Realty Income Corp (O) 2025 Q2 法說會逐字稿

Good day. and welcome to the Realty Income second-quarter of 2025 earnings conference call. (Operator Instructions) Please also note that this event is being recorded today.

您好。歡迎參加 Realty Income 2025 年第二季財報電話會議。（操作員指示）另請注意，今天正在記錄此事件。

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 second 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 年第二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 和財務長兼財務主管 Jonathan Pong。

During this conference call, we will make statements that may be considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in any forward-looking statements. We will disclose in greater detail the factors that may cause such differences in the company's filing on Form 10-Q. During the Q&A portion of the call, we will be observing a two 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，我們將限制兩個問題。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. At Realty Income, the durable income we have historically delivered originates from the power of a data-driven platform. We have intentionally designed this platform to perform through a variety of economic conditions, anchored by diversification and scale, predictive data analytics, a conservative balance sheet philosophy and a disciplined investment strategy honed over decades.

謝謝你，凱爾西。歡迎大家。在 Realty Income，我們歷來提供的持久收入源自於數據驅動平台的力量。我們特意設計這個平台，使其能夠在各種經濟條件下發揮作用，以多樣化和規模化、預測數據分析、保守的資產負債表理念和數十年來磨練出來的嚴謹的投資策略為基礎。

We believe Realty Income's exceptional ability to deliver stable and growing income across the full economic cycle, together with our impressive size, scale and track record, positions us to capitalize on two key global megatrends.

我們相信，Realty Income 在整個經濟週期中提供穩定和成長收入的卓越能力，加上我們令人印象深刻的規模、範圍和業績記錄，使我們能夠利用兩大關鍵的全球大趨勢。

First, the growing demand for durable income-oriented investment solutions driven by an aging global population and increased emphasis on income stability from both public and private investors. And second, the rising interest from corporations to pursue asset-light strategies through large portfolio acquisitions or sale-leaseback transactions.

首先，全球人口老化以及公共和私人投資者對收入穩定性的日益重視，推動了對持久的以收入為導向的投資解決方案的需求不斷增長。其次，企業透過大規模投資組合收購或售後回租交易推行輕資產策略的興趣日益濃厚。

Realty Income's differentiated expertise enables us to lean into these trends as we pursue adjacent growth verticals, including private capital and credit investments, while continuing to anchor our strategy in our core real estate net lease vertical, underpinned by our access to public equity. This approach allows us to capitalize on a broad range of emerging opportunities delivering consistent income for our investors while further enhancing our menu of capital options for our clients.

Realty Income 的差異化專業知識使我們能夠在追求相鄰成長垂直領域（包括私人資本和信貸投資）時順應這些趨勢，同時繼續將我們的策略錨定在我們的核心房地產淨租賃垂直領域，並以我們獲得公共股權的機會為基礎。這種方法使我們能夠利用廣泛的新興機會為我們的投資者帶來穩定的收入，同時進一步增強我們為客戶提供的資本選擇菜單。

Turning to the details of our second quarter, our investment decisions reflected the strategic flexibility of our platform. We believe our business model enables us to look at opportunities substantially free from geographical or industrial constraints, allowing us to pursue the most optimal risk-adjusted returns.

談到第二季的細節，我們的投資決策反映了我們平台的策略靈活性。我們相信，我們的商業模式使我們能夠在不受地理或行業限制的情況下尋找機會，從而追求最優的風險調整回報。

Globally, we invested $1.2 billion at a 7.2% weighted average initial cash yield equating to a spread of 181 basis points over our short-term weighted average cost of capital. For acquisitions, specifically, these investments have a weighted average lease term of approximately 15.2 years. This quarter, we sourced $43 billion in volumes, resulting in a selectivity ratio of less than 3%.

我們在全球投資了 12 億美元，加權平均初始現金收益率為 7.2%，相當於短期加權平均資本成本的 181 個基點的利差。具體來說，對於收購而言，這些投資的加權平均租賃期限約為 15.2 年。本季度，我們的採購額為 430 億美元，選擇率不到 3%。

The $43 billion sourced matches our source volume from all of 2024 and is the highest quarterly volume in the history of Realty Income. This is a testament to the size of our addressable market and our visibility to global net lease transaction opportunities, given the breadth and depth of our platform.

430 億美元的來源與我們 2024 年全年的來源量相匹配，是 Realty Income 歷史上最高的季度交易量。鑑於我們平台的廣度和深度，這證明了我們的潛在市場規模以及我們對全球淨租賃交易機會的可見度。

Year-to-date, we have now sourced approximately $66 billion of investment opportunities. which puts us on track to eclipse our prior high watermark for annual source volume of $95 billion reached in 2022. 57% of the year-to-date volume has been sourced domestically with the rest in Europe.

年初至今，我們已獲得約 660 億美元的投資機會，這使我們有望超越 2022 年創下的 950 億美元年度投資額最高紀錄。年初至今的投資額中有 57% 來自國內，其餘來自歐洲。

Turning back to our investment volumes for the quarter. We again leaned into Europe, which accounted for $889 million or 76% of our investment volume at a 7.3% weighted average initial cash yield. Europe remains a compelling growth market, driven by a fragmented competitive landscape a larger total addressable market than what is available in the United States and the cost of debt capital that is currently more favorable with euro borrowing costs approximately 120 basis points inside of US dollar debt costs for 10-year notes as of today.

回顧本季的投資金額。我們再次傾向歐洲，其投資額達 8.89 億美元，占我們投資額的 76%，加權平均初始現金收益率為 7.3%。歐洲仍然是一個引人注目的成長市場，其驅動力在於分散的競爭格局、比美國更大的總目標市場以及目前更優惠的債務資本成本，截至目前，歐元借貸成本約為 10 年期美元債務成本的 120 個基點。

Since entering the UK market in 2019, our disciplined underwriting and balance sheet strengths have enabled significant expansion across the continent, with Europe now representing 17% of our annualized base rent. This quarter, we expanded into our eight European country including a sale-leaseback transaction involving Eko Okna in Poland, a leading manufacturer in the region.

自 2019 年進入英國市場以來，我們嚴謹的核保和資產負債表實力使我們能夠在整個歐洲大陸進行大規模擴張，歐洲目前占我們年化基本租金的 17%。本季度，我們將業務擴展到八個歐洲國家，其中包括與該地區領先製造商波蘭的 Eko Okna 達成的售後回租交易。

Transitioning to the US, we invested $282 million at a 7% weighted average initial cash yield, while transaction volumes have moderated domestically, this reflects selectivity, not a lack of opportunity as we continue to prioritize long-term risk-adjusted returns over pace of deployment of capital. Across the portfolio, we are increasingly acting as a full-service capital provider to our clients offering a variety of real estate capital solutions in addition to sale leasebacks, including credit solutions. With a 56-year operating history, we have long-standing relationships with high-quality operators worldwide, which creates opportunities to leverage these partnerships to offer tailored access to capital.

轉向美國後，我們投資了 2.82 億美元，加權平均初始現金收益率為 7%，而國內交易量有所放緩，這反映了選擇性，而不是缺乏機會，因為我們繼續優先考慮長期風險調整後的回報，而不是資本部署的速度。在整個投資組合中，我們越來越多地充當客戶的全方位服務資本提供者，除了售後回租外，還提供各種房地產資本解決方案，包括信貸解決方案。我們擁有 56 年的營運歷史，與世界各地的優質營運商建立了長期的合作關係，這創造了利用這些合作夥伴關係提供量身定制的資本獲取管道的機會。

Moving to our operations. The second quarter reflects the structural advantages of our business model, including portfolio diversification, built-in resilience across our top industries and advanced data analytics capabilities.

轉向我們的營運。第二季度反映了我們商業模式的結構性優勢，包括投資組合多樣化、我們主要行業的內在彈性以及先進的數據分析能力。

To that point, our proprietary predictive analytics tool developed over the past seven years informed decisions across sourcing, underwriting, lease negotiations and asset management. We believe this level of embedded intelligence allows us to be proactive operators and reinforce the reliability of our long-term cash flows.

至此，我們在過去七年中開發的專有預測分析工具為採購、核保、租賃談判和資產管理方面的決策提供了參考。我們相信，這種嵌入式智慧水準使我們能夠成為積極主動的營運商，並增強我們長期現金流的可靠性。

As of quarter end, our portfolio comprised over 15,600 properties spanning 91 industries and more than 1,600 clients. The naturally defensive nature of our leading sectors, including grocery and convenience stores, combined with our scale and diversification, position us to perform through a variety of economic environments. We ended the quarter with 98.6% portfolio occupancy, approximately 10 basis points ahead of the prior quarter and above the historical median of 98.2% from 2010 to 2024.

截至季末，我們的投資組合涵蓋 91 個行業和 1,600 多個客戶的 15,600 多處房產。我們的主要產業（包括雜貨店和便利商店）具有天然的防禦性，再加上我們的規模和多樣化，使我們能夠在各種經濟環境中表現出色。本季結束時，我們的投資組合入住率為 98.6%，比上一季高出約 10 個基點，高於 2010 年至 2024 年的歷史中位數 98.2%。

During the quarter, our rent recapture rate across 346 leases was 103.4% and representing $97 million of annual cash from prior cash rents, with 93% of leasing activity generated from renewals by existing clients. And we remained active in our approach to optimize the portfolio.

