Alpine Income Property Trust Inc (PINE) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Alpine Income Property Trust Q3 earnings call. (Operator instructions). Jenna McKenny, please go ahead.

大家好，感謝您的耐心等待。歡迎參加Alpine Income Property Trust第三季財報電話會議。 （操作說明）Jenna McKenny，請開始。

Thank you. Joining me in participating on the call this morning are John Albright, President and Chief Executive Officer, Philip Mays, Chief Financial Officer, and other members of the executive team that will be available to answer questions during the call. As a reminder, many of our comments today are considered forward-looking statements under federal securities laws. 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。今天早上與我一同參加電話會議的還有總裁兼執行長約翰·奧爾布賴特、財務長菲利普·梅斯以及其他高階主管團隊成員，他們將在會議期間回答問題。在此提醒各位，我們今天所作的許多陳述均屬於聯邦證券法意義上的前瞻性陳述。本公司未來的實際績效可能與這些前瞻性陳述中所討論的內容有重大差異，我們不承擔更新這些陳述的義務。

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 10K, Form 10Q, 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.alpine.com.

可能導致實際結果與預期有重大差異的因素與風險，本公司會不時在10-K表格、10-Q表格及其他提交給美國證券交易委員會（SEC）的文件中進行更詳細的揭露。您可以在公司網站www.alpine.com上找到我們的SEC報告、獲利報告以及最新的投資者簡報，其中包含我們使用的非GAAP財務指標的調節表。

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

接下來，我會把電話交給約翰。

Thank you, Jenna, and good morning everyone. We are pleased to report another strong quarter highlighted by AFFO per share growth of 4.5% compared to the same quarter last year and meaningful investment activity both during and shortly after the quarter end.

謝謝Jenna，大家早安。我們很高興地報告，本季業績依然強勁，調整後營運資金（AFFO）每股成長4.5%，與去年同期相比，且在季度期間及季度末後不久均開展了卓有成效的投資活動。

We believe this investment activity has set a foundation for continued earnings growth through the remainder of 2025 and into 2026. Starting with our investment activity during the quarter, we acquired two properties ground leased to Lowe's for $21.1 million at a weighted average initial cap rate of 6% and a weighted average lease term or walt of 11.6 years.

我們相信，這項投資活動為2025年剩餘時間和2026年持續的獲利成長奠定了基礎。從本季的投資活動開始，我們以2,110萬美元的價格收購了兩處土地租賃給勞氏公司的房產，加權平均初始資本化率為6%，加權平均租賃期限為11.6年。

Investment grade rated Lowes is now our largest tenant by AVR, surpassing investment grade rated Dick sporting goods, which now ranks number 2. Year-to-date through the third quarter, property acquisition volume totaled $60.8 million at a weighted average initial cap rate of 7.7% in a walt of 13.6 years.

投資等級 Lowe's 現在是我們以平均租金回報率 (AVR) 計算的最大租戶，超過了同樣是投資級的 Dick's Sporting Goods，後者現在排名第二。今年截至第三季度，物業收購總額為 6,080 萬美元，加權平均初始資本化率為 7.7%，平均持有期為 13.6 年。

Regarding the property dispositions during the quarter, we sold three assets for $6.2 million including an advanced auto parts, our vacant theater in Reno, and a vacant property formerly leased to a convenience store. Year-to-date disposition volume through September 30th was $34.3 million. Of which $29 million excluding vacant properties was sold at a weighted average exit cap rate of 8.4%. As of quarter end, our property portfolio consisted of 128 properties totaling $4.1 million square feet across 34 states with approximately 99.4% occupied with 48% of ABR derived from investment grade rated tenants in a walt of 8.7 years.

本季度，我們在資產處置方面出售了三項資產，總價值620萬美元，其中包括一家先進汽車零件公司、位於裡諾的空置影院以及一處此前出租給便利店的空置物業。截至9月30日，年初至今的資產處置總額為3,430萬美元。其中，不包括空置物業在內，已售出價值2,900萬美元的資產，加權平均退出資本化率為8.4%。截至季末，我們的物業組合包含128處物業，總面積達410萬平方英尺，分佈於34個州，出租率約為99.4%，其中48%的平均租金收入來自投資級租戶，平均租期為8.7年。

Additionally, after the quarter end, we acquired a 4 property portfolio for $3.8 million with a weighted average initial cap rate of 8.4% and went nonrefundable on a sales contract of one of our eight remaining Walgreens for $5.5 million.

此外，季度末，我們以 380 萬美元收購了 4 處房產組合，加權平均初始資本化率為 8.4%，並以 550 萬美元的價格出售了我們剩餘的八家 Walgreens 門市中的一家，且該銷售合約不可退款。

Now moving to our loan investments. As a result of our long-term reputation and deep relationships, we continue to see and capitalize on exciting opportunities to originate high yielding quality loans with strong sponsors at compelling risk adjusted returns. During the quarter, we originated two loans and one upsized loan totaling $28.6 million at a weighted average initial yield of 10.6%. This included a first mortgage loan for industrial redevelopment and a seller financing note related to the sale of our former theater in [Reno].

現在來說說我們的貸款投資。憑藉我們長期累積的良好聲譽和深厚的合作關係，我們持續把握良機，與實力雄厚的貸款機構合作，發放高收益優質貸款，並獲得極具吸引力的風險調整後收益。本季度，我們發放了兩筆貸款和一筆增額貸款，總額達2,860萬美元，加權平均初始收益率為10.6%。其中包括一筆用於工業改造的第一抵押貸款，以及一筆與我們在裡諾的前劇院出售相關的賣方融資票據。

Year-to-date through September 30th, we originated $74.8 million of commitments for loan investments at a weighted average initial cash yield of 9.9%. Additionally, as disclosed in our earnings release, we have originated three loans since the quarter end, most notably, a first mortgage loan secured by a luxury residential development located in Austin, Texas metropolitan area. Under this loan agreement, we have funded $14.1 million at closing related to a phase one loan with a total commitment of $29.5 million.

