Realty Income Corp (O) 2021 Q3 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Realty Income Third Quarter 2021 Operating Results Conference Call. (Operator Instructions) Thank you.

下午好。我的名字是艾瑪，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加 Realty Income 2021 年第三季度經營業績電話會議。 （操作員說明）謝謝。

Julie Hasselwander, Investor Relations at Realty Income, you may begin your conference.

Julie Hasselwander，Realty Income 的投資者關係，您可以開始您的會議了。

Thank you all for joining us today for Realty Income's Third Quarter Operating Results Conference Call. Discussing our results will be Sumit Roy, President and Chief Executive Officer; and Christie Kelly, Executive Vice President, Chief Financial Officer and Treasurer.

感謝大家今天加入我們參加 Realty Income 第三季度經營業績電話會議。總裁兼首席執行官 Sumit Roy 將討論我們的結果；以及執行副總裁、首席財務官兼財務主管 Christie Kelly。

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 the company's Form 10-Q. (Operator Instructions)

在本次電話會議期間，我們將做出某些陳述，根據聯邦證券法可能被視為前瞻性陳述。公司的實際未來結果可能與任何前瞻性陳述中討論的事項有很大差異。我們將在公司的 10-Q 表格中更詳細地披露可能導致此類差異的因素。 （操作員說明）

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

我現在將把電話轉給我們的首席執行官 Sumit Roy。

Thanks, Julie. Welcome, everyone. Our strong relationships with all our stakeholders enable the success of our business, and we thank everyone listening for your continued support. Additionally, I would like to express my appreciation of our expanded Realty Income team for their tireless efforts in executing on our strategic objectives.

謝謝，朱莉。歡迎大家。我們與所有利益相關者的牢固關係使我們的業務取得成功，我們感謝所有傾聽您持續支持的人。此外，我要感謝我們擴大的房地產收入團隊為執行我們的戰略目標所做的不懈努力。

Today, our business is at an inflection point where the advantages of our growing size and scale provide us an accelerating number of opportunities, compounding our aptitude for growth. We see momentum accelerating across all facets of our business as a result of the following growth catalysts. First, the depth and breadth of our active global pipeline remains robust. During the third quarter, we acquired over $1.6 billion of real estate across 3 countries, resulting in approximately $3.8 billion year-to-date. We now expect to invest in over $5 billion of real estate in 2021, an increase from our prior guidance of $4.5 billion.

今天，我們的業務正處於一個轉折點，我們不斷擴大的規模和規模的優勢為我們提供了越來越多的機會，增強了我們的增長能力。由於以下增長催化劑，我們看到我們業務各個方面的勢頭都在加速。首先，我們活躍的全球管道的深度和廣度仍然強勁。在第三季度，我們在 3 個國家/地區收購了超過 16 億美元的房地產，今年迄今的收入約為 38 億美元。我們現在預計到 2021 年將投資超過 50 億美元的房地產，高於我們之前 45 億美元的指導。

Second, we believe our expansion into Continental Europe during the third quarter will significantly deepen our addressable market at attractive spreads relative to our weighted average cost of capital, particularly given the comparatively low unsecured borrowing rates in the European bond market.

其次，我們認為，我們在第三季度向歐洲大陸的擴張將顯著深化我們的目標市場，相對於我們的加權平均資本成本而言具有吸引力的利差，特別是考慮到歐洲債券市場的無擔保借款利率相對較低。

Third, our asset management activities continued to generate strong results. At the end of the third quarter, our portfolio was 98.8% occupied, and we achieved a rent recapture rate of 107.2%, illustrating the relentless efforts of our asset management team and highlighting the quality of our real estate.

三是資產管理業務繼續取得良好成效。三季度末，我們的投資組合佔用率達到98.8%，租金回收率達到107.2%，體現了我們資產管理團隊的不懈努力，彰顯了我們的房地產質量。

And finally, with the closing of the VEREIT merger, we believe our size, scale and diversification will further enhance many of our competitive advantages which we suspect should allow us to augment our investment activities in the future. The closing of our merger with VEREIT, as well as the anticipated and subsequent spin-off of substantially all the combined companies' office properties, which, as previously announced, is expected to be completed on November 12, allows us to provide enhanced clarity on our near-term earnings run rate.

最後，隨著 VEREIT 合併的完成，我們相信我們的規模、規模和多元化將進一步增強我們的許多競爭優勢，我們認為這將使我們能夠在未來增加我們的投資活動。我們與 VEREIT 合併的完成，以及預計和隨後對合併後公司幾乎所有辦公物業的分拆，正如之前宣布的，預計將於 11 月 12 日完成，這使我們能夠提供更清晰的信息我們的近期收益運行率。

To that end, we are increasing our 2021 AFFO per share guidance to $3.55 to $3.60, representing 5.5% annual growth at the midpoint. And we are introducing 2022 AFFO per share guidance of $3.84 to $3.97, representing 9.2% annual growth at the midpoint. Our 2022 guidance assumes over $5 billion of acquisitions and over $40 million of year 1 G&A synergies we have identified as a result of economies of scale from the merger. These guidance ranges also assume that the anticipated spin-off of our office properties is consummated, as anticipated, on November 12.

為此，我們將 2021 年 AFFO 每股指引提高至 3.55 美元至 3.60 美元，中點年增長率為 5.5%。我們推出的 2022 年 AFFO 每股指引為 3.84 美元至 3.97 美元，中點年增長率為 9.2%。我們的 2022 年指導假設了超過 50 億美元的收購和超過 4000 萬美元的第一年 G&A 協同效應，我們已經確定了由於合併帶來的規模經濟。這些指導範圍還假設我們辦公物業的預期分拆如預期的那樣在 11 月 12 日完成。

With the closing of the merger, our combined company eclipses $50 billion in enterprise value with size and scale to support numerous growth verticals, providing flexibility to close large transactions without creating concentration risk. Additionally, through this merger, Realty Income has inherited a pipeline, platform and talented acquisition team focused on sourcing high-yielding products that will be additive to our existing pipeline.

隨著合併的完成，我們合併後的公司在規模和規模上超過了 500 億美元的企業價值，以支持眾多垂直增長，為完成大型交易提供了靈活性，而不會產生集中風險。此外，通過這次合併，Realty Income 繼承了一個管道、平台和才華橫溢的收購團隊，專注於採購高收益產品，這些產品將補充到我們現有的管道中。

Further, over time, we expect to generate meaningful earnings accretion by refinancing VEREIT's outstanding debt, supported by our comparatively lower borrowing costs driven by our A3/A- ratings and capacity to issue debt in lower-yielding markets. Finally, we are excited to integrate the capabilities of many talented VEREIT colleagues into the Realty Income business as we continue to execute our growth initiatives as one team.

此外，隨著時間的推移，我們預計通過為 VEREIT 的未償債務再融資來產生有意義的收益增長，這得益於我們的 A3/A 評級和在低收益市場發行債務的能力推動的相對較低的借貸成本。最後，我們很高興將許多才華橫溢的 VEREIT 同事的能力整合到房地產收入業務中，因為我們將繼續作為一個團隊執行我們的增長計劃。

Now turning to the results for the quarter. We continue to add attractive real estate to our portfolio at a rapid pace. During the third quarter, we sourced nearly $24 billion of acquisition opportunities, ultimately selecting and closing on less than 6%. Of the $1.6 billion of real estate we added to the portfolio in Q3, the largest industry represented was U.K. grocery stores.

現在轉向本季度的結果。我們繼續快速向我們的投資組合添加有吸引力的房地產。在第三季度，我們獲得了近 240 億美元的收購機會，最終選擇並以不到 6% 的價格成交。在第三季度我們添加到投資組合中的 16 億美元房地產中，最大的行業是英國雜貨店。

On a revenue basis, approximately 38% of the acquisitions made during the quarter we leased to investment-grade-rated clients, and our total investment-grade client exposure remains approximately 50%.

在收入的基礎上，我們在本季度進行的約 38% 的收購租賃給了投資級客戶，而我們的投資級客戶總敞口仍約為 50%。

The weighted average remaining lease term of the assets added to our portfolio during the quarter was 13.4 years. And in aggregate, all of our acquisition activities during the quarter resulted in healthy investment spreads of approximately 164 basis points.

本季度添加到我們投資組合中的資產的加權平均剩餘租賃期限為 13.4 年。總的來說，我們在本季度的所有收購活動都導致了大約 164 個基點的健康投資利差。

As of quarter end, our portfolio remains well diversified, including over 7,000 assets leased to approximately 650 clients who operate in 60 separate industries located in all 50 U.S. states, Puerto Rico, the U.K. and Spain. Giving pro forma effect to the closing of the merger and the anticipated spin-off of our combined office assets as of September 30, 2021, our portfolio now includes over 10,500 assets located in all 50 U.S. states, Puerto Rico, the U.K. and Spain. Our international pipeline continues to add meaningful value to our portfolio, and we believe it will remain an important driver of growth going forward.

截至季度末，我們的投資組合仍然十分多元化，其中包括 7,000 多項資產租賃給在美國所有 50 個州、波多黎各、英國和西班牙的 60 個不同行業經營的約 650 名客戶。截至 2021 年 9 月 30 日，合併完成和我們合併辦公資產的預期分拆產生了形式上的影響，我們的投資組合現在包括位於美國所有 50 個州、波多黎各、英國和西班牙的超過 10,500 項資產。我們的國際管道繼續為我們的投資組合增加有意義的價值，我們相信這仍將是未來增長的重要驅動力。

In total, of the nearly $24 billion in acquisition opportunities that we sourced this quarter, approximately 34% was associated with international opportunities. During the third quarter, we added approximately $532 million of high-quality real estate in the U.K. and Spain across 31 properties, bringing our total international portfolio to over $3.2 billion. This quarter, our international acquisition accounted for approximately 33% total acquisition volume.

總的來說，在我們本季度獲得的近 240 億美元的收購機會中，大約 34% 與國際機會有關。第三季度，我們在英國和西班牙的 31 處房產中增加了約 5.32 億美元的優質房地產，使我們的國際投資組合總額超過 32 億美元。本季度，我們的國際收購約佔總收購量的 33%。

As previously announced in September, we made our debut acquisitions in Continental Europe through a sale-leaseback transaction with Carrefour in Spain. Subsequent to quarter end, we announced the completion of an additional Carrefour transaction in Spain, bringing the value of our Continental Europe portfolio to approximately EUR 160 million. We are optimistic about our momentum in Spain as we look to replicate the success of our international growth platform throughout the continent with best-in-class operators who are leaders in their respective industries.

