Netstreit Corp (NTST) 2023 Q4 法說會逐字稿

Greetings, and welcome to the Net street Fourth Quarter 2023 earnings conference call. At this time, all participants are in a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Amy on Investor Relations. Thank you.

您好，歡迎參加網街 2023 年第四季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。如果有人在會議期間需要接線員協助，請按下電話鍵盤上的星號零。提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人投資者關係部門的艾米。謝謝。

You may begin.

你可以開始了。

We thank you for joining us for net streets Fourth Quarter 2023 earnings conference call.

我們感謝您參加 Net Street 2023 年第四季財報電話會議。

In addition to the press release distributed yesterday, after market close, 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 w. w. w. dot net. Street.com.

除了昨天發布的新聞稿外，在收盤後，我們還發布了補充資料包和更新的投資者演示文稿，兩者均可在公司網站 w 的投資者關係部分找到。 w。 w。點網。Street.com。

On today's call.

在今天的電話會議上。

Management's remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995.

管理階層的言論和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。

Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

前瞻性陳述涉及可能存在風險和不確定性的事項，這些風險和不確定性可能導致實際結果與今天討論的結果不同。

For more information about these risk factors.

有關這些風險因素的更多資​​訊。

We encourage you to review our four on 10 K for the year ended December 31st, 2022, and our other SEC filings.

我們鼓勵您查看我們在 10 K 上發布的截至 2022 年 12 月 31 日的四份文件以及我們向 SEC 提交的其他文件。

All forward-looking statements are made as of the date hereof, and that's Street assumes no obligation to update any forward-looking statements in the future.

所有前瞻性陳述均截至本新聞稿發布之日作出，Street 不承擔將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.

此外，本次電話會議中提供的某些財務資訊包括非公認會計準則財務指標。

Please refer to our earnings release and supplemental package for definitions of our non-GAAP measures.

請參閱我們的收益發布和補充資料，以了解我們的非公認會計原則措施的定義。

Reconciliations to the most comparable GAAP measure and an explanation of why we believe such non-GAAP financial measures are useful to investors.

與最具可比性的 GAAP 衡量標準的對賬，並解釋為什麼我們認為此類非 GAAP 財務衡量標準對投資者有用。

Textron's Chief Executive Officer, Mark Mannheimer and Chief Financial Officer, Dan Dan, on the prepared remarks, and then we'll open the call for your questions.

德事隆執行長馬克曼海默 (Mark Mannheimer) 和財務長丹丹 (Dan Dan) 發表準備好的講話，然後我們將開始電話提問。

Now I'll turn the call over to Mark.

現在我將把電話轉給馬克。

Mark.

標記。

Good afternoon, everyone, and welcome to our fourth-quarter and year-end 2023 earnings conference call.

大家下午好，歡迎參加我們的第四季和 2023 年底財報電話會議。

First, I want to highlight our recently completed forward equity offering, which raised 191 million of net proceeds.

首先，我想強調我們最近完成的遠期股票發行，籌集了 1.91 億美元的淨收益。

Given how volatile the capital markets have been since the Fed began their rate hike campaign in early 2022, we thought it was best to take advantage of the support of issuance window.

考慮到自 2022 年初聯準會開始升息以來資本市場的波動性，我們認為最好利用發行窗口的支持。

This January.

今年一月。

As it stands today, we have all of the equity capital that we need to execute our 2020 for growth plans while still ending the year around the low end of our targeted leverage range of 4.5 times to 5.5 times.

就目前情況而言，我們擁有執行 2020 年增長計劃所需的所有股本，同時年底時仍處於 4.5 倍至 5.5 倍目標槓桿範圍的低端附近。

Additionally, this well-timed capital raise, which was done on a 100% port basis, allows us to remain opportunistic and thoughtful and today's increasingly attractive investment environment.

此外，這次在 100% 港口基礎上進行的適時融資，使我們能夠保持機會主義和深思熟慮，並在當今日益有吸引力的投資環境中保持活力。

Next, I want to thank the necessary team for their efforts in executing our investment strategy in 2023, which required investment fresh professionals to be nimble and creative in the face of volatility, inflation and rising interest rates.

接下來，我要感謝必要的團隊為執行我們2023年的投資策略所做的努力，這要求投資新專業人士在面對波動、通貨膨脹和利率上升時保持靈活和創造性。

Despite the transaction market experiencing a roughly 70% decline in volumes versus previous years, we managed to acquire high-quality net lease assets at favorable pricing throughout the year.

儘管交易市場交易量較往年下降約70%，但我們全年仍以優惠的價格收購了優質的淨租賃資產。

With that in mind, cap rates move sequentially higher again in the fourth quarter as evidenced by the 7.2% initial cash yield on $119.1 million of investments, which brought our 2023.

考慮到這一點，資本化率在第四季度再次連續走高，1.191 億美元投資的初始現金收益率為 7.2%，這為我們帶來了 2023 年的回報。

These investment activities to $480.5 million, with nearly all of our fourth quarter investments being leased to investment-grade tenants are investment-grade tenancy has now reached 70.5%, which is a record high for the Company.

