Alpine Income Property Trust Inc (PINE) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Alpine Q1 2023 earnings conference call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Matt Partridge. Please go ahead.

美好的一天，感謝您的支持。歡迎參加阿爾派 2023 年第一季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人馬特·帕特里奇。請繼續。

Good morning, everyone, and thank you for joining us today for the Alpine Income Property Trust first quarter 2023 operating results conference call. With me today is our CEO and President, John Albright.

大家早上好，感謝您今天參加我們的 Alpine Income Property Trust 2023 年第一季度經營業績電話會議。今天與我在一起的是我們的首席執行官兼總裁約翰·奧爾布賴特 (John Albright)。

Before we begin, I'd like to remind everyone that many of our comments today are considered forward-looking statements under federal securities law. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.

在開始之前，我想提醒大家，根據聯邦證券法，我們今天的許多評論都被視為前瞻性陳述。公司未來的實際結果可能與這些前瞻性陳述中討論的事項存在顯著差異，我們不承擔更新這些陳述的責任。

Factors and risks that could cause actual results to differ materially from expectations are disclosed from time to time in greater detail in the Company's Form 10-K, Form-10-Q, and other SEC filings. You can find our SEC reports, earnings release, and most recent investor presentation, which contains reconciliations of non-GAAP financial measures we use on our website at alpinereit.com. I'll now turn the call over to John for his prepared remarks.

公司的 10-K 表、10-Q 表和其他 SEC 文件中會不時更詳細地披露可能導致實際結果與預期存在重大差異的因素和風險。您可以在我們的網站 alpinereit.com 上找到我們的 SEC 報告、收益發布和最新投資者演示，其中包含我們使用的非 GAAP 財務指標的調節表。我現在將把電話轉給約翰，讓他準備好講話。

Thanks, Matt, and good morning, everyone. We are pleased to report a positive start of -- to the year as we continue to execute our asset recycling strategy. Relative to our initial expectations heading into the year, we've experienced a more active transaction environment with attractive pricing and demand. This has allowed us to increase liquidity for selective investment, improved financial flexibility as a result of deleveraging our balance sheet, and we're positioned to improve overall portfolio quality through targeted reinvestment into predominantly investment-grade rated tenants.

謝謝馬特，大家早上好。我們很高興地報告，隨著我們繼續執行資產回收戰略，今年取得了積極的開局。相對於我們今年的最初預期，我們經歷了更加活躍的交易環境以及有吸引力的價格和需求。這使我們能夠增加選擇性投資的流動性，通過去槓桿化資產負債表提高財務靈活性，並且我們能夠通過有針對性地對主要是投資級評級的租戶進行再投資來提高整體投資組合質量。

In terms of our headline transaction activities during the quarter, we chose to be opportunistic with our asset sales and take advantage of the demand in the market. While there is plenty of uncertainty regarding where interest rates are headed and the underlying macroeconomic environment, we were able to find attractive opportunities to sell non-investment-grade properties.

就本季度的主要交易活動而言，我們選擇機會主義地出售資產並利用市場需求。儘管利率走向和基本宏觀經濟環境存在很多不確定性，但我們能夠找到出售非投資級房產的有吸引力的機會。

During the quarter, we sold 10 properties for a total disposition volume of $56 million at a weighted average exit cap rate of 6.1%, generating total gains of $4.5 million. The disposition is largely focused on non-investment grade rated tenants, which include properties leased to LA Fitness, Conn's, Room to Go, Ethan Allen, and some one-off restaurant concepts just to name a few.

本季度，我們出售了 10 處房產，總處置量為 5600 萬美元，加權平均退出上限率為 6.1%，總收益為 450 萬美元。此次處置主要針對非投資級評級租戶，其中包括租賃給 LA Fitness、Conn's、Room to Go、Ethan Allen 和一些一次性餐廳概念的物業。

The 6.1% cap rate on largely non-investment grade tenants is a testament to the quality of the underlying real estate. And we think this pricing is a great representation of the value of the properties in our portfolio. This is, of course, in addition to the high-quality assets that are occupied by investment-grade rated tenants that make up the majority of our portfolios' rents and are more appreciated by the investment and lending communities.

大部分非投資級租戶的 6.1% 上限利率證明了基礎房地產的質量。我們認為這個定價很好地體現了我們投資組合中房產的價值。當然，這還不包括投資級租戶所佔用的優質資產，這些租戶構成了我們投資組合租金的大部分，並且更受到投資和貸款界的讚賞。

As of the end of the quarter, our portfolio consisted of 138 properties, totaling 3.5 million square feet, with tenants operating in 24 sectors. Our top tenants remain unchanged from our year-end earnings call in mid-February with Walgreens, Dick's Sporting Goods, Family Dollar & Dollar Tree, Lowe's, and Dollar General as our top five tenants: all of them carry investment grade credit ratings.

截至本季度末，我們的投資組合包括 138 處房產，總面積為 350 萬平方英尺，租戶分佈在 24 個行業。我們的頂級租戶與 2 月中旬的年終收益電話會議相比沒有變化，沃爾格林 (Walgreens)、迪克體育用品 (Dick's Sporting Goods)、Family Dollar & Dollar Tree、勞氏 (Lowe's) 和 Dollar General 是我們排名前五的租戶：它們都具有投資級信用評級。

We ended the quarter with 58% of our total annualized base rents coming from tenants with investment grade credit rating, which is an increase of 400 basis points from year-end 2022 and up 800 basis points from this time last year. While we took a prudent approach to acquisitions during the first quarter, we've built a strong pipeline of opportunities that will be redeployed into the second quarter.

