CTO Realty Growth Inc (CTO) 2023 Q4 法說會逐字稿

Good day and thank you for standing by, and welcome to the CTO Realty Growth Fourth Quarter 2023 earnings call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session to ask a question.

美好的一天，感謝您的支持，歡迎參加 CTO Realty Growth 2023 年第四季財報電話會議。此時，所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節。

(Operator Instructions) Again, please be advised that today's conference is being recorded. I'd now like to hand the conference over to your host today, Matthew Partridge, Chief Financial. Please go ahead.

（操作員指示）再次請注意，今天的會議正在錄製中。現在我想將會議交給今天的東道主，財務長 Matthew Partridge。請繼續。

Good morning, everyone. Thank you for joining us for the CTO Realty Growth Fourth Quarter and Full Year 2023 operation results conference call. With me today is our CEO and President, John Albright.

大家，早安。感謝您參加我們的 CTO Realty Growth 第四季和 2023 年全年營運業績電話會議。今天與我在一起的是我們的執行長兼總裁約翰·奧爾布賴特 (John Albright)。

Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The Company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.

在開始之前，我想提醒大家，根據聯邦證券法，我們今天的許多評論都被視為前瞻性陳述。本公司未來的實際績效可能與這些前瞻性陳述中討論的事項有重大差異，我們不承擔更新這些陳述的責任。

Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company's Form 10-K Form 10-Q and other SEC filings. You can find our SEC reports, earnings release, quarterly supplemental and most recent investor presentation on our website at CTRE. dot com. With that I'll now turn the call over to John.

公司的 10-K 表格、10-Q 表格和其他 SEC 文件中會不時更詳細地揭露可能導致實際結果與預期產生重大差異的因素和風險。您可以在我們的 CTRE 網站上找到我們的 SEC 報告、收益發布、季度補充報告和最新投資者簡報。 .com。現在我將把電話轉給約翰。

Thanks, Matt, and good morning, everyone. We had a terrific fourth quarter of execution in nearly all aspects of our business, resulting in core FFO and FFO per share growth of 41%, which was meaningfully ahead of our expectations and consensus estimates.

謝謝馬特，大家早安。第四季我們業務的幾乎所有方面都表現出色，導致核心 FFO 和 FFO 每股成長 41%，這大大超出了我們的預期和共識估計。

Our strong fourth quarter drove a significant beat above the top end of our previously provided full year guidance, fueled by fourth quarter same property NOI growth of 4.7%, better than expected. Tenant retention and property level NOI at some of our more recently acquired properties that are not included in our same-property statistics.

由於第四季度相同房地產 NOI 成長 4.7%（優於預期），我們強勁的第四季度大幅超出了先前提供的全年指引的上限。我們最近收購的一些物業的租戶保留率和物業水平 NOI 未包含在我們的相同物業統計資料中。

Continued strength in leasing where we generated comparable rent spreads of nearly 18% during the quarter and 7.5% for the year and beneficial timing related to the flurry of dispositions we had to finish 2023. Overall, I'm pleased that the way our team executed as we worked our way back from some unexpected tenant departures early last year.

租賃業務持續強勁，本季租金利差接近 18%，全年租金利差達到 7.5%，而且我們必須在 2023 年完成一系列處置，這也是有利的時機。總的來說，我很高興我們的團隊在去年年初從一些意外的租戶離職中恢復過來時的執行方式。

I'm happy to say we're continuing to see that positive momentum carry forward into the first quarter of 2024, where we've had a very strong couple of months. The supply demand imbalance that many people have highlighted as a multi year tailwind for retail helped drive our strong leasing activity during the quarter.

我很高興地說，我們將繼續看到這種積極勢頭延續到 2024 年第一季度，我們在這幾個月表現非常強勁。許多人強調，供需失衡是零售業多年的順風車，有助於推動我們本季強勁的租賃活動。

This is evidenced by our signing of nearly 100,000 square feet of new leases, renewals and options and extensions, an average rent of $32.66 per square foot. To put that into perspective, this per square foot value for the fourth quarter was at least 23% higher than the average rents achieved in the first second or third quarters of 2023.

我們簽署了近 100,000 平方英尺的新租約、續租、選擇權和延期，平均租金為每平方英尺 32.66 美元，就證明了這一點。從這個角度來看，第四季的每平方英尺價值比 2023 年第一季、第二季或第三季的平均租金至少高出 23%。

In addition to our ability to push rate, quality of leasing during the fourth quarter was relatively widespread with the collection of foresight in West Broad Village, seeing the most activity in more than half of the rents coming from leading brands such as REI, Fidelity, UBS, Ford's garage and J. Crew.

除了我們推價的能力外，第四季的租賃品質也相對普遍，西布羅德村的前瞻性匯集，看到最活躍的租金超過一半來自REI、Fidelity、瑞銀(UBS)、福特車庫和J . Crew。

Our 18% comparable growth in new cash base rents versus expiring rents is going to help push same-store NOI in 2024 and even more so in 2025.

我們的新現金基礎租金與到期租金相比增加了 18%，這將有助於推動 2024 年的同店 NOI，甚至在 2025 年更是如此。

When we'll get the full benefit of some of the larger leases signed on acquired vacancy when we lap over the natural timing disruption for the full year, the quality of our locations strong demographics and targeted lease-up strategies have allowed us to sign nearly $0.5 million square feet of leases resulting in our signed, but not opened pipeline totaling more than 6% of the portfolio, cash base rents and it's growing.

當我們克服全年的自然時間中斷時，我們將充分受益於在​​獲得的空置上簽署的一些較大租賃合同，我們的地點質量、強大的人口統計數據和有針對性的租賃策略使我們能夠簽署近我們簽署了 50 萬平方英尺的租賃合同，但尚未開放，總計佔投資組合、現金基礎租金的 6% 以上，而且還在不斷增長。

We ended the year with a modest increase to occupancy finishing at 90.3% and leased occupancy increased to 93.3%, both of which are testament to our leasing activity. Given that we've largely been selling 100% occupied assets during the fourth quarter, we sold six properties for $64 million at a weighted average exit cap rate of 7.8%.

年底，我們的入住率小幅增長至 90.3%，租賃入住率增至 93.3%，這兩者都證明了我們的租賃活動。鑑於我們在第四季度基本上出售了 100% 佔用的資產，我們以 7.8% 的加權平均退出上限以 6,400 萬美元的價格出售了六處房產。

These dispositions include a community shopping center in Fort Worth, Texas, a small format retail property in Henderson, Nevada, three single-tenant retail outparcels at our Crossroads Town Center in Chandler, Arizona, and one of our two remaining single-tenant office properties for the for the full year.

