Realty Income Corp (O) 2022 Q1 法說會逐字稿

Good afternoon. My name is David, and I'll be your conference operator today. At this time, I'd like to welcome everyone to Realty Income's First Quarter 2022 Operating Results Conference Call. Today's conference is being recorded. (Operator Instructions)

下午好。我的名字是大衛，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 的 2022 年第一季度經營業績電話會議。今天的會議正在錄製中。 （操作員說明）

Thank you. Julie Hasselwander, Senior Manager of Investor Relations at Realty Income, you may begin your conference.

謝謝你。 Realty Income 投資者關係高級經理 Julie Hasselwander，您可以開始您的會議了。

Thank you all for joining us today for Realty Income's First Quarter 2022 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.

感謝大家今天參加 Realty Income 的 2022 年第一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. 2022 is off to a strong start, and we are continuing to build momentum in our business. I want to express my deep appreciation of our One Team whose dedication and collaboration showcased the strength of our team through a timely closing of the first quarter while integrating new processes and systems following the close of the VEREIT merger last November.

謝謝，朱莉。歡迎大家。 2022 年開局良好，我們將繼續在業務中建立動力。我想對我們的 One Team 深表感謝，他們的奉獻精神和協作通過及時結束第一季度展示了我們團隊的實力，同時在去年 11 月 VEREIT 合併結束後整合了新流程和系統。

All integration efforts are progressing, and we remain committed to delivering continued scalability. We continue to make progress on our ESG initiatives and partnerships with our clients. In April, we published our second annual sustainability report, which details our commitments, goals and progress on our ESG efforts. I welcome all Realty Income stakeholders to share in our dedication to build sustainable relationships for the benefit of those we serve and encourage everyone listening to read through our 2021 sustainability report, which can be found in the Corporate Responsibility page of our website.

所有集成工作都在進行中，我們將繼續致力於提供持續的可擴展性。我們繼續在 ESG 舉措和與客戶的合作方面取得進展。 4 月，我們發布了第二份年度可持續發展報告，詳細說明了我們在 ESG 工作上的承諾、目標和進展。我歡迎所有 Realty Income 利益相關者分享我們為我們所服務的人的利益建立可持續關係的奉獻精神，並鼓勵大家仔細閱讀我們的 2021 年可持續發展報告，該報告可在我們網站的企業責任頁面中找到。

Looking at macro trends. Inflation persists as an important topic on the minds of many stakeholders, and I want to emphasize that we believe our business is, by design, well positioned to drive value in this climate. Our business model is one that generates significant recurring revenue that flows through to the bottom line. As a triple net lease REIT, our business is insulated from inflation. Our clients are responsible for covering taxes, insurance and other operating expenses. And as prices increase, many of our clients pass the incremental cost burden on to their consumers or suppliers.

看宏觀趨勢。通貨膨脹一直是許多利益相關者心目中的一個重要話題，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價值。我們的商業模式是一種產生大量經常性收入並流向底線的模式。作為三重淨租賃房地產投資信託基金，我們的業務不受通脹影響。我們的客戶負責支付稅款、保險和其他運營費用。隨著價格上漲，我們的許多客戶將增加的成本負擔轉嫁給他們的消費者或供應商。

The efficiency of our model is reflected in our adjusted EBITDA margin, which is routinely around 94%. Maintaining a conservative capital structure has been a key tenet of our business since our founding, and having a well-staggered fixed-rate debt maturity schedule with no corporate bond maturities until 2024 limits our debt refinancing risk in a rising rate environment.

我們模型的效率反映在我們調整後的 EBITDA 利潤率上，通常約為 94%。自我們成立以來，保持保守的資本結構一直是我們業務的關鍵原則，並且在 2024 年之前沒有公司債券到期的錯綜複雜的固定利率債務到期時間表限制了我們在利率上升環境中的債務再融資風險。

In summary, we believe the appeal of our consistent and predictable stream of cash flows is amplified during periods of volatility like we find ourselves in today. To that end, we look at the last period in which the Federal Reserve increased interest rates from December 2015 through 2018 as a helpful case study.

總而言之，我們相信，在我們今天所處的動盪時期，我們一致且可預測的現金流的吸引力會被放大。為此，我們將 2015 年 12 月至 2018 年美聯儲加息的最後一個時期作為一個有用的案例研究。

During this period, Realty Income's total return outperformed the S&P 500 and the MSCI US REIT Index both in year 1 of the rate hike cycle and throughout the 3-year duration of that cycle. And during the Great Recession, Realty Income exhibited less operational and financial volatility as compared to many other S&P 500 REITs that carry A credit ratings.

在此期間，Realty Income 在加息週期的第 1 年和整個 3 年周期內的總回報均優於標準普爾 500 指數和 MSCI 美國房地產投資信託指數。在大衰退期間，與許多其他具有 A 信用評級的標準普爾 500 房地產投資信託基金相比，房地產收入的運營和財務波動性較小。

From an organic growth standpoint, our asset management team continues to report impressive rent recapture rates. This quarter, we recaptured over 106% of rental revenue on expiring leases. Given our lease expiration schedule and proven rent recapture track record, we believe we are well positioned to manage through an inflationary environment.

從有機增長的角度來看，我們的資產管理團隊繼續報告令人印象深刻的租金回收率。本季度，我們從即將到期的租約中收回了超過 106% 的租金收入。鑑於我們的租約到期時間表和經過驗證的租金回收記錄，我們相信我們有能力在通脹環境中進行管理。

Through 2024, nearly 12% of our portfolio annualized contractual rent is set to expire. And in this regard, inflation could serve as a tailwind to our business as rents and costs to build rise.

到 2024 年，我們投資組合中近 12% 的年化合同租金將到期。在這方面，隨著租金和建設成本的上升，通貨膨脹可能會成為我們業務的順風車。

On the acquisition front, our transaction volume flow remains strong. Certain categories of the market have seen discernible increase in cap rates, which we believe should accrue to our advantage as a net acquirer. Historically, we have observed that when interest rate increase, cap rates adjust, following a lag period of 6 to 12 months. Much of this cap rate expansion can be attributed to levered buyers who have relied upon record low debt pricing to underwrite their returns. Given the current yield environment, we are in a comparatively strong position given our financing strategy. And as such, we would expect our competitive standing to strengthen further.

在收購方面，我們的交易量依然強勁。某些市場類別的上限利率明顯增加，我們認為這應該為我們作為淨收購者帶來優勢。從歷史上看，我們觀察到，當利率上升時，上限利率會在 6 到 12 個月的滯後期之後進行調整。這種上限利率擴張的大部分可歸因於槓桿買家，他們依靠創紀錄的低債務定價來承保其回報。鑑於目前的收益率環境，鑑於我們的融資策略，我們處於相對有利的地位。因此，我們預計我們的競爭地位將進一步加強。

Now turning to the results for the quarter. Our size and scale, in conjunction with strong relationships we have across the marketplace, continue to provide benefits through robust sourcing and acquisition volumes. This quarter, we sourced over $34 billion of acquisition opportunities, and approximately 40% of this amount was sourced from international markets.

現在轉向本季度的結果。我們的規模和規模，加上我們在整個市場上的牢固關係，繼續通過強大的採購和收購量提供利益。本季度，我們獲得了超過 340 億美元的收購機會，其中約 40% 來自國際市場。

Our total property-level acquisitions for the quarter was approximately $1.6 billion. Approximately half of our volume in the first quarter was the result of international investments, bringing our total international portfolio to approximately $5 billion of invested capital.

我們本季度的房地產級收購總額約為 16 億美元。第一季度我們大約一半的交易量來自國際投資，使我們的國際投資組合總額達到約 50 億美元的投資資本。

As we announced in February, we signed a definitive agreement to acquire the Encore Boston Harbor Resort and Casino leased to Wynn Resorts under a 30-year triple net lease with favorable annual rent increases. The $1.7 billion transaction includes more than 3.1 million square feet of high-quality real estate less than 5 miles from Downtown Boston. Pending regulatory procedures, we continue to anticipate this transaction closing during the fourth quarter of 2022.

正如我們在 2 月宣布的那樣，我們簽署了一項最終協議，以收購根據 30 年三重淨租約和有利的年租金增長租給永利度假村的 Encore Boston Harbour Resort and Casino。這筆 17 億美元的交易包括距離波士頓市中心不到 5 英里的超過 310 萬平方英尺的優質房地產。在等待監管程序之前，我們繼續預計該交易將在 2022 年第四季度完成。

We believe the market is efficient. And while cap rates have stabilized, significant competition remains with the high-quality assets we pursue. Our average initial cash cap rate for the quarter was 5.6%, which reflects the quality of locations and clients we are adding to our portfolio.