本季度，我們 346 份租約的租金回收率為 103.4%，相當於從先前的現金租金中獲得 9,700 萬美元的年度現金，其中 93% 的租賃活動來自現有客戶的續約。我們始終積極地採取各種方法來優化投資組合。

In the quarter, we sold 73 properties for total net proceeds of $117 million, of which $100 million was related to vacant properties. Overall, the stability of our results continues to demonstrate how the benefits of our platform enable us to stay agile, manage risk effectively and drive long-term portfolio performance.

本季度，我們出售了 73 處房產，總淨收益為 1.17 億美元，其中 1 億美元與空置房產有關。總體而言，我們業績的穩定性繼續證明了我們平台的優勢如何使我們能夠保持敏捷、有效管理風險並推動長期投資組合績效。

Moving to our outlook for 2025. Given the continued momentum in our acquisitions pipeline and our progress year-to-date, we are increasing our 2025 investment volume guidance to approximately $5 billion. In addition, we are raising the low end of our AFFO per share guidance now anticipated to be in the range of $4.25 -- sorry, $4.24 to $4.28.

展望 2025 年。鑑於我們收購通路的持續成長動能以及今年迄今的進展，我們將 2025 年的投資額預期提高至約 50 億美元。此外，我們將每股 AFFO 指導價的低端上調至目前預計的 4.25 美元（抱歉，是 4.24 美元至 4.28 美元）。

Within this forecast, we continue to see consistent tenant performance across our global portfolio. Our 2025 outlook contemplates approximately 75 basis points of potential rent loss which is slightly higher than our historical experience, but consistent with our expectations going into the year. Much of this credit loss is the result of certain tenants acquired through public M&A transactions we have consummated in recent years.

在這項預測中，我們持續看到全球投資組合中租戶表現的一致性。我們對 2025 年的展望預計潛在租金損失約為 75 個基點，這略高於我們的歷史經驗，但與我們對今年的預期一致。大部分信貸損失是由於我們近年來透過公開併購交易收購了某些租戶造成的。

As of quarter end, our credit watch list stands at 4.6% of our annualized base rent below the prior quarter and with median client exposure of just 3 basis points. Despite these small challenges, we are grateful for the strong results produced from our asset management team on recent bankruptcy resolutions. As shared last quarter, we are pleased with the 94% recapture rate on our 132 Zips properties. And following At Home's Chapter 11 bankruptcy filing in mid-June of this year, we anticipate constructive resolutions.

截至季末，我們的信用觀察名單顯示，年化基本租金比上一季低 4.6%，平均客戶風險敞口僅 3 個基點。儘管有這些小挑戰，我們仍然感謝資產管理團隊在最近的破產解決方案中取得的出色成果。正如上個季度所分享的，我們對 132 個 Zips 物業的 94% 的回收率感到滿意。繼今年 6 月中旬 At Home 申請第 11 章破產保護後，我們預計該問題將得到建設性的解決方案。

With that, I will turn it over to Jonathan.

說完這些，我會把話題交給喬納森。

Thank you, Sumit. Our capital markets activity remained active in the second quarter, and we view our liquidity and balance sheet is well positioned to address our active investment pipeline. During the quarter, we raised $632 million of equity through our ATM at a weighted average stock price of $5.39 per share. And as of today, we have another $654 million of unsettled forward equity which provides us with a solid runway to fund our investment activities for the remainder of the year.

謝謝你，Sumit。我們的資本市場活動在第二季度依然活躍，我們認為我們的流動性和資產負債表已做好準備，以應對我們的活躍投資管道。本季度，我們透過 ATM 籌集了 6.32 億美元的股權，加權平均股價為每股 5.39 美元。截至今天，我們還有 6.54 億美元的未結算遠期股權，這為我們在今年剩餘時間的投資活動提供了堅實的資金基礎。

Given our updated investment volume guidance of $5 billion, our implied second half investment volume of $2.5 billion, would require approximately $500 million of incremental external equity to remain leverage-neutral after giving effect to the $654 million of equity already raised but not settled, and an estimated $450 million of free cash flow for the second half of the year.

鑑於我們最新的 50 億美元投資額指引，我們預計下半年投資額為 25 億美元，在計入已籌集但尚未結算的 6.54 億美元股權後，將需要約 5 億美元的增量外部股權才能保持槓桿中性，並且預計下半年將有 4.5 億美元的自由現金流。

In addition, our disposition pipeline is expected to accelerate as well, which would be expected to contribute meaningful equity-like proceeds to our sources of funding, further reducing our external equity need for the balance of the year.

此外，我們的處置管道預計也將加速，這將為我們的資金來源貢獻有意義的類似股權的收益，從而進一步減少我們今年剩餘時間的外部股權需求。

From a leverage standpoint, we finished the second quarter with net debt to annualized pro forma adjusted EBITDA and of 5.5 times in line with our leverage target that we have methodically maintained. Including our current outstanding forward equity, we had $5.4 billion of liquidity at quarter end, which includes $800 million of cash and $4 billion of availability under our $5.4 billion credit facility.

從槓桿率的角度來看，第二季結束時，我們的淨負債與年度化調整後 EBITDA 比率為 5.5 倍，符合我們一直有條不紊維持的槓桿率目標。包括我們目前未償還的遠期股權在內，我們在本季末擁有 54 億美元的流動資金，其中包括 8 億美元現金和 54 億美元信貸額度下的 40 億美元可用資金。

Looking forward, the debt capital markets remain open and constructive across all three currencies, particularly in the euro zone. We consider a robust investment activity in Europe as a competitive advantage, creating additional net investment hedge capacity in euros, which avails us more debt capacity in this low cost of capital currency.

展望未來，三種貨幣的債務資本市場仍保持開放和建設性，尤其是歐元區。我們認為歐洲強勁的投資活動是一種競爭優勢，它創造了歐元的額外淨投資對沖能力，這使我們能夠以這種低成本的資本貨幣獲得更多的債務能力。

Additionally, the forward FX rate from euros to US dollars provides a favorable cost of carry that amplifies the organic growth of any net cash flow repatriated from our euro-denominated assets. Diversifying our sources of capital is a core strategic initiative as we scale our platform globally with the establishment of our Evergreen US Core plus fund serving as a key milestone. We are energized by the opportunity to monetize the value of our platform by managing real estate on behalf of third parties.

此外，歐元兌美元的遠期匯率提供了有利的持有成本，從而擴大了從我們以歐元計價的資產匯回的任何淨現金流的有機增長。隨著我們在全球擴展平台，實現資金來源多元化是我們的核心策略舉措，而建立 Evergreen US Core plus 基金是一個重要里程碑。我們很高興有機會透過代表第三方管理房地產來實現我們平台的價值貨幣化。

By using an open-end fund structure to invest in net lease real estate we believe we will have the opportunity to enhance acquisition investment spreads, bolstering returns to our public shareholders while providing attractive and stable long-term returns to our private capital partners, each by applying Realty Income's platform and experience to the structure.

透過使用開放式基金結構投資淨租賃房地產，我們相信我們將有機會提高收購投資利差，增加公眾股東的回報，同時為私人資本合作夥伴提供有吸引力且穩定的長期回報，每個回報都透過將 Realty Income 的平台和經驗應用於該結構來實現。

Given the highly scalable nature of our platform and the vast addressable market for net lease real estate, we see this initiative as a powerful driver of long-term value creation for Realty Income. After launching our formal marketing process in February, we have been pleased with the breadth and depth of interest from prominent institutional investors.

鑑於我們平台的高度可擴展性和淨租賃房地產的廣泛潛在市場，我們認為這項舉措是房地產收入長期價值創造的強大驅動力。自從二月啟動正式行銷流程以來，我們對知名機構投資者的興趣廣度和深度感到非常高興。

We believe these investors clearly appreciate the strength of our platform, the resilience of our asset class and the value created by our long operating history. Feedback has validated our fundamental view that scale matters, and we look forward to sharing more soon.

我們相信這些投資者清楚地認識到我們平台的實力、我們資產類別的彈性以及我們長期營運歷史所創造的價值。回饋證實了我們的基本觀點，即規模很重要，我們期待很快分享更多資訊。

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. We're confident that the structural advantages we've cultivated including scale, diversification, discipline and data analytics will continue to create value through a range of economic backdrops.

謝謝你，喬納森。我們相信，我們所培養的規模、多樣化、紀律性和數據分析等結構性優勢將在各種經濟背景下繼續創造價值。

Looking ahead, our focus remains on operational consistency and disciplined investment principles that have guided us throughout our 56-year operating history. Our long-term objective remains unchanged, deliver resilient and growing income through a diversified net lease platform. With meaningful scale and strategic flexibility, we believe we are well positioned to remain selective in today's environment and deliver lasting value for shareholders over time.

展望未來，我們仍將重點放在營運的一致性和嚴謹的投資原則，這些原則在我們 56 年的營運歷史中一直指引著我們。我們的長期目標保持不變，透過多元化的淨租賃平台提供有彈性且不斷增長的收入。憑藉著顯著的規模和策略靈活性，我們相信我們有能力在當今環境中保持選擇性，並長期為股東創造持久的價值。

I would now like to open the call for questions. Operator?

現在我想開始提問。操作員？

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

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, everyone, thanks for taking my questions. Sumit, you mentioned that you expanded into Poland in the second quarter. Can you walk through the opportunity you see in that market and maybe how it's similar or different to other areas in Europe?

是的，謝謝大家回答我的問題。Sumit，您提到您在第二季將業務擴展到了波蘭。您能否介紹一下您在該市場看到的機會以及它與歐洲其他地區有何異同？

Sure. Thank you for the question, Brad. Poland is a country that we have been talking about for about a year, 1.5 years. We are very excited by doing our first two transactions in Poland. And getting it over the finish line in the second quarter.

