NNN REIT Inc (NNN) 2024 Q3 法說會逐字稿

Greetings.

問候。

Welcome to the NNN REIT third quarter 2024, earnings call.

歡迎參加 NNN REIT 2024 年第三季財報電話會議。

(Operator Instructions) Please note, this conference is being recorded.

（操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to your host, Steve Horn, Chief Executive Officer.

現在我將會議交給東道主執行長史蒂夫·霍恩 (Steve Horn)。

You may begin.

你可以開始了。

Hey, thanks, Holly.

嘿，謝謝，霍莉。

Good morning, everyone.

大家早安。

Welcome to NNN's third quarter 2024 earnings call.

歡迎參加 NNN 2024 年第三季財報電話會議。

I'm joined today by our Chief Financial Officer, Kevin Habicht.

今天我們的財務長 Kevin Habicht 也加入了我的行列。

This year, NNN has delivered consistent performance, driven by active portfolio management and strategic acquisitions with our relationships, what we call our NNN mode, that sets us apart and delivers our external growth.

今年，在積極的投資組合管理和策略性收購以及我們的關係（我們稱之為 NNN 模式）的推動下，NNN 實現了穩定的業績，這使我們與眾不同並實現了外部成長。

Given our year-to-date results, we are tightening our 2024, core FFO per share guidance to a range of $3.28 to $3.32. Additionally, we are now in position to exceed our original acquisition buying guidance, so we are raising the midpoint by 22% to $550 million.

鑑於我們今年迄今的業績，我們將 2024 年核心 FFO 每股指引收緊至 3.28 美元至 3.32 美元的範圍。此外，我們現在預計將超越最初的收購購買指導，因此我們將中點提高 22% 至 5.5 億美元。

This increase showcases the strength of our pipeline and our execution ability.

這一增長展示了我們的管道實力和執行能力。

On the capital markets front, we raised approximately $175 million through the ATM program this quarter.

在資本市場方面，本季我們透過 ATM 計畫籌集了約 1.75 億美元。

It's actually our largest quarter since the fall of 2019.

這實際上是自 2019 年秋季以來我們最大的季度。

The discipline of being selective while deploying capital and opportunistic raising capital over the long duration has NNN in great shape through a volatile economic periods.

長期有選擇地部署資本和機會主義籌集資本的紀律，使 NNN 在經濟動盪時期保持良好狀態。

In times like today's macroeconomic conditions, NNN's discipline of maintaining a solid balance sheet, reasonable acquisition buying does put NNN in a place to execute the remaining deal flow of 2024, but more importantly, to execute 2025, with limited, if any, needs to access to capital markets.

在當今的宏觀經濟條件下，NNN 保持穩健的資產負債表和合理收購的紀律確實使NNN 能夠執行2024 年剩餘的交易流，但更重要的是，執行2025 年的交易所需的資金（如果有的話）也是有限的進入資本市場。

At the end of the quarter, we had nothing drawn on our $1.2 billion line of credit and nearly $175 million of cash after completing $350 million of volume through the first nine months.

截至本季末，在前 9 個月完成了 3.5 億美元的交易量後，我們的 12 億美元信貸額度和近 1.75 億美元現金都沒有動用。

Add in NNN's industry-leading free cash flow as a percentage of acquisition volume to the already high liquidity position, we are ready to capitalize on deals when the right opportunities present.

再加上 NNN 業界領先的自由現金流佔收購量的百分比，加上已經很高的流動性狀況，我們已準備好在合適的機會出現時利用交易。

Shifting the highlights to the third quarter financial results.

焦點轉向第三季財務業績。

Our portfolio of 3,549 freestanding single-tenant properties continue to perform well with 10 years of term, maintained high occupancy levels of 99.3%, which remains above our long-term average of 98% plus or minus a fraction and only 24 vacant assets.

我們的3,549 個獨立式單租戶物業組合在10 年的期限內繼續表現良好，保持著99.3% 的高入住率，仍然高於我們98% 加減一小部分的長期平均水平，並且只有24個空置資產。

A few tenants have been in the press recently, and it's the same ones we've been having to mention time and time again: Big Lots, Conn's HomePlus and Frisch's Big Boy.

最近有一些租戶出現在媒體上，我們必須一次又一次提到這些租戶：Big Lot、Conn's HomePlus 和 Frisch's Big Boy。

NNN is working diligently to resolve the challenges.

NNN 正在努力解決這些挑戰。

But with regard to Frisch's and Conn's, I feel good about the real estate because of the upfront underwriting and small fungible boxes with reasonable rents, specifically the restaurants with drive-through windows.

但對於弗里施和康涅狄格州的房地產，我對這裡的房地產感覺很好，因為它們有預先承保和租金合理的可替代小盒子，特別是帶有免下車窗口的餐廳。

We have received a fair amount of inbound calls inquiring about the real estate.

我們收到了大量詢問房地產的來電。

And at this time, it appears Big Lots will continue to operate all three we own.

此時，Big Lot 似乎將繼續經營我們擁有的所有三個項目。

Kevin will provide more detail about the watch list later.

凱文稍後將提供有關觀察名單的更多詳細資訊。

Turning to acquisitions.

轉向收購。

During the quarter, we invested $113 million in eight new properties at an initial cash cap rate of 7.6%.

本季度，我們以 7.6% 的初始現金上限投資 1.13 億美元購買了 8 個新房產。

If we actually included the rent increases over the term of the lease, it would result in a 9.27% long-term projected yield and with an average lease duration of 18.4 years, and that's the result of the sale-leaseback transactions.

如果我們實際上將租賃期間的租金上漲計算在內，則長期預期收益率將為 9.27%，平均租賃期限為 18.4 年，這是售後回租交易的結果。

The first nine months, we have invested roughly $350 million in 44 properties at a cash cap rate of 7.8%, which is about 60 basis points wider than the comparable period of 2023.

前九個月，我們向 44 處房產投資了約 3.5 億美元，現金上限率為 7.8%，比 2023 年同期高出約 60 個基點。

And 16 of the 28 closings were under $5 million, which proves NNN's belief that smaller deals still move the needle for NNN shareholders.

28 筆交易中有 16 筆交易金額低於 500 萬美元，證明了 NNN 的信念：規模較小的交易仍能為 NNN 股東帶來推動力。

As we move through the year, CAP rates seemed, for the most part, to be stabilizing.

隨著這一年的推移，CAP 率似乎在很大程度上趨於穩定。

I don't see any material move either way as we head into the fourth quarter and as well as the deals we're pricing for the first quarter of 2025.

隨著我們進入第四季度，以及我們為 2025 年第一季定價的交易，我認為任何重大變化都不會發生。

I'm expecting deal volume to tick up for the fourth quarter, and it does feel like the market opportunities are better today than they were six months ago.

我預計第四季度的交易量將會增加，而且確實感覺今天的市場機會比六個月前更好。

During the quarter, we also sold 9 properties, which included five vacant, raising $20 million of proceeds at a 4.4% CAP rate, and we've been reinvesting at 7.6%.

本季度，我們還出售了 9 處房產，其中包括 5 處空置房產，以 4.4% 的 CAP 利率籌集了 2000 萬美元的收益，並且我們一直以 7.6% 的利率進行再投資。

So it's a good spread.

