Realty Income Corp (O) 2021 Q4 法說會逐字稿

Good morning. My name is Chris, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Realty Income's Fourth Quarter and Year-end 2021 Operating (technical difficulty). (Operator Instructions)

早上好。我的名字是克里斯，今天我將成為您的會議接線員。在此，歡迎大家來到Realty Income 2021年第四季度和年終運營（技術難度）。 （操作員說明）

Thank you. Julie Hasselwander, Senior Manager, Investor Relations at Realty Income. You may begin.

謝謝你。 Realty Income 投資者關係高級經理 Julie Hasselwander。你可以開始了。

Thank you all for joining us today for Realty Income's Fourth Quarter and 2021 Year-End 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. During this conference call, we will make certain statements that may be considered forward-looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in any forward-looking statements.

感謝大家今天參加 Realty Income 的第四季度和 2021 年年底運營業績電話會議。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。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，這些陳述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。

We will disclose in greater detail the factors that may cause such differences in the company's Form 10-K. (Operator Instructions).

我們將在公司的 10-K 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. As I reflect on the past year at Realty Income, I remain inspired by the dedication of our colleagues who continue to relentlessly pursue numerous profitable growth initiatives while contributing to a record year of acquisitions for our company.

謝謝，朱莉。歡迎大家。當我回顧 Realty Income 過去的一年時，我仍然受到同事們的奉獻精神的鼓舞，他們繼續不懈地追求眾多盈利性增長計劃，同時為我們公司創紀錄的收購年做出了貢獻。

During the fourth quarter, we closed on the merger with VEREIT, welcoming many talented new colleagues that will further help drive our ambitious goals while amplifying our competitive position in the industry.

在第四季度，我們完成了與 VEREIT 的合併，歡迎了許多才華橫溢的新同事，他們將進一步幫助我們實現雄心勃勃的目標，同時擴大我們在行業中的競爭地位。

We are committed to a seamless and successful transition as we collectively work to integrate our one team, processes and systems. We remain on track to achieve over 75% of our annualized G&A cost synergies in year 1 post merger, as we outlined upon announcing the merger in April of last year. Specifically, we have achieved over $42 million of our $37.5 million targeted synergies in year 1, representing full year 2022, with over $50 million in G&A synergies expected in year 2, representing full year 2023.

我們致力於實現無縫和成功的過渡，因為我們共同努力整合我們的一個團隊、流程和系統。正如我們在去年 4 月宣布合併時所概述的那樣，我們仍有望在合併後的第一年實現 75% 以上的年度 G&A 成本協同效應。具體來說，我們在第一年（即 2022 年全年）實現了 3750 萬美元的目標協同效應中的超過 4200 萬美元，預計在第二年（即 2023 年）實現超過 5000 萬美元的 G&A 協同效應。

Also, I continue to be impressed by the talent and dedication of our new team members as we work to integrate our 2 platforms and further strengthen our one team. And while we creatively bring together the best practices of VEREIT and Realty Income with our integration efforts to productively scale our operations, I'm encouraged by our integration work completed to date and our journey ahead.

此外，我繼續對我們新團隊成員的才能和奉獻精神印象深刻，因為我們正在努力整合我們的兩個平台並進一步加強我們的一個團隊。雖然我們創造性地將 VEREIT 和 Realty Income 的最佳實踐與我們的整合工作相結合，以有效地擴展我們的業務，但我對迄今為止完成的整合工作和我們前進的旅程感到鼓舞。

Beyond the merger, our business set a quarterly record for investment volume in the fourth quarter. During the quarter, we strengthened our foothold in Spain through additional high-quality acquisitions, including our second acquisition of properties leased to a key partner in Carrefour, one of the world's leading grocery retailers.

除了合併之外，我們的業務在第四季度的投資額也創下了季度記錄。在本季度，我們通過額外的高質量收購加強了在西班牙的立足點，包括我們第二次收購租賃給世界領先雜貨零售商之一家樂福的主要合作夥伴的物業。

Our strategic expansion into Continental Europe meaningfully increases our total addressable universe, as we estimate the total addressable market in Europe to be $8 trillion, nearly double that of the U.S. We expect our investment activity in Europe to continue contributing to our competitive cost of capital as we look to further hedge our currency risk with debt priced at meaningfully lower yields than in the U.S.

我們向歐洲大陸的戰略擴張顯著增加了我們的總目標市場，因為我們估計歐洲的總目標市場為 8 萬億美元，幾乎是美國的兩倍我們希望通過收益率明顯低於美國的債券來進一步對沖我們的貨幣風險

Looking forward, we are well positioned to continue creating value by capitalizing on our portable competitive advantages globally to deliver favorable risk-adjusted returns for our shareholders. With regards to recent developments, as previously disclosed this month, we announced our intent to acquire the Encore Boston Harbor, the East Coast's leading integrated resort and casino located less than 5 miles from downtown Boston. The $1.7 billion acquisition is being consummated at a 5.9% cash cap rate with a 30-year initial lease term.

展望未來，我們有能力通過利用我們在全球的便攜競爭優勢繼續創造價值，為我們的股東提供有利的風險調整後回報。關於最近的發展，正如本月之前披露的那樣，我們宣布有意收購距離波士頓市中心不到 5 英里的東海岸領先的綜合度假村和賭場 Encore Boston Harbour。這筆 17 億美元的收購將以 5.9% 的現金上限率完成，初始租期為 30 年。

The property represents our first investment in the gaming industry and would represent less than 3.5% of our pro forma annual rent. While the property type is new, the lens we use to pursue the merits of the transaction is not. Our investment strategy centers around partnership with best-in-class operators occupying high-quality real estate locations, which is particularly important when entering a new business vertical and geography. We followed this strategy with the Diageo sale leaseback in 2010 when executing our first transaction in the Vineyard space, with the Sainsbury's sale leaseback in 2019 when expanding our business internationally. And more recently, with the Carrefour sale leaseback when we entered into Spain last year.

該物業是我們在博彩業的第一筆投資，將占我們備考年租金的不到 3.5%。雖然物業類型是新的，但我們用來追求交易價值的鏡頭卻不是。我們的投資策略圍繞與占據優質房地產位置的一流運營商合作，這在進入新的垂直業務和地理區域時尤為重要。我們在 2010 年執行我們在葡萄園空間的第一筆交易時採用帝亞吉歐售後回租這一策略，在 2019 年擴展我們的國際業務時，我們採用了塞恩斯伯里的售後回租。最近，當我們去年進入西班牙時，家樂福出售回租。

Our debut transaction in the gaming industry with Wynn Resorts represents the same commitment to partnering with the premier leaders in the respective industries together with a commitment to our overall investment strategy. The Encore Boston Harbor acquisition will add further diversification to our industry and client roster. After closing this transaction, we expect Wynn Resorts will become 1 of our top 10 clients. Our capacity to pursue and absorb a transaction of this size with a single client was supported by the enhanced size and scale that we gained through the VEREIT merger. And it is a testament to our ability to complete large-scale transactions without significantly impacting our prudent portfolio diversification metrics.

我們與永利度假村在博彩業的首次交易代表了與各自行業的主要領導者合作的同樣承諾，以及對我們整體投資戰略的承諾。收購 Encore Boston Harbor 將進一步豐富我們的行業和客戶名單。完成本次交易後，我們預計永利度假村將成為我們十大客戶之一。我們通過 VEREIT 合併獲得的更大規模和規模支持了我們與單一客戶進行和吸收這種規模交易的能力。這證明了我們在不顯著影響我們謹慎的投資組合多元化指標的情況下完成大規模交易的能力。

The Encore Boston Harbor transaction meets our key investment criteria and illustrates that our investment opportunity set is not constrained by a particular property type. The merits of this transaction are first, the real estate. We're acquiring 3.1 million square feet of high-quality real estate strategically located on the banks of the Mystic River. After opening in 2019, the property is still ramping but already generates $210 million in annual EBITDAR, resulting in 2.1x rent coverage initially.

Encore Boston Harbor 交易符合我們的主要投資標準，並說明我們的投資機會集不受特定物業類型的限制。這筆交易的好處首先是房地產。我們正在收購 310 萬平方英尺的優質房地產，戰略性地位於神秘河岸邊。在 2019 年開業後，該物業仍在增長，但已產生 2.1 億美元的年度 EBITDAR，最初的租金覆蓋率為 2.1 倍。

Second, the client lease. We are entering into a 30-year triple net lease with attractive annual rent escalators at 1.75% annually for the first 10 years and the greater of 1.75% or CPI thereafter capped at 2.5%. Wynn Resorts is one of the largest premier gaming operators in the U.S. with an enterprise value of approximately $20 billion. They maintain a healthy balance sheet, moderate leverage and significant liquidity.

二是客戶租賃。我們正在簽訂一份為期 30 年的三重淨租約，前 10 年每年租金自動扶梯為 1.75%，此後 1.75% 或 CPI 以較高者為上限，上限為 2.5%。永利度假村是美國最大的頂級博彩運營商之一，企業價值約為 200 億美元。他們保持健康的資產負債表、適度的槓桿和大量的流動性。

Third, the industry performance. The gaming industry in the U.S. has recovered to pre-COVID levels. And in Massachusetts, gaming revenues grew 17% in the fourth quarter of 2021 as compared to the fourth quarter of 2019, outperforming the aggregate regional gaming market that grew 8% during the same time frame. Pending regulatory procedures, we expect to close the transaction in the fourth quarter of 2022. Craig and his team have been a pleasure to work with, and we are pleased to cultivate this new relationship with Wynn Resorts as we expand our universe of net lease investments across many industries.

