Global Net Lease Inc (GNL) 2025 Q3 法說會逐字稿

Good afternoon and welcome to Global Net Lease Inc Third quarter 2025 earnings call.

下午好，歡迎參加環球淨租賃公司2025年第三季財報電話會議。

(Operator Instruction)

（操作說明）

I would now like to turn the call over to Jordan Schoenfeld, Assistant Vice President at Global Net Lease.

現在我想把電話交給 Global Net Lease 的助理副總裁 Jordan Schoenfeld。

Thank you. Good morning, everyone, and thank you for joining us for Global Net Lease Third quarter 2025 earnings call. Joining me today on the call is Michael Weil, Global Net Lease's Chief Executive Officer, and Christopher Masterson, Global Net Lease's Chief Financial Officer.

謝謝。各位早安，感謝各位參加 Global Net Lease 2025 年第三季財報電話會議。今天和我一起參加電話會議的有 Global Net Lease 的執行長 Michael Weil 和 Global Net Lease 的財務長 Christopher Masterson。

The following information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Please review the forward-looking and cautionary statements section at the end of our Third quarter 2025 earnings release for various factors that could cause actual results to differ materially from forward-looking statements made during our call today.

以下資訊包含1995年《私人證券訴訟改革法案》所界定的前瞻性陳述。請查閱我們 2025 年第三季財報末的前瞻性聲明和警示性聲明部分，以了解可能導致實際結果與我們今天電話會議中所作的前瞻性聲明有重大差異的各種因素。

As stated in our SEC filings, Global Net Lease disclaims any intent or obligation to update or revise these forward-looking statements except as required by law. Also, during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating the company's financial performance.

正如我們在提交給美國證券交易委員會的文件中所述，Global Net Lease 不承擔任何更新或修改這些前瞻性聲明的意圖或義務，除非法律要求。此外，在今天的電話會議中，我們將討論一些我們認為有助於評估公司財務表現的非GAAP財務指標。

Descriptions of those non-GAAP financial measures that we use, such as (Inaudible) and adjusted EBITDA and reconciliations of these measures to our results as reported in accordance with GAA are detailed in our earnings release and supplemental materials. I'll now turn the call over to our Chief Executive Officer, Michael Weil. Mike.

我們所使用的非公認會計準則財務指標（例如調整後的 EBITDA）的說明以及這些指標與我們根據公認會計準則報告的績效的調節表，詳見我們的獲利報告和補充資料。現在我將把電話交給我們的執行長邁克爾·韋爾。麥克風。

Thanks, Jordan. Good morning and thank you all for joining us today.

謝謝你，喬丹。早安，感謝各位今天收看我們的節目。

It has now been approximately two years since Global Net Lease's internalization, and we're very proud of what we've accomplished thus far and enthusiastic about what lies ahead.

自 Global Net Lease 內部化至今已過去約兩年，我們為迄今為止所取得的成就感到非常自豪，並對未來充滿熱情。

Since the internalization, we have set ambitious and transformative strategic goals to streamline our portfolio, reduce leverage, and lower our cost of capital. We have consistently exceeded these objectives and are already yielding measurable benefits reflected in the stable operations, an improved credit profile, and enhanced financial flexibility, culminating in our recent achievement of earning an investment grade corporate credit rating from Fed tradings.

自內部化以來，我們制定了雄心勃勃且具有變革意義的策略目標，以精簡我們的投資組合、降低槓桿率並降低我們的資本成本。我們一直超越這些目標，並且已經取得了可衡量的收益，這體現在穩定的營運、改善的信用狀況和增強的財務靈活性上，最終使我們最近獲得了聯準會交易中的投資級企業信用評級。

The main driver of our strategic agenda has been a prudent disposition program focused on selling non-core assets with proceeds directed toward reducing leverage and improving portfolio quality.

我們策略議程的主要驅動力是審慎的資產處置計劃，該計劃側重於出售非核心資產，並將所得款項用於降低槓桿率和提高投資組合品質。

The highlight of our successful implementation of this effort was the approximately $1.8 billion sale of our multi-tenant retail portfolio completed in June of 2025, which accelerated our debt reduction initiatives and firmly positioned Global Net Lease as a pure play single tenant net lease REIT while maintaining our industry leading proportion of investment grade tenants.

這項工作的成功實施的亮點是我們在 2025 年 6 月完成了價值約 18 億美元的多租戶零售物業組合出售，這加速了我們的債務削減計劃，並使 Global Net Lease 牢固地定位為一家純粹的單租戶淨租賃 REIT，同時保持了我們行業領先的投資級租戶比例。

Since the implementation of this disposition program, we have sold approximately $3 billion of dispositions, including the sale of non-core short duration single tenant assets at a 7.7% cash cap rate, while reducing our net debt by approximately $2 billion since the third quarter of 2024.

自該處置計畫實施以來，我們已出售了約 30 億美元的資產，其中包括以 7.7% 的現金資本化率出售非核心短期單一租戶資產，同時自 2024 年第三季以來，我們的淨債務減少了約 20 億美元。

These results, particularly the 7.7% cash cap rate achieved on our non-core single tenant asset sales, provide tangible proof of the quality and value of our primarily investment grade portfolio while underscoring the meaningful discount in our implied cap rate relative to our pure play single tenant portfolio of assets.

