Postal Realty Trust Inc (PSTL) 2025 Q3 法說會逐字稿

Greetings, and welcome to Postal Realty Trust Third Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Jordan Cooperstein, Vice President of FP&A Capital Markets. Welcome, Jordan.

各位好，歡迎參加郵政房地產信託公司2025年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。現在我謹將會議交給主持人，FP&A 資本市場副總裁 Jordan Cooperstein 先生。歡迎你，喬丹。

Thank you, and good morning, everyone. Welcome to Postal Realty Trust's Third Quarter 2025 Earnings Conference Call. On the call today, we have Andrew Spodek, Chief Executive Officer; Jeremy Garber, President; Steve Bakke, Chief Financial Officer; and Matt Brandwein, Chief Accounting Officer.

謝謝大家，大家早安。歡迎參加郵政房地產信託公司2025年第三季財報電話會議。今天參加電話會議的有：執行長 Andrew Spodek；總裁 Jeremy Garber；財務長 Steve Bakke；以及首席會計長 Matt Brandwein。

Please note the company may use forward-looking statements on this conference call, which are statements that are not historical facts and 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 regulatory filings.

請注意，本公司可能會在本次電話會議中使用前瞻性陳述，這些陳述並非歷史事實，而被視為前瞻性陳述。這些前瞻性陳述受 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述的安全港條款的保護。實際結果可能與前瞻性聲明中所述的結果有重大差異，並將受到公司無法控制的各種風險和因素的影響，包括但不限於公司最新 10-K 表格及其他監管文件中所列的風險和因素。

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

本公司不承擔任何更新前瞻性聲明的義務，無論是因為出現新資訊、未來事件或其他原因，並明確聲明不承擔任何更新義務。此外，在本次電話會議中，本公司可能會提及某些非GAAP財務指標，例如營運資金、調整後營運資金、調整後EBITDA和淨債務。您可以在公司的獲利報告和補充資料中找到這些非GAAP財務指標與目前最可比較的GAAP指標的表格調節表。接下來，我將把電話交給郵政房地產信託公司執行長安德魯·斯波德克。

Good morning, and thanks for joining us today. Our strong third quarter results build on the last several quarters' momentum as we continue to solidify our position as the leading owner of U.S. postal real estate. Our team remains highly focused on three areas of our business to create value for shareholders.

早安，感謝您今天收看我們的節目。我們強勁的第三季業績延續了過去幾季的良好勢頭，我們將繼續鞏固我們作為美國郵政房地產領先所有者的地位。我們的團隊始終高度專注於業務的三個領域，以創造股東價值。

First, driving organic growth within our portfolio through programmatic leasing with the Postal Service; second, sourcing and executing postal property acquisitions that are accretive day one to per share earnings and which become significantly more accretive over time. And third, deepening our access to capital to fund accretive growth. These three pillars form the foundation of our high-quality portfolio leased to the Postal Service, which provides a critical universal service to all Americans that is mandated in the constitution.

首先，透過與郵政服務進行程序化租賃，推動我們投資組合的有機成長；其次，尋找並執行郵政資產收購，這些收購從第一天起就能增加每股收益，並且隨著時間的推移，收益會顯著增加。第三，加深我們獲取資本的管道，以資助增值成長。這三大支柱構成了我們高品質資產組合的基礎，這些資產組合租賃給郵政服務部門，為所有美國人提供憲法規定的至關重要的普遍服務。

This service was not interrupted during the most recent federal government shutdown and our rental payments have been unaffected. As we like to remind investors, lease expenses represent only 1.5% of the Postal Services total operating budget, and these real estate locations are the backbone of their entire delivery network, enabling it to provide universal service across 169 million delivery points nationwide.

在最近一次聯邦政府停擺期間，這項服務沒有中斷，我們的租金支付也沒有受到影響。我們經常提醒投資者，租賃費用僅佔郵政服務總營運預算的 1.5%，而這些房地產地點是其整個投遞網路的支柱，使其能夠在全國 1.69 億個投遞點提供普遍服務。

Turning to third quarter results. The team's success executing on the aforementioned three pillars resulted in the company reporting AFFO of $0.33 per share or growth of 10% compared to last year. In addition, we are increasing 2025 AFFO guidance by $0.06, which represents annual growth of 13% at the midpoint.

