NETSTREIT Corp. (NTST) 2026 Q1 法說會逐字稿

Greetings, and welcome to NETSTREIT Corp first-quarter 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 NETSTREIT Corp 2026 年第一季財報電話會議。(接線員指示) 提醒您，本次會議將被錄音。

I would now like to turn the conference over to your host, Mr. Matt Miller. Thank you. You may begin.

現在我想把會議交給您的主持人 Matt Miller 先生。謝謝。您可以開始了。

Good morning, and thank you for joining us for NETSTREIT's first-quarter 2026 earnings conference call. On today's call, management's remarks and responses to your questions may contain statements considered forward-looking under federal securities laws. These statements address matters subject to risks and uncertainties that may cause actual results to differ from those discussed today. For more information on these factors, we encourage you to review our latest Form 10-K and other SEC filings.

各位早安，感謝您參加 NETSTREIT 2026 年第一季財報電話會議。在今天的電話會議中，管理層的發言以及對各位提問的回覆，可能包含依據聯邦證券法規被視為前瞻性陳述的內容。這些陳述涉及風險與不確定性，可能導致實際結果與今日討論內容有所差異。關於這些因素的更多資訊，我們建議您查閱我們最新的 Form 10-K 以及其他向 SEC 提交的文件。

All forward-looking statements are made as of today's date, and NETSTREIT assumes no obligation to update them in the future. 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 reconciliations to the most comparable GAAP measures and an explanation of their usefulness to investors. These materials can be found in the Investor Relations section of the company's website at netstreit.com.

所有前瞻性陳述均以今日日期為準，NETSTREIT 不承擔未來更新之義務。此外，本次電話會議所呈現的部分財務資訊包含非 GAAP 財務衡量指標。請參閱我們的財報新聞稿與補充資料包，其中包含定義、與最可比 GAAP 指標之調節，以及其對投資人有用性的說明。上述資料可於公司網站 netstreit.com 的投資人關係（Investor Relations）專區取得。

Today's call is hosted by NETSTREIT's CEO, Mark Manheimer; and CFO, Dan Donlan. They will make some prepared remarks followed by a Q&A session. With that, I'll turn the call over to Mark.

今天的電話會議由 NETSTREIT 執行長 Mark Manheimer 與財務長 Dan Donlan 主持。他們將先進行準備好的發言，接著進入問答環節。接下來我把電話交給 Mark。

Thank you, Matt, and good morning, everyone. Thank you for joining us today to discuss NETSTREIT's first-quarter 2026 results. I want to begin by thanking our entire team for their outstanding execution and dedication. We carried strong momentum from our record 2025 into the new year, and the organization has hit the ground running.

謝謝你，Matt，各位早安。感謝各位今天加入我們，一同討論 NETSTREIT 2026 年第一季的業績表現。我想先感謝我們整個團隊出色的執行力與投入奉獻。我們將 2025 年創紀錄的強勁動能延續到新的一年，組織也迅速展開行動。

In the first quarter, we saw continued acceleration on the investment front. We closed on $239 million of gross investment activities, driven by well-priced opportunities and our core necessity and service-based sectors, including grocery, convenience store, quick service restaurants, auto service and other essential retail. These investments were completed at an attractive blended cash yield of 7.5% with a weighted average lease term of 14.1 years.

第一季，我們在投資方面持續加速。我們完成總額 2.39 億美元的總投資活動，主要受惠於定價合理的機會，以及我們核心的民生必需與服務型產業，包括雜貨、便利商店、速食餐廳、汽車服務及其他必要零售。這些投資以具吸引力的 7.5% 綜合現金收益率完成，且加權平均租約年期為 14.1 年。

Complementing this, we executed targeted dispositions that further enhance portfolio quality, reduced tenant concentrations and recycled capital into higher quality, longer duration opportunities. This robust start to the year reflects the depth of our sourcing platform and our team's ability to move quickly across a number of smaller transactions, while still adhering to our stringent underwriting criteria.

同時，我們也執行具針對性的資產處分，以進一步提升投資組合品質、降低租戶集中度，並將資本再投入至品質更高、存續期間更長的機會。今年強勁的開局反映出我們來源平台的深度，以及團隊能在多筆較小型交易中快速推進，同時仍嚴格遵守我們嚴謹的承作審核標準。

While there have been a few new participants entering the net lease business in recent years, something that has happened in each and every cycle, the market remains extremely fragmented and rife with attractive opportunities.

儘管近年來有少數新參與者進入淨租賃（net lease）業務——這在每一個景氣循環中都曾發生——市場仍然高度分散，且充滿具吸引力的機會。

Turning to the portfolio. We ended the quarter with 804 properties leased to 138 tenants across 28 industries in 46 states. Our weighted average remaining lease term increased to 10.2 years, while the percentage of investment grade and investment-grade profile tenants remained flat at 58.3% of ABR.

接著談投資組合。本季末我們擁有 804 項物業，出租給 46 個州、28 個產業的 138 位租戶。我們的加權平均剩餘租約年期提升至 10.2 年，而投資等級與具投資等級特徵之租戶占 ABR 的比例維持不變，為 58.3%。

Unit level rent coverage across the portfolio remains healthy and ticked up slightly to 3.9 times. Occupancy remained at 99.9%, but subsequent to quarter end, our occupancy has returned to 100%. In early April, we backfilled our loan vacancy, a former Big Lots location with A-rated TJ Maxx at more than 20% increase in rent. While vacancies have been extraordinarily rare in our portfolio, this execution highlights the expertise of our real estate underwriting and asset management teams.

整體投資組合在單店層級的租金保障倍數（rent coverage）仍維持健康，並小幅上升至 3.9 倍。入住率維持在 99.9%，但在季後我們的入住率已回到 100%。4 月初，我們將一處貸款空置物業（原 Big Lots 據點）重新出租給 A 級評等的 TJ Maxx，租金提高超過 20%。雖然我們投資組合的空置情況極為罕見，但這次的執行成果凸顯了我們不動產承作審核與資產管理團隊的專業能力。

On the balance sheet, we continue to maintain a conservative and flexible capital structure. Following the capital raising completed in the quarter, our leverage was an industry-leading 3.2 times. With substantial liquidity under our revolving credit facility, and the benefit of previously raised forward equity, we are well positioned to fund accelerated growth without compromising our leverage targets.

在資產負債表方面，我們持續維持保守且具彈性的資本結構。在本季完成募資後，我們的槓桿倍數為業界領先的 3.2 倍。憑藉循環信用額度下充足的流動性，以及先前募集的遠期股權所帶來的效益，我們具備良好條件在不影響槓桿目標的前提下，支應加速成長所需資金。

Given the capital raised during the quarter as well as the strong momentum in our investment pipeline and attractive opportunities we are seeing we are increasing our full year 2026 net investment activity guidance to a range of $550 million to $650 million. We are increasing the bottom end of our AFFO per share guidance range to $1.36 to $1.39.

鑑於本季募集的資本，以及我們投資管線的強勁動能與目前看到的具吸引力機會，我們將 2026 全年淨投資活動指引上調至 5.5 億至 6.5 億美元區間。我們也將每股 AFFO 指引區間的下緣上調至 1.36 至 1.39 美元。

In summary, the first quarter represented an excellent start to 2026, highlighted by strong momentum on the acquisition front and opportunistic capital raising, which largely takes care of our 2026 equity needs. Our differentiated strategy focused on high-quality real estate, rigorous underwriting, proactive portfolio management and a low leverage balance sheet, continues to position NETSTREIT for sustainable long-term growth and value creation.

