Alpine Income Property Trust Inc (PINE) 2023 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Alpine Income Property Trust fourth-quarter earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Alpine Income Property Trust 第四季度財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Matt Partridge, Chief Financial Officer. Please go ahead.

現在我想將會議交給今天的發言人，財務長馬特·帕特里奇。請繼續。

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

大家早安，感謝您今天參加我們的 Alpine Income Property Trust 2023 年第四季和全年營運業績電話會議。今天與我在一起的是我們的執行長兼總裁約翰·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有顯著差異，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 contain reconciliations of our non-GAAP financial measures we use on our website at alpinereit.com.

公司的 10-K 表格、10-Q 表格和其他 SEC 文件中會不時更詳細地揭露可能導致實際結果與預期產生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。

I'll now turn the call over to John for his prepared remarks.

我現在將把電話轉給約翰，讓他準備好講話。

Thanks, Matt, and good morning, everyone. As we look back at our execution in 2023, we continue to emphasize the value-focused asset recycling program we implemented nearly two years ago. This program has allowed us to reposition our portfolio into higher quality credits that derisk our cash flows, and provide the liquidity needed for our opportunistic share repurchases, and strong yielding first mortgage investments.

謝謝馬特，大家早安。當我們回顧 2023 年的執行情況時，我們繼續強調近兩年前實施的以價值為中心的資產回收計畫。該計劃使我們能夠將我們的投資組合重新定位為更高品質的信貸，從而降低我們的現金流風險，並為我們機會主義的股票回購和高收益的第一抵押貸款投資提供所需的流動性。

Within the fourth quarter, the majority of our investment activity was concentrated in the first mortgage investments and share repurchases, and we believe these investment opportunities provide attractive risk-adjusted returns compared to other opportunities available in the market. During the quarter, we originated nearly $31 million of first mortgage loan investments and acquired two single-tenant net lease properties for $3 million. The initial yield on our loan investments was 9.2% and the cash cap rate of our property acquisitions was 7.3%. Our largest investment was a low leverage $24 million first mortgage secured by 41 retail properties.

在第四季內，我們的大部分投資活動集中在首次抵押貸款投資和股票回購上，我們相信，與市場上的其他機會相比，這些投資機會提供了有吸引力的風險調整回報。本季度，我們發起了近 3,100 萬美元的第一筆抵押貸款投資，並以 300 萬美元的價格收購了兩處單一租戶淨租賃房產。我們貸款投資的初始收益率為 9.2%，房地產收購的現金上限率為 7.3%。我們最大的投資是由 41 處零售物業擔保的 2,400 萬美元低槓桿第一抵押貸款。

In conjunction with the loan, we entered into a fee sharing agreement with CTO Realty Growth, our external manager. This fee sharing agreement allows us to receive a share of the asset management disposition and leasing fees related to CTO's management.

在貸款的同時，我們與我們的外部經理 CTO Realty Growth 簽訂了費用分攤協議。此費用分享協議使我們能夠分享與CTO管理相關的資產管理處置和租賃費用。

The other loan investments we made during the quarter were the first mortgage to provide $6.8 million of funding towards the purchase and development of a 5-acre project anchored by Wawa and McDonald's in a growing submarket of Nashville, Tennessee. While we intend for our loan investments to remain a relatively small component of our overall asset base and strategy, they do provide future purchase options for our acquisition pipeline and serve as catalysts for our future partnership opportunities with sponsors, and we believe they offer compelling risk-adjusted yield supported by strong tenant credits and well-capitalized sponsors.

我們在本季進行的其他貸款投資是第一筆抵押貸款，提供 680 萬美元的資金，用於購買和開發 Wawa 和麥當勞在田納西州納什維爾不斷發展的子市場中的一個 5 英畝項目。雖然我們打算讓我們的貸款投資在我們的整體資產基礎和策略中保持相對較小的組成部分，但它們確實為我們的收購管道提供了未來的購買選擇，並成為我們未來與贊助商合作機會的催化劑，我們相信它們提供了令人信服的風險- 調整後的收益率得到強勁的租戶信貸和資本充足的贊助商的支持。

On the acquisition front, we acquired two newly built properties leased to Dollar Tree, Family Dollar, as we saw fewer attractive core investment opportunities due to reluctant sellers. And finally, as it relates to our common stock buybacks, we repurchased $9.5 million of our common stock at an average price of just over $16 per share during the fourth quarter.

在收購方面，我們收購了出租給 Dollar Tree、Family Dollar 的兩處新建房產，因為我們發現由於賣家不願意出售，因此有吸引力的核心投資機會減少了。最後，由於與我們的普通股回購相關，我們在第四季度以每股略高於 16 美元的平均價格回購了 950 萬美元的普通股。

The implied cap rate of these repurchases was above 8%, which is significantly above the cap rates for comparable fee simple property investments available in that market. Especially considering 65% of our annualized base rent comes from tenants with an investment-grade credit rating, and our stock pays nearly a 6.9% dividend yield at $16 per share.

