Netstreit Corp (NTST) 2025 Q1 法說會逐字稿

Greetings. Welcome to NETSTREIT Corp. first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Amy An, Investor Relations. Thank you. You may begin.

問候。歡迎參加 NETSTREIT Corp. 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係部門的 Amy An。謝謝。你可以開始了。

We thank you for joining us for NETSTREIT's first-quarter 2025 earnings conference call. 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 www.netstreit.com.

感謝您參加 NETSTREIT 2025 年第一季財報電話會議。除了昨天收盤後發布的新聞稿外，我們還發布了補充資料和更新的投資者介紹。這兩份文件均可在公司網站 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 risk and uncertainties that may cause actual results to differ from those discussed today.

在今天的電話會議上，管理層的評論和對您的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因素影響的事項，這些風險和不確定因素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, we encourage you to review our Form 10-K for the year ended December 31, 2024, 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，我們建議您查看我們截至 2024 年 12 月 31 日的 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聲明之日作出，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. Reconciliation to the most comparable GAAP measure and an explanation of why we believe such non-GAAP financial measures are useful to investors.

此外，本次電話會議上提供的某些財務資訊包括非公認會計準則財務指標。有關非公認會計準則 (non-GAAP) 指標的定義，請參閱我們的收益報告和補充資料。與最具可比性的 GAAP 指標進行調節，並解釋為什麼我們認為此類非 GAAP 財務指標對投資者有用。

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

今天的電話會議由 NETSTREIT 執行長 Mark Manheimer 主持；和財務長 Dan Donlan。他們會發表一些準備好的講話，然後我們會開始回答你們的提問。現在我將把電話轉給馬克。標記？

Thank you, Amy, and thank you all for joining us this morning on our first-quarter 2025 earnings call. During the quarter, we made additional progress on reducing our top five tenant concentrations, and we continue to see healthy performance from the stores that we own.

謝謝你，艾米，也謝謝大家今天早上參加我們的 2025 年第一季財報電話會議。在本季度，我們在降低前五大租戶集中度方面取得了進一步進展，我們繼續看到我們所擁有的商店表現良好。

On the external growth front, our team continues to source attractive investment opportunities, but our investment pace remains more measured versus prior years. This deliberate stance is rooted in our desire to maintain a low leverage balance sheet and our view that our cost of capital needs to better reflect our portfolio strength and best in class operating performance, which I will discuss later in my prepared remarks.

在外部成長方面，我們的團隊繼續尋找有吸引力的投資機會，但我們的投資步伐與前幾年相比更加穩健。這種深思熟慮的立場源於我們希望維持低槓桿資產負債表，以及我們認為我們的資本成本需要更好地反映我們的投資組合實力和一流的營運業績，我將在稍後的準備好的發言中討論這一點。

During the quarter, we completed $90.7 million of gross investments at a blended cash yield of 7.7%. The weighted average lease term for these investments was 9.2 years, with investment grade and investment grade profile tenants representing 66% of AVR.

本季度，我們完成了 9,070 萬美元的總投資，混合現金收益率為 7.7%。這些投資的加權平均租賃期限為 9.2 年，其中投資等級和投資等級概況租戶佔 AVR 的 66%。

Additionally, more than half of our activity this quarter was accretively funded with loan payoffs and disposition proceeds, the latter of which totaled $40.3 million across 16 properties at a 7.3% blended cash yield.

此外，本季我們一半以上的活動都透過貸款償還和處置收益獲得增值資金，其中後者總計 4,030 萬美元，涉及 16 處房產，混合現金收益率為 7.3%。

While we have and will continue to maintain a measured approach towards net investment activity, we are currently seeing no shortage of great investment opportunities across various capital deployment strategies. As such, we stand ready to accelerate our investment pace to levels that are similar or above where we have acquired in the past, should we see a more sustained improvement in our cost of equity.

雖然我們已經並將繼續對淨投資活動保持審慎的態度，但我們目前看到各種資本配置策略中並不缺乏巨大的投資機會。因此，如果我們的股權成本出現更持續的改善，我們隨時準備好加快投資步伐，使其達到與過去類似或更高的水平。

Turning to the portfolio, we ended the quarter with investments in 695 properties that were leased to 101 tenants operating in 26 industries across 45 states. From a credit perspective, 71% of our total ABR is leased to investment grade or investment grade profile tenants. Our weighted average lease term remaining for the portfolio was 9.7 years, with just 1.3% of ABR expiring through 2026.

談到投資組合，截至本季末，我們投資了 695 處房產，這些房產出租給了 45 個州 26 個行業的 101 個租戶。從信用角度來看，我們 71% 的總 ABR 租給了投資等級或投資等級租戶。我們的投資組合剩餘加權平均租賃期限為 9.7 年，其中只有 1.3% 的 ABR 將在 2026 年到期。

Our focus on granular and fungible assets has led to continued demand for our properties when we decide to decrease our concentrations. This strong level of demand resulted in our top five tenant concentration declining 70 basis points to 28.2% of ABR, including a 50 basis point reduction in our top tenant, Dollar General to 8.1% of ABR.

當我們決定降低集中度時，我們對粒狀和可替代資產的關注導致對我們的財產的持續需求。這種強勁的需求導致我們前五大租戶集中度下降 70 個基點至 ABR 的 28.2%，其中我們最大的租戶 Dollar General 下降 50 個基點至 ABR 的 8.1%。

While we have made tremendous strides towards our diversification goals, we are not slowing our efforts, as evidenced by our expectation for strong disposition activity at lower cash yields in the second quarter. We remain confident that we can achieve our previously articulated diversification goals, and we continue to see these sales being completed at accretive spreads to where we can invest, which is something we have done every quarter in our history.

雖然我們在實現多元化目標方面取得了巨大進步，但我們並沒有放慢努力的步伐，我們預計第二季度在較低的現金收益率下會有強勁的處置活動，這證明了這一點。我們仍然相信，我們可以實現我們先前闡明的多元化目標，我們繼續看到這些銷售以增值利差完成，我們可以投資，這是我們歷史上每個季度都在做的事情。

From a tenant perspective, we continue to add new high quality and low risk tenants to our roster, including Gerber Collision, who is now a top 20 tenant, as well as many other large grocers, convenience store operators, quick service restaurants, and auto service chains.

從租戶角度來看，我們繼續在名冊中添加新的高品質、低風險租戶，包括目前位列前 20 名租戶的 Gerber Collision，以及許多其他大型雜貨店、便利商店營運商、快餐店和汽車服務連鎖店。

We continue to avoid specialized real estate and large less fungible boxes given their limited reuse potential and expensive nature of repurposing the real estate. Similarly, we continue to have limited exposure to sectors that are more susceptible to distress when the economy slows.

鑑於專門的房地產和大型的、可替代性較差的盒子的再利用潛力有限，而且重新利用房地產的成本很高，我們繼續避免使用它們。同樣，我們繼續限制對那些在經濟放緩時更容易受到困擾的行業的投資。

In short, we believe our portfolio, which derives 88% of ABR from necessity, discount, and service-oriented industries, can weather any economic environment and avoid large losses should credit events test our real estate underwriting.

簡而言之，我們相信，我們的投資組合（其中 88% 的 ABR 來自必需品、折扣和服務型行業）可以經受住任何經濟環境的考驗，並且在信用事件考驗我們的房地產承保時避免重大損失。

With that in mind, we were the only net lease REIT to report zero credit losses during COVID, and we have maintained best in class performance in this regard since coming public nearly five years ago. Our credit underwriting continues to prove out despite various negative headlines and store closure announcements.