截至本季度末，年化基本租金總額的 58% 來自投資級信用評級的租戶，比 2022 年底增加了 400 個基點，比去年同期增加了 800 個基點。雖然我們在第一季度採取了謹慎的收購方式，但我們已經建立了強大的機會渠道，這些機會將重新部署到第二季度。

The assets we have under contract in [LOI] are occupied by industry leading retailers such as Home Depot, Verizon, HomeGoods, Best Buy, Dick's Sporting Goods, Lowe's, Starbucks, Marshalls and Chick-fil-A. We generally prefer to discuss assets after we acquire them because the transaction is never guaranteed until it is closed. But we're looking forward to an active quarter of investing that will improve overall portfolio quality and drive our investment grade tenancy into the 60%-plus range, which is similar level to our peers who have considerably higher FFO multiples.

我們在[LOI]中的合同資產被行業領先的零售商佔據，例如家得寶、Verizon、HomeGoods、百思買、迪克體育用品、勞氏、星巴克、Marshalls 和 Chick-fil-A。我們通常更喜歡在獲得資產後討論資產，因為交易在結束之前永遠不會得到保證。但我們期待一個活躍的季度投資，這將提高整體投資組合質量，並將我們的投資級租賃率提升至 60% 以上，這與 FFO 倍數高得多的同行水平相似。

More importantly, we're forecasting to execute the redeployment of our disposition proceeds into these high-quality assets at accretive net investment spreads. While we've guided our FFO and AFFO 2023 to below 2022, largely due to the deleveraging and timing of our asset recycling, the stabilized effects of our positive net investment spreads that will fully materialize in 2024 will allow us to drive organic FFO and AFFO growth with better risk-adjusted tenancy, without the need for additional capital in what is currently a capital constrained environment.

更重要的是，我們預計將以增值的淨投資利差將處置收益重新部署到這些優質資產中。雖然我們將 2023 年的 FFO 和 AFFO 引導至 2022 年以下，這主要是由於去槓桿化和資產回收的時機，但我們正淨投資利差的穩定效應將在 2024 年完全實現，這將使我們能夠推動有機 FFO 和 AFFO通過更好的風險調整租賃來實現增長，而無需在目前資本緊張的環境中增加資本。

Finally, it's important to highlight the valuation discount implied with our current stock price and the stability of our balance sheet and capital structure. We're currently trading at an 8% implied cap rate, which is well above the cap rates achieved on our dispositions over the past six months and in significant contrast with the improving credit quality of our tenants and overall portfolio value.

最後，重要的是要強調我們當前股價以及資產負債表和資本結構的穩定性所隱含的估值折扣。我們目前的隱含上限率為 8%，這遠高於我們過去六個月的處置所實現的上限率，與我們租戶信用質量和整體投資組合價值不斷改善形成鮮明對比。

Furthermore, we have no floating interest rate exposure and no debt maturities until 2026. And this stability complements the strength of our high-quality portfolio, which together supports our well-covered dividend that's yielding nearly 7%.

此外，我們在 2026 年之前沒有浮動利率風險，也沒有債務到期。這種穩定性補充了我們高質量投資組合的優勢，共同支持了我們回報率接近 7% 的股息。

With that, I'll turn the call over to Matt to talk about our first-quarter performance and revised guidance.

接下來，我將把電話轉給馬特，討論我們第一季度的業績和修訂後的指導。

Thanks, John. Beginning with our financial results, first-quarter 2023 FFO was $0.36 per share, a $0.13 per share or 26.5% decrease compared to the first quarter of 2022. First-quarter 2023 AFFO was also $0.36 per share, a $0.12 per share or 25% decrease over the first quarter of 2022.

謝謝，約翰。從我們的財務業績開始，2023 年第一季度的 FFO 為每股 0.36 美元，比 2022 年第一季度下降了 0.13 美元，即每股下降 26.5%。2023 年第一季度的 AFFO 也為每股 0.36 美元，比每股下降了 0.12 美元，下降了 25%較 2022 年第一季度有所下降。

Our results benefited from a 3.4% increase in total revenues, which was driven by the full-year benefits of our 2022 asset recycling efforts and investment activity, but was partially offset by $165,000 of non-repeating percentage rent received in the first quarter of 2022, revenue drag from our first-quarter asset sales for which the proceeds have yet to be reinvested, and the year-over-year negative investment spread that resulted from the sale of our sole remaining office property that occurred in Q2 2022.

我們的業績受益於總收入增長 3.4%，這是由我們 2022 年資產回收工作和投資活動的全年效益推動的，但被 2022 年第一季度收到的 165,000 美元的非重複百分比租金部分抵消，我們第一季度資產銷售的收入尚未再投資，以及我們 2022 年第二季度出售唯一剩餘辦公物業導致的同比負投資利差。

Offsetting our year-over-year revenue growth was a 5.9% increase to our general and administrative expenses, which was predominantly due to increases in the management fee paid to our external manager as a result of our 2022 and 2023 equity capital markets activities and higher interest expense due to higher interest rates, partially offset by an overall lower outstanding debt balance.

