Global Net Lease Inc (GNL) 2025 Q1 法說會逐字稿

Ladies and gentlemen, greetings and welcome to Global Net Lease Inc first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Global Net Lease Inc 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host, Jordyn Schoenfeld, Senior Vice President of Investor Relations. Please go ahead.

現在我很高興介紹主持人、投資者關係高級副總裁 Jordyn Schoenfeld。請繼續。

Thank you. Good morning, everyone, and thank you for joining us for GNL's first quarter 2025 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 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有 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. Please review the forward-looking and cautionary statement section at the end of our first quarter 2025 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 filing, 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》所定義的前瞻性陳述。請查看我們 2025 年第一季財報末尾的前瞻性和警示聲明部分，以了解可能導致實際結果與我們今天電話會議上所作的前瞻性陳述有重大差異的各種因素。正如我們向美國證券交易委員會提交的文件中所述，除非法律要求，否則 GNL 不承擔更新或修改這些前瞻性聲明的任何意圖或義務。

Also, during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating a company's financial performance. Descriptions of those non-GAAP financial measures that we use, such as AFFO and adjusted EBITDA, and reconciliations of these measures to our results as reported in accordance with GAAP are detailed in our earnings release and supplemental materials.

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。我們的收益報告和補充資料詳細說明了我們使用的非 GAAP 財務指標（例如 AFFO 和調整後的 EBITDA）以及這些指標與根據 GAAP 報告的結果的對帳。

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

現在我將把電話轉給我們的執行長邁克爾威爾。麥克風？

Thanks, Jordyn. Good morning and thank you all for joining us today. Since completing our merger and internalization in September of 2023, we've made significant strides to elevate GNL across multiple industry benchmarks. On the governance front, we've strengthened oversight by broadening and diversifying our board, enhancing transparency, and putting in place practices that reflect our overall commitment to corporate governance.

謝謝，喬丁。早安，感謝大家今天的參加。自 2023 年 9 月完成合併和內部化以來，我們已取得重大進展，提升 GNL 在多個產業基準上的表現。在治理方面，我們透過擴大和多樣化董事會、提高透明度以及實施反映我們對公司治理整體承諾的實踐來加強監督。

Operationally and financially, we launched an ambitious and disciplined initiative to materially reduce leverage, driven by our belief that a stronger balance sheet is essential to lowering our cost of capital, positioning the company for sustained growth, and ensuring we have the agility to navigate periods of heightened uncertainty and market volatility. We believe these actions reflected clear strategic vision and a deep commitment to building a more resilient and well-positioned company.

在營運和財務方面，我們推出了一項雄心勃勃且嚴謹的舉措，以大幅降低槓桿率，因為我們堅信，更強勁的資產負債表對於降低資本成本、使公司實現持續增長以及確保我們能夠靈活地應對高度不確定性和市場波動時期至關重要。我們相信，這些行動體現了清晰的策略願景和打造更具韌性、更有利地位的公司的堅定承諾。

We've been closely monitoring the tariffs that have introduced heightened uncertainty and volatility into the market. Our strategy has always revolved around building a net lease portfolio anchored by high credit quality tenants that are generally more resilient in uncertain economic environments, and we've been successful in this regard with 60% of our portfolio comprised of investment-grade tenants. We believe our leases, with a weighted average lease term of 6.3 years and 1.5% average annual rent increases, tend to be less impacted by macro economic events relative to other asset classes.

我們一直在密切關注為市場帶來更大不確定性和波動性的關稅。我們的策略始終圍繞著建立一個淨租賃組合，該組合由高信用品質的租戶支撐，這些租戶在不確定的經濟環境中通常更具彈性，我們在這方面取得了成功，我們的組合中有 60% 由投資級租戶組成。我們認為，我們的租約受宏觀經濟事件的影響較小，與其他資產類別相比，我們的租約加權平均租期為 6.3 年，年平均租金漲幅為 1.5%。

We also have a disciplined hedging strategy that addresses both interest rate and foreign currency volatility in order to mitigate risk and maintain consistent cash flows. Turning to the first quarter of 2025, we achieved a key milestone in GNL's strategic transformation with the signing of a definitive agreement for the sale of our multi-tenant portfolio to RCG Ventures, the first phase of which has now been completed.

我們還制定了嚴謹的對沖策略，以應對利率和外匯波動，從而降低風險並保持穩定的現金流。展望 2025 年第一季度，我們與 RCG Ventures 簽署了出售多租戶投資組合的最終協議，這是 GNL 策略轉型的一個重要里程碑，目前第一階段已經完成。

This phase included 59 unencumbered properties generating $1.1 billion in gross proceeds and was completed on schedule, reinforcing our ability to deliver on stated objectives within our long-term strategy. Net proceeds were used to materially reduce leverage through a paydown of $850 million on GNL's revolving credit facility, further strengthening our balance sheet and enhancing financial flexibility for future initiatives.

這一階段包括 59 處無抵押房產，產生了 11 億美元的總收益，並按計劃完成，增強了我們實現長期戰略中既定目標的能力。淨收益用於透過償還 GNL 的 8.5 億美元循環信貸額度大幅降低槓桿率，進一步增強我們的資產負債表並提高未來計劃的財務靈活性。

We remain on schedule to complete the sale of the 41 encumbered properties by the end of the second quarter of 2025, which is expected to generate another $700 million of gross proceeds. We believe one of the major benefits of this transaction is that it moves us closer to our goal of securing an investment grade credit rating, a central objective of our strategy to reduce our cost of capital and increase financial stability.

我們仍計劃在 2025 年第二季末之前完成 41 處抵押財產的出售，預計將產生另外 7 億美元的總收益。我們相信，此交易的主要好處之一是，它使我們更接近獲得投資等級信用評級的目標，這是我們降低資本成本和提高金融穩定性策略的核心目標。

We're encouraged by the growing recognition of our progress from the rating agencies with both Fitch and S&P placing GNL on credit watch positive. These upgrades reflect the tangible steps we've taken to reduce leverage, enhance liquidity and improve overall credit quality. We view this as another critical step in reinforcing financial strength and advancing GNL's strategic objectives.

令我們感到鼓舞的是，評級機構對我們的進展的認可度不斷提高，惠譽和標準普爾都將 GNL 列入了正面信用觀察名單。這些升級反映了我們為降低槓桿率、增強流動性和改善整體信貸品質所採取的實際措施。我們認為這是增強財務實力和推進 GNL 策略目標的另一個關鍵舉措。

We're also making continued progress on a robust pipeline of non-core dispositions beyond the multi-tenant portfolio sale, which will also contribute to our deleveraging and further reduce net debt to adjusted EBITDA. As of May 1st, we have a closed plus disposition pipeline totaling $2.1 billion. Combined with the full multi-tenant portfolio sale and our 2024 dispositions of non-core and vacant properties, we expect total asset sales to reach nearly $3 billion by the end of 2025.

