Realty Income Corp (O) 2023 Q1 法說會逐字稿

Good day, and welcome to the Realty Income First Quarter 2023 Earnings Conference Call. (Operator Instructions).

美好的一天，歡迎來到房地產收入 2023 年第一季度收益電話會議。 （操作員說明）。

Please also note, today's event is being recorded. I would now like to turn the conference over to Andrea Behr, Associate Director of Corporate Communications. Please go ahead.

另請注意，今天的活動正在錄製中。我現在想將會議轉交給企業傳播副總監 Andrea Behr。請繼續。

Thank you all for joining us today for Realty Income's First Quarter Operating Results Conference Call. Discussing our results will be Sumit Roy, President and Chief Executive Officer; Christie Kelly, Executive Vice President, Chief Financial Officer and Treasurer; and Jonathan Pong, Senior Vice President, Head of Corporate Finance.

感謝大家今天參加 Realty Income 第一季度經營業績電話會議。討論我們的結果的將是總裁兼首席執行官 Sumit Roy； Christie Kelly，執行副總裁、首席財務官兼財務主管；高級副總裁兼企業融資主管 Jonathan Pong。

During this conference call, we will make statements that may be considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in any forward-looking statements. We will disclose in greater detail the factors that may cause such differences in the company's Form 10-Q. (Operator Instructions).

在本次電話會議期間，我們將發表根據聯邦證券法可能被視為前瞻性陳述的陳述。公司未來的實際結果可能與任何前瞻性陳述中討論的事項存在重大差異。我們將在公司的 10-Q 表中更詳細地披露可能導致此類差異的因素。 （操作員說明）。

I will now turn the call over to our CEO, Sumit Roy.

我現在將把電話轉給我們的首席執行官 Sumit Roy。

Thank you, Andrea. Welcome, everyone. We are pleased to report solid 2023 first quarter results, exhibiting continued momentum in our business. I would like to express my utmost gratitude to our one team whose efforts enable us to continue delivering on our growth objectives. I would also like to thank our equity and fixed income investors for their continued vote of confidence.

謝謝你，安德里亞。歡迎大家。我們很高興地報告 2023 年第一季度的穩健業績，展示了我們業務的持續增長勢頭。我要對我們的一個團隊表示衷心的感謝，他們的努力使我們能夠繼續實現我們的增長目標。我還要感謝我們的股票和固定收益投資者繼續投下信任票。

Our team's efforts and the benefits of our size and scale were reflected in our first quarter results, highlighted by approximately $1.7 billion of high-quality investments acquired at a cash cap rate of 7%. This represents a 90 basis point increase compared to the investment cash cap rate we achieved in the fourth quarter of last year. and resulted in an investment spread of 163 basis points, which is above our historical averages. As we have experienced in prior cycles, cap rates for our investments after an adjustment period have historically tended to be positively correlated with interest rates, which is a trend we have largely continued to experience this year after the recent Horizon rates.

我們團隊的努力以及我們的規模和規模帶來的好處反映在我們第一季度的業績中，突出表現在以 7% 的現金上限收購了約 17 億美元的優質投資。與我們去年第四季度實現的投資現金上限率相比，這意味著增加了 90 個基點。並導致投資利差為 163 個基點，高於我們的歷史平均水平。正如我們在之前的周期中所經歷的那樣，調整期後我們投資的資本化率從歷史上看往往與利率呈正相關，這是我們在最近的 Horizon 利率之後今年在很大程度上繼續經歷的趨勢。

Our ability to access well-priced capital has historically served as a competitive advantage and is a testament to our long history of maintaining a conservative balance sheet and a diversified real estate portfolio supported by clients who are leaders in their respective industries. Amidst an environment in which capital is expensive and are scarce for many of our clients, our value proposition is even more pronounced.

我們獲得定價合理的資本的能力在歷史上一直是一種競爭優勢，並且證明了我們長期保持保守的資產負債表和多元化房地產投資組合的歷史，這些投資組合得到了各自行業領導者的支持。在資本昂貴且對我們許多客戶而言稀缺的環境中，我們的價值主張更加明顯。

This dynamic is reflected in the recent portfolio acquisitions we have announced, the active deal pipeline we see today and the favorable pricing spread we see for large portfolio transactions vis-a-vis one-off single asset transactions. Our differentiated platform extends beyond the external growth lens. Recently, we have taken steps to leverage the size of our portfolio and the history of our operating business through the continued development of advanced analytics.

這種動態反映在我們最近宣布的投資組合收購、我們今天看到的活躍交易渠道以及我們看到的大型投資組合交易相對於一次性單一資產交易的有利價差。我們的差異化平台超越了外部增長鏡頭。最近，我們已採取措施，通過持續開發高級分析來利用我們投資組合的規模和我們經營業務的歷史。

The objective of this initiative is to develop predictive and prescriptive insights that harness the collective proprietary data that we've accumulated over several decades of investing in managing and releasing single-tenant net lease properties. Our team's proprietary predictive analytic tool leverages the strove of information in our investment underwriting, portfolio management, asset management and development efforts enabling even more informed investment decisions made by our best-in-class One team members.

該計劃的目標是開發預測性和規範性見解，利用我們在數十年來投資管理和釋放單租戶淨租賃物業方面積累的集體專有數據。我們團隊的專有預測分析工具利用我們在投資承銷、投資組合管理、資產管理和開發工作中的大量信息，使我們一流的 One 團隊成員能夠做出更明智的投資決策。

As our business grows, so too will the predictive power of this tool, which we believe will generate significant value for our stakeholders as we refine the accuracy test conclusions and broaden scope across industries, property types and geographies. As part of our core investment thesis, our size and scale have created opportunities to serve as a capital provider for best-in-class partners looking for alternative means of financing given elevated debt costs. In the first quarter, we agreed to acquire up to 415 high-quality convenience stores from EG Group for $1.5 billion. Over 80% of the total portfolio annualized contractual rent is expected to be generated from properties under the Cumberland Farms brand, and we expect to close on this transaction in the second quarter. As illustrated by this deal, we believe our ability to offer not only certainty of close, but also attractively priced capital as a one-stop solution for sale-leaseback transactions is particularly valuable to institutional sellers of real estate today. We believe this will continue to expand our competitive advantage.

隨著我們業務的增長，該工具的預測能力也會增強，我們相信隨著我們完善準確性測試結論並擴大跨行業、資產類型和地域的範圍，這將為我們的利益相關者帶來巨大價值。作為我們核心投資主題的一部分，我們的規模和規模創造了機會，可以作為一流合作夥伴的資本提供者，在債務成本上升的情況下尋找替代融資方式。第一季度，我們同意以 15 億美元的價格從 EG 集團收購多達 415 家優質便利店。預計超過 80% 的投資組合年化合同租金將來自 Cumberland Farms 品牌下的物業，我們預計將在第二季度完成這筆交易。正如這筆交易所表明的那樣，我們相信我們不僅能夠提供成交的確定性，而且能夠提供具有吸引力的定價資本作為售後回租交易的一站式解決方案，這對當今的房地產機構賣家來說特別有價值。我們相信這將繼續擴大我們的競爭優勢。

Internationally, we continue to venture into new geographical verticals and grow the total addressable market opportunity. This quarter, we took advantage of favorable pricing internationally to acquire properties worth approximately $390 million at an initial cash lease yield of 7.6%. After our initial entry into international markets in 2019, we now derive 11.7% of total portfolio annualized contractual rent from those markets.

在國際上，我們繼續冒險進入新的地理垂直領域並增加總的可尋址市場機會。本季度，我們利用有利的國際定價優勢，以 7.6% 的初始現金租賃收益率收購了價值約 3.9 億美元的物業。在我們於 2019 年首次進入國際市場後，我們現在從這些市場獲得了總投資組合年化合同租金的 11.7%。

This natural extension of our platform has been a pillar of growth for the last 4 years and is indicative of our ability to methodically establish and scale a new vertical. Given the continued momentum in our acquisitions pipeline and our progress to date, we are increasing our 2023 investment guidance to over $6 billion from our prior guidance of over $5 billion. Consistent with our investment strategy, we remain disciplined with regard to our balance sheet. Subsequent to our April bond offering, which settled on April 14. We held approximately $5.6 billion of liquidity, including unsettled forward equity totaling $1.5 billion.

我們平台的這種自然延伸是過去 4 年增長的支柱，表明我們有條不紊地建立和擴展新垂直領域的能力。鑑於我們收購渠道的持續勢頭和迄今為止取得的進展，我們將 2023 年的投資指導從之前超過 50 億美元的指導增加到超過 60 億美元。與我們的投資策略一致，我們在資產負債表方面保持紀律。在我們於 4 月 14 日結算的 4 月份債券發行之後。我們持有約 56 億美元的流動資金，包括總計 15 億美元的未結算遠期股權。

As a result, our current financial position has afforded us the ability to lean into near-term investment opportunities. Moving to operations. Our platform continues to generate durable cash flows, which support our stable earnings profile. For the first quarter, we are pleased to report occupancy of 99%, matching last quarter for the highest rate at the end of a reporting period in over 20 years. Additionally, we generated a 101.7% recapture rate across 176 renewed or new leases executed during the quarter.

