NNN REIT Inc (NNN) 2024 Q4 法說會逐字稿

Greetings.

問候。

Welcome to the NNN REIT, Inc., fourth-quarter 2024 earnings call.

歡迎參加 NNN REIT, Inc. 2024 年第四季財報電話會議。

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

（操作員指示）請注意，本次會議正在錄音。

I will now turn the conference over to your host, Steve Horn, CEO.

現在我將會議交給主持人、執行長史蒂夫霍恩 (Steve Horn)。

You may begin.

你可以開始了。

Thanks, Holly.

謝謝，霍莉。

Good morning, and welcome to NNN REIT's fourth-quarter 2024 earnings call.

早安，歡迎參加 NNN REIT 2024 年第四季財報電話會議。

Joining me today is the current Chief Financial Officer, Kevin Habicht; and our incoming CFO, Vincent Chao.

今天與我一起的是現任財務長 Kevin Habicht；以及我們即將上任的財務長 Vincent Chao。

As outlined in this morning's press release, NNN delivered 1.8% core FFO growth for 2024, alongside over $550 million in acquisition volume.

正如今天上午的新聞稿中概述的那樣，NNN 在 2024 年實現了 1.8% 的核心 FFO 成長，同時收購超過 5.5 億美元。

The year concluded with a strong 98.5% occupancy rate, while dispositions of income-producing assets were executed at a cap rate 40 basis points lower than our acquisition yield, including several strategic and defensive asset sales.

這一年，我們的入住率達到了 98.5%，創收資產的處置價格比我們的收購收益率低 40 個基點，其中包括幾項策略性和防禦性資產的出售。

These achievements reflect the dedication and the expertise of our best-in-class team at NNN, position us well for the near term.

這些成就體現了 NNN 一流團隊的奉獻精神和專業知識，為我們近期的發展做好了準備。

Key highlights I'm particularly proud of for the year, 35 consecutive years of annual dividend increases, maintaining a sector-leading 12.1 year weighted average debt maturity and strategically positioning our executive team for the future.

今年令我特別自豪的主要亮點是，連續 35 年實現年度股息成長，保持業界領先的 12.1 年加權平均債務期限，並為我們的執行團隊的未來做好策略定位。

Despite the overall theme of maintaining a light capital markets footprint for 2024, our core philosophy remained unchanged, delivering long-term value with below average risk for our shareholders.

儘管 2024 年的總體主題是保持輕度資本市場足跡，但我們的核心理念保持不變，即為股東提供低於平均風險的長期價值。

At its simplest, our strategy focuses bottom-up investment approach, continuing to increase the annual dividend while maintaining a top-tier payout ratio, FFO growth per share in the mid-single digits over multiple years.

簡單地說，我們的策略側重於自下而上的投資方式，在保持頂級派息率的同時繼續增加年度股息，使每股 FFO 增長率在多年內保持在中等個位數。

This disciplined approach drives our acquisition and disposition strategy as well as our balance sheet management, ensuring we stay on track to achieve our objectives.

這種嚴謹的方法推動了我們的收購和處置策略以及資產負債表管理，確保我們能夠順利實現目標。

Before diving into the market conditions and operational updates, I would like to formally welcome Vincent Chao to the executive team.

在深入了解市場狀況和營運更新之前，我想正式歡迎 Vincent Chao 加入執行團隊。

Vincent joins NNN in early January and officially assumes the CFO role at the start of the second quarter.

Vincent 於 1 月初加入 NNN，並於第二季初正式擔任財務長。

He brings extensive public company and investment banking experience with an expertise in capital markets, corporate finance, investor relations.

他擁有豐富的上市公司和投資銀行經驗，擅長資本市場、企業財務、投資者關係等。

I look forward to our partnership as we continue to grow NNN.

我期待著我們的合作，共同推動 NNN 的持續發展。

And now to Kevin.

現在輪到凱文了。

After over 30 years of dedicated service including four CEOs and over $5 billion of cash dividends paid, Kevin's commitment to excellence is an integral part of the fabric of NNN.

經過 30 多年的忠誠服務，包括四位執行長和支付超過 50 億美元的現金股息，凱文對卓越的承諾已成為 NNN 不可或缺的一部分。

His work ethic, leadership, and passion for doing the right thing has been consistently evident, leaving an indelible mark that is woven deeply into the very DNA of NNN.

他的職業道德、領導能力以及做正確事情的熱情始終顯而易見，留下了不可磨滅的印記，深深融入了 NNN 的 DNA 中。

Through every challenge, he has not only contributed to our success but has shaped the values of the culture that will continue to guide us long after his departure.

在每一次挑戰中，他不僅為我們的成功做出了貢獻，而且塑造了文化價值觀，這些價值觀在他離開後仍將繼續指導我們。

As legacy is not just in the work completed, but in the principles and standards he has instilled to those who had the privilege to work alongside him.

遺產不僅在於完成的工作，還在於他向有幸與他共事的人灌輸的原則和標準。

With that, Kevin, on behalf of the entire company, the Board, the analysts, and the investor community, we want to express our heartfelt gratitude and knowledge that you will be undoubtedly missed.

凱文，我謹代表整個公司、董事會、分析師和投資者團體向您表示衷心的感謝，並且深知我們會非常想念您。

As we move forward -- as you move forward to the next chapter in your life, we wish you nothing but the best.

當我們繼續前進時—當您邁向人生的下一個篇章時，我們衷心祝福您一切順利。

This is when you kind of wish you record these phone calls.

這時您可能希望記錄這些電話。

As we move forward to the first quarter of 2025., NNN maintains a robust position.

隨著我們邁向 2025 年第一季度，NNN 仍保持著穩健的地位。

We anticipate another strong quarter of acquisitions and are making significant progress with the assets related to Frisch's and Badcock home furnitures.

我們預計本季的收購將表現強勁，且 Frisch 和 Badcock 家具相關資產的收購正在取得重大進展。

Kevin will provide a lot more detail on the activities concerning these tenants during the upcoming remarks.

凱文將在即將發表的演講中提供有關這些租戶活動的更多細節。

Regarding the fourth-quarter financial highlights, our portfolio now comprises 3,568 freestanding single-tenant properties, and they continue to perform exceptionally well.

關於第四季的財務亮點，我們的投資組合現在包括 3,568 個獨立單一租戶物業，而且它們的表現繼續表現出色。

Occupancy decreased to 98.5% due to the challenges with two specific tenants.

由於兩家特定租戶的挑戰，入住率下降至 98.5%。

However, this rate remains above our long-term average of roughly 98% plus or minus.

然而，這一比率仍然高於我們長期約 98% 左右的平均值。

And I anticipate the level increasing as the year progresses because, as we report today, I feel good about the remaining tenants in the portfolio and the activities the leasing team is generating currently.

我預計隨著時間的推移，這一水平將會上升，因為正如我們今天的報告所示，我對投資組合中剩餘的租戶以及租賃團隊目前正在進行的活動感到滿意。

In terms of acquisitions, during the quarter, we invested $217 million in 31 new properties, achieved an initial cap rate of 7.6%, average lease duration basically 20 years.

在收購方面，本季度，我們投資 2.17 億美元收購了 31 處新房產，初始資本化率達 7.6%，平均租賃期基本為 20 年。

Over 80% of the capital deployed this quarter was allocated to our business relationship partners.

本季部署的資金中超過 80% 分配給了我們的業務關係夥伴。

Additionally, the long-term projected deal on these acquisitions would be 8.8%, reflecting our preference for the sale-leaseback acquisition model opposed to purchasing existing shorter-term leases despite they may offer higher yields.

此外，這些收購的長期預期交易率為 8.8%，這反映了我們傾向於售後回租收購模式，而不是購買現有的短期租賃，儘管它們可能提供更高的收益率。

They don't align with the assessment of our optimal risk-adjusted returns.

它們與我們對最佳風險調整回報的評估不一致。

Disposition activity was elevated this year with nearly $150 million sold at a 7.3% cap.

今年的處置活動有所增加，以 7.3% 的上限售出了近 1.5 億美元的資產。

At the start of the year, as I mentioned earlier, the team identified several nonperforming assets for strategic and defensive sales. leading to more of a compressed spread between disposition and acquisition cap rate compared to previous years.

正如我之前提到的，今年年初，團隊確定了幾項不良資產，需要策略性和防禦性出售。與前幾年相比，這導致處置和收購資本化率之間的差距進一步縮小。

However, this proactive portfolio management enhances the overall strength of the portfolio as we move forward.

然而，隨著我們不斷前進，這種積極主動的投資組合管理將增強投資組合的整體實力。

You need to go back over a decade to find an acquisition year with an initial cap rate higher than our 2024 deal flow.

您需要回顧十多年前，才能找到一個初始資本化率高於我們 2024 年交易流的收購年份。

The current pricing for the pipeline coming in this quarter will be slightly tighter than the fourth quarter of 7.6%.

本季管道的現行定價將比第四季的 7.6% 略緊。

And as I look ahead in the next few quarters, I expect pricing to compress a little bit further in the margins due to the heightened competition as market players push to achieve high acquisition volumes.

展望未來幾個季度，我預計隨著市場參與者努力實現較高的收購量，競爭將加劇，利潤​​率將進一步壓縮，價格也將進一步壓縮。

That said, I'm confident in our team's ability to identify and execute the right risk-adjusted deals to meet our 2025 annual objective.

儘管如此，我相信我們的團隊有能力確定並執行正確的風險調整交易，以實現我們 2025 年的年度目標。

With that, let me turn the call over to Kevin for the final time to provide more color and detail on our quarterly numbers and 2025 guidance.

說完這些，讓我最後一次把電話交給凱文，讓他提供有關我們的季度數據和 2025 年指引的更多細節。

Great.

偉大的。

Thanks.

謝謝。

Thank you, Steve.

謝謝你，史蒂夫。

As usual, I'm going to start with a cautionary statement that we will make certain statements that may be considered to be forward-looking statements under federal securities law, but 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.

像往常一樣，我首先要做出一個警告聲明，即我們將做出某些可能根據聯邦證券法被視為前瞻性陳述的陳述，但公司的實際未來結果可能與這些前瞻性陳述中討論的內容存在很大差異，並且我們可能不會發布對這些前瞻性陳述的修訂以反映這些陳述做出後的變化。

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.

可能導致實際結果與預期存在重大差異的因素和風險在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。

Okay.

好的。

With that, headlines from this morning's press release report quarterly core FFO results of $0.82 per share for the fourth quarter of 2024.

