Curbline Properties Corp. (CURB) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Curbline Properties Corp. third quarter 2025 earnings conference call. (Operator Instructions) I would now like to turn the call over to Stephanie Ruys Perez, Vice President of Capital Markets.

感謝您的耐心等待。我叫貝利，今天我將擔任你們的會議接線生。在此，我謹代表 Curbline Properties Corp. 歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將把電話轉交給資本市場副總裁史蒂芬妮·魯伊斯·佩雷斯。

You may begin.

你可以開始了。

Thank you. Good morning, and welcome to Curbline Properties third quarter 2025 earnings conference call. Joining me today are Chief Executive Officer, David Lukes; and Chief Financial Officer, Conor Fennerty. In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our website at curbline.com, which are intended to support our prepared remarks during today's call.

謝謝。早安，歡迎參加 Curbline Properties 2025 年第三季財報電話會議。今天與我一同出席的有執行長大衛·盧克斯和財務長康納·芬納蒂。除了今天早上發布的新聞稿外，我們還在公司網站 curbline.com 上發布了季度財務補充文件和幻燈片演示文稿，這些文件旨在支持我們在今天電話會議上的發言。

Please be aware that certain of our statements today may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements.

請注意，我們今天發布的某些聲明可能包含聯邦證券法意義上的前瞻性聲明。這些前瞻性陳述存在風險和不確定性，實際結果可能與我們的前瞻性陳述有重大差異。

Additional information may be found in our earnings press release and in our filings with the SEC, including our most recent reports on Forms 10-K and 10-Q. In addition, we will be discussing non-GAAP financial measures on today's call, including FFO, operating FFO and same-property net operating income. Descriptions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's quarterly financial supplement and investor presentation.

更多資訊請參閱我們的獲利新聞稿和我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格和 10-Q 表格報告。此外，我們將在今天的電話會議上討論非GAAP財務指標，包括FFO、營運FFO和同店淨營業收入。有關這些非GAAP財務指標與最直接可比較的GAAP指標的說明和調節表，請參閱今天的季度財務補充資料和投資者簡報。

At this time, it is my pleasure to introduce our Chief Executive Officer, David Lukes.

在此，我榮幸地向大家介紹我們的執行長大衛·盧克斯。

Good morning, and welcome to Curbline Properties third quarter conference call. Let me begin by expressing my gratitude to the entire Curb team, not only for delivering another strong quarter but also for marking our one year anniversary as the only public company exclusively focused on acquiring top-tier convenience retail assets across the United States.

早上好，歡迎參加 Curbline Properties 第三季電話會議。首先，我要向 Curb 團隊全體成員表示感謝，不僅感謝他們又一個強勁的季度業績，還要感謝他們讓我們慶祝成立一周年，成為美國唯一一家專注於收購頂級便利零售資產的上市公司。

We continue to lead this unique capital-efficient sector with a clear first-mover advantage. Before Conor walks through the quarterly results, I'd like to take a moment to reflect on what we've accomplished in our first four quarters since the spin-off of Curbline Properties. We've acquired $850 million in assets through a combination of individual acquisitions and portfolio deals.

我們憑藉著明顯的先發優勢，繼續引領這獨特的、資本效率高的產業。在 Conor 介紹季度業績之前，我想花點時間回顧一下自 Curbline Properties 分拆以來，我們在前四個季度所取得的成就。我們透過單筆收購和投資組合交易，獲得了價值 8.5 億美元的資產。

We signed nearly 400,000 square feet of new leases and renewals with new lease spreads averaging over 20% and our renewal spreads just under 10%. Importantly, our capital expenditures have averaged just 6% of NOI, placing us among the most capital efficient operators in the entire public REIT sector, an important hallmark of the convenience asset class.

我們簽署了近 40 萬平方英尺的新租約和續約合同，新租約的平均溢價超過 20%，續約溢價略低於 10%。重要的是，我們的資本支出平均僅佔淨營業收入的 6%，這使我們成為整個上市 REIT 行業中資本效率最高的運營商之一，這是便利資產類別的重要標誌。

It's hard to overstate the strength of this business model, but three key attributes help explain why we're confident in our ability to deliver superior risk-adjusted returns. First, our investments align with real consumer behavior. Unlike traditional shopping centers built for destination retailers, our properties serve customers running daily errands.

這種商業模式的優勢怎麼強調都不為過，但以下三個關鍵屬性有助於解釋為什麼我們有信心提供卓越的風險調整後效益。首先，我們的投資與真實的消費者行為相符。與為目的地零售商建造的傳統購物中心不同，我們的物業服務於日常購物的顧客。

According to third-party geolocation data, 2/3 of our visitors stay less than seven minutes on our properties, often returning multiple times a day. These properties serve large and elongated trade areas along major traffic corridors, not just local neighborhoods.

根據第三方地理位置數據，我們三分之二的訪客在我們酒店停留時間不到七分鐘，而且經常一天多次光顧。這些物業服務沿著主要交通幹道延伸的大型商業區，而不僅僅是當地居民區。

In fact, 88% of our customers live more than a mile away and nearly half live more than five miles away. This is not a local business. That's why 70% of our tenants are national chains, eager to capture a share of the 40,000 cars that pass by our properties daily. In high-income markets, supply is limited and tenants are willing to pay a premium for access to this valuable traffic.

事實上，88% 的客戶居住在距離我們超過一英里的地方，近一半的客戶居住在距離我們超過五英里的地方。這不是一家本地企業。這就是為什麼我們 70% 的租戶都是全國連鎖企業，他們渴望從每天經過我們物業的 40,000 輛汽車中分一杯羹。在高收入市場，房源供應有限，租戶願意支付溢價以獲得這些寶貴的客流量。

Second, we invest in simple, flexible buildings. Rather than purpose-built structures, we favor straightforward rows of shops that support a wide variety of uses. This flexibility drives strong tenant demand, rising rents and minimal capital outlay.

其次，我們投資建造簡單、靈活的建築。我們更喜歡整齊排列的店鋪，而不是專門建造的建築，這樣可以支援多種用途。這種靈活性推動了強勁的租戶需求、租金上漲和最小的資本支出。

We don't do loss leader deals, we don't overinvest in tenant improvements, and we don't rely on one tenant to drive traffic to another. Our strategy is clear: provide convenient access to customers running errands woven into their daily lives and leased to tenants with strong credit who are willing to pay top rent to access those customers.

我們不做虧本買賣，我們不過度投資租戶裝修，也不依賴一個租戶為另一個租戶帶來客流量。我們的策略很明確：為那些在日常生活中需要跑腿辦事的客戶提供便捷的服務，並將店鋪出租給信用良好、願意支付高租金的租戶，以吸引這些客戶。

The result is a highly diversified tenant base, with only nine tenants contributing more than 1% of base rent and only one tenant more than 2%. Strong tenants drive strong sales which leads to high retention and rent growth with little or no landlord investment. This is the essence of capital efficiency and a key driver of our growing free cash flow.

