Alpine Income Property Trust Inc (PINE) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Alpine Q1 2026 earnings call.

各位好，感謝您耐心等候。歡迎參加 Alpine 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jenna McKinney, Director of Finance. Please go ahead.

請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，財務總監 Jenna McKinney。請開始。

Thank you. Joining me and 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 who 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.

謝謝。今天早上與我一同參與電話會議的有：總裁兼執行長 John Albright；財務長 Philip Mays；以及其他管理團隊成員，他們將在會議期間回答問題。提醒各位，我們今天的許多評論依據聯邦證券法屬於前瞻性陳述。

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. 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.

公司未來實際結果可能與這些前瞻性陳述所討論事項有重大差異，我們亦不承擔更新這些陳述之義務。可能導致實際結果與預期有重大差異的因素與風險，會不時在公司 Form 10-K、Form 10-Q 及其他向 SEC 提交的文件中更詳細揭露。

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

您可於我們網站 www.alpinereit.com 查閱 SEC 報告、財報新聞稿及最新投資人簡報，其中包含我們所使用之非 GAAP 財務衡量指標的調節表。接下來，我把電話交給 John。

Thank you, Jenna, and good morning, everyone. We are pleased to report a strong first-quarter in 2026, building on a record level of investment activity we achieved in 2025. We continue to execute our investment strategy by seeking to assemble a high-quality portfolio of single-tenant net lease properties leased to investment-grade rated tenants in addition to originating commercial loans with attractive risk-adjusted returns secured by high-quality real estate with strong experienced sponsored.

謝謝你，Jenna，各位早安。我們很高興報告 2026 年第一季表現強勁，延續我們在 2025 年創下的投資活動新高。我們持續執行投資策略，致力於建立高品質的單一承租戶淨租賃（net lease）不動產投資組合，承租戶以投資級評等為主；同時也承作具吸引力風險調整後報酬的商用貸款，並以高品質不動產作為擔保，且由經驗豐富、實力堅強的贊助方支持。

During the quarter, we acquired a retail property in downtown Aspen, Colorado, for $10 million. This acquisition was structured as a 50-year absolute triple-net master lease and initial cap rate of 8.5% with 1.25% annual rent escalators.

本季我們以 1,000 萬美元收購科羅拉多州阿斯本（Aspen）市中心一處零售物業。本次收購採 50 年期絕對三重淨租（absolute triple-net）總租約（master lease）架構，初始資本化率（cap rate）為 8.5%，並含每年 1.25% 的租金調升。

With regards to the property dispositions, we continue to selectively prune our portfolio, selling three non-investment-grade-rated lease properties for $5.8 million and weighted average exit cap of 7.4%. As a result of our combined first-quarter property transactions, our property portfolio consists of 125 properties, totaling 4.3 million square feet across 31 states with a 99.5% occupancy and a WALT of 9.3 years.

在資產處分方面，我們持續有選擇性地精簡投資組合，出售三處非投資級評等承租戶之租賃物業，成交金額 580 萬美元，加權平均退出資本化率為 7.4%。綜合第一季不動產交易後，我們的不動產投資組合包含 125 處物業，總面積 430 萬平方英尺，分布於 31 州，出租率 99.5%，加權平均剩餘租期（WALT）為 9.3 年。

50% of our ABR is generated from investment-grade rated tenants with Lowe's, Dick's Sporting Goods, Walmart and Best Buy, representing four of our top five tenants. Additionally, during the quarter, we originated a $32 million first mortgage loan, of which $8.6 million was funded at close. The loan carries a 24-month term with an initial interest rate of 13% inclusive of a 1.5% paid-in-kind interest, stepping down to an 11.5% current pay rate upon the borrower meeting certain conditions.

我們 50% 的年度基礎租金（ABR）來自投資級評等承租戶，其中 Lowe's、Dick's Sporting Goods、Walmart 與 Best Buy 為前五大承租戶中的四家。此外，本季我們承作一筆 3,200 萬美元第一順位抵押貸款，其中 860 萬美元於交割時撥款。該貸款期限 24 個月，初始利率 13%，包含 1.5% 的實物支付（PIK）利息；在借款人達成特定條件後，利率將下調至 11.5% 的現金支付（current pay）利率。

The loan will fund the development of 101,000 square foot retail center with national investment-grade rated tenants and three outparcels. The retail center is located in the Atlanta MSA is shadow anchored by 128,500 square foot Target currently in development and is adjacent to an existing Publix, creating a strong and varied merchandising mix.

