Realty Income Corp (O) 2024 Q4 法說會逐字稿

Good day, and welcome to the Realty Income Fourth Quarter 2024 Earnings Conference Call.

大家好，歡迎參加房地產收入 2024 年第四季財報電話會議。

(Operator Instructions) Please note, today's event is being recorded.

（操作員指示）請注意，今天的活動正在被記錄。

I would now like to turn the conference over to Kelsey Mueller, Vice President, Investor Relations.

現在，我想將會議交給投資者關係副總裁 Kelsey Mueller。

Please go ahead.

請繼續。

Thank you for joining us today for Realty Income's 2024 Fourth Quarter and Full Year Operating Results Conference Call.

感謝您今天參加 Realty Income 2024 年第四季和全年營運績效電話會議。

Discussing our results will be Sumit Roy, President and Chief Executive Officer; and Jonathan Pong, Chief Financial Officer and Treasurer.

討論我們的業績的將是總裁兼執行長 Sumit Roy；以及財務長兼財務長 Jonathan Pong。

During this conference call, we will make statements that may be considered forward-looking statements under federal securities law.

在本次電話會議中，我們將發表根據聯邦證券法可能被視為前瞻性陳述的聲明。

The company's actual future results may differ significantly from the matters discussed in any forward-looking statements.

公司未來的實際結果可能與任何前瞻性陳述中討論的問題有很大差異。

We will disclose in greater detail the factors that may cause such differences in the company's filing on Form 10-K.

我們將在公司提交的10-K表格中更詳細地揭露可能導致此類差異的因素。

(Event Instructions)

(活動須知)

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

現在我將電話轉給我們的執行長 Sumit Roy。

Thank you, Kelsey.

謝謝你，凱爾西。

Welcome, everyone.

歡迎大家。

In 2024, Realty Income achieved AFFO per share growth of 4.8% and marking our 14th consecutive year of growth.

2024 年，Realty Income 實現了每股 AFFO 成長 4.8%，這是我們連續第 14 年實現成長。

This, combined with our 5.4% dividend yield for investors who held our stock in 2024, resulted in a total operational return of 10.2% for the year.

再加上 2024 年持有我們股票的投資者 5.4% 的股息殖利率，全年總營運報酬率達到 10.2%。

Over our 30-year history as a public company, our annual total operational return has averaged approximately 11% and with no year posting a negative return as we remain true to our commitment to deliver steady, reliable returns to our shareholders.

在我們作為上市公司的30年歷史中，我們的年度總營運回報率平均約為11%，並且沒有一年出現負回報，因為我們始終信守為股東提供穩定、可靠回報的承諾。

For today's call, we will move through three key themes that we believe define our ongoing long-term success.

在今天的電話會議上，我們將討論我們認為決定我們長期成功的三個關鍵主題。

First, our proven track record of results and returns.

首先，我們有著良好的業績和回報記錄。

Second, our confidence in continuing to drive growth in our core business over time.

第二，我們有信心繼續推動核心業務的成長。

And third, the opportunities our platform provides to enter new avenues to generate further value for our shareholders.

第三，我們的平台提供了進入新途徑的機會，為我們的股東創造了更多價值。

Moving to our first theme, our proven track record.

轉到我們的第一個主題，即我們的良好業績記錄。

Our 2024 results are a testament to the platform we have built.

我們的 2024 年業績證明了我們所建構的平台。

One that is able to deliver against a variety of macroeconomic backdrops, underscored by positive AFFO per share increases every year in our 30-year history as a public company, save one.

我們能夠在各種宏觀經濟背景下獲利，尤其在我們作為上市公司 30 年的歷史中，每股 AFFO 每年都呈現正成長，只有一家公司例外。

Throughout the year, we remain disciplined in our capital allocation strategy, investing $3.9 billion at a 7.4% weighted average initial cash yield.

我們全年始終嚴格執行資本配置策略，投資 39 億美元，加權平均初始現金收益率為 7.4%。

We funded these investments with attractively priced capital, resulting in a 243 basis point investment spread exceeding our historical average of 150 basis points.

我們以極具吸引力的價格為這些投資提供資金，從而使投資利差達到 243 個基點，超過了我們 150 個基點的歷史平均值。

Turning to the details of the fourth quarter.

談談第四季的細節。

Our differentiated business model and unique competitive advantages continue to support the company's strong results.

我們差異化的商業模式和獨特的競爭優勢持續支持公司強勁的業績。

We delivered fourth quarter AFFO per share of $1.05, representing growth of 4%.

我們第四季的每股 AFFO 為 1.05 美元，成長了 4%。

In the quarter, we invested $1.7 billion into high-quality opportunities at a 7.1% weighted average initial cash yield or a 7.5% straight line yield assuming CPI growth of 2%.

本季度，我們向優質投資機會投資了 17 億美元，假設 CPI 成長率為 2%，加權平均初始現金收益率為 7.1%，或直線收益率為 7.5%。

Within these investments, approximately 57% of the annualized cash income generated was from investment-grade clients.

在這些投資中，約 57% 的年化現金收入來自投資等級客戶。

We completed 73 discrete transactions including six transactions with total considerations over $50 million, with one being over $500 million, which together represented nearly 80% of our investment volume.

我們完成了 73 筆獨立交易，其中 6 筆交易總對價超過 5,000 萬美元，有一筆交易總對價超過 5 億美元，這些交易合計占我們投資額的近 80%。

The range of size of these transactions highlights the unparalleled depth and breadth of our sourcing and acquisition platform.

這些交易的規模範圍凸顯了我們的採購和收購平台無與倫比的深度和廣度。

In the US, we invested $1.1 billion at a 6.4% weighted average initial cash yield and weighted average lease term of approximately 14 years.

在美國，我們投資了 11 億美元，加權平均初始現金收益率為 6.4%，加權平均租賃期限約為 14 年。

And in Europe, we invested $650 million at an 8.2% weighted average initial cash yield and a weighted average lease term of approximately seven years.

在歐洲，我們投資了 6.5 億美元，加權平均初始現金收益率為 8.2%，加權平均租賃期限約為 7 年。

In total, these investments were completed at a spread of 155 basis points over our short-term weighted average cost of capital, supported by approximately $230 million in adjusted funds from operations after dividend payments.

總體而言，這些投資以高於我們的短期加權平均資本成本 155 個基點的利差完成，並由股息支付後的約 2.3 億美元調整後營運資金支持。

Turning to operations.

轉向營運。

We have built a diversified portfolio of over 15,600 properties with high-quality clients that have proven resilient through various economic cycles, and continue to deliver stable returns.

我們已建立由超過 15,600 處房產組成的多元化投資組合，擁有優質客戶，經受住了各種經濟週期的考驗，持續提供穩定的回報。

This, combined with our proven and experienced asset management team saw us deliver another year of great returns.

再加上我們經驗豐富、久經考驗的資產管理團隊，我們又在一年裡取得了豐厚的報酬。

By leveraging the amount of proprietary portfolio data we possess, paired with our internal predictive analytic tools, we believe we have strengthened our decision-making and have further enhanced our capabilities as reflected in the fourth quarter results.

透過利用我們擁有的專有投資組合數據，結合我們的內部預測分析工具，我們相信我們已經加強了決策能力，並進一步提高了我們的能力，這在第四季度的業績中得到了反映。

We ended the quarter with 98.7% portfolio occupancy in line with the prior quarter.

本季結束時，我們的投資組合入住率為 98.7%，與上一季持平。

Our rent recapture rate on 266 lease renewals was 107.4%, generating approximately $52 million in new annualized cash rent.

我們在 266 份租約續約中的租金回收率為 107.4%，產生了約 5,200 萬美元的新年度現金租金。

Since 1996, we have successfully resolved over 5,800 expiring leases at a 103% recapture rate.

自 1996 年以來，我們已成功解決了 5,800 多份即將到期的租約，回收率達 103%。

We continue to expand and develop our predictive analytics to platform, which is an important component in the analysis of acquisitions and increasingly drive the strategy on dispositions through our ongoing capital recycling strategy, we regularly assess our portfolio to identify and optimize growth opportunities.

我們繼續擴展和開發我們的預測分析平台，這是收購分析的重要組成部分，並透過我們正在進行的資本回收策略不斷推動處置策略，我們定期評估我們的投資組合以識別和優化成長機會。

Dispositions when strategically appropriate, not only enhance the quality of our portfolio, but unlock organic sources of capital, allowing us to reinvest in higher-quality assets to fuel long-term value growth.

在策略上適當的處置不僅可以提高我們投資組合的質量，而且可以釋放有機資本來源，使我們能夠再投資於更高品質的資產，以推動長期價值成長。

To that end, in the fourth quarter, we sold 80 properties for total net proceeds of $138 million of which $50 million was related to vacant properties.

為此，我們在第四季度出售了 80 處房產，總淨收益為 1.38 億美元，其中 5,000 萬美元與空置房產有關。

For the full year, we had net proceeds of $589 million from the sale of 294 properties supporting an increasingly active capital recycling program, which we expect to continue in 2025.

全年，我們透過出售 294 處房產獲得了 5.89 億美元的淨收益，用於支持日益活躍的資本回收計劃，我們預計該計劃將持續到 2025 年。

Moving to our second theme.

