Netstreit Corp (NTST) 2025 Q3 法說會逐字稿

Greetings and welcome to the NETSTREIT Corp. third-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

各位來賓，歡迎參加 NETSTREIT 公司 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It is now my pleasure to introduce Matt Miller, Capital Markets and IR. Please go ahead.

現在我很高興向大家介紹資本市場和投資者關係部門的 Matt Miller。請繼續。

We thank you for joining us for NETSTREIT's third-quarter 2025 earnings conference call. In addition to the press release distributed yesterday after market closed, we posted a supplemental package and updated investor presentation. Both can be found in the Investor Relations section of the company's website at NETSTREIT.com.

感謝您參加 NETSTREIT 2025 年第三季財報電話會議。除了昨天收盤後發布的新聞稿外，我們還發布了補充資料包和更新後的投資者簡報。這兩份文件都可以在公司網站 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，管理階層的演講和對您問題的回答可能包含前瞻性陳述，如 1995 年《私人證券訴訟改革法案》中所定義。前瞻性陳述涉及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有所不同。

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，我們建議您查閱我們截至 2024 年 12 月 31 日止年度的 10-K 表格以及我們向美國證券交易委員會提交的其他文件。所有前瞻性陳述均截至本新聞稿發布之日，NETSTREIT 不承擔在未來更新任何前瞻性聲明的義務。

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資訊包括非GAAP財務指標。請參閱我們的獲利報告和補充資料包，以了解我們的非GAAP指標的定義、與最可比較GAAP指標的調節表，以及我們認為這些非GAAP財務指標對投資者有用的原因的解釋。

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

今天的電話會議由 NETSTREIT 的執行長 Mark Manheimer 和財務長 Dan Donilan 主持。他們會發表一些事先準備好的講話，然後我們會開放提問環節。

Now I'll turn the call over to Mark.

現在我把電話交給馬克。

Thank you, Matt. And good morning, everyone. We appreciate you joining us today to discuss our strong third-quarter results, which were highlighted by record quarterly investment activity, well-executed capital markets transactions, and consistent performance from our defensive net lease portfolio. Looking ahead to the fourth quarter and beyond, we expect to remain highly acquisitive due to our improved cost of capital, our attractive opportunity set, and well-capitalized balance sheet.

謝謝你，馬特。大家早安。感謝您今天蒞臨與我們共同探討我們強勁的第三季度業績，其中最突出的亮點包括創紀錄的季度投資活動、執行良好的資本市場交易以及我們防禦型淨租賃投資組合的持續表現。展望第四季及以後，由於資本成本降低、機會眾多且資產負債表資本充足，我們預期將繼續保持積極的收購態勢。

With that in mind, we are increasing our 2025 net investment guidance range to $350 million to $400 million, from $125 million to $175 million. Additionally, our year-to-date disposition activity has us well ahead of schedule to exceed our year-end diversification goals as evidenced by our top five tenancy declining 600 basis points this year to 22.9% at quarter end.

考慮到這一點，我們將 2025 年淨投資指引範圍從 1.25 億美元至 1.75 億美元提高到 3.5 億美元至 4 億美元。此外，我們今年迄今的資產處置活動使我們遠遠提前完成了年底的多元化目標，這從我們前五大租戶的佔比在季度末下降 600 個基點至 22.9% 就可以看出。

Our momentum on the external growth front picked up considerable pace in the quarter as we closed a record $203.9 million of investments across 50 properties at a blended cash yield of 7.4%. These assets, which are primarily within resilient sectors such as grocery, auto service, convenience stores, and quick service restaurants, have an average lease term remaining of 13.4 years, and more than one-third of these investments are occupied by investment-grade or investment-grade profile tenants.

本季度，我們在外部成長方面的勢頭顯著增強，完成了創紀錄的 2.039 億美元投資，涵蓋 50 處房產，綜合現金收益率為 7.4%。這些資產主要集中在雜貨店、汽車服務、便利商店和快餐店等具有韌性的行業，平均剩餘租期為 13.4 年，其中超過三分之一的投資由投資級或投資級租戶承租。

Our weighted average lease term now stands at 9.9 years, up from 9.5 years a year ago, providing a strong foundation for predictable cash flows. Our ability to quickly ramp investments after raising capital in late July illustrates the inherent strength of our relationship-driven investment underwriting and closing teams. We would also note that our later start in the quarter did result in a substantial number of investments closing in the last week of the quarter, which limits their impact to the full-year results.

我們目前的加權平均租賃期限為 9.9 年，高於一年前的 9.5 年，為可預測的現金流量提供了堅實的基礎。我們在7月下旬籌集資金後迅速加大投資力度，這反映了我們以關係為導向的投資承銷和交易團隊的內在實力。我們還要指出，由於本季開始較晚，導致大量投資在本季最後一周完成，這限制了它們對全年業績的影響。

On the disposition front, we sold 24 properties for $37.8 million at a 7.2% cap rate, allowing us to recycle the proceeds into higher yielding opportunities, as we have done every quarter in our existence. Please note that we see the fourth quarter as our last quarter of elevated disposition volume due to our focus on diversification as we plan to return to our more normal disposition volumes focused on credit risk and opportunistic sales.

在資產處置方面，我們以 7.2% 的資本化率出售了 24 處房產，獲得 3,780 萬美元，使我們能夠將所得款項再投資於收益更高的機會，正如我們公司成立以來每個季度所做的那樣。請注意，由於我們專注於多元化，第四季度將是我們最後一個處置量較高的季度，因為我們計劃恢復到更正常的處置量，重點關注信用風險和機會性銷售。

Turning to the portfolio, we ended the quarter with 721 investments with 114 tenants and 28 industries generating more than $183 million in ABR across 45 states. With more than 62% of our ABR being generated from tenants with investment-grade ratings or investment-grade profiles and only 2.7% of our ABR expiring through 2027, our portfolio should continue to produce consistent and predictable cash flow.

再來看投資組合，本季末我們共有 721 項投資，涉及 114 個租戶和 28 個產業，在 45 個州創造了超過 1.83 億美元的年租金收入。由於我們超過 62% 的 ABR 收入來自具有投資等級或投資等級的租戶，並且到 2027 年只有 2.7% 的 ABR 到期，因此我們的投資組合應該會繼續產生穩定和可預測的現金流。

Our active portfolio management continues to contribute to our occupancy rate remaining at an industry-leading 99.9% with no material tenant disruptions. With that in mind, we expect to have our loan-vacant property, a former Big Lots, leased by the fourth quarter to an investment-grade tenant at more than a 20% increase in rent, with rent to convince later in 2026. While we have been able to generate highly favorable cash yields on investments as a public company, we are proud of our best-in-class credit loss statistics, as we again had no credit losses in the quarter.