除了多租戶投資組合出售之外，我們還在非核心資產處置方面持續取得進展，這也將有助於我們的去槓桿化，並進一步減少淨債務與調整後 EBITDA 之比。截至 5 月 1 日，我們已關閉和處置的項目總額為 21 億美元。結合全部多租戶組合銷售以及我們 2024 年處置的非核心和空置物業，我們預計到 2025 年底總資產銷售額將達到近 30 億美元。

Assuming the successful completion of all pipeline dispositions on the expected terms, of which there can be no assurance, the streamlined portfolio would simplify and strengthen GNL with notable improvements in key metrics such as investment tenancy, weighted average remaining lease term and occupancy. Following these sales, GNL would own a high-quality portfolio of net lease properties valued at approximately $5.5 billion, providing meaningful scale and operating efficiency with a sharp and pure play focus before the end of the second quarter of 2025.

假設所有管道處置均按預期條款成功完成（但這並不能保證），精簡後的投資組合將簡化和加強 GNL，並在投資租賃、加權平均剩餘租賃期限和入住率等關鍵指標方面取得顯著改善。在出售這些資產後，GNL 將擁有價值約 55 億美元的高品質淨租賃資產組合，在 2025 年第二季結束前實現有意義的規模和營運效率，並專注於清晰而純粹的業務。

At the same time, we continue to take other deliberate steps to further strengthen our capital structure and mitigate risk. We've reduced our 2025 debt maturity balance from approximately $715 million at original issuance to $459 million as of the end of the first quarter 2025. We intend to pay off the maturing debt in the second quarter of 2025 and warehouse the balance on our revolving credit facility, which now offers significantly greater availability and flexibility following the substantial paydown we recently completed.

同時，我們繼續採取其他審慎措施，進一步加強我們的資本結構並降低風險。我們已將 2025 年債務到期餘額從最初發行時的約 7.15 億美元減少至 2025 年第一季末的 4.59 億美元。我們計劃在 2025 年第二季償還到期債務，並將餘額存入循環信貸額度，在我們最近完成大量償還之後，該額度現在提供了更大的可用性和靈活性。

We believe these actions position GNL to effectively navigate upcoming maturities from a position of strength while maintaining ample liquidity for strategic initiatives. Along with our multi-tenant portfolio sale, we announced that the board approved a $300 million share repurchase program, allowing the company to accretively buyback its outstanding common stock. Through May 2nd, 2025, we've repurchased 7.9 million shares at a weighted average price of $7.50, totaling $59 million of share repurchases.

我們相信，這些舉措將使 GNL 能夠以強勢地位有效應對即將到期的債務，同時為戰略舉措保持充足的流動性。隨著我們的多租戶投資組合出售，我們也宣布董事會批准了一項 3 億美元的股票回購計劃，允許公司增值回購其已發行的普通股。截至 2025 年 5 月 2 日，我們已以 7.50 美元的加權平均價格回購了 790 萬股，總計回購了 5,900 萬美元。

Repurchasing shares at a significant discount to NAV reflects our strategic approach to capitalize on the opportunity presented by our undervalued stock price in an accretive way. We intend to continue share repurchases, taking advantage of the compelling opportunity to buyback shares at an AFFO yield of approximately 12%. At the same time, we're continuing our disciplined approach to non-core asset sales and overall leverage reduction as we further strengthen our balance sheet.

以遠低於資產淨值的價格回購股票反映了我們的策略方針，即以增值的方式利用被低估的股價所帶來的機會。我們打算繼續回購股票，並利用這個極具吸引力的機會以約 12% 的 AFFO 收益率回購股票。同時，我們將繼續採取嚴謹的態度出售非核心資產並降低整體槓桿比率，進一步加強我們的資產負債表。

Turning to our portfolio, at the end of the first quarter, we owned over 1,000 properties spanning over 51 million rentable square feet. The portfolio's occupancy currently stands at 95%, with a weighted average remaining lease term of 6.3 years. Occupancy was temporarily impacted by the vacancy of Contractor’s Steel, a privately owned and operated full-service steel supplier that occupied nearly 1.4 million square feet. Despite the sizable footprint, this tenant represented just 1% of total straight-line rent.

談到我們的投資組合，截至第一季末，我們擁有超過 1,000 處房產，可出租面積超過 5,100 萬平方英尺。該投資組合的入住率目前為 95%，加權平均剩餘租賃期限為 6.3 年。由於 Contractor’s Steel 的空置，入住率暫時受到影響。 Contractor’s Steel 是一家私人擁有和經營的全方位服務鋼鐵供應商，佔地近 140 萬平方英尺。儘管佔地面積很大，但該租戶僅佔總直線租金的 1%。

Contractor’s Steel encountered financial difficulties and vacated in the first quarter of 2025. Following their departure and subsequent to Q1 2025, we sold all five vacant properties for a combined $60 million. Having proactively marketed the assets early upon learning of their financial distress, which helped minimize vacancy downtime. Including the sale of these properties, our pro forma first quarter of 2025 occupancy would be 98%. We view this as a favorable outcome as it immediately reduced vacancy with minimal impact on the broader portfolio.

承包商鋼鐵公司遇到財務困難，於 2025 年第一季撤離。在他們離開後以及 2025 年第一季之後，我們以總價 6000 萬美元的價格出售了所有五處空置房產。在了解財務困境後，積極推銷這些資產，這有助於最大限度地減少空置時間。包括這些房產的出售，我們 2025 年第一季的預計入住率將達到 98%。我們認為這是一個有利的結果，因為它立即減少了空置率，對更廣泛的投資組合的影響很小。

Geographically, 76% of our straight-line rent is earned in North America and 24% in Europe. Unlike many net lease peers, our exposure to Europe differentiates us by providing diversification across economic cycles and the ability to capitalize on unique market opportunities not typically available in the U.S. The portfolio features a stable tenant base and a high quality of earnings with an industry-leading 60% of tenants receiving an investment grade or implied investment grade rating.

