Spirit Realty Capital Inc (SRC) 2022 Q4 法說會逐字稿

Good day, and welcome to Spirit Realty Capital Fourth quarter 2022 earnings conference call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎來到 Spirit Realty Capital 2022 年第四季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Pierre Revol, Senior Vice President of Corporate Finance and Investor Relations. Please go ahead.

我現在想將會議轉交給公司財務和投資者關係高級副總裁 Pierre Revol。請繼續。

Thank you, operator, and thanks, everyone, for joining us for Spirit's Fourth Quarter 2022 Earnings Call. Presenting today's call will be President and Chief Executive Officer, Jackson Hsieh; and Chief Financial Officer, Michael Hughes. In addition, our Chief Investment Officer, Ken Heimlich, will be available for Q&A.

謝謝接線員，也感謝大家參加 Spirit 的 2022 年第四季度財報電話會議。總裁兼首席執行官 Jackson Hsieh 將主持今天的電話會議；和首席財務官 Michael Hughes。此外，我們的首席投資官 Ken Heimlich 將出席問答環節。

Before we start, I want to remind everyone that this presentation contains forward-looking statements. Although we believe these forward-looking statements are based on reasonable assumptions, they are subject to known and unknown risks and uncertainties that can cause actual results to differ materially from those currently anticipated due to several factors. I refer you to the safe harbor statement in our most recent filings with the SEC for a detailed discussion of the risk factors relating to these forward-looking statements.

在我們開始之前，我想提醒大家，本演示文稿包含前瞻性陳述。儘管我們認為這些前瞻性陳述是基於合理的假設，但它們受到已知和未知的風險和不確定性的影響，這些風險和不確定性可能會由於多種因素導致實際結果與當前預期的結果存在重大差異。請參閱我們最近提交給美國證券交易委員會的文件中的安全港聲明，以詳細討論與這些前瞻性聲明相關的風險因素。

This presentation also contains specific non-GAAP measures. Reconciliation of non-GAAP financial measures to most directly comparable GAAP measures are included in the exhibits furnished to the SEC under Form 8-K, which include our earnings release and supplemental investor presentation. These materials are also available on the Investor Relations page of our website.

本演示文稿還包含特定的非 GAAP 措施。非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬包含在 Form 8-K 下提供給 SEC 的展品中，其中包括我們的收益發布和補充投資者介紹。這些材料也可以在我們網站的投資者關係頁面上找到。

For our prepared remarks, I'm now pleased to introduce Jackson Hsieh. Jackson?

對於我們準備好的發言，我現在很高興介紹 Jackson Hsieh。傑克遜？

Thanks, Pierre, and good morning. We're pleased to report strong results for 2022, which exceeded the targets we announced in 2019. We achieved AFFO per share of $3.56 surpassing the midpoint of our 2019 Investor Day range by $0.14. We also increased our total ABR to $681 million. While increasing our industrial exposure to 23%, with both hurdles exceeding our Investor Day targets. Furthermore, we maintain high occupancy, low loss rent and stable unreimbursed property costs across our portfolio of 2,115 properties. These results reflect our prudent underwriting approach and well-diversified portfolio leased to sophisticated operators in durable industries.

謝謝，皮埃爾，早上好。我們很高興地報告 2022 年的強勁業績，超過了我們在 2019 年宣布的目標。我們實現了 AFFO 每股 3.56 美元，比我們 2019 年投資者日範圍的中點高出 0.14 美元。我們還將 ABR 總額增加到 6.81 億美元。在將我們的工業風險敞口增加到 23% 的同時，這兩個障礙都超過了我們的投資者日目標。此外，我們在 2,115 處房產組合中保持高入住率、低租金損失和穩定的未報銷房產成本。這些結果反映了我們審慎的承保方式和向耐用行業的成熟運營商出租的多元化投資組合。

During the quarter, we invested $312.4 million in 24 properties at a 7.27% cash capitalization rate. 88.4% of these investments were in industrial assets including distribution, light manufacturing and industrial outdoor storage with 90.2% of the investments originated through sale-leaseback transactions.

本季度，我們以 7.27% 的現金資本化率向 24 處房產投資了 3.124 億美元。這些投資中有 88.4% 投資於工業資產，包括分銷、輕工製造和工業戶外倉儲，其中 90.2% 的投資來自售後回租交易。

We also invested $38.5 million in development and revenue-producing capital expenditures, almost half of which was related to our $67 million investment and $125 million cutting-edge facility for SunOpta, a leading plant-based food manufacturer. This facility opened for operations in December.

我們還投資了 3850 萬美元用於開發和產生收入的資本支出，其中近一半與我們為領先的植物性食品製造商 SunOpta 投資的 6700 萬美元和 1.25 億美元的尖端設施有關。該設施於 12 月開始運營。

Our disposition program also produced great results in the fourth quarter. We sold 21 occupied properties for $110.2 million at a 6.22% weighted average cash capitalization rate, representing a positive 93 basis point spread to our capital deployment cap rate and resulting in a $33.3 million gain. The occupied mix included 42% retail and 47% medical, and only 4% of the sold properties were leased to investment-grade tenants.

我們的處置計劃在第四季度也取得了很好的成果。我們以 6.22% 的加權平均現金資本化率以 1.102 億美元的價格出售了 21 處佔用的房產，這與我們的資本部署上限利率相差 93 個基點，產生了 3330 萬美元的收益。佔用組合包括 42% 的零售和 47% 的醫療，並且只有 4% 的已售物業出租給投資級租戶。

For the year, we sold $278 million of leased assets at a weighted average cash capitalization rate of 5.47%, representing a 118 basis point spread to our capital deployment cap rate and generating a $94.2 million gain. Only 24% of the sold properties were leased to investment-grade tenants.

這一年，我們以 5.47% 的加權平均現金資本化率出售了 2.78 億美元的租賃資產，與我們的資本部署上限利率相差 118 個基點，產生了 9,420 萬美元的收益。只有 24% 的已售物業出租給投資級租戶。

Our capital recycling program, which started early in 2022 has been very successful. It has allowed us to further reshape the portfolio and accretively redeploy capital into asset classes and industries that we find attractive today. We expect continued success with dispositions this year.

我們於 2022 年初啟動的資本回收計劃非常成功。它使我們能夠進一步重塑投資組合，並將資本重新部署到我們今天認為有吸引力的資產類別和行業中。我們預計今年的處置將繼續取得成功。

In total, through acquisitions and dispositions, Spirit has successfully completed more than 150 transactions in 2022, which is a testament to our people and the robust processes we have established. As I previously discussed, the majority of our fourth quarter acquisitions were in industrial assets, which continues to be a strategic focus for us.

總的來說，通過收購和處置，Spirit 在 2022 年成功完成了 150 多筆交易，這證明了我們的員工和我們建立的穩健流程。正如我之前所討論的，我們第四季度的大部分收購都是工業資產，這仍然是我們的戰略重點。

Given our growing exposure, we have featured notable achievements in this sector in our supplemental investor presentation. On Page 13, we spotlight the sales of Shiloh, Sunny Delight, BE Aerospace and Mac Papers Properties. These were industrial properties that we purchased and later sold, realizing an 85% gain and capturing 312 basis points of cap rate compression since we acquired these assets.

鑑於我們不斷增加的風險敞口，我們在補充投資者介紹中介紹了該領域的顯著成就。在第 13 頁，我們重點介紹了 Shiloh、Sunny Delight、BE Aerospace 和 Mac Papers Properties 的銷售情況。這些是我們購買併後來出售的工業地產，自我們收購這些資產以來實現了 85% 的收益並獲得了 312 個基點的資本化率壓縮。

On Page 14, we highlight the fourth quarter acquisition of a manufacturing facility leased to Way Interglobal, a top RV appliance manufacturer and supplier. In November, shortly after we closed on our sale leaseback, Way Interglobal was acquired by LCI Industries, a much larger public company and a major credit upgrade for Spirit.

在第 14 頁，我們重點介紹了第四季度對租賃給頂級房車設備製造商和供應商 Way Interglobal 的製造設施的收購。 11 月，在我們結束售後回租後不久，Way Interglobal 被 LCI Industries 收購，LCI Industries 是一家規模大得多的上市公司，也是 Spirit 的重大信用升級。

On the same page, we featured the development of the 270,000 square foot state-of-the-art SunOpta facility, illustrating how Spirit can partner with industrial tenants to build mission-critical facilities.

在同一頁上，我們重點介紹了 270,000 平方英尺最先進的 SunOpta 設施的開發，說明了 Spirit 如何與工業租戶合作建造關鍵任務設施。

Finally, on Page 15, we highlight Select Industrial acquisitions completed in the fourth quarter including 1 distribution and 2 industrial outdoor storage facilities. We find these investments appealing because they are mission-critical assets leased to strong operators with low in-place rents, and while the acquisition yields are very attractive for us today, we anticipate that these facilities, just like the industrial dispositions featured on Page 13, will appreciate in value over time.

最後，在第 15 頁，我們重點介紹了第四季度完成的 Select Industrial 收購，包括 1 個分銷和 2 個工業室外存儲設施。我們發現這些投資很有吸引力，因為它們是關鍵任務資產，以較低的就地租金出租給強大的運營商，雖然收購收益率對我們今天非常有吸引力，但我們預計這些設施，就像第 13 頁上的工業配置一樣, 會隨著時間升值。

One of our earlier investments within the industrial sector was the $129 million sale-leaseback transaction for a distribution center and 2 manufacturing facilities leased to Party City that we completed in 2019. We highlighted this investment at our Investor Day and have provided an update on Page 16 of the supplemental investor presentation.

我們在工業領域的早期投資之一是我們於 2019 年完成的 1.29 億美元的售後回租交易，用於租賃給 Party City 的一個配送中心和 2 個製造設施。我們在投資者日強調了這項投資，並在頁面上提供了更新補充投資者介紹的 16。

What's important to note is that despite Party City's ongoing bankruptcy, we expect a positive outcome for Spirit, given Party City's dominant position in a party goods sector that our assets high-quality and mission-critical nature. 85% of our investment is in the 900,000 square foot distribution center in Chester, New York, which is located in Orange County. This property serves as Party City's primary distribution center running at full capacity and handling over 45,000 SKUs for clients across the globe.

