Global Net Lease Inc (GNL) 2024 Q3 法說會逐字稿

Ladies and gentlemen, good morning and welcome to the Global Net Lease Inc third quarter, 2024 earnings conference call.

女士們、先生們，早安，歡迎參加 Global Net Lease Inc 2024 年第三季財報電話會議。

At this time, all participants are in a listen-only mode, a brief question and answer session will follow the formal presentation.

此時，所有參與者都處於僅聽模式，正式演示之後將進行簡短的問答環節。

(Operator Instructions)

（操作員說明）

It is now my pleasure to introduce your host, Jordan Schoenfeld.

現在我很高興向您介紹主持人喬丹·舍恩菲爾德。

Please go ahead, sir.

請繼續，先生。

Thank you. Good morning, everyone and thank you for joining us for GNL's third quarter, 2024 earnings 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 年第三季財報電話會議。今天參加電話會議的是 GNL 執行長 Michael 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.

以下資訊包含 1995 年私人證券訴訟改革法案意義內的前瞻性陳述。

Please review the forward-looking and cautionary statements section at the end of our third quarter, 2024 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today.

請查看我們 2024 年第三季財報發佈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所做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陳述的意圖或義務。

Also on 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 AFFO and net debt to adjusted EBITA 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 third quarter, 2024 I'll now turn the call over to our CEO Michael Weil.

此外，在今天的電話會議上，我們還將討論某些非 GAAP 財務指標，我們認為這些指標有助於評估公司的財務表現描述。正如我們根據 GAAP 所報告的，詳情請參閱我們的收益發布和 2024 年第三季度 10-Q 表格的季度報告，我現在將把電話轉給我們的首席執行官 Michael Weil。

Thanks Jordan.

謝謝喬丹。

Good morning and thank you all for joining us today.

早安，感謝大家今天加入我們。

It's been over one year since we successfully completed the merger and internalization of GNL. And throughout this time, we have remained committed to executing the strategy. We originally communicated to you capturing synergies, reducing leverage and executing strategic dispositions while increasing occupancy and de risking our balance sheet.

距離我們順利完成GNL的合併和內部化已經一年多了。在此期間，我們始終致力於執行該策略。我們最初與您溝通的是捕捉協同效應、降低槓桿並執行策略配置，同時增加入住率並降低資產負債表風險。

Our progress has been clearly reflected through this year with significant achievements highlighted once again in this quarter's results, the first pillar of our 2024 strategy was to capture the full $75 million in projected cost synergies by Q3 2024. I am pleased to report that we have significantly exceeded our stated $75 million cost synergy target by reaching a total of $85 million in annual recurring savings. This accomplishment not only has a continuing positive impact on our G&A but also underscores the effectiveness of our integration efforts and our ability to execute on synergy projections.

我們今年的進展得到了清晰體現，本季度的業績再次凸顯了重大成就，我們 2024 年戰略的第一個支柱是到 2024 年第三季度實現預計成本協同效應全額 7500 萬美元。我很高興地向大家報告，我們已大大超出了既定的 7500 萬美元成本協同目標，年度經常性節省總額達到 8500 萬美元。這項成就不僅對我們的一般管理費用產生持續的正面影響，而且強調了我們整合工作的有效性以及我們執行協同效應預測的能力。

The second pillar of our strategy is reducing leverage and improving our net debt to adjusted EBITA in 2024 we have successfully reduced outstanding net debt by $445 million including $162 million of net debt reduction in Q3, primarily through completed asset dispositions.

我們策略的第二個支柱是降低槓桿率並改善我們的淨債務，以達到2024 年調整後的EBITA。億美元，這主要是透過完成資產處置來實現的。

We anticipate closing an additional $371 million in dispositions with net proceeds earmarked for further debt reduction at the end of Q3 2024. Our net debt to adjusted EBITA ratio stands at 8.0 times down from 8.4 times at the start of 2024. We're encouraged with our progress and remain committed to further reducing our leverage.

我們預計在 2024 年第三季末完成另外 3.71 億美元的處置，淨收益將專門用於進一步削減債務。我們的淨債務與調整後 EBITA 比率為 8.0 倍，低於 2024 年初的 8.4 倍。我們對我們的進展感到鼓舞，並繼續致力於進一步降低我們的槓桿率。

The third pillar of our strategy is our asset disposition initiative with an increased target of $650 million to $800 million in 2024 closed dispositions up from the initial range of $400 million to $600 million.

我們策略的第三個支柱是我們的資產處置計劃，將在 2024 年完成處置的目標從最初的 4 億美元到 6 億美元提高到 6.5 億美元到 8 億美元。

As of November 1st, we believe we're in excellent position to reach the high end of our target as the value of closed dispositions plus our pipeline total $950 million at a cash cap rate of 7.1% on occupied assets with an average weighted remaining lease term of 5.1 years this includes $579 million from successfully closed dispositions at a cash cap rate of 7.1% on occupied assets.

截至11 月1 日，我們相信我們處於有利位置，可以實現我們目標的高端，因為已完成處置的價值加上我們的管道總額為9.5 億美元，按平均加權剩餘租賃佔用資產的現金上限率為7.1 %期限為 5.1 年，其中包括以 7.1% 的現金上限成功完成處置佔用資產的 5.79 億美元。

$241 million in dispositions currently under PSA at a cash cap rate of 7.1% on occupied assets and $131 million in dispositions with executed (inaudible) at a cash cap rate of 7.2% on occupied assets.

目前根據 PSA 進行的 2.41 億美元的處置，佔用資產的現金上限為 7.1%，而已執行（聽不清楚）的 1.31 億美元的處置，佔用資產的現金上限為 7.2%。

I'd like to highlight our strong execution of the disposition initiative having sold $579 million in assets through November 1st and our AFFO per share has remained relatively consistent over the past three quarters with an increase compared to the end of 2023. When we implemented this strategy, we achieved this mainly through interest expense savings from debt reduction tied to close dispositions incremental. NOI generated by lease up initiatives and G&A savings realized from the merger and internalization.

我想強調的是，我們對處置計劃的執行力很強，截至11 月1 日已出售了5.79 億美元的資產，並且我們的每股AFFO 在過去三個季度中保持相對穩定，與2023 年底相比有增加。當我們實施此策略時，我們主要透過與結清處置增量相關的債務減少來節省利息費用來實現這一目標。租賃計劃產生的 NOI 以及合併和內部化實現的一般行政費用節省。

We believe the 7.1% cash cap rate to achieve occupied dispositions. Demonstrates the value of our primarily investment grade and diversified portfolio representing a significant premium compared to GNL's current implied cap rate as discussed on last quarter's earnings call. A key component of our disposition strategy is prioritizing selling assets held on our corporate credit facility which incur the highest interest costs and no prepayment penalties. 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 release assets, which gives GNL more flexibility than what is traditionally found in other types of financings.

我們認為 7.1% 的現金上限可以實現處置。展示了我們主要投資等級和多元化投資組合的價值，與上季財報電話會議上討論的 GNL 當前隱含資本化率相比，存在顯著溢價。我們處置策略的關鍵組成部分是優先出售我們企業信貸安排上持有的資產，這些資產會產生最高的利息成本，並且不會產生提前還款罰款。為 GNL 提供顯著優勢的另一個融資工具是我們的 ABS 主信託，為那些不熟悉的人提供一些背景資訊。主信託允許靈活的抵押品池，能夠替代或釋放資產，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 3.6% interest rate. ABS, we replace them with assets from our revolving credit facility which currently carries a 7.1% floating interest rate on the US dollar portion.

當我們處置目前利率為 3.6% 的資產時。ABS，我們用我們的循環信貸設施中的資產取代它們，該設施目前的美元部分浮動利率為 7.1%。

This generates over 300 basis points of potential interest rate savings and allows us the flexibility to continue focusing on reducing our cost of capital. As we continue to dispose of assets.

這會產生超過 300 個基點的潛在利率節省，並使我們能夠靈活地繼續專注於降低資本成本。隨著我們繼續處置資產。

Our strategic dispositions are focused on non-core assets and those with shorter weighted average remaining lease term compared to our portfolio average, as well as opportunistic sales.

