Realty Income Corp (O) 2025 Q3 法說會逐字稿

Good day and welcome to the Realty Income third quarter 2025 earnings conference call. (Operator Instructions) Please note today's event is being recorded.

大家好，歡迎參加 Realty Income 2025 年第三季財報電話會議。（操作說明）請注意，今天的活動正在錄製中。

I would now like to turn the conference over to Andrea Behr, Director of Corporate Communications. Please go ahead.

現在我將把會議交給企業傳播總監安德里亞貝爾。請繼續。

Thank you for joining us today for Realty Income's 2025 third quarter operating results conference call. Discussing our results will be Sumit Roy, President and Chief Executive Officer; Jonathan Pong, Chief Financial Officer and treasurer; Neil Abraham, President, Realty Income International, and Mark Hagan, Chief Investment Officer.

感謝您今天參加 Realty Income 2025 年第三季經營業績電話會議。我們將由總裁兼執行長 Sumit Roy、財務長兼財務長 Jonathan Pong、Realty Income International 總裁 Neil Abraham 和首席投資長 Mark Hagan 來討論我們的業績。

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.

在本次電話會議中，我們將發表一些根據聯邦證券法可能被視為前瞻性聲明的言論。本公司未來的實際業績可能與任何前瞻性聲明中所討論的事項有重大差異。我們將在公司提交的 10-Q 表格中更詳細地揭露可能導致這些差異的因素。

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 re-enter the queue.

在電話會議的問答環節，我們將限制每位提問者最多問兩個問題。如果您還有其他問題，可以重新排隊。

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

現在我將把電話轉交給我們的執行長蘇米特·羅伊。

Thank you, Andrea. Welcome, everyone. Realty Income's platform, which is 56 years in the making, is a historically proven income generator with the ability to perform through a variety of economic conditions. The data-driven nature of our model, accompanied by decades of institutional experience and our top-tier talent, positions us to capitalize on an ever-increasing investor appetite for consistent long duration income given aging global demographics.

謝謝你，安德里亞。歡迎各位。Realty Income 的平台歷經 56 年的打造，是個經歷史驗證的收入來源，能夠在各種經濟條件下保持良好的績效。我們的模型以數據為驅動，加上數十年的機構經驗和頂尖人才，使我們能夠利用全球人口老化所帶來的投資者對持續長期收益日益增長的需求。

Additionally, our scale and diversification, spanning over 15,500 properties across 92 industries and more than 1,600 clients provides strategic proprietary data insights that position us advantageously comparative to subscale platforms.

此外，我們的規模和多元化，涵蓋 92 個行業的 15,500 多處房產和 1,600 多家客戶，為我們提供了策略性的專有數據洞察，使我們相對於規模較小的平台具有優勢。

Recently, we have seen an acceleration in capital formation for net lease vehicles in the marketplace. And we believe our platform is especially positioned to benefit from capital floors earning for long duration income. As we establish ourselves in the private capital arena, our long track record of producing equity-like total returns with bond-like stability is resonating with investors. We recently launched a perpetual life fund and expect that initiative will provide additional capital to support our growth objectives and enhance our liquidity position. Turning to our operating results for the third quarter.

最近，我們看到市場上淨租賃車輛的資本形成速度加快。我們相信，我們的平台尤其能夠從資本底線中獲得長期收益。隨著我們在私募資本領域站穩腳跟，我們長期以來在實現類似股票的總回報和類似債券的穩定性方面的良好記錄引起了投資者的共鳴。我們最近推出了一項永續基金，預計該舉措將提供額外的資金來支持我們的成長目標並增強我們的流動性。接下來來看看我們第三季的經營業績。

Our investment activity continues to reflect the multiple levers of growth we have at our disposal. Our addressable market is sizable, enabling us to look at opportunities substantially free from geographical property or industry constraints. This allows us to pursue the most optimal risk-adjusted returns for our shareholders, and to pivot with ease when we identify capital allocation opportunities that others might be unable to execute on.

我們的投資活動持續體現了我們所掌握的多種成長槓桿。我們的潛在市場規模龐大，使我們能夠不受地域、產權或產業限制地尋找發展機會。這使我們能夠為股東追求最佳的風險調整後回報，並在發現其他人可能無法執行的資本配置機會時輕鬆調整策略。

Globally, we invested $1.4 billion at a 7.7% weighted average initial cash yield, equating to a spread of approximately 220 basis points over our short-term weighted average cost of capital. This brings our total year-to-date investment volume to north of $3.9 billion, surpassing the investment volume we completed in all of 2024, excluding the Spirit merger.

在全球範圍內，我們投資了 14 億美元，加權平均初始現金收益率為 7.7%，相當於比我們的短期加權平均資本成本高出約 220 個基點。這使得我們今年迄今的投資總額超過 39 億美元，超過了我們在 2024 年全年完成的投資總額（不包括 Spirit 合併）。

This quarter, we sourced $31 billion in volume, resulting in a selectivity ratio of 4.4%. This brings our total year-to-date sourcing volume to $97 billion, eclipsing our prior high watermark for annual source volume of $95 billion reached in 2022.

本季度，我們採購了價值 310 億美元的商品，採購率為 4.4%。這使得我們今年迄今的總採購額達到 970 億美元，超過了 2022 年創下的 950 億美元的年度採購額最高紀錄。

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. Turning back to our investment volumes for the quarter. We again leaned into Europe, which accounted for approximately $1 billion, or 72% of our investment volume, at an 8% weighted average initial cash yield.

這證明了我們潛在市場的規模以及我們平台的廣度和深度，也反映了我們對全球淨租賃交易機會的敏銳洞察。讓我們再來看看本季的投資額。我們再次增加對歐洲的投資，投資額約 10 億美元，占我們投資總額的 72%，加權平均初始現金收益率為 8%。

The European investment opportunity continues to screen more favorably on a risk-adjusted basis relative to the US, which has become increasingly competitive from smaller platforms competing for similarly sized transactions.

與美國相比，歐洲的投資機會在風險調整後仍然更具優勢，而美國則因規模較小的平台競相爭奪類似規模的交易而變得日益競爭激烈。

In contrast, the European investment opportunity remains compelling, driven by a fragmented competitive landscape a larger total addressable market than the United States, and a current cost of debt for euro-denominated 10-year notes that is approximately 100 basis points inside of US dollar costs. 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 almost $16 billion in gross asset value and approximately 18% of our total annualized base rent.

相較之下，歐洲的投資機會依然極具吸引力，這得益於其分散的競爭格局、比美國更大的潛在市場，以及目前以歐元計價的 10 年期債券的債務成本比美元成本低約 100 個基點。自 2019 年進入英國市場以來，我們嚴謹的承保和強大的資產負債表實力使我們得以在整個歐洲大陸實現顯著擴張，目前歐洲的總資產價值已接近 160 億美元，約占我們年度總基本租金的 18%。

Transitioning to the US, we invested $380 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 a pace of deployment of capital.

過渡到美國市場後，我們投資了 3.8 億美元，加權平均初始現金收益率為 7%。雖然國內交易量有所放緩，但這反映的是選擇性，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。

Moving to our operations. The third quarter reflects the structural advantages of our business model, including portfolio diversification, which mitigates exposure to idiosyncratic credit risk and supports advanced data analytic capabilities. To that point, our proprietary predictive analytics AI tool developed over the past six years informs decision across sourcing, underwriting, lease negotiations and capital recycling.

接下來進入我們的營運環節。第三季反映了我們商業模式的結構優勢，包括投資組合多元化，這降低了特殊信用風險敞口，並支持了先進的數據分析能力。為此，我們過去六年開發的專有預測分析人工智慧工具可為採購、核保、租賃談判和資本回收等決策提供資訊支援。

We believe this allows us to be proactive operators and reinforce the reliability of our long-term cash flows. As of quarter end, our portfolio comprised over 15,500 properties spanning 92 industries and more than 1,600 clients.

我們相信這使我們能夠成為積極主動的經營者，並增強我們長期現金流的可靠性。截至季末，我們的投資組合包括超過 15,500 處房產，涵蓋 92 個行業，擁有超過 1,600 位客戶。

The naturally defensive nature of our essential retail-oriented portfolio 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 98.7% portfolio occupancy, approximately 10 basis points ahead of the prior quarter.

我們以雜貨店和便利商店等基本零售業務為主導的業務組合，其天然的防禦性，加上我們的規模和多元化，使我們能夠在各種經濟環境下取得成功。本季末，我們的投資組合入住率為 98.7%，比上一季高出約 10 個基點。

During the quarter, our rent recapture rate across 284 leases was 103.5%, representing $71 million in new cash rents, with 87% of leasing activity generated from renewals by existing clients. And we remained active in our approach to optimize the portfolio.

本季度，我們在 284 份租賃合約中實現了 103.5% 的租金回收率，新增現金租金達 7,100 萬美元，其中 87% 的租賃活動來自現有客戶的續約。我們始終積極採取措施優化投資組合。

In the quarter, we sold 140 properties for total net proceeds of $215 million. During the quarter, we sold 18 convenience store properties for approximately $55 million at a blended 5.5% cap rate, and a weighted average remaining lease term of 11.3 years. This pricing is approximately 75 basis points lower than where we are acquiring portfolios of superior assets. This transaction reflects strategic portfolio optimization.