需要注意的重要一點是，儘管 Party City 正在破產，但我們預計 Spirit 會取得積極成果，因為 Party City 在派對用品領域的主導地位以及我們的資產高質量和關鍵任務性質。我們 85% 的投資用於位於紐約奧蘭治縣切斯特的 900,000 平方英尺的配送中心。該物業作為 Party City 的主要配送中心，滿負荷運行，為全球客戶處理超過 45,000 個 SKU。

Given it's critical role in the company's operations, this facility epitomizes the concept of mission-critical. In addition, market rents for distribution centers in Orange County stands at $11 per square foot and are projected to increase by 6% this year. This is significantly higher than our current rental rate of $8.05 per square foot, which grows contractually at 2% per year. Our investment in this facility is well below replacement cost. And should we ever have the opportunity to relet the asset, there is significant upside in this property due to the high tenant demand for distribution centers, the lack of others of this size and the difficulty of doing ground-up development in this market.

鑑於它在公司運營中的關鍵作用，該設施體現了關鍵任務的概念。此外，奧蘭治縣配送中心的市場租金為每平方英尺 11 美元，預計今年將上漲 6%。這明顯高於我們目前每平方英尺 8.05 美元的租金，根據合同每年增長 2%。我們對該設施的投資遠低於重置成本。如果我們有機會轉租該資產，由於租戶對配送中心的高需求、缺乏這種規模的其他資產以及在該市場進行地面開發的難度，該物業將有顯著的上漲空間。

The 2 other facilities are smaller in terms of investment, but also have great stories. The Eden Prairie site is a manufacturing facility responsible for production of 60% of the world's Mylar Balloons. This building is in a strong submarket and is vital to the Anagram business, the manufacturing arm of Party City.

其他2個設施在投資方面較小，但也有很大的故事。 Eden Prairie 工廠是一個製造工廠，負責生產世界上 60% 的聚酯薄膜氣球。該建築位於一個強大的子市場中，對 Party City 的製造部門 Anagram 業務至關重要。

Like Chester, it is an example of a mission-critical asset. The Los Lunes facility is a high-quality asset in an excellent location. Notably, there's already been subleased to Cupertino Electric at the same rental rate that Party City was paying, showing the versatility and quality of the light manufacturing assets we pursue.

與切斯特一樣，它是關鍵任務資產的一個例子。 Los Lunes 設施是一項位置優越的優質資產。值得注意的是，已經以 Party City 支付的相同租金轉租給 Cupertino Electric，顯示了我們追求的輕型製造資產的多功能性和質量。

As a reminder, our approach to underwriting is based on analyzing industry duration and our tenants' position within it examining tenant creditworthiness and evaluating the real estate's residual value underpinning the facility. While it is important to get all 3 right, when you enter into a sale leaseback, we know that credits can change to the positive or negative for a variety of reasons. So the industry and real estate are paramount.

提醒一下，我們的承保方法基於分析行業持續時間和我們的租戶在其中的地位，檢查租戶的信用度並評估支撐該設施的房地產的剩餘價值。雖然做好所有 3 項很重要，但當您進行售後回租時，我們知道由於各種原因，積分可能會變為正數或負數。所以工業和房地產是最重要的。

In the case of Party City, the credit deteriorated but we remain confident in the industry and Party City's position as the dominant party goods supplier and manufacturer and believe the real estate is extremely valuable. We, therefore, expect a positive outcome for Spirit's investment and believe this will be a good proof of concept for underwriting approach.

就派對城而言，信用惡化，但我們對行業和派對城作為主要派對用品供應商和製造商的地位仍然充滿信心，並認為房地產非常有價值。因此，我們期待 Spirit 的投資取得積極成果，並相信這將是承銷方法概念的良好證明。

As we think about the current year, we remain committed to taking actions that will create the most value for shareholders. We have set forth a fully financed capital deployment plan, utilizing free cash flow, asset dispositions and in-place debt to produce positive investment spreads in a volatile capital markets environment. Our focus for the upcoming year is to showcase our portfolio strength and highlight our platform's effectiveness, which we expect to result in steady cash flows and dividends for our shareholders.

回顧今年，我們將繼續致力於採取行動，為股東創造最大價值。我們制定了充分融資的資本部署計劃，利用自由現金流、資產處置和就地債務在動蕩的資本市場環境中產生積極的投資利差。我們來年的重點是展示我們的投資組合實力並突出我們平台的有效性，我們希望這將為我們的股東帶來穩定的現金流和股息。

With that, I'll turn it over to Mike to discuss the quarter and our 2023 guidance.

有了這個，我會把它交給邁克來討論這個季度和我們的 2023 年指導。

Thank you, Jackson. Good morning, everyone. Once again, our operations continue to perform at a very high level during the fourth quarter. We achieved a slight increase in occupancy, up 0.1% to reach 99.9%. Our loss rent improved from 0.3% in the third quarter to only 0.1%. Our weighted average lease term remained stable at 10.4 years. Our unreimbursed property costs remained steady at 1.4%.

謝謝你，傑克遜。大家，早安。第四季度，我們的運營再次保持在非常高的水平。我們的入住率略有上升，上升 0.1% 至 99.9%。我們的租金損失從第三季度的 0.3% 改善至僅 0.1%。我們的加權平均租期穩定在 10.4 年。我們未報銷的物業成本穩定在 1.4%。

Our ABR increased by $19.9 million, reaching $680.9 million. The increase was driven by net acquisitions of $15.1 million, organic rent growth of $4.8 million. Our forward same-store sales growth has stabilized at 1.6% as the majority of the movie theaters retenanted during COVID, which were driving the slightly higher growth have largely returned to paying full base rent rather than variable rent.

我們的 ABR 增加了 1990 萬美元，達到 6.809 億美元。這一增長是由 1510 萬美元的淨收購和 480 萬美元的有機租金增長推動的。我們的遠期同店銷售額增長已穩定在 1.6%，因為大多數電影院在 COVID 期間重新租用，這推動了略高的增長，並在很大程度上恢復了支付全額基本租金而不是浮動租金。

AFFO per share is $0.88 compared to $0.90 in the third quarter. The $0.02 decrease was primarily attributable to a reduction of $1.7 million in non-tenant income and an increase of $1.8 million in cash interest expense, reflecting a full quarter's impact of the $800 million in term loan borrowings, which we swapped to a fixed rate of 3.5% in August.

AFFO 每股收益為 0.88 美元，而第三季度為 0.90 美元。減少 0.02 美元主要是由於非租戶收入減少 170 萬美元和現金利息支出增加 180 萬美元，反映了 8 億美元定期貸款借款對整個季度的影響，我們將其換成固定利率8 月份為 3.5%。

Turning to our balance sheet. We issued 1.6 million shares during the quarter under our ATM program generating net proceeds of $63.9 million. We ended the year at 5.2x leverage with liquidity of $1.7 billion, comprised of cash and cash equivalents restricted cash and availability under our credit facility and delayed draw term loan. We expect to draw on the term loan towards the middle of the year.

轉向我們的資產負債表。我們在本季度根據 ATM 計劃發行了 160 萬股股票，產生了 6390 萬美元的淨收益。我們以 5.2 倍的槓桿率結束了這一年，流動性為 17 億美元，包括現金和現金等價物限制現金以及我們信貸額度和延遲提取期限貸款下的可用性。我們預計將在年中提取定期貸款。

In addition, our deferred rent balance declined by $7.4 million during 2022 to $7.9 million at year-end and should decline to $3.5 million by the end of 2023. As a reminder, our deferred rent has already been recognized in earnings. Therefore, the repayment of deferred rent only impacts our balance sheet.

此外，我們的遞延租金餘額在 2022 年減少了 740 萬美元，到年底減少到 790 萬美元，到 2023 年底應該會減少到 350 萬美元。提醒一下，我們的遞延租金已經計入收益。因此，延期租金的償還只會影響我們的資產負債表。

Now for 2023 guidance, our AFFO per share range is $3.53 to $3.59 with capital deployment of $700 million to $900 million and dispositions of $225 million to $275 million. To better understand our guidance, we have provided a walk from Q4 2022 annualized AFFO per share to the midpoint of our 2023 AFFO per share on Page 4 of our supplemental investor presentation.

現在，對於 2023 年的指導，我們的 AFFO 每股範圍為 3.53 美元至 3.59 美元，資本部署為 7 億美元至 9 億美元，處置為 2.25 億美元至 2.75 億美元。為了更好地理解我們的指導意見，我們在補充投資者介紹的第 4 頁提供了從 2022 年第四季度每股年度化 AFFO 到我們 2023 年每股 AFFO 的中點的步驟。

As we note on Page 4, we believe that annualized fourth quarter 2022 AFFO per share equating to $3.52 is the right run rate for analyzing and understanding our 2023 guidance as the fourth quarter includes the full impact of the aforementioned $800 million of term loans and minimal non-tenant income.

正如我們在第 4 頁上指出的那樣，我們認為 2022 年第四季度 AFFO 年化每股 3.52 美元是分析和理解我們 2023 年指導的正確運行率，因為第四季度包括上述 8 億美元定期貸款的全部影響和最小的非租戶收入。

Walking forward from the $3.52 per share, we expect about $0.04 from organic rent growth, $0.06 from our 2023 net capital deployment plus $0.05 from loss rent reserves, which equal 1% of our ABR, and less another $0.01 for inflationary G&A increases. Keep in mind that as is usually the case at this point during the year, the loss rent reserve is an assumption and is not specific to a particular tenant.

從每股 3.52 美元向前看，我們預計有機租金增長約為 0.04 美元，我們 2023 年的淨資本配置為 0.06 美元，加上損失租金準備金為 0.05 美元，相當於我們 ABR 的 1%，再減去 0.01 美元的通貨膨脹性 G&A 增加。請記住，在這一年的這個時候，通常情況下，損失租金準備金是一種假設，並不特定於特定租戶。

As Jackson mentioned, our capital deployment plan is entirely funded through free cash flow, dispositions and our existing debt capacity with no reliance on the capital markets. Should the capital markets turn more favorable or we find compelling risk-adjusted return opportunities, we will certainly consider taking advantage of those situations. But for now, we remain cautiously optimistic and disciplined in our approach to the year.

正如傑克遜提到的，我們的資本部署計劃完全通過自由現金流、處置和我們現有的債務能力提供資金，不依賴資本市場。如果資本市場變得更加有利，或者我們發現令人信服的風險調整後回報機會，我們當然會考慮利用這些情況。但就目前而言，我們對這一年的態度保持謹慎樂觀和自律。

With that, I will turn the call back to the operator to open it up for Q&A. Operator?

有了這個，我會把電話轉回給接線員打開它進行問答。操作員？

(Operator Instructions) Our first question comes from Wes Golladay with Baird.

（操作員說明）我們的第一個問題來自 Wes Golladay 和 Baird。

Just a quick one on the net investment activity. What type of spread are you looking at for investments this year? I think last year, you said you were around 118 basis points.

簡單介紹一下淨投資活動。今年您希望投資什麼類型的價差？我想去年，你說你在 118 個基點左右。

Wes, this is Mike. Yes, I mean, given the way we size it and the way that we're going to use capital to acquire, we're looking at about 200 basis points of spread.