這些處置包括德克薩斯州沃思堡的一個社區購物中心、內華達州亨德森的一個小型零售物業、亞利桑那州錢德勒十字路口鎮中心的三個單租戶零售外地，以及我們剩餘的兩個單一租戶辦公物業之一全年。

We sold nine properties for $87 million at a weighted average exit cap rate of 7.5% and generated total gains of sales of $6.6 million on the investments for us. It was relatively quiet period. However, throughout 2023, we invested $80 million into four retail properties and one land parcel in originated first mortgage investments totaling $30 million.

我們以 7.5% 的加權平均退出上限，以 8,700 萬美元的價格出售了九處房產，並為我們的投資帶來了 660 萬美元的總銷售收益。那是一個相對平靜的時期。然而，在 2023 年全年，我們向四處零售物業和一塊地塊投資了 8,000 萬美元，發起的第一抵押貸款投資總額為 3,000 萬美元。

In aggregate, we've invested at a blended going-in cash yield of 7.7%, which I note is notably above our 2023 disposition cap rate that was negatively impacted by the higher exit cap rates on to office property sales as we close the book on 2023 and shift our focus on 2024.

總的來說，我們的投資混合投入現金收益率為 7.7%，我注意到該收益率明顯高於我們的 2023 年處置上限利率，該利率受到我們結帳時辦公物業銷售退出上限利率上升的負面影響2023 年，並將重點轉向2024 年。

I'm very excited about some of the recent activity in our portfolio and the investment opportunities we're seeing in the market. From a transactions perspective, we are under contract with a nonrefundable deposit to sell our mixed use property in Santa Fe New Mexico for $20 million.

我對我們投資組合中最近的一些活動以及我們在市場上看到的投資機會感到非常興奮。從交易的角度來看，我們簽訂了一筆不可退還押金的合同，以 2000 萬美元的價格出售我們位於新墨西哥州聖達菲的混合用途房產。

We anticipate the sale will close before the end of the quarter and the proceeds from this sale, combined with restricted cash and seller financing. Proceeds from the most recent office sale give us dry powder to acquire larger format retail properties that are more core to our strategy to put some context around the early 2020 for positive momentum policy and ROE and established food hall experience in Atlanta.

我們預計此次出售將在本季末之前完成，並將獲得此次出售的收益，加上有限的現金和賣方融資。最近的辦公室銷售收入為我們提供了收購大型零售物業的乾粉，這些物業對於我們的策略而言更為核心，即在2020 年初為積極的勢頭政策和股本回報率以及在亞特蘭大建立的美食廣場體驗提供一些背景。

In culinary dropout, a well-known Sandbox restaurant concept, both opened at Ashford lane this month in February to chat just opened last week to a very strong reception at West Broad Village enrichment together, just these three tenants combined for approximately $1.4 million in annual base rent.

著名的 Sandbox 概念餐廳 Culinary Dropout 於 2 月份在 Ashford Lane 開業，上週剛開業，在 West Broad Village 的豐富活動中受到了非常熱烈的歡迎，僅這三個租戶的年收入合計約為 140 萬美元基本租金。

In addition, just in the past week, we signed a ground lease on the undeveloped 10 acres we purchased less than six months ago that adjacent to the collection at four sites. In the same week, we sold our remaining non-income-producing subsurface interest for gross proceeds of $5 million, which we intend to tax efficiently redeploy into investment acquisition.

此外，就在上週，我們在不到六個月前購買的未開發的 10 英畝土地上簽署了土地租約，該土地毗鄰四個地點的藏品。同一周，我們出售了剩餘的不產生收入的地下權益，獲得了 500 萬美元的總收益，我們打算將這些收益有效地重新部署到投資收購中。

With that, I'll let Matt highlight our portfolio go into details about 2023 financial results and provide some more specifics regarding our 2024 guidance and then we'll open it up for questions. Matt?

接下來，我將讓 Matt 重點介紹我們的投資組合，詳細介紹 2023 年財務業績，並提供有關 2024 年指導的更多具體信息，然後我們將開放提問。馬特？

Thanks, John. We ended the year with 20 properties totaling $3.7 million square feet of leasable space in eight states and 12 markets. Our portfolio continues to be concentrated in some of the fastest growing areas in the Sunbelt with Atlanta and Dallas now representing 50% of our annualized base rent and the majority of our other markets are in higher growth population states such as Texas, Florida, Arizona and North Carolina.

謝謝，約翰。截至年底，我們在 8 個州和 12 個市場擁有 20 處房產，總價值為 370 萬平方英尺。我們的投資組合繼續集中在陽光地帶一些成長最快的地區，其中亞特蘭大和達拉斯目前占我們年化基本租金的50%，而我們的大多數其他市場位於人口增長較高的州，例如德克薩斯州、佛羅裡達州、亞利桑那州和北卡羅來納州。

Recent disposition activities have allowed us to decrease the stand-alone office exposure in our portfolio to less than 5% at year end 2023 compared to 10% at year end 2022. And our top tenant list continues to increase in quality with Whole Foods, Publix, Dick's Sporting Goods, Darden Restaurants, Best Buy, T.J. Maxx, home goods, A. and C.

最近的處置活動使我們能夠將投資組合中的獨立辦公室風險敞口從 2022 年底的 10% 減少到 2023 年底的 5% 以下。我們的頂級租戶名單的品質不斷提高，其中包括 Whole Foods、Publix、Dick's Sporting Goods、Darden Restaurants、Best Buy、T.J. Maxx，家居用品，A. 和 C.

Fidelity & Ross Dress for Less all solidified its top 10 tenant our earnings for the fourth quarter of 2023 surpassed expectations with core FFO per share, demonstrating its fourth consecutive quarter of acceleration coming in at $0.48 per share representing a 41.2% increase compared to the fourth quarter of 2022 and fourth quarter 2023 AFFO was $0.52 per share, representing a 40.5% increase over the fourth quarter of 2022.

Fidelity & Ross Dress for Less 全部鞏固了其十大租戶的地位，我們2023 年第四季度的每股核心FFO 收益超出了預期，表明其連續第四個季度加速增長，每股收益為0.48 美元，較第四季成長41.2% 2022年第四季及2023年第四季AFFO為每股0.52美元，較2022年第四季成長40.5%。

Q4 core FFO and AFFO year-over-year comparisons benefited from better tenant retention, higher rents and better analyzed flow through at many of our recently acquired properties for 4.7% increase in same property NOI, most notably driven by strong percentage rents at our Daytona Beach restaurants in the full year benefits from the repositioning and lease-up of.