最終形成了高度多元化的租戶群體，只有 9 個租戶貢獻了超過 1% 的基本租金，只有 1 個租戶貢獻了超過 2% 的基本租金。優質租戶帶來強勁的銷售業績，從而實現高續租率和租金成長，而房東幾乎無需投入資金。這就是資本效率的本質，也是我們自由現金流不斷成長的關鍵驅動因素。

Third, our balance sheet is built to support our growth. We believe we currently own the largest high-quality portfolio on convenience centers in the United States, totaling 4.5 million square feet. The total US market for this asset class is 950 million square feet, 190 times larger than our current footprint. While not all of that inventory meets our standards, but our criteria are clear, primary corridors, strong demographics, high traffic counts and creditworthy tenants.

第三，我們的資產負債表旨在支持我們的成長。我們相信，我們目前擁有美國最大的優質便利中心物業組合，總面積達 450 萬平方英尺。美國此類資產的總市場面積為 9.5 億平方英尺，是我們目前規模的 190 倍。雖然並非所有這些房源都符合我們的標準，但我們的標準很明確：主要地段、人口結構良好、人流高、租戶信譽良好。

Under John Cattonar's leadership, our investment team is underwriting hundreds of opportunities each month. We have the luxury of choice, the discipline to grow one asset at a time and the responsibility to maintain our leadership by acquiring only the best. Even in the top quartile of the convenience sector, it's 50 times larger than our current portfolio and we've structured our team, our balance sheet and our operations to scale.

在約翰·卡托納的領導下，我們的投資團隊每月承銷數百個投資機會。我們擁有選擇的自由，有每次只發展一項資產的自律精神，也有責任透過只收購最好的資產來維持我們的領先地位。即使在便利商店產業的前四分之一，其規模也比我們目前的投資組合大 50 倍，我們已經調整了團隊、資產負債表和營運結構以擴大規模。

Curbline has all of the pieces on hand to generate double-digit free cash flow growth for a number of years to come. And based on our implied fourth quarter 2025 OFFO guidance, we're forecasting 20% year-over-year FFO growth, which is well above the REIT sector average.

Curbline 具備在未來幾年內實現兩位數自由現金流成長的所有條件。根據我們對 2025 年第四季 OFFO 的隱含預期，我們預測 FFO 將年增 20%，遠高於 REIT 產業的平均水準。

In summary, Curbline has quickly built a track record that highlights the depth and liquidity of the convenience asset class. Our original 2025 guidance range included $500 million of convenience acquisitions.

總而言之，Curbline 已迅速建立起良好的業績記錄，凸顯了便利資產類別的深度和流動性。我們最初對 2025 年的指導範圍包括 5 億美元的便利商店收購。

We've obviously significantly exceeded that pace and now expect 2025 investment activity of around $750 million, with potential for additional upside. I couldn't be more optimistic about the opportunity ahead for Curbline as we exclusively focus on scaling the fragmented convenience marketplace and delivering compelling relative and absolute growth for stakeholders.

我們顯然已經大大超過了這一速度，現在預計 2025 年的投資活動將達到約 7.5 億美元，並且還有進一步增長的潛力。我對 Curbline 的未來發展機會充滿信心，因為我們將專注於擴大分散的便利商店市場規模，並為利害關係人帶來令人矚目的相對和絕對成長。

And with that, I'll turn it over to Conor.

接下來，我將把麥克風交給康納。

Thanks, David. I'll start with third quarter earnings and operating metrics before shifting to the company's 2025 guidance raise and then concluding with the balance sheet. Third quarter results were ahead of budget, largely due to higher than forecast NOI driven in part by rent commencement timing along with acquisition volume.

謝謝你，大衛。我將先介紹第三季收益和營運指標，然後再介紹公司 2025 年業績指引的上調，最後分析資產負債表。第三季業績超出預算，主要原因是淨營業收入高於預期，部分原因是租金開始時間以及收購量的成長。

NOI was up 17% sequentially, driven by organic growth, along with acquisitions. Outside of the quarterly operational outperformance and some upside from lower G&A. There are no other material callouts for the quarter, highlighting the simplicity of the Curbline income statement and business plan.

營業淨收入較上季成長 17%，主要得益於內生成長和收購。除了季度營運業績超出預期以及管理費用降低帶來的一些成長。本季沒有其他實質亮點，凸顯了 Curbline 損益表和商業計劃的簡潔性。

In terms of operating metrics, leasing volume in the third quarter hit record levels even after adjusting for the growth in the portfolio. Overall leasing activity remains elevated and we remain encouraged by the depth of demand for space, which we expect to translate into full year 2025 spreads consistent with 2024.

從營運指標來看，即使考慮到投資組合的成長，第三季的租賃量也達到了創紀錄的水平。整體租賃活動依然活躍，我們對空間需求的強勁勢頭感到鼓舞，預計 2025 年全年租金收益將與 2024 年保持一致。

In terms of the lease rate, the strong aforementioned volumes resulted in a 60 basis point increase sequentially to 96.7%, which is among the highest in the retail REIT sector regardless of format. To put some context around that, in February of this year, we acquired a six property 211,000 square foot portfolio for $86 million.

就租賃率而言，上述強勁的交易量導致租賃率環比增長 60 個基點至 96.7%，無論何種形式，這都是零售 REIT 行業中最高的之一。為了讓大家更理解這一點，今年二月，我們以 8,600 萬美元的價格收購了 6 處房產，總面積達 211,000 平方英尺。

Since acquisition, just seven months ago, in that subset of properties alone, we signed 28,000 square feet of new and renewal leases, taking the lease rate up to over 96% from 94% at the time of acquisition. This leasing velocity speaks to the level of demand for high-quality convenience properties and the speed at which leasing can occur given the simple format of the property type.

自收購以來，僅僅七個月的時間裡，僅在該部分物業中，我們就簽署了 28,000 平方英尺的新租約和續約，使租賃率從收購時的 94% 提高到 96% 以上。這種租賃速度反映了市場對高品質便利物業的需求水平，以及鑑於該物業類型的簡單形式，租賃可以快速完成。

Same-property NOI was up 3.7% year-to-date and 2.6% for the third quarter despite a 40 basis point headwind from uncollectible revenue. Importantly, this growth was generated by limited capital expenditures with third quarter CapEx as a percentage of NOI of just under 7% and year-to-date CapEx as a percentage of NOI of just over 6%. For the full year, we continue to expect CapEx as a percentage of NOI to remain below 10%.