我們積極的投資組合管理持續為我們的入住率保持在行業領先的 99.9% 做出貢獻，且沒有對租戶造成重大干擾。考慮到這一點，我們預計到第四季度，我們將把我們貸款空置的房產（以前是 Big Lots 的房產）出租給投資級租戶，租金將上漲 20% 以上，而租金將在 2026 年晚些時候達到可觀的水平。作為一家上市公司，我們雖然能夠從投資中獲得非常可觀的現金收益，但我們也為我們一流的信貸損失統計數據感到自豪，因為我們在本季度再次沒有任何信貸損失。

On the left side of the balance sheet, we believe our job is to find assets that generate the best risk-adjusted returns available, which is supported by our creative, multi-pronged investment approach, proven underwriting method, and proactive asset management process. By adhering to those core competencies, we aim to provide attractive and consistent cash flow generation for our investors.

在資產負債表的左側，我們認為我們的工作是尋找能夠產生最佳風險調整後收益的資產，這得益於我們富有創意的多管齊下的投資方法、成熟的承銷方法和積極主動的資產管理流程。透過堅持這些核心競爭力，我們旨在為投資者提供有吸引力且穩定的現金流。

Looking at the right side of the balance sheet, we had an active quarter adding long-dated unsecured debt, further extending our debt maturity profile, and decreased our leverage with significant equity raising, which has accelerated our ability to accretively grow our portfolio, and in turn, enhance our earnings power as we look out to 2026 and beyond. Ending with the macro, while we have seen softness develop in the lower- and middle-income consumer and some noise in the private credit markets, our focus remains on accretive investments in high-quality and less volatile necessity-based retail properties.

從資產負債表的右側來看，我們本季度積極增加了長期無擔保債務，進一步延長了債務到期期限，並透過大量股權融資降低了槓桿率，這加快了我們增值增長投資組合的能力，進而增強了我們展望 2026 年及以後的盈利能力。最後說說宏觀經濟，雖然我們看到中低收入消費者的需求有所疲軟，私人信貸市場也出現了一些波動，但我們的重點仍然是對高品質、波動性較小的必需品零售物業進行增值投資。

We believe our tenant quality, diversification, and emphasis on opportunities with the best risk-adjusted returns positions us well for any and all macroeconomic environments. With that in mind, we are currently seeing the most attractive opportunity set that we have seen since going public over five years ago. And we are excited to have the dry powder to execute and drive growth well into the future.

我們相信，我們優質的租戶、多元化的業務以及對風險調整後收益最佳的投資機會的重視，使我們能夠很好地應對任何宏觀經濟環境。考慮到這一點，我們目前正面臨著自五年多前上市以來最具吸引力的投資機會。我們很高興擁有充足的資金來執行計劃並推動未來的成長。

With that, I'll turn it over to Dan for more details on our financials and outlook.

接下來，我將把發言權交給丹，讓他詳細介紹我們的財務狀況和前景。

Thank you, Mark. Looking at our third-quarter earnings, we reported net income of $621,000 or $0.01 per diluted share. Core FFO for the quarter was $26.4 million or $0.31 per diluted share. And AFFO was $28 million or $0.33 per diluted share, which was an increase of 3.1% over last year. Turning to the expense front, our total recurring G&A in the quarter increased year over year to $5.1 million, which is mostly a result of our staffing levels normalizing after we restructured various roles last year.

謝謝你，馬克。從我們第三季的收益來看，我們報告的淨收入為 621,000 美元，即每股攤薄收益 0.01 美元。本季核心FFO為2,640萬美元，即每股攤薄收益0.31美元。調整後營運資金 (AFFO) 為 2,800 萬美元，即每股攤薄收益 0.33 美元，比去年增長 3.1%。再來看支出方面，本季我們的經常性一般及行政費用總額年增至 510 萬美元，這主要是由於去年我們重組了各種職位後，員工人數恢復正常所致。

That said, with our total recurring G&A representing 10.6% of total revenues this quarter versus our 11.1% quarterly average last year, our G&A continues to rationalize relative to our revenue base, and we expect this rationalization to accelerate in 2026 and beyond. Turning to capital markets activities in the third quarter, we completed a 12.4 million share follow-on offering in July, which raised $209.7 million in net proceeds.

儘管如此，本季我們的經常性一般及行政費用佔總收入的 10.6%，而去年同期平均為 11.1%，這意味著我們的一般及行政費用相對於收入基礎正在持續趨於合理化，我們預計這種合理化將在 2026 年及以後加速。第三季資本市場活動方面，我們在7月完成了1,240萬股的後續發行，淨籌資2.097億美元。

Turning to the ATM, we sold 1.2 million shares for $20.6 million of net proceeds in the quarter. And subsequent to quarter end, we sold an additional 1.6 million shares for $29.7 million of net proceeds. Looking at the balance sheet, our adjusted net debt, which includes the impact of all forward equity, was $623.5 million. Our weighted average debt maturity is 4.2 years, and our weighted average interest rate was 4.45%.

再來看ATM，本季我們賣出了120萬股股票，淨收益為2060萬美元。季度末之後，我們又賣了 160 萬股股票，淨收益為 2,970 萬美元。從資產負債表來看，我們調整後的淨負債（包括所有預期權益的影響）為 6.235 億美元。我們的加權平均債務到期期限為 4.2 年，加權平均利率為 4.45%。

Including extension options, which can be exercised at our discretion, we have no material debt maturing until February 2028. In addition, our total liquidity was over $1.1 billion at quarter end, which consisted of $53 million of cash on hand, $500 million available on our revolving credit facility, $431 million of unsettled forward equity, and $150 million of undrawn term loan capacity. From a leverage perspective, our pro forma adjusted net debt to annualized adjusted EBITDA REIT was 3.6 times at quarter end, which remains well below our targeted range of 4.5 to 5.5 times.

