Getty Realty Corp (GTY) 2023 Q2 法說會逐字稿

Good morning, and welcome to Getty Realty's earnings conference call for the second quarter 2023. (Operator Instructions)

早上好，歡迎參加 Getty Realty 2023 年第二季度收益電話會議。（操作員說明）

Joshua Dicker, Executive Vice President, General Counsel and Secretary of the company will read the safe harbor statement and provide information about non-GAAP financial measures. Please go ahead, Mr. Dicker.

公司執行副總裁、總法律顧問兼秘書 Joshua Dicker 將閱讀安全港聲明並提供有關非 GAAP 財務措施的信息。請繼續，迪克先生。

Thank you, operator. I would like to thank you all for joining us for Getty Realty's second quarter earnings conference call.

謝謝你，接線員。我要感謝大家參加 Getty Realty 第二季度收益電話會議。

Yesterday afternoon, the company released its financial and operating results for the quarter ended June 30, 2023. The Form 8-K and earnings release are available in the Investor Relations section of our website at gettyrealty.com.

昨天下午，該公司發布了截至 2023 年 6 月 30 日的季度財務和運營業績。8-K 表格和收益發布可在我們網站 gettyrealty.com 的投資者關係部分獲取。

Certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to trends, events and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

本次電話會議中做出的某些陳述並非基於歷史信息，可能構成前瞻性陳述。這些陳述基於管理層當前的預期和信念，並受到趨勢、事件和不確定性的影響，這些趨勢、事件和不確定性可能導致實際結果與前瞻性陳述中描述的結果存在重大差異。

Examples of forward-looking statements include our 2023 guidance and may also include statements regarding the company's future operations, future financial performance or investment plans and opportunities.

前瞻性陳述的示例包括我們的 2023 年指導，還可能包括有關公司未來運營、未來財務業績或投資計劃和機會的陳述。

We caution you that such statements reflect our best judgment based on factors currently known to us, and that actual events or results could differ materially.

我們提醒您，此類陳述反映了我們根據目前已知因素做出的最佳判斷，實際事件或結果可能存在重大差異。

I refer you to the company's annual report on Form 10-K for the year ended December 31, 2022, and our subsequent filings made with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

我建議您參閱該公司截至2022 年12 月31 日的10-K 表格年度報告，以及我們隨後向SEC 提交的文件，以更詳細地討論可能導致實際結果與實際結果存在重大差異的風險和其他因素。今天發表的任何前瞻性陳述中明示或暗示的內容。

You should not place undue reliance on forward-looking statements, which reflect our view only as of today. The company undertakes no duty to update any forward-looking statements that may be made in the course of this call.

您不應過分依賴前瞻性陳述，這些陳述僅反映我們今天的觀點。該公司不承擔更新本次電話會議中可能做出的任何前瞻性陳述的責任。

Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our definition of adjusted funds from operations, or AFFO, and our reconciliation of those measures to net earnings.

此外，請參閱我們的收益發布，了解我們使用非 GAAP 財務指標的討論，包括我們對運營調整資金 (AFFO) 的定義，以及我們對這些指標與淨利潤的調節。

With that, let me turn the call over to Christopher Constant, our Chief Executive Officer.

接下來，讓我將電話轉給我們的首席執行官克里斯托弗·康斯坦斯 (Christopher Constant)。

Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the second quarter of 2023. Joining us on our call today are Mark Olear, our Chief Operating Officer; and Brian Dickman, our Chief Financial Officer.

謝謝你，喬什。大家早上好，歡迎參加我們的 2023 年第二季度財報電話會議。今天加入我們電話會議的是我們的首席運營官 Mark Olear；和我們的首席財務官布萊恩迪克曼。

I will lead off today's call by providing commentary on our financial results and investment activities and provide a perspective on the company's year-to-date accomplishments. As usual, Mark will then take you through our portfolio, and Brian will further discuss our financial results and guidance.

我將首先對我們的財務業績和投資活動發表評論，並對公司今年迄今取得的成就提出看法。像往常一樣，馬克將帶您了解我們的投資組合，布萊恩將進一步討論我們的財務業績和指導。

In the second quarter, we produced healthy AFFO per share growth of 5.7%, which combined with our first half -- first quarter performance results in first half 2023 earnings growth of a strong 6.7% over the first half of 2022. This growth was driven by our robust investment activity and thoughtful capital markets execution over the past year, which we are particularly pleased with given the uncertain economic environment in which we've been operating.

第二季度，我們的 AFFO 每股實現了 5.7% 的健康增長，加上我們上半年的業績，導致 2023 年上半年的盈利比 2022 年上半年強勁增長 6.7%。這一增長是由得益於過去一年我們強勁的投資活動和深思熟慮的資本市場執行力，考慮到我們運營所處的不確定的經濟環境，我們對此感到特別滿意。

Year-to-date, we have invested more than $163 million, including $50 million in the second quarter and $52.5 million thus far in the third quarter.

年初至今，我們已投資超過 1.63 億美元，其中第二季度投資 5,000 萬美元，第三季度迄今投資 5,250 萬美元。

We were also able to increase our committed investment pipeline net of our aforementioned year-to-date activity to more than $140 million under contract for the development and/or acquisition of convenience stores, auto service centers, express time car washes and QSRs, all of which we expect to fund over the next 9 to 12 months.