三是行業表現。美國的遊戲業已恢復到 COVID 之前的水平。在馬薩諸塞州，與 2019 年第四季度相比，2021 年第四季度的博彩收入增長了 17%，超過了同期增長 8% 的總體區域博彩市場。等待監管程序，我們預計將在 2022 年第四季度完成交易。克雷格和他的團隊很高興與我們合作，我們很高興與永利度假村建立這種新的關係，因為我們擴大了我們的淨租賃投資範圍橫跨多個行業。

Now turning to the results for the quarter. We are pleased with the continued strength of our core operations. We ended the quarter with our portfolio at 98.5% occupancy based on property count. Bolstered by the inherent quality of our real estate and enhanced by the proactive efforts of our talented and experienced asset management team, we re-leased 232 leases this quarter, recapturing 101.8% of expiring rent and bringing our full year 2021 recapture rate to 103.4%.

現在轉向本季度的結果。我們對核心業務的持續實力感到滿意。根據物業數量，我們的投資組合在本季度結束時的入住率為 98.5%。憑藉我們房地產的內在品質，以及我們才華橫溢且經驗豐富的資產管理團隊的積極努力，我們本季度重新出租了 232 份租賃，收回了 101.8% 的到期租金，使我們 2021 年全年的收回率達到 103.4% .

Since our public listing in 1994, we have executed over 4,100 re-leases or sales on expiring leases, recapturing over 100% of rent on those re-leased contracts. We continue to report our quarterly recapture rates and believe this is one of the most objective ways to measure underlying portfolio quality in the net lease industry and is a testament to the merit of our asset management team.

自 1994 年公開上市以來，我們已經執行了超過 4,100 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。我們繼續報告我們的季度回收率，並相信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，並且證明了我們資產管理團隊的優點。

After closing the VEREIT merger, we look forward with an enhanced key competitive advantage of size and scale. With an enterprise value of more than $57 billion, our portfolio now includes over 11,100 properties leased to approximately 1,040 clients in the United States and Europe across a diversified set of 60 distinct industries.

完成 VEREIT 合併後，我們期待在規模和規模方面增強關鍵競爭優勢。我們的企業價值超過 570 億美元，現在我們的投資組合包括 11,100 多處房產，這些房產已出租給美國和歐洲的約 1,040 名客戶，涉及 60 個不同的行業。

Our total portfolio annualized contractual rent increased by over 50% since the end of the third quarter, ending the year at over $2.9 billion. With our expanded size and scale, we have greater client and industry diversification, which further improves our competitive positioning to pursue large portfolio or sale-leaseback transactions in the fragmented net lease industry and be a one-stop solution for multibillion-dollar opportunities.

自第三季度末以來，我們的總投資組合年化合同租金增長了 50% 以上，年底超過 29 億美元。隨著我們規模和規模的擴大，我們擁有更大的客戶和行業多元化，這進一步提高了我們在分散的淨租賃行業中追求大型投資組合或售後回租交易的競爭地位，並成為數十億美元機會的一站式解決方案。

Since the end of the third quarter, our top 10 client concentration has decreased to 29.1% from 34.8%, and we believe it represents one of the highest quality portfolios in the net lease industry. Additionally, our top industry concentration has decreased, creating additional investment capacity. Our top 5 industries now comprise 40% of our annualized contractual rent compared to over 43% at the end of the third quarter and a top industry exposure, which includes convenience stores and grocery stores have declined meaningfully.

自第三季度末以來，我們的前 10 大客戶集中度已從 34.8% 降至 29.1%，我們認為這是淨租賃行業中質量最高的投資組合之一。此外，我們的頂級行業集中度有所下降，創造了額外的投資能力。我們的前 5 大行業現在占我們年化合同租金的 40%，而第三季度末超過 43%，包括便利店和雜貨店在內的頂級行業風險顯著下降。

With the growth in concentration of our targeted industries, theater and health and fitness industry concentrations have naturally declined. In terms of the casual dining contribution from our VEREIT merger, the majority of their concentration is with Red Lobster that has experienced improved operating performance is now owned by Thai Union an established strong financial sponsor.

隨著我們目標行業集中度的提高，劇院和健康健身行業的集中度自然下降。就我們 VEREIT 合併對休閒餐飲的貢獻而言，他們主要集中在經營業績有所改善的 Red Lobster，現在由已建立的強大財務贊助商 Thai Union 所有。

Our international geographic concentration also declined pursuant to our VEREIT transaction, providing further room to achieve profitable growth in Europe and beyond.

根據我們的 VEREIT 交易，我們的國際地理集中度也有所下降，為在歐洲及其他地區實現盈利增長提供了進一步的空間。

We have already started to see the benefits of our expanded platform through increased sourcing and acquisition volume. In 2021, we sourced approximately $84.5 billion of acquisition opportunities and approximately 39% was sourced from international markets. Reflecting our stringent investment criteria, we closed on approximately 8% of the total opportunities, bringing our total 2021 property level acquisitions to $6.4 billion, an annual record for our company. Of the $6.4 billion invested in 2021, over 40% or approximately $2.6 billion was invested during the fourth quarter.

通過增加採購和收購量，我們已經開始看到我們擴展平台的好處。 2021 年，我們獲得了約 845 億美元的收購機會，其中約 39% 來自國際市場。反映我們嚴格的投資標準，我們關閉了大約 8% 的總機會，使我們 2021 年的房地產級收購總額達到 64 億美元，創下我們公司的年度記錄。在 2021 年投資的 64 億美元中，第四季度投資了超過 40% 或約 26 億美元。

Over $1 billion of our volume in the fourth quarter was the result of international investments, bringing our total international portfolio to nearly $4.3 billion of invested capital at the end of the year. We believe the market is efficient, and we're experiencing a competitive environment for high-quality assets leased to strong operators. Accordingly, the quality of our acquisition is reflected in our average initial cash cap rate during the fourth quarter of 5.4% and 5.5% for the year.

第四季度超過 10 億美元的交易量來自國際投資，到年底，我們的國際投資組合總額達到近 43 億美元。我們相信市場是有效的，我們正在經歷一個向實力雄厚的運營商出租高質量資產的競爭環境。因此，我們收購的質量反映在我們第四季度的平均初始現金上限率為 5.4% 和全年 5.5%。

The largest industries represented in our fourth quarter acquisition were European grocery stores and U.S. automotive services, which represent a continued investment in industries well positioned to perform in a variety of economic cycles, given its necessity-based retail proposition for consumers.

我們第四季度收購的最大行業是歐洲雜貨店和美國汽車服務業，鑑於其面向消費者的基於需求的零售主張，它們代表了對在各種經濟周期中表現良好的行業的持續投資。

The weighted average remaining lease term of assets added to our portfolio during the quarter was 14.2 years. We continue to generate healthy investment spreads of approximately 140 basis points during the quarter and 150 basis points during the year, consistent with our historical average, while acquiring, in our view, the highest quality product in the marketplace.

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 14.2 年。我們繼續在本季度和年內產生約 140 個基點和 150 個基點的健康投資利差，與我們的歷史平均水平一致，同時我們認為，我們獲得了市場上最優質的產品。

Inflation has been an important topic to investors in the last few months. I want to emphasize that we believe our business is, by design, well positioned to drive shareholder value in this climate.

在過去的幾個月裡，通貨膨脹一直是投資者關注的一個重要話題。我想強調的是，我們相信我們的業務在設計上處於有利地位，可以在這種環境下推動股東價值。

From a balance sheet perspective, having a well-staggered fixed-rate debt maturity schedule with no corporate bond maturities until 2024, limits our debt refinancing risk in a potentially rising rate environment. And we believe we actually benefit from an inflationary environment given our lease expiration schedule and our proven ability to recapture more than the value of expiring rent upon re-leasing.

從資產負債表的角度來看，在 2024 年之前沒有公司債券到期的固定利率債務到期時間表錯綜複雜，這限制了我們在利率可能上升的環境中的債務再融資風險。而且我們相信，鑑於我們的租約到期時間表以及我們在重新租賃時收回超過到期租金價值的證明能力，我們實際上受益於通貨膨脹環境。

Finally, the value of our business is largely tied to current income as a recurring cash flow vehicle, which makes the value proposition of owning realty income comparatively more attractive during inflationary periods, as compared to other sectors in the marketplace whose value is [high to] growth in future years.

最後，我們業務的價值在很大程度上與作為經常性現金流工具的當前收入掛鉤，這使得擁有房地產收入的價值主張在通貨膨脹期間相對更具吸引力，與市場上其他價值 [high to ] 未來幾年的增長。

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. We continue to prioritize a conservative balance sheet structure while procuring attractively priced capital.

謝謝你，蘇米特。我們繼續優先考慮保守的資產負債表結構，同時採購具有吸引力的資本。

During the quarter, our capital markets activity was highlighted by the issuance of over $1.7 billion of equity, primarily through our ATM program, which enabled us to simultaneously complete the VEREIT merger and finance a record quarter for acquisitions while finishing the year within our targeted leverage parameters. As we emphasized when we announced the merger in April, we intended to close the transaction in a leverage-neutral manner relative to our target leverage level, which we are pleased to have accomplished.

在本季度，主要通過我們的 ATM 計劃發行了超過 17 億美元的股權，突出了我們的資本市場活動，這使我們能夠同時完成 VEREIT 合併並為創紀錄的季度收購融資，同時在我們的目標槓桿範圍內完成這一年參數。正如我們在 4 月份宣布合併時所強調的那樣，我們打算以相對於我們的目標槓桿水平的槓桿中性方式完成交易，我們很高興已經完成。

One of the benefits of our enhanced size and scale is daily trading liquidity in our stock that provides us with the ability to issue significant amounts of equity through the ATM in a cost-efficient manner without disrupting the market price of our stock.

我們擴大規模和規模的好處之一是我們股票的日常交易流動性，這使我們能夠以具有成本效益的方式通過 ATM 發行大量股票，而不會擾亂我們股票的市場價格。

As a result, we entered 2022 from a position of strength with a net debt to annualized pro forma adjusted EBITDAR of 5.3x. Subsequent to year-end, we issued [$500 million] in sterling-denominated senior unsecured notes, pricing 5-year and 20-year notes at a blended all-in yield of 2.28%, with a weighted average term of 12.5 years.