這些投資活動達到4.805億美元，我們第四季幾乎所有的投資都出租給投資等級租戶，投資等級租戶目前已達到70.5%，這是公司的歷史新高。

Since our last call, we have seen no shortage of investment investment opportunities, specifically within the Dollar Store and grocery sectors.

自從上次電話會議以來，我們看到了不乏投資機會，特別是在一元商店和雜貨業。

Our relationships with tenants and developers, which includes a focus on solving problems for all parties, including U.S., has allowed us to negotiate many win-win outcomes that were not previously available to us due to prior strength of the transaction market.

我們與租戶和開發商的關係，包括專注於為包括美國在內的各方解決問題，使我們能夠談判許多雙贏的結果，而這些結果是我們以前由於交易市場的先前實力而無法獲得的。

As such, we have deliberately pushed our investment volume with certain tenants to higher levels in order to achieve longer lease terms and better rent escalations will set tenants at the same time, please.

因此，我們特意將某些租戶的投資金額提高到了更高的水平，以實現更長的租賃期限，同時更好的租金上漲也將吸引租戶。

These same tenants where the leases are flatter and shorten duration.

這些租戶的租約更加平坦，期限也更短。

Due to the credit of these tenants and fungible nature of the real estate, we have recycled these assets at a positive spread to our recent purchase prices, which we expect to continue.

由於這些租戶的信用和房地產的可替代性，我們以相對於最近購買價格的正利差回收了這些資產，我們預計這種情況將繼續下去。

Furthermore, given our various investment sourcing channels and the opportunities we see with other tenants who do not expect to see these concentrations to rise much higher than they are today.

此外，考慮到我們的各種投資採購管道以及我們與其他租戶看到的機會，他們預計這些集中度不會比現在高得多。

As a testament to our disciplined underwriting and focus on high-quality real estate, we have identified and acquired multiple Winn-Dixie locations over the past few years that we believe were high performing locations with underappreciated intrinsic real estate value.

為了證明我們嚴格的核保和對高品質房地產的關注，我們在過去幾年中確定並收購了多個溫迪克西地點，我們認為這些地點是表現出色的地點，但內在房地產價值卻被低估。

Last year, it was announced to Aldi will acquire the brain and which is a substantial credit upgrade for us.

去年，阿爾迪宣布將收購大腦，這對我們來說是一次重大的信用升級。

We have already been in contact with all these was expressed interest in converting stores to the LD brand.

我們已經與所有這些人進行了接觸，他們都表示有興趣將商店轉換為 LD 品牌。

Since inception, we have actively called the portfolio to avoid avoid potential risk.

自成立以來，我們積極調整投資組合，避免潛在風險。

This is evidenced by our declining Big Lots exposure, which is now down to eight properties or 1.5% of ABR.

我們的 Big Lot 風險敞口不斷下降就證明了這一點，目前該風險已降至 8 處房產，佔 ABR 的 1.5%。

Our initial focus has been to sell assets that generated the lowest foot traffic within our portfolio.

我們最初的重點是出售我們投資組合中客流量最低的資產。

These assets garnered interest from real estate investors due to their look below market rents and strong real estate fundamentals, which bodes well for our remaining exposure.

這些資產因其低於市場租金的價格和強勁的房地產基本面而吸引了房地產投資者的興趣，這對我們剩餘的投資來說是個好兆頭。

While we are comfortable with the assets we still own, we will still continue to look for opportunities to do to decrease our exposure.

雖然我們對我們仍然擁有的資產感到滿意，但我們仍將繼續尋找機會來減少我們的風險敞口。

Turning to the portfolio, we have 598 investment.

談到投資組合，我們有 598 筆投資。

I'm pleased to 85 tenants that operate within 26 retail industries.

我對 26 個零售業的 85 個租戶感到很高興。

The gross 45 states.

總共45個州。

Our ADR grew 33% to $131.9 million at 2023 year end from 99.2 million the previous year.

截至 2023 年底，我們的 ADR 成長了 33%，從上一年的 9,920 萬美元增至 1.319 億美元。

84.6% of our portfolio.

占我們投資組合的 84.6%。

Abr is leased to tenants with an investment grade rating for investment grade profile, and nearly 88% of our ABR is derived from tenants and defensive retail sectors.

ABR 租賃給具有投資等級概況的投資等級租戶，我們近 88% 的 ABR 來自租戶和防禦性零售業。

Our occupancy remains at 100% and our weighted average remaining lease term to 9.5 years.

我們的入住率維持在 100%，加權平均剩餘租賃期為 9.5 年。

Our proactive approach to lease expirations leaves us with an enviable lease expiration schedule with only $84,000 of rent expiring in 2024 and 2% of total ABR expiring through 2025.

我們對租賃到期採取積極主動的做法，為我們提供了令人羨慕的租賃到期時間表，其中只有84,000 美元的租金將於2024 年到期，佔ABR 總額的2% 將在2025 年到期。

We believe our high credit quality and minimal lease expiration risk adds stability to our underlying cash flow, which will be providing a consistent and growing earnings stream to investors.