我們的一般和管理費用增加了 5.9%，抵消了我們的同比收入增長，這主要是由於我們 2022 年和 2023 年股權資本市場活動及更高水平導致支付給外部經理的管理費增加。利率上升導致的利息支出被整體較低的未償債務餘額部分抵消。

For the first quarter of 2023, the company paid a cash dividend of $0.275 per share, representing a 1.9% year-over-year increase over the company's Q1 2022 cash dividend and a current annualized yield of nearly 7%. FFO and AFFO first-quarter payout ratios were about 76%, and we anticipate announcing our regular quarterly cash dividend for the second quarter towards the end of May. During the quarter, we issued 666,000 shares of common stock through our ATM program for total net proceeds of $12.4 million at an average gross issuance price of nearly $19 per share.

2023年第一季度，公司派發現金股息每股0.275美元，較公司2022年第一季度現金股息同比增長1.9%，當前年化收益率接近7%。 FFO 和 AFFO 第一季度派息率約為 76%，我們預計將在 5 月底宣布第二季度定期現金股息。本季度，我們通過 ATM 計劃發行了 666,000 股普通股，淨收益總額為 1,240 萬美元，平均總發行價接近每股 19 美元。

As John mentioned, we've overhauled our balance sheet over the past 12 months to lock in our cost of debt and stabilize our overall capital structure. During that 12-month timeframe, we reduced our net debt to pro forma EBITDA by nearly 2.5 times, fixed any remaining outstanding floating rate debt, extended all of our debt maturities out to 2026 and beyond, and meaningfully increased our potential liquidity to more than $260 million through a combination of undrawn revolving credit facility commitments, cash and restricted cash.

正如約翰提到的，我們在過去 12 個月裡徹底調整了我們的資產負債表，以鎖定我們的債務成本並穩定我們的整體資本結構。在這 12 個月的時間範圍內，我們將預計 EBITDA 的淨債務減少了近 2.5 倍，固定了任何剩餘的未償浮動利率債務，將所有債務期限延長至 2026 年及以後，並有意義地將我們的潛在流動性增加到超過通過未提取的循環信貸額度承諾、現金和限制性現金組合提供 2.6 億美元。

We ended the year with net debt to total enterprise value of 41%, net debt to pro forma EBITDA at 6.4 times. And our fixed charge coverage ratio remains very healthy at 3.4 times.

截至年底，我們的淨債務佔企業總價值的 41%，淨債務佔預計 EBITDA 的比例為 6.4 倍。我們的固定費用覆蓋率仍然非常健康，為 3.4 倍。

As we look forward to the balance of 2023, we began the second quarter with portfolio-wide in-place annualized straight-line base rent of $37 million or $36.6 million of in-place annualized cash base rent. We maintained our full-year FFO and AFFO per share guidance of $1.50 to $1.55 per share and $1.52 to $1.57 per share, respectively, even after accounting for the near-term earnings [drag] associated with the timing of our increased asset recycling efforts.

當我們展望 2023 年的餘額時，我們在第二季度開始時，整個投資組合的就地年化直線基本租金為 3700 萬美元，或就地年化現金基本租金為 3660 萬美元。我們維持全年 FFO 和 AFFO 每股指引分別為每股 1.50 至 1.55 美元和每股 1.52 至 1.57 美元，即使考慮到與我們增加資產回收工作的時機相關的近期收益[拖累]。

Our investment guidance also remains unchanged at a range of $100 million to $150 million of retail net lease investments. And we've increased our disposition guidance by $50 million at the low end and $75 million at the high end to account for our elevated Q1 asset sales and revised expectations for asset sales through the balance of the year.

我們的投資指引也保持不變，零售淨租賃投資範圍為 1 億至 1.5 億美元。我們將處置指引的低端增加了 5000 萬美元，高端增加了 7500 萬美元，以應對第一季度資產銷售的增加，並修改了今年剩餘時間的資產銷售預期。

Overall, we're confident. Our unique asset recycling strategy, increased liquidity, improved balance sheet and high-quality portfolio has us well positioned to drive value over the long run. And we look forward to executing on our 2023 guidance and positioning the company for future earnings growth in 2024.

總體而言，我們充滿信心。我們獨特的資產回收策略、增加的流動性、改善的資產負債表和高質量的投資組合使我們能夠在長期內推動價值。我們期待執行 2023 年的指導方針，並為公司在 2024 年實現未來的盈利增長做好準備。

With that, operator, please open the line for questions.

那麼，接線員，請開通提問線路。

(Operator Instructions) Gaurav Mehta, EF Hutton.

（操作員說明）Gaurav Mehta，EF Hutton。

Thank you. Good morning.

謝謝。早上好。

I wanted to ask you on the dispositions. Can you provide some more color on the assets that you sold? Was this a fully marketed sales, or what is like off-market transaction for you guys? And then in terms of deployment of the proceeds, are you expecting all of the proceeds to be redeployed in 2Q?

