Getty Realty Corp (GTY) 2025 Q3 法說會逐字稿

Good morning, and welcome to Getty Realty's 3Q '25 earnings call. This call is being recorded. (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-GAAP financial measures. Please go ahead, Mr. Dicker.

早安，歡迎參加蓋蒂地產2025年第三季財報電話會議。本次通話正在錄音。（操作員說明）在電話會議開始之前，公司執行副總裁、總法律顧問兼秘書 Joshua Dicker 將宣讀一份安全港聲明，並提供有關非 GAAP 財務指標的資訊。請繼續，迪克先生。

Thank you, operator. I would like to thank everyone for joining us for Getty Realty's Third Quarter Earnings Conference Call. Yesterday afternoon, the company released its financial and operating results for the quarter ended September 30, 2025. The Form 8-K and our earnings release are available in the Investor Relations section of our website at gettyrealty.com. Certain statements made during this call are not based on historical information and may constitute forward-looking statements.

謝謝接線生。感謝各位參加蓋蒂地產第三季財報電話會議。昨天下午，該公司公佈了截至 2025 年 9 月 30 日的季度財務和營運業績。8-K 表格和我們的獲利報告可在我們網站 gettyrealty.com 的「投資者關係」欄位中查閱。本次電話會議中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 to 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，但會受到趨勢、事件和不確定性的影響，這些因素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對 2025 年的指導意見，也可能包括管理層發表的聲明，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聲明。

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's annual report on Form 10-K for the year ended December 31, 2024, as well as our subsequent filings 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. You should not place undue reliance on forward-looking statements which reflect our view only as of today.

我們提醒您，此類聲明反映了我們基於目前已知因素的最佳判斷，實際事件或結果可能與此有重大差異。有關可能導致實際結果與今天所作任何前瞻性聲明中明示或暗示的結果存在重大差異的風險和其他因素的更詳細討論，請參閱公司截至 2024 年 12 月 31 日的 10-K 表格年度報告，以及我們隨後向美國證券交易委員會提交的文件。您不應過度依賴前瞻性陳述，這些陳述僅反映我們截至今天的觀點。

The company undertakes no duty to update any forward-looking statements that may be made during this call. 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.

本公司不承擔更新本次電話會議中可能作出的任何前瞻性陳述的義務。另外，請參閱我們的獲利報告，以了解我們對非GAAP財務指標的使用情況，包括我們對調整後營運資金（AFFO）的定義，以及我們將這些指標與淨收益進行調節的情況。

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

接下來，我將把電話交給我們的執行長克里斯托弗·康斯坦特。

Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the third quarter of 2025. Joining us on the call today are Mark Olear, our Chief Operating Officer; and Brian Dickman, our Chief Financial Officer. I will lead off today's call by highlighting our quarterly financial results, tenant performance and recent investment activity. Mark will then discuss our portfolio investments, and Brian will provide additional details on our earnings, balance sheet and the increase in our 2025 AFFO per share guidance.

謝謝你，喬許。各位早安，歡迎參加我們2025年第三季財報電話會議。今天參加電話會議的有我們的營運長馬克·奧利爾和財務長布萊恩·迪克曼。今天，我將首先重點介紹我們的季度財務業績、租戶表現和近期投資活動。接下來，Mark 將討論我們的投資組合，Brian 將提供有關我們收益、資產負債表以及 2025 年調整後每股 AFFO 預期上調的更多細節。

Getty had another productive quarter, resulting in more than 10% year-over-year growth in our annualized base rent and a 5.1% increase in our quarterly AFFO per share. This performance was supported by the continued health of our in-place portfolio of convenience and automotive retail properties, which is essentially fully occupied and producing both durable rental income and stable rent coverage. For the trailing 12 months, rent coverage for our tenants that report site level financials was consistent at 2.6x. This reflects steady performance from our convenience store portfolio and a third consecutive quarter of increased rent coverage from our Express tunnel car wash assets. The latter is being driven by the maturation of new-to-industry sites and our operators' continued focus on profitability.

Getty 又迎來了一個豐收的季度，其年度基本租金年增超過 10%，季度調整後營運資金每股成長 5.1%。這一業績得益於我們現有便利商店和汽車零售物業組合的持續良好表現，這些物業基本上全部出租，並產生了穩定的租金收入和租金覆蓋率。過去12個月，已提交門市財務報告的租戶的租金覆蓋率穩定在2.6倍。這反映了我們便利商店組合的穩定表現，以及Express隧道式洗車資產連續第三個季度租金覆蓋率的成長。後者的驅動因素是行業新站點的成熟以及我們的運營商對盈利能力的持續關注。

Turning to our growth initiatives. We are pleased with our year-to-date investment activity and the platform's ability to source relationship-based sale leasebacks at accretive investment spreads. Notably, year-to-date highlights include investing more than $235 million, which exceeds our full year activity in 2024, expanding the breadth of our investment activity, in particular, by gaining traction in the drive-thru QSR segment, where we have acquired more than 25 properties across multiple transactions.

接下來談談我們的成長計劃。我們對今年迄今為止的投資活動以及該平台以增值投資價差獲取基於關係的售後回租的能力感到滿意。值得注意的是，今年迄今的亮點包括投資超過 2.35 億美元，超過了我們 2024 年全年的投資額，擴大了我們的投資活動範圍，尤其是在得來速快餐領域取得了進展，我們透過多筆交易收購了 25 多家門市。

We've also diversified our tenant base by transacting with 10 new tenants in 2025, and we continue to backfill our committed investment pipeline, which currently stands at more than $75 million under contract and can be funded without having to raise additional capital. In early October, we announced a $100 million 12-unit sale-leaseback transaction in the Houston market with regional community store operator now and forever.

我們也透過在 2025 年與 10 位新租戶達成交易，實現了租戶基礎的多元化，並且我們繼續填補​​已承諾的投資項目儲備，目前已簽訂合約的投資額超過 7500 萬美元，無需籌集額外資金即可完成。10 月初，我們宣布與一家區域社區商店營運商 Now and Forever 在休士頓市場達成一項價值 1 億美元的 12 單元售後回租交易。

This transaction is representative of how our platform capitalizes on our knowledge of the convenience store sector to identify established growth-oriented operators and enter into long-term unitary net leases that provide strong reliable returns. Now & Forever is a privately owned regional community store chain with a cohesive network of sites located in densely populated Houston submarkets. Houston, as an aside, is a unique market, which is largely dominated by regional convenience store operators who have established best-in-class locations.