我們相信，我們的高信用品質和最小的租賃到期風險增加了我們基礎現金流的穩定性，這將為投資者提供持續且不斷增長的收益流。

With that, I'll turn the call over to Dan to discuss our fourth-quarter financial results and subsequent capital raising activities.

接下來，我將把電話轉給丹，討論我們第四季的財務表現和後續的融資活動。

Thank you, Mark, and thank you, everyone, for joining our call today.

謝謝馬克，也謝謝大家今天加入我們的電話會議。

Turning to our fourth-quarter earnings, we reported net income of $2 million, or $0.03 per diluted share in tune in for $0.3 per diluted share, and AFFO was $21.6 million or $0.31 per diluted share, which represented 7% year-over-year growth.

談到我們第四季度的收益，我們報告淨利潤為200 萬美元，或稀釋後每股0.03 美元，調整為每股稀釋後0.3 美元，AFFO 為2160 萬美元，或稀釋後每股0.31 美元，同比增長7%生長。

For the full year, we reported net income of $0.11 per diluted share, core FFO of $1.19 per diluted share and AFFO of $1.22 per diluted share, which represented 5% growth year over year in 2023.

全年，我們報告攤薄後每股淨利潤為 0.11 美元，攤薄後每股核心 FFO 為 1.19 美元，攤薄後每股 AFFO 為 1.22 美元，2023 年同比增長 5%。

Total G&A expense, excluding one-time items, was 4.8 million for the quarter, which was down 5.5% sequentially.

本季總管理及行政費用（不包括一次性項目）為 480 萬美元，較上一季下降 5.5%。

In addition, total G&A for the quarter represented 13% of total revenues prior year quarter event for rapid fashion as a company has reached proper scale to effectively operate our business on a go-forward basis.

此外，本季的總管理費用佔快時尚產業上第一季總收入的 13%，因為公司已經達到了適當的規模，可以在未來的基礎上有效地經營我們的業務。

Moving onto the balance sheet $0.4 million at quarter end and our weighted average interest rate was 4.3%.

季末資產負債表上有 40 萬美元，我們的加權平均利率為 4.3%。

In addition, when including the impact of extension options which are sold at our discretion, I have no debt maturing until January of 2027.

此外，當考慮到我們自行決定出售的延期選擇權的影響時，我在 2027 年 1 月之前沒有到期債務。

In terms of future debt issuance.

在未來發債方面。

Please note that in early March, we plan to draw the remaining 100 million of our 2029 term loan, which has been swapped to fixed 5.13% interest rate.

請注意，3月初，我們計劃提取2029年定期貸款中剩餘的1億，該貸款已轉換為固定利率5.13%。

We do not anticipate rate as our 400 full capacity fill our 2020 for decades.

我們預計 2020 年我們的 400 輛滿載產能不會達到數十年。

With regard to the fourth quarter, capital markets activities raise 76.7 million of equity through our ATM program.

第四季度，資本市場活動透過我們的 ATM 計畫籌集了 7,670 萬股權益。

In terms of forward agreements, we had 98.6 million of unsettled forward equity at 2023 year end.

就遠期協議而言，截至 2023 年底，我們有 9,860 萬未結算的遠距權益。

As Mark mentioned earlier, subsequent to year end, we raised just over 11 million shares of common stock in January of this year, which resulted in $190.8 million of net proceeds to the Company.

正如馬克之前提到的，年底後，我們在今年 1 月籌集了超過 1,100 萬股普通股，這為該公司帶來了 1.908 億美元的淨收益。

The offer was completed on 100% for basis, and we haven't sort of January ninth, 2025 to settle all shares under the forward sale agreement.

該要約已 100% 完成，我們尚未在 2025 年 1 月 9 日之前結算遠期銷售協議下的所有股份。

With that in mind, we now have the necessary equity capital to fund our 2020 for external growth objectives without the need for any additional equity issuance.

考慮到這一點，我們現在擁有必要的股本，可以為 2020 年的外部成長目標提供資金，而無需發行任何額外的股票。

At quarter end, our liquidity was $548.4 million for us because the price of EUR29.999 forward equity and 100 million of remaining available principal on our 2029 terminal, including the net proceeds from Waha from our January follow on offering, our pro forma liquidity at year end was 739,100,000.0.

截至季末，我們的流動性為5.484 億美元，因為我們2029 年終端的遠期股本價格為29.999 歐元，剩餘可用本金為1 億，包括我們1 月份後續發行的Waha 淨收益，我們的預計流動性為年底為 739,100,000.0。

From a leverage perspective, our adjusted net debt to annualized adjusted EBITDA three was 4.1 times at quarter end, which compares favorably to our targeted range of 4.5 to 5.5 times.

從槓桿角度來看，季度末我們調整後的淨債務與年化調整後 EBITDA 比率為 4.1 倍，這比我們 4.5 至 5.5 倍的目標範圍要好。

Furthermore, when including the net proceeds from our foreign offering, this January, our quarterly pro forma leverage declined to 2.5 times.