第四季核心FFO 和AFFO 同比比較受益於我們最近收購的許多房產的更好的租戶保留率、更高的租金和更好的分析流量，同一房產NOI 增長了4.7%，最顯著的是我們代托納的強勁租金百分比海灘餐廳全年受益於重新定位和租賃。

Ashford lane lease termination payments related to tenants who previously vacated increased interest income from the makeup and size of our structured investments portfolio and growth in management fees and dividend income.

與先前騰出的租戶相關的阿什福德巷租賃終止付款增加了利息收入，這些收入來自我們結構性投資組合的組成和規模以及管理費和股息收入的增長。

To strengthen our results was partially offset by higher interest expense and increased income taxes as well as the full year effects of our December 2022 common equity raise for the year, core FFO was $1.77 per share, and AFFO was $1.91 per share.

為了加強我們的業績，利息支出增加、所得稅增加以及 2022 年 12 月普通股募集的全年影響部分抵消了我們的業績，核心 FFO 為每股 1.77 美元，AFFO 為每股 1.91 美元。

Representing a year-over-year per share growth of 2% and 4% respectively, when compared to 2022 after accounting for the impact of the three for one stock split in 2022, FFO per share in 2023 represents an all-time record year for the Company since its since it converted to a rate in 2020.

考慮到 2022 年「三換一」股票分割的影響後，與 2022 年相比，2023 年每股 FFO 分別同比增長 2% 和 4%，創下歷史最高紀錄。該公司自2020 年轉換為費率以來。

As we previously announced, the Company paid a fourth quarter regular cash dividend of $0.38 per share in December, resulting in a Q4 2023 FFO payout ratio of 73%. And earlier this week, the Company declared its first quarter 2024 regular common stock cash dividend of $0.38 per share, which is payable on March 28th to shareholders of record on March 14th.

正如我們之前宣布的，該公司於 12 月支付了每股 0.38 美元的第四季度定期現金股息，導致 2023 年第四季度 FFO 派息率為 73%。本週早些時候，該公司宣布 2024 年第一季常規普通股現金股利為每股 0.38 美元，將於 3 月 28 日支付給 3 月 14 日登記在冊的股東。

This is the Company's 48th consecutive year of declaring a common dividend in the $0.38 per share represents a very attractive current annualized yield of approximately 9.2%.

這是該公司連續第 48 年宣布派發普通股息，每股 0.38 美元，當前年化收益率約 9.2%，極具吸引力。

During the fourth quarter, we maintained our opportunistic approach to capital allocation, repurchasing more than 14,000 shares of our Series A. preferred stock at an average price of $18.40 per share. This represents a 26% discount to liquidation preference.

第四季度，我們維持了機會主義的資本配置方式，以每股 18.40 美元的平均價格回購了 14,000 多股 A 輪優先股。這意味著清算優先權有 26% 的折扣。

And we also repurchased over 62,000 shares of our common stock at an average price of $15.72 per share, which has an effective annualized yield on cost of 9.7%.

我們也以每股 15.72 美元的平均價格回購了 62,000 多股普通股，有效年化成本收益率為 9.7%。

As part of our approach to balance sheet and interest rate management, we entered into a new $50 million forward starting interest rate swap agreement to fix, so for an average fixed swap rate of 3.85% for the period between February 2024 in January 2028.

作為我們資產負債表和利率管理方法的一部分，我們簽訂了一項新的5,000 萬美元遠期起始利率掉期協議來固定，因此2024 年2 月至2028 年1 月期間的平均固定掉期利率為3.85%。

This locked in nearly all of our remaining variable interest rate exposure on our balance sheet at a current all-in fixed rate of 5.45%, which is approximately 150 basis points below the currently floating at interest rates. We ended the year with net debt to total enterprise value of 51% and our net debt to pro forma.

這將我們資產負債表上幾乎所有剩餘的可變利率風險鎖定為目前 5.45% 的固定利率，比目前的浮動利率低約 150 個基點。到年底，我們的淨債務佔企業總價值的 51%，我們的淨債務預計為 51%。

EBITDA per quarter over quarter to 7.6 times with the more than $150 million of total liquidity from available cash, restricted cash and undrawn revolver commitments, as well as the anticipated proceeds from our Santa Fe property sale. We're well-positioned to be opportunistic in the transaction market this year.

每季 EBITDA 環比增長 7.6 倍，總流動資金超過 1.5 億美元，來自可用現金、限制性現金和未提取的左輪手槍承諾，以及聖達菲房產出售的預期收益。我們處於有利位置，可以在今年的交易市場上抓住機會。

Turning to our 2024 guidance, we expect core FFO to be between $1.56 to $1.64 per diluted share and AFFO is forecasted to be between $1.70 and $1.78 per diluted share.

談到我們的 2024 年指引，我們預計核心 FFO 稀釋後每股收益在 1.56 美元至 1.64 美元之間，AFFO 預計稀釋後每股收益在 1.70 美元至 1.78 美元之間。

We're anticipating investment activity between $100 million and $150 million at the weighted at a weighted average initial investment yield of 7.75% to 8.25%. And our disposition guidance assumes $75 million to $125 million of asset sales at a weighted average exit cap rate between 7.5% and 8.25%.

我們預計投資活動將在 1 億至 1.5 億美元之間，加權平均初始投資收益率為 7.75% 至 8.25%。我們的處置指引假設資產出售金額為 7,500 萬至 1.25 億美元，加權平均退出上限率為 7.5% 至 8.25%。

Our assumptions for 2024 which conservatively contemplates cash flow disruption related to the timing of our dispositions. And investments also includes very strong lease-up assumptions, assumptions for the current portfolio before taking into account our transaction activities, we're projecting leased occupancy to be between 95%, 96% by year end, implying gains of approximately 200 to 300 basis points during the year, which would be a strong tailwind for 2025.

我們對 2024 年的假設保守地考慮了與我們的處置時間相關的現金流中斷。投資還包括非常強大的租賃假設，在考慮我們的交易活動之前對當前投資組合的假設，我們預計到年底租賃入住率將在 95% 至 96% 之間，這意味著收益約為 200 至 300 基點今年的分數，這將是2025 年的強勁推動力。

Same-property NOI in 2024 is forecasted to be to increase between 2% to 4%, which is most materially impacted by the lost rent from we work in 2024. And our expectation it will there will be timing disruption between when some of our known lease expirations occur and when the replacement tenants rent commence so that these drags in 2024 are expected to reverse and provide incremental growth in 2025.