截至9月30日，我們今年已發放7,480萬美元的貸款投資承諾，加權平均初始現金收益率為9.9%。此外，正如我們在盈利報告中披露的，自季度末以來，我們已發放三筆貸款，其中最引人注目的是一筆以位於德克薩斯州奧斯汀都市區一處豪華住宅開發項目為抵押的第一抵押貸款。根據該貸款協議，我們已在交易完成時支付了1410萬美元，這是一筆總承諾額為2950萬美元的第一階段貸款。

The loan agreement also provides for phase 2 along with a commitment of up to $31.8 million. All additional funding is subject to the borrower's satisfaction of certain conditions. Currently we anticipate funding the balance of the phase one loan by year end and the phase two loan in early 2026. The 36-month loan initially bears interest at 17%, inclusive of 4% paid in kind interest for the full loan term, stepping down to 16% for months 7 to 12 and 14% thereafter. The loan will be repaid as collateralized home lots are sold. With such sales anticipated to begin as early as late 2025.

貸款協議還規定了第二階段，並承諾提供最高可達3,180萬美元的資金。所有額外資金的發放均以藉款人滿足特定條件為前提。目前，我們預計將在年底前完成第一階段貸款的剩餘部分，並在2026年初完成第二階段貸款的發放。這筆為期36個月的貸款初始利率為17%，其中包括整個貸款期間4%的實物利息，第7至12個月利率降至16%，之後降至14%。貸款將透過出售抵押的住宅用地進行償還。預計此類銷售最快將於2025年底開始。

We believe this loan, as all of our loans, is secured by strong real estate backed by high-quality sponsor. As is often the case with our larger loans, there is institutional interest in pursuing a purchase of a senior tranche of this loan, and we currently anticipate participating in a portion of it out to reduce our net hold and further enhance our yield. In summary, we believe that our recent investment activity across both property and loan investment. Positions pined for continued growth through the remainder of 2025 and into 2026. With that, I'll turn the call over to Phil.

我們相信，這筆貸款與我們所有的貸款一樣，都以優質房地產作為抵押，並由高素質的發起人提供支持。與我們通常的大額貸款一樣，有機構投資者有意購買這筆貸款的優先部分，我們目前預計將參與其中一部分，以減少我們的淨持倉並進一步提高收益率。總而言之，我們相信，我們近期在房地產和貸款投資方面的投資活動，以及我們持倉在2025年剩餘時間和2026年期間的持續成長，都將帶來可觀的收益。接下來，我會把電話會議交給菲爾。

Thanks John. Beginning with financial results for the third quarter, total revenue was $14.6 million including lease income of $12.1 million and interest income from loan investments of $2.3 million. FFO and AFFO for the quarter were both $0.46 per diluted share, representing 2.2% and 4.5% growth respectively over the comparable quarter of the prior year.

謝謝約翰。首先來看第三季的財務業績，總收入為1,460萬美元，其中包括1,210萬美元的租賃收入和230萬美元的貸款投資利息收入。該季度的FFO和AFFO均為每股攤薄收益0.46美元，分別較上年同期成長2.2%和4.5%。

Year-to-date through September 30th, total revenue was $43.6 million including lease income of $36 million and interest income from loan investments of $7.4 million. FFO and AFFO were both $1.34 per share, representing 3.9% and 3.1% growth respectively over the comparable period of the prior year.

截至9月30日，今年迄今的總收入為4,360萬美元，其中包括3,600萬美元的租賃收入和740萬美元的貸款投資利息收入。 FFO和AFFO均為每股1.34美元，分別較上年同期成長3.9%和3.1%。

Regarding our common dividend, as previously announced during the quarter, we declared and paid a quarterly cash dividend of $28.5. Our dividend represents an annualized yield of approximately 8.25% and remains well covered with an approximate AFFO payout ratio of 62% for the third quarter.

關於我們的普通股股息，正如本季早些時候宣布的那樣，我們宣布並支付了每股 28.5 美元的季度現金股息。我們的股息年化收益率約為 8.25%，由於第三季調整後營運資金 (AFFO) 支付率約為 62%，因此股息支付仍有充足的保障。

Moving to the balance sheet, we ended the quarter with net debt to pro forma adjusted EBITDA at 7.7 times and $61 million of liquidity, consisting of approximately $1.2 million of cash available for use and $60.2 million available under our revolving credit facility. However, with in-place bank commitments, the available capacity on our revolving credit facility can expand an additional $31.3 million. As we acquire properties providing total potential liquidity of more than $90 million.

從資產負債表來看，本季末淨負債與備考調整後 EBITDA 的比率為 7.7 倍，流動資金為 6,100 萬美元，其中包括約 120 萬美元可用現金和 6,020 萬美元循環信貸額度。此外，由於已獲得銀行承諾，我們的循環信貸額度還可以額外增加 3,130 萬美元。隨著我們收購物業，總潛在流動資金將超過 9,000 萬美元。

Regarding our property portfolio, we ended the quarter with annualized-based rent of $46.3 million on a straight-line basis. As noted before, this amount includes approximately $3.8 million of ABR related to three single tenant restaurant properties acquired in 2024 through a sales leaseback transaction.

關於我們的物業組合，本季末以直線法計算的年化租金收入為4,630萬美元。如前所述，該金額包含約380萬美元的年化租金收入，這些收入來自2024年透過售後回租交易收購的三處單一租戶餐廳物業。

Under GAAP, we are accounting for these specific sales leaseback transactions as financing. Accordingly, the current annual cash payments of approximately $2.9 million are reflected as interest income in our statement of operations as opposed to lease income.