因此，我們目前的財務狀況使我們能夠把握近期的投資機會。轉向運營。我們的平台繼續產生持久的現金流，支持我們穩定的盈利狀況。我們很高興地報告第一季度的入住率為 99%，與上一季度持平，為 20 多年來報告期末的最高入住率。此外，我們在本季度執行的 176 份續租或新租約中產生了 101.7% 的回收率。

These results are a reflection of our talented asset management team and our unwavering commitment to core capital allocation principles, which include a focus on industry-leading clients who often operate in a low price point service-based or nondiscretionary industries. Our purposeful diversification across industries, geographies and clients and our emphasis on high-quality real estate locations and rigorous credit underwriting. Our investment philosophy is nuanced and not simply predicated upon the pursuit of investment-grade clients, which ended the first quarter at 40.8% of our annualized contractual rent. Many of our strongest operators, such as Sainsbury's have no public debt and thus are not rated at all.

這些結果反映了我們才華橫溢的資產管理團隊以及我們對核心資本配置原則的堅定承諾，其中包括專注於通常在低價服務型或非全權委託行業運營的行業領先客戶。我們有目的地實現跨行業、跨地域和跨客戶的多元化，並強調高質量的房地產地點和嚴格的信用承保。我們的投資理念是微妙的，不僅僅是基於對投資級客戶的追求，第一季度結束時我們的年度合同租金為 40.8%。我們許多最強大的運營商，例如 Sainsbury's，沒有公共債務，因此根本沒有評級。

However, the consistency of their operations and health of their balance sheet are favorable attributes that are consistent with those of an investment-grade rated company. We estimate that approximately 5.3% of our annualized contractual rent comes from unrated operators without public debt. We remain committed to investments that offer us attractive risk-adjusted returns as evidenced throughout our history. And going forward, where we believe, based upon our disciplined underwriting and analytics, we are achieving better returns per unit of incremental risk.

然而，他們運營的一致性和資產負債表的健康是與投資級評級公司一致的有利屬性。我們估計，我們約 5.3% 的年度合同租金來自沒有公共債務的未評級運營商。我們仍然致力於為我們提供有吸引力的風險調整後回報的投資，這在我們的歷史中得到了證明。展望未來，我們相信，根據我們嚴格的承保和分析，我們將在每單位增量風險中獲得更好的回報。

I would like to briefly touch on Cineworld which represents 1.3% of our annualized contractual rent. Despite the ongoing Chapter 11 bankruptcy, we have continued to receive 100% of contractual rent in the first quarter and through April. As of March 31, 2023, we had cumulative reserves of $33 million on our Cineworld properties. Outstanding receivables net of reserves and excluding straight-line receivables were $14.1 million.

我想簡要介紹一下占我們年合同租金 1.3% 的 Cineworld。儘管美國破產法第 11 章正在進行破產保護，但我們在第一季度和 4 月份繼續收到 100% 的合同租金。截至 2023 年 3 月 31 日，我們的 Cineworld 資產累計儲備金為 3300 萬美元。扣除準備金和不包括直線法應收款的未清應收款為 1410 萬美元。

We remain in discussions with this client and we'll update the market on the outcome of these discussions at the appropriate time. Before turning the call over to Christie, I would like to highlight that in March, we published our third annual sustainability report which details our ongoing commitment to operating as a responsible corporate citizen for our stockholders, our team, the communities in which we operate and the environment.

我們仍在與該客戶進行討論，我們將在適當的時候向市場更新這些討論的結果。在將電話轉交給科視之前，我想強調的是，我們在 3 月份發布了第三份年度可持續發展報告，其中詳細說明了我們作為負責任的企業公民對我們的股東、我們的團隊、我們經營所在的社區以及環境。

I'm proud of our continued progress on ESG initiatives as we seek to fulfill our commitment to building sustainable relationships and I strongly encourage all of today's listeners to navigate to the Sustainability page of our website to review the report.

在我們尋求履行建立可持續關係的承諾時，我為我們在 ESG 倡議方面取得的持續進展感到自豪，我強烈鼓勵今天的所有聽眾導航到我們網站的可持續發展頁面以查看報告。

With that, I'd like to turn it over to Christie.

有了這個，我想把它交給科視。

Thank you, Sumit. We work together with our clients and our One team to achieve a successful quarter on a number of fronts, delivering AFFO per share of $0.98 on behalf of all of our stakeholders. We would highlight that the comparable quarter in 2022 benefited from approximately $10.2 million of rental revenue reserve reversals, resulting in an AFFO per share growth headwind of approximately $0.015 per share in the first quarter of 2023.

謝謝你，蘇米特。我們與我們的客戶和我們的 One 團隊合作，在多個方面取得了成功的季度，代表我們所有的利益相關者交付每股 0.98 美元的 AFFO。我們要強調的是，2022 年可比季度受益於約 1020 萬美元的租金收入儲備逆轉，導致 AFFO 在 2023 年第一季度的每股增長逆風約為每股 0.015 美元。

In addition, higher year-over-year short-term interest rates represented an approximate $0.02 growth headwind as our weighted average interest rate on revolver and commercial paper borrowings was approximately 300 basis points higher than it was in the comparative period in 2022 on a similar average borrowing base. Excluding these two items, our year-over-year AFFO per share growth rate was approximately 3.5% this quarter. As we evaluate the core fundamentals of our business, we remain focused upon delivering for our stakeholders over the long term and are encouraged by opportunities ahead. To that end, we are increasing the low end of our AFFO per share guidance range by $0.01 and resulting in a new range of $3.94 to $4.03, which represents 1.7% annual growth at the midpoint of the updated range. It has been a busy and productive start to the year on the capital raising front. Despite continued market volatility, we have raised approximately $3.9 billion of capital this year excluding $1.5 billion of unsettled forward equity.

此外，較高的短期利率代表了約 0.02 美元的增長逆風，因為我們的循環和商業票據借款的加權平均利率比 2022 年同期的類似利率高出約 300 個基點平均借款基數。不包括這兩項，本季度我們的 AFFO 每股增長率約為 3.5%。當我們評估我們業務的核心基礎時，我們仍然專注於為我們的利益相關者提供長期服務，並為未來的機會感到鼓舞。為此，我們將 AFFO 每股指導範圍的下限提高了 0.01 美元，新範圍為 3.94 美元至 4.03 美元，這意味著更新範圍中點的年增長率為 1.7%。在籌資方面，今年是一個忙碌而富有成效的開端。儘管市場持續波動，但我們今年已籌集了約 39 億美元的資金，其中不包括 15 億美元的未結算遠期股權。

In April, we closed a $1 billion bond offering, which was comprised of $400 million of 4.7% senior unsecured notes due in 2028, and $600 million, a 4.9% senior unsecured notes due in 2033, resulted in a weighted average tenure of 8 years and semiannual yield to maturity of 5.05%. The issuance allowed us to satisfy our near-term debt issuance needs while reducing our exposure to variable rate revolver and commercial paper borrowings and to almost zero after our transaction closed on April 14. In March, we increased our dividend for the 120th time since our public listing in 1994, and to an annual rate of $3.06 per share, representing 3.2% growth from the prior year period. Providing a stable and growing dividend is core to our mission at Realty Income, and we take great pride in being one of only 66 constituents in the S&P 500 Dividend Aristocrats Index for having raised our dividend every year for the last 25 consecutive years.

4 月，我們完成了 10 億美元的債券發行，其中包括 4 億美元 2028 年到期的利率為 4.7% 的優先無抵押票據，以及 6 億美元 2033 年到期的利率為 4.9% 的優先無擔保票據，加權平均期限為 8 年半年到期收益率為5.05%。此次發行使我們能夠滿足近期債務發行需求，同時減少我們對可變利率循環和商業票據借款的敞口，並在 4 月 14 日交易結束後幾乎為零。3 月，我們增加了股息，這是自我們成立以來的第 120 次。 1994 年公開上市，每股收益為 3.06 美元，比上年同期增長 3.2%。提供穩定且不斷增長的股息是我們 Realty Income 使命的核心，我們為成為標準普爾 500 股息貴族指數中僅有的 66 家成分股之一而感到自豪，因為我們在過去連續 25 年中每年都提高股息。

I would like to thank our One team whose focus and diligence has paved the way for our continued growth as we build upon our track record of consistency. And with that, I would like to turn it back over to Sumit.

我要感謝我們的 One 團隊，他們的專注和勤奮為我們的持續發展鋪平了道路，因為我們建立在我們一貫的記錄之上。然後，我想把它轉回給 Sumit。

Thank you, Christie. In conclusion, during periods of market uncertainty or dislocation, we look to unearth value by leveraging the inherent advantages of our platform. These trends include our continued access to relatively attractively priced capital and our portfolio scale, which we seek to leverage to produce unique investment opportunities as a leading sale-leaseback capital provider. When combined with the collective talents of our best-in-class team members to source, underwrite and close on creative acquisition opportunities with strong risk-adjusted returns, we believe we are very well positioned to continue amplifying our competitive advantages on behalf of our clients and stakeholders. We thank all our stakeholders for their support, loyalty and trust in our company.

謝謝你，克里斯蒂。總之，在市場不確定或混亂時期，我們希望通過利用我們平台的固有優勢來挖掘價值。這些趨勢包括我們繼續獲得價格相對具有吸引力的資本和我們的投資組合規模，作為領先的售後回租資本提供商，我們尋求利用這些規模來產生獨特的投資機會。當與我們一流團隊成員的集體才華相結合，以尋找、承保和關閉具有強大風險調整後回報的創造性收購機會時，我們相信我們有能力繼續代表我們的客戶擴大我們的競爭優勢和利益相關者。我們感謝所有利益相關者對我們公司的支持、忠誠和信任。

And with that, we can open it up for questions.

有了這個，我們就可以打開它來提問了。

(Operator Instructions) Today's first question comes from Nate Crossett with BNP Paribas.

