Essential Properties Realty Trust, Inc. (EPRT) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Essential Properties Realty Trust first-quarter 2026 earnings conference call. This conference call is being recorded, and a replay of call will be available three hours after completion of the call for next two weeks.

各位女士、先生，早安，歡迎參加 Essential Properties Realty Trust 2026 年第一季財報電話會議。本次電話會議將進行錄音，並將於會議結束三小時後提供重播，為期兩週。

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.

重播的撥入資訊可於昨日的新聞稿中查閱。此外，Essential Properties 官網 www.essentialproperties.com 亦將提供音訊網路直播，並將保存 90 天供回放。

On the call this morning are Peter Mavoides, President and Chief Executive Officer; Rob Salisbury, Chief Financial Officer; Max Jenkins, Chief Operating Officer; AJ Peil, Chief Investment Officer; and Sheryl Kaul, Director of Financial Planning and Data Analytics. It is now my pleasure to turn the call over to Sheryl Kaul.

今天早上的與會者包括：總裁兼執行長 Peter Mavoides；財務長 Rob Salisbury；營運長 Max Jenkins；投資長 AJ Peil；以及財務規劃與數據分析總監 Sheryl Kaul。現在很榮幸將電話交給 Sheryl Kaul。

Thank you, operator. Good morning, everyone, and thank you all for joining us today for Essential Properties first-quarter 2026 earnings conference call. During this conference call, we will make certain statements that may be considered forward-looking statements under Federal Securities law.

謝謝，接線員。各位早安，感謝各位今天參加 Essential Properties 2026 年第一季財報電話會議。在本次電話會議中，我們將發表若干聲明，依據聯邦證券法可能被視為前瞻性陳述。

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 those forward-looking statements to reflect changes after the statements were made.

公司未來實際結果可能與這些前瞻性陳述中討論的事項有重大差異，且我們可能不會發布對該等前瞻性陳述的修訂，以反映聲明作出後所發生的變化。

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. In our earnings release last night, for the quarter, we reported GAAP net income of $60 million and AFFO of $105.8 million.

可能導致實際結果與預期存在重大差異的因素與風險，會不時在公司向美國證券交易委員會（SEC）提交的文件以及昨日的財報新聞稿中更詳細揭露。在昨晚發布的財報新聞稿中，就本季而言，我們報告 GAAP 淨利為 6,000 萬美元，AFFO 為 1.058 億美元。

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

接下來，我把電話交給 Pete。

Thanks, Sheryl, and thank you to everyone joining us today for your interest in Essential Properties. We had a productive first quarter, deploying $389 million into 126 properties and raising $419 million of equity in support of our pipeline while growing our AFFO per share by 11% year-over-year. Despite a macro backdrop characterized by heightened volatility, our teams continue to source and execute attractive investment opportunities as our ability to deliver capital is highly valued in this environment.

謝謝你，Sheryl，也感謝今天加入我們、關注 Essential Properties 的各位。我們第一季表現亮眼，將 3.89 億美元投入 126 項物業，並為支持我們的投資管線募集 4.19 億美元股權資金，同時使每股 AFFO 年增 11%。儘管宏觀環境波動加劇，我們團隊仍持續發掘並執行具吸引力的投資機會，因為在此環境下，我們提供資金的能力備受重視。

Our focus on servicing relationships and providing sale-leaseback capital to growing middle market operators across our targeted industries continues to be a differentiator for our company. Investment cap rates were stable this quarter with an initial cap rate of 7.7% and a GAAP yield of 8.8%. This meaningful spread to our cost of capital is a key driver of our earnings growth. With $1.5 billion of available liquidity, and low leverage of 3.5 times pro forma net debt to annualized adjusted EBITDAre, our balance sheet positions us well to continue to deliver compelling growth.

我們專注於經營合作關係，並向目標產業中成長中的中型市場營運商提供售後回租資金，持續成為公司的差異化優勢。本季投資資本化率維持穩定，初始資本化率為 7.7%，GAAP 報酬率為 8.8%。相較於我們資金成本的顯著利差，是推動獲利成長的關鍵動能。在可用流動性達 15 億美元、槓桿水準偏低（按年化調整後 EBITDAre 計算之備考淨負債倍數為 3.5 倍）的情況下，我們的資產負債表使我們具備持續實現具吸引力成長的良好條件。

Overall, investment activity and portfolio credit trends have started the year ahead of our budgeted expectations. Coupling this with our investment trajectory, drives our ability to increase our 2026 AFFO per share guidance to a new range of $2 to $2.05. We commensurately increase our investment volume guidance range by $100 million to a new range of $1.1 billion to $1.5 billion, and our cash G&A guidance has improved by $1 million as a result of cost discipline as the platform continues to scale.

整體而言，投資活動與投資組合信用趨勢在年初即優於我們的預算預期。結合我們的投資進度，使我們得以將 2026 年每股 AFFO 指引上調至 2.00 至 2.05 美元的新區間。我們亦相應將投資量指引區間上調 1 億美元至 11 億至 15 億美元的新區間；同時，隨著平台持續擴張並落實成本紀律，我們的現金 G&A 指引改善 100 萬美元。

Turning to the portfolio. We ended the quarter with investments in 2,417 properties that were leased to over 400 tenants. Our weighted average lease term increased to approximately 15 years with just 2.8% of our annual base rent expiring over the next three years.

接著談投資組合。本季末，我們投資於 2,417 項物業，出租給超過 400 家承租戶。我們的加權平均租約年期提升至約 15 年，且未來三年到期的年度基本租金僅占 2.8%。

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，我把電話交給投資長 AJ Peil，他將就我們的投資組合與資產管理活動提供最新進展。AJ？

Thanks, Pete. Overall, our portfolio credit trends remain healthy with same-store rent growth in the first quarter of 1.4% and occupancy of 99.7% and just seven vacant properties. Portfolio rent coverage remained strong at 3.5 times and the percentage of ABR under 1.5 times rent coverage declined by 140 basis points. Disposition volume moderated to $10.2 million at a cap rate of 6.9%, following an elevated fourth quarter of Car Wash property sales.

謝謝，Pete。整體而言，我們投資組合的信用趨勢仍然健康，第一季同店租金成長 1.4%，入住率 99.7%，僅有 7 項物業空置。投資組合租金覆蓋倍數維持強勁於 3.5 倍，且 ABR 中租金覆蓋低於 1.5 倍的占比下降 140 個基點。在第四季洗車物業出售量偏高之後，本季處分金額回落至 1,020 萬美元，資本化率為 6.9%。

Looking ahead, we continue to expect modest disposition activity, driven by proactive asset management as well as overall portfolio construction shaping. Our focus on middle market operators continues to yield a highly diversified tenant base, with our top 10 tenants comprise only 15.8% of ABR and our top 20 representing only 26% of ABR at quarter end. We remain disciplined in actively managing the portfolio towards long-term credit stability and broad diversification is a pillar of our risk management framework.

展望未來，我們仍預期處分活動將維持溫和，主要由主動式資產管理以及整體投資組合建構與調整所帶動。我們對中型市場營運商的聚焦持續帶來高度分散的承租戶基礎，本季末前十大承租戶合計僅占 ABR 的 15.8%，前二十大承租戶合計僅占 ABR 的 26%。我們持續以紀律方式主動管理投資組合，以追求長期信用穩定，而廣泛分散是我們風險管理架構的支柱之一。

On the credit event side, during the quarter, one of our restaurant tenants filed for bankruptcy. We own seven properties that were leased to this tenant, which represented approximately 30 basis points of ABR. With identified backfill tenants on five sites and two locations under contract for sale, our expected recovery rate is consistent with our historical range of approximately 80%, which is better than our budgeted expectations.