這些回購的隱含上限利率高於 8%，遠高於該市場上可比費用簡單房地產投資的上限利率。特別是考慮到我們 65% 的年化基本租金來自具有投資等級信用評級的租戶，而我們的股票以每股 16 美元的價格支付近 6.9% 的股息收益率。

For the full year of 2023, we acquired 14 net lease properties for $83 million at a 7.4% cash cap rate and originated three first mortgage investments totaling just under $39 million of funding commitments at the initial yield of 9.1%. Over 66% of acquired base rents from the property acquisitions in 2023 come from tenants with investment-grade credit rating.

2023 年全年，我們以7.4% 的現金上限以8300 萬美元的價格收購了14 處淨租賃房產，並以9.1% 的初始收益率發起了三項首次抵押貸款投資，資金承諾總額略低於3900萬美元。2023 年物業收購中超過 66% 的基本租金來自投資等級信用評級的租戶。

On the disposition side of things, during the full year 2023, we sold 24 properties for $108 million at a weighted average exit cap rate of 6.3%, generating gains of $9.3 million. Overall, for the year, our net investment spread, which is a difference between our investment yields and disposition yields, averaged 159 basis points. So even with limited access to the capital markets and the increase in interest rates over the past 18 months, we are still driving positive increases in cash flow through our asset recycling strategy.

在處置方面，2023 年全年，我們以 1.08 億美元的價格出售了 24 處房產，加權平均退出上限率為 6.3%，產生了 930 萬美元的收益。整體而言，今年我們的淨投資利差（投資收益率與處置收益率之間的差值）平均為 159 個基點。因此，即使在過去 18 個月進入資本市場的機會有限且利率上升的情況下，我們仍然透過資產回收策略推動現金流的積極成長。

From a portfolio makeup perspective, Matt will outline more of the specifics with his prepared remarks. But given we are coming up on our five-year anniversary later this year, I wanted to take a moment to highlight the progress we've made in transitioning our portfolio through our asset recycling strategy.

從投資組合構成的角度來看，馬特將用他準備好的言論概述更多細節。但考慮到今年稍後我們即將迎來成立五週年，我想花點時間強調我們透過資產回收策略在投資組合轉型方面所取得的進展。

Since inception of the company, we have recycled nearly $600 million of capital as we have accretively sold off primarily office assets and properties occupied by non-credit tenants and reinvested the proceeds at positive net investment spreads. As a result, we've taken our OpEx exposure from 43% to 0%, increased our exposure to investment-grade rated tenants from 36% to 65%, increased per share quarterly dividend by more than 37% in our top tenant list which includes the likes of industry leaders such as Walgreens, Lowe's, Dick's Sporting Goods, Dollar Tree, Family Dollar, Dollar General, Walmart, Best Buy, Hobby Lobby, and Home Depot now compares favorably to many of our peers that trade at significantly better valuations.

自公司成立以來，我們已回收了近 6 億美元的資本，因為我們不斷出售主要辦公資產和非信貸租戶佔用的房產，並將所得收益以正淨投資利差進行再投資。因此，我們的營運支出風險從 43% 降至 0%，將投資級租戶的曝險從 36% 增加至 65%，在我們的頂級租戶名單中每股季度股息增加了 37% 以上，包括沃爾格林(Walgreens)、勞氏(Lowe's)、迪克體育用品(Dick's Sporting Goods)、Dollar Tree、Family Dollar、Dollar General、沃爾瑪(Walmart)、百思買(Best Buy)、好比大廳(Hobby Lobby) 和家得寶( Home Depot) 等行業領導者，現在與我們的許多同行相比，其估值明顯更高。

From a valuation perspective, we are currently trading well above an implied 8% cap rate on our real estate portfolio and a significant discount to our book value of $18.36 per share. Additionally, we have strong AFFO per share growth projected for 2024, and our loan investments provide a natural deleveraging opportunity over the next 24 months. To put it bluntly, we're a great value today, and we look forward to maximizing that value for our shareholders.

從估值角度來看，我們目前的交易價格遠高於我們房地產投資組合隱含的 8% 上限利率，並且比每股 18.36 美元的帳面價值大幅折扣。此外，我們預計 2024 年 AFFO 每股將強勁成長，而且我們的貸款投資在未來 24 個月提供了自然的去槓桿化機會。坦白說，我們今天具有巨大的價值，我們期待為股東實現價值最大化。

Now I'll turn the call over to Matt to discuss our portfolio makeup, quarterly results, balance sheet, and 2024 guidance.

現在我將把電話轉給 Matt，討論我們的投資組合組成、季度業績、資產負債表和 2024 年指導。

Thanks, John. As of the end of the year, our portfolio consisted of 138 properties totaling 3.8 million square feet, with tenants operating in 23 sectors within 35 states. And as John mentioned, 65% of our annualized base rent or ABR now comes from tenants or the parent of tenants who have an investment-grade credit rating.

謝謝，約翰。截至年底，我們的投資組合包括 138 處房產，總面積達 380 萬平方英尺，租戶分佈在 35 個州的 23 個部門。正如約翰所提到的，我們的年化基本租金或 ABR 現在有 65% 來自擁有投資等級信用評級的租戶或租戶的父母。

The portfolio continues to be 99% occupied, and our top tenants remain largely unchanged. However, we do anticipate occupancy increasing over the coming months as we have signed or are in the process of signing multiple leases related to the vacant properties.