當然。謝謝你的提問，布拉德。我們談論波蘭這個國家已經大約一年到一年半了。我們對在波蘭完成的前兩筆交易感到非常興奮。並在第二節衝過終點。

As you probably know, Brad, Poland is the second fastest-growing GDP in Europe today. It is the eighth largest in terms of population and sixth largest in terms of GDP growth in the European Union. And so the backdrop was the initial screen, which sort of attracted us to the geography to that particular country.

布拉德，你可能知道，波蘭是當今歐洲 GDP 成長速度第二快的國家。它是歐盟人口第八大國，GDP 成長率第六大國。因此，背景是初始螢幕，它以某種方式吸引我們關注該特定國家的地理位置。

And given some of the property laws, et cetera, that exists in that country as well as our ability to efficiently structure the transaction. And the type of transactions that we've been following for a very long time made it a very compelling geography to expand into.

考慮到該國現有的一些財產法等以及我們有效建構交易的能力。我們長期關注的交易類型使其成為一個非常有吸引力的擴張地區。

The two transactions that we got over the finish line, one was with Eko Okna, and the other one was a grocery store operator, a Dutch grocery store operator. These were basically distribution centers and industrial assets that we invested in. And we are very excited about not only these two initial transactions that we executed, but the pipeline of transactions that we are starting to build in this country.

我們完成的兩筆交易，一筆是與 Eko Okna 進行的，另一筆是與一家雜貨店經營者進行的，一家荷蘭雜貨店經營者。這些基本上就是我們投資的配送中心和工業資產。我們不僅對已執行的兩筆初始交易感到非常興奮，而且對我們開始在這個國家建立的交易管道也感到非常興奮。

So super excited about continuing to redefine the sandbox for ourselves. Obviously, that continues to contribute to yet another source of volume that we can source and some of which is starting to get reflected in the $43 billion of sourcing volume that we shared for the second quarter.

因此，我們非常高興能夠繼續為自己重新定義沙盒。顯然，這將繼續為我們採購的另一個數量來源做出貢獻，其中一部分開始反映在我們第二季分享的 430 億美元採購量中。

Okay, thank you for that. And then on the acquisition, the only underlying guidance items that changed was acquisitions. I'm assuming those deals are accretive. And so I'm just wondering why the low end moved up, but then the high end didn't change.

好的，謝謝你。然後在收購方面，唯一改變的指導項目是收購。我認為這些交易是具有增值的。所以我只是想知道為什麼低端上升了，但高端卻沒有變化。

It's a function of continued conservatism on our part is one there continues to be a fair amount of uncertainty in terms of policies that are being instituted here in the US as well as in Europe. And so for us, we want it to be as accurate as possible and we felt like it was important for us to move the bottom end by $0.02, but yet leave the top end where it is.

這是我們持續採取保守主義的一個表現，即美國和歐洲正在製定的政策仍然存在相當大的不確定性。因此對我們來說，我們希望它盡可能準確，並且我們覺得將底端移動 0.02 美元但將頂端保持在原位非常重要。

The increase in acquisition volume by $1 billion as you can tell, it's going to be back-end loaded second half loaded. And so the impact that one would experience from -- and you correctly said these are all accretive transactions. We wouldn't be doing dilutive transactions. The impact of which won't be experienced in 2025, but certainly, we'll be -- we'll see the benefits of which in 2026

如您所見，收購額增加了 10 億美元，這將是下半年後端加載的一部分。因此，人們會感受到的影響——您正確地說，這些都是增值交易。我們不會進行稀釋性交易。其影響在 2025 年還不會顯現，但肯定會在 2026 年看到其好處

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

Hi, thanks. Good afternoon. I wanted to ask you a little more on the acquisitions as well. And really just -- If there were -- I mean, it sounds like there's just a tremendous increase in the source volume that you mentioned at $43 billion. But with a less than 3% is like getting into an Ivy League school. I'm just kind of wondering, was the quality of what you saw, not that good. Did you become more sort of picky, I guess, in terms of what you chose to invest in? Or just sort of wondering because your investment activity went down sequentially, but the sourcing, it sounds like kind of really ballooned.

你好，謝謝。午安.我還想問您一些有關收購的問題。真的——如果有的話——我的意思是，聽起來您提到的源量大幅增加了 430 億美元。但低於 3% 的錄取率就如同進入常春藤盟校。我只是有點好奇，您所看到的東西的品質是不是不太好。我想，您在選擇投資項目方面是否變得更加挑剔了？或者只是有點好奇，因為您的投資活動連續下降，但採購聽起來真的膨脹了。

That's a great question. And yes, we pride ourselves in being super selective -- yes, [akin] to the Ivy Leagues. But the main reason, Smed, was, look, at the end of the day, there was close to $3.7 billion of transactions that basically checked all of the boxes save for the initial yield. And that is the reason why we stepped away from pursuing those transactions. And so yes, 3% does seem very low.

這是一個很好的問題。是的，我們為自己超級精選而感到自豪——是的，類似於常春藤聯盟。但主要原因，斯梅德，你看，到最後，除了初始收益之外，有近 37 億美元的交易基本上滿足了所有條件。這就是我們放棄進行這些交易的原因。是的，3% 確實看起來很低。

But had we done that $3.7 billion, it would be closer to what we've traditionally done, which is closer to 7% to 8% of the overall volume that we've looked at. And part of the reason why we are doing this private capital and looking at these other forms of capital that want to take advantage of the platform that we've built, and we want to monetize the platform that we've built is to be able to do these transactions that we stepped away.

但如果我們投入 37 億美元，它就會更接近我們傳統的投入水平，也就是接近我們所關注的總量的 7% 到 8%。我們之所以進行私人資本投資，並尋找其他形式的資本來利用我們所建構的平台，並希望將我們建構的平台貨幣化，部分原因是為了能夠進行我們之前放棄的這些交易。

So yes, selectivity continues to be a governing factor and our disciplined approach to making sure that anything that we do day one is accretive to the bottom line. It's part of the reason why we got $1.2 billion over the finish line rather than something much higher.

所以是的，選擇性仍然是一個決定性因素，我們嚴謹的方法是確保我們第一天所做的任何事情都能增加利潤。這也是為什麼我們的最終目標是 12 億美元而不是更高的金額的原因之一。

Thanks. And then I just wanted to follow up. You obviously remained very concentrated in Europe during the quarter as you did in the first quarter. Last quarter, you talked about finding a number of retail park opportunities. Was that a significant part of your investing activity this quarter? Or was there a particular asset class that you were able to execute on this quarter?

謝謝。然後我只是想跟進一下。顯然，與第一季一樣，本季你們仍然高度專注於歐洲。上個季度，您談到了尋找一些零售園區機會。這是您本季投資活動的重要部分嗎？或者本季您是否能夠執行某個特定的資產類別？

Yeah. Great question. Actually, in the UK, it was not the case that we did a whole lot of retail parks. A lot of it was in Ireland that we are continuing to grow our retail park portfolio. They continue to be a major source of uplift both in the near term as well as long term.

是的。好問題。實際上，在英國，我們並沒有建造很多零售園區。我們繼續在愛爾蘭擴大零售園區組合。無論從短期或長期來看，它們仍將是經濟成長的主要來源。

If you've been following the whole retail park resurrection, if you will, in the UK as well as in Ireland, et cetera, including Scotland, I would say, it's quite phenomenal. A lot of positive factors are contributing tailwinds to this particular sector. Increasing rent, concession rents are going away. Vacancy in Scotland today is actually inside of for the first time in a very long time of the rest of England. We are buying vacancies and the uplift we are being able to capture on re-leasing those vacancies is part of what's contributing to value creation.

如果你一直在關注英國、愛爾蘭等地（包括蘇格蘭）的零售園區復興，我想說，這是相當驚人的。許多積極因素為該特定行業帶來了順風。租金上漲，優惠租金正在消失。今天蘇格蘭的空缺實際上是英格蘭其他地區很長一段時間以來的第一次。我們正在購買空置房屋，並透過重新租賃這些空置房屋來獲得收益，這是促進價值創造的部分原因。

So for a variety of reasons, we are super excited about this journey we were on of assimilating this portfolio of retail parks. But that window is now starting to sort of close a little bit. And we are the largest owners of retail parks in the UK today. And we are in the midst of putting together a presentation that we will post on our website that will go into a lot of details around this. But that's been a very favorable investment thesis that we executed on over the last three years.

因此，出於各種原因，我們對吸收這批零售園區的旅程感到非常興奮。但現在這個視窗開始有點關閉了。如今，我們是英國最大的零售園區所有者。我們正在準備一份演示文稿，並將發佈在我們的網站上，其中將詳細介紹此問題。但這是我們在過去三年中一直執行的非常有利的投資論點。

Most of what we executed in Europe, going back to precisely the question you asked, was on the industrial side. Almost half of it was industrial, if you look at what we did. Some of it was we made a loan against an industrial asset as well in one of the primary markets in the UK as well as another loan that we made. And so that was the composition of what we did in Europe, and we are continuing to see from a risk-adjusted basis, better opportunities in Europe and part of it could be less competition, part of it could be, we are playing in these multiple jurisdictions.

回到您提出的問題，我們在歐洲執行的大部分工作都是在工業方面。如果你看看我們所做的事情，幾乎一半是工業化的。其中一部分是我們在英國的一個主要市場以工業資產為抵押發放的貸款，還有另一筆貸款。這就是我們在歐洲所做工作的組成，從風險調整的角度來看，我們繼續看到歐洲有更好的機會，部分原因可能是競爭減少，部分原因可能是我們在多個司法管轄區開展業務。

Part of it could be we are an established name in these jurisdictions. And therefore, we are getting those first calls that's helping us drive this volume. And you should -- and I know you didn't ask this question, but you should expect similar composition of total acquisitions between Europe versus US in the near term, especially in the third quarter.