因此，我們從淨債務的強勢地位進入 2022 年，年化備考調整後 EBITDAR 為 5.3 倍。年底後，我們發行了 [5 億美元] 以英鎊計價的高級無抵押票據，以 2.28% 的混合綜合收益率定價 5 年期和 20 年期票據，加權平均期限為 12.5 年。

This was the third sterling-denominated debt offering we have priced in the last 16 months, and we could not be more appreciative of the support we have received from the Sterling fixed income investor base.

這是我們在過去 16 個月中定價的第三次以英鎊計價的債券發行，我們非常感謝我們從英鎊固定收益投資者群中獲得的支持。

Moving on to the financial results for the quarter. In fourth quarter, our business generated $0.94 of AFFO per share, supported by our healthy portfolio, closing of the VEREIT merger, strong acquisition pace and collection of almost 100% of contractual rent during the fourth quarter. Going forward, we will no longer be providing COVID-19 disclosures as we believe portfolio operating performance has returned to pre-pandemic levels in terms of overall collection.

繼續本季度的財務業績。在第四季度，我們的業務產生了每股 0.94 美元的 AFFO，這得益於我們健康的投資組合、VEREIT 合併的完成、強勁的收購步伐以及第四季度近 100% 的合同租金收取。展望未來，我們將不再提供 COVID-19 披露，因為我們認為投資組合的運營業績在整體收集方面已恢復到大流行前的水平。

In 2021, our business generated $3.59 of AFFO per share, finishing near the high end of guidance and representing 5.9% annual growth. Given the health of our portfolio and our active global investment pipeline, we remain comfortable with our previously announced 2022 AFFO per share guidance of $3.84 to $3.97, representing 8.8% annual growth at the midpoint.

2021 年，我們的業務產生了每股 3.59 美元的 AFFO，接近指引的高端，年增長率為 5.9%。鑑於我們投資組合的健康狀況和我們活躍的全球投資渠道，我們仍然對我們先前宣布的 2022 年 AFFO 每股 3.84 美元至 3.97 美元的指導感到滿意，中點年增長率為 8.8%。

Realty Income was founded on the principles of income generation and capital preservation. We remain committed to delivering monthly dividends that increase over time as part of a consistently attractive total shareholder return proposition. In December, we were pleased to have increased our dividend by 5.1% as compared to the same period last year. The increase in the dividend was intended to share with our shareholders, the accretion from the recently closed VEREIT merger, together with continued earnings accretion that we were able to generate throughout the year from our business.

Realty Income 建立在創收和保本的原則之上。作為始終具有吸引力的總股東回報主張的一部分，我們仍然致力於提供隨著時間的推移而增加的每月股息。 12 月，我們很高興股息比去年同期增加了 5.1%。股息的增加旨在與我們的股東分享最近完成的 VEREIT 合併所帶來的收益，以及我們全年能夠從我們的業務中產生的持續收益增長。

We have now increased the dividend 114x since our 1994 listing and remain proud to be 1 of only 3 REITs in the S&P 500 Dividend Aristocrats Index for having raised our dividend for at least 25 consecutive years.

自 1994 年上市以來，我們現已將股息提高了 114 倍，並且仍然自豪地成為標準普爾 500 股息貴族指數中僅有的 3 只 REIT 中的一隻，因為我們至少連續 25 年提高了股息。

Now I would like to hand the call back to Sumit.

現在我想將電話轉回給 Sumit。

Thank you, Christie. We remain humbled by our collective accomplishments in 2021, including the completion of the merger, but also with the strength of our full year results and our attention now turns to the path forward.

謝謝你，克里斯蒂。我們仍然為 2021 年的集體成就（包括合併的完成）感到謙卑，但我們的全年業績和我們的注意力現在轉向前進的道路。

Realty Income has a bright outlook for 2022 and beyond, and we look forward to continuing to build a strong and resilient platform as we embrace the opportunities that lie ahead. As we enter a new year of possibilities, we remain steadfast in our purpose of building enduring relationships and brighter financial futures, while relentlessly pursuing ways to provide shareholders with attractive risk-adjusted returns over the long run.

Realty Income 對 2022 年及以後的前景一片光明，我們期待在迎接未來機遇的同時，繼續建立一個強大而有彈性的平台。隨著我們進入充滿可能性的新一年，我們將堅定不移地建立持久的關係和更光明的金融未來，同時不懈地尋求為股東提供具有吸引力的長期風險調整回報的方法。

At this time, I'd 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) Our first question is from Brad Heffern with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Brad Heffern。

Can you talk quickly about how you got comfortable with the risk profile of the Wynn acquisition? Obviously, it's a very large single asset. There are some different regulatory risks involved. So do you see that as being fully compensated for by the higher cap rate and the higher escalators?

您能快速談談您對永利收購的風險狀況感到滿意嗎？顯然，這是一個非常大的單一資產。涉及一些不同的監管風險。那麼，您是否認為更高的上限率和更高的自動扶梯可以完全彌補這一點？

Yes. The short answer, Brad, is yes, we do. For us, our thesis is quite simple. We want to try to partner with the best-in-class operators and get the premier assets that they operate. If you look at the Boston Harbor asset, it is the premier superregional asset in the United States. If you look at the coverage, and this is an asset that is still not fully stabilized. It's at 2.1x. If you think about Wynn, they are an S&P 500 company that is arguably the best operator in the space. If you look at regional gaming and compare it to the volatility associated with the strip, it tends to be a lot less volatile.

是的。簡短的回答，布拉德，是的，我們願意。對我們來說，我們的論文很簡單。我們希望嘗試與一流的運營商合作，並獲得他們運營的一流資產。如果您查看波士頓港資產，它是美國首屈一指的超區域資產。如果您查看覆蓋範圍，這是一項仍未完全穩定的資產。它是 2.1 倍。如果你想想永利，他們是一家標準普爾 500 指數公司，可以說是該領域最好的運營商。如果您查看區域遊戲並將其與與地帶相關的波動性進行比較，它的波動性往往要小得多。

And more specifically, if you look at the Massachusetts market, which has grown at almost 18% in the fourth quarter of 2021. Even compared to the national average on the gaming side, it was almost 2x that.

更具體地說，如果您看一下馬薩諸塞州市場，該市場在 2021 年第四季度增長了近 18%。即使與遊戲方面的全國平均水平相比，也幾乎是該市場的 2 倍。

If you look at the actual asset itself and you see what we've paid for the asset and compare it to what was actually invested in the asset, and these are all public numbers, you'll start to get very comfortable with the fact that we feel very comfortable about what we've paid in terms of replacement cost.

如果您查看實際資產本身，您會看到我們為該資產支付的費用並將其與實際投資於該資產的金額進行比較，這些都是公開數字，您會開始對以下事實感到非常滿意我們對我們支付的重置成本感到非常滿意。

And we've been very open with the market with respect to our desire to continue to explore new avenues of growth and this is one that completely fits that profile of trying to partner with the best-in-class operators and trying to add best-in-class real estate to our portfolio.

我們一直對市場非常開放，希望繼續探索新的增長途徑，這完全符合我們試圖與一流運營商合作並試圖增加最佳——一流的房地產到我們的投資組合。

If you look at the lease structure, it's a 30-year lease with growth that is in excess of what we are able to generate on the rest of the portfolio. And those are the reasons why we felt this was the right opportunity for us to sort of enter into the gaming space, with the right operator as a partner and with the right asset.

如果你看一下租賃結構，它是一個 30 年的租賃，其增長超過了我們能夠在其餘投資組合中產生的增長。這就是為什麼我們認為這是我們進入遊戲領域的正確機會，有合適的運營商作為合作夥伴並擁有合適的資產。

Okay. And sticking with Wynn, if you did another transaction with them of the same size, obviously, that would likely make them the #1 client. So how do you think about the future of gaming? Is it likely that we'll see another transaction with Wynn? Is it likely that we'll see another one with another operator?

好的。並且堅持使用永利，如果您與他們進行相同規模的另一筆交易，顯然，這可能會使他們成為第一大客戶。那麼你如何看待遊戲的未來呢？我們是否可能會看到與永利的另一筆交易？我們是否有可能會看到另一位運營商與另一位運營商合作？

Look, we did our first transaction in this particular space. So we are very hopeful that we can continue to grow this area. And as long as we feel like we can structure transactions for the right properties with the right operators, we are very happy to grow this area of our business. We've been very open with the market about playing across the risk spectrum with regards to yield, and yield for us is a proxy for the risk associated with it.

看，我們在這個特定的空間做了我們的第一筆交易。因此，我們非常希望我們能夠繼續發展這一領域。只要我們覺得我們可以與合適的運營商構建合適的房產交易，我們就很高興在這個領域發展我們的業務。我們對市場在收益率方面的風險範圍內進行交易持非常開放的態度，而收益率對我們來說是與之相關的風險的代表。

And if we feel like on a risk-adjusted basis, we're able to grow our portfolio even within gaming, we'll be very happy to do so. We continue to talk about how important partnerships are for us and Wynn is that. It's a long-term partner. And in the event they decide that they would like to pursue other transactions, we would like to be there for them and continue to grow our exposure to gaming and in particular, our exposure to Wynn.

如果我們覺得在風險調整的基礎上，即使在遊戲中我們也能夠擴大我們的投資組合，我們會很樂意這樣做。我們繼續談論合作夥伴關係對我們的重要性，而永利就是這樣。這是一個長期的合作夥伴。如果他們決定進行其他交易，我們願意為他們服務，並繼續增加我們對遊戲的曝光率，特別是我們對永利的曝光率。

The next question is from Nate Crossett with Berenberg.