該投資組合的入住率仍然高達 99%，我們的頂級租戶基本上保持不變。然而，我們預計未來幾個月的入住率將會增加，因為我們已經簽署或正在簽署與空置房產相關的多份租約。

Fourth-quarter 2023 FFO was $0.37 per share unchanged when compared to the fourth quarter of 2022. And fourth quarter 2023 AFFO was $0.38 per share, representing a 7.3% decrease over the fourth quarter of 2022.

2023 年第四季 FFO 為每股 0.37 美元，與 2022 年第四季相比沒有變化。2023 年第四季 AFFO 為每股 0.38 美元，比 2022 年第四季下降 7.3%。

Our quarterly results were most notably impacted by one-time expenses related to tenant credit loss and bankruptcy, primarily attributable to the seven Valero-branded Mountain Express properties that we discussed during our third-quarter conference call as well as the timing of investments and dispositions. These items were partially offset by regular rent increases within the owned portfolio, attractive net investment spreads from asset recycling program, increased interest income from cash and restricted cash on balance sheet, and lower interest expense driven by year-over-year effects of previously completed interest rate hedges.

我們的季度業績受到與租戶信用損失和破產相關的一次性費用的最顯著影響，這主要歸因於我們在第三季度電話會議上討論的七個瓦萊羅品牌的Mountain Express 物業以及投資和處置的時間安排。這些項目部分由自有投資組合內的定期租金上漲、資產回收計劃帶來的有吸引力的淨投資利差、現金利息收入增加和資產負債表上的有限現金以及先前完成的同比影響帶來的利息支出降低所抵銷。利率對沖。

Our general and administrative expenses for the quarter totaled $1.5 million, which includes the $1.1 million management fee to our external manager. Our G&A increased 4.5% year over year, largely a result of higher state and local taxes and increases to the management fee driven by our net equity capital markets activities over the past 12 months. The current annual run rate for our management fee before any assumed new equity issuances or repurchases is $4.2 million.

本季我們的一般和管理費用總計 150 萬美元，其中包括支付給外部經理的 110 萬美元管理費。我們的一般管理費用年增 4.5%，主要是由於過去 12 個月我們的淨股權資本市場活動推動了州稅和地方稅的增加以及管理費的增加。在任何假設的新股發行或回購之前，我們目前的管理費年運行率為 420 萬美元。

For the full year, FFO was $1.47 per share and AFFO was $1.49 per share, representing year-over-year per share decreases of 15% and 16%, respectively, when compared to the full year of 2022. As previously announced, the company paid a fourth-quarter cash dividend of $0.275 per share, representing a current annualized yield of more than 7%. And our fourth-quarter FFO and AFFO payout ratios remained fairly consistent at 74% and 72%, respectively. We anticipate announcing our regular quarterly cash common stock dividend for the first quarter of 2024 towards the end of February.

全年來看，FFO 為每股 1.47 美元，AFFO 為每股 1.49 美元，與 2022 年全年相比，每股同比分別下降 15% 和 16%。如同先前所宣布的，該公司第四季現金股息為每股0.275美元，相當於目前年化殖利率超過7%。我們第四季的 FFO 和 AFFO 派息率保持相當穩定，分別為 74% 和 72%。我們預計將於 2 月底宣布 2024 年第一季的定期季度現金普通股股息。

From an equity capital markets perspective, we continue to be active during the quarter and our Board approved $15 million share repurchase program. We're purchasing nearly 595,000 shares of our common stock for a total cost of $9.5 million at an average price of $16.1 per share. In 2023, we repurchased nearly 900,000 shares of our common stock for a total cost of $14.6 million at an average price of $16.23 per share. And in January, we did complete the remainder of the $15 million share repurchase program.

從股權資本市場的角度來看，我們在本季繼續活躍，董事會批准了 1500 萬美元的股票回購計畫。我們將購買近 595,000 股普通股，總成本為 950 萬美元，平均價格為每股 16.1 美元。2023 年，我們回購了近 90 萬股普通股，總成本為 1,460 萬美元，平均價格為每股 16.23 美元。一月份，我們確實完成了 1500 萬美元股票回購計畫的剩餘部分。

We ended the quarter with net debt to total enterprise value of 51%, net debt to pro forma EBITDA of 7.7 times, and our fixed charge coverage ratio was a healthy 3.5 times. The balance sheet is well stabilized with no debt maturities until 2026. And total liquidity at quarter end through cash, restricted cash, and undrawn revolver commitments was more than $187 million.

本季結束時，我們的淨債務佔企業總價值的 51%，淨債務佔預期 EBITDA 的 7.7 倍，固定費用覆蓋率為健康的 3.5 倍。資產負債表非常穩定，2026 年之前沒有債務到期。截至季末，透過現金、限制性現金和未提取的左輪手槍承諾獲得的流動性總額超過 1.87 億美元。

In our press release last night, initial guidance for 2024 reflects our confidence in the portfolio's quality, the year-over-year benefits from the asset recycling John referenced, increased fee revenue from our fee sharing agreement with CTO, and what we believe is a reasonably cautious stance regarding our current access to capital, expected activity in the transactions market, and broader economic environment.