此外，如果包括我們的海外發行淨收益，今年 1 月，我們的季度備考槓桿率降至 2.5 倍。

Moving on to guidance, we are reaffirming our 2020 for AFFO per share guidance range of $1.24 to $1.28, and we continue to expect cash G&A to range between 13.5 and 14.5 million, which is exclusive of transaction costs and one-time severance payments.

轉向指導，我們重申 2020 年 AFFO 每股指導範圍為 1.24 美元至 1.28 美元，我們繼續預計現金 G&A 範圍為 13.5 至 1450 萬美元，其中不包括交易成本和一次性遣散費。

Lastly, on February 13th, the Board declared a quarterly cash dividend will be payable on March 28th to shareholders of record as of March 15th, the dividend amount or a fuller picture pit area.

最後，2月13日，董事會宣布將於3月28日向截至3月15日登記在冊的股東支付季度現金股息，股息金額或更全面的坑區。

Ffo payout ratio for the fourth quarter was 66%.

第四季Ffo派息率為66%。

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

接線員，現在我們將開通提問熱線。

Thank you.

謝謝。

We will now be conducting a question and answer session.

我們現在將進行問答環節。

If you would like to ask a question, please press star one on your telephone keypad.

如果您想提問，請按電話鍵盤上的星號一。

A confirmation tone will indicate your line from the question queue, you may press star two.

確認音將指示您來自問題佇列的線路，您可以按星號二。

If you would like to remove your question from the queue For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.

如果您想從佇列中刪除您的問題 對於使用揚聲器裝置的參與者，可能需要在按星號鍵之前拿起聽筒。

one moment, please.

稍等一會兒。

While we poll for questions.

當我們投票詢問問題時。

Thank you.

謝謝。

Our first question comes from the line of Haendel St. Juste with Mizuho.

我們的第一個問題來自Haendel St. Juste 和Mizuho 的線路。

Please proceed with your question.

請繼續你的問題。

Hey, good afternoon.

嘿，下午好。

Good morning to you guys.

各位早安。

I guess I'm curious on what the messaging here on acquisitions and capital deployment.

我想我很好奇這裡關於收購和資本部署的資訊是什麼。

On the one hand, as you point out, you have black and liquidity following the recent equity raise.

一方面，正如您所指出的，在最近的股權融資之後，您擁有了黑色和流動性。

But on the other hand, the cost of debt from Kathy, there's a bid-ask spread out there and of your peers seem to be taking more reserved approach to capital deployment.

但另一方面，凱西的債務成本存在買賣差價，而您的同行似乎在資本配置方面採取了更保守的方法。

So I'm curious, what's what's your or maybe the messaging or perhaps what sort of pace of capital deployment could be expecting over the near term?

所以我很好奇，你的意思是什麼，或可能傳達的訊息是什麼，或是短期內預期的資本部署速度是怎麼樣的？

Sure.

當然。

So I mean, I would expect overall, at least for the first quarter, that's really all we've got visibility into.

所以我的意思是，我預計總體而言，至少在第一季度，這確實是我們所了解的全部。

We closed this 430 million or so met last year.

去年我們完成了約 4.3 億人次的會議。

And I would assume a somewhat similar pace for the first quarter of things are pretty choppy out there.

我認為第一季的情況有些類似，但情況相當不穩定。

We're seeing some movement in pricing cap rates and want to make sure that we're going to maximize the proceeds strength from our equity raise earlier this year.

我們看到定價上限發生了一些變化，並希望確保我們能夠最大限度地發揮今年早些時候股權融資的收益優勢。

Okay, fair.

好吧，公平。

And you also mentioned the focus on selling flatter lease assets reflecting the positive spread.

您也提到了重點出售反映正利差的扁平租賃資產。

I guess I'm curious how much opportunity there what type of spreads can you generate?

我想我很好奇你能產生多少機會，什麼類型的價差？

And just to be clear, this is investment grade neutral or resell the investment grade in backfilling with non-rig non investment grade.

需要明確的是，這是投資等級中立或轉售非鑽機非投資等級回填中的投資等級。

Thanks.

謝謝。

Yes, sure.

是的，當然。

So I mean a lot of it's related with the with the same tenants.

所以我的意思是很多都跟相同的租戶有關。

So, you know, we've seen some opportunities where some tenants have moved to a longer lease terms with better escalations.

所以，你知道，我們看到了一些機會，一些租戶已經轉向更長的租賃期限並更好地升級。

And so where we've been able to take advantage of some good assets for the cell flatter leases with but less lease term and then turn around and use that capital to buy longer lease term assets with better escalations.

因此，我們能夠利用一些優質資產進行單位租賃，但租賃期限較短，然後轉身使用該資本購買具有更好升級的較長租賃期限資產。

You've seen kind of a little bit of a move from with our concentration with with Dollar General, that particular tenant, we've really moved the escalations from what was essentially flat before or two, about seven-tenths of one of 1% to 70 basis points of escalations and went from about eight years, the lease term to over 12 years.