考慮到這一點，我們是唯一一家在 COVID 期間報告零信貸損失的淨租賃房地產投資信託基金，並且自近五年前上市以來，我們在這方面一直保持著一流的表現。儘管有各種負面新聞和商店關閉公告，我們的信用承保仍然有效。

As an example, our loan credit event with Big Lots resulted in just 20 basis points of credit loss, with seven of our eight locations being assumed by variety wholesalers or Ali Bargain outlet.

例如，我們與 Big Lots 的貸款信用事件僅導致 20 個基點的信用損失，我們的八個地點中有七個被各種批發商或 Ali Bargain 門市接管。

While we have always taken a less hyperbolic approach at that street, I'd be remiss to point out that our outcome as it relates to our Big Lots exposure draws a stark contrast to the impact felt by other landlords of Big Lots, that can only be explained by our strong underwriting and attentive asset management.

雖然我們一直對那條街採取不太誇張的方式，但我必須指出，我們在 Big Lots 的投資結果與 Big Lots 其他業主所感受到的影響形成了鮮明對比，這只能用我們強大的承保能力和周到的資產管理來解釋。

While we have had some of our larger tenant concentrations experienced negative headlines in the past, we have had virtually no impact to our in-place cash flow since inception. And while we expect this positive performance to continue despite two of our tenants, Family Dollar and Walgreens being subject to going private transactions, based on our understanding of the deal structures and associated EBITDA of the standalone entities, both companies intend to operate with low leverage.

雖然過去我們的一些較大的租戶集中地曾經歷過負面新聞，但自成立以來，我們的現有現金流幾乎沒有受到任何影響。儘管我們的兩家租戶 Family Dollar 和 Walgreens 即將進行私有化交易，我們仍預計這種積極表現仍將持續，但根據我們對交易結構和獨立實體相關 EBITDA 的理解，兩家公司都打算以低槓桿運作。

Similarly, given that both companies closed a large number of stores well in advance of these announcements, it is our understanding that neither company intends to close many additional locations beyond what has already been announced.

同樣，鑑於兩家公司在宣布這些消息之前就已經關閉了大量門市，據我們了解，除了已經宣布的門市之外，兩家公司都不打算關閉更多門市。

Lastly, we see reasons for optimism on the operations front as the new leadership at Family Dollar plans to return the brand to the roots that made the brand successful prior to the merger with Dollar Tree, while Walgreens stands to benefit from a more focused team with a broader understanding of retail.

最後，我們在營運方面看到了樂觀的理由，因為 Family Dollar 的新領導層計劃讓品牌回歸與 Dollar Tree 合併之前取得成功的根源，而 Walgreens 將從一支對零售業有更廣泛了解的、更加專注的團隊中受益。

Before handing the call over to Dan, I wanted to reiterate a message that we have consistently provided in the past. We will not sacrifice our balance sheet for growth, nor will we grow for the sake of asset growth without an appropriate level per share earnings growth.

在將電話交給丹之前，我想重申我們過去一直傳達的訊息。我們不會為了成長而犧牲資產負債表，也不會在沒有適當每股收益成長水準的情況下為了資產成長而成長。

We will remain opportunistic as it pertains to new investments, and we are more than capable of ramping our investment pace should our investment spreads turn more favorable. Given the high quality and resilient nature of the portfolio that we own and manage and the various catalysts we see materializing from completing our tenant diversity goals as well as achieving an eventual investment grade credit rating, we are confident that our growth from a small-based narrative can gain further traction as we execute our strategy.

對於新的投資，我們將繼續保持機會主義，如果我們的投資利差變得更加有利，我們完全有能力加快投資步伐。鑑於我們擁有和管理的投資組合的高品質和彈性，以及我們看到的透過完成租戶多元化目標以及獲得最終的投資等級信用評級而實現的各種催化劑，我們相信，隨著我們執行策略，我們從小型敘事中獲得的成長可以進一步獲得牽引力。

With that, I'll hand the call to Dan to go over our first quarter financials and then open up the call for your questions.

說完這些，我會把電話交給丹，讓他介紹我們第一季的財務狀況，然後開始回答大家的問題。

Thank you, Mark. Looking at our first quarter earnings, we report a net income of $1.7 million or $0.02 per diluted share. Core FFO for the quarter was $24.6 million or $0.30 per diluted share, and AFFO was $26.2 million or $0.32 per diluted share, which is a 3.2% increase over last year.

謝謝你，馬克。查看我們的第一季收益，我們報告的淨收入為 170 萬美元或每股 0.02 美元。本季核心 FFO 為 2,460 萬美元，即每股攤薄收益 0.30 美元；AFFO 為 2,620 萬美元，即每股攤薄收益 0.32 美元，較去年同期增長 3.2%。

Turning to the expense front, our total recurring G&A in the quarter increased 5% year-over-year to $5.1 million, which is mostly the result of increased staffing and further investment in our team. That said, with our total recurring G&A representing 11% of total revenues this quarter versus 13% in the prior year quarter, our G&A continues to rationalize relative to our revenue base.

談到費用方面，本季我們的經常性 G&A 總額年增 5% 至 510 萬美元，這主要是由於增加員工和進一步投資於我們的團隊。也就是說，本季我們的經常性 G&A 總額佔總營收的 11%，而去年同期為 13%，相對於我們的營收基礎，我們的 G&A 繼續合理化。

Turn to the capital markets. On January 15, 2025, we closed on a $275 million of additional financing commitments. This included a new fully drawn $175 million senior unsecured term loan which was swapped to an all in fixed rate of 5.12% through final maturity in January of 2030, and an upsized $500 million revolving credit facility which was increased from $400 million.

轉向資本市場。2025 年 1 月 15 日，我們達成了 2.75 億美元的額外融資承諾。其中包括一筆新的已完全提取的 1.75 億美元高級無擔保定期貸款，該貸款被轉換為 5.12% 的固定利率，直至 2030 年 1 月最終到期，以及一筆增加到 5 億美元的循環信貸額度，從 4 億美元增加到 5 億美元。

We also extended the maturity date of our existing $175 million term loan to January 2030 from January 2027 and amended all of our existing credit agreements to remove various financial covenants that provide for improved pricing when we meet certain investment grade rating and leverage targets.

我們還將現有的 1.75 億美元定期貸款的到期日從 2027 年 1 月延長至 2030 年 1 月，並修改了所有現有的信貸協議，以取消各種財務契約，這些契約規定，當我們達到某些投資級評級和槓桿目標時，可以改善定價。

Turning to the balance sheet, our adjusted net debt, which includes the impact of all forward equity was $724 million. Our weighted average debt maturity was 4.1 years, and our weighted average interest rate was 4.57%, including the extension options which can be exercised at our discretion if no material debt maturing until February 2028.

轉向資產負債表，我們的調整後淨負債（包括所有遠距權益的影響）為 7.24 億美元。我們的加權平均債務期限為 4.1 年，加權平均利率為 4.57%，其中包括在 2028 年 2 月之前沒有重大債務到期的情況下可自行決定行使的延期選擇權。

In addition, our total liquidity was $584 million at quarter end, which consisted of $14 million of cash on hand, $385 million available on a revolving credit facility, and $184 million of unsettled forward equity. From a leverage perspective, our adjusted net debt to annualized adjusted EBITDAre was 4.7 times at quarter end, which remains well within our targeted leverage range of 4.5 to 5.5 times.

此外，本季末我們的總流動資金為 5.84 億美元，其中包括 1,400 萬美元的現金、3.85 億美元的循環信貸額度以及 1.84 億美元的未結算遠期股權。從槓桿率的角度來看，我們季度末的調整後淨負債與年度調整後 EBITDAre 的比率為 4.7 倍，這仍然遠低於我們 4.5 至 5.5 倍的目標槓桿率範圍。

Moving on to guidance. With no credit loss events realized this quarter, we are increasing the low end of our AFFO per share guidance to a new range of $1.28 to $1.30 which continues to assume 2025 net investment activity of $75 million to $125 million and recurring cash G&A of $14.5 million to $15.5 million.

