Postal Realty Trust, Inc. (PSTL) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Postal Realty Trust First Quarter 2026 Earnings Conference Call. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加 Postal Realty Trust 2026 年第一季財報電話會議。（接線員指示）。提醒各位，本次會議將被錄音。

I would now like to turn the conference over to your host, Mr. Jordan Cooperstein, Senior Vice President of Finance and Capital Markets. Welcome, Jordan.

現在我想把會議交給本次主持人，Postal Realty Trust 財務與資本市場資深副總裁 Jordan Cooperstein 先生。歡迎你，Jordan。

Thank you, and good morning, everyone. Welcome to Postal Realty Trust first quarter 2026 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，各位早安。歡迎參加 Postal Realty Trust 2026 年第一季財報電話會議。今天與會者包括：執行長 Andrew Spodek；總裁 Jeremy Garber；財務長 Steve Bakke；以及會計長 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.

請注意，公司可能在本次電話會議中使用前瞻性陳述；此類陳述並非歷史事實，且被視為前瞻性。這些前瞻性陳述受 1995 年《私人證券訴訟改革法案》中關於前瞻性陳述之安全港條款所保障。

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.

實際結果可能與前瞻性陳述所描述者存在重大差異，並將受到多項超出公司控制之風險與因素影響，包括但不限於公司最新的 10-K 年報及其他監管申報文件中所載者。

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, pro forma adjusted EBITDA, pro forma annualized adjusted EBITDA, same-store cash NOI, same-store cash revenue, net debt, adjusted net debt and pro forma adjusted net debt.

公司不承擔且明確聲明不負有更新任何前瞻性陳述之義務，不論係因新資訊、未來事件或其他原因所致。此外，在本次電話會議中，公司可能提及若干非 GAAP 財務衡量指標，例如營運資金（FFO）、調整後營運資金（AFFO）、調整後 EBITDA、備考調整後 EBITDA、備考年化調整後 EBITDA、同店現金 NOI、同店現金收入、淨負債、調整後淨負債以及備考調整後淨負債。

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.

您可在公司新聞稿與補充資料中，找到上述非 GAAP 財務衡量指標與目前最可比 GAAP 指標之表格調節。

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

接下來，我將把電話會議交給 Postal Realty Trust 執行長 Andrew Spodek。

Good morning, and thank you for joining us today. In a couple of weeks, we will be celebrating our seventh anniversary as a public company. Over the past seven years, we've created a purpose-built platform to unlock the value inherent in US postal real estate. As we have developed and continue to refine this platform, we have delivered on multiple fronts.

各位早安，感謝今天加入我們。再過幾週，我們將慶祝成為上市公司滿七週年。過去七年來，我們打造了一個為美國郵政不動產價值釋放而量身設計的平台。在我們建立並持續精進此平台的過程中，我們在多個面向都交出了成果。

It starts with the 6.1% average annual AFFO per share growth we are on track to achieve from 2021 to 2026 based on AFFO guidance we increased yesterday. This performance ranks us second among net lease REITs. Our progression continued last year with the introduction of AFFO per share guidance made possible by refining our leasing approach with the Postal Service.

首先，是我們預期在 2021 至 2026 年期間可達成的每股 AFFO 年均成長 6.1%，此係基於我們昨日上調的 AFFO 指引。此表現使我們在淨租賃 REITs 中排名第二。我們的進展在去年持續推進，透過精進與郵政服務（Postal Service）的租賃方式，使我們得以首次提供每股 AFFO 指引。

Today, we are taking another step by sharing our forward-looking top line revenue outlook for 2027 despite being only five months into 2026. It is a testament to the unique leasing approach we have developed with the Postal Service that gives us this much visibility into 2027, and it speaks to the benefit of having primarily a single high credit tenant who consistently pays us 100% of contractual rent across our 99.8% occupied portfolio.

今天，我們再向前一步：儘管 2026 年才過了五個月，我們仍分享 2027 年的前瞻性營收（top line）展望。這證明了我們與郵政服務所建立的獨特租賃方式，使我們對 2027 年具有如此高的能見度；同時也凸顯我們主要擁有單一高信用租戶的優勢，該租戶在我們出租率達 99.8% 的投資組合中，始終支付 100% 的合約租金。

We are expecting same-store cash revenue growth of approximately 6.5% in 2027, which is approximately 30 basis points higher than what we're expecting for 2026. Higher expected growth in 2027 reflects the increased presence of annual rent escalators across the portfolio as well as the rental mark-to-market tailwind.

我們預期 2027 年同店現金收入成長約 6.5%，較我們對 2026 年的預期高約 30 個基點。2027 年較高的預期成長，反映投資組合中年度租金調升條款的占比提高，以及租金市價重估（mark-to-market）帶來的順風。

On our first quarter 2025 earnings call, I shared that we have the systems and people in place to ramp up acquisitions should our cost of capital and opportunity set align. With a stock price improvement of over 70% since then, this symmetry has materialized, allowing us to accelerate the pace of acquisition activity relative to the last few years.

