Global Net Lease Inc (GNL) 2023 Q4 法說會逐字稿

Good morning, everyone, and welcome to the Global Net Lease, Inc., Q4 2023 earnings call. All participants will be in a listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions to ask a question, you may press star and then one on your touchtone phones. To withdraw your questions, you may press star and two. Please also note today's event is being recorded and at this time, I'd like to turn the floor over to Jordan shown film of Global Net Lease. Please go ahead, sir.

大家早安，歡迎參加 Global Net Lease, Inc. 2023 年第四季財報電話會議。所有參與者將處於只聽模式。如果您需要協助，請按星號鍵和零向會議專家發出訊號。今天的演講結束後，將有機會提問，您可以按星號，然後在按鍵式電話上按一個。要撤回您的問題，您可以按星號和二號。另請注意，今天的活動正在錄製中，此時，我想將發言權交給喬丹播放的 Global Net Lease 影片。請繼續，先生。

Thank you.

謝謝。

Good afternoon, everyone, and thank you for joining us for GNL's Fourth Quarter 2023 earnings call. Joining me today on the call are Mike while in Jim Nelson, GNL's Co-Chief Executive Officers, and Chris Masterson, GNL's Chief Financial Officer, 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 and our periodic and current reports filed with the SEC. After that date for more detailed discussion of the risk factors that could cause these differences. 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, it is guiding for Statements referring to our pipeline or the future value of an investment in G. and L., including any adjustments giving effect to the recent we completed merger with necessity, retail re Inc. Also known as RTO. and the internalization of both G. and L. and RTL.'s advisory and property management functions, as well as any projections about future success following the merger and internalization are also forward-looking statements.

大家下午好，感謝您參加我們的 GNL 2023 年第四季財報電話會議。今天與我一起參加電話會議的是Mike，GNL 聯合首席執行官Jim Nelson 和GNL 首席財務官Chris Masterson，以下信息包含前瞻性陳述，這些陳述可能會受到風險和不確定性的影響，如果一個或多個因素這些風險或不確定性的發生。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 10-K 表格以及我們向 SEC 提交的定期和當前報告。在此日期之後，對可能導致這些差異的風險因素進行更詳細的討論。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。正如我們向 SEC 提交的文件中所述。Gnl 不承擔任何更新或修改這些前瞻性陳述的意圖或義務，除非法律要求，否則它對涉及我們的管道或 G. 和 L. 投資的未來價值的陳述具有指導意義，包括最近我們完成了必要的合併，零售公司，也稱為RTO。 G. 和 L. 以及 RTL. 的諮詢和物業管理職能的內部化，以及對合併和內部化後未來成功的任何預測也屬於前瞻性陳述。

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 note that we do not provide guidance on net income. We only provide guidance on FFO per share and our net debt to adjusted EBITDA ratio and do not provide reconciliations of this forward-looking non-GAAP guidance to net income per share for our debt to net income due to the inherent difficulty in quantifying certain items necessary to provide such reconciliation as a result of their unknown effect, timing and potential. Significant examples of such items include impairments of assets, gains and losses from sale of assets and depreciation and amortization from new acquisitions and other nonrecurring expenses. 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. And I'll now turn the call over to our Co-CEO, Mike Weiner.

此外，在今天的電話會議中，我們還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。請注意，我們不提供淨利潤指導。我們僅提供每股FFO 以及我們的淨債務與調整後EBITDA 比率的指導，並且由於量化某些項目固有的困難，因此我們的債務與淨利潤的比率不提供前瞻性非GAAP 每股淨利潤指導的調節表由於其效果、時間和潛力未知，因此有必要提供此類協調。此類項目的重要例子包括資產減損、出售資產的損益以及新收購的折舊和攤銷以及其他非經常性費用。另請參閱我們的收益報告，以了解有關我們認為隱含投資等級租戶的更多資訊。我們將在今天的電話會議中使用這個術語。現在我將把電話轉給我們的聯合執行長 Mike Weiner。

Thanks, Jordan. Good morning and thank you all for joining us today. Gnl is now the third largest publicly traded net lease fleet with a global presence and features a diversified portfolio of high-quality, primarily investment-grade tenants. Gnl's focus on investment grade tenants as compared to our peers highlights the stability and high quality of our rental income. The largest tenant in the portfolio only accounts for 3.1% of the total straight-line rent with the top 10 tenants totaling just 21% of the portfolio, effectively mitigating concentration risk within the portfolio. We believe our diverse portfolio provides us with the flexibility and capacity to capitalize on numerous market opportunities, maximizing shareholder value over the long term, 2023 was a transformative year for GNL that included the internalization of management and enhanced corporate governance. Further aligning P&L with its net lease peers.

謝謝，喬丹。早安，感謝大家今天加入我們。Gnl 目前是第三大公開交易的淨租賃船隊，業務遍及全球，擁有多元化的高品質、主要是投資級租戶的投資組合。與同業相比，Gnl 對投資等級租戶的關注凸顯了我們租金收入的穩定性和高品質。組合中最大租戶僅佔直線租金總額的3.1%，前10名租戶合計僅佔組合的21%，有效降低了組合內的集中度風險。我們相信，我們多元化的投資組合為我們提供了利用眾多市場機會的靈活性和能力，從長遠來看，實現股東價值最大化。和加強公司治理。進一步使損益表與淨租賃同業保持一致。

In addition to the merger and internalization, 2023 also highlighted GNL strong asset management platform capabilities with continued leasing momentum as a direct result of the merger. Gnl has also recognized significant synergies as outlined in our investor deck, and we're currently on track to achieve our stated $75 million of annualized cost savings by the third quarter of 2024. Gnl is implementing a 2024 business plan focused on deleveraging its balance sheet, reducing its exposure to variable rate debt and driving down its net debt to adjusted EBITDA. Our near term strategic priority will focus on reducing leverage through select dispositions, prioritizing noncore assets and opportunistic sales. We have strategically reviewed our portfolio and identified assets where we believe there is beneficial opportunity to divest. This includes assets that are noncore or have near term debt maturities or near term lease expirations. We expect a total of $400 million to $600 million of strategic dispositions in 2024 this disposition program will drive long-term shareholder value by generating cash to enhance and de-risk our balance sheet and create a clear path forward for us to potentially narrow the trading discount compared to our net lease peers. Selling assets at attractive cap rates will also provide proof of value to investors and demonstrate a significant premium compared to where the company is currently trading on an implied cap rate basis, driving down leverage through measured opportunistic dispositions is the proper approach to maximize long-term shareholder value with proceeds used to lower our net debt to adjusted EBITDA at our near term.

除了合併和國際化之外，2023 年還凸顯了 GNL 強大的資產管理平台能力，合併的直接結果是持續的租賃動能。Gnl 也認識到我們的投資者平台中概述的重大協同效應，目前我們預計在 2024 年第三季實現我們所說的 7500 萬美元的年度成本節省。Gnl 正在實施一項 2024 年業務計劃，重點是去槓桿化其資產負債表、減少可變利率債務風險並降低其淨債務至調整後 EBITDA。我們的近期策略重點將集中在透過選擇性處置、優先考慮非核心資產和機會性出售來降低槓桿。我們對我們的投資組合進行了策略性審查，並確定了我們認為存在有利剝離機會的資產。這包括非核心資產或近期債務到期或近期租賃到期的資產。我們預計到2024 年將進行總計4 億至6 億美元的戰略處置，該處置計劃將透過產生現金來增強和降低我們的資產負債表風險，並為我們潛在縮小交易範圍創造清晰的前進道路，從而推動長期股東價值與我們的淨租賃同業相比有折扣。以具吸引力的資本化率出售資產也將為投資者提供價值證明，並與公司目前在隱含資本化率基礎上交易的情況相比顯示出顯著的溢價，透過衡量的機會主義配置來降低槓桿率是最大化長期利益的正確方法股東價值，所得收益用於在短期內降低我們的淨債務以調整後的 EBITDA。

Strategic approach also involves a planned reduction of GNL's annual dividend from $1.42 to $1.10 per share, increasing the amount of annualized cash by $74 million to further reduce leverage. This reflects the Company's continued commitment to strengthening its balance sheet while maintaining a disciplined dividend policy.

