Radius Global Infrastructure Inc (RADI) 2022 Q3 法說會逐字稿

Greetings, and welcome to Radius Global Infrastructure Third Quarter 2022 Results Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jason Harbes, Head of Investor Relations. Thank you. You may begin.

各位來賓，歡迎參加Radius Global Infrastructure 2022年第三季業績電話會議。 （操作說明）提醒各位，本次會議正在錄音。現在，我榮幸地向大家介紹主持人，投資人關係主管Jason Harbes。謝謝。會議可以開始了。

Thank you, operator. And welcome, everyone, to the Radius Global Infrastructure Third Quarter 2022 Earnings Call. In a moment, Bill Berkman, our CEO and Co-Chairman, will provide an overview of our third quarter 2022 results, followed by a more detailed update from Glenn Breisinger, our Chief Financial Officer. After these comments, we will open up the call for your questions.

謝謝接線生。歡迎各位參加Radius Global Infrastructure 2022年第三季財報電話會議。稍後，我們的執行長兼聯席董事長比爾·伯克曼(Bill Berkman)將概述我們2022年第三季度的業績，隨後首席財務官格倫·布雷辛格(Glenn Breisinger)將帶來更詳細的介紹。介紹結束後，我們將開放提問環節。

Before we begin, I would like to remind everyone that many of the comments made today are considered forward-looking statements under federal securities laws. As described in our earnings release and filings with the SEC, these statements subject to numerous risks and uncertainties that could cause future results to differ from those expressed. These statements speak as of today's date, and we undertake no obligation publicly to update or revise these forward-looking statements.

在正式開始之前，我想提醒大家，今天發表的許多評論都屬於聯邦證券法意義上的前瞻性陳述。正如我們在獲利報告和提交給美國證券交易委員會（SEC）的文件中所述，這些陳述受到許多風險和不確定因素的影響，可能導致未來的實際結果與陳述內容存在差異。這些陳述僅代表截至今日的觀點，我們不承擔任何公開更新或修訂這些前瞻性陳述的義務。

In addition, on today's call, we may discuss certain non-GAAP financial information. You can find this information together with reconciliations to the most directly comparable GAAP financial measure in yesterday's earnings release and the supplemental financial information available on our website at www.radiusglobal.com. Bill?

此外，在今天的電話會議上，我們可能會討論一些非GAAP財務資訊。您可以在昨天的盈利報告中以及我們網站www.radiusglobal.com上的補充財務信息中找到這些信息，以及與最直接可比的GAAP財務指標的調節表。比爾？

Thanks, Jason. Thank you all for joining us today for our third quarter 2022 earnings conference call. Even amidst the current global economic and political environment, I am pleased to report the continued resiliency and stability of our business, as we continue to deliver what we believe to be attractive risk-adjusted returns.

謝謝傑森。感謝各位今天參加我們2022年第三季財報電話會議。即使在當前全球經濟和政治環境下，我很高興地報告，我們的業務仍然保持韌性和穩定性，我們將繼續提供我們認為具有吸引力的風險調整後收益。

This is evidenced by strong growth in the third quarter where our assets generated record quarterly GAAP revenue of $35.3 million up 29% year-over-year, which is net of the impact of recent volatile foreign exchange rates. We now own over 8,800 lease streams on over 6,700 digital infrastructure sites in over 20 countries.

第三季強勁成長印證了這一點，我們的資產創造了創紀錄的季度GAAP收入3530萬美元，年增29%，這已剔除了近期匯率波動的影響。目前，我們在20多個國家擁有超過6700個數位基礎設施站點的8,800多個租賃流。

Our large, well-diversified portfolio of high-quality triple net rents underlying mission-critical digital infrastructure assets enjoy the benefit of predominantly uncapped inflation-adjusted escalators, and this quarter's results show continued growth from these valuable lease provisions. As you will hear shortly, our rent portfolio had net organic annualized growth of approximately 4.3% in the third quarter, which includes both inflation escalators and other organic growth up from 3.7% in the second quarter and up from 2.7% in the third quarter of 2021.

我們擁有規模龐大、多元化的優質三方淨租賃資產組合，這些資產主要為關鍵型數位基礎設施，並受益於大多不設上限的通膨調整條款。本季業績顯示，這些寶貴的租賃條款持續推動了成長。正如您稍後將了解到的，我們的租賃資產組合在第三季度實現了約4.3%的淨有機年化增長率，其中包括通膨調整條款和其他有機增長，高於第二季度的3.7%和2021年第三季的2.7%。

As noted in our supplemental disclosures as of the end of September, approximately 76% of our portfolio escalates annually, 5% escalates every 3 years and 17% escalates every 5 years. The rate of growth from escalators on our existing rents grew 4.8% in the quarter, and we expect the rate of growth to continue, as inflation-based escalators continue to phase in. We would like to again note that we have quarterly variability in the amount of capital deployed.

正如我們在9月底的補充揭露文件中所述，我們投資組合中約76%的物業每年租金遞增，5%每3年遞增，17%每5年遞增。本季現有租金遞增帶來的成長率為4.8%，我們預期隨著通膨掛鉤的遞增條款逐步實施，此成長率將持續維持。我們再次強調，我們投入的資金量有季度波動。

During this quarter, we invested approximately $70 million to acquire $5 million in additional annualized rent, increasing our total annualized in-place rents to a run rate of approximately $134 million, representing a 21% year-over-year increase.

本季度，我們投資約 7,000 萬美元，獲得了 500 萬美元的額外年度租金，使我們的年度現有租金總額達到約 1.34 億美元，年增 21%。

On a constant currency basis using exchange rates as of the third quarter of 2021, our portfolio would have grown 38% to approximately $152 million. The difference between what we reported and what we would have reported on a constant currency basis is attributable to the U.S. dollar appreciation during the past year, most notably against euros and British pounds, which depreciated by 15% and 17%, respectively.

如果以2021年第三季的固定匯率計算，我們的投資組合將成長38%，達到約1.52億美元。我們報告的業績與以固定匯率計算的業績之間的差異，主要歸因於過去一年美元的升值，尤其是對歐元和英鎊的升值，歐元和英鎊分別貶值了15%和17%。

Please note that our levered rent significantly mute FX impacts because we borrow and collect rent and deploy capital locally, all of which acts as a natural hedge. Our total acquisition CapEx of $324 million for the first 3 quarters of 2022 keeps us on a trajectory to exceed our original guidance where we expect to deploy $400 million plus of acquisition CapEx for the current calendar year.

請注意，由於我們透過本地借貸和收取租金，並將資金投入本地市場，槓桿租金策略顯著降低了匯率波動的影響，從而起到了天然的對沖作用。 2022年前三個季度，我們的收購資本支出總額為3.24億美元，這使我們能夠繼續維持成長勢頭，預計將超越先前的預期，即本年度的收購資本支出將超過4億美元。

Our pace of acquisition CapEx has also been impacted by a strengthening U.S. dollar. On a constant currency basis, we would have deployed $378 million in the first 3 quarters, as compared to the $324 million we did deploy. The difference between what we reported and what we would have reported on a constant currency basis is again due to U.S. dollar appreciation during the past year, again most notably to the euro since the majority of the rents we've acquired this year have been denominated in euros.

美元走強也影響了我們的收購資本支出進度。以固定匯率計算，我們前三個季度本應投入3.78億美元，而實際投入為3.24億美元。我們報告的金額與以固定匯率計算的金額之間的差異，同樣是由於過去一年美元升值，尤其是對歐元升值，因為我們今年收購的大部分租金收入都是以歐元計價的。

Please note that we have benefited from the ability to buy international assets at a lower price when we have deployed cash held in U.S. dollars due to the strengthening of the U.S. dollar against other currencies. After making these investments, we now have nearly $500 million on the balance sheet available for incremental value-accretive acquisitions raised from previously drawn debt facilities that are 100% fixed rate or CAP with a blended cash coupon of approximately 3.6%, interest only with our first maturity of $75 million out of $1.5 billion of debt due in 2024.

