Realty Income Corp (O) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Realty Income 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。

I would now like to turn the conference over to Ms. Lauren Flaming, Manager, Capital Markets and Investor Relations. Please go ahead, ma'am.

現在我將把會議交給資本市場和投資者關係經理勞倫·弗萊明女士。請便，女士。

Thank you for joining Realty Income's fourth-quarter and full-year 2025 operating results conference call. Discussing our results are 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.

感謝您參加 Realty Income 2025 年第四季及全年經營業績電話會議。與我們討論績效的有：總裁兼執行長 Sumit Roy；財務長兼財務長 Jonathan Pong；Realty Income International 總裁 Neil Abraham；以及首席投資長 Mark Hagan。

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

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-K 表格文件中更詳細地揭露可能導致這些差異的因素。（操作說明）

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, Lauren. Welcome, everyone. 2025 was a year in which our platform, discipline and global reach came together to deliver steady results and position Realty Income for its next chapter of growth. We delivered AFFO per share of $1.08 for the fourth quarter and $4.28 for the full year, supported by 98.9% occupancy and 103.9% rent recapture, reinforcing the stability and diversity of our cash flows.

謝謝你，勞倫。歡迎各位。 2025年，我們的平台、嚴謹的營運和全球影響力相輔相成，取得了穩健的業績，並為Realty Income的下一個成長階段奠定了基礎。第四季度，我們的調整後營運資金（AFFO）每股為 1.08 美元，全年為 4.28 美元，這得益於 98.9% 的入住率和 103.9% 的租金回收率，從而增強了我們現金流的穩定性和多樣性。

In the fourth quarter, we invested approximately $2.4 billion or $2.3 billion pro rata for our ownership interest at a 7.1% initial cash yield, driven by strong opportunities in Europe and the closing of our $800 million perpetual preferred investment in the Las Vegas City Center real estate assets with Blackstone.

第四季度，我們投資了約 24 億美元（按比例計算為 23 億美元）以獲得我們的所有權權益，初始現金收益率為 7.1%，這主要得益於歐洲的強勁機遇以及我們與黑石集團完成對拉斯維加斯市中心房地產資產的 8 億美元永久優先投資。

For the full year, we deployed approximately $6.3 billion or $6.2 billion pro rata at a 7.3% initial cash yield with 30% of acquisition cash income from investment-grade clients. We also sold 425 properties for approximately $744 million, enhancing portfolio quality and redeploying capital into higher return opportunities.

全年來看，我們投入了約 63 億美元（按比例計算為 62 億美元），初始現金收益率為 7.3%，其中 30% 的收購現金收入來自投資等級客戶。我們還出售了 425 處房產，總價值約 7.44 億美元，提高了投資組合質量，並將資金重新部署到回報更高的機會中。

As part of our disciplined approach, we proactively address client-specific risks. With At Home, we used early visibility into store level trends to begin selling select assets ahead of its Chapter 11 filing. Over 18 months preceding the filing, we sold 8 properties for nearly $80 million, significantly reducing exposure. Across the remaining 31 stores, our blended recapture rate was just over 80%, consistent with our historical experience for bankruptcy outcomes.

作為我們嚴謹方法的一部分，我們會積極主動地應對客戶特有的風險。我們利用對 At Home 門市層面趨勢的早期洞察，在其申請破產保護之前就開始出售部分資產。在提交破產申請前的 18 個月裡，我們出售了 8 處房產，總價值近 8,000 萬美元，大大降低了風險敞口。在剩餘的 31 家門市中，我們的綜合回收率略高於 80%，這與我們以往的破產結果經驗相符。

We only experienced one rejection, which was resolved in the fourth quarter. With the company now operating with what we believe to be a stronger financial position, we believe that our early action, disciplined underwriting and active asset management have preserved long-term value.

我們只遇到過一次拒收，該問題在第四季度得到了解決。鑑於公司目前財務狀況更加穩健，我們相信，我們早期的行動、嚴謹的核保和積極的資產管理已經保住了長期價值。

The At Home experience also illustrates how our proprietary predictive analytics platform informs proactive decision-making. Store-level visibility gave us an early read on operating performance. But by using broader predictive analytics to assess closure risk, rents, sustainability and real estate fungibility, we can determine which assets carried elevated long-term risks.

「居家辦公」體驗也說明了我們專有的預測分析平台如何為主動決策提供資訊。門市層面的可視性使我們能夠及早了解營運績效。但是，透過使用更廣泛的預測分析來評估關閉風險、租金、永續性和房地產可替代性，我們可以確定哪些資產具有較高的長期風險。

In partnership with asset management, that work allowed us to selectively dispose of higher-risk locations at attractive valuations and materially reduce exposure ahead of the filing. And when the filing ultimately occurred, our analysis validated the durability of the remaining locations.

透過與資產管理公司的合作，這項工作使我們能夠以有吸引力的估值選擇性地處置高風險地點，並在提交申請之前大幅降低風險敞口。當最終提交申請時，我們的分析證實了剩餘地點的可持續性。

That same discipline carries through to how we manage the broader portfolio. We recognized $18.9 million of lease termination income during the fourth quarter, reflecting our proactive approach to resolving potential credit and renewal risk. We also continue to pursue terminations where we see a clear path to higher and better uses. These steps help us preserve long-term value while managing our exposure thoughtfully across the portfolio.

這種嚴謹的態度也體現在我們對更廣泛投資組合的管理上。第四季我們確認了 1890 萬美元的租賃終止收入，這反映了我們積極主動地解決潛在的信用和續約風險。我們也會繼續推進那些我們認為有明確途徑可以實現更高、更好用途的專案終止。這些措施有助於我們在謹慎管理投資組合風險敞口的同時，保持長期價值。

Internationally, our established platform remains a competitive advantage. As we have previously discussed, Europe continues to offer compelling risk-adjusted opportunities, and we regularly evaluate the viability of other markets where we can further leverage the strength of our competitive moat.

在國際上，我們成熟的平台仍然是我們的競爭優勢。正如我們之前討論過的，歐洲繼續提供極具吸引力的風險調整後投資機會，我們也會定期評估其他市場的可行性，以便進一步利用我們的競爭優勢。

Last month, we expanded into Mexico as part of our broader strategic partnership with GIC, providing the majority of build-to-suit development financing and a $200 million takeout commitment for a high-quality US dollar-denominated industrial portfolio, another example of how our scale cross-border capabilities and balance sheet open new swim lanes of growth in a disciplined and repeatable way.

上個月，我們透過與新加坡政府投資公司 (GIC) 更廣泛的策略合作，將業務拓展到墨西哥，為高品質的美元計價工業投資組合提供了大部分客製化開發融資和 2 億美元的退出承諾。這再次表明，我們龐大的跨境能力和資產負債表如何以嚴謹和可重複的方式開闢新的成長途徑。

As part of our international strategy, we are entering Mexico in a disciplined, partnership-led manner alongside GIC and Hines. This structure allows us to finance build-to-suit developments at attractive effective yield with forward commitments at cap rates that compare favorably to US assets while maintaining our target risk-adjusted returns.

作為我們國際策略的一部分，我們將與新加坡政府投資公司 (GIC) 和海因斯公司 (Hines) 一起，以嚴謹的合作方式進入墨西哥市場。這種結構使我們能夠以有吸引力的有效收益率為客製化開發項目提供融資，遠期承諾的資本化率與美國資產相比具有優勢，同時保持我們目標風險調整後的回報。

Our initial focus is narrow and paced, centered on Mexico City and Guadalajara, core logistics markets with tight fundamentals, consistent rent growth and investment-grade tenants. We are investing in mission-critical build-to-suit facilities with institutional quality and US dollar-denominated leases. Over the long term, we view Mexico as a strategic beneficiary of near shoring and expect to expand selectively as fundamentals continue to mature.

我們最初的關注點比較狹窄，發展速度也比較快，主要集中在墨西哥城和瓜達拉哈拉這兩個核心物流市場，這兩個市場基本面良好，租金持續增長，並且擁有投資級租戶。我們正在投資建造具有機構品質且以美元計價的客製化關鍵任務設施。從長遠來看，我們認為墨西哥是近岸外包的策略性受益者，並期望隨著基本面的不斷成熟而有選擇地擴大規模。

Our approach also reflects current developments on the ground, including increased coordination between Mexican and US authorities, that may support a more stable operating environment over time. While near-term conditions remain fluid and market sentiment can be volatile, we believe this reinforces the importance of our phased partnership-led entry and long-term conviction in Mexico's industrial fundamentals.

我們的方法也反映了當前實地的發展，包括墨西哥和美國當局之間加強協調，這可能會隨著時間的推移支持一個更穩定的營運環境。儘管短期內情勢仍不明朗，市場情緒也可能波動，但我們相信，這更凸顯了我們分階段以合作為主導進入墨西哥市場的重要性，以及我們對墨西哥工業基本面的長期信心。

Concurrent with our expansion into Mexico, the US component of our previously announced joint venture with GIC is now executing a similar structure. Through this partnership, Realty Income and GIC will programmatically develop approximately $1.5 billion of primarily industrial build-to-suit properties.

在我們向墨西哥擴張的同時，我們先前宣布與新加坡政府投資公司 (GIC) 成立的合資企業的美國部分也正在實施類似的結構。透過此次合作，Realty Income 和 GIC 將有計劃地開發價值約 15 億美元的以工業用地為主的客製化建造物業。

Last month, the joint venture closed its first transaction, a $58.5 million investment alongside a forward acquisition agreement for a modern industrial property in Dallas leased to a Fortune 500 service-based logistics client. This initial transaction demonstrates how the build-to-suit and financing components of this relationship function and practice, supporting mission-critical clients, earning interest income during development and creating a clear path to high-quality ownership split between a like-minded, long-term investor in GIC.

上個月，該合資企業完成了第一筆交易，投資 5,850 萬美元，並簽署了一項遠期收購協議，收購達拉斯一處現代化工業地產，該地產已租賃給一家財富 500 強服務型物流客戶。這筆初始交易表明，這種合作關係中的客製化建造和融資部分是如何運作和實踐的，它支持關鍵任務客戶，在開發過程中賺取利息收入，並為志同道合的長期投資者 GIC 創造了一條通往高品質所有權分配的清晰路徑。

A defining feature of Realty Income's evolution is pairing our operating platform with diversified partnership-oriented capital. This relationship orientation continues to shape our sourcing engine. Approximately 89% of our fourth-quarter transactions originated through relationship-driven channels, underscoring the depth of our client and partner network.

Realty Income發展歷程的一個顯著特徵是將我們的營運平台與多元化的合夥資本結合。這種關係導向持續影響著我們的採購機制。第四季約 89% 的交易是透過關係驅動管道完成的，這凸顯了我們客戶和合作夥伴網路的深度。

In addition to our GIC partnership, we furthered our relationship with Blackstone through an $800 million perpetual preferred equity interest in Las Vegas City Center, which becomes the second joint venture we have entered into with Blackstone for a high-quality Las Vegas Strip casino transaction. The structure provides attractive risk-adjusted returns with downside protection, given the strategic importance of this asset to MGM, and a right of first offer on an iconic Las Vegas Strip asset, demonstrating our ability to execute large structured relationship-driven transactions.

除了與新加坡政府投資公司 (GIC) 的合作外，我們還透過向拉斯維加斯城市中心授予 8 億美元的永久優先股權益，進一步加強了與黑石集團的關係。這是我們與黑石集團就拉斯維加斯大道上的高品質賭場交易達成的第二個合資項目。鑑於該資產對美高梅集團的戰略重要性，該結構提供了具有吸引力的風險調整後收益和下行保護，並賦予了對拉斯維加斯大道標誌性資產的優先購買權，這證明了我們執行大型結構化關係驅動型交易的能力。

Looking ahead to 2026, we see a steady core business supported by disciplined capital allocation, healthy occupancy, and a pipeline that reflects both the depth of our sourcing engine and the flexibility of our multiproduct platform. With the benefit of global relationships, strategic partnerships and private capital channels, we expect to pursue high-quality opportunities across geographies and capital structures.