這項交易體現了我們的平台如何利用我們對便利商店產業的了解，識別成熟的、以成長為導向的營運商，並簽訂長期統一淨租賃協議，從而獲得強勁可靠的回報。Now & Forever 是一家私人的區域社區連鎖商店，在休士頓人口稠密的次級市場擁有緊密的門市網路。順便一提，休士頓是一個獨特的市場，它主要由區域便利商店營運商主導，這些業者已經建立了業內一流的門市。

While there are some national players, none have established a significant presence or a major share of the market. As part of this transaction, we worked with Now & Forever to select a portfolio of approximately half of their locations. These stores average more than 8,500 square feet and include substantial food offerings, many featuring drive-through food and beverage windows.

雖然有一些全國性企業，但沒有一家企業建立起顯著的市場地位或佔據較大的市場份額。作為交易的一部分，我們與 Now & Forever 合作，選擇了他們大約一半的門市作為投資組合。這些商店平均面積超過 8500 平方英尺，提供豐富的食品，許多商店還設有免下車食品和飲料窗口。

The Now & Forever portfolio also includes a large-format convenience store also referred to as a travel center. As we've mentioned previously, certain of our tenants have been exploring these large-format stores that have all the consumer-facing attributes that we value, including a large selection of grocery and household items, multiple fresh and prepared food offerings, branded QSRs, large coffee and beverage presentations seating inside the store and drive-through lanes and also generate additional visits and income from commercial drivers and the services they use.

Now & Forever 旗下品牌還包括一家大型便利商店，也稱為旅行中心。正如我們之前提到的，我們的一些租戶一直在探索這些大型門市，這些門市具備我們所重視的所有面向消費者的屬性，包括種類繁多的雜貨和家居用品、多種新鮮和預製食品、品牌快餐店、大型咖啡和飲料展示區、店內座位和免下車通道，並且還能從商業司機及其使用的服務中帶來額外的客流量和收入。

We've evaluated several travel center opportunities in 2025 and including the Now & Forever property, have acquired three assets year-to-date at an average purchase price of $11 million at yields consistent with our overall investment activity. We continue to enhance our knowledge of this growing subsector of the convenience store space while cultivating relationships with operators to partner with on future transactions.

我們已經評估了 2025 年的幾個旅行中心機會，包括 Now & Forever 物業在內，今年迄今已收購了三項資產，平均購買價格為 1,100 萬美元，收益率與我們的整體投資活動一致。我們不斷加深對便利商店這一新興細分領域的了解，同時與營運商建立聯繫，以便在未來的交易中開展合作。

We expect to selectively add travel centers that meet our underwriting criteria to the portfolio going forward. In general, our acquisitions team continues to do an excellent job of identifying new investment opportunities that fit our portfolio and strategy. We have effectively broadened our investable universe while maintaining the distinctive advantages of our platform, including our broad network of operators, thorough underwriting process and unmatched knowledge of the convenience and automotive retail sectors.

未來，我們將有選擇地把符合我們承保標準的旅行中心納入投資組合。總的來說，我們的收購團隊在尋找符合我們投資組合和策略的新投資機會方面一直做得非常出色。我們有效地擴大了投資範圍，同時保持了我們平台的獨特優勢，包括我們廣泛的運營商網絡、完善的承保流程以及對便利商店和汽車零售行業的無與倫比的知識。

As we think about the current state of our business, we continue to be excited about the platform we've been building here at Getty over the last several years. We've evolved significantly from our days as a Northeast gas station REIT by expanding our investment thesis, adding resources to our investment team, improving our access to capital and demonstrating that we can consistently deliver strong financial results while maintaining an investment-grade credit profile. And we've achieved this during a period of market disruption, uncertainty and volatility in both the transaction and capital markets.

當我們思考公司目前的業務狀況時，我們仍然對過去幾年在 Getty 打造的平台感到興奮。我們與當初作為東北地區一家加油站 REIT 時相比，已經發生了巨大的變化。我們擴大了投資理念，增加了投資團隊的資源，改善了獲取資本的管道，並證明我們能夠在維持投資等級信用狀況的同時，持續取得強勁的財務表現。而且，我們是在交易市場和資本市場都處於動盪、不確定和波動狀態的時期取得這一成就的。

Looking ahead, we remain focused on acquiring well-located convenience and automotive retail properties leased to growing regional and national operators and leveraging our underwriting expertise, real estate selection and lease structuring capabilities to support our investment decisions and mitigate credit risks. Finally, I am pleased that our Board approved an increase of 3.2% in our recurring quarterly dividend to $0.485 per share. This represents the 12th straight year we've grown the dividend alongside our earnings.

展望未來，我們將繼續專注於收購位置優越、租賃給不斷發展的區域和全國性營運商的便利商店和汽車零售物業，並利用我們的承銷專業知識、房地產選擇和租賃結構能力來支持我們的投資決策並降低信用風險。最後，我很高興董事會批准將季度經常性股息提高 3.2%，至每股 0.485 美元。這標誌著我們連續第12年實現了股息與獲利同步成長。

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

接下來，我將讓馬克來介紹我們的投資組合和投資活動。

Thank you, Chris. At quarter end, our leased portfolio included 1,156 net lease properties and two active redevelopment sites. Excluding the active redevelopments, occupancy was 99.8% and our weighted average lease term was 9.9 years. Our portfolio spans 44 states plus Washington, DC, with 61% of our annualized base rent coming from the top 50 MSAs and 77% coming from the top 100 MSAs. We received site level financial reporting from tenants representing 73% of our ABR and have additional visibility into 21.5% of ABR that is derived from publicly reporting companies.

