Four Corners Property Trust Inc (FCPT) 2025 Q1 法說會逐字稿

Hello, and welcome everyone to the FCPT first quarter 2025 financial results conference call. My name is Becky and I'll be your operator today.

大家好，歡迎參加FCPT 2025年第一季財務業績電話會議。我叫貝基，今天我將擔任您的接線生。

(Operator Instructions)

（操作員指示）

I'll now hand over to your host, Patrick Wernig, Chief Financial Officer, to begin. Please go ahead.

現在我將把時間交給主持人、財務長 Patrick Wernig 來開始。請繼續。

Thank you, Becky.

謝謝你，貝基。

During the course of this call, we will make forward-looking statements which are based on our beliefs and assumptions. Actual results will be affected by known and unknown factors that are beyond our control or ability to predict. Our assumptions are not a guarantee of future performance, and some will prove to be incorrect. For a more detailed description of some potential risks, please refer to our SEC filings, which can be found at https://investors.fcpt.com.

在本次電話會議中，我們將根據我們的信念和假設做出前瞻性陳述。實際結果將受到我們無法控製或預測的已知和未知因素的影響。我們的假設並不能保證未來的表現，有些假設會被證明是不正確的。有關一些潛在風險的更詳細描述，請參閱我們的 SEC 文件，可在 https://investors.fcpt.com 上找到。

All the information presented on this call is current as of today, May 1, 2025. In addition, reconciliation to non-GAAP financial measures presented on this call, such as FFO and AFFO can be found in the company's supplemental report. With that, I'll turn the call over to Bill.

本次電話會議中提供的所有資訊均為截至 2025 年 5 月 1 日的最新資訊。此外，本次電話會議上提出的非公認會計準則財務指標（例如 FFO 和 AFFO）的對帳可以在公司的補充報告中找到。說完這些，我就把電話轉給比爾。

Good morning. Following our typical cadence, after my introductory remarks, Josh will comment further on the investment market, and Patrick will discuss our financial results and capital position.

早安.按照我們典型的節奏，在我做完介紹後，Josh 將進一步評論投資市場，Patrick 將討論我們的財務表現和資本狀況。

The start of 2025 continued the momentum we had in the second half of 2024. We took advantage of our sustained strong cost of capital and added to the pipeline, finding deals that both met our quality standards and with pricing that made sense.

2025 年伊始，我們延續了 2024 年下半年的動能。我們利用持續強勁的資本成本優勢，擴大了交易管道，找到了既符合我們的品質標準，又具有合理定價的交易。

This led to a Q1 being the highest acquisition volume for our first quarter in the company's history, which similarly followed our highest Q4 volume.

這使得第一季成為公司史上第一季的最高收購量，同樣，這也是我們第四季的最高收購量。

So far this year we've closed $70 million of acquisitions at a blended 6.7% cap rate.

今年到目前為止，我們已經以 6.7% 的混合資本化率完成了 7,000 萬美元的收購。

Looking back to when we fully turned the acquisition machine back on in late August, we've closed $269 million of acquisitions over the past eight months.

回顧我們在八月底全面啟動收購機器以來的情況，在過去的八個月裡，我們已經完成了價值 2.69 億美元的收購。

While we do not give acquisition guidance, we are continuing to add toward the pipeline and are seeing opportunities that are consistent with our quality thresholds and within our pricing standards.

雖然我們沒有提供收購指導，但我們正在繼續增加收購管道，並看到了符合我們的品質門檻和定價標準的機會。

We note that we have not seen much change in cap rates for recently priced deals.

我們注意到，近期定價交易的資本化率並沒有太大變化。

We've continued to build significant liquidity while delevering to preserve optionality on funding new opportunities as they arise. This includes leaning in on the equity sales via our ATM program, which we have used to raise $475 million in equity since July of last year.

我們在去槓桿的同時繼續建立大量流動性，以保留對新出現的機會進行融資的選擇權。這包括透過我們的 ATM 計劃進行股權銷售，自去年 7 月以來我們已透過該計劃籌集了 4.75 億美元的股權。

Including our unsettled equity forwards, we now have our lowest leverage levels in the last 7 years.

包括我們未結算的股票遠期合約在內，我們現在的槓桿水準是過去 7 年來的最低水準。

Simply put, we're well positioned for uncertainty.

簡而言之，我們已做好充分準備應對不確定性。

Shifting to our in-place portfolio, we continue to perform well with high rent collections and occupancy. Our rent coverage in the first quarter was 4.9 times for the majority of our portfolio that reports this figure. This remains amongst the strongest coverage within our industry.

轉向我們的現有投資組合，我們繼續表現良好，租金收入和入住率較高。我們第一季的租金覆蓋率為 4.9 倍，對於報告這一數字的大部分投資組合而言。這仍然是我們行業中最強的報導之一。

FCPT's largest tenants are nationally branded restaurant operators, namely Olive Garden, LongHorn, and Chili's. They are leaders for their sectors and generally outperform the industry peers, as well as fine dining or local mom and pop brands. Most recently, Brinker reported Chili's same store sales grew 31.6% for the quarter ended March 2025. Similarly, Olive Garden and LongHorn reported same sales growth of just (inaudible) of 1% and 2.6% year over year for the three months ended February 2025 respectively.

FCPT 最大的租戶是全國品牌餐廳營運商，即 Olive Garden、LongHorn 和 Chili’s。它們是各自領域的領導者，通常表現優於行業同行以及高級餐飲或當地夫妻店品牌。最近，Brinker 報告稱，截至 2025 年 3 月的季度，Chili 的同店銷售額增長了 31.6%。同樣，Olive Garden 和 LongHorn 報告稱，截至 2025 年 2 月的三個月，銷售額分別同比增長 1% 和 2.6%。

While these brands remain core to our portfolio and strategy as we approach 10 years as a public company, we would also highlight our diversification progress over that period. We've grown from 418 properties at inception to 1,236 leases today. Darden has dropped from 100% of our rent roll to now 47% combined across all of their brands.