該貸款將用於開發一座 101,000 平方英尺的零售中心，承租戶為全國性投資級評等企業，並包含三個外圍地塊（outparcels）。該零售中心位於亞特蘭大都會統計區（MSA），並由一座目前開發中的 128,500 平方英尺 Target 作為「影子主力店」（shadow anchor），且緊鄰既有的 Publix，形成強勁且多元的商業組合。

Further, with regards to our commercial loan portfolio, we closed and funded the $31.8 million Phase 2 of our first mortgage loan investment secured by a luxury residential development located in Austin, Texas metropolitan area. The A-1 participation that was previously announced contributed an additional $10.8 million towards this funding. Accordingly, net of the A-1 participation, our combined investment in Phase 1 and Phase 2 of this loan was $40 million at quarter end.

另外，就我們的商用貸款投資組合而言，我們完成並撥款 3,180 萬美元，為我們第一順位抵押貸款投資的第二期（Phase 2），其擔保品為位於德州奧斯汀都會區的高端住宅開發案。先前已公告的 A-1 參與份額（participation）為本次撥款額外貢獻 1,080 萬美元。因此，扣除 A-1 參與份額後，截至季末我們在該貸款第一期與第二期的合計投資為 4,000 萬美元。

Reflecting this quarter's loan activity including two loan repayments totaling $7.2 million in January. Our commercial loan portfolio totaled $160.4 million with a weighted average current yield, including PIK interest of 13.5% at quarter end. We have sought to originate loan investments that complement our property portfolio and increase the overall yield earned on our total assets.

反映本季貸款活動（包括 1 月兩筆合計 720 萬美元的貸款償還）後，截至季末我們的商用貸款投資組合為 1.604 億美元，加權平均當期收益率（含 PIK 利息）為 13.5%。我們致力於承作可與不動產投資組合互補的貸款投資，以提升整體資產的總收益率。

Notably, our loan portfolio has now grown to our targeted level of approximately 20% of our total undepreciated asset value. However, as noted previously, timing of funding and repayments of loan investments may cause the relative size of loan portfolio to vary quarter-to-quarter.

值得注意的是，我們的貸款投資組合目前已成長至目標水準，約占總未折舊資產價值的 20%。然而，如先前所述，貸款投資的撥款與償還時點可能使貸款投資組合的相對規模在各季之間有所波動。

Looking forward, we have a highly attractive pipeline of investment opportunities, including high-quality properties, net lease investment-grade tenants and attractive loan opportunities. Given this robust pipeline and our recently completed investment activity, we utilize both our common and preferred ATM programs this quarter, raising a combined $36.2 million of equity.

展望未來，我們擁有極具吸引力的投資機會管線，包括高品質物業、投資級淨租賃承租戶，以及具吸引力的貸款機會。鑑於此一強勁管線與我們近期完成的投資活動，本季我們同時運用普通股與特別股 ATM 計畫，合計募集 3,620 萬美元股權資金。

Furthermore, we are raising our 2026 outlook for investment volume by $100 million and increasing guidance for FFO and AFFO per diluted share to new ranges that apply approximately 12% growth at the midpoints. And with that, I'll turn the call over to Phil.

此外，我們將 2026 年投資量展望上調 1 億美元，並將稀釋後每股 FFO 與 AFFO 的指引上調至新的區間，其中位數約代表 12% 的成長。接下來我把電話交給 Phil。

Thanks, John. Beginning with financial results. For the quarter, total revenue was $18.4 million, including lease income of $12.6 million and interest income from commercial loan investments of $5.8 million. FFO and AFFO for the quarter were both $0.53 per diluted share, representing 20% growth over the prior year period. Earnings growth for the quarter was driven by investment activity, in particular, our commercial loan investments as we grew the loan portfolio to approximately 20% of our total undepreciated asset value.

謝謝，John。先從財務結果開始。本季總營收為 1,840 萬美元，其中租賃收入 1,260 萬美元，商用貸款投資利息收入 580 萬美元。本季 FFO 與 AFFO 皆為稀釋後每股 0.53 美元，較去年同期成長 20%。本季盈餘成長主要由投資活動帶動，尤其是商用貸款投資，因為我們將貸款投資組合擴大至約占總未折舊資產價值的 20%。

Moving to the balance sheet. During the first-quarter, we amended and restated our unsecured credit facility. Our new facility includes a $250 million revolver due February 2030 with two six month extension options, a $100 million term loan maturing in 2029 and a $100 million term loan maturing in 2031.

接著看資產負債表。第一季期間，我們修訂並重述了無擔保信用融資額度。我們的新融資安排包括：一筆 2.5 億美元循環信用額度（revolver），到期日為 2030 年 2 月，並附兩次各 6 個月的展延選項；一筆 1 億美元定期貸款於 2029 年到期；以及一筆 1 億美元定期貸款於 2031 年到期。

At closing, we applied existing SOFR swaps, locking in initial fixed interest rates for both term loans at approximately 3.5% and for $100 million of the outstanding balance under the revolving facility at approximately 4.8%. As the existing stock agreements mature, we have entered into four swap agreements, which will result in changes to the current interest rates.