我們相信市場是有效的。雖然上限利率已經穩定，但我們追求的高質量資產仍然存在重大競爭。我們本季度的平均初始現金上限率為 5.6%，這反映了我們在投資組合中添加的地點和客戶的質量。

As a reminder, we report our cap rates on a cash basis. We estimate the difference between cash and straight-line cap rates to be approximately an additional 70 basis points in the first quarter. The weighted average remaining lease term of the assets added to our portfolio during the quarter was 12.3 years, and the top industry invested during the quarter was grocery stores. We continue to have access to attractively priced capital, which has allowed us to maintain healthy spreads on our investments even as interest rates rise.

提醒一下，我們以現金為基礎報告我們的上限利率。我們估計第一季度現金和直線上限利率之間的差異大約會增加 70 個基點。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 12.3 年，本季度投資的最大行業是雜貨店。我們繼續獲得價格具有吸引力的資本，這使我們能夠在利率上升的情況下保持健康的投資利差。

We are pleased with the continued strength of our core operations. We ended the quarter with our portfolio at 98.6% occupancy based on property count. The weighted average remaining lease term of our overall portfolio is approximately 8.9 years, which, as I mentioned in my opening remarks, we see as an advantage.

我們對核心業務的持續實力感到滿意。根據物業數量，我們在本季度末的投資組合入住率為 98.6%。我們整體投資組合的加權平均剩餘租賃期約為 8.9 年，正如我在開場白中提到的，我們認為這是一個優勢。

As leases roll, we continue to favorably recapture rent as a result of diligent underwriting and the inherent quality of our real estate enhanced by the proactive efforts of our experienced asset management team. This quarter, we re-leased 119 leases, recapturing 106.2% of expiring rent. And since our public listing in 1994, we have executed 4,260 re-leases or sales on expiring leases, recapturing over 101% of rent on those re-leased contracts.

隨著租約的滾動，由於勤勉的承保以及我們經驗豐富的資產管理團隊的積極努力，我們的房地產的內在質量得到了提升，我們繼續有利地收回租金。本季度，我們重新出租了 119 份租約，收回了 106.2% 的到期租金。自 1994 年公開上市以來，我們已經執行了 4,260 份轉租或到期租約的銷售，收回了這些轉租合同中超過 101% 的租金。

We continue to report our quarterly recapture rates because we believe this is one of the most objective ways to measure underlying portfolio quality in the net lease industry. During the quarter, we sold 34 properties, generating net proceeds of approximately $122 million. Approximately 84% of the sales volume during the quarter related to former VEREIT properties that were sold vacant. And our portfolio delivered healthy same-store rent growth increasing 4.1% during the quarter. This was largely attributed to the reversal of $9.4 million of rental revenue reserves during the quarter within the same-store pool compared to a reserve of $8 million recognized for the same pool during the year ago period.

我們繼續報告我們的季度回收率，因為我們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。本季度，我們出售了 34 處房產，淨收益約為 1.22 億美元。本季度約 84% 的銷售額與出售空置的前 VEREIT 物業有關。我們的投資組合在本季度實現了健康的同店租金增長 4.1%。這主要是由於本季度同店池中的 940 萬美元的租金收入儲備金轉回，而去年同期為同一池子確認了 800 萬美元的儲備金。

Excluding the impact of reserves in both periods, we estimate that our same-store rent growth would have been approximately 1.2%.

剔除兩個時期儲備金的影響，我們估計我們的同店租金增長約為 1.2%。

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. During the first quarter, our business generated AFFO per share of $0.98, supported by a strong acquisition pace and a healthy portfolio.

謝謝你，蘇米特。在第一季度，我們的業務產生了每股 0.98 美元的 AFFO，這得益於強勁的收購步伐和健康的投資組合。

As Sumit mentioned, during the quarter, we recognized a $9.4 million reversal of non-straight-line rental revenue reserves. This was primarily driven by the $7.7 million reversal of our outstanding reserves related to AMC, reflecting the recovery from the pandemic.

正如 Sumit 所說，在本季度，我們確認了 940 萬美元的非直線租金收入準備金沖銷。這主要是由於我們與 AMC 相關的未償準備金轉回了 770 萬美元，反映了大流行的複蘇。

Given the performance of our One Team, the health of our portfolio and progress achieved during the first quarter of 2022, we reaffirm our previously announced 2022 AFFO per share guidance of $3.84 to $3.97, representing 8.8% annual growth at the midpoint.

鑑於我們一個團隊的表現、我們投資組合的健康狀況和 2022 年第一季度取得的進展，我們重申我們先前宣布的 2022 年 AFFO 每股指引為 3.84 美元至 3.97 美元，中點年增長率為 8.8%。

From a leverage standpoint, we ended the quarter with a net debt to annualized adjusted EBITDAR of 5.4x, in line with our target leverage ratios. And our near-term debt maturities remain minimal with a well-staggered predominantly fixed-rate debt maturity schedule and no corporate bond maturities until 2024. As Sumit mentioned in his opening remarks, our modest debt maturity schedule through the end of next year limits our refinancing risk in a raising rate environment.

從槓桿的角度來看，我們在本季度末的淨債務與年化調整後 EBITDAR 的比率為 5.4 倍，符合我們的目標槓桿比率。而且我們的短期債務到期時間仍然很低，主要是固定利率債務到期時間表，而且公司債券在 2024 年之前不會到期。正如 Sumit 在開場白中提到的那樣，我們到明年年底的適度債務到期時間表限制了我們加息環境下的再融資風險。

Our size and scale provide us access to attractively price debt across several markets. For example, in January, we issued GBP 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. During the quarter, we issued over $660 million of equity, primarily through our ATM program. And subsequent to the quarter end, we entered into a definitive agreement for the private placement of a GBP 600 million sterling-denominated offering of senior unsecured notes, pricing 8-year, 10-year and 15-year notes at a weighted average fixed rate of 3.22% with a weighted average tenor of approximately 10.5 years. We greatly appreciate the support from the investors who have participated in our capital markets transactions.

我們的規模和規模使我們能夠在多個市場獲得具有吸引力的價格債務。例如，1 月份，我們發行了 5 億英鎊的以英鎊計價的高級無抵押票據，以 2.28% 的綜合收益率和 12.5 年的加權平均期限定價 5 年期和 20 年期票據。在本季度，我們主要通過我們的 ATM 計劃發行了超過 6.6 億美元的股票。在季度末之後，我們就私募發行 6 億英鎊計價的高級無抵押票據簽訂了最終協議，以加權平均固定利率定價 8 年期、10 年期和 15 年期票據3.22%，加權平均期限約為 10.5 年。我們非常感謝參與我們資本市場交易的投資者的支持。

Finally, just last week, we announced the recast and upsizing of our credit facility, which now includes a $4.25 billion multicurrency revolving line of credit with an initial maturity in June 2026 and 2 6-month extension options as well as a $1 billion accordion feature. At our current credit rating, the new revolving line of credit provides a borrowing rate of adjusted SOFR plus 72.5 basis points as compared to our previous credit facility of LIBOR plus 77.5 basis points.

最後，就在上週，我們宣布重新調整和擴大我們的信貸額度，其中現在包括 42.5 億美元的多幣種循環信貸額度，初始到期時間為 2026 年 6 月，以及 2 個 6 個月的延期選項以及 10 億美元的手風琴功能.在我們目前的信用評級下，新的循環信貸額度提供的借款利率為調整後的 SOFR 加上 72.5 個基點，而我們之前的 LIBOR 信貸額度為 77.5 個基點。

In total, 25 lenders participated in our recast, and we greatly appreciate the support of our relationship banks, many of whom have supported us for decades and have been integral towards our growth.

總共有 25 家貸方參與了我們的重鑄，我們非常感謝我們的關係銀行的支持，其中許多銀行幾十年來一直支持我們，並且對我們的發展起到了不可或缺的作用。

We've been most active during the last 12 months within corporate finance and capital markets. I'd like to make special mention of Jonathan Pong and his team who have worked tirelessly to bring our corporate financing strategies and capital markets execution together with our partners to fruition on behalf of all whom we serve.

在過去的 12 個月裡，我們在企業融資和資本市場上最為活躍。我想特別提一下 Jonathan Pong 和他的團隊，他們與我們的合作夥伴一起不懈地努力將我們的企業融資戰略和資本市場執行與我們服務的所有人一起取得成果。

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 March, we celebrated the payment of our 620th monthly dividend by virtually ringing the New York Stock Exchange closing bell.

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。 3 月，我們通過虛擬敲響紐約證券交易所的收盤鐘來慶祝我們的第 620 次每月股息支付。

At Realty Income, the dividend is sacrosanct, and we are proud to be one of only 3 REITs in the S&P 500 Dividend Aristocrats Index for having raised our dividend for at least 25 consecutive years. And the value of our business is largely tied to current income as a recurring cash flow vehicle. As a result, the value proposition of owning Realty Income is comparatively more attractive during inflationary periods versus those whose value is tied to growth in future years.