韋斯，這是邁克。是的，我的意思是，考慮到我們調整規模的方式以及我們將使用資本進行收購的方式，我們正在考慮大約 200 個基點的價差。

Okay. Fantastic. And then you do have that $500 million delayed draw term loan. Do you have to draw the whole thing? Can you do a partial on that? And what do you think about timing and put it on swaps? Or do you already have a swap for that?

好的。極好的。然後你確實有 5 億美元的延遲提取定期貸款。你必須畫出整個東西嗎？你能做一部分嗎？您如何看待時機並將其置於掉期交易中？或者你已經有了交換？

Yes, we haven't swapped it yet. That's something we'll continue to evaluate and be opportunistic about. As far as timing, contractually, we need to draw that by middle of the year, July 1, although there is some flexibility that we can use to negotiate longer-term extensions on some of that if we need to.

是的，我們還沒有交換它。這是我們將繼續評估並投機取巧的事情。就時間而言，根據合同，我們需要在今年年中，即 7 月 1 日之前完成，儘管如果我們需要的話，我們可以使用一些靈活性來協商更長期的延期。

Okay. And you have to do the whole thing. Is it -- or can you do partial?

好的。你必須做所有事情。是——還是你可以做部分？

Yes, you can do partial up until July 1. So you can do partial and then by July 1, you need to draw the whole thing unless we contractually get an extension.

是的，您可以在 7 月 1 日之前進行部分操作。所以您可以進行部分操作，然後在 7 月 1 日之前，您需要繪製全部內容，除非我們根據合同獲得延期。

Our next question comes from Haendel St. Juste with Mizuho.

我們的下一個問題來自瑞穗的 Haendel St. Juste。

I guess first question is, you guys backed out $3.2 million of deal pursuit costs in the quarter. I know you had a little bit last quarter, 470,000, I think, Curious if there's any comment or anything you'd like to share on what drove that big increase? Or if there's anything -- well, any comments you can make follow on that.

我想第一個問題是，你們在本季度收回了 320 萬美元的交易追求成本。我知道你上個季度有一點點，我想是 470,000，好奇你是否有任何評論或任何你想分享的關於推動這一大幅增長的原因？或者，如果有任何事情——好吧，你可以就此發表任何評論。

Sure. Haendel, it's Jackson. That was kind of a one-off situation. It was a combination of -- it was a large transaction that we were looking to acquire. We spent quite a bit of time on last year. We also had obviously a large number of transactions that we completed. We closed over 100 separate transactions and U.S. cap rates were moving up throughout the year. We dropped a lot of transactions if tenants were either delaying or if environmental due diligence or lease terms didn't come back the way we had initially underwrote the transaction and committed to it. We walked away.

當然。亨德爾，是傑克遜。那是一種一次性的情況。這是一個組合——這是我們希望獲得的一筆大交易。去年我們花了很多時間。我們顯然也完成了大量交易。我們完成了 100 多筆獨立交易，美國資本化率全年都在上升。如果租戶延遲或環境盡職調查或租賃條款沒有像我們最初承銷交易並承諾的那樣恢復，我們就會放棄很多交易。我們走開了。

So we -- I'd say it's a combination of more transactions, more terminated transactions and a large acquisition that we were looking at potentially acquiring last year.

所以我們——我想說這是更多交易、更多終止交易和我們去年考慮潛在收購的大型收購的結合。

Okay. Fair enough. Appreciate that color. And maybe just a follow-up on the $0.05 of reserves embedded in the guide here. I know you guys don't want to get into a conversation around specific tenants, but maybe can you talk a bit broadly about the watch list year exposure to kind of the (inaudible) risk categories? And then specifically, Party City, you mentioned that you don't anticipate any rent disruption during or after emergence for faculty. So just curious what scenario is broken to guide for that as well?

好的。很公平。欣賞那種顏色。也許只是對此處指南中嵌入的 0.05 美元儲備金的跟進。我知道你們不想圍繞特定租戶進行對話，但也許您可以更廣泛地談談觀察名單年份對某種（聽不清）風險類別的暴露程度？然後具體來說，Party City，你提到你預計在教師出現期間或之後不會出現任何租金中斷。所以只是好奇什麼場景也被打破來指導它？

Yes. Maybe I'll start first, Haendel. We typically use a 1% reserve just -- it's just a normal loss rent reserve that's been historically what we've done. Last year was slightly less. From what we see today, obviously, Party City is going through a restructuring right now, and we feel, as I talked about in my comments, we're highly confident in that asset in the cash flows. And if those cash flows change and we're wrong. We think there's actually upside in those cash flows given the real estate and things I talked about in the prepared remarks.

是的。也許我會先開始，Haendel。我們通常只使用 1% 的儲備金——這只是正常的損失租金儲備金，這在歷史上一直是我們所做的。去年略少。從我們今天所看到的情況來看，顯然，Party City 目前正在進行重組，正如我在評論中所說，我們對現金流中的資產充滿信心。如果這些現金流發生變化，我們就錯了。考慮到房地產和我在準備好的評論中談到的事情，我們認為這些現金流實際上有上升空間。

As it relates to watch list, yes, we're looking at more things. There's more things, obviously, just given the environment that we're sitting in. I can actually tell you today that the realized active things that we're looking at in terms of lost rent are not here right now. So I know it just seems like to us to be more prudent with that 1% just as we look at it. And obviously, I can tell you our company and teams goal is to do a lot less than 1% in terms of lost rent this year.

由於它與監視列表有關，是的，我們正在查看更多內容。顯然，考慮到我們所處的環境，還有更多的東西。我今天實際上可以告訴你，我們在失去的租金方面看到的已實現的活躍事物現在不在這裡。所以我知道，在我們看來，對這 1% 的人似乎要更加謹慎。顯然，我可以告訴你，我們公司和團隊的目標是今年將租金損失控制在 1% 以下。

So yes, we'll continue to update that as we go through the year to investors. And by now, we just think at the beginning of this year, just given some of the economic uncertainties that we want to be a little bit more conservative as we think about it.

所以是的，我們將在這一年中繼續向投資者更新。到目前為止，我們只是在今年年初考慮，考慮到一些經濟不確定性，我們希望在考慮時更加保守一些。

And as Jackson mentioned, I mean that is a normal assumption that we start the year with. And one thing that makes it kind of a headwind to our guidance this year is that last year was just so good. We had very, very little loss rent. So just from a year-over-year kind of lapping the year standpoint. That assumption does create a headwind in our guidance.

正如傑克遜所提到的，我的意思是這是我們開始新一年的正常假設。對我們今年的指導造成不利影響的一件事是去年非常好。我們的租金損失非常非常小。因此，僅從年復一年的角度來看。這一假設確實對我們的指導造成了不利影響。

And one thing, if you look at our unit coverage and corporate coverage, you'll notice that there wasn't much change between the third and fourth quarter. And look, we're seeing good performance in a lot of lines of businesses. The casual dining area, convenience stores, auto services, home furnishings, golf and particularly well, specialty retail. And obviously, there's some areas that have a little bit more pressure, car dealerships right now are dealing with some additional inventory and floor plan financing is going up. So I think in balance, it's basically the same, but we're just obviously being a lot more vigilant, staying close to our tenants right now.

一件事，如果你看看我們的單位覆蓋率和公司覆蓋率，你會發現第三季度和第四季度之間沒有太大變化。看，我們在很多業務領域都看到了良好的表現。休閒餐飲區、便利店、汽車服務、家居用品、高爾夫球場，尤其是專業零售店。顯然，有些地區的壓力更大，汽車經銷商現在正在處理一些額外的庫存，平面圖融資也在增加。所以我認為總的來說，它基本上是一樣的，但我們顯然更加警惕，現在與我們的租戶保持密切聯繫。

Your next question comes from Michael Goldsmith with UBS.

你的下一個問題來自瑞銀的 Michael Goldsmith。

You went heavy with industrial acquisitions this quarter, which has been telegraphed, but 75% of your activity was it industrial, industrial penetration picked up 230 basis points. So I guess as you continue to kind of transform the portfolio, have your assumptions kind of been correct in that this is where you want to be. What are you seeing kind of within the industrial category now? And I guess, kind of like just generally, with this macro backdrop, what are you seeing on the retail side? And is that just considered maybe more risky just given the economic environment.

本季度你大力進行工業收購，這已經被告知，但你 75% 的活動是工業，工業滲透率上升了 230 個基點。所以我想當你繼續改變投資組合時，你的假設是否正確，因為這就是你想要的地方。您現在在工業類別中看到了什麼？而且我想，一般來說，在這種宏觀背景下，您在零售方面看到了什麼？考慮到經濟環境，這是否被認為可能更具風險。

Sure. I'll start. Thanks, this is Jackson. Look, I think one of the reasons why we were so successful this past quarter in the industrial area is that just the challenges in the financing -- corporate financing markets, bank debt, high yield has made a sale-leaseback option, a more compelling financing option long term for corporate tenants. And that's particularly the case that we highlighted this past quarter in the industrial space.

當然。我會開始。謝謝，這是傑克遜。聽著，我認為上個季度我們在工業領域如此成功的原因之一是融資方面的挑戰——企業融資市場、銀行債務、高收益使得售後回租選擇更有吸引力公司租戶的長期融資選擇。我們在上個季度在工業領域強調的情況尤其如此。

I mean for us, we have this 3-pronged approach that we talk about all the time, industry duration, tenant credit, real estate. And we're going to stick to that. We've been doing that since we all joined here at this company since we've reshaped it beginning in 2017. And I think it's going to pay off. Obviously, we talk a lot about Party City. We fundamentally have underwritten assets that way in the industrial sector as well as retail. And we think that the things that we're buying today in the industrial sector are just super mission-critical, especially some of this industrial outdoor storage facilities that we're buying.

我的意思是對我們來說，我們有我們一直在談論的三管齊下的方法，行業持續時間，租戶信貸，房地產。我們將堅持這一點。自從我們從 2017 年開始對其進行重塑以來，我們都加入了這家公司，我們一直在這樣做。我認為它會得到回報。顯然，我們經常談論 Party City。我們基本上在工業部門和零售業都以這種方式承銷資產。我們認為，我們今天在工業領域購買的東西都是超級關鍵任務，尤其是我們購買的一些工業戶外存儲設施。

That doesn't mean that we're not going to do retail. We still like it. We obviously, are very close to a handful of tenants and industries that we're particularly still bullish around. But I think that the crack in the financing markets corporately have enabled us to be more competitive in this industrial space. That's why you're seeing it increase. The mortgage financing market has sort of made it more challenging for some of the private equity players -- real estate private equity players that compete against us in this sector.