你已經看到了我們對 Dollar General（那個特定租戶）的關注發生了一些變化，我們確實已經從之前基本持平的情況轉向了升級，大約是 1% 的十分之七升級至70 個基點，租賃期限約8 年延長至超過12 年。

So some pretty substantial moves there.

因此，那裡有一些相當重大的舉措。

And then as it relates to that particular tenant is obviously the concentration has moved up.

然後，由於與該特定租戶相關，顯然集中度已上升。

We're going to have tried to get that, that tenant in that portfolio of those assets and as good a shape as we can.

我們將盡力讓這些資產的投資組合中的租戶獲得盡可能好的狀態。

And then I think you can start to see that concentration migrate downward.

然後我認為你可以開始看到濃度向下遷移。

Wonderful.

精彩的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Ki Bin Kim with Truist.

我們的下一個問題來自 Ki Bin Kim 與 Truist 的對話。

Please proceed with your question.

請繼續你的問題。

Thank you.

謝謝。

I was wondering how much credit losses embedded in your guidance.

我想知道您的指導中包含了多少信用損失。

Yes.

是的。

And a key benefit is some ranges, obviously from the from alluded to the high end, but you should expect a fairly de minimus amount it at the at the high end of guidance in a fairly material amount at the low end, certainly north of 100 basis points on the low end.

一個關鍵的好處是有一些範圍，顯然是從提到的到高端，但你應該期望在指導的高端有相當小的數量，在低端有相當大的數量，肯定在 100 以上低端基點。

Okay.

好的。

And I was wondering if you can remind us of how you're thinking about your Walgreens exposure and any kind of tail risks that might be within that tenant.

我想知道您是否可以提醒我們您如何看待沃爾格林的風險以及該租戶可能存在的任何尾部風險。

And I mean, certainly, you know, Walgreens and pharmacies in general have been topical.

我的意思是，當然，你知道，沃爾格林和藥房總體上一直是熱門話題。

Yes, there's been some some pressure on the consumer that's kind of hit their front end sales a little bit.

是的，消費者面臨一些壓力，這對他們的前端銷售造成了一些影響。

But that's really not no new news that the front ends always kind of been an area that that Walgreens and CVS have had travel them.

但這確實不是什麼新鮮事，前端一直是 Walgreens 和 CVS 一直涉足的領域。

But yes, look, I mean that they're they're split rated right now.

但是，是的，我的意思是，他們現在的評級是不同的。

They're installed the fixed charge coverage ratio of north of two times in out.

他們安裝了兩倍進出北的固定收費覆蓋率。

So we don't really see any near-term risks associated with the yes, with credit.

因此，我們確實沒有看到任何與信貸相關的短期風險。

And we don't have any leases with them coming due until August of 2028.

我們沒有任何在 2028 年 8 月之前到期的租約。

So yes.

所以是的。

And then just a little bit around how we select asked, why or any, Adam, we're talking to corporate and getting an understanding of how they think about the location, whether it's a good idea that trying to hone that location long term.

然後，關於我們如何選擇的問題，亞當，我們正在與公司交談並了解他們如何看待該位置，嘗試長期磨練該位置是否是一個好主意。

And then consistently, we went out and met with them last year and went through a portfolio review.

然後，我們去年一直出去與他們會面，並進行了投資組合審查。

And they indicated there was there were one or two locations that, you know that were not performing as well worn on a closure list, but they weren't performing well and we elected to sell those assets and kind of in the mid-6 cap rate range.

他們表示，有一兩個地點的表現不如關閉名單上的那麼好，但他們表現不佳，我們選擇出售這些資產，並在 6 上限中出售率範圍。

So there is for those assets in the event that we start to see deterioration at the unit level.

因此，如果我們開始看到單位層級的惡化，這些資產就會出現問題。

But we don't really see much risk as it relates to their arm to their ability to pay rent.

但我們並沒有真正看到太大的風險，因為這與他們支付租金的能力有關。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Thanks, Kevin.

謝謝，凱文。

Our next question comes from the line of Smedes Rose with Citi.

我們的下一個問題來自花旗銀行的 Smedes Rose。

Particularly with your question.

特別是你的問題。

Hi, thanks.

你好謝謝。

I just wanted to go back a little bit to kind of your are your thoughts around acquisition volume this year?

我只是想回顧一下您對今年收購量的看法？

It sounds like you have a fairly good from the line of Craig, I guess, in the near term.

我想，在短期內，克雷格系列聽起來似乎相當不錯。

And just as you're thinking about spread your cost of capital, I think you said on your last call, it's kind of around 100 basis points, which was below the longer-term hundred and 50 to 175 basis points.

正如您正在考慮分散資本成本一樣，我想您在上次電話會議中說過，大約是 100 個基點，低於長期的 100 至 175 個基點。

And is that kind of changing at all?

這種改變真的有改變嗎？

And could you also just kind of speak to is competition kind of competing offer you more competitive maybe relative to other sources of capital?

您是否也可以談談競爭是否是一種競爭，為您提供相對於其他資本來源更具競爭力的競爭？

I kind of what are you seeing on that front?