請注意，由於美元對其他貨幣走強，我們得以利用持有的美元現金以更低的價格收購國際資產，並從中獲益。完成這些投資後，我們目前資產負債表上有近5億美元可用於增值收購，這些資金來自先前提取的債務融資，這些債務為100%固定利率或資本化利率，綜合現金票息約為3.6%，僅支付利息。我們15億美元債務中的首筆到期款項為7,500萬美元，將於2024年到期。

I'm extremely proud of our global team for continuing to produce strong results, meeting our high underwriting standards and target returns, especially in this macroeconomic environment. With the pace of capital investment into global digital infrastructure, supporting communication networks and data storage, data processing and data delivery continuing to grow to keep up with demand, our addressable market of potential acquisition continues to grow, and our range of asset types continues to broaden, which, of course, provides our team of originators with a total addressable market of 1 million plus potential properties to acquire in the current jurisdictions where we presently operate where most of these addressable assets continue to be owned by a highly fragmented set of landlords.

我為我們的全球團隊感到無比自豪，他們持續取得優異的業績，尤其是在當前的宏觀經濟環境下，依然達到了我們高標準的承保要求和預期回報。隨著全球數位基礎設施、通訊網路和資料儲存、資料處理和資料傳輸領域的資本投資不斷增長以滿足市場需求，我們潛在的收購目標市場也在持續擴大，資產類型也在不斷拓展。這無疑為我們的發起團隊提供了超過100萬套潛在房產的收購目標市場，這些房產目前在我們開展業務的司法管轄區內均有分佈，而這些房產大多由高度分散的業主持有。

We are highly mindful of recent volatility in the macroeconomic environment and capital allocation is always a key area for us, which we are always seeking to optimize real time. In addition to constantly reviewing our underwriting criteria, we are updating targeted unlevered returns to factor in local jurisdictions, market conditions against the backdrop of future financing costs with the objective of deploying capital to achieve the best long-term risk-adjusted return.

我們高度關注近期宏觀經濟環境的波動，資本配置始終是我們關注的重點領域，我們不斷尋求即時優化。除了持續審查承銷標準外，我們還在更新目標無槓桿收益率，以納入當地司法管轄區、市場狀況以及未來融資成本等因素，旨在實現最佳的長期風險調整後收益。

A couple of other updates. In the past, our treasury function has delivered nominal interest income. With recent interest rate increases, we expect to generate more attractive near-term interest income on our cash on hand until it is deployed into higher return opportunities. We are also reviewing our SG&A cost structure to identify potential areas of cost reduction and greater financial and operational efficiencies. Lastly, we are also testing new structured finance offers to digital infrastructure property owners to optimize our returns.

還有幾項其他更新。過去，我們的財務部門主要提供名義上的利息收入。隨著近期利率上升，我們預計在將現金投入收益更高的投資機會之前，短期內現金利息收入將更具吸引力。我們也正在審查銷售、管理及行政費用結構，以確定潛在的成本削減領域，並提高財務和營運效率。最後，我們也正在測試數位基礎設施資產所有者的新型結構化融資方案，以優化收益。

Glenn Breisinger, our CFO, will now provide an overview of our current holdings and financial results in more detail. Glenn?

我們的財務長格倫·布雷辛格現在將更詳細地概述我們目前的持股和財務表現。格倫？

Thanks, Bill. We continue to grow the portfolio in the third quarter, taking advantage of investment opportunities across our expanding global footprint to deploy capital. As of the end of September, as Bill previously mentioned, we own real property interest in over 6,700 sites with over 8,800 lease streams represented by a tenant base comprised of 39% tower companies and 61% mobile network operators, the majority of which are investment grade.

謝謝比爾。第三季度，我們持續擴大投資組合，利用不斷拓展的全球業務中的投資機會進行資本部署。正如比爾先前所提到的，截至9月底，我們擁有超過6700個站點的房地產權益，涉及超過8800個租賃項目，租戶組成中39%為鐵塔公司，61%為行動網路營運商，其中大多數為投資級公司。

With respect to our $133.6 million of annualized in-place rents as of September 30, 49% are denominated in euros, 14% in British pounds, 16% in U.S. dollars, 3% in Australian dollars, 1% in Canadian dollars and the remaining 16% in other global currencies. Approximately 84% of our rents are located in developed markets with the remainder predominantly based in Brazil, Chile and Mexico.

截至9月30日，我們已收取的年化租金總額為1.336億美元，其中49%以歐元計價，14%以英鎊計價，16%以美元計價，3%以澳元計價，1%以加元計價，其餘16%以其他全球貨幣計價。我們約84%的租金收入位於已開發市場，其餘則主要集中在巴西、智利和墨西哥。

Importantly, nearly 80% of our portfolio has contractual uncapped escalators whether either directly or indirectly linked to local inflation indices, which provides us with meaningful protection against the impact of rising inflation, while also muting the impact of rising interest rates. The other 20% of our portfolio has contractual escalators that are generally fixed at [30%] annually. Geographically, these fixed escalator rents are primarily located in the U.S., Canada and Australia. Revenues were up 29% year-over-year to $35.3 million in the quarter and gross profit what we refer to as growing cash flow rose 25% to $33.6 million, resulting in a gross profit margin of approximately 95%.

值得注意的是，我們近80%的投資組合都設有與當地通膨指數直接或間接掛鉤的無上限遞增條款，這為我們抵禦通膨上升的影響提供了有效的保護，同時也能緩解利率上升的影響。其餘20%的投資組合則設有固定年遞增條款，通常為30%。從地理來看，這些固定遞增租金主要分佈在美國、加拿大和澳洲。本季營收年增29%至3,530萬美元，毛利（即我們所謂的不斷成長的現金流）成長25%至3,360萬美元，毛利率約為95%。

Our ground cash flow margin has been impacted by expenses associated with fee simple interest acquired primarily for property taxes. We deployed $70.1 million for acquisition CapEx in the third quarter, which represents a 45% decrease from the $126.5 million we deployed in the third quarter of 2021. This lower pace of investment resulted in $4.9 million of additional annual rent across 317 new lease streams.

我們的地面現金流量利潤率受到主要用於繳納房產稅的永久產權收購相關費用的影響。第三季度，我們投入7,010萬美元收購資本支出，較2021年第三季的1.265億美元減少了45%。投資成長放緩，使得我們在317份新租賃合約中獲得了每年490萬美元的額外租金收入。

We anticipate that these new lease streams will generate a fully burdened initial cash yield of approximately 5.8% on a total growth spend basis, which includes approximately $14.2 million of origination SG&A that we spent in the quarter.

我們預計，這些新的租賃流將產生約 5.8% 的完全負擔初始現金收益率（按總成長支出計算），其中包括我們本季支出的約 1,420 萬美元的初始銷售、一般及行政費用。

Please note that this 5.8% reflects onetime expenses and foreign currency exchange impacts and when compared to previous years, does not reflect the same-store sales. At each quarter, we are acquiring assets from a different mix of countries that have different acquisition cap rates due to many factors that vary by jurisdiction.

請注意，這5.8%的成長率反映了一次性支出和外匯匯率的影響，與往年相比，並未反映同店銷售額的成長。每個季度，我們都會從不同的國家收購資產，由於許多因素因司法管轄區而異，這些國家的收購資本化率也各不相同。

In the third quarter, our existing portfolio of rents on a constant currency basis, excluding rents we acquired in the quarter, generated 5.3% revenue growth from the combination of our contractual escalators and organic revenue enhancements, which was partially offset by approximately 1% of gross churn, resulting in net organic revenue growth of 4.3% on a year-over-year basis. This compares to 2.7% net organic revenue growth in the third quarter of 2021. This increase was primarily due to our contractual inflation-based escalators, which are beginning to reflect the significant increase in inflation across all of our jurisdictions.

第三季度，我們現有租金組合（以固定匯率計算，不包括本季新增租金）的營收成長了5.3%，這主要得益於合約約定的租金遞增條款和內生性收入成長。約1%的客戶流失部分抵銷了這一成長，最終淨內生性收入較去年同期成長4.3%。相較之下，2021年第三季淨內生性收入成長率為2.7%。這一增長主要歸功於我們合約約定的通膨遞增條款，這些條款已開始反映出我們所有業務所在地區通膨的顯著上升。

Turning to our balance sheet and liquidity, Radius now has approximately $1.5 billion of total gross debt outstanding and net debt of $982 million as of the end of the third quarter. Again, all of our outstanding debt is interest-only fixed rate or capped with a weighted average cash coupon of 3.6% and a weighted average remaining maturity of 5.7 years.