策略方法還包括計劃將 GNL 的年度股息從每股 1.42 美元減少至 1.10 美元，將年度現金金額增加 7,400 萬美元，以進一步降低槓桿率。這反映了公司繼續致力於加強其資產負債表，同時維持嚴格的股利政策。

Turning to our portfolio. At year end 2023, we had approximately 1,300 properties, spanning nearly $67 million square feet with a gross asset value of $9.2 billion. The diverse composition of our net lease portfolio is unmatched, whether measured by geography, asset type tenant or industry and positions GNL to effectively navigate external macro challenges as we move ahead.

轉向我們的投資組合。截至 2023 年底，我們擁有約 1,300 處房產，面積近 6,700 萬平方英尺，總資產價值 92 億美元。無論是從地理位置、資產類型租戶還是行業來衡量，我們的淨租賃投資組合的多元化組成都是無與倫比的，並且使 GNL 在我們前進的過程中能夠有效應對外部宏觀挑戰。

Portfolio maintained occupancy of 96% with a weighted average remaining lease term of 6.8 years. Geographically, 80% of our straight-line rent is earned in North America, while 20% comes from Europe portfolio also features a stable tenant base and a high quality of earnings with an industry leading 58% of tenants receiving an investment grade or implied investment grade credit rating.

投資組合的入住率維持在 96%，加權平均剩餘租賃期為 6.8 年。從地理位置來看，我們的直線租金 80% 來自北美，20% 來自歐洲。評級。

From a growth perspective, the portfolio includes an average annual contractual rental increase of 1.3%. I'm again highlighting the strong asset management capabilities we demonstrated as we continue our leasing and renewal efforts. In particular, our fourth quarter leasing and renewal activity included over 2.1 million square feet across the entire portfolio with attractive leasing spreads on renewals that were 6% higher than the expiring rents, new leases that were completed in the fourth quarter of 2023 have a weighted average lease term of 9.2 years. While the renewals that were completed in the fourth quarter of 2023 have a weighted average lease term of 6.1 years. The largest segment of our portfolio is industrial and distribution with 219 properties that span over 33.9 million square feet that contributed $235 million to annualized straight-line rent. 92% of the leases in this portfolio include rent escalations with an average annual rental increase of 1.5%, positioning the portfolio to benefit from annual rental income while having a 7.7 year weighted average lease term, our single-tenant retail segment is the largest by property count with 878 properties that span over 7.9 million square feet and contributed $154 million to annualized straight-line rent. The single-tenant retail segment comprises 66% investment grade or implied investment grade rated tenants and features an 8.3 year weighted average lease term the multi-tenant suburban retail segment consists of 109 properties that span over 16.4 million square feet that contributed $200 million in annualized straight-line rent portfolio has a weighted average remaining lease term of 5.2 years and includes 21% of grocery-anchored centers, which are 90% leased. This segment is predominantly comprised of triple-net leases with incremental lease-up potential and attractive leasing spreads. Additionally, 61% of the straight-line rent in this portfolio comes from Sunbelt markets, which continue to grow and have favorable demographic tailwinds our smallest segment by straight-line rent. Single-tenant office includes 90 properties that span 8.6 million square feet and contributed $143 million to annualized straight-line rent and has a five year weighted average lease term. One of the metrics that differentiates GNL's single-tenant office portfolio is that it's comprised of 70% mission critical facilities, which we define as headquarters lab or R&D facilities and features 68% investment grade or implied investment grade tenants, which we believe provides our portfolio with rent stability and low level of default risk 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, a fundamental aspect of our comprehensive portfolio strategy involves limiting concentration risk. The combined annual straight-line rent from our top tenants amounts to only 21% of our overall portfolio with our largest tenant contributing just 3.1%.

從成長角度來看，該投資組合的合約租金年平均成長率為 1.3%。我再次強調我們在繼續租賃和更新工作時所展現的強大資產管理能力。特別是，我們第四季的租賃和續租活動包括整個投資組合中超過210 萬平方英尺的面積，續租時的租賃價差比到期租金高出6%，2023 年第四季完成的新租約加權平均租賃期間為9.2年。而2023年第四季完成的續租，加權平均租賃期限為6.1年。我們投資組合中最大的部分是工業和分銷領域，擁有 219 處房產，面積超過 3,390 萬平方英尺，為年化直線租金貢獻了 2.35 億美元。該投資組合中 92% 的租賃包括租金上漲，平均每年租金上漲 1.5%，使該投資組合能夠從年度租金收入中受益，同時加權平均租賃期限為 7.7 年，我們的單租戶零售部門是最大的房產總數為878 處，面積超過790 萬平方英尺，年化直線租金貢獻1.54 億美元。單一租戶零售部門由66% 的投資等級或隱含投資等級租戶組成，加權平均租賃期為8.3 年。美元。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。此外，該投資組合中 61% 的直線租金來自陽光地帶市場，該市場持續成長，並擁有有利的人口順風，是直線租金中最小的細分市場。單租戶辦公室包括 90 處房產，面積 860 萬平方英尺，年化直線租金貢獻 1.43 億美元，加權平均租賃期限為五年。區分GNL 單租戶辦公室投資組合的指標之一是，它由70% 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68% 的投資級或隱含投資級租戶，我們認為這些設施為我們的投資組合提供了基礎鑑於 GNL 在續租方面的成功記錄，租金穩定且違約風險較低。單一租戶辦公大樓部分還包括有限的近期租賃期限，最大限度地降低空置風險，這是我們全面投資組合策略的一個基本方面，其中包括限制集中風險。我們頂級租戶的年直線租金總計僅占我們整體投資組合的 21%，其中最大租戶僅佔 3.1%。

Our approach to mitigating concentration risks also extends to every segment of our portfolio, ensuring diversity among the top five tenants within each segment, which we have highlighted in the Investor Day. This diversified investment grade tenant base not only ensures stability but also offers predictability in rental income, laying a solid foundation for our future growth. The quality and reliability of our tenants underscore the resilience and longevity of our business model. Our leasing results continue to illustrate the quality of our assets, driving leasing rates higher even in the current environment, single-tenant segment, completed 16 new leases and renewals and showcased a positive 8% renewal leasing spread, demonstrating the strong renewal demand for our mission critical assets, while adding nearly $9 million to net straight-line rent. The multi-tenant segment completed 54 new leases and renewals, resulting in a 2% renewal spread consistent with the high demand we're experiencing at our suburban shopping centers, which increased net straight-line rent by over $10.5 million. New leases that were completed in the fourth quarter of 2023 have a weighted average lease term of 9.2 years. While the renewals that were completed in the fourth quarter of 2023 have a weighted average lease term of 6.1 years. Our executed leases at the end of the fourth quarter '23, combined with our leasing pipeline as of February 15, 2024, will bring occupancy in our multi-tenant portfolio from 88% to 91%. To put that in perspective, the multi-tenant portfolio represents only 27% of total straight-line rent in our portfolio and GNL's overall portfolio occupancy stands at 96%. Fourth quarter 2023, highlighted our commitment to expanding relationships with existing tenants, including new leases and renewals with Burlington, HEB, grocery and Dick's Sporting Goods.