我想你在這方面看到了什麼？

I'll let Dan cannot tackle the first part of your question.

我會讓丹無法解決你問題的第一部分。

Then the second part of your competition has a question as it relates to competition.

然後你的比賽的第二部分有一個與比賽有關的問題。

The competition is diminimus.

競爭是微乎其微的。

You know, the 1031 market we know as even we've got to sell assets yet historically we had a, you know, a property that with an investment grade rating and some lease term went out and tried to get bids would get five or six bids in the first week now now takes a little bit more time.

你知道，我們知道 1031 市場，即使我們必須出售資產，但歷史上我們有一個，你知道，一處具有投資級評級和一些租賃期限的房產，試圖獲得出價會得到五到六個現在第一周的出價需要更多的時間。

So we see that certainly on the acquisition side, where we're not really competing with, you know, a large family offices as much the private equity business gone again, not much from the 10, 31 market historically in a fragmented market where we really weren't running into the larger public release unless it was a large portfolio, which we've always had trouble competing with them.

因此，我們肯定在收購方面看到，我們並沒有真正與大型家族辦公室競爭，就像私募股權業務再次消失一樣，我們在一個分散的市場中與歷史上的 10、31 市場沒有太多競爭。除非是一個大型的產品組合，否則我們實際上不會遇到更大的公開發布，而我們一直很難與他們競爭。

And I tried to match, I tried to make those work.

我試著匹配，我試著讓這些發揮作用。

So yes, I mean, the competition is really yes.

所以是的，我的意思是，競爭確實是存在的。

So it's gone away significantly.

所以它已經明顯消失了。

And mostly what were you competing with is the seller and their need to sell the property.

您與您競爭的主要是賣方及其出售房產的需求。

So if they don't have a gun to their head and don't have a reason to have to sell the property than they probably not going to sell, which is why you've seen transaction volume is down north of 70% over the over the past year.

因此，如果他們沒有被槍指著頭，也沒有理由必須出售房產，那麼他們可能不會出售，這就是為什麼你會看到交易量在過去一年裡下降了 70% 以上。在過去的一年。

So fewer injections to will gone across the industry.

因此整個產業的注入量會減少。

There's even less competition.

競爭就更少了。

So that's yes, allowing cap rates to migrate upwards.

所以這是肯定的，允許資本化率向上遷移。

Yes, reasons in terms of loan investment spread, the meaning of the mom, our equity price as well as interest rates been fairly volatile just over the last 45 days.

是的，貸款投資利差、mom 的含義、我們的股價以及利率在過去 45 天都相當波動。

If you kind of look at that and you think about the average, we're probably right now somewhere around 110 basis points in terms of investment spread, just on an average basis in the first 45 days of a year.

如果你看一下這一點並考慮一下平均水平，就投資利差而言，我們現在可能約為 110 個基點，僅以一年前 45 天的平均水平計算。

Great.

偉大的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Todd Thomas with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。

Please proceed with your question.

請繼續你的問題。

Hi, this is in cardiac surgery on for Todd Thomas.

嗨，這是托德·托馬斯的心臟手術。

Just a quick one from me.

我只是簡單介紹一下。

So I know you have a lot of unsettled equity in the quarter.

所以我知道你們本季有很多未結算的資產。

So at what point would you consider issuing forward capital through the ATM to keep funding intact?

那麼，您在什麼時候會考慮透過 ATM 發行遠期資本以保持資金完好無損？

Yes.

是的。

I mean, look, we are right now we can basically and as we've talked about in her prepared remarks, we can essentially XY. or 2020 for external growth plan, um, with the existing existing equity we have in the year at the low end of our new target leverage range of 4.5 to 5.5 times.

我的意思是，看，我們現在基本上可以，正如我們在她準備好的演講中談到的那樣，我們基本上可以 XY。或 2020 年的外部成長計劃，嗯，我們今年現有的現有股本處於新目標槓桿範圍 4.5 至 5.5 倍的低端。

So I think to read the opportunity set became more attractive.

所以我認為閱讀機會集變得更有吸引力。

I mean, we were able to achieve spreads that were certainly in line with not better than where we're seeing right now.

我的意思是，我們能夠實現的利差肯定不會比我們現在看到的更好。

I think you could see as access the equity markets via the ATM.

我認為您可以將其視為透過 ATM 進入股票市場。

Okay.

好的。

Perfect.

完美的。

And one more on I started at Big Lots exposure decreased during the quarter.

我在 Big Lot 開始的另一項業務在本季度的曝光度有所下降。

So was that an asset sale or did something else happen?

那麼這是資產出售還是發生了其他事情？

And what are your plans to further reduce exposure?

您有什麼計劃進一步減少暴露？

Good question.

好問題。

I guess we should have made it clear that we that we sold an asset that there wasn't anything negative that happened.

我想我們應該明確表示，我們出售了一項資產，沒有發生任何負面事件。

But yes, so what we're down to eight stores and 1.5% of rent, I mean, we've seen pretty good interest inbound interest for those locations more from us, that types of buyers that, you know, you have a value of the real estate and below market rents.