正如之前在 9 月宣布的那樣，我們通過與西班牙家樂福的售後回租交易在歐洲大陸進行了首次收購。季度末之後，我們宣佈在西班牙完成另一筆家樂福交易，使我們在歐洲大陸的投資組合價值達到約 1.6 億歐元。我們對我們在西班牙的發展勢頭感到樂觀，因為我們希望將我們的國際增長平台的成功複製到整個非洲大陸，讓一流的運營商成為各自行業的領導者。

The health of our core portfolio remains of utmost importance as we continue to expand our platform. At the end of the third quarter, occupancy was 98.8% based on property count, which represents an increase of 30 basis points as compared to last quarter. During the quarter, we re-leased 50 units, recapturing 107.2% of expiring rent, bringing our year-to-date recapture rate to 105.5%.

隨著我們繼續擴展我們的平台，我們核心產品組合的健康仍然至關重要。截至第三季度末，按物業數量計算，入住率為 98.8%，比上一季度增加 30 個基點。本季度，我們重新出租了 50 個單位，收回了 107.2% 的到期租金，使我們年初至今的收回率達到 105.5%。

We continue to report on quarterly recapture rates and believe this is one of the most objective ways to measure underlying portfolio quality in the net lease industry. Since our listing in 1994, we have executed over 3,800 re-leases or sales on expiring leases, recapturing over 100% of rent on those re-leased contracts.

我們繼續報告季度回收率，並認為這是衡量淨租賃行業潛在投資組合質量的最客觀方法之一。自 1994 年上市以來，我們已經執行了超過 3,800 份租約到期的轉租或銷售，收回了這些轉租合同中 100% 以上的租金。

At this time, I'll pass it over to Christie, who will further discuss results from the quarter.

在這個時候，我會把它交給克里斯蒂，他將進一步討論本季度的結果。

Thank you, Sumit. This quarter, our business generated AFFO per share of $0.91, strengthened by our acquisition pace and the collection of almost 100% of contractual rents in the third quarter.

謝謝你，蘇米特。本季度，我們的業務產生了每股 0.91 美元的 AFFO，這得益於我們的收購步伐和第三季度近 100% 的合同租金收取。

During the quarter, our theater clients paid approximately 99.6% of contractual rent, representing a meaningful improvement compared to the 38% collection rate in the second quarter. We continue to be encouraged by the strong box-office performance of recent blockbuster releases, which we believe signals the long-term viability of the theater industry.

在本季度，我們的劇院客戶支付了約 99.6% 的合同租金，與第二季度 38% 的收款率相比有了顯著改善。我們繼續對近期大片的強勁票房表現感到鼓舞，我們認為這標誌著劇院行業的長期生存能力。

I was looking forward to the release of the James Bond film, No Time to Die, for months. And based on recent box-office numbers, so were many across the globe. We currently have 34 of our 79 theater assets on cash accounting with approximately $37 million of non-straight-line reserves on our balance sheet.

幾個月來，我一直期待著詹姆斯邦德電影《沒時間死》的上映。根據最近的票房數字，全球許多票房也是如此。目前，我們有 79 個劇院資產中的 34 個進行現金會計處理，資產負債表上有大約 3700 萬美元的非直線準備金。

Like our business strategy, our approach to evaluating when these 34 theater assets moved back's to an accrual basis and the appropriate time to reverse the allowance for bad debt reserves will be conservative and data driven. More specifically, we will assess the likelihood of collecting on these amounts by evaluating store-level and industry-wide data in conjunction with sustaining payments of past due rents over a healthy period of time.

與我們的業務戰略一樣，我們評估這 34 項影院資產何時恢復權責發生製以及撤銷壞賬準備金準備金的適當時間的方法將是保守的和數據驅動的。更具體地說，我們將通過評估商店級別和行業範圍的數據以及在健康的時期內維持支付逾期租金來評估收取這些金額的可能性。

As we continue to expand our platform, we will remain steadfast in prioritizing low leverage and a conservative balance sheet strategy while financing our growth initiatives with attractively priced capital.

隨著我們繼續擴展我們的平台，我們將繼續堅定地優先考慮低杠桿和保守的資產負債表策略，同時以具有吸引力的資本為我們的增長計劃提供資金。

At the quarter end, our net debt-to-adjusted-EBITDA ratio was 5x or 4.9x on a pro forma basis, adjusting for the annualized impact of acquisitions and dispositions during the quarter. Our fixed charge coverage ratio hit an all-time high for the third quarter in a row coming in at 6.1x. And during the quarter, we raised over $1.6 billion of equity, approximately $594 million, which was through an overnight offering that closed in July and the remainder primarily through our ATM program.

在本季度末，我們的淨債務與調整後 EBITDA 比率在備考基礎上為 5 倍或 4.9 倍，調整了本季度收購和處置的年化影響。我們的固定費用覆蓋率連續第三季度創下歷史新高，達到 6.1 倍。在本季度，我們籌集了超過 16 億美元的股權，約 5.94 億美元，這是通過 7 月結束的隔夜發行，其餘主要通過我們的 ATM 計劃。

During the quarter, we also issued our debut green bond offering, a $750 million multi-tranche, sterling-denominated unsecured bond offering, which priced at a blended yield of approximately 1.48% for an 8.8-year blended tenor. We look forward to continuing to partner with our clients around sustainable practices in accordance with our Green Financing Framework.

在本季度，我們還首次發行了綠色債券，這是一筆 7.5 億美元的多批次、以英鎊計價的無擔保債券，定價為 8.8 年混合期限的混合收益率約為 1.48%。我們期待根據我們的綠色融資框架繼續與我們的客戶圍繞可持續實踐開展合作。

And now I'd like to hand our call back to Sumit.

現在我想把我們的電話轉回給 Sumit。

Thank you, Christie. In summary, we are energized and pleased by the momentum we see across all areas of our business. We are proud to have closed the merger with VEREIT, and we expect the benefits of this transaction to be broad and lasting, enhancing our competitive advantages and generating shareholder value for years to come.

謝謝你，克里斯蒂。總之，我們對我們在所有業務領域看到的勢頭感到振奮和高興。我們很自豪能夠完成與 VEREIT 的合併，我們預計此次交易的好處將廣泛而持久，增強我們的競爭優勢並在未來幾年為股東創造價值。

Going forward, the possibilities of our business will be constrained by only our imagination. We look forward to continuing to execute on our strategic growth initiatives to strengthen our position as the global consolidator of the highly fragmented net lease space while providing our shareholders with compelling risk-adjusted returns over the long run.

展望未來，我們業務的可能性將僅限於我們的想像力。我們期待繼續執行我們的戰略增長計劃，以加強我們作為高度分散的淨租賃空間的全球整合者的地位，同時為我們的股東提供令人信服的風險調整後的長期回報。

At this time, I would like to open it up for any questions.

在這個時候，我想打開它來回答任何問題。

(Operator Instructions) Your first question comes from the line of Nate Crossett with Berenberg.

（操作員說明）您的第一個問題來自 Nate Crossett 和 Berenberg 的台詞。

Congrats on the merge.

恭喜合併。

Thanks, Nate.

謝謝，內特。

I appreciate the color on the pipeline. I was just -- maybe you could give a little bit more detail, just heading into the end of the year and into next year, what does the mix look like in terms of industrial versus retail, U.S. versus Europe? Was there a lot of overlap in the deal pipeline between VEREIT and O before the merge?

我很欣賞管道上的顏色。我只是 - 也許你可以提供更多細節，就在今年年底和明年之前，工業與零售、美國與歐洲的混合情況如何？在合併之前，VEREIT 和 O 之間的交易管道是否有很多重疊？

And then I'll ask my second question at the same time. Just if you can comment on pricing dynamics, U.S. versus Europe.

然後我會同時問我的第二個問題。只要您可以評論美國與歐洲的定價動態。

Thank you, Nate. Good questions. And yes, we are so happy to have the merger behind us.

謝謝你，內特。好問題。是的，我們很高興合併在我們身後。

In terms of the composition of the pipeline ahead, as well as what we've achieved, what we have -- we shared with the market that they should expect the international acquisition to represent about 1/3 of our acquisition volume going forward.

就未來管道的組成，以及我們已經取得的成就和我們擁有的而言，我們與市場分享了他們應該預計國際收購將占我們未來收購量的 1/3 左右。

In terms of pricing, surprisingly, when I looked at the spreads that we are generating, either here in the U.S. and comparing it to what we were able to do in Europe, they are very similar for this quarter. And in some quarters, we've seen that we were able to get slightly higher yields in the international markets. And in other quarters, it has been the opposite.

在定價方面，令人驚訝的是，當我查看我們在美國產生的價差並將其與我們在歐洲所做的比較時，它們在本季度非常相似。在某些方面，我們已經看到我們能夠在國際市場上獲得略高的收益。而在其他方面，情況恰恰相反。

So there's really -- the way we are thinking about our portfolio is through the macro lens that we've identified, what it is that is of interest to us. And the area that we play in, in Europe is slightly narrower, and it's a function of the product that's available than what we play in the U.S.

所以真的 - 我們考慮我們的投資組合的方式是通過我們已經確定的宏觀鏡頭，我們感興趣的是什麼。我們在歐洲玩的區域略窄，這是可用產品的一個功能，而不是我們在美國玩的。

In terms of retail versus industrial, as much as we would like to do more industrial, the pricing in this market keeps us fairly constraint to that 10%. On a good quarter, we are able to get to that 15%, 17% ZIP code. But that's the composition of the industrial makeup of the overall acquisition. The rest of it is primarily retail.

就零售與工業而言，儘管我們想做更多的工業，但這個市場的定價使我們相當受限於這 10%。在一個好的季度，我們能夠達到 15%、17% 的郵政編碼。但這就是整個收購的產業構成。其餘的主要是零售。

In terms of investment grade versus non-investment grade, we've said this in the past, and I'll repeat it again. When we look at credit and we do our own analysis, we don't go out saying, "If it's a non-investment-grade credit, we immediately disqualify it for consideration purposes." If you look at what we were able to achieve in the third quarter, only 38% of what we did was investment grade. So we are very comfortable looking at non-investment grade. And non-investment grade does not necessarily mean sub-investment grade. It just means that it doesn't have a rating from 1 of the 2 major rating agencies, and/or it might actually have a sub-investment grade rating. But we are very comfortable with that.

投資級與非投資級的區別，我們過去已經說過了，我再重複一遍。當我們查看信用並進行自己的分析時，我們不會說，“如果它是非投資級信用，我們會立即取消其資格以供考慮。”如果你看看我們在第三季度能夠實現的目標，我們所做的只有 38% 是投資級的。所以我們很樂意看到非投資級別。而非投資級別並不一定意味著次投資級別。這只是意味著它沒有來自 2 家主要評級機構中的 1 家的評級，和/或它實際上可能具有低於投資級別的評級。但我們對此非常滿意。

The last question that you had as a subpart to your first question was in terms of there being an overlap with what we are inheriting from VEREIT, and there really isn't much. There are certain acquisition opportunities that we would find VEREIT as a competitor, but they played in an area that we believe can truly be additive to our overall platform in the higher-yield side. And we are so blessed to inherit this team, and we are really looking forward to being able to completely integrate them into our acquisitions team and have them continue to pursue the transactions that they were pursuing and potentially not be constrained by the cost of capital.