根據開發和/或收購便利店、汽車服務中心、快速洗車場和快餐店的合同，我們還能夠將上述年初至今活動的承諾投資渠道淨額增加到超過 1.4 億美元。我們預計將在未來9 至12 個月內提供資金。

In addition to driving earnings growth, these investments reflect our continued emphasis on scaling and diversifying our portfolio. I am particularly proud of our investments this year given the choppy transaction market. The team continued to identify high-quality opportunities to acquire our target asset types in top MSAs around the country, while remaining disciplined and true to our rigorous underwriting standards.

除了推動盈利增長之外，這些投資還反映出我們對投資組合規模和多元化的持續重視。考慮到交易市場的波動，我對今年的投資感到特別自豪。該團隊繼續在全國頂級管理服務協議中尋找高質量的機會來收購我們的目標資產類型，同時保持紀律性並遵守我們嚴格的承保標準。

With respect to diversification, we have increased the percent of our ABR from our newer asset classes thus far in 2023 as more than 85% of our investments year-to-date have been directed to nonconvenient stores. We have also added 8 new tenants to the portfolio this year, all of which are strong operators with plans to grow their businesses, and given our increasing success in finding new investment opportunities to establish relationships, we will also seek to source additional transactions with these new tenants in 2023 and beyond. When we look at our pipeline, we have a strong alignment of interest with our tenants and like the incremental diversity that they bring to our portfolio.

在多元化方面，我們在 2023 年迄今為止增加了新資產類別的 ABR 百分比，因為今年迄今為止我們超過 85% 的投資都投向了非便利店。今年我們還在投資組合中增加了8 個新租戶，他們都是有計劃發展業務的實力雄厚的運營商，鑑於我們在尋找新的投資機會以建立關係方面日益成功，我們還將尋求與這些租戶進行更多交易2023 年及以後的新租戶。當我們審視我們的管道時，我們與租戶有著強烈的興趣，並且喜歡他們為我們的投資組合帶來的增量多樣性。

On the capital side, our year-to-date capital markets activity has provided us with attractively priced permanent capital that continues to support the [committed] investments. We ended the quarter with approximately $120 million of unsettled forward equity, an undrawn revolver and a conservative leverage profile that provides additional flexibility and access to capital.

在資本方面，我們今年迄今的資本市場活動為我們提供了價格極具吸引力的永久資本，繼續支持[承諾的]投資。截至本季度末，我們擁有約 1.2 億美元的未結算遠期股本、未提取的左輪手槍和保守的槓桿配置，這提供了額外的靈活性和獲得資本的機會。

With regard to the health of the convenience store industry, the National Association of Convenience Stores recently published their state of the industry report for 2022. Based on the NACS annual survey data for convenience stores across every region of the United States, last year was another record year for inside-store sales with industry-wide sales growing more than 9% and topping $300 billion for the first time. The NACS survey highlights increases in transaction counts for both gasoline sales and C-store transactions as well as growth in gross profit for fuel, merchandising and food service. Food service, in particular, continues to be a key driver of inside sales.

關於便利店行業的健康狀況，美國便利店協會最近發布了2022年便利店行業狀況報告。根據NACS對美國各地區便利店的年度調查數據，去年是又一個便利店行業健康狀況的一年。店內銷售額創歷史新高，全行業銷售額增長超過9%，首次突破3000 億美元。 NACS 調查強調了汽油銷售和便利店交易數量的增加，以及燃料、商品和食品服務毛利潤的增長。尤其是餐飲服務，仍然是內部銷售的關鍵驅動力。

On the expense side, convenience store operators were not immune to significant increases in direct store operating costs with employee-related expenses and credit card fees both rising substantially.

在費用方面，便利店經營者也未能倖免於直營店運營成本大幅上漲，員工相關費用和信用卡費用均大幅上漲。

Despite these headwinds, the key takeaways from the report is the resilience of operators in the C-store sector who have invested in branding, technology and store operations help overcome these challenges and who continue to drive increased sales and profits.

儘管存在這些不利因素，該報告的主要結論是便利店行業運營商的韌性，他們在品牌、技術和商店運營方面的投資有助於克服這些挑戰，並繼續推動銷售額和利潤的增長。

As we move through the balance of 2023, our team remains focused on growing earnings while scaling and diversifying our portfolio. We believe that in this market environment, we benefit from the targeted nature of our investment strategy and the competitive advantages resulting from our sector expertise and the direct relationships we have with operators in our space.

在 2023 年剩下的時間裡，我們的團隊將繼續專注於增加收益，同時擴大投資組合併使其多元化。我們相信，在這種市場環境下，我們受益於我們投資策略的針對性、我們的行業專業知識以及我們與該領域運營商的直接關係所帶來的競爭優勢。

Our disciplined approach, which emphasizes owning high-quality real estate in major metro areas and partnering with growing regional and national operators continue to yield attractive acquisition and development funding opportunities. We will continue to carefully underwrite each opportunity's real estate characteristics, site-level operations and tenant credit.

我們嚴格的方法強調在主要都市區擁有高質量的房地產，並與不斷增長的地區和國家運營商合作，繼續產生有吸引力的收購和開發融資機會。我們將繼續仔細承保每個機會的房地產特徵、場地運營和租戶信用。

Importantly, our conservatively leveraged balance sheet and demonstrated access to capital [will] continue to support this investment activity and create additional value for our shareholders.

