Postal Realty Trust Inc (PSTL) 2023 Q3 法說會逐字稿

Greetings, and welcome to Postal Realty Trust third-quarter 2023 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Postal Realty Trust 2023 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

I would now like to turn the conference over to your host, Mr. Jordan Cooperstein, Vice President of FP&A Capital Markets. Welcome, Jordan.

現在我想將會議交給主持人 FP&A 資本市場副總裁 Jordan Cooperstein 先生。歡迎，喬丹。

Thank you and good morning, everyone. Welcome to the Postal Realty Trust third-quarter 2023 earnings conference call. On the call today we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Robert Klein, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer.

謝謝大家，早安。歡迎參加 Postal Realty Trust 2023 年第三季財報電話會議。今天的電話會議有執行長 Andrew Spodek；傑瑞米·加伯，總裁；羅伯特‧克萊因，財務長；和首席會計官馬特·布蘭德溫(Matt Brandwein)。

Please note the company may use forward-looking statements on this conference call, which are statements that are not historical facts are considered forward-looking. These forward-looking statements are covered by the Safe Harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those described in the forward-looking statements and will be affected by a variety of risks and factors that are beyond the company's control, including but not limited to, those contained in the company's latest 10-K and its other Securities and Exchange Commission filings. The company does not assume and specifically disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

請注意，本公司可能會在本次電話會議上使用前瞻性陳述，這些陳述不是歷史事實，被視為前瞻性陳述。這些前瞻性陳述受到 1995 年《私人證券訴訟改革法案》中前瞻性陳述安全港條款的保護。實際結果可能與前瞻性陳述中描述的結果有重大差異，並且會受到各種因素的影響。公司無法控制的風險和因素，包括但不限於公司最新的10-K 及其其他證券交易委員會文件中包含的風險和因素。該公司不承擔並明確否認更新任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Additionally, on this conference call, the company may refer to certain non-GAAP financial measures such as funds from operations, adjusted funds from operations, adjusted EBITDA, and net debt. You can find a tabular reconciliation of these non-GAAP financial measures to the most currently comparable GAAP measures in the company's earnings release and supplemental materials.

此外，在本次電話會議上，本公司可能會提及某些非公認會計原則財務指標，例如營運資金、調整後的營運資金、調整後的 EBITDA 和淨債務。您可以在公司的收益發布和補充資料中找到這些非 GAAP 財務指標與目前可比較的 GAAP 指標的表格調整表。

With that, I will now turn the call over to Andrew Spodek, Chief Executive Officer of Postal Realty Trust.

現在，我將把電話轉給郵政房地產信託公司執行長安德魯‧斯波德克 (Andrew Spodek)。

Good morning and thank you for joining us today. The third quarter marked another strong period for Postal Realty. We demonstrated our ability to drive external and internal growth by expanding our asset base and achieving operating efficiencies. We acquired 70 postal properties across the US during the quarter at an 8% weighted average cap rate, the top of our stated range. Based on the acquisitions completed through October 20, we have added 153 properties to our portfolio for $58 million, continue to work towards our $80 million target and anticipate our full-year 2023 weighted average cap rate to be between 7.25% and 7.75% percent.

早安，感謝您今天加入我們。第三季標誌著 Postal Realty 的另一個強勁時期。我們展示了透過擴大資產基礎和實現營運效率來推動外部和內部成長的能力。本季度，我們以 8% 的加權平均上限收購了美國各地的 70 處郵政資產，這是我們規定範圍的上限。根據截至10 月20 日完成的收購，我們已以5,800 萬美元的價格向投資組合中添加了153 處房產，繼續努力實現8,000 萬美元的目標，並預計2023 年全年加權平均資本化率將在7.25% 至7.75% 之間。

The increase in transaction volumes is encouraging, and we are optimistic that this will continue through the end of the year. The high retention and occupancy rates across our portfolio are characteristic of the niche market we serve, where we receive 100% of our monthly rent, a 100% on time. This predictability of cash flow is a significant differentiator for Postal Royalty. It's important to note that even at the discussion of a government shutdown persists, the Postal Service has affirmatively stated that not only will their facilities remain open but their services shall remain uninterrupted. We continue to be judicious with our deployed of capital.

