Gladstone Commercial Corp (GOOD) 2026 Q1 法說會逐字稿

Greetings, and welcome to Gladstone Commercial Corporation First Quarter Earnings Call. (Operator Instructions) Please note, this conference is being recorded.

各位好，歡迎參加 Gladstone Commercial Corporation 第一季財報電話會議。(接線員指示) 請注意，本次會議將被錄音。

I will now turn the conference over to Mr. David Gladstone, Chairman of Gladstone Commercial Corporation. Thank you, Mr. Gladstone, you may begin.

現在我將把會議交給 Gladstone Commercial Corporation 董事長 David Gladstone 先生。謝謝您，Gladstone 先生，您可以開始了。

Well, thank you so much for that nice introduction, and thanks to all of you guys on the phone for calling in today. I want to tell you, we do enjoy the time we have with you and on the phone even, and I wish we had more time to talk.

好的，非常感謝這段精彩的介紹，也感謝各位今天來電參與。我想告訴各位，我們很享受與各位相處的時間，即使是在電話上也是如此，我也希望我們能有更多時間交流。

But let's start out with Catherine Gerkis. She is our Director of Investor Relations, to provide a brief disclosure regarding certain regulatory matters that always impact everything we say. So Catherine, go ahead.

不過，我們先從 Catherine Gerkis 開始。她是我們的投資人關係總監，將就某些監管事項做簡短揭露，這些事項一向會影響我們所說的每一句話。那麼 Catherine，請開始。

Thanks, David. Good morning. Today's call may include forward-looking statements, which are based on management's estimates, assumptions and projections. There are no guarantees of future performance, and actual results may differ materially from those expressed or implied in these statements due to various uncertainties, including the risk factors set forth in our SEC filings, which you can find on the Investor page of our website, gladstonecommercial.com. We assume no obligation to update any of these statements unless required by law.

謝謝你，David。各位早安。今天的電話會議可能包含前瞻性陳述，這些陳述係基於管理層的估計、假設與預測。未來績效不作任何保證，且由於各種不確定性，實際結果可能與這些陳述所明示或暗示者有重大差異，包括我們向 SEC 提交文件中所列之風險因素；您可在我們網站 gladstonecommercial.com 的投資人頁面找到相關資訊。我們不承擔更新任何此等陳述之義務，除非法律要求。

Please visit our website for a copy of our Form 10-Q and earnings press release for more detailed information. You can also sign up for our e-mail notification service and find information on how to contact our Investor Relations department. We are also on X@gladstonecomps as well as Facebook and LinkedIn. Keyword for both is the Gladstone Companies.

請造訪我們的網站以取得 Form 10-Q 與財報新聞稿副本，以獲得更詳細資訊。您也可以註冊我們的電子郵件通知服務，並查詢如何聯絡我們的投資人關係部門。我們也在 X@gladstonecomps，以及 Facebook 與 LinkedIn 上。兩者的關鍵字都是 Gladstone Companies。

Today, we'll discuss FFO, which is funds from operations, a non-GAAP accounting term defined as net income, excluding the gains or losses from the sale of real estate and any impairment losses on property plus depreciation and amortization of real estate assets. We may also discuss core FFO, which is generally FFO adjusted for certain other nonrecurring revenues and expenses.

今天我們將討論 FFO（營運資金來源），這是一個非 GAAP 的會計用語，定義為淨利，排除不動產出售之損益及任何資產減損損失，並加回不動產資產之折舊與攤銷。我們也可能討論核心 FFO（core FFO），一般而言係將 FFO 針對某些其他非經常性收入與費用進行調整。

We believe these metrics can be a better indication of our operating results and allow better comparability of our period-over-period performance. Now let's turn the presentation to Buzz Cooper, Gladstone Commercial's CEO and President.

我們相信這些指標能更好地反映我們的營運成果，並使各期之間的表現更具可比性。現在把簡報交給 Gladstone Commercial 的執行長兼總裁 Buzz Cooper。

Thank you, Catherine, and thank you all for joining today's call. We are pleased to update you on our results for the quarter ended March 31, 2026, our current portfolio and our 2026 outlook. During the quarter, we renewed or leased over 773,000 square feet of industrial and 32,000 square feet of office, resulting in an increase in straight-line rent of over $86,000 annually. We did not sell any properties in Q1 '26, but we did sell a portion of one parcel of land with a gain on sale of approximately $1.8 million.