（操作員說明）今天的第一個問題來自法國巴黎銀行的 Nate Crossett。

I was wondering if you could talk about just deal flow U.S. versus Europe. What was the amount of deals you looked at in the quarter? I think that's a number you usually give. And then on cap rates, last year, the spread of like the cap rates in the U.S. and Europe was pretty low. I think it was almost the same. But this quarter, you're up 60 basis points wider I just want to know if there's anything to note there.

我想知道你是否可以只談談美國與歐洲的交易流量。您在本季度查看的交易量是多少？我認為這是您通常給出的數字。然後在上限利率方面，去年美國和歐洲的上限利率差很低。我認為這幾乎是一樣的。但是這個季度，你增加了 60 個基點，我只是想知道那裡是否有什麼需要注意的地方。

Yes. Thank you for your questions, Nate. Good questions. Let's start with the sourcing numbers. For this quarter, we sourced about $16 billion worth of product, 25% of which was in the international markets. I would say that if you go back to when we started going into the international markets, the composition of international versus U.S. has been roughly around 30%, 70% in that ZIP code, plus/minus 5%.

是的。謝謝你的問題，內特。好問題。讓我們從採購數字開始。本季度，我們採購了價值約 160 億美元的產品，其中 25% 來自國際市場。我想說的是，如果你回到我們開始進入國際市場的時候，國際市場與美國市場的構成大約在 30% 左右，郵政編碼為 70%，正負 5%。

So this is pretty much within that particular range. What you might have noticed, however, is the amount of closing more recently, both in the fourth quarter of last year,and the first quarter of this year. The contribution from the international side has been a little bit lower than what you have traditionally seen. I would say that the international business has contributed about 35% of volume in terms of what we end up closing versus closer to 20%, 22% this particular quarter. And the main reason for that is we saw a delay in adjustments on the cap rate side in the international markets vis-a-vis the U.S. markets. We started to see cap rate expansion in the U.S. towards the end of -- middle of third quarter, fourth quarter and obviously through the first quarter of this year.

所以這幾乎在那個特定範圍內。但是，您可能已經註意到，去年第四季度和今年第一季度的最近關閉量。國際方面的貢獻比您傳統上看到的要低一些。我想說的是，就我們最終關閉的交易量而言，國際業務貢獻了約 35% 的交易量，而本季度這一比例接近 20%，為 22%。主要原因是我們看到國際市場相對於美國市場的資本化率方面的調整有所延遲。我們開始看到美國的資本化率在第三季度中期、第四季度末以及今年第一季度明顯擴大。

But we didn't quite have the same experience in the U.K. market and some of the other international markets, till, I would say, towards the end of the fourth quarter. And what was largely making potential sellers reconsider the market was not so much driven by actual trades taking place, but more idiosyncratic to their particular needs. Around redemption issues or refinancings that were coming near term. And that's largely what's driven these opportunistic transactions that we've gotten over the finish line in the fourth quarter of last year and the first quarter of last -- this year. And that's what's resulted in cap rates being substantially higher than what I would call the norm or what we are seeing in the everyday market in some of these international markets. So that explains the 60 basis point higher cap rate that we were able to achieve. And I might add, this is excellent product largely driven by idiosyncratic issues being experienced by buyers who wanted to get this off their books to meet some of the things that I've just discussed. So that's the dynamic we've seen that.

但我們在英國市場和其他一些國際市場上並沒有完全相同的經驗，直到第四季度末。使潛在賣家重新考慮市場的主要原因並不是實際交易的驅動，而是更符合他們的特殊需求。圍繞即將到來的贖回問題或再融資。這在很大程度上推動了我們在去年第四季度和今年第一季度完成的這些機會主義交易。這就是導致資本化率大大高於我所說的標准或我們在其中一些國際市場的日常市場中看到的水平的原因。因此，這解釋了我們能夠實現的 60 個基點的更高資本化率。我可能會補充說，這是一款出色的產品，很大程度上是由買家遇到的特殊問題驅動的，他們希望將其從書本中刪除以滿足我剛剛討論的一些事情。這就是我們所看到的動態。

Okay. That's helpful. And then maybe just one quick one on development yields. Those are notably below the acquisition yields. Are those just on commitments before rates moved? Or maybe you can describe what's happening there?

好的。這很有幫助。然後也許只是一個關於開發收益的快速問題。這些明顯低於收購收益率。這些只是利率變動前的承諾嗎？或者你可以描述一下那裡發生了什麼？

Yes. And Nate, you've hit the nail on the head. It's exactly that. As you know, development obligations have a much longer lead time. So a lot of what you see in -- you saw in the fourth quarter, third quarter of last year and the first quarter of this year, though it's starting to move up. It hasn't moved quite as quickly, largely because what you're seeing filtered through the investment numbers, but transactions that we had struck, I would say, 3 quarters ago or 4 quarters ago. But you should expect to see the yield on development creep closer to what we are actually experiencing in the traditional acquisitions market over the next couple of quarters. So it's just a timing issue.

是的。 Nate，你一針見血。就是這樣。如您所知，開發義務的準備時間要長得多。所以你看到的很多東西——你在去年第四季度、第三季度和今年第一季度看到的，儘管它開始上升。它並沒有那麼快地移動，主要是因為你看到的是通過投資數字過濾的，但我想說，我們在 3 個季度前或 4 個季度前達成的交易。但是你應該期望看到開發收益在接下來的幾個季度裡越來越接近我們在傳統收購市場上的實際體驗。所以這只是一個時間問題。

And our next question today comes from Brad Heffern with RBC Capital Markets.

我們今天的下一個問題來自 RBC Capital Markets 的 Brad Heffern。

Christie, I was wondering if you could talk through some of the puts and takes on guidance and why only the $0.01 increase at the low end given the increase in the acquisition guidance and the expense categories moving in the right direction.

克里斯蒂，我想知道你是否可以談談一些看跌期權並接受指導，以及為什麼在收購指導增加和費用類別朝著正確的方向發展的情況下，低端只增加 0.01 美元。

Absolutely, Brad. I think first, in terms of what Sumit had discussed and the increase of our acquisitions guidance to over $6 billion, we remain conservative in that front and really looking towards the second half of the year, while things remain strong. As Sumit has discussed, we're really -- wait and see here as things unfold. I think the other thing, too, in terms of guidance that we've articulated, and I mentioned some of this in my prepared remarks, is really the headwinds that we're seeing from a debt perspective, although we've been very focused on ensuring that we're derisking our balance sheet, and you can see that in the transactions that we've executed through April.

當然，布拉德。我認為，首先，就 Sumit 所討論的內容以及我們將收購指導增加到超過 60 億美元而言，我們在這方面保持保守，並真正展望今年下半年，同時情況依然強勁。正如 Sumit 所討論的那樣，我們真的 - 在這裡等待事情的發展。我認為另一件事，就我們已經闡明的指導而言，我在準備好的發言中提到了其中的一些，確實是我們從債務角度看到的逆風，儘管我們一直非常專注確保我們正在降低資產負債表的風險，你可以在我們 4 月份執行的交易中看到這一點。

We're really looking at where that may unfold in terms of the second half of the year and don't believe that, that will alleviate over and above the competitive cost of capital that we've been able to generate vis-a-vis last year. And I think finally, in terms of the positive trends that you saw in terms of the tightening of the guidance with G&A, we remain particularly disciplined during this macroeconomic backdrop, and are focused on managing our G&A. But further to that, it's the benefits of size and scale. And you can see that over the years in terms of the trends of G&A to revenues.

我們真的在關註今年下半年可能會出現的情況，並且不相信這會減輕我們已經能夠產生的競爭性資本成本。去年。最後，我認為，就您在 G&A 指導收緊方面看到的積極趨勢而言，我們在這種宏觀經濟背景下仍然特別自律，並專注於管理我們的 G&A。但除此之外，還有規模優勢。多年來，您可以從 G&A 對收入的趨勢中看出這一點。

And then finally, from an unreimbursed property expense margin perspective and the tightening there, we're just following in on the positive trends that we've been able to execute on.

最後，從未報銷的財產費用利潤率和那裡的收緊角度來看，我們只是在關注我們能夠執行的積極趨勢。

Okay. And then, Sumit, just thinking about this EG Group deal, are you seeing more of these very large sale-leaseback opportunities versus what you would normally see? And then has the competition for those deals also thinned out?

好的。然後，Sumit，想想 EG Group 的這筆交易，你是否看到了比通常看到的更多這些非常大的售後回租機會？那麼這些交易的競爭是否也減少了？

No, no, Brad. I wouldn't go so far as to say it's timed out. In fact, the momentum has continued, and we expect that momentum to remain strong. I don't know how many billion-plus deals, but these large transactions will be what drives some of the near-term financing issues that a lot of companies are going to have to deal with. And with what we are seeing play out in the banking sector with fewer banks out there to provide capital, the cost of that capital being what it is, given the interest rate environment, I do believe that sale leaseback will continue to be a very attractive alternative to raise capital to help address financing needs at these companies.

不，不，布拉德。我不會說它已經超時了。事實上，這種勢頭一直在繼續，我們預計這種勢頭將保持強勁。我不知道有多少筆超過 10 億美元的交易，但這些大型交易將推動許多公司不得不處理的一些短期融資問題。我們在銀行業看到的情況是，提供資本的銀行越來越少，考慮到利率環境，資本成本就是這樣，我相信售後回租將繼續成為一種非常有吸引力的方式替代籌集資金以幫助解決這些公司的融資需求。

Keep in mind, EG had never done a sale leaseback. They had that option for many, many years. And they chose to go down this path largely to address some of the leverage concerns that they had on the balance sheet. And we expect that trend to continue, and that's the reason why that's the impetus behind why we felt we should increase our acquisition guidance by $1 billion.