作為第一個問題的子部分，您提出的最後一個問題是與我們從 VEREIT 繼承的內容有重疊，實際上並沒有太多。我們會發現 VEREIT 作為競爭對手有某些收購機會，但他們在一個我們認為可以真正增加我們整體平台的高收益方面的領域發揮作用。我們很幸運能夠繼承這個團隊，我們非常期待能夠將他們完全整合到我們的收購團隊中，讓他們繼續追求他們正在追求的交易，並且可能不受資金成本的限制。

So we genuinely believe that this is going to be an incremental to the acquisitions that we were able to achieve on a stand-alone basis.

因此，我們真誠地相信，這將是我們能夠在獨立基礎上實現的收購的增量。

And then with respect to pricing, I think I sort of addressed that through my spread comment. So Nate, I don't know if there's anything specific you want me to dive into.

然後關於定價，我想我通過我的傳播評論解決了這個問題。所以內特，我不知道你是否有什麼具體的事情想讓我深入研究。

No. That's all very helpful.

不，這一切都非常有幫助。

Your next question comes from the line of Greg McGinniss with Scotiabank.

您的下一個問題來自豐業銀行的 Greg McGinniss。

So thinking about the merger with VEREIT, where they have, I think, maybe fewer true triple-net leases, on average, than you guys do, what percent of leases, after the acquisition and spin, are truly triple net or will truly be triple net? And will you be looking to offload some of those non-triple-net leases?

因此，考慮與 VEREIT 的合併，我認為，平均而言，他們擁有的真正三網租賃可能比你們少，在收購和分拆之後，有多少百分比的租賃是真正的三網租賃或將真正成為三網？您是否會尋求卸載一些非三網租賃？

And then in general, just how should we be thinking about the level of dispositions versus the $5 billion or more of acquisitions in 2022?

然後總的來說，我們應該如何考慮處置水平與 2022 年 50 億美元或更多的收購？

Yes. Good questions, Greg. Look, I think the only area where I felt like they probably had non-triple-net leases was on the GSA side of the equation on the office portfolio that they had exposure to. Otherwise, largely, Greg, these are triple net leases.

是的。好問題，格雷格。看，我認為我覺得他們可能擁有非三重網租賃的唯一領域是他們所接觸的辦公室投資組合等式的 GSA 方面。否則，在很大程度上，格雷格，這些都是三重淨租賃。

And if you think about how this particular portfolio was put together, we'll be able to give you a lot more color once we've got it all integrated. But I'd be very surprised to find gross leases -- a preponderance of gross leases on the retail side and the industrial side of the equation.

而且，如果您考慮一下這個特定的產品組合是如何組合在一起的，那麼一旦我們將它們全部集成在一起，我們就可以為您提供更多的色彩。但我會非常驚訝地發現總租賃——在等式的零售方面和工業方面佔總租賃的優勢。

Obviously, industrial products, the landlord tends to be responsible for things like roof and structure, which one could argue is not a pure triple net lease, but that is largely the same case with respect to our portfolio as well. But the property maintenance is still the responsibility of the client, the property taxes. The insurances -- insurance on those buildings, that's still the responsibility of the clients. So we still view those as predominantly net leases.

顯然，對於工業產品，房東往往要對屋頂和結構之類的事情負責，有人可能會說這不是純粹的三重淨租賃，但就我們的投資組合而言，情況大致相同。但是物業維護仍然是客戶的責任，物業稅。保險——那些建築物的保險，這仍然是客戶的責任。所以我們仍然認為這些主要是淨租賃。

So with the separation of the office assets through the spin and the GSA leases, I think we are going to be largely a net lease portfolio, very similar to the one that we have. So I don't think that that's going to pose any major issues, Greg.

因此，通過旋轉和 GSA 租賃分離辦公資產，我認為我們將在很大程度上成為一個淨租賃組合，與我們擁有的非常相似。所以我認為這不會造成任何重大問題，格雷格。

Okay. Yes, I was just looking at their -- VEREIT's disclosure has 30% on the retail side, 40-something percent on the industrial side of double net. But I get your point on the level of obligation that's really entailing.

好的。是的，我只是在看他們的——VEREIT 的披露在零售方面有 30%，在雙網的工業方面有 40% 左右。但我明白你對真正需要的義務水平的看法。

And then in terms of the level of dispositions we should be thinking about whether there's a cleanup there or just in general versus the $5 billion of acquisitions?

然後就處置水平而言，我們應該考慮是否有清理或只是總體上與 50 億美元的收購相比？

Yes. So we've been doing about $100 million to $150 million. The odd year, we've gone past $200 million in dispositions on a stand-alone basis. We would like to inherit and really do a similar analysis on the portfolio that we are inheriting with VEREIT to see if that needs to be altered. A lot of the capital recycling that they were doing pre-merger was on the office side of the equation. And so I don't know if the number will dramatically increase beyond a leaner extrapolation of going -- adding another $10 billion, $14 billion of assets. So maybe the $150 million becomes $250 million, $275 million. But give us a quarter to digest this and filter it through our own asset management lens, and we'll be able to come back to you with a lot more precise indication. But we don't suspect that it's going to be dramatically different from the run rate that we were doing on a stand-alone basis.

是的。所以我們一直在做大約 1 億到 1.5 億美元。奇怪的一年，我們在獨立的基礎上進行了超過 2 億美元的處置。我們想繼承並真正對我們與 VEREIT 繼承的投資組合進行類似的分析，看看是否需要改變。他們在合併前進行的許多資本回收都在辦公室方面。所以我不知道這個數字是否會大大增加，超出更精簡的推斷——再增加 100 億美元，140 億美元的資產。所以也許 1.5 億美元變成 2.5 億美元，2.75 億美元。但是給我們四分之一的時間來消化這一點，並通過我們自己的資產管理鏡頭對其進行過濾，我們將能夠以更準確的指示回复您。但我們不懷疑它會與我們在獨立基礎上進行的運行速度有很大不同。

Okay. And then just one quick point of clarification on the $24 billion of source opportunities. You said 34% was international. Is that all of Europe? Or is that just U.K. and Spain for now?

好的。然後只是快速澄清一下 240 億美元的來源機會。你說 34% 是國際的。這就是整個歐洲嗎？還是現在只有英國和西班牙？

Primarily U.K. and Spain, but we are certainly looking at other geographies that we have identified as core to our expansion objectives, but it is primarily in the U.K. and in Spain.

主要是英國和西班牙，但我們肯定會關注我們認為是我們擴張目標核心的其他地區，但主要是在英國和西班牙。

So we could see that source number go up as you start looking?

因此，當您開始查找時，我們可以看到源編號上升？

More or less. As we start expanding, yes, you should expect that to go up.

或多或少。隨著我們開始擴張，是的，你應該期望它會上升。

Your next question comes from the line of Brad Heffern with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Brad Heffern。

On the acquisition guide for 2022, you've talked about how the VEREIT team is additive, but then the guide is the same, the same over $5 billion for 2022. So is that just beginning of your conservatism because there's limited visibility in the pipeline? Or how should we think about that?

在 2022 年的採購指南中，您已經談到了 VEREIT 團隊是如何增加的，但是指南是一樣的，2022 年將超過 50 億美元。這只是您的保守主義的開始，因為在管道中的可見性有限?或者我們應該怎麼想？

Look, what did we start this year with? It was right around $3.25 billion, then we went up to $4.5 billion. And now, we are above $5 billion. And we want to come out with numbers that we are -- we have a very high level of certainty associated with it. And as we start to develop our pipeline and visibility, we expect that number to go up. But we don't want to come out with a number that we feel like is overly aggressive coming out of the gate.

看，我們今年是從什麼開始的？大約是 32.5 億美元，然後我們增加到 45 億美元。現在，我們的資產超過 50 億美元。我們希望得出我們現在的數字——我們對此有非常高的確定性。隨著我們開始發展我們的管道和知名度，我們預計這個數字會上升。但我們不想拿出一個我們覺得過於激進的數字。

So this has been something that has been very important to us to be able to deliver to the market what we say we will deliver. And as such, you should consider this to be our initial guidance. And the hope is we can do better than that. And with time and as soon as we are in the next year, we hope to be able to get more precise around what the acquisition guidance will ultimately turn out to be.

因此，這對我們來說非常重要，因為我們能夠向市場交付我們所說的我們將交付的東西。因此，您應該將此視為我們的初步指導。希望我們能做得更好。隨著時間的推移，一旦我們在明年，我們希望能夠更準確地了解收購指導最終會變成什麼樣。

Okay. Makes sense. And maybe for you, Christie, also on the '22 guide. Is there anything in there that would be considered kind of onetime in nature, like maybe a reserve release from the theaters or anything like that, we need to take into account?

好的。說得通。也許對你來說，克里斯蒂，也在 '22 指南上。裡面有沒有什麼東西可以被認為是一次性的，比如劇院的儲備發行或類似的東西，我們需要考慮到？

Brad, there's nothing of a onetime nature, including reversal of the theater returns.

布拉德，沒有什麼是一次性的，包括劇院回歸的逆轉。

Your next question comes from the line of Haendel St. Juste with Mizuho.

您的下一個問題來自瑞穗的 Haendel St. Juste。

Sumit, I was intrigued by your comments. You mentioned inheriting a team that's experienced in acquiring high-yielding assets that will be added to your platform. And then you also mentioned being very comfortable with acquiring higher yields. So I was going to ask you if this quarter's 38% investment-grade volume was an anomaly, but it doesn't sound like it is. So maybe can you talk us through your thoughts on portfolio strategy with regards to high grade going forward and if you're signaling perhaps a slight shift in your overall thinking of portfolio strategy?

Sumit，我對你的評論很感興趣。您提到繼承了一個在獲取將添加到您的平台的高收益資產方面經驗豐富的團隊。然後你還提到對獲得更高的收益率非常滿意。所以我想問你本季度 38% 的投資級交易量是否異常，但聽起來並非如此。那麼，也許你能談談你對未來高等級投資組合策略的看法，以及你是否暗示你對投資組合策略的整體思維可能會發生輕微轉變？

I'm here to alleviate any confusion, Haendel. There are a lot of -- if you look at our top 10 clients, Haendel, we have Carrefour that shows up there. And Carrefour is a non-rated company. Yet, if you were to look at its balance sheet and you were to look at its credit metrics, it would imply a very strong investment-grade credit. But that does not show up in the 38% investment grade. So we've been playing in the area that we've identified coming out of the strategy sessions that we've alluded to in the past, and we feel -- sorry, it's actually Sainsbury's, not Carrefour. Carrefour is actually rated BBB.

