Realty Income Corporation (O) 2026 Q2 法說會逐字稿

Good day, and welcome to the Realty Income second quarter 2026 earnings conference call. (Operator Instructions) Please note, today's event is being recorded. I would now like to turn the conference over to Alex Waters, Vice President, Investor Relations. Please go ahead.

各位好，歡迎參加 Realty Income 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。現在我想把會議交給投資人關係副總裁 Alex Waters。請開始。

Thank you for joining Realty Income's second quarter 2026 results conference call. Joining us on the conference call today are Sumit Roy, President and Chief Executive Officer; Jonathan Pong, Chief Financial Officer and Treasurer; Neil Abraham, Chief Strategy Officer and President, Realty Income International; and Mark Hagan, Chief Investment Officer.

感謝各位參加 Realty Income 2026 年第二季業績電話會議。今天與會的有：總裁兼執行長 Sumit Roy；財務長兼司庫 Jonathan Pong；策略長兼 Realty Income International 總裁 Neil Abraham；以及投資長 Mark Hagan。

During this conference call, we will make certain 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 our Form 10-Q filed with the SEC. We will observe a one question and one follow-up limit during the Q&A portion of the call to ensure that everyone has an opportunity to participate.

在本次電話會議中，我們將發表若干聲明，依聯邦證券法可能被視為前瞻性陳述。公司實際未來結果可能與任何前瞻性陳述中討論的事項有重大差異。我們將在提交給美國證券交易委員會（SEC）的 Form 10-Q 中，更詳細揭露可能導致差異的因素。為確保每位與會者都有機會提問，我們在問答環節將採取每人一個問題加一個追問的限制。

And with that, I would now like to turn the call over to our CEO, Sumit Roy.

接下來，我想把電話會議交給我們的執行長 Sumit Roy。

Thank you, Alex, and welcome, everyone. Realty Income delivered another strong quarter in Q2, reflecting the benefits of our diversified investment strategy and our position as a trusted capital partner to many of the world's leading companies. Our investment activity highlighted the breadth of our opportunity set, demonstrating our ability to invest across the capital stack, geographies and property types to support accretive growth. Against that backdrop, AFFO per share grew 3.8% to $1.09 during the quarter. Year-to-date, AFFO per share was $2.22, representing 5.2% growth and a meaningful acceleration from the same period in 2025.

謝謝你，Alex，也歡迎各位。Realty Income 在第二季再度交出強勁表現，反映我們多元化投資策略的效益，以及我們作為全球多家領先企業可信賴資本夥伴的地位。我們的投資活動凸顯了機會集合的廣度，展現我們能跨資本結構、地理區域與資產類型進行投資，以支持具增益性的成長。在此背景下，本季每股 AFFO 成長 3.8% 至 1.09 美元。年初至今，每股 AFFO 為 2.22 美元，成長 5.2%，且較 2025 年同期有明顯加速。

This momentum supports a $0.02 increase in our full year AFFO per share guidance midpoint to a new range of $4.44 to $4.45, representing growth of approximately 4% at the midpoint. We're also increasing 2026 investment volume guidance from $9.5 billion to $10 billion as our pipeline remains robust. I'll cover key investment highlights during the quarter before detailing market dynamics in each of Realty Income's strategic areas. Global investments totaled approximately $2.6 billion or $2.1 billion at our pro rata share at an initial weighted average cash yield of 7.3%.

這股動能支持我們將全年每股 AFFO 指引中位數上調 0.02 美元，至新的區間 4.44 至 4.45 美元，以中位數計約成長 4%。由於我們的案源管線仍然強勁，我們也將 2026 年投資量指引由 95 億美元上調至 100 億美元。我將先說明本季主要投資亮點，接著再詳述 Realty Income 各策略領域的市場動態。全球投資總額約 26 億美元，按我們的按比例（pro rata）份額約 21 億美元，初始加權平均現金殖利率為 7.3%。

Second quarter activity was weighted more heavily towards the United States with approximately $1.7 billion in pro rata investments at a weighted average cash yield of 7.4% including roughly $800 million in industrial assets, representing approximately 75% of US real estate investments. Also embedded within this US activity was continued deployment through our US Core Plus Fund, which acquired approximately $673 million of assets on a global basis with Industrial representing more than half of that volume and Retail accounting for the balance. In Europe, we closed on approximately $400 million at a weighted average yield of 7%.

第二季活動較偏重美國，按比例投資約 17 億美元，加權平均現金殖利率 7.4%；其中約 8 億美元為工業資產，約占美國不動產投資的 75%。此外，美國活動中也包含我們透過美國 Core Plus 基金的持續投放；該基金以全球口徑收購約 6.73 億美元資產，其中工業資產占比超過一半，其餘為零售。在歐洲，我們完成約 4 億美元交易，加權平均殖利率為 7%。

Finally, on June 30, we announced a $6 billion programmatic hyperscale data center joint venture with Cloud Capital in which Realty Income expects to invest up to $1.4 billion over time for its 45% equity interest. Turning to additional investment details. Let's start with Industrial, which represented approximately 65% of our global real estate investments. We continue to find attractive risk-adjusted opportunities supported by improving fundamentals and contractual rent escalators that generally range from 2% to 3.5% annually. Just under half of industrial acquisitions NOI this quarter came from investment-grade clients with investments concentrated in high-quality primary and infill markets.

最後，在 6 月 30 日，我們宣布與 Cloud Capital 成立 60 億美元的計畫型（programmatic）超大規模（hyperscale）資料中心合資企業；Realty Income 預期將隨時間就其 45% 股權投資最多 14 億美元。接著說明更多投資細節。先從工業資產開始，其約占我們全球不動產投資的 65%。在基本面改善的支撐下，加上合約租金調升條款通常每年介於 2% 至 3.5%，我們持續找到具吸引力的風險調整後機會。本季工業收購的 NOI 中，略低於一半來自投資等級客戶，投資集中於高品質的核心與都會填充（infill）市場。

Notably, US industrial fundamentals strengthened during the quarter as net absorption accelerated sharply, vacancy declined and development activity began to improve alongside market conditions. That positive industrial momentum also carried through to our US Core Plus Fund, which continues to demonstrate the value of pairing our scale and sourcing with long-term private capital. During the quarter, we fully deployed the fund's remaining cornerstone commitments, increased total gross asset value to approximately $3 billion.

值得注意的是，本季美國工業基本面轉強，淨吸納量大幅加速、空置率下降，且隨市場狀況改善，開發活動也開始回升。這股正向工業動能也延續至我們的美國 Core Plus 基金，持續展現將我們的規模與案源能力，與長期私募資本結合的價值。本季我們已完全投放該基金剩餘的基石承諾（cornerstone commitments），使總毛資產價值提升至約 30 億美元。

Assets acquired into the fund in Q2 generated a 6% weighted average cash yield. While these investments carry lower initial yields, they consist of high-quality assets in attractive markets leased to strong credit customers and supported by contractual rent escalators well above average, a dynamic reflected in the fund's 2.9% year-to-date same-store revenue growth. Importantly, the management fee stream from the fund enables us to pursue these lower initial yield investments with day one accretion to Realty Income's shareholders, thus expanding our overall buy box.

第二季納入基金的資產產生 6% 的加權平均現金殖利率。雖然這些投資的初始殖利率較低，但其由位於具吸引力市場的高品質資產所構成，出租給信用良好的客戶，並由高於平均水準的合約租金調升條款支撐；此一動態也反映在基金年初至今 2.9% 的同店營收成長。重要的是，基金帶來的管理費收入，使我們能在對 Realty Income 股東自第一天即具增益（day one accretion）的情況下，追求這些初始殖利率較低的投資，從而擴大我們整體的投資範圍（buy box）。

In Europe, while several international clients were more cautious earlier in the year amid geopolitical uncertainty, activity has improved and a number of those clients are actively pursuing transactions today. Europe continues to offer attractive risk-adjusted investment spreads, supported by lower borrowing costs, our established presence in the region and a landscape that remains less competitive than in the US.

在歐洲，雖然部分國際客戶在年初因地緣政治不確定性而較為謹慎，但近期活動已改善，且其中多家客戶目前正積極推進交易。歐洲仍提供具吸引力的風險調整後投資利差，受惠於較低的借款成本、我們在當地既有的布局，以及相較美國競爭仍較不激烈的市場環境。

We remain constructive on Europe and continue to view it as an important contributor to our growth over time. Turning to data centers. Our joint venture with Cloud Capital establishes another large-scale programmatic investment vehicle. The venture includes three Northern Virginia data center assets representing under 400 megawatts of capacity. We closed on the first stabilized asset last week and expect to acquire our share of two development assets upon stabilization.

我們對歐洲仍持正向看法，並持續將其視為我們長期成長的重要貢獻來源。接著談資料中心。我們與 Cloud Capital 的合資企業建立了另一個大型計畫型投資載體。該合資企業包含三座北維吉尼亞資料中心資產，總容量不到 400 兆瓦。我們已於上週完成第一座已穩定營運資產的交割，並預期在另外兩座開發中資產達到穩定後，收購我們的持分。

Our partnership with Cloud Capital originated from a prior credit investment and has evolved into a long-term relationship focused on developing and owning hyperscale data centers across leading US and European markets. Since announcing the venture, data center dialogue has continued to increase, expanding our access to opportunities across the sector. We believe the industry is still in the early stages of a multiyear digital infrastructure build-out driven by AI adoption, cloud computing and broader digitization trends. As a result, demand for data center capacity continues to exceed available supply in many of the industry's most attractive markets.

我們與 Cloud Capital 的合作源自先前的一筆信用投資，並已發展為長期關係，聚焦於在美國與歐洲主要市場開發並持有超大規模資料中心。自宣布合資企業以來，資料中心相關對話持續增加，擴大了我們在該產業的機會取得。我們認為，受 AI 採用、雲端運算及更廣泛的數位化趨勢驅動，該產業仍處於多年期數位基礎建設擴張的早期階段。因此，在產業中許多最具吸引力的市場，資料中心容量需求仍持續超過可供給的供應。

We remain focused on top-tier supply-constrained markets and partnering with experienced operators that value our long-term programmatic financing capabilities. Across our investment activity, our scale and sourcing platform continue to be significant advantages that are difficult to replicate through individual asset acquisitions. As an example, earlier this year, the fund acquired a combined 19 property portfolio leased to a top-performing quick-service restaurant operator for more than $100 million.

我們仍聚焦於供給受限的一線市場，並與重視我們長期、計畫型融資能力的資深營運商合作。在我們各項投資活動中，我們的規模與案源平台持續是難以透過單一資產收購複製的重要優勢。例如，今年稍早，該基金收購了一個合計 19 處物業的投資組合，出租給一家表現領先的速食餐飲（quick-service restaurant）營運商，交易金額超過 1 億美元。

Our subsequent third-party valuation completed in connection with our Core Plus Fund verified a prevailing market cap rate for the portfolio, that is more than 30 basis points below our acquisition basis, providing tangible evidence of the immediate value creation that can be achieved through portfolio transactions. While acquisitions and capital deployment are important drivers of long-term growth, we are seeing increasing opportunities to create value through active portfolio management and capital recycling.

