Alpine Income Property Trust Inc (PINE) 2024 Q3 法說會逐字稿

Good day, and welcome to Alpine Income Property Trust Q3 2024 earnings call. (Operator Instructions) As a reminder, this call may be recorded. I would now like to turn the call over to John Albright, President and CEO. Please go ahead.

美好的一天，歡迎參加 Alpine Income Property Trust 2024 年第三季財報電話會議。（操作員說明）謹此提醒，此通話可能會被錄音。我現在想將電話轉給總裁兼執行長約翰·奧爾布賴特 (John Albright)。請繼續。

Good morning, everyone, and thank you for joining us today for Alpine Income Property Trust third-quarter 2024 conference call. Before we begin, I'll turn it over to Phil to provide customary disclosures regarding today's call. Phil?

大家早安，感謝您今天參加我們的 Alpine Income Property Trust 2024 年第三季電話會議。在我們開始之前，我將把它交給菲爾，按照慣例披露今天的電話會議。菲爾？

Thanks, John. I would 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.

謝謝，約翰。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 the non-GAAP financial measures we use on our website at www.alplinereit.com. With that, I will turn the call back to John.

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 www.alplinereit.com 上找到我們的 SEC 報告、收益發布和最新投資者介紹，其中包含我們使用的非 GAAP 財務指標的調整表。這樣，我會將電話轉回給約翰。

Thanks, Phil. We are very pleased with our third quarter results across all aspects of our strategy as we successfully continued its accretive asset recycling, originated a high-yielding loan, raised our quarterly dividend, reduced our Walgreens exposure and lengthen our weighted average lease term.

謝謝，菲爾。我們對第三季策略各方面的業績感到非常滿意，因為我們成功地繼續了增值資產回收、發放了高收益貸款、提高了季度股息、減少了沃爾格林的風險並延長了加權平均租賃期限。

These combined efforts resulted in another quarter of strong earnings growth, reduced leverage and enabled us to again raise full year earnings and investment guidance. Beginning with property acquisitions. During the quarter, we acquired four net lease properties for $37.5 million at a weighted average initial cap rate of 8.8%.

這些共同努力導致了又一個季度的強勁盈利增長，降低了槓桿率，並使我們能夠再次提高全年盈利和投資指導。從收購財產開始。本季度，我們以 3,750 萬美元的價格收購了四處淨租賃物業，加權平均初始上限率為 8.8%。

Three of these properties all located in the greater Tampa Bay area were purchased for $31.4 million, in a sale leaseback transaction with a subsidiary of Beachside Hospitality Group. The leases for these properties have a lease term of 30 years and include 2% annual escalations. While these properties did sustain some damage during Hurricane Helene and Milton, the operator expects to have them open and operating again toward the end of the year or the first part of next year.

其中三處房產均位於大坦帕灣地區，是透過與 Beachside Hospitality Group 子公司的售後回租交易以 3,140 萬美元購買的。這些物業的租賃期限為 30 年，並包括每年 2% 的加租。雖然這些物業在颶風海倫和米爾頓期間確實遭受了一些損壞，但營運商預計將在今年年底或明年上半年重新開放並營運。

Further, our leases require robust insurance requirements, and these properties have more than adequate insurance coverage. Accordingly, we do not expect to have any material interruption and collecting rent from these properties due to the recent hurricanes.

此外，我們的租賃需要嚴格的保險要求，而這些房產的保險範圍綽綽有餘。因此，我們預計最近的颶風不會對這些房產造成任何重大中斷和租金收取。

Additionally, in September, we purchased and amended a first mortgage construction loan secured by a public-anchored shopping center in Charlotte, North Carolina. The current loan commitment is for $17.8 million, of which $10 million was funded at closing and has an initial yield of 10.25%.

此外，九月，我們購買並修改了由北卡羅來納州夏洛特市一家公共購物中心擔保的第一筆抵押貸款建設貸款。目前的貸款承諾金額為 1,780 萬美元，其中 1,000 萬美元在交屋時已到位，初始收益率為 10.25%。

On the disposition front, we sold eight properties during the quarter for $48.6 million at a weighted average cash cap rate of 6.8%. These sales generated aggregate gains of $3.4 million and included 2 Walgreens locations as well as properties leased to Hobby Lobby, Lowe's, Chick-fil-A, Tractor Supply and Long John Silvers. As previously disclosed, we are actively reducing our exposure to Walgreens.

在處置方面，我們在本季以 4,860 萬美元的價格出售了 8 處房產，加權平均現金上限率為 6.8%。這些銷售產生了 340 萬美元的總收益，其中包括 2 家 Walgreens 門市以及租賃給 Hobby Lobby、Lowe's、Chick-fil-A、Tractor Supply 和 Long John Silvers 的房產。正如之前所揭露的，我們正在積極減少對沃爾格林的投資。

And with the sale of the two Walgreens during the quarter, Walgreens has dropped from our largest tenant concentration to the second largest. Additionally, given the attractive locations of our remaining Walgreens assets, we expect to continue reducing our exposure for them to continue moving down our tenant concentration list.

隨著本季兩家沃爾格林的出售，沃爾格林已經從我們最大的租戶集中度下降到第二大。此外，鑑於我們剩餘的沃爾格林資產位置有吸引力，我們預計將繼續減少對它們的敞口，以繼續降低我們的租戶集中度名單。

Overall, for the quarter, our $55 million of investment activity, including both acquisitions and structured investments generated a weighted average yield of 9.2%, a positive spread of 240 basis points to the 6.8% weighted average cap rate on dispositions completed. As a result of our strategic asset recycling efforts, investment-grade rated DICK'S is now our largest tenant at 11% of ABR and the Beachside Hospitality Group is now our third largest. Notably, over 52% of our ABR is still derived from investment-grade tenants, and we have increased our weighted average lease term to 8.8 years.

