Getty Realty Corp (GTY) 2025 Q1 法說會逐字稿

Good morning and welcome to Getty Realty first quarter 2025 earnings call. (Operator Instructions). Prior to starting the call, Joshua Dicker, executive Vice President, general counsel, and secretary of the company, will read a safe harbor statement and provide information about non-gap financial measures. Please go ahead, Mr. Dicker.

早安，歡迎參加 Getty Realty 2025 年第一季財報電話會議。（操作員指令）。在開始電話會議之前，公司執行副總裁、總法律顧問兼秘書 Joshua Dicker 將宣讀安全港聲明並提供有關非差距財務措施的資訊。請繼續，迪克先生。

Thank you, operator. I would like to thank you all for joining us for Getty Realty's first quarter earnings conference call yesterday afternoon. The company released its financial and operating results for the quarter ended March 31, 2025. The For AK and earnings release are available in the investor relations section of our website at Realty.com. Certain statements made during this call are not based on historical information and may constitute forward-looking statements.

謝謝您，接線生。感謝大家昨天下午參加蓋蒂地產第一季財報電話會議。該公司公佈了截至2025年3月31日的季度財務和經營業績。AK 和收益報告可在我們網站 Realty.com 的投資者關係部分找到。本次電話會議中的某些陳述並非基於歷史信息，可能構成前瞻性陳述。

These statements reflect management's current expectations and beliefs and are subject to trends, events, and uncertainties that could cause actual results that differ materially from those described in the forward-looking statements. Examples of forward-looking statements include our 2025 guidance and may include statements made by management, including those regarding the company's future operations, future financial performance, or investment plans and opportunities.

這些聲明反映了管理層目前的預期和信念，並受趨勢、事件和不確定因素的影響，可能導致實際結果與前瞻性聲明中描述的結果有重大差異。前瞻性陳述的例子包括我們的 2025 年指引，可能包括管理層所做的陳述，包括有關公司未來營運、未來財務表現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. I refer you to the company. Annual report on Form 10k for the year ended December 31, 2024 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.

我們提醒您，此類聲明反映了我們根據目前已知的因素做出的最佳判斷，實際事件或結果可能存在重大差異。我向您推薦這家公司。截至 2024 年 12 月 31 日的 10k 表格年度報告中更詳細地討論了可能導致實際結果與今天做出的任何前瞻性陳述中表達或暗示的結果存在重大差異的風險和其他因素。

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. Looking statements that may be made during this call. Also, please refer to our earnings release for a discussion of our use of non-gap financial measures, including our definition of adjusted funds from operations or AFFO and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer.

您不應過度依賴僅反映我們截至今天的觀點的前瞻性陳述。本公司不承擔更新任何內容的義務。查看本次通話期間可能做出的陳述。此外，請參閱我們的收益報告，以了解我們對非缺口財務指標的使用情況，包括我們對調整後營運資金或 AFFO 的定義以及我們將這些指標與淨收益進行調節。說完這些，讓我把電話轉給我們的執行長克里斯托弗康斯坦特 (Christopher Constant)。

Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the first quarter of 2025.

謝謝你，喬希。大家早安，歡迎參加我們 2025 年第一季的收益電話會議。

Joining us on the call today are Mark O' Lear, our Chief Operating Officer, and Brian Dickman, our Chief Financial Officer.

今天參加電話會議的有我們的營運長 Mark O' Lear 和財務長 Brian Dickman。

I will lead off today's call by summarizing our financial results and investment activities. We will provide commentary on how we continue to execute our strategy in a thoughtful and disciplined manner despite the latest macroeconomic uncertainty.

我將在今天的電話會議上首先總結我們的財務表現和投資活動。我們將評論如何在最近的宏觀經濟不確定性下繼續以深思熟慮和嚴謹的方式執行我們的策略。

Mark will then discuss our portfolio, and Brian will address our financial results and guidance.

然後，馬克將討論我們的投資組合，布萊恩將介紹我們的財務表現和指導。

For the quarter, Getty grew its annualized base rent by 11.2% over the prior year to approximately $199 million.

本季度，蓋蒂的年化基本租金較上年同期成長 11.2%，達到約 1.99 億美元。

And we reported AFFO per share of $0.59, an increase of 3.5% compared to the prior year's quarterly result.

我們報告的每股 AFFO 為 0.59 美元，與去年同期的季度業績相比增長了 3.5%。

The growth in base rent in AFFO was driven by rental increases in our in-place portfolio and the impact of our prior year investment activity.

AFFO 基本租金的成長是由我們現有投資組合的租金上漲以及我們上一年投資活動的影響所推動的。

Importantly, our convenience and automotive retail tenants continue to perform well despite the challenging operating environment.

重要的是，儘管經營環境充滿挑戰，我們的便利商店和汽車零售租戶仍然表現良好。

Our tenants' businesses are largely recession resistant and provide non-discretionary goods and services to consumers, particularly mobile consumers that prioritize convenience, speed, and service.

我們的租戶業務在很大程度上能夠抵禦經濟衰退，並為消費者（尤其是優先考慮便利性、速度和服務的行動消費者）提供非必需商品和服務。

Let me now take a moment to elaborate a bit more on how we track performance for our tents.

現在讓我花點時間詳細說明一下我們如何追蹤帳篷的性能。

Between the site level financials we receive on 72% of our annualized base rent.

在站點層面，我們收到的財務收入佔年度基本租金的 72%。

And publicly available financial data for our listed tenants, we're able to actively monitor the performance of nearly 95% of our ABR.

透過公開列出的租戶的財務數據，我們能夠主動監控近 95% 的 ABR 的表現。

And what we're currently seeing is the same stability, the same resilience that we've consistently seen from these businesses throughout prior market cycles.

我們目前看到的是同樣的穩定性，同樣的彈性，就像我們在先前的市場週期中一直看到的一樣。

Within the convenience store sector, rent coverage for our assets was consistent with prior quarters.

在便利商店領域，我們資產的租金覆蓋率與前幾季一致。

Within the car wash sector, rent coverage increased at varying levels for each of our car wash portfolios. In fact, the reports we received from our car wash tenants revealed a strong core overall. As profitability grew, new to industry sites continued to ramp at or ahead of expected pace.

在洗車產業中，我們每個洗車業務組合的租金覆蓋率都有不同程度的成長。事實上，我們從洗車店租戶收到的報告顯示，其核心業務整體表現強勁。隨著獲利能力的成長，新產業站點的數量繼續以預期速度甚至超過預期速度成長。

Customer visits increased, and subscriptions remained a source of strength.

客戶訪問量增加，訂閱量仍是強勁動力。

With regard to Zip's car wash, our tenant that filed bankruptcy in February, we have made material progress towards a resolution which Mark will discuss further in his remarks. As a reminder, ZIPS represented 12 sites or 1.8% of our APR and as our first tenant credit issue since 2011.

關於 Zip 洗車店（我們的租戶於二月申請破產），我們在解決方案方面已取得實質進展，馬克將在他的演講中進一步討論。提醒一下，ZIPS 代表了 12 個站點或我們 APR 的 1.8%，也是我們自 2011 年以來第一個租戶信用問題。

Moving on to investment activity, the pace of closed transactions to start 2025 was more modest than prior quarters, but in line with our expectations.

談到投資活動，2025 年初完成的交易速度比前幾季溫和，但符合我們的預期。

Approximately 85% of the pipeline we disclosed at year end was for development funding transactions, which typically have a 9 months to12 month spending horizon.

我們在年底揭露的約 85% 的融資項目是開發融資交易，其支出期限通常為 9 個月至 12 個月。

And sale these backs that can be variable from quarter to quarter in terms of investment volumes.

出售這些債券的投資額每季都會有所不同。

With that said, we are pleased that we were able to increase our committed investment pipeline to more than $110 million.