所以這是一個很好的傳播。

Year-to-date, we've now raised approximately $105 million of proceeds from the sale of 29, which included eight vacants at an overall blended 7.0% cap rate.

今年迄今為止，我們已透過出售 29 處房產（其中包括 8 處空置房產）籌集了約 1.05 億美元的收益，總體混合上限率為 7.0%。

The mission is always to re-lease the vacancy, but we'll continue to sell non-performing assets if we don't see a clear path to generate rental income in a reasonable time frame.

我們的使命始終是重新出租空置，但如果我們看不到在合理的時間範圍內產生租金收入的明確途徑，我們將繼續出售不良資產。

Our balance sheet is still one of the strongest in the sector.

我們的資產負債表仍然是該行業最強勁的之一。

Our credit facility has plenty of capacity, as I mentioned earlier with no balance outstanding.

正如我之前提到的，我們的信貸額度有足夠的能力，沒有未償餘額。

More importantly, our next debt maturity isn't until the fourth quarter of 2025, and we maintain an industry-best 12.3-year weighted debt maturity.

更重要的是，我們的下一個債務到期日要到 2025 年第四季度，並且我們保持行業最佳的 12.3 年加權債務到期日。

NNN is well positioned to fund our remaining 2024, acquisition guidance and beyond.

NNN 處於有利地位，可以為我們剩餘的 2024 年、收購指導及以後的時間提供資金。

With that, let me turn the call over to Kevin for more color and detail on the quarterly numbers and updated guidance.

接下來，讓我將電話轉給凱文，以了解有關季度數據和更新指導的更多資訊和細節。

Thanks, Steve.

謝謝，史蒂夫。

As usual, I'll begin with a note that we will make certain statements that may be considered to be forward-looking statements under federal securities law.

像往常一樣，我首先要指出的是，我們將做出某些根據聯邦證券法可能被視為前瞻性聲明的聲明。

The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we may not release revisions to these forward-looking statements to reflect changes after the statements were made.

本公司未來的實際業績可能與這些前瞻性聲明中討論的事項存在顯著差異，我們可能不會發布對這些前瞻性聲明的修訂以反映聲明發布後的變化。

Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the company's filings with the SEC and in this morning's press release.

該公司向美國證券交易委員會提交的文件和今天上午的新聞稿中不時更詳細地披露了可能導致實際結果與預期存在重大差異的因素和風險。

Okay.

好的。

With that, headlines from this morning's press release report quarterly core FFO results of $0.84 per share for the third quarter of 2024.

因此，今天上午新聞稿的頭條新聞報導了 2024 年第三季核心 FFO 季度業績為每股 0.84 美元。

That is up $0.03 or 3.7% over year-ago results of $0.81 per share.

與去年同期每股 0.81 美元的業績相比，上漲了 0.03 美元，即 3.7%。

The AFFO results were $0.84 per share for the third quarter, which is $0.02 or 2.4% higher than year-ago results.

AFFO 第三季業績為每股 0.84 美元，比去年同期成長 0.02 美元，或 2.4%。

Third quarter results did include $3.9 million of lease termination fee income, which is relatively high for us, and that compares with $385,000 for the third quarter of 2023.

第三季業績確實包括 390 萬美元的租賃終止費用收入，這對我們來說相對較高，而 2023 年第三季的收入為 385,000 美元。

And as you may recall, we reported above-average lease termination fee income in the first two quarters of this year as well.

您可能還記得，我們​​今年前兩季的租賃終止費收入也高於平均水準。

So we are reporting $10.2 million of lease termination fee income for the first nine months of 2024, and that compares with $2.4 million for the first nine months of 2023.

因此，我們報告 2024 年前 9 個月的租賃終止費收入為 1,020 萬美元，而 2023 年前 9 個月的租賃終止費收入為 240 萬美元。

If you look back over the last five years, we've averaged annual lease termination fee income of about $3 million.

如果你回顧過去五年，我們平均每年的租約終止費收入約為 300 萬美元。

So this year is running well above normal.

因此，今年的運行情況遠高於正常水平。

But even without that incremental income overall, a good quarter and in line with our expectations.

但即使沒有整體營收增量，這個季度也不錯，符合我們的預期。

Occupancy was 99.3% at quarter end, that was flat with the prior quarter.

截至季末，入住率為 99.3%，與上一季持平。

G&A expense was $11.2 million for the quarter and represents 5.1% of revenues for the quarter and 5.5% of revenues for the first nine months, again, which is in line with our expectations and guidance.

本季的一般管理費用為 1,120 萬美元，佔本季收入的 5.1%，佔前 9 個月收入的 5.5%，符合我們的預期和指導。

As a percentage of NOI, net operating income, G&A was 5.3% and 5.7% for the quarter and nine months, respectively.

本季和九個月的 G&A 佔 NOI、淨營業收入和 G&A 的百分比分別為 5.3% 和 5.7%。

As I noted on our last call, I think this is a valuable metric as you think about a net lease company versus all the other REITs across the other property sectors.

正如我在上次電話會議中指出的那樣，當您考慮淨租賃公司與其他房地產行業的所有其他房地產投資信託基金時，我認為這是一個有價值的指標。

It puts us all on a level playing field and then highlights the efficiency of the net lease format, which accrues to the benefit of share -- net lease shareholder returns.

它讓我們所有人處於一個公平的競爭環境中，然後強調了淨租賃格式的效率，這會帶來份額的好處——淨租賃股東回報。

Our AFFO dividend payout ratio for the first nine months of 2024 was 67.4%, and that resulted in approximately $151 million of free cash flow for the nine months, and that's after the payment of all expenses and all dividends.

我們 2024 年前 9 個月的 AFFO 股息支付率為 67.4%，這導致這 9 個月的自由現金流約為 1.51 億美元，這是在支付所有費用和所有股息之後。

And incorporating the increased third quarter dividend rate, we currently anticipate this free cash flow amount coming in at approximately $193 million for the full year of 2024.

考慮到第三季的股息率提高，我們目前預計 2024 年全年的自由現金流量約為 1.93 億美元。

We ended the quarter with $851 million of annual base rent in place for all leases as of September 30, 2024.

截至本季末，截至 2024 年 9 月 30 日，所有租賃的年基本租金為 8.51 億美元。

And so that would take into account all acquisitions and dispositions completed during the quarter.

因此，這將考慮到本季完成的所有收購和處置。

We did affirm our 2024, guidance but did tighten the top and bottom of the range by $0.01, leaving the midpoint unchanged.

我們確實確認了 2024 年指導，但確實將區間的頂部和底部收緊了 0.01 美元，中點保持不變。

So the new core FFO guidance is now $3.28 to $3.32 per share.

因此，新的核心 FFO 指引現在為每股 3.28 美元至 3.32 美元。

And a similar revision was made to AFFO guidance, which now stands at $3.31 to $3.35 per share.

AFFO 指導方針也進行了類似的修訂，目前為每股 3.31 美元至 3.35 美元。

As Steve mentioned, yeah, a quick update on a couple of tenants that are having credit challenges, both of which we've talked about for a few quarters now.