在我們昨晚的新聞稿中，2024 年的初步指導反映了我們對投資組合品質的信心、約翰提到的資產回收帶來的逐年收益、我們與CTO 的費用共享協議增加的費用收入，以及我們所認為的對於我們目前的資本取得、交易市場的預期活動以及更廣泛的經濟環境，我們採取了相當謹慎的態度。

We began 2024 with portfolio-wide in-place annualized straight-line base rent and in-place annualized cash base rent of $38.8 million and a run rate annualized interest income from loan investments of $3.2 million. Our full-year 2024 FFO guidance range is $1.51 to $1.56 per share. And our full-year 2024 AFFO guidance range is $1.53 to $1.58 per share.

2024 年伊始，我們整個投資組合的就地年化直線基本租金和就地年化現金基本租金為 3880 萬美元，來自貸款投資的運行率年化利息收入為 320 萬美元。我們的 2024 年全年 FFO 指引範圍為每股 1.51 美元至 1.56 美元。我們的 2024 年全年 AFFO 指引範圍為每股 1.53 美元至 1.58 美元。

Our 2024 guidance for investment activity is $50 million to $80 million of investments contingent on reasonable market conditions, and our investment guidance does include the potential for additional loan investments. Our 2024 dispositions guidance is to sell between $50 million and $80 million of properties, and we are currently assuming approximately 75 basis points to 100 basis points net investment spread between our investment yields and our disposition yield.

我們的 2024 年投資活動指引是根據合理的市場條件進行 5,000 萬至 8,000 萬美元的投資，而我們的投資指引確實包括額外貸款投資的潛力。我們的 2024 年處置指引是出售 5,000 萬至 8,000 萬美元的房產，目前我們假設我們的投資收益率和處置收益率之間的淨投資利差約為 75 個基點至 100 個基點。

And finally, we are forecasting our weighted average share count for 2024 to be approximately 14.9 million shares, and this does incorporate the effects of completing the remaining portion of the $15 million share repurchase program I referenced earlier.

最後，我們預測 2024 年的加權平均股票數量約為 1,490 萬股，這確實包含了完成我之前提到的 1,500 萬美元股票回購計畫剩餘部分的影響。

We appreciate everyone joining the call today, and we'll now open it up for questions. Operator?

我們感謝大家今天加入電話會議，現在我們將開放提問。操作員？

(Operator Instructions) Rob Stevenson, Janney Montgomery Scott.

（操作員說明）Rob Stevenson、Janney Montgomery Scott。

Good morning, guys. Matt, just to follow up on one of your latter comments. Is the $0.05 guidance range, is that just acquisition and dispositions that slide between there? Is there something else notable that would push you down to the $1.51 or up to the $1.56 or conversely the AFFO range?

早上好傢伙。馬特，只是為了跟進你後面的評論之一。0.05 美元的指導範圍是否只是在該範圍之間滑動的收購和處置？還有其他值得注意的因素會將您推低至 1.51 美元或上漲至 1.56 美元，或者反之亦然的 AFFO 範圍嗎？

Yeah, good morning, Rob. Part of it is the acquisition and disposition timing. And then the other component that could move that around a little bit is whether or not we get loan repayments, most specifically for the $24 million loan, where that is intended to be a liquidated portfolio. And so that could cause interest income to be reduced over the period of the year.

是的，早安，羅布。其中一部分是收購和處置的時機。然後，另一個可能稍微改變這一點的因素是我們是否能獲得貸款償還，特別是 2,400 萬美元的貸款，該貸款旨在成為清算投資組合。因此，這可能會導致全年利息收入減少。

Okay. And what is the latest in terms of the Mountain Express stuff? Is that going to wind up being some of the sales this year? Is that all going to be re-tenanted, some of it? How are you looking at that at this point?

好的。Mountain Express 的最新動態是什麼？這會成為今年銷售額的一部分嗎？是否所有這些都將被重新租用，其中一些？您目前對此有何看法？

Yeah. So we're in active discussions with a number of operators. We've got two leases signed on two of the locations. We are working on three more, and then we're in preliminary discussions on the other two. We are still anticipating selling them just given our focus on publicly traded or publicly rated tenants, but we're in active discussions to have all of that leased in the near to medium term.

是的。因此，我們正在與一些運營商進行積極的討論。我們已在其中兩個地點簽署了兩份租約。我們正在研究另外三個，然後我們正在對另外兩個進行初步討論。鑑於我們專注於公開交易或公開評級的租戶，我們仍然預計出售它們，但我們正在積極討論在中短期內出租所有這些租戶。

Okay. And when you guys take a look at the portfolio, how much of it is likely disposition candidates at this point versus only if you found something that was an extremely compelling buy? I mean, are you pretty much done with the recycling of the majority of the assets unless somebody comes in and makes a very strong offer? Is there still the bottom 25% of the portfolio is likely to be sold going forward? How are you guys thinking about where this portfolio is versus where you'd want it if you started with a clean sheet of paper?

好的。當你們查看投資組合時，此時有多少可能是處置候選者，而不是只有當你發現一些非常有吸引力的東西時才購買？我的意思是，除非有人進來並提出非常強有力的報價，否則您是否已經完成了大部分資產的回收？未來投資組合中底部 25% 的資產是否仍可能出售？你們如何看待這個投資組合的位置以及如果您從一張白紙開始的話您想要它的位置？

Yeah, I think it's a little bit of a barbell. We still have some really low cap rate properties that we may decide to monetize and recycle into higher cap rates, and then always continuing to upgrade the portfolio as a whole by selling off the bottom part of the portfolio like the Mountain Express. So we'll work to basically continue to upgrade the portfolio even stronger. So we have two levers there on the bottom and some of the super high quality.