在 Realty Income，股息是神聖不可侵犯的，我們很自豪能夠成為標準普爾 500 股息貴族指數中僅有的 3 個 REIT 之一，因為我們至少連續 25 年提高了股息。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。因此，與那些價值與未來幾年的增長掛鉤的價值主張相比，擁有房地產收入的價值主張在通貨膨脹期間更具吸引力。

And now I would like to pass the call back to Sumit.

現在我想將電話轉回給 Sumit。

Thank you, Christie. Our business continues to perform, and we are well positioned to build on our momentum throughout 2022 and beyond. These are interesting times, and I remain encouraged by our One Team's creativity and work effort.

謝謝你，克里斯蒂。我們的業務繼續表現良好，我們已做好準備在 2022 年及以後繼續發展勢頭。這些是有趣的時刻，我仍然對我們 One Team 的創造力和工作努力感到鼓舞。

We remain steadfast in our pursuit of providing our stakeholders with attractive risk-adjusted returns over the long term. Thank you again to our team and partners for helping us deliver these results and to our stakeholders for their continued support.

我們將堅定不移地追求為我們的利益相關者提供具有吸引力的長期風險調整回報。再次感謝我們的團隊和合作夥伴幫助我們取得這些成果，並感謝我們的利益相關者的持續支持。

With that, I'd like to open it up for questions.

有了這個，我想打開它來提問。

(Operator Instructions) We'll take our first question from Brad Heffern with RBC Capital Markets.

（操作員說明）我們將回答 RBC Capital Markets 的 Brad Heffern 提出的第一個問題。

Sumit, you mentioned in your prepared remarks that you've seen an increase in cap rates in certain categories. Can you give more color there? And are there differences by credit quality or geography?

Sumit，您在準備好的評論中提到您已經看到某些類別的上限率有所增加。你能給那裡更多的顏色嗎？信用質量或地域是否存在差異？

Yes. Sure. Thanks for the question, Brad. Good question. I think the most obvious difference in cap rates -- increasing cap rates we see is in the industrial sector and more so here in the U.S. than in the international markets. I would say if I was asked to quantify what this change is in terms of what we were seeing in the third and fourth quarter of last year to what we started to see in the first quarter and beyond of this year, I would say it's in the tune of 25 to 50 basis points of increase in cap rates on the industrial sector.

是的。當然。謝謝你的問題，布拉德。好問題。我認為上限利率最明顯的差異——我們看到的上限利率上升是在工業領域，在美國比在國際市場上更是如此。我會說，如果我被要求量化這種變化是什麼，我們在去年第三季度和第四季度看到的情況與我們在今年第一季度及以後開始看到的情況相比，我會說它在工業部門上限利率提高 25 至 50 個基點。

We are also starting to see on the retail side some of the transactions that were struck again in the fourth quarter of last year with potential levered buyers coming back. And certainty of close is taking on paramount importance with regards to the sellers, and they're coming back at slightly higher cap rates. We see this more on the larger dollar retail acquisition opportunities, not so much on the QSR and smaller opportunities. But we are starting to see movement higher on the retail side, but it is not as dominant and it's not as widespread as we see it on the industrial side.

我們也開始在零售方面看到去年第四季度再次發生的一些交易，潛在的槓桿買家回來了。對於賣家而言，關閉的確定性變得至關重要，而且他們以略高的上限利率回歸。我們更多地在更大的美元零售收購機會上看到了這一點，而不是在 QSR 和較小的機會上。但我們開始看到零售方面的走勢更高，但它並不像我們在工業方面看到的那樣占主導地位，也沒有那麼普遍。

Okay. And then are you seeing any companies that potentially wouldn't have been interested in sale-leaseback in the past come in just given the higher cost of alternative forms of financing?

好的。然後，您是否看到任何過去可能對售後回租不感興趣的公司只是考慮到替代融資形式的更高成本？

Yes. I think part of it is that sale-leaseback may potentially be a better avenue to raise capital and monetize their real estate. But I think part of it is also the maturation of the sale-leaseback market, especially here in the U.S. We are starting to see first-time operators engaging in sale-leaseback conversations, and a lot of it is not necessarily being generated by activist investors coming into play. A lot of it is organic. This is becoming part of their balance sheet management strategy going forward. And some of these are much larger than what we have typically seen in years past. And when I say that, I mean with $1 billion in front rather than $1 million.

是的。我認為部分原因是售後回租可能是籌集資金和將其房地產貨幣化的更好途徑。但我認為部分原因是售後回租市場的成熟，尤其是在美國。我們開始看到首次運營商參與售後回租對話，其中很多不一定是由激進主義者產生的投資者開始發揮作用。很多都是有機的。這正在成為他們未來資產負債表管理戰略的一部分。其中一些比我們過去幾年通常看到的要大得多。當我這麼說時，我的意思是前面有 10 億美元，而不是 100 萬美元。

And to us, it is a function of the maturation of the sale-leaseback market and, of course, also what is happening on the CMBS and secured debt markets today.

對我們來說，它是售後回租市場成熟的一個功能，當然，也是當今 CMBS 和有擔保債務市場正在發生的事情。

Next, we'll go to Greg McGinniss with Scotiabank.

接下來，我們將與 Scotiabank 一起前往 Greg McGinniss。

Greg, you may be on mute.

格雷格，你可能處於靜音狀態。

I certainly was. Thank you so much, Sumit. Christie, the line of credit can now support a pretty significant level of acquisition activity. Just curious how you're thinking about maybe debt raises through the balance of the year, where do you anticipate you could raise debt and then thoughts on sterling and euro debt versus dollar debt at this point.

我當然是。非常感謝你，蘇米特。克里斯蒂，信貸額度現在可以支持相當大的收購活動。只是好奇你是如何考慮可能在今年餘下時間增加債務的，你預計你可以在哪裡增加債務，然後在這一點上考慮英鎊和歐元債務與美元債務。

Yes. Thanks for that, Greg. Yes, we're very excited about the renewal of our $4.25 billion credit facility. The team just did a great job, and we've got great support from a lineup of banks.

是的。謝謝你，格雷格。是的，我們對續訂 42.5 億美元的信貸額度感到非常興奮。團隊做得很好，我們得到了一系列銀行的大力支持。

In terms of indicative pricing right now, 10-year U.S. treasuries, we just received this morning above 4%. Call it 4.2%, 4.3%. When we look at sterling, we're probably in 3.7% range. And then euro-related debt, high 2s, 2.8% to 3%. And as you know, part of our strategy is to really take advantage of the European execution from a liability perspective. And so as part of our capital strategy, we'd be looking to execute in sterling. And depending on how things pan out throughout the rest of the year, potentially execute from a euro perspective as well.

就目前的指示性定價而言，10 年期美國國債，我們今天早上剛剛收到超過 4% 的價格。稱之為 4.2%、4.3%。當我們看英鎊時，我們可能在 3.7% 的範圍內。然後是歐元相關債務，高 2s，2.8% 至 3%。如您所知，我們戰略的一部分是從責任的角度真正利用歐洲執行。因此，作為我們資本戰略的一部分，我們將尋求以英鎊執行。根據今年剩餘時間的情況，也可能從歐元的角度執行。

Okay. And then in terms of how you might be thinking about raising debt this year, I mean, do you guys feel a need to get more permanent financing versus using the revolver? Or are you comfortable just based on where the acquisition guidance is just continuing to load up there?

好的。然後就你今年可能如何考慮籌集債務而言，我的意思是，你們覺得有必要獲得更多的永久性融資而不是使用左輪手槍嗎？或者您是否僅根據獲取指南繼續加載的位置感到滿意？

I think what you can expect from us, Greg, is to just really be consistent as we executed, for example, in April with the private placement of approximately $800 million. We have a delayed draw on that, so the paydown is in June. And as you mentioned, we've got our revolver, and we also have our commercial paper program that is even further pricing inside the revolver. So we've got a lot of opportunity here in front of us to fund our acquisition volume and do so within the range of guidance.

格雷格，我認為你對我們的期望是在我們執行時真正保持一致，例如，在 4 月份進行了大約 8 億美元的私募。我們對此有所延遲，因此在 6 月還款。正如你所提到的，我們有我們的左輪手槍，我們還有我們的商業票據計劃，它在左輪手槍內進一步定價。因此，我們面前有很多機會來為我們的收購量提供資金，並在指導範圍內這樣做。

Next, we'll go to Nicholas Joseph with Citi.

接下來，我們將與花旗一起前往 Nicholas Joseph。

Maybe just following up on that line of questioning. Just with the sterling debt issuance and the other capital raising, how hedged are you from a cash flow and asset exposure perspective today?

也許只是跟進那條問題。僅通過發行英鎊債務和其他融資，從現金流和資產敞口的角度來看，您今天的對沖程度如何？

Yes. So from a hedging perspective, we have hedges in place that we've executed both from an interest rate perspective. The team executed those back in the 2020 time period in June. And as you can imagine, we're in the money. And it was very well designed as it relates to the current environment.