請記住，EG 從未進行過售後回租。他們有很多很多年的選擇。他們選擇走這條路主要是為了解決資產負債表上的一些槓桿問題。我們預計這種趨勢將繼續下去，這就是為什麼我們認為我們應該將收購指導增加 10 億美元的原因。

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

我們今天的下一個問題來自美國銀行的 Josh Dennerlein。

Just a follow-up on the EG Group deal. Just curious how that deal came together and maybe your ability to partner up further with them?

只是 EG 集團交易的後續行動。只是好奇這筆交易是如何達成的，也許你有能力與他們進一步合作？

Thanks for the question, Josh. So EG is obviously a very well-established name in the U.K. market. Neil and I had been calling on them for a while, along with TDR Capital, they're capital providers for a while. And this is a relationship where we knew they didn't have a high level of interest in necessarily going down the path of sale leaseback financing, when we first started to have conversations with them.

謝謝你的問題，喬希。所以 EG 顯然是英國市場上非常知名的品牌。 Neil 和我一直在拜訪他們一段時間，連同 TDR Capital，他們作為資本提供者已經有一段時間了。在這種關係中，當我們第一次開始與他們對話時，我們知道他們對必然走售後回租融資的道路沒有很高的興趣。

But I think that, that relationship ultimately played out to our benefit when we were awarded the deal when they did choose to go down the path of sale leaseback to help meet some of their capital needs shorter term. This was a competitive process. It was run by [Eastdil]. We went through. We were obviously in close contact with EG directly as well. And there were three finalists, and we felt like we were awarded the deal based on our reputation, surety of close and the fact that we had spent time developing a relationship with them. So that's what really got us the deal at the end. And our ability to be creative and there were certain asks that they had and our ability to meet those certain asks also, I believe, accrue to our favor. So I think all of those factors went towards us being awarded the transaction despite us not being the highest bidder.

但我認為，當我們獲得這筆交易時，當他們確實選擇走售後回租的道路以幫助滿足他們的一些短期資本需求時，這種關係最終對我們有利。這是一個競爭過程。它由 [Eastdil] 運營。我們通過了。我們顯然也直接與 EG 保持密切聯繫。共有三名決賽入圍者，我們覺得我們獲得這筆交易是基於我們的聲譽、親密關係的保證以及我們花時間與他們建立關係這一事實。所以這才是我們最終達成交易的真正原因。我相信，我們的創造力和他們提出的某些要求以及我們滿足這些特定要求的能力也對我們有利。所以我認為所有這些因素都有助於我們獲得交易，儘管我們不是最高出價者。

Okay. And then maybe changing the topic a little bit. How do you guys think about expanding or growing your exposure to lower credit quality tenants as a way to kind of widen the aperture and maintain growth?

好的。然後可能會稍微改變一下話題。你們如何考慮擴大或增加與信用質量較低的租戶的接觸，以此作為擴大差距和保持增長的一種方式？

Yes. Josh, that's a very good question. I'm actually going to go back to the EG Group conversation we just had. If you look at the actual portfolio, 80% of the portfolio is Cumberland Farms. And I just want to remind the group that 3 years ago, when Cumberland Farms was available for sale, they were all of the natural operators that we're very, very interested in this very well-run private company. And what was being bandied about as a potential sale leaseback. The pricing was in the low 5s, high 4 ZIP code. And it ended up being EG Group that won the transaction, and they obviously didn't want any sale-leaseback financing to effectuate the buyout. But that was the quality of the real estate, that Cumberland Farms was demanding at that particular time.

是的。喬希，這是一個很好的問題。實際上，我要回到我們剛剛進行的 EG Group 對話。如果您查看實際投資組合，80% 的投資組合是 Cumberland Farms。我只想提醒大家，3 年前，當 Cumberland Farms 可供出售時，他們都是天生的經營者，我們對這家經營良好的私營公司非常非常感興趣。什麼是潛在的售後回租。定價在低 5s，高 4 郵政編碼。而最終中標的是EG集團，他們顯然不希望任何售後回租融資來實現收購。但這就是坎伯蘭農場在那個特定時間要求的房地產質量。

Fast forward today, the 4-wall coverages on these assets have only improved and improved, I would say, dramatically. So the assets remain exactly the same assets, and we were able to accomplish this transaction at 6.9%. Yes, if you look at EG Group, the credit that's operating these assets, they are sub-investment grade. But if you look at the quality of the assets, it's exactly the same. And we believe that EG Group is a very good operator of convenience store business. We can see that in the history that they have established in the U.K., and we certainly see it in the performance of these assets. When you compare it to where they were performing 3 years ago and was warranting a price in the low 5s, high 4s to where we were able to accomplish. So now you fast forward and you say, okay, you're getting 150, 160 basis points of additional spread on this real estate. Are you being paid for the credit risk inherent in the operator, and that's where the concept of risk-adjusted returns comes into play for us, and it is so front and center in everything we do. The answer for us was a resounding, yes. We are being compensated. And so for us, we've said this before that investment grade rating is a byproduct of the actual underwriting. It is not something that we seek out. It gets taken into consideration on the collectibility of the rent flow over the 20-year or 25-year leases that we underwrite to. But ultimately, we look at every transaction on a risk-adjusted basis. And if it makes sense, despite the fact that it may or may not have investment-grade rating is something that we are going to continue to pursue.

今天快進，我想說，這些資產的 4 牆覆蓋範圍只得到了改進和改進。所以資產仍然是完全相同的資產，我們能夠以 6.9% 的價格完成這筆交易。是的，如果你看一下 EG 集團，運營這些資產的信貸，它們屬於次級投資級別。但如果你看一下資產的質量，它是完全一樣的。而且我們認為EG集團是一家非常好的便利店業務運營商。我們可以在他們在英國建立的歷史中看到這一點，我們當然可以在這些資產的表現中看到這一點。當你將它與他們 3 年前的表現進行比較並且保證價格在 5 美元以下時，我們能夠達到的價格為 4 美元以上。所以現在你快進，你說，好吧，你在這個房地產上獲得了 150、160 個基點的額外利差。您是否因運營商固有的信用風險而獲得報酬，這就是風險調整後回報概念對我們發揮作用的地方，它在我們所做的一切中都處於前沿和中心位置。我們的答案是響亮的，是的。我們正在得到補償。所以對我們來說，我們之前已經說過，投資等級評級是實際承銷的副產品。這不是我們尋求的東西。它被考慮到我們承保的 20 年或 25 年租約的租金流的可回收性。但最終，我們會在風險調整的基礎上審視每筆交易。如果它有意義，儘管它可能有也可能沒有投資級評級，但我們將繼續追求。

And our next question today comes from Michael Goldsmith of UBS.

我們今天的下一個問題來自瑞銀的邁克爾戈德史密斯。

So you started the call by talking about continued momentum in the business. Can you just talk a little -- REITs tend to be lagging indicators. So can you kind of talk about the visibility that you have into the business and this continued momentum? Just trying to better understand how long of a path that you have where you feel very good about the spreads and the backdrop? Because it seems like it's been -- everything has been pretty solid in the last several quarters.

因此，您通過談論業務的持續發展勢頭開始了通話。你能談談嗎——房地產投資信託基金往往是滯後指標。那麼，您能否談談您對業務的了解以及這種持續的勢頭？只是想更好地了解您對價差和背景感覺非常好的路徑有多長？因為看起來它已經 - 在過去的幾個季度裡一切都非常穩固。

Yes. That's a great question, Michael. Things are moving so fast. Every other day, there's a bank in the news. News is super fast. And so how do we think about our business and why do I use phrases like continued momentum. Even though this may be a lagging indicator, we are looking at transactions -- these renewals every day. And when we are seeing the fact that we can still continue to generate 102%, 103% re-leasing spreads, yes, it's lagging, but literally weeks, months. And it gives me continued hope that, look, for our product, where we play in the market, et cetera, there continues to be a fair amount of demand.

是的。這是一個很好的問題，邁克爾。事情發展得太快了。每隔一天，就會有一家銀行出現在新聞中。消息超級快。那麼我們如何看待我們的業務以及為什麼我使用像持續動力這樣的短語。儘管這可能是一個滯後指標，但我們正在關注交易——每天都有這些續訂。當我們看到我們仍然可以繼續產生 102%、103% 的再租賃利差這一事實時，是的，它是滯後的，但實際上是數週、數月。它給了我持續的希望，看，對於我們的產品，我們在市場上發揮作用的地方，等等，仍然有相當大的需求。

And it manifests itself in some of the positive re-leasing spreads that we share with the market. The second piece, which is much more of a forward-looking statement is what are the continued discussions that we are having that then helps drive our pipeline on the investment side. What are the kinds of discussions that we are having? What's the size of the discussions that we're having, what's the yield associated with those discussions. I think all of that gives us confidence that there continues to be momentum. The fact that we were able to raise $3.1 billion within a period of 3 months, in the fixed income market, the fact that we were able to close on $800 million of equity and have $1.5 million of unsettled equity available -- $1 billion, sorry, of unsettled equity again, continues to give me confidence that even on our capital side, for us, we continue to sit in a very favorable position. So we have the opportunity. We have the ability to raise capital.