轉到我們的第二個主題。

We remain confident in our ability to continue driving growth in our core business over time.

我們對自己繼續推動核心業務成長的能力充滿信心。

As we look to 2025, we see an attractive pipeline of investment opportunities across a broad scope of property types, industries and geographies.

展望 2025 年，我們將看到涵蓋廣泛房地產類型、行業和地區的大量誘人投資機會。

Based on current investment spreads and visibility to the deal pipeline, we forecast approximately $4 billion in investment volume for the year.

根據目前的投資利差和交易管道的可見性，我們預測今年的投資金額約為 40 億美元。

We are well positioned to increase capital deployment based on transactions we see in the marketplace.

根據我們在市場上看到的交易，我們有能力增加資本配置。

For the year, we expect AFFO per share in the range of $4.22 to $4.28, representing 1.4% growth at the midpoint.

我們預計今年每股 AFFO 在 4.22 美元至 4.28 美元之間，中間值將成長 1.4%。

This outlook incorporates the following assumptions.

這項展望包含以下假設。

On the tenant side, our forecast includes a provision for 75 basis points of potential rent loss as well as an impact from the move out of a large office tenant.

在租戶方面，我們的預測包括75個基點的潛在租金損失準備金以及大型辦公室租戶搬出的影響。

The majority of these impacts stem from properties acquired through M&A transactions, which we underwrote as part of those deals knowing we are well positioned to maximize real estate value given our size and scale.

這些影響大部分源於透過併購交易獲得的房產，我們在這些交易中承保了這些房產，因為我們知道，憑藉我們的規模和範圍，我們完全有能力最大化房地產價值。

These items result in a $0.04 negative effect on AFFO this year, but also represent an opportunity to cycle out of underperforming clients into stronger clients in robust industries.

這些項目將對今年的 AFFO 產生 0.04 美元的負面影響，但也代表著一個機會，將表現不佳的客戶轉變為強勁行業中更強大的客戶。

Given favorable market dynamics across retail and industrial real estate, we anticipate strong releasing outcomes with the expectation to recapture rent at a level consistent with our historical average.

鑑於零售和工業房地產的良好市場動態，我們預計釋放結果將強勁，並有望將租金恢復到與歷史平均值一致的水平。

Additionally, in 2024, we recognized $21 million in non-recurring lease termination fees, representing a $0.02 AFFO benefit to 2024 that we do not assume repeats in our current 2025 forecast.

此外，在 2024 年，我們確認了 2,100 萬美元的非經常性租賃終止費，相當於 2024 年的 0.02 美元 AFFO 收益，我們在目前的 2025 年預測中不會重複出現。

Turning to our third theme.

轉向我們的第三個主題。

Our platform is well positioned to pursue multiple avenues of growth within the net lease page.

我們的平台具有良好的定位，可以在網路租賃頁面中尋求多種成長途徑。

Throughout 2024, we further solidified our position as a trusted real estate partner to the world's leading companies.

在整個 2024 年，我們進一步鞏固了作為世界領先公司值得信賴的房地產合作夥伴的地位。

We strengthened our partnerships through repeat business with long-standing clients and top global names including 7-Eleven, Morrisons and Carrefour.

我們透過與長期客戶和 7-Eleven、Morrisons 和 Carrefour 等全球頂級品牌的重複業務加強了合作夥伴關係。

To that end, in the fourth quarter, we closed a $770 million sale-leaseback transaction with 7-Eleven, which is now our top client at 3.5% of our annualized rent.

為此，在第四季度，我們與 7-Eleven 完成了價值 7.7 億美元的售後回租交易，7-Eleven 目前是我們最大的客戶，占我們年租金的 3.5%。

This transaction showcases our ability to source, underwrite and close high-quality sale leasebacks, while our size, scale and relationship-driven approach allow us to absorb large transactions at attractive valuations.

這筆交易展示了我們尋找、承銷和完成高品質售後回租的能力，同時我們的規模、範圍和關係驅動的方法使我們能夠以有吸引力的估值吸收大額交易。

This deal marks one of six sale-leaseback transactions with 7-Eleven in our history, partnership that began almost a decade ago.

這項交易是我們與 7-Eleven 歷史上六次售後回租交易之一，我們的合作關係始於近十年前。

Another avenue for future growth is our recently announced private capital initiative, an opportunity to further leverage our proven platform to expand our investment opportunities.

未來成長的另一個途徑是我們最近宣布的私募資本計劃，這是一個進一步利用我們成熟的平台來擴大投資機會的機會。

We look forward to sharing updates on our progress with the fund business as we move through the year.

我們期待分享我們今年基金業務進展的最新進展。

Overall, we believe Realty Income's strategic position, financial discipline and diversified portfolio continue to provide stability and long-term growth.

總體而言，我們相信 Realty Income 的策略地位、財務紀律和多元化投資組合將繼續提供穩定性和長期成長。

With that, I would like to turn it over to Jonathan to discuss our financial results in more detail.

接下來，我想讓喬納森更詳細地討論我們的財務表現。

Thanks, Sumit. 2024 was another year of solid execution across all areas of our business.

謝謝，Sumit。 2024 年是我們業務各領域穩健執行的另一年。

We remain confident that our unique platform and the investments we are making in the team -- we'll continue to generate consistently strong operating results.

我們仍然相信，我們獨特的平台和我們對團隊的投資將繼續產生持續強勁的營運績效。

From a balance sheet standpoint, we are well positioned to remain active capital allocators with ample liquidity and modest leverage as we finish the year with net debt to annualized pro forma adjusted EBITDA of 5.4 times.

從資產負債表的角度來看，我們完全有能力繼續作為積極的資本配置者，擁有充足的流動性和適度的槓桿率，今年年底我們的淨債務與年化調整後 EBITDA 比率為 5.4 倍。

Our fixed charge coverage ratio of 4.7 times remains consistent with the 4.5% to 4.7% range delivered in 2023 and 2024.

我們的固定費用覆蓋率為 4.7 倍，與 2023 年和 2024 年實現的 4.5% 至 4.7% 範圍保持一致。

At quarter end, we held $3.7 billion of liquidity, including $445 million of cash, unsettled forward equity and unused capacity on our $4.25 billion revolving line of credit.

截至季末，我們持有 37 億美元的流動資金，包括 4.45 億美元現金、未結算遠期股權以及 42.5 億美元循環信用額度中的未使用容量。

Our exposure to February debt remains limited, representing only 4.2% of our outstanding debt principal at year-end.

我們對二月債務的曝險仍然有限，僅佔年底未償還債務本金的4.2％。

The consistency of our cash flow and stability of our balance sheet remains the strength of our platform and contributes to our long track record of increases to the monthly dividend.

我們現金流的一致性和資產負債表的穩定性仍然是我們平台的優勢，並有助於我們長期增加每月股息。

We are proud to remain one of 66 companies in the S&P 500 Dividend Aristocrats Index for having increased our dividend for 30 consecutive years.

我們很榮幸能夠連續 30 年增加股息，成為標準普爾 500 股息貴族指數中的 66 家公司之一。

Our most recent increase will take effect for the March monthly dividend payment, representing a 1.5% increase over the current monthly dividend and a 4.5% increase over the year ago period.

我們最近的增加將從 3 月的月度股息支付開始生效，比當前月度股息增加 1.5%，比去年同期增加 4.5%。

This is our 129th dividend increase and our $656 million consecutive monthly dividend declared since our 1994 listing, and we remain grateful for the long-standing support of our income-oriented shareholders.

這是我們自 1994 年上市以來第 129 次增加股息，也是我們連續每月宣布 6.56 億美元的股息，我們仍然感謝以收入為導向的股東的長期支持。

The scale and depth of our cash flow diversification and the income-oriented nature of our investments results in lower earnings volatility throughout economic cycles and makes our platform unique in both the broader real estate industry and the investment market at large.

我們現金流多樣化的規模和深度以及我們投資的收益導向性質，降低了整個經濟週期中的獲利波動性，並使我們的平台在更廣泛的房地產行業和整個投資市場中都獨一無二。

We'd be remiss without also acknowledging the talent, experience and commitment of almost 500 professionals globally who dedicate themselves to growing and protecting dividends.

如果我們不認可全球近 500 名致力於增加和保護股息的專業人士的才華、經驗和承諾，那就太失禮了。

In our view, the combination of these features uniquely positions Realty Income to leverage this ecosystem to drive capital partnerships in the years to come.

我們認為，這些功能的結合使 Realty Income 能夠利用這個生態系統在未來幾年推動資本合作。

As mentioned in our earnings press release, our Board authorized a common stock repurchase program for up to $2 billion in value.

正如我們的收益新聞稿中所提到的，我們的董事會批准了一項價值高達 20 億美元的普通股回購計畫。

To be clear, we intend for any stock repurchase activity to be leverage neutral, as we intend to utilize proceeds from asset dispositions or free cash flow to fund any activity on the program.

需要明確的是，我們希望任何股票回購活動都是槓桿中立的，因為我們打算利用資產處置收益或自由現金流來資助該計劃的任何活動。

While we remain confident in our ability to source, underwrite and close on high-quality investment opportunities, at accretive spreads to our cost of capital.