我們降低集中風險的方法也延伸到我們投資組合的每個細分市場，確保每個細分市場中前五名租戶的多樣性，我們在投資者日強調了這一點。這種多元化的投資等級租戶群不僅確保了穩定性，而且提供了租金收入的可預測性，為我們未來的成長奠定了堅實的基礎。我們租戶的品質和可靠性凸顯了我們業務模式的彈性和長久性。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，單租戶細分市場也推高了租賃率，完成了16 個新租賃和續租，並呈現出8% 的正續租租差，顯示我們的強勁續租需求關鍵任務資產，同時淨直線租金增加近 900 萬美元。多租戶部門完成了 54 項新租賃和續租，續租價差為 2%，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超過 1,050 萬美元。2023年第四季完成的新租賃的加權平均租賃期限為9.2年。而2023年第四季完成的續租，加權平均租賃期限為6.1年。我們在 2023 年第四季末執行的租賃，加上截至 2024 年 2 月 15 日的租賃管道，將使我們多租戶投資組合的入住率從 88% 提高到 91%。從長遠來看，多租戶投資組合僅占我們投資組合中直線租金總額的 27%，而 GNL 的整體投資組合入住率為 96%。2023 年第四季度，我們強調了擴大與現有租戶關係的承諾，包括與 Burlington、HEB、雜貨店和 Dick's Sporting Goods 的新租約和續約。

Looking ahead, we remain committed to executing on our systematic and prudent approach to achieving our financial objectives, which revolve around reducing net debt to adjusted EBITDA, while organically enhancing NOI through lease-up initiatives and contractual rent growth. A pivotal component of this strategy involves non-core dispositions and opportunistic sales, which should provide us with capital to deleverage our balance sheet. We believe this strategy will pave the way to reducing the valuation gap with our net lease peers.

展望未來，我們仍然致力於執行系統和審慎的方法來實現我們的財務目標，其核心是減少淨債務以調整後的 EBITDA，同時透過租賃計劃和合約租金成長有機地提高 NOI。該策略的關鍵組成部分涉及非核心配置和機會主義銷售，這應該為我們提供資本來去槓桿化我們的資產負債表。我們相信這項策略將為縮小與淨租賃同業的估值差距鋪路。

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

我會將電話轉給克里斯，讓他更詳細地介紹財務表現。

Yes.

是的。

Thanks, Mike.

謝謝，麥克。

Typically we will provide year-over-year financial comparisons. However, that would not be meaningful at this time. Given the recent merger and internalization going forward, we'll begin comparing to prior quarters until Q4 2024 when we will have a full year of EMERGE and internalized G&A.

通常我們會提供逐年財務比較。然而，這在此時並沒有任何意義。鑑於最近的合併和內部化的進展，我們將開始與前幾季進行比較，直到 2024 年第四季度，屆時我們將進行全年的 EMERGE 和內部化 G&A。

For the fourth quarter 2023, we recorded revenue of $206.7 million and a net loss attributable to common stockholders of $59.5 million. Core FFO was $48.3 million or $0.21 per share, and AFFO was $71.7 million or $0.31 per share in Q4 2023. We incurred an elevated $5.5 million European income tax expense in the quarter and $2.3 million onetime write-offs primarily related to reimbursed. We have completed a European tax restructure that we expect will reduce the Company's income tax expense beginning in Q1 2024. 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.

2023 年第四季度，我們的營收為 2.067 億美元，歸屬於普通股股東的淨虧損為 5,950 萬美元。2023 年第四季度，核心 FFO 為 4,830 萬美元，即每股 0.21 美元，AFFO 為 7,170 萬美元，即每股 0.31 美元。本季我們產生了 550 萬美元的歐洲所得稅費用，以及主要與報銷相關的 230 萬美元一次性沖銷。我們已經完成了歐洲稅收重組，預計將從 2024 年第一季開始減少公司的所得稅費用。像往常一樣，GAAP 淨利潤與非 GAAP 指標的對帳可以在我們發佈在我們網站上的收益報告中找到。

Looking at our balance sheet. It's worth noting that while only 20% of our debt is subject to variable rates, the current sustained high interest rate environment does have a temporary effect on the portion of our debt that isn't fixed or swapped mitigate as we seek to reduce our exposure to variable rate debt as we move through the year as part of our strategy to address 2024 debt maturities. And subsequent to the fourth quarter, we completed an $80 million refinancing agreement with Nordea Bank secured by multiple properties in Finland that extended the maturities of these assets to 2029 at a 4.6% interest rate. Keno has a plan to address the remaining 2024 debt maturities through dispositions, refinancing and availability on the credit facility. We will continue to address the 2025 maturities and anticipate that the second half of 2024 will present a more favorable environment for debt maturities beyond 2024, but we remain confident in our ability to refinance these assets.

看看我們的資產負債表。值得注意的是，雖然我們只有 20% 的債務受到浮動利率的影響，但當前持續的高利率環境確實對我們未固定或交換的部分債務產生了暫時的影響，因為我們尋求減少風險敞口作為我們解決2024 年債務到期問題策略的一部分，我們將在這一年轉向可變利率債務。在第四季之後，我們與北歐銀行 (Nordea Bank) 完成了一項 8,000 萬美元的再融資協議，以芬蘭的多處房產為擔保，將這些資產的期限延長至 2029 年，利率為 4.6%。Keno 計劃透過處置、再融資和信貸安排來解決 2024 年剩餘的債務到期問題。我們將繼續解決 2025 年的到期問題，並預計 2024 年下半年將為 2024 年以後的債務到期提供更有利的環境，但我們仍然對我們為這些資產再融資的能力充滿信心。

Our net debt to adjusted EBITDA ratio was 8.4 times. We ended the quarter with net debt of $5.3 billion at a weighted average interest rate of 4.8% and had liquidity of approximately $135.7 million and $206 million of capacity impacts only the weighted average maturity at the end of the fourth quarter 2023 notes was 3.2 years with minimal debt maturity due in 2024. Our debt comprises $1 billion in senior notes, $1.7 billion on the multicurrency revolving credit facility and $2.7 billion of outstanding gross mortgage debt. Our debt with 80% fixed rate, which includes floating rate debt with in-place interest rate swaps and our interest coverage ratio was 2.4 times. As of December 31, 2023, we had approximately $230.9 million common shares outstanding. On a weighted average basis, there were approximately $230.3 million shares outstanding during the fourth quarter of 2023, led by our objective to provide investors with enhanced transparency regarding our financial goals and projections, and therefore, we would like to introduce initial 2024 guidance today with an AFFO per share guidance range of $1.30 to $1.40 and a net debt to adjusted EBITDA range of 7.4 times to 7.8 times. Initial guidance reflects our assumption mentioned earlier that our projected 2024 dispositions will be in the range of $400 million to $600 million. The majority of these dispositions will come from occupied opportunistic sales, where we anticipate achieving a cash cap rate between 7% and eight. I'll now turn the call back to Mike for some closing remarks.

我們的淨負債與調整後 EBITDA 的比率為 8.4 倍。截至本季末，我們的淨負債為53 億美元，加權平均利率為4.8%，流動性約為1.357 億美元，容量為2.06 億美元，僅影響2023 年第四季末票據的加權平均期限為3.2年， 2024 年到期的最低債務到期日。我們的債務包括 10 億美元的優先票據、17 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80%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2.4倍。截至 2023 年 12 月 31 日，我們已發行普通股約 2.309 億美元。以加權平均計算，2023 年第四季流通股數約為 2.303 億美元，我們的目標是為投資者提供更高的財務目標和預測透明度，因此，我們今天想推出 2024 年初步指引：每股AFFO指引範圍為1.30 美元至1.40 美元，淨債務與調整後EBITDA 範圍為7.4 倍至7.8 倍。初步指引反映了我們先前提到的假設，即我們預計 2024 年的處置金額將在 4 億至 6 億美元之間。這些處置大部分將來自佔用的機會主義銷售，我們預計現金上限將達到 7% 到 8% 之間。現在我將把電話轉回給麥克，讓他做一些結束語。

Thanks, Chris. Before I conclude, I'd like to express my gratitude to Jim Nelson, the President and co-CEO of G. and L. for all of his hard work and contributions during his time at the company. He's a great friend and partner. And on behalf of the entire company, we extend our best wishes for a well-deserved and enjoyable retirement. We take great pride in our achievements at GNL throughout 2023. With the merger and internalization behind us, we remain focused on positioning ourselves as an industry leader with a global, diversified and investment grade portfolio. We want to reiterate that we strongly believe that the best path forward for GNL is reducing leverage through non-core and strategic dispositions to enhance our balance sheet as we aim to lower our cost of capital to position the Company for future growth.

