NNN REIT Inc (NNN) 2025 Q1 法說會逐字稿

Greetings. Welcome to the NNN REIT, Inc., first-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 NNN REIT, Inc. 2025 年第一季財報電話會議。（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. You may begin.

現在我將會議交給主持人、執行長史蒂夫霍恩 (Steve Horn)。你可以開始了。

Hey, thanks, John. Hey, good morning, and thank you for joining NNN REIT's first-quarter 2025 earnings call. With me today is Vin Chao, our Chief Financial Officer. I'd like to start with a high-level update on our vacant furniture and restaurant assets before we delve into the first-quarter results.

嘿，謝謝，約翰。嘿，早上好，感謝您參加 NNN REIT 2025 年第一季財報電話會議。今天和我一起的是我們的財務長 Vin Chao。在深入探討第一季業績之前，我想先簡單介紹一下我們空置家具和餐廳資產的情況。

We're making excellent progress resolving these vacancies, and I'm confident that we will be in a solid position to have the vast majority resolved by year end. On a post-quarter update, in terms of our 35 furniture stores, 15 are resolved through leasing or sale, and 15 have significant interest and we anticipate nearly all be handled by the end of the third quarter. For the restaurant assets, we gained full possession this quarter following the conclusion of the eviction process. We've leased or sold 38 and have strong interest in the other 31.

我們在解決這些空缺問題上取得了很大進展，我相信我們將能夠在年底前解決絕大多數空缺問題。在季度後更新中，就我們的 35 家家具店而言，有 15 家透過租賃或出售解決了問題，還有 15 家有很大興趣，我們預計幾乎所有問題都將在第三季末得到處理。對於餐廳資產，我們在驅逐程序結束後於本季度獲得了全部所有權。我們已出租或出售了 38 處房產，並對其餘 31 處房產有濃厚興趣。

Looking ahead, as we fully put to bed the two tenant defaults from the fourth quarter of 2024, we anticipate a total impact of only $0.015 to $0.025 on our stabilized core FFO per share for the year. That's less than 1%. This minimal effect serves to highlight the lasting significance of robust real estate fundamentals throughout the duration of a 20-year lease.

展望未來，隨著我們從 2024 年第四季起徹底解決兩起租戶違約問題，我們預計今年對每股穩定核心 FFO 的總影響僅為 0.015 美元至 0.025 美元。這還不到 1%。這種微小的影響凸顯了在 20 年租賃期內強勁的房地產基本面的持久意義。

Let's go to the highlights of our first-quarter financial performance. Our portfolio of 3,641 freestanding single tenant properties continues its strong track record. Occupancy at the end of the quarter was 97.7%, a slight dip from our long-term average of approximately 98%, plus or minus, due to the finalization of the eviction process. We are encouraged by the significant interest in our available properties from numerous strong national and regional tenants, and I expect our occupancy rate to trend upwards as the year progresses.

讓我們來看看第一季財務業績的亮點。我們的 3,641 個獨立單一租戶物業組合繼續保持良好的業績記錄。由於驅逐程序的最終完成，本季末的入住率為 97.7%，與我們的長期平均約 98% 相比略有下降。令我們感到鼓舞的是，來自全國各地和各地區的眾多實力雄厚的租戶對我們現有的房產表現出了濃厚的興趣，我預計隨著時間的推移，我們的入住率將呈上升趨勢。

Notably, we experienced limited to no credit losses within the portfolio during the first quarter. Given the current macroeconomic backdrop, I'm confident in the portfolio's ability to deliver excellent performance over the long term. Our portfolio's stability through events like GFC and the pandemic with minimal impact underscore its strengths. We prioritize relationships with sophisticated tenants and actively manage our assets to prepare for future uncertainties.

值得注意的是，第一季我們的投資組合中幾乎沒有出現信貸損失。鑑於當前的宏觀經濟背景，我相信該投資組合有能力在長期內取得優異的績效。我們的投資組合在全球金融危機和疫情等事件中保持穩定，且影響極小，凸顯了其優勢。我們優先考慮與成熟租戶的關係，並積極管理我們的資產，為未來的不確定性做好準備。

While maintaining our disciplined underwriting approach, we successfully acquired 82 new properties during the quarter for approximately $232 million. These acquisitions featured an attractive initial cap rate of 7.4% and a long-term lease duration of over 18 years. Significantly, all of our acquisitions this past quarter were sale leaseback transactions, a testament to the effectiveness of NNN's acquisition team and relationship-focused efforts.

在保持嚴謹的承保方式的同時，我們在本季成功收購了 82 處新房產，價值約 2.32 億美元。這些收購具有相當吸引力的 7.4% 的初始資本化率和超過 18 年的長期租賃期限。值得注意的是，我們上個季度的所有收購都是售後回租交易，這證明了 NNN 收購團隊的有效性和以關係為中心的努力。

NNN takes pride in its relationship-driven business model which facilitates consistent repeat business. Not only in the current environment, but every transaction we remain highly selective in our underwriting and will continue to prioritize sale lease back transactions with our established tenant relationships and not operators or developers that are financial engineers.

NNN 以其關係驅動的業務模式而自豪，該模式有利於持續重複業務。不僅在當前環境下，而且在承保每筆交易時，我們都將保持高度選擇性，並將繼續優先考慮與我們已建立的租戶關係的售後回租交易，而不是作為金融工程師的運營商或開發商。

Regarding the current acquisition pricing market trends, we begin the year with the first-quarter initial cash cap rate of 7.4%. This compression was in line with the February discussion. We anticipate some cap rate pressure in 2025 compared to the previous year.

關於目前收購定價市場趨勢，我們今年第一季的初始現金資本化率為 7.4%。此次壓縮與二月的討論一致。與前一年相比，我們預計 2025 年資本化率將面臨一些壓力。

Now at the start of May, second-quarter cap rates are mostly holding steady with the first quarter. However, we are seeing significant compression in the larger portfolio deals, causing us to forgo those opportunities. In the first quarter, we executed strategic dispositions, we sold 10 properties and generated $16 million in proceeds, and only 1 of those assets was vacant. These funds are earmarked for reinvestment in new acquisitions, and this activity aligns with our full-year disposition guidance.

現在是五月初，第二季的資本化率與第一季基本保持穩定。然而，我們看到較大的投資組合交易出現了顯著的壓縮，導致我們放棄了這些機會。第一季度，我們執行了策略處置，出售了 10 處房產，獲得了 1,600 萬美元的收益，其中只有 1 處資產空置。這些資金專門用於對新收購進行再投資，此活動與我們的全年處置指導一致。

Continuing our history of sound financial management, Vin and the team have ensured a robust balance sheet. We finished the first quarter with nearly $1.1 billion availability on our $1.2 billion line of credit, and $400 million debt maturity in the fourth quarter is manageable. This reinforces the effectiveness of our self-funding model. The strong financial footing provides the company with the necessary flexibility to execute our 2025 acquisition guidance of $500 million to $600 million.

