Four Corners Property Trust Inc (FCPT) 2025 Q3 法說會逐字稿

Welcome everyone. The FCPT 3rd quarter of 2025 financial results conference call will begin shortly. In the meantime, if you would like to pre-register to ask a question, please press star followed by 1 on your telephone keypad now.

歡迎各位。FCPT 2025年第三季財務業績電話會議即將開始。同時，如果您想預先登記提問，請立即在電話鍵盤上按星號鍵，然後按 1。

Hello everyone, and thank you for joining the FCPT 3rd quarter 2025 financial results conference call. My name is Claire, and I will be coordinating your call today. During the presentation, you can register a question by pressing star, followed by 1 on your telephone keypad.

大家好，感謝各位參加 FCPT 2025 年第三季財務業績電話會議。我叫克萊爾，今天將由我來協調您的通話。在示範過程中，您可以透過按星號鍵，然後在電話鍵盤上按 1 來登記問題。

If you change your mind, please press star followed by 2 on your telephone keypad.

如果您改變主意，請按下電話鍵盤上的星號鍵，然後按 2。

I will now hand over to Patrick Warneg from Four Corners Property Trust to begin. Please go ahead.

現在我將把發言權交給來自 Four Corners Property Trust 的 Patrick Warneg，讓他開始。請繼續。

Thank you, Claire.

謝謝你，克萊爾。

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 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，有些假設最終會被證明是錯的。有關一些潛在風險的更詳細描述，請參閱我們向美國證券交易委員會提交的文件，這些文件可在 FCPT.com 上找到。

All the information presented on this call is current as of today, October 29, 2025. In addition, reconciliation to non-doubt financial measures presented on this call, such as FFO and AFO can be found in the company's supplemental report. With that, I'll turn the call over to Will.

本次電話會議中提供的所有資訊截至今日（2025年10月29日）均為最新資訊。此外，與本次電話會議中提出的無疑問財務指標（如 FFO 和 AFO）的調節表可以在公司的補充報告中找到。接下來，我將把電話交給威爾。

Good morning. November 9th marks our 10 year anniversary as a public company. We are truly grateful to our shareholders, advisors, counterparties, board, and team members past and present for their support, guidance, and contributions over the past decade. We are proud of the portfolio we've built and look forward to continuing our mission of creating shareholder value.

早安. 11月9日是我們公司上市十週年紀念日。我們衷心感謝過去十年來所有股東、顧問、交易對手、董事會成員以及現任和前任團隊成員的支持、指導和貢獻。我們為已建立的投資組合感到自豪，並期待繼續履行創造股東價值的使命。

Reflecting on our 10 year history, the highlights have been starting with thoughtful structuring at the spinoff, including our asset selection, modest, well-covered rents, low leverage, and low corporate overhead.

回顧我們 10 年的發展歷程，亮點在於分拆時深思熟慮的結構安排，包括資產選擇、適度且覆蓋良好的租金、低槓桿率和低公司管理費用。

Executing an acquisition strategy with clear underwriting standards that has led to $2.2 billion of acquisitions and annual cash rent nearly tripling from $94 million to $256 million at our current run rate.

我們執行了一項具有明確承銷標準的收購策略，該策略已促成 22 億美元的收購，並且以我們目前的運行速度，年度現金租金幾乎翻了三倍，從 9,400 萬美元增至 2.56 億美元。

Expanding the investment aperture into new sectors and tenants while conservatively sticking to healthy sectors with mission critical real estate.

在保持穩健發展的同時，將投資範圍擴大到新的產業和租戶，同時謹慎地堅持投資於擁有關鍵任務型房地產的健康產業。

Taking a shareholder-friendly posture with significant insider ownership, best in class disclosure, thoughtful capital allocation, and 10 straight years of top decile governance scores.

公司採取對股東友善的姿態，擁有大量內部持股，資訊揭露一流，資本配置周全，並連續 10 年獲得公司治理評分前 10% 的佳績。

Building a very capable organization. We began with just 4 employees and a single tenant across 418 properties. Today we have 44 team members and 170 brands across nearly 1,300 leases.

打造一個能力卓越的組織。我們起步時只有 4 名員工，418 處房產只有一個租戶。目前我們擁有 44 名團隊成員和 170 個品牌，涉及近 1300 份租賃合約。

We've had very high retention along the way and heading into 2026, we are fortunate to have a bright, young and motivated team. We have more capacity than ever across the organization.

一路走來，我們的員工留存率一直很高，展望 2026 年，我們很幸運能擁有一支才華橫溢、年輕有為、積極進取的團隊。整個組織的產能比以往任何時候都要充足。

Now shifting back to the current quarter's results, following my initial remarks, Josh will comment on our investment activity, and Patrick will discuss financial results in capital position.

現在回到本季業績，繼我最初的演講之後，Josh 將評論我們的投資活動，Patrick 將討論資本狀況的財務表現。

We acquired 82 million of Net leased properties in Q3 at a 6.8 blended cap rate. Over the trailing 12 months, we acquired $355 million which is amongst our highest volume across four consecutive quarters.

第三季度，我們收購了淨租賃物業價值 8,200 萬英鎊，綜合資本化率為 6.8%。在過去的 12 個月裡，我們獲得了 3.55 億美元的收入，這是我們連續四個季度中收入最高的時期之一。

These acquisitions were funded with equity we raised on the ATM by a foreign issuance earlier in the year at an average price above $28 a share.

這些收購的資金來自我們今年稍早在 ATM 平台上透過海外發行籌集的股權，平均發行價高於每股 28 美元。

We accomplished this year's acquisitions while maintaining what's become core to the FCPT brand, a focus on real estate and creditworthy tenants while avoiding.

今年，我們在完成收購的同時，也維持了 FCPT 品牌的核心價值，即專注於房地產和信譽良好的租戶，同時避免其他問題。

Sacrificing quality for volume or spread.

為了追求數量或覆蓋範圍而犧牲品質。

At the heart of FCPT is also a commitment to modulating or acquisition pace when the cost of capital becomes weaker, as we saw last year and then ramping back up when things improve. So another way, we believe how you raise capital and the cost of the capital is as important as what you purchase with it. Our ability to modulate acquisitions to protect the creative spreads without weakening our portfolio quality is in our view, a strong competitive advantage of FCPT.

FCPT 的核心還在於，當資本成本下降時（正如我們去年所見），我們會調整收購速度，然後在情況好轉時加快收購步伐。所以換句話說，我們認為，你如何籌集資金以及資金的成本與你用這些資金購買什麼同樣重要。我們認為，FCPT 的強大競爭優勢在於，我們能夠透過調整收購策略來保護創意產品組合的規模，同時又不削弱我們的產品組合品質。

Our in-place portfolio remains very strong with zero exposure to the problem retailers or sectors such as theaters, pharmacy, high rent car washes, and experiential retail.