部分原因可能是我們在這些司法管轄區內已是知名品牌。因此，我們接到了第一批電話，這有助於我們提高銷售量。你應該——我知道你沒有問這個問題，但你應該預期短期內歐洲和美國之間的總收購組成會相似，特別是在第三季。

Ron Kamdem, Morgan Stanley.

摩根士丹利的 Ron Kamdem。

Hey, Just two quick ones. Just starting back on just tenant health. You guys have sort of done, I think, more work than most in terms of evaluating the impact of tariffs now that we're a couple of months into it, just can you remind me how you're sort of thinking about it, what's better than expected? What's worse than expected? And what's baked into the guide for bad debt? Thanks.

嘿，只需兩個問題。剛開始關注租戶健康。我認為，在評估關稅影響方面，你們已經做了比大多數人更多的工作，現在已經過去了幾個月了，你能提醒我一下你是怎麼想的嗎，哪些方面比預期的要好？什麼情況比預期的更糟？那麼壞帳指南中都包含了哪些內容呢？謝謝。

I would say the 4.6% watch list that we've shared with the market has basically taken into account all of the various outcomes that could come out of these tariffs that are being discussed in the market today. Look, we've always felt like some of the more susceptible industries, i.e., furnishing apparel, electronics. Those are the industries that are going to be most impacted by tariffs. And thankfully, either we have very little to zero exposure to these types of industries in our US portfolio.

我想說，我們與市場分享的 4.6% 觀察名單基本上考慮到了當今市場上正在討論的這些關稅可能產生的所有各種結果。你看，我們一直覺得自己是一些比較容易受影響的產業，像是家具服裝、電子產品。這些產業將受到關稅的最大影響。值得慶幸的是，我們的美國投資組合中對這些類型的行業的投資很少甚至為零。

And so we feel like the numbers that we've shared, Ron, at this point, the 4.6%. And more importantly, the diversification within that 4.6%, we have 114 clients that we are tracking that represent this 4.6%. The average is basically 4 basis points per client. That captures the potential outcomes. And so this diversification obviously gives us a lot more confidence.

因此，羅恩，我們感覺目前分享的數字是 4.6%。更重要的是，在這 4.6% 的多元化中，我們追蹤的 114 位客戶代表了這 4.6%。平均下來，每個客戶基本上是 4 個基點。這捕捉到了潛在的結果。因此，這種多樣化顯然給了我們更多的信心。

And some of the names that we've already discussed, names like at home, which we believe is at least one of the contributing factors to why they're struggling was their overreliance, 70% of their product came from were imported products and a lot of it was from China. That was one of the contributing factors to their performance, along with obviously the leverage levels that they were running the business at, et cetera.

我們已經討論過一些品牌，例如 at home，我們認為導致他們陷入困境的因素之一就是過度依賴，他們 70% 的產品都來自進口產品，其中許多來自中國。這是影響他們業績的因素之一，顯然還有他們經營業務的槓桿程度等等。

But that's already played out. And so we feel like we have bookended what the possible outcomes could be client by client, industry by industry. The only variable is where will some of these tariffs land. But at this point, we feel like we've got it pretty well bookended in terms of what we've shared with the market.

但這一切已經發生了。因此，我們感覺我們已經對每個客戶、每個行業可能出現的結果進行了總結。唯一的變數是這些關稅最終會落到哪裡。但目前，我們覺得就我們與市場分享的內容而言，我們已經做得相當好了。

Great. My second question, just going back to the acquisitions. Obviously, we talked about the activity. We've also talked about, I think, 76% in Europe, which may be the biggest skew, I certainly recall. Maybe I guess, can you contextualize just the -- is that just a reflection of the better funding, better opportunity? And how do you compare and contrast sort of the Europe versus the US market today? Thanks.

偉大的。我的第二個問題是關於收購。顯然，我們談論了這項活動。我們也討論過，我認為歐洲的比例是 76%，我當然記得，這可能是最大的偏差。也許我想，你能否將其具體化——這是否只是更好的資金、更好的機會的反映？您如何比較和對比當今的歐洲市場和美國市場？謝謝。

Yeah. Again, risk-adjusted, right? That's ultimately how we look at things. But one of the key advantages we have is access to European funds. And I'm sure, Ron, you're aware that we raised about EUR1.25 billion. And the total all-in cost was 3.69%. And though we talked about in my prepared remarks of that being 130 basis points inside 3.69% is closer to 1.6% inside of what we would be able to do in the 10-year unsecured bond. So that certainly is a contributing factor.

是的。再一次，風險調整了，對嗎？這最終就是我們看待事物的方式。但我們的一個主要優勢是能夠獲得歐洲資金。羅恩，我相信您知道我們籌集了大約 12.5 億歐元。總全成本為 3.69%。儘管我們在準備好的發言中談到了 3.69% 內的 130 個基點，但這與我們能夠在 10 年期無擔保債券中做到的 1.6% 更接近。所以這肯定是促成因素。

But what is the product that we are buying, if you are being able to buy long-term leases, 20-year leases, industrial product with businesses that are either the best operator within their sector or a leading operator within their sector, we feel like from a risk-adjusted return perspective, it's the right place to be. And there are a lot of factors that go into it. But it's not just the capital, it's not just the product, but the combination of the two makes it very, very impressive.

但是，我們購買的產品是什麼呢？如果您能夠購買長期租約、20 年租約、工業產品，而這些企業要么是其行業內最好的運營商，要么是其行業內領先的運營商，那麼從風險調整後的回報角度來看，我們認為這是正確的選擇。其中涉及很多因素。但這不僅僅是資本，也不僅僅是產品，兩者的結合讓它變得非常非常令人印象深刻。

I spoke about Eko Okna as one of the larger transactions we did in Poland, the rent coverage is 6 times. And so when you see metrics like that and you're able to get it at initial yields like the way we were able to. I mean it's very difficult to compete here in the US where even in secondary markets, industrial assets are trading in the mid-6s. And that's some being generous here. They tend to go even more aggressive than that.

我談到 Eko Okna 是我們在波蘭進行的較大交易之一，租金覆蓋率是 6 倍。因此，當您看到這樣的指標時，您就能像我們一樣獲得初始收益。我的意思是，在美國競爭非常困難，即使在二級市場，工業資產的交易價格也在 6% 左右。這也算是一種慷慨的表現。他們往往會變得更加具有攻擊性。

So all of those factors contribute to us leaning a little bit more into Europe. And again, I don't want the statement to be taken the wrong way. There's a bit more stability there. There's a bit more stronger outlook to what's going to happen to interest rates et cetera. And so I think transactions are a little bit more plentiful there than what we are seeing here in the US.

所有這些因素都促使我們更傾向於歐洲。我再說一遍，我不希望這句話被誤解。那裡更加穩定一些。對於利率等未來走勢的展望更為樂觀。因此我認為那裡的交易比我們在美國看到的要多一些。

It's just a lack of stability as well. So I think all of those factors go into why we are doing more in Europe. And again, it accrues to our benefit that we have all these avenues created, and we can lean into wherever we find the best opportunities. So -- but thank you for that question.

這也只是缺乏穩定性。所以我認為所有這些因素都是我們在歐洲採取更多行動的原因。再次強調，我們創造了所有這些途徑，並可以依靠任何我們發現的最佳機會，這對我們有利。所以——但感謝您提出這個問題。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Thank you. Good afternoon. Maybe just the first one for me is on sort of the competitive landscape here. I think our broker contacts have highlighted that there's a lot of -- there are a lot of portfolio deals expected come to market in the second half of this year. And we've also seen a fair share of private buyers get involved with fundamental entree. I'm curious how you're seeing this sort of supply, demand dynamic here? And what do you think the impact will be on yields for you? And if there's the potential for a large portfolio that could take you maybe well above your guide.

謝謝。午安.對我來說，第一個問題可能就是這裡的競爭格局。我認為我們的經紀人聯絡人已經強調，預計今年下半年將有大量投資組合交易進入市場。我們也看到相當一部分私人買家參與了基本入口。我很好奇您如何看待這種供需動態？您認為這會對您的收益產生什麼影響？如果有潛力獲得大量投資組合，那麼你的收益可能會遠遠超出你的指導價。

John, obviously, the last statement you made in your question is very true. Yes, if we end up doing a very large transaction, which has not been contemplated in our guidance then yes, we will certainly go above the EUR5 billion. But let's talk a little bit about how you set up your question, which, by the way, is absolutely 100% accurate.

約翰，顯然，你問題中的最後一句話是非常正確的。是的，如果我們最終進行一筆非常大的交易，這在我們的指導下沒有考慮到，那麼是的，我們肯定會超過 50 億歐元。但讓我們稍微談談你如何提出你的問題，順便說一句，這絕對是 100% 準確的。

There is a tremendous amount of demand for this product that we've been executing on for the last 56 years in the private market. you're absolutely right that companies like BlackRock that did the Entry deal, Starwood did the fundamental deal, JPMorgan. And there are a couple of others, I think Morgan Stanley, they're creating their own net lease funds. Blackstone has obviously aggressively gone down the path of creating their own net lease fund.

