Alpine Income Property Trust Inc (PINE) 2025 Q1 法說會逐字稿

Good day and welcome to the Alpine first-quarter 2025 earnings call. (Operator Instructions) As a reminder, this call may be recorded.

大家好，歡迎參加 Alpine 2025 年第一季財報電話會議。（操作員指示）提醒一下，此通話可能會被錄音。

I would like to turn the call over to Jenna McKinney, director of finance. Please go ahead.

我想把電話轉給財務總監詹娜‧麥金尼 (Jenna McKinney)。請繼續。

Thank you. 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。我想提醒大家，我們今天的許多評論根據聯邦證券法被視為前瞻性陳述。公司未來的實際結果可能與這些前瞻性聲明中討論的事項有重大差異，我們不承擔更新這些聲明的義務。

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 report, earnings release, and most recent investor presentation, which contain reconciliations of the non-GAAP financial measures we use on our website at www.alpinereit.com.

可能導致實際結果與預期有重大差異的因素和風險會不時在公司的 10-K 表格、10-Q 表格和其他 SEC 文件中詳細揭露。您可以在我們的網站 www.alpinereit.com 上找到我們的 SEC 報告、收益報告和最新的投資者介紹，其中包含我們使用的非 GAAP 財務指標的對帳。

With that, I will turn the call over to John.

說完這些，我會把電話轉給約翰。

Thanks, Jenna. The first quarter was an excellent start to the year for PINE across all areas of our business. Starting with earnings, we achieved AFFO of $0.44 per diluted share for the quarter, representing growth of approximately 5% compared to the first quarter of last year. As previously announced, this growth in earnings and free cash flow provided support for us to raise our common dividend to a new quarterly rate of $0.285 paid in the first quarter, continuing PINE's practice of increasing its annual dividend every year since its IPO. Further, PINE's dividend yield continues to be one of the highest in the sector.

謝謝，珍娜。對 PINE 而言，第一季是所有業務領域一個好的開始。從收益開始，本季我們實現了每股 0.44 美元的 AFFO，與去年第一季相比成長了約 5%。正如先前宣布的那樣，盈利和自由現金流的增長為我們將普通股股息提高到第一季度支付的0.285美元的新季度股息提供了支持，延續了PINE自首次公開募股以來每年增加年度股息的做法。此外，PINE 的股息殖利率繼續保持行業最高水平之一。

Driving our earnings growth was another successful quarter of investment activity. During the quarter, we acquired three properties for $39.7 million at a weighted average initial cap rate of 8.6%. We also originated two mortgages plus upsized two existing ones for a combined total of $39.5 million with a weighted average initial yield of 9.5%. The company's total investment activity for the quarter, including both property acquisitions and structured finance investments, totaled $79.2 million at weighted average initial yield of 9%.

推動我們獲利成長的是另一個季度的成功投資活動。本季度，我們以 3,970 萬美元收購了三處房產，加權平均初始資本化率為 8.6%。我們也發放了兩筆抵押貸款，並擴大了兩筆現有抵押貸款的規模，總額為 3,950 萬美元，加權平均初始收益率為 9.5%。該公司本季的總投資活動（包括房地產收購和結構性融資投資）總計 7,920 萬美元，加權平均初始收益率為 9%。

Our property acquisitions include Alamo Drafthouse Theater co-signed by its owner, Sony Pictures, with an investment-grade credit; Academy Sports; and the headquarters and manufacturing facility for Germfree Labs. Our structured financings in the quarter included $6.2 million of seller financing for a property leased to At Home that was sold in the quarter, a new $15.5 million construction loan, and upsizing two existing construction loans, one for Wawa and the other for a Publix-anchored center. During the quarter, we sold three properties for $11.7 million including an O'Reilly's, a multi-tenanted property including an At Home, and a former Valero convenience store at a blended cap rate of 9.1%.

我們的資產收購包括由其所有者索尼影業共同簽署投資級信貸的阿拉莫 Drafthouse 劇院；學院體育；以及 Germfree Labs 的總部和製造工廠。我們在本季的結構性融資包括 620 萬美元的賣方融資，用於本季出售給 At Home 的一處房產、一筆 1,550 萬美元的新建設貸款，以及兩筆現有建設貸款的增加，一筆用於 Wawa，另一筆用於以 Publix 為中心的中心。在本季度，我們以 1,170 萬美元的價格出售了三處房產，其中包括一家 O'Reilly's 超市、一處包含 At Home 在內的多租戶房產以及一家前 Valero 便利商店，混合資本化率為 9.1%。

Our transaction activity in the first quarter reflects our strategic approach to investing focused on buying a mix of high-credit tenants that provide consistent stable cash flows and lesser credits that offer growth and diversification; continuing to augment and complement our property investments by selectively originating structured investments; opportunistically selling properties that reduce portfolio risk and improve our industry and tenant concentrations; and extending our walls. Notably, this quarter's acquisitions had an average wall of 14.3 years, while the properties that we sold had walls of 4.7 years. With this activity, our portfolio walls is now 9 years compared to 6.9 years just 12 months ago.