根據美國通用會計準則（GAAP），我們將這些特定的售後回租交易作為融資活動進行會計處理。因此，目前每年約290萬美元的現金支出在我們的損益表中列為利息收入，而非租賃收入。

Given the level of loan activity after quarter end, let me provide a current update. Our loan portfolio as of today, reflecting the activity John discussed and some other recent activity, is now approximately $94 million at a weighted average interest rate of 11.5%. Notably of this amount, approximately $21 million at a weighted average rate of 10.4%, is scheduled to mature in 2026.

鑑於季度末後的貸款活動水平，我謹提供最新情況。截至今日，我們的貸款組合（包括約翰提到的活動以及其他一些近期活動）約為9,400萬美元，加權平均利率為11.5%。值得注意的是，其中約2,100萬美元（加權平均利率為10.4%）將於2026年到期。

We currently expect to utilize proceeds from the 2026 maturities, selling a senior tranche of one or more loan investments, property dispositions, and existing capacity on a revolving credit facility to fund loan commitments. One quick note, the $1.9 million impairment charge recorded this quarter relates to Walgreens that it's currently under contract to be sold.

我們目前預計將利用2026年到期債券的收益、出售一項或多項貸款投資的優先部分、處置房地產以及利用現有循環信貸額度來履行貸款承諾。需要特別說明的是，本季提列的190萬美元減損準備與目前已簽訂出售合約的沃爾格林公司有關。

Now turning to guidance, as a result of our recent elevated investment activity, we are increasing both our FFO and AFFO outlook for the full year of 2025 to a new range of $1.82 to $1.85 per diluted share from the previous range of $1.74 to $1.77 per diluted share. With that operator, please open the call to questions.

現在談談業績指引。鑑於近期投資活動的增加，我們將2025年全年FFO和AFFO預期從先前的每股攤薄收益預期1.74美元至1.77美元上調至每股攤薄收益預期1.82美元至1.85美元。接下來，請接線生開始提問環節。

(Operator instructions).

（操作說明）

Michael Goldsmith with UBS.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my questions. A lot of investment activity both during the quarter and subsequent quarter end. So can you just provide a little color and how you're thinking about funding all of this activity?

早安.非常感謝您回答我的問題。本季及隨後的季末都有很多投資活動。您能否簡要介紹一下，您打算如何為所有這些活動籌集資金？

Hey Michael, John, thanks. Yeah, look as we've been very busy on the recycling side, so some of that's going to come from asset sales as we keep on continuing to increase the credit quality of our portfolio and then a little bit of this is our loans maturing. And then, basically a little bit's going to be net growth in anticipation of additional sales, so a little bit of balance on both sides.

嗨，邁克爾，約翰，謝謝。是的，我們最近在回收方面非常忙碌，所以一部分資金將來自資產出售，因為我們會不斷提高投資組合的信貸品質；另一部分資金來自到期貸款；還有一部分資金來自預期新增銷售帶來的淨增長，所以兩方面基本平衡。

Got it, thanks for that, John and then all this loan activity you're seeing really nice yields on that I guess the way it comes the other way is it can generate lumpiness in the quarters as they come due. So can you talk a little bit about how you're thinking about managing that and lease loan expirations just to ensure the AFFO doesn't move around too much.

明白了，謝謝你，約翰。你說的這些貸款活動收益率確實很不錯，但另一方面，隨著貸款到期，可能會導致季度業績出現波動。所以，你能談談你打算如何管理這些貸款到期，以確保調整後營運資金（AFFO）不會出現太大波動嗎？

Yeah, so, obviously a good question. I mean, when we started this, kind of loan program about 3 years ago, that was, a little bit of the pushback was well you can't replace these loans at these rates, but we here we're doing it with really existing relationships without even trying. And so, certainly as we see more opportunities part of that funding mechanism that Phil mentioned is selling off a senior pieces of these loans and these loans are very bite size. There's a lot of capital out there so there's a lot of opportunities. So, I would not worried about replacing these and having kind of earnings coming down because these are one time sort of opportunities we 're seeing a strong pipeline of super high-quality kind of assets and sponsorships.

是的，這顯然是個好問題。我的意思是，大約三年前我們啟動這項貸款計劃時，確實遇到了一些阻力，有人說這些貸款無法以這樣的利率進行替換。但我們現在利用現有的合作關係，在不費吹灰之力的情況下就做到了。而且，隨著我們看到更多機會，正如菲爾所提到的，融資機制的一部分就是出售這些貸款中的優先份額，而這些貸款的金額都很小。市場上有很多資金，所以機會也很多。因此，我並不擔心這些貸款的替換以及收益下降的問題，因為這些都是一次性的機會。我們看到大量高品質的資產和贊助項目正在籌備中。

Got it. Well, if you're doing this without really trying, it exciting to excited to see what you do when you put some effort into it. I'm just kidding. Thank you very much. Good luck in the 4th quarter.

明白了。嗯，如果你只是敷衍了事，那真讓人期待你認真起來之後能做到什麼程度。開玩笑啦。非常感謝。祝你第四季好運。

Thank you.

謝謝。

One moment for our next question.

請稍等片刻，我們來問下一個問題。

RJ Milligan with Raymond James.

RJ Milligan 與 Raymond James 合作。

Hey, good morning guys. John, with the recent activity now in residential development, I think you guys have a loan and industrial. Just, can you tell us how you're thinking about other property types and if you're going to continue to pursue things outside of retail?

嘿，各位早安。約翰，鑑於你們最近在住宅開發方面的活躍表現，我想你們應該也有貸款和工業地產項目。能否請您談談您們對其他類型房地產的看法，以及您是否會繼續拓展零售以外的業務？

Yeah, it's not by design, kind of going out here just these unique opportunities with very strong sponsors and very strong assets, the industrial property that we did in Fremont outside of San Francisco, that was actually a retail property that the sponsor is basically converting to industrial to higher and best use. So, part of our underwriting on that is if we ever had to foreclose its roughly 50% of the acquisition. It could still be retail and work on our basis. So, to answer your question, we're stay more focused on the retail side for sure, but not, but if we see unique opportunities in their short duration, we're not opposed to taking all those opportunities.