在信用事件方面，本季我們的一家餐飲承租戶申請破產。我們持有出租給該承租戶的 7 項物業，約占 ABR 的 30 個基點。由於其中 5 個據點已找到替補承租戶，另有 2 個地點已簽訂出售合約，我們預期回收率與歷史區間約 80% 一致，優於我們的預算預期。

The relatively quick resolution timeline and a reasonable recapture rate demonstrates the inherent fungibility of our restaurant assets. As is typical, this situation was operator-specific in nature and looking at our restaurant exposure overall, operator revenue and margin trends remain healthy and consistent with recent experience.

相對快速的解決時程與合理的回收率，展現我們餐飲資產本質上的可替代性。如同常見情況，這次事件屬於特定營運商因素；就我們整體餐飲曝險而言，營運商營收與利潤率趨勢仍然健康，且與近期經驗一致。

With that, I'll 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.

接下來，我把電話交給營運長 Max Jenkins，他將就我們的投資活動與目前市場動態提供最新資訊。

Thanks, AJ. On the investment side, during the first quarter, we invested $389 million at a weighted average cash yield of 7.7%. Our capital deployment was broad-based across most of our top industries with no notable departures from our investment strategy. During the first quarter, our investments had a weighted average initial lease term of 17.7 years and a weighted average annual rent escalation of 2.1%, generating a strong average GAAP yield of 8.8%.

謝謝，AJ。在投資方面，第一季我們投資 3.89 億美元，加權平均現金收益率為 7.7%。我們的資金投放廣泛分布於多數主要產業，並未偏離我們的投資策略。第一季投資的加權平均初始租約年期為 17.7 年，加權平均年度租金調升為 2.1%，帶來強勁的平均 GAAP 報酬率 8.8%。

Our investments this quarter had a weighted average unit level rent coverage of 3.1 times, reflecting a conservative rent level and healthy unit profitability for our operators. We closed 22 transactions comprising of 126 properties, of which 100% were sale leasebacks. The average investment per property was $2.9 million this quarter, consistent with our historical range, reflecting our focus on investing in fungible assets.

本季投資的加權平均單店租金覆蓋倍數為 3.1 倍，反映我們採取保守的租金水準，且營運商單店獲利能力健康。我們完成 22 筆交易、合計 126 項物業，其中 100% 為售後回租。本季每項物業平均投資金額為 290 萬美元，與我們的歷史區間一致，反映我們專注於投資具可替代性的資產。

Though we don't normally comment on specific investments, this quarter, we closed on a large portfolio that is noteworthy and was reported publicly by this tenant. In January, we acquired 74 properties and a $147 million sale-leaseback with Denny's as part of their privatization transaction. With an average price of under $2 million per asset and strong unit-level coverage, the property profile exhibits the high level of fungibility that we seek in our restaurant investments.

雖然我們通常不評論特定投資案，但本季我們完成一筆值得關注的大型投資組合交易，且該承租戶已公開披露。1 月，我們作為其私有化交易的一部分，向 Denny's 收購 74 項物業並完成 1.47 億美元的售後回租交易。以每項資產平均價格低於 200 萬美元、且單店覆蓋倍數強勁來看，該物業組合展現我們在餐飲投資中所追求的高度可替代性。

The transaction is a great example of how we add value to our relationships with a reliable and transparent closing process. It also shows how our deep industry expertise, especially in the restaurant sector, enables us to leverage proprietary data to drive an efficient underwriting process.

此交易是我們透過可靠且透明的交割流程，為合作關係創造價值的絕佳例證。同時也顯示我們深厚的產業專業，尤其在餐飲領域，使我們能運用專有數據推動高效率的承作審核流程。

Looking ahead, pricing in our pipeline remains constructive, with cap rates in the mid- to high 7% range, representing an attractive spread to our cost of capital, which is supportive of our long-term growth trajectory. After a great start to the year on the investment side, we increased our full-year investment guidance by $100 million to a new range of $1.1 billion to $1.5 million.

展望未來，我們管線中的定價仍然偏向正面，資本化率位於7%中段至高7%區間，與我們的資金成本相比具備具吸引力的利差，這有助於支撐我們的長期成長軌跡。在投資端今年開局強勁之後，我們將全年投資指引上調1億美元，至新的區間11億美元至150萬美元。

With that, I'd like to turn the call over to Rob Salisbury, our Chief Financial Officer, who will take us through the financials for the first quarter.

接下來，我想把電話會議交給我們的財務長Rob Salisbury，他將帶我們回顧第一季的財務表現。

Thanks, Max. Overall, we were pleased with our first-quarter results. The company generated AFFO per share totaling $0.50, representing an increase of 11% versus the first quarter of last year. On a nominal basis, our AFFO totaled $105.8 million for the quarter. This AFFO performance was slightly above our expectations, driven by a combination of earlier deployment timing, lower cash G&A, and favorable portfolio credit trends.

謝謝，Max。整體而言，我們對第一季的業績感到滿意。公司每股AFFO為0.50美元，較去年第一季成長11%。以名目金額計，本季AFFO合計為1.058億美元。本季AFFO表現略優於我們的預期，主要受較早的資金投放時點、較低的現金G&A，以及投資組合信用趨勢改善等因素共同帶動。

Total G&A in the quarter was $12.3 million and cash G&A was $8 million, representing just 5% of total revenue, down from 5.9% in the same period a year ago. As a result of continued cost discipline, we reduced our cash G&A guidance for the year by $1 million to a new range of $30 million to $34 million.

本季總G&A為1,230萬美元，現金G&A為800萬美元，僅占總營收的5%，低於去年同期的5.9%。在持續的成本紀律之下，我們將全年現金G&A指引下調100萬美元，至新的區間3,000萬美元至3,400萬美元。

We declared a cash dividend of $0.31 in the first quarter, which represents an AFFO payout ratio of 62%. Our retained free cash flow after dividends reached $40 million in the first quarter, equating to approximately $160 million per annum and represents a substantial source of internally generated capital to support our future growth.

我們在第一季宣告每股0.31美元的現金股利，對應AFFO配息率為62%。第一季在股利發放後的留存自由現金流達4,000萬美元，折合年化約1.6億美元，這是支持未來成長的重要內生資本來源。

Turning to our balance sheet. Our income-producing gross assets increased to over $7.5 billion at quarter end. The increasing scale and diversity of our portfolio continues to enhance our credit profile. On the capital markets front, we completed an overnight equity offering in February, raising over $402 million. We also raised approximately $17 million of equity on our ATM program.

接著談資產負債表。截至季末，我們的收益型總資產增加至超過75億美元。投資組合規模與多元化程度的提升，持續強化我們的信用體質。在資本市場方面，我們於2月完成隔夜股票發行，募得超過4.02億美元。我們也透過ATM計畫募集約1,700萬美元的股權資金。

All of our equity issuance this quarter was completed on a forward basis. We settled $193 million of forward equity during the quarter with a portion of the proceeds utilized to partially repay our revolving credit facility balance. Our balance of unsettled forward equity totaled $541 million at quarter end. The weighted average price of our unsettled forward equity was $30.55 at quarter end.

本季所有股權發行均以遠期交割方式完成。本季我們交割了1.93億美元的遠期股權，其中部分資金用於部分償還循環信用額度的借款餘額。截至季末，尚未交割的遠期股權餘額為5.41億美元。截至季末，尚未交割遠期股權的加權平均價格為30.55美元。

During the quarter, our share price was modestly above this level. As a result, under the treasury stock method, the potential dilution from these forward shares is included in our diluted share count. For the first quarter, our diluted share count of 212 million shares included an adjustment for 671,000 shares related to this treasury stock calculation, representing a minimal headwind to our AFFO per share for the quarter.