是的，我認為這有點像槓鈴。我們仍然擁有一些資本化率非常低的房產，我們可能會決定將其貨幣化並回收為更高的資本化率，然後始終通過出售投資組合的底部部分（如山地快車）來繼續升級整個投資組合。因此，我們將努力繼續將產品組合升級得更強大。所以我們在底部有兩個槓桿，並且有一些超高品質的。

Okay. And then how are you guys thinking -- obviously, given your size, adding even one new tenant or one new industry moves the needle for you guys still. But how are you guys thinking about tenant and industry concentrations going forward? I think a lot of people ask questions about Walgreens at 12% and Dollar stores, which you just added a couple this quarter at 14%.

好的。然後你們怎麼想——顯然，考慮到你們的規模，即使增加一個新租戶或一個新行業仍然會對你們產生影響。但你們如何看待未來的租戶和產業集中度？我想很多人都會問有關沃爾格林 12% 和一元商店的問題，您本季剛剛添加了幾家 14% 的商店。

Do you keep acquiring Dollar stores? Would you take that up to 20%? And Walgreens, is that a disposition candidate at some point to lower that down below 12% exposure? How are you guys thinking about that sort of concentration?

您是否繼續收購一元商店？你願意把這個比例提高到20%嗎？沃爾格林 (Walgreens) 是否會在某個時候將其風險敞口降至 12% 以下？你們如何看待這種專注？

Yeah. So good question. So we're definitely going to look to lower the Walgreens exposure over time. We are not in a mad rush, but also hunting for more Walmarts, Lowe's, At Home -- or not Home, but Home Depots and upgrading the portfolio there, and getting those credits higher up on the list. But it's just like it's difficult to find the right ones, but we'll continue to pursue them and upgrading the portfolio that way.

是的。好問題。因此，我們肯定會隨著時間的推移降低沃爾格林的風險敞口。我們並不瘋狂，但也在尋找更多的沃爾瑪、勞氏、At Home——或者不是Home，而是家得寶，併升級那裡的投資組合，並將這些信用放在清單上更高的位置。但這就像很難找到合適的產品一樣，但我們將繼續追求它們並以這種方式升級產品組合。

And then what about Dollar stores? What's your appetite to continue taking that up?

那麼一元商店呢？您有什麼興趣繼續這樣做？

Yeah, we're not going to -- I don't think you'll see us active on the Dollar store acquisition side.

是的，我們不會—我認為您不會看到我們在一元商店收購方面表現活躍。

Okay. And then just a couple of data ones. What were the two assets that you guys sold during the quarter?

好的。然後只是一些數據。你們在本季出售的兩項資產是什麼？

Yeah. One was a convenience store branded as a BP, and the other one was a two-tenant property. It was a Bomgaars, which is similar to a tractor supply and then -- no, I got the BP. I'm drawing a blank on the other one, Rob, sorry. But it was a de minimis piece of the overall puzzle.

是的。其中一處是一家名為 BP 的便利商店，另一處則是兩間租戶物業。這是一輛 Bomgaars，類似於拖拉機供應，然後 - 不，我得到了 BP。我在另一張畫了空白，羅布，抱歉。但這只是整個難題中微不足道的一小部分。

Okay. And then last one from me, data-wise. Did the Board reauthorize a new share repurchase plan? And if so, what was the size of that?

好的。然後是我的最後一篇，從數據角度來說。董事會是否重新授權新的股份回購計畫？如果有的話，規模有多大？

We would basically have that in our announcement if they had. So we'll monitor what goes on there and reflect if things change.

如果他們有的話，我們基本上會在我們的公告中提到這一點。因此，我們將監視那裡發生的情況並反映情況是否發生變化。

Okay. Thanks, guys. Appreciate the time. Have a good weekend.

好的。多謝你們。珍惜時間。有一個美好的周末。

Thanks, Rob.

謝謝，羅布。

Thank you. You too.

謝謝。你也是。

Wesley Golladay, Baird.

韋斯利·戈拉迪，貝爾德。

Hey, good morning, guys. Just a question on the investment guidance. Does that include the buyback? And at $15 a share, would buybacks be the top priority for the use of capital?

嘿，早上好，夥計們。只是一個關於投資指導的問題。這包括回購嗎？而每股15美元，回購會成為資本運用的首要任務嗎？

So a good question, Wes. Good morning. It does not include any buyback activity. That would be in addition to the investment guidance. And I mean, at $15 a share, we're obviously well over an 8% implied cap rate. So I think that's certainly something that we'll have a discussion with the Board about in terms of a potential new program.

這是個好問題，韋斯。早安.它不包括任何回購活動。這將是投資指導之外的內容。我的意思是，以每股 15 美元計算，我們顯然遠遠超過了 8% 的隱含資本化率。因此，我認為我們肯定會與董事會就潛在的新計劃進行討論。

Okay. And then, Matt, you talked about signing some leases, and just kind of curious what do you have in guidance for assuming rent from the leasing of the properties?

