Global Net Lease Inc (GNL) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Global Net Lease Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加 Global Net Lease 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Jordyn Schoenfeld, associate at Global Net Lease. Please, go ahead.

我現在想把會議交給 Global Net Lease 的合夥人 Jordyn Schoenfeld。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining us for GNL's Third Quarter 2023 Earnings Call.

謝謝。大家下午好，感謝您參加我們的 GNL 2023 年第三季財報電話會議。

Joining me today on the call are Mike Weil and Jim Nelson, GNL's Co-Chief Executive Officer; and Chris Masterson, GNL's Chief Financial Officer.

今天與我一起參加電話會議的有 GNL 聯合執行長 Mike Weil 和 Jim Nelson；以及 GNL 財務長 Chris Masterson。

The following information contains forward-looking statements, which are subject to risks and uncertainties. Should one or more of these risks or uncertainties materialize, actual results may differ materially from those expressed or implied by the forward-looking statements. We refer all of you to our SEC filings, including the Form 10-K for the year ended December 31, 2022, filed on February 23, 2023, and all other filings with the SEC after that date for a more detailed discussion of the risk factors that could cause these differences.

以下資訊包含前瞻性陳述，這些陳述存在風險和不確定性。如果這些風險或不確定性中的一項或多項成為現實，實際結果可能與前瞻性陳述明示或暗示的結果有重大差異。我們請大家參閱我們向SEC 提交的文件，包括2023 年2 月23 日提交的截至2022 年12 月31 日的年度10-K 表格，以及該日期之後向SEC 提交的所有其他文件，以更詳細地討論風險可能導致這些差異的因素。

Any forward-looking statements provided during this conference call are only made as of the date of this call. As stated in our SEC filings, GNL disclaims any intent or obligation to update or revise these forward-looking statements, except as required by law. Any statements referring to the future value of an investment in GNL including any adjustments giving effect to the recently completed merger with The Necessity Retail REIT Inc. defined as RTL and the subsequent internalization of both GNL and RTL's advisory and property management functions as well as any projections about any potential success following the merger and internalization are also forward-looking statements.

本次電話會議期間提供的任何前瞻性陳述僅截至本次電話會議之日作出。正如我們在 SEC 備案文件中所述，除法律要求外，GNL 不承擔任何更新或修改這些前瞻性陳述的意圖或義務。任何涉及 GNL 投資未來價值的聲明，包括最近完成的與 The Necessity Retail REIT Inc. 合併（定義為 RTL）以及隨後 GNL 和 RTL 的諮詢和物業管理職能內部化以及任何調整的調整關於合併和內部化後任何潛在成功的預測也是前瞻性陳述。

There are a number of risks associated with the merger internalization, including, but not limited to, our ability to integrate the operations of RTL and the other entities acquired in the merger and internalization. We may not realize the anticipated synergies and other benefits of the merger or the internalization or do so within our anticipated time frame.

合併內部化存在許多風險，包括但不限於我們整合 RTL 和在合併和內部化中收購的其他實體的營運的能力。我們可能無法實現合併或內部化的預期綜效和其他好處，也可能無法在我們預期的時間範圍內實現。

Also, during today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance. These measures should not be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP. A reconciliation of these measures to the most directly comparable GAAP measure is available in our earnings release and supplement, which are posted to our website. Please also refer to our earnings release for more information about what we consider to be implied investment-grade tenants, a term we will use throughout today's call.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標有助於評估公司的財務表現。這些措施不應被孤立地考慮，也不應取代我們根據公認會計準則編制的財務表現。這些指標與最直接可比較的 GAAP 指標的調整可在我們發佈在我們網站上的收益發布和補充中找到。另請參閱我們的收益報告，以了解有關我們認為的隱含投資級租戶的更多信息，我們將在今天的電話會議中使用該術語。

I'll now turn the call over to our Co-CEO, Mike Weil. Mike?

我現在將把電話轉給我們的聯合執行長 Mike Weil。麥克風？

Thanks, Jordyn, and good afternoon, everyone.

謝謝喬丁，大家下午好。

Welcome to our first earnings call following the merger with The Necessity Retail REIT and corresponding internalization transaction. We recognize how vital our shareholders are to our continued success, and we appreciate the great conviction our investors demonstrated in support of the merger and internalization. The success of the merger and internalization has created the third largest publicly traded net lease REIT with a global presence based on gross asset value as well as corporate governance in line with our internalized peers.

歡迎參加我們與 The Necessity Retail REIT 合併以及相應的內部化交易後的第一次財報電話會議。我們認識到股東對我們持續成功的重要性，我們也感謝投資者在支持合併和內部化方面所表現出的堅定信念。合併和內部化的成功創建了第三大公開交易的淨租賃房地產投資信託基金，其在全球範圍內的總資產價值以及與我們內部化同行一致的公司治理。

The foundation of our global presence is a diversified portfolio of high-quality tenants, which gives us the flexibility to focus on attractive opportunities in multiple markets that will contribute to long-term shareholder value. Our recently completed merger and internalization creates the path for GNL to trade up to our net lease peer multiples. We believe we are clearly undervalued on an AFFO multiple basis compared to the other internalized REITs, even though the quality of our rental income and investment grade-worthy tenants are substantially higher than the average in our industry.

我們全球業務的基礎是多元化的優質租戶組合，這使我們能夠靈活地專注於多個市場中有吸引力的機會，從而為長期股東價值做出貢獻。我們最近完成的合併和國際化為 GNL 達到我們的淨租賃同業倍數創造了途徑。我們認為，與其他內部化房地產投資信託基金相比，我們的 AFFO 倍數顯然被低估，儘管我們的租金收入和投資等級租戶的品質大大高於我們行業的平均水平。

We closed the merger and the internalization transaction on September 12. Accordingly, the third quarter financial results reflect 73 days of stand-alone pre-merger GNL and only 19 days of post-merger internalized GNL and RTL results. The company is currently on track to achieve the $75 million of annualized cost savings we anticipated in conjunction with the merger and internalization.

我們於 9 月 12 日完成了合併和內部化交易。因此，第三季財務表現反映了 73 天的合併前獨立 GNL 和僅 19 天的合併後內部化 GNL 和 RTL 結果。該公司目前預計將透過合併和內部化實現我們預期的 7500 萬美元的年度成本節約。

To this point, based on 19 days of lower-than-expected G&A expenses, GNL has exceeded the projected synergies by $2 million, capturing $56 million of annualized synergies, and we remain on track to capture the $75 million worth of total synergies with a projected 6% G&A operating expense by Q3 2024. In addition, GNL reduced its quarterly dividend per share from $0.40 premerger to $0.354 as part of the merger, reducing the amount of cash needed to fund the dividends by approximately $42 million on an annualized per share basis as of September 30, 2023. Together, without the assumption of any incremental acquisitions or external growth, GNL expects to reduce its payout ratio and continue to execute on its current business plan, including leasing, renewals and strategic disposition initiatives.