繼續指導。由於本季未發生信用損失事件，我們將每股 AFFO 指引的低端提高至 1.28 美元至 1.30 美元的新範圍，這繼續假設 2025 年淨投資活動為 7500 萬美元至 1.25 億美元，經常性現金 G&A 為 1450 萬美元至 1550 萬美元。

From a rent loss perspective, our guidance now assumes roughly 75 basis points of unknown rent loss at the midpoint of our range, which should site recent macro uncertainty, should prove conservative as the year unfolds.

從租金損失的角度來看，我們的指導現在假設我們範圍中點的未知租金損失約為 75 個基點，這應該考慮到最近的宏觀不確定性，並且隨著時間的推移應該被證明是保守的。

Lastly, on April 25, the Board declared a quarterly cash dividend of $0.21 per share. The dividend will be payable on June 16 to shareholders are record as of June 2. Based on the dividend amount, our AFFO pay ratio for the first quarter was 66%.

最後，4 月 25 日，董事會宣布每股 0.21 美元的季度現金股利。股利將於 6 月 16 日支付給 6 月 2 日登記的股東。根據股息金額，我們第一季的 AFFO 支付率為 66%。

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

有了這位接線員，我們現在就可以開通問答熱線了。

(Operator Instructions) Haendel St. Juste, Mizuho Securities.

(操作員指示)Haendel St. Juste、瑞穗證券。

Hey, guys, good morning. Wanted to talk about the appetite you're seeing out there for the pharmacy and Dollar stores. Looks like you're, been able to make some continued progress here and sell it some pretty decent cap rates. So maybe some color on the appetite, the pricing you're getting, and maybe a sense of timeline to get your Dollar General, CVS and Walgreens exposures down to your target levels.

嘿，大家早安。想談談您所看到的藥局和一元商店的需求。看起來你已經能夠在這裡取得一些持續的進展，並以相當不錯的資本化率出售它。因此，也許可以對胃口、您獲得的價格進行一些調整，也許還可以對時間表進行一些調整，以使您在 Dollar General、CVS 和 Walgreens 的曝光率降至目標水平。

Yeah, sure Haendal. Yeah, so I mean I think we on the last call mentioned that the timeline for all tenants would be to get them below 5% by 1031, which we continue to expect to be able to hit that timeline. Walgreens may be a little bit different. I think we'll try to get that below 3% since it's at 3.7% currently.

是的，當然了，Haendal。是的，所以我的意思是，我認為我們在上次電話會議上提到，所有租戶的時間表是到 10 月 31 日將他們的稅率降至 5% 以下，我們繼續期望能夠實現這一時間表。沃爾格林可能有點不同。我認為我們會嘗試將其降至 3% 以下，因為目前比率為 3.7%。

There continues to be a pretty robust amount of interest from institutions and from 1031 buyers on the Dollar Store side. So I'd expect us to continue to make a lot of progress, both with Dollar General and even with Family Dollar, we've got a number of those properties in the pipeline to sell.

來自機構和 1031 名買家對 Dollar Store 的興趣持續濃厚。因此，我希望我們能夠繼續取得巨大進展，無論是與 Dollar General 還是 Family Dollar，我們都有許多房產正在出售。

And then, we do have a few pharmacies also that we expect to sell here before our next earnings call. Walgreens with the news the Sycamore, we do have a pretty good idea of what that balance sheet's going to look like, which I think is going to be a little bit lower levered than what I think some people may fear. So once that information gets out, I think that's certainly going to help. But we continue to see interest from the 1031 market as it relates to Walgreens.

然後，我們確實還有一些藥局，我們希望在下次收益電話會議之前在這裡出售。沃爾格林 (Walgreens) 發布了 Sycamore 的消息，我們非常清楚資產負債表的前景，我認為其槓桿率會比一些人擔心的要低一些。因此，一旦這些資訊被公開，我認為這肯定會有所幫助。但我們繼續看到 1031 市場對 Walgreens 的興趣。

That's great color. I appreciate that. Maybe a follow up on the debt side. Dan, I think you mentioned, I think you have an expectation of pursuing a ratings upgrade here. So maybe some color on what you're hearing from the agencies, potential timing of potential upgrade, and any sense of what estimated savings on the debt side could be. Thanks.

顏色真棒。我很感激。也許是債務方面的後續行動。丹，我想你提到過，我認為你期望在這裡追求評級升級。因此，也許您可以了解一些來自各機構的消息、潛在升級的潛在時機以及債務方面的預計節省金額。謝謝。

Yeah, hey, Haendel, so we haven't started our preliminary discussions yet. We're preparing for that. We don't have a rating as it sits today. We've been through this process before at other companies, both Mark and I, so we have a pretty good understanding of what it would entail.

是的，嘿，亨德爾，我們還沒有開始初步討論。我們正在為此做準備。就目前情況而言，我們還沒有評級。我和馬克之前在其他公司都經歷過這個過程，所以我們非常了解它會帶來什麼。

I think as we sit here today we're kind of targeting going out to certain rated agencies in the latter half of this year. And if you just look at kind of the covenants as well as the terms that we received in our newest credit agreement as well as across the term loans, that should result in about 20 basis points of savings.

我認為，我們今天坐在這裡的目標是在今年下半年向某些評級機構進行推廣。如果你只看我們在最新信貸協議以及定期貸款中收到的契約和條款，這應該可以節省大約 20 個基點。

On top of that there are other industry things occurring that probably will result in us receiving another 10 basis points of savings, so I think all in where we could gain an investment grade credit rating for one of the three major rate agencies. We're looking at least a 30 basis points reduction across, not only the -- our term loans and the credit facility as well.

除此之外，行業中還發生了其他一些事情，這些事情可能會導致我們再獲得 10 個基點的節省，因此我認為，總的來說，我們可以獲得三大評級機構之一的投資級信用評級。我們希望至少降低 30 個基點，不僅是我們的定期貸款，還有信貸額度。

Thank you guys.

謝謝你們。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good morning. Just want to clarify, make sure I understand your initial comments on the net investment activity. So if nothing were to change from Q1, you'd be in a position to exceed the net investment guidance range. And follow up to that is whether or not the transaction market has changed much following April 2.

嘿，早安。只是想澄清一下，確保我理解您對淨投資活動的初步評論。因此，如果第一季沒有任何變化，您將能夠超出淨投資指引範圍。後續關注的是4月2日之後交易市場是否發生了很大變化。

Yeah, no. I think what we would not look to increase our acquisitions if nothing changes related to our equity price. So the good news about us being in capital recycling mode is that we have continued to be very active on the acquisition side, matched up with a lot of disposition. So in the event that our stock price improves from here, we'd be in position to be able to hit the gas pretty quickly.

是的，不。我認為，如果我們的股權價格沒有任何變化，我們就不會考慮增加收購。因此，我們處於資本循環模式的好消息是，我們在收購方面繼續非常活躍，並進行了大量處置。因此，如果我們的股價從現在開始上漲，我們就能很快地加大油門。

Okay. And has there been much of a change in the transaction market since April 2?

好的。自4月2日以來，交易市場有什麼變化嗎？

No, not since April 2. So we continue to see just a lot of great opportunity. And so whether that be with convenience stores, quick service restaurants, a lot of different sectors, auto service amongst others where -- we've got a lot more opportunities than we do capital right now, but we're hopeful that changes.

不，自 4 月 2 日以來就沒有了。因此，我們繼續看到很多絕佳的機會。因此，無論是便利商店、快餐店、許多不同行業、汽車服務等等——我們現在擁有的機會比資本多得多，但我們希望這種情況會有所改變。

Okay, last one for me. The bad -- the 75 bps of bad debt expense built into the guidance at this point, is there -- does that include any allotment to specific tenants or is it more of a safety margin catch all.