它體現在我們與市場分享的一些積極的再租賃利差中。第二部分，更像是一個前瞻性聲明，是我們正在進行的持續討論，然後有助於推動我們在投資方面的管道。我們正在進行哪些類型的討論？我們正在進行的討論規模如何，與這些討論相關的成果是什麼。我認為所有這些都讓我們有信心繼續保持勢頭。事實上，我們能夠在 3 個月內在固定收益市場籌集 31 億美元，事實上我們能夠完成 8 億美元的股權，並有 150 萬美元的未結算股權——10 億美元，抱歉，再次未結算的股權，繼續讓我相信，即使在我們的資本方面，對我們來說，我們繼續處於非常有利的位置。所以我們有機會。我們有能力籌集資金。

We have the ability to make spreads north of what we have historically achieved. And now with the international markets starting to reflect a little bit more of a positive movement for us on the cap rate side. That's what gives me confidence to say that we have continued momentum in the business.

我們有能力擴大我們歷史上取得的成就。現在，隨著國際市場開始在資本化率方面為我們反映出更多的積極變化。這就是讓我有信心說我們在業務中保持持續發展勢頭的原因。

My follow-up question is, it looks like you've opened up an office in Amsterdam. Can you talk a little bit about the advantage that you get from that? Should -- does that mean that we should expect more international deals? Or does this allow you to source deals better throughout Europe? And are there any tax benefits from having an office there?

我的後續問題是，您似乎在阿姆斯特丹開設了辦事處。你能談談你從中獲得的優勢嗎？應該——這是否意味著我們應該期待更多的國際交易？或者這是否可以讓您在整個歐洲更好地採購交易？在那裡設有辦事處是否有任何稅收優惠？

Yes. The reason why we needed to open an office in the Netherlands was largely driven by the structure that we have created to allow us the flexibility to continue to grow in the international markets. And by international markets, I primarily mean the U.K. and Western Europe. This was largely driven by a substance question around having or needing to have employees based in Amsterdam to be able to satisfy this tax structure that we've been able to create to give us this flexibility. So that's largely what's driven a couple of hires that we've made. But most of the other hires will continue to be in the U.K. and potentially in some of these other countries as we begin to reach a core size in terms of our portfolio. So -- yes, that's what really drove setting up an office in the Netherlands and hiring a few folks who can help us manage our international business.

是的。我們需要在荷蘭開設辦事處的原因在很大程度上是由我們創建的結構驅動的，該結構使我們能夠靈活地在國際市場上繼續發展。至於國際市場，我主要是指英國和西歐。這在很大程度上是由一個實質性問題所驅動的，即是否有或需要有駐阿姆斯特丹的員工才能滿足我們為賦予我們這種靈活性而創建的稅收結構。因此，這在很大程度上是推動我們招聘的幾名員工的原因。但隨著我們的投資組合開始達到核心規模，其他大部分員工將繼續留在英國，並可能留在其他一些國家。所以 - 是的，這才是真正推動在荷蘭設立辦事處並僱用一些可以幫助我們管理國際業務的人的原因。

And our next question today comes from Harsh Hemnani with Green Street.

我們今天的下一個問題來自 Green Street 的 Harsh Hemnani。

So we've heard from some of your peers that perhaps cap rates in the U.S. are closer to topping out. Is that something during the second quarter that you're seeing too? And then the contrast that perhaps in the -- in Europe, you mentioned cap rates only started moving there in the fourth quarter or the first quarter of 2023. Do you still see more runway there and perhaps that being a tailwind for you relative to peers? And the spirit of this question is not to say that as European cap rates going to expand over the 76, I understand that those idiosyncratic deals might not happen every quarter, but is the trend that you're seeing in Europe upwards? And can that benefit your spread relative to peers?

所以我們從你們的一些同行那裡聽說，美國的資本化率可能接近頂峰。你也看到了第二季度的情況嗎？然後形成鮮明對比的是——在歐洲，你提到的資本化率只是在第四季度或 2023 年第一季度才開始在那裡移動。你是否仍然看到那裡有更多的跑道，也許這對你來說是一個相對於同行的順風？這個問題的精神並不是說隨著歐洲上限利率將超過 76 個，我知道這些特殊交易可能不會每個季度都發生，但你在歐洲看到的趨勢是向上的嗎？這對您相對於同行的利差有好處嗎？

Yes. Thank you for your question, Harsh. I wouldn't go so far as to say that we see cap rates moving even more in the international markets than they have here in the U.S. I mean, just look at where our 10-year bonds are the price is literally one on top of the other. So they're on those advantages today that we had a year ago. So I don't expect that to be a disproportionate movement in one geography or the other. Could we see situations, however, unique situations that present themselves that is largely driven by -- you used the word idiosyncratic issues, yes. And that could garner additional cap rates. But as a market, on average, I don't see there being that much more of an advantage in one market over the other in terms of cap rates. And you're right, you said it correctly that the movement in cap rates was slower in Europe than it was here in the U.S., but I think they've largely caught up. Like some of our peers, it is fair to say that we have not seen continued expansion of cap rates vis-a-vis what we've experienced over the last, call it, 1.5 months, 2 months. But that's not to say that cap rates could not continue to move.

是的。謝謝你的問題，苛刻。我不會說我們看到國際市場上的資本化率比美國市場上的變化更大。我的意思是，看看我們的 10 年期債券的價格實際上是最高的另一個。所以他們今天擁有我們一年前的優勢。因此，我不認為這會成為一個地區或另一個地區的不成比例的運動。然而，我們是否可以看到情況，出現的獨特情況主要是由 - 你使用了特殊問題這個詞，是的。這可能會獲得額外的資本化率。但作為一個市場，平均而言，我認為一個市場在資本化率方面並沒有比另一個市場有更多的優勢。你是對的，你說得對，歐洲的資本化率變動比美國慢，但我認為他們基本上已經趕上了。像我們的一些同行一樣，可以公平地說，我們沒有看到資本化率相對於我們過去經歷的情況持續擴大，稱之為 1.5 個月，2 個月。但這並不是說資本化率不能繼續變動。

There's just a lot of uncertainty in the market today with banks as soon as we start to believe that the banking crisis is behind us, there's another name that pops up. And as you know, a lot of these regional banks were the lifeblood of providing financing to developers and to other local real estate operators. And so is it possible that those situations could again manifest itself in for sales, where we could be the beneficiary, which could then have an impact on cap rates. Yes, it's possible. That is why I hesitate to say that the movements in cap rates have played out and it's going to remain where it is today. But I think just like our peers, there has been a settling out, if you will, of cap rates that we have experienced, but I'm not sure if I subscribe to the fact that this game has played out.

一旦我們開始相信銀行業危機已經過去，今天的銀行市場就存在很多不確定性，另一個名字就會出現。如您所知，這些區域性銀行中有許多是為開發商和其他當地房地產運營商提供融資的命脈。因此，這些情況是否有可能再次出現在銷售中，我們可能成為受益者，這可能會對資本化率產生影響。是的，這是可能的。這就是為什麼我猶豫地說資本化率的變動已經結束並且將保持在今天的水平。但我認為，就像我們的同行一樣，如果你願意的話，我們已經解決了我們所經歷的資本化率，但我不確定我是否同意這場比賽已經結束的事實。

All right. That's helpful color. And then you've mentioned in the past couple of calls where vacant asset sales that your income have been going up. Past couple of quarters, all asset sales were weak in. And you said this is kind of going to be the normal course of business, where if that's the best use for those assets and we have better uses for the capital to go out and buy something accretive? That's going to be what you will do. Can you give us a sense for what the buyer pool for these assets look like? Has that changed at all? -- the demand for these assets over the past couple of years and say versus pre-COVID?

好的。這是有用的顏色。然後你在過去的幾個電話中提到你的收入一直在上升的空置資產銷售。過去幾個季度，所有資產銷售都很疲軟。你說這將是正常的業務過程，如果這是對這些資產的最佳用途，我們可以更好地利用資本外出購買一些增值？那將是你要做的。您能否讓我們了解一下這些資產的買家群體是什麼樣的？這有什麼改變嗎？ ——過去幾年對這些資產的需求，與 COVID 之前相比？

That's a tough question, Harsh. What we are experiencing is there is a price for any asset. And if you are willing to accept the price, I think you pretty much can sell an asset. All of what we have accomplished in the first quarter were vacant sales because that's all we really needed to address. And it was about a 6% unlevered IRR, which is lower than what we have traditionally experienced, largely driven by 1 or 2 assets that we just wanted to get rid of because we felt like the long-term prospects or even the short-term prospects for that matter, didn't justify us holding on to these assets. But if you look back, it's traditionally been in that high single-digit unlevered IRR.

這是一個棘手的問題，苛刻。我們正在經歷的是任何資產都有價格。如果你願意接受這個價格，我認為你幾乎可以出售一項資產。我們在第一季度取得的所有成就都是空置銷售，因為這是我們真正需要解決的問題。這大約是 6% 的無槓桿 IRR，這低於我們傳統上經歷過的，主要是由我們只想擺脫的 1 或 2 種資產驅動的，因為我們覺得長期前景甚至短期就此而言，前景並不能證明我們持有這些資產是合理的。但如果你回頭看，傳統上它一直處於那個高個位數的無槓桿內部收益率。

So it gets into the double-digit levered return profile. And that's what we've traditionally experienced. And I think we should be able to go back to that. In terms of the profile of the buyers in this market, I would say most of the buyers that are interested in buying these assets are folks who want to operate out of these assets. They don't want to enter into a lease. They want to control the assets. These tend to be not institutional quality buyers, but local buyers that want to run a business out of that location and want to own the real estate to do so. That's the profile. Now in the past, we used to have, I would throw developers in the mix. And of course, developers keep sniffing around. But given that the debt markets are a little bit more challenging, there's a little less perhaps demand from that ilk of potential buyers. But I would say today, it's largely owner operators that are driving the sales process.