總結而言，第一季為 2026 年帶來非常出色的開局，亮點包括收購端的強勁動能以及把握時機的募資行動，這在很大程度上已滿足我們 2026 年的股權需求。我們以高品質不動產、嚴謹承作審核、主動式投資組合管理以及低槓桿資產負債表為核心的差異化策略，持續使 NETSTREIT 具備可持續的長期成長與價值創造能力。

With that, I'll turn the call over to Dan to review the first quarter financial results in greater detail. We will then be happy to take your questions.

接下來我把電話交給 Dan，請他更詳細地說明第一季財務結果。之後我們也很樂意回答各位的問題。

Thank you, Mark. Looking at our first quarter earnings, we reported an income of $5.7 million or $0.06 per diluted share. Core FFO for the quarter was $32 million or $0.32 per diluted share and AFFO was $33.2 million or $0.34 per diluted share, which was a 6.3% increase over last year.

謝謝你，Mark。就第一季獲利而言，我們報告淨利為 570 萬美元，或稀釋後每股 0.06 美元。本季核心 FFO 為 3,200 萬美元，或稀釋後每股 0.32 美元；AFFO 為 3,320 萬美元，或稀釋後每股 0.34 美元，較去年成長 6.3%。

Turning to the expense front. Our total recurring G&A in the quarter increased 9.7% year-over-year to $5.8 million, which is mostly the result of increased staffing and further investment in our team. That said, with our total recurring G&A representing 10% of total revenues this quarter, versus 11% in the prior year quarter, our G&A continues to rationalize relative to our revenue base.

接著談費用面。本季我們的經常性一般及行政費用（G&A）總額年增 9.7% 至 580 萬美元，主要是因為人力增加以及對團隊的進一步投資。不過，本季經常性 G&A 占總營收的 10%，相較去年同期的 11%，我們的 G&A 相對於營收基礎仍持續趨於合理化。

Turning to the capital markets. We completed a $12.6 million share forward equity offering in early February, which raised $230.3 million of net proceeds. This was supplemented by our ATM activity of 4 million shares or $73.8 million of net proceeds. In total, we sold 16.6 million forward shares for $304.1 million of net proceeds in the quarter, which puts us in an excellent position to fund our forecasted net investment activity this year.

接著談資本市場。我們在 2 月初完成 1,260 萬股的遠期股權發行，募集淨額 2.303 億美元。此外，我們透過 ATM 發行 400 萬股，募集淨額 7,380 萬美元。合計而言，本季我們出售 1,660 萬股遠期股票，募集淨額 3.041 億美元，使我們具備極佳條件為今年預估的淨投資活動提供資金。

Turning to the balance sheet. Our adjusted net debt, which includes the impact of all forward equity, was $629 million. Our weighted average debt maturity is 3.8 years and our weighted average interest rate was 4.27%, including extension options, which can be exercised at our discretion, we have no material debt maturing until February of 2028.

接著談資產負債表。我們的調整後淨負債（包含所有遠期股權的影響）為6.29億美元。我們的加權平均債務到期年限為3.8年，加權平均利率為4.27%；包含可由我們自行決定是否行使的展期選擇權在內，我們在2028年2月之前沒有任何重大到期債務。

In addition, our total liquidity was $1.1 billion at quarter end, which consisted of approximately $11 million of cash on hand $412 million available on our revolving credit facility, $606 million on settled forward equity and $100 million of undrawn term loan capacity. From a leverage perspective, our adjusted net debt to annualized adjusted EBITDAre was 3.2 times at quarter end, which remains comfortably below our targeted leverage range of 4.5 to 5.5 times.

此外，季末我們的總流動性為11億美元，其中包括約1,100萬美元的手頭現金、循環信用額度項下可動用的4.12億美元、已結算遠期股權的6.06億美元，以及1億美元未動用的定期貸款額度。從槓桿角度來看，季末我們的調整後淨負債對年化調整後EBITDAre為3.2倍，仍明顯低於我們目標槓桿區間4.5至5.5倍。

Moving on to 2026 guidance. We're increasing the loan to our AFFO per share guidance to a new range of $1.36 to $1.39 and increasing our net investment activity guidance to $550 million to $650 million. We continue to expect cash G&A to range between $16 million and $17 million. In addition, the company's AFFO per share guidance range now includes $0.03 to $0.06 of estimated dilution due to the impact of the company's outstanding forward equity calculated in accordance with the treasury stock method. Lastly, on April 16, the Board declared a quarterly cash dividend of $0.22 per share, the dividend will be payable on June 15 to shareholders of record as of June 1.

接下來是2026年指引。我們將每股AFFO指引上調至新的區間1.36至1.39美元，並將淨投資活動指引上調至5.5億至6.5億美元。我們仍預期現金G&A將介於1,600萬至1,700萬美元。此外，公司每股AFFO指引區間現已納入因公司未結清遠期股權之影響、依庫藏股法計算所估計的0.03至0.06美元稀釋。最後，4月16日董事會宣告每股0.22美元的季度現金股利，股利將於6月15日支付給截至6月1日的登記在冊股東。

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

以上，接線員，我們現在開放提問。

(Operator Instructions)

（接線員指示）

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

Hey, guys, good morning and congrats on a strong quarter here. Seems like things are clicking on all cylinders here. I guess I was curious about the level of activity in the first quarter, I guess it was close to a record quarter for you guys, but if you think about what implies the last year seems there's a pretty meaningful slowdown in activity. So maybe some color on what you saw in the first quarter that drove such robust activity and what you're seeing in the pipeline and maybe expectations near term given what the new guide implies for activity going forward. Thanks.

各位早安，恭喜本季表現強勁。看起來各方面都運轉得很順。我想問第一季的活動量水準；這季對你們來說接近創紀錄的一季，但若看你們去年所隱含的節奏，活動似乎有相當明顯的放緩。所以想請你們補充一下第一季看到哪些因素帶動如此強勁的活動量，以及你們在案源管線中看到的情況；另外，考量新的指引對未來活動量的含意，短期的預期如何。謝謝。

Yeah. Thanks, Haendel. Yeah, I mean, I think, obviously, it was a very strong quarter. Similar to the fourth quarter that we just had. We're just really seeing very attractively priced opportunities that fit our investment criteria, which I think is accretive to the acquisitions team and the underwriting team of kind of getting all of that through the system pretty quickly.

是的。謝謝你，Haendel。是的，我的意思是，很明顯這是一個非常強勁的季度。和我們剛結束的第四季很類似。我們確實看到許多定價非常具吸引力、且符合我們投資標準的機會；我認為這也歸功於併購團隊與承銷團隊，能夠把這些案子相當快速地在流程中推進完成。

We're seeing a very similar environment right now. Pricing, we expect to remain relatively the same give or take 10 basis points. And so we just want to be conservative with what's going to happen in the back half of the year. We certainly feel very comfortable that we can sustain this level of acquisitions, but we want to make sure that we're out ahead of our capital needs.

目前我們看到的環境也非常相似。我們預期定價大致會維持在相近水準，上下約10個基點。因此，我們希望對下半年可能發生的情況保持保守。我們當然很有信心能維持這樣的收購水準，但也希望確保我們能提前因應資金需求。

That's helpful. I guess, is there anything more on the competitive side that you can maybe share? There's been lots of geopolitical macro volatility. I'm curious if you're seeing maybe perhaps some of the private equity players step back a bit here, your ability to win your fair share of deals seems to not face, I guess, any headwinds.