從資產負債表和流動性來看，截至第三季末，Radius 的未償債務總額約為 15 億美元，淨債務為 9.82 億美元。所有未償債務均為僅付息固定利率債務或利率上限債務，加權平均現金票息率為 3.6%，加權平均剩餘期限為 5.7 年。

The company had approximately $570 million of liquidity, $493 million of which is available for incremental investment as of September 30. Radius also had $1.2 billion of available uncommitted borrowing capacity under various debt facilities in addition to the ability to access the worldwide credit and capital markets, subject to market conditions, in order to issue additional debt or equity if needed or desired. Please refer to the supplemental materials posted to our website yesterday after market close for additional details.

截至9月30日，該公司擁有約5.7億美元的流動資金，其中4.93億美元可用於新增投資。此外，Radius還擁有12億美元的可用未承諾借款額度，該額度依據各項債務融資安排發放。同時，該公司還可根據市場狀況，進入全球信貸和資本市場，在需要或希望發行額外債務或股權時進行融資。更多詳情，請參閱昨日收盤後發佈於我們網站的補充資料。

Bill?

帳單？

Thanks, Glenn. Operator, please open the call for questions. Thank you.

謝謝，格倫。接線員，請開啟提問環節。謝謝。

(Operator Instructions) Our first question comes from the line of Ric Prentiss with Raymond James.

（操作說明）我們的第一個問題來自雷蒙德詹姆斯的里克普倫蒂斯。

A couple of quick questions. First, glad to see CPI escalator starting to continue to move up through the quarter. How should we think about -- I know you mentioned 76% of the leases update annually, how far through the process of updating those ROE? Is there some way for us from the external side to get a sense of where these could be headed as you think about where inflation is in all the different markets you're working in?

幾個問題想請教一下。首先，很高興看到CPI指數在本季持續上漲。關於您提到的76%的租賃合約每年都會更新，我們應該如何看待這個問題？目前這些合約的更新進度如何？身為外部人員，我們能否了解這些合約的最終走向，尤其是在您考慮各個市場通膨狀況的情況下？

No, it's a good question. Glenn, do you want to take Ric through the sort of weighted average expectation, do you have it handy?

不，這是個好問題。格倫，你想跟里克講解加權平均期望值嗎？手邊有相關資料嗎？

Yes, sure. So I think if you look at how we have called out the rents by jurisdiction, our annualized in-place rents and think about the inflation in all those various jurisdictions factor out where you are in North America versus Australia and Canada, the fixed components, you're probably running on a present run rate basis today of -- in the 5% range. And if you look at that compared to the stated inflation in those marketplaces, you're probably at about 60% on a trailing basis, is probably the best way to think about that.

當然可以。所以，我認為，如果你看一下我們按地區劃分的租金，也就是我們按年計算的實際租金，再考慮一下各個地區的通貨膨脹率，以及北美、澳大利亞和加拿大等不同地區的差異，再加上固定成本部分，那麼你目前的租金增長率可能在5%左右。如果把這個數字和這些市場公佈的通貨膨脹率相比，那麼以滾動平均值來看，你的租金成長率可能在60%左右，這或許是最好的理解方式。

And in terms of when it catches up, Ric, it kicks in -- I mean sort of -- you got to just do on weighted averages, but I would expect within the next 12 months is our expectation that it will approach where inflation is today because we're always lagging. So even if inflation went higher, we'll lag; if inflation went lower, we'll still lag it and still be higher if that makes sense.

至於何時才能趕上，里克，它開始發揮作用——我的意思是，差不多——你得用加權平均值來計算，但我預計在未來12個月內，它將接近目前的通脹水平，因為我們總是滯後。所以即使通膨上升，我們也會滯後；如果通膨下降，我們仍然會滯後，而且仍然會高於通膨水平，如果我這麼說你能理解的話。

Second question, on the acquisition front, obviously, been covering the space a long time with towers and other digital infrastructure. There was a saying in tower land that sometimes the best asset you can buy is yourself when you consider what other assets are going for or what your asset is trading at. Do you guys have any flexibility or desire to look at using any of your cash or liquidity sources to buy back stock?

第二個問題，關於收購方面，顯然，我們長期關注鐵塔和其他數位基礎設施領域。鐵塔產業有句俗語：有時候，考慮到其他資產的價格或自身資產的交易價格，最好的資產就是你自己。貴公司是否有任何彈性或意願，利用現金或流動資金回購股票？

Yes, I think we would -- the answer is absolutely, we do. We probably have upwards of around $300 million of flexibility to buyback our stock, should we -- our board decide to do that. So we look at both the buybacks of our stock. We look at the buyback of our convert, whichever one we think, at a given time, offers a better return than what we're doing elsewhere in the market.

是的，我認為我們會——答案是肯定的，我們確實會。如果董事會決定回購股票，我們大概有超過3億美元的資金可以靈活運用。所以我們會同時考慮股票回購和可轉換債券回購，選擇我們認為在特定時期內，哪一項投資的報酬率高於我們在市場上的其他投資。

I think from our perspective it has to be a really, really -- I guess, I may say it this way, the comparison between what we can buy out there versus buying back our stock, we always feel that when we're buying our assets, it's not just about buying inflation. It's not just about buying an asset that we know is going to stand the test of time.

我認為從我們的角度來看，這確實是一個非常非常——我想，我或許可以這樣說——比較一下我們能買到的東西和回購我們自己的股票，我們始終覺得，當我們購買資產時，不僅僅是為了抵禦通貨膨脹。不只是為了購買我們知道能夠經得起時間考驗的資產。

But as we put in our supplemental deck today, it's not just a spread business for us. We always think we can get more organic growth. As an example, a rooftop. It isn't just a rooftop. It's actually a tower because there's incremental space that we can add incremental tenants and roughly 30% of our assets are rooftops.

但正如我們今天在補充文件中所提到的，這不僅僅是我們的擴張業務。我們始終認為我們可以獲得更多內生成長。舉個例子，屋頂公寓。它不僅僅是一個屋頂公寓，它實際上是一座塔樓，因為我們可以增加額外的空間來吸引新的租戶，而我們大約30%的資產都是屋頂公寓。

So when we think about a long-term investment perspective, it's not that we wouldn't use stock buyback selectively. And we talk about it at every board and if you know our heritage, being partners with Malone, he's been the master of making buybacks. So it's definitely on our radar. I think for right now the way we view it, it's kind of attention with roughly $500 million of cash that you could call it borrowed at 3.6%.

所以，從長期投資的角度來看，我們並非完全不會選擇性地進行股票回購。我們在每次董事會上都會討論這個問題，如果您了解我們的歷史，就會知道我們與馬龍是股票回購的高手。因此，股票回購絕對是我們關注的重點。我認為，就目前而言，我們持有大約5億美元的現金，可以看作是以3.6%的利率借來的，這筆資金需要我們格外關注。

You want to capture that spread as fast as you can because it's got 5.7 years on a weighted average maturity to be used. So then you say to yourself, if I want to capture what's the fastest and best way to do that, you say we've got buybacks. We've got new assets. And then you ask yourself, don't you want to optimize returns, but it may take you 6 months to get to complete optimization returns, which, of course, act circularly to undermine you're using that spread right away.

你想盡快抓住這個利差，因為它的加權平均到期期限為5.7年。於是你會想，如果想抓住這個利差，最快最好的方法是什麼？你會想到股票回購和新資產。然後你會問自己，難道不想最大化收益嗎？但要達到完全最優收益可能需要6個月的時間，這當然會形成惡性循環，讓你無法立刻利用這個利差。

Long-winded way of saying that every single day, we wake up more asset allocators and buybacks are just 1 thing that we focus on. I think for right now, practically speaking, if we announced it, we're just not sure we could buy that much. We certainly would influence the price very substantially, at least in our expectation in our view.

長話短說，我們每天醒來都會關注更多資產配置策略，而股票回購只是我們關注的重點之一。我認為就目前而言，即使我們宣布回購計劃，我們也不確定能否買入那麼多股票。但可以肯定的是，這肯定會對股價產生相當大的影響，至少在我們看來是如此。

And so when we think about that rather getting into the cycle of saying that we're buying back every quarter, we still think the returns are out there that justify what we're doing, of course, especially with the spread that we have, so to speak, on the cash. And then when we combine that with, of course, the organic growth that we think we can drive on top of it. I think it's just business as usual on a very steady asset. Sorry for the long-winded answer.