本季度，我們出售了 140 處房產，總淨收益為 2.15 億美元。本季度，我們以約 5,500 萬美元的價格出售了 18 家便利商店物業，綜合資本化率為 5.5%，加權平均剩餘租賃期限為 11.3 年。這個價格比我們收購優質資產組合的價格低約 75 個基點。此次交易體現了策略性投資組合優化。

First, by leveraging our scale to acquire assets at a portfolio discount, and then by monetizing more mature properties individually at tighter cap rates. The sale allowed us to redeploy capital into superior opportunities and demonstrates our ability to unlock value through selective dispositions.

首先，利用我們的規模優勢以投資組合折扣價收購資產；然後，以更嚴格的資本化率將更成熟的物業單獨變現。此次出售使我們能夠將資金重新部署到更優的投資機會中，並證明了我們透過選擇性處置釋放價值的能力。

Finally, we recognized $27.3 million, or approximately $0.03 per share, of lease termination income during the quarter. We realized such income in situations where our asset management team, in conjunction with input from predictive analytics, determines that lease termination presents the best probability weighted risk-adjusted net present value outcome.

最後，本季我們確認了 2,730 萬美元（約每股 0.03 美元）的租賃終止收入。我們之所以能獲得這樣的收入，是因為我們的資產管理團隊結合預測分析的結果，確定終止租賃能夠帶來最佳的機率加權風險調整淨現值結果。

While we do not guide to this line item, we have added historical lease termination disclosure at the bottom of our consolidated income statement in our supplemental. The purpose of the disclosure is to add improved transparency on the separate and inherently different revenue streams of base rent and termination income.

雖然我們沒有對此項目進行指導，但我們在補充文件中，在合併損益表的底部添加了歷史租賃終止披露。揭露的目的是為了提高基本租金和終止收入這兩種獨立且本質上不同的收入來源的透明度。

Overall, the stability of our results continue to demonstrate how the benefits of our platform enable us to stay agile, manage risks effectively and drive long-term portfolio performance. Now 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 from $5 billion to approximately $5.5 billion.

總體而言，我們業績的穩定性繼續表明，我們的平台優勢使我們能夠保持敏捷性、有效管理風險並推動長期投資組合績效。現在展望一下2025年。鑑於我們收購項目的持續成長勢頭以及今年迄今的進展，我們將 2025 年的投資額預期從 50 億美元提高到約 55 億美元。

In addition, we are increasing the low end of our AFFO per share guidance, now anticipated to be in the range of $4.25 to $4.27. As discussed previously, our guidance contemplates approximately 75 basis points of potential credit loss most of which results from certain tenants acquired through public completed M&A transactions. Our credit watch list remains manageable and granular, staying flat to the prior quarter at 4.6% of our annualized base rent, and with median client exposure of just 2 basis points.

此外，我們提高了每股調整後營運資金（AFFO）預期下限，目前預計在 4.25 美元至 4.27 美元之間。如前所述，我們的預期考慮了約 75 個基點的潛在信用損失，其中大部分損失來自透過公開完成的併購交易收購的某些租戶。我們的信用觀察名單仍然可控且細化，與上一季持平，占我們年化基本租金的 4.6%，客戶風險敞口中位數僅為 2 個基點。

With that, I will turn it over to Jonathan.

接下來，我將把麥克風交給喬納森。

Thank you, Sumit. Realty Income has a proven track record of providing equity-like returns [upon] like stability. The inherent consistency of our earnings has allowed us to produce predictable leverage metrics as well. We finished the third quarter with net debt to annualized pro forma EBITDA of 5.4 times, a fixed charge coverage ratio of 4.6 times, and $3.5 billion of liquidity.

謝謝你，蘇米特。Realty Income 擁有良好的業績記錄，能夠在保持穩定性的前提下提供類似股權的回報。我們獲利的固有穩定性也使我們能夠得出可預測的槓桿指標。第三季末，我們的淨負債與年化備考 EBITDA 比率為 5.4 倍，固定費用覆蓋率為 4.6 倍，流動資金為 35 億美元。

Additionally, only 6.5% of our debt at the end of the quarter was variable rate, all coming from our revolver and commercial paper program. Subsequent to quarter end, we closed on an $800 million dual-tranche unsecured debt offering, with a blended tenor of 5.3 years and weighted average yield to maturity of 4.4%.

此外，截至本季末，我們的債務中只有 6.5% 為浮動利率債務，全部來自我們的循環信貸和商業票據計劃。季度末之後，我們完成了 8 億美元的雙期無擔保債務發行，混合期限為 5.3 年，加權平均到期收益率為 4.4%。

Most of the proceeds were used to repay $550 million of unsecured notes that carried a coupon of 4.6%, and we are pleased to execute on this offering amid historically tight spreads in our secondary curve. As always, we thank our loyal fixed income investors for their continued support of our platform and their long-standing appreciation for the relative safety of our business and its consistent production of predictable cash flows.

大部分收益用於償還 5.5 億美元的無擔保債券，票面利率為 4.6%。我們很高興能在二級市場殖利率曲線利差處於歷史低點的情況下完成此次發行。一如既往，我們感謝忠實的固定收益投資者對我們平台的持續支持，以及他們長期以來對我們業務相對安全性和可預測現金流的認可。

As of today, we also have approximately $1 billion of unsettled forward equity which we believe is sufficient to fund all of our external equity capital needs to fund our investment volume guidance for 2025. I would now like to hand back to Sumit for closing remarks.

截至今日，我們還有約 10 億美元的未結算遠期股權，我們認為這足以滿足我們所有外部股權資本需求，從而實現我們 2025 年的投資規模目標。現在我謹將發言權交還給蘇米特，請他總結發言。

Thank you, Jonathan. We believe 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. Looking ahead, our focus remains on operational consistency and disciplined investment principles that have guided us throughout our 56-year operating history.

謝謝你，喬納森。我們相信，我們所培養的結構性優勢，包括規模、多元化、紀律和數據分析，將在各種經濟背景下繼續創造價值。展望未來，我們將繼續專注於營運的穩定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導著我們。

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.

我們的長期目標保持不變。透過多元化的淨租賃平台，實現穩定成長的收入。憑藉可觀的規模和策略靈活性，我們相信我們有能力在當今環境下保持選擇性，並隨著時間的推移為股東創造持久價值。

I would now like to open the call for questions.

現在我來接受提問。

(Operator Instructions) Brad Heffern, RBC Capital Markets.

（操作員說明）布拉德‧赫弗恩，加拿大皇家銀行資本市場。

Yeah, (technical difficulty) everybody, thanks. Sumit, you talked about Europe continuing to be the preferred market and at least part of that was attributed to higher competition in the US. Is that something that you're starting to see as more structural? Or do you think the relative attractiveness and preference between those two markets will continue to swing back and forth?

是的，（技術故障）謝謝大家。Sumit，你提到歐洲仍然是首選市場，這至少部分歸因於美國市場競爭更加激烈。你開始覺得這更多的是一種結構性問題嗎？或者您認為這兩個市場之間的相對吸引力和偏好會繼續來回搖擺嗎？

Well, it is a fact that there are more competitors here in the US than in Europe. As you know, Brad, if you just look at the private side of the equation and the recent capital formation that's focused on net lease investing by Blackstone, BlackRock, Starwood, there's a whole series of new entrants into the market. So it is patently true that there is more competition here in the US.

的確，美國的競爭對手比歐洲多。布拉德，你知道，如果你只看等式的私人方面，以及黑石集團、貝萊德集團、喜達屋集團等近期專注於淨租賃投資的資本形成，就會發現市場上湧現出一大批新的參與者。所以，美國競爭更加激烈，這是不爭的事實。

For us, it's a combination of what is available, which by the way, we continue to source of that $31 billion that we talked about, the majority was sourced here in the US. It's not a lack of product. But the more competition that you have chasing the same products, we have to then sort of overlay where do we have the best value adjusted, risk-adjusted return profile.

對我們來說，這是現有資源的組合，順便說一句，我們繼續採購我們之前提到的 310 億美元，其中大部分來自美國本土。並非產品短缺。但是，競爭越激烈，爭奪相同產品的公司就越多，我們就必須考慮在哪裡才能獲得最佳的價值調整和風險調整後的回報。

And that continues to push us in the direction of Europe, which is why you saw us do a 72% of our investment volume there. If you look at the situation going forward, I would say that, that should continue. The majority of what we are seeing will continue to be in Europe, but we are starting to see some level of momentum here in the US as well.

這也繼續推動我們向歐洲發展，這就是為什麼你們看到我們72%的投資都投向了歐洲。展望未來，我認為這種情況應該繼續下去。我們看到的大部分趨勢仍將發生在歐洲，但我們也開始看到美國也出現了一定程度的動力。

Okay. Got it. And then you obviously held the initial closing for the [core plus] funds. Can you talk about what you've acquired in the fund so far, and how that differs from the acquisitions you've completed outside the fund?

好的。知道了。然後，你們顯然主持了[核心增值]基金的首次募集。能否談談您目前為止透過該基金收購了哪些資產，以及這些資產與您在基金之外完成的收購有何不同？

Yeah, so Brad, unfortunately, there's very little I can share with you outside of what has already been disclosed. As you can see from our supplemental, we have increased the disclosure on what is going into the fund versus what's staying on balance sheet. Given the fact that we are currently in the marketing stage of our open-ended fund, we are very limited in what we can share with regards to the fund.

是的，布拉德，很遺憾，除了已經公開的資訊之外，我幾乎沒什麼可以和你分享的。從我們的補充文件中可以看出，我們增加了基金資金流入與資產負債表上保留資金狀況的揭露。鑑於我們目前正處於開放式基金的營銷階段，因此我們能分享的有關該基金的資訊非常有限。

But what we've tried to complement is give you more disclosure, and hopefully you'll find this additional disclosure in the supplemental helpful in terms of your modeling, et cetera.