展望 2026 年，我們看到核心業務穩步發展，這得益於嚴格的資本配置、健康的入住率以及能夠體現我們採購引擎深度和多產品平台靈活性的專案儲備。憑藉全球關係、策略夥伴關係和私募資本管道的優勢，我們期望在不同地區和資本結構中尋求高品質的投資機會。

Strategically, three priorities guide our capital deployment in 2026.

從策略角度來看，2026 年我們的資本部署將遵循三個優先事項。

First, deepen client relationships where we can act as a solution provider, particularly in mission-critical retail and industrial and increasingly through development in structured solutions, including via the GIC platform. Second, broaden the investable universe by pursuing repeatable high-quality adjacencies that align with our underwriting discipline and generate resilient contractual income. As a one-stop shop net lease solution provider, our platform is well positioned to originate and structure these opportunities. Third, optimize capital efficiency by diversifying equity sources and maintaining balance sheet flexibility, which Jonathan will outline in more detail.

首先，加深與客戶的關係，我們可以作為解決方案提供商，尤其是在關鍵任務型零售和工業領域，並且越來越多地透過開發結構化解決方案，包括透過 GIC 平台。第二，透過追求可重複的高品質鄰近資產來擴大投資範圍，這些鄰近資產符合我們的承保原則並能產生穩定的合約收入。作為一站式淨租賃解決方案供應商，我們的平台具有良好的優勢，能夠創造和建構這些機會。第三，透過多元化股權來源和維持資產負債表靈活性來優化資本效率，喬納森將對此進行更詳細的概述。

Bringing it together, Realty Income today is a full-service real estate capital provider with global reach, multiproduct capabilities and a more diversified set of capital channels supporting our growth engine, anchored by a high-quality portfolio that generates stable and growing cash flows. The momentum we saw exiting 2025, combined with the partnerships and platforms we have assembled, underscores the strength of our flywheel and ability to compound long-term value.

綜上所述，如今的 Realty Income 是一家提供全方位服務的房地產資本提供商，業務遍及全球，擁有多產品能力和更加多元化的資本渠道，為我們的增長引擎提供支持，而這一切都建立在能夠產生穩定增長現金流的高質量投資組合之上。2025 年末我們所看到的勢頭，加上我們建立的合作夥伴關係和平台，凸顯了我們飛輪效應的強大以及創造長期價值的能力。

With that, I'll turn it over to Jonathan.

接下來，我將把麥克風交給喬納森。

Thanks, Sumit, and good afternoon, everyone. 2025 was a foundational year for us from a capital diversification perspective. We proudly launched our debut open-end fund in the US, successfully raising over $1.5 billion in third-party equity from over 40 institutional investors spanning state, city, county and employee pension funds, sovereign wealth funds, asset managers, foundations and consultants.

謝謝 Sumit，大家下午好。從資本多元化的角度來看，2025 年對我們來說是奠基之年。我們很自豪地在美國推出了首支開放式基金，成功從 40 多家機構投資者（包括州、市、縣和僱員退休基金、主權財富基金、資產管理公司、基金會和諮詢公司）籌集了超過 15 億美元的第三方股權。

We established this open-end perpetual life vehicle because this format was the most strategic, valuable and appropriate structure for our long-duration net lease business, which is known for its consistency and lack of volatility. We're humbled by the investor reception to our values, performance track record as a public company, the best-in-class human capital and unmatched access to proprietary data and insights across a seasoned real estate portfolio of over 15,500 properties globally.

我們設立了這種開放式永續壽險工具，因為這種形式對於我們以穩定性和低波動性著稱的長期淨租賃業務而言，是最具戰略意義、最有價值和最合適的結構。投資者對我們的價值觀、作為上市公司的業績記錄、一流的人力資本以及在全球擁有超過 15,500 處成熟房地產物業的專有數據和見解的認可，讓我們深感榮幸。

As Sumit previously mentioned, we were also pleased to establish a programmatic strategic relationship with GIC, which pairs our operating platform with a long-term and disciplined capital partner. While the focus of the partnership will be on build-to-suit industrial development, we expect to partner on a variety of large-scale opportunities given our combined focus on deploying capital at scale, where we can create superior value for our respective stakeholders.

正如 Sumit 之前提到的，我們也很高興與 GIC 建立專案策略合作關係，這使我們的營運平台與長期且穩健的資本合作夥伴相結合。雖然合作的重點將是客製化工業開發，但鑑於我們共同致力於大規模部署資本，從而為各自的利益相關者創造卓越價值，我們預計將在各種大型機會上進行合作。

I want to briefly take a moment to highlight the broader design behind these initiatives. Our partnership with GIC and the launch of our fund business are not intended to be mere single-period contributors. They are programmatic vehicles that expand our opportunity set today while creating embedded pathways for recurring compounding growth over time.

我想花一點時間簡要地強調這些舉措背後的更廣泛設計理念。我們與 GIC 的合作以及我們基金業務的推出，並非旨在吸引單期投資者。它們是程式化工具，既能擴大我們今天的機會範圍，又能為隨著時間的推移實現持續的複合成長創造嵌入式路徑。

Turning to highlights from the fourth quarter. We ended the year with over $4.1 billion of liquidity on a pro rata basis with the net debt to pro forma adjusted EBITDA ratio of 5.4 times, squarely within our long-term target range. Subsequent to year-end, we issued our first convertible note offering, raising gross proceeds just north of $862 million for a three-year convertible note at 3.5%.

接下來回顧第四節的精彩瞬間。年底，我們按比例計算擁有超過 41 億美元的流動資金，淨債務與備考調整後 EBITDA 的比率為 5.4 倍，完全符合我們的長期目標範圍。年末之後，我們發行了第一筆可轉換票據，為三年期、利率為 3.5% 的可轉換票據籌集了略高於 8.62 億美元的總收益。

We used $102 million of proceeds to repurchase 1.8 million shares of common stock, which reduced potential share dilution and allowed us to minimize the impact of the stock price as we price the transaction. The remainder of the proceeds were used to repay a $500 million note maturity in January, which had a rate of 5.05%, thus representing immediate earnings accretion through the exercise.

我們利用所得款項中的 1.02 億美元回購了 180 萬股普通股，這減少了潛在的股份稀釋，並使我們能夠在交易定價時最大限度地減少股價的影響。剩餘收益用於償還 1 月到期的 5 億美元票據，該票據利率為 5.05%，因此透過此操作實現了即時收益成長。

Our balance sheet is positioned to play offense on the investment front in 2026. We ended the year with cash and unsettled forward equity totaling approximately $1.1 billion. When combined with an annualized run rate of over $900 million in free cash flow, we have over $2 billion of equity or $3 billion fully levered dry powder to address an active deal pipeline. In addition, we have approximately $400 million of undrawn third-party equity capital committed to our open fund that adds further liquidity to deploy accretive capital at scale.

我們的資產負債表已做好準備，並將在 2026 年在投資領域採取積極主動的策略。截至年底，我們持有的現金和未結算遠期權益總額約為 11 億美元。加上每年超過 9 億美元的自由現金流，我們擁有超過 20 億美元的股權或 30 億美元的完全槓桿化的可用資金，可用於處理活躍的交易項目。此外，我們還有約 4 億美元的未提取第三方股權資本承諾投入我們的開放式基金，這將進一步增加流動性，以便大規模部署增值資本。

Operational efficiency remains a priority. We finished the year with a cash G&A margin of just 3.2% while adding talented team members across our global organization, which ended the year at nearly 550 individuals throughout our vertically integrated platform. We are proud of our ability to invest in top talent at all levels of the organization while maintaining one of the most efficient cost margins in the industry.

營運效率仍然是首要考慮因素。我們以僅 3.2% 的現金 G&A 利潤率結束了這一年，同時我們在全球組織中增加了優秀的團隊成員，到年底，我們垂直整合的平台共有近 550 名員工。我們引以為傲的是，我們有能力在組織各個層面投資頂尖人才，同時保持業界最高效的成本利潤率之一。

Turning to 2026 guidance. We are introducing AFFO per share guidance of $4.38 to $4.42, representing an acceleration in AFFO per share growth versus 2025. In addition to the $8 billion investment guidance for the year, key assumptions in our model reflect healthy underlying portfolio fundamentals, and in particular, includes credit-related loss of 40 to 50 basis points of revenue, a meaningful decline versus the 70 basis points we experienced in 2025.

接下來展望2026年的發展方向。我們預計每股調整後營運資金 (AFFO) 為 4.38 美元至 4.42 美元，與 2025 年相比，每股調整後營運資金的成長速度將加快。除了今年 80 億美元的投資指導外，我們模型中的關鍵假設反映了健康的投資組合基本面，特別是包括與信貸相關的收入損失 40 至 50 個基點，與我們在 2025 年經歷的 70 個基點相比，這是一個顯著的下降。

We expect lease termination income to once again be a meaningful contributor to earnings in 2026 as we forecast $30 million to $40 million based on our current visibility. As Sumit mentioned, this income is driven by our proactive asset management efforts, and we expect this income to remain a recurring part of our business.

我們預計，根據我們目前的預期，租賃終止收入將在 2026 年再次成為獲利的重要貢獻者，預計收入將達到 3,000 萬美元至 4,000 萬美元。正如 Sumit 所提到的，這筆收入源自於我們積極主動的資產管理工作，我們預計這筆收入將繼續成為我們業務的經常性組成部分。

Our expense margins continue to reflect the efficiency of our business. And for 2026, we are guiding to unreimbursed property expense margin to approximately 1.5% of revenue, and we expect cash G&A expenses to be just 20 to 23 basis points of gross asset value. Finally, we expect to generate approximately $10 million of base management fees from our open-end fund during 2026, which may fluctuate slightly depending on the pace of capital calls for investments made in the fund.

我們的費用率持續反映出我們業務的效率。對於 2026 年，我們預計未報銷的財產費用率將達到收入的 1.5% 左右，現金一般及行政費用預計僅為總資產價值的 20 至 23 個基點。最後，我們預計在 2026 年，我們的開放式基金將產生約 1,000 萬美元的基本管理費，該費用可能會根據基金投資的資金募集速度略有波動。

Now to close out our prepared remarks, I'll pass it back to Sumit.

現在，為了結束我們準備好的發言，我將發言權交還給蘇米特。

Thanks, Jonathan. Before we open the line for questions, let me briefly summarize. Realty Income enters 2026 with a resilient core business, a broader set of capital partners, and a deeper global pipeline that at any point in our history.

謝謝你，喬納森。在開放式提問環節之前，先簡單總結一下。Realty Income 進入 2026 年時，擁有強大的核心業務、更廣泛的資本合作夥伴，以及比公司歷史上任何時期都更加深厚的全球業務儲備。

Our partnership with GIC, our CityCenter investment with Blackstone and our successful cornerstone capital raise for our debut private fund all reflect the evolution of our business and the expansion of our investment buy box. We remained disciplined in underwriting, selective in deployment and focus on compounding long-term per share value. We're looking forward to continuing to demonstrate that our proven operating platform and unrelenting focus on generating durable income is highly valued in the marketplace.

我們與 GIC 的合作、與 Blackstone 共同投資 CityCenter 以及我們首支私募股權基金成功募集基石資金，都反映了我們業務的發展和我們投資範圍的擴大。我們在承銷方面保持嚴謹，在部署方面精挑細選，並專注於實現長期每股價值的複利成長。我們期待繼續證明，我們成熟的營運平台和對創造持久收入的不懈追求在市場上具有很高的價值。

Operator, we are ready for questions.

接線員，我們已準備好回答您的問題。

(Operator Instructions) Linda Tsai, Jefferies.

（操作說明）Linda Tsai，傑富瑞集團。

As Realty Income has expanded into different capital-raising and yield-generating capabilities, new channels, including private capital, new JV partners, build-to-suit initiatives, diverse geographies and loans, how different do you think Realty Income will look over the next three to five years?