下一個問題來自貝倫伯格的 Nate Crossett。

Maybe just following up on those questions a bit. Can you tell us anything about -- was this a competitive bid process? How many bidders? How many rounds? And then I'm assuming there's no other gaming assets in the pipeline right now, but is there a way you could confirm or deny that?

也許只是跟進這些問題。你能告訴我們什麼——這是一個競爭性的投標過程嗎？有多少投標人？幾輪？然後我假設現在沒有其他遊戲資產在籌備中，但有沒有辦法可以確認或否認這一點？

I'm not going to answer your second question. But the first one, there was no process. This is -- like we said, we emphasize relationship above all else. And we wanted to partner with Wynn. And this came about through a conversation that started towards the end of last year. And so there were no rounds. There were no other folks. It was purely a relationship-driven transaction.

我不會回答你的第二個問題。但是第一個，沒有過程。這是 - 正如我們所說，我們強調關係高於一切。我們想與永利合作。這是通過去年年底開始的一次對話實現的。所以沒有回合。沒有其他人。這純粹是一個關係驅動的交易。

Okay. Interesting. Maybe just a question on pricing more broadly. Cap rates continue to come down. I think the commentary across the space is that there remains a lot of pressure there, even with funding costs kind of going up. So what are you kind of seeing, I guess, in your pipeline right now? And what's kind of your expectation, I guess, for the numerator side of the equation this year?

好的。有趣的。也許只是一個更廣泛的定價問題。上限利率繼續下降。我認為整個領域的評論是，即使資金成本有所上升，那裡仍然存在很大壓力。那麼，我猜，你現在在你的管道中看到了什麼？我猜你對今年等式的分子有什麼期望？

Yes. That's a very interesting question, Nate. We continue to see a very aggressive cap rate market, especially for the type of products that we are pursuing. We would have thought that given the fact that we've been in this -- expectation of higher inflation, higher interest rate environment that would start to sort of percolate into the rest of the acquisitions market, we haven't seen that yet.

是的。這是一個非常有趣的問題，內特。我們繼續看到一個非常激進的上限利率市場，特別是對於我們正在追求的產品類型。我們會認為，鑑於我們一直處於這種情況——預期更高的通脹、更高的利率環境將開始滲透到收購市場的其他部分，我們還沒有看到這種情況。

Now history would suggest that cap rates do tend to adjust, especially if some of these increases become more than just an expectation. But at least the current market situation is one where we are not seeing even a stabilization of the cap rate, we continue to see downward pressure.

現在歷史表明，上限利率確實傾向於調整，特別是如果其中一些增長不僅僅是一種預期。但至少目前的市場情況是我們甚至沒有看到上限利率穩定下來，我們繼續看到下行壓力。

And this is where being able to partner and lean on relationships, et cetera, is going to allow us to potentially get that 5, 10, 15 basis points above market. And that is the hope. But I do think that in the next 6 months to 9 months when interest rates do rise, that cap rates will follow suit. This is a phenomenon that we have seen played out in the past, and there is no expectation that it's not going to play out, but we don't see that currently.

這就是能夠合作和依靠關係等等的地方，這將使我們有可能獲得比市場高出 5、10、15 個基點的機會。這就是希望。但我確實認為，在未來 6 個月到 9 個月利率確實上升時，上限利率也會隨之上升。這是我們過去看到的一種現象，我們不期望它不會發生，但我們目前看不到。

In terms of what are we underwriting for the rest of the year? Our hope is that it is slightly above where we ended up last year, but we can't guarantee that. Our pipeline is incredibly robust with, again, opportunities that we love. And like I said, at least in the current market, we are not seeing cap rates move.

就今年剩餘時間我們將承保什麼而言？我們希望它略高於我們去年的最終結果，但我們不能保證。我們的管道非常強大，再次擁有我們喜歡的機會。就像我說的那樣，至少在目前的市場上，我們沒有看到上限利率發生變化。

The one point I will add, and I think I covered that in my prepared remarks is the fact that we have inherited a team that was very used to focusing on the higher yielding side of the market. And that's part of our business. And that particular team has already started to produce results, above and beyond what we were being able to do premerger. And so could we see that help us on being able to achieve slightly higher cap rates? Potentially, but it's still too early to tell. But that is a team that is -- has hit the ground running and is performing as we had expected, and it's great to have them as part of the broader team.

我要補充的一點，我想我在準備好的評論中已經提到了這樣一個事實，即我們繼承了一支非常習慣於專注於市場高收益方面的團隊。這是我們業務的一部分。那個特定的團隊已經開始產生結果，超出了我們在合併前所能做的。那麼我們能否看到這有助於我們實現略高的上限利率？有可能，但現在說還為時過早。但那是一支已經開始運轉並且表現如我們預期的團隊，很高興讓他們成為更廣泛團隊的一部分。

The next question is from Greg McGinniss with Scotiabank.

下一個問題來自 Scotiabank 的 Greg McGinniss。

You're going to hear Encore a bit more here. Hope you don't mind. Just curious how you went about getting expertise on the gaming space that was necessary for underwriting this new vertical? And then who from the team is getting licensed to allow for the acquisition in Massachusetts?

你會在這裡聽到更多的安可。希望你不要介意。只是好奇你是如何獲得遊戲領域的專業知識來支持這個新的垂直領域的？那麼團隊中的誰獲得了在馬薩諸塞州進行收購的許可？

Greg, like a lot of things. We are so blessed to have a set of colleagues who are capable of understanding a new industry, are capable of underwriting the risk associated with that particular industry. And the fact that a lot of us have come from previous backgrounds that lends itself to a much wider realm of industry focus than what we were doing here at Realty Income also allows us greater confidence.

格雷格，喜歡很多東西。我們很幸運擁有一群能夠理解一個新行業、能夠承擔與該特定行業相關的風險的同事。事實上，我們中的很多人都來自以前的背景，這使得我們能夠比我們在 Realty Income 所做的更廣泛的行業關注領域，這也讓我們更有信心。

The fact that we partnered with Wynn and to work with Craig and his team, that tool allowed us to continue to refine our thesis around the risks associated with this business. And we are very comfortable that we have underwritten this particular opportunity appropriately. And we have leaned on experts where needed and also obviously leaned a lot on our own research department that continues to be the best-in-class in my opinion, across the street.

事實上，我們與 Wynn 合作並與 Craig 及其團隊合作，該工具使我們能夠繼續圍繞與該業務相關的風險完善我們的論點。我們很高興我們已經適當地承保了這個特殊的機會。我們在需要的地方依賴專家，顯然也非常依賴我們自己的研究部門，在我看來，該部門在我看來仍然是一流的，就在街對面。

And that's how we got very comfortable with this new vertical that we are pursuing and more specifically with the operator that we have partnered with over the long term.

這就是我們對我們正在追求的這個新的垂直領域，更具體地說是與我們長期合作的運營商感到非常滿意的原因。

In terms of your second question with regards to who's going to go through the licensing process? Too early to tell. I know Michelle, our General Counsel and Chief Legal Officer, is working very closely with the MCG and is trying to figure the answers to those questions. But I don't have a precise answer on that for you yet.

關於你的第二個問題，誰將通過許可程序？說得太早了。我知道我們的總法律顧問兼首席法務官 Michelle 正在與 MCG 密切合作，並試圖找出這些問題的答案。但我還沒有給你一個準確的答案。

Okay. And then Craig Billings mentioned that in terms of the deal only achievable due to the unique way the Realty being structured, are you able to further elaborate on that comment? And then also, why are you comfortable not requiring the CapEx minimum where the gaming REITs do typically require one?

好的。然後克雷格·比林斯（Craig Billings）提到，由於房地產結構的獨特方式，這筆交易只能實現，您能否進一步詳細說明該評論？然後，您為什麼不要求遊戲房地產投資信託基金通常需要的最低資本支出？

Yes. Again, this was very important to Craig and his team. The fact that we were able to create a bespoke lease that works for them and works for us was very important to both partners. And for us, we are not in the habit of going out there and essentially copying leases that our precedents within this space. We approach this as a relationship, and we try to address what their pressure points were. We try to understand what causes those pressure points. And therefore, came up with a very bespoke lease that works for our partner at Wynn and works for us.

是的。同樣，這對 Craig 和他的團隊來說非常重要。我們能夠創建適合他們和我們的定制租約這一事實對雙方都非常重要。對我們來說，我們沒有走出去基本上複製我們在這個領域的先例的租約的習慣。我們將其視為一種關係，並試圖解決他們的壓力點。我們試圖了解導致這些壓力點的原因。因此，提出了一個非常定制的租約，適用於我們在永利的合作夥伴，也適用於我們。

With respect to minimum capital requirements, et cetera, we feel like the entire brand of Wynn is associated with their investments in their properties. And you don't have to take my words for it. You just -- you can go and actually visit the property and see for yourself what I mean when I say that. And the fact that we don't have that specifically outlined in the lease is one that we were very comfortable with. Plus there are other protections that supported to us through the gaming licenses that you get in the Massachusetts.

關於最低資本要求等，我們認為永利的整個品牌都與他們對其物業的投資有關。你不必相信我的話。你只是 - 你可以去實際參觀該物業，親眼看看我所說的意思。而且我們沒有在租約中特別列出這一事實，這是我們非常滿意的一個事實。此外，您在馬薩諸塞州獲得的遊戲許可證還支持我們提供其他保護。

And so we feel like looking at it holistically, we are very well protected. Partnering with somebody like Wynn who invests in their properties above and beyond what most other operators do plus certain other provisions that we could lean on I think, gave us the comfort and allowed us to partner with them because that was a pressure point for them. So we are very, very comfortable with where we ended up. And we were glad we could do it and structure it so that Craig and his team were very comfortable moving forward.