我們對自己尋找、承銷和完成高品質投資機會的能力充滿信心，同時增加了資本成本的利差。

It seems appropriate for us to have this tool available to deploy capital in an agile manner should the opportunity present itself.

如果有機會，我們似乎應該利用這個工具來靈活地部署資本。

I'll now like to hand back to Sumit to complete our prepared remarks.

現在，我想把發言交還給蘇米特，讓他完成我們準備好的發言。

Thank you, Jonathan.

謝謝你，喬納森。

In closing, our 2024 performance highlights our proven track record of results, supported by the stability of our portfolio, our talented and experienced team members and a strong balance sheet.

最後，我們 2024 年的業績凸顯了我們經過驗證的業績記錄，這得益於我們投資組合的穩定性、我們才華橫溢且經驗豐富的團隊成員以及強勁的資產負債表。

We aspire to be the real estate partner to the world's leading companies and the relationships we have built over many years continue to add value to our company as demonstrated during the fourth quarter.

我們渴望成為世界領先公司的房地產合作夥伴，正如第四季度所證明的那樣，我們多年來建立的關係繼續為我們的公司增值。

Looking forward, our pipeline remains active and the opportunities to partner with operators who are the best at what they do are encouraging, a testament to the value our company offers.

展望未來，我們的管道仍然活躍，與最優秀的營運商合作的機會令人鼓舞，這證明了我們公司所提供的價值。

I would now like to open the call for questions.

現在我想開始提問。

Operator?

操作員？

(Operator Instructions) Farrell Granath, BoA.

(操作員指示) Farrell Granath，BoA。

I just want to ask about your cap rates and expectations going forward.

我只是想問一下你的資本化率和未來的預期。

And in your current line of sight, how are you seeing cap rates trend?

在您目前的視線中，您如何看待資本化率趨勢？

And how does that apply to your cost of capital today?

這與您今天的資本成本有何關係？

Good question, Farrell.

問得好，法雷爾。

I would assume that based on the pipeline that we currently have, that the cap rates are going to be right around where we averaged in 2024.

我認為，根據我們目前擁有的管道，資本化率將大約與 2024 年的平均值相當。

Okay.

好的。

And also in terms of capital recycling, I'm curious how you're thinking about that.

另外，就資本循環利用而言，我很好奇您是如何看待這個問題的。

I know at the end of '24, you were able to give a little guidance.

我知道在 24 年末，您能夠給予一些指導。

How much of capital recycling would you see funding your acquisitions going forward?

您認為未來有多少資本循環可以為您的收購提供資金？

Or if you have any other color to share.

或者如果您有其他顏色可以分享。

Yes.

是的。

It's a little early in the year to give complete guidance and visibility on that front.

今年就此提供完整的指導和透明度還為時過早。

But you can assume, for modeling purposes, it will be similar to what we achieved in 2024.

但你可以假設，出於建模目的，它將與我們在 2024 年取得的成就類似。

John Kilichowski, Wells Fargo.

富國銀行的約翰‧基利喬斯基 (John Kilichowski)。

Maybe if we could start on the share repurchase program.

也許我們可以開始股票回購計畫。

I'm curious, what's the threshold for you where those shares -- where your equity becomes a little more attractive than other options for your capital?

我很好奇，對您來說，這些股票的門檻是多少——讓您的股權比其他資本選擇更具吸引力？

And are any repurchases contemplated a guide?

任何考慮回購的行為是否具有指導意義？

So John, this is a function of what we are seeing in the market today.

約翰，這是我們今天在市場上看到的情況。

If you look at what's happened in the last four months, since the Fed started the reduction in rates.

如果你看看自從聯準會開始降息以來過去四個月發生的情況。

In October, we got to our 52-week high at $60 -- almost $65.

十月份，我們達到了 52 週的最高點，即 60 美元——接近 65 美元。

Literally, within three months, we were down to $51.

確切的說，在三個月內，我們的預算就降到了 51 美元。

And with that backdrop, where the fundamentals of our business is not necessarily being represented in the capital markets, this is a tool that we feel like we should have.

在這樣的背景下，我們的業務基本面不一定在資本市場上體現，我們覺得我們應該擁有這個工具。

Now I just want to be super clear that we will only use our free cash flow from operations and disposition proceeds to do buybacks on a leverage-neutral basis -- and it is an option that we believe we needed to have for the next three years, which is what our Board has sanctioned.

現在我只想非常明確地表明，我們將只使用來自營運的自由現金流和處置收益在槓桿中性的基礎上進行回購——這是我們認為未來三年需要的一個選擇，這也是我們董事會所批准的。

In the event, we continue to see this level of volatility in the market.

事實上，我們繼續看到市場處於這種程度的波動之中。

At the end of the day, we are investors.

從根本上來說，我們是投資者。

And if the best economic decision is to buy the stock back, given the volatility that we are experiencing, then that is one that we will choose to do.

如果最好的經濟決策是回購股票，考慮到我們正在經歷的波動，那麼我們就會選擇這樣做。

But the expectation and hope is that we don't have to lean on this tool, but it's one that we felt like we needed to have available to us.

但期望和希望是我們不必依賴這個工具，但我們覺得我們需要這個工具。

Got it.

知道了。

And then maybe if I could just jump to the health of the overall portfolio here looking at the guide.

然後也許我可以直接跳到這裡查看指南來了解整體投資組合的健康狀況。

The non-reimbursable expense is picking up a little bit from last year and your provision for bad debt at 75 bps.

不可報銷的費用比去年略有增加，而壞帳準備金則為 75 個基點。

I want to say last year, you were closer to the 30 bps range.

我想說的是，去年，你們的利率更接近 30 個基點的範圍。

I'm curious if these numbers are more a function of conservatism on your part for starting the year or if you're seeing something in the market from your tenants that's making you want to be a little more cautious just as far as tenant credit is concerned.

我很好奇，這些數字是否更多地反映了您在年初的保守態度，或者您是否從租戶那裡看到了市場上的一些東西，讓您想在租戶信用方面更加謹慎一些。

John, for your first question, the guidance that we do have is 1.4% to 1.7% for unreimbursed property expenses.

約翰，對於您的第一個問題，我們的指導價格是未報銷的財產費用為 1.4% 至 1.7%。

That is closer to a new run rate, albeit we do have some assumption there for carry costs associated with taking properties.

儘管我們對於與獲取房產相關的持有成本確實有一些假設，但這更接近新的運行率。

And so we obviously unknown associated with how quickly we can offload some of the vacancies.

因此，我們顯然不知道我們能多快解決一些空缺職位。

Now as it relates to the bad debt expense, for 2024, we did finish close to 50 basis points in terms of bad debt expense as a percentage of revenue.

現在就壞帳費用而言，對於 2024 年，我們的壞帳費用佔收入的百分比確實接近 50 個基點。

So the $75 million is a bit of an uptick as Sumit mentioned in his prepared remarks, there aren't really any surprises.

因此，正如蘇米特在其準備好的演講中提到的那樣，7500 萬美元是一個小幅上漲，實際上並沒有什麼意外。

There's a handful of three tenants that comprise a majority of that.

其中大多數由三位租戶組成。

And these are primarily tenants that we underwrote as part of prior M&A transactions.

這些主要是我們在先前的併購交易中承保的租戶。

So a little bit of conservatism.

因此有一點保守主義。

I think it's just to get these properties back in many of these cases, we expect to do quite well on the recapture.

我認為在很多情況下只是為了收回這些財產，我們希望在收回過程中做得很好。

There could be some short-term disruption.

可能會出現一些短期混亂。

But I think overall, nothing to be overly concerned about from our perspective.

但我認為總體而言，從我們的角度來看沒有什麼可過度擔心的。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

The transaction market, from where you stand today, how are you thinking about kind of the split between US versus Europe versus debt investments for the year?

交易市場，從您現在所處的位置來看，您如何看待今年美國、歐洲和債務投資之間的差距？

Yes.

是的。

It's too early to tell, Greg.

現在說還太早，格雷格。

But clearly, what -- where we saw opportunities last year for the quarters was in Europe and the UK.

但很明顯，去年季度我們看到的機會是在歐洲和英國。

That's where we did the majority of the transactions.

我們的大部分交易都是在那裡進行的。

That quickly changed when the cost of capital environment and the market's changed.

當資本成本環境和市場發生變化時，這種情況很快就發生了變化。

There were more sellers willing to come to market.

有更多的賣家願意進入市場。

Our cost of capital had improved, and we were able to transact transactions at spreads that were acceptable to us for the risk we were inheriting.

我們的資本成本已經改善，並且我們能夠以可接受的利差進行交易，以應對我們所承擔的風險。

We ended the year at about 50:50 split between international and the US.

到年底，我們的國際業務和美國業務的比例約為 50:50。

I will tell you that sitting here today, that split is probably where we'll end up for the year in 2025.

我告訴你們，今天坐在這裡，這種分裂可能是我們在 2025 年的結局。

But I do want to caveat it by saying it is a little early.

但我確實想提醒一下，現在還太早。

And given where we were literally two months ago, it again goes back to the kind of platform that we have, the pipeline that we were able to generate and how quickly we were able to generate that pipeline is a testament to what we keep talking about in terms of a very differentiated business model vis-a-vis anybody else out there.

