FrontView REIT Inc (FVR) 2024 Q3 法說會逐字稿

Good day, everyone, and welcome to this FrontView REIT, Inc., Q3 2024 Earnings Conference Call. (Operator Instructions). Please note, this session may be recorded, and I'll be standing by should you need any assistance. It is now my pleasure to turn the conference over to Timothy Dieffenbacher. Please go ahead, sir.

大家好，歡迎參加 FrontView REIT, Inc. 2024 年第三季財報電話會議。 （操作員指令）。請注意，本次會議可能會被錄音，如果您需要任何幫助，我會隨時待命。現在我很高興將會議交給蒂莫西·迪芬巴赫。先生，請繼續。

Good morning, everyone. I'm joined today by Stephen Preston, Chairman, Co-CEO and Co-President, and Randy Starr, Co-CEO and Co-President. Before I turn it over to Steve, please note that we will make certain statements that may be considered to be forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements to reflect changes after the statements were made.

大家早安。今天與我一起出席的還有董事長、聯合執行長兼聯合總裁史蒂芬普雷斯頓 (Stephen Preston) 和聯合執行長兼聯合總裁蘭迪史塔爾 (Randy Starr)。在我將其交給史蒂夫之前，請注意，我們將做出某些可能根據聯邦證券法被視為前瞻性陳述的聲明。本公司未來的實際結果可能與這些前瞻性陳述中討論的問題有很大差異，並且我們可能不會發布對這些前瞻性陳述的修訂以反映這些陳述發布後的變化。

Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's filings with the SEC and in this morning's press release. Thank you, and let me turn it over to Steve to start our presentation.

可能導致實際結果與預期存在重大差異的因素和風險在公司向美國證券交易委員會提交的文件和今天上午的新聞稿中不時詳細披露。謝謝，現在我把時間交給史蒂夫開始我們的演講。

Thank you, Tim. Good morning, everyone. Welcome to FrontView's first earnings call as a public company. For those that are new to FrontView, FrontView is an internally managed net lease REIT that acquires, owns and manages primarily outparcel properties that are net leased to a diversified group of tenants. FrontView went public in early October to access public capital to fund our growing pipeline of acquisitions that I'll discuss in more detail shortly.

謝謝你，提姆。大家早安。歡迎參加 FrontView 作為上市公司的首次財報電話會議。對於剛接觸 FrontView 的人來說，FrontView 是一個內部管理的淨租賃房地產投資信託基金 (REIT)，它主要收購、擁有和管理淨租賃給多元化租戶群體的外圍房地產。 FrontView 於 10 月初上市，以獲得公共資本來資助我們不斷增長的收購計劃，我將在稍後詳細討論。

FrontView is differentiated by an investment approach focused on outparcel properties that are in prominent locations with direct frontage on high-traffic roads that are highly visible to consumers. As you know, we will be talking about our third quarter '24 earnings today. So those numbers are reflective of FrontView as a private company and are relatively unrelated to FrontView on a go-forward basis as a public company.

FrontView 的與眾不同之處在於其投資方式，專注於位於顯眼位置、正對交通繁忙道路且消費者能輕易看見的外圍地產。如您所知，我們今天將討論 24 年第三季的收益。所以這些數字反映的是 FrontView 作為一家私人公司的情況，與 FrontView 作為一家上市公司的未來發展相對無關聯。

Before jumping into the portfolio, on the top of everyone's mind is probably our ability to source acquisitions and accretively grow the portfolio. We have definitely demonstrated that ability since going public in early October. We have acquired $22.5 million thus far in the fourth quarter of properties and are under PSA who would acquire an additional approximately $81.4 million of properties, totaling approximately $103.9 million of properties, all at a blended cash cap rate of approximately 7.9%. We expect to close in excess of $75 million of acquisitions during Q4.

在進入投資組合之前，每個人首先想到的可能是我們的收購能力和增量成長投資組合的能力。自十月初上市以來，我們確實展示了這種能力。到目前為止，我們在第四季度已經收購了價值 2,250 萬美元的房產，根據 PSA 的協議，我們將額外收購價值約 8,140 萬美元的房產，總計約 1.039 億美元的房產，所有這些房產的混合現金資本化率都約為 7.9%。我們預計第四季將完成超過 7500 萬美元的收購。

In addition to these properties, we currently have a very strong pipeline under PSA negotiation, and we feel very good about closing on $50 million in the first quarter of 2025. Further, we anticipate the acquisition pipeline to continue to build from here.

除了這些資產之外，我們目前還有非常強大的 PSA 談判管道，我們對 2025 年第一季達成 5,000 萬美元的交易感到非常滿意。

A few additional stats on the $103.9 million of properties noted above. One, properties with frontage, 100%; two, number of properties, 31; three, average property price, approximately $3.35 million; four, average remaining lease term, over 10 years; five, investment-grade percentage, approximately 30.8%; six, number of new tenants, 11; and finally, number seven, number of new states, 3, bringing our total to 34.

關於上面提到的價值 1.039 億美元的房產，還有一些其他統計數據。一、有臨街物業，100%；二、房產數量，31處；三、平均房價，約335萬美元；四、平均剩餘租期，超過10年；五、投資等級佔比，約30.8%；六、新租戶數：11家；最後，第七，新增 3 個州，總數達到 34 個。

From an acquisition pricing standpoint, we have been pleased with where we've been transacting at what we believe to be elevated cap rates relative to the market, a testament to our buyer approach and our ability to demonstrate surety of close in a fragmented marketplace.

