Realty Income Corporation (O) 2026 Q3 法說會逐字稿

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

大家好，歡迎參加 Realty Income 2026 年第三季財報電話會議。(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 third 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; Greg Whyte, Chief Operating Officer; and Mark Hagan, Chief Investment Officer.

感謝各位參加 Realty Income 2026 年第三季業績電話會議。今天與會的有：總裁兼執行長 Sumit Roy；財務長兼財務主管（Treasurer）Jonathan Pong；策略長兼 Realty Income International 總裁 Neil Abraham；營運長 Greg Whyte；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，依據聯邦證券法可能被視為前瞻性陳述。公司未來實際結果可能與任何前瞻性陳述中討論的事項有重大差異。我們將在向美國證券交易委員會（SEC）提交的 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參與，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. The third quarter demonstrates the value of Realty Income's evolution into a more diversified capital allocator. We've expanded the levers available to us across both investment and capital formation, broadening where we can invest and how we can fund those investments.

謝謝你，Alex，也歡迎各位。第三季展現了 Realty Income 演進為更為多元化的資本配置者所帶來的價值。我們在投資與資本形成兩方面擴增了可運用的槓桿，拓寬了我們可以投資的範圍，以及為這些投資提供資金的方式。

Few companies in our sector have the same ability to mobilize capital across geographies, asset types, investment structures, and funding sources in an increasingly fluid market environment. We saw the benefit of those capabilities again in our third-quarter results with AFFO per share of $1.12, representing growth of 3.7% year over year, alongside continued strength across our operating portfolio.

在我們的產業中，很少有公司能在日益流動的市場環境下，具備同等能力，跨越不同地理區域、資產類型、投資結構與資金來源來調度資本。我們在第三季業績中再次看到這些能力帶來的效益：每股 AFFO 為 1.12 美元，年增 3.7%，同時我們的營運投資組合也持續展現強勁表現。

Based on our performance and outlook, we are raising our 2026 AFFO per share guidance to $4.45 to $4.46 while reaffirming our $10 billion investment volume target. During the quarter, we invested approximately $2.6 billion, including $2.2 billion at our pro rata share with a cash yield of 6.8% and for property acquisitions, weighted average annual contractual rent increases of 1.9%.

基於我們的表現與展望，我們將 2026 年每股 AFFO 指引上調至 4.45 至 4.46 美元，同時重申 100 億美元的投資量目標。本季我們投資約 26 億美元，其中按比例（pro rata）份額約 22 億美元，現金殖利率為 6.8%；就不動產收購而言，加權平均年度合約租金調升幅度為 1.9%。

Importantly, those investments had a realized leverage-neutral spread of approximately 170 basis points to our short-term weighted average cost of capital and 53% of investment activity was with investment-grade clients. We sourced a record of approximately $59 billion of potential investments during the quarter, bringing year-to-date sourcing to more than $120 billion, already surpassing our prior full year record. This activity represented a 4.4% selectivity rate with 92% of our investment activity being relationship-driven. Jonathan will provide details on the financing that supported these investments.

重要的是，這些投資相對於我們短期加權平均資本成本（WACC）的已實現、槓桿中性（leverage-neutral）利差約為 170 個基點，且 53% 的投資活動來自投資等級客戶。本季我們取得（sourced）約 590 億美元的潛在投資案源，帶動年初至今案源超過 1,200 億美元，已超越我們先前的全年紀錄。上述活動對應的篩選率（selectivity rate）為 4.4%，且我們 92% 的投資活動為關係驅動（relationship-driven）。Jonathan 將說明支持這些投資的融資細節。

Our results demonstrate the value of having multiple investment and capital levers as relative economics change. Higher long-term interest rates have shifted the most attractive investment economics towards Europe, credit investments, and private capital managed co-investments. These channels provide ways to enhance our investment spreads and create additional avenues to deploy capital when rate volatility pressures balance sheet acquisition economics.

我們的結果顯示，當相對經濟性發生變化時，擁有多種投資與資本槓桿的價值。長期利率走高，使最具吸引力的投資經濟性轉向歐洲、信用投資，以及由私募資本管理的共同投資（managed co-investments）。這些管道提供了提升投資利差的方法，並在利率波動壓縮資產負債表收購經濟性時，創造額外的資本部署途徑。

Against that backdrop, Europe stands out as an area of particularly attractive relative value. During the third quarter, we invested approximately $940 million in Europe, representing 42% of pro rata investment volume at an initial weighted average cash yield of 7.1%. More than 85% of our European real estate investment volume was industrial at an initial cash yield of 6.9%.

在此背景下，歐洲是相對價值特別具吸引力的領域。第三季我們在歐洲投資約 9.4 億美元，占按比例投資量的 42%，初始加權平均現金殖利率為 7.1%。我們在歐洲的不動產投資量中，超過 85% 為工業類資產，初始現金殖利率為 6.9%。

One of our largest investments during the quarter was a $180 million e-commerce logistics facility in Western Poland, leased to a large investment-grade international retailer at a 6.8% yield. The recently constructed purpose-built facility sits within an established logistics hub and supports product distribution across Central and Western Europe. It is representative of the industrial opportunities we are pursuing in Europe, modern purpose-built assets within established logistics markets that serve broad regional demand.

本季我們最大的一筆投資之一，是位於波蘭西部的一座 1.8 億美元電商物流設施，租給一家大型投資等級的國際零售商，殖利率為 6.8%。這座近期完工、量身打造（purpose-built）的設施位於成熟的物流樞紐內，支援中歐與西歐的產品配送。它代表我們在歐洲追求的工業類機會：位於既有物流市場、服務廣泛區域需求的現代化量身打造資產。

While price discovery continues to evolve in light of the higher rate environment, we remain constructive on Continental Europe heading into the balance of the year with opportunities emerging through existing relationships and across multiple markets. Our advantage is not simply geographic reach. It is the local teams, relationships, and playbook we have built to evaluate Europe market by market and act when the economics meet our standards.

儘管在較高利率環境下，價格發現仍在持續演變，我們對於今年剩餘期間的歐陸市場仍持正向看法，並看到透過既有關係以及多個市場所浮現的機會。我們的優勢不僅是地理覆蓋範圍。更在於我們建立的在地團隊、關係網絡與作業手冊（playbook），使我們能逐一評估歐洲各市場，並在經濟性符合我們標準時採取行動。

In addition to broadening our capital sources, we have expanded the ways we can invest across the capital structure. During the third quarter, we invested approximately $250 million in credit investments, representing over 10% of total volume across retail, industrial, and data centers. Credit investments represent a compelling way to pivot capital toward superior risk-adjusted returns in response to a higher rate environment.

除了拓寬資本來源之外，我們也擴大了可在資本結構中進行投資的方式。第三季我們在信用投資方面投入約 2.5 億美元，占總投資量超過 10%，涵蓋零售、工業與資料中心。面對較高利率環境，信用投資提供了一種具吸引力的方式，讓我們能將資本轉向更優的風險調整後報酬。

Our credit investment strategy draws on the same discipline and real estate expertise that underpin our equity investments with a focus on high-quality real estate collateral, strong counterparties, and attractive positioning in the capital stack. These investments are in industries and assets that are already prevalent throughout our real estate portfolio and with partners who are leaders in their respective industries. Importantly, the higher yields available through credit can also serve as a natural hedge to the higher financing costs we incur in a higher rate environment, further strengthening the reliability of the cash flows our business produces.

我們的信用投資策略，延續支撐我們股權投資的同等紀律與不動產專業，聚焦於高品質不動產擔保品、強健的交易對手，以及在資本結構（capital stack）中具吸引力的順位定位。這些投資所處產業與資產類型，已廣泛存在於我們的不動產投資組合中，且合作夥伴皆為其各自產業的領導者。重要的是，信用投資所提供的較高收益，也可在高利率環境下，對我們承擔的較高融資成本形成自然避險，進一步強化我們業務所產生現金流的可靠性。

We approach these investments through a real estate lens. Credit can deepen our understanding of operators and the underlying real estate across both the US and Europe while facilitating a potential path to future ownership and strengthening our relationships with key market participants. Credit is not a substitute for traditional real estate. It is a complement and another lever we can use when the risk-adjusted returns are more compelling as they are today.

我們以不動產的視角來看待這些投資。信用投資能加深我們對美國與歐洲營運商及其底層不動產的理解，同時也有助於形成未來取得所有權的潛在路徑，並強化我們與關鍵市場參與者的關係。信用並非傳統不動產的替代品。它是互補工具，也是當風險調整後報酬更具吸引力（如同當前）時，我們可運用的另一個槓桿。

Industrial offers a combination of industry tailwinds and embedded growth. It was our largest area of investment during the quarter with approximately $1.15 billion invested at an initial weighted average cash yield of 6.5%, with weighted average contractual rent increases of 2.5% domestically and international leases largely tied to inflation and market rent growth.

工業不動產兼具產業順風與內含成長。本季它是我們最大的投資領域，投資約 11.5 億美元，初始加權平均現金殖利率為 6.5%；其中國內合約租金加權平均調升幅度為 2.5%，而國際租約多與通膨及市場租金成長連動。

Across e-commerce, manufacturing, digital infrastructure, adjacent uses and a growing range of industrial real estate client use cases, we are finding opportunities supported by durable demand. Those fundamentals are also reflected in increasing build-to-suit activity, repeat demand from existing customers, and significant contractual rent growth. Dallas industrial fundamentals remain very strong, supported by substantial net absorption that continues to outpace new supply and drive vacancy lower.

在電商、製造、數位基礎設施、相鄰用途，以及日益擴大的工業不動產客戶使用情境中，我們正發掘由持久需求所支撐的機會。這些基本面也反映在增加的量身訂做（build-to-suit）活動、既有客戶的重複需求，以及顯著的合約租金成長。達拉斯的工業基本面仍然非常強勁，受惠於可觀的淨吸納量（net absorption）持續超過新增供給，並推動空置率下降。

During the third quarter, we acquired a large logistics park adjacent to DFW Airport. The acquired portfolio has in-place rents that are approximately 45% below market, creating meaningful mark-to-market growth potential as leases begin to roll in a few years. Data centers also remain part of our long-term investment strategy, but we are staying selective. We are focused on top-tier supply-constrained markets, experienced operators, established clients with long-duration leases, and strong annual lease escalators and real estate where we have conviction in the long-term residual value.

第三季期間，我們收購了鄰近 DFW 機場的一座大型物流園區。該收購投資組合的現行租金約較市場水準低 45%，隨著租約在數年後開始到期換約，將帶來可觀的按市價重估（mark-to-market）成長潛力。資料中心仍是我們長期投資策略的一部分，但我們將保持選擇性。我們聚焦於頂級且供給受限的市場、具經驗的營運商、擁有長天期租約的成熟客戶、強勁的年度租金調升條款，以及我們對長期剩餘價值（residual value）具信心的不動產。

Lastly, an increasingly important part of our capital allocation strategy is using our current portfolio as a source of funding. During the third quarter, we completed approximately $527 million of dispositions, including occupied sales of $395 million at a 7.1% net cap rate. We expect disposition activity to remain elevated in the fourth quarter. Year to date, disposition proceeds have reached approximately $875 million, already exceeding our full year 2025 disposition volume on the heels of a more proactive capital recycling program.