謝謝，克里斯。在結束發言之前，我要向 G. and L. 的總裁兼聯合執行長 Jim Nelson 表示感謝，感謝他在公司任職期間的辛勤工作和貢獻。他是一位很好的朋友和合作夥伴。我們謹代表整個公司致以最良好的祝愿，祝愿您擁有一個當之無愧且愉快的退休生活。我們對 GNL 2023 年的成就感到非常自豪。隨著合併和國際化的完成，我們仍然專注於將自己定位為行業領導者，擁有全球性、多元化和投資級投資組合。我們想重申，我們堅信 GNL 的最佳前進道路是透過非核心和策略配置降低槓桿，以增強我們的資產負債表，因為我們的目標是降低資本成本，為公司未來的成長做好準備。

Our planned dividend reduction is expected to increase the amount of annualized cash by $74 million to further reduce leverage. Additionally, disposing of assets at a premium to our current assumed implied cap rate will provide investors with proof of value of our leading investment grade worthy portfolio. As we've taken a conservative approach, our strategy for deleveraging is designed to be earnings neutral with the expectation that our net debt to adjusted EBITDA will decrease by approximately one full turn by applying a reasonable and achievable 10 times AFFO multiple to our per-share guidance. The implied stock price exceeds $13 per share, $20 per share range if we trade to the high end of the sector at a 15 times AFFO multiple. This outlook aligns with our goal of narrowing the trading discount, and we believe these strategic initiatives will position GNL for future success that maximizes shareholder value. As always, we're available to answer any questions you may have on this quarter after the call. Operator, please open the line for questions.

我們計劃的股息削減預計將使年化現金金額增加 7,400 萬美元，以進一步降低槓桿率。此外，以高於我們目前假設的隱含資本化率的溢價處置資產將為投資者提供我們領先的投資等級投資組合的價值證明。由於我們採取了保守的方法，我們的去槓桿化策略旨在實現盈利中性，預計透過對我們的每股收益應用合理且可實現的10 倍AFFO 倍數，我們的淨債務與調整後EBITDA 的比率將減少約一整圈。如果我們以 15 倍 AFFO 倍數交易到該行業的高端，則隱含的股價將超過每股 13 美元，即每股 20 美元。這一前景與我們縮小交易折扣的目標一致，我們相信這些策略舉措將為 GNL 奠定未來成功的基礎，實現股東價值最大化。像往常一樣，我們可以在電話會議後回答您有關本季度的任何問題。接線員，請開通提問線。

Ladies and gentlemen, at this time, we'll begin the question and answer session.

女士們、先生們，現在我們開始問答環節。

To ask a question.

來問一個問題。

You may press star and then one on your touchtone telephones. If you are using a speakerphone, we do ask that you please pick up your handset prior to pressing the keys to withdraw your question, you may press star and two. Once again, that is star and then one to join the question queue. We'll pause momentarily to assemble the roster. And our first question today comes from John Kim from BMO Capital Markets. Please go ahead with your question.

您可以按按鍵式電話上的星號，然後按一。如果您使用免持電話，我們要求您在按按鍵撤回問題之前拿起聽筒，您可以按星號和二號鍵。再一次，這是星星，然後是一個加入問題隊列的人。我們將暫停片刻以集合名單。今天我們的第一個問題來自 BMO 資本市場的 John Kim。請繼續你的問題。

Thank you.

謝謝。

Good morning. I wanted to ask about FFO guidance for this year. I realize there's a lot of moving parts and dispositions as well as some one-time items. But I thought it would have been higher if you included some of the G&A synergies that you expect to realize this year high occupancy from a multi-tenant retail portfolio and the potential lower interest rates. So just wanted to see what other parts are offsetting that potential growth.

早安.我想問今年 FFO 的指導情況。我意識到有很多移動部件和配置以及一些一次性物品。但我認為，如果您考慮到今年多租戶零售投資組合的高入住率和潛在的較低利率所帶來的一些一般管理費用協同效應，那麼這個數字會更高。所以只是想看看其他哪些部分正在抵消這種潛在的成長。

Yes, thanks, John and the $1.30 to $1.40 is on the guidance range. That, based on what we know today, based on the dispositions that we talked about, the occupancy et cetera, all the things that you've talked about, we've taken a what I believe is now a kind of common view, but a conservative view regarding interest rate reduction. I think in the and in year '23, there was a lot more anticipation of many deeper cuts. And I'm not sure when they will be coming on what the size and frequency of them will be and we didn't want to build a expectation around. The unknown of this guidance is well, we are very clear on being able to execute on. And if environmental or economic environment does change to the positive with interest rates later in the year, if it requires us to revise our guidance we can. But we're a time issuer of guidance. And we think that it's important. We're not overly conservative, but we believe we're very accurate, and this is where we will execute in '24.

是的，謝謝約翰，1.30 至 1.40 美元在指導範圍內。根據我們今天所了解的情況，根據我們所討論的配置、佔用率等，以及您所討論的所有事情，我們採取了我認為現在是一種共同觀點的觀點，但是對於降息持保守態度。我認為在 2013 年和 23 年，人們對更深層的削減有了更多的預期。我不確定他們什麼時候會出現，規模和頻率是多少，我們不想對此建立期望。該指南的未知數很好，我們非常清楚能夠執行。如果今年稍後環境或經濟環境確實因利率而變得積極，如果需要我們修改我們的指導，我們可以。但我們是指導的時間發布者。我們認為這很重要。我們並不過分保守，但我們相信我們非常準確，這就是我們將在 24 年執行的地方。

Okay.

好的。

And then maybe specifically on the dispositions, how much mortgage that is associated with those assets? And if you could provide a like like a blended OPERATOR dispositions, including the non-income-producing assets?

然後，也許特別是在處置方面，與這些資產相關的抵押貸款有多少？如果您可以提供類似混合電信商配置，包括非創收資產？

Well, the non-income producing assets we have this portfolio has always had a small portion of it assets that we look to dispose of whether it's because of a non-renewal or whatever the case may be hard to put a cap rate on those as things don't generate NOI. Again, that's a small part of what we're looking at on dispositions. The the $400 million to $600 million. Our typical leverage in the portfolio on these assets is kind of in the 50% to 60% range. So that will be the the leverage paydown. And as we achieve these dispositions.

好吧，我們這個投資組合中的非創收資產始終有一小部分資產，我們希望處置這些資產，無論是因為不續約還是其他情況，可能很難對這些資產設定上限利率事物不會產生 NOI。同樣，這只是我們所關注的處置的一小部分。4億至6億美元。我們對這些資產的投資組合的典型槓桿在 50% 到 60% 的範圍內。這就是槓桿支付。當我們實作這些配置時。

Okay.

好的。

My final question is on your use of proceeds. I realize you want to most likely reduce debt near term, get your leverage down, but you do have a share repurchase program, your stock is trading north of 10% implied cap rate. Where does buying back shares sit in as far as a potential use of proceeds?

我的最後一個問題是關於您的收益用途。我知道您很可能希望在短期內減少債務，降低槓桿率，但您確實有股票回購計劃，您的股票交易價格高於 10% 的隱含上限利率。就收益的潛在用途而言，回購股票的用途在哪裡？

Yes, as we've released 2024 initial guidance. We have not included a stock buyback announcement in that guidance. It is something that is available to us and something that the Board can take into consideration. But our 2024 initial guidance is, as we've talked about, we think based on dispositions and cap rates is a great opportunity for the Company to bring down net debt to EBITDA and hit these AFFO per share, our guidance range.

是的，我們已經發布了 2024 年初步指南。我們並未在該指引中納入股票回購公告。這是我們可以利用的東西，也是董事會可以考慮的。但正如我們所討論的，我們對 2024 年的初步指導是，我們認為基於處置和上限利率是公司降低 EBITDA 淨債務並達到每股 AFFO（我們的指導範圍）的絕佳機會。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thanks, John.