我們在私人市場上已經執行了 56 年的這款產品，需求量龐大。您說得完全正確，像貝萊德 (BlackRock) 做了入門交易，喜達屋 (Starwood) 做了基礎交易，摩根大通 (JPMorgan) 做了基礎交易。還有其他幾家公司，我想是摩根士丹利，他們正在創建自己的淨租賃基金。黑石顯然已經積極地走上了創建自己的淨租賃基金的道路。

This is a testament to this product. And the way we are seeing it is the inbounds that we are getting from different pockets of capital wanting to utilize our platform to execute this strategy. For me, this is a win-win. I believe we are perfectly situated to be that platform that these pockets of capital can utilize to execute this very safe, very durable, very dependable business model. We oftentimes talk about we have a bond-like cash flow but equity like growth.

這是對該產品的證明。我們看到的是，來自不同資本領域的投資都希望利用我們的平台來執行這項策略。對我來說，這是一個雙贏的局面。我相信，我們完全有能力成為這些資本可以用來執行這種非常安全、非常持久、非常可靠的商業模式的平台。我們常說我們有類似債券的現金流，但也有類似股票的成長。

I mean, which other product gives you that. So I'm not surprised that you have more and more of these private platforms that are creating these net lease, either they are creating themselves organically or they're trying to do it through a partnership.

我的意思是，還有哪個產品能給你這種效果？因此，我並不感到驚訝，越來越多的私人平台正在創建這些淨租賃，他們要么自行創建，要么試圖透過合作來實現。

So this is a good thing for our industry. More capital coming in, more stable capital coming into our business, I would add. And I believe that we are best suited or very well suited to be -- to take advantage of that. Will it create more competition? Will it push cap rates down?

所以這對我們的產業來說是一件好事。我想補充的是，更多的資本流入，更穩定的資本進入我們的業務。我相信我們最適合或非常適合利用這一點。這會帶來更多競爭嗎？這會降低資本化率嗎？

Sure. But will they have the same level and maturity of underwriting that we have, I don't believe so. We've been competing with private capital sources, at least in the last 10 years from the more established players. And the fact that the interest rate environment remains up in the air, leverage is a big part of a lot of these strategies, and that continues to be something that we will benefit from most given our A minus A3 credit rating.

當然。但他們是否會擁有與我們相同的承保水準和成熟度，我不這麼認為。我們一直在與私人資本來源競爭，至少在過去 10 年裡，我們一直在與更成熟的參與者競爭。事實上，由於利率環境仍然不確定，槓桿是許多此類策略的重要組成部分，鑑於我們的 A-A3 信用評級，槓桿仍然是我們最受益的因素。

And so -- and once we have these other channels that we are working on up and running, then we will also be able to address the volatility we see on our public equity side with some private sources of equity. And so I say bring it on. It's going to sort of create more opportunities for a platform like ours to do large-scale deals. And that's one of the mega trends I talked about in my prepared remarks. More and more product is coming into the market.

所以——一旦我們正在努力建立並運行這些其他管道，那麼我們也將能夠利用一些私募股權來源來解決我們在公共股權方面看到的波動問題。所以我說，來吧。這將為像我們這樣的平台創造更多進行大規模交易的機會。這是我在準備好的發言中談到的重大趨勢之一。越來越多的產品進入市場。

More and more companies are engaging and saying, but we want the right partner. And it is not just, okay, we understand net lease, it's who's the right landlord that we trust who will hold these assets for the long term. And there again, we stand out. So sorry, John, I know you didn't -- you asked a very specific question, but I wanted to provide this context to frame my megatrend comments that I made during my prepared remarks.

越來越多的公司參與其中並表示，但我們需要合適的合作夥伴。這不僅僅是，好吧，我們理解淨租賃，而是誰是我們信任的合適的房東，誰將長期持有這些資產。我們再次脫穎而出。非常抱歉，約翰，我知道你沒有——你問了一個非常具體的問題，但我想提供這個背景來建立我在準備好的發言中所做的大趨勢評論。

No, that was very helpful. I appreciate the thoughtful response. And the second one for me. I just want to make sure I heard you correctly in the opening remarks. It sounds like you reiterated the 75 bp credit loss guide. I was just hoping maybe you could talk about what you've experienced year-to-date? And then what else is included in that number or if it's just sort of an open-ended source of conservatism?

不，這非常有幫助。我很感激您的深思熟慮的回應。對我來說是第二個。我只是想確保我正確聽清了您的開場白。聽起來你重申了 75 bp 的信用損失指南。我只是希望您能談談今年迄今為止的經歷？那麼這個數字還包含什麼呢？或者它只是一種開放式的保守主義來源？

Hey John, it's Jonathan. So on a year-to-date basis, we've recognized about $17 million in reserves. That is a number that represents about 65 basis points of rental revenue for the first half. We are indeed reiterating the 75 basis point number for the full year. And so as you think about the second half, we do have some identified credits that we've kind of set aside and have an expectation or our base model forecast for in terms of reserves we may or may not take. We feel like that's perhaps a little conservative. We also have a little bit of cushion on top of that.

嘿，約翰，我是喬納森。因此，從年初至今，我們已確認約 1700 萬美元的儲備金。這個數字相當於上半年租金收入的約65個基點。我們確實重申了全年 75 個基點的數字。因此，當您考慮下半年時，我們確實有一些已確定的信貸，我們已經將其預留出來，並且對於我們可能會或可能不會採取的儲備有一個預期或基本模型預測。我們覺得這可能有點保守。我們在此基礎上還留有一點緩衝。

But the one thing I'll emphasize, that's a fully big number. That includes accounts receivable that we might charge off that includes a rent associated with vacancy. It includes carrying costs associated with vacancy. And so this is a fully big number. And you'll hopefully see us outperform that. But to be clear, we are reiterating that for the back half.

但我要強調的是，這是一個很大的數字。其中包括我們可能註銷的應收帳款，其中包括與空置相關的租金。其中包括與空置相關的持有成本。所以這是一個很大的數字。並且希望您能看到我們超越這個目標。但要明確的是，我們對後半部重申這一點。

Ryan Caviola, Green Street.

瑞安·卡維奧拉，綠街。

Good afternoon. Thanks for taking my question. Just wanted to ask a question on what you're seeing on net lease industrial assets in Europe versus kind of what you mentioned in the United States, how that surge of private capital interest had kind of affected pricing dynamics here. How is it different in Europe? I know that was the focus of the investments this quarter? And do you think that trend will continue? Thank you.

午安.感謝您回答我的問題。我只是想問一個問題，您看到歐洲的淨租賃工業資產與您提到的美國的情況相比有什麼不同，私人資本興趣的激增對這裡的定價動態有何影響。歐洲的情況有何不同？我知道這是本季投資的重點嗎？您認為這種趨勢會持續下去嗎？謝謝。

That's a good question, Ryan. I just think lack of competition. We don't have the same number of potential buyers of assets with this wall of capital wanting to be invested in this particular sector, pushing for transactions in Europe. I think that's a big part of it. So we can be a lot more rational about assets.

這是個好問題，瑞安。我只是認為缺乏競爭。我們沒有那麼多的潛在資產買家，他們有大量的資本希望投資於這個特定的領域，推動在歐洲進行交易。我認為這是其中很重要的一部分。因此我們可以更理性地對待資產。

The second piece I would say is relationships. Relationships means a lot more, in our opinion, in Europe than it does here. And so when you have the right relationships with developers, you have the right relationships with the operators, and they get to know you, it doesn't always come down to who's willing to pay the most certainty of close, desire to hold assets the long term, ability to do more repeat business.

我想說的第二點是關係。我們認為，在歐洲，人際關係比在這裡更重要。因此，當你與開發商建立了正確的關係，與運營商建立了正確的關係，並且他們了解你時，並不總是取決於誰願意支付最確定的成交價、誰願意長期持有資產、誰有能力做更多的重複業務。

All of those factors, I think, also contribute to a much more, what I would call a rational market for industrial transactions in Europe. Having said that, cap rates are not the same across every jurisdiction. If you go to Germany, things are still pretty tight.

我認為，所有這些因素也有助於形成一個更理性的歐洲工業交易市場。話雖如此，但各司法管轄區的資本化率並不相同。如果你去德國，情況還是相當緊張。

And so we look for the right opportunities in places where we have the right yield, so that day one, we can point to accretion and we've already talked about the ability to finance these transactions with much lower cost of capital. So I think that's where the rational pricing comes into play, Ryan, in Europe versus here in the US, where there's just a lot more competition.

因此，我們在具有適當收益的地方尋找合適的機會，以便第一天，我們就可以指出增值，並且我們已經討論過以低得多的資本成本為這些交易融資的能力。因此，我認為，這就是合理定價發揮作用的地方，瑞安，在歐洲，而在美國，競爭更加激烈。

Appreciate that. And then I know you telegraphed the entry to Poland a few quarters back, and we're able to execute on that this quarter. Does that round out the countries of interest on that side of the globe for now? Or are there still a few new countries you're looking at? Or is that kind of a fluid situation?

非常感謝。我知道您在幾個季度前就已經宣布了進入波蘭的計劃，我們本季就可以執行這個計劃。這是否就目前而言地球那邊值得關注的國家都已全部列出？還是您還在關註一些新的國家？或者這是一種不穩定的情況？

I would say there are a few other Western countries in Europe that we are looking at opportunities, but we haven't been able to get over the finish line. Some in the Lux states, some in the Nordics. But again, those are fair game. If we do a transaction, please don't be surprised. We'll obviously talk a lot about the details around those transactions. But otherwise, we are largely sort of identified the European strategy. But you use the word global.