正如史蒂夫所提到的，是的，快速更新幾個面臨信用挑戰的租戶的情況，我們已經討論了幾個季度了。

Badcock Furniture was previously owned by a company named FRG and Badcock was sold with the FRG guarantee in place to Conn's HomePlus who filed for bankruptcy in July.

Badcock Furniture 之前由一家名為 FRG 的公司擁有，Badcock 在 FRG 擔保的情況下出售給 Conn's HomePlus，該公司於 7 月申請破產。

So we own 32 Badcock Furniture stores, representing 0.6% of our annual base rent, which translates to about $5.2 million in annual base rent.

因此，我們擁有 32 家 Badcock Furniture 店，占我們年基本租金的 0.6%，相當於年基本租金約 520 萬美元。

We are operating in an assumption that we'll get these properties back.

我們的運作假設是我們將收回這些財產。

But precisely when is unknown as it's still working its way through the bankruptcy process.

但具體時間尚不清楚，因為該公司仍在破產程序中。

We will pursue the FRG guarantee of these leases, but we do recognize FRG may have its own credit challenges.

我們將尋求 FRG 對這些租賃的擔保，但我們確實認識到 FRG 可能面臨其自身的信用挑戰。

The second tenant of note is Frisch's, and Frisch's is a Midwest Big boy hamburger concept that has been around for several decades.

第二個值得注意的租戶是 Frisch's，Frisch's 是中西部大男孩漢堡概念，已經存在了幾十年。

They only paid us half rent owed in the third quarter; half the rent owed in the third quarter.

他們只支付了我們第三季所欠租金的一半；第三季所欠租金的一半。

So we own 64 Frisch's properties at quarter end, representing 1.5% of annual base rent, and that translates to $12.6 million.

因此，截至季末，我們擁有 Frisch 的 64 處房產，佔年基本租金的 1.5%，相當於 1,260 萬美元。

While I don't want to get too detailed in the plans here due to various claims we're pursuing to protect our interest in this regard, we did want to provide some information on these situations.

雖然由於我們正在尋求保護我們在這方面的利益的各種主張，所以我不想在此計劃中透露太多細節，但我們確實想提供有關這些情況的一些資訊。

Both of these tenants are on cash basis accounting, so we are only recording what we actually collect.

這兩位租戶均採用收付實現制會計，因此我們僅記錄我們實際收取的金額。

Over the years, our guidance has generally assumed 100 basis points of rent loss in any given period, but these two tenant issues could push us over that level, obviously, in the fourth quarter.

多年來，我們的指引通常假設任何特定時期的租金損失為 100 個基點，但這兩個租戶問題顯然可能會在第四季度推動我們超過這一水平。

We should get some incremental clarity on these two situations in the fourth quarter, which we think will allow us to better estimate the outcomes when we provide our 2025, guidance in February.

我們應該在第四季度進一步澄清這兩種情況，我們認為這將使我們能夠在 2 月提供 2025 年指引時更好地估計結果。

These kinds of tenant credit events are historically a normal part of our business.

從歷史上看，此類租戶信用事件是我們業務的正常組成部分。

The way we think about it as, as long as our rents are not too far from market rent, we don't lose too much sleep.

我們的想法是，只要我們的租金與市場租金相不遠，我們就不會失去太多睡眠。

If we get properties back, there may be some timing gap in the income production, whether we decide to sell, re-lease or redevelop the properties.

如果我們收回房產，無論我們決定出售、重新出租或重新開發房產，收入產生可能會存在一些時間差距。

But in the long run, which is our perspective, our experience suggests that any loss rent will likely be a manageable headwind.

但從長遠來看，我們的經驗表明，任何租金損失都可能是可控的阻力。

Long time followers of NNN know our position.

NNN 的長期追隨者知道我們的立場。

Real estate leased at reasonable rents win the race in our opinion, and that -- which allows us to deal with whatever tenant credit problems might come our way.

我們認為，以合理租金租賃的房地產贏得了這場競爭，這使我們能夠處理可能出現的任何租戶信用問題。

Despite these challenges, like I said, we were able to affirm the earnings guidance that we increased in the second quarter.

儘管有這些挑戰，正如我所說，我們還是能夠確認第二季增加的獲利指引。

With that, I'll switch over to the balance sheet.

這樣，我將轉向資產負債表。

So yeah, as Steve alluded to, after 18 months of very little equity issuance when our stock was in the high 30s, low 40s, we did sell some equity in the third quarter at an average price, a touch over $47 per share, generating net proceeds of $178.9 million.

所以，是的，正如史蒂夫所提到的，在我們的股票在30 多美元、40 多美元的低點上的18 個月裡，我們的股票發行量非常少，我們確實在第三季度以平均價格（每股略高於47 美元）出售了一些股票，產生了淨收益為 1.789 億美元。

Coincidentally, we ended the quarter with that amount of cash on our balance sheet and no amounts outstanding on our $1.2 million -- $1.2 billion bank line.

巧合的是，本季結束時，我們的資產負債表上有這麼多現金，而且 120 萬至 12 億美元的銀行額度沒有未償還金額。

So we're in very good leverage and liquidity position as we finish 2024 and roll into 2025.

因此，在 2024 年結束並進入 2025 年時，我們的槓桿率和流動性狀況非常好。

We don't have any debt due until November 2025, and our weighted average debt maturity stands at 12.3 years at quarter end.

我們在 2025 年 11 月之前沒有任何到期債務，季度末我們的加權平均債務期限為 12.3 年。

Maintaining our light capital market footprint, we funded 74% of our $350 million of year-to-date acquisitions with free cash flow of $151 million and $106 million of property disposition proceeds.

我們在資本市場上保持了較少的足跡，為今年迄今 3.5 億美元收購中的 74% 提供了資金，其中自由現金流為 1.51 億美元，財產處置收益為 1.06 億美元。

For the full year, based on the midpoint of our acquisition and disposition guidance, we should fund approximately 57% of 2024, acquisitions with free cash flow and property disposition proceeds.

對於全年，根據我們收購和處置指導的中點，我們應該為 2024 年約 57% 的資金提供資金，利用自由現金流和財產處置收益進行收購。

A couple of leverage metrics.

幾個槓桿指標。

Net debt to gross book assets at quarter end was 39.6%.

季末淨債務佔帳面總資產的比例為 39.6%。

Net debt to EBITDA was 5.2 times, -- 5.2, at September 30.

截至 9 月 30 日，EBITDA 淨負債為 5.2 倍，即 5.2 倍。

Interest coverage and fixed charge coverage was 4.2 times for the third quarter.

第三季利息保障倍數和固定費用保障倍數為4.2倍。

And as a reminder, yes, none of our properties are encumbered by mortgages.

提醒一下，是的，我們的房產都沒有抵押貸款。

So in closing, I -- we remain focused on working to appropriately allocate capital, which us means ensuring we're getting what we believe are sufficient returns on equity while controlling the risk through property underwriting and maintaining a sound balance sheet.

因此，最後，我們仍然專注於適當分配資本，這意味著確保我們獲得我們認為足夠的股本回報，同時透過財產承銷和維持穩健的資產負債表控制風險。

In our mind, valuing equity adequately, whether that equity is produced by free cash flow, disposition proceeds or new equity issuance is at the heart of growing per share results over the long term.