所以我們覺得從整體上看，我們得到了很好的保護。與像永利這樣的人合作，他們投資的房產超出了大多數其他運營商的做法，加上我們可以依賴的某些其他條款，我認為這給了我們安慰，讓我們能夠與他們合作，因為這對他們來說是一個壓力點。所以我們對最終的結果非常非常滿意。我們很高興我們能夠做到這一點並構建它，以便克雷格和他的團隊能夠非常輕鬆地向前推進。

The next question is from Caitlin Burrows with Goldman Sachs.

下一個問題來自高盛的 Caitlin Burrows。

Maybe moving to a different topic. Sumit, you mentioned earlier that lower-cost European debt helps to support investment activity in Europe. However, taxes do seem to be another piece to consider. So just wondering if you could give an update on how you consider the tax impact on your decision to acquire in the U.S. versus abroad?

也許轉移到另一個話題。 Sumit，您之前提到低成本的歐洲債務有助於支持歐洲的投資活動。然而，稅收似乎確實是另一個需要考慮的因素。所以只是想知道您是否可以提供有關您如何考慮稅收對您在美國與國外進行收購的決定的影響的最新信息？

Yes, Caitlin. That is certainly a cost of doing business in Europe and one that we take into account when we are underwriting assets and looking at long-term return profiles of opportunities that we ultimately end up pursuing.

是的，凱特琳。這當然是在歐洲開展業務的成本，也是我們在承銷資產和查看我們最終追求的機會的長期回報概況時考慮的成本。

And one of the ways we try to protect ourselves is by essentially match funding with local denominated currency these acquisitions, which is why if you look at it, the international portfolio on a stand-alone basis, you will find that we have raised a lot more debt to finance that business while not compromising obviously, on a fully consolidated basis, the overall leverage profile of our business.

我們試圖保護自己的方法之一是通過這些收購將資金與當地計價貨幣進行基本匹配，這就是為什麼如果你看一下獨立的國際投資組合，你會發現我們已經籌集了很多資金更多的債務來為該業務提供資金，同時在完全合併的基礎上不明顯損害我們業務的整體槓桿狀況。

And the interest expense associated with that debt is a natural hedge and a natural protection to minimize the effective tax rate that we end up paying. So that's a very important point in our capital strategy of how we want to continue to grow our European business.

與該債務相關的利息費用是一種自然對沖和自然保護，以最大限度地減少我們最終支付的有效稅率。因此，這是我們希望如何繼續發展歐洲業務的資本戰略中非常重要的一點。

Having said that, it is true that the cost of debt in Europe, even in this increasing rate environment, continues to be less than what we can achieve here in the U.S. Today, I would say, if you were to look at a 10-year unsecured, it's probably in the 3.1%, 3.2% ZIP code for us. Whereas we can probably get 2.8%, 2.7-ish percent in the U.K. and 1.9%, potentially even slightly less in Mainland Europe in terms of 10-year unsecured bond. So that's what I meant when I said that our cost of capital is very portable and the advantages that accrue to us due to this cost of capital and our ratings essentially, gets inflated when we are able to take advantage of markets such as Mainland Europe and the U.K. So that's the strategy, and that's what we feel most comfortable with.

話雖如此，歐洲的債務成本確實，即使在這種利率上升的環境中，仍然低於我們今天在美國所能達到的水平，我想說，如果你看一下 10-一年無擔保，對我們來說可能在 3.1%、3.2% 的郵政編碼中。而對於 10 年期無擔保債券，我們可能會在英國獲得 2.8%、2.7% 和 1.9%，在歐洲大陸甚至可能略低。所以這就是我說我們的資本成本非常便攜的意思，當我們能夠利用歐洲大陸和英國 這就是我們的策略，也是我們最滿意的。

Got it. Okay. And then maybe on the tenant side, you guys ended the fourth quarter with occupancy at 98.5% guidance is for about 98% this year. So I realize that's a potential small shift, but we do hear how healthy tenants are these days. So wondering if there's something in particular that you're expecting or if it's more of a general buffer, which then could you just comment on the watch list maybe more broadly?

知道了。好的。然後也許在租戶方面，你們在第四季度結束時的入住率為 98.5%，預計今年的入住率約為 98%。所以我意識到這是一個潛在的小轉變，但我們確實聽到了這些天租戶的健康狀況。所以想知道您是否特別期待某些東西，或者它是否更像是一個一般緩衝區，那麼您能否對觀察名單進行更廣泛的評論？

Yes. That's a good question, Caitlin. And it's the last statement that you made, which is how we think about occupancy. We say it's roughly around 98%. Keep in mind, we've also just inherited 3,000 assets through the merger that we have digested and we feel very comfortable saying that it's right around 98%.

是的。這是個好問題，凱特琳。這是你發表的最後一個聲明，這就是我們對入住率的看法。我們說它大約是 98%。請記住，我們還剛剛通過我們消化的合併繼承了 3,000 項資產，我們很自在地說它在 98% 左右。

If you look at where we were last year, you look at the year before that, that tends to be the guidance that we gave to the market. Look, we could flex that number. We could try to have a higher occupancy number, if that was a target for us. But what we are trying to balance Caitlin, and I'm just sharing a little bit about how we think about our business, is trying to optimize the economic outcome on each one of these assets that is coming through to us. And we try to figure out whether it makes sense to sell it and maximize our total return profile, even vacant or invest capital and try to capture the rents and create a profile that is superior to selling it vacant or completely repositioned that asset.

如果你看看我們去年的情況，你看看前一年，這往往是我們給市場的指導。看，我們可以調整這個數字。如果這是我們的目標，我們可以嘗試增加入住人數。但是我們試圖平衡凱特琳，我只是分享一點關於我們如何看待我們的業務，是試圖優化這些資產中每一項的經濟成果。我們試圖弄清楚出售它是否有意義並最大化我們的總回報概況，即使是空置或投資資本，並嘗試獲取租金並創建一個優於出售空置或完全重新定位該資產的配置文件。

And all of those elements are on the table, and we go through and we try to figure out what is the best outcome. And the reason why we say 98% is because there will be a few assets that we want to hold on to and reposition and/or take the time to find the right tenant so that we maximize the total return profile. And that does sort of put downward pressure on our occupancy number. So when we talk about approximately 98%, it's to give us the flexibility to do what we want to do on the asset management side.

所有這些元素都擺在桌面上，我們通過並試圖找出最好的結果。我們之所以說 98%，是因為我們會保留一些資產並重新定位和/或花時間尋找合適的租戶，以便我們最大限度地提高總回報率。這確實給我們的入住人數帶來了下行壓力。因此，當我們談論大約 98% 時，這是為了讓我們能夠靈活地在資產管理方面做我們想做的事情。

And you probably have tracked this, you can see that we have, more often they've not beaten that. So it really is more a mindset rather than a very precise point that we are trying to strike with regards to occupancy is to give us this flexibility that we need to maximize economic outcome.

你可能已經跟踪了這個，你可以看到我們有，更多時候他們沒有打敗那個。因此，我們在入住率方面試圖達到的實際上更多的是一種心態，而不是一個非常精確的觀點，即為我們提供這種靈活性，我們需要最大限度地提高經濟成果。

The next question is from Spenser Allaway with Green Street.

下一個問題來自 Spenser Allaway 和 Green Street。

Given the strength of tenant credit within gaming, you mentioned the coverage levels, the attractive lease terms. As you consider additional gaming deals, does your view on tenant concentration change? Or said differently, how high would you allow any one gaming tenant to go given you could argue it is a superior credit relative to some other traditional retail tenants?

鑑於博彩業租戶信貸的實力，您提到了覆蓋水平和有吸引力的租賃條款。當您考慮額外的博彩交易時，您對租戶集中度的看法是否會發生變化？或者換一種說法，如果你認為任何一個遊戲租戶相對於其他一些傳統零售租戶來說是一個更高的信用，你會允許任何一個遊戲租戶去多高？

That's a great question, Spenser. Look, we obviously have certain speed bumps that's part of our investment policy that imposes certain restrictions on tenant concentration as well as industry concentration. Just so you have it, with regards to client concentration, it's 5%. And with regards to industry concentration, it's 15% as per our investment policy. So you have those speed bumps, if you will, to sort of make sure that we continue to be a very diversified portfolio.

這是一個很好的問題，斯賓塞。看，我們顯然有某些減速帶，這是我們投資政策的一部分，對租戶集中度和行業集中度施加了某些限制。就這樣，就客戶集中度而言，它是 5%。至於行業集中度，根據我們的投資政策，它是 15%。因此，如果您願意，您會遇到這些減速帶，以確保我們繼續成為一個非常多元化的投資組合。

Having said that, we just executed on a -- well, it's not closed yet, but we've announced a $1.7 billion transaction. And yet, it's going to represent less than 3.5% of our overall client concentration. So we clearly have more room here, both on the industry side as well as on the specific client side to grow this business. We haven't entered into the gaming industry to basically say this is one transaction and we are done. This does become a new avenue of growth.

話雖如此，我們剛剛執行了一項——嗯，它還沒有結束，但我們已經宣布了一筆 17 億美元的交易。然而，它只占我們整體客戶集中度的不到 3.5%。因此，無論是在行業方面還是在特定客戶方面，我們顯然都有更多的空間來發展這項業務。我們還沒有進入遊戲行業，基本上說這是一筆交易，我們已經完成了。這確實成為一個新的增長途徑。

However, we will continue to remain very selective in terms of how we decide to grow this particular area. But those are the metrics that you can look to sort of to help us through the concentrating, both on the industry side as well as on the client side. But we certainly would like to grow this business. And for the right opportunity, we are more than willing to compromise some of these limits that we have in our investment policy. Of course, it will require Board approval, but we've done that in the past.

但是，在決定如何發展這一特定領域方面，我們將繼續保持非常有選擇性。但這些是您可以用來幫助我們集中精力的指標，無論是在行業方面還是在客戶方面。但我們當然希望發展這項業務。為了獲得合適的機會，我們非常願意妥協我們在投資政策中的一些限制。當然，這需要董事會批准，但我們過去已經這樣做了。

If you recall, Walgreens used to be north of 5% at one point. So was 7-Eleven. And post the merger, both of them have dropped below 5% today. But for the right clients and the right opportunity, we are more than happy to make compromises on those limits.