謝謝你，Catherine，也感謝各位參加今天的電話會議。我們很高興向各位更新截至 2026 年 3 月 31 日止季度的業績、我們目前的投資組合，以及我們對 2026 年的展望。本季度我們續約或出租超過 773,000 平方英尺的工業物業，以及 32,000 平方英尺的辦公物業，使直線法租金每年增加超過 86,000 美元。我們在 2026 年第一季未出售任何物業，但我們出售了一塊土地地塊的一部分，出售收益約 180 萬美元。

As we have discussed in the past, we remain steadfast in several key focus areas, growing our industrial concentration, adding value in our existing portfolio through renewals, extensions and strategic capital investments and disposing of noncore assets and strategically redeploying those proceeds into quality industrial assets.

如同我們過去所討論的，我們仍堅定聚焦於幾個關鍵領域：提高工業資產比重；透過續約、延長租期與策略性資本投資，為既有投資組合創造價值；以及處分非核心資產，並將所得策略性再投入於優質工業資產。

By executing on these focus areas, we expect to achieve increased portfolio WALT, strong occupancy rates, straight-line rental growth across the portfolio and a decreased cost of capital. Our asset management team continues to effectively manage the existing portfolio as evidenced by 100% collection of rents -- of cash-based rents for the period, 98.7% occupancy across the portfolio, 7.3-year average remaining lease term. Each of these milestones is a testament to the mission-critical nature of the assets in our portfolio, the quality of the tenant credit in the portfolio and our underwriting capabilities.

透過落實這些重點，我們預期可提升投資組合 WALT（加權平均剩餘租期）、維持強勁的出租率、推動整體投資組合直線法租金成長，並降低資金成本。我們的資產管理團隊持續有效管理既有投資組合，具體表現在：本期現金基礎租金收取率達 100%，投資組合整體出租率為 98.7%，平均剩餘租期為 7.3 年。上述每一項里程碑都證明了我們投資組合資產的任務關鍵性、投資組合中租戶信用品質，以及我們的承作（underwriting）能力。

We are grateful to our lenders for their continued trust and partnership with us. These long-standing relationships are critical to our continued investment in the current portfolio and the addition of mission-critical industrial assets going forward. In short, our relationship with our tenants, the capital market community and our financial capacity have allowed us to execute upon our focus areas at a high level.

我們感謝放款機構持續對我們的信任與合作。這些長期關係對於我們持續投資於現有投資組合，以及未來新增任務關鍵型工業資產至關重要。簡而言之，我們與租戶、資本市場社群的關係，以及我們的財務能力，使我們得以高水準地執行上述重點策略。

Looking ahead to 2026, we remain focused on evaluating opportunities for high-quality industrial assets that are mission-critical to tenants and industries and accretive to our long-term strategy. As I mentioned, we're working toward our near-term goal of [ 70% ] industrial annualized straight-line rent. We look to achieve this goal and push past it during the year. While we do not have a time line for the disposition of all of our office properties, we are keenly focused on growing the industrial concentration of our portfolio.

展望 2026 年，我們仍專注於評估高品質工業資產的機會，這些資產對租戶與產業具有任務關鍵性，並能為我們的長期策略帶來增益（accretive）。如我所提到的，我們正朝近期目標邁進，即工業資產年化直線法租金占比達到 [ 70% ]。我們希望在今年達成並超越此目標。雖然我們尚未訂定處分所有辦公物業的時間表，但我們高度聚焦於提升投資組合的工業資產比重。

At the same time, we will continue to work with our existing tenants to extend leases, capture mark-to-market opportunities, support tenant growth through targeted expansions, capital improvement initiatives and build-to-suit opportunities. While we remain aware of the challenging office environment, we will be strategic and intentional in evaluating our specific portfolio, seeking opportune times to dispose of office and noncore industrial as part of our continued capital recycling efforts.

同時，我們將持續與既有租戶合作以延長租期、掌握租金回歸市價（mark-to-market）的機會，並透過有針對性的擴建、資本改善計畫以及量身打造（build-to-suit）機會來支持租戶成長。儘管我們仍留意具挑戰性的辦公市場環境，我們將以策略性且審慎的方式評估我們的特定投資組合，尋找適當時機處分辦公與非核心工業資產，作為我們持續資本循環（capital recycling）的一部分。

With the availability via our increased line of credit, access to private placement bond market, cash on hand and ability to raise money at our ATM, we are positioned to deploy capital into accretive industrial acquisitions and portfolio improvements. In closing, 2025 was a great year for the company, and the team is focused on continuing their efforts through the remainder of 2026.