包括我們可以自行決定行使的延期選擇權在內，我們在 2028 年 2 月之前沒有任何重大債務到期。此外，截至季末，我們的總流動資金超過 11 億美元，其中包括 5,300 萬美元的現金、5 億美元的循環信貸額度、4.31 億美元的未結算遠選擇權益以及 1.5 億美元的未提取定期貸款額度。從槓桿率的角度來看，截至季末，我們調整後的淨負債與年度調整後 EBITDA REIT 的比率為 3.6 倍，遠低於我們 4.5 至 5.5 倍的目標範圍。

Moving on to 2025 guidance, we are reiterating our AFFO per share guidance range of $1.29 to $1.31 and are increasing our net investment activity range to $350 million to $400 million from the prior range of $125 million to $175 million. We continue to expect cash G&A to range between $15 million and $15.5 million.

展望 2025 年業績，我們重申每股調整後營運資金 (AFFO) 預期範圍為 1.29 美元至 1.31 美元，並將淨投資活動範圍從先前的 1.25 億美元至 1.75 億美元提高至 3.5 億美元至 4 億美元。我們仍預期現金一般及行政費用將在 1500 萬美元至 1550 萬美元之間。

Additionally, with our outstanding forward equity increasing to $430 million this quarter from $202 million last quarter, our AFFO per share guidance now assumes $0.015 to $0.025 of dilution from the treasury stock method. Lastly, on October 24, the Board declared a quarterly cash dividend of $0.215 per share. The dividend will be payable on December 15 to shareholders of record as of December 1.

此外，由於本季我們的未償付遠期權益從上季度的 2.02 億美元增加到 4.3 億美元，我們目前的調整後營運資金 (AFFO) 每股指引假設庫存股法將導致 0.015 美元至 0.025 美元的稀釋。最後，10 月 24 日，董事會宣布派發每股 0.215 美元的季度現金股利。股利將於12月15日支付給12月1日登記在冊的股東。

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

話筒，現在我們將開放提問通道。

Thank you. (Operator Instructions) John Kilichowski, Wells Fargo.

謝謝。（操作員說明）約翰‧基利喬夫斯基，富國銀行。

Hi, good morning. Thank you. Mark, you made the comment in the opening remarks that you're currently seeing the most attractive opportunity set that you've seen. Maybe could you dive deeper there in terms of the assets that you're looking at, pricing, and then maybe the cadence that you think you can achieve going forward from here?

您好，早安。謝謝。馬克，你在開場白中提到，你目前看到了你所見過的最有吸引力的機會。您能否更深入探討您正在關注的資產、定價，以及您認為從現在開始可以實現的投資節奏？

Yes, sure. Good to hear from you, John. Yes, so, I mean, very similar types of assets. I mean, we're looking at a lot of C-stores, quick service restaurants, grocery, QSR, similar to what we've really kind of done in the last several quarters. Pricing, very close to what we did in the most recent quarter. So I think we're probably going to be in the 7.3, 7.4 range, maybe a little bit more investment grade so far. We'll kind of see what we source from here on out, but pretty confident that we should be able to be at the high end of the acquisition range provided.

當然可以。很高興收到你的來信，約翰。是的，我的意思是，是非常相似的資產類型。我的意思是，我們正在關注許多便利商店、快餐店、雜貨店、快餐店，這和我們在過去幾個季度所做的工作類似。定價與我們最近一個季度的定價非常接近。所以我認為我們可能會達到 7.3、7.4 的評級區間，到目前為止，可能更接近投資等級。接下來我們會看看能從哪裡採購，但我們很有信心能夠達到採購範圍的高端水準。

And then looking forward to 2026, not giving guidance on acquisitions at this point, but I think you can expect the dispositions to come in quite a bit. We'll continue to opportunistically sell some assets and focus on potential credit issues down the line and try to get ahead of that, which we did even when we were in diversification mode. But we've really accomplished the goals that we set out at the beginning of the year on the dispo side. So it feels like the net investments should be a little bit higher next year.

展望 2026 年，目前不就收購事宜給予指導，但我認為可以預見會有相當多的資產處置。我們將繼續伺機出售一些資產，並專注於未來可能出現的信貸問題，並努力提前應對，即使在我們進行多元化投資時，我們也這樣做過。但在分銷方面，我們確實實現了年初設定的目標。因此，明年的淨投資額應該會略有增加。

Okay, that was very helpful. And then just from a pricing perspective, I know this quarter there was a step down, but you had communicated that several times intra-quarter. I'm just curious, are the cap rates that you're seeing today a better run rate for the business going forward?

好的，這很有幫助。從定價角度來看，我知道本季價格有所下調，但你們在本季已經多次傳達過這一點。我只是好奇，目前看到的資本化率是否更有利於企業未來的發展？

Yes, I think so. And yes, I mean, I appreciate your comment there. We did try to make that clear in the second quarter that the 7.8 was not going to be repeated, and we'd return back to that kind of 7.4, 7.5-type cap rate range, I think. Right now the 10 years come in from, call it, 4.5 to 4, inside 4 right now, and so a little bit more competition in the space. I think it's reasonable to assume that there could be another 10 basis points of compression looking forward into 2026, but that's always difficult to predict outside of called 60, 90 days on a go-forward basis.

是的，我也這麼認為。是的，我很感謝你的評論。我們在第二季確實努力表明，7.8%的資本化率不會重現，我認為我們會回到7.4%、7.5%左右的資本化率區間。目前來看，未來 10 年的時間是從 4.5 年到 4 年，或者說現在到 4 年之間，所以這個領域的競爭會更加激烈一些。我認為可以合理地假設到 2026 年匯率可能會再壓縮 10 個基點，但除了提前 60 天或 90 天進行預測之外，很難對未來匯率進行預測。

Very helpful. Thank you.

很有幫助。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. Lots of activity in the quarter, but the guidance didn't really move. So can you just talk a little bit about what are the factors that maybe didn't move the 2025 AFFO share outlook? And I guess how will that impact how will that impact the earnings growth kind of going forward? Thanks.

早安.非常感謝您回答我的問題。本季活動很多，但業績指引並沒有真正改變。那麼，您能否談談有哪些因素可能沒有影響到 2025 年 AFFO 份額預期？那麼，這會對未來的獲利成長產生怎樣的影響呢？謝謝。

Yes. Hey, Michael. I think there's really two drivers to the guidance. The first being that while we had a ton of activity in the third quarter, the timing of that activity was -- on the investment side was heavily weighted to the back half of the quarter. We closed basically $100 million on the last two days of the quarter, whereas the loan payoffs and the dispositions were heavily weighted to the front end.