本季期間，我們的股價略高於該水準。因此，依庫藏股法（treasury stock method），這些遠期股份的潛在稀釋已納入我們的稀釋後股數計算。第一季稀釋後股數為2.12億股，其中包含因庫藏股法計算而調整的67.1萬股，對本季每股AFFO造成的影響極小。

Looking forward, our updated AFFO per share guidance range continues to include a conservative assumption for treasury stock method dilution of approximately $0.01 to $0.02 for the full year. Our pro forma net debt to annualized adjusted EBITDAre remained low at 3.5 times at quarter end, which is well below our long-term average in the mid-4s leaving us with ample dry powder to execute our 2026 business plan.

展望未來，我們更新後的每股AFFO指引區間仍納入對庫藏股法稀釋的保守假設，全年約為0.01至0.02美元。截至季末，我們的備考（pro forma）淨負債對年化調整後EBITDAre倍數仍維持在3.5倍的低水準，明顯低於我們長期平均約4倍中段的水準，使我們擁有充足的彈藥來執行2026年業務計畫。

We remain committed to maintaining a conservative balance sheet with low leverage and significant liquidity. As we have previously discussed, we continue to anticipate an unsecured debt issuance in the middle of the year to fund our growth pipeline and extend the weighted average maturity of our liabilities.

我們仍致力於維持保守的資產負債表，保持低槓桿與充足流動性。如同先前所討論，我們仍預期在年中發行無擔保債務，以資助成長管線並延長負債的加權平均到期年限。

Lastly, as we noted earlier, we have increased our 2026 AFFO per share guidance to a new range of $2 to $2.05, reflecting a growth rate of 7% at the midpoint and over 8% at the high end. With that, I'll turn the call back over to Pete.

最後，如同我們先前提到的，我們已將2026年每股AFFO指引上調至新的區間2.00至2.05美元，按中位數計反映7%的成長率，按高端計則超過8%。接下來我把電話會議交回給Pete。

Great. Thanks, Rob. In summary, we are happy with our first-quarter results. Our high-quality portfolio is performing well with a compelling 15-year weighted average lease term, sector-leading diversity, and a deliberate commitment to fungibility that allows us to effectively and efficiently manage the potential risks in the portfolio.

很好。謝謝，Rob。總結來說，我們對第一季的成果感到滿意。我們的高品質投資組合表現良好，具備具吸引力的15年加權平均租約年期、同業領先的多元化，以及對資產可替換性（fungibility）的審慎承諾，使我們能有效且高效率地管理投資組合中的潛在風險。

On the investment side, our differentiated sourcing and underwriting discipline, focus on delivering value to our long-standing relationships, and a well-capitalized balance sheet, position us well to continue to generate best-in-class total shareholder returns.

在投資方面，我們具差異化的案源取得與承作（underwriting）紀律、專注於為長期合作關係創造價值，以及資本充足的資產負債表，使我們具備良好條件，持續為股東創造同級最佳的總報酬。

Operator, please open the call for questions.

接線員，請開放提問。

(Operator Instructions) Caitlin Burrows, Goldman Sachs.

（接線員指示）Caitlin Burrows，高盛。

Maybe just looking at the acquisition volume and cap rates in the quarter, volume was high. You mentioned cap rates were stable. I think they were maybe a little lower than recent quarters. So on the cap rate side, could you just go through what drove that decline? Is it just a reality of business today, industry mix, the portfolio deal something else? And would you expect that level to continue?

我想先從本季的收購量與資本化率來看，收購量很高。你提到資本化率維持穩定。我覺得它可能比最近幾季略低一些。所以在資本化率方面，能否說明一下是什麼因素導致下降？這只是當前業務環境的現實、產業組合、投資組合交易，還是其他原因？你們預期這個水準會持續嗎？

Caitlin, thank you for the question. As we communicated on our last call, we expect cap rates in the mid- to high 7% range, obviously, coming down from the 8% that we saw last quarter. Some of that is capital markets and competition. Some of that is industry mix. But certainly, the 7.7% is a healthy rate, and we feel pretty good about that.

Caitlin，謝謝你的提問。如同我們在上次電話會議所溝通的，我們預期資本化率落在7%中段至高7%區間，顯然是從上季看到的8%回落。其中一部分來自資本市場與競爭。另一部分來自產業組合。但可以確定的是，7.7%仍是健康的水準，我們對此感覺相當不錯。

Got it. Okay. And then maybe just on the macro side, as you think of the macro volatility that is going on, can you go through how that impacted EPRT in the quarter or not? And maybe how it impacts competition?

了解。好的。接著從總體面來看，當你們思考目前的宏觀波動時，能否說明它在本季對EPRT是否有影響？以及它可能如何影響競爭？

Yeah. I think most of the volatility that we see today is going to impact us in next quarter, right? And so the deals that are closing and pricing in Q1 were really baked in Q4, and it was much more stable in Q4. I think as we think about the current market volatility, a higher 10-year, I think, all on balance help us as we are a consistent reliable capital provider with a lot of liquidity and a long track record of reliably closing transactions.

是的。我認為我們今天看到的大部分波動，會在下一季才對我們產生影響，對吧？因此，第一季成交與定價的交易其實是在第四季就已大致確定，而第四季的環境要穩定得多。當我們思考目前市場波動、10年期利率走高時，我認為整體而言這些因素反而有利於我們，因為我們是穩定可靠的資金提供者，具備充足流動性，且長期以來都有可靠完成交易交割的紀錄。

And counterparties value that in an uncertain and volatile market. And so on balance, I think it helps. Obviously, the volatility as it persists is going to put some strain on the consumer and that puts strain at the margins on the portfolio, but certainly nothing that is outsized or gives us pause, which is one of the drivers of raising guidance here on this call.

在不確定且波動的市場中，交易對手很重視這一點。因此整體而言，我認為是有幫助的。當然，若波動持續，會對消費者造成一些壓力，進而在邊際上對投資組合帶來壓力，但肯定沒有到不成比例或讓我們卻步的程度；這也是我們在本次電話會議上上調指引的原因之一。

John Massocca, B. Riley Securities.

John Massocca，B. Riley Securities。

Maybe walk -- provide a little more detail on the Denny's transaction. I guess, I mean how is that sale-leaseback structured? Is everything maybe uniform distribution in terms of lease maturity? Or is there some kind of variance there?

能否多提供一些關於Denny's交易的細節？我的意思是，這筆售後回租（sale-leaseback）是如何架構的？在租約到期時間方面是否大致一致、分布均勻？還是存在某種差異？

And I guess maybe a bigger picture, what made you comfortable with the tenant, given some of the news that's been out there about location closures and you take private transaction, but obviously, maybe potentially aside from having new owners in place?

我想也許從更宏觀的角度來看，考量到外界一些關於據點關閉的新聞，以及你們做的是私有化交易，但顯然——也許除了已經有新股東進駐之外——是什麼讓你們對這個承租人感到放心？

Yeah. I'll have Max tackle that question, but I would start. First and foremost, as a real estate investor, we take comfort in the properties that we're buying and the lease. And then the tenant comes into consideration. But Max, why don't you get into that deal a little bit for him?

是的。我會讓 Max 來回答這個問題，但我先說幾句。首先，作為不動產投資人，我們對自己買進的資產以及租約本身感到安心。然後才會把承租人納入考量。不過 Max，你不如替他更深入談談這筆交易？

Sure. Thanks for the question, John. I think to start, at the end of the day, these are small bite-size granular fungible restaurant properties, which we've had tremendous success investing in over the years here. And so you have 74 properties, less than $2 million per asset.