預計 2024 年相同房產的 NOI 將增加 2% 至 4%，主要受到 2024 年工作租金損失的影響。我們預計，在我們已知的一些租約到期與替代租戶租金開始之間將會出現時間中斷，因此這些拖累預計將在 2024 年扭轉並在 2025 年實現增量增長。

Part of our guidance assumptions, we maintain credit loss reserves between 75 and 100 basis points of property level revenue, which is consistent with our historical run rate. And we're not currently projecting any additional share issuances or repurchases.

作為我們指導假設的一部分，我們將信貸損失準備金維持在房地產收入的 75 至 100 個基點之間，這與我們的歷史運作率一致。我們目前沒有計劃任何額外的股票發行或回購。

And finally, as John mentioned, are signed but not opened or SNO pipeline continues to grow, representing $4.5 million of incremental future base rent for more than 6% of our current portfolio's cash base rents, combined with the positive leasing momentum.

最後，正如John 所提到的，已簽署但尚未開放，或者SNO 管道繼續增長，這意味著450 萬美元的增量未來基本租金占我們當前投資組合現金基本租金的6% 以上，再加上積極的租賃勢頭。

Potential upside to our guidance from the timing of transactions and the long-term benefits of our asset management technology initiatives for setting the stage for a strong 2024 and the potential for a milestone year in 2025.

交易時機和我們的資產管理技術計劃的長期效益為我們的指導帶來了潛在的上行空間，為 2024 年的強勁發展奠定了基礎，並有可能在 2025 年實現里程碑式的一年。

With that, I'll now turn back over to the operator to open the line for questions.

這樣，我現在將轉回給接線員以打開提問線路。

(Operator Instructions)

（操作員說明）

Floris van Djikum, Compass Point.

弗洛里斯·範吉庫姆，羅盤角。

Hey, morning, guys. Thanks for taking my question. John, obviously, you guys got a lot of things moving and we're happy. I think investors are probably happy to see you get rid of some of that office exposure, which appears to be unloved in the markets today.

嘿，早上好，夥計們。感謝您提出我的問題。約翰，顯然，你們取得了很多進展，我們很高興。我認為投資者可能會很高興看到你擺脫了一些辦公室風險，而這些風險在今天的市場上似乎不受歡迎。

Maybe if you could talk a little bit about your other initiatives that you've been doing, including bringing the property management in Houston, I believe in Atlanta is or are there steps underway to do the same thing in Dallas and and what kind of uplift could investors expect going forward from these kinds of initiatives?

也許您可以談談您一直在做的其他舉措，包括將物業管理引入休士頓，我相信亞特蘭大正在或正在採取措施在達拉斯做同樣的事情，以及什麼樣的提升投資者能否期待此類舉措的進一步發展？

Yes. Thanks for some. I'll let Matt talk about the uplift, but as far as structure, but we do have a expanding team in Atlanta has been very successful and beneficial to us having people on the ground and a lot of efficiencies there, especially just people with an owner's eye on on our properties there.

是的。謝謝一些。我會讓馬特談談提升，但就結構而言，我們在亞特蘭大確實有一支不斷擴大的團隊，這支團隊非常成功，對我們在當地擁有人員和提高效率非常有利，尤其是那些擁有豐富經驗的人。業主關注我們那裡的房產。

And given that we've had all these the restaurant openings with the Tahltan food hall is just opened. Colony director dropout just opened. It has really been critical to have people there on the ground and very helpful.

鑑於我們已經完成了所有這些，塔爾坦美食大廳的餐廳剛剛開業。殖民地主任輟學剛開始。讓人們在現場並提供幫助確實至關重要。

With regards to Dallas, we're starting a little bit of that process. We don't have quite as large of a presence there as as in size and Atlanta. But you could see that sort of opportunity is well down the road.

關於達拉斯，我們正在開始這個過程的一部分。我們在那裡的影響力不如亞特蘭大那麼大。但你可以看到這種機會即將到來。

A fourth, Matt, from an uplift perspective, I think Atlanta probably provides at least one to $0.02 a share, and that's without a more focused team, probably getting some economies of scale in terms of bidding out cohesive contracts for the port, the entire portfolio and the market. So there's probably upside to that $0.01 or $0.02.

第四，馬特，從提升的角度來看，我認為亞特蘭大可能至少提供每股1 到0.02 美元的價格，而且在沒有更專注的團隊的情況下，可能會在為港口、整個港口競標有凝聚力的合約方面獲得一些規模經濟。投資組合和市場。因此，0.01 美元或 0.02 美元可能有上漲空間。

Thanks. And maybe if I could, on your follow through as well as the ethanol pipeline, it's I think you indicated $4.5 million of ABR, yes.

謝謝。也許如果可以的話，關於您的後續行動以及乙醇管道，我認為您表示了 450 萬美元的 ABR，是的。

Around 6% of your ABR. When is the timing of that coming online and does that include backs? I presume that does not include the backfills for we work or the theater in North Carolina, but if you can give us a little bit more color on the timing and also in those two particular spaces with what's happening on on backfilling those?

約佔 ABR 的 6%。上線時間是什麼時候？是否包含後台？我想這不包括我們工作或北卡羅來納州劇院的回填，但您是否可以給我們更多關於時間安排以及這兩個特定空間的回填情況？

Yes, I'll give a little bit of color on the timing. I'll let John talk about the backfill on we work and Regal So timing wise, Paulson row culinary drop out in further detail that John mentioned all those in the past couple of weeks. That's about 30% of the pipeline. The rest of it probably is late Q3, 4Q weighted down. So it will have a disproportionate benefit to 2025 versus 2024.

是的，我會在時間上給出一些顏色。我會讓約翰談談我們工作和富豪的回填，所以時間明智，保爾森行烹飪退出了約翰在過去幾週提到的所有這些細節。這大約佔管道的 30%。其餘的可能是第三季末、第四季的壓力。因此，與 2024 年相比，2025 年將帶來不成比例的效益。

And on those regards on where we are with particular tenants. So on Regal Theater, we've had we've been going back and forth to different tenants, and we're basically there with the with the tenants. So you should see that kind of In Motion very soon.