這些結果，特別是我們在非核心單租戶資產出售中實現的 7.7% 現金資本化率，切實證明了我們主要投資級投資組合的質量和價值，同時也突顯了我們隱含資本化率相對於我們純粹的單租戶資產組合的顯著折價。

Building on the progress we've made on our disposition program, which has meaningfully reduced our leverage, we capitalized on an attractive opportunity to further lower our cost of capital by refinancing our revolving credit facility, including new institutional lenders attracted by Global Net Lease's strengthened balance sheet. In August of 2025, we completed that refinancing, extending the maturity from October of 2026 to August of 2030, inclusive of two additional six month extension options.

基於我們在資產處置計劃方面取得的進展（該計劃已顯著降低了我們的槓桿率），我們抓住了一個有吸引力的機會，透過對循環信貸額度進行再融資，進一步降低了我們的資本成本，其中包括被 Global Net Lease 增強的資產負債表所吸引的新機構貸款人。2025 年 8 月，我們完成了這項再融資，將到期日從 2026 年 10 月延長至 2030 年 8 月，其中包括兩個額外的六個月延期選擇權。

This refinancing delivered an immediate 35 basis point reduction in our interest rate spread, reflecting improved pricing and enhanced liquidity, while also reducing near-term debt as there are no significant maturities until 2027.

此次再融資使我們的利率差立即降低了 35 個基點，反映了定價的改善和流動性的增強，同時由於 2027 年之前沒有重大到期債務，也減少了近期債務。

These strategic actions significantly contributed to Fitch Rating's recent upgrade of Global Net Lease's corporate credit rating to investment grade from BB.

這些策略舉措對惠譽評級近期將環球淨租賃公司的企業信用評級從BB級上調至投資級做出了重大貢獻。

We believe this milestone is a direct result of the decisive steps we've taken to strengthen our balance sheet, enhance our credit profile, improve portfolio quality, and demonstrate our ability to deliver on our strategic objectives.

我們相信，這項里程碑的取得，是我們採取果斷措施加強資產負債表、提升信用評級、改善投資組合品質以及展現我們實現策略目標能力的直接結果。

Our ongoing disposition program has generated significant liquidity, giving us incremental flexibility to accretively repurchase shares, which we believe enhances long-term shareholder value.

我們正在進行的資產處置計劃產生了大量的流動性，使我們有更大的靈活性來增值回購股票，我們相信這將提高股東的長期價值。

Through October 30th, 2025, we have repurchased 12.1 million shares at a weighted average price of $7.59 totaling $91.7 million capitalizing on the opportunity to buy back shares at an AFFO yield of approximately 12%.

截至 2025 年 10 月 30 日，我們已以每股 7.59 美元的加權平均價格回購了 1,210 萬股股票，總計 9,170 萬美元，利用了以約 12% 的 AFFO 收益率回購股票的機會。

We believe buying back shares at this AFFO yield offers a more compelling use of capital than alternatives such as acquisitions, which we have not found attractive in this current environment. We've been disciplined in managing share repurchase alongside debt reduction, ensuring that capital is deployed in a way that we believe maximizes long-term value.

我們認為，以目前的調整後營運資金收益率回購股票，比收購等其他資本用途更具吸引力，我們認為在當前環境下收購併不具吸引力。我們在管理股票回購的同時，也嚴格控制債務削減，確保資金以我們認為能夠最大限度實現長期價值的方式進行部署。

Looking ahead, we plan to continue to evaluate additional initiatives, including acquisitions that we expect to strategically enhance shareholder returns while maintaining the financial strength and flexibility that underpins Global Net Lease's growth.

展望未來，我們計劃繼續評估其他舉措，包括我們預期能夠從策略上提高股東回報的收購，同時保持支撐 Global Net Lease 成長的財務實力和靈活性。

In addition to our specific achievements, we believe broader market developments are creating additional opportunities to strengthen our financial position.

除了我們所取得的具體成就之外，我們相信更廣泛的市場發展正在創造更多機會來加強我們的財務狀況。

Last week, the Federal Reserve announced a second 25 basis point reduction in the target range for federal fund rates, and we'll monitor the newly constituted Federal Reserve in the spring of 2026 as we anticipate a dovish stance towards the economy which should further lower our cost of capital.

上週，聯準會宣布將聯邦基金利率目標區間第二次下調 25 個基點，我們將密切關注 2026 年春季新成立的聯準會，因為我們預計將對經濟採取鴿派立場，這將進一步降低我們的資本成本。

These rate reductions have a direct impact on Global Net Lease's bottom line as they lower the floating rate on the US dollar portion of our revolving credit facility. Reducing our cost of capital and supporting our ongoing efforts to strengthen the balance sheet.

這些降息措施直接影響了環球淨租賃公司的獲利，因為它們降低了我們循環信貸額度中美元部分的浮動利率。降低我們的資本成本，並支持我們持續加強資產負債表的努力。

Additionally, dividend income from REITs tends to become increasingly attractive in a rate cutting environment as they can offer a more attractive return relative to US Treasury securities, creating a potential pathway for favorable market performance by the net lease re industry.

此外，在降息環境下，房地產投資信託基金的股息收入往往會變得越來越有吸引力，因為它們相對於美國國債可以提供更具吸引力的回報，從而為淨租賃再融資行業創造有利的市場表現的潛在途徑。

Turning to our portfolio at the end of the Third quarter of 2025, we owned over 850 properties spanning nearly 43 million rentable square feet. Our portfolio's occupancy stands at 97% with a weighted average remaining lease term of 6.2 years.