在我們看來，充分評估股權，無論該股權是由自由現金流、處置收益或新股發行產生的，都是每股業績長期成長的核心。

And Holly, with that, we will open it up to any questions.

霍莉，我們將開放回答任何問題。

(Operator Instructions) Spenser [Glimpseure], Green Street.

（操作員指示）Spenser [Glimpseure]，格林街。

Can you just talk about the transaction market?

能簡單談談交易市場嗎？

Do you, just thus far, into 4Q, how do the level of deals being sourced compared to historic norms?

到目前為止，第四季度的交易水準與歷史水準相比如何？

And can you just talk about competition in the market for deals that aren't coming from relationship tenants?

您能否談談市場上非關係租戶交易的競爭？

Absolutely.

絕對地。

So the overall market, as I kind of mentioned in the opening remarks, it definitely feels like sellers are coming back to the market.

因此，正如我在開場白中提到的那樣，整個市場絕對感覺賣家正在重返市場。

Our acquisition team is sorting through a lot of opportunities if it's current relationships and/or advisers/brokers bringing deals to the market.

如果是目前的關係和/或顧問/經紀人將交易推向市場，我們的收購團隊正在篩選大量機會。

It just feels like M&A has picked up a little bit.

感覺併購活動有所回升。

So the average transaction in the market is definitely larger today than it was six months ago.

所以今天市場的平均交易量一定比六個月前還要大。

And our current relationships are starting to do some growth.

我們目前的關係開始有所發展。

And it's really kind of second-gen space and redeveloping assets, we're seeing good opportunities.

這確實是第二代空間和重新開發資產，我們看到了很好的機會。

As far as competition in the market, it's a very highly competitive market.

就市場競爭而言，這是一個競爭非常激烈的市場。

It has been for the 20-plus years I've been working in it, and the participants come and go.

我從事這份工作已有20多年了，參與者來來去去。

It does feel like maybe a little bit of the private money starting to come into it.

確實感覺可能有一點私人資金開始介入。

But at the end of the day, they don't really affect NNN so much when I mentioned the amount of smaller deals that we did.

但歸根結底，當我提到我們所做的小額交易數量時，它們並沒有對 NNN 產生太大影響。

The private money isn't looking for those deals.

私人資金並不尋求這些交易。

But again, overall, it's highly competitive, and that's why I think we felt cap rates decreased a little bit in the third quarter.

但總的來說，它的競爭非常激烈，這就是為什麼我認為我們認為第三季資本化率略有下降。

In the fourth quarter, it's decreasing a little bit more, but for the most part, flat.

第四季度，下降幅度更大，但大部分持平。

And then I know the dispositions are obviously very marginal in the scheme of your portfolio.

然後我知道這些配置在你的投資組合計劃中顯然是非常邊緣的。

But can you just provide some detail on the nine assets that were sold during the quarter just in terms of industry and then cap rate on the occupied assets?

但是，您能否僅提供有關本季度出售的九項資產的行業細節以及所佔用資產的上限利率？

Yeah.

是的。

So the cap rate on the occupied assets was 4.4%.

因此，佔用資產的上限率為4.4%。

Out of the nine assets, five of them were baked in.

在九項資產中，其中五項已烘焙。

And I would say, this past quarter, it was kind of cleaned up the portfolio a little bit, solving future potential issues.

我想說，上個季度，它稍微清理了投資組合，解決了未來的潛在問題。

We sold some urgent care assets and then we sold an auto auction part that was not being used.

我們出售了一些緊急護理資產，然後出售了未使用的汽車拍賣零件。

Joshua Dennerlein, Bank of America.

約書亞·登納林，美國銀行。

Appreciate all the color and update on the -- like Frisch's, Badcock.

欣賞所有的顏色和更新——例如 Frisch's、Badcock。

I guess what are you guys assuming now in 4Q as far as bad debt?

我想你們現在對第四季的壞帳有何假設？

I know you mentioned you typically assume 100 bps, but both these tenants would go higher.

我知道您提到您通常假設 100 bps，但是這兩個租戶都會更高。

Yeah, fair question.

是的，公平的問題。

This is Kevin.

這是凱文。

So yes, how much rent loss are we assuming in the fourth quarter?

那麼，我們假設第四季的租金損失是多少？

As I mentioned, we typically have always assumed 100 basis points in our guidance.

正如我所提到的，我們在指導中通常始終假設 100 個基點。

I would note that Frisch's plus Badcock is 2.1% of our ABR.

我要指出的是，Frisch's plus Badcock 占我們 ABR 的 2.1%。

And that also, assuming roughly -- let's say, the worst case, assuming, virtually all of that 200 basis points of rent loss would still put us in the middle of our guidance range.

而且，粗略地假設——假設最壞的情況，假設幾乎所有 200 個基點的租金損失仍將使我們處於指導範圍的中間。

So beyond that -- I mean, we're not going to really speculate on who, in particular, will pay how much and when, in part because we don't have good visibility on that at this point.

除此之外，我的意思是，我們不會真正猜測誰將支付多少錢以及何時支付，部分原因是我們目前對此沒有很好的了解。

Frisch's is not in bankruptcy.

弗里施沒有破產。

Badcock is.

巴德科克是。

And so that adds a little bit to the challenge.

這增加了一些挑戰。

But like I said, even assuming 200 basis points of total rent loss, I think you still can get us to the middle -- midpoint of our guidance range, which is a worst case.

但正如我所說，即使假設總租金損失為 200 個基點，我認為您仍然可以讓我們達到指導範圍的中間值，這是最壞的情況。

And as folks who have followed us for a long time know, we tend to be a little bit on the conservative side in terms of guidance.

正如長期關注我們的人所知，我們在指導方面往往有點保守。

Maybe that's an understatement, I don't know.

也許這是輕描淡寫的說法，我不知道。

So maybe we still have a shot to get in the top half of our guidance range even with these tenant credit challenges.

因此，即使面臨這些租戶信用挑戰，也許我們仍然有機會進入指導範圍的上半部。

Okay.

好的。

I appreciate that.

我很欣賞這一點。

And maybe just two follow-ups.

也許只有兩個後續行動。

Are there any other one-timers like that we -- like should strip out to think about like the run rate going into 4Q or any kind of adjustments there?

是否還有其他像我們這樣的一次性者，我們應該考慮進入第四季度的運行率或那裡的任何類型的調整？

And then just maybe a follow-up on your answer, how do we think about like kind of the downtime if these tenants kind of like give back the properties?

然後也許是您答案的後續行動，如果這些租戶有點想歸還房產，我們該如何考慮停機時間？

Yeah.

是的。

So yeah, no, we're not really pointing folks to any others that we feel like have the kind of level of concern that Frisch's and Badcock currently has.

所以，是的，不，我們並沒有真正向人們指出任何其他我們認為有弗里施和巴德科克目前所擁有的擔憂程度的人。

I mean, Steve did mentioned Big Lots, which is a tenant in bankruptcy.

我的意思是，史蒂夫確實提到了 Big Lot，這是一個破產的租戶。

But like he said, we think there's a pathway for getting all three of those stores to remain open and leased to Big Lots.