是的。因此，從對沖的角度來看，我們已經從利率的角度執行了對沖。該團隊在 2020 年 6 月執行了這些操作。正如你可以想像的那樣，我們有錢。它設計得非常好，因為它與當前環境相關。

And then just on external growth. I mean just given the 1Q activity and then the casino deal under contract, what were your thoughts on moving acquisition guidance with this earnings release?

然後只是外部增長。我的意思是剛剛考慮到第一季度的活動，然後是合同下的賭場交易，您對通過此收益發布移動收購指導有何看法？

Greg, sorry, you cut off. Could you repeat that last question, please?

格雷格，對不起，你打斷了。請您重複最後一個問題好嗎？

Sure. Can you hear me?

當然。你能聽到我嗎？

Yes, I can. Go ahead.

我可以。前進。

Yes. So the question was just on maintained acquisition guidance just given the pace of acquisitions year-to-date and then also with the casino under contract for later in the year, if there are thoughts of moving up the acquisition guidance or just given kind of the uncertainty in the market, how that all blended together in your thinking.

是的。因此，問題只是考慮到今年迄今為止的收購步伐，以及今年晚些時候與賭場簽訂合同的維持收購指導，如果有提高收購指導的想法或只是給出某種市場的不確定性，這一切如何在你的思想中融合在一起。

Yes. So Nick, if you recall, when we first came out with our guidance, this was in late October, I think, of last year, which was very unusual for us. And a lot of what was driving that thinking then was making sure that people were able to underwrite what this merger was going to mean for the pro forma company. And we had come out with a number of $5 billion -- approximately $5 billion.

是的。所以尼克，如果你還記得，當我們第一次提出我們的指導時，我想是在去年 10 月下旬，這對我們來說是非常不尋常的。當時推動這種想法的很多因素是確保人們能夠承保這次合併對備考公司意味著什麼。我們已經拿出了 50 億美元——大約 50 億美元。

We haven't changed that. And like you've said, we've obviously made the announcement subsequent to that initial guidance of a $1.7 billion transaction. And what I can share with you, Nick, is not all of that $1.7 billion was contemplated when we had first come out with the $5 billion. In fact, we weren't even sure we had a deal at that time.

我們沒有改變這一點。就像你所說的那樣，我們顯然是在最初的 17 億美元交易指導之後宣布的。尼克，我可以和你分享的是，當我們第一次提出 50 億美元時，並不是所有的 17 億美元都在考慮之中。事實上，我們當時甚至不確定我們是否達成了交易。

So could that $5 billion go up? Yes. But what I -- what keeps us a little bit on the sidelines is this continued volatility that we are seeing on the capital markets side. And from a pure sourcing perspective, as you can see from the numbers that we've posted, from a -- the next 4- to 5-month pipeline perspective, I can continue to share with you that the momentum is there. It is incredibly positive. And what sort of keeps us sort of hedging is what's going to happen in the last 4 to 5 months if this continued volatility remains.

那麼這50億美元會增加嗎？是的。但我 - 讓我們保持觀望的是我們在資本市場方面看到的這種持續波動。從純粹的採購角度來看，正如您從我們發布的數字中看到的那樣，從下一個 4 到 5 個月的管道角度來看，我可以繼續與您分享這種勢頭。這是令人難以置信的積極。如果這種持續的波動仍然存在，那麼在過去 4 到 5 個月內將會發生什麼讓我們保持對沖。

We are very comfortable with the $5 billion number. And it's actually, we say, above $5 billion. And I think we can also go so far as to say that not all of that $1.7 billion, which we expect to close in the fourth quarter, was contemplated when we came out with the numbers that we did.

我們對 50 億美元的數字感到非常滿意。實際上，我們說，超過 50 億美元。而且我認為我們還可以說，當我們得出我們所做的數字時，我們預計將在第四季度完成的 17 億美元並不是全部考慮在內。

Nick, I just wanted to follow up, too, to make sure that I captured the breadth of your question. I also wanted to just share that as we've talked about, that we use foreign debt to serve as a natural hedge on our foreign assets. And probably the only other thing you'd be interested in is we also have FX forwards in place to hedge some of our foreign earnings.

尼克，我也只是想跟進，以確保我抓住了你問題的廣度。正如我們所討論的那樣，我還想分享一下，我們使用外債作為對外國資產的自然對沖。您可能唯一感興趣的另一件事是我們也有外匯遠期來對沖我們的一些外國收入。

Next, we'll go to Michael Goldsmith with UBS.

接下來，我們將與瑞銀一起去邁克爾戈德史密斯。

Can you give us an update on the VEREIT merger and how the G&A synergies are trending so far?

您能否向我們介紹一下 VEREIT 合併的最新情況以及迄今為止 G&A 協同效應的趨勢？

Sure. I'll start off. And then Christie, if you wouldn't mind just addressing the run rate on the synergies. With regards to the integration itself, I think it has gone according to plan. I would even go so far as to say it's ahead of plan. The 2 companies are integrated from an organizational perspective. The personnel have integrated into their various teams. Common procedures and processes and controls have been adopted. And we are clearly seeing that on the acquisition front, on the asset management front and the property management front, et cetera. So I think organizationally, we are where we were hoping to be.

當然。我會開始的。然後克里斯蒂，如果你不介意只解決協同效應的運行率。至於整合本身，我認為它已經按計劃進行。我什至會說這超出了計劃。從組織的角度來看，這兩家公司是整合在一起的。這些人員已經融入了他們的各個團隊。已採用通用程序、流程和控制措施。我們清楚地看到，在收購方面、資產管理方面和物業管理方面等等。所以我認為在組織上，我們是我們希望成為的地方。

In terms of synergies, I'll let Christie take that question.

在協同效應方面，我會讓克里斯蒂回答這個問題。

Thanks, Sumit. So we had shared during the transaction that we were focused on executing $45 million to $55 million in synergies. And from the perspective of where we are right now, we're tracking towards the higher end of that range and well ahead of plan.

謝謝，蘇米特。因此，我們在交易期間分享了我們專注於執行 4500 萬至 5500 萬美元的協同效應。從我們現在所處的位置來看，我們正在追踪該範圍的高端，並且遠遠超前於計劃。

That's helpful. And as a follow-up, more focused on Europe. Given what's transpiring there, can you provide an update on the health of the investment landscape in Europe broadly and then maybe touch on some of the specific regions? And then within that, your European portfolio is more concentrated in certain retailers. So how do you -- over time, how do you look to diversify that to kind of spread -- to spread out the exposure?

這很有幫助。作為後續行動，更關注歐洲。鑑於那裡正在發生的事情，您能否提供有關歐洲投資環境健康狀況的最新信息，然後可能會涉及一些特定地區？然後在其中，您的歐洲投資組合更集中於某些零售商。那麼你如何——隨著時間的推移，你如何將其分散到某種傳播中——分散風險？

Sure, Michael. Very good questions. Look, I think by design, we had chosen to enter into Western Europe. And we, by design, chose the U.K. primarily because of the ease of affordability of our cost of capital and processes and tax regime, et cetera, et cetera.

當然，邁克爾。非常好的問題。看，我認為我們是有意進入西歐的。而且，我們在設計上選擇了英國，主要是因為我們的資本成本和流程成本以及稅收制度等易於負擔。

You're absolutely right that we have chosen to continue to work with some very large operators, and that investment pipeline has continued to be a major source of our growth of what is today a $5 billion portfolio. The good news here is the operators that we are partnering with, they are very, very large. And so there is a tremendous amount of runway for us to continue to do the consolidation.

您完全正確，我們選擇繼續與一些非常大的運營商合作，並且投資渠道繼續成為我們今天 50 億美元投資組合增長的主要來源。好消息是我們正在與之合作的運營商，他們非常非常大。因此，我們有大量的跑道可以繼續進行整合。

I think there was an element of your question that also touched on, given what is happening in Eastern Europe, how are we impacted? How are our operators impacted? What I can share with you is, as of right now, all of the operators that we have done business with in Europe, none of them have operations -- today, none of them have operations in Russia, Ukraine or any of the adjacent countries that are potentially being impacted by what's playing out in Eastern Europe. The only operator ironically that does have some element of exposure to Russia is actually Couche-Tard that has about 36 assets, which is less than 1% of their overall footprint -- global footprint that is based in Russia. And outside of that, none of our operators today have operations in either of those impacted countries.

鑑於東歐正在發生的事情，我認為您的問題中也有一個要素，我們受到了怎樣的影響？我們的運營商受到了怎樣的影響？我可以和你分享的是，截至目前，我們在歐洲有業務往來的所有運營商，他們都沒有業務——今天，他們都沒有在俄羅斯、烏克蘭或任何鄰國開展業務這可能會受到東歐正在發生的事情的影響。具有諷刺意味的是，唯一對俄羅斯有一定影響的運營商實際上是 Couche-Tard，它擁有大約 36 項資產，不到其總足蹟的 1%——總部位於俄羅斯的全球足跡。除此之外，我們今天的運營商都沒有在這些受影響的國家開展業務。

So we have a tremendous amount of pipeline. We have a fair amount of runway to not only continue to grow with the operators that we've established. But also, as we branch out into new countries with other dominant operators in those countries, and some of which, as you can tell, Carrefour was a brand new name for us, and we did the sale-leaseback in Spain. We have continued to grow that name.

