Realty Income Corp (O) 2025 Q1 法說會逐字稿

Good day, and welcome to the Realty Income first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Realty Income 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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

現在，我想將會議交給投資者關係副總裁 Kelsey Mueller。請繼續。

Thank you for joining us today for Realty Income's 2025 first-quarter operating results conference call. Discussing our results will be Sumit Roy, President and Chief Executive Officer; and Jonathan Pong, Chief Financial Officer and Treasurer.

感謝您今天參加 Realty Income 2025 年第一季營運業績電話會議。討論我們業績的將是總裁兼執行長 Sumit Roy；以及財務長兼財務主管 Jonathan Pong。

During this conference call, we will make statements that may be considered forward-looking statements under federal securities laws. 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 filing on Form 10-Q. During the Q&A portion of the call, we will be observing question limit. If you would like to ask additional questions, you may reenter the queue.

在本次電話會議中，我們將做出可能根據聯邦證券法被視為前瞻性陳述的聲明。本公司未來的實際業績可能與任何前瞻性陳述中討論的事項有重大差異。我們將在公司提交的10-Q表中更詳細地揭露可能導致此類差異的因素。在電話會議的問答環節，我們將遵守問題限制。如果您想詢問其他問題，您可以重新進入佇列。

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. Welcome, everyone. Realty Income's first-quarter results reflect the strength, consistency, and resilience of our business model anchored by a highly diversified global portfolio. Our ability to deliver reliable performance through varying market conditions remains a hallmark of our platform. Over our history, we have strategically diversified our business model across client types, asset classes, and geographies, an approach that proves to be an increasingly valuable in today's uncertain macroeconomic environment.

謝謝你，凱爾西。歡迎大家。Realty Income 第一季的業績反映了我們以高度多元化的全球投資組合為基礎的業務模式的實力、一致性和彈性。我們在不同的市場條件下提供可靠性能的能力仍然是我們平台的標誌。在我們的歷史上，我們在客戶類型、資產類別和地理方面策略性地實現了業務模式多元化，這種方法在當今不確定的宏觀經濟環境中被證明具有越來越大的價值。

Our portfolio is comprised of 65% US retail, which includes high-quality clients that have demonstrated resilience through economic cycles. To that end, given the strength of our client base and our proactive portfolio management, we expect a negligible portion of our client base to be meaningfully impacted by tariffs, which has already been incorporated into our updated credit assumptions. The diversification and quality of our portfolio, combined with our proven stability as an operator, position us to navigate potential external pressures effectively, as we have consistently done.

我們的投資組合中 65% 來自美國零售業，其中包括在經濟週期中表現出韌性的優質客戶。為此，鑑於我們強大的客戶群和積極主動的投資組合管理，我們預計只有極小一部分客戶群會受到關稅的重大影響，這已經納入我們更新的信用假設中。我們投資組合的多樣化和質量，加上我們作為運營商已證實的穩定性，使我們能夠有效地應對潛在的外部壓力，正如我們一貫所做的那樣。

Moving to the details of the first quarter. We delivered AFFO per share of $1.06, representing a year-over-year growth of 2.9%. This marks a continuation of our long-standing track record of positive AFFO per share growth in all but one year over our 30-year history as a public company.

轉到第一季的細節。我們每股的 AFFO 為 1.06 美元，年增 2.9%。這標誌著我們延續了作為上市公司 30 年歷史上除一年外每年每股 AFFO 呈正增長的長期記錄。

This growth, combined with our 6% dividend yield, resulted in total operational returns of 8.9% for the quarter, underscoring the value of our platform. We leveraged our diverse sourcing avenues to focus investment activity where we saw the most compelling opportunities, notably in Europe.

這一成長加上我們 6% 的股息殖利率，使得本季的總營運回報率達到 8.9%，凸顯了我們平台的價值。我們利用多樣化的採購管道，將投資活動集中在最具吸引力的機會上，尤其是在歐洲。

In total, we invested $1.4 billion at a 7.5% weighted average initial cash yield, equating to a spread of 204 basis points over our short-term weighted average cost of capital. Importantly, 72% of our investment volume came from five transactions over $50 million, illustrating one of the many ways our size and scale drive value creation.

整體而言，我們投資了 14 億美元，加權平均初始現金收益率為 7.5%，相當於我們的短期加權平均資本成本利差為 204 個基點。重要的是，我們 72% 的投資額來自五筆超過 5,000 萬美元的交易，這體現了我們的規模和範圍推動價值創造的眾多方式之一。

We continue to benefit from a meaningful portfolio discount when competing for high-quality net lease investments in the marketplace. In the US, we invested $479 million at an 8.3% weighted average initial cash yield. And in Europe, which accounted for 65% of total investment volume this quarter. We deployed $893 million at an average initial cash yield of 7%. The region continues to offer compelling opportunities as we scale our business and seek to capitalize on the attractive dynamics of this large fragmented market. Our international presence and capabilities differentiate us from most of the net lease platforms.

在市場上競爭高品質的淨租賃投資時，我們繼續受益於有意義的投資組合折扣。在美國，我們投資了 4.79 億美元，加權平均初始現金收益率為 8.3%。其中歐洲佔本季總投資額的65%。我們部署了 8.93 億美元，平均初始現金收益率為 7%。隨著我們擴大業務規模並尋求利用這個龐大分散市場的吸引力，該地區繼續提供極具吸引力的機會。我們的國際影響力和能力使我們有別於大多數淨租賃平台。

Importantly, it offers us geographic diversification, which helps navigate concrete specific uncertainties. This expansion into Europe demonstrates how our entrance into new verticals can create immediate value and achieve scalability in a relatively short time. We believe our investments in talent combined with the portability of our deep access to global capital markets have enabled us to achieve scale without adding incremental risk to the enterprise.

重要的是，它為我們提供了地理多樣化，有助於應對具體的不確定性。這次向歐洲的擴張表明，我們進入新的垂直領域可以創造直接價值，並在相對較短的時間內實現可擴展性。我們相信，我們對人才的投資，加上我們深入進入全球資本市場的可移植性，使我們能夠實現規模化，而不會給企業增加增量風險。

Turning back to the quarter. We continue to deliver strong operational results across our diversified portfolio, which now comprises over 15,600 properties, spanning 91 industries and almost 1,600 unique clients. We consider our clients to be well positioned through various economic cycles, given the inherently defensive nature of our top industries, including grocery, convenience stores, and wholesale clubs.

回到本季。我們多元化的投資組合持續強勁的營運業績，目前投資組合包括超過 15,600 處房產，涵蓋 91 個產業和近 1,600 個獨特客戶。鑑於我們主要行業（包括雜貨店、便利商店和批發俱樂部）固有的防禦性質，我們認為我們的客戶在各種經濟週期中都處於有利地位。

Of our client base, over 34% are investment grade with average rent coverage of 2.9x. As a reminder, over 90% of our retail rent comes from clients that we consider to offer one or more of the following: nondiscretionary goods, low price points or a service-oriented component for consumers.

在我們的客戶群中，超過 34％ 屬於投資等級，平均租金覆蓋率為 2.9 倍。提醒一下，我們 90% 以上的零售租金來自我們認為提供以下一項或多項服務的客戶：非必需品、低價位或面向消費者的服務型組件。

Over our long operating history, we have consistently found these types of businesses to be highly resilient during economic downturns. Combined with the significant diversification of our portfolio, we believe this provides investors with relative safety as reflected in our long-term operating results.

在我們長期的經營歷史中，我們始終發現這些類型的企業在經濟低迷時期具有很強的韌性。結合我們投資組合的顯著多樣化，我們相信這為投資者提供了相對的安全性，這反映在我們的長期營運績效中。

We ended the quarter with 98.5% portfolio occupancy, approximately 20 basis points below the prior quarter and ahead of the historical median of 98.2% from 2010 to 2024. Our rent recapture rate across 194 leases was 103.9%, with 92% of leasing activity generated from renewals by the existing client. Consistent with our historical experience, these results were accomplished with minimal lease incentives, which totaled less than $700,000 during the quarter on over $46 million of rent of new annual rents signed.

本季結束時，我們的投資組合入住率為 98.5%，比上一季低約 20 個基點，但高於 2010 年至 2024 年的歷史中位數 98.2%。我們在 194 份租約中的租金回收率為 103.9%，其中 92% 的租賃活動來自現有客戶的續約。與我們的歷史經驗一致，這些結果是在最低限度的租賃激勵措施下實現的，本季簽訂的新年度租金總額超過 4,600 萬美元，但租賃激勵措施總額不到 70 萬美元。

And we remained active in our approach to optimizing the portfolio. We sold 55 properties for total net proceeds of $93 million, of which $63 million was related to vacant properties. Overall, we believe our results reflect that we are operating from a position of strength as we continue to leverage our structural advantages, including a well-capitalized balance sheet, enhanced liquidity, and unmatched scale.

我們繼續積極地優化投資組合。我們出售了 55 處房產，總淨收益為 9,300 萬美元，其中 6,300 萬美元與空置房產有關。總體而言，我們相信，我們的業績反映出我們正處於優勢地位，因為我們將繼續利用我們的結構性優勢，包括資本充足的資產負債表、增強的流動性和無與倫比的規模。

These characteristics allow us to stay agile, work to capitalize on opportunities across our addressable market, and maintain discipline in our capital allocation decisions. Above all, the platform we have built is a direct reflection of the talent and experience of our dedicated team members.

這些特點使我們能夠保持敏捷，努力利用我們可尋址市場中的機會，並在資本配置決策中保持紀律。最重要的是，我們建立的平台直接反映了我們敬業團隊成員的才華和經驗。

Looking at the balance of 2025, we remain confident in our ability to deliver on our expectations, despite the current market uncertainties, benefiting from our diversified platform that spans multiple geographies, asset types, and funding sources.

展望2025年，儘管當前市場存在不確定性，但由於我們橫跨多個地區、資產類型和資金來源的多元化平台，我們仍然對自己實現預期的能力充滿信心。

As such, we're maintaining our outlook for 2025 AFFO per share in the range of $4.22 to $4.28. Consistent with last quarter's update, our 2025 forecast includes the expectation for 75 basis points of potential rent loss with the majority stemming from properties acquired through prior M&A transactions. There have been no material surprises or incremental headwinds to our business as a result of recent geopolitical uncertainties. And while we remain vigilant, we believe our resilient time-tested business model positions us well to navigate potential challenges.