這很有幫助。我想再問競爭面是否還有更多可以分享的？近期地緣政治與總體環境波動很大。我好奇你們是否看到某些私募股權玩家在此刻稍微退場；你們拿下應得交易份額的能力似乎沒有遇到任何阻力。

But I guess I'm curious, that competitive set, what you're seeing from them and perhaps if you're expecting the landscape near term to be more of the same or perhaps for maybe just a change in the level of volume or competition near term given what we're seeing in the macro? Thanks.

但我想了解的是，你們從競爭對手那邊看到什麼情況；以及考量我們在總體環境中看到的變化，你們是否預期短期內的市場格局會大致不變，或是交易量/競爭程度可能出現變化？謝謝。

Yeah. No, look, I mean I mean, I think it's a credit to the net lease space that there are more people looking to get in. I think there are a few that have been pretty active. We're not really running into them very often on a one-off basis. But yeah, I mean, I think the competition has really been in the space for a long period of time.

是的。不，我的意思是，我認為這也反映了淨租賃（net lease）領域的吸引力，因為有更多人想進來。我想確實有幾家一直相當活躍。我們在單筆交易上其實不太常遇到他們直接競標。但對，我的意思是，我認為競爭在這個領域已經存在很長一段時間了。

You go back to kind of post financial crisis, you had [Core and Arche] and the non-traded deploying a ton of capital even more than what we're even seeing from the private equity world, and there was still plenty of opportunities for the publicly traded REITs that had a reasonable cost of capital to go out and compete. And I wouldn't expect that to change. They may look to acquire more than what they've done in the past, but I don't think that's really going to have a huge impact. on pricing and really our opportunity set.

回顧金融危機之後，你有[Core and Arche]以及非交易型（non-traded）機構投入大量資金，甚至比我們現在從私募股權世界看到的還多，但對於那些資本成本合理的上市REIT而言，仍然有很多機會可以出去競爭。我不預期這會改變。他們可能會想比過去收購更多，但我不認為這會對定價以及我們的機會集合造成很大的影響。

That's great, guys. Thank you and congrats again.

很棒，各位。謝謝你們，也再次恭喜。

John Kilichowski, Wells Fargo.

John Kilichowski，富國銀行。

Good morning. Thank you. My first question is on just the treasury stock method dilution in the quarter. Could you tell us what your expectations are, what's included at the midpoint in terms of expectation of price versus the low end and the high end?

早安。謝謝。我的第一個問題是關於本季庫藏股法稀釋的部分。你們能否說明一下，在中位數假設中，對價格的預期是什麼？以及相較於區間低端與高端，各自包含了哪些假設？

Yeah. I mean I don't want to go too much into detail. I mean, obviously, we're expecting $0.03 to $0.06 at the midpoint. We're expecting, call it, $4.5 million I think we've been fairly concerned on the high end even, probably assuming even more than kind of 4.5%. So our expectation is that we'll kind of drift somewhere into the low 20s and stay there.

是的。我的意思是，我不想講得太細。很明顯地，我們預期中位數為0.03至0.06美元。我們預期，大概是450萬美元；我想我們在高端的假設也相當保守，甚至可能假設超過約4.5%。因此我們的預期是，股價可能會逐步走到20美元出頭並維持在那附近。

So to the degree that, that doesn't happen, obviously, that would probably be upside relative to what we provided. But we kind of just stair step up the price per share from kind of where we ended the quarter each and every quarter this year. So without going into too much detail. But there is a healthy amount of conservatism baked in even to the high end just from a dilution standpoint.

所以如果實際情況沒有那樣發生，很明顯相對於我們提供的指引可能會是上行空間。但我們今年每一季都會從季末的水準開始，把每股價格假設逐季往上調一階一階地提高。所以不再深入細節。但即便在高端，從稀釋角度來看也已經納入相當程度的保守性。

Okay. Thanks, Dan. And then maybe a follow-up to that would just be, what's the strategy to manage those forwards? You have some older data outstanding -- excuse me, outstanding forward. I'm just curious if your strategy for managing those changes based on the stock price? And then also, how does this impact your growth profile heading into 2027 as you kind of get rid of these and maybe you have a faster churn of your forwards into eventually no investments.

好的。謝謝，Dan。接著可能追問一下，你們管理那些遠期合約的策略是什麼？你們還有一些較早期的資料仍未結清——不好意思，是仍未結清的遠期合約。我只是好奇，你們管理這些的策略會不會隨著股價而改變？另外，當你們逐步把這些處理掉、也許遠期合約更快地轉換，最終走向沒有投資時，這對你們邁向2027年的成長輪廓會有什麼影響？

Yeah. I mean, the dates really don't matter to us. What matters is what are the lowest price forwards that we have. I mean, there is a 12-month kind of expiration to these. We haven't had an issue extending those. So it's really just taking what the lowest price forwards are in selling those first because those are the most dilutive. And as far as our plan for this year, we'd like to get done with everything that's still outstanding that we issued, that we sold in 2024 and 2025. So -- and I think you should expect that to occur ratably over the course of the year.

是的。我的意思是，日期對我們來說其實不重要。重要的是我們手上哪些是最低價格的遠期合約。我的意思是，這些大概有12個月的到期限制。我們在展期方面一直沒有遇到問題。所以實際上就是把最低價格的遠期合約先賣掉，因為那些稀釋性最大。至於我們今年的計畫，我們希望把仍未結清、也就是我們在2024年和2025年發行並出售的那些全部處理完。所以——我想你們應該可以預期，這會在一年當中按比例、均勻地發生。

And you hit on something important there too, John. Looking to 2027, we're taking some of that dilution now. So that just makes it more accretive when we actually do take down the shares and really allows us to have better growth in 2027 and future years.

而且你也點到一個重點，John。展望2027年，我們現在先承擔一部分稀釋。因此，當我們實際回購（或交割）股票時，這會讓增益性更高，也真的讓我們在2027年及往後年度有更好的成長。

Very helpful. Thank you.

非常有幫助。謝謝。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

Hey, good morning. With the G&A guidance maintained, but they do plenty of liquidity and a good acquisition market. Is there any push or need in your mind to increase the size of the acquisitions team kind of given the success that they've had and the potential for more going forward?

嗨，早安。在維持G&A指引不變的情況下，但你們有充足的流動性，而且併購市場也不錯。鑑於併購團隊的成功以及未來可能有更多機會，你們是否認為需要或有動力去擴大併購團隊的規模？

Yeah, and that's a good question. I think right now, the acquisitions team is really humming and really bringing a ton of really attractive opportunities. And -- and really the filter has been pricing and where we're getting the best risk-adjusted returns. So I don't necessarily think if we bring on more team that's going to automatically translate into a lot more volume.

是的，這是個好問題。我認為目前併購團隊運作得非常順，並且帶來大量非常有吸引力的機會。而——真正的篩選條件在於定價，以及我們在哪裡能取得最佳的風險調整後報酬。所以我不一定認為增加人手就會自動轉化為更多的成交量。

But we're always making sure that we have a deep enough bench there. And right now, I think the team not only gets along great and fits in very well with our culture, but they're bringing in plenty of opportunities for us to be able to hit our growth goals and beyond.

但我們一直都會確保那邊的人才梯隊夠深。而就目前而言，我認為團隊不僅相處融洽、也非常契合我們的文化，同時也帶來足夠多的機會，讓我們能達成甚至超越成長目標。

And then just looking on the disposition side, healthy 6.6% cash yield on those. Anything specific in there that you can talk about or the types of tenants or assets that you're looking to that you either sold in Q1 or that you're looking to sell later this year?