在我們 2025 年第一季財報電話會議上，我曾分享：只要資本成本與機會集合（opportunity set）相互契合，我們已具備系統與人員配置，可加速擴大收購。自那之後，我們股價上漲超過 70%，這種對稱性已經實現，使我們得以相較過去幾年加快收購活動的步伐。

Based on the strength of our pipeline, we are increasing our acquisition guidance by $15 million to $130 million to $140 million for the year, and we will revisit this guidance as the year progresses. In the first quarter, we acquired $35 million at a 7.5% weighted average cap rate. In the second quarter to date, we have acquired and have under definitive contracts $17 million, putting us at $52 million year-to-date with a strong pipeline of anticipated transactions behind it.

基於我們管線的強勁表現，我們將今年的收購指引上調 1,500 萬美元至 1.30 億至 1.40 億美元，並將隨著年度進展重新檢視該指引。第一季我們以 7.5% 的加權平均資本化率（cap rate）收購了 3,500 萬美元資產。截至目前第二季，我們已完成收購並簽訂具約束力合約的金額為 1,700 萬美元，使年初至今累計達 5,200 萬美元，且後續仍有強勁的預期交易管線支撐。

We are capitalizing on the opportunity in front of us from a position of strength. Our revised acquisition guidance is fully funded with liquidity of approximately $250 million at the end of the quarter, consisting of unused revolver capacity and $48 million of unsettled forward equity proceeds.

我們正以強勢的基礎把握眼前機會。我們修訂後的收購指引已獲得充分資金支持；截至季末，我們流動性約 2.50 億美元，包含未動用的循環信貸額度（revolver）以及 4,800 萬美元尚未交割的遠期股權募集款項。

We are laser-focused on maintaining a strong liquidity profile, supported by our access to equity and our recent BBB investment-grade rating from Kroll, KBRA. In summary, our internal growth, supported by our robust acquisition pipeline and access to capital places us in a strong position to generate continued earnings growth.

我們高度聚焦於維持強健的流動性狀況，並由我們取得股權資金的能力，以及近期由 Kroll（KBRA）授予的 BBB 投資級評等所支撐。總結而言，我們的內生成長，加上強勁的收購管線與資本取得能力，使我們處於有利位置，得以持續創造獲利成長。

Earlier this week, we attended the Postal Service's National Postal Forum in Phoenix, a conference that brings together the broader logistics ecosystem surrounding the Postal Service. For us, the conference confirms that as the logistics marketplace continues to evolve, the US Postal Service's facilities will remain a critical tool for accessing the American people.

本週稍早，我們參加了在鳳凰城舉行的郵政服務全國郵政論壇（National Postal Forum），該會議匯聚了圍繞郵政服務的更廣泛物流生態系。對我們而言，該會議再次確認：隨著物流市場持續演進，美國郵政服務的設施仍將是觸及美國民眾的關鍵工具。

These facilities form the backbone of the Postal Service's delivery infrastructure and are the very assets we invest in. This network enables the Postal Service to provide universal service across 170 million delivery points nationwide and is utilized six days a week by logistics providers and online retailers.

這些設施構成郵政服務投遞基礎建設的骨幹，也正是我們投資的核心資產。此網絡使郵政服務能在全美 1.70 億個投遞點提供普遍服務，並每週六天供物流業者與線上零售商使用。

As we'd like to remind investors, the cost to lease the real estate backbone of this network is only 1.5% of the Postal Service's annual operating expenses. This annual expense equates to $1.4 billion of annual rent, resulting in a $12 billion to $15 billion market for Postal real estate, creating a long runway for future acquisitions.

我們也想提醒投資人：租賃此網絡不動產骨幹的成本，僅占郵政服務年度營運費用的 1.5%。該年度費用相當於每年 14 億美元租金，對應約 120 億至 150 億美元的郵政不動產市場，為未來收購提供長期跑道。

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

接下來，我把電話會議交給 Steve。

Thank you, Andrew. I'll make a few comments on the multiyear earnings growth opportunity at Postal Realty before unpacking first quarter results and our updated guidance in more detail. When considering Postal Realty's medium-term earnings growth algorithm, we see four primary drivers.

謝謝你，Andrew。在更詳細說明第一季業績與我們更新後的指引之前，我先就 Postal Realty 的多年期獲利成長機會做幾點說明。在評估 Postal Realty 的中期獲利成長模式時，我們看到四個主要驅動因素。

First is the mark-to-market opportunity. From 2027 to 2030, approximately 33% of our rental income is expected to reset to market. This represents a meaningful source of embedded growth beyond 2026. Second, annual rent escalators are becoming an increasingly significant driver of organic growth. In 2022, approximately 3% of our rental income experienced an annual escalation. By 2027, that figure will have increased significantly to approximately 53% experiencing an escalation.

