NNN REIT Inc (NNN) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the NNN REIT, Inc. second quarter 2025 earnings. (Operator Instructions)

大家好，歡迎來到 NNN REIT, Inc. 2025 年第二季財報。（操作員指示）

It is now my pleasure to turn the floor over to your host, Steve Horn, Chief Executive Officer of NNN REIT Inc.

現在我很高興將發言權交給主持人、NNN REIT Inc. 執行長 Steve Horn。

Thank you, Matthew. Good morning, and welcome to NNN second quarter 2025 earnings call. Joining me today on the call, Chief Financial Officer, Vin Chao. As outlined in the morning's press release, NNN continued to deliver strong performance in the first half of 2025.

謝謝你，馬修。早安，歡迎參加 NNN 2025 年第二季財報電話會議。今天和我一起參加電話會議的還有財務長 Vin Chao。正如上午的新聞稿所述，NNN 在 2025 年上半年繼續表現強勁。

Notably, we've improved our balance sheet flexibility following capital markets activity with a sector-leading average debt maturity of 11 years, solid acquisitions driven by our tenant relationships and we published the third and annual quarter sustainability report. These results and actions position us well to continue enhancing shareholder value as we enter the second half of the year and beyond. Also, as usual, we always have to mention the dividend. In July, we announced a 3.4% increase in our common stock dividend payable August 15. This marks our 36th consecutive year of annual dividend increases, a milestone that places us among very few less than 80 US public companies and only two other REITs to have achieved such a track record.

值得注意的是，隨著資本市場活動的發展，我們的資產負債表靈活性得到了提高，平均債務期限達到行業領先水平的 11 年，由我們的租戶關係推動的穩健收購，以及我們發布的第三季度和年度季度可持續發展報告。這些成果和行動使我們在進入下半年及以後能夠持續提升股東價值。此外，像往常一樣，我們總是要提到股息。7 月份，我們宣布普通股股息增加 3.4%，將於 8 月 15 日支付。這是我們連續第 36 年增加年度股息，這一里程碑使我們躋身於極少數不到 80 家美國上市公司之列，並且僅有另外兩家房地產投資信託基金 (REIT) 取得這樣的業績記錄。

Before we get into the operational performance and market conditions, I'd like to touch on a few key recent events. First, I'm thrilled to welcome Mr. Josh Lewis to the executive leadership team as our new Chief Investment Officer. Josh has been with the company since 2008 and has played a pivotal role from day one.

在我們討論營運績效和市場狀況之前，我想談談最近發生的幾個關鍵事件。首先，我很高興歡迎喬許·劉易斯先生加入執行領導團隊，擔任我們的新首席投資長。Josh 自 2008 年起就在公司工作，從第一天起就發揮關鍵作用。

Known for his prolific dealmaking ability and deep market relationships, Josh ensures that shareholder capital is deployed towards the most compelling risk-adjusted opportunities. I'm fully confident we have the right person focused every day on driving longterm value for our shareholders.

Josh 以其豐富的交易能力和深厚的市場關係而聞名，他確保股東資本部署到最具吸引力的風險調整機會。我完全相信，我們找到了合適的人選，每天都致力於為股東創造長期價值。

On the capital markets front, we successfully completed $500 million five-year unsecured bond offerings with a 4.6% coupon. And true in an fashion, the execution and timing of the deal in today's market environment were exceptional. More importantly, the transaction positions us strongly to continue executing our strategy moving forward.

在資本市場方面，我們成功完成了 5 億美元五年期無擔保債券發行，票面利率為 4.6%。從某種程度上來說，在當今的市場環境下，這筆交易的執行和時機都是非常出色的。更重要的是，此次交易使我們能夠繼續執行未來的策略。

Given our continued strong performance, we are also pleased to announce an increase in our 2025 guidance for core FFO per share now expecting to range between $3.34 and $3.39. This update reflects the consistency of our multiyear growth strategy and the discipline with which we pursue long-term shareholder value.

鑑於我們持續強勁的業績表現，我們欣然宣布，2025年每股核心營運現金流（FFO）預期將上調至3.34美元至3.39美元之間。此次更新反映了我們多年成長策略的一致性，以及我們追求長期股東價值的原則。

Turning to the highlights of NNN on second quarter financial results. Our portfolio consisting of approximately 3,663 freestanding single-tenant properties, including 410 tenants across all 50 states is performing well. Our leasing and asset management teams are operating at a high level. During the quarter, we renewed 17 to 20 leases. Those renewals align with our long-term historical trend of 85%, give or take, while achieving rental rates 108 above prior rent.

談談 NNN 第二季財務表現的亮點。我們的投資組合由大約 3,663 個獨立單租戶物業組成，其中包括遍布全美 50 個州的 410 名租戶，表現良好。我們的租賃和資產管理團隊正在高水準運作。本季度，我們續簽了 17 至 20 份租約。這些續約與我們 85% 的長期歷史趨勢相符，同時實現了比之前租金高出 108% 的租金率。

Additionally, the team successfully leased 7 properties to new tenants that rates 105% above progress, reflecting strong execution and ongoing demand for our assets. As we sit here today, I feel good about the overall health of the portfolio. There isn't a single tent that currently gives me concerns keeping me up at night. We've had ongoing discussions with analysts and investors over many quarters regarding at home, which finally officially filed for bankruptcy this past June.

此外，團隊成功將 7 處房產出租給新租戶，其進度率高出 105%，這反映出我們強大的執行力和對我們資產的持續需求。今天我們坐在這裡，我對投資組合的整體健康狀況感到滿意。目前沒有帳篷會讓我擔心晚上睡不著覺。我們已經與分析師和投資者就 at home 進行了多個季度的持續討論，該公司最終於今年 6 月正式申請破產。

Regarding our exposure, none of our 11 properties were included on the initial closure. Additionally, at home remains current on all rent for all 11 locations post filing. We feel positive about long-term prospects for these assets as the company works through the restructuring.

就我們的曝光度而言，我們的 11 處房產均未包含在初始關閉的範圍內。此外，備案後，所有 11 個地點的所有租金仍保持最新狀態。隨著公司重組，我們對這些資產的長期前景感到樂觀。

Acquisitions during the quarter, we invested just over $230 million in 45 new properties achieving an initial cap rate of 7.4% and an average lease term of more than 17 years. Notably, eight of the 11 closings this quarter were with existing relationships, partners who we do repeat business with.

本季的收購中，我們投資了超過 2.3 億美元收購了 45 處新房產，實現了 7.4% 的初始資本化率和超過 17 年的平均租賃期限。值得注意的是，本季完成的 11 筆交易中有 8 筆是與現有合作夥伴達成的，這些合作夥伴我們有重複的業務往來。

For the first half of 2025, we invested $460 million across 127 properties, achieving an initial cap rate of 7.4% and an average lease term of over 18 years. Based on our strong transaction volume year-to-date, the robust pipeline of assets currently under LOI or in contract, the high level of activity across our acquisition team, we have raised the midpoint for our full year acquisition by $650 million.

2025 年上半年，我們在 127 處房產上投資了 4.6 億美元，實現了 7.4% 的初始資本化率和超過 18 年的平均租賃期限。基於我們今年迄今為止強勁的交易量、目前處於意向書或合約中的大量資產以及我們收購團隊的高水平活動，我們將全年收購的中點提高了 6.5 億美元。

As one of the original net lease companies in the public markets, we have successfully operated through a wide range of economic and competitive cycles, while private capital has increasingly entered the space, raised competition, particularly for large portfolio transactions, we have constantly demonstrated our ability to execute in a highly competitive environment.