以及我們與特定租戶的關係。因此，在富豪劇院，我們一直在與不同的租戶進行交流，我們基本上與租戶在一起。所以你很快就會看到這種 In Motion。

And so that's nice to get that that backfilled and get going. But remember, the process on all these, especially larger tenants to get open, is really running a year, we tried to tried to do better and shorten that obviously is really up to the tenant with given permit drawings.

因此，很高興能夠得到回填並繼續前進。但請記住，所有這些，特別是大型租戶的開放過程，實際上已經持續了一年，我們試圖做得更好並縮短時間，這顯然實際上取決於擁有許可圖紙的租戶。

But it's the approval process in certain jurisdictions just take a while, as you probably have heard across the campus of other companies with regards to we work, we've had this this year, we've had several tours with tenants so there's a couple of tenants out there for the full space.

但這是某些司法管轄區的審批過程需要一段時間，正如您可能在其他公司的校園中聽說過的關於我們工作的情況一樣，我們今年已經這樣做了，我們已經與租戶進行了幾次旅行，所以有幾個租戶的整個空間。

There are a couple of turns there for half the space or a third of the space. So we were very anxious to get it leased in. So you are our brokers know that. And so you won't let a deal die over of small issues or we're aggressively pursuing tenants in the market and florists just to piggyback on that.

一半的空間或三分之一的空間有幾個轉彎。所以我們非常急切地想把它租出去。所以你是我們的經紀人知道這一點。因此，您不會讓交易因小問題而終止，或者我們正在積極尋找市場上的租戶和花店，只是為了利用這一點。

And you are correct in either of those spaces are in our pipeline today.

你是對的，我們今天正在準備的這兩個空間中的任何一個都是正確的。

Got it. So maybe just just a follow-up on the retenanting because again, that theoretically should have fairly high re-leasing costs, particularly if you're splitting a box as you might in with a box, I should say the space with works our space there. Is it safe to assume that's going to cost potentially up to 100 bucks a square foot to re-tenant that space?

知道了。因此，也許只是續租的後續行動，因為從理論上講，重新租賃成本應該相當高，特別是如果您像在一個盒子裡一樣分割一個盒子，我應該說這個空間適合我們的空間在那裡。可以肯定的是，重新租用該空間可能要花費高達每平方英尺 100 美元的費用嗎？

And definitely that could be in the round. I think we talked about this on conference calls. Earnings calls me six months ago, maybe nine months ago when we were negotiating with a fitness tenant that wanted the whole space that would have been north of 100, but I would say 100 is very safe on traditional office space. If you do something more special will be higher than that, but that's a safe assumption.

毫無疑問，這可能是一輪。我想我們在電話會議上討論過這個問題。六個月前，也許是九個月前，收益部門給我打電話，當時我們正在與一位健身租戶談判，他想要100 以上的整個空間，但我想說100 對於傳統辦公空間來說是非常安全的。如果你做一些更特別的事情，就會比這個更高，但這是一個安全的假設。

And would that be safe to make that assumption for the Regal space as well, you know, is not quite as high as we were, but it's a little bit shy of that.

對富豪空間做出這樣的假設是否安全，你知道，它並不像我們那麼高，但它有點害羞。

Okay. Thanks. That's it for me.

好的。謝謝。對我來說就是這樣。

Sure.

當然。

Our next question will come from the line of Rob Stevenson, Janney Montgomery.

我們的下一個問題將來自羅布史蒂文森、詹尼蒙哥馬利。

Hey, good morning, guys. Um, is the Regal re-tenanting of theaters that have different concepts?

嘿，早上好，夥計們。嗯，富豪是重新租用不同概念的劇院嗎？

And so there is a different concept there. There has been paid or interest, but it's a different concept.

所以那裡有一個不同的概念。已經付了或利息了，但是是不同的概念。

Okay. Is that going to take longer than a year, if you're converting a theater or some other use, given the slope floors and all of that sort of stuff, it should take a year?

好的。如果你要改建劇院或其他用途，考慮到斜坡地板和所有類似的東西，這是否需要一年以上的時間？

It would take a year because of permitting, but if you didn't have permitting, it would not take a year.

因為有許可的話需要一年的時間，但是如果沒有許可的話，就不需要一年。

Okay, that's helpful. And then, Matt, the $4.5 million that you talked about coming online in 24. Is that all on stuff that was not opened in the fourth quarter? Or does that include stuff that may have opened in December, but didn't pay a full quarter's worth of rent?

好的，這很有幫助。然後，馬特，你談到的 450 萬美元將於 24 日上線。這都是第四季沒打開的東西嗎？或者這是否包括可能在 12 月開業但未支付整個季度租金的東西？

Yes, that's going to be a combination of both, but primarily it's going to be on stuff that has not not come online yet.

是的，這將是兩者的結合，但主要是尚未上線的內容。

Okay, but that includes whatever adjustment we need to get to a pro forma for any leases that started paying rent in December and things like that. And that's included in that 4.5?

好的，但這包括我們需要對 12 月開始支付租金的任何租賃進行形式上的調整以及類似的事情。這也包含在 4.5 中嗎？

That's right.

這是正確的。

Okay, perfect. And then any material known move-outs in '24, early '25 at this point?

好的，完美。那麼 24 年、25 年初目前有任何已知的遷出資料嗎？

Just Regal is the only known move out and that that will be on late March, early April.

Just Regal 是唯一已知的搬遷時間，將於 3 月底、4 月初搬出。

Okay. And then how are you guys thinking about the Fidelity asset in New Mexico? I mean, given where that's yielding and 100% occupied versus the market for office assets and being able to replace that NOI at some point? Yes.

好的。那你們又如何看待富達在新墨西哥州的資產呢？我的意思是，考慮到辦公資產市場的收益率和 100% 佔有率，並且能夠在某個時候取代 NOI？是的。

So I would think about it Well, Rob, what would be more your concern, so I can kind of address it appropriately from well.

所以我會考慮一下，羅布，你更關心什麼，所以我可以適當地解決這個問題。

First of all is it's not a great market for office assets, but that's a single-tenant asset, which has been a little bit better in the marketplace with a quality credit tenants, but also is it what are you looking at if you're having to if you decide to sell that at some point here in '24, what are you looking at as a likely sort of cap rate spread?

首先，對於辦公資產來說，這不是一個很好的市場，但這是一種單一租戶資產，在市場上有優質信用租戶的情況下，這種資產要好一些，但如果你是如果你決定在24 年的某個時候出售它，你認為可能的資本化率利差是怎樣的？

Are you going to is that going to wind up being [1500] basis points wide of where you can redeploy the proceeds and et cetera, is it so both what do you see as the market for that as well as how are you thinking about replacing that NOI going forward?