第一是租金市價重估（mark-to-market）機會。在 2027 至 2030 年期間，預計約 33% 的租金收入將重設至市場水準。這代表 2026 年之後一個重要的內嵌成長來源。第二，年度租金調升條款正成為有機成長日益重要的驅動因素。2022 年時，約 3% 的租金收入具有年度調升。到 2027 年，該比例將大幅提高至約 53% 的租金收入將出現調升。

Moving from a portfolio with predominantly flat leases to one with the majority 3% plus annual escalators signifies a major shift into the visibility of our annual growth for years to come. To that point, our visibility into annual escalations in our mark-to-market allows us to provide a 2027 same-store cash revenue growth outlook of approximately 6.5%.

從以平坦租約為主的投資組合，轉變為多數具 3% 以上年度調升條款的投資組合，意味著我們未來多年年度成長能見度將出現重大提升。也因此，我們對年度調升與租金市價重估的能見度，使我們得以提供 2027 年同店現金收入成長約 6.5% 的展望。

Third is retained cash flow. As we have scaled, we have reduced our pay out ratio while continuing to grow the dividend. In 2026, we expect to pay out only 70% of our AFFO, which is one of the lowest pay out ratios among net lease REITs.

第三是保留現金流。隨著我們規模擴大，我們在持續提高股利的同時，已降低股利支付率。在2026年，我們預期僅支付AFFO的70%，這是淨租賃REITs中最低的支付率之一。

Our Board has balanced retained cash flow with a dividend yield above the REIT median at approximately 4.5%. Moreover, retained cash flow, which we can deploy into acquisitions or to repay debt is a meaningful source of recurring growth for us, increasing our per share growth rate by about 15% in 2026. Fourth is day one accretion.

我們的董事會在保留現金流與高於REIT同業中位數、約4.5%的股利殖利率之間取得平衡。此外，保留現金流可用於收購或償還債務，對我們而言是重要的經常性成長來源，並在2026年使我們的每股成長率提高約15%。第四是第一天增厚（day one accretion）。

Our improved cost of capital in conjunction with our increased access to capital has led us to begin accelerating the velocity of acquisitions relative to the last few years. With our weighted average cost of capital currently standing at approximately 6.1%, day one accretion from acquisitions is becoming an even more meaningful source of AFFO per share growth.

我們資本成本的改善，加上取得資本的管道增加，使我們開始相較於過去幾年加快收購速度。目前我們的加權平均資本成本約為6.1%，收購帶來的第一天增厚正成為AFFO每股成長更具意義的來源。

In summary, we remain focused on utilizing these four growth levers to drive attractive AFFO per share growth in the coming years.

總結而言，我們仍專注於運用這四個成長槓桿，在未來幾年推動具吸引力的AFFO每股成長。

Turning to first quarter results. Yesterday, we reported AFFO per share of $0.33, which is $0.01 ahead of the first quarter of 2025. Note that last year's quarter benefited from holdover payments and prior year property tax reimbursements totaling $0.02 per share. In comparison, in this year's first quarter, we realized $11,000 of holdover payments from recent acquisitions.

接著看第一季業績。昨天，我們公布AFFO每股為0.33美元，較2025年第一季高出0.01美元。請注意，去年該季度受惠於滯留款（holdover payments）及前一年度不動產稅費補償，合計每股0.02美元。相較之下，今年第一季我們自近期收購案實現了11,000美元的滯留款。

We ended the quarter with net debt to pro forma annualized adjusted EBITDA of 5.2 times, within the leverage target we updated last quarter of under 6 times. Giving effect to approximately $53 million of unsettled forward equity raised year-to-date at an initial forward price of $18.44 per share, our pro forma adjusted net debt to pro forma annualized adjusted EBITDA is 4.5 times.

本季末，我們的淨負債對年化調整後EBITDA（按備考口徑）的倍數為5.2倍，落在我們上季更新的槓桿目標（低於6倍）之內。若納入年初至今以每股18.44美元的初始遠期價格所募集、約5,300萬美元尚未交割的遠期股權，我們的調整後淨負債對年化調整後EBITDA（按備考口徑）為4.5倍。

A brief note on our leverage metrics. This quarter's supplemental includes metrics based on pro forma annualized adjusted EBITDA. The only difference with the prior metric is that it gives effect to acquisitions and dispositions as if they took place at the start of the quarter, consistent with many peers' reporting methodologies.

簡要說明我們的槓桿指標。本季補充資料包含以年化調整後EBITDA（按備考口徑）為基礎的指標。與先前指標唯一的差異在於：它將收購與處分視為於季度開始時即已發生，與許多同業的揭露方法一致。

As it relates to sources and uses, the midpoint of our guidance implies $100 million of acquisitions for the remaining three quarters of 2026, which we plan to fund on a leverage-neutral basis using unsettled equity and retained cash flow.