從地理位置來看，我們 76% 的直線租金來自北美，24% 來自歐洲。與許多淨租賃同行不同，我們在歐洲的業務使我們與眾不同，因為我們可以在經濟週期中提供多元化投資，並能夠利用美國通常沒有的獨特市場機會。該投資組合具有穩定的租戶基礎和高品質的盈利，其中 60% 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 1.5% which excludes the impact of 18.7% of the portfolio with CPI linked leases that have historically experienced significantly higher rental increases. On the leasing front, we achieved positive leasing spreads encompassing over 826,000 square feet with attractive renewal spreads that were 8.2% higher than expiring rents. New leases that were completed in the first quarter of 2025 have a weighted average lease term of five years while renewals that were completed during this period have a weighted average lease term of 6.6 years.

該投資組合的年平均合約租金漲幅為 1.5%，這還不包括 18.7% 的與 CPI 掛鉤的租賃的影響，這些租賃歷史上的租金漲幅要高得多。在租賃方面，我們實現了正租賃利差，覆蓋面積超過 826,000 平方英尺，續約利差比到期租金高出 8.2%，極具吸引力。2025 年第一季完成的新租約的加權平均租約期限為 5 年，而在此期間完成的續約的加權平均租約期限為 6.6 年。

We have some additional updates regarding our portfolio. In April, we received written notice from the General Services Administration revoking its previous intent to exercise termination rights related to its lease at our Class A office building in Franklin, Tennessee. As a result, the existing lease agreement with the GSA remains in full force and effect and we look forward to continuing our strong relationship with GSA for many years to come. In addition, we've taken proactive steps to reduce our exposure to the gas and convenience store sector, an industry undergoing structural shifts in consumer behavior, fuel demand, and evolving transportation trends.

我們對我們的投資組合有一些額外的更新。今年 4 月，我們收到美國總務管理局的書面通知，撤銷了其先前行使終止我們位於田納西州富蘭克林的 A 級辦公大樓租賃相關權利的意圖。因此，與 GSA 簽訂的現有租賃協議仍然完全有效，我們期待在未來的許多年裡繼續與 GSA 保持牢固的合作關係。此外，我們還採取了積極措施，減少對加油站和便利商店行業的投資，該行業正在經歷消費者行為、燃料需求和不斷變化的運輸趨勢的結構性轉變。

As part of this effort, we started to strategically scale back our concentration to certain tenants within the segment. This decision reflects our disciplined approach to portfolio management and our ongoing focus on reallocating capital toward higher growth sectors that better align with our long-term strategic vision. Our continued ability to limit exposure to high-risk geography, asset types, tenants, and industries is a testament to our portfolio's impressive diversification and credit underwriting.

作為這項努力的一部分，我們開始策略性地減少對該領域內某些租戶的關注。這項決定體現了我們對投資組合管理的嚴謹態度，以及我們持續致力於將資本重新分配到更符合我們長期策略願景的高成長領域。我們持續限制對高風險地區、資產類型、租戶和行業的投資的能力證明了我們投資組合令人印象深刻的多樣化和信用承保。

No single tenant accounts for more than 4.3% of total straight-line rent, and our top 10 tenants collectively contribute only 26% of total straight-line rent. We carefully monitor all tenants in our portfolio and their business operations on a regular basis. I encourage everyone to look at the details of each segment of our portfolio, which can be found in our Q1 2025 investor presentation on our website. We're encouraged by the meaningful progress made on the sale of our multi-tenant portfolio, which is a pivotal step in GNL's strategic transformation.

沒有單一租戶貢獻的直線租金總額超過 4.3%，而我們前 10 名租戶合計僅貢獻了直線租金總額的 26%。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。我鼓勵大家查看我們投資組合中每個部分的詳細信息，可以在我們網站上的 2025 年第一季度投資者介紹中找到。我們對多租戶組合出售的重大進展感到鼓舞，這是 GNL 策略轉型的關鍵一步。

We believe this transaction unlocks key levers to support long-term growth while allowing us to sharpen our focus as a pure-play net lease REIT. We also believe the considerable uncertainty in the current market environment makes this a particularly opportune moment to bolster our liquidity position. With incremental cash on hand and enhanced capacity on our evolving credit facility, we'll remain disciplined and deliberate as we navigate the current market.

我們相信，此交易將釋放支持長期成長的關鍵槓桿，同時使我們能夠更加專注於純粹的淨租賃房地產投資信託基金。我們也認為，當前市場環境中的巨大不確定性使得現在成為增強我們流動性狀況的一個特別有利的時機。隨著手頭現金的增加和信貸額度不斷提高，我們將在當前市場中保持紀律和謹慎。

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

我將把電話轉給克里斯，讓他更詳細地介紹財務結果和資產負債表事宜。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. We also want to emphasize that first quarter 2025 earnings and leverage metrics reflect the full benefit of NOI from the unencumbered assets sold as part of the multi-tenant portfolio sale, consistent with what we anticipated when establishing full year guidance.

謝謝，麥克。請注意，與往常一樣，您可以在我們網站上發布的收益報告中找到 GAAP 淨收入與非 GAAP 指標的對帳表。我們還想強調的是，2025 年第一季的收益和槓桿指標反映了作為多租戶投資組合出售的一部分出售的無抵押資產所帶來的淨營運收入 (NOI) 的全部收益，這與我們在製定全年指引時的預期一致。

For the first quarter of 2025, we recorded revenue of $132.4 million and a net loss attributable to common stockholders of $200.3 million, which we anticipate will significantly improve upon closing the remainder of the multi-tenant portfolio sale. AFFO was $66.2 million, or $0.29 per share. Looking at our balance sheet, the growth outstanding debt balance was $3.9 billion at the end of the first quarter of 2025, down by (inaudible) from the end of the first quarter of 2024.

2025 年第一季度，我們的收入為 1.324 億美元，普通股股東淨虧損為 2.003 億美元，我們預計在完成剩餘的多租戶組合銷售後，情況將得到顯著改善。AFFO 為 6,620 萬美元，即每股 0.29 美元。查看我們的資產負債表，2025 年第一季末的成長未償債務餘額為 39 億美元，比 2024 年第一季末下降了（聽不清楚）。

Our debt is comprised of $1 billion in senior notes, $547 million on the multi-currency revolving credit facility, and $2.3 billion of outstanding gross mortgage debt. As of the end of the first quarter of 2025, 91% of our debt is fixed, reflecting debt tied to fixed rates or debt that is swapped to fixed rates.

我們的債務包括 10 億美元的優先票據、5.47 億美元的多幣種循環信貸額度以及 23 億美元的未償還抵押貸款債務。截至 2025 年第一季末，我們的 91% 債務是固定的，反映與固定利率掛鉤的債務或與固定利率交換的債務。

Our weighted average interest rate stood at 4.4%, and our interest coverage ratio was 2.5 times. At the end of the first quarter of 2025, our net debt to adjusted EBITDA ratio was 6.7 times, based on net debt of $3.7 billion. As a reminder, our net debt to adjusted EBITDA was 8.4 times at the end of the first quarter of 2024.