因此，我們維持 2025 年每股 AFFO 在 4.22 美元至 4.28 美元範圍內的預期。與上一季的更新一致，我們對 2025 年的預測包括預計 75 個基點的潛在租金損失，其中大部分源於透過先前的併購交易獲得的房產。近期地緣政治的不確定性並未為我們的業務帶來任何重大意外或增量阻力。在我們保持警惕的同時，我們相信，我們經過時間考驗的彈性商業模式使我們能夠很好地應對潛在的挑戰。

Additionally, we remain on track to deploy approximately $4 billion in investments throughout 2025. Given the advantages of our platform, we are well positioned to increase our capital deployment should attractive opportunities materialize. Despite market-wide uncertainty, our short-term weighted average cost of capital is actually lower today than it was when we introduced our 2025 investments guidance in late February.

此外，我們仍有望在 2025 年投入約 40 億美元投資。鑑於我們平台的優勢，一旦出現有吸引力的機會，我們完全有能力增加資本配置。儘管整個市場存在不確定性，但我們目前的短期加權平均資本成本實際上低於我們在 2 月底推出 2025 年投資指南時的水平。

Before turning the call over to Jonathan, I'd like to share a brief update on our move into the private capital business, Realty Income's U.S. Core Plus Fund.

在將電話轉給喬納森之前，我想簡要介紹一下我們進軍私人資本業務、Realty Income 的美國核心加基金的最新進展。

This initiative represents a natural next step in the evolution of our platform and a strategic opportunity to broaden our capital sources and investment capabilities. We began formal marketing efforts in the first quarter and are pleased by the early interest and positive reception from large, well-known institutional investors. We consider this a clear indication that the differentiation of Realty Income's platform, scale and long track record is clearly resonating in the market.

這項舉措是我們平台發展的自然下一步，也是拓寬我們的資本來源和投資能力的策略機會。我們在第一季開始了正式的行銷工作，並對大型知名機構投資者的早期興趣和積極反響感到高興。我們認為這清楚地表明，Realty Income 的平台、規模和長期業績記錄的差異化在市場上引起了明顯的共鳴。

We continue to expect this will be a methodical process that will enhance our access to meaningful sources of capital over time. We look forward to updating the market on our progress at the appropriate time.

我們繼續期待這將是一個有條不紊的過程，隨著時間的推移，它將增強我們獲得有意義的資本來源的管道。我們期待在適當的時候向市場通報我們的進展。

With that, I'd like to turn it over to Jonathan to discuss our financial results and outlook 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和前景。

Thank you, Sumit. As fostering meaningful relationships this quarter are our ethos as a company, and we are grateful for the long-standing support of all of our stakeholders. Before diving into our first quarter financial metrics, I wanted to highlight two announcements we made in April that we believe are testament to the trust our investors and lenders place in a durability of the franchise.

謝謝你，Sumit。本季建立有意義的關係是我們作為一家公司的精神，我們感謝所有利害關係人的長期支持。在深入探討我們第一季的財務指標之前，我想強調我們在四月份發布的兩項公告，我們相信這證明了我們的投資者和貸方對特許經營權持久性的信任。

In early April, we successfully close on a $600 million 10-year unsecured bond offering, which priced at 5.34% semiannual yield to maturity. We are grateful for the sponsorship from a very high-quality group of fixed income investors who participated in transaction, which was well subscribed amidst the volatile and uncertain economic backdrop. Last week, we announced the recast and expansion of our multicurrency unsecured credit facility to a total size of $5.38 billion, which compares to our prior facility of $4.25 billion. The facility consists of a $4 billion revolving credit facility for realty income, bifurcated equally into $2 billion tranches, which initially mature in 2027 and 2029, respectively.

4 月初，我們成功完成 6 億美元 10 年期無擔保債券發行，到期半年殖利率為 5.34%。我們非常感謝一群非常優質的固定收益投資者的贊助，他們參與了這筆交易，在動盪和不確定的經濟背景下，此次交易獲得了廣泛的認購。上週，我們宣布重組並擴大我們的多幣種無擔保信貸額度，總規模達到 53.8 億美元，而先前的額度為 42.5 億美元。該貸款包括一筆 40 億美元的房地產收入循環信貸額度，平均分成 20 億美元的部分，分別於 2027 年和 2029 年到期。

Based on our current A3/A minus, credit ratings borrowings will accrue interest at 72.5 basis points over SOFR. In addition, including the recast of $1.38 billion unsecured facility for our US core fund, which, as Sumit mentioned, is in its initial marketing phase.

根據我們目前的 A3/A 減值，信用評級借款將以高於 SOFR 72.5 個基點計息。此外，還包括為我們的美國核心基金重組 13.8 億美元的無擔保貸款，正如 Sumit 所提到的，該貸款目前處於初始行銷階段。

The facility for the fund will be comprised of a $1 billion unsecured revolving line of credit with an initial maturity date in 2029, and a $380 million delayed draw three-year unsecured term loan. Establishing a robust source of liquidity for the fund provides meaningful debt capacity to pursue investment opportunities in the second half of the year.

該基金的融資額度將包括一筆 10 億美元的無擔保循環信貸額度（初始到期日為 2029 年）和一筆 3.8 億美元的延期提取三年期無擔保定期貸款。為基金建立強大的流動性來源，為在下半年尋求投資機會提供了有意義的債務能力。

From a balance sheet standpoint, we are well positioned to remain active capital allocators with ample liquidity and modest leverage as we finish the quarter with net debt to annualized pro forma adjusted EBITDA of 5.4x. Our fixed charge coverage ratio of 4.7x remains consistent with the 4.5 to 4.7x range delivered over the last two years. Our exposure to variable rate debt remains limited, representing just over 6% of our outstanding debt principal at quarter end.

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，本季度末我們的淨債務與年化調整後 EBITDA 之比為 5.4 倍。我們的固定費用覆蓋率為 4.7 倍，與過去兩年的 4.5 至 4.7 倍範圍保持一致。我們對浮動利率債務的曝險仍然有限，僅佔季末未償還債務本金的 6% 多一點。

As we look towards the balance of the year, we consider our long-term and permanent capital needs manageable and our liquidity and access to diverse sources of capital to be strong. We are confident in our ability to lean into opportunities should this period of economic uncertainty continue.

展望今年的平衡，我們認為我們的長期和永久資本需求是可控的，我們的流動性和獲取多種資本來源的管道也很強勁。如果這段經濟不確定的時期持續下去，我們有信心我們有能力抓住機會。

I would now like to hand it back to Sumit to complete our prepared remarks.

現在我想把發言交還給蘇米特來完成我們準備好的發言。

Thank you, Jonathan. In closing, we remain focused on methodically executing our strategy, supported by a resilient portfolio, a strong balance sheet, and a talented team across the globe. As the monthly dividend company, we have consistently returned capital to our shareholders throughout our history, underscoring our commitment to delivering predictable, reliable income streams. We are continuing to thoughtfully grow our business and create durable long-term value for our shareholders.

謝謝你，喬納森。最後，我們將繼續專注於有條不紊地執行我們的策略，並由有彈性的投資組合、強勁的資產負債表和全球優秀的團隊提供支援。作為按月分紅的公司，我們在整個發展過程中始終如一地向股東返還資本，彰顯了我們致力於提供可預測、可靠的收入來源的承諾。我們將繼續深思熟慮地發展我們的業務並為我們的股東創造持久的長期價值。

I would now like to open it up for questions. Operator?

現在我想開始回答大家的提問。操作員？

(Operator Instructions) Smedes Rose, Citigroup.

（操作員指示）花旗集團的 Smedes Rose。

Hi, thank you. I guess I want to ask you about the activity that you were able to execute in the first quarter. It looks like the bulk of it was in Europe. I'm just wondering if you could maybe talk a little bit about what you're seeing in Europe at this point? And maybe how that contrasts with opportunities available in the US?

你好，謝謝。我想問一下您在第一季能夠執行的活動。看起來大部分都在歐洲。我只是想知道您是否可以談談您目前在歐洲看到的情況？這與美國提供的機會有何不同？

Great question. Thanks, Smedes. So what's very compelling about Europe for us is, obviously, the investments we were able to make, 65% of the total volume came from Europe. We are targeting retail parks in the UK, as well as in Ireland that made up the bulk of the portfolio. And what was very compelling to us about that particular set of transactions was the fact that the rents that we were underwriting were well below what would be deemed as market rents.

好問題。謝謝，Smedes。因此，歐洲對我們來說最有吸引力的地方顯然是，在我們能夠進行的投資中，有 65% 的總金額來自歐洲。我們的目標是英國和愛爾蘭的零售園區，它們構成了投資組合的大部分。這組交易最吸引我們的一點是，我們承保的租金遠低於市場租金。

And we were getting these assets at replacement -- at well below replacement cost. And the fact that we are controlling a very wide swath of retail footprint is already starting to manifest itself in calls that we are getting from very large retail operators like Little and a few others that are very interested in helping us reposition some of these retail parks and give them a presence to continue to allow them to grow as is their stated objective in these markets.

而且我們以遠低於重置成本的價格獲得了這些資產。事實上，我們控制著非常廣泛的零售版圖，這一點已經開始體現在我們接到的來自 Little 等大型零售運營商的電話中，他們非常有興趣幫助我們重新定位其中一些零售園區，並讓它們繼續存在，讓它們繼續發展，這是它們在這些市場中既定的目標。

And this backdrop is obviously very favorable for investment purposes for us. And that was the reason why we had the bulk of the investments coming in from Europe. Having said that, we saw plenty of opportunities here in the US. As you probably heard me mentioned, we source about $22 billion worth of product and more than 60% of it was here in the US.

這種背景顯然對我們的投資非常有利。這就是為什麼我們的大部分投資都來自歐洲。話雖如此，我們在美國看到了很多機會。正如您可能聽我提到的，我們採購價值約 220 億美元的產品，其中 60% 以上來自美國。

But when you look at some of the credit that we were being asked to underwrite on the higher-yielding side of the curve, we just couldn't get comfortable with the downside risk, the tail risks, if you will, on some of those credits. But we are seeing plenty of opportunities it's finding the right risk-adjusted opportunity that's compelling us to invest more in Europe today. And you should kind of expect that to be the run rate for the first half of this year.