儘管受到 40 個基點的壞帳影響，同店淨營業收入年初至今仍成長了 3.7%，第三季成長了 2.6%。重要的是，這一增長是由有限的資本支出帶來的，第三季資本支出佔淨營業收入的比例略低於 7%，年初至今資本支出佔淨營業收入的比例略高於 6%。預計全年資本支出佔營業淨收入的比例將維持在 10% 以下。

Moving to our outlook for 2025. We are raising OFFO guidance to a range between $1.04 and $1.05 per share. The increase is driven by better-than-projected operations, along with the pacing and visibility on acquisitions that David mentioned.

接下來展望2025年。我們將 OFFO 預期上調至每股 1.04 美元至 1.05 美元之間。成長的驅動因素是營運情況好於預期，以及大衛提到的收購步伐和可見性。

Underpinning the midpoint of the range is, number 1, approximately $750 million of full year investments with fourth quarter investments funded with cash on hand. Number 2, a 3.75% return on cash with interest income declining over the course of the quarter as cash is invested.

此區間中點的基礎是：1. 全年投資額約為 7.5 億美元，第四季投資由手頭現金提供資金。第二，現金報酬率為 3.75%，但隨著現金投資，本季利息收入會逐漸下降。

And number 3, G&A of roughly $31 million which includes fees paid to SITE Centers as part of the shared service agreement. You will note that in the third quarter, we recorded a gross up of $731,000 of non-cash G&A expense which was offset by $731,000 of non-cash other income. This gross up, which is a function of the shared services agreement and that's to zero net income will continue as long as the agreement is in place and is excluded from the aforementioned G&A target.

第三，一般及行政費用約為 3,100 萬美元，其中包括根據共享服務協議向 SITE Centers 支付的費用。您會注意到，在第三季度，我們記錄了 731,000 美元的非現金一般及行政費用總額，這被 731,000 美元的非現金其他收入所抵消。這項總額調整（這是共享服務協議的功能，旨在將淨收入降至零）將在該協議有效期間持續進行，並且不計入上述一般及行政費用目標。

In terms of same-property NOI, we are now forecasting growth of approximately 3.25% at the midpoint in 2025, but there are a few important things to call out. Similar to our leasing spreads, the same property pool is growing but small and is comping off of 2024s outperformance. And it includes only assets owned for at least 12 months as of December 31, 2024, resulting in a larger non-same-property pool that is growing at a faster rate on an annual basis driven by an expected increase in occupancy.

就同​​店淨營業收入而言，我們目前預測 2025 年中期成長率約為 3.25%，但有幾點需要指出。與我們的租賃價差類似，同樣的物業池雖然在成長，但規模較小，並且是基於 2024 年的優異表現而實現的。而且，它只包括截至 2024 年 12 月 31 日已擁有至少 12 個月的資產，從而形成了一個更大的非同一物業池，並且由於預期入住率的提高，該物業池的年增長率更快。

Additionally, uncollectible revenue was a source of income in both the third and the fourth quarter of 2024. As a result, uncollectible revenue will remain a year-over-year headwind particularly in the fourth quarter despite limited year-to-date bad debt activity and very strong operations.

此外，2024 年第三季和第四季，無法收回的收入也是收入來源。因此，儘管今年迄今的壞帳活動有限且營運非常強勁，但無法收回的收入仍將對年比業績構成不利影響，尤其是在第四季度。

For moving pieces between the third and the fourth quarter as a result of the funding of the private placement offering in September, interest expense is set to increase to about $6 million in the fourth quarter. Interest income is forecast to decline to about $3 million, and G&A is expected to increase to just over $8 million.

由於9月私募配售的資金到位，第三季和第四季之間的變動導致第四季的利息支出預計將增加到約600萬美元。預計利息收入將下降至約 300 萬美元，而一般及行政費用預計將增加至略高於 800 萬美元。

Additional details on 2025 guidance and expectations can be found on page 11 of the earnings slides. Ending on the balance sheet, Curbline was spun off as a unique capital structure aligned with the company's business plan.

有關 2025 年業績指引和預期的更多詳情，請參閱盈利報告投影片第 11 頁。從資產負債表來看，Curbline 被分拆出來，採用了一種獨特的資本結構，與公司的業務計劃相符。

In the third quarter, Curbline closed a $150 million term loan and funded a previously announced $150 million private placement bond offering, bringing total debt capital raised since formation to $400 million at a weighted average rate of 5%.

第三季度，Curbline 完成了一筆 1.5 億美元的定期貸款，並為先前宣布的 1.5 億美元私募債券發行提供了資金，使自成立以來籌集的債務資本總額達到 4 億美元，加權平均利率為 5%。

Additionally, the company expects to fund an additional $200 million of private placement proceeds on or around year-end at a blended 5.25% rate. Curbline's now proven access to unsecured fixed rate debt is a key differentiator from the largely private buyer universe acquiring convenience properties.

此外，該公司預計將在年底前後以 5.25% 的綜合利率，透過私募融資籌集額外的 2 億美元資金。Curbline 目前已證明其能夠獲得無擔保固定利率債務，這使其與主要由私人買家組成的便利物業收購市場存在顯著差異。

The net result of the capital markets activities information is that the company is expected to end the year with over $250 million of cash on hand and a net debt-to-EBITDA ratio less than 1 times, providing substantial dry powder and liquidity to continue to acquire assets and scale, resulting in significant earnings and cash flow growth well in excess of the REIT average.

資本市場活動資訊的最終結果是，預計該公司年底將擁有超過 2.5 億美元的現金，淨債務與 EBITDA 比率低於 1 倍，從而提供充足的資金和流動性，以繼續收購資產和擴大規模，從而實現遠超 REIT 平均水平的顯著盈利和現金流增長。

With that, I'll turn it back to David.

這樣，我就把麥克風交還給大衛了。

Thank you, Conor. Operator, we're now ready to take questions.

謝謝你，康納。接線員，我們現在可以開始回答問題了。

(Operator Instructions)

（操作說明）

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Thanks. It's actually Nick Joseph here with Craig. Maybe just starting on kind of your last point, Conor. Obviously, the balance sheet is in a very good position, but you did institute the ATM program or put one in place. So how are you thinking about equity from here, recognizing the balance sheet is in a good spot, but just given where the stock trades at least relative to NAV and where you're seeing acquisition cap rates?

謝謝。實際上，我是尼克·約瑟夫，和克雷格在一起。或許可以從你最後一點開始說起，康納。顯然，資產負債表狀況非常好，但你們確實實施了 ATM 計畫或製定了相關方案。那麼，考慮到公司資產負債表狀況良好，以及股票相對於淨資產值的交易價格和收購資本化率，您如何看待目前的股權狀況？

Sure, Nick. Good morning. So to your point, we put in an ATM on October 1. We also put in a share buyback on October 1. And if you recall from our press release, we simply stated that like all other public companies, we should have all the tools available to us at our disposal for equity at the risk of sounding like a broken record, for us, we look at the source and the use.