話雖如此，我們很高興能夠將承諾的投資額度增加到 1.1 億美元以上。

This pipeline represents a solid distribution of opportunities across our four target sectors, with approximately 50% of the pipeline being an auto service and the balance across convenience stores, drive-through QSRs, and express tunnel car washes.

該通路代表了我們四個目標產業中機會的穩健分佈，其中約 50% 的通路為汽車服務，其餘則為便利商店、免下車快餐店和快速隧道洗車場。

Approximately 2/3 of the pipeline is development funding transaction, and the balance is predominantly sales packs.

大約 2/3 的通路是開發資金交易，其餘則主要是銷售包。

Importantly, our pipeline remains fully funded, and we have capital to fund additional transactions as we move through 2025.

重要的是，我們的管道仍然資金充足，我們有資金為 2025 年期間的額外交易提供資金。

The economic and political uncertainty that has dominated the news for the last several weeks has broadly speaking, created significant volatility in the transaction and capital markets and has translated into headwinds for closing deals in our target retail sectors.

過去幾週佔據新聞頭條的經濟和政治不確定性，總體而言，造成了交易和資本市場的劇烈波動，並為我們目標零售領域的交易帶來了阻力。

Regardless of market conditions, our job remains to source opportunities that fit our investment thesis and underwriting criteria and which can be financed [deretably].

無論市場狀況如何，我們的工作仍然是尋找符合我們的投資理論和承銷標準且可以獲得融資的機會[令人沮喪地]。

Our acquisitions team continues to do an excellent job of identifying transactions with a mix of large and established tenants and emerging high growth tenants who are building strong platforms across the US.

我們的收購團隊繼續出色地完成工作，確定與大型成熟租戶以及正在美國各地建立強大平台的新興高成長租戶進行交易。

Importantly, we remain committed to our disciplined approach to acquisitions, which prioritizes owning real estate in high density or growing metro areas with excellent access and visibility in retail markets, and which is leased to creditworthy operators under long-term triple net leases.

重要的是，我們仍然致力於嚴謹的收購方式，優先在高密度或不斷發展的大都市地區擁有房地產，這些地區在零售市場上具有良好的通道和知名度，並且根據長期三重淨租賃租賃給信譽良好的運營商。

We are confident that our relationship-based sales-back strategy will generate continued opportunities for getting to acquire assets in our targeted convenience and automotive retail sectors as we move through 2025.

我們相信，到 2025 年，我們以關係為基礎的銷售回購策略將為我們在目標便利商店和汽車零售領域獲得資產的持續機會。

With that, I'll let Mark discuss our portfolio and investment activities.

接下來，我將讓馬克討論我們的投資組合和投資活動。

Thank you, Chris. At the quarter end, our leased portfolio included 1,115 net leased properties and one active redevelopment site.

謝謝你，克里斯。截至本季末，我們的租賃組合包括 1,115 個淨租賃物業和一個活躍的重建地點。

Excluding the active redevelopment, occupancy was 99.7% and our weighted average lease term was 10 years.

不包括積極的重建，入住率為 99.7%，我們的加權平均租賃期限為 10 年。

Our portfolio spans 42 states plus Washington DC with 61% of our annualized base rent coming from the Top50 MSAs and 76% coming from the Top100 MSAs.

我們的投資組合涵蓋 42 個州和華盛頓特區，其中 61% 的年化基本租金來自 Top50 MSA，76% 來自 Top100 MSA。

Our rents continue to be well covered with a 1 trillion 12 month tenant rent coverage ratio of 2.5 times.

我們的租金繼續得到很好的覆蓋，12 個月租戶租金覆蓋率為 2.5 倍。

Turning to our investment activities for the quarter, we invested $10.9 million across six properties at an initial cash yield of 7.8%. The weighted average lease term on acquired assets for the quarter was 14 years.

談到本季的投資活動，我們在六處房產上投資了 1,090 萬美元，初始現金收益率為 7.8%。本季度收購資產的加權平均租賃期限為 14 年。

Highlights of this quarter's investments include the acquisition of three drive-through quick service restaurant properties in the Memphis, Tennessee MSA for $4.4 million.

本季投資的亮點包括以 440 萬美元收購位於田納西州孟菲斯 MSA 的三家免下車快餐店。

One express tunnel car wash property located in New York for $4 million.

位於紐約的快速隧道洗車場，售價 400 萬美元。

And the acquisition of the land associated with the development funding project for a new industry collision center in the Kansas City MSA for $1.5 million.

並以 150 萬美元的價格收購與堪薩斯城 MSA 新工業碰撞中心開發融資項目相關的土地。

We also advanced incremental development funding in the amount of $1.1 million for the construction of two new industry auto service centers. These assets are either already owned by the company and are under construction or will be acquired via sale leaseback transaction at the end of the project's respective construction periods.

我們也預付了 110 萬美元的增量開發資金，用於建造兩個新的產業汽車服務中心。這些資產要么已經歸公司所有並正在建設中，要么將在項目各自的建設期結束時通過售後回租交易收購。

Subsequent to the quarter end, we invested an additional $6.4 million, bringing our year-to-date total investments to $17.3 million at a 7.7% initial cash yield.

本季結束後，我們又投資了 640 萬美元，使我們年初至今的總投資達到 1,730 萬美元，初始現金收益率為 7.7%。

As Chris mentioned, we currently have more than $110 million of investments under contract, which we would expect to fund over the next 9 to 12 months at an average initial yield in the high 7% area.

正如克里斯所提到的，我們目前已簽訂了超過 1.1 億美元的投資合同，我們預計在未來 9 到 12 個月內，這些投資的平均初始收益率將達到 7% 左右。

Beyond our disclosed pipeline, we continue to source actionable opportunities which are priced at a creative spread and which we believe will benefit our portfolio as we look to scale and further diversify our business.

除了我們已揭露的管道之外，我們還將繼續尋找可行的機會，這些機會的定價具有創造性，我們相信，隨著我們尋求擴大規模和進一步實現業務多元化，這些機會將使我們的投資組合受益。

Moving to our redevelopment platform.

轉移到我們的重建平台。

We funded $500,000 towards a revenue enhancing CapEx project for one of our legacy gas and repair properties in the first quarter. As part of our agreement with our tenant at the property, we received incremental rent for our investment and extended the base term of the 5 property unitary lease.

我們在第一季為一處傳統天然氣和維修資產的增收資本支出項目提供了 50 萬美元的資金。作為我們與該物業租戶達成的協議的一部分，我們獲得了投資的增量租金，並延長了 5 處物業單一租賃的基本期限。

At quarter end, we have 4 signed leases for new to industry oil change locations, of which 1 is under construction, and we have additional projects in various stages in our pipeline.

截至本季末，我們已簽署 4 個新的行業換油地點租約，其中 1 個正在建設中，並且我們還有處於不同階段的其他項目正在籌備中。

Continuing with our asset management efforts during the quarter, we sold two properties for $500,000. We also made considerable progress towards repositioning the 12 assets that were previously leased to Zip's Car Wash.

本季我們繼續進行資產管理工作，以 50 萬美元的價格出售了兩處房產。我們在重新定位先前租賃給 Zip's Car Wash 的 12 項資產方面也取得了重大進展。

It is our current expectation that zips will remain our tenant at 6 of the properties and that we will release 5 of the sites to 2 regional car wash operators and we will dispose of the 1 remaining property.

我們目前的預期是，zips 將繼續作為我們在 6 處房產中的租戶，我們將把其中 5 個地點轉讓給 2 家區域洗車場運營商，並將處置剩餘的 1 處房產。

While we are in various stages of documentation, we expect to be substantially complete with repositioning of these assets by the end of the 2nd quarter, subject to all of the total typical qualifiers regarding pending transactions.

雖然我們正處於文件編制的各個階段，但我們預計到第二季末這些資產的重新定位將基本完成，但要滿足有關待決交易的所有典型限定條件。

Upon execution, we expect to recover approximately 70% of the ABR previously generated by zips, and our downtime would be limited to less than 1 quarter for the assets being leased to the new tenants.