謝謝，約翰。

Our next question comes from Bryan Maher from B. Riley. Please go ahead.

我們的下一個問題來自 B. Riley 的 Bryan Maher。請繼續。

With your question. Craig.

帶著你的問題。克雷格.

Thanks and good morning, everyone. Just a couple from me this morning on the guidance for leverage getting down to 7.4 to 7.8 times is that just kind of the year end 2024 initial goal? Or is that where you're going to be comfortable staying longer term? And if not, where do you ultimately want to get to.

謝謝大家，早安。今天早上我就槓桿率降至 7.4 至 7.8 倍的指導提出了幾點建議，這就是 2024 年底的初步目標嗎？或者您願意長期待在那裡嗎？如果沒有，您最終想去哪裡？

Thanks, Brian. Yes, that is a year end target seven four to 7 eight in the 2024 guidance. As you as you point out, that is not ultimately where we intend to drive net debt to adjusted EBITDA. As I've said before, it's a little bit of a longer process, but we wanted to make it very clear that the initial path of doing that through dispositions. And I'm I've spoken in the past about thinking ultimate net debt to EBITDA should be in the six times 6.5 times range.

謝謝，布萊恩。是的，這是 2024 年指導中的年終目標七四到七八。正如您所指出的，這並不是我們最終打算將淨債務推向調整後 EBITDA 的目標。正如我之前所說，這是一個較長的過程，但我們希望非常清楚地表明，透過處置來實現這一目標的初始路徑。我過去曾說過，我認為最終的 EBITDA 淨債務應該在 6 倍 6.5 倍的範圍內。

And then when we look at the payout ratio on the new dividend, I think you're at about 10, let's take the midpoint of your guidance, one 35. That's about an 81% payout ratio. Is that where the Board wants to kind of hang out? Or is that just an initial salvo and you want to go a little bit lower than that? Or should we just think about it 80, give or take five?

然後，當我們查看新股息的派息率時，我認為約為 10，讓我們取指導值的中點，即 35。這大約是 81% 的支付率。這是董事會想要閒晃的地方嗎？或者這只是最初的齊射，你想比這低一點？或者我們應該考慮80，給還是拿5？

I don't think there is any reason to expect another announcement in 2024 on today's announcement of $1.10 is where we believe this portfolio will trade at this level. And that 80% to 85% payout ratio is especially if you remember this portfolio is 58% investment grade. And so our quality of earnings is quite high and higher than others in the sector. So we are very comfortable. We are at nearly 100% rent collection. The portfolio is really performing well. So on the 80% to 85% range does feel like where we intend to be.

我認為沒有任何理由預期 2024 年會在今天宣布的 1.10 美元的基礎上再次宣布，我們認為該投資組合將在這一水平進行交易。如果您還記得該投資組合的投資等級為 58%，那麼 80% 至 85% 的支付率尤其如此。因此，我們的獲利品質相當高，並且高於該行業的其他公司。所以我們很舒服。我們的租金收取率接近 100%。該投資組合確實表現良好。所以 80% 到 85% 的範圍確實是我們想要的。

Okay.

好的。

And just last for me, you know, GE announced a bit unique with its exposure to Europe, and I know that that's dropped meaningfully with the merger down to about 20% or so. But given its uniqueness. And given that most of us on this call don't really European real estate day-in day-out. Can you give us any type of broad strokes? What's going on over there of cap rates, you know, increased over the past two to three quarters outlook for dispositions in that market. Just a little bit more color on what's going on in Europe Thank you.

最後對我來說，你知道，通用電氣宣布了在歐洲的業務有點獨特，我知道隨著合併下降到大約 20% 左右，這一數字已經顯著下降。但鑑於其獨特性。考慮到參加這次電話會議的大多數人並沒有真正日復一日地關注歐洲房地產。您能給我們任何類型的大致輪廓嗎？你知道，過去兩到三個季度，該市場的資產配置前景有所增加。請對歐洲正在發生的事情有更多的了解，謝謝。

Yes. So obviously, Europe can't be painted in a single single brush. And so there the the part of Europe that we have always focused on has been of a stable European market, typically Western Europe and tends to have similar traits to the U.S. market, especially when you think about the tenant names that consist of the 20% European exposure so at it, some of our disposition targets are in Europe and we are very active and getting strong indications. It's a little bit early to discuss in detail, but the buying market in Europe remains strong on cost of debt in parts of Europe, actually a little bit more attractive still than in the U.S. and our focus for '24. I just want to reiterate is on the dispositions, not on the acquisitions. So we we have engaged local brokers that we have long relationships with on a few assets that we think meet the disclosed criteria as non-core dispositions. And our $400 million to $600 million really does focus on the retail and office and any meeting near term nonstrategic assets and some of them are in Europe and the market is active.

是的。顯然，歐洲不可能一蹴可幾。因此，我們一直關注的歐洲部分是一個穩定的歐洲市場，通常是西歐，並且往往與美國市場具有相似的特徵，特別是當你考慮到由 20% 的租戶組成的租戶名稱時歐洲風險敞口因此，我們的一些處置目標位於歐洲，我們非常積極並收到了強烈的跡象。現在詳細討論還為時過早，但由於歐洲部分地區的債務成本，歐洲購買市場仍然強勁，實際上比美國和我們 24 世紀的關注點更具吸引力。我只想重申的是處置，而不是收購。因此，我們聘請了與我們有長期合作關係的當地經紀人，以處理一些我們認為符合非核心處置揭露標準的資產。我們的 4 億至 6 億美元確實專注於零售和辦公室以及任何近期非戰略資產，其中一些位於歐洲，市場很活躍。

Thanks you.

感謝您。

Thanks, Bryan.

謝謝，布萊恩。

Our next question comes from Todd Thomas from KeyBanc Capital Markets. Please go ahead with your question.

我們的下一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。請繼續你的問題。

Hi, thank you. I wanted to circle back to the AFFO guidance of $1.30 to $1.40. It's about $0.05 to $0.06 per quarter lower than it seemed like you were anticipating when the merger was initially announced, can you provide a bridge and just help us understand some of the moving pieces and to help us understand, you know, that that repair the current quarterly FFO run rate just relative to what was loosely discussed a couple of quarters ago?

你好，謝謝。我想回到 AFFO 的指導價 1.30 美元至 1.40 美元。每季度比您最初宣布合併時的預期低約 0.05 至 0.06 美元，您能否提供一個橋樑，幫助我們了解一些變化的部分，並幫助我們了解，您知道，修復目前的季度FFO 運行率是否與幾個季度前寬鬆討論的情況有關？

Yes. Thank you, Todd. The biggest change from when the merger was announced to now is interest expense, and it's up about $6 million per quarter. We have calculated that in figure that in one of the goals of the guidance and disposition strategy is that we will be able to pay down some of that debt and drive those and drive that benefit into earnings.

是的。謝謝你，托德。從宣布合併到現在最大的變化是利息支出，每季增加約600萬美元。我們在圖中計算出，指導和處置策略的目標之一是我們將能夠償還部分債務並推動這些債務並將其收益轉化為收益。

On average, we have talked about also there was some movement in the European tax structure as far as the year end charge. And Chris and team and Chris can talk about this in a little bit more detail, but Chris and team have addressed that with a European tax restructuring that was completed in the fourth quarter and will have immediate benefit on in the first quarter. And so those are those are two of the biggest items. It was also in as far as in the fourth quarter, just a completion of some merger activity and what I'll call cleanup on, but the the 2024 full year guidance?

平均而言，我們已經討論過歐洲稅收結構在年終費用方面也發生了一些變化。克里斯和團隊可以更詳細地討論這個問題，但克里斯和團隊已經透過第四季度完成的歐洲稅收重組解決了這個問題，並將在第一季立即受益。這些是最大的兩個項目。就第四季而言，剛剛完成了一些合併活動以及我所說的清理工作，但 2024 年全年指導呢？

I think that's the way we're viewing interest expense. It is probably the biggest change.