作為公開市場上最早的淨租賃公司之一，我們成功地度過了各種經濟和競爭週期，儘管私人資本越來越多地進入該領域，加劇了競爭，特別是在大型投資組合交易方面，我們不斷展示了在高度競爭的環境中執行的能力。

We remain committed to a disciplined and thoughtful underwriting approach while continuing to emphasize acquisition volume to sale-leaseback transactions with our long-standing relationships. During the same quarter, we sold 23 properties generating over $50 million in proceeds to be redeployed into new acquisitions.

我們始終致力於採取嚴謹而周到的核保方式，同時繼續強調與我們長期保持合作關係的收購量和售後回租交易。在同一季度，我們出售了 23 處房產，獲得了超過 5,000 萬美元的收益，並將重新用於新的收購。

Year-to-date dispositions have reached 33 properties, including 14 vacant assets, raising over $65 million in proceeds. Importantly, the income-producing properties sold were not considered the gems of our portfolio, and we sold approximately 170 basis points below our investing cash cap rate of 7.4. This reinforces the strength of our underwriting and our ability to extract value from the underperformer holdings.

今年迄今，已處置 33 處房產，其中包括 14 處空置資產，籌集資金超過 6,500 萬美元。重要的是，出售的那些能產生收益的資產並非我們投資組合中的珍品，而且我們出售的價格比我們7.4的投資現金上限利率低了約170個基點。這增強了我們承保的實力，以及我們從表現不佳的資產中獲取價值的能力。

While the primary focus remains on re-leasing vacancies, where our leasing team continues to deliver strong performance, we'll continue to dispose of underperforming assets when there is no clear path to generating stable rental income in a reasonable time frame. This disciplined approach supports portfolio optimization and enhances long-term shareholder value.

雖然我們的主要重點仍然是重新出租空置物業，我們的租賃團隊繼續提供強勁的業績，但當沒有明確的途徑在合理的時間內產生穩定的租金收入時，我們將繼續處置表現不佳的資產。這種嚴謹的方法支持投資組合優化並提高長期股東價值。

Our balance sheet remains one of the strongest in the sector, supported by the average debt maturity of over 11 years I mentioned earlier, with nearly $1.5 billion in available liquidity, we are well positioned to fully fund our 2025 acquisition targets and maintain flexibility for additional opportunities.

我們的資產負債表仍然是業界最強勁的資產負債表之一，這得益於我之前提到的超過 11 年的平均債務期限，加上近 15 億美元的可用流動資金，我們完全有能力為 2025 年的收購目標提供全額資金，並保持靈活性以獲得更多機會。

The financial strength provides us with a significant competitive advantage as we continue to execute our growth strategy without the immediate need for external capital.

財務實力為我們提供了顯著的競爭優勢，因為我們可以繼續執行成長策略，而無需立即獲得外部資本。

With that, I'll turn the call over to Vin to walk through our quarterly results and provide more detail on the updated guidance.

接下來，我將把電話轉給 Vin，讓他介紹我們的季度業績並提供有關更新後的指引的更多詳細資訊。

Thank you, Steve. Let's start with our customary cautionary statements. 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.

謝謝你，史蒂夫。讓我們從慣常的警告聲明開始。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。

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.

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。

Now on to results. This morning, we reported core FFO of $0.84 per share and AFFO of $0.85 per share for the second quarter of 2025, each up 1.2% over the prior year period. Annualized base rent was $894 million at the end of the quarter, an increase of almost 7% year-over-year.

現在來看看結果。今天上午，我們報告稱，2025 年第二季度的核心 FFO 為每股 0.84 美元，AFFO 為每股 0.85 美元，均比去年同期增長 1.2%。本季末的年化基本租金為 8.94 億美元，較去年同期成長近 7%。

Our NOI margin was 98% for the quarter, while G&A as a percentage of total revenues and as a percentage of NOI was about 5%. Cash G&A was 3.7% of total revenues. AFFO per share for the quarter was slightly ahead of our expectations, driven primarily by lower-than-planned bad debt. Free cash flow after dividend was about $50 million in the second quarter.

本季我們的淨營業利潤率為 98%，而一般及行政費用佔總收入及淨營業利潤的百分比約為 5%。現金一般及行政費用佔總收入的 3.7%。本季每股 AFFO 略高於我們的預期，主要原因是壞帳低於計劃。第二季股利後的自由現金流約為 5,000 萬美元。

Lease termination fees as footnoted on page 8 of release totaled $2.2 million in the quarter or about $0.01 per share. This quarter's fees were in line with our expectations and were primarily driven by the termination of an auto parts store and a full-service restaurant.

如新聞稿第 8 頁註腳所述，本季租約終止費總計 220 萬美元，約合每股 0.01 美元。本季的費用符合我們的預期，主要原因是汽車配件店和一家全方位服務餐廳的終止。

The auto part store is under contract for sale and the restaurant has already been released and rent commenced to another restaurant concept, highlighting our proactive portfolio management strategy.

汽車零件商店正在簽訂銷售合同，餐廳也已出租並開始出租給另一個餐廳，這突顯了我們積極主動的投資組合管理策略。

From a watch list perspective, at home is the major news for the quarter, we have been flagging at home as a risk for some time, as we discussed on last quarter's call, we believe we have appropriately accounted for them in our outlook and expect the final resolution to be within our budget for the year.

從觀察名單的角度來看，國內是本季度的主要新聞，我們一直將國內標記為風險，正如我們在上個季度的電話會議上所討論的那樣，我們相信我們已經在展望中適當地考慮了這些風險，並預計最終解決方案將在我們的年度預算之內。

To reiterate what Steve said, none of our 11 stores were on the initial store closure list and given the quality of our locations, we have already received inbound interest from high credit retailers. Outside of at home, there have been notable changes to the watch list.

重申史蒂夫所說的話，我們的 11 家商店都不在最初的關閉商店名單上，而且考慮到我們位置的質量，我們已經收到了高信用零售商的入站興趣。在國內以外，觀察名單也發生了顯著變化。

Turning to the balance sheet. Just after the quarter end, we significantly bolstered our liquidity and de-risked our capital requirements for the rest of the year by closing on NNN's inaugural five-year $500 million unsecured notes offering and an attractive 4.6% coupon. While this offering was earlier and larger than we were originally planning, given the positive market backdrop and strong investor demand, we decided to move forward with the deal.

轉向資產負債表。本季結束後不久，我們透過完成 NNN 首次五年期 5 億美元無擔保票據發行和具有吸引力的 4.6% 票面利率，大幅增強了流動性，並降低了今年剩餘時間的資本需求風險。雖然此次發行比我們最初計劃的要早且規模更大，但考慮到積極的市場背景和強勁的投資者需求，我們決定繼續推進該交易。

Pro forma for the offering, which closed on July 1, we had close to $1.5 billion of liquidity, no floating rate debt and no secured debt. Our debt duration remained a sector-leading 11 years even after accounting for the new issuance. Our balance sheet is a source of strength, and we will continue to look for ways to utilize this competitive advantage to support growth while protecting downside risk.

