Netstreit Corp (NTST) 2023 Q1 法說會逐字稿

Good day and welcome to the NETSTREIT Corp. first-quarter 2023 earnings conference call. (Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note that today's event is being recorded.

美好的一天，歡迎參加 NETSTREIT Corp. 2023 年第一季度收益電話會議。 （操作員說明）今天的演示結束後，將有機會提問。 （操作員說明）請注意，今天的活動正在錄製中。

At this time I would like to turn the conference over to Amy An, Director of Investor Relations. Please go ahead.

現在我想把會議交給投資者關係總監 Amy An。請繼續。

We thank you for joining us for NETSTREIT's first-quarter 2023 earnings conference call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package and an updated investor presentation. Both can be found in the Investor Relations section of the company's website at www.netstreit.com.

我們感謝您參加 NETSTREIT 2023 年第一季度收益電話會議。除了昨天收市後發布的新聞稿外，我們還發布了補充資料和更新的投資者介紹。兩者均可在公司網站 www.netstreit.com 的投資者關係部分找到。

On today's call, management's remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

在今天的電話會議上，管理層的言論和對您問題的回答可能包含 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。前瞻性陳述涉及受風險和不確定性影響的事項，這些風險和不確定性可能導致實際結果與實際結果有所不同。今天討論的那些。

For more information about these risk factors, we encourage you to review our Form 10-K for the year ended December 31, 2022, and our other SEC filings. All forward-looking statements are made as of the date hereof, and NETSTREIT assumes no obligation to update any forward-looking statements in the future.

有關這些風險因素的更多信息，我們鼓勵您查看我們截至 2022 年 12 月 31 日的年度 10-K 表格以及我們向 SEC 提交的其他文件。所有前瞻性陳述均截至本協議發布之日作出，NETSTREIT 不承擔未來更新任何前瞻性陳述的義務。

In addition, certain financial information presented on this call includes non-GAAP financial measures. Please refer to our earnings release and supplemental package for definitions of our non-GAAP measures, reconciliations to the most comparable GAAP measure, and an explanation of why we believe such non-GAAP financial measures are useful to investors.

此外，本次電話會議中提供的某些財務信息包括非公認會計準則財務指標。請參閱我們的收益發布和補充資料，了解我們的非公認會計準則衡量標準的定義、與最具可比性的公認會計準則衡量標準的調節，以及為什麼我們認為此類非公認會計準則財務衡量標準對投資者有用的解釋。

Today's conference call is hosted by NETSTREIT's Chief Executive Officer, Mark Manheimer; and Chief Financial Officer, Dan Donlan. They will make some prepared remarks, and then we will open the call for your questions.

今天的電話會議由 NETSTREIT 首席執行官 Mark Manheimer 主持；和首席財務官丹·唐蘭。他們將發表一些準備好的言論，然後我們將開始電話詢問您的問題。

Now I'll turn the call over to Mark. Mark?

現在我將把電話轉給馬克。標記？

Good morning, everyone, and welcome to our first-quarter 2023 earnings conference call. Before we begin, I am pleased to welcome our new CFO and Treasurer, Dan Donlan, to the NETSTREIT team. Don brings strong corporate finance, capital markets, and operational REIT experience to our platform, and he is committed to helping the company generate sustainable long-term value for shareholders. Welcome aboard, Dan.

大家早上好，歡迎參加我們的 2023 年第一季度收益電話會議。在我們開始之前，我很高興歡迎我們的新任首席財務官兼財務主管 Dan Donlan 加入 NETSTREIT 團隊。 Don 為我們的平台帶來了豐富的企業融資、資本市場和房地產投資信託基金運營經驗，他致力於幫助公司為股東創造可持續的長期價值。歡迎加入，丹。

Turning to our first-quarter results, we had an active start to the year despite the volatile capital markets environment and an uncertain macroeconomic backdrop. Our best-in-class portfolio continues to perform exceptionally well in the face of persistent inflation, recession concerns, interest rate increases, and higher volatility.

談到我們的第一季度業績，儘管資本市場環境動盪且宏觀經濟背景不確定，但我們今年開局積極。面對持續的通脹、衰退擔憂、利率上升和波動性加大，我們一流的投資組合繼續表現出色。

We have maintained 100% occupancy, 100% rent collections, and any disruption to our tenant sales and profitability has been minimal. Having spent a good portion of 2022 locking in significant portions of our capital structure by prudently accessing the capital when conditions were supportive, we started 2023 with ample dry powder to make investments that meet our quality and return thresholds.

我們保持了 100% 的入住率、100% 的租金收取，對租戶銷售和盈利能力的任何干擾都非常小。在 2022 年的大部分時間裡，我們在條件有利的情況下謹慎獲取資本，鎖定了我們資本結構的很大一部分，因此我們在 2023 年伊始就擁有充足的干粉，可以進行符合我們質量和回報門檻的投資。

During the quarter, we completed net investments of $112.7 million, including the acquisition of 20 properties for $67.7 million at a weighted average cash yield of 6.9%; two senior loan investments, which are secured by 49 properties for $46.1 million at a weighted average cash yield of 9.3%; two completed development projects for $14.8 million and $4.5 million of additional funding to support ongoing development projects; and eight dispositions for $15.8 million at a weighted average cash yield of 6.8%.