整體而言，本季我們 5,500 萬美元的投資活動（包括收購和結構性投資）產生的加權平均收益率為 9.2%，與已完成處置的 6.8% 加權平均上限利差 240 個基點。由於我們的策略性資產回收工作，投資等級 DICK'S 現在是我們最大的租戶，佔 ABR 的 11%，而 Beachside Hospitality Group 現在是我們的第三大租戶。值得注意的是，我們超過 52% 的 ABR 仍然來自投資等級租戶，我們已將加權平均租賃期限延長至 8.8 年。

Regarding our investment strategy going forward, we continue to see attractive opportunities across the tenant landscape, including higher-yielding investments. Accordingly, while we continue to invest in attractive investment-grade opportunities.

關於我們未來的投資策略，我們繼續在租戶領域看到有吸引力的機會，包括更高收益的投資。因此，我們將繼續投資具有吸引力的投資等級機會。

We are also comfortable allocating additional capital to more accretive opportunities given the attractive risk-adjusted yields. We expect our investment activity will result in a barbell approach with longer-term investment-grade activity balanced by investments in higher-yielding and more accretive assets. Now turning to the loan investment front.

鑑於具有吸引力的風險調整收益率，我們也願意將額外資本分配給更具增值性的機會。我們預計我們的投資活動將採用槓鈴策略，長期投資等級活動與高收益和增值資產的投資相平衡。現在轉向貸款投資方面。

At the end of the quarter, our loan portfolio had an aggregate outstanding balance of $43.2 million, at a weighted average yield of 10.4%. Generally, we target our structured investment portfolio to be about 10% of the total asset value, but this will scale up or down, to some extent, depending on the quality of the opportunities we see.

截至本季末，我們的貸款組合的未償餘額總額為 4,320 萬美元，加權平均收益率為 10.4%。一般來說，我們的結構性投資組合的目標是佔總資產價值的 10% 左右，但這在一定程度上會根據我們看到的機會的品質而擴大或縮小。

As we are currently seeing a lot of opportunities to originate high-quality, high-yielding loans secured by real estate, this portfolio is likely to scale up a bit in the near-term future. One quick balance sheet note. During the quarter, we were also pleased to opportunistically access the equity capital markets, utilizing the company's common ATM program, raising the net proceeds of $11.1 million.

由於我們目前看到有很多機會以房地產作為擔保來發放高品質、高收益的貸款，因此該投資組合可能會在不久的將來有所擴大。一份簡短的資產負債表說明。在本季度，我們也很高興利用該公司的通用 ATM 計劃，趁機進入股權資本市場，籌集了 1,110 萬美元的淨收益。

Phil will discuss our balance sheet and earnings in more detail and provide our increased outlook for the remainder of the year. However, before turning the call over to Phil, I wanted to take a moment on behalf of all here at the company to send our best wishes to the many impacted by the recent severe weather and our hope for them to have a speedy recovery. And with that, I'll turn the call over to Phil.

菲爾將更詳細地討論我們的資產負債表和收益，並提供我們對今年剩餘時間的展望。然而，在將電話轉給菲爾之前，我想代表公司全體員工向許多受到最近惡劣天氣影響的人致以最良好的祝愿，並希望他們早日康復。然後，我會將電話轉給菲爾。

Thanks, John. Beginning with financial results. FFO was $0.45 per diluted share for the quarter, an increase of 22% compared to the $0.37 reported in the third quarter of 2023. AFFO was $0.44 per diluted share for the quarter, an increase of 16% compared to the $0.38 reported in the third quarter of 2023. Total revenue was $13.5 million for the quarter, including lease income of $11.7 million and interest income from commercial loans of $1.7 million.

謝謝，約翰。從財務業績開始。本季稀釋後每股 FFO 為 0.45 美元，比 2023 年第三季報告的 0.37 美元增加 22%。本季 AFFO 攤薄後每股收益為 0.44 美元，比 2023 年第三季報告的 0.38 美元成長 16%。該季度總收入為 1,350 萬美元，其中包括 1,170 萬美元的租賃收入和 170 萬美元的商業貸款利息收入。

There are two notable accounting matters that may have caused loan interest income to be higher than some of you anticipated and lease income to be lower than anticipated. First, the three properties acquired this quarter through a sale-leaseback transaction. These properties constitute real estate for both legal and tax purposes. And consequently, we include them in our property portfolio statistics. However, because of tenant purchase options, GAAP requires this transaction to be treated as a financing.

有兩個值得注意的會計事項可能導致貸款利息收入高於某些人的預期，而租賃收入低於預期。首先，本季透過售後回租交易收購的三處房產。這些財產構成法律和稅務目的的房地產。因此，我們將它們納入我們的房地產投資組合統計數據中。然而，由於租戶購買選擇權的原因，公認會計原則要求該交易被視為融資。

Second, as discussed last quarter, we sold an A1 participation interest in our portfolio loan, and GAAP also requires this transaction to be reported as a financing. If you exclude these two items from our commercial loan investments, they totaled $43.2 million outstanding at quarter end, consistent with the amount John discussed earlier, whereas our GAAP balance sheet reflects loan investments of $86.6 million.

其次，如上季所討論的，我們出售了投資組合貸款中的 A1 參與權益，而 GAAP 也要求將此交易報告為融資。如果您將這兩項從我們的商業貸款投資中排除，那麼截至季度末，它們的未償還總額為4,320 萬美元，與約翰之前討論的金額一致，而我們的GAAP 資產負債表反映的貸款投資為8,660 萬美元。

While the GAAP reporting for these matters may cause some line item classification differences, it does not have any significant impact on FFO or AFFO. Now moving to the balance sheet. During the quarter, we utilized our common equity ATM program to issue approximately 620,000 shares at a weighted average share price of $18.09 per share, resulting in total net proceeds of $11.1 million.