我們第一季的交易活動反映了我們的投資策略方針，重點是購買提供持續穩定現金流的高信用租戶組合以及提供成長和多樣化的較低信用租戶；透過選擇性發起結構化投資來繼續擴大和補充我們的房地產投資；抓住機會出售房產，以降低投資組合風險並提高我們的行業和租戶集中度；並擴大我們的城牆。值得注意的是，本季收購的房產平均使用期限為 14.3 年，而我們出售的房產平均使用期限為 4.7 年。透過這項活動，我們的投資組合期限現已達到 9 年，而 12 個月前僅為 6.9 年。

Additionally, as PINE's common shares have been trading at attractive relative valuation, we have been opportunistically repurchasing shares as Phil will discuss.

此外，由於 PINE 的普通股一直以具有吸引力的相對估值進行交易，我們一直在機會性地回購股票，正如 Phil 將要討論的那樣。

Finally, I want to provide some context relating to the recent tariff volatility and uncertainty. While there is little visibility into what the ultimate outcome of this extraordinary activity will be, I believe PINE is well-positioned given its tenant mix and sector diversification. We will continue to monitor the situation that evolves. But as for now, we see an attractive pipeline of opportunities across the tenant landscape and remain focused on executing our strategy to deliver growth and stability for PINE's investors.

最後，我想提供一些與近期關稅波動和不確定性有關的背景資訊。雖然目前尚不清楚這項非凡活動的最終結果如何，但我相信，鑑於其租戶組合和行業多元化，PINE 處於有利地位。我們將繼續關注事態的發展。但就目前而言，我們看到了租戶領域中極具吸引力的機遇，並將繼續專注於執行我們的策略，為 PINE 的投資者帶來成長和穩定。

With that, I'll turn the call over to Phil.

說完這些，我會把電話轉給菲爾。

Thanks, John. Beginning with financial results, total revenue was $14.2 million for the quarter, including lease income of $11.8 million and interest income from commercial loans of $2.3 million. FFO and AFFO for the quarter were both $0.44 per diluted share, representing growth of 7.3% and 4.8%, respectively, compared to the comparable quarter of the prior year. Driving earnings growth for the quarter was investment activity along with prudent and disciplined capital management.

謝謝，約翰。從財務結果開始，本季總收入為 1,420 萬美元，其中包括 1,180 萬美元的租賃收入和 230 萬美元的商業貸款利息收入。本季的 FFO 和 AFFO 均為每股攤薄收益 0.44 美元，與去年同期相比分別成長 7.3% 和 4.8%。推動本季獲利成長的是投資活動以及審慎嚴謹的資本管理。

During the first quarter, we opportunistically repurchased approximately 274,000 common shares for $4.5 million at an average price of $16.33 per share. Further, since quarter end, we have continued to repurchase shares as noted in our press release and Form 10-Q filed last evening. Additionally, in April, when interest rates temporarily dropped in connection with initial tariff announcements, we opportunistically executed a SOFR swap, fixing SOFR $50 million at principal at 3.43% through January 1, 2027. The swap is being applied to $50 million of borrowings currently outstanding on our revolving credit facility, reducing the interest rate they're on from approximately 6% at quarter end, to approximately 5% based on our current leverage and applicable pricing tier.

在第一季度，我們抓住機會以每股 16.33 美元的平均價格回購了約 274,000 股普通股，耗資 450 萬美元。此外，自季度末以來，我們一直在回購股票，正如我們的新聞稿和昨晚提交的 10-Q 表中所述。此外，4 月份，當利率因初始關稅公告而暫時下降時，我們抓住機會執行了 SOFR 掉期，將 5000 萬美元的 SOFR 本金固定為 3.43%，直至 2027 年 1 月 1 日。該掉期交易適用於我們循環信貸額度中目前未償還的 5000 萬美元借款，根據我們當前的槓桿率和適用的定價層級，將其利率從季度末的約 6% 降低至約 5%。

We ended the quarter with net debt to pro forma adjusted EBITDA at 7.9 times. However, it is notable that we have no debt maturing until 2026. And thereafter, our debt maturities are well-staggered. Additionally, at quarter end, we had $65 million of liquidity, consisting of approximately $8 million of cash available for use and $57 million available under our revolving credit facility. Further, with current in-place bank commitments, the availability under our revolving credit facility can expand by an additional $36 million as we acquire properties, providing total potential liquidity of approximately $100 million.

本季末，我們的淨債務與調整後 EBITDA 比率為 7.9 倍。然而，值得注意的是，我們沒有到2026年到期的債務。此後，我們的債務到期日將錯開。此外，截至本季末，我們擁有 6,500 萬美元的流動資金，其中包括約 800 萬美元的可用現金和 5,700 萬美元的循環信貸額度。此外，憑藉目前銀行的承諾，隨著我們收購房產，我們的循環信貸額度下的可用資金可以額外增加 3,600 萬美元，從而提供約 1 億美元的潛在流動資金總額。

John noted that during the first quarter, we increased our common dividend and paid a quarterly cash dividend of $0.285. Even with this increase, our dividend remains well-covered and supported by free cash flow with an approximate AFFO payout ratio of 65%.

約翰指出，在第一季度，我們增加了普通股股息，並支付了 0.285 美元的季度現金股息。即使有這樣的成長，我們的股息仍然得到充分覆蓋，並得到自由現金流的支持，AFFO 派息率約為 65%。

Finally, turning to guidance, we are increasing both our FFO and AFFO guidance for the full year of 2025 to a range of $1.74 to $1.77 per diluted share, compared to our prior range of $1.70 to $1.73 per diluted share. Once again, our increase was driven by our successful investment activity to start the year and now assumes investment volume of $70 million to $100 million and dispositions of $50 million to $70 million.