今天早上的新聞稿中報導了 2024 年第四季的核心 FFO 季度業績為每股 0.82 美元。

That's flat with year-ago results once you adjust 2023 results for the incremental accrued rental income that we noted in footnote 1 on the press release.

一旦根據我們在新聞稿註腳 1 中指出的增量應計租金收入調整 2023 年的結果，該結果與去年同期的結果持平。

AFFO results were $0.82 per share for the fourth quarter, which was also flat compared to the year ago results.

AFFO 第四季的業績為每股 0.82 美元，與去年同期的業績持平。

For the year, core FFO and AFFO were $3.32 per share and $3.35 per share respectively, and that results in a 1.8% increase core FFO per share results for 2024 and a 2.8% increase in AFFO per share.

當年核心 FFO 和 AFFO 分別為每股 3.32 美元和每股 3.35 美元，這意味著 2024 年每股核心 FFO 結果將增加 1.8%，每股 AFFO 將增加 2.8%。

These results were generally in line with our expectations and put us at the top of our previous guidance range.

這些結果大致符合我們的預期，並使我們達到了先前指導範圍的最高水準。

Results in the fourth quarter did include $1.2 million of lease termination fee income and for the full year of 2024, $11.4 million, which as we noted throughout last year, is well above historical norms and was above our full year 2023 $2.4 million of lease termination fee income.

第四季的業績確實包括 120 萬美元的租賃終止費收入，2024 年全年的業績為 1,140 萬美元，正如我們去年全年所指出的那樣，這遠高於歷史標準，也高於我們 2023 年全年 240 萬美元的租賃終止費收入。

Also, in the fourth quarter, 2024 G&A expense included a state franchise tax refund due to a retroactive change in Tennessee tax law that reduced G&A by $1.7 million to $8.7 million for the fourth quarter and to $44.3 million for the full year, and that represents 5.1% of total revenues for the year and 5.2% of total NOI.

此外，在第四季度，2024 年的 G&A 費用包括由於田納西州稅法的追溯變化而產生的州特許經營稅退稅，該變化導致第四季度的 G&A 費用減少 170 萬美元至 870 萬美元，全年減少至 4,430 萬美元，佔全年總收入的 5.1% 和淨營業收入總額的 5.1% 和淨營業收入。

Occupancy was 98.5% at quarter end, which, as anticipated, dipped 80 basis points for the quarter due to two failing tenants we talked about on last quarter's call, more about which in a moment.

季度末的入住率為 98.5%，正如預期的那樣，由於我們在上個季度的電話會議上談到的兩名租戶未能履約，本季度的入住率下降了 80 個基點，稍後我們會詳細介紹。

Our AFFO dividend payout ratio for the year 2024 was 68.2%.

我們 2024 年的 AFFO 股息支付率為 68.2%。

That resulted in approximately $196 million of free cash flow, and that's after the payment of all expenses and dividends.

這產生了約 1.96 億美元的自由現金流，這是在支付所有費用和股息之後的金額。

We ended the quarter with $860.6 million of annual base rent in place for all leases as of December 31, 2024, which would -- that would take into account all the acquisitions and dispositions completed through year-end.

截至本季末，截至 2024 年 12 月 31 日，所有租約的年基本租金為 8.606 億美元，這將考慮到截至年底完成的所有收購和處置。

So first, yeah, a quick update on our two troubled tenants, which we discussed last quarter.

首先，讓我們來簡單介紹一下我們上個季度討論過的兩名陷入困境的租戶的最新情況。

First, Badcock Furniture, which was in liquidation.

首先是Badcock Furniture，該公司當時正處於清算階段。

They completed their going out of business sales.

他們完成了清盤銷售。

And in the fourth quarter, rejected the leases on all 32 properties we had leased to them.

並在第四季度拒絕了我們出租給他們的所有 32 處房產的租約。

Prior to the fourth quarter, those leases produced $5.2 million of annual base rent, and that was 0.6% of our ABR at the beginning of the fourth quarter.

在第四季之前，這些租約產生了 520 萬美元的年基本租金，佔第四季初我們 ABR 的 0.6%。

Prior to rejecting the leases, Badcock paid us roughly half of what they would normally would have paid us during the fourth quarter.

在拒絕租約之前，Badcock 向我們支付的費用大約是第四季度他們正常支付金額的一半。

We've been working on plans to lease or sell these properties, and we've had a good start in that effort given we've just got possession of the stores mid-fourth quarter.

我們一直在製定租賃或出售這些房產的計劃，而且由於我們剛剛在第四季度中期接管了這些商店，因此我們在這方面已經取得了良好的開端。

So by year-end, we were able to release five of those properties at roughly our long-term average of 70% rent recovery, again, with no TIs for our vacancy releasing.

因此，到年底，我們能夠以大約 70% 的長期平均租金回收率釋放其中五處房產，而且我們的空置房產釋放也沒有任何 TI。

Additionally, we were able to sell six properties, generating net proceeds of $21.8 million, which using prior Badcock rent on these properties would produce a 5.1% cap rate on those dispositions.

此外，我們還出售了六處房產，產生了 2,180 萬美元的淨收益，如果使用先前 Badcock 對這些房產的租金，將產生 5.1% 的處置資本化率。

So assuming we invested these sale proceeds at the fourth quarter's 7.6% acquisition cap rate, this would result in generating 49% more rent on those stores than Badcock was previously paying up.

因此，假設我們按照第四季 7.6% 的收購資本化率投資這些銷售收益，這將導致這些商店的租金比 Badcock 之前支付的租金高出 49%。

If you combine the outcome of the five re-leased properties and the six sold properties, the rent recovery on those 11 stores is approximately 113% of prior rent.

如果將 5 處重新出租的房產和 6 處出售的房產的結果結合起來，這 11 家門市的租金回收率約為先前租金的 113%。

Now while these averages may not hold up for all Badcocks, we are off to a very good start in terms of economic outcome as well as minimizing the downtime for this first batch of -- or call it, 35% of our former Badcock stores.

雖然這些平均值可能不適用於所有 Badcock 商店，但就經濟效益而言我們已經取得了很好的開端，同時也將第一批（或 35%）的 Badcock 商店的停工時間降至最低。

Next.

下一個。

Second tenant of note is Frisch's, that's a Midwest big boy hamburger concept that has been around for several decades.

值得注意的第二家店是 Frisch’s，這是一家美國中西部大型漢堡店，已有數十年的歷史。

They only paid us half the rent owed us in the third quarter last year, and they paid us no rent in the fourth quarter.

去年第三季他們只支付了我們一半的租金，第四季他們沒有支付我們任何租金。

We owned 64 Frisch's properties at the beginning of the fourth quarter which represented 1.5% of our annual base rent or $12.6 million.

第四季初，我們擁有 64 間 Frisch 房產，占我們年基本租金的 1.5%，即 1,260 萬美元。

As you may recall, in this case, the tenant did not file for bankruptcy.

您可能還記得，在本案中，租戶並沒有申請破產。

So we had to go through the time-intensive process of getting back possession of the stores through evictions.

因此，我們必須經歷耗時的驅逐過程才能重新獲得商店的所有權。

We've initiated that eviction process for all 64 stores, and as of year-end, had possession of 33 stores.

我們已經對所有 64 家商店啟動了驅逐程序，截至年底，已經佔領了 33 家商店。

Of those 33 stores, we've re-leased 28 of those stores to another restaurant operator.

在這 33 家門市中，我們已將其中 28 家門市重新租賃給了其他餐廳經營者。

Because we had a read on prior store sales for these properties and also in order to speed up the leasing process on a large group of properties, we were willing to trade off some base rent for more potential percentage rent.

因為我們了解這些房產之前的店面銷售情況，而且為了加快大量房產的租賃流程，我們願意用一些基本租金來換取更多的潛在百分比租金。

So these 28 stores will produce approximately $2.8 million of annual base rent, but we will also get 7% of store sales above a fixed break point.

因此，這 28 家商店每年將產生約 280 萬美元的基本租金，但我們也將獲得超過固定限度的 7% 的商店銷售額。

That rent commences May 1, 2025.

該租金從 2025 年 5 月 1 日開始。

We're not -- at this time, we're not looking to articulate other lease terms and as we have a number of other Frisch's to re-lease.

目前，我們不打算闡明其他租賃條款，因為我們還有許多其他 Frisch 要重新租賃。

We will soon have possession of all the former Frisch's properties and are in full re-leasing mode on the batch of stores.

我們很快就會擁有 Frisch 的所有前資產，並且正在全面重新出租這批商店。

Bigger picture and really the key point of the combined Badcock and Frisch's vacancy consistent with these early resolutions I just reviewed, we remain optimistic to, A, get them at least re-leased or sold more quickly than usual; and B, hopefully improve upon our typical vacant property rent recovery of 70% versus prior rent with no TIs.

更大的圖景以及 Badcock 和 Frisch 的空缺合併的關鍵點與我剛剛審查的這些早期決議一致，我們仍然樂觀地認為，A，至少能比平時更快地重新租賃或出售它們； B、希望將我們典型的空置房產租金回收率提高到 70%（與之前沒有 TI 的租金相比）。

We will provide further updates with first-quarter results.

我們將提供第一季業績的進一步更新。

But most importantly, when the dust settles on all this in say, 2026, we believe per share results should be impacted by less than 1% and versus the prior rents we were getting from the original tenant.

但最重要的是，當這一切在 2026 年塵埃落定時，我們相信每股業績將受到不到 1% 的影響，與我們之前從原始租戶那裡獲得的租金相比。

So a very modest impact on bottom line results when the dust settles.

因此，當塵埃落定時，對底線結果的影響非常小。

Okay.

好的。

With that, switching gears.

這樣，就轉換話題了。

Today, we initiated our 2025 core FFO guidance at a range of $3.33 to $3.38 per share and 2025 AFFO guidance with a range of $3.39 to $3.44 per share.

今天，我們啟動了 2025 年核心 FFO 指導範圍，即每股 3.33 美元至 3.38 美元，以及 2025 年 AFFO 指導範圍，即每股 3.39 美元至 3.44 美元。

Page 8 of the press release gives you some details on the key assumptions underlying that guidance, and it includes $500 million to $600 million of acquisitions, $80 million to $120 million of dispositions, G&A expense of $47 million to $48 million, and property expenses net of reimbursement of $15 million to $16 million, which is higher than usual due to the Badcock and Frisch's vacancy.