所以我們有大量的管道。我們擁有相當數量的跑道，不僅可以與我們建立的運營商一起繼續發展。而且，當我們與其他主要運營商在這些國家/地區開展業務時，其中一些，正如您所知，家樂福對我們來說是一個全新的名稱，我們在西班牙進行了售後回租。我們繼續發展這個名字。

And as we continue to add more and more countries, and even within countries, as we get more comfortable with the landscape and operators, you'll start to see a few other very large names get added to our client registry. So, so far, so good. And by design, we've stayed on the Western side of Europe. And those businesses continue to do well.

隨著我們繼續添加越來越多的國家/地區，甚至在國家/地區內，隨著我們對環境和運營商越來越熟悉，您將開始看到其他一些非常大的名稱被添加到我們的客戶註冊表中。所以，到目前為止，一切都很好。按照設計，我們一直呆在歐洲的西部。這些業務繼續表現良好。

We'll go to our next question, Haendel St. Juste with Mizuho.

我們將與瑞穗一起回答下一個問題，Haendel St. Juste。

So you guys sold $122 million in the first quarter, you said mostly VEREIT assets. But I guess I'm curious how much more is there left to sell in that plan that you've identified? And I guess why were there so many vacant properties there to lease?

所以你們在第一季度賣出了 1.22 億美元，主要是 VEREIT 資產。但我想我很好奇你確定的那個計劃還有多少可以賣？我猜為什麼那裡有這麼多空置物業可供出租？

Yes. It's about -- so I'll answer your last question first, Haendel. There is about 156 assets that are vacant in our portfolio, close to 11,500 assets. So it's not significant, as you can tell, which is clearly why we have 98.6% occupancy. Look, for us, it is -- this quarter happened to be one where of all the assets sold, about 97%, 98% -- I believe it was $118 million, $119 million of the $122 million were vacant asset sales. And even that number was largely dominated by 2 industrial assets that we sold vacant where we were able to strike very good total return profiles.

是的。它是關於 - 所以我會先回答你的最後一個問題，Haendel。我們的投資組合中大約有 156 項資產空置，接近 11,500 項資產。因此，正如您所知，這並不重要，這顯然是我們擁有 98.6% 入住率的原因。看，對我們來說，這是 - 本季度恰好是出售的所有資產中的一個，大約 97%、98% - 我相信是 1.18 億美元，1.22 億美元中的 1.19 億美元是空置資產出售。即使是這個數字也主要由我們出售的兩項工業資產空置，我們能夠獲得非常好的總回報率。

This is going to continue to ebb and flow. There'll be quarters where we have some occupied assets that we have opportunistically decided to sell. And clearly, selling vacant assets is very much part and parcel of our business. And when we do sell vacant assets, we give you a total return profile on what is the unlevered return that we were able to achieve, which this first quarter was north of 9% on an unlevered basis. So these are assets that we may have held for 10, 12, 15 years, have generated a fair amount of cash flow. And even when sold vacant, especially in inflationary environments, it allows us to create and capture the kind of returns that we are posting.

這將繼續潮起潮落。會有一些我們有機會決定出售的佔用資產的季度。顯然，出售空置資產是我們業務的重要組成部分。當我們確實出售空置資產時，我們會為您提供我們能夠實現的無槓桿回報的總回報概況，第一季度在無槓桿的基礎上超過 9%。所以這些是我們可能持有 10 年、12 年、15 年的資產，產生了相當數量的現金流。即使在空置的情況下，尤其是在通貨膨脹的環境中，它也使我們能夠創造和獲取我們發布的那種回報。

But the point I want to make and I want to leave with you, Haendel, is selling vacant assets is absolutely part of our business. We go through an asset management analysis where we try to figure out what is the most economic -- what is the most positive outcome in terms of the economics of selling the asset, re-leasing the asset, repositioning the asset or entering into a negotiation with the existing client. And once we sort of go through that, we make the determination to go down one of these paths. And that's what drives our thinking in terms of how we decide whether to sell vacant assets or occupied assets. And that will continue to be the mantra that dictates our asset management strategy going forward.

但我想說的一點，我想和你一起離開，Haendel，出售空置資產絕對是我們業務的一部分。我們進行資產管理分析，試圖找出最經濟的結果——就出售資產、再出租資產、重新定位資產或進行談判的經濟性而言，什麼是最積極的結果與現有客戶。一旦我們經歷了這一點，我們就會下定決心沿著其中一條路走下去。這就是驅動我們思考如何決定出售空置資產還是佔用資產的原因。這將繼續成為我們未來資產管理戰略的主旋律。

Got it. Got it. That's helpful. Maybe some comments on business -- thinking of business overall. I understand you're not in a position of having to sell assets, but just curious if you're maybe thinking a bit differently here, maybe selling a bit more in light of the movement in rates.

知道了。知道了。這很有幫助。也許是對業務的一些評論——從整體上考慮業務。我知道您不必出售資產，但只是好奇您是否在這裡的想法有所不同，可能會根據利率變動出售更多資產。

So Haendel, do you think what we're experiencing today is going to continue on? Because, yes, if what we have experienced in the market more recently sort of creates this disconnect between private market valuations and public market valuations, then obviously, selling assets becomes very much part and parcel of our strategy.

所以Haendel，你認為我們今天所經歷的會繼續嗎？因為，是的，如果我們最近在市場上的經歷造成了私人市場估值和公開市場估值之間的脫節，那麼顯然，出售資產成為我們戰略的重要組成部分。

Truth be told, Haendel, we've never, outside of those very small pockets of time, i.e., when the pandemic first started, where we had a few weeks where there was a dislocation, for a sustained period, we've never encountered a scenario where asset prices were being valued in the private market higher than what our public market valuation indicated. But if that were to play out, hypothetically speaking, we would not be averse to raising capital, if needed, through asset sales.

說實話，Haendel，除了那些非常小的時間之外，我們從來沒有遇到過資產價格在私人市場上的估值高於我們公開市場估值所顯示的情況。但如果這種情況發生，假設性地說，如果需要，我們不會反對通過資產出售籌集資金。

This is -- this, again, I think, will accrue to our benefit given the quality of assets that we have been able to assemble especially over the last 10 years and more specifically, over the last 3 to 4 years. So that continues to remain a strategy but one that we hope doesn't play out because I think the only scenario where I can see that happening is a macro environment where things are incredibly uncertain. And I hope that, that doesn't play out that way. But look, it's absolutely a theoretical strategy that we can lean on if needed.

鑑於我們能夠在過去 10 年，更具體地說，在過去 3 到 4 年中積累的資產質量，我認為這再次為我們帶來了好處。所以這仍然是一種策略，但我們希望它不會發揮作用，因為我認為我能看到這種情況發生的唯一情況是宏觀環境，其中事情非常不確定。我希望，事情不會那樣發展。但是看，這絕對是一個理論上的策略，如果需要我們可以依靠。

Got it. Got it. One more on the guidance, maybe for Christie. You reversed, let's say, $10 million of movie theater-related reserves. I'm curious what's left of that opportunity bucket here today and what's contemplated in the guide. And maybe a question on the lower end of guidance. Run rate FFO was closer to $0.95. You didn't raise the lower end. Maybe help us square that a bit.

知道了。知道了。還有一個關於指導的，也許是給克里斯蒂的。比如說，你扭轉了 1000 萬美元的電影院相關儲備金。我很好奇今天這個機會桶還剩下什麼，以及指南中的設想。也許還有一個關於指導低端的問題。運行率 FFO 接近 0.95 美元。你沒有提高下限。也許可以幫助我們解決這個問題。

Yes. I think certainly, Haendel, I mean, in terms of the overall reserves that we have remaining from the COVID time period, it's approximately $30 million. And the majority of those deferral arrangements are going to be in effect as of July. And so in accordance with our guidelines and the like, we will be ensuring over the next 6 months towards the end of the year that we're collecting in accordance with our deferral arrangements. And so as it relates to guidance, we really don't have anything else factored in of note into the midpoint of our guidance.

是的。我當然認為，Haendel，我的意思是，就我們在 COVID 時期剩餘的總儲備而言，大約是 3000 萬美元。這些延期安排中的大部分將於 7 月生效。因此，根據我們的指導方針等，我們將確保在接近年底的未來 6 個月內，我們按照我們的延期安排進行收款。因此，由於它與指導有關，我們在指導的中點中確實沒有其他任何值得注意的因素。

We'll move to our next question, Caitlin Burrows with Goldman Sachs.