雖然這些事項的 GAAP 報告可能會導致一些行項目分類差異，但它不會對 FFO 或 AFFO 產生任何重大影響。現在轉向資產負債表。本季度，我們利用普通股 ATM 計劃以每股 18.09 美元的加權平均股價發行了約 62 萬股，淨收益總額為 1,110 萬美元。

As a result of this equity raise, along with the increase in our earnings from accretive asset recycling and growing commercial loan portfolio, we were able to incrementally improve leverage, ending the quarter with net debt to EBITDA of 6.9 times compared to the 7.4 times reported last quarter. Further, we currently have approximately $80 million of liquidity and no debt maturing until 2026.

由於本次股權融資，加上資產回收增值和商業貸款組合不斷增長帶來的收益增加，我們能夠逐步提高槓桿率，本季度末淨債務佔 EBITDA 的比例為 6.9 倍，而報告為 7.4 倍上個季度。此外，我們目前擁有約 8,000 萬美元的流動資金，並且在 2026 年之前沒有到期債務。

With regard to our common dividend, given our increased earnings and forward outlook, we raised our quarterly common dividend from $0.275 per share to $0.28 per share. Our dividend remains well covered, as this represents a healthy AFFO payout ratio of 64%. Lastly, with regards to guidance.

關於我們的普通股股息，鑑於我們的收益增加和前景展望，我們將季度普通股股息從每股 0.275 美元提高到每股 0.28 美元。我們的股息仍然得到充分支付，因為這代表了 64% 的健康 AFFO 支付率。最後，關於指導。

We are raising our full-year 2024 outlook to an FFO range of $1.67 to $1.69 per share and an AFFO range of $1.69 to $1.71 per share. We have now closed $84 million of investments and $69 million of dispositions, inclusive of both property and structured investment activity. Accordingly, we are increasing our investment guidance to a range of $100 million to $110 million and nearing our disposition to a range of $70 million to $75 million. With that, operator, open the line for questions.

我們將 2024 年全年展望上調至 FFO 每股 1.67 美元至 1.69 美元，AFFO 每股 1.69 美元至 1.71 美元。我們現已完成 8,400 萬美元的投資和 6,900 萬美元的處置，包括房地產和結構性投資活動。因此，我們將投資指引提高至 1 億至 1.1 億美元，並將處置金額提高至 7,000 萬至 7,500 萬美元。然後，接線員，打開提問線。

(Operator Instructions)

（操作員說明）

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Good morning. Thanks a lot for taking my questions. Transaction activity picked up pretty materially from the first quarter and the second quarter. Can you just talk a little bit about the transaction environment? What you're seeing out there? Is the increased activity reflective of just a more liquid environment overall?

早安.非常感謝您回答我的問題。交易活動較第一季和第二季大幅回升。能簡單談談交易環境嗎？你在外面看到什麼？活動的增加是否反映了整體環境的流動性增強？

Yeah. Thanks, Michael. Yeah, definitely, the liquidity environment has improved. So you are seeing more folks that have wanted to sell assets go ahead and come to market and move through that sort of strategy. And so there are more opportunities out there. We're bidding on more acquisitions. And in finding assets that we like and like the risk/reward. And so we were very pleased to see the environment being much more improved as far as opportunities, both on core acquisitions and on some loan investments.

是的。謝謝，麥可。是的，流動性環境確實有改善。因此，你會看到更多想要出售資產的人繼續進入市場並採取這種策略。因此，還有更多的機會。我們正在競標更多收購。在尋找我們喜歡的資產以及喜歡風險/回報的過程中。因此，我們非常高興地看到環境在核心收購和一些貸款投資方面的機會得到了更大的改善。

Got it. And then my second question is related to the sale leaseback of the properties in Tampa. Can you provide a little bit more color on the insurance arrangement, many of these restaurants are closed right now. So it's just providing some more detail there.

知道了。我的第二個問題與坦帕房產的售後回租有關。您能否提供有關保險安排的更多信息，其中許多餐廳現在都關門了。所以它只是提供一些更多的細節。

And then separately, while these have increased the lot of the portfolio has also reduced the investment-grade percentage. So can you just talk about how you're thinking about kind of those 2 offsetting factors as you continue to build out the portfolio? Thanks.

然後單獨來看，雖然這些增加了投資組合的數量，但也降低了投資等級百分比。那麼，您能否談談在繼續建立投資組合時您如何考慮這兩個抵消因素？謝謝。

Yes. So on the restaurants, so they really had more impact from the first storm, Helene. And then the second storm, Milton, really didn't do much more damage. And so they're rapidly working to get those back open and there'll probably be better news on that as far as happening next 30 days rather than at the end of the year.

是的。對於餐廳來說，他們確實受到第一場風暴海倫的影響更大。然後第二場風暴“米爾頓”並沒有造成更多的損失。因此，他們正在迅速努力讓這些設施重新開放，未來 30 天而不是年底可能會有更好的消息。

And as far as on insurance, there are two years of business interruption and then there's full replacement insurance. And so we're in good shape and we're in contact with the operator. And the good thing is the operator has a significant amount of restaurants throughout the state. There are ones that they have on the East Coast have been open, the ones that have in Clearwater open really fast after the storm.

至於保險，有兩年的業務中斷，然後全額更換保險。所以我們狀況良好，並且正在與操作員保持聯繫。好處是營運商在全州擁有大量餐廳。他們在東海岸的一些商店已經開放，而在克利爾沃特的商店在暴風雨過後很快就開放了。

And so they're busy getting these reopen and they're going to be in a pretty good shape because, unfortunately, there are some other people that probably won't be reopening as fast. And so there's going to be less competition, so there are going to be some pent-up demand for those restaurants. And as far as on your question on weighted average life, basically, it is closer to nine now than before.