新聞稿第 8 頁詳細介紹了該指引所依據的關鍵假設，其中包括 5 億至 6 億美元的收購、8000 萬至 1.2 億美元的處置、4700 萬至 4800 萬美元的 G&A 費用，以及扣除報銷後的 1500 萬至 1600 萬美元的財產費用，由於 Badcock 和 Frisch 的 1600 萬美元。

Hopefully, we will have the opportunity to drift FFO guidance higher as the year progresses as we have done in the past.

希望我們能夠有機會像過去一樣，隨著時間的推移提高 FFO 指引。

Moving to the balance sheet.

轉到資產負債表。

We ended the year with no amounts outstanding on our $1.2 billion bank line, so we're in very good leverage and liquidity position as we roll into 2025.

到年底，我們的 12 億美元銀行額度內沒有未償還的金額，因此，在邁入 2025 年時，我們的槓桿率和流動性狀況非常好。

Our next debt maturity is November 2025, and our weighted average debt maturity stands at 12.1 years at year-end.

我們的下一個債務到期日是 2025 年 11 月，年底的加權平均債務到期日為 12.1 年。

Maintaining our light capital market footprint, we funded 61% of our $565 million of 2024 acquisitions with free cash flow of $196 million, plus $149 million of disposition proceeds.

我們維持了輕度資本市場足跡，以 1.96 億美元的自由現金流加上 1.49 億美元的處置收益為 2024 年 5.65 億美元的收購提供了 61% 的資金。

Net debt to gross book assets was 40.5% at year end, that's down about 150 basis points from the year before.

年末淨債務與帳面資產總額比為 40.5%，較上年下降約 150 個基點。

Net debt-to-EBITDA was 5.5 times at December 31.

截至 12 月 31 日，淨債務與 EBITDA 比率為 5.5 倍。

Interest coverage and fixed charge coverage was 4.2 times for 2024.

2024 年利息覆蓋率和固定費用覆蓋率為 4.2 倍。

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

需要提醒的是，我們的財產均未受到抵押。

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

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

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, and it helps us not to confuse activity with achievement.

充分評估股權價值，無論該股權是由自由現金流、處置收益或新股權發行產生的，都是長期每股業績成長的核心，它有助於我們不將活動與成就混為一談。

And Steve, thanks for your kind words earlier.

史蒂夫，謝謝你剛才的友善言語。

In closing, I will say it's very bittersweet for me to be on my last quarterly earnings call.

最後，我想說，對我來說，參加上次季度財報電話會議真是苦樂參半。

I think I've been on well over 100 of them.

我想我已經參加過 100 多個這樣的活動了。

NNN is in very good shape, and its approach to navigating investment opportunities and capital markets is well ingrained in this institution.

NNN 狀況非常好，其把握投資機會和資本市場的方法已深深植根於該機構。

So I leave you in the capable -- very capable hands of Steve.

因此，我將你們交給能幹——非常能幹的史蒂夫。

And then and the rest of the team here at NNN, thanks to so many of you on this call who I've known and worked with for many years and who have been gracious to tolerate my many issues.

然後，還有 NNN 團隊的其他成員，感謝這次通話中的許多人，我認識你們多年，與他們共事多年，你們一直寬容地容忍我的許多問題。

These long-term relationships have made the journey for me much more enjoyable and satisfying.

這些長期的關係讓我的旅程更加愉快和令人滿意。

And as I've said a number of times this past month, the boundary lines of my life have fallen in pleasant places, and that has included my time and relationships in REIT world.

正如我上個月多次說過的那樣，我的生活邊界已經落在了愉快的地方，其中包括我在房地產投資信託基金 (REIT) 領域的時間和人際關係。

It has been a great ride, and I can be nothing but thankful to the investor and capital markets community and especially my colleagues here at NNN.

這是一次偉大的旅程，我非常感謝投資者和資本市場社區，特別是 NNN 的同事。

I will cherish the memories and welcome the opportunity to stay in touch.

我會珍惜這些回憶並歡迎保持聯繫的機會。

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

霍莉，有了這個，我們將開始回答任何問題。

(Operator Instructions) Brad Heffern, RBC.

（操作員指示）Brad Heffern，RBC。

Congratulations, Kevin.

恭喜你，凱文。

Hope you have a great retirement.

祝您退休生活愉快。

Knowing you, I suspect you've been saving up for it.

就我了解你的情況，我猜你一直在為此存錢。

And welcome to Vincent as well.

也歡迎 Vincent。

For the AFFO guidance, I'm a little surprised that you're able to deliver this 2% growth just given the elevated lease termination from last year, the impact of Badcock and Frisch's.

對於 AFFO 指導，考慮到去年租約終止率的提高以及 Badcock 和 Frisch 的影響，我對你們能夠實現 2% 的增長感到有點驚訝。

There's also this 4Q tax benefit.

還有第四季的稅收優惠。

Is there some sort of offset to that that I'm not thinking of?

是否存在某種我沒有想到的抵銷因素？

Or just any color you can give on the bridge that would sort of preserve that growth number?

或者您可以在橋上賦予任何顏色以便能夠保留該增長數字？

Yeah, not in particular.

是啊，不是特別。

We are having, I would say, somewhat better than expected kind of releasing outcomes or resolving Frisch's and Badcock.

我想說，我們在發布結果或解決 Frisch 和 Badcock 問題方面取得的進展比預期要好一些。

That's all happening more quickly.

這一切都發生得更快。

Particularly timing is of great value, as you know, in that process.

如你所知，在這過程中，時機尤其重要。

And so that has been very helpful.

所以這非常有幫助。

But yeah, there's no other big major items to speak of.

但是，是的，沒有其他值得一提的重大項目。

At least termination fees are always -- we don't give guidance, and they're always -- they're so difficult to give guidance on.

至少終止費用總是——我們不提供指導，而且它們總是——很難提供指導。

And so that will play out the way that plays out during the year.

所以這一切將會按照年內發生的方式進行。

But, yeah, nothing else to speak to of note.

但是，是的，沒有其他值得一提的了。

Timing is really critical.

時機確實非常關鍵。

And we had a solid fourth-quarter acquisitions, a solid second half of '24 acquisitions.

我們的第四季收購表現穩健，2024 年下半年收購表現穩健。

And that really accrues to the benefit primarily of 2025.

這確實主要歸功於 2025 年。

And so all those things kind of add up to help push results along a little bit.

所以所有這些因素加在一起有助於推動結果的進展。

Okay.

好的。

Got it.

知道了。

And then maybe you didn't give this on purpose, but the $2.8 million for the re-leased Frisch's, how does that compare to the prior rent on those stores?

那麼也許你不是故意給出這個價格的，但重新租賃的 Frisch 的價格為 280 萬美元，與這些商店之前的租金相比如何？

And then for the percentage rent, is that set at a level where you would expect to regularly realize that right away or is that something that requires upside?

那麼對於百分比租金，它是否設定在一個您希望立即實現的水平，還是需要上漲？

Yeah, yeah.

是啊是啊。

So fair question, yeah.

是的，所以這個問題問得公平。

The $2.8 million, I would call it, roughly 50% of prior rent.

我認為 280 萬美元大約是之前租金的 50%。

And like I said, we were willing to take that kind of pain, if you will, on the annual base rent to get the benefit of what we think will produce notable potential percentage rent on those stores.

正如我所說的，如果願意的話，我們願意在年度基本租金上承受這種痛苦，以獲得我們認為會在這些商店產生可觀的潛在百分比租金的利益。

We had the prior store sales, and this was a way again for us to speed up the process.

我們之前有過店內銷售，這對我們來說又是一種加快進程的方法。

We just got these 33 stores back in the fourth quarter, and we had them re-leased in the fourth quarter.

我們剛剛在第四季度收回了這 33 家門市，並在第四季度將它們重新租賃。

So it's very quick again with no TI.

因此，沒有 TI，它又變得非常快。

And so we saw material value in that part of the equation.

因此，我們看到了等式這一部分的物質價值。

And so because we had prior store sales, we're optimistic that we'll be able to achieve something north of our normal 70% rent recovery on re-leasing vacant spaces.

因此，由於我們之前有過店面銷售，我們樂觀地認為，透過重新出租空置空間，我們將能夠實現超過正常 70% 的租金回收率。

We'll see how much better we can do the math, but we think there is upside there.

我們將看看我們能做多好的計算，但我們認為這其中還有好處。

Spenser [Glinter] with Green Street.

史賓塞[Glinter]和格林街。

I'm just curious on the transaction front, what you guys have been seeing in terms of 4Q activity and then 1Q, just as it relates to the mix of portfolio deals versus one off for anything that you're doing outside of relationship deals?

我只是對交易方面感到好奇，你們在第四季度和第一季的活動方面看到了什麼，就像它與投資組合交易的組合以及你們在關係交易之外所做的任何一次性交易有關一樣？

Yeah.

是的。

I mean, outside the relationship deals, there has been much large-scale portfolios for our market.

我的意思是，除了關係交易之外，我們的市場還有許多大規模的投資組合。

It has been a little bit slow.

速度有點慢。

That's why we've been mining 80% of our deal flow in the fourth quarter was through the relationships, which one of the transactions was pretty notable, which did not get marketed just as a direct deal.

這就是為什麼我們在第四季度透過關係挖掘了 80% 的交易流，其中一筆交易非常引人注目，並沒有像直接交易那樣進行行銷。

First quarter is looking pretty good right now, but it's a lot what I would call doubles, kind of that $20 million to $30 million deal range.

第一季目前看起來相當不錯，但我可以將其稱為雙倍成長，即 2000 萬美元到 3000 萬美元的交易範圍。

We're not seeing the $150 million to $200 million deal.

我們沒有看到 1.5 億到 2 億美元的交易。

Now there is one potential large portfolio coming out kind of in the family entertainment space that we're aware of, but it's a little early to say the pricing on that right now.

目前，我們知道家庭娛樂領域出現了一個潛在的大型投資組合，但現在談論其定價還為時過早。

Okay.

好的。

And then Kevin, yes, congratulations.

然後是凱文，是的，恭喜你。

We will miss you.

我們會想念你的。

One, just last one for you.

第一，這是給你的最後一個。

Has anything changed since last quarter just in terms of the amount of credit losses being underwritten for '25?

就 25 年承保的信用損失金額而言，自上個季度以來有什麼變化嗎？

Yeah, not materially so in our guidance, and I might or should have added this into the comment on the last question from Brad, was for this year, we've assumed 60 basis points of rent loss.