當然。謝謝你的問題，John。我想先從根本來說，這些都是小額、細分、可替代的餐飲不動產標的，而我們多年來在這類投資上取得了非常好的成果。因此你看到的是 74 項資產，每項資產不到 200 萬美元。

And the key thing here was the average operating history was over 40 years across our portfolio. And so you have durable, strong unit-level coverage, stable performance, across the board an attractive yield. And so that's what we look for in restaurant investments.

而這裡的關鍵在於，我們投資組合的平均營運歷史超過 40 年。因此你會看到具韌性、強勁的單店層級覆蓋率、穩定的表現，以及整體上具吸引力的收益率。這就是我們在餐飲投資中所尋求的特質。

To your question about the structure, it was a combination of both corporate-owned and operated stores as well as multiple franchisees, which is good for us because we have a geographically diversified. we have a tenant credit diversification.

至於你問到的結構，這筆交易同時包含公司自營門店，以及多位加盟主的門店；這對我們是好事，因為我們在地理上更分散，也有承租人信用的分散。

And so you put that all together, and we are very happy with the process. And we've known the equity group for a few years, and so a strong relationship. They relied on our certainty of close, and so we're happy with how that transaction played out.

把這些因素綜合起來，我們對整個流程非常滿意。而且我們認識那個股權投資團隊已經好幾年了，關係很強。他們也倚重我們「確定能完成交割」的能力，所以我們很滿意這筆交易的進展結果。

Okay. And then relatively small numbers in terms of the overall ABR, but it seemed like there was a bit of an increase in rent and some shorter lease maturity years, particularly 2026. Is there something driving that? Is it re-leasing? Or is it something with one of the transactions that closed? Just kind of curious if that number came up versus kind of prior quarters.

了解。另外，雖然就整體 ABR 來看金額相對不大，但似乎租金有些上升，而且租約到期年限偏短，特別是 2026 年。這背後有什麼因素在推動嗎？是重新出租（re-leasing）嗎？還是與某一筆已完成交割的交易有關？只是好奇這個數字相較於前幾季為何會上來。

Yeah. I would point to our weighted average lease term for our investments in the quarter was 17 years. So that's unlikely.

是的。我會先指出，我們本季投資的加權平均剩餘租期是 17 年。所以那種情況不太可能。

John, that was attributed -- some of that a little bit was in the Denny's portfolio. So we got created with some of the franchisee stores. And so it was an odd continuous lease termination, which is one of the reasons why we won the deal is because we were able to get creative and underwrite every individual property, every franchise, the corporate credit as well. And so there's a little bit of noise, but I wouldn't look too deep into it.

John，那主要是——其中一部分——來自 Denny's 的投資組合。我們在一些加盟主門店上做了較具彈性的安排。因此出現了一些不太常見的連續性租約終止情況；這也是我們能贏得這筆交易的原因之一，因為我們能更有創意地處理，並對每一個單一物件、每一位加盟主，以及公司本身的信用都進行承作與評估。所以會有一點雜訊，但我不會過度解讀。

Okay. And then the number of relationship transactions was a little bit -- or prior relationship transactions was lower this quarter. Was that all primarily tied to Denny's or was there any other transactions that are with new sale-leaseback partners?

了解。另外，本季關係型交易（relationship transactions）或既有關係交易的數量有點——比以前少。這主要都跟 Denny's 有關嗎？還是也有其他與新的售後回租（sale-leaseback）合作夥伴相關的交易？

Yeah, I would say that decline is mostly related to Denny's.

是的，我會說那個下降主要與 Denny's 有關。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行。

It's Jamie Feldman filling in for John here. A couple of questions for you. So I guess, number one, I mean, Denny's was the result of take private of a public company, certainly seeing a lot of activity in the capital markets, whether it's IPOs, take privates. We've got a lot going on in the private credit world.

我是 Jamie Feldman，今天代替 John 提問。我有幾個問題想請教。第一個，我的意思是，Denny's 是一家上市公司被私有化的結果；我們確實看到資本市場活動很多，不管是 IPO、私有化。而且私募信貸領域也有很多動態。

What do you -- what are your thoughts on just larger scale deals going forward versus one-offs? I know the one-offs have been a little bit more of a sweet spot. But as you think about the pipeline and the conversations you're having with your seller-type clients, what do you think the world looks like over the next 12, 18 months, given all the movement we're seeing?

你對於未來較大規模交易、相較於一次性的單筆交易，有什麼看法？我知道一次性的單筆交易一直比較是你們的甜蜜點。但當你思考管線以及你與賣方類型客戶的對話時，考量到我們看到的這些變動，你覺得未來 12 到 18 個月的市場會是什麼樣子？

Yeah. I don't think we're going to see a tonne of ripple-down effect into the middle market tenants we're dealing with. Our larger transactions tend to be very episodic. Certainly, Denny's is an outsized one, but I would expect our portfolio going forward to still be predominantly small granular deals and not the larger kind of M&A-type transactions.

是的。我不認為我們會看到大量的連鎖效應往下傳導到我們所接觸的中型市場承租人。我們較大型的交易通常非常偶發。當然，Denny's 是一筆特別大的案子，但我預期未來我們的投資組合仍會以小額、細分的交易為主，而不是那種更大型、偏併購型的交易。

It's rare that they have been in our industries and with size and with real estate that really gives us an opportunity to get in there. And so I would imagine our pipeline going forward remains very granular.

這種情況很少出現在我們的產業裡，而且要同時具備規模與不動產條件，才真的會給我們切入的機會。因此我想像未來我們的管線仍會非常細分、零散。

Okay. And I know your response to a prior question on cap rates was more competition there coming in a little bit. But how do you just think about your investment spread to your cost of capital going forward, given your different capital sources and just the ability to create the same level of accretion for same dollar amount?

了解。另外，我知道你先前對資本化率（cap rates）的回答是競爭稍微回來了一點。但展望未來，考量你們不同的資金來源，以及在相同投入金額下創造同等增益（accretion）的能力，你怎麼看你們的投資利差相對於資金成本？

Rob?

Rob？

Hey, Jamie. It's Rob. As we've talked about in quarters past, the investment spread is really more of an output than an input. We tend to price deals in the marketplace based on where the facts and circumstances shake out for each individual deal.

嗨，Jamie。我是 Rob。如同我們過去幾季談到的，投資利差其實更像是「結果」而不是「輸入條件」。我們通常會依每一筆交易的事實與情境在市場上進行定價。

And of course, on the capital side, our weighted average cost of capital hasn't moved that materially relative to the last time we gave an update. So if you look at where our unsecured debt trades today, it's probably in the mid- to high-5s. At our cost of equity, which we tend to use our AFFO yield as a proxy for that. It's in the mid- to high-6s.

當然，在資金端，我們的加權平均資金成本相較於上次更新時並沒有出現太大的變化。所以如果你看我們目前無擔保債務的交易水準，大概在 5% 中段到高段。至於我們的股權成本，我們通常用 AFFO 殖利率作為代理指標。大概在 6% 中段到高段。

And as you know, we retained nearly $160 million now of annualized free cash flow after paying out dividends. which is a free source of capital for funding our investment pipeline. So when you throw all those sources of capital into the blender, we're in the mid-5s on a WAC basis today.

而且如你所知，在支付股利之後，我們目前保留了接近 1.6 億美元的年化自由現金流，這是一個用來支持投資管線的「免費」資金來源。所以當你把所有這些資金來源都放進同一個混合器裡，我們目前以 WAC（加權平均資金成本）計算大約在 5% 中段。

When you compare that to where we're deploying capital in the mid- to high-7s, a healthy spread of 200 basis points-plus, and very supportive of our long-term growth algorithm. So where we sit today, we certainly would love to see our share price at a higher level, but we're very much in business deploying capital accretively for shareholders.

