Four Corners Property Trust Inc (FCPT) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us and welcome to Four Corners Property Trust's first quarter 2026 financial results conference call. (Operator Instructions)

各位好。感謝各位加入我們，歡迎參加 Four Corners Property Trust 2026 年第一季財務業績電話會議。（接線員指示）

I will now hand the conference over to Patrick Wernig, CFO.

我現在把會議交給財務長 Patrick Wernig。

Patrick, please go ahead.

Patrick，請開始。

Thank you. 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.

謝謝。在本次電話會議期間，我們將發表前瞻性陳述，這些陳述係基於我們的信念與假設。實際結果將受到我們無法控制或預測之已知與未知因素的影響。

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. All the information presented on this call is current as of today, April 30, 2026.

我們的假設並非未來表現的保證，其中部分將被證明不正確。關於部分潛在風險的更詳細說明，請參閱我們的 SEC 申報文件，可於 fcpt.com 查閱。本次電話會議所提供的所有資訊截至今日（2026 年 4 月 30 日）為止均為最新。

In addition, reconciliation of non-GAAP financial measures presented on this call, such as FFO and AFFO, can be found in the company's supplemental report. Please note that if you are a research analyst, you have been emailed a meeting ID. Which is 865-913-5666. We'll repeat that at the end of our prepared remarks.

此外，本次電話會議所提及之非 GAAP 財務衡量指標（例如 FFO 與 AFFO）的調節表，可於公司補充報告中查閱。請注意，若您是研究分析師，我們已透過電子郵件寄送給您一組會議 ID：865-913-5666。我們會在預先準備的發言結束時再重複一次。

That pin will allow you to ask questions during the Q&A session.

該 PIN 將使您能在問答環節中提問。

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

接下來，我把電話交給 Bill。

Good morning. Following my initial remarks, Josh will comment on our investment activity, and Patrick will discuss financial results and capital decision. Q1 marked a continuation of the momentum from 2025 and a strong start to 2026.

早安。在我開場發言後，Josh 將評論我們的投資活動，Patrick 將討論財務結果與資本決策。第一季延續了 2025 年的動能，並為 2026 年帶來強勁開局。

AFFO per share grew by 3.4% versus the prior-year period, continuing our focus on steady risk-adjusted growth. During Q1, we acquired $26 million of net leased properties at a 6.8% blended cash cap rate, equivalent to a 7.3% GAAP cap rate. This is marginally lower volume versus the start of 2025, but I'd emphasize we're seeing a lot of attractive opportunities and feel good about the strength of our pipeline.

每股 AFFO 較去年同期成長 3.4%，延續我們對穩健、風險調整後成長的專注。第一季我們以 6.8% 的加權平均現金資本化率（cash cap rate）收購了 2,600 萬美元的淨租賃物業，折合為 7.3% 的 GAAP 資本化率。相較 2025 年初，成交量略低，但我要強調的是，我們看到許多具吸引力的機會，對我們管線的強度也很有信心。

Seasonally, we tend to see fewer deals close in Q1 versus later in the year, and Q2 is shaping out that way so far. Over the last 12 months, we've acquired $288 million of properties. We're also excited to have closed on a new $200 million term loan with a seven-year tenor earlier this month. The term loan all-in rate is 4.9%, which represents 200 basis points of spread to historical acquisition yields. We will be able to invest that money accretively.

從季節性來看，相較於年內較後期，我們通常在第一季完成交割的案子較少，而目前第二季也呈現相同趨勢。過去 12 個月，我們已收購 2.88 億美元的物業。我們也很高興在本月稍早完成一筆新的 2 億美元定期貸款，期限為 7 年。該定期貸款的全包利率為 4.9%，相較歷史收購收益率約有 200 個基點的利差。我們將能以增益性（accretive）的方式投資這筆資金。

Our rent coverage in Q1 was 5.1 times for the majority of our portfolio that reports this figure. This remains amongst the strongest coverage within the net lease industry. The rent coverage figure for our garden properties specifically is 5.8 times, which has been very consistent, remaining above a very lofty 5 times over the past three years.

第一季，對於我們投資組合中多數會揭露此數據的資產，其租金保障倍數（rent coverage）為 5.1 倍，仍屬淨租賃產業中最強勁的水準之一。就 Olive Garden 物業而言，其租金保障倍數為 5.8 倍，表現非常一致，過去三年一直維持在相當高的 5 倍以上。

As a reminder, the first tranche of lease maturities is due to send us extension notices by October of this year. While we can't know the outcome with certainty, barring a material change in the operating performance of LeaseSource, we would expect a very high renewal percentage for the spin-off portfolio in the coming years.

提醒各位，第一批租約到期的租戶需在今年 10 月前向我們送達續約通知。雖然我們無法確定結果，但若 LeaseSource 的營運表現未出現重大變化，我們預期未來幾年分拆投資組合的續約率將非常高。

To that end, our largest brands, Olive Garden, LongHorn, and Chili's, continue to be leaders within the net lease tenant universe. Most recently, Brinker reported Chili's same-store growth of 4% for the quarter ended March 2026 after a 31% increase a year ago. Olive Garden and Longhorn reported same-store sales growth of 3% and 7% respectively for the quarter. Remarkable results for the three brands that represent 47% of our portfolio rent combined.