我們現有的投資組合仍然非常穩健，對問題零售商或劇院、藥局、高租金洗車場和體驗式零售等行業沒有任何投資。

To that end, we have sidestepped tenant credit issues including zero bad debt expense this year.

為此，我們避免了租戶信用問題，今年實現了零壞帳支出。

Our rent coverage in Q3 was 5.1 times for the majority of our portfolio that reports this figure. This remains among the strongest coverage within the net lease industry.

第三季度，我們大部分報告該數據的投資組合的租金覆蓋率達到 5.1 倍。這仍然是淨租賃行業覆蓋範圍最廣的公司之一。

Olive Garden, Longhorn Chili's continue to be industry leaders and casual dining has recently seen outperformance versus quick service and fast casual. Most recently, Brinker reported Chile's same store sales growth 21% for the quarter end in September 2025, which follows a full fiscal year of over 25% same store sales. Similarly, Olive Garden and Longhorn reported same source sales growth of near 6% for the quarter end of August 2025.

Olive Garden 和 Longhorn Chili's 繼續保持業界領先地位，休閒餐飲最近在業績上優於快餐和快休閒餐飲。最近，Brinker 公佈了智利截至 2025 年 9 月季度的同店銷售額增長 21%，此前一個財年的同店銷售額增長超過 25%。同樣，Olive Garden 和 Longhorn 報告稱，截至 2025 年 8 月底的季度，同店銷售額增長近 6%。

Truly stellar results from our largest tenants and highlights the benefit of being aligned with best in class operators.

我們最大的租戶取得了非常出色的業績，凸顯了與一流營運商合作的好處。

We continue to make meaningful progress on our stated goal of diversification. Olive Garden and Longhorn are now 32% and 9% of our rent today versus a combined 94% at spin-off, while 35% of our rents comes from outside of casual dining.

我們在實現多元化此既定目標方面持續取得實質進展。Olive Garden 和 Longhorn 目前分別占我們租金的 32% 和 9%，而分拆時兩者合計佔 94%，同時我們 35% 的租金來自休閒餐飲以外的領域。

This includes automotive service at 13%, quick service restaurants at 11%, and medical retail at 10%.

這其中包括汽車服務業（佔 13%）、速食店（佔 11%）和醫療零售業（佔 10%）。

All of our chosen sectors are focused on central retail services, creating a prudently defensive portfolio that is also tariff resistant.

我們選擇的所有行業都專注於中央零售服務，從而創造出一個審慎的防禦型投資組合，並且能夠抵禦關稅衝擊。

The question we regularly examine is how can we best snack our strategy in the current environment.

我們經常探討的問題是，在當前環境下，我們如何才能最好地調整我們的策略。

Fortunately, we have undrawn forward equity equity, and encouraging set of opportunities in the pipeline and below target leverage.

幸運的是，我們擁有未提取的遠期股權，以及一系列令人鼓舞的在研項目和低於目標槓桿率。

While we don't give formal guidance, we want to provide some context on where we stand today.

雖然我們不提供正式的指導意見，但我們想就我們目前的立場提供一些背景資訊。

We believe FCPT is well positioned and we're encouraged by our pipeline and the opportunities we're seeing on the acquisition side.

我們相信 FCPT 處於有利地位，我們對自身的專案儲備以及在收購方面看到的機會感到鼓舞。

The debt market has improved substantially in recent months, both with greater lender capacity and falling interest rates. We have circa $270 million combined dry powder that is a combination of equity, debt, and retained cash flow to fuel growth before reaching a mid 5 times leverage target. That's still below our leverage cap.

近幾個月來，債務市場已大幅改善，貸款機構的放款能力增強，利率也隨之下降。我們擁有約 2.7 億美元的可用資金，包括股權、債務和留存現金流，可在達到 5 倍槓桿率目標之前推動成長。這仍然低於我們的槓桿上限。

Because of our granular acquisition strategy, we can react quickly and efficiently to adjust our strategy for any major macro events or positive shifts in the rate environment.

由於我們採取了精細化的收購策略，我們可以快速有效地應對任何重大宏觀事件或利率環境的積極變化，從而調整我們的策略。

Finally, over the past few quarters, the dealmaking environment has been characterized by some stops and starts. There's been less of that than as of late.

最後，在過去的幾季裡，交易環境呈現時斷時續的特色。這種情況最近有所減少。

And looking at recent successes, we believe that we remain well positioned heading into Europe.

縱觀近期的成功，我們相信我們在進入歐洲市場方面仍然處於有利地位。

Over to you, Josh.

接下來就交給你了，喬希。

Thanks Will.

謝謝你，威爾。

I'll start with a review of this quarter's activity. We acquired 28 properties in Q3 for $82 million at a blended 6.8% cap rate with a weighted average lease term of 12 years.

我將首先回顧本季的活動。我們在第三季以 8,200 萬美元收購了 28 處房產，綜合資本化率為 6.8%，加權平均租賃期限為 12 年。

Over the 1st 10 months of 2025, we have now acquired 77 properties for $229 million also at a blended 6.8% cap rate with a weighted average lease term 13 years.

2025 年前 10 個月，我們已收購了 77 處房產，總價值 2.29 億美元，綜合資本化率為 6.8%，加權平均租賃期限為 13 年。

Despite construction costs and overall real estate inflation, we maintain a low basis of less than $3 million per property in both Q3 and 2025 year-to-date acquisitions.

儘管建築成本和整體房地產通膨都在上漲，但我們在第三季和 2025 年迄今的收購中，每處房產的成本基數仍然保持在 300 萬美元以下。

Our selective approach of buying granular properties for fungible retail use, often well below estimated replacement costs, has been a key factor to our company's success over the past 10 years.

過去 10 年，我們採取的選擇性策略，即以遠低於估計重置成本的價格購買可互換的顆粒狀資產用於零售用途，一直是公司成功的關鍵因素。

During the quarter, we had a roughly even spread of investment volume across our primary sectors of restaurants, automotive, and medical retail.

本季，我們在餐飲、汽車和醫療零售這三大主要產業的投資額分佈大致均衡。

Our acquisitions included some of our existing national brands such as Longhorn Steakhouse, VCA, and Mavis. We also welcome new brands such as Doctor's Care, as we acquired 6 of their urgent care properties. As mentioned in our transaction press release, these leases are guaranteed by Nova Health, a hospital network with over 900 locations and a double minus credit rate.

我們收購的品牌包括我們現有的一些全國性品牌，例如 Longhorn Steakhouse、VCA 和 Mavis。我們也歡迎像 Doctor's Care 這樣的新品牌，因為我們收購了他們旗下的 6 家急診護理機構。正如我們在交易新聞稿中提到的，這些租賃合約由 Nova Health 提供擔保，Nova Health 是一家擁有 900 多個地點的醫院網絡，信用評級為雙負。

Last week, while we did not complete any dispositions in Q3, our team continues to field frequent reverse inquiries and offers on our properties.