是的。嘿，麥可。我認為這項指導方針實際上有兩個驅動因素。首先，雖然我們在第三季度有很多活動，但這些活動的時機——就投資而言——主要集中在該季度的後半段。我們基本上在季度末的最後兩天完成了 1 億美元的交易，而貸款償還和資產處置則主要集中在季度初。

And you can see that on the income statement. Our total revenues went up to the front end, and you can see that in on the income statement. Our total revenues went up $22,000 quarter over quarter. So certainly, timing has played a big part in that, whereas in the second quarter was the exact opposite was true. And the other is just the unknown nature of the treasury stock dilution.

這一點可以從損益表中看出。我們的總收入上調了，您可以在損益表中看到這一點。我們的總收入環比增長了 22,000 美元。所以，時機肯定在其中發揮了重要作用，而第二季的情況則恰恰相反。另一個問題是庫存股稀釋的性質尚不明確。

I mean, we clearly know how much we've raised, we know how much we we're thinking about raising. It's just the price at which the stock is going to average over the quarter is unknowable. And so we certainly baked in a ton of conservatism. What I can say is if the stock kind of stays were to open this morning, obviously the bottom of the range would be nowhere possible. But hopefully that's not the case, and we think our stock price should continue to season and move higher from here, just given the growth that we see coming in 2026 from everything that we're doing here in 2025.

我的意思是，我們很清楚我們已經籌集了多少資金，我們也知道我們正在考慮籌集多少資金。只是我們無法得知該股票在本季的平均價格。因此，我們確實融入了大量的保守主義元素。我可以肯定的是，如果股票市場今天早上繼續保持這種狀態，那麼股價肯定不可能跌到最低點。但希望情況並非如此，我們認為鑑於我們在 2025 年所做的一切將在 2026 年帶來成長，我們的股價應該會繼續走高。

I'm sure, as you know, what you do in the third and the fourth quarter has a very big impact on what can happen in the following year, and we're cognizant of that, too. So I certainly think, looking at where our cost of capital is today, where we've already raised capital in terms of our term loans, we have another $150 million we can draw down on basically in the mid-fours. And assuming we can get an IG rating coming up here shortly, that moves down even further from there. So if you think about that accretion, we feel pretty strongly we can get back to certainly an above-average growth rate in 2026 and beyond.

我相信，正如您所知，第三季和第四季的行動會對來年的發展產生非常大的影響，我們也意識到了這一點。所以我認為，考慮到我們目前的資本成本，以及我們已經透過定期貸款籌集的資金，我們基本上可以在4500萬美元左右的利率下提取另外1.5億美元。假設我們很快就能獲得IG評級，那麼情況還會進一步惡化。所以，考慮到這種成長，我們非常有信心，到 2026 年及以後，我們肯定能夠恢復到高於平均的成長率。

And just a little bit of color on the extreme nature of the timing of our acquisitions in the quarter. We raised capital at the end of July, so we don't want to get over our skis and start deploying capital before we raise it. So we really had a couple of months to deploy the capital. We were really only planning on doing a little bit more on top of covering the dispositions that we did. But raising capital at the end of July kind of put us in a spot where we had two months to close. We're still able to hit pretty good numbers, but to Dan's point, that was all very late in the quarter.

最後，我想稍微解釋一下本季我們收購時機選擇的極端性。我們在七月底才籌集到資金，所以我們不想操之過急，在資金籌集完成之前就開始部署資金。所以我們實際上只有幾個月的時間來部署資金。我們原本只計劃在已完成的工作基礎上再做一些額外的工作。但是，7 月底的融資讓我們陷入了只有兩個月完成交易的情況。我們仍然能夠取得相當不錯的成績，但正如丹所說，那都是在本季末期才實現的。

Got it. Thanks for that, guys. I really appreciate it. My follow-up question is just on the equity that needs to be settled. How are you thinking about that? And then what would be the accretion on that equity associated with future deals?

知道了。謝謝各位。我非常感謝。我的後續問題只是關於需要結算的權益部分。你對此有何看法？那麼，未來交易將為這些股權帶來多少增值呢？

Yes, so in terms of the forward equity, as you think about it, you also got to think about where we raised the prior equity versus where our prior cap rates were. In the first half of the year, we averaged a 7.7. So some of the equity rates that was at lower stock prices than we are today, the spread is still fairly high on that anywhere from 135 to 150 basis points when you think about where we raised the term loan capital. As we sit here today, our spreads are closer to, call it, 165, 170, which is still a very healthy spread when you think about the historical average for the sector over the last 20-plus years.

是的，所以就未來權益而言，你想想，你還得考慮我們之前籌集權益的地點與我們之前的資本化率之間的關係。今年上半年，我們的平均利率為 7.7%。因此，當時股票價格比現在低，但考慮到我們籌集定期貸款資金的來源，當時的股票利率仍然相當高，利差在 135 到 150 個基點之間。就目前而言，我們的價差接近 165 或 170，考慮到過去 20 多年來該行業的歷史平均水平，這仍然是一個非常健康的價差。

So I think for us, that should allow us again to continue to grow AFFO per share as we look out to 2026 at a fairly healthy pace and then should ramp up further hopefully in 2027 as some of the lower-priced forwards get settled over the course of 2026. But for modeling purposes, I think you should settle somewhere around 8 million to 9 million shares at the end of the fourth quarter. And then we should get rid of most of what was raised over the course of 2024 and 2025 ratably over the course of 2026.

所以我認為，這應該能讓我們繼續以相當健康的速度增長每股調整後營運資金 (AFFO)，展望 2026 年，然後隨著一些價格較低的遠期合約在 2026 年結算，希望在 2027 年能夠進一步加速增長。但就建模而言，我認為第四季末的股數應該會穩定在 800 萬到 900 萬股左右。然後，我們應該在 2026 年按比例償還 2024 年和 2025 年籌集的大部分資金。

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

非常感謝。祝你第四節比賽好運。

Thanks, Michael.

謝謝你，麥可。

Thanks.

謝謝。

Greg McGinnis, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

Hey, good morning. So although we weren't surprised by the lower cash cap rates achieved this quarter because of the commentary that you guys have been providing. We were a little surprised by the limited increase in IG or IG-like acquisitions. Now it sounds like you're not really expecting much of an increase on that front going forward either. Could you just help us understand what you're seeing on pricing for the IG or equivalent assets and potential for increased acquisition levels within that subset as your cost of equity improves?

