Spirit Realty Capital Inc (SRC) 2023 Q1 法說會逐字稿

Good day, and welcome to the Spirit Realty Capital First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Spirit Realty Capital 2023 年第一季財報電話會議。 （操作員指示）請注意，此活動正在錄製中。

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

現在，我想將會議交給公司財務和投資者關係高級副總裁Pierre Revol。請發言。

Thank you, operator, and thanks, everyone, for joining us for Spirit's First Quarter 2023 Earnings Call..

謝謝接線員，也謝謝大家參加 Spirit 2023 年第一季財報電話會議。

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.

今天的電話會議主持人將是總裁兼執行長Jackson Hsieh和財務長Michael Hughes。此外，我們的首席投資長Ken Heimlich也將出席問答環節。

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.

在開始之前，我想提醒大家，本簡報包含前瞻性陳述。儘管我們相信這些前瞻性陳述是基於合理的假設，但它們受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導致實際結果因多種因素而與當前預期存在重大差異。

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. This presentation also contains specific non-GAAP measures. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures, are included in the exhibits furnished 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.

我建議您參閱我們最近提交給美國證券交易委員會 (SEC) 文件中的安全港聲明，其中詳細討論了與這些前瞻性陳述相關的風險因素。本簡報也包含具體的非公認會計準則 (non-GAAP) 指標。非公認會計準則 (non-GAAP) 財務指標與最直接可比較的公認會計準則 (GAAP) 指標的對帳表包含在我們根據 8-K 表格向美國證券交易委員會提供的附件中，其中包括我們的收益報告和補充投資者簡報。這些資料也可在我們網站的「投資者關係」頁面上找到。

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

現在我很高興介紹 Jackson Hsieh。傑克森？

Thanks, Pierre, and good morning, everyone. I'm pleased to report that Spirit had another quarter of strong operating performance. Our diversified real estate portfolio produced steady results with high occupancy and no lost rent.

謝謝，皮埃爾，大家早安。我很高興地報告，Spirit 又一個季度取得了強勁的營運表現。我們多元化的房地產投資組合業績穩定，入住率高，且沒有租金損失。

And our capital deployment strategy produced accretive earnings spreads and improved or industry diversification mix. We completed 4 sale leaseback transactions totaling $182.7 million at a weighted average cash capitalization rate of 7.57%, representing a 116 basis point increase from the same period last year.

我們的資本配置策略實現了獲利利差的增加，並改善了產業多元化組合。我們完成了4筆售後回租交易，總額達1.827億美元，加權平均現金資本化率為7.57%，較去年同期增加116個基點。

Additionally, we invested $55.1 million in revenue-producing expenditures at a weighted average capitalization rate of 9.04%, which included a $33 million seller note related to the disposition of 4 movie theaters. The resulting overall capital deployment cash capitalization rate was 7.91%, an increase of 149 basis points from the same period last year.

此外，我們投資了5,510萬美元用於創收支出，加權平均資本化率為9.04%，其中包括與處置4家影院相關的3,300萬美元賣方票據。由此產生的整體資本部署現金資本化率為7.91%，較去年同期成長149個基點。

Our acquisitions consisted of a newly renovated lifetime fitness property located in McKinney, Texas, 5 industrial properties leased to large food and building materials manufacturers and an IOS facility in Odessa, Texas. The weighted average lease term on these transactions was 19.1 years. The weighted average annual escalators were 2.4%, which is 80 basis points higher than the escalators we acquired during the same period last year.

我們的收購包括位於德克薩斯州麥金尼的一處新裝修的終身健身物業、五處出租給大型食品和建築材料製造商的工業物業，以及位於德克薩斯州敖德薩的一處IOS工廠。這些交易的加權平均租賃期為19.1年。加權平均年增率為2.4%，比我們去年同期的收購成長率高出80個基點。

We continue to successfully sell smaller predominantly retail properties, which generated positive returns on capital and improved our portfolio mix. We divested 39 income-producing properties including Red Lobsters, movie theaters, c-stores, QSRs, drugstores, a data center, a distribution facility and a diverse mix of other retail assets.

我們繼續成功出售規模較小的以零售為主的物業，這些物業產生了正的資本回報，並優化了我們的投資組合。我們剝離了39處創收物業，包括紅龍蝦餐廳、電影院、便利商店、快餐店、藥局、資料中心、配送中心等多種零售資產組合。

Our key portfolio metrics, such as asset mix and weighted average rental escalators saw improvements with these sales. Additionally, excluding the theater sale they also had a positive impact on our portfolio WALTs. Excluding the movie theater transaction, we generated a total of $107.8 million in sale proceeds at a weighted average disposition capitalization rate of 6.13% with a weighted average lease term of only 9 years.