我認為這就是我們看待利息支出的方式。這可能是最大的改變。

Okay. I guess maybe maybe for Chris, just to further discuss the guidance a little bit. I mean you seem to be on track for the G&A and with the synergies that you've previously discussed by Dan, it sounds like interest expense is up. I mean, are you able to provide any additional ranges around either straight-line rent or sort of cash NOI at year end or cash interest expense that's embedded in the guidance.

好的。我想也許對克里斯來說，只是為了進一步討論一下指導。我的意思是，您的一般行政費用似乎已步入正軌，並且由於丹之前討論過的協同效應，聽起來利息費用增加了。我的意思是，您是否能夠提供有關直線租金或年底現金 NOI 或指導中嵌入的現金利息費用的任何其他範圍。

I'm sure like I said, versus star in terms of the synergies. And as you mentioned, we're fully on target to reach the $75 million on them and exceed that in terms of the overall synergies for cash and Ally, I do I mentioned in the fourth quarter, as Mike said, there was about $2 million of sort of clean-up type of items coming in from negatively impacting the fourth quarter and not in the first quarter.

我確信就像我說的，就協同效應而言，與明星相比。正如您所提到的，我們的目標是達到 7500 萬美元，並超過現金和 Ally 的整體協同效應，我在第四季度提到過，正如邁克所說，大約有 200 萬美元某種清理類型的項目來自對第四季而不是第一季產生負面影響的項目。

And then just in terms of the overall go-forward, we obviously expect to be leasing up at the multi-tenant properties. And that helps Kaushik, you know, why.

然後就整體發展而言，我們顯然希望租用多租戶物業。這對 Kaushik 很有幫助，你知道，為什麼。

Okay.

好的。

All right. And then I'm just curious with the.

好的。然後我只是好奇。

Yes, obviously, the focus here is on dispositions, but I'm curious if investments are at all a consideration, you know, in the past you found deals at high single digit, low double digit going in yields. Is there any consideration to either recycling proceeds from dispositions at all or some of the additional retained earnings from the dividend reduction in the new investments at all in '24.

是的，顯然，這裡的重點是處置，但我很好奇投資是否完全是一個考慮因素，你知道，過去你發現交易的收益率高個位數，低兩位數。是否有考慮在 24 年完全回收處置收益或從新投資股利減少中獲得部分額外留存收益。

But I think the most important thing that we will do in 2024 is lower net debt to EBITDA. And that is the focus of the Company. And I think the as we drive our cost of capital to a more reasonable place on then we could look at at potential acquisitions, but 2024 is really focused on dispositions and lowering net debt to EBITDA cost of capital and improving our trading multiple so that we have that the ability to really take advantage of those types of acquisitions that we've always been able to generate. And we look forward to the future where we can do that. But right now, we understand and are committed to this plan and the results of it.

但我認為 2024 年我們要做的最重要的事情是降低 EBITDA 的淨債務。這也是公司的重點。我認為，當我們將資本成本推向更合理的水平時，我們可以考慮潛在的收購，但2024 年的真正重點是處置和降低淨債務與EBITDA 資本成本的比值，並提高我們的交易倍數，以便我們能夠有能力真正利用我們一直能夠產生的那些類型的收購。我們期待未來能夠做到這一點。但現在，我們理解並致力於該計劃及其結果。

Okay. And just lastly, if I could on the on the dividend reduction. And can you just talk a little bit about the Board's decision to reset the payout to that sort of 80% range and talk about the decision to reset at $1.10. I'm just curious whether there was any consideration to reduce it further or retain even more capital, which could help further reduce on leverage and improve your cost of capital. Was that at all a consideration?

好的。最後，我想談談股息削減。您能否簡單談談董事會將支出重置為 80% 範圍的決定以及將支出重置為 1.10 美元的決定。我只是好奇是否有任何考慮進一步減少或保留更多資本，這可以幫助進一步減少槓桿並提高您的資本成本。這是出於考慮嗎？

I can't really disclose too much about a Board discussion. As I know you can understand, but I nobody Let me restart back on dividend policy is a top priority and we understand the importance and the tough decision around making announcement of a dividend cut on. I think this low 80% payout ratio, as I said, based on the quality of the portfolio, the investment grade percentage, et cetera, is justified. And it's an important aspect, as you know, of running a read, and we appreciate the time really deep conversation and analysis that we undertook with the Board. And we think that this is a good place to come out and you know, for 2024. This gives us the ability to pay down debt. It's about $75 million of additional retained earnings and which is meaningful. And we think that it is something that existing shareholders can appreciate. Again, nobody looks for a dividend cut. I understand that, but it's also a great entry point for new shareholders as they look at this 2024 plan.

我實在無法透露太多有關董事會討論的資訊。據我所知，您可以理解，但我沒有人讓我重新啟動股息政策是首要任務，我們了解宣布削減股息的重要性和艱難決定。正如我所說，基於投資組合的品質、投資等級百分比等，我認為 80% 的低股息率是合理的。如您所知，這是進行閱讀的一個重要方面，我們感謝我們與董事會進行的真正深入的對話和分析。我們認為，對於 2024 年來說，這是一個出櫃的好地方。這使我們有能力償還債務。這大約是 7,500 萬美元的額外留存收益，這是很有意義的。我們認為現有股東會欣賞這一點。同樣，沒有人尋求削減股息。我理解這一點，但這也是新股東考慮 2024 年計畫的一個很好的切入點。

Okay.

好的。

Thank you.

謝謝。

Thanks, Todd.

謝謝，托德。

That Our last question comes from Michael Gorman from BTIG. Please go ahead with your question.

我們的最後一個問題來自 BTIG 的 Michael Gorman。請繼續你的問題。

Yes, thanks.

是的，謝謝。

Good morning.

早安.

If I could go back to kind of Todd's initial question, can you just talk a little bit more about the expectations for some of the baseline portfolio in the 2024 guidance and the NOI run rate. Looking through the presentations, it looks like there was about a 240 basis points tick down in occupancy in the multi-tenant portfolio quarter over quarter. Maybe kind of what drove that? And then how do you see that NOI trending over the course of 2022? Like what's baked into that number?

如果我可以回到托德最初的問題，您能否多談談對 2024 年指導中的一些基準投資組合和 NOI 運行率的預期。透過查看簡報，多租戶投資組合的入住率似乎環比下降了約 240 個基點。也許是什麼推動了這一點？那麼您如何看待 2022 年 NOI 的趨勢？就像這個數字包含了什麼？

Yes.

是的。

So first of all, hi, Michael, thanks for the question. The biggest driver of that multi-tenant was just timing and what I mean by that, in third, in the third quarter, we had an uptick of short term as we do every year and as most retail operators do from a seasonal short term leasing on some of the backfill leasing that we are involved in is just a little bit of a timing, whether it's fourth quarter or first quarter. So I don't see it as any indication of any trend. The pipeline activity has been strong relationships with as our national anchor tenants is expanding. The occupancy at the centers is very stable and increasing, which drives the more regional backfill or in-line tenants in the portfolio. So things are very positive on the multi-tenant front, and you'll continue to see that still and grow. And what I'd like to just keep in mind is multi-tenant is only about 22% of the overall portfolio, the overall portfolio at 96%, very stable. You saw the renewal spreads averaged 6%. So again, the real estate is desirable and tenants are paying to stay paying to renew, which is always a very positive sign, and we will continue to expect to see those results as well.