到目前為止，基於 19 天低於預期的一般管理費用，GNL 已超出預期協同效應 200 萬美元，實現了 5600 萬美元的年度協同效應，並且我們仍有望實現價值 7500 萬美元的總協同效應預計到2024 年第三季度，G&A 營運費用將達到6%。此外，作為合併的一部分，GNL 將每股季度股息從合併前的0.40 美元減少至0.354 美元，從而將每股年化股息所需的現金減少約4,200 萬美元截至2023 年9 月30 日。在不假設任何增量收購或外部成長的情況下，GNL 預計將降低其派息率並繼續執行其當前的業務計劃，包括租賃、續約和策略處置計劃。

Our leading portfolio of over 1,300 properties spans nearly 67 million square feet, and we had a gross asset value of $9.2 billion at quarter end. The diverse makeup of our net lease portfolio is unmatched, whether measured by geography, asset type, tenant or industry, which positions GNL well to navigate external macro challenges as we move ahead. The portfolio is over 96% leased with a weighted average remaining lease term of 6.9 years. Geographically, 81% of our straight-line rent is earned in North America, while 19% comes from Europe. Additionally, the portfolio includes contractual rent increases with an average annual rental increase of 1.3%. The portfolio also features a stable tenant base with an industry-leading 58% receiving an investment-grade or implied investment-grade credit rating.

我們的領先投資組合由 1,300 多處房產組成，面積近 6,700 萬平方英尺，截至季末的總資產價值為 92 億美元。無論是從地理位置、資產類型、租戶或行業來衡量，我們的淨租賃投資組合的多元化組成都是無與倫比的，這使 GNL 在我們前進的過程中能夠很好地應對外部宏觀挑戰。該投資組合超過 96% 已出租，加權平均剩餘租賃期為 6.9 年。從地理位置來看，我們 81% 的直線租金來自北美，19% 來自歐洲。此外，該投資組合還包括合約租金上漲，平均年租金上漲1.3%。該投資組合還擁有穩定的租戶基礎，其中 58% 的租戶獲得投資等級或隱含投資等級信用評級，處於行業領先地位。

I also want to highlight the strong asset management capabilities we demonstrated while continuing to succeed with leasing and renewal activity. In particular, our third quarter leasing and renewal activity included 1.8 million square feet across the entire portfolio. Leasing spreads on renewals were 5% higher than the expiring rent.

我還想強調我們在繼續成功開展租賃和續約活動的同時所展示的強大資產管理能力。特別是，我們第三季的租賃和續訂活動包括整個投資組合中的 180 萬平方英尺。續租時的租賃利差比到期租金高出 5%。

Our largest segment is industrial and distribution with 218 properties that span over 33.6 million square feet and contributed $229 million to annualized straight-line rent. 93% of the leases in this portfolio include favorable rent escalations with an average annual rental increase of 1.6%, positioning the portfolio to benefit from annual rental income while having 8-year weighted average lease term.

我們最大的部門是工業和分銷部門，擁有 218 處房產，面積超過 3,360 萬平方英尺，年化直線租金貢獻了 2.29 億美元。該投資組合中 93% 的租賃包括有利的租金上漲，平均年租金漲幅為 1.6%，使該投資組合能夠從年度租金收入中受益，同時擁有 8 年加權平均租賃期限。

Our single-tenant retail segment is the largest by property count with 886 properties that span over 7.9 million square feet and contributed $153 million to annualized straight-line rent. The single-tenant retail segment comprises 69% investment-grade or implied investment-grade rated tenants and features an 8.4 year weighted average lease term.

從物業數量來看，我們的單租戶零售部門是最大的，擁有 886 個物業，面積超過 790 萬平方英尺，為年化直線租金貢獻了 1.53 億美元。單一租戶零售業包括 69% 的投資等級或隱含投資等級租戶，加權平均租賃期間為 8.4 年。

The multi-tenant suburban retail segment includes 109 properties that span over 16.4 million square feet and contributed $199 million in annualized straight-line rent. The portfolio has a weighted average remaining lease term of 5.1 years and includes 21% of grocery-anchored centers, which are 91.3% leased. This segment is predominantly comprised of triple-net leases with incremental lease-up potential and attractive leasing spreads, with 61% of the straight-line rent in this portfolio coming from the Sunbelt markets, which continue to grow and have favorable demographic tailwinds.

多租戶郊區零售業包括 109 個物業，面積超過 1,640 萬平方英尺，年化直線租金貢獻 1.99 億美元。該投資組合的加權平均剩餘租賃期為 5.1 年，其中包括 21% 的雜貨中心，其中 91.3% 已出租。該細分市場主要由三重淨租賃組成，具有增量租賃潛力和有吸引力的租賃利差，該投資組合中 61% 的直線租金來自陽光地帶市場，該市場持續增長並具有有利的人口優勢。

Our smallest segment, single-tenant office includes 91 properties that span 8.9 million square feet, contributed $146 million to annualized straight-line rent and has a 5.1-year weighted average lease term. One of the metrics that differentiates the single-tenant office portfolio is that it consists of 71% mission-critical facilities, which we define as headquarters, lab or R&D facilities and feature 70% investment-grade or implied investment-grade tenants, which we believe provides rent stability and low level of default risk.

我們最小的單租戶辦公室包括 91 處房產，面積 890 萬平方英尺，年化直線租金貢獻 1.46 億美元，加權平均租賃期限為 5.1 年。區分單一租戶辦公室組合的指標之一是，它由71% 的關鍵任務設施組成，我們將其定義為總部、實驗室或研發設施，並具有70% 的投資級或隱含投資級租戶，我們將其定義為投資等級或隱含投資等級租戶。相信提供租金穩定性和低水準的違約風險。

Given GNL's successful track record of lease renewals, the single-tenant office segment also includes limited near-term lease maturities, minimizing the risk of vacancy. An additional hallmark of our total portfolio strategy is the mitigation of concentration risk. Our top 10 tenants collectively account for only 21% of annual straight-line rent with our largest tenant accounting for only 3.1% of our total portfolio. This high-quality tenant roster provides a highly predictable base of rental income on which to build our future as our tenants provide stability and durability to our business.