考慮到我們兩個月前的狀況，這又回到了我們所擁有的平台類型、我們能夠生成的管道以及我們能夠多快生成該管道的問題，證明了我們一直在談論的與其他公司相比非常差異化的商業模式。

And that's what gives us the confidence to have come out with a $4 billion guidance on the acquisition front.

這使得我們有信心在收購方面提出 40 億美元的指導價格。

It's a combination of the pipeline that we already have, the visibility that we already have.

這是我們已有的管道和已有的可見性的組合。

Thus, I was able to answer the question around cap rates and where we think we are going to end up for the year 2025.

因此，我能夠回答有關資本化率的問題，以及我們認為 2025 年的最終目標。

And credit investments will certainly be a part and parcel of this makeup, but it won't be disproportionate to what we have achieved in 2024.

信貸投資肯定會成為這一結構的重要組成部分，但它與我們在 2024 年取得的成就不會不成比例。

It will be in a similar ZIP code.

其郵遞區號將類似。

But that's the visibility that we have today.

但這就是我們今天所看到的。

Okay.

好的。

And could you just give us some info in terms of your progress on further investments into Continental Europe, which countries you've kind of moved into as you've built out the team in one in Amsterdam and what kind of excites you about the opportunities there right now?

您能否向我們介紹一下您在歐洲大陸進一步投資的進展情況，您在阿姆斯特丹組建團隊後已經進入了哪些國家，以及目前那裡有哪些讓您感到興奮的機會？

Yes.

是的。

That's a great question, Greg.

格雷格，這個問題問得真好。

It is this continued establishment of a very mature platform.

正是這種持續的建立，才形成了一個非常成熟的平台。

That is our goal today.

這就是我們今天的目標。

And that is part of the reason why our G&A load remains right around where it has been for the last year, 1.5 years, is because we are continuing to build out the team in both the UK as well as in Amsterdam.

這也是為什麼我們的一般行政費用與過去一年半的水平基本保持不變的原因，因為我們正在繼續在英國和阿姆斯特丹擴建團隊。

And that is what's going to allow us to continue to scale once the team, the permanent team is in place.

一旦團隊（永久團隊）到位，我們就能繼續擴大規模。

So in terms of new geographies, there are no new geographies that we have entered into that hasn't been fully disclosed.

因此，就新地區而言，我們進入的新地區還沒有完全披露。

I think Poland was the last one that we had identified as a market that we wanted to go into.

我認為波蘭是我們最後一個想要進入的市場。

But a lot of what -- where we invested in the fourth quarter were the same market that we already entrenched in.

但我們在第四季投資的許多領域與我們已經紮根的市場是相同的。

The UK was the majority and Spain was the second country that we had a few investments in the fourth quarter.

英國是最多的，西班牙是我們在第四季投資的第二大國家。

But it's the same countries that we've already established our footprint in the CAT loan obviously allowed us to expand the geographies that we were in, it included Germany and Portugal.

但正是在那些我們已經在 CAT 貸款中建立足蹟的國家，顯然使我們能夠擴大業務範圍，其中包括德國和葡萄牙。

But outside of that, France, Italy, Spain, UK, Ireland, and Poland.

除此之外，還有法國、義大利、西班牙、英國、愛爾蘭和波蘭。

Those are the countries that we are focused.

這些就是我們重點關注的國家。

Ryan Caviola, Green Street.

瑞安‧卡維奧拉 (Ryan Caviola)，綠街。

With announcements during the fourth quarter that other REITs are expanding into the private fund space does this alter your view on competition in that arena and recognizing that those REITs are in different property sectors, how do you gauge private capital appetite for net lease assets versus other real estate assets?

第四季有消息指出其他房地產投資信託基金 (REIT) 正在向私募基金領域擴張，這是否會改變您對該領域競爭的看法？

Ryan, in some ways, this is a reaffirmation of the strategy that we announced.

瑞安，從某種程度上來說，這是對我們宣布的策略的重申。

Look, we pride ourselves in being a very transparent company.

看，我們為自己是一家非常透明的公司而感到自豪。

We try to talk to our investor base prior to doing anything.

在採取任何行動之前，我們都會先與投資人群體溝通。

And that's what we chose to do during the last quarter announcement was to signal to the market that this is a natural extension of the business, which is to tap into the private sources.

我們在上個季度的公告中選擇做的就是向市場發出信號，表明這是業務的自然延伸，即利用私人資源。

We believe that we have a place in the core+ arena within this space.

我們相信，我們在這個領域的核心+領域佔有一席之地。

It's a perfect entry point for private investors to get into and really leverage a platform that we bring of circa 500 people that has been maturing over the last 55 years along with tools that we've developed.

對於私人投資者來說，這是一個完美的切入點，可以真正利用我們擁有約 500 名員工的平台，該平台在過去 55 年裡不斷成熟，並配備了我們開發的工具。

I believe that we have a place.

我相信我們有一席之地。

And look, we've just launched our marketing process the data room is open.

你看，我們剛剛啟動了我們的行銷流程，數據室已經開放。

We are super excited about this particular area of the business.

我們對這一特定的業務領域感到非常興奮。

And the fact that other operators, very successful operators who are choosing to come into this space is really an affirmation of the strategy that we have laid out.

其他營運商，非常成功的營運商選擇進入這個領域，這實際上是對我們所製定策略的肯定。

So we feel good.

因此我們感覺很好。

We'll get our share of capital.

我們將獲得屬於我們的資本份額。

We'll keep you abreast like we always do, of how we are progressing -- but we feel like this is such a massive place in terms of just the quantum of capital available that for us to not move into that area, would not allow us to continue to execute some of what we've talked about, which is diversifying our sources of equity capital.

我們會像往常一樣向您通報我們的進展情況——但我們覺得，就可用資本量而言，這是一個如此巨大的領域，如果我們不進入這個領域，就無法繼續執行我們已經談到的一些內容，即實現股權資本來源多元化。

And so far, so good.

到目前為止一切順利。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones for me.

我只想問兩個問題。

Just going back to the pipeline.

回到管道。

Just wondering if there's any sort of larger sort of deals in there?

只是想知道其中是否存在更大規模的交易？

Or is it all pretty granular?

還是一切都非常細緻？

And maybe if you can comment on sort of the data centers and the gaming verticals and what the activity is looking like there?

您能否評論一下資料中心和遊戲垂直行業以及那裡的活動情況？

Great question, Ronald.

很好的問題，羅納德。

So look, in the pipeline that we currently have, we don't have a very large transaction, and we define very large transactions of 500 and above.

所以看，在我們目前擁有的管道中，我們沒有非常大的交易，並且我們將 500 及以上的非常大的交易定義為。

These are run of the mill right down the fairway type opportunities, and we are very happy to have built a pretty robust pipeline.

這些都是普通的、符合球道類型的機會，我們很高興已經建立了相當強大的管道。

In terms of the asset types, you mentioned gaming and you mentioned data centers.

就資產類型而言，您提到了遊戲，也提到了資料中心。

I'll take gaming first.

我首先要玩遊戲。

Look, gaming is, by its very nature, very episodic.

瞧，遊戲從其本質而言，是非常具有情節性的。

We do have a couple of conversations ongoing.

我們確實正在進行一些對話。

There's obviously a lot of interest in your own backyard ran, as you know, we'll see how all of that plays out.

顯然，人們對你自己的後院跑步很感興趣，如你所知，我們將看看這一切如何展開。

But we think that, that has a very long fuse attached to it in terms of getting things over the finish line.

但我們認為，從完成任務的角度來看，這需要很長的時間。

The data center space is a very interesting space.

資料中心空間是一個非常有趣的空間。

It's one that we are very excited about, but at the same time, we are incredibly deliberate about who we want to partner with what are the leases that we want to be exposed to?

我們對此感到非常興奮，但同時，我們非常謹慎地考慮與誰合作，我們想要接觸哪些租約？

Which markets are we willing to sign up for?

我們願意進入哪些市場？

And most importantly, who are the operators developers that we want to create a long-term relationship with.

最重要的是，我們想要與哪些營運商開發商建立長期合作關係。

We've all seen news of Microsoft and some other very large hyperscalers coming out and saying we're going to walk away from certain developments, et cetera.

我們都看到微軟和其他一些超大規模企業的消息，他們表示將放棄某些發展等等。

Those are the types of things that just continue to make us very diligent in terms of who we want to ultimately work with.

這些事情促使我們在選擇最終合作夥伴時格外謹慎。

And the discussions that we are having and the ones that we are deciding to forward are the ones that we feel very confident about in terms of their competency, in terms of their track record and not borrowed track records, but their actual track record as an institute and their ability to deliver product, those have become very important in our underwriting process.

我們正在進行的討論和決定推進的討論都是我們非常有信心的，就他們的能力、他們的業績記錄而言，而且不是藉來的業績記錄，而是他們作為一個機構的實際業績記錄和他們交付產品的能力，這些在我們的承保過程中變得非常重要。

And at the end of it all, it's the physical real estate, where is it located?