在我們作為上市公司即將迎來十年之際，這些品牌仍然是我們產品組合和策略的核心，同時我們也要強調我們在此期間的多元化進展。我們從成立之初的 418 處房產發展到如今的 1,236 處租賃房產。Darden 的租金收入佔比已從 100% 降至目前所有品牌總租金收入的 47%。

This improvement is despite acquiring 47 darn properties post-spin.

儘管在旋轉後獲得了 47 個 darn 屬性，但仍取得了這種改進。

Our TOP5 brands make up 55% of our annual base revenue.

我們的TOP5品牌占我們年度基本收入的55%。

Our on sector diversification, 67% of our annual base rent comes from casual dining and 11% from quick service. Outside of restaurants, automotive service is our largest sector at 11% of ABR, followed by medical retail at 9% of ABR.

我們的行業多元化，67% 的年度基本租金來自休閒餐飲，11% 來自快餐服務。除餐飲業外，汽車服務是我們最大的行業，佔 ABR 的 11%，其次是醫療零售，佔 ABR 的 9%。

As for portfolio management, we are not yet experiencing any material tenancy issues in the portfolio and no current indicators that inflation or tariff issues will impact our rent payments.

至於投資組合管理，我們尚未遇到任何重大租賃問題，目前也沒有跡象顯示通貨膨脹或關稅問題會影響我們的租金支付。

Further, while the current tariff environment remains uncertain, we expect restaurants to be one of the least tariff affected sectors. Similarly, our other service-based tenants should fare better than average retail operators given their low exposure to imported goods as part of their operations.

此外，儘管當前的關稅環境仍不確定，但我們預計餐飲業將是受關稅影響最小的行業之一。同樣，由於我們的其他服務型租戶在營運中對進口商品的依賴程度較低，因此他們的表現應該比一般零售業者更好。

While we would expect in a recession that we would see some pullback in our tenant performance, we believe that we are well positioned with cushion on our rent coverage to weather any potential issues.

雖然我們預計在經濟衰退時期我們的租戶表現會有所回落，但我們相信，我們有足夠的租金緩衝來應對任何潛在的問題。

Turning to the materials we published last night, we would like to highlight a few new slides in our investor presentation that point to what we believe is FCPT being a com port in the storm. Our portfolio was built brick by brick to be resilient, and we've paired that with a prudent capital management. We have significant liquidity, no near-term debt maturities, granular low basis properties, high rent collections, and low overhead.

回顧我們昨晚發布的材料，我們想強調投資者演示中的幾張新幻燈片，這些幻燈片表明我們認為 FCPT 是這場風暴中的通訊端口。我們的投資組合是一點一點建立起來的，具有彈性，並且我們將其與審慎的資本管理相結合。我們擁有充足的流動性，沒有短期債務到期，細緻的低基礎資產，高租金收入和低管理費用。

FCPT's portfolio is made up of well capitalized sophisticated operators who we believe will be able to navigate and gain share in this challenging macro environment.

FCPT 的投資組合由資本雄厚且經驗豐富的營運商組成，我們相信他們能夠在這個充滿挑戰的宏觀環境中順利前進並獲得份額。

We pride ourselves on transparency and best in class disclosure. So in addition to our press release regime on new acquisitions, this quarter, we decided to further break out our portfolio to the TOP35 brands which make up more than 80% of our ABR.

我們以透明度和一流的揭露為榮。因此，除了我們關於新收購的新聞稿制度之外，本季我們還決定將我們的投資組合進一步細分為占我們 ABR 80% 以上的 TOP35 個品牌。

Our goal is for our investors to understand our tenant exposures and have confidence that we'll stay disciplined on meeting quality expectations for the properties we buy.

我們的目標是讓投資者了解我們的租戶風險，並相信我們會嚴格遵守所購買房產的品質期望。

To that end, you will see in our filings we have 0 or near zero exposure to the problem net lease sectors such as theaters, pharmacy, high rent car washes, and big box retail.

為此，您會在我們的文件中看到，我們對問題淨租賃行業（例如劇院、藥局、高租金洗車店和大型零售店）的曝險為 0 或接近 0。

Over to you Josh.

交給你了，喬希。

Thank you, Bill.

謝謝你，比爾。

During the first quarter, we acquired 23 properties for $57 million at a blended 6.7% cap rate with a weighted average lease term of 17 years. We did not sell any properties in the quarter. While Q1 is typically our slowest quarter, we continue to deliver on the strong investment momentum we achieved in the second half of 2024.

第一季度，我們以 5,700 萬美元收購了 23 處房產，綜合資本化率為 6.7%，加權平均租賃期限為 17 年。本季我們沒有出售任何房產。雖然第一季通常是我們業務最慢的季度，但我們將繼續保持 2024 年下半年實現的強勁投資動能。

As a result, we believe that we stand very well positioned at the end of the first four months in 2025, having both come off a record Q1 to start the year right after a record Q4 last year as we continue to build out the pipeline.

因此，我們相信，在 2025 年前四個月末，我們將處於非常有利的位置，因為我們在繼續建造管道，繼去年第四季度創下紀錄之後，今年第一季也創下了紀錄。

We are achieving this without compromising on the quality of our asset selection or the credit standards to meet yield or volume targets.

我們在實現這一目標的同時，並沒有犧牲資產選擇的品質或信貸標準來滿足收益或數量目標。

Our disclosure regime is particularly helpful in times like these, where investors can read through our frequent press releases to see how our acquisitions and the brands we work with are highly consistent with past years. Our team is being patient and organized, tracking our opportunity sets for both on and off-market investments and including robust analytics to help us identify the best opportunities.

我們的揭露制度在這樣的時期特別有用，投資者可以透過閱讀我們頻繁發布的新聞稿來了解我們的收購和我們合作的品牌與過去幾年的高度一致性。我們的團隊非常有耐心和組織能力，追蹤場內和場外投資的機會，並包括強大的分析來幫助我們找到最佳機會。

In other words, we are not chasing deals but rather selecting the best ones that fit our portfolio. Even if that means leaning in slightly on cap rate to capture these higher quality deals, all while still protecting accretion.