就此而言，我們最大的品牌 Olive Garden、LongHorn 與 Chili's，持續在淨租賃租戶宇宙中居於領先地位。最近，Brinker 公布截至 2026 年 3 月的季度，Chili's 同店成長 4%，而一年前則成長 31%。Olive Garden 與 LongHorn 在本季分別公布同店銷售成長 3% 與 7%。這三個品牌合計占我們投資組合租金的 47%，其表現相當亮眼。

To bring that point home, I'll call it a new slide on Page 7, of our investor deck that shows the strong outperformance of our publicly traded tenants versus the generic all restaurant index. The key takeaway is portfolio construction is extremely important, and by being selective with our tenant partners, we are building what we believe is a fortress portfolio brick by brick. Our lead restaurant tenants appear to be taking market share and have not shown signs of slowing down.

為了更具體說明這點，我想請各位參考我們投資人簡報第 7 頁的一張新投影片，該頁顯示我們的上市租戶相較於一般「全餐廳指數」的強勁超額表現。重點在於：投資組合的建構極其重要；透過慎選租戶夥伴，我們正一磚一瓦打造我們所相信的「堡壘式」投資組合。我們的主要餐飲租戶似乎正在取得市占，且尚未顯示放緩跡象。

To that end, our portfolio has avoided some of the more problematic lease sectors experiencing long-term macro headwinds. This includes theaters, pharmacies and experiential retail more generally. We benefit from our strong portfolio construction with a low basis, fungible buildings operated by tenants in sectors that are e-commerce and recession resistant. We have had no major tenant credit issues, leading to very little bad debt expense and very little vacancy in our portfolio.

同樣地，我們的投資組合也避開了一些較具問題、正面臨長期總體逆風的租賃產業別，包括電影院、藥局，以及更廣義的體驗式零售。我們受惠於強健的投資組合建構：低成本基礎、具可替代性（fungible）的建物，且由處於抗電商與抗衰退產業的租戶營運。我們沒有重大的租戶信用問題，因此壞帳費用極低，投資組合的空置率也非常低。

On this topic, we would like to provide a brief update on our Bahama Breeze properties. As a point of clarification, we own 10 Bahama Breeze properties, which is 1.3% of our ABR. That said, Dardu is planning to convert six of these locations to other brands they operate, Yard House, Olive Garden, Longhorn, Chewies, etc. They'd like to convert more, but they are limited by already having nearby existing locations and in some cases, co-tenancy restrictions.

在此議題上，我們想就 Bahama Breeze 物業提供簡要更新。先澄清一點：我們擁有 10 處 Bahama Breeze 物業，約占我們 ABR 的 1.3%。此外，Darden 計畫將其中 6 個據點轉換為其營運的其他品牌，例如 Yard House、Olive Garden、LongHorn、Chewies 等。他們希望轉換更多，但受限於附近已存在的既有據點，以及在某些情況下的共同承租（co-tenancy）限制。

So the remaining four properties are 50 basis points of ABR, and we already have actively negotiating letters of intent with new tenants to backfill these locations. Based on the figures we're negotiating, we expect to recover or possibly even exceed the prior rent paid by Darden, although the timing and final economics will ultimately depend on the outcome of these negotiations. It takes a few months to negotiate a lease, and we should have further updates on timing at the Q2 earnings call.

因此，剩餘 4 處物業約占 ABR 的 50 個基點，而我們已與新租戶就承租這些據點積極洽談意向書（LOI）。依據目前協商的條件，我們預期可收回、甚至可能超過 Darden 先前支付的租金；不過，時程與最終經濟條件仍將取決於談判結果。租約談判通常需要數個月，我們預計在第二季財報電話會議上提供更多關於時程的更新。

But overall very good shape. Remarkably, I'd like to point out that it's been less than three months since Darden announced the brand closure. For us to have potential solutions across the board for all10 locations so quickly, just highlights how our focus strategy and strong underlying real estate and replaceable rent levels will benefit us long-term.

整體而言，狀況非常良好。值得一提的是，自 Darden 宣布品牌關閉以來還不到三個月。我們能如此迅速地為全部 10 個據點提出潛在解決方案，正凸顯我們聚焦策略、強勁的底層不動產，以及可替代的租金水準，將在長期為我們帶來效益。

In any case, we'll continue to collect rent throughout the back-fill process as Darden is still obligated to make rent payments on these businesses for all10 locations for at least one and a half years and in some cases up to four. That provides us flexibility as we work through the preferred backfill tenant options.

無論如何，在補位（back-fill）過程中我們仍將持續收取租金，因為 Darden 仍有義務就這 10 個據點的租約至少支付一年半的租金，在某些情況下甚至長達四年。這讓我們在評估偏好的補位租戶選項時具備彈性。

Shifting gears, we continue to diversify our portfolio. 37% of our rent now comes between tenants outside the casual dining subsector, including automotive service at 13%, medical retail at 11%, and QSR restaurants at 11%. We are actively exploring new retail categories and property types as we look to expand the top of our funnel for investments.

轉換話題，我們持續使投資組合多元化。目前有 37% 的租金來自休閒餐飲子產業以外的租戶，包括汽車服務占 13%、醫療零售占 11%，以及 QSR（速食餐飲）占 11%。我們正積極探索新的零售類別與物業型態，以擴大我們的投資漏斗上游來源。

As when we developed our automotive service and medical retail property strategies, prior to investing in a new sector, we evaluated business resiliency and AI disruption risk, availability of credit-worthy tenants, real estate quality, and pricing attractiveness. That said, for us, the limiting factor on new sectors and deals is typically sellers lofty pricing expectations.