延續我們健全的財務管理傳統，Vin 和團隊確保了穩健的資產負債表。我們在第一季結束時，12 億美元的信用額度中有近 11 億美元的可用資金，第四季 4 億美元的債務到期是可以控制的。這增強了我們的自籌資金模式的有效性。強大的財務基礎為公司提供了必要的靈活性，以執行我們 2025 年 5 億至 6 億美元的收購指引。

To summarize, our first-quarter performance and occupancy, leasing, and rent collection further validates our consistent long-term strategy. This involves acquiring well-located properties with strong regional, national tenants at appropriate rents supported by strong and flexible balance sheet.

總而言之，我們第一季的業績以及入住率、租賃和租金收入進一步驗證了我們一貫的長期策略。這涉及收購地理位置優越、擁有強大的區域和全國租戶的房產，以適當的租金獲得強大而靈活的資產負債表的支持。

With that, I'll turn the call over to Vin for a more detailed review of our quarterly numbers and updated guidance.

說完這些，我將把電話轉給 Vin，讓他更詳細地審查我們的季度數據和最新指導。

Thank you, Steve. Let me start by letting you know that during this call, we will make certain statements that may be considered forward-looking statements under federal securities laws. 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 are made. Factors and risks that could cause actual results to differ from expectations are disclosed in greater detail in the company's filings with the SEC and in this morning's press release.

謝謝你，史蒂夫。首先，我要告訴大家，在本次電話會議中，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聲明。本公司未來的實際結果可能與這些前瞻性聲明中討論的事項有重大差異，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更。可能導致實際結果與預期不同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有更詳細的披露。

With that out of the way, before I get into the quarterly review, I wanted to start with some broader commentary and initial observations. Although today's elevated level of uncertainty has created volatility in the capital markets, our fortress balance sheet, combined with our deeply experienced team and battle-tested portfolio, is well positioned for long-term success in almost any environment.

好了，在開始季度回顧之前，我想說一些更廣泛的評論和初步觀察。儘管當今高度的不確定性導致資本市場波動，但我們穩健的資產負債表，加上經驗豐富的團隊和久經考驗的投資組合，使我們幾乎在任何環境下都能取得長期成功。

We know this because we've been there. In addition to the weathering the GFC and COVID-19 that Steve mentioned, we are also the only public net lease REIT to have experienced Black Monday, the bursting of the dotcom bubble, and the attacks on September 11, all while delivering 35 years of consecutive dividend growth.

我們知道這一點，因為我們曾經經歷過。除了史蒂夫提到的經受住全球金融危機和新冠疫情的考驗之外，我們還是唯一一家經歷過黑色星期一、互聯網泡沫破滅和 9·11 襲擊事件的公共淨租賃房地產投資信託基金，同時實現了連續 35 年的股息增長。

While our long and successful track record gives me comfort that we can manage today's economic environment, it's the strength of the NNN platform and its people that give me the confidence that we will continue to create shareholder value in the years ahead and through economic cycles. The depth of talent, the strength of the processes and systems, and the experience of the team are true differentiators within the REIT universe.

雖然我們長期成功的業績記錄讓我相信我們能夠應對當今的經濟環境，但 NNN 平台及其員工的實力讓我相信，我們將在未來幾年和整個經濟週期中繼續為股東創造價值。人才的深度、流程和系統的強度以及團隊的經驗是房地產投資信託基金領域的真正差異化因素。

I'm not sure if everyone knows this, but the average associate has been with NNN for over 10 years, and the senior leadership team has been here for over 20. The deep institutional knowledge is a key competitive advantage, particularly in times like these. NNN truly is a well-oiled machine. With that, I'll get off my soapbox and get into the quarter.

我不知道是否每個人都知道這一點，但平均而言，員工在 NNN 工作了 10 多年，而高階領導團隊在這裡工作了 20 多年。深厚的機構知識是一項關鍵的競爭優勢，尤其是在這樣的時代。NNN 確實是一台運作良好的機器。有了這些，我就不再發表長篇大論，進入正題了。

This morning, we reported core FFO $0.86 per share and AFFO of $0.87 per share for the first quarter of 2025, each up 3.6% over the prior year period, while annualized base rent was up over 5% year over year. Results were slightly ahead of our internal plan, driven primarily by lower-than-planned bad debt and net real estate expenses. Our NOI margin was 95.9% for the quarter, while G&A as a percentage of total revenues was 5.6% and 5.9% as a percentage of NOI.

今天上午，我們報告了 2025 年第一季的核心 FFO 為每股 0.86 美元，AFFO 為每股 0.87 美元，均比去年同期增長 3.6%，而年化基本租金同比上漲超過 5%。業績略高於我們的內部計劃，主要原因是壞帳和淨房地產支出低於計劃。本季我們的 NOI 利潤率為 95.9%，而 G&A 費用佔總收入的百分比為 5.6%，佔 NOI 的百分比為 5.9%。

Free cash flow after dividend was about $55 million in the quarter. This quarter benefited from $8.2 million of lease termination fees or about $0.04 per share. This fee was expected and largely driven by one lease that was dark but paying for some time. We were able to negotiate a deal to recapture the PV of the remaining rent and are now looking to sell the property.

本季股息後自由現金流約 5,500 萬美元。本季受益於 820 萬美元的租約終止費，即每股約 0.04 美元。這筆費用是意料之中的，主要是因為有一份租約尚未到期但已經支付了一段時間。我們已透過談判達成協議，收回剩餘租金的現值，現在正考慮出售該房產。

Turning to operating results. Overall leasing activities for the quarter were strong with 25 renewals and 8 new leases completed in the quarter for a blended rent recapture rate of 98%, reflecting the high quality of the portfolio. Occupancy remained high at 97.7% despite the fallout from Badcock and Frisch's, and has never dipped below 96.4% over the past 20 years, reflecting the stability of the portfolio and its cash flows.

談到經營業績。本季整體租賃活動強勁，共完成 25 份續約和 8 份新租約，綜合租金回收率為 98%，反映出投資組合的高品質。儘管受到 Badcock 和 Frisch 的影響，入住率仍然保持在 97.7% 的高位，並且在過去 20 年中從未低於 96.4%，這反映了投資組合及其現金流的穩定性。

As Steve mentioned, we are making good progress on addressing our vacancies and have now released or sold almost 50% of our former Badcock and Frisch's stores in only about two quarters, and we have good visibility or good activity on the vast majority of the remaining stores, a testament to the strength of the underlying real estate.