隨著 Realty Income 拓展到不同的融資和收益創造能力、新的管道（包括私募資本、新的合資夥伴、客製化建造計劃、多元化的地域和貸款），您認為 Realty Income 在未來三到五年內會有多大的變化？

That's a great question, Linda. Obviously, all of these various different things that you're seeing now in some of the recent announcements that we've made, et cetera, has been part of our strategy going back several years.

琳達，你問得好。顯然，你們現在在我們最近發布的一些公告中看到的所有這些不同的內容等等，都是我們過去幾年策略的一部分。

If you think about how Realty Income has evolved, we used to be 100% retail-only US-centric business. That over time has created, first, new channels of investments that were adjacent to what our core competency was. Thus, we included the international business. We included other asset types, and then started to focus on making credit investments with our existing client base with the attempt to be viewed as that one-stop solution provider to our clients.

想想 Realty Income 的發展歷程，我們以前是一家 100% 只面向美國零售市場的公司。隨著時間的推移，這首先創造了與我們核心競爭力相近的新投資管道。因此，我們將國際業務納入其中。我們納入了其他資產類型，然後開始專注於利用我們現有的客戶群進行信貸投資，力求成為客戶的一站式解決方案提供者。

The second part of this puzzle was on how we financed our business. And obviously, on the fixed income side, as we grew into multiple geographies, we were able to diversify our fixed income sources of capital. But on the equity side of the business, it was always our public markets here in the US which has held us very well in our 31-year history as a public company.

這道難題的第二部分是關於我們如何為公司融資。顯然，在固定收益方面，隨著我們業務拓展到多個地區，我們得以實現固定收益資本來源的多元化。但在股權方面，我們作為一家上市公司的 31 年歷史中，一直是美國的公開市場給予我們很好的支持。

But what these last couple of years has shown is the volatility that could exist at points in time in economic cycles. That sort of impedes our ability to completely utilize a platform that is capable of doing circa $10 billion of investment per year, which we've shown in years past.

但過去幾年表明，經濟週期中某些時候可能會出現波動。這在某種程度上阻礙了我們充分利用這個平台的能力，該平台每年能夠進行約 100 億美元的投資，而我們在過去幾年中已經證明了這一點。

And so that was the question that we posed to ourselves internally about how do we start to diversify our sources of equity capital, how do we create partnerships that can allow us to fully utilize the platform that was built for scale and size. And what you're seeing more recently and what you will continue to see is us leaning into these various different sources of capital, forming partnerships with like-minded long-term investors like GIC, working very closely with existing partners and enhancing those relationships, like with Blackstone, who view us as real estate partners that could potentially be a solution for them at points in time.

因此，我們內部提出了這樣一個問題：我們如何開始使我們的股權資本來源多元化，我們如何建立合作夥伴關係，使我們能夠充分利用為規模和體積而建立的平台。最近大家看到的，以及未來大家將繼續看到的，是我們正在利用各種不同的資金來源，與志同道合的長期投資者（如新加坡政府投資公司）建立合作關係，與現有合作夥伴密切合作並加強這些關係，例如與黑石集團的關係，他們將我們視為房地產合作夥伴，認為我們在某些​​時候可以為他們提供解決方案。

And three to five years from now, all of these different avenues, including the open-ended fund, the Core Plus Fund that we've put into place, I believe, will be much more mature and will allow us to generate this growth profile that is much more commensurate with what our average growth profile has been over the last 30, 31 years. That is what I see manifesting over the next three to five years from now.

我相信，從現在到三到五年後，所有這些不同的途徑，包括我們已經設立的開放式基金和核心增值基金，都將更加成熟，並使我們能夠實現與過去 30、31 年的平均增長情況更加相稱的增長。這就是我預見到未來三到五年內將會出現的情況。

Look, we've always been viewed as a company with the following two brands. It's trust and reliability. And growth for the longest time has been also part and parcel of Realty Income, this 5% growth rate that we have historically achieved. But in 2025, it was closer to 2%.

你看，我們一直被視為一家擁有以下兩個品牌的公司。這是信任和可靠性。長期以來，成長一直是 Realty Income 的重要組成部分，我們歷來保持著 5% 的成長率。但到 2025 年，這一比例接近 2%。

And so the question that we are trying to answer, and I believe we have -- the market is now starting to see how we can use our size and scale to effectively differentiate ourselves and be a company that has a very unique investable mousetrap, as well as sources of capital that will allow us to achieve that third element of growth.

因此，我們正在努力回答的問題是，我相信我們已經回答了——市場現在開始看到我們如何利用我們的規模和體積有效地使我們脫穎而出，成為一家擁有非常獨特的、值得投資的“捕鼠器”的公司，以及能夠讓我們實現增長第三個要素的資金來源。

And so trust, reliability, and growth, those are the reasons why we are doing everything that we are doing. And I believe in the next three to five years, all of these avenues will have matured and will allow us to be the company that we have been historically for the last 31 years.

因此，信任、可靠性和發展，就是我們做這一切的原因。我相信在未來三到五年內，所有這些途徑都將成熟，使我們能夠成為過去 31 年來我們一直保持的那種公司。

One for Jonathan. On acquisitions guidance of $8 billion in '26, what's the cap rate you expect? And what are some of the assumptions that feed into your expectations?

給喬納森的一份。鑑於 2026 年收購目標為 80 億美元，您預期資本化率為何？你的預期背後有哪些假設？

Linda, rather than giving a cap rate guidance, I would say that we're expecting spreads to be fairly similar on a leverage-neutral basis to where we were in 2025 and where we've been historically, so call it 150 to 160 basis points relative to that weighted average cost of capital, short-term weighted average cost of capital.

琳達，與其給出資本化率指引，不如說我們預計，在槓桿中性的基礎上，利差將與 2025 年的水平以及歷史上的水平相當，因此可以將其視為相對於加權平均資本成本（短期加權平均資本成本）的 150 至 160 個基點。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Maybe just following up on that last question, but from a different perspective. Your acquisition cap rate ticked down in the fourth quarter sequentially. So can you just talk about like, what the cap rate environment is looking like? Is that a reflection of what you're buying? Or is that a reflection of competition? Just trying to get a sense of if that acquisition cap rate is trending lower here.

也許只是想從另一個角度來回答上一個問題。您的收購資本化率在第四季環比略有下降。那麼，您能談談目前的資本化率環境狀況嗎？這是否反映了你所購買的商品？或者，這反映了競爭的本質？我只是想了解這裡的收購資本化率是否呈現下降趨勢。

Yeah. Good question, Michael. Look, I don't think quarter-over-quarter, a 10, 20 basis point movement in cap rates really is indicative of the overall market. What ends up closing in a quarter is a function of so many different things. And when you're sharing an average cap rate on all investments made, it sort of doesn't highlight the diversity of products that we are pursuing.

是的。問得好，麥可。你看，我不認為季度環比10、20個基點的資本化率波動能夠真正反映整個市場的狀況。一個季度最終的收支平衡取決於許多不同的因素。當你分享所有投資的平均資本化率時，它並不能突顯我們正在追求的產品的多樣性。

Obviously, there are assets that we are buying that is inside of that average cap rate, and then there are some that are above that cap rate. And it's really a function more of what ends up closing in a given quarter, what gets moved to the next quarter that drives these 10 to 20 basis points of movement on average cap rates.

顯然，在我們購買的資產中，有些資本化率在平均資本化率之內，有些則高於平均資本化率。實際上，平均資本化率的 10 到 20 個基點的波動，更多地取決於某個季度最終完成的交易，以及哪些交易被推遲到下一個季度。

But I can step back and share with you our perspective that, look, if you think about the last few quarters, I would say, three, four, five quarters, the cap rate has been in this low 7% ZIP code. And it is largely reflective of what you're seeing in the cost of capital environment and what you're seeing on the competitive side of the equation.

但我可以退後一步，和你們分享我們的觀點，你看，如果你想想過去幾個季度，我想說，三、四、五個季度，資本化率一直徘徊在 7% 的低點。這在很大程度上反映了資本成本環境和競爭格局的變化。

And look, if the cost of capital continues to improve, I believe that cap rates are going to reflect that. And the competition today on the private side has largely been fairly muted, again, because of the higher cost of debt that is there in the market. But if that were to change, which -- I'm not saying it will, but if that were to change, then you would have more competition coming from the private side of the equation as well.

而且，如果資本成本持續改善，我相信資本化率也會反映出這一點。如今，由於市場上債務成本較高，私人領域的競爭在很大程度上相當溫和。但如果這種情況改變——我不是說一定會改變——但如果這種情況改變，那麼來自私人領域的競爭也會更加激烈。

So those are the variables that I would be looking out for to see the direction of cap rates over the next 12 months. But I'll tell you that over the last six quarters, the cap rate environment has been fairly stable.

因此，這些是我在未來 12 個月內關注的變量，以判斷資本化率的走向。但我可以告訴你，在過去的六個季度裡，資本化率環境一直相當穩定。

Got it. And just as a follow-up, maybe you can talk a little bit about the G&A guidance? It was 21 basis points. In 2025 or 2026, you provided a range which at the midpoint implies it to go up a little bit. So can you just walk through kind of like why G&A may move higher in a material way?

知道了。最後，能否請您談談一般及行政費用指引？是21個基點。在 2025 年或 2026 年，您給出的範圍是，其中點意味著價格會略有上漲。那麼，您能否簡單解釋為什麼一般及行政費用可能會大幅上漲？

And then just also maybe that reflects some investments that the company is making. So maybe where are you investing in the business today?

這或許也反映了該公司正在進行的一些投資。那麼，你目前在企業的哪些方面進行投資呢？

Yeah. Thanks, Mike. First of all, I would say the G&A methodology that we're giving for guidance now is percentage of GAV. And the reason for that is because we have consolidated vehicles, we have unconsolidated vehicles when you start to utilize the revenue and the income statement, and it doesn't give the full picture. So I would say if you look at 2025 apples-to-apples based off of that GAV methodology, we're about 21 basis points in cash G&A. Our guidance is for 20 to 23. So not really a material move.

是的。謝謝你，麥克。首先，我想說，我們現在提供的指導性 G&A 方法論是 GAV 的百分比。原因在於，當我們開始使用收入和損益表時，我們會發現既有合併車輛，也有非合併車輛，但這並不能反映全貌。所以，如果按照 GAV 方法對 2025 年的情況進行同等比較，我認為我們的現金 G&A 大約有 21 個基點。我們的指導方針是20到23歲。所以這算不上什麼實質的舉動。

The one thing I'll say is that we've added a lot of really good talent to the team. We ended 2024 at about 468 employees. End of 2025, we're about 544. It's about 76 employees hired. It was back-end loaded to the back half of the year. 1And we feel like we've got a very strong competitive moat across the globe, and a lot of the headcount has been abroad in Europe. And you can see how meaningful Europe has been to our growth. And so that is something that we're very happy about.

我唯一要說的是，我們為球隊補充了很多非常優秀的人才。截至 2024 年底，我們的員工人數約為 468 人。到 2025 年底，我們大約會有 544 人。大約僱用了76名員工。它的重心集中在下半年。1我們感覺我們在全球範圍內擁有非常強大的競爭優勢，而且我們的大部分員工都在歐洲。你可以看出歐洲對我們的發展有多重要。所以，我們對此感到非常高興。

I think when you look at 2026 as well, we do have a few heads that we are adding. And when you're talking about a platform today that's generating $5.3 billion, $5.4 billion in annual base revenue with over 15,500 assets and plans for us to grow significantly, we definitely believe that we have the ability to hire the best talent to scale the business and to still have one of the most efficient G&A margins in the industry.

我認為，展望 2026 年，我們也確實增加了一些人手。如今，我們平台的年基本收入達到 53 億美元、54 億美元，擁有超過 15,500 項資產，並且計劃大幅成長。我們堅信，我們有能力聘請最優秀的人才來擴大業務規模，同時保持業界最高效的管理費用率之一。

John Kilichowski, Wells Fargo.