因此，他們正忙於重新開放這些場所，並且它們將處於良好狀態，因為不幸的是，還有其他一些人可能不會那麼快重新開放。因此，競爭將會減少，因此這些餐廳將會有一些被壓抑的需求。至於你關於加權平均壽命的問題，基本上，現在比以前更接近九。

And we'll look to keep on increasing the weighted average term -- lease term of our portfolio, but we're not going to let it really be the tail that wags his dog. We can go to a lot of the tenants right now if we want to and quickly do lease extensions early, but they're going to want some sort of benefit as far as a reduced rate.

我們將繼續增加投資組合的加權平均期限——租賃期限，但我們不會讓它真正成為搖狗的尾巴。如果我們願意的話，我們現在可以去找很多租戶，並儘快儘早延長租約，但他們會希望獲得某種好處，例如降低費率。

And if you look at our portfolio, our basis is so low compared to our competitors and our lease rates are already so low that we would just really be giving away the store for no reason, but to satisfy Wall Street. So if we thought that we really had to do that, we need to do that, we could quickly go to tenants and do early extensions. But that's been part of our strategy is to take advantage of leases with maybe six, seven years, get a higher cap rate because they're great real estate and there's other tenants that would take over those spots.

如果你看看我們的投資組合，與我們的競爭對手相比，我們的基礎是如此之低，而且我們的租賃率已經如此之低，以至於我們真的會無緣無故地放棄商店，而是為了滿足華爾街。因此，如果我們認為我們確實必須這樣做，我們需要這樣做，我們可以快速去找租戶並儘早進行延期。但這是我們策略的一部分，即利用可能有六、七年的租約，獲得更高的資本化率，因為它們是很棒的房地產，而且還有其他租戶會接管這些地點。

And so that's always been the strategy. And -- but we can definitely -- we'll try to load up some more and extend the term when we see fit, but it's really been the opportunity to grab some really good real estate at really good yields and having a little bit lower lease duration, but knowing that the rents below market and way below replacement cost basis, that's been kind of the strategy.

所以這一直是我們的策略。而且——但我們絕對可以——我們會嘗試增加一些，並在我們認為合適的時候延長期限，但這確實是一個機會，可以以非常好的收益率和較低的價格獲得一些非常好的房地產。

Very helpful. And if I can squeeze one more in. You talked about the loan portfolio being kind of 10% of the overall portfolio, but at times like now, when there could be a little bit more activity there, you would take it higher. How high would you take it? And then inherently, like with the loan portfolio is, it adds a little bit more lumpiness to the earnings. So how do you go about kind of managing that going forward? Thanks.

非常有幫助。如果我能再擠一個進去的話。您談到貸款組​​合佔整體投資組合的 10%，但在像現在這樣的時候，當那裡的活動可能更多一點時，您會認為它更高。你會選擇多高？然後本質上，就像貸款組合一樣，它會增加收益的波動性。那麼，您今後將如何管理這一點呢？謝謝。

Yeah. So I think as Phil mentioned in his remarks that we're looking to kind of not go above 10% of total enterprise value as far as our loan book. But we could if we saw some opportunities and as the loan book naturally pays off, that will come down.

是的。因此，我認為，正如 Phil 在他的演講中提到的那樣，就我們的貸款帳簿而言，我們希望不超過企業總價值的 10%。但如果我們看到一些機會，並且隨著貸款自然得到回報，那麼我們可以做到這一點。

But given that we have some great relationships with these developers and we're starting to do second transactions with them and third transactions with them now that they know the process and we have the loan docs maybe we're seeing situations where the deal we just did with Publix-anchored shopping center in Charlotte with Chase pad site, Whataburger pad site. So incredibly great credits, long duration leases, 20-year lease on public 15 years or so on Chase.

但考慮到我們與這些開發商有著良好的關係，我們開始與他們進行第二次交易，並與他們進行第三次交易，因為他們知道流程，而且我們有貸款文件，也許我們會看到這樣的情況：我們只是與位於夏洛特的 Publix 購物中心合作，設有 Chase pad 網站、Whataburger pad 網站。大通銀行擁有令人難以置信的巨額信用、長期租賃、20 年租賃、公共 15 年左右的租賃。

And so the property is only nine months away from being finished. And they had a situation where construction costs have increased, and there's a gap in basically between the first mortgage and what needs to be to complete it. We would love to own it. And this developer has other Publix sort of developments. And if that happens where same-store situation we're here to help.

因此，距離竣工僅剩九個月的時間。他們面臨的情況是，建築成本增加了，第一筆抵押貸款和完成抵押貸款所需的金額之間基本上存在差距。我們很想擁有它。該開發人員還有其他 Publix 類型的開發。如果發生這種情況，我們將隨時為您提供協助。

And we have first right of refusal to buy the Publix and the Chase if the cap rates go above a certain level. So we love the opportunity. It's great risk-adjusted yields and great markets. So we're going to wave it in if we see the opportunities. We're looking at one additional one, but it's a couple of months away. But yeah, we like it, and it keeps us abreast with a lot of the merchant developers, and it's great for the pipeline.

如果資本化率超過一定水平，我們有優先拒絕購買 Publix 和 Chase 的權利。所以我們喜歡這個機會。這是巨大的風險調整收益和巨大的市場。因此，如果我們看到機會，我們就會加入。我們正在考慮另外一項，但還需要幾個月的時間。但是，是的，我們喜歡它，它讓我們與許多商業開發人員保持同步，這對於管道來說非常有用。

Thank you very much. Good luck in the fourth quarter.

非常感謝。祝第四季好運。

RJ Milligan, Raymond James.

RJ 米利根，雷蒙德詹姆斯。

Hey. Good morning, guys. Obviously, in the quarter, John, you took down your Walgreens exposure a little bit with some of the dispositions and now under 10%. I'm just curious how you feel about your current exposure to Walgreens, and maybe you could give us some detail on the nearest lease term expiration for the Walgreens and average lease duration.