此次發行於 7 月 1 日結束，預計我們的流動資金將接近 15 億美元，沒有浮動利率債務，也沒有擔保債務。即使計入新發行債券後，我們的債務期限仍為 11 年，在業界處於領先地位。我們的資產負債表是我們實力的源泉，我們將繼續尋找方法利用這一競爭優勢來支持成長，同時保護下行風險。

Also, given the positive momentum in the stock that we experienced at the end of the quarter, we issued 254,000 shares at an average price of just over $43 per share, primarily through our ATM program, raising roughly $11 million in gross proceeds. We will remain opportunistic in the equity markets and issue if and when we believe we can achieve an appropriate cost of equity relative to our deployment opportunities.

此外，鑑於本季末我們經歷的股票的積極勢頭，我們主要透過 ATM 計劃以每股 43 美元的平均價格發行了 254,000 股，籌集了約 1100 萬美元的總收益。我們將繼續在股票市場上尋找機會，當我們相信我們能夠實現相對於我們的部署機會適當的股權成本時，我們就會發行股票。

On July 15, we increased our quarterly dividend to $0.60 per share, up from $0.58 per share previously, which equates to an attractive 5% to 6% annualized dividend yield and a healthy 71% AFFO payout ratio. As Steve mentioned, NNN has now raised its annual dividend for 36 consecutive years. The ability to grow the dividend through various economic cycles and Black Swan events is a true testament to the strength of NNN's platform and its strategy.

7 月 15 日，我們將季度股息從先前的每股 0.58 美元提高至每股 0.60 美元，相當於具有吸引力的 5% 至 6% 的年化股息收益率和健康的 71% 的 AFFO 派息率。正如史蒂夫所提到的，NNN 現已連續 36 年提高年度股息。在各種經濟週期和黑天鵝事件中增加股息的能力真正證明了 NNN 平台及其戰略的實力。

I will conclude my opening remarks with some additional comments regarding our updated outlook. We are raising core FFO per share guidance to a new range of $3.34 to $3.39 and AFFO per share to $3.40 to $3.45, each up $0.01 at the midpoint.

在我的開場白結束時，我將就我們最新的展望發表一些補充評論。我們將每股核心 FFO 指引上調至 3.34 美元至 3.39 美元的新範圍，每股 AFFO 指引上調至 3.40 美元至 3.45 美元，中間值各上漲 0.01 美元。

This reflects our outperformance versus plan year-to-date as well as updated assumptions over the balance of the year. We now expect to complete $600 million to $700 million of acquisitions, up $100 million from our initial expectation. We are also increasing our disposition outlook by $35 million to a new range of $120 million to $150 million. And lastly, you will notice that we increased our net real estate forecast, which is the result of delays in the expected timing of the release of certain properties as we balance the impacts on near and long-term earnings.

這反映了我們今年迄今為止的出色表現以及對全年餘額的最新假設。我們現在預計將完成 6 億至 7 億美元的收購，比我們最初的預期高出 1 億美元。我們還將處置金額預期提高了 3,500 萬美元，達到 1.2 億至 1.5 億美元的新範圍。最後，您會注意到，我們提高了淨房地產預測，這是由於我們在平衡對近期和長期收益的影響時推遲了某些房產的預期發佈時間。

Despite this headwind, we are still in a position to raise overall earnings guidance for the year. From a bad debt perspective, we continue to limit 60 basis points of bad debt for the full year into our outlook, which includes about 15 basis points booked through the second quarter.

儘管面臨這種不利因素，我們仍然有能力提高今年的整體獲利預期。從壞帳角度來看，我們繼續將全年壞帳限制在 60 個基點的範圍內，其中包括第二季約 15 個基點的壞帳。

As you update your models, there are a few other items to point out. As noted earlier, we booked $2.2 million of lease termination fees in the second quarter, which is well below the first quarter level of $8.2 million, but still above what I would consider a typical quarterly amount.

當您更新模型時，還有一些其他事項需要指出。如前所述，我們在第二季度計入了 220 萬美元的租賃終止費，遠低於第一季的 820 萬美元，但仍高於我認為的典型季度金額。

Also this quarter, we took some cash write-offs accrued rent and below-market rent related to at home that in total added about $660,000 of emcon to core FFO, which should be excluded from the forward run rate. These noncash items had no impact on reported AFFO.

本季度，我們還對一些與家庭相關的應計租金和低於市場的租金進行了現金沖銷，總計為核心 FFO 增加了約 660,000 美元的 emcon，這應該從遠期利率中排除。這些非現金項目對報告的 AFFO 沒有影響。

With that, I'll turn the call back over to Matthew for questions.

說完這些，我會把電話轉回給馬修，讓他回答問題。

(Operator Instructions)

（操作員指示）

Jeff Spektor, Bank of America.

美國銀行的傑夫·斯佩克特。

Great, thank you. Just, first on the investment guidance, Just first on the investment guidance. I know you raised it. It does suggest a slower pace in the second half. So I just wanted to confirm what's driving that implied deceleration whether it's market opportunities, which it sounds like are robust. There is you mentioned increased competition, capital allocation? Or is it just some conservatism in the outlook?

太好了，謝謝。首先是投資指導，首先是投資指導。我知道你提出了這個問題。這確實意味著下半年的節奏會放緩。因此，我只是想確認推動這種隱含減速的因素是否是市場機遇，聽起來市場機會似乎很強勁。您提到了競爭加劇、資本配置增加？或者這只是觀點上的某種保守主義？

Yeah. I mean given what we did in the first half, yes, I see it suggests a slower activity. We don't have any visibility to the fourth quarter, so we don't want to get over our skis. Third quarter is feeling pretty good right now.

是的。我的意思是，考慮到我們上半年的表現，是的，我認為這表明活動速度會有所放緩。我們對第四季的情況沒有任何預見，因此我們不想放棄。第三季目前感覺相當不錯。

But everything you mentioned, the heightened competition, overall, the market seems fairly robust, but it's more conservative.

但正如您所提到的那樣，競爭加劇，總體而言，市場似乎相當強勁，但更加保守。

And then if I heard correctly, it sounded that eight in terms of the acquisitions, eight out of the 11 were existing relationships, can you talk about the new relationships and maybe the opportunity set there?

如果我沒聽錯的話，聽起來在收購方面有 8 項，其中 11 項中有 8 項是現有關係，您能談談新的關係以及其中可能存在的機會嗎？

Yeah, we're not going to disclose the few that we did that weren't relationships, but they were just our acquisition guys have calling efforts that have been going on for many years and deal flow happened. They were in the auto service sector. And we only consider a relationship as a repeat business. So we have to close one or two transactions with you before you become quality relationship.

是的，我們不會透露我們所做的一些不是關係的交易，但它們只是我們的收購人員多年來一直在努力進行的交易流程。他們從事汽車服務業。我們只將關係視為重複業務。因此，我們必須與您完成一到兩筆交易，然後才能與您建立優質的合作關係。

But Jeff, just to add to that, to your point, I mean, I think in any business, you want to have a good mix of existing deal volume as well as new volume. And so the new relationships do open up additional opportunities future. So we're hopeful that, that can continue.

但是傑夫，我再補充一點，對於你的觀點，我的意思是，我認為在任何行業中，你都希望現有交易量和新交易量有良好的組合。因此，新的關係確實為未來開闢了更多的機會。因此我們希望這種情況能夠持續下去。

Great. Thank you.

偉大的。謝謝。

Spencer Glenshire, Green Street.

史賓塞‧格倫希爾 (Spencer Glenshire)，格林街。

Thank you. I'm just curious if you could provide an update on the available assets, either being marketed for sale or trying to retenant. I know last quarter, you mentioned there was significant interest for these properties from strong national and regional tenants. So just curious how that process has been going.