我們的加權平均利率為4.4%，利息覆蓋率為2.5倍。截至 2025 年第一季末，我們的淨負債與調整後 EBITDA 比率為 6.7 倍，基於 37 億美元的淨負債。提醒一下，截至 2024 年第一季末，我們的淨負債與調整後 EBITDA 的比率為 8.4 倍。

As of March 31, 2025, we have liquidity of approximately $499 million, and $1.4 billion of capacity on our revolving credit facility. Additionally, we had approximately 229 million shares of common stock outstanding, and approximately 230 million shares outstanding on a weighted average basis for the first quarter of 2025. As of May 2, 2025, we repurchased 7.9 million shares at a weighted average price of $7.50 per share under our share repurchase program, resulting in approximately 223 million shares outstanding.

截至 2025 年 3 月 31 日，我們的流動資金約為 4.99 億美元，循環信貸額度為 14 億美元。此外，2025 年第一季度，我們流通在外的普通股約為 2.29 億股，以加權平均計算，流通在外的普通股約為 2.3 億股。截至 2025 年 5 月 2 日，我們根據股票回購計畫以每股 7.50 美元的加權平均價格回購了 790 萬股，流通股數約為 2.23 億股。

As Mike mentioned, given the potential for additional turbulence in the market, we've continued to take proactive steps to strengthen GNL's balance sheet and overall financial position, which we believe is the most prudent action we can take. In addition, we continue to implement our hedging strategy using FX forwards to lock in foreign exchange rates for three to four years out. This approach is designed to mitigate risk and reduce cash flow uncertainty during periods of market volatility.

正如麥克所提到的，鑑於市場可能出現進一步動盪，我們將繼續採取積極措施加強 GNL 的資產負債表和整體財務狀況，我們認為這是我們可以採取的最謹慎的行動。此外，我們持續實施避險策略，利用外匯遠期合約鎖定三至四年後的外匯匯率。這種方法旨在降低風險並減少市場波動期間的現金流量不確定性。

We remain focused on enhancing liquidity and maintaining financial flexibility, leaving us well-positioned to navigate any market conditions. Turning to our outlook for the remainder of 2025, based on progress to date, we are reaffirming our AFFO per share guidance range of $0.90 to $0.96, and our net debt to adjust the EBITDA range of 6.5 times to 7.1 times.

我們始終致力於增強流動性和保持財務靈活性，以使我們能夠應對任何市場狀況。展望 2025 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 0.90 美元至 0.96 美元，並將淨債務調整為 EBITDA 範圍為 6.5 倍至 7.1 倍。

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

現在我將把電話轉回給麥克，請他發表一些結束語。

Thanks, Chris. Looking ahead, we're encouraged by the meaningful progress we've made in executing on our strategic priorities. The first quarter of 2025 was a significant turning point as we took deliberate steps to simplify our portfolio, strengthen our balance sheet, and enhance financial flexibility. We have a clear focus on creating long-term value reflected by the successful execution of the first phase of the multi-tenant portfolio sale, combined with our additional disposition pipeline and proactive debt reduction efforts.

謝謝，克里斯。展望未來，我們在執行策略重點方面取得的重大進展令我們感到鼓舞。2025 年第一季是一個重要的轉捩點，我們採取了慎重的措施來簡化投資組合、加強資產負債表並增強財務靈活性。我們明確致力於創造長期價值，這體現在成功執行多租戶組合銷售的第一階段，以及我們額外的處置管道和積極主動的債務削減努力。

We remain on track to close the other two tranches of the multi-tenant portfolio sale in the second quarter of 2025, marking another important milestone in our transformation. With a simplified asset base, reduced leverage, and increased liquidity, we believe GNL is better positioned to operate efficiently and pursue opportunities that align with our strategic vision. We believe the actions we've taken have significantly improved our ability to navigate today's market environment while setting the stage for durable growth.

我們仍有望在 2025 年第二季完成多租戶組合銷售的另外兩部分，這標誌著我們轉型的另一個重要里程碑。我們相信，透過簡化資產基礎、降低槓桿率和提高流動性，GNL 將能夠更好地高效運作並尋求符合我們策略願景的機會。我們相信，我們所採取的行動大大提高了我們應對當今市場環境的能力，同時也為持久成長奠定了基礎。

Disciplined execution and the strategic deployment of capital towards initiatives that enhance long-term value remain at the core of our approach. These are foundational decisions designed not just to improve short-term metrics but to drive long-term resilience and performance. We're excited about the future and confident in our path forward. We're available to answer any questions you may have after the call.

嚴謹的執行和對提升長期價值的計畫的資本策略性部署仍然是我們方法的核心。這些基礎決策不僅是為了改善短期指標，也是為了推動長期的彈性和績效。我們對未來充滿期待，對前進的道路充滿信心。通話結束後，我們隨時可以解答您的任何問題。

Operator, please open the line for questions.

接線員，請打開熱線以回答問題。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指示）

John Kim, BMO Capital Markets

John Kim，蒙特利爾銀行資本市場

Good morning. On the disposition pipeline of $2.1 billion, can you break down the remaining $300 million that's not part of the multi-tenant portfolio sale by either sector or geography?

早安.在 21 億美元的處置管道中，您能否按行業或地區細分不屬於多租戶組合銷售的剩餘 3 億美元？

In our filed materials and pipeline report, we have done that. A lot of that is disposition pipeline that has been underway since the end of ‘24 into ‘25. It's more of what you saw in 2024 of what we have identified in the portfolio as non-core. And it's just a continuing part of how we're looking at the further deleveraging.

在我們提交的材料和管道報告中，我們已經這樣做了。其中許多是自 2024 年底至 2025 年以來一直在建造的處置管道。這更像是您在 2024 年看到的我們在投資組合中確定的非核心內容。這只是我們看待進一步去槓桿的一個持續部分。

And Michael, you alluded to the volatility in the financial markets since the tariffs were introduced. How much do you think that will impact your ability to sell or pricing that you're looking to achieve?

邁克爾，您提到了自關稅實施以來金融市場的波動。您認為這會對您的銷售能力或您想要實現的定價產生多大影響？

I think we're going to continue to see opportunity to sell the assets in market typically to either local private buyer or 1031 buyer for the most part. We've also seen opportunities and have taken advantage of certain markets where repositioning of an asset through a developer sale has continued to be strong. We're not seeing a big change from what we experienced in 2024 as it relates to the disposition strategy.