在交割時，我們沿用既有的 SOFR 利率交換（swaps），將兩筆定期貸款的初始固定利率鎖定在約 3.5%，並將循環信用額度項下未償餘額中的 1 億美元鎖定在約 4.8%。隨著既有交換合約到期，我們已簽訂四份新的交換合約，將導致當前利率發生變動。

I refer you to our prior press release announcing the amended credit facility, which discusses the timing and impact of those changes. Notably, with the closing of this facility, we now have no debt maturing for almost three years.

關於這些變動的時點與影響，請參閱我們先前發布、公告修訂後信用融資額度的新聞稿。值得注意的是，隨著本次融資完成，我們目前幾乎在未來三年內都沒有到期債務。

During the quarter, we were also active on both our common and preferred ATM programs. Under our common ATM, we issued approximately 1.7 million shares at a weighted average gross price of $19.31 per share for net proceeds of $31.6 million. And under our preferred ATM, we issued approximately 186,000 shares at a weighted average gross price of $25.17 per share for net proceeds of $4.6 million.

本季我們也在普通股與特別股 ATM 計畫上積極發行。在普通股 ATM 下，我們發行約 170 萬股，加權平均毛發行價為每股 19.31 美元，淨募集資金 3,160 萬美元；在特別股 ATM 下，我們發行約 186,000 股，加權平均毛發行價為每股 25.17 美元，淨募集資金 460 萬美元。

Reflecting our investment activity and equity issuance, we ended the quarter with net debt to pro forma adjusted EBITDA of 6.6 times and approximately $90 million of liquidity. John provided an update on our property portfolio. As previously noted, our property portfolio includes properties acquired through sale-leaseback transactions and at quarter end, approximately 11% of our ABR or $5 million is generated from these properties, which include the Aspen property acquired this quarter and three previously acquired restaurants.

反映我們的投資活動與股權發行後，本季末我們的淨負債對備考調整後 EBITDA 倍數為 6.6 倍，流動性約 9,000 萬美元。John 已更新我們的不動產投資組合。如先前所述，我們的不動產投資組合包含透過售後回租（sale-leaseback）交易取得的物業；截至季末，約 11% 的 ABR（約 500 萬美元）來自這些物業，其中包括本季收購的 Aspen 物業以及先前收購的三家餐廳。

Although these sales leaseback properties constitute real estate for both tax and legal purposes, GAAP requires them to be accounted for as financing. Accordingly, current annual cash payments from these properties of approximately $3.7 million are reflected as interest income rather than lease income.

雖然這些售後回租物業在稅務與法律目的上均構成不動產，但依 GAAP 規定必須以融資方式入帳。因此，這些物業目前每年約 370 萬美元的現金收款，會列為利息收入而非租賃收入。

Also, as a reminder, our quarterly earnings press release includes a supplemental table that provides the details for both our commercial loan portfolio and related interest earnings. With respect to our common dividend, as previously announced in February, the Board increased our quarterly common dividend by 5.3% from $0.285 per share to $0.30 per share beginning this quarter.

另外提醒各位，我們的季度財報新聞稿包含一份補充表，提供商用貸款投資組合及相關利息收益的明細。就普通股股利而言，如同我們在 2 月先前公告，董事會自本季起將季度普通股股利提高 5.3%，由每股 0.285 美元調升至每股 0.30 美元。

This new quarterly common dividend rate represents just a 57% AFFO payout ratio for the quarter. Now turning to guidance. For the full year 2026, we are increasing our FFO outlook to a new range of $2.09 to $2.13 per diluted share and our AFFO outlook to a new range of $2.11 to $2.15 per diluted share.

此一新的季度普通股股利水準，使本季 AFFO 配息率僅為 57%。接著談指引。就 2026 全年而言，我們將 FFO 展望上調至稀釋後每股 2.09 至 2.13 美元的新區間，並將 AFFO 展望上調至稀釋後每股 2.11 至 2.15 美元的新區間。

Further, as John discussed, we are increasing our investment activity by $100 million to a new range of $170 million to $200 million. With that, operator, please open the call to questions.

此外，如 John 所討論的，我們將把投資活動增加 1 億美元，提升至新的區間 1.7 億至 2 億美元。接下來，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

First question, guys, you've talked about the strategy of high-quality net lease in combination with the commercial loans. So can you just talk a little bit about your acquisitions, your activity in the quarter and then what's in the pipeline and how that fits with that overall strategy.

第一個問題，各位，你們談到以高品質淨租賃搭配商業貸款的策略。能否請你們稍微談談本季的收購與活動情況，以及目前的案源管線有哪些、又如何與整體策略相契合？

Yes. I mean I think it's pretty straightforward. We have a fair amount of activity in the pipeline right now that we're really trying to bring in some additional investment-grade credits, higher up in our credit profile, and we're finding some good opportunities. So we're actually very optimistic on what we could do in this coming quarter. And then on the loan side, there are a couple of loans still in the pipeline.