所以，當我們考慮這個問題時，與其陷入每個季度都回購股票的循環，我們仍然認為目前的收益足以證明我們這樣做是合理的，尤其是在我們現金持有的價差如此之大的情況下。再加上我們認為可以在此基礎上實現的內生成長，我認為這只是對非常穩定的資產進行常規操作。抱歉說了這麼多。

No, no, it's thoughtful. That's what we want to see and hear because sometimes you can also like you point out, just send the message to the market about where you think it's that because at some point, Glenn touched on his remarks, there's debt raise, but at some point, there's equity raises, too. So you want your equity to reflect the value that you're seeing that you're producing.

不，不，這很周全。這正是我們想看到和聽到的，因為有時候，就像你指出的那樣，你也可以直接向市場傳遞你認為公司發展方向的訊息。因為正如格倫在他的發言中提到的，公司會進行債務融資，但也會進行股權融資。所以，你希望你的股權能反映你所創造的價值。

No, absolutely. When we think about the equity raise, we'll just touch on it because I have a hunch you're going to ask me anyway. Equity for us comes episodically when we think we need it to, of course, match against the originations. In a perfect world, you really want to release just-in-time equity, just when you need it, but nothing is ever perfect. So whether or not we do it as we've done in the past, where you're issuing equity or you decide you want to issue equity on a subsidiary level or frankly, take the approach that some of the triple-net traditional REITs have done where they selectively sell assets every year, use the cash and then reinvest.

不，當然。說到股權融資，我就簡單提一下，因為我感覺你一定會問到。對我們來說，股權融資是按需進行的，當然是為了配合新專案的資金需求。理想情況下，我們希望能夠按需發行股權，但現實往往不盡人意。所以，無論我們是像過去那樣發行股權，還是決定在子公司層級發行股權，或者坦白說，採取一些傳統三淨租賃房地產投資信託基金（REITs）的做法——每年選擇性地出售資產，利用所得資金進行再投資——我們都會根據實際情況靈活調整。

So can you sell at a much higher multiple than what you're going to reinvest the cash at. We typically haven't liked to do that. We like to hold our assets for a long time because we think that if we can stay invested, it's sort of the best use of our cash without any of the friction. Now that being said, the buy and sell approach worked for the original pioneers of people buying land for a long time. So it's something we watch is just another tool in the capital formation toolbox.

所以，你能以遠高於再投資價格的倍數出售嗎？我們通常不喜歡這樣做。我們喜歡長期持有資產，因為我們認為，如果能持續投資，這才是資金的最佳利用方式，而且沒有任何摩擦。話雖如此，買賣策略對於早期購買土地的先驅者來說確實奏效了很長時間。因此，我們認為這只是資本形成工具箱中的另一個工具。

Last 1 for me. I appreciate that is we obviously saw Vodafone Vantage Tower portfolio get finally announced where there was of that.

最後一個問題。我很欣賞這一點，因為我們顯然已經看到沃達豐Vantage Tower產品組合最終公佈了。

Yes.

是的。

There is a lot of money out there in the private space. Have you been approached? Would you engage approach with private equity saying, we've got a lot of money, we're looking to put it to work in digital infrastructure and you guys could be a platform?

私募領域資金雄厚。有人聯絡過你們嗎？如果私募股權公司聯繫你們說：“我們有很多資金，想投資數位基礎設施，你們可以成為一個平台”，你們會接受嗎？

I guess I can say to you is, a, number one, we don't really comment on any specific rumors. It's just sort of the policy of the company and what our Board has set out. Look, everybody is talking to everybody all the time. There is a substantial amount of capital that's out there in different types of funds. And I don't think we lose a wink of sleep over our ability to form capital when we should need it.

我想說的是，第一，我們通常不會對任何具體的傳聞發表評論。這既是公司的政策，也是董事會制定的。你看，現在大家都在互相交流。市面上有許多不同類型的基金，資金充裕。但我認為，我們完全不用擔心在需要的時候籌集資金的能力。

The question then is I always like to think of things not just from pure finance, but also what else can we do with anybody as we're thinking about our future. And there's no right or wrong answer, but I guess, we're really flexible. We always are willing to listen to anybody. And I think that's what I would say.

那麼問題來了，我總是喜歡從不同的角度思考問題，不僅限於純粹的財務層面，還要考慮在展望未來時，我們還能和哪些人一起做些什麼。這個問題沒有對錯之分，但我認為，我們非常靈活。我們總是願意傾聽任何人的意見。我想這就是我想說的話。

(Operator Instructions) Our next question comes from the line of Sami Badri with Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Sami Badri。

I think you made a comment earlier on your prepared remarks regarding targeted returns of invested capital. Could you maybe just expand on that comment? I didn't really hear a percentage or something else that you were kind of framing. Could you just give us more color and expand on that comment, please?

我想您之前在準備好的發言稿中提到投資資本的目標報酬率。能否詳細解釋一下？我沒聽到您具體提到百分比或其他什麼細節。您能否提供更多信息，並詳細說明一下？

Sure. No, I think it's a great question. I mean first and foremost, and I know you've heard me say this before, every single 1 of our jurisdiction demands, commands a different threshold IRR. And we start from the ground up saying to ourselves the classic sort of finance theory, what's the equity risk premium when we compare it to the U.S. and other countries? So that's why we say it's -- we're not reporting same-store sales because if the mix of countries differs the actual "first year yield" will also different. What you would expect to achieve in Brazil as a first year yield is going to be very different than what you're going to expect to achieve in France, just as an example.

當然。不，我認為這是一個很好的問題。首先，也是最重要的一點，我知道您之前也聽我說過，我們每個司法管轄區對內部報酬率（IRR）的要求都不一樣。我們從最基本的層面著手，運用經典的金融理論，計算與美國和其他國家相比的股權風險溢酬。這就是為什麼我們不報告同店銷售額的原因，因為如果國家組成不同，實際的「首年收益率」也會不同。舉個例子，您在巴西預期獲得的首年收益率與您在法國預期獲得的收益率肯定會大相徑庭。

So there is no 1 set overall holistic return criteria. What I would say is that we then go into the process of saying we've got 3.6% money and clearly, we want to be above that to earn whatever the return is, but that's only the first portion. Just to hit it home again, we don't see ourselves just as a spread business, we think we can and we have driven organic growth, and we expect to do more organic growth on top of just the spread.

所以並沒有一個統一的整體報酬標準。我想說的是，我們假設我們目前有3.6%的資金，顯然，我們希望高於這個水平才能獲得預期的回報，但這只是第一步。再次強調，我們並不把自己定位為一家單純的利差交易公司，我們認為我們能夠並且已經實現了內生增長，並且我們期望在利差交易的基礎上實現更多內生增長。

I think the third thing is that when we look at our first year yield and this is where it's hard to explain to investors, but the accountants, the GAAP accounting rules make us expense the origination SG&A, which distorts our EBITDA, when in our mind, it's part and parcel of buying assets, and we view it really as just CapEx. Now on the positive side, we get a deduction for it. So when we think about the first year deals, since the IRS is letting us deduct what is really 10% of the purchase price, we think about that in the context of the yields.

我認為第三點是，當我們查看第一年的收益率時，這一點很難向投資者解釋清楚，但會計師和GAAP會計準則要求我們將初始銷售、管理及行政費用計入支出，這會扭曲我們的EBITDA。然而，在我們看來，這筆費用是購買資產過程中不可避免的一部分，我們將其視為資本支出。不過，從正面的一面來看，我們可以獲得稅收抵免。因此，當我們考慮第一年的交易時，由於美國國稅局允許我們扣除相當於購買價格10%的費用，我們將其與收益率聯繫起來考慮。

And then the other thing, when we look at yields that it doesn't show, which is very obvious, is the prevailing inflation that we think is going to happen in the next year, 2 years, 3 years. And then, of course, what we think we can grow the asset from organic growth, whether that's because the rents are below market and at least renewal, we can bring them up to market or it's a rooftop where we think we can add another tenant.

此外，當我們查看收益率時，它沒有反映出一點，這一點非常明顯，那就是我們認為未來一到三年內將會出現的主要通膨問題。當然，我們也要考慮如何透過內生成長來提升資產價值，例如，如果租金低於市場水平，我們可以將其至少提升到市場水平，或者我們認為可以在屋頂露台上增加一個租戶。

So yield is a measure, but it's not store measure. And going back to your question on returns, each jurisdiction is different. But suffice to say, if you're our shareholder, you're betting on our ability to capital allocate, our ability as an investment committee, so to speak, as underwriters. And I think that's just something we've spent a huge amount of time rethinking, rethinking the rules that we set out there.

