Global Net Lease Inc (GNL) 2024 Q2 法說會逐字稿

Greetings. Welcome to the Global Net Lease second-quarter 2024 earnings conference call. (Operator Instructions) Please note this conference is being recorded. At this time, I'll turn the conference over to Jordyn Schoenfeld. Jordyn, you may now begin.

問候。歡迎參加 Global Net Lease 2024 年第二季財報電話會議。（操作員說明）請注意，本次會議正在錄製中。這次，我將把會議交給喬丁·舍恩菲爾德 (Jordyn Schoenfeld)。喬丁，你現在可以開始了。

Thank you. Good morning, everyone, and thank you for joining us for GNL's second-quarter 2024 earnings conference call. Joining me today on the call is Michael 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 年第二季財報電話會議。今天加入我電話會議的是 GNL 執行長 Michael Weil；以及 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 second quarter 2024 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today. 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.

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 年第二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。正如我們在 SEC 備案文件中所述，除法律要求外，GNL 不承擔任何更新或修改這些前瞻性陳述的意圖或義務。

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. Description of those non-GAAP financial measures that we use, such as AFFO 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 second quarter 2024. I'll now turn the call over to our CEO, Michael Weil. Mike?

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（例如 AFFO 和淨債務與調整後 EBITDA 之比）的描述，以及這些指標與我們根據 GAAP 報告的結果的對賬，詳見我們的收益發布和表 10 季度報告-2024年第二季的Q。現在我將把電話轉給我們的執行長 Michael Weil。麥克風？

Thanks, Jordyn. Good morning and thank you all for joining us today. At the beginning of 2024, GNL initiated a comprehensive business plan with clear financial objectives. We're currently on track to achieve or exceed these objectives, following another successful quarter, marked by increased guidance of our strategic disposition initiative, further leverage reduction, efficient balance sheet execution, AFFO per share growth, strong leasing momentum and continued synergies and internalization-related savings.

謝謝，喬丁。早安，感謝大家今天加入我們。2024年初，GNL啟動了一項具有明確財務目標的全面業務計劃。繼又一個成功的季度之後，我們目前有望實現或超越這些目標，其特點是我們的戰略處置計劃的指導力度加大、槓桿率進一步降低、資產負債表執行高效、AFFO 每股增長、租賃勢頭強勁以及持續的協同效應和內部化相關儲蓄。

At the start of 2024, GNL implemented an asset disposition program and provided guidance of $400 million to $600 million in total sale proceeds from dispositions to be used for debt paydown, with a cash cap rate between 7% and 8% on occupied assets. The primary objectives are to reduce our net debt to adjusted EBITDA, lower our cost of capital, and align our leverage with industry peers.

2024 年初，GNL 實施了一項資產處置計劃，並提供了 4 億至 6 億美元的處置收益總額指導，用於償還債務，佔用資產的現金上限在 7% 至 8% 之間。主要目標是減少我們的淨債務以調整後的 EBITDA，降低我們的資本成本，並使我們的槓桿率與行業同行保持一致。

We're excited about the significant progress we have achieved to-date. As of August 1, total transactions, including our closed dispositions plus pipeline totaled $728 million at a cash cap rate of 7.3% on occupied assets, with a weighted average remaining lease term of 5.3 years.

我們對迄今為止的重大進展感到興奮。截至 8 月 1 日，包括我們已完成的處置和管道在內的總交易總額為 7.28 億美元，佔用資產的現金上限率為 7.3%，加權平均剩餘租賃期為 5.3 年。

This includes $371 million from successfully closed dispositions at a cash cap rate of 7.4% on occupied assets, $227 million in dispositions currently under PSA at a cash cap rate of 6.7% on occupied assets, and $130 million in dispositions with executed LOIs at a cash cap rate of 7.7% on occupied assets.

其中包括成功完成的處置（佔用資產現金上限為7.4%）中的3.71 億美元、目前根據PSA 進行的處置（佔用資產現金上限為6.7%）中的2.27 億美元，以及按現金執行意向書進行的1.3億美元處置。

As a result of the robust pipeline we have built in the early stages of our strategic disposition effort. We have raised our guidance for the disposition initiative to $650 million to $800 million of closed transactions in 2024 within our stated 7% to 8% cash cap rate. We believe the 7.3% cash cap rate achieved on the occupied dispositions demonstrates the value of our primarily investment-grade portfolio, representing a significant premium compared to GNL's current implied cap rate.

由於我們在策略部署工作的早期階段建立了強大的管道。我們已將 2024 年已完成交易的處置計畫指引提高至 6.5 億至 8 億美元，且現金上限為 7% 至 8%。我們認為，已佔用處置所實現的 7.3% 現金上限反映了我們主要投資等級投資組合的價值，與 GNL 當前的隱含上限相比，存在顯著溢價。

We remain committed to reducing leverage into 2025, and we plan to disclose additional information on incremental dispositions as part of our 2025 business plan. These dispositions are focused on non-core assets, with shorter weighted average remaining lease term compared to our portfolio average as well as opportunistic sales.

我們仍然致力於在 2025 年之前降低槓桿率，併計劃披露有關增量處置的更多信息，作為我們 2025 年業務計劃的一部分。這些處置主要針對非核心資產，與我們的投資組合平均值相比，加權平均剩餘租賃期較短，並且是機會性銷售。

As part of this strategy, we anticipate further reducing our office portfolio through non-core dispositions, targeting an exposure below 20% of total portfolio straight-line rent by the end of 2024. Notable sales in the quarter include 20 single-tenant retail properties leased to Truist, totaling over $50 million at a 6.4% cash cap rate and a portfolio of nine properties leased to Americold for $170 million.

作為該策略的一部分，我們預計透過非核心處置進一步減少我們的辦公大樓投資組合，目標是到 2024 年底將風險敞口降至總投資組合直線租金的 20% 以下。本季的顯著銷售包括出租給 Truist 的 20 處單一租戶零售物業，以現金上限計算，總價值超過 5,000 萬美元，以及以 1.7 億美元出租給 Americold 的 9 處物業組合。

The Americold portfolio, with its 3.3 years of weighted average remaining lease term and renewal uncertainties, generated $170 million of gross proceeds, which we used to pay down our 2025 maturing debt balance during the quarter, with the remaining proceeds used to further pay down our revolving credit facility. This strategy exemplifies GNL's commitment to enhancing asset value and delivering long-term shareholder returns.