這並不意味著我們不會做零售。我們仍然喜歡它。顯然，我們非常接近我們仍然特別看好的少數租戶和行業。但我認為，公司融資市場的裂痕使我們能夠在這個工業領域更具競爭力。這就是你看到它增加的原因。抵押貸款融資市場給一些私募股權參與者帶來了更大的挑戰——在這個領域與我們競爭的房地產私募股權參與者。

So I think we're going to continue to make progress this year. And obviously, as the markets become to normalize and get more competitive again, we may have to shift away from industrial. But right now, we're seeing really good opportunities to sort of fit the things that -- the criteria that we underwrite to. And we...

所以我認為我們今年將繼續取得進展。顯然，隨著市場變得正常化並再次變得更具競爭力，我們可能不得不放棄工業。但現在，我們看到了很好的機會來適應我們承保的標準。和我們...

No, I appreciate that, Jackson. And you kind of led into the second question. Just as we think about '23 and the concentration of where you're going to be dealing, like can kind of this makeup continue through this year? Or is it going to be a little bit more balanced? Like is 75% industrial sustainable? Or is it just going to be kind of a mix or where the just -- where there's opportunity overall?

不，我很感激，傑克遜。你有點引出了第二個問題。就像我們考慮 23 年和你將要處理的地方的集中一樣，這種妝容可以持續到今年嗎？還是會更平衡一點？比如 75% 的工業是可持續的嗎？或者它只是一種混合體，還是只是 - 總體上有機會的地方？

Yes. I mean I could say like in the first quarter, it's going to probably look similar to that. As we project out through the course of the year, obviously, it's harder to predict that. I think a lot of our success is because of where the financing markets are corporately and in the mortgage market as well. That's having a positive impact for us, the challenge over there in that market.

是的。我的意思是我可以說在第一季度，它可能看起來與那個相似。當我們預測全年時，顯然很難預測這一點。我認為我們的很多成功是因為融資市場在公司和抵押貸款市場中所處的位置。這對我們產生了積極的影響，即該市場面臨的挑戰。

I think as those markets improve, it just will be more competitive for us to be able to keep increasing at this space. So look, I think like we believe that we'll be able to do more in the industrial area. We're certainly going to do it in the first quarter. And as the year -- it's hard to predict the rest of the year. But we have the flexibility to invest in both areas, industrial and retail. So we feel like given our guidance and how we're thinking about the business plan this year, we feel very comfortable that we'll be able to achieve these results.

我認為隨著這些市場的改善，我們能夠在這個領域保持增長將更具競爭力。所以看，我認為我們相信我們能夠在工業領域做得更多。我們肯定會在第一季度做到這一點。至於今年——很難預測今年剩下的時間。但我們可以靈活地投資於工業和零售這兩個領域。因此，我們覺得根據我們的指導以及我們如何考慮今年的業務計劃，我們對能夠實現這些結果感到非常自在。

Our next question comes from Greg McGinniss with Scotiabank.

我們的下一個問題來自豐業銀行的 Greg McGinniss。

So just looking at Q4, where you acquired at a 7.2% cap 30 basis points higher than where it's generally been. Could we see higher cap rates this year than there given the current financing environment and tenant demand for sale leasebacks? And then just curious if you could give us some details on where you're seeing more or less competition for assets and whether you're feeling more constrained by capital availability or compelling transactions at this time?

所以只看第四季度，你以 7.2% 的上限獲得了比一般水平高 30 個基點。考慮到當前的融資環境和租戶對售後回租的需求，今年我們能否看到更高的資本化率？然後只是想知道您是否可以向我們提供一些詳細信息，說明您在哪些地方看到了或多或少的資產競爭，以及您此時是否感到更受資本可用性或引人注目的交易的限制？

Well, on the cap rate side, I think in the first quarter, you're going to see our acquisition cap rates continue to drift higher. I'd say it's probably going to look somewhere in the 7.25% to 7.5% range is where we'll -- that's probably a good assumption in 2023. And we're seeing -- and one of the reasons I think we're seeing that success is as I said, corporations are looking at their real estate, especially in industrial companies, monetizing it for long-term financing, just given kind of where noninvestment-grade companies get trade today.

好吧，在上限率方面，我認為在第一季度，你會看到我們的收購上限率繼續走高。我想說它可能會看起來在 7.25% 到 7.5% 範圍內的某個地方——這可能是 2023 年的一個很好的假設。我們正在看到——我認為我們的原因之一看到成功正如我所說，公司正在關注他們的房地產，特別是在工業公司，將其貨幣化以獲得長期融資，就像今天非投資級公司獲得交易的地方一樣。

So I think that's going to continue to play out positively for us. Obviously, there's more competition for these types of assets. Some of our public peers do the same investment strategy. So I think we'll see that going forward. And I think the other thing that you'll see this year for us, if you look last year, we did about 100, I think it's like 114 -- that sound right, $114 million of CapEx and development. This year, that number will be probably similar, if not a little bit higher, and it's going to be at least a 50 basis point premium to the cap rate I just described, the 7.25%, 7.5%. So it's going to be priced more appropriately.

所以我認為這將繼續對我們產生積極影響。顯然，對這些類型的資產存在更多競爭。我們的一些公眾同行也在做同樣的投資策略。所以我認為我們會看到這一點。我認為今年你會為我們看到的另一件事，如果你看去年，我們做了大約 100 個，我認為它像 114 個——聽起來不錯，1.14 億美元的資本支出和開發。今年，這個數字可能會相似，甚至更高一點，並且比我剛才描述的上限利率（7.25%、7.5%）至少高出 50 個基點。所以它的定價會更合適。

And we've already got a nice pipeline of -- I'll call revenue, capital expenditure opportunities that are in the guidance for this year. So we'll continue to evaluate the market. We think -- and then the last piece to your question, Greg, we've been very active on the disposition market. And if you look at the number of transactions that we sold last year, part of it was reshaping, part of it was risk mitigation, part of it was just for -- just proof of concept in some ways to how we've invested.

我們已經有了一個很好的管道——我將稱之為今年指導中的收入、資本支出機會。因此，我們將繼續評估市場。我們認為 - 然後是你的問題的最後一部分，格雷格，我們在處置市場上一直非常活躍。如果你看看我們去年出售的交易數量，其中一部分是重塑，一部分是風險緩解，一部分只是為了 - 只是在某些方面證明我們如何投資的概念。

So we've got -- we feel like we've got a very good handle on sort of where the market is trending right now. 40% of those sales like in the fourth quarter that we completed were 1031 buyers, 60% with what I call private sort of institutions or individuals. So we'll continue to monitor the markets as we are buying and selling as part of the plan dictates for the operating plan for 2023. So I think we've got a pretty good handle on where pricing is right now.

所以我們已經 - 我們覺得我們已經很好地掌握了市場目前的趨勢。我們在第四季度完成的銷售中有 40% 是 1031 名買家，其中 60% 是我所說的私人機構或個人。因此，作為 2023 年運營計劃規定的計劃的一部分，我們將繼續監控市場，因為我們正在買賣。所以我認為我們已經很好地掌握了目前的定價。

Maybe just touching on your revenue-producing CapEx comments. Is that build-to-suits? Or is that just investing in current portfolio with the tenants that are there right now?

也許只是觸及你的創收資本支出評論。那是量身定做的嗎？或者只是投資於當前的投資組合與現在的租戶？

It's a combination of the 2. It's probably more biased to existing tenants that are looking to either improve the facility or increase the size and square footage of the facility. I think as time goes on, you'll see us start to highlight this year, a tenant has XYZ space, they want to increase the facility by 30%. We're in an ideal position to provide that financing because we're sitting there with the lease, they kind of meet our approval actually, in some cases, to deal with the additional space that are on our sites.

它是兩者的結合。它可能更偏向於希望改善設施或增加設施規模和平方英尺的現有租戶。我想隨著時間的推移，你會看到我們今年開始強調，租戶擁有 XYZ 空間，他們希望將設施增加 30%。我們處於提供融資的理想位置，因為我們坐在那裡租用，在某些情況下，他們實際上得到了我們的批准，以處理我們網站上的額外空間。

So it's kind of a win-win opportunity for us to reprice in some cases, some of the capital that are going in to enhance the overall lease economics. So that will be an interesting part of the story as we talk about that in the coming year.

因此，在某些情況下，這對我們來說是一個雙贏的機會，可以重新定價一些用於提高整體租賃經濟性的資本。因此，當我們在來年討論這個問題時，這將是故事中一個有趣的部分。

Okay. If I could just add one quick one here. Just looking at the recent Ann Taylor acquisition. How do you get comfortable with that or other private equity-backed retailers as tenants and historically have been more prone to bankruptcy, and we're in a currently healthy environment, but looks like it might get more challenging in the near future here. So just curious how you go about evaluating those opportunities.

好的。如果我可以在這裡添加一個快速的。看看最近對 Ann Taylor 的收購。你如何適應那個或其他私人股本支持的零售商作為租戶並且從歷史上看更容易破產，而且我們目前處於健康的環境中，但看起來它在不久的將來可能會變得更具挑戰性。所以很好奇你是如何評估這些機會的。

Yes, I'll let Ken -- we're excited about that facility, but correct...

是的，我會讓肯 - 我們對那個設施感到興奮，但正確的......

Well, Jackson's mentioned. We look at those opportunities, actually, like we look at any of the opportunities that we come across. We -- it's a 3-legged stool, the industry, the tenant and the real estate. In this particular situation, we're very comfortable with the industry. Women's apparel, it's not going away. It's actually -- the revenue for that market is higher now than it was in 2019.

好吧，提到了傑克遜。我們看待這些機會，實際上，就像我們看待我們遇到的任何機會一樣。我們——這是一個三足凳，行業、租戶和房地產。在這種特殊情況下，我們對這個行業非常滿意。女裝，它不會消失。實際上——該市場現在的收入高於 2019 年。

In the particular customer, the segment that our tenant targets has actually got -- the expectations are for continued growth. So we're very comfortable with the industry. For the tenant, obviously, this -- our tenant operates both Ann Taylor and LOFT. We got limitations on how much we can go into the credit, but it's north of $1 billion of revenue, solid EBITDA, very low leverage. And one thing that we like about this retailer is they are the very omnichannel competent, substantial portion of the revenue is through e-commerce. So we like that aspect.