憑藉我們提高後的信用額度所帶來的可用資金、進入私募債券市場的管道、手上現金，以及透過 ATM（隨市發行）籌資的能力，我們已具備將資本投入於具增益的工業收購與投資組合改善的條件。最後，2025 年對公司而言是非常出色的一年，團隊也專注於在 2026 年剩餘期間持續推進各項工作。

I will now turn the call over to Gary Gerson, our CFO, to review our financial results for the quarter and liquidity position.

現在我將把電話會議交給我們的財務長 Gary Gerson，請他回顧本季度的財務結果與流動性狀況。

Thank you, Buzz. I'll start my remarks regarding our financial results this morning by reviewing our operating results for the first quarter of 2026. All per share numbers referenced are based on fully diluted weighted average common shares. FFO and core FFO per share available to common stockholders were both $0.35 per share, respectively, for the quarter. FFO and core FFO available to common stockholders during the same period in 2025 were both $0.34 per share, respectively.

謝謝你，Buzz。我今天早上關於財務結果的說明，將先從回顧 2026 年第一季的營運成果開始。文中提及的所有每股數字，皆以完全稀釋後加權平均普通股股數為基礎。本季度可供普通股股東使用的每股 FFO 與每股核心 FFO 分別皆為 0.35 美元。2025 年同期可供普通股股東使用的 FFO 與核心 FFO 分別皆為每股 0.34 美元。

Same-store lease revenue increased by 1% in the three months ended March 31, 2026, over the same period in 2025 due to an increase in recovery revenue from property operating expenses and an increase in rental rates from leasing activity subsequent to the quarter ended March 31, 2025. Our first quarter results reflected total operating revenues of $41.9 million with operating expenses of $25.2 million as compared to operating revenues of $37.5 million and operating expenses of $23.9 million for the same period in 2025.

截至2026年3月31日止三個月，同店租賃收入較2025年同期增加1%，主要由於物業營運費用回收收入增加，以及在截至2025年3月31日止季度之後的租賃活動帶動租金水準上升。我們第一季業績反映營運收入總額為4,190萬美元、營運費用為2,520萬美元；相較之下，2025年同期營運收入為3,750萬美元、營運費用為2,390萬美元。

Operating revenues were higher in 2026 due to an increased portfolio size, increased recovery revenues and higher rental rates. Expenses were higher in the first quarter of 2026 versus the same period in 2025, mainly due to higher depreciation from a larger portfolio, partially offset by crediting back all the incentive fee in the first quarter of 2026.

2026年的營運收入較高，係因投資組合規模擴大、回收收入增加以及租金水準提高。2026年第一季費用較2025年同期增加，主要由於投資組合擴大導致折舊增加，但部分被2026年第一季全額回沖激勵費用所抵銷。

At the end of the quarter, we had one small industrial property in Charlotte, North Carolina, held for sale. As of today, we have $17.9 million of loan maturities in 2026 and $35.2 million of loan maturities in the first quarter of 2027. At the end of the quarter, we had $34.3 million of revolver borrowings outstanding.

截至本季末，我們有一處位於北卡羅來納州夏洛特的小型工業物業列為待售。截至今日，我們於2026年到期的貸款為1,790萬美元，並於2027年第一季到期的貸款為3,520萬美元。截至本季末，我們的循環信貸額度（revolver）未償借款為3,430萬美元。

Looking at our debt profile, as of March 31, 48% was fixed rate, 48% was hedged floating rate and 4% was floating rate, which is the amount drawn on our revolving credit. As of March 31, our effective average SOFR was 3.68%. Our outstanding bank term loans are all hedged to maturity with interest rate swaps. We continue to monitor interest rates closely and update our hedging strategy as needed.

就我們的債務結構而言，截至3月31日，48%為固定利率、48%為已對沖的浮動利率、4%為浮動利率（即我們循環信貸額度的動用金額）。截至3月31日，我們的有效平均SOFR為3.68%。我們未償還的銀行定期貸款均以利率交換合約對沖至到期。我們持續密切關注利率走勢，並視需要更新對沖策略。

During the three months ended March 31, 2026, we did not sell any shares of common stock under our ATM. We continue to manage our equity activity to ensure that we have sufficient liquidity for upcoming capital requirements and new acquisitions. As of today, we have approximately $7.8 million in cash and $77 million of availability under our line of credit.