換句話說，我們不是在追逐交易，而是選擇最適合我們投資組合的交易。即使這意味著稍微傾向於資本化率來獲得這些更高品質的交易，同時仍然保護增值。

Reflecting back on Q1, 83% of our investment volume was via COE spec, as operators continue to seek stable financing solutions in this current market.

回顧第一季度，我們的投資額有 83% 是透過 COE 規範進行的，因為營運商在當前市場中繼續尋求穩定的融資解決方案。

As such, our weighted average lease term this year was much higher at 17 years. In particular, we had three sale leasebacks of note with QSR operators, one with Burger King Corporate, another with a large multi-unit Burger King franchisee, and lastly, with a Whataburger franchisee.

因此，我們今年的加權平均租賃期限更高，達到 17 年。特別是，我們與 QSR 經營者進行了三筆值得注意的售後回租交易，一筆是與漢堡王公司簽訂的，另一筆是與一家大型多單元漢堡王特許經營商簽訂的，最後一筆是與一家 Whataburger 特許經營商簽訂的。

The two Burger King deals were both part of M&A transactions while the Whataburger deal was for their newly built stores.

漢堡王的兩筆交易都是併購交易的一部分，而 Whataburger 的交易則是針對其新建門市。

It's worth noting that similar QSR properties typically command very aggressive cap rates in the upper 5% to low 6% cap rate range when sold piecemeal.

值得注意的是，類似的 QSR 物業在分批出售時通常會獲得非常激進的資本化率，在 5% 的上限到 6% 的下限之間。

Individual investors favor these small price points for property and the fungibility of their real estate.

個人投資者青睞這些價格較低的房地產以及其房地產的可替代性。

However, our team was able to achieve accretive pricing here by offering a portfolio solution and efficient execution for operating partners. All three transactions were negotiated off-market and a product of years of relationship cultivation from our investment team.

然而，我們的團隊透過為營運合作夥伴提供投資組合解決方案和高效執行，實現了增值定價。這三筆交易都是場外談判的，也是我們投資團隊多年關係培養的成果。

Looking forward, we will continue to target similar opportunities, nationally recognized brands operated by best in class operators with appropriate basis.

展望未來，我們將繼續瞄準類似的機會，由一流的營運商以適當的基礎經營全國知名的品牌。

While this quarter ended up having more quick service restaurants, some automotive, and no medical retail investments, we remind everyone that our team does not specifically allocate target buckets or quotas across our investment sectors.

雖然本季快餐店投資增多，汽車投資增多，而醫療零售投資減少，但我們提醒大家，我們的團隊並沒有在投資領域專門分配目標範圍或配額。

Rather, we make investments when opportunities meet our underwriting criteria. That being said, we still expect these sectors to be roughly even split between these three target categories of ours over the long term.

相反，當機會符合我們的承保標準時，我們就會進行投資。話雖如此，我們仍然預計從長遠來看，這些行業將大致平均分佈在我們的這三個目標類別中。

Looking forward FCPT's opportunities set continues to grow despite a volatile macro environment. We have a steady pipeline built out for Q2 and aims to continue to execute on our strategy with discipline. Patrick, back over to you.

展望未來，儘管宏觀環境動盪，FCPT 的機會仍將持續成長。我們為第二季度建立了穩定的管道，並致力於繼續嚴格執行我們的策略。派崔克，回到你這裡。

Thanks, Josh.

謝謝，喬希。

I'll start by talking about capital sourcing and the state of our balance sheet.

我將首先談談資金來源和資產負債表狀況。

At FCPT we are highly focused on official capital raising. We raised over $169 million in 2025 to date on top of the $318 million dollars equity in 2024.

在 FCPT，我們高度重視官方融資。截至目前，我們在 2025 年籌集了超過 1.69 億美元，加上 2024 年的 3.18 億美元股權。

Today we have $254 million of unsettled equity forwards. The ability to raise forward ATM quickly and its scale has allowed us to match sources and uses more effectively. Furthermore, the high SOFR rate has allowed for a minimum drag of our forward balance, given we receive interest income on the balance at over 4%.

今天我們有 2.54 億美元的未結算股票遠期合約。快速提高前向 ATM 的能力及其規模使我們能夠更有效地匹配來源和用途。此外，鑑於我們獲得的餘額利息收入超過 4%，較高的 SOFR 利率對我們的遠期餘額的拖累最小。

With respect to overall leverage, our net debt adjusted EBITDA in Q1 continued to move lower to 4.4 times inclusive of outstanding net equity forwards as of March 31.

就整體槓桿率而言，截至 3 月 31 日，我們第一季的淨債務調整後 EBITDA 持續下降至 4.4 倍（包括未償還淨股權）。

This leverage is at a seven-year low and provides capacity for us to continue to execute our business plan even if the current volatility persists or we are unable to raise additional capital for the rest of the year.

這一槓桿率處於七年來的最低水平，即使當前的波動持續存在，或者我們無法在今年剩餘時間內籌集額外資金，也為我們繼續執行業務計劃提供了能力。

We've also layered in additional hedges to our floating rate exposure, raising us to over 95% fixed through Q3 2027.

我們還對浮動利率敞口進行了額外的對沖，到 2027 年第三季度，固定利率敞口將達到 95% 以上。

Our revolver is fully available at $350 million and we have, with extension options, essentially no debt maturities for nearly two years. Additionally, our fixed charge coverage ratio is a healthy 4.4 times.

我們的循環信貸額度為 3.5 億美元，透過延期選擇，我們在近兩年內基本上沒有債務到期。此外，我們的固定費用覆蓋率達到健康的4.4倍。

Altogether this puts us in a great liquidity position. We have approximately $617 million available for funding acquisitions between cash, unsettled forward equity, and on-drawn revolver capacity. Assuming no further equity issuance, we have an approximate $565 million of available capital before reaching 6 times net leverage.

總而言之，這使我們處於良好的流動性狀況。我們擁有約 6.17 億美元可用於現金、未結算遠期股權及已提取循環信貸額度等方式的收購融資。假設不再發行股票，在達到 6 倍淨槓桿之前，我們有大約 5.65 億美元的可用資本。

Now turning to some of our financial highlights for Q1, we reported Q1 AFFO of $0.44 per share, which is up 2.3% from Q1 last year. Q1 cash rental income was $63.2 million representing growth of 9.1% for the quarter compared to last year.