是的。我認為這相當直接。我們目前在案源管線中有相當多的活動，正努力引進更多投資等級的信用、在我們的信用結構中更偏上層的標的，而且我們也找到一些不錯的機會。因此，我們對接下來這一季能做的事情其實非常樂觀。至於貸款端，管線裡仍有幾筆貸款。

And as we have some lower-yielding loans burn off -- pay off in the upcoming months. That will be a nice recycle into higher-yielding and high-quality loans. So it's kind of a little bit more of the same. So everything looks pretty good from our perspective right now.

而且，隨著未來幾個月有一些較低收益的貸款到期—償還，這將能很好地回收再投入到收益更高且品質更佳的貸款上。所以大致上就是延續既有節奏。就我們目前的觀點來看，一切都相當不錯。

And to follow up on your last point, I presume you're referring to this July 2026 loan? And is that just like -- is that only -- I guess you have one more kind of near-term loan expiring off in 2026? I guess you commented in the call how that could add some volatility to kind of like (technical difficulty) to the earnings, but do you feel good about the opportunities to redeploy and limit some of that volatility in the near to intermediate term?

接著追問你剛才最後一點，我猜你指的是那筆 2026 年 7 月的貸款？而且那是不是—也就是說—我想你在 2026 年還有一筆比較近期到期的貸款？我記得你在電話會議中提到，這可能會對（技術問題）收益帶來一些波動，但你是否對近到中期的再部署機會有信心，並能限制部分波動？

Yes. We feel very confident on kind of -- as we've expanded the loan program and done multiple loans with these developers, they are getting very used to kind of our -- the way we do business and the bespoke way we can kind of tailor these loans with their development needs. And so as these loans pay off, there's something else in the pipeline that they need to accommodate.

是的。我們非常有信心。隨著我們擴大貸款計畫，並與這些開發商做了多筆貸款，他們已經非常熟悉我們的—我們的作業方式，以及我們能依其開發需求以客製化方式調整貸款條件。因此，當這些貸款償還後，管線裡還會有他們需要我們配合的其他案子。

So the pipeline is very strong and very high quality and the sponsors are high quality as well. So feeling good that these lower-yielding loans that are going to be paying off, and some of them are going to be paying off, we think, early, we'll have good opportunities to reinvest.

所以管線非常強勁、品質也很高，贊助方（sponsors）同樣具高品質。因此，我們對這些將要償還的較低收益貸款感到樂觀，其中有些我們認為會提前償還，我們也會有很好的再投資機會。

Jay Kornreich, VP.

Jay Kornreich，VP。

At the end of your comments, you referenced the loan portfolio nearly at the cap of 20% of total assets. So should we expect kind of a shift in strategy from here where the bulk investments are coming more so from more traditional net lease real estate instead of the loans? And if so, I guess, how do you view your cost of capital and deal spreads you could achieve on those types of new investments?

在你們評論的最後，你提到貸款投資組合幾乎已達總資產 20% 的上限。那麼接下來我們是否應該預期策略會有些轉變，也就是主要投資會更多來自傳統的淨租賃不動產，而不是貸款？如果是的話，你們如何看待資金成本，以及在這類新投資上可達成的交易利差？

Yes. So we do have a larger amount in the pipeline of traditional net lease investments. And as far as some of the additional loans in the pipeline, as I mentioned, those will probably be fulfilling the need that we have with the lower-yielding loans paying off. And so with regards to kind of our cost of capital, as you know, in our five-plus years, we've always been kind of cost of capital kind of constrained. So we do move out some properties at lower cap rates and recycle.

是的。我們在傳統淨租賃投資方面的管線確實更大。至於管線中的一些新增貸款，如我提到的，這些可能主要是用來滿足較低收益貸款償還後的需求。至於我們的資金成本，如你所知，在我們五年多的期間裡，我們一直在某種程度上受限於資金成本。因此，我們會在較低資本化率（cap rate）下出售部分資產並進行資產回收再配置。

But the yields that we have in front of us on the net lease acquisition side work well with sort of our capital structure right now. But Phil, do you want to chime in on that sort of end?

但就淨租賃收購端而言，我們目前看到的收益率，與我們現有的資本結構搭配得很好。不過 Phil，你要不要就這部分補充一下？

Yes, I think that's right. And then if you just think about it going forward, Jay, kind of we are near that 20% cap kind of an 80-20 blend, 80% properties, 20% loans and you look at the yields we've done in both of those buckets, your cost of capital works nicely with that.