重要的是，我們保守的槓桿資產負債表和已證實的資本獲取渠道[將]繼續支持這項投資活動，並為我們的股東創造額外價值。

With that, I'll turn the call over to Mark to discuss our portfolio and investment activities.

接下來，我會將電話轉給馬克，討論我們的投資組合和投資活動。

Thank you, Chris. As of the end of the quarter, our lease portfolio included 1,045 net lease properties and 4 active redevelopment sites. Excluding the active redevelopments, occupancy was 99.6%, and our weighted average lease term was 8.7 years. Our portfolio spans 39 states plus Washington, D.C., with 64% of our annualized base rent coming from top 50 MSAs and 82% coming from the top 100 MSAs. Our rents are well covered with a trailing 12-month tenant rent coverage ratio of 2.7x.

謝謝你，克里斯。截至本季度末，我們的租賃組合包括 1,045 個淨租賃物業和 4 個活躍的重建場地。不包括活躍的重建項目，入住率為 99.6%，加權平均租賃期為 8.7 年。我們的投資組合涵蓋 39 個州以及華盛頓特區，年化基本租金的 64% 來自前 50 個 MSA，82% 來自前 100 個 MSA。我們的租金得到了很好的保障，過去 12 個月的租戶租金保障率為 2.7 倍。

Turning to our investment activities. We had another strong quarter, which showed Getty invested $50 million across a number of different property types and attractive MSAs. Highlights of this quarter's investment activities include the acquisition of 3 car wash properties located in diverse markets across the U.S. for $15.1 million, 1 drive-thru quick service restaurant in Louisiana for $2.7 million, 3 under construction car wash properties in Southern California for $6.4 million. As part of this acquisition, we will provide additional funding during the construction period to complete these projects.

轉向我們的投資活動。我們又經歷了一個強勁的季度，蓋蒂投資了 5000 萬美元，涉及多種不同的財產類型和有吸引力的管理服務協議。本季度投資活動的亮點包括以1,510 萬美元收購位於美國不同市場的3 個洗車場、以270 萬美元收購路易斯安那州的1 個得來速快餐店、以640 萬美元收購南加州的3 個在建洗車場。 。作為此次收購的一部分，我們將在施工期間提供額外資金以完成這些項目。

We also advanced development funding in the amount of $25.7 million, including accrued interest for the construction of new-to-industry carwashes, convenience stores and auto service centers. As part of these funding transactions, we will accrue interests on our investments during the construction phase of the project and acquire these properties via sale-leaseback upon completion and final funding.

我們還預付了 2570 萬美元的發展資金，包括建設新行業洗車場、便利店和汽車服務中心的應計利息。作為這些融資交易的一部分，我們將在項目建設階段對我們的投資產生利息，並在竣工和最終融資後通過售後回租方式收購這些房產。

In the second quarter, the aggregate initial cash yield on our investment activity was approximately 7.2% and the weighted average lease term for acquired properties was 17.2 years.

第二季度，我們投資活動的初始現金收益率總計約為 7.2%，所收購房產的加權平均租賃期限為 17.2 年。

Subsequent to the quarter end, we invested an additional $52.5 million for the acquisition and development of 12 convenience stores and car wash properties in various markets across the U.S. The cumulative result of our investment activity year-to-date is gross investments of $63.2 million at an initial cash yield of 7.2% spread across 4 of our targeted industries.

季度末後，我們又投資了 5,250 萬美元，用於在美國各個市場收購和開發 12 家便利店和洗車場。今年迄今為止，我們投資活動的累計結果是總投資額為 6,320 萬美元。我們的4個目標行業的初始現金收益率為7.2%。

Looking ahead regarding the $140 million of commitments to fund acquisitions and developments that Chris referenced, we expect to fund these transactions in the next 9 to 12 months and average initial yields consistent with our year-to-date activities.

展望克里斯提到的 1.4 億美元收購和開發資金承諾，我們預計在未來 9 至 12 個月內為這些交易提供資金，平均初始收益率與我們今年迄今的活動一致。

We continue to evaluate and underwrite a variety of potential investment opportunities across our target asset classes. Cap rates have expanded approximately 75 basis points on average over the last 18 months with variability depending on asset class and tenant profile. As the market continues to adjust to the changed economic landscape and tighter access to credit, we are pleased that we are sourcing the vast majority of opportunities through our broad network, which includes repeat business with several high-quality tenants and leveraging our reputation and proven ability to perform to create new relationships. We believe we are well positioned to invest accretively as we move through the remainder of 2023.

我們繼續評估和承保目標資產類別的各種潛在投資機會。過去 18 個月，資本化率平均上升了約 75 個基點，具體變化取決於資產類別和租戶情況。隨著市場不斷適應不斷變化的經濟形勢和更嚴格的信貸准入，我們很高興能夠通過我們廣泛的網絡尋找絕大多數機會，其中包括與多個優質租戶的重複業務，並利用我們的聲譽和經過驗證的經驗建立新關係的能力。我們相信，在 2023 年剩下的時間裡，我們已經做好了加大投資的準備。

Moving to our redevelopment platform. During the quarter, we invested approximately $1 million in projects, which are in various stages in our pipeline. We completed 1 redevelopment project where rent commenced on a new convenience store in the Austin MSA, which is leased QuikTrip. We invested a total of $1.2 million in the project, which included the acquisition of adjacent land and generated a return on invested capital of 10.5%.