鑑於 GNL 在續約方面的成功記錄，單一租戶辦公部門還包括有限的近期租賃期限，從而最大限度地降低了空置風險。我們整體投資組合策略的另一個特點是降低集中風險。我們的前 10 位租戶總共僅佔每年直線租金的 21%，而我們最大的租戶僅占我們總投資組合的 3.1%。這個高品質的租戶名冊提供了高度可預測的租金收入基礎，為我們的未來奠定了基礎，因為我們的租戶為我們的業務提供了穩定性和持久性。

Our leasing results continue to illustrate the quality of our assets, driving leasing rates higher even in the current environment. The single-tenant segment completed 8 new leases and renewals and showcased a positive 7% renewal leasing spread, demonstrating the strong renewal demand for our mission-critical assets while adding $5 million to net straight-line rent.

我們的租賃業績繼續說明了我們的資產質量，即使在當前環境下也推高了租賃率。單一租戶部門完成了 8 個新租賃和續租，並呈現 7% 的正續租租賃價差，顯示對我們的關鍵任務資產的強勁續租需求，同時淨直線租金增加了 500 萬美元。

The multi-tenant segment completed 92 new leases and renewals, resulting in a positive 4.1% renewal spread, consistent with the high demand we're experiencing at our suburban shopping centers, which increased net straight-line rent by $11.8 million. Our executed leases at the end of the third quarter 2023, combined with our leasing pipeline as of November 1, 2023, will raise occupancy in our multi-tenant portfolio to 92.9%, up from 89.5% of actual occupancy at the end of June 30, 2023, at RTL.

多租戶部門完成了 92 份新租賃和續租，續租價差為 4.1%，這與我們郊區購物中心的高需求一致，這使淨直線租金增加了 1,180 萬美元。我們在2023 年第三季末執行的租賃，加上截至2023 年11 月1 日的租賃管道，將把我們多租戶投資組合的入住率提高到92.9%，高於6 月30 日末實際入住率的89.5% ，2023 年，RTL。

Turning to the balance sheet. Although only 18% of our debt is variable, the volatile interest rate environment we're currently experiencing does temporarily impact the portion of our debt that is not fixed or swapped. Prior to the 100 basis point increase in the 10-year treasury rate since September, we secured a $500 million increase to our credit facility through our accordion, bringing the facility to $1.95 billion. Additionally, prior to the completion of the merger, RTL completed a $260 million commercial mortgage-backed security loan encumbered by 29 multi-tenant properties that we assumed as part of the merger. The loan has a 10-year term and is interest only at an attractive rate of 6.45%. We're pleased to be able to achieve this by utilizing a SOFR swap lock of 3.54% that RTL put in place prior to closing the loan before the merger. This CMBS loan contributes to our increased weighted average debt maturity while lowering our cost of capital and further increasing the percentage of fixed rate to over 82%. These transactions have further enhanced our balance sheet flexibility.

轉向資產負債表。儘管我們的債務中只有 18% 是可變的，但我們目前所經歷的波動的利率環境確實會暫時影響我們未固定或交換的部分債務。自 9 月以來 10 年期公債利率上調 100 個基點之前，我們透過手風琴確保信貸額度增加 5 億美元，使信貸額度達到 19.5 億美元。此外，在合併完成之前，RTL 完成了一筆 2.6 億美元的商業抵押貸款支持擔保貸款，該貸款由 29 處多租戶房產抵押，我們假設這些房產是合併的一部分。該貸款期限為 10 年，利息僅 6.45%，極具吸引力。我們很高興能夠透過利用 RTL 在合併前關閉貸款之前實施的 3.54% 的 SOFR 掉期鎖定來實現這一目標。這筆 CMBS 貸款有助於提高我們的加權平均債務期限，同時降低我們的資本成本，並將固定利率百分比進一步提高到 82% 以上。這些交易進一步增強了我們資產負債表的靈活性。

We'll continue to focus on opportunities that will help us achieve our financial goals, which include reducing net debt to adjusted EBITDA and organically increasing NOI through lease-up and contractual embedded rent growth. This will also be accomplished in the near term through strategic dispositions and the continued success of our asset management platforms, leasing and renewal activity. The strategic dispositions will be intended to delever our balance sheet as we intend to use the proceeds to pay down additional variable rate debt that currently has a blended average rate of 7.2%.

我們將繼續關注有助於我們實現財務目標的機會，其中包括減少調整後 EBITDA 的淨債務，以及透過租賃和合約內嵌租金成長有機增加 NOI。這也將在短期內透過策略部署以及我們的資產管理平台、租賃和更新活動的持續成功來實現。策略配置的目的是去槓桿化我們的資產負債表，因為我們打算用所得款項來償還額外的可變利率債務，目前混合平均利率為 7.2%。

GNL will continue to evaluate the market for accretive acquisitions, but we believe current risk-adjusted returns need to improve for the company to be more active. We'll continue reviewing and monitoring our portfolio for strategic dispositions that can create incremental proceeds to help us accomplish our near-term financial goals.

GNL 將繼續評估增值收購市場，但我們認為目前的風險調整回報需要改善，公司才能更積極。我們將繼續審查和監控我們的投資組合的策略部署，這些策略部署可以創造增量收益，幫助我們實現近期財務目標。

Our global portfolio will continue to deliver value, allowing us to take advantage of opportunities in the U.S. or Europe and transact on assets that are mispriced or that require expertise in more than one asset class. We believe our global and increased diversification will prove to be a competitive advantage as we move ahead, and our successful lease renewals speak to the mission-critical nature of the properties that we own, where the weighted average remaining lease term is 7 years. Now that GNL is an internally managed REIT, we expect to trade more in line with our internalized net lease peers on an AFFO multiple basis, given the diversification, quality of income and superior investment grade-worthy tenants in our portfolio.

我們的全球投資組合將繼續創造價值，使我們能夠利用美國或歐洲的機會，對定價錯誤或需要多種資產類別專業知識的資產進行交易。我們相信，隨著我們的前進，我們的全球多元化和日益多元化將被證明是一種競爭優勢，而我們成功的續租說明了我們擁有的房產的關鍵任務性質，其加權平均剩餘租賃期為7 年。現在，GNL 是一家內部管理的房地產投資信託基金，考慮到我們投資組合中的多元化、收入品質和具有卓越投資評級的租戶，我們預計在 AFFO 倍數基礎上與內部淨租賃同行的交易更加一致。

I'll turn the call over to Chris to walk through the financial results in more detail. Chris?

我會將電話轉給克里斯，讓他更詳細地介紹財務表現。克里斯？

Thanks, Mike.

