Essential Properties Realty Trust Inc (EPRT) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Essential Properties Realty Trust first-quarter 2025 earnings conference call. This conference call is being recorded, and a replay of the call will be available three hours after the completion of the call for the next two weeks. The dial-in details for the replay can be found in yesterday's press release. Additionally, there will be an audio webcast available on Essential Properties' website at www.essentialproperties.com, an archive of which will be available for 90 days.

女士們、先生們，早安，歡迎參加 Essential Properties Realty Trust 2025 年第一季財報電話會議。本次電話會議正在錄音，未來兩週內，會議結束三小時後將提供重播。重播的撥入詳情可在昨天的新聞稿中找到。此外，Essential Properties 網站 www.essentialproperties.com 上還將提供音訊網路廣播，其存檔將保留 90 天。

On the call this morning are Pete Mavoides, President and Chief Executive Officer; Mark Patten, Chief Financial Officer; Max Jenkins, Chief Operating Officer; AJ Peil; Chief Investment Officer; and Rob Salisbury, Head of Corporate Finance and Strategy. It is now my pleasure to turn the conference over to Rob Salisbury.

參加今天早上電話會議的有總裁兼執行長 Pete Mavoides、財務長 Mark Patten、營運長 Max Jenkins、首席投資長 AJ Peil 和公司財務與策​​略主管 Rob Salisbury。現在我很高興將會議交給 Rob Salisbury。

Thank you, operator. Good morning, everyone, and thank you for joining us today for Essential Properties' first-quarter 2025 earnings conference call.

謝謝您，接線生。大家早安，感謝您今天參加 Essential Properties 2025 年第一季財報電話會議。

During this conference call, we will make certain statements that may be 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 may not release revisions to these forward-looking statements to reflect changes after the statements were made.

在本次電話會議中，我們將做出某些可能根據聯邦證券法被視為前瞻性陳述的聲明。本公司未來的實際結果可能與這些前瞻性聲明中討論的事項有重大差異，我們可能不會發布對這些前瞻性聲明的修訂以反映這些聲明發布後的變化。

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 filings with the SEC and in yesterday's earnings press release.

可能導致實際結果與預期存在重大差異的因素和風險在公司向美國證券交易委員會提交的文件和昨天的收益新聞稿中不時詳細披露。

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

說完這些，我會把電話轉給皮特。

Thank you, Rob, and thank you to everyone for joining us today for your interest in Essential Properties.

謝謝你，羅布，也謝謝大家今天加入我們，對 Essential Properties 有興趣。

In the first quarter, despite a choppy capital markets backdrop, the operating environment has remained favorable for our business, as our team continues to source attractive investment opportunities, focusing on middle market sale leasebacks with growing operators within our targeted industries.

第一季度，儘管資本市場波動，但經營環境對我們的業務仍然有利，因為我們的團隊繼續尋找有吸引力的投資機會，專注於中端市場售後回租，與我們目標行業內不斷增長的運營商合作。

During the quarter, we invested $308 million, as we continue to support our existing relationships which contributed 86% of our investments, underscoring the value of recurring business within our tenant base. Our portfolio also continued to perform well with tenant credit trends and same-store rent performance healthy and in line or slightly ahead of our expectations.

本季度，我們投資了 3.08 億美元，繼續支持現有關係，這占我們投資的 86%，凸顯了租戶群體中經常性業務的價值。我們的投資組合也持續表現良好，租戶信貸趨勢和同店租金表現健康，符合或略高於我們的預期。

We further solidified our capital position during the quarter, issuing over $300 million of equity and upsizing our credit facility, leaving us with pro forma leverage of 3.4 times and liquidity of $1.5 billion, which positions us well to continue to grow our portfolio and continue to generate sustainable earnings growth for our shareholders.

我們在本季度進一步鞏固了我們的資本狀況，發行了超過 3 億美元的股票並增加了我們的信貸額度，使我們的備考槓桿率達到 3.4 倍，流動性達到 15 億美元，這使我們能夠繼續擴大我們的投資組合併繼續為股東創造可持續的盈利增長。

The continued healthy portfolio trends and the attractive investment environment remains supportive of our 2025 business plan. As a result, we have reaffirmed our 2025 AFFO per share guidance range of $1.85 to $1.89.

持續健康的投資組合趨勢和有吸引力的投資環境仍然支持我們的 2025 年業務計劃。因此，我們重申 2025 年每股 AFFO 指引範圍為 1.85 美元至 1.89 美元。

On our fourth quarter earnings call, we discussed our expectation that competition could build as capital markets normalize, resulting in modest cap rate compression. We continue to expect our investment cap rates in 2025 to be slightly lower than 2024. However, the recent heightened volatility in the capital markets has resulted in less competition than we had anticipated at the beginning of the year.

在我們的第四季財報電話會議上，我們討論了我們的預期：隨著資本市場的正常化，競爭可能會加劇，從而導致資本化率適度壓縮。我們仍預期 2025 年的投資資本化率將略低於 2024 年。然而，近期資本市場波動加劇，導致競爭比我們年初預期的弱。

Overall, our investment pipeline is supportive of the upper half of our articulated investment guidance of $900 million to $1.1 billion. Importantly, we do not need to raise any incremental capital to achieve our guidance range this year.

總體而言，我們的投資管道支持我們明確的投資指導的上半部分，即 9 億美元至 11 億美元。重要的是，我們不需要籌集任何增量資本來實現今年的指導範圍。

Turning to the portfolio. We ended the quarter with investments in 2,138 properties that were leased to 423 tenants operating in 16 industries. Our weighted average lease term stood at 14 years at quarter end, in line with a year ago with just 5.4% of annual base rent expiring over the next five years.

轉向投資組合。截至本季末，我們投資了 2,138 處房產，出租給了 16 個產業的 423 家租戶。截至本季末，我們的加權平均租賃期限為 14 年，與去年同期持平，未來五年內僅有 5.4% 的年度基本租金到期。

From a tenant health perspective, our weighted average unit level coverage ratio was 3.5 times this quarter, indicative of the profitability and cash flow generation by our tenants at the unit level.

從租戶健康角度來看，本季我們的加權平均單位級覆蓋率為 3.5 倍，顯示我們的租戶在單位層級的獲利能力和現金流產生。

With that, I'd like to turn the call over to Max Jenkins, our Chief Operating Officer, who will provide an update on our investment activities and the current market dynamics. Max?

接下來，我想將電話轉給我們的營運長馬克斯·詹金斯 (Max Jenkins)，他將介紹我們的投資活動和當前的市場動態。最大限度？

Thanks, Pete. On the investment side, during the first quarter, we invested $308 million through 21 separate transactions at a weighted average cash yield of 7.8%. Our investment activity in the quarter was broad-based across most of our top industries, with no notable departures from our well-defined investment strategy.

謝謝，皮特。在投資方面，第一季我們透過 21 筆獨立交易投資了 3.08 億美元，加權平均現金收益率為 7.8%。我們本季的投資活動廣泛涉及大多數主要行業，與我們明確的投資策略沒有明顯偏差。

This quarter, our investments had a weighted average initial lease term of 17.5 years and a weighted average annual rent escalation of 2.2%, generating a strong average GAAP yields of 9.4%. Our investments this quarter had a weighted average unit level rent coverage of 3 times and the average investment per property was $5.5 million.

本季度，我們的投資的加權平均初始租賃期限為 17.5 年，加權平均年租金上漲 2.2%，產生了 9.4% 的強勁 GAAP 平均收益率。我們本季的投資的加權平均單位租金覆蓋率為 3 倍，每處房產的平均投資額為 550 萬美元。

90% of the investments this quarter were sale-leaseback transactions. Looking ahead, our investment pipeline remains strong across all of our targeted industries. Pricing in our pipeline is relatively consistent with our first quarter transactions with cap rates in the high 7% range and strong contractual escalations, which is supportive of our long-term growth trajectory.