我來這裡是為了減輕任何困惑，Haendel。有很多——如果你看看我們的前 10 名客戶，Haendel，我們有家樂福出現在那裡。家樂福是一家未評級的公司。然而，如果你查看它的資產負債表並查看它的信用指標，這將意味著非常強大的投資級信用。但這並沒有出現在 38% 的投資級別中。因此，我們一直在我們從過去提到的戰略會議中確定的領域進行比賽，我們感到 - 抱歉，實際上是塞恩斯伯里，而不是家樂福。家樂福實際上被評為 BBB。

So when we come out and we share with you the actual investment-grade numbers, it is truly an investment-grade rating by either S&P or Moody's. But we play across the spectrum. But we are so focused in the area that we've identified as our area of growth that -- are we as focused on some of the high-yielding product that our inherited team from VEREIT was focused on? Potentially not. Are we going to do everything that VEREIT was acquiring as a stand-alone company? Probably not.

因此，當我們出來並與您分享實際的投資級數字時，這確實是標準普爾或穆迪的投資級評級。但我們玩的範圍很廣。但我們如此專注於我們確定為我們的增長領域的領域——我們是否像我們從 VEREIT 繼承的團隊所關注的一些高收益產品一樣專注？可能不會。我們會做 VEREIT 作為一家獨立公司收購的所有事情嗎？可能不是。

But we are trying to create a team, and we truly believe the team to be complementary to ours, and now it's one team, that is going to be able to play across the credit spectrum and be able to truly be an incremental source of acquisitions for us going forward.

但是我們正在努力創建一個團隊，我們真的相信這個團隊可以與我們的團隊互補，現在它是一個團隊，它將能夠在信用範圍內發揮作用，並能夠真正成為收購的增量來源為我們前進。

So there will be quarters where we do more than 38%. In fact, we've done up to 50%, 60% of investment grade, and then there will be other quarters where we don't. So I don't want you to put too much weighting to this headline number of how much investment grade are we actually pursuing because, as I've said to you, that that's a by-product of our strategy, not what drives our strategy.

所以會有一些季度我們做的超過 38%。事實上，我們已經完成了高達 50%、60% 的投資級別，然後還有其他季度我們沒有。所以我不希望你對我們實際追求多少投資等級的標題數字過於重視，因為正如我對你所說的那樣，這是我們戰略的副產品，而不是推動我們戰略的因素.

Great. Appreciate the thoughts in clearing that up. Christie, not to beat a dead horse, but -- and we've talked about it over the last quarter or 2. It's been asked on the call today. And I guess I'm really still a little perplexed or still surprised that there hasn't been a recognition of revenues in the movie theater side. You pointed out a number of the positive industry dynamics that the industry is experiencing here. So is it just more time? And it sounds like, certainly, right now, there isn't any of that in your 2022 guidance. So just trying to square your comments with the, I guess, the lack of recognition or any sense of timing on that.

偉大的。欣賞清除它的想法。克里斯蒂，不是為了打敗一匹死馬，而是——我們在上一季度或第二季度討論過這個問題。今天的電話會議上有人問過這個問題。而且我想我真的有點困惑或仍然驚訝於電影院方面沒有承認收入。您指出了該行業正在經歷的一些積極的行業動態。那麼只是更多的時間嗎？聽起來，當然，現在，你的 2022 年指導中沒有任何內容。因此，我想只是試圖將您的評論與缺乏認可或任何時間感相提並論。

Sure, Haendel. It really -- I mean, in a nutshell, it really is timing. We did in the third quarter experienced payoffs according to our deferred arrangements, a handful of theater properties, and they're back on pool accounting. And we'll continue to evaluate on an asset-by-asset basis. And we still have remnants of COVID out there. We wanted to make sure that we're evaluating this, not only on an asset-by-asset basis, but also just in terms of what's happening from a macro perspective. So more time, and we'll be back to report to you.

當然，亨德爾。真的 - 我的意思是，簡而言之，它真的是時機。根據我們的延期安排，我們在第三季度確實獲得了回報，少數劇院資產，他們又回到了池會計上。我們將繼續按資產進行評估。而且我們仍然有COVID的殘留物。我們希望確保我們正在評估這一點，不僅是在逐個資產的基礎上，而且還只是從宏觀角度來看正在發生的事情。所以有更多的時間，我們會回來向你報告。

Your next question comes from the line of Caitlin Burrows with Goldman Sachs.

您的下一個問題來自高盛的 Caitlin Burrows。

Congrats on the merger and all the recent progress. Maybe digging a little deeper on the pipeline. I'm wondering if you can talk about the difference in what you're interested in abroad versus the U.S. I think you mentioned that the abroad pipeline might be a little bit more narrow.

祝賀合併和所有最近的進展。也許在管道上挖掘得更深一些。我想知道你是否可以談談你對國外和美國感興趣的區別。我想你提到國外的管道可能會更窄一些。

Yes, Caitlin. It's just not as developed -- I mean, partly, it's driven by being land constrained. You don't have as many freestanding triple-net opportunities in terms of various industries and various tenants playing in that space. Obviously, the size of the actual market is 2x what we have here in the U.S., but the number of industries that lend itself to sort of this triple-net concept are a bit narrower. We've already talked about grocery as being one of the areas that we'd like to focus in on. Home improvement is another area. But it is very unusual to find some of the other industries that we are exposed to on the retail side being available in Mainland Europe. And that's really the point I'm trying to make.

是的，凱特琳。它只是沒有那麼發達——我的意思是，部分原因是土地受限。就各個行業和不同租戶在該空間中發揮作用而言，您沒有那麼多獨立的三網機會。顯然，實際市場的規模是美國的 2 倍，但適合這種三網概念的行業數量要少一些。我們已經討論過食品雜貨是我們想要關注的領域之一。家裝是另一個領域。但是，我們在零售方面接觸到的其他一些行業在歐洲大陸出現是非常不尋常的。這就是我想要說明的重點。

This is not a constraining factor because I think we've put out some numbers, et cetera, sharing with you how much bigger the actual market is, the addressable market is in Europe that lends itself to net leasable investing. But it really is more of a -- it's just a narrow group of industries that play in that space.

這不是一個限制因素，因為我認為我們已經公佈了一些數字等，與您分享實際市場有多大，可尋址市場在歐洲，適合淨可出租投資。但它實際上更像是一個——它只是在那個領域發揮作用的一小部分行業。

Got it. Okay. And then given your larger size now, do you expect there to be any change in sourcing over the next year? And as a result of that, do you think there will be any meaningful change in your acquisition cap rates?

知道了。好的。然後鑑於您現在的規模更大，您是否預計明年採購會發生任何變化？因此，您認為您的收購上限率會有任何有意義的變化嗎？

I hope so. I absolutely believe that with the newly expanded team that includes folks from what was VEREIT, we will be able to increase our run rate on the acquisition front, and we will be able to cover the credit spectrum a lot more precisely and acutely than we were able to do on a stand-alone basis. And that should result in not only higher sourcing but getting more transactions over the finish line. And that is absolutely one of the levers that we hope will play out for us. And based on everything that we've seen and based on getting to know our new colleagues better, I absolutely believe that, that is going to play out next year and beyond. So -- but time will tell, but that is our expectation.

但願如此。我絕對相信，有了新擴展的團隊，其中包括來自 VEREIT 的人員，我們將能夠提高我們在收購方面的運行率，並且我們將能夠比以前更準確、更敏銳地覆蓋信用範圍能夠獨立完成。這不僅會導致更高的採購量，而且會在終點線獲得更多的交易。這絕對是我們希望為我們發揮作用的槓桿之一。基於我們所看到的一切，基於更好地了解我們的新同事，我絕對相信，明年及以後都會發揮作用。所以 - 但時間會證明一切，但這是我們的期望。

Your next question comes from the line of Ronald Kamdem with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Ronald Kamdem。

Congrats on the VEREIT merger.

祝賀 VEREIT 合併。

Thanks, Ronald.

謝謝，羅納德。

Just 2 quick ones from me. The first is just sort of going back to acquisitions, and I think you've talked about sort of a new $50 billion plus enterprise value, less concentration risk. There are just more opportunities that present themselves. So I guess the question is really, is the team doing anything organizationally different to try to source those deals? Or is the point that, historically, when those deals have come up, you've had to pass on them, but now you can take a look at it.

我只有 2 個快速的。第一個只是回到收購，我認為你已經談到了一種新的 500 億美元加上企業價值，減少集中風險。只有更多的機會出現。所以我想問題是真的，團隊是否在組織上做任何不同的事情來嘗試獲得這些交易？或者說，從歷史上看，當這些交易出現時，你必須將它們傳遞下去，但現在你可以看看它。

It wasn't that we were passing on deals, Ronald. It was more along the lines of if you look at some of our industry concentration, they were starting to creep to double-digit ZIP codes and somewhat beyond that. And the complementary nature of what we are inheriting from VEREIT, I believe, helps us on a couple of industries. If you look at a few of our largest industries, like convenience stores and groceries, et cetera, all of those concentrations on a pro forma basis is actually going to come down. And so it gives us more capacity to aggressively pursue opportunities that we are finding incredibly compelling to try to get over the finish line. So it just gives us more capacity. That's one.

羅納德，我們不是在傳遞交易。如果你看一下我們的一些行業集中度，它更像是，它們開始蔓延到兩位數的郵政編碼，甚至超出了這個範圍。我相信，我們從 VEREIT 繼承的互補性有助於我們在幾個行業。如果你看看我們一些最大的行業，比如便利店和雜貨店等，所有這些在備考基礎上的集中度實際上都會下降。因此，它讓我們更有能力積極尋求機會，我們發現這些機會令人難以置信地試圖越過終點線。所以它只是給了我們更多的容量。那是一個。

The second is being a much larger company, and this is a more recent phenomenon. I think 2 years ago, maybe a little bit longer than that, was the first time I heard of $1 billion sale-leaseback opportunity in our space, and it was on the retail side of the equation. And we've never heard of opportunities of that size. And even for us, if we had some prior exposure to the client, doing a $1 billion transaction, what's going to sort of start to push the concentration risk issue. And now being 1.3, 1.4x the size that we were, it is less of an issue. And the size of sale-leaseback opportunities that are now in play are $1 billion opportunities.

第二個是成為一家更大的公司，這是最近才出現的現象。我認為 2 年前，也許比那更長一點，是我第一次聽說在我們的領域有 10 億美元的售後回租機會，而且它是在零售方面。而且我們從未聽說過這種規模的機會。即使對我們來說，如果我們事先與客戶有過接觸，進行 10 億美元的交易，那麼將會開始推動集中風險問題。現在是我們原來的 1.3 倍、1.4 倍，這不是問題。現在正在發揮作用的售後回租機會的規模是 10 億美元。

Now we haven't really seen -- there have been announcements, but we haven't seen anything sort of yet over the finish line on that front. But that, to us, is exactly the type of transactions that we would like to be able to show up for and be able to do and be a single-point solution for some of our clients that we perhaps would not have been able to pursue in our previous version. And so I think that really is what we feel will be one of the biggest beneficiary.