是的，這並非刻意為之，我們只是想尋找一些獨特的投資機會，這些機會都與強大的贊助商和優質資產有關。例如我們在舊金山郊外弗里蒙特投資的那處工業地產，它原本是一處零售物業，贊助商正將其改造成工業地產，以實現更佳的用途。因此，我們在承銷該物業時就考慮到，如果將來需要取消贖回權，我們大約可以保留50%的收購份額。這部分資產仍可作為零售物業，並符合我們的投資標準。所以，回答你的問題，我們當然會繼續專注於零售領域，但如果我們在短期內發現獨特的投資機會，我們不會排斥抓住這些機會。

Okay, that's helpful. And then Phil, you talked about some of the sources of capital next year, some of the loan maturities, potential asset sales. Should we expect that to get reinvested or will those proceeds be used to pay down debt lower leverage?

好的，這很有幫助。菲爾，你剛才提到了明年的一些資金來源，一些貸款到期，以及潛在的資產出售。我們應該預期這些資金會再投資，還是會用來償還債務、降低槓桿？

A little bit of both, but I think first they're going to get reinvested into a lot of the loans that were recently done, RJ. So, the maturity is coming back from the 2026 loans, we're going to, we're just kind of proactively redeploying that capital a little early, but the loans going out first, the new loans going out first. So, a lot of that's going to just recycle into that. But, on the margin, if you could see leverage take down a little bit.

兩者兼而有之，但我認為首先這些資金會重新投資於近期發放的大量貸款，RJ。所以，2026年到期的貸款即將到期，我們會提前主動重新部署這些資金，但首先要優先考慮已發放的貸款，也就是新發放的貸款。因此，許多資金都會重新投入這些貸款。但從邊際效益來看，如果槓桿率能稍微下降就更好了。

Okay, that's helpful. Thanks, cheers.

好的，這很有幫助。謝謝，謝謝。

Thanks one.

謝謝。

Moment for our next question.

現在是我們提問的時機。

Alex Fagan with Baird.

亞歷克斯·費根和貝爾德。

Hey, good morning and thanks for taking my question. So on the luxury residential development in Austin, can you talk about how you got comfortable with the loan and what stage of development it currently is at?

您好，早安，感謝您回答我的問題。關於奧斯汀的豪華住宅開發項目，您能否談談您是如何獲得貸款的，以及該項目目前處於哪個開發階段？

Yeah, so, we're familiar, if you think back at our origins of CTO and when I got here, 14 years ago, we had, 14,000 acres of land in Daytona Beach to sell, so we're very familiar with residential lot developments through that experience. So with regards to kind of where this project, it's really at the kind of finish line of delivering lots and actually there'll be some lot sales starting next week in fact, so it's really kind of coming in at the late stage and not on the early stage.

是的，我們很熟悉這方面的情況。回想一下CTO的創立歷程，我14年前剛來的時候，我們在代托納海灘有14000英畝的土地待售，所以我們憑藉那段經驗對住宅用地開發非常熟悉。至於這個項目，它實際上已經接近完工，即將交付地塊，而且實際上下週就會開始一些地塊銷售，所以它已經進入後期階段，而不是早期階段了。

Nice and kind of on that loan, how much of the loan are you looking to sell?

貸款方面還不錯，您打算賣多少貸款？

Probably, look to sell potentially 50% of it, and it really depends on how fast the proceeds come back, so it could be less, but, potentially up to 50%.

可能會出售其中 50% 的股份，具體比例取決於資金回流的速度，所以最終出售的股份可能會更少，但最多可能達到 50%。

Nice and switching gears but with the vacant assets that were sold in the quarter, how much do we need to remove from operating expenses that you're carrying?

很好，我們換個話題，但是考慮到本季出售的空置資產，我們需要從你們承擔的營運費用中扣除多少？

Yeah, this is Phil. So the two largest vacant properties we have are the theater in Reno, which was sold that had an annual run rate on the expense side of about $400,000, and the one that we have left that's large is the former party City that also has a run rate of close to $400,000 on an annual basis. So, you can, if you were to run right the current quarter, that'll come down another about $40,000 on an annual basis once Party City is sold.

是的，我是菲爾。我們目前最大的兩處空置物業分別是裡諾的劇院（已售出，每年營運成本約40萬美元）和之前的派對城（Party City），後者的年營運成本也接近40萬美元。如果以當季計算，派對城售出後，每年的營運成本將再降低約4萬美元。

Wait, and Party City wasn't sold this quarter. That it was not. Reno was sold in the quarter; it was sold early in the quarter. So pretty much the full impact of that is reflected. But Party City is not sold yet.

等等，Party City 不是這季賣掉的。確實不是。 Reno 是這季賣掉的，而且是季度初就賣掉了。所以 Reno 的出售影響基本上已經全部體現出來了。但 Party City 還沒賣掉。

Okay, there were two vacant assets sold in the quarter, so is the other one just. Yeah, there was a little warmer. We have those are the two largest Reno and Party City. We have a few. We had former convenience stores that are really small. There's sold 1 during the quarter. There's 2 left altogether those don't even come up to $100 on an annual run rate, so they're very small and on the margin.

好的，本季售出了兩處空置資產，那麼另一處呢？是的，天氣稍微暖和了一些。我們擁有的這兩處資產分別是裡諾和派對城（Reno and Party City）最大的兩處。我們還有一些以前的便利商店，規模很小。本季售出了一家。總共還剩下兩處，年營業額甚至不到100美元，所以它們規模很小，利潤微薄。

Got it. Thank you guys.

明白了，謝謝各位。

One moment one moment for our next question.

稍等片刻，我們準備問下一個問題。

Robert Stevenson with Janney Montgomery Scott.