如同我們先前建立汽車服務與醫療零售物業策略時一樣，在投資新產業之前，我們會評估商業韌性與 AI 顛覆風險、具信用水準租戶的可得性、不動產品質，以及定價吸引力。不過，對我們而言，新產業與交易的限制因素通常是賣方過高的定價期待。

Finally, and this is a very exciting point, I'd like to mention that Michael Friedland has joined our board. Michael recently retired from JP Morgan and brings 30 years of Wall Street experience in real estate finance and corporate credit to FCBT. We've known Michael a long time, and we're really impressed and glad he's joined our board. Welcome, Michael.

最後，也是非常令人振奮的一點，我想提到 Michael Friedland 已加入我們董事會。Michael 近期自 JP Morgan 退休，為 FCBT 帶來 30 年華爾街在不動產金融與企業信用方面的經驗。我們認識 Michael 很久了，對他的加入深感印象深刻，也非常高興他加入董事會。歡迎你，Michael。

Over to you, Josh.

交給你了，Josh。

Thanks, Bill. I'll start with a review of Q1 activity and then touch on our investment pipeline. In Q1, we acquired 10 properties with a weighted average lease term of 10 years for $26 million at a blended 6.8% cash cap rate or a 7.3% GAAP, GAAP rate.

謝謝，Bill。我先回顧第一季的活動，接著談談我們的投資案源。在第一季，我們以2,600萬美元收購了10處物業，加權平均租約年期為10年，綜合現金資本化率（cash cap rate）為6.8%，或GAAP資本化率為7.3%。

This represents an average basis of $2.6 million per property, extending our strategy of partnering with credit worthy operators while focusing on fungible low-cost basis assets to help mitigate downside risk. We are really happy with the asset selection this quarter, and as Bill noted, Q1 is a typically a lower volume period for us, and the ending volume for the period lined up well with our internal expectations.

這相當於每處物業平均成本基礎為260萬美元，延續我們與具信用實力的營運商合作的策略，同時聚焦於可替代、低成本基礎的資產，以協助降低下行風險。我們對本季的資產挑選非常滿意；正如Bill所提到的，第一季通常是我們成交量較低的期間，而本期的最終成交量也與我們內部預期相當一致。

That said, Q2 is shaping up to be consistent with a typical seasonal volume ramp. Our Q1 acquisitions were composed of 46% restaurant, 28% auto service, and 26% medical retail properties. On the credit side, all of our properties acquired in Q1 were leased in corporate operators, the only exception being our McAllister's Deli in Michigan, which is leased to Southern Rock, the largest McAllister's franchisee, with 178 locations across 13 states.

儘管如此，第二季的走勢看起來將符合典型的季節性成交量回升。我們第一季的收購組合中，餐飲占46%、汽車服務占28%、醫療零售占26%。在信用面方面，我們第一季收購的所有物業皆出租給企業（corporate）營運商，唯一例外是我們在密西根的McAllister's Deli，該店出租給Southern Rock——全美最大的McAllister's加盟商，在13個州共有178個據點。

Our team continues to partner with leading operators in each of our chosen retail subsectors. Coupled with our low-basis rent filtering, we have a proven track record of building a resilient and long-standing portfolio. In the meantime, our team continues to actively explore all avenues for investment, both large portfolios and small granular deals, in addition to assets in new subsectors, as evidenced in Q4 '25.

我們的團隊持續與各自選定零售子產業中的領先營運商合作。結合我們以低成本基礎租金進行篩選的策略，我們已建立起打造具韌性且可長期維持之投資組合的良好實績。同時，我們團隊仍積極探索各種投資途徑，包含大型投資組合與小型分散交易，以及新子產業的資產——如同在2025年第四季所展現的。

While we are expanding the top of our investment model, we will continue to maintain our discipline in acquiring low-basis investments based at best-in-class operators at pricing accretive to our cost of capital. Patrick, back to you.

在擴大我們投資模型的案源上游之際，我們仍將維持紀律：以同業最佳（best-in-class）營運商為基礎，收購低成本基礎的投資，且定價需能對我們的資金成本具增益（accretive）。Patrick，交回給你。

Thanks, Josh. I'll start by talking about the state of our balance sheet and an update on our capital sourcing, including our recently closed term one. We funded $50 million of the new incremental $200 million term loan in April, and the balance will be used to fund acquisitions in Q2 and Q3.

謝謝，Josh。我先談談我們資產負債表的狀況，以及資金來源的最新進展，包括我們近期完成的第一期定期貸款（term one）。我們在4月動用新增2億美元定期貸款中的5,000萬美元，剩餘額度將用於支應第二季與第三季的收購。

The term loan credit margin is 125 basis points over SOFR, or an all-in rate of approximately 4.9%. It fully invested a current outstanding term loan balance of $640 million as of April 30 at a blended SOFR rate of 3.1%, or approximately 4% all-in, with that rate steady through November 2027.

該定期貸款的信用利差為SOFR加125個基點，整體利率約為4.9%。在4月30日，這使目前未償還的定期貸款餘額達6.4億美元，SOFR加權平均利率為3.1%，整體約為4%，且該利率將維持至2027年11月。

Our supplemental disclosure includes a detailed pro forma hedge schedule. We also continue to benefit from full capacity under our $350 million revolver. With respect to leverage, at the end of Q1, our net debt to adjusted EBITDA rate was just 5 times.

我們的補充揭露資料包含一份詳細的備考（pro forma）避險時程表。我們也持續受惠於3.5億美元循環信貸（revolver）的全額可用額度。就槓桿而言，截至第一季末，我們的淨負債對調整後EBITDA倍數僅為5倍。

This is our seventh consecutive quarter of leverage below 5.5 times and at the bottom end of our stated leverage range of 5 times to 6 times. Noting that our term loan closed after quarter end, but after fully funding and investing the proceeds, estimated run rate leverage will be 5.4 times.