所以收益率是一種衡量標準，但它並非衡量價值的唯一標準。回到您關於回報的問題，每個司法管轄區的規定都不同。但總而言之，如果您是我們的股東，您實際上是在押注我們的資本配置能力，或者說，押注我們作為投資委員會（或承銷商）的能力。我認為，我們花了大量時間重新思考這個問題，重新審視我們所製定的相關規則。

Got it. Just so I'm sure I'm clear. I think your explanation was pretty good, right. So timing could be a factor, moving parts could be a factor and then just region origination. These are factors for why yields could come down a little bit in the medium term before they finally stabilize after some of these kind of transitory effects start to kind of be ironed out. Is that the right way to interpret it? And I have 1 another follow up.

明白了。為了確保我理解正確，我想再確認一下。我覺得你的解釋很到位，對吧？所以時機可能是一個因素，變動因素可能是一個因素，還有產區本身。這些因素都可能導致中期內產量略有下降，之後隨著一些暫時性影響逐漸消除，產量才會最終穩定下來。我的理解對嗎？我還有一個後續問題。

No, I wouldn't say that. I would say, and I hate to do this because everybody wants it to be 1 size fits all, I guess we would too. But every country's yields were going to be different based on what's happening in that given jurisdiction at that moment in time. That's the first thing to think about.

不，我不會這麼說。我想說的是，雖然我很不想這麼說，因為大家都希望它能一刀切，我想我們也會這麼想。但每個國家的收益率都會有所不同，這取決於特定地區在特定時期的具體情況。這是首先要考慮的問題。

I think the second thing is we don't know yet because it will probably likely be a lag, whether or not and for when all of the current macro environment forces trickle down to individual landowners who all of a sudden have a greater need to sell because they've got a greater need for capital or they're just afraid of the current environment.

我認為第二點是，我們現在還不知道，因為當前宏觀環境的所有因素可能都會有滯後性，這些因素是否會以及何時會逐漸影響到個別土地所有者，他們突然間更需要出售土地，因為他們更需要資金，或者他們只是害怕當前的環境。

At the moment, we're still seeing pricing relatively stable that's out there. When I think about other real estate classes, I've read in some of the triple net traditional investor presentations, they see 12 to 18 months before the market adjusts for a private seller. I don't know if that will be the case for us. But I do think there's a lag. I'm optimistic that we'll see prices begin to adjust to the overall market, which, of course, should inure to our benefit. I also think that with more volatility, probably people will need more capital.

目前，我們看到市場上的房價仍然相對穩定。我在一些三淨租賃傳統投資者的報告中看到，其他類型的房地產市場通常需要12到18個月的時間才能調整到適合私人賣家的水平。我不知道這種情況是否也會發生在我們這裡。但我確實認為存在一定的滯後性。我樂觀地認為，房價最終會開始調整以適應整體市場，當然對我們有利。同時，我認為隨著市場波動性的增加，人們可能需要更多的資金。

But again, we're in early days. We haven't seen that yet in any material form. So that would go against what you're saying about yields going lower. I don't have a crystal ball. I just would say right now, I'm expecting them to sort of remain stable for the moment with, I guess, the hopeful expectation that yields will go up that we have to purchase.

但話說回來，現在還處於早期階段。我們還沒有看到任何實質的跡象。所以這和你說的收益率會下降的說法相反。我沒有水晶球，但我目前預期殖利率會保持穩定，當然，我們也要抱持殖利率上升的希望，所以我們需要買這些股票。

Got it. Got it. Okay. I apologize. I actually have 2 follow-ups. So first 1 would be a quick one. Your adjusted EBITDA margin came in higher than what we've been typically modeling. And it sounds like you guys structurally are doing things a little bit different going forward just from like a cost and just business management perspective, is it safe to assume that adjusted EBITDA margins would hover around the range you guys just reported for at least the next couple of quarters, maybe even 2023. So that's question one.

明白了，明白了。好的。抱歉，我還有兩個後續問題。第一個問題比較簡單。你們調整後的 EBITDA 利潤率高於我們平常的預測值。聽起來你們在成本和業務管理方面似乎採取了一些不同的策略，那麼是否可以假設調整後的 EBITDA 利潤率至少在接下來的幾個季度，甚至可能到 2023 年，都會保持在你們剛剛公佈的範圍內？這是第一個問題。

Question 2 is we're just trying to think about the economic forces here and the way that Radius is positioned. Does economic turbulence, including rising rates globally, create more motivated sellers and thereby, gives you better deals, better opportunities or is it that are we in a situation here where the economic dynamics are creating a situation where there's a lot more weighting and seeing both on the Radius side and the seller side, just because so many pieces are moving around and in most cases, unfavorable from a seller's perspective. So ...

第二個問題是，我們只是想思考一下當前的經濟狀況以及Radius的市場定位。經濟動盪，包括全球利率上升，是否會促使賣家更有動力出售房產，從而帶來更好的交易和機會？或者，我們目前的情況是，經濟動態導致Radius和賣家雙方的利益權重都大幅增加，因為許多因素都在變化，而且在大多數情況下，這些變化對賣家不利。所以…

Let me answer your second 1 first, and I'll let Glenn answer the EBITDA margin question. The second 1 I was trying to address before when I was giving you how we think about returns and yields, and I wasn't probably clear enough. We're trying to see when and if, of course, it will spark all this volatility, more potential property owners to want to sell their property. At the moment, we haven't really seen it in a giant material way. I'm sure it will be country by country. Our expectation is it takes a little while, just as I mentioned before, in the triple net traditional guys experience to see that flow through to individual property owners.

讓我先回答你的第二個問題，關於EBITDA利潤率的問題，就讓Glenn來回答吧。第二個問題我之前在解釋我們如何看待回報和收益率的時候就試圖解釋過了，也許我沒說清楚。我們正在觀察，當然，這是否會引發所有這些波動，是否會促使更多潛在的房主想要出售房產。目前，我們還沒有看到大規模的實質影響。我相信這會因國家而異。正如我之前提到的，根據傳統三淨租賃模式的經驗，我們預計這需要一段時間才能影響到個別房主。

I would expect it to happen. I just don't know when. I would expect we'd have more volume. I don't know when that will kick in because typically people need capital again when markets are the way they are. I hope that answers your question. On the economic forces, I guess, the way we view our business is -- and I hope this is really clear. On a gross debt basis, we're probably levered at 11.5 plus time of our rent. And I said that's gross because that's not net of cash, to be clear. But at 11.5x borrowing in the local currency, you have 11.5x that you are hedged in FX.

我預期這種情況會發生，但不知道具體時間。我預計交易量會增加。但我不知道這種情況何時會真正出現，因為通常情況下，在當前市場情況下，人們需要再次籌集資金。希望我的回答能解答你的疑問。關於經濟因素，我想，我們對自身業務的看法是──我希望這一點表達清楚了。以總債務計算，我們的槓桿率大概是租金的11.5倍加上一些。我說的是總債務，因為這還沒有扣除現金，這一點需要說明。但是，以當地貨幣計算，11.5倍的借款，意味著你用外匯進行了11.5倍的對沖。

So if as an example, the euro weakens, that means the amount of debt we owe back is a lower amount. That means the amount of interest we have to pay is a lower amount. So that's why even at a giant movement unlevered, we are muted in what happens in the impact to us on a levered basis. I hope that makes sense. That would be an economic force. And the other thing I would say on the economic forces is -- and it's funny because you want to look at the forward curve all the time, but -- as we've all probably noticed, it's changing up and down as volatile as the existing interest rate itself.

舉例來說，如果歐元貶值，那就意味著我們需要償還的債務總額會減少，我們需要支付的利息也會減少。所以，即使是巨大的無槓桿波動，對我們這些有槓桿投資者的影響也微乎其微。希望我的解釋能讓您明白。這就是經濟力量。關於經濟力量，我還想補充一點——這很有意思，因為您總是想關注遠期利率曲線，但正如我們可能都注意到的，它的波動幅度與當前利率本身一樣劇烈。

So for us, probably the most important thing will be incremental cost of cash when we go to borrow. Academically, we really like to think about it, as a separate cost and does it get the returns we want. But you can be lazy and say, we'll blend it with the 3.6% because we know we still have a spread if we wanted to do it that way.