約翰‧基利霍夫斯基，富國銀行。

Just for my first one, maybe could you help me bridge this AFFO guide? It's a really healthy acquisition guide to $8 billion, surprised with the upside. But I feel like the AFFO guide was maybe below what the Street was expecting. I'm curious, where are the sources of conservatism in your guide? Or what is the Street missing here?

這是我的第一個問題，您能幫我理解AFFO指南嗎？這是一份非常健康的收購指南，目標金額將達到 80 億美元，超出預期。但我感覺調整後營運資金（AFFO）指引值可能會低於華爾街的預期。我很好奇，你的指南中保守主義的來源是什麼？或者說，這條街還缺什麼？

Yeah, John, I would say it really comes down to the credit loss in guidance, credit loss guidance of 40 to 50 basis points of rental revenue, something that has a fair amount of conservatism. We're sitting here in late February, and I think, as is per usual, we want to have a little bit more visibility in terms of how things are playing out before we tighten and lower that guide.

是的，約翰，我認為關鍵在於信用損失預期，信用損失預期為租金收入的 40 到 50 個基點，這其中相當保守。現在已經是二月下旬了，我認為，和往常一樣，我們希望在收緊和下調預期之前，對事情的發展有更清晰的了解。

So I think if you kind of back into what that represents on a dollar amount, over half of what that represents is for unidentified credits that we don't really see much in the way of high risk of that being utilized, but I think that's probably the number one thing that we would point out.

所以我覺得，如果你反推這相當於多少美元，其中超過一半是未識別的信貸，我們並不認為這些信貸有很高的使用風險，但我認為這可能是我們要指出的第一點。

Okay. That's very helpful. And then for my second one, just to kind of go back on what you were talking to earlier on yields. How do we think about this incremental $2 billion that you're doing maybe above the [sticks], let's call it? Is that you moving into new verticals?

好的。那很有幫助。然後，我的第二個問題是，我想回顧一下你之前談到的收益率問題。我們該如何看待你正在做的這筆額外的 20 億美元，或許可以稱之為超越常規的投入？你們這是要進軍新的領域嗎？

Or -- and then how should we think about the yields on those? Like is that just -- it's a better acquisition environment, but maybe tighter cap rates on those incremental deals? Like what allows you to kind of lever up there?

或者──那我們該如何看待這些收益呢？這是否意味著－收購環境更好了，但這些新增交易的資本化率可能更嚴格？是什麼讓你能夠佔據那個位置？

The way I would think about investments is not necessarily in terms of yield, but in terms of spread because ultimately, that's what drives our AFFO per share growth. And I would just underwrite to what we have traditionally achieved, which is that 150, 155 basis points of spread on that $8 billion.

我考慮投資的方式不一定是看收益率，而是看利差，因為歸根究底，這才是推動我們每股調整後營運資金成長的因素。我只會按照我們以往的成就來承銷，那就是在這 80 億美元的交易額上實現 150 到 155 個基點的利差。

There are so many things that go into that mix, John. What is the timing of that $8 billion. Obviously, the reason why we've come out with a fairly large number is because we have a very good pipeline. We feel very good about what is happening here in the US and what's happening in Europe and now what we are seeing in some of the other geographies that we've gone into.

約翰，這裡面牽涉到很多因素。那80億美元的款項何時到位？顯然，我們之所以能取得如此大的產量，是因為我們擁有非常優秀的生產線。我們對美國、歐洲以及我們目前進入的其他一些地區所發生的情況感到非常滿意。

It gives us a lot of confidence that finally, we are at a point where we can lean into the market. And we have all these different channels of financing our business that gives us this confidence. So that's how I would think about this $8 billion is it's a testament to our level of confidence in the products that we invest in.

這讓我們信心倍增，我們終於可以大舉進軍市場了。我們有各種不同的融資管道，這給了我們信心。所以，我認為這80億美元體現了我們對所投資產品的信心。

There are no new products that we are going to be sharing with the market in the near future. It's -- these are products that we've already invested in, and we will continue to sort of lean into it, and that's what's going to constitute the majority of the $8 billion.

近期內我們不會向市場推出任何新產品。這些都是我們已經投資的產品，我們將繼續加大投入，這將構成80億美元投資的大部分。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Sorry, again on the kind of $8 billion investment volume guidance. If you could please clarify. It looks like that's at 100%. And so maybe help us think about how much is wholly owned, how much is in the private fund?

抱歉，再次重申80億美元的投資金額預期。請您解釋一下。看起來已經達到 100% 了。所以，或許可以幫助我們思考一下，有多少是完全擁有的，有多少是屬於私人基金？

Should we assume the full amount of the private fund is deployed near term? And maybe mix between the development and acquisitions and whether you also expect it to be an elevated disposition year?

我們是否應該假設全部私募資金將在近期內投入使用？或許應該考慮開發和收購之間的平衡，以及您是否預計今年資產處置量會大幅增加？

That's a great question, Jana. We'll give you some level of insight, but obviously, it's an evolving year, and we'll see how things play out.

賈娜，你問得好。我們會提供一些見解，但很顯然，今年情況瞬息萬變，讓我們拭目以待。

In our fund, we have already deployed $1.1 billion. And so assuming that we hit our $1.7 billion, which we are on track to do by the end of March, we have about $600 million of dry powder of equity that needs to be put to work. And obviously, we can lever this instrument up a bit, and that will be what goes towards the fund.

我們的基金已經投入11億美元了。因此，假設我們能夠達到 17 億美元的目標（我們預計在 3 月底實現這一目標），我們將擁有約 6 億美元的可用股權資金，需要加以利用。顯然，我們可以稍微提高這個工具的槓桿率，而這部分資金將用於該基金。

What is unknown is how much more capital can be raised. Both the cornerstone and time will tell. So that we set that aside, the rest of it is all going to be balance sheet is how you should think about modeling our investment numbers. Does that make sense?

目前尚不清楚還能籌到多少資金。基石和時間都會證明一切。所以我們先把這一點放在一邊，剩下的部分都將是資產負債表，這就是你應該如何看待我們的投資數據建模。這樣說得通嗎？

Yes. And any color on kind of dispositions?

是的。那麼，對於不同的性格類型，又有什麼看法呢？

The dispositions, as you know, we were right around $740 million in 2025. You should expect a similar number in 2026. And this is, again, something that we are starting to lean into much more heavily, and you've seen the run rate over the last few years. And yes, and that's the goal for 2026.

如您所知，到 2025 年，我們的資產處置額約為 7.4 億美元。預計2026年的數字也將與之相近。而且，這也是我們開始更重視的領域，你們也看到了過去幾年的發展速度。是的，這就是我們2026年的目標。

Brad Heffern, RBC Capital Markets.

Brad Heffern，加拿大皇家銀行資本市場。

Sumit, a lot of concerns about the impact of AI on almost everything in the economy at this point. Acknowledging that everything is very uncertain, how do you view the potential for AI disruption through the lens of your current portfolio? And does it change at all, how you plan to invest going forward?

Sumit，目前人們對人工智慧對經濟幾乎所有方面的影響有很多擔憂。鑑於目前一切都充滿不確定性，您如何看待人工智慧對您目前投資組合的潛在顛覆性影響？那麼，你未來的投資計畫會有任何改變嗎？

Brad, that's a great question. We think of AI as an amazing tool to help us do our business even better going forward. We were one of the first adopters of AI -- AI-type tools going back to 2019. And we've created proprietary machine learning tools that actually is part and parcel of every element of our business that we do today. We are restructuring internally how we think about how all of the data that is produced by the company, that is accessed by the company, how all of that is going to get organized, et cetera, in data lakes, which will then allow us to further accelerate adoption of AI in various different vertical functional areas of our business to continue to separate ourselves from the rest of the business, from the rest of the companies that we run into this.

布拉德，這是一個很好的問題。我們認為人工智慧是一個了不起的工具，可以幫助我們更好地開展未來的業務。我們是最早一批採用人工智慧技術的公司之一——早在 2019 年就開始使用人工智慧類型的工具。我們已經開發出專有的機器學習工具，這些工具實際上已經成為我們當今業務各個環節不可或缺的一部分。我們正在內部重組我們對公司產生的所有數據、公司訪問的所有數據、所有這些數據在數據湖中的組織方式等的思考方式，這將使我們能夠進一步加速在公司各個不同的垂直職能領域採用人工智能，從而繼續使我們與公司其他部門以及我們遇到的其他公司拉開差距。

It's not something that is scary to us. A lot of us within the company -- we are very comfortable with technology. Some of our previous lives were within the technology sphere. And so we welcome the innovation that is occurring.

我們並不覺得可怕。我們公司裡很多人都非常擅長使用科技。我們之前的一些生活經驗都與科技領域相關。因此，我們歡迎正在發生的創新。

And you're 100% right, Brad. Things are moving very quickly. Stuff like lease abstraction that had an 80%, 82% success rate literally four months ago is closer to 90% today. But those evolutions are going to continue.

布拉德，你說的完全正確。事情進展得非常快。像是租賃摘要這類服務，四個月前的成功率只有 80%、82%，而現在成功率已經接近 90%。但這些演變過程也將持續。

And the biggest challenge that companies are going to face is how do you create the infrastructure that will then allow you to embrace AI to create the scale benefits. But that's where the world is moving. We are very well positioned to adopt this innovation. And I believe that from a maturity perspective, we are well ahead of the curve. So bring it on.

企業將面臨的最大挑戰是如何創建基礎設施，從而能夠應用人工智慧並創造規模效益。但世界正朝著這個方向發展。我們完全有能力採用這項創新技術。而且我認為，從成熟度的角度來看，我們已經遙遙領先。放馬過來吧。

Okay. And then, Jonathan, obviously, you just completed the convertible notes offering. Can you talk about how you view that as a part of the toolkit? And is it something that was sort of specific to the point in time that we were in? Or is it something that you would expect to be more regular going forward?

好的。然後，喬納森，很顯然，你剛剛完成了可轉換債券的發行。您能否談談您如何看待將其視為工具包的一部分？這是否是我們所處那個特定時期特有的現象？或者，你認為這種情況以後會更頻繁嗎？

Yeah, Brad, I would say, to your point, the way we viewed it was exactly another tool in the toolkit. We believe in flexibility, we believe in availing ourselves of the entire menu of capital options available to us. And so we are known to be a very active issuer of capital, and a lot of that is equity. And so when you think about the conversion premium that we were able to structure, 20%, which takes you to the high $60 range. Thinking about issuing that on the ATM at spot versus effectively at a 20% premium, we were okay with that possibility within three years.

是的，布拉德，我同意你的觀點，我們當時把它看作是工具箱裡的另一個工具。我們相信靈活性，我們相信應該充分利用所有可用的資金選擇。因此，我們以非常活躍的資本發行者而聞名，其中許多都是股權。因此，當你考慮到我們能夠建立的 20% 的轉換溢價時，這會讓你達到 60 美元以上的水平。考慮到在 ATM 機上以即期價格發行該債券，而不是以實際 20% 的溢價發行，我們認為三年內出現這種可能性是可以接受的。

But I think I would also highlight, we have a US dollar cost of debt on a 10-year basis of 5%, and the debt that we are repaying was north of 5%. And so at 3.5%, we view that as an accretive use of proceeds relative to what we had otherwise have done. So something that we'll look at from time to time, probably not to a significant degree. But when circumstances warrant, we now have established ourselves in this market.

但我還想強調一點，我們 10 年期美元債務成本為 5%，而我們正在償還的債務成本高於 5%。因此，我們認為 3.5% 的收益率相對於我們原本可以採取的措施而言，是一種增值收益的利用方式。所以我們會不時地關註一下，但可能不會投入太多精力。但當形勢需要時，我們現在已經在這個市場站穩了腳步。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I just want to ask you a couple of more questions on your guidance. It looks like your occupancy expectations come down a little bit for the year, as well as same-store rent assumptions come down a little bit, just using the midpoint. So I was just wondering if you could talk a little bit about what assumptions you're making behind those two pieces of the guidance?