截至 2025 年第三季末，我們的投資組合中擁有超過 850 處房產，可出租面積近 4,300 萬平方英尺。我們投資組合的入住率為 97%，加權平均剩餘租期為 6.2 年。

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.

該投資組合擁有穩定的租戶基礎和高品質的收益，其中 60% 的租戶獲得投資等級或隱含投資等級評級，在業界處於領先地位。

It has an average annual contractual rental increase of 1.4%, which excludes the impact of 23.1% of the portfolio with CPI-linked leases that have historically experienced significantly higher rental increases.

其平均年度合約租金成長率為 1.4%，這還不包括 23.1% 的投資組合中與 CPI 掛鉤的租賃合約的影響，這些合約歷來經歷了更高的租金成長率。

On the leasing front during the 3rd quarter of 2025, we leased over 1 million square feet, achieving renewal spreads that were 26% higher than expiring rents, largely driven by lease renewals with GE Aviation and GXO Logistics. New leases that were completed in the 3rd quarter of 2025 have a weighted average lease term of 5 years, while renewals that were completed during this period have a weighted average lease term of 7.3 years.

在租賃方面，2025 年第三季度，我們租賃了超過 100 萬平方英尺的物業，續租價格比到期租金高出 26%，這主要得益於與 GE Aviation 和 GXO Logistics 的續租。2025 年第三季完成的新租賃合約的加權平均租賃期限為 5 年，而在此期間完成的續約合約的加權平均租賃期限為 7.3 年。

I'd like to highlight the strength and resilience of our office portfolio, which continues to deliver strong performance. In July, we completed a 10-year lease renewal with GE Aviation for a 369,000 square foot high-quality office asset with a strong credit tenant at an implied A3 rating, achieving an attractive 37% renewal spread.

我想專注於我們辦公大樓投資組合的實力和韌性，它持續取得強勁的業績。7 月，我們與 GE Aviation 續簽了一份為期 10 年的租賃合同，租賃面積為 369,000 平方英尺，是一處優質辦公資產，租戶信用良好，隱含評級為 A3，續租價差為 37%，頗具吸引力。

In addition, we secured a 20-year lease renewal with the United States General Services Administration at its Lakewood, Colorado location, reinforcing the mission critical nature of our portfolio that we believe continues to be undervalued by the market.

此外，我們與美國總務管理局續簽了位於科羅拉多州萊克伍德的辦公地點的 20 年租賃合同，這進一步鞏固了我們投資組合的關鍵任務性質，我們認為該投資組合仍然被市場低估。

Since the start of 2024, we've executed 10 office lease renewals at an average renewal spread of 6.7%, reflecting both the quality of our tenants and the strategic execution of our asset management team.

自 2024 年初以來，我們已完成 10 項辦公大樓租賃續約，平均續約價差為 6.7%，這不僅體現了我們租戶的質量，也體現了我們資產管理團隊的策略執行力。

Our office portfolio continues to perform strongly with 100% rent collection across all tenants, the highest proportion of investment grade tenancy at 77%, and minimal lease rollover. Annual expirations represent 2.5% or less of total square footage through 2029.

我們的辦公物業組合持續表現強勁，所有租戶的租金收取率達到 100%，投資等級租戶比例高達 77%，租約續約率極低。到 2029 年，年度到期面積佔總面積的 2.5% 或更少。

Our continued efforts and results in limiting exposure to high risk geography, asset types, tenants, and industries is a testament to our intentional diversification strategy and credit underwriting.

我們持續努力並取得成果，限制對高風險地區、資產類型、租戶和產業的投資，證明了我們有意採取的多元化策略和信貸承銷策略的有效性。

No single tenant accounts for more than 5% of total straight line rent, and our TOP10 tenants collectively contribute only 29% of total straight line rent, with 73% being investment grade.

沒有一個租戶的租金佔比超過總租金的 5%，我們排名前 10 的租戶合計僅佔總租金的 29%，其中 73% 為投資等級。

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 Q3 2025 investor presentation on our website.

我們會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，這些信息可以在我們網站上的 2025 年第三季度投資者演示文稿中找到。

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

接下來，我將把電話交給克里斯，讓他更詳細地講解財務表現和資產負債表相關事宜。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.

謝謝你，麥克。請注意，與往常一樣，您可以在我們網站上發布的獲利報告中找到 GAAP 淨收入與非 GAAP 指標的調整表。

For the third quarter of 2025, we recorded revenue of $121 million and a net loss attributable to common stockholders of 71.1 million.

2025 年第三季度，我們錄得營收 1.21 億美元，歸屬於普通股股東的淨虧損為 7,110 萬美元。

AFFO was 53.2 million or $0.24 per share.

調整後營運資金為 5,320 萬美元，即每股 0.24 美元。

Looking at our balance sheet, the gross outstanding debt balance was $3 billion at the end of the third quarter of 2025, a reduction of $2 billion from the end of the third quarter of 2024.

從我們的資產負債表來看，截至 2025 年第三季末，未償債務總額為 30 億美元，比 2024 年第三季末減少了 20 億美元。

Our debt is comprised of $1 billion in senior notes, $664 million on the multi-currency revolving credit facility, and $1.4 billion of outstanding gross mortgage debt.