我們將轉到下一個問題，Caitlin Burrows with Goldman Sachs。

Yes. Great. Maybe on the tenant side, Sumit, earlier, you referenced it briefly. But obviously, you have a lot of individual tenants. What's your impression on how they're doing? To what extent they can pass along inflation impacts to their customers? And how that ultimately impacts their ability to pay rent?

是的。偉大的。也許在租戶方面，Sumit，早些時候，您簡要地引用了它。但顯然，您有很多個人租戶。你對他們的表現有什麼印象？他們可以在多大程度上將通脹影響傳遞給客戶？以及這最終如何影響他們支付租金的能力？

Yes. Look, it is certainly a story that is playing out very differently for those that are well-capitalized businesses versus those that tend to be smaller operators in this high inflationary environment. We had Neil's team, the research team, do an analysis on our top 150 clients. And they represent about 85% of our rent. And we were like very focused on what is going to happen to their balance sheet, their ability to pay in the event that interest rates were to rise 300 basis points from where it is currently. And -- this is a big and, they didn't have the ability to pass through any of those increased costs that they were bearing on to their customers, which is a highly unlikely scenario, but we were trying to figure out what would happen in that particular scenario for us. And it was 11 of these operators of the 150 representing less than 5% of our rent where the coverages fell below 1x.

是的。看，在這種高通脹環境下，對於那些資本充足的企業與那些往往是小型運營商的企業來說，這無疑是一個截然不同的故事。我們讓 Neil 的團隊，即研究團隊，對我們的前 150 名客戶進行了分析。它們約占我們租金的 85%。我們非常關注他們的資產負債表將會發生什麼，以及如果利率從目前的水平上升 300 個基點，他們的支付能力。而且 - 這是一個很大的問題，他們沒有能力將他們承擔的任何增加的成本轉嫁給客戶，這是極不可能的情況，但我們試圖弄清楚會發生什麼在我們的特定情況下。在這 150 家運營商中，有 11 家運營商的覆蓋率低於 1 倍，占我們租金的不到 5%。

So we feel like -- again, by design, we've created a client registry that's predominantly made up of very well capitalized operators. But those one-off operators -- and Caitlin, you're right, we have 1,000 different clients, so we certainly have a few one-off operators that tend to be smaller operators. It is going to be more difficult for them to be able to absorb this and their inability to pass through their costs. But we've had a few general merchandising stores. We've had a few folks who are going to -- who have actually talked about increasing EBIT margins because of their ability to pass through a lot of these costs. And predominantly, our client registry is made up of those types of folks.

所以我們覺得——再一次，通過設計，我們創建了一個主要由資本充足的運營商組成的客戶註冊中心。但是那些一次性運營商——Caitlin，你是對的，我們有 1000 個不同的客戶，所以我們當然有一些一次性運營商，它們往往是較小的運營商。他們將更難以承受這些負擔以及他們無法轉嫁成本。但是我們有一些百貨商店。我們有幾個人打算——他們實際上已經談論過提高息稅前利潤率，因為他們有能力承擔很多這些成本。主要是，我們的客戶註冊表由這些類型的人組成。

So yes, hypothetically, Caitlin, the smaller operators will suffer in this environment and may not make it. But thankfully, we don't have too much exposure to that, and it is very small in terms of percentage of our overall rent.

所以是的，假設，凱特琳，較小的運營商將在這種環境中遭受損失，並且可能無法成功。但值得慶幸的是，我們對此並沒有太多的了解，而且就我們整體租金的百分比而言，它非常小。

Great. And then maybe just as a follow-up to an earlier question regarding that $45 million to $55 million of VEREIT-related G&A synergies. Christie, could you just clarify to what extent Realty Income is already at a good run rate? Or how much further there is to go? When you think you'll get there? Just trying to think of the cadence and timing there.

偉大的。然後也許只是對先前關於 4500 萬至 5500 萬美元與 VEREIT 相關的 G&A 協同效應的問題的後續行動。克里斯蒂，您能否澄清一下 Realty Income 在多大程度上已經處於良好的運行速度？或者還有多遠？你認為你什麼時候會到達那裡？只是想著那裡的節奏和時間。

Yes. I think, Caitlin, we're already over the midpoint of our guidance for the first year of execution. And to that point, we probably have 10% to 15% more to go. There's essentially some lag associated with timing that will also spill into 2023, but we've made excellent progress as a team.

是的。我認為，凱特琳，我們已經超過了執行第一年指導的中點。到那時，我們可能還有 10% 到 15% 的路要走。從本質上講，與時間相關的一些滯後也會蔓延到 2023 年，但我們作為一個團隊已經取得了出色的進展。

Next, we'll go to Ronald Kamdem with Morgan Stanley.

接下來，我們將和摩根士丹利一起去 Ronald Kamdem。

A couple of quick ones for me. Just going back on sort of the gaming acquisition. I think you mentioned in the opening comments, still on track. Can you remind us what else sort of needs to be done before that's done and dusted? And the follow-up is just, have you sort of gotten -- received more interest in sort of the gaming side? And is that an opportunity?

給我幾個快速的。只是回到某種遊戲收購。我認為您在開場評論中提到，仍在進行中。你能提醒我們在完成和除塵之前還需要做什麼嗎？後續行動是，你有沒有得到 - 對遊戲方面的更多興趣？這是一個機會嗎？

Yes. So the biggest element to closing this transaction is the licensing process, and we are well in the midst of going through that process. We've submitted our application. It is being reviewed by the Massachusetts Gaming Group. And we are very hopeful that by fourth quarter, we will be in a position to close this transaction. But that really is the one outstanding element to be able to close this transaction. But so far, so good. Everything that we are hearing, everything that we've received in terms of MGC's response to our initial application has been quite positive. So we feel pretty good about that.

是的。因此，完成這筆交易的最大因素是許可流程，我們正處於該流程之中。我們已經提交了我們的申請。馬薩諸塞州博彩集團正在審查它。我們非常希望到第四季度，我們能夠完成這筆交易。但這確實是能夠完成這筆交易的一個突出因素。但到目前為止，一切都很好。我們聽到的一切，我們收到的關於 MGC 對我們最初申請的回應的一切都是非常積極的。所以我們對此感覺很好。

In terms of the industry itself, no surprise. We are getting a lot of inbounds from potential sale-leaseback opportunities. And the team is reviewing them one at a time. But our thesis around this particular space remains the same. We want to partner with the best-in-class operators and find assets that are truly one-of-a-kind, just like we did with the Boston asset. And if, at a very high level, those criterias are met, we will absolutely continue to increase our exposure to this particular sector.

就行業本身而言，不足為奇。我們從潛在的售後回租機會中獲得了很多入站資金。團隊正在一次一個地審查它們。但是我們圍繞這個特定空間的論點保持不變。我們希望與一流的運營商合作，找到真正獨一無二的資產，就像我們對波士頓資產所做的那樣。如果在非常高的水平上滿足這些標準，我們絕對會繼續增加我們在這個特定行業的曝光率。

Great. And if I could just sneak in one more. Just earlier in the call, you made some comments about sort of the top 150 tenants in the portfolio and 85% of rents. And when I think about aspirations of doing these larger sale-leaseback opportunities, just when you take a step back, how many of those clients potentially do you think are -- would be interested this would be the right solution for them versus it sort of have to be new relationships, new tenants for sort of these larger sale-leaseback deals in the future?

偉大的。如果我能再偷偷溜進去一個。就在電話會議的早些時候，您對投資組合中排名前 150 的租戶和 85% 的租金發表了一些評論。當我想到做這些更大的售後回租機會的願望時，就在你退後一步時，你認為有多少潛在客戶會感興趣，這對他們來說是正確的解決方案，而不是將來必須是新的關係，新的租戶才能進行此類更大的售後回租交易？

Sure. So Ron, I mean, you've seen us grow our existing relationships to areas where they start to dominate our shareholder registry. So for instance -- I'll give you a perfect example. We did the first sale-leaseback with Dollar General. This was, I believe, in 2015, 2016 time frame, and it was maybe $130 million, $140 million sale-leaseback. We subsequently continued to grow our opportunity with Dollar General through multiple sale-leasebacks. It's a similar story with 7-Eleven. A lot of these clients that you see in our top 20 have grown over multiple years, and they continue to have ambitious growth profile. So that channel of growth remains for us.

當然。所以羅恩，我的意思是，你已經看到我們將現有關係發展到他們開始主導我們股東登記的領域。舉個例子——我會給你一個完美的例子。我們與 Dollar General 進行了第一次售後回租。我相信，這是在 2015 年、2016 年的時間範圍內，可能是 1.3 億美元，1.4 億美元的售後回租。隨後，我們通過多次售後回租繼續增加與 Dollar General 的機會。 7-11 也有類似的故事。您在我們的前 20 名中看到的這些客戶中有很多已經在多年內增長，並且他們繼續擁有雄心勃勃的增長前景。所以這個增長渠道對我們來說仍然存在。

Then we also have the ability to do first-time sale-leasebacks in a large way with clients like Wynn. These are asset classes that tend to be very large. But again, given that we are about a $57 billion, $58 billion company today, it is going to register as a 3.5% client.