但是，當你看到我們被要求承保的殖利率曲線較高一側的部分信貸時，你會發現，我們根本無法承受這些信貸的下行風險，或者說尾部風險。但我們看到了很多機會，找到正確的風險調整機會迫使我們今天在歐洲進行更多投資。你應該可以預料到這就是今年上半年的運行率。

Okay. And can I just ask you one more thing? You noted that the rent recapture was 103.9%, -- but on the same store, the same list of clients. I guess, the re-leasing was down about 50 basis points, but it was offset by other items. Is there anything going on there in your negotiations with re-leasing to the same tenants that was driving that down a little bit? Or is that normal or --?

好的。我還能問您一件事嗎？您注意到租金回收率為 103.9%——但在同一家商店、同一份客戶名單上。我估計，重新租賃下降了約 50 個基點，但被其他項目所抵消。在您與同一租戶進行重新租賃的談判中，是否存在導致租金略有下降的情況？或者這是正常的，或者--？

No. It's -- obviously, if you look at the last few quarters, the renewals have been far superior with existing clients, so this is a bit of a one-off. But we tend to look at this in totality. We give you the breakup, so you can see that the vast majority of the renewals does come from existing clients.

不。顯然，如果你看一下過去幾個季度，你會發現與現有客戶的續約情況要好得多，所以這有點像一次性事件。但我們傾向於從整體來看這個問題。我們提供給您分類訊息，以便您可以看到絕大多數續約確實來自現有客戶。

But I would chalk this off to a one-off, but I believe it was still 99.7%. And the vast majority of the renewals was well north of 100%, but we did have, I want to say, three theater assets, three- or four-tier assets that dragged it a little bit below the 100% mark, but still a very favorable outcome.

但我會把這歸結為一次性事件，但我相信它仍然是 99.7%。絕大多數續約率都遠超過 100%，但我想說，我們確實有三個劇院資產、三級或四級資產，使其續約率略低於 100%，但這仍然是一個非常有利的結果。

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)。

Yeah. Assume that you're 35% of the way to the guidance for the year on investments in the first quarter is typically one of the lighter quarters too. You obviously have the guidance unchanged. I'm curious, is that just reflective of the level of uncertainty right now? Or was the first quarter just particularly full to how the pipeline looks?

是的。假設您已經完成了年度投資目標的 35%，那麼第一季通常也是投資金額較低的季度之一。您的指導顯然沒有改變。我很好奇，這是否僅僅反映了目前的不確定程度？或者第一季的管道狀況特別擁擠？

That's a great question, Brad. Look, I think we are very cautiously optimistic. What we didn't want to do was try to extrapolate what we have achieved in the first quarter for the remainder of the year. There is a fair amount of uncertainty. There is a lot of transactions in the market as our sourcing volumes would suggest, but it is finding the right deals for us.

布拉德，這個問題問得真好。看，我認為我們非常謹慎樂觀。我們不想做的是嘗試將第一季所取得的成就推斷到今年剩餘時間的表現。存在相當多的不確定性。正如我們的採購量所表明的那樣，市場上有很多交易，但它正在尋找適合我們的交易。

And given the exogenous factors of a potentially higher interest rate environment for longer and allowing for some of the geopolitical trade-driven conditions to play out, we just wanted to be a bit more cautious. So that -- we want to be very deliberate. We want to be very focused on making sure that if we are going to use equity that we use it in a very appropriate fashion. And so that's the primary reason why we chose to leave the volume numbers unchanged.

考慮到長期利率可能維持較高水準的外部因素，以及地緣政治貿易驅動因素的影響，我們只是想更加謹慎。所以——我們要非常慎重。我們希望高度集中精力，確保如果我們要使用股權，我們會以非常恰當的方式使用它。這就是我們選擇保持銷售數字不變的主要原因。

Okay. Got it. And then on the tariff impact, you talked through some of the sectors that you thought would be well inflated. I'm curious, is there anything in the portfolio that you would call out as potentially actually seeing an impact?

好的。知道了。然後關於關稅的影響，您談到了一些您認為會嚴重膨脹的行業。我很好奇，您認為投資組合中是否有什麼東西可能會產生實際影響？

No. No different than what we had highlighted, I believe it was in February when we were expecting some of these things to play out. I've gone through a list of clients that we felt like were more exposed to what would happen if tariffs were introduced.

不。與我們所強調的沒有什麼不同，我相信我們在二月就已經預料到其中一些事情會發生。我查看了一份客戶名單，我們認為這些客戶更容易受到徵收關稅的影響。

We feel like that's fully reflected in the numbers that we've shared with you with regards to our guidance, with regards to our bad debt expense. We feel very confident. And I think Zips is a perfect example of a situation where we got a 100% renewal, and we had a recapture rate of 94.3%, which was slightly better than what we had forecasted out at the beginning of the year.

我們覺得這完全反映在我們與您分享的有關我們的指導和壞帳費用的數字中。我們感到非常有信心。我認為 Zips 就是一個很好的例子，我們實現了 100% 的續約，而且回收率為 94.3%，這比我們年初預測的要略好一些。

So look, we feel like we did a good job of underwriting what the potential impact of some of these exogenous factors were into our portfolio. And so we don't expect anything new at this stage.

所以，我們覺得我們很好地承保了這些外部因素對我們的投資組合的潛在影響。因此我們目前並不期待任何新事物。

Ryan Caviola, Green Street Advisors.

瑞安·卡維奧拉 (Ryan Caviola)，Green Street Advisors 的顧問。

Thanks for taking my question. Just on the U.S. Core Plus Fund throughout this sort of economic volatility, do you -- this uncertainty, as keeping other private buyers out or competition on the sidelines, and it's helpful with realty income size and scale? Or how does the product fund work in an environment like this?

感謝您回答我的問題。就美國核心加基金而言，在這種經濟波動中，這種不確定性是否會阻止其他私人買家或競爭對手進入，這對房地產收入的規模和規模有幫助嗎？或者說在這樣的環境下產品基金如何運作？

Ryan, thank you. That's actually a very good question. Under normal circumstances, I would say that the backdrop that we are all experiencing today wouldn't be a conducive to raising private capital. But this is where I think we set ourselves apart. I don't know of any other company within our sector that can do what we are doing.

瑞安，謝謝你。這確實是一個非常好的問題。在正常情況下，我想說我們今天所經歷的背景不利於籌集私人資本。但我認為這就是我們的與眾不同之處。我不知道我們這個行業中還有哪家公司能做到我們所做的事情。

And based on all of the conversations that we are having with these potential investors, we feel very optimistic about meeting the objectives that we have for raising capital at a point in time, where for most others, I would say even on the private side who have a history of raising private capital, this would be a difficult environment to raise capital. But look, we feel very optimistic.

根據我們與這些潛在投資者進行的所有對話，我們對在某個時間點實現籌集資金的目標感到非常樂觀，而對於大多數其他人來說，我想說，即使是在私人方面，那些有籌集私人資本歷史的人，現在的籌集資金環境也是很困難的。但看起來，我們感到非常樂觀。

We look forward to sharing with you the results later this year. And so far, so good is how I would play it. With respect to -- and I don't know if that's what you were asking, Ryan, private investors investing in our domain, we've seen a plethora of them coming in and wanting to create a net lease sleeve to their investments. But they also tend to use higher leverage. And one could make the argument that our product lends itself to higher leverage in the private domain.

我們期待今年稍後與您分享結果。到目前為止，我玩得還不錯。關於——我不知道這是否是你要問的，瑞安，在我們領域投資的私人投資者，我們已經看到大量的私人投資者加入進來，希望為他們的投資創建一個淨租賃套。但他們也傾向於使用更高的槓桿。有人可能會說，我們的產品在私人領域具有更高的槓桿作用。

But given the cost of debt and given the elevated interest rate environment, that will continue to impede their ability to make investments in our space. Our investment profile tends to be core, core plus, and so in order for them to generate the kind of returns that they usually try to generate on their equity, this is not a conducive environment for them to invest. So I think for a variety of reasons, it really does lend itself to what we bring to the table, our history, our reputation, and we are very hopeful of having a successful raise by the end of the year.

但考慮到債務成本和高利率環境，這將繼續阻礙他們在我們領域進行投資的能力。我們的投資特徵傾向於核心、核心加，因此，為了讓他們產生他們通常試圖從股權中產生的那種回報，這對他們來說不是一個有利的投資環境。因此，我認為出於各種原因，這確實有利於我們的優勢、我們的歷史、我們的聲譽，我們非常希望在今年年底前成功加薪。

Great. That's it for me. Appreciate it.

偉大的。對我來說就是這樣。非常感謝。

Handel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

Hi, guys. Good afternoon. A couple of quick ones for me. First, I wanted to talk about the balance sheet here a bit and your liquidity. You settled a lot of ATM in the quarter, I think, $631 million. $69 million, I think, is remaining. So curious how you're thinking about the various funding sources available to you here and the capital required to meet your full year acquisition guide? Thanks.

嗨，大家好。午安.對我來說，有幾個簡單的問題。首先，我想稍微談談資產負債表和流動性。我認為您在本季解決了大量 ATM 問題，金額為 6.31 億美元。我認為還剩下 6900 萬美元。所以很好奇您如何看待這裡可用的各種資金來源以及滿足全年收購指南所需的資金？謝謝。

Hey. When you look at our guidance of $4 billion on the investment front, you're right. We do have $265 million of outstanding forward equity. We do have about $650 million on a run rate basis of free cash flow, which, of course, is equity like in nature.

嘿。當您看到我們在投資方面給予的 40 億美元指引時，您就明白了。我們確實有 2.65 億美元的未償還遠期股本。我們確實擁有約 6.5 億美元的自由現金流運行率，當然，這在本質上類似於股權。

And so -- and then debt to finance that remaining, call it, $2.6 billion and to take care of about $1.3 billion of refis that we have for the rest of the year, that's about $2.2 billion of debt that we'll raise. And obviously, given the sponsorship that we've been lucky enough to received from the fixed income investor base, we feel very confident across currencies that we can do that. So the missing element, of course, is the new public equity that we would have to raise to fill that gap.