但我們試圖補充的是，要向您提供更多披露信息，希望您會發現補充文件中的這些額外披露信息對您的建模等方面有所幫助。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Hi, good evening. Thank you for taking my question. This is [Catherine] on for Michael. My first question. So much the second quarter, the majority of your dispositions were vacant assets. And I'm just wondering if you can provide some color on the re-leasing process. So specifically, who are the buyers?

您好，晚上好。感謝您回答我的問題。這是凱瑟琳替麥可發言。我的第一個問題。第二季度，你們處置的大部分資產都是空置資產。我想請您詳細介紹一下重新發行流程。那麼具體來說，買家是誰？

What was the downtime for some of these assets? And how does that compare to the remaining assets that you're looking to sell? And then maybe just sort of the spread of the different categories of assets that you've been selling down.

這些資產的停機時間是多久？那麼，這與您打算出售的其他資產相比如何？然後，也許只是你一直在拋售的不同類別資產的分佈。

Yeah, so Catherine, this is very much part and parcel of a continuation of what we started doing in 2024. We talked about a similar quantum of disposition that we are going to achieve this year. And the makeup of that should be along the lines of what we had in 2024. Clearly, if you look at year-to-date, there was more vacant asset sales, but we did say that the back half of the year was going to be a bit more of occupied asset sales.

是的，凱瑟琳，這完全是我們從 2024 年開始所做的事情的延續。我們討論了今年我們將要達到的類似規模的資產配置。其組成應該與我們2024年的情況類似。顯然，從今年迄今為止的情況來看，空置資產的銷售量更大，但我們確實說過，下半年已佔用資產的銷售量會略高一些。

And so that mix will continue. For us, it really comes down to us taking a look at a particular asset and deciding, whether the lineup that we have of alternative clients who could step into that asset. What is the return profile we could generate based on what they're willing to pay in terms of rent? Versus what are the proceeds we are able to get when we are selling these assets vacant?

因此，這種混合局面還會持續下去。對我們來說，關鍵在於我們要審視某個特定的資產，並決定我們現有的其他客戶群中是否有人願意投資該資產。根據他們願意支付的租金，我們可以獲得怎樣的回報？相較之下，如果我們出售這些空置資產，我們又能獲得多少收益？

And in terms of -- and we are indifferent as to which path we follow. Our only criteria is where do we maximize the economic returns on that particular asset. And that really is what's determining, when do we sell a vacant -- asset vacant, versus trying to find a new client to retenant that particular asset.

至於──我們對選擇哪條路都無所謂。我們唯一的標準就是如何最大化特定資產的經濟回報。而這才是真正決定我們何時出售空置資產，何時嘗試尋找新客戶重新出租該特定資產的關鍵所在。

And so the fact that we sold 100-plus vacant assets was part and parcel of our strategy, saying that we were better off selling those assets and then reinvesting the proceeds in the current environment than we were holding the assets, incurring the holding cost, and then tenanting it to a new client. So that was really the rationale. The makeup of that is across the board from casual dining, quick service restaurants, home improvement.

因此，我們出售 100 多處空置資產是我們策略的一部分，我們認為，在當前環境下，出售這些資產並將所得收益再投資，比持有這些資產、承擔持有成本，然後再將其出租給新客戶要好得多。這就是真正的原因。其構成涵蓋了休閒餐飲、快餐店、家居裝修等各個領域。

It's across the board in terms of what we have sold, drugstores. And it really is a function of assets that are coming up for renewal. What is the expected outcome and whether we are better off selling the assets vacant? And so that is part and parcel of our strategy and will continue to drive how we think about disposing assets and recycling the capital.

就我們銷售的所有產品而言，包括藥局在內，情況都是如此。這實際上取決於哪些資產需要更新。預期結果是什麼？我們是否應該將空置資產出售？因此，這是我們策略的重要組成部分，並將繼續指導我們如何考慮資產處置和資本再利用。

Got it. That's really helpful. Thank you. And then my second question is you mentioned the predictive analytics platform. And I'm just wondering if you can comment a bit about how you expect that to help reduce G&A in the longer term? And just how you sort of expect to maybe be able to use that to imply a few labor efficiencies and other components that could help bring on G&A in the longer term?

知道了。這真的很有幫助。謝謝。我的第二個問題是，您提到了預測分析平台。我想請您談談，您認為這將如何幫助降低長期的管理費用？那麼，您打算如何利用這些資訊來提高勞動效率和其他一些因素，從而在長期內提升一般及行政成本呢？

Yeah Catherine, that's a great question. So let me talk about the AI strategy in two folds. I'll specifically answer your question on predictive analytics. This is a tool that, effectively, uses machine learning to continue to refine the outcome of this -- of its ability to predict renewals, et cetera. And this particular tool continues to learn every quarter, right?

是的，凱瑟琳，這是一個很好的問題。那麼，我將從兩個方面來談談人工智慧戰略。我將專門回答你關於預測分析的問題。這是一個利用機器學習來不斷改進其預測續約等結果的工具。而且這個工具每季都會持續學習，對吧？

We are going through lease expirations every quarter. The model predicts a particular outcome. We check that outcome against what actually happens. And more often than not, the model is correct, north of 90% of the time in a lot of cases. And then where it isn't, it tends to learn from that particular error by modifying its -- the internal workings and the algorithms of the particular model.

我們每季都會遇到租約到期的情況。該模型預測特定結果。我們將結果與實際情況進行核對。而且大多數情況下，模型都是正確的，在許多情況下準確率超過 90%。如果發生錯誤，它往往會從該錯誤中吸取教訓，修改其內部運作方式和特定模型的演算法。

So that's how the model actually continues to become better and better at predicting at a much higher level of certainty, what the outcomes are going to be. And this model is utilized when we are underwriting transactions on the front end, when we are making decisions on the asset management side, as to whether we should hold an asset or dispose of an asset?

所以，這就是該模型如何不斷改進，以更高的確定性預測結果的原因。這種模型用於我們在前端進行交易承銷時，以及在資產管理方面做出是否持有資產或處置資產的決策時。

It is also very much used when our asset managers are negotiating with our clients, where we have a high level of confidence going into a negotiation that this is a particular location that is actually doing very well. And that level of confidence obviously translates into the results that we talk about, the re-leasing spreads, et cetera. So that's one piece of it.

當我們的資產管理人員與客戶進行談判時，我們也經常使用這種方法，因為我們對某個特定地點的實際表現非常有信心，並以此作為談判的依據。這種程度的信心顯然會轉化為我們所說的結果，例如再融資利差等等。這是其中一部分。

And that particular model is more utilized as a tool to help complement the years of experience that our team has to make better decisions. The scale benefits will come from other AI implementations that we are doing, where we are using tools like [PredictAP], for instance, is a perfect example where we had individuals doing -- basically getting invoices, tracking the invoices, inputting the invoices into [Yardi], et cetera, all of that initial front-end stuff is now being done by an AI tool called PredictAP.

而該模型則更多地被用作一種工具，以補充我們團隊多年累積的經驗，從而做出更好的決策。規模效益將來自我們正在進行的其他 AI 實施，例如，我們正在使用像 [PredictAP] 這樣的工具，就是一個很好的例子，以前我們都是讓個人來做——基本上是獲取發票、跟踪發票、將發票輸入 [Yardi] 等等，所有這些初始的前端工作現在都由一個名為 PredictAP 的 AI 工具來完成。

And so that's where you were starting to get the scale benefits and personnel are shifting from doing clerical work to doing more quality assurance and doing approvals to make sure that the coding has been done correctly, and the verification of that coding is being, sort of, validated by personnel. And that's where you're going to start to see.

因此，規模效益開始顯現，人員的工作也從文書工作轉向品質保證和審批，以確保編碼正確無誤，而編碼的驗證也由人員進行某種程度的確認。而你很快就會開始看到這一點。

And examples like that, which we are running through across the organization with various different tools under consideration, that's where you're going to start to see scale benefits of implementing AI tools. And we are at various different stages of maturity, depending on which particular department we look at, and the kind of AI implementation that we are going to be doing.

像這樣的例子，我們正在全公司範圍內使用各種不同的工具進行測試，從中你就能開始看到實施人工智慧工具帶來的規模效益。根據我們所考察的具體部門以及我們將要實施的人工智慧類型，我們處於不同的成熟階段。

But this is a -- it's a journey that we are on, and the benefits of which will be realized by the company in years to come. But this is something that we are very focused on and something that we are very excited about embracing.

但這是一段旅程，我們正在經歷這段旅程，而公司將在未來幾年享受這段旅程帶來的益處。但這是我們非常關注並樂於接受的事情。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

Hi, thank you. I wanted to ask you a little bit about the loans you made in Europe in the quarter. It looks like you found some very healthy opportunities on the yield side. Can you share maybe who those were with? And if you would expect to see significant opportunity in that kind of arena over the next quarters or so?

您好，謝謝。我想問您一些關於本季度您在歐洲發放的貸款的情況。看來你在收益方面找到了一些非常好的投資機會。你能透露一下他們當時和誰在一起嗎？如果您預計未來幾季內，該領域會出現重大機遇，您認為呢？

So Smedes, as we've said, when we started going down the credit investment path of one of the verticals that we wanted to sort of lean into, there was a strategic rationale behind it. We were -- what we had shared with you was, we were already [long] the clients. We were doing some 15-year, 20-year sale leasebacks with these clients. And we were [longed] the credit. We were very comfortable with the credit.