嘿，早安。所以，儘管我們對本季較低的現金資本化率並不感到意外，因為你們一直在發表評論。IG 或類似 IG 的收購案成長有限，這讓我們有些意外。聽起來你似乎也不期待這方面未來會有太大的成長。能否請您幫我們了解一下，您目前對投資等級資產或同等資產的定價情況，以及隨著股權成本的改善，該子集內收購水準提高的可能性？

Yes, sure. So I'd say there's probably about a 50-basis-point difference in terms of the investment grade and investment grade-like assets that were acquired versus the non-investment grade. So enough of a delta there where, as long as we're not taking much more risk than something that we're more than comfortable doing -- and there's a lot more attractive opportunities in the non-investment grade side at this point.

當然可以。所以我認為，在所收購的投資等級和類似投資等級的資產與非投資等級資產之間，可能存在約 50 個基點的差異。所以，只要我們不承擔超出我們能力範圍的風險——而且目前非投資級領域有很多更具吸引力的機會——那麼，就存在足夠的差距。

I am expecting the fourth quarter to be a little bit more heavy on the investment-grade side than what we've done for this year, but the reality is investment grade is just not really something that we focus on. We're looking for the best risk-adjusted returns that we can. In some quarters, that's going to be high. In some quarters, that's going to be low. And we're really kind of focused on getting the best pricing that we can, managing the portfolio, and then not having credit losses, which I think we've been able to accomplish, both really strong pricing with minimal loss.

我預計第四季度投資等級債券的發行量會比今年其他季度略高一些，但實際上，投資等級債券並不是我們真正關注的重點。我們正在尋求最佳的風險調整後效益。在某些方面，這個數字會很高。在某些方面，這個數字會很低。我們真正關注的是盡可能獲得最佳定價、管理投資組合，以及避免信貸損失，我認為我們已經實現了這兩點，既獲得了非常優惠的價格，又將損失降到了最低。

Are you seeing any trends in terms of what you're looking to acquire from that standpoint on an industry level in terms of where you're seeing the better risk-adjusted returns now versus maybe historically?

從產業層面來看，您是否觀察到任何趨勢，例如，與歷史相比，目前哪些領域的投資風險調整後收益較高？

Yes, sure. I mean, I certainly have seen more opportunities on the convenience store side. Quick-service restaurants is another area that has been a focus, grocery, auto services. That's really been kind of the main four food groups that we've had the most success, but there's always a deal here or there that's outside of those. We've added a bit more tractor supply. You saw that move up quite a bit. We're adding a little bit more in the fourth quarter, but it's a pretty broad, diversified mix, what we're adding in the fourth quarter.

當然可以。我的意思是，我確實看到了便利商店方面更多的機會。快餐店、雜貨店、汽車服務是另一個重點關注的領域。這四大類食品是我們最成功的領域，但總是會有一些不屬於這些類別的商品或服務。我們增加了一些拖拉機供應。你可以看到它上漲了不少。我們在第四季會增加一些產品，但我們在第四季新增的產品種類相當廣泛、多元化。

Okay, thank you.

好的，謝謝。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste，瑞穗證券。

Hey, thanks for calling on me here. I appreciate the time. I wanted to ask about competition. Certainly, you've come up quite a bit on the call. So far this quarter, you mentioned that you're seeing a bit of competition from private equity. I'm curious what you think their investment strategy is. Where are they deploying more capital versus where you are looking to deploy, and how you'll be able to insulate yourself from that a bit? Thanks.

嘿，謝謝你打電話給我。感謝您抽出時間。我想問關於競爭方面的問題。當然，你在電話會議中被多次提及。您提到本季以來，您感受到來自私募股權的一些競爭。我很想知道你認為他們的投資策略是什麼。他們把更多資金投入哪些領域，而你又打算把更多資金投入哪些領域？你該如何讓自己免於這種影響？謝謝。

Yes, that's a great question, Haendel. It's been a big topic. I think every private equity firm is a little different. You saw a couple larger private equity firms get in the game a few years ago and didn't really make much of an impact, quite frankly. Then you've seen a couple more in the last couple of years, really smaller teams going out elephant hunting.

是的，這是一個很好的問題，亨德爾。這是一個熱門話題。我認為每家私募股權公司都略有不同。幾年前，一些規模較大的私募股權公司進入了這個領域，但坦白說，它們並沒有產生多大的影響。近幾年，你還會看到一些規模較小的團隊外出獵象。

A lot of those have been more focused on industrial, but even on the retail side, kind of looking for the larger transactions to put a lot of capital to work. So we're not really running into obviously the industrial side, but also if someone's kind of doing nine-figure-type transactions, that's not going to be where we play. More recently, we've seen one large player focus on smaller transactions, but further down the credit curve than really where we like to play, although we have seen them a little bit on the on the [sale spec] side.

其中許多都更專注於工業領域，但即使在零售領域，也都在尋求更大的交易，以便投入大量資金。所以，我們顯然不會涉足工業領域，如果有人進行九位數等級的交易，那也不是我們能參與的領域。最近，我們看到一家大型企業專注於較小的交易，但其信用等級比我們真正喜歡涉足的領域要低，儘管我們看到他們在（銷售投機）方面有所涉足。

But there's more than enough opportunity where -- and especially being that they are looking at a different credit profile for the most part than what we're looking at, not going to have a big impact on us, but they're really the first one that we've seen out there in the investment world. But I think with how fragmented the net lease retail space is and how little institutionally owned it is, there's just a lot of opportunity for even more groups to come in without having a large impact on the pricing that we're seeing.

但機會很多——尤其是考慮到他們關注的信用狀況與我們關注的信用狀況大多不同，不會對我們產生太大影響，但他們確實是我們在投資界看到的第一個這樣的公司。但我認為，由於淨租賃零售空間非常分散，而且機構擁有的面積非常小，因此還有很多機會讓更多集團進入市場，而不會對我們目前看到的價格產生太大影響。

I appreciate the thoughts there. Maybe as a follow up, I was curious, maybe an update just more broadly on your strategic plan to reduce your Dollar General, Walgreens, CVS. It looks like you made quite a bit of progress in your quarter. I'm curious how the pricing came in versus prior sales versus your expectations. And then looking ahead, any other categories that you're looking to call a bit into next year, understanding that much of the heavy lifting has already been done? Thanks.

