Global Net Lease Inc (GNL) 2024 Q1 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to the Global Net Lease Inc. first quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，早安，歡迎參加 Global Net Lease Inc. 2024 年第一季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Schoenfeld of GNL. Please go ahead.

現在我很高興向大家介紹你們的主持人，GNL 的捨恩菲爾德。請繼續。

Thank you. Good morning, everyone, and thank you for joining us for GNL's first quarter 2024 earnings call. Joining me today on the call is Mike Weil, GNL's Chief Executive Officer, and Chris Masterson, GNL's Chief Financial Officer.

謝謝。大家早安，感謝您參加 GNL 2024 年第一季財報電話會議。今天與我一起參加電話會議的是 GNL 執行長 Mike Weil 和 GNL 財務長 Chris Masterson。

The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statements section at the end of our first quarter 2024 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today.

以下資訊包含 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。請查看我們 2024 年第一季財報發布結束時的前瞻性和警示性聲明部分，以了解可能導致實際結果與我們今天電話會議中做出的前瞻性聲明有重大差異的各種因素。

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.

正如我們向 SEC 提交的文件中所述。除法律要求外，GNL 不承擔任何更新或修改這些前瞻性聲明的意圖或義務。

Also, during today's call, we will discuss certain non-GAAP financial measures, which we believe can be useful in evaluating the company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as FFO and net debt to adjusted EBITDA and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release and in our quarterly report on Form 10-Q for the first quarter 2024.

此外，在今天的電話會議中，我們將討論某些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。我們使用的非GAAP 財務指標的描述，例如FFO 和淨債務與調整後EBITDA 的比值，以及這些指標與我們根據GAAP 報告的結果的對賬，在我們的收益發布和表格10 的季度報告中進行了詳細說明。

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

現在我將把電話轉給我們的執行長 Michael Weil。麥克風？

Thanks, Jordyn, and good morning, and thank you all for joining us today. We're pleased to share with you the results of a successful first quarter that included AFFO per share growth, strong leasing momentum, efficient balance sheet execution and continued synergies and internalization savings,

謝謝喬丁，早安，謝謝大家今天加入我們。我們很高興與您分享第一季的成功成果，包括 AFFO 每股成長、強勁的租賃動能、高效的資產負債表執行以及持續的協同效應和內部化節省，

As part of GNL's Q4 2023 earnings release, we shared our 2024 business strategy and full year guidance, which we believe will increase long-term shareholder value by delevering our balance sheet, reducing our exposure to variable rate debt and lowering net debt to adjusted EBITDA. At the core of this strategy is an asset disposition program targeting $400 million to $600 million in total sale proceeds at a cash cap rate between 7% and 8% on occupied assets.

作為GNL 2023 年第四季度收益發布的一部分，我們分享了我們的2024 年業務戰略和全年指導，我們相信這將通過去槓桿化我們的資產負債表、減少我們的可變利率債務風險以及降低調整後EBITDA 的淨債務來增加長期股東價值。該策略的核心是一項資產處置計劃，目標是出售總收益 4 億至 6 億美元，佔用資產的現金上限為 7% 至 8%。

We're excited with the significant progress we've achieved to date as of May first, our close dispositions plus pipeline totals $554 million at a cash cap rate of 7.2% on occupied assets and a weighted average remaining lease term of 3.9 years. This includes $63 million of successfully closed dispositions at a cash cap rate of 6.8% on occupied assets, $482 million of dispositions currently under PSA at a cash cap rate of 7.3% on occupied assets and $9 million of dispositions with executed LOIs at a cash cap rate of 7% on occupied assets.

我們對截至 5 月 1 日迄今的重大進展感到興奮，我們的已完成處置加上管道總計 5.54 億美元，佔用資產的現金上限率為 7.2%，加權平均剩餘租賃期為 3.9 年。其中包括以佔用資產現金上限6.8% 的現金上限成功完成的6,300 萬美元處置、目前在PSA 下以佔用資產現金上限7.3% 的7.3% 的現金上限完成的4.82 億美元處置，以及以現金上限執行意向書的900 萬美元處分佔用資產的稅率為 7%。

We're very pleased to have built this robust pipeline in the early stages of our strategic disposition efforts and expect to identify additional opportunities throughout the year. We believe the 7.2% cash cap rate on the occupied dispositions referenced above offers proof of value of our primarily investment grade portfolio and represents a significant premium compared to where GNL is currently trading on an implied cap rate basis.

我們很高興在策略部署工作的早期階段建立了這個強大的管道，並期望在全年中發現更多機會。我們認為，上述已佔用處置的 7.2% 現金上限證明了我們主要投資等級投資組合的價值，並且與 GNL 目前按隱含上限利率進行交易的情況相比，存在顯著溢價。

It's important to note that these strategic dispositions primarily consist of non-core assets and opportunistic sales, including assets with near term debt or lease maturities. They include the sale of 15 Truist properties totaling nearly $35 million for a cash cap rate of 6.6%.

值得注意的是，這些策略配置主要包括非核心資產和機會性出售，包括近期債務或租賃到期的資產。其中包括出售 15 處 Truist 房產，總價值近 3,500 萬美元，現金上限率為 6.6%。

Additionally, we have nearly $132 million of vacant property dispositions that are closed or under agreement we expect will eliminate $3 million of annualized operating expenses, assuming closing of the transactions contemplated by such agreements. In addition to the significant progress we achieved in our disposition program, we're also pleased to deliver a 6% growth in AFFO per share this quarter compared to last quarter.