我們的債務包括 10 億美元的優先票據、6.64 億美元的多幣種循環信貸額度以及 14 億美元的未償還抵押貸款總額。

As of the end of the 3rd quarter of 2025, 87% of our debt is fixed, reflecting debt tied to fixed rates or debt that is swapped to fixed rates.

截至 2025 年第三季末，我們 87% 的債務是固定債務，這反映了與固定利率掛鉤的債務或已互換為固定利率的債務。

Our weighted average interest rate stood at 4.2%, down from 4.8% in the third quarter 2024, and our interest coverage ratio was 2.9 times.

我們的加權平均利率為 4.2%，低於 2024 年第三季的 4.8%，利息保障倍數為 2.9 倍。

At the end of the third quarter of 2025, our net debt to adjusted EBITDA ratio was 7.2 times based on net debt of 2.9 billion, significantly down from 8 times at the end of the third quarter of 2024.

截至 2025 年第三季末，我們的淨負債與調整後 EBITDA 比率為 7.2 倍，淨負債為 29 億美元，較 2024 年第三季末的 8 倍大幅下降。

While the ratio is slightly higher this quarter due to timing of certain dispositions, our robust disposition pipeline gives us confidence that we will remain within our stated net debt to adjusted EBITA 2025 guidance range of 6.5 times to 7.1 times.

雖然由於某些資產處置的時間安排，本季的比率略有上升，但我們強勁的資產處置計劃使我們有信心將淨債務與 2025 年調整後 EBITA 比率保持在 6.5 倍至 7.1 倍的指導範圍內。

As of September 30th, 2025, we had liquidity of approximately 1.1 billion and 1.2 billion of capacity on our revolving credit facility compared to 253 million and $366 million respectively as of the end of the third quarter of 2024.

截至 2025 年 9 月 30 日，我們的循環信貸額度流動資金約為 11 億美元，可用額度約為 12 億美元，而截至 2024 年第三季末，流動資金流動資金分別為 2.53 億美元和 3.66 億美元。

Additionally, we had approximately 220 million shares of common stock outstanding and approximately 221 million shares outstanding on a weighted average basis for the third quarter of 2025.

此外，截至 2025 年第三季度，我們約有 2.2 億股普通股流通在外，以加權平均計算，流通在外的普通股約為 2.21 億股。

Through October 30th, 2025, we have repurchased 12.1 million shares at a weighted average price of $7.59 per share under our share repurchase program.

截至 2025 年 10 月 30 日，我們已根據股票回購計畫以每股 7.59 美元的加權平均價格回購了 1,210 萬股股票。

Turning to our outlook for the remainder of 2025, we are confident in our performance and are raising our AFFO per share guidance for 2025 to a new range of $0.95 to $0.97.

展望 2025 年剩餘時間，我們對公司業績充滿信心，並將 2025 年每股調整後營運資金 (AFFO) 預期上調至 0.95 美元至 0.97 美元的新區間。

We also reaffirm our stated net debt to adjusted EBITDA range of 6.5 times to 7.1 times.

我們也重申先前公佈的淨債務與調整後 EBITDA 比率範圍為 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，請他做些總結發言。

Thank you, Chris.

謝謝你，克里斯。

Achieving an investment grade rating from Fitch Ratings is a major milestone for and validates the strategic plan we set in motion following the internalization in September 2023. We've executed on our initiatives with discipline, reducing leverage, strengthening our balance sheet, refinancing maturing debt, and optimizing our portfolio through targeted dispositions.

獲得惠譽評級的投資等級評級是我們自 2023 年 9 月內部化以來制定的策略計劃的一個重要里程碑，並驗證了該計劃的有效性。我們以嚴謹的態度執行各項舉措，降低槓桿比率，加強資產負債表，對到期債務進行再融資，並透過有針對性的資產處置優化投資組合。

Specifically, since Q3 2024, total outstanding debt has declined to $3 billion from $5 billion. Liquidity has increased to $1.1 billion from $253 million. Capacity on our revolving credit facility has grown to $1.2 billion from $366 million and annualized G&A has decreased to $47 million from $50 million.

具體而言，自 2024 年第三季以來，未償債務總額已從 50 億美元下降至 30 億美元。流動資金已從 2.53 億美元增至 11 億美元。我們的循環信貸額度已從 3.66 億美元成長至 12 億美元，年度一般及行政費用已從 5,000 萬美元減少至 4,700 萬美元。

We believe these actions have positioned Global Net Lease as a pure play single tenant net lease re with enhanced financial flexibility built for sustainable growth.

我們相信，這些舉措已使 Global Net Lease 成為一家純粹的單一租戶淨租賃公司，並增強了財務靈活性，為永續成長奠定了基礎。

Looking forward, we believe these achievements position Global Net Lease to capitalize on a variety of market opportunities and continue creating meaningful shareholder value. We believe our strong balance sheet, disciplined capital allocation, and proven track record of execution position Global Net Lease exceptionally well to deliver consistent performance and execute additional strategic initiatives.

展望未來，我們相信這些成就將使 Global Net Lease 能夠抓住各種市場機遇，並繼續為股東創造有意義的價值。我們相信，憑藉我們強大的資產負債表、嚴謹的資本配置和良好的執行記錄，Global Net Lease 能夠提供持續的業績並執行更多戰略舉措。

As we look to deploy incremental proceeds from dispositions, we continue to evaluate the trade-offs between acquisitions and share repurchases, recognizing the significant value opportunity for shareholders in buying back shares at current levels while remaining flexible to pursue real estate acquisitions in the future.