所以，正如我們所說，Smedes，當我們開始走上信貸投資這條道路，進入我們想要重點發展的垂直領域之一時，這背後是有戰略理由的。我們——我們之前跟你們分享過的——我們早就一直是你們的客戶了。我們當時與這些客戶簽訂了一些 15 年、20 年的售後回租合約。我們獲得了這筆信貸。我們對信用狀況非常滿意。

And so our ability to be viewed as a one-stop shop, a true capital provider across the balance sheet for some of these clients was something that we wanted to lean into. And that was the makeup of the entirety of the loans that we did in the third quarter. So with existing clients that we are very comfortable with. And we are higher up on the capital stack. We have a lot of collateral that underlies these loans, and we are able to generate a higher yield.

因此，我們希望能夠成為這些客戶資產負債表上的一站式服務商，一個真正的資本提供者。這就是我們第三季所有貸款的組成。所以，對於我們非常滿意的現有客戶。而且我們在資本結構中處於更高的位置。我們有大量抵押品作為這些貸款的擔保，因此能夠獲得更高的收益率。

And the added benefit of doing credit investments in an environment where you have elevated rate environment is the fact that we do have about 6%, 7% of our own balance sheet that is exposed to floating rate debt. And so -- which acts as a headwind for our financing.

在利率較高的環境下進行信貸投資的另一個好處是，我們自身資產負債表約有 6% 到 7% 的資金投資於浮動利率債務。因此，這對我們的融資構成了不利因素。

And so to be able to take advantage by investing in credit investments with elevated yield, again, a function of the rate environment that we find ourselves helps mitigate some of this some of these headwinds. So for a variety of reasons, this is an avenue that we will continue to lean into. But we are going to be selective.

因此，透過投資收益率較高的信貸投資來利用我們所處的利率環境，有助於緩解一些不利因素。因此，出於各種原因，我們將繼續重視這條道路。但我們會有所選擇。

The idea here is ultimately to create closer relationships with our clients, and the hope is that it leads to more sale-leaseback opportunities with this client. Which, by the way, was the case in the third quarter in one of these loan investments that we made, where we ended up doing an off-market $100 million sale leaseback as well.

這樣做的最終目的是為了與客戶建立更緊密的聯繫，並希望能夠為該客戶帶來更多的售後回租機會。順便說一句，我們在第三季進行的一項貸款投資中也出現了這種情況，最終我們還進行了一筆價值 1 億美元的場外售後回租交易。

Okay. That's helpful. And then, Jonathan, I just going to ask you on the guidance. So you talked about these higher lease termination fees that I guess we wouldn't have been expecting at that level. Is that -- what's driving down, I guess, or the implied decline in your same-store rentals through the balance of the year? Or are those totally separate issues?

好的。那很有幫助。然後，喬納森，我只想請教你一些指導方面的問題。所以你提到了這些較高的租賃終止費用，我想這是我們之前沒有預料到的。我猜想，導致下降的原因是——或者說，是你們同店租金在今年剩餘時間內的下降趨勢？或者說，這些都是完全不同的問題？

Smedes, I would say the same-store calculation is separate from the lease terminations. The lease terminations are onetime in nature. I would say if you're trying to back into kind of a like-for-like excluding lease terminations, AFFO run rate.

Smedes，我認為同店銷售額的計算與租賃終止是分開的。租賃終止屬於一次性事件。我會說，如果你想反推一個類似的例子，排除租賃終止，那麼AFFO運行率。

I think there are some offsets, obviously, that come into play for the back half of the year. Predominantly on the G&A side, which we view as just an investment in the future of this company and expanding the competitive mote that we benefit from.

我認為很明顯，下半年會有一些抵消因素發揮作用。主要集中在一般及行政費用方面，我們認為這只是對公司未來的投資，並擴大了我們從中受益的競爭優勢。

And that takes dollars, that takes head count, that takes technology, process improvement, et cetera, et cetera. So I would say the reason why you're not seeing that flow through in Q4 on the AFFO run rate is really investments in that [room].

這需要資金、人力、技術、流程改善等等。所以我認為，第四季度AFFO運行率沒有反映出這種趨勢的原因，實際上是由於對該領域的投資。[房間]。

Jana Galen, Bank of America.

Jana Galen，美國銀行。

Thank you and good evening. Sorry, just one more follow-up on the lease term income in the quarter. Can you discuss whether this was one or two larger tenants? Or is this a mix of tenants?

謝謝，晚上好。抱歉，關於本季的租賃期收入，還有最後一個問題需要跟進。能否說明一下，這究竟是一個還是兩個較大的租戶？還是這是不同租戶的組合？

It was predominantly one tenant, and it's something that is really a function of our asset management team's proactiveness and getting ahead potential move-outs and potential credit issues. And so this is something that you're going to see as part of our regular way business, maybe not to the extent that we saw in Q3, but certainly more active than -- we have historically in 2024, we recognized about $16 million in lease termination fees already year-to-date.

主要只有一個租戶，這實際上取決於我們資產管理團隊的積極主動，以及他們提前應對潛在的搬離和潛在的信用問題。因此，這將成為我們日常業務的一部分，也許不會像第三季度那樣嚴重，但肯定會比以往更加活躍——截至2024年，我們已確認約1600萬美元的租賃終止費用。

We're at around [30]. And so on a go-forward basis, maybe we'll be closer to that 20-ish area. But with more churn, with more proactive asset management activities, I think you're going to see this be more of a regular way occurrence going forward, but perhaps not as drastic as what we saw from one client (technical difficulty) particular in Q3.

我們現在大約在[30]因此，從長遠來看，我們或許會更接近 20 左右的水平。但隨著客戶更頻繁地流動，以及更積極的資產管理活動，我認為你會看到這種情況在未來會更加頻繁地發生，但可能不會像我們在第三季度從一位客戶（技術困難）那裡看到的那樣劇烈。

Thank you and congrats on a very active sourcing quarter on the investment side. I saw the allocation of new clients, leases as a percent of the leasing then tick up to 13%. I was hoping you could maybe discuss kind of what industries or segments those new relationships fall into?

謝謝，也恭喜你們在投資方面度過了一個非常活躍的季度。我看到新客戶的分配，租賃佔租賃總量的百分比，然後上升到 13%。我希望您能談談這些新合作關係大致屬於哪些產業或領域嗎？

So Jana, we certainly did have a few new clients, John, our portfolio, certainly some in Europe. There were some logistics deals that we did that introduced some new clients into our portfolio. They tended to be, by definition, some of the larger investments we've made.

所以 Jana，我們確實有一些新客戶，John，我們的投資組合中，肯定有一些來自歐洲。我們達成了一些物流交易，為我們的客戶群引進了一些新客戶。從定義上來說，它們往往是我們進行的一些較大的投資。

But I wouldn't read too much into the fact that this particular quarter we had a larger number of newer clients than in previous quarters. This is more a function of as we are becoming more entrenched in Europe, we are starting to see new clients that we are cultivating relationships with.

但我認為，不應過度閱讀本季新客戶數量比以往季度增加這一事實。這主要是因為我們在歐洲的業務越來越穩固，我們開始與一些新客戶建立並發展關係。

And they may be new to us, but they've been around for many, many years in these markets. And so we -- that was the whole purpose of going into a market like Europe where its greenfields ahead for us. And so that really is the makeup of what we ended up doing in the third quarter. But I wouldn't read anything more than, okay, new relationships means better repeat business possibilities going forward.

它們對我們來說可能是新的，但它們在這些市場中已經存在很多很多年了。所以，這就是我們進入歐洲這樣的市場的全部目的，因為對我們來說，那裡是一片全新的領域。所以，這就是我們在第三季最終所做的事情的組成。但我不會對此做出更深入的解讀，只會認為，建立新的合作關係意味著未來會有更好的回頭客機會。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

Yeah, thanks. Not to beat a dead horse on this lease term income, but just trying to understand like how much revenue, like annualized revenue, do you kind of give up taking the lease term right now? Can you maybe help us with that?

嗯，謝謝。我不想老生常談租賃期收入的問題，只是想了解一下，如果現在放棄租賃期，你會損失多少收入，例如年收入？您能幫我們解決這個問題嗎？

Yeah, Anthony, as you can realize, again, we're doing the math. And we are saying these are clients who will certainly pay and despite what Jonathan said, in some cases, there might be credit issues that we are forecasting down the road that we want to take advantage of. But that was not necessarily the case in this particular client's situation.

是的，安東尼，正如你所看到的，我們又在進行計算了。我們想說的是，這些客戶肯定會付款，儘管喬納森說了那樣的話，但在某些情況下，我們預測未來可能會出現信用問題，而我們想利用這些問題。但就這位客戶的具體情況而言，情況未必如此。

But if we are able to get the vast majority of the rent upfront and continue to cultivate a stronger relationship, and solve an issue for our particular client, because these are locations that are not doing as well as most of their other locations are, it's a win-win.

但是，如果我們能夠預先收取大部分租金，並繼續培養更牢固的關係，同時為我們的特定客戶解決問題（因為這些地點的經營狀況不如他們的大多數其他地點），那麼就是雙贏。

So that was the case. When we structured this lease termination, we are coming out, in our opinion, ahead of what would have happened had we collected the rent for the remainder of the term. And then we would -- we were sure that they were going to not renew the lease.