正如史蒂夫所提到的，我們在解決空置問題上取得了良好的進展，目前僅在大約兩個季度內就釋放或出售了近 50% 的前 Badcock 和 Frisch 商店，並且我們對絕大多數剩餘商店都有良好的知名度或良好的活動，證明了基礎房地產的實力。

Although these two tenants have created some near-term noise, the reality is that our experienced operations teams are well equipped to effectively handle these situations as they have over the last 40-plus years. As Steve noted, when all is said and done, we expect less than a 1% impact to annual FFO per share, and importantly, we expect to achieve this outcome with minimal tenant CapEx.

儘管這兩個租戶在短期內造成了一些幹擾，但事實上，我們經驗豐富的營運團隊完全有能力有效地處理這些情況，就像過去 40 多年來一樣。正如史蒂夫所指出的，當一切都塵埃落定後，我們預計對每股年度 FFO 的影響將不到 1%，而且重要的是，我們預計以最少的租戶資本支出實現這一結果。

From a watchlist perspective, things have not changed much since last quarter. No new tenants were added, and our primary concern remained at home, which we have been flagging for some time. As a reminder, we have 11 at homes that account for about 1% of ABR. In-place rents are low at just over $6.50 per square foot, and our stores are well established with average tenure of about 12 years.

從關註名單的角度來看，自上個季度以來情況並沒有太大變化。沒有增加新租戶，我們主要關注的仍然是家裡的情況，這一點我們已經關注了一段時間了。提醒一下，我們有 11 個家庭，約佔 ABR 的 1%。現場租金較低，僅為每平方英尺 6.50 美元多一點，而且我們的商店歷史悠久，平均營運期限約為 12 年。

Turning to the balance sheet, our triple B+ balance sheet remains in great shape, and it's what keeps me -- lets me sleep well at night, despite what's going on in the world. We ended the first quarter with the sector leading 11.6 years of term, remaining on our debt maturities and just 2.5% of our total debt tied to floating rates. This gives us strong visibility. Liquidity stood at $1.1 billion.

談到資產負債表，我們的 3B+ 資產負債表仍然保持著良好的狀態，無論世界上發生什麼，它都讓我晚上能睡個好覺。截至第一季度，我們的債務期限為 11.6 年，處於行業領先地位，剩餘債務仍按期償還，且總債務中僅有 2.5% 與浮動利率掛鉤。這為我們提供了強大的可見性。流動資金為11億美元。

Net debt to EBITDA was 5.5 times, and 100% of our assets are unencumbered, giving us great flexibility to execute our business plans. On April 15, we announced a 58% quarterly dividend per share, which equates to an attractive 5.4% annual dividend yield at a conservative 66% AFFO payout ratio.

淨債務與 EBITDA 比率為 5.5 倍，且我們的資產 100% 均無抵押，這為我們執行業務計劃提供了極大的靈活性。4 月 15 日，我們宣布每股 58% 的季度股息，相當於以保守的 66% AFFO 派息率實現 5.4% 的誘人年度股息收益率。

Lastly, I'd like to provide some color on our outlook for the balance of the year. As we discussed last quarter, we signed leases on former Frisch's locations that will add the greater of $2.8 million annually or 7% of sales when rent commences on May 1. Also, as discussed last quarter, we embedded a credit loss reserve of 60 basis points into the 2025 outlook. Given that we've had no notable credit loss year-to-date and in light of our outlook for the balance of the year, we feel comfortable with the 60 basis points for the full year.

最後，我想對今年餘下的展望做些說明。正如我們上個季度所討論的那樣，我們簽署了與 Frisch 前門店的租約，從 5 月 1 日開始租賃時起，每年將增加 280 萬美元或 7% 的銷售額（以較大者為準）。此外，正如上個季度所討論的，我們在 2025 年展望中嵌入了 60 個基點的信用損失準備金。鑑於今年迄今為止我們沒有明顯的信貸損失，並且考慮到我們對今年餘額的展望，我們對全年 60 個基點感到滿意。

Finally, we have a $400 million 4% bond maturing in November. For perspective, we believe current pricing on a new 10-year issuance would be about 5.6%. We also have capacity on our revolver, which is priced at SOFR+ 87.5 basis points and had an effective rate of 5.2% in the first quarter. As always, we'll be opportunistic and look for ways to capitalize on the current market volatility as we manage our financing needs.

最後，我們有一筆 4 億美元的 4% 債券將於 11 月到期。從長遠來看，我們認為新發行的 10 年期債券的當前定價約為 5.6%。我們的循環信貸額度也具備一定的容量，其定價為 SOFR+ 87.5 個基點，第一季的有效利率為 5.2%。像往常一樣，我們將抓住機會，在管理融資需求的同時尋找利用當前市場波動的方法。

Also, while we do not provide guidance on termination fees, given their inherently unpredictable timing, as you are updating your models, please keep in mind that the $8.2 million booked in the first quarter was unusually high and not reflective of a normalized run rate.

此外，雖然我們不提供終止費用方面的指導，但考慮到其本質上不可預測的時間，當您更新模型時，請記住第一季度預訂的 820 萬美元異常高，並不反映正常的運行率。

All that said, given our strong start to the year, our internally funded investment plan, and with over 40% of our acquisition volume already completed, we are comfortable maintaining our 2025 outlook for core FFO per share of $3.33 to $3.38 and AFFO per share of $3.39 to $3.44. Details regarding the underlying assumptions supporting our guidance also remain unchanged and can be found on page 3 of this morning's press release.

儘管如此，鑑於我們今年開局強勁、內部融資的投資計劃以及超過40%的收購交易已完成，我們有信心維持2025年每股核心運營現金流（FFO）3.33美元至3.38美元和每股有效運營現金流（AFFO）3.39美元至3.44美元的預期。有關我們指引所依據的基本假設的詳細資訊也保持不變，詳情請參閱今天上午新聞稿的第3頁。

Lastly, you may have noticed some changes to the earnings release presentation. We take pride in the transparency of our disclosures and are committed to providing investors and analysts with the information they need to efficiently and effectively underwrite the long-term value of our company. We hope you find the changes we made helpful in your analysis, and I'm always available to discuss ideas on how we can improve our reporting.