90%本季的投資為售後回租交易。展望未來，我們在所有目標產業的投資管道依然強勁。我們正在進行的定價與第一季的交易相對一致，資本化率在 7% 的高位，合約升級強勁，這支持了我們的長期成長軌跡。

Including $135 million of investments closed subsequent to quarter end, we have invested $443 million year-to-date, providing a line of sight to our guidance range that is encouraging at this early point in the year.

包括本季末之後完成的 1.35 億美元投資在內，今年迄今為止我們已投資 4.43 億美元，這為我們的指導範圍提供了指引，這在年初是令人鼓舞的。

With that, I'll turn the call over to AJ Peil, our Chief Investment Officer, who will provide an update on our portfolio and asset management activities. AJ?

接下來，我將把電話轉給我們的首席投資長 AJ Peil，他將提供有關我們的投資組合和資產管理活動的最新資訊。AJ？

Thanks, Max. At a high level, our portfolio credit trends remain healthy with same-store rent growth in the first quarter of 1.5%, up slightly from last quarter. Tenant credit events remain muted with occupancy of 99.7% and collections of effectively 100%. While there were no noteworthy credit events during the first quarter, we continue to work through the zips carwash bankruptcy which impacts three of our properties and approximately 20 basis points of our ABR.

謝謝，馬克斯。從高層次來看，我們的投資組合信貸趨勢依然健康，第一季同店租金成長率為 1.5%，略高於上一季。租戶信用事件維持低迷，入住率為 99.7%，收款率實際上為 100%。雖然第一季沒有發生值得注意的信用事件，但我們仍在努力解決 zips 洗車店破產問題，該問題影響了我們的三處房產和約 20 個基點的 ABR。

Given the ongoing nature of the bankruptcy, it is premature to discuss any expectations around our lease on these three properties. However, as an update, I would note that this tenant remains current on the rental obligations.

鑑於破產的持續性，現在討論我們對這三處房產租賃的任何預期還為時過早。但是，作為更新，我想指出的是，該租戶仍然履行當前的租賃義務。

From a tenant concentration perspective, our largest tenant represents 3.9% of our ABR at quarter end, and our top 10 tenants now account for just 17.3% of our ABR. Tenant diversity is an important risk mitigation tool and differentiator for us, and it is a direct benefit of our focus on middle market operators, which offers an expansive opportunity set.

從租戶集中度的角度來看，我們最大的租戶在季度末占我們 ABR 的 3.9%，而我們前 10 名租戶現在僅占我們 ABR 的 17.3%。租戶多樣性是我們的重要風險緩解工具和差異化因素，也是我們專注於中階市場營運商的直接好處，它提供了廣闊的機會。

Our carwash industry exposure further rationalized to 13.9% of ABR come from below our soft ceiling of 15%. On the disposition front, after a busier fourth quarter, our asset sale activity normalized in the first quarter. We sold 11 properties this quarter for $24.3 million in net proceeds. This represents an average of approximately $2.2 million per property, highlighting the importance of owning fungible, liquid properties, which allows us to proactively manage portfolio risk.

我們的洗車產業曝險進一步合理化，13.9% 的 ABR 來自我們 15% 的軟上限以下。在處置方面，在經歷了較為繁忙的第四季度之後，我們的資產出售活動在第一季恢復正常。本季我們出售了 11 處房產，淨收益為 2,430 萬美元。這意味著每個房產平均價值約為 220 萬美元，凸顯了擁有可替代、流動性房產的重要性，這使我們能夠主動管理投資組合風險。

The dispositions this quarter were executed at a 6.9% weighted average cash yield. Over the near term, we expect our disposition activity to be consistent with our trailing eight-quarter average driven by opportunistic asset sales and ongoing portfolio management activity.

本季的處置執行的加權平均現金收益率為 6.9%。短期內，我們預期我們的處置活動將與過去八個季度的平均水準保持一致，這得益於機會性資產銷售和持續的投資組合管理活動。

With that, I'd like to turn the call over to Mark Patten, our Chief Financial Officer, who will take you through the financial and balance sheet for the first quarter.

接下來，我想將電話轉給我們的財務長馬克‧帕滕 (Mark Patten)，他將向您介紹第一季的財務和資產負債表。

Thanks, AJ Overall, we had a good first quarter, highlighted by the strong level of investments that Max outlined at a 7.8% cash cap rate. AFFO per share of $0.45 represented an increase of 7% versus Q1 of 2024. On a nominal basis, our AFFO totaled $85.7 million for the quarter, which is up $14.6 million over the same period in 2024, an increase of 21%.

謝謝，AJ 總體而言，我們第一季表現良好，突出表現在 Max 概述的 7.8% 現金上限率的強勁投資水平。每股 AFFO 為 0.45 美元，較 2024 年第一季成長 7%。以名目基礎計算，本季我們的 AFFO 總額為 8,570 萬美元，比 2024 年同期增加 1,460 萬美元，增幅為 21%。

This AFFO performance was consistent with our expectations as reflected in our guidance range updated last quarter. Total G&A in Q1 2025 was $11.5 million versus $9.4 million for the same period in 2024, which is consistent with our expectations.

AFFO 的表現與我們的預期一致，這反映在我們上個季度更新的指導範圍中。2025 年第一季的總 G&A 為 1,150 萬美元，而 2024 年同期為 940 萬美元，這與我們的預期一致。

The majority of the year-over-year increase is related to increased compensation expense, as we continue to invest in our team. Our recurring cash G&A was $7.6 million this quarter, which is consistent with our guidance range of $28 million to $31 million for the year and represents 5.9% of total revenue, which compares favorably to the 6.2% in the same period a year ago.

由於我們繼續對團隊進行投資，因此同比增長的大部分與薪酬費用的增加有關。本季我們的經常性現金 G&A 為 760 萬美元，與我們今年 2,800 萬美元至 3,100 萬美元的指導範圍一致，佔總收入的 5.9%，與去年同期的 6.2% 相比有所提高。

We declared a cash dividend of $0.295 in the first quarter, which represents an AFFO payout ratio of 66%. Our retained free cash flow after dividends, which we view as an attractive source of capital to support our growth goals, continues to build, reaching $30.1 million in the first quarter, equating to over $120 million per annum on a run rate basis. Based on our investment guidance for 2025, that would represent more than 10% of our capital needs to fund our external growth.

我們在第一季宣布發放 0.295 美元的現金股息，代表 AFFO 派息率為 66%。我們視股息後的留存自由現金流為支持我們成長目標的有吸引力的資本來源，該現金流持續增加，第一季度達到 3,010 萬美元，按運行率計算相當於每年超過 1.2 億美元。根據我們對 2025 年的投資指導，這將占我們外部成長所需資本的 10% 以上。

Turning to our balance sheet. With the net investment activity in Q1 2025, our income-producing gross assets reached $6.3 billion at quarter end. The increasing scale of our income-producing portfolio continues to build improving our credit profile.

轉向我們的資產負債表。隨著 2025 年第一季的淨投資活動，我們的創收總資產在季末達到了 63 億美元。我們的創收投資組合規模不斷擴大，從而持續改善我們的信用狀況。

On the capital markets front, we issued $292 million in an equity offering in March, which complemented our ATM activity of approximately $21 million giving us a total of $313 million of equity raised in the quarter. We settled $279 million of forward equity in the quarter, with a portion of the proceeds utilized to repay our revolving credit facility balance.

在資本市場方面，我們在 3 月發行了 2.92 億美元的股票，這補充了我們約 2,100 萬美元的 ATM 活動，使我們在本季度籌集的股權總額達到 3.13 億美元。我們在本季結算了 2.79 億美元的遠期股權，其中部分收益用於償還循環信貸額度餘額。

Our balance of unsettled forward equity totaled $410 million at quarter end, which we expect to utilize to fund our near-term investment activities while preserving our flexibility by keeping our $1 billion revolver fully available.