在考慮如何利用處置所得的額外收益時，我們繼續評估收購和股票回購之間的權衡，並認識到以當前價格回購股票對股東而言具有巨大的價值機會，同時保持靈活性，以便將來進行房地產收購。

We continue to monitor the real estate market closely, but being a buyer in the current environment isn't particularly compelling to us given higher seller expectations, elevated borrowing costs, and cap rates that remain tight, making it difficult to justify many acquisition opportunities as compared to the immediate benefit of continuing with the announced share repurchase program.

我們將繼續密切關注房地產市場，但鑑於賣方期望值較高、借貸成本上升以及資本化率仍然很低，在當前環境下，作為買家對我們來說並沒有特別大的吸引力，與繼續執行已宣布的股票回購計劃所帶來的直接好處相比，很難證明許多收購機會的合理性。

We plan to continue to execute on our near term strategic objectives to position Global Net Lease to continue delivering consistent results and long-term value for our shareholders.

我們計劃繼續執行近期策略目標，以使 Global Net Lease 能夠繼續為股東帶來穩定的業績和長期價值。

We're available to answer any questions you may have after the call. Operator, please open the line for questions.

通話結束後，我們隨時為您解答任何問題。接線員，請開通提問線。

(Operator Instruction) Upal Rana, KeyBanc Capital Markets.

（操作員指示）Upal Rana，KeyBanc Capital Markets。

Good morning.

早安.

Congrats on the quarter. Michael, you mentioned, acquisitions don't look attractive to you in today's environment. I'm just trying to understand, what needs to happen for you to become an active buyer again, and if so, what would be sort of your funding plans for that?

恭喜你本季取得佳績。邁克爾，你提到過，在當今環境下，收購對你來說沒有吸引力。我只是想了解一下，你需要做些什麼才能再次成為活躍買家，如果可以的話，你的資金計劃是什麼？

Yeah So we would look to finish.

是的，所以我們會努力完成。

Our disposition program which we are, I would say in the late innings of and as a part of that strategy, of course we've continued to actively monitor the acquisition environment, and you know we just keep seeing cap rate expectations from sellers that don't match up to cost of capital and in many cases aren't supported by the underlying credit of the tenant. So I think there are a number of things that, just the discipline of our acquisition strategy, the reason so much of our portfolio is investment grade, is that.

我們的資產處置計劃，我認為已經進入後期階段，作為該戰略的一部分，我們當然一直在積極關注收購環境，但你知道，我們不斷看到賣方的資本化率預期與資本成本不符，而且在很多情況下，租戶的基本信用狀況也無法支撐這些預期。所以我認為有很多因素，只是我們收購策略的嚴謹性，以及我們投資組合中如此多的資產達到投資等級水準的原因，就是如此。

We're not necessarily looking to see a higher cap rate on an acquisition at the sacrifice of the underlying credit of the tenant or the quality of the real estate, so I think a big part of what we're monitoring is the, state of, cost of debt, the pricing generated off of the 10 year treasuries, etc. And I just don't think we're there right now. I continue to see, the acquisition pace in the industry is slower than what we've seen over the last decade, but again, when we think about it in terms of our number one goal is to continue the completion of the debt reduction program. So we've been identifying or allocating proceeds from dispositions to continue to do that, and we will, we're not finished. But as you, as you've seen over the last couple of quarters, the immediate accretion of stock buyback is so significant that, frankly, for us, it's just a very easy decision. That 12% accretion yield, from stock buyback is, Very impactful and of course we we want to grow we want to be active, but first and foremost we want to drive the greatest possible benefit for shareholders and we think that's the combination of finishing our debt reduction program and the opportunistic share repurchase program.

我們不一定希望透過犧牲租戶的信用狀況或房地產品質來獲得更高的收購資本化率，所以我認為我們關注的重點是債務成本狀況、10年期公債的定價等等。而我認為我們目前還沒有達到那個階段。我發現，產業內的收購速度比過去十年來的要慢，但是，當我們從首要目標來看，那就是繼續完成債務削減計畫。因此，我們一直在確定或分配處置所得款項以繼續這樣做，而且我們將繼續這樣做，我們還沒有完成。但正如你在過去幾季所看到的，股票回購帶來的即時收益如此巨大，坦白說，對我們來說，這是一個非常容易的決定。股票回購帶來的 12% 增值收益率非常可觀，當然，我們希望發展，我們希望積極進取，但首先，我們希望為股東帶來盡可能大的利益，我們認為完成債務削減計劃和抓住機會進行股票回購計劃相結合，就能實現這一目標。

Okay, great. That was helpful. And then, with leverage, it ticked up in the quarter and it looks like it was timing related for your multi-tenant sale, yes, but it currently stands at the high end of your guidance range, and so, and you have some more disposition to close, by your end as well. So just trying to understand how you get to the midpoint of your leverage guidance by year end.

好的，太好了。那很有幫助。然後，由於槓桿作用，該季度有所上漲，看起來這與您的多租戶銷售的時機有關，是的，但目前它處於您指導範圍的高端，因此，而且您這邊也更傾向於完成交易。所以，我只是想了解一下，你們是如何在年底前達到槓桿率指導目標的中點的。

you're right that some of it is driven by just timing and, so we're very confident that by completing, what is already scheduled in our pipeline activity, some things that, we anticipate occurring in the 4th quarter that that we haven't had an opportunity, to disclose yet, that.