所以對我們來說，最重要的可能就是藉貸時的現金增量成本。從理論上講，我們更傾向於把它當作一項單獨的成本來考慮，並分析它是否能帶來我們想要的回報。但你也可以偷懶，直接把它和3.6%的利率混在一起，因為我們知道即使這樣也能獲得一定的利差。

I think the second thing, which is most important to all of our shareholders and us is what do we think the cost of borrowing will be when we have to refi our weighted average maturity of 5.7 years. That's 5.7 years from now. And our crystal ball is as good as everybody else's crystal ball, which means it's not very good.

我認為第二點，也是對我們所有股東和我們自身而言最重要的一點，是我們認為當我們必須對加權平均期限為5.7年的債務進行再融資時，借貸成本會是多少。那是5.7年後的事了。而我們的預測能力和其他人一樣，都不太準。

And so those are the things that I think, weigh on us as we think about our world. And while there's mark-to-market volatility, we just believe by owning these assets long term, applying steady leverage such that as we delever with natural escalators, as we delever by acquiring more rents, we want to increase our borrowings for 2 purposes. One is it does give us excess liquidity; two, we think we can have good organic growth in addition to the spread; and then three, we do get a pretty terrific tax shield when we get to borrow from an interest deduction.

所以，我認為這些因素在我們思考我們所處的世界時，都會對我們產生影響。儘管存在市值波動，但我們相信，透過長期持有這些資產，並採用穩定的槓桿策略，隨著我們透過自然成長（例如透過增加租金收入）來降低槓桿，我們希望增加借款，其目的有兩個。第一，這可以為我們帶來額外的流動性；第二，我們認為除了利差之外，我們還可以實現良好的內生增長；第三，當我們借款時，利息抵扣可以帶來相當可觀的稅收優惠。

And it's really powerful as evidenced by, I want to say approximately $240 million of NOLs that we currently have as of the end of Q3. I hope that helped you. On the EBITDA margin, Glenn, do you want to address that?

而且它的確非常有效，例如，截至第三季末，我們目前擁有約2.4億美元的淨營業虧損（NOL）。希望這對您有所幫助。格倫，關於EBITDA利潤率，您想談談嗎？

Yes, sure. Sami, we don't give guidance on projecting forward, but your instincts are right. You've consistently seen and we would expect to see -- continue to see scale in the operations on the cost relative to the revenues and the gross margin. So yes, we would expect this to directionally continue to see the gross -- the adjusted EBITDA margin improve over time.

是的，當然。薩米，我們不提供未來預測方面的指導，但你的直覺是對的。你一直看到，我們也預期會看到，營運成本相對於收入和毛利率的規模成長。所以，是的，我們預計毛利率——調整後 EBITDA 利潤率——會隨著時間的推移而持續改善。

Our next question comes from the line of Walter Piecyk with LightShed.

我們的下一個問題來自 LightShed 的 Walter Piecyk。

Walt, I think we were over the 11 minutes, so we didn't make your hall of fame in quarterly earnings. I want to point that out.

沃爾特，我想我們超過了11分鐘的時間限制，所以我們沒能進入你季度收益排行榜的「名人堂」。我想指出這一點。

At least over 40.

至少超過40歲。

Well, we're trying.

我們正在努力。

This is probably a dumb question, just given the nature of your business. But is there anything to think about in terms of churn? You guys only give 1 decimal, so like you actually got up to the 0.3, maybe it's just like 0.2557. But aside from what's happening in the current quarter, is there -- if you think about maybe global economic issues as a possibility, not a likelihood, should there be anything that could elevate churn even the slightest bit as we go into next year?

鑑於貴公司的業務性質，這可能是一個很愚蠢的問題。但關於客戶流失率，有什麼需要考慮的嗎？你們只提供小數點後一位，所以即使你們實際達到了 0.3，也可能只有 0.2557。除了本季的情況之外，如果考慮到全球經濟問題的可能性（而非必然性），明年是否有任何因素會導致客戶流失率哪怕略微上升？

I don't -- right now in terms of sort of our crystal ball, I think we've been really steady for 10-plus years at around 1%, which is, I think, kudos to all of our underwriting and that team, which I'm not actually part of day-to-day, so I give them all the credit. Going forward, we don't see anything that's going to cause that because we tried really hard to make sure we're buying sites that we think will stand the test of time and being mission-critical. But then again, I didn't predict the Ukraine war. So what can I tell you? Anything is possible, but I do think it probably runs around 1% roughly...

就目前而言，就我們對未來的預測而言，我認為過去十多年來我們的風險敞口一直穩定在1%左右，這要歸功於我們所有的承銷團隊，雖然我並不參與他們的日常工作，但我把所有的功勞都歸功於他們。展望未來，我們認為不會有任何因素導致風險敞口，因為我們一直努力確保收購的網站能夠經受住時間的考驗，並且具有關鍵性。但話說回來，我也沒能預測烏克蘭戰爭。所以，我能說什麼呢？一切皆有可能，但我確實認為風險敞口大概會維持在1%左右…

There's been stuff in the news recently about maybe Telecom Italia purchased by the government. Is there any chance that, that has any impact on you guys?

最近新聞報導說義大利電信可能被政府收購了。這會對你們有什麼影響嗎？

It again comes down to underwriting. What we love about Italy is that it is part of the EU. They're now collectively barring together. So I don't want to make the case just for Italy. But you've got a mission-critical service from the incumbent Telco and what's most important for us when we're buying either ground under their towers, rooftops or some of their switching stations is making sure we pick the right ones in great locations, which just can't be replicated.

歸根究底，還是承保的問題。我們喜歡義大利的一點是它是歐盟成員國。他們現在團結一致，共同應對挑戰。所以我並不想只針對義大利的情況來做論證。但義大利的現有電信業者提供著至關重要的服務，而對我們來說，在購買他們基地台、屋頂或部分交換站的土地時，最重要的是確保我們選擇位置優越、無可複製的地塊。

And that comes down to a lot of hard work on the ground and, frankly, really good diligence. And we just feel like we are effectively buying a secured piece of credit on Telecom Italia that no matter what happens to its capital structure, they don't have a choice but to pay us because we're just mission-critical for them.

這歸根結底要歸功於大量的實地工作，坦白說，還有非常充分的盡職調查。我們感覺自己實際上正在為義大利電信購買一份有擔保的信貸，無論其資本結構發生什麼變化，他們都別無選擇，只能向我們付款，因為我們對他們來說至關重要。

In addition, we tried to maintain and I think we're getting even closer to them to see what other things we can provide them in addition to just being a capital provider on a sale-leaseback basis. When I say sale leaseback, they shed a lot of these a long time ago, so we're buying them from another third party. But I think having a great relationship with our tenants is really important.

此外，我們努力與他們保持聯繫，我認為我們正在與他們建立更緊密的聯繫，看看除了以售後回租的方式提供資金外，我們還能為他們提供哪些其他服務。我所說的售後回租，是指他們很久以前就賣了很多這類房產，所以我們是從第三方購買的。但我認為與租戶保持良好的關係至關重要。

And the question, Bill, was less about the financing risk as more into -- I remember a year or 2 ago, when you were first kind of coming out, there's some issue in the U.K. about whether the government in some ways could regulate the rents on ground leases or -- I forget what the exact noise was. My point is like if the state owns the telco, do you think -- and it's a country like Italy, should we think about any potential risk of them using that ownership to regulate what they're paying for ground leases underneath their towers?

比爾，這個問題與其說是關於融資風險，不如說是關於——我記得一兩年前，你剛開始公開露面的時候，英國當時有個問題，政府是否可以在某種程度上監管土地租賃的租金——我記不清具體是什麼了。我的意思是，如果電信公司歸國家所有，你認為——例如像義大利這樣的國家——我們是否應該考慮政府利用所有權來監管其基地台下方土地租賃價格的潛在風險？

Look, anything is possible, but I would tell you that we have a contract, I think contractual law in these countries, especially the EU, if they want to just override it like that. It's sending a strong message between international countries as to how they view property. And I think that's just really hard to do. That's a long, long haul even for Italy. So imagine the U.S. coming in and saying, well, yes, you're taking your property, we're not paying you anything, you have real recourse because it's not just you they are saying...