謝謝你，克里斯。截至季末，我們的租賃物業組合包括 1,156 個淨租賃物業和兩個正在進行的重建項目。除正在進行的重建項目外，入住率為 99.8%，加權平均租賃期限為 9.9 年。我們的投資組合涵蓋 44 個州以及華盛頓特區，其中 61% 的年度基本租金來自前 50 個大都會統計區，77% 來自前 100 個大都會統計區。我們收到了占我們 ABR 73% 的租戶的現場財務報告，並且對來自公開報告公司的 21.5% 的 ABR 有了額外的了解。

For rents, our rents for sites where we received site level reporting continue to be well covered with a trailing 12-month tenant rent coverage ratio of 2.6x. Turning to our investment activities for the quarter. We invested $56.3 million at an initial cash yield of 8%. The weighted average lease term on acquired assets for the quarter was 18.2 years. Highlights of this quarter's investments include the acquisition of 15 drive-thru QSRs for $18.4 million, five convenience stores for $19.4 million and two express tunnel car washes for $11.1 million.

就租金而言，我們已收到站點層級報告的站點的租金覆蓋率仍然良好，過去 12 個月的租戶租金覆蓋率為 2.6 倍。接下來談談我們本季的投資活動。我們投資了 5,630 萬美元，初始現金收益率為 8%。本季度收購資產的加權平均租賃期限為 18.2 年。本季投資的亮點包括以 1,840 萬美元收購 15 家得來速快餐店，以 1,940 萬美元收購 5 家便利商店，以及以 1,110 萬美元收購 2 家快速隧道洗車場。

We also advanced incremental development funding in the amount of $4.5 million for the construction of two auto service centers and three express tunnel car washes. These assets are either already owned by the company and are under construction or will be acquired via sale-leaseback transactions at the end of the project's respective construction periods.

我們也預先撥付了 450 萬美元的增量開發資金，用於建造兩個汽車服務中心和三個快速隧道洗車場。這些資產要么是公司已經擁有並正在建設中的，要么將在項目各自的建設期結束時通過售後回租交易獲得。

Subsequent to quarter end, we invested an additional $103.4 million, including the 12-site now travel sale leaseback transaction that Chris discussed, bringing our year-to-date total investment $236.8 million at a 7.9% initial cash yield. Beyond our disclosed pipeline of more than $75 million of investments under contract, the majority of which we expect to fund over the next 9 to 12 months and average initial cash yields in the high 7% area, we continue to source opportunities that are priced at accretive spreads and will be added to our portfolio as we look to further scale and diversify our business.

季度末之後，我們又追加投資了 1.034 億美元，其中包括 Chris 提到的 12 個地點的售後回租交易，使我們今年迄今為止的總投資額達到 2.368 億美元，初始現金收益率為 7.9%。除了我們已揭露的超過 7500 萬美元的已簽約投資項目（其中大部分預計將在未來 9 至 12 個月內完成融資，平均初始現金收益率在 7% 以上）之外，我們將繼續尋找定價具有增值潛力的投資機會，並將這些機會添加到我們的投資組合中，以進一步擴大和多元化我們的業務。

Moving to our redevelopment platform. During the third quarter, rent commenced on one redevelopment property located in the Philadelphia metro area that is now leased to a Take 5 Oil franchisee. We invested $1.2 million in this project and expect to generate a return on invested capital of 11.6%. At quarter end, we had three signed leases for new-to-industry oil change locations, one of which is currently under construction and additional projects in various stages in our pipeline.

遷移至我們的重建平台。第三季度，位於費城都會區的一處重建房產開始收取租金，該房產現已出租給 Take 5 Oil 的加盟商。我們在這個項目上投資了 120 萬美元，預計投資回報率為 11.6%。截至季末，我們已簽署了三份行業新換油點的租賃協議，其中一家目前正在建設中，此外，我們還有其他項目處於不同的發展階段。

Continuing with our asset management efforts. During the quarter, we sold one property for gross proceeds of $1.8 million. And year-to-date, we have sold 6 properties for gross proceeds of $5.5 million.

我們將繼續推進資產管理工作。本季度，我們出售了一處房產，總收益為 180 萬美元。今年迄今為止，我們已售出 6 處房產，總收益達 550 萬美元。

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

接下來，我將把電話交給布萊恩。

Thanks, Mark. Good morning, everyone. Yesterday, we reported AFFO per share of $0.62 for Q3 2025, an increase of 5.1% over Q3 2024. For the nine months ended September 30, AFFO per share was $1.80, an increase of 3.5% compared to the prior year period. A more detailed description of our quarterly and year-to-date results can be found in last night's earnings release, and our corporate presentation contains additional information regarding Getty's strong earnings and dividend per share growth over the last several years.

謝謝你，馬克。各位早安。昨天，我們公佈了 2025 年第三季的調整後營運資金 (AFFO) 每股為 0.62 美元，比 2024 年第三季成長 5.1%。截至 9 月 30 日的九個月，每股調整後營運資金為 1.80 美元，比去年同期成長 3.5%。有關我們季度和年初至今業績的更詳細說明，請參閱昨晚發布的收益報告；我們的公司簡報包含有關 Getty 在過去幾年中強勁的盈利和每股股息增長的更多信息。

Looking at G&A expenses, management focuses on the ratio of G&A, excluding stock-based compensation and nonrecurring retirement costs to cash rental and interest income. That ratio was 8.8% for the quarter ended September 30, a 30 basis point improvement over the prior year period and 9.7% for the nine months ended September 30, a 10 basis point improvement over 2024. For the full year 2025, we expect to see an improvement over full year 2024 and anticipate this ratio will improve further as we benefit from continuing to scale the company.

從一般及行政費用來看，管理階層關注的是一般及行政費用（不包括股票選擇權費用及非經常性退休成本）與現金租金及利息收入的比率。截至 9 月 30 日的季度，該比率為 8.8%，比上年同期改善了 30 個基點；截至 9 月 30 日的九個月，該比率為 9.7%，比 2024 年改善了 10 個基點。我們預計 2025 年全年業績將比 2024 年全年有所改善，並預計隨著公司規模的不斷擴大，這一比例將進一步提高。

Moving to the balance sheet and liquidity. At quarter end, net debt-to-EBITDA was 5.1x or 4.6x, taking into account unsettled forward equity. We continue to target leverage of 4.5 to 5.5x net debt to EBITDA and are well positioned to maintain these levels going forward. Fixed charge coverage for the quarter was 3.8x.