現在來看看我們第一季的一些財務亮點，我們報告第一季的 AFFO 為每股 0.44 美元，比去年第一季成長 2.3%。第一季現金租金收入為 6,320 萬美元，比去年同期成長 9.1%。

On a run-rate basis, current annual cash-based rent for leases in place as of quarter end is $243.9 million and our weighted average five-year annual cash rent escalator remains 1.4%. Cash G&A expense, excluding stock-based compensation was $4.9 million representing 7.7% of cash rental income for the quarter compared to 7.9% for the quarter last year.

以運轉率計算，截至季末的現行租賃年度現金租金為 2.439 億美元，我們的加權平均五年年度現金租金遞增率仍為 1.4%。不包括股票薪酬的現金一般及行政費用為 490 萬美元，佔本季現金租金收入的 7.7%，去年同期為 7.9%。

This progress illustrates our continued efforts at efficient growth and the benefits of improving scale.

這項進展反映了我們持續努力實現高效成長以及擴大規模帶來的好處。

We're still expecting cash G&A will be in the range of $18 to $18.5 million for 2025. As a reminder, we take a conservative approach and do not capitalize any of the compensation costs related to our investment team.

我們仍然預計 2025 年的現金 G&A 將在 1800 萬至 1850 萬美元之間。提醒一下，我們採取保守的方法，不會將與我們的投資團隊相關的任何薪酬成本資本化。

As for managing our lease maturity profile, our team has made significant progress on 2025 maturities, with 58% of those tenants already extending their leases or indicating an intent to do so.

至於管理我們的租賃到期情況，我們的團隊在 2025 年到期方面取得了重大進展，其中 58％ 的租戶已延長租約或表示有意這樣做。

As a quarter end, explorations represent just 0.5% of ABR in 2026, it's 2.3%. Our portfolio occupancy today is 99.4%, and we collected 99.5% of base rent for the first quarter. There are no material changes to our collectability or credit reserves, nor any balance sheet impairments.

截至季末，勘探僅佔 2026 年 ABR 的 0.5%，為 2.3%。我們目前的投資組合入住率為 99.4%，第一季我們收取了 99.5% 的基本租金。我們的收款能力或信用儲備沒有重大變化，也沒有任何資產負債表減損。

That we'll turn it back over to Becky for questions.

我們將把問題交還給貝基。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

John Kilichowski, Wells Fargo

約翰‧基利喬斯基，富國銀行

Morning or afternoon, thank you. Maybe just on a little bit of slight yield compression the quarter, is that due to the fact that there's maybe more competition in your sectors for these assets given the insulation from tariffs?

上午或下午，謝謝。也許本季殖利率只是略有壓縮，這是因為考慮到關稅的隔離，您所在行業對這些資產的競爭可能會更加激烈嗎？

Hard to say. I would say the vast majority is related to the high percentage of QSR restaurant acquisitions in the quarter.

很難說。我想說，絕大多數都與本季 QSR 餐廳收購比例較高有關。

Okay, and then maybe just on the pipeline more generally, you have a big 4th quarter followed up with a very strong first quarter. What's your governor on growth and maybe just some color around what your pipeline looks like. I'm curious, Patrick, you talked about smart capital raising. I'm curious if it's just the amount of deals or if it's the size of your team. I'm curious what keeps you from maybe taking up a step further from here.

好的，那麼也許只是更普遍地看，你有一個很大的第四季度，隨後是一個非常強勁的第一季度。您對成長的調控是什麼？也許只是對您的管道狀況有一些了解。我很好奇，派崔克，你談到了智慧融資。我很好奇這是否只是交易數量的問題，還是團隊規模的問題。我很好奇是什麼阻礙了你更進一步。

Sure, and John, maybe just to more completely answer your first question, I think if we were targeting sectors that were very exposed to tariffs, we would have a much higher cap rate obviously, but as the great research you've published recently, we have, very low tariff exposure in our portfolio.

當然，約翰，也許只是為了更全面地回答你的第一個問題，我認為如果我們瞄準的是那些受關稅影響很大的行業，我們顯然會有更高的資本化率，但正如你最近發表的出色研究顯示，我們的投資組合中的關稅影響非常低。

As far as governors to growth, that's a much longer answer, but I think the kind of acquisitions that we're working on is what largely determines how much we buy in a quarter.

至於成長的決定因素，這是一個更長的答案，但我認為我們正在進行的收購類型在很大程度上決定了我們在一個季度內購買多少。

So, whether it's sales leasebacks which were prominent in this quarter and in Q4, are much more efficient. Individual one-off deals. It becomes challenging to have that many balls in the air, on $2 million acquisitions, $3 million acquisitions to put up, larger volumes, but we really don't look at it that way. We're trying to score assets and buy assets that have sufficient quality and then making sure that we raise the money the right way.

因此，無論是本季還是第四季突出的銷售回租，效率都更高。個人一次性交易。在 200 萬美元的收購、300 萬美元的收購以及更大的交易量上同時處理這麼多事情是很有挑戰性的，但我們真的不這麼認為。我們正在嘗試評估資產並購買具有足夠品質的資產，然後確保以正確的方式籌集資金。

And I think we feel particularly proud over the last couple of years that when the environment was sufficient for acquisitions, but our cost of capital wasn't there, we responsibly paused. But then when there was alignment where there were acquisitions to do and our cost of capital was there, we acted with emphasis.

我認為，過去幾年我們感到特別自豪的是，當環境適合收購，但我們的資本成本卻不夠時，我們負責任地暫停了收購。但是，當需要進行收購並且我們的資本成本已經到位時，我們就會採取有針對性的行動。

Alright thank you.

好的，謝謝。

Thank you.

謝謝。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Hi, this is Kathryn Graves from Michael. Thank you for taking my question. So, my first, just looking at the volume that you achieved in one. So, last year the acquisition sort of ramped up through the year.

大家好，我是 Michael 的 Kathryn Graves。感謝您回答我的問題。因此，首先，我只想看一下您在其中實現的音量。因此，去年全年的收購活動增加。

Can you provide any color on what you're expecting as far as the cadence for this year, especially starting at such a higher base?