此外，我們還有近 1.32 億美元的空置財產處置已完成或根據協議進行，假設此類協議預期的交易完成，我們預計將消除 300 萬美元的年化營運費用。除了我們在處置計劃中取得的重大進展之外，我們還很高興本季 AFFO 每股較上季成長了 6%。

We'll continue focusing on earnings growth in addition to our disposition program, which is expected to be earnings neutral.

除了我們的處置計劃之外，我們將繼續關注盈利增長，預計該計劃將保持盈利中性。

We've also achieved significant progress on the capital markets front, completing a $237 million CMBS refinancing in April, secured by 20 US industrial properties previously financed under the company's corporate credit facility. This was a great accomplishment in the current real estate capital markets environment that we believe reflects GNL's strong and diversified portfolio.

我們也在資本市場方面取得了重大進展，於 4 月完成了 2.37 億美元的 CMBS 再融資，由先前根據該公司的企業信貸安排融資的 20 個美國工業地產作為擔保。這是當前房地產資本市場環境中的一項偉大成就，我們認為這反映了 GNL 強大且多元化的投資組合。

The financing is interest-only at a fixed all-in interest rate of 5.74%, representing a substantial 159 basis points reduction compared to the current floating interest rate on the US dollar portion of the company's corporate credit facility. It results in a reduction of over $3.5 million in annualized interest expense, which will begin to benefit us in Q2 2024 and notably extends our weighted average debt maturity while increasing our exposure to fixed rate debt.

該融資為僅付息融資，固定總利率為 5.74%，與該公司企業信貸額度美元部分目前的浮動利率相比，大幅降低了 159 個基點。這導致年化利息支出減少超過 350 萬美元，這將從 2024 年第二季開始使我們受益，並顯著延長我們的加權平均債務期限，同時增加我們的固定利率債務風險。

This attractively priced financing also addresses our near-term debt maturities by proactively increasing flexibility and capacity on our corporate credit facility. As of May 1, we've already addressed 62% of the debt that has scheduled maturities in 2024. Specifically, we refinanced two mortgages onto our credit facility, including our $129 million McLaren headquarters mortgage that matured in April as well as $25 million of multi-tenant mortgage debt.

這種價格極具吸引力的融資也透過主動提高企業信貸安排的靈活性和能力來解決我們的近期債務到期問題。截至 5 月 1 日，我們已經解決了 2024 年到期債務的 62%。具體來說，我們為兩筆抵押貸款進行了再融資，其中包括 4 月到期的 1.29 億美元麥克拉倫總部抵押貸款以及 2,500 萬美元的多租戶抵押貸款債務。

As mentioned on our fourth quarter 2023 earnings call, we recently completed an $80 million refinancing agreement with Nordea Bank secured by multiple properties in Finland that extend debt maturities of these assets to 2029 at a 5.1% interest rate we expect that the remaining $155 million of debt maturing in 2024 will be addressed through our disposition strategy or placed onto our credit facility.

正如我們在2023 年第四季財報電話會議上提到的，我們最近與北歐銀行(Nordea Bank) 完成了一項8000 萬美元的再融資協議，以芬蘭的多個資產為抵押，將這些資產的債務期限延長至2029 年，利率為5.1%，我們預計剩餘的1.55 億美元將用於償還債務。

As for 2025 maturities, no debt is maturing until the third quarter of next year, and we intend on addressing it through disposition proceeds, permanent refinancing bonds and or availability on the corporate credit facility in the later part of 2024 or early 2025, anticipating a slightly more favorable environment.

至於 2025 年到期的債務，要到明年第三季才會到期，我們打算在 2024 年下半年或 2025 年初透過處置收益、永久再融資債券和/或企業信貸安排來解決這個問題，預計環境稍微好一些。

During the first quarter of 2024, we also showcased our strong asset management capabilities through robust leasing activity and positive leasing spreads encompassing nearly $1.4 million square feet with attractive renewal spreads that were 6.1% higher than expiring rents.

2024 年第一季度，我們還透過強勁的租賃活動和近 140 萬平方英尺的正租賃價差以及比到期租金高 6.1% 的有吸引力的續租價差展示了我們強大的資產管理能力。

New leases that were completed in the first quarter of 2024 have a weighted average lease term of 10.2 years. While the renewals that were completed in the first quarter of 2024 have a weighted average lease term of 5.8 years.

2024年第一季完成的新租賃的加權平均租賃期限為10.2年。而2024年第一季完成的續租，加權平均租賃期間為5.8年。

Notably, the single-tenant segment completed 13 new leases and renewals highlighted by an 11% renewal leasing spread, demonstrating the strong renewal demand for our mission critical assets while adding $6.9 million in straight-line rent, the multi-tenant segment completed 65 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 straight-line rent by $10.4 million.

值得注意的是，單租戶部門完成了13 項新租賃和續租，續約租賃價差為11%，這表明對我們的關鍵任務資產的強勁續租需求，同時增加了690 萬美元的直線租金，多租戶部門完成了65 項新租賃和續租。

Turning to our portfolio. As of the end of the first quarter, we owned 1,277 properties, spanning nearly 67 million square feet with a gross asset value of $9 billion. We believe the diverse composition of our net lease portfolio is unmatched across geography, appetite, dependent and industry and positions GNL to effectively navigate external macro challenges as we move ahead.