執行後，我們預計將恢復 zips 先前產生的約 70% 的 ABR，並且對於租賃給新租戶的資產，我們的停機時間將限制在 1 個季度以內。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thanks, Mark. Good morning, everyone.

謝謝，馬克。大家早安。

For the first quarter of 2025, we generated AFFO per share of $0.59, a 3.5% increase over Q1 2024. FFO and net income for the quarter were $0.56 and $0.25 per share respectively.

2025 年第一季度，我們每股 AFFO 為 0.59 美元，比 2024 年第一季成長 3.5%。本季的 FFO 和淨收入分別為每股 0.56 美元和 0.25 美元。

A more detailed description of our quarterly results can be found in our earnings release, and our corporate presentation contains additional information regarding our earnings and dividend per share growth over the last several years.

我們的季度業績的更詳細描述可以在我們的收益報告中找到，我們的公司介紹包含有關我們過去幾年的收益和每股股息增長的更多資訊。

Annualized base rent or EVR as of March 31, 2025 was $199 million an increase of 11.2% over the $179 million we reported as of March 31, 2024.

截至 2025 年 3 月 31 日的年化基本租金或 EVR 為 1.99 億美元，比我們截至 2024 年 3 月 31 日報告的 1.79 億美元增長 11.2%。

For the quarter, total GNA as a percentage of total revenue was 13.2%, a 40 basis point improvement over the first quarter of 2024.

本季度，GNA 總營收佔總營收的百分比為 13.2%，比 2024 年第一季提高了 40 個基點。

And GNA excluding stock-based compensation and non-recurring retirement costs as a percentage of cash rental income and interest income was 10.5% for the first quarter, a 10 basis point improvement over Q1 2024.

第一季度，不包括股票薪酬和非經常性退休成本的 GNA 佔現金租金收入和利息收入的百分比為 10.5%，比 2024 年第一季度提高了 10 個基點。

Management believes the second metric provides a better gauge of performance since it adjusts for certain non-cash and non-recurring items over which we have limited control in both the numerator and denominator.

管理階層認為，第二個指標可以更好地衡量績效，因為它可以調整某些非現金和非經常性項目，而我們對這些項目的分子和分母的控制都有限。

We continue to anticipate G and A dollar increases will moderate and G and A ratios will further improve as we scale the company.

我們繼續預計，隨著公司規模的擴大，G 和 A 美元的成長將會放緩，G 和 A 比率將進一步提高。

Moving to the balance sheet in liquidity, at quarter end, net debt to EBITDA was 5.2 times or 4.4 times taking into account unsettled forward equity.

轉向流動性資產負債表，在季度末，淨負債與 EBITDA 比率為 5.2 倍，若考慮未結算遠期權權益為 4.4 倍。

We continue to target leverage of 4.5 to 5.5 times net debt to EBITDA that are well positioned to maintain those levels going forward.

我們繼續將淨債務與 EBITDA 的槓桿率定為 4.5 至 5.5 倍，以便在未來保持這一水平。

Fixed charge coverage for the corridor was 3.5 times.

走廊固定收費覆蓋率為3.5倍。

During the first quarter, as previously announced, we funded $125 million of new unsecured notes, proceeds of which were used to repay $50 million of notes that matured in February and to repay borrowings under our revolving credit facility.

正如先前宣布的那樣，在第一季度，我們發行了 1.25 億美元的新無擔保票據，所得款項用於償還 2 月份到期的 5000 萬美元票據以及償還循環信貸額度下的借款。

Also, as previously communicated, we refinanced our revolving credit facility in the first quarter. The revolver was set to mature in October 2025, and as part of the transaction, we upsized the facility to $450 million and extended the term to January 2029 or January 2030, including extension options.

此外，正如先前所傳達的，我們在第一季對循環信貸額度進行了再融資。該循環信貸將於 2025 年 10 月到期，作為交易的一部分，我們將信貸額度增加至 4.5 億美元，並將期限延長至 2029 年 1 月或 2030 年 1 月，包括延期選擇權。

We use the increased capacity to repay our $150 million dollar term loan, which was also due in October 2025, allowing us to address that maturity in the near term while giving ourselves flexibility with respect to the ultimate refinancing of those borrowings.

我們利用增加的容量償還 1.5 億美元的定期貸款，該貸款也將於 2025 年 10 月到期，這使我們能夠在短期內解決該到期問題，同時為這些借款的最終再融資提供靈活性。

We now have no debt maturities until June 2028.

我們現在沒有債務到期日，直到 2028 年 6 月。

As of March 30th, 2025, the company's weighted average debt maturity was 5.4 years, and the weighted average cost of our debt was 4.5%. During the first quarter, we settled 400,000 shares of common stock subject to forward sales agreements for net proceeds of approximately $11 million.

截至2025年3月30日，公司的加權平均負債期間為5.4年，加權平均債務成本為4.5%。第一季度，我們根據遠期銷售協議結算了 40 萬股普通股，淨收益約為 1,100 萬美元。

At quarter end, we have 5 million shares of common stock subject to outstanding foreign sales agreements which upon settlement are anticipated to raise gross proceeds of approximately $153 million.

截至本季末，我們有 500 萬股普通股受未償付的海外銷售協議約束，預計結算後將籌集約 1.53 億美元的總收益。

We continue to be in a strong capital position with more than $450 million of total liquidity at quarter end, including unsettled forward equity capacity on our revolver, and cash in $1,031 proceeds on our balance sheet.

我們的資本狀況依然強勁，季度末的總流動資金超過 4.5 億美元，包括循環信貸中未結算的遠期股權額度，以及資產負債表上的 1,031 美元現金收益。

We have more than sufficient capital to fund our under contract pipeline as well as additional investment activity as we move through 2025.

我們擁有足夠的資金來資助我們合約管道以及 2025 年期間的額外投資活動。

A couple of additional notes on ZIPS. We've received all rent due through April of this year, other than the period between February 1st and when Zips filed for Chapter 11 on February 5th.

關於 ZIPS 的一些補充說明。我們已經收到了截至今年 4 月的所有租金，除了 2 月 1 日至 2 月 5 日 Zips 申請破產保護期間的租金。

The 70% ABR recovery and less than one quarter downtime mentioned by Mark were both within the range of potential outcomes assumed in our 2025 earnings guidance.

馬克提到的 70% 的 ABR 恢復率和不到一個季度的停機時間都在我們 2025 年獲利預測中假設的潛在結果範圍內。

There are also no TI's associated with those releasing efforts.

這些發布工作也沒有與 TI 關聯。

With respect to guidance, we are reaffirming an AFO per share range of $2.38 to $2.41.

關於指導，我們重申每股 AFO 範圍為 2.38 美元至 2.41 美元。

As a reminder, our outlook includes completed transaction activity as of the date of our earnings release, but does not include assumptions for any prospective acquisitions, dispositions, or capital markets activities, including the settlement of outstanding forward sales agreements.

提醒一下，我們的展望包括截至收益發布之日已完成的交易活動，但不包括任何未來收購、處置或資本市場活動的假設，包括未償遠期銷售協議的結算。

Primary factors impacting our 2025 guidance include the finalization of the anticipated Zip's resolution and variability with respect to uncollectible rent, certain operating expenses and transaction-related costs, and the timing of anticipated demolition costs for redevelopment projects that run through property costs on our P&L.

影響我們 2025 年指引的主要因素包括預期 Zip 解決方案的最終確定以及無法收回的租金、某些營運費用和交易相關成本的變化，以及透過我們的損益表中的財產成本進行的重建項目的預期拆除成本的時間。

And with that, I will ask the operator to open the call for questions.

現在，我將請接線生開始回答問題。

Daniel Buryn, Bank of America.

美國銀行的丹尼爾‧伯林 (Daniel Buryn)。

Good Morning. For the $110 million investment pipeline could you describe the Cadence of capital deployment in the next 9 months or 12 Months?