從收購定價的角度來看，我們對交易感到滿意，我們認為相對於市場而言，資本化率較高，這證明了我們的買方方式和我們在分散的市場中展示成交保證的能力。

Using our nationwide relationships and networks, we expect to continue to source attractive acquisitions at above-market cap rates. All that being said, we can see the market tightening a bit and anticipate that our average cap rate for the first quarter of 2025 could slightly come off the high 7s and move more into a mid-7s number.

利用我們在全國範圍內的關係和網絡，我們期望繼續以高於市場的資本化率尋找有吸引力的收購。話雖如此，我們可以看到市場有所收緊，並預計 2025 年第一季的平均資本化率可能會略微從 7% 的高點回落，並進入 7% 左右的中段水平。

Following the shoe being exercised, we were sitting with approximately $93 million of cash on the balance sheet, along with a $250 million revolving line of credit that has 0 drawn under the facility. This is expected to provide us with a healthy supply of liquidity to execute our business plan to continue with accretive acquisitions well into 2025.

在選擇權獎勵計畫執行之後，我們的資產負債表上大約有 9,300 萬美元的現金，以及 2.5 億美元的循環信用額度，而該額度下已提取 0 億美元。預計這將為我們提供充足的流動資金，以執行我們的業務計劃，並在 2025 年繼續進行增值收購。

Shifting to the portfolio highlights. Our portfolio continues to perform very well. As of 30 September, our portfolio consisted of 278 freestanding properties with an average remaining lease term of just under 7 years. We are heavily diversified across 31 states and 96 metro areas. We are pleased to keep a very diversified portfolio with no overexposure to any one tenant.

轉向投資組合亮點。我們的投資組合持續表現良好。截至 9 月 30 日，我們的投資組合包括 278 處獨立房產，平均剩餘租賃期限略低於 7 年。我們的業務範圍廣泛，遍及 31 個州和 96 個大都會地區。我們很高興能夠維持高度多元化的投資組合，且不會過度依賴任何一個租戶。

At quarter end, our largest tenant exposure was 3.4% of ABR, and we expect that number will decline several basis points with the upcoming closings in the fourth quarter. Occupancy was strong at approximately 99% and rental collections on contractual rent were also strong at approximately 99% for the period, generally in line with our historical ranges of 98% to 99%.

在季度末，我們最大的租戶風險敞口為 ABR 的 3.4%，我們預計隨著第四季度即將到來的收盤，這一數字將下降幾個基點。入住率強勁，約 99%，合約租金收取率也強勁，約 99%，與我們 98% 至 99% 的歷史範圍基本一致。

One of our differentiating qualities as a management team is our ability to successfully repurpose assets and bring them back online. As outparcel owners, we generally do not sell off our vacant assets. Rather, we prefer to take the time to re-lease or re-tenant the assets, which we believe ultimately creates the best long-term value for our shareholders.

作為一個管理團隊，我們的差異化品質之一是我們能夠成功地重新利用資產並使其重新投入使用。作為外部地塊所有者，我們通常不會出售空置資產。相反，我們更願意花時間重新租賃或重新承租這些資產，我們相信這最終將為我們的股東創造最佳的長期價值。

In these situations, there is a little short-term pain for long-term gain, so to speak, as we incur some tax and insurance costs to carry the assets while we re-lease. As we continue to scale and grow the asset base, we anticipate seeing this current drag decline.

在這種情況下，可以說，為了獲得長期利益，我們會承受一些短期痛苦，因為我們在重新租賃期間需要承擔一些稅費和保險成本來持有資產。隨著我們繼續擴大和增加資產基礎，我們預計當前的阻力將下降。

On our noted watch list, we expect to be taking back 1 TGI Fridays, 2 Hooters and a small car dealership in Orlando situated at a very busy intersection. We also received notice that our Freddy's Steakburger in Jacksonville will be closing, though a new lease is already being negotiated with a new national tenant. In the aggregate, these assets only account for about 2% of ABR, and we fully expect to repurpose these assets, bringing them back online relatively quickly with an improvement to the bottom line.

在我們列出的觀察名單中，我們預計將收回 1 家 TGI Fridays、2 家 Hooters 和一家位於奧蘭多非常繁忙路口的小型汽車經銷店。我們也收到通知，位於傑克遜維爾的 Freddy’s Steakburger 餐廳將關閉，但我們正在與新的全國租戶協商新的租約。總體而言，這些資產僅佔 ABR 的 2% 左右，我們完全有希望重新利用這些資產，相對快速地恢復其線上狀態，並改善底線。

These are the assets we like to have, assets with frontage, which are sought after by tenants and that can be quickly repurposed to create long-term shareholder value. During the quarter, we did not sell any assets, and we do not anticipate selling any assets during the fourth quarter of 2024. We plan to look at selling an asset or two off in the coming quarters during 2025 that we believe will generate low cap rates in the marketplace, allowing us to spread quite positively when compared with where we were acquiring today.

這些都是我們喜歡擁有的資產，具有臨街特徵的資產，受到租戶的追捧，並且可以快速重新利用以創造長期股東價值。在本季度，我們沒有出售任何資產，我們預計在 2024 年第四季度也不會出售任何資產。

Our balance sheet is very strong, and our revolving line of credit has the full capacity of $250 million available. We also do not have any debt maturities in the near term other than our ABS debt, which will be repaid in December of this year through our floating rate delayed draw term loan that we already have in place. Thank you, and let me turn it over to Tim for more detail on the quarterly numbers and guidance.