轉向我們的投資組合。截至第一季末，我們擁有 1,277 處房產，面積近 6,700 萬平方英尺，總資產價值 90 億美元。我們相信，我們的淨租賃投資組合的多元化構成在地理、興趣、依賴性和行業方面都是無與倫比的，並使 GNL 在我們前進的過程中能夠有效應對外部宏觀挑戰。

Portfolio's occupancy stands at 93% with a weighted average remaining lease term of 6.5 years. I wanted to note that our portfolio occupancy experienced a short term impact due to the vacancy of Klausner, a furniture manufacturing tenant that originally occupied five properties at only $2.13 of rent per square foot.

投資組合的出租率為 93%，加權平均剩餘租賃期為 6.5 年。我想指出的是，由於 Klausner 的空缺，我們的投資組合入住率受到了短期影響，Klausner 是一家家具製造租戶，最初以每平方英尺 2.13 美元的租金佔據了五處房產。

We were able to re-lease to the properties at the same rental rate with no downtime. Three remaining vacant properties previously represented only 55 basis points of GNL's total straight-line rent, but caused a 2.5% short-term decline in overall occupancy, given that it occupied 1.7 million square feet, two of the properties are already under contract to sell and are expected to close in the second quarter.

我們能夠以相同的租金價格重新出租這些房產，並且沒有停機時間。剩餘的三處空置物業此前僅佔 GNL 直線租金總額的 55 個基點，但由於佔地 170 萬平方英尺，導致整體入住率短期下降 2.5%，其中兩處物業已簽訂出售合約預計將於第二季度關閉。

The last property is also on the market, and we're actively engaged with potential buyers. I want to reiterate the minimal impact this has on our straight-line rent further illustrating our highly diversified portfolio with little concentration risk. Additionally, given the public disclosures regarding Family Dollar's intention to close some stores in 2024, I'd like to share that GNL's exposure to Family Dollar represents only 0.09% of SLR.

最後一處房產也在市場上，我們正​​在積極與潛在買家接觸。我想重申，這對我們的直線租金影響極小，進一步說明我們的投資組合高度多元化，集中風險很小。此外，考慮到 Family Dollar 打算在 2024 年關閉部分商店的公開披露，我想告訴大家的是，GNL 對 Family Dollar 的敞口僅佔 SLR 的 0.09%。

We have not received any indication that any of the stores they currently lease from us are part of the early store closures. This exposure is limited after GNL proactively disposed of $112 million of its Family Dollar holdings in 2019. As we anticipated potential headwinds for this tenant.

我們沒有收到任何跡象表明他們目前從我們這裡租用的任何商店是早期關閉商店的一部分。在 GNL 於 2019 年主動出售其持有的 1.12 億美元 Family Dollar 後，這種風險敞口受到限制。正如我們預期該租戶可能面臨的阻力。

Furthermore, given the recent developments regarding Red Lobster's financial troubles, we're pleased to announce the GNL has no exposure to Red Lobster. We continue to monitor all of our tenants and their business operations on a regular basis. The minimal exposure to these retailers showcases the diversification of our portfolio and our strong underwriting, which we believe limits our credit and concentration risk.

此外，考慮到 Red Lobster 財務問題的最新進展，我們很高興地宣布 GNL 沒有接觸 Red Lobster。我們繼續定期監控所有租戶及其業務運作。對這些零售商的最小敞口展示了我們投資組合的多元化和強大的承保能力，我們認為這限制了我們的信用和集中風險。

Geographically, 80% of our straight-line rent is earned in North America and 20% from Europe. The 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 rating.

從地理位置來看，我們 80% 的直線租金來自北美，20% 來自歐洲。該投資組合還具有穩定的租戶基礎和高品質的收益，58% 的租戶獲得投資等級或隱含投資等級評級，處於行業領先地位。

From a growth perspective, the portfolio includes an average annual contractual rental increase of 1.3%. I'd encourage everyone to look at our first quarter 2024 investor presentation on our website for more details on each segment of our portfolio.

從成長角度來看，該投資組合的平均年合約租金增幅為 1.3%。我鼓勵大家查看我們網站上的 2024 年第一季投資者演示，以了解有關我們投資組合各個部分的更多詳細資訊。

I'd like to take a moment to highlight the addition of two independent and highly distinguished Board members during the first quarter, Michael J. U. Monahan and Rob Kauffman. Mike currently serves as a CBRE Vice Chair and brings extensive real estate expertise. And Rob have Co-Founder of Fortress Investment Group possesses a wealth of relevant capital market knowledge, both have already brought invaluable insight and perspective to the Board, and we look forward to their continued contributions in shaping GNL's future.

我想花點時間強調第一季新增的兩位獨立且傑出的董事會成員：邁克爾·J·U·莫納漢 (Michael J. U. Monahan) 和羅布·考夫曼 (Rob Kauffman)。Mike 目前擔任 CBRE 副主席，擁有豐富的房地產專業知識。Fortress Investment Group 聯合創辦人 Rob have 擁有豐富的相關資本市場知識，兩人都為董事會帶來了寶貴的見解和視角，我們期待他們繼續為塑造 GNL 的未來做出貢獻。

Looking ahead, we remain committed to executing on our systematic and prudent approach to achieving our financial objectives, which revolve around reducing our net debt to adjusted EBITDA ratio while organically enhancing NOI through lease up initiatives and contractual rent growth.

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，這些目標圍繞著減少我們的淨債務與調整後的 EBITDA 比率，同時透過租賃計劃和合約租金增長有機地提高 NOI。

Our asset disposition program in which we've made significant progress is a pivotal component of this strategy and should provide us with incremental capital to deleverage our balance sheet. I'll turn the call over to Chris to walk through the financial results and balance sheet matters in more detail. Chris?