最後，談到指導，我們將 2025 年全年的 FFO 和 AFFO 指導均上調至每股稀釋後 1.74 美元至 1.77 美元的範圍，而之前的每股稀釋後 1.70 美元至 1.73 美元的範圍。再次，我們的成長是由年初的成功投資活動推動的，現在假設投資額為 7,000 萬至 1 億美元，處置額為 5,000 萬至 7,000 萬美元。

Specifically with regards to dispositions, in April, we sold one Walgreens and expect to close the sale of another in May. This would reduce our Walgreens to eight properties and continue decreasing our ABR derived from Walgreen leases.

具體來說，就處置而言，四月我們出售了一家沃爾格林藥店，預計五月將完成另一家藥局的出售。這將使我們的 Walgreens 物業數量減少到 8 處，並繼續降低我們從 Walgreen 租賃中獲得的 ABR。

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

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. First question is just on the AFFO guidance raised. Can you walk through kind of -- you've been quite active during the period, so can you kind of walk through the factors that drove your ability to raise your earnings guidance this quarter? Thanks.

早安.非常感謝您回答我的問題。第一個問題是關於 AFFO 提出的指導。您能否詳細說明一下——您在這段時間一直非常活躍，那麼您能否詳細闡述一下促使您提高本季度盈利預期的因素？謝謝。

Yeah, Michael. This is Phil. And there's really three things that drove the increase almost equally. One is the stock buyback. If you look at the close of the quarter, including purchases after the end of the quarter, we purchased $7.6 million worth of stock at an average price now of about $16.15. So just lowering the denominator through buybacks to be opportunistic is one of the factors. Additionally, the swap that I spoke about in my prepared remarks, for $50 million, which took effect early April. That was floating on the line at about 6%, it immediately dropped to about 5%, so (inaudible) pick-up. And then finally, on the investments, it's a little bit of volume, a little bit of timing, a little bit of cap rate, so kind of all three factors. So it's almost equally those three things that they're each $0.01, $0.015 or so. And that's what drove the increase in the guidance.

是的，邁克爾。這是菲爾。實際上，有三個因素幾乎同等程度地推動了這一成長。一是股票回購。如果你看一下本季末的情況，包括季度結束後的購買情況，我們以目前約 16.15 美元的平均價格購買了價值 760 萬美元的股票。因此，僅僅透過回購來降低分母來抓住機會就是其中一個因素。此外，我在準備好的發言中提到的 5000 萬美元的互換已於 4 月初生效。這筆錢原本在 6% 左右浮動，後來立即下降到 5% 左右，所以（聽不清楚）有所回升。最後，就投資而言，它涉及一點數量、一點時機、一點資本化率，所以這三個因素都很重要。因此這三樣東西的價格幾乎相等，分別為 0.01 美元、0.015 美元左右。這就是推動指導增加的原因。

That's helpful. And maybe just a clarification, you took the investment guidance up to $70 million to $100 million, so up $20 million, but it looks like you did $80 million in the quarter. Am I missing something there or (inaudible) reconcile those numbers.

這很有幫助。也許只是澄清一下，您將投資指導金額上調至 7,000 萬美元至 1 億美元，因此增加了 2,000 萬美元，但看起來您在本季度的投資額為 8,000 萬美元。我是否遺漏了什麼或（聽不清楚）檢查這些數字。

I think it's probably just on the loans and funding. So for the quarter, we did almost $40 million in property acquisitions and we funded close to $20 million in loans. We originated a higher amount, but we funded about $20 million. So combined for the quarter, we were about $60 million funded and out the door.

我認為這可能只是涉及貸款和融資。因此，本季度，我們進行了近 4,000 萬美元的房地產收購，並提供了近 2,000 萬美元的貸款。我們發起的金額更高，但我們資助了約 2000 萬美元。因此，本季總計，我們籌集到的資金約為 6,000 萬美元。

Got it. Thanks for that. And then just a question on the share repurchases, right, how are you thinking about this going forward? And then just within the grand scheme of capital allocation, you've been doing more loans, you've been acquiring, and now you're buying back stock. So can you just kind of walk through your priorities in terms of capital allocation? You were active in kind of all three in the first quarter. How active do you think you'll be across the board kind of through the balance of the year?

知道了。謝謝。然後我再問一個關於股票回購的問題，你對未來有什麼看法？然後，在資本配置的宏偉計劃中，你一直在做更多的貸款，一直在收購，現在你正在回購股票。那麼，您能否簡單介紹一下您在資本配置方面的優先事項呢？在第一季度，您在這三方面都表現得很活躍。您認為在今年剩下的時間裡，您會在各個方面表現得多麼活躍？

Hey Michael. It's John. Thanks for the question. I mean, look, when the shares are trading at such a big discount to NAV and such a high dividend yield, certainly, we've had a history of both the CTO and PINE to to take advantage of that dislocation. We're much better off selling assets and buying and accreting to NAV and accreting to earnings by buying at such low prices. But we are coming closer to the end of our $10 million buyback, so we'll see after the program gets filled up where we sit. But given our free cash flow stance and we can always sell assets and do that, but that, obviously, is shrinking the company and not exactly the plan.