您能否透露一下您對今年節奏的預期，尤其是從如此高的基礎開始？

Yeah, Q4 has historically been a very strong quarter for us, and I'm not sure why, Kathryn, to be honest with you, there's a dynamic where people want to get things done in a fiscal year perhaps, but we have a very good pipeline right now.

是的，從歷史上看，第四季度對我們來說一直是一個非常強勁的季度，我不知道為什麼，凱瑟琳，說實話，人們可能希望在一個財政年度內完成任務，但我們現在有一個非常好的管道。

Deals typically have 60-to-90-day sort of life cycles. 60 would be a minimum. So, we really don't have a lot of visibility on the second half of the year and certainly with all the macro uncertainty it's very hard to tell, but we're staffed and capitalized and very focused and organized in executing the rest of the year, but we don't give guidance because really we want to make sure that we have the best sort of decision-making hygiene and making the acquisition.

交易的生命週期通常為 60 至 90 天。 60 是最低限度。因此，我們對今年下半年的情況確實沒有太多的預見性，而且由於宏觀不確定性，很難預測，但我們在執行今年剩餘時間的任務時，人員配備和資本充足，並且非常專注和有組織，但我們不會提供指導，因為我們真的想確保我們擁有最好的決策衛生和進行收購。

Fair enough, thank you. And then my second question, you acquired several Burger Kings in this past quarter, and I'm sure you saw there was recently a large franchisee who filed for bankruptcy.

夠公平，謝謝。我的第二個問題是，你們在上個季度收購了幾家漢堡王，我相信你們也看到最近有一家大型特許經營商申請破產。

Is your sense that this was sort of a franchisee specific issue or has anything changed as far as how you monitor the health of your, Burger King tenants?

您是否認為這是特許經營商特有的問題，或者就您對漢堡王租戶健康狀況的監控方式而言，有什麼變化嗎？

Very much a specific issue to that franchisee.

對於該特許經營商來說，這是一個非常具體的問題。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Anthony Palone, JP Morgan.

安東尼·帕隆，摩根大通。

Yeah, thank you. I know this may not be completely apples to apples because I understand the skew towards QSRs with your cap rates, but we do see some of the other net lease names doing deals in the sevens, and so, I was wondering if you can maybe give us some sense as to maybe how you see the difference between going from like say high sixes into the low mid-sevens and what the give and take might be there.

是的，謝謝。我知道這可能不完全是蘋果對蘋果的比較，因為我理解您的資本化率偏向 QSR，但我們確實看到一些其他淨租賃名稱在 7 中進行交易，所以，我想知道您是否可以讓我們了解一下您如何看待從 6 高到 7 中低之間的差異，以及其中可能存在的取捨。

We certainly see things that are for sale that are...

我們確實看到出售的東西是......

Let's not draw too fine a point on it. Call it 7.5 caps in north, and they typically have, they're either in subsectors that we don't like pharmacy or experiential, or we haven't, historically been involved with, or the credit isn't very good, or the rents are really high and so, all those factors show up in our scorecard to scores that are insufficient for us to proceed.

我們不要對此進行過於詳細的闡述。稱其為北部的 7.5 個上限，它們通常要么位於我們不喜歡的藥房或體驗式​​子行業，要么我們歷史上沒有涉及過，要么信用不是很好，要么租金真的很高，所以，所有這些因素都顯示在我們的記分卡上，分數不足以讓我們繼續前進。

Now that doesn't mean that there isn't one transaction where you feel like you're getting a great price or another transaction where you see real strategic reasons to lean in by 20 basis points or something like that. But on average, what we have seen is that cap rates that are higher enough from what we're posting to matter involve measurably more risk.

現在，這並不意味著沒有一筆交易讓你感覺獲得了很好的價格，或者另一筆交易讓你看到了真正的戰略理由，可以傾斜 20 個基點或類似的價格。但平均而言，我們看到的是，從我們發布的情況來看，足夠高的資本化率會帶來更大的風險。

And I would say that one of the things that's, I think, very helpful about our reporting regime is what we're buying for that cap rate and what we see some of our peers do is pursue what I would call barbell strategies where they disclose.

我想說的是，我們的報告製度非常有幫助的一點就是我們為這個資本化率購買的東西，而我們看到一些同行所做的就是追求我所說的槓鈴策略來披露資訊。

Tenants that shareholders are happy that they're buying but disclose a cap rate that involves a bunch of tenants that they don't talk about. And so, I think our straightforward, very transparent strategy should give you comfort that what we're buying is thoughtfully selected and not to hit some metric for a quarterly disclosure.

股東很高興購買租戶，但揭露的資本化率涉及一群他們不願意談論的租戶。因此，我認為我們直截了當、非常透明的策略應該讓您放心，我們所購買的東西都是經過深思熟慮後挑選出來的，而不是為了達到季度披露的某些指標。

Okay, thanks and then just on the pipeline, are there any larger type transactions that you see in in the mix or is it pretty much all the one by ones?

好的，謝謝，那麼就在管道上，您是否看到其中混合了任何較大類型的交易，還是幾乎都是一個接一個的？

It's a mix. we're always working on larger transactions. We have a handful in the hopper. I would reflect that we haven't really seen a dynamic where there's portfolio discounts.

這是一種混合。我們一直在致力於更大的交易。我們的料斗裡有一把。我認為我們還沒有真正看到投資組合折扣的動態。

In fact, in some cases we found that the larger transactions have more competition, and I think we saw that clearly in a large transaction. That one of our peers did last winter, so, it's a mixed, Anthony, but I also wouldn't say that large transactions come at bargain prices by any means.

事實上，在某些情況下，我們發現交易規模越大，競爭越激烈，我認為我們在大型交易中清楚地看到了這一點。我們的一位同行去年冬天就這麼做了，所以，安東尼，情況好壞參半，但我也不會說大額交易無論如何都會帶來便宜的價格。

Okay, thanks.

好的，謝謝。

Thank you.

謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, guys. Can you talk about how you underwrite the smaller franchisees? I think you mentioned you do get a corporate guarantee, but you, know how small are some of these franchisees?