早安.對於 1.1 億美元的投資管道，您能描述一下未來 9 個月或 12 個月的資本部署節奏嗎？

Hey Daniel, this is Brian. Happy to, as Chris mentioned in his prepared remarks, about 2/3 of that pipeline is development funding. Those projects we typically estimate at 9 months to 12 months from when we sign them up until completion. Some can be a little shorter, some can go as long as 15 months, but that's generally why we put that range out there.

嘿，丹尼爾，我是布萊恩。很高興，正如克里斯在準備好的演講中提到的那樣，該管道中約有 2/3 是開發資金。我們通常估計這些項目從簽約到完成需要 9 到 12 個月的時間。有些可能短一點，有些可能長達 15 個月，但通常這就是我們將這個範圍放在那裡的原因。

So, I think what you can anticipate is the acquisition activity, the sell leaseback activity is, typically going to be within the next quarter and change, and the balance that development funding will be over the rest of this year and into the early part of next year.

因此，我認為您可以預期的是收購活動、售後回租活動通常會在下個季度內發生變化，而開發資金的餘額將在今年剩餘時間和明年年初到來。

Got it. Thank you. And while we're on. That, just given. The macro uncertainty, could you just describe the development demand today?

知道了。謝謝。當我們繼續的時候。那，只是給定的。宏觀的不確定性，您能否描述一下今天的發展需求？

Yes, I mean, I think, we're having a lot of conversations with operators who were looking at kind of accelerating their new store growth programs in 2025.

是的，我的意思是，我認為我們正在與許多營運商進行對話，他們希望在 2025 年加速他們的新店成長計畫。

I think at this point it's probably too certain to make any calls, although, people are evaluating all the various inputs to construction and. Certainly as the year progresses, we think there'll be some more clarity around the situation and we'll be able to work with certain tenants to continue to source deals in that area.

我認為目前可能還不能確定做出任何決定，儘管人們正在評估對建設的各種投入。當然，隨著時間的推移，我們認為情況會變得更加明朗，我們將能夠與某些租戶合作，繼續在該地區尋找交易。

Got it Thank you so Much.

明白了，非常感謝。

Mitch Germain, JMP.

米奇·傑曼（Mitch Germain），JMP。

Good morning, guys. Chris, did I hear you kind of reference the fact that deals are taking a bit longer? Is that consistent with what you were trying to come discuss in your comments?

大家早安。克里斯，我是否聽到你提到交易需要更長的時間？這與您在評論中試圖討論的內容一致嗎？

Yes, I think each transaction is a bit unique, Mitch. There's certain transactions. I'll go back to the last quarter, right? There's certain transactions where it never touched our committed pipeline, right, just a quick M&A closing where we were part of the capital structure.

是的，我認為每筆交易都有點獨特，米奇。存在某些交易。我會回到上一季度，對嗎？有些交易從未觸及我們承諾的管道，對吧，只是快速的併購結束，我們是資本結構的一部分。

I think some of the prior question right around a little bit of the uncertainty that's in the market today, right, we're just having a lot more conversations with folks and there might be some of our counterparties that are just kind of evaluating next steps at this point in time, but I would just say each transaction, given the direct nature can have its own cadence right in its own time period where you're initiate the discussion all the way through closing.

我認為之前提出的一些問題與當今市場存在的一些不確定性有關，我們正在與人們進行更多的對話，我們的一些交易對手可能只是在評估此時的下一步行動，但我只想說，考慮到直接性質，每筆交易都可以在自己的時間段內有自己的節奏，從開始討論一直到結束。

And just real quick, Brian, I would add, just remember that our sellers, our counterparties, right, of real estate, they're not simply selling real estate from a return orientation, right? They're making long term financing decisions right as they think about how to fund their growth and manage their capital structure. So it's a little bit of a, I think, different decision making process when you're when you're doing a sale lease back versus just, acquiring an asset that may be on the market for sale.

布萊恩，我想補充一點，請記住，我們的賣家，我們的房地產交易對手，他們不僅僅是從回報的角度來出售房地產，對吧？他們在思考如何為其成長提供資金和管理其資本結構時，做出了正確的長期融資決策。因此，我認為，當你進行售後回租時，與僅僅收購可能在市場上出售的資產時，決策過程有點不同。

It's helpful. Are you seeing more motivation out of the P/E capital to get to place capital rather than lose it at this perspective or are they still activity from them is still a little bit choppy.

這很有幫助。從這個角度來看，您是否看到本益比資本有更多的動力去獲取資本而不是損失資本，或者他們的活動仍然有點不穩定。

Yes, I mean, I, I'd say there's definitely a lot of transactions on the market right now that we're having conversations with management teams, owners, some of that includes private equity.

是的，我的意思是，我想說現在市場上肯定有很多交易，我們正在與管理團隊、所有者進行對話，其中一些包括私募股權。

I think that there's no Shortage of potential opportunities out there. I the part of the challenge, right, is obviously pricing, timing, expectations for growth in 2025 by our operators. So, yes, I haven't noticed any sort of slowdown or increase. I just think there's a lot to work on at this point in time for us.

我認為那裡並不缺乏潛在的機會。我認為挑戰的一部分顯然是定價、時機以及我們的營運商對 2025 年成長的預期。所以，是的，我沒有註意到任何形式的放緩或增加。我只是認為目前我們還有很多工作要做。

That's right. Okay. Last one for me. How should, how should we think about the timing of How the zips.

這是正確的。好的。對我來說是最後一個。我們應該如何，應該如何考慮拉鍊的時機。

Rent income, kind of hits the hits the income statement. Is that really more of a late 2 early 3Q, or is it 3Q? How should we think about the cadence because obviously you've already received rents for April.

租金收入，算是收入表的一部分。這真的是 2 季末 3 季初的情況嗎，還是 3 季？我們應該如何考慮節奏，因為顯然您已經收到了四月份的租金。

Yes, Mitch, I would caveat everything I'm about to say about the fact that these are in process negotiations. We wanted to provide an update to the market and give some clarity and some transparency where we had it, but all still subject to being pending discussions. But I think, as you said, we received rent through April for the sites that would stay with Zips. We would, assume just a continuation throughout the year with no interruption there.

是的，米奇，我要對即將說的一切提出警告，因為這些都處於談判過程中。我們希望向市場提供最新信息，並提供一些清晰度和透明度，但一切仍有待討論。但我認為，正如您所說，我們已收到 4 月與 Zips 合作的場地租金。我們假設這種情況會持續一整年，不會中斷。

And then for the handful of sites that will be released to other operators, as Mark mentioned in his remarks, we expect those to be in place, those tenants to be in place by the end of this quarter, and then the one asset that will likely sell, that that may go into the second half of the year, but it's a longer way of saying that if we're able to execute according to, what we anticipate is the outcome here, this should really be resolved by the end of the 2nd quarter, and, move on with the rest of our business from there.

然後，對於將向其他運營商發布的少數站點，正如馬克在講話中提到的那樣，我們預計這些站點將到位，這些租戶將在本季度末到位，然後可能會出售的一項資產可能會持續到今年下半年，但更長遠的說法是，如果我們能夠按照我們預期的結果執行，那麼這個問題應該會在第二季度末得到解決，然後從那裡繼續開展我們的其他業務。

And is ZIPS the car washes that they are retaining, are the rents lower on those as well? Is that part of the whole 70% recapture? Is that the way you think about it?

ZIPS 是他們保留的洗車店嗎？這些洗車店的租金也較低嗎？這是全部 70% 回收的一部分嗎？您是這麼想的嗎？

Yes, there were adjustments or there's anticipated to be adjustments across, all the 11 properties that will stay in the portfolio, and they vary by order of magnitude depending on the performance of the underlying property.

是的，投資組合中保留的所有 11 項資產都進行了調整，或者預計會進行調整，而且調整幅度會根據標的資產的表現而有所不同。

Thank you.