好的。然後，馬特，您談到簽署一些租約，只是有點好奇您對從房產租賃中收取租金有何指導？

We have the two that we've signed so far and that's it.

到目前為止我們已經簽署了兩份合同，僅此而已。

Okay. I guess we're trying to build the model and then to build dispositions in our model, I guess. What is the total upside in rent? Obviously, you're going to sell them, but we need to get it in the model and then exit the -- and then monetize assets. So how much -- I guess, from the current run rate, how much upside do you have in the rent from releasing the assets?

好的。我想我們正在嘗試建立模型，然後在我們的模型中建立配置。租金總上漲空間是多少？顯然，你要出售它們，但我們需要將其放入模型中，然後退出——然後將資產貨幣化。那麼，我猜，從目前的運行速度來看，釋放資產後的租金有多少上漲空間？

Yeah. So the current run rate includes the two we've signed. I would say for now, let's assume nothing. And then obviously, as those come to fruition, we'll report them, right? We'll call it two months away from doing this again. And so we'll provide another update then and update the numbers then.

是的。所以目前的運行率包括我們已經簽署的兩個。我想說的是，現在我們什麼都不假設。顯然，當這些成果實現時，我們會報告它們，對吧？我們將在兩個月後再次這樣做。因此，我們將提供另一個更新，然後更新數字。

Okay. And then last one for me. What do you have for assumed leverage throughout the year? And how does that impact your borrowing base looking at the spread?

好的。然後是我的最後一張。您全年的假設槓桿是多少？從利差來看，這對您的借貸基礎有何影響？

Yeah. So we're assuming there's some slight delevering. Well, based on sort of the forecast and guidance, we should end the year closer to 7 times net debt to EBITDA, which should benefit the interest rate spread going into 2025.

是的。因此，我們假設有一些輕微的去槓桿化。嗯，根據某種預測和指導，我們年底的淨債務與 EBITDA 的比率應該接近 7 倍，這應該有利於 2025 年的利差。

Okay, thanks.

好的謝謝。

Thanks.

謝謝。

Matthew Erdner, Jones Trading.

馬修‧艾德納，瓊斯貿易公司。

Hey, guys. Good morning. Thanks for taking the question. So the loans look like they provided some pretty solid risk adjusted returns. Are you seeing these more than acquisitions, dispositions at the moment? And if so, is there a certain amount of capital that you guys would be comfortable allocating to the strategy? I know that you don't want to do this off the back, but I guess, what would you be comfortable getting up to for this two-year period?

大家好。早安.感謝您提出問題。因此，這些貸款看起來提供了一些相當可靠的風險調整回報。您目前看到的不僅僅是收購和處置嗎？如果是這樣，你們是否願意為該策略分配一定數量的資本？我知道你不想在後面這樣做，但我想，在這兩年的時間裡你會舒服地做些什麼呢？

I mean, I think you're seeing us on the top level of kind of where we want to be on the loans. So what you'll see is really loans either paying down, or we're selling off pieces of the loan to do new loans. So I don't think you're going to see the portfolio of loans get any larger.

我的意思是，我認為您看到我們處於我們希望獲得貸款的最高水平。因此，您將看到的實際上是貸款，要么還清，要么我們出售部分貸款以發放新貸款。所以我認為你不會看到貸款組合變得更大。

Got you. Thank you. And then in terms of the transaction market, what do you think you need to see for it to kind of really get going again? Is it Fed rate cuts or kind of money coming off of the sidelines? What are you guys thinking there?

明白你了。謝謝。那麼就交易市場而言，您認為需要看到什麼才能真正重新啟動？是聯準會降息還是場外資金流出？你們在想什麼？

So I think you're starting to see or we're starting to see a little bit more activity now. I think people have been hanging on for a rate cut in the higher interest costs as debt rolling over is starting to bite a little bit more. And so people are just kind of making harder decisions now about selling assets that they don't really want to sell. But it makes a lot of sense given high debt costs and so forth. So pretty much of the optimistic camp that as rates seem to be further out as far as rate cuts, you're seeing more activity on the transaction market.

所以我認為你已經開始看到或我們現在開始看到更多的活動。我認為，隨著債務展期的影響開始加大，人們一直在等待更高的利息成本降息。因此，人們現在在出售他們並不真正想出售的資產方面做出了更艱難的決定。但考慮到高債務成本等因素，這是很有意義的。因此，幾乎所有樂觀陣營的人都認為，隨著降息幅度似乎進一步加大，交易市場上的活動將會增加。

Awesome. Thanks for taking the questions.

驚人的。感謝您提出問題。

Thank you.

謝謝。

RJ Milligan, Raymond James.

RJ 米利根，雷蒙德詹姆斯。

Hi. Good morning, guys. Most of my questions have been asked and answered. I'm just curious, John, on Walgreens, I think it's a split rated in terms of credit rating. Can you talk about how you feel about that specific credit and maybe [explore your] pharmacies in general, given what we've been seeing in the industry?

你好。早上好傢伙。我的大部分問題都已被提出並得到解答。約翰，我只是對沃爾格林感到好奇，我認為它在信用評級方面存在分歧。鑑於我們在業界所看到的情況，您能否談談您對特定信用的看法，也許可以[探索您的]藥局？

Yeah. I mean, look, clearly, their company in the headlines, the properties we have are very good locations. And obviously, with new management at Walgreens and cutting the dividend and selling off some divisions, they're going to become a healthier credit, obviously.