我們的資產負債表非常強勁，我們的循環信用額度已達到 2.5 億美元。除了 ABS 債務外，我們近期也沒有任何債務到期，這些債務將於今年 12 月透過我們已經擁有的浮動利率延期提取定期貸款償還。謝謝，讓我把主題交給蒂姆，讓他提供有關季度數據和指導的更多詳細資訊。

Thanks, Steve, and welcome, everyone. I'll start by going through our post-IPO capital structure. In total, we generated $253 million of net proceeds from the offering, which we used primarily to repay in total, the $166 million of borrowings outstanding on our previous revolver and term loan. We retained approximately $83 million in cash, which we expect to use to fund acquisitions and for other corporate purposes.

謝謝，史蒂夫，歡迎大家。我將首先介紹我們 IPO 後的資本結構。總體而言，我們從此次發行中獲得了 2.53 億美元的淨收益，主要用於償還先前循環貸款和定期貸款的未償還總額 1.66 億美元借款。我們保留了約 8,300 萬美元的現金，預計將用於收購和其他公司用途。

Concurrent with the IPO closing, we entered into a new $250 million revolving credit facility and a $200 million delayed draw term loan. Both term loans have an initial duration of three years with two 1-year extension options and bear interest based on adjusted SOFR plus an applicable margin of 1.2%. We also retained our $253 million of ABS notes that mature at the end of December and bear interest at a fixed rate of 3.4%.

隨著 IPO 結束，我們簽訂了一項新的 2.5 億美元循環信貸協議和一項 2 億美元延期提取定期貸款。兩筆定期貸款的初始期限均為 3 年，並可選擇兩次延期，每次 1 年，利息以調整後的 SOFR 加上 1.2% 的適用利潤率為基準。我們也保留了 2.53 億美元的 ABS 票據，該票據將於 12 月底到期，固定利率為 3.4%。

While ABS facilities are not typically found in public REIT capital stacks due to the inflexible nature of the arrangement, we felt that it was prudent to run the ABS facility through maturity beyond our IPO and capture the remaining rate differential afforded to us by the note's AA S&P credit rating. We plan to fully draw the term loan to repay the ABS notes when they mature at the end of December, together with available cash on hand and borrowings under our new revolving credit facility.

雖然由於安排的不靈活性，ABS 工具通常不會出現在公共 REIT 資本堆疊中，但我們認為，在我們 IPO 之後的到期日運行 ABS 工具並獲取票據的 AA 標準普爾信用評級為我們提供的剩餘利率差異是明智之舉。我們計劃在 12 月底 ABS 票據到期時全額提取定期貸款以償還票據，同時使用庫存現金和新循環信貸安排下的借款。

With a post-IPO pro forma leverage ratio of 3.9x, together with full $250 million of capacity available to us on our new revolving credit facility, we believe we have ample liquidity to fund the growing pipeline of accretive acquisitions Steve highlighted earlier in our call. Our $93 million of available cash allows us to execute on our growth strategy during the quarter without having to draw on our line until the end of December.

憑藉 IPO 後的 3.9 倍預計槓桿率，加上我們新的循環信貸安排可提供的 2.5 億美元全部額度，我們相信我們擁有充足的流動性來為史蒂夫早些時候在電話會議中強調的不斷增長的增值收購項目提供資金。我們擁有 9,300 萬美元的可用現金，這使我們能夠在本季度執行成長策略，而無需在 12 月底之前動用我們的資金。

Turning to guidance for the fourth quarter. Please understand that we will not provide guidance for 2025 during this call. And on a go-forward basis, we will only provide annual guidance beginning with our earnings release in the spring of 2025. We expect to report AFFO per share of between $0.32 and $0.34 per share for the fourth quarter based on a number of key assumptions.

轉向第四季的指引。請瞭解，我們不會在本次電話會議中提供 2025 年的指導。而從未來來看，我們將僅從 2025 年春季發布收益報告開始提供年度指引。

As Steve highlighted, we've been methodically building our pipeline of accretive acquisitions with over $100 million closed or under contract as of the date of this release. The important thing to highlight relative to these properties we have under contract is that these deals already have a signed PSA, so it's not necessarily a question of whether we'll close these deals.

正如史蒂夫所強調的，我們一直在有條不紊地建立我們的增值收購管道，截至本新聞稿發布之日，已完成或正在簽訂合約的價值超過 1 億美元。對於我們已簽約的這些房產，需要強調的重要一點是，這些交易已經簽署了 PSA，因此我們是否會完成這些交易並不一定是個問題。

To the extent conditions push certain closings into the early part of 2025, they'll still have a significant impact on 2025 growth rates. That said, based on progress to date, we anticipate closing more than $75 million in acquisitions by the end of the quarter.

如果條件允許，某些關閉時間會推遲到 2025 年初，但仍會對 2025 年的成長率產生重大影響。儘管如此，根據迄今為止的進展，我們預計本季末將完成超過 7,500 萬美元的收購。

Also, as Steve highlighted, we don't have any planned dispositions for the quarter. We're also guiding cash G&A to approximately $2.1 million. There may be small fluctuations in expenses, including G&A and property and operating expenses as we navigate the first quarter as a publicly traded company and determine the carrying costs on a small amount of vacant properties while we work on finding the best possible outcome that will provide the most long-term value for shareholders.