轉向我們的重建平台。本季度，我們對處於不同階段的項目投資了約 100 萬美元。我們完成了 1 個重建項目，開始在奧斯汀 MSA 的一家新便利店開始租金，該便利店由 QuikTrip 租賃。我們在該項目中總共投資了 120 萬美元，其中包括收購鄰近的土地，投資資本回報率為 10.5%。

We ended the quarter with 4 properties under active redevelopment and other in various stages of feasibility planning for potential to capture from our net lease portfolio and expect to continuously complete projects over the next few years.

本季度結束時，我們有 4 處房產正在積極重新開發，其他房產正處於可行性規劃的各個階段，以便從我們的淨租賃投資組合中挖掘潛力，並預計在未來幾年內不斷完成項目。

Turning to our asset management activities for the second quarter, we exited 1 leased property and there were no property dispositions.

談到第二季度的資產管理活動，我們退出了 1 處租賃物業，並且沒有物業處置。

With that, I will turn the call over to Brian to discuss our financial results.

這樣，我會將電話轉給布萊恩，討論我們的財務業績。

Thanks, Mark. Good morning, everyone. Last night, we reported AFFO per share of $0.56 for Q2 2023, representing a 5.7% increase over the $0.53 per share we reported in Q2 of 2022. The AFFO and net income for the quarter were $0.52 and $0.26 per share, respectively.

謝謝，馬克。大家，早安。昨晚，我們報告了2023 年第二季度的AFFO 每股0.56 美元，比我們報告的2022 年第二季度的每股0.53 美元增長了5.7%。該季度的AFFO 和淨利潤分別為每股0.52 美元和0.26 美元。

Our total revenues were $44.7 million for the second quarter, representing an 8.5% increase over the prior year. Base rental income, which excludes tenant reimbursement and GAAP revenue adjustments, grew 7.6% to $39.6 million. This growth continues to be driven by our acquisition activity and recurring rent escalators in our leases with additional contribution from rent commencements and completed redevelopment projects.

第二季度我們的總收入為 4470 萬美元，比去年同期增長 8.5%。基本租金收入（不包括租戶報銷和 GAAP 收入調整）增長 7.6%，達到 3,960 萬美元。這一增長繼續受到我們的收購活動和租賃中經常性租金自動扶梯的推動，以及租金開始和已完成的重建項目的額外貢獻。

On the expense side, G&A costs were $5.9 million in the second quarter as compared to $5.3 million in the second quarter of 2022. The change in G&A was primarily due to increased personnel costs, including noncash stock-based compensation.

在費用方面，第二季度的一般管理費用為 590 萬美元，而 2022 年第二季度為 530 萬美元。一般管理費用的變化主要是由於人員成本增加，包括非現金股票薪酬。

Total property costs were $4.8 million for the quarter as compared to $5.3 million for the second quarter of 2022. Property operating expenses declined by $400,000 due to reductions in rent expense and reimbursable real estate taxes. Leasing and redevelopment expenses also declined slightly due to reductions in demolition costs for redevelopment projects.

本季度物業總成本為 480 萬美元，而 2022 年第二季度為 530 萬美元。由於租金費用和可報銷房地產稅的減少，物業運營費用下降了 40 萬美元。由於重建項目拆除成本的減少，租賃和重建費用也略有下降。

Environmental expenses, which are highly variable due to a number of estimates and noncash adjustments were $300,000 in the quarter as compared to a credit of $15.9 million for the second quarter of 2022. As a reminder, the credit in 2022 was due to the removal of previously accrued reserves for unknown environmental liabilities at certain properties.

由於多項估計和非現金調整，環境費用變化很大，本季度環境費用為30 萬美元，而2022 年第二季度的貸項為1,590 萬美元。需要提醒的是，2022 年的貸項是由於取消了之前為某些財產的未知環境負債累積的準備金。

Turning to balance sheet and our capital markets activities. We ended the quarter with $675 million of total debt outstanding, consisting entirely of senior unsecured notes with a weighted average interest rate of 3.9% and a weighted average maturity of 7 years.

轉向資產負債表和我們的資本市場活動。本季度末，我們的未償債務總額為 6.75 億美元，全部由高級無擔保票據組成，加權平均利率為 3.9%，加權平均期限為 7 年。

As of June 30, net debt-to-EBITDA was 4.9x and total debt to total capitalization was 28%, while total indebtedness to total asset value as calculated pursuant to our credit agreement was 35%. Taking into account unsettled forward equity of $120 million, net debt-to-EBITDA would be approximately 4x.

截至 6 月 30 日，淨債務與 EBITDA 之比為 4.9 倍，總債務與總資本之比為 28%，而根據我們的信貸協議計算的總債務與總資產價值之比為 35%。考慮到 1.2 億美元的未結算遠期股本，淨債務與 EBITDA 之比約為 4 倍。

Our $300 million revolving credit facility was completely undrawn at quarter end, and our nearest debt maturity is in 2025.

我們的 3 億美元循環信貸額度在季度末完全未提取，我們最近的債務到期日是 2025 年。

Moving to the ATM program. During the quarter, we settled approximately 1 million shares of common stock subject to forward sale agreements for net proceeds of $31.2 million. We also entered into new forward sale agreements for approximately 218,000 shares of common stock, which will generate anticipated gross proceeds of $7.6 million.