截至2026年3月31日止三個月，我們未透過ATM計畫出售任何普通股。我們持續管理股權相關活動，以確保對即將到來的資本需求及新收購案具備充足流動性。截至今日，我們約有780萬美元現金，以及循環信貸額度下可用額度7,700萬美元。

We encourage you to review our quarterly financial supplement posted on our website, which provides more detailed financial and portfolio information for the quarter. Our common stock dividend is $0.30 per share per quarter or $0.10 per month or $1.20 per year.

我們建議您查閱我們在官網發布的季度財務補充資料，其中提供本季度更詳細的財務與投資組合資訊。我們普通股股利為每股每季0.30美元，或每月0.10美元，或每年1.20美元。

And now I'll turn the program back to David.

接下來我把流程交回給David。

Thank you, Gary. That was a good one and that was good from also Catherine. Team continues to perform very, very well. Overall, a very nice quarter for us, like we've done for many quarters in the past. So for those of you who like quarterly dividends, this is a great company to buy into (inaudible) 773,000 square feet of industrial and 32,000 square feet of office.

謝謝你，Gary。那段講得很好，Catherine的部分也很不錯。團隊持續表現非常、非常出色。整體而言，對我們來說是非常漂亮的一季，就像過去許多季度一樣。所以對於喜歡季度股利的各位，這是一家很值得買進的公司（聽不清），擁有773,000平方英尺的工業空間以及32,000平方英尺的辦公空間。

We sold a portion of land parcel, which gave us a gain on sale of about $1.78 million. Gladstone Commercial's team is growing. Real estate, we own and a good place to be, and the team is doing a great job managing the properties, especially during these challenging times.

我們出售了一部分土地地塊，帶來約178萬美元的出售收益。Gladstone Commercial的團隊正在擴編。不動產是我們所擁有的資產，也是個很好的所在；團隊在管理物業方面做得非常出色，尤其是在這些充滿挑戰的時期。

The good news is we have some very good properties and they're rented to some great tenants. Our team has strong professionals continuing to pursue potential quality properties on the list of acquisitions we have and are reviewing. Our acquisition team is seeking strong credit tenants.

好消息是，我們擁有一些非常優質的物業，且出租給一些很棒的承租戶。我們的團隊由強而有力的專業人士組成，持續追蹤並評估我們收購清單上的潛在優質物業。我們的收購團隊正在尋找信用狀況良好的承租戶。

That's the key. But let's stop here and ask the operator to come on board and help us listen to some questions from some of the people on the phone. Operator?

這是關鍵。不過我們先到這裡，請接線員加入，協助我們聆聽一些電話線上來賓的提問。接線員？

(Operator Instructions)

（接線員指示）

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

You were pretty active this quarter on the leasing front. Can you talk about the leasing spreads you typically achieve during the quarter versus prior?

你們本季在租賃方面相當積極。能否談談你們本季通常能達成的租賃價差（leasing spreads）相較於先前的情況？

In leasing spreads, Craig, are you referring to either plus up or down, in some cases, relative to rent or--

Craig，關於租賃價差，你指的是相對於租金而言，有些情況是上調或下調，對嗎？還是——

Yes. Relative to rent.

是的。相對於租金。

Relative to rent. So as mentioned, we did have a plus up for the year -- or excuse me, in the quarter. And most of that came from an industrial asset that we renewed. Certainly, we try to get mark-to-market as best as we can when that market is a plus up. We have addressed all of our leases for '26.

相對於租金。如同提到的，我們今年——呃，抱歉，是本季——確實有上調。其中大部分來自我們續約的一項工業資產。當市場允許上調時，我們當然會盡可能把租金調整到貼近市價（mark-to-market）。我們已處理完所有2026年的租約。

We have three or four outstanding that we need to work on, are working on. As I've mentioned in the past, we're in front of all of our expiring leases from '26 and '27.