此外，正如史蒂夫所強調的那樣，我們本季沒有任何計劃的處置。我們也將現金 G&A 預期控制在約 210 萬美元。作為一家上市公司，我們將度過第一季度，並確定少量空置物業的持有成本，同時努力尋找能夠為股東提供最大長期價值的最佳結果，因此包括一般行政費用、物業和運營費用在內的費用可能會有小幅波動。

AFFO for the fourth quarter will also benefit from the 3.4% fixed rate ABS notes that, as I mentioned, will be replaced with our delayed draw term loan in late December. Lastly, at our Board meeting earlier this week, our Board declared its first quarterly dividend of $0.215 payable to shareholders of record as of 31 December 2024, payable on or before 15 January 2025.

第四季的 AFFO 也將受益於 3.4% 固定利率 ABS 票據，正如我所提到的，該票據將在 12 月底被我們的延期提取定期貸款所取代。最後，在本週稍早的董事會會議上，董事會宣布向截至 2024 年 12 月 31 日登記在冊的股東派發第一季股息 0.215 美元，股息將於 2025 年 1 月 15 日或之前支付。

This dividend represents an AFFO payout ratio of approximately 65% as we'll look to reinvest as much retained earnings as we can into our growth pipeline. We anticipate paying a quarterly dividend prospectively with a target AFFO payout ratio between 65% and 75%. With that, I'll turn it back to Steve to finish off the call.

該股息代表 AFFO 派息率約為 65%，因為我們希望將盡可能多的留存收益再投資到我們的成長管道中。我們預計將支付季度股息，目標 AFFO 派息率在 65% 至 75% 之間。說完這些，我將把電話轉回給史蒂夫，讓他結束通話。

Thanks, Tim. Let me leave you with a comment on the marketplace as we continue to build this portfolio going forward. The outparcel marketplace remains quite fragmented and has historically lacked institutional buyers and is comprised primarily of smaller, individual, less sophisticated buyers, including 1031 buyers where closing execution can be an issue.

謝謝，蒂姆。在我們繼續建立這個投資組合的過程中，請容許我給你留下一些關於市場的評論。外包市場仍然相當分散，歷史上缺乏機構買家，主要由規模較小、個人、經驗較少的買家組成，包括 1031 買家，對於這些買家來說，成交執行可能是一個問題。

Having our steady state of capital as a public company allows us to provide that surety of close, thereby separating us from other buyers and giving us the opportunity to purchase assets at above market cap rates. We are excited to continue to expand the already strong pipeline by new and repeat purchasing opportunities. We believe that FrontView is well situated to fund our remaining 2024 and 2025 acquisitions.

作為一家上市公司，我們擁有穩定的資本狀態，這使得我們提供成交保證，從而將我們與其他買家區分開來，並使我們有機會以高於市場資本化率的價格購買資產。我們很高興能夠透過新的和重複的購買機會繼續擴大已經強大的管道。我們相信，FrontView 有能力為我們剩餘的 2024 年和 2025 年收購提供資金。

With that, I will turn it back to the operator for the Q&A portion of our call today. Thank you.

說完這些，我將把話題轉回給接線生，進行今天電話會議的問答部分。謝謝。

(Operator Instructions)

（操作員指令）

Anthony Paolone, JPMorgan.

摩根大通的 Anthony Paolone。

Thanks. Good morning. I guess my first question revolves around the watch list and some of the credit items you pointed out. So I just want to clarify, the ones you noted, are those done deals that you're getting back or they're just on the watch? Just wanted to make sure I understood.

謝謝。早安.我想我的第一個問題圍繞著監視名單和您指出的一些信貸項目。所以我只想澄清一下，您提到的那些交易是已經完成並正在收回的，還是您只是在關注的？只是想確保我理解了。

Yes, they are on the watch. We believe that we will be getting those assets back. We're working through the -- with the specific tenants at this time, but officially on the watch with the expectation that they're coming back.

是的，他們正在監視。我們相信我們將會收回這些資產。我們目前正在與具體的租戶協商，但官方一直期望他們能回來。

All right. I was just going to say is there anything just more broadly that you're watching beyond those, either tenant or category-wise?

好的。我只是想說，除了這些之外，您是否還在關注更廣泛的事情，無論是從租戶還是類別角度？

Yes. No, I think we continue to watch On The Border. We have 3 On The Border assets. They are currently not delinquent in rent but watching them. And then I don't think it's a surprise that everyone is watching the pharmacies. So we're watching the Walgreens and the CVS. We have low exposure there and have been reducing our exposure over time and feel good about the remaining pharmacies that we do have -- or the remaining Walgreens we have.

是的。不，我想我們繼續看《邊境》。我們有 3 個 On The Border 資產。他們目前並沒有拖欠房租，但正在監視他們。因此我認為大家都在關注藥局也就不足為奇了。所以我們正在關注 Walgreens 和 CVS。我們在那裡的曝光率很低，並且一直在減少曝光率，並且對我們擁有的剩餘藥局或剩餘的沃爾格林感到滿意。

Tony, Randy Starr, real quick, and also to add to what Steve said of our $100-plus million under contract and under PSA negotiation now. As Steve mentioned, we have 0 pharmacy and 0 fast casual. So both of those will be continually reducing exposure.

東尼、蘭迪·斯塔爾，很快，還要補充史蒂夫所說的，我們現在的合約和 PSA 談判金額超過 1 億美元。正如史蒂夫所提到的，我們有 0 家藥局和 0 家快餐店。因此，這兩者都將不斷減少曝光。

Okay. Got it. And that kind of leads to the second one. Just on the pipeline, can you just talk a bit more about what property types comprise it? Any notable tenants? Were these all lined up one by one or any sort of smaller groups of assets? Just a little more color around those items?