上週，雖然我們在第三季沒有完成任何資產處置，但我們的團隊仍然不斷收到關於我們房產的反向詢價和報價。

Now, reflecting on our strategy.

現在，讓我們反思一下我們的策略。

Over half of our year-to-date investment volume came directly from within our existing base. In particular, we have two repeat series back know in Q3, 1 with Christian Brothers Automotive and another with Ampler, one of the largest Burger King franchisees with nearly 500 restaurants across France.

今年迄今為止，我們超過一半的投資金額直接來自我們現有的客戶群。特別是，我們在第三季有兩個重複的系列項目，一個是與 Christian Brothers Automotive 合作，另一個是與 Ampler 合作，Ampler 是法國最大的漢堡王特許經營商之一，在法國擁有近 500 家餐廳。

Both of these transactions reiterate the strength of our existing tenant relationships and our reputation as buyers.

這兩筆交易再次印證了我們與現有租戶關係的穩固性以及我們作為買家的良好聲譽。

Per usual, we'll continue to balance sourcing investments via back with opportunistic acquisitions from institutional and independent sellers. The goal is to buy the best risk addressed return opportunities rather than focus on how it was sourced.

和往常一樣，我們將繼續平衡透過反向融資獲取投資與從機構和獨立賣家進行機會性收購之間的關係。目標是購買風險控制最佳、回報最高的投資機會，而不是專注於投資來源。

We have also received questions about increased competition in our sector as the first three quarters of 2025 demonstrate, we are finding ample opportunities. Our platform now has a 10 year history of sourcing and executing granular investments at scale, providing a service to both sellers and our existing plans. We do not plan to deviate from the strategy.

我們也收到了一些關於我們所在行業競爭加劇的問題，正如 2025 年前三個季度所表明的那樣，我們發現了大量的機會。我們的平台擁有 10 年的規模化採購和執行細粒度投資的經驗，為賣家和我們現有的計劃提供服務。我們不打算偏離這項戰略。

As a reminder, our competition is just as often individual 1031 buyers as it is other institutional buyers. Our platforms focused on execution, reputation, and track record allows us to continue to win deals.

再次提醒大家，我們的競爭對手既包括個人 1031 買家，也包括其他機構買家。我們以執行力、聲譽和業績記錄為核心的平台使我們能夠持續贏得交易。

Finally, while we do not provide acquisitions guidance, Q4 is generally a busy time for our company, and as Bill noted, we have a positive outlook on recent deal sourcing. We utilize that we utilize our press release regime to give the investor community real-time updates, so please be sure to watch the tape over the next few months. Patrick, back to you.

最後，雖然我們不提供收購指引，但第四季通常是我們公司最繁忙的時期，正如比爾指出的那樣，我們對最近的交易來源持樂觀態度。我們利用新聞稿發布機制，向投資者群體提供即時更新，因此請在接下來的幾個月中密切關注相關報導。派崔克，把鏡頭交還給你。

Thanks, Josh.

謝謝你，喬希。

I'll start by talking about capital sourcing and the state of our balance sheet. As of yesterday, we have $100 million of unsettled equity forward at a price of $28.33.

我先來談談資金來源和我們的資產負債表狀況。截至昨天，我們有 1 億美元的未結算遠期股票，價格為每股 28.33 美元。

We note that maintaining a forward equity balance at higher silver rates largely offsets our carrying costs.

我們注意到，在白銀價格較高的情況下維持遠期權益餘額，可以很大程度上抵消我們的持有成本。

We have near full capacity on our $350 million dollar revolver and believe we have the dry powder to continue executing our business plan in Q4 and into 2026 without further accessing the capital markets. We respect the leverage at the end of Q3, our net debt to adjusted Ed was just 4.7 times inclusive of our outstanding net equity forwards. Excluding those equity forwards are leveraged 5.3 times. This is our fifth consecutive quarter of leverage below 5.5 times and remains near a seven-year low for us.

我們 3.5 億美元的循環信貸額度已接近滿額，我們相信我們有足夠的資金在第四季度以及 2026 年繼續執行我們的商業計劃，而無需進一步進入資本市場。我們尊重第三季末的槓桿水平，我們的淨負債與調整後淨資產的比率僅為 4.7 倍（包括我們未償還的淨資產遠選擇權益）。不包括這些股票遠期合約，它們的槓桿率為 5.3 倍。這是我們的槓桿率連續第五個季度低於 5.5 倍，並接近七年來的最低水平。

Historically, we've always guided to a stated leverage range of 5.5 to 6 times. We decided to lower that bottom rung of leverage target to 5 to 6 times to reflect our greater use of optionality, switching between debt and equity for funding sources.

從歷史上看，我們一直將槓桿倍數控制在 5.5 到 6 倍之間。我們決定將槓桿目標的最低水準降低到 5 到 6 倍，以反映我們更多地利用選擇權，在債務和股權之間切換融資來源。

As Bill mentioned, we have $270 million in dry powder before reaching just the middle of that leverage range, the combined use of equity forwards, debt capacity, and free cash flow. We aim to be opportunistic to achieve the best cost of capital based on market conditions.

正如比爾所提到的，在達到槓桿範圍的中間值之前，我們還有 2.7 億美元的可用資金，即股權遠期合約、債務能力和自由現金流的綜合使用。我們的目標是根據市場狀況，抓住機遇，實現最佳的資金成本。

We layered in three additional hedges in Q3, lowering our floating interest rate exposure. We now have 95% of our floating rate debt fixed through November 2027 at 3% versus spot rates today above 4%.

我們在第三季增加了三項對沖措施，降低了我們的浮動利率風險敞口。目前，我們95%的浮動利率債務已固定至2027年11月，利率為3%，而目前的即期利率超過4%。

Overall, 97% of our debt stack is fully fixed and our blooded cash interest rate is 3.9%. I'd also like to provide an update on our credit facility. This past quarter, we removed the live or to silver adjustment of an additional 10 basis points on our revolver and term loan interest rate. Our new borrowing rate on term loans is silver plus 95 basis points, and on the revolver, it's silver plus 85 basis points. This will improve AFFO by approximately $600,000 per year.

整體而言，我們97%的債務結構已完全固定，實際現金利率為3.9%。我還想就我們的信貸安排作一次最新匯報。上個季度，我們取消了循環貸款和定期貸款利率上額外的 10 個基點的「活期」或「白銀」調整。我們新的定期貸款借款利率為銀級利率加 95 個基點，循環貸款借款利率為銀級利率加 85 個基點。這將使調整後營運資金每年增加約 60 萬美元。

Including extension options, we have no debt maturities until the end of 2026, and our staggered maturity schedule will ensure we do not face a significant maturity law at any point thereafter. Additionally, our fixed charge coverage ratio remains a very healthy 4.7 times.