因此 — — 然後透過債務為剩餘的 26 億美元提供資金，並支付今年剩餘時間約 13 億美元的再融資，也就是我們將籌集約 22 億美元的債務。顯然，鑑於我們有幸從固定收益投資者群體獲得贊助，我們對跨貨幣做到這一點充滿信心。因此，當然，缺少的要素是我們必須籌集新的公共股權來填補這個缺口。

And so if you do that math, you look at $750 million to $800 million of new equity that we might have to raise for the balance of the year. However, that doesn't take into account any disposition activity that we might do. So we feel very good about where the balance sheet is and sources and uses of cash from here on feels very, very reasonable and modest in terms of what we need to go out and get from the public markets.

如果你這麼算的話，你會發現我們可能需要在今年餘下的時間裡籌集 7.5 億至 8 億美元的新股本。然而，這並沒有考慮到我們可能採取的任何處置活動。因此，我們對資產負債表的現狀感到非常滿意，從現在起，現金來源和用途就我們需要從公開市場獲得的資金而言，感覺非常非常合理和適度。

Got it. That's helpful color, John. So one more. Maybe on the other investment in the quarter, looks like alone on the development project yield around 10% term just under four years. So maybe some color on who or what you're lending to, perhaps, the risk profile, and then your appetite for perhaps doing more of this type of activity in the near term? Thanks.

知道了。這顏色很有幫助，約翰。再來一個。也許就本季的其他投資而言，僅開發案的收益率就約為 10%，期限不到四年。那麼也許您可以了解您向誰或什麼機構提供貸款，風險狀況，以及您是否有興趣在短期內開展更多此類活動？謝謝。

Good question, Handel. Yes, this was an opportunistic loan that we've provided to a private global developer in the data center space. This is a data center park that's being developed in Virginia. The ultimate client that we have is one of the large hyperscalers with very high investment-grade rating. And our hope is that this will lead to the ultimate ownership or a path to ownership of these assets.

問得好，韓德爾。是的，這是我們向資料中心領域的私人全球開發商提供的機會性貸款。這是維吉尼亞州正在開發的資料中心園區。我們的最終客戶是一家擁有極高投資等級的大型超大規模企業之一。我們希望這將導致最終的所有權或獲得這些資產所有權的途徑。

And so we are very excited about this relationship. Again, it speaks to who we are, our size and scale, and the willingness of these very well-established, highly reputable private developers to work with us directly.

因此我們對這段關係感到非常興奮。再一次，它說明了我們是誰、我們的規模和範圍，以及這些非常成熟、享有盛譽的私人開發商願意與我們直接合作。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey. Just two quick ones. If you could just comment a little bit more on the cap rates in the quarter, and more importantly, just what you see for trends going forward as we go into this uncertain environment?

嘿。只需簡單兩句話。您是否可以對本季的資本化率再多發表一些評論？更重要的是，當我們進入這個不確定的環境時，您對未來的趨勢有何看法？

Sure, Ron. So the cap rate that we were able to establish even absent this loan was just slightly north of 7%. I think you should expect cap rates to be in that ZIP code. And it's largely being driven by a fair amount of the uncertainty that exists at least in the near term.

當然，羅恩。因此，即使沒有這筆貸款，我們能夠確定的資本化率也略高於 7%。我認為您應該預期資本化率在那個郵遞區號內。這在很大程度上是由至少在短期內存在的相當多的不確定性所驅動的。

Once we have a settling out of what's actually going to impact future capital raising and what does the environment look like from an interest rate environment perspective, you can start to feel -- you can start to see some pressure potentially on the cap rates. But right now, we were expecting to see that at the beginning of the year, to be very honest, and we have not. And so it's a bit of a wait and see.

一旦我們弄清楚了什麼實際上會影響未來的融資，以及從利率環境的角度來看環境是什麼樣的，你就會開始感受到——你會開始看到資本化率可能面臨的一些壓力。但說實話，我們本來期望在年初就看到這一點，但還沒有。所以還需要等待一段時間才能看到結果。

And as the market becomes clearer around, like I said, where these policies are going to land, I think the cap rate environment is going to be a lot clearer. Having said all of that, this is actually benefiting us in some ways. Our cost of capital has improved throughout the year. And so the fact that cap rates are going to remain in the ZIP code that I've just mentioned, it allows us to create these outsized spreads, which obviously is a benefit.

正如我所說，隨著市場對這些政策的實施方向變得更加清晰，我認為資本化率環境將會變得更加清晰。話雖如此，這實際上在某些方面對我們有利。我們的資本成本全年都有所改善。因此，事實上，資本化率將保持在我剛才提到的郵遞區號範圍內，這使我們能夠創造這些超大的利差，這顯然是一個好處。

And it doesn't come without risk, which is why here in the US, we chose not to pursue certain transactions. But I do think that it will help create more opportunities going forward. And we look forward to seeing how things settle out.

但這並非沒有風險，這就是為什麼我們在美國選擇不進行某些交易。但我確實認為這將有助於創造更多未來的機會。我們期待看到事情如何解決。

Great. And then my second question was just, strategically, as you're thinking about sort of increasing the rent escalators of the entire portfolio, can you talk about some of those other buckets like gaming, like Europe, and like the data centers and just the updated thinking there about getting the overall rent escalators in the portfolio up? Thanks.

偉大的。然後我的第二個問題是，從戰略上講，當您考慮提高整個投資組合的租金自動扶梯時，您能否談談其他一些領域，例如遊戲、歐洲和數據中心，以及關於提高投資組合中整體租金自動扶梯的最新想法？謝謝。

Yeah. Again, a great question, Ron. Look, I think the way we are trying to address rent escalators is two-fold.

是的。羅恩，這又是一個好問題。聽著，我認為我們試圖解決租金上漲問題的方法有兩個。

One is the organic rent increases that we are targeting. And you're exactly right. There are certain asset types, i.e., industrial and data centers that tend to have more inherent rent escalators.

一是我們所針對的有機租金上漲。你說得完全正確。某些資產類型，例如工業和資料中心，往往具有更多的固有租金上漲趨勢。

But the second is the strategy that I was trying to highlight that we are deploying in Europe, where we are buying assets that we feel has rent that's well below market rent. And we feel like we can capture that mark-to-market on the rents come renewal times.

但第二個是我試圖強調的我們在歐洲部署的策略，我們正在購買我們認為租金遠低於市場租金的資產。我們覺得我們可以在續約時抓住租金的市價。

And so if you see what we've done in Europe for the first quarter, I think the walt was just right around years. And it is with an intent to capture that upside that we are inheriting or that we are underwriting is another way that we want to grow the top line without necessarily having to rely just on pure investments to drive growth.

因此，如果你看看我們第一季在歐洲所取得的成績，我認為我們的業績與預期差不多。我們的目標是抓住我們所繼承或承保的優勢，這是我們希望增加營業收入的另一種方式，而不必只依靠純粹投資來推動成長。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good afternoon out there. I just want to dig into the retail parks a bit. Sumit, you mentioned that those were acquired with below-market rents. And I'm curious what the yield would be once those are at market. And then how much have you invested in retail parks to date? And do you see a ceiling to that investment?

嘿，大家下午好。我只是想稍微深入了解一下零售園區。Sumit，您提到這些都是以低於市價的租金購買的。我很好奇這些產品上市後的收益率是多少。那麼到目前為止您在零售園區投資了多少呢？您認為這項投資有上限嗎？

To anything in life, Greg, there's going to be ceilings. But I'll tell you, this is something that the team has done a phenomenal job on. And we decided to go after retail parks, because we started to see what the sum of the parts analysis was. We were targeting grocery. We were targeting home improvements like B&Q -- and we were essentially getting the rest of the parks for next to nothing. That's how it started.

格雷格，生活中的任何事情都會有瓶頸。但我要告訴你，這是團隊在這件事上做得非常好的工作。我們決定進軍零售園區，因為我們開始了解各部分分析的總和。我們的目標是食品雜貨。我們的目標是像 B&Q 這樣的家居裝修——而且我們幾乎免費獲得了其餘的公園。事情就是這樣開始的。

And it was at yields that was well north of 8%, even 9%. A couple of factors contributed to that. One was that these assets were being held by institutional investors who are going through a natural capital recycling or their investment time horizon had -- was coming to an end that created these opportunities for us.

其收益率遠高於8%，甚至9%。有幾個因素導致了這種情況。一是這些資產由機構投資者持有，他們正在經歷自然資本循環，或者他們的投資時間即將結束，這為我們創造了這些機會。

Since our initial investment, which I would say was around three years ago. Fast forward today, we have seen a massive cap rate compression. And now, these same assets are trading in the mid-6s. So there's at least been a 250, 300 basis points of compression from when we initially started buying these assets. And the rents that we were underwriting to are also based on our initial analysis, anywhere between 5% to 6% below what the current market rents are.

自從我們最初的投資以來，我想大約是三年前。快進到今天，我們已經看到了巨大的資本化率壓縮。而現在，這些資產的交易價格是 6 月中旬。因此，從我們最初開始購買這些資產以來，至少有 250 到 300 個基點的壓縮。根據我們的初步分析，我們承保的租金比目前市場租金低 5% 到 6%。

The other dynamic that we are starting to see is our ability, because we control so much of this retail space, our ability to go to some of these retailers, brand-new retailers, IKEA, I already talked about a little, et cetera, these are names that are coming to us and saying, in order for us to execute on our growth plans, we would like to be in these locations that you now control.

我們開始看到的另一個動態是我們的能力，因為我們控制瞭如此多的零售空間，我們有能力進入其中一些零售商，全新的零售商，宜家，我已經談過一點了，等等，這些名字來找我們說，為了讓我們執行我們的增長計劃，我們希望進入你們現在控制的這些位置。

And we are having holistic conversations on, not only forming these relationships with these growing retailers but potentially creating a value uplift by having them in our retail parks. And so along with that -- I mean, I'm so excited I can keep going. We also have repositioning opportunities with extra land that we have inherited through this strategy.