最後，您可能已經注意到收益發布簡報的一些變化。我們對資訊揭露的透明度感到自豪，並致力於為投資者和分析師提供他們所需的信息，以有效、高效地承保我們公司的長期價值。我們希望您發現我們所做的更改對您的分析有所幫助，並且我隨時可以討論有關如何改進報告的想法。

Before I turn the call back to the operator for Q&A, I want to thank the executive team and the Board of Directors for entrusting me as only the second CFO in NNN's history. There's a long tradition of success here that I, along with the rest of the team, will work tirelessly to continue. I also want to thank the entire organization for their warm welcome to the company and for their help in making this a seamless transition.

在我將電話轉回接線員進行問答之前，我要感謝執行團隊和董事會委託我擔任 NNN 歷史上第二任財務長。這裡有著悠久的成功傳統，我和團隊的其他成員將不懈地延續下去。我還要感謝整個組織對公司的熱烈歡迎以及為實現無縫過渡所提供的幫助。

With that, John, please open up the lines for questions.

約翰，請開始回答問題。

(Operator Instructions) Daniel Bailey, Bank of America.

（操作員指示）美國銀行的丹尼爾貝利。

The 1Q acquisition pace was much higher than expected. Could you expand on that? Do you see less competition in the transaction markets?

第一季的收購步伐遠高於預期。能詳細闡述嗎？您是否發現交易市場的競爭減少了？

Daniel, good question, this is Steve. We operate in a highly competitive market, and it's been a highly competitive market for 20 plus years I've been doing it. Just the names have come and gone.

丹尼爾，問得好，我是史蒂夫。我們在一個競爭激烈的市場中經營，20多年來，這個市場一直競爭激烈。只是名字來了又去。

Now the result was all of our transactions except one were sale leaseback, primarily through the relationships, but it was elevated just more timing. Going into the fourth quarter we knew there were some M&A deals that we're looking to get done, and they landed in the first quarter. However, it was within our guidance range for the full year, and it was primarily -- the auto services again was the sector where there's a fair amount of consolidation going on.

現在的結果是，除了一筆交易外，我們所有的交易都是售後回租，主要是透過關係進行的，但只是時機的提升而已。進入第四季度，我們知道有一些我們希望完成的併購交易，而且它們在第一季就完成了。然而，這在我們全年的指導範圍內，而且主要是——汽車服務再次成為正在進行大量整合的行業。

Got it. And if I could just follow up on that, could you touch on the expected pace of acquisitions moving forward? And do you plan on expanding into the auto services?

知道了。如果我可以繼續追問的話，您能否談談未來收購的預期速度？您是否計劃擴展到汽車服務領域？

We do the bottom up approach. We can only buy stuff that's for sale and we look for consistent core FFO growth over time. We maintain guidance of the $500 million to 600 million. But as Vin alluded to, we're kind of 40% there. And looking at the pipeline for the second quarter, I'm very comfortable that we'll hit that guidance range given where we stand today.

我們採用由下而上的方法。我們只能購買待售的商品，並且我們尋求核心 FFO 隨著時間的推移持續增長。我們維持 5 億至 6 億美元的指導價。但正如 Vin 所提到的，我們已經完成了 40%。展望第二季度的計劃，鑑於我們目前的狀況，我很有信心我們將達到指導範圍。

But given everything that's going on in the macroeconomy and the uncertainty, I don't think it's prudent to elevate acquisition volume since I don't have visibility to the third or fourth quarter yet. However, that being said, if everything kind of maintains status quo, I could see us in good acquisitions for the year.

但考慮到宏觀經濟中發生的一切以及不確定性，我認為提高收購量並不明智，因為我還無法預見第三季或第四季的情況。然而，話雖如此，如果一切維持現狀，我認為我們今年將會取得不錯的收購。

Spenser Glimcher, Green Street.

史賓塞‧格里姆徹 (Spenser Glimcher)，綠街。

Given the recent economic volatility and ongoing uncertainty, can you just talk about existing tenant appetite for growth? And then maybe on the flip side, are there any tenants who had expressed interest to grow and maybe kind of hit the brakes on growth plans as of late?

鑑於最近的經濟波動和持續的不確定性，您能談談現有租戶對成長的興趣嗎？那麼另一方面，是否有租戶表示有興趣擴張，但最近可能放棄了擴張計畫？

Yeah, I mean, overall, I think they're re-evaluating their growth plans. Though deals that we had in the pipeline were cancelled because of what's going on, they don't want to miss out on opportunities if things settle down. So kind of what I alluded to in the first question, our pipeline for Q2 is pretty solid, and we're just starting to look at stuff for Q3. But no, our tenants are still looking to grow at the margin. I don't think you're going to see any heroic M&A deals in the near term, so we've noticed that pace has slowed down in the US.

是的，我的意思是，總的來說，我認為他們正在重新評估他們的成長計劃。儘管我們正在進行的交易因為當前的情況而被取消，但如果情況平息下來，他們也不想錯過機會。正如我在第一個問題中提到的那樣，我們第二季的計劃非常穩固，我們才剛開始考慮第三季的事情。但不，我們的租戶仍然希望實現邊際成長。我認為短期內不會看到任何英勇的併購交易，因此我們注意到美國的步伐已經放緩。

Okay. And then any changes to tenant rent coverages, just the ongoing tariffs and things related to consumer spending?

好的。那麼，租戶租金覆蓋範圍、持續的關稅以及與消費者支出相關的事項有什麼變化嗎？

Yeah, Spenser, this is Vin. Yeah, as far as rent coverage and tariffs and all that, I mean, I would just say on a tariff perspective, between service tenants and non-discretionary tenants, that's about 85% of our ABR. And so we feel relatively okay about tariff impacts, other than the impact on the overall economy, which will filter through. If things stay in place. I'm not sure where we're at today, but, in any case, we feel like we're comfortable on the tariff side.

是的，史賓塞，這是文。是的，就租金覆蓋率和關稅等而言，我的意思是，從關稅的角度來看，服務租戶和非自由支配租戶之間的費用約占我們 ABR 的 85%。因此，除了對整體經濟的影響外，我們對關稅的影響感覺相對良好，但關稅的影響會逐漸顯現。如果一切保持原狀。我不確定我們今天處於什麼位置，但無論如何，我們對關稅方面感到滿意。

As far as rent coverages go, we don't really talk about rent coverages in detail. But the data is usually a little stale, and so it's not reflective of any sort of tariff impact at this point anyway. But generally speaking, I would say rent coverages have remained stable on that.

就租金覆蓋範圍而言，我們實際上並沒有詳細討論租金覆蓋範圍。但數據通常有些陳舊，因此目前還不能反映任何關稅影響。但整體來說，我認為租金覆蓋率保持穩定。

I'll add a little kind of real-time coverage for you, Spenser. Our team was out at the Car Wash conference this past weekend and reported that the Car Wash sales were very strong for the quarter. And the CEOs that I spoke with, and if it was collision or the tire sector within the auto services, said the last two months they've seen an uptick in their sales, so that was all positive.