當然可以，尼克。早安.所以，正如您所說，我們在10月1日安裝了一台ATM機。我們還在10月1日進行了股票回購。如果您還記得我們的新聞稿，我們當時只是簡單地表示，像所有其他上市公司一樣，我們應該擁有所有可用的工具來進行股權融資。雖然這麼說可能有點老生常談，但對我們來說，我們關注的是資金的來源和用途。

And so if we had a use of capital that we thought was accretive to fund with equity, we would consider it similar to other public REITs. But outside of that, we're sitting on a significant liquidity position. We've got pretty significant embedded growth.

因此，如果我們有一項資本用途，我們認為它能透過股權融資增加收益，我們會像對待其他上市房地產投資信託基金一樣考慮它。但除此之外，我們擁有充足的流動資金。我們擁有相當可觀的內在成長潛力。

There's a high bar there. So again, to repeat my point, we look at the source and the use at this point. We haven't issued anything to date, but that could be -- that could change depending on what we see from an investment perspective.

這方面的標準很高。所以，我再次重申我的觀點，此時我們需要檢視來源和用途。我們目前還沒有發行任何產品，但這可能會改變——這取決於我們從投資角度看到的情況。

Thank you. And then what's the stabilized yield on the recent lease-up acquisitions? And how does that compare to the in-place cap rates at acquisition?

謝謝。那麼，近期新增租賃物業的穩定收益率是多少？那麼，這與收購時的現有資本化率相比如何？

Nick, I would say that our acquisitions this quarter, the going-in cap rate was a bit higher than last quarter. I would say, if you look at over the course of the year, we're still blending to the low 6s, which is a pretty good reflection of where the top quartile of the sector is trading.

尼克，我想說的是，我們本季的收購，其初始資本化率比上個季度略高。我認為，從全年來看，我們仍然在向 6 點左右波動，這很好地反映了該行業前四分之一股票的交易水平。

The stabilized yield, if you look out a couple of years, it's really dependent upon market rents, which appear to be continuing to grow. And you can see that in our spreads. So I hate to even put a number on what I think stabilized looks like in the next two to three years, but it sort of feels like the indications are that mark-to-markets are growing.

從未來幾年來看，穩定的收益率實際上取決於市場租金，而市場租金似乎還在持續成長。這一點可以從我們的產品展示中看出。所以我甚至都不願意對未來兩到三年內的穩定狀態做出具體的預測，但種種跡象表明，按市值計價的市場正在成長。

Thank you.

謝謝。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Hi, thanks. Good morning. I just wanted to talk about the acquisition activity in the pipeline heading into '26. You talked about $750 million for the year. That's up from around $500 million. So an incremental $100 million or so here in the fourth quarter. How should we think about the pipeline beyond 4Q, how the pace of acquisitions may trend into '26 and whether you're seeing more product come to market as the company continues to be active in the space?

您好，謝謝。早安.我只是想談談2026年即將開展的收購活動。你提到今年的預算是7.5億美元。這比之前的約5億美元有所增加。因此，第四季將新增約 1 億美元。我們該如何看待第四季之後的研發管線？ 2026 年的收購步伐可能會如何改變？隨著公司在該領域的持續活躍，您是否看到更多產品推向市場？

Hi, good morning, Todd, it's David. The amount of inventory we're underwriting is definitely increasing every quarter. I think John's team has built relationships nationwide where we're starting to see things that we might not have seen in the past. I would say we're being highly selective on exactly what we want to transact with and what we don't.

嗨，早安，陶德，我是大衛。我們承保的庫存量每季都在增加。我認為約翰的團隊已經在全國範圍內建立了關係，我們開始看到一些過去可能從未見過的事情。我認為我們對想要交易的對象和不想要交易的對像都非常挑剔。

And if you think about the prepared remarks, I know you said the guidance was originally $500 million so far year-to-date, we're at $644 million, and we would expect that the full year is around $750 million, but there's potential for upside on that.

如果你回顧一下你事先準備好的發言稿，我知道你說過最初的預期是今年迄今為止的 5 億美元，而現在已經達到了 6.44 億美元，我們預計全年約為 7.5 億美元，但這個數字還有上升的空間。

And I think the pipeline going forward is really going to be more of a result of not only increased visibility and deal flow, but also the episodic nature of some of the portfolio deals that we've done. They're harder to project. They are out there, and we're building the relationships so that we feel like we're going to have the ability to take a peek at those when they come to market.

我認為，未來的專案儲備不僅更取決於更高的可見度和交易量，還取決於我們所完成的一些投資組合交易的階段性特徵。它們更難投射。它們就在那裡，我們正在建立關係，以便我們能夠在它們上市時有機會一睹它們的風采。

Okay. So it sounds like maybe around $500 million is kind of the right target to think about on sort of a recurring basis. And then when you layer in some larger transactions, perhaps that could be kind of the needle mover moving forward?

好的。所以聽起來，大約 5 億美元可能是比較合適的、可以持續考慮的目標金額。然後，當一些較大的交易加入時，這或許會成為推動未來發展的關鍵因素？

I don't think that's what I was implying. What I said is we feel confident that 2025 is going to be $750 million with potential for upside, and we'll see what happens next year, but we're pretty confident that we're seeing an awful lot of inventory that we like.

我覺得我的意思應該不是這個。我說過，我們有信心 2025 年將達到 7.5 億美元，並且還有成長潛力。明年會發生什麼，我們拭目以待。但我們非常有信心，我們看到了大量我們喜歡的庫存。

Yeah. And Todd, to David's point, I mean, I think we've kind of built a machine now where we've got visibility on the fourth quarter and the first quarter of next year. And to David's point, it's -- our visibility is a lot higher than where it was when we set our initial bogey.

是的。托德，正如大衛所說，我的意思是，我認為我們現在已經建立了一套機制，可以預見第四季和明年第一季的業績。正如大衛所說，我們的能見度比我們最初設定目標時要高得多。

So once we get to 2026 and talk about guidance, we'll provide more of a framework around how we should think about investment volume. But to David's point, I mean, we kind of have visibility now on the next call it, five or six months, which is a very different perspective than we had at the time to spin-off.

所以，到了 2026 年，當我們討論指導意見時，我們會提供一個更完善的框架，來引導我們應該如何看待投資規模。但正如大衛所說，我的意思是，我們現在對未來五、六個月的情況有了一定的了解，這與我們當時考慮分拆時的視角截然不同。

Okay. And then as we think about '26 and sort of the growth algorithm for the same-store, which I realize is rapidly changing. You have blended leasing spreads have been in the low double-digit cash spread range. Can you just remind us what the portfolios blended annual escalator looks like? And then are there any other sort of considerations that we should think about moving forward?