我們正在進行全面的對話，不僅要與這些成長中的零售商建立關係，而且要透過將它們引入我們的零售園區來潛在地創造價值提升。因此，同時——我的意思是，我很興奮我可以繼續下去。我們還有機會利用透過這項戰略繼承的額外土地進行重新定位。

And so these are ways that we are trying to create growth, top line growth, by executing on the strategy that we embarked upon three years ago. And it has been super, super successful. I would say in the UK, we are in the middle innings; seventh, eighth inning of -- well, not eighth, but seventh inning of a nine-inning investment cycle in retail parks.

因此，透過執行三年前製定的策略，我們正在嘗試創造成長、營收成長。而且它非常非常成功。我想說，在英國，我們正處於中局；第七、第八局──好吧，不是第八局，而是零售園區九局投資週期的第七局。

But in the rest of Europe, and we're thinking Western Europe for this similar strategy, it's still early days. The only other country where we own retail park is Ireland, where we just did a large portfolio. And again, it has similar dynamics. And it's accelerating our relationship with some of these very retailers who want to grow and want to grow in the locations that we now control. And so the value uplift is tremendous.

但在歐洲其他地區，以及我們認為西歐也採取類似的策略，現在還為時過早。我們擁有零售園區的另一個國家是愛爾蘭，我們在那裡進行了大規模的投資組合。並且，它具有類似的動態。這也加速了我們與一些想要發展且希望在我們現在控制的地區發展的零售商的關係。因此價值提升是巨大的。

Okay. Thanks. And as a follow-up, can you just remind us on the potential vacancy risk that you take when acquiring these assets, as well as the CapEx needs they may have?

好的。謝謝。作為後續問題，您能否提醒我們您在收購這些資產時所承擔的潛在空置風險，以及它們可能需要的資本支出？

Yes. That's a great question. So what we have underwritten is a certain amount of vacancy that comes with, not all parts, but a couple of parks that we -- I would say it's 1% to 2% in that ZIP code of vacancy if you were to look at all of our retail parks. And that's where you're starting to see when we are renewing either with the existing client or re-leasing to a new client, we are seeing a tremendous amount of uplift.

是的。這是一個很好的問題。因此，我們承保的是一定數量的空置率，不是所有部分，而是幾個園區——如果你查看我們所有的零售園區，我會說該郵遞區號的空置率為 1% 到 2%。當我們與現有客戶續約或向新客戶轉租時，您就會開始看到，我們看到了巨大的成長。

Case in point. Last quarter, the first quarter of 2025, we had a positive 7% recapture rate on these vacancies that we have backfilled. And the CapEx involved is not substantially different from what we have been spending here in the US, and I think in my prepared remarks, I shared that with you. So we feel very good about the strategy that we've implemented in the UK and now in Ireland.

舉個例子。上個季度，即 2025 年第一季度，我們填補的這些空缺職位的重新招聘率為 7%。所涉及的資本支出與我們在美國的支出並沒有太大差別，我想在我準備好的發言中我已經與你們分享了這一點。因此，我們對在英國和愛爾蘭實施的策略感到非常滿意。

And it's the flow-through is tremendous. We were doing the analysis. It has a very similar flow through to a net lease investment circa in the 95%, 96% ZIP code, and that's essentially our EBITDA margin.

而且它的流通量是巨大的。我們正在進行分析。它的流量與 95%、96% 郵遞區號地區的淨租賃投資非常相似，這基本上就是我們的 EBITDA 利潤率。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Hey, good afternoon. Thank you, all for taking the questions. First question, Sumit, in your prepared remarks, you made a comment about some opportunities that you look in the US that you passed because of the tail risk in -- so I was just curious, could you roll that up just to talk about your underwriting process? Or is that more just to compare the US versus Europe and just the opportunities for your market?

嘿，下午好。謝謝大家回答這些問題。第一個問題，Sumit，在您準備好的發言中，您評論了您在美國尋找的一些機會，但由於尾部風險而放棄了這些機會 - 所以我很好奇，您能否總結一下，談談您的承保流程？或者這僅僅是比較美國和歐洲以及您所在市場的機會？

It was a combination of both those points, Michael. Obviously, when we are underwriting a particular lease term, you're taking into account the credit exposure to that particular lease and the ability of that operator to pay the rent for the duration of the lease. And if you come to a conclusion that that duration is going to get disrupted, that in and of itself, is not a disqualifier as long as we have a very high level of confidence that we are going to be able to backfill that position.

這是這兩點的結合，麥可。顯然，當我們承保特定租賃期限時，您會考慮該特定租賃的信用風險以及該業者在租賃期間支付租金的能力。如果你得出結論，認為這個期限將會被打亂，那麼這本身並不是取消資格的條件，只要我們高度相信我們能夠填補這個職位。

But that is not inherent to net lease investing in our opinion. Any disruptions that we underwrite to create a timing delay in recapturing the value and a disruption in the value creation process. And that's really, whether it's here in Europe -- I mean, you're in the US or in Europe, we are trying to figure out what is the total expected return profile for any investment that we are making. And we are pursuing the ones that yield the best outcomes, which in our case, we are finding them to be in Europe.

但我們認為，這並不是淨租賃投資所固有的。我們承保的任何中斷都會導致重新獲取價值的時間延遲以及價值創造過程的中斷。事實上，無論是在歐洲——我的意思是，你是在美國還是在歐洲，我們都在試圖弄清楚我們所做的任何投資的整體預期回報率是多少。我們正在追求那些能帶來最佳結果的項目，就我們而言，我們發現這些項目位於歐洲。

Got it. Thanks for that. And as my follow-up, the occupancy 20 basis points, it sounds like you also sold some vacant properties, which include you had decreased exposure to the Dollar and Dollar General increases, CBS in the quarter. So can you just kind of walk through some of the moving pieces of the dispositions and the occupancy stepping down slightly during the period?

知道了。謝謝。作為我的後續關注，入住率上升了 20 個基點，聽起來您也出售了一些空置房產，其中包括您在本季度減少了對 Dollar 和 Dollar General 的敞口增加，以及 CBS 的增長。那麼，您能否簡單介紹一下在此期間處置的一些變動情況以及入住率略有下降的情況？

Yes. Look, this is very expected. If you see what we had shared, Michael, about where we would come out on occupancy, we had mentioned in the mid 98% ZIP code, that is still our expectation. We did have some outsized vacancies in the first quarter, which we have largely resolved.

是的。看，這是非常令人期待的。邁克爾，如果你看到我們分享的關於我們入住率的數據，我們提到了 98% 中間郵遞區號，這仍然是我們的預期。我們在第一季確實存在一些過大的空缺，但這些問題我們基本上已經解決。

You talked about Family Dollar and Dollar General. Yes, there were a couple of Family Dollar assets that we did sell vacant. But I'll also share with you that we have 38 Dollar Generals that came up for renewals and we captured over 10% on those renewals.

您談到了 Family Dollar 和 Dollar General。是的，我們確實出售了一些 Family Dollar 空置資產。但我還要告訴大家，我們有 38 家 Dollar General 提出續約，我們從這些續約中獲得了超過 10% 的收益。

We had about five Dollar Tree, Family Dollar renewals there, too. It was over 18.3% or 4%. So these businesses are continuing to hold on to their assets and are continuing to perform very well, especially with the backdrop that we are all experiencing. Family Dollar is a bit of a question mark. We'll see how it all settles out. But in terms of Dollar General, Dollar Tree, those are going to continue to do well, in my opinion.

我們也在那裡有大約五家 Dollar Tree 和 Family Dollar 商店續約。超過18.3%或4%。因此，這些企業繼續保有其資產，並繼續表現良好，特別是在我們都經歷的背景下。Family Dollar 的情況有點令人懷疑。我們將看看這一切將如何解決。但就 Dollar General 和 Dollar Tree 而言，我認為它們將繼續表現良好。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Hey. Good afternoon, guys. Just a couple for me. I guess, sticking to the theme of underwriting for a second -- as far as the -- maybe the less creditworthy or higher-yielding opportunities that you had foregone in the first quarter and maybe that's kind of the strategy you're sticking to, I mean, could you help us understand, is it more related to the industry vertical of those assets?

嘿。大家下午好。對我來說只有一對。我想，繼續討論承保的主題 - 就 - 可能是您在第一季度放棄的信用度較低或收益較高的機會，也許這是您堅持的策略，我的意思是，您能否幫助我們理解，它是否與這些資產的行業垂直性更相關？

Is it the capital structure of the entity itself. Are the sponsor-backed private equity style deals? Just maybe fill out the picture a little more in that sense, if you don't mind?

它是實體本身的資本結構嗎？這些交易是否屬於由發起人支持的私募股權交易？如果您不介意的話，也許可以從這個意義上進一步充實圖片？

Sure. Look, it's not any one of those things in isolation, Rich. When you're looking at -- for instance, if you're going to look at something in a very discretionary business like entertainment, given the backdrop that one is experiencing, given that discretionary spending may be impacted by higher inflation, higher tariffs, et cetera, it's -- and recognizing that a particular operator within the entertainment sector may have a balance sheet that can't sustain a disruption to the top line, that's what will keep us on the sidelines. That is one of the main reasons why we try to look for certain characteristics, especially on the retail side, that we've highlighted, nondiscretionary low price point service orientation to their business.

當然。你看，這不是任何一件孤立的事情，里奇。例如，如果你要研究娛樂業等非常可自由支配的行業，考慮到人們所經歷的背景，考慮到可自由支配的支出可能會受到通貨膨脹、關稅上漲等因素的影響，並且認識到娛樂業內某個特定運營商的資產負債表可能無法承受營業收入的中斷，這就是讓我們保持觀望態度的原因。這就是我們試圖尋找某些特徵的主要原因之一，特別是在零售方面，我們強調了非自由裁量的低價位服務導向。

And then we go to the next level, which says, okay, which particular sectors fall within these areas? That doesn't mean we won't look at an entertainment opportunity if we are getting paid for it. But if your total return is an 8% and you expect something to happen to this credit in the next four to five years, it's not really 8%. Your expected return is probably going to be in the low single digits in a good situation.