嘿，麥可。是約翰。謝謝你的提問。我的意思是，當股票交易價格相對於資產淨值有如此大的折扣，而且股息收益率又如此之高時，我們當然有過 CTO 和 PINE 可以利用這種錯位的歷史。我們最好以如此低的價格出售資產、買入並增加資產淨值和增加收益。但是我們的 1000 萬美元回購計劃即將結束，因此我們將在計劃完成後看看我們的處境。但考慮到我們的自由現金流狀況，我們總是可以出售資產並這樣做，但這顯然會縮小公司規模，而這並不是我們的計劃。

But as we see loan opportunities and some of these loans are going to be maturing here this year and that will come in and pay down pay down debt and get us in a good spot for acquisitions. As Phil mentioned and his prepared marks, we got plenty of liquidity. So we're trying to take advantage of some good opportunities out there and the pipeline looks good. So it's really a mixture of kind of balancing between buybacks and acquisitions and investments.

但我們看到貸款機會，其中一些貸款將在今年到期，這些貸款將用於償還債務，並使我們處於有利的收購位置。正如 Phil 所提到的以及他所準備的標記，我們獲得了充足的流動性。因此，我們正在嘗試利用一些良好的機會，而且頻道看起來也不錯。因此，這實際上是回購、收購和投資之間的平衡。

Thanks, guys. Good luck in the second quarter.

謝謝大家。祝第二季好運。

Matthew Erdner, Jones Trading.

馬修‧艾德納（Matthew Erdner），瓊斯貿易公司。

Good morning, guys. Thanks for taking the questions, John, I kind of want to touch on the tariffs that you had talked a little bit earlier. But when it comes to kind of just getting the deals done, obviously, convenience stores, I think are kind of sheltered from that. But could you kind of talk about the process as you're selling the At Home or as you kind of look to move on from some of these retail guys that might be affected, just kind of the timing of the deals that it's taking now compared to what it was, say, a year ago?

大家早安。感謝您回答問題，約翰，我想談談您之前談到的關稅問題。但當談到完成交易時，顯然便利商店在某種程度上是可以避免的。但是，您能否談談銷售 At Home 的過程，或者當您希望擺脫一些可能受到影響的零售商時，現在的交易時機與一年前相比如何？

I mean, we're not seeing any sort of big dislocation with the tariff issues, surprisingly, I guess. Given our platform at CTO, that's more obviously leasing involved. We're not seeing some sort of disruption in tenant activity as far as opening new stores, committing to new stores, and so forth. So we're certainly not seeing any disruption, at the PINE platform as far as tenant issues. Restaurants are doing strong. We picked up an Alamo Theater in and outside of Denver that has Sony on the lease. And that's been super strong. And so those things are obviously insulated from tariff issues. So we're definitely monitoring it. But so far, so good and clear selling. But we certainly have an eye out for any issues that may happen.

我的意思是，我們並沒有看到關稅問題造成任何重大的混亂，我想這很令人驚訝。鑑於我們在 CTO 的平台，這顯然更涉及租賃。就開設新店、承諾開設新店等方面而言，我們並未看到租戶活動出現某種中斷。因此，就租戶問題而言，我們確實沒有看到 PINE 平台出現任何中斷。餐廳生意興隆。我們在丹佛市內和市外找到了一家與索尼簽訂了租賃協議的阿拉莫劇院。這真是太強大了。因此，這些事情顯然不受關稅問題的影響。所以我們肯定會對其進行監控。但到目前為止，銷售情況良好且順利。但我們肯定會關注可能發生的任何問題。

Got it. That's helpful. I appreciate the color there. And then kind of as a follow-up, turning back to guidance, what's going to drive you to that kind of higher range of investment guidance? Will that be kind of getting towards that $75-ish million in dispositions and just capital recycling?

知道了。這很有幫助。我很欣賞那裡的色彩。然後作為後續，回到指導問題，是什麼促使您提出更高範圍的投資指導？這是否意味著可以實現 7500 萬美元左右的處置和資本循環？

I mean, just kind of a step back, given that we do have the advantage of a small company, we have two assets, as you know, that currently right now are not contributing any income. that's a Party City in Long Island, New York; and a theater in Reno. And the theater in Reno, we have under contract to sell. And the Party City, we're actively marketing that and have indicative interest now, but we're trying to get a better pricing. And so once we sell those assets, which we expect to do this year, having that go to pay down leverage or reinvest is certainly going to be catalyst for the upside of our earnings guidance.

我的意思是，退一步說，考慮到我們確實擁有小公司的優勢，我們有兩項資產，如你所知，目前還沒有貢獻任何收入。那是紐約長島的一個派對城市；以及里諾的一個劇院。我們已經簽訂了出售裡諾劇院的合約。我們正在積極推銷 Party City，目前已經有了指示性興趣，但我們正在努力獲得更好的定價。因此，一旦我們出售這些資產（我們預計今年就會這樣做），用這些資產來償還槓桿或進行再投資，肯定會成為我們獲利預期上升的催化劑。

But even at the low side of our earnings guidance, look at our multiples ridiculously low and a high dividend and lots of free cash flow. So if you take the dividend yield of roughly 7% and a free cash flow that you add on those percentages, you're getting a nice total return just sitting here. But that's not what we're here to do. We're here to outperform and I think we have an easy road map to do that. So we'll try to keep on performing for you.