首先，嗨，邁克爾，謝謝你的提問。多租戶的最大驅動力只是時機，我的意思是，在第三季度，我們的短期租賃有所增加，就像我們每年所做的那樣，就像大多數零售運營商從季節性短期租賃中所做的那樣我們參與的一些回填租賃只是有點時機，無論是第四季還是第一季。所以我不認為這是任何趨勢的跡象。隨著我們國家主力租戶的不斷擴大，管道活動與我們建立了牢固的關係。這些中心的入住率非常穩定且不斷增加，這推動了投資組合中更多的區域回填或排隊租戶。因此，多租戶方面的情況非常積極，您將繼續看到這一點並不斷成長。我想記住的是，多租戶僅佔整體投資組合的 22% 左右，整體投資組合為 96%，非常穩定。您看到續約利差平均為 6%。再說一遍，房地產是理想的，租戶願意付費續租，這始終是一個非常積極的跡象，我們將繼續期望看到這些結果。

Okay.

好的。

So you're seeing you're seeing positive momentum above and beyond kind of at least the plus pipeline number that's in the presentation for the multi-tenant?

所以您看到了積極的勢頭，至少超出了多租戶演示中的管道數量？

Yes, as the multi-tenant portfolio is structured, we have four regional asset managers that are engaged completely. There's about 110 properties in the multi-tenant portfolio. So they all have roughly 30 properties that they're responsible for there.

是的，隨著多租戶投資組合的構建，我們有四家完全參與的區域資產管理公司。多租戶投資組合中約有 110 處房產。所以他們在那裡負責大約 30 個房產。

Talking about renewals, typically 18 to 24 months early. They're in the market. They're there national relationships with great companies like Burlington and T.J. Maxx and Dick's Sporting Goods, et cetera. Now that what we published in our pipeline is our deals that are pretty far along, but not yet executed. So there's a pretty much a fully negotiated term sheet and it's moved to LOI. So we're very comfortable putting it in our pipeline numbers. But yes, there are more leases behind that and we will continue to drive that 22% slice of the portfolio and the overall 96 are higher.

談到續約，通常提早 18 至 24 個月。他們在市場上。他們與 Burlington 和 T.J. 等大公司建立了全國性的合作關係。 Maxx and Dick's 運動用品等。現在我們在管道中發布的是我們已經進行了很長時間但尚未執行的交易。因此，已經有一份經過充分協商的條款清單，並且已移至意向書。所以我們很樂意將其放入我們的管道編號中。但是，是的，這背後還有更多的租賃，我們將繼續推動投資組合中 22% 的份額，整體 96% 的份額更高。

Okay.

好的。

That's helpful.

這很有幫助。

Thanks.

謝謝。

And then obviously, a lot of focus on the asset sales. Maybe can you give a little bit more color on maybe kind of the non-core that you went through the analysis and kind of how that breaks down among the different property types and maybe how the management team thought about it. Obviously, the shorter lease term makes sense or maybe some mortgage some debt maturities make sense. Was there any consideration for certain asset types in the portfolio where you think there's a meaningful disconnect?

顯然，許多注意力都集中在資產出售上。也許您可以對您進行分析的非核心部分提供更多的信息，以及它如何在不同的財產類型之間進行分解，以及管理團隊如何看待它。顯然，較短的租賃期限是有意義的，或者也許一些抵押貸款和一些債務到期是有意義的。是否考慮過您認為投資組合中存在有意義的脫節的某些資產類型？

Between how the public is valuing it and where you think you could sell those assets? And then that $400 million to $600 million is that is that all of the noncore or would there be potential additional proceeds above and beyond?

公眾如何評價它以及您認為可以在哪裡出售這些資產？那麼這 4 億至 6 億美元就是所有非核心資金，或者是否還會有潛在的額外收益？

Well, first, Michael, I want to respect the fact that this is the first time that we've given full year guidance and in that full year guidance, we've identified $400 million to $600 million of dispositions. So I don't want to day one start talking about oh and there's more right now because we're going to execute on this plan. We're going to we're going to achieve what we said we're going to achieve. We're going to drive the AFFO full year, et cetera. And but this is a big company and there's life beyond 2024. And we will always continue to evaluate the portfolio and take advantage of it.

好吧，首先，邁克爾，我想尊重這樣一個事實：這是我們第一次給出全年指導，在全年指導中，我們確定了 4 億至 6 億美元的處置。所以我不想從第一天就開始談論哦，現在還有更多，因為我們將執行這個計劃。我們將實現我們所說的我們將實現的目標。我們將全年推動 AFFO 的發展，等等。但這是一家大公司，壽命會持續到 2024 年後。我們將始終繼續評估投資組合併利用它。

The buy-sell arbitrage that's in our benefit. One thing that I'll point out that, yes, relatively small, but it's meaningful. And so far in this 2024 disposition strategy, we've sold $35 million of Truist bank branches from the portfolio, and we sold them at an average 6.5% cash cap rate on those are the types of things that the buyers are typically on individuals, local buyers. We've got local brokers working these assets for us, and we are taking advantage of that desire that individuals have to own that type of real estate in their local market. And that's how we're going to really take advantage of those spreads. I think 6.5% cap rates on an average remaining lease term, that's about six years and really speaks to the value of those bank branches there, other things that we're not quite ready to talk about yet, but we're very excited about what we're anticipating to be disposition cap rates on certain assets, and we will continue to disclose, but we don't want to we don't want to over disclose now because of it or it just makes it harder to dispose of in the market if we put out too much public information on my last point is we've been very focused on disposing from the retail and primarily office part of the portfolio. The Industrial continues to really be a bellwether on, but we did also look at some assets that we may have had early conversations with the tenant on about their long-term plans for the asset and made decisions that this is a good time to dispose of such assets.

買賣套利對我們有利。我要指出的一件事是，相對較小，但很有意義。到目前為止，在這個2024 年處置策略中，我們已經從投資組合中出售了3500 萬美元的Truist 銀行分支機構，我們以平均6.5% 的現金上限利率出售它們，這些是買家通常對個人購買的東西類型，當地買家。我們有當地經紀人為我們處理這些資產，我們正在利用個人必須在當地市場擁有此類房地產的願望。這就是我們真正利用這些利差的方式。我認為平均剩餘租賃期限的上限為 6.5%，大約是六年，這確實說明了那裡的銀行分行的價值，還有其他我們還沒有準備好談論的事情，但我們對此感到非常興奮我們預計某些資產的處置上限是多少，我們將繼續披露，但我們不想現在就過度披露，否則只會讓處置變得更加困難如果我們在我的最後一點上發布太多公開信息，那麼市場將非常專注於處置投資組合中的零售和主要辦公室部分。工業仍然是真正的領頭羊，但我們也確實研究了一些資產，我們可能已經與租戶就該資產的長期計劃進行了早期對話，並決定現在是處置的好時機此類資產。

Okay, thank you. And then maybe last one, Chris, and just the mechanical one. I guess maybe I'm just so that you've sold about $75 million in assets in the quarter in the fourth quarter. But when I look through the supp, it looks like net debt went up by about $80 million in aggregate. And I'm just kind of curious like what the puts and takes are there with the asset sales, but ultimately with the debt moving higher.

好的，謝謝。然後也許是最後一個，克里斯，只是機械的。我想也許我只是想讓你們在第四季出售了大約 7500 萬美元的資產。但當我查看該報告時，看起來淨債務總計增加了約 8000 萬美元。我只是有點好奇資產出售中的看跌期權和看跌期權是多少，但最終債務會上升。

So in the fourth quarter on the sales, we did pay down a portion of outstanding CMBS that was also drawn early in the period for some funding purposes. And I think that that's probably the key, of course, increase and that factor in the quarter.

因此，在第四季度的銷售中，我們確實支付了部分未償還的 CMBS，這些資金也是在該期間早期出於某些融資目的而提取的。我認為這當然可能是關鍵的成長因素以及本季的因素。

Okay. Yes.

好的。是的。

Maybe we can follow up with that offline. Because I'm just perhaps still not quite there yet.

也許我們可以在線下跟進。因為我可能還沒完全做到這一點。

Okay.

好的。

Thanks very much.

非常感謝。

Thanks, Michael.

謝謝，麥可。

Ladies and gentlemen, our final question today comes from Mitch Germain from Citizens JMP., please go ahead with your question.