Americold 投資組合的加權平均剩餘租賃期為3.3 年，且存在續約不確定性，產生了1.7 億美元的總收益，我們用這些收益在本季度償還了2025 年到期的債務餘額，剩餘收益則用於進一步償還我們的債務。這項策略體現了 GNL 對提高資產價值和提供長期股東回報的承諾。

Additionally, we have nearly $180 million in vacant property dispositions that are closed or under agreement, which are expected to eliminate over $3 million of annualized operating expenses, assuming closing of the transactions contemplated by such agreements.

此外，我們還有近 1.8 億美元的空置財產處置已完成或已達成協議，假設此類協議預期的交易完成，預計將消除超過 300 萬美元的年化營運費用。

We're pleased to report that our progress in the 2024 strategic disposition plan has enabled us to achieve a net debt to adjusted EBITDA ratio of 8.1 times at the end of the second quarter, down from 8.4 times last quarter. While we have more work ahead of us, we're optimistic about the progress we've made thus far and are confident in our ability to further reduce leverage in the second half of the year without negatively impacting our AFFO per share.

我們很高興地報告，2024 年戰略處置計劃的進展使我們在第二季度末實現淨債務與調整後 EBITDA 比率為 8.1 倍，低於上季度的 8.4 倍。雖然我們還有更多工作要做，但我們對迄今為止所取得的進展感到樂觀，並對我們在下半年進一步降低槓桿率而不會對每股 AFFO 產生負面影響的能力充滿信心。

I want to emphasize that a key priority of our disposition strategy is selling assets held on our revolving credit facility as these assets incur the highest interest cost and allow us to de-lever on an earnings-neutral basis. If a sale involves assets not on our revolving credit facility, our intent is to allocate the remaining proceeds to reduce our revolving credit facility balance as we did with our Americold disposition.

我想強調的是，我們處置策略的一個關鍵優先事項是出售循環信貸額度上持有的資產，因為這些資產產生最高的利息成本，並使我們能夠在盈利中性的基礎上去槓桿化。如果出售涉及的資產不在我們的循環信貸額度內，我們的目的是分配剩餘收益以減少我們的循環信貸額度餘額，就像我們對 Americold 處置所做的那樣。

Another financing tool that provides GNL with a significant advantage is our ABS Master Trust. To provide some context, for those who are not familiar, the Master Trust allows for a flexible collateral pool with the ability to substitute or re-lease assets, which gives GNL more flexibility than what is traditionally found in other types of financings.

為 GNL 提供顯著優勢的另一個融資工具是我們的 ABS Master Trust。為了向那些不熟悉的人提供一些背景信息，主信託允許靈活的抵押品池，能夠替代或重新租賃資產，這使 GNL 比傳統的其他類型融資具有更大的靈活性。

As we dispose of assets that currently sit on our ABS at an approximately 3.6% interest rate, we replaced them with assets from our revolving credit facility, which currently carries a 7.3% floating interest rate on the US dollar portion. This generates over 300 basis points of interest rate savings and allows us the flexibility to continue focusing on reducing our cost of capital as we continue to dispose of assets.

當我們以大約 3.6% 的利率處置目前 ABS 上的資產時，我們用循環信貸安排中的資產取代了它們，目前美元部分的浮動利率為 7.3%。這可節省超過 300 個基點的利率，使我們能夠在繼續處置資產時靈活地繼續專注於降低資本成本。

As mentioned, GNL continues to place a strong emphasis on de-risking our balance sheet, focusing on managing near-term debt maturities and increasing the proportion of fixed rate debt in our portfolio. We have been proactive in addressing near-term debt maturities. And as of August 1, we have successfully addressed 100% of the debt that was scheduled to mature in 2024 through dispositions or refinancing on to our revolving credit facility. As a result, GNL currently has no debt maturities through July of 2025.

如前所述，GNL 繼續高度重視降低資產負債表風險，並專注於管理近期債務到期日並增加固定利率債務在我們投資組合中的比例。我們一直積極主動地解決近期債務到期問題。截至 8 月 1 日，我們已透過循環信貸安排的處置或再融資，成功解決了 100% 計劃於 2024 年到期的債務。因此，截至 2025 年 7 月，GNL 目前沒有債務到期。

Additionally, we previously announced we expect to achieve $75 million in savings, resulting from the merger and internalization of our management functions by the end of Q3 2024. We're excited to announce that through Q2 2024, we've already recognized over $74 million of cost synergies, with the remaining balance to be realized next quarter.

此外，我們先前宣布，預計到 2024 年第三季末，我們的管理職能合併和內部化將實現 7,500 萬美元的節省。我們很高興地宣布，到 2024 年第二季度，我們已經實現了超過 7,400 萬美元的成本協同效應，剩餘餘額將於下季度實現。

During the second quarter of 2024, we also showcased our strong asset management capabilities through robust leasing activity. We achieved positive leasing spreads encompassing nearly 1.5 million square feet with attractive renewal spreads that were 4.3% higher than [expiring] rents.

2024年第二季度，我們也透過強勁的租賃活動展現了我們強大的資產管理能力。我們實現了近 150 萬平方英尺的正租賃價差，並具有吸引力的續租價差，比[到期]租金高 4.3%。

New leases that were completed in the second quarter of 2024 have a weighted average lease term of 8.3 years, while the renewals that were completed during this period have a weighted average lease term of 8.5 years.

2024年第二季完成的新租賃的加權平均租賃期限為8.3年，而在此期間完成的續租的加權平均租賃期限為8.5年。

Notably, the single-tenant segment completed 16 new leases and renewals, highlighted by an 8.5% renewal spread. The multi-tenant segment completed 81 new leases and renewals, resulting in a 2% renewal spread, consistent with the high demand we're experiencing at our suburban shopping centers.

值得注意的是，單租戶細分市場完成了 16 份新租約和續租，其中續租價差為 8.5%。多租戶部門完成了 81 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相符。

Turning to our portfolio, as of the end of the second quarter, we owned 1,242 properties, spanning over 64 million square feet and a weighted average remaining weighted average remaining lease term of 6.5 years. Our weighted average remaining lease term remained steady quarter over quarter, which is directly attributable to our strategic focus on disposing of assets with short remaining lease terms and successful leasing efforts.

談到我們的投資組合，截至第二季末，我們擁有 1,242 處房產，面積超過 6,400 萬平方英尺，加權平均剩餘租賃期為 6.5 年。我們的加權平均剩餘租賃期環比保持穩定，這直接歸因於我們的策略重點是處置剩餘租賃期較短的資產以及成功的租賃工作。

We believe GNL is well positioned to continue to navigate external macro challenges given the diverse composition of our net lease portfolio, which is unmatched across geography, asset type, tenant, and industry. Regarding other tenant exposure, GNL maintains limited exposure to Family Dollar of only 7 basis points of straight-line rent, and cons and big lots each represent just 8 basis points of straight-line rent.