截至本季末，我們的未結算遠期權益餘額總計 4.1 億美元，我們預計將利用這筆資金為我們的近期投資活動提供資金，同時透過保持 10 億美元的循環信貸額度完全可用來保持我們的靈活性。

Similar to last quarter, our share price remained above the weighted average price of our unsettled forward equity of $30.51 at quarter end. As a result, under the treasury stock method, the potential dilution from these forward shares is included in our diluted share count.

與上一季類似，我們的股價仍高於季末未結算遠期股權的加權平均價格 30.51 美元。因此，根據庫存股法，這些遠期股份的潛在稀釋將計入我們的稀釋股份數量。

For the first quarter, our diluted share count of 191 million shares included an adjustment for 1.1 million shares from our unsettled forward equity related to this treasury stock calculation. This represented a modest headwind to our AFFO per share for the quarter.

第一季度，我們的稀釋股數為 1.91 億股，其中包括與本次庫存股計算相關的未結算遠期權益的 110 萬股調整。這對我們本季的每股 AFFO 來說是一個適度的阻力。

Based on our current share price, we continue to expect a modest headwind again in the second quarter. Our pro forma net debt to annualized adjusted EBITDAre, as adjusted for unsettled forward equity, was 3.4 times at quarter end. We remain committed to maintaining a well-capitalized balance sheet with low leverage and significant liquidity to continue to fuel our external growth and allow us to service and protect our tenant relationships despite the choppy capital market environment.

根據我們目前的股價，我們仍然預期第二季將再次出現溫和的逆風。季度末，我們根據未結算遠端權益進行調整後的淨負債與年度調整後 EBITDAre 比率為 3.4 倍。我們仍然致力於維持資本充足的資產負債表，具有低槓桿率和充足的流動性，以繼續推動我們的外部成長，並使我們能夠在資本市場環境動盪的情況下服務和保護我們的租戶關係。

Our liquidity was bolstered this quarter with the previously announced closing of our amended $2.3 billion senior unsecured credit facility, which provides $1 billion of capacity on the revolver, along with the aforementioned equity activity.

本季度，我們宣布關閉經修訂的 23 億美元優先無擔保信貸額度，為循環信貸提供了 10 億美元的容量，加上前面提到的股權活動，我們的流動性得到了增強。

Lastly, as we noted in the earnings press release, we have reaffirmed our 2025 AFFO per share guidance range of $1.85 to $1.89, representing over 7% growth at the midpoint. Importantly, this guidance range requires no incremental equity issuance, which we believe is a testament to our front-footed approach to both investments and capitalization.

最後，正如我們在收益新聞稿中指出的那樣，我們重申了 2025 年每股 AFFO 指導範圍為 1.85 美元至 1.89 美元，中間值增長超過 7%。重要的是，該指導範圍不需要增量股權發行，我們認為這證明了我們在投資和資本化方面採取了主動的方法。

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

說完這些，我就把電話轉回給皮特。

Thanks, Mark. In summary, we are happy with our first quarter results and remain excited about the prospects for the business.

謝謝，馬克。總而言之，我們對第一季的業績感到滿意，並對業務前景充滿期待。

Operator, please open the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) Spenser Glimcher, Green Street.

（操作員指示）斯賓塞·格里姆徹，格林街。

Can you just comment on how you're thinking about the ongoing tariff situation in regard to tenant health? Are you guys expecting any impacts to tenants in portfolio?

您能否評論一下您對當前關稅情況與租戶健康的關係有何看法？你們預計這會對投資組合中的租戶產生任何影響嗎？

Spenser, we are not -- I mean, obviously, we're watching it closely as it unfolds. But given the fact that we're 93% service and experience based and not really a lot of goods, the tariff impacts will be very tangential to our operators. But obviously, we pay close attention to the credits in the portfolio, but I think we'll be in a pretty good spot.

史賓塞，我們不是——我的意思是，顯然我們正在密切關注事態的發展。但考慮到我們的業務 93% 都基於服務和體驗，而商品並不多，關稅的影響對我們的營運商來說將非常小。但顯然，我們密切關注投資組合中的信貸，但我認為我們會處於相當不錯的位置。

Okay. And then I know you mentioned there's some less competition than expected thus far in '25. Is it fair to say that that's a widespread theme across like all of your target industries? Or are there any pockets of the portfolio where you're seeing outsized competition?

好的。然後我知道您提到 25 年到目前為止競爭比預期要少。是否可以說這是所有目標產業的普遍主題？或者，在投資組合中是否存在過於激烈的競爭？

Yes. I wouldn't really characterize it across industries. We're certainly finding more competition in bigger transactions; the larger the deal, the more highs that are on it and larger credits. The bigger the credit, the more eyes are on it and the more competitive those opportunities become.

是的。我不會真正地對不同行業進行描述。我們確實發現，在更大的交易中競爭更加激烈；交易越大，其高額度和信用額度就越大。信貸額度越大，關注的目光就越廣，競爭也越激烈。

So the small granular transactions in the $5 million to $10 million range and the mid-sized operators that we deal with day in, day out is -- hasn't been as competitive.

因此，我們每天打交道的 500 萬美元到 1000 萬美元的小額交易和中型運營商的競爭力就沒那麼強。

Eric Borden, BMO Capital Markets.

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

Just given the strong acquisition volumes in the first quarter and a solid start to the second quarter and our liquidity is full and the balance sheet continues to improve, what's really the governing factor from raising the acquisition guidance today?

鑑於第一季收購量強勁、第二季開局良好、我們的流動性充足且資產負債表持續改善，今天提高收購指引的真正決定因素是什麼？

Yes, I'd ask Rob to handle that one.

是的，我會請 Rob 來處理這個問題。

Eric, so you're right to point out that we're off to a great start to the year on volume. Cap rates have been coming in pretty favorably as well. And I think as we've talked about, our portfolio tenant credit continues to evolve very favorably as well. We hiked guidance last quarter.

艾瑞克，你說得對，我們今年的銷售開局很好。資本化率也一直相當有利。我認為，正如我們所討論的，我們的投資組合租戶信貸也繼續呈現非常良好的發展勢頭。我們上個季度提高了指導價。

And while we're off to a great start and the balance sheet is fully loaded, it's still pretty early in the year, and we have visibility on the pipeline for, call it, 60 to 90 days. And typically, there's a little bit of a lull in the summertime and then people come back to school in September, and there's more transaction volume into year-end. So while we have some great visibility into 2Q, it's still pretty early in the year, and we'll just see how it evolves from here.

儘管我們開局良好，資產負債表也已滿負荷，但今年還處於初期階段，我們對未來 60 到 90 天的預期還為時過早。通常情況下，夏季會有一段短暫的平靜期，然後人們在九月返校，年底的交易量會更多。因此，儘管我們對第二季的情況有了很好的了解，但現在還處於年初階段，我們只能觀察其未來如何發展。

Helpful. And then we appreciate that. And then on Dave & Buster's, saw that have moved into the top 10. Just curious on the investment thesis there. Was it a strong sponsor relationship or just curious on any color or incremental detail you can provide on the Dave & Buster's acquisition?

很有幫助。我們對此表示感謝。然後在 Dave & Buster's 上看到它已經進入前 10 名。只是對那裡的投資論文感到好奇。這是否是一種強大的贊助商關係，或者只是好奇您能否提供有關 Dave & Buster 收購的任何細節或增量細節？

AJ, why don't you tackle that one --

AJ，為什麼不解決這個問題呢--

Sure. So Dave & Buster's is a management team or a company that we've known probably for the better part of 15 years. So we were presented with the opportunity to do a sale leaseback. We structured on our lease form, which provides ongoing unit-level reporting, the structure of the rents that we're generating greater than 2 times coverage went into it and we invested in some markets that we really like with the real estate that's positioned your other national retailers.

當然。所以，Dave & Buster's 是一個管理團隊，或者說是一家我們可能已經認識了 15 年的公司。因此，我們獲得了進行售後回租的機會。我們根據租賃表格進行構建，該表格提供持續的單位級報告，我們產生的租金結構是保險金額的兩倍多，並且我們投資了一些我們真正喜歡的市場，這些市場中還有其他全國零售商所在的房地產。

So for us, it seems like a really good risk-adjusted opportunity to make an investment. And then, Mark, I don't know if you have anything to add on kind of how the deal came to us.