再看處分（出售）那一端，那些資產有健康的6.6%現金殖利率。裡面有沒有什麼具體內容你可以談談？或者你們在第一季賣掉的、或今年稍晚打算賣的，會是哪些類型的租戶或資產？

Yeah. I mean I think the difference between this year and last year is going to be -- you're going to see certainly fewer dispositions, and we're always open to selling any asset in the portfolio, someone's willing to pay us an aggressive cap rate, but it's really going to center around less so on the tenant concentrations, although you'll see a couple here and there with some pharmacies and maybe a couple of dollar stores here and there.

是的。我的意思是，我認為今年和去年最大的差異會是——你會看到明顯更少的處分案；而且我們一向願意出售投資組合中的任何資產，只要有人願意用積極的資本化率（cap rate）向我們出價；但今年的重點會比較不在租戶集中度，雖然你仍會看到零星幾筆，例如一些藥局，或偶爾幾家一元商店。

But it's really going to be more focused on where we're seeing some potential deterioration, whether it would be corporate credit or unit level performance, and we'd like to try to get way out ahead of that. And I think we've been successful of doing that and getting out ahead of some risks well before they start reaching headlines and really start to get more difficult to sell, which is why our credit loss stats are what they are.

但重點會更放在我們看到可能出現惡化的地方，不論是公司層級的信用，或是單店層級的營運表現，我們希望能盡可能提前因應。我認為我們在這方面做得很成功，能在風險上新聞標題之前就先行退出；否則一旦開始上新聞，就會變得更難出售，這也是為什麼我們的信用損失統計會是現在這樣。

Okay. Thanks, Mark.

了解。謝謝，Mark。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

Good morning. Thanks, all for taking my questions. Investment volume was robust in the first quarter. You took up the acquisition guidance pretty materially, and you have the prefunding. So I guess, what are the factors that would limit your acquisitions kind of going forward? (inaudible) fourth quarter was strong first quarter was equally strong. Like should we expect you to kind of continue to step on the gas? Or what would kind of hold you back in any way?

早安。謝謝各位回答我的問題。第一季的投資量很強勁。你們也相當幅度地上調了併購指引，而且還有預先撥款（prefunding）。所以我想問，未來有哪些因素會限制你們的併購？（聽不清）第四季很強，第一季也同樣強。我們是否應該預期你們會繼續加速？或者有什麼因素會在任何方面讓你們有所保留？

Yeah, sure. So it's a good question. We've got visibility going out 60, 90 days. If you get beyond that, it's hard to predict not only what the opportunity set is going to look like, but also what the acquisition environment looks like. and what opportunities there, what the pricing is. And obviously, with the war going on and a lot of geopolitical risk out there, we didn't want to get too far over our skis and predict what that's going to look like.

是的，當然。這是個好問題。我們對未來60到90天的能見度是有的。但如果超過那個範圍，就很難預測不只是機會集合會長什麼樣，也很難預測併購環境會如何、有哪些機會、以及定價會是什麼。而且顯然，戰爭仍在進行、地緣政治風險很多，我們不想把預測做得太超前，去猜那會變成什麼樣子。

But yes, I mean, I think that's something that we're likely to revisit if the market remains the same and our cost of capital remains the same, then I think there's no reason why we can't keep this clip going forward for several quarters.

但沒錯，我的意思是，如果市場維持不變、而我們的資金成本也維持不變，那我認為沒有理由我們不能在接下來好幾個季度維持這樣的節奏。

Got it. And just to follow-up, you were able to continue to acquire quite a bit but at a similar cap rate. So -- and I think you mentioned earlier in the prepared remarks, you were happy with the opportunities and the risk-reward on what you're buying. So can you just talk a little bit about the pricing environment what you're seeing and what would need to happen for it to change and turn less favorable.

了解。再追問一下，你們能持續收購不少資產，但資本化率仍大致相近。所以——而且我想你先前在準備好的發言中提到，你對你們正在買的標的之機會與風險報酬很滿意。你能否談談你們看到的定價環境，以及需要發生什麼情況才會讓它轉變、變得不那麼有利？

Yeah, sure. So I mean, I think the number one thing that could make it a little bit less favorable, also has an offset where our debt would get cheaper. But I think if interest rates come down, then you may see cap rates come down along with it. I don't really foresee there being much of a slowdown in the opportunity set. You had -- you go back to 2021, where the five-year was under 1% all the way up until the end of the year there.

好的，當然。我想第一個可能讓環境變得稍微不那麼有利的因素，同時也會有一個對沖效果——也就是我們的債務成本會變便宜。但我認為如果利率下調，你可能也會看到資本化率跟著下來。我不太預期機會集合會明顯放緩。你回到2021年，當時5年期利率在1%以下，一直到那年年底都是如此。

That allowed a lot of people to kind of enter the space, kind of small family offices that got very aggressive, put five-year debt on a lot of those acquisitions that they made, that's coming due at higher interest rates. And so we're starting to see some of those people that maybe don't want to refinance and are looking to sell some smaller portfolios.

那讓很多人得以進入這個領域，例如一些小型家族辦公室變得非常積極，對他們做的許多收購都加上了5年期的債務，而那些債務現在到期、利率更高。因此我們開始看到其中一些人可能不想再融資，並且在尋求出售一些較小的投資組合。

That's -- I think that's going to certainly continue for the rest of the year because you really had that really cheap debt through 2021, you put five years on that, it really gets us through the end of 2026 and into 2027. So hard to predict there being much of a slowdown in opportunity set, but interest rates can certainly drive some cap rates down, but we just don't really see that happening too much here in the short term.

那個——我認為這肯定會在今年剩餘時間持續，因為你在 2021 年確實拿到了非常便宜的債務，並把它鎖了五年，這讓我們一路撐到 2026 年底並延伸到 2027 年。因此很難預測機會集合會出現明顯放緩；利率當然可能會把某些資本化率（cap rates）壓低，但我們短期內並不太看到這種情況發生。

Thanks very much. Good luck in the second quarter.

非常感謝。祝第二季順利。

Jay Kornreich, Cantor Fitzgerald.

Jay Kornreich，Cantor Fitzgerald。

Hi, thanks. Good morning. I wanted to ask about the tenant credit and the watch list, recognizing it's only been a couple of months since last quarter's earnings. But has there been any change just to the watch list or how you're thinking about bad debt baked into guidance at this point?

嗨，謝謝。早安。我想問一下租戶信用狀況以及觀察名單（watch list），也理解距離上季財報才過了幾個月。不過，觀察名單是否有任何變化？或者就目前而言，你們對指引中已納入的壞帳（bad debt）是怎麼思考的？

Yeah. No. We don't see much of a change. In fact, I think if you look at the histograms that we provide in the investor presentation on slide 13 there. You've seen some improvement really across the board with unit level performance as well as corporate performance has improved a little bit, but look, we have a few assets under 1 times coverage.

是的。沒有。我們沒有看到太大的變化。事實上，我想如果你看我們在投資人簡報第 13 頁提供的直方圖。你會看到整體都有一些改善，不論是單店層級的表現，或是公司層級的表現也略有提升；但你看，我們確實有少數資產的覆蓋倍數低於 1 倍。

I believe there's three assets that kind of fit that category and three or four that are CCC plus (inaudible) on an implied rating basis. So those are ones that we're paying attention to. But in each of those situations, we feel like we'll have a pretty good outcome. So I really don't see much in terms of impacting AFFO for the next several years.

我相信大概有三項資產符合那個類別，另外有三到四項在隱含評等（implied rating）的基礎上屬於 CCC+（聽不清）。所以這些是我們正在關注的。但在每一種情況下，我們都覺得最終會有相當不錯的結果。因此我真的不太看到未來幾年會對 AFFO 造成太大影響。

Okay. Thanks for that. And then if I could just follow up on the question relating to the dilution from the treasuries talking about the accounting. I guess, should we be expecting that number to come down throughout the year as you settle forward equity or as you're maybe going to be employing future capital markets activity is kind of that $0.045 range, more of a sticky number to expect going forward?