轉向 ATM 程序。本季度，我們根據遠期銷售協議結算了約 100 萬股普通股，淨收益為 3120 萬美元。我們還簽訂了約 218,000 股普通股的新遠期銷售協議，預計將產生 760 萬美元的總收益。

We currently have a total of 3.7 million shares subject to forward sale agreements, which upon settlement, are anticipated to raise gross proceeds of approximately $120 million.

目前，我們共有 370 萬股受遠期銷售協議約束的股票，預計在結算後將籌集約 1.2 億美元的總收益。

Returning to the $140 million committed investment pipeline, as Chris mentioned, we anticipate funding these transactions from proceeds from our outstanding forward equity agreements as well as our undrawn revolver.

回到 1.4 億美元的承諾投資渠道，正如 Chris 提到的，我們預計將通過未償還的遠期股權協議以及未提取的左輪手槍的收益來為這些交易提供資金。

Pro forma for these investments in capital activity, we expect our balance sheet to remain well positioned to support continued growth. Leverage is expected to remain in line with our target range of 4.5 to 5.5x net debt-to-EBITDA and we expect to maintain ample capacity under our revolving credit facility.

對於這些資本活動投資，我們預計我們的資產負債表將保持良好狀態，以支持持續增長。槓桿率預計將保持在我們 4.5 至 5.5 倍淨債務與 EBITDA 的目標範圍內，並且我們預計在我們的循環信貸安排下保持充足的產能。

As our investment pipeline evolves, we will continue to evaluate all capital sources to ensure that we're funding transactions in an accretive manner while maintaining our investment grade profile.

隨著我們投資渠道的發展，我們將繼續評估所有資本來源，以確保我們以增值的方式為交易提供資金，同時保持我們的投資等級概況。

With respect to our environmental liability, we ended the quarter at $22.9 million, which was a reduction of $238,000 from the end of 2022. Our net environmental remediation spending in the second quarter was approximately $1.2 million.

就我們的環境負債而言，本季度末我們的環境負債為 2290 萬美元，比 2022 年底減少了 238,000 美元。第二季度我們的淨環境修復支出約為 120 萬美元。

Lastly, we are narrowing our 2023 AFFO per share guidance to a range of $2.23 to $2.24 from our previous range of $2.22 to $2.24. As a reminder, our outlook includes transaction and capital markets activities to date, which does not otherwise assume any potential acquisitions, dispositions or capital market activities for the remainder of the year.

最後，我們將 2023 年 AFFO 每股指導範圍從之前的 2.22 美元至 2.24 美元縮小至 2.23 美元至 2.24 美元。需要提醒的是，我們的展望包括迄今為止的交易和資本市場活動，否則不假設今年剩餘時間有任何潛在的收購、處置或資本市場活動。

Specific factors which continue to impact our guidance include variability with respect to certain operating expenses and deal pursuit costs and approximately $300,000 of anticipated demolition costs for redevelopment projects, which run through property costs on our P&L.

繼續影響我們指導的具體因素包括某些運營費用和交易追求成本的可變性，以及重建項目的約 300,000 美元的預期拆除成本，這些成本貫穿我們損益表中的財產成本。

With that, I'll ask the operator to open the call for questions.

之後，我將要求接線員打開提問電話。

(Operator Instructions) The first question comes from the line of Joshua Dennerlein with Bank of America.

（操作員說明）第一個問題來自美國銀行的 Joshua Dennerlein 線路。

This is Farrell Granath on behalf of Josh Dennerlein. My question is about specifically your investment pipeline. Considering what you've already announced for closing for Q3, I'm curious if you can make a comment about maybe the pacing for the rest of the year?

我是法雷爾·格拉納特 (Farrell Granath)，代表喬什·丹納林 (Josh Dennerlein)。我的問題具體是關於你們的投資渠道。考慮到您已經宣布第三季度結束，我很好奇您是否可以對今年剩餘時間的節奏發表評論？

Farrell, it was a little bit hard to hear you. I think you're asking about the pipeline, what we expect to deploy the balance of the year?

法雷爾，聽你說話有點困難。我想您是在問有關管道的問題，我們預計今年剩餘時間會部署什麼？

Yes. Especially considering the pace that has already been announced for Q3.

是的。特別是考慮到已經宣布的第三季度的步伐。

So we said that the pipeline on a go-forward basis, we expect those transactions to close over the next 9 to 12 months. Some of that pacing is dependent upon in the development funding program, the timing of construction completion and permits and actual closeout of those particular transactions. But that's a forward look over the next 2 to 3 -- 3 to 4 quarters, I would say.

因此，我們表示，在未來的基礎上，我們預計這些交易將在未來 9 至 12 個月內完成。其中一些節奏取決於開發融資計劃、施工完成和許可的時間以及這些特定交易的實際結束。但我想說，這是對未來 2 到 3 - 3 到 4 個季度的前瞻性展望。

Yes. Farrell, we typically guide when we put out that pipeline and the timing for deployment, the best estimate is usually going to be some kind of straight line deployment. Those that are acquisitions will come out a little bit sooner. And then to Mark's point, that which is development funding will be a little bit later.

是的。 Farrell，當我們推出管道和部署時間時，我們通常會指導，最佳估計通常是某種直線部署。那些被收購的會更早出現。然後馬克的觀點是，開發資金將稍後再說。

But I think from a modeling perspective, we generally assume that it will happen relatively evenly throughout that time period.

但我認為從建模的角度來看，我們通常假設它會在整個這段時間內相對均勻地發生。

Next question comes from the line of Todd Thomas from KeyBanc Capital Markets.