接下來來看看第三季業績。團隊成功執行了上述三大支柱，使得公司公佈的調整後營運資金 (AFFO) 為每股 0.33 美元，比去年增長了 10%。此外，我們將 2025 年 AFFO 預期上調 0.06 美元，中位數相當於年增長率 13%。

Looking at per share AFFO growth from 2022 through 2025, our guidance implies compound annual growth of 9% over the three-year period. Starting with leasing, we have worked with the Postal Service to create a highly efficient and repeatable framework to negotiate, process and execute new leases across both our existing portfolio and future acquisitions. This approach has yielded important benefits for both parties.

從 2022 年到 2025 年的每股 AFFO 成長來看，我們的預測意味著三年期間的複合年增長率為 9%。從租賃開始，我們與郵政服務部門合作，創建了一個高效且可重複的框架，用於在我們現有投資組合和未來收購項目中談判、處理和執行新的租賃協議。這種做法為雙方都帶來了重要的好處。

For Postal Realty, this framework has improved the predictability of our long-term revenue growth with our new leases offering a mix of 10-year term and 3% annual rent escalations. We are also now able to anticipate rental rate timing and ranges for future lease commencements further in advance than ever before.

對於 Postal Realty 而言，這個框架提高了我們長期收入成長的可預測性，我們的新租賃合約提供了 10 年期限和 3% 的年租金遞增的組合。我們現在也能夠比以往任何時候都更早預測未來租賃開始的租金時間和範圍。

Starting this year, greater revenue visibility enabled us to provide annual AFFO per share guidance to investors for the first time, and we will do so again for 2026 on our fourth quarter call. Another benefit of this efficient programmatic leasing approach is that paired with our unmatched ability to manage, operate and administer a diverse portfolio of over 2,200 postal properties nationally.

從今年開始，收入可見度提高，使我們能夠首次向投資者提供年度調整後營運資金（AFFO）每股指引，我們將在第四季度電話會議上再次提供 2026 年的指引。這種高效的程序化租賃方式的另一個好處是，它與我們無與倫比的管理、營運和營運能力相結合，可以管理全國超過 2200 個郵政物業的多元化投資組合。

We serve as a highly responsive single contact point for the Postal Service. Based on our success advancing our new leasing approach and driving property operating efficiencies, we are updating our 2025 same-store cash NOI guidance to a range of 8.5% to 9.5% from our prior guidance of 7% to 9%.

我們是郵政服務的高效回應的一站式聯絡點。基於我們在推動新的租賃方式和提高物業營運效率方面取得的成功，我們將 2025 年同店現金淨營業收入預期從先前的 7% 至 9% 更新至 8.5% 至 9.5%。

Moving to external growth. We were active in the quarter, completing $42.3 million of acquisitions at a weighted average cash cap rate of 7.7%. This brings closed volume through October 17 to just over $100 million. Based on this and on what we see in the pipeline for the remainder of the year, we are now guiding 2025 acquisitions to meet or exceed $110 million.

轉向外部增長。本季我們表現活躍，完成了 4,230 萬美元的收購，加權平均現金資本化率為 7.7%。截至10月17日，成交額累計超過1億美元。基於此以及我們對今年剩餘時間計畫的展望，我們現在預計 2025 年的收購額將達到或超過 1.1 億美元。

A highlight of our third quarter activity was the acquisition of a high-quality flex property at a prime location in Newtonville, Massachusetts, an affluent suburb just west of Boston. Consistent with the 75% of our portfolio that has been internally sourced, this was an off-market opportunity that came through a relationship formed over many years. We were able to purchase this property accretively using a mix of debt and equity capital.

第三季的一大亮點是收購了位於麻薩諸塞州牛頓維爾黃金地段的一處優質多功能物業，牛頓維爾是波士頓西郊一個富裕的小鎮。與我們 75% 的投資組合都是內部採購的情況一致，這是一個非公開市場的機會，是透過多年建立的關係獲得的。我們透過債務和股權資本結合的方式，實現了增值收購。

We closed on the property for $23.5 million. The initial cash cap rate is 7.6% and will increase to 8.3% in three years. When our cost of capital aligns with an opportunity, we are prepared to move thoughtfully and efficiently to add strong assets to our portfolio. Our capital allocation approach generates accretion day one and enables us to make progress on 2 important long-term goals. The first is to deliver increasing value to the U.S.