我會為你添加一些即時報道，斯賓塞。我們的團隊上週末參加了洗車會議，並報告本季洗車銷售非常強勁。與我交談過的執行長們，無論是汽車服務中的碰撞還是輪胎部門，都表示過去兩個月他們的銷售額有所上升，所以這都是積極的。

But yeah. To echo what Vin said, for the most part, I would expect our rent coverages to be pretty stable throughout the portfolio.

但是是的。與 Vin 所說的一致，在大多數情況下，我預計我們的租金覆蓋率在整個投資組合中會相當穩定。

John Kilichowski, Wells Fargo.

約翰‧基利喬夫斯基，富國銀行。

I guess an extension of the tariff question. It sounds like the existing portfolio is still performing well, but maybe as we think about your strategy on underwriting go-forward for new investments, have tariffs impacted that at all? Are you looking at different sectors or is it same old, same old?

我猜這是關稅問題的延伸。聽起來現有投資組合仍然表現良好，但當我們考慮您對新投資承保策略時，關稅是否對此產生了影響？您是否在關注不同的領域，還是專注於老一套？

If you look across our portfolio, not that we're tariff-proof by any means, but we have a very solid, tariff-resistant portfolio. And since two-thirds to three-quarters of our deal flow comes from our tenant base, I still expect it to be representative of our current portfolio. Now when you get into discretionary tenants, this is what separates the sale leaseback model opposed to buying from developers.

如果你看一下我們的投資組合，你會發現，雖然我們沒有任何關稅抵禦能力，但我們的投資組合非常穩固，並且具有抗關稅能力。由於我們三分之二到四分之三的交易流來自我們的租戶群，我仍然希望它能夠代表我們目前的投資組合。現在，當你接觸到可自由支配的租戶時，這就是售後回租模式與從開發商購買模式的區別。

The sale leaseback model, it's an inherent -- the tenant does some underwriting and they're signing the 15-to-20-year lease, so they do a self-selection, and they know their consumer better than any real estate executive. So we sit down with the tenants and it's more on the discretionary side that we are kind of sidestepping deals right now that might be pro forma on if it's family entertainment sector where it's a little bit more discretionary income. But I think the auto services and C-store if the opportunities come, we'll still lean into those.

售後回租模式是一種固有模式——租戶進行一些承保，並簽署 15 至 20 年的租約，因此他們進行自我選擇，並且他們比任何房地產高管都更了解他們的消費者。因此，我們與租戶坐下來討論，更多的是討論可自由支配的收入方面，我們現在正在迴避一些交易，這些交易可能是形式上的，如果是家庭娛樂領域，可自由支配的收入會多一點。但我認為，如果有機會，汽車服務和便利商店，我們仍然會傾向於這些。

Okay. And then, maybe just jumping to the Frisch's and Badcock's side, we appreciate the update. How has that impacted the non-reimbursable percentage of your OpEx outlook? It sounds like credit is -- your credit expectations are still flat.

好的。然後，也許只是跳到 Frisch 和 Badcock 那邊，我們很感謝更新。這對您營運支出前景中不可報銷的百分比有何影響？聽起來信用——你的信用預期仍然平穩。

Yeah. I mean, if you look at our guidance for net real estate expenses, it's a little bit higher than we've historically reported, which is probably more in the $13 million range. We're $15 million to $16 million for the year on guidance. That's reflective of some of the vacancies from the Badcock and Frisch's. So as we release those or sell them over the course of the year, that should improve, but that's all embedded in our outlook.

是的。我的意思是，如果你看一下我們對淨房地產支出的指導，它比我們過去報告的要高一點，可能在 1300 萬美元左右。我們今年的指導金額為 1500 萬至 1600 萬美元。這反映了 Badcock 和 Frisch 的一些空缺情況。因此，隨著我們在今年發布或銷售這些產品，情況應該會有所改善，但這一切都已融入我們的展望中。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Acquisition cap rates ticked down about 10 basis points in the quarter. So in terms of what you're seeing in the pipeline, are you expecting that trend to kind of continue to tick down? Or maybe just kind of flat line from there? Just trying to get a sense of where we're headed from a cap rate perspective.

本季收購資本化率下降了約 10 個基點。那麼，就您所看到的情況而言，您是否預期這種趨勢會繼續下降？或者可能只是一條直線？只是想從資本化率的角度來了解我們的發展方向。

Yeah, good question, Michael. Yeah, I'm not seeing a material move, up or down, for the second quarter pricing. It's pretty much in line with the first quarter. Now as deals might slide to the third quarter, you might have 5, 10 basis points either way. But the [740] is kind of where I'm looking at the second quarter. Again, third quarter is too far out to speculate, but as we run out our models, we're not putting -- increasing cap rates.

是的，邁克爾，問得好。是的，我沒有看到第二季的價格出現實質的上漲或下跌。這與第一季基本一致。現在，由於交易可能會下滑至第三季度，無論如何，您可能會有 5 到 10 個基點。但[740] 是我在第二季所關注的。再次強調，第三季的預測還為時過早，但隨著我們模型的用完，我們不會提高資本化率。

Because people in the first half of the year are looking to deploy money, so deals -- cap rates get compressed a little bit, unjustifiably I would say. And as I mentioned in my opening remarks, there were some large portfolio transactions that got done and they look like they were going sub-7, and we just didn't think that was the right price for the portfolios.

因為人們在上半年希望部署資金，所以交易——資本化率會被壓縮一點，我想這是不合理的。正如我在開場白中提到的那樣，已經完成了一些大型投資組合交易，看起來它們的交易價格低於 7 美元，我們只是認為這不是投資組合的合適價格。

Got it. And I'm a little jealous that I wasn't able to make it to the Car Wash conference this year, but last night the Mister Car Wash earnings, they talked about a steady reprieve to the competitive intrusion with the number of competitive new builds since the peak in 2023, but they also talked a little bit about market rationalization over the next several years. So do you think the tenants -- the Car Wash tenants that you have, do you see those ones that you partner with as net winners over time and thus have limited downside from that perspective?

知道了。我有點嫉妒今年沒能參加洗車大會，但昨晚的 Mister Car Wash 收益報告中，他們談到了自 2023 年達到高峰以來，隨著新建競爭性車輛數量的增加，競爭入侵將逐漸減少，但他們也談到了未來幾年的市場合理化。那麼，您是否認為租戶——您所擁有的洗車場租戶，您是否認為與您合作的那些租戶從長遠來看是淨贏家，因此從這個角度來看，其下行風險有限？

Very comfortable with our Car Wash holdings. I mean, the reality is Car Wash real estate is really solid in demand real estate, and the vast majority of our Car Wash holdings are with Mister Car Wash, arguably the best operator in the business, and we did those deals well before the market got overheated. So our average cost in the Mister Car Wash is significantly lower than the deals that were done in the last few years.