您說得對，其中一些確實受時機影響，因此我們非常有信心，透過完成我們已安排在專案線上的活動，以及一些我們預計在第四季度發生但尚未有機會披露的事情。

We are going to be comfortably within our range on net debt, and, coupled that with the fact that we were able to raise our our AFfofo per share guidance, I think that you know we're.

我們的淨債務將輕鬆控制在目標範圍內，再加上我們提高了每股調整後收益預期，我想你應該知道我們…

We come to work every day like you would expect us. Sometimes we joke about we just carry rocks uphill every day, because there's not a lot of glory here in what we're doing, but it is just consistent dedication and hard work. So we've been able to really, execute on the plan which at the end of the year will show material reduction of net debt to EBITDA, but just as important we've been able to, grow AFfoO per share and I think you realize that's not necessarily easy, and we've used all the levers available to us.

我們每天都像你們期望的那樣來上班。我們有時會開玩笑說，我們每天就像扛著石頭上山一樣，因為我們所做的事情沒有什麼榮耀可言，只有持之以恆的奉獻和辛勤工作。因此，我們已經能夠真正執行該計劃，到年底將顯示淨債務與 EBITDA 的比率大幅下降，但同樣重要的是，我們已經能夠實現每股 AFfoO 的增長，我想您也意識到這並不容易，我們已經利用了所有可用的手段。

Our real estate team has done. A really commendable job on dispositions and maximizing value of noncore assets, the fact that our single tenant portfolio sale of non-core assets with about, 5 years or less remaining, we've been able to generate a 7.7% cap rate. It just really indicates, the underlying value of the tenants in the portfolio and the real estate.

我們的房地產團隊已經完成了。在處置和最大化非核心資產價值方面，我們做得非常出色。事實上，我們出售剩餘期限約為 5 年或更短的非核心資產的單一租戶投資組合，已經實現了 7.7% 的資本化率。這確實顯示了投資組合中租戶和房地產的內在價值。

We'll continue to maximize that. We'll use those proceeds, as we talked about on the call to continue to lower net debt to EBITDA, the hard work of Chris and Uri and the team with recasting the credit facility which had an immediate and impactful savings on cost of debt as well as extending our, maturities, these are all things that continue and. What we think is important is to to show the market that.

我們將繼續最大限度地發揮這一作用。正如我們在電話會議上討論的那樣，我們將利用這些收益繼續降低淨債務與 EBITDA 的比率。 Chris、Uri 和團隊辛勤工作，重新調整了信貸安排，這立即顯著降低了債務成本，並延長了我們的到期日。這些都是我們將繼續努力的方向。我們認為重要的是向市場證明這一點。

We're we're hitting on all of the important aspects. We're maximizing value and frankly we're starting, we're just starting to prepare for the next phase of Global Net Lease, which is one where we can really maximize value through growth.

我們已經談到了所有重要方面。我們正在最大限度地提高價值，坦白說，我們才剛開始為全球淨租賃的下一階段做準備，在這個階段，我們可以透過成長真正實現價值最大化。

Okay, great. That was helpful. And then just 11 last one for me would be, based on your revised Afofo for share guidance, 4Q implies $0.19 of the midpoint. And could you walk us through how you get from $0.24 in 3Q to 19 and 4Q? I know dispositions will have some kind of impact, but anything else that we should be looking out for for our model.

好的，太好了。那很有幫助。最後，根據您修訂後的 Afofo 股價指引，對我來說，第四季意味著股價將比中點高出 0.19 美元。你能詳細解釋一下你是如何從第三季的 0.24 美元漲到第四季的 19 美元的嗎？我知道資產處置會產生一定影響，但除此之外，我們的模型還有哪些需要注意的地方呢？

Yeah, Chris, do you want to walk Oople through some of that?

克里斯，你想跟Oople講解一下這些內容嗎？

Sure, what I would say there really it comes down to to get into the midpoint in the range for the IFFO guidance is is the timing of the dispositions. Obviously in the third quarter we had the plan in place, so we did have some properties that the dispositions close later in the quarter and the same thing will happen during the fourth quarter and we are confident that we will land in the range that we provided.

當然，我想說的是，要達到 IFFO 指導範圍的中點，關鍵在於處置的時機。顯然，我們在第三季度已經制定了計劃，所以我們有一些房產的處置工作會在本季度晚些時候完成，第四季度也會發生同樣的事情，我們有信心能夠達到我們預期的目標範圍。

Okay great thank you.

好的，非常感謝。

Thanks.

謝謝。

(Operator Instruction) Mitch Germain, Citizens Bank.

（操作員指示）米奇·傑曼，公民銀行。

Hi Mitch, thank you.

嗨，米奇，謝謝你。

Hey, thank you and congrats on the quarter.

嘿，謝謝你，也恭喜你本季業績出色。

Thank you.

謝謝。

I just a little bit of occupancy decline quarter of a quarter, anything specific there that you want to reference that might have driven that is was it opportunistic? Was it part of the asset recycling, anything specific?

入住率在一個季度內略有下降，您有什麼具體原因想提及，例如是否是投機取巧造成的？這是資產回收的一部分嗎？有什麼具體細節嗎？

Yeah, so it is opportunistic in that we had a tenant expiration that that we've been, very engaged on. In the UK portfolio, and.