交易量的成長令人鼓舞，我們樂觀地認為這種情況將持續到今年年底。我們的投資組合的高保留率和入住率是我們所服務的利基市場的特徵，我們在該市場上收到 100% 的月租金，並且 100% 按時收到。這種現金流的可預測性是郵政版稅的一個顯著差異化因素。值得注意的是，即使政府關門的討論仍在繼續，郵政局也明確表示，其設施不僅將保持開放，而且其服務也將保持不間斷。我們將繼續審慎地部署資本。

Our revolving credit facility remains completely undrawn, and we've maintained conservative leverage with net debt to annualized adjusted EBITDA of 5.5 times. We have positioned ourselves optimally to capitalize on attractive opportunities that arise, and we are confident they will.

我們的循環信貸額度仍然完全未提取，並且我們保持保守的槓桿率，淨債務與年化調整後 EBITDA 的比值為 5.5 倍。我們已經將自己定​​位在最佳位置，以利用出現的有吸引力的機會，並且我們相信它們會的。

Our team has over 30 years of experience acquiring, operating, and managing properties from small towns to big cities and everything in between. We take pride in the operation and management of each asset in our growing portfolio. For logistics network, we invest in on a daily basis its irreplaceable American infrastructure, enabling the Postal Service to serve the American people through the 165 million distinct delivery points they've reached five to six days a week.

我們的團隊擁有 30 多年收購、營運和管理從小城鎮到大城市以及介於兩者之間的各種房產的經驗。我們對不斷增長的投資組合中每項資產的營運和管理感到自豪。對於物流網絡，我們每天都對其不可替代的美國基礎設施進行投資，使郵政服務能夠透過每週五到六天到達的 1.65 億個不同的投遞點為美國人民提供服務。

This unique and niche space has proved its resilience in the past and present economic cycle. Regardless of whether the US economy will face a soft landing, hard landing, or no landing, we are exceedingly confident in the strength of our business, our tenants, and our opportunity for future growth.

這個獨特而利基的空間已經在過去和當前的經濟週期中證明了其彈性。無論美國經濟將面臨軟著陸、硬著陸或不著陸，我們對我們的業務實力、我們的租戶以及我們未來的成長機會充滿信心。

I'll now turn the call over to Jeremy.

我現在將把電話轉給傑里米。

Thank you, Andrew. In the third quarter of 2023, we added approximately 165,000 net leasable interior square feet to our portfolio, inclusive of 63,000 square feet from 45 last-mile properties and 102,000 square feet from 25 flex properties.

謝謝你，安德魯。 2023 年第三季度，我們在投資組合中增加了約 165,000 淨可出租室內平方英尺，其中包括 45 個最後一英里房產的 63,000 平方英尺和 25 個彈性房產的 102,000 平方英尺。

During the quarter, we received the fully executed 2022 renewals with the Postal Service, marking to market expiring rents on 86 properties, while also introducing annual rent escalations to these releases. The Postal Service is an exceptional partner to our company. Our discussions regarding the 2023 lease expirations remain ongoing, and we are making progress.

本季度，我們收到了郵政服務完全執行的 2022 年續約，將 86 處房產的到期租金按市價標記，同時也對這些版本引入了年度租金上漲。郵政服務是我們公司的傑出合作夥伴。我們關於 2023 年租約到期的討論仍在繼續，並且正在取得進展。

We have maintained a 99% historical weighted average lease retention rate of it the past 10 plus years, reflecting the strategic importance of these properties to both the Postal Service and the communities they serve.

在過去的十多年裡，我們一直保持著 99% 的歷史加權平均租賃保留率，反映了這些物業對郵政服務及其所服務的社區的戰略重要性。

I'll now turn the call over to Rob to discuss our third-quarter financial results.

我現在將電話轉給 Rob，討論我們第三季的財務表現。

Thank you, Jeremy, and thank you, everyone, for joining us on today's call. We are pleased to discuss our third-quarter financial results. Funds from operations or FFO was $0.25 per diluted share, and adjusted funds from operations or AFFO was $0.27 per diluted share. We've continued to manage our balance sheet prudently by maintaining low leverage and minimizing our exposure to variable rate debt. At the end of the third quarter, our debt outstanding had a weighted average interest rate of 4.04%, a weighted average maturity of five years, and no notable debt maturities until 2027.