我們的關鍵投資組合指標，例如資產組合和加權平均租金遞增率，都因這些出售而有所改善。此外，即使不計入影院出售，這些出售也對我們投資組合的WALT（資產負債表）產生了積極影響。除去戲院交易，我們共獲得了1.078億美元的出售收益，加權平均處分資本化率為6.13%，加權平均租賃期僅9年。

In terms of size, our dispositions averaged $3.8 million per property or $3.1 million, excluding movie theaters. Overall, the rental escalators on our dispositions were lower than our acquisitions, and several of the disposed properties had flat leases. We continue to see healthy demand from 1031 buyers, family offices and other institutional bidders and expect continued success from our disposition program through the remainder of the year.

就規模而言，我們處置的房產平均每處380萬美元，不包括電影院，總計310萬美元。整體而言，我們處置的房產租金上漲幅度低於收購的房產，且部分處置房產的租金維持穩定。我們持續看到來自1031買家、家族辦公室和其他機構競標者的強勁需求，並預計我們的處置項目將在今年剩餘時間內繼續取得成功。

I'm also pleased to highlight another industrial success story resulting from the recent distribution building sale. We acquired the property for $3.8 million in December 2019 at a cash capitalization rate of 6.85% and sold it this quarter for $5.8 million and a disposition capitalization rate of 4.75%.

我還很高興地強調近期配送大樓出售帶來的另一個工業成功案例。我們於2019年12月以380萬美元的價格購得該物業，現金資本化率為6.85%，本季以580萬美元的價格出售，處分資本化率為4.75%。

From acquisition through disposition, we achieved a return of more than 50% and cap rate compression of 210 basis points. Excluding the theater sales and corresponding loan, we deployed $98.1 million, net of dispositions at an effective cap rate of 9.19%.

從收購到處置，我們實現了超過50%的回報率，資本化率壓縮了210個基點。扣除影院銷售及相應貸款，我們已部署9,810萬美元（扣除處置費用），有效資本化率為9.19%。

Including theaters, the effective capitalization rate was 10.2%. Despite the headwinds in the capital markets, and our elevated cost of capital, this year's disciplined investment strategy is producing great results that are accretive to shareholder value.

包括戲院在內，有效資本化率為10.2%。儘管資本市場面臨阻力，資本成本也居高不下，但今年嚴謹的投資策略仍取得了豐碩的成果，為股東價值增值。

As I mentioned earlier, we completed the sale of 4 movie theaters during the first quarter. Given theater sales are rare in this environment, I want to provide a brief overview of this transaction and a history of the 4 sites. In November 2019, we acquired the 4 theaters for $44 million as part of a $435 million portfolio acquisition, representing a 12.4% cash capitalization rate on the theater properties.

正如我之前提到的，我們在第一季完成了4家影院的出售。鑑於目前市場環境下影院出售的情況並不常見，我想簡要概述這筆交易以及這4家影院的歷史。 2019年11月，我們以4,400萬美元的價格收購了這4家影院，這是一項4.35億美元投資組合收購的一部分，這意味著影院資產的現金資本化率為12.4%。

While the underlying real estate locations were good for theater use, a high cap rate represented our belief that the rents were above market and the operator at that time, Goodrich Theaters were struggling.

雖然基礎房地產位置適合劇院使用，但高資本化率表明我們認為租金高於市場水平，當時的營運商古德里奇劇院正在苦苦掙扎。

In February 2020, Goodrich filed for bankruptcy and vacated the properties. In September of 2020, when virtually all theaters in the U.S. were closed, an operator of Imagine Theaters signed a new lease for all 4 theaters, which provided for a period of percentage rent that converted to base contractual rent in the fourth quarter of 2022.

2020年2月，古德里奇申請破產並騰空了這些房產。 2020年9月，當美國幾乎所有影院都關閉時，Imagine Theaters的一家運營商為所有4家影院簽署了一份新的租約，其中規定了一段按比例收取租金的租期，該租金將於2022年第四季度轉換為基本合約租金。

In January of 2023, the operator approached Spirit to purchase the 4 theaters for $44 million, paying $11 million in cash, with the remainder financed through a $33 million loan secured by the properties and a personal guarantee from the operator.

2023 年 1 月，該業者與 Spirit 接洽，希望以 4,400 萬美元的價格收購這 4 家影院，其中 1,100 萬美元以現金支付，剩餘部分則透過 3,300 萬美元的貸款（以影院的資產作為抵押）和營運商的個人擔保來支付。

The resulting disposition cap rate on the new rents was 7.84% and the sales price was slightly higher than our original acquisition price. While theaters have been 1 of the more challenged industries since the onset of COVID-19, this is a good example of how our real estate underwriting help mitigate loss given defaults and ultimately secure a good outcome for shareholders.