謝謝。我只是好奇您是否可以提供可用資產的最新信息，無論是正在出售還是試圖重新租賃。我知道上個季度您提到來自全國和地區的強大租戶對這些房產表現出濃厚的興趣。所以只是好奇這個過程進展如何。

Yeah. I mean as you could guess, Spencer, primarily, it was the former furniture store Badcocks and a fair amount of restaurants from the Frisch's assets. And Frisch was in business for 60-plus years. So they had a lot of infill locations, and that's where the strong demand is coming from as a result, kind of convenience stores, car washes, collision repair. So there's still a lot of demand for those assets.

是的。我的意思是，正如您所猜測的，斯賓塞，主要是以前的家具店 Badcocks 和 Frisch 資產中的相當多的餐廳。弗里施從商已有 60 多年。所以他們有很多填充地點，這就是強勁需求的來源，像是便利商店、洗車店、碰撞修理廠。因此，這些資產的需求仍然很大。

And just to kind of give you an idea, call it, 64 assets at the beginning, 28 of them were working with a 10 not releasing. And then the remaining 36, four of them have been sold and/or leased, 24 of those assets, we are in active negotiations, and there's different levels or stages of those negotiations and then eight of the 36 is just limited activity.

給你一個概念，一開始有 64 個資產，其中 28 個可以使用，還有 10 個沒有釋放。剩下的 36 個，其中 4 個已經出售和/或租賃，其中 24 個資產，我們正在積極談判，這些談判處於不同的級別或階段，然後 36 個中的 8 個只是有限的活動。

So we're seeing encouraging signs across those assets, specifically the 36. And we're kind of expecting the rent recovery to eclipse historical ages, which would be 70%. And then yeah. And then as far as the bad hock furniture assets, we are kind of we're outperforming our expectations on those. Just to recall for everybody, there was 35 of those assets, 19 of them have been resolved at greater than 100% rent recovery. 12 are currently pending and is tracking to greater than 100% recovery. And then there's 4 that there's work to be done. But the reality is, if you took a downside scenario of just the four, our total recovery for the furniture is expected to be greater than 100%.

因此，我們看到這些資產，特別是 36 項資產出現了令人鼓舞的跡象。我們預計租金回升幅度將超過歷史最高水平，達到 70%。然後是的。至於不良典當家具資產，我們的表現超出了我們的預期。大家回想一下，這些資產共有 35 項，其中 19 項已解決，租金回收率超過 100%。 12 項目前正在等待解決，預計回收率將超過 100%。然後還有 4 項工作要做。但實際情況是，如果只考慮這四種不利情況，我們家具業務的總復甦預計將超過 100%。

That's very helpful. And then just last one. Cap rates are in line with 1Q. Can you just talk about what you're seeing thus far in 3Q?

這非常有幫助。接下來是最後一個。資本化率與第一季一致。您能談談目前為止您對第三季的觀察嗎？

Yeah. Kind of in the 1Q call, like I said, second Q was going to be pretty flat and we were right there. Third quarter, I'm really not seeing any movement either way. It depends on the mix of closings in the quarter. However, I think, give or take, 5, 10 basis points either side could happen.

是的。就像我在第一季的電話會議中所說的那樣，第二季的業績將會相當平穩，我們也正是如此。第三季度，我真的沒有看到任何動靜。這取決於本季的收盤情況。不過，我認為，左右兩側都有可能出現 5 到 10 個基點的波動。

Great. Thank you.

偉大的。謝謝。

Ronald Camden, Morgan Stanley.

摩根士丹利的羅納德·卡姆登。

Hey, This is Jenny on for Rob. First is regarding your November 2025 debt maturity approaching like can you talk a little bit more about your specific refinancing strategies and so forth? .

嘿，我是 Jenny，為 Rob 服務。首先是關於您即將於 2025 年 11 月到期的債務，您能否再談談您的具體再融資策略等等？。

Jenny, this is Vin. Yes, so looked at that and really, we did the $500 million deal on July 1, and that kind of prefunded that refinancing. And so we are sitting on a bit of cash right now as we work through acquisitions. But ultimately, those funds will partially be used to repay the $400 million of financing.

珍妮，這是文。是的，所以從這個角度來看，我們確實在 7 月 1 日達成了 5 億美元的交易，並且預先為再融資提供了資金。因此，我們在進行收購時手頭上有一些現金。但最終，這些資金將部分用於償還4億美元的融資。

And then we may be back in the market later in the year if you just think about our normal cadence of acquisitions based on the new $650 million of acquisition volume at the midpoint, at 40% debt that's, call it, $250-ish million of net new debt that we would need. So we funded some of that with the $500 million. So we may be back in the market for a smaller amount later this fall.

然後，我們可能會在今年稍後重返市場，如果您只是考慮我們正常的收購節奏，基於中間點的 6.5 億美元新收購量，40% 的債務，也就是我們需要的 2.5 億美元左右的淨新債務。因此我們用 5 億美元資助了其中的一部分。因此，今年秋季晚些時候我們可能會重返市場，但數量會減少。

Perfect. Second one regarding the average time from like a vacant property to be released, like maybe talk a little bit more about how does this like time line compare with your historical average of 9 to 12 months.

完美的。第二個問題是關於從空置房產到出售的平均時間，能否再多談談這個時間線與歷史上 9 到 12 個月的平均時間相比如何？

Yeah. I mean the 9 to 12 months is when rent starts coming in, but we'll have activity within kind of 30, 40 days of marketing that asset. But to sell it or release it, there's usually contingencies in the contract before they start paying rent. And then if it's a redevelopment, that's really when the 9 to 12 months comes into play.

是的。我的意思是，9 到 12 個月是租金開始流入的時候，但我們會在行銷該資產的 30 到 40 天內開展活動。但要出售或釋放它，在他們開始支付租金之前，合約中通常會有一些意外情況。如果是重新開發，那麼實際上就需要 9 到 12 個月的時間。

But we are seeing I mean, kind of why I said we were outperforming our expectations with the furniture assets because it all moved pretty quick compared to historical averages. And the restaurants are good locations really good dirt. So that 9 to 12 months is still going to be the majority because there is redevelopment with the large regional operators.

但我們看到，我的意思是，為什麼我說我們的家具資產表現超出了我們的預期，因為與歷史平均水平相比，它的變化相當快。而且餐廳地點很好，環境也很好。因此，9 到 12 個月仍將是主要時間，因為大型區域營運商正在進行重新開發。

Okay, perfect. Thanks so much.

好的，完美。非常感謝。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

It's Niko Joseph for Smedes. Maybe just starting on the bad debt. You talked about 60 basis points back that embedded in guidance still at only 50 basis points booked thus far. And you also mentioned that there's no tenants keeping you up at night. So just trying to kind of understand the kind of keeping the 60 basis points for now.

我是 Smedes 的 Niko Joseph。也許只是開始處理壞帳。您談到了 60 個基點，但指導中包含的金額迄今仍只有 50 個基點。您也提到，沒有房客讓您徹夜難眠。因此，我只是試著了解目前保持 60 個基點的情況。

Yeah. Nick, it's Vin. I'll start and I'll let Steve jump in if he has anything to add. But really, as we think about the bad debt, we booked 15, we've got 45 basis points to kind of play with, if you will. We are still dealing with that home. It's in bankruptcy. So we don't exactly know where that's all going to shake out.