在特定客戶中，我們的租戶目標實際已經獲得的細分市場 - 期望持續增長。所以我們對這個行業非常滿意。對於租戶來說，很明顯，我們的租戶經營著 Ann Taylor 和 LOFT。我們對可以使用多少信貸有限制，但它超過了 10 億美元的收入、可靠的 EBITDA 和非常低的槓桿率。我們喜歡這家零售商的一件事是他們非常擅長全渠道，收入的很大一部分來自電子商務。所以我們喜歡那個方面。

The third piece is the real estate. These are absolutely mission-critical. This is the DC, the main distribution center for both of these brands. They also handles all of the e-commerce fulfillment. You've got one in the Columbus, MSA. Great facility below replacement cost, inline rents. All the aspects you would want in the DC, the 36-foot clear heights, things like that.

第三塊是房地產。這些絕對是關鍵任務。這是 DC，這兩個品牌的主要配送中心。他們還處理所有的電子商務履行。你在 MSA 的哥倫布有一個。低於重置成本的一流設施，在線租金。您在 DC 中想要的所有方面，36 英尺的淨高，諸如此類。

The other facility is just to the west of Indianapolis, the e-fulfillment. Again, this sets a major part of their revenue. So this is mission-critical to them. But we're thrilled with all aspects, all 3 legs of the stool. The biggest one being below replacement costs, substantially below replacement costs. So we're very happy with this acquisition.

另一個設施就在印第安納波利斯以西，電子履行。同樣，這構成了他們收入的主要部分。所以這對他們來說是關鍵任務。但我們對所有方面都很興奮，凳子的所有 3 條腿。最大的一個是低於重置成本，大大低於重置成本。所以我們對這次收購非常滿意。

I'd just say one thing. We do have a meaningful percentage of private equity-backed tenancy in our company. And we were very positive on Sycamore. They're very high-quality sponsor and just like Hellman & Friedman is over at home. We just -- these are very, very high quality, very predictable operators of businesses that run business as well and ultimately, sometimes monetized through IPO or merger. So once again, we like that Ann Taylor opportunity.

我只想說一件事。我們公司確實有相當比例的私人股本支持的租賃。我們對 Sycamore 非常樂觀。他們是非常優質的讚助商，就像 Hellman & Friedman 在家一樣。我們只是——這些是非常非常高質量、非常可預測的企業運營商，他們也經營業務，最終有時會通過 IPO 或合併獲利。所以再一次，我們喜歡 Ann Taylor 的機會。

Our next question comes from Brad Heffern with RBC Capital Markets.

我們的下一個問題來自 RBC Capital Markets 的 Brad Heffern。

Can you talk about the terms that you're seeing in the sale-leaseback market right now? Are you seeing concessions from buyers besides the higher cap rates like higher escalators, longer terms, better lease protections, et cetera?

你能談談你現在在售後回租市場上看到的條款嗎？除了更高的自動扶梯、更長的期限、更好的租賃保護等更高的資本化率之外，您是否看到買家做出讓步？

I mean, I can sort of tell you that the things that we're looking at in the first quarter, the industrial assets that we have 2-plus percent annual escalators. So we're seeing better opportunity on escalations particularly in sale-leaseback opportunities in the industrial area. Look, it's still competitive. I mean we look at a lot of different things before we kind of land on, hey, this has all 3 of the 3-pronged underwriting pieces that meet -- are meaningful for us. So we tend to find that once we kind of lock those down, it is competitive. There are other people that look at the world the same way we do.

我的意思是，我可以告訴你我們在第一季度看到的東西，我們擁有 2% 以上年度自動扶梯的工業資產。因此，我們看到了更好的升級機會，尤其是工業區的售後回租機會。你看，還是有競爭力的。我的意思是，在我們著陸之前，我們會考慮很多不同的事情，嘿，這有所有 3 個 3 管齊下的承保部分——對我們來說很有意義。因此，我們往往會發現，一旦我們將其鎖定，它就會具有競爭力。還有其他人以與我們相同的方式看待世界。

So I might suggest that we're just out here not competing with people. But I would say, generally, in the industrial area, companies are looking at sale leaseback, high-yield bank financing as a means to an end. And so if the terms get too egregious in the sale leaseback, then all of a sudden, they look at corporate debt as an alternative.

所以我可能會建議我們只是在這里而不是與人競爭。但我想說，一般來說，在工業領域，公司正在考慮售後回租、高收益銀行融資作為達到目的的手段。因此，如果售後回租的條款過於苛刻，那麼突然之間，他們就會將公司債務視為替代方案。

In retail, it's -- retail has got just a little bit more commoditized. You're not seeing -- we're not seeing escalations change in any meaningful way or lease terms change in any meaningful way. I would say the other thing that we've seen that's been a dramatic change in some of the industrial sale leasebacks that we're looking at. A year ago, terms and conditions were really competitive as it relates to buyers. Tenants had a lot more leverage over buyers in that conversation. I just think there were just more buyers, more private buyers kind of willing to not look at some of this stuff because I think they're not as long-term oriented in terms of hold periods. For us, we're buying these assets, expecting to hold them for the whole lease term.

在零售業中，零售業的商品化程度更高了一點。你沒有看到——我們沒有看到升級以任何有意義的方式發生變化，也沒有看到租賃條款以任何有意義的方式發生變化。我要說的另一件事是我們看到的一些工業售後回租發生了巨大變化。一年前，與買家相關的條款和條件確實具有競爭力。在那次談話中，租戶對買家有更大的影響力。我只是認為有更多的買家，更多的私人買家願意不看這些東西，因為我認為他們在持有期方面沒有那麼長期導向。對我們來說，我們正在購買這些資產，期望在整個租賃期內持有它們。

So we're -- environmental matters, lease term matters, assignment matters for us. So that's where we are, I think, in the current market. We're finding good opportunities still competitive when we get down there, but it's not as rambunctious as it was, say, a year ago.

所以我們 - 環境問題，租賃期限問題，轉讓對我們來說很重要。我認為，這就是我們在當前市場中所處的位置。當我們到達那裡時，我們發現仍然有競爭力的好機會，但它並不像一年前那樣喧鬧。

Okay. And Michael, I just want to clarify on the unidentified reserves, are we purely talking about lost rent when we're talking about that? Or is there some accounting reserve that you're planning to take? I'm just a little confused about the terminology.

好的。邁克爾，我只想澄清未確定的儲量，當我們談論這個時，我們是否純粹在談論損失的租金？還是您打算提取一些會計準備金？我只是對術語有點困惑。

Yes. No. We're purely talking about lost rent reserves. So just an assumption around things that could happen in the portfolio throughout the year that could cause rent to go away, right? So it's just an assumption, it's not an accounting reserve. It's not anything that we've identified or is planned or that we have to take. It's just an assumption very -- again, consistent in how we've approached it and all the other years, it's just a reserve for the unknown.

是的。不，我們純粹是在談論損失的租金儲備。因此，只是圍繞投資組合中全年可能發生的可能導致租金消失的事情進行假設，對嗎？所以這只是一個假設，不是會計準備金。這不是我們已經確定或計劃或我們必須採取的任何措施。這只是一個非常——再一次，與我們處理它的方式和所有其他年份一致的假設，它只是對未知數的儲備。

Our next question comes from Josh Dennerlein with Bank of America.

我們的下一個問題來自美國銀行的 Josh Dennerlein。

Just one follow-up on the reserve and guidance. Sorry if I missed it, but how many cents was it in 2022?

僅對儲備和指導進行後續跟進。對不起，如果我錯過了，但是 2022 年是多少美分？

It was about the same at the beginning of the year. Josh, it might have been a little bit slightly less. A little bit less than 1%. We typically look at 1% of ABR, or ABR was less. So from a dollar standpoint, it was certainly less. But generally, we target that 1% of ABR when we give our guidance.

與年初的情況大致相同。喬什，可能稍微少了一點。略低於 1%。我們通常查看 1% 的 ABR，或者 ABR 更少。所以從美元的角度來看，它肯定更少。但一般來說，我們在提供指導時將目標定為 ABR 的 1%。

Okay. But where did it end up? I guess, how many cents was in 2018?

好的。但它最終去了哪裡？我猜，2018 年是多少美分？

Yes. We were ended up, I think we ended up at about, I mean, 0.3% for the year, somewhere around there, about 30 bps for the entire year, I believe, if you average it out. So obviously, much less than what our assumption is for this year. We ended up for the year.

是的。我們結束了，我想我們最終大約是，我的意思是，今年大約 0.3%，大約在那裡，全年大約 30 個基點，我相信，如果你平均的話。很明顯，這比我們今年的假設要少得多。我們結束了這一年。

Okay. Okay. And then, I guess, over the years, what's kind of the range? Is that 30 bps the lowest you kind of ever saw. And then like maybe what's kind of the highest trying to think through...

好的。好的。然後，我想，多年來，範圍是什麼？ 30 個基點是您見過的最低點嗎？然後可能是什麼是最高的嘗試去思考......

Yes. That was definitely the lowest. I mean, since the spin-off, it's generally been lower than 1%. I'd say the exception of that would be 2020. I have to go back and look. I think it was a little above 1% in 2020. Obviously, that was a rough year. But in all years since the spin-off outside of the COVID year, it's been sub-1%. But last year, it was definitely the best year we've ever had.

是的。那絕對是最低的。我的意思是，自分拆以來，它通常低於 1%。我會說 2020 年是個例外。我必須回去看看。我認為 2020 年略高於 1%。顯然，那是艱難的一年。但在 COVID 年之外的分拆以來的所有年份中，它一直低於 1%。但去年，這絕對是我們有史以來最好的一年。

Okay. Okay. Awesome. And then maybe just kind of turning to competition for assets. I guess, are you guys seeing more or less competition out there for assets that you're looking at?

好的。好的。驚人的。然後可能只是轉向資產競爭。我想，你們是否看到或多或少的競爭正在尋找您正在尋找的資產？

I would say right now, in the fourth quarter, obviously, you can see the results. First quarter, we feel really comfortable with our current pipeline. It seems like there's a bit of a drop in deal flow, to be honest with you, like you probably heard that from other management teams, we're still picking and finding opportunities. The volume of things that kind of meet our criteria just seem to be less than, say, last quarter. I'm not sure what's causing that right now. But that being said, I think we're really comfortable with the guidance that we put out here that we'll be able to achieve really good opportunities in that 7.25%, 7.5% range. And like I said, we've got a good runway of revenue producing CapEx that we have already buttoned down basically this year through the course this year. So we feel very comfortable with that right now.