本季度，我們完成淨投資 1.127 億美元，其中包括以 6770 萬美元收購 20 處房產，加權平均現金收益率為 6.9%；兩項高級貸款投資，由 49 處房產擔保，價值 4,610 萬美元，加權平均現金收益率為 9.3%；兩個已完成的開發項目，耗資 1,480 萬美元，並提供 450 萬美元的額外資金來支持正在進行的開發項目；八項處置，價值 1,580 萬美元，加權平均現金收益率為 6.8%。

Notably based on total ABR, 95% of these first-quarter investments were with investment-grade and investment-grade profile tenants. Overall, while the net lease industry transaction market remains less active today than this time last year, we are seeing a healthy pace of opportunities at attractive prices with better terms as financing contingent and levered buyers remain sidelined.

值得注意的是，根據 ABR 總額，這些第一季度投資中有 95% 屬於投資級和投資級概況租戶。總體而言，雖然淨租賃行業交易市場目前仍不如去年同期那麼活躍，但由於融資偶然和槓桿買家仍處於觀望狀態，我們看到了以有吸引力的價格和更好的條件提供健康發展的機會。

While our first-quarter net investment activity has us slightly ahead of pace versus our 2023 target, we have taken and will continue to take a judicious approach to the investments we pursue. We are extremely mindful when it takes -- when it comes to capital deployment, and we are staying disciplined in our credit underwriting standards and the pricing of assets.

雖然我們第一季度的淨投資活動略高於 2023 年目標，但我們已經並將繼續對我們追求的投資採取明智的方法。在資本配置方面，我們非常謹慎，並且我們在信貸承保標準和資產定價方面保持嚴格的紀律。

As we have demonstrated over the past three years through a variety of macroeconomic environments, we can be nimble and capitalize on opportunities as they arise. Currently, stress in the regional banking sector has created dislocations in the net-lease transaction market, which has provided us with opportunities to maintain our growth strategy momentum.

正如我們過去三年在各種宏觀經濟環境中所證明的那樣，我們可以靈活地抓住出現的機會。目前，區域銀行業的壓力造成了淨租賃交易市場的混亂，這為我們維持增長戰略勢頭提供了機會。

We remain in constant communication with existing tenants, developers, and other landlords to provide financing solutions where we see the best risk-adjusted returns. This solutions-based approach with a growing number of counterparties has helped expand our industry relationships while increasing the number of opportunities for NETSTREIT.

我們與現有租戶、開發商和其他房東保持持續溝通，提供融資解決方案，以獲得最佳的風險調整回報。這種基於解決方案的方法與越來越多的交易對手一起幫助擴大了我們的行業關係，同時增加了 NETSTREIT 的機會數量。

With that in mind, we have seen an increase in alternative investment structures, including mortgage loans. In the first quarter, we funded $46 million of loans for our borrower's purchase of 49 convenience stores leased to Speedway, a subsidiary of 7-Eleven. The loan-to-value of the underwrite underlying collateral is approximately 60%, and we are in first-lien position with no capital ahead of us.

考慮到這一點，我們看到另類投資結構的增加，包括抵押貸款。第一季度，我們為藉款人提供了 4600 萬美元的貸款，用於購買租給 7-11 子公司 Speedway 的 49 家便利店。承銷標的抵押品的貸款價值約為 60%，我們處於第一留置權位置，沒有任何資本。

The loans have a three-year term and a weighted average interest rate of 9.3%. While this is a larger loan exposure for us, it provides outsized risk-adjusted value to NETSTREIT in addition to demonstrating our creativity in deploying capital.

該貸款期限為三年，加權平均利率為9.3%。雖然這對我們來說是一筆較大的貸款，但除了展示我們在資本配置方面的創造力之外，它還為 NETSTREIT 提供了巨大的風險調整價值。

At March 31, our 100% occupied portfolio was comprised of 488 investments, with 83 tenants contributing one of $108.9 million of annualized base rent. Tenants with investment-grade ratings or investment-grade profiles represented 82% of ABR.

截至 3 月 31 日，我們 100% 佔用的投資組合由 488 項投資組成，其中 83 名租戶貢獻了 1.089 億美元的年化基本租金中的一項。具有投資級評級或投資級概況的租戶佔 ABR 的 82%。

A key part of our execution is recycling capital where the risk value or return is no -- no longer meets our criteria. And in the first quarter, we accretively sold eight properties for $15.8 million. Excluding investments associated with mortgage loans receivable, the portfolio has a weighted average lease term of 9.4 years with no lease expirations in 2023 and only 0.3% of total ABR expiring through 2024.

我們執行的一個關鍵部分是回收風險價值或回報不再符合我們標準的資本。第一季度，我們以 1580 萬美元的價格累計出售了 8 處房產。不包括與應收抵押貸款相關的投資，該投資組合的加權平均租賃期限為 9.4 年，沒有租賃在 2023 年到期，僅佔 ABR 總額的 0.3% 到 2024 年到期。

As we look to that -- as we look to the balance of 2023, we will continue to focus on scaling our portfolio of high-quality tenants while prudently managing our balance sheet and liquidity position. Furthermore, despite ongoing economic uncertainty, we continue to believe our durable cash flow stream an attractive growth profile offer, compelling total return potential for investors.