好的，對我來說是最後一個。壞帳費用 — — 目前已計入指導方針中的 75 個基點 — — 是否包括分配給特定租戶的任何款項，還是更多的是涵蓋所有款項的安全邊際。

Yeah, I mean there really isn't any specific in there. It's really solely for unknown events based upon what we see here today.

是的，我的意思是那裡確實沒有任何具體內容。根據我們今天所看到的情況，它實際上僅針對未知事件。

Okay, thank you both.

好的，謝謝你們兩位。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Good morning. Thank you. Maybe the first one for me, could you give us an update maybe on the progress around the releasing of your Big Lots asset in Maryland?

早安.謝謝。也許對我來說這是第一個問題，您能否向我們介紹一下您在馬裡蘭州發布 Big Lots 資產的進展？

Yeah, absolutely. So we've had a lot of interest from a number of retailers. There is a competing shopping center that's being built down the street. And so the current dynamic, we'd like to kind of really see that play out a little bit more.

是的，絕對是如此。因此，我們得到了許多零售商的極大興趣。街道盡頭正在建造一個與之競爭的購物中心。因此，對於當前的動態，我們確實希望看到其進一步發揮作用。

There's a lot more demand than there are opportunities, and so we have some retailers chasing that location as well as ours. And so I think that it may take a few months just to kind of see how that plays out, but we were in possession of a handful of LOIs that are pretty attractive and we're actively negotiating. But we think, if we take our time a little bit, we may get a better outcome here in the next few months.

需求遠大於機會，因此，除了我們之外，還有一些零售商在追逐那個位置。因此，我認為可能需要幾個月的時間才能看到結果，但我們已經獲得了一些非常有吸引力的意向書，我們正在積極談判。但我們認為，如果我們稍微花點時間，我們可能會在接下來的幾個月裡取得更好的結果。

Okay, and just to confirm that's not included at the high end of guide?

好的，只是想確認一下這不包括在指南的高端嗎？

No, we don't have anything in 2025 for that.

不，我們在 2025 年還沒有任何計劃。

Okay, thank you. And then the last one for me is just how do you think about the Walgreens take private and does that change the risk profile of those assets to you?

好的，謝謝。對我來說最後一個問題是，您如何看待沃爾格林的私有化？這是否會改變這些資產的風險狀況？

Yeah, no, it does not. I think the fact that you now have a company solely focused on the retail operations rather than a very complicated business, I think that's helpful. Sycamore has proven -- you look at what they did with Staples really over the past decade, that was a company that I think a lot of people didn't think very highly of a decade ago when they acquired them, and they've done really an outstanding job with that.

是的，不是的。我認為，現在你的公司只專注於零售業務而不是非常複雜的業務，我認為這很有幫助。Sycamore 已經證明——看看他們過去十年對史泰博的所作所為，我認為十年前當他們收購史泰博時，很多人對這家公司評價並不高，但他們在這方面做得非常出色。

And we -- the fact that they're not going to lever it up and focus on the operations, really speaks to our confidence that it should continue to be a going concern and that -- and we have locations that do really well. So even in the event that they decide to close some more stores beyond what we're expecting, we don't expect those to be our stores.

而我們 — — 他們不會加強並專注於運營，這一事實確實表明了我們的信心，即它應該繼續成為一個持續經營的企業 — — 而且我們的一些分店的經營狀況非常好。因此，即使他們決定關閉一些超出我們預期的商店，我們也不認為這些是我們的商店。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. In your prepared remarks, you mentioned that you're going to see some strong dispositions of low cash yields in the second quarter. Within your guidance you only provide the net number, so maybe you can provide a little bit more clarity around the expectations of how the portfolio should change over the next period, while from a volume, from a tenant type perspective, and also from a cap rate perspective, thanks.

早安.非常感謝您回答我的問題。在您準備好的發言中，您提到您將在第二季度看到一些低現金收益率的強勁走勢。在您的指導中，您只提供了淨值，因此也許您可以更清楚地說明下一時期投資組合應如何變化的預期，從交易量、租戶類型以及資本化率的角度來看，謝謝。

Yeah sure. And so it's always a little bit tricky because we don't control whether the disposition is closed. We know what LOIs we've signed and we know what's under contract and we know who's hard on their deposit. So as you progress through that timeline, obviously you get more confidence that the buyers are going to close.

是的，當然。所以這總是有點棘手，因為我們無法控制處置是否結束。我們知道我們簽署了哪些意向書，我們知道合約中的內容，我們知道誰對他們的押金很苛刻。因此，隨著時間的流逝，您顯然會更有信心買家會完成交易。

And so we've got some Advanced Autos, we have some Dollar Generals, we've got some Family Dollars, and we have some pharmacies all in that mix. And then we'll also look to sell assets that aren't in those categories if we feel like the performance of that particular asset isn't doing as well.

因此，我們有一些 Advanced Autos、一些 Dollar General、一些 Family Dollars，還有一些藥局。如果我們認為某項資產的表現不佳，我們也會考慮出售不屬於這些類別的資產。

I mean, you saw that we sold a Lowe's in the quarter that was due to having conversations with the tenant and understanding that of our four locations going into the year, that was the weakest location. So we were able to sell that at a 6.5% cap rate. So I'd expect that to be the mix. There may be kind of one or two assets here or there that kind of fit that Lowe's type profile where the asset isn't doing as well and the rest in those other categories.

我的意思是，您看到我們在本季度出售了一家勞氏門市，這是因為我們與租戶進行了交談，並且了解到在我們今年的四個門市中，那是最薄弱的門市。因此我們能夠以 6.5% 的資本化率出售它。所以我希望這是一個混合體。這裡或那裡可能有某種一兩種資產符合 Lowe 類型的概況，但這種資產表現不佳，其餘的則屬於其他類別。

The cap rate on the dispositions is going to be kind of mid to high 6% cap rate depending on what closes. And then we're going to try to match fund as best we can on the acquisition side, and that's what we'll continue to stay within the acquisition guidance on a net basis, but I'd expect it to be somewhat similar to what you saw in the first quarter.

處置的資本化率將達到 6% 的中高水平，具體取決於成交情況。然後，我們將盡力在收購方面匹配資金，這就是我們將繼續在淨基礎上保持在收購指導範圍內的原因，但我預計它會與您在第一季度看到的情況有些相似。

(multiple speakers) On the acquisition, I think you'll continue to see that, north of 7.5%.

（多位發言者）關於收購，我認為你會繼續看到這種情況，超過 7.5%。

Got it. And on the other side of the coin, your exposure to grocery was up 150 basis points, but maybe not in the top 20 turns, so maybe you could talk a little bit about where you're stepping into, where you're leaning into, you just better understand how the portfolio is changing and the underlying tenants within the grocery category. Thanks.

知道了。另一方面，您在食品雜貨方面的投資增加了 150 個基點，但可能沒有進入前 20 名，所以也許您可以談談您正在涉足的領域、您傾向於的領域，這樣您就可以更好地了解投資組合是如何變化的，以及食品雜貨類別中的潛在租戶。謝謝。

Yeah, no, that's a great question. So you know we added one of the largest ESOPs in the country, focused on larger grocers that generate a lot of cash flow within the four walls that we're buying in strong retail corridors.

是的，不，這是一個很好的問題。所以你知道，我們增加了全國最大的員工持股計劃之一，重點關注那些在強大的零售走廊中購買的四面牆內產生大量現金流的大型雜貨商。

And so where we can find tenants that may or may not have an investment grade rating where we're getting attractive economics and good growth in the lease, those are the types of acquisitions that we're looking to do. Quite frankly, we don't have a ton of grocers in the second quarter like we did in the first quarter, but that is a sector that we like a lot.