是的。我的意思是，顯然，他們的公司出現在頭條新聞中，我們擁有的房產位置非常好。顯然，隨著沃爾格林的新管理層削減股息並出售一些部門，它們顯然將成為更健康的信貸。

And so the good news is our locations, even if you found another tenant, there's a lot of tenant demand out there for locations. I was with a developer two days ago, who's a prolific developer of all kinds of various retailers, and you can't build a box for less than $330 these days.

因此，好消息是我們的地點，即使您找到了另一個租戶，對地點的租戶需求也很大。兩天前我和一位開發人員在一起，他是各種零售商的多產開發人員，現在你不可能以低於 330 美元的價格建造一個盒子。

So you're going to see tenants being very active in taking over other tenant spaces. So I think the backdrop is that there's a lot of tenant demand out there if you had some issues with particular boxes. So it's all about basis. And I think with our basis trading at $127 a square foot along the whole portfolio, we got a lot of room there. So we're not kind of having sleepless nights over Walgreens, but we will be pruning the exposure for sure.

所以你會看到租戶非常積極地接管其他租戶空間。所以我認為背景是，如果你對特定的盒子有一些問題，就會有很多租戶的需求。所以一切都是有基礎的。我認為整個投資組合的基差交易價格為每平方英尺 127 美元，我們在那裡有很大的空間。因此，我們不會在沃爾格林度過不眠之夜，但我們肯定會減少曝光。

Great. Thanks. That's it from me.

偉大的。謝謝。這就是我說的。

Great. Thanks, RJ.

偉大的。謝謝，RJ。

Anthony Hau, Truist Securities.

安東尼·豪（Anthony Hau），Truist 證券公司。

Good morning, guys. Thanks for your question. So in 2023, you are doing all the right things, right? Completing numerous initiatives to close the valuation gap, but the market is not rewarding for those actions, right? So what other leverage can you pull to close the gap this year while reducing leverage? And how do you balance between leverage buying back stock and growing that like equity float?

早上好傢伙。謝謝你的提問。那麼到 2023 年，你會做所有正確的事情，對吧？完成了許多旨在縮小估值差距的舉措，但市場並沒有因為這些行動而獲得回報，對吧？那麼，在降低槓桿率的同時，今年還可以利用哪些其他槓桿來縮小差距呢？如何在槓桿回購股票和增加股票流通之間取得平衡？

Yeah. I mean, look, if the stock continues to trade at these massive discounts to NAV and high implied cap rates and high dividend yield, clearly, we'll look to buy more stock because we're going to be accreting NAV and really getting shareholders a strong total return basically synopsis.

是的。我的意思是，如果股票繼續以資產淨值大幅折扣、高隱含資本化率和高股息收益率進行交易，顯然，我們將尋求購買更多股票，因為我們將增加資產淨值並真正吸引股東強勁的總回報基本上就是概要。

And so if you look at where we're trading versus the comps, which you know it better than we do, we're trying to give a value proposition to shareholders to say why would you take a higher basis risk and lower implied cap rate when you could have the same exposure to IG at much higher cap rate, lower valuation, higher dividend yield.

因此，如果你看看我們與比較公司的交易情況，你比我們更了解這一點，我們正在努力向股東提供價值主張，說明為什麼你要承擔更高的基礎風險和更低的隱含資本化率當你可以以更高的上限利率、更低的估值、更高的股息殖利率擁有相同的IG 曝險時。

So the value proposition is there. We'll try our best to communicate it, but the market has not taken it, and then we'll look to buy back more shares and sell down assets to keep the leverage neutral. So it's pretty easy. It's not rocket science. We've been through this many times and feel like we have good opportunities out there. And so we'll just keep working through it.

所以價值主張就在那裡。我們會盡力溝通，但市場還沒有接受，然後我們會尋求回購更多股票並出售資產以保持槓桿中性。所以這很容易。這不是火箭科學。我們已經經歷過很多次了，感覺我們有很好的機會。所以我們將繼續努力解決這個問題。

So I feel like that's like a cash in '22, right? Because I think one of the main reasons why investors are not rewarding those actions because the liquidity of the stock is pretty limited, right, compared to your other triple net. So how do you balance between buying back stock and keeping that liquidity for investors?

所以我覺得這就像 22 年的現金，對嗎？因為我認為投資者不獎勵這些行動的主要原因之一是因為與其他三重網相比，股票的流動性相當有限，對吧。那麼，如何在回購股票和為投資者保持流動性之間取得平衡呢？

Yeah. I mean, we can't basically give investors everything. I mean, investors obviously want everything. But look, we were able to buy what, almost 1 million shares on our buyback. And as you know, the buyback programs are very problematic. I mean, we can't basically buyback at certain times of days. We can't buyback with certain percentage of volume as shares are trading. And we certainly are price sensitive.