我們相信，鑑於我們的淨租賃投資組合的多元化構成，GNL 處於有利地位，能夠繼續應對外部宏觀挑戰，這在地理、資產類型、租戶和行業方面都是無與倫比的。至於其他租戶風險，GNL 對 Family Dollar 的風險敞口有限，僅為直線租金的 7 個基點，而 con 和大地塊各自僅代表直線租金的 8 個基點。

We had minimal exposure to Rue 21, accounting for only 5 basis points of straight-line rent and no exposure to Red Lobster, which both recently filed for bankruptcy. This is a testament to our portfolio's impressive diversification and credit underwriting.

我們對 Rue 21 的風險敞口很小，僅佔直線租金的 5 個基點，對 Red Lobster 沒有風險敞口，這兩家公司最近都申請了破產。這證明了我們的投資組合令人印象深刻的多元化和信用承銷。

No single tenant accounts for more than 3.2% of total straight-line rent, and the top 10 tenants collectively contribute only 21% of total straight-line rent. We continue to monitor all tenants in our portfolio and their business operations on a regular basis.

沒有一個租戶佔直線租金總額的比例超過3.2%，前10名租戶合計貢獻的直線租金總額僅21%。我們繼續定期監控我們投資組合中的所有租戶及其業務運作。

Geographically, 80% of our straight-line rent is earned in North America and 20% from Europe. The portfolio features a stable-tenant base and a high quality of earnings, with an industry-leading 59% 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。該投資組合擁有穩定的租戶基礎和高品質的收益，業界領先的 59% 租戶獲得投資等級或隱含投資等級評級。

The portfolio features an average annual contractual rental increase of 1.3%, which excludes the impac14% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases. I urge everyone to look at our Q2 2024 investor presentation on our website for more details on each segment of our portfolio.

該投資組合的平均年合約租金增幅為 1.3%，其中不包括與 CPI 掛鉤的租賃對投資組合的 14% 影響，這些租賃歷來經歷過顯著較高的租金增幅。我敦促大家查看我們網站上的 2024 年第二季投資者演示文稿，以了解有關我們投資組合各個部分的更多詳細資訊。

We remain committed to executing on systematic and prudent approach to achieving our financial objectives, focusing on reducing net debt to adjusted EBITDA without negatively impacting earnings, while organically enhancing NOI through lease-up initiatives and contractual rent growth.

我們仍然致力於以系統化和審慎的方法來實現我們的財務目標，重點是在不對收益產生負面影響的情況下將淨債務減少到調整後的EBITDA，同時透過租賃計劃和合約租金增長有機地提高NOI 。

We're pleased with our first half achievements and look forward to sustaining this momentum in the second half of 2024. I'll turn the call over to Chris to walk through the financial results and balance sheet matters in more detail. Chris?

我們對上半年的成就感到滿意，並期待在 2024 年下半年保持這一勢頭。我將把電話轉給克里斯，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 non-GAAP measures can be found in our earnings release which is posted on our website. For the second quarter of 2024, we recorded revenue of $203 million and a net loss attributable to common stockholders of $47 million compared to $206 million and $35 million in Q1 2024, respectively.

謝謝，麥克。請注意，與往常一樣，GAAP 淨利潤與非 GAAP 指標的對帳可以在我們網站上發布的收益報告中找到。2024 年第二季度，我們的營收為 2.03 億美元，普通股股東淨虧損為 4,700 萬美元，而 2024 年第一季分別為 2.06 億美元及 3,500 萬美元。

AFFO grew 2% to $77 million or $0.33 per share in the second quarter of 2024 compared to $75 million or $0.33 per share in Q1 2024, representing a 2% AFFO per share increase from last quarter. We achieved a significant reduction in income tax expense in Q2 2024, driven by the continued benefits from the successful European tax restructure and a $3.8 million tax benefit recognized in the quarter.

2024 年第二季度，AFFO 成長2%，達到7,700 萬美元，即每股0.33 美元，而2024 年第一季為7,500 萬美元，即每股0.33 美元，相當於AFFO 每股較上季度成長2% 。在成功的歐洲稅收重組帶來的持續收益以及本季確認的 380 萬美元稅收優惠的推動下，我們在 2024 年第二季度實現了所得稅費用的大幅減少。

Looking at our balance sheet, our debt comprises $1 billion in senior notes, $1.7 billion on the multicurrency revolving credit facility, and $2.4 billion of outstanding gross mortgage debt, with zero debt maturing for the remainder of the year. Our debt includes 90% fixed rate debt, which incorporates floating rate debt with in-place interest rate swaps, and our interest coverage ratio was 2.4 times.

從我們的資產負債表來看，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24 億美元的未償還抵押貸款債務總額，今年剩餘時間內到期的債務為零。我們的債務包括90%的固定利率債務，其中包括浮動利率債務和就地利率掉期，我們的利息保障倍數為2.4倍。

It's important to note that even though 90% of our debt is subject to fixed rates, the current sustained high interest rate environment has a temporary effect on the portion of our debt that isn't fixed or swapped. To mitigate this, in April, we reduced variable rate debt exposure through a $237 million CMBS refinancing and swapped $300 million of the US dollar portion of our revolving credit facility to an interest rate that is 120 basis points lower than the current floating interest rate effective April 1, 2024.

值得注意的是，儘管我們90%的債務是固定利率的，但當前持續的高利率環境對我們未固定或互換的部分債務產生了暫時的影響。為了緩解這一問題，4 月份，我們透過 2.37 億美元的 CMBS 再融資減少了浮動利率債務風險，並將循環信貸安排中 3 億美元的美元部分轉換為比當前有效浮動利率低 120 個基點的利率2024 年4 月1 日。

Additionally, in March, we entered into $200 million of GBP swaps that are approximately 90 basis points lower than the one-month SONIA. These proactive cost-cutting actions have reduced our weighted average interest rate of 4.7%, down from 4.8% in Q1 2024, and increased the portion of our debt that is fixed rate to 90%, up from 84% in Q1 2024.

此外，3 月份，我們簽訂了 2 億美元的英鎊掉期合約，比一個月期 SONIA 低約 90 個基點。這些積極的成本削減行動使我們的加權平均利率從 2024 年第一季的 4.8% 降低到 4.7%，並將固定利率債務比例從 2024 年第一季的 84% 增加到 90%。

At the end of the second quarter, our net debt to adjusted EBITDA ratio was 8.1 times based on net debt of $5 billion, a decrease of 0.3 times from prior quarter, largely due to the $277 million of dispositions closed in Q2.