然後我們進入下一個層次，即哪些特定產業屬於這些領域？這並不意味著如果我們能從娛樂活動中得到報酬，我們就不會考慮它。但如果您的總回報率是 8%，並且您預計未來四到五年內這筆貸款會發生一些變化，那麼它實際上並不是 8%。在良好的情況下，您的預期回報可能會處於低個位數。

So those types of assets, we've stayed away from. Even on the industrial side, when we are underwriting a particular industrial asset, and we feel like it is very specifically being used for that particular client. And the client's business does not have the safety, the room of safety that one looks for, we are going to stay away from those very specialized build in secondary potentially even tertiary markets.

因此，我們遠離這些類型的資產。即使在工業方面，當我們承保某一特定的工業資產時，我們也會覺得它是專門為該特定客戶使用的。如果客戶的業務沒有安全性，沒有人們所尋求的安全空間，我們將遠離那些在二級甚至三級市場中建立的非常專業的建築。

And we saw a lot of those that we could get higher yields on. But it's a fool's errand in my opinion, where if we all we are focused on is in today's yield and not underwriting to what the expected outcome is, it's not going to result in a good overall return thesis.

我們發現其中許多都可以獲得更高的收益。但在我看來，這是愚蠢的行為，如果我們只專注於今天的收益而不是承保預期的結果，那麼就不會產生良好的整體回報論點。

So on the private equity side, there are very good operators that actually come in and improve the operations of the business. We tend to stay away from operators who are pure financial operators, where they lever the business, and they run it very efficiently. They try to extract all of the cash flows. Those are the types of situations that we try to stay away from. But we have private equity operators who actually come in and are very focused on the operations of the business.

因此，在私募股權方面，確實有非常優秀的營運商介入並改善業務運作。我們傾向於遠離那些純粹的金融業者，他們利用業務，並且營運效率很高。他們試圖提取所有的現金流。我們盡力避免發生此類情況。但我們有私募股權運營商真正加入進來，並且非常關注業務運營。

And those we are far more comfortable with. So it's a variety of factors, really.

我們對這些感到更加舒服。所以其實有多種因素。

Okay. That's helpful color. And to shift gears for one second, not to put anybody on the spot, but I was hoping for an update on Realty Income's investment in plenty -- the, I guess, indoor farming business you announced a couple of years ago, I did notice that they are going through a restructuring. I'm just wondering how much capital is at risk from your balance sheet perspective? And what's the outlook there?

好的。這是很有幫助的顏色。稍微轉換一下主題，並不是想讓任何人為難，但我希望了解 Realty Income 對大量業務的投資的最新情況——我想，就是您幾年前宣布的室內農業業務，我確實注意到他們正在進行重組。我只是想知道從您的資產負債表角度來看有多少資本面臨風險？那裡的前景如何？

Yeah. And Rich, you're not putting us on the spot. It's a perfectly legitimate question. Look, we feel that Plenty is going to emerge. They are and they will emerge a much stronger company. They had a particular location here in Compton that they walked away from. They needed to go through a bankruptcy process in order to be able to do that.

是的。里奇，你沒有讓我們陷入困境。這是一個完全合理的問題。瞧，我們感覺到大量的事情即將出現。他們是並且將會成為一家更強大的公司。他們在康普頓有一個特定的地點，但他們卻離開了。為了做到這一點，他們需要經歷破產程序。

And the main reason for that was that particular asset had -- they were producing leafy greens, which just couldn't get to the margins that they were expecting to get to. Our asset, if you might recall, Rich, has been created to produce strawberries. And today, 2 out of the 12 days are in operation, and the goal here is to get the remaining 10 days in operation.

主要原因是他們生產的綠葉蔬菜無法達到他們預期的利潤率。如果你還記得的話，我們的資產 Rich 就是為了生產草莓而創建的。今天，12 天中已經有 2 天投入運營，我們的目標是讓剩下的 10 天投入營運。

They already have a takeout agreement with Driscoll. And part of the process of going through a bankruptcy process was to, again, end up with favorable terms, et cetera, and emerge a much stronger operator, which is what we expect. And we believe that they've also been able to attract a fair amount of private capital from some of their existing investors, i.e., SoftBank and a couple of others that want to see this particular business succeed. And so we feel like once they emerge, they're going to be a solid going concern.

他們已經與德里斯科爾簽訂了外帶協議。而經歷破產程序的一部分最終會獲得有利的條款等等，並出現更強大的運營商，這正是我們所期望的。我們相信，他們也能夠從一些現有投資者那裡吸引相當數量的私人資本，例如軟銀和其他一些希望看到這項特定業務成功的投資者。因此，我們覺得，一旦它們出現，它們就會成為一個穩固的持續經營企業。

Having said all of that, let's assume the downside scenario that they don't emerge, which by the way, is not our expectation based on the relationship that we have with them and how they're keeping us in the loop on exactly how the process is unfolding. But if that were to happen, we control a very good piece of land. We have the ability to convert this, albeit with some level of capital spend into a distribution center. It sits right next to an Amazon site.

話雖如此，讓我們假設他們沒有出現的不利情況，順便說一句，根據我們與他們的關係以及他們如何讓我們了解整個過程的進展情況，這並不是我們的預期。但如果真的發生了，我們就控制著一塊非常好的土地。儘管需要一定程度的資本支出，但我們有能力將其轉變為配送中心。它就位於亞馬遜網站旁邊。

By the way, it also has a lot of power that is coming to this site. So could we consider a data center site? Possibly, but those are the things that one would start to look into. The capital at risk is circa $40 million. That's all we've invested and that's all we are planning on investing this asset. But the upside potential remains very, very strong.

順便說一句，它也為這個網站帶來了巨大的力量。那我們可以考慮資料中心站點嗎？有可能，但這些都是人們開始研究的事情。風險資本約 4,000 萬美元。這就是我們目前為止投資的全部，也是我們計劃對這項資產的全部投資。但上行潛力仍然非常強勁。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Thank you. Hi, and congrats on a strong start to the year. I'm sorry if I missed it in the supplemental, but can you provide an update of the weighted average in the median EBITDAre to rent ratio on the retail properties? I noticed the format changed a little bit.

謝謝。嗨，恭喜您今年有一個好的開始。如果我在補充資料中遺漏了這一點，我很抱歉，但您能否提供零售物業中位數 EBITDAre 與租金比率的加權平均值的更新？我注意到格式稍有改變。

Yes, Jana. And we'd love to get feedback from you and others on the supplemental. There was a lot of work done. And the idea was to try to make it a lot more user-friendly.

是的，賈娜。我們很樂意收到您和其他人對補充內容的回饋。已經完成了很多工作。我們的想法是嘗試讓它更加用戶友好。

We haven't touched on the design for the last 10, 12 years. And so we try to incorporate a lot of the comments that we received from folks along the way. And this is our attempt at addressing those comments. So would love to get your comments.

我們已經有 10 到 12 年沒有觸及設計了。因此，我們嘗試吸收大家一路以來提出的大量評論。這是我們回應這些評論的嘗試。所以很想得到您的評論。

Anyway, sorry, I digressed. Coming back to your question, it was 2.9x, is the average rent coverage for our retail assets on the assets that we do get reporting. And it's 2.7x, I believe, is the median rent coverage. So still very strong despite the environment that we find ourselves in.

無論如何，抱歉，我離題了。回到你的問題，它是 2.9 倍，是我們報告的零售資產的平均租金覆蓋率。我認為 2.7 倍是平均租金覆蓋率。因此，儘管我們處在這樣的環境中，但我們仍然非常強大。

Thank you. And then just jumping to the investment loan that you made. Just curious, given the volatility in the capital markets, do you see more of those types of opportunities that you'd like to lean into?

謝謝。然後直接跳到您所做的投資貸款。只是好奇，考慮到資本市場的波動，您是否看到了更多您願意抓住的此類機會？

Jana, the idea is that if it allows us to form a relationship, which could then result in us ultimately owning these assets, that is the goal. And we believe that credit is a particular way to make headway in terms of forming relationships, as well as finding a path to potentially owning the real estate.

Jana，我們的想法是，如果它能讓我們建立一種關係，最終讓我們擁有這些資產，這就是目標。我們相信，信貸是建立關係以及找到潛在擁有房地產的途徑的一種特殊方式。

We also find that these investments that we are making, they tend to be over-collateralized, with the actual real estate underpinning the collateral for these investments. They get better returns in terms of yield. And we have some level of protection in terms of the duration.

我們也發現，我們所做的這些投資往往是超額抵押的，實際的房地產是這些投資的抵押品。他們在收益方面獲得了更好的回報。並且我們在持續時間方面有一定程度的保護。

And so it does help meet a lot of strategic objectives. And the idea -- and I think I've said this before is, yes, where it makes sense for us, we will continue to make credit investments to achieve the objectives that I just laid out.

因此它確實有助於實現許多戰略目標。而這個想法——我想我之前已經說過了，是的，只要對我們來說有意義，我們就會繼續進行信貸投資，以實現我剛才提出的目標。

Jay Kornreich, Wedbush.

傑伊‧科恩賴希 (Jay Kornreich)，韋德布希 (Wedbush)。

Hi, thanks. Good afternoon. I just wanted to follow up on -- you mentioned the investment volume leaning towards Europe for the first half of the year. And so I'm curious as you look out towards the second half. I guess what are you anticipating to occur which will open up further opportunities in the US? And do you expect opportunities in Europe to decelerate in the second half? Or just potentially have a more robust overall investment pipeline?

你好，謝謝。午安.我只是想跟進一下——您提到今年上半年的投資額傾向於歐洲。所以我很好奇你對下半場的展望。我想您預計會發生哪些事情來為美國帶來更多的機會？您是否預計下半年歐洲的機會將會減少？或者只是可能擁有更強的整體投資管道？

Yeah. You're trying to unpack my words, Jay. And look, I am very hopeful that given the trend of what is happening to our cost of capital, which is improving, we'll be able to do more here in the US.

是的。傑伊，你正在試著解讀我的話。而且，我非常有希望，鑑於我們的資本成本正在改善的趨勢，我們將能夠在美國做更多的事情。

I'll tell you that of this volume that we sourced in the first quarter, there was about $2 billion. That the only reason why we chose to pass, was because we were not comfortable with the initial spread that we were making on that volume. The pricing was right for that type of product, the metrics from a real estate perspective, were bang on trade.