我現在要說的是，在第四季度，很明顯，你可以看到結果。第一季度，我們對目前的管道感到非常滿意。交易流量似乎有點下降，老實說，就像你可能從其他管理團隊那裡聽說的那樣，我們仍在挑选和尋找機會。符合我們標準的事物的數量似乎比上個季度要少。我現在不確定是什麼原因造成的。但話雖這麼說，我認為我們對我們在這裡提出的指導感到非常滿意，我們將能夠在 7.25%、7.5% 的範圍內獲得非常好的機會。就像我說的，我們有一條很好的創收資本支出跑道，我們今年基本上已經通過今年的課程確定了資本支出。所以我們現在對此感到非常滿意。

And look, if things change where there is more opportunity, more attractive cap rates. Obviously, we haven't factored any capital markets activity in our guidance, obviously, we can pivot if that happens if that makes sense. But right now, we think we've sized the right opportunity for our targets this year given kind of what's happening in the market.

看看，如果事情發生變化，機會更多，資本化率更具吸引力。顯然，我們沒有在我們的指導中考慮任何資本市場活動，顯然，如果這種情況發生，我們可以在有意義的情況下進行調整。但現在，我們認為，鑑於市場上正在發生的事情，我們已經為今年的目標確定了合適的機會。

Jackson, if I reading into your comments, is that kind of lighter kind of flow right now for things you're interested and imply that guidance is more back half loaded for acquisitions?

傑克遜，如果我讀到你的評論，你感興趣的事情現在是那種更輕鬆的流程，並暗示收購的指導是後半載嗎？

I'd tell you, I think we're probably -- like it's probably equally weighted, I mean, from what we can tell right now. I mean, look, it's -- interest rates are still pretty volatile right now, right? But as we started the year, the forward curve has continued to increase. When that happens and sort of the corporate markets get more interjection, I think that kind of gives us a better opportunity to lean into industrial sale leasebacks.

我會告訴你，我認為我們可能 - 我的意思是，從我們現在可以知道的情況來看，它可能是同等權重的。我的意思是，你看，利率現在仍然很不穩定，對吧？但隨著今年年初，遠期曲線繼續上升。當這種情況發生並且企業市場得到更多的感嘆時，我認為這給了我們一個更好的機會來投資工業售後回租。

If corporate debt becomes more favorable, that creates competition for us as well as just people that compete with us on the sale-leaseback front. So I think right now, we feel pretty comfortable with our pipeline and what we put out there. And if things change for the positive that make us accelerate acquisitions, we'll clearly take advantage of that if the opportunity presents itself. But we think this is a reasonable way to approach the marketplace given some of the economic uncertainty that's still out there.

如果公司債務變得更優惠，就會為我們以及在售後回租方面與我們競爭的人帶來競爭。所以我認為現在，我們對我們的管道和我們在那裡推出的東西感到非常滿意。如果事情發生積極變化，使我們加速收購，那麼如果機會出現，我們顯然會利用它。但我們認為，鑑於仍然存在一些經濟不確定性，這是進入市場的合理方式。

Our next question comes from Rob Stevenson with Janney.

我們的下一個問題來自 Rob Stevenson 和 Janney。

Can you talk about how the theater assets are performing today given the box office? And are there other looming near-term operator issues beyond Regal? And if you need to retenant anything today, how is the market for that today versus when you did the last batch of re-tenanting that you did well on?

考慮到票房，你能談談今天劇院資產的表現如何嗎？除了富豪之外，還有其他迫在眉睫的近期運營商問題嗎？如果你今天需要重新租用任何東西，那麼今天的市場與你進行上一批你做得很好的重新租用時相比如何？

Yes. This is Ken. The theaters had a phenomenal third quarter. Fourth quarter was not as great, but they held the line, whatnot, 2023, a big driver for the theaters is the release slate. 2023 looks pretty good and consistently throughout the year. Right now, that slate, you don't see any big gaps. So they've got a consistent release dates for the tentpole films. And that's what's the big driver for theaters nowadays.

是的。這是肯。劇院有一個驚人的第三季度。第四季度表現不佳，但他們堅守陣地，2023 年，影院的一個重要推動力是上映計劃。 2023 年看起來相當不錯，而且全年一致。現在，那塊石板，你看不到任何大的差距。所以他們有一個一致的支柱電影的發行日期。這就是當今劇院的主要推動力。

It's interesting on the reuse front, it's public knowledge. Regal did reject one of our theaters. We've been pleasantly surprised with the inbound activity we've seen right now. It's very early days on that front, but it's not crickets. Whether it's other operators or other uses for that real estate. So we'll see as the year unfolds. But right now, we're very -- see a very stable outlook.

在重用方面很有趣，這是公共知識。富豪確實拒絕了我們的一家劇院。我們對現在看到的入境活動感到驚喜。在這方面還處於早期階段，但它不是蟋蟀。無論是其他運營商還是該房地產的其他用途。所以我們會看到隨著這一年的展開。但現在，我們非常——看到一個非常穩定的前景。

Okay. And then how are you guys thinking about indoor farming and the potential returns and risk there versus owning the traditional 500 acres of farmland leased to a large farmer?

好的。那麼你們如何看待室內農業以及那裡的潛在回報和風險，而不是擁有租給大農場主的傳統 500 英畝農田？

I mean, Robert, we don't have any farm exposure right now. And I think right now, we -- to be honest with you, like our current lines of business are keeping us really busy right now. So I don't have a real comment on that. Yes.

我的意思是，羅伯特，我們現在沒有任何農場風險。而且我認為現在，我們 - 老實說，就像我們目前的業務線讓我們現在真的很忙。所以我對此沒有真正的評論。是的。

Our next question comes from Harsh Hemnani with Green Street.

我們的下一個問題來自 Green Street 的 Harsh Hemnani。

Michael, you mentioned targeting a 200 basis point spread for 2023. Can you give us a rough ballpark estimate for what kind of nominal cap rate you will have to achieve when your acquisition to roughly make that spread?

邁克爾，你提到 2023 年的目標價差為 200 個基點。你能給我們一個粗略的估計，說明你在收購時必須達到什麼樣的名義資本化率才能大致實現這個價差？

Yes. I mean, as Jackson mentioned, we're targeting 7.25%, 7.5% cash cap rate for 2023. So at that cap rate, we can achieve that 200 basis points of spread based on the way we're funding, which is free cash flow, accretive dispositions and balance sheet debt.

是的。我的意思是，正如傑克遜所說，我們的目標是 2023 年的現金上限利率為 7.25%、7.5%。因此，在這個上限利率下，我們可以根據我們的融資方式（即自由現金）實現 200 個基點的利差流量、增值處置和資產負債表債務。

That's helpful. And then, Jackson, in the past couple of quarters, you mentioned that this is really the most -- the best opportunities you're seeing in a long time in the net lease space. Is that still the case? And what's played out in your pipeline over the first part of this year. And just given the favorable market environment, given how good the sale-leaseback market is for you today. Why do you think the public market has given you not the best cost of capital relative to your peers who aren't even as sale-leaseback focus as you are?

這很有幫助。然後，傑克遜，在過去的幾個季度裡，你提到這真的是你在很長一段時間內在淨租賃領域看到的最多 - 最好的機會。現在還是這樣嗎？以及今年上半年你的管道中發生了什麼。考慮到有利的市場環境，考慮到今天的售後回租市場對您來說有多好。為什麼你認為公開市場沒有給你最好的資本成本相對於你的同行，他們甚至不像你一樣專注於售後回租？

And I guess in internal discussions, what can you do to maybe improve that cost of capital to be able to capitalize on this opportunity that might be upcoming in '23? Because it seems like you're more constrained on the cost of capital side than -- you're able to source deals but maybe not have it be accretive because of the cost of capital?

我想在內部討論中，您可以做些什麼來改善資本成本，以便能夠利用 23 世紀可能即將到來的這個機會？因為看起來你在資本成本方面受到的限制比 - 你能夠找到交易但由於資本成本可能不會增加？

Yes. I think it's -- you had a lot of questions there. I'll try to start with this one with this answer. Since 2019, post the wind up of SMTA. If you look at the midpoint of our AFFO guidance for this year, our CAGR has been close to 5%. And that's been with a lot of economic macro headwinds, COVID and invasion, inflation, increase in interest rates. So we've been able to accomplish, I think, a reasonable growth rate since 2019. I think if you look at our tenancy, look, I think people have, for whatever reason, associated a higher risk to our tenancy. So Party City is going to prove out.

是的。我認為這是 - 你在那裡有很多問題。我將嘗試從這個答案開始。自 2019 年以來，發布 SMTA 的結束。如果您查看我們今年 AFFO 指南的中點，我們的複合年增長率已接近 5%。這伴隨著許多經濟宏觀逆風、COVID 和入侵、通貨膨脹、利率上升。因此，我認為，自 2019 年以來，我們已經能夠實現合理的增長率。我認為，如果你看看我們的租賃，你看，我認為人們出於某種原因認為我們的租賃存在更高的風險。所以 Party City 將證明一切。

We're very, very confident we're going to be able to show proof of concept there, and the asset is worth a lot of money, more than what we paid for it. We think that At Home is another tenant that Top 5 tenant. They're headquartered in Dallas. We just -- we meet with them. We just have a recent meeting with them. We were very confident about what that company is going to do. Our real estate that we own and we believe in that credit. And we believe that we'll be able to -- that will be another good proof of concept.

我們非常非常有信心，我們將能夠在那裡展示概念證明，而且這項資產價值不菲，比我們為它付出的還要多。我們認為 At Home 是 Top 5 租戶中的另一個租戶。他們的總部設在達拉斯。我們只是 - 我們會見他們。我們最近剛剛與他們會面。我們對該公司將要做的事情充滿信心。我們擁有的房地產，我們相信這種信用。我們相信我們將能夠——這將是另一個很好的概念證明。

So I think, Harsh, what we have to do this year, the best thing that we can do to I think, try to improve our cost of capital is to basically outperform that lost rent number that we've highlighted as 1% this year. We think we can do it. Look, we think it's reasonable to put that out there. But I think if we're able to beat that number this year, certainly from a tenant risk standpoint, people would not necessarily associate our portfolio in that way.

所以我認為，Harsh，我們今年必須做的，我認為我們能做的最好的事情，就是嘗試改善我們的資本成本，基本上超過我們今年強調的 1% 的租金損失數字.我們認為我們可以做到。看，我們認為把它放在那裡是合理的。但我認為，如果我們今年能夠超過這個數字，當然從租戶風險的角度來看，人們不一定會以這種方式聯繫我們的投資組合。

We're originating more industrial opportunities. I think we're going to continue to keep pace with that just given some of the dislocation in the corporate financing market. So we're just going to make this company from a portfolio standpoint better. And look, we've gone big, and now we're playing a little bit smaller in terms of number of transactions and volume. And I think this year will be a really good year for us to show kind of proof of concept what this company can really do. I mean we acquired an extraordinary number of transactions relative to what we've historically done last year. This year, it's like half of that, right? But I think one of the most important things that we're going to be able to show is at the -- how creditworthy this portfolio is, given some of the sort of comments that we've gotten in the past about risk of potential tenancy.