因此對我們來說，這似乎是一個非常好的風險調整投資機會。然後，馬克，我不知道你是否還有什麼可以補充的，關於這筆交易是如何達成的。

Sure. And Eric, I'd note that we participated in various leaseback transactions over the years with the main event Dave & Buster's team. And historically, they always price away from us. And in Q1, we presented a unique opportunity and less competition because of the volatility in the capital markets. And so we were able to generate some pretty attractive pricing and terms, and it was kind of a unique opportunity for us to transact.

當然。艾瑞克，我想指出，多年來我們與主要活動戴夫和巴斯特團隊一起參與了各種回租交易。從歷史上看，他們的定價總是比我們低。在第一季度，由於資本市場的波動，我們提供了獨特的機會並且競爭較少。因此，我們能夠制定出一些非常有吸引力的價格和條款，這對我們來說是一個獨特的交易機會。

I would add that given our diversity through the top 10 at 1.7%, it has higher prominence than probably warranted. And on many of our competitors, that would be down around a 15 to 20 tenants. So good investment known for a while, well structured, good pricing, and we feel good about it.

我想補充一點，考慮到我們前 10 名的多樣性為 1.7%，它的突出程度可能比應有的要高。而對於我們的許多競爭對手來說，這個數字大約是 15 到 20 個租戶。因此，這是一項眾所周知的良好投資，結構良好，定價合理，我們對此感到滿意。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Maybe just a follow-up on the Dave & Buster's. It seems like you have a good relationship there, though it does seem that the operating metrics for the company have been a bit softer with negative comparable sales and some declining traffic. So just trying to get a sense of -- it sounds like you've got good rent coverage and you're comfortable with the markets, but just trying to get a sense of your comfort level overall with the business in this environment?

也許只是對 Dave & Buster 的後續報導。看起來你們的關係很好，儘管公司的營運指標似乎有些疲軟，可比銷售額為負，客流量也有所下降。所以只是想了解一下——聽起來你的租金覆蓋率不錯，而且對市場感到滿意，但只是想了解一下在這種環境下你對業務的整體滿意程度？

Sure. And listen, we've been investing in the family entertainment space for a long time and have strong conviction there. We're making 20-year investments. And so a six-month operating environment really has limited impact on that long duration investment.

當然。聽著，我們長期投資家庭娛樂領域，並對此抱持堅定的信念。我們正在進行20年的投資。因此，六個月的營運環境對長期投資的影響確實有限。

And ultimately, we own the real estate that generates the cash flows, and we're senior to the debt holders and we're senior to the equity. And while there may be some noise around the equity story there isn't noise around the landlord collecting rent story. In fact, in our diligence, we found Dave & Buster's has only closed two sites in its history, and we feel eminently comfortable with the real estate that we own.

最終，我們擁有產生現金流的房地產，我們優先於債權人，也優先於股權持有人。儘管關於公平的故事可能存在一些爭議，但關於房東收取租金的故事卻沒有爭議。事實上，經過我們的努力，我們發現 Dave & Buster's 在其歷史上只關閉過兩家店，我們對所擁有的房地產感到非常滿意。

Very helpful context. And then beyond Zips, is there anything else on the watchlist or any sort of notable movement on and off? I also know you have very good visibility into your tenants. So any sort of evolving dynamics that you're noticing or keeping an eye on?

非常有用的背景。那麼除了 Zips 之外，關註名單上還有其他什麼嗎？或有什麼值得注意的變動嗎？我還知道您對您的租戶有很好的了解。那麼，您注意到或關注任何形式的動態變化嗎？

Yes. AJ, what's the current watchlist?

是的。AJ，目前的監視清單是什麼？

It's about 1.6%, down 50 basis points quarter-over-quarter.

約1.6%，季減50個基點。

Yes. So the watchlist is in a good spot. The watchlist tends to be comprised of a bunch of idiosyncratic operator-level events, nothing really thematic across industries or property types. And so it's in a good spot, it's down quarter-over-quarter. You should expect any sort of credit events are well baked into our guidance. And overall, we feel good about where the portfolio sits today. .

是的。因此，觀察名單處於良好狀態。關注清單往往由一系列特殊的運營商級事件組成，實際上沒有跨行業或跨財產類型的主題事件。因此，它處於一個良好的狀態，並且環比有所下降。您應該預料到任何類型的信用事件都會被納入我們的指導範圍。整體而言，我們對目前的投資組合狀況感到滿意。。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

So I had a couple of quick ones stuff. First, just to follow up one more on the Dave & Buster's. You mentioned the coverage was more than 2 times. I was hoping you could get a bit more from you guys in light of some of the questions we've heard from investors about the discretionary nature and history of this tenant. So maybe any color on if you can get a bit more specific with the coverage. And then maybe color on the rent bumps and the term of these leases?

所以我有一些快速的東西。首先，我們來進一步了解 Dave & Buster's。您提到覆蓋率是2倍以上。鑑於我們從投資者那裡聽到的一些關於這位租戶的自由裁量權和歷史的問題，我希望你們能從你們那裡得到更多資訊。因此，如果您可以更具體地了解覆蓋範圍，那麼也許可以使用任何顏色。然後也許可以對這些租金上漲和租賃期限進行調整？

Yes. It's -- we generally don't disclose tenant-specific coverage and the lease term would generally be consistent 15 to 20 years with 2%-plus bumps and the master lease is north of 2 times, absent of getting specific.

是的。這是—我們通常不會揭露特定於租戶的保險範圍，租賃期限通常為 15 至 20 年，年增長率為 2% 以上，主租賃期限為 2 倍以上，除非具體說明。

Okay. Fair enough. I appreciate that, Pete. And then one more, maybe if you guys could perhaps give us a bit more color on the transaction environment broadly out there. Last quarter, you're seeing more competition for private equity this quarter less. Curious, if you think they're waiting on the sideline for more stability and will be perhaps more active in the second half? I know a lot of them have raised capital, so they need to deploy. Are deals taking longer, any retrading, any thoughts on cap rates in the second half? Would appreciate just some more context and color on the transaction environment.

好的。很公平。我很感激，皮特。再有，也許你們可以給我們更多介紹外面的交易環境。上個季度，私募股權的競爭更加激烈，而本季的競爭則有所減弱。好奇的是，您是否認為他們正在場邊等待更多的穩定性，並且可能在下半場更加活躍？我知道他們中的許多人已經籌集了資金，因此他們需要部署。交易是否需要更長的時間，是否有任何重新交易，對下半年的資本化率有何看法？希望能夠了解更多有關交易環境的背景和細節。

Sure. Max, why don't you tackle that, please? .

當然。馬克斯，為什麼不解決這個問題呢？。

Sure, Pete. And when we -- early in the year, spreads were pretty tight and we noted increased competition, and there was less volatility but then the volatility continue to persist. And so some of that competition, as Pete noted, has diminished. However, with larger portfolios, broadly marketed deals we still see it there in some pretty more efficient pricing.

當然，皮特。當我們——在今年年初，利差相當小，我們注意到競爭加劇，波動性降低，但隨後波動性持續存在。因此，正如皮特所指出的，部分競爭已經減弱。然而，隨著投資組合的擴大和交易的廣泛行銷，我們仍然可以看到一些更有效的定價。

However, our bread and butter has always been those kind of smaller follow-on repeat business, sale-leaseback transactions with our tenant partners and so there, we're still generating adequately attractive risk-adjusted returns and the pipeline remains strong for us, and we're focused on servicing our relationships and providing that surety of close with our tenant partners.

然而，我們的主要收入來源一直是那些規模較小的後續重複業務、與租戶合作夥伴進行的售後回租交易等，因此，我們仍在產生足夠有吸引力的風險調整回報，並且我們的渠道仍然很強勁，我們專注於維護我們的關係並為我們的租戶合作夥伴提供密切的保證。

As the markets normalize, we do expect competition to continue to compress cap rates, but we're frankly not seeing that right now, but we do expect it to probably happen once the markets normalize.