謝謝，麥克。

Before getting into the detail, a reminder that the third quarter results reflect only 19 days of the combined GNL and RTL portfolio. Our cost savings, internalized management structure and many nonrecurring expenses related to the merger. Outside of the last couple of weeks prior to the completion of the merger and internalization transaction, results for the 3- and 9-month period ended September 30, 2023, reflect the legacy GNL results and the external management structure. That said, for the third quarter of 2023, we recorded revenue of $118.2 million and a net loss attributable to common stockholders of $142.5 million. Core FFO was $31.5 million or $0.24 per share and AFFO was $46.9 million or $0.36 per share.

在詳細介紹之前，請注意，第三季業績僅反映 GNL 和 RTL 組合組合的 19 天。我們節省的成本、內部化的管理結構以及與合併相關的許多非經常性費用。在完成合併和內部化交易之前的最後幾週之外，截至 2023 年 9 月 30 日的 3 個月和 9 個月期間的表現反映了遺留的 GNL 業績和外部管理結構。也就是說，2023 年第三季度，我們的營收為 1.182 億美元，歸屬於普通股股東的淨虧損為 1.425 億美元。核心FFO為3,150萬美元，即每股0.24美元，AFFO為4,690萬美元，即每股0.36美元。

Typically, we provide a year-over-year comparison. However, that would not be meaningful this quarter given only 19 days of the quarter reflects combined results of GNL and RTL as an internalized company. We intend to provide formal 2024 guidance around the time of our upcoming 10-K, which will provide investors with increased transparency regarding our financial goals and projections. As expected, FFO in the third quarter was impacted by many onetime items related to the merger and internalization transaction, including $14.6 million of settlement costs, $10.4 million of equity-based compensation and $43.8 million of transaction costs that are added back to AFFO. As always, a reconciliation of GAAP net income to the non-GAAP measures can be found in our earnings release, which is posted on our website.

通常，我們會提供同比比較。然而，鑑於本季僅 19 天反映了 GNL 和 RTL 作為內部化公司的綜合業績，因此本季的情況沒有任何意義。我們打算在即將推出的 10-K 期間提供正式的 2024 年指導，這將為投資者提供有關我們財務目標和預測的更高透明度。正如預期的那樣，第三季的FFO 受到與合併和內部化交易相關的許多一次性項目的影響，包括1,460 萬美元的和解成本、1,040 萬美元的股權薪酬以及加回AFFO 的4,380 萬美元的交易成本。像往常一樣，GAAP 淨利潤與非 GAAP 指標的對帳可以在我們網站上發布的收益報告中找到。

Given the timing of the transaction, some balance sheet metrics also do not fully reflect the benefit of the merger. Specifically, our net debt to adjusted EBITDA ratio this quarter does not reflect the full quarter benefit of adjusted EBITDA from RTL and the internalization, but our total debt reflects the full impact of the transaction, making this ratio not meaningful for the quarter. Moving forward, this net debt to adjusted EBITDA ratio will be part of the fourth quarter disclosure, and we anticipate it to be approximately 7.6x.

考慮到交易的時間安排，一些資產負債表指標也沒有完全反映合併的好處。具體來說，我們本季的淨負債與調整後EBITDA 比率並未反映RTL 和內部化帶來的調整後EBITDA 的整個季度收益，但我們的總債務反映了交易的全部影響，使得該比率對該季度沒有意義。展望未來，淨債務與調整後 EBITDA 的比率將成為第四季度披露的一部分，我們預計該比率約為 7.6 倍。

We ended the quarter with net debt of $5.2 billion at a weighted average interest rate of 4.7% and had liquidity of $319.4 million, including $133.4 million of cash and cash equivalents and $186 million of availability under the company's revolving credit facility. The weighted average debt maturity at the end of the third quarter 2023 was 3.4 years with minimal debt maturity due in 2024.

截至本季末，我們的淨負債為52 億美元，加權平均利率為4.7%，流動資金為3.194 億美元，其中包括1.334 億美元的現金和現金等價物以及公司循環信貸額度下的1.86 億美元的可用資金。截至 2023 年第三季末，加權平均負債期限為 3.4 年，最低負債期限將於 2024 年到期。

Our debt comprises $1 billion in senior notes, $1.6 billion on the multicurrency revolving credit facility and $2.7 billion of outstanding gross mortgage debt. Our debt was 82% fixed rate, which includes floating rate debt with in-place interest rate swaps, and our interest coverage ratio was 2.5x. As of September 30, 2023, we had approximately 230.8 million common shares outstanding. On a weighted average basis, there are approximately 130.8 million shares outstanding, which is calculated based on the 73 days stand-alone pre-merger GNL and 19 days of post-merger GNL.

我們的債務包括 10 億美元的優先票據、16 億美元的多幣種循環信貸安排以及 27 億美元的未償還抵押貸款債務總額。我們的債務為 82% 的固定利率，其中包括帶有就地利率掉期的浮動利率債務，我們的利息保障倍數為 2.5 倍。截至 2023 年 9 月 30 日，我們擁有約 2.308 億股已發行普通股。以加權平均計算，流通股數約為1.308億股，這是根據合併前73天的獨立GNL和合併後19天的GNL計算的。

As always, I'm available to answer any questions you may have on this quarter after the call. I'll now turn the call back to Mike for some closing remarks.

像往常一樣，我可以在電話會議後回答您有關本季度的任何問題。現在我將把電話轉回給麥克，讓他做一些結束語。

Thanks, Chris.

謝謝，克里斯。

We remain excited about the future of the internalized Global Net Lease. We're on a strong growth trajectory with nearly 100% retention rate of GNL's newly hired employees, combined with our competitive advantage of owning one of the largest, most diversified global net lease portfolios in the country and the fact that almost 1/3 of the portfolio's NOI is derived from industrial and distribution properties leased to creditworthy tenants with long-term leases.

我們對內部化全球網路租賃的未來仍然感到興奮。我們正處於強勁的成長軌道，GNL 新聘員工的留任率接近 100%，再加上我們擁有國內最大、最多元化的全球淨租賃投資組合之一的競爭優勢，以及近 1/3 的該投資組合的NOI 來自以長期租賃方式向信譽良好的租戶出租的工業和分銷物業。

Now that GNL is an internally managed REIT, we believe we'll close the trading gap relative to our peers, given the quality of our portfolio and the attractiveness of our creditworthy tenants. This will allow us to unlock significant value in the coming quarters for all shareholders as we continue our work to become the preeminent net lease company in the future.