我很欣賞你的想法。或許可以作為後續問題，我很好奇，或許可以更廣泛地了解一下你們減少 Dollar General、Walgreens 和 CVS 門市數量的戰略計劃的最新進展。看來你這季取得了相當大的進步。我很想知道最終的定價與之前的銷售情況以及您的預期相比如何。展望未來，考慮到大部分繁重的工作已經完成，您是否打算將其他類別的比賽推遲到明年舉行？謝謝。

I think the heavy lifting, to your point, is really already done. We made a big move on the dollar store side. Pricing was pretty attractive. We did do a little bit more with some institutions where the cap rate was maybe slightly higher than the 1031 market, so I think the remaining sales that we have in that space are going to be 1031 driven.

我認為，正如你所說，最艱難的部分其實已經完成了。我們在一元商店方面採取了重大舉措。價格相當有吸引力。我們確實與一些機構做了更多工作，這些機構的資本化率可能略高於 1031 市場，所以我認為我們在該領域剩餘的銷售額將主要由 1031 市場驅動。

We were already in a pretty good spot going into the quarter as it relates to pharmacy. We're being a little bit more selective on pricing there. And so we've hit our goal on Walgreens getting that below 3% just about there on CVS. Certainly, we'll be there -- here in the next couple of weeks.

進入本季時，我們在藥學方面已經處於相當有利的地位。我們在定價方面會更加謹慎一些。因此，我們在 Walgreens 的折扣率已經達到目標，低於 3%，在 CVS 的折扣率也基本上達到了目標。當然，我們會在接下來的幾週內到場。

So getting those down, we can be a little bit more choosy when it comes to the pricing and not feel as much pressure there. So I'd expect us to continue to run the portfolio with tenants below 5%. Walgreens will continue to decrease over time. A little bit less pressure there, but that'll still continue to come down with a sale here or there. And then with us not adding to either of those sectors, just increasing the asset base will decrease those exposures over time.

所以，如果這些因素都解決了，我們在定價方面就可以更挑剔一些，也不會再感到那麼大的壓力。因此，我預計我們將繼續營運租戶負債率低於 5% 的投資組合。隨著時間的推移，沃爾格林的銷量將會持續下降。壓力略有減輕，但隨著零星的銷售，壓力仍會繼續下降。而且，由於我們沒有增加對這兩個行業的投資，僅僅增加資產規模就會隨著時間的推移而降低這些風險敞口。

Thank you.

謝謝。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

Hi, thanks. I just wanted to understand maybe the opportunity set a little better. I mean, you significantly increased the acquisitions outlook, obviously, for the year. I know part of that is driven by a better cost of capital. But also, I mean, is the overall market kind of expanding? Because I just hear from other companies, too, it seems like the acquisitions outlook just continues to sort of accelerate. And I'm wondering if you think that's sort of going to continue indefinitely or is there anything in particular that's driving that?

您好，謝謝。我只是想更了解一下有哪些機會。我的意思是，很顯然，你們大幅提高了今年的收購預期。我知道部分原因是資金成本降低。但同時，我的意思是，整體市場是否正在擴張？因為我從其他公司也了解到，收購前景似乎還在加速。我想知道您是否認為這種情況會無限期地持續下去，還是有什麼特別的原因在推動這種情況的發生？

Yes, no, it's -- yes, we certainly are seeing a lot more opportunity. Yes, I think to your point, others are saying the same thing on their calls, so I don't think it's just us. And thinking through really what's driving that, rates have come in enough where you have the 10 years gone from 4.5 to 4, the five-year, which is probably more important to 1031 buyers down around 3.6 or wherever. I haven't looked today.

是的，沒錯，我們確實看到了更多的機會。是的，我覺得你說得對，其他人在電話裡也這麼說，所以我覺得不只是我們這樣。仔細想想究竟是什麼因素在推動這一切，利率已經下降到一定程度，10 年期國債利率從 4.5 降至 4，5 年期國債利率（這對 1031 購房者來說可能更重要）降至 3.6 左右或其他水平。我今天還沒看。

But that's an area where it pencils on the debt side. So I think we're at a point where rates aren't really restrictive to getting deals done. So I think that's kind of opened up, maybe not the floodgates, but I think on the margin, seeing more opportunity across the board. With every different approach to acquisitions that we take, we're seeing more opportunity really everywhere.

但就債務方面而言，這方面是有利可圖的。所以我認為，現在利率不再是促成交易的真正限制因素。所以我認為這在某種程度上打開了局面，也許不是徹底打開了閘門，但我認為從整體來看，各方面都出現了更多機會。我們採取的每一種不同的收購方式，都讓我們看到了更多的機會。

Okay. Thank you.

好的。謝謝。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi. Yes, it makes a lot of sense to continue diversification in your portfolio, reducing the drug and dollar stores and AAP exposure. That being said, where do you think spreads between acquisitions and disposition cap rates could trend into '26?

你好。是的，繼續分散投資組合、減少對藥品、一元商店和AAP的投資是非常有意義的。也就是說，您認為到 2026 年，收購和處置資本化率之間的利差會呈現什麼樣的趨勢？

Hey, Linda. Yes, I mean, it's probably a little bit difficult to say because we're going to be more opportunistic on the disposition side. So the cap rates could come in a little bit if we're -- if we see some good opportunities there. We had some pressure on our put some pressure on ourselves by setting some diversification goals where we're selling assets in industries that were maybe a little bit out of favor.

嗨，琳達。是的，我的意思是，這可能有點難說，因為我們在資產處置方面會更加靈活。所以，如果我們看到一些好的機會，資本化率可能會稍微下降一些。我們給自己施加了一些壓力，設定了一些多元化目標，出售了一些可能不太受歡迎的行業的資產。

So I think that made it a little bit more difficult, but certainly a strong 1031 market allowed us to be able to hit those goals a little bit ahead of time. But the dispositions really aren't going to drive much next year. We'll probably return to a $15 million to $25 million pace, which I think is historically what we had done coming into 2025. But overall, I think the cap rate should probably be a little bit lower on the disposition side.

所以我認為這讓事情變得稍微困難了一些，但強勁的 1031 市場確實讓我們能夠提前實現這些目標。但這些因素明年真的不會產生太大影響。我們可能會恢復到每年 1500 萬至 2500 萬美元的增速，我認為這與我們 2025 年之前的增速基本一致。但總的來說，我認為處置方面的資本化率可能應該稍微低一些。

Thanks for that. And then just in terms of your investment spread at 160 bps relative to your WAC, how do you think that could trend, say, by like the second half of '26?