我們在 Core Plus 基金相關作業中完成的後續第三方估值，驗證該投資組合的當前市場資本化率（cap rate）較我們的收購基礎低逾 30 個基點，提供了可量化的證據，顯示透過投資組合交易可立即創造價值。雖然收購與資本投放是長期成長的重要驅動因素，但我們也看到透過主動式資產組合管理與資本再循環來創造價值的機會正在增加。

During the quarter, we completed $161 million of dispositions, reallocating capital towards areas of the portfolio where we see the strongest combination of organic growth, pricing power and value creation. Importantly, this approach is not limited to noncore or vacant assets, but extends across the portfolio whenever we believe capital can be redeployed more strategically. This disciplined approach enhances portfolio quality, improves capital efficiency and supports sustainable earnings growth.

本季我們完成 1.61 億美元的處分，將資本重新配置至投資組合中我們認為最能兼具內生成長、定價能力與價值創造的領域。重要的是，這種作法不僅限於非核心或空置資產，而是在我們認為資本可更具策略性地重新部署時，適用於整體投資組合。這種嚴謹的作法可提升投資組合品質、改善資本效率，並支持可持續的獲利成長。

Looking ahead, we continue to see attractive opportunities to recycle capital into assets that are better aligned with our long-term strategic priorities. We also continue to improve portfolio quality during the quarter with investment grade client exposure increasing to 34% of annualized rent from 32% in the first quarter.

展望未來，我們仍持續看到具吸引力的機會，可將資本回收再投入至與我們長期策略優先事項更一致的資產。我們也在本季持續提升投資組合品質，投資等級客戶曝險占年化租金比重由第一季的32%提升至34%。

Portfolio fundamentals remained strong with occupancy of 98.8% and 482 re-leased units generating a blended rent recapture rate of 102.7% with renewals at 104.6%. This included a large batch renewal with a single client covering nearly 150 assets, demonstrating the scale and efficiency of our platform. Industrial comprised approximately one-third of leasing activity during the quarter and generated a rent recapture rate of 105.8%, while international recapture rates reached 112.9%, reflecting the continued success of our UK value-add retail park strategy. Our international retail park strategy continues to benefit from limited new supply, strong retailer demand and record low vacancy rates, helping drive attractive leasing spreads and incremental value creation.

投資組合基本面依然強勁，入住率為98.8%，共有482個重新出租單位，帶動整體租金回收率（blended rent recapture rate）達102.7%，其中續租回收率為104.6%。其中包含一筆大型批次續約，單一客戶涵蓋近150項資產，展現我們平台的規模與效率。本季工業類資產約占租賃活動的三分之一，租金回收率達105.8%；而國際市場回收率達112.9%，反映我們英國增值型零售園區策略持續成功。我們的國際零售園區策略持續受惠於新增供給有限、零售商需求強勁及創紀錄的低空置率，有助於推動具吸引力的租賃價差並創造增量價值。

Importantly, the growth and diversification of our investment capabilities have been matched by similar progress on the capital side of the business. Our expanding capital platform is reducing our reliance on public equity while enhancing our ability to fund growth efficiently.

重要的是，我們投資能力的成長與多元化，也在資本端取得了相當的進展。我們不斷擴大的資本平台正在降低對公開股權的依賴，同時提升我們以更有效率方式為成長提供資金的能力。

With that, I'll turn the call over to Jonathan.

接下來我把電話交給Jonathan。

Thanks, Sumit, and good afternoon, everyone. The second quarter demonstrated our commitment to diversifying our sources of capital on a global scale while maintaining a healthy balance sheet. We continue to operate from a position of significant liquidity, conservative leverage and broad access to multiple capital channels. We ended the quarter with approximately $3.5 billion of available liquidity on a pro rata basis, net debt to annualized pro forma adjusted EBITDA at the end of the second quarter stood at 5.4 times or 5.2 times inclusive of unsettled ATM forwards, which is well within our target range. Subsequent to quarter end, we further enhanced our liquidity profile through an expansion of both our global revolving credit facilities and commercial paper programs, an unsecured bond offering in Europe and continued forward equity issuance under the ATM.

謝謝你，Sumit，各位下午好。第二季展現了我們在維持健全資產負債表的同時，致力於在全球範圍內多元化資金來源。我們持續在充裕流動性、保守槓桿與可廣泛取得多元資本管道的基礎上營運。本季末按持股比例（pro rata）計算的可用流動性約為35億美元；第二季末淨負債對年化備考調整後EBITDA為5.4倍，若包含尚未結算的ATM遠期（unsettled ATM forwards）則為5.2倍，均明顯落在我們的目標區間內。季後，我們透過擴大全球循環信用額度與商業本票計畫、在歐洲發行無擔保債券，以及持續在ATM下進行遠期股權發行，進一步強化流動性概況。

Our updated credit facility now provides for borrowings of up to $5.5 billion, an increase of $1.5 billion from the prior facility with a 5 basis point reduction to our borrowing rate. Similarly, we expanded our global commercial paper program to $5.5 billion, an increase of $2.5 billion. Secondly, we completed a EUR 600 million denominated bond offering at a yield of 3.7%. And finally, we raised an additional $90 million of forward equity, bringing our current ATM unsettled balance to approximately $1.3 billion. Pro forma for these transactions available liquidity increased to more than $5.7 billion.

我們更新後的信用額度目前可提供最高55億美元的借款額度，較先前額度增加15億美元，且借款利率下調5個基點。同樣地，我們將全球商業本票計畫擴大至55億美元，增加25億美元。第二，我們完成一筆6億歐元計價的債券發行，殖利率為3.7%。最後，我們額外募集9,000萬美元的遠期股權，使目前ATM未結算餘額約為13億美元。上述交易備考後，可用流動性提升至超過57億美元。

With our enterprise value approaching $90 billion and a robust pipeline of external growth opportunities, the access to additional capital enhances our ability to immediately finance our investment pipeline while remaining patient and opportunistic in accessing longer-term and permanent capital. As a reminder, outstanding borrowings on our credit facilities and commercial paper programs represent our only exposure to variable rate debt, and we intend to maintain variable rate exposure at 10% or less of our total outstanding debt.

在我們企業價值接近900億美元且外部成長機會管線強勁的情況下，取得更多資本可提升我們立即為投資管線提供資金的能力，同時在取得較長期與永久性資本方面保持耐心並把握機會。提醒各位，我們在信用額度與商業本票計畫下的未償借款，是我們唯一的浮動利率債務曝險；我們計畫將浮動利率曝險維持在總未償債務的10%或以下。

Our commitment to maintaining a strong balance sheet supported by access to multiple sources of capital, was recently recognized in Fitch's initiation of coverage for Realty Income with a solid A long-term issuer default rating. This rating places us among just four US REITs with a solid A or equivalent rating from one of the three major rating agencies, and we are grateful that our size, diversification and track record of performance have elevated us to this rating.

我們致力於維持強健的資產負債表並可取得多元資本來源，近期也獲得Fitch對Realty Income啟動評等覆蓋並給予穩健的A級長期發行人違約評等（long-term issuer default rating）的肯定。此評等使我們成為美國僅有四家獲三大評等機構之一給予穩健A級或同等評等的REIT之一；我們也感謝公司規模、多元化與績效紀錄使我們達到此一評等。

We remain active on the capital raising front. Inclusive of the aforementioned Eurobond offering, we've issued $3 billion of new debt year-to-date at a blended effective coupon of 3.9% compared to $1.4 billion of debt that has matured year-to-date at a blended coupon of 4%. We continue to diversify our sources of debt capital across different currencies and investor capital pools with the focus on avoiding saturation or reliance on any one market while lowering our all-in cost of borrowing and managing an appropriate maturity ladder going forward. On a year-to-date basis, we have issued four discrete debt instruments, including a convertible bond, a US dollar unsecured bond swapped to euros, a municipal prepaid term loan swapped to euros and a euro unsecured bond.

我們在籌資方面仍相當積極。包含前述歐元債發行在內，今年迄今我們已發行30億美元新債，綜合有效票息（blended effective coupon）為3.9%；相較之下，今年迄今到期的14億美元債務，其綜合票息為4%。我們持續在不同幣別與投資人資金池之間分散債務資本來源，重點在於避免任何單一市場的飽和或依賴，同時降低整體借款成本，並在未來維持適當的到期梯隊。以今年迄今計算，我們已發行四項獨立的債務工具，包括可轉換債、以美元發行並換匯為歐元的無擔保債、以市政預付（municipal prepaid）定期貸款並換匯為歐元，以及一筆歐元無擔保債。

Each of these debt instruments was selected with an intentional bias towards tapping into unique investor bases while minimizing our global and blended cost of debt. On the equity side, private capital has reduced our reliance on the public equity markets to fund our growth. As a result, we have meaningfully lowered our public equity consumption as a percentage of investment volume, comprising only 18% of investment volume year-to-date compared to an average of 47% over the past three years. Year-to-date, we have settled only $825 million of forward equity to close on $4.7 billion of pro rata investment activity, all while maintaining leverage within our 5.5 times target level. This reflects the benefit of our recent capital initiatives, which have diversified our sources of equity capital.

上述每一項債務工具的選擇，皆有意偏向切入獨特的投資人基礎，同時將我們全球與綜合債務成本降至最低。在股權方面，私募資本降低了我們為成長融資而對公開股權市場的依賴。因此，我們已大幅降低公開股權使用量占投資金額的比重，今年迄今僅占18%，相較過去三年平均為47%。今年迄今，我們僅結算8.25億美元的遠期股權，即完成按持股比例計算47億美元的投資活動，同時將槓桿維持在5.5倍的目標水準內。這反映我們近期資本措施的效益，已使股權資本來源更加多元。

Turning to our 2026 outlook. As Sumit mentioned, we are increasing our full year AFFO per share guidance range to $4.44 to $4.45. We're also increasing our full year acquisitions guidance of $10 billion, up from $9.5 billion previously, given the strength of our investment pipeline and the confidence in our ability to source and execute attractive opportunities. At our share, we expect to invest approximately $9 billion during 2026. We are also holding our 2026 credit loss outlook flat at around 40 basis points of rental revenue, reflecting stable operating performance across our client base.

接著談我們對2026年的展望。如Sumit所提，我們將全年每股AFFO指引區間上調至4.44至4.45美元。我們也將全年收購指引提高至100億美元，較先前的95億美元上調，反映我們投資管線的強勁，以及我們對於尋找並執行具吸引力機會的能力充滿信心。以我們的持股比例計算，預期2026年將投資約90億美元。我們也維持2026年信用損失展望不變，約為租金收入的40個基點，反映客戶基礎整體營運表現穩定。

Notably, we are not raising our lease termination income guidance. We recorded approximately $1 million in the second quarter and continue to expect $45 million to $50 million for the full year. As a result, the increase in AFFO guidance reflects the underlying strength of the business in terms of investment volumes, yields, modest credit losses, the successful execution of several capital markets transactions and our expectations for continued momentum throughout the balance of 2026.

值得注意的是，我們並未上調租約終止收入（lease termination income）指引。第二季我們認列約100萬美元，且仍預期全年為4,500萬至5,000萬美元。因此，AFFO指引的上調反映的是業務基本面的強勁，包括投資量、收益率、溫和的信用損失、數筆資本市場交易的成功執行，以及我們對2026年剩餘期間動能延續的預期。

With that, I'll turn the call back over to Sumit.

接下來我把電話交回給Sumit。

Thank you, Jonathan. In summary, the second quarter represented disciplined execution across the platform highlighted by continued performance of a high-quality portfolio, disciplined capital allocation at attractive yields and the curation of unique capital vehicles that provide Realty Income with durable financing engine to accelerate AFFO per share growth in the years ahead. With that, I would now like to open it up for questions. Rocco?