就資金來源與用途而言，我們指引中點隱含2026年剩餘三個季度將完成1億美元的收購，我們計畫以槓桿中性方式，透過尚未交割的股權與保留現金流來籌資。

In terms of debt funding specifically, we are focused on limiting floating rate exposure and adding duration to our maturity schedule. We anticipate refinancing our floating rate revolver and term loan balances with longer-term fixed rate private placements or term loans in the coming months.

就債務融資而言，我們專注於限制浮動利率曝險，並延長到期結構的期限。我們預期在未來幾個月，以較長天期的固定利率私募或定期貸款，為浮動利率循環信貸與定期貸款餘額進行再融資。

Turning to our expectations for the remainder of 2026. With yesterday's earnings release, we raised the AFFO per share guidance range we provided last quarter by $0.01 to $1.40 to $1.42 per share, representing 6.8% growth at the midpoint for the year. The increase is supported by higher acquisition volume.

接著談我們對2026年剩餘期間的展望。隨著昨天的財報發布，我們將上季提供的AFFO每股指引區間上調0.01美元至每股1.40至1.42美元，按全年中點計算代表6.8%的成長。上調主要由更高的收購量所支撐。

Related to additional guidance items, cash G&A and same-store cash NOI are tracking in line with our forecast. Recurring capital expenditures of approximately $143,000 for the first quarter was within our guidance range, and we are expecting $150,000 to $200,000 in the second quarter.

就其他指引項目而言，現金G&A與同店現金NOI的走勢與我們的預測一致。第一季經常性資本支出約143,000美元，落在我們的指引區間內；我們預期第二季為150,000至200,000美元。

Lastly, guidance includes approximately $0.01 per share of dilutive impact from unsettled forward equity compared to the $0.05 assumption we shared on the fourth quarter call, calculated in accordance with the treasury stock method, largely due to a higher stock price.

最後，指引包含尚未交割的遠期股權對每股約0.01美元的稀釋影響；相較之下，我們在第四季電話會議分享的假設為0.05美元。該數字依庫藏股法計算，主要因股價較高所致。

Our Board of Directors has approved a quarterly dividend of $0.2450 per share, representing a 1% increase from last year. Our dividend pay out ratio for the first quarter is approximately 74% and our dividend yield as of yesterday was approximately 4.5%.

我們董事會已核准每股0.2450美元的季度股利，較去年增加1%。我們第一季的股利支付率約為74%，而截至昨天的股利殖利率約為4.5%。

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

接下來我把電話會議交給Jeremy。

Thank you, Steve. I will provide an update on our re-leasing efforts, followed by more detail on first quarter acquisition activity. All 2020 rents have been agreed upon and are currently in lease production. In addition, we have substantially agreed on 2027 expirations that do not include renewal options. These leases have also commenced lease production. All 2026 and 2027 leases will have 3% escalators and the vast majority will have 10-year terms.

謝謝你，Steve。我將先更新我們的續租（re-leasing）進展，接著更詳細說明第一季的收購活動。所有2020年的租金已達成協議，並已進入租約生效執行階段。此外，我們也已就不含續約選擇權的2027年到期租約大致達成協議。這些租約也已開始生效執行。所有2026年與2027年的租約都將有3%的調升條款（escalators），且絕大多數將為10年期。

As of quarter end, 53% of leases in our portfolio contain annual rent escalators. The first escalation takes place in year two. Therefore, 41% of leases will get the benefit of an escalator in 2026. Shifting to 10-year leases, 45% of our portfolio consists of leases with 10-year terms based on executed and agreed-upon leases as of March 31, 2026.

截至季末，我們投資組合中有53%的租約包含年度租金調升條款。第一次調升發生在第二年。因此，2026年將有41%的租約可享有調升效益。轉到10年期租約，截至2026年3月31日，依已簽署及已達成協議的租約計算，我們投資組合中有45%為10年期租約。

The increase in rent subject to 10-year terms compared to last quarter was predominantly a result of successfully amending the majority of our 2022 expirations to 10 years from 5 years. By the end of 2026, we expect the weighted average lease term of our current portfolio will extend to over six years compared to the three years when we went public.

相較於上季，適用10年期的租金占比增加，主要是因我們成功將多數2022年到期租約由5年期修訂為10年期。到2026年底，我們預期目前投資組合的加權平均剩餘租期將延長至6年以上，相較於我們上市時的3年。

Moving on to acquisitions. In the first quarter, we acquired 61 properties for $34.6 million at a weighted average cap rate of 7.4%, adding 195,000 square feet to our portfolio. First quarter acquisitions consisted of 48,900 square feet from 34 -- last-mile post offices and 146,200 square feet from 27 Flex properties.

接著談收購。第一季我們以加權平均資本化率7.4%收購了61處物業，金額3,460萬美元，為投資組合新增195,000平方英尺。第一季收購包含34處「最後一哩」郵局物業共48,900平方英尺，以及27處Flex物業共146,200平方英尺。

As Andrew mentioned, based on acquisition volume closed in the first quarter, plus our robust forward pipeline, we are increasing our acquisition guidance to $130 million to $140 million for the year.