由於 GNL 是一家內部管理的房地產投資信託基金，鑑於我們投資組合的品質和信譽良好的租戶的吸引力，我們相信我們將縮小相對於同行的交易差距。這將使我們能夠在未來幾季為所有股東釋放巨大的價值，同時我們將繼續努力成為未來卓越的淨租賃公司。

Lastly, I want to mention that there's a lot of valuable data in the publicly filed investor deck, and we want to ensure that the deck is being utilized to gain a better understanding of GNL's exciting growth prospects. And of course, management is available for any follow-ups.

最後，我想提一下，公開提交的投資者資料中有很多有價值的數據，我們希望確保利用這些資料來更好地了解 GNL 令人興奮的成長前景。當然，管理層可以進行任何後續行動。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

And our first question comes from Bryan Maher from B. Riley.

我們的第一個問題來自 B. Riley 的 Bryan Maher。

A couple of quick questions for me, maybe not so quick. The historical data that you guys provided, the annualized stuff on Slide 14, broken out by segment. That's pretty helpful from a modeling standpoint. But maybe for Chris, do you suspect we'll be able to get that breakout as we see it there on a historical basis to kind of fine tune our models a little bit?

有幾個問題想問我，也許沒那麼快。你們提供的歷史數據，投影片 14 上的年化數據，按部分細分。從建模的角度來看，這非常有幫助。但也許對克里斯來說，您是否懷疑我們能夠在歷史基礎上實現突破，從而對我們的模型進行一些微調？

We'll have to get back to you on that one. We don't have anything in that regard other than the pro formas that we've put out, but we'll have to get back to you.

我們必須就此問題與您聯繫。除了我們已經發布的預估之外，我們沒有任何這方面的信息，但我們必須回覆您。

Bryan, It's Mike. What would be easiest for you?

布萊恩，我是麥克。什麼對你來說是最簡單的？

Yes. It would be interesting to see, and I know this is annualized data. But if we were to take the SLR for each of these segments and divided by the square feet outstanding to kind of see what it is per, it would be interesting to see, unless you guys tell us it's useless what the trends have been kind of up to this point in time. When we build our models, we look back at history and see the ups and downs and what impacted those. It would be helpful to see that if it's not too much trouble.

是的。看看會很有趣，而且我知道這是年化數據。但是，如果我們將單眼相機用於每個細分市場，並除以突出的平方英尺，看看它的具體情況，那將會很有趣，除非你們告訴我們，趨勢是怎樣的，這是沒有用的。到目前為止。當我們建立模型時，我們會回顧歷史，了解其中的起伏以及影響這些因素的因素。如果不是太麻煩的話，看看會很有幫助。

Well, Chris and I will get together and see what we can come up with.

好吧，克里斯和我會聚在一起看看我們能想出什麼辦法。

Okay. And then when we think about those 4 different sectors, is there meaningful differences in the rent escalators for each?

好的。然後，當我們考慮這 4 個不同的行業時，每個行業的租金自動扶梯是否有意義的差異？

When you think of it in terms of the 1.3% annualized that the portfolio averages, no, there's not. They're slightly different, but all in that vicinity.

當你考慮投資組合平均年化利率 1.3% 時，你會發現，不，不存在。它們略有不同，但都在附近。

Okay. And then when we think about asset sales going forward, are there particular sectors or geographies that you're leaning into more than others?

好的。然後，當我們考慮未來的資產出售時，您是否比其他行業更傾向於某些特定行業或地區？

It won't be geography driven. It will be a number of other analysis that we will be looking at, including where we see the deepest buyer pools, and where we see the biggest benefit to the overall impact to the go-forward portfolio. So it could be if there is an upcoming debt maturity and it's an asset that we think is valuable for redevelopment or repositioning that there are a lot of factors that will go into it to maximize the result.

它不會受地理驅動。我們還將關注許多其他分析，包括我們在哪裡看到最深的買家池，以及我們在哪裡看到對未來投資組合整體影響最大的好處。因此，如果債務即將到期，而我們認為這是一項對於重建或重新定位有價值的資產，那麼可能需要考慮許多因素才能最大化結果。

Okay. And then when I look at Slide 18, how you break out the multi-tenant retail between power, anchored and grocery. Can you maybe rank, Michael, where you're seeing the most in leased strength in each of those segments?

好的。然後當我看幻燈片 18 時，您如何打破電力、錨定和雜貨之間的多租戶零售。邁克爾，您能否對您在每個細分市場中看到的租賃實力最多的地方進行排名？

So all 3 of those segments, Bryan, have equal strength in the new leasing and renewal. They all are critical to the suburban communities where they're based. And we just wanted to really highlight the fact that our multi-tenant retail fits clearly in these 3 very similar buckets. So it's really what we don't have. We wanted to make sure that everybody was clear. There are no strip centers along the side of the highway. These power centers, anchor centers and grocery centers, the anchors tend to be investment grade. They tend to be national tenants. Many of them have the investment-grade or implied investment-grade rating. And most importantly, they tend to have net lease leases on these large anchors. So this is where we have found the greatest value. This is where the communities shop on a regular basis. And we just wanted to clear up any questions that people might have of how this portfolio looks on a deeper dive.

因此，布萊恩，所有這三個部分在新的租賃和續約方面都具有同等的實力。它們對於所在的郊區社區至關重要。我們只是想真正強調這樣一個事實，即我們的多租戶零售顯然適合這 3 個非常相似的類別。所以這確實是我們所沒有的。我們想確保每個人都清楚。高速公路沿線沒有脫衣舞中心。這些電力中心、主力中心和雜貨中心，主力往往是投資等級的。他們往往是全國租戶。其中許多具有投資等級或隱含投資等級。最重要的是，他們往往會對這些大型錨點進行淨租賃。所以這就是我們發現最大價值的地方。這是社區定期購物的地方。我們只是想澄清人們可能對這個投資組合在更深入的研究中看起來如何的任何問題。

And just one last quick one for me. I think, Chris, you said that the net debt to EBITDA, we know it's used for the third quarter, but for the fourth quarter, I want to make sure I got this right. Did you say 7.6x?

對我來說，這只是最後一件事。我想，克里斯，你說過 EBITDA 的淨債務，我們知道它用於第三季度，但對於第四季度，我想確保我的說法是正確的。你說的是7.6倍嗎？

Yes. 7.6x is what we've been disclosing as the projected amount.

是的。 7.6 倍是我們一直在披露的預計金額。

And how does that compare to the premerger estimate? And Michael, where would you like to see that go over the next 12 to 18 months?

與合併前的估計值相比如何？ Michael，您希望在接下來的 12 到 18 個月內看到什麼進展？

Well, just in terms of the premerger, that is improvement. So it would lower the net debt to adjusted EBITDA. Yes.