我們以 2350 萬美元的價格完成了這處房產的收購。初始現金資本化率為 7.6%，三年後將增至 8.3%。當我們的資金成本與某個機會相符時，我們已做好準備，以審慎高效的方式將優質資產納入我們的投資組合。我們的資本配置方法從一開始就能產生增值，並使我們能夠在兩個重要的長期目標上取得進展。首先是為美國創造越來越大的價值。

Postal Service as an efficient single point of contact for their real estate needs. The second is to drive consistent, healthy organic growth for shareholders by finding mark-to-market opportunities, coupled with enhancing leases with both annual rent escalators and extending their length. Acquisitions have and will continue to be a critical part of our long-term value creation strategy.

郵政服務是他們滿足房地產需求的便利一站式聯絡點。第二點是，透過尋找以市值計價的機會，以及透過提高年度租金遞增率和延長租賃期限來加強租賃，從而為股東推動持續、健康的有機成長。收購一直是並將繼續是我們長期價值創造策略的關鍵組成部分。

Lastly, I would like to address a key addition to our leadership team that we announced in late September. As of October 27, Steve Bakke has now officially stepped into the role of Chief Financial Officer. I can tell you his contributions have been immediate. Steve joins us from Realty Income, where he was SVP of Corporate Finance. His deep perspective in capital markets, corporate finance and strategy will help further Postal Realty's mission.

最後，我想談談我們在九月下旬宣布的領導團隊的一項重要新增成員。截至 10 月 27 日，史蒂夫·巴克已正式就任財務長一職。我可以告訴你，他的貢獻立竿見影。Steve 先前在 Realty Income 擔任企業財務資深副總裁。他對資本市場、公司金融和策略的深刻見解將有助於進一步實現郵政房地產的使命。

In addition, Steve is energized and committed to ensure the research community and our current and future investors understand the simplicity, visibility and earnings power of Postal Realty Trust. We are very excited to welcome Steve, and I will now turn the call over to him to go through our third quarter financial results.

此外，史蒂夫充滿熱情，致力於確保研究界以及我們現有和未來的投資者了解郵政房地產信託的簡單性、可見性和盈利能力。我們非常高興地歡迎史蒂夫的到來，現在我將把電話交給他，讓他來介紹我們第三季的財務表現。

Thank you, Andrew. I'm excited to be part of the team and contribute to the growth opportunity here. Before discussing the results, I want to take a moment to outline why I am so excited to join the team at Postal Realty. Within the REIT industry, Postal Realty is part of a group of companies that operate in highly specialized real estate segments. They apply unique industry knowledge accrued over decades across all facets of leasing, operating and most importantly, acquiring assets that are both stable and growth-oriented.

謝謝你，安德魯。我很興奮能成為團隊的一份子，並為這裡的發展機會貢獻力量。在討論結果之前，我想花點時間概述我為什麼如此興奮地加入 Postal Realty 團隊。在房地產投資信託基金 (REIT) 行業中，郵政房地產 (Postal Realty) 是專注於高度專業化房地產領域的集團公司之一。他們運用數十年來在租賃、營運以及最重要的資產收購等各個方面累積的獨特行業知識，打造穩定且具有成長潛力的資產。

I believe Postal Realty's results the past few years are making it apparent that we have a durable cash flow stream backed by a creditworthy tenant with a 250-year operating history, a portfolio that delivers robust organic growth and a disciplined acquisition strategy with a large addressable market.

我相信，郵政房地產過去幾年的業績表明，我們擁有穩定的現金流，這得益於信譽良好的租戶（擁有 250 年的營運歷史）、強勁的內生增長的投資組合以及擁有龐大潛在市場的嚴謹收購策略。

With access to multiple forms of debt, a public equity currency and continued use of OP units for owners seeking to join our platform, Postal Realty stands out amongst competitors in this segment for its access to both capital and strategic flexibility. I look forward to meeting many of you in the coming weeks and months to discuss Postal Realty further.