是的。我的意思是，我們基本上不能為投資者提供一切。我的意思是，投資者顯然想要一切。但看，我們在回購中能夠買進近 100 萬股股票。如您所知，回購計劃存在很大問題。我的意思是，我們基本上不能在一天中的某些時間回購。我們不能在股票交易時以一定比例的交易量回購。我們當然對價格敏感。

So even with all those parameters, we were able to buy 1 million shares relatively easy. So investors can buy the shares. They just probably have a hard fast rule that, hey, if you're trading below certain amount of shares per day, we can't touch you kind of thing. But you can buy the shares. I mean, we've demonstrated that. So it's for more of the value investors seem to kind of latch on which more long-term holding investors seem to understand the value proposition.

因此，即使考慮到所有這些參數，我們也能夠相對輕鬆地購買 100 萬股。因此投資者可以購買股票。他們可能只是有一個嚴格的規則，嘿，如果你每天的交易量低於一定數量的股票，我們就不能碰你的東西。但你可以買股票。我的意思是，我們已經證明了這一點。因此，更多的價值投資者似乎會抓住這一點，而更多的長期持有投資者似乎也理解這個價值主張。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

John Massocca, B. Riley.

約翰·馬索卡，B.萊利。

Good morning.

早安.

Good morning.

早安.

So a question on the disposition guidance. I mean, should we assume that some repayment of some of these mortgage investments is in that guidance today? And maybe just roughly, what are you expecting to get repaid this year?

那麼關於處置指導的問題。我的意思是，我們是否應該假設今天的指導中包含了其中一些抵押貸款投資的部分償還？也許粗略地說，你今年預計會得到什麼回報？

Yeah, a good question, John. Good morning. There's a limited amount of repayment related to the $24 million loan that we originated in the fourth quarter starting really in the third quarter. But we're talking, call it, 10% over the balance of the back half of 2024, so not a meaningful amount. We think that will probably ramp up when we get into the 2025 and hopefully into a different interest rate environment and a more efficient transaction environment.

是的，這是個好問題，約翰。早安.我們在第四季發放的 2,400 萬美元貸款從第三季開始，償還金額有限。但我們所說的是，比 2024 年下半年的餘額增加 10%，所以不是一個有意義的金額。我們認為，當我們進入 2025 年並希望進入不同的利率環境和更有效率的交易環境時，這種情況可能會增加。

Okay. And I guess, maybe what are the variables in the external world that could change that kind of view or could cause that to be different than guidance? I mean, essentially, as we think about an uncertain rate world, does that impact that? Or is it all just based on execution in terms of selling down the assets in that collateral pool?

好的。我想，也許外在世界中有哪些變數可能會改變這種觀點或可能導致其與指導不同？我的意思是，本質上，當我們考慮一個不確定的利率世界時，這會產生影響嗎？或者這一切只是基於出售抵押品池中資產的執行？

Yeah, I think it's both. I mean, for that specific collateral pool, I think it's a more active transaction environment with pricing that the borrower deems to be appropriate. But then on the other two loans, those are development loans where once the tenant gets open and operating, I think it's either a refinancing opportunity for the borrower. So obviously, the interest rate environment would have an influence on that or it's, again, an efficient transaction market, where they feel like they can sell it at the appropriate price.

是的，我認為兩者都是。我的意思是，對於特定的抵押品池，我認為這是一個更活躍的交易環境，其定價是藉款人認為合適的。但對於另外兩項貸款，這些是開發貸款，一旦租戶開業並開始運營，我認為這對借款人來說是一個再融資機會。顯然，利率環境會對此產生影響，或者說這是一個有效的交易市場，他們覺得可以以適當的價格出售它。

And then maybe bigger picture on guidance, the investments and dispositions at the midpoint obviously balance each other out. Is there any expectation in your mind of a difference in timing between deploying capital and kind of capital recycling in the course of the year?

然後，也許從更大的指導來看，中間的投資和處置顯然是相互平衡的。您認為年內部署資本與資本回收之間的時間安排是否有差異？

I mean, certainly, there will be. We're assuming that all sort of balances itself out over the years. Sometimes, we sell ahead of buying and sometimes, we buy ahead of selling. But guidance assumes it's a relatively balanced approach.

我的意思是，當然會有。我們假設多年來一切都會自行平衡。有時，我們在買入前賣出，有時，我們在賣出前買入。但指南假設這是一種相對平衡的方法。

Okay. And in the balance sheet, the revolver is a little bit over the amount you have swapped, but it seems like it matches the amount on the loan pool. Is it fair to assume that's free floating at least over the intermediate term?

好的。在資產負債表中，左輪手槍比您交換的金額略多一些，但看起來與貸款池上的金額相符。假設至少在中期自由浮動是否公平？

Yeah. I think you can assume that that's going to float. And then as these loans get repaid, we'll evaluate what the redeployment options are in the market and that evaluation will include potentially paying down that floating rate debt.

是的。我想你可以假設它會漂浮。然後，當這些貸款得到償還時，我們將評估市場上的重新部署選項，該評估將包括可能償還浮動利率債務。

That's it for me. Thank you very much.

對我來說就是這樣。非常感謝。

Thanks, John.

謝謝，約翰。

Thank you. This concludes today's question-and-answer session. This also concludes today's conference call. Thank you for participating. You may disconnect.

謝謝。今天的問答環節到此結束。今天的電話會議也到此結束。感謝您的參與。您可以斷開連線。