因此它進入了兩位數的槓桿回報率。這就是我們傳統上所經歷的。我認為我們應該能夠回到那個。就這個市場買家的概況而言，我想說大多數有興趣購買這些資產的買家都是想利用這些資產進行經營的人。他們不想簽訂租約。他們想控制資產。這些往往不是機構優質買家，而是希望在該地區經營業務並希望擁有房地產的本地買家。這就是個人資料。現在過去，我們曾經有過，我會把開發人員混在一起。當然，開發人員一直在四處尋找。但鑑於債務市場更具挑戰性，潛在買家的需求可能會有所減少。但我今天要說的是，推動銷售過程的主要是業主經營者。

And our next question today comes from Greg McGinniss with Scotiabank.

我們今天的下一個問題來自豐業銀行的 Greg McGinniss。

so just touching on sale leaseback again. I have to imagine there's more operators newly considering sale-leaseback financing. Can you just talk about the types of tenants you're having first-time conversations with, who you might be targeting? I don't know if that's cold calls or through brokers or whatever have happens to be and how you go about finding operators that maybe didn't consider sale leasebacks in the past, but would be open to it now.

所以再次談到銷售回租。我不得不想像有更多的運營商新考慮售後回租融資。你能談談你第一次與之交談的租戶類型，你可能會瞄準誰嗎？我不知道這是推銷電話還是通過經紀人或碰巧發生了什麼，以及您如何尋找過去可能不考慮售後回租但現在願意接受的運營商。

Yes, it's a slew of avenues through which we source and I think it will be very consistent across the board. Obviously, we believe -- we have a curated list of folks that we've been reaching out to speaking with one of which we've already talked about, EG Group, that we didn't have expectations of sale leaseback in the near term, but it just so happened that, that became very compelling to them as a capital source.

是的，這是我們採購的一系列途徑，我認為這將是全面一致的。顯然，我們相信——我們有一份精心挑選的名單，我們一直在與我們已經討論過的其中之一 EG Group 進行交談，我們對短期內的售後回租沒有預期，但碰巧的是，這作為一種資本來源對他們來說變得非常有吸引力。

There are similar names like that. I'm not going to obviously go into the details, as you can imagine, Greg. But this is something that we do here in the U.S. We do this very consistently when we travel to the U.K. and to Western Europe. There are obviously well identified folks who own a lot of real estate who are not in the real estate business, and those are the folks that we've sort of identified and tried to reach out through -- the other channels are the more traditional channels, brokers, investment bankers, colleagues who may have worked in certain places who have an in into those places. All of those are avenues that we exhaust to continue to source our transactions. And those continue to remain the avenues of our sourcing.

有類似的名字。格雷格，正如您想像的那樣，我顯然不會深入細節。但這是我們在美國所做的事情。當我們去英國和西歐旅行時，我們一貫這樣做。很明顯，有些知名人士擁有大量房地產，但他們不從事房地產業務，而這些人是我們已經確定並試圖通過其接觸的人——其他渠道是更傳統的渠道，經紀人，投資銀行家，可能在某些地方工作過的同事，他們對這些地方有一定的了解。所有這些都是我們竭盡全力繼續尋找交易來源的途徑。這些仍然是我們採購的途徑。

Okay. And then I guess just talking about source deal volume a bit here, kind of a multi-parter. So first, when you're talking about source deal volume, does that include the deals where sellers just have unrealistic cap rate expectations. Secondly, do you have some idea or some sense of the level of sellers that maybe are just waiting on the sidelines waiting for financial markets to settle out a bit. And third, how much of the deal volume in the past, do you think it was driven by cap rates trending down, which was enhancing exit IRRs that now is probably a thing of the past.

好的。然後我想這裡只是談論來源交易量，有點像多方。因此，首先，當您談論來源交易量時，這是否包括賣家對資本化率預期不切實際的交易。其次，您是否對可能只是在場外等待金融市場稍微穩定下來的賣家水平有一些想法或感覺。第三，過去的交易量有多少，你認為這是受資本化率下降趨勢推動的，這提高了退出內部收益率，這現在可能已成為過去。

So Greg, to answer your first question, yes, even when the cap rate expectations are unreasonable. If somebody is reaching out to us and we've sourced it as a deal, but have no interest in following up, it does get included in our source volume. I would say that a lot of folks, a lot of potential sellers of real estate are sitting on the sidelines. They recognize that the buyer pool is definitely a lot more discerning when it comes to cap rates because they are having to work in the same environment where the cost of that capital is much higher today than it was 6 months ago.

所以格雷格，回答你的第一個問題，是的，即使上限率預期不合理。如果有人聯繫我們並且我們已將其作為交易來源，但沒有興趣跟進，它確實會包含在我們的來源卷中。我會說很多人，很多潛在的房地產賣家都在觀望。他們認識到，在資本化率方面，買家群體肯定更加挑剔，因為他們必須在相同的環境中工作，而今天的資本成本比 6 個月前高得多。

So rather than tainting their product, they're just holding back. And I think look, I can't prove this 100%. But if you look at our sourcing numbers, it's $16 billion, $17 billion, $18 billion. Those were the three numbers that we had the last 3 quarters. But it is slightly lower than the $25 billion, $26 billion that we were experiencing in the first 2 quarters of last year and quarters before that. So some of it is obviously getting played out in the sourcing numbers as well. It's still a very healthy sourcing number. But I think as people wait longer and longer and this turmoil continues, I think we are going to start to see some of these sellers come in and say, look, I have an event, either it be re-leasing -- refinancing scenario or what have you, that's going to push them to say, okay, we are willing to accept the fact that we need a higher cap rate. We've had a few of those occasions where 5 months ago or 4 months ago, we had a grocery operator that came in and they wanted a particular cap rate, and we said that was too rich for us. And we said, okay, this is where we think we could have done that deal. This was about 5 months ago.

因此，與其污染他們的產品，他們只是退縮。我認為看，我無法 100% 證明這一點。但如果你看看我們的採購數字，它是 160 億美元、170 億美元、180 億美元。這些是我們過去 3 個季度的三個數字。但它略低於去年前兩個季度和之前幾個季度的 250 億美元、260 億美元。因此，其中一些顯然也在採購數字中發揮了作用。這仍然是一個非常健康的採購數字。但我認為，隨著人們等待的時間越來越長，這種動盪仍在繼續，我認為我們將開始看到其中一些賣家進來說，看，我有一個事件，要么是重新租賃——再融資方案，要么你有什麼，這會促使他們說，好吧，我們願意接受我們需要更高資本化率的事實。 5 個月前或 4 個月前，我們有過幾次這樣的情況，我們有一家雜貨店經營者進來，他們想要一個特定的上限率，我們說這對我們來說太豐富了。我們說，好吧，這是我們認為我們可以完成這筆交易的地方。這是大約 5 個月前的事。

They've come back to us today saying, "Can you meet that? And we said, no, we can't. Our cost of capital has moved, but we could do this. And they are willing to transact at that higher level today. So I know this is one anecdotal evidence of how it's taking time, which is why there's always a lag, but it is starting to play itself out. And I do expect sourcing numbers to start to go out. The longer this turmoil on the lending side continues, which obviously creates wonderful opportunities for us.

他們今天回來說，“你能做到嗎？我們說，不，我們不能。我們的資本成本已經發生變化，但我們可以做到這一點。他們願意在更高的水平上進行交易今天。所以我知道這是一個軼事證據，證明它是如何花費時間的，這就是為什麼總是有滯後，但它開始發揮作用。我確實希望採購數量開始消失。這場動盪持續的時間越長貸款方繼續，這顯然為我們創造了極好的機會。

And our next question today comes from Eric Wolfe of Citibank.

我們今天的下一個問題來自花旗銀行的 Eric Wolfe。

I wanted to follow up on what you just said a moment ago and also your comments around the new banks sort of being in the headlines every other day. Just curious whether anything that's happening right now with regional banks has already started to open up new opportunities for you. I'm specifically thinking about industries that rely on their credit. I think you mentioned some local developers. But just anything that relies on regional bank credit where you might see some opportunities today that were historically available to you?

我想跟進你剛才所說的話，以及你對新銀行的評論每隔一天就會出現在頭條新聞中。只是好奇現在與區域銀行發生的任何事情是否已經開始為您開闢新的機會。我特別考慮依賴信用的行業。我想你提到了一些本地開發人員。但是任何依賴於區域銀行信貸的東西，你今天可能會看到一些歷史上可用的機會嗎？

Yes. I think, Eric, on multiple fronts, it opens up opportunities for us. Obviously, sale-leaseback as a comparative tool to raise capital especially when compared against the debt products that's available today, it's very compelling. The cost of that capital raise is lower than what markets are able to satisfy. So I think from the traditional source, it's going to create opportunities. it's also going to create opportunities because you don't have as many lenders today who would have traditionally participated in -- on the secured side of the equation. And there are users of that capital stack that still need to either refinance their capital or just want to raise that in view of doing a sale leaseback. And because of fewer participants, I do think you can position yourself to play in that area because it's very akin to your traditional underwriting with obviously a few more nuances around how you think about debt instruments as an investment. But I think it's going to open up opportunities on that front as well. And a lot of these alternative capital asset managers and capital providers, et cetera, I think they are very well situated to take advantage of those situations as are we.