對我們的洗車業務非常滿意。我的意思是，現實情況是，洗車場房地產的需求確實很穩定，我們持有的洗車場絕大多數股份都是與 Mister Car Wash 持有的，該公司可以說是業內最好的運營商，我們在市場過熱之前就完成了這些交易。因此，我們在 Mister Car Wash 的平均成本明顯低於過去幾年的交易。

And our acquisition team did a fabulous job passing on the deals where they thought there were financial engineers getting into the Car Wash business. So yeah, I'm comfortable and I think we're going to be net winners in the long run on our Car Wash holdings. Fortunately, we didn't do any [sets], for example. That was a good one not to do for us, but the rest of our operators, we think, are pretty solid and underwrote the assets appropriately.

我們的收購團隊出色地完成了那些他們認為有金融工程師進入洗車業務的交易。所以，是的，我很放心，我認為從長遠來看，我們將從洗車場的持股中成為淨贏家。幸運的是，例如，我們沒有做任何[集合]。對我們來說，不這樣做是件好事，但我們認為，我們的其他業者都相當穩健，並適當地承保了資產。

Thank you very much. Good luck in the second quarter.

非常感謝。祝第二季好運。

(Operator Instructions) Smedes Rose, Citi.

（操作員指示）Smedes Rose，花旗。

This is Maddy Fargis on for Smedes. I just wanted to ask, there's been kind of some negative headlines and stock underperformance from some of your more discretionary focused tenants, particularly Dave and Buster's and Camping World. Do you have any overall concerns from a tenant perspective on these? And is there may be anything differentiating about the particular locations that you own that maybe make you less concerned from a risk perspective?

這是 Maddy Fargis，代替 Smedes 上場。我只是想問一下，你們的一些更注重自由支配的租戶，特別是 Dave and Buster's 和 Camping World，出現了一些負面新聞，股票表現也不佳。從租戶的角度來看，您對此有什麼整體擔憂嗎？您所擁有的特定地點是否存在一些差異，可能會讓您從風險角度不那麼擔心？

Yeah, we'll both answer this, but good question, Maddy. So as far as Camping World, Camping World arguably is probably one of our greatest partnerships within the portfolio. We are actively managing that portfolio since we've been doing business with them for over 15 years.

是的，我們都會回答這個問題，但這個問題問得好，瑪蒂。就 Camping World 而言，Camping World 可以說是我們投資組合中最大的合作夥伴之一。由於我們與他們的業務往來已超過 15 年，因此我們正在積極管理該投資組合。

So our rent coverage in the peak during COVID, who would have thought Camping World would explode and become a cash cow, that we were over eight times covered in those assets, and that's a testament to the management team at Camping World of calling us up and renegotiating leases, selling assets, and only wanting to stay in the strong assets.

因此，在 COVID 期間，我們的租金覆蓋率達到頂峰，誰會想到 Camping World 會爆發式增長並成為搖錢樹？這些資產的覆蓋率超過了我們的八倍，證明了 Camping World 的管理團隊打電話給我們並重新談判租約、出售資產，並且只想保留強大的資產。

So the Camping World property level coverage I am very happy with and comfortable. And the same goes with Dave and Buster's. Our Dave and Buster's exposure primarily was from Main Event over a decade ago of doing deals with them, and the Main event management team were two operators that wanted to keep the rent low.

因此，我對 Camping World 的物業級別覆蓋感到非常滿意和放心。Dave and Buster 的情況也是一樣。我們對 Dave and Buster 的了解主要來自於十多年前與 Main Event 的交易，而 Main event 管理團隊則是兩位希望保持低租金的營運商。

So our property level coverage at Dave and Buster's is very solid. And kind of what I alluded to, there's a couple of deals in the past year which we passed on David and Buster's because they were newer assets, and then we just thought the cap rates were getting a little bit too low for us, but they're a good partner. And going forward, we'll probably do more deals with them in the future.

因此，我們在 Dave and Buster's 的財產層面的覆蓋範圍非常穩固。正如我所提到的，去年我們放棄了 David and Buster 的幾筆交易，因為它們是較新的資產，而且我們認為資本化率對我們來說有點太低了，但他們是一個很好的合作夥伴。展望未來，我們可能會與他們達成更多交易。

Yeah, I think, Steve said it pretty well, so I don't have too much to add there, but the coverage on Dave and Buster's is pretty healthy here. And on Camping World, they just reported yesterday, I know the stock didn't do so well. But, from our perspective as a landlord, there are some positives in the quarter, and I think their used business is a bright spot for them.

是的，我認為史蒂夫說得很好，所以我沒有太多要補充的，但這裡對戴夫和巴斯特的報導相當健康。根據《露營世界》昨天報道，我知道該公司股票表現不太好。但是，從我們作為房東的角度來看，本季也有一些積極因素，我認為他們的二手業務對他們來說是一個亮點。

So as we're dealing with tariffs and uncertainty and possibly an economic slowdown, Camping World, they're not catering to the highest end side of that market, and so we think that's relatively better, but then also the used business can really help offset some of the tariff effects and that was quite [strong].

因此，當我們處理關稅和不確定性以及可能的經濟放緩時，Camping World 並沒有迎合該市場的最高端，所以我們認為這相對來說更好，但二手業務確實可以幫助抵消一些關稅的影響，這是相當[強的]。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Did less-than-expected bad debt contribute to 1Q and then of your 50 bps embedded reserves? How much of that is like known versus unknown?

低於預期的壞帳是否導致第一季及之後的嵌入式儲備金下降 50 個基點？其中已知和未知的程度各有多少？

Yeah, hey, Linda, it's Vin. So in the first quarter, we really didn't have much in the way of bad debt or credit loss. So if you think about it, 10 basis points of credit loss is about 0.5% per share. So you can think about it that way for the first quarter. As far as known or unknown, I mean, we've talked about at home. That's probably the one on our watchlist that's the one that we're most focused on. But at this point, we have no credit loss associated.

是的，嘿，琳達，我是文。因此，在第一季度，我們確實沒有太多的壞帳或信用損失。所以如果你仔細想想，10 個基點的信用損失大約相當於每股 0.5%。所以你可以這樣考慮第一季的情況。至於已知或未知的，我的意思是，我們已經在家裡討論過了。這可能是我們關注清單中最受關注的一個。但目前，我們還沒有相關的信用損失。

And then on at home, what would be like the possible outcome? Do you think you would be able to sell those leases, or would there be a backfill?