是的，我認為沒錯。再者，如果你往前看，Jay，我們接近 20% 的上限，基本上是 80-20 的組合：80% 資產、20% 貸款。你再看我們在這兩個類別所做的收益率，你的資金成本與這樣的配置是很匹配的。

Okay. I appreciate that commentary. And then I guess just maybe on the disposition side, you have done a significant amount of work over the past 18 or so months. Just with rightsizing tenant exposures, shrinking exposure to Walgreens and dollar stores, while I guess also buying higher credit in Walmart. Are there any other specific exposures you're kind of focused on rightsizing at this point?

好的，感謝這些說明。接著我想問處分端，你們在過去大約 18 個月做了相當多的工作，包括調整租戶曝險規模、降低對 Walgreens 與美元商店的曝險，同時也買進信用更高的 Walmart。那目前還有其他特定曝險是你們正著重調整規模的嗎？

No, not really. I mean, even though I think in the past, we've gotten asked about at home and so forth. But the at homes that we have are very high performing, and we've had interest from other tenants that want to buy the at home and bringing in their concept and at home is not interested in moving.

沒有，並不特別是。我是說，雖然過去我們也被問過 At Home 等等。但我們持有的 At Home 表現非常好，而且我們也收到其他租戶的興趣，想買下 At Home 的店點、導入他們的業態，而 At Home 並不想搬走。

So we have -- so we're in a good spot where we've gotten a high-yielding asset in a great location in Charlotte, and we're pretty confident they're going to be renewing because they're declining people, they want to give them a check. So even though you may see some credits that don't fit.

所以我們—我們處在一個很好的位置：我們在夏洛特（Charlotte）一個很棒的地點持有一個高收益資產，而且我們相當有信心他們會續租，因為他們正在拒絕其他人，他們想直接開支票給對方。所以即使你可能看到一些信用不太符合的情況。

It's all about the quality of the real estate. And we're -- there's actually one that we're working on right now that you would say would be a very low quality tenant, but we have an investment-grade tenant that wants to take over that space, and it looks like we'll be able to negotiate a buyout. So we're always looking to prune and upgrade, but it's -- again, it's all about the locations that we kind of really specialize in trying to buy that. We know that if these tenants leave, there's going to be a nice replacement opportunity.

重點在於不動產本身的品質。而我們—其實目前正在處理一個案子，你可能會說那是一個非常低品質的租戶，但我們有一個投資等級的租戶想接手那個空間，看起來我們能談成買斷（buyout）。所以我們一直在修剪與升級，但—再說一次，關鍵在於我們專注於那些地點；我們知道如果這些租戶離開，會有很好的替代進駐機會。

Matthew Erdner, JonesTrading.

Matthew Erdner，JonesTrading。

Sticking with the loan portfolio for a little bit, do you guys have any loan to own options that you see yourselves capitalizing on? Or is it just going to be kind of recycled back into new ones?

再談一下貸款投資組合，你們是否有看到任何「貸轉持有」（loan-to-own）的選項，並打算加以運用？還是會大致上回收再投入到新的貸款？

Yes. The cap rates that they'll be able to sell these assets will not work with sort of our investment program. So most likely, none of these will turn into ownership positions. But certainly, as the developers build these tenants out and look to sell them they give us a right or really just come to us and say, do you want to buy it and we'll save a real estate commission. But the cap rates are very strong for these assets.

是的。他們能以的資本化率出售這些資產，並不符合我們的投資計畫。因此，這些大概率不會轉為我們的持有部位。不過，當開發商把這些租戶的店點建置完成並準備出售時，他們會給我們優先權，或其實就是來問我們：你們要不要買？這樣我們也能省下一筆不動產仲介佣金。但這些資產的資本化率確實非常強。

So unfortunately, they just really won't fit. But hopefully, down the road, we'll find some where we can actually fit those into. And if we have a 1031 need, that could be more where that opportunity comes in.

所以很可惜，它們目前確實不太適合。但希望未來我們能找到一些可以納入的案子。而如果我們有 1031 的需求，可能那時候這類機會就會更容易出現。

Got it. That's helpful. And then looking out a little bit into '27, '28, it looks like 20% of the leases are rolling over. Could you just kind of walk through the process and if you've started discussions with some of those tenants and just how you envision those discussions going?

了解，這很有幫助。再往後看一些到 2027、2028 年，似乎有 20% 的租約將到期續約。你能否大致說明一下流程、你們是否已開始與其中一些租戶討論，以及你們如何看待這些討論的進展？

Yes. I mean, I think that everything that we have coming up, we've been in discussions with these tenants over time. And if we had if we had issues, we would probably be dealing with them early. So feel very strong that these are going to be renewal candidates. And as you know, that's one of the opportunities that -- where we like to buy with a shorter-term leases with a high chance of renewal.