我們正在創造更多的工業機會。鑑於企業融資市場的一些混亂，我認為我們將繼續跟上這一步伐。因此，從投資組合的角度來看，我們只會讓這家公司變得更好。看，我們已經變大了，現在我們在交易數量和交易量方面變得更小了。而且我認為今年將是我們展示這家公司真正可以做的概念證明的非常好的一年。我的意思是，相對於去年的歷史記錄，我們獲得了數量驚人的交易。今年，好像是一半，對吧？但我認為我們將能夠展示的最重要的事情之一是——考慮到我們過去收到的關於潛在租賃風險的一些評論，這個投資組合的信譽度如何.

Our next question comes from R.J. Milligan with Raymond James.

我們的下一個問題來自 R.J.米利根與雷蒙德·詹姆斯。

I wanted to ask you about the $60 million that was issued on the ATM this quarter. Can you talk about the thought process in issuing equity at those levels? And can we expect more ATM issuance in 2023?

我想問你關於本季度在 ATM 上發行的 6000 萬美元。您能談談在這些層面發行股票的思考過程嗎？我們可以期待 2023 年發行更多的 ATM 嗎？

Yes, obviously, it's just a small amount. We want to make sure we kind of entered '23 at a good leverage level. There were still decent spreads in the fourth quarter when you look at that sliver amount of equity. So I think we ended in a good spot, produced good spreads last year, finished out the year in a good place on the balance sheet. And that sets us up well for '23 based on our capital deployment plan. Right now, where the stock price is, we're not planning to issue any more equity. The equity price improves materially and we see good acquisition opportunities that where the cap rate is at a place where we think the spreads are there, we could certainly get the ATM, that's definitely not off the table.

是的，很明顯，這只是一小部分。我們想確保我們以良好的槓桿水平進入 23 年。當你看一下那少量的股本時，第四季度的利差仍然不錯。所以我認為我們去年取得了不錯的成績，產生了良好的利差，並在資產負債表上以良好的成績結束了這一年。根據我們的資本部署計劃，這為我們做好了 23 年的準備。目前，股價處於什麼水平，我們不打算發行更多股票。股價大幅上漲，我們看到了很好的收購機會，即在我們認為利差存在的地方，我們當然可以拿到自動取款機，這絕對不是不可能的。

We could do something even bigger and accelerate later in the year if that makes sense. But for now, we feel like we ended 2022 in a good spot in the balance sheet to set us up for our capital deployment plan this year without needing to access to capital markets. So if the status quo stays the same, I wouldn't anticipate any activity, but certainly, if the opportunity presents itself and if something makes sense, whether it's from a cap rate standpoint, our acquisitions or stock price improvement or a little bit of both, we could become active again.

如果有意義的話，我們可以在今年晚些時候做更大的事情並加速。但就目前而言，我們覺得我們在 2022 年結束時在資產負債表中處於一個很好的位置，可以為我們今年的資本部署計劃做好準備，而無需進入資本市場。因此，如果現狀保持不變，我預計不會有任何活動，但可以肯定的是，如果機會出現，如果有什麼有意義的，無論是從資本化率的角度來看，我們的收購或股價上漲還是一點點兩者，我們都可以再次活躍起來。

That's helpful. And I know that -- or the midpoint of the guidance, I think, assumes that you're funded from free cash flow, dispositions and then increasing debt. And I'm just curious, based on that guidance, where do you anticipate leverage ending the year assuming no more equity issuance?

這很有幫助。而且我知道 - 或者我認為指導的中點假設你的資金來自自由現金流、處置然後增加債務。我很好奇，根據該指南，假設不再發行股票，您預計今年年底的槓桿率會在哪裡？

Yes. I think our leverage will continue to be in that mid-5s range that we typically target. We're always going to maintain conservative leverage and obviously maintain our BBB rating. So that mid-5% range is where we're comfortable. Obviously, we ended 2022, a little bit below that. So I think we have some flexibility there to kind of migrate into the mid-5s.

是的。我認為我們的槓桿率將繼續處於我們通常瞄準的 5s 範圍內。我們將始終保持保守的槓桿作用，並顯然維持我們的 BBB 評級。因此，5% 的中間範圍是我們感到舒服的地方。顯然，我們在 2022 年結束時略低於該數字。所以我認為我們有一些靈活性可以遷移到 5 年代中期。

Our next question comes from Ronald Kamdem with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Ronald Kamdem。

Just a couple of quick ones. Just looking at the deck, the bridge for the guidance is really, really helpful. So I see the $0.06 from net deployment. Presumably that includes sort of the interest cost headwinds. I was just wondering if you could break out what the interest cost headwinds is in '23.

只是幾個快速的。只看甲板，指導的橋樑真的非常有幫助。所以我從網絡部署中看到了 0.06 美元。據推測，這包括某種利息成本逆風。我只是想知道你是否可以打破 23 年的利息成本逆風。

Yes. So that includes any incremental interest on any incremental debt we're using to fund the acquisition. So that's built in there. The interest expense headwind for '23 on the debt that we issued in 2022 is built into the Q4 2022 annualized AFFO per share, right? And that's why we went off that because that Q4 $0.88 that we annualized had the full impact of the $800 million term loan, which essentially was all the debt that we ended up issuing in 2022 that we fixed at 3.5%. That's what made that walk easier. If you were to think about that debt from a year-over-year basis, right?

是的。因此，這包括我們用於為收購提供資金的任何增量債務的任何增量利息。所以這是內置的。我們在 2022 年發行的債務在 23 年的利息支出逆風被計入了 2022 年第四季度的年化 AFFO 每股，對嗎？這就是我們取消這一計劃的原因，因為我們年化的第 4 季度 0.88 美元對 8 億美元的定期貸款產生了全部影響，這基本上是我們最終在 2022 年發行的所有債務，我們將其固定在 3.5%。這就是使步行更容易的原因。如果你要從同比的角度考慮這筆債務，對吧？

So we put that debt in place in middle of August, fixed it, and that was obviously cheaper that early in the year in 2022. So if you were to kind of walk from the full year '22 to the full year '23, just on that debt, that would be about a $0.05 headwind year-over-year. But the way that we've kind of designed this walk for you was to incorporate the interest rate headwind on the debt we issued in '22 in that Q4 annualized number.

因此，我們在 8 月中旬將債務付諸實施並修復，這顯然比 2022 年年初便宜。因此，如果你要從 22 年全年走到 23 年全年，就就這筆債務而言，這將比去年同期帶來大約 0.05 美元的逆風。但是，我們為您設計這次步行的方式是將利率逆風納入我們在 22 年第四季度發行的債務中。

So when you look at the net capital deployment, that does have the impact of higher interest rates on the incremental debt we've used to acquire properties throughout '23. If that makes sense.

因此，當您查看淨資本部署時，這確實會對我們在整個 23 年用於收購房產的增量債務產生更高的利率影響。如果這是有道理的。

Got it. Makes a ton of sense. And just my second one, just going back to sort of the acquisition guidance. So I guess the first one is just are we supposed to understand that sort of $800 million at the midpoint, it sounds like the messaging is it's more sort of opportunity constraint than capital constrained at this point? Or is it both? Just trying to get a sense of that number?

知道了。很有道理。只是我的第二個，只是回到某種收購指南。所以我想第一個是我們是否應該在中點理解那種 8 億美元，這聽起來像是消息是它更多的是機會限製而不是資本限制在這一點上？或者兩者兼而有之？只是想了解一下這個數字？

I would just say, it's a little bit of both. I mean, look, for us, look, we talked about our cost of capital. It's not at the place where I believe it should be and for us to issue capital and do larger amounts of volume, I don't think that makes a lot of sense. I think to me, what makes sense is really prove out what we've been doing the last few years, which we believe we will this year. And at that point, we can look at potentially increasing volume with a more effective cost of capital. I mean, so I'd say it's a combination of both. I mean, the opportunity set that we see is still there, but we don't think it makes sense, obviously, keep acquiring in a $1 billion-plus rate given our current cost of capital and we think we'll get -- it will be better for shareholders for us to kind of prove out all of the deals that we've transacted are really good, which we believe they are.

我只想說，兩者兼而有之。我的意思是，看，對我們來說，看，我們談到了我們的資本成本。它不在我認為應該在的地方，對我們來說發行資本和做更多的交易量，我認為這沒有多大意義。我認為對我來說，真正有意義的是證明我們過去幾年一直在做的事情，我們相信我們今年會這樣做。到那時，我們可以考慮以更有效的資本成本增加潛在的數量。我的意思是，所以我會說這是兩者的結合。我的意思是，我們看到的機會集仍然存在，但我們認為顯然，鑑於我們目前的資本成本，繼續以超過 10 億美元的速度收購是沒有意義的，我們認為我們會得到——它對我們的股東來說，證明我們已經交易的所有交易都非常好，我們相信它們是好的，這對股東來說會更好。

Great. And then my last one, if I may. Just sort of sticking with that cost of capital point, just because I don't think I've heard this question asked on the call yet. I think in the past, you talked about, number one, potentially looking at JV capital, right, and partnering with JVs as a source and then maybe being open to sort of more strategic actions in the space with maybe others having a better cost of capital. Just curious where your head is at today. The interest rate environment seems to have more staying power here. So both on the JV and sort of strategic actions. Any comments you can share would be helpful.

偉大的。然後是我的最後一個，如果可以的話。只是堅持資本成本點，只是因為我認為我還沒有在電話中聽到這個問題。我想在過去，你談到，第一，可能會考慮合資資本，對吧，並與合資企業合作作為資源，然後可能會在該領域採取更具戰略性的行動，也許其他人的成本更高首都。只是好奇你今天的頭在哪裡。利率環境似乎在這裡更具持久力。因此，無論是在合資企業還是在某種戰略行動上。您可以分享的任何評論都會有所幫助。

Yes. I would say probably on the JV side, I don't probably not -- we're probably not going to pursue that this year. There's clearly opportunity for us to do it. I think it just complicates the story for us. And in terms of strategic, I mean, look, I think if we found a compelling transaction that could redefine what we're doing, increased growth, obviously, we would pursue that and finance it accordingly.

是的。我會說可能在合資方面，我可能不會 - 我們今年可能不會追求它。我們顯然有機會這樣做。我認為這只會讓我們的故事複雜化。在戰略方面，我的意思是，看，我認為如果我們找到一個引人注目的交易可以重新定義我們正在做的事情，增加增長，顯然，我們會追求它並相應地為其提供資金。

My guess is we're going to end up just -- may seem kind of boring, but just sort of stick to this basic plan. And when we get to the end of the year, say, hey, look, everyone, we've bought close to $5 billion of real estate, really good, real estate is performing really well, and we see more opportunity to do more. And I think that, that's going to be -- I think that will be an important aspect of what we do to try to get this cost of capital in the right place.