好的。謝謝你的說明。另外我想追問一下關於國庫股（treasuries）造成稀釋、以及你提到的會計處理那個問題。我想問的是：隨著你們在一年內結算遠期股權（forward equity），或是未來可能進行資本市場活動，我們是否應該預期那個數字會逐步下降？還是說大約 0.045 美元這個區間，會是未來比較黏著、可以持續預期的數字？

Yeah. I mean it's difficult to answer the question because I don't know where the stock price is going to go. But I think what you should expect us to model is the stock price rising throughout the year. And so even though you're settling more shares and therefore be less dilution from those shares, the dilution stays about even because the stock price is going higher throughout the year.

是的。我的意思是，這題很難回答，因為我不知道股價會走到哪裡。但我認為你應該預期我們在模型裡假設股價會在一年內走高。因此即便你結算了更多股份、所以來自那些股份的稀釋會變少，稀釋程度仍大致持平，因為股價在一年內持續上升。

So that's how you should think about it. It's certainly going to be higher. We're certainly modeling higher than what it was in the first quarter. Our average stock price in the quarter was $19.26. So as we sit here today, it's been in the 19s and 20s or higher 19s and 20s. So what the midpoint assumes is kind of you're staying in and around the kind of the $20 to $21 level. And that probably equates to anywhere from 4 million to 5 million shares every quarter until you get out to next year.

所以你應該這樣理解。它肯定會更高。我們的模型肯定假設會高於第一季的水準。我們該季的平均股價是 19.26 美元。而截至今天，股價一直在 19 到 20 多美元之間，或是接近 20、20 出頭。因此中位數假設大概是你維持在 20 到 21 美元左右。而那大概等同於每一季約 400 萬到 500 萬股，直到進入明年。

Okay, that's helpful. Thank you. That's it from me.

好的，這很有幫助。謝謝。我這邊就到這裡。

Smedes Rose, Citi.

Smedes Rose，Citi。

Hi, thanks. I just wanted to ask a little bit more about what you're seeing kind of in the opportunity set. It looked like you've leaned in into convenience stores a little more in the quarter. I know you've talked in the past about QSRs and maybe some more fitness, I'm just wondering where those kind of line up on your interest level right now and kind of any pricing changes around those categories?

嗨，謝謝。我想再多問一點你們在機會集合方面看到的情況。看起來你們這一季對便利商店（convenience stores）配置得更多一些。我知道你們過去談過 QSR（快速服務餐廳）以及可能更多健身類別，我想了解這些目前在你們的興趣程度上大概排在哪裡，以及這些類別周邊的定價是否有任何變化？

Yeah, sure. Yeah, I mean, we did buy more convenience stores in the quarter. I think that's probably not going to be the case as much in the second quarter. I think what we're going to be buying is it's going to be maybe a little bit more diversified than what we typically have bought in the past. There were just a lot -- we did a lot of sale leasebacks, just under half of what we bought.

好的，當然。是的，我們這一季確實買了更多便利商店。我想第二季可能就不會那麼明顯。我認為我們接下來要買的，可能會比過去典型的收購更分散一些。當季有很多——我們做了很多售後回租（sale-leasebacks），占我們收購金額的不到一半。

In the first quarter, were sale-leasebacks and a lot of that were convenience store, more regional operators buying smaller operators, which is kind of our favorite type of sale leasebacks because you're seeing a fixed charge coverage ratio typically go up after those acquisitions versus financing. And so, those were some attractive opportunities.

第一季的收購中，售後回租占比很高，而其中很多是便利商店：較區域性的營運商收購較小的營運商，這正是我們最喜歡的售後回租類型，因為相較於用融資方式，你通常會看到固定費用覆蓋率（fixed charge coverage ratio）在這些收購後上升。因此，那些是一些很有吸引力的機會。

Right now, we're seeing maybe a little bit of a different opportunity set in that there's some more diversified pools of assets that were that we have under contract and are looking forward to adding to the portfolio. But yeah, the convenience store space is certainly one that we like. The fitness business is another one that we like as long as we're dealing with some of the more sophisticated operators that provide unit level coverage and get very comfortable that they have enough members at those locations to generate strong enough rent coverage in the future, and we were able to source a decent amount of those in the fourth quarter and the first quarter, maybe a little bit less than in the second quarter.

目前我們看到的機會集合可能有點不同，因為我們有一些更多元的資產組合正在簽約中，也期待把它們加入投資組合。不過，是的，便利商店領域當然是我們喜歡的。健身產業也是我們喜歡的另一個領域，前提是我們合作的是較成熟、較專業的營運商，他們能提供單店層級的覆蓋數據，並讓我們非常有信心：那些據點有足夠會員數，未來能產生足夠強的租金覆蓋；我們在第四季和第一季也來源到相當數量的這類案子，第二季可能會少一點。

And then quick service restaurants is always an area that we like just sometimes the pricing can get pretty aggressive there. So that could be a little bit tricky to get our hands on, but we did buy a handful of Starbucks in the quarter that were really strong on Placer and are doing very well. So it's always a little bit of a mix in each quarter is a little bit different. But I think I'd expect the second quarter to be a little bit more diversified.

另外，快速服務餐廳（QSR）一直是我們喜歡的領域，只是那邊的定價有時會變得相當激進。所以要拿到案子可能會有點棘手，但我們這一季確實買了少量的 Starbucks，Placer 的數據非常強，營運表現也很好。所以每一季都會有點混合、每一季也都不太一樣。但我想我會預期第二季會更分散一些。

Okay. And then we noticed that Family Dollar was, I guess, upgraded to an investment-grade profile from solid investment grade. I'm just wondering what drove that?

好的。另外我們注意到 Family Dollar 似乎從「穩健投資級」（solid investment grade）上調到「投資級概況」（investment-grade profile）。我想問是什麼原因驅動了這個變化？

Yeah. I mean it was really that they were willing to allow us to put that out there as they are a private company now, and so we are subject to NDAs. We can't just share everybody's financial statements and financial condition. And so we got them to agree to allow us to -- they've always been investment grade profile ever since they spun out, but now we're able to share that with the public.

是的。我的意思是，主要是他們願意讓我們對外揭露這件事，因為他們現在是私人公司，所以我們受到保密協議（NDA）的約束。我們不能隨便分享每一家公司的財務報表和財務狀況。因此我們讓他們同意讓我們——他們自從分拆出來以來一直都是投資級概況，但現在我們可以把這件事對外公開分享。

Okay. Very helpful. Thank you.

好的。非常有幫助。謝謝。

Wes Golladay, Baird.

Wes Golladay，Baird。

Hey. Good morning, everyone. I just have a few housekeeping questions for you. For the TJ Maxx fleet that you signed, has that tenant commenced rent paying as of this moment?

嗨。各位早安。我這邊有幾個行政性（例行）問題想請教。關於你們簽下的 TJ Maxx 這批門店，該租戶目前是否已開始支付租金？

They have not. They have some work that they need to do within the store. It's a relocation store for them. And so we have about a year before they actually start paying rent.

還沒有。他們在店內還有一些工程需要做。那是他們的一家搬遷店。所以在他們真正開始付租金之前，我們大概還有一年時間。

Okay. And we did notice a few loans were extended, but they were just for a very short period. Can you kind of give us an idea of what's going on and the visibility on them being repaid?