最後，我們資本配置策略中一個日益重要的部分，是將現有投資組合作為資金來源。在第三季，我們完成約5.27億美元的資產處分，其中包含3.95億美元的已出租資產出售，淨資本化率為7.1%。我們預期第四季的處分活動仍將維持在較高水準。年初至今，處分所得約達8.75億美元，在更積極的資本循環計畫推動下，已超過我們2025年全年處分量。

Importantly, our disposition strategy is not just about reducing portfolio risk. We are also selling well-performing assets when the private market value and reinvestment returns create a better outcome. Our objective is to generate non-dilutive capital that can be redeployed toward investments offering superior risk-adjusted returns.

重要的是，我們的處分策略不僅僅是為了降低投資組合風險。當私募市場估值與再投資報酬能帶來更佳結果時，我們也會出售表現良好的資產。我們的目標是創造不具稀釋性的資本，並將其重新部署至提供更優風險調整後報酬的投資。

Stepping back, we have broadened both sides of capital allocation, where we can invest and how we fund those investments. That adaptability matters because the best use of capital will change over time. Our focus remains on using the breadth of the business to stay selective, pursue the best risk-adjusted returns, and act with conviction as market conditions evolve.

回過頭來看，我們已擴大資本配置的兩端：我們可以投資的領域，以及我們為這些投資提供資金的方式。這種適應性很重要，因為資本的最佳用途會隨時間而改變。我們仍專注於運用業務的廣度以保持選擇性、追求最佳風險調整後報酬，並在市場環境演變時果斷行動。

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. From a financing standpoint, our strategic priority continues to be diversifying and scaling our sources of efficiently priced capital. We ended the quarter with approximately $5.4 billion of available liquidity, net debt to annualized pro forma adjusted EBITDA of 5.4 times or 5.2 times, including $1.1 billion of unsettled ATM equity raised at a weighted average gross price of $60.61 per share.

謝謝你，Sumit，各位下午好。就融資而言，我們的策略優先事項仍是分散並擴大具效率定價的資本來源。本季末我們約有54億美元可用流動性；淨負債對年化備考調整後EBITDA為5.4倍，若包含11億美元尚未交割、透過ATM以每股60.61美元加權平均毛價籌得的股權，則為5.2倍。

Over 94% of our pro rata debt is fixed rate and our variable rate capacity is earmarked primarily for sub-3% European commercial paper. The value of that flexibility is evident in the relationship between our investment yields and funding costs. As Sumit noted, we completed approximately $2.2 billion of pro rata investment activity during the quarter at an initial weighted average cash yield of approximately 6.8%.

我們按比例分攤的債務中，超過94%為固定利率；而我們的浮動利率額度主要保留用於利率低於3%的歐洲商業本票。這種彈性的價值，從我們投資收益率與資金成本之間的關係即可看出。如Sumit所提，我們本季完成約22億美元的按比例投資活動，初始加權平均現金收益率約為6.8%。

Based on the actual financing activity we executed upon over the quarter, we financed these investments with a blended year one cost of capital of approximately 5%. As a result, we generated a leverage-neutral investment spread of approximately 170 basis points. These economics reflect a deliberate effort to broaden how we finance the business so that our investment decisions are not dependent on the attractiveness of any single capital source.

根據本季我們實際執行的融資活動，我們以約5%的第一年混合資本成本為這些投資提供資金。因此，我們產生約170個基點的槓桿中性投資利差。這些經濟效益反映出我們刻意拓寬業務融資方式的努力，使我們的投資決策不會依賴任何單一資本來源的吸引力。

As relative costs and market conditions evolve, the ability to toggle through a variety of alternatives allows us to preserve investment spreads while maintaining our leverage discipline. We put that approach into practice during the quarter by accessing both the euro-denominated debt and convertible markets.

隨著相對成本與市場條件演變，能在多種替代方案間切換，使我們得以在維持槓桿紀律的同時保住投資利差。本季我們透過同時進入歐元計價債務與可轉債市場，將此方法付諸實行。

In July, we issued EUR600 million of senior unsecured notes at an effective annual yield of approximately 3.7%, drawing on the depth and lower yield of the euro market. In August, we returned to the convertible market for the second time this year, issuing $1 billion of 3.75% convertible senior notes and generating approximately $950 million in net proceeds after purchasing a capped call that locked in an effective conversion price of $83.55 per share, up 35% from the reference price in August and up approximately 45% from today's closing price.

7月，我們發行6億歐元的無擔保優先票據，有效年化收益率約3.7%，利用歐元市場更深的資金池與較低的收益率。8月，我們今年第二次回到可轉債市場，發行10億美元、票息3.75%的可轉換無擔保優先票據；在買入上限買權（capped call）以鎖定每股83.55美元的有效轉換價格後，淨募集資金約9.5億美元，該轉換價格較8月參考價高35%，亦較今日收盤價高約45%。

Public equity remains a modest part of our funding mix with approximately $470 million settled through our ATM program during the quarter. Clearly, the breadth of our capital alternatives has allowed us to be less dependent on the ATM equity market. Specifically, public equity funded only 19% of pro rata investment volume year to date compared with an annual average of 47% over the prior three years.

公開股權仍僅占我們資金組合的一小部分，本季透過ATM計畫已交割約4.7億美元。顯然，我們資本替代方案的廣度使我們對ATM股權市場的依賴降低。具體而言，年初至今公開股權僅為按比例投資量提供19%的資金，相較前三年年度平均的47%明顯下降。

An important part of that evolution is our increasing access to private capital where the recently closed KKR joint venture extends our retirement and insurance private capital strategy to a new partner and geography. As part of the partnership, KKR invested EUR528 million for a 49% equity interest in a portfolio of 54 retail and industrial assets across 4 European countries at a 5.9% initial cap rate, including recurring asset management fees.

這一演進的重要部分，是我們日益能取得私募資本；近期完成的KKR合資案，將我們退休金與保險私募資本策略延伸至新的合作夥伴與地理區域。作為合作的一部分，KKR投資5.28億歐元，取得橫跨4個歐洲國家、由54項零售與工業資產組成投資組合的49%股權，初始資本化率為5.9%，並包含經常性資產管理費。

The structure of the joint venture gives Realty Income the ability to call KKR's interest between years 10 and 17 of the joint venture to effectuate a 6.4% IRR, which represents a highly attractive long-term cost of equity with a partner that values the long duration, consistent cash flow characteristics of a diversified net lease portfolio. The strategic significance extends beyond the capital raised in this transaction. By pairing long-term institutional equity with our sourcing, underwriting and asset management expertise, we are able to leverage our leading net lease operating platform and generate recurring capital-light asset management fees, expand our buy box of investment opportunities, and minimize share dilution through fewer public equity issuances.

該合資架構賦予Realty Income在合資第10年至第17年間買回KKR持股的權利，以實現6.4%的IRR；這代表一項極具吸引力的長期股權成本，且合作夥伴重視多元化淨租賃投資組合所具備的長久期、穩定現金流特性。其策略意義不僅在於本交易所募集的資本。透過將長期機構股權與我們在案源取得、承作審核與資產管理方面的專業結合，我們得以運用領先的淨租賃營運平台，創造可重複的輕資本資產管理費收入，擴大我們的投資機會範圍，並透過減少公開股權發行來降低股份稀釋。

Alongside these external sources, we are funding a larger share of investment activity with capital generated within the business through both adjusted free cash flow and portfolio dispositions. Through the first nine months of the year, adjusted free cash flow and disposition proceeds totaled over $700 million and $875 million, respectively. Together, these funding sources have enabled us to address a substantial portion of our remaining funding needs for 2026 while still preserving significant liquidity and conservative leverage supporting our A-rated balance sheet.

除上述外部來源外，我們也透過業務內部產生的資本來支應更大比例的投資活動，包括調整後自由現金流與投資組合處分。今年前九個月，調整後自由現金流與處分所得分別合計超過7億美元與8.75億美元。合計而言，這些資金來源使我們得以滿足2026年剩餘資金需求中的相當部分，同時仍保有充足流動性與保守槓桿水準，以支撐我們A級評等的資產負債表。

Turning to guidance. We are increasing our 2026 AFFO per share guidance by a penny at the midpoint and reaffirming our $10 billion investment volume target. We are also increasing our occupancy guidance to above 98.5%, reducing our non-reimbursable expense leakage guidance by 10 basis points at the midpoint to a range of 1.3% to 1.5% and lowering our expectation for credit loss from 40 basis points to approximately 30 basis points.

接著談指引。我們將2026年每股AFFO指引在中位數上調1美分，並重申100億美元的投資量目標。我們也將入住率指引上調至高於98.5%，並將不可報銷費用滲漏（non-reimbursable expense leakage）指引在中位數下調10個基點至1.3%至1.5%的區間，同時把信用損失預期由40個基點下調至約30個基點。

These changes reflect strong asset management execution and better-than-expected tenant credit. We also continue to see a healthy volume and yield outlook for fourth-quarter investment activity, which is fully prefunded from an equity perspective at meaningfully accretive investment spreads.

這些調整反映出強勁的資產管理執行力，以及租戶信用表現優於預期。我們也持續看到第四季投資活動在量與收益率方面的健康展望，且從股權角度已完全預先籌資，在顯著具增益（accretive）的投資利差下進行。

As we look toward 2027, the importance of this expanded funding strategy is not simply that we have more sources of capital but that we can adapt our financing as relative economics change. We also see an opportunity to build on existing programmatic and strategic relationships and develop new ones with well-respected institutional investors to allocate meaningful capital to net lease strategies outside of the public market. We look forward to sharing our progress as our private capital platform continues to scale.

展望2027年，這項擴大的資金策略之重要性，不僅在於我們擁有更多資本來源，更在於當相對經濟性改變時，我們能調整融資方式。我們也看到機會在既有的計畫型與策略性合作關係上再接再厲，並與備受尊敬的機構投資人建立新的合作，將可觀資本配置到公開市場之外的淨租賃策略。隨著我們的私募資本平台持續擴張，我們期待分享進展。

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

接下來，我把電話交回給Sumit。

Thank you, Jonathan. Realty Income has evolved considerably, but our objective remains consistent: disciplined capital allocation that supports durable per share growth and reliable income for our shareholders.

謝謝你，Jonathan。Realty Income已大幅演進，但我們的目標始終一致：以嚴謹的資本配置，支持每股長期且可持續的成長，並為股東提供可靠的收益。

Today, we have more ways to invest and more ways to fund those investments than at any point in our history. That expanded opportunity set allows us to allocate capital toward the most attractive risk-adjusted returns while accessing the most efficient sources of capital available to us. As markets evolve, we believe these capabilities leave us well positioned to drive sustainable per share growth while maintaining the discipline that has long defined Realty Income.