謝謝你，Jonathan。總結而言，第二季展現我們在整個平台上的紀律執行，亮點包括高品質投資組合的持續表現、以具吸引力的收益率進行審慎的資本配置，以及打造獨特的資本工具，使Realty Income擁有具持久性的融資引擎，以在未來數年加速每股AFFO成長。接下來我想開放提問。Rocco？

(Operator Instructions)

(接線員指示)

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

The acquisition cap rates during the quarter were 6.4%, which is a bit lower than what you saw last quarter. Is that a reflection of mix, competition or something else? Does that have to play into also the industrial assets with the elevated lease escalators? And just how should we think about the accretion on cap rates of 6.4%?

本季收購資本化率（cap rates）為6.4%，比你們上季看到的略低一些。這是組合結構、競爭或其他因素的反映嗎？這是否也與工業資產較高的租約調升條款（lease escalators）有關？另外，我們應該如何看待6.4%資本化率的增厚效益（accretion）？

Yes, that's a great question. It's -- the idea here is to always try to blend to a number that is getting us back to our historical spreads, Michael. And the blended cap rate or the investment yield is 7.4%. And when you think about the portion north of $600 million was in the fund, that was where the lower yielding cap rates went. And that was by design because that's why the fund was created.

是的，這是個很好的問題。這裡的想法是，我們始終嘗試把數字「混合」到能讓我們回到歷史利差水準的位置，Michael。而混合後的資本化率（cap rate）或投資收益率是 7.4%。當你想到超過 6 億美元的那一部分是在基金裡時，那就是較低收益的資本化率所落在的地方。而這是刻意為之，因為這正是成立該基金的原因。

Stuff that we couldn't accretively buy on balance sheet was going to be allocated to the fund where the long-term return hurdles were going to be met, but that initial accretion was not. And so what's remaining is -- has a profile that gets us to our historical spreads of circa 150 basis points. That's how you should think about our investments.

那些我們無法在資產負債表上以增厚（accretive）的方式買進的資產，會被分配到基金裡，在那裡可以達到長期報酬門檻，但一開始的增厚效果則不一定有。因此，剩下的部分——其特性讓我們回到約 150 個基點的歷史利差水準。你應該用這種方式來理解我們的投資。

And then just as a follow-up, can you provide an update on where we are in terms of generating fee income, is the amount in the quarter? Is that kind of the right run rate? Or do you expect that to accelerate from here? And then also how much is included in the underlying guidance?

另外追問一下，你能否更新一下我們在創造費用收入方面的進展？本季的金額是這樣嗎？這大概就是正確的常態化水準（run rate）嗎？還是你預期接下來會加速？另外，底層指引（underlying guidance）中包含了多少？

Michael. So if you look at the supplement, I believe at page 22, we do show management fee income to Realty Income is about $3.2 million for the quarter. The majority of that, obviously, is for the US Core Plus Fund. We have raised $1.7 billion during our cornerstone round.

Michael。所以如果你看補充資料，我相信在第 22 頁，我們確實顯示本季支付給 Realty Income 的管理費收入約為 320 萬美元。其中大部分，顯然，是來自美國 Core Plus 基金。我們在基石輪（cornerstone round）期間募集了 17 億美元。

And as of early July, we had drawn down all of the capital that is now fee generating. There is also a separate component of that, that is attributed to the insurance JV that we announced back in March. And so in totality, that's where you get the $3.2 million. In terms of guidance, we've talked about this before, but you expect around $10 million or so for the fund in terms of management fees and then perhaps there will be perhaps $2 million to $3 million attributable to the insurance JV.

截至 7 月初，我們已經把所有資本都完成撥付（draw down），因此現在都在產生管理費。另外還有一個獨立的組成部分，來自我們在 3 月宣布的保險合資企業（insurance JV）。因此合計起來，就得到 320 萬美元。就指引而言，我們之前談過，你可以預期基金的管理費大約 1,000 萬美元左右，此外可能還會有約 200 萬到 300 萬美元可歸因於保險 JV。

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC Capital Markets。

Obviously, rates have been bouncing around a lot, but generally going up, but we've also been hearing some of your peers talk about some slight cap rate compression. I guess, first, are you seeing that as well? And then do you think higher rates will eventually flow through? Or are competitive dynamics preventing that from happening?

顯然利率一直大幅波動，但整體而言是在上升；不過我們也聽到你們一些同業提到資本化率有些微壓縮。我想先問，你們也有看到這種情況嗎？接著你認為較高利率最終會反映到資本化率上嗎？還是競爭態勢阻止了這件事發生？

That's a great question, Brad. It's a very strange environment really because this inverse correlation that exists between how net lease generally trade versus the 10-year largely holds true. But what has happened over the last two months is that, that inverse correlation hasn't held true. And so it really is a question of what is going to happen to the 10-year, what is the forward outlook, not so much where it's trading at today, that's going to dictate what's going to happen to cap rates. We've oftentimes talked about cap rates being a trailing variable when it comes to interest rate, the 10-year Treasury.

這是個很好的問題，Brad。這確實是一個非常奇怪的環境，因為一般而言，淨租賃（net lease）的交易與 10 年期利率之間存在的這種反向關係，大致上仍然成立。但過去兩個月發生的是，這個反向關係並沒有成立。因此，真正的問題在於 10 年期會怎麼走、遠期展望如何，而不是它今天交易在什麼水準；這才會決定資本化率會怎麼變化。我們也常談到，當涉及利率、也就是 10 年期美國公債殖利率時，資本化率往往是一個落後變數。

And if the view is that the 10-year is going to be in this 4.6% to potentially 5% ZIP code, then what we have historically seen is cap rates do follow. But you mentioned it in your question the way you framed it. There is a lot more competition here in the US. There are a lot more new entrants on the private side, along with a few on the public side. And so there is that competitive dynamics that's going to keep cap rates lower. But ultimately, in a highly elevated cost of capital environment, cap rates will need to adjust.

如果市場的看法是 10 年期會落在 4.6% 到可能 5% 的區間，那麼我們歷史上看到的情況是，資本化率確實會跟著走。但你在問題中也提到了。美國這邊的競爭更激烈。私募端有更多新進者，公募端也有幾家。因此，這種競爭動態會讓資本化率維持在較低水準。但最終，在資金成本高度上升的環境下，資本化率必須調整。

Okay. Got it. And then you talked a bit about the positive European outlook in the prepared comments. I wanted to specifically zoom in on the UK. Cost of debt seems pretty unattractive over there, especially compared to euro debt. So are you seeing upward pressure on cap rates in the UK to reflect that? Or is it just a less appealing market right now?

好的。了解。另外，你在事先準備的發言中提到歐洲前景偏正面。我想特別聚焦英國。英國那邊的債務成本看起來相當不吸引人，尤其相較於歐元債。所以你們是否看到英國資本化率有上行壓力以反映這點？還是說目前就是一個相對不那麼吸引人的市場？

Neil?

Neil？

Thanks, Sumit. Brad, in response to that question, I think we have countervailing effects. One, of course, is the sort of macro malaise change in the PM and the move in rates. Against that, what you have is institutional capital coming in, and you can see this more broadly across Europe as well. And it started really with malls or shopping centers as they're called over there, and there's quite an aggressive bid for those kinds of assets.

謝謝，Sumit。Brad，回應這個問題，我認為我們看到的是相互拉扯的效果。其一，當然是宏觀層面的低迷、首相更迭，以及利率變動。與此同時，你看到的是機構資金進場，而且在歐洲更廣泛的範圍也能看到。這其實是從購物中心（那邊稱為 malls 或 shopping centers）開始的，對這類資產的出價相當積極。

So in the UK, almost perversely, we're actually seeing institutional capital coming in, in good size and driving down cap rates. And then while we haven't bought retail parks or multi-tenant retail across the continent, there is also now one or two larger private equity players driving consolidation. I think the industrial logic is that they sort of missed that play in the UK, but there's still an opportunity across Europe. And the low level of base rates makes it actually quite accretive on a levered basis. And so I don't think we're seeing upward pressure on cap rates in the UK or, frankly, much of Europe with the exception of Germany. And I think if anything, the pressure on cap rates downward on retail parks in the UK will continue.

所以在英國，幾乎有點反常地，我們其實看到機構資金以相當大的規模進場，並推動資本化率下行。另外，雖然我們沒有在歐陸買入零售園區（retail parks）或多承租戶零售資產，但現在也有一兩家較大的私募股權玩家在推動整併。我認為其產業邏輯是，他們在英國錯過了那一波，但在歐洲仍有機會。而較低的基準利率水準，使得在加槓桿的基礎上其實相當具增厚性（accretive）。因此我不認為我們在英國——坦白說，除了德國以外的歐洲大部分地區——看到資本化率有上行壓力。而且如果有什麼趨勢的話，英國零售園區的資本化率下行壓力還會持續。

Rob Stevenson, Huntington.

Rob Stevenson，Huntington。

Sumit, how should we be thinking about how much of the $5 billion or so of second half investments in the guidance is likely to be put on Realty Income's balance sheet and financed by the REIT versus going into various JVs, funds, partnerships and anything new that you would create over the remainder of the year?

Sumit，我們應該如何看待指引中下半年約 50 億美元投資裡，有多少可能會放在 Realty Income 的資產負債表上、由 REIT 融資；以及有多少會進入各種合資企業（JVs）、基金、合夥架構，或你們在今年剩餘時間可能新成立的任何載體？

Yes. So that [500], so we've said we are going to do about $10 billion. That's the guidance. And what we have shared with the market is that $9 billion of that $10 billion is going to be on balance sheet. And if you see what we've invested year-to-date on the fund, we have largely used up the equity, the cornerstone equity actually.

是的。所以那個 [500]，我們說過我們全年大約會做 100 億美元。這就是指引。而我們與市場分享的是，這 100 億美元中的 90 億美元會放在資產負債表上。另外，如果你看我們年初至今在基金上的投資，我們基本上已經把股權用得差不多了，實際上是把基石股權（cornerstone equity）用完了。

We completely used up all of the equity that we've raised. And so the only assets that are going to go on the fund will be the leverage capacity that the fund has that is still available to it. And that's going to be obviously -- it's the same ratio, one-third, two-thirds. So we've got about $1.7 billion that we've raised in equity. We've got about one-third of that amount in leverage capacity to deploy. But the rest of it will be on balance sheet.

我們已經完全用完所有募集到的股權。因此，接下來會放進基金的資產，只會是基金仍可用的槓桿額度。而那顯然——比例相同，三分之一、三分之二。所以我們募集了約 17 億美元的股權。我們大約有該金額三分之一的槓桿額度可以部署。但其餘部分都會放在資產負債表上。

Okay. That's helpful. And then with these various funds, JVs, partnerships, et cetera, that you now have in place, do you have all of the sources of capital that you guys think that you need to execute the business plan over the next couple of years? Or should we expect to see more of these types of partnerships and JVs being announced over the next 6 to 12 months, given what your pipeline looks like?

好的。這很有幫助。另外，隨著你們現在已建立的各種基金、合資企業、合夥架構等等，你們是否已具備你們認為在未來幾年執行商業計畫所需的所有資金來源？或者，考量你們的案源管線（pipeline），我們是否應該預期在未來 6 到 12 個月會看到更多這類合作與合資案被宣布？

So Rob, I think in terms of the product that we are going to pursue from an investment perspective, that's largely defined we've been talking about our desire to go into data centers. We have now formed joint ventures. Is it possible that there could continue to be other JVs that we form with developers who have a very healthy pipeline that fits our box, the answer is yes. And especially on the heels of the conversation -- on the heels of the announcement that we've made, there are some very interesting conversations that are taking place. And that is much more in line with what we've already said.