我想說的是，我們正在歐洲其他幾個西方國家尋找機會，但我們還沒有能夠跨越終點線。一些在盧森堡國家，一些在北歐國家。但再說一遍，這些都是公平的遊戲。如果我們進行交易，請不要感到驚訝。我們顯然會談論很多有關這些交易的細節。但除此之外，我們基本上已經確定了歐洲戰略。但你使用了「全球」這個詞。

And so I don't want to discount our ability to continue to expand. Of course, we are going to do it as we did our European expansion. We've always looked at our neighbors with Canada and Mexico as potential countries to expand into. And a lot of this uncertainty around trade dynamics might create opportunities for us. So those countries, too, would be fair game.

因此我不想低估我們繼續擴張的能力。當然，我們會像我們擴張歐洲那樣做。我們一直將加拿大和墨西哥等鄰國視為潛在的擴張國家。貿易動態中的許多不確定性可能會為我們創造機會。因此這些國家也將成為公平的目標。

But look, the hurdle rate to go into a brand new country for us is very, very high. And I hope we've proven to the market and to you, Ryan, that if we do decide to expand, it will be with a lot of forethought and with the thesis that we will share with you. And that will be the precursor to us going into these countries.

但是，對我們來說，進入一個全新國家的門檻非常非常高。我希望我們已經向市場和你證明，瑞安，如果我們決定擴張，我們將經過深思熟慮，並秉持我們將與你分享的論點。這將是我們進入這些國家的前兆。

Greg McGinnis, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hi, thanks for the questions. This is Elmer Chang on with Greg. First question is on the investment pipeline. Again, how much of the $43 million of deal volume we sourced during the quarter maybe represent larger portfolio deals that you have higher confidence in closing, say, maybe early next year instead of this year. And then how would you describe your ability to curate portfolios and also maintain pricing power in today's environment on those deals?

你好，謝謝你的提問。我是 Elmer Chang，和 Greg 一起。第一個問題是關於投資管道。再說一次，我們在本季度達成的 4,300 萬美元交易量中，有多少可能代表著更大的投資組合交易，而您更有信心在明年年初而不是今年完成這些交易。那麼，您如何描述您在當今環境下策劃投資組合以及保持交易定價能力的能力？

Yeah. It was $43 billion actually. But yes, it's tough to tell. Certainly, there'll be a portion of that $43 billion. That's not reflected in the $1.2 billion that we closed this quarter that we will be closing in subsequent quarters.

是的。實際金額是 430 億美元。但確實，這很難說。當然，這 430 億美元中會有一部分。這並沒有反映在我們本季完成的 12 億美元中，我們將在接下來的幾季完成這些。

So your question is a good one. But I think the comment I made around approximately $3.7 billion of transactions that we walked away from because it didn't meet that initial spread remains intact. And our expectation is that -- given this expansion into new geographies and our advent into data centers, some of these volume numbers are going to continue to track much higher just because we are now playing across a wider geographical footprint and additional asset types. So you should continue to see that, Elmer. And Yes, and a portion of this, we will certainly close in the subsequent quarters, but I can't go into any more detail than that.

所以你的問題很好。但我認為，我之前關於因未達到初始利差而放棄的約 37 億美元交易的評論仍然有效。我們的預期是——鑑於我們向新地區的擴張和進入資料中心，其中一些交易量將繼續大幅上升，因為我們現在的地理覆蓋範圍更廣，資產類型也更多。所以你應該繼續看到這一點，埃爾默。是的，其中的一部分，我們肯定會在接下來的幾個季度完成，但我不能透露更多細節。

Okay, yeah, thanks for that correction there as well. And second question is on lease expirations, you have about 6% of ABR expiring this year or next year. What percentage of that bucket represents noncore assets that you've identified for capital recycling opportunities. And how accretive would you expect those sales -- those potential sales to be as you look to source more investment opportunities?

好的，是的，也感謝您的糾正。第二個問題是關於租約到期，大約有 6% 的 ABR 將在今年或明年到期。該桶中有多少百分比代表您已確定的用於資本回收機會的非核心資產。當您尋求更多的投資機會時，您預計這些銷售額—這些潛在銷售額將有多大增值？

That's a good question. Look, anytime we have a lease rollover, we basically go through the economic analysis of if the existing client does not exercise their renewal rights. Then we have a couple of routes to pursue. One is -- can we find an alternative tenant? And can we find them quickly enough to justify that particular route.

這是個好問題。你看，每當我們有租約展期時，我們基本上都會進行經濟分析，看看現有客戶是否行使其續約權利。那我們有幾條路線可供選擇。一是──我們能找到其他租戶嗎？我們能否足夠快地找到它們以證明該特定路線的合理性？

A second route could be, can we reposition this asset for a highest and best use, which we are happy to do and we are currently doing within our development pipeline.

第二種途徑可能是，我們能否重新定位這項資產以實現最高和最佳的用途，我們很樂意這樣做，而我們目前正在開發流程中進行這樣做。

And then as a third outcome, is to sell it vacant because we have realized the full economic value and holding on to this asset creates costs that holding cost that is not justifiable. And so we try to sell it than just to be very efficient. So once we've gone through that, and this is where our data analytic tools are very useful along with the experience of our asset management team. We execute on one of those three strategies immediately.

第三個結果是將其空置出售，因為我們已經實現了全部經濟價值，並且持有該資產會產生不合理的持有成本。因此，我們嘗試銷售它而不僅僅是提高效率。一旦我們完成了這一步，我們的資料分析工具和資產管理團隊的經驗就會變得非常有用。我們立即執行這三種策略之一。

But the point I want to make is we are not waiting till a particular lease is within the last three months or six months of expiration. If I were to speak with our asset management team, they're working on assets that may be rolling over not only in 2026, but some even in 2027, if it's with the same client and they have a widest swath of assets.

但我想說的是，我們不會等到某份租約在最後三個月或六個月內到期。如果我與我們的資產管理團隊交談，他們正在處理的資產不僅可能在 2026 年滾動，而且有些甚至會在 2027 年滾動，如果是同一個客戶並且他們擁有最廣泛的資產。

And oftentimes, what you might see today -- the expirations in '26, '27 I think in '26, it's close to 4.5% in that -- 4% in that ZIP code. By the end of this year, you'll see that 4% has already come down considerably because we've already resolved those 2026 assets within the last six months of 2025. And that's the cadence to a lot of these expirations.

很多時候，您今天可能會看到 - - 26 年、27 年到期的債券，我認為在 26 年，該郵遞區號地區的利率接近 4.5% - - 為 4%。到今年年底，你會發現 4% 已經大幅下降，因為我們已經在 2025 年的最後六個月內解決了這些 2026 年的資產。這就是許多到期日的節奏。

Are there unique expirations next year? I don't believe so. This is pretty much folks that we've had plenty of experience with. Could there possibly be one or two assets that we've inherited through our M&A transactions that we don't have a -- beyond that one asset, we don't have multiple assets leased to them, yes. That's always possible and every year we run into that. But I don't believe that that's going to be a disproportionate share of what is expiring next year or for the remainder of this year for that matter.

明年是否有獨特的到期日？我不這麼認為。這些都是我們有過很多合作經驗的人。我們透過併購交易繼承了一兩項資產，而我們沒有——除了這一項資產之外，我們沒有租賃給他們的多項資產，是的。這總是有可能的，而且每年我們都會遇到這種情況。但我不認為這會是明年或今年剩餘時間到期債務的不成比例的份額。

Handel St Juste, Mizuho.

亨德爾聖賈斯特，瑞穗。

Hey guys, good afternoon. A couple of quick ones from me here. First, I guess, Maybe, John, can you talk about, I guess, how you're thinking or looking -- feeling about the overall balance sheet, your growth liquidity here in the current environment. And also how you're thinking about the various funding sources, free cash flow, equity, the revolver dispositions under near-term opportunities.

大家好，下午好。我在這裡簡單說幾點。首先，我想，約翰，您能否談談，在當前環境下，您對整體資產負債表、成長流動性有何看法或看法？還有您如何考慮各種資金來源、自由現金流、股權、短期機會下的循環信貸處置。

Yeah, no. Yes, I feel very good about it. Obviously, we had a very successful year of bond offering in June. It was about EUR1.1 billion. It was over 5x subscribed. We were very excited about just the lineup of the sponsorship that we got, and that gives us a little confidence on a go-forward basis. We do have some debt maturities that are coming up. We do have about $850 million for the balance of the year. We have a $5.4 billion line. And as of quarter end, net of cash was only about $700 million drawn. So plenty of capacity there for us to be incredibly patient.

是的，不。是的，我感覺非常好。顯然，我們六月的債券發行非常成功。約11億歐元。訂閱量已超過 5 倍。我們對獲得的贊助陣容感到非常興奮，這給了我們一些前進的信心。我們確實有一些債務即將到期。我們今年的餘額確實有大約 8.5 億美元。我們有 54 億美元的信用額度。截至本季末，淨現金僅約 7 億美元。因此，我們有足夠的能力保持極大的耐心。

The European pipeline, as we've talked about today, continues to grow, which I love hearing because that just means we're getting closer to issuing more denominated debt. And we had $800 million of cash at quarter end. And so you start adding up all of these tailwinds, not to mention the $654 million of unsettled forward equity. And there's very little equity that we have to go out there and raise externally to hit our acquisition guidance. The $450 million of free cash flow is on top of that.