了解。另外我們注意到有幾筆貸款獲得展期，但展期時間都很短。你能否大致說明一下目前的狀況，以及這些貸款償還的能見度如何？

Yeah, sure. So I think you're probably specifically talking about Speedway. And that is an ongoing negotiation where that will get extended much further. We may end up acquiring some of the assets kind of TBD a little bit, but it should have a very positive outcome for us.

可以，當然。我想你指的應該是 Speedway。那是一項仍在進行中的協商，之後會再展期更久。我們也可能會收購其中部分資產，細節還有待確定，但對我們而言應該會是非常正面的結果。

Okay. Thank you very much.

好的。非常感謝。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO Capital Markets。

Hey, thanks. Good morning. As you continue to lean into IG profile and non-IT investments, they do tend to have better escalators than true IG. Do you have internal growth target for these assets? And how should we be thinking about the longer-term internal growth for the overall portfolio?

嗨，謝謝。早安。隨著你們持續加碼投資級（IG）輪廓以及非 IT 投資，這些資產的租金調升條款往往比真正的 IG 還要好。你們對這些資產有內生成長目標嗎？另外，我們應該如何看待整體投資組合長期的內生成長？

Well, you're right. I mean we try to negotiate any time that we can to try to get better escalators. And so -- and you have a little bit more leverage, more specifically when you're doing a fair leaseback and you're writing the lease and that a lot of the sub-investment grade or IGP opportunities that we're doing are in those categories.

你說得沒錯。我們會在任何可行的時候嘗試談判，以爭取更好的調升條款。因此——而且當你在做公平的售後回租（leaseback），由你來擬定租約時，你的議價能力會更強；我們做的許多次投資級以下或 IGP 的機會，正是屬於這些類別。

So we try to get 2% annual is what we shoot for. I think we're probably, on a blended basis, going to be kind of probably more in the 1.25%. It's probably a good thing to model for future acquisitions, and that will continue to bring up our average escalators in the portfolio.

所以我們的目標是每年 2% 的調升。但我想以加權平均來看，我們可能會更接近 1.25%。這大概是未來收購案建模時一個不錯的假設，而這也會持續拉升我們投資組合的平均調升幅度。

Great. And then could you just quantify what's assumed in guidance for bad debt?

很好。另外，你能否量化一下指引中對呆帳（bad debt）的假設？

At the midpoint, we're looking in and around kind of 50 basis points.

以中位數來看，我們大約抓 50 個基點左右。

All right. Great. Thank you.

好。很好。謝謝。

Michael Gorman, BTIG.

Michael Gorman，BTIG。

Yeah, thanks. Good morning. If I could just go back to the forward equity for a minute. Obviously, you've been pretty strong and opportunistic there. With kind of more than $600 million outstanding, that just back of the envelope is kind of 18 months' worth of acquisition volume at a pretty conservative leverage level. What's the target there for you to keep a runway? Is it that 18-month target? Or how should we think about that going forward?

是的，謝謝。早安。我想先回到遠期股權（forward equity）這個話題一下。顯然你們在這方面一直相當強勢且把握時機。目前未結餘額超過 6 億美元，粗略估算，在相當保守的槓桿水準下，這大概相當於 18 個月的收購量。你們希望保留的資金跑道目標是什麼？是以 18 個月為目標嗎？或我們應該如何看待你們未來的規劃？

Yeah. I mean as we think about it, our leverage range, targeted leverage range is kind of 4.5% to 5.5%. That's where we feel comfortable running the balance sheet we could complete the $650 million at the high end of our guidance and still be at 4.5%. And so I think we'll be opportunistic with the ATM where we think it makes sense.

是的。我們在思考時，目標槓桿區間大概是 4.5% 到 5.5%。在這個區間內，我們覺得以這樣的資產負債表運作是舒適的；即使在指引上緣完成 6.5 億美元，我們仍可維持在 4.5%。因此，我們會在認為合理時，機會性地透過 ATM 進行。

And to the degree that we continue to see opportunities at the same clip we saw in the first quarter, you should expect us to access that market when appropriate. But I think your assessment of kind of our runway is fair, but we want to stay on our front foot and make sure we're never in a position where we have to raise equity.

而且如果我們持續以第一季那樣的節奏看到機會，你們應該會看到我們在適當時點進入那個市場。不過我認為你對我們資金跑道的判斷是合理的，但我們希望保持主動，確保自己永遠不會落入必須募股的處境。

Okay. That's helpful. Makes sense. And then, Mark, maybe just thinking about the loan book again with some of the let's call the volatility in the private credit space. Are you seeing more opportunities maybe on the loan book side of the portfolio to expand that? And if so, how are you thinking about that in terms of the investment pipeline?

好的。這很有幫助。合理。接著，Mark，再回到貸款組合，考量到私募信貸市場的波動（姑且這麼說）。你們是否在投資組合的貸款端看到更多擴張機會？如果有，你們在投資案源（pipeline）上是如何思考的？

Yeah. No, it's a good question. And the answer is no. I mean, really, we're looking at providing developers with capital and kind of some acquisition capital here and there for some people like we did on Speedway. We're not lending directly to tenants, and I think we'll likely avoid that as best we can.

是的。這是個好問題。答案是否定的。我們主要是在為開發商提供資金，並且偶爾提供一些收購資金，例如我們在 Speedway 那筆交易所做的。我們不會直接放款給租戶，我想我們也會盡可能避免這麼做。

And so I don't think we'd be competing with any of them, and I would not expect that to have any impact on what we're doing. And in fact, I think the opportunity set on the loan side is probably not quite as good as what it was maybe a couple of years ago. And so I would expect us to do maybe fewer loans on a go-forward basis.

因此我不認為我們會與他們中的任何人競爭，也不預期這會對我們正在做的事情造成影響。事實上，我認為貸款端的機會集合，可能不如兩三年前那麼好。所以我預期未來我們做的貸款筆數可能會更少。

That's very helpful. And then maybe last one for me because it's come up a few times. Obviously, C stores are important, an important exposure in a space that you like. but it's also one that's going through an evolution in kind of form and how operators are thinking about it. I think 7-Eleven announced about 650 closures last week. Can you maybe just remind us how you think about underwriting the space both in terms of the existing portfolio and new acquisitions in terms of kind of KPIs, formats, just how you think about that as a sector.

這非常有幫助。最後一題，因為這已經被提到好幾次。顯然，便利商店（C stores）很重要，是你們喜歡的領域中一個重要曝險，但它也正處於形態演進之中，營運商對其定位與經營方式也在改變。我記得 7-Eleven 上週宣布大約 650 家關店。你能否提醒我們，你們在承作（underwriting）這個領域時，對既有投資組合與新收購案分別如何評估——例如 KPI、店型（formats）等，以及你們如何把它當作一個產業來看？

Thanks.

謝謝。

Yeah, sure. And I think that the 7-Eleven news is they're a very old company. They have a lot of very old smaller stores that they're doing away with. We don't own any of those, but we're constantly looking at kind of a few different factors as it relates to C store that what is the gallonage that they're generating? Is that going up, going down?

好的，當然。我認為 7-Eleven 的新聞是因為他們是一家非常老的公司。他們有很多非常老、規模較小的門店，正在汰除。我們沒有持有任何那類門店，但我們會持續從幾個不同面向來觀察便利商店，例如他們的燃油銷量（gallonage）是多少？是在上升還是下降？

We've seen pretty consistent levels across the portfolio on the C store space. In fact, it's gone up a little bit. And then how is the inside sales doing. So they're really kind of two separate revenue drivers making sure that they're getting enough volume and the margins are staying the same.