那麼歸根結底，它是實體房地產，位於哪裡？

How -- who is it being developed for?

如何－它是為誰開發的？

What is the kind of leases?

租約種類有哪些？

Because no true lease in the data center space are the same.

因為沒有一個資料中心的真正租賃空間是相同的。

And obviously, we've learned that through multiple discussions that we've had.

顯然，我們透過多次討論了解到了這一點。

So we believe that cloud services, AI will continue to drive a lot of the demand for data centers, but we have to be hyper selective in terms of which ones do we want to invest in and with whom.

因此，我們相信雲端服務和人工智慧將繼續推動對資料中心的大量需求，但我們必須對要投資哪些資料中心以及與誰合作進行嚴格篩選。

So that's my thinking on the data center space.

這就是我對資料中心領域的想法。

Really helpful.

真的很有幫助。

And then my second one is just on the sort of the bad debt guidance of 75 basis points.

我的第二個建議是關於 75 個基點的壞帳指導。

Was there a write-down in the quarter on straight-line rent is just as an aside, but -- the question is really, is this year just sort of a unique outsized year?

順便問一下，本季的直線租金是否減記，但真正的問題是，今年是否是特殊的超額年份？

Or is it -- and should we be expecting that to sort of normalize as you roll the calendar?

或者是——我們是否應該期待隨著日曆的滾動，這種情況會逐漸正常化？

Or is it sort of a longer -- a bit of a longer tail as sort of the portfolio that you acquired continues to roll through?

或者說，隨著您獲得的投資組合繼續滾動，它的尾部會更長一些嗎？

Ron, on your first question, you're right.

羅恩，關於你的第一個問題，你是對的。

For the fourth quarter, there was a straight-line rent write-down.

第四季度，租金出現直線減記。

It was primarily associated with the three tenants.

它主要與三位租戶有關。

So it was about $8 million or so impact.

所以影響大約是800萬美元左右。

And so that is one reason why the straight line was a little bit lower than our run rate in Q4.

這就是直線略低於第四季運行率的原因之一。

As it relates to the go-forward trajectory of that debt expense, I think as we get closer towards the midpoint and end of the year, we'll obviously narrow the range a bit right now it's late February.

至於它與債務支出的未來軌跡有關，我認為隨著我們越來越接近年中和年末，我們顯然會將範圍縮小一些，現在是二月底。

And given that a lot of these potential reserves are concentrated in three tenants that represent about $0.03 per share potential reserve.

鑑於這些潛在儲量大部分集中在三個租戶手中，每股潛在儲量約為 0.03 美元。

We are just having a wide range of outcomes for those.

針對這些問題，我們得到了各種各樣的成果。

But certainly, as we get more information, I think we would expect to hopefully bring that down and narrow our conservatism on that.

但可以肯定的是，隨著我們獲得更多信息，我認為我們希望能夠降低這一水平並縮小我們在這方面的保守程度。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

This is Maddie Fargis, on for Smedes.

這是 Maddie Fargis，代替 Smedes 上場。

Just on the debt side, it looks like you have just under $2 billion of debt maturing in 2025.

光是在債務方面，看起來你們有將近 20 億美元的債務將於 2025 年到期。

Can you talk a little bit about your plans to address these maturities?

能否稍微談談解決這些問題的計畫？

And then maybe looking ahead to your debt coming due over the next couple of years as well?

然後也許還會展望未來幾年到期的債務？

Matti, we have intentionally staggered our maturities in any given year.

馬蒂，我們有意錯開了每年的到期日。

That's been very much an intentional process.

這是一個非常有意的過程。

I think when you look at this year, the $1.9 billion or so coming due at 4.2%, give or take.

我認為，當你看今年的時候，大約有 19 億美元到期，利率大約是 4.2%。

Right now, if we were to go out our US dollar financing, this is all on a 10-year unsecured basis.

目前，如果我們要進行美元融資，都是 10 年期無擔保的。

You're probably looking at around 5.3% in sterling.

英鎊的匯率可能在 5.3% 左右。

It's probably 5.6%.

大概是5.6%。

And then in euros probably 3.8%.

以歐元計算大概是 3.8%。

So a lot of it is going to depend on the currency in which we refi, but you assume it's dollar pricing and dollar debt, maybe 100 basis points or so headwind and assuming half year convention because maturity date is around the midpoint of the year on average.

因此，很大程度上取決於我們再融資的貨幣，但假設它是美元定價和美元債務，可能有 100 個基點左右的逆風，並假設半年慣例，因為到期日平均在年中左右。

Perhaps that's $0.01 of dilution for 2025.

也許這意味著 2025 年的稀釋值為 0.01 美元。

I think as we go forward, we've been through many cycles.

我認為，隨著我們不斷前進，我們已經經歷了許多周期。

We've seen a lot of different interest rate environments.

我們已經看到了許多不同的利率環境。

We've seen it be a headwind in recent years.

近年來，我們已經看到它成為一種阻力。

We've seen it absolutely be a tailwind in a decade before that and I think having that staggered maturity schedule and having the options, frankly, to tap into three different currencies gives us the flexibility, the optionality and the ability to be patient to wait for that right bite.

在此之前的十年中，我們已經看到它絕對是一種順風，我認為擁有這種交錯的到期時間表以及擁有利用三種不同貨幣的選擇，坦率地說，這為我們提供了靈活性、可選性和耐心等待正確時機的能力。

And so that's how we're going to continue to manage our maturity risk.

這就是我們繼續管理到期風險的方法。

We also have, of course, a $4.25 billion revolver, and that allows us, again, to have ample sources so that we don't feel pressure to go out and do a deal on a certain day week quarter.

當然，我們還有 42.5 億美元的循環信貸，這讓我們再次擁有充足的資金來源，這樣我們就不會感到在某一周某一季度出去做交易的壓力。

Great.

偉大的。

And then just circling back on guidance quickly.

然後很快回到指導上。

Your guidance range for the income tax expense.

您對所得稅費用的指導範圍。

It looks like it comes in higher than full year '24.

看起來它的銷售額將高於 24 年全年的銷售額。

Can you talk a little bit about what's maybe driving that increase, some puts and takes there?

您能否稍微談談推動這種成長的原因以及其中的一些利弊？

Sure.

當然。

So we've had an active year on the European side, particularly in the UK.

因此，我們在歐洲方面度過了活躍的一年，特別是在英國。

In the UK, we do -- we are subject to a statutory tax rate that we've minimized down into around 10%, 11% of NOI at this point.

在英國，我們確實需要繳納法定稅率，目前我們已經將該稅率降至約 10%、11% 的淨營業收入。

And as we build up that European platform and buy properties in the UK, you are going to start seeing that run rate and income taxes creep up.

隨著我們建立歐洲平台並在英國購買房產，您將開始看到運行率和所得稅逐漸上升。

So we did $66 million in income taxes globally for 2024.

因此，我們在 2024 年在全球範圍內繳納了 6,600 萬美元的所得稅。

And that's really translating kind of that 80% to 90% run rate.

這實際上意味著運行率從 80% 上升到 90%。

And if you look at the Q4 income tax number, that essentially shows what that new quarterly run rate will be.

如果你看一下第四季的所得稅數字，它基本上就顯示出新的季度運行率是多少。

I would emphasize that for every transaction that we bring to investment committee, we are always capturing the impact of income taxes in our underwriting.

我想強調的是，對於我們提交給投資委員會的每一筆交易，我們總是在承保時考慮所得稅的影響。

Both on a short-term basis as well as from a long-term underwritten IRR basis.

既可以短期基礎，也可以長期承保 IRR 基礎。

Brad Heffern, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧赫弗恩 (Brad Heffern)。

Sumit, you mentioned in the prepared comments the sale leaseback was 7-Eleven in the quarter.

Sumit，您在準備好的評論中提到本季的售後回租業務是 7-Eleven。

I'm assuming that was a relatively low cap rates.

我認為這是一個相對較低的資本化率。

So I'm just curious if you could talk about the trade-off there between quality and initial spread and does those assets potentially fit in better with the private capital vehicle?

所以我只是好奇，您是否可以談談品質和初始利差之間的權衡，以及這些資產是否有可能更適合私募資本工具？

There's a lot in what you just asked, Brad.

布拉德，你剛才問的問題很多。

So I'll try to go through each one.

因此我將嘗試逐一介紹。

I'm not going to specifically talk about 7-Eleven's cap rate.

我不會具體談論 7-Eleven 的資本化率。

But as you know, the entire US transaction that we did, which was about north of $1 billion was at a 6.4% cap rate.

但如您所知，我們在美國進行的整個交易，價值約 10 億美元，資本化率為 6.4%。

And clearly, that dominated what we did that quarter.

顯然，這主導了我們那個季度所做的工作。

And the other point I'm going to make is we feel very confident that we were able to get this particular portfolio at least 100 basis points discount to where these assets trade.

我要說的另一點是，我們非常有信心能夠讓這個特定的投資組合比這些資產的交易價格低至少 100 個基點。

If you look at just even in 2024 and you look at the number of assets that 7-Eleven assets that have a 14-year, 15-year would.

如果您只看 2024 年，並且查看 7-Eleven 資產數量，其期限為 14 年、15 年。

And by the way, you'll get about 45 transaction hits there.