正如我們今天所討論的，歐洲的管道正在繼續成長，我很高興聽到這個消息，因為這意味著我們越來越接近發行更多面額的債務。截至本季末，我們擁有 8 億美元現金。因此，你開始把所有這些順風因素加起來，更不用說 6.54 億美元的未結算遠距權益了。為了達到我們的收購指導，我們需要從外部籌集的股權非常少。除此之外，還有 4.5 億美元的自由現金流。

And we haven't talked about disposition volume and our asset management team continues to be extremely active on that front. So yes, $850 million of maturities coming out for the rest of the year, it sounds like a big number, but we have a multitude of sources to take care of that, and we're very programmatic about keeping our leverage at quarter end in that 5.5 times level and the level of predictability we get from this cash flow that allows us to do that.

我們還沒有談論處置量，我們的資產管理團隊在這方面繼續非常活躍。是的，今年剩餘時間將有 8.5 億美元的到期債務，這聽起來像是一個很大的數字，但我們有多種來源來處理這個問題，而且我們非常有計劃地將季度末的槓桿率保持在 5.5 倍的水平，以及我們從這種現金流中獲得的可預測性水平，使我們能夠做到這一點。

That's helpful. Great color. Thank you. And then maybe one more. We saw some additional disclosure about the different return thresholds in the prefund platform. It sounds like you guys are slowly steadily moving the ball forward here.

這很有幫助。顏色很棒。謝謝。然後也許還會再來一個。我們在預基金平台中看到了一些關於不同回報門檻的額外揭露。聽起來你們正在緩慢而穩定地推動事情向前發展。

So I guess I'm curious where we are overall in the process? When should we expect to launch? And I'm really curious how much of the $3.7 million that you passed on during the second quarter for the on balance sheet that would have met the threshold for the fund. Thanks.

所以我很好奇我們整個過程進展到什麼程度了？我們什麼時候可以啟動？我真的很好奇，您在第二季為資產負債表撥付的 370 萬美元中，有多少能夠達到該基金的門檻。謝謝。

So Haendel, we bear with us for a little bit because this is a process. There's only so much we can share at this injunction. There's a level of extreme due diligence that happens from the investor side. But I think you've been able to pick up from our commentary that we've made substantial progress and even better than we would have hoped to start the year. The type of return thresholds, we've talked about this before.

所以亨德爾，我們稍微忍耐一下，因為這是一個過程。在這個禁令下我們能分享的資訊非常有限。投資者方面需要進行一定程度的極為盡職調查。但我想您已經從我們的評論中了解到，我們已經取得了實質進展，甚至比我們年初所希望的還要好。回報門檻的類型，我們之前已經討論過這個。

What's right for private capital is something that has a great IRR profile over the long term, 10 years plus, but may not necessarily have that year one yield. And of that $3-plus billion that we talked about, that was the primary reason why we had to pass on it.

對於私人資本來說，正確的做法是長期來看（10 年以上）具有良好的內部報酬率，但不一定能達到第一年的報酬率。在我們討論的 30 多億美元中，這就是我們不得不放棄它的主要原因。

And so the expansion of the buy box by virtue of having tools like this that -- are you thinking about this notion of year one investment spread they're thinking about true underwriting real estate over the long term and thinking about it from an IRR standpoint. We're not sacrificing IRR. There's just a different trajectory towards that. And that's really how we're thinking about what won't go to private capital.

因此，憑藉這樣的工具，購買框可以擴大——您是否考慮過第一年投資利差的概念，他們正在考慮長期真正的承保房地產，並從 IRR 的角度考慮。我們不會犧牲 IRR。只是實現這目標的軌跡有所不同。這就是我們真正在思考什麼不會流向私人資本的問題。

Wesley Golladay, Baird.

韋斯利·戈拉迪，貝爾德。

Hello everyone. I just want to kind of build off that last question and answer. When you look at the opportunity and the constraints of the third-party capital, it doesn't seem like sourcing deal volume will be an issue. And so I guess, where would the constraints be? Would it be on the be a constraint? Or would it be -- could you get a higher close rate? How should we think about that?

大家好。我只是想延續最後一個問題和答案。當你檢視第三方資本的機會和限制時，交易量的取得似乎不是一個問題。所以我猜想，限制會在哪裡？這會是一個限制嗎？或者是—您能獲得更高的成交率嗎？我們該如何看待這個問題？

Wes, a portion of your question got lost, but I think you were talking about where would the constraints be? And you qualified that question by saying that it's not going to be sourcing volume. So if we heard you right, that is 100% true that not we're not opportunity constrained. That's the beauty of this platform.

韋斯，你的問題有一部分被遺漏了，但我認為你正在談論限制在哪裡？您透過說這不會涉及採購量來限定這個問題。因此，如果我們沒聽錯的話，這是 100% 正確的，我們不會受到機會的限制。這就是這個平台的魅力所在。

What will be one of the constraining factors for this channel is the amount of capital that we are able to raise, to be able to execute the strategy. So far, so good. More to come on that, but we are very excited about where we stand in the process today.

這個管道的限制因素之一是我們能夠籌集到多少資金來執行這個策略。到目前為止，一切都很好。關於這一點我們還會做更多，但我們對目前所取得的進展感到非常興奮。

Thanks for the time.

謝謝你的時間。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my questions. Retail concentration and acquisitions stepped down from about 72% to 47% in the quarter. So I know this will vary from period to period. But is there anything to read in that? Is that a function of opportunities? Is it a function of continued interest in diversifying the portfolio just trying to understand where your interest and acquisitions lies.

午安.非常感謝您回答我的問題。本季零售集中度和收購率從約 72% 下降至 47%。所以我知道這會隨著時期的不同而改變。但其中有什麼好讀的嗎？這是機會的功能嗎？這是否是持續關注投資組合多樣化的一個功能，只是想了解您的興趣和收購所在。

Good question, Michael. And yes, it was very opportunistic. We just found more transactions within the industrial sector and on the credit side that fit our box better than continuing to pursue retail. But it is going to vary -- retail still dominates 80% of our overall portfolio and will continue to be a big part of what we do going forward.

問得好，麥可。是的，這是非常機會主義的。我們只是發現工業領域和信貸方面的交易比繼續追求零售更適合我們。但情況會有所不同——零售仍然占我們整體投資組合的 80%，並將繼續成為我們未來業務的重要組成部分。

Got it. And as a follow-up, I think you mentioned in a response near pursuit of different geographies and you run up data centers. So just wanted to talk a little bit about what you're seeing from that asset class, the opportunity set to acquire further there and just like your overall interest in moving deeper to data centers from here.

知道了。作為後續問題，我認為您在回覆中提到了對不同地理位置的追求以及您正在運行的資料中心。所以，我只想稍微談談您從該資產類別中看到的情況、進一步收購的機會以及您對從這裡深入資料中心的整體興趣。

Yeah. So Michael, our interest in data centers remains intact, continues to accelerate, but the selectivity in that particular area also continues to remain intact. And so look, as long as we find the right partners as long as we find the right locations and ultimate clients sitting in those assets, we would be very interested in deploying lots of capital into that space. But we are not going to compromise our selectivity. We have been approached to do certain transactions and it just doesn't meet our selectivity box, if you will.

是的。所以邁克爾，我們對資料中心的興趣仍然不變，並且不斷加速，但該特定領域的選擇性也仍然保持不變。所以，只要我們找到合適的合作夥伴，只要我們找到合適的地點以及擁有這些資產的最終客戶，我們就會非常有興趣在該領域投入大量資金。但我們不會在選擇性上妥協。我們曾被要求進行某些交易，但如果你願意的話，它並不符合我們的選擇性要求。

And so -- but look, we -- again, even on that particular area, we made an investment in the first quarter. And we hope to continue to cultivate that particular relationship. And we are looking forward to it bearing fruit in the future.

所以 — — 但是你看，我們 — — 即使在那個特定領域，我們也在第一季進行了投資。我們希望繼續培養這種特殊的關係。我們期待它在未來能夠結出碩果。

Jason Wayne, Barclays.

巴克萊銀行的傑森韋恩。

Hi, good afternoon. Yeah. Just lease expirations ticked up a bit quarter-over-quarter. I'm just wondering if you could break down how much of that was due to leases rejected in bankruptcies?

嗨，下午好。是的。租賃到期數量與上一季相比略有增加。我只是想知道您是否可以細分一下其中有多少是由於破產而拒絕租約造成的？

I don't think we have that data, Jason. It's a good question. But it was circa EUR 100 million plus, minus of lease expirations, and if I remember correctly, 93%, we had a very high number of existing clients renewing their leases. So I'm not sure how many of that remaining 7% were bankruptcy-driven releases or what have you. But I think it was still very much dominated by our natural flow of expirations that occurred in the second quarter.

我認為我們沒有那些數據，傑森。這是個好問題。但大約有 1 億歐元加上（減去）租約到期金額，如果我沒記錯的話，93% 的現有客戶續約了。所以我不確定剩下的 7% 中有多少是因破產而發布的，或者其他什麼原因。但我認為這仍然在很大程度上受到第二季度自然到期流的影響。

But this number -- and by the way, I've been talking about this for the last four, five years now, will continue to increase. And this is where I genuinely believe that our asset management team and our data-driven approach to resolving leases, et cetera, is going to start to become yet another driver of value creation for us.

但這個數字——順便說一句，過去四、五年我一直在談論這個問題，它還會繼續增加。正是在這一點上，我真誠地相信，我們的資產管理團隊以及我們以數據為導向的解決租賃等問題的方法將開始成為我們創造價值的另一個驅動力。

And over the last, I don't know how many years, but if you look at our lease renewals and our leasing spreads, they have been consistently in the 103% to 104% to 105%. And it really is a function of what I just said, is the experience of the team and the tools that we've created to help assist the team in negotiating transactions.