羅伯特·史蒂文森與珍妮·蒙哥馬利·斯科特。

Hi, good morning, guys. Is the sale of the large loan interest that you may do, is that in the disposition guidance or dispositions just properties in terms of the guidance?

大家好，早安。你們可能進行的出售大額貸款利息的交易，是否包含在資產處置指南中？還是說，資產處置指南中僅指房產交易？

it's not it would be on the high end, Rob, if that happened or exceeding the high end if it happens before the end of the year. The timing on it is a little hard to predict it could be just before the end of the year, or it could be a little bit after the end of the year, if it were to happen before the end of the year, that would put us on the high end or over the high end of guidance on the dispo side.

羅布，如果這種情況發生，那將不會超出預期上限；如果在年底前發生，則會超出預期上限。具體時間很難預測，可能就在年底前，也可能在年底後。如果在年底前發生，那將使我們的處置量達到或超過預期上限。

Okay. But you're class you would classify that as a disposition, okay.

好的。但照你的階級，你會把它歸類為一種性格，好的。

We historically put dispositions of loans with properties there. And if you look at the guidance, we kind of added a line for that, a little bucket, when we put year-to-date actuals, and there was a line that had loan cells and it showed zero just to kind of help clarify that we do kind of look at that as a disposition, but if the loan one were to happen we would probably be just over our high end.

我們歷來都將附帶房產的貸款處置計入其中。如果您查看我們的指引，我們會發現我們在列出年初至今的實際數據時，專門增加了一行，就像一個小桶一樣，其中有一行是貸款單元格，顯示為零，這只是為了澄清我們確實將其視為一項處置，但如果真的發生貸款處置，我們的數據可能會略微超過預期上限。

Okay, because the reason why I ask is if I look at the year-to-date investment and disposition volumes versus the guidance, they're sort of implying between $50 million and $65 million of net investments in the fourth quarter.

好的，我問這個問題的原因是，如果我看一下今年迄今為止的投資和處置量與指導意見，它們似乎暗示第四季度的淨投資額在 5000 萬美元到 6500 萬美元之間。

You've got $27.5 million in terms of rough numbers from the proceeds from the repayment of Publix and Verizon. Just trying to figure out how you're going to finance that, especially given where the stock price is. I don't know, John, if you're comfortable issuing equity here or whether or not you guys just used the line, but was sort of curious as to like how you guys are thinking about the sort of incremental there and where does sort of leverage peak out at, here in the 4th quarter if you do decide to fund any of those net investments on the line.

你們從償還 Publix 和 Verizon 的款項中大概有 2750 萬美元。我只是想弄清楚你們打算如何籌集這筆資金，尤其是在目前的股價水準下。約翰，我不知道你們是否願意發行股票，或者你們是否已經動用了信貸額度，但我很好奇你們是如何考慮這方面的增量投資，以及如果你們決定用信貸額度為這些淨投資提供資金，那麼在第四季度，槓桿率的峰值會是多少。

Yeah, so just before, and then I can, I'll let John answer, but on the investments, we always put the full amount for the properties, obviously, and for the loans we put the origination or the initial amount committed. So today we're setting at almost $200 million if you include all the subsequent activity on investment and of that $130 million , $135 million is a loans drop, but only $72 million have funded so far.

是的，就在剛才，然後我讓約翰來回答，關於投資，我們當然總是會把房產的全部金額都算進去，而對於貸款，我們則只列出初始承諾金額。所以今天，如果把所有後續的投資活動都算進去，我們的總額接近2億美元，其中1.3億美元到1.35億美元是貸款，但到目前為止只有7200萬美元已經發放。

So, we also in the guidance put in brackets there kind of on the loans just to help clarify because it's a great question, how much of the loans are funded year-to-date. So the full amount of that won't fund because the loans won't fully fund by the end of the year.

所以，我們在指南中也用括號註明了貸款金額，以幫助澄清這個問題，因為這是一個很好的問題，即今年迄今為止有多少貸款已經獲得資金。由於貸款到年底無法全部到位，所以無法全部獲得資金。

Okay, so the net would wind up being lower than that sort of $50 million to $65 million that you're implying because that's including the full value.

好的，所以最終的淨收益會低於你所說的 5000 萬到 6500 萬美元，因為那包含了全部價值。

Yeah, I mean there could be $50 million to $60 million of that that's loans that are not funded.

是的，我的意思是，其中可能有 5000 萬到 6000 萬美元是尚未發放的貸款。

Okay, that's helpful because it was looking like the leverage was going to peak out at something more substantial here if you guys did it all on the line.

好的，這很有幫助，因為如果你們孤注一擲，看起來這裡的籌碼將會達到更大的高峰。

Yeah. So yeah, so there could be $50 million to $60 million of that number that's loan related, that's unfunded by year end, and then on top of that you could also see like a note sale prior to the end of the year that would further help lighten that load for funding.

是的。所以，這筆款項中可能有 5,000 萬到 6,000 萬美元與貸款有關，到年底仍未到位。除此之外，年底前可能還會進行債券出售，這將有助於進一步減輕融資負擔。

Okay. And then I guess, John, what is sort of left within the property portfolio that you want to sell? I mean, is it, is this going through and, sort of cleaning up anything remaining? Is it, whittling down some of the dollar? Stuff, how are you thinking about, when you look at dispositions not only in the 4th quarter but in 2026, like what are you sort of thinking that you're going to wind up selling and where is the market for those type of assets today?

好的。那麼，約翰，我想問的是，你打算出售的房產組合中還剩下哪些資產？我的意思是，這筆交易是否正在進行，以及是否要清理掉剩餘的資產？是否要減少一些資產？你如何考慮在2026年以及第四季進行資產處置？你打算最終出售哪些資產？目前這類資產的市場行情如何？

Yeah, so, as we discussed previously, we still have some Walgreens that we definitely are moving through, and we, dollar stores as you hit on certainly will be something we'll trim back on. And then there's some other, we've sold advanced auto parts and that sort of thing and tractor supplies and so, those sort of, assets will continue to kind of grind through, if you will, as we see, good pricing, so it's just really, using that as a way to kind of, reinvest in some of the high credits that we put on, this quarter and lows and so forth. So, you'll see us, be active, at the end of the year here with continuingly bring in some real super high-quality type of credits and, we're looking forward to kind of what this company looks like, starting next year.