是的。尼克，我是文。我先開始，如果史蒂夫還有什麼要補充的話，我會讓他加入。但實際上，當我們考慮壞帳時，我們預留了 15 個基點，如果你願意的話，我們有 45 個基點可以玩。我們仍在處理那所房子的事。它已經破產了。所以我們並不確切知道這一切最終會如何發展。

We're pretty happy with the progress so far. We don't have anything on the initial closure list. And as we've talked on a past calls, we feel pretty good about the real estate and the rents that are embedded there, which are only $6.50, $6.50 per square foot.

我們對目前的進展非常滿意。我們在初始關閉清單上沒有任何內容。正如我們在過去的電話會議中談到的那樣，我們對那裡的房地產和租金感到非常滿意，租金僅為每平方英尺 6.50 美元。

So we feel good about our position, but they are in bankruptcies we have to keep some dry powder in case something goes gets us on that front. I think, typically, we do have between 30 and 40 basis points of bad debt in any given year. And so we still got two quarters left to go, and so we just don't want to, again, just similar to our investment thesis, we're not trying to get ahead of ourselves in terms of bad debt just knowing that there's at home out there, plus there's always normal term loan.

因此，我們對自己的處境感到滿意，但是他們已經破產了，我們必須保留一些備用金，以防萬一發生什麼事情。我認為，通常情況下，我們每年的壞帳率在 30 到 40 個基點之間。因此，我們還有兩個季度要走，所以我們只是不想，再說一次，就像我們的投資論點一樣，我們不想在壞賬方面超越自己，只是知道那裡有壞賬，而且總是有正常的定期貸款。

Yeah. In terms of the tenants are keeping me up at night, meaning any substantial times, but just to reiterate what Vin said. We do deal with retailers and 60 days from now, something might shift. So it's prudent to leave some of the bad debt in there.

是的。就房客讓我夜不能寐而言，這意味著任何實質的時間，但只是重申 Vin 所說的話。我們確實與零售商打交道，從現在起 60 天后，情況可能會改變。因此，保留部分壞帳是明智之舉。

That's very helpful. And then maybe just back to cap rates. I mean, you mentioned kind of capital coming in, chasing motor volumes. How is portfolio pricing relative to individual assets right now? Are you seeing that spread widen a bit?

這非常有幫助。然後也許就回到資本化率。我的意思是，您提到了資本流入，追逐汽車銷售量。目前投資組合定價相對於單一資產而言如何？您是否發現價差有所擴大？

I would say, and I've seen the spread widen. I think with the new money coming into the sector, again, we've been doing this a long time, and we've seen competitors come and go, that I still think there's a pretty good portfolio premium on certain deals in that kind of that $100 million to $200 million range, which is a nice bite, but there's a lot of capital chasing that we saw a handful of portfolios go off in the 6.5%, 6.75% range. And that's probably the retail levels on the individual assets.

我想說，我已經看到差距擴大了。我認為，隨著新資金進入該行業，我們又做了很長時間，也看到競爭對手來了又去，我仍然認為在 1 億美元到 2 億美元範圍內的某些交易中，投資組合溢價相當不錯，這是一個不錯的收益，但也存在大量資本追逐，我們看到少數投資組合的溢價在 6.5% 到 6.75% 的範圍內。這可能就是單一資產的零售水準。

Thank you very much.

非常感謝。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Thank you. Maybe just on the composition of the guidance raise, how much of that was driven by the actual increase in acquisitions versus then you noted that termination fees kind of came back slightly more normalized but still above what you all were expecting. I know you haven't given a specific number, but maybe if you could size that for us?

早安.謝謝。也許僅就指導性成長的組成而言，其中有多少是由收購的實際成長推動的，而您注意到終止費用的回升略微正常化，但仍然高於大家的預期。我知道您沒有給出具體的數字，但您能否為我們估算一下？

Yeah, sure. John, it's Vin. Yes, just to clarify in my prepared remarks, the $2.2 million that we booked in the quarter, we were expecting that. That was part of the plan, so it was embedded in our guidance last quarter. My comment about the $2.2 million being above it's above historical levels, so but down from the first quarter. So that was that was a point to make on the $2.2 million. But as far as the upside in the guidance, there's a couple of moving parts there. You've got about 0.5 on the side of FFO.

是的，當然。約翰，我是文。是的，我只是想在準備好的發言中澄清一下，我們在本季預訂的 220 萬美元是我們預料到的。這是計劃的一部分，因此它已包含在我們上個季度的指導中。我的評論是，220 萬美元高於歷史水平，但比第一季有所下降。這就是關於 220 萬美元的要點。但就指引中的上行空間而言，還有幾個變動因素。您在 FFO 方面獲得了大約 0.5。

Just a little less than that through the first half, but then you do have net expenses going up by about just over $0.01. So that's a headwind to the guidance.

上半年的支出略低於這個數字，但淨支出確實增加了約0.01美元。所以這對業績指引來說是一個阻力。

And then I think the balance of it really is investment related as well as the bond offering that we did. So we're seeing a little bit of downside, call it, $0.05 or so from the bond offering relative to our initial guidance. And so we're sitting on a bit of cash right now. We're earning a pretty good rate on it, but not the same as what we're paying on the interest side of things. So there's a little bit of headwind there. And then offsetting all that is acquisitions, which one is timing of acquisitions. So we've definitely been a bit ahead of our plan in terms of timing.

然後我認為它的平衡確實與投資以及我們所做的債券發行有關。因此，相對於我們最初的指導，我們看到債券發行有一點下跌，大概是 0.05 美元左右。所以我們現在有一些現金。我們從中賺取了相當不錯的利率，但與我們支付的利息並不相同。因此那裡有一點逆風。然後抵銷所有收購，其中一個是收購時機。因此，從時間安排來看，我們確實比計劃提前了一點。

And then on the flip side, on the disposition side, we typically, when we give guidance on dispositions, we're assuming income producing. I mean if you look at it year-to-date, we've got about half of our dispositions have been vacant. And so we're picking up a little bit from that as well.

另一方面，在處置方面，當我們給出處置指導時，我們通常假設會產生收入。我的意思是，如果你看今年迄今為止的情況，我們大約有一半的資產處於空置狀態。因此我們也從中獲得了一點收穫。

Got it. That's helpful. And then maybe just from a composition standpoint, can you talk about the sectors that you're targeting on both the acquisition and the disposition side?

知道了。這很有幫助。然後也許僅從構成的角度來看，您能否談談您在收購和處置方面所針對的領域？

Yeah. I mean the disposition side, it's more communicating with individual tents. Just, for example, you saw that our Camping World exposure dropped by a couple because that's some assets that were performing for world. They weren't in the long-term plan. So we sold some assets back to them. So that's good for NNN and good for the tenant relationship.

是的。我的意思是，在處置方面，它更多的是與各個帳篷進行溝通。舉個例子，您會看到我們的 Camping World 曝光率下降了一些，因為這是一些為世界表現的資產。它們並不在長期計劃中。因此我們將一些資產賣回給他們。這對 NNN 和租戶關係都有好處。

As far as acquisitions, I think going forward, the auto service sector still seems to be the most robust activity if it's M&A or growth. And I think also we're starting to see some activity in the QSR restaurants.

就收購而言，我認為展望未來，汽車服務業似乎仍是最強勁的活動，無論是併購或成長。我認為我們也開始看到 QSR 餐廳的一些活動。

Very helpful. Thank you.