我想問問你的情況。您能否對您出售的資產提供更多信息？這是完全市場化的銷售，還是對你們來說就像場外交易？那麼在募集資金的部署方面，您預計第二季度將全部募集資金重新部署嗎？

Yeah, so thanks very much. Basically, the dispositions were a combination of off-market and broker help -- lead the transactions. I think it really -- the dispositions really got kicked off when we started getting off-market interest at cap rates that we felt were opportunistic for us to sell and very accretive to the company and earnings and book value.

是的，非常感謝。基本上，這些配置是場外和經紀人幫助的結合——引導交易。我認為確實如此——當我們開始以資本化利率獲得場外利息時，我們就真正開始了處置，我們認為這對我們來說是機會主義的出售，並且對公司、盈利和賬面價值非常增值。

And so -- and then on the repositioning of the sales, I feel like most of it will be done in the second quarter. There could be a little lag, but that's the goal, is get most of it done in the second quarter.

因此，關於銷售的重新定位，我覺得大部分將在第二季度完成。可能會有一點滯後，但這就是目標，是在第二季度完成大部分工作。

Okay. And then on the leverage side, your leverage was down to 6.4 times. What's your expectation for the leverage going forward?

好的。然後在槓桿方面，你的槓桿率下降到了6.4倍。您對未來的槓桿率有何預期？

Yeah. I think, in general, we'll probably be in that mid-6s range unless we find something on the acquisition side of things that we can't live without more. We'll figure out the capital structure after the fact that it's a really unique transaction. But mid-6s or low-6s is probably where you can assume we'll operate for the go forward.

是的。我認為，總的來說，我們可能會處於 6 左右的範圍，除非我們在收購方面找到了一些我們離不開的東西。在這是一次非常獨特的交易之後，我們將弄清楚資本結構。但中 6 或低 6 可能是您可以假設我們將繼續前進的地方。

Okay. Thank you.

好的。謝謝。

Matthew Erdner, JonesTrading.

馬修·埃德納，瓊斯交易公司。

Hey, guys. It's Matthew on for Jason. Thanks for taking the question. Could you talk about the profile of the buyer from the dispositions, and where the demand is coming from, and then expectation for demand going forward?

大家好。馬修替傑森上場。感謝您提出問題。您能否從配置方面談談買家的概況、需求來自哪裡，以及對未來需求的預期？

It's all over the board. But primarily, it's high net worth, but there are some franchisees purchasing their own property back. So it's a total mix, not as much institutional mainly private capital.

一切都在棋盤上。但主要是它的淨資產很高，但也有一些加盟商購買了自己的財產。所以這是一個總體組合，而不是主要是私人資本的機構。

Got it. And then are you guys going to continue to look to dispose of the non-investment grade? Or is it just whenever you see an offer, if it fits, then that's what you'll take?

知道了。那麼你們會繼續考慮出售非投資級債券嗎？或者是只要你看到一個報價，如果合適，你就會接受？

No, we're definitely going to explore further non-investment grade. And we think, obviously, with the disconnect in our stock price, there's probably some credits where the street thinks that those credits would trade at higher cap rates. But given the location of the properties are redevelopment potential, we know the cap rates be lower. So we'll continue to print tickets and print profits and redeploy at higher yields.

不，我們肯定會進一步探索非投資級別。我們認為，顯然，隨著我們股價的脫節，可能存在一些信用，而華爾街認為這些信用將以更高的上限利率進行交易。但考慮到這些房產的位置具有重建潛力，我們知道資本化率會較低。因此，我們將繼續印票、印利潤，並以更高的收益率重新部署。

Awesome. Thank you.

驚人的。謝謝。

Barry Oxford, Colliers.

巴里·牛津，高力國際。

Great, thanks. Guys, going back to the percentage rent that you mentioned in your comments of being lower. Is that a function of tenants not hitting the percentage rent, or is it more of a function of the structure of the leases are more tied to fixed than they were previously?

十分感謝。伙計們，回到您在評論中提到的較低的租金百分比。這是租戶沒有達到租金百分比的函數，還是更多是租賃結構比以前更依賴於固定的函數？

Hey, Barry. It's a little bit of a unique situation. We bought an asset that was in percentage rent where we recasted the lease before we acquired it. But we --

嘿，巴里。這是一個有點獨特的情況。我們購買了一項按百分比租金計算的資產，在購買之前我們重新制定了租賃協議。但我們 -

Okay.

好的。

As part of the acquisition, we had a right to the percentage rent in the year that we bought it. And so we had the benefit of the percentage rent from the lease structure prior to recasting it. But the recasting of the lease going forward is just fixed rent increases.

作為收購的一部分，我們有權獲得購買當年的百分比租金。因此，在重新制定租賃結構之前，我們從租賃結構中獲得了百分比租金的好處。但未來租約的重訂只是固定的租金上漲。

Okay, great, great. Now when we look to 2024 versus 2023, as far as a net acquisition, disposition, do you see '24 being heavy on net acquisitions, whereas this year won't be quite that heavy? Or do we see '24 being like '23 where the two numbers will be fairly close to each other?