是的，在我們的指導中並非如此，我可能或應該將這一點添加到布拉德的最後一個問題的評論中，對於今年，我們假設租金損失為 60 個基點。

Historically, we've been more in the closer to 100 category.

從歷史上看，我們的數字更接近 100。

We typically don't experience that level.

我們通常不會經歷那種程度。

So we think we've got enough baked in for credit loss for this year.

因此，我們認為我們已經為今年的信貸損失做好了足夠的準備。

We don't really have any other tenants in the immediate horizon that it feels like we have real exposure to in terms of credit loss A and B. That 60 basis points obviously does any pain from Badcock and Frisch's is above and beyond that 60 basis points.

就信用損失 A 和 B 而言，我們近期確實沒有其他租戶讓我們有實際敞口。

So let's put it that way if folks are wondering.

如果大家感到疑惑的話，我們就這樣說吧。

So, yeah, we think we're in good shape on that front.

是的，我們認為我們在這方面的狀況良好。

And like I said, are not pointing investors to any other notable concerns at the moment for [penning] credit.

而且正如我所說的那樣，目前還沒有向投資者指出任何其他值得關注的信貸問題。

Michael Goldsmith, UBS.

瑞銀的麥可‧戈德史密斯。

Congratulations, Kevin, on a wonderful career.

恭喜凱文，你擁有如此輝煌的職業生涯。

And as a going away present, I'll ask you to walk us through kind of what you've baked into your guidance for Frisch's and Badcock related to the timing of re-leasing and recovery rate for 2025?

作為離別禮物，我想請您向我們介紹一下您對 Frisch 和 Badcock 的指導中考慮到的與 2025 年重新租賃時間和回收率相關的內容？

Yeah.

是的。

And in my usual way, I'll be sufficiently elusive because it's a work in process -- in progress, I should say.

按照我通常的方式，我會盡量避免談論這個問題，因為這是一項正在進行的工作——我應該說，這是一個正在進行的工作。

And so it's unfolding as we speak.

正如我們所說，事情正在展開。

The only thing I can say is we remain -- historically, over the years, re-leasing something in 9 or 12 months, it was kind of normal and typical.

我唯一能說的是，從歷史上看，多年來，在 9 到 12 個月內重新租賃某些東西，這是一種正常且典型的情況。

It's going along more quickly than that on both Badcock and Frisch's as evidenced in the fourth quarter, and that continues into the first quarter.

從第四節可以看出，比賽的進展比巴德科克和弗里施的要快得多，而且這種情況一直持續到第一節。

I mean, I don't have a lot of details to give you on that re-leasing effort.

我的意思是，我無法向你提供關於重新租賃工作的太多細節。

Like I said, it's very current, and it's just tough for us to put a hard stake in the ground on that as we speak.

就像我說的，這是非常當前的事，而且我們很難在談論它時堅定不移。

But only to say it's going better than normal in terms of timing as well as economic outcomes.

但只能說，從時間和經濟結果來看，情況都比正常好。

So just to clarify that, so we should assume that you're baking in something better than historical of the 9 to 12 months and the 70% recovery rate.

因此，為了澄清這一點，我們應該假設你正在烘焙一些比 9 到 12 個月的歷史和 70% 的回收率更好的東西。

But the rest is, I guess, kind of -- you're not giving anything else on beyond that.

但我想，剩下的部分，你不會再提供任何其他東西了。

Yeah.

是的。

No, we're in a state of flux until we get some of these pinned down.

不，我們處於不斷變化的狀態，直到我們把其中一些問題確定下來。

But we've got a number of deals in the hopper working, and we'll see how that all shakes out.

但我們已經有一些交易正在進行中，我們將看看結果如何。

But there's the process, and our guidance has the opportunity to drift higher hopefully throughout the year if we can improve upon things.

但這是一個過程，如果我們能夠改進，我們的指導就有機會在全年進一步提高。

Got it.

知道了。

And then on the 60 basis points of credit reserve for 2025, but like lower than what you've seen historically, or what you typically take 100 basis was.

然後是 2025 年的信用儲備金 60 個基點，但低於歷史上看到的水平，或通常採取的 100 個基點。

Maybe you could just provide some context in terms of what you -- what's the long-term average for that on that 60 basis points compares to it just to put some perspective because you just went through two large events and now you're reducing what you're baking in for the year.

也許您可以提供一些背景信息，例如，與 60 個基點相比，長期平均值是多少，以便提供一些觀點，因為您剛剛經歷了兩件大事，現在您正在減少今年的支出。

So I'm just trying to understand.

所以我只是想了解一下。

Yeah, a fair question, yeah.

是的，這是一個公平的問題。

Absent which was a highly unusual two tenants simultaneously going away, which -- that was 200 basis points.

缺席的情況非常不尋常，因為有兩個租戶同時離開，相當於 200 個基點。

And so historically, our credit loss typically runs in the kind of the 30 to 50 basis points kind of range.

從歷史上看，我們的信用損失通常在 30 到 50 個基點的範圍內。

And so there is some assumption on our part that we've got two of our biggest credit concern down of the way in some respects and resolved outside of that 60 basis points that we really don't need 100 in our guidance.

因此，我們假設，在某些方面，我們已經解決了兩個最大的信貸問題，並且除了 60 個基點之外的問題也得到了解決，因此我們的指導中實際上不需要 100 個基點。

So we frankly hope that there's maybe a degree of conservatism in the 60 basis points given our historical averages and, like I said, having cleared out to over the weaker links, if you will, in our tenant credit.

因此，我們坦率地希望，考慮到我們的歷史平均水平，60 個基點可能具有一定程度的保守性，就像我說的，如果你願意的話，我們已經清除了租戶信用中較弱的環節。

John Kilichowski, Wells Fargo.

富國銀行的約翰‧基利喬斯基 (John Kilichowski)。

Congrats again, Kevin.

再次恭喜，凱文。

Maybe if we could start, just kind of go back to the transaction market here and just talk about how deal flow looks at this point versus maybe this time last year.

也許我們可以開始，回到這裡的交易市場，討論一下此時與去年同期相比交易流程的情況。

I know you talked about it sounds like elevated deal flow, but also elevated competition.

我知道您說過，這聽起來像是交易流量增加了，但競爭也加劇了。

Maybe how do you think that, that could manifest in changes to your acquisition guide near the low or high end or if there's room to maybe push above the high end?

也許您認為這如何體現在您的收購指南的變化中，接近低端或高端，或者是否有空間突破高端？

And then when you talk about that elevated competition, who is that and what are the returns that they're looking for?

那麼，當您談到激烈的競爭時，他們是誰，他們尋求的回報是什麼？

Yeah, that's a good question, John.

是的，這是個好問題，約翰。

As far as our guide for the year, historically, we've beaten our guide over many years, just the visibility is only 90 days from the transaction to market.

就我們今年的指導價而言，從歷史上看，多年來我們一直都超出指導價，只是從交易到上市的可見性僅有 90 天。

So we're conservative, so we usually start on the lower end.

所以我們比較保守，通常從較低端開始。

What I know is pricing in the first quarter, I'm confident we have a good start to that guide for the year.

據我所知，第一季的定價情況良好，我相信我們今年的定價指南將有一個好的開始。

The market is elevated as far as deal flow compared to last year.

與去年相比，今年市場的交易量有所提升。

Last year, when we came into the year, it was more of a capital markets issue that we didn't want to access the equity market.

去年，當我們進入新年度時，這更多的是一個資本市場問題，我們不想進入股票市場。

So we set our expectations for the year on the lower end to primarily use the free cash flow to fund acquisitions.

因此，我們將今年的預期定在較低水平，主要使用自由現金流來資助收購。

As far as competition, I've been doing this 20-plus years.

就比賽而言，我已經參加比賽20多年了。

Kevin has been doing it at 30-plus years.

凱文已經從事這項工作 30 多年了。

It's always a competitive market.

這始終是一個競爭激烈的市場。

It's just the names have changed.

只是名字改了。

There's only a few of us that have been around that long.

我們之中只有少數人能存在這麼久。

Now as far as there's some private money coming back into the market a little bit, but their return expectations are a little bit higher.

現在有一些私人資金重新回到市場，但他們的回報預期略高一些。

But more importantly, the amount of money they have deployed into acquisitions is significantly higher than ours.

但更重要的是，他們在收購上投入的資金明顯高於我們。

So they are going to go after what we would call the elephant deal flow, not the antelope deal flow where base hits.

因此，他們將追求我們所謂的“大象交易流”，而不是“羚羊交易流”。

So they really don't play in our world.

所以他們其實並不在我們的世界中玩耍。

And again, 80% of our deal flow came from relationships we have a really good moat around that to avoid competition playing in our field.

再說一次，我們 80% 的交易流來自於關係，我們有一個非常好的護城河，以避免在我們的領域中競爭。

But no, overall, I feel good sitting here today on the call as far as the activity, what's in the pipeline, what our team is evaluating.

但總的來說，今天坐在這裡參加電話會議，就活動、正在進行的計劃以及我們團隊正在評估的內容，我感到很滿意。

And there's no deals our competitors have done that we did not see.

而且，我們的競爭對手所做的交易，我們都看到了。

So until then, I know our acquisition guys are doing the right thing.

所以在那之前，我知道我們的收購人員正在做正確的事。

Great.

偉大的。

I appreciate the analogy.

我很欣賞這個比喻。

And maybe if we could jump to rent coverage levels.

也許我們可以躍升至租金覆蓋水準。

I know they're not provided.

我知道他們沒有提供。

But if you can kind of give any color on how those are trending within the portfolio, maybe particularly in the car wash and QSR space where we've heard of some pressure anecdotally?

但是，您能否介紹一下這些在投資組合中的趨勢，特別是在洗車和 QSR 領域，我們聽說過一些壓力？

Yeah.

是的。

I mean, let's just address the carwash space.

我的意思是，我們只討論洗車空間。

NNN does a fabulous job meeting with management teams.

NNN 在與管理團隊的會面中表現非常出色。

We view ourselves indirectly as an investor in the company.

我們間接地將自己視為該公司的投資者。

So we meet with all the management teams, hear their game plan.

因此，我們會見了所有管理團隊，並聽取他們的比賽計劃。

I could argue that we institutionalize the carwash business doing sale leasebacks back in 2005 when we initially started with Mr. Carwash, our number two tenant.

我可以說，早在 2005 年我們開始與第二大租戶 Mr. Carwash 合作時，我們就已透過售後回租的方式將洗車業務制度化。

So we have a fair amount of experience, and we had zero zips.