Postal Realty 憑藉其多種形式的債務融資管道、公開股權貨幣以及持續使用 OP 單位供希望加入我們平台的業主使用，在該領域的競爭對手中脫穎而出，因為它既能獲得資金，又具有戰略靈活性。我期待在接下來的幾週和幾個月裡與各位見面，進一步討論郵政地產的相關事宜。

Moving to this quarter's results. We delivered AFFO of $0.33 per diluted share, representing $0.03 growth from the third quarter of last year. We increased the 2025 AFFO guidance range to $1.30 to $1.32 per share, which represents growth of $0.14 at the low end and $0.16 at the high end versus 2024.

接下來來看看本季的業績。我們實現每股攤薄收益 0.33 美元的調整後營運資金 (AFFO)，比去年第三季成長了 0.03 美元。我們將 2025 年 AFFO 預期範圍提高至每股 1.30 美元至 1.32 美元，這意味著與 2024 年相比，下限增長 0.14 美元，上限增長 0.16 美元。

We continue to outperform our expectations, driven by a few factors. First, operating expenses have trended lower than expected this year, driven by the timing and scope of R&M projects. Second, revenue has outperformed due partly to even faster lease executions with the USPS as well as re-leasing outcomes, fees and other income exceeding our initial expectations.

在以下幾個因素的推動下，我們的業績持續超出預期。首先，由於維修項目的時機和範圍，今年的營運費用呈現下降趨勢。其次，收入表現超出預期，部分原因是與美國郵政署的租賃執行速度更快，以及重新租賃的結果、費用和其他收入超出了我們最初的預期。

In regard to fourth quarter AFFO per share, there are a couple of items to call out when thinking about our sequential cadence. First, in the third quarter, we received a lump sum catch-up payment for an asset we acquired in holdover last December, which resulted in a onetime AFFO benefit of $0.01 per share, which we mentioned on our second quarter call.

關於第四季度每股調整後營運資金 (AFFO)，在考慮我們的季度節奏時，有幾點需要特別指出。首先，在第三季度，我們收到了一筆一次性追繳款項，用於支付我們去年 12 月收購的一項資產，這導致每股 0.01 美元的 AFFO 收益，我們在第二季度電話會議上提到了這一點。

Additionally, for the fourth quarter, embedded within guidance, there is an additional $0.02 per share of R&M expense compared to the quarterly pace. It's important to note, we don't expect the fourth quarter's higher R&M expenses to carry forward into 2026.

此外，根據業績指引，第四季研發費用每股增加 0.02 美元，比上一季增加 0.02 美元。值得注意的是，我們預期第四季較高的研發費用不會延續到 2026 年。

Shifting to the balance sheet. As Andrew stated, a strong balance sheet is core to our strategy. At the end of the third quarter, net debt to annualized adjusted EBITDA was 5.2 times. Fixed rate debt comprised 93% of our borrowings and our weighted average debt maturity was 3.5 years. Through our recently completed recast, we successfully increased credit facility commitments by $40 million to $440 million.

轉向資產負債表。正如安德魯所說，穩健的資產負債表是我們策略的核心。第三季末，淨債務與年度調整後 EBITDA 比率為 5.2 倍。固定利率債務占我們借款的 93%，加權平均債務到期期限為 3.5 年。透過我們最近完成的重組，我們成功地將信貸額度承諾增加了 4,000 萬美元，達到 4.4 億美元。

On our additional borrowings, we achieved a weighted average all-in fixed rate borrowing cost of 4.73% through the January 2030 maturity. In addition, we hold ample liquidity to pursue investment opportunities with $125 million of undrawn revolver capacity before giving effect to $250 million of accordion capacity as of quarter end.

對於我們的額外借款，截至 2030 年 1 月到期日，我們實現了加權平均綜合固定利率借款成本 4.73%。此外，截至季末，我們擁有充足的流動資金，在啟用 2.5 億美元的增額信貸額度之前，還有 1.25 億美元的未提取循環信貸額度，可用於尋求投資機會。

Similarly, we extended the maturity dates of both our revolver and our $115 million term loan by approximately three years each, enhancing our financial flexibility. Shifting to acquisition funding, we utilized multiple sources of capital in the third quarter, including credit facility borrowing, equity raised via ATM and OP unit issuance totaling $26.7 million at an average gross price of $15.50 per share or unit. And lastly, approximately $3 million of retained AFFO after dividend payments for the quarter.