把這與我們部署資金的水準（約 7% 中段到高段）相比，利差健康、超過 200 個基點，並且非常支持我們長期的成長算法。所以以我們目前的位置來看，我們當然希望股價能更高，但我們確實仍在為股東進行具增益性的資本部署。

Okay. And if I could just ask one more. I mean we're all kind of trying to make sense to the headlines, higher fuel costs, higher food costs. Now, a lot of talk lately about fertilizer costs. Just as you guys are all digesting the headlines and thinking about what could change in the next months, quarters, like as you look at your tenant base, like where do you think you'll see the most flow-through or impact? I know your credit quality is all very good. But like what are you just watching the most as you think about your portfolio?

了解。如果我可以再問一個。我的意思是，我們大家都在試著理解新聞標題：燃料成本上升、食品成本上升。最近也有很多人在談肥料成本。當你們在消化這些標題、思考未來幾個月或幾季可能出現的變化時，從你們的承租人基礎來看，你們覺得哪些地方最可能出現傳導效應或影響？我知道你們的信用品質都很好。但就你們的投資組合而言，你們最在意、最密切觀察的是什麼？

Yeah. I think the casual dining and the entertainment space has seen and we expect to continue to see the most weakness. And that weakness really manifests itself in flat to down-ish, 2%, 3% sales and some margin pressure, maybe 100, 200 basis points. where that flows through to maybe 10, 20 basis points on rent coverage.

是的。我認為休閒餐飲與娛樂業態已經出現、且我們預期將持續出現最大的疲弱。而這種疲弱主要表現在銷售持平到略為下滑，大約2%、3%，以及一些利潤率壓力，可能是100到200個基點；進而反映到租金覆蓋率上，可能只有10到20個基點的影響。

And so thematically, we don't expect major shifts in our industries. And then you dig down to the idiosyncratic risk with specific operators that are either growing or over-levered or grew too fast or a lot of development, and really understanding how they're performing and how our sites within those credits are performing.

因此從主題面來看，我們不預期我們所涉足的產業會出現重大轉變。接著你再往下看，就會看到特定營運商的特有風險：有些在成長、有些槓桿過高、有些成長太快或開發量太大；我們需要真正理解他們的營運表現，以及我們在這些信用主體之下的據點表現如何。

So we're watching it. Obviously, the portfolio is performing well. I can guidance here today early in the year, as we said, our credit performance is coming in better than anticipated. So we don't expect material flow-throughs to our portfolio performance, but we're watching the consumer and specifically our casual dining and entertainment space.

所以我們正在密切觀察。顯然，我們的投資組合表現良好。我今天在年初就可以給出指引：如同我們所說，我們的信用表現優於先前預期。因此我們不預期會對我們的投資組合表現產生實質性的傳導影響，但我們會持續關注消費者，特別是我們的休閒餐飲與娛樂業態。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

First question is just on the bad debt in the period. I think you mentioned a restaurant property group, presumably that's the Applebee's franchisee. And in addition, I think I saw that there was an impairment on that in the income statement. So just can you just talk a little bit about what you're seeing from your tenants and if the environment has gotten particularly challenging for any of them?

第一個問題是關於本期的壞帳。我想你提到了一個餐廳物業集團，推測那應該是 Applebee's 的加盟商。另外，我想我也看到損益表上對此有一筆減損。所以能否請你談談你從租戶端看到的情況，以及是否有任何租戶的經營環境變得特別具挑戰性？

Yeah, I would say I'll let AJ tackle the specific impairments. But in general, much like my earlier comments, people performing and credit is coming in better than anticipated, which was supportive of our guidance increase this quarter. It tends to be very idiosyncratic events that drive impairments and bad debt, but on the impairment for the quarter, AJ, you got some commentary?

是的，我會讓 AJ 來說明具體的減損。但整體而言，就像我先前的評論，多數人表現良好，而且信用表現優於預期，這也支持了我們本季上調指引。通常是非常特定、個別的事件才會導致減損與壞帳；不過就本季的減損，AJ，你有什麼補充說明嗎？

Yeah. And more broadly, just on the health of the portfolio, the question probably that people is addressing, we're paying a little bit closer attention to the entertainment and casual dining space. And you referenced in your question, the casual diner we called out in the prepared remarks, that was significantly more episodic than it was a trend line.

有的。更廣泛地說，關於投資組合的健康狀況——我想大家真正關心的是這個——我們確實對娛樂與休閒餐飲業態多加留意。你在問題中提到、我們在準備好的講稿裡點名的那家休閒餐飲業者，那比較像是單一事件（較具偶發性），而不是一條趨勢線。

I would say, broadly speaking, our restaurant portfolio has generated 2.5 times-plus coverage across the board. So we feel good about the portfolio. But specifically on the impairment, Rob just opine on what happened on the balance sheet.

我會說，整體來看，我們的餐廳投資組合在各方面都產生了2.5倍以上的覆蓋率。所以我們對投資組合感到放心。但就減損這件事，讓 Rob 說明一下資產負債表上發生了什麼。

Yeah. Thanks, AJ. As AJ just mentioned, a lot of these situations are much more idiosyncratic in nature. And as it relates to the impairment itself, we have a pretty robust quarterly impairment testing process that's well established and been in place for a long time. And as part of that rigorous process, we are constantly testing on a quarterly basis.

好的。謝謝，AJ。如 AJ 剛才提到，很多這類情況本質上都更偏向個別事件。至於減損本身，我們有一套相當健全的季度減損測試流程，已建立完善並運行多年。在這個嚴謹流程之下，我們會在每一季持續進行測試。

For the impairment this quarter, it was driven primarily by one site on a former American signature location because I think we've talked about in quarters past, that tenant went bankrupt in the fourth quarter. And it was paying rent, at least had not been rejected until a time during the first quarter. And so that triggered the impairment testing process.

本季的減損主要是由一個據點所驅動，該據點原本是 American Signature 的一個位置；我想我們在過去幾季也談過，該租戶在第四季申請破產。而且它當時仍在支付租金，至少在第一季某個時間點之前都尚未被拒絕（解除）租約。因此觸發了減損測試流程。

In general, we have not been bullish on the home furnishing industry. That's an industry that we have not invested in for many years. and we are into one location now, representing effectively rounding air in terms of exposure to the portfolio broadly. So it's not a huge surprise in terms of where the exposure is there, but happy to report that's not a material impact going forward.

整體而言，我們對家居裝潢／家具（home furnishing）產業一直不算樂觀。這是我們多年來都沒有再投資的產業；目前我們只剩下一個據點，從整體投資組合曝險來看，幾乎可以忽略不計。所以就曝險所在而言，這並不算太令人意外；但也很高興可以回報，往後不會造成重大影響。

Thanks for that, all three of you. And then as a follow-up question, you have a term loan that's expiring in early February at a particularly low rate. I just wanted to get a sense of how you're thinking about attacking that and refinancing that?

謝謝你們三位的說明。接著追問一下，你們有一筆定期貸款將在2月初到期，而且利率特別低。我想了解你們打算如何處理、以及如何為其再融資？

And then also the refinancing would be a bit of a headwind for your 2027 earnings. So would you look to accelerate transaction activity to maintain that really strong growth that you have generated over the last several years? Or is that just -- is that like a way that you think about and you just foresee it as normal?

另外，再融資對你們2027年的獲利會有一些逆風。所以你們會考慮加速交易活動，以維持過去幾年所創造的強勁成長嗎？還是說——這只是你們思考方式的一部分，你們把它視為正常狀況？

Yeah, I'll tackle that. Obviously, we've talked a lot about terming out our debt and getting long term on the balance sheet to match fund our assets. So we're likely to move to the unsecured bond market at some point to take out that term loan, and there will be some incremental dilution as a result of that rate falling off.