接下來分析資產負債表和流動性。季度末，淨負債與 EBITDA 比率為 5.1 倍，若計入未結算的遠選擇權益，則為 4.6 倍。我們將繼續把淨債務與 EBITDA 的槓桿率目標設定在 4.5 至 5.5 倍，並且我們有能力在未來保持這些水準。本季固定費用覆蓋率為 3.8 倍。

As of September 30, the company's weighted average debt maturity was 4.8 years, and the weighted average cost of our debt was 4.5%. As a result of our financing activity earlier this year, we have no debt maturities until 2028. During the third quarter, we settled approximately 1.2 million shares of common stock subject to forward sale agreements for net proceeds of $32.5 million and entered into new forward sale agreements to sell approximately 1 million shares of common stock for anticipated gross proceeds of $29 million. At quarter end, we had approximately 3.7 million shares of common stock subject to forward sale agreements, which upon settlement are anticipated to raise gross proceeds of $113 million.

截至 9 月 30 日，公司加權平均債務到期期限為 4.8 年，加權平均債務成本為 4.5%。由於我們今年早些時候的融資活動，我們在 2028 年之前沒有任何債務到期。第三季度，我們結算了約 120 萬股普通股，這些普通股受遠期銷售協議約束，淨收益為 3,250 萬美元；同時，我們簽訂了新的遠期銷售協議，出售約 100 萬股普通股，預計總收益為 2,900 萬美元。截至季末，我們有約 370 萬股普通股根據遠期銷售協議出售，預計結算後將籌集 1.13 億美元的總收益。

We continue to be in a strong capital position with more than $375 million of total liquidity at quarter end, including unsettled forward equity, availability on our revolver and cash on the balance sheet. We have capacity to fund our committed investment pipeline and incremental investment activity as we head into next year. We also remain focused on balancing the return of capital to our shareholders through our growing dividend and retaining free cash flow to support continued growth and long-term value creation. With respect to our earnings outlook, as a result of year-to-date investment activity, we are increasing our full year 2025 AFFO per share guidance to a range of $2.42 to $2.43 from the prior guidance of $2.40 to $2.41.

我們繼續保持強勁的資本實力，截至季度末，總流動資金超過 3.75 億美元，其中包括未結算的遠期權益、循環信貸額度和資產負債表上的現金。我們有能力為已承諾的投資項目和明年新增的投資活動提供資金。我們將繼續致力於透過不斷增長的股息向股東返還資本，同時保持自由現金流，以支持持續成長和長期價值創造。鑑於今年迄今的投資活動，我們對2025年全年每股調整後營運資金（AFFO）的預期從先前的2.40美元至2.41美元上調至2.42美元至2.43美元。

As a reminder, our outlook includes completed transaction activity at 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 sale agreements. Primary factors impacting our 2025 guidance include variability with respect to certain operating expenses, certain transaction-related costs and the timing of our anticipated demolition costs for redevelopment projects, which run through property costs on our P&L.

提醒各位，我們的展望包括截至獲利發布之日已完成的交易活動，但不包括對任何未來收購、處置或資本市場活動（包括未決遠期銷售協議的結算）的假設。影響我們 2025 年業績指引的主要因素包括某些營運費用、某些交易相關成本以及我們預期的重建項目拆除成本的時間安排，這些成本計入我們損益表中的物業成本。

With that, and with a moment for some of the background noise to clear, we will ask the operator to open the call for questions.

接下來，稍等片刻，待背景噪音散去，我們將請接線生開啟問答環節。

(Operator Instructions) Danelle Behan, Bank of America.

（操作員說明）丹妮爾·比漢，美國銀行。

15 out of 24 acquisitions were drive through QSRs. Could you provide your thoughts around the business as it relates to the health of middle to lower end consumer?

24 家收購企業中有 15 家是得來速快餐店。您能否談談您對該行業與中低端消費者健康之間關係的看法？

Yes. So we've been gaining momentum in the quick service restaurant as evidenced by the number of properties acquired over this last quarter. We have broadened our reach into that industry, developed a lot of relationships. We feel that the quick service restaurant concept is right in with the -- some of the macroeconomic pressures across the country, the price points that they offer, the quality of food, the convenience factor that we like and the automotive experience kind of all just fit our model. And we're going to continue to press hard to grow that as part of our efforts to diversify the portfolio.

是的。因此，從上個季度收購的物業數量來看，我們在快餐服務領域取得了長足發展。我們擴大了在該行業的業務範圍，並建立了許多合作關係。我們認為快餐店的概念非常契合——全國的一些宏觀經濟壓力、他們提供的價格點、食物的品質、我們喜歡的便利性以及汽車體驗，所有這些都與我們的模式非常契合。我們將繼續努力擴大這一規模，以此作為我們實現投資組合多元化努力的一部分。

And then just separately, can we get more color behind the 3Q environmental expense adjustments? Should we expect additional adjustments going forward?

另外，能否單獨提供更多關於第三季環境費用調整的資訊？我們是否應該預期未來還會出現其他調整？

It's Brian. For those that may remember, about three years ago, I think in 2022, we had similar activity at a much larger magnitude. I think it ended up being $23 million, $24 million, $25 million. But effectively, what's happened there is we determined that whatever risk we may have previously had available for environmental contamination at some of our legacy sites that, that risk has been alleviated and that falls squarely on our tenants at this point.

是布萊恩。或許有些人還記得，大約三年前，也就是 2022 年，我們曾經歷過類似但規模更大的活動。我想最終金額應該是 2300 萬美元、2400 萬美元或 2500 萬美元。但實際上，我們已經確定，我們之前在某些遺留場地可能存在的環境污染風險已經減輕，而現在，這種風險完全由我們的租戶承擔。

And so as a result, we removed certain reserves that we had on the balance sheet around those environmental potential unknown environmental liabilities. And that's really the story behind those and very similar with activity we've had over the last couple of years.

因此，我們取消了資產負債表上圍繞這些潛在的未知環境負債而設立的某些儲備金。這就是這些背後的故事，與我們過去幾年的活動非常相似。

Mitch Germain, Citizens JMP.

米奇‧傑曼，市民聯合行動小組。

When -- how long does the engagement with now and forever, how long did that begin? And then basically the process ending with an acquisition? Is it a several year process to learn about their business and talk about the merits of your financing options?