下一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。

First question, you commented that the investment yield on acquisitions was 7.2% in the quarter. It sounds like that's what's anticipated on the committed pipeline moving forward or what's locked in there. Do you see any additional upside in investment yields moving forward as you underwrite new deals? Or do you expect pricing to remain stable at these levels?

第一個問題，您表示本季度收購的投資收益率為7.2%。聽起來這就是對承諾的管道的預期進展或鎖定的情況。當您承銷新交易時，您認為投資收益率有任何額外的上升空間嗎？或者您預計價格會保持在這些水平穩定嗎？

And then at those price levels, I guess it appears investment activity is picking up a little bit. Can you just talk about the pipeline and volume of deals that you're seeing?

然後在這些價格水平上，我想投資活動似乎有所回升。您能談談您所看到的交易渠道和數量嗎？

Yes. I would say, with respect to yield, there might be a modest expansion over the balance of the year. I think the movement we referenced and we've seen over the last 12 to 18 months has moderated slightly. That said, within different asset classes, we'll continue to push pricing. So different assets are stickier than others. But I think specific to your question, the yields of that 7.2-ish percent are probably a good way to think about the forward pipeline.

是的。我想說，就收益率而言，今年剩餘時間可能會出現小幅擴張。我認為我們提到的以及我們在過去 12 到 18 個月中看到的運動已經略有放緩。也就是說，在不同的資產類別中，我們將繼續推動定價。因此，不同的資產比其他資產更具粘性。但我認為具體到你的問題，7.2％左右的收益率可能是考慮遠期管道的好方法。

Okay. So 7.2% is the right yield to think about for the committed pipeline. But new deals that you might put under contract, there could be a little bit additional cap rate expansion moving...

好的。因此，對於已承諾的管道而言，7.2% 是值得考慮的正確收益率。但你可能會簽訂合同的新交易，可能會有一點額外的資本化率擴張……

Yes. There could be some modest expansion there, but I wouldn't put it in the same pace as we would have the 18-month look-back in that 75 points. There's -- it's going to be much more modest than I think. I think in many of our asset classes, those cap rates are somewhat stabilized.

是的。那裡可能會有一些適度的擴張，但我不會把它放在與 18 個月回顧 75 個點相同的速度上。它會比我想像的要溫和得多。我認為在我們的許多資產類別中，這些資本化率在某種程度上已經穩定。

Okay. And then can you remind us or talk about how the yield that you achieve on development, development funding and properties that you'll acquire at completion, how those yields compare to the pricing on stabilized acquisitions, what the spread looks like? And is there a preference in terms of how you allocate capital between those 2 buckets?

好的。然後您能否提醒我們或談談您在開發、開發資金和竣工時將獲得的房產方面獲得的收益率如何，這些收益率與穩定收購的定價相比如何，利差是什麼樣的？在如何在這兩個類別之間分配資本方面是否存在偏好？

Yes. That's a couple of questions, I guess. So the blended return that we referenced includes obviously, the traditional sale-leaseback deals and development funding deals. Specific to the range within those 2 type of deal structures, we'll see anywhere from roughly 0.25 point premium -- 25 basis point premium on development funding because of the value we offer to it, the forward commitment and some of the timing of the deployment of those funds. There are some collars for deals that go out further than that to protect against market fluctuations.

是的。我想這是幾個問題。因此，我們提到的混合回報顯然包括傳統的售後回租交易和開發融資交易。具體到這兩種類型的交易結構中的範圍，我們將看到開發資金的溢價約為 0.25 個基點 - 25 個基點溢價，因為我們為其提供的價值、遠期承諾以及一些時間安排這些資金的部署。有一些交易的範圍超出了保護市場波動的範圍。

With regard to our preference, they're both good products for us and for our partners. Our tenant partners that are developing is a great source of capital on a forward committed basis for their new-to-industry construction. And over a year look, I would say it's roughly balanced between both products pretty close to evenly across all the investments.

就我們的偏好而言，它們對我們和我們的合作夥伴來說都是好產品。我們正在開發的租戶合作夥伴是其新行業建設的前瞻性承諾基礎上的重要資金來源。從一年的時間來看，我想說這兩種產品之間的大致平衡在所有投資中幾乎是均勻的。

Okay. And then I know it's a small tick down in occupancy, but occupancy across the portfolio decreased another 10 basis points. It was the second straight quarter. And I was just wondering if you could talk about that.

好的。然後我知道入住率略有下降，但整個投資組合的入住率又下降了 10 個基點。這是連續第二個季度。我只是想知道你是否可以談談這個。

And you have a very limited role in the next 2 or 3 years. It's less than 2% of ABR through '24. But just curious what you're seeing and whether you expect any additional occupancy loss or any move-outs or anything of that nature?

在接下來的兩三年裡，你的作用非常有限。到 2024 年，這一比例還不到 ABR 的 2%。但只是好奇您所看到的情況以及您是否預計會出現任何額外的入住率損失或任何遷出或類似性質的情況？

Todd, this is Chris. I wouldn't read too much into that. We're talking, I think, literally about 1 property from quarter-to-quarter. As you said, our portfolio is largely leased, very little rollover the next 12 to 24 months. So again, we don't expect that number to move materially in the near term.