嗯，就合併前而言，這就是進步。因此，這將降低調整後 EBITDA 的淨債務。是的。

So as Chris says, the merger was deleveraging in target at 7.6x net debt to EBITDA. So we think that's a good start. It's a little bit hard right now, Bryan, without being in a position to give the guidance that we intend to give when we file the K. But I have continued to say that we are focused and it's kind of a midterm goal. I don't know that it can happen in just a couple of quarters, but we will continue to drive net debt to EBITDA down. We think that we need to be under 6.5x to really have a conversation about what an investment-grade balance sheet would look like. And that is where we continue to focus.

正如 Chris 所說，此次合併旨在實現 EBITDA 淨債務 7.6 倍的去槓桿化。所以我們認為這是一個好的開始。布萊恩，現在有點困難，無法提供我們在提交 K 時打算提供的指導。但我繼續說，我們很專注，這是一個中期目標。我不知道這會在短短幾個季度內發生，但我們將繼續降低 EBITDA 的淨債務。我們認為我們需要低於 6.5 倍才能真正討論投資等級資產負債表的樣子。這就是我們繼續關注的地方。

And our next question comes from Mitch Germain from JMP Securities.

我們的下一個問題來自 JMP 證券的 Mitch Germain。

I really appreciate the enhanced disclosure. It was really helpful. There were 2 acquisitions that -- or deals that were highlighted prior filing, I think it was dated in September right around the closing of the transaction. It seems like both are falling out. Is that a safe assumption that they're no longer under contract? Or I'd love to just gain some insight. I think one was [Tyler Carl Wash] and one was a bigger retail portfolio.

我真的很感謝加強披露。這真的很有幫助。有兩筆收購——或者在提交文件之前強調的交易，我認為是在 9 月交易結束前後進行的。看來兩人都要鬧翻了。他們不再簽訂合約是一個安全的假設嗎？或者我只是想獲得一些見解。我認為一個是[泰勒·卡爾·沃什]，另一個是更大的零售投資組合。

Mitch, thank you for the question. Yes, we made the decision as we were in due diligence that we didn't want to move forward with those acquisitions. As we said in the commentary before the Q&A, we don't think that the markets are quite matched up yet with the risk-adjusted returns, the cost of debt, et cetera. And we didn't see meaningful benefit in moving forward. So we notified the sellers that we would be terminating.

米奇，謝謝你的提問。是的，我們在盡職調查中做出了決定，我們不想繼續進行這些收購。正如我們在問答前的評論中所說，我們認為市場尚未與風險調整回報、債務成本等完全匹配。我們沒有看到前進的任何有意義的好處。因此我們通知賣家我們將終止。

Great. Okay. That's super helpful. On the asset sales side, obviously, $185 million was done year-to-date. I know there was a $50 million deal done in the quarter. Can you guys just remind me how much of that activity stems to the third quarter, please?

偉大的。好的。這非常有幫助。顯然，在資產出售方面，年初至今已完成 1.85 億美元。我知道本季完成了一筆 5000 萬美元的交易。你們能提醒我有多少活動源自第三季嗎？

I'll give you, yes -- 8, 9 -- roughly $15 million in the third quarter.

我會給你，是的 - 8、9 - 第三季大約 1500 萬美元。

Okay. So the third quarter dispositions were just 1 asset in -- on the West Coast. Is that the way to think about it?

好的。因此，第三季的處置只有西海岸的一項資產。是這樣思考的嗎？

Mitch, I think you're referring to the vacant property for the $50 million. That one we expect to close in 2024. That one is under...

米奇，我想你指的是價值 5000 萬美元的空置房產。我們預計將於 2024 年關閉該項目。該項目正在...

The press release just says that it was under contract. Is that -- okay.

新聞稿只是說它已簽訂合約。可以嗎。

That is correct. That one is under contract, and we expect to close in 2024.

那是對的。該項目已簽訂合同，我們預計將於 2024 年關閉。

Okay. So then I just -- I think Mike will answer, but it was a little bit broken up. How much of the -- how much of the $185 million stems to the third quarter, please?

好的。那我想麥克會回答，但有點支離破碎。請問，1.85 億美元中有多少是來自第三季？

It's about $15 million. A little less than $15 million.

大約是1500萬美元。略低於 1500 萬美元。

$15 million. 50 and 15 got me confused. I apologize.

1500萬美元。 50和15讓我很困惑。我道歉。

Very -- fourth quarter that we don't want to get into right now as far as the details of it, but we're very confident in the $383 million for 2023.

我們現在不想談論第四季的細節，但我們對 2023 年 3.83 億美元的收入非常有信心。

So that includes the other $190 million or so that is under contract. Is that the way to think about it?

這包括合約中另外約 1.9 億美元的資金。是這樣思考的嗎？

That is correct.

那是對的。

One follow-up on that, though, Michael, does that include -- the under contract includes the $50 million office building that's going to be sold in 2024? That 190...

不過，邁克爾，對此的一個後續行動是否包括——合約中包括將於 2024 年出售的價值 5000 萬美元的辦公大樓？那個190...

I'm sorry. Yes, I think I'm confusing things. So let me just break it down.

對不起。是的，我想我把事情搞混了。那麼就讓我來分解一下。

I think we are confusing. So it sounds like -- it sounds like around $200 million total $150 million hopefully by year-end and that other asset built other assets on the West Coast probably sometime in '24. Is that the way to think about it?

我認為我們很困惑。所以聽起來 - 聽起來大約 2 億美元，希望到年底總計 1.5 億美元，而其他資產可能會在 24 年的某個時候在西海岸建造其他資產。是這樣思考的嗎？

Yes. Chris, would you say it any differently? The $50 million will close -- is scheduled to close in 2024, and the majority of everything else will be closed in year-end.

是的。克里斯，你會說不同的話嗎？ 5000 萬美元的項目將在 2024 年完成，其他大部分項目將在年底完成。

Yes, that is correct.

對，那是正確的。

That's super helpful. And last one for me. I wanted to just get a clarification about the additional synergies that you talked about. So you originally said $54 million with another $21 million to be realized over a 12- or 18-month period. And I apologize if I'm a little off on that time frame.

這非常有幫助。最後一張給我。我想澄清一下你談到的額外綜效。所以你最初說的是 5,400 萬美元，另外 2,100 萬美元將在 12 或 18 個月的時間內實現。如果我在這個時間範圍內有點偏離，我深表歉意。

No, that's exactly right.

不，完全正確。

Okay. Great. So now you're talking about $56 million.