隨著市場正常化，我們確實預期競爭將繼續壓縮資本化率，但坦白說，我們現在還沒有看到這種情況，但我們確實預計一旦市場正常化，這種情況可能會發生。

Yes, Haendel, I would add. I think there's a growing appreciation for the asset class and the durability of the asset class and the longer there's an operating track record of solid, stable performance, I think over time, it's going to continue to attract capital and make the market more efficient.

是的，我想補充一下，韓德爾。我認為人們對該資產類別及其持久性的評價越來越高，而且其穩健、穩定的經營業績記錄越長，我認為隨著時間的推移，它將繼續吸引資本並使市場更加高效。

No, that's great, guys. If I could ask a quick follow-up on just if this would lead you to perhaps be more active in the first half of the year or maybe the first two to three quarters than you historically would have been just in the scenario where you seem to have just more of an opportunity in front of you and, as you outlined, lots of capital at your disposal?

不，夥計們，這太棒了。如果我可以快速問一下，這是否會讓您在今年上半年或前兩到三個季度比以往更加活躍，在這種情況下您似乎面前有更多的機會，並且如您所概述的那樣，您可以支配大量資本？

Yes. I think you see that. You certainly see it in the numbers. You see it in our -- this is our largest first quarter print. And going along with that is our highest GAAP yield at [9.4%], right? So let's not ignore the fact that despite going -- losing 20 basis points on the initial cap rate, we gained significant economics throughout the life of these leases. And so the narrative that this is a great buying environment for us that I was talking about pretty much all through last year continues, and we are working very hard to capitalize on it.

是的。我想你明白了。您肯定可以從數字中看到這一點。您可以在我們的——這是我們最大的第一季印刷品中看到它。同時，我們的最高 GAAP 收益率也達到了 [9.4%]，對嗎？因此，我們不要忽視這樣一個事實：儘管初始資本化率損失了 20 個基點，但我們在這些租賃的整個有效期內獲得了顯著的經濟效益。因此，我去年全年都在談論的「這對我們來說是一個良好的購買環境」的說法仍在繼續，我們正在努力利用它。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Maybe just following up on that investment volume opportunity. It does seem like your business could be somewhat reliant on your operators expanding. So just wondering what impact you've seen or expect could be seen on any of your tenants and like their interest or ability to expand and how that could or wouldn't impact your volumes?

也許只是跟進那個投資量機會。看起來您的業務確實可能在某種程度上依賴於運營商的擴張。所以只是想知道您看到或預期會對您的任何租戶產生什麼影響，以及他們擴張的興趣或能力，以及這會如何影響或不會影響您的交易量？

Yes, it's -- there's been a consistent source of opportunities for us. Our tenants continue to engage with us expansion and M&A and development opportunities in these industries that we've targeted. And while that activity may diminish at the margin. I think the lack of competition will diminish as well such that we continue to be well positioned as the first and last call and a valuable partner to these guys.

是的，這對我們來說是持續不斷的機會來源。我們的租戶繼續與我們合作，尋求我們所針對的這些產業的擴張、併購和發展機會。儘管這種活動可能會逐漸減少。我認為競爭的缺乏也會減少，這樣我們就可以繼續保持良好的地位，成為這些人的首選和最終選擇，以及寶貴的合作夥伴。

And so it's a steady flow business and we provide great disclosure around our investment activity on a quarterly basis, and there has not been a ton of variability nor do we expect it.

因此，這是一項穩定流動的業務，我們每季都會對我們的投資活動進行充分揭露，並且沒有出現大量變化，我們也不期望這種情況。

Yes. No, definitely it seems like a steady business, which is surprising, but great. Maybe on the leverage side, you guys are at 3.4 times like you mentioned, which versus other REITs is quite low. So I was wondering if you could go through if there are any circumstances that you think could come up, not that they're necessarily likely, but in what scenario would that leverage go up? Yes, wondering what you can talk about on the leverage side.

是的。不，這絕對看起來是一項穩定的業務，這令人驚訝，但很棒。也許在槓桿方面，正如你所說，你們的槓桿率是 3.4 倍，與其他房地產投資信託基金相比，這個數字相當低。所以我想知道您是否可以說明您認為可能出現的任何情況，雖然這些情況不一定會發生，但在什麼情況下槓桿率會上升？是的，想知道您能談談槓桿方面的問題。

Mark, why don't you take that, please?

馬克，請你接受這個好嗎？

Yes. I mean, look, I guess, historically, we've been at about, call it, 4 times, 5 times, 4 times, 6 times. We have been thoughtfully over-equitized probably over the last 1.5 years, given just the dynamics between the cost of our equity and the cost of debt. I think -- as we think about it, I'll kind of come at it maybe slightly differently for you. If you think about that 4 times, 6 times, I've probably got -- we've probably got four, 4.5 quarters worth of liquidity before we'd reach that 4.6 times. So if you think about that, that kind of gets you to -- get you into 2026.

是的。我的意思是，從歷史上看，我們大概經歷過 4 次、5 次、4 次、6 次。僅從股權成本和債務成本之間的動態來看，我們在過去 1.5 年中可能已經進行了深思熟慮的過度股權化。我認為——當我們思考這個問題時，我會以稍微不同的方式來回答你這個問題。如果你考慮 4 倍、6 倍，我們可能已經獲得了 4 個季度、4.5 個季度的流動性，然後才能達到 4.6 倍。所以如果你考慮一下，這可以讓你進入 2026 年。

I'll say it another way, if you think about our unsettled forward equity at $410 million, you think about our recurring free cash flow through the next three quarters at about 90 even at the pace of dispositions, the referenced, that's a good $560 million worth of liquidity before you're using leverage. So we anticipate remaining pretty conservative on the leverage front.

換言之，如果您考慮到我們未結算的遠期權益為 4.1 億美元，那麼即使按照上述處置速度計算，未來三個季度我們的經常性自由現金流也將達到 90% 左右，那麼在使用槓桿之前，這筆流動性價值就高達 5.6 億美元。因此，我們預期槓桿方面仍將保持相當保守的態度。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Maybe just on the credit side, would you mind talking us through the increase in the sub 1 times coverage bucket, I think there is 70 bps quarter-over-quarter?

也許只是在信貸方面，您介意向我們介紹一下 1 倍以下覆蓋範圍的增長嗎，我認為環比增長了 70 個基點？

Yes. I think it's all going to be kind of idiosyncratic stuff, but AJ any call outs there that you would point to?

是的。我認為這一切都會是一些特殊的東西，但是 AJ 你會指出什麼嗎？

Yes, I wouldn't call anything out, and it's certainly a data point that we pay attention to, but that and of itself does not indicate a default scenario necessarily. And what we really think about is how that bucket kind of couples with the overall corporate credit.

是的，我不會指出任何事情，這當然是我們關注的一個數據點，但這本身並不一定表示預設場景。我們真正考慮的是這個類別如何與整體企業信用結合。

And so what I would suggest is if you think about our watchlist being down 50 basis points quarter-over-quarter. And then if you think about the shadow rating that we provide in the histogram, the single B bucket in lower is down 420 basis points sequentially.

因此，我想說的是，如果你考慮我們的關註名單，它會比上一季下降 50 個基點。然後，如果您考慮我們在直方圖中提供的影子評級，下方的單一 B 級評級連續下降了 420 個基點。

So our unit level coverage ebb and flows over time, but it's just moving to [3.7%] doesn't necessarily is if there's a theme or some type of risk that we can get ahead of and what it will encourage us to do is to think about those assets and if they're permanently impaired, we're going to go to the disposition market. And I think that's how you'll see us react over time.