所以，Rob，我認為就我們從投資角度要追求的產品而言，這在很大程度上已經被界定了——我們一直在談我們希望進入資料中心。我們現在已經成立了合資企業。是否可能我們會繼續與擁有非常健康、且符合我們框架的開發商管線的夥伴成立其他合資企業？答案是肯定的。尤其是在這次對話之後——在我們所做公告之後，確實有一些非常有意思的對話正在進行。而這也更符合我們先前已經說過的方向。

The other asset types are ones that we are just continuing to invest in. And obviously, the fact that we've created these multiple channels of geography and asset types, we are going where the best risk-adjusted returns are. On the financing side is where we are sort of still new in the game and the rationale behind why we did what we did was to try to sort of leverage the platform that we have with a lot lower cost of capital, lot lower cost of equity capital, let me be more precise, that we could then generate earnings contribution through the fee stream.

其他資產類型則是我們持續在投資的。而且很明顯，因為我們建立了多個地理與資產類型的渠道，我們會往風險調整後報酬最佳的地方去。在融資端，我們算是仍屬於新進者；而我們之所以這麼做的理由，是希望運用我們的平台，以更低的資本成本、更低的股權資本成本——更精確地說——然後透過費用收入來產生獲利貢獻。

And I would say that we've -- that's the journey that we are on. And it's -- I've heard Jonathan mention it as an ecosystem that we are trying to create, where we are maximizing the utilization of a platform with trying to attract the lowest cost of equity capital that wants to leverage and wants to pay fees and basically be exposed to net lease investing.

我會說，這就是我們正在走的旅程。而且——我聽 Jonathan 提到把它形容成我們想要打造的一個生態系：我們要最大化平台的使用效率，同時吸引成本最低、願意使用槓桿並願意支付費用、且基本上希望曝險於淨租賃投資的股權資本。

So I won't go so far as to say what we've shared with you is the end all and be all of all equity capital sources. I would characterize it as it's the beginning, and there will be other channels. But what we are going to be acutely focused on is to make sure that the overlap on these various different sources of equity capital -- private sources of equity capital is very minimum. We want to make sure that we're using our platform, very judiciously to serve these various different sources of capital, make each one of them very successful, so that this fee stream that we are able to generate continues to be one that is a very high level of permanence and one that we can count on and our shareholders can benefit from in years to come.

所以我不會說我們跟各位分享的內容就是所有股權資本來源的終極答案。我會把它描述為一個開始，未來還會有其他渠道。但我們會非常專注於確保這些不同股權資本來源——私募股權資本來源——之間的重疊度要非常低。我們希望非常審慎地運用我們的平台來服務這些不同的資本來源，讓每一個都非常成功，如此我們能夠產生的這條費用收入流就能維持高度的持久性、是我們可以依賴的，而我們的股東也能在未來多年持續受益。

Smedes Rose, Citi.

Smedes Rose，花旗。

I just -- just to follow up on kind of your acquisitions outlook. It looks like for your portion, the back half of the year is estimated around $4.3 billion. So that suggests it decelerates a little bit from what you saw in the first half. Could you maybe just speak to kind of what you're seeing there? Is it slowdown by design? Are you being conservative? Is competition heating up? And just interested in any kind of color around that outlook?

我想——就你們的收購展望再追問一下。看起來以你們的部分來說，下半年預估大約是 43 億美元。這表示相較於上半年，速度似乎會稍微放緩。你能否談談你們看到的情況？這是刻意放慢嗎？你們是在保守估計嗎？競爭是否正在升溫？也想聽聽你們對這個展望的更多補充說明。

Mark?

Mark？

Yes, thanks for the question. I think that with the guidance at $10 billion and the first half total investments of $5.3 billion, I don't think there's a lot of deceleration in there. But --

是的，謝謝你的問題。我認為以 100 億美元的指引、以及上半年總投資 53 億美元來看，我不覺得其中有很大的減速。不過--

Well, I'm just looking at your portion, you said for your portion, it would be $9 billion for the year.

嗯，我只是看你們的部分；你們說你們的部分全年會是 90 億美元。

Yes. That's the overall global investment amount. But look, it's not driven by anything in terms of what we're seeing in the market conditions in terms of deceleration. In fact, it's really the opposite. We increased our overall volume guidance because of the strength and robustness of the pipeline. And so as we're sitting here today, we really -- we feel great about the pipeline and about at least another strong second half of the year.

是的。那是整體全球投資金額。但你看，這並不是因為我們在市場狀況上看到什麼減速所驅動的。事實上正好相反。我們因為管線的強度與韌性而上調了整體量能指引。所以以我們今天的狀態來看，我們對管線非常有信心，也對至少下半年仍會很強勁感到非常樂觀。

Yes. Okay. And then you -- yes, go ahead. Sorry.

是的。好的。然後你——是的，你繼續。抱歉。

Forecasting out and trying to back into what is the delta between what we have forecasted versus what we haven't. What I can tell you from a pipeline perspective, from the health of the pipeline, from what we are seeing, we feel great.

要往前預測並回推我們已預測與未預測之間的差額。我能告訴你的是，從管線角度、從管線健康度、從我們所看到的情況來看，我們感覺非常好。

Great. Okay. And just on that, you obviously leaned into industrial in the quarter. Just wondering, is that a primary focus going forward from here? Or are you happy with the kind of exposure that you have in that asset class at this point?

很好。好的。另外，你們這一季明顯加碼了工業類資產。想請問往後這會是主要重點嗎？還是你們對目前在這個資產類別的曝險水位已經感到滿意？

Industrial has always been a focus of ours. We obviously can't go into the three-cap deals that we just saw recently announced. But in industrial -- single-tenant industrial, more specifically across various geographies has always been something that we've leaned into. And the way we are playing that is through the development channel, is partnering with the best-in-class developers and being able to generate yields with more of a built-to-suit characteristic rather than a spec characteristic where we are able to meet the hurdles that we need to meet in order to generate the spread investing that you and our shareholders are used to seeing. So what you're seeing today is -- and I'm sure you've heard it from other industrial companies is this -- what we expect to be a new trend where absorption rates are trending very positive.

工業一直都是我們的重點。我們顯然無法參與最近宣布的那些 3 cap 的交易。但在工業——更具體地說是單一承租戶的工業資產——跨不同地理區域，一直是我們傾向投入的方向。而我們的做法是透過開發渠道，與同級最佳的開發商合作，並以較偏向量身訂做（built-to-suit）而非投機性（spec）的特性來取得收益率，讓我們能達到所需的門檻，進而產生你以及我們股東習慣看到的利差型投資。所以你現在看到的是——我相信你也從其他工業公司聽到——我們預期會出現一個新趨勢：吸納率正呈現非常正向的走勢。

Vacancies are all at all-time lows. And what's driving this demand is much more widespread than e-commerce, which was the driver of industrial demand four, five years ago. It's much more broad based. It's industrial. It's manufacturing.

空置率都在歷史低點。而推動這股需求的因素，比四、五年前推動工業需求的電商更為廣泛。它的基礎更廣。包括工業本身。包括製造業。

It's data center equipment that needs to be stored in warehouses, et cetera, that is also driving some of the demand. And so we feel very good about the pipeline that we've created and we are being able to do it at cap rates and investment yields that makes sense to us through a combination of investing on the credit side as well as on the equity side.

也包括需要存放在倉庫的資料中心設備等等，這些也在推動部分需求。因此我們對所建立的管線感到非常有信心，而且我們能透過同時在信用端與股權端投資的組合，在對我們而言合理的資本化率與投資收益率水準下完成這些交易。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

Sumit, maybe starting with you, I guess I was intrigued by some of the comments you were making about capitalizing on the market to do some portfolio recycling, improving the quality of your on-balance sheet assets. So I'm curious how much of the portfolio ballpark might be subject to being upgraded, recycled. It sounds like you're doing a bit more high-grade here. Is that something we should expect near term and maybe some color, perspective on the difference in cap rates or bumps and what you're buying versus selling?

Sumit，或許先從你開始。我對你提到利用市場來做一些投資組合汰換（portfolio recycling）、提升表內資產品質的評論很感興趣。所以我想了解，大概有多少比例的投資組合可能會進行升級、汰換？聽起來你們現在做的高評級資產更多一些。這是我們短期內應該預期會看到的嗎？另外也想請你補充一下，你們買進與賣出之間，在資本化率或租金調升（bumps）方面的差異與看法？

That's a great question, Haendel. I think in the prepared remarks, you picked up on our desire to continue to recycle capital. Obviously, we have talked about there are certain metrics that we are very focused on internal growth being one of them, duration of the lease term being another, being exposed to credit that we have a long-term view on and we feel comfortable with is another metric that we are going to be very focused on. And this capital recycling that we would like to continue to lean into is largely on a pro forma basis, going to help -- make each one of these variables that I just mentioned accretive. And so that's the desire.

這是個很好的問題，Haendel。我想你在事先準備的發言中，注意到我們希望持續進行資本汰換。很明顯，我們談過有一些指標是我們非常關注的：內生成長是其中之一；租期長度是另一個；曝險於我們有長期觀點、且我們感到安心的信用也是我們會非常聚焦的另一項指標。而我們希望持續加大力度的這項資本汰換，在備考（pro forma）基礎上，將有助於——讓我剛提到的每一個變數都更具增益性（accretive）。這就是我們的想法。

And it could be obviously leaning into the data center side, leaning into the industrial side and repositioning our overall portfolio to make sure that our net lease metrics that we focus on, KPIs that we are very focused on continues to move in the right direction through this capital recycling.

而且很明顯地，我們可能會更偏向資料中心端、更偏向工業端，並重新定位我們的整體投資組合，以確保我們所關注的淨租賃指標、我們非常重視的KPI，能透過這次資本回收持續朝正確方向改善。

That's great color. Jonathan, a question for you. Maybe if you'll allow me a two parter just -- I want to get some clarification on what's in the other adjustments per share. Looks like we excluded that, the AFFO per share guidance would be down. Maybe I'm misinterpreting it, so maybe some color on that.

這些說明很有幫助。Jonathan，我有個問題想請教你。如果你允許我問兩個部分——我想釐清一下每股「其他調整」裡面包含什麼。看起來如果把那個排除掉，每股AFFO指引會下降。也許是我解讀錯了，所以想請你補充說明一下。

And then just some color or thoughts on the duration of the loan book. It seems like there's a decent amount of high-yielding paper maturing in the next couple of years. I'm curious if you guys are expecting to be able to originate more or how you plan on managing that dilution?

另外也想請你談談或分享一下貸款投資組合的存續期間。看起來未來一兩年內有相當多高收益的票據會到期。我想了解你們是否預期能再承作更多，或你們打算如何管理這種稀釋影響？

So the other category is really nothing new. It's primarily FX-related. The gains or losses that are noncash in nature. You also have other CECL-related type of impacts as well. But that's nothing that would raise to the level of a cash adjustment that would impact AFFO and shouldn't impact AFFO, given that it's noncash and it's nonrecurring.

所以「其他」這個類別其實沒有什麼新東西。主要是與外匯（FX）相關。也就是那些屬於非現金性質的損益。另外也有一些與CECL相關類型的影響。但這些都不會上升到需要做現金調整、進而影響AFFO的程度；而且既然它是非現金且非經常性的，也不應該影響AFFO。

I would say on the loan tenor, assuming you're talking about the investments that we make look, we've talked about this before. But when you think about the right-hand side of our balance sheet, when you think about legacy balance sheet with a fair amount of debt that's rolling every single year, this provides a nice hedge, if you will, a natural hedge, where if rates go down, yes, theoretically, there's reinvestment risk, but also the other side of our ledger is also much more attractive in refinancing at much lower rates and vice versa. So we manage it. We look at it just as closely as we look at the liability side of the balance sheet, and that's how we risk mitigate and forecast what our exposure is, should there be various scenarios play out in the rate environment.