謝謝。

Upal Rana, Key Bank Capital Markets.

Upal Rana，主要銀行資本市場。

Great, thank you. Chris, regarding the tariffs, have you seen any impact on your existing tenant base, especially given the nature of your autos centered portfolio?

太好了，謝謝。克里斯，關於關稅，您是否看到對現有租戶群體有​​任何影響，特別是考慮到以汽車為中心的投資組合的性質？

Yes, I mean, that's a good question, right? I think any impact of tariffs by our tenants is truly to be determined right now. The positive thing for us is that our assets aren't tied to being, clothing or other manufacturing, and depending on each one of our tenants and each one of the sectors, I think there's varying levels of Inputs or products sourced internationally.

是的，我的意思是，這是一個好問題，對吧？我認為關稅對我們的租戶產生的任何影響現在都無法確定。對我們來說積極的一面是，我們的資產並不與服裝或其他製造業掛鉤，而且根據我們每一個租戶和每一個行業，我認為從國際上採購的投入或產品的水平是不同的。

The indirect impact, of course, that people are having conversations about is on the consumer, right? And while our assets have traditionally performed well during periods of slower economic growth and, we take great comfort that our tenants provide essential goods and services to the consumer, right? I think this is definitely a unique environment that we're in today.

當然，人們談論的間接影響是對消費者的影響，對嗎？雖然我們的資產在經濟成長放緩時期通常表現良好，但我們非常欣慰的是，我們的租戶為消費者提供了必需的商品和服務，對嗎？我認為這絕對是我們今天所處的獨特環境。

I would just say is we're having a lot of discussions with our tenants in our portfolio on this topic, and what we're hearing back from them today is that it's just really too soon to make any definitive statement on what impact, if any, tariffs are going to have on their sourcing of product, sales product, on the consumer spending that they see in their stores.

我想說的是，我們正在與我們投資組合中的租戶就此話題進行大量討論，今天我們從他們那裡得到的反饋是，現在就對關稅對他們的產品採購、銷售產品以及他們在商店中看到的消費者支出會產生什麼影響（如果有的話）做出任何明確的聲明還為時過早。

So, we're certainly spending a lot of time with them and I know our tenants are thinking about this. But I don't want to make any definitive statements on the impact of the portfolio right now.

因此，我們確實花了很多時間與他們在一起，我知道我們的租戶正在考慮這個問題。但我現在不想對投資組合的影響做出任何明確的陳述。

Okay, great, that was helpful and then, Brian, could you remind us where your cost of capital is today and what your investment spreads are looking like on your recent investments?

好的，太好了，這很有幫助，那麼，布萊恩，您能否提醒我們您今天的資本成本是多少，以及您最近的投資的投資利差是多少？

Yes, happy to, on a spot basis and this, changes, daily by definition, but I would say we're probably in that, maybe low to mid-sevens area just given where treasuries are, where spreads are and Where the stock price has been, but I think importantly capital that we have raised and is currently being deployed, the debt that we that we funded in the first quarter, the equity that we mentioned, that's unsettled, that's well inside of that spot cost of capital. I would put that in kind of the mid high sixes area, so call that 6.8.

是的，我很樂意以現貨為基礎，而且根據定義，這個每天都在變化，但我想說，考慮到國債的走勢、利差和股價，我們可能處於 7% 左右的低位到中位區間，但我認為重要的是，我們已經籌集並正在部署的資本，我們在第一季度融資的債務，我們提到的未結算的股權，都完全在資本內。我會把它放在六分中高區域，所以稱之為 6.8。

Kind of range and given the pipeline in the high 7s pushing 8, that that would tell you that that spread is kind of in the low, 110, 120 basis points area.

這種範圍，考慮到 7 點高點逼近 8 點的通道，那就表示利差處於 110 或 120 個基點的低位區域。

Okay, great. And then just last one for me would be just, given the volatility in the 10 year, is there, what's your expectation on where the cap rates could trend in 2 you at least.

好的，太好了。對我來說最後一個問題是，考慮到 10 年內的波動性，您對至少 2 年資本化利率趨勢的預期是什麼。

Yes, I mean, it's a great question. I think we're really not seeing any change, in Cap rates right now based on comments on in the first quarter and in the first couple of weeks of Q2.

是的，我的意思是，這是一個很好的問題。根據第一季和第二季前幾週的評論，我認為我們目前確實沒有看到資本化率有任何變化。

And just as a reminder, we thought that there was depth in the market and that mid to high 7 range approaching 8, with the market kind of getting a little thinner as you get much north of that 8% range. Again, I'll go back to almost a similar comment on tariffs.

需要提醒的是，我們認為市場有深度，7% 的中高範圍接近 8%，而當超過 8% 的範圍時，市場就會變得稍微薄一點。再次，我將回顧關於關稅的幾乎類似的評論。

I think people are digesting the news from the last couple of weeks, and, in our minds it's a little too early to say that there's been a substantial movement in cap rates, but time will tell, and again, we're continuing to have those conversations with our counterparties on transactions, whether they're in our portfolio or prospective tenants and.

我認為人們正在消化過去幾週的消息，而且，在我們看來，現在說資本化率出現了大幅變動還為時過早，但時間會證明一切，而且，我們將繼續與交易對手進行對話，無論他們是我們投資組合中的客戶還是潛在租戶。

I'll just echo that we're pleased that the pipeline increased and we're able to finance those deals [accretively] with the capital we've raised and feel good about being able to grow this year.

我只是想說，我們很高興看到管道數量增加，我們能夠利用籌集的資金為這些交易提供資金，並對今年的成長感到滿意。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning guys. Can you talk about the credit file of your new car wash tennis, and did you get any new relationships?

嘿，大家早安。可以談談你的新洗車網球的信用檔案嗎？你有沒有建立任何新的關係？

There were no new relationships this quarter, Wes. You said the credit profile of our car wash sound, is that you're speaking on.

韋斯，本季沒有新的關係。您說我們的洗車聲音的信用概況就是您正在說的。

The new ones, yes, with the people taking over the zips where any of those new to the portfolio or the bigger better operators.

是的，新人接管了這些 zip 文件，這些文件包括投資組合中的新人或更大更好的運營商。

Yes I think what we feel good about for those sorry I misunderstood your question. On the Zip's assets, the two new tenants that we're negotiating with, I think what we like about those tenants is they're in the markets where those properties are today.

是的，我想我們對這些感到滿意，很抱歉我誤解了你的問題。關於 Zip 的資產，我們正在與兩個新租戶進行談判，我認為我們喜歡這些租戶的原因是他們位於這些房產目前的市場中。

They know how to operate in those markets. I would call that there are two different size companies. One is truly a regional operator that's in that market. And is growing and the other is a larger, more established operator who happens to be new to our portfolio, but again in the market, strong company and we think it's going to be a good partner for us long term.

他們知道如何在這些市場中運作。我認為這是兩家不同規模的公司。其中一個是真正處於該市場的區域運營商。並且正在成長，另一家是一家規模更大、更成熟的運營商，它恰好是我們投資組合中的新公司，但在市場上，它是一家實力雄厚的公司，我們認為它將成為我們長期的良好合作夥伴。

Okay, and then I guess getting rid of ZIPS you cleaned up the left tail of the portfolio on the coverage perspective. I think you just over 11% for sub 1.5% coverage. Is there anything concerning in that bucket or these just stabilizing assets?

好的，然後我想，擺脫 ZIPS 就意味著從覆蓋範圍的角度來看，你清理了投資組合的左尾。我認為您的覆蓋率略高於 11%，而覆蓋率低於 1.5%。這個桶子裡有什麼值得關注的嗎？還是這些只是穩定資產？

Hey Wes, it's Brian. Usually around that question we'll point to the one carwash portfolio and then we have a Cor portfolio that just simply operates in that range, and I'm talking, 1,215 plus years. That's just where they operate on a stable stabilized basis, so no concerns with that portfolio.