我們的策略配置著重於非核心資產和加權平均剩餘租賃期比我們的投資組合平均值更短的資產，以及機會性銷售。

These dispositions enhance the overall quality of our portfolio as evidenced by a 200 basis point increase in investment grade or implied investment grade tenants since last quarter, rising from 59% to 61%. While also contributing to a reduction in leverage.

這些配置提高了我們投資組合的整體質量，自上季以來投資等級或隱含投資等級租戶增加了 200 個基點，從 59% 上升至 61%。同時也有助於降低槓桿率。

This reinforces the benefit of investment grade tenants in our portfolio. Further strengthening the quality and predictability of GNL earnings.

這增強了我們投資組合中投資等級租戶的利益。進一步加強 GNL 收益的品質和可預測性。

Notable sales include 21 single tenant retail properties that were released to truest totalling over $51 million at a 6.4% cash cap rate and the sale of the plant shopping centre in San Jose, California for $95 million.

值得注意的銷售包括 21 處單一租戶零售物業，以 6.4% 的現金上限出售，實際總價值超過 5,100 萬美元，以及以 9,500 萬美元出售位於加州聖荷西的植物購物中心。

We enhanced the value of the plant shopping centre by strategically subdividing the property into two separate parcels which broadened the buyer pool and allowed us to secure premium pricing for the multi-tenant shopping centre portion of the property. We retained ownership of the newly created parcel which is an attractive single tenant net lease asset with approximately nine years remaining on the lease featuring a 12.5% rental increase every five years. It's leased to Home Depot, an investment grade tenant with an A2 credit rating.

我們透過策略性地將該物業細分為兩個獨立的地塊，擴大了買家群體，並使我們能夠為該物業的多租戶購物中心部分獲得溢價，從而提高了植物購物中心的價值。我們保留了新創建的地塊的所有權，這是一個有吸引力的單一租戶淨租賃資產，租約剩餘約九年，租金每五年增加 12.5%。它租給家得寶 (Home Depot)，這是一家具有 A2 信用評級的投資級租戶。

Our disposition initiative has also focused on reducing our office sector exposure last quarter. We projected our office exposure to fall below 20% of total portfolio straight line rent. This quarter through several notable office sales. We successfully reduced our office exposure to 18% while also mitigating portfolio vacancy risk and increasing overall occupancy levels.

我們的處置計劃也著重於減少上季辦公部門的風險敞口。我們預計我們的辦公室風險敞口將降至投資組合直線租金總額的 20% 以下。本季有幾項值得注意的辦公室銷售。我們成功地將辦公室風險降低至 18%，同時也降低了投資組合空置風險並提高了整體入住率。

Most significant among these was the sale of the 366,000 square foot vacant Foster Wheeler office property in the UK for over $27 million.

其中最重要的是以超過 2700 萬美元的價格出售英國 366,000 平方英尺的空置 Foster Wheeler 辦公大樓。

We own this property for nearly eight years and sold it vacant just as the tenant's lease expired after collecting 100% of the rent throughout the lease term.

我們擁有這處房產近八年，並在租客的租約到期時將其空置出售，並在整個租賃期內收取了 100% 的租金。

Additionally, we sold three fully occupied office properties, the Adia office property in Michigan for over $13 million (inaudible) and Plasma in Texas for over $5 million and Johnson controls in Spain for over $4 million.

此外，我們還出售了三處已滿的辦公物業，其中密西根州的Adia 辦公物業以超過1300 萬美元（聽不清楚）的價格出售，德克薩斯州的Plasma 的售價超過500 萬美元，以及西班牙的Johnson Controls 的售價超過400 萬美元。

We successfully sold these three office assets at a 7.7% cash cap rate highlighting the quality of our mission critical office portfolio and demonstrating the significant value we can create.

我們以 7.7% 的現金上限成功出售了這三項辦公資產，凸顯了我們關鍵任務辦公室組合的質量，並展示了我們可以創造的巨大價值。

We also have reached an agreement on a forward sale of the KPN office property in the Netherlands which is set to close in December 2026. Upon the tenant's lease expiration, we have structured this sale to collect all rent throughout the lease term and had limited visibility on the tenant's renewal intentions. This strategy exemplifies GNL commitment to reducing our office exposure further and enhancing portfolio value while extracting long term returns beyond these office sales, we have over $187 million in vacant property dispositions that are closed or under agreement expected to eliminate over $3 million of annualized operating expenses assuming the pending transactions close.

我們也針對荷蘭 KPN 辦公物業的遠期銷售達成協議，預計將於 2026 年 12 月完成。在租戶的租約到期後，我們組織了這次銷售，以收取整個租賃期內的所有租金，並且對租戶的續約意圖了解有限。這項策略體現了GNL 的承諾，即進一步減少我們的辦公室風險，提高投資組合價值，同時獲取辦公室銷售之外的長期回報，我們有超過1.87 億美元的空置財產處置，這些財產處置已完成或根據協議預計將消除超過300 萬美元的年化營運費用假設待處理交易關閉。

The fourth pillar of our strategy is centred on increasing portfolio occupancy with a strong focus on new leasing and attractive renewals. Throughout the first three quarters of 2024 we consistently raised occupancy rates from 93% as of Q1 to 96% in Q3, reflecting the strength and efficiency of our in house asset management team.

我們策略的第四個支柱是提高投資組合入住率，並專注於新的租賃和有吸引力的續約。在 2024 年前三個季度，我們的入住率持續從第一季的 93% 提高到第三季的 96%，反映了我們內部資產管理團隊的實力和效率。

This achievement not only enhances our revenue base but also solidifies the resilience of our portfolio positioning us for sustained growth as we continue to meet tenant demand on the leasing front, we achieved positive leasing spreads encompassing over 1.2 million square feet with an attractive renewal spreads that were 4.2% higher than expiring rents.

這項成就不僅增強了我們的收入基礎，而且鞏固了我們投資組合的彈性，使我們能夠持續成長，因為我們繼續滿足租賃方面的租戶需求，我們實現了超過120 萬平方英尺的正租賃價差，並具有有吸引力的續租價差，比到期租金高出 4.2%。

New leases that were completed in the third quarter of 2024 have a weighted average lease term of 6.5 years. While renewals that were completed during this period have a weighted average lease term of 5.2 years.

2024年第三季完成的新租賃的加權平均租賃期限為6.5年。在此期間完成的續租，加權平均租賃期間為5.2年。

Notably, the single tenant segment completed six new leases and renewals highlighted by a 10% renewal spread. The multi-tenant segment completed 73 new leases and renewals resulting in a 1.6% renewal spread.

值得注意的是，單一租戶部分完成了 6 個新租賃和續約，其中續約價差為 10%。多租戶部門完成了 73 份新租賃和續租，續租價差為 1.6%。

We find the demand for retail space remains in high demand resulting in rising rental rates as businesses compete for prime locations.

我們發現，隨著企業爭奪黃金地段，零售空間的需求仍然很高，導致租金上漲。

I'd like to highlight that. In Q3, we executed five short term spirit Halloween leases totalling approximately 100,000 square feet which does not have a material impact on our overall portfolio occupancy.

我想強調這一點。在第三季度，我們簽署了五份短期萬聖節租賃合同，總面積約為 100,000 平方英尺，這對我們的整體投資組合入住率沒有重大影響。

The fifth and final pillar of our 2024 strategy emphasizes de risking our balance sheet by proactively managing near term debt maturities. We're pleased to have successfully addressed 100% of the debt that was scheduled to mature in 2024 through dispositions or refinancing onto our revolving credit facility and we have no debt maturities through July of 2025.

我們 2024 年策略的第五個也是最後一個支柱強調透過主動管理近期債務到期來降低資產負債表風險。我們很高興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，並且到 2025 年 7 月我們沒有任何債務到期。

This year, we've proactively reduced the 2025 maturity balance from $699 million to $521 million and anticipate further reductions by year end as we complete dispositions currently in our pipeline, turning to our portfolio at the end of the third quarter, we owned over 1,200 properties spanning over 61 million square feet and a weighted average remaining lease term of 6.3 years.