現在我們還沒有真正看到 - 已經發布了公告，但我們還沒有看到任何超過那條終點線的東西。但是，對我們來說，這正是我們希望能夠展示並能夠做的交易類型，並且是我們可能無法追求的一些客戶的單點解決方案在我們以前的版本中。所以我認為這確實是我們認為最大的受益者之一。

And also proactively to go to some of these larger companies and be able to say -- and then for large companies, by definition, doing a $500 million sale leaseback doesn't really move the needle for them much. And so to be able to be a solution and provide multibillion-dollar sale-leaseback opportunities for them, I think, could be a lot more compelling.

並且還主動去這些大公司中，並且能夠說 - 然後對於大公司，根據定義，進行 5 億美元的售後回租並不能真正對他們產生太大影響。因此，我認為能夠成為一種解決方案並為他們提供數十億美元的售後回租機會可能會更具吸引力。

And so those are the types of things that we'd be able to pursue post this closing that we obviously thought a lot about in the past, and we have approached certain clients. But it was -- we were guided by what we were hearing in terms of what is really relevant for some of these folks.

所以這些是我們在結束後能夠追求的事情類型，我們顯然在過去考慮了很多，我們已經接觸了某些客戶。但它是 - 我們被我們所聽到的關於這些人中的一些人真正相關的內容所引導。

So I think, look, time will tell, but it certainly creates the platform for us to now be able to pursue some of these transactions which we were not able to as aggressively pursue in the past. Ronald?

所以我認為，看，時間會證明一切，但它確實為我們創造了一個平台，讓我們現在能夠進行一些我們過去無法積極進行的交易。羅納德?

Yes. Sorry about that. Great. My second question was just going to 2022 guidance. Obviously, I appreciate the transparency, and I can appreciate these are preliminary numbers. But when I think about the AFFO guidance range, can you maybe share what that assumes in terms of same-store rent growth and the assumptions for reserves for credit losses?

是的。對於那個很抱歉。偉大的。我的第二個問題是關於 2022 年的指導。顯然，我很欣賞這種透明度，我可以理解這些是初步數字。但是，當我考慮 AFFO 指導範圍時，您能否分享在同店租金增長和信用損失準備金的假設方面的假設？

Yes. We obviously gave you a couple of numbers when we came out with this. The point of coming up with a guidance at this point in the cycle, which is nontraditional for us, was largely driven by this acquisition that we did of VEREIT. And there was a lot of uncertainty around what does pro forma Realty Income really look like post separation of the office assets, and this was our attempt to sort of address that going forward.

是的。當我們提出這個問題時，我們顯然給了你幾個數字。在周期的這個階段提出指導意見，這對我們來說是非傳統的，很大程度上是由我們對 VEREIT 的收購推動的。在辦公室資產分離後，備考房地產收入真正看起來像什麼存在很多不確定性，這是我們試圖解決這個問題的嘗試。

And so in terms of the other ascensions like same-store rent and other inputs that go into the model, it is largely along the lines of what we've done in the past. And so you should -- and of course, as we learn more about the portfolio that we've acquired and we look out into the future, and we, more importantly, digest the $5 billion acquisition guidance that we have for this year, I think we'll be in a much better position to give you much more precise numbers on same-store growth, et cetera, et cetera. But for right now, you should assume it to be the 1% that we usually sort of point to.

因此，就同店租金和模型中的其他輸入等其他提升而言，它在很大程度上與我們過去所做的一致。所以你應該——當然，隨著我們更多地了解我們所收購的投資組合併展望未來，更重要的是，我們消化了今年 50 億美元的收購指導，我認為我們將處於更好的位置，可以為您提供更準確的同店增長數據等。但就目前而言，你應該假設它是我們通常指向的 1%。

Your next question comes from the line of Brent Dilts with UBS.

您的下一個問題來自 UBS 的 Brent Dilts。

Great. So look, I've just got a qualitative one at this point. But with the acquisitions in Spain during the quarter, could you talk about what you learned from the transaction? And just how does that impact your approach in Continental Europe going forward? I think in recent calls, you guys have spoken about just trying to learn the local markets, and there's a lot of nuance to it. So maybe you could just provide a little color around your experience there.

偉大的。所以看，我在這一點上剛剛得到了一個定性的。但是對於本季度在西班牙的收購，您能否談談您從交易中學到了什麼？這對您未來在歐洲大陸的做法有何影響？我認為在最近的電話會議中，你們談到了只是想了解當地市場，而且其中有很多細微差別。所以也許你可以在你那裡的體驗周圍提供一點顏色。

Sorry, are you asking us what is our filter of going into new markets? Is that the question, Brent?

抱歉，您是在問我們進入新市場的過濾器是什麼？是這個問題嗎，布倫特？

No. Sorry, Sumit. It's more just what did you learn specifically from the process itself as far as like nuance to the deal structures or the negotiations or just anything about the market that maybe you picked up.

不，對不起，蘇米特。更重要的是，您從流程本身中具體學到了什麼，例如交易結構或談判的細微差別，或者您可能了解的有關市場的任何事情。

Yes. Brent, I'll tell you very honestly, we did a lot of homework before we actually went into any particular market. We looked at transactions that have taken place in the past. We try to understand the nuances of the structure as we took into account the tax implications. So a lot of the homework was done prior to us actually engaging with potential clients or the advisory community to start to pursue transactions. So I would say that we weren't overly surprised by the structure of the deal that we've been able to get over the finish line.

是的。布倫特，我會很誠實地告訴你，在我們真正進入任何特定市場之前，我們做了很多功課。我們查看了過去發生的交易。在考慮稅收影響時，我們試圖了解結構的細微差別。因此，在我們真正與潛在客戶或諮詢社區接觸以開始進行交易之前，我們已經完成了很多功課。所以我想說，我們能夠通過終點線的交易結構並沒有讓我們過於驚訝。

The one thing that has surprised me, personally, and I don't know if Neil and Mark are going to share in my comment, but is the volume comment. I do believe that we have been able to create these relationships that have cemented to and have translated into subsequent transactions much more quickly than what we had originally thought. This is very much a relationship-driven market, which we anticipated, but not to the extent that we've seen it play out.

就個人而言，讓我感到驚訝的一件事，我不知道 Neil 和 Mark 是否會分享我的評論，但它是批量評論。我確實相信，我們已經能夠建立這些關係，這些關係已經鞏固並轉化為後續交易，速度比我們最初想像的要快得多。這是一個非常受關係驅動的市場，這是我們預期的，但還沒有達到我們所看到的程度。

They're looking for long-term partners. They're looking for partners that are not in the market to flip out assets, and that is right down the fairway for who we are and how we believe we're generating value for our investors long term.

他們正在尋找長期合作夥伴。他們正在尋找不在市場上出售資產的合作夥伴，而這正是我們是誰以及我們如何相信我們正在為我們的投資者長期創造價值的公平途徑。

The certainty of close to some is incredibly important, far more so than perhaps here in the U.S. It's not that certainty of close is not important, but they are much more price-sensitive here in the U.S. than perhaps in Continental Europe, as well as in the U.K. So reputation, size, scale, the fact that we do what we say does seem to be weighed a lot more significantly in all of Europe than what we had anticipated.

接近某些的確定性非常重要，遠比在美國重要得多。並不是說接近的確定性不重要，但它們在美國的價格敏感度可能比在歐洲大陸以及在英國 因此，聲譽、規模、規模以及我們言行一致這一事實在整個歐洲似乎比我們預期的要重要得多。

So that's where the surprise came in, not in terms of the duration of the lease or the cap rates or the growth that we find embedded in these leases. A lot of that was known to us before we went into these markets.

所以這就是驚喜出現的地方，而不是租賃期限或上限利率或我們發現這些租賃中嵌入的增長。在我們進入這些市場之前，我們已經知道了很多。

Your next question comes from the line of John Massocca with Ladenburg Thalmann.

您的下一個問題來自約翰·馬索卡（John Massocca）和拉登堡·塔爾曼（Ladenburg Thalmann）的台詞。

So just looking at kind of the leasing spreads on kind of renewals and kind of re-leasing of vacant assets, the third quarter, we kind of have been well above, I guess, what, even kind of recent historical level. Do you think that kind of above 100% recovery is sustainable here? Or is that maybe more a reflection of where we are in kind of the macroeconomic cycle given the pandemic?

因此，僅看看續租和空置資產再租賃的租賃利差，第三季度，我們已經遠遠高於，我猜，甚至是最近的歷史水平。您認為這種 100% 以上的恢復在這裡是否可持續？或者這可能更多地反映了我們在大流行的宏觀經濟周期中所處的位置？

John, that's a good question. And if you're asking me can we do positive 7% with next to no capital investments every quarter going forward, I think the answer is probably no. But I do think that over the last 8, 12 and even during the pandemic, the kind of re-leasing that we've been able to achieve without a bunch of capital investments is a testament to the quality of the portfolio that we have. But much more importantly, it's a testament to the asset management team under the tutelage of Janeen that we are able to generate these numbers.

約翰，這是個好問題。如果你問我，我們能否在未來每個季度幾乎沒有資本投資的情況下實現 7% 的正增長，我認為答案可能是否定的。但我確實認為，在過去 8 年、12 年甚至在大流行期間，我們能夠在沒有大量資本投資的情況下實現的那種再租賃證明了我們所擁有的投資組合的質量。但更重要的是，這證明了在 Janeen 指導下的資產管理團隊，我們能夠生成這些數字。

And so I feel like if you look at the trend and you look at what we've been able to do over the last 3, 4 years, we have generally achieved north of 100% re-leasing spreads. And this, by the way, includes not just clients who are renewing an option but also new clients that we are bringing in into either empty buildings or buildings that are about to go empty. So this is the complete picture of what we've been able to achieve.

所以我覺得，如果你看看趨勢，看看我們在過去 3、4 年裡所做的事情，我們通常已經實現了 100% 以上的再租賃利差。順便說一句，這不僅包括更新選項的客戶，還包括我們引入空置建築物或即將空置的建築物的新客戶。這就是我們能夠實現的目標的全貌。

And that is one of the points that we've been trying to talk about that our business on a normalized basis is going to become a 7-year vault business. And a lot of value is either going to get created through this channel or not. And we've been anticipating this and building out our asset management team in anticipation of being able to generate the kind of results that we are posting on a quarter-by-quarter basis.

這是我們一直試圖談論的要點之一，即我們的業務在正常化的基礎上將成為一項為期 7 年的保險庫業務。很多價值要么會通過這個渠道創造出來，要么不會。我們一直在預料到這一點，並建立了我們的資產管理團隊，以期能夠產生我們每季度發布的那種結果。

So we feel very good that we -- and we usually target about 100% every quarter, and we've been able to do far better than that. And I'll leave it at that.