但即使我們的獲利預期處於低位，看看我們的本益比也低得可笑，而且股息很高，還有大量的自由現金流。因此，如果您採用大約 7% 的股息收益率，並將自由現金流添加到這些百分比中，那麼您將獲得不錯的總回報。但這不是我們來這裡的目的。我們來這裡是為了取得優異成績，我認為我們有一個簡單的路線圖來實現這一目標。所以我們會盡力繼續為你們表演。

Right. That's very helpful. I appreciate the time this morning. Thank you, guys.

正確的。這非常有幫助。我很感謝今天早上的時間。謝謝你們。

Rob Stevenson, Janney Montgomery Scott.

羅伯史蒂文森、珍妮蒙哥馬利史考特。

Good morning, guys. John, so you sold $12 million at a little over 9 cap rate. The guidance is now $50 million to $80 million of full-year dispositions. Given the mix of assets that you're looking to sell over the remainder of year, what type of cap rate should we be expecting as reasonable to assume on the remaining, call it, $40 million to $70 million of dispositions? Is it something in that sort of high 8s, low 9s? Is it something substantially lower than that given the mix that you're looking to sell? How should we be thinking about that?

大家早安。約翰，所以你以略高於 9 的資本化率賣出了 1200 萬美元。目前指引值為全年處置金額 5,000 萬至 8,000 萬美元。考慮到您希望在今年剩餘時間內出售的資產組合，對於剩餘的 4,000 萬至 7,000 萬美元的處置資產，我們應該合理地預期什麼樣的資本化率？它是那種高 8 和低 9 之間的數字嗎？考慮到您想要銷售的混合物，這個價格是否比這個低得多？我們該如何思考這個問題？

I think given the mix of possibly having some properties with no income, that could be lower for the mix going forward. However, we are taking the pain with some of the sales that we've just done at higher yields. As we talked about, pruning the portfolio, making it more fortified by selling some of the Walgreens and so forth which we've made some good progress. So it's going to be a mixture. But I would say, going forward, it will tend to be lower than what it has been.

我認為，考慮到可能有一些沒有收入的房產，未來的房產組合比例可能會更低。然而，我們剛完成的一些銷售收益較高，因此承受著一定損失。正如我們所談到的，透過出售部分沃爾格林等來精簡投資組合，使其更加強大，我們已經取得了一些良好的進展。所以這將是一個混合物。但我想說，展望未來，這數字將會比現在更低。

Okay. And to that point on the Walgreens, I think Phil said that you sold one here in April and have another under contract for May sale, what is the market today for Walgreens locations given that sort of weird lease that they have typically? And then, the Sycamore deal. The Sycamore provide -- given where that stock was trading down, is Sycamore a benefit or is the private equity similar to what you saw with At Home where people are running away from private equity-backed sponsors with some of these?

好的。關於沃爾格林，我想菲爾說過，你們四月份在這裡賣出了一家，五月份還簽訂了另一家的銷售合同，考慮到沃爾格林通常採用的這種奇怪的租約，現在沃爾格林的市場行情如何？然後是 Sycamore 交易。Sycamore 提供的——考慮到該股票的交易價格下跌，Sycamore 是一種福利嗎？或者私募股權是否類似於您在 At Home 看到的情況，人們正在逃離其中一些私募股權支持的贊助商？

I think it adds a little bit more stability as far as knowing that before Sycamore, there was just an unknown what happens to the company or there are no buyers, the company really going all the way down, that sort of thing. So I think it adds stability in a platform. And I think we're actually in talking with some of the merchant developers. Some of them are starting to have programs to go after purchasing Walgreens to reformat into other uses given the sites are generally very strong at corner locations and drive-throughs and so forth. So I think you're starting to see in the private market people becoming more aggressive in acquiring these with a tail of lease with Walgreens and with the expectation they'll be able to get the site back and repurpose it for another use. So we're actually, I would say, net-net within last 60 days is a more positive view than before.

我認為這會增加一點穩定性，因為在 Sycamore 之前，人們不知道公司會發生什麼，或者沒有買家，公司真的會一路走低，諸如此類的事情。所以我認為它增加了平台的穩定性。我認為我們實際上正在與一些商家開發商進行交談。鑑於沃爾格林在街角位置和免下車通道等地的客流量通常很大，一些公司在收購沃爾格林後開始製定計劃，將其改組為其他用途。因此，我認為你開始看到私人市場上的人們更加積極地收購這些與沃爾格林簽訂的租賃協議，並期望他們能夠收回該地點並將其重新用於其他用途。因此，我想說，實際上，我們對過去 60 天的淨收入的看法比以前更加積極。

Okay. That's very helpful. And then can you remind us how many of the Family Dollar/Dollar Tree locations you have currently in the portfolio and whether or not they are predominantly Family Dollars or Dollar Trees?

好的。這非常有幫助。然後，您能否提醒我們，您目前的投資組合中有多少家 Family Dollar/Dollar Tree 門市，以及它們是否主要是 Family Dollars 或 Dollar Trees？

Yeah. I'm going to introduce you to Steven Greathouse, our Chief Investment Officer. I'm out of the office in different location. So Steven, you want to give Rob a little bit of color on --

是的。我將向您介紹我們的首席投資官史蒂文·格雷特豪斯 (Steven Greathouse)。我不在辦公室，在其他地方。那麼史蒂文，你想給羅佈一點顏色--

Sure. Hey Rob. I think we have about 31 total between Dollar Tree and Family Dollar. And on the spin, when they go out -- sorry, 25 (inaudible) I guess. But 25 Dollar Trees. And then, when they spend, we're all kind of waiting to happen what's going to happen with the dual-branded ones. About half of those have Dollar Tree credit that will stay on with the spin. So I think, we're well-positioned on those. And they were all relatively new, so they've got 8-plus years of term left on them.