今年，我們主動將2025 年到期餘額從6.99 億美元減少到5.21 億美元，並預計隨著我們完成目前正在進行的處置，到年底進一步減少，到第三季末轉向我們的投資組合，我們擁有超過1,200物業面積超過 6,100 萬平方英尺，加權平均剩餘租賃期為 6.3 年。

We believe GNL is well positioned to continue to navigate external macro challenges given the diverse composition of our net lease portfolio, which we believe is unmatched across geography, asset type tenant and industry.

我們相信，鑑於我們的淨租賃投資組合的多元化構成，GNL 處於有利位置，能夠繼續應對外部宏觀挑戰，我們相信該投資組合在地理位置、資產類型租戶和行業方面都是無與倫比的。

As you're all aware, hurricanes, Helene and Milton recently caused devastation that severely impacted several cities across the US. Our thoughts are with those affected by the storms.

眾所周知，颶風海倫和米爾頓最近造成的破壞嚴重影響了美國多個城市。我們與那些受風暴影響的人們同在。

Thanks to our extensive precautionary measures implemented prior to the storms such as clearing storm drains, maintaining retention ponds, inspecting roofs and palm tree maintenance. We are fortunate that only one of our properties located in Asheville, North Carolina sustained any notable damage repair costs are expected to be covered by insurance resulting in minimal out of pocket expenses. With over 1,200 properties in our portfolio located across the United States and Europe. We're fortunate that our portfolio experienced no material impact.

由於我們在暴風雨前採取了廣泛的預防措施，例如清理雨水渠、維護蓄水池、檢查屋頂和維護棕櫚樹。我們很幸運，只有位於北卡羅來納州阿什維爾的一處房產遭受了任何明顯的損壞，修復費用預計將由保險承擔，從而將自付費用降至最低。我們的投資組合中擁有超過 1,200 處房產，遍布美國和歐洲。我們很幸運，我們的投資組合沒有受到任何實質影響。

Our ability to limit exposure to high risk geography, asset type tenants and industries is a testament to our portfolio's impressive diversification and credit underwriting.

我們限制高風險地區、資產類型租戶和行業風險的能力證明了我們投資組合令人印象深刻的多元化和信貸承銷。

No single tenant accounts for more than 3% of total straight line rent and our TOP10 tenants collectively contribute only 22% of total straight line rent. We carefully monitor all tenants in our portfolio and their business operations on a regular basis.

沒有任何一個租戶佔直線租金總額超過 3%，我們的 TOP10 租戶總計僅貢獻直線租金總額的 22%。我們定期仔細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% in Europe. The portfolio features a stable tenant base and a high quality of earnings with an industry leading 61% 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，61% 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。

The portfolio features an average annual contractual rental increase of 1.3% which excludes the impact of 15% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increases.

該投資組合的平均年合約租金增幅為 1.3%，其中不包括 15% 的投資組合與 CPI 掛鉤的租賃的影響，這些租賃歷來經歷過顯著較高的租金增幅。

I encourage everyone to look at the details of each segment of our portfolio which can be found in our Q3 2024 investor presentation on our website.

我鼓勵大家查看我們投資組合各個部分的詳細信息，這些詳細資訊可以在我們網站上的 2024 年第三季投資者演示中找到。

We remain committed to executing on our disciplined and strategic approach to achieve our financial objectives particularly by reducing leverage without negatively impacting AFFO per share and organically increasing. No, I through lease up initiatives and contractual rent growth. We are proud of our achievements in Q3 2024 and look forward to building on this momentum to close out 2024. I will turn the call over to Chris to walk through the financial results and balance sheet matters in more detail. Chris.

我們仍然致力於執行嚴格的策略方法來實現我們的財務目標，特別是透過降低槓桿而不對每股 AFFO 產生負面影響並實現有機成長。不，我透過租賃計劃和合約租金增長。我們對 2024 年第三季的成就感到自豪，並期待在此動能的基礎上為 2024 年畫下句點。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 third quarter 2024, we recorded revenue of 197 million and a net loss attributable to common stockholders of 77 million compared to 203 million and 47 million, respectively. In Q2 2024 AFFO was 74 million or 32¢ per share in the third quarter of 2024 compared to 77 million or 33¢ per share in Q2 2024.

謝謝邁克。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 年第三季度，我們的營收為 1.97 億美元，歸屬於普通股股東的淨虧損為 7,700 萬美元，而普通股股東的淨虧損分別為 2.03 億美元及 4,700 萬美元。2024 年第二季度，AFFO 為 7,400 萬美元，即每股 32 美分，而 2024 年第二季為 7,700 萬美元，即每股 33 美分。

Looking at our balance sheet, the outstanding debt balance was 5 billion at the end of Q3 down by 157 million from the end of Q2.

從我們的資產負債表來看，第三季末的未償債務餘額為50億，比第二季末減少了1.57億。

Our debt is comprised of 1 billion in senior notes, 1.6 billion on the multi-currency revolving credit facility and 2.4 billion of outstanding gross mortgage debt with no maturities for the remainder of the year.

我們的債務包括 10 億美元的優先票據、16 億美元的多貨幣循環信貸安排以及 24 億美元的未償還抵押貸款債務總額，這些債務在今年剩餘時間內沒有到期。

As of Q3 2024 91% of our debt is fixed up from 90% in Q2 2024 reflecting floating rate debt with in place interest rate swaps.

截至 2024 年第三季度，我們的債務有 91% 比 2024 年第二季的 90% 固定，反映了浮動利率債務和利率掉期。

Our weighted average interest rate stood at 4.8% and our interest coverage ratio was 2.5 times.

加權平均利率為4.8%，利息保障倍數為2.5倍。

We intend to further reduce our outstanding debt balance as we close on the dispositions currently in our pipeline at the end of the third quarter, our net debt to adjusted EBITA ratio was eight times based on net debt of 4.8 billion. A decrease of 162 million from the prior quarter.

我們打算在第三季末完成目前正在進行的處置工作時進一步減少未償債務餘額，基於 48 億美元的淨債務，我們的淨債務與調整後 EBITA 的比率是八倍。較上季減少1.62億。

At quarter end FX movements led to a temporary $49 million increase in total debt due to the sharp strengthening of the pound in Europe following quarter. Close, both currencies have weakened, rapidly reversing part of the negative FX impact on our Q3 debt levels.

季度末，由於下個季度歐洲英鎊大幅走強，外匯波動導致總債務暫時增加 4,900 萬美元。收盤時，兩種貨幣都走弱，迅速扭轉了外匯對我們第三季債務水準的部分負面影響。

As of September 30th, we have liquidity of approximately 253 million and 366 million of capacity on a revolving credit facility.

截至 9 月 30 日，我們擁有約 2.53 億美元的流動資金和 3.66 億美元的循環信貸額度。

Additionally, we had approximately 230.8 million common shares outstanding and approximately 230.5 million shares outstanding on a weighted average basis.

此外，我們還有約 2.308 億股已發行普通股，以加權平均計算，我們約有 2.305 億股已發行股票。

Turning to our outlook for the remainder of 2024 based on progress to date, we are reaffirming our AFFO per share guidance range of a dollar 30 to a dollar 40 then net debt to adjusted EBITA range of 7.4 times to 7.8 times.

談到我們根據迄今為止的進展對 2024 年剩餘時間的展望，我們重申每股 AFFO 指導範圍為 30 美元至 40 美元，然後淨債務與調整後 EBITA 範圍為 7.4 倍至 7.8 倍。

As Mike mentioned, we're also reaffirming our disposition initiative range of 650 million to 800 million in total proceeds.

正如麥克所提到的，我們也重申了我們的處置計畫總收益範圍為 6.5 億至 8 億美元。

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

現在我將把電話轉回給邁克爾，讓他致結束語。

Thanks Chris.