是的。我認為我們即將到期的項目，我們一直以來都與這些租戶保持討論。如果我們有問題，我們大概會更早就處理。因此我們很有信心，這些都會是續約候選。你也知道，這正是我們喜歡的機會之一—我們喜歡買入租期較短、但續約機率很高的標的。

And a lot of these things are below market. And so that's why we're -- you're going to probably see a lot of natural renewals happen and usually get a bump up on the leases as well.

而且其中很多租金都低於市場水準。所以這也是為什麼我們—你們很可能會看到很多自然續約發生，而且通常租約也會有一個上調幅度。

Gaurav Mehta, AGP Alliance Global Partners.

Gaurav Mehta，AGP Alliance Global Partners。

I wanted to ask you on your investment-grade exposure and the lease term. As you look to acquire more properties, should we expect that you would look to increase that exposure and increase the lease term further?

我想請教你們的投資等級曝險與租期。當你們尋求收購更多資產時，我們是否應預期你們會提高投資等級曝險，並進一步拉長租期？

Yes, that's -- look, that's always the goal, and there's a little bit of a mix. There's some properties in the acquisition pipeline that are shorter duration. And so there's definitely an opportunity to go in there and do an extend blend. But again, as I just mentioned, a lot of the lease rates are so low that we don't really want to give up that bump because we want higher lease duration. But what we have here in the pipeline is accretive to our lease duration as far as getting it longer term.

是的—你看，那一直都是目標，而且會有一些組合差異。收購管線裡有些資產的存續期間較短，因此確實有機會進去做延長與混合（extend blend）。但再說一次，如我剛提到的，很多租金水準非常低，我們其實不太想為了拉長租期而放棄那個上調空間，因為我們希望租金能上調。但就目前管線而言，從拉長租期的角度看，它對我們是具增益（accretive）的。

And so that will look pretty good for us. But again, we're not in a hurry to kind of just have a higher lease duration and give up economics to our shareholders.

因此對我們來說會相當不錯。但同樣地，我們不會急著只為了提高租期而犧牲股東的經濟利益。

Second question, on the investment guidance, just to clarify, the $170 million to $200 million, is that what you're deploying? Or is that on the loan side that includes what you're funding or its just originations?

第二個問題，關於投資指引，想確認一下，1.7 億到 2 億美元，這是你們要部署的金額嗎？還是指放款端、包含你們實際出資/撥款的金額，或只是指承作（originations）？

Yes. So generally, both funding and deploying or if you want to look at the loans on an origination basis, both will fall in that range. I would say probably the funding is going to be just looking at the pipeline, it's a little hard to estimate with future loans and what funds are closing. But right now, I'd say the funding is probably $20 million less than the deployment, including full origination values, but both will fall within that range.

是的。一般來說，無論是出資/撥款（funding）或部署（deploying），或者你想用放款以承作基礎來看，兩者都會落在那個區間。我會說，就撥款來看，從目前的管線來看，因為未來貸款以及哪些資金會完成交割有點難估，但就目前而言，我認為撥款金額大概會比部署金額少 2,000 萬美元（包含完整的承作金額），但兩者都會落在那個區間內。

Wesley Golladay, Baird.

Wesley Golladay，Baird。

I just want to go back to the question about the lease renewals. Do a lot of those tenants with the below-market leases, do they have options? Can you just mark those to market?

我想回到關於租約續約的問題。很多那些租金低於市場的租戶，他們有續租選擇權嗎？你們能不能直接把租金調到市場水準？

They have options. So unfortunately, it's going to be a set bump based on the renewal options.

他們有選擇權。所以不幸的是，租金調升會是依照續租選擇權條款所規定的固定調幅。

Okay. Then a quick one on the accounting side. There's a lot of restricted cash around $24 million. Is that mainly tied to the, I guess, the more senior loans that you sold? And does that restricted cash get released throughout the year?

好的。那再問一個會計面的快問。受限制現金大概有 2,400 萬美元。這主要是跟你們賣掉的、我猜是較高順位的貸款有關嗎？而且這些受限制現金會在一年中逐步釋放嗎？

Wes, it's Phil. Yes, most of the restricted cash at the end of the quarter is related to loan reserves. We take pretty healthy reserves upfront as part of our loan process in closing. So a lot of that restricted cash is related to loan reserves.

Wes，我是 Phil。是的，季末大部分的受限制現金都與貸款準備金（loan reserves）有關。我們在貸款流程的交割環節會先行提列相當充足的準備金。所以很多受限制現金是與貸款準備金相關。

RJ Milligan, Raymond James.

RJ Milligan，Raymond James。

So maybe just a follow-up on that loan reserve comment, Phil. Obviously, with net lease, we can go down the top tenant list and look for people that are on the watch list, we don't have a lot of visibility on the loan book. I'm just curious if there's anything that you guys have on the watch list in terms of the loan book?