如Andrew所提，基於第一季已完成的收購量，加上我們強勁的遠期案源管線，我們將全年收購指引上調至1.30億至1.40億美元。

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

以上為我們預先準備的發言。接線員，我們想開放提問。

(Operator Instructions)

（接線員指示）

John Kim, BMO Capital Markets.

John Kim，BMO資本市場。

I wanted to ask what drove the decision to provide '27 same-store revenue guidance at this time? And how should we think about cash same-store NOI? Will it be a similar improvement of 30 basis points that you're seeing on the revenue side from '27 to '26.

我想請問，是什麼因素促使你們在此時提供「27年同店營收指引」？另外，我們應該如何看待同店現金NOI？它是否會像你們在營收端看到的那樣，從「27年到「26年」改善30個基點？

This is Steve. To answer your question, the reason we're providing 2027 same-store cash revenue relates back to Jeremy's point that we have substantially completed all of our 2027 lease expiration negotiations with USPS. So given this high level of visibility we have into 2027, we felt it appropriate to share it with the market.

我是Steve。回答你的問題，我們之所以提供2027年同店現金營收，與Jeremy提到的一點有關：我們已大致完成與USPS就所有2027年到期租約的談判。因此，鑑於我們對2027年具有高度可見度，我們認為適合與市場分享。

To your second question on how that filters down to same-store NOI, it's early in the year. You can make -- early in 2026, I should say, so hard for us to have visibility into 2027, but you can use a range of inflationary or maybe slightly above inflationary expense assumptions to get to a same-store NOI estimate for modeling purposes.

關於你第二個問題，也就是這如何傳導到同店 NOI（淨營運收入），現在年初還早。你可以做——我應該說是 2026 年初——所以我們很難對 2027 年有清楚能見度，但你可以用一個通膨水準或可能略高於通膨的費用假設區間，來推導出同店 NOI 的估計值，供建模之用。

And what are your expenses this year?

那你們今年的費用是多少？

Yes. We expect them to be in the 5% range. That's what's underpinning our guidance assumption.

是的。我們預期會在 5% 左右的區間。這就是支撐我們指引假設的基礎。

Okay. And then you mentioned roughly 1/3 of your portfolio going to market over the next few years and the mark-to-market opportunity. How much of -- what is the mark-to-market, first of all? And second of all, how much of that can you capture given you have one tenant that's essentially a partner?

好的。然後你提到未來幾年大約有 1/3 的投資組合會回到市場，以及市價調整（mark-to-market）的機會。首先，市價調整幅度大概是多少？其次，考量你們有一個租戶本質上算是合作夥伴，你們能捕捉到其中多少？

Yes, it's a great question. We don't provide too much specific quantitative detail on the mark-to-market given the nature of having one primary tenant. But fair to say the mark-to-market has been healthy. And at least as it relates to '26, '27, it's been a pretty consistent mark-to-market opportunity.

是的，這是個很好的問題。由於我們有一個主要租戶的特性，我們不會提供太多關於市價調整的具體量化細節。但可以說，市價調整一直相當健康。至少就 2026、2027 年而言，市價調整的機會一直相當一致。

We have a really efficient leasing approach that we've developed with USPS. It works well for them, and it works well for us. And at least for the next couple of years, it will continue.

我們與 USPS 一起建立了一套非常高效率的租賃作業方式。這對他們運作良好，對我們也運作良好。至少在接下來幾年，這種模式會持續。

Great. Thank you.

很好。謝謝。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

Great. Thanks. Good morning. Congrats guys on another strong quarter. Can you -- on the same-store revenue guidance for 2027, can you break down the components there? Like how much of that is coming from escalators? How much of that is upside on lease renewals?

很好。謝謝。早安。恭喜各位又交出一個強勁的季度。關於 2027 年同店營收指引，你能拆解一下其中的組成嗎？例如有多少來自租金調升條款（escalators）？又有多少來自續約時的上行空間？

Yes, great question. So to answer your question, of the 6.5%, 25% of that growth is due to the escalators. So as Jeremy mentioned in his remarks, a little more than 50% of our portfolio will experience an escalator in 2027. The remainder of the growth is derived from the mark-to-market.

是的，這是個很好的問題。回答你的問題，在 6.5% 當中，其中 25% 的成長來自租金調升條款。因此如 Jeremy 在發言中提到的，我們投資組合中略多於 50% 會在 2027 年出現調升條款。其餘的成長則來自市價調整（mark-to-market）。

Okay. All right. That's helpful. And then maybe on acquisitions, good to see the acquisition volume rise and your cost of capital improving. For a number of years, the question was when does your cost of capital get to a point when you can be more aggressive on acquisitions.

好的。了解。這很有幫助。然後可能談談收購，很高興看到收購量上升、你們的資金成本改善。過去好幾年，大家的問題是你們的資金成本何時會到一個點，讓你們能在收購上更積極。

Now we're there. And I guess it raises the question of what's the total addressable market for you guys now? Like at what point do you start to run out of post offices to buy, I guess, is the short way to ask that question. So just talk about the opportunity and how many years of opportunity there is out there for you.