當然。嘿，羅布。我認為 Dollar Tree 和 Family Dollar 之間總共有 31 家。在旋轉時，當它們出去時 - 抱歉，我猜是 25（聽不清楚）。但 25 美元樹。然後，當他們花錢時，我們都在等待雙品牌會發生什麼。其中約一半的人擁有 Dollar Tree 信用，可以繼續使用。所以我認為，我們在這方面處於有利地位。而這些公司都比較新，所以他們的任期都還有 8 年多。

Okay. So 31 total, 25 of those are Dollar Tree. So six are Family Dollars. And three of those Family Dollars keep the Dollar Tree credit. And the other three will have the Brigade, Macellum or whatever it is, credit on it. Is that -- I got that correct?

好的。所以總共有 31 家，其中 25 家是 Dollar Tree。所以有六個是家庭美元。其中三家 Family Dollars 保留了 Dollar Tree 的信用。而其他三人將獲得旅、馬塞勒姆或其他任何人的榮譽。那是──我理解的正確嗎？

No. 25 is Family Dollars and about half of those have the Dollar Tree credit on them.

排名第 25 位的是 Family Dollars，其中大約一半的商店都有 Dollar Tree 信用。

Okay. So it was 6 Dollar Trees, 25 Family Dollars, and half of those 25 or so have the Dollar Tree credit and the other half have the private equity credit.

好的。因此，有 6 家 Dollar Tree 商店和 25 家 Family Dollars 商店，其中約一半擁有 Dollar Tree 信用，另一半擁有私募股權信用。

There you go. That's right.

就這樣。這是正確的。

Okay. All right. That's helpful. Thanks, guys. I appreciate the time this morning.

好的。好的。這很有幫助。謝謝大家。我很感謝今天早上的時間。

Wesley Golladay, Baird.

韋斯利·戈拉迪，貝爾德。

Good morning, everyone. For the seller financing, for the At Home, was that through a developer?

大家早安。對於 At Home 的賣方融資，是透過開發商嗎？

It was. Kind of an investor developer.

是的。一種投資者開發商。

Okay. And then when you're looking to sell the theater, does that actually have a negative NOI right now? And then will you provide seller financing if the deal goes through?

好的。那麼，當您想出售劇院時，現在的淨營業利潤是否真的為負數？如果交易成功，您會提供賣方融資嗎？

It does have a negative NOI. And yes, we would offer up seller financing on that. And the deal that we're negotiating with now, they don't want our financing there all cash.

它確實有負的 NOI。是的，我們會為此提供賣方融資。而我們目前正在談判的交易中，他們不希望我們全以現金融資。

Okay. And then maybe can you talk about the Germfree. When you see more deals like that, is that like a one-off type deal for you?

好的。然後可以談談無菌嗎？當您看到更多這樣的交易時，這對您來說是否像是一次性交易？

We hope so. But right now, it's kind of a one-off. We don't see anything in the future. But it's super unique. It's really one where we had a competitive advantage given that we were local to this investment opportunity. Germfree's been around over 50 years. A private equity group bought them. They have no leverage. They're using part of the proceeds to invest in the facility. It's a headquarter and manufacturing facility for unique lab, mobile lab development for hospitals, and they have a worldwide footprint. So if you have a nasty, nasty virus like COVID, you're going to buy one of their mobile labs if you're a hospital because you don't want to be dealing with a virus within a hospital where it could escape and be bad news, so you want to have it out in the parking lot or in the back in a mobile lab.

我們希望如此。但目前，這只是一次性事件。我們看不到未來的任何事。但它非常獨特。鑑於我們位於此投資機會的本地，我們確實具有競爭優勢。Germfree 已存在 50 多年了。一家私募股權集團收購了它們。他們沒有任何影響力。他們正在使用部分收益來投資該設施。它是醫院獨特實驗室、行動實驗室開發的總部和製造工廠，業務遍布全球。因此，如果您遇到像 COVID 這樣的惡性病毒，如果您是醫院，您就會購買他們的一個移動實驗室，因為您不想在醫院內處理病毒，因為病毒可能會逃逸並帶來壞消息，所以您想把它放在停車場或後面的移動實驗室裡。

Okay. One last one for me. You had two loans that were upsized on the construction side. What is driving that?

好的。對我來說還有最後一個。您有兩筆貸款是在建築方面增加的。是什麼原因導致的呢？

Basically, a little bit of construction costs or you could have a situation where the developer has another pad site user that has come on and that they might need site development work for that. But mainly, it's probably an escalation of development costs.

基本上，有一點建設成本，或者你可能會遇到這樣的情況：開發人員有另一個墊塊網站用戶到來，他們可能需要為此進行網站開發工作。但主要原因可能是開發成本的增加。

Okay. Thank you.

好的。謝謝。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Good morning. I wanted to ask you on a provision for impairment charge that you had in the first quarter. Can you provide some details on that?

早安.我想問一下您第一季的減損準備。您能提供一些有關細節嗎？

Yeah. This is Phil. On the impairment charge for the first quarter, it wasn't anything that we sold in the quarter. It's more related to properties that we anticipate selling in the short term such as like the Walgreens that I mentioned that we have one under contract and one sold, so it's more related to upcoming dispositions and we were just, given we know where they're going to trade, just it was cleaning up and getting our bases in line with that.