好的。知道了。這又引出了第二個問題。就管道而言，您能否再詳細談談它包含哪些屬性類型？有任何值得注意的租戶嗎？這些都是逐一排列的嗎？這些物品的周圍是否多了一些色彩？

Yes. So good question. So continuing our tradition, it's highly diversified, our pipeline, and it's diversified across a number of sectors that you tend to see in the outparcel industry. I'll give you some examples, medical, dental, automotive, education, cellular and finance to name a few. We also, as Steve mentioned, have 11 new tenants, and it's diversified across 18 states.

是的。真是好問題。因此，我們將繼續保持傳統，我們的產品線高度多樣化，並且多樣化涉及包裹遞送行業中常見的多個領域。我給你舉一些例子，醫療、牙科、汽車、教育、蜂窩和金融等等。正如史蒂夫所提到的，我們還有 11 個新租戶，遍布 18 個州。

And in terms of -- most of these were sourced one or two or three at a time. It's really how we source deals from, I would say, our strong brokerage relationships, which we've been cultivating since we formed the REIT in 2016, 2017 but also repeat sellers. We do have a small portfolio of a really strong and we're very excited about this in urgent care of a few properties, but the majority of these are sourced one or two at a time and hand selected.

就 — — 其中大多數都是一次採購一、二或三個。我想說，這實際上是我們如何從強大的經紀關係中獲得交易的，自 2016 年、2017 年成立房地產投資信託基金 (REIT) 以來，我們一直在培養這種關係，同時也培養回頭客。我們確實擁有一批非常強大的小型投資組合，並且我們對此感到非常興奮，因為我們需要緊急處理一些房產，但其中大多數都是一次採購一兩處並經過精心挑選。

Okay. And just last item on just that pipeline. Just any comment on the embedded bumps that come with it?

好的。這只是該管道上的最後一個項目。對於隨之而來的嵌入式凸起有什麼評論嗎？

I would say, sticking with what we look at the -- I would say, 99% have rent bumps either annual or 10% every five years, pretty custom in the industry. And I would say probably continuing our average of about 1.7% annual bumps per year in line with the portfolio.

我想說，堅持我們所看到的——我想說，99% 的公司的租金每年都會上漲或每五年上漲 10%，這在行業中相當常見。我想說我們每年的增幅可能會與投資組合保持平均約 1.7% 的水平一致。

John Kilichowski, Wells Fargo.

富國銀行的約翰‧基利喬斯基 (John Kilichowski)。

Good morning. Congrats on a successful launch and first publicly reported earnings here. I'll start with the fourth quarter guidance. Could you just give us some color on maybe the low and the high end in terms of what you're contemplating around acquisition volumes and yields? And then maybe anything else materially variable in there?

早安.恭喜您成功發布並首次公開報告收益。我將從第四季的指導開始。就收購量和收益而言，您能否為我們介紹一下最低和最高的數字？那麼其中可能還存在其他實質變數嗎？

Yes. Good morning, John, thank you for the comments. So if you think about where we are today, obviously, we're pretty close. We're halfway through the fourth quarter. So we feel really good about the guidance range.

是的。早安，約翰，謝謝你的評論。所以如果你想想我們今天的狀況，顯然我們已經很接近了。我們已經進行了第四節的一半。因此，我們對指導範圍感到非常滿意。

When it comes to the volume of acquisitions, the cap rates on those acquisitions, generally speaking, they're not going to move the needle too much, just given how far we are into Q4. So really, as I think about the downside risk, upside potential is really just thinking about portfolio costs and G&A, just trying to get our way through the first quarter as a publicly traded company. We think we know about all the costs, but there could be some that pop up. So I think that's really the only risk of upside or downside is, what does the cost profile look like.

至於收購的數量和這些收購的資本化率，一般來說，它們不會產生太大的影響，只是考慮到我們已經進入第四季。所以，當我考慮下行風險時，上行潛力其實只是考慮投資組合成本和一般及行政費用，只是試圖讓我們作為一家上市公司度過第一季。我們認為我們知道所有的成本，但可能會有一些成本突然出現。因此，我認為實際上唯一的上行或下行風險是成本狀況如何。

Okay. Got it. And then, Steve, a comment that you made sort of as you're thinking about cap rates moving from fourth quarter into the early part of 2025. I know it's early for a full year view. But I guess, how does that differ from maybe where we were a couple of months ago? Has your view on cap rates changed at all looking out over the next three to six months?

好的。知道了。然後，史蒂夫，你剛才提到，你正在考慮將資本化率從第四季度轉移到 2025 年初。但我想，這跟幾個月前的情況有什麼不同？您對未來三到六個月的資本化率的看法有改變嗎？

Yes. No, I think what would like to say there is we're actually coming in a little bit higher than we had planned a couple of months ago, certainly in the fourth quarter. And we're very happy with a number of the acquisitions that we had acquired. And remembering that we're buying these differently sort of as the bigger institution sort of going up against the little guy and providing surety of close. So we found a lot of opportunities to take advantage of that in the fourth quarter, which helped push cap rates up.

是的。不，我想說的是，我們的實際收入比幾個月前的計畫要高一點，肯定是在第四季。我們對於所完成的許多收購感到非常高興。請記住，我們購買這些產品的方式不同，大型機構與小型機構競爭，並提供關閉擔保。因此，我們在第四季度發現了許多利用這一點的機會，這有助於提高資本化率。

And we think certainly, that is going to continue. But as you continue to move into Q1, there was a little bit of, let's just say, low-hanging fruit that we were able to capitalize on. And as a result, we think that cap rates for the first quarter will come in a little bit. We've got a pretty good line of sight right now into the pipeline that we expect will be closing into Q1, and I think a good bulk of that hopefully closing into the earlier parts of Q1.