包括延期選項在內，我們在 2026 年底之前沒有任何債務到期，而且我們錯開的到期時間表將確保我們此後任何時候都不會面臨重大的到期法律。此外，我們的固定費用覆蓋率仍然非常健康，達到 4.7 倍。

Turning to some of our financial highlights for Q3.

接下來，我們來看看第三季的一些財務亮點。

Reported Q3 as a FY $0.45 per share, which increased 3% from Q3 last year.

報告顯示，第三季每股收益為 0.45 美元，比去年同期成長 3%。

Q3 cash rental income was $66.1 million representing growth of 12.6% for the quarter compared to last year.

第三季現金租金收入為 6,610 萬美元，比去年同期成長 12.6%。

Annualized cash-based rent for leases in place as a quarter end is $255.6 million and our weighted average five year annual cash rent escalator remains 1.4%. Cash in an expense excluding stock-based compensation was $4.3 million representing 6.5% of cash rental income for the quarter compared to 6.9% for the quarter last year.

截至季末，現有租賃合約的年化現金租金為2.556億美元，五年加權平均年現金租金遞增率為1.4%。扣除股權激勵費用後的現金支出為430萬美元，佔本季現金租金收入的6.5%，去年同期為6.9%。

This improved operating leverage illustrates our continued efforts at efficient growth and and the benefits of our improving scale.

經營槓桿的改善體現了我們為實現高效成長而持續努力，以及規模不斷擴大帶來的好處。

We're still expecting cash G&A will be in our guidance range of $18 to $18.5 million for 2025. At this point, we're expecting to be towards the bottom end of that range.

我們仍預期 2025 年現金一般及行政費用將維持在 1,800 萬至 1,850 萬美元的指導範圍內。目前來看，我們預計會接近該範圍的下限。

As we're managing our lease maturity profile, we began with 41 leases expiring in 2025, and our team has made significant progress with 90% of those tenants extending their lease or indicating intent to do so, and even better 95% occupied after including two properties that are already leased to new tenants.

在管理租賃到期情況時，我們最初有 41 份租賃合約將於 2025 年到期，我們的團隊取得了顯著進展，其中 90% 的租戶延長了租賃合約或表示有意續租，更令人欣喜的是，在包括兩處已出租給新租戶的房產後，入住率達到了 95%。

Additionally, we've started to make progress on our 42 leases expiring in 2026, which now represent just 1.8% of ABR, down from 2.6% at the start of 2025.

此外，我們已開始著手處理 2026 年到期的 42 份租賃合同，這些合約目前僅佔 ABR 的 1.8%，低於 2025 年初的 2.6%。

There were no material changes to our collectability or credit reserves nor any balance sheets.

我們的應收帳款能力、信貸準備金以及資產負債表均未發生實質變動。

Our portfolio occupancy today remains strong as we've released several sites, improving to 99.5%, and we collected 99.9% of the rent for rate.

由於我們已推出多個項目，目前我們的投資組合入住率依然強勁，達到 99.5%，我們收取了 99.9% 的租金。

Last, we are also excited to share a meaningful new disclosure. We've always focused on transparency, and in that vein, we posted into our website under the portfolio section, a full list of all of our properties with accompanying data on brand, location, purchase price, square footage, and anchorage. We believe this level of transparency will help our investor community to better understand the quality of our portfolio and our exposure to all retail brands.

最後，我們也很高興與大家分享一項重要的最新揭露資訊。我們一直注重透明度，本著這一理念，我們在網站的「投資組合」部分發布了我們所有房產的完整列表，並附有品牌、位置、購買價格、面積和錨地等相關數據。我們相信，這種透明度將有助於我們的投資者更了解我們投資組合的品質以及我們對所有零售品牌的投資情況。

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

我們會把它交還給相關人員，以便他們提問。

Thank you. To ask a question, please press star, followed by one on your telephone keypad now.

謝謝。如需提問，請按星號鍵，然後按電話鍵盤上的數字鍵 1。

If you change your mind, please press star followed by 2.

如果您改變主意，請按星號，然後按 2。

When preparing to ask your question, please ensure your device is unmuted locally. Our first question comes from John Kilichowski from Wells Fargo. Your line is now open. Please go ahead.

準備提問時，請確保您的裝置已解除本機靜音。我們的第一個問題來自富國銀行的約翰·基利喬夫斯基。您的線路已開通。請繼續。

Hi, good morning out there, Bill, first one for you here, just on underwriting standards, you have pretty strict underwriting standards and we've walked through the process before, and I'm sure it's a somewhat iterative process as you develop that, but I'm curious as you're curating your portfolio today, are there any standards or sort of guidelines that you're working with that you may, see you'd be willing to adjust that might open up your investment aperture and allow you to increase acquisitions from here?

嗨，早上好，比爾。我第一個問題是關於承保標準的。你們的核保標準非常嚴格，我們之前也討論過這個流程。我相信這是一個不斷迭代、完善的過程。但我很好奇，在你今天建立投資組合的過程中，是否有任何標準或準則是你願意調整的，以便拓寬你的投資範圍，並允許你從現在開始增加收購？

It's a great question. I don't really foresee us Lowering the scores that we pursue.

這是一個很好的問題。我並不認為我們會降低我們追求的分數線。

There's always things at the individual brand level that we're following that informs, the veracity of the scores, such as Starbucks, closing stores, things like that, but I think we're sticking with having a high-quality portfolio.

我們總是會關注各個品牌層面的一些事情，這些事情會影響評分的真實性，例如星巴克關門店等等，但我認為我們會堅持打造高品質的品牌組合。

And really from our perspective it's the cost of capital that you know informs the purchase price which drives the volume of acquisitions primarily and as Pat mentioned because we were active on our forward at a stock price north of 28, we're in a great position there.

從我們的角度來看，資本成本確實會影響收購價格，而收購價格又主要驅動收購量。正如 Pat 所提到的，由於我們在股價高於 28 美元時積極進行遠期交易，我們目前處於非常有利的地位。

Okay, very helpful. And then Pat, you talked about this earlier, there's about 100 million left on the forward, given where your cost of equity is today and where cap rates are today, let's say those were to hold somewhat constant into 26. How would you think about funding your pipeline?

好的，很有幫助。然後，帕特，你之前也談到過這一點，考慮到你目前的權益成本和資本化率，假設這些因素在 2026 年基本上保持不變，那麼遠期合約還剩下大約 1 億美元。您打算如何為您的管道項目籌集資金？

Yeah, I'll take that question. I think the 100 you should add to that. We use the number 270 twice in our remarks. I'd add to the 100, 170 of debt capacity and retain free cash flow. So that gives us, a substantial amount of acquisition capacity, and I think we'll probably be good at that for the comment.

好的，我來回答這個問題。我認為你應該加上那100。我們在發言中兩次使用了數字 270。我會將債務融資能力提高到 100 到 170，並保持自由現金流。所以這給了我們相當大的收購能力，我認為我們在這方面應該沒問題。

Very helpful, thank you.

