategy or is this simply the composition of available deal flow?

很好。接著追問一下，轉到投資組合。我們注意到工業類資產曝險持續上升。因此，當工業類集中度接近投資組合約三分之二時，你們如何看待工業曝險的適當上限？另外，工業內部的組合變化是反映特定策略，還是只是可取得交易案源的組成所致？

I'll take the second part first. I think it's a little bit more about deal flow and some of the relationships that we have. Often, our partners will specialize in one particular type of thing versus another. And so you're just going to naturally see more of a particular industrial type than something else if you're working with the same developer or the same sponsor or seller, what have you. We saw that with food processing as we grew that over the last few years.

我先回答第二部分。我認為這更多是案源以及我們的一些關係所致。很多時候，我們的合作夥伴會專注於某一類型，而不是另一類。因此，如果你與同一個開發商、同一個贊助方或賣方等合作，你自然會看到某一種工業類型的比重高於其他類型。過去幾年我們擴大食品加工類時也看到同樣情況。

We're working with sponsors that did a lot of work in food processing. So it naturally became a bigger percentage. In terms of the mix, we have been 70-plus percent allocated towards from an investment dollar standpoint in industrial since like 2018, 2019. So not really any difference in the overall strategy the way that we're allocating capital and deploying it. So I would expect over time that you should see our industrial exposure grow into that 65% to 75% as we work our way down on office and the remaining buckets of clinical health care and things.

我們當時與在食品加工領域做了大量工作的贊助方合作。所以它自然就成為更大的比例。就配置而言，從投資金額的角度看，我們自 2018、2019 年以來就有 70% 以上配置在工業類。因此，在資本配置與部署的整體策略上，並沒有真正的差異。所以我預期，隨著我們逐步降低辦公室，以及剩餘的臨床醫療保健等類別的比重，長期來看工業曝險會成長到 65% 到 75% 的區間。

You should also expect retail and restaurants to end up in that like 25%, 35%. That would be the mix that I would expect in the near to medium term for Broadstone going forward.

你也應該預期零售與餐飲最後會落在大約 25% 到 35%。這會是我對 Broadstone 未來短中期投資組合結構的預期。

We have no further questions. And so I'll turn the call back over to John Moragne for closing remarks.

我們沒有其他問題了。接下來我把電話交回給 John Moragne 做結語。

Great. Thanks, everybody, for the time today. We've enjoyed walking you through our strategy and what we've been working on. We're getting right into the heat of conference season starting next week and all the way through Nareit at the beginning of June. So we look forward to seeing many of you in person.

很好。感謝各位今天撥冗參與。我們很高興能帶各位走過我們的策略以及我們一直在推進的工作。從下週開始我們就會進入會議季的高峰，一路到 6 月初的 Nareit。因此，我們期待能與許多各位面對面交流。

Hope you all have a great rest of your day. Thank you.

祝各位今天剩下的時間愉快。謝謝。

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

感謝各位今天加入。本次電話會議到此結束，您現在可以掛線。