嘿。早安，夥計們。約翰，顯然，在本季度，您透過一些處置稍微降低了沃爾格林的風險敞口，現在已經低於 10%。我只是好奇您對目前對沃爾格林的接觸有何看法，也許您可以向我們提供有關沃爾格林最近的租賃期限和平均租賃期限的一些詳細資訊。

Sure. So the average lease duration, RJ, is 7.6 years. The nearest coming up in 6 years. And we have a lot of these on the market, and we're getting active bids. We're being selective. If we have a larger acquisition to do, we may push through a couple more. But we're getting good bids because of the locations we have in the lease duration. And obviously, you saw Walgreens had a bit of a lift this week from good earnings.

當然。因此平均租賃期間 RJ 為 7.6 年。六年來最接近的一次。市場上我們有很多這樣的產品，而且我們正在收到積極的投標。我們是有選擇性的。如果我們有更大的收購要做，我們可能會進行更多收購。但由於我們在租賃期內擁有的地點，我們得到了很好的出價。顯然，您看到沃爾格林本週因良好的盈利而有所提振。

So it's a very manageable portfolio. It's only 11. But obviously, given our small size, it kind of sticks out a bit. But as you can tell, given that we sold two and we have bids on additional two, it doesn't take much to get this off the top 10, if we really wanted to. But it would be nice to match it up with an acquisition.

所以這是一個非常容易管理的投資組合。現在只有11點。但顯然，考慮到我們的規模較小，它有點突出。但如您所知，考慮到我們已售出兩件，而且我們還對另外兩件進行了出價，如果我們真的願意的話，不需要太多時間就能將其從前十名中剔除。但如果能將其與收購相匹配就更好了。

Thanks. That's helpful. And so more broadly, how do we think about the current macro environment and the potential impact on credit loss? And obviously, I know that you guys can't provide 2025 guidance, but as you're looking into 2025, what's your outlook for potential credit loss and just given the current macro environment.

謝謝。這很有幫助。更廣泛地說，我們如何看待當前的宏觀環境及其對信用損失的潛在影響？顯然，我知道你們無法提供 2025 年的指導，但當你們展望 2025 年時，考慮到當前的宏觀環境，你們對潛在信用損失的前景是什麼。

Yeah. I mean, really, our portfolio is in pretty good shape, and we've been proactive early on, on selling things that could be issued. I would say the only one really is At Home that -- clearly, At Home has a balance sheet issue, not an operations issue. And so I suspect that the lenders will negotiate something with the company that they're not going to harm their position. So I assume they'll work that out. But I would say if there's any sort of credit issue, I'd say At Home would be the one, but those are very low basis type properties, and we can split up these big boxes and do leasing of smaller tenants to fill it up.

是的。我的意思是，實際上，我們的投資組合狀況非常好，而且我們很早就積極主動地出售可以發行的東西。我想說，唯一真正的問題是「在家」——顯然，「在家」有資產負債表問題，而不是營運問題。因此，我懷疑貸款人會與公司進行談判，以確保他們不會損害自己的地位。所以我認為他們會解決這個問題。但我會說，如果存在任何形式的信用問題，我會說「At Home」就是其中之一，但這些都是基礎類型非常低的房產，我們可以將這些大盒子分開，然後租賃較小的租戶來填補它。

That's helpful. That's it for me. Thanks guys.

這很有幫助。對我來說就是這樣。謝謝你們。

Wesley Golladay, Baird.

韋斯利·戈拉迪，貝爾德。

Hey, good morning guys. Just sticking with the tenant file. Any plans to reduce exposure to the dollar stores?

嘿，早上好，夥計們。只需堅持租戶文件即可。有計畫減少一元商店的曝光嗎？

A very good question. They're so small. There are like $800,000 a piece or $1 million a piece. And this really -- we're just been focused more on the Walgreens side. But yes, the answer is we do have some of them on the market for sure. It just hasn't been a priority given that the Walgreens properties are more kind of $3 million to $4 million. So that's really been the real push rather than the Family Dollar and Dollar Generals.

這是一個很好的問題。它們太小了。每件約80萬美元或100萬美元。這確實是——我們只是更多地關注沃爾格林方面。但是，是的，答案是我們確實在市場上有一些。考慮到沃爾格林的資產價格在 300 萬至 400 萬美元左右，這並不是優先考慮的問題。所以這才是真正的推動力，而不是 Family Dollar 和 Dollar Generals。

Okay. And can you give some background on the Tampa deal? How did that come about? How quickly were you able to close? And then I think you mentioned there was a purchase option. Can you talk about the timing on that? What the cap rate would be?

好的。能介紹一下坦帕交易的背景嗎？這是怎麼發生的？你們能多快關閉？然後我想你提到有一個購買選項。能談談具體時間嗎？上限利率是多少？

Sure. So the relationship with Crabbys as you know, as CTO, we built two restaurants on the beach. And we had -- this goes back seven years ago. We had an operator that didn't work out that didn't perform. So we brought in Crabbys to take over a different concept, and they've done fabulous.

當然。因此，正如您所知，與 Crabbys 的關係，作為首席技術官，我們在海灘上建造了兩家餐廳。我們——這可以追溯到七年前。我們有一個操作員沒有工作，也沒有表現。所以我們邀請了 Crabbys 來接手一個不同的概念，他們做得非常好。

They really know how to operate and the sales have been very high performing. And so we've stayed in touch with them about other things we can do together, and they had a unique opportunity to purchase some real iconic restaurants, over on the West Coast. They are very big-ticket sort of items as far as this restaurant group that they were purchasing roughly $50 million in value. We came in at the low $30 million to buy the real estate sale lease back to them. They have a lot of equity in.