目前還有三到四份尚未完成，需要我們處理，也正在處理中。如我過去提過的，我們已提前因應所有將於2026年與2027年到期的租約。

Obviously, the main concern is our property down in Austin, and we are obviously working that hard. We have had some activity. And hopefully, we'll have some more information on that in the not-too-distant future. But we always look to optimize what we can relative to where we are in the market and obviously, the tenants need within the building.

顯然，主要的關切是我們在奧斯汀的那處物業，而我們也確實在全力處理。目前已有一些進展。希望在不久的將來能提供更多資訊。但我們一向會依據市場狀況，並考量承租戶在該建物內的需求，盡可能優化我們能做到的條件。

Got it. And you had a small-- go ahead.

了解。另外你們有一個小——請繼續。

No, go ahead. I'm trying to find out who's next. Go, Craig.

不，你先。我在確認下一位是誰。你問吧，Craig。

Okay, sure. So you did have a small sequential decline in occupancy from the fourth quarter. Was that in an office or an industrial property?

好的，當然。所以你們的入住率（occupancy）相較第四季有小幅季減。那是發生在辦公物業還是工業物業？

It was in an office for a period -- it's going to be for a short period of time due to a building in Pennsylvania, the tenant downsized and beginning in the third quarter, that occupancy will be picked up by a new tenant that is in on a longer-term lease. We hope to expand them within the whole building, but that will come back up, if you will, once we hit the third quarter.

是在一處辦公物業，且只會維持一段——會是短期的——主要因為賓夕法尼亞州的一棟大樓，承租戶縮減了使用面積；從第三季開始，該部分入住率將由一位新承租戶承接，且其租約期限較長。我們希望能在整棟大樓內擴大其承租面積；不過一旦進入第三季，入住率就會回升。

Got it. Okay. And I think last quarter, you thought you might close on maybe a $10 million property this quarter. Is that still in the mix? And kind of what's your near-term appetite and pipeline for acquisitions?

了解。好的。我記得上季你提到，你可能會在本季完成一筆大約 1,000 萬美元的物業交易。這筆還在考量範圍內嗎？另外，你們短期內對收購的意願以及收購管線大概是什麼情況？

Sure. We have two transactions currently that we are working on that we do believe will close within this quarter, both industrial and use of proceeds from the sale of one of our buildings we've referenced in the past that, in fact, is very accretive for us, both the straight line and current rent on that transaction doubles. So it's very accretive to us.

當然。我們目前正在推進兩筆交易，我們確實相信會在本季內完成交割，兩筆都是工業類資產，並且會使用我們先前提到、出售其中一棟大樓的所得款項；事實上，這對我們非常具增益效果，該筆交易的直線法租金與現行租金都會翻倍。所以對我們非常具增益。

The pipeline, there's a lot of competition, as everyone knows. We look to differentiate ourselves via our underwriting as well as performance. There's been a little bit of a slowdown starting to come back now as things do coming out of the first quarter acquisitions.

至於管線，如大家所知，競爭非常激烈。我們希望透過我們的承作審核（underwriting）以及營運表現來做出差異化。在第一季收購案之後，市場一度稍微放緩，但現在又開始回溫。

Obviously, the private credit is a little in flux. So people are looking back at sale leasebacks as a way to finance their operations. So we anticipate a more robust second and third quarter.

顯然，私募信貸目前有些波動。因此，大家又回頭把售後回租視為一種為營運融資的方式。所以我們預期第二季與第三季會更為活躍。

Okay. Great. And just circling back to the Austin property, is that GM lease, is that expiring in the second half of '26? And I guess, kind of when you think about the lease expirations you have ahead of you in '26 and '27, can you give us a sense of the mix between office and industrial?

好的。很棒。再回到奧斯汀那個物業，GM 的租約是會在 2026 年下半年到期嗎？另外，當你們看 2026 與 2027 年即將到期的租約時，能否讓我們了解一下辦公與工業的組合比例？

Sure. And that lease there in Austin expires 12/31 of '26. So we will have addressed this prior to that -- as we move through that building, I trust. In the '26 lease expirations, we have one sale that will occur, as Gary mentioned, held for sale. Then the office building I mentioned where the tenant is taking over 7/1 of '26.

當然。奧斯汀那邊的租約在 2026/12/31 到期。所以在那之前我們就會處理好——我相信隨著我們推進該棟大樓的相關工作。在 2026 年到期的租約中，會有一筆出售會發生，如 Gary 提到的，已列為待售。接著是我提到的那棟辦公大樓，租戶將於 2026/7/1 接手。

The other three, two are office. They're in the process of renewal. One is with the US government, of which they're obviously, with the shutdown and so forth is they're still paying, but thrown back the completion of the renewal there.