我認為我們將繼續看到在市場上出售資產的機會，通常大部分是出售給當地私人買家或 1031 買家。我們也看到了機遇，並利用了某些市場，在這些市場中，透過開發商銷售重新定位資產的勢頭持續強勁。就處置策略而言，與 2024 年相比，我們並沒有看到太大的變化。

Again, it's I think really enhanced by the relationships that we have with the brokers in community. We've never set out to just have one large national brokerage firm handle all dispositions. And the relationship with brokers, I'm always grateful for how well they know their markets, how hard they work. And their interests are aligned with ours. We want to sell the property. They want to earn a commission. So they do great work for us.

再說一次，我認為這確實得益於我們與社區經紀人的關係。我們從未打算只讓一家大型全國性經紀公司處理所有處置事宜。至於與經紀人的關係，我一直很感激他們對市場的了解以及他們的辛勤工作。他們的利益與我們的利益一致。我們想出售該房產。他們想賺取佣金。所以他們為我們做了出色的工作。

On the share with purchases, you mentioned you achieved a 12% AFFO yield. Is that the hurdle rate that you're looking for on future buybacks?

在購買份額方面，您提到您實現了 12% 的 AFFO 收益。這是您在未來的回購中尋求的最低收益率嗎？

We are certainly very pleased with where we've been executing on the buyback. It is very opportunistic for us to be at this level. It's kind of a blessing and a curse, John. There's nothing I'd like more than to be approaching double-digit stock price. But while this work that we're doing is taking hold, and we've talked about the improved liquidity, the lower leverage, the great leasing that we had in the quarter, the continued dispositions, it's very rewarding for us to see the opportunity to buyback shares to the long-term benefit, the accretion.

我們對回購的執行感到非常滿意。對我們來說，達到這個水平是非常有利的。這既是祝福也是詛咒，約翰。我最希望的就是股價接近兩位數。但是，儘管我們正在做的這項工作正在取得進展，並且我們已經談到了流動性的改善、槓桿率的降低、本季度的大量租賃、持續的處置，但看到有機會回購股票以獲得長期利益和增值，我們感到非常欣慰。

There's no real estate that a company could buy right now that's equal to the value of what we're doing. Not only are we reducing the outstanding share count, as you know, but we're buying shares that we feel are materially undervalued and trading at too big of a discount to NAV. So I was very pleased when the board approved our buyback and we were able to announce it. And to buyback nearly $60 million of stock this quickly was probably faster than I had anticipated. But the opportunity being what it was, we jumped in.

目前，沒有任何一家公司可以購買到與我們所做的事情價值相等的房地產。如您所知，我們不僅減少了流通股數量，而且還購買了我們認為被嚴重低估且交易價格相對於資產淨值折讓過大的股票。因此，當董事會批准我們的回購並宣布這一消息時，我感到非常高興。如此迅速地回購近 6000 萬美元的股票可能比我預期的要快。但既然機會來了，我們就抓住了它。

We'll continue to monitor the AFFO accretion, the hurdle, as you put it. We still think there's opportunity here, but again, I'd like nothing more than to see this be the combination of the results of the second quarter, what really gets this stock moving and closes that gap that we see to value. So it's a great way to add to what we're doing.

正如您所說，我們將繼續監測 AFFO 的累積，即障礙。我們仍然認為這裡有機會，但同樣，我只希望看到這是第二季業績的結合，真正推動該股上漲並縮小我們認為的價值差距。所以這是擴展我們正在做的事情的一個好方法。

Great, thank you.

太好了，謝謝。

Thanks, John.

謝謝，約翰。

Upal Rana, KeyBanc Capital Markets

Upal Rana，KeyBanc 資本市場

Great thanks. Hey, good morning out there. So just on the buyback, I was wondering if you'd share your strategy on the capital allocation and this pecking order where you see buying more shares or paying down more debt or potentially buying assets again in the future.

非常感謝。嘿，大家早安。因此，就回購而言，我想知道您是否願意分享您的資本配置策略以及這種優先順序，即購買更多股票或償還更多債務或可能在未來再次購買資產。

Well, we would love to have the market come to us in a way that makes buying assets accretive and interesting, but we're not there right now and we don't see the market being very interesting as well. What is coming to market, I don't really see as interesting or long-term valuable. We're very focused, as you know, on reduction of leverage and opportunistic buyback of shares.

好吧，我們希望市場能夠以一種讓購買資產增值且有趣的方式來到我們身邊，但我們現在還沒有做到這一點，而且我們也沒有看到市場變得非常有趣。我並不認為即將上市的產品有什麼有趣之處或長遠價值。如您所知，我們非常注重降低槓桿率和機會性股票回購。

It is something that we talk about internally, look at with the board. And as we confirmed in our earlier comments, we are reaffirming guidance. And in our 2025 guidance, we gave our leverage metrics of 6.5 to 7.1 times. They're just the ongoing execution of the business model, which includes dispositions, it includes leasing. So leverage and buyback are not the only two levers that will have a direct impact on our overall net debt to EBITDA.

這是我們內部討論、與董事會一起審議的事情。正如我們在之前的評論中所確認的那樣，我們正在重申指導。在我們的 2025 年指引中，我們給出的槓桿指標為 6.5 到 7.1 倍。它們只是商業模式的持續執行，其中包括處置、租賃。因此，槓桿和回購並不是對我們的整體淨負債與 EBITDA 比率產生直接影響的僅有的兩個槓桿。

So we're mindful, we're very mindful of leverage because we think the continued lowering of leverage is going to have a meaningful impact on our cost of capital. And it's going to open some doors for the company. We've talked about our one of our mid to, we'll call it a midterm goal, is achieving investment grade rating. We know that that's going to occur through the continued execution of our plan to lower leverage.

因此，我們非常注意槓桿率，因為我們認為持續降低槓桿率將對我們的資本成本產生重大影響。這將為公司打開一些大門。我們已經討論過我們的中期目標之一，我們稱之為中期目標，即實現投資級評級。我們知道，透過繼續執行降低槓桿率的計劃，這將實現。

So I'm actually really proud of the work we're doing because we're addressing a number of important things. It's a lot of focus. It's a lot of great execution between the asset management teams and the dispositions, the overall capital desk and how we're handling the stock buyback. A lot of great work, Chris and his team managing the credit facility, and just the increased liquidity that the company has at the end of the first quarter is really meaningful.