托德，這是克里斯。我不會對此進行太多解讀。我認為，我們實際上談論的是每個季度的一處房產。正如您所說，我們的投資組合大部分是租賃的，未來 12 至 24 個月內很少有展期。同樣，我們預計這個數字在短期內不會發生實質性變化。

The next question comes from the line of Mitch Germain with JMP Securities.

下一個問題來自 JMP 證券公司的米奇·傑曼 (Mitch Germain)。

I think you mentioned 85% of investments kind of other assets rather than C-stores. Is the lack of deal activity in the C-store front, is that a function of pricing or competition or inventory? Is there anything to read there?

我認為您提到了 85% 的投資是其他資產，而不是便利店。便利店缺乏交易活動是定價、競爭還是庫存的結果？那裡有什麼可以讀的嗎？

Again, I wouldn't read too much into that. It's been -- our focus over the last couple of years is to be underwriting and acquiring across all the various asset classes that we're focused on here. we certainly value size and in diversity. So we're pleased that we're able to bring in, as we said, 8 new tenants and diversify our ABR across tenants and asset classes. Mention one of our existing partners or our new partner in C-stores wants to -- is looking for capital and we're able to make that work. We would certainly increase the percentage of our C-store investments for the balance of the year.

再說一遍，我不會對此進行太多解讀。過去幾年我們的重點是承保和收購我們重點關注的所有不同資產類別。我們當然重視規模和多樣性。因此，正如我們所說，我們很高興能夠引入 8 個新租戶，並使我們的 ABR 跨租戶和資產類別多樣化。提及我們現有的合作夥伴之一或我們在便利店的新合作夥伴想要——正在尋找資金，我們能夠實現這一目標。我們肯定會在今年餘下時間裡增加便利店的投資比例。

Got you. And then to that point, Chris, is there like a targeted mix when you look at the different asset classes that you own?

明白你了。那麼，克里斯，當您查看您擁有的不同資產類別時，是否存在有針對性的組合？

Yes. I think we're still in the scale -- I would say the scaling up phase for especially the drive-thru sector, even the auto service sector. So I think if you look out, we'd certainly like to be more balanced. I'd say the majority of our underwriting has been in C-stores and car washes year-to-date. But as we ramp up those other 2 verticals, for us, again, our plans internally here to be much more balanced as we look out over the next several years.

是的。我認為我們仍然處於規模化階段——我想說的是，尤其是得來速行業，甚至汽車服務行業的擴大階段。所以我想如果你注意的話，我們肯定希望更加平衡。我想說，今年迄今為止，我們的大部分承保都是在便利店和洗車場進行的。但是，當我們擴大其他兩個垂直領域時，對於我們來說，我們內部的計劃在未來幾年的展望中會更加平衡。

Great. Last one for me. It seems like you're getting a little bit of a longer lease term on some of the more recent investments, obviously, development. Is the lease structure similar in terms of the kind of escalators you're getting?

偉大的。最後一張給我。看起來你在一些最近的投資（顯然是開發項目）上獲得了更長的租賃期限。就您獲得的自動扶梯類型而言，租賃結構是否相似？

Yes, yes. It's really with some -- base terms average either 15 or 20 years. So you really -- it's deal specific and it just depends on what's closed quarter-to-quarter.

是的是的。確實有一些——基本期限平均為 15 或 20 年。所以你真的——這是特定於交易的，它只取決於每個季度完成的交易。

Next question comes from the line of Akhil Guntupalli with JPMorgan.

下一個問題來自摩根大通的 Akhil Guntupalli。

I'm Akhil from JPMorgan. My first question, can you elaborate on the overall term credit and anything on the watch list at this time?

我是來自摩根大通的阿基爾。我的第一個問題，您能否詳細說明一下整體信用期限以及目前觀察名單上的任何內容？

Yes. We talked about this in the past. For us, given the level -- site level reporting we get, we really tend to look at property-specific sites on our watch list. So big picture is we do not have any tenants on a watch list at this point. But inside the portfolio, there's always several properties that we're talking to our tenants about whether or not it's a candidate for redevelopment or for re-leasing or potentially disposition. But the number of properties that we're looking at really hasn't moved substantially quarter-to-quarter.

是的。我們過去曾討論過這個問題。對於我們來說，考慮到我們獲得的網站級別報告，我們確實傾向於查看我們的觀察列表上的特定於房產的網站。總體而言，目前我們的觀察名單上沒有任何租戶。但在投資組合中，我們總是與租戶討論幾處房產是否適合重新開發、重新租賃或可能處置。但我們關注的房產數量實際上並沒有按季度大幅變化。

Again, I referenced the NACS State of Industry data, the tenants continue to do very well in this current environment. Our car wash tenants are continuing to perform well. So we're fortunate that we own properties in these sectors. And -- but with that said, we're always looking at a handful of properties and talk to our tenants about the best outcome for those sites.

我再次引用了 NACS 行業狀況數據，租戶在當前環境下繼續表現出色。我們的洗車租戶繼續表現良好。因此，我們很幸運，我們擁有這些領域的資產。而且——話雖如此，我們總是會關註一些房產，並與我們的租戶討論這些場地的最佳結果。

Got it. And one last question. With a number of the deals in the pipeline being new stores for these tenants, how long does it take for the assets to stabilize in these targeted rent coverage?

知道了。最後一個問題。由於許多正在醞釀中的交易都是這些租戶的新店，資產需要多長時間才能穩定在這些目標租金覆蓋範圍內？

Yes. So we typically, in our underwriting model, we assume anywhere from 2 to 3 years depending on the asset class and then we track those from grand opening on a quarterly basis. We've had some recent successes where they stabilized earlier than 2 years.