這是我們連續第七個季度槓桿低於5.5倍，並位於我們所述槓桿區間（5倍至6倍）的下緣。需要說明的是，我們的定期貸款在季後完成；但在全額撥款並投入運用後，估計的運行率（run rate）槓桿將為5.4倍。

Our fixed charge coverage ratio remains a very healthy 4.8 times as of quarter-end. Turning to debt maturities, once factoring in the extension options for our existing term loans, we have no debt maturities until December, which is $50 million in private notes come due.

截至季末，我們的固定費用保障倍數（fixed charge coverage ratio）仍維持在非常健康的4.8倍。再看債務到期結構，若將現有定期貸款的展延選項納入考量，我們在12月之前沒有任何債務到期；12月將有5,000萬美元的私募票據到期。

We plan to address this in due course closer to the maturity date. Our starter maturity schedule will ensure we do not face a significant maturity wall at any point thereafter. Now turning to some of our earnings highlights for Q1. Info per share was $0.45, representing 3.4% growth versus prior year. Cash rental income was $70 million, representing 10% growth versus prior year.

我們計畫在接近到期日時再適時處理。我們的階梯式到期時程將確保此後任何時間點都不會面臨顯著的到期高峰（maturity wall）。接著談第一季的部分獲利重點。每股AFFO為0.45美元，較去年同期成長3.4%。現金租金收入為7,000萬美元，較去年同期成長10%。

Annualized cash-based rent for leases in place as of quarter end was $266 million, and our weighted average five-year annual cash rent escalator is 1.5%. Cash G&A expense was $4.9 million for the quarter, representing 7% of cash rental income, compared to 7.7% for the prior year. A 70 basis points improvement in operating leverage and flat cash G&A compared to the prior year illustrates our continued efforts at achieving efficient growth and the benefits of our rising scale.

截至季末，已簽約租約的年化現金基礎租金為2.66億美元，而我們加權平均五年期的年度現金租金調升率為1.5%。本季現金一般及行政費用（cash G&A）為490萬美元，占現金租金收入的7%，去年同期為7.7%。營運槓桿改善70個基點，且現金G&A與去年同期持平，顯示我們持續致力於高效率成長，以及規模提升所帶來的效益。

Following our Q1 results, we are reaffirming our guidance range for a 2026 cash G&A of $19.2 million to $19.7 million. We've also continued to make progress with 27 of the 42 leases originally expiring in 2026 extended. Recapture rate on these locations is 6% above prior year round. We are currently negotiating to retend to two of those properties, and the remaining 13 now represent just 1% of ABR, down from 2.6% at the beginning of 2025.

在第一季結果公布後，我們重申2026年現金G&A指引區間為1,920萬至1,970萬美元。我們也持續取得進展：原本將於2026年到期的42份租約中，已有27份完成展延。這些據點的回收率（recapture rate）較去年同期高出6%。目前我們正就其中兩處物業進行續租談判，其餘13份租約目前僅占ABR的1%，較2025年初的2.6%下降。

Our portfolio occupancy remains very strong and 99.6% today, which benefits from releasing some of our very limited number of vacant sites. We collected 99.7% of base rent in Q1. Last quarter did not see any material changes to our collectability or credit reserves.

我們的投資組合出租率仍非常強勁，目前為99.6%，主要受惠於我們將極少數空置據點重新出租。我們在第一季收取了99.7%的基本租金。上季在可收回性或信用準備方面沒有任何重大變動。

As an aside, during this call, we've referenced two of our new disclosure updates, which I'll highlight again now. First, going forward, we plan to disclose GAAP cap rates along with the cash cap rate figure we've always done. We have very low default rates historically, and our intention is to hold our properties long-term.

補充說明一下，在本次電話會議中，我們提到兩項新的揭露更新，我現在再重點說明。第一，未來我們計畫在一向揭露的現金資本化率之外，同步揭露GAAP資本化率。我們歷史違約率非常低，且我們的目標是長期持有物業。

Therefore, the data related to those expected long-term returns is another helpful metric for our investors. Our presentation includes a new slide on Page 8, that has GAAP cap rates going back to 2023 and shows that historically they have averaged about 70 basis points higher than our initial cash count rates.

因此，與預期長期報酬相關的數據，對投資人而言是另一項有用的衡量指標。我們的簡報在第8頁新增了一張投影片，提供自2023年以來的GAAP資本化率，並顯示其歷史平均約比我們初始現金資本化率高出約70個基點。

Second, we're updating the way we disclosed AFO per share growth by calculating without the impact of two decimal rounding. Based on our share count, rounding can be impactful in this figure, particularly for quarterly comparisons. Our updated approach will allow us to quote a more accurate growth figure.

第二，我們將更新揭露每股AFFO成長的方式，改以不受小數點後兩位四捨五入影響的方式計算。以我們的股數而言，四捨五入可能會對該數字造成影響，尤其是在季度比較時。我們更新後的方法將使我們能提供更精確的成長數字。

We're continuing to aim for ways to improve transparency with the investor community and believe that these changes are aligned with that UCOS. With that, we'll turn over to questions for the Q&A session. And just a reminder, the meeting ID is 865-913-5666 if you would like to ask a question.