現在我們到了。我想這也引出一個問題：你們現在的可觸及總市場（TAM）有多大？換句話說，你們大概什麼時候會開始買到沒有郵局可買？所以請談談這個機會，以及外面大概還有多少年的機會可供你們把握。

Sure. I appreciate the question. Yes, we're very happy that we have the access to the capital and the cost of capital that we have today, and we're looking forward to continuing to grow the business and acquire postal assets. The runway is very long. You've got -- as I stated before, you've got about $1.4 billion in rent paid by the Postal Service.

當然。謝謝你的提問。是的，我們很高興目前擁有資金取得管道，以及今天這樣的資金成本；我們也期待持續成長業務並收購郵政資產。這條跑道非常長。你看——如我先前提到的——郵政服務（Postal Service）支付的租金大約是 14 億美元。

Any cap rate or margin you want to put on that makes it a $12 billion to $15 billion market. We probably want to address probably $6 billion to $8 billion of that. So I believe we have a lot of opportunities sitting in front of us. And I'm happy to say that the conversations we've had and the pipeline is looking very good. We're -- these are deals that I've been talking to for decades and some new ones, but we're looking forward to the year ahead.

你用任何你想套用的資本化率或利潤率去換算，這就是一個 120 億到 150 億美元的市場。我們可能希望能觸及其中約 60 億到 80 億美元的部分。所以我相信我們面前有很多機會。也很高興地說，我們目前的對話以及案源管線看起來都非常不錯。我們——有些交易我已經談了幾十年，也有一些新的，但我們很期待接下來的一年。

Okay. Outside of your improved ability to transact, is there any change on the seller side of things, the way that they're positioning, the way that their conversations with you are changing and their willingness to transact?

好的。除了你們交易能力提升之外，賣方那邊有任何變化嗎？例如他們的定位方式、與你們對話的方式，以及他們交易意願是否有改變？

The reality is that the properties that we're looking at today are similar to the properties that we've always looked at. Sellers' tone is somewhat similar. The only thing that has changed is the buzz around us and our stock price, which has, I guess, created sellers' motivation to facing off with us. We're constantly in front of owners. As everybody knows, I've been in the space my whole life.

現實是，我們今天看的物件與我們一直以來看的物件相似。賣方的語氣也差不多。唯一改變的是市場對我們的關注度以及我們的股價，我想這讓賣方更有動機來跟我們對接。我們一直都持續與業主保持接觸。大家都知道，我一輩子都在這個領域。

And so interacting with them is nothing new for being able to transact given our access and cost of capital is really what's going to change.

所以與他們互動並不是新鮮事；真正會改變的是，基於我們的資金取得能力與資金成本，我們能夠完成交易。

Greg McGinniss, Scotiabank.

Greg McGinniss，Scotiabank。

Hey, good morning. Thanks for taking the question.

嗨，早安。謝謝讓我提問。

We understand you don't want to provide too many details on the mark-to-market. But looking at the kind of forward opportunity, could you provide some color on how it tends to compare between assets that you've controlled for years versus those that you're acquiring?

我們理解你們不想提供太多市價調整（mark-to-market）的細節。但從前瞻機會來看，你能否補充一些說明：通常你們持有多年的資產，與你們正在收購的資產相比，市價調整機會大概如何？

So the opportunity set on the mark-to-market is interesting, and it varies deal by deal, right? So we underwrite each deal individually. Some of the properties that we acquire have a more significant mark-to-market opportunity and some of them don't. And that's just the nature of any real estate transaction and any real estate lease. As we continue to grow and as we continue to acquire, the mark-to-market opportunity in that particular year changes, and it's constantly fluid.

市價調整的機會集合很有意思，而且會因交易而異，對吧？所以我們會逐案承作（underwrite）每一筆交易。我們收購的某些物件有更顯著的市價調整機會，有些則沒有。這就是任何不動產交易與任何不動產租約的本質。隨著我們持續成長、持續收購，特定年度的市價調整機會會改變，而且一直是動態的。

What I could tell you is it seems, at least from what we've done to date and what we're seeing in our pipeline and what we're seeing as our leases are rolling is that, that opportunity still exists. And from our perspective, we look for it to continue to exist.

我能告訴你的是，至少從我們目前為止所做的、我們在管線中看到的，以及我們租約到期續約時所看到的情況來看，那個機會仍然存在。從我們的角度，我們也預期它會持續存在。

Okay. And I guess from an acquisition standpoint, is the increased guidance a result of stronger cost of capital opening up the funnel a bit more efficiency on the acquisition side? Or are you seeing some broader macro trends supporting the increased acquisitions?