我還有幾個問題想請教您。看來您對今年的入住率預期略有下降，同店租金假設也略有下降，這裡我們只取中間值。所以我想請您談談這兩個指導原則背後的假設是什麼？

Yeah. With regards to the occupancy number, it's a physical occupancy number that we share, Smedes. And when you have a bunch of smaller concepts that basically have vacancies, they could move the occupancy number by these basis point movements that we have shared.

是的。關於入住人數，這是我們共享的實際入住人數，Smedes。當有很多規模較小的項目基本上都有空房時，它們可能會按照我們分享的這些基點變動來調整入住率。

Look, we feel pretty confident about the 98.5%. We -- and it is largely going to be a function of the type of expirations that we see, the size of these assets that are going to be expiring in 2026, which tend to be a lot more smaller assets with fewer rents. I believe the expiration schedule for 2026 is about 3% of our rent.

你看，我們對98.5%這個數字相當有信心。這在很大程度上將取決於我們看到的到期資產類型，以及這些資產在 2026 年到期的規模，而這些資產往往是租金較低的小型資產。我認為2026年到期的租金大約是我們租金的3%。

So it's really a function of what kind of assets are expiring in a given year that dictates what the physical occupancy is going to look like in any given year. And I believe if you look at what our 2025 guidance was, it was in a similar range, perhaps even slightly lower, and we ended up at 98.9%.

因此，決定某一年實際入住率的，實際上是某一年有哪些資產到期。而且我相信，如果你看看我們 2025 年的預期，你會發現它也在類似的範圍內，甚至可能略低一些，而我們最終達到了 98.9%。

So this is our guidance. We feel very comfortable with it. And maybe there is a level of conservatism, but we'd rather be conservative than wrong.

這就是我們的指導原則。我們對此感到非常滿意。或許存在某種程度的保守主義，但我們寧願保守也不願犯錯。

And Smedes, I'll just add on the same-store side. The portfolio overall has about a 1.5% CAGR just on a contractual basis. And so with guidance at 1% to 1.3%, that's really just to capture any type of credit-related loss that we may or may not have in 2026. And a lot of it is associated with just unidentified credit loss that may or may not happen with a sense of conservatism. So that's the biggest contributor of that.

至於 Smedes，我只需把它放在同一家商店那邊就行了。僅以合約計算，此投資組合的整體複合年增長率約為 1.5%。因此，1% 到 1.3% 的指導目標，實際上只是為了涵蓋我們在 2026 年可能出現或不會出現的任何類型的信貸相關損失。許多損失都與未識別的信用損失有關，而這種損失的發生與否，取決於一種保守的態度。所以這是造成這種情況的最大原因。

I would also say there are one or two tenants where we did have some restructuring in the fourth quarter, and you're seeing the annualized impact of that through the 2026 guidance number.

我還要說，我們在第四季度對一兩家租戶進行了一些重組，而這些重組的年度影響已經體現在 2026 年的業績指引中。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Just two quick ones. On the sort of the investment guidance, is it still fair to say that Europe versus the US is where you've seen the most sort of compelling incremental investment spread opportunities? Just if you could talk about where the incremental dollars are best spent across sort of geographies and even capital structure would be helpful.

就兩個簡單的問題。就投資指導而言，是否仍然可以說，與美國相比，歐洲是你們看到最具吸引力的增量投資機會所在？如果您能談談在不同地區甚至資本結構中，如何最好地利用新增資金，那就太好了。

Sure, Ron. If you look at what happened in the fourth quarter, it sort of reversed in terms of where the volume came from. 60% -- almost 60% of it was US-centric, 40% was the rest of the world. And -- but prior to that, Europe was driving so much of the volume. And if you look at the year, 2025, $6 billion of acquisitions, it was dominated by what we did in Europe versus the US. But the point I want you to take away is in the fourth quarter and now going into 2026, we are starting to see momentum in the US as well.

當然可以，羅恩。如果你看一下第四季的情況，你會發現銷售來源發生了某種程度的逆轉。其中近60%的銷量來自美國，40%來自世界其他地區。但在此之前，歐洲佔了很大一部分市場。如果你看看 2025 年，60 億美元的收購額，你會發現這主要歸功於我們在歐洲而非美國的收購活動。但我希望你們記得的是，從第四季到 2026 年，我們也開始看到美國市場出現成長動能。

Europe continues to be where there's a lot of visibility. And our core differentiators in terms of what we bring to the table vis-a-vis our competitors continues to lead to disproportionate amount of volume for us. And I believe that in 2026, we will continue to see that. And now that we've added here, Mexico as well to the mix, I believe you're going to continue to see us looking for opportunities, et cetera.

歐洲仍然是備受矚目的地區。我們與競爭對手相比的核心差異化優勢，持續為我們帶來不成比例的銷售。我相信，到了2026年，我們還會繼續看到這種情況。現在我們又把墨西哥也納入其中，我相信你們會看到我們繼續尋找機會等等。

And by sheer math, I mean, the more geographies we're going to start adding, the reason and the rationale behind adding all of these geographies is because we feel like there's a -- it's helping us increase our TAM and our ability to source transactions.

純粹從數學角度來說，我的意思是，我們即將增加的地區越多，增加所有這些地區的理由和邏輯就是，我們覺得這有助於我們增加TAM（潛在市場規模）和獲得交易的能力。

This shift is a natural occurrence of our ever-evolving business. So that's the other piece I'm going to leave you with. But the good news that I see and both Mark and Neil are sharing with me is that the momentum is strong in all of the geographies that we are playing in today, and we expect 2026 to be a banner year for us.

這種轉變是我們不斷發展的業務中自然而然發生的現象。這是我要留給大家的最後一點。但我看到的好消息，也是馬克和尼爾都跟我說的，是我們在目前開展業務的所有地區都保持著強勁的發展勢頭，我們預計 2026 年將是我們的豐收之年。

Great. And then my second one is just we've talked a lot about over the last 12, 18 months, whether it be sort of gaming or some of the data centers or some of the retail parks. Just trying to get a sense of a pulse of like how sort of those opportunities are evolving.

偉大的。第二個問題是，在過去的 12 到 18 個月裡，我們一直在討論遊戲、資料中心或零售園區等主題。我只是想了解這些機會的發展趨勢。

Is one playing out more or better than the other? Is one falling back? Just how are those initiatives coming?

哪一個表現得更好或更出色？有人要退縮嗎？這些措施進展如何？

Yeah. That's a very good question, Ron, and I'm going to try to be very succinct.

是的。羅恩，你問得好，我會盡量言簡意賅。

Look, we said we were going to be super selective on the gaming side. I believe you can see that we've been super selective in terms of where we've invested in gaming. It's -- and the underlying asset that we have exposure to are the -- one could argue, some of the best assets in the gaming industry.

聽著，我們說過我們會對遊戲方面進行非常嚴格的篩選。我相信大家可以看出，我們在遊戲領域的投資選擇上非常謹慎。它——以及我們所持有的基礎資產——可以說，是遊戲產業中最好的資產之一。

So that's a check mark. They're all performing very well. No surprises. And in fact, I would go so far as to say that the Boston asset, when we started, had a particular coverage, which was very healthy. But if you look at the coverage today, it is 100 basis points north of where we originally underwrote the asset. So again, that's been very good.

這樣就確認無誤了。他們表現都非常出色。不出所料。事實上，我甚至可以說，當我們剛開始投資波士頓資產時，資產的覆蓋範圍非常廣，而且非常健康。但如果你看看今天的承保範圍，你會發現它比我們最初承保該資產的承保範圍高出 100 個基點。所以，這方面做得很好。

The retail park strategy is really starting to bear fruit. If you look at what our re-leasing spreads have been, we bought some vacancy. Some of the strategic conversations that Neil and team are having with clients who have aggressive expansion agendas for 2026 and beyond, that is starting to manifest in value creation that we had underwritten to. But I believe that most of the plans that are being executed are well ahead of where we had originally underwritten. So that's a double check mark.

零售園區策略真的開始取得成效了。從我們的再租賃價差來看，我們買了一些空置房產。Neil 和他的團隊正在與一些客戶進行策略對話，這些客戶對 2026 年及以後的發展有著積極的擴張計劃，而這些對話已經開始轉化為我們所承諾的價值創造。但我相信，目前正在執行的大部分計劃都遠遠超出了我們最初的預期。所以這算是雙重確認了。

And we are the most established name on the retail park in the UK. And we are well established in Ireland, and we are now starting to see if that same strategy can play out in the rest of Europe. So that's a strategy that has double clicked as well.

我們是英國零售園區內歷史最悠久的品牌。我們在愛爾蘭已經站穩腳跟，現在我們開始看看同樣的策略是否也能在歐洲其他地區奏效。所以，這種策略也得到了進一步的驗證。

Data center continues to be an area that we are very focused in trying to grow. But again, we've said that we are going to be very selective. We're going to make sure that we are partnering with the best-in-class developers. And that the ultimate exposure that we have to assets have the fundamentals that gives us the confidence that they are going to continue to perform beyond that initial lease term.

資料中心仍然是我們努力發展的重要領域。但我們再次強調，我們會非常謹慎地進行篩選。我們將確保與業內最優秀的開發商合作。而且，我們最終持有的資產具備基本面，這讓我們有信心，這些資產將在初始租賃期結束後繼續保持良好的表現。

And so if you look at where we've invested, what we've announced to date, I think you will -- you can safely say that, that's a double check mark as well. And look, we want to accelerate the data center investment piece, but we are not going to do it at the expense of taking on additional risk. So all three of those areas that you mentioned, Ron, continue to be very core to our strategy, and you will and you should continue to expect us to make investments.

所以，如果你看看我們投資了哪些領域，以及我們迄今為止宣布了哪些項目，我想你會——你可以肯定地說，這也算是一個雙重確認。我們當然希望加快資料中心投資，但我們不會為此承擔額外的風險。羅恩，你提到的這三個領域仍然是我們策略的核心，你們將會也應該繼續期待我們進行投資。

Jay Kornreich, Cantor Fitzgerald.

傑伊·科恩雷希，坎托·菲茨杰拉德。

First off, just as you think about your cost of capital, the stock has performed very well year to date. And so I guess I'm curious, as you've seen your equity cost of capital improve, does that change how you're thinking about your investment outlook at all and maybe allow you to be more aggressive in acquiring real estate at slightly lower cap rates while maintaining healthy deal spreads? Just curious on your thoughts on that.

首先，正如你考慮資金成本時所看到的，該股票今年迄今表現非常出色。所以我很好奇，隨著您的股權資本成本改善，這是否會改變您對投資前景的看法，並讓您在保持健康交易價差的同時，以略低的資本化率更積極地收購房地產？只是好奇你對此有何看法。

Yeah. So look, we are very blessed that the market is starting to recognize the value proposition that we bring to the table. The fact that our cost of capital has improved is an added lever that we can sort of lean on. But in terms of how we think about underwriting, how we think about risk-adjusted returns, that's on an asset-by-asset basis. And the fact that we can finance those assets at lower cost I think just lends itself to higher spreads.

是的。所以你看，我們非常幸運，市場開始意識到我們所帶來的價值。資金成本的改善是我們可以利用的另一個槓桿。但就我們如何看待承保、如何看待風險調整後的收益而言，那是逐一資產進行的。而我們能夠以更低的成本為這些資產融資，我認為這自然有利於獲得更高的利差。

It is also true that we can pursue assets that are a little bit lower in the cap rate scale and still be able to get our historical spreads, and that is something that we will look into. But I wouldn't think, Jay, that it changes the way we think about underwriting assets. We are very focused on day one accretion. That is what our investors are looking for, along with making sure that the overall return profile of that investment is meeting our long-term hurdle rates. And so none of that changes.

我們也可以考慮那些資本化率稍低的資產，並且仍然能夠獲得我們以往的收益差，這也是我們將要研究的方向。但我認為，傑伊，這不會改變我們對資產承銷的看法。我們非常關注第一天的增生過程。這正是我們的投資人所追求的，同時他們也希望確保該投資的整體報酬率能達到我們所設定的長期最低迴報率目標。所以這一切都不會改變。

Okay. I appreciate that. And then just following up on the private capital fund, which has the $1.5 billion of commitments so far. Should we expect any meaningful bottom-line earnings contribution in 2026 from the private fund where the AFFO earnings contribution more pickup in 2027?