事實的確如此。我們認為，透過我們安排此次租賃終止事宜，我們最終的收益比收取剩餘租期的租金要好。然後我們就會——我們確信他們不會續租。

And then looking at the landscape of, okay, who are the alternatives that could come in, and comparing that to, okay, getting it vacant today, collecting the lease termination, and selling it and recycling that capital is a far better outcome for us, and better for our clients than just staying passive and collecting rent. We could have easily done that, and we would have been just fine.

然後，看看有哪些替代方案可能會出現，並將其與以下情況進行比較：現在讓房屋空置，收取租金終止費，然後出售房屋並回收資金，這對我們來說，對我們的客戶來說，都比僅僅被動地收取租金要好得多。我們本來可以完全那樣做，而且我們也不會有任何問題。

But the economic outcome wouldn't have been as favorable, in our opinion, as it turned out to be taking the lease termination, solving an optimization problem for our client and reinvesting that capital.

但我們認為，如果當初選擇終止租約，為客戶解決一個優化問題，並將這筆資金重新投資，經濟結果就不會像現在這樣有利。

Okay. Got it. And then just my follow-up. Sumit, you mentioned about, I guess, private equity and other private capital being more competitive in the US market. Can you maybe just give us a little bit more color around maybe what kinds of assets you see them going after? Or what the impact on cap rates maybe has been? Or -- is there a certain segment of the market that, that just kind of keeps you out of?

好的。知道了。然後是我的後續發言。蘇米特，我猜你有提到過，私募股權和其他私人資本在美國市場更具競爭力。能否再詳細介紹一下，您認為他們會追求哪些類型的資產？或者說，對資本化率可能產生了什麼影響？或者——是否存在某個特定的市場區隔領域，讓你無法涉足？

I wouldn't say it's any segments that it's keeping us out of. What I am sharing with you, Anthony, is -- you know of these capital formations. These companies exist. Some of them have gone so far as to tell you exactly the strategy that they're going to be following. Some are fairly small.

我不會說它把我們排除在外了。安東尼，我想跟你分享的是──你知道這些資本形成。這些公司確實存在。他們中的一些人甚至會告訴你他們將要採取的具體策略。有些相當小。

So by definition, they're going to go after the one-off market. And it's going to be across the spectrum on the lease -- on the net lease side. So from investment grade, lower cap rate deals with growth, that tends to be industrial. You're not going to have a whole lot of retail investment grade, low cap deals that have a lot of growth built into them to higher-yielding retail assets with growth. And that's what they've defined as their area of expertise.

所以從定義上講，他們的目標是單次消費市場。而且這將影響租賃的各個方面——包括淨租賃方面。因此，從投資等級來看，較低的資本化率與成長有關，而成長往往與工業有關。你不會看到很多零售投資等級、低市值交易，這些交易本身就蘊含著很大的成長潛力，從而形成收益更高的零售資產並實現成長。這就是他們將之定義為自身專業領域的部分。

Some are basically focusing on build-to-suit industrial assets, which they feel like they can strike longer-term deals with a lot of growth in them. And in this environment, those are -- that's their very well-defined, clear strategy. Others are playing retail across the spectrum of credit.

一些公司主要專注於客製化建造工業資產，他們認為可以達成長期交易，並從中獲得巨大的成長空間。在這種環境下，這就是他們非常明確、清楚的策略。其他人則在信貸領域從事零售業務。

So it's -- you'll find them more in the one-off market than you would in these very large-scale sale leasebacks that we are tending to pursue here in the US. Having said that, we absolutely look at the one-off market and where it makes sense, and where we have a relationship, and where people are showing us transactions that are not marketed, or not heavily marketed.

所以，你會發現它們更多地出現在零散的二手房交易市場，而不是像我們在美國現在這樣大規模地進行售後回租交易。話雖如此，我們絕對會關註一次性市場，以及在哪些情況下這樣做是合理的，在哪些情況下我們有業務往來，以及在哪些情況下人們向我們展示了那些沒有進行市場推廣或沒有大力推廣的交易。

We act on those. But it is [patently] true that you have more investors in net lease today than you did a year ago. And this is not a function of more public companies. It's a function of what's happening on the private side.

我們會根據這些情況採取行動。但毋庸置疑，如今淨租賃領域的投資人數量比一年前還要多。這與上市公司數量增加無關。這取決於私下方面的情況。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, this is [Jenny] on for Ron. I hope you guys are doing well. Two quick questions. First one is same-store revenue growth of 1.3% year-to-date, but the guidance suggests 1% in 2025. So does it suggest a deceleration of same-store revenue in Q4? Thank you.

大家好，我是珍妮，替羅恩報上。希望你們一切都好。兩個問題，簡單問一下。第一個是今年迄今的同店營收成長1.3%，但預計到2025年將達到1%。這是否意味著第四季同店營收成長放緩？謝謝。

Hey Jenny, I wouldn't necessarily say it's a massive deceleration, the guidance number continues to be Jenny, I wouldn't necessarily say it's a massive deceleration. The guidance number continues to be approximately 1%. But there is obviously a fair amount of conservatism when you still got three months ago because any type of bad debt expense does roll into that.

嘿，珍妮，我倒不認為這是大幅放緩，指導數字仍然是……珍妮，我倒不認為這是大幅放緩。指導值仍維持在1%左右。但很顯然，三個月前的情況就相當保守了，因為任何類型的壞帳支出都計入其中。

And so even though we're not seeing anything material show up, that's why we kind of hedge a little bit from that perspective. Q3 also benefited from the theater industry. We did recognize some percentage rents that took that theater same-store number into the 5% area. And so that's something that will obviously moderate back down, or at least from a modeling standpoint, that's how we're modeling it for the fourth quarter.

所以即使我們還沒有看到任何實質的進展，這也是為什麼我們從這個角度會稍微謹慎一點的原因。第三季也受益於戲劇產業。我們確實注意到一些百分比租金使得該影院的同店銷售額增長了 5%。因此，這種情況顯然會逐漸緩和下來，或者至少從模型角度來看，我們對第四季的預測就是這樣。

Perfect. That makes sense. Second question is, I noticed the [IG] client represent like 31.5% as of [May 30] versus 33.9% in June. Like maybe comment a little bit on like what's driving the change? Like which tenant kind of moved out or just what's driving the change would be great?

完美的。這很有道理。第二個問題是，我注意到截至[5月30日]，[IG]客戶的佔比約為31.5%，而6月份為33.9%。或許可以稍微談談是什麼因素促成了這種改變？例如，是哪位租戶搬走了，或者是什麼原因導致了這種變化？

It wasn't moving out. It was simply Dollar Tree selling Family Dollar. And Dollar Tree remains an investment-grade company, but Family Dollar is now a private company, and that no longer has the investment-grade rating associated with it. So I believe Family Dollar represents circa 2% of our tenant registry. And so that's the delta between the new number that you're seeing in our supplemental versus what you're comparing it to in the second quarter.

它並沒有搬出去。它其實就是Dollar Tree在賣Family Dollar的產品。Dollar Tree 仍然是一家投資級公司，但 Family Dollar 現在是一家私人公司，不再具有投資等級評級。所以我認為 Family Dollar 約占我們租戶登記總數的 2%。所以，這就是您在我們補充資料中看到的新數字與第二季資料之間的差額。

Jay Kornreich, Fitzgerald.

傑伊·科恩雷希，菲茨傑拉德。

Alright, thank you. Just a question on -- I saw that the investment yields for Europe jumped to 8%. So just curious if there's any key investments that you could call out, or different types of assets maybe that you're investing into that commanded higher yields? And is this something that is sustainable to get these upper 7% or 8% yields going forward?

好的，謝謝。我有個問題——我看到歐洲的投資收益率躍升至 8%。所以，我只是好奇您能否專注於一些投資項目，或者您正在投資的哪些不同類型的資產收益率更高？未來能否持續獲得7%或8%的高收益率？

Yes, Jay, obviously, what's blended into that number, that 8% number is circa $380 million of investments that we did on the credit side, which had a profile closer to 9%. And so you blend that in with what we did on pure investments on the real estate side, which is circa 7.3%. That's the blend that gets you to that close to 8%. But it was largely being driven by these higher-yielding credit investments.

是的，傑伊，很顯然，這 8% 的數字中包含了我們在信貸方面進行的約 3.8 億美元的投資，而這些投資的比例接近 9%。因此，我們將此與我們在房地產方面的純粹投資所取得的成果結合起來，該成果約為 7.3%。這種配比能使酒精度接近 8%。但這主要是由這些高收益信貸投資所推動的。

Okay. I appreciate that. And then for the releasing rent recapture rate, which has been 103.5% throughout 2025. Now as you look at the lease expiration schedule going forward and bumps up a bit, starting in 2027, are these levels of recapture rate something, that you think you can continue to get in those forward years and provide a boost to revenue?

好的。我很感激。此外，2025 年的租金回收率一直維持在 103.5%。現在，考慮到租賃到期時間表即將到期，並且從 2027 年開始有所提前，您認為這些回收率水準能否在未來幾年繼續保持，並為收入帶來成長？

Jay, I can't comment on anything in 2027, 2020 -- in the future years. But what I will tell you is the way we are thinking about being a lot more proactive on our asset management side. If you look at what we've achieved in the last three, four, five years, it has been well north of 100%. And the average since we've been tracking releasing spreads it has been slightly above 100%. It's been 101%.