嘿，大家早安。您能談談您如何承保較小的特許經營商嗎？我想您提到過您確實獲得了公司擔保，但是您知道這些特許經營商的規模有多小嗎？

Yeah, so our small franchisees, I think, would be considered very large for our peers. We don't have a ton of franchisee exposure, and the franchisee exposure we have tends to be with franchise times, 100 type size franchisees.

是的，所以我認為，對於我們的同行來說，我們的小型特許經營商已經算是非常大的了。我們沒有大量的特許經營商曝光度，我們的特許經營商曝光度往往與特許經營時間有關，即 100 個規模的特許經營商。

So, we get financials, we do a typical credit underwriting, but franchisee credit is not a big part of our business and I would say the dynamic where some of our peers will sort of put people into business by buying real estate for them, or developing real estate for them, and by definition, that's a very small sort of individual sized business entity. It's not something we do.

因此，我們獲得財務支持，進行典型的信用承保，但特許經營信貸不是我們業務的重要組成部分，我想說的是，我們的一些同行會通過為他們購買房地產或為他們開發房地產來讓人們開展業務，根據定義，這是一種非常小的個人規模的商業實體。這不是我們做的事。

Okay, and then you have been building up the team developing a lot of new relationships over the last few years just curious how much the new deal flow is from these new relationships.

好的，那麼在過去的幾年裡，你一直在建立團隊，發展許多新的關係，只是好奇有多少新交易流來自這些新關係。

It's, there's some of that, but a lot of it is frankly, deals that we've been tracking for years and, now have an advantage cost to capital, and sellers are more willing to meet us on price because of the overall macro uncertainty. So, the algorithm isn't something like new acquisition person at six months has four relationships and at twelve months has eight and therefore, you can count on deal flow from that.

確實有這樣的情況，但坦白說，許多交易都是我們多年來一直在追蹤的，現在這些交易在資本成本方面具有優勢，而且由於整體宏觀的不確定性，賣家更願意在價格上與我們達成協議。因此，該演算法並不像新收購者在六個月內有四種關係，在十二個月內有八種關係，因此，您可以依靠該演算法來預測交易流。

We have been doing more outreach recently and as you mentioned, we've, expanded our acquisition team. We have the largest acquisition class coming in the summer of three folks out of undergrad and two interns, and we're really excited to get them up to speed. I think they'll make a real impact.

我們最近一直在進行更多的外展工作，正如您所提到的，我們擴大了我們的收購團隊。我們將在夏季迎來規模最大的收購班，其中包括三名本科生和兩名實習生，我們非常高興能夠讓他們快速上手。我認為他們會產生真正的影響。

Okay, thanks.

好的，謝謝。

Thank you.

謝謝。

Kyle Katorincek, Janney Montgomery Scott LLC.

凱爾·卡託林切克（Kyle Katorincek），Janney Montgomery Scott LLC。

Hey, good morning, guys. Where's the range of Ear coverage ratios for recent acquisitions? And is there any difference between restaurant and non-restaurant segments there?

嘿，大家早安。最近收購的耳朵覆蓋率範圍是多少？那裡的餐飲業和非餐飲業之間有什麼區別嗎？

Yeah, we don't disclose on a quarterly basis coverage ratios. Obviously we have to sign confidentiality agreements to get financials, and so I don't think we're going to be in a position to disclose those on a quarterly basis.

是的，我們不會按季度揭露覆蓋率。顯然，我們必須簽署保密協議才能獲得財務信息，所以我認為我們無法按季度披露這些信息。

I would say on a I think the credit metrics are fairly similar across the different industries, although I would say within medical it's a little bit harder to define for wall because you might have a patient who's visiting our retail outpatient center, for example, but also as part of their care going to the hospital system that it's associated with.

我想說的是，我認為不同行業的信用指標相當相似，但我想說，在醫療行業中，定義牆壁有點困難，因為你可能有一位患者正在訪問我們的零售門診中心，但作為他們接受護理的一部分，他們也會去與之相關的醫院系統。

So, saying that that four wall is X. It is a little bit more ambiguous, but the credit is very similar on a corporate leverage basis, being in the mid-single digits and for coverage being typically 3 plus times.

因此，說那四面牆是 X。這有點模糊，但就企業槓桿率而言，信貸非常相似，處於中等個位數，覆蓋率通常為 3 倍以上。

Okay, and then at what point would you guys consider a lease too conservative where there's potential opportunity costs in the form of loss rents and then on the flip side, what point would you feel uncomfortable underwriting a new lease in terms of coverage? Just trying to get a range of and how you guys think about that. Thanks.

好的，那麼在什麼情況下你們會認為租約過於保守，存在以損失租金形式出現的潛在機會成本，那麼另一方面，在承保範圍方面，你們在什麼情況下會感到不舒服地承保新的租約？只是想了解範圍以及你們對此有何看法。謝謝。

Yeah. So, if I understand your question, I could we take more risk and still be in a safe position?

是的。所以，如果我了解你的問題，我們可以承擔更多風險，但仍然處於安全的位置嗎？

Yeah, exactly, and then then like upper limit too conservative of the coverage ratio like at what point is that 6.5 points?

是的，確實如此，那麼覆蓋率的上限是否過於保守，例如 6.5 點是多少？

Sure, well, I guess I'd make two reflections. To back test, are we being too conservative? We do go back and look at things that we looked at and didn't do, and it's very clear to us that the outcomes of the things that we passed on are far less favorable than what we've done.

當然，我想我會做兩點反思。回溯測試一下，我們是否太保守了？我們確實會回顧我們考慮過但沒有做的事情，而且我們很清楚，我們所放棄的事情的結果遠不如我們所做的事情那麼好。

Okay? and that's both in taking buildings that to the naked eye, it's a brand, it's a business that we bought. It's a brand that we've bought, but what you can't see is the lease is too short, or the rents are too high, or the tenant has bad financials that very frequently things that we've looked at and passed on have turned out to be, unfortunate outcomes, so that's one.