最終，新租賃物業的處置資本化率為7.84%，售價略高於我們最初的收購價格。儘管自新冠疫情爆發以來，影院一直是面臨挑戰最大的行業之一，但這很好地體現了我們的房地產承銷業務如何幫助降低違約損失，並最終為股東帶來良好的結果。

Before I pass the call to Mike, I want to reiterate this year's plan that we laid out on our last call. First, set forth a fully financed capital deployment plan, utilizing free cash flow, asset dispositions and in-place debt to produce investment spreads in a volatile capital markets environment.

在把電話轉給麥克之前，我想重申一下我們在上次電話會議上製定的今年的計劃。首先，制定一個資金充足的資本配置計劃，利用自由現金流、資產處置和現有債務，在動盪的資本市場環境中創造投資利差。

Second, showcase our portfolio strengthened diversity through consistent and strong operating performance. I firmly believe we have the people, processes and carefully underwritten real estate portfolio to be successful even in a challenging macroeconomic environment, and I look forward to proving that out this year.

第二，透過持續強勁的營運業績，展現我們投資組合的多元化。我堅信，即使在充滿挑戰的宏觀經濟環境下，我們擁有優秀的人才、完善的流程和精心打造的房地產投資組合，能夠取得成功。我期待今年能夠證明這一點。

With that, I'll hand it over to Mike to go over the financial highlights. Mike?

說完這些，我就把時間交給麥克介紹財務亮點。麥克？

Thank you, Jackson. Good morning, everyone. The first quarter of 2023 was 1 of the cleanest quarters we've had since I joined Spirit. Our occupancy remained high at 99.8%. Our weighted average lease term remained unchanged at 10.4 years and our unreimbursed property costs were 1.5%.

謝謝傑克遜。大家早安。 2023年第一季是我加入Spirit航空以來最乾淨的一個季度。我們的入住率維持在99.8%的高點。我們的加權平均租賃期間維持不變，為10.4年，未償還物業成本為1.5%。

Additionally, we recorded no loss rent improving from the modest 0.1% in the fourth quarter. Our ABR increased by $8.2 million, reaching $689.1 million. This increase was driven by net acquisitions and organic rent growth which contributed $3.6 million and $4.6 million of ABR, respectively.

此外，我們的租金損失率較第四季的0.1%有所改善。我們的平均租金收入（ABR）增加了820萬美元，達到6.891億美元。這一成長主要得益於淨收購和有機租金成長，它們分別貢獻了360萬美元和460萬美元的ABR。

Our forward same-store sales remain constant at 1.6%. Other income was significantly lower than prior quarters as we had no substantial interest income from cash balances or large onetime settlements during the quarter. Regarding G&A, the headline increase of $1.2 million compared to the same period last year was primarily related to this year's market-based share awards granted to the executive team and the final vesting of time-based awards issued 3 years ago.

我們的預期同店銷售額保持穩定，為1.6%。其他收入顯著低於前幾個季度，因為本季度我們沒有現金餘額或大額一次性結算產生的大量利息收入。一般及行政費用方面，與去年同期相比，整體增加了120萬美元，主要與今年授予高階主管團隊的基於市場份額的獎勵以及三年前基於時間的獎勵的最終歸屬有關。

All executive stock awards are now 100% market-based. Time-based awards are valued using the stock price on the grant date whereas market-based awards are valued using a fair value-based measure that results in a higher valuation and thus higher expense amortization over the life of the grant.

所有高階主管股票獎勵現均100%以市場為單位。基於時間的獎勵以授予日的股票價格估值，而基於市場的獎勵則採用公允價值計量，因此其估值更高，授予期間的費用攤銷也更高。

Cash G&A, which excludes stock grant amortization expense, remained relatively flat year-over-year despite the inflationary pressures observed across the economy. AFFO per share was $0.89 compared to $0.88 in the fourth quarter primarily due to the net increases in rents and the resulting positive flow through to earnings, strong portfolio performance and accretive net capital deployment execution.

儘管整體經濟面臨通膨壓力，但不包括股票贈與攤銷費用的現金一般及行政費用 (G&A) 比去年同期保持相對穩定。每股 AFFO 為 0.89 美元，而第四季度為 0.88 美元，這主要得益於租金淨增長及其帶來的盈利正向流動、強勁的投資組合表現以及淨資本配置執行的增值。

Turning to our balance sheet. We ended the quarter at 5.3x leverage with liquidity of $1.6 billion, comprised of cash and cash equivalents, cash held in 1031 exchange accounts and availability under our credit facility and delayed draw term loan. We did not issue any shares during the quarter.

回顧我們的資產負債表。本季末，我們的槓桿率為5.3倍，流動性為16億美元，包括現金及現金等價物、1031交易帳戶中的現金以及我們信貸安排和延期提取定期貸款下的可用資金。本季我們沒有發行任何股票。

In mid-March, we took advantage of the sharp decline in the foward SOFR curve and entered into forward SOFR swaps, we anticipate will be fully utilized to fix our $500 million delayed draw term loan at 4.75% once fully drawn. Our floating rate exposure is now limited to our revolving line of credit, which we anticipate fully repaying when we draw on the term loan.