另外三筆中，有兩筆是辦公。它們正在續約流程中。其中一筆是與美國政府，顯然因為停擺等因素，他們仍在付款，但續約完成的進度被往後延了。

And in one building, there will be a bit of a downsize with the tenant taking 50% of the building, 50% plus. And then going into '27, we have, again, as we always will, been in contact with all the tenancy. Some of them have fixed renewal right and notices. We feel confident that we'll have positive results coming out of that and some have already been renewed. So we're working them hard.

還有一棟大樓，租戶會稍微縮減承租面積，將承租該大樓的 50%（略高於 50%）。至於進入 2027 年，我們一如既往，已與所有租戶保持聯繫。其中一些有固定的續約權利與通知條款。我們有信心會取得正面結果，其中一些也已經完成續約。所以我們正在積極推進。

But again, the office and industrial side of that, one industrial, absolutely, I'm certain that's going to renew for 245,000 square feet. Another one for 240 industrial, that's going to renew. Our office would be Delta down in Atlanta. We are in discussions with them on renewal as well as we are showing the space. They're very slow to make a decision.

不過再說回辦公與工業的部分，有一筆工業，絕對地，我很確定會續約，面積為 245,000 平方英尺。另一筆 240（千平方英尺）的工業也會續約。我們的辦公則是亞特蘭大的 Delta。我們正與他們討論續約，同時也在帶看該空間。他們做決定非常慢。

Again, we're pushing out until 12/31 of '27. So it's a mix currently of approximately 60-40, 60% is industrial, 40% office.

同樣地，我們的到期時間往後到 2027/12/31。因此目前的組合大約是 60/40，60% 是工業，40% 是辦公。

All right. That's helpful.

好。這很有幫助。

David Storms, Stonegate.

Stonegate 的 David Storms。

To start with the parcel sale in the quarter. Just curious, is this a structural shift? Is this opportunistic? And maybe what's kind of the profile of a buyer that would come in for a parcel? Does it vary by geography?

先從本季的地塊出售談起。我想了解，這是結構性的轉變嗎？還是屬於機會型操作？另外，會進來買地塊的買方大概是什麼樣的輪廓？會因地區而有所不同嗎？

Or is there a typical kind of buyer you would see here?

還是你們通常會看到某一類典型買方？

David, I'm sorry, I missed the first part of your question. Who -- what's the profile of the buyer?

David，不好意思，我漏聽了你問題的前半段。你是問——買方的輪廓是什麼嗎？

Yes, apologies. Just around the parcel sales, maybe what's the profile of a buyer that would come in for a parcel sale? And is this something that was just opportunistic? Or are you starting to look at this with more intent?

是的，抱歉。就是關於地塊出售，可能想了解會進來買地塊的買方輪廓是什麼？以及這只是機會型的交易嗎？還是你們開始更有意識地去做這件事？

It was opportunistic. In fact, the municipality came in, wanted that strip of land, if you will, to the back and not used by the property, to put in a bike path.

這是機會型的。事實上，是市政府來找我們，想要那一條地帶（可以這麼說）在後方、且該物業並未使用的土地，用來設置自行車道。

Understood. That's perfect. And then just curious, you mentioned some of the macro stuff and some of the challenges in underwriting as well. Just curious as to how your underwriting processes have changed, maybe how you're evaluating tenants with their maybe energy needs in relation to AI, gas or geopolitical exposure, anything like that?

了解。這很清楚。另外我也想問，你提到一些總體因素以及承作審核上的挑戰。想請教你們的 underwriting 流程如何改變？例如在評估租戶時，是否會把他們因 AI 帶來的能源需求、天然氣或地緣政治曝險等因素納入考量？

As you have heard consistently, we have not changed our credit underwriting and won't, which is one reason our occupancy within our portfolio has always been so strong. We have not had any tenants ask for relief. And as we stay in front of our tenants, we do quarterly reviews and annual where appropriate. So we have not seen a drop in credit quality. We have two or three that we keep an eye on.