他們真的知道如何運營，而且銷售業績非常高。因此，我們一直與他們保持聯繫，討論我們可以一起做的其他事情，他們有一個獨特的機會在西海岸購買一些真正的標誌性餐廳。對於這家餐廳集團來說，它們是非常昂貴的物品，他們購買的價值約為 5000 萬美元。我們以 3000 萬美元的低價將房地產銷售租約買回給他們。他們擁有大量股權。

They can bring a lot of operating synergies to the properties. And then we structured it where after a certain amount of years after six years, they have an option, not the obligation to buy out the lease. And that would be an IRR that's basically double digits to us. So we love the real estate, love the yield, love the annual escalation. So worst case scenario, in our minds, is six years gets sold out at big numbers for us for the shareholders.

它們可以為酒店帶來許多營運協同效應。然後我們將其建構成六年後的某個時間後，他們有選擇權，而不是買斷租賃的義務。這對我們來說基本上是兩位數的內部報酬率。所以我們熱愛房地產，熱愛收益率，熱愛每年的升級。因此，在我們看來，最糟糕的情況是六年的時間被大量出售給我們的股東。

Okay. That sounds good. The presentation of the press release indicated the end of period rent was $41.5 million. Can you clarify that as a cash rent number? And does that include the Campus properties?

好的。聽起來很好。新聞稿顯示，期末租金為 4,150 萬美元。您能否將其澄清為現金租金數字？這包括校園房產嗎？

I'll let Phil answer that one.

我會讓菲爾回答這個問題。

Yeah. So that number is a GAAP number. The cash number is just a little lighter than that. It's not that different. It's like 39%. But the number you're referring to is the GAAP number and the GAAP run rate.

是的。所以這個數字就是 GAAP 數字。現金數字只比這個少一點。沒什麼不同。好像是39%。但您所指的數字是 GAAP 數字和 GAAP 運行率。

Okay. Fantastic. And then one last one for me. When you look at the balance sheet and capital markets, any plans for the fourth quarter, you do have a little bit floating on the line. Would you clear that out or get more swaps?

好的。極好的。然後是最後一張給我的。當你查看資產負債表和資本市場以及第四季度的任何計劃時，你確實有一點浮動。您會清除掉還是獲得更多交換？

I think we're okay with a little floating rate there. Obviously, depending on the capital markets, we might look to utilize the ATM again. But we have $280 million of debt, $200 million fixed rate. We got $80 million floating. That rate is coming down. So we're okay with a little floating rate exposure there.

我認為我們可以接受一點浮動利率。顯然，根據資本市場的情況，我們可能會考慮再次使用 ATM。但我們有 2.8 億美元的債務，其中 2 億美元是固定利率的。我們獲得了 8000 萬美元的浮動資金。這個比率正在下降。所以我們可以接受一點浮動利率風險。

Okay. Thanks everyone.

好的。謝謝大家。

Rob Stevenson, Janney Montgomery Scott.

羅布史蒂文森，珍妮蒙哥馬利斯科特。

Hi. Good morning. John, beyond the Walgreens and maybe some of the dollar stores, how much of the portfolio today is stuff that you really want to sell over time?

你好。早安.約翰，除了沃爾格林和一些一元商店之外，今天的投資組合中有多少是您真正想隨著時間的推移出售的東西？

It's really opportunistically selling at this point. So where we have an acquisition lined up, maybe the capital markets still are trading us at a big discount to what we think the company is worth. And so we may sell something that we would like to keep. But more of the recycling, Rob, as you've seen us in the past. So I would say we're kind of everything they left is really muscle versus things that we'd like to discard. So not a lot beyond the Walgreens and dollar stores and that sort of thing.

此時確實是機會主義的拋售。因此，當我們準備進行收購時，資本市場的交易價格可能仍低於我們認為公司的價值。因此，我們可能會出售一些我們想保留的東西。但更多的是回收，羅布，正如你過去看到的那樣。所以我想說，他們留下的一切其實都是肌肉，而不是我們想丟棄的東西。所以除了沃爾格林和一元商店之類的東西之外就沒有太多了。

Is that how you would characterize the low sale in the quarter?

您是如何描述本季低銷售額的？

The low sale was basically a group that was -- that had a 1031 need, could not find anything to buy in the market. and we're really desperate to acquire the property because they knew the property very well, and they're very comfortable. So we were able to sell that at a premium price, just given their situation, not our desire.

低價銷售基本上是一個有 1031 需求的群體，在市場上找不到任何東西可以購買。我們真的非常渴望獲得該房產，因為他們非常了解該房產，而且他們感到非常舒適。因此，我們能夠以高價出售它，只是考慮到他們的情況，而不是我們的願望。

Okay. And you've talked about the Walgreens exposure. How are you guys feeling about the DICK's exposure and the prospect of potentially taking it above the current 11%?

好的。您也談到了沃爾格林的曝光。你們對 DICK 的曝光率以及其可能超過目前 11% 的前景有何看法？

I don't think it's going to grow beyond the 11%, unless there's some sort of unique opportunity, but then we might look to sell down property. So I wouldn't expect it to go above where it is right now.

我認為成長不會超過 11%，除非有某種獨特的機會，但隨後我們可能會考慮出售房產。所以我不希望它會超過現在的水平。

Okay. And then fourth quarter is typically big transaction volume in the triple net space in a normal year. Can you talk about the size of your funnel today and how that's looking today given the interest rate cuts, the sort of buyers and sellers and how we should be thinking about the next couple of quarters in terms of volume of transactions, et cetera?

好的。然後，第四季通常是正常年份中三網空間的巨大交易量。您能否談談今天的漏斗規模以及在降息的情況下漏斗的情況、買家和賣家的類型以及我們應該如何考慮未來幾季的交易量等？

Yeah. I mean, the -- really, the funnel right now is kind of plus or minus $200 million. They're rather chunky. So it's not a bunch of $5 million deals. That's maybe a portfolio here and there. And so we're being picky as always, but it seems like as we do a transaction, there's always something else behind it coming to us.