我們已經取得重大進展的資產處置計劃是這項策略的關鍵組成部分，應該為我們提供增量資本來去槓桿化我們的資產負債表。我會將電話轉給克里斯，讓他更詳細地介紹財務績效和資產負債表事宜。克里斯？

Thanks, Mike. Please note that 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.

謝謝，麥克。請注意，與往常一樣，GAAP 淨利潤與非 GAAP 指標的調整可以在我們網站上發布的收益報告中找到。

For the first quarter 2024, we recorded revenue of $206 million and a net loss attributable to common stockholders of $35 million compared to $207 million and $60 million in Q4 2023, respectively. Core FFO was up 17% to $57 million or $0.25 per share in Q1 2024 compared to $48 million or $0.21 per share in Q4 2023.

2024 年第一季度，我們的營收為 2.06 億美元，普通股股東淨虧損為 3,500 萬美元，而 2023 年第四季分別為 2.07 億美元和 6,000 萬美元。2024 年第一季核心 FFO 成長 17%，達到 5,700 萬美元，即每股 0.25 美元，而 2023 年第四季為 4,800 萬美元，即每股 0.21 美元。

IFFO increased 5% to $75 million or $0.33 per share in the first quarter of 2024 compared to $72 million or $0.31 per share in Q4 2023, representing a 6% AFFO per share increase from last quarter. As discussed last quarter, following the successful completion of a European tax restructuring, we have seen a reduction in income tax expense from $5.5 million in Q4 2023 to $2.4 million in Q1 2024.

2024 年第一季，IFFO 成長5%，達到7,500 萬美元，即每股0.33 美元，而2023 年第四季為7,200 萬美元，即每股0.31 美元，相當於AFFO 每股較上季度成長6% 。如上季所討論的，在成功完成歐洲稅務重組後，我們看到所得稅費用從 2023 年第四季的 550 萬美元減少到 2024 年第一季的 240 萬美元。

Looking at our balance sheet. It's important to note that even though 84% of our debt is subject to fixed rates, current sustained high interest rate environment does have a temporary effect on the portion of our debt that isn't fixed or swapped to mitigate this, we have reduced our exposure to variable rate debt through our new $237 million CMBS refinancing while also extending our weighted average debt maturity.

看看我們的資產負債表。值得注意的是，儘管我們84%的債務是固定利率的，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，為了緩解這種影響，我們減少了我們的債務透過我們新的 2.37 億美元 CMBS 再融資來承擔可變利率債務，同時延長我們的加權平均債務期限。

Further increase our level of fixed rate debt and lower our cost of capital. We have also taken the proactive approach of swapping $300 million of the USD portion of our corporate credit facility at an interest rate that is 120 basis points lower than the current floating interest rate.

進一步提高我們的固定利率債務水準並降低我們的資本成本。我們也採取了積極主動的方式，以比目前浮動利率低 120 個基點的利率交換了公司信貸額度中 3 億美元的美元部分。

This swap is effective as of April 1, 2024, and is expected to reduce our annualized interest expense by $3.6 million. Additionally, we entered into $200 million of GBP. swaps on March 18, 2024, that are approximately 90 basis points lower than the one month SONIA and are expected to decrease annualized interest expense by $2.2 million.

此次互換自 2024 年 4 月 1 日起生效，預計將使我們的年化利息支出減少 360 萬美元。此外，我們也投入了 2 億美元的英鎊。 2024 年 3 月 18 日的互換，比 1 個月 SONIA 低約 90 個基點，預計年化利息支出減少 220 萬美元。

We expect to realize the full benefit of these actions beginning in Q2 2024. At the end of the first quarter, our net debt to adjusted EBITDA ratio was 8.4 times based on net debt of $5.2 billion. As expected, net debt to adjusted EBITDA remains unchanged from the prior quarter. As the previous announced dividend reduction, which increases incremental cash use to lower debt only occurred in April as well as the majority of our announced dispositions will close in Q2 or Q3 of 2024.

我們預計從 2024 年第二季開始即可充分實現這些行動的好處。第一季末，我們的淨債務與調整後 EBITDA 的比率為 8.4 倍（基於淨債務 52 億美元）。正如預期的那樣，淨債務與調整後 EBITDA 的比率與上一季相比保持不變。由於先前宣布的股息削減（增加增量現金使用以降低債務）僅發生在 4 月份，我們宣布的大部分處置將在 2024 年第二季或第三季完成。

Our weighted average interest rate was 4.8%, and we had liquidity of approximately $175 million and $190 million of capacity on our credit facility. Our debt comprises $1 billion in senior notes, $1.8 billion on the multicurrency revolving corporate credit facility and $2.6 billion of outstanding gross mortgage debt.

我們的加權平均利率為 4.8%，流動資金約為 1.75 億美元，信貸額度容量為 1.9 億美元。我們的債務包括 10 億美元的優先票據、18 億美元的多幣種循環企業信貸安排以及 26 億美元的未償還抵押貸款債務總額。

Our debt was 84% fixed rate, which includes floating rate debt with in-place interest rate swaps and our interest coverage ratio was 2.4 times. As of March 31, 2024, we had approximately 230.8 million common shares outstanding. On a weighted average basis. They were approximately 230.3 million shares standing during the first quarter of 2024.