至於貸款期限（tenor），假設你指的是我們所做的投資——我們之前談過。當你看我們資產負債表的右側、也就是負債端，考量到既有資產負債表上有相當多每年都要展期的債務，這些投資提供了一個不錯的避險（如果你願意這麼說的話），一種自然避險：如果利率下降，理論上確實有再投資風險，但同時我們帳本的另一側在以更低利率再融資時也會更具吸引力；反之亦然。所以我們會管理它。我們對它的關注程度與對負債端同樣嚴謹，並以此來降低風險、預測在利率環境出現各種情境時我們的曝險。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Just along Haendel's line of questioning in terms of capital recycling. Could we see that also manifest itself as kind of new JVs or doing more with your current JV partners? Or how do we kind of think -- are you kind of thinking much more just kind of outright asset sales?

延續Haendel關於資本回收的提問。我們是否也可能看到它以某種新合資（JV）的形式呈現，或是與你們現有的JV夥伴做更多合作？或者我們應該怎麼理解——你們主要是更偏向直接出售資產嗎？

Yes. The idea being recycling. So yes, we are continuously looking at our portfolio, Omotayo, and we are trying to figure out where are the assets that are mispriced in the market where we don't have a long-term hold, strategic outlook on certain portions of our portfolio. And we'd much rather sell those assets, raise that capital and redeploy it in either asset types or geographies or risk-adjusted opportunities where we feel we have a much higher conviction on holding long term. That's what we are talking about. It's not supposed to represent additional JVs, et cetera. That is not the idea behind the capital recycling that you should sort of think about when we are talking about capital recycling.

是的。概念就是回收再配置。所以是的，Omotayo，我們會持續檢視投資組合，並試著找出市場上被錯價、且我們對投資組合某些部分並沒有長期持有、策略性持有觀點的資產。我們寧可出售那些資產、籌集資金，並將資金重新部署到我們對長期持有更有信心的資產類型、地理區域或風險調整後更具吸引力的機會上。這就是我們所說的。這並不是要代表增加更多JV等等。這不是你在我們談資本回收時應該聯想到的方向。

Alec Feygin, Baird.

Alec Feygin，Baird。

On the data center hyperscale deals, can you speak if after these three assets, are you diversifying your tenant base or the end tenant base for your data center portfolio?

關於資料中心的超大規模（hyperscale）交易，能否談談在這三個資產之後，你們是否會讓資料中心投資組合的承租人基礎，或最終承租人基礎更加多元化？

Mark?

Mark？

Sure. Thanks for the question. Yes, we are. Obviously, we announced the transaction three years ago with two data centers in Northern Virginia that had a specific tenant in it. The transaction that we just announced last month with three data centers has varied tenants in it that are different than the original two.

當然。謝謝你的問題。是的，我們會。很明顯地，我們三年前宣布的那筆交易是在北維吉尼亞的兩座資料中心，裡面有一個特定承租人。而我們上個月剛宣布的那筆包含三座資料中心的交易，裡面的承租人是多元的，且不同於原先那兩座的承租人。

So we currently have the five assets with different tenants in them. And going forward, as we continue to build out our data center portfolio, that is one thing that we're going to keep our mind on as part of our strategy in terms of -- obviously, we want to focus on the investment-grade rated hyperscalers and enterprise users, and those work well for us, but we are going to be very mindful of making sure that we balance our concentration to any particular assets -- tenants, sorry, rather.

因此我們目前有五個資產，裡面有不同的承租人。展望未來，隨著我們持續擴建資料中心投資組合，這會是我們策略中會持續留意的一點——很明顯地，我們希望聚焦於具投資級（IG）評等的超大規模業者與企業用戶，這些對我們很合適；但我們也會非常謹慎，確保我們對任何特定資產——抱歉，是對任何特定承租人的集中度能維持平衡。

Nice. And kind of on the tenant question, broadly, should we expect any new top 20 tenants entering the portfolio this year?

很好。再就承租人問題更廣泛地問一下，今年我們是否應該預期投資組合會有任何新的前20大承租人加入？

Well, Alec, when that happens, it will be announced, and I think it will be viewed very positively. Obviously, these data center clients tend to be very large. And when those close, could it potentially reshuffle our top 20. The answer is yes. But it will be viewed very positively in my opinion.

Alec，如果發生那種情況，我們會對外公告，而且我認為市場會非常正面看待。很明顯地，這些資料中心客戶通常規模都非常大。而當這些交易完成交割時，是否可能重新洗牌我們的前20大承租人？答案是有可能。但以我看來，這會被非常正面地解讀。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

Just staying on the data center portfolio theme. Maybe can you talk a little bit more about sort of the economics, whether it's sort of stabilized yields or price per megawatt, just your views on that going forward. And also on the competition, right, because I think there's a lot of big private equity players out there. There's other public capital. Just what that environment is like to get these deals through?

延續資料中心投資組合的主題。也許你能再多談一些經濟性，例如穩定後收益率（stabilized yields）或每兆瓦價格（price per megawatt），以及你對未來走勢的看法。另外也想問競爭情況，因為我認為市場上有很多大型私募股權玩家。也有其他公開市場資金。目前要把這些交易做成的環境大概是什麼樣子？

Sure. Thanks, Ron. Let me hit the second part of the question first, if that's okay. Yes, there are a lot of people in the sector right now, both on the development side and people wanting to invest capital into this sector. So there is a lot of competition for both developing these assets and owning them.

好的。謝謝，Ron。如果可以的話，我先回答問題的第二部分。是的，目前這個領域有很多參與者，不論是開發端，或是想把資金投入這個領域的人。因此在開發這些資產以及持有它們兩方面，競爭都非常激烈。

I think that one of the important things, though, is that there are a lot that are still in the development phase, if we're talking about the large hyperscale data centers. And there's probably a lack of a natural home for the ultimate long-term ownership of those assets. Some of the developers may want to keep ownership of them for the long term, but others do not. And so that does create a -- despite the competition out there and the players in the sector going after some of these assets for somebody like us whose model focus is on holding long-leased assets that are -- have clients with strong IG credit ratings in them with good annual bumps. There's a natural sweet spot for us to be long-term holders of that.

不過我認為其中一個重要點是，如果我們談的是大型超大規模資料中心，仍有很多資產還在開發階段。而這些資產最終在穩定後、長期持有的「自然歸宿」可能相對不足。有些開發商可能想長期持有，但也有些不想。因此，儘管市場競爭激烈、許多玩家都在追逐這些資產，但對像我們這種以長期持有長租期資產為核心、且資產內的客戶具強勁投資級（IG）信用評等並有良好年度租金調升（annual bumps）的模式而言，我們在長期持有方面有一個自然的甜蜜點。

And so I think that makes us perhaps a little bit different than some of the other people who are playing in the space right now. In terms of your question on cap rates, I think there's still a bit of just overall discovery going on in the market. There are -- a lot of these large assets are still rolling from the development phase into the potentially changing hands for the stabilized phase. And I think there's been some transactions that have been in the market recently that have been announced where there's some cap rate data out there on them. And I think that's a good indication of kind of where cap rates are right now for these types of assets.

所以我認為，這讓我們可能與目前在這個領域操作的其他一些人略有不同。至於你問的資本化率（cap rates），我認為市場仍在進行一些整體的價格發現。許多大型資產仍在從開發階段轉入穩定階段，並可能在此過程中易手。我認為近期市場上有一些已公告的交易，提供了相關的資本化率數據。我認為那是了解目前這類資產資本化率水準的一個不錯指標。

Great. And then my second one, if I may. I think just going back, I think the comments were 40 basis points in terms of total bad debt for this year. Just can you remind us the watch list sort of any changes over the last three months, any sort of larger tenants? Or does it remain pretty -- pretty granular?

很好。然後如果可以的話，我的第二個問題。我想回到剛才，你們的評論是今年總壞帳大約是40個基點。能否提醒我們，觀察名單在過去三個月是否有任何變化，是否有任何較大的承租戶？還是仍然相當——相當分散？

Ron, the watch list remains in the high 5% area. And so it's a very granular watch list. I think there's 137 individual tenants that comprise that with a median of about 2 basis points. So at the very top, it's usual suspects, I would say it's home furnishings, it's casual dining, and then drops off pretty significantly thereafter. So when you're thinking about any changes to credit quality in the portfolio, very stable, some things have come out, some things have gone on -- gone in.

Ron，觀察名單仍維持在5%多一點的區間。因此這是一份非常分散的觀察名單。我想它由137個個別承租戶構成，中位數大約是2個基點。所以在最上面，算是老面孔，我會說是家居用品、休閒餐飲，之後就明顯下降。因此當你在思考投資組合的信用品質是否有變化時，整體非常穩定，有些項目退出，也有些項目加入——加入。

But broadly speaking, from a guidance perspective or from a forecast perspective, the 40 basis points does still feel fairly conservative. And I remind folks that are historical credit loss across our entire history has been in the low 20 basis points area. So we are trending back towards that area, but still create a little bit of buffering cushion there, guidance-wise.

但廣義而言，從指引或預測的角度來看，40個基點仍然顯得相當保守。我也提醒大家，我們整段歷史期間的歷史信用損失一直在20個基點出頭的區間。所以我們正朝那個區間回歸，但在指引上仍保留一些緩衝墊。

Jim Kammert, Evercore.

Jim Kammert，Evercore。

Again, if I go back to the data centers, there's no doubt there's an abundant opportunity out there for Realty Income. I'm just curious if I play devil's advocate, if your underwriting leads to zero residual value given your bumps and your going-in representative cap rates, what would the zero residual value IRRs look like today?

再回到資料中心，毫無疑問，對Realty Income而言外面有大量機會。我只是好奇，如果我扮演一下唱反調的角色：若依你們的承銷假設，在考量租金調升（bumps）以及你們進場時具代表性的資本化率（cap rates）後，殘值為零，那麼以殘值為零計算的IRR現在會是什麼樣子？

Jim, we're not going to go into the details, but that is definitely one of the scenarios that one should look at. There's been a lot of debate about residual values, the fungibility of these assets, which is why the box that we've created takes into account where these data centers are located, what is the throughput required? Do we see Northern Virginia suddenly in 20 years' time when the leases come due, no longer be the epicenter of data center world? Or do we see data center demand completely dry up? And so based on that, you run various different scenarios, and that is one of the reasons why we sort of lean into these very long duration leases, 15 to 20 years and preferably 20.

Jim，我們不會深入細節，但那確實是應該檢視的情境之一。市場對殘值、以及這些資產的可替代性（fungibility）有很多討論，這也是我們建立的框架會納入資料中心的位置、所需的吞吐量（throughput）等因素的原因。我們是否會看到北維吉尼亞在20年後租約到期時，不再是資料中心世界的核心？或者我們是否會看到資料中心需求完全枯竭？因此基於這些，你會跑各種不同情境，這也是我們傾向於採用非常長天期租約的原因，15到20年，最好是20年。

And we are trying to partner with developers who have the ability, such as Cloud to get these types of long-duration contracts with very minimal responsibilities on the landlord side. And so what we feel is, when we run these various different scenarios, we are very comfortable with the downside. We are very comfortable assuming the outcome if the world were to completely fall apart, and it is, in fact, going to be sold for land at the end. That is certainly a scenario we run. But the way we try to mitigate it is by looking at all of these other factors.