今天，我們在投資方面的選擇，以及為這些投資籌措資金的方式，比我們歷史上任何時候都更多。這個擴大的機會集合，使我們能夠將資本配置到最具吸引力的風險調整後報酬，同時取得對我們而言最有效率的資本來源。隨著市場演進，我們相信這些能力讓我們在維持長期以來定義 Realty Income 的紀律之下，仍能處於有利位置，以推動可持續的每股成長。

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

接下來，我想開放提問。接線員？

(Operator Instructions) Michael Goldsmith, UBS.

(接線員指示) UBS 的 Michael Goldsmith。

We heard a couple of times about this 170 basis point spread to the capital raised during the quarter. I think that -- it seems like it was done with attractive euro and convertible financing. So just looking at the current investment pipeline and today's funding markets, is that 170 basis point spread that you're talking about sustainable? Or how should we think about that going forward?

我們聽到好幾次提到本季籌資資本的 170 個基點利差。我想——看起來這是透過具吸引力的歐元與可轉換融資完成的。所以就目前的投資管線與今天的融資市場來看，你們所說的 170 個基點利差是可持續的嗎？或者我們未來應該如何看待這件事？

That's a great question, Michael. Obviously, we've just reaffirmed our $10 billion investment. You can do the math. The good news for us is we have effectively prefunded that entire investment. So -- and we've raised the capital at very attractive pricing, which we have shared with you in terms of how much equity we have outstanding on our forward, which is $1.1 billion, raised north of $60 per share and the capital recycling as well as the free cash flow that we are going to be leaning on to help fund the remaining investments that we have.

Michael，這是個很好的問題。顯然，我們剛剛再次確認了 100 億美元的投資規模。你可以自己算一下。對我們而言的好消息是，我們實際上已經為這整筆投資完成了預先融資。因此——我們以非常具吸引力的價格籌得資本；我們也已向各位分享，包括我們在遠期（forward）上尚未交割的股權規模為 11 億美元、每股募資價格高於 60 美元，以及資本回收（capital recycling）與我們將倚重的自由現金流，來協助為剩餘投資提供資金。

So obviously, we have very good visibility into the yields that these investments are going to make, which is more akin to the first half of 2026. And the fact that we have also got very good visibility into how we are planning on permanently financing that investment gives us the conviction that Jonathan shared with you in terms of the spreads that we are going to be able to achieve.

因此，很明顯地，我們對這些投資將帶來的收益率有非常高的能見度，時間點更接近 2026 年上半年。而且，我們對於如何規劃以永久性資金（permanently financing）來為這筆投資提供融資也有很高的能見度，這讓我們對 Jonathan 與各位分享的、我們將能達成的利差水準更具信心。

And then just as a follow-up, you talked last quarter about doing capital recycling. We saw some dispositions this quarter. Maybe -- I think those were sold at a 7.1% net cap rate. So can you just talk about how you can -- how you plan on redeploying that capital just given that's a little bit of an elevated cap rate to some of the cap rates that you're using to acquire? Just trying to get a better understanding of the sources and uses of this capital recycling.

另外追問一下，你們上季談到要進行資本回收。我們看到本季有一些處分交易。我想——那些似乎是以 7.1% 的淨資本化率（net cap rate）出售。那麼，考量到這個資本化率相較你們收購時使用的一些資本化率略高，你能談談你們打算如何重新部署這筆資本嗎？我只是想更了解這些資本回收的資金來源與用途。

Yes. So capital recycling, and I think in the prepared remarks, we tried to describe what is it that we are trying to recycle. Obviously, some of it is just pure risk management. Some of it is making sure that if we have an outsized exposure to a particular client, we are trying to take advantage of it. But a lot of it is also being driven by this mismatch in terms of where we are trading, what we are able to buy.

好的。關於資本回收，我想在事先準備的講稿中，我們試著說明我們要回收的是什麼。顯然，其中一部分純粹是風險管理。另一部分是確保如果我們對某個特定客戶的曝險過大，我們會嘗試加以利用（把握機會）。但其中很大一部分也來自於這種不匹配：也就是我們的交易水準（估值）與我們能買到的資產之間的落差。

And I want to dive into that in just a bit, and were able to achieve in the private markets, given certain phenomena that we are seeing in terms of accelerated depreciation, the 1031 market, end of the year. All of those are creating a very favorable backdrop in terms of what we can potentially recycle this capital at. And so for us, this is going to become part and parcel of how we are going to fund our investments going forward.

我稍後想再深入談一下，以及在私人市場中我們能達成的情況，因為我們看到一些現象，例如加速折舊、1031 交換市場、年底等因素。這些都在我們可能以何種條件回收這些資本方面，創造了非常有利的背景。因此，對我們而言，這將成為我們未來為投資提供資金方式中不可或缺的一部分。

And I've already hinted at the fact that the yields obviously, were largely driven by the type of asset types that we were investing in, in the third quarter. And what one can't lose sight of is the fact that the inherent growth rate that these leases have is 1.9%, almost 2%, which is 100 basis points north of what you would find in our traditional US-centric retail business. And so if we were to be sharing with you what the straight-line cap rates are, these would be north of 200 basis points off of where the day one cash cap rate that we have just shared with you.

我也已經暗示過，收益率顯然在很大程度上是由我們第三季投資的資產類型所驅動。而有一點不能忽視的是，這些租約的內生成長率為 1.9%，接近 2%，比你在我們傳統以美國為主的零售業務中看到的高出 100 個基點。因此，如果我們向各位分享直線法（straight-line）的資本化率，那將比我們剛剛分享的第 1 天現金資本化率（day one cash cap rate）高出超過 200 個基點。

And so you can't lose sight of that element. And this is something that we are leaning into aggressively. We've grown our investable avenues, with one eye towards where can we find more inherent growth, organic growth in our leases and the fact that we are leaning into data centers and industrial and retail in Europe, those tend to have well north of what our traditional US-centric retail business tends to have, which is circa 1%.

所以這個因素不能忽視。而這也是我們正在積極加碼的方向。我們擴大了可投資的途徑，一方面著眼於在哪裡能在租約中找到更多內生性成長、自然成長；同時我們加碼資料中心、工業，以及歐洲的零售，這些領域的成長率通常遠高於我們傳統以美國為主的零售業務（約 1%）。

So this, I think, longer term is going to start to manifest itself in our internal growth structure over the entire portfolio, thus lessening the need for internal -- sorry, investments, external growth driving the vast majority of our earnings per share growth. And that is the journey that we are on.

因此，我認為從長期來看，這將開始在我們整體投資組合的內生成長結構中顯現出來，從而降低對內部——抱歉，是對投資、外部成長來驅動我們大部分每股盈餘成長的需求。這就是我們正在走的旅程。

Brad Heffern, RBC Capital Markets.

RBC Capital Markets 的 Brad Heffern。

Some of your peers have talked about a faster flow-through of higher yields and higher cap rates than we would typically see in times of rising rates. I'm curious, are you seeing that as well? And then can you give any color on how much you've seen cap rates rise so far if you have?

你們的一些同業提到，在升息期間，高收益率與較高資本化率的傳導速度比我們通常看到的更快。我很好奇，你們也有看到這種情況嗎？另外，如果可以的話，你能否提供一些資訊，說明到目前為止你們看到資本化率上升了多少？

That's a great question, Brad. If I may, I'm just going to point to some statistics, and hopefully, it's going to help frame this question around how quickly do cap rates move? What are we seeing today in terms of cap rate discussions, et cetera? August 5, the 10-year treasury was trading at a 4.63%. Literally 30 days later -- 31 days later, October 5, the treasury had hit its high watermark of 5.35%. Today, it's back down to 4.9%.

Brad，這是個很好的問題。若可以的話，我想引用一些統計數據，希望能幫助我們把問題框架化：資本化率移動的速度有多快？我們今天在資本化率討論等方面看到了什麼？8 月 5 日，10 年期美國公債殖利率在 4.63%。 буквально 30 天後——31 天後的 10 月 5 日，公債殖利率觸及 5.35% 的高點。今天又回落到 4.9%。

And as you know, our business, and it's not just net lease, it's real estate at large, tends to mimic what is happening in the treasury market in terms of cap rates. And we have said historically that when there is conviction around where the 10-year is going to settle out, people largely start to reprice. And you see a slight lag, maybe 12 months plus/minus, of cap rates starting to reflect what the cost of capital is.

如各位所知，我們的業務——不只是淨租賃（net lease），而是整體不動產——在資本化率方面往往會模仿美國公債市場的變化。我們過去也說過，當市場對 10 年期殖利率最終會落在哪裡形成共識時，人們大多就會開始重新定價。而你會看到資本化率開始反映資本成本時，會有些微落後，可能約 12 個月上下。

I would say today, that 12 month has shrunk. There are a lot more buyers of net lease assets. There are a lot more private buyers of net lease assets. But they too are impacted by what is happening in the debt capital markets a lot more than the public buyers are, but they do form a fairly large constituent that actually are buying and selling net lease assets.

我會說，今天這個 12 個月的落後期已經縮短了。淨租賃資產的買家更多了。淨租賃資產的私人買家也更多了。但他們受到債務資本市場變化的影響，通常比上市買家更大；不過他們確實構成了一個相當大的群體，實際上在買賣淨租賃資產。

And so when the 10-year is fluctuating at the rate that it is, and I've just shared with you some numbers, it's very difficult to say long term, the cap rates have now moved up 30 basis points, 50 basis points. What makes it a bit more complicated for us to answer that question in generalities is these options that we have created. We are no longer just tied to the US market. And yes, the phenomenon that I can speak to about cap rate movements here in the US is largely tied to the 10-year treasury. But that's not exactly what's driving the European markets or the UK markets.

因此，當 10 年期殖利率以我剛剛分享的那種幅度波動時，很難用長期的角度去說資本化率已經上升了 30 個基點、50 個基點。讓我們更難以用概括方式回答這個問題的原因之一，是我們所建立的這些選項。我們不再只受限於美國市場。是的，我可以談到在美國這裡資本化率變動的現象，主要與 10 年期美國公債殖利率相關。但歐洲市場或英國市場的驅動因素並不完全是這樣。

And so the fact that we can play across multiple markets, across multiple asset types really does allow us to pursue the best risk-adjusted returns. But if your question is centered around the US, yes, the discussions that we were having literally a week -- two weeks ago, the cap rate discussions were much more elevated than what we were seeing during the third quarter.

因此，我們能夠在多個市場、跨多種資產類型進行布局，確實讓我們得以追求最佳的風險調整後報酬。但如果你的問題聚焦在美國，是的，我們就在一週前——兩週前所進行的討論中，資本化率（cap rate）的討論水準比我們在第三季看到的要高得多。

And it is also true that the more institutional the potential seller is, the larger the transactions that we are considering, the easier it is for us to engage in those types of transactions because they understand this mark-to-market cost of capital concept a lot more easily than perhaps a one-off seller in the market that is tied to and more emotionally involved in the assets that they are selling. So sorry for this long drawn-out answer, but the complication of our investment thesis warranted that longer answer.