3月中旬，我們利用遠期SOFR曲線的大幅下跌，簽訂了遠期SOFR掉期協議。我們預計，這筆款項將充分利用，一旦我們提取了5億美元的延期提取定期貸款，利率將固定在4.75%。我們的浮動利率風險目前僅限於循環信貸額度，我們預計在提取定期貸款時，該額度將全額償還。

Regarding our guidance, we're increasing our AFFO per share range to $3.54 to $3.60, increasing our disposition range to $325 million to $375 million and maintaining our capital deployment range of $700 million to $900 million.

關於我們的指導，我們將每股 AFFO 範圍提高至 3.54 美元至 3.60 美元，將處置範圍提高至 3.25 億美元至 3.75 億美元，並將資本部署範圍維持在 7 億美元至 9 億美元。

As Jackson mentioned, we are pleased with our results during the first quarter and believe our plan will demonstrate the strength of our portfolio while maintaining a low leverage balance sheet without reliance on the capital markets. With that, I will turn the call back over to the operator to open it up for Q&A. Operator?

正如傑克森所提到的，我們對第一季的表現感到滿意，並相信我們的計畫將展現我們投資組合的實力，同時在不依賴資本市場的情況下保持低槓桿資產負債表。接下來，我將把電話轉回給接線生，開始問答環節。接線生？

(Operator Instructions) The first question comes from Michael Goldsmith with UBS.

（操作員指示）第一個問題來自瑞銀的麥可‧戈德史密斯。

Jackson, pretty considerable slowdown in the deal activity. I guess, what sort of visibility do you have that your acquisitions can pick up? And can you just talk a little bit about raising the disposition expectations and you've been doing a good job with the capital recycling, but there isn't an offsetting increase in the acquisition. So can you just talk a little bit about the interplay between those 2 factors?

傑克遜，交易活動明顯放緩。我想問一下，您認為您的收購活動能夠回升到何種程度？您能否談談提高處置預期，以及您在資本循環方面做得很好，但收購活動卻沒有相應的增加。您能否談談這兩個因素之間的相互作用？

Sure. First of all, our acquisition pipeline continues to be very consistent. So don't expect us to have any challenge meeting the guidance that we put out for the rest of the year.

當然。首先，我們的收購計畫一直非常穩定。所以，我們在今年剩餘時間內實現既定目標應該不會遇到任何挑戰。

But just a little color on the 4 deals that we acquired this past quarter. 2 of them were actually deals that we had pursued in the third quarter of last year in 2022, and we're not the highest bidder. And so the seller during the sale leaseback pursued another bidder at a much lower cap rate just given some of the challenges in the financing market, those deals came back around to us.

簡單介紹一下我們上個季度達成的4筆交易。其中兩筆其實是我們在去年第三季（也就是2022年）就達成的交易，而且我們並非最高出價者。因此，在售後回租期間，賣方以低得多的資本化率找到了另一個競標者，只是考慮到融資市場的一些挑戰，這些交易最終還是回到了我們手中。

So we were able to secure those transactions at wider cap rates, candidly, than we bid in the third quarter back in 2022. So I felt like that was a good opportunistic opportunity for us. If you look at the shape of our acquisitions this quarter, there were 2 PE-backed acquisitions. There was 1 private company and obviously 1 public company in the lifetime transaction, where we have a very strong relationship with that company.

坦白說，我們能夠以比2022年第三季更高的資本化率達成這些交易。所以我覺得這對我們來說是一個很好的機會。看看我們本季的收購情況，有兩筆私募股權投資支持的收購。在長期交易中，有一家私人公司，當然還有一家上市公司，我們與該公司保持著非常密切的關係。

I would just tell you like we are continuing to evaluate a number -- large number of retail and industrial opportunities. And the governor for us is really -- we think cap rates at this point have begun to find a stable point at this point.

我想說的是，我們正在持續評估大量的零售和工業機會。對我們來說，關鍵在於──我們認為目前的資本化率已經開始找到一個穩定點。

I think they've moved a bit from the third quarter last year to first quarter. And we expect probably a little bit more increased deal opportunity in the second half of this year just given the things that we're seeing. So that's just on the top line.

我認為，從去年第三季到第一季度，情況略有改善。鑑於目前的情況，我們預計今年下半年的交易機會可能會略有增加。所以這只是營收數據。

On the dispositions, look, the dispositions are an important part of our strategy this year. Just given where our equity multiples trading right now. We're just like to issue stock at this level. This doesn't make sense. And what makes more sense is to sell what I'll call these granular assets that are accretive for us. So if you think about what we disclosed to you all in the call, those were 27 separate transactions that we completed in the first quarter, a very -- about 1/4 of it was investment grade, concentrated with Circle K, AT&T and CVS, we sold the data center as part of 1 of those transactions. 30% of the rents excluding the movie theaters were flat, right? So no escalations.