女士們、先生們，我們今天的最後一個問題來自 Citizens JMP 的 Mitch Germain，請繼續提問。

Thank you, Michael. It seems like some really good progress that you're planning to make on on deleveraging this year on, but you're still well off your goal. So do we consider this the start of what will be like a multiyear plan? Is that kind of the way we should think about this?

謝謝你，麥可。你們計劃今年在去槓桿化方面取得一些非常好的進展，但距離目標還很遠。那麼我們是否認為這是多年計畫的開始？我們該這樣思考嗎？

I think that's fair.

我認為這是公平的。

So as you go through the portfolio to identify assets to sell. Is this going to be some kind of something you'll consider to do next year? Or are there methods methods to do some more organic deleveraging that you're kind of we're going to consider as you approach 2025?

因此，當您瀏覽投資組合以確定要出售的資產時。您明年會考慮做這件事嗎？或者，當您接近 2025 年時，我們是否會考慮採取一些更有機的去槓桿化方法？

Well, Mitch, it's a great question and I appreciate it on. As you know it at the end of February of 2024. I'm not quite ready to talk about, obviously our thoughts on 2025. We've got really good work ahead with what we've put out for guidance in dispositions and on the lowering of net debt to EBITDA. As you know, there are several levers that can drive lowering net debt to EBITDA and we hope and expect that more than dispositions is available to us before the end of 2024.

嗯，米奇，這是一個很好的問題，我很感激。如你所知，時間是 2024 年 2 月底。我還沒準備好談論我們對 2025 年的想法。我們已經在處置和降低 EBITDA 淨債務方面取得了非常好的工作指引。如您所知，有多種槓桿可以推動降低 EBITDA 淨債務，我們希望並預計在 2024 年底之前我們可以獲得的不僅僅是處置。

Based on our execution, organic is great on dispositions is great and we will continue to watch the performance and execute on what we've disclosed for our guidance and down that one of our goals is to have a better cost of capital going into 2025, and that's what we're really excited about.

根據我們的執行情況，有機在配置方面非常出色，我們將繼續關注業績並按照我們披露的指導方針執行，我們的目標之一是在 2025 年實現更好的資本成本，這就是我們真正感到興奮的事情。

Okay.

好的。

That's super helpful. On the credit facility, is there any swaps or some hedges that could how could prevent you from redeeming some of that debt, as you know, Chris, is there anything there that that can't be touched right now or it's too expensive to redeem? Is that just a small portion of it? Is that a large portion of it? How should I think about that?

這非常有幫助。關於信貸安排，是否有任何掉期或一些對沖可能會阻止您贖回部分債務，正如您所知，克里斯，是否有任何東西現在不能觸及，或者贖回成本太高？這只是其中的一小部分嗎？這是其中很大一部分嗎？我該如何思考這個問題？

There's no portion of it that going come up at this point.

此時還沒有出現任何部分。

Okay, great.

好的，太好了。

And then I guess last question for me. I'm just curious in terms of your I appreciate the color that you guys have been giving on the sector by sector and in multi tenant I'm curious about the conversion percentage and that you've got on your leasing pipeline. I know you've got a good portion of that that's still under consideration or in some sort of a state of discussion what you guys have been seeing in terms of I guess it's 289,000 square feet today. What does you guys have been seeing in terms of the ability to convert that over the last couple of quarters.

然後我想對我來說最後一個問題。我只是對你們感到好奇，我很欣賞你們在各個部門和多租戶方面所表現出的色彩，我對轉換率以及你們的租賃管道感到好奇。我知道你們有很大一部分仍在考慮或處於某種討論狀態，你們所看到的我猜今天的面積是 289,000 平方英尺。在過去的幾個季度裡，你們在轉換能力方面看到了什麼？

And it's just so I make sure I understand your question.

這只是為了確保我理解你的問題。

You're asking when it's in our pipeline what is our first, what is our conversion percentage (multiple speakers) of Eagle that you do not have?

您問的是，當它進入我們的管道時，我們的第一個產品是什麼？

Yes.

是的。

So I'm looking at your slide on the multi-tenant side. Obviously, some of that has already been completed. Some of that you're calling expected and then some of that is your pipeline. So I guess between your expected in your pipeline, I'm just trying to understand kind of how have you been witnessing conversion of that over the last couple of quarters?

我正在看您在多租戶方面的幻燈片。顯然，其中一些已經完成。其中一些是您所說的預期的，而另一些則是您的管道。所以我想在你對管道的預期之間，我只是想了解你在過去幾季中是如何見證這一轉變的？

All right. Well, thank you. That's a great question. We have for many quarters been at or near 100% when we put it in public disclosure as pipeline on, as I said earlier, those are lease negotiations that are very far along that maybe are not yet at a but negotiated lease form. But there is a and executed LOI. There is in a tenant that is fully engaged and moving forward. So though those numbers are very, we're very confident.

好的。嗯，謝謝。這是一個很好的問題。正如我之前所說，當我們將其作為管道公開披露時，我們在許多季度都處於或接近 100%，這些租賃談判已經進行了很長時間，可能尚未達到但已協商好的租賃形式。但有一個並已執行的意向書。有一位租戶全心投入並不斷前進。因此，儘管這些數字非常大，但我們非常有信心。

Thank you.

謝謝。

All right, Mitch, thank you.

好的，米奇，謝謝你。

And ladies and gentlemen, with that, we'll be concluding today's question and answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，我們今天的問答環節就到此結束。我想將發言權交還給管理階層，讓他們發表結束語。

Great. Jim, before I end with a couple of closing remarks, is there is there anything that you'd like to add?

偉大的。吉姆，在我結束幾句結束語之前，您還有什麼要補充的嗎？

Yes, yes, I just wanted to thank everybody for joining us on this call. I mean, it's been my pleasure interfacing with you all for the last almost seven years, and we want to thank you for your continued support of the company, and it's been a great seven years. I'm very pleased to be leaving with the firm in very capable hands with Mike and Chris and the rest of the team. That's a great team and I think there's a lot of great things to come.

是的，是的，我只是想感謝大家加入我們的這次電話會議。我的意思是，在過去的七年裡，我很高興與大家交流，我們要感謝你們對公司的持續支持，這是美好的七年。我很高興能夠與麥克、克里斯以及團隊其他成員一起離開公司，並由非常有能力的人管理。這是一支偉大的團隊，我認為未來還會有很多偉大的事情發生。

So thank you.

所以謝謝你。

Well, thank you, Jim. And speaking, on behalf of everybody here. We We appreciate you and I want to wrap this up. I hope everybody had a chance to see the press release that came out this morning on the Global Net Lease Board has been expanded by one very qualified Director on the Board has been doing their work and we were pleased to be able to get this announcement out today. Michael Monahan, a Vice Chairman at CB Richard Ellis joins the board and was a very successful and long career in commercial real estate and is just a great enhancement to an already very strong and capable board. So we thank you all for your time, and we look forward to hearing any follow-up questions that you may have. Please reach out and we are always happy to discuss further. So thank you all very much.

好吧，謝謝你，吉姆。我代表在座各位發言。我們感謝您，我想結束這一切。我希望每個人都有機會看到今天早上在全球網路租賃委員會發布的新聞稿，該新聞稿已由董事會中一位非常合格的董事進行了擴展，該董事一直在做他們的工作，我們很高興能夠發布此公告今天。世邦魏理仕(CB Richard Ellis) 副主席邁克爾·莫納漢(Michael Monahan) 加入董事會，他在商業房地產領域擁有非常成功且長期的職業生涯，這對本已非常強大和有能力的董事會來說是一個巨大的增強。因此，我們感謝大家抽出寶貴的時間，我們期待聽到您可能提出的任何後續問題。請聯絡我們，我們很樂意進一步討論。非常感謝大家。

Ladies and gentlemen, with that, we'll conclude today's conference call and presentation. We thank you for joining You may now disconnect your lines.

女士們先生們，我們今天的電話會議和演示就到此結束。我們感謝您的加入 您現在可以斷開線路。