因此，我們有相當多的經驗，而且我們沒有任何失誤。

And that's kind of the recent headline in the carwash industry.

這是洗車行業最近的頭條新聞。

Our car wash is just Mr. Carwash, year-over-year rent coverage went up.

我們的洗車服務就是 Mr. Carwash，年比租金覆蓋率上升。

It's north of 4.

位於 4 號線以北。

And the other car washes that we've been doing kind of in the 2.5% to 3.5% range, and they're performing well.

我們進行的其他洗車業務的費用大約在 2.5% 到 3.5% 的範圍內，而且表現良好。

We're highly selective when we do car washes that we actually, for the most part, shut it down in the fourth quarter.

我們在洗車業務上非常挑剔，實際上，我們在第四季度基本上都關閉了洗車業務。

But things kind of stabilized.

但情況已經穩定下來。

QSR, we're kind of seeing sales flat for the most part.

QSR，我們看到銷售額大部分持平。

They're still trying to absorb the labor issues where their margins got compressed.

他們仍在努力解決利潤率受到擠壓的勞動力問題。

But overall, I'm comfortable with our QSR exposure, and there's no tenants that we're concerned with on the QSR or car wash side of things currently.

但總體而言，我對我們的 QSR 曝光感到滿意，目前在 QSR 或洗車方面我們沒有擔心的租戶。

Farrell Granath, Bank of America.

美國銀行的法雷爾‧格拉納斯 (Farrell Granath)。

I want to say congratulations to both Kevin and Vincent for your next chapters in your life.

我要向凱文和文森表示祝賀，祝賀你們人生的新篇章。

But I also wanted to ask about the type of demand that you're seeing for both the Badcock and Frisch's assets.

但我還想問一下您對 Badcock 和 Frisch 資產的需求類型。

Are you receiving a lot of inbounds, and are they within seeing industry verticals?

您是否收到了很多入站訊息，並且它們是否涵蓋了行業垂直領域？

We're seeing a ton of interest on the Frisch's and a fair amount on the Badcock.

我們看到人們對 Frisch 產生了濃厚的興趣，對 Badcock 也產生了相當濃厚的興趣。

As Kevin addressed on it in his remarks, we're doing really well with the Badcock, but it's a portfolio, and the easier assets to sell are the good ones, and they go first.

正如凱文在演講中提到的那樣，我們在 Badcock 方面做得很好，但這是一個投資組合，越容易出售的資產就是好的資產，它們就會先被賣掉。

So our team has some work to do as we move through the process.

因此，我們的團隊在整個過程中需要做一些工作。

As far as industries, yeah, we've been getting a lot of restaurant interest, and it's not only casual dining, there's QSR, again, back to car washes.

就行業而言，是的，我們受到了很多餐廳的興趣，不僅是休閒餐飲，還有 QSR，再次回到洗車業。

There's a fair amount of car wash interest and auto service.

人們對洗車和汽車服務的興趣相當濃厚。

So it's across a wide range because the reality is, they're 5,000, 6,000 square foot boxes on an acre and a half.

所以它的範圍很廣，因為實際情況是，它們在一英畝半的土地上分佈著 5,000 到 6,000 平方英尺的箱子。

There's a lot of tenants that like that use.

有很多租戶喜歡這種用途。

I would be concerned if they were 20,000, 30,000 foot boxes, that makes it a little more challenging to re-lease.

如果有 20,000 或 30,000 英尺的箱子，我會擔心，這會使重新租賃變得更具挑戰性。

But a small restaurant, acre and a half, well located, hard corner, there's a lot of users for those.

但是一個小餐館，佔地一英畝半，位置優越，拐角處平坦，有很多顧客。

Okay.

好的。

Thank you.

謝謝。

And I also wanted to comment on the 50 basis points.

我也想對 50 個基點發表一下評論。

I know we've been harping on it a little bit of the credit loss assumed in guidance.

我知道我們一直在強調指導中假設的信用損失。

I know you made some commentary about there's no near-term tenants that are raising a concern and that was also a factor in the reduction.

我知道您說過，沒有近期租戶提出擔憂，這也是減少的因素。

But do you still maintain a credit watch list and is there a certain percentage of ABR that's associated with that?

但是您是否仍保留信用監視名單，並且是否有一定比例的 ABR 與此相關？

Yeah.

是的。

Those who know me well, I'm perpetually worried about a lot of tenants, always.

了解我的人都知道，我總是擔心很多房客。

But none rise to the level that influence our thoughts around what credit loss might be for this year.

但沒有一個因素能夠影響我們對今年信用損失的思考。

And so, but yes, we've talked about names over the years.

但是是的，這些年來我們一直在談論名字。

We don't need really talk as much about Frisch's and Badcock anymore, but At Home has been one that we've thought about and still watching, very leveraged.

我們實際上不再需要談論太多關於 Frisch 和 Badcock 的事情，但《At Home》是我們一直在思考並且仍在關注的作品，非常有影響力。

AMC, of course, has been on the list, but to be quite candid, we are past the point that they seem to have found, A, their business is getting better, and so the fundamentals are better, and B, they're perpetual issuers of capital that has kept landlords very happy.

AMC 當然也在名單上，但坦白說，我們已經過了他們似乎已經發現的那個點，A，他們的業務正在變得更好，因此基本面更好；B，他們是永久的資本發行者，這讓房東非常高興。

And I have really no near-term concerns about their ability to pay us rent in 2025.

而且我確實不擔心他們在 2025 年是否有能力向我們支付租金。

So the ones that remain on the list, and there's a number of them, A, they're generally are not larger exposures and, B, I don't feel like they're imminent kind of at risk of not paying rent.

因此，名單上仍然保留著很多公司，A，它們通常風險較小，B，我不覺得它們會面臨無法支付租金的風險。

But we think the 60 basis points should comfortably handle whatever exposure we have on that list.

但我們認為 60 個基點應該可以輕鬆應對我們在該名單上的任何風險敞口。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I just wanted to follow-up.

我只是想跟進一下。

You mentioned that you might see or there might be a larger portfolio of family entertainment assets coming.

您提到您可能會看到或可能會有更大的家庭娛樂資產組合出現。

Is that something that you -- I mean, I guess price depending, but is that an area that you would be interested in increasing your exposure to if it were to come to market at a price that is reasonable to you?

這是不是取決於價格，但如果這個產品以您認為合理的價格進入市場，您是否有興趣增加對這個領域的投資？

Yeah, making sure everything fits in our underwriting philosophy, price being important.

是的，確保一切都符合我們的承保理念，價格很重要。

Yeah, it's something if the economics make sense, but more importantly, the real estate fundamentals make sense, it's something we would look at and do.

是的，如果經濟學合理的話，這是一件大事，但更重要的是，房地產基本面合理的話，這是我們會研究和做的事情。

Now the question is, at the start of the year, as you know, Smedes, people are coming out with guidance and get overly aggressive on acquisitions.

現在的問題是，如你所知，Smedes，在年初，人們紛紛給出指導意見並在收購方面過於積極。

If I had to do $1.5 billion, I'd probably have this answer a little more confident like, yeah, actually, we would do it.

如果我必須投入 15 億美元，我可能會更有信心地回答這個問題，例如，是的，實際上，我們會這樣做。

But with the guide trying to do kind of that $500 million, $600 million, we get a little bit more conservative on the underwriting, and our box gets a little bit tighter.

但由於指南試圖達到 5 億美元、6 億美元，我們在核保方面會變得更加保守，我們的限制也會變得更加嚴格。

And I think that's kind of proven out with the Badcock and Frisch's on our re-leasing efforts.

我認為 Badcock 和 Frisch 的重新租賃努力已經證明了這一點。

Right.

正確的。

I just wanted to ask you kind of big picture too.

我也只是想問你一個大概的狀況。

It sounds like you expect kind of a slight sort of maybe downward bias in cap rates over the course of the year given some of the things you've talked about.

聽起來，考慮到您所談到的一些情況，您預計今年的資本化率可能會出現輕微的下行趨勢。

I mean, so does this sort of imply, I guess, that the spreads for you are compressing a little bit or how and given elevated debt cost or how are you kind of thinking about your investing spreads at this point?

我的意思是，這是否意味著您的利差正在縮小一點，或者考慮到債務成本上升，或者您目前如何考慮投資利差？

As far as the cap rates, yeah, I mean, at the margin, I'm seeing them go down.

至於資本化率，是的，我的意思是，從邊際來看，我看到它們正在下降。

It's at 10, 15 basis points.

為 10 至 15 個基點。

But that's just a result of having to win deals, and our competition is going to drive them down.

但這只是為了贏得交易的結果，而我們的競爭將會壓低交易量。

But as far as looking at spreads, Kevin, do you want to answer it?

但就利差來看，凱文，你想回答嗎？

Yeah.

是的。

I mean, our typical 60-40 roughly equity and debt and the way we think our debt -- long-term ten-year debt today for us is around 5.5%.

我的意思是，我們的股權和債務通常佔比約為 60-40，而我們認為我們的債務——目前我們的十年期長期債務約為 5.5%。

So that's called 40% in the equation.

因此在等式中稱為 40%。

And then the way we think about equities when we're making these kind of capital allocation investment decisions that we've historically we've burdened our equity internally at about 8.5%.

然後，當我們做出此類資本配置投資決策時，我們會考慮股票，從歷史上看，我們的內部股票負擔約為 8.5%。

So that creates a weighted average cost of capital hurdle, not we don't need a spread above our hurdle, in the low sevens.

因此，這就產生了一個加權平均資本成本障礙，我們不需要高於障礙的利差，即低於 7%。

And so as long as we're kind of operating in that low to mid seven range, we feel like we're producing sufficient returns to shareholders and returns on equity to allow to consider making capital allocation or investment.

因此，只要我們的營運水準維持在 7 左右的低位，我們就會覺得我們能為股東帶來足夠的回報和股本回報率，從而可以考慮進行資本配置或投資。

Okay, I appreciate it.

好的，我很感激。

And I just, I wanted to ask you just one quick one.

我只是想問你一個簡單的問題。

We've just seen some negative headlines around Denny's, and I was just wondering, is that sort of showing up on your screen at all -- sorry, for us to know which ones you own and which ones they're talking about?

我們剛剛看到一些有關 Denny’s 的負面新聞，我只是想知道，這些新聞是否會出現在您的螢幕上——抱歉，我們不知道您擁有哪家餐廳以及他們談論的是哪家餐廳？

Is that on your watchlist or?