同樣，我們將循環貸款和 1.15 億美元定期貸款的到期日均延長了約三年，從而增強了我們的財務靈活性。在轉向收購融資方面，我們在第三季度利用了多種資金來源，包括信貸借款、透過 ATM 和 OP 單位發行籌集的股權，總計 2,670 萬美元，平均每股或每單位毛價為 15.50 美元。最後，本季支付股利後，留存調整後營運資金約 300 萬美元。

Retained AFFO has been a growing contributor to acquisition funding as AFFO has outpaced dividend growth since 2023. Recurring capital expenditure in the third quarter was $288,000, within our guidance range of $175,000 to $325,000. Looking forward to the fourth quarter, we anticipate the figure to be between $100,000 and $250,000.

自 2023 年以來，留存 AFFO 的成長速度超過了股利的成長速度，因此留存 AFFO 已成為收購資金的重要來源。第三季經常性資本支出為 288,000 美元，在我們 175,000 美元至 325,000 美元的指導範圍內。展望第四季度，我們預計該數字將在 10 萬美元至 25 萬美元之間。

We continue to expect total cash G&A expense to be between $10.5 million and $11.5 million for the full year 2025 as we prioritize platform efficiency and declining cash G&A as a percentage of revenue. Our Board of Directors has approved a quarterly dividend of $0.2425 per share, representing a 1% increase from the third quarter 2024 dividend. Our dividend payout ratio for the third quarter is approximately 73%, and our dividend yield as of yesterday was in the 6.5% range.

我們繼續預期 2025 年全年現金一般及行政費用總額將在 1,050 萬美元至 1,150 萬美元之間，因為我們優先考慮平台效率和降低現金一般及行政費用佔收入的百分比。我們的董事會已批准每股 0.2425 美元的季度股息，比 2024 年第三季股息增加 1%。第三季股利支付率約 73%，截至昨日，股息殖利率約 6.5%。

I would now like to turn the call over to Jeremy.

現在我想把電話交給傑瑞米。

Thank you, Steve. I'll provide an update on our leasing efforts, followed by more detail on our third quarter acquisition activity. Starting with leasing, rents for all leases set to expire in 2025 and 2026 have been agreed with the Postal Service, and we are continuing our discussions of the 2027 expirations, which will include 3% annual rent escalations and a mix of 10-year leases.

謝謝你，史蒂夫。我將首先報告我們的租賃工作進展，然後詳細介紹我們第三季的收購活動。首先是租賃方面，我們已經與郵政部門就 2025 年和 2026 年到期的所有租賃合同的租金達成一致，並且我們正在繼續討論 2027 年到期的租賃合同，其中包括每年 3% 的租金遞增以及 10 年期租賃合同的組合。

As of October 17, 53% of our portfolio rent was subject to annual rent escalations and 38% of our portfolio rent consisted of leases in place with 10-year term based on leases executed and agreed upon through 2026. As we shared on our second quarter earnings call, due to the execution of new leases during the third quarter, the company received a total lump sum catch-up payment of $329,000.

截至 10 月 17 日，我們投資組合中 53% 的租金需按年遞增，38% 的租金為已簽訂的 10 年期租賃合同，有效期至 2026 年。正如我們在第二季財報電話會議上分享的那樣，由於第三季簽訂了新的租賃協議，該公司收到了總計 329,000 美元的一次性補繳款項。

Looking forward to 2026, aside from prospective acquisitions that are acquired in holdover status, lump sum catch-up payments should continue to diminish in frequency and value as we sign leases ahead of their expiration dates. Shifting to acquisitions.

展望 2026 年，除了以保留狀態收購的潛在收購項目外，隨著我們在租賃到期日之前簽署租賃協議，一次性補繳款項的頻率和金額應該會繼續減少。轉向收購。

As Andrew mentioned, in the third quarter of 2025, we acquired 47 properties for approximately $42.3 million at a 7.7% weighted average cash cap rate, which added approximately 160,000 net leasable interior square feet to our portfolio, a 2.3% expansion of our physical footprint, inclusive of 41,000 square feet from 28 last mile post offices and 119,000 square feet from 19 flex properties.