我們將持續尋求提升對投資人社群透明度的方法，並相信這些變更與該目標一致。接下來我們將進入問答環節。提醒一下，若您想提問，會議ID為865-913-5666。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

Thank you. It's Michael Goldsmith from UBS. Thanks for taking the question. First question is, I know you guys don't provide discrete guidance, but maybe this $200 million term loan is shadow guidance in that you've talked about. About fully drawing that down to the second and the third quarter.

謝謝。我是瑞銀（UBS）的Michael Goldsmith。感謝讓我提問。第一個問題是，我知道你們不提供明確的分項指引，但這筆2億美元的定期貸款或許可視為某種「影子指引」，因為你們談到會在第二季與第三季把它全數動用。

So is that, as we think about just the acquisition activity. You've got the $200 million there, consensus at $275 million on acquisitions for the year and that's stepping down to $250 million next year. So just trying to get a sense of your liquidity, the acquisition market, and now you kind of have clear line of sight into acquisitions of, let's say, $200 million through the third quarter.

所以，當我們思考收購活動時，你們有這2億美元；市場共識是今年收購金額為2.75億美元，明年則下調至2.5億美元。我只是想了解你們的流動性、收購市場狀況，以及現在你們對於截至第三季、例如約2億美元的收購，似乎已有相當清晰的能見度。

Should you be able to exceed that and continue to acquire hopefully into the next year?

您是否有可能超過那個水準，並希望能持續收購到明年？

So, Michael our business well. I think the answer might be hidden in your question. But yeah, we are particular about how our press releases are rapid, and I think we gave more specific timing guidance than we have in the past.

所以，Michael，我們的業務狀況良好。我想答案可能就藏在你的問題裡。不過是的，我們對新聞稿發布的速度相當講究，而且我認為我們給出的時間指引比過去更具體。

I would say it's always curious that analysts seem to have declining acquisitions for us, which is unusual in the space. I don't think there are other companies if that's the case. I'm not sure why. It's not what has been a historical record.

我會說，分析師似乎預期我們的收購會下滑，這在這個領域其實不太尋常。我不認為還有其他公司是這樣的情況。我也不確定為什麼。這並不符合我們過去的歷史紀錄。

Got it. And then as a follow-up, I appreciate the new slides in the presentation, I think pages 7 and 8. Can you just kind of walk through what you're trying to show here. I think you're indicating that the four quarters portfolio or the tenants in the tenants that you guys are tenants are outperforming maybe the general overall restaurant industry and then separately like your GAAP cap rates are exceeding your cash flow, maybe you could just provide a little bit more detail about.

了解。接著追問一下，我很欣賞簡報裡新增的投影片，我想是第 7 與第 8 頁。你能否大致帶我們走一遍你想在這裡呈現什麼？我理解你是在指出，你們的四季投資組合，或說你們的承租人（租戶）表現，可能優於整體餐飲產業；另外像是你們的 GAAP 資本化率（cap rates）高於你們的現金流，能否再多提供一些細節說明？

What's the point that you're trying to make with both of these things?

你想透過這兩件事各自要傳達的重點是什麼？

Yeah, absolutely. Great question. We had an investor show us our stock price versus some generic index. I think it might have been MSCI or Morgan Stanley, some generic restaurant index. And you had to be a little cute with the start date to get it to line up, but there was a pretty high correlation.

是的，當然可以。我們曾有位投資人拿我們的股價去對比某個通用指數，我想可能是 MSCI 或 Morgan Stanley 的某個通用餐飲指數。你得在起始日期上稍微「巧妙」一點才能讓它對得上，但相關性確實相當高。

And so they were sort of making the point, do you trade like a restaurant index? And we think that's a silly concept on its face. But if we were going to trade like in a restaurant index, at a minimum, you should weight the index by our rent and look at the stock performance of our tenants weighted by our rent.

因此他們想表達的是：你們的交易表現是否像一個餐飲指數？我們認為這個概念本身就很荒謬。但如果我們真的要像餐飲指數那樣被交易，至少你應該用我們的租金權重來加權該指數，並以我們租金加權後的承租人股價表現來看。

And if you do that, you get the yellow line, which shows how strong Darden and Chili's has been. And that we don't have what you know because we waited it basically down as far as we could with public companies. We don't have you know companies that have fallen into distress or our tenant roster is really strong the GAAP cap rate we have a competitor agree that we're we admire. It's great company They have historically used.

如果你這麼做，就會得到那條黃色線，顯示 Darden 和 Chili's 的表現有多強。而且我們沒有你知道的那種——因為我們基本上已經把公開公司能降的權重都降到最低——我們沒有那些陷入困境的公司；我們的承租人名單非常強。至於 GAAP 資本化率，我們有一位我們認同且敬佩的同業競爭者，是一家很棒的公司，他們歷來採用……

GAAP cap rates. We have gotten questions about where our cap rates are versus theirs. There seems to be some investor confusion that they're quoting two different things. Both numbers are perfectly legitimate ways of looking at it, but sometimes we felt our cash cap rates were being compared against their GAAP cap rates. And so we just did the math and showed you the data so you can pick and choose the way you want to do it.

GAAP 資本化率。我們也被問到我們的資本化率和他們相比如何。似乎有些投資人混淆了他們引用的是兩個不同的數字。兩種數字都是完全合理的觀察方式，但有時我們覺得市場把我們的現金資本化率拿去跟他們的 GAAP 資本化率比較。因此我們就把數學算清楚，把數據展示給你，讓你可以依照你想採用的方式自行選擇。

I'll handle the last new disclosure. You didn't ask about it, Michael, but I'll just handle it now about rounding, which is, we just thought this is a more accurate way of doing it. We went back, not surprisingly, some of the times the rounding would, comparing rounded to rounded versus more closely actual to actual would, have a higher growth rate some of the time, a lower growth rate some of the time.