在第二季末，我們的淨負債與調整後EBITDA 比率為8.1 倍（基於50 億美元的淨負債），比上一季下降0.3 倍，這主要是由於第二季完成了2.77 億美元的處置。

We have successfully managed to reduce our outstanding debt balance by $251 million from Q1 2024 and we intend to further reduce our outstanding debt balance as we close on the disposition currently in our pipeline. We have liquidity of approximately $220 million and $214 million of capacity on our revolving credit facility. As of June 30, 2024, we had approximately 230.8 million common shares outstanding and approximately 230.4 million shares outstanding on a weighted average basis.

自 2024 年第一季起，我們已成功將未償債務餘額減少了 2.51 億美元，我們打算在完成目前正在進行的處置後進一步減少未償債務餘額。我們擁有約 2.2 億美元的流動資金和 2.14 億美元的循環信貸額度。截至 2024 年 6 月 30 日，我們已發行普通股約 2.308 億股，按加權平均計算，已發行普通股約 2.304 億股。

Turning to our outlook for the remainder 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. As Mike mentioned, we have increased guidance related to our disposition initiative to $650 million to $800 million from $400 million to $600 million. I'll now turn the call back to Mike for some closing remarks.

談到我們對 2024 年剩餘時間的展望，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 範圍為 7.4 倍至 7.8 倍。正如麥克所提到的，我們已將與處置計畫相關的指引從 4 億美元增加到 6 億美元，增加到 6.5 億美元到 8 億美元。現在我將把電話轉回給麥克，讓他做一些結束語。

Thanks Chris. GNL made significant progress in the first half of 2024, effectively executing the business plan we set forth at the beginning of year and demonstrating strong performance across multiple strategic initiatives.

謝謝克里斯。GNL 在 2024 年上半年取得了重大進展，有效執行了我們年初制定的業務計劃，並在多項策略舉措中展現了強勁的業績。

We're pleased with the velocity of our 2024 strategic disposition plan, with closed and pipeline dispositions totaling $728 million at favorable cash cap rates, underscoring the strength of our investment-grade portfolio. This initiative has been crucial in our efforts to align our leverage with industry peers by reducing net debt to adjusted EBITDA.

我們對 2024 年戰略處置計劃的速度感到滿意，已完成的和管道中的處置總額為 7.28 億美元，現金上限利率優惠，突顯了我們投資級投資組合的實力。這項措施對於我們透過減少調整後 EBITDA 的淨債務來使我們的槓桿率與行業同行保持一致至關重要。

During the successful second quarter, we saw a 0.3 times decrease in net debt to adjusted EBITDA to 8.1 times, with further reductions anticipated in the second half of the year. Our disposition initiative is being executed on an earnings-neutral basis, as demonstrated by our AFFO per share growth quarter over quarter. And importantly, it's worth reiterating that our proactive approach to managing near-term debt maturities has resulted in zero debt maturities through July 2025, further solidifying our financial stability.

在成功的第二季度，我們看到淨債務減少了 0.3 倍，調整後的 EBITDA 達到 8.1 倍，預計下半年將進一步減少。我們的處置計劃是在盈利中性的基礎上執行的，我們的 AFFO 每股季度環比增長證明了這一點。重要的是，值得重申的是，我們積極主動管理近期債務到期日的方法已導致到 2025 年 7 月債務到期日為零，進一步鞏固了我們的財務穩定性。

We've raised disposition guidance to a new range of $650 million to $800 million of closed dispositions in 2024 from an initial range of $400 million to $600 million, reflecting the rapid progress and effectiveness of our initiative. We've recognized 99% of the anticipated cost synergies from the merger and internalization and expect to realize the full balance by next quarter as originally projected.

我們已將 2024 年已完成處置的處置指引範圍從最初的 4 億美元至 6 億美元提高到 6.5 億美元至 8 億美元，這反映了我們舉措的快速進展和有效性。我們已經認識到合併和內部化帶來的 99% 的預期成本協同效應，並預計在下個季度實現最初預期的全部平衡。

Additionally, continued strong leasing activities have increased portfolio occupancy and generated positive renewal spreads. As we look ahead, we believe the net lease industry continues to offer stable and predictable income, as demonstrated by GNL's successful second-quarter results.

此外，持續強勁的租賃活動增加了投資組合的入住率並產生了積極的續租價差。展望未來，我們相信淨租賃行業將繼續提供穩定且可預測的收入，GNL 成功的第二季業績證明了這一點。

We remain committed to executing our 2024 business plan and are optimistic about maintaining positive momentum, especially with tailwinds from potential rate cuts. 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.

我們仍然致力於執行 2024 年業務計劃，並對保持積極勢頭持樂觀態度，尤其是在潛在降息的推動下。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。

John Kim, BMO Capital Markets.

約翰金 (John Kim)，BMO 資本市場。

Good morning, John,

早安，約翰，

Good morning and thank you. I wanted to ask about the dispositions that you've added to the pool this year. And the additional disclosure on the assets that are in letter of intent at a 7.7% cap rate. Michael, I think from your commentary that this is mostly office assets, but I just wanted to confirm that's the case. And also, if you could just comment on the overall transaction market and how investor appetite has changed with the change in rates.

早安，謝謝。我想問一下你們今年添加到池中的配置。以及意向書中資本化率為 7.7% 的資產的額外揭露。邁克爾，從你的評論來看，我認為這主要是辦公室資產，但我只是想確認情況確實如此。另外，您是否可以評論一下整個交易市場以及投資者的興趣如何隨著利率的變化而變化。

Well, I think that we're going to see increase in activity in the market. The expectation of lowering rates is only going to be a positive. So considering where we've been in the first half of the year when it was not certain of timing on potential rate cuts, I think it will only help us and really be wind at our back.

嗯，我認為我們將會看到市場活動的增加。降低利率的預期只會是正面的。因此，考慮到我們今年上半年的情況，當時還不確定潛在降息的時機，我認為這只會對我們有幫助，而且確實是我們的後盾。

As far as the executed LOI portion of what we're anticipating closing in the remainder of 2024, that's going to continue to change. It's just at the moment. The average cap rate is 7.7%. As you've seen in the first quarter, we were 7.3% on closed assets; in the second quarter, we're 7.4%. And we've got an upcoming allocation that's under PSA that's at 6.7%.