我們的債務為84%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2.4倍。截至 2024 年 3 月 31 日，我們擁有約 2.308 億股已發行普通股。以加權平均為基礎。2024 年第一季的流通股數量約為 2.303 億股。

Turning to our outlook for the balance of 2024. Based on progress to date, we are reaffirming our 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.

轉向我們對 2024 年的展望。根據迄今為止的進展，我們重申每股 AFFO 指引範圍為 1.30 美元至 1.40 美元，淨債務與調整後 EBITDA 的範圍為 7.4 倍至 7.8 倍。

I'll now turn the call back to Mike for some closing remarks.

現在我將把電話轉回給麥克，讓他做一些結束語。

Thanks, Chris. GNL executed well on our near term strategic objectives in the first quarter of 2024, we made significant progress on our strategic disposition plan, building a robust $554 million closed plus disposition pipeline. The 7.2% cash cap rate we're achieving on the announced occupied assets represents a significant premium compared to the implied value of this portfolio.

謝謝，克里斯。GNL 在 2024 年第一季很好地執行了我們的近期戰略目標，我們在戰略處置計劃方面取得了重大進展，建立了強大的 5.54 億美元的關閉加處置管道。我們對已公佈的佔用資產實現的 7.2% 現金上限與該投資組合的隱含價值相比存在顯著溢價。

Based on the current trading price, we're committed to increasing shareholder value and continuing this disposition initiative until we close the gap between the value of our real estate and our stock price. I want to reiterate that we plan on using the net proceeds received from these incremental dispositions to continue lowering our net debt to adjusted EBITDA, bringing in more in line with our peers.

根據目前的交易價格，我們致力於增加股東價值並繼續這項處置計劃，直到我們縮小房地產價值與股票價格之間的差距。我想重申，我們計劃利用從這些增量處置中獲得的淨收益，繼續將我們的淨債務降低至調整後的 EBITDA，從而與我們的同行更加一致。

In addition to our disposition program, we continue to benefit from G&A synergies as a direct result of the merger and internalization through Q1 2024, we have realized over $70 million of synergies, and we remain on track to achieve the full $75 million annualized cost savings by Q3 2024.

除了我們的處置計劃之外，我們還繼續受益於2024 年第一季合併和內部化直接帶來的G&A 協同效應，我們已經實現了超過7,000 萬美元的協同效應，並且我們仍有望實現7,500 萬美元的年度成本節約到 2024 年第三季。

We'll also benefit from the $3 million reduction in annualized operating expenses through the sale of Vacon assets, $3.5 million of annualized interest savings from our CMBS refinance and $5.8 million of annualized interest savings from our corporate credit facility swaps.

我們還將受益於透過出售Vacon 資產而減少的年化營運費用300 萬美元、我們的CMBS 再融資帶來的年化利息節省350 萬美元以及我們的企業信貸便利掉期帶來的年化利息節省580 萬美元。

The AFFO per share growth, continued leasing momentum, strong portfolio performance and significant disposition progress we've achieved this quarter reflects our commitment to enhancing our balance sheet, reducing leverage and positioning GNL for sustainable growth in the future, ultimately creating shareholder value over the long term. 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.

我們本季取得的AFFO 每股成長、持續的租賃動能、強勁的投資組合業績和重大處置進展，反映了我們致力於改善資產負債表、降低槓桿率並為GNL 未來的可持續成長做好準備，最終為股東創造價值長期。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。

(Operator Instructions) Bryan Maher, B. Riley Securities.

（操作員指示）Bryan Maher，B. Riley Securities。

Good morning, Michael and Chris. Thanks for taking my questions. Just a couple from me this morning. Are you sticking with the retail landscape for a minute is there any timing that you can share on the closing of those two properties? And do you guys have any exposure to the rue 21 situation?

早上好，邁克爾和克里斯。感謝您回答我的問題。今天早上我只有幾個。您是否關注零售業的情況，可以分享一下關閉這兩個物業的時間嗎？你們有沒有接觸過21號街的情況？

And Ryan, the on the closing of the two properties, I believe, and I will confirm this is the beginning of the third quarter and but it is a executed contract and we're moving forward. So we feel very good about that.

瑞安，我相信，關於這兩處房產的交割，我將確認這是第三季度的開始，但這是一份已執行的合同，我們正在向前推進。所以我們對此感覺非常好。

Rue 21 is a very small tenant in our multi-tenant portfolio, and they represent 0.12% of straight-line rent. So we will anticipate backfilling those moderately sized stores without any problem. And we were very pleased with the leasing in the quarter, 1.4 million square feet of leasing in the portfolio this quarter. So we have no reason to believe that that small tenant is even going to show up in any kind of material way.

Rue 21 是我們多租戶投資組合中的一個非常小的租戶，佔直線租金的 0.12%。因此，我們預計會毫無問題地回填那些中等規模的商店。我們對本季的租賃情況非常滿意，本季投資組合中的租賃量為 140 萬平方英尺。所以我們沒有理由相信那個小租戶會以任何物質方式出現。

Okay. And then when we think about your disposition pipeline, kind of two questions here. How long do you think it takes until you complete that in its entirety? And are there any industrial or office assets in the sales mix?

好的。然後，當我們考慮您的處置管道時，這裡有兩個問題。您認為完全完成它需要多長時間？銷售組合中是否有工業或辦公資產？

And yes, there it was a wholesome fulsome review of the portfolio and we looked for what we deem to be non-core assets and one of those definitions, first of all, we are very much looking forward to lowering our exposure to single-tenant office. So there are office properties in the pipeline and then there are some just a few and industrial properties where to conversations with tenants and different information that we had on the remaining lease term was rather short and we saw great opportunistic dispositions.