如果你還記得，沃爾格林曾經一度超過 5%。 7-11也是如此。合併後，今天兩者都跌破了5%。但對於合適的客戶和合適的機會，我們非常樂意在這些限制上做出妥協。

Okay. That actually answered all my follow-up questions. And but -- so maybe one more. As you continue to identify new lanes of external growth, just curious if you've explored the possibility of expanding into ground leases similar to what we've seen [ABC] do?

好的。這實際上回答了我所有的後續問題。但是 - 所以也許還有一個。當您繼續尋找新的外部增長通道時，只是好奇您是否探索過類似於我們所見 [ABC] 所做的擴展到地面租賃的可能性？

Yes, Spenser, I think this is a question that's been asked before. I want to say about 2.5% of our revenues come from ground leases. But let me tell you that when you go into this market today and a particular opportunity is being marketed as a ground lease, i.e., there's a building, but you don't really own the building. If you look at the pricing, the expectation of the seller is that you're paying for both the building as well as the ground because the building is going to come with the ground at the expiration of the lease term.

是的，斯賓塞，我認為這是一個以前被問過的問題。我想說我們大約 2.5% 的收入來自地面租賃。但是讓我告訴你，當你今天進入這個市場時，一個特定的機會被作為土地租賃銷售，即有一座建築物，但你並不真正擁有這座建築物。如果您查看定價，賣方的期望是您為建築物和地面付款，因為建築物將在租賃期屆滿時隨地面一起交付。

And so yes, it's -- you can claim that this is a ground lease that you are purchasing, but the actual proceeds being paid for those opportunities, are essentially a fee simple opportunities. So we don't talk about the fact that a certain portion of our rent concentration comes from ground leases, primarily because we recognize that more often than not, we are paying for the building as well. And so yes, I'd love to be able to start talking about ground leases that we have, but the cost base is on those ground leases, you recognize to be fee simple transactions.

所以是的，它是 - 您可以聲稱這是您購買的地面租賃，但為這些機會支付的實際收益本質上是一種收費的簡單機會。因此，我們不會談論我們的租金集中度的一部分來自土地租賃這一事實，主要是因為我們認識到，我們通常也在為建築物支付費用。所以是的，我很想能夠開始談論我們擁有的土地租賃，但成本基礎是那些土地租賃，你承認這是收費簡單的交易。

The next question is from Ronald Kamdem with Morgan Stanley.

下一個問題來自摩根士丹利的 Ronald Kamdem。

Just a quick question. Following up on sort of the sale-leaseback opportunities. Just want to get a sense of sort of post the merger closing. Just what resources has been allocated in terms of personnel or structure to going after these sort of opportunities and so forth?

只是一個快速的問題。跟進售後回租機會。只是想了解一下合併結束後的感覺。究竟在人員或結構方面分配了哪些資源來追求這些機會等等？

Well, if you track our personnel count, and I think Shannon started posting those, but I don't know. You will see that we have grown our team quite a bit. And some of that has sort of translated into a more normalized G&A number. And if you look at where we ended up in 2021, it's at 371 people. If you compare that to where we were at the end of 2020, it was closer to 230-odd folks. And so the team has grown. Part of it obviously came through the VEREIT merger, but also organically in order to continue to pursue and expand the avenues of growth, we have rightsized the team both on the research side, on the acquisition side, on the asset management side, on the property management side, et cetera, et cetera.

好吧，如果你跟踪我們的人員數量，我認為香農開始發布這些，但我不知道。你會看到我們的團隊已經壯大了很多。其中一些已經轉化為更規範化的 G&A 數字。如果你看看我們在 2021 年的最終結果，那就是 371 人。如果將其與 2020 年底的情況進行比較，則接近 230 多人。團隊因此而壯大。其中一部分顯然來自於 VEREIT 的合併，但也有機地為了繼續追求和擴大增長途徑，我們在研究方面、收購方面、資產管理方面、在物業管理方面，等等，等等。

And so I think this is a reflection of a business that is continuing to grow and not only grow in its traditional routes, but also continue to increase new avenues of growth. And so that is going to translate into a broader personnel base as can be seen by these numbers.

因此，我認為這反映了一個業務正在繼續增長，不僅在其傳統路線上增長，而且還在繼續增加新的增長途徑。從這些數字可以看出，這將轉化為更廣泛的人員基礎。

Great. And then my second question is just on your thinking about sort of external growth opportunities. You've talked about sort of looking at higher-yielding structures and so forth. Just curious how much thought goes into potentially looking at higher escalator structures similar to sort of the transaction that went through?

偉大的。然後我的第二個問題是關於你對外部增長機會的思考。你已經談到了某種高收益結構等等。只是好奇有多少想法可能會考慮類似於所經歷的交易的更高自動扶梯結構？

A lot is the short answer. If you look at our straight-line cap rate for 2021, the headline number was I think [5 4] for the fourth quarter, but there's 80 basis points of straight line. So it's really a 6.2% straight-line cap rate for the fourth quarter. And so you can imagine the only way to generate 80 basis points of straight-line rent on an annual basis is through these higher growth rates embedded in the leases. And so that is a conscious effort on the part of Mark and Neil's teams who continue to generate that inherent growth profile that we have traditionally and make that a much higher number going forward.

很多是簡短的答案。如果您查看我們 2021 年的直線上限利率，我認為第四季度的標題數字是 [5 4]，但直線有 80 個基點。因此，第四季度的直線上限率為 6.2%。因此，您可以想像每年產生 80 個基點的直線租金的唯一方法是通過租約中嵌入的這些更高的增長率。因此，這是 Mark 和 Neil 團隊有意識的努力，他們繼續產生我們傳統上擁有的固有增長概況，並在未來使這一數字更高。

And so part of how we think about looking at new opportunities, new verticals, is to see the profile of the existing leases that are percolating in the market within those spaces. And that is certainly an element that we take into consideration before deciding to pursue routes.

因此，我們如何看待新機會、新垂直領域的一部分，是查看在這些空間內滲透到市場中的現有租約的概況。這當然是我們在決定走路線之前考慮的一個因素。

The next question is from Katy McConnell with Citigroup.

下一個問題來自花旗集團的 Katy McConnell。

Just wanted to follow up on an earlier question on taxes. I'm just wondering what the higher tax expense guidance for the year is factoring in, in terms of your targeted U.S. versus international acquisition mix for this year?

只是想跟進之前關於稅收的問題。我只是想知道，就您今年的目標美國與國際收購組合而言，今年較高的稅收支出指導是什麼因素？

Christie, do you want to take that?

克里斯蒂，你要接受嗎？

Sure. Thanks, Sumit. Thanks, Katy. Yes, the higher taxes are incorporating our international growth, Katy, which is very similar to what we experienced this year as well, as Neil and the team are making some great progress.

當然。謝謝，蘇米特。謝謝，凱蒂。是的，更高的稅收正在納入我們的國際增長，凱蒂，這與我們今年所經歷的非常相似，因為尼爾和團隊正在取得一些重大進展。

So just in terms of a targeted mix for U.S. versus international, what should we be thinking about this year relative to last?

因此，就美國與國際的目標組合而言，今年相對於去年我們應該考慮什麼？

I think that international, you could be looking at 35%, 65%, 60-40 U.S. international.

我認為國際，你可能會看到 35%、65%、60-40 的美國國際。

Great. That's helpful. And then just regarding the acquisition pipeline, are there any other new investment categories that you're still actively exploring outside of gaming that you can speak to or update us on? Where you're finding similarly attractive investment or opportunities today?

偉大的。這很有幫助。然後就收購渠道而言，您是否仍在積極探索遊戲之外的任何其他新投資類別，您可以與我們交談或更新我們的信息？您今天在哪裡找到了同樣有吸引力的投資或機會？

Yes, Katy, I won't go through the areas that we are internally discussing, exploring, underwriting, because that becomes an exercise in futility, right? We talk about certain avenues and they don't materialize, and then it becomes a constant question in every subsequent call as to when we are going to go into it. We'd much rather consummate a transaction, get it over the finish line and then discuss our rationale as to why we chose to go down the path of entering into that new area.

是的，凱蒂，我不會討論我們內部討論、探索、承保的領域，因為那是徒勞的，對吧？我們談論某些途徑，但它們沒有實現，然後在隨後的每個電話中，關於我們何時進入它成為一個不變的問題。我們更願意完成一筆交易，讓它越過終點線，然後討論我們為什麼選擇走上進入這個新領域的道路的理由。

But suffice to say, Katy, we are exploring multiple avenues of growth. And some of the discussions that we've had on this call should give you an insight into what is driving our thought process around new avenues that we would like to consider going forward. But I just don't want to engage in a conversation right now, Katy, with respect to going into too much details on what those are because some may never materialize. And so just bear with us, and I want to be very clear, there are new areas that we are constantly looking at. And if and when we are able to get something over the finish line, we will absolutely talk to you, and you can grill us on the details as to the why we chose to pursue those routes.

但我只想說，凱蒂，我們正在探索多種增長途徑。我們在本次電話會議上進行的一些討論應該讓您深入了解是什麼推動了我們圍繞我們希望考慮向前發展的新途徑的思考過程。但凱蒂，我只是不想現在就談論太多細節，因為有些可能永遠不會實現。所以請耐心等待，我想非常清楚，我們一直在關注新的領域。如果並且當我們能夠在終點線上獲得一些東西時，我們絕對會與您交談，您可以向我們詢問有關我們選擇追求這些路線的原因的詳細信息。

The next question is from Joshua Dennerlein with Bank of America.

下一個問題來自美國銀行的 Joshua Dennerlein。

A question on what percent of your ABR is on cash accounting basis? And then could you provide some color on the rent repay that you got in 4Q on the previously uncollected amounts?