謝謝傑里米，也謝謝大家參加今天的電話會議。我們很高興討論我們第三季的財務表現。來自營運或 FFO 的資金為稀釋後每股 0.25 美元，調整後來自營運或 AFFO 的資金為稀釋後每股 0.27 美元。我們繼續透過維持低槓桿率和盡量減少可變利率債務風險來審慎管理我們的資產負債表。截至第三季末，我們的未償債務加權平均利率為4.04%，加權平均期限為五年，且在2027年之前沒有明顯的債務到期日。

Our $150 million senior unsecured revolving credit facility was completely undrawn, and 100% of all borrowings were sent to fixed rates. Net debt to annualize adjusted EBITDA ratio was 5.5 times at the end of Q3 well within our target of below 7 times.

我們的 1.5 億美元優先無擔保循環信貸額度已完全未提取，所有借款 100% 均以固定利率支付。截至第三季末，淨負債與年化調整後 EBITDA 比率為 5.5 倍，遠低於我們低於 7 倍的目標。

During our last call, we announced that we raised roughly $12 million by entering into forward sales agreements through our ATM program subsequent to the end of the second quarter. As of October 20, we settled these forward sales agreements, utilizing the $12 million in proceeds to repay the revolving credit facility and bond acquisition.

在上次電話會議中，我們宣佈在第二季末後透過 ATM 計畫簽訂遠期銷售協議，籌集了約 1,200 萬美元。截至 10 月 20 日，我們已達成這些遠期銷售協議，利用 1,200 萬美元收益來償還循環信貸安排和債券收購。

Recurring CapEx for the third quarter was under $0.02 per square foot at $97,000. As we've discussed in prior quarters, we anticipate the figure for 2023 to be around $0.02 per square foot. We expect to complete additional our R&M and CapEx projects prior to year end, and our recurring CapEx guidance for the fourth quarter is between $200,000 and $300,000.

第三季的經常性資本支出為每平方英尺 97,000 美元，低於 0.02 美元。正如我們在前幾個季度所討論的，我們預計 2023 年的數字約為每平方英尺 0.02 美元。我們預計在年底前完成更多的 R&M 和資本支出項目，我們第四季度的經常性資本支出指引在 20 萬美元至 30 萬美元之間。

Cash G&A expense came in lower than expected during the third quarter as we continued to achieve cost savings and efficiencies throughout 2023. We do anticipate an uptick in expenses for the fourth quarter, and our guidance is between $2.2 million and $2.4 million, reducing our projected 2023 total to between $8.8 million and $9 million, which is a slight increase over last year.

第三季的現金管理及行政費用低於預期，因為我們在2023 年繼續實現成本節約和效率提高。我們確實預計第四季度的費用會上升，我們的指導在220 萬美元至240 萬美元之間，從而降低了我們的預期2023 年總額將達到 880 萬至 900 萬美元，比去年略有增加。

The projected increase as compared to the third quarter is primarily related to additional hires, further investment in technology, and the timing of work performed by our third-party vendors. As a reminder, the lower 2023 figures are result of employees electing to receive equity as part of their compensation, reduced third-party expenses, and internal operating efficiencies. Consistent with our guidance throughout the year, 2023 cash G&A as a percentage of revenue will decline on an annual basis.

與第三季相比，預計的成長主要與額外的招聘、對技術的進一步投資以及我們的第三方供應商執行工作的時間表有關。需要提醒的是，2023 年數字較低的原因是員工選擇接受股權作為薪酬的一部分、第三方費用減少以及內部營運效率提高。與我們全年的指導一致，2023 年現金管理費用佔收入的百分比將逐年下降。

Our Board of Directors approved a quarterly dividend of $0.2375 per share, representing a 1.1% increase from the third-quarter 2022 dividend. Our business model continues to provide investors with stable cash flows through turbulent times in the broader REIT market. We are exhibiting patience with acquisitions and prudence in the capital markets, which should reassure investors that our business will continue to thrive across all economic cycles.

我們的董事會批准了每股 0.2375 美元的季度股息，較 2022 年第三季股息增加 1.1%。我們的業務模式繼續為投資者在更廣泛的房地產投資信託市場的動盪時期提供穩定的現金流。我們對資本市場的收購表現出耐心和審慎，這應該讓投資者放心，我們的業務將在所有經濟週期中繼續蓬勃發展。

This concludes our prepared remarks. Operator, we'd like to open the call for questions.

我們準備好的演講到此結束。接線員，我們想開始提問。

(Operator Instructions) Eric Borden, BMO Capital Markets.