就我們預計在 2024 年剩餘時間完成的已執行意向書部分而言，情況將持續改變。只是現在而已。平均資本化率為7.7%。正如您在第一季所看到的，我們的關閉資產率為 7.3%；第二季度，我們的成長率為 7.4%。我們即將在 PSA 下進行分配，利率為 6.7%。

So I don't think -- this is just a moment in time type of analysis. And there -- some assets are going to be at a higher cap rate. It is a disposition mix that does include office as well. And as we move from LOI to close, we will continue to provide property level details on those dispositions.

所以我不認為——這只是一個時刻類型的分析。在那裡，一些資產的資本化率將會更高。這是一種也包括辦公室的配置組合。隨著我們從意向書到結束，我們將繼續提供有關這些處置的財產層面的詳細資訊。

But I don't think the 7.7% is any indication of where we're trending in our continued disposition strategy. And when we increased the guidance to $650 million to $800 million, we still think that we're going to be in this operating range.

但我認為 7.7% 並不能顯示我們持續處置策略的趨勢。當我們將指導提高到 6.5 億美元至 8 億美元時，我們仍然認為我們將處於這個營運範圍內。

I don't know that we'll be exactly at 7.3%, but it's going to be valuable. And it's going to help us continue to pay down debt. I'd like to just reiterate again how happy we are with the results of being able to pay down the debt in the quarter but not seeing any erosion of earnings.

我不知道我們會達到 7.3%，但它會很有價值。它將幫助我們繼續償還債務。我想再次重申，我們對能夠在本季度償還債務但沒有看到收益受到任何侵蝕的結果感到多麼高興。

That's something that we've been very focused on. And when we identify as disposition of non-core assets, that's part of really what we focus on because reducing leverage is certainly the top goal but so are earnings.

這是我們一直非常關注的事情。當我們確定非核心資產的處置時，這就是我們真正關注的一部分，因為降低槓桿率無疑是首要目標，但收益也是如此。

Yeah. I understand the 7.7% cap rate is likely due to mix, but I just wanted to know if it contains a higher proportion of office or non-US assets, and that's what's driving the higher yield?

是的。我知道 7.7% 的上限利率可能是由於混合造成的，但我只是想知道它是否包含更高比例的辦公室或非美國資產，這就是推動更高收益率的原因？

No. It is primarily US dispositions. Again, it is a blend that includes office. And as we said on the earnings call itself, this is going to drive our office portfolio percentage under 20% overall because we do see value in continuing to lower that.

不。這主要是美國的部署。同樣，它是一個包含辦公室的混合體。正如我們在財報電話會議上所說，這將使我們的辦公大樓投資組合比例總體低於 20%，因為我們確實看到了繼續降低這一比例的價值。

This quarter you had a nice pickup in occupancy on your multi-tenant retail portfolio. How do you see that progressing over the next year, 1.5 years? And specifically, you have a target of 91.8% based on the near-term pipeline. And I'm just wondering what the headwinds are to that 91.8%, if you look at expirations and known move-outs in the portfolio?

本季度，您的多租戶零售投資組合的入住率大幅上升。您認為明年 1.5 年的進度如何？具體來說，根據近期的計劃，您的目標是 91.8%。我只是想知道，如果你看看投資組合中的到期日和已知的移出情況，這 91.8% 的阻力是什麼？

Well, the asset management team has remained very busy and fully engaged. I believe that what you've seen in 2024, the first two quarters, is what you should expect to continue to see through the balance of 2024 and into 2025. It's all been factored into our earnings guidance of $1.30 to $1.40.

嗯，資產管理團隊仍然非常忙碌並且全心投入。我相信，您在 2024 年（前兩個季度）所看到的情況，應該是您在 2024 年餘下時間和 2025 年繼續看到的情況。這一切都已計入我們 1.30 至 1.40 美元的盈利指導中。

It does include continued uptake of occupancy. And besides the obvious value of leasing and increasing revenue, there's also the benefit of improving further the OpEx reimbursement rate. So it's just, again, positive momentum on the revenue side of the balance sheet as we're also equally focused on lowering the debt side.

它確實包括持續的入住率。除了租賃和增加收入的明顯價值之外，還有進一步提高營運支出報銷率的好處。因此，這又是資產負債表收入方面的正面勢頭，因為我們也同樣注重降低債務方面。

So, positive feedback on the shopping centers as I've said in earnings calls prior. Bringing in significant anchors makes the shopping centers more valuable in general. It creates business opportunities for the regional and local retailers that want to be in those centers.

因此，正如我之前在財報電話會議中所說的那樣，對購物中心的正面回饋。引入重要的主力可以使購物中心整體上更有價值。它為想要進入這些中心的區域和當地零售商創造了商機。

And I think you've seen from our release, we've avoided a lot of the retailers that are headline bankruptcies. And I don't ever want to say that we're infallible, but it is an intentional part of our underwriting. It didn't come as a surprise to us.

我想您已經從我們的發布中看到，我們避免了許多處於頭條新聞的零售商破產。我不想說我們是絕對正確的，但這是我們承保的有意部分。這對我們來說並不意外。

We've made some strategic decisions four, five years ago regarding certain retailers and not wanting to have significant exposure to them. We never knew when, but we did believe in a tight credit market, they could potentially have problems. And I'm sorry to see that they did. But I'm happy to see that it doesn't have an impact on our portfolio.

四、五年前，我們就某些零售商做出了一些策略決策，但不想與他們有太多接觸。我們不知道什麼時候，但我們確實相信在信貸市場緊張的情況下，他們可能會遇到問題。我很遺憾看到他們這麼做了。但我很高興看到它不會對我們的投資組合產生影響。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, John.

謝謝，約翰。

Bryan Maher, B. Riley Securities.

布萊恩·馬赫 (Bryan Maher)，B. 萊利證券。

Good morning, Bryan.

早安，布萊恩。

Good morning, Michael. Good morning, Chris. A couple for me this morning. So 8.4 to 8.1 without any earnings degradation, pretty impressive for the second quarter. Think you're headed to the mid-7s. The peers are trading kind of high 5s, net debt to EBITDA. Where is the end game? Can you share with us, are you happy getting to the 6s eventually? And maybe how long that takes?

早上好，麥可。早上好，克里斯。今天早上給我幾個。所以 8.4 到 8.1 沒有任何獲利下降，第二季相當令人印象深刻。認為您即將進入 7 年代中期。同業的淨債務與 EBITDA 比率處於高點 5。遊戲的結局在哪裡？可以跟我們分享一下，最終進入6s你開心嗎？也許需要多長時間？

Yeah. So the end game is to look essentially like our peers because that's what shareholders want to see. And as we said last quarter, we have to start somewhere. And we want to do it in a rational way because obviously, earnings really do matter.