而且也確實如此：潛在賣方越具機構性、我們考量的交易規模越大，我們就越容易參與這類交易，因為他們比起市場上一次性賣方，更容易理解「按市價重估（mark-to-market）的資本成本」這個概念；後者往往與其出售的資產綁得更緊、情感投入也更深。所以抱歉這個冗長的回答，但我們投資論點的複雜性確實需要更長的說明。

Okay. And you kind of led me into my next question as well. You talked about Europe being particularly attractive on a relative value basis. Can you just talk through why that is? I mean you obviously have the lower rate debt over there, but yields over there have risen as well.

好的。而且你也算是帶到我下一個問題。你提到歐洲在相對價值（relative value）基礎上特別具吸引力。你能否談談為什麼會這樣？我的意思是，那邊確實有較低利率的債務融資，但那邊的殖利率也同樣上升了。

Yes. Look, I mean, when cap rates are similar to what it is here, but we can finance our debt with 3.7% paper, long-duration debt. I mean, the spreads that one can make is obviously a lot more compelling. And these are assets that we absolutely want to increase in terms of our focus like industrial. And when we -- I gave you an example of a type of industrial asset that we pursued in Poland with growth rates well north of 2%.

是的。你看，當資本化率跟這裡差不多，但我們可以用3.7%的票面利率去融資長天期債務。那麼可賺取的利差顯然更具吸引力。而且這些正是我們絕對希望提高關注度的資產，例如工業類。而且當我們——我給過你一個例子：我們在波蘭追逐的一類工業資產，其成長率遠高於2%。

And having these long-duration leases in locations that we are very long on in terms of industrial markets and seeing these dynamics reflect in much higher spreads, that's why we find the European markets quite compelling.

在我們非常看好的工業市場區位中，擁有這些長天期租約，並看到這些動態反映在更高的利差上，這就是我們認為歐洲市場相當具吸引力的原因。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

The question is around investment volume. Again, you guys reaffirmed guidance of $10 billion. But just based on a lot of commentary today, it kind of feels like there's some puts and takes of probably what that looks like today versus maybe at the start of the year. Can you just help us kind of think through kind of what the mix looks like kind of on a going-forward basis? It kind of -- it sounds like Europe is more now versus maybe at the start of the year.

我的問題是關於投資量。你們再次重申了100億美元的指引。但根據今天很多評論，感覺今年初你們對它的想法，跟現在相比可能有一些此消彼長。你能否幫我們梳理一下，往前看這個組合大概會長什麼樣子？聽起來歐洲的比重現在更高，可能比年初更高。

Industrial is more now versus the start of the year. Just kind of curious how that mix has changed and also how maybe investment spreads may also have changed in terms of how you were thinking about it at the beginning of the year versus now?

工業類現在也比年初更高。想請教這個組合如何變化，以及你們對投資利差的看法，從年初到現在是否也有所改變？

There's a lot that you've asked there, but thanks for your question. I wouldn't say that the mix has changed. In fact, if you look at what we achieved in the third quarter and in the second quarter, it's about a 50-50, slightly less international, slightly more here in the US. But you can think in terms of 50-50 as the volume of investments from a geography perspective.

你問了很多，但謝謝你的問題。我不會說組合有改變。事實上，如果你看我們在第三季與第二季達成的成果，從地理分布來看大約是50/50，國際比重略低一些、美國略高一些。但你可以把投資量在地理面向上理解為大致50/50。

When we came into the year, we talked about wanting to increase our allocation to data centers. We talked about increasing our allocation to industrial. And those have largely played out as we had sort of forecasted at the beginning of the year. Of course, we are not in a position to tell you precise percentages of what that's going to look like. But we shared with you the intent that we had of trying to focus in on these areas because we saw the demand drivers for both these areas of the business.

年初我們談到希望提高資料中心的配置。我們也談到提高工業類的配置。而這些大致上都如同我們年初預測的那樣發展。當然，我們無法告訴你精確的百分比會是多少。但我們已與你們分享過我們的意圖：希望聚焦在這些領域，因為我們看到了這兩個業務領域的需求驅動因素。

And we believe our house view is that these on a risk-adjusted basis were producing the best spreads day one as well as the overall return profile going through a full investment cycle. And that has largely played out to be the case. What we have then done is reacted to what we are seeing in the environment today.

我們相信，從我們的內部觀點來看，這些領域在風險調整後的基礎上，無論是第一天的利差表現，或是穿越完整投資週期的整體報酬輪廓，都能產生最佳利差。而結果也大致證明確實如此。接著我們所做的，就是因應我們在當前環境中所看到的情況做出調整。

Look, things like did we expect the 10-year to hit a 5.35% at the beginning of the year? The answer is categorically no. But here again, I'm going to point to the fact that, that, though created a headwind for making equity investments in real estate here in the US, it actually created opportunities with our -- through our relationships, et cetera, on the credit investment side of the equation, where we were getting exposure to the same set of real estate. But rather than buying it at aggressive cap rates, we were taking credit investments against that real estate acting as collateral and allowed us to sort of take advantage of this higher and more volatile cost of debt environment.

你看，像是我們在年初有預期10年期公債殖利率會到5.35%嗎？答案是明確地沒有。但同樣地我要指出，雖然這對我們在美國進行不動產股權投資造成逆風，但在信用投資這一端，透過我們的關係網等，反而創造了機會：我們得以對同一組不動產取得曝險。但我們不是在激進的資本化率下去買入，而是以該不動產作為擔保品進行信用投資，讓我們能在更高且更波動的負債成本環境中加以受益。

And so yes, those evolve and we react to market conditions. But I think that is what makes us different is our ability to reflect what is happening in the overall market and be able to take advantage of that on a real-time basis. So this year -- sorry, this quarter, our credit investment was circa $250-ish million, but at a very high yield. And it's largely reflective of some of the opportunities that we were seeing, and we took advantage of that.

所以是的，這些會演變，我們也會對市場狀況做出反應。但我認為這正是我們的不同之處：我們能反映整體市場正在發生的事情，並能即時把握機會。因此今年——抱歉，是本季，我們的信用投資約為2.5億美元左右，但殖利率非常高。這在很大程度上反映了我們所看到的一些機會，而我們也把握住了。

And so I think you're going to continue to see us be very flexible and be able to sort of lean into these levers that we have created to take advantage of the best opportunities. And it is also true, just to again reiterate the fact that the pipeline that we have for the fourth quarter, it's all prefunded. And so the volatility in the public markets is not going to have any impact in our ability to realize the inherent spread that we have underwritten to. And I think the comments have been made around it being very healthy.

因此我認為你們會持續看到我們保持高度彈性，並能夠運用我們建立的這些槓桿，去把握最佳機會。而且也確實如此——再次重申——我們第四季的管線全部都是預先資金到位（prefunded）。因此，公開市場的波動不會影響我們實現我們已承作（underwritten）的內含利差的能力。我想也有人評論過，這個狀況非常健康。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Congrats on a strong third quarter. Jonathan, with the 2026 guidance updates, you imply maybe $0.01 to $0.02 AFFO slowdown in 4Q. I was wondering if there's any one-timers to call out? Or is this just due to kind of capital markets timing?

恭喜第三季表現強勁。Jonathan，隨著2026年指引更新，你暗示第四季AFFO可能放緩約0.01到0.02美元。我想知道是否有任何一次性因素需要特別指出？或者這只是資本市場時點的影響？

Jana, I think a lot of it just has to do with the timing of capital deployment together with -- you are right, some flow-through of capital markets activity. But nothing to look into.

Jana，我認為大部分只是資金部署時點的問題，再加上——你說得對——資本市場活動的一些傳導效應。但沒有什麼需要過度解讀的。

In fact, when you look at the fundamentals of the business, watch list is steady. I discussed how the credit loss component of the business is coming down from 40 to 30 basis points. And you are just seeing steady investment flow. And a lot of it is going to depend on when we actually close on those transactions during the quarter. There was some one-timers here or there. But for the most part, it's a clean flow-through into the fourth quarter.

事實上，當你看業務基本面時，觀察名單（watch list）保持穩定。我也談到，業務中的信用損失組成正從40個基點降到30個基點。而你看到的是穩定的投資流量。很多將取決於我們在該季度實際完成（close）這些交易的時間點。這裡或那裡確實有一些一次性因素。但就大多數而言，這會乾淨地延續到第四季。

And then when we think about next year, if there's any kind of meaningful one-timers to call out that occurred this year that won't be repeating?

接著當我們思考明年時，今年是否有任何值得特別點出的、具實質影響的一次性項目，而明年不會再發生？

No. I think for the most part, you can assume a fairly steady state of transactions that we benefited from in 2026. The big one that I would call out is obviously the lease termination income. But for the last two years now, we've been right at around a $45 million to $50 million run rate. And just given the proactiveness of the team and just given the more natural churn in the portfolio, we would expect that run rate to hold going forward in 2027.

沒有。我認為大致上，你可以假設我們在 2026 年受惠的交易活動會維持相對穩定的狀態。我會特別點出的重大項目，顯然是租約終止收入。但在過去兩年，我們的年化水準大約都落在 4,500 萬到 5,000 萬美元左右。而考量到團隊的主動作為，以及投資組合較自然的汰換，我們預期這個年化水準在 2027 年往後仍可維持。

Smedes Rose, Citigroup.

Smedes Rose，花旗集團。

I just wanted to ask a little more about the credit investment that you highlighted with the higher yields and a 10% of volume. Are there any kind of parameters you think about in terms of the most that would be as a percent of volume or a dollar amount? And I was just wondering, do you originate these loans directly with the borrowers? Or is there another source where you are able to get these loans?

我想再多問一點你們提到的信用投資：收益率較高、占交易量的 10%。你們是否有任何參數，例如占交易量的最高比例或金額上限？另外我也想了解，你們是直接向借款人承作這些貸款嗎？還是有其他來源讓你們取得這些貸款？

Yes. Good question, Smedes. What I'll ask you to do is we've talked a little bit about the strategy behind our credit investments. I think there are multiple reasons why we believe that credit investments makes a lot of sense at points in time in the economy. When we are faced with headwinds on the refinancing side with this higher interest rate environment, if we can make investments that can sort of dull that headwind by taking advantage of opportunities that we are able to generate directly with existing relationships, that is a major plus.

是的。好問題，Smedes。我想請你注意的是，我們先前已談過一些信用投資背後的策略。我認為我們之所以相信信用投資在經濟的某些時點很有意義，原因有好幾個。當我們在較高利率環境下面臨再融資端的逆風時，如果我們能透過既有關係直接創造的機會來進行投資，從而在某種程度上鈍化這些逆風，那就是一個很大的加分。

And we are structuring these transactions in most cases, with higher collateral, less LTV, higher rates than what we would be able to do on the equity side of the equation. And what it allows us to do is obviously continue to strengthen our relationships with these existing potential clients and allows us to understand, especially if it's an asset that we are not very familiar with in a particular geography.