是的，這是對投資組合的全面審查，我們尋找我們認為是非核心資產的資產以及這些定義之一，首先，我們非常期待降低對單一租戶的風險敞口辦公室。因此，有一些辦公物業正在籌備中，還有一些工業物業，我們可以與租戶進行對話，我們所掌握的有關剩餘租賃期限的不同資訊相當短，我們看到了很大的機會主義傾向。

There are more details will be provided on as we close on those assets. And I think that you and others are going to be very impressed with the decisions to dispose and the value that we receive for these assets. And I just wanted to touch again on the average cap rate of dispositions of 7.2%. And I do think that we're looking at assets that have remaining lease term of on average, less than four years, and we can still get those types of cap rates.

當我們關閉這些資產時，將提供更多詳細資訊。我認為您和其他人會對我們的處置決定以及我們從這些資產中獲得的價值印象深刻。我只想再談談 7.2% 的平均處置上限率。我確實認為，我們正在尋找平均剩餘租賃期限少於四年的資產，並且我們仍然可以獲得這些類型的資本化率。

And it just highlights this 1,300 property portfolio really is consisting of valuable real estate and the disparity between these values and where we're trading on. We're really focused on closing that gap because this company should be trading at a much higher multiple. There's no doubt.

它只是強調了這 1,300 個房地產投資組合確實由有價值的房地產組成，以及這些價值與我們所交易的地方之間的差異。我們真正專注於縮小這一差距，因為這家公司的本益比應該高得多。毫無疑問。

Okay. And just lastly, is it safe to say that given where you're trying to get to on the leverage front, that acquisitions really aren't top of mind anytime soon?

好的。最後，可以肯定地說，考慮到您在槓桿方面的努力，收購真的不是短期內的首要考慮嗎？

That is accurate. As I've said in my prepared comments, the velocity that we're executing on our 2024 guidance metrics is very encouraging. The results it will prove to be very valuable in what you see in the second quarter and the third quarter. I'm comfortable anticipating that on and real estate, these this portfolio is a little bit like a big aircraft carrier we've put in all of the appropriate steps and we're executing and what we expect to see through the balance of 2024 is really exciting.

這是準確的。正如我在準備好的評論中所說，我們執行 2024 年指導指標的速度非常令人鼓舞。您在第二季和第三季看到的結果將被證明非常有價值。我很高興地預計，在房地產方面，這個投資組合有點像一艘大型航空母艦，我們已經採取了所有適當的步驟，並且正在執行，我們期望在 2024 年的平衡中看到的是真的令人激動。

I was happy to see the AFFO growth of 6% per share in the quarter on, and that's before a lot of the impact of the things that we achieve because obviously this is a first quarter earnings call and we'll talk about the second quarter on in, I don't know, six or eight weeks or so very strong progress. And I anticipate results that new and others are going to be pleased with.

我很高興看到本季度 AFFO 每股增長 6%，而且這還沒有受到我們所取得的成就的很大影響，因為顯然這是第一季的財報電話會議，我們將討論第二季度的情況我不知道，六週或八週左右的時間裡，進展非常強勁。我預計新的結果和其他人都會感到滿意。

Okay. Thank you.

好的。謝謝。

Thanks for being here.

感謝您來到這裡。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Good morning, Todd.

早安，陶德。

Hi, good morning. This is [Antara Natujori] on for Todd Thomas. I was just wondering if you could talk about your plans to continue recycling capital in 2025. So as you execute on this year's decision disposition plans and looking to reduce leverage further beyond your current leverage range, should we assume another year of $400 million to $600 million of dispositions?

早安.這是 Todd Thomas 的 [Antara Natujori]。我只是想知道您是否可以談談您在 2025 年繼續回收資本的計劃。因此，當您執行今年的決策處置計劃並希望將槓桿進一步降低到超出當前槓桿範圍時，我們是否應該假設另一年的處置金額為 4 億至 6 億美元？

And it's a little bit early to put a number on it like that because we have not put out 2025 guidance yet, as you know, I think it's fair to say that on being at approximately $550 million of dispositions either closed or under contract when we put out full year disposition guidance of $400 million to $600 million leads one to draw the conclusion that we very well may dispose of more in 2024.

現在給出這樣的數字還為時過早，因為我們還沒有發布2025 年指導，正如你所知，我認為可以公平地說，當我們完成或簽訂合約時，大約5.5 億美元的處置已經結束或簽約。

I think I alluded in my closing comments that and as we and as we see the value when we can sell these assets at an average in the low seven cap rate on a cash basis on the value in continuing to lower net debt to EBITDA to generate the proceeds from these dispositions and close the gap between the implied value of where we're trading versus the actual value of these assets.

我想我在結束語中提到了這一點，正如我們看到的那樣，當我們能夠以現金的方式以平均低七上限利率出售這些資產時，繼續降低 EBITDA 的淨債務以產生的價值這些處置的收益，並縮小我們交易地點的隱含價值與這些資產的實際價值之間的差距。

I'm very comfortable in telling you that we will continue to have conversations with our Board and as appropriate we will look forward to either revising 2024 disposition guidance on or putting out 2025. But having just completed the first quarter, I don't want to get too far ahead. This is a very slow and steady business and we will execute.