順便說一下，您將在那裡獲得大約 45 個交易命中。

You will see what the average cap rate is.

您將看到平均資本化率是多少。

It's in the very low pie.

它處於非常低的層次。

And obviously, they range from the high 4s to probably the mid-5s.

顯然，它們的分數範圍從 4 分高位到 5 分中位數。

That's the range of where these assets trade.

這就是這些資產交易的範圍。

And so look, this is our sixth sale leaseback with 7-Eleven.

這是我們與 7-Eleven 進行的第六次售後回租交易。

They chose to work with us.

他們選擇與我們合作。

And it's, again, a testament to what we stand for.

這再次證明了我們的立場。

So we are very happy about this particular portfolio.

因此，我們對這個特定的投資組合非常滿意。

You asked a second question or you implied something about would this have been better suited for the fund business.

您問了第二個問題，或者您暗示了這是否更適合基金業務。

The answer is yes.

答案是肯定的。

I don't know about better suited, but it would certainly be just a fine transaction given the overall return profile that this particular transaction has for the fund business.

我不知道哪種交易更適合，但考慮到這筆特定交易對基金業務的整體回報狀況，這無疑是一筆很好的交易。

But we are very comfortable with it being on balance sheet.

但我們對於將其納入資產負債表感到非常滿意。

The point I would make is a slightly different one.

我要表達的觀點略有不同。

We sourced about $43 billion worth of transactions in 2024.

我們在 2024 年的交易額約為 430 億美元。

We did about $3.9 billion in investments in this year.

我們今年的投資約為 39 億美元。

And our belief is that had we the fund business up and running, we could have done 2x that.

我們相信，如果我們的基金業務正常運轉，我們就可以實現兩倍的成長。

Because there were certain transactions we chose to walk away from, which check almost all the boxes except for the initial spread that we need to be able to do things on balance sheet.

因為我們選擇放棄某些交易，這些交易幾乎滿足所有條件，除了初始利差，我們需要能夠在資產負債表上完成這些事情。

That is where why we say that the fund business is complementary.

這就是我們說基金業務是互補的。

It supplements what we are able to do on the public side and can truly take advantage of a platform that we've built. -- which is why we are so excited about being able to raise capital on the private side and have that act as a complement to what we have achieved on the public side.

它補充了我們在公共方面所能做的事情並能真正利用我們已經建立的平台。 ——這就是為什麼我們對能夠在私人方面籌集資金並以此補充我們在公共方面所取得的成就感到如此興奮。

Yes.

是的。

And then maybe for Jonathan.

或許對喬納森來說也是如此。

On the office move out, you talked about in the prepared comments, First of all, is that the entire $0.04 that you mentioned?

關於辦公室搬遷，您在準備好的評論中談到，首先，您提到的是全部 0.04 美元嗎？

Or was that just a portion of it?

還是那隻是其中的一部分？

And then more broadly, I know it's a small part of the portfolio.

從更廣泛的角度來看，我知道這只是投資組合的一小部分。

But is this the biggest potential surprise in the office portfolio?

但這是辦公大樓組合中最大的潛在驚喜嗎？

Or is there the potential for more headwinds on that front?

或者說這方面可能會出現更多阻力？

So I wouldn't say it's the $0.04. It was really concentrated in one asset, but there are a handful, and that impact was more in the $0.05 range for 2025.

所以我不會說它是 0.04 美元。它確實集中在一項資產上，但數量很少，而且對 2025 年的影響更大，在 0.05 美元的範圍內。

As it relates to everything else, Keep in mind, a lot of the office that we have brought in has come from M&A.

與其他所有事情相關，請記住，我們引入的許多辦公室都來自併購。

We do not see at this injunction anything that rises to that level of materiality we have been tracking in this portfolio in this one particular asset for some time.

在這項禁令中，我們並未看到任何達到我們一段時間以來一直在追蹤的該投資組合中某一特定資產的重要性水平的事物。

So it didn't come as a surprise.

所以這並不令人意外。

The timing of that happened late in the year.

這件事發生的時間是今年底。

And so the annualized impact that does show up.

所以年度化影響確實顯現出來了。

Michael Goldsmith, UBS.

瑞銀的麥可‧戈德史密斯。

This is [Catherine Grade], on for Michael.

我是 [Catherine Grade]，代替 Michael。

My first, just a couple of specifics on changes to the portfolio this quarter.

首先，我想談談本季投資組合變化的幾個具體細節。

You already touched on your thoughts about data centers and in the gaming vertical, but I saw your industrial exposure also increased a bit in the quarter.

您已經談到了對資料中心和遊戲垂直領域的想法，但我發現您在本季的工業曝光率也有所增加。

So just wondering if you can provide any color on opportunities that you're seeing in that space going forward and sort of what the appetite is for investigating further the industrial vertical?

所以只是想知道您是否可以提供一些關於未來您在該領域看到的機會的信息，以及對進一步研究工業垂直領域的興趣是什麼？

Yes.

是的。

Industrial continues to be a focus for the team, and we will continue to look for opportunities to invest in industrial assets.

工業仍然是團隊關注的重點，我們將繼續尋找投資工業資產的機會。

The truth of the matter is that they trade at levels that we can't always participate in.

事實是，它們的交易水平是我們無法總是參與的。

So the exposure that we are increasing on the industrial side is largely coming from development, expansions and projects that we have underway with partners who are developing assets for us that we are leasing out.

因此，我們在工業方面增加的風險主要來自於我們與合作夥伴正在進行的開發、擴張和項目，這些合作夥伴正在為我們開發我們正在租賃的資產。

And so that's the way we are trying to continue to play on the industrial side.

這就是我們嘗試繼續在工業領域發揮作用的方式。

But it should come as no surprise when you do see us being able to participate and buy industrial assets.

但當您看到我們能夠參與並購買工業資產時，您就不應該感到驚訝了。

That is certainly a focus of ours and our asset management team can attest that, that's where a lot of the mark-to-market on the rents are coming in and they're coming in way above what our current rents are, and we create a lot of value doing that.

這當然是我們關注的重點，我們的資產管理團隊可以證明這一點，這就是大量以市價計價的租金來源，而這些租金遠高於我們目前的租金，我們透過這樣做創造了很多價值。

So -- that will continue to be part and parcel of our business strategy going forward.

所以——這將繼續成為我們未來業務策略的重要組成部分。

Got it.

知道了。

That's very helpful.

這非常有幫助。

And then my second question, given that we could have been in this period of elevated bankruptcies in the US, I'm just wondering if there are any consumer or retail trends that you're particularly paying attention to as you monitor your portfolio as you sort of navigate this period of elevated tenant credit issues.

然後我的第二個問題是，鑑於我們可能正處於美國破產率上升的時期，我只是想知道，在您監控投資組合以應對這一租戶信用問題上升的時期時，是否有任何消費者或零售趨勢需要您特別關注。

So just wondering your thoughts about that.

所以只是想知道您對此的想法。

Yes.

是的。

That's a great question.

這是一個很好的問題。

Obviously, there are a lot of things going on.

顯然，有很多事情正在發生。

The macro backdrop is not very conducive for especially retailers who have a stretched balance sheet, et cetera.

宏觀背景對資產負債表緊張的零售商等尤其不利。

And so we're keeping a very close eye on that.

因此我們正密切關注此事。

To further exacerbate that situation, we have an uncertainty around what are the tariffs going to look like?

進一步加劇這種情況的是，我們不確定關稅會是什麼樣的？

How is that going to impact certain businesses and obviously, depending on the type of retail business you have, tariffs can be a big impact or not so big impact.

這將如何影響某些企業？

On the area of media where you have a lot of consumer goods like televisions and stereos et cetera, 60% of that tends to come from China.

在媒體領域，有許多消費品，例如電視、音響等等，其中 60% 往往來自中國。

And so if there is a tariff, those retailers that are exposed to that, if they are unable to pass through the higher cost, they better have a good balance sheet.

因此，如果有關稅，那些受到關稅影響的零售商如果無法轉嫁更高的成本，那麼他們最好有一份良好的資產負債表。

Otherwise, it's going to be difficult for them to absorb that.

否則，他們將很難接受這一點。

And so that's the general trend, and I'm just picking on a very -- consumer electronics is a very specific example, but you can extrapolate that across all these other sectors.

這就是整體趨勢，我只是挑選一個非常具體的例子——消費性電子產品就是一個非常具體的例子，但你可以將其推廣到所有其他領域。

Apparel is a big one.

服裝是其中的一個大類別。

China actually exports 34% of the apparel to the world.

中國實際上向世界出口了34%的服裝。

Thankfully, in the US, it's only 22%, 23%.

值得慶幸的是，在美國，這一比例僅為 22%、23%。

So it's not going to be quite as acute, but those that are disproportionately exposed to that peak are ones that we are keeping a closer eye on.

因此，情況不會那麼嚴重，但我們會密切關注那些受到不成比例影響的高峰的人。

And those are much more of a thematic element.

這些更像是主題元素。

It's not specific to our portfolio that we are focusing on.

我們的關注點並不特定於我們的投資組合。

But the downstream impact of all of this uncertainty is certainly leads us to be a lot more cautious.