好的。那我想從收購角度來看，上調指引是因為更強的資金成本讓漏斗打開一些、收購端效率更高？還是你們看到一些更廣泛的總體趨勢在支持收購增加？

The guidance is really based on what we're seeing us being able to acquire based on the access and cost of capital. The deals that we are looking at, like I just said, are very similar to the deals that we've always looked to buy, right, primarily properties that are important to the Postal Service's network that have good underlying real estate value.

這個指引主要是基於我們在資金取得能力與資金成本之下，所看到我們能夠收購的規模。我們正在看的交易——就像我剛才說的——與我們一直以來想買的交易非常相似，對吧？主要是對郵政服務網路很重要、且底層不動產價值良好的物件。

We look to buy deals that are accretive on day one and that we can add our internal growth to it as the leases continue to expire. And that's the model for what we're looking to acquire, and that's what we'll continue.

我們希望收購能在第一天就具增益性（accretive）的交易，並且在租約持續到期之際，能將我們的內生成長加到這些資產上。這就是我們尋求收購的模式，我們也會持續依此推進。

So, Andrew, on the acquisition cap rate, right, it's been fairly 7.5-ish percent range for few years now. But with the stronger cost of capital that you have, would an increased level of acquisitions necessitate a lower cap rate, meaning should we expect a similar investment spread, although considering how much the WACC has come down, still quite strong to get to a higher acquisition volume that results in ultimately more growth, but just a lower cap rate that we'll see on the face initially?

那麼，Andrew，關於收購資本化率（cap rate），對吧，過去幾年大致都在約 7.5% 左右的區間。但在你們資金成本更強（更有利）的情況下，若收購規模提高，是否就必然需要更低的 cap rate？也就是說，考量到 WACC 大幅下降，我們是否仍應預期類似的投資利差，雖然要達到更高的收購量、最終帶來更多成長，但一開始表面上看到的 cap rate 會更低？

Yes. I think that we can expect the cap rate to come down a little bit because what we are going to do is acquire some larger properties, some larger portfolios. These are things that we weren't able to acquire in the past few years given our cost of capital.

是的。我認為可以預期 cap rate 會稍微下降一些，因為我們接下來會收購一些更大型的物業、一些更大型的投資組合。在過去幾年，由於我們的資金成本，這些是我們無法收購的標的。

And so as time goes on, we don't -- we believe the cap rates will constrain slightly. But again, keeping in mind that it needs to be accretive on day 1, and we need to be able to have some internal growth on the acquisitions that we're buying.

因此隨著時間推進，我們——我們相信 cap rate 會略為收斂。但再次強調，必須在第 1 天就具增益性，而且我們需要能在所收購的資產上實現一些內生成長。

Greg, Just to supplement Andrew's answer to your point you made, what we're solving for is higher per share growth in future years. So the total dollar value of accretion is going to be higher by making more acquisitions at potentially somewhat lower cap rate than it would have if we pass up on those opportunities.

Greg，補充 Andrew 的回答、也回應你剛才提到的重點：我們要解的題目是未來年度更高的每股成長。因此，透過以可能略低於我們若放棄這些機會時的 cap rate 來進行更多收購，增益（accretion）的總金額將會更高。

Right. Makes sense. And then just a final one for me. With the stock price performance the recent time frame, have you seen an increased preference for OP Unit from sellers?

了解。有道理。那我最後一個問題。就近期股價表現而言，你們是否看到賣方對 OP Unit 的偏好提高？

Yes, we have, and we're constantly in conversations with owners interested in using the Operating Partnership Unit currency. And we're always balancing that between our sources of debt and equity. But we have definitely seen an increased appetite for the Operating Partnership Units given our stock price growth.

是的，有的。我們一直都在與有意使用營運合夥單位（Operating Partnership Unit）作為對價的業主持續對話。我們也一直在債務與股權的資金來源之間做平衡。但確實，隨著我們股價上漲，我們看到市場對營運合夥單位的需求明顯增加。

Great. Thank you.

很好。謝謝。

Anthony Paolone, JPMorgan.

JPMorgan 的 Anthony Paolone。

I guess my first question just goes back to the Postal Service and the back and forth they had with Amazon earlier in the year. And I was just wondering if you can maybe just summarize kind of how that played out just to someone that's not in the weeds on those machinations and just any implications back to your portfolio?

我想我的第一個問題回到郵政服務（Postal Service）以及他們今年稍早與 Amazon 之間來回的互動。我想請你們或許可以為不熟悉這些運作細節的人，簡要說明事情最後是怎麼發展的，以及對你們投資組合是否有任何影響？

Yes. This is Jeremy. This was a five year contract that was coming due in October of 2026. As we've seen in the past, a lot of these discussions are played out in the public domain. But we were happy to see that they reached a final agreement.

好的。我是 Jeremy。這是一份為期五年的合約，原本將於 2026 年 10 月到期。如同我們過去所見，這類討論很多都會在公開領域上演。但我們很高興看到他們達成了最終協議。

They are going to keep the lion's share of their capacity with the Postal Service. As we stated before, this really doesn't have an impact on our business, right? The scale and size of this industry in terms of other users doesn't change how critical these assets are for the American people.