好的，我來回答。顯然，我們已經談了很多關於把債務期限拉長、讓資產負債表更長期化，以便與資產的資金期限相匹配。因此我們很可能會在某個時間點轉向無擔保公司債市場，來償還那筆定期貸款；而隨著那個低利率到期，利率上升會帶來一些額外的稀釋影響。

We think about our investment trajectory on a much longer-term basis and make investments in our team to be able to do more and source more and process more transactions, much to my earlier comment that are granular, which is where we think we add value. So when we come into developing a business plan for 2027, we'll look at that. Our ambition has been and continues to be to offer total compelling shareholder return in the net lease space.

我們以更長期的角度來看待投資軌跡，並在團隊上投入資源，使我們能做更多、取得更多案源、並處理更多交易——正如我先前所說，我們認為我們能創造價值的地方在於更細分、更分散的交易。因此當我們開始制定2027年的營運計畫時，我們會把這些因素納入考量。我們的企圖心一直是、也將持續是，在淨租賃（net lease）領域為股東提供具吸引力的總報酬。

I think we have a lot of room to where we're performing to do that. And so we'll address that as it comes upon us. And so I would not say the automatic toggle is to build -- buy more, just to cover up with a little bit of the earnings. But we'll certainly look at a fulsome business plan in 2027 to position ourselves as a best-in-class grower.

我認為我們在目前的表現基礎上，還有很大的空間可以做到這一點。所以我們會在時機到來時再處理。因此我不會說我們的預設反應就是去擴大——買更多，只是為了稍微把獲利補起來。但我們當然會在2027年制定一個完整的營運計畫，讓自己定位為同業最佳的成長者。

Thank you very much. Good luck in the second quarter.

非常感謝。祝你們第二季順利。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗（Mizuho）。

A couple of quick ones left here for me. So I guess, first, on the coverage for the investments in the quarter, down a bit versus last quarter when I think you had more industrial deals and below your overall portfolio average. I know this bounces around a bit, but just curious on how we should think about your coverage levels on deals going forward in this environment if indeed this past quarter should prove more of an anomaly?

我這邊還有幾個簡短問題。首先，關於本季投資案的覆蓋率，相較上季略有下降；我記得上季你們有較多工業類交易，而且本季也低於你們整體投資組合的平均。我知道這個數字會有些波動，但想請教在目前環境下，我們應該如何看待你們未來交易的覆蓋率水準？如果本季確實更像是個例外的話。

Yeah. I wouldn't read too much into that subset of deals. It's highly influenced by select by the mix of industries and the individual transactions and -- that's going to vary quite a bit, and it's not really indicative of much because it is such a wide variety of investments.

是的。我不會對那一小部分交易解讀太多。它很大程度受到產業組合與個別交易的影響——而這會有相當大的變動；由於投資種類非常多元，所以它其實不太能代表什麼。

We had 22 investments in the quarter and across most of our industries. So there's always going to be a wide variation in that number. I would say restaurants tend to have some of the lower coverage. So the Denny's in the mid- to high-2s would certainly drag that down a little bit.

我們本季做了22筆投資，涵蓋我們多數的產業。所以那個數字一定會有很大的變動區間。我會說餐廳類通常是覆蓋率較低的類別之一。因此 Denny's 大約在2倍中段到高2倍的覆蓋率，確實會把整體數字稍微拉低一些。

Got it. That's helpful. And then maybe some color on Chicken N Pickle, top 10 of yours. There have been some reports that some of their assets may be lagging a bit in terms of sales. Curious on your comfort level with that exposure and anything within the sales trends or credit overall that perhaps might be changing your view on your exposure to that particular tenant?

了解。這很有幫助。另外想請你們補充一下 Chicken N Pickle（你們前十大租戶之一）。有一些報導指出，他們部分資產在銷售表現上可能有些落後。想了解你們對這項曝險的信心程度，以及在銷售趨勢或整體信用狀況上，是否有任何變化可能會影響你們對該特定租戶曝險的看法？

Yeah. I don't know where -- they're a private company, and I don't know where there'd be public commentary around their sales. But as we said, the entertainment space has seen some challenge and certainly, Chicken N Pickle sits within that bucket.

是的。我不確定——他們是私人公司，我也不知道哪裡會有關於他們銷售情況的公開評論。但如同我們所說，娛樂產業確實面臨一些挑戰，而 Chicken N Pickle 也屬於那個範疇。

We remain -- we continue to believe we have good assets on by that operator. We have seen some flat top line. Our coverage remains healthy and it's a good relationship, but we'll continue to watch the trends in, overall, our entertainment bucket.

我們仍然——我們持續相信，我們在該營運商之下持有的是優質資產。我們確實看到營收端（top line）有些持平。我們的覆蓋率仍然健康，合作關係也很好，但我們會持續觀察整體娛樂類別資產的趨勢。

Got it. And then if I could just squeeze one in, just on Car Wash, I think your exposure there in the quarter was down a bit. Is that just by virtue of other investments in the quarter? Is there more of an effort to get that exposure down a bit? And maybe remind us on kind of where you see the long-term exposure target for that particular segment?

了解。另外如果我可以再問一個，關於洗車（Car Wash），我想你們本季在那裡的曝險稍微下降了一些。這只是因為本季其他投資的關係嗎？還是你們更有意識地要把那個曝險降一點？也請提醒我們，對於該特定分項，你們長期的曝險目標大概在哪裡？

Yeah. We continue to think Car Wash is a very compelling industry with great cash flow dynamics and strong margins and the real estate within that industry presents a compelling investment opportunity. As we have said in the past, we have a soft ceiling for any one industry at 15%. We certainly have run Car Wash up to that level or above it, and we have comfort doing that given our deep experience and our deep data within that space to underwrite incremental investments.

是的。我們仍然認為洗車是一個非常有吸引力的產業，具備很好的現金流特性與強勁的利潤率，而該產業中的不動產也提供了很有吸引力的投資機會。如同我們過去所說，我們對任何單一產業有一個15%的軟性上限。我們確實曾把洗車提高到該水準或更高；鑑於我們在該領域深厚的經驗與數據，來承作額外投資我們也很有把握。

As we disclosed in the past, we sold a bunch of car washes in the fourth quarter where we saw an attractive bid for our assets, really with investors looking to take advantage of accelerated bonus depreciation. So you're likely to see that bounce around. I don't know that it's going to go up or down, it will depend upon the opportunity set, but we're happy where it is, and we'd be happy taking it up if we saw compelling investment opportunities.

如同我們先前揭露的，我們在第四季出售了一批洗車資產，因為我們看到對資產有具吸引力的出價，主要是投資人希望利用加速的獎勵折舊（accelerated bonus depreciation）。所以你可能會看到這個比重有所波動。我不確定它會上升或下降，這取決於可投資機會的集合，但我們對目前的水位感到滿意；如果看到很有吸引力的投資機會，我們也樂於把它提高。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

Just a couple of quick ones for me. But back to the impairment charge that was booked in the first quarter. I didn't catch this. Was it just the one furniture location that led to the entire $16 million-plus? And then just help us understand the mechanics of how any potential sale of a vacant box or backfilling with a cash rent-paying tenant, how does that affect any potential change to that number going forward? Just help us understand the mechanics there.

我這邊只有幾個簡短問題。回到第一季入帳的減損費用。我剛剛沒聽清楚。是否只是那一個家具門市就導致了全部1,600萬美元以上的減損？另外也請協助我們理解：若未來出售一個空置的大型店面（vacant box），或以支付現金租金的租戶回填（backfilling），這會如何影響未來該數字可能的變動？請幫我們理解其中的機制。

Yeah. We -- a good chunk of that was the furniture store, but there certainly was others. We operate an almost 2,500 property portfolio, and there's multiple scenarios happening in any given quarter, take an impairment when it becomes apparent, the value has changed from what's on your balance sheet. You tend not to market up once something subsequent happens, but we'll see what happens with that property. And our accountants will tell us we will evaluate what to do accordingly.