關於您的 ABR 的百分之幾是以現金會計為基礎的問題？然後，您能否提供一些顏色來說明您在 4 季度獲得的先前未收取的租金償還金額？

Christie, you want to take that?

克里斯蒂，你想拿那個嗎？

Sure. Yes, of course. So essentially, when we're taking a look at the overall deferred rents and impact of -- essentially, collections have been exceedingly strong. The total deferral amount is about $140 million, $150 million as of 12/31/21 at the end of the year. And we're achieving a very strong collections in that regard. As we also noted in the fourth quarter all of our theater clients are current. And so great progress.

當然。是的當然。因此，從本質上講，當我們查看整體遞延租金和影響時 - 從本質上講，收款非常強勁。總延期金額約為 1.4 億美元，截至 21 年 12 月 31 日年底為 1.5 億美元。在這方面，我們正在實現非常強大的收藏。正如我們在第四季度還指出的那樣，我們所有的劇院客戶都是最新的。而且進步很大。

And then in terms of what you would have seen in the fourth quarter, because of those strong theater collections, we actually recorded total bad debt expense of less than $1 million and less than $15 million for the entire year because of the fact that we had those strong collections.

然後就您在第四季度看到的情況而言，由於劇院收藏量很大，我們實際上記錄的總壞賬費用不到 100 萬美元，全年不到 1500 萬美元，因為我們有那些強大的收藏。

Okay. And sorry, did I miss what percent of your ABR is on cash accounting basis or...

好的。對不起，我錯過了你的 ABR 的百分比是在現金會計基礎上還是......

We have overall cash accounting basis on ABR, modest I want to say. Yes, it's less than 2%.

我們有基於 ABR 的整體現金會計基礎，我想說的是適度的。是的，低於 2%。

Okay. Perfect. And then sorry if I missed this in the opening remarks, but the Encore acquisition, it came with an expansion opportunity. Could you maybe walk us through this opportunity and the additional economics it would offer?

好的。完美的。如果我在開場白中錯過了這一點，很抱歉，但是收購 Encore，它帶來了擴展機會。您能否帶我們了解一下這個機會以及它會提供的額外經濟效益？

Sure, Joshua. So there is a parking lot that is across the street from where the main building is located. Today, if you talk to Craig and his team, they're actually having to pass on some of the patrons given the lack of parking space that is required to accommodate this increase in traffic. So the goal is for them to develop a multistoried aboveground, potentially even below ground parking that is going to not just be a parking lot, but also it's going to have an entertainment venue of up to 1,000 seats, maybe it's 999 seats. Plus a few other entertainment areas right in that -- in the same building that is going to get constructed across the street.

當然，約書亞。所以在主樓所在的街對面有一個停車場。今天，如果您與 Craig 和他的團隊交談，他們實際上不得不放棄一些顧客，因為缺乏停車位來適應交通量的增加。所以他們的目標是開發一個多層的地上停車場，甚至可能是地下停車場，這不僅是一個停車場，而且還有一個多達 1,000 個座位的娛樂場所，也許是 999 個座位。再加上其他一些娛樂區——就在街對面的同一棟大樓裡。

And it's going to have an enclosed tunnel, aboveground tunnel pathway that leads right into the casino into the Encore Boston Harbor building from this building. And so the expectation is that this is going to get built over the next couple of years and will actually add to the overall performance of the building.

它將有一個封閉的隧道，地上隧道通道，從這棟大樓直接通往賭場，進入安可波士頓海港大樓。因此，人們期望這將在未來幾年內建成，並且實際上會增加建築物的整體性能。

And clearly, this is a very symbiotic relationship between this parking lot, this enclosed pathway that's going to connect the 2 buildings. And so we -- they have the ability -- once constructed, and there's a 6-year time frame within which they have to do this, which gives them plenty of time to be able to consummate their current plans. We will buy this building at a 7% yield. And obviously, this should translate into even better coverages than we currently have at the particular building. But that is the option that you're referencing that's there in the lease. Josh, did that answer your question? Josh, I think, you're muted.

很明顯，這個停車場之間是一種非常共生的關係，這條封閉的小路將連接兩座建築。所以我們——他們有能力——一旦建成，他們必須在 6 年的時間內完成這項工作，這給了他們足夠的時間來完善他們目前的計劃。我們將以 7% 的收益率購買這座建築。顯然，這應該轉化為比我們目前在特定建築物中更好的覆蓋範圍。但這是您在租約中引用的選項。喬希，這回答了你的問題嗎？喬希，我想，你是啞巴。

His line is now closed. And the next question is from John Massocca with Ladenburg Thalmann.

他的生產線現已關閉。下一個問題來自 John Massocca 和 Ladenburg Thalmann。

First, just a quick kind of detailed question. Was the Wynn transaction kind of contemplated in your prior guidance? I just think, obviously, the per share results won't be heavily impacted given the expected timing, but it was just notable that there wasn't really a change in acquisition outlook.

首先，只是一個快速的詳細問題。您之前的指導是否考慮過永利交易？我只是認為，顯然，考慮到預期的時間安排，每股業績不會受到嚴重影響，但值得注意的是，收購前景並沒有真正發生變化。

John, I think you've been covering us for many, many years, and you probably have a very good understanding of when we talk about acquisitions, when we talk about guidance, it really does not have the underlying opportunities perfectly laid out because we don't have that visibility. There's a confidence level, there's a feel for the market. There's a feel for the opportunities that we are seeing. And that is the reason why based on the earnings guidance that came out, the underlying acquisitions guidance was above $5 billion. We don't know what the makeup or the composition of $5 billion worth of transactions are going to look like, some of which could be assets like the gaming asset that we just announced. But that's a very big asset.

約翰，我想你已經報導我們很多很多年了，當我們談論收購時，當我們談論指導時，你可能非常了解，當我們談論指導時，它確實沒有完美佈局的潛在機會，因為我們沒有那種能見度。有信心水平，有市場感覺。對我們所看到的機會有一種感覺。這就是為什麼根據公佈的收益指引，基本收購指引超過 50 億美元的原因。我們不知道價值 50 億美元的交易的構成或構成會是什麼樣子，其中一些可能是我們剛剛宣布的遊戲資產之類的資產。但這是一筆非常大的資產。

So we feel now even more confident that above $5 billion is very much an achievable number, assuming that we are able to close on this transaction by the fourth quarter. But it is very difficult to say, oh, you should completely exclude this number from the $5 billion or it was inclusive of the entire $1.7 billion, just given the sheer size of this. But what it does allow us to do is stand in front of you today and say with a high level of confidence -- a higher level of confidence that achieving a north of $5 billion number for this year is, in fact, something that we feel very good about. So that's how I would answer that question.

因此，我們現在更有信心，假設我們能夠在第四季度之前完成這筆交易，超過 50 億美元是一個非常可實現的數字。但是很難說，哦，你應該把這個數字完全排除在 50 億美元之外，或者它包括整個 17 億美元，只是考慮到它的絕對規模。但它確實讓我們今天能做的就是站在你們面前，滿懷信心地說——更高的信心，今年實現 50 億美元的數字，事實上，我們覺得很好約。所以我會這樣回答這個問題。

Okay. Understood. And then maybe thinking bigger picture, you've obviously been in the net lease space for a long period of time. As you look back to other periods of times where you've been in a rising interest rate environment, and you compare it to the kind of current environment we're in, what do you think are kind of the factors, if you will, that will drive cap rates to be more reflective of kind of rising rates?

好的。明白了。然後也許考慮更大的圖景，您顯然已經在淨租賃空間中待了很長時間。當你回顧你一直處於利率上升環境的其他時期，並將其與我們目前所處的環境進行比較時，你認為這些因素是什麼，如果你願意的話，這將推動上限利率更能反映利率上升的情況？

And I guess maybe as you look at kind of the competitive set that you compete with for these net lease investments, how kind of interest rate sensitive maybe are they today versus kind of the competitive set in other periods of time kind of similar to the one we're in today?

而且我想也許當您查看與這些淨租賃投資競爭的競爭組合時，他們今天對利率的敏感程度與其他時期的競爭組合的類型類似我們今天在嗎？

Yes. That's a very good question, John. I can tell you that based on our own internal analysis, we have obviously seen the cycle before. Rising interest rate environments, what happens to cap rates then. And what we found is that there is a positive correlation between rising interest rate environments and cap rates, but there tends to be a bit of a lag now. Is it 6 months, 9 months, 12 months? It's somewhere in that ZIP code, but there is. And if you think about it fundamentally, obviously, if cap rates are rising, especially in the private markets that leans on the debt environment a lot more, the cost of that debt is going up.

是的。這是一個很好的問題，約翰。我可以告訴你，根據我們自己的內部分析，我們顯然已經看到了這個週期。利率上升的環境，那麼上限利率會發生什麼。我們發現，上升的利率環境和上限利率之間存在正相關關係，但現在往往有點滯後。是6個月、9個月還是12個月？它在那個郵政編碼的某個地方，但確實存在。如果從根本上考慮，很明顯，如果上限利率正在上升，尤其是在更依賴債務環境的私人市場中，那麼債務成本就會上升。

And so at some point, there's a mismatch between existing cap rates and the cost of financing that particular opportunity. And so those do tend to sort of balance out and reach an equilibrium point. That's what we've seen in years past.

因此，在某些時候，現有的上限利率與特定機會的融資成本之間存在不匹配。所以那些確實傾向於平衡並達到平衡點。這就是我們在過去幾年所看到的。

There is one difference in today's environment, and that is that net lease as a product has become much, much more institutional. And we have seen a plethora of capital coming into our space on the private equity side, on the sovereign wealth side and, of course, with the preponderance of public net lease companies that have recently come into the floor.