您是否打算最終將[1500]個基點擴大到您可以重新部署收益的範圍等等，您認為市場是什麼以及您如何考慮替換那個 NOI 未來會怎樣？

Yes.

是的。

Okay. So so I was actually out there late last week and the market in just getting real granular here for you. So this is our last office asset. I hope I hope you don't mind, but yes, so as you know, it's in the Mesa del Sol master-planned community, right by the Sandia National Labs by the current Clean Air Force Base.

好的。因此，我實際上上週晚些時候就在現場，為您提供了市場的詳細資訊。這是我們最後的辦公資產。我希望你不要介意，但是，是的，正如你所知，它位於 Mesa del Sol 總體規劃社區中，緊鄰桑迪亞國家實驗室，毗鄰當前的清潔空軍基地。

So as the government is spending a lot of money on both of those big infrastructures, you're getting a lot of contractor interest in the Albuquerque area, and they want to be as close as possible on Mesa del Sol is the place to be Netflix is still spending $1 billion or under construction for additional movie studios.

因此，由於政府在這兩個大型基礎設施上投入了大量資金，因此許多承包商對阿爾伯克基地區產生了興趣，他們希望盡可能靠近 Mesa del Sol，這是 Netflix 的所在地仍在斥資10 億美元或正在興建更多電影製片廠。

That's basically Southern Iron from the Fidelity campus. And as we talked about and Fidelity bill is a two story building with two separate buildings that could be separated. So it's the only office building in that whole complex.

這基本上就是來自富達園區的南方鋼鐵公司。正如我們所討論的，富達法案是一棟兩層樓的建築，有兩棟可以分開的獨立建築。所以它是整個建築群中唯一的辦公大樓。

There is 1,000 lots under construction for homes. There's multifamily under construction for homes. There's a planned hotel in Mesa del Sol that's going to maybe to homes. There are two hotels for especially for the Netflix business.

有 1,000 個住宅地塊正在興建中。多戶住宅正在興建中。梅薩德爾索爾 (Mesa del Sol) 計劃建造一家酒店，可能會成為住宅。有兩家酒店專門針對 Netflix 業務。

You have a solar manufacturer that's going to build a complex a facility right across the street from Fidelity. And you have an Australian helium energy company that is basically coming into Mesa del Sol. So with that aspect, the market's getting better and better for Fidelity building.

您有一家太陽能製造商將在富達街對面建造一座綜合設施。還有一家澳洲氦能源公司基本上正在進入梅薩德爾索爾。因此，從這方面來看，富達建設的市場變得越來越好。

Having said that, we're in discussions with Fidelity about doings of maybe an extension with the lease where it can be a lot more marketable and a lot more valuable to us on a on a sale basis. And then based on that sort of monetization, we feel like it will be easy to replace.

話雖如此，我們正在與富達討論是否可以延長租約，這樣租約在銷售的基礎上對我們來說更具市場價值，也更有價值。然後基於這種貨幣化，我們覺得它很容易被取代。

We call it income neutral to where we could sell that building. If we had to sell it now and just like you come hell or high water to sell it, it would be a little bit of a not as accretive or basically a loss of income as you replace the capital. But it wouldn't be anything crazy because on the building as a Class A.

我們稱之為收入中性，我們可以出售該建築。如果我們現在必須賣掉它，就像你不顧一切地賣掉它一樣，那麼當你更換資本時，這將是一個不那麼增值或基本上是收入損失的情況。但這不會是什麼瘋狂的事情，因為在 A 級建築上。

Building built by Forest City and it's in a growing area and no one's going to build an office building, as you know. And there's a lot of people coming into Albuquerque for the big government kind of contractors and new energy kind of the Clean Energy sort of tenants. So sorry, if that was a little bit too long for you?

這棟建築是由森林城市建造的，它位於一個不斷發展的地區，沒有人會建造辦公大樓，如你所知。有很多人來到阿爾伯克基是為了大型政府承包商和新能源清潔能源租戶。抱歉，這對您來說是否有點太長了？

No, that was helpful. And then I guess my last question regarding tenants. You know, if you were to dispose of Fidelity, AMC becomes your top tenant health. How is that those assets look today is it with whatever data you're getting and seeing foot traffic on Friday, Saturday nights, et cetera?

不，那很有幫助。然後我想我最後一個關於租戶的問題。你知道，如果你要處置富達，AMC 就會成為你的頭號租戶。這些資產今天看起來如何，是根據您獲得的數據以及週五、週六晚上等的人流來看的嗎？

Are those theaters back to doing pretty well? Are they still, you know, weak? You know, is it is it more or less dependent on, you know, how quickly more blockbusters get released? How are you guys thinking about those theater assets?

那些劇院恢復得很好嗎？你知道，他們還是很弱嗎？你知道，它或多或少取決於，你知道，更多大片的上映速度有多快？你們如何看待這些劇場資產？

Yes. So I guess I was taking a little bit of a tour around our portfolio last week as also in Atlanta. And with I talked with the manager of AMC, amassing yards and massing yards is basically fourth or fifth in the whole Atlanta region for AMC, it's doing very well and that's out of 15 to 17 theaters.

是的。所以我想上週我也在亞特蘭大參觀了我們的作品集。我與 AMC 的經理交談過，AMC 的票房和票房基本上在整個亞特蘭大地區排名第四或第五，它的表現非常好，在 15 到 17 家影院中是這樣的。

And so they've had they've had some really strong performances for some films out there. And so so they're feeling really good about that. That theater, if you look at that theater, that's like probably one of the last ones that was built in A. and C. system.

所以他們在一些電影中的表現非常出色。所以他們對此感覺非常好。那個劇院，如果你看那個劇院，那可能是最後一個用 A. 和 C. 系統建造的劇院之一。

So it's very new and appropriately sized the agency that we have. That collection is probably second prime location within the collection property right along the highways that has visibility and there that market is basically on fire in.

所以我們的機構非常新且規模適當。該收藏可能是收藏品財產中的第二黃金地段，就在高速公路沿線，視野開闊，那裡的市場基本上很火爆。

So it would be very easy and very economically advantage to us if they wanted to leave because there'd be a lot of backfill interest with much better credit and possibly higher rent. So we're we feel very good about our exposure on the theater space right now. Some gateway that's that's kind of a little bit of that backdrop.