我很高興地告訴您，我們將繼續與董事會進行對話，並期待在適當的情況下修訂 2024 年處置指南或推出 2025 年處置指南。但剛完成第一季度，我不想走太遠。這是一項非常緩慢而穩定的業務，我們將執行。

I think that you can take away from what we've done in the first quarter. The commitment and focus that we have and the ability to execute on what we've said into the market. So please take the first quarter as a sign of what's to come and we will continue on to really look to drive value in this company.

我認為你可以從我們第一季所做的事情中得到啟發。我們的承諾和關注以及執行我們對市場所說的話的能力。因此，請將第一季視為未來的一個標誌，我們將繼續真正尋求推動該公司的價值。

Got it. And so you mentioned that the cap rate range on dispositions is 78% that you're targeting and you're doing better than that so far, but has there been any change in cap rates as you continue having conversations with potential buyers and work through additional disposals given the recent increase in interest rates?

知道了。因此，您提到，處置的上限利率範圍是您目標的 78%，而且到目前為止您做得比這個要好，但是隨著您繼續與潛在買家進行對話並解決問題，上限利率是否有任何變化鑑於近期利率上升，是否需要額外處置？

So as I said earlier, our guidance for 2024 is $400 million to 600 million of dispositions. And you're correct that we targeted 7.8% or 7.2% to $550 million. And again, we think that the value of the real estate and the value of the tenants that occupy the real estate, the type of real estate will continue to see these types of disposition results.

正如我之前所說，我們對 2024 年的指導是 4 億至 6 億美元的處置。您說得對，我們的目標是 7.8% 或 7.2%，達到 5.5 億美元。再次，我們認為房地產的價值和占用房地產的租戶的價值，房地產的類型將繼續看到這些類型的處置結果。

And I think that we've seen in the last couple of weeks, a very slight release of pressure on the 10-year, it's actually been coming down. And now I see it at about 4.5%, which is relief to many. We started to get close to that 5%, but we were executing at 7.2% in that range. So no, not being able to tell what the Fed steps are in 2024.

我認為過去幾週我們已經看到，10 年期國債的壓力略有緩解，實際上一直在下降。現在我看到這個數字約為 4.5%，這讓很多人鬆了一口氣。我們開始接近 5%，但我們在該範圍內的執行率為 7.2%。所以不，無法判斷聯準會 2024 年將採取什麼措施。

I'd like to believe that we still have some one to three rate cuts ahead for 2024, which will further strengthen our ability to execute on what we've laid out. So I think that we've got wind at our back and we're pushing forward and we will continue to execute and deliver results that meet or exceed the market's expectations.

我相信 2024 年我們仍將降息一到三次，這將進一步增強我們執行既定計畫的能力。因此，我認為我們已經得到了支持，我們正在向前推進，我們將繼續執行並交付滿足或超越市場預期的結果。

Okay. Got it. Thank you.

好的。知道了。謝謝。

Thank you.

謝謝。

Mitch Germain, Citizens JMP. Please go ahead.

米奇·傑曼 (Mitch Germain)，公民 JMP。請繼續。

Thank you so much for taking my question. I'm trying to understand the situation with some Klausner. I think I'm saying that right. So yes, you are like Devens Okay, grazie. So it seems like some of the issues that they were experiencing began middle part of last year from where they are on your watch list versus something that is kind of aligned with what you expected or does the situation get worse than you anticipated?

非常感謝您回答我的問題。我正在嘗試了解一些克勞斯納的情況。我想我說的是對的。所以，是的，你就像德文斯一樣，好吧，謝謝。因此，他們遇到的一些問題似乎是從去年中期開始出現在您的觀察名單上的，而不是與您的預期相符的問題，或者情況是否比您預期的更糟？

Now this was all we were very aware. This is something that we were monitoring. We are in talks with them on that. It was a manufacturing industrial type facility. So on I think that it's up when you take into account the situation, I think that we've managed to have a good outcome on their taking. As we said in the call, two of the buildings they've released back at the exact same rate.

現在我們只知道這一點。這是我們正在監控的事情。我們正在與他們就此進行談判。這是一個製造工業類型的設施。所以我認為當你考慮到這種情況時，我認為我們已經設法在他們的接受上取得了良好的結果。正如我們在電話中所說，他們以完全相同的速度釋放了兩座建築物。

Two of the properties are all already under contract to sell. And most importantly, Mitch, is, as you know, being an industrial tenant on their rent per square foot was very low. So although it had a kind of a headline impact on occupancy. It really had very diminimus impact on earnings, and we're going to see both recover on in the second quarter.

其中兩處房產已簽訂出售合約。最重要的是，米奇，正如你所知，作為工業租戶，每平方英尺的租金非常低。因此，儘管它對入住率產生了某種重大影響。它確實對盈利產生了非常小的影響，我們將看到兩者在第二季度恢復。

So I'm very pleased and again, I do think that the strength of our asset management platform and team being able to have to re-lease the two properties sell two properties back quickly, I think is validation that we were not caught flat-footed. Nobody ever likes to see a bankruptcy.

所以我非常高興，我確實認為我們的資產管理平台和團隊的實力能夠重新租賃這兩處房產並迅速賣回兩處房產，我認為這證明了我們沒有陷入困境-有腳的。沒有人願意看到破產。

But if I can switch the page on a little bit, I do want to highlight back in 2019. Again, looking at our asset management performance, we saw the Family Dollar Dollar Tree merger and frankly didn't I think that it made a whole lot of sense on we owned Family Dollar stores, and we sold them in 2019 at a very attractive 720 cap rate.