好的。偉大的。所以現在你談論的是 5600 萬美元。

We achieved a -- yes.

我們實現了——是的。

Okay. But -- and you're still saying $21 million over time? So is it $75 million or $77 million. I'm just trying to understand kind of how much is left to be realized. Was $2 million just accelerated from the back end? Or -- and there's only $19 million left? Or is there really $21 million left, which would mean that your synergies are in excess of the $75 million that you guys originally stated.

好的。但是——你仍然說隨著時間的推移會達到 2100 萬美元？那麼是 7,500 萬美元還是 7,700 萬美元。我只是想了解還有多少東西有待實現。 200萬美元是剛從後端加速的嗎？或者——只剩下 1900 萬美元了？或者真的還剩下 2100 萬美元，這意味著你們的協同效應超過了你們最初所說的 7500 萬美元。

So yes, go ahead, Chris.

所以，是的，繼續吧，克里斯。

Sure. So I was going to say, Mitch, the way that you should look at it is the $56 million that we referenced, that is comparable to the $54 million. So that is effectively from day 1, we took our actual results for those 19 days, and we were able to annualize them. And our expenses ended up coming in a little bit lower than we had estimated. So that's where you're seeing the $54 million project to the $56 million now. The separate $21 million, that is something that we will be over as we mentioned in the next 12 months, realizing that that relates to some other inflective costs, whether it's legal, audit, things like that, and that is not impacted at this point. So you look at the $56 million and the $21 million.

當然。所以我想說，米奇，你應該以我們提到的 5600 萬美元來看待它，這與 5400 萬美元相當。因此，從第一天開始，我們就獲得了這 19 天的實際結果，並且能夠將它們年化。我們的開支最終比我們預計的要低一些。這就是您現在看到的 5400 萬美元項目到 5600 萬美元的情況。單獨的2100 萬美元，正如我們在接下來的12 個月內提到的那樣，我們將完成這項工作，因為我們意識到這與其他一些影響成本有關，無論是法律、審計還是類似的費用，而且目前不會受到影響。所以你看看 5600 萬美元和 2100 萬美元。

So that was $77 million.

那就是 7700 萬美元。

Correct.

正確的。

Okay. Not $75 million.

好的。不是7500萬美元。

And now we are going to take a question from Todd Thomas from KeyBanc Capital Markets.

現在我們將回答來自 KeyBanc Capital Markets 的 Todd Thomas 的問題。

Just following up on the synergies from the merger. The $21 million of synergies on that side. Is that to be achieved on sort of a ratable basis over the next 12 months? Or will that be a little bit more lumpy? Maybe you can just talk about the expected timeline to actually realize those cost savings.

只是跟進合併帶來的綜效。這方面的協同效應高達 2,100 萬美元。這是否會在未來 12 個月內以可評級的方式實現？或者會變得更加凹凸不平嗎？也許您可以只討論實際實現這些成本節省的預期時間表。

Sure. So I would say that would be something we would realize over time. And as we get towards the third quarter of '24, effectively, we should have all of those synergies in place where if you were able to annualize the numbers, it would be reflected in there.

當然。所以我想說，隨著時間的推移，我們會意識到這一點。當我們進入 24 年第三季時，實際上，我們應該將所有這些協同作用落實到位，如果您能夠對這些數字進行年度化，它將反映在其中。

And Todd, it's not going to be ratable over the next few quarters. Some of it will be and some of it is lumpy by event. So that's...

托德，在接下來的幾個季度內不會對其進行評級。有些會因為事件而變得不穩定，有些會變得不穩定。所以那是...

Okay. And then I appreciate the color on the synergies and some of the updates here. When you initially announced the merger, you talked about 9% accretion on an AFFO basis. And I was just wondering if you could comment on whether you're on track to achieve that in the fourth quarter on an annualized basis. I think it was relative to the first quarter. And if there are any additional considerations for us as we look ahead?

好的。然後我很欣賞這裡的協同效應和一些更新的顏色。當您最初宣布合併時，您談到了 AFFO 基礎上 9% 的增長。我只是想知道您是否可以評論一下您是否預計在第四季度按年率實現這一目標。我認為這與第一季有關。展望未來，我們是否還有其他需要考慮的因素？

Yes, that is -- that will -- that is what the merger anticipated results are, 9% accretion. And that is going to be further addressed in our guidance that we're going to be giving. We've been executing. The synergies have gone very well. So the thing that is slightly different from the time of the merger is the increase in interest cost with the change in markets. We're starting to see that come back down. So I'm not sure that that changed impact will be significant, but that is what we're looking at right now.

是的，那就是——這將是——這就是合併的預期結果，成長 9%。我們將在提供的指南中進一步解決這個問題。我們一直在執行。協同作用進展得非常好。所以與合併時略有不同的是利息成本隨著市場的變化而增加。我們開始看到這種情況有所回落。所以我不確定改變後的影響是否會很大，但這就是我們現在正在考慮的。

And with the end of the third quarter and the 19 days of the merger, as you can imagine, there was a lot of very important work that needed to be done right up until the close of the quarter and through this period so that Chris and the accounting team could get everything together for the 10-Q. And one of the things that we were also very pleased with was, as you saw, all of the debt from RTL was able to transfer. It came over at par, no penalties, no -- it didn't have to be paid off and reissued. So that was a very important part of what was accomplished in this period.

正如你可以想像的那樣，隨著第三季末和合併的 19 天，有很多非常重要的工作需要完成，直到季度末以及整個這段時期，以便克里斯和會計團隊可以將10-Q 的所有內容整合在一起。我們也非常高興的一件事是，正如您所看到的，勞教所的所有債務都能夠轉移。它是平價的，沒有罰款，不——它不需要還清並重新發行。因此，這是這段時期所取得的成就中非常重要的一部分。

Okay. And then lastly, you mentioned that the long-term target for leverage still in sort of the 6.5x, maybe sub-6.5x range on a debt-to-EBITDA basis. It's a little ways to go from the 7.6x you've outlined that you expect to be at in the fourth quarter. What's the timeline to ratchet down leverage further? And what sort of the road map look like to get there? How should we think about that?

好的。最後，您提到槓桿率的長期目標仍然在 6.5 倍，甚至低於 6.5 倍的範圍內（以債務與 EBITDA 為基礎）。與您概述的第四季度預期目標 7.6 倍相比，還有一些距離。進一步降低槓桿率的時間表是什麼？到達那裡的路線圖是什麼樣的呢？我們該如何思考這個問題？

I am going to ask that you let us address that next quarter with guidance, Todd. It has not yet been disclosed on a timeline basis. And as you know, it is an important step for the company and one that we continue to be focused on and taking steps to achieve, and we will lay that out...