傑伊，我無法對 2027 年、2020 年——以及未來幾年發生的事情發表評論。但我可以告訴你們的是，我們正在考慮如何在資產管理上採取更積極主動的態度。如果你看看我們在過去三、四、五年裡的成就，你會發現成功率遠超過 100%。自從我們開始追蹤發行價差以來，平均值一直略高於 100%。已經達到101%。

And so more recently, that number has gone up largely because we become a lot more active on the asset management side of trying to get ahead of situations that could result in degradation on this recapture rate. So the expectation and hope is that we will continue to be north of 100%. And this active -- proactive, I would say, implementation by the asset management team, we hope will continue to generate favorable results.

因此，最近這個數字上升的主要原因是，我們在資產管理方面變得更加積極主動，試圖提前應對可能導致回收率下降的情況。因此，我們期望並希望這一比例能繼續保持在 100% 以上。我們希望資產管理團隊這種積極主動的執行方式能夠持續產生良好的效果。

Handel St Juste, Mizuho,

漢德爾聖朱斯特，瑞穗出版社

Hi there, This is Ravi Vaidya on for Haendel, hope you guys are doing well. I wanted to ask a bit more about the AFFO guide for 2025. It looks like there were a couple of one-timers with the lease term fees and you also raised the investment volume. I guess why take down the high end of the AFFO guide at this point? Are there any offsets, maybe [ten] credit or anything else that you might have considered as part of that? Thank you.

大家好，我是代表Haendel的Ravi Vaidya，希望你們一切都好。我想再問一下關於 2025 年 AFFO 指南的一些問題。看起來租賃期限費用中有幾筆一次性交易，而且您還提高了投資額。我想，為什麼要在這個時候把AFFO指南的高階部分撤下來呢？是否有任何抵扣項，例如[十]個抵免額或其他您可能考慮過的其他事項？謝謝。

Ravi, I think as we sit here today in November, we want it to be more precise. And I think the track record that we've had recently is we'll start relatively wide, and they won't narrow as we get greater and greater visibility into some of the puts and takes. And so that's really what it is right now.

拉維，我認為，在今天這個十一月，我們希望它更精確。我認為我們最近的記錄表明，我們會從相對較寬的價位開始，而且隨著我們對一些買賣交易越來越了解，價位也不會收窄。所以，這就是它現在的真實情況。

The higher end of guide, I think at this junction, we feel is probably less likely one if you're looking at just deal volume because at this stage, a lot of that deal volume we're just projecting to be December, or towards the later end of Q4, so very little impact. I'd also say from a seasonality standpoint, there are some expenses that come through a little higher in Q4, and that's certainly in our projection.

我認為，就目前而言，如果只看交易量，那麼指導價的上限可能不太現實，因為現階段，我們預計很多交易量要到 12 月或第四季末才能實現，所以影響很小。從季節性角度來看，第四季的一些支出也會略高一些，這當然也在我們的預測之中。

And I think leasing commissions is certainly one of them that might be a little higher in Q4, than it was for the first nine months of the year. And then obviously, as I mentioned earlier, a little bit higher run rate on cash G&A. Well, that's really to flag.

我認為租賃佣金肯定是其中之一，第四季的佣金可能會比今年前九個月的佣金略高一些。然後，正如我之前提到的，現金一般及行政費用的運行率顯然要高一些。嗯，這確實值得注意。

Got it. That's helpful. Just one more here. How do you think about your balance sheet here and the ability to generate maybe better half growth into 2026? Are there any -- because right now, we have stronger investment volume, better cost of capital? Are there any other headwinds that we should be aware of or think about as we think into '26 growth?

知道了。那很有幫助。再來一個。您如何看待貴公司的資產負債表以及在 2026 年實現上半年成長的能力？是否有這樣的機會—因為目前我們擁有更強勁的投資規模和更優惠的資金成本？在展望 2026 年成長時，我們還應該注意或考慮哪些其他不利因素？

Yeah, so I think the big refi that we have coming up is about a $1.1 billion multicurrency term loan in January. That is just shy of 5% right now. We have pretty good visibility in being able to refi that at a lower rate. And so that should be one tailwind that if you ask maybe six to nine months ago, I wouldn't have expected it to be a tailwind.

是的，我認為我們即將進行的大規模再融資是1月份一筆約11億美元的多幣種定期貸款。目前略低於5%。我們很有可能以更低的利率進行再融資。所以這應該算是順風，但如果你六到九個月前問我，我可能不會想到這會是個順風。

And so that's certainly a positive on the European side of the house. We make a big deal about how we're leaning into the continent. And a lot of that is really fundamentals that we see good risk-adjusted returns, but also a lot of it is euro-denominated debt offers us the lowest cost of debt in the capital stack. And so you can issue 10-year European debt at [3.9%]. That can obviously be quite a bit of a tailwind and support your investment spreads.

所以這對歐洲方面來說無疑是個好消息。我們非常重視我們向非洲大陸的靠攏。其中許多因素確實反映了基本面，我們看到了良好的風險調整後收益，但許多因素也反映了歐元計價債務在資本結構中提供了最低的債務成本。因此，你可以發行10年期歐洲債券。[3.9%]。這顯然會是一個相當大的順風，並能支撐你的投資收益。

But we are not going to overlever and issue more debt than we have assets that can offset that liability. And so that's going to be really driven by how much we can source, and how much we can source in European currency, so that we can issue that 10-year very attractively priced European debt. I think in terms of leverage ratios overall, we're at 5.4 times right now.

但我們不會過度舉債，也不會發行超過我們能夠抵銷這些債務的資產的債務。因此，這實際上取決於我們能籌集到多少資金，以及我們能以歐元籌集多少資金，以便我們能夠發行價格極具吸引力的 10 年期歐洲債券。我認為就整體槓桿率而言，我們目前的槓桿率為 5.4 倍。

And if you look at really what we've done over the last however many years, going back at least three, four years now, we've been extremely disciplined about staying within that, call it, mid-5% area. The [A3 minus] credit rating is incredibly important to us, and I think the regularity and really the very, very thin volatility that you see in that metric is testament to our commitment.

如果你仔細看看我們過去幾年所做的工作，至少可以追溯到三、四年前，我們一直非常自律地將成本控制在 5% 左右的範圍內。[A3 -] 信用評等對我們來說非常重要，我認為該指標的規律性和非常非常小的波動性證明了我們的承諾。

And so you're not going to see us utilize more leverage in order to generate faster AFFO per share growth.

因此，你們不會看到我們利用更多槓桿來更快地實現每股調整後營運資金 (AFFO) 的成長。

Spenser Glimcher, Green Street Advisors.

史賓塞‧格林徹，綠街顧問公司。

Thank you. And just in regards to your comments on competition here in the US, your advantage of scale really comes into play with the larger sale leasebacks and the portfolio deals you mentioned. Are you just not seeing as many of these large deals with that advantage of scale can be leveraged?

謝謝。至於您提到的美國市場競爭問題，您所說的規模優勢確實體現在您提到的較大規模的售後回租和投資組合交易中。你是否覺得很多大型交易都無法利用規模優勢來獲利？

Well, we did see one, and we talked about it in the fourth quarter of last year, where it was north of $700 million in sale leaseback and all of the advantages that you just laid out, Spenser, sort of played out for us. But yes, seeing $1 billion transaction, sale-leasebacks here in the US, we haven't seen as many. And that doesn't mean that those discussions are not taking place.

嗯，我們確實看到了一個案例，我們在去年第四季度討論過，當時的售後回租金額超過 7 億美元，斯賓塞，你剛才提到的所有優勢，對我們來說都得到了體現。但是，在美國，我們確實沒有看到很多10億美元的售後回租交易。但這並不意味著這些討論沒有進行。

There are some pretty interesting transactions that are going on. But it's not something that happens every quarter. And those are specifically the types of transactions, where we will be able to lean into our advantages. We are seeing a lot more transactions in size in Europe, and that's why we are able to do what we are able to do.

目前有一些非常有趣的交易正在進行中。但這並非每季都會發生的事情。而這些正是我們能夠發揮自身優勢的特定類型的交易。我們看到歐洲的交易規模越來越大，這就是我們能夠取得如今成就的原因。

Yeah, that makes sense. Maybe with that thought and with the greater competition you're seeing here in the US, would it be fair to say that your growth in the US, or maybe even Europe is going to be dictated a little bit more by the composition of deals more so than in the past?

嗯，有道理。考慮到這一點，以及你在美國看到的日益激烈的競爭，是否可以這樣說，你在美國甚至歐洲的成長，將比過去更多地受到交易構成的影響？

The composition of deals, yes, I think that is precisely the way to think about it. That doesn't mean that we won't see a quarter where we are back to doing the majority of the transactions here in the US. But it will be a function and the types of transactions that are available that we believe creates the best risk-adjusted returns on a relative basis.

交易的構成，是的，我認為正是這樣思考的。但這並不意味著我們不會看到某個季度大部分交易又回到美國本土進行的情況。但我們認為，能夠相對地創造最佳風險調整後收益的函數和交易類型將決定最終收益。

Those are the ones that we are going to pursue. And I think that is one of the advantages of the Realty Income platform is the fact that we have so many different swim lanes to evaluate, and we are seeing opportunities across all of those different swim lanes.