這種與「現在與永遠」的連結究竟持續了多久？這種聯繫是從什麼時候開始的？然後，整個過程最終以收購告終？了解他們的業務並討論你的融資方案的優點是否需要數年時間？

Yes. I think each transaction, the time line can be a little bit different. If you recall the last year, we spent some time down in Houston and did another portfolio transaction down there. So we spent actually a lot of time in that market. So we've got to know them as an operator.

是的。我認為每筆交易的時間軸都會略有不同。如果你還記得去年的話，我們當時在休士頓待了一段時間，並在那裡完成了另一項投資組合交易。所以我們在那個市場花了很多時間。所以我們必須了解他們作為運營商的情況。

And this particular transaction, I think, was probably less than six months start to finish. But again, we've had certain opportunities, Mitch, just to be honest with you, where it's been years of getting to know somebody and underwriting potential deals, and we finally get one done and others that can be maybe faster like than now and forever team. So it really is a range.

我認為這筆交易從開始到結束可能不到六個月。但說實話，米奇，我們也遇到過一些機會，例如我們花了數年時間去了解某人並評估潛在的交易，最終完成了一筆交易，而其他一些交易可能比現在和永遠的團隊更快完成。所以它確實是一個範圍。

Great. That's helpful. And then maybe, Brian, if you could talk about for the back part of the year, obviously, you've got this $100 million transaction, another $75 million behind that. Maybe -- and I know you've got liquidity, but maybe discuss the funding plan in terms of maybe for 4Q and then as you approach growing that pipeline into 2026?

偉大的。那很有幫助。然後，布萊恩，如果你能談談今年下半年的情況，顯然，你完成了一筆 1 億美元的交易，之後還有另一筆 7500 萬美元的交易。也許——我知道你們有流動資金，但或許可以討論一下第四季度的融資計劃，然後隨著你們逐步擴大項目規模，到 2026 年再討論？

Yes, absolutely. I mean you hit on the major sources there, Mitch. In the immediate term, as we do each quarter, we're typically funding investment activity on the line and then settling forward equity towards the end of the quarter to manage leverage and revolver availability. That's the same process and cadence we follow every quarter, so that won't be any different here. And then as you pointed out, we have additional equity beyond that.

是的，絕對的。我的意思是，米奇，你抓住了重點。短期內，我們通常會像每季一樣，為投資活動提供資金，然後在季度末結算遠期股權，以控制槓桿和循環信貸額度。我們每季都遵循相同的流程和節奏，所以這次也不會有什麼不同。正如你所指出的，除此之外，我們還有其他權益。

We have capacity on the revolver. We are generating more free cash flow each year as we continue to grow the platform and expand the company. And looking into certainly the early part of next year, looking into our pipeline, looking into the timing of when we think capital needs to be deployed, we feel very well positioned. And we'll assess additional capital sources as the pipeline further materializes and we time passes as we move into next year.

我們有左輪手槍的庫存。隨著平台不斷發展壯大和公司規模不斷擴大，我們每年產生的自由現金流也不斷增加。展望明年年初，審視我們的專案儲備，以及我們認為何時需要部署資金，我們感到自己已經做好了充分的準備。隨著專案線的進一步改進和時間的推移，以及我們邁入明年，我們將評估其他資金來源。

Rob Stevenson, Janney Montgomery Scott.

羅布·史蒂文森，珍妮·蒙哥馬利·斯科特。

Just to follow up on Mitch's question. Brian, no near-term debt maturities, but if you do more deals and want to move some debt off the line, what's your best source of debt today? And where is that pricing versus the line?

我來補充一下米奇的問題。Brian，近期沒有債務到期，但如果你進行更多交易並想擺脫一些債務，你目前最好的債務來源是什麼？定價與該價位線之間的差距在哪裡？

Yes. It's a great question, Rob, because I think it is reasonable to assume, given the constructive debt markets that there may be an opportunity to term out some of that revolver balance. As a reminder, $150 million of that is fixed at 6.1%, the balance close with the line. We've been very active in the private placement market for well over 10 years. some great relationships there.

是的。羅布，這是一個很好的問題，因為考慮到當前建設性的債務市場，我認為可以合理地假設，或許有機會將部分循環信貸餘額到期償還。提醒一下，其中 1.5 億美元固定利率為 6.1%，其餘部分則以該利率結算。我們在私募市場已經活躍了十多年，建立了一些非常好的關係。

So that would be the likely route. I would put forth that right now, on a new 10-year, we're probably in the high 5s all in, given where treasuries are and where spreads are. So call that 5.9% area, plus or minus is where we see new tenure today.

所以這很可能是一條途徑。我認為，就目前而言，考慮到國債的現狀和利差，我們可能在新的 10 年期公債殖利率上處於 5% 以上。所以，我們把這個 5.9% 的區域（上下浮動）稱為我們今天看到的新任期範圍。

Okay. And then, Chris, the Board has been increasing the annual dividend by about $0.02 a share since late 2019. This year, they decided to do $0.015. Can you talk about the thought process they went through here to retain more cash internally? And arguably, the dividend yield was already high enough, how you guys sort of went through that process on the evaluation of the dividend this year?

好的。克里斯，自 2019 年底以來，董事會一直在將年度股息提高約 0.02 美元/股。今年，他們決定將每股價格定為 0.015 美元。您能談談他們為了保留更多內部現金而採取的這個決策過程嗎？而且可以說，股息殖利率已經夠高了，你們今年是如何評估股利的呢？

Sure. Yes. I think it's representative of the Board's view that retaining capital to help us grow and scale the business is critical right now. And we're cognizant of the fact that we've grown earnings and the dividend should follow that. But again, if we look to grow at scale, that's an attractive cost for us to be able to redeploy that capital.

當然。是的。我認為這代表了董事會的觀點，即目前保留資金以幫助我們發展壯大業務至關重要。我們意識到公司獲利成長，股息也應該隨之成長。但話說回來，如果我們想要大規模發展，重新部署這些資本的成本對我們來說就很有吸引力了。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Would you like to provide some details on how you're able to source the Now & Forever acquisition? And how do you plan to source even more of some of these travel center transactions in the future?