是的。因此，在我們的承保模型中，我們通常會根據資產類別假設 2 到 3 年，然後我們每季度跟踪開業以來的情況。我們最近取得了一些成功，但不到兩年就穩定下來了。

But for initial underwriting on a pro forma basis, we'll look at it anywhere from a 2- to 3-year initial ramp-up to a stabilized sales -- top line sales and then typical industry growth following that.

但對於形式上的初始承保，我們會考慮從 2 到 3 年的初始增長到穩定的銷售——頂線銷售，然後是隨後的典型行業增長。

Next question comes from the line of [Alex Wiggins] with Baird.

下一個問題來自 [Alex Wiggins] 和 Baird 的對話。

The first is on the investment pipeline. Out of the 44 properties you have in there, what's kind of the mix between acquisitions and development?

首先是投資渠道。在您擁有的 44 處房產中，收購和開發之間的組合是怎樣的？

It's roughly half, [half each again] as I said earlier, as the pipeline is a snapshot time. Different transactions kind of ebb and flowed, in and out of a closed acquisition down the pipeline. But as of today's program, you 'd probably look at it as about equally blended between traditional sale-leaseback and development funding.

正如我之前所說，它大約是一半，[又各一半]，因為管道是快照時間。不同的交易有起有落，在一次封閉的收購中進進出出。但截至今天的計劃，您可能會將其視為傳統售後回租和開發資金的同等混合。

Okay. To go back to the watch list question, I know you guys don't track tenants, you have a site level reporting. But out of the 8% that don't report, how do you track those properties? And what kind of properties are there?

好的。回到觀察列表問題，我知道你們不跟踪租戶，你們有網站級別的報告。但是，在未報告的 8% 中，您如何跟踪這些財產呢？以及有哪些屬性呢？

Yes. This is Brian. And just to clarify, it's not that we don't track our tenants. We just don't have any tenants on a watch list just to make sure that, that point is coming across. We obviously do monitor it.

是的。這是布萊恩。需要澄清的是，這並不是說我們不跟踪我們的租戶。我們只是在觀察名單上沒有任何租戶，只是為了確保這一點得到體現。我們顯然確實在監控它。

Look, we do the best we can with tenants where we have less visibility. Again, between the site level, between the public reporting you're capturing well over 90% of rent. Probably the most important thing, that other 8% are paying rent timely, right? So that's obviously an indicator of how they're managing their business.

看，我們對知名度較低的租戶盡力而為。同樣，在站點級別之間，在公開報告之間，您獲得了超過 90% 的租金。也許最重要的是，另外 8% 的人按時繳納租金，對吧？因此，這顯然是他們如何管理業務的一個指標。

And then just in general, as part of our everyday asset management activities, right, we've got sort of reaching out to tenants periodically to check in on them and their businesses.

總的來說，作為我們日常資產管理活動的一部分，我們會定期與租戶聯繫，檢查他們及其業務。

Next question comes from the line of Brett Reiss with Janney Montgomery Scott.

下一個問題來自 Brett Reiss 和 Janney Montgomery Scott 的對話。

In The Wall Street Journal today, there's a lead story about how the automotive companies are forming a joint venture to invest $1 billion to build out charging stations. And I'm curious what's your view on the impact on the service station component of our portfolio, may not be with respect to that investment by the carmakers.

今天《華爾街日報》的頭條新聞是關於汽車公司如何組建一家合資企業，投資 10 億美元建設充電站的。我很好奇您對我們投資組合中服務站部分的影響有何看法，可能與汽車製造商的投資無關。

I think the themes that we talked about in the industry report are still what's really driving the industry forward at this point, right? Our tenants are focused on growing their C-stores, expanding the products they offer at the C-stores and driving customer visits, whether folks need gas or they need to charge their vehicle and they're seeing expanded profits from those categories. .

我認為我們在行業報告中討論的主題仍然是目前真正推動行業前進的因素，對吧？我們的租戶專注於發展他們的便利店、擴大他們在便利店提供的產品以及增加客戶訪問量，無論人們需要汽油還是需要給車輛充電，他們都看到這些類別的利潤不斷增加。 。

Certainly, we follow the industry, our tenants follow the industry, are aware of all of the trends as it relates to growing share of EVs in the market. But thus far, our tenants have been very successful at driving additional business and driving additional profits from the store regardless of whether folks are stopping for a fueling visit or not. I think that -- and we expect that trend to continue as we look out over the next several years.

當然，我們關注行業，我們的租戶關注行業，了解所有趨勢，因為這與電動汽車在市場中份額的增長有關。但到目前為止，我們的租戶在推動額外業務和商店額外利潤方面都非常成功，無論人們是否停下來補充能量。我認為——而且我們預計在未來幾年中這種趨勢將繼續下去。

There are no further questions at this time. I would like to turn the floor back over to Christopher Constant for closing comments.

目前沒有其他問題。我想請克里斯托弗·康斯坦斯發表結束評論。

Great. Thank you, operator, and thank you, everyone, for listening in on our call this morning. We look forward to getting back on in October for our third quarter. And we're going to update everybody on our activity at that point.

偉大的。謝謝接線員，也謝謝大家今天早上收聽我們的電話。我們期待著 10 月份第三季度的恢復。屆時我們將向大家通報我們的最新活動。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。