嘿，韋斯，我是布萊恩。通常圍繞著這個問題，我們會指出一個洗車投資組合，然後我們有一個 Cor 投資組合，它只是在這個範圍內運作，我說的是 1,215 年以上。這就是他們在穩定的基礎上運作的地方，因此無需擔心該投資組合。

Okay, and then, maybe, can you talk about your tenant Arco, how are they doing on the coverage perspective for you?

好的，那麼，也許您可以談談您的租戶 Arco，他們在覆蓋範圍方面做得如何？

Yes, so, we have 5 leases with Arco. They're the largest tenant, they're public, so I'll just refer everybody to their public information. We continue to see consistent coverage. They're in the sea storage sector, as I said in my comments, they, they're in the process of a strategic.

是的，我們與 Arco 簽訂了 5 份租約。他們是最大的租戶，他們是公眾，所以我只會向大家推薦他們的公開資訊。我們繼續看到一致的報導。他們處於海上倉儲領域，正如我在評論中所說，他們正處於戰略過程中。

Plan in their business, but from Getty's perspective, it doesn't change anything contractually. We look to Arco, they expect to generate the similar profits from their stores at the end of this transition and, we still feel good about having them as a tenant and they've been a partner of us for almost 20 years, and have a very long track performing under all their leases for us.

在他們的業務中製定計劃，但從蓋蒂的角度來看，這並沒有改變任何合約。我們期待 Arco，他們預計在此次過渡期結束時將從其商店獲得類似的利潤，我們仍然很高興能讓他們成為我們的租戶，他們已經與我們合作了近 20 年，並且在所有租約下都有著非常良好的業績記錄。

Okay, and then last one for me, a line of credit just under $160 million. Are you looking at terming that out sometime this year?

好的，對我來說最後一個，信用額度略低於 1.6 億美元。您是否打算在今年某個時候解決這個問題？

Yes, so the big piece there, Wes, is the $150 million that came over from the term loan, and we have swaps on that fixing the interest rate at the 6.1% until October of 2026. And then of course the maturity now is until January of 2029.

是的，韋斯，其中最大的一筆是從定期貸款中轉出的 1.5 億美元，我們透過掉期交易將利率固定在 6.1%，直到 2026 年 10 月。當然，現在的到期日是 2029 年 1 月。

So, as a general response, yes, we would want to turn that out. As we typically prefer long-term fixed rate debt to 10-year notes, but given that that we're fixed through October of next year and we have maturity beyond that, I'd say we'd be, more opportunistic than, feel any real urgency to do that, especially, point in time, given we're both, 10 year and spreads are. So I would say in due time we'll be more opportunistic around trimming that out, but no, nothing to anticipate in the near term.

因此，作為一般性回應，是的，我們希望實現這一點。由於我們通常更喜歡長期固定利率債務而不是 10 年期票據，但考慮到我們的利率固定到明年 10 月，並且我們的到期日在那之後，我想說我們會更加抓住機會，而不是感到任何真正的緊迫性，特別是在時間點，考慮到我們都是 10 年期和利差。所以我想說，在適當的時候，我們會更抓住機會來解決這個問題，但短期內還沒有什麼可期待的。

Okay, thanks for the time.

好的，謝謝你的時間。

Brad Heffer with RBC.

加拿大皇家銀行的布拉德‧赫弗 (Brad Heffer)。

Hey, thanks. Good morning everybody. On Zips, can you give what the coverage was pre-bankruptcy and then what it is pro forma for the leases that you'll presumably sign.

嘿，謝謝。大家早安。在 Zips 上，您能否提供破產前的保險範圍以及您可能簽署的租約的形式。

Yes Brad its Brian, so pro forma, what we have said is, we stratify the coverage. So they were in the 1 to 1.5 range as a 12 property portfolio, say in the midpoint typically plus or minus of that range, and then for the new operators just premature, right? I want to make sure we get those signed up and give those operators a chance to run those facilities. I think directionally it would be fair to say we would expect it to be improved.

是的，布拉德，是布萊恩，所以形式上，我們所說的是，我們分層覆蓋。因此，作為 12 個房產投資組合，它們的比例在 1 到 1.5 之間，也就是說，通常處於該範圍的中間值上下浮動，那麼對於新運營商來說，這還為時過早，對嗎？我想確保我們能夠讓這些運營商簽約並有機會運營這些設施。我認為從方向上來說，我們可以公平地說我們希望它得到改進。

Both with the new operators hopefully driving top line growth and then with the rent adjustments to set those sites up for a longer term sustainability, but it's too early to get into what we would expect that to be.

希望新的營運商能夠推動營業額成長，然後透過租金調整使這些站點實現長期可持續發展，但現在就我們預期的結果下結論還為時過早。

Okay, got it. And I mean I think the market perception was that zips was, largely a sort of balance sheet corporate problem and not necessarily a site level problem. Did you like see an issue with those sites covering at that level, and if so, like you did you just think you couldn't get out of them? I'm assuming you were getting quarterly financials so I I guess I'm just wondering why maybe you couldn't be more proactive about it or maybe there just wasn't a way to get out of them.

好的，明白了。我的意思是，我認為市場的看法是，zips 很大程度上是一種資產負債表公司問題，而不一定是網站層級的問題。您是否看到這些網站在那個層面上有問題？如果是的話，您是否認為您無法擺脫它們？我假設你正在獲取季度財務報表，所以我想我只是想知道為什麼你不能對此採取更積極主動的態度，或者也許只是沒有辦法擺脫它們。

Yes, I think one of the things we, we've mentioned on the Zip's portfolio is that we go back and looked at them as car wash sites and feel good about the 11 of the 12 that are staying in the portfolio being long term producing assets for us. By bringing new tenants into the portfolio who are in those markets, we think that they're going to be able to grow the top line there and, obviously with the rents being adjusted, right, that certainly gives them a little bit more cushion. But I wouldn't say that these were, truly underperforming locations. I do concur with what you're saying that I think the overall zips issue was a balance sheet issue.

是的，我認為我們在 Zip 的投資組合中提到的一件事是，我們回過頭來將它們視為洗車場，並且對留在投資組合中的 12 個洗車場中的 11 個感到滿意，因為它們對我們來說是長期生產資產。透過將這些市場中的新租戶引入投資組合，我們認為他們將能夠在那裡增加營業額，而且顯然隨著租金的調整，這肯定會給他們帶來更多的緩衝。但我不會說這些是真正表現不佳的地點。我確實同意你的說法，我認為整體 zips 問題是一個資產負債表問題。

And Brad, just one additional comment as it relates to coverage it was fairly stable at those levels, so it wasn't a situation where we saw higher, coverage, higher performance, better performance deteriorating over time. It was a portfolio that just was kind of operating at that level.

布拉德，關於覆蓋率，我再補充一點，在這些層面上它是相當穩定的，所以我們不會看到更高的覆蓋率、更高的性能、更好的性能隨著時間的推移而惡化的情況。這是一個在那個層面上運作的投資組合。

Okay, thank you.

好的，謝謝。

Michael Goldsmith, UBS

瑞銀集團麥可‧戈德史密斯

Good morning. Thanks a lot for taking my question. A lot of discussion on zips here. I just wanted to clarify, what exactly did you bake into your guidance as for the resolution of it and how has, I recognize also that, the situation is still fluid, but how does this kind of pending resolution compare to what you had baked into your outlook for the year? Thanks.

早安.非常感謝您回答我的問題。這裡有很多關於 zip 的討論。我只是想澄清一下，您在指導意見中究竟考慮了哪些解決方案，以及解決方案如何，我也認識到，情況仍然不穩定，但這種懸而未決的解決方案與您在年度展望中考慮的解決方案相比如何？謝謝。

Yes, sure, Michael. So what we had said on our February call is we looked at a range of outcomes on both downtime and rent adjustments. We didn't get into specifics and we'd still rather not just given the live nature of the situation, but again.