而且在多數情況下，我們會以更高的擔保品、更低的 LTV（貸款價值比），以及高於我們在股權端所能做到的利率，來架構這些交易。這讓我們能夠持續強化與這些既有潛在客戶的關係，也讓我們得以了解，特別是當標的是我們在某個地理區域並不熟悉的資產時。

It allows us to understand how those assets perform. It allows us to strengthen the relationship with these clients and clearly hedge some of the potential headwinds that one experiences in an elevated interest rate environment on the financing side of our business.

這能讓我們了解那些資產的表現。也能讓我們強化與這些客戶的關係，並且在我們業務的融資端，在高利率環境下明顯對沖部分可能遭遇的逆風。

So for reasons such as those, I think it is -- makes a lot of sense for us to make these types of investments at points in time. I would say that -- and we made this point very clear, one shouldn't say, oh, credit investments is now a substitute for what we are doing on the equity side. The vast majority of what we're doing, above 90% is still our traditional business.

因此基於這些理由，我認為在某些時點進行這類投資對我們而言非常合理。我會說——而且我們也把這點講得很清楚——不應該認為信用投資現在可以取代我們在股權端所做的事情。我們所做的絕大多數、超過 90%，仍然是我們的傳統業務。

You talked about what is the allocation going to look like? We're going to be very much focused on some of the points that I've made. Is this a natural hedge to some of the finance -- the refinancing headwinds? And it's not unique to us. It's across the entire sector that we are going to experience in this elevated 10-year treasury environment.

你問到配置會長什麼樣子？我們會非常聚焦在我剛才提到的一些重點。這是否能自然對沖部分融資——也就是再融資的逆風？而且這不只發生在我們身上。在目前 10 年期美債殖利率偏高的環境下，整個產業都會面臨這樣的情況。

And how much makes sense for a balance sheet that has $85 billion, $90 billion of assets. That's what's going to govern what is the appropriate amount of credit investments that we should make. We are acutely aware of the reinvestment risk, et cetera. And so there are inherent breakers, if you will, that's going to dictate what this allocation needs to be. And I can tell you that we are not anywhere close to hitting those allocation numbers.

以及對於一個資產規模 850 億到 900 億美元的資產負債表而言，多少才合理。這將決定我們應該進行的信用投資適當規模。我們非常清楚再投資風險等等。因此也存在一些內建的「煞車機制」（如果你願意這麼說），會決定這個配置需要是多少。我可以告訴你，我們距離觸及那些配置上限還差得很遠。

This may be provided or maybe you don't provide it, but what sort of -- I guess, the duration of that loan book, if you will, about potential reinvestment risk there?

這可能你們有提供、也可能沒有提供，但我想問一下——如果可以這麼說——那個貸款投資組合的存續期間大概是多久？因為那會牽涉到潛在的再投資風險。

We actually provide it on a quarter-by-quarter basis, what is the inherent length. And what we are trying to do, again, because it is so bespoke, that we are able to get a much longer duration on some of these more structured transactions. But today, that was right around 3.4 years was the credit investment we made in the third quarter.

我們其實每一季都有提供其內含期限（inherent length）。而我們想做的事情是，再次強調，因為這些交易非常客製化，我們能在某些更具結構性的交易上取得更長的存續期間。但以目前來看，我們在第三季做的那筆信用投資，存續期間大約是 3.4 年。

Ron Kamdem, Morgan Stanley.

Ron Kamdem，摩根士丹利。

Just want to go back to the data center opportunity. Just given sort of rates, regulatory, everything we've heard, just anything changed in that opportunity or deal flow?

我想回到資料中心的機會。考量利率、監管以及我們聽到的各種因素，這個機會或交易流量（deal flow）有任何改變嗎？

Great question, Ron. I'm going to have Mark speak to the data center business.

好問題，Ron。我會請 Mark 來談談資料中心業務。

Sure. Thanks, Ron. Obviously, there's a lot going on in the data center sector, and we've all seen both the increase in power constraints and the increase in community concerns about power costs and water usage, AI, et cetera. So we're acutely aware of that and closely following that. But having said all that, we still are very constructive on the asset class and its match for our strategy.

好的。謝謝，Ron。顯然資料中心產業正在發生很多事情，我們也都看到電力供應限制加劇，以及社區對電力成本與用水量、AI 等等的疑慮增加。所以我們對此非常警覺，也在密切追蹤。但即便如此，我們對這個資產類別以及它與我們策略的契合度，仍然抱持相當正面的看法。

Again, I think what's really important, and you've probably heard us say this in the past is -- so we are still constructive on investing in data centers. However, we're going to continue to be highly, highly selective and very disciplined in sticking to what we laid out before as our core strategy, which is staying in top-tier data center markets, partnering with developers who are -- who have done this for a long time and are skilled at getting power and working through issues and so forth, having our tenants in the data centers, our clients be the strong IG hyperscale type profile clients and getting lease structures, duration, rent bumps and even ideally triple net lease provisions that really do protect us. And so obviously aware of and closely monitoring everything that's going on regarding the industry, but still remain constructive, but we will still remain highly selective.

再次強調，我認為真正重要的是——你可能也聽我們過去說過——我們仍然看好投資資料中心。不過，我們會持續非常、非常有選擇性，並且非常自律地堅守我們先前所闡述的核心策略：也就是聚焦在一線資料中心市場，與長期深耕且擅長取得電力、處理各種議題等的開發商合作；讓資料中心的承租人、也就是我們的客戶，具備強健的投資級（IG）超大規模（hyperscale）類型客戶輪廓；並取得在租賃結構、租期、租金調升，甚至理想情況下包含三重淨租（triple net lease）條款等方面，確實能保護我們的安排。因此，我們當然了解並密切監控產業正在發生的一切，但仍維持正向看法，同時也會維持高度選擇性。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

Sumit, I was hoping you could share a bit more about the new European JV here. Maybe some color on the target size fully deployed, including leverage, return thresholds, time line for deployment and how you're going to determine what goes into that JV versus on balance sheet for Europe?

Sumit，我希望你能再多分享一些關於這個新的歐洲合資企業（JV）。例如完全投放後（fully deployed）的目標規模（包含槓桿）、報酬門檻、投放時程，以及你們將如何決定哪些資產放進該 JV、哪些留在歐洲的資產負債表上？

Haendel, it's Jonathan. Are you referring to the KKR JV? I presume, yes?

Haendel，我是 Jonathan。你指的是 KKR 的那個 JV 嗎？我想應該是，對吧？

Yes, yes.

是的，是的。

Yes. So first of all, it's an unlevered JV. We would expect any future tranches to continue to be unlevered. Look, this is very similar to the Apollo JV that we did in the US. And what goes into this, obviously, ceded off our portfolio, very stable, fairly good duration, very fragmented portfolio, everything that you would expect insurance capital to be desiring. The net lease business model is uniquely positioned to work for this.

是的。首先，這是一個不使用槓桿的 JV。我們預期未來任何後續分期（tranches）也會持續不使用槓桿。你看，這和我們在美國做的 Apollo JV 非常類似。放進這裡的資產，顯然是從我們的投資組合中分割出來的：非常穩定、租期相當不錯、投資組合非常分散，具備你所預期保險資本會偏好的所有特徵。淨租賃（net lease）的商業模式在這方面具有獨特的適配性。

On a go-forward basis, this is just part of the toolkit. The insurance JV won't be the only form of equity that we issue, but it is a very significant form of permanent equity, and that's part of what allowed us to deliver such attractive investment spreads on a leverage-neutral basis in the third quarter since the IRR that we effectively locked in was 6.4%. And a lot of that is based off of just being euro-denominated and lower base rates.

以未來的角度來看，這只是工具箱的一部分。保險合資企業（JV）不會是我們發行的唯一一種股權形式，但它是一種非常重要的永久性股權形式，而這也是讓我們在第三季能在槓桿中性（leverage-neutral）的基礎上交出如此具吸引力投資利差的原因之一，因為我們實際上鎖定的 IRR 為 6.4%。而其中很大一部分是因為以歐元計價以及較低的基準利率。

On a go-forward basis, I would say expect more of the same. There's a different buy box that goes into these insurance JVs, and it does tend to be more of your lower initial yield, but very long duration, very diversifiable type of properties. And so I would expect some of the more stable, perhaps higher credit long duration type of properties to go into that and some of the higher return assets would go into other vehicles.

以未來的角度來看，我會說預期大致會是同樣的情況。這些保險 JV 有一個不同的投資範圍（buy box），通常偏向初始收益率較低、但存續期間非常長、且可高度分散的資產類型。因此我預期一些更穩定、可能信用更高、期限更長的資產會放進那裡，而一些回報更高的資產則會放進其他載體（vehicles）。

Jonathan, that was helpful. And since I have you, a follow-up is on the balance sheet here and the near-term debt maturities. I think you have another $2.9 billion, almost $3 billion next year at a sub-3 rate. So curious on kind of the initial thoughts on addressing that. And can you remind us what the weighted average rate on the new cost of debt you were able to raise this year versus the expiry?

Jonathan，這很有幫助。既然你在線，我想追問一下資產負債表以及短期到期債務的問題。我想你們明年還有另外 29 億美元、接近 30 億美元的債務到期，利率在 3% 以下。所以想了解一下你們對於如何處理這件事的初步想法。另外能否提醒我們，今年你們新募集到的債務新成本（new cost of debt）的加權平均利率，相較於到期的那批債務利率是多少？

I know you had a similarly low coupon this year. So just curious kind of what we can learn from that to perhaps give us some sense of what perhaps the tools -- the leverage -- the different levers you're able to pull for addressing next year's maturities as well.

我知道你們今年也有類似的低票息。所以也想了解一下，我們可以從那次經驗學到什麼，或許能讓我們對於明年到期債務的處理工具——槓桿——以及你們能操作的不同槓桿（levers）有一些概念。

Yes. Haendel, look, it's no secret that we do have quite a bit of debt maturities next year, about $2.9 billion at 2.9%. But we've got more levers to pull than ever before. I think the big key and big differentiating benefit that we have is access to the euro market. So if you look at the cost of the 10-year fixed rate unsecured debt right now, the euro market is about 80 basis points inside of the US, and it's about 140 basis points inside of GBP.

是的。Haendel，你看，這不是秘密：我們明年確實有相當多的債務到期，大約 29 億美元，利率 2.9%。但我們可動用的槓桿比以往任何時候都多。我認為關鍵、也是我們最大的差異化優勢，是能進入歐元市場。所以如果你看目前 10 年期固定利率無擔保債的成本，歐元市場大約比美國低 80 個基點，也比英鎊市場低約 140 個基點。

So while it's going to be hard to replicate the cost of debt that we were able to execute upon in 2026 because base rates are up pretty significantly, we do have the ability to play across the curve, especially on the euro side. And I think we've talked about this quite a bit, but to the extent we do have the euro-denominated acquisitions, we do tend to finance that with 100% euro-denominated debt.