關於資產處置，你看，資產處置是我們今年策略的重要組成部分。考慮到我們目前的股票市盈率，我們傾向於以這個水平發行股票。這不合理。更合理的是出售那些我稱之為「顆粒資產」的資產，它們對我們有利。所以，如果你仔細想想我們在電話會議上向大家披露的內容，你會發現我們在第一季完成了27筆獨立交易，其中大約四分之一是投資級的，主要集中在Circle K、AT&T和CVS。我們出售資料中心就是其中一筆交易的一部分。除了電影院之外，其他30%的租金保持不變，對吧？所以沒有出現租金上漲的情況。

And of the 25-or-so percent IG, the weighted average lease term of those leases were 5.5 years. So if you think about what we did, we increased spread, we increased duration. The average rent escalators that we acquired in the first quarter are 2.4%. So we're going to continue just to do that. We're just going to continue to recycle up, increase WALT, increase mix, increase duration and increase escalations. And I think we'll be -- continue to be successful there.

在大約25%的IG租賃中，這些租賃的加權平均租期為5.5年。所以，如果你想想我們做了什麼，我們擴大了價差，延長了租期。我們在第一季獲得的平均租金自動調整率為2.4%。所以我們將繼續這樣做。我們將繼續循環利用，增加WALT，優化組合，延長租期，並增加租金自動調整。我相信我們將繼續在這方面取得成功。

The assets that we sold we're very liquid. I mean, they were sold in the 1031 market. You can see the math on it. It was -- we sold a lot of Sonic, Red Lobsters and a CVS drugstore and a couple of other retail assets but they're all sold with varying different buyers all over the country. So we think we're going to continue that playbook this year, and we've got a number of different assets that we think fit the criteria where they're salable.

我們出售的資產流動性很強。我的意思是，它們是在1031市場出售的。你可以看到其中的計算過程。我們出售了許多Sonic、Red Lobsters、一家CVS藥局以及其他一些零售資產，但它們都賣給了全國各地不同的買家。所以我們認為今年我們會繼續沿用這個策略，我們有很多不同的資產，我們認為它們符合可出售的標準。

They're not our best assets by far, and they just make sense given the opportunity we see on the investment side. I think you've done the math. So our net cap rate on the net deployment, like I mentioned in my call, is little north of 10%. That's obviously a really good number. I think it's very accretive.

它們遠非我們最好的資產，但考慮到我們在投資方面看到的機遇，它們是合理的。我想你已經算過了。正如我在電話會議上提到的，我們的淨部署淨資本化率略高於10%。這顯然是一個非常不錯的數字。我認為它非常具有增值潛力。

And if we're able to accomplish all the things I talked about, increased WALT, increased mix, increased rent escalations, get rid of flat leases, build WALT for the overall portfolio. I think that's a pretty good accomplishment if we're able to do that -- continue to do that this year.

如果我們能夠完成我提到的所有目標，例如提高WALT，優化產品組合，提高租金上漲幅度，取消固定租約，為整個投資組合建立WALT，那麼我認為如果我們能夠做到這一點，那將是一個相當不錯的成就——今年我們會繼續這樣做。

That's really helpful color, Jackson. And just to follow up, I think the cash cap rate picked up 30 basis points sequentially. So you're now acquiring in the 7.6% range. Is that a function of moving higher up the risk curve or cap rates for the product that you're looking for? Has that kind of stepped up at that 30 basis points a quarter type of movement?

傑克遜，這真是個很有幫助的細節。接下來，我想問一下，我認為現金資本化率是季比上升了30個基點。所以你現在的收購利率大約在7.6%。這是由於風險曲線上升，還是因為你正在尋找的產品的資本化率上升？這種上升是每季30個基點的走勢嗎？

I'd say, absolutely, we have not taken risk up. Like I said, 2 of the deals that we bid on last quarter, we were probably 50 basis points inside. So in other words, we bid 30 basis points tighter in the third quarter of last year, and we were able to secure these deals just in the first quarter, 50 wider. Same transaction, same credit.

我想說，我們絕對沒有冒險。就像我說的，上個季度我們投標的兩筆交易，利率大概在50個基點左右。換句話說，去年第三季我們投標的利率收緊了30個基點，而第一季我們卻拿下了這些交易，利率卻高出了50個基點。同樣的交易，同樣的信用。

So I think it's just a step function of where cap rates are moving right now as opposed to us incrementally chasing more risk.

因此，我認為這只是資本化率當前變動的一個階躍函數，而不是我們逐步追求更多風險。

The next question comes from Handel St. Juste with Mizuho.

下一個問題來自瑞穗的 Handel St. Juste。

This is Ravi Vaidya on the line for Handel. I hope you guys are doing well. Just 1 other question about the acquisition cap rates here. We noticed that it increased heading into 1Q from 4Q. But over that same time period, debt costs have come down though. Can you comment a bit about the competitive landscape? And are you seeing less competition for these assets right now given that we're past the end of the year and there may be less demand from the 1031?