我可以告訴您，我們第一季採購的金額約為 20 億美元。我們選擇放棄的唯一原因是，我們對最初在該數量上所做的傳播感到不滿。對於這種類型的產品來說，定價是合適的，從房地產角度來看，其指標與貿易相符。

The operator that we had exposure to was one that we've got an existing relationship with, but it was just that initial spread that kept us on the sideline. So that's our hope that, as the market stabilizes, our ability to do more here in the US will get enhanced. And I think Europe is on its own track. and we are continuing to be very optimistic in terms of what we can achieve there.

我們接觸過的業者與我們已有合作關係，但最初的傳播讓我們處於觀望狀態。因此，我們希望，隨著市場穩定，我們在美國做更多事情的能力將會增強。我認為歐洲正在走自己的路。我們對於我們能在那裡取得的成就仍然非常樂觀。

I appreciate that. Thank you. And then maybe just one follow-up now. Looking at Europe, are there any kind of next frontier countries or marketplaces that present a significant investment opportunity for you that you're targeting to potentially expand to next?

我很感激。謝謝。然後也許現在只需要一個後續行動。放眼歐洲，是否存在一些下一個前沿國家或市場，能夠為您提供重要的投資機會，而您計劃下一步向這些國家或市場擴張？

None that we haven't talked about already. I had mentioned Poland as a country that continues to be of interest. Obviously, it's a NATO country. There's a fair amount of investments. It's the second largest GDP growth country in all of Europe.

我們已經討論過了。我曾提到波蘭是一個持續受到關注的國家。顯然，它是一個北約國家。有相當數量的投資。它是整個歐洲GDP成長第二大的國家。

With a lot more of capital in-sourcing going on in Europe, again, this is a phenomenon that we have seen play out over the last couple of months, we expect there to be more opportunities. And -- we are -- for the right opportunities, we are very excited about our ability to grow into Poland at some point.

隨著歐洲資本內購的不斷增多，這也是我們在過去幾個月看到的現象，我們預計會有更多的機會。而且，我們正尋求正確的機會，我們對未來在波蘭發展的能力感到非常興奮。

So outside of that, I think we are already in six other countries in -- well, seven now in Europe outside of the UK. And we just want to establish our footprint even more deeper into these geographies. And I do think it will create opportunities for us given this capital in-sourcing that we are starting to see play out.

除此之外，我認為我們已經在歐洲其他六個國家開展業務——除了英國，現在歐洲已經有七個國家開展業務。我們只是想在這些地區更深地建立我們的足跡。我確實認為，鑑於我們開始看到的資本內包效應，它將為我們創造機會。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Hey, everyone. Just a quick question on the funds. How are you thinking about the assets that will go into the fund? Do you have a pipeline of deals that you're looking at? Any particular asset type ill you see it with some realty income assets, just your latest thoughts?

嘿，大家好。我只是想問一下關於資金的問題。您如何考慮將哪些資產投入該基金？您是否有正在考慮的交易管道？您是否認為任何特定資產類型都與一些房地產收入資產有關，這只是您最近的想法？

Yeah. Wes, I think we had talked about this, but I'll mention it again. Yes, there is a seed portfolio which Realty Income owns 100%. And that's what's going to go to seed the fund. We are not planning to pay down or sell down our interest or being the public shareholders' interest in this seed portfolio, but we are going to use that as a foundation to raise capital that we will then invest in new opportunities.

是的。韋斯，我想我們已經討論過這個問題了，但我還是會再提一次。是的，有一個 Realty Income 100% 擁有的種子投資組合。這就是要用來作為基金種子資金的資金。我們不打算償還或出售我們在該種子投資組合中的權益或公眾股東權益，但我們將以此為基礎籌集資金，然後投資於新的機會。

And over time -- we own 100% of the fund today, and over time, we will dilute ourselves down. But we will continue to be a meaningful owner in the fund. And that's where the alignment comes in. We genuinely think that the private capital is a complementary form of equity.

隨著時間的推移——我們今天擁有該基金 100% 的股份，隨著時間的推移，我們將稀釋自己的股份。但我們將繼續作為該基金的重要所有者。這就是對齊的作用所在。我們真誠地認為私人資本是股權的補充形式。

Today, we have one source of equity. And we've heard our investors loud and clear saying, look, you've got this amazing platform that has the ability to invest a lot of capital. But part of the down side of that is you're constantly in the public market. And so in order to create this alternative, we have decided to go down this path as a complementary form of equity capital that, I believe, we are the only one within our net lease space that can do that. And so I don't really see a major conflict.

今天，我們有一個公平的來源。我們聽到投資者大聲而清晰地說，看，你擁有這個能夠投入大量資金的驚人平台。但這樣做的缺點是你必須一直處於公開市場。因此，為了創造這種替代方案，我們決定走這條路，作為股權資本的補充形式，我相信，我們是淨租賃領域中唯一可以做到這一點的人。因此我並沒有看到任何重大衝突。

I mentioned that the initial yield is something that our public shareholders are very focused on, as they should be, but it is of less importance to our private shareholders as long as we are able to meet the overall return profile that we are underwriting to. And so that in itself creates opportunities for us to continue to leverage our existing platform, and invest capital, and then have a bit of an asset-light model for the public shareholders. Because without having to raise any public equity, we're able to generate permanent fee income that goes to the benefit of our public shareholders. So that's how I see this playing in the future.

我提到，初始收益率是我們的公眾股東非常關注的，這也是理所當然的，但只要我們能夠滿足承保的整體回報目標，初始收益率對我們的私人股東來說就不那麼重要了。這本身就為我們創造了機會，讓我們能夠繼續利用現有的平台，投入資本，然後為公眾股東提供輕資產模式。因為無需籌集任何公共股權，我們就能夠產生永久的費用收入，從而使我們的公共股東受益。這就是我對未來發展的看法。

Yeah. That makes sense. I guess looking at your European deal, this quarter you got both the high going in yield and then also the big pop later down the road. Could you talk about maybe how you're seeing the unlevered return on that? Or I guess, the stabilized yield on the European assets once you get that mark-to-market?

是的。這很有道理。我想，從你的歐洲交易來看，本季你既獲得了高收益，又獲得了後期的大幅上漲。您能否談談您如何看待它的無槓桿回報？或者我猜，一旦獲得以市價計價的匯率，歐洲資產的收益率就會穩定下來？

I think that we could get 10.5%, 11% uplift from just the mark-to-market on the cap rate compression, and potentially higher than that on being able to mark-to-market the rent, which will take us time. But as these rents start to roll, as we are able to reposition these assets with more pristine retailers, I think the value is going to potentially go up even more.

我認為，僅透過以市價計算資本化率壓縮，我們就可以獲得 10.5% 到 11% 的提升，如果能夠以市價計算租金，則可能獲得更高的提升，但這需要時間。但隨著租金開始上漲，隨著我們能夠將這些資產重新定位到更多原始零售商，我認為其價值可能會進一步上漲。

And one could make the argument, and I'm getting an indication from Neil, that we might be about 40% below what the valuation is in terms of when it's fully realized and fully repositioned with the right retail set up. That's the kind of value uplift that we could have on the retail parks.

有人可能會提出這樣的論點，而且我從尼爾那裡得到一個暗示，當它完全實現並通過正確的零售設置完全重新定位時，我們的估值可能會比估值低 40％ 左右。這就是我們可以為零售園區帶來的價值提升。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi. In terms of driving the top line growth in Europe to recapture mark-to-market, is this a strategy you've had in mine for some time or something you're verbalizing more concretely now?

你好。在推動歐洲營收成長以重新獲得市價方面，這是您一段時間以來一直在使用的策略，還是您現在更具體地表述的策略？

It's always been our strategy, Linda. What we found was what started off is saying, hey, you do the sum of the parts, and we're getting this retail parks at a massive discount to what we would be pursuing these clients on a one-off basis. What started off that way, soon morphed into the more lands we started to control, the kind of conversations that we started to have with the retailers who wanted to grow and wanted to grow in our location basically formulated this strategy that we originally had theoretically, but now are starting to see play out.

這一直是我們的策略，琳達。我們發現，一開始的情況是，嘿，你把各個部分加起來，我們就能以比一次性爭取這些客戶時大得多的折扣獲得這些零售園區。一開始是這樣的，但很快我們就控制了更多的土地，我們開始與那些想要發展並希望在我們所在地發展的零售商進行對話，基本上製定了我們最初在理論上製定的戰略，但現在開始看到成效。

We've had situations where retailers like M&S have come in and have identified assets where they want to go and position themselves. And that, in itself, will be an immediate uplift in rent as well as in value just given what M&S represents for these locations. So yes, initially, it started off as, hey, we're getting great assets at well below replacement cost to this is a strategy we want to be much more aggressive on. And now that we do control the sites that we do, we are starting to see these strategies play out.

我們曾經遇到過這樣的情況：瑪莎百貨等零售商進入該市場，確定了他們想要去的地方的資產並進行了自我定位。而考慮到瑪莎百貨對這些地點的意義，這本身就會立即提高租金和價值。是的，最初我們的想法是，嘿，我們以遠低於重置成本的價格獲得了優質資產，這是我們想要更積極地實施的策略。現在我們確實控制了我們所控制的網站，我們開始看到這些策略發揮作用。

What percentage of your portfolio are retail parks right now? And then what is the TAM?

目前，您的投資組合中零售園區佔比是多少？那麼 TAM 是什麼呢？

In Europe, which represents about 10%, actually, it's primarily UK and Ireland, it's about 40%. And in dollar value, it's about $12 billion, $13 billion of total investments that we have, of which I would say between the UK and Ireland, it's about $10 million. And we -- I would say about $4 billion is retail parks in terms of our investment, not in terms of the valuation.

在歐洲，約佔 10%，實際上主要是英國和愛爾蘭，約佔 40%。以美元價值計算，我們的總投資約為 120 億美元至 130 億美元，其中在英國和愛爾蘭之間的投資約為 1,000 萬美元。而我們——我想說，就我們的投資而言，大約有 40 億美元用於零售園區，而不是估值。

Upal Rana, KeyBanc.