而且我們也試著與具備能力的開發商合作，例如Cloud，能夠取得這類長天期合約，且房東端責任非常有限。因此我們的感受是，當我們跑這些不同情境時，我們對下行風險非常有信心。我們也很能接受在世界完全崩壞的情況下的結果——事實上最後只能按土地價值出售。那當然是我們會跑的情境之一。但我們降低風險的方式，是同時檢視所有這些其他因素。

What is the -- what kind of an asset is it? What's the duration of the lease? What's the growth you're getting in it? What's your going-in yield? Those are the things that you sort of protect -- will allow you protection when you're running these downside at Herculean scenarios. So that's how I would leave it.

它是什麼——屬於哪一類資產？租約期限多長？你從中獲得的成長是多少？你的進場收益率（going-in yield）是多少？這些就是你在跑那些極端下行情境時，能夠提供保護——讓你獲得保護的要素。所以我就先說到這裡。

That's fair. And then quickly, what were your tolerance in terms of absolute exposure to data centers as a percent of ABR or your gross investment?

合理。那再快速問一下，你們對資料中心的絕對曝險容忍度是多少？以ABR的百分比或總投資額的百分比來看？

Yes. We are not -- Jim, we are not targeting a percentage of our portfolio needs to be data centers. What we are seeing is a once-in-a-generation demand for a particular asset type that has clients that we are very attracted to in locations that we find very interesting. And we are having multiple conversations. How many of those conversations actually translate over to the transactions, time will tell.

是的。Jim，我們並沒有設定投資組合中資料中心必須占多少比例的目標。我們看到的是一種一代才出現一次的、對特定資產類型的需求，而其客戶是我們非常欣賞的，且位於我們覺得很有意思的地點。我們正在進行多方對話。這些對話有多少最終會轉化為交易，時間會告訴我們。

But this is a fascinating environment for us, and we are very excited about the deals that we do get over the finish line, the deals that we pursue and are able to sort of enter into. We're going to talk about it and we'll be able to defend those every day. But we are as focused on some of the obsolescence risk and the residual risk that people talk about. And there are obviously mitigants that we have built into the process to make sure that we only engage in transactions that have a return profile that meets our overall long-term return expectations.

但對我們而言，這是一個非常迷人的環境，我們也對能夠推進到最後完成的交易、以及我們追求並能夠進入的交易感到非常興奮。我們會談論它們，而且每天都能為這些交易辯護。但我們同樣關注人們談到的一些汰舊風險（obsolescence risk）與殘值風險（residual risk）。而且我們顯然已在流程中建立了緩解措施（mitigants），以確保我們只參與那些報酬輪廓符合我們整體長期報酬期待的交易。

Jason Wayne, Barclays.

Jason Wayne，Barclays。

Just to step away from the data centers. So on the rest of the investment pipeline, you said you were still interested in Europe. Just wondering if you could give kind of a mix of what's in the pipeline today?

先暫時離開資料中心。就其餘投資管線而言，你們說仍對歐洲有興趣。想請問你們能否大概說一下目前管線中的組合是什麼？

Sure. Neil will take that.

當然。Neil來回答。

Sure. So look, I would say the mix today is largely reflective of the kinds of things we've done in the past and continue to like. So we're looking at deals in grocery, in DIY, on the industrial logistics space. And generally, many of these are with marquee names in their country or globally. Some of the industrial deals, as Sumit alluded to, are development driven, the majority of what we're looking at today, I would say, is in markets where there is also a theme that we're looking to play, whether it's onshoring or advanced manufacturing. And I think the pipeline looks quite good across Europe as we look at the back half of the year.

好的。我想目前的組合很大程度反映了我們過去做過、且仍然喜歡的類型。所以我們在看雜貨、DIY（居家修繕）、以及工業物流領域的交易。而且一般而言，其中許多交易的對手方都是其國內或全球的知名品牌。部分工業類交易，如Sumit提到的，是由開發驅動；而我們目前看的大多數，我會說是在一些市場中，同時也存在我們想要參與的主題，不論是回流生產（onshoring）或先進製造。而且我認為，展望下半年，歐洲各地的管線看起來相當不錯。

Got it. And then you mentioned that public equity funding was down to 18% of your investment volume this year. Is there any kind of long-term target there since the private capital is obviously more onetime in nature?

了解。另外你提到，今年公開股權融資降到你們投資量的18%。鑑於私募資本顯然更偏一次性，你們在這方面是否有任何長期目標？

Look, Jason, I think it's going to depend on circumstances. And we're not saying we're never going to touch the public equity markets. It's been very good to us over the years, and it's a very deep market. But we don't want to be beholden to just one source. So whether it's 18%, whether it's 50%, a lot of it's going to be dependent on what other partnerships and how we grow our existing partnerships and sources of private capital.

Jason，我想這會取決於情況。我們並不是說永遠不會再碰公開股權市場。多年來它對我們非常有利，而且那是一個非常深的市場。但我們不想只依賴單一來源。所以不論是18%或50%，很大一部分將取決於其他合作夥伴關係，以及我們如何擴大既有合作夥伴關係與私募資本來源。

And then obviously, the bigger question is the volume of opportunities that we see is very robust. So it's hard to put a number there. What we do want to make clear is that all of these sources of private capital are meant to, as Sumit mentioned, not overlap with one another, but also increase the buy box for us. And so there are deals that are very high quality. And I think you see that with the Core Plus Fund in terms of what we're putting into the fund that we haven't been buying on balance sheet because of the lower initial yield.

而且顯然，更大的問題是我們看到的機會量非常充沛。所以很難在這裡給出一個數字。我們想要說清楚的是，正如Sumit提到的，所有這些私募資本來源的目的，是彼此不要重疊，同時也要擴大我們的可投資範圍（buy box）。因此有一些交易品質非常高。我想你也能從Core Plus Fund看出來：我們放進基金的資產，因為初始收益率較低，所以我們沒有用資產負債表去買。

So I think from that standpoint, the reason we went into this a matter of a few years ago was really to solve that one underlying question as to whether or not we could expand our sources of equity beyond the public markets maintain a level of scarcity value in our securities and not have as much exposure to a very volatile source of funding.

所以我認為從這個角度來看，我們在幾年前進入這個領域，主要是為了解決一個根本問題：我們是否能把股權來源擴展到公開市場之外，同時維持我們證券的稀缺性價值，並且降低對波動性很高的資金來源的曝險。

Yes. And Jason, just to be very clear, you mentioned that it's onetime in nature. It's the exact opposite of what we've created. I mean the open-ended fund by definition, will be a vehicle that will continue to raise capital out into the future. That's the reason why we constructed it as an open-ended vehicle rather than a closed-end fund.

是的。而且 Jason，為了非常清楚起見，你提到這是一次性的性質。這與我們所建立的恰恰相反。我的意思是，開放式基金按定義就是一個在未來會持續募資的載體。這也是我們把它設計成開放式載體而不是封閉式基金的原因。

The JV that we have with GIC is meant to be a programmatic JV. Once we've utilized the initial capital commitment, the hope is that they will continue to deploy more and more capital with us. It's a similar situation with Apollo. So it is -- we are shying away from partnerships, et cetera, which is onetime in nature or close-ended in nature, primarily because we want this fee stream to be permanent and growing into the future. So I just wanted to make that one correction, Jason.

我們與 GIC 的合資企業（JV）是要做成一個可程式化、可持續推進的 JV。一旦我們用完最初的資本承諾，我們希望他們會繼續與我們一起投入越來越多的資本。與 Apollo 的情況也類似。因此——我們正在避免那種一次性或封閉式性質的合作夥伴關係等，主要是因為我們希望這條費用收入流是永久性的，並在未來持續成長。所以我只是想在這裡做一個更正，Jason。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats on the quarter. Jonathan, I just wanted to follow up on the guidance increase to better understand the driver of the $0.02 increase at the midpoint. I guess there's no change to bad debt, no change to fees. Is it just primarily the higher investment volumes?

恭喜本季表現。Jonathan，我想就指引上調再追問一下，以更好理解中位數上調 0.02 美元的驅動因素。我想壞帳沒有變、費用也沒有變。主要就是投資量提高嗎？

A lot of what drives AFFO in a very finite span of time is timing. And then obviously, what we haven't discussed is capital markets because, for obvious reasons, we don't give capital markets guidance. And so I think between those two dynamics, especially that are sitting here in August right now and a lot of the capital markets execution risk has been taken off the table.

在非常有限的時間跨度內，推動 AFFO 的很多因素其實是時點。然後很明顯，我們尚未討論的是資本市場，因為出於顯而易見的原因，我們不提供資本市場指引。所以我認為在這兩個動態之間，特別是我們現在正處於 8 月，許多資本市場執行風險已經被排除在外。

And given the fact that we have much better visibility today on the deal pipeline and importantly, the timing of when those deals will close. That gave us a lot more comfort to take this guidance range up. So I think it's really a combination of just derisking certain question marks that you inherently have at the beginning of the year and then obviously a very attractive pipeline of deals with more certain closing dates.

再加上我們今天對交易管線的能見度更高，更重要的是對這些交易何時完成交割的時點更清楚。這讓我們更有信心把這個指引區間上調。所以我認為這確實是兩者的結合：一方面是把年初你本來就會有的一些不確定性去風險化，另一方面是非常有吸引力的交易管線，而且交割日期更確定。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

I have a question about just the allocation of capital and your investments across these various buckets. I was wondering what wholly owned acquisition yield needs to look like for it to be interesting. And the reason I ask is, when I look at what you're doing, it seems like eight to nine on some of the loan investments in the 7s on the development and the fee enhancements from your various private capital sources will get you into the 7s as well. So when you get to a wholly owned deal, what does that have to look like to kind of be interesting and competitive?

我有個問題是關於資本配置，以及你們在這些不同類別中的投資分配。我想知道，全資收購的收益率需要到什麼水準才會有吸引力。我之所以這麼問，是因為我看你們在做的事情，部分貸款投資大概有 8% 到 9%，開發投資在 7% 左右，再加上你們各種私募資本來源帶來的費用增益也能讓你們到 7% 左右。所以當你們做到全資交易時，它需要呈現什麼樣子，才算有吸引力且具競爭力？

Yes. The answer is it's different by geography, Anthony. That's the reality. And that is something that we are tracking on a weekly basis. We have hurdle rates that need to be met because we need to permanently finance it.

是的。答案是，這會因地理區域而異，Anthony。這就是現實。而且這是我們每週都在追蹤的事情。我們有必須達到的門檻報酬率，因為我們需要為其進行永久性融資。

And what we try to generate is 150 basis points of spread. That's what we've historically achieved. And given dynamics that might be unique to certain geographies, the cap rates need to get to those levels is going to differ. Obviously, the cost of capital also comes into play, especially in places like Europe where they just tend to be a lot lower given the cost of debt. But the corollary is also true.

而我們試圖創造的是 150 個基點的利差。這是我們歷來達成的水準。而考量到某些地區可能特有的動態，要讓資本化率（cap rates）達到那些水準會有所不同。很明顯，資金成本也會影響，尤其是在歐洲這類地方，由於債務成本的關係，資金成本通常低很多。但反過來也同樣成立。

In places like the UK, I think there was a previous question that was asked. The cost of debt is slightly higher. And therefore, the expectation is that deals need to have a higher yield to satisfy that 150 basis points of spread. So there isn't one cap rate, and it is definitely something that we track very, very closely and the team tracks very closely.