我來補充最後一項新的揭露。Michael，你沒有問到，但我現在一併說明關於四捨五入的部分：我們只是認為這樣做更精準。我們回頭看了資料，不意外地，有些時候把四捨五入後的數字彼此相比，與更接近「實際對實際」的比較相比，成長率有時會更高、有時會更低。

We just thought this was a better way of showing it. There seems to be a lot of focus on growth today, and we wanted to give you the most accurate number we can. If you have more questions about that, it's a pretty technical calculation. I'd probably recommend you reach back out to PAT after the call on the rounding issue.

我們只是覺得這是更好的呈現方式。現在市場對成長有很多關注，我們希望提供你能拿到的最精準數字。如果你對此還有更多問題，這是相當技術性的計算。我可能會建議你在電話會議後就四捨五入議題再聯繫 PAT。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO Capital Markets。

Hey, good morning. Thanks for taking my question. Just given your strong relationship with Yum and Brinker, are there any identical acquisition opportunities as Yum expands on this Taco Bell. Platform and Brinker expands on its chilly platform, just given the strength in same-source sales there, whether it's on the acquisition front or potentially a development opportunity.

嗨，早安。謝謝讓我提問。鑑於你們與 Yum 以及 Brinker 的強勁關係，當 Yum 擴展其 Taco Bell 平台、Brinker 擴展其 Chili's 平台時，考量到同店銷售的強勢，是否有任何類似的收購機會——不論是在收購面，或是可能的開發機會？

Thank you.

謝謝。

Thank you. Yeah, we're always working on those.

謝謝。是的，我們一直在推進這些事情。

The one comment I'd make is Taco Bells tend to create very tight cap rates. But we're always working on things like that, being aligned with strong brands where we can play offense and not have to be licking the wounds of prior investment mistakes is a huge advantage.

我想補充的一點是，Taco Bell 通常會形成非常緊的資本化率。但我們一直在做這類事情；與強勢品牌保持一致，讓我們可以主動出擊，而不必去舔舐先前投資失誤造成的傷口，這是一個巨大的優勢。

But I would say that both of the brands you mentioned, they traded very competitive cap rates on the secondary market.

不過我會說，你提到的這兩個品牌，在次級市場上的資本化率交易都非常具有競爭力。

Okay, that's helpful. And then just on the bad debt side of things, can you just talk about anything that's been realized here today and how are you thinking about bad debt for the remainder of 2026?

好的，這很有幫助。接著在壞帳方面，你能否談談截至目前是否有任何已實現的情況？以及你們如何看待 2026 年剩餘期間的壞帳？

Thank you.

謝謝。

So the number is zero for the year-to-date. We have over 1,300 leases, so we're always kind of monitoring. Something in the portfolio, but we have not had any bad debt this year and the portfolio continues to perform really strong.

所以今年截至目前的數字是零。我們有超過 1,300 份租約，因此我們一直都在持續監控投資組合中的各種情況，但今年我們沒有任何壞帳，而且投資組合的表現仍然非常強勁。

You probably saw Rinker's results yesterday, recent prints by Darden as well. The brands we've aligned with are weathering any sort of macro headwinds very well. There's going to be some brands that don't, but we try to pick our horses very carefully so that we avoid that.

你可能也看到 Brinker 昨天的業績，以及 Darden 最近的表現。我們所對齊的品牌在面對各種宏觀逆風時都應對得很好。當然會有一些品牌做不到，但我們會非常謹慎地挑選標的，以避免那種情況。

Wesley Golladay, Baird.

Wesley Golladay，Baird。

Thank you. Good morning, everyone. Can you go back to that comment on the expirations? I think you said 27 of 42 have been renewed. I believe you said 6%. So I would have thought maybe it had been a little bit lower with the contractual rent extension, but maybe how should we think about that going forward?

謝謝。各位早安。能否回到你剛才關於到期（expirations）的評論？我想你說 42 份裡有 27 份已續約。我記得你說是 6%。我原本以為在合約租金延展的情況下可能會更低一些，但我們接下來應該如何看待這件事？

I wouldn't overemphasize it. I think we had a positive quarter. Typical rent growth is 1.5%. If you're modeling our company, I think that's a good place to go. But the quarter towards better, there might be a quarter where it isn't as good, but 1.5%, I think, is a good place to start and finish.

我不會過度強調這點。我認為我們這一季是正向的一季。典型的租金成長是 1.5%。如果你在建立我們公司的模型，我認為以 1.5% 作為假設是個不錯的起點。不過這一季表現較佳，未來也可能會有某一季沒那麼好；但我認為 1.5% 是一個很好的起點與終點。

Thanks for that.

謝謝你的說明。

I would also just real quick, Wes, I would just like to emphasize that Justin and his team. Have done just a terrific job on property management and asset management and re-leasing. And that's a new capability for us, frankly. In the last couple of years, Justin has really aggressively restructured his team and has done a terrific job. We are more on top of that as a company than we've ever been by far.

我也想很快補充一下，Wes，我想強調 Justin 和他的團隊在物業管理、資產管理以及重新出租方面做得非常出色。坦白說，這對我們而言是近幾年才建立起來的新能力。過去幾年 Justin 非常積極地重整他的團隊，而且做得非常好。就公司整體而言，我們在這方面的掌握程度遠勝以往。

Okay. Thanks for the additional color there. When we look at the pipeline going forward, is there a bigger percentage of that in the new categories that you're evaluating, or are you looking to enter those new categories a little bit more methodically?