我是 Handel 的 Ravi Vaidya。希望你們一切順利。還有一個關於收購資本化率的問題。我們注意到，第一季的收購資本化率比第四季有所上升。但同時，債務成本卻下降了。能否簡單談談競爭格局？考慮到已經過了年底，1031 表格的需求可能會減少，您認為目前這些資產的競爭是否有所減弱？

Look, I feel like the things that we're buying we're not competing with 1031 buyers just given the size of the assets that we're pursuing. From what we can see from our lens, there's a reasonable amount of competition.

我覺得，考慮到我們收購的資產規模，我們收購的資產並不會與1031買家競爭。從我們目前的情況來看，競爭程度相當合理。

Clearly, clearly, sellers -- people that are looking to do sale leasebacks, if they're dealing with someone that needs bank debt or financing, they're probably going to look more to a company like ourselves or 1 of our peer companies that don't finance with secured mortgage debt.

顯然，很明顯，賣家——那些想要進行售後回租的人，如果他們正在與需要銀行債務或融資的人打交道，他們可能會更多地考慮像我們這樣的公司或我們的同行公司之一，這些公司不通過擔保抵押債務進行融資。

We have the ability, obviously, to buy property unencumbered through our line of credit. And I think we have a higher degree of certainty. And I use the reference of the 2 deals that we were able to secure on the industrial side, those were deals where basically the seller didn't perform and the sale-leaseback party tenants still need to do a transaction.

顯然，我們有能力透過我們的信用額度購買無抵押的房產。而且我認為我們的確定性更高。我以我們在工業領域達成的兩筆交易為例，在這兩筆交易中，賣方基本上沒有履約，而售後回租方的租戶仍然需要進行交易。

So I do think that, I would say, companies like ourselves and our peers probably are a preferred bidder today, not necessarily the highest bidder, but a preferred bidder. I also think that the 1031 market is very active as we've continued to demonstrate over the last several quarters.

所以我確實認為，像我們以及我們的同行這樣的公司，如今很可能是優先競標者，不一定是出價最高的，但一定是優先競標者。我還認為，1031市場非常活躍，正如我們在過去幾季持續展現的那樣。

And we plan on kind of launching a new tranche of assets soon. That's the reason for increasing our guidance. So we think we've developed a good rhythm, good relationship with brokers across the country and kind of a good idea of what really works relative to the marketplace and what makes sense for us to sell.

我們計劃很快推出一批新的資產。這就是我們上調預期的原因。因此，我們認為我們已經形成了良好的節奏，與全國各地的經紀人建立了良好的關係，並且對哪些資產真正適合市場以及哪些資產對我們來說是合理的有了很好的了解。

Got it. That's helpful. Just 1 more here. Can you discuss your watch list? What is it as a percentage of ABR? And what are some notable tenant categories that you're currently monitoring?

明白了。這很有幫助。這裡還有一條問題。您能談談您的監視器清單嗎？它佔 ABR 的百分比是多少？您目前正在監控哪些值得關注的租戶類別？

I'm going to hand that over to Ken.

我要把它交給肯。

Ravi. So our watch list is actually very stable. I mentioned this before, what you tend to see. We had an expansion of our watch list in the fall of last year, obviously, given everything going on. But since then, it's a typical -- every month, we're reviewing that watch list.

拉維。我們的觀察名單實際上非常穩定。我之前提到過，你通常會看到這種情況。考慮到目前的情況，我們在去年秋天擴大了觀察名單。但從那以後，我們每個月都會審查觀察名單，這很正常。

And there are folks that we take off the watch list and maybe we add 1 or 2 folks. So overall, it's pretty steady.

我們會把一些人從觀察名單中剔除，也可能增加一兩個人。所以整體來說，情況比較穩定。

What is it as a percentage of ABR?

它佔 ABR 的百分比是多少？

We don't really frame it that way, Ravi. I think what we look at is the typical operating metrics that everybody can see. Our loss rent, our leakage, which have been extremely good. This probably doesn't make sense to go into what it is as a percent of the base rent of the portfolio.

拉維，我們其實不會這麼想。我認為我們關注的是每個人都能看到的典型營運指標。我們的虧損租金和漏損，這些指標一直都非常好。用佔投資組合基本租金的百分比來計算可能不太合理。

The next question comes from Ki Bin Kim with Truist.

下一個問題來自 Truist 的 Ki Bin Kim。

Can you just talk about the total basket of lower cap rate assets that you think over time you can sell? What does that total basket look like?

您能不能簡單聊聊，您覺得以後可以出售的低資本化率資產組合是什麼樣的呢？

And second, from a practical standpoint, obviously, you probably wouldn't want to sell all of it. So when you think about what is realistic to assume, how much dry powder do you have in terms of dispositions?