好的。然後，當我們思考 2026 年以及同店銷售成長演算法時，我意識到它正在迅速變化。你們的混合租賃利差一直處於兩位數的低現金利差範圍內。能簡單介紹一下投資組合的綜合年度殖利率曲線嗎？那麼，在推進工作的過程中，我們還應該考慮其他哪些面向呢？

No, it's a good question, Todd. And to kind of the genesis of the question, there is a significant pool change from 2025 to 2026. The good news is the net result is, to David's point, we're buying assets that have very similar characteristics. So there's no material differentiator in terms of structural growth or bumps between the 2025 pool and 2026. If you recall, at the time of spin-off, we said we felt our 2024, 2025, 2026 growth at average north of 3%.

不，托德，你問得好。而要追溯這個問題的由來，2025 年到 2026 年，資金池發生了重大變化。好消息是，正如大衛所說，最終結果是我們購買的資產具有非常相似的特徵。因此，2025 年和 2026 年的資金池在結構成長或波動方面沒有實質的差異。如果你還記得的話，在分拆的時候，我們曾表示，我們預計 2024 年、2025 年、2026 年的平均成長率將超過 3%。

And you think about 2024 was 5.8%. 2025, our midpoint of our range is 3.25%, which imply that we would have pretty steady growth over the course of 2026 comparable to 2025. So there's no material considerations to your point on the growth algorithm. This is a really simple company with a really simple income statement. There's nothing for us to call out. There will be headwinds to next year, redevelopment opportunities, though headwinds, nothing like that.

你們認為 2024 年的成長率為 5.8%。 2025 年，我們預測範圍的中點為 3.25%，這意味著 2026 年的成長將與 2025 年相當穩定。所以，你關於成長演算法的觀點並沒有任何實質的考量。這是一家非常簡單的公司，損益表也很簡單。我們沒有什麼好指出的。明年將會面臨一些不利因素，但也存在重建的機會，儘管存在一些不利因素，但遠沒有那麼嚴重。

So I don't want to make it sound formulaic. There's obviously a lot of work to get there, to your point in terms of leasing and volume, et cetera. But it should be a growth level that's pretty steady on an occupancy neutral basis compared to any portfolio we're looking at in terms of same-store pools. Let me hope I answer your question there.

所以我不想讓它聽起來千篇一律。顯然，要達到這個目標還有很多工作要做，正如你所說，在租賃和銷售等方面都是如此。但就同店收益池而言，與我們正在考察的任何投資組合相比，在入住率中性的基礎上，其成長水準應該相當穩定。希望我能解答你的問題。

yeah, that's helpful. Alright. Thank you.

是的，這很有幫助。好吧。謝謝。

you're welcome.

不客氣。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, I just want to go back to sort of the cap rate conversation. Obviously, you guys are thinking about IRRs here which I appreciate that. But maybe if you could just double click, I think you said low 6s. Just wondering sort of what are the ranges of those and any difference between sort of larger deal and portfolio deals.

嘿，我只是想回到之前關於資本化率的討論。顯然，你們在這裡考慮的是內部報酬率（IRR），我很欣賞這一點。但也許你可以雙擊一下，我想你說過是6分左右。我只是想知道這些交易的範圍是多少，以及大宗交易和投資組合交易之間有什麼區別。

And more importantly, as you're sort of a year in and more people are finding out about this business, how should we be thinking about the potential for cap rate compression as you're thinking about the next 12, 24, 36 months? Thanks.

更重要的是，隨著一年左右的時間過去，越來越多的人開始了解這項業務，在考慮未來 12、24、36 個月時，我們應該如何看待資本化率壓縮的可能性？謝謝。

Hey, Ron, good morning. it's David. I mean, cap rates, as you are aware and you alluded to, we underwrite for IRR, but of course, the result is a going-in cap rate. When the assets are quite small, the cap rate on year one can be pretty wildly different most importantly, if there's a vacancy.

嘿，羅恩，早安。我是大衛。我的意思是，正如您所知並已提及的，資本化率，我們以內部收益率 (IRR) 進行承銷，但結果當然是初始資本化率。當資產規模較小時，第一年的資本化率可能會有很大的差異，尤其是在出現空置的情況下。

One of the things we noted last quarter was we had some assets that we bought that had one or two vacant units, but in a small format strip center, that means that the cap rate can be quite low to make up for that vacant space and the growth opportunity.

我們上個季度注意到的一件事是，我們收購的一些資產有一兩個空置單元，但在小型商業街中，這意味著資本化率可以很低，以彌補空置空間和成長機會。

On the other hand, there could be fully stabilized assets with strong credit that has a little bit less growth opportunity, but it's also a stable growing asset with not a lot of CapEx. So the net result is the cap rate range can be quite wide in this sector. I mean it can be low 5s to high 6s, even for the top quartile.

另一方面，有些資產已經完全穩定，信用良好，成長機會可能稍少，但它也是穩定成長的資產，資本支出不多。因此，最終結果是該產業的資本化率範圍可能相當廣泛。我的意思是，即使是前四分之一的學生，分數也可能在 5 分出頭到 6 分高段之間。

If you're buying assets with worse demographics, pretty low traffic counts and kind of tertiary markets, you could end up closer to a 7%. But those aren't the assets that we've been interested in. And that's why I've kind of averaged it down to say that we're blending to a low 6%, but I'd say there could be a 100 basis point swing on one asset to the next just given the fundamentals of that rent roll.

如果你買的是人口結構較差、交通流量較低且屬於三線市場的資產，那麼你的殖利率最終可能接近 7%。但我們感興趣的並不是這些資產。這就是為什麼我把平均值拉低到 6% 左右，但考慮到租金收入的基本面，不同資產之間的波動可能達到 100 個基點。

Yeah. To David's prepared remarks, Ron, so we were just over 6% in the third quarter to David's comments on buying some vacancy. Our fourth quarter blended to 6.25%. So again, that's pretty consistent we've been buying over the course of the year to David's point, vacancy could swing that 20 basis points on a blended basis, but it's been pretty steady. To your point on where they could go.

是的。羅恩，針對大衛事先準備好的發言，我們第三季的空置率略高於 6%，大衛談到了購買一些空置房產的問題。我們第四季的混合收益率為 6.25%。所以，正如大衛所說，這與我們今年的購買情況相當一致，空置率可能會使綜合價格波動 20 個基點，但總體來說還是相當穩定的。關於他們可以去的地方，你說得對。

I mean, it feels like that's a macro question as opposed to a sector question. There's a lot of interest in retail in general. I don't think that's unique to convenience assets. But I think it's going to be much more dependent on rates more than anything.

我的意思是，這感覺更像是一個宏觀問題，而不是一個行業問題。人們對零售業整體上非常感興趣。我認為這並非便利資產獨有的問題。但我認為，最終結果更多地取決於利率，而不是其他因素。

Great. I think that's really helpful. And just going back to the same-store conversation. Look, occupancy has been building this year. So presumably, that's a tailwind for next year. But when you sort of look at the lease rate, where do you guys sort of think is the structural sort of cap that you can sort of get on that? Thanks.