因此，雖然要複製我們在 2026 年能做到的融資成本會很困難，因為基準利率已經顯著上升，但我們確實有能力在殖利率曲線上做配置，尤其是在歐元端。而且我想我們已經談過很多次：只要我們有以歐元計價的收購，我們通常會用 100% 的歐元計價債務來為其融資。

And then we blend out across the overall enterprise to stick to our one-third debt, two-thirds equity capital structure. But the fact that all of our debt can come from a currency that has meaningfully lower cost means that we can not only finance the growth in our business, but potentially even refi maturing US dollar debt at lower rates than we would otherwise have to stick to that same US dollar currency. So more to come on that front, but I do think we've developed a pretty good mousetrap to minimize the interest rate headwinds. There will be some next year, but we've got tools to minimize that.

然後我們會在整個企業層面做混合配置，以維持我們三分之一負債、三分之二股權的資本結構。但由於我們所有債務都可以來自一個成本顯著更低的貨幣，這意味著我們不僅能為業務成長融資，甚至可能以比原本必須維持美元幣別時更低的利率，去再融資（refi）到期的美元債。這方面後續還會有更多資訊，但我確實認為我們已經設計出一個相當不錯的「捕鼠器」（mousetrap），來把利率逆風降到最低。明年會有一些影響，但我們有工具把它降到最低。

Alec Feygin, Baird.

Alec Feygin，Baird。

Just one for you, Jonathan. You gave some color about the moderate use of public equity in funding year-to-date. Do you expect that 19% number to be the new normal going forward?

Jonathan，我只有一個問題。你提到今年迄今在資金籌措中適度使用公開市場股權（public equity）。你預期未來這個 19% 的比例會成為新的常態嗎？

A lot of it's going to depend on where the stock is trading. I think for us, there are certain components. One component is just structurally, we want to keep that public equity issuance to be as low as possible in any given year. All that said, if there is a better cost of capital for us utilizing public equity, we won't be shy about doing it.

這很大程度取決於股價目前的交易水準。我想對我們而言，有幾個構成因素。其中一個因素是從結構上來說，我們希望在任何一年把公開市場股權發行量維持在盡可能低的水準。但話說回來，如果使用公開市場股權對我們而言有更好的資本成本，我們也不會避而不用。

But I think at these levels and the ability for us to monetize existing real estate that we have on our balance sheet at cap rates that are nondilutive and potentially even accretive, we're going to push on that lever to the extent that we can. I think insurance JVs that will also serve as a source of permanent equity. But that also is tied to 10-year yield to a certain extent. So I think all of these things will come into the mousetrap of how we finance our deals. But I would say the days like 2023 when around 60% of our investment volume was funded through public equity, those days are highly unlikely of repeating again.

但我認為在目前這些水準下，加上我們能以不稀釋（nondilutive）甚至可能增益（accretive）的資本化率（cap rates），將資產負債表上既有的不動產變現，我們會在可行的範圍內更用力拉動這個槓桿。我認為保險 JV 也會成為永久性股權的來源。但這在某種程度上也與 10 年期殖利率相關。所以我認為所有這些因素都會納入我們如何為交易融資的「捕鼠器」之中。但我會說，像 2023 年那樣、我們約 60% 的投資量是透過公開市場股權來資助的日子，極不可能再度重演。

Linda Tsai, Truist.

Linda Tsai，Truist。

Have you rank ordered the relative attractiveness of different sources of capital available to you as you look towards funding your '27 acquisition pipeline?

當你們展望為 2027 年的收購管線提供資金時，是否已經把可用的不同資本來源按相對吸引力做了排序？

Linda, it's Jonathan. So I would say at the very low end, the most attractive is obviously European commercial paper because we can issue 30- to 60-day paper at 2.9%. And that gives us a very attractive carry as we're closing on transactions in the Eurozone. All that said, that's not a long-term or permanent source of financing.

Linda，我是 Jonathan。我會說在最底端、最具吸引力的顯然是歐洲商業本票（European commercial paper），因為我們可以以 2.9% 發行 30 到 60 天期的票據。這讓我們在歐元區交易交割期間能有非常有吸引力的利差收益（carry）。不過話說回來，這不是長期或永久性的融資來源。

So then you start going up the curve on tenor, again, staying in the Eurozone, everything in the Eurozone to the extent that we are making acquisitions there gives us the flexibility to finance both debt and now equity with KKR via currency that has much lower rates than in the US. So I would say European commercial paper, European euro-denominated unsecured fixed rate debt, euro JVs. And then I would start from the US dollar side in that same order as well.

接著你就會沿著期限（tenor）往上走，同樣先留在歐元區：只要我們在歐元區進行收購，歐元區的一切都讓我們具備彈性，能透過利率遠低於美國的貨幣，來為債務、以及現在透過與 KKR 的合作為股權融資。因此我會說：歐洲商業本票、歐洲歐元計價的無擔保固定利率債、歐元 JV。然後我也會在美元端以同樣的順序來看。

And then when you look at the various strategies to drive durable growth, different investment types, retail, industrial, data centers, gaming, credit, on balance sheet, US Core Plus fund JVs in different geographies, how do you think about the different multiples these levers represent? And what kind of premium do you think you should arrive at for your valuation?

然後當你看各種推動可持續成長的策略、不同投資類型——零售、工業、資料中心、博彩、信貸——在資產負債表上、在不同地理區域的美國 Core Plus 基金 JV，你如何看待這些槓桿所代表的不同倍數（multiples）？以及你認為你們的估值應該反映出什麼樣的溢價（premium）？

Linda, you're obviously very familiar with our business. That was a good iteration of everything we're doing. But all of that needs to translate to AFFO per share growth. And that is the singular focus behind all these different levers that we have newly incubated, reestablished, what have you. And if that doesn't happen, then it's just an enumeration of different things that we are being able to do, but does not actually result in the most important metric that we track internally, which is our AFFO per share and more importantly, our AFFO per share growth.

Linda，你顯然非常熟悉我們的業務。你把我們正在做的事情都整理得很好。但所有這些都必須轉化為每股 AFFO 的成長。而這就是我們在所有這些不同槓桿背後的唯一焦點：不論是我們新孵化的、重新建立的，或其他。如果做不到，那就只是列舉我們能做的各種事情，但並沒有真正帶來我們內部追蹤的最重要指標——也就是每股 AFFO，更重要的是每股 AFFO 的成長。

So I think your first question was the right one. What are the sources of financing that we have available that can help trap or permanently finance the spread investing that we are known for? And the more growth that we have, the better we can grow our dividends, et cetera, which is what is also incredibly important to a certain constituent on the retail side of our business.

所以我認為你第一個問題問得很對。我們有哪些可用的融資來源，能幫助我們把我們所擅長的利差投資（spread investing）鎖住或永久性地融資？而我們成長越多，就越能提高股利成長等等；這對我們業務中零售端的某些投資人族群而言也同樣非常重要。

So I think what you need to take away from all of this is that given all these different avenues that we've created for ourselves, we have a lot more optionality. We are no longer tied to one geography. Things are moving much faster today than they used to 10 years ago, and I just talked about the volatility just here in the 10-year treasury market. And our ability to take advantage of where those highest risk-adjusted returns exist is what makes us different.

所以我認為你需要從這一切中帶走的重點是，鑑於我們為自己打造了這些不同的途徑，我們擁有更多的選擇性。我們不再被綁定在單一地理區域。如今事情推進的速度比10年前快得多，而我剛才也談到這裡10年期美國公債市場的波動性。而我們能夠把握風險調整後報酬最高的所在之處，正是讓我們與眾不同的原因。

And it will translate to a business that is more diversified, is less tied to the overall economy and is continuing to drive growth the way you have recognized Realty Income to be able to do in the past. That's the message. And you're starting to see some of the benefits of that in how we were able to prefund our third quarter, how we are able to, with a very high level of conviction, talk about our fourth quarter, et cetera.

這將轉化為一個更多元化、較不受整體經濟綁定的業務，並且會持續推動成長，就像你過去所認識的 Realty Income 一樣能夠做到。這就是訊息。而你也開始看到其中一些好處，例如我們如何能夠為第三季進行預先融資（prefund），以及我們如何能以非常高的確信度來談論第四季，等等。

And it is because we are a very different company today, I would say, more diversified and safer. If you look at our AFFO payout ratio, it's amongst the lowest it has been in the history of Realty Income. And so that's who we've become, and we will continue to lean into that. And all of these different avenues that we've created will allow us to become the company that we want to become, which is we are much better off today than we were in the past, and we'll become even better off in the future than we are today.

而這是因為我們今天已是一家非常不同的公司；我會說，更加多元化且更安全。如果你看我們的 AFFO 配息率（payout ratio），它處於 Realty Income 歷史上最低水準之一。這就是我們已經成為的樣子，而我們也會持續朝這個方向加碼。我們所打造的這些不同途徑，將使我們成為我們想成為的公司；也就是說，我們今天比過去更好，未來也會比今天更好。

Jason Wayne, Barclays.

Jason Wayne，巴克萊。

Just in the third quarter, you were a bit more selective on the deals that you looked at versus the rest of the year. Just curious what's driving that and what the selectivity rate looks like on the deals you're looking at for the programmatic JV platforms?

僅就第三季而言，相較於今年其他時間，你們在檢視交易時更為挑選。想請教是什麼在驅動這點？以及在你們針對計畫型（programmatic）合資（JV）平台所看的交易中，篩選率大概是什麼樣子？

Sure, Jason. It's Mark. Let me take that one and feel free to add in the rest of the team. So great question. Yes, we sourced, as Sumit said earlier, $59 billion in Q3, which was a record quarter for us.

當然，Jason。我是 Mark。我來回答這題，也歡迎團隊其他人補充。這是個很好的問題。是的，正如 Sumit 先前提到的，我們在第三季取得（sourced）了590億美元的案源，這是我們的單季紀錄。

I think that going to your question of the selectivity ratio is the high percentage of that was actually from industrial and data center sourcing, which was circa 65% of that volume that we sourced.

我想回到你關於篩選率的問題，其中很高比例其實來自工業與資料中心的案源取得，約占我們取得量的65%。

And so clearly, as I mentioned on one of the other answers, with respect to the data center volume that we sourced, our high selectivity on those assets and our discipline there and sticking to our core strategy leads to us naturally sourcing opportunities and not closing on as high a percentage of them. And I would say that on industrial, which is, again, a large percentage of what we sourced, there's just a lot of competition for industrial assets oftentimes at lower cap rates than perhaps other things.

因此很明顯地，正如我在其他回答中提到的，就我們取得的資料中心案量而言，我們對這些資產的高標準篩選、以及在此方面的紀律並堅守核心策略，會使我們自然地取得很多機會，但最終成交的比例不會那麼高。而我也會說，在工業方面——同樣占我們取得量很大一部分——工業資產往往競爭非常激烈，資本化率（cap rate）也常常比其他類型更低。

And so it's really that which led to that slightly lower selectivity ratio than we've had in the past. You asked the second part of your question, though. And if you could just repeat the second part of your question, please.