謝謝克里斯。

The third quarter was a successful period for GNL as we continued to effectively execute our five key objectives, achieving the high end of our disposition initiative with $950 million of closed dispositions plus pipeline further reducing net debt by $162 million and surpassing our $75 million cost Synergy target by $10 million totalling $85 million underscoring the strength of our portfolio. We also maintain strong leasing momentum reflected in increased occupancy from 94% in Q2, 2024 to 96% this quarter, along with a positive renewal spread of 4.2% across the portfolio.

第三季對GNL 來說是一個成功的時期，我們繼續有效地執行我們的五個關鍵目標，以9.5 億美元的已完成處置和管道進一步減少淨債務1.62 億美元並超過我們7500 萬美元的成本Synergy 實現了處置計劃的高端目標為 1000 萬美元，總計 8500 萬美元，突顯了我們投資組合的實力。我們也保持強勁的租賃勢頭，這體現在入住率從 2024 年第二季度的 94% 增加到本季度的 96%，以及整個投資組合的 4.2% 的積極續租利差。

Additionally, we continue to proactively manage our near-term debt maturities resulting in no maturities until July 2025. While successfully reducing the 2025 debt maturity balance by $178 million.

此外，我們繼續積極管理近期債務到期日，直至 2025 年 7 月才到期。同時成功將2025年債務到期餘額減少1.78億美元。

The primary focus of our disposition efforts is to lower our cost of capital and improve net debt to adjust EBITA enabling GNL to pursue a sustainable growth oriented strategy in the future.

我們處置工作的主要重點是降低資本成本並改善淨債務，以調整 EBITA，使 GNL 能夠在未來追求以永續成長為導向的策略。

We're executing this disposition strategy on an earnings neutral basis resulting in minimal to no impact on AFFO per share as reflected in its consistent performance quarter over quarter.

我們在獲利中性的基礎上執行這項處置策略，對 AFFO 每股的影響極小甚至沒有影響，這點反映在其季度與季度的一致業績中。

We're proud of our accomplishments during the third quarter of 2024. All of which help meet our commitment to generate long term shareholder value.

我們對 2024 年第三季的成就感到自豪。所有這些都有助於履行我們創造長期股東價值的承諾。

We look forward to closing out the year strong and continuing our positive momentum.

我們期待以強勁的勢頭結束這一年，並繼續保持積極的勢頭。

I'd also like to highlight a subsequent development, CYVN holdings owned by the government of Abu Dhabi recently announced it has entered into a non-binding agreement to acquire 100% of McLaren’s automotive business from Metallica with the government of Abu Dhabi holding a AA investment grade rating from SNP Global and managing approximately $1.7 trillion in assets. This transaction would potentially bring significant credit enhancement to McLaren, one of GNL's largest tenants. McLaren’s lease, which has 16 years remaining includes annual rental escalations tied to CPI with a collar of 1.25% and a cap of 4%.

我還想強調一下後續進展，阿布達比政府旗下的 CYVN Holdings 最近宣布，已與阿布達比政府簽訂了一項不具約束力的協議，從 Metallica 手中收購麥克拉倫 100% 的汽車業務持有SNP Global 的AA 投資評級，管理約1.7 兆美元的資產。這項交易可能會為 GNL 最大租戶之一麥克拉倫帶來顯著的信用增強。麥克拉倫的租約還剩 16 年，其中包括與 CPI 掛鉤的年度租金上漲，上限為 1.25%，上限為 4%。

As always, we are available to answer any questions you may have on this quarter. After the call operator. Please open the line for questions.

像往常一樣，我們可以回答您有關本季度的任何問題。呼叫接線員後。請打開提問專線。

Thank you.

謝謝。

Ladies and gentlemen, we will now be conducting a question and answer session.

女士們、先生們，我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

The first question comes from the line of John Kim from BMO capital markets. Please go ahead.

第一個問題來自BMO資本市場的John Kim。請繼續。

Thank you, John.

謝謝你，約翰。

Hey Michael. I wanted to ask about the letter that you have office assets in the Netherlands with the tenant vacating.

嘿邁克爾。我想詢問關於您在荷蘭擁有辦公資產但租戶已搬出的信函。

Can you just comment or provide some additional colour on the buyer and how they value the assets and maybe how, what they plan to do with the, with the empty office building.

您能否對買家發表評論或提供一些額外的信息，以及他們如何評估資產，以及他們計劃如何處理空置的辦公大樓。

Yeah, so and your line is a little bit garbled, but I think I got everything if I miss anything, I apologize. So, the property is currently occupied as an office use. Lease expires in 2026 as we described the buyer is a developer and the opportunity that they see is repositioning the asset. As we stated, we have a lease that runs through 2026. They of course have work that they can be doing with approvals, permitting, etc. So, the arrangement that we have entered into with them is we continue to collect the tenants full rent through the end of the lease at which time we will complete the sale. And they will begin the work that, they're going to do to reposition the asset and John, I don't remember if it's being repositioned into multi family or mixed use, but it is being changed from an office use.

是的，所以你的台詞有點亂，但我想我已經得到了一切，如果我錯過了什麼，我很抱歉。因此，該房產目前被用作辦公用途。租約將於 2026 年到期，正如我們所描述的，買方是開發商，他們看到的機會是重新定位資產。正如我們所說，我們的租約有效期至 2026 年。當然，他們可以在獲得批准、許可等的情況下開展工作。他們將開始重新定位資產的工作，約翰，我不記得它是否被重新定位為多戶住宅或混合用途，但它正在從辦公室用途改變。

So, as future lease expirations occur in office. And in some cases, the tenant doesn't renew. How replicable is this strategy with those type of assets in your portfolio?

因此，隨著未來辦公室的租約到期。在某些情況下，租戶不會續約。對於您投資組合中的此類資產，該策略的可複製性如何？

It’s a case-by-Case Basis.

這是具體情況具體分析的基礎。

We've done it before. If you remember a couple of quarters ago, we had a, an office asset in San Jose. We did something similar. We did something this quarter where the tenant when they expired and at Foster Wheeler. So, it's something that we look at strategically, we engage early with the tenant with the potential buyer pool and we just kind of make that a condition. It doesn't always work. We, you know, if we have a great buyer and they won't agree to that. We will, you know, take it on a case-by-case basis.

我們以前已經做過了。如果您還記得幾個季度前，我們在聖荷西有一個辦公資產。我們做了類似的事情。本季我們在福斯特惠勒的租戶到期時做了一些事情。因此，這是我們策略性地看待的問題，我們儘早與擁有潛在買家池的租戶進行接觸，我們只是將其作為一個條件。它並不總是有效。你知道，如果我們有一個很棒的買家，但他們不會同意。你知道，我們會根據具體情況進行處理。

Okay. On your occupancy that you are continuing to pick up on the multi tenants and the overall portfolio side. It seems like over the last few years have been higher in the single tenant versus multi-tenant detail portfolio. Is that because of (technical difficulty)

好的。在您的入住方面，您將繼續在多租戶和整體投資組合方面取得進展。在過去的幾年裡，單一租戶細節組合似乎比多租戶細節組合更高。難道是因為（技術難度）

John? I am sorry to interrupt you, John. Your audio is not coming in clear.

約翰？很抱歉打擾你，約翰。您的音訊不清晰。

Okay.

好的。

Do you want to dial back in John and we will, and we will take all. Thank you. We will get your questions as soon as you are back in.

你想回撥約翰嗎，我們會的，我們會拿走一切。謝謝。您一回來，我們就會立即回覆您的問題。

Thanks.

謝謝。

Thank you. We move on to our next question which is from the line of Opel Rana from KeyBanc capital markets. Please go ahead.

謝謝。我們繼續討論下一個問題，該問題來自 KeyBanc 資本市場的 Opel Rana。請繼續。

Hey, good morning.

嘿，早安。

How are.

怎樣。

You?

你？

Great, great. Thanks for taking my question. You know, my question is really around the walt, you know, do you have a strategic plan to get your wall a little higher here, you know, are there enough non-core vacant assets to move the needle or are there any large concentration of properties with lower walls that you can dispose of?