好的，太好了，太好了。現在，當我們展望 2024 年與 2023 年時，就淨收購、處置而言，您是否認為 24 年淨收購量很大，而今年不會那麼重？或者我們是否會看到 '24 與 '23 類似，這兩個數字會相當接近？

I mean, I would say, on the conservative side, we're going to be kind of match funding. But we anticipate and the goal is obviously the -- be a net acquirer, and we think we'll get there. Given what we see in front of us, as far as opportunity is to buy and to keep on upgrading the portfolio, we fully want to be a net acquirer and will. But obviously, the conservative side is we're recycling and organically growing, but I think we'll do better than that.

我的意思是，我想說，從保守的角度來看，我們將提供某種匹配資金。但我們預計，目標顯然是——成為淨收購者，我們認為我們會實現這一目標。鑑於我們眼前所見，只要有機會購買並繼續升級投資組合，我們完全希望成為淨收購者，並且願意這樣做。但顯然，保守的一面是我們正在回收和有機增長，但我認為我們會做得更好。

Yeah, Barry, just to piggyback off John's comments.

是的，巴里，只是順應約翰的評論。

Yeah.

是的。

I think it's going to be [stock] price dependent. We're not going to --

我認為這將取決於[股票]價格。我們不會——

Sure.

當然。

(multiple speakers) shareholders just to be a net acquirer. So the capital recycling lets us incrementally grow earnings without having to rely on the capital markets. But as we continue to upgrade the portfolio, hopefully, the stock responds and that will give us some runway for net acquisitions.

（多名發言者）股東只是成為淨收購方。因此，資本循環使我們能夠逐步增加收益，而不必依賴資本市場。但隨著我們繼續升級投資組合，希望股票能做出反應，這將為我們的淨收購提供一些跑道。

Right. And last question. John, are you seeing assets being retraded or not necessarily?

正確的。最後一個問題。約翰，您是否看到資產被重新交易或不一定？

Not necessarily. People -- I mean, with the volatility in the market, you would think there would be little bit more active retrading. But I think people are finding the stability of the net lease side to be comforting. And they're like, get me out of bonds and stocks and CDs that might not be as safe as one might have thought and get into sticks and bricks with a good credit.

不必要。人們——我的意思是，隨著市場的波動，你可能會認為重新交易會更加活躍。但我認為人們發現淨租賃方面的穩定性令人欣慰。他們就像是，讓我擺脫可能不像人們想像的那麼安全的債券、股票和存款證，轉而購買信用良好的大棒和磚頭。

Right. Makes sense. Thanks, guys.

正確的。說得通。多謝你們。

Thanks, Barry.

謝謝，巴里。

Thank you.

謝謝。

Wes Golladay, Baird.

韋斯·戈拉戴，貝爾德。

Hey, good morning, guys. Can you talk about the overall tenant health? Do you have any changes to a watch list if you have a watch list? And then maybe discuss how Party City, I guess, evolved in your portfolio? Was there any changes to the rent, or is it just the [deformed]?

嘿，早上好，伙計們。您能談談租戶的整體健康狀況嗎？如果您有觀察名單，是否會對觀察名單進行任何更改？然後也許可以討論一下派對城市，我想，是如何在你的投資組合中演變的？租金有變化嗎，還是只是【變形】了？

Yes. So on the watch list, we definitely are keeping our eyes open on the obvious ones. And the credits have even gotten better in some cases; I don't really want to go into too much detail.

是的。因此，在觀察名單上，我們肯定會密切關註明顯的問題。在某些情況下，信用甚至變得更好；我真的不想談論太多細節。

But yeah, the watch list isn't very deep because that's what we've been selling first, is assets that may have issues in the future. But as far as on rents on the Party City, I'll let Matt discuss what's going on there.

但是，是的，觀察名單並不是很深，因為這是我們首先出售的資產，是未來可能出現問題的資產。但就派對城的租金而言，我會讓馬特討論那裡發生的事情。

Yeah. So we're -- we haven't finalized anything with Party City at West, but it looks like they're going to reaffirm their lease based on what we know today. And we might give them a month of free rent or something just to help out with the process, but that would be a -- we've held a pretty strong line on that lease, just given the strength of the underlying real estate.

是的。所以我們——我們還沒有與 West 的 Party City 敲定任何協議，但看起來他們將根據我們今天所知道的情況重申他們的租約。我們可能會給他們一個月的免費租金或者只是為了幫助他們完成這個過程，但這將是——考慮到基礎房地產的實力，我們在租約上保持了相當強硬的立場。

And on that one, there is -- there are some backup interest in that location, and I think Party City knows how strong -- they definitely know how strong the location is because we know their sales. But they probably know other people would like that space. So their negotiating position isn't all that great there.

就這一點而言，該地點有一些後備興趣，我認為 Party City 知道有多強，他們肯定知道該地點有多強，因為我們知道他們的銷售額。但他們可能知道其他人會喜歡那個空間。所以他們的談判地位並不那麼好。

Yeah, okay, that's good. And then more of a bigger picture question here. I mean, in the private market, the portfolio of assets appears to be in very high demand as evidenced by the cap that you're achieving on the lower end of the portfolio, yet you're trading at an 8% cap rate.

是啊，好吧，這樣很好。然後這裡還有一個更大的問題。我的意思是，在私人市場中，資產組合的需求似乎非常高，這一點可以從您在投資組合的低端實現的上限證明，但您的交易上限率為 8%。

In the past, you mentioned potentially seeking strategic alternatives that there was there for a prolonged dislocation. Are you back to maybe revisiting the alternatives here? And I guess, maybe on the last part, one of the things you wanted to do over the last year was get to the portfolio into an optimal position. Do you think you're there right now?