是的，正如我們之前討論過的，我們還有一些沃爾格林（Walgreens）的門市需要處理，正如您所提到的，我們肯定會縮減一元商店（Dollar Stores）的規模。此外，我們還出售了一些其他業務，例如高級汽車配件、農機用品等等。這些資產將繼續逐步出售，正如我們所看到的，價格不錯，所以我們實際上是利用這些資金，將本季度以及低谷期獲得的優質資產進行再投資。因此，您會看到我們在年底前積極收購一些真正優質的資產，我們期待公司明年的發展前景。

And then I guess given the acquisition of the lows, was that opportunistic or you know just from your standpoint, is the property acquisitions going forward going to be more targeted towards the higher credit quality basically investment grade and above quality tenants, or are you still looking to acquire stuff across the spectrum on a property specific basis?

那麼，鑑於收購了低價房產，這是否是投機取巧？或者，從您的角度來看，未來的房產收購是否會更加註重信用等級較高的房產，也就是投資級及以上優質租戶，還是您仍然會根據具體房產情況，尋求收購各種類型的房產？

Yeah, and on the lows, that was off market. It was a relationship driven. We had seen these assets before a couple of years ago and they're pulled off the market. So, we're extremely excited about having those in our portfolio, with regards to, so you'll see more of the high-quality, credit, big box sort of assets coming in. You probably won't see us.

是的，低價位的時候，我們都是場外交易，靠的是人脈關係。幾年前我們就關注這些資產，後來它們撤出了市場。所以，我們非常高興能把它們納入我們的投資組合。至於其他方面，你會看到更多高品質、高信用評級的大型資產進入我們的投資組合。不過，你可能看不到我們。

Be active in buying, a generic, tractor supply. Clearly we don't have any car washes, so we like that distinction that, no car washes in the portfolio. So, it's, we feel like we're set up pretty strong to kind of offer investors something a little bit different, getting the Lowe's and Dick's in the top, 5, just gives investors an exposure that they. They can't get other locations.

積極收購，例如像農機用品店這樣的通用型企業。顯然，我們沒有任何洗車場，所以我們喜歡這種區別——投資組合中沒有洗車場。因此，我們覺得我們已經做好了充分的準備，可以為投資者提供一些與眾不同的選擇。將勞氏（Lowe's）和迪克體育用品商店（Dick's）納入前五大投資組合，可以讓投資者獲得其他管道無法獲得的投資機會。

Okay. And then last one for me, is all of Beachside open and producing at this point, or is there still some of that stuff that's down and that you're getting insurance payments on?

好的。最後一個問題，目前Beachside的所有設施都已開放並投入生產了嗎？還是說還有一些設施仍然處於停工狀態，你們正在領取保險賠償？

No, it's all been open for a while. I mean, they opened those up, less than 4 months after the hurricane last year, and interestingly enough, I mean they still, when they opened, they weren't obviously as polished looking as they were previous to the hurricane, but they did better sales than they did pre-hurricane. So, a lot of pent-up demand from customers and Unfortunately, some of their competition did not reopen, so it just kind of drove more traffic to those restaurants.

不，這些店早就都開門了。我的意思是，去年颶風過後不到四個月他們就重新開業了。有趣的是，雖然開幕時店面看起來不如颶風前那麼精緻，但銷售額卻比颶風前更高。所以，顧客積壓的需求很大。不幸的是，他們的一些競爭對手沒有重新開業，這反而為這些餐廳帶來了更多客流。

Okay. So rent coverage today is actually higher than where it was pre-hurricane.

好的。所以，現在的租金覆蓋率其實比颶風前更高。

Yes.

是的。

Okay, thanks guys. I appreciate the time and have a great weekend.

好的，謝謝各位。謝謝你們抽出時間，祝你們週末愉快。

You too.

你也是。

Gaurav Mehta with Alliance Global Partners.

Gaurav Mehta 與 Alliance Global Partners 合作。

Thank you. Good morning. I wanted to ask you if you had any update on your properties that are leased to at home.

謝謝。早安.我想問一下，您出租給國內租戶的房產有沒有最新進展？

Yes, so, those properties that we kind of, one is in Concord, North Carolina that could be sold in not too distant future. And the others, the same situation where we're monitoring kind of, what at home's doing, but, if they come back we're working on a replacement tenants. So, the idea would be if at home vacated one of the properties we would have a replacement tenant in and then we would sell it at a better cap rate than as at home. So, it's a manageable exposure and potential upside.

是的，我們有一些房產，其中一套位於北卡羅來納州康科德，可能在不久的將來出售。其他房產的情況也類似，我們正在密切關注At Home的動向，如果他們回來，我們會尋找替代租戶。所以，我們的想法是，如果At Home搬走其中一套房產，我們會找到替代租戶，然後以比At Home更高的資本化率出售。因此，這是一個可控的風險敞口和潛在的收益。

Okay, second question, I want to go back to the two loans, that you did after September. The interest rates on both of them are higher than the year-to-date loan activity. Can you provide some color on why the rates were higher at 17% and 16%.

好的，第二個問題，我想再問一下您在九月之後發放的兩筆貸款。這兩筆貸款的利率都高於年初至今的平均貸款利率。您能否解釋為什麼利率分別高達17%和16%？

Phil, you wouldn't handle it. Yeah, so.

菲爾，你一定應付不來。是啊，就是這樣。

He was just asking about why the interest rates on the residential and the mixed use are significantly higher than the blended rate for the portfolio.