是的。因此，最終的目標是看起來基本上與我們的同行相似，因為這是股東希望看到的。正如我們上個季度所說，我們必須從某個地方開始。我們希望以理性的方式做到這一點，因為顯然，收益確實很重要。

We will continue to use strategic dispositions as the driver. And there are other certain things you heard a little bit about our ability to move assets from the credit facility onto our ABS Master Trust. That is at a pretty significant lower cost of debt. That will increase earnings.

我們將繼續以戰略部署為驅動。關於我們將資產從信貸安排轉移到我們的 ABS 主信託的能力，您也聽說過其他一些事情。這是相當低的債務成本。這會增加收入。

So as we think about net debt to adjusted EBITDA, obviously, debt is half of that equation. But with lease-up, with balance sheet management, with doing things like we've done, restructuring our European assets, et cetera, we can lower leverage and we can grow EBITDA.

因此，當我們考慮淨債務與調整後 EBITDA 之比時，顯然，債務只是該等式的一半。但透過租賃、資產負債表管理、像我們所做的那樣、重組我們的歐洲資產等等，我們可以降低槓桿率，並可以增加 EBITDA。

And this is going to be a multi-pronged approach. I think we've been very clear with people that we're not going to be able to get from 8.4 first quarter to where we want to ultimately be within the calendar year. But as we start to prove to the market our ability to execute, other doors are going open that are going to let us take some steps strategically that could accelerate that next step from the mid-7s closer to where our peers are.

這將是一種多管齊下的方法。我認為我們已經非常清楚地告訴人們，我們將無法從第一季的 8.4 達到我們在日曆年內最終想要達到的目標。但當我們開始向市場證明我們的執行能力時，其他大門正在打開，這將使我們能夠策略性地採取一些步驟，從而加速下一步，從 7 年代中期更接近我們的同行。

Okay. And then as we look at dispositions, I guess you're at 70/30 or so now for 2024. You raised your outlook to $650 million to $800 million. Are you pretty firm about that 70/30, give or take, 20? Or do you think you could go even higher? I suspect you wouldn't put it on paper if you thought it would be lower?

好的。然後，當我們查看部署時，我猜 2024 年的比例是 70/30 左右。您將前景提高到 6.5 億至 8 億美元。你對 70/30（給或接受，20）相當堅定嗎？或者你認為你可以走得更高？我懷疑如果你認為它會更低，你就不會把它寫在紙上？

Well, the 70/30 that we talked about, we do know that some of those assets are going to be closing in the first quarter of 2024. So when we raised our guidance from $650 million to $800 million, that is of closed dispositions in calendar year 2024, which was originally the $400 million to $600 million.

好吧，我們談到的 70/30，我們確實知道其中一些資產將在 2024 年第一季關閉。因此，當我們將指導意見從 6.5 億美元提高到 8 億美元時，這是 2024 年的封閉處置，最初是 4 億美元到 6 億美元。

We have a pretty clear sight line on how we're going to achieve that. And as you and I have spoken about, the company is ultimately focused on achieving our net debt-to-EBITDA goals. I think it's the most important thing that we can continue to execute on, and we will. And if there's a way accelerate it, we'll do that as well.

我們對於如何實現這一目標有著非常清晰的願景。正如你和我所談到的，公司最終的重點是實現我們的淨債務與 EBITDA 的目標。我認為這是我們可以繼續執行的最重要的事情，我們也會這樣做。如果有辦法加速它，我們也會這樣做。

But this is part of the plan. I did say in the first quarter, we're trading these assets in the low 7% cap rate range. On an implied range cap rate range, we're not trading anywhere near that. So we're going to continue to prove value in this portfolio.

但這是計劃的一部分。我在第一季確實說過，我們在 7% 的低上限利率範圍內交易這些資產。在隱含的上限利率範圍內，我們的交易遠遠沒有接近這個範圍。因此，我們將繼續證明該投資組合的價值。

We were really excited to see the positive momentum of the stock as we came into earnings. And we think that that's what's driving it. And we will continue to communicate our successes and execute on this plan.

當我們開始獲利時，我們非常高興看到該股的積極勢頭。我們認為這就是推動它的原因。我們將繼續傳達我們的成功並執行該計劃。

So we were surprised by the veracity of the dispositions. Can you give us a little bit color on who the buyers are? Are they private equity? Are they regional smaller players? And what process are you using? Are you marketing these by brokers? Are these in-house outbound calls? Can you give us a little color on how you're achieving this?

因此，我們對這些處置的真實性感到驚訝。您能為我們介紹一下買家是誰嗎？他們是私募股權嗎？他們是區域性規模較小的參與者嗎？您使用什麼流程？你們是透過經紀人推銷這些的嗎？這些是內部撥出電話嗎？您能為我們介紹一下您是如何達成這目標的嗎？

Yeah. It's just coming to work every day and pounding the phones, our brokerage team, which I'm really proud of. They work with local brokers in each market where we have target dispositions. They identify who they think is the best set of boots on the ground, and who knows the market the best.

是的。我們的經紀團隊每天都會來上班，敲著電話，我對此感到非常自豪。他們與我們有目標配置的每個市場的當地經紀人合作。他們確定誰是市場上最好的靴子，誰最了解市場。

We have not really had a lot of institutional buyers because frankly, they tend to be more value motivated. And we're looking for what we think is full value for the assets.

我們並沒有真正擁有很多機構買家，因為坦白說，他們往往更受價值驅動。我們正在尋找我們認為的資產的全部價值。

A lot of the buyers are local. We continue to access the 1031 market. We've also found a -- we've actually had relationships with a number of developers that see redevelopment opportunities in some of these assets. And we don't want to be in that business.

很多買家都是本地人。我們繼續進入1031市場。我們還發現，我們實際上與許多開發商建立了合作關係，他們看到了其中一些資產的再開發機會。我們不想從事這個行業。

We don't think that's a good use of our time or capital. So we would rather see those assets trade into someone else's hands and use the proceeds for our near-term goals, which is pay down of outstanding debt.

我們認為這沒有很好地利用我們的時間或資本。因此，我們寧願看到這些資產交易到別人手中，並將收益用於我們的近期目標，即償還未償債務。

Thanks. And just last, maybe a little two-part question. Who are the types of retailers who are driving your multi-tenant occupancy higher? Who's out there growing their footprint?

謝謝。最後，也許是一個由兩個部分組成的小問題。哪些類型的零售商可以提高您的多租戶入住率？誰在那裡擴大他們的足跡？

And then the opposite of that, is there anybody in your tenant base, with consumer softening and you've touched upon some of the retailers who've had issues who are currently making you a little bit nervous. And that's all for me.