我的猜測是我們最終會——可能看起來有點無聊，但只是堅持這個基本計劃。當我們到年底時，嘿，大家看，我們已經購買了近 50 億美元的房地產，非常好，房地產表現非常好，我們看到了更多的機會來做更多的事情。我認為，這將是——我認為這將是我們努力將資本成本控制在正確位置的一個重要方面。

I mean, look, I can tell you, our senior management team is very aligned long term with shareholders. I mean if you look at our 2020 performance stock awards that were issued, I mean, basically, those were completely surrendered because of performance. So that's -- and if you look at our 2021s, '22s and '23s, our senior management team as executive team is basically 100% PSA. There's no restricted stock awards time-vested that we received. So we are really aligned with shareholder performance and -- that's all we -- and so we believe that what we're doing will basically improve our cost of capital and put us in a good position.

我的意思是，看，我可以告訴你，我們的高級管理團隊與股東長期保持一致。我的意思是，如果你看一下我們頒發的 2020 年績效股票獎勵，我的意思是，基本上，那些是因為績效而完全放棄的。這就是——如果你看看我們的 2021 年、22 年和 23 年，我們作為執行團隊的高級管理團隊基本上是 100% PSA。我們沒有收到任何時間既定的限制性股票獎勵。所以我們真的與股東的表現保持一致——這就是我們的全部——所以我們相信我們正在做的事情將從根本上改善我們的資本成本並使我們處於有利地位。

Our next question comes from John Massocca with Ladenburg Thalmann.

我們的下一個問題來自 John Massocca 和 Ladenburg Thalmann。

Maybe just going back to disposition market quickly. As we're kind of 2 months into the year here, what are you seeing in terms of the mix between institutional buyers and kind of more 1031 or individual buyers for the assets you're trying to capital recycle out of. And you essentially had that 1031 buyer held up in kind of a new tax year, if you will.

也許只是快速回到處置市場。由於今年已經過去了 2 個月，您對機構買家和更多 1031 或個人買家之間的混合情況有何看法，因為您正試圖從中回收資產。如果你願意的話，你基本上讓那個 1031 買家在新的納稅年度被擱置了。

Yes, this is Ken. The overall answer is that it's a mix of all those. Yes, the 1031 buyers are still there. They may not be there in the numbers they've been a year or 2 years ago. But it's safe to say that there are 1031 buyers out there looking to transact about 40% of our dispose or individual buyers, 1031 some cash. About 60% were institutional. So we're seeing what we like, which is a healthy mix. We're not relying on one specific segment to complete dispositions.

是的，這是肯。總體答案是它是所有這些的混合。是的，1031 買家還在。他們可能不會像一年或兩年前那樣存在。但可以肯定地說，有 1031 名買家希望交易我們約 40% 的處置或個人買家，其中 1031 名是現金。大約 60% 是機構性的。所以我們看到了我們喜歡的東西，這是一種健康的組合。我們不依賴於一個特定的部分來完成處置。

Okay. That...

好的。那...

Some of the buyers that -- I also think like some of the buyers were focused on accelerated depreciation to not into last year. So some of the car washes present really good opportunities for that. So my guess is, as the year progresses, people will look to take advantage of accelerated depreciation and some of the asset types that we own that can provide that depreciation.

一些買家 - 我也認為一些買家專注於加速折舊而不是進入去年。因此，一些洗車店為此提供了非常好的機會。所以我的猜測是，隨著時間的推移，人們將尋求利用加速折舊和我們擁有的一些可以提供這種折舊的資產類型。

Okay. That's very helpful. And then just a quick line item one. Impairments were a little elevated in the quarter. Just wondering if there was something specific driving that or if that was just tied to dispositions or kind of future capital recycling.

好的。這很有幫助。然後只是一個快速的訂單項。本季度減值略有增加。只是想知道是否有特定的驅動因素，或者這是否僅與處置或未來資本回收有關。

Yes. I mean, about half of that was related to Regal. Initially, we had a couple of properties on the rejection list. One come off for now, once has been rejected. So we impaired a few there and then a few are just related to some future nonrenewals.

是的。我的意思是，其中大約一半與富豪有關。最初，我們在拒絕列表上有幾個屬性。一個暫時離開，曾經被拒絕過。所以我們在那裡削弱了一些，然後一些與未來的不續約有關。

Our next question comes from Linda Tsai with Jefferies.

我們的下一個問題來自 Jefferies 的 Linda Tsai。

Could you indicate what percentage of your investment guidance is due to revenue-enhancing CapEx? And is the idea that as long as you're more focused on industrial revenue enhancing CapEx remains elevated?

您能否指出您的投資指導中有多少百分比來自增加收入的資本支出？只要您更專注於增加工業收入的資本支出就會保持高位嗎？

I didn't give an exact number. I kind of give this number that we did, whatever, 114 last year. It's going to be in that -- probably going to be a little bit north of that. And it's going to be a mix of industrial retail. I mean it's going to be -- it's sort of very specific. So I would just say it's very tenant-specific right now. Less industrial or retail oriented.

我沒有給出確切的數字。我給出了我們去年所做的這個數字，不管怎樣，114。它將在那裡 - 可能會稍微偏北一點。它將是工業零售的混合體。我的意思是它會——它有點非常具體。所以我只想說它現在非常特定於租戶。較少以工業或零售為導向。

Got it. And then within Industrial, how do cap rates vary, whether it's distribution, manufacturing, industrial and where are you seeing the best opportunities?

知道了。然後在工業中，資本化率如何變化，無論是分銷、製造、工業，你在哪裡看到最好的機會？

Yes, you're going to -- you go ahead, Ken, first.

是的，你要——你先說吧，Ken。

Right now, we're -- the acquisitions that we do tend to be a mix of those. If you compare a pure distribution to a pure light manufacturing, I'd suggest distribution is going to be a little lower cap rate. A lot of the facilities that we end up investing in typically have a mixture of those. It's a manufacturing facility with -- as part of the real estate is the ability to do distribution. But we're seeing great opportunities in all 3 of those. And in addition to that, we mentioned it earlier, the industrial outdoor storage has been a nice little sector that we've found some great opportunities in.

現在，我們 - 我們所做的收購往往是這些的混合。如果將純分銷與純輕型製造進行比較，我建議分銷的上限率會低一些。我們最終投資的許多設施通常都是這些設施的混合體。它是一個製造設施——作為房地產的一部分，它具有進行分銷的能力。但是我們在所有這三個方面都看到了巨大的機會。除此之外，我們之前提到過，工業戶外存儲是一個不錯的小領域，我們在其中找到了一些很好的機會。

Our next question is a follow-up from Haendel St. Juste with Mizuho.

我們的下一個問題是 Haendel St. Juste 與 Mizuho 的後續行動。

I wanted to come back. I don't think you gave it -- forgive me if you did, but can you outline what's in the pipeline as of today? And any color on categories and range of cap rates?

我想回來。我不認為你提供了它——如果你提供了請原諒我，但是你能概述一下截至目前正在籌備中的內容嗎？類別和上限率範圍有什麼顏色嗎？

Yes, we didn't talk about pipe -- I mean I think generally, I would just say our pipeline in a first quarter was really good. It's a cap rate is also similar to -- better than the fourth quarter. And it's a good mix of industrial, once again, we're finding those opportunities.

是的，我們沒有談論管道——我的意思是我認為一般來說，我只想說我們第一季度的管道非常好。它的上限率也類似於——好於第四季度。這是一個很好的工業組合，我們再次找到了這些機會。

Okay. And then, Michael, for you, a follow-up. The 200 basis points of spread you mentioned you're targeting. Maybe you could walk us through the math a little bit here, because just looking at traditional WACC, I can't quite get there given where your cost of capital is versus the deals you're seeing in the cap rate. So maybe walk us through a bit more of your color on how you're driving ballpark at that 200 basis points.

好的。然後，邁克爾，對你來說，跟進。您提到的目標價差是 200 個基點。也許你可以在這裡稍微介紹一下數學，因為只看傳統的 WACC，考慮到你的資本成本與你在資本化率中看到的交易的對比，我無法完全理解。因此，也許可以讓我們了解一下您在 200 個基點上的表現如何。

Sure. Well, we have -- I mean, you have our disposition guidance, which you can sign whatever cap rate you want to, but we look at the cap rate as part of our cost of capital. We have about $125 million of free cash flow that we're deploying. And then we're using our delayed draw term loan as the debt piece of it, which is so for plus 95 basis points.

當然。好吧，我們有——我的意思是，你有我們的處置指南，你可以簽署任何你想要的上限率，但我們將上限率視為我們資本成本的一部分。我們正在部署大約 1.25 億美元的自由現金流。然後我們將延遲提取的定期貸款用作其中的債務部分，即加 95 個基點。

Our next question is a follow-up from John Massocca with Ladenburg Thalmann.

我們的下一個問題是 John Massocca 和 Ladenburg Thalmann 的後續問題。

I know we're over the hour mark here, I'll be quick. But just kind of a follow-up to my prior question. What are you expecting in terms of recoveries or renewals for the leases that are expiring in the quarter just kind of anything that's either baked into guidance or just kind of general thoughts would be helpful.

我知道我們已經過了一個小時，我會盡快的。但這只是我之前問題的後續行動。您對本季度即將到期的租約的回收或續簽有何期望，任何納入指導或一般想法的內容都會有所幫助。

Yes. Yes, this is Ken. What we -- for 2023, what we think as far as there is 2 primary metrics, renewal, recapture. We do think renewals are going to be a little bit lower than historic, which was around the 90% mark on the recapture. We think we're going to be in the same range as historic, which is the mid-90s.

是的。是的，這是肯。我們 - 對於 2023 年，我們認為有 2 個主要指標，更新，奪回。我們確實認為續訂率會略低於歷史性，後者在重新奪回時約為 90%。我們認為我們將處於與歷史相同的範圍內，即 90 年代中期。

This concludes our question-and-answer session. I would like to turn the conference back over to Jackson for any closing remarks.

我們的問答環節到此結束。我想將會議轉回 Jackson 的閉幕詞。

All right. I want to thank you all for participating on our fourth quarter earnings call. We're very confident in our portfolio, it's tenancy and our associates, and we look forward to meeting many of you next week at the Citi Global Real Estate Conference. So thank you very much.

好的。我要感謝大家參加我們的第四季度財報電話會議。我們對我們的投資組合、租賃和我們的員工非常有信心，我們期待著在下週的花旗全球房地產會議上與你們中的許多人見面。非常感謝。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。