正如 Andrew 所提到的，在 2025 年第三季度，我們以約 4230 萬美元的價格收購了 47 處房產，加權平均現金資本化率為 7.7%，這為我們的投資組合增加了約 16 萬平方英尺的淨可出租室內面積，使我們的實體面積擴大了 2.3%，其中 19.19 個萬平方英尺。

Looking at our Q4 acquisition activity through October 17, we have acquired an additional 19 properties for approximately $7.2 million and placed another nine properties totaling $5 million under definitive contracts. Postal Realty continues to strengthen its position as the market leader in the postal real estate space, executing its business plan of acquiring new assets and improving the cash flow.

從我們截至 10 月 17 日的第四季度收購活動來看，我們已額外收購了 19 處房產，總價值約 720 萬美元，並簽訂了另外 9 處房產的最終合同，總價值達 500 萬美元。Postal Realty 繼續鞏固其在郵政房地產領域的市場領導地位，執行其收購新資產和改善現金流的商業計劃。

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

我們的發言稿到此結束。接線員，我們現在開始接受提問。

(Operator Instructions) Our first question comes from Jon Petersen with Jefferies.

（操作說明）我們的第一個問題來自 Jefferies 的 Jon Petersen。

Congratulations on the good quarter. I was hoping to maybe get a little more details on the Newtonville, Massachusetts acquisition. It looks pretty interesting. I'm curious how often you see these type of infill post office opportunities come up. And then on something like that with just the volume of it, do you end up bidding against more institutional type investors rather than just the typical cast of buyers of USPS properties?

恭喜你本季業績出色。我原本希望能了解更多關於麻州牛頓維爾收購案的細節。看起來很有趣。我很想知道這類在郵局區域內增設郵局的機會有多常見。那麼，像這樣規模龐大的項目，最終的競爭對手會是機構投資者，還是只是美國郵政資產的典型買家呢？

Thanks, Jon. I appreciate the question. So the Newtonville transaction was unique. It's a unique property that is very well utilized by the Postal Service, very needed for them to serve that area. As some of you may know, it's really an infill location, as you recognize, but it's also a very affluent area right outside of Boston.

謝謝你，喬恩。感謝您的提問。所以，牛頓維爾的交易是獨一無二的。這是一處獨特的房產，郵政部門充分利用了它，因為它對於郵政部門服務該地區至關重要。正如你們有些人可能知道的那樣，這裡實際上是一個填充式開發區，但同時也是波士頓郊外一個非常富裕的地區。

We see these often. We don't actively and aggressively go after bidding on them or trying to acquire them because typically, they're not accretive out of the gate. And this was a unique opportunity that was off market that we were able to acquire that was accretive out of the gate given our cost of capital at the time that we thought was something that really was a good asset to add to our portfolio.

我們經常看到這種情況。我們不會積極主動地去競標或試圖收購它們，因為通常情況下，它們一開始並不能帶來增值。這是一個難得的非公開交易機會，我們能夠收購它，考慮到我們當時的資本成本，它從一開始就帶來了收益，我們認為這確實是一項值得添加到我們投資組合中的優質資產。

Okay. All right. That's helpful. And then I was just curious if in your conversations with potential sellers, how often OP units are part of the conversations these days?

好的。好的。那很有幫助。然後我就很好奇，在您與潛在賣家的談話中，如今OP單元的討論頻率如何？

So the operating partnership unit currency has been valuable in general. There are sellers that are interested in them. Sometimes we just use them to start the conversation because on smaller deals or deals that have multiple partners that are not on the larger side, they tend to be a little more complicated for some sellers. But in general, it is a currency that is interesting to postal owners in general.

因此，經營合夥單位貨幣大致上很有價值。有些賣家對它們感興趣。有時我們只是用它們來開啟對話，因為對於較小的交易或涉及多個規模不大的合作夥伴的交易來說，它們對一些賣家來說往往會更複雜一些。但總的來說，這種貨幣對郵政用戶來說很有吸引力。

Our next question comes from Nahom Tesfazghi with JPMorgan.

下一個問題來自摩根大通的納霍姆·特斯法茲吉。

I guess sticking with acquisitions, if we look at the $106 million you guys have completed inclusive of what's under contract to date, guidance implies that there's only about $4 million left to go, which seems low for the rest of the year. Maybe could you guys talk about what you're expecting for the remainder of the year? Maybe what's driving that slowdown and what you guys see in the pipeline?