是的。我認為，埃里克，在多個方面，它為我們打開了機會。顯然，售後回租作為籌集資金的比較工具，尤其是與當今可用的債務產品相比，它非常引人注目。籌集資金的成本低於市場能夠滿足的成本。所以我認為從傳統來源來看，它會創造機會。它還將創造機會，因為在等式的擔保方面，傳統上會參與的貸款人今天沒有那麼多了。並且該資本堆棧的一些用戶仍然需要為其資本再融資或只是想籌集資金以進行售後回租。而且由於參與者較少，我確實認為您可以將自己定位在該領域，因為它非常類似於您的傳統承銷，在您將債務工具視為投資的方式上顯然有更多細微差別。但我認為它也會在這方面開闢機會。許多這些另類資本資產管理者和資本提供者，等等，我認為他們非常適合利用這些情況，就像我們一樣。

That's helpful. And then just a question on theaters. I know small percentage for you. But I'm just curious what you think needs to happen for there to be a more liquid market for assets. And maybe for Cineworld, specifically, once their balance sheet and leases presumably restructured, do you think there will be a market to sell those assets?

這很有幫助。然後只是關於劇院的問題。我知道你的比例很小。但我只是好奇你認為需要發生什麼才能有一個流動性更強的資產市場。也許對於 Cineworld，特別是，一旦他們的資產負債表和租賃可能被重組，您認為會有出售這些資產的市場嗎？

I think so, Eric. Look, this is consistent with what I've been saying specifically around in a world we remain in discussions. So I'm not going to get into that. There was some news this morning, which I think is very positive for the Cineworld name, where they've actually put out a date when they're planning on emerging. They've been able to attract new capital. So I think all of that is quite positive. But what I have shared on our specific portfolio is around inbounds. There are certain locations that are absolutely in high demand for alternative uses. So in some ways, this is playing out of what is the highest and best use of some of these locations. And going through this process accelerates that ultimate outcome. And so we are -- look, we think we're going to be just fine.

我想是的，埃里克。看，這與我在一個我們仍在討論的世界中特別說過的話是一致的。所以我不打算討論那個。今天早上有一些消息，我認為這對 Cineworld 的名字來說是非常積極的，他們實際上已經確定了他們計劃出現的日期。他們已經能夠吸引新的資本。所以我認為所有這些都是非常積極的。但我在我們的特定投資組合中分享的是關於入站的。有些地方對替代用途的需求絕對很高。所以在某些方面，這是對其中一些地點的最高和最佳利用。完成這個過程會加速最終結果。所以我們 - 看，我們認為我們會沒事的。

It is, like you said, a very small portion of our overall portfolio. To be very honest, I'm very hopeful that by the time we have our next quarterly call that this will all be behind us. And these opportunities that I've been referencing about basically repositioning some of these assets to an alternative use can start to play out, and we can actually start speaking to you about what those opportunities are. But we feel pretty good about the Cineworld situation.

正如您所說，它只是我們整體產品組合中的一小部分。老實說，我非常希望在我們召開下一個季度電話會議時，這一切都會過去。我一直在提到的關於將其中一些資產重新定位為替代用途的這些機會可以開始發揮作用，我們實際上可以開始與您討論這些機會是什麼。但我們對 Cineworld 的情況感覺很好。

And our next question today comes from Haendel St. Juste with Mizuho.

我們今天的下一個問題來自瑞穗的 Haendel St. Juste。

This is Ravi Vaidya on the line for Haendel St. Juste. Last quarter, you commented that your watch list is about of 4% of total ABR. Just wondering what that is right now? And what other categories outside of the theaters are you monitoring or have a negative view on?

我是 Haendel St. Juste 的 Ravi Vaidya。上個季度，您評論說您的觀察名單大約佔 ABR 總數的 4%。只是想知道現在是什麼？在影院之外還有哪些其他類別是您關注或持負面看法的？

Yes. Good question. Our watch list today is right around 4.4%. As you correctly pointed out, it is largely dominated by the theater industry. Some of the other areas that we are continuing to look at. And keep in mind that our watch list is not always a credit issue. It is just our view on the real estate, the location of that real estate and what the ultimate outcome is going to look like. So it's a combination of credit. It's a combination of real estate underwriting. But ultimately, the watch list is dictated by the long-term desirability of those locations and operators. So along with the theaters, I would say, restaurants are in the some of the more discretionary type concepts out there like home furnishing.

是的。好問題。我們今天的觀察名單正好在 4.4% 左右。正如您正確指出的那樣，它主要由劇院行業主導。我們正在繼續關注的其他一些領域。請記住，我們的觀察名單並不總是信用問題。這只是我們對房地產的看法，房地產的位置以及最終結果會是什麼樣子。所以這是信用的結合。它是房地產承保的組合。但最終，觀察名單取決於這些地點和運營商的長期需求。因此，我想說，除了劇院，餐廳也屬於一些更隨意的類型概念，比如家居。

There are very few day care centers and some of the other businesses that are not very well capitalized that you'll find there. But that's the mists of what you will find on the on the watch list.

那裡很少有日託中心和其他一些資本不太充足的企業。但這就是您將在觀察名單上找到的迷霧。

That's helpful. One more here. One of your peers sold movie theaters at [7.8], regarding your -- would you consider selling theaters in that range? Or what other -- what are your conversations been like in terms of pricing and regarding the theaters, as you said it was such a large component of the watch list?

這很有幫助。這裡還有一個。您的一位同行以 [7.8] 的價格出售了電影院，關於您——您會考慮在該範圍內出售電影院嗎？或者還有什麼——你在定價和關於劇院方面的談話是怎樣的，正如你所說的那樣，它在觀察名單中佔了很大一部分？

Yes. That's actually a very good pricing. And I suspect that the person that bought it is probably a developer. And we've done our own analysis. And for us, we feel like the best way to create value would be to hold on to these assets and then especially the ones where we have a view that can be redeveloped et cetera, and capture that view once we have full control of that asset. We truly told there is so much discussion that we are having with Cineworld at this point that I don't want to get into the details, but that discussion needs to be behind us. And my understanding is that a lot of these assets that are now going to be put out there for sale, et cetera, have already had their rents renegotiated, everything has already been priced in. And those cap rates that are being shared are being shared off of those new adjusted rent numbers.

是的。這實際上是一個非常好的定價。而且我懷疑買它的人很可能是開發商。我們已經完成了自己的分析。對我們來說，我們認為創造價值的最佳方式是持有這些資產，尤其是那些我們認為可以重新開發的資產，並在我們完全控制該資產後捕獲該資產.我們確實告訴我們，此時我們與 Cineworld 進行了很多討論，我不想深入細節，但討論需要結束。我的理解是，許多現在要出售的資產等等，已經重新商定了租金，一切都已經計入了價格。那些共享的資本化率正在共享從那些新的調整後的租金數字中脫穎而出。

And in our view, if we feel like, hey, let's just hold on to these assets, we'd much rather get these assets back and reposition it perhaps with some additional capital, but create much more value for our investors, then that's what we choose to do. And we haven't engaged in trying to go out and try to find the market we've had a lot of unsolicited calls. I can tell you that, but we really haven't engaged in trying to sell any of our theater assets. We want to resolve the Cineworld situation. And I think with the news today, I think that date is certainly getting closer before we start to figure out what the best economic outcome is.

在我們看來，如果我們覺得，嘿，讓我們繼續持有這些資產，我們寧願拿回這些資產，並可能用一些額外的資本重新定位，但為我們的投資者創造更多的價值，那麼就是這樣我們選擇做。而且我們還沒有嘗試出去尋找市場，我們接到了很多不請自來的電話。我可以告訴你，但我們真的沒有參與嘗試出售我們的任何劇院資產。我們想解決 Cineworld 的情況。而且我認為根據今天的新聞，我認為在我們開始弄清楚什麼是最好的經濟結果之前，那個日期肯定越來越近了。

The next question comes from Ronald Kamdem with Morgan Stanley.

下一個問題來自摩根士丹利的 Ronald Kamdem。

A couple of quick ones. Just going back to the opening comments on the international portfolio at 11.7%. Just thinking about where could that number go? Obviously, there's different tax it so forth. But in your mind, how can that number trend in the next couple of years, obviously, opportunity driven.

幾個快速的。回到對國際投資組合 11.7% 的開場評論。只是想著這個數字會去哪裡？顯然，有不同的稅收等等。但在你看來，這個數字在未來幾年內的趨勢如何，顯然，是機會驅動的。

Well, these last couple of quarters, they have still represented 20%, 25% of our transaction volume. So clearly, that 11% over time should continue to drift up. It was drifting up at a much higher clip when we were doing a lot more transactions. And I do expect for us to get back into that more normalized 30%, 35%, maybe even more if certain situations play out. So I'm hopeful to keep growing our pie. Look, we continue to look at new geographies, and especially at a time like this, new geographies that seemed a bit out of our reach are starting to become a little bit more within our reach and more compelling today. So as we keep adding new geographies, as we continue to enhance our relationships, et cetera, I see this number 11% continue to grow and be a bigger part of the overall portfolio.

好吧，最近幾個季度，它們仍然占我們交易量的 20%、25%。很明顯，隨著時間的推移，11% 應該會繼續上升。當我們進行更多交易時，它會以更高的速度上升。我確實希望我們能回到更正常化的 30%、35%，如果某些情況發生，甚至可能更多。所以我希望繼續擴大我們的餡餅。看，我們繼續關注新的地理區域，尤其是在這樣的時候，似乎有點遙不可及的新地理區域現在開始變得更觸手可及，並且更具吸引力。因此，隨著我們不斷增加新的地區，隨著我們繼續加強我們的關係等，我看到這個數字 11% 繼續增長，並成為整體投資組合的更大一部分。

Great. And then if I could just touch on sort of two verticals: one, consumer-centric medical to gaming, which I don't think has been mentioned before, but just a quick update on what the opportunity set is looking like? Has it slowed down with the events over the past couple of weeks and so forth? And how are you guys thinking about those?