那我可能追問一下你剛剛提到的貸款準備金，Phil。很明顯在淨租賃（net lease）方面，我們可以沿著前幾大租戶名單去看哪些在觀察名單上；但對你們的放款組合我們能見度不高。我想問的是，就放款組合而言，你們是否有任何列入觀察名單（watch list）的項目？

Obviously, the PIK is a pretty big component. Is there anything that gives you any concern about collecting that as those loans mature?

另外，PIK（實物支付利息）占比很大。隨著這些貸款到期，你們對於收取這部分是否有任何疑慮？

Yes. So let me be clear about the loan reserves. So we'll take reserves related to real estate taxes or a certain period of interest upfront. And it's just part of our underwriting. And Steven or John can chime up and provide more details on that.

有的。先把貸款準備金說清楚。我們會提列與不動產稅（real estate taxes）相關的準備金，或是預先收取一定期間的利息。這只是我們承作審核（underwriting）的一部分。Steven 或 John 也可以補充更多細節。

We don't really have any credit concerns about any of the loans. And though those reserves are credit related, it is just part of our underwriting, conservative underwriting and making sure we get nice cash deposits upfront related to like a year of debt service or something like that.

我們對任何一筆貸款的信用狀況其實沒有疑慮。雖然那些準備金與信用有關，但它只是我們保守承作的一部分，確保我們能先收到一筆不錯的現金存入，例如相當於一年的債務償付（debt service）之類。

Yes. So RJ, we basically want to really have these loans structured pretty tightly. So we forced the reserves, so we don't have to worry about real estate taxes, interest and so forth. And so out of our loan book, there are no concerns right now. The PIK is really done to accommodate the timing of how long it takes to develop. So you have less cash burn while you're developing. So, but the book is very healthy right now.

是的，RJ，我們基本上希望把這些貸款的結構設計得很緊。因而我們要求設置準備金，這樣就不用擔心不動產稅、利息等等。所以就我們的放款組合而言，目前沒有任何疑慮。PIK 主要是為了配合開發所需的時間節奏，讓你在開發期間現金消耗較少。不過目前整體組合非常健康。

Great. That's helpful. And then Phil, maybe just on the capital raising side, you guys had a little preferred and some equity this year. How do you think about the more attractive capital sources going forward as we move through the year?

很好，這很有幫助。那 Phil，再問一下募資面。今年你們發了一點優先股和一些普通股權益。隨著今年進行，你們如何看待未來更具吸引力的資金來源？

Yes. I mean just for -- so we ended the quarter with about $90 million of liquidity. At this point, we're generating probably close to $15 million of cash flow on an annual run rate. So that's obviously a great use for us on the free cash flow. Then John spoke earlier about dispositions at a lower cap rate.

是的。就——我們在季末大約有 9,000 萬美元的流動性。目前我們按年化運行率大概能產生接近 1,500 萬美元的現金流。所以這顯然是我們自由現金流（free cash flow）的很好用途。然後 John 先前也提到以較低的資本化率（cap rate）進行處分。

So that would be another use and then after that, RJ, we could look to be opportunistic on common or preferred, if it's trading at a good level.

所以那會是另一個用途；之後，RJ，如果普通股或優先股的交易價格在不錯的水準，我們也可能機會性地發行普通股或優先股。

John Massocca, B. Riley Securities.

John Massocca，B. Riley Securities。

I know we've talked a lot about the loan book over the call, but maybe kind of going to the one new loan originated in 1Q, there's a step down in there if they meet certain conditions. What are kind of -- maybe some color around the conditions that they would need to hit to get down to that 11.5%?

我知道我們在這通電話裡談了很多放款組合，但回到第一季新承作的那一筆新貸款，裡面有一個在符合特定條件時利率會下調的機制。能否說明一下，他們需要達成哪些條件，利率才會降到 11.5%？

Yes. So basically, they've been negotiating leases and waiting for tenants to go through their signing process. And so if the -- some of the leases hadn't been signed by the time we closed it, so we said the rate needs to be higher until you kind of get those finalized. So it should be relatively short duration, unfortunately, but that's what that's about.

是的。基本上，他們一直在談租約，並等待租戶完成簽約流程。所以在我們交割時，有些租約尚未簽妥，因此我們說在你把那些租約最終敲定之前，利率需要較高。理論上這應該是相對短的期間——雖然不太理想——但大概就是這個原因。

Okay. And then I know the Austin loan was kind of contingent on them kind of selling some of the homes in that piece of property. So I mean how is that progressing? I guess how does that impact maybe interest income from that particularly large loan investment you've made?

好的。然後我知道奧斯汀那筆貸款某種程度上取決於他們在那塊土地上出售部分住宅。那目前進展如何？這會如何影響你們在那筆特別大的貸款投資上的利息收入？

Yes. So I'll answer kind of the cadence on the lot sales. So they're selling lots. So as you know, as the lots are sold, it goes through our A-1 participant first. And given that it's obviously late spring, the activity is stronger, but the asset has a large amenity that won't be open until the fall.