謝謝。那麼，就您相對於 WAC 的 160 個基點的投資利差而言，您認為到 2026 年下半年，這個利差會如何變化？

Yes, I mean, you tell me where the stock's going to go, Linda, and I can give you that answer. I think as we look at the cap rates, as Mark said, we think cap rates could potentially drift down 10 basis points over the next You know, six to eight months. It's really unsure. I think we have a very good value proposition here. We've got our cost of capital back. We can continue to grow earnings at a healthier clip and a stronger clip than we did last year.

是的，我的意思是，琳達，你告訴我股票的走勢，我就能告訴你答案。我認為，正如馬克所說，從資本化率的角度來看，我們認為未來六到八個月內，資本化率可能會下降 10 個基點。真的很難說。我認為我們在這裡提出了一個非常有價值主張。我們已經收回了資金成本。我們能夠持續以比去年更健康、更強勁的速度實現獲利成長。

So it really just all depends on kind of the stock price and then to a lesser degree where debt is. I mean, we've basically satisfied our debt needs for the next, call it, 12 to 15 months. Any type of our capital raising and/or our usage of debt is going to be relegated to the credit facility as well as just settling the forwards over the course of 2026.

所以，這真的完全取決於股價，其次才是債務狀況。我的意思是，我們基本上已經滿足了未來 12 到 15 個月的債務需求。任何類型的融資和/或債務使用都將透過信貸額度進行，並且只需在 2026 年結算遠期合約即可。

We're hopeful the stock price can continue to move higher just given the opportunity set that we're seeing. I think spreads can hang out where they are or move higher, but I think the one thing we feel confident in at least over the next six months is that cap rates should remain in and around kind of where they have been.

鑑於目前我們看到的機遇，我們希望股價能夠繼續上漲。我認為利差可能會維持在當前水準或進一步走高，但至少在未來六個月內，我們有信心的一點是，資本化率應該會保持在目前的水準附近。

Just one last question. Your tenant credit outlook versus a year ago, how does that compare?

最後一個問題。與一年前相比，您的租戶信用狀況如何？

Not much different. I mean, I guess a year ago we had big lots, which we knew was something that we had to work through. Right now, we don't really have anything on the credit watchlist. Some coverages have moved around a little bit here or there, but nothing that we're concerned with.

差別不大。我的意思是，我想一年前我們有很多大宗商品，我們知道這是我們必須解決的問題。目前，我們沒有任何產品被列入信用觀察名單。有些報道的覆蓋範圍略有調整，但沒什麼值得我們擔心的。

Thank you.

謝謝。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

Hey, good morning. Thank you. I wanted to go back to the pace of growth going forward. You mentioned a robust opportunity set and net investments to pick up in 2026. I'd be curious just about how you think about your goals for next year. Are you more focused on getting to a certain quarterly investment pace? Is it more about achieving a certain earnings growth level? Just how do you think about that now that you've returned to that opportunity set?

嘿，早安。謝謝。我希望恢復到之前的成長速度。您提到2026年有很多不錯的投資機會和淨投資機會。我很想知道你對明年的目標有什麼想法。您是否更注重達到一定的季度投資速度？是不是更注重實現一定的獲利成長水準？現在你又回到了那個機會面前，你是怎麼看待這件事的？

Yes, I mean, I think you have to evaluate what the opportunity set is. And right now, it's robust. We expect that to continue. And then you have to consider your cost of capital, which is improving, certainly not quite where we want it to be. And you need to consider your team and what we're capable of. And I think we're capable of significantly more than what we've done in the past.

是的，我的意思是，我認為你必須評估有哪些機會。目前，它運行穩定。我們預計這種情況會持續下去。然後你還得考慮你的資金成本，雖然資金成本正在改善，但肯定還沒有達到我們希望的水平。你需要考慮你的團隊以及我們的能力。我認為我們有能力取得比過去更大的成就。

And so I think there's an opportunity as our stock has continued to recover and get better that we can ramp acquisitions beyond what we've done historically. To what level remains to be seen. I guess we'll decide when we want to give AFFO per share guidance and acquisitions guidance at a later date. But I think right now, that's trending to a larger number.

因此，我認為隨著我們股票的持續復甦和好轉，我們有機會加強收購力度，超過我們以往的收購規模。達到何種程度，還有待觀察。我想我們會在稍後某個時候決定何時發布調整後營運資金（AFFO）每股收益指引和收購指引。但我認為目前來看，這個數字正朝著更大的方向發展。

Okay. And then just as a follow up, you referenced the prospects of getting investment-grade rating. Can you just give an update as to where that process stands and potential timing to achieve that?

好的。然後，您又補充提到了獲得投資等級評級的可能性。能否簡單介紹一下流程目前的進度以及預計完成時間？

Yes. I mean, I think what we said all along is that we would hope that we have some type of discussion this year. I think that still remains true. But obviously, nothing is set in stone, and so I think we'll continue to say hopefully we can do something by the end of the year.

是的。我的意思是，我認為我們一直以來都希望今年能進行某種形式的討論。我認為這一點至今仍然成立。但顯然，一切都還沒有定論，所以我想我們還會繼續說，希望到年底我們能取得一些成果。

Okay, thank you.

好的，謝謝。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, good morning, guys. Looking outside of traditional acquisitions, are you seeing any development opportunities? And do you have any appetite to increase the loans?

嘿，大家早安。除了傳統的收購方式之外，您還看到了哪些發展機會？你們是否有增加貸款的意願？

Good question, Wes. Yes, we are seeing good opportunities both on the loan side and the development side, but really not seeing enough of a risk-adjusted return on the development side to really ramp that. We've continued to work with a few tenants directly on some development. That's been pretty good.

問得好，韋斯。是的，我們在貸款和開發方面都看到了不錯的機會，但開發方面的風險調整後收益還不足以真正擴大規模。我們繼續與一些租戶直接合作進行一些開發案。那還不錯。

And I think we'll probably see one or two new tenants kind of pop up in our top tenant list in 2026 from that, but I don't think it's going to be as big a piece of what we've done historically. The loan book, we've decided to kind of bring that down a little bit over time, but we're still seeing some pretty good opportunities to replace some of the loans that are being paid off.

我認為到 2026 年，我們可能會看到一兩個新租戶出現在我們的頂級租戶名單上，但我認為這不會像我們過去所做的那樣佔據很大一部分。我們已經決定逐步減少貸款規模，但我們仍然看到一些很好的機會來替換一些正在償還的貸款。

All right. Thanks for the time.

好的。謝謝你抽出時間。

Thanks, Wes.