你看，一切皆有可能，但我得告訴你，我們有合約在身，我認為這些國家，特別是歐盟的合約法，如果他們想就這麼輕易地凌駕於合約之上，那將向國際社會傳遞一個強烈的信號，表明他們如何看待財產問題。我認為這真的很難做到。即使對義大利來說，這也是一場曠日持久的拉鋸戰。想像一下，如果美國介入並說：“是的，我們要沒收你的財產，我們不會給你任何補償，你有真正的追索權，因為他們說的不僅僅是你一個人……”

(inaudible)

（聽不清楚）

Everybody in the real estate business is going to say, what are you doing to me? That being said, we have to make sure we do a good job. We have to make sure we're being well diversified. And that's my point about going back and having a good relationship with your tenant because we've been exploring various energy-related options with them, which could be pretty powerful.

房地產行業的每個人都會問：「你們這是要做什麼？」話雖如此，我們必須確保做好本職工作，確保業務多元化。這就是我強調要與租戶保持良好關係的原因，因為我們一直在與他們探討各種能源相關的方案，這些方案可能會非常有效。

More to come on that, but that's why I like to think of ourselves not just as a spread business. So again, I didn't predict the Ukraine war, who knows it's going to happen in this world.

關於這一點，以後還會詳細說明，但這就是為什麼我認為我們不僅僅是一家散戶投資公司。再說一遍，我並沒有預測到烏克蘭戰爭，誰知道這個世界上什麼時候會發生戰爭。

Never say never, but just...

永遠不要說“絕不”，但是…

Elon Musk may come and buy Telecom Italia, he bought everything.

伊隆馬斯克可能會收購義大利電信，他之前收購了所有公司。

So if the [$400 million] obviously executed on for this year, maybe if I missed this in the prepared remarks, I apologize. But when you think about next year, without setting a number, and given the kind of financing environment, would you anticipate having a higher -- what do we call this acquisition CapEx number in 2023 than 2022? Or is it a year to kind of take pause and then to wait to see how kind of rates shake out?

所以，如果今年已經執行了[4億美元]的計劃，如果我在準備的發言稿中遺漏了這一點，我深表歉意。但是，考慮到明年的融資環境，在不設定具體數字的情況下，您預計2023年的收購資本支出（CapEx）會高於2022年嗎？或者，我們應該暫停一年，等待利率走勢的最終結果？

Well, first of all, I don't think we would necessarily take pause to wait until rates shake out because, as I mentioned earlier, we've got $500 million of investable cash roughly, at a 3.6% sort of cost of that debt. So I think we're in good shape no matter what's going to happen with rates. That being said, you should ask me that question at the end of our fourth quarter call because I think that's when we'll probably give the next year's guidance.

首先，我認為我們不必等到利率穩定下來才採取行動，因為正如我之前提到的，我們擁有大約5億美元的可投資現金，債務成本約為3.6%。所以我認為無論利率走勢如何，我們的財務狀況都很好。話雖如此，您應該在第四季度財報電話會議結束時問我這個問題，因為我認為屆時我們可能會給出下一年的業績指引。

And by the way, the stuff is moving as quickly, and I was more worried now about rigs, but what's going to happen with our Congress today. That can have as big an impact on the world as anything else.

順便說一句，事態發展如此迅速，我原本更擔心鑽井平台，但現在更擔心我們國會今天會發生什麼事。這可能會對世界產生與其他事情一樣大的影響。

Our next question comes from the line of Jon Petersen with Jefferies.

我們的下一個問題來自傑富瑞集團的 Jon Petersen。

So I know this has probably been tackled from a few different angles. But I guess I'm just thinking about your rising escalators due to inflation. Obviously, that's a good thing, but then the rising cost of capital and how we should kind of think about going in yields on acquisitions. So I'm just curious from an underwriting perspective, how you balance those 2 things? Because I would imagine going in acquisition yields aren't going up 1 for 1 with your rising cost of debt. But like how do you factor inflation expectations in short underwriting?

我知道這個問題可能已經被從多個角度探討過了。但我主要是在思考通貨膨脹導致的遞增利率問題。顯然，這是好事，但隨之而來的是資本成本的上升，以及我們應該如何看待收購的收益率。所以我很好奇，從承保的角度來看，你們是如何平衡這兩者的？因為我估計收購收益率的成長不會與債務成本的上升成正比。那麼，在短期承銷中，你們是如何考慮通膨預期的呢？

So actually, we don't. We typically still keep our projections at around 3% fixed across the whole world. It just lets us kind of have an apples-to-apples comparison. So we -- it's an extra benefit if inflation is running higher. I think the place on our real underwriting, we spend a lot of time on, of course, besides the (inaudible) is not necessarily the yield on which we're paying. But as I mentioned earlier, if we think the rents that we're buying are really below market for whatever historical reason, when the contract is up, we just want to bring them to market. That would say, "Oh, you've paid a high -- excuse me, a lower yield or cap rate but yet we know there's more value to come."

實際上，我們並沒有這樣做。我們通常仍將全球通膨率預測固定在3%左右。這樣可以確保比較的公平性。如果通膨率較高，這反而會帶來額外的好處。我認為，在我們實際的核保過程中，除了（聽不清楚）之外，我們花費大量時間關注的並非我們支付的收益率。正如我之前提到的，如果我們認為由於某種歷史原因，我們購買的租金實際上低於市場水平，那麼當合約到期時，我們就會將其調整到市場水平。這相當於說：“哦，你們支付了較高的——抱歉，是較低的收益率或資本化率，但我們知道未來還有更大的價值。”

Or as another example, for whatever reason, the tenant never paid the person or the property owner that we're buying, the right amount of rent for the last 5 years. If we see that, we're going to go collect it. That's going to influence, of course, what we're going to pay. And we do think about our world less on a cap rate or yield even though everybody likes that from just an ease of either multiples or tools like that. We really think about it on an IRR basis.

再舉個例子，如果租戶出於某種原因，在過去五年從未向我們收購的房產所有者支付過足額租金，我們會追討欠款。這當然會影響我們的收購價格。雖然大家都喜歡用倍數或其他類似工具來計算收益率，但我們不太關注資本化率或收益率，而是更注重內部收益率（IRR）。

So in that IRR is not just is it below market? Is there rent we collect? But then is it a rooftop, do we think -- when we look at sort of the RF planning across a given city, do we think we can add another half a tenant, therefore, that's lease up. Do we think that on certain sites they have generators and they don't have generators for energy as battery backup. If they need a generator, they need extra space. So things like that going to our underwriting calculus as much as just finance and spread. And so that's why I think you'll hear us say we don't think we're just a spread-only business.

所以，IRR（內部報酬率）不僅取決於它是否低於市價？我們能否收取租金？它也取決於屋頂空間，當我們審視特定城市的租賃規劃時，我們是否認為可以再增加半個租戶，以實現租賃目標？我們是否認為某些地點配備了發電機，而其他地點則沒有配備備用電源？如果需要發電機，他們就需要額外的空間。諸如此類的因素，就像融資和利差一樣，都會影響我們的承銷計算。因此，我認為你會聽到我們說，我們並不認為自己是一家僅僅以利差為核心的業務。

Got you. And then I guess, 1 other question on acquisitions. Just from the seller side, to the extent that there is potentially a recession around the corner, how should we think about the kind of opportunities that might create for you guys from individual site owners wanting to generate liquidity. I mean should we think about that as a potential good thing for you guys? Or do you kind of expect we'll just see lower acquisition volume and that isn't much of an offset?

明白了。那麼，關於收購，我還有一個問題。從賣方的角度來看，考慮到經濟衰退可能即將到來，我們應該如何看待這可能會給你們帶來的機會，例如一些網站所有者為了增加流動性而出售網站？我的意思是，這對你們來說是否是一件好事？或者你們認為收購量會減少，而這並不能起到多大作用？

Well, I'm optimistic that we can maybe remain at sort of the pace we've been. I'm optimistic. I guess the normal theory would be that you would think there'd be more origination volume because people are going to need more money because they're going to get more aware of what's happening in the economic forces in the world because some of them are very educated and thoughtful and some just don't pay any attention.