像在英國，我記得之前有人問過。債務成本稍微高一些。因此，為了滿足那 150 個基點的利差，交易的收益率預期就需要更高。所以不存在單一的資本化率，我們確實非常、非常密切地追蹤這件事，團隊也非常密切地追蹤。

Okay. And I just have one just item I'm curious about. Your fee earning AUM, I think, went up $1.3 billion from 1Q to 2Q. But when I look at like what your investment activity was, it was $0.5 billion difference between everything you did versus your share. Am I confusing concept? Or I would have thought that AUM would go up kind of with that difference?

好的。我還有一個我好奇的點。你們的收費型 AUM（fee earning AUM）我記得從第一季到第二季增加了 13 億美元。但當我看你們的投資活動時，你們做的所有事情與你們所占份額之間大概差了 5 億美元。是我把概念搞混了嗎？不然我原本以為 AUM 會隨著那個差額一起上升？

Anthony, I think you should think about the Apollo JV, right? That was a contribution of assets off of our balance sheet, and we are getting fees off of the portion that we are managing on behalf of our partner there.

Anthony，我覺得你應該把 Apollo 的 JV 納入考量，對吧？那是把我們資產負債表上的資產作出資（contribution），而我們會就我們代表那邊合作夥伴所管理的那一部分收取費用。

Greg McGinniss, Scotiabank.

Greg McGinniss，加拿大豐業銀行（Scotiabank）。

Not to belabor the point here, but taking us back to data centers for a moment. Are you open to data center investment in Europe, curious how returns there compared to the US? And then are you avoiding investing in the development phase? Or is that just the nature of the agreement with Cloud that you would wait until stabilization?

不是要一直糾結這點，但讓我們回到資料中心這個話題一下。你們是否願意在歐洲投資資料中心？也想了解那邊的報酬與美國相比如何？另外，你們是在避免投資於開發階段嗎？還是這只是與 Cloud 的協議性質使然，你們會等到資產穩定後才進場？

Sure. Thanks, Greg. Thanks for the question. We are not going into specifics of the Cloud transaction, I think your first part of your question, which was whether we'd be interested in investing in Europe or outside the US. The answer is yes to that.

當然。謝謝，Greg。謝謝你的問題。我們不會談 Cloud 這筆交易的細節；我想你問題的第一部分是我們是否有興趣在歐洲或美國以外投資。答案是肯定的。

We're certainly in a lot of different countries now in Europe. There are some very good data center markets there as well, the FLAP-D plus some other emerging very attractive markets. So that is absolutely something that we would be open to, I think. And as part of the cloud JV that we announced, as you saw that, that could present us with opportunities, not only in the US but also in Europe.

我們目前在歐洲確實已經進入許多不同國家。那裡也有一些非常好的資料中心市場，包括 FLAP-D 以及其他一些正在崛起、非常有吸引力的市場。所以我認為這絕對是我們會考慮的方向。而且作為我們宣布的 cloud JV 的一部分，如你所見，這可能為我們帶來機會，不僅在美國，也包括在歐洲。

Your question about, I think, cap rates and yields and this ties back into Sumit's earlier answer, it really is dependent on a country -- country-by-country basis. I mean cap rates can be different, asking cap rates can be different, but our cost of capital also varies by region, by country. And so hard to give you a definitive answer on that other than like everything else, depending on where -- what country those data center assets might be in, we're going to underwrite them and seek to get the same historical spreads and returns that we would normally get.

你關於資本化率與收益率的問題，這也呼應 Sumit 先前的回答，確實是依各國——逐國而定。我的意思是，資本化率可能不同、要價的資本化率也可能不同，但我們的資金成本也會因地區、因國家而異。因此很難給你一個明確的答案；只能說就像其他所有事情一樣，取決於那些資料中心資產位於哪個國家，我們會進行承作評估（underwrite），並力求取得我們通常能取得的相同歷史利差與報酬。

And then in terms of investing in the development phase versus post stabilization?

那麼，關於投資於開發階段與在穩定後投資呢？

Yes. Sorry, I forgot about that part of the question. There are ways that we can -- for example, we -- and I think we've mentioned this, what led to our Cloud JV and the three seed assets was actually by lending during the development phase of projects. And so that is something that we can do. We can play in different parts of these phases of these assets, not just with other potential transactions as well.

是的。抱歉，我剛剛忘了那部分問題。我們有一些方式可以——例如，我們——而且我想我們提過，促成我們的 Cloud JV 以及那三個種子資產（seed assets）的，其實是我們在專案開發階段提供貸款。所以這是我們可以做的事情。我們可以參與這些資產不同階段的不同環節，不僅限於其他潛在交易也是如此。

Okay. And then on the loan investments, initial yields were up to 9.2% this quarter. Was there anything in particular that was driving up that yield? And Assuming a similar kind of rate environment going forward, are your expectations -- what are -- I guess, what are your expectations on turning those investments into real estate versus recycling that capital back into more loans?

好的。另外在貸款投資方面，本季初始收益率提高到 9.2%。有什麼特定因素在推升那個收益率嗎？並且假設未來利率環境大致相似，你們的預期是——我想問的是，你們對於把這些投資轉成不動產，或是把資本回收再投入更多貸款之間的取捨，有什麼預期？

It could have multiple reasons as to why we do the credit investments, Greg. Part of it is precisely what Mark was mentioning that it is a way for us to then have access to the real estate, which is acting as the collateral in the development phase. And we are able to, depending on where we invest, able to get outsized returns depending on the risk that is associated with that investment. But the idea has always been that we will use credit investments to either have a channel to owning that real estate because that's one way to play it or to build relationships with operators that have a pipeline of assets that we are interested in. And more often than not, the investments that we are making is secured by real estate, real estate that we would love to own.

Greg，我們進行信用投資可能有多個原因。其中一部分正如 Mark 提到的，這讓我們能在開發階段取得對不動產的接觸，而該不動產正作為抵押品。而且我們也能夠，取決於我們投資的標的與位置，依據該投資所承擔的風險，獲得超額報酬。但我們一貫的想法是，會運用信用投資來：要麼作為取得該不動產所有權的一個管道（這是一種參與方式），要麼與擁有我們感興趣資產管線的營運商建立關係。而且多數時候，我們所做的投資都有不動產作為擔保——而且是我們很想擁有的不動產。

And so that's the thinking and thesis behind the yields. If it's obviously a stabilized asset, the yields tend to be lower. If it's during the development phase, the yields are going to be higher. So that's definitely going to be a function of the risk inherent in those investments that will dictate what the yield is.

因此，這就是殖利率背後的思考與投資論點。如果顯然是已穩定營運的資產，殖利率通常較低。如果是在開發階段，殖利率就會更高。所以這絕對會取決於這些投資內含的風險，進而決定殖利率水準。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO 資本市場。

Just going back to the guidance raise on the $0.02 at the midpoint. When you mentioned capital markets execution risk being taken off the table, is that primarily related to debt issuance or equity funding and cross-currency financing? Or is it just the overall funding visibility for the pipeline greater increase?

回到你們在指引中點位上調 0.02 美元這件事。你提到資本市場執行風險已經被排除在外，這主要是與發債、股權融資與跨幣別融資有關嗎？還是只是整體而言，對於管線資金面的能見度提高了？

The combination of all of that, Eric, I would say. Obviously, debt financing, we've taken a lot of that risk off the table. The European markets and the shape of the FX curve has been very beneficial to us. And importantly, a lot of what we've done on the acquisitions and investment side is euro-denominated. So we've had a net investment hedge capacity that can match fund the financing in the same currency as where we're getting rent and where we're deploying our capital.

我會說是以上因素的綜合，Eric。很明顯，在債務融資方面，我們已經把很大一部分風險排除掉了。歐洲市場以及外匯曲線的形狀對我們非常有利。而且很重要的是，我們在收購與投資端做的很多交易都是以歐元計價。因此我們具備淨投資避險的能力，可以用同一幣別進行配對融資，與我們收取租金及部署資本的幣別一致。

On the equity side, you can see we've got $1.3 billion of unsettled forward equity. And that's at a reasonable price. But certainly, that's the risk where you have initial guidance that you come out with in February, where you don't want to take for granted that you're going to be able to have that type of equity cost. And then I'd also say just looking forward, part of it is also thinking about yields. And if we have more visibility to the pipeline in terms of volume, you can assume that we would have pretty good visibility in terms of yields, which translates directly into investment spreads. And so I would say it's really a combination of all the factors that you mentioned there.

在股權方面，你可以看到我們有 13 億美元尚未交割的遠期股權。而且價格是合理的。但當然，這就是風險所在：你在 2 月給出初始指引時，不會想理所當然地認為你一定能取得那樣的股權成本。另外我也想說，往前看，其中一部分也在於對殖利率的判斷。如果我們對管線在量的方面有更高能見度，你可以假設我們對殖利率也會有相當好的能見度，而這會直接轉化為投資利差。所以我會說，確實是你提到的各項因素的綜合。

Great. And then just on the same-store revenue growth of 1.2% in the quarter, the strength from the industrial and gaming sectors, but there was an offset of a 5.1% decline from the other bucket. Just hopefully, if you could provide some more color on what's driving the underperformance in that category, whether it's a specific asset type or tenant cohort?

了解。另外，同店營收本季成長 1.2%，工業與博彩產業表現強勁，但「其他」類別下滑 5.1% 抵銷了一部分。希望你能多補充一些背景，說明該類別表現不佳的原因，是特定資產類型或特定租戶族群所致嗎？

Yes. So when you look at the footnote in terms of other, you do see that we've added hotel to that category. And so the quantum itself is not meaningful, but I would say it is an asset that we assumed from a prior merger. And we feel like we're coming to a good resolution on this. But there was a little bit of nonpayment of rent that we absorbed in the second quarter.

是的。所以當你看「其他」的註腳時，你會看到我們把飯店也納入該類別。因此金額本身並不具重大意義，但我會說那是一項我們從先前併購承接下來的資產。我們覺得這件事正朝著良好解決方案前進。但第二季我們確實吸收了一點租金未支付的影響。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc 資本市場。

Sumit, on your updated investment guidance of $10 billion, is that a reasonable annual deployment run rate we should be expecting for the company can achieve going forward? I'm not looking for any future guidance numbers, but just there were some larger investments this year. So just curious if that's a level that we should expect going forward?

Sumit，關於你們更新後的 100 億美元投資指引，這是否是一個合理的年度資金部署速度，代表公司未來可望達成的常態水準？我不是在尋求任何未來指引數字，只是今年有一些較大的投資。所以想了解，這是否是我們未來應該預期的水準？

Well, Upal, in '22, we did $9 billion; in '23 or '21, one of those years, we did $9.5 billion. So this is the third year that we are going to -- we are forecasting to do north of $9 billion. And all we've done is expanded our investable channels and we've expanded our geographies. So look, we are very comfortable guiding to 2026 at $10 billion. And obviously, we've been very open about the areas that we would like to invest in.

嗯，Upal，2022 年我們做了 90 億美元；2023 年或 2021 年（其中一年）我們做了 95 億美元。所以這將是第三年——我們預測會做到 90 億美元以上。而我們所做的，就是擴大可投資的渠道，並擴展我們的地理布局。所以你看，我們對於在 2026 年指引 100 億美元是非常有信心的。而且很明顯，我們也一直很公開地談到我們希望投資的領域。

We've talked about once-in-a-generation opportunity on the data center side. Those are the things that I would ask you to consider. In terms of sourcing, we are sourcing -- year-to-date, we sourced north of $62 billion. And this is very much in line with the all-time high that we had in 2025. And every year, as we've expanded these investable channels and geographies, our sourcing numbers have gone up.