因此，如果他們想離開，對我們來說會非常容易，而且在經濟上也非常有利，因為會有很多回補利息，信用更好，租金也可能更高。所以我們對現在在劇院空間的曝光感覺非常好。有些網關就是這樣的背景。

All right. That's helpful. Thanks, guys. Appreciate the time and have a great weekend. Sorry.

好的。這很有幫助。多謝你們。珍惜時間，祝週末愉快。對不起。

Thank you, Rob.

謝謝你，羅布。

Matthew Erdner, Jones Trading

馬修‧艾德納，瓊斯貿易公司

Hey, good morning, guys. Thanks for taking the question.So given the short term loan that looks like it's going to be up kind of second half of the year. And you know, are you expecting acquisitions to be in the second half of the year with dispositions kind of front-loaded?

嘿，早上好，夥計們。感謝您提出問題。鑑於短期貸款看起來會在今年下半年增加。您是否預計下半年會進行收購併提前處置？

And then also what's going to drive you to the higher range of that guidance towards the $150 million mark rather than the $100 million?

那麼，什麼會促使您將指導範圍提高到 1.5 億美元而不是 1 億美元？

Yes. So we basically have some some acquisition activity going on right now, we hope to be kind of front ended, as you mentioned there. And so the timing could be on top of when the seller financing that we did for Sable gets monetized. And so that timing should match up fairly fairly well come in. So so we have that going on, but I'll let Matt talk about your other question?

是的。所以我們現在基本上正在進行一些收購活動，我們希望成為前端，正如您所提到的。因此，時機可能是在我們為 Sable 提供的賣方融資貨幣化之前。因此，時間應該相當匹配。那麼我們就這樣進行下去，但我會讓馬特談談你的其他問題？

Yes, Matt, in terms of timing for transaction activity and to hit the top end of the range, like John said, we're working on some stuff right now that would that would match fund some of the activity that has happened on the disposition side or would happen.

是的，馬特，就交易活動的時間安排和達到範圍的上限而言，就像約翰所說，我們現在正在研究一些東西，這將與處置中發生的一些活動相匹配的資金方或將會發生。

But the rest of our guidance assumes that it's pretty back-end weighted from an acquisition perspective. And so there is some timing drag between dispositions and acquisitions that comes through the guidance. And then as it relates to hitting the top end of that range, I think it's going to be a function of finding good opportunities on the land acquisition side.

但我們的其餘指導假設從收購的角度來看，它是相當後端加權的。因此，該指導意見中的處置和收購之間存在一些時間上的拖延。然後，由於它與達到該範圍的上限有關，我認為這將是在土地收購方面尋找良好機會的功能。

I think we feel pretty good about the liquidity of the assets that we would want to sell to match fund. So it's really going to be opportunistic.

我認為我們對想要出售以匹配基金的資產的流動性感覺良好。所以這確實是機會主義的。

Yes.

是的。

Got you. And then can you talk about the opportunities that you're currently seeing, whether it's in markets where you're already at or if you're looking to expand in some new markets a little bit of both.

明白你了。然後您能否談談您目前看到的機會，無論是在您已經涉足的市場中，還是您希望在一些新市場中擴張，兩者兼而有之。

So we are finding opportunities within our markets and new markets.

因此，我們正在我們的市場和新市場中尋找機會。

Got you. And then one last quick one for me. And you know, the cap rate on the acquisitions or the dispositions side, if you were to exclude the office transactions

明白你了。然後是我的最後一個快速的。你知道，如果你要排除辦公室交易，收購或處置方面的上限利率

I don't have it off the top of my head, Matt, but it's certainly inside of the blended cap rate, given the more elevated cap rates on the two office dispositions.

馬特，我並沒有想到這一點，但考慮到兩個辦公室配置的資本化率更高，它肯定在混合資本化率之內。

Got to. Thank you guys.

必須。感謝你們。

John Massocca, B. Riley Securities.

約翰‧馬索卡 (John Massocca)，B. 萊利證券 (Riley Securities)。

Good morning. Good morning wherever you can hear me. Yes, I'm so maybe sticking with the theme of guidance in kind of the ranges in the investment activity, what can kind of cause you to be closer to the high end on the cap rate or the investment yield seeing it.

早安.早安，無論你在哪裡都能聽到我的聲音。是的，我可能會堅持投資活動範圍內的指導主題，什麼會導致您更接近資本化率或投資收益率的高端。

And I guess as you kind of contemplate that investment volume guidance, are there kind of some more of the structured investments you've been doing recently factored into that or is it kind of more typical spend equity investments and shopping center assets that would be kind of making up the bulk of that guidance?

我想，當您考慮投資量指導時，您最近所做的更多結構性投資是否會考慮在內，或者是否是更典型的支出股權投資和購物中心資產？構成該指導的大部分？

Yes, we're definitely looking at it just right down the fairway as far as your core sort of acquisitions of where where the strategy is as far as buying larger format retail, where there's different lever levers of increasing value with bringing in new tenants, seeing change in our tenancy, that sort of thing.

是的，我們肯定會關注它的核心收購類型，策略是購買更大的零售業，透過引入新租戶來增加價值的不同槓桿，看到我們的租約發生變化之類的事情。

And so we feel we feel pretty good that we have our eyes on higher the higher end of that guidance as far as cap rate without any structured finance investments, we don't have any structured finance investments that we're looking at right now.

因此，我們感覺非常好，因為我們著眼於該指導的較高端，就沒有任何結構性金融投資的資本化率而言，我們目前沒有任何結構性金融投資。

Okay. And then was the in-place portfolio, you kind of mentioned that the cash, the increase in kind of cash rents was pretty broad based. I mean, I guess is that 17.9% level or somewhere around there sustainable going forward as we look out to one '24, was that maybe an anomaly for specific leases that were renewed or put in place?

好的。然後是就地投資組合，您提到現金、現金租金的增加是相當廣泛的。我的意思是，我猜當我們展望 24 年時，17.9% 的水平或可持續發展的水平，對於續約或落實的特定租約來說，這可能是一種異常現象嗎？

A good question. I think on the 2024 leases expiring, there's a pretty good opportunity opportunity to drive more rate on the average cash rent per square foot for the leases expiring in 2024 at $17.83 up. That's meaningfully below our average rents for the portfolio and obviously pretty significantly below our last 12 months of leasing activity.

這是個好問題。我認為，在 2024 年到期的租約上，有一個很好的機會可以將 2024 年到期的租約的每平方英尺平均現金租金提高到 17.83 美元。這明顯低於我們投資組合的平均租金，並且明顯低於我們過去 12 個月的租賃活動。

Average rents up, I think will be they'll continue to be pretty substantial lift on a re-leasing effort. And then something that's probably a little bit more specific to us in the space is the fact that we have been acquiring vacancy over the past few years.