太棒了，太棒了。感謝您提出我的問題。你知道，我的問題實際上是關於沃爾特的，你知道，你是否有一個戰略計劃來讓你的牆更高一點，你知道，是否有足夠的非核心空置資產來推動發展，或者是否有很大的集中度您可以處置哪些牆壁較低的房產？

I think that the ongoing strategy will be to continue to focus on lease up and renewals which extend our wall organically each quarter. It is something that we that we look at very closely. There are some, there are some more vacant assets that are part of the disposition strategy. But ultimately, we are looking forward, you know, after we complete the de leveraging in extending (inaudible) through acquisitions. But what we've been very focused on if you, you know, go back to, Q1, our (inaudible) has not been getting reduced because of the, the strategic nature of our dispositions and the fact that what we're selling has shorter wealth than, than what we're keeping. So, we are in what I would think of as a pretty secure hold pattern in the meantime, allowing us to focus on the successful reduction of debt.

我認為目前的策略將是繼續專注於租賃和續約，從而每季有機地擴展我們的圍牆。這是我們非常密切關注的事情。有一些、還有一些更多的閒置資產是處置策略的一部分。但最終，我們期待著，你知道，在我們透過收購完成擴張（聽不清楚）的去槓桿化之後。但是，如果您，您知道，回到第一季度，我們一直非常關注的問題，我們的（聽不清楚）並沒有減少，因為我們配置的戰略性質以及我們所銷售的產品的事實比我們所擁有的財富更短。因此，我們目前處於我認為相當安全的持有模式，使我們能夠專注於成功減少債務。

Okay. Got it. And then on the full year AFFO guidance, it kind of remains somewhat wide with less than two months to go. Anything driving your decision there to not narrow and you know, what kind of gets us to the low end or the high end of the range.

好的。知道了。然後，就 AFFO 全年指導而言，距離現在還有不到兩個月的時間，其範圍仍然有點寬。任何促使你的決定不縮小範圍的因素，你知道，什麼樣的因素會讓我們達到範圍的低端或高端。

Well, I, I think if you take into account our initial disposition guidance and the fact that last quarter we raised it, you know, the, the momentum and the success that we've had in dispositions, the cap rates that we've achieved last quarter, The, average cap rate of the disposition initiative was 7.3%. We were able to lower that to 7.1. We have increased the velocity so that did, as you would expect increase. The, I want to be, I am just thinking how I, how to explain it.

好吧，我，我認為，如果你考慮到我們最初的處置指導以及上季度我們提高了它的事實，你知道，我們在處置方面取得的勢頭和成功，我們已經上季度實現的處置舉措平均上限率為7.3%。我們能夠將其降低至 7.1。我們提高了速度，正如您所期望的那樣。我想成為，我只是在想我該如何、如何解釋它。

We're more focused on reduction of debt. Of course, AFFO is very important to us, our ability to expedite dispositions and increase the speed at which we can deliver. We wanted that window and that's why we maintain the AFFO range that we did. But I, you know, I think is as you look at your consensus, you know, we will continue to push dispositions maintaining the AFFO range and we will provide 2025 guidance so that everybody has a clear view for next year as well.

我們更關注減少債務。當然，AFFO 對我們非常重要，因為我們有能力加快部署並提高交付速度。我們想要這個窗口，這就是我們維持 AFFO 系列的原因。但我，你知道，我認為當你看到你的共識時，你知道，我們將繼續推動維持 AFFO 範圍的部署，我們將提供 2025 年指導，以便每個人對明年也有清晰的看法。

Okay. good. Got it. That was helpful. And then just last one for me, you know, when, when looking at your 25 debt maturities, you know, that associates about 320 encumbered properties, how much of the current disposition pipeline that hasn't closed yet is associated to those properties which would help reduce your debt maturities next year.

好的。好的。知道了。這很有幫助。然後，對我來說最後一項，你知道，當查看你的25 個債務到期日時，你知道，這與大約320 個抵押財產相關聯，當前尚未關閉的處置管道中有多少與那些尚未關閉的財產相關聯。

Yeah. So, you know, that's not a detail that, that we disclose ahead of time. It, it's not helpful as we approach dispositions and, the general market, so we have never addressed it before a disposition has closed. What I will tell you is these are assets that are performing. They are primarily retail and as we continue to, talk about the importance of our ABS Master Trust, We believe that in 2025 we will have a number of very attractive refinancing opportunities with that portfolio and we will continue to, update you and other investors as it as it comes closer. But we are very confident in our ability to execute on that. And as you pointed out, we have already lowered it by nearly $200 million from the beginning of the year. And we anticipate that the pipeline will further lower that getting us an even better position, I would say early summer of 2025.

是的。所以，你知道，這不是我們事先透露的細節。當我們處理處置和整體市場時，這沒有幫助，因此我們從未在處置結束之前解決過這個問題。我要告訴你的是，這些資產正在發揮作用。他們主要是零售業，隨著我們繼續談論我們的ABS 主信託的重要性，我們相信，到2025 年，我們將透過該投資組合獲得許多非常有吸引力的再融資機會，我們將繼續向您和其他投資者通報最新情況當它越來越近時。但我們對我們的執行能力非常有信心。正如您所指出的，我們已經比年初降低了近 2 億美元。我們預計管道將進一步降低，這將使我們處於更好的位置，我想說是 2025 年初夏。

Okay, great. That was helpful. Thank you.

好的，太好了。這很有幫助。謝謝。

Thank you. The next question is from the line of Bryan Maher from B Riley Securities. Please go ahead.

謝謝。下一個問題來自 B Riley 證券公司的 Bryan Maher。請繼續。

Hi, thank You. Good morning. Just appeared for me today. The synergies went from 75 million, I think to 85 million. Can you maybe give us a little colour on how that happened. And what to any extent do you think there's more to do?

你好，謝謝你。早安.今天才出現在我面前。我認為協同效應從 7500 萬增加到了 8500 萬。您可以為我們介紹一下這是如何發生的嗎？您認為還有哪些工作要做？

I'll answer the, the beginning and then I'm going to ask Chris if you'll, jump in and give Brian some detail, but we felt that the opportunity to achieve and exceed the synergy number, was something that was very important to us. We have been focused on the execution of the plan from the first quarter, post-merger, which was in late 2023 through 2024. So, the fact that there is an annual recurring $85 million savings in the operation. I think it's just another testament to the benefit and value of what we did last year. So as far as the details, Chris, do you want to jump in and help Brian with that?

我會回答開頭的問題，然後我會問克里斯，你是否願意加入並給布萊恩一些細節，但我們認為實現並超越協同效應的機會是非常重要的對我們來說。我們從合併後第一季（2023 年末到 2024 年）一直專注於該計劃的執行。因此，該營運每年可節省 8,500 萬美元的經常性成本。我認為這只是我們去年所做工作的效益和價值的另一個證明。那麼就細節而言，克里斯，你想介入並幫助布萊恩解決這個問題嗎？

Sure. So, I, I guess what I would say is there is probably two parts to this answer. The first part is this quarter we did have most of what we call transition services expenses rolling off. And those were whether some of the previous contracts we had in place or some of the Duplicate costs, those are effectively gone in by three Q and obviously will not be recurring going forward. And then the second part is over the past year. We put extensive work into really reviewing all of our, G&A expenses and identifying areas that we can reduce costs. And as we got to Q3, we, we have become much more effective with that. And towards the question about going forward, I mean, that that's a process that we're always going to be doing and, constantly evaluating. So, we are going to keep trying to push that as much as we can.

當然。所以，我想我想說的是這個答案可能有兩個部分。第一部分是本季我們確實減少了大部分所謂的過渡服務費用。這些是我們之前簽訂的一些合約還是一些重複成本，這些成本實際上已在三個季度內納入，顯然今後不會重複出現。第二部分是過去一年的情況。我們投入了大量工作來真正審查我們所有的一般管理費用，並確定我們可以降低成本的領域。當我們進入第三季時，我們在這方面變得更加有效。關於前進的問題，我的意思是，這是一個我們將一直在做並不斷評估的過程。因此，我們將繼續盡力推動這一目標。

Okay? And, and then as it relates to the asset sales, I think, you know, we kind of at 900 million (inaudible) or so closed or in the pipeline at what point Michael do you stop pause, reassess, you know, how are you thinking about that or is this just going to be another, you know, on current thing? Higher number for the next couple of few quarters?