您能否詳細說明一下您是如何獲得 Now & Forever 收購權的？那麼，未來您打算如何獲得更多這類旅行中心交易的機會呢？

Yes. I'll take maybe the first part, Mark, you can talk about travel center. But again, I think very similar to how we've grown in other markets over the years, Upal. Yes, we did a couple of transactions down in the Texas market at the end of last year in Q4. We are constantly trying to establish new relationships and build on our network, particularly in the C-store space.

是的。我來負責第一部分吧，馬克，你可以談談旅行中心。但我覺得這和我們這些年來在其他市場的發展方式非常相似，Upal。是的，我們在去年第四季末在德州市場進行了幾筆交易。我們一直在努力建立新的關係並擴展我們的網絡，尤其是在便利商店領域。

It is -- it's a large market, I'd say, just given the breadth of the Houston market, there's -- these sites happen to be in the western and southern areas of Houston. So they didn't really overlap with the deals we did last year, but really just relationship building. We're down there driving the market and got to know the Now & Forever management team and are happy to get that deal done. You can touch on travel center.

的確，這是一個很大的市場，就休士頓市場的廣度而言，這些地點恰好位於休士頓的西部和南部地區。所以它們與我們去年達成的交易並沒有真正的重疊，而只是建立關係而已。我們深入當地市場，並結識了 Now & Forever 的管理團隊，很高興能達成這筆交易。您可以聯絡旅行中心。

Yes. As far as continue to source travel centers, there's a number of opportunities. One is many of our current relationships and tenants that operate traditional convenience stores are branching out into the travel center sector and exploring ways to grow their business. So we have that had a built-in relationship to kind of grow that relationship.

是的。至於繼續尋找旅行中心方面，有很多機會。一方面，我們目前許多經營傳統便利商店的合作夥伴和租戶正在向旅行中心領域拓展業務，探索發展業務的途徑。所以我們已經建立了一種內在的關係，可以發展這種關係。

Secondly, there's the old fashioned business development, the trade shows, dedicated brokerage networks, deal advisers that are dedicated to the space.

其次，還有傳統的業務拓展方式，例如貿易展覽會、專門的經紀網絡以及專注於該領域的交易顧問。

And lastly, what I'd say is there's about 5,000 in -- what we call in our profile travel centers in United States. The top three operators own about 30% of those units. So it's still a very highly fragmented industry, which typically is good for sale leaseback or those type of aggregators and consolidators use sale leaseback to help grow that business. We're making a lot of great inroads with those consolidators. We've got great early returns from kind of expanding our strategy early this year, putting a few deals in the close category. So we think there's a lot of opportunity for us to be active in that space.

最後，我想說的是，在美國，我們稱之為旅行中心的地方大約有 5,000 個。排名前三的業者擁有其中約 30% 的股份。因此，這仍然是一個高度分散的行業，這通常有利於售後回租，或者這類聚合商和整合商利用售後回租來幫助發展業務。我們與這些整合商的合作取得了很大進展。今年年初，我們擴大了戰略規模，並取得了不錯的早期回報，一些交易已經接近完成。所以我們認為，在這個領域有很多我們可以積極參與的機會。

Okay. Great. That was helpful. And then, Brian, maybe you could provide us with an update on the bad debt so far this year and what you currently have baked into your updated guidance?

好的。偉大的。那很有幫助。那麼，布萊恩，或許你可以向我們介紹今年迄今為止的壞帳情況，以及你目前在更新後的指導方針中納入了哪些內容？

Yes, absolutely. As you can see from the collections and I guess, the lack of any other commentary beyond the Zips situation from the first quarter, which we had fully resolved by the end of the second quarter. There has been no rent collection issues this year. In terms of what's in that number, it's the typical kind of 15 basis points or so that we roll through down the quarterly number there. So that's really just math, but nothing specific and nothing has risen to any level of concern since Zips earlier this year.

是的，絕對的。從這些收錄資料可以看出，除了第一季的 Zips 事件之外，我們沒有其他評論，而 Zips 事件我們在第二季末已經徹底解決了。今年沒有出現任何租金收取問題。至於這個數字具體包含什麼，那就是我們通常會在季度數據中向下滾動的 15 個基點左右。所以這其實只是數學問題，沒有什麼具體情況，自今年早些時候的 Zips 事件以來，也沒有任何事情引起人們的擔憂。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Sticking with the tenant health, are you seeing any more an uptick in request to substitute assets in your master leases?

繼續關注租戶健康狀況，您是否注意到主租賃合約中要求替換資產的請求增加？

Well, the short answer is not at this time, Wes. We do have a few larger unitary leases that are set to expire in '27. Each of those has different notice periods. Probably a little too early for us to assess or comment on the specifics there. But again, those are profitable leases. And I'd say we expect the vast majority of those properties to remain on our portfolio for the long term.

嗯，簡而言之，目前還不行，韋斯。我們有一些較大的單元租賃合約將於 2027 年到期。它們各自的通知期都不一樣。現在對具體細節進行評估或評論可能還為時過早。但話說回來，這些都是有利可圖的租賃合約。而且我認為，我們預計這些房產中的絕大多數將長期保留在我們的投資組合中。

Okay. And then when you look to go to like a new segment like the larger format centers, are you comfortable taking that exposure up to 5%, 10% of the portfolio? Or do you have a sort of governor in the first few years where you want to just monitor what you buy?

好的。那麼，當您考慮進入像大型購物中心這樣的新領域時，您是否願意將投資組合的 5% 或 10% 的風險敞口承擔？或者，在最初幾年裡，你是否採取某種控制措施，只專注於你的購買情況？

Yes. And I think I said we bought three of these are slightly larger purchase prices than maybe a typical 5,000 square foot C-stores for us. We really view this as an extension of the C-store space, particularly as some of our tenants that we know really well are getting into them.

是的。我想我說過，我們買的三家這樣的商店，採購價格可能比我們典型的 5000 平方英尺的便利商店要高一些。我們認為這確實是便利商店空間的延伸，尤其是一些我們非常熟悉的租戶也開始進駐其中。

I think we'll -- we're getting ourselves a lot smarter on some of the dynamics on the commercial side as opposed to the consumer that we feel very comfortable with. I don't think we've established a specific target at this point in time, but I think there is a bit of a learning curve before we would significantly expand the portfolio, the concentration in our portfolio.