是的，當然，邁克爾。因此，我們在二月的電話會議上說過，我們研究了停工和租金調整的一系列結果。我們沒有深入細節，我們仍然不想僅僅給出實際情況，而是再次。

A range of rental adjustments, some more draconian than others, and a range of downtime, the same, and I said, as I said in my remarks, the anticipated resolution that we outlined is within that range of outcomes, which is why we left the guidance unchanged.

一系列的租金調整，有些比其他調整更嚴厲，還有一系列的停工期，都是一樣的，正如我在發言中所說，我們概述的預期解決方案是在這個結果範圍內的，這就是我們保持指導不變的原因。

I think that when we're coming back here in July, hopefully this is fully resolved, and then we can get a little bit more fine with our guidance and, resting that if and as necessary we were hesitant to do that at this time given again just where we are in the active negotiations. So, a little bit of a longer way of saying. What what's been proposed or what we've articulated here is well within what we had laid out again as those range of outcomes.

我認為，當我們在 7 月回來時，希望這個問題能夠得到徹底解決，然後我們就能對我們的指導做出更完善的安排，並且，如果有必要，我們現在還猶豫是否要這樣做，因為我們目前正處於積極的談判階段。所以，這麼說有點長。我們在此提出或闡述的內容完全在我們再次闡述的結果範圍內。

And I would just end with if you take a little bit of a step back, right, we think a pretty favorable outcome, right? If you can, have downtime of less than 25% on half of the portfolio with the other half continuing through rent recovery, in that 70% area, no TIs, new tenants that are active in the market, just as a general kind of holistic picture, we're pleased with where this is headed and you know really looking forward to focusing on other parts of the business.

最後我想說的是，如果你稍微退一步來看，我們認為這是一個非常有利的結果，對吧？如果可以的話，一半投資組合的停工時間少於 25%，而另一半則繼續透過租金回收，在那 70% 的區域中，沒有 TI，市場上活躍的新租戶，就像一個總體情況，我們對這個方向的發展感到滿意，你知道，我們真的很期待專注於業務的其他部分。

Yes. And I believe earlier [UPL] asked about the impact of tariffs on the underlying tenants, but maybe you could talk a little bit about the impact of tariffs on the redevelopment and how, the potential inflationary costs may may impact that that segment and external growth maybe more generally.

是的。我相信之前 [UPL] 詢問過關稅對基礎租戶的影響，但也許您可以談談關稅對重建的影響，以及潛在的通膨成本可能如何影響該部分以及更普遍的外部增長。

Yes, I mean, I think, if you are referring to our redevelopment program and just new construction in general, I mean the expectation is across the board from our tenants that construction or any sort of CapEx that's going into Any of our properties, the cost of all the inputs will go up. The timing may also be impacted. Certainly that impacts returns as we like to invest in those locations, but, just the way we've structured our development funding program and the way we structure our redevelopments.

是的，我的意思是，我認為，如果您指的是我們的重建計劃和一般的新建築，我的意思是我們的租戶普遍期望，建築或任何類型的資本支出，用於我們的任何房產，所有投入的成本都會上升。時間也可能受到影響。當然，這會影響回報，因為我們喜歡投資這些地方，但是，這只是我們建立開發融資計劃的方式以及我們建立再開發的方式。

I think, we're going into those with sort of the proper protections whether it be a cap on how much we'll advance or steps and cap rates if there are delays along the way in development funding projects such that it protects us from committing to an investment that ultimate wouldn't lead to the same level of accretion that we thought were going into it.

我認為，我們會採取適當的保護措施，無論是對我們預付金額的限制，還是在開發融資項目過程中出現延誤時對步驟和上限利率的限制，這樣可以保護我們免於承諾最終不會帶來與我們所想的相同增值水平的投資。

Yes, this. Is Mark. I'd also add that on the Getty side of the transaction, the scope of work that we're exposed to, the cost of that work is fairly well defined and contained.

是的，這個。是馬克。我還要補充一點，在交易的蓋蒂方面，我們所接觸的工作範圍以及工作成本都是相當明確和可控的。

So things that might be affected by market conditions, steel, glass, cement, things like that typically are not on our side of the transaction, but that said, our deals contain a when we underwrite the deals and look at the return on investment, we feel an appropriate contingency in those budgets for cost creep over time. Because the development deals are even a longer horizon than some of the development funding deals because of the permit process.

因此，受市場條件影響的事物，鋼鐵、玻璃、水泥等通常不在我們的交易範圍內，但話雖如此，我們的交易包含當我們承保交易並查看投資回報時，我們認為這些預算中存在適當的應急措施，以應對成本隨時間推移而攀升。因為由於許可流程，開發交易的期限甚至比一些開發融資交易更長。

So, you know we're looking at anywhere from 12 to sometimes 24 months to 30 months, and we build an appropriate contingencies for CrossCrete and then we stay current through our professionals and our development process with the incoming tenant on the evolution of their budgets and their and their approvals and designs. So we've got a pretty good view to that.

所以，你知道，我們正在考慮從 12 個月到有時是 24 個月到 30 個月的時間，我們為 CrossCrete 制定了適當的應急計劃，然後我們透過我們的專業人員和開發流程與新租戶一起了解他們的預算、他們的批准和設計的演變。所以我們對此有很好的看法。

Appreciate that. And if I can squeeze one more in what's your appetite for QSR that was the dominant kind of type that you acquired during the quarter and you brought your percentage ABR up from 1% to 2%. So it, what, what's your thought on this segment going forward? I is there a level of exposure that you're targeting over the, intermediate term, let's say?

非常感謝。如果我可以再多問一點，您對 QSR 的興趣如何？ QSR 是您在本季度收購的主要類型，您將 ABR 百分比從 1% 提高到了 2%。那麼，您對這一部分的未來有何看法？就中期而言，您是否有設定曝光度目標？

Yes, no, defined, obviously it's gone from 1% to 2%, so still a very small part of our portfolio.

是的，不是，顯然它已經從 1% 上升到了 2%，所以仍然只占我們投資組合的一小部分。

We don't necessarily have a defined basket for that sector. What I would point out though is, again, we're sort of 18-ish months into looking at the sector, starting to develop relationships in the sector, and we're pleased that we're starting to make inroads and we're starting to have that direct type of transaction in that sector and the conversations to generate more opportunities and generate.

我們不一定針對該產業有明確的投資組合。不過我想指出的是，我們花了大約 18 個月的時間關注這個行業，開始在這個行業發展關係，我們很高興我們開始取得進展，開始在這個行業進行直接交易，並進行對話以創造更多機會。

Potential investments for Getty to bring onto our balance sheet that increase our exposure there, bring us new tenants and other diversification. So I think it's the natural evolution of how we get into a sector and how we can grow our exposure there. We've done it in in Car Wash. We did it in all service and now QSR being the newest sector. So, again, I think this progress that we're making is a good thing, and still represents a pretty small percent of our portfolio.

蓋蒂的潛在投資可以納入我們的資產負債表，從而增加我們在當地的曝光度，為我們帶來新的租戶和其他多樣化。所以我認為這是我們如何進入某個行業以及如何在該行業擴大影響力的自然演變。我們在洗車場已經這樣做了。我們在所有服務領域都做到了這一點，現在 QSR 是最新的領域。因此，我再次認為，我們所取得的進展是一件好事，但它仍然只占我們投資組合中很小的一部分。

Thank you very much. Good luck in the 2nd quarter.

非常感謝。祝第二季好運。

Okay.

好的。

Michael Gorman with BTIG.

BTIG 的 Michael Gorman。

Yes, thanks. Good morning. Just one quick one for me on Zips.

是的，謝謝。早安.關於 Zips，我只想簡單說一句。

Brian, I appreciate the color that the outcome is well within the range for guidance. I'm curious if we step back, how does the outcome compare to how you think about these assets when you underwrite the new investments, right, Chris, you mentioned first credit event since, I think, 2011.