我想，如果繼續談到收購，如果我們看一下你們已經完成的 1.06 億美元（包括目前已簽訂合約的收購），那麼根據目前的指導，這意味著只剩下大約 400 萬美元需要完成，這對於今年剩餘時間來說似乎偏低。你們能不能談談今年剩餘時間的預期？是什麼導致了這種放緩？你們對未來的發展前景有何看法？

Thanks. I appreciate the question. So acquisitions in general are all about timing. So our third quarter was heavier than as usual. Some deals we were able to close quicker like the Newtonville transaction. We closed approximately $94 million in the first three quarters of the year. We closed $7 million early on in Q4 and have another $5 million in definitive. So the $110 million is really just guidance. It's meet or exceed that number. I don't view it as a slowdown. I really view this as an annual story, not a quarterly story. So things just end up leveling out at some point.

謝謝。感謝您的提問。所以，收購的關鍵整體來說在於時機。所以，我們第三季的業績比平常好。有些交易我們能夠更快完成，例如牛頓維爾的交易。今年前三個季度，我們完成了約 9,400 萬美元的交易。我們在第四季初完成了 700 萬美元的融資，另有 500 萬美元已確定到帳。所以，1.1億美元其實只是一個指導性數字。達到或超過這個數字。我不認為這是速度放緩。我真正把這看作是年度新聞，而不是季度新聞。所以事情最終都會趨於穩定。

Got it. Okay. That makes sense. And the second one for me, it seems like seemingly you guys are able to hit the trifecta on these new leases with the post office getting a mark-to-market annual escalator and then extending the duration of the lease terms as well. But is there any way you guys could quantify or give some guidepost or bounds as to where those marks have been? Maybe if you can't say where they've been currently, you speak to where they've been in the past.

知道了。好的。這很有道理。對我來說，第二個問題是，你們似乎能夠在這些新租賃合約中實現三重目標：郵局獲得按市值計價的年度遞增租金，然後延長租賃期限。但是你們能否量化一下，或是給出一些指導方針或界限，來說明這些分數曾經達到的高度？如果你無法說出他們目前在哪裡，你可以談談他們過去在哪裡。

As you know, and we've shared on prior calls with a single tenant, we've steered away from sharing mark-to-markets. We have started providing same-store numbers quarterly. And that's the metric that we've been sharing in order to give you a better understanding on how leases are trending and rolls are trending.

如您所知，我們也曾在先前與一位租戶的通話中提到過，我們一直避免分享以市值計價的資訊。我們已開始按季度提供同店銷售數據。我們一直在分享這個指標，以便讓您更了解租賃趨勢和滾動趨勢。

And I want to just to add to that, if you look at our same-store NOI the last three years on average, including 2025, we're at 6%. Now it fluctuated around that mean depending on the timing of expenses and expense margins, but I think that should give you some indicator to Jeremy's point of the internal growth potential of the business.

我還要補充一點，如果你看我們過去三年（包括 2025 年）的同店淨營業收入平均值，我們目前為 6%。現在，它會根據支出時間和費用率圍繞這個平均值波動，但我認為這應該能讓你對傑里米所說的企業內部成長潛力有所了解。

Our next question comes from Eric Borden with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Eric Borden。

I was just hoping to get your updated views on the trajectory of cap rates as we look to 2026. There's been some downward trend in the 10-year. I was just curious if you had any indication of if cap rates would trend downward in lockstep with the 10-year or if you still expect to have cap rates trend in the 77, 78 range.

我只是想了解您對 2026 年資本化率走勢的最新看法。過去十年間出現了一些下降趨勢。我只是好奇您是否有任何跡象表明資本化率是否會與 10 年期公債殖利率同步下降，或者您是否仍預期資本化率將維持在 77、78 的區間。

Thanks, Eric. I appreciate the question. It's a difficult one to answer. It doesn't really trade in lockstep with the 10-year. We're typically lagging to it. Sellers have an expectation of where they want to be with the move in interest rates that we've seen over the past couple of years, the problem is that sellers haven't fully adjusted their expectations with that move.