非常有幫助。謝謝。

Michael Goldsmith, UBS

瑞銀集團麥可‧戈德史密斯

Good morning. Thanks a lot for taking my question. The leverage ratio ticked up a little bit during the quarter. And is that a function of just kind of temporary to pay down the line of credit? Or just trying to get and then now that you're running as the CFO, like how are you thinking about just like a target leverage ratio or where you want the leverage to be for the business?

早安.非常感謝您回答我的問題。本季槓桿率略有上升。這是否只是暫時償還信用額度的措施？或者只是想了解一下，既然您現在擔任財務官，那麼您是如何考慮目標槓桿率或您希望企業的槓桿率是多少的？

Michael, thanks for the question. Yes, I think from a quarterly leverage level of 5.7%, so it ticked up a little bit from the first quarter. That really has to do more with timing of acquisitions, dispositions. We did a little bit of equity in the quarter, but it's really the earlier acquisition timing.

邁克爾，謝謝你的提問。是的，我認為從季度槓桿率 5.7% 來看，比第一季略有上升。這實際上與收購和處置的時機有更大的關係。我們在本季做了一些股權投資，但這實際上是較早的收購時機。

And so part of our initial plan obviously includes the benefits of the free cash flow. But because we're buying ahead of plan, that's causing us to have a little bit of a bump up in leverage here in the near term. In terms of longer term, how do I think about leverage? I mean, lower is better, obviously.

因此，我們初步計劃的一部分顯然包括自由現金流的好處。但由於我們提前購買，這導致我們短期內的槓桿率會略有上升。長期來看，我如何看待槓桿？我的意思是，顯然越低越好。

We'd love to be operating, I would say targeting less than 5.5 times, to put an exact range, it's hard to say. But certainly, if we're in the 5-ish range, that would give us a little bit more capacity to kind of lean in when opportunities arise. And so I'd love to get it down below 5.5 year shortly.

我們很樂意進行運營，我想說目標是少於 5.5 次，至於確切的範圍，很難說。但可以肯定的是，如果我們處於 5 左右的範圍內，那麼當機會出現時，我們將有更多的能力去把握。因此我希望盡快將其降至 5.5 年以下。

Got it. And just while I got you been, you have done a five-year bond issuance here, so a little bit more shorter term than you've done in the past. Can you just talk a little bit about the benefits of that and how you plan to use that kind of our shorter-term debt going forward?

知道了。剛才我問你情況如何，你剛剛發行了五年期債券，所以期限比過去短。您能否簡單談談這樣做的好處以及您計劃如何使用這種短期債務？

Yeah. I think it really is down to asset and liability management. So if you look at our debt duration, it's around 11 years prior to this deal last quarter, it was 11.6 years. If you look at our average lease duration, it's just under 10%, so like 9.8 years. And so from my perspective, that means we have a little bit of flexibility on doing a little bit of short-term debt in the near term just to balance out those assets and liabilities.

是的。我認為這確實取決於資產和負債管理。因此，如果你看一下我們的債務期限，上個季度這筆交易之前的債務期限大約是 11 年，即 11.6 年。如果你看一下我們的平均租賃期限，它略低於 10%，也就是 9.8 年。因此，從我的角度來看，這意味著我們在短期內可以靈活地做一些短期債務來平衡這些資產和負債。

And I think the other part of it is we look at our maturity ladder, we look at where we have holes. And so we did have a hole in that 5 call it, 5.5-year period really. And so it's a combination of where do we have holding the maturity ladder and how are we managing our assets and liabilities.

我認為另一部分是我們要審視我們的成熟度階梯，看看我們哪裡有漏洞。因此，我們確實在這 5 年（或 5.5 年）期間存在一個漏洞。因此，這取決於我們如何掌握到期日階梯以及我們如何管理我們的資產和負債。

Thank you very much. Good luck in the back half.

非常感謝。祝你後半段好運。

Thank you.

謝謝。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Hey, good morning guys. Just a quick one for me. We just noticed, I think, quarter-over-quarter, the ABR that's on sort of a cash basis payment ticked up from the first quarter, not so much year-over-year, but quite a sequential jump and then likewise, kind of a big jump in terms of the GLA cash. And so my question there is, is that just related to at home? Or is there anything else kind of the moving parts there that we should be aware of?

嘿，大家早安。對我來說只是一個快速的步驟。我們剛剛注意到，我認為，與上一季相比，基於現金基礎支付的 ABR 比第一季度有所上升，與去年同期相比沒有太大增長，但環比增長相當大，同樣，GLA 現金也有很大的增長。所以我的問題是，這僅僅與在家有關嗎？或是有其他什麼活動部件值得我們注意嗎？

Rich. Yes, almost all of that is at home. If you recall, we're up about a little over 1% quarter-over-quarter on cash basis ABR and that homes percent of our ABR and then obviously, a bigger percentage of our GLA size of boxes.

富有的。是的，幾乎所有這些東西都在家裡。如果你還記得的話，我們的現金基礎 ABR 環比增長了約 1% 多一點，這佔了我們 ABR 的百分比，而且顯然也佔了我們 GLA 規模盒子的更大百分比。

Exactly. Yes, exactly. And that was -- that's a difference from the first quarter, just to be clear. Is that just based on timing around the bankruptcy filing?

確切地。是的，確實如此。這就是——這與第一季有所不同，只是為了清楚起見。這只是基於破產申請的時間嗎？

Correct. Correct. .

正確的。正確的。。

Okay. Got it. That's all I got.

好的。知道了。這就是我所得到的全部。

Thank you guys.

謝謝你們。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, guys. Just a quick question on the deal flow. Are you starting to see your partners get more active on their business now that they have visibility on taxes and potentially more visibility on tariffs?

嘿，大家早安。我只是想問一下有關交易流程的一個簡單問題。您是否發現您的合作夥伴在業務上變得更加積極，因為他們現在對稅收有了更清晰的了解，並且對關稅也有了更清晰的了解？

Yeah. I think it's a good question. I think there's better visibility on the tariffs and the conversations that we have with our tenants. But I don't think they're quite there yet that they're ready to ramp up the free levels going back to 2018, 2019. But we are starting to see inquiries comment about funding new builds, kind of a one-off here and there.

是的。我認為這是個好問題。我認為，我們對關稅以及與租戶的對話有了更好的了解。但我認為他們還沒有準備好提高 2018 年、2019 年的免費水準。但我們開始看到有關資助新建築的詢問評論，這種詢問評論到處都是一次性的。

However, we do see some M&A activity picking up where buyers are able to underwrite the cash flow, the quality of earnings.

然而，我們確實看到一些併購活動正在回升，買家能夠承保現金流和獲利品質。

Okay. And then, it's...

好的。然後，它是...

Sorry just to add to that. I mean, Steve mentioned earlier that auto services is pretty robust right now. And I can't say with certainty that, that's because of tariffs, but to the extent that it costs a lot more to buy a new car, we should, I think it's logical to assume that, that's going to help our auto-services business on the repair side as well as auto parts which was more of na self-help, kind of DIY.

抱歉，我只是想補充一點。我的意思是，史蒂夫之前提到過，汽車服務目前非常強大。我不能肯定地說這是因為關稅，但從購買新車成本大幅增加的角度來看，我們應該，我認為可以合理地假設，這將有助於我們的汽車維修服務業務以及汽車零件業務，這更像是一種自助，一種 DIY。

Yeah. That makes sense, even why I got you. When we look at your, call it, nearly $900 million of ABR some of the bad costs and the fish that you resolved. How should we think about timing of commencement for some of that, I guess, we call it sign-out open pipeline? .