他只是想問，為什麼住宅和混合用途的利率明顯高於投資組合的綜合利率。

Yeah, so on that, basically because it's such short duration loan, that so kind of give you more background than maybe you want is that, the competition for a loan for that sort of product would be mainly from opportunity fund or a credit fund and those funds, really aren't looking to invest where the duration is less than 2 years in order to kind of get a multiple. So, we're able to give highly flexible loan, but for that we charge a much higher rate and so just the flexibility of our loan in the short duration gives us that higher interest rate investment.

是的，關於這一點，主要是因為貸款期限很短，所以我想提供一些可能超出您預期的背景資訊：這類貸款產品的競爭對手主要是機會基金或信貸基金，而這些基金通常不會投資期限少於兩年的項目以獲得更高的回報倍數。因此，我們能夠提供非常靈活的貸款，但為此我們收取更高的利率。正是這種短期貸款的靈活性，才使得我們能夠獲得更高的利率。

All right, that's all I had. Thank you.

好了，我今天就說這些。謝謝。

John Massocca with B. Riley Securities.

John Massocca，B. Riley Securities公司。

Good morning. So maybe given all of the investment activity on the loan front in particularly subsequent quarter end, do you view that as maybe kind of the max level you want to be at in terms of a loan balance this all kind of blends out or could you kind of pursue more of that and become I guess maybe more of like a mixed loan net lease type re it feels like the amount of loan investments are starting to certainly in terms of the investment activity outweigh the net lease transactions.

早安.鑑於近期季度末貸款方面的投資活動如此活躍，您是否認為貸款餘額已經達到您想要的最高水準？或者您可以繼續推進貸款投資，轉向混合型貸款淨租賃模式？感覺貸款投資額在投資活動中已經開始超過淨租賃交易額了。

You know, I would say that, it just kind of really kind of came together here this, last quarter, but, the loan activity could pick up from here for sure, but as it's a little bit in anticipation of things burning off paying down paying off and then we're super active on the core net lease side with larger type assets. So, you'll see this similar balance but we think we're delivering really strong free cash flow and high earnings and there's other net lease rates out there that do the loan program as well and then you have REITs like VICI that have a balance of net lease and loan, so it's not like we're in a new frontier here.

你知道，我想說，上個季度的情況確實有所好轉，但貸款活動肯定會從現在開始加速成長。這主要是因為我們預期一些債務會逐漸償還，而我們在核心淨租賃方面非常活躍，尤其是在大型資產方面。所以，你會看到類似的平衡，但我們認為我們能夠提供非常強勁的自由現金流和高收益。市場上還有其他一些淨租賃公司也提供貸款項目，還有像VICI這樣的房地產投資信託基金，它們在淨租賃和貸款方面都有所平衡，所以這並不是說我們進入了一個全新的領域。

I remember thinking, and maybe I'm misremembering the loans are kind of an opportunistic thing a couple of years ago and now it feels like they've become a bigger part of the investment strategy. I'm wondering if that's something you view as like permanent on a go forward basis or if it's still something that's temporary where you found this kind of opportunistic way to kind of accretively deploy your capital even in a challenged equity market.

我記得幾年前我曾想過（也許我記錯了），貸款是一種投機取巧的做法，但現在感覺它已經成為投資策略中更重要的一部分。我想知道您是否認為這會成為您未來長期堅持的做法，還是說這只是一種暫時的策略，您只是找到了一種即使在股市低迷的情況下也能增值投資資本的投機方式？

No, it's, yeah, it's definitely a good point. Yeah, so when we're opportunistically thinking that it was like a one-time opportunity, it's become repeat customers are coming back to us because of the flexibility and the speed that we can transact on. They're willing to pay a higher rate and then, as we get right of first refusal on acquiring these assets. So if they, if the market stalls and cap rates tick up we have the opportunity to bring these into our portfolio.

不，沒錯，這確實是個好觀點。是的，當我們最初認為這只是一次機會時，現在卻發現回頭客們因為我們交易的靈活性和速度而不斷回來。他們願意支付更高的利率，而且我們擁有優先購買權。所以，如果市場停滯不前，資本化率上升，我們就有機會將這些資產納入我們的投資組合。

And so like I've said before we're getting paid a much higher yield than going out and buying, some sort of generic net lease property out in the middle of nowhere. We're, basically in Austin with very opportunistic type yields. I'm very with very high-quality sponsor and high-quality asset and then, the public that we had pay off in Charlotte, Publix in Charlotte, that I think that paid off because they sold it at 5.25% cap so these are we're getting double-digit unlevered yields on assets that will sell for, really low, cap rates, so. It's great to see the opportunities that we're able to kind of, it's become more of a permanent fixture as the sponsors are still very active in the development side on these credit tenants and the banking system just really is slower, less proceeds, and this is we're just basically providing an answer to their capital needs on in a much more efficient fashion.

就像我之前說的，我們現在的收益率比去買那些偏遠地區常見的普通淨租賃物業要高得多。我們基本上在奧斯汀，擁有極具機會性的收益。我與非常優質的發起人和資產合作，而且這些資產品質都很高。另外，我們在夏洛特投資的Publix超市也獲得了回報，我認為這筆投資很成功，因為他們以5.25%的資本化率出售了該物業。所以，我們現在可以從那些資本化率很低的資產中獲得兩位數的無槓桿報酬率。看到我們能夠獲得這樣的機會真是太好了。隨著發起人仍然積極參與這些優質租戶的開發，而銀行體系的放款速度確實很慢，資金也更少，這種模式正變得越來越穩定。我們基本上是以更有效率的方式滿足他們的資金需求。

Understood and then maybe on a very like micro level with Cornerstone exchange, pretty significant jump up in in the amount you're kind of lending on that project why. I guess maybe why did it increase by so much.