是的。我先回答地塊（lot）銷售的節奏。他們正在賣地塊。如你所知，地塊售出後，會先進到我們的 A-1 參與方（participant）。而且現在顯然已是晚春，活動更強，但該資產有一個大型公共設施（amenity），要到秋天才會開放。

So we expect that in the fall is really where the lot sales are going to pick up as people kind of going to get a lot more excited about it when it's closer to having the large amenity open.

所以我們預期到了秋天，地塊銷售才會真正加速，因為當大型公共設施更接近開放時，大家會更興奮。

Okay. I mean, I guess, maybe the anticipation there is that your portion of the loan won't start getting paid down until towards the end of the year?

好的。我的意思是，我猜想你們那部分的貸款本金要到接近年底才會開始被償還/攤還？

Correct.

正確。

And then last one, Phil, maybe on guidance. In terms of G&A assumptions in the guidance, are you assuming any incentive fee payout to CTO at this point? I know it's kind of early in the year, but just kind of thoughts around how that could maybe impact your guidance outlook.

最後一個，Phil，關於指引。在指引中的 G&A（一般及行政費用）假設方面，你們目前有假設會支付給 CTO 的任何激勵費（incentive fee）嗎？我知道現在還很早，但想聽聽你們對這件事的看法，以及它可能如何影響你們的指引展望。

Yes. So the guidance doesn't assume any incentive fee. What is in there, right, is a little bit higher of a management fee run rate given the equity that we issued. So for the quarter, the management fee was about $1.25 million just based on the equity that was issued during the quarter, the go-forward run rate is about $100,000 higher a quarter, so $1.350 million, assuming no additional equity. But other than adjusting the management fee for our expectations, there's no incentive fee in the guidance.

是的。指引沒有假設任何激勵費。指引裡面包含的是——對——因為我們發行了股權，所以管理費（management fee）的運行率會稍微提高。本季管理費約 125 萬美元，是依據本季發行的股權計算；往後的運行率每季大約會高 10 萬美元，也就是 135 萬美元，假設不再額外發行股權。除了依我們的預期調整管理費之外，指引中沒有激勵費。

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

We've been hearing from some of your competitors that there are an increasing number of portfolios coming to the market basically from like family offices that got into the space in 2021 and issued five-year debt at rock bottom rates. Maybe they don't want to refinance. Are you seeing any small portfolios that might be attractive as acquisition candidates?

我們聽到你們一些競爭對手說，市場上有越來越多的資產組合（portfolios）要出售，基本上來自一些在 2021 年進入這個領域的家族辦公室（family offices），當時以極低利率發了五年期債務。也許他們不想再融資。你們是否看到任何可能具吸引力、可作為收購標的的小型資產組合？

We're seeing a little bit of owners of assets that are coming up on a duration or they want to lower their exposure in a larger portfolio. But we're not seeing bigger portfolio sort of opportunities. The ones that we're looking at are really nice size for us and luckily being a small-cap company is that these assets can really move the needle versus the very large companies that really need to do those portfolio acquisitions. So we'll let the large tankers take on those. And as we just add these one and twos, they all add up very nicely for us, but we're not really chasing any sort of portfolio opportunities.

我們確實看到一些資產持有人，因為持有期間（duration）快到期，或是想在較大的資產組合中降低曝險而出手。但我們沒有看到更大型的資產組合型機會。我們在看的標的對我們來說規模非常合適；而且幸運的是，作為一家小型市值公司，這些資產相較於那些需要做資產組合收購的超大型公司，更能對我們的業績產生顯著影響。所以我們會讓那些大型油輪去做那些；我們只要逐步加上一、兩筆，累積起來對我們就很不錯，但我們並沒有在追逐任何資產組合型機會。

Okay. Got it. Just one more for me. I think you were buying at about a 7.4% cash cap rate last year. This quarter, you closed at 8.5%. Just curious to hear your overall viewpoint on the acquisition environment. Has there been any move in pricing? Or should we expect something closer to, call it, 7.5% this year?

好的，了解。再一個問題。去年你們的買入現金資本化率（cash cap rate）大約是 7.4%。這一季你們成交在 8.5%。想請教你們對整體收購環境的看法。定價有沒有變動？或者我們今年應該預期更接近 7.5% 左右？

Yes, you're going to be closer to 7.5% of this coming quarter, at least, and maybe might see some opportunities in a quarter or two that are higher.

是的，至少在接下來這一季，你會更接近 7.5%；而且可能在再過一季或兩季會看到一些更高的機會。

And I'm showing no further questions. This concludes today's program. Thank you for participating. You may now disconnect.

我這邊顯示沒有其他問題了。今天的會議到此結束。感謝各位參與。您現在可以斷線。