在過去，我不知道有多少年了，但如果你看看我們的租約續約和租賃利差，它們一直保持在 103% 到 104% 到 105% 之間。這確實是我剛才所說的功能，是團隊的經驗以及我們創建的幫助團隊進行交易談判的工具。

So instead of it being something that we are concerned about, we are actually looking forward to this continued increase in the volume of dollars that are going through a renewal process on a year in, year out basis. Next year, it's fairly muted. But in 2027, 2028, we are looking forward to those years.

因此，我們並不擔心這個問題，相反，我們實際上期待著逐年增加的美元數量，並經歷更新過程。明年，情況將會相當平靜。但在2027年、2028年，我們期待那些年。

Right. And then just on the Dollar Tree sale of Family Dollar, I'm just wondering how many family dollars are actually are included into the Dollar Tree exposure and that's contemplated in your guidance for the rest of the year?

正確的。然後，就 Dollar Tree 出售 Family Dollar 的情況而言，我想知道實際上有多少 Family Dollar 被納入 Dollar Tree 的敞口中，而這是否已在您對今年剩餘時間的指導中考慮到？

Yeah, that's a good question. So rough numbers, please don't hold me to the precision. It's -- the total exposure from Dollar Tree, Family Dollar was circa 10%. Post this separation, it will be 2%, it's going to go with the Family Dollar and 1%. These are rough, okay? Directionally accurate. 1% will be Dollar Tree.

是的，這是個好問題。如此粗略的數字，請不要要求我的精確度。Dollar Tree 和 Family Dollar 的總曝光率約為 10%。分開之後，它將是 2%，與 Family Dollar 和 1% 一起。這些很粗糙，好嗎？方向準確。 1% 將是 Dollar Tree。

Over the next 1.5 years, so through 2026, there's only 10 basis points of expirations coming through for Family Dollar, 10 basis points coming through for Dollar Tree. This is through 2026. So that's the near-term exposure we have to that -- those two flags.

在接下來的 1.5 年內，也就是到 2026 年，Family Dollar 的到期利率僅為 10 個基點，Dollar Tree 的到期利率也只有 10 個基點。這是到 2026 年的情況。這就是我們近期面臨的問題——這兩個標誌。

Dan Bensch, Bank of America.

美國銀行的丹‧本施 (Dan Bensch)。

Good afternoon. Just one for me. Are you starting to see an uptick in interest from US buyers for the European deals you're looking at?

午安.對我來說只有一個。您是否開始發現美國買家對您所關注的歐洲交易的興趣增加？

We have certainly seen a couple of private entrants into the European market. So yes, we are starting to see interest from American investors wanting to expand into Europe.

我們確實看到一些私人企業進入歐洲市場。所以是的，我們開始看到美國投資者對進軍歐洲市場感興趣。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Linda Yu, Jefferies.

傑富瑞的 Linda Yu。

Hi. You felt more into the increase in the sourcing activity, $43 billion. What accounted for that? Are you shifting your investment parameters? Or did AI play a role in how you're sourcing?

你好。您更感受到採購活動的成長，達到 430 億美元。是什麼原因造成這樣的情況呢？您正在改變您的投資參數嗎？或者人工智慧在您的採購方式中發揮了作用嗎？

That's a great question, Linda. I never thought about using AI. So the channels of sourcing, they have not changed. The asset types, et cetera, they have not changed. Poland is certainly a new entrant that is now going to contribute and has potentially contributed to the $43 billion.

這個問題問得真好，琳達。我從來沒有想過要使用人工智慧。因此採購管道沒有改變。資產類型等等都沒有改變。波蘭無疑是一個新進入者，現在它將做出貢獻，並且可能已經為 430 億美元做出了貢獻。

But as more and more data center opportunities start to come in, that is going to help with the sourcing numbers being what they are. So that is certainly a contributing factor. But I wouldn't say that we have started to evolve the sourcing channels, but I think you've shared with us an avenue that perhaps we should lean into.

但隨著越來越多的資料中心機會開始出現，這將有助於採購數量的成長。所以這肯定是促成因素。但我不會說我們已經開始發展採購管道，但我認為您與我們分享了一條我們應該依靠的途徑。

Great. And then my second question is, you said the mix of Europe versus domestic investments would be similar next quarter. Do you think the initial weighted average cash yield would look similar as well?

偉大的。我的第二個問題是，您說下個季度歐洲和國內的投資組合將會相似。您認為初始加權平均現金收益率看起來也會類似嗎？

I would say they will be similar to slightly better.

我想說它們會類似或稍微好一點。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Great, thanks for taking my question. It looks like the probability of a Fed rate cut is likely in September, and it seems like there's a growing pressure for further rate cuts, if not this year, but it could occur next year. I'm just wondering if this could potentially change your strategy as it relates to Europe versus US investments?

太好了，感謝您回答我的問題。看起來聯準會9月降息的可能性很大，而且進一步降息的壓力似乎越來越大，即使不是今年，也可能是明年。我只是想知道這是否會改變您關於歐洲與美國投資的策略？

Yes, a great question, Upal. And if you follow the way our stock trades, it is highly negatively correlated to interest rates. So if interest rates and your opinion does come down, it should have potentially. And I'm assuming that the 10-year comes down as well. it should have a positive impact on our cost of equity through the public channels.

是的，這是一個很好的問題，Upal。如果你有在關注我們的股票交易方式，你會發現它與利率高度負相關。因此，如果利率和您的意見確實下降，那麼它應該有潛力。我假設 10 年期利率也會下降。這應該會透過公共管道對我們的股權成本產生正面影響。

And so our ability to do some of those deals that we passed up on the $3.7 billion would increase. So yes, it could change our ability to do more here in the US. But it's still very unclear to me as to whether interest rates will be cut and/or even if it is cut, if it will have a disproportionate impact on the tenure.

因此，我們完成一些在 37 億美元上被放棄的交易的能力將會增強。所以是的，它可能會改變我們在美國做更多事情的能力。但我仍然不清楚是否會降低利率，或者即使降低利率，是否會對任期產生不成比例的影響。

Okay. Great. That was helpful. And then it looks like your dispositions on your -- in your vacant assets increased sequentially. I just wanted to get your sense of how much more you have to do to get to a level you're comfortable with? You mentioned dispositions broadly increasing in your prepared remarks, but any additional color there would be helpful. Thanks.

好的。偉大的。這很有幫助。然後看起來您對空置資產的處置量連續增加。我只是想了解一下，您還需要做多少才能達到您滿意的水平？您在準備好的發言中提到了傾向性普遍增加，但任何補充說明都會有所幫助。謝謝。

Sure. what we've said and we are reiterating this quarter is that it will be very similar to what we've done last year.

當然。我們已經說過並且在本季重申的是，它將與我們去年所做的非常相似。

Eric Gordon, BMO Capital Markets.

埃里克·戈登 (Eric Gordon)，BMO 資本市場。

Hey, good afternoon. Jonathan, I just want to go back to your comments around FX. I was hoping that you could talk a little bit more about the hedging strategy that you guys are currently pursuing today? And then if there's any potential tailwind given the relative strength between the EU and USD built into the guidance today? Thank you.

嘿，下午好。喬納森，我只是想回到你關於外匯的評論。我希望您能再多談談你們目前正在採取的對沖策略？那麼，考慮到今天的指導意見中體現的歐盟和美元之間的相對強勢，是否存在任何潛在的順風？謝謝。

Sure. Thanks, Eric. I think first of all, to provide context, we have a formal hedging policy that forces us to have a level of discipline. We're not allowed to take too much risk one way or another. And so from a balance sheet standpoint, from an FX hedging perspective, we're pretty evenly matched from an asset and liability standpoint, especially in euro.

當然。謝謝，埃里克。我認為首先，為了提供背景信息，我們有一項正式的對沖政策，迫使我們遵守一定程度的紀律。無論如何，我們都不允許承擔太大的風險。因此，從資產負債表的角度和外匯對沖的角度來看，我們在資產和負債方面是相當均衡的，尤其是在歐元方面。

And another thing that I would share is, I referenced the [Forward] FX curve. You may not recall, but in 2019, when we did enter the international realm, we did a 15-year cross-currency swap. And that was because the forward curve between the dollar and sterling was extremely attractive. And so that's an option that we have available to us.

我想分享的另一件事是，我參考了[遠期]外匯曲線。您可能不記得了，但在 2019 年，當我們進入國際領域時，我們進行了 15 年的交叉貨幣互換。這是因為美元和英鎊之間的遠期曲線極具吸引力。所以這是我們可以選擇的一個選項。

But I think for us, we try and take as much discretion out of it by virtue of always having some level of hedged earnings, if you will, locked in. We never want to have a quarter where we're talking about FX headwinds or tailwinds, we want to focus on the core business, and I think we've been successful in that so far.

但我認為，對於我們來說，我們會嘗試透過始終鎖定一定程度的對沖收益（如果你願意的話）來獲得盡可能多的自由裁量權。我們從不希望在某個季度談論外匯逆風或順風，我們希望專注於核心業務，我認為到目前為止我們在這方面已經取得了成功。

All right, thank you very much. I appreciate it.

好的，非常感謝。我很感激。

And with that, we will conclude our question-and-answer session. I'd like to turn the conference back over to Sumit Roy for any closing remarks

我們的問答環節就此結束。我想把會議交還給 Sumit Roy 做閉幕發言

Thank you all for joining us today. We look forward to speaking soon and seeing you at conferences in the coming weeks. Thank you, Joe.

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。謝謝你，喬。

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

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。