我明白了，然後從非常微觀的層面來看，Cornerstone交易所的貸款金額出現了相當大的成長，這是為什麼呢？我想，或許這就是它成長如此之大的原因吧。

It's basically they ended up signing some additional leases, so as they've proven out their development with leases, we won't loan on it until they have a signed lease and so that's what happened. The development's gotten larger as they've signed leases.

基本上，他們最終簽了一些額外的租賃合約。既然他們已經透過租賃合約證明了他們的開發項目，我們就不會在他們簽完租賃合約之前發放貸款，事情就是這樣發生的。隨著他們簽的租賃合約越來越多，開發案的規模也越來越大了。

Yeah, that makes sense, and that's it for me. Thank you very much.

嗯，有道理，我的情況就是這樣。非常感謝。

Great, thanks.

太好了，謝謝。

Craig Kucera with Lucid Capital Markets.

Craig Kucera，來自 Lucid Capital Markets。

Yeah, hey, good morning guys. John, I want to circle back with a few questions on the Austin loans. It sounds like you're not taking any entitlement or approval risk, at least on phase one. Is that a fair assessment phase two need to be approved?

嗨，大家早安。約翰，我想再問幾個關於奧斯汀貸款的問題。聽起來你們至少在第一階段不需要承擔任何審批風險。第二階段是否也需要審批呢？

It's a fair assessment on both, the entitlements are there for both phases and everything needed to basically deliver.

兩者的評估都很公平，兩個階段都具備相應的權利，並且擁有交付所需的一切基本條件。

Okay, great. And what is the current LTV?

好的，太好了。那麼目前的貸款成數是多少呢？

I would put that one in kind of the, on a discount NPV basis we're in the 70s.

我會把它歸類為，以折現淨現值計算，我們大概在 70 左右。

Okay. And if you were to sell the senior tranche or a portion of those loans, and I think Phil mentioned it might be upwards of 50%, what would your yield be if you're holding the junior piece?

好的。如果你要出售優先部分或其中一部分貸款（我想菲爾提到可能超過 50%），那麼如果你持有次級部分，你的收益率會是多少？

I don't want to like go out there with, I mean it'll be higher. I don't want to give you specific numbers.

我不想透露具體數字，我的意思是，實際數字肯定會更高。我不想給你具體的數字。

Fair enough. All right, changing gears, to Lake Cockaway, mixed use development, is that just raw land now or has the developer started or kind of where in the process is that development?

好吧。好的，換個話題，說說科克威湖的綜合用途開發項目，那裡現在只是一片空地嗎？還是開發商已經開始動工了？或者說，開發專案進行到什麼階段了？

Yeah, the developer has started, so, kind of we're coming in like when they really need to really start, doing some additional work and delivering pads and that sort of thing.

是的，開發人員已經開始了，所以，我們算是在他們真正需要開始的時候介入，做一些額外的工作，交付墊子之類的東西。

Okay. Okay, that's it for me thanks guys.

好了，好了，我今天就到這裡，謝謝大家。

Thank you.

謝謝。

Barry Oxford with Colliers International.

Barry Oxford，來自高力國際。

Great, thanks guys. John, real quick, a couple of questions on the dividend given what I'm hearing on the conference call you want to retain as much capital as possible.

太好了，謝謝各位。約翰，我快速問幾個關於分紅的問題，因為我在電話會議上聽到你們想盡可能保留資本。

Is it fair to say that, even though you could raise the dividend for lack of a better word substantially any dividend increase will probably be minimal because you want to retain as much capital from an asset allocation.

即使你可以大幅提高股息（暫且這麼說吧），但由於你想從資產配置中保留盡可能多的資本，所以股息的成長幅度可能也會很小。

That's right. I mean, so, as we progress here and earnings grow, there'll be pressure to raise a dividend just based on what we need to pay out as a rate.

沒錯。我的意思是，隨著我們業務的發展和利潤的成長，僅僅基於我們需要支付的股息率，就會有提高股息的壓力。

Right. So, you don't run afoul of the REIT rules?

沒錯。所以，你沒有違反房地產投資信託基金（REIT）的規定？

Well, we don't want to pay a check to the IRS. We'd rather give it to our shareholders.

我們不想把錢交給美國國稅局，我們寧願把錢給股東。

Right. And then, one thing that I noticed in the press release was the credit rated tenants. Now your investment grade tenants, the percent of the portfolio was still roughly the same, but you had a fairly good drop with the credit rated tenants. What was going on there?

沒錯。然後，我在新聞稿中註意到一點，就是信用評等租戶的比例。你們的投資等級租戶佔投資組合的比例大致相同，但信用評等租戶的比例卻大幅下降。這是怎麼回事？

Just the credit rated as a percent of the total portfolio. So the end of the last quarter was 51%.

僅以信用評等佔總投資組合的百分比來衡量。因此，上季末的信用評等佔比為 51%。

It went from, yeah, it went from 81 to 66.

是的，它從 81 降到了 66。

Yeah, the credit that was very that's more the Walgreens and the like that used to have a credit rating dropping them. That were very low and had gone from credit rate to, not from investment grade to not investment grade, but we're still carrying. It's more for related to a couple of tenants like that they got home, Walgreens and such, dropping the credit rating altogether and that's what caused that decrease.

是的，信用評級下降主要是因為像沃爾格林這樣的公司，它們的信用評級曾經很低，甚至從投資等級降到了非投資級，但我們仍然在處理這些貸款。這主要是因為一些租戶，像是沃爾格林之類的公司，它們的信用評級被大幅下調，導致了信用評級下降。

Okay makes sense. Alright guys, thanks. Have a good weekend.

好的，明白了。好的，謝謝各位。祝你們週末愉快。

You're. Welcome.

不客氣。

And I'm not showing any further questions at this time, and as such, this does conclude today's presentation. We thank you for your participation. You may now disconnect and have a wonderful day.

目前我不再回答任何問題，今天的演講到此結束。感謝各位的參與。您可以斷開連接，祝您有美好的一天。