但正如他所說，我們認為有一種途徑可以讓所有這三家商店保持營業並將其租賃給 Big Lot。

We've talked about other tenants in recent quarters that are challenged.

我們討論了最近幾季受到挑戰的其他租戶。

I mean, at home still, we'll see where all that goes.

我的意思是，還是在家裡，我們會看看這一切會發生什麼事。

But nobody feels like that we're particularly worried about in the near term that I would point you towards, I guess.

但我想，沒有人覺得我們在短期內特別擔心我會向您指出的問題。

Downtime.

停機時間。

Yeah.

是的。

So yeah, and as I alluded to that in my comments, that kind of timing of the gap.

所以是的，正如我在評論中提到的那樣，這種差距的時機。

If and when we get properties back, it takes several months to kind of get them re-leased and/or sold.

如果我們拿回房產，需要幾個月的時間才能重新出租和/或出售。

And so that's really kind of the issue that kind of -- that period.

所以這確實是那個時期的問題。

Having said that, we are seeing very robust, as I'll use that word, interest in a good number of our Badcock and Frisch's properties from other retailers and very credible retailers.

話雖如此，我們看到其他零售商和非常可靠的零售商對我們的 Badcock 和 Frisch 的大量房產產生了非常強勁的興趣（我將使用這個詞）。

And so that's encouraging.

這令人鼓舞。

So maybe that whittled down a bit of the time gap from a prior tenant to new tenant, but it's going to be six, nine, 12 months kind of process to kind of work through that.

因此，也許這會縮短從前租戶到新租戶的時間差距，但這將需要 6、9、12 個月的流程才能完成。

And at the end of the day, if we can recapture a very large portion of our prior rent, then again, in the long run, we don't feel like there's any really a headwind of note that we have to deal with.

最終，如果我們能夠收回之前租金的很大一部分，那麼從長遠來看，我們並不覺得有任何需要應對的阻力。

So we feel pretty good about where we are today despite what seems to have some pending vacancies coming our way.

因此，儘管我們似乎還有一些待定的職位空缺，但我們對今天的處境感到非常滿意。

We like our rents -- existing rents on the properties.

我們喜歡我們的租金——房產的現有租金。

We like the locations.

我們喜歡這些地點。

And like I say, there's strong interest from other retailers.

正如我所說，其他零售商也對此表現出了濃厚的興趣。

And I think that's consistent, frankly, probably with what you're hearing from the shopping center REITs, I think, are all experiencing pretty strong demand for existing retail space.

坦白說，我認為這可能與您從購物中心房地產投資信託基金那裡聽到的情況一致，我認為，它們都經歷了對現有零售空間的相當強勁的需求。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

A lot of good detail on the credit and how you're thinking about it.

關於信用的許多詳細資訊以及您的想法。

Just like, I guess, traditionally, you've talked about 100 basis points.

我想，就像傳統上您談到的 100 個基點一樣。

But just maybe like as we think about the 2025, would you approach the bad debt assumption to be any differently than you would have like in a -- what would be maybe a more normal year?

但也許就像我們思考 2025 年一樣，您對待壞帳的假設是否會與您在 2025 年可能會更正常的一年中的情況有所不同？

Yeah.

是的。

I mean, we might.

我的意思是，我們可能會。

Yes, is the answer.

是的，就是答案。

We haven't put out 2025, guidance, so I'm a little reluctant to get too particular on that at this point.

我們還沒有發布 2025 年指導，所以我現在有點不願意對此過於具體。

I do think we will learn a lot in this fourth quarter as to how both Badcock and Frisch's is going to play out in terms of timing, et cetera, as well as being able to better gauge kind of maybe re-leasing assumptions around any properties we're getting back.

我確實認為我們將在第四季度學到很多關於 Badcock 和 Frisch's 將如何在時間等方面發揮作用，以及能夠更好地衡量任何房產的可能重新租賃假設我們回來了。

So I'm reluctant to put out a number there.

所以我不願意在那裡公佈一個數字。

But yeah, in my mind is that will we likely assume more than 100 basis points for 2025?

但是，是的，我的想法是，我們可能會假設 2025 年的利率會超過 100 個基點嗎？

I would say probably.

我想說可能是。

But the question is what's the number?

但問題是這個數字是多少？

And we still think we're well positioned to grow per share results next year.

我們仍然認為明年每股業績有望成長。

So that's probably all I want to go into at this point.

這可能就是我現在想要討論的全部內容。

We'll be obviously more definitive when we release in February.

當我們在二月發佈時，我們顯然會更加明確。

No, that's totally fair.

不，這完全公平。

I understand that.

我明白這一點。

And just on the acquisition guidance, right, like clearly, you have some better visibility into the pipeline.

就收購指南而言，顯然，您對管道有更好的了解。

Can you talk about the opportunities you saw in the third quarter; how do they compare to the first half?

您能談談您在第三季看到的機會嗎？與上半場相比如何？

What you're expecting for the fourth quarter?

您對第四季有何期待？

And then just also within that, acquisition cap rates came down by 30 basis points sequentially.

同時，收購上限率也連續下降了 30 個基點。

So are you seeing or expecting any further compression there?

那麼您是否看到或期望那裡有進一步的壓縮？

So as far as the cap rate, the fourth quarter will be pretty much in line with the third quarter is what we're seeing.

因此，就資本化率而言，我們看到第四季將與第三季基本一致。

Now there -- some deals might price a little bit different, and it might go either way, but pretty much in line.

現在，有些交易的價格可能會略有不同，也可能會發生任何變化，但基本上一致。

As far as the opportunities, the vast majority, close to 100% of our deals have been through our relationships, and there's been a fair amount of smaller deals to get to the $350 million.

就機會而言，我們絕大多數（接近 100%）的交易都是透過我們的關係進行的，並且還有相當多的規模較小的交易達到了 3.5 億美元。

But as I mentioned, I think in Spenser's question, that the overall average deal size seems to be increasing as we move to the fourth and first quarter, and that's a result of M&A activity that the private equity groups are looking to do sale leasebacks.

但正如我所提到的，我認為在斯賓塞的問題中，隨著我們進入第四季度和第一季度，總體平均交易規模似乎在增加，這是私募股權集團尋求進行售後回租的併購活動的結果。

So we're seeing a fair amount of advisory calls to us on the deal front.

因此，我們收到了大量有關交易方面的諮詢電話。

Smedes Rose, Citi.

斯梅德斯·羅斯，花旗銀行。

This is Maddie Fargis on for Smedes.

我是麥迪法吉斯 (Maddie Fargis)，代表斯梅德斯 (Smedes) 發言。

I just wanted to ask about the updated guidance ranges.

我只是想問一下更新後的指導範圍。

Could you maybe walk us through some of the moving pieces behind the $0.01 AFFO decline at the midpoint despite lowered SG&A and higher acquisitions?

您能否向我們介紹一下儘管 SG&A 降低且收購增加，但 AFFO 在中點下跌 0.01 美元背後的一些動因？

Yeah.

是的。

On that, yeah, I wouldn't read too much into that.

對此，是的，我不會對此進行太多解讀。

Frankly, there's a little bit of per share rounding to kind of make that tweak as well as just getting the range on the core FFO and the range on the AFFO both the same, which is $0.04 from top to bottom.