布萊恩，我很欣賞顏色，結果完全在指導範圍內。我很好奇，如果我們退一步來看，當你承銷新投資時，結果與你對這些資產的看法相比如何，對吧，克里斯，你提到了自 2011 年以來第一次信貸事件。

Obviously the car wash is a new business line since that time. So when you think about underwriting new car wash investments and the potential risk there, how does the recovery from this credit event compare to how you think about recovery in an underwriting scenario, and has that led to any changes about how you're thinking about it for new investments going forward?

顯然，從那時起，洗車就成為一項新的業務。因此，當您考慮承保新的洗車投資及其潛在風險時，這次信用事件的恢復情況與您對承保情境中的恢復情況的看法有何不同？這是否導致您對未來新投資的看法改變？

Yes, I think as we, this is Chris, sorry, I'll start and then I'll let Mark and Brian fill in what I missed here, but I think as we underwrite, we're always looking at alternative scenarios, whether it be re-tenanting, whether it be is there a higher and better use or an alternate use for a site. It sort of starts with the markets we invest in, the positioning of the assets whether it's on a corner or just off the corner. It's one of the reasons that we focus on all that in our disclosure.

是的，我認為，這是克里斯，抱歉，我先開始，然後讓馬克和布萊恩填補我在這裡遺漏的內容，但我認為，當我們承保時，我們總是在尋找替代方案，無論是重新租賃，還是有更高更好的用途或場地的替代用途。它始於我們投資的市場，資產的定位，無論是在角落還是在角落附近。這是我們在披露中重點關注這些問題的原因之一。

As we think about retaining sites, which we've done in the see store sector, right, we're always saying, okay, who's the highest and best user for that location.

當我們考慮保留網站時（我們在商店領域已經這樣做了），我們總是在問，好吧，誰是該位置最高、最好的用戶。

In this particular scenario, given where that portfolio is settled in, I think the rents that we recut on these are appropriate. They give the tenant the ability to grow that that top line in the business and to be a profitable set of properties in our portfolio. I think each scenario is a little different right in terms of what the ultimate recovery is, but given that the 11 of the 12 are going to remain car washes in our portfolio, I think the new rents that we are sustainable. Also, it may.

在這種特殊情況下，考慮到投資組合的現狀，我認為我們降低這些投資組合的租金是合適的。它們使租戶能夠增加業務收入，並成為我們投資組合中一組獲利的資產。我認為就最終的復甦而言，每種情況都略有不同，但考慮到 12 家公司中的 11 家仍將保留在我們的投資組合中，我認為我們的新租金是可持續的。也有可能。

You want to look at possibly as a validation of the underwriting process where they're going to continue as operating car washes. So for the intended use that we acquired for, they'll continue in that in that sector.

您可能希望將其視為承保流程的驗證，他們將繼續經營洗車業務。因此，對於我們收購的預期用途，他們將繼續在該領域繼續使用。

You can look at the profile of the incoming tenant, the value that they that they viewed in those properties, but I guess the answer to the direct question it doesn't give us any pause on how we underwrite properties we haven't deviated. We continue to stress test that on a, recurring basis and refine our model, our proprietary underwriting. Value model, but no, it didn't give us any cause for concern in how we look at future opportunities.

您可以查看即將入住的租戶的資料，以及他們對這些房產的價值的看法，但我想，對於這個直接問題的答案並沒有讓我們對如何承保我們沒有偏離的房產有任何猶豫。我們將繼續定期進行壓力測試，並完善我們的模型和專有承保。價值模型，但是，它並沒有讓我們對如何看待未來的機會感到擔憂。

Yes, I'll just have one more thing and kind of building up what Mark said is we're always evaluating and re-evaluating, how we underwrite and certainly from 2019. Through the last 5-6 years that we've been in the sector, whether it's been as cost of new development have gone up or as new competition has come into the market, we're always, as I said, assessing and reassessing our model. We do underwrite car washes to a higher coverage level today than we did 56 years ago, but that wasn't as a result of zips.

是的，我還有一件事，馬克說的是，我們一直在評估和重新評估我們的核保方式，當然從 2019 年開始。在我們進入該行業的過去 5-6 年裡，無論是新開發成本上漲還是新競爭對手進入市場，正如我所說，我們總是在評估和重新評估我們的模式。與 56 年前相比，我們現在承保的洗車保險範圍確實有所提高，但這並不是郵遞區號的結果。

I think that's the key takeaway, right? We're always looking to refine. And improve, how we look at properties. So that has been happening even before the Zip's event and then I think, yes, to Mark's point, it arguably validates, how we've approached this and, that doesn't give us any pause in terms of that approach going forward.

我認為這是關鍵點，對嗎？我們一直在尋求改進。並改進我們看待屬性的方式。所以這在 Zip 活動之前就已經發生了，然後我想，是的，對於馬克的觀點，它可以說證實了我們如何處理這個問題，而且這並沒有讓我們在未來的處理方式上有任何停頓。

Okay, and then maybe just one follow up.

好的，然後可能只需要跟進一次。

When you think about the sites that are staying in the portfolio but not going to zips, were those offered to zips at the reduced rent that the new tenants are taking them, or was there a choice there to reduce exposure to zips and find new operators, even if zips would have kept the sites at the lower rent?

當您考慮那些保留在投資組合中但不會轉交給 zips 的站點時，這些站點是否會以新租戶所接受的降低租金提供給 zips，或者是否有選擇減少對 zips 的曝光並尋找新的運營商，即使 zips 會以較低的租金保留這些站點？

I think it's a holistic negotiation. I wouldn't necessarily think of it as a direct offer. Don't forget that the starting point from their initial filing, Zips had rejected 7 of the 12 and had indicated that they would stay in 5. So that was sort of the starting point. And from that we got to a situation where they were able to stay in or potentially as we're laying it out, stay in 6 and then 5 got released and 1 would be sold.

我認為這是一次整體談判。我不一定會認為這是一個直接的提議。不要忘記，從最初提交申請開始，Zips 就拒絕了 12 個申請中的 7 個，並表示將保留 5 個。這就是一個起點。從此，我們得到了這樣一種情況：他們可以留在原地，或者像我們規劃的那樣，留在 6 處，然後 5 處被釋放，1 處被出售。

So, I wouldn't think of it as a, one or the other and kind of playing them off each other. The team went out and talked to, several operators and brought in, a variety of different offers for lease for. A for acquisition and disposition from our perspective, some willing to put in capital, others looking for capital.

所以，我不會認為這是其中之一，也不會認為它們是互相對立的。團隊出去與幾家運營商進行了交談，並帶來了各種不同的租賃報價。從我們的角度來看，A 代表收購和處置，有些人願意投入資本，有些人則尋求資本。

So there was, I would say there was good interest in the sites and where we are looking to and what we've articulated, it was just a sort of good blended outcome, good aggregate outcome, across the 12 sites that, we thought that we identified the right. Either, counterparty in the case of the different leases or in the one case, the sale for the for the 12 property portfolio.

所以，我想說，人們對這些地點很感興趣，而且我們也在關注這些地點，我們已經表達了什麼，這只是一種良好的混合結果，良好的總體結果，在 12 個地點中，我們認為我們確定了正確的結果。無論是不同租賃情況下的交易對手，或是 12 處房產組合的銷售情況。

Great thanks for the time guys.

非常感謝大家抽空。

Thank you. There are no further questions at this time. I'd like to pass the call back over to Christopher for any closing remarks.

謝謝。目前沒有其他問題。我想將電話轉回給克里斯托弗，讓他做最後的總結演講。

Great. Thank you, operator. And thanks everybody for being on the call this morning and for your interest in the company, and we look forward to getting back on with everybody in July when we report our 2nd quarter results.

偉大的。謝謝您，接線生。感謝大家今天早上的電話會議以及對公司的關注，我們期待在 7 月報告第二季業績時與大家再次通話。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。