因此，我們的單位級覆蓋率會隨著時間的推移而起伏，但它只是移動到 [3.7%] 並不一定意味著存在一個主題或某種類型的風險，我們可以領先，它會鼓勵我們做的是考慮這些資產，如果它們永久受損，我們將進入處置市場。我認為隨著時間的推移，您會看到我們的反應。

Okay. Got it. And then I guess, have your credit loss or nonreimbursable assumptions changed at all given any of the volatility we've seen?

好的。知道了。然後我想，考慮到我們所看到的任何波動，您的信用損失或不可償還的假設是否發生了變化？

They -- listen, we make a spot estimate and bake it into guidance and then adjust throughout the year. and it changes things situations get better than we anticipated and other situations crop up that are worse. But overall, I think the performance of the portfolio is pretty consistent with what's built into guidance certainly a 1.5 same-store sale growth would indicate strong kind of performance of the portfolio with lack of credit events.

他們——聽著，我們做出一個現場估計，並將其納入指導，然後全年進行調整。它改變了情況，情況變得比我們預期的要好，而其他情況則變得更糟。但總體而言，我認為投資組合的表現與指導意見中的內容非常一致，1.5 的同店銷售額增長率無疑表明投資組合的表現強勁，並且沒有出現信貸事件。

John, I'm sure you noticed, by the way, that the under 1.5 times. So that 1.5 to 1 and the under 1 actually dropped 90 basis points to a 12.3 that's that's lining up to be a pretty good data point for us relative to the portfolio.

約翰，順便說一句，我相信你已經注意到了，低於 1.5 倍。因此，1.5 比 1 和低於 1 的比例實際上下降了 90 個基點，至 12.3，對於我們而言，相對於投資組合來說，這是一個相當不錯的數據點。

Jay Kornreich, Wedbush Securities.

Jay Kornreich，韋德布希證券公司。

If I could just do one more follow-up on the transaction market. I guess besides competition being down, as you think about new potential tenants you've been targeting to transact with for the first time, are they being any more cautious or slower to conduct sale-leaseback transactions, they wait more clarity on the economy or are those types of conversations still progressing at a normal pace?

如果我可以再對交易市場做一次跟進的話。我想，除了競爭下降之外，當您考慮首次與之交易的新潛在租戶時，他們是否會更加謹慎或更慢地進行售後回租交易，他們會等待經濟形勢更加明朗，還是這些類型的對話仍在以正常速度進行？

Yes. Listen, I forget the number, but it was in the mid-80s percent a repeat business in the first quarter. So as we said in the past, our existing relationships drive a good proportion of our investment opportunity, and we focus on those first and foremost.

是的。聽著，我忘了具體數字，但第一季的回頭客比例大約是 80%。正如我們過去所說的那樣，我們現有的關係推動了我們很大一部分投資機會，我們首先關注的是這些關係。

On an ideal run rate, we're sourcing maybe 75% from our existing relationships and 25% new. So I think the fact that we're skewed off of that ideal would suggest there's -- our existing relationship coming to us, and we're servicing those and their price placing a high premium on our reliability and there still remains active dialogue and new relationships. But I think the lack of new relationships really is more our focus than their cautiousness.

在理想的運作率下，我們大概從現有關係中採購 75%，從新關係中採購 25%。所以我認為，我們偏離這一理想的事實表明——我們現有的關係正在向我們走來，我們正在為這些關係提供服務，它們的價格高度重視我們的可靠性，並且仍然存在積極的對話和新的關係。但我認為，我們真正關注的重點是缺乏新的關係，而不是他們的謹慎。

And Jay, I'd also add with the ongoing discussions with our tenants, that yes, some may be a little bit more cautious on growth. It ebbs and flows on the specific business and industry. But whereas they might slow down growth, they'll look to monetize the real estate on balance sheet to strengthen their liquidity position. So using real estate to monetize those discussions have not slowed down, and we're working with our tenant partners to help them achieve success and maximize EBITDA growth for their specific company.

傑伊，我還想補充一點，根據我們與租戶的持續討論，是的，有些人可能對成長更加謹慎。它隨著具體的業務和行業而起伏不定。但是，儘管他們可能會減緩成長速度，但他們會尋求將資產負債表上的房地產貨幣化，以加強其流動性狀況。因此，利用房地產將這些討論貨幣化並沒有放緩，我們正在與我們的租戶合作夥伴合作，幫助他們取得成功並最大化他們特定公司的 EBITDA 成長。

Okay. I appreciate that. And then just for one follow-up. I guess as you look at your current portfolio segment exposures, based on the current environment, are there any areas where, I guess, you really like that maybe you want to drive exposure higher or on the flip side, maybe you want to increase dispositions and get some lower exposure given the volatility?

好的。我很感激。然後僅進行一次跟進。我想，當您根據當前環境審視您當前的投資組合部分敞口時，是否存在您真正喜歡的領域，也許您想提高敞口，或者另一方面，也許您想增加處置並降低敞口，考慮到波動性？

Yes. As I said kind of earlier, we're taking a 20-year investment view and this industry list has been curated due to the real estate fundamentals that we like in these industries and the service and experience base. So -- and then secondarily, we conduct sourcing activities across all these sectors.

是的。正如我之前所說，我們採取的是 20 年的投資眼光，並且根據我們看好這些行業的房地產基本面以及服務和經驗基礎來精心挑選這個行業名單。所以——其次，我們在所有這些領域開展採購活動。

And so my general response to that question is you should expect the pie to grow ratably, but for -- obviously, we've lightened up in casual dining. We continue to not invest in movie theaters and home furnishings 30 basis points in home furnishings, maybe we can just get rid of that little slice there at this point. But generally, it should grow ratably and that's very purposeful on our part.

因此，我對這個問題的總體回答是，你應該預期這個份額會大幅增長，但顯然，我們在休閒餐飲方面已經有所放鬆。我們繼續不投資電影院和家居裝飾，在家居裝飾方面投資 30 個基點，也許我們現在就可以擺脫那一小部分。但總的來說，它應該會穩定成長，這對我們來說是非常有目的性的。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

I just wanted to ask a little bit about the car wash exposure as expected, it came down from fourth quarter with some of the sales that you've highlighted. Could you just speak to a little bit about how trends were for your car wash tenants in the quarter?

我只是想問一下有關洗車業務曝光度的問題，正如預期的那樣，由於您強調的一些銷售額，洗車業務曝光度從第四季度開始有所下降。您能否簡單談談本季洗車店租戶的趨勢如何？

Sure. Just looking at the operators, AUVs were flat and coverage was flat for all our operators across the board. Generally, there's not a material movement can see across any from here, it's flat.

當然。僅從操作員的角度來看，AUV 是平穩的，並且所有操作員的覆蓋範圍都是平穩的。一般來說，從這裡看不到任何物質運動，它是平的。

Okay. And then you've talked about your 20-year outlook, et cetera, and I guess prices are adjusting within the various segments that you invest in. But with the US economy people very much split as to whether or not we could head into a fairly severe recession here. I mean, do you find that pricing for, say, like your Dave & Buster's investment, which would certainly be susceptible to any kind of US recession, I mean is the cap rate adjusting enough, you clearly think it is, but maybe you could just talk a little bit about decisions to move into that kind of space more than maybe within your portfolio something slightly more defensive, like, I would say, medical and dental or even beat stores? Just trying to think about how you're looking at the acquisition landscape given what we are all seeing in the broader economy.

好的。然後您談到了您的 20 年展望等等，我猜價格正在根據您投資的各個領域進行調整。但對於美國經濟是否會陷入相當嚴重的衰退，人們存在著很大分歧。我的意思是，您是否發現，例如，像 Dave & Buster 的投資這樣的定價肯定會受到任何美國經濟衰退的影響，我的意思是，資本化率調整是否足夠，您顯然認為是的，但也許您可以稍微談一下進入這種領域的決定，而不是在您的投資組合中一些更具防禦性的領域，比如，我想說，醫療和牙科，甚至擊敗商店？只是想思考一下，鑑於我們在更廣泛的經濟中看到的情況，您如何看待收購前景。

Yes. I think ultimately, these deals are being priced in the competitive market, and we're finding the pricing that clears in each individual market and then looking at those risk-adjusted returns compared to our experience and our credit loss within those sectors over 20 years of investing.