展望 2023 年，我們將繼續專注於擴大優質租戶的投資組合，同時審慎管理我們的資產負債表和流動性頭寸。此外，儘管經濟持續存在不確定性，但我們仍然相信我們持久的現金流是有吸引力的增長概況，為投資者帶來令人信服的總回報潛力。

With that, I'll turn the call over to Dan to go over our first-quarter financial results and 2023 guidance.

接下來，我將把電話轉給 Dan，讓他回顧我們第一季度的財務業績和 2023 年的指導。

Thank you, Mark, and thank you to everyone joining us today. I'm incredibly excited about the opportunities that lie ahead for NETSTREIT and look forward to spending more time with the broader investment community over the coming weeks and months.

謝謝你，馬克，也謝謝今天加入我們的所有人。我對 NETSTREIT 面臨的機遇感到非常興奮，並期待在未來幾周和幾個月內花更多時間與更廣泛的投資界合作。

Turn to our first quarter earnings, we reported net income of $0.03, core FFO of $0.28 and AFFO of $0.30 per diluted share. As it pertains to our G&A expense with a fully built-out executive and senior management team, our G&A should continue to rationalize relative to our asset base as we grow the portfolio.

轉向我們第一季度的收益，我們公佈每股攤薄後淨利潤為 0.03 美元，核心 FFO 為 0.28 美元，AFFO 為 0.30 美元。由於它與我們擁有完全組建的執行和高級管理團隊的一般管理費用有關，因此隨著我們擴大投資組合，我們的一般管理費用應繼續相對於我們的資產基礎合理化。

At March 31, our balance sheet had total debt of approximately $480 million with a weighted average contractual interest rate, including the impact of fixed-rate swaps, of 3.4%. After giving consideration to the settlement of all outstanding forward shares, our net debt to annualized adjusted EBITDAre was 4.1 times, which remains well below our targeted leverage range of 4.5 to 5.5 times.

截至 3 月 31 日，我們的資產負債表總債務約為 4.8 億美元，加權平均合同利率（包括固定利率掉期的影響）為 3.4%。考慮到所有已發行遠期股票的結算後，我們的淨債務與年化調整後 EBITDA 的比率為 4.1 倍，仍遠低於我們 4.5 至 5.5 倍的目標槓桿範圍。

Moving on to capital markets activities in the quarter, we used our ATM to issue 147,000 shares at a weighted average net price of $19.96, which generated $2.9 million of net proceeds. In addition, pursuant to our forward equity offering in August 2022, we settled 2.6 million shares in the quarter, which generated approximately $50 million of net proceeds.

接下來是本季度的資本市場活動，我們使用 ATM 以 19.96 美元的加權平均淨價發行了 147,000 股股票，產生了 290 萬美元的淨收益。此外，根據 2022 年 8 月的遠期股票發行，我們在本季度結算了 260 萬股股票，產生了約 5000 萬美元的淨收益。

As of March 31, 2023, 4.8 million shares or approximately $91 million remained unsettled under the August 2022 forward sale agreement. Regarding our dividend, on April 25, the Board declared a $0.20 regular quarterly cash dividend to be payable on June 15 to shareholders of record as of June 1. Based on this dividend amount, our AFFO payout ratio for the first quarter was 67%.

截至 2023 年 3 月 31 日，根據 2022 年 8 月的遠期銷售協議，仍有 480 萬股（約合 9100 萬美元）未結算。關於我們的股息，4 月 25 日，董事會宣布將於 6 月 15 日向截至 6 月 1 日登記在冊的股東支付 0.20 美元的定期季度現金股息。根據該股息金額，我們第一季度的 AFFO 支付率為 67%。

Turning to 2023 guidance, we are maintaining our AFFO per share range of $1.17 to $1.23. This range assumes investment activity, including acquisitions, completed developments, and mortgage loans receivable net of dispositions of at least $400 million in 2023.

談到 2023 年指導，我們將每股 AFFO 維持在 1.17 美元至 1.23 美元的範圍。該範圍假設投資活動，包括收購、已竣工開發以及 2023 年處置後的應收抵押貸款至少為 4 億美元。

With that, we'll now open the line for questions. Operator?

現在，我們將開放提問熱線。操作員？

We will now begin the question-and-answer session. (Operator) Eric Wolff, Citi.

我們現在開始問答環節。 （操作員）埃里克·沃爾夫，花旗銀行。

Thanks. Good morning. It's actually Nick Joseph here with Eric. I'm wondering if you could walk through your appetite or preference between the loans versus on-balance sheet acquisitions and how you think about underwriting those differently as you look to do deals?

謝謝。早上好。實際上是尼克·約瑟夫和埃里克在一起。我想知道您是否可以介紹一下您對貸款與資產負債表內收購之間的興趣或偏好，以及您在尋求進行交易時如何考慮以不同方式承銷這些收購？

Yes. Look, yes, I mean -- and I think the Speedway loan was maybe a little bit of a one-off as it relates to not only the risk return there, where we really saw what we felt like was an outsized return for the risk that we're taking, kind of stepping in at a 60% LTV position ahead of all the equity and getting a 9.3% interest rate.