偉大的。然後，如果我能談談兩個垂直領域：一個，以消費者為中心的醫療遊戲，我認為之前沒有提到過，但只是快速更新一下機會集的樣子？它是否因過去幾周等事件而放緩？你們是怎麼想的？

So gaming continues to be of tremendous interest to us, Ron. It's just hard to replicate what we got with the Boston asset. And we have an amazing partner in Craig at win, and we will continue to try to work on trying to find new transactions that I don't know if we'll ever be able to replicate the one in Boston, but of a similar type of a similar dominance in particular markets. So we are looking at transactions. We are looking at transactions every day. And the pricing expectations is perhaps something that we are still trying to work through. And if we can get to an understanding which works for parties involved, I think, and I hope we are able to grow that part of our business, but it's not a fait accompli. I mean it is -- the bar for us is higher. But the good news is there is a product out there that meets that bar. So we are very hopeful. With consumer-centric, we -- that's a business we love. We've been in that business. We've just coined the phrase to sort of define an area of our portfolio that we've obviously been very interested in. And with the dental transaction that we did in the fourth quarter of last year, that helped accelerate that part of the business.

因此，羅恩，我們對遊戲仍然非常感興趣。很難復制我們從波士頓資產中獲得的東西。我們在 win 有一個很棒的合作夥伴克雷格，我們將繼續努力尋找新的交易，我不知道我們是否能夠在波士頓複製交易，但類型相似在特定市場上具有類似的主導地位。所以我們正在研究交易。我們每天都在關注交易。定價預期可能是我們仍在努力解決的問題。我認為，如果我們能夠達成對相關各方有用的理解，我希望我們能夠發展我們業務的這一部分，但這不是既成事實。我的意思是——我們的門檻更高。但好消息是有一種產品可以滿足這個標準。所以我們非常有希望。以消費者為中心，我們 - 這是我們熱愛的業務。我們一直從事這項業務。我們剛剛創造了這個詞來定義我們顯然非常感興趣的投資組合領域。我們在去年第四季度進行的牙科交易有助於加速這部分業務.

Look -- and I don't want to get into the thesis again. I think we've shared that already for a variety of reasons, we like that business. And I think in some ways, this is a business that is getting defined right in front of our eyes, and we want to participate in the potential upside that I see on the real estate side. And so again, partnering with the right operators, forward-thinking operators who share a similar philosophy of delivery of healthcare, I think will, I hope, result in a slew of transactions for us on the consumer-centric side. So both those areas remain of high interest to us, Ron.

看——我不想再次進入論文。我認為我們已經出於各種原因分享了這一點，我們喜歡這項業務。而且我認為在某些方面，這是一個正在我們眼前定義的業務，我們希望參與我在房地產方面看到的潛在上行空間。因此，再次與合適的運營商合作，與具有類似醫療保健理念的具有前瞻性思維的運營商合作，我希望，我希望在以消費者為中心的方面為我們帶來大量交易。因此，羅恩，我們對這兩個領域仍然很感興趣。

And our next question comes from John Massocca with Ladenburg Thalmann.

我們的下一個問題來自 John Massocca 和 Ladenburg Thalmann。

Both on the our market here. So I just have one question. Obviously, there was a same-store decline in Cedars, which was kind of explained, but there was also a same-store decline in your QSR portfolio. I'm just kind of wondering what was driving that. Is that some of the credit issues certain franchise operators had earlier this year or something else that's kind of idiosyncratic?

我們這裡的市場上都有。所以我只有一個問題。顯然，Cedars 出現了同店下滑，這在某種程度上得到了解釋，但您的 QSR 產品組合也出現了同店下滑。我只是想知道是什麼原因造成的。這是某些特許經營商今年早些時候遇到的一些信用問題還是其他一些特殊的問題？

No, no. It's -- look, the overall same-store decline was largely a function of what Christie touched on to explain why our AFFO per share was flat. It was basically -- if you look at the reversals we took in the first quarter of versus the reversals that we took in 2023 first quarter. There was a net $9 million reversal that was very positive in the first quarter of 2022 that we didn't have we had to compare against in this quarter. And when you look at same-store calculation, obviously, that's what drove that very benign same-store growth number.

不，不。這是 - 看，整體同店下降主要是克里斯蒂談到解釋為什麼我們的 AFFO 每股持平的原因。基本上 - 如果你看看我們在第一季度的逆轉與我們在 2023 年第一季度的逆轉。 2022 年第一季度出現了 900 萬美元的淨逆轉，這是非常積極的，我們沒有在本季度進行比較。當您查看同店計算時，顯然，這就是推動非常良性的同店增長數字的原因。

Absent that, if you were looking at just the core portfolio, our growth would have been 1.5%. The specifics around QSR is more driven by a couple of concepts that are not doing very well. Boston market continues to be in the news. It's a very small portion of our overall allocation, I think, basis points at this point. But that is what drags the same-store sales numbers same-store growth numbers for that particular industry. So it's very specific to a couple of names. But overall, like I said, we were around at 1.5%, had it not been for these reversals in the first quarter of last year.

如果沒有，如果你只看核心投資組合，我們的增長率將是 1.5%。 QSR 的具體細節更多地是由一些做得不太好的概念驅動的。波士頓市場繼續成為新聞焦點。我認為，目前這只是我們整體分配的一小部分基點。但這就是拖累該特定行業的同店銷售數字和同店增長數字的原因。所以它非常具體到幾個名字。但總的來說，就像我說的那樣，如果不是去年第一季度的這些逆轉，我們大約在 1.5%。

Okay. And maybe what's the overall view on kind of the franchise restaurant base that kind of rough turn of the year, but have things stabilized at all given kind of the continued strength of the consumer? Or just kind of when you talk to tenants when you look at new deals, what's the outlook there for that specific tenant industry?

好的。也許對特許經營餐廳基地的總體看法是今年的那種艱難轉變，但考慮到消費者的持續實力，情況是否已經穩定下來？或者，當您在查看新交易時與租戶交談時，特定租戶行業的前景如何？

Yes. It's what you would expect, John, Casual dining is depending on the concepts, some concepts continue to post very good results. Like Outback, I saw the results not too long ago. They had positive same-store growth. I think (inaudible) has had a similar story. But then you look at other concepts, they're not doing as well. Thankfully, the two that I mentioned are our two largest exposures. But we do have some smaller concepts. And it's a smaller concept that if they don't have the balance sheet wherewithal to increase prices or pass through some of the costs, et cetera. they're going to struggle. And again, it's not -- none of this is a big part of our portfolio and all of which there are areas that we are focused on. It's already part of our watch list. But that's where I expect to see some level of disruption, but nothing new is expected based on what we see today.

是的。這是你所期望的，約翰，休閒餐飲取決於概念，一些概念繼續發布非常好的結果。和 Outback 一樣，我不久前就看到了結果。他們有積極的同店增長。我認為（聽不清）也有類似的故事。但是你看看其他的概念，它們並沒有那麼好。值得慶幸的是，我提到的兩個是我們最大的兩個風險敞口。但是我們確實有一些較小的概念。這是一個較小的概念，如果他們沒有足夠的資產負債表來提高價格或轉嫁一些成本，等等。他們會掙扎。再一次，它不是——這些都不是我們投資組合的重要組成部分，所有這些都是我們關注的領域。它已經在我們的觀察名單中。但這是我預計會出現某種程度的中斷的地方，但根據我們今天所看到的情況，預計不會出現任何新情況。

And our next question comes from Linda Tsai with Jefferies.

我們的下一個問題來自 Jefferies 的 Linda Tsai。

Just a quick one. Just a broader question on the overall market. When you look at the amount of dry powder available on the sidelines to deploy towards net lease, which industries are you seeing the most demand?

只是一個快速的。只是關於整個市場的更廣泛的問題。當您查看場外可用於淨租賃的干火藥數量時，您認為哪些行業的需求最大？

That's an interesting one, Linda. If we just look at it and I look back, I think it's convenience stores and grocery. Those are the industries that we we're able to do the most deals in and -- but that's a selective selection bias that we have. Those are the industries we like. And so I can't answer that across the board. But what I will tell you is, yes, you're right, there's a lot of capital, but that cost of capital is not uniform.

這很有趣，琳達。如果我們只看它，然後回頭看，我認為是便利店和雜貨店。這些是我們能夠進行最多交易的行業——但這是我們所擁有的選擇性選擇偏見。這些是我們喜歡的行業。所以我無法全面回答這個問題。但我要告訴你的是，是的，你是對的，有很多資本，但資本成本並不統一。

That's one of our biggest advantages that we have a cost of capital that continues to be incredibly competitive and lower than almost everyone. So in some ways, we find ourselves in a very favorable position to take advantage of what we are seeing in the market. But we are very focused on areas of interest to us.

這是我們最大的優勢之一，我們的資本成本繼續具有令人難以置信的競爭力，並且比幾乎所有人都低。因此，在某些方面，我們發現自己處於非常有利的位置，可以利用我們在市場上看到的東西。但我們非常專注於我們感興趣的領域。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn it back over to the management team for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將其轉回給管理團隊，聽取任何結束語。

Thank you all for your attendance today. We look forward to meeting with many of you at the upcoming NAREIT conference in June. Thank you.

感謝大家今天的出席。我們期待在 6 月即將舉行的 NAREIT 會議上與你們中的許多人會面。謝謝。

Thank you. Ladies and gentlemen, this concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。女士們，先生們，今天的電話會議到此結束。感謝大家出席今天的演講。您現在可以斷開線路，度過美好的一天。