好的。我很感激。然後，我們繼續跟進這支私人資本基金，該基金目前已獲得 15 億美元的承諾投資。我們是否應該預期該私募基金在 2026 年能對公司淨利做出有意義的貢獻，而其 AFFO 收益貢獻在 2027 年會進一步提升？

Jay, in 2026, there will be accretion, the $10-plus million in base management fees. Pretty good margin. The costs that accrue to Realty Income to generate that is really the dedicated team that we have, which today is around seven individuals, and some other costs that we bear at the Realty level.

Jay，到 2026 年，基本管理費將增加超過 1,000 萬美元。利潤率相當不錯。Realty Income 為實現這一目標而產生的成本實際上是我們擁有的敬業團隊（目前約有七人）以及我們在 Realty 層面承擔的一些其他成本。

So you're still seeing margins that are kind of in the 70%-plus area on a flow-through basis to Realty. And that's because for us, we've got a platform that has 550 employees. And so we don't have to build from scratch the same way other subscale players would have to.

所以，你仍然可以看到，房地產的利潤率在70%以上。這是因為我們擁有一個擁有 550 名員工的平台。因此，我們不必像其他小型玩家那樣從零開始建造。

Haendel St. Juste. Mizuho.

亨德爾·聖·朱斯特。瑞穗。

Sorry. Bill, that's a first one. It's Haendel St. Juste from Mizuho. Sumit, I wanted to go back to a comment you made earlier. I mean, you're talking about another three to five years while the changes you're making to manifest itself into real growth.

對不起。比爾，這是第一次。他是瑞穗的 Haendel St. Juste。Sumit，我想回到你之前發表的一則評論。我的意思是，你所說的這些改變還需要三到五年才能轉化為真正的成長。

So I guess I'm curious if you're suggesting that we should expect a similar growth profile from Realty Income for the next few years as you're forecasting this year, given your commentary about spreads, dispositions, lease term fees? And maybe some thoughts on levers that you could pull to perhaps enhance that growth over the near term?

所以我想知道，鑑於您對價差、資產處置和租賃期限費用的評論，您是否認為未來幾年 Realty Income 的成長應該與您今年的預測類似？您能否就短期內可以採取哪些措施來促進成長提出一些想法？

Yeah. Haendel, when I saw the name, I was going to ask you if you had officially changed your name, but I think I'll leave it at that.

是的。亨德爾，當我看到這個名字時，我本來想問你是否正式改名了，但我想我還是就此打住吧。

Look, everything that we do is to make sure that those three words that I set out loud: trust, reliability, and growth, continue to be associated with Realty Income. The last couple of years has been a bit of an aberration on that third element. And so we started to cultivate channels to basically go back to a company that can grow at a level that continues to make us one of the most attractive companies to invest in on the real estate spectrum.

你看，我們所做的一切都是為了確保我剛才提到的這三個字：信任、可靠和成長，繼續與 Realty Income 緊密相連。近兩年，第三個要素方面出現了一些異常。因此，我們開始開拓管道，最終目標是回歸一家能夠持續成長的公司，使我們成為房地產領域最具吸引力的投資公司之一。

So that's the goal, Haendel. And I believe that what you're starting to see now are those channels that have gotten over the finish line, and we can talk about it much more. And each one of those has been deliberately thought through to see how can it contribute to the earnings growth for the business.

這就是目標，韓德爾。我相信你現在看到的是那些已經完成使命的頻道，我們可以更深入地討論它們了。每項措施都經過深思熟慮，旨在了解其如何為企業的獲利成長做出貢獻。

So that's why we're doing what we're doing. And I think Linda's question was around a three- to five-year horizon. That's my expectation, is that we -- within that time frame, not only will these channels have matured, but they're going to start to add meaningful contribution to our growth profile and get us to levels that we've achieved in the past and hopefully, even supersede it in certain years where we have outsized growth. It's just like we have done historically. And so that's the goal.

所以這就是我們做這件事的原因。我認為琳達的問題是關於未來三到五年的情況。我的預期是，在那個時間範圍內，這些管道不僅會成熟，而且會開始對我們的成長做出有意義的貢獻，使我們達到過去取得的水平，甚至有望在某些增長特別顯著的年份超越過去。這就像我們過去一直在做的那樣。這就是我們的目標。

Spenser Glimcher, Green Street Advisors.

史賓塞‧格林徹，綠街顧問公司。

Can you talk about how the dollar value of deals sourced for the parameters of the private fund compared to that source for the parameters of the public vehicle? I'm just curious, I'm like trying to get a sense of the opportunity set and what that looks like for each vehicle.

能否談談根據私募股權基金的參數所收集的交易金額與根據公募股權基金的參數所收集的交易金額相比有何不同？我只是好奇，想了解每種車型的發展機會以及發展前景。

Yeah. I don't know Spenser, if I am going to answer your question accurately. If I don't, please just help me understand what precisely you're looking for.

是的。如果要準確回答你的問題，我不認識史賓塞。如果我不能，請您幫我理解您究竟想要什麼。

Look, I think what lends itself to the fund is products that don't necessarily meet the public company's day-one spread requirements. So they tend to be lower cap rate transactions, but with very healthy growth that more than meets the long-term return profile that our fund business is looking for.

我認為，適合該基金投資的產品，不一定符合上市公司的首日利差要求。因此，它們的資本化率往往較低，但成長非常健康，完全能夠滿足我們基金業務所追求的長期回報目標。

But one of the reasons why we sort of wanted to create this perpetual life, Core Plus Fund, was to take advantage of transactions that we were seeing in the market that basically checked every element of our underwriting standard outside of that day-one spread. And so that's the kind of product that you should expect to see going into the fund.

但我們之所以想要創造這個永續生命週期的核心增強基金，其中一個原因是為了利用我們在市場上看到的交易，這些交易基本上檢驗了我們承保標準中除首日利差之外的每個要素。所以，這就是你應該預期會在該基金中看到的投資產品類型。

Having said that, if you think about the pure math of transactions that we do, being able to enhance -- because Realty Income will continue to be a significant owner of the fund, our 20% investment -- co-investment in any of these vehicles, in any of these investments, with the benefit of the management fees that we get on the 80%, that allows us to actually enhance our 20% investment. And so deals that we may not have been able to meet on a stand-alone basis, with the management fee on our 20%, it allows us to meet those spreads.

話雖如此，如果你仔細想想我們所做的交易的純粹數學計算，由於 Realty Income 將繼續是該基金的重要所有者，我們 20% 的投資——在任何這些工具、任何這些投資中進行共同投資，並利用我們從 80% 的管理費中獲得的收益，這實際上使我們能夠增強我們 20% 的投資。因此，有些交易我們可能無法單獨達成，但透過收取 20% 的管理費，我們就能達成這些價差。

So this is a flywheel. It's a -- however you want to think about it, a setup that we've created that would allow us to do so much more. Having these different pockets of capital available to us priced differently with different expectations and obviously, scale a platform that is built to do so much more. So hopefully, that answers your question, but not sure if I got your question 100% right?

這就是飛輪。無論你怎麼看待它，它都是我們創造的一種機制，使我們能夠做更多的事情。我們可以利用這些不同的資金池，它們的定價各不相同，預期也不同，而且顯然，我們需要一個規模更大的平台，它能夠做更多的事情。希望這能解答你的疑問，但我不確定我是否百分之百理解了你的問題？

Yeah. Maybe to clarify, so per the parameters you outlined, which is obviously very helpful. How would you say that the deal volume that Realty Income looks at or looked at last year, how would you say that, that's split between what would be appropriate per those parameters for the private funds? So those low initial yield, but longer-term growth opportunities, how much of the overall pie that Realty Income looked at, how much would fit the private fund versus a public vehicle?

是的。為了更清楚地說明，根據您概述的參數，這顯然非常有幫助。您認為 Realty Income 去年關注的交易量，以及根據這些參數對私募股權基金而言合適的交易量，應該如何劃分？因此，對於收益率較低但具有長期成長機會的房地產收益公司而言，其關注的整體份額中，有多少適合私募股權基金，又有多少適合上市投資工具？

Yeah. So obviously, what we ended up buying on the public side would sit on the public side. We forego a lot of transactions that did not meet our year-one spread requirement, which would have otherwise being purchased had the fund being up and running.

是的。所以很顯然，我們最終從公共領域購買的東西會留在公共領域。我們放棄了許多不符合第一年利差要求的交易，如果基金正常運作的話，這些交易原本是可以購買的。

And I think in quarters past, we've shared that number with you. I think in the third quarter, I shared a number that was circa $1.7 billion or $2 billion. I don't quite remember the number. But that was what we forgo, what we did not pursue because we didn't have the fund up and running and we didn't have that capital available. I think it was $2.2 billion, if I remember correctly, or $2 billion.

我認為在過去的幾個季度裡，我們已經和你們分享過這個數字。我認為在第三季度，我分享了一個大約 17 億美元或 20 億美元的數字。我不太記得具體數字了。但那是我們放棄的，我們沒有追求的，因為我們沒有建立起基金，也沒有可用的資金。我記得沒錯的話，應該是22億美元，或20億美元。

And so if you look at what we sourced in 2025 -- it was, by the way, the single largest year of sourcing. It was circa $120 billion. There was quite a bit in that mix. That could have lent itself to the fund investing, which we had to pass on because we didn't have this vehicle up and running.

因此，如果你看看我們在 2025 年的採購情況——順便說一句，這是採購量最大的一年。大約是1200億美元。這其中摻雜了不少因素。這本來可以成為基金投資的機會，但我們不得不放棄，因為我們還沒有建立並經營這個基金。

So there's plenty to do. And obviously, not all of that $120 billion was US I think 55% of that volume was in the US and 45% was Europe. So our fund is only U.S.-centric. So we can -- you can make the adjustments appropriately. But it is absolutely true that there was a lot of stuff that we forgo on that we would have pursued had we had the fund up and running, yes.

所以有很多事情可以做。顯然，這 1,200 億美元並非全是美國的，我認為其中 55% 在美國，45% 在歐洲。所以我們這檔基金只針對美國市場。因此，我們可以──你們可以做出相應的調整。但確實有很多事情我們放棄了，如果基金已經到位，我們一定會去做。

Okay. Great. And then is there any cost associated with raising capital for this fund as of yet? Just curious if you are using or intend to use a marketing team, like an outside marketing team or a consultant as you continue to raise capital?

好的。偉大的。那麼，截至目前，為該基金籌集資金是否有任何相關成本？我只是好奇，在您繼續籌集資金的過程中，您是否正在或打算使用行銷團隊，例如外部行銷團隊或顧問？

Spenser, so we have discussed in 8-Ks and press releases passed that we do use a placement agent. I don't want to share the exact percentage of the fee, but I will share that it's inside of what we would pay on the ATM and certainly inside of what we pay on public equity overnight. So much more efficient to raise capital via this channel.

斯賓塞，我們在 8-K 文件和新聞稿中討論過，我們確實使用了配售代理。我不想透露具體的手續費百分比，但我可以透露，它在我們用ATM取款所支付的費用之內，當然也比我們隔夜購買公開股票所支付的費用要低。透過這個管道籌集資金效率要高得多。

And beyond October, Spenser, this will be something that we're going to bring in-house. And so this will become part and parcel of our continuous fundraising given that it's an open and perpetual life fund.

史賓塞，十月之後，我們將把這項工作收歸公司內部進行。因此，鑑於這是一個開放且永久的基金，這將成為我們持續籌款活動的重要組成部分。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Maybe just following up on that last question. You're going to be able to source the cost of equity a little bit cheaper. I guess maybe, could you put a parameter around how much the incremental spread could be, where you're investing?