這是在你的關注清單中嗎？

Yeah.

是的。

We own some Denny's.

我們擁有一些 Denny's 餐廳。

I will say, again, which is critical for us is the price per pound that we own those stores at and therefore the rents on those stores are very attractive.

我再說一遍，對我們來說至關重要的是我們擁有這些商店的每磅價格，因此這些商店的租金非常有吸引力。

And so -- and some of them are operated by franchisees of Denny's.

其中一些是由 Denny's 的特許經營商經營的。

And so, yeah, sometimes it's hard to when you're looking at headlines to appreciate kind of the, whether that's particularly applicable to us or not.

所以，是的，有時候當你看標題時很難判斷這是否特別適用於我們。

But yeah, the chain Denny's has been struggling for a while, don't get me wrong.

不過，別誤會我的意思，丹尼餐廳連鎖店確實已經苦苦掙扎了一段時間了。

We've been watching that for a while, but we feel like our locations and particularly the rents on our locations are at levels that we're not too anxious about.

我們已經關注這個問題有一段時間了，但我們覺得我們的門市，特別是門市的租金，處於一個我們並不太擔心的水平。

Yes.

是的。

Real quick, Smedes, our Denny's for the most part were bought in 2006.

很快，Smedes，我們的 Denny's 大部分是在 2006 年被收購的。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, congrats Kevin and Vin.

嘿，恭喜 Kevin 和 Vin。

Just two quick ones.

只需簡單兩點。

One obviously is just on the bad debt.

顯然，一個問題只是壞帳。

And I'm sure as you guys sort of thought about the guidance for this year, you debated whether it was 100 basis points like historical or going with 60 basis points.

我相信，當你們思考今年的指導方針時，你們會爭論是按照歷史水準 100 個基點，還是按照 60 個基點。

I'm just wondering like what sort of got you comfortable to be able to put this number out?

我只是想知道是什麼讓您願意說出這個數字？

The CFO transition is happening, it's still early in the year.

財務長的過渡正在進行，現在還處於年初。

Is it literally just because the two bankruptcies went through or you -- is it because January has gone better?

這只是因為經歷了兩次破產，還是因為一月份的情況有所改善？

Just try to give us a sense of what got you the comfort to go out with the 60 basis points here versus 100 basis points historical?

您能試著讓我們了解一下，為什麼您願意將目前的利率定為 60 個基點，而不是歷史利率定為 100 個基點？

Yeah.

是的。

Well, A, historically, we've not ever really used the 100 basis points.

嗯，答，從歷史上看，我們從未真正使用過 100 個基點。

It has more been kind of that 30 to 50 kind of range, and so that's part of it.

它更像是 30 到 50 這樣的範圍，所以這是其中的一部分。

But, two, to your point, yeah, some of the deadwood is cleared out already, and the near-term most acute credit concerns are accounted for elsewhere, if you will, outside of that 60 basis points.

但是，第二，正如您所說，是的，一些無用之物已經被清除，如果您願意的話，近期最嚴重的信貸問題可以在其他地方得到解決，除了那 60 個基點之外。

And then lastly, then layered on top of that, we just don't have any particular tenants that we have immediate concerns about.

最後，最重要的是，我們沒有任何需要立即關注的特定租戶。

And so all those things made us comfortable to do that.

所有這些事情讓我們感到很安心。

And so that's how we got there.

這就是我們到達那裡的方式。

Great.

偉大的。

And then my follow-up question which is a quick two-parter.

然後是我的後續問題，可以簡短地分為兩部分。

One is just, I think you talked about re-leasing the boxes are probably happening faster than you expected.

一是，我認為您談到的重新租賃箱子可能比您預期的要快。

Can you talk about sort of the mark to market on rent, number one.

首先，您能談談租金的市價嗎？

And then number two is just on the debt coming due this year.

第二個問題是今年到期的債務。

What are the plans for that?

有什麼計劃嗎？

And where do you think you could issue?

您認為您可以在哪裡發布？

Yeah.

是的。

On terms of -- I'll speak to the debt first.

關於——我先談談債務問題。

Yeah, we think ten-year debt for us today is around 5.5%.

是的，我們認為今天我們的十年期債務利率約為 5.5%。

Debt maturity is not till November, and so we have a good bit of flexibility in deciding where to actually execute a transaction to refinance that debt.

債務要到 11 月才到期，因此我們在決定在哪裡實際執行交易以再融資債務時具有很大的靈活性。

And obviously, along the way, we could always hedge some of that or lock in some of that interest rate risk ahead of time if we wanted to.

顯然，如果我們願意的話，我們總是可以提前對沖部分利率風險或鎖定部分利率風險。

But historically, we've not given guidance on capital markets activity.

但從歷史上看，我們並未對資本市場活動提供指導。

So I don't have much more specific than that.

因此我沒有更具體的資訊。

As it relates to re-leasing spreads on the Frisch's and Badcock, I mean, the initial round of Badcock is if you look at the re-leasing, which the lease portion was closer than our typical 70% number.

至於它與 Frisch 和 Badcock 的重新租賃利差有關，我的意思是，如果您看一下 Badcock 的初始輪重新租賃，其租賃部分比我們通常的 70% 數字更接近。

But if you layer in the dispositions on Badcock, that was at well above, and you reinvest those sale proceeds at kind of our mid-7 kind of acquisition cap rate, you end up with rent well above 113% combined for the re-lease and the disposition sold Badcock.

但是，如果你對 Badcock 進行分層處置，這個數字會遠高於這個數字，而且你以我們 7 中間的收購資本化率重新投資這些銷售收益，那麼你最終獲得的租金將遠高於 Badcock 重新租賃和處置的 113% 的總租金。

And so that's going very, very well.

一切進展非常非常順利。

As I said, we don't expect that likely to hold up at those levels, but the early indication for the first 35% of our Badcock exposure is going very well.

正如我所說的，我們預計這種狀況不太可能維持在這些水平，但我們對 Badcock 敞口的前 35% 的早期跡象表明情況非常良好。

And so we're encouraged about that.

因此我們對此感到鼓舞。

On the Frisch's, I think it will be more of the same.

對於 Frisch 來說，我認為情況將會大致相同。

In the first big batch, we took -- we're willing to take a little bit of pain on annual base rent, and we'll capture more potential rent from percentage rent upside there.

在第一批大批量銷售中，我們願意在年度基本租金上承受一點損失，但我們將透過百分比租金上漲來獲取更多潛在租金。

And so we think we can get back to equal to or better than our historical 70% kind of number.

因此我們認為我們可以回到等於或超過歷史的 70% 的數字。

We know what the store sales were at those locations previously.

我們知道這些地方之前的商店銷售額是多少。

And we know that given that the company went out of business, maybe they weren't run the best that they could have been.

我們知道，鑑於該公司已經倒閉，或許他們的經營狀況並未達到最佳狀態。

And so we're optimistic about that.

因此我們對此持樂觀態度。

But we think timing will go faster than typical for us, and we remain optimistic that at the end of the day, we can improve upon our 70% recovery.

但我們認為時間會比平常過得更快，我們仍然樂觀地認為，最終我們可以將恢復率提高到 70%。

Your next question for today is from Rich Hightower at Barclays.

今天的下一個問題來自巴克萊銀行的 Rich Hightower。

Again, congrats to Kevin on a great career in REITs and congrats to Vin on the incoming into that seat.

再次恭喜凱文 (Kevin) 在房地產投資信託基金 (REIT) 領域取得了偉大的成就，也恭喜文 (Vin) 就任這一職位。

Obviously covered a lot of ground on the call this morning, but I want to go back, and I must have missed this, but on the re-leasing of the Badcock space in particular, did you guys mention maybe the retailer tenant mix that is occupying that space or what that looks like?

顯然，今天早上的電話會議討論了很多內容，但我想回過頭來談談，我肯定錯過了這個，特別是關於重新租賃 Badcock 空間的問題，你們有沒有提到佔據該空間的零售商租戶組合或者是什麼樣子的？

And then I've got one follow-up after that.

然後我還有一個後續行動。

Yeah, no, we didn't mention the retailer mix.

是的，不，我們沒有提到零售商組合。

There's actually a couple of them on the re-leasing were home furniture tenants.

實際上，重新租賃的其中幾位是家具租戶。

And then the other re-leasing, as Kevin is making the assumption, we sold those assets and then redeploying the sales proceeds at a 7.6% as far as the recapture rate.

然後是另一項重新租賃，正如凱文所假設的，我們出售了這些資產，然後以 7.6% 的回收率重新部署銷售收益。

It's coming from a -- variety on the Badcock, there's a variety of uses.

它來自 Badcock 的多種變體，有多種用途。

We've seen interest from kind of medical kind of space.

我們看到了來自醫療領域的興趣。

And so it's a potpourri.

所以它是一盤百花香。

It's a potpourri, yeah.

是的，這是一種百花香。

Some hardware.

一些硬體。

It's a real mixture of uses for it as that box is 17,000 square feet.

這個箱子的面積有 17,000 平方英尺，可以用於多種用途。

Our rent was $9 a square foot from Badcock.

我們在巴德科克的租金是每平方英尺 9 美元。

And so it's sufficiently fungible, and we think we can end up with a reasonable outcome there on the re-leasing efforts.

因此，它具有足夠的可替代性，我們認為我們最終可以在重新租賃工作中獲得合理的結果。

Okay, great.

好的，太好了。

I'm going to make sure to put potpourri in my notes here.

我要確保在這裡的筆記中加入百花香。

Potpourri, it's a big seller, yeah.

百花香，是的，它很暢銷。

And then just a quick follow-up as I kind of scroll through the top tenants list.

然後，當我滾動瀏覽頂級租戶列表時，只需快速跟進一下。

I mean, I appreciate the fact that maybe no immediate watchlist worries as you guys have articulated on the call so far.

我的意思是，我很欣賞這樣一個事實，即可能不存在立即的關註名單擔憂，正如你們迄今為止在電話會議上所表達的那樣。

But if I think about Mr. Car Wash, Dave and Buster's, Camping World, and I just look at the equity values of all of those companies, some of which coming off of maybe a post-COVID high, the Car Wash business is kind of its own separate category.

但如果我考慮一下 Mr. Car Wash、Dave and Buster's、Camping World，並且我只看一下所有這些公司的股權價值，其中一些公司可能剛剛經歷了疫情後的高點，那麼洗車業務就可以說是獨立的類別。

But is there anything differentiating about your locations in particular that makes you less worried than perhaps the average location in the portfolios generally for those companies?