（操作員指令）Eric Borden，BMO 資本市場。

Hey, guys, good morning out there. I know you mentioned that your lease negotiation process is currently ongoing, but I was just hoping that you could tell us kind of what inning you're in, in terms of the process, and how things are trending to date?

嘿，夥計們，早安。我知道您提到您的租賃談判流程目前正在進行中，但我只是希望您能告訴我們您目前處於哪一階段，就流程而言，以及迄今為止事情的趨勢如何？

Sure, Eric. As you know, the process is around an entire year's vintage. And as you saw through the 2022 renewal, it's a process that takes time. We completed the 2022 renewals received all the fully executed leases, and we're encouraged by the 2023 discussions. Our goal was to come up with a more efficient process as we sit here, almost through 2023. We would love to be in a position where we close out the year with all of our 2023 leases done. And we're hopeful that the process that we have been working towards will allow us to achieve our goals.

當然，埃里克。如你所知，這個過程大約需要一整年的年份。正如您在 2022 年更新中看到的那樣，這是一個需要時間的過程。我們完成了 2022 年的續約，並收到了所有完全執行的租約，我們對 2023 年的討論感到鼓舞。我們的目標是在幾乎到 2023 年的時候，提出一個更有效率的流程。我們希望能夠在 2023 年結束時完成所有 2023 年的租賃。我們希望我們一直努力的進程能夠幫助我們實現我們的目標。

Thank you. That's helpful. And then maybe just on the acquisition funding for the fourth quarter, I know you guys have multiple sources. How should we think about the right mix between cash equity either from the ATM or OP units and debt?

謝謝。這很有幫助。然後也許就第四季的收購資金而言，我知道你們有多個來源。我們應該如何考慮 ATM 或 OP 單位的現金權益與債務之間的正確組合？

Yeah. Thanks, Eric. This is Rob. I think that the story remains the same that we have a lot of tools in our toolbox. We continue to be vigilant on the markets watching where our stock trades to see if ATM is viable and makes sense. We do have our full revolver undrawn, so we have the complete availability of that. And at the asset times, there are OP unit transactions, and we'll do those that they're accretive to the cap rate of those transactions. So we still have the full load of things that we can use as equity and debt as we have in prior quarters.

是的。謝謝，埃里克。這是羅布。我認為這個故事仍然是一樣的，我們的工具箱裡有很多工具。我們繼續對市場保持警惕，觀察我們的股票交易情況，看看 ATM 是否可行且有意義。我們確實有完整的左輪手槍未拔出，所以我們完全可以使用它。在資產時期，有 OP 單位交易，我們將進行那些會增加這些交易上限利率的交易。因此，我們仍然擁有可以像前幾季一樣用作股本和債務的全部資源。

Thank you. And last one for me, if I may. I just noticed that NOI margins decreased sequentially. Was there any one-time cost and OpEx for the third quarter with that we should be aware of or is 3Q a good run rate for 4Q?

謝謝。如果可以的話，最後一個是給我的。我剛剛注意到 NOI 利潤率連續下降。第三季是否有我們應該注意的一次性成本和營運支出，或者第三季是否是第四季的良好運行率？

Yes, so that there wasn't any one time one-time costs that we can point to. There's always things that are cyclical or that happened in a quarter and don't happen in other quarters. But I think, part of the reason for the margin decline this quarter versus the prior quarters was really that while there was an uptick in expenses, there was also some increase in tenants reimbursements. And you'll notice that the two of those together kind of do decreased margin, even though NOI may not be affected, the bottom-line NOIs. I think, probably is a good run rate as we noticed expenses going up, but also reimbursements increasing as well.

是的，因此我們可以指出沒有任何一次性成本。總是有一些事情是週期性的，或者在一個季度發生但在其他季度不會發生的事情。但我認為，本季利潤率較前幾個季度下降的部分原因實際上是，雖然費用有所增加，但租戶報銷也有所增加。您會注意到，儘管 NOI（底線 NOI）可能不會受到影響，但兩者一起確實會降低利潤。我認為，這可能是一個不錯的運行率，因為我們注意到費用正在增加，但報銷也在增加。

All right. Thanks very much.

好的。非常感謝。

Rob Stevenson, Janney.

羅布史蒂文森，珍妮。

Good morning. Rob, where is your marginal cost of debt these days?

早安.羅布，這些天你的債務邊際成本在哪裡？

So on our facility, on our revolver, we have a rate that's SOFR plus 148 because it's 150. But we've gotten the 2 basis point reduction based on some ESG initiatives. So it's really wherever the term SOFR or daily SOFR, depending on which only choose, plus that margin, plus the 10 basis points adjustment when we went to SOFR.