偉大的。我覺得這真的很有幫助。回到我們之前討論的同一家商店的話題。你看，今年的入住率一直在上升。所以，這大概會成為明年的利多因素。但是，從租賃費率的角度來看，你們認為租賃費率的結構性上限是多少？謝謝。

Ron, it's a really good question. So if you look for the total portfolio, we're at 96.7%, the same property pool is 97.1%. It feels like low 97s is probably the peak here. It doesn't mean there's not occupancy upside, though, because we've got a little bit wider lease occupied spread than we historically had run out over the last, call it, seven, eight years that we've been tracking this for the portfolio.

羅恩，這真是個好問題。所以，如果查看整個投資組合，我們佔比為 96.7%，而同一物業池佔比為 97.1%。感覺最高溫度可能在華氏97度左右。但這並不意味著入住率沒有上升空間，因為我們目前的租賃入住率範圍比過去七八年來我們追蹤該投資組合時所經歷的範圍要寬一些。

But David, I don't know if you feel differently. It feels like a couple of hundred basis points of structural vacancy is probably the right spread, and that's just churn of a tenant moving out and the time line to put someone back in.

但大衛，我不知道你是否有不同的感受。感覺幾百個基點的結構性空置率可能是比較合適的，這只是租戶搬出和重新招租所需的時間造成的波動。

Yeah. I think the only thing I would add to that is that the SNO pipeline and the amount of occupancy upside, you would typically see in a retail portfolio kind of gives the high watermark for growth. The difference with the portfolio where we're specifically buying a shorter WALT with a higher mark-to-market means that most of our growth going forward is going to come through renewals, not necessarily through occupancy.

是的。我覺得唯一需要補充的是，SNO 的開發案和零售物業組合中通常可見的入住率提升空間，某種程度上決定了成長的上限。與我們專門購買的WALT較短、市值較高的投資組合不同的是，我們未來的大部分成長將來自續租，而不是入住率。

Helpful. Thank you so much.

很有幫助。太感謝了。

Thanks, Ron.

謝謝你，羅恩。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good morning. Good morning down there. So two questions. I guess, David, let me just go to that comment that you just made about the types of centers you're going for. Increasingly, it seems that just given the dearth of product, people are sort of eager to buy credit or vacancy issues to be able to get at availability to put tenants in.

嘿，早安。樓下早安。所以，我有兩個問題。大衛，我想就你剛才提到的你想要打造的中心類型發表一下看法。似乎越來越多的人因為房源短缺而急於購買信貸或空置房產，以便獲得出租機會。

As you guys look at your target convenience centers in the deal flow, are you seeing a lot of opportunities where there is some potential credit or vacancy issues that would allow you to really drive rent increases by taking out a less productive tenant replacing it or convenience centers aren't really -- don't really offer that same potential that you've seen in a normal open-air shopping center.

你們在考察交易流程中的目標便利中心時，是否發現很多機會，例如存在一些潛在的信用或空置問題，從而可以通過驅逐效率較低的租戶並更換新租戶來真正推動租金上漲？或者便利中心實際上並沒有像普通的露天購物中心那樣提供相同的潛力？

Hey, good morning, Alex. There's always going to be opportunities to upgrade credit. But I will say that in a larger format retail environment, you might be especially proactive because the benefits of upgrading tenant also have a strong traffic driver and you need that traffic driver to feed your other tenants.

嘿，早上好，Alex。總是有機會提升信用等級。但我想說的是，在規模較大的零售環境中，您可能需要格外積極主動，因為租戶升級帶來的好處也能帶來強勁的客流量，而您需要這些客流量來吸引其他租戶。

What's unique about this business is that there's really not much crossover traffic between the even adjacent tenants. The tenants are leasing space because they want to be near the customers on their errand runnings. So our desire to re-tenant buildings is pretty low.

這家企業的獨特之處在於，即使是相鄰的租戶之間，客流量的交叉也很少。租戶們之所以租用這些空間，是因為他們希望在顧客外出辦事時能夠方便地接觸到他們。因此，我們對重新招租的意願相當低。

What's most important is that we have tenants that are able to generate enough profit to afford the rents that we want to charge. So I would say we're not going to be very aggressive on retrofitting and merchandising properties. What we are going to be aggressive on is raising rents at renewals.

最重要的是，我們的租戶能夠產生足夠的利潤，以支付我們想要收取的租金。所以我覺得我們不會在物業改造和商業化方面採取非常激進的策略。我們將積極採取措施，在續租時提高租金。

And that's part of the reason why I like the convenience center because you tend to have leases that don't have nearly as many options as a larger format tenant, so we can actually get to the market rents, which are continuing to grow.

這也是我喜歡便利中心的原因之一，因為便利中心的租賃合約通常不像大型租戶那樣有很多選擇，所以我們實際上可以拿到不斷上漲的市場租金。

Okay. And then the second question is you talk a lot about sort of the consistency of your earnings growth. And obviously, you're doing that with the balance sheet the way you're mutually funding using debt and cash. But as we think about the spreads to your implied cap rate, is it your view that you will always maintain a positive spread in order to be able to drive the sort of double-digit earnings growth that you aspire to? Or your view is that you could buy inside of your implied cap rate, but through rent outgrow and have that asset be accretive?

好的。第二個問題是，您經常談到您的獲利成長的穩定性。顯然，你們是透過資產負債表來實現這一點的，即透過債務和現金進行相互融資。但當我們考慮您隱含資本化率的利差時，您是否認為您將始終保持正利差，以便能夠實現您所渴望的兩位數盈利增長？或者你的觀點是，你可以以隱含資本化率買入，但透過租金成長使之超過預期，從而使該資產增值？

Alex, it's Conor. I'm going to attempt to answer and let me know if I address this. Our view, our kind of business plan, when we complete the spin-off was to invest over a five year period, it's $0.5 billion per year, and that led to double-digit growth, and that required no additional equity.

Alex，我是Conor。我會嘗試回答這個問題，如果我解答了，請告訴我。我們的觀點，我們的商業計劃，是在分拆完成後，在五年內每年投資 5 億美元，這將帶來兩位數的成長，而且不需要額外的股權。

If equity over the course of that five year plan was accretive, we would consider it, and that would extend that time line or add to that growth profile. Our view in terms of how we structure that growth algorithm to Todd's point was to say that we could buy at a call it, 100 basis point debt spread over the course of that five year period, which is consistent with the last 30 years and kind of the debt spread for high-quality assets.