好的。謝謝補充這些背景。當我們看未來的案源（pipeline），其中在你們正在評估的新類別裡所占的比例是否更高？還是你們會更有方法地、循序漸進地進入那些新類別？

Yeah, we're really score-focused, so we're not really putting emphasis on one category over the other. We're trying to find the assets that score the best and make sure that those rise to the top with appropriate pricing.

是的，我們非常以評分為導向，所以不會特別偏重某一類別勝過另一類。我們會努力找出評分最高的資產，並確保在合適的定價下，這些資產能夠優先被推到最前面。

But we are looking at some new sectors, as we talked about last quarter, and really leading into building relationships, finding what tenants we want to emphasize, et cetera. So the aperture is bigger than it's ever been.

不過我們確實在看一些新領域，正如我們上季提到的，並且更著重於建立關係、找出我們想要強調的承租人等。因此我們的視野（aperture）比以往任何時候都更大。

John Killichowski, Wells Fargo.

John Killichowski，富國銀行。

Hi, good morning. Thanks for taking my question. First one for me, Bill, thanks for the color on Bahama Breeze. I guess just to expand on that, you mentioned the positive mark on the other assets that weren't being converted. Is there going to be downtime there? Will there be rent loss before the mark, or do you think there'll be no net credit loss there?

嗨，早安。謝謝讓我提問。第一個問題，Bill，謝謝你對 Bahama Breeze 的補充說明。我想再延伸一下，你提到對其他未被轉換的資產做了正向的調整（mark）。那邊會有空置期嗎？在調整之前會有租金損失嗎？還是你認為那邊不會有淨信用損失？

No, I don't think there'll be downtime. The Darden is responsible for a year and a half. At the minimum up to four years for the handful that we're converting to other tenants. But to the extent that there's rent growth or capital provided, all that's baked into our comments, we feel really good about being able to release these to strong tenants.

不，我不認為會有空置期。Darden 會負責一年半。對於我們轉換給其他承租人的那幾個案子，至少會到四年。但只要有租金成長或提供資本支出，這些都已經反映在我們的評論裡；我們對於能把這些重新出租給強健的承租人感到非常有信心。

And [DART] is taking a lot of them too, so a good diversification move. I think it shines a light on the Bahama breezes that we sold a number of years ago for really high prices that we did a good job managing our value at risk with any one particular tenant. But it could be a good result.

而且 [DART] 也會接手其中很多個，所以這是很好的分散化動作。我想這也凸顯了我們幾年前以非常高的價格賣掉的一些 Bahama Breeze——我們在管理單一承租人相關的風險價值（value at risk）方面做得很好。但這可能會是個不錯的結果。

I would just add to that. I mean, Bill said in his comments that we're talking about four stores and 50 basis points of [ADR]. It's a small amount.

我再補充一下。我的意思是，Bill 在他的評論裡提到，我們談的是四家店、以及 [ADR] 的 50 個基點。這是很小的量。

Yeah. Understood. And then just quarter to date, if we kind of run the numbers here, it looks like the average blend is about 20 bits higher than what you closed the 1Q. I know that's early based on what you've released.

好的，了解。那再問一下截至目前季度（quarter to date），如果我們把數字跑一下，看起來平均混合利率大概比你們在 1Q 收盤時高了約 20 個基點。我知道這還很早，因為是基於你們已經釋出的內容。

Is there any sort of upward creep in yields that you're seeing, I think, driving that, or is that just, small sample size there that's driving that move?

你們有看到殖利率有任何上行的趨勢在推動這個變化嗎？還是只是樣本數太小所造成的波動？

Small sample size.

樣本數太小。

Mitch Germain, Citizens Bank.

Mitch Germain，Citizens Bank。

Yeah, thank you. Bill, you mentioned just a second ago, obviously looking at a couple of new industries, I think it was capital that you allocated to a rental company and so a rental operator and a grocer. How do you -- what sort of education do you and your team take. In reviewing the sector, kind of what are the attributes that made those sort of assets or sectors interesting for you?

是的，謝謝。Bill，你剛剛提到，顯然你們正在看幾個新的產業，我想你說的是把資本配置到一家租賃公司（租賃營運商）以及一家雜貨商。你和你的團隊在檢視這些產業時，會做哪些功課或學習？就你們而言，是哪些特質讓這類資產或產業對你們有吸引力？

And does that really -- obviously, it clearly changes the TAM in terms of how you're allocating capital. Is that the way we should be thinking about this now?

另外，這是否真的——很明顯地——改變了你們在資本配置上的 TAM（可投資市場總量）？我們現在應該用這種方式來理解嗎？

Yeah, I think that's a good way of thinking about it.

是的，我認為這樣想是對的。

I guess. We use what we call the triple filter, which is this something that we know enough to buy? And I'll talk a little bit more about that in a second. Do we have permission from our investors to buy it? And would we buy it with our own money?

我想。我們使用我們所謂的「三重篩選」（triple filter）：第一，這是不是我們了解得夠多、可以買的東西？我等一下會再多談一點。第二，我們是否得到投資人的授權可以買？第三，如果是用我們自己的錢，我們會不會買？

And so, while those sound very high level, that is a very challenging. Gauntlet for an asset class to get through. So, I personally wouldn't buy a pickleball facility with my own money. So that makes it pretty easy to, not buy pickleball facilities. I wouldn't buy a Carvana with my own money. So that makes it pretty easy.