我們當然認為，這種情況將會持續下去。但隨著進入第一季度，我們能夠利用一些唾手可得的成果。因此，我們認為第一季的資本化率將會上升。我們現在對預計在第一季完成的管道有了很好的了解，我認為其中的大部分預計將在第一季初期完成。

So we feel good saying sort of that mid-7s coming down just a little bit. And obviously, if we've got those opportunities to acquire those same assets at elevated cap rates based on those situations, we're going to continue to do so.

因此，我們很高興地宣布 7 月份中段的數字將會略有下降。顯然，如果我們有機會以基於這些情況的較高資本化率收購相同資產，我們將繼續這樣做。

Okay. Great. And then last one for me, just the term fees. Could you break down what those were and if there's any that are embedded into your 4Q guide?

好的。偉大的。對我來說最後一個是學期費用。您能否詳細說明一下這些內容是什麼以及其中是否有任何內容嵌入到您的 4Q 指南中？

John, could you repeat that question?

約翰，你能重複這個問題嗎？

Yes. Just on the term fees in the quarter, could you break down what comprised of that $747,000 number? And then kind of part two of that would be if there's any term fees that are baked into your 4Q guide?

是的。僅就本季的學期費用而言，您能否詳細解釋一下 747,000 美元的組成？然後第二部分是，您的第四季指南中是否包含任何學期費用？

Got it. You're talking about lease termination fees. Yes, sure. I'm going to answer it kind of backwards. So generally speaking, we don't forecast lease termination fees just given they're not part of our core business, and that's also why we added back for AFFO purposes. We do not take the benefit of lease termination fees, even though they are a replacement essentially of lost rents.

知道了。您說的是租賃終止費用。是的，當然。我將以倒敘的方式回答這個問題。因此，一般來說，我們不會預測租賃終止費用，因為它們不是我們核心業務的一部分，這也是我們為了 AFFO 目的而添加的原因。我們不享有終止租約費用的福利，儘管它們本質上是彌補損失的租金。

So we had about $747,000 during the quarter, primarily split between two tenants. One of them, just as we've talked about before, really good real estate, already have a lease in place with one of our top tenants at full replacement cost. So really happy about that. And then the second one related to a cellular tenants who was in a multi-tenant location that we terminated, still working through re-leasing that property, but still have another tenant within that property that's leased and paying rent right now.

因此，本季我們的收入約為 747,000 美元，主要分給兩個租戶。其中之一，正如我們之前談到的，確實是優質的房地產，已經與我們的一位頂級租戶簽訂了租約，租約為全額重置成本。我真的很高興。第二個案例與一個蜂窩租戶有關，該租戶位於一個我們終止了租賃的多租戶地點，仍在努力重新租賃該物業，但該物業內仍有另一個租戶已租賃並正在支付租金。

Joshua Dennerlein, Bank of America.

美國銀行的 Joshua Dennerlein。

This is Farrell Granath on behalf of Josh Dennerlein. I wanted to ask, of your pipeline, I was curious how much of that was either pre or post IPO in the sourcing?

這是 Josh Dennerlein 的代表 Farrell Granath。我想問一下，你們的頻道中有多少是在 IPO 之前或之後購買的？

Hey, Farrell. I would say it's a combination. I would say we -- when we met you all in August, we were starting to really source the pipeline and kicking it off, I would say, mid- to late August. And so we've been able to source it, I would say, quite quickly and efficiently and taking advantage of our favorable position in the market. So I would say probably about 50-50 has been pre-IPO and then post-IPO. We are very excited to have the ability to now source deals and leverage our position in the market.

嘿，法雷爾。我想說這是一種結合。我想說的是，當我們八月與大家見面時，我們才開始真正尋找管道並啟動它，我想說，是在八月中下旬。因此，我想說，我們能夠相當快速、有效地找到它，並利用我們在市場上的有利地位。因此，我想說，IPO 前和 IPO 後的比例大概各佔一半。我們非常高興現在能夠獲得交易機會並充分利用我們在市場上的地位。

So -- and as I mentioned to you all when we met, the more you transact, the more you see. And this is a very opportune time now. There are sellers across the country who have been holding on hoping that rates would have fallen faster than they have, and many are now in a position where they do need to sell, and it puts us in a very favorable position.

所以 — — 正如我們見面時我跟大家提到的那樣，交易越多，看到的就越多。現在是一個非常有利的時機。全國各地的賣家都在堅持希望利率下降的速度會比現在更快，現在許多賣家確實需要出售，這使我們處於非常有利的地位。

Great. And I guess a follow-up on that, especially in your strategy of sourcing, how you receive a lot of inbound or repeat sellers? Have you seen an uptick in that since going public?

偉大的。我想對此進行後續關注，特別是在您的採購策略中，您如何接收大量入站賣家或回頭客？自上市以來，您是否看到過這種情況的上升？

Yes. So good question. We are seeing a number of our transactions are with repeat sellers, and that has continued. We've been sourcing from repeat sellers literally since we really started because our ability to transact efficiently and close and have a transparent process, sellers remember that, and it's highly efficient for them, and we expect that to continue. So yes, I would say a meaningful percentage of our pipeline are from repeat sellers, and we expect that to continue.