因此，如果我們能找到具有或不具有投資等級的租戶，並且獲得有吸引力的經濟效益和良好的租約成長，那麼這些就是我們希望進行的收購類型。坦白說，第二季我們並沒有像第一季那樣擁有大量的雜貨商，但這是我們非常喜歡的產業。

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

非常感謝。祝第二季好運。

Thanks Mike.

謝謝邁克。

Smedes Rose, Citibank.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thank you. I just wanted to ask you, as you reduce your exposure to the Dollar stores in General and you think about where there's Dollar Tree and Family Dollar combined stores, are those targets for dispositions or kind of what happens to those of those two brands separate?

你好，謝謝。我只是想問您，當您減少對 General Dollar 商店的關注時，您會考慮 Dollar Tree 和 Family Dollar 合併商店的情況，這些是處置的目標嗎？還是會分別處置這兩個品牌的商店？

Yeah, that's a great question. Yeah, no, absolutely. And so there is going to be a little bit of movement where, if you may go to Dollar Tree, they -- most of those are going to go with Family Dollar. We do have a handful of those under contract to sell just to reduce exposure to Family Dollar.

是的，這是一個很好的問題。是的，絕對不是。因此，如果你去 Dollar Tree，你會發現他們中的大多數人都會選擇 Family Dollar。我們確實簽訂了少量的銷售合同，只是為了減少對 Family Dollar 的曝光。

And so I'd expect most of what you see in the supplemental for the combo stores to go over to Family Dollar. But we're actually selling both Family Dollar locations and combo stores.

因此，我預計您在組合商店的補充內容中看到的大部分內容都會轉移到 Family Dollar。但實際上我們同時銷售 Family Dollar 店和組合店。

Okay, and then I think last quarter you talked about in your guidance you're anticipating settling the forward equity in the second half of the year. Is that still the case or would you anticipate maybe extending that, depending on your acquisitions?

好的，然後我認為上個季度您在指導中談到您預計將在今年下半年結算遠期股權。現在情況仍然如此嗎？或者您預計這種情況可能會延長，這取決於您的收購情況？

Yeah, I think right now Smeads there could be some in the second, there could be some in the third. I think the bulk of it probably comes in the fourth. We could always extend it if we wanted to. We're optimistic that based upon catalysts that we see propelling our shares further this year, that we'll be able to get out and raise a little bit of equity to increase potentially our net investment activity. But as we sit here today, if we don't do anything I think you're likely to see us take down most of it by year end.

是的，我認為現在 Smeads 可能會在第二季中有一些，也可能在第三季中有一些。我認為其中大部分可能出現在第四部分。如果我們願意，我們可以隨時擴展它。我們樂觀地認為，基於今年推動我們股價進一步上漲的催化劑，我們將能夠退出並籌集少量股權，從而潛在地增加我們的淨投資活動。但今天我們坐在這裡，如果我們不採取任何行動，我想到年底你可能會看到我們拆除大部分建築。

Okay, thank you.

好的，謝謝。

Michael Gorman, BTIG.

邁克爾·戈爾曼（Michael Gorman），BTIG。

Yeah, thanks. Good morning. Mark, you talked a bit about how there's a lot of opportunities in the marketplace versus where you are with your cost of capital, which I completely understand at this point. I'm just curious internally, when you look at that and when you screen these opportunities and decide on what's going to close on the transaction pipeline, what are you primarily solving for here?

是的，謝謝。早安.馬克，你談到了市場上有很多機會，而你的資本成本又是多少，我現在完全理解這一點。我只是內心很好奇，當你看到這一點並篩選這些機會並決定在交易管道上要關閉什麼時，你主要解決的是什麼問題？

Is it tenant? Is it a tenant that's not in the top 20? Is it yield? Is it credit rating of the tenant kind of -- what are you triangulating for as you pick the best deals out of the investment volume that you're seeing?

是租客嗎？是排名前 20 名之外的租戶嗎？是收益嗎？這是租戶的信用評級嗎——當您從看到的投資量中挑選出最好的交易時，您會進行哪些三角測量？

Yeah, no, it's a good question, Michael. Yeah, I mean, we're obviously trying to diversify the portfolio, so that we've got a handful of tenants we're really not trying to add to currently. But we're looking at pricing as well as where we're getting the best risk adjusted returns.

是的，不，這是個好問題，麥可。是的，我的意思是，我們顯然正在嘗試實現投資組合多元化，因此我們擁有一些租戶，而我們目前並不想增加這些租戶。但我們正在考慮定價以及如何獲得最佳風險調整回報。

And so we've been somewhat agnostic as to whether it's an investment grade rated tenant, if it's an investment grade profile. If we've got a lot of belief in that management team and it's got a strong balance sheet and it generates a lot of cash flow, both at the corporate level and within the four walls that we're buying, and that's really how we triangulate our way to risk adjusted returns.

因此，我們對於它是否為投資等級租戶，是否為投資等級概況，一直持懷疑態度。如果我們對該管理團隊充滿信心，而團隊擁有強大的資產負債表，並且能夠產生大量現金流，無論是在公司層級還是在我們購買的範圍內，這就是我們實現風險調整回報的真正方式。

And that's where we're going to deploy capital, where we can get the best risk adjusted returns, and we've been pretty pleased, I mean a 7.7% blended cap rate for the quality of assets that we're adding to the portfolio, I think is really encouraging, especially if we get the opportunity to hit the gas.

這就是我們要部署資本的地方，我們可以在那裡獲得最佳的風險調整回報，我們非常高興，我的意思是，我們添加到投資組合中的資產質量的混合資本化率為 7.7%，我認為這真的令人鼓舞，特別是如果我們有機會獲得天然氣的話。

Great, that that's helpful. And then Dan, I won't ask how close we are to the inflection point, on the cost capital side, although certainly there's been progress year to date. I was wondering if you could just kind of walk us through the strategy again on the forward equity though.

太好了，這很有幫助。然後丹，我不會問我們在成本資本方面距離拐點有多近，儘管今年迄今為止肯定取得了進展。我想知道您是否可以再次向我們介紹遠期股權策略。

You've got about $185 million or $184 million of unsettled versus the midpoint of net investment guidance of $100 million. How far out can you extend some of that unsettled equity if -- as we go through the year?

您有大約 1.85 億美元或 1.84 億美元的未結算資金，而淨投資指引的中點為 1 億美元。隨著我們度過這一年，您可以將這些未結算的股權延長多久？

Yeah, I mean we could look -- we could -- we've already extended it once. I don't think we'd get much pushback if we extended another 6 to 12 months beyond kind of year end. And look, I'm happy to answer the question.

是的，我的意思是我們可以看看——我們可以——我們已經將它延長一次了。我認為，如果我們將期限延長至年底之後的 6 至 12 個月，我們不會遇到太多阻力。瞧，我很樂意回答這個問題。

I mean, as we sit here today, you think about our implied cap rate, we have a positive spread and we look at our implied cap rate relative to where we're buying. If you look at our WACC, as of today, spot WACC, we're 120 basis points, when you think about the 7.7% cash yield that we achieved in the first quarter, which we think, again we can potentially achieve that again in the second quarter.

我的意思是，當我們今天坐在這裡時，您會考慮我們的隱含資本化率，我們有一個正利差，我們會查看相對於我們購買地點的隱含資本化率。如果你看一下我們的加權平均資本成本，截至今天，現貨加權平均資本成本為 120 個基點，當你想到我們在第一季實現的 7.7% 的現金收益率時，我們認為，我們有可能在第二季度再次實現這一目標。

So we do have 120 basis points of spread. But so I would say that the light is green, but it's limish green right now, and we just want to be patient. That's why we didn't take up our net investment activity guidance despite having capability to do well north of what we're doing as we've shown historically.