是的。聽著，是的，我的意思是——我認為高速公路貸款可能有點一次性，因為它不僅與那裡的風險回報有關，我們確實看到了我們感覺的風險回報過大我們採取的做法是，以 60% 的 LTV 頭寸領先於所有股權，並獲得 9.3% 的利率。

I think that's probably not likely to appear again in the future. So I think -- I would think about it as being maybe a smaller piece of what we're going to be doing in the future. Certainly, a little bit outsized in the first quarter. I think we'll probably be doing somewhere in the neighborhood of 5%, 10% of volume on a go-forward basis. Of course, that can move up and down quarter by quarter.

我想，這樣的情況以後應該不會再出現了。所以我認為——我會認為這可能是我們未來要做的事情的一小部分。當然，第一季度的規模有點過大。我認為，未來我們的銷量可能會達到 5%、10% 左右。當然，這個數字可能會逐季度上下波動。

And I would expect those yields to be a little bit closer to where we're buying properties. Right now, the transaction market is certainly in flux from sellers that this time last year were eager to sell their properties to now, there typically needs to be a reason for them to have to sell their properties or to be okay with the pricing that we're seeing today.

我預計這些收益率會更接近我們購買房產的收益率。目前，交易市場肯定在不斷變化，賣家從去年這個時候就急於出售他們的房產到現在，通常需要有一個理由讓他們不得不出售他們的房產或者接受我們的定價。今天看到了

So this was kind of an avenue of us building relationships with a lot of those future sellers as well as sprinkling in a little bit of really strong risk-adjusted returns. But I think we're a little bit hesitant to make that a huge part of what we do, just as we start to think about, eventually, those loans are going to get paid off and want to minimize any replacement risk down the road.

因此，這是我們與許多未來賣家建立關係並提供一些真正強勁的風險調整回報的途徑。但我認為我們有點猶豫是否要將此作為我們所做工作的重要組成部分，正如我們開始考慮，最終這些貸款將得到還清，並希望將未來的任何替代風險降到最低。

Thanks. That's helpful. And then, just how are you thinking about current, I guess, equity cost of capital but even if you want to do a weighted average basis there versus acquisition cap rates? And are you comfortable with the current investment spread? Or would you need cap rates to expand -- to really do more accretive deals?

謝謝。這很有幫助。然後，我猜你是如何考慮當前的股權資本成本的，但即使你想根據收購上限率進行加權平均？您對當前的投資利差感到滿意嗎？或者你是否需要擴大資本化率——以真正進行更多增值交易？

Yes. Hey, Nick, it's Dan Donlan. Look, first and foremost, I think you should expect us to continue to prudently manage our balance sheet and maintain leverage within our targeted range of 4.5 to 5.5 times. And given where our leverage is today at 4.1, using the impact of the [fort], we can be judicious with how we deploy equity capital as we're highly mindful of investment spreads today relative to our weighted average cost of capital.

是的。嘿，尼克，我是丹·唐蘭。首先，我認為您應該期望我們繼續審慎管理我們的資產負債表，並將槓桿率維持在 4.5 至 5.5 倍的目標範圍內。考慮到我們今天的槓桿率為 4.1，利用[堡壘]的影響，我們可以明智地部署股本資本，因為我們高度關註今天相對於我們加權平均資本成本的投資利差。

That said, when you look at our current cost of equity, you think about the impact of our free cash flow and where we believe we can source debt in excess of five years, we're getting to anywhere from 100 to 130 basis points of investment spread relative to where we can deploy capital today.

也就是說，當你考慮我們當前的股本成本時，你會想到我們自由現金流的影響，如果我們相信我們可以在超過五年內籌集債務，那麼我們的現金流將達到 100 到 130 個基點。相對於我們今天可以部署資本的地方的投資利差。

Thanks. And you're comfortable with that 100 to 130? How does that compare to history?

謝謝。您對 100 到 130 感到滿意嗎？與歷史相比如何？

Yes, I think, historically, that's been a little bit higher when we are certainly -- we were in a much lower interest rate environment. And of course, we want that to be closer to the norm, but we're comfortable deploying capital with that type of spread.

是的，我認為，從歷史上看，當我們確實處於利率低得多的環境中時，這個數字會更高一些。當然，我們希望這更接近常態，但我們很樂意以這種利差來部署資本。

Thank you.

謝謝。

Todd Thomas, KeyBanc Capital Markets.

托德·托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thanks. Food morning. I just wanted to circle back to the loan investments. So you have other loans on the book as well to the extent that additional opportunities arise. Is there a threshold? I think you said 5% to 10% maybe of volume going forward might be sort of the right way to think about it. But is there a threshold for loan investments relative to the balance sheet or portfolio that would govern how large that book might be overall as in the future?