這些就是我們將要著手調查的目標。我認為 Realty Income 平台的優勢之一在於，我們有很多不同的領域可以評估，而且我們在所有這些不同的領域都看到了機會。

And so it just so happens that a lot of what we have done year-to-date, more than two third of the transactions has been in Europe, which is where we have seen the best risk-adjusted returns. But again, I think if you unpack the sourcing numbers, the majority of the sourcing is still here in the US, continues to be a very active market. It's when you then start to look at the individual transactions, and you do the analysis and you stay up on a relative basis, there are better transactions in Europe, then that's where we're going to invest.

因此，恰好我們今年迄今為止所做的許多交易，超過三分之二的交易都發生在歐洲，而歐洲也是我們獲得最佳風險調整後收益的地方。但話說回來，如果你仔細分析採購數據，你會發現大部分採購仍然在美國，美國仍然是一個非常活躍的市場。當你開始專注於具體的交易，進行分析，並保持相對競爭力時，如果歐洲有更好的交易機會，那麼我們就會投資歐洲。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Hi, good afternoon. Thank you, Jonathan, maybe if we could just go back to the question earlier on the guide. You talked about the high end of the AFFO guide. Just thinking about maybe where the midpoint was and where you all came in at? There was $0.03 of the termination fee that we've talked about. So what was the offsetting to get you to plus [1%] versus the quarter? I know G&A is a little bit higher, non-reimbursable are a little bit higher. Is there anything else that [we're] -- that I should be thinking about?

您好，下午好。謝謝你，喬納森，或許我們可以回到指南前面提出的問題。你談到了AFFO指南的高端部分。我只是在想，中間點在哪裡，你們最後分別處於什麼位置？我們之前提到的終止費用是 0.03 美元。那麼，是什麼因素抵銷了本季1%的成長率呢？我知道一般及行政費用略高，不可報銷費用也略高。還有其他什麼我們應該考慮的事情嗎？

Yeah, those two areas, plus the leasing commissions as I mentioned earlier, tends to be a little higher in Q4. Just from a forecast standpoint, that is an AFFO deduct. And so that's one thing to maybe be on the lookout for Q4. I'd also say there's always going to be very short-term headwinds when you are doing the right thing for the long term.

是的，正如我之前提到的，這兩個領域，加上租賃佣金，在第四季度往往會更高一些。僅從預測的角度來看，這屬於調整後營運資金 (AFFO) 的扣除項。所以，這或許是第四季需要關注的一件事。我還要說，當你做著對長遠發展有利的事情時，總是會遇到一些短期的阻力。

Sometimes that's vacant dispositions. It was a record quarter for vacant dispositions for us in this past quarter. And so rather than just taking any type of re-leasing spread, just to keep someone in there, I think, moving on disposing at recycling that capital is really something that may be on a very short-term basis, could result in small dilution. But that's really it. It's nothing that I would flag as a significant item one way or another.

有時，那是空虛的性情。上個季度，我們的空置房產處置量創下了歷史新高。因此，與其僅僅為了留住某人而採取任何類型的再租賃價差，我認為，轉而處置和回收這些資本實際上可能只是短期內的事情，可能會導致少量稀釋。但事實僅此而已。這件事本身並沒有什麼特別之處，我不會把它列為什麼重要的事情。

It's a little bit of everything here.

這裡什麼都有一點。

Okay. Very helpful. And Sumit -- apologies if I missed this in the opening remarks. I know sometimes you will say this, but could you give us where your watch list

好的。很有幫助。還有 Sumit——如果我在開場白中漏掉了這一點，請見諒。我知道你有時會這麼說，但你能告訴我們你的監視名單在哪裡嗎？

Sure. So it is the same as the second quarter, 4.6%. So it was 4.6% at the end of the second quarter, it's the same. And the other comment I had made in the prepared remarks was that if you look at the main of who makes up this particular watch list, the exposure is 2 basis points. So it's very granular in terms of the makeup of this watch list.

當然。所以與第二季相同，為 4.6%。所以第二季末的比例是 4.6%，跟第一季末一樣。我在準備好的發言稿中也提到，如果你看一下這份觀察名單的主要成員，你會發現風險敞口為 2 個基點。所以這份觀察名單的組成非常細緻。

And so any one client is going to have a very minimal impact in terms of the overall impact. In terms of year-to-date bad debt expense, it remains the 75 basis points, that we came out with. And we are continuing to track to that. And we feel like we are -- our latest earnings guidance reflects that 75 basis points. So there's no change there.

因此，任何一個客戶對整體影響的影響都非常小。就年初至今的壞帳支出而言，仍是我們先前預測的 75 個基點。我們正朝著這個方向繼續努力。我們感覺我們做到了——我們最新的獲利預期反映了這一點，即75個基點。所以這方面沒有任何變化。

Linda Yu Tsai, Jeffries.

Linda Yu Tsai，傑弗里斯。

Hi, on capital allocation, would it have been more accretive to utilize free cash flow for your loan book and then not buy the other $1 billion of properties using equity?

您好，關於資本配置，如果將自由現金流用於貸款組合，而不是使用股權購買另外 10 億美元的房產，是否會更有增值效果？

Explain that a bit more, Linda. I'm sorry.

琳達，再解釋一下。對不起。

Just meaning if you use your free cash flow, for lending purposes and then just refrain from buying as much by raising equity?

你的意思是，如果你把自由現金流用於放貸，然後透過增發股權來減少購買量，那會怎麼樣？

Yeah, So we obviously have circa $200 million of free cash flow that we're generating every quarter. And that is part of the mix of proceeds available for investments. And when we have a menu of investment choices, we are looking at which particular investment is most favorable.

是的，我們每季顯然都能產生約 2 億美元的自由現金流。這是可用於投資的收益組合的一部分。當我們有一系列投資選擇時，我們會考慮哪項投資最有利。

And obviously, if we are raising public capital, either via the ATM on the equity side or debt side, we are trying to see, are we better off not raising that capital, using our free cash flow to buy back our stock, which, by the way, we have the ability to do, versus investing it in opportunities accretively.

顯然，如果我們透過股權融資或債務融資來籌集公共資金，我們就會考慮，與其籌集資金，不如利用我們的自由現金流回購股票（順便說一句，我們有能力這樣做），而不是將其投資於增值機會。

Those are decisions that we are making constantly. And so Linda, obviously, we chose to make $360 million worth of credit investments. We have the ability to do a lot more. But again, we are looking at what is the risk of making those investments for the returns that we are getting and getting comfortable with it.

這些都是我們一直在做的決定。所以，琳達，很顯然，我們選擇了進行價值 3.6 億美元的信貸投資。我們有能力做得更多。但是，我們再次審視這些投資的風險，以及我們所獲得的利益，並努力接受這些風險。

Within the construct of what we've said, we're going to make credit investments in, which is with clients that we believe we want to be viewed as their long-term real estate partners, and with whom we can have the opportunity to do more sale-leaseback opportunities.

在我們剛才所說的框架內，我們將進行信貸投資，投資對像是我們認為應該被視為長期房地產合作夥伴的客戶，並且我們可以與他們開展更多的售後回租業務。

So I'm not 100% clear, if I've answered your question, Linda, but never are we going out and trying to invest capital in a dilutive fashion. I mean that is precisely why even -- I think I shared this in the second quarter, and I'll share it with you now.

所以，琳達，我不太確定我是否回答了你的問題，但我們絕對不會以稀釋股權的方式進行資本投資。我的意思是，正因如此，即使——我想我在第二季分享過這一點，現在我也要分享給你。

There was about $2 billion of investments in the third quarter that we could have made, had we the right cost of capital. And it was because we couldn't generate that initial spread, accretive spread, we chose not to pursue it. So we are being super selective in terms of what we are doing.

第三季度，如果我們擁有合適的資金成本，我們本來可以進行約 20 億美元的投資。正因為我們無法產生最初的利差，也就是累積利差，所以我們選擇不去追求它。所以，我們在選擇做什麼方面非常謹慎。

And part of the reason why we've gone down this private capital to figure out an alternative form of capital to help us continue to invest was to be able to do things like the $3.6 billion that we had year-to-date in the first two quarters, and another $2 billion that we would have loved to have invested in the third quarter.

我們之所以轉向私人資本，尋找替代資本形式來幫助我們繼續投資，部分原因是為了能夠實現像今年前兩個季度迄今為止的 36 億美元投資，以及我們原本希望在第三季度投資的另外 20 億美元。

Thanks. My second question is on lease term fees. Was that (inaudible) disclosure, did you include that in your earnings guidance?

謝謝。我的第二個問題是關於租賃期限費用的。那項（聽不清楚）的披露內容，你們是否已將其納入獲利預期？

Yes. So it's -- everything is included, Linda. So our latest earnings guidance is reflective of all of the lease terminations, the bad debt expense and any other expectations that we have, inclusive of the increased acquisition guidance that we've come out with this quarter.

是的。所以——一切都包含在內了，琳達。因此，我們最新的獲利預期反映了所有租賃終止、壞帳支出以及我們的任何其他預期，包括我們本季度發布的增加的收購預期。

Upal Rana, KeyBank Capital Markets.

Upal Rana，KeyBank 資本市場。

Great, thank you. I just want to get a clarification on the investment guidance increase. Does that include the fund investments? Just trying to get an understanding of how we should break down the investment guidance between the core portfolio and the private fund?

太好了，謝謝。我只是想了解一下投資指引上調的具體情況。這包括基金投資嗎？我只是想了解一下，我們該如何區分核心投資組合和私募基金的投資指導原則？

Yeah, so definitely, we've given you that guidance and that disclosure in the supplemental. I know it's a new form supplemental. We, by the way, love to get feedback on it, given that we have now entered into a new area of our business. So you will be able to see precisely what portion of total investments is going on balance sheet?