謝謝你，埃里克。感謝您的提問。這個問題很難回答。它與 10 年期公債的走勢並不完全同步。我們通常在這方面有所滯後。賣家對過去幾年利率的變動有一個預期，但問題是賣家還沒有完全根據利率的變動來調整他們的預期。

I think they're probably happy that it's come down and think that their pricing should come down as well. So I don't know what this year is going to bring us. I'm still, from my perspective, looking to do 7.5% or better. But as the year progresses, we may -- we hopefully will be able to adjust that guidance, but that's still where I'm seeing things today.

我認為他們可能很高興價格下降了，並認為他們的價格也應該下降。所以我不知道今年會發生什麼事。從我的角度來看，我仍然希望達到 7.5% 或更高。但隨著時間的推移，我們或許——我們希望能夠調整這項指導方針，但目前我仍然這樣看待這個問題。

And Eric, this is Steve. Just to point out, our business, unlike many of our net lease peers is not dependent on external acquisitions to grow. Given the lease expiration schedule that we have over the next few years, 34% of our leases expiring, we have significant growth we can drive as we unlock value there.

埃里克，這位是史蒂夫。需要指出的是，與許多淨租賃同業不同，我們的業務並不依賴外部收購來成長。鑑於未來幾年我們的租賃合約即將到期（34% 的租賃合約將到期），我們可以釋放這些合約的價值，從而推動顯著的成長。

And then just on the lease terms, you've extended the WALT to 10 years, up from your previous four years to five years. Is that the goal going forward is to have 10-year leases with rent escalators? Or will you continue to have a mix of five-year WALT with escalators as well?

此外，在租賃條款方面，你們將 WALT 延長至 10 年，比之前的 4 到 5 年有所增加。未來的目標是簽訂 10 年期租約並附帶租金遞增條款嗎？或者你們會繼續採用五年WALT與手扶梯結合的方式嗎？

So I think we'll continue to see a mix. The 10-year term, once we -- we're in agreement with the Postal Service with the annual escalators, the 10-year term just seemed like the natural next step. It gives investors a security in terms of our lease renewal and our WALT, but there will continue to be a mix of five-year and 10-year leases.

所以我認為我們還會繼續看到這種混合局面。10 年期限，一旦我們與郵政服務就年度遞增條款達成一致，10 年期限似乎就成了順理成章的下一步。這為投資者提供了租賃續約和加權平均租賃期限的保障，但五年期和十年期租賃仍將維持混合模式。

Our next question comes from Steve Dumanski with Janney Montgomery Scott.

下一個問題來自史蒂夫·杜曼斯基和詹尼·蒙哥馬利·斯科特。

Just one real quick one from me. Do you see, I guess, in terms of the space, any of your competitors potentially moving in or I guess, more acquiring properties leased to the USPS. Just wanted to see what the landscape looks out there.

我這裡就簡單說一句。我想，就空間而言，您是否看到任何競爭對手可能會搬進來，或者收購更多租賃給美國郵政的房產？只是想看看那邊的風景如何。

I appreciate the question, Steve. Yes. So there's always been competitors in the space of different sizes and shapes. It really depends on the type of assets that are trading. We are, by far and away, the largest owner in the space. Currently, I think we own about 8% of the market. And yes.

史蒂夫，感謝你的提問。是的。所以，在這個領域，一直都有不同尺寸和形狀的競爭對手。這主要取決於交易的資產類型。我們是該領域迄今為止最大的所有者。目前，我認為我們擁有大約 8% 的市場份額。是的。

As there are no further questions, I would now like to hand the conference over to Andrew Spodek for closing comments.

由於沒有其他問題，我現在將會議交給安德魯·斯波德克先生作總結發言。

In closing, I'd just like to state that we remain confident in the value of our properties to the Postal Services mission, the security and visibility of our cash flows and our ability to generate strong internal growth while continuing to consolidate this highly fragmented industry. On behalf of the entire team, thank you for your interest in Postal Realty Trust.

最後，我想聲明，我們仍然對我們的資產對郵政服務使命的價值、現金流的安全性和可見性以及我們在繼續整合這個高度分散的行業的同時實現強勁內部增長的能力充滿信心。我謹代表全體團隊成員，感謝您對郵政房地產信託公司的關注。

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

謝謝。今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。