是的。我們——其中很大一部分來自那家家具店，但確實也有其他項目。我們管理接近2,500處物業的投資組合，每一季都會有多種情境發生；當減損變得明確、也就是資產價值相較於資產負債表帳面價值已發生變化時，就會認列減損。一旦後續發生某些事情，通常不會再把價值往上調，但我們會看看那個物業後續如何發展。我們的會計師會告訴我們，將據此評估並採取相應處理。

Okay. That's helpful. And then I think you guys have a relatively muted, I guess, official watch list, lower than even some other peers in the space in terms of, I guess, everybody can define it how they like. But maybe walk us through how you define your watch list and kind of where that stands today even relative to a couple of quarters ago, if you don't mind.

好的。這很有幫助。另外我想你們的官方觀察名單（watch list）相對偏小、也比同業中的一些公司還低——當然每家公司定義可能不同。但能否請你們說明一下你們如何定義觀察名單，以及目前的狀況相較於幾個季度前大概如何？如果方便的話。

Yeah. So we define our watch list and we have a pretty defined definition so that investors can understand and track it. What we do on an actual portfolio management perspective is slightly more encompassing, but we define our wash credit risk of single B and unit level coverage risk of 1.5%. And that's tended to hover around 1%. And I think it's slightly up, maybe 20 basis points within the quarter. AJ, what is it?

好的。我們對觀察名單有相當明確的定義，讓投資人可以理解並追蹤。從實際投資組合管理的角度，我們做的事情會更廣一些，但在定義上，我們把單一B級（single B）的洗車信用風險，以及單店層級覆蓋率風險（unit level coverage risk）定義為1.5%。而這個數字通常在1%左右徘徊。我想本季略有上升，大概上升了20個基點。AJ，現在是多少？

1.3% today.

目前是1.3%。

So it's 1.3%.

所以是1.3%。

(Operator Instructions) Jay Kornreich, Cantor Fitzgerald.

(接線員指示) Jay Kornreich，Cantor Fitzgerald。

You mentioned that volatility could cause some strain in the consumer, yet you still feel confident in the investment pipeline as you increased guidance to $1.3 billion at the midpoint. So I just wanted to drill further into just kind of how the pipeline looks and what industry segments, I guess, beyond car washes that you may want to expand in as the year goes on?

你提到波動可能會對消費者造成一些壓力，但你們仍對投資管線有信心，並把指引在中位數上調到13億美元。所以我想再深入問一下管線目前看起來如何，以及除了洗車之外，隨著今年進行，你們可能想擴張到哪些產業分項？

Yeah. So we focus a large part of our investment activity on our relationships and our relationships exist within our targeted industries. So our investment pipeline and our opportunity set comes from there. And so generally, we anticipate growing our pie ratably across all our industries. Clearly, we had an outsized transaction in Q1 within the restaurant space, and you see that flowing through.

是的。我們很大一部分投資活動聚焦在我們的合作關係上，而這些合作關係存在於我們鎖定的產業之中。因此，我們的投資管線與可投資機會集合就是從那裡來的。所以一般而言，我們預期會在所有產業中以相對均衡的方式擴大我們的配置。很明顯地，我們在第一季於餐飲領域有一筆相對較大的交易，你也看到它反映在數字上。

But overall, I would expect it to grow ratably and we're pricing long-term investments, 20-year deals. And it's taking a long view of performance, a long view of coverage and sales to develop that pricing and that doesn't change with short-term volatility that we're seeing today.

但整體而言，我預期會以相對均衡的方式成長，而我們在定價的是長期投資、20年的交易。我們採取的是對營運表現、覆蓋率與銷售的長期視角來形成定價，而這不會因為我們今天看到的短期波動而改變。

Okay. And then just looking a little bit more into the -- just the casual dining, where you referenced maybe some weakness there. It looks like your exposure to casual dining actually declined 20 basis points this quarter, even though you did the Denny's portfolio acquisition. So just curious though, are those dynamics -- was there may be some movement in getting out of some less favorable operators while you're moving into Denny's or kind of what was going on there?

好的。另外再更深入看一下——休閒餐飲（casual dining），你提到那裡可能有些疲弱。看起來你們本季對休閒餐飲的曝險反而下降了20個基點，儘管你們完成了 Denny's 投資組合的收購。所以我想了解，這些變化——是否可能是在進入 Denny's 的同時，也有退出一些較不理想的營運商？或是當中發生了什麼？

Well, Denny's is in the family dining category, given their focus on breakfast and lunch. And then we had some commentary around a casual diner on our prepared remarks, which is roughly 30 basis points of ABR which we work through. And so that's probably what you saw flowing through the casual dining spot.

嗯，Denny's 因為聚焦早餐與午餐，所以屬於家庭餐飲（family dining）類別。另外我們在事先準備的講稿中也提到一家休閒餐飲業者的情況，約占ABR的30個基點，我們正在處理中。所以你在休閒餐飲那一塊看到的變化，大概就是反映了這些因素。

Smedes Rose, Citi.

Smedes Rose，花旗。

I wanted to ask you just in general, as you're working with these middle market operators, either existing or potentially new clients, do you get the feeling that their access to capital from other sources is maybe more constrained now than it was a year ago, either through direct competitors to yourselves or maybe more traditional financing like through regional banks, et cetera? Have you just seen any changes there?

我想整體問一下，當你們與這些中型市場（middle market）的營運商合作時，不論是既有客戶或潛在新客戶，你們是否感覺他們從其他來源取得資金的能力，現在比一年前更受限？不論是來自你們的直接競爭對手，或是更傳統的融資來源，例如區域性銀行等？你們有看到任何變化嗎？

Smedes, thanks for the question. At the margin, I would say. And clearly, with 20 transactions during the quarter, there's a lot of different scenarios. But I think overall, the capital market environment is a little more constrained, but not materially so.

Smedes，謝謝你的問題。在邊際上，我會說是的。而且本季有20筆交易，情境非常多元。但我認為整體資本市場環境確實稍微更受限一些，但並非顯著。

Okay. And then I just wanted to clarify, you mentioned of the seven properties that were in that bankruptcy, I think they were all Applebee's, five for backfill. Are they now open or they're just scheduled to have a new tenant come online at some point?

好的。另外我想確認一下，你提到那7處進入破產程序的物業，我想它們都是 Applebee's，其中有5處要回填（backfill）。它們現在已經開業了，還是只是排程在某個時間點會有新租戶進駐？

Yeah. They had a new Applebee's kind of come right in step in to at least. And so they're open operating and selling hamburgers.

是的。他們有一家新的 Applebee's 幾乎是直接接手進駐，至少在那些點位是如此。所以它們已經開門營運，正在賣漢堡。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

Denny's now a top five concept in the portfolio at around 1.6% of ABR. Are you able to disclose the split between corporate and franchise-owned exposure? And then how many different franchisees of Denny's are now tenants as well?

Denny's 現在是投資組合中前五大概念之一，約占 ABR 的 1.6%。您是否能揭露企業自營與加盟店持有曝險之間的分拆比例？另外，目前有多少個不同的 Denny's 加盟主也是你們的承租戶？

Yeah. I don't -- we're not disclosing the split between corporate and franchisees, but it's pretty diverse. I think we have up to 15 franchisees.

是的。我不——我們不會揭露企業自營與加盟店之間的分拆比例，但分布相當多元。我想我們最多有 15 個加盟主。

Okay. And then for a company with your expected earnings growth, we were a bit surprised to see cash G&A guidance actually lowered. Could you talk about the drivers of that reduction?