但如果我可以稍微切換一下頁面，我確實想強調一下 2019 年的情況。再次，看看我們的資產管理業績，我們看到了Family Dollar Dollar Tree 的合併，坦白說，我不認為這對我們擁有的Family Dollar 商店很有意義，我們在2019 年以非常有吸引力的720美元出售了它們。

So avoiding essentially this repositioning that they're going to be undertaking in 2024 and 2025. So I focus on the portfolio on a daily basis and is really important. And we never want to be caught flat-footed. I don't want to say we're perfect. But being able to proactively manage this 1,300 property portfolio is really beneficial in the short term and long term.

因此，基本上避免了他們將在 2024 年和 2025 年進行的重新定位。所以我每天都會關注投資組合，這點非常重要。我們永遠不想措手不及。我不想說我們是完美的。但能夠主動管理這 1,300 個房地產投資組合無論從短期或長期來看都確實有益。

Great. That's super helpful. And I know that you mentioned grew and you mentioned Family Dollar. And I guess is there any other Klausner or other situations that exist in the portfolio that kind of we need to be aware of I mean, you're is there something on your watch list that might be more actionable, you know, versus something that you're just kind of looking for potential?

偉大的。這非常有幫助。我知道你提到了成長，也提到了家庭美元。我想投資組合中是否存在任何其他克勞斯納或其他情況，我們需要注意，我的意思是，你的觀察名單上是否有一些東西可能更具可操作性，你知道，與其他東西相比你只是在尋找潛力嗎？

Yes. So the short answer is no. And the longer answer is we have a very close hold on this portfolio and we've taken all that into consideration when we gave guidance for 2024 that we're very confident in achieving on both on an earnings per share basis and a lowering of net debt to EBITDA. So there did it. There can be things that happen in the portfolio, but I don't anticipate anything material.

是的。所以簡短的回答是否定的。更長的答案是，我們非常密切地持有這個投資組合，當我們給出2024 年的指導時，我們已經考慮到了所有這些因素，我們非常有信心在每股收益的基礎上實現目標，並降低淨收益EBITDA 債務。於是就做到了。投資組合中可能會發生一些事情，但我預計不會發生任何重大事件。

And I think that we're as I said earlier, I'm really excited. I don't remember being this excited talking about first quarter results and thinking about the remainder of the year for how we're positioned and what's to come on. And, you know, I'm very pleased with our execution.

我認為我們就像我之前所說的那樣，我真的很興奮。我不記得談論第一季業績並思考今年剩餘時間我們的定位和未來發展時會如此興奮。而且，你知道，我對我們的執行非常滿意。

I maybe shouldn't say it that way I hope you all are pleased with our execution in the first quarter because I think it shows the path and these results in the first quarter don't take into account the things that we finished in the first quarter that are going to have a positive impact on not only the second quarter, but the remainder of 2024.

我也許不應該這樣說，我希望你們都對我們第一季的執行感到滿意，因為我認為它顯示了路徑，第一季度的這些結果沒有考慮到我們在第一季度完成的事情這不僅會對第二季度，而且對2024 年剩餘時間產生正面影響。

So this is really a momentum that I feel is positive velocity that I think is incredibly valuable and a business plan that we're going to be able to execute on because of how well we know our portfolio and all of the aspects of it, including refinancing debt and lowering interest rates, lowering net debt to EBITDA. So we're just going to keep pushing forward in this consistent way.

因此，這確實是一種動力，我認為這是一種積極的速度，我認為非常有價值，也是我們能夠執行的業務計劃，因為我們非常了解我們的投資組合及其所有方面，包括債務再融資和降低利率，降低EBITDA 的淨債務。因此，我們將繼續以這種一致的方式向前推進。

Great. Last one for me and thanks for everyone's time. Just Chris, just confirming that hedge the rate hedge, that is that goes right to the bottom line is that the way to model it or is there some sort of accounting intricacies that we need to be aware of?

偉大的。這是我的最後一篇，感謝大家的寶貴時間。克里斯，只是確認對沖利率對沖，這就是最重要的，這是建模的方法，還是我們需要注意某種會計複雜性？

It goes right to the bottom line.

它直接到達底線。

Thank you, everyone.

謝謝大家。

Thanks.

謝謝。

Thank you, ladies and gentlemen, this concludes our question and answer session. I would now hand the conference over to the management for closing comments.

謝謝女士們先生們，我們的問答環節到此結束。我現在將把會議交給管理層徵求總結意見。

Great. Thank you, operator. Well, I think I've said a lot in the Q&A and in my prepared comments. So I appreciate everybody taking the time. We're very excited about directionally where G. and L. is headed and we think that we're we've done the work, we're showing the results and we look forward to seeing you at conferences taking any calls that you may have and continuing the conversation. We believe that this is of a terrific company and portfolio, and we look forward to seeing the response of this work.

偉大的。謝謝你，接線生。嗯，我想我在問答和準備好的評論中說了很多。所以我感謝大家抽出時間。我們對 G. 和 L. 的發展方向感到非常興奮，我們認為我們已經完成了工作，我們正在展示結果，我們期待在會議上看到您接聽您可能提出的任何電話並繼續談話。我們相信這是一家了不起的公司和產品組合，我們期待看到這項工作的反應。

So thank you all very much.

非常感謝大家。

Thank you. The conference of Global Net Lease has now concluded. Thank you for your participation. You may now disconnect your line.

謝謝。全球網租會議現已結束。感謝您的參與。現在您可以斷開線路。