你好謝謝。食物早上。我只想回到貸款投資。因此，只要出現額外的機會，您的賬簿上還有其他貸款。有門檻嗎？我認為你說過 5% 到 10% 的交易量可能是正確的思考方式。但是，相對於資產負債表或投資組合而言，貸款投資是否存在一個門檻，以決定未來該賬簿的總體規模？

Yes. And I think right now, we're in a position -- in a situation where there's heightened opportunities on the loan side, which I don't think is going to necessarily be the case long into the future. So in the short term, I think that's probably a good barometer. We don't want to let our loan book get north of 10%, although they're not all created equally.

是的。我認為現在我們所處的位置是貸款方面機會增加的情況，但我認為在未來很長一段時間內都不一定會出現這種情況。因此，從短期來看，我認為這可能是一個很好的晴雨表。我們不想讓我們的貸款賬簿超過 10%，儘管它們的創建方式並不相同。

So yes, looking back at the loans that we've done in the past, I think those are either going to end up where those will convert into us having fee ownership of those assets, so there wouldn't be any disruption to the income, or we get paid off at rates that are, I think, pretty easy for us to take that capital and redeploy accretively.

所以，是的，回顧我們過去發放的貸款，我認為這些貸款最終要么會轉化為我們擁有這些資產的費用所有權，所以收入不會受到任何干擾，或者我認為，我們的回報率對於我們來說很容易拿走這些資本並進行增值性的重新部署。

And so, those are a little bit less of a risk in my mind as we think about the reinvestment risk. But yes, I think the typical type of loan in the future is likely going to be -- you've got a group that historically had relied on regional banks. It's harder to get LTVs higher, harder to get debt at all for a lot of these types of developers and other types of counterparties.

因此，當我們考慮再投資風險時，我認為這些風險要小一些。但是，是的，我認為未來典型的貸款類型很可能是——你有一個歷史上依賴地區銀行的群體。對於許多此類開發商和其他類型的交易對手來說，提高生命週期價值變得更加困難，獲得債務也變得更加困難。

And so, right now, there's an opportunity for us to kind of step in, provide 100% of capital and own the property, provide 100% of or 90% of the capital or 85% of the capital and collect all of the cash flow for a period of time where we get ROFRs on each of those transactions.

因此，現在我們有機會介入，提供 100% 的資本並擁有財產，提供 100% 或 90% 的資本或 85% 的資本並收集所有現金流在一段時間內，我們會獲得每筆交易的 ROFR。

So there is some nuance to each of these, and we're really trying to balance. We don't want to take on and have 25% of our book be loans that are going to be paid off, and then we can't redeploy that capital accretively. So that's really the way that we're thinking about it. But if you're looking for just a threshold for modeling purposes, I don't think we are going to let it get north of 10%.

因此，每一個因素都存在一些細微差別，我們正在努力平衡。我們不想承擔並讓 25% 的賬簿成為將要償還的貸款，這樣我們就無法增值地重新部署這些資本。這就是我們思考的方式。但如果您只是為了建模目的而尋找閾值，我認為我們不會讓它超過 10%。

Okay, got it. And then in terms of the reinvestment risk there, and I guess, just for modeling purposes in general, do you do plan to provide some additional disclosure around the loan portfolio as that grows in order to detail some of the maturity dates, loan rates, and some other terms that might be important for underwriting purposes?

好，知道了。然後就再投資風險而言，我想，只是出於一般建模目的，您是否計劃隨著貸款組合的增長提供一些額外的披露，以便詳細說明一些到期日、貸款利率、以及其他一些對於承保目的可能很重要的術語？

Yes. I mean, we'll have to evaluate as we start adding loans into the portfolio if we feel like that is helpful to investors to understand the story, certainly something that we would consider. But I think we've added that into some of our disclosure already in this quarter, which I think should give a clear picture as it relates to the credit risk.

是的。我的意思是，當我們開始向投資組合中添加貸款時，我們必須進行評估，如果我們認為這有助於投資者理解這個故事，我們當然會考慮這一點。但我認為我們已經在本季度的一些披露中添加了這一點，我認為這應該給出與信用風險相關的清晰畫面。

And then, as it relates to loan maturities, we've taken maybe a different tact than others as we think about having two-year loans, three-year loans versus 10-year loans, 15-year loans, which we've seen. Some periods take more of the latter approach.

然後，由於涉及貸款期限，當我們考慮兩年期貸款、三年期貸款與十年期貸款、十五年期貸款時，我們可能採取了與其他人不同的策略，我們已經看到了。有些時期更多地採用後一種方法。

We'd like to be able to be back at the negotiating table a little bit sooner and reassess whether we'd like to be paid off or if we want to extend the loan, maybe get some extension fees, and things like that if that's prudent at the time.

我們希望能夠早點回到談判桌，重新評估我們是否希望得到還清，或者我們是否想要延長貸款，也許可以獲得一些延期費用，以及類似的事情，如果這是的話當時很謹慎。

So we'll evaluate. But certainly, I think you can rely on us to provide disclosure to make sure that investors understand how we're deploying capital and what exactly the risks are within the portfolio.