是的。我的意思是，實際上，現在的頻道大約是正負 2 億美元。它們比較粗壯。所以這不是一堆500萬美元的交易。這可能是這裡那裡的一個投資組合。因此，我們一如既往地挑剔，但似乎當我們進行交易時，背後總有其他東西來到我們身邊。

So we feel very good about the ability to take advantage of the market right now, given that there are -- there is more capital out, a lot more buyers, but the lending market is still constrained. And so we're trying to be aggressive here, it still feel like it's a good opportunity set for us.

因此，我們對目前利用市場的能力感到非常滿意，因為有更多的資本流出，更多的買家，但貸款市場仍然受到限制。因此，我們試圖在這裡變得積極進取，但仍然感覺這對我們來說是一個很好的機會。

Okay. And then, Phil, when you look at the roughly $1.7 million of interest income from commercial loans and investments, you still got, I think, almost $8 million to fund on the public stuff. How much else is in the portfolio today that's committed but not yet funded that we should be expecting to flow through there over the next couple of quarters?

好的。然後，菲爾，當你看看來自商業貸款和投資的大約 170 萬美元的利息收入時，我認為你仍然有近 800 萬美元用於公共事業的資金。今天的投資組合中還有多少已承諾但尚未融資的資金，我們應該預計在接下來的幾個季度內會流向那裡？

Look, the loan portfolio is a little grossed up because the sales leaseback transaction is treated as a financing. And then we have the participation sale that I talked about in our comments of about $13 million that kind of grosses up the portfolio also. And when you net all that out, it's about $43 million currently outstanding. The commitments are for about $55 million. So a little over $10 million spread there between outstanding and the commitments.

看，貸款組合有點總計，因為售後回租交易被視為融資。然後我們還有我在評論中談到的約 1300 萬美元的參與銷售，這也增加了投資組合的總額。如果你把所有這些都算出來的話，目前未償還的金額約為 4,300 萬美元。承諾金額約 5500 萬美元。因此，未償債務和承諾債務之間的差額略高於 1000 萬美元。

Okay. But the -- neither the three restaurants that are being treated as a financing transaction nor the sale, that should continue to impact on a quarter -- that line item on a quarterly basis, similarly going forward, right? Is it there isn't any fall off or step-ups with that? It's just the incremental $10 million of deployment and the timing from the $10 million that you did deploy in the third quarter, right?

好的。但是，無論是被視為融資交易的三家餐廳還是出售，都應該繼續對季度產生影響，該項目按季度進行，同樣如此，對嗎？是不是沒有任何下降或上升？這只是增量 1000 萬美元的部署以及您在第三季部署的 1000 萬美元的時間安排，對吧？

Yeah, generally correct. Just keep in mind that the sale leaseback, there's not a full quarter in there. So it will be a little higher next time. So the amount kind of coming through interest income, if you will, related to that is close to $700,000 on a full run rate going forward.

是的，大體上是正確的。請記住，售後回租並不包含完整的季度。所以下次會高一點。因此，如果您願意的話，透過利息收入獲得的金額與此相關，按未來的全額運行率計算，接近 700,000 美元。

Okay. That's very helpful. Thanks guys and have a good weekend.

好的。這非常有幫助。謝謝大家，祝週末愉快。

Matthew Erdner, Jones Trading.

馬修‧艾德納，瓊斯貿易公司。

Hey. Good morning guys. Thanks for taking the question. I noticed that quarter-over-quarter, the Florida exposure went up and Texas kind of went down. Can you talk about where you're seeing the most transaction activity and kind of where the sellers are popping up in the market.

嘿。早安，夥計們。感謝您提出問題。我注意到，與上一季相比，佛羅裡達州的風險敞口有所上升，而德克薩斯州的風險敞口有所下降。您能談談您在哪裡看到最多的交易活動以及賣家在市場上出現的情況嗎？

Yeah. I won't say it's any kind of geographic. It really just goes to the big states. There's a lot of stuff in California, that's still priced pretty tight. We are seeing a fair amount in Texas and Florida. Those are favored sort of acquisitions for 1031 market. So the pricing is sometimes challenging. So I wouldn't say there's any kind of theme to one jurisdiction over the other, but you're just seeing it from more of the major states is where the predominance of the volume is coming from.

是的。我不會說這是任何地理上的。它實際上隻流向大州。加州有很多東西，但價格仍然相當緊張。我們在德克薩斯州和佛羅裡達州看到了相當多的情況。這些都是 1031 市場青睞的收購類型。因此，定價有時具有挑戰性。所以我不會說一個司法管轄區比另一個司法管轄區有任何主題，但你只是從更多的主要州看到了這一點，這就是該卷的主導地位。

Yeah. That's good to know. And then I'm glad you guys made it out mostly unscathed in Florida down there, but do you think that kind of presents an opportunity going forward with sellers kind of wanting to get out of those markets? Are you seeing anything like that starting to happen?

是的。很高興知道這一點。我很高興你們在佛羅裡達州幾乎毫髮無傷，但你們認為這是否為想要退出這些市場的賣家提供了一個機會？您是否看到類似的事情開始發生？

Yeah. I mean we're not seeing it starting to happen, but we're certainly keeping our eyes out for those opportunities where maybe someone suffered some damage and really don't want to go through restoration work or they're just kind of done with it. And I don't -- we don't see anything right now, but certainly keeping our eyes out for it and if there are some unique circumstances.

是的。我的意思是，我們還沒有看到這種情況開始發生，但我們肯定會密切關注那些可能有人遭受了一些損害並且真的不想進行修復工作或他們只是已經完成它的機會。我不認為——我們現在沒有看到任何東西，但我們肯定會密切關注，以及是否存在一些獨特的情況。

Great. Thank you guys.

偉大的。謝謝你們。

John Massocca, B. Riley Securities.