是的，我們肯定已經在補充文件中提供了這方面的指導和披露。我知道這是一份新的補充表格。順便說一句，鑑於我們現在已經進入了業務的新領域，我們非常樂意收到這方面的回饋。這樣你就能準確地看到總投資額中有多少比例體現在資產負債表上了？

What portion is going towards the fund? What is our pro forma. All of that will be, I hope, very clear if you just go through the supplemental -- and I recognize that you guys haven't had too much time to digest that. So please go through it. The idea here is to make your lives much simpler in terms of modeling.

其中哪一部分會撥給基金？我們的預測財務報表是什麼？我希望，只要你們仔細閱讀補充資料，所有這些問題都會變得非常清楚——我知道你們沒有太多時間來消化這些內容。所以請仔細閱讀一次。這樣做的目的是為了讓你們的建模工作變得更簡單。

But everything that you just asked, Upal, you should be able to figure out from the disclosure, which we hope is very clear. And we've tried to mimic others to come up with this disclosure. But if there's feedback, please to come back to us.

但是，Upal，你剛才問的所有問題，你應該都能從披露文件中找到答案，我們希望披露文件已經非常清楚了。我們嘗試模仿其他人的做法，最終形成了這份揭露聲明。但如果您有任何回饋意見，請隨時與我們聯繫。

Okay. Great. And then I appreciate all the color on the guidance so far. But could you talk about the other adjustments in your guidance? It increased by $0.04, but it didn't really help the increase the full year AFFO guidance. So just trying to get a better understanding of what other adjustments are, and what drove the guidance change there?

好的。偉大的。此外，我非常欣賞目前為止指導意見中提供的所有細節。但您能否談談指導意見中的其他調整？雖然成長了 0.04 美元，但這並沒有真正幫助提高全年調整後營運資金 (AFFO) 預期。所以，我只是想更了解還有哪些調整，以及是什麼因素導致了指導意見的改變？

Upal, are you talking about the AFFO guidance? And so I think, we've talked about the AFFO guidance, the puts and takes, we're the midpoint of our guide is unchanged. And really, the bridge to think about with that is, yes, we picked up about $0.03 from lease termination fees, but there were some offsets to that predominantly leasing commissions, G&A and unreimbursed property expenses that I think are offsetting some of those gains.

Upal，你指的是AFFO指導意見嗎？所以我認為，我們已經討論了 AFFO 指導、買賣雙方，我們指導的中點保持不變。而實際上，需要考慮的是，雖然我們從租賃終止費中獲得了大約 0.03 美元，但其中有一些抵銷項，主要是租賃佣金、一般及行政費用和未報銷的財產費用，我認為這些抵銷項抵銷了部分收益。

Wesley Golladay, Baird.

Wesley Golladay，Baird。

Hey everyone, I hope you all are doing good. Just a quick one on debt capacity when you look to the Europe and UK. How much more can you borrow out there assuming no more investments as of today?

大家好，希望你們一切都好。簡單談談歐洲和英國的債務能力。假設目前不再進行任何投資，你還能藉多少錢？

Hey Wes, we're pretty much right where we need to be from a euro standpoint. And so that's going to be driven by incremental volume. There's no unused capacity at this junction. We do have some European commercial paper that's outstanding and so any type of issuance in longer-term debt financing will really (technical difficulty) to term that out. But in terms of net new debt capacity, we're really going to follow the lead of the volume side of things from here.

嘿，韋斯，從歐元的角度來看，我們現在的情況基本上符合預期。因此，這將主要由銷量的成長來驅動。這個路口沒有剩餘的通行能力。我們有一些未償還的歐洲商業票據，因此任何類型的長期債務融資發行都將（技術上困難）導致這些票據到期。但就新增淨債務能力而言，我們今後將真正跟隨債務規模的走勢。

On the UK side, we're at about 75% LTC right now. And so we do have some capacity there on the GBP side. With that, we're going to continue to wait for a better opportunity all in at cost, or a bit elevated there compared to the two other currencies we're exposed to.

在英國方面，我們目前的長期照護保險覆蓋率約為 75%。因此，我們在英鎊方面確實有一定的能力。因此，我們將繼續等待更好的機會，以成本價買入，或者說，以略高於我們持有的其他兩種貨幣的價格買入。

Eric Gordon, BMO Capital Markets.

Eric Gordon，BMO資本市場。

Hey, good afternoon, everyone. I just wanted to talk really about the disposition program. I know over the last couple of years, you've really ramped that up as you look to recycle maybe vacant, or less desired assets and reinvest into better opportunities. But just curious, as we look forward, is this going to be a bigger part of the picture? Will it remain the same quantum? Or should we expect that to tail off in the subsequent years?

大家好，下午好。我只是想談談處置方案。我知道在過去的幾年裡，你們確實加大了這方面的投入，希望回收一些閒置或不太受歡迎的資產，並將它們重新投資到更好的機會中。但我很好奇，展望未來，這會成為更重要的組成部分嗎？它的量子數會保持不變嗎？或者我們應該預期這種情況會在接下來的幾年逐漸減弱？

So obviously, I don't want to give guidance, but what I can tell you, it's not tailing off. This is very much part and parcel of our business going forward. Part of what I do want to share with you is there was some debate around our portfolio discount. And what we wanted to make sure that we were able to share with the market with facts, not our impressions was to recycle some of our assets.

所以很顯然，我不想給出指導意見，但我可以告訴你的是，它並沒有減弱。這與我們未來的業務發展息息相關。我想和大家分享的是，關於我們的投資組合折扣，之前有過一些爭論。我們希望確保能夠用事實而不是我們的印象與市場分享訊息，因此我們對一些資產進行了再利用。

And I think I gave you that disclosure in my prepared remarks. To continue to emphasize that when we are able to recycle capital, part of it is to realize this inherent portfolio discount that we see when we are doing large-scale transactions. And so that is much more strategic. But then there are other things that we are going to be doing that is continuing to expand, just given that our denominator has expanded over the years.

我想我在事先準備好的發言稿中已經向你們說明了這一點。要繼續強調的是，當我們能夠回收資本時，部分原因是為了實現我們在進行大規模交易時所看到的固有投資組合折扣。所以這樣做更具戰略意義。但是，隨著我們分母這些年來不斷擴大，我們還會開展其他一些業務，這些業務也會繼續拓展。

That -- where we are being a lot more proactive in terms of recycling assets. Be it on the occupied side or be it on the vacant side, where rather than holding it for a year, a year and half years, to try to find that one client that we anticipate we'll find, but at rents that don't make sense for us versus recycling the capital today, taking into account the holding costs associated with these assets.

這一點——我們在資產回收利用方面採取了更積極主動的態度。無論是已出租的物業還是空置的物業，與其持有一年、一年半的時間去尋找我們預期會找到的客戶，但租金對我們來說並不划算，不如現在就將資金回收利用，同時還要考慮與這些資產相關的持有成本。

So this is purely an economically driven analysis that we are going through. And with our ever-increasing portfolio size, you can expect recycling to be very much part and parcel of our strategy going forward.

所以，我們目前正在進行的完全是經濟方面的分析。隨著我們業務規模的不斷擴大，您可以預見，回收將成為我們未來策略的重要組成部分。

Great, thanks. And then my second question is just on the data center opportunity front. I understand that there's a tremendous demand in the United States, but curious if you're seeing similar, or increasing demand in Europe, where you may be able to achieve better pricing? Or be able to close quickly or acquire these assets just given it's a more fragmented landscape.

太好了，謝謝。我的第二個問題是關於資料中心方面的機會。我知道美國市場需求龐大，但我想知道歐洲市場是否也有類似甚至不斷增長的需求，因為在歐洲市場您或許能夠獲得更優惠的價格？或者說，鑑於市場格局更加分散，能夠快速完成交易或收購這些資產是可能的。

So yes, Eric, we are very much focused on Europe as well. Data centers continue to be very much part and parcel of our investment strategy going forward. Some of the biggest developers here in the US are also some of the biggest developers in Europe. And so when we are cultivating these relationships, making certain investments to further align ourselves with these very large-scale developers, it's not just on products here in the US, but on potential products in Europe as well.

是的，埃里克，我們也非常關注歐洲市場。資料中心仍將是我們未來投資策略的重要組成部分。美國一些最大的開發商同時也是歐洲最大的開發商。因此，當我們培養這些關係，進行某些投資以進一步與這些大型開發商保持一致時，這不僅關乎美國的產品，也關乎歐洲的潛在產品。

So I think we are -- we're very happy with where we are today, and the relationships that we've formed, and we hope that it will translate into future transactions. And yes, some of it will be in Europe, and a lot of it will be here in the US.

所以我覺得我們——我們對目前的狀況以及我們建立的關係非常滿意，我們希望這能轉化為未來的交易。是的，其中一部分會在歐洲，而大部分會在美國。

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

我們的問答環節到此結束。我謹將會議交還給蘇米特·羅伊，請他作總結發言。

All right. [Rocco], thank you again for your help, and thank you, everyone, for joining us. We look forward to seeing you in some of these upcoming conferences. Take care.

好的。 [羅科]，再次感謝你的幫助，也感謝各位的參與。我們期待在即將舉行的一些會議上見到您。小心。

Thank you. That does conclude today's presentation. You may now disconnect your lines and have a wonderful evening.

謝謝。今天的演講到此結束。現在您可以斷開線路，祝您度過一個美好的夜晚。