好的？然後，當涉及到資產銷售時，我認為，你知道，我們大約在9 億（聽不清）左右關閉或正在醞釀之中，邁克爾，你在什麼時候停止暫停，重新評估，你知道，怎麼樣？接下來幾季的數字會更高嗎？

I think it's the latter Bryan because the, the most important thing that we believe we need to achieve is the continued lowering of net debt to EBITA and the ability to sell these assets that we still categorize as non-core. We have insisted on keeping the assets that we want to own long term.

我認為是後者，布萊恩，因為我們認為我們需要實現的最重要的事情是繼續降低 EBITA 的淨債務以及出售這些我們仍然歸類為非核心資產的能力。我們一直堅持長期保留我們想擁有的資產。

It creates a better portfolio, a stronger portfolio, reduced, you know, it, I do think it's worth talking about, we were able to lower the disposition cap rate between the second quarter and the third quarter despite some of the noise that was in the market and kind of the uncertainty around interest rates, etc. And, you know, I am always cautious to sound like I am patting ourselves on the back. But this disposition team, the asset management team, the way the properties are, maintained, our relationships with the brokerage community. It, it creates a lot of value because our trading value is mismatched to the value of the portfolio and we are going to continue to do that and, show that until we see the value, the trading value of the company in line with the portfolio. So yeah, we will continue, I think that, you know, I don't want to get ahead of 2025 guidance. But I would anticipate similar for 2025. With the benefit of in 2024 we were starting from zero, we will have a pipeline that will carry over into 2025. So, you know, we are pleased with the direction of where we are taking leverage in the portfolio while we're still maintaining the earnings because those two things are obviously very important.

它創建了一個更好的投資組合，一個更強大的投資組合，減少了，你知道，我確實認為值得一提，儘管存在一些噪音，但我們能夠降低第二季度和第三季度之間的處置上限率市場以及利率的不確定性等等。但是這個處置團隊、資產管理團隊、財產的維護方式、我們與經紀界的關係。它創造了很多價值，因為我們的交易價值與投資組合的價值不匹配，我們將繼續這樣做，並表明，直到我們看到價值，公司的交易價值與投資組合一致。所以，是的，我們將繼續，我認為，你知道，我不想提前 2025 年的指導。但我預計 2025 年也會出現類似情況。由於 2024 年我們從零開始，我們將擁有一個可以延續到 2025 年的管道。所以，你知道，我們對在保持盈利的同時在投資組合中利用槓桿的方向感到滿意，因為這兩件事顯然非常重要。

Right? So, you kind of read my mind, you know, segueing into my next question on, you know, where do you start to get credit? Right. So you delivered a great quarter, you're doing, you know, everything that you told the market that you would do a year ago, leverages down to eight times, I think the groups that kind of high, high fives 5.75 0.8 and yet your FFL multiple is half the peers and your EBITA multiple is (inaudible) and the groups at (inaudible), at what point do you think that the market starts to give you credit for what you've been delivering for the past year?

正確的？所以，你有點讀懂了我的想法，你知道，繼續我的下一個問題，你知道，你從哪裡開始獲得榮譽？正確的。所以你交付了一個出色的季度，你正在做，你知道，你一年前告訴市場你會做的一切，槓桿率下降到八倍，我認為這些團體擊掌擊掌 5.75 0.8 但你的FFL 倍數是同行的一半，你的EBITA 倍數是（聽不清楚），而各組的情況是（聽不清楚），你認為市場在什麼時候開始對你過去一年所交付的成果給予認可？

So I'm very confident that we're doing the right things and I'm very pleased at the pace that we're achieving the goals. I am not ever going to be in a position to determine when we hit that tipping point, and the stock starts to move directionally where I think it should be. You know, if it were up to me, we would already be there because I would, I would look at the quality of the portfolio, the investment grade, the occupancy, etc. And I would say, okay, they are not where they need to be, but directionally, they are going, they have proven to us that they can get there. I am willing to buy now when the stock is such a value, get the benefit of the dividend and ride up with these guys because they look like they are executing. It's not my, I don't control that unfortunately, but I do control. And, and Chris and I, and the team our focus our execution and I was really pleased with the, the third quarter results and, and year-to-date. And, you know, you and I have talked about it quite a bit.

因此，我非常有信心我們正在做正確的事情，而且我對我們實現目標的速度感到非常高興。我永遠無法確定我們何時達到那個臨界點，而股票開始以我認為應該的方向移動。你知道，如果由我決定，我們已經在那裡了，因為我會，我會考慮投資組合的質量、投資等級、入住率等。方向上來說，他們正在前進，他們已經向我們證明了他們可以到達那裡。當股票價值如此之高時，我願意現在買入，獲得股息的好處，並與這些人一起成長，因為他們看起來正在執行。這不是我的，不幸的是我無法控制，但我確實可以控制。而且，克里斯和我以及我們的團隊專注於我們的執行，我對第三季的業績和今年迄今為止的業績感到非常滿意。而且，你知道，你和我已經談過很多次了。

It's about executing every quarter and we have done that. But if we need to continue to do that. We will, I do believe that this company will be fairly valued because it's an exciting portfolio and, you know, I do say it humbly, it's a good management team and we're going to continue to, just put our heads down and grind and execute and put these numbers up and, you know, we'll, we'll get us there. I am confident.

這是關於每個季度執行，我們已經做到了。但如果我們需要繼續這樣做。我們會，我確實相信這家公司將得到公平的估值，因為它是一個令人興奮的投資組合，而且，你知道，我確實謙虛地說，這是一個優秀的管理團隊，我們將繼續埋頭苦幹執行並公佈這些數字，你知道，我們會實現這一目標。我有信心。

Thank you

謝謝

Thanks, Brian.

謝謝，布萊恩。

Thank you.

謝謝。

The next question comes from the line of Mitch Germain from JMP Securities. Please go ahead.

下一個問題來自 JMP 證券公司的 Mitch Germain。請繼續。

Hi Mitch. Thank.

嗨米奇。感謝。

You. Hey, what's up? So, Michael, I am curious as you are growing the investment sales or, or the disposition pipeline has the pool of assets that you originally identified for sale. Has that evolved as you have gone through the iteration of seeing where there is demand in the market.

你。嘿，怎麼了？因此，邁克爾，我很好奇，因為您正在增加投資銷售，或者處置管道擁有您最初確定要出售的資產池。隨著您不斷了解市場需求的迭代，這種情況是否有所發展？

Well, dispositions, Mitch are a great opportunity for us to trim the portfolio in ways that we think are long term beneficial. So, as you have seen, we lowered our office exposure down to 18% of straight line rent of the entire portfolio. Very intentional. You know, the in the quarter, we were pleased to see the assets, those three assets that I mentioned in in the earlier portion, and we sold those at a 78-cap rate. So, we have over 1,200 properties. We know them all very well. We will continue to find what we deem to be non-core because as I said earlier, we don't want to sell the things that we want. Because we are going to be operating this portfolio for a long time. We hope and we want good assets, good tenants, good markets.

好吧，米奇，處置對我們來說是一個很好的機會，可以以我們認為長期有利的方式削減投資組合。因此，如您所看到的，我們將辦公室風險降低至整個投資組合直線租金的 18%。非常有意。你知道，在這個季度，我們很高興看到這些資產，我在前面部分提到的這三種資產，我們以 78 上限的利率出售了這些資產。因此，我們擁有 1,200 多個房產。我們對他們都很了解。我們將繼續尋找我們認為非核心的東西，因為正如我之前所說，我們不想出售我們想要的東西。因為我們將長期經營這個投資組合。我們希望並且想要好的資產、好的租戶、好的市場。

So we, do look at the portfolio on a on a regular basis. We do engage with tenants on a regular basis. You know, the asset that we talked about earlier, where we are selling it at the end of the lease, you know, that takes engagement, you know, that we are talking to those tenants. Well, in advance of, lease maturities, we are not being surprised at the last minute and having to scramble to make tough or hard or bad decisions. So, you know, as I think about it, I see a pretty significant delta between the implied value of where we're trading versus the value that we're selling assets and frankly, until that GAAP closes, I am, I will continue to look at the entire company, the entire portfolio and we will find value one way or the other.