我們在整個投資組合的便利商店（C-store）領域看到相當一致的水準。事實上，還小幅上升了一點。那麼店內銷售表現如何？所以它們其實是兩個相對獨立的營收驅動因素：確保有足夠的銷量，並且毛利率維持不變。

And so seeing pretty consistent performance across our convenience store operators. But look, I mean, when we -- I think two or three years ago, we had 21, 7-Elevens, now we have 13 because we're constantly looking at which ones are doing well, which ones aren't and the ones that aren't going to stay in our portfolio until the end of the lease.

因此我們在便利商店營運商之間看到相當一致的表現。不過你看，我是說，當我們——我想兩三年前——我們有 21 家 7-Eleven，現在我們有 13 家，因為我們一直在檢視哪些表現好、哪些不好，而那些表現不佳的店不會留在我們的投資組合直到租約到期。

And so we have, I think, 9.5 years of weighted average lease term on our 7-Elevens, none of them below 8.5 years. So I feel pretty strong that we've got a lot of time to deal with that. But that being said, we've got locations that are generating positive cash flow and aren't -- we don't think are related to the news that came out around 7-Eleven.

因此我們的 7-Eleven 加權平均剩餘租期（WALT）大約是 9.5 年，沒有任何一個低於 8.5 年。所以我相當有信心，我們有很多時間可以處理這件事。但話雖如此，我們也有一些據點正在產生正向現金流，而且——我們認為——與近期關於 7-Eleven 的新聞無關。

But yeah, I mean, I think there is certainly a move towards a larger format. We're kind of seeing that across the board. But really, it comes down to the fundamentals that haven't changed over the past 25 years, and that's having strong inside sales having strong gallonage and being able to push price and not get squeezed on margins. And if you're able to do that, you're going to be successful for a long time in the convenience store space.

不過是的，我是說，我認為確實有朝向更大店型的趨勢。我們幾乎在各方面都看到了這點。但歸根結底，關鍵仍是過去 25 年來未曾改變的基本面：強勁的店內銷售、強勁的油品銷量（gallonage），以及能夠推動售價而不被毛利率擠壓。如果你能做到這些，你就能在便利商店領域長期成功。

Great. Thank you for the time.

很好。謝謝你撥冗。

Linda Tsai, Jefferies.

Jefferies 的 Linda Tsai。

Thank you. Just given more volatility year-to-date in the 10 years, as you look across your key tenant categories, C-stores, grocers, home improvement, dollar stores, have you seen cap rates shift more so in any of these categories?

謝謝。鑑於今年以來 10 年期利率波動更大，當你檢視主要承租人類別——便利商店、雜貨、居家修繕、折扣店——你是否看到任何類別的資本化率（cap rates）出現較明顯的變動？

They've been pretty consistent. So we really haven't seen much of a change. In fact, I think we've been at 7.5% for -- on going to cap rate with very similar mix of tenants. I think the tenant mix will probably change a little bit, be a little bit more diversified in the second quarter, but I'd expect a very similar pricing, but we haven't really seen much movement, if any, across the board.

它們一直相當一致。所以我們其實沒有看到太多變化。事實上，我想我們的成交資本化率大概一直在 7.5%——而且承租人組合非常相近。我認為第二季的承租人組合可能會稍微改變、更加多元化一些，但我預期定價會非常相似；整體而言我們並沒有看到太多變動，如果有的話也是很有限。

Thanks. And then more of a big picture question. Your AFFO per share CAGR has been high single digit since 2021. How do you think about the CAGR of AFFO per share over the next several years?

謝謝。接著是一個更宏觀的問題。自 2021 年以來，你們每股 AFFO 的年複合成長率（CAGR）一直是高個位數。你們如何看待未來幾年每股 AFFO 的 CAGR？

Yeah. I mean, Linda, we'd like to maintain that level. I mean, obviously, this year, at the high end, it's 5.3% year-over-year growth. And I think consensus assumes even higher growth next year. I think to the degree that we can maintain spreads where they are today in the kind of 190 basis points range.

是的。我是說，Linda，我們希望能維持那個水準。當然，今年在高端指引下是年增 5.3%。而我想市場共識預期明年成長甚至更高。我認為只要我們能把利差（spreads）維持在目前大約 190 個基點的區間。

I certainly think we can be north of kind of where we are this year. But I mean, it just remains to be seen where the stock price goes and where debt is. But I think the one thing that -- one of the many things that I feel confident in is our team's ability to underwrite assets and get them into the portfolio in an expeditious manner. So I certainly think it's -- if the cost of capital is there, the runway for us to be able to compound earnings is there for sure.

我確實認為我們可以高於今年的水準。但我的意思是，這仍取決於股價走勢以及債務成本的位置。不過我有信心的一點——也是我有信心的眾多事情之一——是我們團隊對資產承作評估（underwrite）的能力，並能以迅速的方式把資產納入投資組合。所以我確實認為——只要資本成本允許——我們具備複利式累積獲利的跑道，這點毫無疑問。

Thank you.

謝謝你。

Jana Galan, Bank of America.

美國銀行（Bank of America）的 Jana Galan。

Thank you. Good morning and congrats on the strong start to the year. There are lots of questions on C stores, but I was wondering if you could remind us on kind of how you're thinking about the grocery category now that it's above 15%. And could we see further growth there?

謝謝。早安，恭喜今年開局強勁。關於便利商店有很多問題，但我想請你們提醒一下，現在雜貨類別占比已超過 15%，你們目前是如何看待這個類別的？而且那邊是否可能進一步成長？

Yeah, that's a good question, Jana. We've seen really a lot of great opportunities in the grocery space with some strong performing stores with great credit and good lease terms. We expect that to continue. There's really not as much in the second quarter, so a little bit difficult to predict. I don't think we'd let in and get to 20%.

是的，這是個好問題，Jana。我們在雜貨領域看到很多很好的機會：一些表現強勁的門店，信用狀況佳，租約條件也不錯。我們預期這種情況會持續。第二季在這方面其實沒有那麼多案子，所以有點難以預測。我不認為我們會讓它一路升到 20%。

And so I think 15% is kind of kind of nudging up against where we're comfortable. And we don't really want to let things get too far above that. But if there's a great opportunity, we don't want to be quoted from being able to move forward. But I would expect that kind of 15%, 16% range to be pretty consistent with grocery. It just happens to be an industry that we like a lot. And I think the same can be said for convenience stores.

因此我認為 15% 大概已經接近我們覺得舒適的上限。我們不太希望讓占比高出太多。但如果有很好的機會，我們也不希望因此被限制而無法推進。不過我預期雜貨大概會在 15%、16% 這個區間維持相對一致。它剛好是我們非常喜歡的產業。我想便利商店也是同樣的道理。

Thank you. And then maybe just an update on the development projects. It's currently a small part of the business with four underway. But can you remind us of yields there? And would you be willing to kind of increase exposure to development, if that's what some retailers prefer?

謝謝。接著也許請更新一下開發案（development projects）。目前它在業務中占比仍小，正在進行的有四個。你能提醒我們那邊的收益率（yields）大概是多少嗎？如果某些零售商偏好這種方式，你們是否願意提高對開發案的曝險？

Yeah. I mean, certainly, if retailers prefer that route, and that's our best way to get the best risk-adjusted returns, and that is something that we would be more aggressive on. Right now, we feel like we're picking up like 25 basis points, and it just happens to be some tenants that we really want to put in the portfolio. But you're really just not getting paid enough for the risk in our mind to get really aggressive on developments right now.