因此，我實際上對我們所做的工作感到非常自豪，因為我們正在解決許多重要的事情。這需要很大的關注。資產管理團隊和處置、整體資本部門以及我們如何處理股票回購之間有著許多出色的執行力。克里斯和他的團隊做了很多出色的工作，管理信貸安排，而且公司在第一季末增加的流動性確實很有意義。

So, a lot of really good things to focus on for GNL. And I think that we're starting to get some recognition for the direction that we're taking the company. And I always like to talk about sticking to your knitting. I feel like we're really sticking to our knitting and we're not getting distracted. And we're just doing the things that are going to create long-term value. You know, it's funny, in one quarter, it's almost like, the announcement of the sale of the multi-tenant portfolio was a huge announcement because of what it does long-term for GNL.

因此，GNL 有很多真正值得關注的好事情。我認為我們帶領公司前進的方向開始獲得一些認可。我總是喜歡談論堅持自己的事業。我覺得我們確實在專注於自己的工作，並且沒有分心。我們所做的只是能夠創造長期價值的事情。你知道，這很有趣，在一個季度內，這幾乎就像，出售多租戶組合的公告是一個重大公告，因為它對 GNL 的長期影響。

Simplifying the story. We closed that big first tranche. We're on track to execute in the second quarter the remaining pieces of that transaction. So, the word transformative gets used too often, I feel, but I think the first half of 2025 has really been transformative for us. And we're looking forward to second quarter results and moving on from here.

簡化故事。我們完成了第一批大額融資。我們正在按計劃在第二季完成該交易的剩餘部分。所以，我覺得「改變」這個詞用得太頻繁了，但我認為 2025 年上半年對我們來說確實是改變性的。我們期待第二季的業績並繼續前進。

Okay, great. That was helpful. And then just on the credit rating upgrade, maybe you can share some of the conversations you've had with some of the credit agencies and potential timing there. And maybe you can share, if you were to get an upgrade, what the potential savings could look like.

好的，太好了。這很有幫助。然後，就信用評級升級而言，也許您可以分享一些與一些信用機構進行的對話以及潛在的時機。也許您可以分享一下，如果您要升級，可以節省多少錢。

Yeah, I'm going to be a little close to the chest on that one because the conversations, of course, are confidential between the agencies and the company. But you saw from their announcement that we were credit watch positive, that they are following the company and they see the value in lowering leverage and what it does for us. I think from our longer-term view, eventually being able to access what I'll just call investment-grade debt opportunities, you know the value of that for the company.

是的，在這個問題上我會保持謹慎，因為這些談話當然是代理商和公司之間的機密。但從他們的公告中你可以看到，我們的信用評級為正面，他們正在關注該公司，並且看到了降低槓桿的價值以及它對我們的益處。我認為從我們的長期角度來看，最終能夠獲得我所說的投資等級債務機會，你知道這對公司的價值。

And right now, we've given 2025 guidance. We've got AFFO guidance of $0.90 to $0.96 per share. That takes into account how we're thinking of everything inclusive of debt costs in 2025. So, I think that that would probably be something that we're more looking at from a guidance standpoint for 2026.

目前，我們已經給了 2025 年的指導。我們的 AFFO 指導價為每股 0.90 美元至 0.96 美元。這考慮到了我們對 2025 年債務成本等所有因素的考慮。因此，我認為這可能是我們從 2026 年指導角度更關注的事情。

Okay. All right. Thank you. And then just last one for me, just on the strategy of, the kinds of disposition you're targeting moving forward. With the multi-senate portfolio, obviously, it's a big announcement, but just, given that's mostly out of the way and you have mentioned in the past, the office portfolio will likely be sort of one-off. What else is there to do in your portfolio to recycle?

好的。好的。謝謝。然後對我來說最後一個問題，是關於你未來所針對的性格類型的策略。對於跨參議院職位，顯然這是一個重大聲明，但考慮到這基本上已經解決，而且你過去也提到過，辦公室職位很可能是一次性的。您的投資組合中還有什麼可以回收？

Well, we're looking at some of the retail opportunities in the portfolio from a disposition standpoint. We are, as you mentioned, there are opportunities for dispositions in the office as well. We're a large portfolio. After the multi-tenant disposition, we'll be just over 1,000 properties. So, we can really take a very granular review of the portfolio and kind of look at our long-term goals. And I spoke about that last quarter.

嗯，我們從處置的角度來審視投資組合中的一些零售機會。正如您所說，我們在辦公室也存在處置的機會。我們的投資組合很大。在多租戶處置之後，我們的房產數量將超過 1,000 處。因此，我們可以對投資組合進行非常細緻的審查，並審視我們的長期目標。我在上個季度談到了這一點。

Obviously, we see continued value in single-tenant industrial and retail for long-term growth. We've got good value and a lot of investment-grade tenants in our office portfolio, but it's not something that I'd like to see grow. So, we will opportunistically sell at value from that portfolio. But as I said earlier, we're pleased to see the level of buyers. We've been able to continue our velocity of dispositions and it'll help us achieve the goals that we've already stated.

顯然，我們認為單一租戶工業和零售業具有長期成長的持續價值。我們的辦公大樓組合具有良好的價值，並且擁有大量投資級租戶，但我並不希望看到其成長。因此，我們將抓住機會以該投資組合的價值出售。但正如我之前所說，我們很高興看到買家的水平。我們已經能夠繼續保持我們的處置速度，這將幫助我們實現我們已經提出的目標。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks.

謝謝。

Mitch Germain, Citizens JMP.

米奇·傑曼 (Mitch Germain)，公民 JMP。

Hey, good morning. Congrats on the quarter.

嘿，早安。恭喜本季取得佳績。

When looking at the -- I can just look at the amount. Obviously, I don't have a lot of the details of your disposition pipeline, but if I look at that amount, what was either agreed under contract or closed from last quarter to this quarter, it's been fairly static.

當查看時——我只需查看數量即可。顯然，我對您的處置管道沒有太多細節了解，但是如果我看一下這個金額，無論是根據合約約定的金額還是從上個季度到本季度已完成的金額，它都相當穩定。

Again, some of the assets might have gone in and out. I'm curious, though, like you've got a pretty big amount of sales planned for this, it looks like this upcoming quarter. What's next? I mean, will you continue to remain aggressive from an asset sale perspective as long as there is something to do with those proceeds?