因此，我們確實會定期查看投資組合。我們確實定期與租戶接觸。你知道，我們之前談到的資產，我們在租約結束時出售它，你知道，這需要參與，你知道，我們正在與這些租戶交談。好吧，在租賃到期之前，我們不會在最後一刻感到驚訝，也不會不得不倉促做出艱難或困難或錯誤的決定。所以，你知道，正如我所想，我看到我們交易的隱含價值與我們出售資產的價值之間存在相當大的差異，坦白說，在公認會計準則結束之前，我會繼續審視整個公司、整個投資組合，我們會以某種方式發現價值。

Great. Last one for me, you mentioned office, obviously exposure going down and I am curious about, you know, kind of the bid for assets, your US office versus your European office or is it less location and more, you know, credit tenant lease term? Like, what are the decisions that are, where is the demand for those assets.

偉大的。我的最後一個問題是，你提到了辦公室，顯然風險敞口正在下降，我很好奇，你知道，資產的出價，你的美國辦公室與歐洲辦公室的比較，還是位置更少，更多的是，你知道，信用租戶租賃學期？例如，決策是什麼，對這些資產的需求在哪裡。

A lot of it is primarily being driven by market and opportunity in that market. If we have an office tenant that has a long lease and is an investment grade tenant, I am frankly not in a real rush to dispose of that asset because it's a great part of the revenue stream. If it is an asset with a shorter lease term with a tenant that, you know, has expressed uncertainty about likelihood of renewal. If it is a market where multi family or mixed use is in more demand, we will opportunistically sell the office. You know, being able to sell it in that high seven cap range is attractive. You know, our guidance for dispositions is 7 to 8% overall and third quarter we executed at 7.1%. So, you know, we're, it's really kind of a little bit of an art and a little bit of a science and, you know, I'm fortunate to have a great team around me that are tuned into, to the corporate goals and, can identify opportunities in the portfolio and then we can discuss how we want to proceed.

其中許多主要是由市場和市場機會所驅動的。如果我們有一個長期租約且是投資級租戶的辦公室租戶，坦白說，我並不急於處置該資產，因為它是收入流的很大一部分。如果該資產與租戶的租賃期限較短，那麼您知道，該資產已表達了續約可能性的不確定性。如果市場對多戶或混合用途的需求較多，我們將機會主義地出售辦公室。你知道，能夠在七大上限範圍內出售它是很有吸引力的。您知道，我們的處置指引總體為 7% 至 8%，第三季我們的執行率為 7.1%。所以，你知道，我們，這確實是一門藝術和一門科學，你知道，我很幸運有一個偉大的團隊在我周圍，他們適應公司目標，並且可以識別投資組合中的機會，然後我們可以討論我們要如何進行。

Thank you.

謝謝。

Thanks Mitch.

謝謝米奇。

Thank you.

謝謝。

The next question is from the line of Michael Gorman from BTIG. Please go ahead.

下一個問題來自 BTIG 的 Michael Gorman。請繼續。

Hi Michael.

嗨邁克爾。

Hi, good morning. Michael just wanted to go back just one more time on, on the guidance. Just wanted to understand. Totally get that. There is a lot of moving pieces and you have done a good job of accelerating the pipeline over the course of the year. I am just curious that, you know, we sit here less than 60 days from, from the end of 24, I guess. What, would get you kind of to the high end of the AFFO range of 130 to 140 versus, put you put you down towards the lower end of the range, I guess what, moving pieces remain over these next two months.

嗨，早安。麥可只是想再回到指導上來一次。只是想了解一下。完全明白了。有很多變化，你們在這一年中在加速管道方面做得很好。我只是很好奇，你知道，我們坐在這裡距離 24 月底不到 60 天，我猜。什麼，會讓你達到 AFFO 範圍的高端（130 到 140），而讓你降低到該範圍的低端，我想，在接下來的兩個月裡，移動的部分仍然存在。

You know, Michael, I'm going to take a little bit of a unusual approach maybe to answering that. I don't know that we're going to be at the high end of the range and I don't think you think we're going to be at the high end of the range because I think, you understand selling, you know, almost a billion dollars of assets at a 71 cap rate. There is going to be some lowering of earnings in the portfolio which will lead to some reduction in AFFO we are very comfortable that we will be in the range that we stayed at the dollar 30 to dollar 40. It's the, it's the 1st year as an internalized company, we had a lot of moving pieces, which included everything from, synergies which we exceeded to dispositions to focus on lowering leverage and you know, this company has a very significant dividend that's being covered. And I think that is very important.

你知道，邁克爾，我可能會採取一些不尋常的方法來回答這個問題。我不知道我們會處於該範圍的高端，我也不認為你認為我們會處於該範圍的高端，因為我認為，你了解銷售，你知道，以 71 的上限計算，資產近 10 億美元。投資組合中的收益將會下降，這將導致 AFFO 有所減少，我們非常滿意我們將保持在 30 美元至 40 美元的範圍內。這是作為一家內部化公司的第一年，我們有很多變化，其中包括從我們超越的協同效應到專注於降低槓桿率的配置，你知道，這家公司有非常可觀的股息正在被覆蓋。我認為這非常重要。

So we're, in a good range to continue to operate, to continue to meet our investors, expectations of us. So, I am, I am very comfortable saying that we anticipate being in the range of guidance that we provided at the beginning of the year. We will take another look as we prepare 2025 guidance to see if, if we want to be in a tighter range for next year or however, we think about it. But I think right now the most important things that we're successfully accomplishing is the aggressive or, fast paced dispositions at a very attractive cap rate that's allowed us to pay down a significant amount of debt in a relatively short amount of time without excuse the expression, bastardizing earnings.

因此，我們處於繼續運營、繼續滿足投資者和對我們的期望的良好範圍內。因此，我可以很輕鬆地說，我們預計將處於年初提供的指導範圍內。在準備 2025 年指導意見時，我們將重新審視，看看我們是否想在明年或無論如何都在更嚴格的範圍內考慮這一點。但我認為目前我們成功完成的最重要的事情是以非常有吸引力的上限利率進行積極的或快節奏的處置，這使我們能夠在相對較短的時間內償還大量債務，而無需藉口表達，侮辱收入。

Understood. Yeah, totally understand. Just wanted to make sure I was not missing something there. That is, that's fair. And then just as we think on the go forward basis, obviously not looking for 25 guidance yet, too, too early on that. But as we think about the cadence of 24 you know, about somewhere between 900 million and a billion. If you hit the midpoint of your leverage target, that's, that's kind of like a point, call it a 0.8 reduction on the debt EBITA is that, kind of the ratio that we should think about as, as you continue to target, leverage, that kind of 900 million to a billion of sales will get you that 0.8 reduction in debt to EBITA or is there some, is there something that could accelerate that or I'm just trying to think about how we should think about future leverage targets and how to get there.

明白了。是的，完全明白。只是想確保我沒有遺漏那裡的東西。也就是說，這很公平。然後，正如我們在未來的基礎上所思考的那樣，顯然還沒有尋求 25 條指導，這還為時過早。但當我們考慮 24 的節奏時，你知道，大約在 9 億到 10 億之間。如果你達到槓桿目標的中點，那就是一個點，稱之為債務減少 0.8，EBITA 就是我們應該考慮的比率，當你繼續瞄準槓桿時， 9 億到10 億的銷售額將使您的EBITA 債務減少0.8，或者有沒有什麼可以加速這一點，或者我只是想考慮一下我們應該如何考慮未來的槓桿目標，以及如何到達那裡。

So I always make sure I get a good night's sleep before the earnings call Michael because you guys always ask these tricky questions to, try to get me to, over share a little bit. I don't think that there's a direct correlation, you know, it, you know, each asset, you know, depending on how it's financed where it sits, if it's on the line, if it's, you know, if there's just a lot of different case by case scenarios. So, I, wish I could give you some, kind of road to figure that out, but it's just something that we have to take into account. You know, it, you know, there is a numerator and a denominator as you know, in net debt to EBITA. So, you know, throughout the course of the quarter, a lot of moving pieces, Chris and his team do an awful lot of work and, you know, we, publish it as soon as we have it.