好的？而這既是肉眼可見的建築物，也是我們購買的品牌和業務。這是我們購買的品牌，但您看不到的是租期太短，或者租金太高，或者租戶財務狀況不佳，而我們經常會看到並忽略這些情況，結果都是不幸的，這就是其中之一。

Two, I would observe that rents on that lease are relatively random and so you may have a Burger King that has $70,000 worth of rent and one that has $107,000 worth of rent and one that has $170,000 worth of rent. And they look exactly the same other than their rent number and so the coverage would obviously be way different on the $70,000 worth of rent than the $170,000.

其次，我觀察到租約上的租金相對隨機，因此，你可能有一個漢堡王的租金價值為 70,000 美元，另一個漢堡王的租金價值為 107,000 美元，還有一個漢堡王的租金價值為 170,000 美元。除了租金數字之外，它們看起來完全一樣，因此 70,000 美元的租金與 170,000 美元的租金的承保範圍顯然會有很大不同。

And so, I think a big part of our job is searching for properties that have great performance but reasonable rents, and so, I don't think that there's an upper limit of what we would consider.

因此，我認為我們工作的很大一部分是尋找性能出色但租金合理的房產，所以，我認為我們考慮的房產沒有上限。

Now, obviously when that lease matures, which is usually very far into the future given extension options, we have some rent upside, and we have experienced some positive outcomes there.

現在，顯然當租約到期時（考慮到續約選擇，這通常是非常遙遠的未來），我們的租金將有一定的上漲空間，而且我們已經取得了一些積極的成果。

The last thing I'd point out may be a different answer to your question. Having gone through the financial crisis earlier in my career, the dot com bust very early in my career, COVID, more recently.

我最後要指出的一點可能是對你的問題的不同答案。在我的職業生涯早期，我經歷過金融危機，網路泡沫破滅，最近又經歷了新冠疫情。

There's a dynamic where when there's substantial uncertainty and you have the ability to be on offense. There's enormous advantage to that so, we go into this current environment with the lowest leverage we've had in a long time.

當存在很大的不確定性時，你就有能力採取進攻行動。這樣做有巨大的優勢，因此，我們以長期以來最低的槓桿率進入當前環境。

We have more liquidity from undrawn forwards than we've had in a long time, and we have a portfolio that's in fantastic shape. So, if the issue is we might be a little bit too conservative historically, I'll take that in order to be in a position to be aggressive if opportunities knock.

我們從未提取的遠期合約中獲得的流動性比很長一段時間以來都要多，而且我們的投資組合狀況非常好。因此，如果問題是我們在歷史上可能有點過於保守，那麼我會接受這一點，以便在機會來臨時能夠積極進取。

Thank you, I appreciate the context.

謝謝，我很欣賞這個背景。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

R.J. Milligan, Raymond James.

R.J.米利根，雷蒙詹姆斯。

Yeah, hey good afternoon, guys. Bill, you talked about running leverage at the lowest level it's been in in quite some time if not ever. I'm just curious, given the fact that your cost of capital is attractive here, how do you think about potentially further delivering or loading up the balance sheet for opportunities that might arise later?

是的，嘿，大家下午好。比爾，您談到了將槓桿率降至相當長一段時間以來的最低水平，甚至可以說是有史以來的最低水平。我只是好奇，鑑於你們的資本成本在這裡很有吸引力，你們如何考慮進一步提供或加載資產負債表以獲得以後可能出現的機會？

Yeah, it's a great question, and I think the interesting dynamic is, as Pat mentioned, when SOFR is 4% and so the, you know, you pay your dividend in essence on the forward, and you receive so for and there's some fees involved, but that's the basic building blocks. The cost of having this liquidity is very low.

是的，這是一個很好的問題，我認為有趣的動態是，正如帕特提到的，當 SOFR 為 4% 時，您知道，您實際上是在遠期支付股息，並且您會收到股息，其中涉及一些費用，但這是基本構成要素。擁有這種流動性的成本非常低。

When rates were zero and you're paying a 5% dividend, well, shucks, it gets expensive if you have too much of a forward and you're not using it in a timely manner.

當利率為零並且您支付 5% 的股息時，如果您擁有太多遠期收益並且沒有及時使用，那麼成本就會變得昂貴。

So, we felt that the opportunity cost of having substantial liquidity was very minimal, and you know we're opportunistic, because of the fee structure of the ATM and just so everyone's clear, ATM has been the technology we've used to raise equity almost exclusively for something like the last 7 or 8 years has a very advantaged fee and discount structure.

因此，我們認為擁有大量流動性的機會成本非常小，而且您知道我們是機會主義者，因為 ATM 的費用結構，而且每個人都清楚，ATM 是我們在過去 7 或 8 年裡幾乎專門用來籌集股權的技術，具有非常有利的費用和折扣結構。

And so, when that capital was available because the opportunity cost of holding that forward position was minimal, we took advantage of it and I think that puts us in a really good position, when I say it's volatile out there, it's not sort of my opinion.

因此，當有資本可用時，由於持有遠期頭寸的機會成本很小，我們利用了它，我認為這使我們處於非常有利的地位，當我說外面波動很大時，這並不是我的觀點。

You can look at the VIX and it's a quite volatile environment. But we love being very liquid when there's stress in the streets.

你可以看看 VIX，這是一個相當不穩定的環境。但當街頭局勢緊張時，我們喜歡保持流動。

Okay, and so Bill, you had given some same source stats on some of the tenants, at the beginning of the call. Obviously concerns out there that we might head into a recession downturn. Obviously, the data has been pretty mixed, but if we were to see a downturn or a recession, how do you think that might change the pipeline, whether it be volume, competition, or pricing?

好的，比爾，在通話開始時，您提供了一些關於部分租戶的相同來源統計數據。顯然，人們擔心我們可能會陷入經濟衰退。顯然，數據相當複雜，但如果我們看到經濟下滑或衰退，您認為這可能會如何改變管道，無論是數量、競爭還是定價？

A we went through COVID and our portfolio performed extremely well, but I wouldn't say there were bargains to be had on any sustained basis during that time.