所以主要就是這些因素，導致我們的篩選率比過去略低一些。不過你問的第二部分是什麼。你可以請再重複一下第二部分的問題嗎？

I think, Jason, you talked about our private capital investments. Is that right?

我想，Jason，你是在談我們的私募資本投資。對嗎？

That's right. Yes.

沒錯。是的。

Yes. So that strategy has not changed, Jason. In fact, we were able to raise almost, I think, $38 million, $39 million of equity capital for our open-ended fund, which was great to see because we -- I think in a previous call, had mentioned that this is -- the next few quarters will be us establishing our record and showing to the market that we are outperforming the ODCE Index. And the fact that we are getting inbounds, et cetera, is again very attractive.

是的。所以那個策略沒有改變，Jason。事實上，我們為開放式基金募集了將近——我想是——3,800萬到3,900萬美元的股權資本，這很令人振奮，因為我們——我記得在之前的電話會議提過——接下來幾季將是我們建立績效紀錄、向市場證明我們能跑贏 ODCE 指數的階段。而我們正在收到主動洽詢（inbounds）等等，這同樣非常有吸引力。

And obviously, it's a testament to the team and the performance that they are generating. But the strategy remains consistent. These are high-growth investments, lower yields that we would not be able to do on balance sheet and has a total return profile that is very compelling and will be -- will allow us to generate the Core, Core Plus returns that we have promised our investors. And we are, at this point, fully deployed on the equity side, including the new capital that we have raised and are super excited about the prospects going forward.

而這顯然也是對團隊及其所創造績效的肯定。但策略仍然一致。這些是高成長投資、收益率較低，我們無法在資產負債表（balance sheet）上直接做，但其總報酬特性非常具吸引力，並且將——將使我們能夠產生我們向投資人承諾的 Core、Core Plus 報酬。而就目前而言，我們在股權端已經完全投入（fully deployed），包含我們新募集的資金，並且對未來的前景感到非常興奮。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

So I was just hoping you could talk more about the pipeline of capital, especially insurance capital. Clearly, you're growing this business pretty rapidly. How big is that pipeline looking for investment? And is there -- are there certain -- whether it's regions or property types that it wants you to focus on?

我希望你們能多談談資金管線（pipeline），特別是保險資金。很明顯你們正在相當快速地擴張這項業務。那個可投資的資金管線規模看起來有多大？以及是否有——不論是區域或資產類型——它希望你們聚焦的方向？

Jamie, it's Jonathan. So I would say, look, the underlying capital that is looking for this type of product is massive. That wouldn't be the issue. I think for us, as we think about what works for our business, we have to think through, okay, at this point in time, I don't know if we'd be able to get the same type of capped IRRs that we were able to get with KKR at 6.4% and then Apollo at 6.875%. It's a different rate environment today.

Jamie，我是 Jonathan。我會說，尋求這類產品的底層資金規模非常龐大。那不會是問題。我想對我們而言，當我們思考什麼對我們的業務有效時，我們必須推敲：好，在目前這個時間點，我不確定我們是否還能拿到像之前與 KKR 合作時 6.4% 的封頂 IRR（capped IRR），以及與 Apollo 合作時 6.875% 的那種水準。今天的利率環境不同了。

So I think, right now, we'd probably be a little bit less eager to do those at current pricing. But obviously, if cap rates start to move higher and we see that spread math continuing to work, then this remains a very viable thing that we could do. And I'm not concerned about the appetite from folks like the ones that we partnered to do more of this and scale.

所以我想，就目前而言，以現行定價我們可能不會那麼積極去做這類交易。但顯然，如果資本化率開始走高，而我們看到利差數學（spread math）仍然成立，那麼這仍會是我們可以做、而且非常可行的事情。而我不擔心像我們合作夥伴那樣的機構對於進一步做更多、並擴大規模的意願。

Okay. And then second, it sounds like you want to grow pretty meaningfully in Europe or see good opportunities, both for financing and for investment. A lot of news coming out of Europe also just in terms of fiscal issues and I don't know if I'd call it unrest but certainly headlines. Are there certain countries that are just you're not interested in? Or are these investments so property specific that it almost doesn't matter what the overarching fiscal situation is or political situation is in countries? Or are there some countries that you're very willing to go into and some you're more hesitant?

好的。第二個問題，聽起來你們希望在歐洲有相當顯著的成長，或看到不錯的機會，無論是在融資或投資方面。歐洲也有很多新聞，涉及財政問題，我不確定是否稱得上動盪，但至少有不少頭條。是否有某些國家你們就是不感興趣？或者這些投資非常取決於個別物件，以至於整體財政或政治情勢其實影響不大？又或者有些國家你們很願意進入，而有些你們會比較猶豫？

Well, Jamie, you're absolutely right. There is a fair amount of turmoil in Europe. It started off in France. It's leaked into Italy. It's gone into the Benelux countries. And we are acutely aware of the political turmoil.

嗯，Jamie，你說得完全正確。歐洲確實有相當程度的動盪。一開始是在法國。接著蔓延到義大利。也擴散到比荷盧國家。而我們對政治動盪保持高度警覺。

But I think your instinct, though, in terms of what do we invest in, even on the retail side, what is the kind of retail that we invest in, and then, of course, on the industrial side of the equation, we are -- I'm not going to use the word insulated, but largely not subject to the issues that have recently come up in some of these countries. And so even the investments that we have in France, none of which were impacted by the -- by some of what you experienced in France, and clearly, the stuff that was happening in Northern Italy, et cetera, did not have any impact either.

但我想你的直覺是對的：就我們投資什麼而言，即便在零售端——我們投資的是哪一類零售——當然還有工業端的部分，我們——我不會用「隔離」這個詞，但在很大程度上並不會受到近期在部分國家出現的那些問題所影響。因此，即使我們在法國的投資也沒有任何一項受到——受到你在法國所經歷的一些事件影響；而很明顯地，北義大利發生的事情等等也同樣沒有造成任何影響。

But just given the type of retail investments we do, which is essential, which is grocery, which is home improvement, et cetera, and where they tend to be located, retail parks that are not in city centers that they tend to be in the suburbs, et cetera, they are much more insulated, even though I said I wasn't going to use that word, from these types of turmoil than middle of the city, main and main and where these instigators can have a much bigger impact, I think, is part of the reason why we are seeing what we are seeing.

但就我們所做的零售投資類型而言，這些投資屬於民生必需品，例如雜貨、居家修繕等等；再加上它們通常所在的位置——多為不在市中心的零售園區，往往位於郊區等等——因此它們相對更能隔絕（儘管我說過我不打算用這個詞）這類動盪，相較於市中心、主要商圈交會處等地，這些煽動者在那裡可能造成更大的影響。我認為，這也是我們之所以會看到目前情況的部分原因。

So we feel largely insulated from these flare-ups that have occurred. And we feel very confident that the kind of investments that we are making are ones that will -- in the long list of priorities of impact, they'll be the ones at the bottom that will get impacted by these types of flare-ups. So we feel pretty good about that.

因此，我們認為自己在很大程度上能隔絕這些已發生的突發事件。而且我們非常有信心，我們正在進行的這類投資，在影響優先順序的長清單中，會是最底部、最不容易受到這類突發事件影響的那一類。所以我們對此感覺相當不錯。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

Sumit, to ask a bit more directly and kind of reading between the lines on your commentary on credit investments, should we expect to see a more significant percentage of credit investments in Q4 and early next year compared to year-to-date, either until the cost of capital improves or real estate cap rates modulate higher? Or will Europe be filling that gap instead?

Sumit，我想更直接地問一下，並且從你對信貸投資的評論中讀出一些弦外之音：相較於今年迄今，我們是否應預期在第四季以及明年年初，信貸投資占比會更顯著提高——直到資本成本改善或不動產資本化率（cap rates）上調並趨於正常？或者，歐洲會改為填補這個缺口？

Look, I don't think -- I'm not going to give you answers on a quarter-by-quarter basis of what percentage our credit investments will represent. But what I will tell you is that -- and I think I've rationalized our investment thesis around why credit investments make sense. It is not going to dominate our investment allocation across the board. And I've already mentioned that we've got an $85 billion, $90 billion balance sheet. This will represent a subset of that, a very, very small subset in the single digits of allocation.

你看，我不認為——我不會按季度逐一回答我們的信貸投資將占多少比例。但我可以告訴你的是——而且我想我已經把我們的投資論點講清楚了，說明為什麼信貸投資是合理的。它不會在整體上主導我們的投資配置。我也已經提到，我們的資產負債表規模約為850億到900億美元。信貸投資只會是其中的一部分，而且是非常、非常小的一部分，配置比例會是個位數。

And so the other thing I want to make sure that, Greg, you sort of appreciate is a lot of what we are doing is on a bespoke basis. And some of the transactions that you're going to start to see will have a look and feel that actually resembles an equity investment in the terms of duration, et cetera. But what's going to be very unique about these investments will be that it has a much higher yield with a lot more collateral where the debt component is going to represent a much lower LTV than a straight-up sale leaseback would.

另外我想確保你能理解的是，Greg，我們做的很多事情都是量身訂做（bespoke）的。而你接下來會開始看到的一些交易，在存續期間等條款上，實際上看起來、感覺起來更像股權投資。但這些投資非常獨特之處在於：在提供更多擔保品的情況下，它能帶來更高的收益率，而且其債務部分的貸款價值比（LTV）會遠低於一般直接的售後回租（sale leaseback）。

And that only happens because of the relationships that we have, the assets that we would like to sort of be exposed to, but not necessarily on the equity side because it is too expensive to play in that area. And so that's going to dictate the types of investments we're going to make.

而這之所以能發生，只因為我們擁有的關係網、以及我們希望取得曝險的資產——但不一定要以股權方式參與，因為在那個領域投入成本太高。因此，這將決定我們要做的投資類型。

And this headwind that Jonathan just talked about from a higher rate environment on the financing, this does help mute that headwind by taking advantage of this higher rate environment. So I think that's the filter through which you should think about our credit investments. But it's not going to suddenly represent 15% or 12% of our overall balance sheet. That is not the intent.

此外，Jonathan 剛才提到在較高利率環境下融資所帶來的逆風，透過利用這個較高利率環境，確實有助於削弱那股逆風。所以我認為，你應該用這個角度來看待我們的信貸投資。但它不會突然就占到我們整體資產負債表的15%或12%。這不是我們的意圖。

Right. Okay. And then separately, when might we expect to see a second swing from Apollo or KKR that will help demonstrate the programmatic nature of the joint ventures? I'm not looking for specifics here, maybe just a nod as to whether or not that's expected within the next year. And then would those investments also require that adjusted spread math that Jonathan was talking about?