非常有用，謝謝。

Thank you. Our next question comes from Michael Goldsmith from UBS. Michael, your line is now open. Please go ahead.

謝謝。我們的下一個問題來自瑞銀集團的麥可‧戈德史密斯。邁克爾，你的線路已開通。請繼續。

Good morning. Thanks for taking my question. Bill, you said in the prepared remarks that or at least you called out the pipeline. You call that acquisition opportunities and improved debt market dry powder, I guess like can you assess the environment overall? It seems like it's very cooperative and favorable, and what would be your willingness to kind of accelerate activity just given the backdrop that that you described.

早安.謝謝您回答我的問題。比爾，你在事先準備好的演講稿中提到了這一點，或者至少你提到了這條輸油管。你把這稱為收購機會和改善的債務市場儲備，我猜你是想評估整體環境吧？看起來合作氛圍非常濃厚，也很有利，鑑於您所描述的背景，您是否願意加快相關活動？

Yeah, I think you've got it right. We have a super capable team. Our acquisition team is, bigger and more trained up and experienced than we've ever had.

是的，我覺得你說得對。我們擁有一支能力超強的團隊。我們的收購團隊規模更大，訓練有素，經驗豐富，比以往任何時候都更強大。

They've been very successful sourcing acquisitions, but we want to make sure what we buy is a creative and so we've modulated our acquisition volume. Based upon our cost of capital in the past, as I mentioned, we have a long runway before we need to consider that, and it's been very fortunate that we Raised a ton of equity when our stock price was attractive to do so and we didn't originate debt at higher rates.

他們在收購方面一直非常成功，但我們希望確保我們收購的是具有創意的公司，因此我們調整了收購規模。正如我之前提到的，根據我們過去的資本成本，我們還有很長一段時間需要考慮這個問題。非常幸運的是，我們在股價具有吸引力的時候籌集了大量股權，而沒有以更高的利率發行債務。

So now we're in a great position where we can use our forward again north of $28 a share forward equity, and we can raise debt in a much more favorable market at a cost of funds that's, Probably 150 basis points or more below where it could have been had we, relied on debt in the past. So in essence, I'd look at our balance sheet as being slightly over equitized right now, which we can get back into balance and have very creative acquisitions because of that.

所以現在我們處於一個非常好的位置，我們可以再次利用超過每股 28 美元的遠端權益，並且可以在更有利的市場中以比過去依賴債務低 150 個基點或更多的資金成本籌集債務。所以從本質上講，我認為我們目前的資產負債表權益比略高，我們可以使其恢復平衡，並因此進行非常有創意的收購。

Thanks for that, Will, and then, my second question relates to Darden, you're calling out the 1st year of Darden spinoff lease maturity is in 2027 and at the same time you did identify that you know the same source sales that some of these daren brands have remained really strong. So does that give you increased confidence in their interest in renewing leases? I'm sure you have conversations with them regularly, but just trying to get a sense of. How the temperature of that has evolved through the year and, as you start to have those conversations next year in anticipation of these maturity things.

謝謝威爾，我的第二個問題與達頓有關。你提到達頓分拆租賃協議的第一年將在 2027 年到期，但同時，你也指出，你知道達頓旗下某些品牌的銷售額一直保持強勁。這是否讓你對他們續租的意願更有信心了？我相信你經常和他們交談，但我只是想了解一下情況。這一年裡，氣溫是如何變化的？明年，當你開始討論這些成熟的事情時，你會怎麼想？

Sure. Yeah, our expectations, as you mentioned, are for very high renewal rates.

當然。是的，正如您所說，我們預計續約率會非常高。

They're very well covered leases. These are, Dramatically higher revenue sites than the average casual dining restaurant, Garden has done an exceptional job navigating increased food prices, and so there's a ton of value in Darden's menu right now. I would argue there's a ton of value in Rinker's menu, and they're taking share not just. From casual dining, but they're taking the fast casual and QSR customer because their pricing is now right above where, certainly fast casual, but even QSR pricing would be. So there's just a lot of value in their menu. So these sites have been.

這些租賃合約保障非常全面。這些餐廳的收入遠高於一般的休閒餐廳，Garden 在應對食品價格上漲方面做得非常出色，因此 Darden 的菜單現在非常划算。我認為 Rinker 的菜單很有價值，而且他們不僅在搶佔市場份額。他們從休閒餐飲起家，但正在吸引快餐和快餐店的顧客，因為他們的定價現在正好高於快餐店甚至快餐店的定價。所以他們的菜單上有很多物超所值的菜色。所以這些網站一直都是這樣。

Curated at spin to be the sites that they're very committed to rents are set very low, coverage on the daren assets is you know.

Spin 精心挑選的網站，他們非常致力於降低租金，對 Daren 資產的覆蓋範圍也眾所周知。

Twice what you would expect.

比你預期的多一倍。

And so, and in many of these, buildings have been in operation since the late 80s, early 90s, so they are, core locations, irreplaceable locations with low reps. So we would expect, very high ren.

因此，其中許多建築物自 80 年代末、90 年代初就開始運營，所以它們是核心位置，是不可替代的位置，聲譽很低。因此，我們預期收益會非常高。

Thank you very much. Good luck in the 4th quarter.

非常感謝。祝你第四季好運。

Thank you.

謝謝。

Thank you. Our next question comes from Anthony Paone from JP Morgan. Your line is now open. Please go ahead.

謝謝。下一個問題來自摩根大通的安東尼·帕奧內。您的線路已開通。請繼續。

Thanks. Your 68 cap rates have been pretty consistent all year, and you talked about not having any real desire to change your scoring, but just wondering, if you wanted to go to say 7.25, what would those deals start to look like versus everything you've been doing all year?

謝謝。您的資本化率68一直都很穩定，您也說過您沒有改變評分方式的意願，但我只是好奇，如果您想把評分標準提高到7.25，那麼與您今年所做的所有交易相比，這些交易會是什麼樣子？

I think the distinction between 68 and 7/4 is probably too fine. So if you give me permission, I'll answer the question, in the 775 range.

我認為 68 和 7/4 之間的差異可能過於細微。所以，如果你允許的話，我會回答這個問題，答案在 775 範圍內。

I think you start seeing, I think you'd start seeing, assets outside of traditional net lease, so things that are, either experiential like pickle ball facilities, or Top Golfs, I think you'd start seeing things like obviously challenged brands like Ponderosa. Or other things like that, brands that haven't been opening new units for a long time.

我認為你會開始看到，你會開始看到傳統淨租賃之外的資產，例如像匹克球設施或 Top Golf 這樣的體驗資產，或者像 Ponderosa 這樣明顯面臨挑戰的品牌。或其他類似的情況，例如一些很久沒有開設新店的品牌。

I think you'd see things like manufacturing facilities, you'd see medical moral office versus the medical retail that we focus on.