因此我們的利差確實有 120 個基點。但我想說的是，燈是綠的，但現在是淺綠色，我們只想耐心等待。這就是為什麼我們沒有採取淨投資活動指導，儘管我們有能力做得比我們現在所做的更好，正如我們歷史上所展示的那樣。

So we do think there's a value disconnect. We think there's positive news to come out on our story that will continue to drive the shares higher. And so we're just being patient, with our cost of capital and that's really where we are and we look forward to kind of updating you guys on everything, next quarter and throughout conferences coming up here shortly.

所以我們確實認為存在價值脫節。我們認為，我們的故事中會出現正面的消息，這將繼續推動股價走高。因此，我們只是對我們的資本成本保持耐心，這就是我們目前的狀況，我們期待在下個季度以及即將召開的會議上向你們通報所有最新情況。

Great, appreciate the time guys.

太好了，感謝大家的時間。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, everyone. On that comment about potentially being able to hit the gas, you have a sound like you have a decent pipeline, just need the cost of capital to improve. If you were to do more volume, would you still be able to maintain the 7.7% cap rate or do you think it'll go down to maybe mid to low 7%?

嘿，大家早安。關於可能開採天然氣的評論，聽起來您有一條不錯的管道，只是需要資本成本來改善。如果您增加交易量，還能維持 7.7% 的資本化率嗎？或者您認為它會下降到 7% 左右？

Yeah, and I think we'd likely -- if we were to do similar volume to what we did in the fourth quarter, I think we're probably about a 7.5% cap rate. So it would come down a little bit. But I think there's enough depth in what we're looking at right now where it wouldn't come down more than 20 basis points.

是的，我認為我們很可能會——如果我們的銷量與第四季度相似，我認為我們的資本化率大概是 7.5%。所以它會下降一點。但我認為，就我們目前所關注的情況而言，利率已經足夠低，降幅不會超過 20 個基點。

Okay. And then when you look at your (inaudible) sell or your pending disposition pipeline, is that mostly tenants you're looking to pair back exposure to? Do you have any opportunistic sales in there and it would you provide seller financing for any deals?

好的。然後，當您查看您的（聽不清楚）銷售或待處理的處置管道時，您是否主要希望與其配對的租戶是？你們那裡有任何機會銷售嗎？你們會為任何交易提供賣方融資嗎？

We have not provided seller financing, recently. But when you look at what we're selling, there is one opportunistic sale that I expect to close in the second quarter, and then the rest of what we're looking at selling is going to be Family Dollar, some Dollar General just to reduce that exposure as well as pharmacy.

最近我們沒有提供賣方融資。但是當你看看我們正在銷售的產品時，我預計有一項機會性銷售將在第二季度完成，然後我們正在考慮銷售的其餘產品將是 Family Dollar 和一些 Dollar General，只是為了減少這種風險以及藥房的風險。

Okay, thank you.

好的，謝謝。

Thanks Wes.

謝謝韋斯。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning. I was curious if you could comment on new store opening appetite, especially from those parents that -- from those tenants that might be more potentially exposed to tariffs.

謝謝。早安.我很好奇您是否可以評論一下新店開業的興趣，特別是那些父母的興趣——那些可能更容易受到關稅影響的租戶的興趣。

And which stores are opening stores or would we look to acquire some of those stores. Just making sure I understand.

哪些商店正在開設新店，或者我們是否考慮收購其中一些商店。只是想確保我理解。

Just overall kind of more new store opening appetite.

整體而言，人們對開設新店的興趣增加。

Yeah, now, look, I mean, we're seeing a lot of our tenant roster are still in growth mode. So we've got healthy operators that continue to do well. Some are subject to tariffs, some aren't. I do think you've seen that muted a little bit.

是的，現在，看，我的意思是，我們看到很多租戶名冊仍處於成長模式。因此，我們擁有健康的運營商，並且能夠繼續保持良好的業績。有些需要繳關稅，有些則不需要。我確實認為你已經看到了一點減弱的聲音。

It's just very difficult for companies to make decisions right now with all of the uncertainty. But the ones that have been growing historically over the past 12 months, we expect to continue to grow and they've reiterated some of that on their earnings calls.

由於存在許多不確定性，公司現在很難做出決策。但我們預計過去 12 個月一直保持成長勢頭的公司將繼續成長，他們在收益電話會議上也重申了這一點。

Okay. And on the acquisitions this quarter, you're able to achieve a 7.7% yield, which was nice to see. Yeah, I'm sure there's a range of, some deals in the low 7s and maybe some others in the 8s. I was just curious if you can provide some commentary on the types of assets that you're buying at the higher cap rates and the kind of credit quality. Thank you.

好的。在本季的收購中，您可以實現 7.7% 的收益率，這令人欣喜。是的，我確信有很多交易，有些價格在 7 美分以下，有些價格在 8 美分以上。我只是好奇您是否可以對您以較高的資本化率購買的資產類型和信用品質提供一些評論。謝謝。

Yeah, sure. I mean, two-thirds of what we bought was investment grade or investment grade profile, which honestly we don't really see a big difference between investment grade profile and investment grade. In fact, I'd say the investment grade profiles typically has a better balance sheet and stronger financial statements than what you'd see with a with a BBB company.

是的，當然。我的意思是，我們購買的三分之二是投資等級或投資等級概況，老實說，我們並沒有看到投資等級概況和投資等級之間有什麼大的差異。事實上，我認為投資等級公司通常比 BBB 公司有更好的資產負債表和更強勁的財務報表。

The range wasn't that wide this quarter. I think you kind of cut the range pretty accurately. The acquisitions that we've acquired at the higher ends, there's maybe some (inaudible) that are in pretty heavy growth mode, but there are larger operators that where we're getting unit level financials that have rent coverage of north of 3.5 times in some cases north of 4 times. So very attractive real estate at a replaceable basis.

本季的範圍並沒有那麼廣。我認為你對範圍的縮小相當準確。我們在高端收購的公司中，可能有一些（聽不清楚）處於相當強勁的成長模式，但也有一些規模更大的營運商，我們獲得的單位級財務狀況的租金覆蓋率高達 3.5 倍以上，在某些情況下甚至高達 4 倍以上。因此，以可替代的價格購買房地產非常有吸引力。

So we don't really feel like we're taking on much more risk. In fact, I'd say the risk adjuster returns for what we're acquiring at the higher cap rate range is certainly stronger than a lot of what we're seeing on the investment grade side, where we continue to just not see a ton of movement with cap rates for investment grade retailers.

所以我們不覺得我們承擔了太多風險。事實上，我想說，我們在較高資本化率範圍內收購的風險調整回報肯定比我們在投資等級方面看到的許多回報要高，而我們仍然沒有看到投資級零售商的資本化率大幅波動。

Unless you're willing to take on what we call really (inaudible) risk, which is going to be -- you get more of a shopping center type lease where you've got co-tenancy and you've got use restrictions and things like that that don't show up for a long time, but when they do show up, they fight pretty hard.

除非你願意承擔我們所說的真正的（聽不清楚）風險，也就是——你會得到更多的購物中心類型的租賃，你有共同租賃，你有使用限制和諸如此類的東西，它們在很長一段時間內不會出現，但一旦出現，他們會非常努力地爭取。

Okay, thank you.

好的，謝謝。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi. Albeit not where you want it to be, your stock has done really well year-to-date, to the extent the environment doesn't get better. How comfortable are you continuing on this path of capital recycling mode with acquisitions funded by dispositions? Or how do you think about capital allocation over the next 12 to 18 months to the extent market volatility continues?