也許只是想就上一個問題做個後續回答。你將能夠以更低的成本獲得股權融資。我想問一下，您能否設定一個參數，限制一下您投資的領域中，增量價差可以有多大？

Did we not have that in the investor presentation?

我們在投資人報告中沒有提到這一點嗎？

Wes, it's Jonathan. One thing that I'll share, we do have this in our investor presentation, where if you kind of do the math and if you assume that Realty Income is a 20% co-investor in the fund, utilizing our same 35% LTV ratio when we go out and finance transactions. And let's just assume for round numbers, we're getting about 1 point from the 80% of equity we're managing on someone else's behalf, what otherwise be a fixed cap would be closer to 8.5%.

韋斯，我是喬​​納森。我想分享一點，我們在投資者簡報中確實提到過，如果你算一下，假設 Realty Income 是該基金 20% 的共同投資者，那麼當我們進行融資交易時，我們仍然採用 35% 的貸款價值比 (LTV)。我們不妨粗略地假設，我們代表他人管理的 80% 股權能為我們帶來約 1 個百分點的收益，否則固定上限將接近 8.5%。

And so this is all about amplifying our return on invested public shareholder capital. And that's how the math plays out. And so that's a way for us to generate more bang for the buck, if you will.

所以，這一切都是為了提高我們投資公眾股東資本的回報。這就是數學計算的結果。所以，這可以說是我們提高投資報酬率的一種方式。

Okay. Fantastic. And then you have the US open-end core fund. Is there another opportunistic fund you can do later on?

好的。極好的。然後還有美國開放式核心基金。以後還有機會投資其他類似的基金嗎？

It's -- that's a forward-looking comment, Wes. We are not in a position to answer that right now. But we are very happy about the US open-ended Core Plus Fund that we have in place. We feel super excited about that. Our goal right now is to make that as big as we possibly can.

韋斯，這真是一個前瞻性的評論。我們現在無法回答這個問題。但我們對目前設立的美國開放式核心加值基金感到非常滿意。我們對此感到非常興奮。我們現在的目標是盡可能擴大規模。

Jim Kammert, Evercore.

吉姆·卡默特，Evercore。

Does Realty Income have a sense of GIC's annual dollar investment appetite for net lease investments, whether owned or credit structured?

Realty Income 是否了解 GIC 每年對淨租賃投資（無論是自有或信貸結構）的投資意願？

It's big.

它很大。

Well, I guess -- and then my second question, really, the related question is, is Realty Income prohibited from pursuing other programmatic co-invest programs away from GIC with other sovereign wealth funds, insurance companies, you name it? I'm just trying to get a sense of the scale of that sort of TAM or opportunity for you as you think about it.

嗯，我想——那麼我的第二個問題，實際上是相關的問題是，Realty Income 是否被禁止與 GIC 以外的其他主權財富基金、保險公司等進行其他項目式共同投資？我只是想了解一下，在你看來，這種潛在市場規模（TAM）或機會究竟有多大。

We are not prohibited from pursuing partnerships with other sovereigns or other sources of capital. But there is no need for us to look for other sources within the build-to-suit industrial development that we have in place with GIC. Like I said, they are -- they're very positively inclined towards the net lease space. If you recall, Jim, they ended up buying store. And this is a continuation of their overall strategy.

我們並未被禁止與其他主權國家或其他資本來源建立夥伴關係。但是，我們沒有必要在與新加坡政府投資公司 (GIC) 合作建立的客製化工業開發專案中尋找其他資源。正如我所說，他們的確如此——他們對淨租賃領域持非常積極的態度。吉姆，如果你還記得的話，他們最後買下了這家店。這是他們整體策略的延續。

And I don't want to speak on behalf of GIC. That's a question that's best answered by them. But we are very excited about this programmatic JV that we've put in place.

我不想代表新加坡政府投資公司（GIC）發言。這個問題最好由他們來回答。但我們對我們建立的這個程序化合資企業感到非常興奮。

And I believe Jonathan already mentioned this, but it's worth repeating. This is not a one-and-done deal. The $1.5 billion is the initial commitment, it's programmatic in nature. And the hope is that we can grow that co-investment thesis because there's value creation for both parties. They have certain requirements give it [bopta], and we have the ability to help recognize earnings during the development phase.

我相信喬納森已經提到過這一點，但值得再次強調。這並非一勞永逸的事。15億美元是初始承諾金額，屬於專案性投入。我們希望能夠發展出這種共同投資模式，因為這能為雙方創造價值。他們對[bopta]有特定的要求，而我們有能力在開發階段幫助他們確認收益。

This works. And we are able to both lean into our own sourcing channels to make this as big as possible. I think that's what is so appealing about this particular relationship.

這樣可行。而且我們還能充分利用自己的採購管道，盡可能擴大規模。我認為這正是這段關係如此吸引人的原因。

Jason Wayne, Barclays.

傑森韋恩，巴克萊銀行。

You said a portion of credit loss assumed in guidance comes from identified properties. So can you give us some color on which tenants or industries are known today? Maybe which are risk to bring to the high end of the range for the rest of the year?

您提到，指引中假定的部分信用損失來自已確定的資產。那麼，您能否介紹一下目前有哪些知名的租戶或產業？或許哪些風險因素會在今年剩餘時間內推高價格區間？

Yeah. So on the identified side, I'm not going to name clients or tenants, but I think on the -- from an industry perspective, there's a couple of restaurants -- restaurant chains that will be part of that. More broadly speaking, again, that's the minority of the 40 to 50 basis points. And so the unidentified piece is considerably larger. And of course, we don't have any type of color by definition, given that it is unidentified.

是的。所以，就已確定的方面而言，我不會透露客戶或租戶的名字，但我認為——從行業角度來看，有幾家餐廳——連鎖餐廳將會是其中的一部分。更廣泛地說，這只是 40 到 50 個基點中的少數情況。因此，這塊未鑑定的碎片要大得多。當然，根據定義，我們沒有任何顏色類型，因為它尚未被識別。

Okay. And then just does lower year-over-year occupancy guidance include any lease terms so far in the first quarter? And what's a good run rate for quarterly lease termination fees?

好的。那麼，同比下降的入住率預期是否包含了第一季至今的任何租賃條款？季度租賃終止費的合理運轉費率是多少？

Answer to the first question is no, nothing material. From a quarterly run rate standpoint, look, this is very opportunistic, episodic. It's very difficult to say that this is going to be something recurring. But I think given just the proactiveness of our team, as I said in the prepared remarks, it is something that you expect to be, of course, a 12-month period, something in line with this, call it, $30 million to $40 million that we discussed. But obviously, subject to change as conversations are ongoing and the analysis continues to be done by several different functions within the organization.

第一個問題的答案是否定的，沒有實質的問題。從季度運行率的角度來看，這完全是機會主義的、偶發性的。很難說這種情況會反覆發生。但我認為，鑑於我們團隊的積極主動性，正如我在準備好的演講稿中所說，這當然是一個為期 12 個月的過程，與我們討論過的 3000 萬至 4000 萬美元的金額相符。但顯然，隨著討論的進行和組織內不同部門的持續分析，情況可能會有所改變。

Upal Rana, KeyBanc.

Upal Rana，KeyBanc。

Sumit, I appreciate all the comments on the potential to raise equity. Could you talk through your ATM strategy today given the improved cost of capital?

Sumit，感謝你對增發股權潛力的所有評論。鑑於目前的資金成本降低，您能否談談貴公司的ATM策略？

There was no ATM issuance subsequent to quarter end, and the share price has had a nice run recently. So just wondering what it would take to issue equity to the ATM today?

季度末之後沒有發行ATM卡，股價最近表現不錯。所以我想知道，今天要向ATM機發行股權需要哪些條件？

Upal, this is Jonathan. I'll say this over the last 30 days, we've averaged about $400 million a day in trading volume in our stock. If you look back a year ago, that was around $250 million. And so for us, we've got multiple ways where we can raise equity. A lot of it, we already have in place, over $700 million of unsettled equity right now. We had $400 million of cash as of the end of the year. We have over $900 million in free cash flow that we're generating on an annual basis now.

烏帕爾，我是喬納森。我想說的是，在過去的 30 天裡，我們股票的每日平均交易量約為 4 億美元。如果回顧一年前，這個數字大約是 2.5 億美元。因此，我們有多種方式可以籌集股權。其中很多，我們已經到位了，目前有超過 7 億美元的未結算股權。截至年底，我們擁有 4 億美元現金。我們現在每年產生的自由現金流超過9億美元。

We talked about the disposition activity, and that could easily be something very similar to this past year, over $700 million of equity-like proceeds. We've got $400 million or so of uncalled capital for the fund. So when you start to take away all of that and when you look at an $8 billion investment guidance number on a leverage-neutral basis, that will require roughly $5 billion of equity.

我們討論了資產處置活動，這很可能與去年的情況非常相似，超過 7 億美元的股權收益。該基金還有大約 4 億美元的未繳資金。所以，當你把所有這些因素都排除在外，並以槓桿中性的方式看待 80 億美元的投資指導數字時，大約需要 50 億美元的股權。

But what I just highlighted was around $3 billion. And so you can do the math. If the delta is two and we're averaging $400 million a day in trading volume in the stock, we can be a very, very small percentage of the days trading volume, barely impact the stock price at all and raise more than enough to that $8 billion and then some.

但我剛才提到的金額大約是30億美元。所以你可以自己算算算看。如果delta值為2，而我們每天的股票交易量平均為4億美元，那麼我們只需佔當日交易量的非常非常小的比例，幾乎不會對股價產生任何影響，就能籌集到超過80億美元的資金。

Okay. Great. That was really helpful. And then maybe you could update us on your launch list today? And could you update us on your Red Lobster exposure given the back of the headlines that potentially shut down some locations?

好的。偉大的。那真的很有幫助。那麼，您今天能否向我們更新您的產品發布計劃？鑑於最近一些新聞報導可能導致部分門市關閉，您能否向我們更新您與 Red Lobster 的合作情況？

Yeah. So Upal, our watch list is right around -- 4-point credit watch list, it's 4.8%. With regards to Red Lobster, it's certainly not in our top 20. And so it's not significant enough for us to really have much of a comment around them.

是的。所以 Upal，我們的觀察名單就在——4 分信用觀察名單，大約是 4.8%。至於紅龍蝦餐廳，它肯定不在我們前20名之列。因此，這件事並不重要，我們不方便對此發表太多評論。

We are watching them closely. They are trying a few different things, but it's not a significant piece of our business anymore. And so all I can say is they are trying a few different things. I believe they've rationalized their menu. They've reduced that by 20%. Lobster Fest is coming up, along with a few other promotions.

我們正在密切關注他們。他們正在嘗試一些不同的方法，但這不再是我們業務的重要組成部分了。所以我只能說，他們正在嘗試一些不同的方法。我相信他們已經對菜單進行了優化調整。他們已經減少了20%。龍蝦節即將到來，同時還有其他一些促銷活動。

So we'll see. And I think we are following this company closely. But like I said, it's not a significant portion of our registry.

我們拭目以待。我認為我們正在密切關注這家公司。但正如我所說，它在我們登記冊中所佔的比例並不大。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

This is Greg McGinniss with Scotiabank, haven't moved. So I wanted to go back to your comments regarding the other investment avenues maturing and getting back to a more historical level of growth in three to five years, especially considering many investors are not necessarily looking for a long-term wait-and-see story, which could pressure the equity cost of capital.

我是加拿大豐業銀行的格雷格‧麥金尼斯，我一直沒動過。所以我想回到您關於其他投資管道日趨成熟並在三到五年內恢復到更接近歷史增長水平的評論，尤其考慮到許多投資者不一定尋求長期觀望的投資機會，這可能會給股票資本成本帶來壓力。

And what does success or maturity look like with regard to those new avenues? And should we expect to see that 3% growth in the interim or a more modest ratable improvement back to the 5% over time?

那麼，在這些新領域中，成功或成熟又意味著什麼呢？那麼，我們應該預期短期內達到 3% 的成長，還是隨著時間的推移，成長率會較為溫和地回升至 5% 呢？

Greg, what I'd like to do is just show what we are capable of doing. We've come out with an earnings guidance at the beginning of the year. And we have all these avenues that we've talked about and allowed these avenues to mature and let's see how that manifests in a higher growth rate.