因此，我們感覺非常好——我們通常每個季度的目標是 100%，而且我們能夠做得比這要好得多。我就這樣吧。

Okay. And then switching gears a little bit back to international, I think it's kind of maybe pre-pandemic if you look at kind of cap rates for the U.K. acquisitions versus the U.S., right? U.K. was always fairly significantly lower than U.S. acquisitions, and that spread has kind of disappeared. Both are kind of on top of each other in terms of kind of day 1 cap rate. So is that a factor, you think, of macroeconomic pushes and pulls, interest rates, et cetera? Or is that more reflective of different kind of investments that you're targeting, either internationally or here domestically?

好的。然後稍微轉回國際市場，我認為如果你看一下英國與美國的收購上限率，我認為這可能是大流行前的情況，對吧？英國的收購量總是大大低於美國的收購量，而且這種價差已經消失了。就第一天的上限利率而言，兩者都在彼此之上。那麼，您認為這是宏觀經濟推動和拉動、利率等因素的一個因素嗎？或者這是否更能反映您所針對的不同類型的投資，無論是國際還是國內？

It is certainly the latter. If you're looking at grocery businesses here in the U.S., there has been a tremendous amount of compression that we've seen on the cap rate side of the equation. And I would say that the U.S. market has moved more towards the U.K. market than the other way around. But there are differences to the lease structures, et cetera. And once again, I'm not going to go into the details. But what you see as the headline cap rate, yes, you're seeing that they seem to be very close. There are some inter-quarter variability. Like I believe in the second quarter, we had a slightly higher cap rate associated with international, and it was a function of the type of assets that we got and the length of the lease terms that we were able to achieve which translated to higher cap rates. But by and large, the spread which is -- which takes into account both the cap rate, as well as the cost of capital, is very similar right now, very, very similar in both these markets.

肯定是後者。如果您正在查看美國的雜貨業務，那麼我們在等式的上限利率方面已經看到了巨大的壓縮。我想說的是，美國市場更傾向於英國市場，而不是相反。但是租賃結構等方面存在差異。再一次，我不打算詳細介紹。但是你看到的標題上限率，是的，你看到它們似乎非常接近。存在一些季度間的變化。就像我在第二季度所相信的那樣，我們與國際相關的上限率略高，這是我們獲得的資產類型和我們能夠實現的租賃期限長短的函數，這轉化為更高的上限率。但總的來說，考慮到上限利率和資本成本的利差現在非常相似，在這兩個市場中非常非常相似。

But I do think it's partly driven by we are playing in a much narrower industry spectrum in Europe, and we have been doing a lot more industrial here in the U.S. And it sort of balances out, and it yields a number that you see as the headline number posted on our supplemental.

但我確實認為這部分是由於我們在歐洲的行業範圍要窄得多，而我們在美國的工業領域做得更多而且它有點平衡，它產生了一個你認為的數字標題編號張貼在我們的補充。

Your next question comes from the line of Wes Golladay with Baird.

您的下一個問題來自 Wes Golladay 和 Baird。

Quick question on the acquisition volume this year. When you look at what's driving the upside, is it more on the sale-leaseback side? Or is it developer takeouts, broker deals? I'm just trying to get a handle on where the deal is coming from.

關於今年收購量的快速問題。當您查看推動上漲的因素時，更多的是在售後回租方面嗎？還是開發商外賣、經紀人交易？我只是想弄清楚這筆交易的來源。

It's a combination of all forms of development. We are doing takeouts. We are doing -- we're actually financing 100% of developments. The one common thread is that, in the vast majority of the cases, there's a lease in hand. You might see that there's a retail asset where I think on the retail side, it was 93% occupied, and that's largely driven by a repositioning that we are doing. And we don't quite have the lease in hand for that one particular unit. But otherwise, it's all build to suit, but we play across the spectrum, providing all of the development funding as well as doing takeout.

它是所有形式發展的結合。我們正在做外賣。我們正在做——我們實際上正在為 100% 的開發項目提供資金。一個共同點是，在絕大多數情況下，手頭都有租約。你可能會看到我認為在零售方面有一個零售資產，它被佔用了 93%，這在很大程度上是由我們正在進行的重新定位推動的。而且我們手頭沒有那個特定單元的租約。但除此之外，一切都是為了適應，但我們在各個方面都發揮作用，提供所有的開發資金並進行外賣。

Okay. And then when we look to next year's guidance, you do have about $750 million of high coupon debt in 2022 that is due. Is it safe to assume that's not in the number or prepayment of that?

好的。然後，當我們查看明年的指引時，到 2022 年確實有大約 7.5 億美元的高息債務到期。可以安全地假設這不在數量或預付款中嗎？

I'll let Christie answer that.

我會讓克里斯蒂回答這個問題。

That's correct.

這是正確的。

Your next question comes from the line of Katy McConnell with Citi.

您的下一個問題來自花旗銀行的 Katy McConnell。

It's Michael Bilerman here with Katy. Sumit, I want to come back on sort of the pipeline, just coming back on the $5 billion for next year. And I think in your comments, you're trying to be conservative. It's early. You want to sort of see what the combination of the teams can do. But how did you come up with the $5 billion? You didn't pull it out of thin air. There has to have been some rigor to come up with that. So can you just walk through sort of the analysis that you went through to come up with that $5 billion?

是邁克爾·比勒曼和凱蒂在這裡。 Sumit，我想回到某種管道上，只是回到明年的 50 億美元。我認為在你的評論中，你試圖保守。現在還早。你想看看團隊的組合能做什麼。但是你是怎麼想出這 50 億美元的呢？你不是憑空拉出來的。必須有一定的嚴謹性才能提出這一點。那麼，您能否簡單介紹一下您為得出這 50 億美元而進行的分析？

Sure. Look, I think as we get more and more comfortable with the strategy that we are currently executing, Michael, it gives us a lot more confidence to be able to say, "Look, this is the product that we are seeing. This is the translation rate on that product on the sourcing numbers. We feel very comfortable, given the team and infrastructure we have in place, that we are going to be able to accomplish the numbers that we posted."

當然。看，我認為隨著我們對當前正在執行的策略越來越滿意，邁克爾，這讓我們更有信心能夠說，“看，這就是我們所看到的產品。這是"

This is -- this year was a very interesting year for us because we had a very healthy pipeline, just like we do today, coming into the year. But it was post pandemic, and we didn't quite know how things are going to play out. But we felt very good about coming in and saying $3.25 billion, which we have since revised a couple of times.

這是 - 今年對我們來說是非常有趣的一年，因為我們有一個非常健康的管道，就像我們今天一樣，進入這一年。但那是大流行之後，我們不太清楚事情會如何發展。但我們對進來並說 32.5 億美元感覺非常好，我們已經修改了幾次。

And so as we're getting more and more comfortable with the new markets that we are entering into, with the sourcing volumes that we are seeing, with the maturation of the team that we have in place, that's what is giving us the confidence.

因此，隨著我們對我們正在進入的新市場、我們所看到的採購量以及我們現有團隊的成熟越來越感到滿意，這就是給我們信心的原因。

In the beginning, I used to talk with my colleagues, and we would earmark about 20% to 25% international. Well, today, it's closer to 30%, 35%. We built out the team in the international side. We have a much more mature team and a fantastic team on the U.S. side. And now, we're going to inherit a group of veterans from this acquisition.

一開始，我和我的同事談過，我們會撥出大約 20% 到 25% 的國際資金。好吧，今天，它接近 30%、35%。我們在國際方面建立了團隊。我們在美國方面擁有一支更加成熟的團隊和一支出色的團隊。現在，我們將從這次收購中繼承一批退伍軍人。

So that's really the build-out that we've done internally, and we feel fairly confident about to come out and say, "Look, this year, we're going to do north of $5 billion. We should be able to do that with the level of visibility and 1 year behind us now in 2022." So that's how we came up with that math.

所以這真的是我們在內部進行的擴建，我們很有信心站出來說，“看，今年，我們將做 50 億美元以上。我們應該能夠做到這一點2022 年的知名度和我們落後一年。”所以這就是我們提出這個數學的方式。

I guess hearing that would sound extraordinarily conservative given all the arrows that you have in your quiver to be able to execute additional acquisitions, especially given your other comments about being a bigger company allows you to take on different risks, which, arguably, being a big company, if you went out and bid a $1 billion portfolio and then have $100 million of assets that you didn't want, well, $100 million or $50 billion ain't that much. How does that sort of play into your thinking about deal flow from here? And I think you and I talked a little bit about this, I don't know if it was last quarter or the quarter before, in terms of your willingness to now accept what previously was larger risks that you may be willing to take today in terms of either type of asset, location of asset, credit of tenant, all the variety of things that made you pass on deals before?

我想听到這聽起來會非常保守，因為你在你的箭袋中擁有能夠執行額外收購的所有箭頭，特別是考慮到你關於成為一家更大的公司的其他評論允許你承擔不同的風險，可以說，這是一個大公司，如果你出價 10 億美元的投資組合，然後擁有你不想要的 1 億美元資產，那麼 1 億美元或 500 億美元都不算多。從這裡開始，您對交易流程的思考如何？我想你和我談了一點，我不知道是上個季度還是上個季度，就你現在願意接受以前可能願意承擔的更大風險而言任何一種資產的條款、資產的位置、租戶的信用，以及之前讓你轉手交易的各種因素？

I hope what you're saying is exactly right. In a year from now, we have a number that is far in excess of the $5 billion that we are coming out with, Michael.

我希望你說的完全正確。邁克爾，從現在開始的一年後，我們的數字將遠遠超過我們提出的 50 億美元。

What we don't want to do is have a particular number dictate our decision-making. We want to come out -- and this is right along the lines of how we've operated the business. This is the largest acquisition volume number that we're going to be coming out with in our history.

我們不想做的是讓一個特定的數字決定我們的決策。我們想出來——這與我們經營業務的方式一致。這是我們歷史上最大的收購量。

You're right. This is by design that we've created all these avenues, and we should be increasing our guidance. And perhaps there is a level of conservatism, but we would like nothing better to come in, in February and revise our numbers and say, "You know what? We've had a chance to revisit and be able to come in with a high level of confidence, given all of these other new strategies that we are putting a lot more effort into, i.e., higher yielding, newer markets, being able to have 1 quarter under our belt in Spain, figuring out what we can or cannot do there." All of that, hopefully, will translate into higher numbers. So -- but this is where we feel that we don't want to overpromise and under deliver. And that's the reason why we're coming up with what we're coming out with.