如你一直以來聽到的，我們沒有改變我們的信用承作審核，也不會改變；這也是我們投資組合入住率一直很強的原因之一。我們沒有任何租戶要求紓困。而且我們會主動掌握租戶狀況，適用時會做季度檢視與年度檢視。所以我們沒有看到信用品質下滑。有兩三個我們會持續關注。

However, they've been improving. And again, no miss rental payments and no ask for relief. So we will stick to our knitting as it relates to our underwriting.

不過，他們的狀況一直在改善。同樣地，沒有租金漏付，也沒有要求紓困。因此在 underwriting 方面，我們會持續專注於我們一貫的做法。

Understood. That's great commentary. And one more. It sounds like in the last round of questions, you had mentioned you're seeing maybe more sale-leaseback transactions. Is there a particular type of tenant that you're seeing this in? Just trying to maybe gauge what kind of momentum there would be for these kind of transactions?

了解。這些評論很有幫助。最後再問一個。聽起來在上一輪提問中，你提到你們看到可能更多的售後回租交易。你們主要是在哪一類租戶身上看到這種情況？我想大概評估一下這類交易的動能會是什麼樣子？

Well, as you know, we look for mission-critical real estate, obviously, in the industrial side of the business. And with that comes manufacturing. We're not looking for big box distribution per se. At the right cap rate, we would look hard at it. But we are looking for those properties that have heavy bolt-down cost, heavy equipment within the building which leads to, obviously, the tenant very expensive to move.

嗯，如你所知，我們在業務的工業端，顯然是在尋找任務關鍵型的不動產。而這也包含製造業。我們並不是在找那種大型箱型倉儲配送中心本身。在合適的資本化率下，我們會認真評估。但我們在找的是那些具有高額固定設備成本、建物內有大量重型設備的資產，這會導致（很明顯）承租人搬遷成本非常高。

So they're industrial in nature and manufacturing with heavy need within the building, whether it's cranes or production lines or so forth. So that's what we look for.

所以它們本質上是工業與製造用途，且建物內有很重的使用需求，不論是吊車、產線等等。這就是我們在找的。

Understood. Thank you for taking my questions.

了解。謝謝你回答我的問題。

John Massocca, B. Riley.

John Massocca，B. Riley。

Apologies if I missed this earlier in the call. Can you lay out kind of what the kind of brackets on the acquisition pipeline are and kind of what you're seeing in terms of the cap rate environment?

如果我在電話會議前面漏聽了，先致歉。你能否說明一下收購管線的大致區間，以及你們看到的資本化率環境大概是什麼情況？

Sure, John. And the brackets around -- we're not going to, as I mentioned, move our credit requirements within the analysis of the tenant. We are looking at deals in the mid-6.5 cap going in. There's a great deal of competition, and I know our competitors have referenced that as well. I think one of the differentiating points for us is we do what we say we're going to do.

當然可以，John。至於區間——如我提到的，我們不會在承租人分析中調整我們的信用要求。我們目前在看的案子，進場資本化率大約在6.5%中段。競爭非常激烈，我知道同業也都有提到。我認為我們的一個差異化點是：我們說到做到。

We don't look to get into a deal and then try to make a deal. We're going to stick to what we commit to do. We're going to do our underwriting. We're going to stick to our underwriting.

我們不會先進到一筆交易裡，然後再試著把交易「談成」。我們會遵守我們承諾要做的事。我們會做承銷評估。我們會遵守我們的承銷標準。

And the profile is, again, middle market companies in hopeful locations where we see some value out of the real estate as evidenced by one of the properties we're holding for sale. So we're going to continue as we have in the past. And one of the places, I believe, where we have some opportunity to take advantage are portfolio tenants at the moment that are looking to expand that we can provide the capital to expand, so we can keep them in our portfolio.

而標的輪廓仍然是：中型市場公司、我們認為具潛力的地點，且如同我們目前持有待售的其中一處資產所顯示的，我們能從不動產本身看到一些價值。所以我們會延續過去的做法。我認為我們目前有機會可以把握的一個方向，是現有投資組合中的承租人正在尋求擴張，我們可以提供擴張所需資金，讓他們留在我們的投資組合裡。

Any change to the size of the pipeline versus the 4Q earnings call -- at the time of the 4Q [earnings] call?

相較於第4季財報電話會議——當時第4季（財報）電話會議的情況——管線規模有任何變化嗎？

No. It's -- we're always in the range of $300 million to $350 million under review. We have two LOIs -- actually three LOIs currently for approximately $87 million. So it generally remains in that $300 million on an ongoing basis, and we're under reviewing currently 13 opportunities.