你好。儘管沒有達到您所希望的水平，但今年迄今為止，您的股票表現確實很好，因為環境並沒有變得更好。您是否願意繼續這種透過處置來資助收購的資本循環模式？或者，在市場波動持續的背景下，您如何考慮未來 12 至 18 個月的資本配置？

Yeah, sure, it's a good question, Linda. I mean, we think we have a lot of work still to do. We've obviously accomplished a lot here in the last few quarters, but we'd like to get the concentrations inside of what our long term ranges were that we've told investors for the last several years.

是的，當然，這是個好問題，琳達。我的意思是，我們認為我們還有很多工作要做。顯然，我們在過去幾個季度中取得了許多成就，但我們希望將重點放在我們過去幾年告訴投資者的長期範圍內。

We're just kind of expediting that a little bit. And fortunately, I think we're going to continue to be able to make progress on that. And once we've really gotten to our goals, if we're still not trading, where we need to be, then I think there's other alternatives for us to explore.

我們只是稍微加快了一點速度。幸運的是，我認為我們將繼續在這方面取得進展。一旦我們真正實現了目標，如果我們的交易仍未達到我們需要的水平，那麼我認為我們還有其他選擇可以探索。

Yeah, and Linda, I'd say, keep in mind that you know our comfortability in terms of leverage is 4.5 to 5.5 times. If we hit the high end of our net investment activity guidance, we'd probably in the year right around 5 times. So you know we can still operate well into next year within our comfortability range that we've provided to the company or to the street.

是的，琳達，我想說，請記住，我們在槓桿方面的舒適度是 4.5 到 5.5 倍。如果我們達到淨投資活動指導的高端，那麼我們今年的投資活動可能會達到 5 次左右。因此，您知道，在我們為公司或街道提供的舒適範圍內，我們仍然可以在明年順利運作。

Thanks.

謝謝。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

Hi everyone, thank you for taking my question. I think it was the last call where you all said it seemed harder for private buyers to get bank financing for leases with non-investment grade tenants. Have you seen that continue to play out these last few months, or has anything changed there?

大家好，感謝你們回答我的問題。我認為這是最後一次通話，大家都說私人買家似乎更難獲得非投資級租戶租賃的銀行融資。您是否發現這種情況在過去幾個月持續發生，或者有什麼變化？

Yeah, I don't think there's been much change in the market. I think you've seen some banks willing to lend and some not. We really see that more on the disposition side. When we're looking to sell, we've had to do a little bit more handholding to try to help some buyers source some bank financing, and fortunately we've been pretty successful at that.

是的，我認為市場沒有太大變化。我想你已經看到有些銀行願意放貸，有些則不願意。我們確實在處置方面更多地看到了這一點。當我們想要出售時，我們必須做更多的幫助，試圖幫助一些買家獲得一些銀行融資，幸運的是我們在這方面相當成功。

Okay, I appreciate that color, thanks. And then as a follow up, I think you had mentioned it, but the investment grade profile for this quarter's acquisitions was around 66%. Are you expecting kind of that same mix for acquisitions going forward based on the visible pipeline or any changes there?

好的，我很欣賞那個顏色，謝謝。然後作為後續問題，我想您已經提到過，但本季收購的投資等級概況約為 66%。根據可見的管道或任何變化，您是否預期未來的收購會出現相同的組合？

Yeah, I mean, I think we're just going to chase where we're getting the best risk adjusted returns. We've had quarters where 100% of what we acquired in the quarter was investment grade. We've had quarters where it was 20% or 30%.

是的，我的意思是，我認為我們只是要追求獲得最佳風險調整回報的地方。我們曾經歷過某個季度，當季收購的資產 100% 都是投資等級的。我們曾經有過季度成長率達到 20% 或 30% 的情況。

And so we just really aren't as dogmatic as people might think about whether something is a BBB- or BB+ or not rated. If we feel like -- we're doing our own underwriting and if we feel like we're not taking on a lot of risk and we're getting an attractive yield, then you know that those are the types of opportunities that we're chasing.

因此，我們對於某個東西是否是 BBB- 或 BB+ 或沒有評級，並不像人們想像的那麼武斷。如果我們覺得——我們正在進行自己的承保，如果我們覺得我們沒有承擔太多風險，並且獲得了有吸引力的收益，那麼你就知道這些就是我們正在追逐的機會類型。

Great, thanks.

太好了，謝謝。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Thank you. Good morning. Following up on that, I just wanted to comment on the team's very impressive credit underwriting, and I was curious if you could talk to -- if any criteria has been modified or updated, whether it be on the real estate side or on the tenant credit side.

謝謝。早安.接下來，我只想評論一下該團隊非常令人印象深刻的信用承保，我很好奇您是否可以談談 - 是否有任何標準被修改或更新，無論是在房地產方面還是在租戶信貸方面。

Hey, Jana, good to hear from you. Yeah, no changes really broadly from how we're underwriting. I think really the filter hasn't changed. It's really what's getting through the filter that may have changed, just as we haven't seen cap rates move up enough where you've had rates move up on the investment grade side, but cap rates have moved up on the investment grade profile and sub-investment grade tenants, and so that just happens to be currently where the more attractive opportunities are.

嘿，Jana，很高興收到你的來信。是的，我們的承保方式並沒有太大變化。我認為過濾器確實沒有改變。真正經過篩選的東西可能已經發生了變化，就像我們還沒有看到資本化率大幅上升，而投資級利率已經上升，但投資級和次投資級租戶的資本化率已經上升，所以這恰好是目前更具吸引力的機會所在。

But more broadly we're looking at the corporate credit, what kind of cash flow the tenant is generating today and what can impact that over time and what are the financial obligations that they need to meet and how tight is that and what can change that.

但更廣泛地說，我們正在關注企業信用，租戶今天產生什麼樣的現金流，什麼會隨著時間的推移對其產生影響，他們需要滿足的財務義務是什麼，這些義務有多緊張，以及什麼會改變這種狀況。

And then the second piece of course is the location that we're buying, are they generating a lot of cash flow at that location well beyond the rent that they're paying so that if we get the first part wrong or something changes with the corporate credit, whether it's the balance sheet or operations, do we have locations that they're going to want to keep in a restructuring and it's really the same analysis when you get to the end of the lease term.

然後第二部分當然是我們正在購買的地點，他們是否在該地點產生的現金流遠遠超過他們支付的租金，這樣，如果我們第一部分出錯，或者公司信用發生變化，無論是資產負債表還是運營，我們是否有他們想要在重組中保留的地點，當你到達租賃期結束時，這實際上是相同的分析。

They're going to renew the leases that generate cash flow, and the ones that don't, they're going to renegotiate or leave. And so we want to avoid those situations. And then of course if you get the first two pieces wrong, hopefully we don't have a lot of those, what's the real estate and how fungible is the real estate?

他們將續約那些能產生現金流的租約，而對於那些無法產生現金流的租約，他們將重新談判或退出。因此我們希望避免這些情況。當然，如果前兩部分你都理解錯了，希望我們不會遇到太多這樣的問題，什麼是房地產，以及房地產的替代性如何？

How much is it going to cost to reposition it and how interesting is that location going to be to other retailers that we want to grow with? And so -- and can you replace that rent? And so that's -- it's really the same three buckets I think we think about it the same way. It's just we have different opportunities that are getting through the filter.

重新定位要花多少錢？對於我們想要一起成長的其他零售商來說，這個位置有多吸引人？那麼──你能補償那筆租金嗎？所以這實際上是相同的三個桶，我認為我們以相同的方式看待它。只是我們有不同的機會需要通過篩選。

And I guess maybe just is there kind of a maximum box size that you won't go over and just curious also with the dis -- I understand the disposition of the Lowe's was more cap rated driven, but just curious if you're just moving away from larger boxes in general.

我想也許存在一個最大箱子尺寸，而您不會超過這個尺寸，而且我也很好奇——我知道 Lowe 的處置方式更多地是由上限驅動的，但我只是好奇您是否正在遠離更大的箱子。

Yeah, I wouldn't say much is changing there, but we are much more cautious if the box is bigger, especially like a Lowe's. We don't want to take back many big box assets. They're just going to be very difficult to reposition.