過去，您提到可能會尋求長期混亂的戰略替代方案。您是否會重新考慮這裡的替代方案？我想，也許在最後一部分，你去年想做的事情之一就是讓投資組合處於最佳位置。你認為你現在就在那裡嗎？

No, we're not. So not yet, really the short answer. We still have pruning to do where we think we can, again, take some non-investment grade properties, achieve almost investment-grade cap rates, and redeploy to improve the portfolio even further, and as we mentioned, drive our investment-grade exposure even higher.

沒有，我們沒有。所以還沒有，這確實是簡短的答案。我們仍然需要進行修剪，再次，採取一些非投資級房產，實現幾乎投資級上限利率，並重新部署以進一步改善投資組合，正如我們提到的，推動我們的投資級敞口更高。

And I think the value disconnect. Look, we've seen our stock before where there's been this value disconnect, and finally, the market figures it out. Our belief is that you would be a better commentator on it.

我認為價值脫節。看，我們之前已經看到我們的股票存在價值脫節的情況，最後，市場解決了這個問題。我們相信您會成為更好的評論者。

Our belief is that when the volatility really skyrocketed in the market, the small caps really got hammered, and we were definitely part of it. So if you look at our investor presentation on page 4, I believe, it shows where PINE started trading way off of the other folks even though our portfolio has gotten a lot better.

我們的信念是，當市場波動性真正飆升時，小盤股確實會受到重創，而我們絕對是其中的一部分。因此，如果你看一下我們在第 4 頁上的投資者演示，我相信，它顯示了 PINE 開始與其他人進行交易的方式，儘管我們的投資組合已經變得更好了。

And so we feel like we'll make up a lot of ground there, or at least the long/short guys will figure it out. But we'll just keep on improving the portfolio, keep on organically growing the NOI. And I think we'll be in a better spot to revisit things later in the year if the disconnect hasn't really gone away as much.

所以我們覺得我們會在那裡彌補很多基礎，或者至少多頭/空頭會弄清楚這一點。但我們將繼續改進產品組合，繼續有機增長 NOI。我認為，如果這種脫節沒有真正消失，我們將在今年晚些時候重新審視事情。

Great. Thanks for the time everyone.

偉大的。感謝大家抽出時間。

Thanks.

謝謝。

Michael Gorman, BTIG.

邁克爾·戈爾曼，BTIG。

Yeah. Thanks, good morning. John, sorry if I missed it, what was the average hold period for the assets that you sold in the quarter?

是的。謝謝，早上好。約翰，抱歉，如果我錯過了，您本季度出售的資產的平均持有期是多少？

Good question.

好問題。

Mike, it was, call it, about a year to 1.5 years.

邁克，可以這麼說，大約一年到 1.5 年。

Okay. Got it. Got it. And then --

好的。知道了。知道了。進而 -

Probably consider 1.5 years.

大概考慮1.5年。

Closer to 1.5 years. Okay, it's perfect. And then obviously, a lot of focus on the nature of the tenants in investment grade versus non-investment grade which makes sense.

接近1.5年。好吧，很完美。顯然，人們非常關注投資級與非投資級租戶的性質，這是有道理的。

But also, just kind of looking through the industry diversification. Certainly, some of the industries that's where the assets came out of, consumer electronics went down, health and fitness, [fast casual]. Is that also a reflection of where you're thinking about the quality of the portfolio from an industry perspective? Or are those industries fine? And with the right tenant, you would be willing to go back into some of those?

而且，只是審視行業的多元化。當然，一些資產流出的行業、消費電子產品、健康和健身、[快速休閒]都出現了下滑。這是否也反映了您從行業角度考慮投資組合質量的情況？或者說那些行業好不好？如果找到了合適的租戶，您是否願意再次參與其中的一些項目？

Yeah, that's a very good question. So we will definitely go back into some of these tenants that we're disposing if we see an arbitrage opportunity as we are being on the sell side, selling where cap rates make a lot of sense.

是的，這是一個很好的問題。因此，如果我們看到套利機會，我們肯定會回到我們正在處置的一些租戶，因為我們是賣方，在上限利率很有意義的地方出售。

But if we can take advantage of some dislocation, no financing in the market where there may be some pruning from other sellers and be a market clearing house on good locations and credits that, in general, the mom and pops, either the properties are too big or people perceive the credit as being troubled, but we like the real estate, and we think credit is better than people think, we'll definitely take advantage of that. So you'll see a little bit of a barbell effect of definitely buying more IG, but definitely take advantage of some dislocation having higher yield mix in.

但是，如果我們能夠利用一些錯位，市場上沒有融資，可能會受到其他賣家的一些修剪，並成為一個具有良好位置和信用的市場清算所，一般來說，對於夫妻店來說，要么這些房產太大或人們認為信貸有問題，但我們喜歡房地產，而且我們認為信貸比人們想像的要好，我們肯定會利用這一點。因此，您會看到一定會購買更多 IG 的一定程度的槓鈴效應，但一定會利用一些具有更高收益率組合的錯位。

Okay, that's really helpful. And then one last one on the dispositions. How many of the buyers used leverage to clear the transactions or put leverage in place before they close?