是的。這很有道理，甚至解釋了為什麼我得到了你。當我們查看您所說的近 9 億美元的 ABR 時，您解決了一些不良成本和問題。我們應該如何考慮其中一些工作的開始時間，我想，我們稱之為簽出開放管道？。

That's a good question. It's definitely not something that we track as closely as we did in the shopping center space. But for the most part, most of the ABR is commenced. We don't have a ton of sign that open per se as on top of my head, I can't think of any major tenants that have not commenced that are not in that ABR number we gave you.

這是個好問題。這絕對不是我們像在購物中心領域那樣密切關注的事情。但在大多數情況下，ABR 的大部分已經開始。我們本身並沒有大量開業跡象，因為在我看來，我想不出有任何尚未開業且不在我們給您的 ABR 編號中的大型租戶。

Great. Thank you.

偉大的。謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yeah, good morning, everyone. I was hoping you could just kind of walk us through, again, I know you kind of mentioned new tenants are kind of keeping you up at night. But I was hoping if you could kind of talk through get some of the retail categories that are still kind of seeing pressure whether it is competition, whether it's just concepts time, whether it's tariffs, have you. But just again, a couple of thoughts around restaurants and drug stores and even furniture and consumer electronics and we get hit by tariffs.

是的，大家早安。我希望您能帶我們了解一下，我知道您提到新租戶讓您夜不能寐。但我希望您能談談一些仍然面臨壓力的零售類別，無論是競爭，還是概念時間，還是關稅，您說是嗎？但再說一次，關於餐廳、藥局、甚至家具和消費性電子產品的一些想法，我們都受到了關稅的打擊。

How are you thinking about that? How do you kind of think about 60 basis points debt may be covering any of that risk?

您對此有何看法？您認為 60 個基點的債務是否能彌補這些風險？

It's Vin. Good to hear from you. I'll start maybe just with lot specific type centers a little bit easier then to talk a lot by a lot. But I mean there are some areas that are probably more impacted by, say, tariffs and some of that uncertainty than others. I mean, thankfully, most of our tenant base is your necessity or service-based. It's about 85% of the R. So maybe a little bit less direct impact on tariffs and more of an indirect economic impact if there is any.

是 Vin。很高興收到你的來信。我可能會先從許多特定類型的中心開始，這樣會比較容易一些，然後再逐一討論。但我的意思是，有些領域可能比其他領域受到關稅和某些不確定性的更大影響。我的意思是，值得慶幸的是，我們的大多數租戶都是基於您的必需品或服務。它約佔 R 的 85%。因此，對關稅的直接影響可能要小一些，而間接經濟影響則要大一些（如果有的話）。

But as far as restaurants go, I mean, just like most retail, there's winners and losers all the time. And so you look at the Chile that's just absolutely crushing it right now. And then you have others, Texas Rohtothers they're not doing quite as well. But I think it really is do you have a compelling product offer that gets people back in the door.

但就餐廳而言，我的意思是，就像大多數零售業一樣，總是有贏家和輸家。所以你看智利現在正處於絕對的壓倒性優勢。然後還有其他人，德克薩斯州的羅托魯阿人，他們做得不好。但我認為真正重要的是你是否有一個引人注目的產品可以吸引人們重返門市。

And that's across not just restaurants, but there's definitely winners and losers throughout. And I think as pressure builds on some of the weaker players that does open up an opportunity for the better players to take share. And so we are seeing that. And I'll give you another example. Camping World is one that obviously tenant of ours.

這不僅發生在餐廳中，而且肯定有贏家和輸家。我認為，隨著一些較弱的參與者面臨的壓力不斷增大，這確實為更優秀的參與者提供了獲取份額的機會。我們看到的是這樣的。我再舉一個例子。露營世界顯然是我們的租戶之一。

We did reduce exposure this quarter. But if you look at their earnings releases and calls, I mean, they are seeing pressure on their ASPs. They are seeing pressure on certain parts of their business, particularly in new business, but they have a very strong use business, right? And so they're leaning into the parts of the investor or the customer base that are active. And so on net, they're still able to drive EBITDA and top line growth.

本季我們確實減少了曝光度。但如果你看看他們的收益報告和電話會議，你會發現，他們的平均銷售價格正面臨壓力。他們發現某些業務，尤其是新業務，面臨壓力，但他們的使用業務非常強勁，對嗎？因此，他們傾向於關注活躍的投資者或客戶群。因此，他們仍然能夠推動 EBITDA 和營業收入的成長。

And so it's just can you adjust to the changing market conditions or not? So I think it's not as simple as just saying, hey, tariffs are going to impact tenants negatively. And so on net, an entire line of trade is good or bad. Having said that, if we can get some more clarity on the economy and tariffs, job growth, et cetera, and people can feel more confident in making decisions. And then I think that's just unmet good for all lines of trade.

那麼問題就在於您是否能夠適應不斷變化的市場條件？所以我認為這並不像說「嘿，關稅會對租戶產生負面影響」那麼簡單。等等，整個貿易線是好是壞。話雖如此，如果我們能夠更清楚地了解經濟、關稅、就業成長等情況，人們在做決定時就會更有信心。我認為這對所有行業來說都是好事。

Thank you.

謝謝。

John Massocca, B. Riley.

約翰·馬索卡、B·萊利。

Good morning. Apologies, if this was already kind of addressed. But was there something specific that drove the increase in non-reimbursed real estate expenses? And is that tied to maybe some of the former prices properties and the timing you're thinking about with resolving those vacancies? Or are you just baking in some conservatism given at home situation. Just kind of curious why that ticked up related to a specific tenant? I know you kind of called it out a little bit in the prepared remarks.

早安.如果這個問題已經解決，請見諒。但是否有具體因素導致了未報銷房地產費用的增加？這是否與一些以前的價格房產以及您考慮解決這些空置問題的時機有關？或者你只是在考慮到國內的情況而採取一些保守主義。只是有點好奇為什麼與特定租戶相關的數據會上升？我知道您在準備好的發言中稍微提到了這一點。

John, I think without calling out specific tenants, I think you're spot on. I mean, definitely a little bit slower resolution of certain vacant properties that we are dealing with. And I think part of it is we are seeing a lot of good demand. And so we have some options and deciding, hey, do we want to release it immediately? Or is there maybe a higher credit or a better long-term value play that we can take that maybe takes a little longer to up, but ultimately ends up better for us and for shareholders.

約翰，我認為，即使不點名具體的租戶，你的意見也是正確的。我的意思是，我們處理的某些空置房產的問題解決速度肯定會慢一些。我認為部分原因是我們看到了很多好的需求。所以我們有一些選擇，並且決定，嘿，我們是否要立即發布它？或者我們是否可以採取更高的信用或更好的長期價值策略，這可能需要更長的時間才能實現，但最終對我們和股東來說都是有利的。

And so we've made some decisions to delay certain openings to, again, try to come up with a better long-term solution.

因此，我們決定推遲某些開幕活動，再次嘗試找到更好的長期解決方案。

Okay. Does that indicate maybe in terms of resolving some of these vacancies, there's more of a leasing kind of angle you're taking or vice versa, maybe more of a disposition angle, and that's kind of what's driving the differentiated timing versus what you were expecting at 1Q?

好的。這是否表明，在解決這些空置問題方面，你們可能更多地採取租賃的角度，反之亦然，可能更多地採取處置的角度，而這正是導致與第一季預期相比時間安排出現差異的原因？

Yeah. I mean I think things are moving a little slower on a handful of the assets than you would like. That's just real estate, if it's permitting process. But yes, I think you're probably right as far as timing leasing route on some of the assets that is creating a little bit more carry cost than they originally thought.