我認為你會看到像製造工廠之類的東西，你會看到醫療道德辦公室與我們關注的醫療零售之間的差異。

Or you'd see things like it's the tenant that you might see us by, but it's not a retail use, so maybe it's a storage facility or an office, corporate office, and that sort of thing. So we see tons of things higher cap rates, and obviously lots of things that cap rates where we're not competitive.

或者你會看到這樣的情況：你可能會看到我們的租戶，但它不是零售用途，所以它可能是倉庫、辦公室、公司辦公室等等。所以我們看到很多專案的資本化率比較高，當然也有很多專案的資本化率我們沒有競爭力。

And our scoring system really allows us to be dispassionate and analytical in how we approach it, and we definitely don't, sort of calculate our whack at a spread and say, Josh, go out and find things at that cap rate and we'll hold our nose and buy them.

我們的評分系統確實讓我們能夠冷靜客觀地分析問題，我們絕對不會計算出某個價差，然後說：“喬希，出去找找看有沒有符合這個資本化率的股票，我們會捏著鼻子買下來。”

By being disciplined, that's why for a decade our occupancy and collections have been so strong.

正是因為自律，我們才能在過去十年中維持如此強勁的入住率和收入。

Okay, and then I think in your comments, Will, you may be alluded to just looking at lots of different things. And does that suggest that that you're considering some stuff outside of auto, restaurant or or medical or just broadening out kind of within those categories?

好的，威爾，我覺得你的評論可能暗示你只是在觀察很多不同的東西。這是否意味著您正在考慮汽車、餐飲或醫療以外的領域，或者只是在這些類別內進行一些擴展？

Yeah, we're always looking for other categories to explore as you, look over the last 10 years, our willingness to expand beyond restaurants has allowed us to safely grow faster. We're always looking for new ideas. The world evolves. You have to be willing to consider new things.

是的，我們一直在尋找其他領域進行探索。正如您在過去 10 年所看到的，我們願意將業務拓展到餐飲業以外的領域，這使我們能夠在確保安全的前提下更快地發展。我們一直在尋找新的想法。世界在不斷變化。你必須願意接受新事物。

Nothing to announce on this call, but it's something that we're continually looking at.

這次電話會議沒有什麼要宣布的，但這是我們一直在關注的事情。

Okay, thank you.

好的，謝謝。

Thank you. Our next question comes from Mitch Germaine from Citizens. Your line is now open. Please go ahead.

謝謝。下一個問題來自 Citizens 的 Mitch Germaine。您的線路已開通。請繼續。

Thanks. Will, congrats on 10 years and I think the question is looking back, I mean, obviously you, you've diversified revenues, gone into new sectors, but has your core underwriting principles remain somewhat consistent, or have you been, kind of tweaking that as the environment changes?

謝謝。威爾，祝賀你從業十週年。我想，回顧過去，你們顯然已經實現了收入多元化，進入了新的領域，但你們的核心核保原則是否保持了相對一致，還是隨著環境的變化而不斷調整？

Thanks for the question, Mitch. I think you were the first research analyst to cover us 10 years ago. It's been a great, 10 years. I think the answer is our basic premise is very similar from the beginning. We are not, volume-driven.

謝謝你的提問，米奇。我想你是10年前第一個報導我們的研究分析師。過去的十年非常美好。我認為答案是，我們的基本前提從一開始就非常相似。我們並非以銷量為導向。

We are not trying to scale at all costs. We TRY to be conservative, we TRY to be analytical.

我們並非不惜一切代價追求規模擴張。我們努力做到保守，我們努力做到理性分析。

But I would say that over 10 years, the amount of institutional knowledge that we have has grown substantially, and we tend to bring people in the acquisition group now.

但我想說，在過去的 10 年裡，我們累積的機構知識量已經大幅成長，我們現在傾向於從外部引進人才加入收購團隊。

As interns when they're in undergrad, they come to our firm, after graduation, and we've instituted a very formal training program. I frankly think it's an exceptional training program. We're bringing people to the firm, training them, giving them exposure to lots of acquisitions, small dollars, but lots of swings at the bat. And I've been very impressed by the quality of people we've been able to attract over the next last 10 years. There's no question that I would be, I would have no chance of getting an internship at Four Corners today.

他們在本科期間以實習生的身份加入我們公司，畢業後，我們制定了一套非常正式的培訓計劃。坦白說，我認為這是一個非常出色的培訓課程。我們正在為公司引進人才，對他們進行培訓，讓他們接觸到大量的收購項目，雖然金額不大，但有很多機會去嘗試。在過去十年裡，我們吸引到的人才素質之高，讓我留下了非常深刻的印象。毫無疑問，我今天絕對沒有機會在 Four Corners 獲得實習機會。

Appreciate that context. Just curious about Starbucks. I mean, I, in prior, issues that some of your tenants have had, you guys seem to be coming out of many of these situations, with little disruption, obviously that's a tenant of yours, not that big in terms of size, but clearly they're going through some sort of reorg plan. Is any of that expected to hit your portfolio?

請理解其中的背景。只是對星巴克有點好奇。我的意思是，之前你們的一些租戶遇到過一些問題，你們似乎已經順利地從很多這類情況中脫身，幾乎沒有造成任何干擾。顯然，這是你們的一個租戶，規模不算大，但顯然他們正在進行某種重組計畫。這些影響會波及你的投資組合嗎？

We don't think so. The a lot of the things that are closing are Starbucks that don't have drive-thrus and Starbucks that are in urban areas. But as Pat mentioned, we put on our website a list it's 31 pages long of every single tenant, so you can follow along.

我們不這麼認為。很多關門的星巴克都是沒有得來速服務的店，或是在市區的店家。但正如 Pat 所提到的，我們在網站上列出了所有租戶的名單，這份名單長達 31 頁，您可以查看完整名單。

At an extremely granular level, but Starbucks is a great example of the idea that you need to think for yourself when investing. I think a lot of people bought Starbucks with very low cap rates. Starbucks often have a kick out in year 5 of their lease, and so while they're marketed as having long lease term, the tenant has the ability to leave. That's why they're able to do so many of these closers, Mitch.

從極度細緻的層面來說，星巴克就是一個很好的例子，它說明了投資時需要獨立思考的概念。我認為很多人買進星巴克時資本化率都很低。星巴克通常會在租約的第五年終止合同，因此，儘管他們的廣告宣傳是長期租約，但租戶仍然有權離開。這就是他們能夠完成這麼多精彩收尾工作的原因，米奇。

So we have been, cautious on Starbucks. We've been cautious on Starbucks that, don't have drive-throughs, especially.

所以，我們對星巴克一直比較謹慎。我們一直對那些沒有得來速服務的星巴克比較謹慎。

Great. Thanks.

偉大的。謝謝。

For that and look forward to the next 10 years.

為此，並期待下一個十年。

Absolutely.

絕對地。

Thank you. Our next question comes from Rich Hightower from Barclays. Your line is now open. Please go ahead.