然後，我們也有能力與永利這樣的客戶進行大規模的首次售後回租。這些資產類別往往非常大。但同樣，鑑於我們今天是一家價值 570 億美元、580 億美元的公司，它將註冊為 3.5% 的客戶。

And clearly, we have said this very openly that in the event Wynn decides to continue to execute and grow their footprint beyond the 2 locations that they currently have, we would love to continue to partner with them. And so this is a function of being able to do first-time sale-leasebacks in a big way. And now that we are of the size that we are, our ability to absorb those -- and when I say big, I mean $1 billion sale-leasebacks, even multiple billion-dollar sale-leasebacks, that has grown over the last few years and especially post the VEREIT merger.

顯然，我們已經非常公開地表示，如果永利決定繼續執行並擴大他們目前擁有的兩個地點之外的足跡，我們很樂意繼續與他們合作。因此，這是能夠大規模進行首次售後回租的功能。現在我們的規模已經達到了，我們有能力吸收這些——當我說大的時候，我的意思是 10 億美元的售後回租，甚至是數十億美元的售後回租，在過去幾年中有所增長尤其是在 VEREIT 合併之後。

Next, we'll go to Joshua Dennerlein with Bank of America.

接下來，我們將與美國銀行一起前往 Joshua Dennerlein。

Sumit, just wanted to follow up on your comment that cap rates tend to lag interest rate moves by 6 months. So I guess why not maybe slow down acquisitions a bit and kind of wait maybe towards the back half of the year to kind of get that better cap rate?

Sumit，只是想跟進您的評論，即上限利率往往滯後於利率變動 6 個月。所以我想為什麼不放慢收購速度，然後等到下半年才能獲得更好的上限利率？

Yes. I wish our business was a spigot where you could switch it off and turn it back on at a moment's notice. Unfortunately, our business doesn't work quite like that. When you think about how we source opportunities and how we create a pipeline of opportunities and what is the timing that it takes from making a decision to pursuing a particular transaction and then closing it, it could take anywhere between 4 to 6 months from start to finish. So unless you have a crystal ball, it is very, very difficult to be able to sort of do exactly what you suggested, which would have been perfect, if we could.

是的。我希望我們的業務是一個龍頭，您可以隨時將其關閉並重新打開。不幸的是，我們的業務並不像那樣運作。當您考慮我們如何尋找機會以及我們如何創造機會管道以及從做出決定到追求特定交易然後完成交易所需的時間時，從開始到完成可能需要 4 到 6 個月結束。所以除非你有一個水晶球，否則很難完全按照你的建議去做，如果可以的話，這將是完美的。

The other thing I would tell you is there's a lag even in our cost of capital. When you have volatile situations like this, but you're seeing opportunities that seem very well priced on a pure real estate underwriting in terms of replacement costs, in terms of price per pound, when you think about the leases that we are able to capture with the clients that are engaging in these types of transactions, you obviously build into your underwriting a particular buffer.

我要告訴你的另一件事是，即使我們的資本成本也存在滯後。當您遇到這種不穩定的情況時，但是當您考慮到我們能夠捕獲的租約時，您會看到在重置成本方面，就每磅價格而言，純粹的房地產承銷商似乎定價合理的機會對於從事此類交易的客戶，您顯然會在承保中建立特定的緩衝。

And hopefully, we've been conservative enough where we are still being able to capture positive healthy spreads to our cost of capital while continuing to enhance the -- our basic AFFO per share growth as well as our client registry with new relationships. So it's very difficult. And we had a different mindset over the next 6 to 9 months, which said, hey, the world is going to fall apart.

希望我們已經足夠保守了，我們仍然能夠在我們的資本成本中獲得積極的健康利差，同時繼續提高我們的每股基本 AFFO 增長以及我們與新關係的客戶登記。所以這是非常困難的。在接下來的 6 到 9 個月裡，我們有了不同的心態，那就是，嘿，世界將分崩離析。

We absolutely will pull in our horns just like we did in that very first quarter right after the -- it was actually the second quarter of 2020 when the pandemic hit, where we slowed down our ability to sort of continue looking at transactions and truth be told, even the market there. The transaction market sort of went silent for a bit, just because people were very unsure of how things are going to play out. But that, I've already shared with you, is not the case.

我們絕對會像我們在第一季度之後所做的那樣——實際上是 2020 年第二季度大流行來襲，在那裡我們放慢了繼續查看交易和真相的能力告訴，即使市場在那裡。交易市場有點沉默，只是因為人們非常不確定事情會如何發展。但是，我已經與您分享了，事實並非如此。

Sourcing remains very healthy. And we feel like even with the appropriate flexing of our own cost of capital, we are able to grow our business in a manner that is very much aligned with our acquisition strategy. But Josh, I'll be very honest, if our views change, we will stop continuing to build the pipeline. But that is not the case right now.

採購仍然非常健康。而且我們覺得，即使適當調整我們自己的資本成本，我們也能夠以與我們的收購戰略非常一致的方式發展我們的業務。但是喬希，我會非常誠實，如果我們的觀點發生變化，我們將停止繼續建設管道。但現在情況並非如此。

Okay. No, that's fair. And then maybe another follow-up about expanding into other countries in Europe. What is it that get you comfortable to expand outside the U.K. and Spain?

好的。不，這很公平。然後可能是另一個關於擴展到歐洲其他國家的後續行動。是什麼讓你在英國和西班牙以外的地方擴張？

The right opportunities. There are already a set of countries that we have preapproved, so to speak, internally and have shared with our Board that there are countries that we would like to be able to grow in the event the right opportunities come along. We have identified the businesses that we would like to do business with. We've identified the clients. We've identified the fact that these are businesses that will continue to thrive even in cycles like the one that we are experiencing. And if those boxes are checked and we are able to sort of strike the right balance in terms of spreads, et cetera, that's what's going to allow us to continue to expand our geographic footprint in Western Europe.

正確的機會。可以說，我們已經在內部預先批准了一組國家，並與我們的董事會分享，如果出現合適的機會，我們希望能夠發展一些國家。我們已經確定了我們希望與之開展業務的企業。我們已經確定了客戶。我們已經確定了這樣一個事實，即即使在我們正在經歷的周期中，這些業務也將繼續蓬勃發展。如果這些框被選中並且我們能夠在點差等方面取得適當的平衡，那麼這將使我們能夠繼續擴大我們在西歐的地理足跡。

Next, we'll go to John Massocca with Ladenburg Thalmann.

接下來，我們將與 Ladenburg Thalmann 一起前往 John Massocca。

So I think historically, you've kind of looked at long-term same-store growth. I understand you have a target for guidance this year. But long-term same-store growth has been right around 1%. Do some of the things you're seeing in terms of maybe rent on renewals and just the effects of increasing prices across the real estate world, in general, increase that outlook? I mean, is that enough to move the needle? Or is it just -- it's obviously going to primarily be the rent bumps you have in place. But I mean can that be big enough given the lease expiration schedule to move that up maybe noticeably?

所以我認為從歷史上看，你有點關注同店的長期增長。我了解您今年有一個指導目標。但長期同店增長一直在 1% 左右。你所看到的一些事情，可能是續租租金，以及整個房地產世界價格上漲的影響，總的來說，是否會增加這種前景？我的意思是，這足以移動針頭嗎？或者它只是 - 它顯然主要是你所面臨的租金波動。但我的意思是，鑑於租約到期時間表可能會顯著提高，這是否足夠大？

Well, John, that's what makes us different, right? I mean if you look at our world vis-a-vis our peers, we are at right around 8, 8.5 years. And if you look at our lease maturity schedule -- and I think I said this during my prepared remarks, that 12% of our leases are going to renew over the next 2.5 years. And so it does -- if we can keep this momentum, I don't know if it will be 106%, but the other thing I would say about that 106% is it's effectively net increases. And so if we can keep it in that ZIP code, that will become a major growth driver for our business, and it will become an internal growth driver of our business, especially if we continue down this highly inflationary environment.

好吧，約翰，這就是讓我們與眾不同的原因，對吧？我的意思是，如果您將我們的世界與我們的同齡人相比，我們正處於 8、8.5 年左右。如果你看看我們的租約到期時間表——我想我在準備好的發言中說過這一點，我們 12% 的租約將在未來 2.5 年內續簽。確實如此——如果我們能夠保持這種勢頭，我不知道它是否會達到 106%，但我要說的另一件事是 106% 是有效的淨增長。因此，如果我們能夠將其保留在該郵政編碼中，那將成為我們業務的主要增長動力，並將成為我們業務的內部增長動力，特別是如果我們繼續降低這種高度通脹的環境。

The other good news is if you think about our international expansion, a lot of those leases tend to be CPI-adjusted leases. And they don't tend to have this collar, a ceiling and a floor, that we experience here, but it's a relative comment. I would say the vast majority of CPI leases that we have here in the U.S. tend to have a collar. And I would say maybe 1/3 to even 40% of the leases in the international markets tend to be -- basically do not have a collar around it, and they are very much tied to CPI growth.