你說得對。這是我們設計的所有這些途徑，我們應該增加我們的指導。也許存在一定程度的保守主義，但我們不希望在二月份出現更好的情況並修改我們的數據並說：“你知道嗎？我們有機會重新審視並能夠以高信心水平，考慮到我們正在投入更多努力的所有其他新戰略，即更高收益、更新的市場，能夠在西班牙擁有 1 個季度，弄清楚我們在那裡能做什麼或不能做什麼。”希望所有這些都將轉化為更高的數字。所以 - 但這是我們覺得我們不想過度承諾和交付不足的地方。這就是為什麼我們要提出我們要提出的內容的原因。

And then in terms of just from a corporate perspective, I've seen time that you're going to talk to large tenants that have a lot of real estate on their books. You are much better equipped today at your size to be able to do those elephant-hunting types of transactions. How active are you in going to those corporations that have the real estate on their books where you can do a direct deal on a much larger scale? And are those further along? And I guess do you have other capital partners? As we've seen, there's a lot of institutional capital that would love to get access to the type of portfolios and higher-yielding levered plays that you're doing. And so I'm just -- I'd like to know a little bit more on that front, whether we could expect that to be a much bigger part of the story.

然後僅從公司的角度來看，我已經看到您將與擁有大量房地產的大租戶交談的時間。今天，在你的規模下，你的裝備要好得多，能夠進行那些像大像一樣狩獵的交易。你在去那些賬面上有房地產的公司方面有多積極，你可以在那裡進行更大規模的直接交易？還有那些更進一步？我猜你還有其他資本合作夥伴嗎？正如我們所看到的，有很多機構資本很想獲得你正在做的投資組合類型和更高收益的槓桿交易。所以我只是 - 我想知道更多關於這方面的信息，我們是否可以期望這會成為故事中更大的一部分。

In the past, we had to consider partners when we were coming across these multibillion-dollar sale-leaseback opportunities. But I think the need for that has diminished post this acquisition. We had inbounds from investors who wanted to participate on these one-off transactions, larger transactions outside of the realm of the public eye. And we've largely stayed away from that because we felt like the transactions that we were actually seeing in the market that was near term, we could handle all on our own. So we haven't had to pursue a partnership very aggressively. And I think the need for that has diminished even more so now with this -- with pro forma for the VEREIT transaction. And I do believe that our willingness and desire to more actively pursue potential clients that we've talked about, that we might want to speak with and engage with is a lot higher today given that the concentration issues that we could have entered into are somewhat muted now.

過去，當我們遇到這些價值數十億美元的售後回租機會時，我們不得不考慮合作夥伴。但我認為在這次收購之後，這種需求已經減少。我們收到了想要參與這些一次性交易的投資者的入境，這些交易是公眾視野之外的更大交易。而且我們基本上沒有這樣做，因為我們覺得我們在市場上實際看到的近期交易，我們可以自己處理。因此，我們不必非常積極地尋求合作夥伴關係。而且我認為現在對這種情況的需求已經減少了 - 有了 VEREIT 交易的形式。而且我確實相信，鑑於我們可能已經進入的集中度問題在某種程度上，我們今天可能想要與之交談和參與的潛在客戶更積極地追求我們已經談論過的潛在客戶的意願和願望要高得多現在靜音。

And so I do think that those types of conversations are going to be a little bit more front and center in terms of what we do, and we are going to do it much more proactively. That's correct.

因此，我確實認為，就我們所做的事情而言，這些類型的對話將更加前沿和中心，我們將更加積極主動地進行。這是正確的。

Okay. And then the second topic, last topic is just about the office spin. Obviously, when you announced the transaction, there was a discussion about not having a plan in place to deal with those assets that you did want and be able to contribute the office assets on your balance sheet. And you said you were going to pursue 2 paths you'd have the spin as you're basically a backup option and you look at the sales process. Can you talk us through sort of what led you down the path of an office spin and thinking about the dissynergies from a G&A perspective, how you thought about the value that you would be delivering to combined shareholder base versus a sale and taking the cash. So why spin versus sale?

好的。然後是第二個話題，最後一個話題是關於辦公室旋轉。顯然，當您宣布交易時，有人討論過沒有製定計劃來處理您確實想要的那些資產並且能夠在資產負債表上貢獻辦公室資產。而且您說您將追求兩條路線，因為您基本上是備用選擇，並且您會查看銷售流程。你能告訴我們是什麼導致你走上辦公室旋轉的道路，並從 G&A 的角度思考不協同效應，你如何看待你將為合併的股東群提供的價值與出售和獲取現金。那麼為什麼旋轉與銷售呢？

Yes. So you should assume that when we discussed the separation of the office assets, we were very clear with the market that we are going to pursue either a spin or a sale, and we did. And where we concluded going through those 2 parallel paths was that the spin is a far better option given where we were coming out on the sales side than not, which is precisely why we decided to choose to go down the spinning of the office assets. Putting a team that was very familiar with all of those assets have been working very hard on asset managing those assets -- was very capable of creating value longer term.

是的。所以你應該假設，當我們討論辦公室資產的分離時，我們對市場非常清楚，我們將追求旋轉或出售，我們做到了。我們通過這兩條平行路徑得出的結論是，考慮到我們在銷售方面的表現，旋轉是一個更好的選擇，這正是我們決定選擇減少辦公資產旋轉的原因。組建一個非常熟悉所有這些資產的團隊一直在努力管理這些資產——非常有能力長期創造價值。

And what we -- the analysis that we went through was to say, "Okay. They have a thesis. It's a thesis that makes sense. There are some tailwinds in that particular subsector given the success that they've been able to achieve over the last couple of years. You look at that, and then you sort of see what they can do with this portfolio going forward." From an alternative perspective, this seems like the absolute right alternative for us to pursue, despite the fact that selling the assets would have been an easier step for Realty Income to take. But we did pursue both those efforts in parallel, and this is the path that, on a risk-adjusted basis, yielded the superior outcome for us. And that's the reason why we pursued it.

我們 - 我們經歷的分析是說，“好吧。他們有一個論點。這是一個有意義的論點。鑑於他們已經能夠取得的成功，該特定子行業有一些順風“過去幾年。你看看那個，然後你就會看到他們可以用這個投資組合做些什麼。”從另一個角度來看，這似乎是我們追求的絕對正確的選擇，儘管出售資產對 Realty Income 來說更容易採取。但我們確實同時進行了這兩項努力，這是在風險調整的基礎上為我們帶來卓越成果的道路。這就是我們追求它的原因。

Your next question comes from the line of Josh Dennerlein with Bank of America.

您的下一個問題來自美國銀行的 Josh Dennerlein。

Now with the VEREIT merger behind you, curious, you added a bunch of teammates. Any kind of skill set maybe that was brought in that would help you guys widen the aperture?

現在隨著 VEREIT 合併在您身後，好奇地，您添加了一堆隊友。有沒有什麼技能可以幫助你們擴大視野？

That's what we -- yes. Sorry, I didn't mean to interrupt. Go ahead.

這就是我們——是的。抱歉，我不是故意打斷的。前進。

No, no, please, please.

不，不，請，請。

That's what we've been adhering to, Josh, when we're talking about being able to have a team that is very capable of playing across the credit spectrum, for a lack of a better phrase, the higher-yielding assets, the lower-yielding assets and being able to cover that entire spectrum with a much broader team. That is one of the biggest advantages that we are inheriting from -- through this acquisition.

這就是我們一直堅持的，喬什，當我們談論能夠擁有一支非常有能力在信用範圍內發揮作用的球隊時，由於缺乏更好的措辭，收益率越高的資產越低- 產生資產並能夠通過更廣泛的團隊覆蓋整個範圍。這是我們通過這次收購繼承的最大優勢之一。

And there are other advantages of teammates that we are inheriting, not just on the acquisition front, but also on -- when we look at some of the data analytics work that we are planning on doing, some of the process reengineering work that we are doing. They have a few very talented folks in their team that will become part of some of these opportunities that we are already building out and executing upon and be able to be tremendously additive and help us accelerate some of these opportunities to the finish line and creating even more efficiency.

我們繼承了隊友的其他優勢，不僅在採購方面，而且在 - 當我們查看我們計劃進行的一些數據分析工作時，我們正在進行的一些流程再造工作正在做。他們的團隊中有一些非常有才華的人，他們將成為我們已經在構建和執行的這些機會中的一部分，並且能夠極大地增加並幫助我們將其中一些機會加速到終點線，甚至創造效率更高。

So it's really -- I am so proud of the team that we have inherited, and it's circa 100 people that will really help us become a complete team, and of course, help us absorb north of 3,000 properties, which is not a small feat.

所以真的——我為我們繼承的團隊感到非常自豪，大約 100 人將真正幫助我們成為一個完整的團隊，當然，幫助我們吸收 3,000 多處房產，這不是一個小壯舉.

Got it. And my other question, I guess, relates to dividend strategy going forward. Just kind of curious to hear your thoughts on maybe how the Board thinks about the payout ratio and retained earnings.

知道了。我想，我的另一個問題與未來的股息策略有關。只是想听聽您對董事會如何看待派息率和留存收益的看法。

So our payout ratio is in the high 70s today. We will always be The Monthly Dividend Company. It took us over 25 years to become part of the Dividend Aristocrat index -- the S&P 500 Dividend Aristocrat index. This is very core to our strategy going forward. And so in areas where we can grow 9.5% or 9.2% in the midpoint of the range that we've just shared with you, that will just continue to help us grow our dividends in the future. And that is -- there will be no change to that strategy of annual growth on the dividend going forward. So really, no change, Josh. But I just wanted to make sure, given that you asked a question that I emphasized how important core dividend growth is to Realty Income. And nothing that we've done, either recently or in the past, is going to change that.

因此，我們今天的派息率處於 70 年代的高位。我們將永遠是每月股息公司。我們花了超過 25 年的時間才成為股息貴族指數（標準普爾 500 股息貴族指數）的一部分。這是我們未來戰略的核心。因此，在我們剛剛與您分享的範圍的中點，我們可以增長 9.5% 或 9.2% 的領域，這將繼續幫助我們在未來增加股息。那就是 - 未來股息的年度增長戰略不會改變。所以真的，沒有改變，喬希。但我只是想確定一下，因為你問了一個問題，我強調了核心股息增長對房地產收入的重要性。無論是最近還是過去，我們所做的一切都不會改變這一點。

Your next question comes from the line of Linda Tsai with Jefferies.

您的下一個問題來自 Linda Tsai 與 Jefferies 的對話。

With 85% of your leases having some type of contractual rent increase, can you remind us what kind of increases you obtained on the European leases versus domestic? And then across the entire portfolio, going forward, what might be average rent increase look like versus what it is now.

鑑於您 85% 的租約都有某種類型的合同租金上漲，您能否提醒我們您在歐洲租約中獲得的漲幅與國內租約相比有哪些增長？然後在整個投資組合中，展望未來，平均租金增長與現在的情況相比如何。

Yes. Linda, I'm not going to give you precise information. I think it is of strategic importance to us to not be that precise on growth by geography. I will tell you that 85% of our leases have contractual growth. Either they are in the form of fixed growth or they are in the form of CPI adjustments or there are percentage rent clauses into the contract. So it's 1 of those 3 variations that make up the growth profile. You can continue to underwrite to a 1% same-store growth for our business going forward, and we will update you as and when warranted. But for right now, that is the assumption you should have for your models.