所以，雖然聽起來很高層次，但要讓一個資產類別通過這個篩選其實非常困難。我個人不會用自己的錢去買匹克球（pickleball）設施，所以這就很容易決定：不買匹克球設施。我也不會用自己的錢去買 Carvana，所以也很容易。

Do we have permission from our investors? That's a harder one. And I think we tend to take it pretty gradually to make sure that we're bringing our investors along with us. But pretty clearly. Our investors don't need for [horners] to buy a Class A office in New York City. They have other ways to get that exposure.

至於「我們是否得到投資人的授權？」這就更難。我們傾向於很循序漸進，確保把投資人一起帶著走。但很明顯，我們的投資人不需要 [horners] 去買紐約市的 A 級辦公大樓；他們有其他方式取得那種曝險。

Do we know enough to know is manifest in writing white papers for our board, going to conferences, meeting and talking with tenants, walking the floors. And then I would say humbly that a lot of these sectors are things that I have experienced within the past, it just proceeded four corners.

「我們是否了解得夠多？」會體現在：為董事會撰寫白皮書、參加研討會、與承租人會面交流、到現場走訪。我也謙虛地說，很多這些產業都是我在過去、在 four corners 之前就有接觸過的。

So, when I was at [Terrellon], when I was on Graham Mercy's Investment Committee, and other things I worked on, we bought outdoor industrial storage. We bought grocery. So, I have a familiarity with this, making sure we bring the team along with me.

所以，當我在 [Terrellon]、在 Graham Mercy 的投資委員會，以及我做過的其他事情時，我們買過戶外工業儲存（outdoor industrial storage），也買過雜貨。所以我對這些是熟悉的，同時也確保把團隊一起帶上來。

Great. Last one for me, I asked this a couple of times this quarter, but I'm just curious, are you seeing any real changes in the competitive landscape within the investment sales market? I mean, obviously, for quite some time, there was a lot of competition that was sitting on the sidelines and some of that appears to be back, but is that shifting kind of any way that you're approaching underwriting and bidding on properties?

很好。我最後一個問題：我這一季問過幾次，但我很好奇，你們在投資銷售市場的競爭態勢上，有看到任何實質變化嗎？我的意思是，過去相當長一段時間，有很多競爭者在場邊觀望，其中一些看起來又回來了；這是否在任何方面改變你們承作（underwriting）與出價競標資產的方式？

Where we are buying these onesies and two sies, we obviously look at portfolios and have closed on several in our existence. I think we're really well competitively positioned. We can build a portfolio throughout a year that we're proud of doing onesies and two sies, but we have the scale to do bigger things as well.

在我們買這些單筆或兩筆的小案子（onesies and two sies）時，我們當然也會看投資組合，而且在我們成立以來也完成過幾個。我認為我們的競爭定位非常好。我們可以在一年內透過單筆、兩筆的方式建立一個我們引以為傲的投資組合，但我們也有規模去做更大的案子。

You read a lot in the news about private credit and the private credit firms, trading at discounts to NAB, questioning of their marks. Will that cause them to pull back? I don't think we have evidence of that yet. And certainly, there's been recently -- there's been a lot of corporate M&A activity. I think there's a lot of shadow corporate M&A activity. So there's a lot of things to work on now.

你在新聞上會看到很多關於私募信貸（private credit）以及私募信貸公司以低於 NAB 的折價交易、以及市場對其估值調整（marks）的質疑。這會讓他們縮手嗎？我認為我們目前還沒有看到證據。而且最近——最近企業併購活動很多。我想也有很多檯面下的企業併購活動。所以現在有很多事情可以做。

Bill Lenehan, CEO.

Bill Lenehan，執行長（CEO）。

Great, terrific, and glad to land the plane on the 30-minute mark. Ultimately, our existing portfolio strength is compelling for us to focus on offense, where many of our peers are playing defense. Our $200 million term loan gives us a direct line of sight for funding between now and Q3.

很好，太棒了，也很高興能在 30 分鐘的時間點準時收尾。歸根結底，我們現有投資組合的強勁表現，讓我們能把重心放在進攻上，而許多同業則在防守。我們的 2 億美元定期貸款（term loan）讓我們對從現在到第三季（Q3）的資金來源有清楚的能見度。

The attractive pricing we're seeing in the debt markets should give us even more access to low-cost funding later this year at scale. The acquisition market is stable, and with a bit larger aperture for our property types, we expect another successful year of building our portfolio brick by brick.

我們在債務市場看到的具吸引力定價，應該能讓我們在今年稍晚以規模取得更多低成本資金。收購市場保持穩定，且在我們的物業類型上稍微擴大了範圍，我們預期今年仍會是成功的一年，逐塊累積（brick by brick）打造我們的投資組合。

Our team will be at ICSC the week of May 18 in Erie in New York the week of June 1. As many of we host a cocktail party in conjunction with ICSC. We'd love to meet with you in person at either of these events, so please reach out to Patrick or myself to co-ordinate schedules.

我們的團隊將在 5 月 18 日那週出席 ICSC，並在 6 月 1 日那週前往紐約的 Erie。和以往一樣，我們會在 ICSC 期間舉辦一場雞尾酒會。我們很希望能在這兩個活動中的任何一個與各位面對面交流，請聯絡 Patrick 或我本人以協調行程。

Thank you all and look forward to continuing to see many of you in person this year.

謝謝各位，也期待今年能持續與許多各位見面交流。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以掛線。