所以我們會評估。但當然，我認為您可以依靠我們提供披露，以確保投資者了解我們如何部署資本以及投資組合中到底存在哪些風險。

Okay. And then, in terms of the guidance, I'm just curious, was that loan or those two loans, almost $50 million at, call it 200, 250 basis point premium yield to your acquisition yields. Was that contemplated in the guidance? And just as it pertains to the guidance then that you -- which you maintained, is there anything offsetting some of that premium investment yield that is impacting the guide on the other side?

好的。然後，就指導而言，我只是很好奇，那筆貸款或那兩筆貸款，幾乎 5000 萬美元，稱之為收購收益率的 200、250 個基點溢價收益率。指南中是否考慮到了這一點？正如它與您所維護的指導有關一樣，是否有任何因素可以抵消影響另一方指導的部分溢價投資收益？

Hey, it's Dan Donlan. Look, yes, this -- the loan was contemplated in guidance. And look, given that we only set guidance two months ago and there's a lot of volatility out there in the world right now, we just thought it prudent to wait a few months before revisiting our guidance range.

嘿，我是丹·唐蘭。看，是的，這個——貸款是在指導中考慮的。看，考慮到我們兩個月前才制定了指導方針，而且現在世界上存在很大的波動，我們認為謹慎的做法是等待幾個月再重新審視我們的指導範圍。

Okay, great. All right. Thank you.

好的，太好了。好的。謝謝。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，豐業銀行。

Hey, good morning. I'm thinking about the opportunity set for normal-course acquisitions, where we had the Speedway loan that helped offset lower acquisition volumes in Q1. What are you seeing in the transaction market that's giving you confidence to maintain net investment volume guidance and when thinking about that 5% to 10% range on the secured mortgage loan investment going forward?

嗨，早上好。我正在考慮正常收購的機會，我們擁有 Speedway 貸款，有助於抵消第一季度收購量的下降。當您考慮未來擔保抵押貸款投資的 5% 至 10% 範圍時，您在交易市場中看到了什麼讓您有信心維持淨投資量指導？

Yes, sure. So yes, I mean, I think we've seen a continued migration from late last year of sellers that did not want to sell, were having trouble believing that cap rates had moved as much as they had, even though obviously interest rates have moved. And now, they've seen enough comps out there where they've got some debt coming due or various other reasons why they're coming to the table.

是的，當然。所以，是的，我的意思是，我認為我們已經看到去年年底以來不想出售的賣家持續遷移，他們很難相信資本化率已經發生瞭如此大的變化，儘管利率顯然已經發生了變化。現在，他們已經看到了足夠多的補償，其中有一些債務即將到期，或者有各種其他原因讓他們來到談判桌前。

We're seeing that bucket that we talked about on the last call of people really trying to hold the line as much as they can, and then the second bucket of either sellers that need to sell or the ones that say, okay, I need to transact. I don't foresee cap rates dropping like a rock anytime soon.

我們看到我們在最後一次電話會議上談到的那一類人，他們真的試圖盡可能地堅持到底，然後是第二類賣家，要么是需要出售的賣家，要么是那些說，好吧，我需要的賣家。進行交易。我預計上限利率不會很快大幅下降。

And so, that second bucket continues to grow, and we've seen the opportunities increase. And we've just had to be extraordinarily selective as it -- certainly, as it relates to the loans because I think that opportunity is certainly there for us, but we're seeing a lot more opportunities on the fee simple side than we had earlier in the year.

因此，第二個桶繼續增長，我們看到機會在增加。我們必須非常有選擇性——當然，因為它與貸款有關，因為我認為我們肯定有機會，但我們在費用簡單方面看到了比我們以前更多的機會今年早些時候。

Great, thanks. And looking at the development pipeline, it looks like you haven't had added any projects there, I think, in a couple of quarters. Can you give us some sense of how you're viewing developments today or partnering with merchant builders, what that opportunity might look like as compared to other uses of capital?

十分感謝。從開發渠道來看，我認為在幾個季度內您似乎還沒有添加任何項目。您能否告訴我們您如何看待當今的發展或與商業建築商的合作，與其他資本用途相比，這種機會可能是什麼樣子？

Yes. So we saw certainly some stress coming to merchant developers for quite some time. We've acquired some properties from them when they were when they were willing to come to cap rates that we thought made sense.

是的。因此，在相當長的一段時間內，我們確實看到商業開發商面臨著一些壓力。當他們願意設定我們認為合理的上限時，我們從他們那裡收購了一些房產。

But when you think about the ones that are going out, developing a lot of stores for some of the tenants that we're trying to grow with and has historically relied on regional banks and selling the properties into the into the 1031 market, which historically has been much more aggressive on a cap rate basis than the institutions are willing to go, that pressure has continued to build.

但是，當你想到那些正在走出去的商店時，我們正在為一些租戶開發大量商店，我們試圖與這些租戶一起成長，並且歷史上一直依賴區域銀行，並將房產出售給 1031 市場，這在歷史上是在上限利率的基礎上，利率比機構願意採取的措施要激進得多，這種壓力仍在持續增加。

And we made the decision that there are other ways to partner with the developers than just funding development. And so, we've been working on a number of transactions, either providing equity takeouts at the end or buying some of their properties. A couple of those will likely be some of the loans that we do.