那麼在家裡，可能會出現什麼結果呢？您認為您能夠出售這些租約嗎？或會不會有補充？

Yeah, let me just start with at home in terms of their potential impact, right? I mean, I know there's been some news out there on them. At this point in the year, as I said, we don't have any loss associated. And so if something were to happen, we think our 60 basis points would still cover us. If you think about if there is some kind of filing or something like that, that we'd have some -- a couple of months of additional rents as they go through that proceeding.

是的，讓我先從家裡開始談談它們的潛在影響，對嗎？我的意思是，我知道有一些關於他們的新聞。正如我所說，今年到目前為止，我們沒有任何相關損失。因此，如果發生什麼事情，我們認為 60 個基點仍然可以覆蓋我們。如果你考慮一下，如果有某種備案或類似的東西，我們就會有一些——在他們進行這一程序時，幾個月的額外租金。

So at 100 basis points, if everything were to be rejected, that's about 50 basis points, but we think that's pretty highly unlikely given our low rent basis of just over $6.50. And so, we feel comfortable with our outlook for credit loss.

因此，以100個基點計算，如果所有貸款都被拒絕，那麼大約相當於50個基點。但考慮到我們租金基數僅為6.50美元多一點，我們認為這種情況發生的可能性極小。因此，我們對信貸損失的前景感到樂觀。

As far as the recovery on at home, they're much larger. So by default, it probably will take us a little longer than your more fungible boxes that we typically invest in. But there is a lot of good interest. We're already getting inbounds from some really high-quality tenants about some of the spaces, which we're pretty happy about, and we've also got some flexibility in terms of how we manage these properties.

就國內的復甦而言，他們的規模要大得多。因此，預設情況下，我們可能需要比通常投資的更可替代的盒子花費更長的時間。但還是有很多很好的興趣。我們已經從一些真正高品質的租戶那裡得到了有關部分空間的意見，我們對此感到非常高興，而且我們在管理這些房產方面也獲得了一些靈活性。

I mean, yes, there's a potential sale, but they sit on 11-acre lots. And so that gives us a lot of optionality in terms of redevelopment, carving up the boxes, things like that. So we're still evaluating all the different options, but we do feel pretty good where we sit.

我的意思是，是的，有潛在的銷售，但它們坐落在 11 英畝的土地上。因此，這為我們在重建、分割箱子等方面提供了極大的選擇權。因此，我們仍在評估所有不同的選擇，但我們對目前的狀況確實感到滿意。

Yeah, it's good.

是的，很好。

John Massocca, B. Riley Securities.

約翰·馬索卡 (John Massocca)，B. Riley 證券。

So just on the lease termination income, apologies if I misheard something on that, but it seems like there's kind of this constant narrative like, yeah, it's a little unusual to have this much, but then there's a couple of quarters -- it's been pretty heavy in recent quarters. What do you consider the new maybe run rate to assume for lease termination income and maybe kind of what drove lease termination income in 1Q?

因此，僅就租賃終止收入而言，如果我聽錯了，請原諒，但似乎有這樣一種持續的說法，是的，有這麼多收入有點不尋常，但有幾個季度 - 最近幾個季度的收入相當高。您認為新的租賃終止收入的運作率可能是多少，以及是什麼推動了第一季的租賃終止收入？

Hey, John, this is Vin. Yeah, so the first quarter, as I mentioned in my prepared marks, I mean, we did have basically one tenant that really drove the bulk of the $8.2 million bookfor the quarter. It was a dark but paying tenant that had been dark for, I don't want to say six years, five years, something like that. We were able to negotiate a great deal where we got basically the entire PV of the rent that was owed over the balance of the lease.

嘿，約翰，我是文。是的，正如我在準備好的標記中提到的那樣，第一季我們確實有一個租戶真正推動了本季度 820 萬美元賬面收入的大部分。這是一個黑暗但卻付費的租戶，黑暗已經持續了，我不想說六年，五年，或類似的時間。我們透過談判達成了一項很好的協議，基本上獲得了租賃餘額中欠付的全部租金現值。

And we're now able to potentially sell that asset and redeploy those assets -- that capital so we feel good about that outcome. As far as the go-forward run rate, it's really tough. I mean, I would say lease termination fees are definitely part of the business. They are recurring, they're just very hard to predict, and that's why we don't really guide on it.

現在我們可以出售該資產並重新部署這些資產——這些資本，因此我們對這個結果感到滿意。就前進的速度而言，這確實很困難。我的意思是，我認為終止租賃費絕對是業務的一部分。它們會反覆出現，很難預測，這就是我們無法對其進行指導的原因。

If you look historically, we've probably been long-term average, call it, $2 million to $3 million a year, but recent years it's been a lot higher than that. So it's hard for me to say what the go-forward run rate is just because it is unpredictable. But we do have additional lease terminations embedded in the outlook, but certainly not $8.2 million going forward.

如果你回顧歷史，我們可能一直處於長期平均水平，即每年 200 萬至 300 萬美元，但近年來，這一數字已經高得多。因此，我很難說出未來的運行率是多少，因為它是不可預測的。但我們在展望中確實包含了額外的租約終止，但肯定不會是未來的 820 萬美元。

I mean, I was going to add a little bit more, John, in the lease term. As we get bigger lease term fees, there's more opportunities. If you actively manage your portfolio, you're going to have lease termination fees. The lease termination fee is solving future problems and redeploying those proceeds into current opportunities.

我的意思是，約翰，我打算在租賃期間內再增加一點。隨著我們獲得更長的租賃期限費用，機會就更多了。如果您積極管理您的投資組合，您將需要支付租賃終止費用。租賃終止費正在解決未來的問題並將這些收益重新部署到當前的機會中。

So I agree with Vin. We don't know. It's kind of lightning in a bottle. When they strike, you don't know as you're actively managing the properties. But the elevated lease term in the last couple of years is a result of us really focusing in and creating a high quality of earnings going forward.

所以我同意 Vin 的觀點。我們不知道。這就像是瓶中閃電。當他們發動攻擊時，你並不知道，因為你正在積極管理財產。但過去幾年租賃期限的延長是我們真正集中精力並創造高品質未來利潤的結果。

But is there something maybe in terms of the tenant base or your portfolio of a certain vintage that drives this? Or something that's occurred in the last two to three years? It seems like it wasn't really something that got called out on earnings calls five or more years ago as much as it has been in the last, call it, eight quarters.