答：我們經歷了 COVID，我們的投資組合表現非常好，但我不會說在那段時間裡有任何持續的便宜貨可賺。

This is a different scenario. I think our portfolio will perform very well. We're essentially 100% occupied, so I can't promise that it would improve because it's about as full as it can be, but I think we'd be in a really good position. Do we then have interesting opportunities to deploy capital in acquisitions?

這是一個不同的情況。我認為我們的投資組合將會表現得非常好。我們的入住率基本上是 100%，所以我不能保證情況會有所改善，因為入住率已經是最高的了，但我認為我們處於一個非常好的位置。那麼，我們是否有有趣的機會在收購中部署資本？

Unclear to an earlier question, we tend to target sectors that have less targeted tariff exposure. There's been two Wall Street research reports on the net lease industry and tariff exposure. I think we were sort of the most favorable of the industry in both of those. I encourage you to track them down.

對於先前的問題不清楚，我們傾向於針對那些關稅風險較小的產業。華爾街已經發布了兩份有關淨租賃業和關稅風險的研究報告。我認為我們在這兩方面都是業內最受歡迎的。我鼓勵你去追蹤它們。

But will we get this situation where we have really interesting investment opportunities? I can't say for sure. I can say that we have the money for it. We have the people for it. We're focused on it, but we need the market to come to us to find high quality deals that we can buy at better than historic prices.

但我們是否會出現這種擁有真正有趣的投資機會的情況？我不能肯定地說。我可以說我們有足夠的錢。我們有能力做到這一點。我們專注於此，但我們需要市場來幫我們找到可以以優於歷史價格購買的高品質交易。

Okay, that's helpful. Thanks, guys.

好的，這很有幫助。謝謝大家。

Thank you.

謝謝。

Jason Wayne, Barclays.

巴克萊銀行的傑森韋恩。

Hi, good afternoon, rent collections picked up a bit this quarter. They're still strong, but I'm just wondering, what types of tenants are not paying now, and if you're working on anything at those properties to increase, the collection numbers further.

大家好，下午好，本季租金收入回升。他們仍然很強大，但我只是想知道，現在哪些類型的租戶沒有付款，以及您是否正在為這些房產採取任何措施來進一步增加收款數量。

Yeah, it's basically one tenant we have a personal guarantee from that tenant that we're pursuing, and we've made substantial progress releasing the buildings so, it's very small, sort of a one-off thing.

是的，基本上就是我們爭取到一位租戶，並獲得該租戶的個人擔保，而且我們在釋放建築物方面已經取得了實質性進展，所以，這是一件非常小的事情，算是一次性的事情。

And what kind of releasing spreads you know have you gotten on trade outs like that historically?

您知道，從歷史上看，您在此類交易中獲得了什麼樣的釋放利差嗎？

Yeah, it's just a couple buildings I think we'll be in a good spot but we're not going to comment on ongoing negotiations when it's only a couple of buildings.

是的，只是幾棟大樓而已，我認為我們會處於一個好的位置，但如果只有幾棟樓，我們不會對正在進行的談判發表評論。

Alright, thank you for the questions.

好的，感謝您的提問。

Yes.

是的。

Thank you

謝謝

James Kammert, Evercore.

詹姆斯·卡默特（James Kammert），Evercore。

Oh, thank you. Thanks for the time. Kind of a bigger picture question, Bill. You mentioned you're building acquisition staff and have been. You've got the balance sheet in a great position. Are you adding other sort of capabilities or data sets to your underwriting?

噢，謝謝。謝謝你的時間。這是一個更宏觀的問題，比爾。您提到您正在組建收購團隊，並且已經這樣做了。您的資產負債表狀況非常好。您是否在核保中新增了其他類型的功能或資料集？

I know you've been pleased with like Dealpath technology, etc., to date, but I'm just curious, how you're setting up for the next phase of growth and if that entails any other incremental steps that you're doing to further enhance the underwriting? Thanks.

我知道到目前為止您對 Dealpath 技術等感到滿意，但我只是好奇，您如何為下一階段的增長做準備，以及這是否需要您採取任何其他漸進步驟來進一步加強承保？謝謝。

That's a really good question. I think like every company, we're trying to figure out how AI will make us more efficient. I think we have just more people to work on projects and to explore, potential new industries, we've built more substantially more muscle in our asset management.

這真是一個好問題。我認為，像每一家公司一樣，我們都在努力弄清楚人工智慧如何讓我們更有效率。我認為我們有更多的人從事專案並探索潛在的新行業，我們在資產管理方面建立了更強大的實力。

A group with some really exciting hires there that are getting up to speed, historically we didn't need much of that function, but as we have added several 100 buildings. It's become, our portfolios in fantastic shape, but there's more to do.

我們的團隊僱用了一些非常令人興奮的員工，他們正在加快速度，從歷史上看，我們並不需要太多這樣的功能，但隨著我們增加了幾百棟建築。我們的投資組合狀況非常好，但還有很多工作要做。

But I'm really excited, as I said, about the new folks that are joining, they'll be able to use the technology that we have. We'll be able to put more emphasis on automating things that can be automated.

但正如我所說，我對新加入的人感到非常興奮，他們將能夠使用我們擁有的技術。我們將更加重視對可以自動化的事情進行自動化。

But there's a lot, that we can do with the existing technology, that we have and as you mentioned, Dealpath is an integral part of running our business and we've done a number of investor sessions where we take people through our underwriting and Dealpath. If there are those who'd like to do that, we'd be more than happy to do it.

但是，我們可以利用現有技術做很多事情，正如您所說，Dealpath 是我們業務運營不可或缺的一部分，我們已經舉辦了多次投資者會議，向人們介紹我們的承保和 Dealpath。如果有人願意這樣做，我們會非常樂意去做。

I think investors have almost universally founded a valuable 45 minutes of their time.

我認為投資者幾乎一致認為這 45 分鐘的時間是寶貴的。

Thank you for your time.

感謝您抽出時間。

Thank you. We currently have no further questions. This concludes our Q&A and consequently today's call.

謝謝。目前我們沒有其他問題。我們的問答環節以及今天的電話會議到此結束。

Thank you for joining us. You may now disconnect your lines.

感謝您加入我們。現在您可以斷開線路了。