了解。好。另外，何時我們可能會看到 Apollo 或 KKR 的第二次投入（second swing），以協助展現這些合資企業的可程式化（programmatic）特性？我不需要具體細節，只想知道是否預期在未來一年內會發生。另外，那些投資是否也需要 Jonathan 剛才提到的「調整後利差」計算方式？

Yes, Greg, I think there's so much demand right now because the annuity origination business is driving demand for this type of paper backed by real assets. And so again, I would reiterate the optionality really rests on us. And again, I'll say the 6.875% with Apollo, I don't think that deal is there today because base rates are much higher.

是的，Greg，我認為目前需求非常強，因為年金資產起源（annuity origination）業務正在推動對這類由實體資產作為支撐的票據（paper）的需求。所以我再重申一次，選擇權其實掌握在我們手上。而且我再說一次，與 Apollo 的6.875%，我不認為今天還能做出那樣的交易，因為基準利率高了很多。

And so then we have to think about all the other sources of equity we have. We obviously have over $1 billion of free cash flow today. Dispositions are going to be a bigger and bigger part of our business, and it's going to be at cap rates that are nondilutive. We do have $1.1 billion of public equity that's still outstanding on a forward basis. And so we could be patient.

因此，我們必須考量我們其他所有的股權來源。我們目前顯然有超過10億美元的自由現金流。資產處分將會在我們的業務中占比愈來愈大，而且會以不具稀釋性（nondilutive）的資本化率（cap rates）來進行。我們也仍有11億美元的公開市場股權（public equity）以遠期（forward）方式尚未結清。所以我們可以保持耐心。

But if we're not keen on raising equity at certain AFFO yields, I don't think we'd be keen on raising insurance JV equity at close to those yields either. Now the longer-term benefit is that we effectively keep all the upside in the leases because it's a capped IRR concept. But we do have to be mindful that if we want to be a modest user, maybe $1 billion, $1.5 billion a year of this type of equity like we did last -- this past year, do you really want to use it at a point in time where the rates are still fairly elevated? So TBD, but I would expect it to be $1 billion to $1.5 billion based off of our current run rate of acquisitions on an annual basis.

但如果我們不願意在某些 AFFO 殖利率水準下增發股權，我不認為我們會願意以接近那些殖利率的條件去募集保險合資（insurance JV）的股權。當然，長期的好處在於，我們基本上保留了租約中的所有上行空間，因為這是一個 IRR 封頂（capped IRR）的概念。但我們也必須留意：如果我們想要適度使用這類股權——例如每年10億到15億美元，就像我們去年（剛過去這一年）所做的那樣——在利率仍相當偏高的時間點，你真的想用它嗎？所以仍待定（TBD），但以我們目前年度收購的運行速度（run rate）來看，我預期會是10億到15億美元。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO 資本市場（BMO Capital Markets）。

Jonathan, with the credit loss outlook coming down to 30 basis points, was there a specific tenant situation that resolved better than expected? Or are you mainly like releasing the cushion for unidentified losses? And then with the lower bad debt guidance in place, how does that change your calculus for the starting point for next year?

Jonathan，隨著信用損失展望下調至30個基點，是否有某個特定承租戶的情況比預期更好地解決了？或者你們主要是在釋放先前為未識別損失（unidentified losses）所保留的緩衝？另外，在較低的壞帳指引已確立的情況下，這會如何改變你們對明年起始水準的判斷？

Eric, so I think for us, when you take out the pandemic year, we've been closer to about 20 to 21 basis points of credit loss on an annual basis. So coming down to 30, I would say, yes, part of it is releasing some unidentified cushion that we may have had. And obviously, sitting here in November, we have much better visibility. So 30 is probably even in and of itself, a little bit of conservatism as well.

Eric，對我們而言，如果把疫情那一年排除，我們年度信用損失大約更接近20到21個基點。所以降到30個基點，我會說，是的，其中一部分是釋放我們先前可能保留的一些未識別緩衝。而且顯然，現在已是11月，我們的能見度高得多。因此，30本身可能也仍帶有一點保守性。

So say we're kind of inside that range by a bit. We're back to where we've historically been. Last year was a bit of an outlier just given all the M&A-related credit loss that we absorbed, that we expected and underwrote, but it all happened last year. So on a go-forward basis in 2027, I would expect us to kind of continue to chug along at very similar credit loss rates that we've experienced historically.

也就是說，我們可能還略低於那個區間一些。我們回到了歷史上的水準。去年有點是例外，主要是因為我們吸收了所有與併購（M&A）相關的信用損失——那些是我們預期並已承作（underwrote）的，但都集中在去年發生。因此，往後看在2027年，我預期我們會以非常類似於歷史經驗的信用損失率持續穩定前進。

So kind of in that 20 to 30 basis points range. You always want to be slightly conservative at the start of the year just because you don't know what's going to happen and then you release that unidentified portion as you get deeper and deeper into the year. But there's -- looking at the watch list today, looking at the health of the portfolio and the diversification of the portfolio, we don't see anything in the numbers or the analytics that would suggest there'd be any outliers above and beyond kind of that normalized run rate.

大概就在20到30個基點的區間。年初你總是會希望稍微保守一些，因為你不知道會發生什麼事；然後隨著年度進展愈來愈深入，你再釋放那部分未識別的準備。但就目前觀察名單（watch list）、投資組合的健康狀況以及投資組合的分散程度來看，我們在數據或分析上看不到任何跡象顯示會出現超出這種常態化運行水準的異常值。

Great. And then just one on the industrial portfolio in Dallas. Just curious how much of that 45% mark-to-market can you capture over the next three to five years? And if there's any renewal options or other lease terms that could potentially delay that upside to you guys?

很好。接著想問一個關於達拉斯的工業投資組合。我只是好奇，未來三到五年內，你們能夠實現多少那個45%的按市價重估（mark-to-market）幅度？以及是否有任何續約選擇權或其他租約條款，可能會延後你們享有這個上行空間？

Let me take it. It's Neil here. So 100% of that is achievable in the next 3.5 years.

我來回答。我是Neil。所以在接下來3.5年內，這其中的100%都是可以達成的。

Jay Kornreich, Cantor Fitzgerald.

Jay Kornreich，Cantor Fitzgerald。

You added a new JV partner this quarter with KKR. And so I was just wondering if you can give any perspective as to how many other differentiated strategic partnerships you envision forming or if there's any examples you can provide of new strategies you'd like to implement?

你們本季與KKR新增了一位新的合資（JV）夥伴。

Jay, I think we'll probably keep any new ideas or strategies under wraps. I think we've talked about this before. There's a very long incubation period for a lot of these strategies to go from concept to negotiation to closing documents. And so -- but I would continue to reiterate what we've been talking about. It seems like for the last two years that our number one goal on the finance and capital market side is to create vehicles that are deep, programmatic that expand the buy box that have very little overlap amongst strategies and that avoid us being beholden to the public equity market.

Jay，我想我們可能會把任何新的想法或策略先保密。我想我們之前談過這點。許多策略從概念到談判再到完成簽署文件，有非常長的孵化期。所以——不過我會繼續重申我們一直在談的方向。看起來在過去兩年，我們在財務與資本市場端的首要目標，是打造具深度、可程式化（programmatic）的投資載體，擴大可投資範圍（buy box），讓各策略之間重疊度很低，並避免我們受制於公開股權市場。

And so whether it's other strategic partners that value this operating platform, and there are many, I think what you start to realize when you start having these conversations is that having the track record, the size of the company, the institutional knowledge, the access to more data than anyone, all of those components are very much valued by very sophisticated and large institutions.

因此，不論是其他重視這個營運平台的策略性夥伴——而且有很多——我認為當你開始進行這些對話時，你會逐漸意識到：我們的績效紀錄、公司規模、機構級知識、比任何人都能取得更多數據的能力，這些要素都非常受到高度成熟且大型機構的重視。

And as you can see, just based off of the headlines, there's a lot of institutions that are looking to build net lease platforms themselves or acquire smaller ones. So if we have the ability to leverage that platform and to monetize our platform in ways that are unique to us, we're going to take advantage of that. And we're going to do it from the standpoint of very clean governance to ensure that we're not having too many strategies overlapping one another, whether it's by currency or return profile.

而且如你從新聞標題所見，有很多機構正尋求自行建立淨租賃（net lease）平台，或收購較小的平台。所以如果我們有能力運用這個平台，並以對我們而言獨特的方式將平台變現，我們就會把握這個機會。而我們會以非常清晰的治理架構為前提來做，確保不會有太多策略彼此重疊，不論是以幣別或報酬特性來看。

Ryan Caviola, Green Street.

Ryan Caviola，Green Street。

You've been transparent in this call that your interest has shifted away from US retail and also seems to be the source of the ramp-up in dispositions with retail rent dipping in dollar terms this quarter. Where do you see US retail settling in the long term as a percent of the portfolio? And what would have to change in the industry to make it attractive again?

你們在這通電話中很透明地提到，你們的興趣已經從美國零售轉移開來；而且本季零售租金以美元計算下滑，似乎也是零售處分加速的來源。長期來看，你們認為美國零售在投資組合中會穩定在多少比例？而產業需要出現哪些改變，才會讓它再次變得有吸引力？

No. We love US retail, Ryan. I mean the idea is we are obviously finding opportunities that have better risk-adjusted return profile than what we are finding here in the US. It is also true in terms of inherent growth, et cetera, that US retail tends to have a lot less of the internal growth outside of the more higher-yielding retail opportunities here. But then are you getting paid for the risk that you're assuming with those higher-yielding retail opportunities? And that's -- different people have different conclusions on that.

不，我們很喜歡美國零售，Ryan。我的意思是，我們顯然正在尋找風險調整後報酬（risk-adjusted return）比我們在美國這裡所看到的更好的機會。就內生成長等面向而言也確實如此：美國零售通常在內生成長方面較少，除非是這裡一些收益率較高的零售機會。但問題是，對於你在那些高收益率零售機會中承擔的風險，你是否獲得了足夠的報酬？而這點——不同的人會有不同的結論。

And so for us, it's about, hey, where can we find higher internal growth, better risk-adjusted returns? And right now, we are finding it in areas that we have highlighted during this call. But 78% and let's say, the vast, vast majority of that 78% is US retail. And so some amount of repositioning is warranted to come up with a much more balanced, more diversified portfolio. And I think that is what's driving where we are investing and some of the commentary that we have shared with the market, Ryan.

所以對我們而言，重點在於：我們在哪裡能找到更高的內生成長、更好的風險調整後報酬？而目前，我們在本次電話中強調的領域找到了。不過我們的投資組合有78%，而且可以說那78%中的絕大多數是美國零售。因此，為了打造更平衡、更分散的投資組合，進行一定程度的重新配置是合理的。我認為這就是驅動我們投資方向，以及我們對市場所分享部分評論的原因，Ryan。

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

以上為我們的問答環節。我想把會議交回給Sumit Roy，請他做結語。

Thank you very much for joining the call, and I look forward to seeing a lot of you at Nareit. Thank you, Rocco.

非常感謝各位參與本次電話會議，我也期待在Nareit見到在座許多人。謝謝你，Rocco。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位出席今天的簡報。各位現在可以掛線，祝各位有美好的一天。