同樣，一些資產可能已經進出。不過，我很好奇，您為此計劃了相當大量的銷售，看起來就像是即將到來的這個季度。下一步是什麼？我的意思是，只要這些收益還有用處，您是否會繼續從資產出售的角度保持積極態度？

So, Mitch, you always ask good questions that have a -- it's a tough direct answer to give because there's a balance in how we look at dispositions. Obviously, we want to see dispositions and use of proceeds related to leverage, which we've done and will continue to do. But at the same time, it's very important to us to monitor and understand our NOI and earnings side of the business as well.

所以，米奇，你總是會問出很好的問題──這是一個很難直接回答的問題，因為我們對性格的看法有平衡。顯然，我們希望看到與槓桿相關的收益的處置和使用，我們已經這樣做了，並將繼續這樣做。但同時，監控和了解我們的營業淨收入和獲利情況對我們來說也非常重要。

So, it's not just an absolute open the door, sell it all down, because we think what we're doing is intentional and will create the type of value that we're looking for. We think that it will be what closes the gap, the trading gap to share price to NAV. We also have the benefit, as you know, of the buyback in doing that. So, we're regularly evaluating where we are, regularly evaluating leverage, and also what the market opportunity is for disposition.

因此，這不僅僅是絕對打開大門，把所有東西都賣掉，因為我們認為我們所做的是有意為之，並將創造出我們所尋求的價值類型。我們認為它將縮小股價與資產淨值之間的差距，即交易差距。如您所知，這樣做還能為我們帶來回購的好處。因此，我們會定期評估我們所處的位置，定期評估槓桿率，以及處置的市場機會。

Between calendar year ‘24 and calendar year ‘25, we'll have sold a pretty material amount of assets at a meaningful price. So, I believe what we projected for 2025 in our guidance, A, will achieve and B, will move us to achieve the goals that we've stated.

在 2024 年至 2025 年期間，我們以相當可觀的價格出售了相當數量的資產。因此，我相信我們在指導意見中對 2025 年的預測，A 將會實現，B 將推動我們實現我們所陳述的目標。

Okay. 3 billion, by the way, is what you're selling, which is pretty impressive.

好的。順便說一下，你的銷售額是 30 億美元，這相當令人印象深刻。

Yeah. Yeah.

是的。是的。

How should I think about some of your commentary regarding C-stores? I mean, are some of those properties in your disposition slide in your presentation, or is that something that could be considered going forward as potential sale candidates, as you mentioned retail, in addition to office?

我應該如何看待您對 C 商店的一些評論？我的意思是，您簡報中的處置幻燈片中是否包含這些房產，或者除了辦公室之外，是否還可以考慮將其作為潛在的銷售候選，正如您提到的零售業？

Well, it was one of our larger sectors in the portfolio. So, yes, we did think, as we've looked at different things, the macro view on fuel prices are, well, the refiners are under some pressure. The convenience store with labor rates going up are under pressure. So, we try to take a longer, earlier view of what is changing or sometimes it's changing for good, sometimes it gives us concern. So, we have been lightening our exposure to gas and convenience, and that, I expect you'll see, will continue.

嗯，這是我們投資組合中較大的板塊之一。所以，是的，我們確實認為，當我們觀察不同的事物時，對燃料價格的宏觀看法是，煉油廠面臨一些壓力。隨著人工成本的上漲，便利商店面臨壓力。因此，我們嘗試以更長遠、更早的視角來看待正在發生的變化，有時變化是好的，有時則讓我們感到擔憂。因此，我們一直在減少對天然氣和便利商店的投資，而且我預計你會看到，這種情況將會持續下去。

Got you. Last for me, I guess you talked about a situation with a tenant, Contractor’s Steel, sorry.

明白了。最後，我想您談論的是與租戶 Contractor's Steel 的情況，抱歉。

Yes.

是的。

I hate asking about watchlists, but, you talked about C-store and trying to get ahead of potential headwinds there. Rather than say what's happening with your watchlist, is there anything that you're looking in your sector that might be a candidate for sale, just because looking out how the trends or your view on a sector trends are materializing may create an opportunity to get ahead of headwinds? Is that kind of anything that comes to mind, other than C-stores?

我不想問有關關註名單的問題，但是，你談到了 C-store 並試圖克服那裡的潛在阻力。與其說您的關注清單發生了什麼，不如說，您所在行業中是否有任何可能出售的替代股票，僅僅因為觀察趨勢或您對行業趨勢的看法如何實現可能會創造一個克服逆風的機會？除了 C 商店之外，您還能想到其他什麼嗎？

Yeah, I'm going to be a little bit coy because sometimes as we're looking to dispose of things, that's not the type of commentary we'd like out in the market. But yes, it is absolutely part of the strategic review that Ori and his team do on a regular basis. Sometimes it's easier to talk about it after the sale, and I can explain our logic of how we're looking at a certain sector, et cetera.

是的，我會有點靦腆，因為有時當我們想要處理一些東西時，這不是我們想要在市場上聽到的評論類型。但確實，這絕對是 Ori 和他的團隊定期進行的策略審查的一部分。有時在銷售後談論它會更容易，我可以解釋我們如何看待某個領域的邏輯等等。

But first of all, the real estate is really good real estate. It's well located. Whether it's going to continue its existing tenant and operation, or whether because it's located at a main and main location somewhere in a market in America where people live and work, there's a lot that can be done with these types of properties. It's always what we've liked about single tenant net lease.

但首先，這個房地產確實是好房地產。位置很好。無論它是繼續現有的租戶和運營，還是因為它位於美國市場人們生活和工作的某個主要位置，這些類型的房產都可以做很多事情。這始終是我們喜歡單一租戶淨租賃的原因。

So, I think the important thing to really focus on is the watchlist is important, but the asset management review that we're constantly doing, we know the opportunities. Sometimes it's because a developer reaches out to us and all of a sudden is very interested in a property. We're able to get out to that market, see what's going on, figure out what the highest and best use is.

因此，我認為真正需要關注的重要事情是關註名單很重要，但我們不斷進行的資產管理審查也讓我們知道其中的機會。有時是因為開發商與我們聯繫並突然對某個房產非常感興趣。我們可以進入該市場，了解正在發生的事情，找出最高和最佳的用途。

Sometimes a great offer isn't great enough, and other times you kind of start to see that, okay, things are long term, a little bit different than when we bought the property five or six years ago. So, we want to get ahead of it. But it all goes hand in hand, great real estate, understanding the financials, understanding the sector, and then making decisions, hopefully, while there's still great value in the property.

有時，一個好的報價還不夠好，有時你會開始發現，事情是長期的，與我們五、六年前購買房產時的情況略有不同。因此，我們希望能夠領先一步。但一切都是相輔相成的，優秀的房地產，了解財務狀況，了解產業，然後做出決策，希望在房地產仍然具有巨大價值的時候。

Thank you.