是的，我不會說那裡發生了太大的變化，但如果盒子更大，我們會更加謹慎，特別是像 Lowe's 這樣的東西。我們不想收回許多大型資產。它們將很難重新定位。

There's only four or five operators that could step into a Lowe's without us having to spend the money to split it up into three or four tenants, and that's costly, and you may be able to increase the rent, but it's going to cost you so much in CapEx that it's really not worth it.

只有四到五家業者可以進入 Lowe's，而我們不必花錢將其分成三到四個租戶，這是昂貴的，你也許可以提高租金，但這將花費你太多的資本支出，所以這真的不值得。

And so our strong preference is to focus on the smaller fungible boxes. We will have a handful of larger boxes, but we have to be very sure about our underwriting as it relates to the corporate credit and the unit level profitability.

因此，我們強烈傾向於關注較小的可替代盒子。我們將擁有一些更大的箱子，但我們必須非常確定我們的承保，因為它關係到公司信用和單位級盈利能力。

Thank you.

謝謝。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great, thank you. I was wondering, have you heard anything from your tenants regarding tariffs or any potential impacts to them? It would tariffs potentially add any new tenants to your tenant credit watch list?

太好了，謝謝。我想知道，您是否從租戶那裡聽到有關關稅或任何對他們可能產生的影響的消息？關稅是否會將任何新租戶添加到您的租戶信用觀察名單中？

Tariffs have not. I mean, it's been an interesting ride. I think the tenants are really just trying to figure out what's going to happen because it's moved around this morning in terms of what's exempt and what's not with automobiles.

關稅尚未提高。我的意思是，這是一次有趣的旅程。我認為租戶們實際上只是想弄清楚會發生什麼，因為今天早上關於汽車哪些可以豁免、哪些不能豁免的規定發生了變化。

So yeah, I think it's really just made it difficult for them to make decisions. It may slow their growth a little bit. I think some companies will have trouble making hiring decisions. So I think that's it's really added some level of confusion for some people.

是的，我認為這確實讓他們很難做出決定。這可能會稍微減緩它們的生長速度。我認為一些公司在做出招聘決定時會遇到困難。所以我認為這確實給一些人帶來了一定程度的困惑。

But we've gone through our entire portfolio and really tried to think through what could be the negative impacts of tariffs and where people source their goods and whether that -- and that also applies to services as much as it does for people that just sell things in their stores, and what's the ease of being able to switch that.

但是，我們已經審查了我們的整個投資組合，並認真思考關稅可能帶來的負面影響以及人們從哪裡採購商品，這是否也適用於服務業，就像適用於只在商店銷售商品的人一樣，以及轉換這種模式的難易程度如何。

But then I think that's going to move around a lot, and I think people get caught up in the first derivative of what's going on with tariffs, but I think it's really prudent to think through what's the second derivative of what could happen if things continue to move around and we kind of muddle our way through.

但我認為這將會發生很大的變化，我認為人們會陷入關稅問題的第一個衍生問題中，但我認為，如果事情繼續變化並且我們陷入困境，仔細考慮可能發生的第二個衍生問題才是非常謹慎的。

This much uncertainty and that's -- we could see a slowdown. And that's really, for us, we view that as an opportunity for us where we -- where our portfolio shines when things slow down, you saw that during COVID.

如此多的不確定性，我們可能會看到經濟放緩。對我們來說，這確實是一個機會，當經濟放緩時，我們的投資組合就會大放異彩，這點在新冠疫情期間就已體現出來。

We collected all of our rent during COVID when others were really struggling to collect rent and we were able to play a little bit more offense. And so we just don't have very much that's discretionary within our portfolio, and so that's really where we're not just thinking about the first derivative, we're thinking through the second and third derivative and what might happen.

在疫情期間，當其他人都很難收取租金時，我們卻收回了所有的租金，而我們卻能夠發揮更大的進攻作用。因此，我們的投資組合中沒有太多可自由支配的資產，因此我們實際上不僅考慮第一個衍生品，還考慮第二個和第三個衍生品以及可能發生的情況。

Okay, great, that was helpful. And then just last one for me would, in the acquisitions you did in 1Q, were there any new relationships in there or were they all with existing tenants?

好的，太好了，這很有幫助。然後對我來說最後一個問題是，在您第一季進行的收購中，是否有任何新的關係，還是都是與現有租戶建立的？

I believe we added three new tenants in the quarter if I recall.

如果我沒記錯的話，我們本季增加了三名新租戶。

Okay great. Thank you.

好的，太好了。謝謝。

Jay Kornreich, Wedbush Securities.

Jay Kornreich，韋德布希證券公司。

Hey, guys. Good morning. You mentioned one new addition into the top 20 tenant list, and I'm just curious if you are able to get an improved cost of capital to acquire more, do you see any growing opportunity to get additional new tenants into that top 20 either from growing current smaller exposures or just totally new tenants?

嘿，大家好。早安.您提到前 20 名租戶名單中又增加了一名新租戶，我很好奇您是否能夠透過降低資本成本來獲得更多租戶，您是否看到了任何增加新租戶進入前 20 名的機會，無論是透過增加當前較小的租戶還是全新的租戶？

Yeah, no, absolutely. I mean, the top 20 tenant and Gerber Collision, we've got a few more in the pipeline, so that one, by definition we'll be adding to that. And we have a number of tenants that kind of fall on our top 40 that we'd like to continue to grow with, as well as looking at some new opportunities.

是的，絕對不是。我的意思是，前 20 名租戶和 Gerber Collision，我們還有一些正在籌備中，所以按照定義，我們會將其添加到其中。我們有許多租戶都名列前 40 名，我們希望與他們繼續共同成長，同時也尋找一些新的機會。

And so, absolutely. I think that's one thing that we're focused on going into 2025 and 2026 is really we need to improve the diversification of the portfolio, and that's really a great way to do it.

所以，絕對是這樣。我認為這是我們在 2025 年和 2026 年重點關注的一件事，我們確實需要改善投資組合的多樣化，這確實是一個很好的方法。

All right, thank you. And then just one follow up, going back to the transaction market, I guess just given the overall economic uncertainty, are you seeing increased interest from your competition in safer investment grade assets that you would typically invest into relative to what you currently -- what you expect during more economic understood times, or are you seeing in an expansion in competition in that investment grade asset class?

好的，謝謝。然後再問一個問題，回到交易市場，我想，考慮到整體經濟的不確定性，您是否看到競爭對手對更安全的投資級資產的興趣有所增加，相對於您目前的情況，您通常會投資於這些資產——在經濟更加可理解的時期您預期的情況如何，或者您是否看到該投資級資產類別的競爭有所擴大？

Yeah, difficult to say, honestly. We haven't really seen a lot more competition show up at this point. But yeah, I mean, I think if we end up in a more sustained uncertain environment and you really start to see the economy slow, I certainly would expect to see that.

是的，說實話，很難說。目前我們還沒有看到更多競爭的出現。但是的，我的意思是，我認為如果我們最終陷入更持續的不確定環境，並且你真的開始看到經濟放緩，我當然會預料到會看到這種情況。

Okay, thank you.

好的，謝謝。

There are no further questions at this time. I would like to turn the floor back over to Mark Manheimer for closing remarks.

目前沒有其他問題。我想把發言權交還給馬克·曼海默，請他做最後發言。

Well, thank you everybody for joining today and for your interest in NETSTREIT. We look forward to seeing many of you at the upcoming conferences.

好吧，感謝大家今天的加入以及對 NETSTREIT 的關注。我們期待在即將召開的會議上見到你們。

Thank you. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開您的線路了，感謝您的參與。