是的。我認為，最終這些交易是在競爭激烈的市場中定價的，我們正在尋找每個單獨市場的清算定價，然後將這些風險調整後的回報與我們 20 多年來在這些行業投資的經驗和信用損失進行比較。

As Max said in his commentary, we've seen a lot of Dave & Buster's deals and over the years, they've priced away from us. And so I think the recent noise in that sector tempered a lot of investors' appetite for entertainment space such that it priced at a risk-adjusted return that made sense for us. And ultimately, we transacted. That said, we didn't make any casual dining investments in the quarter, and we actually lightened up.

正如馬克斯在評論中所說，我們已經看到很多 Dave & Buster 的交易，但多年來，他們的價格一直離我們而去。因此，我認為該領域最近的噪音抑制了許多投資者對娛樂領域的興趣，因此其風險調整後的回報定價對我們來說是合理的。最終，我們完成了交易。話雖如此，我們在本季並沒有進行任何休閒餐飲投資，實際上我們減少了投資。

But we look at each individual transaction relative to the market clearing pricing and our experience and our opportunity set and make pricing decisions. And I would say the industries have an impact, but bigger impacts are more idiosyncratic to those investment opportunities, the quality of the credit, the location of the real estate, the pricing of the real estate; and remember, we're in 93% service and experience base, so most of these businesses are not really getting hit by the tariff and the recent volatility.

但我們會根據市場清算價格、我們的經驗和機會來考慮每筆交易，並做出定價決策。我想說的是，各個行業都會產生影響，但更大的影響更取決於那些投資機會、信貸品質、房地產位置、房地產定價；請記住，我們 93% 的業務都依賴於服務和經驗，因此大多數此類企業並沒有真正受到關稅和近期波動的影響。

Right. Yes. No, I think we understand it's on a tariff issue, but it is an issue related to the broader US economy and discretionary income, but I appreciate the extra discussion.

正確的。是的。不，我想我們明白這是一個關稅問題，但這是一個與美國整體經濟和可支配收入相關的問題，但我很感謝額外的討論。

Yes. Great, Smedes, thank you.

是的。太好了，Smedes，謝謝你。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Questions for Mark, and thank you for quantifying the impact of the treasury stock method in the first quarter and expectations for it to be similar in 2Q. Can you let us know how much of a headwind you have in your AFFO guidance for the year because of the accounting treatment on the forward shares?

問馬克一個問題，謝謝你量化庫存股方法在第一季的影響以及對第二季類似影響的預期。您能否告訴我們，由於遠期股份的會計處理，您今年的 AFFO 指導面臨多大的阻力？

Yes, I think the guidance of the way we put it together the headwinds was no more than, I think, $0.01 or $0.02 in terms of the treasury stock. And by the way, just to a finer point on my remarks, that headwind was sort of taking the current stock price and sort of assuming that it stays the same. That was how I kind of referenced.

是的，我認為，就庫存股而言，我們應對逆風的方式所給予的指導不會超過 0.01 美元或 0.02 美元。順便說一句，我剛才更詳細地講，這種逆風有點像是影響當前股價，並且假設它會保持不變。這就是我所引用的方式。

It's Rob, I was just going to add to that. If you look at Page 25 of our supplemental package, we've recently added some disclosure on the impact from the shares from that dilution (technical difficulty) so you can see for the first quarter, it was 1.1 million shares. So hopefully, that's helpful from a modeling standpoint.

這是羅布，我只是想補充一下。如果您查看我們的補充文件第 25 頁，我們最近增加了一些有關稀釋對股票影響的揭露（技術難度），因此您可以看到第一季的股票數量為 110 萬股。所以希望從建模的角度來看這是有幫助的。

Jim Kammert, Evercore

吉姆·卡默特（Jim Kammert），Evercore

Going back to Dave & Buster's, how long have they operated in these five locations that you picked up?

回到 Dave & Buster's，他們在您挑選的這五個地點經營了多久？

It's a tough one. What we SP257513526 It varies. They all have operating history and cash flowing and as we said, the master lease coverage is north of 2 times. But on the individual locations, the opening day would vary across the portfolio.

這是一個艱難的決定。我們的 SP257513526 各不相同。他們都有經營歷史和現金流，正如我們所說，主租賃覆蓋率是 2 倍以上。但在各個地點，投資組合的開盤日會有所不同。

We're talking several years in each instance?

我們每次討論的都是幾年？

Yes. Yes, I would imagine somewhere between 3 and 10, but we can do the math and get back to you.

是的。是的，我猜大概在 3 到 10 之間，但我們可以計算一下然後回覆您。

No, these aren't brand-new locate. No, I got it, because you said -- and then you've got to obviously play here with Dave & Buster's and Circle K. Can you remind me what percentage of your portfolio ABR is from public companies? I'm just wondering, is there enough assets in the markets that away for your traditional private middle market tenants, are there more opportunities for EPRT with public tenants?

不，這些不是全新的定位。不，我明白了，因為你說過——然後你顯然必須與 Dave & Buster's 和 Circle K 合作。可以提醒我一下，你的投資組合 ABR 中有多少比例來自上市公司嗎？我只是想知道，市場上是否有足夠的資產供傳統的私人中端市場租戶使用，EPRT 是否有更多機會與公共租戶合作？

Generally, I'm completely agnostic to the source of equity, whether it's public markets or private credit is credit. And generally, the public credits create a little more noise than the private credits, but that noise doesn't correlate to risk. And so it's not really a major consideration.

一般來說，我完全不知道股權的來源，無論是公開市場或私人信貸。一般來說，公共信貸比私人信貸產生的噪音大一些，但這種噪音與風險無關。所以這並不是一個主要考慮因素。

But just off the top of my head, we have Dave & Buster's, we got Red Robin, we got Circle K, we got Mr. Carwash, KinderCare are there public now, anyone else? AMC, Cinemark, obviously not major exposures. But it's not really something that factors into our calculus around credit.

但我首先想到的是，我們有 Dave & Buster's、Red Robin、Circle K、Mr. Carwash，KinderCare 現在都是公開的，還有其他人嗎？AMC、Cinemark，顯然曝光度不高。但這其實並不是我們信用計算中的一個因素。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Pete, I just want to follow up on that reduction in casual dining exposure. We saw it still fell by 17 properties and $3 million of ABR during the quarter, but you only sold 11 properties, that's around $1.5 million of ABR during the quarter. Saw QSR exposure went up by 17 properties. So I'm wondering if there were actually dispositions there or if it was just a reclassification or mix?

皮特，我只是想跟進一下休閒餐飲接觸的減少。我們發現本季仍下降了 17 處房產和 300 萬美元的 ABR，但您本季僅售出 11 處房產，即 ABR 約為 150 萬美元。QSR 曝光度增加了 17 家。所以我想知道那裡是否真的有處置，或者只是重新分類或混合？

It was a mix. When you start defining restaurants and the fast casual kind of in the middle there was a reclass in the quarter of some of those properties. We also sold some and we didn't buy some.

這是一種混合。當你開始定義餐廳和中間的快餐休閒場所時，你會發現其中一些物業的四分之一被重新分類。我們也有賣掉一些，沒有買一些。

Okay. And then if the lending environment were to worsen from here, does that that maybe create an opportunity to do more deals as a financing option that otherwise wouldn't have been utilized? Or do you expect kind of middle market M&A deals to slow and negatively influence the level of available transactions?

好的。那麼，如果貸款環境從現在開始惡化，這是否可能創造一個機會，以融資方式進行更多的交易，否則這些交易將不會被利用？或者您是否預期中端市場併購交易將會放緩並對可用交易水準產生負面影響？

Yes. Listen, I think we're coming off a very long period of difficult financing alternatives for middle market credits. It got better for a period of time, late in the third into the fourth and here in the first, it's gotten worse.