但是，你們的所在地點是否有什麼特別之處，使得你們比這些公司投資組合中的平均地點更不擔心呢？

Mr. Car Wash, we primarily did in 2005, 2006 timeframe a long time ago.

洗車先生，我們主要在 2005 年、2006 年期間做過這件事，那是很久以前了。

And our cost basis in those assets, and as I mentioned earlier in the call, is extremely low, but the rent coverage on the property level is north of 4 at the Mr. Car Wash exposure.

正如我之前在電話會議中提到的那樣，這些資產的成本基礎非常低，但在 Mr. Car Wash 的風險敞口下，房地產層面的租金覆蓋率卻超過 4。

So very comfortable with those assets.

所以對這些資產我非常滿意。

And Mr. Car Wash is a true operator of car washes.

而洗車先生則是真正的洗車經營者。

Unlike there's a lot of entrants in the car wash where private equity money followed, so they were maximizing proceeds, so they didn't have to put any equity in the deals.

與洗車行業許多新進業者不同，私募股權資金緊隨其後，他們最大化收益，因此他們不必在交易中投入任何股權。

Camping World, I would say over the years, we've done business with them for a long time, and we've called the portfolio with management of substitution or dispositions to ensure that we have the assets that they want to operate in the long run.

我想說，多年來，我們與 Camping World 已經合作了很長時間，我們透過替代或處置管理來確保我們擁有他們想要長期營運的資產。

And it's kind of same with Dave and Buster's, we've been doing business with them for a long time, and that business is -- the asset level for our cost base has been holding up.

這與 Dave and Buster 的情況類似，我們與他們合作了很長時間，而且他們的業務——我們的成本基礎的資產水平一直保持穩定。

Rob Stevenson, Janney.

羅伯史蒂文森、詹尼。

Kevin, you talked about the revenue from Badcock and Frisch's, but can you talk a little bit about any material elevation of expenses that you guys are getting hit with today that might burn off over the course of '25?

凱文，你談到了 Badcock 和 Frisch 的收入，但你能否談談你們今天所面臨的可能在 25 年期間消耗掉的任何實質費用增加？

Yeah, yeah, fair question.

是的，是的，公平的問題。

Yeah, so you noticed in our 2025 guidance, the net property expense number of $15 million to $16 million is probably $4 million to $5 million higher than what I would think of as kind of normal for NNN in most years.

是的，您注意到，在我們的 2025 年指引中，1500 萬至 1600 萬美元的淨房地產費用可能比我認為的 NNN 在大多數年份的正常水平高出 400 萬至 500 萬美元。

And so you can attribute pretty much all of that related to Badcock and Frisch's.

因此，您可以將所有這些歸因於 Badcock 和 Frisch 的相關內容。

So as you roll into 2026, yeah, that should fade away, yeah.

所以，隨著進入 2026 年，這種現象將會逐漸消失。

Okay.

好的。

That's helpful.

這很有幫助。

And then are you guys expecting to put -- you talked about re-leasing the Frisch's without any CapEx.

那麼你們是否期望——你們談到在不進行任何資本支出的情況下重新租賃 Frisch 呢？

Are you expecting to put any material amount of money in the Badcock assets or anything else in the portfolio in 2025 from a leasing or from a development redevelopment standpoint?

從租賃或開發再開發的角度來說，您是否預計在 2025 年向 Badcock 資產或投資組合中的任何其他資產投入大量資金？

We always consider it, but you know our predisposition is we'll trade off lower rent for no TIs generally.

我們一直在考慮這一點，但你知道，我們的傾向是，通常情況下，我們會以較低的租金換取無 TI。

That's not an absolute rule.

這不是一個絕對的規則。

It will there be some property or two or three that we make the decision.

我們將針對一些或兩三個財產做出決定。

That's the best economic decision to make.

這是最好的經濟決策。

So we may put some in, but it shouldn't be a large number in the scheme of NNN size.

因此我們可能會放入一些，但在 NNN 大小方案中它不應該是一個很大的數字。

And so -- yeah, I don't think we're going to waiver too much from that.

所以——是的，我認為我們不會對此做出太多讓步。

But there might be a little bit more repairs and maintenance a little bit.

但可能需要多做一些維修和保養。

Some of that will flow through property expenses rather than TI CapEx.

其中一部分將透過房地產費用而不是 TI 資本支出來流動。

But yeah, we're inclined to not think there's a whole lot of value in TIs.

但是的，我們傾向於認為 TI 的價值不大。

But from time to time, we'll consider it.

但有時我們會考慮它。

And if it fits in the equation, if you will, in terms of what we're going to get in rent and what the alternatives are, we may pull the trigger on some of that.

如果它符合這個等式，那麼就我們將獲得的租金和替代方案而言，我們可能會對其中的一些採取觸發措施。

But as we sit here right now, Rob, there's no deals in the pipeline that require any significant TI.

但是，羅布，就我們現在的情況來看，目前還沒有任何需要重大 TI 的交易。

Okay.

好的。

And then Steve, other than the convenience stores, any major concentrations in the fourth quarter acquisitions that you guys did?

那麼史蒂夫，除了便利商店之外，你們在第四季還進行了哪些重點收購？

Yeah, it was (inaudible) was the primary one. just kind of give you a little bit of color.

是的，它是（聽不清楚）主要的。只是給你一點色彩。

That relationship goes back as far as the first deal we closed was 2019, and we did a little bit in 2019 or 2020.

這種關係可以追溯到我們在 2019 年達成的第一筆交易，並且在 2019 年或 2020 年我們也做了一些交易。

And then few years later, we did -- they did an M&A opportunity in Florida, which we have financed that.

幾年後，我們在佛羅裡達州找到了一個併購機會，我們為其提供了資金。

And then we did a fairly substantial sale-leaseback in the fourth quarter with them.

然後我們在第四季與他們進行了相當大的售後回租交易。

So it's just a relationship that we've maintained for a long time.

所以這只是我們長期維持的關係。

And then the other one was [Superstar] Carwash that rolled into our top 20.

另一部作品是《[Superstar] Carwash》，也進入了我們的前 20 名。

That was just some first build-to-suit stuff we had in the pipeline over the year that completed in the fourth quarter.

這只是我們今年籌備期間在第四季完成的一些首批客製化產品。

Okay.

好的。

And then Kevin as my going away present for you, one last one here.

然後凱文是我送給你的離別禮物，這是最後一個。

You talked about the lumpiness of term fees.

您談到了學期費用的不穩定性。

Anything known in 2025 thus far, either received or known of any materiality?

到目前為止，在 2025 年有沒有什麼已知訊息，無論是已收到的還是已知的重要訊息？

Yeah.

是的。

I mean, not that we are giving any kind of guidance on.

我的意思並不是說我們給了任何形式的指引。

And so that's -- which we don't.

所以這就是——我們不知道。

We've historically not.

從歷史上看，我們並沒有這樣做。

Historically, so the answer is we're not putting out any guidance on that front.

從歷史上看，答案是我們不會在這方面提出任何指導。

But historically for us, we generate about $3 million a year historically of lease termination fee income.

但從歷史上看，我們每年的租賃終止費收入約為 300 萬美元。

So I expect that to rebound.

因此我預計其將會反彈。

It's just -- it's a bit of a wildcard as the amount and the timing for that over the course of the year, which is why we don't give guidance.

只是——這有點像未知數，因為在一年的時間裡，它的金額和時間都不確定，這就是我們不提供指導的原因。

Alec Feygin, Baird.

亞歷克費金，貝爾德。

Congrats, Kevin.

恭喜，凱文。

It was a pleasure to work with you.

我很高興與您合作。

And also congrats, Vin, excited to work with you.

同時我也祝賀你，Vin，我很高興能與你合作。

Kind of to go off the last question on determination income.

有點偏離關於確定收入的最後一個問題。

Is there anything assumed in guidance on that front?

指導中對此有何假設？

Yeah.

是的。

We always have a general assumption in there for lease term, like I say, normal for us is $3 million a year.

我們對租賃期限總是有一個一般假設，就像我說的，對我們來說正常的租賃期限是每年 300 萬美元。

And we've made some assumptions for that and guidance.

我們對此做出了一些假設和指導。

But like I say, we don't publish that because, to be candid, we never know precisely where that's going to end up ourselves.

但就像我說的，我們不會發表這些內容，因為坦白說，我們自己也永遠不知道這些內容最終會走向何方。

And so we're reluctant to kind of go out in public and put a stake in the ground on that number.

因此，我們不願意公開宣布這一數字。

Fair.

公平的。

And then does the nonreimbursed expense guide assume additional leasing of the recently vacated assets?

那麼，未報銷費​​用指南是否假設對最近騰空的資產進行額外租賃？

Yeah, yeah.

是啊是啊。

I had some in there, but the expenses will hit -- as you're talking about the nonreimbursed property expenses with a guidance of $15 million to $16 million.

我有一些，但費用將達到 - 正如你所談論的未報銷的財產費用預計為 1500 萬美元至 1600 萬美元。

That should be fairly steady throughout the year.

全年這一水平應該會相當穩定。

I mean, I think it's probably a little bit more front half loaded and a little less second half loaded going from memory.

我的意思是，我認為從記憶來看，它可能前半部負載較大，後半部負載較小。

But just as we get things leased up, then some of those property expenses become the tenant's obligation.

但正如我們把東西出租一樣，其中一些物業費用就成為承租人的義務。

But that's all loaded into our thoughts around getting these properties resolved, sold, or re-leased.

但我們考慮的都是如何解決、出售或重新出租這些房產的問題。

Linda Tsai, Jefferies.

傑富瑞 (Jefferies) 的 Linda Tsai。

Congratulations, Kevin, you have a lot of fans and will be missed and congrats to Vin, too.

恭喜你，凱文，你有很多粉絲，我們會想念你的，也祝賀文。

The increase in G&A guidance, you highlighted a one-time benefit from last year but you're also going to cost control.

您強調了一般及行政費用指引的增加，這是去年的一次性收益，但您也會控製成本。

Do you think there's some room on that G&A guidance to come in lower?

您認為 G&A 指導價格還有下降空間嗎？

And then, Kevin, is there a charge for your retirement embedded in that range?

那麼，凱文，你的退休費用是否包含在該範圍內？

Yes.

是的。

So the way we've handled executive retirements, we have a separate line item for that.