是的，這確實是一個機會主義的做法，因為我們正好有一個租戶的租約到期，我們一直在積極處理此事。在英國投資組合中，並且。

It's a timing piece for us because we are actively engaged with several tenants on new leasing at that location. It's going to be a a nice pick up on straight line rent it's going to be a. A nice pick up on occupancy and I would suggest that we will finish the year much closer to fully occupied than the 97% that we reported at the end of the quarter.

對我們來說，這是一個時機問題，因為我們正在積極與該地點的幾家租戶洽談新的租賃事宜。直線租金將會大幅上漲。入住率出現了不錯的成長，我認為我們今年的入住率將比季末報告的 97% 更接近滿租。

Great, that's super helpful. Last one for me, you mentioned the word growth a couple of times in this call, which obviously is a little bit of a departure first versus kind of the, I call it, kind of shrinking of the portfolio and the deleveraging that, that's been a key theme. I'm curious though, kind of how you view the playbook without giving guidance, but how you view the strategy and the playbook going into 2026 and, it seems like. You may be a little bit more open to acquisitions. How much will dispositions remain a theme? Maybe just kind of walk me into how we should be thinking about the forward outlook for you guys.

太好了，這很有幫助。最後一個問題，您在這次通話中幾次提到“增長”這個詞，這顯然與我所說的“縮減投資組合”和“去槓桿化”有點不同，而後者一直是關鍵主題。不過我很好奇，在不給予指導的情況下，您是如何看待這套策略的？您是如何看待進入 2026 年的策略和策略的？看起來是這樣。你可能對收購持更開放的態度。性格特徵這一主題還能持續多久？或許你可以簡單介紹一下我們該如何看待你們未來的發展前景。

Thank you.

謝謝。

Thanks Mitch, the way we're thinking about it is really going to be reflected in how we see the, stock price perform.

謝謝米奇，我們的想法確實會反映在我們對股價走勢的判斷上。

If we continue to see a material disconnect between the underlying value of the portfolio and the any number of multiple or metrics that you might look at to evaluate the stock price.

如果我們繼續看到投資組合的內在價值與你可能用來評估股票價格的任何倍數或指標之間存在實質脫節。

That's that's going to determine our course of action. I talk about potential or restarting of growth because it's important. It's something that we want to do, but by no means do we want to acquire real estate for the sake of acquiring real estate to say that we're growing for the sake of growth. We have the impactful opportunity to execute on our stock buyback program, which is easy to see more accretive than. Acquisitions that I've been seeing in the market, so again, I don't want to give guidance right now and I appreciate you pointing that out. It is something that we will talk about, but we still feel that we have some work to do on reduction of net debt to EBITDA. By no means are we saying that we're finished there, but we are seeing opportunities, we had incredible.

這將決定我們的行動方針。我之所以談論成長的潛力或重啟，是因為這很重要。這是我們想做的事情，但我們絕不是為了購置房地產而購置房地產，也不是為了成長而成長。我們有機會執行股票回購計劃，這顯然比其他任何方式都更有增值潛力。我最近在市場上看到一些收購活動，所以再次聲明，我現在不想給出任何指導意見，感謝你指出這一點。我們會討論這個問題，但我們仍然覺得在降低淨債務與 EBITDA 的比率方面還有一些工作要做。我們絕不是說我們已經結束了在那裡的工作，但我們看到了機會，我們曾經擁有令人難以置信的機會。

An incredible quarter of pick up on.

令人難以置信的季度收購量。

Renewal spreads which of course helps our EBITDA, which of course helps our net debt to EBITDA. So as you know there are certain, there are many different ways to lower net debt to EBITDA.

續約利差當然有助於提高我們的 EBITDA，這當然也有助於降低我們的淨債務與 EBITDA 比率。如您所知，降低淨債務與 EBITDA 比率的方法有很多。

Of course we can continue to lower our.

當然，我們可以繼續降低我們的成本。

Balance sheet debt which we intend to do but we can also grow EBITDA so we're we're fully engaged. I'm not going to say that we will absolutely be finished the disposition program because if if we continue to see value in disposition that allows us to execute on different parts. We feel that the job here is to realize value for shareholders, and we're going to continue to do that and drive this price.

資產負債表債務是我們打算做的，但我們也可以提高 EBITDA，所以我們全力以赴。我不會說我們一定會完成資產處置計劃，因為如果我們繼續看到資產處置的價值，這使我們能夠執行不同的部分。我們認為，我們的任務是為股東創造價值，我們將繼續這樣做，並推動股價上漲。

Thank you. Operator.

謝謝。操作員。

Yeah, thank you. Do we have any other question?

是啊，謝謝。還有其他問題嗎？

(Operator Instruction) John Kim, BMO Capital Markets.

（操作員指示）John Kim，BMO 資本市場。

Thank you. This quarter you had a good, renewal leasing spread of 26.4%. just wondering how achievable this is going forward, especially on your industrial lease expirations.

謝謝。本季你們的續租利差達到了26.4%，表現不錯。我想知道未來能否繼續保持這個水平，尤其是在工業地產租賃到期方面。

And also if you could disclose that figure including new leases. Appreciated

另外，如果您能公佈包括新租約在內的數據就更好了。感謝

Hey John, how are you? .

嘿，約翰，你好嗎？。

So, For Q3 we were 26% on, renewal spreads.

所以，第三季我們的續約利差是 26%。

Over the year-to-date it's been 18.5% so I would say 26% is a terrific quarter every you know every opportunity that we have to to see spreads like that we're very pleased but spreads have continued to be strong in the renewal activity.