但所有這些不確定性的下游影響無疑會讓我們更加謹慎。

That's the reason for our conservatism, if you will, on being overly aggressive in a year that is clouded with uncertainty.

如果你願意這麼說的話，這就是我們採取保守主義的原因，就是在充滿不確定性的一年裡不要太過激進。

Jay Kornreich, Wedbush.

傑伊‧科恩賴希 (Jay Kornreich)，韋德布希。

Just starting with -- going back to the private capital fund as you've had several additional months to assess how it would take form after initially announcing it.

剛開始——回到私募資本基金，因為在最初宣布之後，你還有幾個月的時間來評估它會如何形成。

Are there any updates you can provide us to the initial size you foresee for it and when you anticipate beginning to deploy capital?

您能否向我們提供一些最新消息，例如您預期的初始規模以及何時開始部署資本？

Jay, too early to tell.

傑伊，現在說這個還太早。

We literally opened the data room last week.

我們上週剛開放了資料室。

We've had a few initial meetings, so far so good have, like I said, as we progress, we'll keep you up to speed on how things are progressing, but too early to tell in terms of target size.

我們已經進行了幾次初步會議，到目前為止一切順利，就像我說的，隨著我們的進展，我們會隨時向你們通報事情的進展情況，但就目標規模而言，現在下結論還為時過早。

Okay.

好的。

Understood.

明白了。

And then just one more as we think about funding for this year, is you have $92 million of unsettled forward equity, $445 million of cash.

然後，當我們考慮今年的融資時，還有一件事，那就是您有 9,200 萬美元的未結算遠期股權和 4.45 億美元的現金。

So just with the guidance showing $4 billion of acquisitions, intended for.

因此，僅根據指導方針就顯示 40 億美元的收購計劃。

Just would be curious to hear you thoughts on how you plan to fund the acquisition pipeline and if you would raise equity at current trading levels.

我只是好奇地想聽聽您對如何計劃為收購提供資金的想法，以及您是否會在當前交易水平上籌集股權。

Yes, Jay, I think when you look at the combination of cash and the unsettled forward and you also keep in mind that we do have around $850 million of annual free cash flow.

是的，傑伊，我認為當你看到現金和未結算遠期債務的組合時，你也會記住我們每年確實有大約 8.5 億美元的自由現金流。

You do have equity-like sources of capital that covers us for close to the first $2 billion of buying power.

你們確實擁有類似股權的資本來源，可以滿足我們近最初 20 億美元的購買力。

We also have a disposition program where, as you saw last year, 50 million a significant increase in our run rate, but that also becomes a tool for us to recycle capital.

我們還有一個處置計劃，正如您去年看到的，5000 萬美元的資金顯著提高了我們的運作率，但這也成為我們回收資本的工具。

And so when you're left with that residual funding need, if you will, we made certain assumptions into our forecast and our model in terms of what that weighted average cost of capital is.

因此，當您剩下剩餘的資金需求時，如果您願意的話，我們會根據加權平均資本成本在我們的預測和模型中做出某些假設。

And the reason why we came out with a $4 billion number isn't just a random number.

我們之所以得到 40 億美元這個數字，並不是隨便一個數字。

It's a number that we feel confident in being able to achieve at certain cap rate through yields that allow us to do deals on an accretive basis year 1.

我們有信心透過收益率以一定的資本化率來實現這一數字，這使我們能夠在第一年就以增值方式進行交易。

So I think that's one way of saying that we indexed into a current cost of capital, maybe even a little more conservative than even that.

所以我認為這是說我們將其納入當前資本成本的一種方式，甚至可能比這更保守。

And you know that on the top line, we are targeting deals and seeing a pipeline of deals where we know we can get a sensible spread.

你知道，在營收方面，我們瞄準交易目標，並看到了一系列交易，我們知道我們可以獲得合理的價差。

[Robbie Vavya], Mizuho.

[Robbie Vavya]，瑞穗。

Can you offer some color on tenant credit, which tenants or categories are currently on your watch list?

您能否提供一些有關租戶信用的詳細信息，哪些租戶或類別目前在您的關註名單上？

What are the embedded reserves?

內含儲備有多少？

And does the 75 bps reserve that you mentioned earlier include only known store closures of bankruptcy at this point?

您之前提到的 75 個基點的準備金是否僅包括目前已知的破產關閉商店？

Or any -- does it include any speculative bankruptcies or store countries?

或任何——它是否包括任何投機性破產或儲存國家？

Okay.

好的。

So I'll take your last question first since we've already talked about rent losses this year.

由於我們已經討論過今年的租金損失，因此我先回答您的最後一個問題。

The 75 bps that we've mentioned definitely has general reserves, areas that we just don't know what could go wrong, given some of the commentary I've made around the volatility in the macro environment as well as uncertainty around where some of the policies are going to go.

我們提到的 75 個基點肯定有一般儲備，考慮到我對宏觀環境波動以及某些政策走向的不確定性所發表的一些評論，我們只是不知道這些領域可能出現什麼問題。

I would say that there is a fair amount of general in there.

我想說那裡有相當多的將軍。

And there's a fair amount of conservatism even on the identified names that Jonathan went through in terms of what we actually think the impact will be with those names.

甚至對於喬納森所確定的名字，我們也抱持相當的保守態度，不確定這些名字實際上會產生什麼影響。

So that's the commentary on the bad debt expense.

這就是對壞帳費用的評論。

In terms of our credit watch list, our credit watch list is right around 4.8% today.

就我們的信用觀察名單而言，今天我們的信用觀察名單大約在 4.8% 左右。

And that is slightly higher than the third quarter, again, reflective of what we've already talked about in terms of the uncertainty, et cetera, et cetera.

這略高於第三季度，再次反映了我們已經討論過的不確定性等等。

And we are keeping a close eye on that particular watch list.

我們正密切關注該特定觀察名單。

And we will continue to modify it as we go forward, but that is our current understanding of where credit events could happen.

我們將在未來繼續修改它，但這是我們目前對信用事件可能發生的地點的理解。

And again, just because something is on the watch list doesn't necessarily mean that there is going to be a credit event.

再說一遍，僅僅因為某件事在監視名單上並不一定意味著會發生信用事件。

In fact, one of the names came off our credit watch list last year in the fourth quarter, and there were a few that were added just based on what we think could happen on the tariff front and which businesses could get impacted.

事實上，其中一個名字在去年第四季就從我們的信用觀察名單中消失了，還有一些名字只是基於我們對關稅方面可能發生的情況以及哪些企業可能受到影響的預測而被添加。

So that's how this the credit watch list has been created.

這就是信用監視名單的創建過程。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Just on the fourth quarter, you saw the cap rates compressed by 30 basis points.

光是在第四季度，你就會看到資本化率壓縮了 30 個基點。

Just curious what drove the compression there?

只是好奇是什麼導致了那裡的壓縮？

And what does that tell us about the competition in the transaction market today?

這對我們現在交易市場的競爭有什麼啟示？

Yes.

是的。

Upal, I think, look, the comments I made around coming out of the third quarter into the fourth quarter, the Fed starting to reduce rates, there was an expectation of continued reduction.

烏帕爾，我想，你看，我在第三季和第四季發表的評論中提到，聯準會開始降息，人們預期利率將繼續降息。

There was an expectation on where some of the interest rates were going to settle out.

人們對部分利率將會穩定下來存在預期。

That obviously pushed the cost of capital higher and I think all of that allowed potential sellers to come to market.

這顯然推高了資本成本，我認為所有這些都使得潛在賣家進入市場。

There was a meeting of the reservation price, those transactions got done.

召開了底價會議，這些交易完成了。

So that certainly had a downward pressure on the overall cap rate.

所以這肯定會對整體資本化率產生下行壓力。

But we are talking about 20 basis points from [7-3, 7-4, to 7-1] at the end of the day.

但最終我們談論的是從 [7-3、7-4 到 7-1] 的 20 個基點。

But I think the second point you made about competition, there is more and more competition coming on the private side.

但我認為，您提到的第二點是關於競爭，私部門的競爭越來越激烈。

And these are incredibly large asset managers who are starting to understand the benefits of net lease investing.

這些極為龐大的資產管理公司開始意識到淨租賃投資的好處。

And for me, that's just again, an automation of a business model that has this profile of delivering steady growth, very predictable stability over very long periods of time.

對我來說，這只是一種商業模式的自動化，其特點是在很長的一段時間內實現穩定的成長和非常可預測的穩定性。

And so we welcome the institutionalization of this space, and we feel very confident in our ability to continue to leverage a platform that's been curated over 55 years to lean on relationships that we built on.

因此，我們歡迎這個空間的製度化，我們非常有信心能夠繼續利用這個經過 55​​ 多年精心打造的平台，並依靠我們建立的關係。

80% of everything we do is repeat business with repeat clients.

我們所做的一切的 80% 都是與回頭客進行的重複業務。

That's pretty powerful.

這很強大。

And so the fact that all of these clients are coming in, these potential investors are coming into the space is a good thing, but we feel like we are very well positioned to take advantage of our fair share.

因此，所有這些客戶、這些潛在投資者進入該領域是一件好事，但我們覺得我們處於非常有利的位置，可以利用我們應得的份額。

Okay.