所以我總是確保在財報電話會議之前睡個好覺，邁克爾，因為你們總是問這些棘手的問題，試著讓我多分享一點。我不認為有直接的相關性，你知道，它，你知道，每項資產，你知道，取決於它所在位置的融資方式，如果它在線，如果它是，你知道，如果只有一個很多不同的具體情況。所以，我希望我能給你一些解決這個問題的方法，但這只是我們必須考慮的事情。你知道，你知道，EBITA 淨債務有一個分子和一個分母。所以，你知道，在整個季度中，有很多令人感動的事情，克里斯和他的團隊做了很多工作，你知道，我們一收到就會發布它。

Okay, great. And then just one last clarifying one. And I am sorry if I misunderstood it for the, the KPN asset is that counted in the disposition pipeline? Because I did notice the footnote on in the presentation is that in the pipeline or not in the pipeline?

好的，太好了。然後是最後一個澄清。如果我誤解了，我很抱歉，KPN 資產是否計入處置管道？因為我確實注意到簡報中的腳註是在管道中還是不在管道中？

No, it is not yet in the pipeline.

不，它還沒有在醞釀中。

Okay, perfect. Thank you so much. Thanks.

好的，完美。太感謝了。謝謝。

Thanks Michael.

謝謝邁克爾。

Thank you.

謝謝。

The next question is from the line of Barry Oxford from Colliers. Please go ahead.

下一個問題來自高力國際 (Colliers) 的巴里·牛津 (Barry Oxford)。請繼續。

Hi, Barry. Great.

嗨，巴里。偉大的。

Thanks guys. Hey Michael. Based on your last comment there, I don't know if you are going to like my question. But as I look out into the to the future, you made the comment that you have a lot of assets that, that you like and I got to imagine you got be getting closer to the end of noncore than the, you know, I, got to believe we're sort of past the halfway point, so, to speak, when, becomes the point be, you know, because you have driven leverage down the, the stuff that you have, you know, getting ready to, to sell should put you with kind of within your range. At what point do you kind of start to think about acquisitions?

謝謝你們。嘿邁克爾。根據您最後的評論，我不知道您是否會喜歡我的問題。但當我展望未來時，你評論說你擁有很多你喜歡的資產，我想你會比你知道的我更接近非核心的終結，必須相信我們已經過了中點，所以，可以說，當，成為關鍵點時，你知道，因為你已經壓低了槓桿率，你知道，準備好，賣出應該讓你的價格在你的範圍之內。您什麼時候開始考慮收購？

I think about acquisitions every day longingly wishing that we were active. But that's not what we need to be doing right now. So, it is we stay in touch with the markets, we stay in touch with the brokers, but that's not where we are going to create value for this company right now. So, I am not even going to give you a timeline. I am going to drive it based on us continuing to lower leverage, improving the net debt to EBITA multiple. And you know, we will know when it's time to, to look at acquisitions when we start to trade at a multiple where the, the equity makes sense.

我每天都會想到收購，渴望我們能夠積極參與。但這不是我們現在需要做的。因此，我們與市場保持聯繫，與經紀人保持聯繫，但這不是我們現在要為這家公司創造價值的地方。所以，我甚至不會給你一個時間表。我將根據我們繼續降低槓桿率、提高淨債務與 EBITA 倍數來推動這一趨勢。你知道，當我們開始以股權有意義的倍數進行交易時，我們就會知道何時該考慮收購。

Okay. Okay. That makes sense. Appreciate the time guys.

好的。好的。這是有道理的。珍惜時間，夥計們。

All right, Barry, thank you.

好的，巴里，謝謝你。

Yes.

是的。

Yes.

是的。

Thank you.

謝謝。

The next question comes from the line of Michael Gorman from BDIG. I show please go ahead.

下一個問題來自 BDIG 的 Michael Gorman。我表明請繼續。

Hey Michael, just one more quick, one maybe taking a little bit of an approach from Barry's question there as, we think about the next stages, I am sure you've, had conversations that approach. So not detail specific, but could we see like JV structures come into play here if you look to maybe monetize some assets that you still like that are on the balance sheet or like on a go forward basis? Is that something that would be kind of in the quiver of strategic options for, for the company going forward, going into 25 and 26?

嘿，邁克爾，再快一點，可能會從巴里的問題中採取一些方法，因為我們會考慮下一階段，我相信你已經進行了這種方法的對話。因此，不是具體細節，但如果您希望將您仍然喜歡在資產負債表上或未來喜歡的一些資產貨幣化，我們是否可以看到合資結構在這裡發揮作用？這是否會成為公司未來進入 25 年和 26 年策略選擇的一部分？

Yeah, I don't think it's a good practice for me to say definitively yes or no to something that not on the table not something that's being contemplated. I will tell you I have my own feelings about JV's think they can complicate things unnecessarily. We have enough to do we, you know, we have work to do. We are executing on it and, you know, is kind of combining your question and Barry's question. you know what, when we start trading more in line with where I believe we should be trading, it's time to get back to the acquisition work. In the meantime, I think our better path is to continue to look at the 1,200 plus assets in the portfolio, see where we are selling them. You know, again, it's easy for us to stay at this point with nearly a billion dollars of sold and under contract that this portfolio is easily worth a seven cap.

是的，我不認為對那些沒有擺在桌面上或正在考慮中的事情明確地說「是」或「不是」不是一個好的做法。我會告訴你，我對合資企業有自己的感受，認為它們會使事情不必要地複雜化。我們有足夠的事情要做，你知道，我們還有工作要做。我們正在執行它，你知道，這有點結合了你的問題和巴里的問題。你知道嗎，當我們開始更符合我認為我們應該進行的交易時，是時候回到收購工作了。同時，我認為我們更好的方法是繼續關注投資組合中的 1,200 多種資產，看看我們在哪裡出售它們。你知道，再一次，我們很容易停留在這個點上，出售了近 10 億美元，並且根據合同，這個投資組合很容易價值七上限。

Arguably because we have not sold our best assets. It's clearly sub seven.

可以說是因為我們沒有出售我們最好的資產。顯然是七分以下。

So, you know, we can certainly push our own path and I, again, I would never say blanket no, I won't do a JV but I can tell you that I see that as a great opportunity or something that I'm super focused on.

所以，你知道，我們當然可以走自己的路，我再說一遍，我永遠不會說一攬子不，我不會建立合資企業，但我可以告訴你，我認為這是一個很好的機會，或者是我正在做的事情。

Great. That's very helpful. Thanks for the time.

偉大的。這非常有幫助。謝謝你的時間。

Thanks.

謝謝。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I would now hand the conference over to Michael for his closing comments.

謝謝。女士們先生們，我們的問答環節到此結束。我現在將會議交給麥可進行總結發言。

All right. Well, thank you all very much. I always appreciate spending the time with you and, and the work that you all do following Global Net Lease.

好的。嗯，非常感謝大家。我一直很感激與你們共度時光，以及你們在 Global Net Lease 之後所做的工作。

We will continue to execute, we will continue to update you and we look forward to continuing the, the conversation, the question and answer and you know, to, to the earlier question, we do look forward to seeing the stock trade at levels that, that we think it is justified to trade at and is appropriate to, but we're going to continue to do our work. So, thank you all very much.

我們將繼續執行，我們將繼續向您通報最新情況，我們期待繼續對話、問答，您知道，對於先前的問題，我們確實期待看到股票交易水平，我們認為進行交易是合理且適當的，但我們將繼續進行我們的工作。所以，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 lines.

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。