與此相反，隨著消費者的疲軟，您的租戶群中是否有人接觸過一些遇到問題的零售商，這些問題目前讓您有點緊張。這就是我的全部。

Thank you, Bryan. So the shopping center occupancy pickup has really been in expanding some great relationships that we've already had. We've spent some great time working with DICK's Sporting Goods, who I really frankly think is one of the best retailers in the country.

謝謝你，布萊恩。因此，購物中心入住率的上升實際上是在擴大我們已經建立的一些良好關係。我們與 DICK's Sporting Goods 合作度過了一段愉快的時光，坦白說，我認為該公司是美國最好的零售商之一。

They've been executing on their plan, dominating their sector, and really providing a lot of value in the communities where their stores are located. So it's fun to see companies like that, that have a great model and continue to look to expand it. We're proud to be a partner with them.

他們一直在執行他們的計劃，主導他們的行業，並真正為他們商店所在的社區提供大量價值。因此，看到這樣的公司擁有出色的模式並繼續尋求擴展它是很有趣的。我們很榮幸能成為他們的合作夥伴。

The national retailers, we continue to see great stuff from the discount apparel operators. Ross is always a top tenant in our multi-tenant portfolio. But then there are also a lot of local or regional retailers. They could be independent pet supply, they can be hair and nail. They can be dry cleaners. But they -- as I said in my earlier comments, they benefit from the strong foot traffic that the retailers, the national retailers bring into the center.

在全國零售商中，我們繼續看到來自折扣服裝運營商的好東西。羅斯始終是我們多租戶投資組合中的頂級租戶。但也有很多本地或區域零售商。它們可以是獨立的寵物用品，也可以是頭髮和指甲。他們可以是乾洗店。但正如我在先前的評論中所說，他們受益於零售商、全國性零售商進入中心的強勁人流量。

So they're willing to pay a higher rent because their revenues benefit from that. And we can negotiate better renewal terms. And it’s really one of those things that good tenants drive better results. And that's what we're focused on.

所以他們願意支付更高的租金，因為他們的收入從中受益。我們可以協商更好的續約條款。優秀的租戶能夠帶來更好的結果，這確實是其中之一。這就是我們關注的重點。

Thank you.

謝謝。

Thanks, Bryan

謝謝，布萊恩

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Hey, good morning, guys. Just a few for me. You highlighted a few of your tenant credit exposure to some troubled tenants in prepared remarks that add up to about 20 basis points. How much was embedded into your guidance? And of that 20 basis points, how much do you think is actually at risk here?

嘿，早上好，夥計們。對我來說只有幾個。您在準備好的評論中強調了您對一些陷入困境的租戶的一些租戶信用風險，總計約為 20 個基點。您的指導包含了多少內容？在這 20 個基點中，您認為實際上有多少風險？

First of all, I take every tenant's health seriously, but I'm very comfortable with where we are in this credit cycle. And it is not impacting our guidance. We have not been negatively surprised. And again, having a very strong asset management platform, a very tight control on rent collection and timing of collection, we're not seeing anything that gives us great concern.

首先，我認真對待每個租戶的健康，但我對我們在這個信貸週期中所處的位置感到非常滿意。這並沒有影響我們的指導。我們並沒有感到負面的驚訝。再說一次，我們有一個非常強大的資產管理平台，對租金收取和收取時間有非常嚴格的控制，我們沒有看到任何讓我們非常擔心的事情。

As a matter of fact, I think you'll notice, the overall investment grade rating of the portfolio actually went up 1 percentage point this quarter from 58% to 59%. And that focus on credit from the beginning has been incredibly valuable for us and something that gives me comfort as I think about credit and guidance for the rest of 2024.

事實上，我想你會注意到，本季投資組合的整體投資評級實際上上升了 1 個百分點，從 58% 上升到 59%。從一開始就對信貸的關注對我們來說非常有價值，當我考慮 2024 年剩餘時間的信貸和指導時，這讓我感到安慰。

Okay. Great. That was helpful. And what percentage of your core portfolio would you say that you plan on keeping is currently vacant? And how is that potential lease-up of those properties trending?

好的。偉大的。這很有幫助。您認為您計劃保留的核心投資組合目前空置的比例是多少？這些房產的潛在租賃趨勢如何？

So the majority of the vacancy in the portfolio, as you know, is in the multi-tenant portfolio, where we continue to have gains on a net absorption basis. And coupled with strong renewal activity, I believe that throughout the course of the year -- we didn't give specific occupancy guidance, but it will be a benefit to earnings as we continue through the quarter.

因此，如您所知，投資組合中的大部分空缺都在多租戶投資組合中，我們在淨吸收量的基礎上繼續獲得收益。再加上強勁的續訂活動，我相信在整個一年中，我們沒有給出具體的入住率指導，但隨著我們在整個季度的繼續，這將對收益有利。

I believe the multi-tenant portfolio -- I've said this before, I believe that a good shopping center portfolio should really be in the mid-90s on an occupancy basis. So we do have some additional earnings pickup potential from the work that we'll continue to focus on and do. But it is a stable portfolio with a little bit of upside that I think is valuable.

我相信多租戶投資組合——我之前已經說過，我相信一個好的購物中心投資組合的入住率確實應該在 90 年代中期。因此，我們確實有一些額外的收入成長潛力，我們將繼續關注並進行這些工作。但我認為這是一個穩定的投資組合，有一點上升空間，很有價值。

Okay, great. Thanks. And then last one from me. Is there any update on the status of the three vacant Klaussner locations? I believe two were expected to close during 2Q, and then the last property was still being shopped around. So, any color there would be helpful.

好的，太好了。謝謝。然後是我的最後一張。克勞斯納三個空置地點的狀態有任何更新嗎？我相信其中兩處房產預計將在第二季關閉，然後最後一處房產仍在進行貨比三家。所以，任何顏色都會有幫助。

Yeah. So one of the assets that was under contract closed in the quarter, in the second quarter. The other asset is closing in the third quarter. It's through due diligence, and it's just now a matter of days until we see that.

是的。因此，合約中的一項資產在第二季關閉。另一項資產將於第三季關閉。這是透過盡職調查完成的，現在我們只需幾天的時間就能看到這一點。

And the final and fifth asset is still being marketed, as we had said. It's being marketed for sale or lease but having addressed four of the five Klaussner properties in a very quick amount of time, the impact on the portfolio will be very small.

正如我們所說，最後一個和第五個資產仍在行銷中。它正在出售或租賃，但在很短的時間內解決了克勞斯納五處房產中的四處，對投資組合的影響將非常小。

Okay, great. That's all for me. Thanks.