因此，在我們的設施上，在我們的左輪手槍上，我們的匯率是 SOFR 加 148，因為它是 150。但根據一些 ESG 舉措，我們已經降低了 2 個基點。因此，實際上無論是“SOFR”還是“每日 SOFR”，都取決於僅選擇哪一個，加上該保證金，再加上我們選擇 SOFR 時的 10 個基點調整。

Okay. So there's not anything that you guys are looking at that will provide you any sort of a cheaper rate over the line at this point, that the line's going to be the primary debt financing for acquisitions over in the near term?

好的。因此，目前您正在考慮的任何東西都不會為您提供更便宜的利率，該線將成為近期收購的主要債務融資？

So that's the variable rate costs. When you're saying marginal, I was assuming you draw the line that your marginal cost of debt. Obviously, for it to swap that out, the rates would the rates would be lower. The rates for, let's call it a five-year swap or probably somewhere in the low sixes at the time, at the current time.

這就是可變利率成本。當你說邊際時，我假設你劃出了債務邊際成本的界線。顯然，如果要換掉它，利率會更低。我們稱之為五年期掉期利率，或者可能在當時、目前的低六點左右。

Okay. And if you guys do $20 million-plus of acquisitions in the fourth quarter, would that be your preference to do that? Or are you going to let that float for a while and see what winds up happening and early '24 in terms of rates?

好的。如果你們在第四季進行了 2000 萬美元以上的收購，你們會傾向於這樣做嗎？或者你會讓這個浮動一段時間，看看最終會發生什麼以及 24 年初的利率？

So if we do use debt, I think our philosophy remains the same where -- we have typically been on our revolver as kind of acquisitions line. And then as we determine that that debt is going to stay in our balance sheet longer term, we tend to swap it out, so that it's fixed rate because we're not loss looking to arbitrage fixed versus floating. We'd rather have fixed cost of debt. And that's if we're going that route.

因此，如果我們確實使用債務，我認為我們的理念仍然是一樣的——我們通常將左輪手槍視為一種收購路線。然後，當我們確定該債務將長期保留在我們的資產負債表中時，我們傾向於將其換出，使其成為固定利率，因為我們不會尋求固定利率和浮動利率套利的損失。我們寧願有固定的債務成本。這就是我們走那條路的情況。

Obviously, we were monitoring the markets as I kind of mentioned to Eric on the prior question. We're monitoring the markets and we do we do each quarter have an ATM active and OP unit transactions that can be done. So there are other sources, and we may use equity just depending on share price, cap rate, et cetera.

顯然，正如我在上一個問題上向埃里克提到的那樣，我們正在監控市場。我們正在監控市場，我們確實每季都有 ATM 活躍且可以完成的 OP 單位交易。所以還有其他來源，我們可能會根據股價、資本化率等來使用股權。

Okay. And then, Andrew, Jeremy, how you guys thinking about the equity side of the equation at 13 and change where your stock is trading today? You did some OP units during the quarter. Are there big step-ups in some of these acquisitions that you think that you can get in the near term to make that work? And acknowledging that your cap rates are going up on acquisitions, are they going up enough to maintain the spread given the cost of capital today?

好的。然後，Andrew、Jeremy，你們在 13 歲的時候如何思考等式的股權方面並改變你們股票今天的交易價格？您在本季度完成了一些 OP 單元。您認為在短期內可以在其中一些收購中取得重大進展以實現這一目標嗎？並承認您的資本化率因收購而上升，考慮到當今的資本成本，其上升幅度是否足以維持利差？

That's a great question. So we're constantly evaluating what tour cost of capital is in relation to what we're purchasing. And as the OP unit conversation, we're getting interest from sellers to take operating partnership units. And we don't always say yes; it's opportunistic for us. The currency is very valuable, and it brings in deal flow. We're not really so happy with where our stock price is today. And so we're not doing that many transactions with the use of it as a currency today.

這是一個很好的問題。因此，我們不斷評估旅遊資金成本與我們購買的商品之間的關係。在與營運單位的對話中，我們發現賣家有興趣購買營運合作單位。我們並不總是說「是」；這對我們來說是機會主義的。該貨幣非常有價值，並且可以帶來交易流。我們對今天的股價並不太滿意。因此，我們今天不會使用它作為貨幣進行那麼多交易。

Okay. Thanks, guys. Appreciate the time.