今年迄今為止，這一數字為 18.5%，所以我認為 26% 是一個非常出色的季度。你知道，每當我們有機會看到這樣的利差時，我們都非常高興，而且續保活動的利差一直保持強勁。

I think it's a good quarter when you know you're 55% or %6% on renewal spreads. So the fact that we can continue to do that shows the tenants want to be in these buildings in their real estate that whether it's industrial retail or office, it's a critical piece of their operating business and they don't want to give that up even as the the lease expires. Our asset management team engages, as we've said many times, typically 2 years out before, a lease expiration, so that we can begin the conversations and it's what really helps us, drive these types of results, so we're very pleased with where we are year-to-date and exceptionally pleased where we came in this quarter.

我認為，當你的續約利差達到 55% 或 6% 時，這就算是一個不錯的季度了。因此，我們能夠繼續這樣做表明，租戶希望繼續使用這些建築物，無論是工業零售還是辦公，這都是他們營運業務的關鍵部分，即使租約到期，他們也不想放棄。正如我們多次提到的，我們的資產管理團隊通常會在租賃到期前兩年就開始介入，以便我們能夠開始討論，這確實有助於我們取得這樣的成果，因此我們對今年迄今為止的成績非常滿意，尤其對本季度的成績感到格外滿意。

Do you typically get a higher spread on renewals than new leases? I'm just wondering why.

通常續約的利差會比新租約高嗎？我只是好奇為什麼。

Why that renewal is being taken out.

為什麼要取消續約？

Well, you, if you think about the kind of the way a renewal works, a tenant has been in a property, for 10 or 15 years, and in many net lease, structures, there's a 1% or 1.5% annual escalator.

嗯，如果你想想續租的方式，租戶已經在一個房產裡住了 10 年或 15 年，在許多淨租賃結構中，每年都會有 1% 或 1.5% 的租金遞增。

Occasionally you'll get a 2%. So there are many situations where after 5 or I'm sorry, after 10 or 15 years, They're under market and the renewal includes a catch up to to get them back to where they should be to stay in that property so.

偶爾你會得到 2%。因此，在許多情況下，經過 5 年，或者抱歉，10 年或 15 年後，他們的租金低於市場價，續租時需要進行補繳，以使他們的租金恢復到應有的水平，才能繼續留在該房產中。

It's just one of those things, you know.

你知道，就是那種事。

Market dictates spreads on new leases versus renewals, and both can add a lot of value to the overall portfolio.

市場決定了新租約與續約之間的價差，而兩者都能為整體投資組合增加許多價值。

Okay, kind of an odd question, but, if you look on your balance sheet from last quarter, you, yeah.

好吧，這個問題有點奇怪，但是，如果你看一下上個季度的資產負債表，你，是的。

Okay, go ahead.

好的，請繼續。

You had $524 million of multi-tenant mortgage loans, 5 different tranches.

您有 5.24 億美元的多租戶抵押貸款，分為 5 個不同的批次。

That was as the second quarter. Your, 100 hasn't come out yet, but I was wondering if that was related to your multi-tenant portfolio that you sold and if you still have that unbalance sheet today because your debt didn't move that much, this quarter.

那是第二季的情況。你的第 100 項報告還沒出來，但我想知道這是否與你出售的多租戶投資組合有關，以及你今天是否仍然有該資產負債表，因為你本季度的債務變動不大。

Chris, you want to take that. So.

克里斯，你想拿走它。所以。

Yes, so, yeah, that's what we have from discontinuing operations, that would have been related to the mortgage payables that were assumed, by RCG as part of the transaction. If you look just strictly at our mortgage payables line on the balance sheet, in 2Q, we would not have had any of the, those assumed mortgages in there. They would have been reclassified out. So that we can, so it's comparable quarter over quarter.

是的，所以，是的，這就是我們從終止經營中獲得的收益，這與RCG在交易中承擔的抵押貸款應付款項有關。如果只查看資產負債表上的抵押貸款應付款項，在第二季度，我們不會有任何這些已承擔的抵押貸款。他們原本會被重新歸類為非會員。這樣我們才能做到，這樣才能達到季度間的可比性。

So you don't have that imbalance sheet today?

所以你今天沒有那份財務不平衡表？

Correct. We do not have that on the balance sheet.

正確的。我們的資產負債表上沒有這項項目。

Okay.

好的。

Great, thank you.

太好了，謝謝。

(Operator Instruction).

（操作說明）

Great, well, as always, we appreciate you taking time to listen to the update on Global Net Lease. We're excited about what we've accomplished in the Third quarter, but by no means do we feel that this is the place we want to be. We still see great opportunity here, great value, and the team is as committed as it's ever been to executing on the things that are necessary, to unlock this value. So thank you for your involvement and thank you for your feedback. We look forward to catching up with everybody, over the next couple of days, and we'll talk soon.

太好了，和往常一樣，感謝您抽出時間收聽全球淨租賃的最新進展。我們對第三季所取得的成就感到興奮，但我們絕不認為這就是我們想要達到的目標。我們仍然看到這裡蘊藏著巨大的機會和價值，團隊也一如既往地致力於執行必要的措施，以釋放這種價值。感謝您的參與與回饋。我們期待在接下來的幾天和大家見面，很快就會和大家聯繫。

Thank you.

謝謝。

(Operator Instruction).

（操作說明）