謝謝你，韋斯。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great. Thank you. Just one quick one for me. I want to get your thoughts on the auto parts exposure as it makes about 2.5% of your ABR, just given some of the recent bankruptcy news out there. Thanks.

偉大的。謝謝。我只問一個問題。我想聽聽您對汽車零件業務的看法，因為它約佔您年度業務風險敞口的 2.5%，考慮到最近一些破產新聞，這一點尤其值得關注。謝謝。

Yes, sure. I mean, so we've got really three tenants there: Advanced Auto, which has been brought down quite a bit, closer to 1% at this point; O'Reilly's; and AutoZone. We don't really think that the most recent bankruptcy is something that is going to impact them or even really tangential to them. Really, the bankruptcies that we've seen and the cockroaches that people are talking about, we haven't seen the spread of the cockroaches at this point. Some of that is really due to fraud, which we don't think is really indicative of what's really going on in the economic market.

當然可以。我的意思是，所以我們那裡實際上有三個租戶：Advanced Auto（其市場份額已經大幅下降，目前接近 1%）；O'Reilly's；以及 AutoZone。我們不認為最近的破產事件會對他們產生影響，甚至與他們關係不大。事實上，我們看到的破產事件和人們談論的蟑螂問題，目前我們還沒有看到蟑螂的蔓延。其中一些確實是由於詐欺造成的，我們認為這並不能真正反映經濟市場的真實情況。

Okay, great. That was helpful. Thank you.

好的，太好了。那很有幫助。謝謝。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Thank you. Good morning. Given the increased competition for net lease retail strategies, are you seeing any changes in lease structures, whether it's term or escalators or options? Just curious if people are trying to compete on something other than price.

謝謝。早安.鑑於淨租賃零售策略的競爭日益激烈，您是否觀察到租賃結構有任何變化，無論是期限、遞增條款還是選擇權？我只是好奇大家是否在價格以外的其他方面競爭。

We haven't really seen any change. I mean, I think the institutional capital that's come into the space, I think they're pushing to try to get a lot of the same things that our public peers are trying to get, which is longer leases with good rental escalations. So we haven't really seen much of a change in terms of lease structures.

我們並沒有看到任何變化。我的意思是，我認為進入這個領域的機構資本，他們正在努力爭取與我們的公共同行們爭取到的許多相同的東西，那就是更長的租期和良好的租金遞增機制。所以，租賃結構方面並沒有太大變化。

Thank you.

謝謝。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

Hi, everyone. Thank you for taking my questions. Based on the commentary and results, you all are exiting the recycling phase and headed back into a growth and scaling phase. Looking back on the recycling efforts, are there any learnings that you're going to take with you as net acquisitions ramp back up?

大家好。謝謝您回答我的問題。根據評論和結果來看，你們都已經退出了回收階段，重新進入了成長和規模化階段。回顧回收工作，隨著淨收購量的增加，您會學到哪些經驗教訓？

Yes, I think we've always been confident in our ability to reduce exposures. I think maybe the lesson learned for us is having some larger concentrations with publicly traded companies that are constantly in the news cycle.

是的，我認為我們一直對降低風險暴露的能力充滿信心。我認為我們應該吸取的教訓是，應該加強對那些經常出現在新聞報導中的上市公司的投資。

At the tenant level, even if you've got really strong assets that generate a lot of cash flow, sometimes it doesn't matter and can still impact your cost of capital, which matters as an external growth vehicle like we are. I think we're going to be a little bit more cognizant of allowing some exposures to get higher, which is a little bit easier to do now that we've got about $2.5 billion of assets. So being a little bit bigger does help that.

對於租戶而言，即使你擁有能夠產生大量現金流的非常強大的資產，有時也無濟於事，並且仍然會影響你的資本成本，而這對於像我們這樣的外部成長工具來說至關重要。我認為我們會更加謹慎地允許某些風險敞口增加，現在我們擁有大約 25 億美元的資產，這樣做也更容易一些。所以體型稍微大一點確實有幫助。

Okay, great. Yes, I appreciate that. It makes sense. And then we always like to look at the ABR by state slide. So when you think about the existing pipeline, are there states or regions where you see better investment opportunities over the next year or so?

好的，太好了。是的，我很感激。這很有道理。然後我們總是喜歡查看各州的 ABR 幻燈片。那麼，當您考慮現有管道時，您認為在未來一年左右的時間裡，哪些州或地區會有更好的投資機會？

Yes, I mean, we're somewhat agnostic to what state an asset's in. We're focused a little bit more on the micro market of does that location have the demographics to support not only the use of the asset that we're buying but also potentially future uses and future tenants? And I think, overall, we're probably seeing a little bit more opportunity in the Sun Belt where you're seeing more population growth.

是的，我的意思是，我們對資產的具體狀態持某種程度的漠不關心態度。我們更關注的是微觀市場，即該地點的人口結構是否能夠支持我們購買的資產的現有用途，以及潛在的未來用途和未來租戶？而且我認為，總體而言，我們在陽光地帶可能會看到更多機會，因為那裡的人口成長更快。

Texas is a big state, so that being our number one state, we kind of think of Texas as kind of being like two or three states, depending on what region of Texas you're in. And so kind of breaking that up by state, sometimes I think you see a lot of our peers also have Texas as the number-one state. But I wouldn't draw too many conclusions from what's in the pipeline or where we're looking to grow. I think it's really just where the opportunities are, where we can get the best risk-adjusted returns, and that can be in really any state.

德州是一個大州，作為我們最大的州，我們覺得德州就像兩三個州一樣，這取決於你位於德州的哪個地區。因此，如果按州來細分，有時你會發現很多同行也把德克薩斯州列為第一大州。但我不會從正在籌備的專案或我們計劃發展的方向得出太多結論。我認為這真的取決於機會在哪裡，我們能在哪裡獲得最佳的風險調整後收益，而這實際上可以在任何州實現。

Great. Thank you.

偉大的。謝謝。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to Mark Manheimer for any closing comments.

謝謝。目前沒有其他問題了。我想把發言權交還給馬克·曼海默，讓他做最後的總結發言。

Well, thanks everybody for joining today. We appreciate the interest in the company and look forward to meeting up with everybody in the conference season. Take care.

謝謝大家今天的參與。我們感謝大家對公司的關注，並期待在會議季節與大家見面。小心。

Thank you. This concludes today's conference. We thank you again for your participation. You may now disconnect.

謝謝。今天的會議到此結束。再次感謝您的參與。您現在可以斷開連線了。