謝謝。

Thanks, Mitch.

謝謝，米奇。

(Operator Instructions)

（操作員指示）

Michael Gorman, BTG Vaxchel.

邁克爾·戈爾曼，BTG Vaxchel。

Hi, Michael.

你好，麥可。

Hi, good morning. Just a quick one, sorry if I missed it, but do contractors pay any rent in the first quarter?

嗨，早安。我只是問一個簡單的問題，如果我沒注意到的話請見諒，但是承包商在第一季是否支付租金？

They do not --

他們沒有--

I'm looking at Ori. Sorry, Michael.

我正在看著 Ori。對不起，麥可。

They do not.

他們沒有。

Thanks, Chris.

謝謝，克里斯。

They do not. Okay, good. That's helpful. Thank you. And then just, obviously, appreciate the affirmed guidance. I wonder if you could just help us think through, given the number of moving parts, right. You had the solid first quarter. It implies kind of 21 -- the midpoint of the guidance implies kind of like $0.21 a share pro rata over the balance of the year. But given the timing of the sale in the second quarter, I doubt it's going to be pro forma.

他們沒有。好的，很好。這很有幫助。謝謝。然後，顯然，我們要感謝所肯定的指導。考慮到活動部件的數量，我想知道您是否可以幫助我們仔細思考一下，對嗎？你們的第一季表現穩健。這意味著 21 左右——指導的中點意味著全年每股收益按比例為 0.21 美元。但考慮到出售的時間是第二季度，我懷疑這是否會是形式上的。

So can you help us maybe think through in a little bit more detail kind of what the run rate looks like or maybe just what the back half of the year looks like once the second and third tranches of the multi-tenant deal are closed from an AFFO perspective?

那麼，您能否幫助我們更詳細地思考一下運行率是什麼樣的，或者從 AFFO 的角度來看，一旦多租戶交易的第二和第三部分結束，下半年的情況會是什麼樣的？

I guess, Mike, I can just quickly jump in because I think I could probably help point something out here. Michael, so if you take a look at the income statement, the way that it's broken out, we have to disclose discontinued operations, which is effectively the entire multi-tenant portfolio and everything that will be sold. So the income statement itself already strips out the multi-tenant.

我想，麥克，我可以快速插話，因為我認為我可能可以幫忙指出一些問題。邁克爾，如果你看一下損益表，它的細分方式是，我們必須披露已終止的經營業務，這實際上是整個多租戶投資組合以及將要出售的所有產品。因此，損益表本身已經剔除了多租戶。

And then in terms of a go forward, I just do want to bring up again, we disclosed it last quarter that the G&A is expected on an annualized basis to decrease by about $6.4 million a year due to this multi-tenant sale.

然後就未來發展而言，我確實想再次提一下，我們上個季度披露，由於此次多租戶銷售，預計 G&A 費用年化將減少約 640 萬美元。

Got it. That's helpful. And then maybe just last one from a transaction perspective. Obviously, I think it makes a lot of sense strategically and from the capital structure to sell down the vacant assets and use that to reduce the debt load and repurchase shares. I'm just curious, between last year and then what's in the pipeline for this year, it's about 140 vacant assets. I'm just curious, Michael, is that basically the preponderance of the vacant assets that are in the portfolio? Is there still a sleeve there that would be potentially a source of future proceeds or how should we think about that?

知道了。這很有幫助。然後也許只是從交易角度來看的最後一個。顯然，我認為從策略和資本結構來看，出售空置資產並利用這些資產來減少債務負擔和回購股票是非常有意義的。我只是好奇，從去年到今年，大約有 140 項空置資產。我只是好奇，邁克爾，這基本上就是投資組合中大部分空置資產嗎？那裡是否還有可能成為未來收益來源的資金，或者我們應該如何看待這一點？

Michael, I'm sorry. I was trying to look through some information as you were asking the question. Will you ask me that one more time?

邁克爾，對不起。當你問這個問題時，我正試圖查看一些資訊。你能再問我一次嗎？

Yeah, sure. Of course. So between last year and kind of what's in the pipeline, it's about 140 vacant assets that are either closed or set to be closed. Is that the bulk of the vacant assets in the portfolio or are there more potential vacant sales available to you to be able to pay down additional debt?

是的，當然。當然。因此，從去年到目前，大約有 140 個空置資產已經關閉或即將關閉。這是投資組合中大部分空置資產嗎？還是還有更多潛在的空置銷售可供您償還額外債務？

Got it. Thank you. Well, no, because as you saw from our release, we're going to be about 98% occupied in the second quarter after the completion of the multi-tenant sale. We see that going up a little bit from there, just from leasing, et cetera. So no, there's not a lot of vacancy left in this portfolio. You're really going to get used to seeing us reporting in what's typical for a single-tenant net lease rate.

知道了。謝謝。嗯，不是，因為正如您從我們的發布中看到的，在完成多租戶銷售後，第二季度我們的入住率將達到約 98%。我們看到，從租賃等角度來看，這數字略有上升。所以，這個投資組合中沒有留下太多的空缺。您真的會習慣看到我們報告單租戶淨租賃率的典型情況。

Great, thanks for the time.

太好了，謝謝你抽出時間。

Alright, thank you, Michael.

好的，謝謝你，麥可。

Thank you. Ladies and gentlemen, as there are no further questions, I will now hand the conference over to Mike Weil for his closing remarks. Mike?

謝謝。女士們、先生們，由於沒有其他問題，我現在將會議交給麥克‧韋爾，請他作結束語。麥克風？

Great. Well, thank you, everybody. We always appreciate you taking the time to catch up with us and to see the progress that GNL is making. As I said a little bit earlier, really proud of this work that we're doing. We're all very focused and starting to see the benefits of these conclusions.

偉大的。好的，謝謝大家。我們非常感謝您花時間與我們交流並見證 GNL 所取得的進展。正如我之前所說的，我們真的為我們所做的工作感到自豪。我們都非常專注並開始看到這些結論的好處。

So thanks again. If you have any questions, we look forward to following up. We'll talk to everybody soon, and I guess we'll see most of you at NAREIT in a couple of weeks. So talk to everybody then. Thank you.

再次感謝。如果您有任何疑問，我們期待跟進。我們很快就會和大家交談，我想幾週後我們會在 NAREIT 見到你們中的大多數人。那就和大家談談吧。謝謝。

Thank you. Ladies and gentlemen, the conference of Global Net Lease has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，全球淨租賃大會現已結束。感謝您的參與。現在您可以斷開線路了。