格雷格，我只想向大家展示我們能做到什麼。我們在年初發布了獲利預期。我們已經討論過所有這些途徑，並讓這些途徑成熟，讓我們看看這能否轉化為更高的成長率。

For me to give you a blow-by-blow in terms of what my expectation is over the next three months, six months in terms of how this growth rate is going to accelerate, I don't think it's something that -- I'd be viewed as a prognosticator if I can do that. But my long-term view is that all of these channels will manifest in a growth rate that is much more commensurate with what we've achieved historically.

要我詳細預測未來三個月、六個月的成長速度，以及這種成長速度將如何加快，我認為這並不合適——如果我能做到這一點，我會被視為一個預言家。但我長期的看法是，所有這些管道最終都將帶來與我們過去所取得的成就更加相稱的成長率。

How long does it take? I hope sooner than later. But I can't give you an answer more precise than that.

多久時間？我希望這一天能早點到來。但我無法給你更精確的答案。

Okay. That's fair. And then just a follow-up. You mentioned that the platform is capable of around $10 billion investments a year, close to what it's achieved before.

好的。這很合理。然後還有一個後續問題。您提到該平台每年能夠進行約 100 億美元的投資，與先前的成就相近。

Is that enough to achieve these growth goals, especially as the company has gotten larger? Or are you anticipating investing in G&A and growing how much the platform is capable of?

這樣足以實現這些成長目標嗎？尤其是在公司規模不斷擴大的情況下？或者，您是否計劃投資一般及行政費用，並提昇平台的功能？

Yeah. That's a good question, Greg. And by the way, when we talk about growth rates and earnings, we shouldn't forget that we are the monthly dividend company, and our dividend as of the end of last year, beginning of this year was still 5.7%. And so that's the dividend yield, and that continues to be something that we distribute on a monthly basis. So it's very much part and parcel of the total return story that's associated with Realty Income.

是的。格雷格，你問得好。順便說一句，當我們談論成長率和收益時，我們不應該忘記我們是一家按月派息的公司，截至去年年底、今年年初，我們的股息率仍然為 5.7%。這就是股息殖利率，我們將繼續按月派發股息。所以，這很大程度上是與房地產收益相關的總回報故事的一部分。

With regards to what is this platform capable of, I think it's capable of a lot more. What I was pointing out to was if you looked at what we did on an organic basis in terms of investments in 2022 and 2023 or thereabouts was in that $9 billion, $9.5 billion ZIP code, and it was with a much smaller team with fewer geographies, and we still had fewer asset types that we were investing in at that point in time.

至於這個平台的功能，我認為它的功能遠不止於此。我當時想指出的是，如果你看看我們在 2022 年和 2023 年左右的自然成長投資情況，就會發現我們的投資規模在 90 億美元到 95 億美元之間，而且當時我們的團隊規模小得多，業務範圍也更廣，我們投資的資產類型也更少。

So we have scaled the team. We are in more geographies today. Our cost of capital is improving. I believe that our team is capable of doing a lot more investments, just having created a much larger TAM for ourselves today vis-a-vis where we were three years ago. And that's where the scale benefit comes in.

因此，我們擴大了團隊規模。如今我們的業務遍及更多地區。我們的資金成本正在改善。我相信我們的團隊有能力進行更多投資，因為我們今天為自己創造了比三年前大得多的潛在市場規模。這就是規模效益的體現。

But what I'm saying is not mutually exclusive from what Jonathan said, which is selectively, we will continue to look for the right people to drive certain areas of our business. And that is an investment we feel very comfortable making as we become a company that has defined all of these different channels of growth. So you should expect both us to do more and us to continue to invest very selectively in talent that can help us drive our business.

但我所說的與喬納森所說的話並不矛盾，喬納森說，我們將有選擇地繼續尋找合適的人才來推動我們業務的某些領域。隨著公司發展成為一家擁有各種不同成長管道的企業，我們非常樂意進行這項投資。因此，你們應該期待我們做得更多，並繼續有選擇地投資於能夠幫助我們推動業務發展的優秀人才。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO資本市場。

Great. How should we be thinking about the recapture rate on the 3% of ABR expiring in '26 relative to your long-term average? And should we see an acceleration over time from your re-leasing efforts across your retail park exposure?

偉大的。相對於長期平均水平，我們應該如何看待 2026 年到期的 3% ABR 的回收率？我們是否應該看到您在零售園區重新租賃業務的步伐隨著時間的推移而加快？

Eric, I -- again, every year is different. It's a function of what type of assets are expiring. Some assets lend themselves to higher growth rates in their option -- exercising of the options versus others.

艾瑞克，我——再說一遍，每年情況都不一樣。這取決於到期資產的類型。有些資產的選擇權（即行使選擇權）比其他資產的選擇權更具成長率。

But look, if you look at historically, what we've achieved over the last four, five, six years, it has been north of 100%, closer to 103%, 104%, 105%. And my expectation is that the team will continue to meet, if not exceed those numbers. But it is very difficult to compare one year over another, just given the makeup of the expirations that are taking place. So I'll just leave it at that.

但是，如果你回顧過去四、五、六年所取得的成就，你會發現它超過了 100%，接近 103%、104%、105%。我的預期是，球隊將繼續達到甚至超過這些數字。但是，考慮到到期日的組成，很難對不同年份的情況進行比較。我就說到這兒吧。

Okay. And then you currently have 173 properties available for lease. Could you just provide a little bit more detail on what percentage is slated for disposition versus the portion that you believe can be re-leased today?

好的。目前您有 173 間房產可供出租。能否詳細說明一下，計劃處置的房產比例與認為今天可以重新出租的房產比例分別是多少？

Yeah. Eric, obviously, if you looked at that same number at the beginning of last year, that was closer to 220 or 230 assets. So capital recycling, making sure that we get to resolutions quicker so that the holding costs are much lower, those are all elements of a very proactive asset management team that we have in place today.

是的。艾瑞克，很顯然，如果你看看去年年初的這個數字，當時的資產數量接近 220 或 230 項。因此，資本循環利用，確保我們更快找到解決方案，從而大大降低持有成本，這些都是我們目前擁有的非常積極主動的資產管理團隊的組成部分。

Having said that, we are very comfortable holding on to a certain number of vacant assets because we are either trying to reposition it or we are trying to find the right client who can enhance the ability to recapture rents, et cetera. So in a company that has north of 15,200 assets, having 170 assets vacant, I think you could view that as what the natural rate of vacancy ought to look like.

話雖如此，我們很樂意持有一定數量的空置資產，因為我們要么正在嘗試重新定位這些資產，要么正在嘗試尋找合適的客戶，以增強我們收回租金的能力等等。因此，對於一家擁有超過 15,200 項資產的公司來說，有 170 項資產空置，我認為這可以看作是正常的空置率。

That's circa 1%. And I'm going to go a little bit more and say we are comfortable with this 1.5% to 2% of assets that we have that we are working on either to dispose of or to reposition. And so I think this 170 is a smaller number than if you were to compare it over the last couple of years, what you've seen in our portfolio. But I view that as a natural rate of vacancy.

大約是1%。我還要再補充一點，我們對目前持有的 1.5% 到 2% 的資產感到滿意，我們正在努力處置或重新定位這些資產。所以我覺得，如果跟過去幾年，也就是我們投資組合中的數字相比，這個 170 還是比較小的數字。但我認為這是正常的職缺率。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

So again, just looking at the portfolio today, again, thousands of assets across hundreds of companies across several regions. It just feels to me like, again, given the nature of what you guys are doing, AI somehow should be able to create much more efficiencies in the overall business, whether that's on the underwriting side, asset management side.

所以，再看看今天的投資組合，又是數千項資產，涉及多個地區的數百家公司。在我看來，鑑於你們所做的事情的性質，人工智慧應該能夠提高整個業務的效率，無論是在承保方面還是資產管理方面。

Just kind of curious, how you guys are thinking to the use of AI in the business? And how, if I may use the word, AI competency or supremacy, could create additional competitive advantages versus your peers?

我只是有點好奇，你們是如何看待人工智慧在商業上的應用的？那麼，如果我可以用「人工智慧能力」這個詞的話，人工智慧優勢或統治力將如何為企業創造相對於同行的額外競爭優勢呢？

That's -- it's in line with the question that was asked, Tayo. And I intentionally try to keep it brief because this is an entire discussion in its own right.

泰奧，這——這與提出的問題一致。我特意盡量言簡意賅，因為這本身就是一個值得深入探討的議題。

What I will share with you is we are a very highly literate, technology-driven, data-driven organization. And so AI absolutely is going to be part and parcel of every element of our business. It already is on proprietary tools that we've created. It helps us on the sourcing front. It helps us on the underwriting front. It helps us on making asset management decisions, et cetera. And that's just one piece of it.

我想和大家分享的是，我們是一個擁有高文化水準、技術驅動、數據驅動的組織。因此，人工智慧絕對會成為我們業務各個環節不可或缺的一部分。它已經存在於我們自主開發的專有工具中。它對我們採購方面很有幫助。它對我們核保方面很有幫助。它有助於我們做出資產管理決策等等。而這只是其中的一部分。

But when you think about an organization and you think about the direction of drift, where is AI really going to sort of make monumental positive scale benefits for organizations, it doesn't start on the front end with the tools. It starts with the data. And it starts with creating an organization that has data that is very clearly defined.

但是，當你思考一個組織，思考其發展方向，思考人工智慧究竟會在哪些方面為組織帶來巨大的正面效益時，你會發現，這並非始於前端的工具。一切從數據開始。而這一切始於創建一個擁有非常清晰定義的資料的組織。

The interrelationship between those data is very well established, then data that gets created by this input data is also very well established. Then you can start to come up with tools that you can overlay on top of this very structured data lake to create those various different scale benefits.

這些資料之間的相互關係已經非常明確，那麼由這些輸入資料所產生的資料也已經非常明確。然後，你就可以開始構思一些工具，將它們疊加在這個結構化的資料湖之上，創造出各種不同的規模優勢。

But Tayo, you're 100% right. I mean, AI is and will become an even more integral part of every function within a real estate company. There is no doubt in my mind. And we, I believe, in my heart, are best positioned to take advantage of that, given when we started on this journey and the level of sophistication from a technology standpoint and how this company and the management team thinks about technology as an enabler and creator of scale within our business model.

但是泰奧，你說的完全正確。我的意思是，人工智慧現在是，將來也必將成為房地產公司各項職能中不可或缺的一部分。我對此毫不懷疑。而且，我發自內心地相信，鑑於我們開始這段旅程的時間、技術上的成熟程度，以及公司和管理團隊如何看待科技作為我們商業模式中規模化推動者和創造者的作用，我們最有能力利用這一點。

So I'm just touching on things. Each one of these areas that I've talked about, we can spend two hours just having a detailed discussion. But we are well on our way, and there are certain tools that's very much part and parcel across the entire business that we already have, such as Copilot, et cetera. And then there are other very specific tools that are being used by vertical elements of our business to help drive scale. But that is still just scratching the surface of what AI will do three to five years from now for a company like Realty Income.

我只是簡單提一下。我提到的每一個領域，我們都可以花兩個小時進行詳細討論。但我們已經走上了正軌，並且我們已經擁有一些貫穿整個業務的不可或缺的工具，例如 Copilot 等。此外，我們業務的各個垂直部門也正在使用其他一些非常具體的工具來幫助擴大規模。但這對於像 Realty Income 這樣的公司來說，僅僅只是人工智慧在未來三到五年內所能發揮的作用的冰山一角。

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

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。請繼續。

Thank you, Chuck, for helping facilitate this conference, and thank you, everyone, for participating. Look forward to seeing you at some of the upcoming conferences.

謝謝查克協助籌辦這次會議，也謝謝大家的參與。期待在即將舉行的會議上見到您。

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

本次會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。