沒有。我們一直都在審查約3億到3.5億美元的案量區間。我們目前有兩份LOI——其實是三份LOI——合計約8,700萬美元。所以整體而言，管線通常會持續維持在約3億美元的水準；我們目前正在審查13個機會。

And maybe in light of the kind of comments on potential tenants or tenants moving back to favoring the sale-leaseback model. I mean, was your tenant base or kind of targeted acquisition base using the private capital that was out there using kind of the private lending funds that was out there?

另外，考量你剛才提到潛在承租人或承租人可能又回頭偏好售後回租模式。我的意思是，你們的承租人基礎或目標收購對象，之前是否有使用市場上的私人資本、或那些私人放貸基金提供的資金？

Was that a competing source of kind of capital versus you all? Or is -- if those vehicles kind of pull back, do you think it impacts your investments both yields and/or kind of the amount of acquisition volume you can do?

那些是否是與你們競爭的資金來源？或者如果那些工具開始收縮，你認為會不會影響你們的投資（包含收益率）以及／或你們能做的收購量？

I don't believe that it is a great competitor to us, honestly. They're always going to find some owe money that will go chase deals, but those don't work for us as it relates to return as well as the type of tenancy they might end up with.

老實說，我不認為那對我們是很大的競爭者。他們總是會找到一些欠了錢的人去追逐交易，但就報酬而言以及他們最後可能承接到的承租人類型而言，那些交易並不適合我們。

Again, as evidenced by our performance over 20-plus years, we're going to be thoughtful both in the type of tenancy, where it's located, the fungibility of the real estate. And of course, as you've heard before, it's credit first and credit second and the real estate as we get into the analysis of our deals.

同樣地，從我們20多年來的表現就能看出，我們會在承租人類型、地點、以及不動產的可替代性（流通性）方面都審慎思考。當然，如你之前也聽過的，我們在進行交易分析時，會先看信用、再看信用，然後才是看不動產。

Okay. And then anything onetime to kind of be aware of in the 1Q results? I just thought I saw a little bit of accelerated rent, but I wanted to kind of confirm that?

好的。那第1季的結果有沒有什麼一次性項目需要留意？我好像看到有一點加速租金，但我想確認一下？

No, there's -- John, there's no accelerated rent in Q1. I mean the only thing that's you would call onetime event would be that sale of the parcel for the gain. That would pretty much be it. Otherwise, it's a pretty standard quarter.

沒有，John，第1季沒有加速租金。我想唯一你可以稱為一次性事件的，就是出售那塊地所產生的處分利益。大概就只有這個。除此之外，就是相當標準的一季。

I appreciate that. And that's it for me. Thank you.

了解，謝謝。我這邊就這些。謝謝。

. David Storms, Stonegate Capital Partners.

。David Storms，Stonegate Capital Partners。

I did not mean to answer that.

我不是要回答那個。

David, do you have another question?

David，你還有其他問題嗎？

Apologies, I do not have another question. I'm not too sure how I got back in queue.

抱歉，我沒有其他問題。我也不太確定我怎麼又回到排隊序列裡了。

Okay. I don't know. Next question from operator.

好的。我也不知道。請接線生安排下一個問題。

There are no further questions at this time. I'd like to turn the floor back over to Mr. Gladstone for closing comments.

目前沒有其他問題。我想把時間交回給Gladstone先生作結語。

That's really sad. We like to have lots of questions, but we get three or four, and that's about it. We've got to get a different ownership base that ask us a lot of questions. So right now, we're -- you might say we're fat and happy.

這真的有點令人難過。我們喜歡有很多問題，但通常就三、四個問題，差不多就這樣。我們得找一個會問我們很多問題的不同股東基礎。所以現在，我們——你可以說我們過得很舒服、很滿意。

Everything is working as it should work, and we've got some really interesting things we're working on. So with that, I'll close it down and say thank you all for tuning in, and we'll see you again next quarter.

一切都如預期運作，我們也正在推進一些非常有意思的事情。那麼我就到此結束，謝謝各位收聽，我們下個季度再見。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

各位女士、先生，感謝您的參與。今天的電話會議到此結束。請掛斷您的線路，祝您有美好的一天。