約翰‧馬索卡 (John Massocca)，B. 萊利證券 (Riley Securities)。

Good morning. Sorry if I missed this earlier in the call. But as we think of the kind of remaining investments kind of implied in guidance for the rest of the year, what's kind of the split between mortgages and net leasing acquisitions?

早安.抱歉，如果我之前在通話中錯過了這一點。但當我們考慮今年剩餘時間的指導中暗示的剩餘投資類型時，抵押貸款和淨租賃收購之間的比例是多少？

There's kind of, I would say, a mix of a third on the loan investment side and the balance being core properties.

我想說的是，貸款投資方面有三分之一，其餘的都是核心財產。

Okay. That's very helpful. And then in terms of kind of cap rate, I mean, the Beachside Hospitality portfolio was kind of its own thing. So maybe backing that out. You seem like the cap rate on the Golf Galaxy was like in the high 7s. I mean, is that typical of what you're seeing in the market today?

好的。這非常有幫助。然後就資本化率而言，我的意思是，海濱酒店投資組合有其自己的特點。所以也許會支持這一點。高爾夫銀河的上限利率似乎高達 7 美元以上。我的意思是，這是您今天在市場上看到的典型情況嗎？

Well, for what we're looking at, we're targeting predominantly 7.5% caps and above. but we may see an opportunity to bring in investment-grade exposure, maybe find a Lowe's to replace the Lowe's we had. So we wouldn't mind -- we wouldn't be opposed to dipping down to 6s to bring our Lowe's exposure back up. So it's a little bit of kind of as Phil mentioned earlier, barbell, but that's roughly what we're seeing is on the straight up acquisition side, noninvestment grade kind of in the 7.5% and above.

嗯，就我們目前的情況而言，我們的目標主要是 7.5% 及以上的上限。但我們可能會看到引入投資等級風險的機會，也許會找到一家勞氏公司來取代我們現有的勞氏公司。所以我們不會介意——我們不會反對將 Lowe's 曝光率降到 6。所以這有點像菲爾之前提到的槓鈴，但這大致就是我們所看到的直接收購方面，非投資等級的比例在 7.5% 及以上。

Okay. Is that specific to Lowe's? Or given the non-investment-grade exposure increased in the quarter due to the big portfolio transaction. Are you looking systematically to kind of increase investment-grade exposure again? Or are you kind of agnostic?

好的。這是勞氏特有的嗎？或考慮到由於大型投資組合交易，本季非投資等級風險敞口有所增加。您是否正在尋求系統性地再次增加投資等級風險敞口？還是你是一種不可知論者？

Agnostic, a little bit. I mean we'd like to have the exposure, but it doesn't seem like the market really appreciates it. So we're not going to get really wedded to it. But if opportunistically, we can kind of put, as I mentioned, like a Lowe's back in higher up in our credit stats, I think that would be helpful. So we'll look to do that, but not kind of married to it.

不可知論，有一點。我的意思是我們希望獲得曝光，但市場似乎並不真正欣賞它。所以我們不會真的跟它結婚。但如果有機會的話，正如我所提到的，我們可以將勞氏 (Lowe's) 的回歸放在我們的信用統計數據中更高的位置，我認為這會有所幫助。所以我們會考慮這樣做，但不會就此結婚。

Okay. And then last one for me. In terms of the three assets in Florida, you bought in the quarter or in -- the restaurant assets in Florida, you bought in the quarter, how big a percentage of Crabbys business are those? And I guess, what was kind of the hurricane creates some disruption in terms of metrics. But what was kind of the trailing coverage on those assets, rent covered?

好的。然後是我的最後一張。就您在本季度購買的佛羅裡達州的三項資產或您在本季度購買的佛羅裡達州餐廳資產而言，這些資產佔 Crabbys 業務的比例有多大？我想，颶風的類型會對指標造成一些破壞。但這些資產的追蹤覆蓋率（租金覆蓋率）是多少？

Roughly, where we were basically buying the real estate, it was like a 15% kind of yield to our basically evaluation on their NOI.

粗略地說，在我們基本上購買房地產的地方，我們對他們的 NOI 的基本評估的收益率相當於 15%。

Okay. And in terms of the size of the overall portfolio for them as an operator?

好的。作為營運商，他們的整體投資組合規模如何？

Well, they're 11%, Phil, as far as they're in our credit stats, they're 11%.

嗯，他們是 11%，菲爾，就我們的信用統計數據而言，他們是 11%。

I mean, that (multiple speakers)

我的意思是，那（多個發言者）

I would say there it's about 25%, maybe 20%.

我想說大約是25%，也許是20%。

I really appreciate the color, guys. That's it for me. Thank you.

我真的很喜歡這個顏色，夥計們。對我來說就是這樣。謝謝。

Craig Kucera, Lucid Capital Markets.

克雷格·庫塞拉 (Craig Kucera)，Lucid 資本市場。

Yeah. Hey, good morning guys. I noticed your G&A had picked up a bit this quarter due to legal expenses. Was that just a function of the higher transaction volume during the quarter? Or should we expect somewhat higher G&A going forward?

是的。嘿，早上好，夥計們。我注意到由於法律費用，本季你們的一般行政費用有所增加。這只是本季交易量增加的結果嗎？或者我們應該預期未來的一般行政費用會更高？

No, that was one time. It didn't have to do with a certain amount of acquisitions. But I mean that was a little bit of it, but that was really more onetime legal.

不，那是一次。這與一定數量的收購無關。但我的意思是，這只是一點點，但這確實更曾經合法。

Okay. Great. Thanks.

好的。偉大的。謝謝。

There are no further questions at this time. This does conclude the question-and-answer session. You may now disconnect. Everyone, have a great day.

目前沒有其他問題。問答環節到此結束。您現在可以斷開連線。大家，祝你有美好的一天。