是的。我的意思是，當然，如果零售商偏好那條路徑，而那也是我們取得最佳風險調整後報酬的方式，那我們會更積極一些。但目前我們覺得大概只多拿到約 25 個基點，而且剛好是一些我們很想納入投資組合的承租人。但以我們的看法，現在的補償不足以覆蓋風險，因此我們不會在開發案上變得非常積極。

If you're picking up 50, 75, 100 basis points, then it would be a lot more interesting to us, but the pricing just isn't there. People are willing to pay up in the -- in single-tenant net lease retail for the most part. The development projects are pretty short. So they don't demand that much of a premium. And so we're able to get similar opportunities outside of the development area and just put them on the balance sheet right away.

如果能多拿到 50、75、100 個基點，那對我們會有趣得多，但目前定價並不到位。就大多數情況而言，市場願意在單一承租人淨租賃零售（single-tenant net lease retail）上付出更高價格。開發案的期間相當短。所以它們不需要那麼高的溢價。因此我們也能在非開發領域找到類似的機會，並且可以立刻放到資產負債表上。

And that's right now what we're looking to do. We've had quarters where we've had almost half of what we're doing has been development. Right now, it's about 10% of what we're doing. So it's a little bit less. But if that's to change, our acquisition team is pretty filled of being able to move very quickly and start adding those into the pipeline. We just don't see that happening anytime soon.

而這正是我們目前想要做的事。我們曾有一些季度，幾乎有一半的工作是在做開發。目前大約只占我們所做事情的 10%。所以稍微少一些。但如果情況要改變，我們的收購團隊人力相當充足，能夠非常快速地行動，並把這些案子開始加入管線。只是我們不認為短期內會發生。

Great. Thank you, Mark.

很好。謝謝你，Mark。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

Great, thank you. Mark, I appreciate the color you've already provided on investment phase for the rest of the year. But given we're almost through April and you probably have a good sense on May as well. I just want to get your sense on the pace of investments for 2Q?

很好，謝謝。Mark，我很感謝你先前已經就今年剩餘時間的投資階段提供的補充說明。但考量我們已經快到四月底，而且你大概也對五月有不錯的掌握。我想請教你對第二季投資節奏的看法？

Yeah, second quarter looks strong. So I don't think you're going to see too much difference in the second quarter. We'll see what closes. We're looking at some opportunities that we have under our control. That may close in June, make lots in July, we'll see. We're kind of getting closer to being done with sourcing for the quarter.

是的，第二季看起來很強勁。所以我不認為你會在第二季看到太大的差異。我們會看有哪些案子能夠成交。我們正在看一些我們可掌控的機會。可能在六月成交、七月交割很多案子，我們再看看。我們在本季的案源開發上，差不多快接近尾聲了。

But yeah, we like the pipeline, the quality and the pricing and for -- at least for the second quarter, I think you can expect a pretty similar quarter to the first.

不過是的，我們喜歡目前的管線、品質與定價；至少就第二季而言，我認為你可以預期會是一個與第一季相當類似的季度。

Okay. Great. That was helpful. And then just overall, dispositions for (inaudible) this quarter, and you've talked about this being the case in the prior calls, but -- is this the pace that we should be expecting for the remainder of the year as well?

好的。很好。這很有幫助。另外，整體而言，本季的處分（聽不清）方面，你們在先前的電話會議也提到過這種情況，但——這是否就是我們在今年剩餘時間也應該預期的節奏？

I think so. I mean there's -- every now and then there's an opportunity where someone comes to you and they want to pay something aggressive or take some risk off your hands. And if that were to happen, we certainly move quickly on that as well. But I think -- and in general, you may see a quarter here or there that might be a little bit heavier or a little bit light. But I think in general, yes, you can expect a pretty similar pace.

我想是的。我的意思是——偶爾會有機會，有人找上門，願意出一個很積極的價格，或是幫你把一些風險拿走。如果發生那種情況，我們當然也會迅速行動。但我認為——整體來看，你可能會看到某一季稍微多一些或稍微少一些。但總體而言，是的，你可以預期會是相當類似的節奏。

Okay, great. Thank you.

好的，很好。謝謝。

Daniel Guglielmo, Capital One Securities.

Daniel Guglielmo，Capital One Securities。

Hi, everyone. Thank you for taking my questions. Following up on the escalator question from earlier, as the portfolio mix starts to move from larger tenants to adding some smaller growth to your tenants, are there differences in how you all manage a smaller tenant that's maybe less visible to the public versus a large tenant that's a public filer and visible?

各位好。謝謝你們回答我的問題。延續先前關於自動扶梯（escalator）問題的追問，當投資組合的組成開始從較大型租戶轉向加入一些較小、成長型的租戶時，你們在管理較小、可能對大眾能見度較低的租戶，與管理大型、會公開申報且更具能見度的租戶之間，是否有差異？

Yeah. I don't think there's much difference in terms of how we manage it. Certainly, I think we don't want to let any concentrations get very high with some of the public tenants just because you subject yourself to some headline risk that isn't real risk as it relates to our portfolio. But we're doing the same things across the board on every tenant. We're tracking the corporate financial performance.

是的。我不認為在管理方式上有太大差異。當然，我認為我們不希望在某些上市租戶上出現過高的集中度，因為那會讓你承受一些與我們投資組合實質風險無關的新聞標題風險。但我們對每一位租戶都在做同樣的事情。我們會追蹤企業的財務表現。

Obviously, you probably have a little bit less cushion with the smaller tenants than you do with some of the larger investment-grade tenants, but also tracking foot traffic and the unit level performance. And we've been pretty aggressive and we want to be proactive and not reactive on the asset management front when we start to see some potential issues. And I think if we continue to do that over time, you're just going to continue to see very low credit loss debts.

顯然，相較於一些大型投資級租戶，小型租戶的緩衝可能會少一些，但我們也會追蹤來客量以及單店層級的營運表現。而且我們一直相當積極；在資產管理面，當我們開始看到一些潛在問題時，我們希望能主動而不是被動地處理。我認為如果我們長期持續這麼做，你將會繼續看到非常低的信用損失債務。

Awesome. I appreciate that. And then with private credit seemingly less available this year than it was last year, are you seeing more smaller operators start to search for capital funding elsewhere like by a sale leaseback? Or is it too early to see something like that flow through to your transaction market?

太好了。我很感謝。另外，鑑於今年私人信貸看起來比去年更不容易取得，你們是否看到更多小型營運商開始到其他地方尋找資金，例如透過售後回租（sale leaseback）？還是說現在要看到這類情況反映到你們的交易市場，仍然太早？

Yeah. We have not seen that. I'd be surprised if we see a ton of that. The private credit guys were kind of not only focused on retail. They're kind of all lending to software companies, a lot of different that's got a lot of headlines in a lot of different industries that are maybe a little bit less real estate heavy. So I don't think it's going to have a huge impact one way or the other, and we have not seen any impact to date.

是的。我們沒有看到這種情況。如果我們看到很多這種情況，我會感到意外。那些私人信貸的業者其實不只是聚焦在零售。他們也在放款給軟體公司，以及許多不同產業；有些產業在新聞上有很多話題，但可能相對不那麼偏重不動產。所以我不認為這會在任何方向上造成很大的影響，而且截至目前我們也沒有看到任何影響。

Thank you. Appreciate it.

謝謝。感謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Mark Manheimer for closing comments.

問答環節到此結束。現在我想把電話交回給 Mark Manheimer 作結語。

Well, thank you all for joining us this morning, good luck to the rest of the earnings season, and we look forward to seeing you at upcoming conferences. Appreciate the time.

好的，感謝各位今天早上加入我們，祝各位在接下來的財報季一切順利，我們也期待在即將到來的各場會議上與各位見面。感謝大家撥冗。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的電話會議到此結束。您現在可以掛線。感謝您的參與。