另一個好消息是，如果您考慮我們的國際擴張，其中很多租賃往往是 CPI 調整後的租賃。而且他們並不傾向於擁有我們在這裡體驗到的這種衣領、天花板和地板，但這是一個相對的評論。我想說的是，我們在美國擁有的絕大多數 CPI 租約都帶有項圈。而且我想說，國際市場上可能有 1/3 甚至 40% 的租賃往往是 - 基本上沒有項圈，它們與 CPI 增長密切相關。

And so I think all of that will start to percolate through our portfolio and will help us drive more internal growth than what we have historically experienced in our business. And we think of this as an opportunity, and we've been talking about asset management now for about 5 years, 6 years in anticipation of what we are now starting to experience as a company.

因此，我認為所有這些都將開始滲透到我們的投資組合中，並將幫助我們推動比我們在業務中歷來經歷的更多的內部增長。我們認為這是一個機會，我們談論資產管理已經有 5 年、6 年了，因為我們期待著我們現在作為一家公司開始體驗的東西。

And so look, we think we are very positively set up to take advantage of this situation. And it then helps us alleviate some of the pressure of just growing through external measures, which, of course, is also something that the team is doing very well.

所以看，我們認為我們非常積極地利用這種情況。然後它幫助我們減輕了一些僅僅通過外部措施來增長的壓力，這當然也是團隊做得很好的事情。

And then on the external growth side of things, obviously, you're a bigger company, so you would expect this to grow. But the development pipeline seems to kind of keep taking legs up. I mean is there something specific driving that?

然後在外部增長方面，顯然，你是一家更大的公司，所以你會期望它會增長。但開發管道似乎在繼續佔據優勢。我的意思是有什麼特定的驅動嗎？

Yes. It's by design, John. We want development to continue to tick up because we do get more spread doing development. And this allows us to continue to be the one-stop solution that our clients are looking for. And just to be super clear, we are talking about build-to-suit on 99% of our development. So I mean this is...

是的。這是設計使然，約翰。我們希望開發繼續加快，因為我們確實在開發中得到了更多的傳播。這使我們能夠繼續成為客戶正在尋找的一站式解決方案。為了非常清楚，我們正在討論 99% 的開發中的定制。所以我的意思是這是...

Are you talking about client demand? Or is that something -- just you haven't been exploiting that market maybe 3 years ago the same way you are today?

你說的是客戶需求嗎？或者那是什麼——只是你沒有像現在一樣在 3 年前開發這個市場？

John, they are build-to-suit. So by definition, they're being driven by our clients coming to us or coming to a developer and saying, we would like to have you develop here in this particular location because we would like to enter into a long-term lease. And we have either relationships directly with our clients who then ask us to work with the developer or with some developers who have asked us to become their capital source as a permanent takeout. And that is what's allowing us to continue to enhance our development pipeline. So this is absolutely being driven by the clients, not by us. This was just a hole in our overall strategy that we are now addressing in a meaningful way.

約翰，他們是量身定做的。因此，根據定義，他們是由我們的客戶來找我們或來找開發商說的，我們想讓你在這個特定的地方開發，因為我們想簽訂長期租約。我們要么直接與我們的客戶建立關係，然後他們要求我們與開發商合作，要么與一些要求我們作為永久外賣的資金來源的開發商建立關係。這就是使我們能夠繼續增強我們的開發管道的原因。所以這絕對是由客戶驅動的，而不是我們。這只是我們整體戰略中的一個漏洞，我們現在正在以一種有意義的方式解決這個問題。

Next, we'll go to Linda Tsai with Jefferies.

接下來，我們將和 Jefferies 一起去 Linda Tsai。

In terms of driving higher internal growth that you just mentioned, is there a range you'd like to target or move towards over time?

就您剛才提到的推動更高的內部增長而言，隨著時間的推移，您是否有一個目標範圍或目標範圍？

10%. Linda, I'm not trying to be flippant, but look, our intention is to try to drive that up. Some of it will naturally come with the expansion in asset types. There are certain asset types that lend themselves to higher organic growth. That was part of the attraction that we had with investing in industrial assets, and we saw that. And some of these other asset types, just like I said, do have a higher profile than the 1% that we've traditionally been able to get in the space that we had targeted historically.

10%。琳達，我不是要輕率，但聽著，我們的目的是試圖推動這一點。其中一些自然會隨著資產類型的擴展而出現。某些資產類型有助於實現更高的有機增長。這是我們投資工業資產的吸引力的一部分，我們看到了這一點。就像我說的那樣，其中一些其他資產類型的知名度確實高於我們傳統上能夠進入我們歷史目標領域的 1%。

So could I see that tick up? That's the hope with more international acquisition, with more industrial, with more development where we can create more bespoke leases. If we can get that 1% to 1.5% to 2%, that would be a major uplift and a source of internal growth. But that's not going to happen overnight. It's going to take us time, and it's going to take intentionality, which we certainly have.

那我能看到那個勾號嗎？這是希望通過更多的國際收購，更多的工業，更多的發展，我們可以創造更多的定制租賃。如果我們能達到 1% 到 1.5% 到 2%，那將是一個重大的提升和內部增長的源泉。但這不會在一夜之間發生。這將需要我們時間，並且需要我們當然擁有的意向性。

And then just to follow up, any general update on the theater business? To the extent you've seen more recovery, would you look to sell some of these assets?

然後只是跟進，關於劇院業務的任何一般更新？在您看到更多複甦的情況下，您會考慮出售其中一些資產嗎？

We are not quite there where we would want to sell our theater portfolio, Linda. In fact, all indications have been -- all trend lines have indicated that the theater business is getting back to a strong footing despite all of the noise that we hear about the theater business and PVOD and all of that.

我們還不太想出售我們的劇院組合，琳達。事實上，所有跡像都表明——所有趨勢線都表明，儘管我們聽到了關於影院業務和 PVOD 的所有噪音，但影院業務正在恢復強勢。

In fact, I was looking at some numbers. In the first quarter of 2022, we are back to about 75% of 2019 levels. And so clearly, this is a business that is largely driven by content. We are also very encouraged by the pipeline of big tent movies that are going to be released over the next 2 to 3 months. We are very hopeful that, that will translate to more attendance. And the good news is a couple of these large operators like Regal and AMC are cash-flowing positive on the assets that we own.

事實上，我在看一些數字。到 2022 年第一季度，我們將回到 2019 年的 75% 左右的水平。很明顯，這是一項主要由內容驅動的業務。我們也對即將在未來 2 到 3 個月上映的大帳篷電影的管道感到非常鼓舞。我們非常希望，這將轉化為更多的出席。好消息是，Regal 和 AMC 等大型運營商中的一些對我們擁有的資產產生了積極的現金流。

So I think all of that leads us to believe that this industry, as we had hoped and our hypothesis was, is sort of on the mend. Having said all of that, we also did a fair amount of downside scenario analysis where we looked at some of these locations. And we feel like we have the ability, the capital, the relationships to reposition these assets in the event that the business doesn't play out.

所以我認為所有這些都讓我們相信這個行業，正如我們所希望的那樣，我們的假設是，正在好轉。說了這麼多，我們還做了相當多的下行情景分析，我們查看了其中一些位置。而且我們覺得我們有能力、資本和關係來重新定位這些資產，以防業務沒有發揮作用。

I think the wrong economic decision today would be to sell some of these assets at what I would consider to be fire sale prices. And again, just to remind everyone, 82% of our portfolio is in the top 2 quartiles of performance for both these operators. So we feel very good about the theater business, but more specifically about the portfolio that we own. And so the decision to sell, though a theoretical one and has been considered, is one that we are not in a position to execute on given some of what I just said.

我認為今天錯誤的經濟決策是以我認為的低價出售其中一些資產。再次提醒大家，我們 82% 的產品組合在這兩家運營商的表現中均位於前 2 個四分之一。因此，我們對影院業務感覺非常好，但更具體地說，是對我們擁有的投資組合。因此，考慮到我剛才所說的某些內容，儘管是理論上的並且已經考慮過，但出售的決定是我們無法執行的。

This concludes the question-and-answer portion of Realty Income's conference call. I'll now turn the call over to Sumit Roy for any 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 以獲取任何結束語。

Thank you all for joining us, and we look forward to speaking at the upcoming NAREIT conference. Thank you all. Bye-bye.

感謝大家加入我們，我們期待在即將舉行的 NAREIT 會議上發言。謝謝你們。再見。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。