好的。多謝你們。珍惜時間。

Thank you.

謝謝。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning. Just going back to the topic of the lease renewals and that process, how would you describe the kind of key hurdle? Is that the fact that you're dealing with a kind of large, much larger bureaucratic entity? Or is it really just trying to negotiate the right rental rate? Just curious, if any kind of color you can provide.

謝謝。早安.回到租約續約和流程的主題，您如何描述這種關鍵障礙？事實上，您正在與一個龐大得多的官僚實體打交道嗎？還是真的只是想協商合適的租金？只是好奇，如果你能提供任何類型的顏色。

Sure. This is Andrew. So I think in general, it's complicated to negotiate 100, 200 leases at one given time, depending on how many we have rolling in that particular year. Dealing with a government agency adds a layer of complication to it, analyzing each individual properties market, and what the rates are negotiating that adds another layer to it. So I think it's just the process of going through it. I don't think there's a particular hurdle that's specific to it.

當然。這是安德魯。因此，我認為總的來說，在某個特定時間協商 100、200 個租賃是很複雜的，具體取決於我們在該特定年份滾動的數量。與政府機構打交道增加了一層複雜性，分析每個單獨的房地產市場，以及正在談判的利率，這又增加了一層複雜性。所以我認為這只是經歷它的過程。我認為不存在特定的障礙。

Okay. And in terms of G&A, any kind of ballpark idea of what we can expect going forward? I think last year, I mean, this year compared to last year, G&A went up about $2 million. Is that something that's reasonable to expect next year?

好的。就一般行政費用而言，我們對未來的預期有什麼大致的想法嗎？我想去年，我的意思是，今年與去年相比，G&A 增加了約 200 萬美元。這是明年的合理預期嗎？

So we haven't given guidance for next year. We plan to do that in the next quarter. But no, we don't believe that some of the one-time increases will be recurring in the coming years, so the increase shouldn't be as large. But we'll give you guidance in the next quarter as to how '24 is going to look.

所以我們還沒有給明年的指導。我們計劃在下個季度這樣做。但不，我們不認為某些一次性成長會在未來幾年內重複出現，因此成長不應如此之大。但我們將在下個季度為您提供關於「24」的展望的指導。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Ki Bin Kim, Truist Securities.

（操作員指令）Ki Bin Kim，Truist 證券。

Yeah. That was a quick turnaround. Just a quick question on the acquisition yields. I didn't want to hang up the call. Yeah, I guess, where would you peg a seller expectations to this kind of new cost of capital environment? Have they kind of fully embraced it and realize what's happening to substitute buyers like yourselves in terms of the increased cost of capital? And what do you think cap rates can kind of drift to as we look forward?

是的。這是一個快速的轉變。只是一個關於收購收益率的簡單問題。我不想掛斷電話。是的，我想，你會把賣家的期望與這種新的資本成本環境連結起來嗎？他們是否完全接受了這一點，並意識到像您這樣的替代買家在資本成本增加方面會發生什麼？您認為我們未來的資本化率會趨向於何種程度？

It's a great question, and I wish I had a great answer. We do a tremendous amount of volume. And so every seller's expectation is very different. And actually, every seller's asset is very different, right? And so this particular quarter, our team did very well closing out the quarter around an 8 cap, but that was really because of the mix of assets that we bought within the quarter.

這是一個很好的問題，我希望我能得到一個很好的答案。我們的工作量很大。因此每個賣家的期望都非常不同。事實上，每個賣家的資產都非常不同，對吧？因此，在這個特定的季度，我們的團隊在季度結束時表現出色，上限約為 8，但這實際上是因為我們在該季度購買的資產組合。

From the first half of last year, where we closed out a 6.5 cap to where we are today with, let's call it a 7.5 to 8 cap, that's a big move, but this is not a market shift. We're still having to negotiate to get these cap rates on an individual deal basis. We're hoping that next quarter is going to be 7.5 or higher. I don't want anybody to expect this 8 cap quarter to be a change in the market itself. But we're working on getting the best pricing that we possibly can, and we're taking into account our cost of capital as we do those deals.