我們談過資料中心領域「一代一次」的機會。這些就是我希望你納入考量的事情。在案源方面，截至目前我們取得的案源超過 620 億美元。這與我們在 2025 年創下的歷史高點非常一致。而且每一年，隨著我們擴大這些可投資渠道與地理布局，我們的案源數字都在上升。

So I mean one could even make the argument if we had a better cost of capital, things would be even simpler. But I'm not going to go into whether $10 billion is the right run rate or not. I can speak to this year being something that we are very, very confident about and very much believe in meeting.

所以我的意思是，有人甚至可以主張，如果我們的資本成本更好，事情會更簡單。但我不會深入討論 100 億美元是否是正確的常態部署速度。我能談的是，今年這個目標我們非常、非常有信心，而且非常相信能夠達成。

Okay. Great. That was helpful. And then just a quick one on the new client rent recapture rate. I know it only represents about 10% of the total releasing, but it was materially below the portfolio average. So just wanted to get your comments on what was driving that?

好的。了解。這很有幫助。另外快速問一下新客戶的租金回收率。我知道它只占整體續租/再出租的大約 10%，但明顯低於投資組合平均。想請你評論一下，背後的驅動因素是什麼？

The 102.7% was materially lower than our guidance. I don't believe we gave guidance on recapture rates and -- so my team is showing me some numbers -- you're talking about with new clients. I understand. So there were very few assets that went through a new client. And Upal, what I would ask you to focus on is what is the blended rate that we are able to achieve.

102.7% 明顯低於我們的指引。我不認為我們有對回收率提供指引，而且——我的團隊正在給我看一些數字——你是在問新客戶的部分。我了解。所以實際上，只有非常少數資產是換成新客戶。而 Upal，我希望你聚焦的是我們能達成的加權平均（blended）比率是多少。

For the right client, we are absolutely willing to give rent haircuts and enter into a longer-term contract with more growth. Those are things that we will continue to play. And what we have said is we are a very mature, highly effective asset management business, and those are going to be areas that you will see fluctuate quarter-over-quarter. But what we focus on is when you take that into consideration, along with releasing of the same clients, what are we blending out to? Is that a positive number.

對於合適的客戶，我們絕對願意在租金上做一些讓步，並簽訂更長期、且成長性更高的合約。這些都是我們會持續採取的策略。而我們也說過，我們是一個非常成熟、效率很高的資產管理業務，這些指標會在季度之間出現波動。但我們關注的是，把這些因素納入考量後，再加上同一客戶續租的情況，我們的加權平均結果是多少？是否仍然是正數。

And I would say that this -- almost 103%, that has largely been the case quarter in, quarter out since we've been tracking this number over the last eight, nine years now. So that's something we talked about 10 years ago when asset management wasn't as big part of our business. But today, what is it, Janeen, close to $400 million of leases that are rolling on an annual basis, and it will be closer to $500 million in the years to come. So it is very much big part of our business, and it will continue to be a driver of growth, and it's a team that I'm very proud of, and they continue to post amazing results for us.

而我會說，這個——接近 103%——在我們追蹤這個數字的過去八、九年裡，基本上每一季都大致如此。所以這是我們在 10 年前就談過的事情，當時資產管理還不是我們業務中那麼重要的一部分。但今天，Janeen，是不是每年大約有接近 4 億美元的租約到期要續約，未來幾年會更接近 5 億美元。所以這確實是我們業務中非常重要的一部分，也將持續成為成長的驅動力；我也為這個團隊感到非常自豪，他們持續為我們交出非常出色的成果。

Jay Kornreich, Cantor Fitzgerald.

Jay Kornreich，Cantor Fitzgerald。

Just one question for me on the private capital fund. You mentioned deploying the initial $1.7 billion of equity from the private Core Plus Fund. So wondering just where do you go from here? Were there any limits or barriers that led to the initial raise being that $1.7 billion? And then how should we think about the private capital fund growing in size from here?

我這邊只有一個關於私募資本基金的問題。您提到已部署私募 Core Plus Fund 最初募集的 17 億美元股權。所以想請教接下來要怎麼走？最初募集金額定在 17 億美元，是否有任何限制或障礙？另外，我們應該如何看待私募資本基金接下來的規模成長？

Jay. So I think one way to think about it is for a cornerstone raise, that's when the big initiative is to build the AUM. And once you get that capital in the door and then you've proven that you can deploy it accretively, there's a performance track record that we are trying to build here. And you generally need a three-year track record until you can come back to the market and really open up the floodgates for more capital. I'll remind everyone that Sumit mentioned earlier, open-end perpetual fund, which in the environment we've been in is not exactly the most active market from a fundraising standpoint, we were able to buck that trend.

Jay。我認為可以這樣理解：在基石（cornerstone）募資階段，主要目標是建立資產管理規模（AUM）。當資金進來、且你已證明能以增益性（accretive）的方式部署之後，我們就能建立我們正在打造的績效追蹤紀錄。一般而言，你需要三年的績效紀錄，才能再回到市場，真正把更多資金的閘門打開。我也提醒大家，Sumit 先前提到這是一檔開放式永續基金（open-end perpetual fund）；在我們所處的環境下，募資市場並不是特別活躍，但我們仍能逆勢而行。

But now the focus is on performance. And so I think where we go from here is there's a lot of focus internally making sure that we're making all the right decisions, should there be capital recycling. Obviously, the deployment of the capital has been a big focus on the right deals with the right underwriting and the right structuring. And so we're constantly going to be open for business in terms of trying to raise capital. But the expectation was always you get the cornerstone capital in the door you deploy, you manage it, you show results and then three years in, and that's when your next round starts to really take off.

但現在重點在績效。因此，我認為接下來我們會在內部高度聚焦，確保做出所有正確決策，包括是否進行資本回收再投入（capital recycling）。顯然，資金部署一直是重點：要做對的交易、用對的承銷（underwriting）與對的結構安排（structuring）。因此，在募資方面我們會持續保持開放、隨時準備承接資金。但原本的預期一直是：先把基石資金引入、部署、管理並展現成果，然後在三年左右，下一輪募資才會真正加速起飛。

Spenser Glimcher, Green Street Advisors.

Spenser Glimcher，Green Street Advisors。

As Realty Income continues to find accretive ways to grow, I'm just curious how big you envision the credit platform could be as a percent of overall investment volume in any one given year. And then can you remind us, do you have a dedicated team looking for these credit opportunities?

隨著 Realty Income 持續尋找具增益性的成長方式，我想了解您認為在任何單一年份中，信貸平台（credit platform）占整體投資量的比例，最高可能到多大？另外也請您提醒一下：你們是否有專門團隊在尋找這些信貸機會？

I'll answer your second question first, Spenser. Yes, we do. We have dedicated folks here in the US as well as in Europe, looking for transactions on the credit side of the equation. In terms of how big we would like for this to be.

我先回答第二個問題，Spenser。是的，我們有。我們在美國以及歐洲都有專責人員，尋找信貸端的交易機會。至於我們希望這塊能做到多大。

We don't -- again, just like there was a question on asset type composition and what we want data centers to be or industrial to be. We view credit as a way to ultimately get to owning assets fee simple. That is how we are using credit to enhance relationships with developers, to cultivate relationships with developers and gain access to the real estate that we have a long-term view on. And so, today, it's a very small portion of our balance sheet. It's circa $3 billion is our credit investments.

我們不會——同樣地，就像先前有人問到資產類型的組成、以及我們希望資料中心或工業資產占比是多少。我們把信貸視為一種最終能走向以完全所有權（fee simple）持有資產的方式。我們運用信貸來強化與開發商的關係、培養與開發商的關係，並取得我們對其有長期看法的房地產資產的接觸機會。因此，就目前而言，它在我們資產負債表中占比很小。我們的信貸投資約為 30 億美元。

And we feel like it has allowed us access to channels that wouldn't have been available to us had we not gone down this path. And while we are investing higher up on the balance sheet with better collateral while generating yields that are quite compelling. And so if that leads to then owning real estate, I think it's a channel that we want to continue to lean into. But obviously, this is not something that's going to dominate our balance sheet. We are not a lending -- we are not a bank, but it is a way to sort of cultivate relationships that allows us to execute our core business, which is owning net lease assets, long-term net lease assets.

我們認為，這讓我們得以進入一些若不走這條路就無法取得的管道。同時，我們是在資本結構中較優先的位置投資、擁有更好的擔保品，並產生相當具吸引力的收益率。因此，如果這最終能導向我們持有不動產，我認為這是一個我們希望持續加碼的管道。但顯然，這不會成為我們資產負債表的主導項目。我們不是放貸機構——我們不是銀行；但這是一種培養關係的方式，讓我們能執行核心業務，也就是持有淨租賃資產、長期淨租賃資產。

Okay. Great. And then maybe just circling back to the capital recycling. I know you provided a lot of great color around the direction there. But it looks like you've sold more occupied assets this quarter as a percent of your total disposition. So just speaking to your more proactive asset management. I'm just curious, is there any one credit or industry that drove elevated asset management in 2Q? Or was this just a slightly busier quarter?

好的。很好。那再回到資本回收再投入（capital recycling）。我知道你們已就方向提供了很多很好的說明。但看起來本季你們出售的已出租（occupied）資產，占總處分量的比例更高。就你們更主動的資產管理而言，我想請教：在第二季是否有任何特定的信用（credit）或產業，驅動了較高的資產管理動作？

Yes. It's -- look, I hope that this trend continues. What you're going to see, Spenser, is that it could be a credit-driven decision. It could be a mispricing decision. that we see that the private markets are valuing assets at a much lower cap rates than what we would have on our balance sheet. We are not tied to any one asset. If there is a massive mispricing that we're going to see, we're going to try to lean into that.

是的。你看——我希望這個趨勢能持續。你會看到的是，Spenser，這可能是由信用因素驅動的決策。也可能是定價錯置（mispricing）的決策：我們看到私募市場對資產的估值，使用的資本化率（cap rates）遠低於我們資產負債表上的水準。我們不會被任何單一資產綁住。如果我們看到很大的定價錯置，我們就會嘗試把握並加碼。

We know where we want to put capital to work. And if this could become a source of capital that allows us to sort of reposition our portfolio in a way that is incredibly accretive, we want to lean into that. And so you shouldn't just look at occupied sale as a way to reduce credit. That could certainly be a reason to do that, but it is not the only reason why we would be selling assets -- occupied assets into the market.

我們知道我們希望把資金投入到哪些地方。如果這能成為一個資金來源，讓我們以非常具增益性的方式重新配置投資組合，我們就想加大力度。因此，你不應該只把出售已出租資產視為降低信用風險的一種方式。那當然可能是原因之一，但並不是我們把資產——已出租資產——出售到市場上的唯一原因。

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

謝謝。問答環節到此結束。我想把電話會議交回給 Sumit Roy，請他做結語。

Thank you so much, everyone, for joining this call, and we look forward to seeing you in upcoming conferences. Rocco, thank you for hosting us.

非常感謝各位參加本次電話會議，我們期待在接下來的各項會議中與各位見面。Rocco，謝謝你主持。

Yes, sir. Thank you very much, and we thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful evening.

是的，先生。非常感謝，也感謝各位出席今天的簡報。各位現在可以掛線，祝各位晚安。