我們決定，除了資助開發之外，還有其他方式與開發商合作。因此，我們一直在進行一些交易，要么在最後提供股權收購，要么購買他們的一些房產。其中一些可能是我們提供的一些貸款。

And I think, in the next quarter, we'll likely be providing a little bit more disclosure on some of those transactions after they come to fruition. But I think they should be viewed pretty favorably by the market as I think we've gotten pretty creative like we have in the past and should yield pretty positive results.

我認為，在下個季度，我們可能會在其中一些交易實現後提供更多披露。但我認為市場應該非常看好它們，因為我認為我們已經像過去一樣變得非常有創意，並且應該會產生非常積極的結果。

Thanks, Mark. And just to clarify on that, so we should probably expect to see the development pipeline come down as other investments offset that capital use?

謝謝，馬克。只是為了澄清這一點，所以我們可能應該期望看到開發管道隨著其他投資抵消資本使用而下降？

Not necessarily. So a lot of our counterparties right now are developers, and that's just going to be how we end up structuring those investments, whether they are typical equity takeouts funding the development, some loans that could potentially convert into fee ownership, just regular loans, or just equity takeouts at the end of construction.

不必要。因此，我們現在的很多交易對手都是開發商，這就是我們最終構建這些投資的方式，無論它們是為開發提供資金的典型股權收購，一些可能轉化為費用所有權的貸款，只是定期貸款，還是只是在建設結束時進行股權收購。

There's a number of types of transactions that we're working on right now, some of which have closed already, but some of which are still in the pipeline and being negotiated.

我們目前正在處理多種類型的交易，其中一些已經結束，但其中一些仍在醞釀和談判中。

All right. And thank you very much. I appreciate the time.

好的。非常感謝你。我很感激時間。

Thanks.

謝謝。

Thank you.

謝謝。

Josh Dennerlein, Bank of America.

喬什·丹納林，美國銀行。

Hi, this is Farrell Granath for Josh Dennerlein. And so, I just wanted to about as you've been increasing your investment-grade tenant base, what is the competition for these assets been looking like?

大家好，我是喬什·丹納林的法雷爾·格拉納特。因此，我只是想知道，隨著您不斷增加投資級租戶基礎，這些資產的競爭情況如何？

Yes, sure. So I mean, I'd say, overall, the competition is very much muted versus what we've seen in the past. I mean, the leveraged buyer, whether that be private equity firms or even some larger family offices that have relied on using debt capital, is a big part of their capital stack. They're largely out of the market.

是的，當然。所以我的意思是，總的來說，與我們過去所看到的相比，競爭非常平靜。我的意思是，槓桿買家，無論是私募股權公司，還是一些依賴債務資本的大型家族辦公室，都是其資本的重要組成部分。他們基本上已經退出市場了。

It's become very difficult for 1031 buyers to achieve the yields that they need when they go out and try to source some of these transactions and then go to their community bank and try to get some debt. So we've really not only seen the opportunity set pick up, and I think transaction volume pick up industry wide in the second quarter versus the fourth quarter and first quarter. But we're operating in an environment with significantly less competition.

對於 1031 買家來說，當他們出去嘗試尋找其中一些交易，然後去社區銀行嘗試獲得一些債務時，他們很難獲得所需的收益。因此，我們確實不僅看到了機會的增加，而且我認為與第四季度和第一季度相比，第二季度整個行業的交易量有所增加。但我們的運營環境競爭明顯較少。

Great. Thank you.

偉大的。謝謝。

Alec Feygin, Baird.

亞歷克·費金，貝爾德。

Hey, guys. And welcome to the team, Dan. I have a question if you can provide some more color on the external growth opportunities and maybe any more detail about what's in the pipeline and stuff that you're seeing?

大家好。歡迎加入我們的團隊，丹。我有一個問題，您是否可以提供有關外部增長機會的更多信息，以及有關正在開發的內容和您所看到的內容的更多詳細信息？

Yes. I mean, I think what you'll see us acquire a lot of the tenants will be similar. I think there will be a couple of new names that we've tried to get on our portfolio for a long period of time. That may come in some smaller portfolios. So we're certainly excited about the credit quality of what you'll see us buy a little bit in the grocery sector.

是的。我的意思是，我認為你會看到我們獲得的很多租戶都是類似的。我認為我們長期以來一直試圖將一些新名字納入我們的投資組合中。這可能會出現在一些較小的投資組合中。因此，我們當然對您將看到我們在雜貨行業購買的一些產品的信用質量感到興奮。

Some of the discounters and dollar-store area and quick-service restaurants is another area that we've seen a little bit more opportunity than we had in the past at cap rates that makes sense for us. Typically, that's the ones that we really have tried to do business with.

一些折扣店、一元店區域和快餐店是另一個領域，我們看到了比過去更多的機會，上限利率對我們來說是有意義的。通常，這些是我們真正嘗試與之開展業務的人。

The cap rates historically have been a little bit too aggressive for us, but we've seen some movement there. So I think you'll see -- it likely won't deviate much from where we've been in the past other than a few new names.