好的，太好了。這就是我的全部。謝謝。

Thanks.

謝謝。

(Operator Instructions) Mitch Germain, Citizens JMP.

（操作員說明）Mitch Germain，Citizens JMP。

A quick question. You mentioned -- Michael, you mentioned obviously, office sales. And I'm curious, it seems like fundamentals across Europe or at least the view toward office across Europe is a bit more normalized to pre-pandemic levels. So, are you going to be looking to trim exposure to properties outside the US? Just maybe some insight on your office sales strategy, please?

一個簡單的問題。你提到——邁克爾，你顯然提到了辦公室銷售。我很好奇，整個歐洲的基本面，或者至少是整個歐洲對辦公室的看法似乎更加正常化到大流行前的水平。那麼，您是否打算減少對美國境外房地產的投資？也許只是對您的辦公室銷售策略有一些了解，好嗎？

Yes. So we think that there are opportunities in the office portfolio, both in the US and Europe. And we are exploring those opportunities. And as we have information to publish, we certainly will. So, short answer is yes. It is absolutely part of the targeted strategy.

是的。因此，我們認為在美國和歐洲的辦公大樓投資組合中都有機會。我們正在探索這些機會。由於我們有資訊要發布，我們當然會發布。所以，簡短的回答是肯定的。這絕對是目標策略的一部分。

Okay. The renewal spreads within the shopping center portfolio, been some volatility there, I think they were like, if I'm not mistaken, around 2% this quarter. Was there anything that influenced that? That was like one-time in nature or is that a pretty clean number?

好的。購物中心投資組合內的更新價差有些波動，如果我沒記錯的話，我認為本季約為 2%。有什麼因素影響了這一點嗎？這本質上是一次性的，還是相當乾淨的數字？

Every quarter, it's a little bit different depending on who the primary renewals occur with. If it's a tenant that has an annual escalator on an initial term of 10 or 15 years, their renewal rate is not going to be significantly higher than their expiring rate because they're very at market already.

每個季度，根據主要續訂對象的不同，情況都會有所不同。如果租戶擁有年度自動扶梯，初始期限為 10 或 15 年，那麼他們的續約率不會明顯高於到期率，因為他們已經非常適合市場了。

If you have a tenant that maybe has a escalator every five years, when that renewal comes, you're going to see a catch-up with market. It could be 8%, like we've seen in prior quarters. So I think it's important that you have the renewal spreads. But in the multi-tenant, it's something that we've always seen quarter over quarter some variability, but that's really the reason.

如果您的租戶可能每五年擁有一台自動扶梯，那麼當更新到來時，您將看到市場的追趕。可能是 8%，就像我們在前幾個季度看到的那樣。所以我認為續簽利差很重要。但在多租戶中，我們總是看到季度與季度之間存在一些變化，但這確實是原因。

Got you. And then a couple of model questions, Chris. The tax benefit, that's one-time in nature. Is that the way to think about that? Obviously, the savings on the euro tax restructure is going to flow through, but that $3.8 million benefit, that's just for the quarter, correct?

明白你了。然後是幾個模型問題，克里斯。稅收優惠本質上是一次性的。這是思考這個問題的方式嗎？顯然，歐元稅收重組節省的資金將會流入，但 380 萬美元的收益只是本季的，對嗎？

Yes. That's not a run rate item, that's something our team identified as we were looking to file the prior year return. So, that is not run rate. I would say the run rate going forward is that roughly about $2.5 million to $3 million.

是的。這不是運行率項目，而是我們的團隊在我們尋求提交上一年報表時確定的項目。所以，這不是運行率。我想說，未來的營運費用約為 250 萬至 300 萬美元。

Okay. And then, obviously, it doesn't really affect your bottom-line, but I'm just more curious about -- looking at your financials, it looks like your noncash interest expense increased pretty dramatically. Was there anything behind that? I mean, obviously, you've been pretty active. You have the CMBS deal, you paid down debt. Anything that kind of is the motivating factor behind that?

好的。然後，顯然，它並沒有真正影響你的底線，但我只是更好奇 - 看看你的財務狀況，看起來你的非現金利息支出大幅增加。這背後有什麼隱情嗎？我的意思是，顯然，你一直都非常活躍。你有了 CMBS 交易，你還清了債務。任何類似的因素都是背後的推動因素嗎？

Yes. So, what you'll see is as we sell properties and we pay down some of the debt that has large discounts, we have to accelerate the discounts as we pay down that debt. So, that's what we saw this quarter as we paid down some of the legacy RTL debt, which had the discounts.

是的。因此，你會看到，當我們出售房產並償還一些有較大折扣的債務時，我們必須在償還債務時加快折扣。因此，這就是我們本季看到的情況，因為我們償還了一些有折扣的遺留 RTL 債務。

Got you. So, that just flows off next quarter. Is that the way to think about it?

明白你了。因此，這將在下個季度結束。是這樣思考的嗎？

It's going to be choppy depending on our sales and the debt that we're paying down.

根據我們的銷售額和我們要償還的債務，情況將會波動。

Understood. Thank you.

明白了。謝謝。

Thank you, Mitch.

謝謝你，米奇。

Thank you. At this time, we've reached the end of our question-and-answer session. I'll hand the floor back to management for closing remarks.

謝謝。此時，我們的問答環節已經結束。我將把發言權交還給管理階層作結束語。

Great. Well, first, thanks, everybody, for taking some time to catch up with GNL. We continue to be very active and successful in our achieving our goals.

偉大的。嗯，首先，謝謝大家抽空跟 GNL 交流。我們繼續非常積極並成功地實現我們的目標。

One thing I did want to just point out again that I think is important is we have no further debt maturities in 2024, as you saw in our deck and prepared comments. But in addition to that, the upcoming debt maturity that doesn't occur until third quarter of 2025, we've already lowered that by $200 million through the disposition strategy.

我確實想再次指出我認為重要的一件事，那就是我們在 2024 年沒有進一步的債務到期，正如您在我們的幻燈片和準備好的評論中看到的那樣。但除此之外，即將到來的債務要到 2025 年第三季才會到期，我們已經透過處置策略將其減少了 2 億美元。

So, we think that we're in really great shape on a balance sheet basis, and we're excited to continue to do this work and really see the value opportunity come to be with GNL. So, thank you all, and we look forward to talking to you through the quarter.

因此，我們認為我們的資產負債表狀況非常好，我們很高興繼續進行這項工作，並真正看到 GNL 帶來的價值機會。所以，謝謝大家，我們期待在本季與您交談。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與，祝您有個愉快的一天。