坦白說，為了進行這種調整，需要對每股進行一些四捨五入，並使核心 FFO 的範圍和 AFFO 的範圍保持相同，即從上到下為 0.04 美元。

And so yeah, I wouldn't read too much of that tweak in terms of the guidance.

所以，是的，我不會在指導方面閱讀太多的調整內容。

And just circling back on to credit loss assumptions, do you have any plans to increase the amount that you're baking into guidance from 100 basis points as you think ahead to 2025?

回到信用損失假設，您是否有計劃將您的指導金額從 100 個基點增加到 2025 年？

Yeah.

是的。

Like I said, we're not putting out 2025, guidance at this point.

正如我所說，我們目前不會發布 2025 年指引。

As I alluded to or mentioned is 100 basis points might be a little light as we enter 2025.

正如我所提到或提到的，隨著我們進入 2025 年，100 個基點可能有點輕。

But we're going to know a whole lot more in the next three months in terms of how Frisch's and Badcock's going to play out.

但在接下來的三個月裡，我們將更了解弗里施和巴德科克的結局。

And so that will inform our decision around that.

這將為我們的決定提供依據。

And so as I said, I think we'll be consistent as we have in prior years that whatever we assume, it will be a conservative assumption.

正如我所說，我認為我們將像前幾年一樣保持一致，無論我們假設什麼，這都將是一個保守的假設。

And so we will -- we have a long history of not only meeting guidance, but hopefully slightly exceeding guidance and so -- and/or raising it.

因此，我們將——我們有著悠久的歷史，不僅滿足指導意見，而且希望稍微超過指導意見等等——和/或提高它。

And so whatever we come out with, I think that philosophy will still prevail.

因此，無論我們做出什麼成果，我認為哲學仍然會盛行。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Regarding Badcock, does the Franchise Group guarantee help offset any rent losses?

關於 Badcock，特許經營集團的擔保是否有助於抵消任何租金損失？

Yeah.

是的。

Any collections, obviously, from FRG would obviously, yeah, reduce our rent loss.

顯然，來自 FRG 的任何收藏顯然都會減少我們的租金損失。

And so we, as I say, intend to pursue that guarantee.

因此，正如我所說，我們打算追求這項保證。

Badcock still in bankruptcy and in bankruptcy as typical, they pay rent typically in bankruptcy.

巴德科克仍然處於破產狀態，並且處於典型的破產狀態，他們通常在破產時支付租金。

So -- but we will -- to the extent we are losing rent related to Badcock, we will pursue FRG guarantee.

因此，但我們會的，只要我們損失了與 Badcock 相關的租金，我們將尋求 FRG 擔保。

And then any color on Big Boy?

那麼 Big Boy 有什麼顏色嗎？

We read that there isn't clear leadership.

我們了解到，沒有明確的領導。

Is it a going concern?

它是持續經營的企業嗎？

And then to re-tenant, how much time would that take?

然後重新租客，要多久？

And would there be like TI dollars spent?

會花 TI 的錢嗎？

As far as Frisch's, as Kevin mentioned, they're not in bankruptcy right now.

就弗​​里施而言，正如凱文所提到的，他們現在還沒有破產。

I'd probably echo your sentiment, we are where we're at now, the management team.

我可能會同意你的觀點，我們的管理團隊現在所處的位置。

They are a going concern currently, but we are over several quarters tried to work with management and resolve some issues.

他們目前是一家持續經營的企業，但我們在幾個季度中嘗試與管理層合作並解決一些問題。

Two of the assets we sold in the third quarter were Frisch's.

我們在第三季出售的資產中有兩項是弗里希的。

So we're actively managing the portfolio.

因此，我們正在積極管理投資組合。

But with regard to going forward, we kind of hit a stalemate with them.

但關於前進，我們與他們陷入了僵局。

So we're exercising our legal rights and pursued eviction.

因此，我們正在行使我們的合法權利並尋求驅逐。

And a follow-up on the second part of that question as it relates to TI, our predisposition is to take lower rent in lieu of trying to buy rent higher, if you will, and giving a tenant a bunch of money in order to get that higher end.

關於這個問題第二部分的後續內容，因為它與 TI 有關，我們的傾向是採取較低的租金，而不是嘗試購買更高的租金（如果您願意的話），並給租戶一大筆錢以獲得那個更高的目標。

It's been our observation over the years is that frequently, tenant improvement dollars have little to no economic value at the end of the lease term.

我們多年來的觀察是，租戶改善資金在租賃期結束時幾乎沒有經濟價值。

And therefore, to the extent you're going to provide them, you all -- from an investment standpoint, you almost need to get a return on those TI dollars as well as the return of those TI dollars, which recently is not what the tenant wants to hear.

因此，只要你們要提供它們，你們所有人——從投資的角度來看，你們幾乎需要獲得這些 TI 美元的回報以及這些 TI 美元的回報，而最近這並不是什麼回報。

And therefore, we've been generally inclined to put much fewer dollars to no dollars and take lower rent in exchange for that trade-off.

因此，我們通常傾向於投入較少的美元甚至不投入美元，並採取較低的租金來換取這種權衡。

And we think we end up with a safer rent and one that the tenant can more likely afford and operate a profitable store at.

我們認為我們最終會獲得更安全的租金，並且租戶更有可能負擔得起並經營一家盈利的商店。

So while there obviously could be some TI dollars related to all of these, it's -- our inclination is to limit that materially.

因此，雖然顯然可能有一些與所有這些相關的 TI 資金，但我們傾向於對其進行實質限制。

And then you spent some time discussing how lease term fee income has been a bit higher year-to-date.

然後您花了一些時間討論今年迄今為止的租賃期限費用收入如何略高。

Is the current expectation this elevated level continues in 2025?

目前的預期是否會在 2025 年繼續維持這種高水準？

Yeah.

是的。

That, we don't give any guidance on -- in part because it's hard for us to know when that's going to happen.

我們沒有提供任何指導，部分原因是我們很難知道這種情況何時會發生。

And the process by which most of those deals come about, typically involve at least three parties, and each of them have competing priorities, to be honest.

大多數交易的達成過程通常至少涉及三個參與者，老實說，每個參與者都有相互競爭的優先事項。

And so it's not prone to a degree of predictability that would make us feel comfortable giving guidance.

因此，它不太容易具有一定程度的可預測性，無法讓我們放心地提供指導。

We do think it's generally an outcome of active portfolio management.

我們確實認為這通常是主動投資組合管理的結果。

So if you're working your portfolio and you've got a dark asset and we look for a way to help our tenant with that dark asset or even an underperforming asset.

因此，如果您正在處理您的投資組合並且擁有暗資產，我們會尋找一種方法來幫助我們的租戶處理該暗資產，甚至是表現不佳的資產。

They might be open and paying rent and all those good things, but we know it's underperforming based on store level results.

他們可能是開放的並支付租金和所有這些好東西，但我們知道根據商店級別的結果，它的表現不佳。

And so we generally will look for a solution that -- and it then comes on ahead, the tenant feels good about it.