因此，我們處理高階主管退休問題的方式是，我們為此設立一個單獨的專案。

And so whatever cost involved with Kevin is -- will be in that line item.

因此，與凱文相關的任何費用都將包含在該項目中。

So to answer your question, it's not in G&A.

所以回答你的問題，它不在 G&A 中。

I guess the one thing to keep in mind on G&A is 2024 actual number came in at up $44.3 million.

我想，在 G&A 方面需要記住的一件事是 2024 年的實際數字上漲了 4,430 萬美元。

And so to normalize that, you really need to add, if you will, that $1.7 million that would take it up to $46 million.

因此，為了使其正常化，你確實需要添加 170 萬美元，使其達到 4600 萬美元。

And so compared to $46 million to our next year guide -- 2025 guide, $47 million to $48 million.

因此，與我們明年的指導方針（2025 年的指導方針）的 4,600 萬美元相比，這一數字為 4,700 萬美元至 4,800 萬美元。

It's the way I would kind of think about it.

這是我思考這個問題的方式。

So there's a kind of a general inflationary increase in that number.

因此，該數字存在某種普遍的通貨膨脹增長。

But again, as a percent of revenue, it's not moving materially.

但同樣，作為收入的百分比，它並沒有實質的變化。

And then just one other one.

然後就剩下一個了。

Any thoughts on how dollar stores are thinking about their store expansion plans these days?

您對一元商店目前如何考慮其店鋪擴張計畫有何看法？

We don't do much with the dollar stores, and it has nothing to do with the business model.

我們與一元商店的合作不多，這與商業模式無關。

It was just always primarily the real estate.

它一直主要涉及房地產。

But over the years, they've been one of the big expansion groups for the net lease business.

但多年來，他們一直是淨租賃業務的大型擴張集團之一。

But yes, we don't regularly call on the Dollar store corporate and/or developers.

但是，是的，我們不會定期拜訪一元商店公司和/或開發商。

So I don't have much insight for you there.

所以我對此沒有太多的見解。

John Massocca, B. Riley.

約翰‧馬索卡、B.萊利。

Kevin, thank you for taking all of our questions over the many, many years.

凱文，感謝您這麼多年來回答我們的所有問題。

Just kind of looking for a little color maybe on the outlook for 2025 lease expirations.

只是想對 2025 年租約到期的前景有些了解。

Anything notable that stands out?

有什麼值得注意的突出之處嗎？

And I guess you're kind of expecting the typical recovery rate on rents expiring?

我猜你有點期待到期租金的典型回收率？

Yes.

是的。

I think to play out typically.

我認為這是很典型的。

I think we're a little bit heavy in convenience stores in terms of lease expirations this year, and they're pretty solid performers.

我認為，就今年租約到期而言，我們在便利商店方面的投入有點大，而且它們的表現相當穩健。

So we're not expecting adverse outcome relative to historical norms.

因此，我們預期相對於歷史常態，結果不會出現不利。

So -- but yeah, nothing of note in my mind.

所以 — — 但是是的，我心裡沒有什麼值得注意的。

Okay.

好的。

And then maybe bigger picture, given transaction volumes have typically been focused on relationship tenants.

然後也許是更大的圖景，考慮到交易量通常集中在關係租戶身上。

How much of the investment outlook beyond maybe the LOI and PSA portion of the pipeline is contingent on those tenant partners being kind of active in the M&A space, and I guess the M&A space being kind of robust more broadly?

除了 LOI 和 PSA 部分之外，投資前景有多少取決於那些租戶合作夥伴在併購領域的活躍程度，我猜併購領域在更大範圍內會更加強勁？

Outside of -- kind of let's go back pre-2020, I would say a lot of our relationship business was driven by the M&A market side of things.

除此之外——讓我們回顧一下 2020 年之前，我想說我們的許多關係業務都是由併購市場方面推動的。

And then kind of post-COVID when the M&A market was slowing down, but yet our large sophisticated tenants still felt the need to grow.

在疫情過後，併購市場有所放緩，但我們大型成熟的租戶仍感到有成長的必要。

So they did a lot of kind of development from self.

所以他們從自身做了很多開發。

So we were kind of leaning in.

因此我們有點傾向此。

If you recall, a couple of years ago, where our build to see our split-funded deal ramped up to $300 million, where historically, it was kind of $100 million.

如果你還記得的話，幾年前，我們的分拆融資交易額上升到了 3 億美元，而歷史上這個數字大約是 1 億美元。

But what I'm seeing in 2025 is the M&A market is picking up a little bit in the auto services, convenience store that part of our guide does include a little bit of the M&A, but it's definitely not dependent on the M&A side of things and the relationships.

但我在 2025 年看到的是，汽車服務、便利商店領域的併購市場將會有所回暖，我們的指南中確實包括了一點併購內容，但絕對不依賴併購方面的事情和關係。

Okay.

好的。

And then, you touched on it a little bit, but in terms of the released Frisch's assets or former Frisch's assets, is there any reason the percentage rent would be a 2026 event versus 2025?

然後，您稍微提到了這一點，但就已釋放的 Frisch 資產或前 Frisch 資產而言，百分比租金是否會在 2026 年發生而不是 2025 年發生？

Or should we kind of think about that as something that potentially impacts your 2025 earnings leases get started?

或者我們應該將其視為可能影響您 2025 年收益租賃開始的事情？

Well, beyond the fact that the rent on those -- that first batch doesn't start until May 1, so there's that.

嗯，除了這些的租金之外——第一批要到 5 月 1 日才開始，所以就是這樣。

So in the first half, call it 0, close to 0.

所以前半部分，我們就稱它為 0，接近 0。

And so -- but yes, starting in the second half of this year, you should get some ramp-up in percentage rents related to that batch of stores and obviously for full year next year as new restaurant operators get things up and running.

所以 — — 但是是的，從今年下半年開始，隨著新餐廳經營者的開業和運營，與這批商店相關的租金百分比應該會有所上漲，而且顯然明年全年的租金百分比也會有所上漲。

(Operator Instructions) Omotayo Okusanya, Deutsche Bank.

(操作員指示) Omotayo Okusanya，德意志銀行。

Also a member of the Kevin fan club, you will be missed.

作為凱文粉絲俱樂部的一員，我們會想念你的。

Best of luck in retirement and also a member of the Vin fan club.

祝你退休一切順利，也成為 Vin 粉絲俱樂部的一員。

So Vin, welcome aboard at NNN.

所以 Vin，歡迎加入 NNN。

My question is around acquisitions.

我的問題與收購有關。

Again, the $500 million to $600 million outlook for the year and also the disposition outlook.

再一次，今年的預期收入為 5 億至 6 億美元，處分預期收入也為。

Just kind of curious from an acquisition perspective, retail categories that maybe you're looking to get a little bit more invested in versus that on the sales side, categories that you're looking to lighten up on?

只是從收購的角度來看，我很好奇，與銷售方面相比，您可能希望在零售類別上投入更多一些，或者您希望減少對哪些類別的投入？

And also if the world of tariffs kind of impact any of that in terms of industries you suddenly become more attractive or less attracted to?

另外，如果關稅對某些行業產生影響，您會突然對它們變得更有吸引力還是更沒有吸引力？

Yes, you know our philosophy.

是的，您了解我們的理念。

We look at the real estate more than the category, who's operating the site isn't as important as long as the real estate fundamentals are in line with market.

我們更重視的是房地產本身，而不是類別，只要房地產基本面與市場一致，誰來經營網站就沒那麼重要。

Because at the end of the day, if that tenant goes away, we get market rent back.

因為最終如果租戶離開，我們就能收回市場租金。

So -- but because we are so relationship focused, I see 2025 being very similar to our current portfolio, where we will dig up our convenience stores and auto service sectors.

所以——但因為我們非常注重關係，我認為 2025 年與我們目前的投資組合非常相似，我們將挖掘我們的便利商店和汽車服務業。

And we're starting to see a little bit more activity in the QSR side of things, which I really like the QSR because that 1.5 acres, 3,000 square foot box is very fungible on the real estate side.

我們開始看到 QSR 方面的活動增加，我非常喜歡 QSR，因為這個 1.5 英畝、3,000 平方英尺的盒子在房地產方面非常具有可替代性。

So I'm looking more for QSRs the [main source] and auto services percolating up in 2025.

因此，我更關注 2025 年滲透的 QSR（主要來源）和汽車服務。

As far as dispositions, that's more -- even if it's a good industry, these retailers don't always pick performing assets over a 15-, 20-year lease.

至於處置，即使是一個好的行業，這些零售商也並不總是選擇表現良好的資產而不是 15 年或 20 年的租約。

Markets change, consumer behavior changes, so we work really hard with the retailer, and that's where the relationship value is.

市場在變化，消費者行為也在變化，因此我們與零售商非常努力地合作，這就是關係價值所在。

And I think that's why 85% of our leases renew at the end of terms.

我認為這就是為什麼我們的 85% 的租約在租期結束時都會續約。

As we look to kind of prune the portfolio each year a little bit, that $100 million range and start weeding out the underperforming assets where the retailer assists us in determining which ones to sell.

我們每年都會對投資組合進行一點調整，也就是 1 億美元的範圍，並開始剔除表現不佳的資產，零售商會協助我們確定要出售哪些資產。

So it's not a particular category.

所以它不是一個特定的類別。

I would say last year, medical kind of urgent care was a targeted sector we disposed of, and we kind of took advantage of the COVID bumped on their sales and sold those into the 1031 market.

我想說，去年，醫療緊急護理是我們處理的目標領域，我們利用 COVID 對其銷售的影響，將其賣給了 1031 市場。

But this year, there's not a particular sector.

但今年沒有特定的領域。

I'm looking to get out of this more individual assets that aren't performing up to the levels of the tenant would like.

我希望擺脫那些表現達不到租戶期望水準的個別資產。

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

問答環節已經結束，現在我將把電話轉給執行長史蒂夫·霍恩 (Steve Horn) 作結束語。

Yes, I appreciate you taking the time today.

是的，感謝您今天抽出時間。

Thanks for joining us, and we'll see you guys in person in the upcoming conference season.

感謝您的加入，我們將在即將到來的會議季節與您見面。

Kevin, one last, Good bye.

凱文，最後一次，再見。

Thank you.

謝謝。

All right.

好的。

Thank you.

謝謝。

Good time.

好時光。

Thank you all.

謝謝大家。

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

今天的會議到此結束，各位現在可以掛斷電話了。

Thank you for your participation. .

感謝您的參與。 。