從歷史上看，上限利率對我們來說有點過於激進，但我們已經看到了一些變化。所以我想你會看到——除了一些新名字之外，它可能不會與我們過去的情況有太大偏差。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Hi, good morning. From a valuation perspective, what kind of multiple would you assign to the loans versus the rest of your portfolio?

早上好。從估值的角度來看，相對於投資組合的其他部分，您會為貸款分配什麼樣的倍數？

Yes, it's a certainly a smaller portion of the portfolio. And yes, a lot of it is certainly what I think we'll be doing in the future. It will be at pretty similar cap rates. I don't think there necessarily needs to be too much of a differentiation there.

是的，這肯定只是投資組合中較小的一部分。是的，我認為我們將來肯定會做很多事情。上限利率將非常相似。我認為不一定需要有太多的差異化。

Thank you.

謝謝。

(Operator Instructions) Ki Bin Kim, Truist.

（操作員指令）Ki Bin Kim，真理主義者。

Thanks. Good morning. I just want to go back to the loans that you made this quarter. What does the interest coverage look like from Speedway?

謝謝。早上好。我只想回顧一下你們本季度發放的貸款。 Speedway 的利息保障範圍如何？

Yes. So we're essentially taking all of the rent in that 9.3%. So the cap rate on the transaction, from the buyer's perspective, it was about a 5.6%, 5.7% cap rate, and then we collect all of the cash flow. I think what's interesting for the borrower and the reason why this was an interesting opportunity for them is that they have uncapped CPI bumps, which should be hitting in about 2.5 years.

是的。所以我們基本上收取了這 9.3% 的所有租金。所以交易的上限利率，從買方的角度來看，大約是5.6%、5.7%的上限利率，然後我們收集所有的現金流。我認為對借款人來說有趣的是，這對他們來說是一個有趣的機會，因為他們的 CPI 上漲沒有上限，應該會在大約 2.5 年內達到。

And so, when those increases hit, that could be a good opportunity for them to either refinance us out, or we could extend terms depending on what we want to do at that point in time. But certainly, there will be a lot of value creation associated with those properties when those CPI bumps hit.

因此，當這些增加發生時，這可能是他們為我們再融資的好機會，或者我們可以根據我們當時想要做什麼來延長條款。但可以肯定的是，當消費物價指數 (CPI) 上漲時，這些房產將會創造大量價值。

And the borrower is a large 7-Eleven developer. So they've got a really strong relationship directly with the tenant, which is how they were introduced to this opportunity and have really good insight as to the performance of the location, so a really strong portfolio. We would certainly like to own them, but just not at the cap rate that the borrower was paying

而藉款人是一家大型7-11開發商。因此，他們與租戶直接建立了非常牢固的關係，這就是他們如何獲得這個機會的原因，並且對該地點的表現有非常好的洞察力，因此他們的投資組合非常強大。我們當然想擁有它們，但不是按照借款人支付的上限利率

And just to clarify, I was asking about the four-wall coverage for the entire interest payment. What does that look like?

為了澄清一下，我問的是整個利息支付的四牆保險。那看起來像什麼？

Yes, so they -- it's north of three times.

是的，所以他們——這是三倍以上。

Okay. And can you remind us like what type of tenants make up the sub-investment grade profile group within your portfolio, and if any of those tenants are seeing any kind of incremental pressure from the banking changes that we've seen?

好的。您能否提醒我們，您的投資組合中的次級投資級別配置文件組由哪些類型的租戶組成，以及這些租戶中是否有任何租戶因我們所看到的銀行業變化而面臨任何增量壓力？

Yes. So I mean -- and a lot of that's going to be quick-service restaurants in -- that was a big part of what we did to the portfolio before we went out and tried to raise capital, both privately and publicly. Going back to 2019, it's getting all of the -- all the tenants and locations out of the portfolio that we did not want to own long term.

是的。所以我的意思是——其中很多將是快餐店——這是我們在嘗試私下和公開籌集資金之前對投資組合所做的很大一部分。回到 2019 年，我們將所有不想長期擁有的租戶和地點從投資組合中剔除。

And so, what we're left with is, in general, a lot of quick-service restaurants and a lot of locations that had -- that generate the extraordinarily high rent coverages, I think higher than what you'd see from maybe some of the sub-investment grade peers with what we're left with in those in those -- in that portfolio and locations that we feel like the best risk-adjusted return for us was to hang onto those properties.

因此，總的來說，我們剩下的是很多快餐店和很多場所，它們產生了非常高的租金覆蓋率，我認為比你從某些地方看到的要高。次投資級別的同行與我們剩下的那些——在我們認為對我們來說最好的風險調整回報是持有這些房產的投資組合和地點。

And thank you. And congrats, Dan.

謝謝你。恭喜，丹。

Thank you, Ki Bin.

謝謝你，基彬。

At this time, there are no further questioners in the queue. And this does conclude our question-and-answer session. I would now like to turn the conference back over to Mark Manheimer for any closing remarks.

此時，隊列中已經沒有其他提問者了。我們的問答環節到此結束。現在我想將會議轉回馬克·曼海默（Mark Manheimer）發表閉幕詞。

Thank you all for joining us today. We look forward to speaking with you all again very soon.

感謝大家今天加入我們。我們期待很快再次與大家交談。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接了。