因此，我們通常會尋找一種解決方案——然後，租戶對此感覺良好。

And whoever the third party is, whether it's a new tenant or a buyer, that property thinks they're getting something of value.

無論第三方是誰，無論是新租戶還是買家，該物業都認為他們得到了有價值的東西。

But getting those three parties on the same page at the same time is always a challenge, but we think it's a good thing to do.

但是讓這三個方面同時達成一致始終是一個挑戰，但我們認為這是一件好事。

It's lumpy income.

這是一筆不小的收入。

We fully recognize it's not annuities.

我們完全認識到這不是年金。

It's a different quality than rent to be clear.

需要明確的是，這與租金的品質不同。

However, we don't want to not do it because of those attributes.

然而，我們不想因為這些屬性而不這樣做。

It is good -- it's money and it's income, and we think it's a good economic decision to make.

這是好事——它是金錢和收入，我們認為這是一個很好的經濟決定。

And so we'll keep pursuing it as we work our portfolio, but it's -- we won't be giving guidance related to that going forward just because it's so hard to predict.

因此，我們將在我們的投資組合中繼續追求它，但我們不會僅僅因為它很難預測就給出與未來相關的指導。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Two quick ones.

兩個快的。

Sorry to go back to sort of the bad debt conversation.

很抱歉回到壞帳話題。

But I guess I'm just wondering, after sort of the experience with sort of the Badcock and the furniture, does this sort of impact like how you're thinking about the watch list?

但我想我只是想知道，在經歷過 Badcock 和家具之後，這種影響是否會像你對觀察名單的看法一樣？

Or have any other tenants been put on the sort of cash basis accounting?

或者有其他租戶採用了收付實現制會計方式？

Just trying to figure out what sort of the implications are of this announcement to the rest of the portfolio and how you're thinking about sort of Badcock.

只是想弄清楚這一聲明對投資組合的其他部分有何影響，以及您如何看待 Badcock。

Yeah.

是的。

I don't think -- outside of the Frisch's, Badcock discussions we've had today, I don't -- we don't think there's any overlay or read-through to any of our other particular tenants directly.

我不認為——除了我們今天進行的弗里施、巴德科克討論之外，我不認為——我們不認為對我們任何其他特定租戶有任何直接的覆蓋或通讀。

Our cash basis tenant list is 5.6% of our rent, and it's still -- AMC -- Frisch's has been on that list since COVID, to be honest.

我們的現金制租戶名單是我們租金的 5.6%，老實說，自從新冠疫情以來，AMC 弗里施一直在這個名單上。

Badcock obviously is since it's in bankruptcy.

Badcock 顯然已經破產了。

And so that's 85% of our cash base is list.

這就是我們 85% 的現金基礎的清單。

And so it's fairly concentrated with that handful of tenants.

因此，它相當集中於少數租戶。

Big Lots is obviously on there, too, but it's only 0.1% of our rent.

Big Lot 顯然也在那裡，但它只占我們租金的 0.1%。

But -- so yeah, we're not reading through these two tenant credit issues in any material way to any of our other tenants at this point.

但是，是的，我們目前並沒有以任何實質方式向我們的任何其他租戶仔細閱讀這兩個租戶信用問題。

Got it.

知道了。

Makes sense.

有道理。

And then just switching gears a little bit on the sort of on the transaction side.

然後在交易方面稍微切換一下。

Yeah, I guess I'm just wondering, obviously, we've seen rates back up.

是的，我想我只是想知道，顯然，我們已經看到利率回升​​了。

You still took up the acquisition guidance and so forth.

您仍然接受了收購指導等等。

So I guess you're not really seeing any impact.

所以我猜你並沒有真正看到任何影響。

Just any sort of commentary on how the pipeline is building as you get into next year and cap rate commentary.

當你進入明年時，關於管道如何建設的任何類型的評論和上限利率評論。

The pipeline, yeah, you alluded to it.

管道，是的，你有提到它。

We increased the acquisition midpoint.

我們增加了採集中點。

So yes, the fourth quarter, there should be an uptick.

所以，是的，第四季應該會有所上升。

I feel confident we'll hit that range.

我有信心我們會達到這個範圍。

And remember, Ron, when we -- deal volume comes to market, it might take 60 to 90 days to get the deal under contract and to closing and the kind of the backup in rates has been more -- a little bit more recent.

請記住，羅恩，當我們的交易量進入市場時，可能需要 60 到 90 天的時間才能根據合約完成交易並完成交易，而且利率的備份類型是最近的。

But all that being said, I think it's pretty typical in our industry, you kind of get near year-end and sellers start coming to market.

但話雖這麼說，我認為這在我們這個行業是很典型的，臨近年底，賣家開始進入市場。

It's kind of that post Labor Day push to get deals done by year-end, especially in a Presidential election year when there's the unknown certainty of change in tax rates or tax codes.

這有點像勞動節後推動在年底前完成交易，尤其是在總統選舉年，稅率或稅法變化的確定性未知。

So the pipeline, our deal guys, as I mentioned, are very active looking at a lot of deals.

因此，正如我所提到的，管道、我們的交易人員非常積極地關注大量交易。

I've definitely noticed the pickup down the hall from me.

我確實注意到大廳裡有一輛車從我身邊走過。

And secondly, as far as cap rates, the deals we're pricing for the fourth quarter currently are fairly in line with the third quarter.

其次，就資本化率而言，我們目前為第四季的交易定價與第三季相當一致。

And we're starting to price select a few deals in the first quarter, and they're the same as far as either way, not much of a difference.

我們開始在第一季對一些交易進行定價，無論哪種方式，它們都是相同的，沒有太大區別。

Rob Stevenson, Janney.

羅布史蒂文森，珍妮。

(Operator Instructions)

（操作員說明）

All right, Holly, I think we can move on.

好吧，霍莉，我想我們可以繼續前進了。

I don't think Rob can hear us.

我認為羅布聽不到我們的聲音。

R.J. Milligan, Raymond James.

R.J.米利根，雷蒙德詹姆斯。

It's a busy earnings day.

這是一個忙碌的獲利日。

So Rob's probably on some other calls.

所以羅布可能正在接聽其他電話。

Just curious, what's driving the lower G&A expense guide for the year?

只是好奇，是什麼推動了今年 G&A 費用指南的降低？

And is that going to continue into 2025?

這種情況會持續到 2025 年嗎？

Yeah.

是的。

I mean there's some quarterly variations, but we dropped the range a touch, about $1.5 million at the midpoint, I guess it is, for 2024, which is a couple of percent.

我的意思是，每個季度都會有一些變化，但我們稍微降低了範圍，我想 2024 年的中點約為 150 萬美元，即幾個百分點。

So just -- I would think just kind of some lower accruals.

所以只是 - 我認為只是一些較低的應計費用。

I think going -- as you look at 2025, we'll put out guidance soon, but it will have some sort of inflationary increase from kind of where we are at this point.

我認為，展望 2025 年，我們將很快發布指導意見，但與目前的情況相比，通膨將會增加。

But I don't think it will move much more than that.

但我認為它不會有比這更大的變化。

I mean we have to work through those numbers yet.

我的意思是我們還必須研究這些數字。

Got it.