好的，這真的很有幫助。然後是關於處置的最後一項。有多少買家使用槓桿來清算交易或在成交前使用槓桿？

Almost zero.

幾乎為零。

Almost, okay. And then last one for me, Matt, on the guidance side.

差不多了，好吧。最後一個是我，馬特，在指導方面。

Sorry if I missed it, but I know you don't put in the disclosures. But I noticed, I think the share count went down a little bit. Did you change anything with the interest expense assumptions in the FFO guidance for the year as well, given a little bit more stability in interest rates so far?

抱歉，如果我錯過了，但我知道你沒有披露這些信息。但我注意到，我認為股票數量有所下降。鑑於迄今為止利率更加穩定，您是否對今年 FFO 指導中的利息支出假設進行了任何更改？

We -- so for us, on the interest side, we entered into a swap for the 50 million outstanding on the revolver. And so that certainly stabilized the interest expense going forward.

我們——所以對我們來說，在利息方面，我們與左輪手槍上的 5000 萬美元進行了互換。因此，這無疑穩定了未來的利息支出。

So yes, we definitely benefited a little bit on that front in the back half of the guidance, although the yield curve was set to drop pretty steeply in the back half of the year. So it wasn't as big of a benefit as we would have liked relative to the assumptions.

所以，是的，我們在指導的後半段肯定在這方面受益匪淺，儘管收益率曲線在今年後半段將大幅下降。因此，相對於假設而言，它並沒有我們希望的那麼大的好處。

From a total share count perspective, it really just reflects the acknowledgment that we're probably not going to be active on the ATM in the coming months just given where the stock price is. And so that's why we reduced the guided share count.

從總股數的角度來看，這實際上只是反映出我們承認，鑑於股價目前的情況，我們在未來幾個月可能不會在 ATM 上活躍。這就是我們減少指導份額數量的原因。

Sure. That makes sense. Great. Thanks for the time guys.

當然。這就說得通了。偉大的。謝謝你們花時間。

Thanks, Mike.

謝謝，邁克。

Thank you.

謝謝。

RJ Milligan, Raymond James.

RJ 米利根，雷蒙德·詹姆斯。

Thanks, and good morning, guys. I just wanted to follow up on Mike's question in terms of guidance. So guidance is unchanged, but obviously, more front-end loaded disposition activity. I'm just curious, Matt, what are the positive impacts that are now allowing you to maintain guidance for the year?

謝謝，大家早上好。我只是想在指導方面跟進邁克的問題。因此，指導意見沒有改變，但顯然，前端加載的處置活動更多。我只是好奇，馬特，現在有哪些積極影響可以讓您維持今年的指導？

Yeah. So a couple of things. It's good question, RJ.

是的。有幾件事。這是個好問題，RJ。

Obviously, there's more timing drag related to the front-end disposition activity that's being offset by that interest rate swap I referenced relative to our previous assumptions. The better spreads that we're getting on net investment activity just given the elevated disposition activity and where we think we can sell assets at is helping offset. It's helping drive similar leverage returns where we don't have to use more leverage in consideration of not being as active on the ATM.

顯然，與前端處置活動相關的時間拖累更多，而相對於我們之前的假設，我提到的利率掉期抵消了這些拖累。考慮到處置活動的增加以及我們認為可以出售資產的價格，我們在淨投資活動上獲得的更好的利差正在幫助抵消。它有助於推動類似的槓桿回報，我們不必因為在 ATM 上不那麼活躍而使用更多槓桿。

So it's a long way of saying, the gains that we're putting on the dispositions are helping offset any need for additional leverage, which is how we're allowed to reduce the share count. And we're picking up incremental benefit from not having as many shares out there.

因此，從長遠來看，我們在處置上獲得的收益有助於抵消任何額外槓桿的需求，這就是我們被允許減少股票數量的方式。我們正在從沒有那麼多股票的情況下獲得增量收益。

Yeah. That makes sense. And then the dispositions in the first quarter, a bulk of them were just happened to be larger boxes. I'm curious if that is a more deliberate strategy, or if that was just more coincidental?

是的。這就說得通了。然後第一季度的配置，其中大部分碰巧是更大的盒子。我很好奇這是一個更經過深思熟慮的策略，還是只是更巧合？

Coincidental.

巧合。

Okay. That's it for me. Thanks, guys.

好的。對我來說就是這樣。多謝你們。

Right.

正確的。

Rob Stevenson, Janney.

羅布·史蒂文森，珍妮。

Good morning, guys. Most of my questions have been answered. But John, what is it that you guys are assuming these days in terms of the cap rate spread between the dispositions and the acquisitions for the year?

早上好傢伙。我的大部分問題都得到了解答。但是約翰，你們這些天對今年的處置和收購之間的資本化率差異有何假設？

I'll answer it in different way. I mean, we're targeting anywhere from 6.5 to 7.5 and higher and blending as much as possible to 7 range. So it's a little bit of a bandwidth in what we're seeing.

我會以不同的方式回答它。我的意思是，我們的目標是從 6.5 到 7.5 以及更高，並儘可能混合到 7 範圍。所以我們所看到的帶寬有點大。

Yes, that's on the acquisition side. And on the disposition side, obviously, we're being pretty opportunistic, given the (multiple speakers)

是的，這是在收購方面。在處置方面，顯然，考慮到（多個發言者），我們相當機會主義

Okay. And have you guys seen any difference in pricing between the beginning of the year and today?