但是，就租戶基礎或特定年份的投資組合而言，是否有某種因素推動了這一趨勢？還是過去兩三年發生的事？看起來，這實際上並不是五年前或更早時候在收益電話會議上被提及的事情，但在過去八個季度裡卻被提及得如此頻繁。

No, it's primarily been just one tenant working with us, reconfiguring their portfolio and their larger boxes, higher rents, so that's why they've been elevated.

不，主要是只有一個租戶與我們合作，重新配置他們的投資組合和更大的箱子，更高的租金，所以這就是他們被提升的原因。

On the Frisch's side, or former Frisch's side, I know it's early days with the new tenant and the leased assets, the re-leased assets, but any outlook on to how their performance has been, just given some of the rent there is contingent on that?

在 Frisch 方面，或前 Frisch 方面，我知道對於新租戶和租賃資產、重新租賃資產來說，現在還處於早期階段，但是對於他們的表現有什麼展望嗎，只是考慮到那裡的部分租金取決於此？

Yeah. I mean, just like any new retail concept when they first opened, they come out of the market really strong. There's that honeymoon period and we are currently in that honeymoon period. So they're performing exceedingly well currently. But as we look forward, they'll lose that a little bit, but very optimistic.

是的。我的意思是，就像任何新零售概念首次開業時一樣，它們在市場上表現非常強勁。這是蜜月期，我們目前正處於蜜月期。所以他們目前的表現非常出色。但當我們展望未來時，他們會失去一點，但非常樂觀。

I spoke with the CEO recently in the last week. Everything's going well for them, getting stores open slowly but surely. And I would expect here in the next six months, we'll have -- I'll be able to answer that question as far as their performance a little bit more clear for you.

我剛剛在上週與首席執行官進行了交談。一切進展順利，商店緩慢但穩定地開張。我希望在接下來的六個月裡，我們能夠——就他們的表現而言，我可以更清楚地回答這個問題。

Fair. And then with the remaining kind of former restaurant properties, is the view with most of those that they would also remain in restaurants? Or is it thought that either whoever you sell them to or yourself, if you're looking to release them, is going to convert them to something else? And if that is the case, what's kind of the CapEx outlook there maybe for you or a potential buyer?

公平的。那麼，對於剩下的前餐廳物業，大多數人是否認為它們仍將保留在餐廳中？或者是否認為，無論是你把它們賣給誰，還是你自己，如果你想釋放它們，都會把它們轉換成其他東西？如果是這樣的話，您或潛在買家的資本支出前景如何？

It's too early to talk about the CapEx side of things, but we are getting interest. If it's Car Washes, if it's convenience stores, and it's a large regional convenience store operators, great credit, and then there is some QSR involved. And we're early in negotiations, so we don't know if it's going to be a ground lease and they're going to fund the building, or they're going to expect some CapEx from us currently. But that being said, we have some good interest on those sites right now.

現在談論資本支出方面的事情還為時過早，但我們對此很感興趣。如果是洗車店，如果是便利商店，並且是一家大型區域便利商店營運商，信譽很好，那麼就會涉及一些 QSR。而且我們還處於談判的初期，所以我們不知道他們是否會以土地租賃的形式為建築提供資金，或者他們是否會期望我們目前支付一些資本支出。但話雖如此，我們現在對這些網站很感興趣。

Right, but I guess maybe the way you kind of phrased, it'd be fair to assume those are some of the later assets that are going to get dealt with in terms of both the former Frisch's and former Badcocks.

是的，但我想也許按照你的說法，可以公平地假設這些都是後期資產，將針對前弗里施和前巴德科克進行處理。

I think Badcock is going to definitely outpace the former Frisch's, because we're probably going to sell more of those. And the Frisch's, there's a lot of redevelopment opportunities. And just by definition, redevelopment takes a longer period of time to go through the permitting process and stuff like that.

我認為 Badcock 的銷量肯定會超過之前的 Frisch，因為我們可能會賣出更多。對弗里施來說，有很多重建機會。從定義上來說，重建需要更長的時間來辦理許可手續等。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, this is Jenny on for Ron. Thanks for taking my question. I'm just curious if there's any specific retail new concept, like you're looking to reduce exposure in the next 12 to 18 months.

嘿，我是珍妮，代替羅恩。感謝您回答我的問題。我只是好奇是否有任何具體的零售新概念，例如您希望在未來 12 到 18 個月內減少曝光率。

I mean, ones that we're looking to reduce exposure. I mean, obviously we have our watchlist and so those are ones that we would love to pare back exposure. But unfortunately, by the time they're on the watchlist, it's a little hard to get economics that makes sense.

我的意思是，我們希望減少曝光。我的意思是，顯然我們有自己的關註名單，因此我們希望減少對這些公司的曝光。但不幸的是，當他們被列入觀察名單時，就很難獲得合理的經濟效益了。

So I'll give you an example. I mean, AMC is on there. It's been on there forever, more from a category perspective, not so much from bottom-up performance or recent issues or anything like that. But it's not the easiest to sell one of those, but that's sort of our target list. We also have the dark but paying list, we have the sublease list and those are the ones that we're trying to proactively manage to the best of our ability, but it's not specific to a concept per se.

我給你舉個例子。我的意思是，AMC 就在那裡。它一直存在，更多的是從類別角度來看，而不是從自下而上的表現或最近的問題或諸如此類的東西來看。但出售其中一種並不是最容易的，但這是我們的目標清單。我們還有暗中付費的名單，有轉租名單，這些都是我們盡力主動管理的，但這本身並不針對某個概念。

I see, yeah, that makes sense. Regarding the acquisition volume like in the last, I would say, 20 days or so, like, do you see any changes in the competition landscape or compared to last year? If you can make some comment on that?

我明白了，是的，這很有道理。關於過去 20 天左右的收購量，您是否看到競爭格局或與去年相比有什麼變化？您能對此發表一些評論嗎？

Yeah, no. I think the landscape is pretty similar. You probably have a little bit more of the private guys entering the market again as we move through the year. But again, kind of what I said earlier, we work in a highly competitive market, just the names change, so I'm not seeing any more or less overall competition. There's plenty of opportunity for us to hit our numbers.

是的，不。我認為景觀非常相似。隨著時間的流逝，可能會有更多的私人投資者再次進入市場。但正如我之前所說的，我們在一個競爭激烈的市場中工作，只是名稱發生了變化，所以我沒有看到整體競爭增加或減少。我們有足夠的機會實現我們的目標。

We've reached the end of the question-and-answer session. 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) 來做最後發言。

I appreciate you guys taking the time this morning and jumping on the call, and we look forward to seeing you guys in the upcoming conference season here. Thanks.

我很感謝你們今天早上抽出時間接聽電話，我們期待在即將到來的會議季節在這裡見到你們。謝謝。

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

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。