如果五年計畫期間的股權投資能夠帶來收益成長，我們會考慮這樣做，這將延長該計畫的時間線或增加成長幅度。就我們建立成長演算法的方式而言，正如 Todd 所說，我們可以在五年內以 100 個基點的債務利差進行買入，這與過去 30 年以及高品質資產的債務利差是一致的。

If that spread compressed, it obviously would impact that, but there's other levers we have to pull. And one of the unique and exciting things to David's point to Ron's question was, we can generate pretty compelling occupancy-neutral same-property growth and generate significant free cash flow relative to the enterprise.

如果價差收窄，顯然會對此產生影響，但我們還有其他辦法。David 針對 Ron 的問題提出的一個獨特而令人興奮的觀點是，我們可以實現相當有吸引力、入住率不變的同店物業增長，並產生相對於企業而言可觀的自由現金流。

Those two pieces are pretty powerful growth drivers that lead us to, in our view, have the ability to generate better than average versus peers or the REIT sector occupancy neutral growth or leverage neutral growth kind of the genesis of your question.

這兩個因素是相當強大的成長驅動力，我們認為，這使我們有能力產生比同行或 REIT 行業平均水平更好的入住率中性增長或槓桿中性增長，這正是您問題的由來。

So if spreads compressed, it could impact things, obviously, in terms of relative growth, but we have some other levers that help. The last piece is on G&A, we are still scaling our G&A load over the back half of the five year business plan, we start to scale that G&A load, which is pretty impactful as well.

因此，如果價差收窄，顯然會對相對成長產生影響，但我們還有其他一些手段可以提供幫助。最後一部分是關於 G&A，我們仍在五年商業計劃的後半段逐步增加 G&A 支出，我們開始逐步增加 G&A 支出，這也會產生相當大的影響。

So it's a really complicated question. Let me know if I'm addressing it, but there's a lot of levers we have to pull. But there's no doubt that investment spread is impactful to us as it is to other companies that are extremely growing.

所以這真是一個複雜的問題。請告訴我我是否在處理這個問題，但我們需要採取很多措施。但毫無疑問，投資分散化對我們和其他快速成長的公司一樣，都有重要影響。

But ultimately, Conor, what I hear you saying is your focus is on FFO growth, not same-store. The focus is on delivering double-digit FFO. Okay. Just want to make sure.

但歸根究底，康納，我聽你的意思是，你關注的是FFO成長，而不是同店銷售成長。重點是實現兩位數的FFO成長。好的。我只是想確認一下。

Yeah, for sure. I mean look, I mean, they should be correlated and our same-property growth, remember, our whole pool is in there. There's no redevelopment pipeline. There's nothing an ebb or flow to growth. So of course, it's important to us, it's important to David's point, for us to express how powerful the organic growth profile is.

是的，當然。我的意思是，你看，我的意思是，它們應該是相關的，而且我們同類型房產的增長，記住，我們所有的房產都在其中。沒有重建項目計劃。成長沒有潮起潮落之分。所以，對我們來說，表達有機成長模式的強大力量當然很重要，這對大衛的觀點也很重要。

But for the majority of the business plan, what drives the most -- the biggest proportion of FFO growth is external growth and scaling our expense load. So we're focused on it. It's important to us. But until we are a couple of years in this business plan, it is we're less reliant on organic growth.

但就商業計劃的大部分內容而言，驅動力最大的因素——FFO 成長的最大比例——是外部成長和擴大我們的支出規模。所以我們正專注於此。這對我們來說很重要。但在這項商業計劃實施幾年之前，我們對內生成長的依賴程度會較低。

Thank you.

謝謝。

You're welcome.

不客氣。

Floris Van Dijkum, Ladenburg.

弗洛里斯·範·迪庫姆，拉登堡。

Hey, good morning, guys. Thanks for taking the call. Question on your options. I can't actually see what percentage of your leasing activity this past quarter was option renewals and what is that typically? And how do you think about that going forward in terms of limiting that ability for your tenants?

嘿，大家早安。謝謝接聽電話。關於您的選擇的問題。我無法查看您上個季度租賃活動中續租的比例，通常情況下這個比例是多少？那麼，您未來打算如何限制租戶的這種能力呢？

Hi, good morning, Floris. I would say that, in general, the option rents for large national chains that do have options are consistent with the rest of the industry, which is 10% every five. The difference is that they typically don't have as many options as part of the original term and so if a landlord does a 5-year deal with a 5-year option or a 10-year deal with 2 5-year options, by the time we buy the asset, if you look at our WALT, we're buying into that first option or even second option. And so we tend to be able to capture a lot more growth than if you had five or six options, which is fairly common for a much larger store.

嗨，早安，弗洛里斯。我認為，總體而言，擁有選擇權的全國性大型連鎖店的選擇權租金與業內其他公司一致，即每五年 10%。區別在於，它們通常不像原始期限那樣有很多選擇權，因此，如果房東簽訂了一份 5 年期合同，附帶 5 年續約選擇權，或者簽訂了一份 10 年期合同，附帶兩個 5 年續約選擇權，那麼當我們購買該資產時，如果您查看我們的加權平均長期價值 (WALT)，我們實際上是在購買第一個或第二個續約選擇。因此，與擁有五到六個選擇（這在規模更大的商店中相當常見）的情況相比，我們往往能夠獲得更大的成長。

Yeah. And the only thing to just expand on that, Floris, so the reason the question might be why your spread is less than 10%. Remember, we're getting fixed bumps on an annual basis, which is different than an anchor tenant where you're just flat for a significant period of time, and then you get a big pop after 20, 30, 40 years. And so that's why we disclosed straight-line rents as well.

是的。Floris，我只想補充一點，所以問題的原因可能是，為什麼你的價差小於 10%。記住，我們每年都會獲得固定的成長，這與主力租戶不同，主力租戶的租金在相當長的一段時間內保持不變，然後在 20 年、30 年、40 年後會大幅上漲。所以，這也是我們揭露直線法租金的原因。

And you can see we're closer to 20 there on renewals. So we're today its point, realizing some of the mark-to-market over the course of the lease. But then we got another bite at the apple earlier than you would from a lease that you signed and sit on it for 20 years.

你可以看到，我們的續約率已經接近 20 了。所以今天我們來到了關鍵時刻，在租賃期間實現部分以市價計價。但是，我們卻比你早得多地獲得了另一次機會，因為你簽了一份租約，然後把它閒置了 20 年。

Thanks. Just -- so I think your peers are somewhere around 40% of all leasing activity each quarter is options. Is that something similar with your portfolio today? Or is that a little bit lower already? And do you expect that to trend even lower going forward?

謝謝。僅限—所以我認為你們同業每季所有租賃活動中約有 40% 是選擇權。你目前的投資組合也有類似的情況嗎？或者說，這個數字已經略低一些了？你預期未來這趨勢還會持續下降嗎？

Floris, I don't have the exact number off the top of my head. I mean we do skew towards the nationals. So I bet you, we're modestly lower, but I don't have the number available at my fingertips right now.