好的。另外，對於一家預期獲利成長的公司而言，我們有點意外看到現金 G&A 指引實際下調。您能談談下調的驅動因素嗎？

Robert?

Robert？

So as we look to the guidance ranges this quarter, a number of moving parts on the cash G&A front. We had initial budget that included a range of assumptions around hiring, technology spend, and other initiatives throughout the company.

所以當我們看本季指引區間時，現金 G&A 方面有不少變動因素。我們最初的預算包含了一系列假設，涵蓋招募人員、科技支出，以及公司內其他各項計畫。

And in general, we're just trying to be as efficient as we can as we move through the year. So that was on the cash G&A side. And then I think you saw the other drivers in the press release.

整體而言，我們只是希望在今年推進的過程中盡可能提高效率。以上是現金 G&A 方面。另外，我想您也在新聞稿中看到其他驅動因素。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO 資本市場。

Just one for me. On the disposition front, are there any tenants or verticals where disposition yields in the market are tighter than your internal view and where you become more inclined to recycle capital, just given the current market yields there?

我這邊只有一個問題。在處分方面，市場上是否有任何承租戶或業態，其處分收益率比你們內部觀點更緊（更低），使得在目前市場收益率水準下，你們更傾向於進行資本回收再配置？

Yeah. Pricing is very idiosyncratic. As Rob walked through earlier in the call, our weighted average cost of capital is in the mid- to high-5s. We do not see a lot of properties within our portfolio that would trade below that. And so generally, our disposition activity is focused on derisking sales.

是的。定價非常因個案而異。如 Rob 先前在電話會議中提到，我們的加權平均資本成本在 5% 中段到高段。我們沒有看到投資組合中有很多資產會以低於該水準成交。因此整體而言，我們的處分活動主要聚焦在降低風險的出售。

And obviously, as you think about selling a more risky asset, it's not going to go on a premium pricing. So as we think about disposition, it's more portfolio shaping, and we're not using that to drive an accretive cost -- source of capital.

而且顯然，當你考慮出售風險較高的資產時，不太可能以溢價定價成交。因此我們在思考處分時，更偏向於投資組合調整，而不是把它當作推動增益性的資金來源。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Maybe just quickly following up on the dispositions. It's funny to see 2Q to date activity dispositions higher than acquisitions. Can you just comment on if you think disposition activity will be elevated this year? Or is this just a little bit more first half heavy?

也許快速追問一下處分。看到截至目前 2Q 的處分活動高於收購，還挺有意思的。您能否評論一下，您是否認為今年處分活動會維持在較高水準？還是這只是上半年比較集中的現象？

Yeah. I wouldn't read too much into that. It's really just timing. The closing timeline on our dispositions tends to be unpredictable. And we just don't control when the buyer is actually going to close, but I wouldn't read too much into it. I would expect normalized disposition activity in the $20 million quarter type range.

是的。我不會對此過度解讀。這真的只是時間點問題。我們處分案的交割時程往往難以預測。而且我們也無法控制買方何時真正完成交割，但我不會過度解讀。我預期處分活動會回到常態，大約是每季 2,000 萬美元左右的區間。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

Just one for me. On the previous call, you mentioned that 10-year yields in the mid- to high-3s would be a spot where competition could increase and in true (technical difficulty)?

我這邊只有一個問題。在上一通電話會議中，你們提到 10 年期殖利率在 3% 中段到高段時，競爭可能會增加，並且在真正的(技術問題)？

Daniel, you broke up. I didn't catch your question. Can you repeat it? And hopefully, it doesn't break up again.

Daniel，你的訊號斷斷續續。我沒聽清楚你的問題。你可以再說一次嗎？希望這次不要再斷線。

(technical difficulty) I took my (inaudible). So on the previous call, you mentioned that 10-year yield, the midsize spot where competition could increase, and in true markets fashion, yield still down towards 4% all but have come up since. In that short period, are there any changes to the transaction (inaudible) or is it really too quick to glean anything there?

(技術問題) 我拿了我的(聽不清)。所以在上一通電話會議中，你們提到 10 年期殖利率在中段的水準可能是競爭會增加的區間，而依照市場一貫的走勢，殖利率雖然一路往 4% 附近下行，但之後幾乎又回升了。在這麼短的期間內，交易（聽不清）是否有任何變化？還是說時間太短，還看不出什麼？

Yeah. I would say it's too quick. With a 90-day transaction cycle, we're constantly pricing and closing on deals and the two-week 30-day volatility really doesn't come into play.

是的。我會說時間太短了。在 90 天的交易週期下，我們一直在對交易定價並完成交割，而兩週或 30 天的波動其實不太會影響。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Maybe just two more modeling or smaller questions, but it just seems that I realized you increased full-year acquisition guidance. So it seems like you're pretty confident, but it also looks like the start to 2Q has been slow. So do you think 2Q will end up being a lower volume quarter or not necessarily?

也許再問兩個建模或比較小的問題，但我注意到你們上調了全年收購指引。所以看起來你們相當有信心，但同時 2Q 開局似乎偏慢。那你們認為 2Q 最終會是一個較低量的季度嗎？還是不一定？

Yeah. I think it will be likely to be lower than the first quarter, just given the start to the quarter, but generally, the pipeline is full. And without putting too fine a point on it as something in the [$300 million range? $275 million to $325 million]? It's too early to tell.

是的。考量到本季開局情況，我認為 2Q 很可能會低於第一季，但整體而言，案源管線是滿的。在不把話說得太死的情況下，是否會落在[約 3 億美元的區間？2.75 億到 3.25 億美元]？現在還太早，無法判斷。

Okay. And then just another specific one. On the straight-line adjustment, it was $15.365 million in 1Q. It does seem like that's higher than it has been. So is that just the new normal? Or was there something one-time in that?

好的。再一個更具體的問題。關於直線法調整，1Q 是 1,536.5 萬美元。看起來確實比過去高。所以這是新的常態嗎？還是其中有一次性的因素？

Calin, it's Rob. I appreciate you getting the weeds on the straight-line rent adjustment. Actually, into the fourth quarter, we had a couple of one-time items that had moved that around. If you look back to the trend line prior to fourth quarter, the number in 1Q is a little bit more in line with that trend.

Caitlin，我是 Rob。謝謝你深入追問直線法租金調整的細節。其實在第四季，我們有幾個一次性項目使數字有所波動。如果你回頭看第四季之前的趨勢線，1Q 的數字其實更符合那個趨勢。

I would say in general, the 1Q number is a pretty good run rate, absent any acquisition activity, which would obviously impact with the straight line would go from here, booking GAAP cap rates in excess of our cash cap rates. So hopefully, you can use that as a good run rate going forward.

我會說整體而言，在沒有任何收購活動的情況下，1Q 的數字是一個相當不錯的常態運行水準；收購活動當然會影響後續直線法的走勢，因為我們入帳的 GAAP 資本化率會高於我們的現金資本化率。所以希望你可以把它作為未來的良好常態運行水準來使用。

It appears we have no further questions at this time. I'll turn the call over to Pete Mavoides for any additional or closing remarks.

看起來目前沒有其他問題。我將把電話交給 Pete Mavoides，請他做任何補充或結語。

Great. Well, thank you all for your participation in the call today and your questions. We look forward to seeing you all in the upcoming conferences, and have a great day. Thank you.

很好。感謝各位今天參與電話會議並提出問題。我們期待在接下來的各場會議上與各位見面，祝各位有美好的一天。謝謝。

This concludes today's program. Thank you for your participation, and you may disconnect at any time.

今天的節目到此結束。感謝您的參與，您可隨時掛線。