是的。這是菲爾。關於第一季的減損費​​用，並不是我們在該季度出售的任何東西。這更多地與我們預計在短期內出售的房產有關，例如我提到的沃爾格林，我們有一個合同，一個已售出，因此這更多地與即將到來的處置有關，而且我們只是，鑑於我們知道他們將在哪裡交易，只是在清理並使我們的基地與此保持一致。

Okay. And then, second on the loan side, can you provide some color on timing of funding the unfunded commitments within your portfolio?

好的。然後，第二，關於貸款方面，您能否提供一些有關為投資組合中未註資承諾提供資金的時間安排的信息？

What was the question?

問題是什麼？

The timing of funding the unfunded commitments within the loan portfolio?

貸款組合中未兌現承諾的融資時機？

The timing of funding on the loan portfolio. Where it currently stands, it should be relatively consistent like that for the first half of the year. We do have (inaudible) in the third quarter one of the larger loans maturing, but there'll be new funding that will fill in. So in May, assuming we don't do any additional ones, it'll be pretty even, maybe a little less, towards the end of the year. But we're hopeful that maybe we'll do some additional loans and the funding on that will stay very similar over the year.

貸款組合的融資時機。從目前的情況來看，應該和上半年的情況比較一致。我們確實有（聽不清楚）在第三季有一筆較大的貸款到期，但將會有新的資金來填補。因此，假設我們在五月不做任何額外的工作，到年底時，數量將會相當均衡，甚至可能少一點。但我們希望，也許我們會提供一些額外的貸款，並且全年的資金將保持非常相似。

Okay. Thank you. That's all I had.

好的。謝謝。這就是我所擁有的一切。

RJ Milligan, Raymond James.

RJ米利根，雷蒙德詹姆斯。

Good morning, guys. Just a couple of follow=ups, I guess, we'll start with the capital allocation questioning that started the call. But just curious how you think leverage is going to trend. It picked up here in the first quarter. I know you guys have some loan payoffs and some dispositions coming. I'm just curious where you think you might end up the year on the leverage side.

大家早安。我想，只需進行幾個後續提問，我們就從發起這次電話會議的資本配置問題開始。但我只是好奇您認為槓桿趨勢如何。第一季度，這一數字有所回升。我知道你們要償還一些貸款，還要進行一些處置。我只是好奇，您認為今年的槓桿率會達到什麼水準。

Yeah. I'll take the general on that and then Phil can dive deeper. Thanks, RJ, for the question. Given that we have this active share buyback program and given that we had a very active investment quarter, certainly, the leverage ticked up. But as Phil mentioned on the prepared remarks, we still have a lot of liquidity. But given that some of our loans will be paying down and paying off this year and we, as I mentioned, expect to sell our vacant properties this year, I don't anticipate at the end of the year having more leverage than we are now and maybe less.

是的。我會接受將軍的指導，然後菲爾可以進行更深入的探討。謝謝 RJ 提出這個問題。鑑於我們有積極的股票回購計劃，並且我們有一個非常活躍的投資季度，槓桿率肯定會上升。但正如菲爾在準備好的發言中提到的那樣，我們仍然擁有大量流動性。但考慮到我們的部分貸款將在今年償還，而且正如我所提到的，我們預計今年將出售空置房產，我預計到今年年底我們的槓桿率不會比現在更高，甚至可能更低。

Okay. And then my second question is, obviously, we can look at the top tenant list and get an understanding of who's on the credit watch list. But I'm just curious, looking at the structured investment portfolio, is there anybody there that you would classify as sort of on the tenant watch list because it's obviously a lot more difficult to underrate from our perspective?

好的。我的第二個問題是，顯然，我們可以查看頂級租戶名單，了解誰在信用監視名單上。但我只是好奇，看看結構化投資組合，是否有人會被歸類為租戶觀察名單，因為從我們的角度來看，這顯然更難以低估？

The structured investment program has basically been geared towards loans on very high-quality credits that we wouldn't be able to purchase on our own because of where they trade on a very low cap rate, talk about Publix grocer or Wawas. So there's no tenant issues from our perspective on the structure of investment program. So super strong assets and we'd love to own them if we could.

結構化投資計劃基本上是針對非常高品質的信貸貸款，這些貸款由於其交易的資本化率非常低，我們無法自行購買，例如 Publix 雜貨店或 Wawas。因此，從我們的角度來看，投資計畫的結構不存在租戶問題。所以這些都是非常強大的資產，如果可以的話我們很樂意擁有它們。

Great. And then my last question is for Phil, just thinking about run rate of NOI from the first quarter going forward, is there anything in there that we should be thinking about for the next three quarters?

偉大的。然後我的最後一個問題是針對菲爾的，只考慮從第一季開始的 NOI 運行率，其中有什麼是我們應該考慮未來三個季度的？

Probably, the only item I'd note, RJ, is Party City. So if you remember when we gave our initial guidance, we said there was about an (inaudible) related to the theater, which put paying rent towards the end of '24, and then also Party City. And that $0.30 spread almost equally between the $0.24 and $0.04. The theater did exit right at the end of last year, so the current quarter had nothing in it from them. But Party City did pay as we anticipated for the entire first quarter. And now, they will no longer pay the rest of the year. So the Party City will go away, call it, a couple (inaudible) a quarter, going forward, starting in the second quarter. But other than that, it would just be acquisition and disposition volume.