我認為平均租金的上漲將繼續對轉租工作產生相當大的提升。在這個領域，對我們來說更具體的一點是，我們在過去幾年裡一直在尋找職缺。

And so there's a lot of runway to drive increased cash flow independent of the comparable lease spreads and then lastly on the ground lease and can you just provide a little more color on the counterparty there?

因此，有很多途徑可以推動現金流量的增加，而與可比租賃利差無關，最後是地面租賃，您能否為那裡的交易對手提供更多資訊？

What's the likelihood that they can in your mind that they would enact the or terminate the agreement during the feasibility period, we utilized the purchase option?

在您看來，他們在我們使用購買選項的可行性期間內頒布或終止協議的可能性有多高？

And just just kind of any additional color there would be helpful. Sure.

只要有任何額外的顏色就會有幫助。當然。

So the group that basically we signed a ground lease with option to buy. They really wanted to buy the parcel. But for a timing perspective, that then worked for us. So we gave them the option come in after a year where they could they could purchase the site. So that was definitely there. Their preference is to buy the site.

因此，我們基本上簽署了帶有購買選擇權的土地租約。他們真的很想買這個包裹。但從時間角度來看，這對我們有用。因此，我們讓他們可以選擇一年後購買網站。所以那肯定是存在的。他們的偏好是購買該網站。

The Group is well capitalized. It will be a very good drawn and very complementary to the collection will bring the good customers with big spending sort of outlook. And so we're very excited about it. If they drop out. We it was a tough choice to go with this group.

本集團資本充足。這將是一個非常好的畫作，並且與該系列非常互補，將為具有大筆消費前景的優質客戶帶來。所以我們對此感到非常興奮。如果他們退學的話。我們和這個團隊一起去是一個艱難的選擇。

We have we had two other groups that were vying for it in detail, to be honest with you the other groups would pay more, but we felt more comfortable with this use and the timing and it would go faster than the other groups. But the other groups I would pay more. So I have no problem if these guys don't make it or feel like it will be fairly easy to to backfill that for sure.

我們還有另外兩個小組正在詳細爭奪它，說實話，其他小組會支付更多費用，但我們對這種使用和時間表感到更舒服，而且它會比其他小組更快。但其他組我會付更多的錢。因此，如果這些人沒有成功，或者感覺肯定很容易回填，我也沒有問題。

And you might not be able to provide this, but just any kind of color of bracketing the purchase option on what that would kind of imply in terms of a return on your investment?

你可能無法提供這一點，但只是用任何一種顏色將購買選項括起來，這對你的投資回報意味著什麼？

Yes, the return will be feel very, very good for the shareholders. So it would be basically almost a double, but that's very helpful.

是的，股東會覺得回報非常非常好。所以基本上幾乎是兩倍，但這非常有幫助。

And that's it for me. Thank you very much for it. Yes.

對我來說就是這樣。非常感謝你。是的。

RJ Milligan, Raymond James.

RJ 米利根，雷蒙德詹姆斯。

And good morning, guys. Just one question for me for the investment guidance for the year. The cap rates [775 to 825]. I'm just curious, you know, obviously you've shown an appetite to buyback either common or preferred shares.

早安，夥計們。我只想問一個有關今年投資指導的問題。上限利率[775 至 825]。我只是好奇，你知道，顯然你已經表現出了回購普通股或優先股的興趣。

And I'm curious with your stock trading in the 8% cap rate range or north of that, how do you feel about additional buybacks versus making more investments?

我很好奇你們的股票交易在 8% 的資本化率範圍或更高的範圍內，與進行更多投資相比，你們對額外回購有何看法？

Yes. Thanks, R.J. So remember, the act a lot of this acquisition is being driven by the recycling from the efforts of Sanofi that's under contract for $20 million, the Ford Credit building that we sold, that's a part of that money than 1031 and then the seller financing that will come through. So a lot of it's being driven by 1031 needs to come in. Then the other part of it.

是的。謝謝，R.J.所以請記住，這次收購的大部分行為都是由賽諾菲的努力推動的，合約金額為 2000 萬美元，我們出售的福特信貸大樓是 1031 資金的一部分，然後賣方融資將會通過。所以很多都是 1031 驅動的，需要進來。然後是它的另一部分。

As you've seen, we were very active in buying back shares at at very interesting levels for shareholders. So it wouldn't be we would not be using proceeds from asset sales to buy back stock. But certainly we would look at Neal other certain levers to buy back stock if that got you down to low levels again, for instance, we could sell some of our structured finance investments and use that. So so we're certainly not shy about buying back stock when it becomes ridiculous, in our opinion. Interesting.

正如您所看到的，我們非常積極地以對股東來說非常有趣的水平回購股票。因此，我們不會不會使用資產出售的收益來回購股票。但當然，如果這讓你再次跌至低水平，我們會考慮尼爾其他某些槓桿來回購股票，例如，我們可以出售一些結構性金融投資並使用它。因此，我們認為，當股票變得荒謬時，我們當然不會羞於回購股票。有趣的。

But a lot of the acquisitions are going to happen because of the 1031 nature that was it for me.

但很多收購將會發生，因為 1031 的性質對我來說很適合。

Thanks.

謝謝。

Thanks.

謝謝。

(Operator Instructions)

（操作員說明）

Mike Gorman, BTIG

麥克‧高曼，BTIG

Yes, thanks. Good morning.

對了謝謝。早安.

Just a quick question, Matt, on the disposition guidance range, does that include the payoff of the seller financing on Sable Pavilion or is that above and beyond the dispositions guidance.

馬特，關於處置指導範圍，我想問一個簡單的問題，這是否包括 Sable Pavilion 賣方融資的回報，或者是否超出了處置指導範圍。

Now that would be above and beyond the disposition guidance.

現在這將超出處置指導。

Okay, great. And the remaining two structured investments after that. Do they I know John just mentioned potentially selling, but do they also have any accelerated prepayment options associated with those?

好的，太好了。此後還有剩餘兩項結構性投資。我知道約翰剛剛提到可能出售他們嗎？但他們是否也有與這些相關的加速預付款選項？

If they if they do they have a make whole for provision.

如果他們這樣做的話，他們就有了一個完整的供應。

Okay, great. Thanks so much.

好的，太好了。非常感謝。

Thank you.

謝謝。

And that concludes today's question and answer session. This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的問答環節到此結束。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。