但是，是的，所以我們減少到8 家商店和1.5% 的租金，我的意思是，我們已經看到對這些地點的興趣相當大，這些地點更多來自我們，這種類型的買家，你知道，你有價值的房地產和低於市場的租金。

And so unfortunately, that's really kind of what we're left with Westfield good performing assets for Big Lots ceiling in terms of foot traffic, but locations that we think would be very attractive to other buyers.

不幸的是，就人流而言，這確實是 Westfield 表現良好的資產，但我們認為這些地點對其他買家來說非常有吸引力。

So it was so we're open to potentially moving more assets out of the portfolio.

因此，我們對將更多資產從投資組合中移出持開放態度。

But the process to be right.

但流程要對。

Perfect.

完美的。

Thank you.

謝謝。

Thank you.

謝謝。

Our next question comes from the line of Greg McGinniss with Scotiabank.

我們的下一個問題來自豐業銀行的格雷格‧麥金尼斯 (Greg McGinniss)。

Please proceed with your question.

請繼續你的問題。

Hey, good afternoon.

嘿，下午好。

I'm just trying to reconcile a few comments I've made so far.

我只是想協調我迄今為止發表的一些評論。

So you mentioned increasingly attractive market and the opening remarks and spoke about seeing some movement on cap rates.

因此，您提到了日益有吸引力的市場和開場白，並談到了上限利率的一些變化。

So does that mean that cap rates are moving higher than if that's the case?

那麼這是否意味著資本化率正在高於實際情況？

How much and why the hesitance to provide some guidance party under negotiation?

在為談判中的各方提供指導方面有多少猶豫以及為何猶豫？

Is there just greater capacity, the usual into the future potential pipeline?

是否有更大的容量，通常進入未來的潛在管道？

And if so, what's what's driving that?

如果是這樣，是什麼推動了這一點？

Yes, sure.

是的，當然。

So on the I mean, yes, I think we are seeing cap rates move up.

所以我的意思是，是的，我認為我們看到上限利率上升。

I would expect another 20 basis points or so with what we are planning on closing time, the first quarter, some of that may slip into the second quarter.

我預計，根據我們計劃的第一季結束時間，還會有 20 個基點左右，其中一些可能會滑入第二季。

So that could move things around a little bit on the margins.

因此，這可能會稍微改變事情的邊緣。

But, you know, I think we're hesitant to kind of really give you concrete guidance on what we plan to acquire because we are seeing cap rates move around a little bit.

但是，你知道，我認為我們對於真正為你提供有關我們計劃收購的具體指導感到猶豫，因為我們看到資本化率略有波動。

And we just want to make sure that the case capital that we raised from investors that were that we're using that wisely and and trying to maximize the returns that we can get from that from that capital.

我們只是想確保我們從投資者那裡籌集的資金是我們明智地使用的，並努力最大化我們可以從這些資金中獲得的回報。

Are you comfortable maybe completely pulling back from market, not doing any acquisitions if it means you're not hitting some target investment spreads.

如果這意味著您沒有達到某些目標投資利差，您是否願意完全退出市場，不進行任何收購？

And based on what you've said before, I kind of on 100 plus M&A.

根據你之前所說的，我進行了 100 多次併購。

I think that's unlikely for us to completely pulled back if we couldn't find anything that was worth buying.

我認為，如果我們找不到任何值得購買的東西，我們不太可能完全撤退。

And then that would be on the table.

然後這就會擺在桌面上。

But really what we're seeing currently is a very attractive acquisitions market.

但實際上我們目前看到的是一個非常有吸引力的收購市場。

Is it kind of point in terms of more or less versus last year at this point, the Your guess is as good as mine.

與去年相比，現在是這樣嗎？你的猜測和我的一樣好。

Okay.

好的。

Does that complete your question?

這完成了你的問題嗎？

oh, sorry.

哦對不起。

Thank you.

謝謝。

Yes, that's right.

恩，那就對了。

Our next question comes from the line of Alex Fagan with Baird.

我們的下一個問題來自 Alex Fagan 和 Baird 的對話。

Please proceed with your question.

請繼續你的問題。

Hey, thanks for taking my question.

嘿，謝謝你回答我的問題。

Just one quick one for me.

對我來說只是一個快速的。

What type of tenants are in the held for sale category?

哪些類型的租戶屬於持有待售類別？

And do you have visibility to win those deals might close?

您是否有能力贏得那些可能達成的交易？

It's going to be the first half.

這將是上半場。

Yes.

是的。

I mean, it's a pretty big mix.

我的意思是，這是一個相當大的組合。

I mean, yes, we mentioned some of the assets that were potentially looking at some point that we're looking at potentially Tom recycling out of this with the same tenants.

我的意思是，是的，我們提到了一些可能在某個時候考慮的資產，我們正在考慮湯姆與相同租戶的潛在回收。

And then yes, there are no tangible and the convenience store and paint supplies industries.

然後是的，沒有有形的便利商店和油漆用品行業。

Got it.

知道了。

That's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Thank you.

謝謝。

As a reminder, if you would like your telephone keypad.