他們將把絕大部分的運能留在郵政服務體系內。如我們先前所說，這其實不會影響我們的業務，對吧？就其他使用者而言，這個產業的規模與體量並不會改變這些資產對美國民眾的重要性。

And just to give you some context, we were just, as Andrew mentioned, at the Postal Forum with over 4,000 industry professionals who touch the Postal Service. I mean this is a massive industry, $1.9 trillion mailing industry and 7.9 million jobs associated with this industry and the Postal Service plays a much broader role in the US economy than any of us really appreciate.

再提供一些背景：正如 Andrew 提到的，我們剛參加了郵政論壇（Postal Forum），現場有超過 4,000 位與郵政服務相關的產業專業人士。我的意思是，這是一個龐大的產業——郵寄產業規模達 1.9 兆美元，並且有 790 萬個工作與此產業相關；郵政服務在美國經濟中扮演的角色，比我們任何人真正理解的都更廣泛。

So the Amazon contract was important. It has been renewed, and we're looking forward to seeing other logistics providers take advantage of this critical network.

因此，Amazon 合約很重要。它已經續約，我們也期待看到其他物流供應商善用這個關鍵網路。

Okay. Got it. And then on the leases, you've been so successful with the rent increases, the bumps, the duration. What's the impediment to full net lease pass-through of expenses?

好的。了解。接著談租約：你們在租金調升、調幅（bumps）、以及租期方面都非常成功。那麼，將費用全面以淨租約（net lease）方式轉嫁（pass-through）出去的障礙是什麼？

It's a somewhat complicated question. I don't know that there's an impediment to it. The Postal Service lease structure has been in place the way it is for a very long time. As a government agency, I think they have some difficulty in general with a full pass-through on the insurance side.

這是個有點複雜的問題。我不確定是否真的存在障礙。郵政服務的租約結構長期以來一直是這樣。作為政府機構，我認為他們在保險費用方面，整體而言確實較難做到完全轉嫁。

But like we've said before, the vast majority of our leases are this modified double net structure where we're predominantly responsible for roof structure and insurance.

但如我們之前所說，我們絕大多數租約是這種修正型雙重淨租（modified double net）結構，我們主要負責屋頂/結構以及保險。

I think this works well for us and it works well for them. And so I think the current structure of the lease is going to stay in place.

我認為這對我們運作良好，對他們也運作良好。因此我認為目前的租約結構會維持不變。

Okay. And then if I could sneak one last one in. You mentioned maybe tapping private placement debt to extend out some duration. Just can you give us any color around maybe cost and what you're being quoted or what that might look like?

好的。那如果我可以再塞最後一個問題。你提到可能會運用私募債（private placement debt）來拉長一些期限。能否提供一些關於成本的資訊，例如你們目前拿到的報價或大概會是什麼樣子？

Tony, this is Steve. It depends on the duration. I think if we're looking to issue anywhere from 5 to 10 years, the cost could be anywhere from the low 5% range to high 5%, low 6% range, depending on where the markets are. Treasury yields have expanded coming out of late February, early March. We also had a rise in spreads that have since contracted.

Tony，我是 Steve。這取決於期限。我認為如果我們考慮發行 5 到 10 年期，成本可能落在 5% 出頭到 5% 高段、或 6% 出頭的區間，取決於市場狀況。自 2 月下旬、3 月上旬以來，公債殖利率已上升。利差也曾擴大，但之後已收斂。

So I think somewhere, if you estimate 5.5% to 5.7% for a coupon, that's our best guess at the current time.

所以我認為，如果你估計票息（coupon）在 5.5% 到 5.7% 左右，這是我們就目前時間點所能做的最佳推估。

Okay, thank you.

好的，謝謝。

Thank you.

謝謝。

(Operator Instructions) Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Andrew Spodek for the closing remarks.

（接線員指示）各位女士、先生，由於沒有進一步提問，我現在把會議交給 Andrew Spodek 作結語。

Thank you. We believe the unique platform we've built to maximize the value of Postal real estate in addition to the inherent stability and growth of the real estate we own offers a unique investment profile in the public REIT space.

謝謝。我們相信，我們所建立的獨特平台，能最大化郵政不動產的價值；再加上我們所持有不動產本身的內在穩定性與成長性，使我們在公開 REIT 市場中提供一個獨特的投資輪廓。

We look forward to speaking with many of you in the coming months and updating you on our progress next quarter. Thank you again for joining us.

我們期待在接下來幾個月與各位中的許多人交流，並在下季向各位更新我們的進展。再次感謝各位參與。

Ladies and gentlemen, the conference of Postal Realty Trust has now concluded. Thank you for your participation. You may now disconnect your lines.

各位女士、先生，Postal Realty Trust 的電話會議到此結束。感謝各位的參與。您現在可以掛斷電話。