好的。你們有沒有發現年初和今天的定價有什麼不同？

So the investment grade is still hanging in there. So there hasn't been a lot of movement on basically weaker credits. Shorter leases with weaker credits, definitely, you're seeing some cap rate expansion and opportunity.

因此，投資評級仍保持不變。因此，基本上較弱的信貸並沒有發生太大的變化。當然，由於信用較弱，租賃時間較短，您肯定會看到一些資本化率擴張和機會。

We're seeing -- now we're having a lot more discussions with regards to developers who may have a portfolio that they didn't really want to sell in their credit lines. Obviously, the rates are going up and up, and we're seeing opportunities there to either buy or recapitalize.

我們看到 - 現在我們正在與開發商進行更多的討論，他們可能擁有他們並不真正想在信貸額度中出售的投資組合。顯然，利率不斷上升，我們看到了購買或資本重組的機會。

And so I think we're definitely optimistic that there's going to be some transaction opportunity this summer that will be fairly interesting just because the rates are now just really creeping into some of these debt maturities and so forth for merchant builders. So there should be some good honey coming down the road.

因此，我認為我們絕對樂觀地認為，今年夏天將會出現一些交易機會，這將是相當有趣的，因為對於商業建築商來說，利率現在正逐漸進入其中一些債務的到期日等。所以應該會出現一些好蜂蜜。

Okay. And then last one for me. Matt, do you have access to any debt through your various sources that would be more attractive to you today and over the next few months than the line of credit at this point given where pricing and fees and all are?

好的。然後是我的最後一張。馬特，考慮到定價和費用等一切因素，您是否可以通過各種來源獲得任何債務，這些債務在今天和接下來的幾個月內對您來說比此時的信貸額度更具吸引力？

Yeah. I mean, with the inverted yield curve, it obviously benefits us to lock in rates for longer if we can capture that in a swap. So whether we're entering into a swap to fixed rates relative to the floating rate on the revolver, or if we were to potentially go out to the smaller bank who maybe has a different relationship profile approach than some of the larger institutions we deal with or on the private placement side, I think there's a few different areas that we can look at.

是的。我的意思是，在收益率曲線倒掛的情況下，如果我們能夠在掉期中捕捉到這一點，那麼鎖定利率更長時間顯然對我們有利。因此，無論我們是要進行相對於左輪手槍浮動利率的固定利率掉期，還是我們可能會與規模較小的銀行合作，這些銀行可能與我們合作的一些大型機構有不同的關係概況方法或者在私募方面，我認為我們可以關注幾個不同的領域。

Certainly, we have access to that today. But given where the balance sheet is and where we're trying to run it, utilizing that debt is front and center as much as just recycling assets as we did in the first quarter and have indicated through the balance of the year.

當然，我們今天可以接觸到這一點。但考慮到資產負債表的位置以及我們試圖運行它的位置，利用債務就像我們在第一季度所做的那樣以及在今年的餘額中表明的回收資產一樣重要。

Okay, and then I lied. I guess the last one was following up on the question about the cadence of earnings. I mean, other than acquisitions, there's no other things, in the back half of the year, did vault you into, say, a $0.40 FFO quarter or anything like that. That's abnormal that's coming through, right?

好吧，然後我撒謊了。我想最後一個是在跟進有關收益節奏的問題。我的意思是，除了收購之外，在今年下半年，沒有其他事情可以讓你進入，比如說，季度 FFO 為 0.40 美元或類似的情況。這是不正常的，對吧？

So I would say, from a modeling perspective, to one of the questions earlier, I think everybody can assume that the majority of the dispositions get redeployed in the second quarter. We'll continue to sell assets during the second quarter that will probably be back-end weighted in terms of the timing of the dispositions.

因此，我想說，從建模的角度來看，對於前面的一個問題，我認為每個人都可以假設大部分配置將在第二季度重新部署。我們將在第二季度繼續出售資產，這些資產可能會根據處置時間進行後端加權。

And I think that trend of acquiring maybe more towards the mid-period of a quarter and selling towards the end of the quarter is probably the cadence will be on in the third and fourth quarter as well. And so you can back into what the implied acquisition activity is in the second quarter and what that means for the third and fourth. And then, from a disposition perspective, I think, the balance of our guidance will be pretty evenly distributed between the second, third, and fourth quarter.

我認為，在季度中期收購和在季度末出售的趨勢可能會在第三和第四季度出現。因此，您可以回顧第二季度隱含的收購活動以及這對第三和第四季度意味著什麼。然後，從處置的角度來看，我認為我們的指導平衡將在第二、第三和第四季度之間相當均勻地分配。

Okay. That's helpful. Thank you

好的。這很有幫助。謝謝

Thanks, Rob.

謝謝，羅布。

And I'm not showing any further questions at this time. I'd like to turn the call back over to John for any closing remarks.

目前我不會提出任何進一步的問題。我想將電話轉回給約翰，讓他發表結束語。

Thank you very much for attending the call.

非常感謝您參加電話會議。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接並度過美好的一天。