是的。我的意思是，我認為少數資產的進展比你想像的要慢。如果這是許可流程的話，那隻是房地產。但是的，我認為你可能是對的，因為某些資產的定時租賃路線會產生比他們最初想像的更多的持有成本。

But again, in the big picture, it's in a pretty small number as far as the impact on our financials. But in the long run, it will create the most shareholder value.

但從整體來看，就對我們財務的影響而言，這個數字相當小。但從長遠來看，它將創造最大的股東價值。

Okay. And then you addressed a little bit earlier in the call with regards to kind of your philosophy. But when you think about maybe issuing debt on a 5-year basis versus 10-year, is that something you're comfortable doing again, given what you're seeing today in the maturity window? Obviously, it's pretty attractive from a pricing perspective. So just curious, given there's potentially some additional financing needed if not later this year than next year.

好的。然後您在通話中早些時候談到了您的哲學。但是，當您考慮以 5 年期而不是 10 年期發行債務時，考慮到您目前看到的到期窗口情況，您是否願意再次這樣做？顯然，從定價角度來看它非常有吸引力。所以只是好奇，因為如果不是今年晚些時候而是明年，那麼可能需要一些額外的融資。

Yeah. Look, I think the guidepost here is not necessarily, hey, we want to have short-term debt or we're trying to get the lowest cost of debt. I mean, obviously, it is cheaper on the shorter end of the scale, so that's a benefit. But I go back to just trying to balance our assets and liabilities.

是的。聽著，我認為這裡的指導方針不一定是，嘿，我們想要短期債務，或者我們試圖獲得最低的債務成本。我的意思是，顯然，較短的一段距離更便宜，所以這是一個好處。但我又回到了試圖平衡我們的資產和負債。

So we've got 11 years of duration on the debt and we've got under 10 years of duration on the leases. There is a bit of a mismatch there. And so to some degree, I think that gives us flexibility to opt for shorter-term debt if it makes sense with regard to all the other decisions we have to make and all the other factors we have to consider.

因此，我們的債務期限為 11 年，而租賃期限不到 10 年。那裡有一點不匹配。因此，從某種程度上來說，我認為如果這對於我們必須做出的所有其他決定以及我們必須考慮的所有其他因素是有意義的，那麼這給了我們選擇短期債務的靈活性。

But ideally, I'd love to be issuing longer-term debt on a consistent basis, but we do have a bit of a mismatch between assets and liabilities. And so again, that gives me some opportunity to do some short-term debt here.

但理想情況下，我希望能夠持續發行長期債務，但我們的資產和負債之間確實存在一些不匹配的情況。因此，這再次為我提供了一些在這裡進行短期債務的機會。

Okay, I appreciate the color. That's it for me. Thank you.

好的，我很欣賞這個顏色。對我來說就是這樣。謝謝。

(Operator Instructions)

（操作員指示）

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi, Sorry. Maybe you alluded somewhat in your response to the earlier question. In terms of line items running slightly above the historical average lease term fees and net real estate expenses, is your expecting these trends conclude by year-end? Or could it continue potentially next year?

你好，抱歉。也許您在回答先前的問題時已經有所暗示。就略高於歷史平均租賃期限費用和淨房地產費用的項目而言，您是否預計這些趨勢會在年底前結束？或者明年這種情況可能會持續下去嗎？

Yeah. On the lease termination fees, Linda, I mean, I think historically, we talked about $2 million to $3 million, but certainly higher than that over the last, call it, two years or so. Part of that is we have been actively managing the portfolio and trying to look for opportunities to address problems before they come to a head.

是的。關於租賃終止費，琳達，我的意思是，我認為從歷史上看，我們談論的是 200 萬至 300 萬美元，但在過去的兩年左右肯定高於這個數字。其中一部分原因是我們一直在積極管理投資組合，並試圖在問題惡化之前尋找機會解決問題。

And so the dark paying and sublease tenant list, those are the ones that we kind of fish around for these lease terminations try to address them. And as we talked about on this call, the two biggest deals that we did this quarter, we had resolution for both of them by the time we did the lease termination fee, and that's the kind of outcome that we're looking for. So it might be a in the next year or so.

因此，暗付和轉租租戶名單就是我們在尋找這些終止租約的租戶時試圖解決的問題。正如我們在這次電話會議上所討論的，我們本季完成的兩筆最大交易，在支付租賃終止費用時都已經得​​到了解決方案，這就是我們所期待的結果。因此，這可能將在明年左右發生。

But I don't think it will be the same as the last two years, but it could be higher than the $2 million to $3 million in the next year or so. And then in terms of the net rate expenses, yes, I think we'd hold it to by the end of the year, be back to a bit more of a normal level of real estate expense net, which is, call it, $13 million to $14 million on an average year. And then obviously, that grows every year just from an inflationary perspective. But that is our own.

但我不認為它會與過去兩年一樣，但在未來一年左右可能會高於 200 萬至 300 萬美元。然後就淨利率支出而言，是的，我認為我們會在年底前將其控制在略高於正常的房地產淨支出水平，即平均每年 1,300 萬至 1,400 萬美元。顯然，從通貨膨脹的角度來看，這一數字每年都在增加。但那是我們自己的。

And that's related to releasing some boxes.

這與發布一些盒子有關。

Exactly. It's just with the tenants that we're working with just holding the assets a little bit longer trying to maximize value of rent.

確切地。我們只是與租戶合作，持有資產一段時間，試圖最大化租金價值。

Makes sense. And in terms of your ability to attract extract value from underperforming holdings, could you just give us some more color on how you achieve this?

有道理。關於您從表現不佳的持股中提取價值的能力，您能否向我們詳細介紹一下您是如何做到這一點的？

I think it's discussions with our tenants, understanding as lease term is burning off that they may not renew that lease in the -- at the end of the term. So sell where there is some term in value to a potential investor opposed to let Niko vacant, where you're getting a percentage of a recovery.

我認為我們正在與租戶進行討論，並了解到隨著租賃期限即將結束，他們可能不會在租賃期結束時續約租賃合約。因此，如果對潛在投資者來說還有一定價值，就應該出售，而不是讓 Niko 空置，這樣你就能獲得一定比例的回收。

But if there's some lease term to income-producing asset, you can maximize value by selling it into the 1031 market. And at the same time, actively manage our portfolio strengthening in the long run.

但如果創收資產有一定的租賃期限，您可以透過將其出售到 1031 市場來實現價值最大化。同時，積極管理我們的長期投資組合強化。

Thank you. That does conclude the Q&A session. I will now hand the conference back to Steve Horn, Chief Executive Officer, for closing remarks. Please go ahead.

謝謝。問答環節到此結束。現在，我將會議交還給執行長史蒂夫‧霍恩 (Steve Horn)，請他致閉幕詞。請繼續。

Thanks for joining us this morning and we're in great shape for the remainder of the year, opportunistic hopefully, and we look forward to seeing many of you guys in person in the fall conference season. Take care. Talk to you.

感謝您今天早上加入我們，我們為今年剩餘的時間做好了充分的準備，希望能夠抓住機會，我們期待在秋季會議期間親自見到你們中的許多人。小心。跟你聊聊。

Thank you, everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝大家，今天的活動就到此結束。現在您可以斷開連接，並享受美好的一天。感謝您的參與。