今天的環境有一個不同之處，那就是淨租賃作為一種產品已經變得更加製度化了。我們已經看到大量資本進入我們的私募股權領域，主權財富領域，當然還有最近進入市場的公共淨租賃公司的優勢。

So I think that wall of capital that is now interested in net lease is going to potentially put a curve on how quickly we get to this equilibrium point going forward. And I think in this sort of environment, once again, the fact that we are an A-, A3-rated company. And yes, our cost of debt will certainly go up and has gone up. But it will tend to go up less than a lot of our competitors who are perhaps not as rated as highly. And also in the private markets, the folks that lean on leverage a lot more and therefore, there -- the impact to their cost of capital will be much higher than the impact to ours, I think is an advantage that should allow us to continue to do transactions that others might have to step away from.

因此，我認為現在對淨租賃感興趣的資本牆可能會影響我們未來達到這一平衡點的速度。我認為在這種環境下，我們再次成為 A-、A3 級公司這一事實。是的，我們的債務成本肯定會上升並且已經上升。但它的漲幅往往低於我們的許多競爭對手，這些競爭對手的評價可能不那麼高。而且在私人市場上，那些更依賴槓桿的人，因此，他們對資本成本的影響將遠高於對我們的影響，我認為這是一個應該讓我們繼續下去的優勢進行其他人可能不得不退出的交易。

So even though I believe in today's environment, that the equilibrium point might take a little bit longer to achieve. I believe that some of the advantages that Realty Income as a platform is able to sort of embrace. I do think that, that will play out more in our favor and will allow us to do things that others might not be able to get to as quickly.

因此，即使我相信在今天的環境中，平衡點可能需要更長的時間才能實現。我相信 Realty Income 作為一個平台能夠獲得的一些優勢。我確實認為，這將更加有利於我們，並使我們能夠做其他人可能無法盡快完成的事情。

The next question is from Linda Tsai with Jefferies.

下一個問題來自 Linda Tsai 和 Jefferies。

I believe the later 4Q closing of the Wynn transaction is typical for the industry, given regulatory considerations, but what are your general thoughts around buying high-value assets or portfolios that close at a later date to create more visibility in terms of funding and hitting investment targets, do you see advantages to this approach?

我認為，考慮到監管方面的考慮，Wynn 交易在第 4 季度晚些時候完成交易對於行業來說是典型的，但您對購買稍後關閉的高價值資產或投資組合以在融資和打擊方面創造更多可見度的一般想法是什麼？投資對象，您認為這種方法有什麼優勢嗎？

Yes. Linda, that's a very good question. And I think I've received questions around, "Hey, this is a very large transaction, it's $1.7 billion. How are you going to finance it?" For us, yes, it's a single transaction, but that the size of that transaction is -- it's not unprecedented. We just did $2.6 billion in the fourth quarter of last year. And -- just in that quarter, and we're able to match fund our acquisitions by raising our equity, $1.7 billion of equity in the fourth quarter through the ATM.

是的。琳達，這是一個很好的問題。我想我收到過這樣的問題，“嘿，這是一筆非常大的交易，價值 17 億美元。你打算如何融資？”對我們來說，是的，這是一筆交易，但這筆交易的規模——這並不是史無前例的。去年第四季度，我們剛剛完成了 26 億美元。而且 - 就在那個季度，我們能夠通過 ATM 籌集我們的股本，在第四季度通過 ATM 籌集 17 億美元的股本，從而為我們的收購提供資金。

And obviously, we did some more debt on the unsecured side post the fourth quarter. So for us, I think, again, one of the big advantages that we have is the liquidity that our stock affords us. We are trading close to $200 million in stock on a daily basis and are able to very easily raise capital to match fund, what might seem nominally as being a very large number, we are able to match fund it without this overhang situation. So we -- if it closes in the third quarter or whether it closes in the fourth quarter, it doesn't really matter to us because we'll have a much better feel for it internally.

顯然，我們在第四季度之後在無擔保方面做了更多的債務。所以對我們來說，我認為，我們擁有的一大優勢是我們的股票為我們提供的流動性。我們每天交易的股票接近 2 億美元，並且能夠很容易地籌集資金來匹配基金，這在名義上看起來是一個非常大的數字，我們能夠在沒有這種懸垂情況的情況下匹配基金。所以我們——如果它在第三季度結束，或者它是否在第四季度結束，這對我們來說並不重要，因為我們內部會對它有更好的感覺。

And we'll be able to match fund accordingly. So yes, it's a big number on a single asset, but I don't think we see this as necessarily causing any overhang or should not cause any overhang issues for us.

我們將能夠相應地匹配基金。所以，是的，這對單一資產來說是一個很大的數字，但我認為我們認為這不一定會導致任何懸垂或不應該對我們造成任何懸垂問題。

And then in terms of vacated boxes, you talked about weighing the decision between selling and maybe putting some capital back in to maximize value. Could you give us some examples of how you've repositioned boxes in the past and maybe what type might be more amenable to the strategy currently?

然後就空置的盒子而言，您談到權衡出售和可能將一些資金重新投入以最大化價值之間的決定。您能否給我們一些示例，說明您過去是如何重新定位盒子的，也許哪種類型的盒子更適合目前的策略？

Yes, Linda, that is very much a function of the type of box that we are talking about, a convenience store could be converted into a car wash or could remain a convenience store. A 10,000 square foot box could be turned into a 2 or 3-tenant box that actually generates 150%, 160% of expiring rents.

是的，琳達，這在很大程度上是我們正在談論的那種盒子的功能，便利店可以改造成洗車場，也可以繼續作為便利店。一個 10,000 平方英尺的盒子可以變成一個 2 或 3 個租戶的盒子，實際產生 150% 或 160% 的到期租金。

We've had examples of Pizza Hut that have been converted into Starbucks in multiple places. And there are a lot of coffee chains that are aggressively growing their portfolio and are more than willing to pay for repositioning of either previous QSRs or Pizza Hut et cetera given the location, et cetera, and are more than willing to pay us rents that are in excess of what the expiring rents were in their previous life.

我們已經有多個地方的必勝客被改造成星巴克的例子。並且有很多咖啡連鎖店正在積極擴大他們的投資組合，並且非常願意為以前的 QSR 或必勝客等的重新定位支付費用，等等，並且非常願意向我們支付租金超過了他們前一世即將到期的租金。

So those are some of the repositionings that we have accomplished to date and what we hope to be able to do because these can be quite positive from a rent per square foot perspective is to grow that part of our business going forward, and that is the goal. But yes, so far, so good.

這些是我們迄今為止已經完成的一些重新定位以及我們希望能夠做的事情，因為從每平方英尺租金的角度來看，這些可能是非常積極的，那就是推動我們業務的這一部分向前發展，這就是目標。但是，是的，到目前為止，一切都很好。

The next question is from Chris Lucas with Capital One Securities.

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

Just a quick question on the balance sheet, if I may. And Sumit, thank you for the sort of current pricing on 10-year debt that you see out there. I guess just curious as to what the capacity you think you have today is for additional sterling-denominated and/or euro-denominated bonds given the portfolio at this point?

如果可以的話，只是關於資產負債表的一個簡單問題。還有 Sumit，感謝您對目前看到的 10 年期債務的定價。我想只是好奇你認為你現在擁有的額外英鎊計價和/或歐元計價債券的能力是什麼？

Christie, do you want to?

克里斯蒂，你想要嗎？

Yes -- sure, Sumit. Yes, Chris, I think from that perspective, we've got plenty of runway for 2022 in order to be able to execute in alignment with our capital strategy. And further to this, realize it wasn't part of your question, but we're also looking forward to executing on the euro market, too.

是的——當然，Sumit。是的，克里斯，我認為從這個角度來看，我們在 2022 年有很多跑道，以便能夠按照我們的資本戰略執行。此外，請意識到這不是您的問題的一部分，但我們也期待在歐元市場上執行。

Okay. I guess the point of the question really gets to -- you've got a number of bonds. They're not near term, but they're sort of intermediate terms that are coming due at above market relative to sort of what you think you could do today. Just curious as to how you think about how aggressive you'll be in terms of looking to essentially refinance that debt?

好的。我想問題的重點是——你有很多債券。它們不是近期的，但相對於你認為你今天可以做的事情，它們是在高於市場的情況下即將到期的中間條款。只是好奇你如何看待你在尋求實質上為債務再融資方面會有多大的積極性？

Yes. And I think Chris that's -- for example, in 2022, we have a very modest debt maturities. And in terms of what we articulated as it relates to the VEREIT transaction, we're very focused on that here in the coming years, and we will be aggressive in that regard.

是的。我認為克里斯 - 例如，在 2022 年，我們的債務到期日非常有限。就我們與 VEREIT 交易相關的內容而言，我們在未來幾年非常關注這一點，我們將在這方面積極進取。

The only other thing I'll add, Chris, is we've done liability management throughout the years. Even last year, we went ahead and we paid the 2023s and the '24s out. So this is something that we will continue to monitor. And if it makes sense, we are more than happy to prepay our unsecured bonds and take advantage of interest rate environments that we find ourselves in. So I just wanted to leave you with that, but that is certainly a tool available to us, and we will avail of it at the appropriate times.

克里斯，我要補充的唯一另一件事是我們多年來一直在進行責任管理。即使在去年，我們也繼續前進，我們支付了 2023 年和 24 年的款項。所以這是我們將繼續監控的事情。如果有意義的話，我們非常樂意預付我們的無擔保債券並利用我們所處的利率環境。所以我只是想把這個留給你，但這當然是我們可以使用的工具，並且我們將在適當的時候利用它。

This concludes the question-and-answer portion of Realty Income's conference call. I'll 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。

Thanks, Chris. Thank you, everyone, for joining us today, and we look forward to speaking with many of you soon at the upcoming investor conferences. Take care. Bye-bye.

謝謝，克里斯。謝謝大家今天加入我們，我們期待在即將舉行的投資者會議上與你們中的許多人交談。小心。再見。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。