弗洛里斯，我一時想不起來確切的數字。我的意思是，我們的確更傾向國民隊。所以我估計，我們的實際數字會略低一些，但我現在手邊沒有具體數字。

Thanks, Conor. My second question, I noticed you had a couple of larger assets in your acquisitions. I think Mockingbird Central, which is like 80,000 square feet, and you had one Springs Ranch at 44,000 square feet. Could you talk maybe about the rationale behind those acquisitions? And are they different assets than the rest of your portfolio?

謝謝你，康納。我的第二個問題是，我注意到你們收購了一些較大的資產。我認為 Mockingbird Central 佔地約 80,000 平方英尺，而 Springs Ranch 佔地 44,000 平方英尺。您能否談談這些收購背後的邏輯？它們與您投資組合中的其他資產有何不同？

Floris, it's David. The size of the asset in many cases is simply to do with what someone was able to get zoned in a certain submarket. So I think in general, you're looking at assets that we typically buy are significantly smaller. But there are locations, Boca Raton is another one, we have a large asset we bought a couple of years ago. If you're in a market that's highly supply constrained, a lot of the local kind of running errand and shop business is concentrated in certain zoned areas.

弗洛里斯，我是大衛。在許多情況下，資產規模僅取決於某人在某個特定子市場中獲得的土地規劃用途。所以我覺得總的來說，我們通常購買的資產規模要小得多。但還有一些其他地點，博卡拉頓就是另一個，我們幾年前收購了那裡的一大片資產。如果你所在的市場供應非常緊張，那麼許多本地的跑腿和商店業務都會集中在某些區域。

So you do get larger properties in some of these higher-density markets. And honestly, the big difference for us is when we look at those types of properties, we're just very careful to understand why the consumer is coming there, what their trip generation is looking like and we want properties that have very little control from larger tenants. And so even if the property is larger, it's generally made up of smaller tenants.

所以在一些高密度市場中，你確實能買到面積較大的房產。說實話，對我們來說最大的區別在於，當我們審視這類房產時，我們會非常謹慎地了解消費者來此的原因，他們的出行模式是怎樣的，我們想要的是那些受大型租戶控制較小的房產。因此，即使房產面積較大，通常也是由較小的租戶組成的。

So you're not concerned that you got too much shop space that you have to lease partly because of the supply constraints or --

所以你並不擔心因為供應限製而必須出租過多的店鋪空間。--

Yeah, it's more like -- if you think of a major thoroughfare through the United States, take Roosevelt Road in Chicago or think of in Phoenix, you're kind of up and down a long thoroughfare. A lot of the supply is just strung out along a long corridor. But in certain older markets where the zoning was different. Instead of being linear zoning, it's more like concentrated pocket zoning. You end up with having the same amount of inventory, but it's just concentrated at an intersection as opposed to an elongated thoroughfare.

是的，更像是——如果你想想美國的一條主要幹道，比如芝加哥的羅斯福路，或者想想鳳凰城，你會發現你是在一條長長的干道上來回行駛。許多物資沿著一條長長的走廊散佈開來。但在某些老舊市場，分區情況有所不同。它不是線性分區，而更像是集中式口袋分區。最終庫存量雖然相同，但只是集中在十字路口而不是狹長的主幹道。

Okay. Thanks, David.

好的。謝謝你，大衛。

Thanks, Floris.

謝謝你，弗洛里斯。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah, hi. I guess as the mix of institutional competition that you're up against for acquisitions, has it been changing materially, I guess, over the past few quarters? And then just for a second question. How sensitive is the competition to changes in interest rates, say, like the 10-year dipping below 4% again?

嗨，你好。我想，在過去的幾個季度裡，您在收購方面所面臨的機構競爭格局是否發生了實質的變化？還有一個問題。市場對利率變動的敏感度如何？例如，10 年期公債殖利率再次跌破 4% 會如何影響市場？

Mike, I'll start with the second first. I think the competition tends to be very impacted by rates. Most of the competition that we're bidding against are levered buyers, and that's either small families, local investors, but it also could be private equity funds or even institutions that are using an adviser or an operator. The debt component is important.

麥克，我先從第二個開始。我認為競爭往往會受到利率的很大影響。我們面臨的競爭對手大多是槓桿買家，他們可能是小型家族企業、本地投資者，但也可能是私募股權基金，甚至是使用顧問或營運商的機構。債務部分很重要。

So I do think that they're more impacted than we are because we still remain to be one of the only cash buyers out there. And so I think on the acquisitions front, we're able to be pretty desirable as a counterparty, simply because we don't rely on rates.

所以我認為他們受到的影響比我們更大，因為我們仍然是市場上少數的現金買家之一。因此，我認為在收購方面，我們能夠成為非常有吸引力的交易對手，原因很簡單，我們不依賴利率。

As far as competition goes, there's definitely competition in the space. I mean these assets are well attended when they come to market. I think I said last quarter, about half of our inventory is off market. And that's really coming through relationships where we have a chance to acquire asset before it's broadly marketed. That, I think, is an earned position if you've got a reputation for abiding by your word and closing.

就競爭而言，這個領域肯定存在競爭。我的意思是，這些資產上市時會受到很多關注。我想我上個季度說過，我們大約一半的庫存都已下架。這實際上是透過人脈關係實現的，我們有機會在資產廣泛上市之前就獲得它們。我認為，如果你有信守承諾、促成交易的良好聲譽，那麼這就是你應得的職位。

So I think the kind of premarketed or off-market deals are pretty important source of inventory for us. But we are seeing competition, whether it's significantly more than a year ago, I'd hate to say that. There's a lot of assets out there in the market. We tend to be focused on the top quartile in terms of quality. There are others that are focused on the middle or the bottom quartile. So the sector does get a lot of demand, but I wouldn't say there's been an amazing difference in the last 12 months with competition.

所以我認為，這種預售或非公開市場交易對我們來說是非常重要的庫存來源。但我們看到競爭加劇了，至於是否比一年前更加激烈，我不太願意這麼說。市場上有很多資產。我們往往更關注品質排名前四分之一的產品。還有一些人則專注於中間或最低的四分之一人群。所以這個行業確實有很多需求，但我認為在過去 12 個月裡，競爭並沒有發生巨大的變化。

Got it. Thank you.

知道了。謝謝。

Thanks, Mike.

謝謝你，麥克。

Thank you. And there are no further questions at this time. David, Lukes, I'll turn it back over to you.

謝謝。目前沒有其他問題了。大衛，盧克斯，我把任務交還給你們。

Thank you all very much for joining, and we'll talk to you next quarter.

非常感謝各位的參與，我們下個季度再見。

Thank you. This does conclude today's presentation. You may now disconnect.

謝謝。今天的演講到此結束。您現在可以斷開連線了。