謝謝。下一個問題來自巴克萊銀行的里奇·海托沃。您的線路已開通。請繼續。

Hey guys, good morning out there. I apologize I joined the call a little bit late, from another call, but I guess just to follow-up maybe on the garden, upcoming, I guess renewal option, where do you sort of peg market rents for those properties and how do you sort of set the balance in that negotiation coming up between. Obviously very high coverage which we're all very comfortable with and maybe getting a little more rent from a higher performing space.

嘿，各位，早安。很抱歉我加入通話有點晚了，因為我正在參加另一個會議。我想跟進一下花園、即將到來的續約選擇權，您是如何確定這些房產的市場租金的，以及您如何在即將到來的談判中設定平衡點。顯然，覆蓋率非常高，我們對此都非常滿意，而且或許還能從性能更高的空間獲得更高的租金。

Yeah, so just to be clear, those leases Darden has, and the lease is public, it's in our spin, disclosure, so it's it's 10 years ago, but our lease is public. The way it works is The Darden has an option to renew for 5 years at the 1.5% annual rent growth that the entire portfolio has.

是的，為了明確起見，Darden 擁有的那些租賃合同，而且租賃合同是公開的，它在我們的宣傳披露文件中，雖然是 10 年前的事了，但我們的租賃合同是公開的。具體操作方式是，達頓飯店可以選擇以整個投資組合每年 1.5% 的租金成長率續租 5 年。

They have to tell us a year in advance, so if they don't tell us, we have plenty of time to release the building, but their rental rate is accreted by 1.5% for the from the then in place rental rate. So that the negotiation is actually not nearly as involved as a site by site, what's the rent, sort of argument.

他們必須提前一年通知我們，所以如果他們不通知我們，我們有足夠的時間釋放建築物，但他們的租金將在當時的租金基礎上增加 1.5%。因此，談判實際上遠沒有逐個地點討論租金是多少那麼複雜。

Okay, that's all I appreciate that. I mean, do you, I guess in a different world or a different structure, would you assume that market rents are significantly higher, I guess, given the, given some of the underlying revenue growth that those properties or am am I barking up the wrong tree on that?

好的，我只感激這一點。我的意思是，我想，在另一個世界或不同的結構中，考慮到這些房產的一些潛在收入增長，你會認為市場租金會顯著更高嗎？還是我的想法完全錯了？

No, I think you're right. The rents were set quite reasonably. The locations are extraordinarily strong. And in the last 10 years, replacement cost has gone up very substantially, but the tenant has, 4 or 55 year extension rates at that 1.5%. So, I would just view it as being a very high likelihood that they're going to renew.

不，我覺得你是對的。租金設定得相當合理。這些地點非常有利。過去十年，設備更換成本大幅上漲，但租戶可以以1.5%的利率續租4年或55年。因此，我認為他們續租的可能性非常高。

Okay, got it. That's great. And then I guess, more broadly, I think a lot of your peers are probably getting the same question this quarter, but just maybe some broader commentary on the level of competition, the breadth and the depth of, given some of these new private capital pools that have been raised, targeting Net least specifically, who are you running into on deals and what's your take there?

好的，明白了。那太棒了。然後，我想，更廣泛地說，我認為你們很多同行這季度可能都會被問到同樣的問題，但或許可以就競爭的程度、廣度和深度做一些更廣泛的評論，考慮到一些已經籌集到的新私人資本池，至少具體來說，你們在交易中會遇到誰，你們對此有何看法？

Yeah, so, we've always looked at larger transactions in the last 10 years we've done a handful of them, but our business model is not predicated on waiting for a call that there's a $150 million dollar portfolio or $400 million dollar portfolio out there. We're always working on something, but that's not our business model. We do do those as I mentioned, but we as you can tell from our press release regime, we're doing $3 million dollar one-off acquisitions as well.

是的，所以，在過去十年裡，我們一直關注規模較大的交易，也做過一些，但我們的商業模式並非建立在等待機會出現價值 1.5 億美元或 4 億美元的投資組合之上。我們一直在忙著做事情，但這不是我們的商業模式。正如我剛才提到的，我們確實會進行這些收購，但正如你從我們的新聞稿發布機制中可以看出，我們也在進行價值 300 萬美元的一次性收購。

And so I'm happy that we don't rely on those larger transactions as you infere in your question. I think it's right. There's there's more competition from private equity folks who are pretty aggressive and, want to scale and have sort of mandates to scale.

所以我很高興我們並不像你在問題中暗示的那樣依賴那些大額交易。我認為是對的。來自私募股權投資者的競爭更加激烈，他們非常積極進取，想要擴大規模，並且肩負著擴大規模的使命。

Typically not a very wise thing in investing, but that's where they stand.

通常來說，這並非明智的投資策略，但他們目前就是這麼想的。

So we feel very comfortable that we can execute our business plan, have been executing our business plan, in our, Very wide aperture of how we source deals everything from big portfolios down to, million dollar one offs.

因此，我們非常有信心執行我們的商業計劃，並且一直在執行我們的商業計劃，我們獲取交易的管道非常廣泛，從大型投資組合到價值百萬美元的單筆交易，無所不包。

But if we were solely looking at portfolios, I think that would be a concern, but that that's not where we stand today.

但如果我們只關注投資組合，我認為這會是一個令人擔憂的問題，但就目前而言，我們還沒有意識到這一點。

Alright, great, very helpful, thank you.

好的，太好了，很有幫助，謝謝。

Thank you. Our next question comes from Wesley K .Golladay from Baird. Your line is now open. Please go ahead.

謝謝。下一個問題來自 Baird 公司的 Wesley K. Golladay。您的線路已開通。請繼續。

Hey, good morning guys. With the cost of equity where it is today, I know you have a free cash from the debt capacity, but as we look a little further out, would you have any appetite to increase dispositions?

嘿，各位早安。鑑於目前的股權成本，我知道你們可以利用債務融資來獲得自由現金流，但展望未來，你們是否有意願增加資產處置？

We We've done very little dispositions. It's something we can think about, our portfolio is in really good shape, so you'd largely be selling things that are very high-quality, so, we fortunately don't have the dynamic that you've seen with a lot of res that do dispositions where they're trying to sell assets that are, Likely to underperform going forward in order to upgrade their portfolio. Our portfolio is all is almost all very strong. We consider it. We know how to do it. We've done it in the past, very particular circumstances, but I don't think that that's top of mind for us today.

我們幾乎沒有進行任何處置。這是我們可以考慮的事情，我們的投資組合狀況非常好，所以你賣掉的基本上都是非常高品質的資產，因此，幸運的是，我們沒有像很多進行資產處置的公司那樣，為了升級他們的投資組合而試圖出售那些未來可能表現不佳的資產。我們的投資組合幾乎全部都非常強勁。我們會考慮的。我們知道該怎麼做。我們過去在非常特殊的情況下也這樣做過，但我認為今天這不是我們首要考慮的事情。

Okay, and I think you pretty much essentially asked my next one I was trying to see if there's been any change to the watch list of tenants that you're looking at, but it doesn't sound like there's much there of a watch list.