可能，RJ，我唯一要注意的項目是 Party City。因此，如果您還記得我們給出初步指導時的情況，我們說過，有一個與劇院有關的（聽不清楚），那就是在 24 年底支付租金，然後還有 Party City。而這 0.30 美元幾乎平均分佈在 0.24 美元和 0.04 美元之間。該劇院確實在去年年底退出了市場，因此本季他們沒有任何收入。但 Party City 確實按照我們的預期支付了整個第一季的款項。而現在，他們將不再支付今年剩餘的款項。因此，從第二季開始，派對城將會消失，稱之為每季幾次（聽不清楚）。但除此之外，它只是收購和處置量。

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

好的。偉大的。對我來說就是這樣。謝謝大家。

John Massocca, B. Riley Securities.

約翰·馬索卡 (John Massocca)，B. Riley 證券。

Good morning. Let me just clarify around that on the guidance front. Does guidance include any resolution around the Reno theater and Party City assets either at the high end or midpoint? Or that just kind of totally -- there's zeros for the rest of the year in terms of guidance?

早安.讓我從指導角度澄清一下這一點。該指導是否包括有關裡諾劇院和派對城資產的高端或中點的任何解決方案？或者說，就指導而言，今年剩餘時間的業績完全為零？

In terms of rent, there's zero for the rest of the year. If we sell them, obviously, we'd get some cash to pay down debt and there'd be some interest savings. They're going to be incrementally favorable if they're not going to be huge movers to our earnings for this year.

就租金而言，一年中其餘時間的租金為零。如果我們賣掉它們，顯然我們會得到一些現金來償還債務，而且還會節省一些利息。如果它們不會對我們今年的收益產生巨大影響，那麼它們將會逐漸帶來好處。

Okay. I mean, but they could -- are they in guidance as like the high end and maybe dispositions is like vacant sales?

好的。我的意思是，但是他們可以——他們是否像高端一樣進行指導，也許處置就像空置銷售一樣？

Our disposition volume, yeah, if you want to include them, they're in the high end.

是的，如果你想把它們包括在內，我們的處置量是處於高端的。

And then At Home, I know we've talked about a little bit already, but what was kind of the amount of financing relative to your kind of basis in the property? And I guess is the current percentage exposure in the deck to At Home reflects the interest income from the seller financing or is that just the remaining At Homes you have in your portfolio?

然後是 At Home，我知道我們已經談論了一點，但是相對於您在房產中的基礎，融資額是多少？我猜想，目前 At Home 的百分比曝險是否反映了賣方融資的利息收入，還是只是您投資組合中剩餘的 At Homes？

That's just the remaining that we have in our portfolio. And the seller financing was around 65% LTV.

這只是我們投資組合中剩下的部分。賣方融資的 LTV 約為 65%。

Okay. And then maybe just kind of big picture on the Germfree Labs property. I guess kind of what -- I mean you kind of alluded about the tenant and why they're attractive, but maybe the asset itself, I mean, what kind of fungible is that property? Is it something to ever happen in the future? And just kind of maybe some more details on what the asset actually is and could be repurposed for?

好的。然後也許只是對 Germfree Labs 財產的總體情況進行介紹。我想這有點像——我的意思是，你提到了租戶以及他們為什麼有吸引力，但也許是資產本身，我的意思是，那種財產是什麼樣的可替代物？這是將來會發生的事嗎？是否可以提供一些有關該資產的真正用途及其用途的詳細資訊？

Yeah. Good question. Yeah, it's very fungible, in your terms. It's a manufacturing facility with very high ceilings. And they've just basically made this into kind of their headquarters, both a small amount of office and manufacturing. But this would be in high demand as far as industrial use if they weren't there. It's a very low per square foot basis. We bought at $125 square foot. So big land footprint, lots of parking, and very usable in this industrial market.

是的。好問題。是的，根據你的說法，它是非常可替代的。這是一個天花板很高的製造工廠。他們基本上把這裡變成了他們的總部，包括少量的辦公室和製造功能。但如果沒有它們，就工業用途而言，這將會是很高的需求。每平方英尺的價格非常低。我們以每平方英尺 125 美元的價格購買。佔地面積大，停車位多，在這個工業市場非常有用。

And geographically in the central Florida area or is that just where the company's based?

從地理位置來看，是位於佛羅裡達州中部地區，還是公司總部就在那裡？

Yeah, central Florida and closer to our Daytona office. And again, this company's been around over 50 years, so it's well-suited for them and they're basically expanding their manufacturing operations, they're using part of the proceeds to go into the property.

是的，位於佛羅裡達州中部，距離我們的代托納辦公室更近。而且，這家公司已經存在 50 多年了，所以這非常適合他們，他們基本上是在擴大製造業務，他們用部分收益來投資房地產。

Okay. I appreciate the color. That's it for me. Thank you.

好的。我很欣賞這個顏色。對我來說就是這樣。謝謝。

Thank you. There are no further questions at this time. This does include the question-and-answer session. Thank you for your participation. You may now disconnect. Everyone, have a great day.

謝謝。目前沒有其他問題。這確實包括問答環節。感謝您的參與。您現在可以斷開連線。祝大家有個愉快的一天。