好的。

Great.

偉大的。

That was helpful.

這很有幫助。

And then I appreciate the items that you highlighted that's impacting AFFO per share in '25.

然後我很欣賞您所強調的對 25 年每股 AFFO 產生影響的項目。

But curious what needs to happen for you to achieve the high end of your guidance there?

但令人好奇的是，您需要做些什麼才能達到您指導的最高水平？

Well, I think it really comes down to where we end up landing on the reserve side, given that we are expecting 75 basis points of unrented, you can do the math on what that represents every $9 million is a $0.01, right, based off of our share count.

嗯，我認為這實際上取決於我們最終在儲備方面的落腳點，考慮到我們預計未出租率為 75 個基點，您可以根據我們的股票數量計算出每 900 萬美元代表 0.01 美元，對吧。

So I think it really comes down to that.

所以我認為事情確實歸結於此。

It also comes down obviously to where the 10-year yield is.

顯然這也取決於 10 年期公債殖利率。

We know how correlated our stock is to the 10-year one of the most correlated in the S&P, but obviously getting a little bit of relief fund on that front should help our spreads.

我們知道我們的股票與標準普爾 10 年期指數中相關性最高的股票之間的關聯性，但顯然在這方面獲得一點救助基金應該有助於我們的利差。

I think just frankly, stability in the rate market for our potential clients and sellers to see that there is a stabilized market.

坦白說，我認為利率市場的穩定會讓我們的潛在客戶和賣家看到一個穩定的市場。

We know where the rates are going.

我們知道利率的走向。

We feel like there is some stability in our cost of capital, the volume will come back at levels that hopefully finds an equilibrium that allows us to outperform the $4 billion.

我們覺得我們的資本成本有一定的穩定，數量將回到一個水平，希望能找到一個平衡點，讓我們能夠超越 40 億美元。

So I would say it's really just those two factors and also our ability to rid ourselves of vacant properties that do have significant carry costs because that is one of the drivers of our guidance of 1.4% to 1.7% on reimbursed property expense margins.

因此，我想說實際上只有這兩個因素，以及我們擺脫具有大量持有成本的空置房產的能力，因為這是我們預計補償性房產費用利潤率將達到 1.4% 至 1.7% 的驅動因素之一。

But I think the point that you made about a more stable backdrop, that's a key point for us.

但我認為，您提到的關於更穩定的背景的觀點對我們來說是一個關鍵點。

Our ability to generate transactions and to source transactions, Upal, is bar none.

我們產生交易和獲取交易的能力，Upal，是無與倫比的。

And if we just have a stable backdrop, and I don't care if the tenure is at a 5% zip code or at a 4.5% or 4.25%, we just want stability.

如果我們有一個穩定的背景，我不在乎任期是 5% 的郵遞區號還是 4.5% 或 4.25%，我們只想要穩定。

And once that happens, I think our ability to generate a robust pipeline, we just showed it to you in the last quarter of what we can do a backdrop that is a bit more stable.

一旦發生這種情況，我認為我們有能力產生強大的管道，我們剛剛在上個季度向您展示了我們可以做一個更穩定的背景。

And I think that's what we are hoping for.

我想這正是我們所希望的。

The rest of it will all play itself out.

其餘的一切都會自然發生。

But in terms of driving growth, that is one of the biggest drivers.

但就推動成長而言，這是最大的驅動力之一。

Jason Wayne, Barclays.

巴克萊銀行的傑森韋恩。

Development spending was down and development yields were up year-over-year in '24.

2024年，開發支出下降，開發收益較去年同期成長。

Just wondering what drove that how much development is included in guidance this year?

只是想知道是什麼推動了今年的指導中包含了多少發展？

And what the underwriting assumptions are for new developments?

對於新開發案的核保假設是什麼？

The reason why investment yields on development keeps going up.

開發投資收益率不斷上升的原因。

It's really a function of the vintage of when these developments were being originated.

這其實與這些發展開始的年代有關。

And as the older vintage developments are getting delivered, that cap rate, that yield on that development should go up.

而隨著老式開發案的交付，該開發案的資本化率和收益率應該會上升。

Because it's much more reflective of what the market is today versus what it was in 2023 or early 2023.

因為它更能反映當前的市場狀況，而不是 2023 年或 2023 年初的市場狀況。

And so I think that's just a function of resetting all of our development and some of the -- most of the development that's closing today were generated maybe a year ago where the markets were already telling you that there's going to be a fair amount of volatility.

所以我認為這只是重置我們所有開發的功能，其中一些——今天結束的大部分開發可能都是在一年前產生的，當時市場已經告訴你將會出現相當大的波動。

So that's the reason for the higher yields.

這就是收益率更高的原因。

In terms of the pipeline and how much of this development constitutes that it's going to be similar to what we did in 2024, development.

就管道和此次開發的程度而言，它將與我們在 2024 年所做的開發類似。

Again, these tend to be repeat businesses with clients that we have a very deep relationship with -- and they have chosen to do reverse build-to-suit or build-to-suit with us, primarily because in this environment, they want somebody with stability, et cetera, and that's up.

再次，這些往往是與我們有非常深厚關係的客戶的重複業務 - 他們選擇與我們進行反向定製或定制，主要是因為在這種環境下，他們想要一個具有穩定性等的人，這就是問題所在。

And so I think the proportion should be similar to 2024 is how I would underwrite it, Jason.

因此，我認為該比例應該與 2024 年相似，這就是我承保的方式，傑森。

And hopefully, the yield question I've addressed it satisfactorily.

希望我已經令人滿意地解決了收益問題。

Alec Feygin, Baird.

亞歷克費金，貝爾德。

To follow up on something that was talked about in the 3Q or maybe 2Q call.

跟進第三季或第二季電話會議上討論的事情。

But have you guys gotten the space back from the C-store tenant?

但是你們從 C-store 租戶手中拿回了空間嗎？

And if you have, what's the current assumption for what happens to that space that's embedded in guidance?

如果有的話，那麼目前對於嵌入在指導中的空間會發生什麼情況的假設是什麼？

Yes.

是的。

So absolutely, we've got our space back, and we are not going to speak to what continues to happen on the legal front, but we essentially have most of the space back, if not all of the space back.

所以，我們絕對奪回了我們的空間，我們不會談論法律方面接下來會發生什麼，但基本上我們已經奪回了大部分空間，即使不是全部空間。

And we are in the midst of -- and we were already in parallel having discussions with other very established C-store operators, and we are in the midst of getting that over the finish line.

我們正處於這一過程中——我們已經在與其他非常成熟的便利商店營運商進行討論，並且即將完成這一過程。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Yes.

是的。

In regards to the tenant watch list have credit in general.

關於租戶監視名單，一般都有信用。

Could you talk a little bit about how you're looking at that from the US versus Europe perspective?

您能否從美國和歐洲的角度談談您對此的看法？

And then it is Europe positive any meaningful part of that in any way?

那麼歐洲是否以任何方式肯定其中有任何有意義的部分？

That's a great question, Tayo.

這是一個很好的問題，Tayo。

Obviously, given the vintage in Europe, there is a lot less contribution from Europe on the watch list.

顯然，考慮到歐洲的年份，來自歐洲的關註名單的貢獻要少得多。

Having said that, there were certain assets that we intentionally pursued knowing that some of these clients, and I'll give you two examples.

話雖如此，我們還是有意追求某些資產，因為我們知道其中一些客戶，我給你舉兩個例子。

Copper drive was one and Homebase was another that we wanted to get back -- and we already had parallel discussions with other clients that wanted that particular location.

Copper Drive 是我們想要收回的其中一個，Homebase 是我們想要收回的另一個，我們已經與想要該特定位置的其他客戶進行了平行討論。

And so as an asset management, active asset management strategy we pursued assets that had those two particular clients as in those assets.

因此，作為資產管理，積極的資產管理策略，我們追求擁有這兩個特定客戶的資產。

And the resolution has been pretty remarkable in terms of when we did get those back and our ability to recapture rents well north of the expiring rents or the in-place rent is the strategy behind why we did it.

就我們何時收回這些租金以及我們收回遠高於到期租金或現有租金的租金的能力而言，解決方案是相當了不起的，這就是我們這樣做的策略。

But those are intentional strategies.

但這些都是有意為之的策略。

Outside of that, we -- it's very pristine and we don't have any names from Europe that happened to be on the watch list.

除此之外，我們的調查結果非常純淨，也沒有任何來自歐洲的名字出現在監視名單上。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Sumit Roy for any closing remarks.

我想將會議交還給 Sumit Roy 並請他作最後發言。

Well, thank you for joining us today, and we appreciate all the questions.

好吧，感謝您今天的加入我們，我們很感謝您提出的所有問題。

We look forward to meeting you in the upcoming conferences.

我們期待在即將舉行的會議上與您見面。

Have a great day.

祝你有美好的一天。

Thank you.

謝謝。

Thank you.

謝謝。

The conference has now concluded, and we thank you all for attending today's presentation.

會議現已結束，感謝大家參加今天的演講。

You may now disconnect your lines, and have a wonderful day.

現在您可以斷開連接，享受美好的一天。