嗯，我樂觀地認為我們或許可以維持目前的成長速度。我很樂觀。我想通常的理論是，貸款發放量應該會增加，因為人們需要更多資金，因為他們會更加關注世界經濟形勢，有些人受過良好的教育，思維縝密，而有些人則對此漠不關心。

So all that being said, I think we're hopeful that we'll see both an uptick in volume and perhaps a re-rating a price where yields will go up for us. But I can't promise that. And if it does happen, we don't know whether it's 12 months from now or 18 months from now, or if it ever comes.

綜上所述，我們希望成交量能回升，價格也可能重新估值，進而提高我們的收益率。但我無法保證這一點。即便這種情況真的發生，我們也不知道是12個月後、18個月後，甚至是否真的會發生。

And so I think we keep our head down, we want to put our capital to work that is at such a low locked-in cost, which we feel both lucky and I guess, ratified that we knew raising capital, you're supposed to do it when you can, not when you need it, right?

所以我覺得我們應該保持低調，把資金投入到成本如此低廉的項目中，我們感到既幸運又欣慰，因為我們知道，籌集資金應該在有能力的時候進行，而不是在需要的時候進行，對吧？

And so that's what we've tried to do. And I just feel optimistic of what our -- what we can do out there. I am hopeful that with volatility, we may notice other areas in the mission-critical space that perhaps we can mine. And so we're always watching for that.

所以，這就是我們一直在努力的方向。我對我們能做的事情感到樂觀。我希望，隨著市場波動，我們或許能在關鍵任務領域發現其他可以挖掘的商機。因此，我們一直在密切關注。

Our next question comes from the line of Simon Flannery with Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納裡。

So just getting to this topic about the activity levels and the acquisition CapEx, I know FX is part of it. But can you just give us a little bit of color about what was going on this quarter with your deal flow? What was it that fewer -- there were fewer opportunities that you surfaced? Was it fewer than cleared your hurdles? And how is that sort of over the last...

說到交易活躍度和收購資本支出，我知道外匯影響其中。您能否簡要介紹一下本季的交易情況？您發現的交易機會減少了嗎？是成功通過的交易數量減少了嗎？這種情況與過去相比如何？

It's funny. We've always put this line in that there's just variability quarter-to-quarter. And some of the variability and I'm sure you can appreciate this is just when we can close. We don't try to close desperately to make it for the quarter, which is why we give more of an annual guidance than we do quarterly because we just can't predict timing.

這很有意思。我們一直都強調，每季都會有波動。我相信您也能理解，部分波動來自於我們完成交易的時間。我們不會為了趕上季度業績而拼命趕工，所以我們提供的是年度業績指引，而不是季度業績指引，因為我們根本無法預測具體時間。

These are -- we like to think of this as the social M&A game. These are human beings on the other side, and deals take a life of their own and sometimes you can close really fast and easy and sometimes for whatever reason, it lags. So I wouldn't read anything into the number at all. To me...

我們喜歡把這當成一場社交併購遊戲。交易的另一端是活生生的人，交易本身也充滿變數，有時能迅速順利地完成，有時卻會因為各種原因而拖延。所以我完全不認為這個數字有什麼特別的意思。對我來說…

It was pretty much business as usual.

一切基本上照常進行。

Pretty much business as usual, correct. One quarter we'll have a much bigger quarter, another quarter could be lower, but the end of the year, what did we actually achieve? And then when we look at it, it's what was the IRR? When we're really studying it country by country, even though we try to groom it up for you because it is in same-store sales.

基本一切照舊，沒錯。某個季度業績可能會大幅成長，另一個季度則可能下滑，但到了年底，我們實際上取得了什麼成果？然後我們再來看看內部報酬率（IRR）是多少？當我們真正逐個國家進行分析時，儘管我們試圖用同店銷售數據來美化它，但實際情況並非如此。

Great. And then I think you talked about examining your cost structure. And I think in the past, you've said a lot of your below going -- or the SG&A, et cetera, is variable, not fixed, but perhaps just give us a little bit more color on what we should expect there?

好的。然後我想您提到了要審視成本結構。而且我記得您之前說過，很多支出項目——例如銷售、管理及行政費用等等——都是可變的，不是固定的，但您能不能再詳細說說我們應該預期哪些項目會是這樣？

Yes. I mean, I don't think we can give you any hard expectation. I just think that this environment, just, of course, always says to us and to our entire team worldwide you got to pay attention to what our efficiency is and where can we wring out things we just, a, didn't notice before because we've been running so hard to acquire so much. So I'm not making any promises, but I think it's a place that we can definitely dig in, and I'm hopeful we can wring out something. Now that being said, we're such tax nuts that every time when we think about some of the expenses, we do think that it just adds to our NOL as well. So of course, it's better to reduce them. But if we don't, (inaudible) sharing some of the burden, so to speak.

是的。我的意思是，我覺得我們不能給你任何確切的期望。我只是覺得，這種環境總是提醒我們，也提醒我們全球團隊，必須專注於我們的效率，以及我們可以在哪些方面挖掘出之前因為忙於擴張而忽略的東西。所以我不會做出任何承諾，但我認為這絕對是我們可以深入研究的領域，我希望我們能有所收穫。話雖如此，我們非常注重稅務，每次考慮某些支出時，我們都會想到它們也會增加我們的淨營業虧損（NOL）。所以，當然，減少這些支出是更好的選擇。但如果我們做不到，（聽不清楚）就需要分擔一些負擔。

Okay. And then just last 1 for me. The -- I think you hinted a couple of times about potentially broadening your asset types. Is there anything significantly new in your approach in the last quarter or ...

好的。最後一個問題。 ——我想您之前幾次暗示過可能會拓展資產類型。在過去一個季度裡，您的策略是否有任何重大變化？

I wouldn't say there's anything new. We're still just to remind everybody property triple-net under towers, rooftop easements where we have antennas, indoor DAS rents, so it's like an indoor power we're owning the wall, so to speak, that we get the lease out. We've got data centers where we own the property underneath them. Oftentimes, the actual building and structure and just triple net or double net it out. And then, of course, some of the switching centers, mostly in Europe, same type of thing. And oftentimes, the switching center, actually; a lot of the time, there is a sell side as well.

我不會說有什麼新東西。我們仍然要提醒大家，我們擁有塔架下方的三方淨租賃權、屋頂天線架設處的地役權、室內DAS租賃權，就像我們擁有室內電力牆一樣，也就是說，我們擁有這面牆，然後把租賃權轉讓出去。我們擁有資料中心，其下方的土地也是我們擁有的。通常情況下，我們擁有建築物和結構本身，然後以三方淨租賃或雙方淨租賃的方式出租。當然，有些交換中心，主要位於歐洲，也採用類似的模式。而且通常情況下，交換中心也存在出售方；很多時候，確實存在出售方。

So that's right now what we've been doing. We do dabble in some tower development when we think we can win a particular build-to-suit contract with a good tenant in a good location. We've got a couple of hundred towers coming out of the ground. It's not really super material, but it has a place, given all the different teams we have out there. I'm hopeful that we can keep growing that business because the returns, as you probably know better than I do, they're really good.

所以，這就是我們目前一直在做的事情。當我們認為能夠拿下與優質租戶在黃金地段簽訂的特定客製化建造合約時，我們也會涉足一些塔樓開發案。我們已經有幾百座塔樓正在拔地而起。這雖然不是最重要的業務，但考慮到我們擁有許多不同的團隊，它也佔有一席之地。我希望我們能夠繼續發展這項業務，因為正如您可能比我更清楚的那樣，它的回報非常可觀。

And in some of these places, even because they're such a difficult sites that we're trying to win is actually difficult sites to build, we often get paid for all that extra headache a higher return, and we kind of like just rolling our sleeves up and doing the work.

在某些地方，即使我們努力爭取贏得的網站建設難度很大，但我們通常會因為付出額外的努力而獲得更高的回報，我們也樂於擼起袖子工作。

There are no further questions in the queue. I'd like to hand the call back to management for closing remarks.

隊列中沒有其他問題了。我想把電話轉回給管理階層做總結發言。

Thanks, everybody, for joining us. Of course, we are always available should any of our shareholders or analysts want to reach out to us to talk to us about anything and everything. I wish everybody well. Thank you.

感謝各位的參與。當然，如果我們的股東或分析師想就任何事情與我們聯繫，我們隨時歡迎。祝大家一切順利。謝謝。

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了，祝您有美好的一天。