是的。聽著，我認為我們剛剛經歷了中端市場信貸融資替代方案的長期困難時期。一段時間內情況有所好轉，但到了第三節末到第四節，第一節的情況又惡化了。

And so I don't -- and then you have the impact of less transactions, coupled with less competition. And so it's hard to say. I think challenging financial markets do create more opportunities from a tenant demand perspective, but that's also mitigated by less overall transaction activity. So I guess I would say the year is off to a great start. We've got a well on our way against our investment guidance for the year, and we remain aggressive on deploying capital.

所以我不會——然後你會受到交易減少和競爭減少的影響。所以這很難說。我認為，從租戶需求的角度來看，充滿挑戰的金融市場確實創造了更多機會，但整體交易活動的減少也抵消了這種影響。所以我想說今年的開局很好。我們已經順利實現了今年的投資目標，並且我們仍然積極部署資本。

(Operator Instructions) Daniel Guglielmo, Capital One Securities.

（操作員指示）Daniel Guglielmo，Capital One Securities。

Just one for me. In the industry diversification table, the entertainment bucket increased to 9.5% of cash ABR, Dave & Buster's has been mentioned times. But it feels like that's a pretty broad sub-industry grouping. Can you just give us a sense of what other kinds of businesses are in there and would there be potential for breaking that up into more detailed lines over time?

對我來說只有一個。在產業多元化表中，娛樂板塊增加到現金 ABR 的 9.5%，Dave & Buster's 已被提及多次。但感覺這是一個相當廣泛的子行業分組。您能否向我們簡單介紹一下其中還有哪些類型的業務？隨著時間的推移，是否有可能將其細分為更詳細的業務？

Yes. I mean there's not a ton of variability. The vast majority of that entertainment bucket is going to be the entertainment outlets like Dave & Buster's, like Chicken and Pickle, like bowling, family entertainment centers. And so we try to think about that really food-driven and entertainment experience with real estate that's relatively fungible and well located. And so there's a lot in it, but I don't think calling it out would materially enhance our disclosure.

是的。我的意思是，變化性並不大。娛樂支出的絕大部分將是娛樂場所，例如 Dave & Buster's、Chicken and Pickle、保齡球和家庭娛樂中心。因此，我們嘗試將真正以美食和娛樂為主導的體驗與相對可替代且位置優越的房地產結合在一起。其中有很多內容，但我不認為說出來會實質地增強我們的披露。

Great. And I guess just one follow-up to that. Would that -- like soft 15% cap, would that be like for that line, would that be in effect then?

偉大的。我想這只是一個後續問題。那會不會像 15% 的軟上限那樣，對於那條線來說會是怎樣，那時會生效嗎？

Yes. I think we think about it that way.

是的。我想我們就是這樣想的。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Yes. Wanted to talk a little bit about the acquisition environment. Clearly, you mentioned you're seeing less competition. We also know that the lending environment is getting tougher for a typical middle market company. Just curious if you're looking at opportunities to do more kind of like structured finance deals with your tenants rather than three simple deals and if you're moving in that direction, how you think about or how you think about if at all?

是的。想稍微談談收購環境。顯然，您提到競爭減少了。我們也知道，對於典型的中型市場公司來說，貸款環境正在變得越來越艱難。只是好奇，您是否正在尋找機會與您的租戶進行更多結構化融資交易，而不是三筆簡單的交易，如果您朝這個方向發展，您是如何考慮的，或者您是如何考慮的？

Yes. I mean, ultimately, our goal as a company is to own real estate with a durable cash flow that grows over time. We have done some structured finance lending products over the years. Our loan book has not grown materially and it's never really been a material part of our business, given our focus on acquiring fee simple assets with long-dated leases supporting the cash flows.

是的。我的意思是，最終，我們作為一家公司的目標是擁有隨著時間推移而增長的持久現金流的房地產。這些年來，我們做過一些結構性融資貸款產品。我們的貸款帳簿沒有實質成長，而且它從未真正成為我們業務的重要組成部分，因為我們專注於收購具有長期租賃支援現金流的完全產權資產。

And so we look at it, we consider it. We provide it on a kind of special situations for tenant relationships that we want to support and when we do provide it, we want to get compensated for it relative to our core business of buying real estate and owning it. And so I wouldn't expect a material shift in mix of fee ownership and loans. We'll do it support relationship, but ultimately look to get paid for it, but don't expect us to change what we're doing.

因此我們觀察它、考慮它。我們在我們想要支持的租戶關係的一種特殊情況下提供這項服務，當我們提供這項服務時，我們希望獲得與我們購買和擁有房地產的核心業務相關的補償。因此，我預計費用所有權和貸款組合不會發生重大變化。我們會努力維持關係，但最終希望獲得報酬，但不要指望我們會改變我們正在做的事情。

Okay. That's great. And if I may ask just one other quick one. Just again, I appreciate the comments about tariffs and you guys being more services oriented and that's helpful. But again, curious if you really are setting up for, whether it's a recession or slowdown in the economy, however you want to define that and a higher for longer rate environment due to stubbornly high depletion I guess how do we think about the middle market sector against that backdrop in general?

好的。那太棒了。我可以再問一個簡單的問題。再次，我很感謝你們關於關稅的評論，以及你們更加重視服務，這很有幫助。但是，我再次好奇，您是否真的做好了準備，無論是經濟衰退還是經濟放緩，無論您想如何定義它，以及由於持續的高消耗而導致的長期高利率環境，我想我們如何看待在這種背景下的中端市場部門？

And will there be potential areas of risk or you just kind of look at that as they can pass on the cost, so there should be no impact. Just kind of curious how you're also kind of thinking about that scenario and how it could impact the tenant base?

是否存在潛在的風險領域，或者你只是認為他們可以轉嫁成本，所以應該不會產生影響。只是有點好奇您是如何考慮這種情況的，以及它會如何影響租戶群體？

Yes. I mean we start with the industries we selected, which are service and experience base, largely necessity and then we focus on our position as a landlord, which, as I pointed out earlier in the call, is senior to the debt and senior to the equity most of our operators, many of our operators are really sale-leaseback capital and equity in their capital stack.

是的。我的意思是，我們從選擇的行業開始，這些行業是服務和經驗基礎，主要是必需品，然後我們專注於我們作為房東的地位，正如我在電話會議中早些時候指出的那樣，我們的房東的地位高於債務，也高於股權，我們的大多數運營商，我們的許多運營商實際上都是售後回購資本和資本堆棧中的股權。

And so there will be operating pressures, but we do not expect them to materialize into situations where our tenants are looking for rent relief, given our 3.5 times coverage of rent across the portfolio it would take real prolonged dislocation to create a scenario where our guys are not paying the rent.

因此，雖然存在營運壓力，但我們預計這些壓力不會轉化為租戶尋求租金減免的情況，考慮到我們整個投資組合的租金覆蓋率達到 3.5 倍，只有真正長期的混亂才會造成我們的租戶不支付租金的情況。

And it does appear that there are no further questions at this time. I would now like to turn the call back to Pete Mavoides for any additional or closing remarks.

目前看來沒有其他問題了。現在我想將電話轉回給 Pete Mavoides，請他發表任何補充或結束語。

Great. Well, first, thanks to the team. Great job this quarter and great momentum here into the second. We're going to be on the road quite a bit in the coming weeks and months with the Bank of Montreal Conference and the Wells Fargo conference in the NAREIT. So we certainly look forward to the opportunity to engage with investors and continue to talk about the business. Thank you all for your time today.

偉大的。嗯，首先，感謝團隊。本季表現出色，第二季勢頭強勁。在接下來的幾週和幾個月裡，我們將經常出差，參加蒙特利爾銀行會議和 NAREIT 的富國銀行會議。因此，我們當然期待有機會與投資者接觸並繼續討論業務。感謝大家今天的寶貴時間。

This does conclude today's program. Thank you for your participation. You may disconnect at any time, and have a wonderful rest of your day.

今天的節目到此結束。感謝您的參與。您可以隨時斷開連接，享受美好的一天。