是的。琳達，我不會給你確切的信息。我認為對我們來說，按地域劃分的增長不那麼精確對我們具有戰略意義。我會告訴你，我們 85% 的租約都有合同增長。它們要么是固定增長的形式，要么是CPI調整的形式，或者合同中有百分比租金條款。因此，構成增長概況的是這 3 種變體中的 1 種。您可以繼續為我們未來的業務承保 1% 的同店增長，我們將在必要時為您更新。但就目前而言，這是您應該對模型進行的假設。

And then how should we think about the pace and mix of capital raising activity in 2022 as you move forward with a plus $5 billion acquisition run rate?

然後，隨著您以超過 50 億美元的收購運行率前進，我們應該如何考慮 2022 年融資活動的步伐和組合？

I think -- go ahead, Sumit.

我想——繼續吧，Sumit。

No, no, no. Please, Christie. Go ahead.

不不不。請，克里斯蒂。前進。

I'll just kick it off to say, I think, Linda, you can expect that to be consistent with our performance this year in funding our business and continuing to pursue a very competitive cost of capital while maintaining our net debt to EBITDA.

我只想說，我認為，琳達，你可以期望這與我們今年在為我們的業務提供資金並繼續追求極具競爭力的資本成本同時保持我們對 EBITDA 的淨債務的表現保持一致。

Your next question comes from the line of Chris Lucas with Capital One Securities.

您的下一個問題來自 Capital One Securities 的 Chris Lucas。

Really just 2. A lot of the questions have been asked and answered. But I guess just, Sumit, given the scale of the company at this point and where your credit rating is, I guess just curious as to your conversations with the rating agencies post merger, if you've gotten any flexibility or indication from them that you have more flexibility on your leverage side to maintain those very high credit ratings.

真的只有2。很多問題都被問到並得到了回答。但我猜只是，Sumit，考慮到公司目前的規模和你的信用評級，我想只是好奇你在合併後與評級機構的對話，如果你從他們那裡得到任何靈活性或暗示您在槓桿方面有更大的靈活性來維持那些非常高的信用評級。

I'll share the headline, but I'll let Christie speak to this point because she actually had the conversation, along with Jonathan, with the 2 credit rating agencies.

我將分享標題，但我會讓克里斯蒂談到這一點，因為她實際上與喬納森一起與兩家信用評級機構進行了對話。

They were very supportive. When we, in fact, went back after our third quarter announcements and spoke with them, they were, again, very complimentary. They saw the capital raising that we did and essentially front-loaded the funding of our acquisition pipeline. They continue to reaffirm their current stance of A-/A3 rating and a stable outlook.

他們非常支持。事實上，當我們在發布第三季度公告後返回並與他們交談時，他們再次非常恭維。他們看到了我們所做的融資，並且基本上預先為我們的收購渠道提供了資金。他們繼續重申其當前 A-/A3 評級的立場和穩定的前景。

So we feel like we -- of course, we're going to have 2 months of earnings associated with this closing but all of the balance sheet, day 1. So the numbers are going to look a little bit off. But on a pro forma basis for annualized earnings, it's going to be right where we play and where the rating agencies are incredibly comfortable.

所以我們覺得我們 - 當然，我們將有 2 個月的收益與此次收盤相關，但所有的資產負債表，第 1 天。所以這些數字看起來會有點偏離。但在年化收益的備考基礎上，這將是我們在哪裡玩，評級機構非常舒服的地方。

So I don't see us being put on any sort of a negative watch or what have you. We've tried to be very transparent. We've shared all the analysis with the rating agencies, and we feel very confident that they will continue to support us and maintain us at the current levels.

所以我不認為我們會受到任何負面的關注，或者你有什麼。我們試圖做到非常透明。我們已與評級機構分享了所有分析，我們非常有信心他們將繼續支持我們並將我們維持在當前水平。

Christie, do you have anything to add on?

克里斯蒂，你有什麼要補充的嗎？

I was just -- I was going to flip it the other way. I'm wondering whether the scale of the company and the diversification of the portfolio is going to allow you to do more leverage and keep the rating. That's really where I'm going with this.

我只是 - 我打算以另一種方式翻轉它。我想知道公司的規模和投資組合的多樣化是否會讓你發揮更大的槓桿作用並保持評級。這就是我要去的地方。

That's a good question, Chris. I don't know the answer to that, and it's very difficult to even enter into a hypothetical with the rating agencies about that particular scenario. They tend to be a bit of a black box. And we didn't change our leverage profile that -- when we were on this way up. And this, I think, lends credence to the comment you're making, Chris. But we can't expect that. And truth be told, we are very happy with A-/A3 rating, I think. I don't know what the incremental benefit would be getting to an A/A2 rating, but I don't know if it's going to be as significant as going from BBB+ to A-. But it's a good question and one that I think, now that you've asked, will pose to the rating agencies to figure out how they're going to think about this.

這是個好問題，克里斯。我不知道這個問題的答案，甚至很難與評級機構就該特定情況進行假設。它們往往有點像一個黑匣子。而且我們沒有改變我們的槓桿配置文件 - 當我們處於這種狀態時。我認為，這讓你的評論更加可信，克里斯。但我們不能指望這一點。說實話，我認為我們對 A-/A3 評級非常滿意。我不知道 A/A2 評級的增量收益是什麼，但我不知道它是否會像從 BBB+ 到 A- 一樣重要。但這是一個很好的問題，我認為，既然你已經問過了，它將向評級機構提出，以弄清楚他們將如何考慮這個問題。

And then just sort of a secondary question. When you think about how you want to finance your business, you mentioned, I guess, European rates are more attractive right now than the U.S. for financing. Would you think about financing at a higher level relative to asset base in Europe at this point than you do in the U.S. from a debt finance perspective? And how high would you go?

然後只是一個次要問題。當您考慮如何為您的企業融資時，您提到，我猜歐洲利率目前比美國更具吸引力。從債務融資的角度來看，您是否會考慮在歐洲的資產基礎上比您在美國的融資水平更高？你會去多高？

Yes. For us, Chris, we've been very clear about what the limiting factor has been for us in Europe. We want to use domestic capital to finance as much our acquisition as possible, but the limiting factor is always going to be the asset value. And so that's one of the biggest advantages that we have is we can raise debt in any geography. And in an environment where we see here in the U.S., there's a rising tenure, U.S. Treasury, not so much today, but expected. We could do a lot more on the unsecured side, assuming we continue to grow in the U.K. or in Mainland Europe as we grow out there.

是的。對我們來說，克里斯，我們非常清楚在歐洲限制我們的因素是什麼。我們希望盡可能多地利用國內資本為我們的收購提供資金，但限制因素始終是資產價值。因此，我們擁有的最大優勢之一就是我們可以在任何地區籌集債務。在我們在美國看到的環境中，美國財政部的任期正在上升，今天不是那麼多，而是預期的。假設我們繼續在英國或歐洲大陸發展，我們可以在無擔保方面做得更多。

But the constraining factor will always be what's on the left side of the balance sheet, and does it support the raising or not? But could it be more levered there than here in the U.S.? Absolutely. That's one of the big advantages of why we did what we did. And on a fully consolidated basis, which is how we think about our business, we are very comfortable in implementing that particular strategy.

但制約因素始終是資產負債表左側的內容，它是否支持加息？但那裡的槓桿率會比美國更高嗎？絕對地。這就是我們為什麼要做我們所做的事情的一大優勢。在完全整合的基礎上，這就是我們對業務的看法，我們非常樂意實施該特定戰略。

Your next question comes from the line of Spenser Allaway with Green Street.

您的下一個問題來自 Spenser Allaway 與 Green Street 的系列。

I know you guys spoke about development earlier. Can you maybe just more broadly talk about how the development economics vary between U.S. and Europe? And if possible, can you just provide some color around what kind of yields you're expecting on the one U.K. development you have underway?

我知道你們之前談到了發展。您能否更廣泛地談談美國和歐洲之間的發展經濟學如何變化？如果可能的話，您能否就您正在進行的一項英國開發項目的預期收益提供一些顏色？

Spenser, we're going to stay away from speaking about specific transactions. We just don't do that. And then I'm going to be asked to remember of the 400 properties that we acquired, what is the cap rate on the 388th property? It's just going to be impossible. That's really the reason why we are staying away from being very precise about specific transactions, and we try to report it to you on a fully consolidated basis.

Spenser，我們不會談論具體的交易。我們只是不這樣做。然後我會被要求記住我們收購的 400 處房產，第 388 處房產的上限利率是多少？這將是不可能的。這就是我們避免對特定交易非常精確的原因，我們試圖在完全合併的基礎上向您報告。

There is no doubt that we are able to get slightly higher yield on development projects than we would on assets that are ready for delivery. And that could range. It could range anywhere between -- and by the way, that has compressed. But it could range anywhere between 25 basis points to, on the odd occasion, maybe 75, 80 basis points. It used to be north of 100 basis points not too long ago.

毫無疑問，與準備交付的資產相比，我們能夠在開發項目中獲得略高的收益。這可能是范圍。它的範圍可能介於兩者之間 - 順便說一句，它已經壓縮了。但它的範圍可能在 25 個基點到 75、80 個基點之間。不久前它曾經超過 100 個基點。

But for us, we are a yield-driven business. Every incremental yield is a positive for us. Spenser. So I do believe that, in our supplement, we do provide that level of clarity. We do break out what the development yields are, and so you should be able to track that as part of our overall acquisition volume and how much of it is attributable to the development funding. And you will see that it's definitely higher than what we are actually acquiring assets, and that's just a testament to our relationships and being able to sort of balance out the overall portfolio. And that strategy will continue to play out.

但對我們來說，我們是一家以收益為導向的企業。每一個增量收益對我們來說都是積極的。斯賓塞。所以我確實相信，在我們的補充中，我們確實提供了這種清晰程度。我們確實列出了開發收益是多少，因此您應該能夠將其作為我們整體收購量的一部分以及其中有多少歸因於開發資金。你會看到它肯定比我們實際收購的資產要高，這只是證明我們的關係和能夠平衡整體投資組合。這種策略將繼續發揮作用。

This concludes the question-and-answer portion of Realty Income's conference call. I will now turn the call over to Sumit Roy for concluding remarks.

Realty Income 電話會議的問答部分到此結束。我現在將把電話轉給 Sumit Roy 做總結髮言。

Thank you, everyone, for coming, and we look forward to seeing a lot of you at NAREIT. Goodbye.

謝謝大家的到來，我們期待在 NAREIT 見到很多人。再見。