其次，從實際角度來看，顯然你可能不會想把所有資產賣掉。所以，當你考慮現實的假設時，你有多少剩餘的資金可以處置？

Well, we obviously have a lot of properties just if you think about it, if we disclose our retail properties in our supplemental, you can see it's quite a large number of opportunities. I guess what I'm stepping back, what I'd say is, obviously, we don't -- we think our portfolio is a lot more diverse and stable than what the market must think at this point.

嗯，我們顯然有很多房產，如果你仔細想想，如果我們在補充文件中披露我們的零售物業，你會發現機會相當多。我想退一步來說，我想說的是，顯然，我們認為我們的投資組合比市場目前認為的要多元化和穩定得多。

So we've designed this plan, Ki Bin, that we think doesn't need equity. We can be opportunistic, improve the portfolio, do all those things that we talked about and still actually grow earnings. And actually, this plan does work going out into the future. Wouldn't want to do this forever. It wouldn't be very fun.

所以，Ki Bin，我們設計了這個計劃，我們認為它不需要股權。我們可以抓住機會，改善投資組合，做所有我們談到的事情，同時也能真正增加收益。事實上，這個計劃在未來確實有效。我不想永遠這樣做。那樣不太好玩。

But this plan does continue to work because we've got such a large asset base across this country in retail where that's -- it just gives us a good opportunity to kind of continue to improve our portfolio. So if you think about the things that I mentioned I sold -- we talked about what we sold, they're all shorter-dated WALT properties. Shorter dated WALT properties doesn't mean they're bad, right? They're just -- we're trying to maintain a certain level of portfolio weighted average lease term in the portfolio.

但這個計劃確實會持續有效，因為我們在全國零售領域擁有如此龐大的資產基礎，這給了我們一個很好的機會來繼續改善我們的投資組合。所以，如果你想想我之前提到的那些——我們討論過我們出售的資產，它們都是期限較短的WALT物業。期限較短的WALT物業並不意味著它們不好，對吧？它們只是——我們試圖將投資組合的加權平均租賃期限保持在一定水平。

So you have to sort of wait for your natural opportunities to blend and extend. Well, we're able to actually sell a very attractive pricing with WALT that's sub 6 years, right? So we've proven that. So I think we'll continue to pursue this, this year. My hope is as the year progresses and we continue to show very little volatility in our rent stream, which we believe we will, but the market will start to appreciate the benefits of the diversification of the portfolio and the opportunities that we're able to secure with our tenant base on the growth side.

所以你必須等待自然機會的整合與延續。嗯，我們實際上能夠以非常有吸引力的價格出售WALT，租期不到6年，對吧？我們已經證明了這一點。所以我認為我們今年會繼續這樣做。我希望隨著時間的推移，我們的租金流能夠保持極低的波動性，我們相信我們會如此，但市場會開始欣賞投資組合多元化帶來的好處，以及我們能夠透過租戶群體獲得的成長機會。

Okay. And I might have missed this, but what was the interest rate on the loan just for the theaters? And if you can talk about the, I guess, a medium-term game plan, are those -- is the -- imagine -- are they planning to refinance that loan at some point? What is the end game?

好的。我可能漏掉了，但僅針對影院的貸款利率是多少？能否談談中期計畫？他們計劃在某個時候再融資嗎？最終計劃是什麼？

Sure. So look, the -- I've made those comments on the call, but we -- the reality is we got 25% of our basis back in cash. The imagine operator basically got a bridge loan for us. It's a 2-year loan, it's personally guaranteed by the operator individual. Our expectation is that he's going to refinance the loan because obviously, it's a very high interest rate.

當然。所以，你看，我在電話會議上已經說過這些話了，但實際上，我們以現金形式收回了25%的基數。想像一下，運營商基本上為我們獲得了一筆過橋貸款。這是一筆兩年期貸款，由營運商個人擔保。我們預計他會進行再融資，因為顯然利率很高。

But that being said, we've reduced our basis in the asset. The other thing is, we've said this a lot of times we said in past calls, our theater portfolio of operators is very different than maybe some of our peers. We have 10 -- we have 9 tenants, separate operators. Now an additional 10 with the mortgage, so imagine. We've said in the past that these operators that were regional, we're able to recapitalize our balance sheet during COVID.

但話雖如此，我們降低了資產的基準。另外，我們在過去的電話會議上多次提到過，我們的戲院業者組合可能與我們的一些同行非常不同。我們有10家──9家租戶，都是獨立的營運商。現在又有10家有房貸的業者，想像一下。我們過去曾說過，這些區域性業者能夠在新冠疫情期間調整我們的資產負債表。

And candidly, in really good shape financially, probably better shape than some of the larger national players, international players. So we just saw this as an opportunistic opportunity to sort of recycle these assets out. We believe that the operator has the ability to refinance those assets. And I think I just tell you the endgame, we put this new slide in Page 4 which is what titled Progress at Spirit, portfolio and balance sheet. If you get a chance to look at that, it's a pretty interesting slide. Actually, 1 of our shareholders helped us put that together. It's a great idea that we took it.