我認為我們會——我們會在商業方面的一些動態方面變得更加聰明，而不是像我們之前那樣只專注於消費者。我認為我們目前還沒有設定具體的目標，但我認為在我們大幅擴大投資組合、提高投資組合的集中度之前，還需要經歷一個學習的過程。

Brad Heffern, RBC.

Brad Heffern，RBC。

On the travel centers, can you talk about maybe how the underwriting is different there? I would think a traditional small format store is a little easier to re-tenant than a large one with branded food and beverage, but they probably cover better as well. I guess, is that right? Or is there anything else that you would call out about the differences in the risk profile?

關於旅行中心，您能否談談那裡的核保方式有何不同？我認為傳統的小店比大型品牌食品飲料店更容易重新招租，但它們的覆蓋範圍可能也更廣。我想是這樣吧？或者，關於風險狀況的差異，您還有其他需要指出的地方嗎？

Yes, it's Mark. So certainly, as you said, the land component of the overall value of these centers is a little smaller in relationship to the total investment than we would have in a traditional C-store. That said, though, we're developing the model underwriting as we learn more and more about these businesses to be specifically a total value approach to any acquisition. But with the risk mitigants that you highlighted there on the travel centers, these tend to be anywhere from two to four acres upwards of 10 acres versus the one to two acres we have been acquiring. The store size is anywhere from 2 to 3x the size.

是的，是馬克。所以，正如你所說，這些中心的總價值中土地部分相對於總投資而言，確實比傳統便利商店要小一些。不過，即便如此，隨著我們對這些企業的了解越來越多，我們正在開發一種模型承銷方式，以專門針對任何收購採取總價值方法。但是，正如您在旅行中心所強調的那樣，採取風險緩解措施後，這些旅行中心的面積通常為 2 到 4 英畝，甚至超過 10 英畝，而我們一直以來收購的面積只有 1 到 2 英畝。店舖面積通常是原面積的 2 到 3 倍。

But that said, the breadth of the services that these operations offer. And again, think of it less about being just a stop for the professional driver. These operations attract the recreational driver, families on vacations, commuters.

但即便如此，這些機構提供的服務範圍仍十分廣泛。再次強調，不要只把它看作是職業車手的一個停靠站。這些營運項目吸引了休閒駕駛者、度假家庭和通勤者。

So the investments we'll make will be with operators that offer goods and services to all of us, not only the typical retail customer, but the professional driver. They're going to be more focused about maybe on the fringes of the MSAs because they need to leverage the high traffic count of the interstate system, so less around internal or community type centers. But yes, I think all of that being considered, -- we are -- we have developed and we'll continue to perfect our underwriting model for a total value approach to get comfortable with the higher value per unit investments.

因此，我們將投資於那些為我們所有人提供商品和服務的營運商，而不僅僅是普通的零售客戶，還包括專業司機。他們可能會更關注大都會統計區的邊緣地帶，因為他們需要利用州際公路系統的高車流量，所以較少關注內部或社區類型的中心。但是，是的，我認為考慮到所有這些因素，我們已經開發並將繼續完善我們的核保模型，以採用總價值方法，從而適應更高的單位價值投資。

Okay. Got it. And then, Brian, can you walk through the puts and takes on the new guide? Obviously, you have a lot of deal activity that probably wasn't in the old guide, but it's also pretty late in the year for that to move AFFO much. So just wondering if there was anything else that contributed.

好的。知道了。那麼，布萊恩，你能詳細介紹一下新指南中的推桿和擊球點嗎？顯然，有許多交易活動可能沒有出現在先前的指南中，但現在距離年底也已經很晚了，這些交易不太可能對調整後營運資金 (AFFO) 產生太大影響。所以我想知道是否有其他因素導致了這種情況。

No. I mean I think you hit it, right? We're still a relatively small company, small denominator, $100 million deal at the beginning of a quarter that wouldn't have been in our prior guidance, right? That alone could actually have that kind of impact even in only a quarter, just given the relative sizing. We also had a fairly active third quarter overall.

不。我的意思是，我覺得你擊中了要害，對吧？我們仍然是一家規模相對較小的公司，分母也較小，本季初達成的這筆 1 億美元的交易並不在我們之前的預期之內，對吧？僅憑這一點，即使只持續一個季度，考慮到相對規模，也可能產生這樣的影響。整體而言，我們第三季也相當活躍。

So I think if you look there's probably upwards of $140 million plus or minus of acquisition activity that's in this guidance that wouldn't have been in our guidance one quarter ago. That's the big driver. And then obviously, just crystallizing any expenses, right, that had estimates around them, had ranges around them coming in at the mid or lower end of what those estimates have been. But really acquisition activity driving earnings growth given the magnitude of it relative to the size of the whole.

所以我認為，如果你仔細觀察，會發現本次業績指引中包含的收購活動金額可能高達 1.4 億美元左右，而這在上個季度的業績指引中是不會出現的。這是主要驅動因素。然後很顯然，就是把所有費用都確定下來，對吧？那些之前有估算值或估算範圍的費用，最終實際費用都在估算值的中下限。但考慮到併購活動相對於整體規模的巨大影響，它才是真正推動獲利成長的因素。

(Operator Instructions) Michael Goldsmith, UBS.

（操作說明）麥可‧戈德史密斯，瑞銀集團。

First, just given the moderating tenure in the last couple of weeks, is that impacting the cap rate discussion in any way? And do you think there's been enough of a move that it may shake some sellers loose and want to come to the table to deal?

首先，鑑於過去幾週的緩和局勢，這是否對資本化率的討論產生了任何影響？你認為目前的情況是否已經夠好，足以促使一些賣家放下戒心，願意坐下來談判？

We haven't seen a big move in cap rates, I'd say, over the last several quarters. And my initial reaction, Michael, is that this move is a little too quick to say it's going to have a Q4 impact on cap rates. I think, a longer-term shift. And you're correct, you may start to see some different asks.

我認為，在過去的幾個季度裡，資本化率並沒有大幅波動。邁克爾，我的第一個反應是，現在就斷言這項舉措會對第四季度資本化率產生影響還為時過早。我認為，這是一種長期的轉變。你說得對，你可能會開始看到一些不同的要求。

Got it. And then another question we had is just how do you think about transacting in volume versus acquisition cap rates and just trying to think about the trade-offs between how much -- how accretive a deal is versus kind of the volume of transaction activity that you're completing?