Upal Rana，KeyBanc。

Sumit, you mentioned possibly being in a position to increase investment volume and given the ongoing market volatility and the advantage of Realty's platform, are you seeing any market dislocations across larger portfolio transactions that you could potentially take advantage of?

Sumit，您提到可能能夠增加投資量，並考慮到持續的市場波動和 Realty 平台的優勢，您是否看到較大的投資組合交易中存在任何可以利用的市場錯位？

We're having discussions -- and look, we were able to do one in the fourth quarter of last year. And I do expect that in this environment, this uncertainty continues to play out, more and more people are going to find the sale leaseback product as a positive alternative to the debt markets that's available. And so I think that, that sort of a backdrop could lead to larger transactions. But I just want to be clear Upal, the $4 billion that we've talked about, this is basically our flow business. This does not anticipate any large-scale $500 million, $600 million portfolio transactions.

我們正在進行討論——看看，我們在去年第四季就進行了一次討論。我確實預計，在這種環境下，這種不確定性將繼續發揮作用，越來越多的人會發現售後回租產品是現有債務市場的積極替代方案。所以我認為，這種背景可能會帶來更大的交易。但我只是想明確一點，Upal，我們談論的 40 億美元基本上是我們的流動業務。這並不代表會出現任何大規模的 5 億美元、6 億美元投資組合交易。

If those happen, which we hope does, then that's going to be an uplift to our earnings guidance as well as our acquisitions guidance.

如果這些事情真的發生，我們也希望如此，那麼這將提升我們的獲利預期以及收購預期。

Okay. Great. That was helpful. And then just on it, you mentioned that they were all released and were able to capture 94% of your prior could you remind us of your original expectation with Zips and any details on who you released your locations to or if there will be any downtime there? And then are there any other tenants on your watch list that you want to high or give an update on?

好的。偉大的。這很有幫助。然後就此而言，您提到它們都已發布，並且能夠捕獲之前的 94% 您能否提醒我們您對 Zips 的最初期望以及有關您向誰發布了位置的任何詳細信息，或者那裡是否會出現停機時間？那麼，您的關註名單上還有其他租戶嗎？您想告知他們或提供最新資訊嗎？

Yes. Upal, just to be clear, we didn't have a single asset that was rejected. All 100% of our assets were -- they basically Zips continue to operate it. where we did have -- the reason why it went from 100% to 94.3% was we did negotiate the rent on some of their assets. And that's where it went from 100% to 94.3%.

是的。Upal，需要明確的是，我們沒有一項資產被拒絕。我們所有的資產 100% 基本上都是 Zips 繼續經營的。我們之所以從 100% 上升到 94.3%，是因為我們確實就他們的部分資產的租金進行了談判。這就是從 100% 上升到 94.3% 的地方。

We did not end up having to go and find another client to step in as an operator on these assets. And as part of that, we negotiated higher internal growth on an annual basis. We negotiated a longer-term lease on -- in aggregate, and are very hopeful of them now having emerged. I believe they emerged last week with a balance sheet that is more conducive to their operations.

我們最終不必去尋找另一個客戶來作為這些資產的經營者。作為其中的一部分，我們每年協商更高的內部成長。總的來說，我們已經協商了一項長期租約，並且對現在的協議達成充滿希望。我相信他們上周公布的資產負債表更有利於他們的營運。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

First one is just on bad debt. I think last quarter, you said 75 basis points for the year. And so I was wondering kind of what of that you think you've used thus far have visibility on kind of where it all sits?

第一個是關於壞帳。我認為上個季度您說的是全年 75 個基點。所以我想知道，到目前為止，您認為您所使用的哪些東西能夠清楚地顯示它們的位置？

Yes. So I would say, overall, we're reiterating that 75 basis points for the full year. I think when you look at the footnote of the income statement, you did see that we recognized a little bit over $6 million of that debt expense in Q1. And so trending a little bit lighter for Q1, but just to stay somewhat conservative, we are taking that original forecast, which includes some unidentified cushion intact.

是的。所以我想說，總的來說，我們重申全年 75 個基點。我想，當您查看損益表的腳註時，您確實會看到我們在第一季確認了略高於 600 萬美元的債務費用。因此，第一季的趨勢會稍微輕鬆一些，但為了保持一定程度的保守，我們採用了最初的預測，其中包括一些未確定的緩衝。

Okay. And then just on the deal flow. I mean, you kept the $4 billion. The first quarter is obviously a stronger pace that would get you north of $4 billion. Has much changed in terms of the flow and pipeline just in recent weeks or the last couple of months given sort of the macro picture?

好的。然後只是交易流程。我的意思是，你保留了40億美元。第一季的步伐顯然更為強勁，銷售額將超過 40 億美元。從宏觀角度來看，最近幾週或過去幾個月，流量和管道方面是否發生了很大變化？

I wouldn't say anything has changed in recent weeks. We just feel like we don't want to put ourselves in a box where we are extrapolating what we achieved in the first quarter and then find ourselves having to chase deals, which we would never do.

我不認為最近幾周有什麼變化。我們只是覺得我們不想把自己限制在一個只能推斷第一季所取得的成就的範圍內，然後發現自己必須追逐交易，而這是我們永遠不會做的。

We just feel like there is plenty of uncertainty right now, and it is better for us to when we have the signed contracts in place to come to you and say we are increasing our guidance versus increasing our guidance and then pursuing transactions that we expect will unfold. It's just how we've always done it, Anthony. You've been following us for a very long time and I just think it's prudent.

我們只是覺得現在有很多不確定性，當我們簽署了合約時，我們最好來找你並告訴你我們正在提高我們的指導，而不是提高我們的指導，然後進行我們預計將會展開的交易。安東尼，我們一直都是這麼做的。您關注我們很久了，我認為這是明智之舉。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

The retail part, I get everything you guys have said so far about where you be ops on a longer-term basis. But I was curious, like could you just talk a little bit about is there a big difference between retail parks in the UK versus kind of traditional big box retail in the US? Because I think that probably the way most of us are thinking about it. And with big box retail, everyone was worried about (inaudible) media from e-commerce and things of that sort.

零售部分，我了解你們到目前為止所說的關於你們長期營運方向的一切。但我很好奇，您能否簡單談談英國的零售園區與美國傳統的大型零售店之間有什麼重大的差異？因為我認為我們大多數人可能都是這樣思考的。而隨著大型零售店的出現，每個人都擔心（聽不清楚）電子商務媒體和諸如此類的事情。

So is there anything different about the retail parks in the UK?

那麼英國的零售園區有什麼不同嗎？

Yes. I think the biggest difference is the net lease like characteristics of retail parks, Omotayo. If you think about any capital spend that is required, i.e., you want to do striping of the parking lots or lighting or security, et cetera. That CapEx discussion happens upfront in any given year. And all of the retailers that are out there who are on that particular retail park agree to sharing in that cost.

是的。我認為最大的區別是零售園區、Omotayo 的淨租賃特徵。如果您考慮所需的任何資本支出，即您想要對停車場進行劃線或照明或安全等。此資本支出討論在任何一年都會提前進行。該零售園區內的所有零售商都同意分擔該成本。

So the flow-through mechanism that we are seeing in the UK is very similar to what we would experience in a single-tenant asset where the -- obviously, the maintenance cost is all borne by the client. The only time it's different is when you have a vacant unit, and you have business rates, et cetera, and that's the leakage.

因此，我們在英國看到的流通機制與我們在單一租戶資產中經歷的非常相似，顯然，維護成本全部由客戶承擔。唯一不同的情況是當您有一個空置單位並且有營業稅等等時，這就是洩漏。

But that's no different than what you would have when you have a vacant unit or a vacant freestanding asset that we have because our client either the lease expired or there was an event, and we are having to pay the insurance and the taxes as well as the maintenance of that building.

但這與您擁有空置單位或空置獨立資產時的情況沒有什麼不同，因為我們的客戶租約到期或發生了某個事件，我們必須支付保險費和稅費以及該建築的維護費。

So from that perspective, I think that it is very akin to what we see in the net lease business. That's why you haven't seen much of an impact to our margins. given this strategy. Now if you see you mentioned omnichannel.

因此從這個角度來看，我認為這與我們在淨租賃業務中看到的情況非常相似。這就是為什麼我們的利潤率沒有受到太大影響。鑑於這一策略。現在，如果您看到您提到了全頻道。

A lot of what we've done is over the last two to three years. So all these concepts that we are exposing ourselves to, including grocery, by the way, have already been experiencing the disruption elements of the omnichannel strategy.

我們所做的工作很多都是在過去兩三年內完成的。因此，我們所接觸的所有這些概念，包括雜貨，都已經經歷了全通路策略的顛覆因素。

I mean the grocers that we have, if you look at the top four, top five grocers, they account for 75% of all Internet-driven grocery expenses. And so these retailers in some ways, have perfected their strategy to embrace omnichannel. Otherwise, they are no longer strong retailers today. And either they are basically surviving on their last leg or they no longer exist. So I don't see that as much of an impact.

我的意思是，如果你看看我們擁有的雜貨店，排名前四、前五的雜貨店，它們佔據了所有互聯網驅動的雜貨支出的 75%。因此，這些零售商在某種程度上已經完善了採用全通路策略。否則，他們今天就不再是強大的零售商了。它們要不是在苟延殘喘，就是已經不存在。所以我認為這不會造成太大的影響。

What we do see is reconfiguring these sites from more discretionary use to nondiscretionary uses. And that's some of the examples that I was sharing with you which will actually result in a valuation uplift as well as rent recapture uplift. So that's really why we are doing this. So it is different in some ways from what you experience here in the US

我們確實看到這些網站從更自由的用途重新配置為非自由的用途。這就是我與你們分享的一些例子，它們實際上會導致估值上升以及租金回收上升。這就是我們這樣做的真正原因。所以這在某些方面與你在美國所經歷的有所不同

This concludes our question-and-answer session. I would like to turn the conference back over to Sumit Roy for any closing remarks.

我們的問答環節到此結束。我想將會議交還給 Sumit Roy 做最後發言。

Thank you all for joining us today. We look forward to speaking soon and seeing you at conferences in the coming weeks. Have a good evening.

感謝大家今天的參與。我們期待盡快與您交談並在未來幾週的會議上見到您。祝您晚上愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。