提醒一下，如果您想要電話鍵盤。

Thank you.

謝謝。

Next question comes from the line of Linda Tsai with Jefferies.

下一個問題來自 Linda Tsai 和 Jefferies 的對話。

Please proceed with your question.

請繼續你的問題。

Have you now rely on that?

你現在依賴它了嗎？

Ms. Fry, your line is live and the charge for the last several recent term CRE homing in on top of my questions have answered.

弗萊女士，您的熱線已經開通，最近幾個學期 CRE 的費用已經回答了我的問題。

Thanks to our pipeline.

感謝我們的管道。

Thanks, Linda.

謝謝，琳達。

Our next question comes from the line of Josh Dennerlein with Bank of America.

我們的下一個問題來自美國銀行的 Josh Dennerlein。

Please proceed with your question.

請繼續你的問題。

Hi, this is found on behalf of cash on your line.

您好，這是代表您線路上的現金找到的。

I'm just wondering what the implied growth for your current 2020 for guidance, how much of that is being driven off of internal versus external diners?

我只是想知道您目前的 2020 年指導的隱含增長是多少，其中有多少是來自內部和外部食客的？

Yes, hey, stand down as most of these companies, the most of the growth is coming from external growth as well as a reduction in cash G&A.

是的，嘿，停下來，因為大多數這些公司，大部分成長來自外部成長以及現金管理費用的減少。

But you know, our from our internal growth is typically just a little bit less than 1% in any given year free and ensuring flow where and how much of that would be of the mix of cash flow?

但你知道，我們的內部成長通常在任何一年都略低於 1%，並確保現金流量的組合流向何處以及有多少？

Do you feel comfortable in terms of like Carrier, Nike and a 5% and 55% debt?

您對 Carrier、Nike 以及 5% 和 55% 的債務感到滿意嗎？

And thank you for us right now.

現在就為我們謝謝你。

Though we have over $450 million of pre-funded equity before we would need to tap the revolver.

儘管在我們需要動用左輪手槍之前，我們已經擁有超過 4.5 億美元的預先融資股本。

That consists of $100 million of available principal into 2029 term loan.

其中包括 2029 年定期貸款的 1 億美元可用本金。

That's $290 million of unsettled forward equity.

這相當於 2.9 億美元的未結算遠期資產。

That's $30 million or north of 30 million of free cash flow after dividends.

這相當於 3000 萬美元，高於 3000 萬股股息後的自由現金流。

And then about another 30 million of cash on hand.

然後手頭上還有大約3000萬現金。

And if I could just ask one more in terms of kind of targets of acquisitions going salary.

我是否可以再問一個關於收購目標和薪資的問題。

I noticed there's a slight uptick in investment grade and also within the dollar store area, this is more strategic and I guess plan going forward to be targeting these or is this a better pricing opportunity that you're seeing in the market?

我注意到投資等級略有上升，在一美元商店區域內也有輕微上升，這更具戰略意義，我想計劃未來瞄準這些，或者這是您在市場上看到的更好的定價機會？

Yes.

是的。

I mean, we saw a good opportunity come with the dollar stores.

我的意思是，我們看到一元商店帶來了很好的機會。

My and more recently say there's been an uptick.

我和最近的說法是上升。

Obviously, both of the two tenants that we have in that category are investment grade.

顯然，我們在該類別中擁有的兩個租戶都是投資等級。

So I think that kind of drove it up a little bit on as we recycle out of some of those assets that make it ticked down a little bit weak historically guided people to between 60% and 70% investment grade, although it's not, yes, we're not really that dogmatic about, yes, whatever its investment grade or investment grade profile or even a strong performing sub-investment grade tenant.

因此，我認為，當我們回收一些資產時，這會推動它的價格有所上升，這使得它在歷史上引導人們達到60% 到70% 的投資等級之間有點疲軟，儘管事實並非如此，是的，是的，無論其投資等級或投資等級概況，甚至是表現強勁的次投資等級租戶，我們都不是那麼教條。

So I would expect it to likely gravitate slightly downward, but not to not too far off and where we are today.

因此，我預計它可能會稍微向下傾斜，但不會偏離我們今天所處的位置太遠。

We appreciate it has a great day.

我們很高興今天度過了愉快的一天。

Thank you, Tim.

謝謝你，提姆。

Thank you.

謝謝。

We have no further questions at this time.

目前我們沒有進一步的問題。

Mr. Naylor, I would now like turn the floor back over to you for closing comments.

內勒先生，我現在想把發言權交還給您，請您發表結束語。

Thank you for joining today.

感謝您今天加入。

We'll look forward to continuing the dialogue at the upcoming at upcoming conferences and how to get it.

我們期待在即將舉行的會議上繼續對話以及如何實現這一目標。

Ladies and gentlemen, this does conclude today's teleconference.

女士們、先生們，今天的電話會議到此結束。

You may disconnect your lines at this time.

此時您可以斷開線路。

Thank you for your participation, and have a wonderful day.

感謝您的參與，祝您有美好的一天。

Thanks.

謝謝。