知道了。我們提出的另一個問題是，您如何看待交易量與收購資本化率之間的關係，以及如何權衡交易的增值程度與您正在完成的交易活動量之間的關係？

Yes. I'd say our mandate has always been about selecting the right assets for this portfolio in the sectors that we like. I don't think I would categorize Getty as a volume shop. And to the extent that we do close more volume, we're certainly looking to grow and scale the business, but it's got to be transactions that are priced accretively for Getty. So I think we'll continue to be focused on the sectors that we like on the sale leasebacks where we can drive a little bit of incremental price, and you'll continue to see us deploy capital in around the same range that we indicated for our pipeline and that should produce future earnings growth.

是的。我認為我們的使命始終是在我們所看好的產業中，為這個投資組合選擇合適的資產。我不認為 Getty 屬於批量生產型企業。如果交易量增加，我們當然希望發展壯大業務，但這必須是能夠為 Getty 帶來增值收益的交易。所以我認為我們將繼續專注於我們看好的售後回租領域，在這些領域我們可以推動價格略微上漲，你們將會看到我們繼續在與我們為項目儲備所指明的範圍大致相同的範圍內部署資本，這應該會帶來未來的盈利增長。

And maybe one more for me. We've gotten this far we haven't talked too much about Car Wash, which I presume is a good thing. But can you just talk -- I think in the prepared remarks, you talked a little bit about some of the newer car washes and they've kind of stabilized as they've ramped up. So maybe you can provide a little bit more color about what you're seeing in the car wash industry more recently.

也許我還能再來一個。到目前為止，我們還沒有過多地談論洗車這件事，我想這應該是一件好事。但您能談談嗎——我想在您準備好的發言稿中，您稍微談到了一些較新的洗車場，隨著它們的規模擴大，情況已經趨於穩定。所以，您能否更詳細地介紹一下您最近在洗車產業看到的現象？

Yes, sure. We feel good about the increase in rent coverage in Car Wash this quarter. Many of the sites that we've acquired were new builds, which requires a ramping period, right, to get up to what we'll call a stabilized level of profitability. We generally underwrote those on a three-year basis where we say it would take the operator three years to get to a fully mature site. And what we've seen to date is they're kind of trending ahead of schedule as they reach stabilization.

當然可以。我們對本季洗車業務租金覆蓋率的成長感到滿意。我們收購的許多網站都是新建的，這需要一個過渡期，才能達到我們所說的穩定獲利水準。我們通常以三年為期限承保這些項目，我們認為營運商需要三年時間才能使網站完全成熟。到目前為止，我們看到的情況是，它們正朝著穩定狀態發展，而且發展趨勢似乎比預期更快。

But to the extent these assets continue to come online, we're always going to be monitoring the trend, right, in terms of whether it's visits, memberships and how much time it's taking them to stabilize. But again, for the last several quarters, what we've seen is a very healthy ramp for those new builds that are coming online. And obviously, that's good for our portfolio, and it's great for the health of our tenant as well.

但隨著這些資產繼續上線，我們將持續關注其發展趨勢，例如訪問量、會員數量以及它們需要多長時間才能穩定下來。但同樣地，在過去的幾個季度裡，我們看到的是新建項目上線後的成長勢頭非常強勁。顯然，這對我們的投資組合有好處，對我們的租戶的健康發展也很有好處。

And Michael, I'll just add one thing or perhaps clarify. The operators project 3-year stabilization period. As Chris just said, we underwrite a 3-year stabilization period, but we do put them in our reporting after 12 months. And so to some degree, the car washes can act depending on the particular point in time as a little bit of a drag on coverage. But what we've seen over the last three quarters, in particular, and that's what we're really emphasizing is as these car washes have been ramping up, as they've been stabilizing, many of them not at that 3-year period yet.

邁克爾，我只想補充一點，或澄清一下。營運商預計穩定期為3年。正如克里斯剛才所說，我們承諾 3 年的穩定期，但我們將在 12 個月後將其納入我們的報告中。因此，在某種程度上，洗車可能會在某些特定時間對覆蓋率產生輕微的拖累作用。但我們特別在過去三個季度看到的，也是我們真正強調的是，隨著這些洗車店的規模擴大和業務趨於穩定，其中許多洗車店還沒有達到 3 年的營運週期。

right, you're starting to see that impact in a more material way to the point where the car wash side of the business is actually covering greater than the C-store side of the business, although it is a much smaller weight on the whole. So even as we go forward and we continue to bring more properties into the coverage calculation into the presentation that we put out there, you'll continue to see that dynamic. If there's things that are open a year that are on the lower end, that will come into coverage that way. We'll disclose that as it comes in. But the expectation even for those assets to the extent there are any, is that as they move into year 2 and 3 and beyond, that it will match the performance we've been seeing from the other facilities and closer to where we're underwriting them.

沒錯，你開始看到這種影響以更實質的方式顯現出來，以至於洗車業務實際上比便利商店業務佔比更大，儘管它在整個業務中所佔的比重要小得多。因此，即使我們繼續前進，不斷將更多房產納入覆蓋率計算，並納入我們發布的簡報中，您仍會看到這種動態變化。如果有些項目每年開放，但規模較小，那麼這些項目也會被納入通報範圍。我們會隨時公佈相關資訊。但即便對於這些資產（如果有的話），我們預期的是，隨著它們進入第 2 年、第 3 年及以後，其表現將與我們從其他設施中看到的表現相匹配，並更接近我們為它們承保的水平。

I'm showing no further questions at this time. I would now like to hand the call back over to Christopher Constant for closing remarks.

我目前沒有其他問題要問。現在我謹將電話交還給克里斯多福·康斯坦特，請他作總結發言。

Great. Thank you, operator. I just want to thank everybody for joining us this morning, and we look forward to speaking with everybody when we get on the phone in February and report our fourth quarter and full year earnings for 2025.

偉大的。謝謝接線生。我只想感謝今天早上各位的到來，我們期待在二月與大家電話會議時，向大家報告我們 2025 年第四季和全年的收益情況。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。您可以在此時斷開線路。祝您今天餘下的時間愉快。