是的。真是好問題。我們發現很多交易都是與重複賣家進行的，而且這種情況一直持續著。自從我們真正開始以來，我們一直在從回頭客那裡採購，因為我們能夠高效地交易和成交，並且擁有一個透明的流程，賣家會記住這一點，而且這對他們來說非常高效，我們希望這種情況能夠繼續下去。所以是的，我想說我們的頻道中很大一部分來自回頭客，我們希望這種情況能持續下去。

And sorry. And have you seen any increase, I guess, from either inbounds or inquiries coming towards your team following your IPO?

我很抱歉。我想，在你們 IPO 之後，你們團隊接到的業務或諮詢是否有增加呢？

Yes. Absolutely, we have. And especially the more active you are in the market, the more you see. So we expect that to continue. So the answer is yes.

是的。當然，我們有。特別是你在市場上越活躍，你看到的就越多。因此我們預計這種情況將會持續下去。所以答案是肯定的。

Dan Guglielmo, Capital One Securities.

古列爾莫（Dan Guglielmo），Capital One Securities。

Hey, everyone. Thanks for taking my questions. The first one on the transaction side. I know historically, there have been many domestic private buyers in the outparcel market. So have you seen more of those buyers reenter now that short-term rates have started to fall? Or have they kind of stayed on the sideline?

嘿，大家好。感謝您回答我的問題。第一個是交易方面。我知道，從歷史上看，外包市場上有很多國內私人買家。那麼，現在短期利率開始下降，你是否看到更多買家重新進入市場？還是他們一直處於觀望狀態？

Yes. No, I think the general volume of buyers has remained over the last several months relatively static. We have not seen an uptick or an increase with the recent cuts. I think that it takes a little bit of time for these rate cuts to flow into the system and then make their way down the food chain to that level and type of smaller buyer that we're seeing. So no, there has not been any big uptick with the recent rate cuts.

是的。不，我認為過去幾個月的買家總量保持相對穩定。我們沒有看到最近的削減出現上漲或增加。我認為，這些降息措施需要一點時間才能融入系統，然後透過食物鏈傳遞到我們看到的那個等級和類型的小買家。因此，最近的降息並沒有帶來任何重大的上漲。

And I would add just one thing to that. A lot of these smaller buyers rely on the middle market and smaller community banks, which are not aggressive in lending right now. So I would say there's a lack of liquidity for the smaller buyers. And again, this is a very opportune time for us.

我只想補充一點。許多小型買家依賴中型市場和小型社區銀行，而這些銀行目前的放款熱情並不積極。所以我認為小買家缺乏流動性。這對我們來說是一個非常有利的時機。

Great. I appreciate that. Yes, it sounds like a good environment. And then when thinking kind of through the broker network and then the robust kind of screening process for deals. Are there certain states or regions that have been showing up more in that screening process than kind of you've seen historically?

偉大的。我很感激。是的，聽起來環境不錯。然後透過經紀人網絡進行思考，然後進行嚴格的交易篩選流程。某些州或地區在篩檢過程中出現的次數是否比歷史上任何時候都多？

So it's interesting, our pipeline is diversified across 18 states. And so we're continuing our tradition of being diversified literally across the country. So I would say we do not have a major presence, as you know, or really much of a presence at all on the West Coast. So I would say the Southeast, definitely, I would say the Mid-Atlantic and probably the Midwest, I would say, if you see. So I would say Southeast and I would include Texas with that -- from Florida to Texas and then up through Virginia and Maryland, and then I would say up and then the Midwest as well. So a big region in the country.

有趣的是，我們的管道遍布 18 個州。因此，我們將繼續在全國推行多角化經營的傳統。所以我想說，如你所知，我們在西海岸並沒有佔據重要地位，或者說根本沒有太多影響力。因此，我會說是東南部，肯定會是中大西洋地區，也可能是中西部，如果你看到的話。所以我會說東南部，包括德克薩斯州——從佛羅裡達州到德克薩斯州，然後到維吉尼亞州和馬裡蘭州，然後我會說向上，然後是中西部。該國有一大片地區。

(Operator Instructions)

（操作員指令）

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones. Starting with the $0.33 in 4Q at the midpoint of guidance. Just wondering if there's any sort of one-timers, puts and takes, anything in there? Or is that sort of a good annualizing jumping off point as we're thinking about next year?

只需簡單兩點。從第四季的指導中點 0.33 美元開始。只是想知道其中是否有任何類型的一次性事件、投入和產出，什麼嗎？或者說，當我們考慮明年時，這是否是一個很好的年度起點？

Yes. Thanks for the question, Ron. So I would think about it really, and as we kind of move forward into 2025, with the ABS facility that we have in place right now at 3.4% as that gets replaced with the delayed draw term loan, some borrowings on the revolver at the end of the year, there's certainly going to be some downward pressure just from a rate perspective.

是的。謝謝你的提問，羅恩。所以我會認真考慮這個問題，隨著我們進入 2025 年，我們目前實施的 ABS 工具利率為 3.4%，隨著它被延期提取定期貸款、年底循環信貸的一些借款所取代，從利率角度來看肯定會有一些下行壓力。

Obviously, with SOFR at 4.6% today, a lot of speculation where rates are going to go. It's certainly putting some drag. So I think that and what I would say to future, and obviously, we're still putting together 2025 forecasting what it looks like. But I think the way that I would suggest looking at our growth profile is really looking at it on a pro forma basis to say, had we replaced and refinanced that ABS facility at the beginning of the quarter, that would probably be the better way to think about prospective growth profile.