托德，我請求您讓我們在下個季度的指導下解決這個問題。目前尚未披露具體時間表。如您所知，這對公司來說是重要的一步，我們將繼續關注並採取措施來實現這一目標，我們將闡述這一點...

(Operator Instructions) And our next question comes from Barry Oxford from Colliers.

（操作員說明）我們的下一個問題來自 Colliers 的 Barry Oxford。

When I'm looking at the dispositions, I'm assuming that that's going to go towards debt. And you mentioned that your variable rate debt was around 7.2%. When you look at the cap rates that you might achieve, is that going to be a little bit dilutive? Or do you think you can come in below the 7.2% with your dispositions and have it be a little bit accretive?

當我查看這些處置時，我假設這將用於債務。您提到您的可變利率債務約為 7.2%。當您考慮可能達到的資本化率時，這是否會有點稀釋？還是你認為你的配置可以低於 7.2% 並且讓它有一點增值？

We expect it to be accretive.

我們預計它會增值。

Okay. Okay. Perfect. And then, Mike, on the 92.9% on the multi-tenant, when you look out into '24, how much do you think you could push that? Do you think you can push out another -- percentage another 100 basis points? Or do you feel like maybe we're -- maybe we're at the top end of the range that you feel you can get out of that portfolio?

好的。好的。完美的。然後，麥克，關於多租戶的 92.9%，當你展望 24 年時，你認為你可以推動多少？您認為您可以再推出 100 個基點嗎？或者您覺得我們可能處於您認為可以擺脫該投資組合的範圍的頂端？

So I've always thought that we should be optimizing this portfolio to between 94% and 96% occupancy on the multi-tenant, which will drive the overall GNL higher than the 96% that it is today already. There are always moving pieces in a real estate portfolio like this. So it's obviously challenging to get much above 96%, 97% on a max basis for this type of multi-tenant portfolio. But yes, the markets have been very strong. The interest in the centers. We have a number of national brands that continue to expand their presence in our overall portfolio, enjoying the results of being in our centers.

因此，我一直認為我們應該優化該投資組合，使多租戶的入住率達到 94% 至 96%，這將推動整體 GNL 高於目前的 96%。像這樣的房地產投資組合中總是會有一些變動的部分。因此，對於這種類型的多租戶投資組合來說，在最高基礎上獲得遠高於 96%、97% 的比率顯然具有挑戰性。但是，是的，市場一直非常強勁。對中心的興趣。我們擁有許多全國性品牌，它們繼續擴大其在我們整體產品組合中的影響力，並享受在我們中心的成果。

So I'm very optimistic. I'm really pleased with the work the asset management team continues to do as they've driven this portfolio up. We're getting close to a 10% increase in occupancy in the multi-tenant in a very short time since we acquired that portfolio.

所以我非常樂觀。我對資產管理團隊繼續所做的工作感到非常滿意，因為他們推動了這個投資組合的發展。自從我們收購該投資組合以來，在很短的時間內，我們的多租戶入住率就成長了接近 10%。

Right. No. No, you guys have done a great job. I was just trying to kind of figure out how much more juice there was left and you're saying, look, there's probably -- you're saying, look, there's probably a little bit more to go here.

正確的。不，不，你們做得很好。我只是想算出還剩下多少果汁，你說，看，可能還有──你說，看，這裡可能還有一點。

Yes, I am. I am.

我是。我是。

Yes. And then lastly for me, what did you guys like about the CMBS market when you were looking at doing a debt deal?

是的。最後對我來說，當你們考慮進行債務交易時，你們喜歡 CMBS 市場的什麼？

Well, it's a very thoughtful question. So thanks. We -- first of all, 10-year money is a very nice profile. IO, CMBF on this portfolio. And frankly, when we look at where the market has gone since, it's pretty attractive on the debt side. I think this is close to the -- where we're going to see some debt for a while. So we were very pleased to come in there. We thought the timing worked out very much in our favor. But it was also very strategic for us at the time, Barry, because we wanted to make sure that we had capacity on the line after the closing of the merger.

嗯，這是一個非常深思熟慮的問題。那謝謝啦。我們－首先，10 年期資金是一個非常好的配置。 IO、CMBF 在此投資組合中。坦白說，當我們看看此後市場的走勢時，就會發現債務方面相當有吸引力。我認為這已經接近我們將在一段時間內看到一些債務的情況了。所以我們很高興來到那裡。我們認為時機對我們非常有利。但巴里，這對我們當時來說也非常具有戰略意義，因為我們希望確保合併結束後我們的生產線仍有產能。

So it accomplished a couple of things. It was another piece of fixed rate debt. It extended our weighted -- our remaining term on the debt, and it gave us flexibility for the upcoming year as we take different steps.

所以它完成了幾件事。這是另一筆固定利率債務。它延長了我們的加權債務剩餘期限，並為我們採取不同步驟提供了來年的靈活性。

And this concludes our question-and-answer session. I would like to turn the conference back over to management for any closing remarks, please.

我們的問答環節到此結束。我想將會議轉回給管理階層，請他們發表閉幕詞。

Great. Well, as always, we thank you for spending the time and listening to the earnings call. I have an echo on my line. I'm sorry.

偉大的。像往常一樣，我們感謝您抽出時間聆聽財報電話會議。我的線路上有迴音。對不起。

Jim wanted me to pass along he's under the weather, so that's why you didn't hear from him today. But of course, he will be available to join us on future calls. And if you have any questions, we look forward to any follow-ups that there are. And of course, most importantly, we look forward to continuing to execute and seeing the benefits of what we're very excited about, this internalized structure. We were already starting to see the benefits from a savings on the operational side. The team came over with 100% retention. And we're looking forward to talking to you again with end of year results and some guidance. And in the meantime, we'll take any follow-ups that you have, and thank you again for your time.

吉姆要我轉告他，他身體不舒服，所以你今天沒有收到他的消息。當然，他將來可以參加我們的電話會議。如果您有任何疑問，我們期待後續跟進。當然，最重要的是，我們期待繼續執行並看到我們非常興奮的這種內部結構的好處。我們已經開始看到營運方面節省的好處。該團隊以 100% 的保留率完成了任務。我們期待再次與您交談，提供年終結果和一些指導。同時，我們將跟進您的情況，並再次感謝您抽出寶貴的時間。

And this concludes the conference. Thank you very much for attending today's presentation, and you may now disconnect.

會議到此結束。非常感謝您參加今天的演示，您現在可以斷開連接了。