知道了。

And so a bigger picture, and I know this is alluded to 2025, but with the elevated term fees this year, pretty outsized number, that sort of timing gap with some of the potential credit issues or the current credit issues, what's the offset to drive per share growth next year?

因此，從更大的角度來看，我知道這是指 2025 年，但隨著今年期限費用的提高，數量相當龐大，與一些潛在的信貸問題或當前的信貸問題存在時間差距，抵消了什麼推動明年每股成長？

Is that just acquisitions?

這只是收購嗎？

Yeah, that's the primary driver.

是的，這是主要驅動力。

Obviously, then you've got the rest of the portfolio that has rent growth embedded, obviously, in it that helps offset some of that loss.

顯然，那麼你就得到了包含租金成長的投資組合的其餘部分，顯然，這有助於抵消部分損失。

And then we'll see if there's any other income opportunities.

然後我們會看看是否還有其他收入機會。

I don't know if lease term income will go to zero.

我不知道租賃期收入是否會為零。

Like I say, our normal is about $3 million, but -- per year.

就像我說的，我們的正常情況是每年約 300 萬美元。

So yes, but those -- that's clearly a headwind.

所以是的，但是那些——這顯然是一個逆風。

The term fees and the Badcock and Frisch's are headwinds that will need to get offset by rent growth from the existing portfolio and acquisitions.

期限費用以及巴德科克和弗里施的費用是不利因素，需要透過現有投資組合和收購的租金成長來抵銷。

The good news is the acquisition pipeline, as Steve has alluded to, it looks pretty solid, and I think our implied volume in the fourth quarter looks pretty good relative to our total for the year.

好消息是收購管道，正如史蒂夫所提到的，它看起來相當穩固，我認為我們第四季度的隱含交易量相對於我們今年的總量看起來相當不錯。

And so far, first quarter feels like it's shaping up pretty well -- pretty good as well.

到目前為止，第一季感覺進展得很好——也很好。

So yeah, those are the main drivers.

是的，這些是主要驅動力。

Yeah.

是的。

We don't have too many levers here, as you know.

如你所知，我們這裡沒有太多槓桿。

(Operator Instructions) John Massocca, B. Riley Securities.

（操作員指示）John Massocca，B. Riley Securities。

Maybe just touching on Frisch's for a second.

也許只是簡單談談弗里希的。

The 50% rent payment that occurred in 3Q, was that also the case in some past quarters?

第三季發生的50%租金支付狀況，過去一些季度也是這樣嗎？

No, second quarter as we reported, reported full rent.

不，正如我們報導的那樣，第二季報告了全額租金。

So that was a delta between 2Q and 3Q.

這是第二季和第三季之間的增量。

So that's, call it, $1.6 million is half rent from them.

也就是說，160 萬美元是他們的一半租金。

And so that's about $0.01 in the third quarter kind of headwind.

因此，第三季的逆風約為 0.01 美元。

Okay.

好的。

And then maybe looking a little bit kind of on the same vein.

然後也許看起來有點類似。

The real estate expenses, net of tenant reimbursements, ticked up a little bit in this guidance versus your 2Q guidance.

與第二季的指導相比，本指導中的房地產費用（扣除租戶報銷）略有上升。

Is that tied to maybe a worsening outlook for the two kind of troubled tenants you previously mentioned?

這是否與您之前提到的兩種陷入困境的租戶的前景惡化有關？

Or is there something else kind of driving that?

或者還有其他什麼因素在推動這一點？

Yeah.

是的。

No, nothing else driving that.

不，沒有其他因素推動這一點。

Historically, the way we think about generally rent loss.

從歷史上看，我們通常思考租金損失的方式。

So if we're assuming, call it, our 100 -- normal 100 basis points of rent loss, we typically also assume that we'll have about 15 basis points of -- or 15% of the rent loss will show up in incremental property expenses.

因此，如果我們假設，稱之為 100——正常 100 個基點的租金損失，我們通常也會假設我們將有大約 15 個基點——或者 15% 的租金損失將以增量形式出現財產開支。

So when you get a property back, you obviously have to pick up property taxes and insurance, utilities, all those things.

因此，當你收回房產時，你顯然必須繳納房產稅、保險、水電費等所有費用。

And so in our minds, that's what we do.

所以在我們看來，這就是我們所做的。

So yes, to the extent that rent loss drifts higher, typically, property expenses goes along with that.

所以，是的，在租金損失上升的情況下，通常情況下，物業費用也會隨之上升。

It's obviously a much smaller amount.

顯然這個金額要小得多。

But yeah, it is connected.

但是，是的，它是相連的。

Understood.

明白了。

And then kind of thinking about the lease termination income, multiples higher than kind of in past years.

然後想想租約終止收入，比過去幾年高出幾倍。

I mean what's driving that?

我的意思是是什麼推動了這一點？

Is it some of the same kind of PE, M&A and retailer expansion you're talking about in the acquisition side?

您在收購方面談論的是同類型的私募股權、併購和零售商擴張嗎？

Or is there something else kind of notable there?

或是有其他值得注意的事情嗎？

It's really driven by discussions with our current tenants that want to get out of a lease.

這實際上是由與我們目前想要退出租約的租戶的討論所推動的。

And it's really just active portfolio management.

這實際上只是積極的投資組合管理。

And when we do a lease termination, we usually have kind of a bird in hand that somebody's going to backfill that asset or we're going to sell it.

當我們終止租約時，我們通常會知道有人會回填該資產，或者我們會出售它。

So it's really -- it comes down to portfolio management and having conversations that a retailer is looking to get out of a poor performing asset, and there might be 10, 11 years left on the lease.

所以，歸根結底，零售商希望擺脫表現不佳的資產，這取決於投資組合管理和對話，而且租約可能還剩 10 年、11 年。

So the lease term fee, usually a direct correlation of the remaining lease term and/or the rent on the asset where they'll pay a multiple of years to get out of the lease.

因此，租賃期費用通常與剩餘租賃期和/或資產租金直接相關，他們將支付數年才能退出租賃。

Is there something notable on the macro side or something else that's making tenants more receptive to that conversation?

宏觀方面是否有一些值得注意的事情或其他事情使租戶更容易接受這種對話？

I think what makes NNN unique in the situation that we carry conversations on with our tenant base on a routine basis.

我認為 NNN 的獨特之處在於我們定期與租戶進行對話。

So they know that we'll work with them where you have a lot of landlords that just say, no, pay the rent, and it will be a future problem.

所以他們知道我們會與他們合作，如果有很多房東只是說，不，支付租金，這將是未來的問題。

So it's really making the portfolio stronger at the end of the day.

所以最終這確實讓投資組合變得更強大。

We have reached the end of the question-and-answer session, and I will now turn the call over to Steve for closing remarks.

問答環節已經結束，我現在將電話轉交給史蒂夫做總結發言。

Thanks for joining us this morning, and I'm sure we'll have a lot more dialogue in the upcoming weeks at NAREIT.

感謝您今天早上加入我們，我相信在接下來的幾週內我們將在 NAREIT 進行更多對話。

Thank you.

謝謝。

This concludes today's conference and you may disconnect your lines at this time.

今天的會議到此結束，您現在可以掛斷電話了。

Thank you for your participation.

感謝您的參與。