顯然，目前 SOFR 為 4.6%，人們對利率走向有許多猜測。這肯定會帶來一些阻力。所以我認為，我對未來的看法是，顯然，我們仍在預測 2025 年的情況。但我認為，我建議看待我們成長狀況的方式實際上是從形式上看待它，如果我們在本季度初更換並再融資該 ABS 設施，這可能是思考未來成長狀況的更好方式。

So I think what you'll see is obviously a little bit of a dip in Q1 and then into Q2 and Q3 ratcheting back up. So unfortunately, the interest rate is putting a little bit of drag on that.

因此我認為您顯然會看到第一季出現小幅下滑，然後第二季和第三季回升。因此不幸的是，利率對此造成了一點阻礙。

Great. Makes sense. And then just I wanted to switch gears to sort of the tenant. I think you talked about the watch list, which was super helpful. But I guess I'm wondering if you sort of take a step back, maybe remind us what the experience has been in terms of the bad debt.

偉大的。有道理。然後我想轉換話題來談談租戶。我覺得你談到了觀察名單，這非常有幫助。但我想知道您是否可以退一步來看看，也許可以提醒我們壞帳方面的經驗。

And then when you sort of sum it all up with this watches and so forth, how should we think about sort of that magnitude versus historical, and what it could be sort of next year?

然後，當您透過這些手錶等總結這一切時，我們應該如何看待這種規模與歷史的對比，以及明年的情況會如何？

Yes. Tim will talk specifically on the bad debt, and I'll just sort of conceptually talk about historically what has happened when we have taken assets back. And net-net, when you look at the assets that we've taken back over the time, really since inception, we're sitting at a net increase in value/income. So of course, again, as I mentioned, it can be a little bit of a short-term struggle as you're carrying assets.

是的。蒂姆將專門談論壞帳問題，而我將從概念上談談歷史上當我們收回資產時發生了什麼。而淨淨值，當你看我們隨著時間的推移所收回的資產時，實際上自成立以來，我們的價值/收入處於淨增長狀態。所以當然，正如我剛才提到的，由於你持有資產，所以這可能會是一場短期鬥爭。

But at the end of the day, when we get these assets back, which are well-located assets with frontage that are desirable to a lot of tenants of the assets that we have across the portfolio and the assets that we're continuing to acquire, when we get something back, which obviously is not something that happens frequently, but we can actually repurpose that.

但最終，當我們收回這些資產時，這些資產位置優越，具有臨街的條件，對於我們投資組合中的資產和我們正在繼續收購的資產的許多租戶來說都是理想的，當我們收回一些東西時，這顯然不是一件經常發生的事情，但我們實際上可以重新利用它們。

And again, another differentiating factor sort of about our team versus a lot of others is our history in this space, like we are equipped, and we are ready and we are able to take advantage of opportunities when we get an asset back and make improvements through re-tenanting, re-developing or re-leasing. So we see those as opportunities.

再次，我們團隊與其他團隊的另一個區別因素是我們在這個領域的歷史，例如我們已做好準備，當我們收回資產時，我們能夠利用機會，並透過重新租賃、重新開發或重新租賃來進行改進。因此我們將這些視為機會。

I think generally speaking, what we've seen, I don't think there should be any major changes to what we're expecting going forward. I think we had a tiny bit of bad luck over the last couple of months with a few of the tenants. And hopefully, those will roll back into the income statement here coming up in the next several months or into late '25. And we feel obviously very good about the pipeline, feel great about the quality of those tenants.

我認為總體而言，就我們所看到的而言，我們對未來的預期不會有任何重大變化。我認為過去幾個月我們和一些租戶有些不太幸運。希望這些能夠在未來幾個月或 2025 年末重新回到我們的損益表中。我們顯然對這些管道感到非常滿意，對這些租戶的品質感到非常滿意。

And as you know, from an asset management standpoint, we are always actively in touch and have a lot of tenant outreach within that space. So we're continuing to monitor our asset base and tenants.

如您所知，從資產管理的角度來看，我們始終積極保持聯繫，並與該領域的大量租戶保持聯繫。因此，我們將繼續監控我們的資產基礎和租戶。

Yes. And just piggybacking off of that. So while we obviously have some tenants on the watch list and a little bit of -- we're expecting a little bit of an uptick in bad debt for Q4. But if we think about it on a full year basis, we're running at about 91 basis points as a percentage of cash NOI.

是的。然後就順便提一下。因此，雖然我們顯然有一些租戶在關註名單上，而且我們預計第四季度的壞帳會略有增加。但如果我們以全年為基礎來考慮，我們的現金淨營運收入佔比約為 91 個基點。

So right in line with what we've typically expected around 1%. It ebbs and flows. So we'll obviously provide some more insights as we get into the beginning of the year and as we start to forecast 2025, but in line with historical run rates on bad debt.

這與我們通常預期的 1% 左右一致。它時而漲潮，時而退潮。因此，當我們進入年初並開始預測 2025 年時，我們顯然會提供更多見解，但與壞帳的歷史運行率一致。

And that was our final question from our audience today. I will turn it back to our management team for any additional or closing remarks.

這是今天聽眾提出的最後一個問題。我將把這個問題轉交給我們的管理團隊，以便他們做出補充或結束語。

Thank you, everybody, for your time today. We appreciate that, and we look forward to continuing to build the company and increase the asset base and look forward to reporting again soon.

謝謝大家今天抽出時間。我們對此表示感謝，並期待繼續建立公司、增加資產基礎，並期待很快再次報告。

Ladies and gentlemen, this does conclude today's conference, and we thank you all for your participation. You may now disconnect your lines.

女士們、先生們，今天的會議到此結束，感謝大家的參與。現在您可以斷開線路了。