好的，我想你基本上已經問我的下一個問題了。我原本想看看你們正在關注的租戶名單是否有任何變化，但聽起來好像沒有太多值得關注的內容。

There isn't, we're in great shape and if you know we've actually increased occupancy and we have very few, unleashed buildings, but Justin and the asset management team have done a great job leasing up the some of the few ones that that are tenanted so.

沒有，我們情況很好，而且如果你知道的話，我們實際上提高了入住率，我們只有很少的空置建築，但是賈斯汀和資產管理團隊在出租少數已出租的建築方面做得非常出色。

Yeah, we're in great shape and actually because of replacement costs going up so much, tenants are coming to us proactively on opportunities to either re-tenant one of our few vacant properties, but even coming to us and saying if you could get this lesser tenant out of the space, we'd love to take it, which is a reflection of where, as I mentioned, replacement cost has gone.

是的，我們目前狀況良好。實際上，由於重置成本大幅上漲，租戶們主動聯繫我們，希望重新租住我們為數不多的空置房產，甚至有人主動聯繫我們說，如果你們能把這個不太好的租戶趕走，我們很樂意接手。正如我之前提到的，這反映了重置成本的上漲趨勢。

Are you seeing anything with your existing tenants that have renewals? I know you don't have that many but maybe look at the whole.

您有沒有發現現有租戶續租方面有什麼問題？我知道你沒有那麼多，但或許可以看看整體情況。

You dropped off there at the end. You rest.

你最後在那裡下車了。你休息。

Oh, I was.

哦，我的確是。

Saying like, are you seeing anything where your existing tenants? I know you don't have a lot of tenant renewals coming due, but where the tenant may want to pull forward a renewal just to get, prices locked in.

比如說，你有沒有看到現有租戶方面有什麼改變？我知道你們近期沒有很多租戶續租，但有些租戶可能會為了鎖定價格而提前續租。

Most of the time that their renewal options are contractual, so, they have a cadence where they, know when they need to renew by and you typically get it.

大多數情況下，他們的續約選項都是合約規定的，所以他們有自己的節奏，知道什麼時候需要續約，而你通常也會得到相應的續約通知。

Right before their renewal, so They can sort of make that decision internally, but they don't have to notify us typically until 1 year or 6 months before the lease is up.

在續約之前，他們可以內部做出決定，但通常情況下，他們不必在租約到期前 1 年或 6 個月通知我們。

Okay, thank you.

好的，謝謝。

Thank you. As a reminder to ask a question, please press star followed by one on your telephone keypad now.

謝謝。提醒您，如需提問，請按電話鍵盤上的星號鍵，然後按數字鍵 1。

We have a question from James Kemmert from Evercore. Your line is open. Please go ahead.

我們收到來自 Evercore 公司的 James Kemmert 的提問。您的線路已開通。請繼續。

Thank you.

謝謝。

Bill, speaking to your long tenure with many of these assets and your experience in these three main silos, competition is always coming and going, but I think this new property disclosure provides very interesting. Is there an opportunity for you to densify a number of your locations? I mean, it looks like a pretty solid acreage relative to the improved size, improved building square footage. Is that not really viable? Just curious.

比爾，考慮到你長期管理這些資產以及在這三大主要領域累積的經驗，競爭總是此起彼伏，但我認為這項新的資產揭露非常有趣。您是否有機會提高部分門市的密度？我的意思是，相對於擴建後的面積和建築面積而言，這看起來是一塊相當可觀的土地。這真的行不通嗎？只是好奇而已。

Yeah, it's acreage is one of the components of our scorecard, and Well, obviously building envelope is important, typically acreage ties to parking.

是的，佔地面積是我們評分卡的一個組成部分，而且，顯然建築面積也很重要，通常佔地面積與停車位相關。

And having highly parked locations greatly increases releasing opportunity.

擁有大量停車位可以大幅增加車輛投放的機會。

What can often happen if you're not careful is you buy a building that is poorly parked or has ambiguous parking, relies on, let's say a neighbor not enforcing their parking situation.

如果你不小心，經常會發生的情況是，你買了一棟停車不便或停車規定含糊不清的建築物，比如，依賴於鄰居不執行停車規定。

And those become difficult to release. So, we do focus on it. It's part of our scorecard, both parking and acreage.

而這些物質很難釋放。所以，我們確實很重視它。停車位和占地面積都是我們評分標準的一部分。

That said, I think the opportunity to go to our tenants and say we'd like to negotiate with you for an additional use is limited. The advantage comes in protecting the downside.

也就是說，我認為我們有機會去和租戶商討增加用途的可能性是有限的。優點在於能夠降低下行風險。

Probably more than upside potential, to be H1st about it, but that's exactly the kind of thing that you can do with this additional disclosure.

坦白說，這可能不僅僅是上漲潛力，但這正是你可以透過這種額外披露來實現的事情。

Hopefully we'll answer questions before they come up and I think the shareholders that, we've talked through it, appreciate the level of transparency.

希望我們能在問題出現之前就解答它們，而且我認為，我們已經討論過的股東們也欣賞這種透明度。

I appreciate it.

謝謝。

Thank you, Will.

謝謝你，威爾。

Thank you.

謝謝。

We currently have no further questions, so we'll hand back to Bill for closing remarks.

目前我們沒有其他問題，所以接下來請比爾做總結發言。

Thank you, Claire.

謝謝你，克萊爾。

In summary, the portfolio remains resilient and unique. Small and fungible buildings leased to sophisticated national operators with scale, which have proven resilient in uncertain times. We have evidence that strong track records extremely low bad debt expenses, strong occupancy, and collection rates.

總而言之，該投資組合依然具有韌性和獨特性。小型且可互換的建築租賃給規模龐大、經驗豐富的全國性營運商，這些營運商在不確定的時期已經證明了其韌性。我們有證據表明，良好的業績記錄意味著極低的壞帳支出、較高的入住率和收款率。

FCPT has shown to be sensitive to our cost of capital by modulating capital raising and investment when necessary. We believe that FCPT is in a very strong position to continue to execute our strategy, no matter the near-term market conditions, having over $270 million of dry powder.

FCPT 已證明其對資金成本非常敏感，並會在必要時調整籌資和投資。我們相信，無論近期市場狀況如何，FCPT 都處於非常有利的地位，能夠繼續執行我們的策略，因為我們擁有超過 2.7 億美元的可用資金。

It has been a productive decade, and we're exceptionally well positioned to continue to execute for our shareholders.

過去十年碩果累累，我們擁有得天獨厚的優勢，能夠繼續為股東創造價值。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

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

感謝各位的參與。現在您可以斷開線路了。