從去年上半年我們的上限為 6.5 到今天的上限，我們稱之為 7.5 至 8 上限，這是一個很大的轉變，但這並不是市場的轉變。我們仍然需要進行談判，以在個別交易的基礎上獲得這些上限利率。我們希望下個季度能夠達到 7.5 或更高。我不希望任何人期望這個 8 上限季度會帶來市場本身的變化。但我們正在努力獲得盡可能最好的定價，並且在進行這些交易時我們會考慮我們的資本成本。

Can I tell you that the sellers recognize the cost of capital shift? If they are recognizing it, they're not voicing at the us. They're still saying that they want their price, which I guess is part of the game.

我可以告訴你，賣家認識到資金轉移的成本嗎？如果他們認識到這一點，他們就不會向我們發聲。他們仍然說他們想要他們的價格，我想這是遊戲的一部分。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Jon Petersen, Jefferies.

喬恩彼得森，傑弗里斯。

Great. Thanks. Good morning, guys. I'm just curious if there's any, maybe updated trends on where you're seeing the post office to make investments today, especially as it relates to your business? I know in the past, we've talked about them upgrading their fleet of trucks, or I don't know if there's different store design or like that that we should be aware. I'm just curious if there's any trends in that regard bit of that or impact in your business that we should be aware of?

偉大的。謝謝。早上好傢伙。我只是好奇您今天看到郵局在哪裡進行投資是否有任何可能是最新的趨勢，特別是與您的業務相關的投資？我知道過去我們討論過他們升級卡車車隊，或者我不知道是否有不同的商店設計或類似的我們應該意識到的。我只是好奇在這方面是否有任何我們應該注意的趨勢或對您的業務的影響？

So I believe that there are trends, but I don't know that is directly impacting our business. They have been investing heavily in their own facilities and the modernization of those facilities, which is a good thing for the operations of their business. I don't know that it's directly impacting our property, so.

所以我相信有趨勢，但我不知道這是否直接影響我們的業務。他們一直在自己的設施以及這些設施的現代化方面進行了大量投資，這對他們的業務運營來說是一件好事。我不知道這會直接影響我們的財產，所以。

Okay. All right, thank you. That's all I got.

好的。好吧。謝謝。這就是我得到的。

Thank you.

謝謝。

Tony Paolone, JPMorgan.

東尼保隆，摩根大通。

Good morning, guys. You have [Nahum Wanhan] for Tony this morning. Congrats on executing the 2022 leases deal cut with the USPS, with the 2.5% escalators. I guess going forward, are you negotiating similar types of leases with USPS and is that maybe causing some of the holdup in renewals?

早上好傢伙。今天早上你有[Nahum Wanhan]給托尼。恭喜您與 USPS 簽署了 2022 年租約，其中包括 2.5% 的自動扶梯。我想展望未來，您是否正在與 USPS 就類似類型的租賃進行談判，這是否可能會導致續約受到阻礙？

As Andrew referenced, this is a process. The number of leases that were going through on an annual basis is voluminous, and facing off with the Postal Service and the back-and-forth just takes some time. And we've been at this for many, many years. This has been the experience over the history. And right now, we're more focused on developing with them a more efficient process, so we don't have through this year in, year out. Our goal is to achieve the best outcome for our shareholders on any type of lease renewal. And so that's where we are today. And again, our goal is to try to bring this to ahead as soon as we can.

正如安德魯所提到的，這是一個過程。每年進行的租賃數量龐大，與郵政服務的對抗和來回只需要一些時間。我們在這方面已經做了很多很多年了。這是歷史上的經驗。現在，我們更專注於與他們一起開發更有效率的流程，因此我們不需要年復一年地度過。我們的目標是在任何類型的租約續約中為我們的股東實現最佳結果。這就是我們今天的處境。再說一遍，我們的目標是盡快實現這一目標。

Got it. Thank you. That's it for me.

知道了。謝謝。對我來說就是這樣。

Thank you. We have reached the end of our question-and-answer session, and I would like to turn the floor back over to CEO, Andrew Spodek, for closing comments.

謝謝。我們的問答環節已經結束，我想將發言權交回給執行長安德魯·斯波代克 (Andrew Spodek)，他將發表結束語。

Thanks. On behalf of the entire team, thank you for your continued support and taking the time to join us today. We look forward to connecting with you over the next coming months. Thank you again.

謝謝。我代表整個團隊感謝您的持續支持並今天抽出時間加入我們。我們期待在接下來的幾個月內與您聯繫。再次感謝你。

Thank you. This concludes today's teleconference. You may now disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。