坦白說，Spirit 的財務狀況確實很好，可能比一些規模較大的國內和國際公司都要好。所以我們把這當成一個回收這些資產的機會。我們相信營運商有能力為這些資產進行再融資。我想告訴你最終結果，我們在第四頁放了一張新的投影片，標題是「Spirit 的進展、投資組合和資產負債表」。如果你有機會看看這張投影片，你會發現它很有意思。實際上，我們的一位股東幫助我們製作了這張投影片。我們採納了這個想法，真是個好主意。

But just -- if you focus on what Spirit was like at the IPO, movie theaters were 1 of our top 5 industries. In 2018, after the spin-off, movie theaters were still a top 5 industry. Obviously, today, they're not and they're continuing to reduce. They're about 3.5% of our ABR right now. So we're continuing to reshape this portfolio. We love the distribution manufacturing that's increasing. We also love a lot of the retail tenants that we're focused on that makes sense for the diversification mix in our portfolio.

但是，如果你有在關注Spirit在IPO時的情況，你會發現電影院是我們五大重點產業之一。 2018年，在Spirit分拆之後，電影院仍是五大重點產業之一。顯然，如今電影院的份額已經下降，而且還在持續下降。目前，電影院的份額約占我們平均資產收益率（ABR）的3.5%。所以我們正在持續重塑這個投資組合。我們看好正在成長的分銷製造業。我們也看好我們重點關注的許多零售租戶，這對我們投資組合的多元化組合至關重要。

But we'll continue to evaluate creative opportunities to monetize some of our theater exposure. And I think this is a good one. It mitigates risk. We've got the operator that's got the ability to come up with the cash, they're incentivized to refinance our mortgage and we believe they will be able to. So we think it's a real win-win for both us and the Imagine operator.

但我們將繼續評估一些創意機會，將部分戲院曝光轉化為收益。我認為這是一個很好的機會，可以降低風險。我們找到了有能力籌集現金的營運商，他們有動力為我們的抵押貸款進行再融資，我們相信他們能夠做到。因此，我們認為這對我們和Imagine的運營商來說是一個真正的雙贏。

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羅納德·卡姆登 (Ronald Kamdem)。

Great. Just a couple of quick ones on the raise disposition guidance. Apologies if you mentioned it already, but is there a certain -- is it going to be more retail, some industrial? Have you guys sort of give a little bit color on what's on the selling block and sort of cap rate thoughts would be helpful.

好的。關於加薪處置指導，我只想快速問幾個問題。抱歉，如果您已經提到了，但具體情況是—零售業務更多，還是工業業務更多？可否稍微介紹一下待售資產的情況？關於資本化率，如果能提供一些資訊會很有幫助。

Sure. I'll pass it on to Ken, he is very involved right now.

當然。我會轉告Ken，他現在很忙。

I'd say the expectation -- obviously, it's lean retail, granular type retail and would expect it would kind of continue down that road. If an opportunity presents itself on the industrial side or any of the other assets, obviously, we're going to look at that like we've done in the past last quarter, we sold an industrial property for sub-5% cap rate.

我想說的是預期——顯然，這是精益零售，精細化零售，並且預計它會繼續沿著這條路走下去。如果在工業領域或其他任何資產方面出現機會，我們顯然會考慮，就像我們上個季度所做的那樣，我們以低於5%的資本化率出售了一處工業地產。

That just made a lot of sense. But in general, I would expect it to lean to the retail granular type properties. Last comment though, we are -- it's not dependent on that retail granular investment-grade type of properties. If you go back to the fourth quarter, we had a $50 million sale of medical property that at an accretive cap rate. Jackson mentioned, we sold a data center at a very -- an accretive cap rate. So it's not dependent on any 1 particular asset. But because we have such a diverse portfolio, it allows us to be selective.

這很有道理。但總的來說，我預計它會傾向於零售精細型物業。最後要說的是，我們並不依賴零售精細型投資等級物業。回顧第四季度，我們出售了一筆價值5000萬美元的醫療物業，資本化率很高。傑克森提到，我們賣了一個資料中心，其資本化率也很高。所以，它並不依賴任何一項特定資產。但由於我們擁有如此多元化的投資組合，這使得我們能夠進行選擇性投資。

Yes. Kamdem, we don't disclose our cap rates, but the lowest cap rate sale in the first quarter was actually not the industrial deal, it was actually a Sonic location. It was a 4 cap with 7.5-year WALT, right? So individual buyer like the location. So there's -- I'm just saying like there's a lot of different ideas about what people think sells or doesn't sell. We have a pretty good handle on it. And so we're kind of trying to utilize our rankings and all the work that we do. We've talked about in the past, we've got rankings, BI tools, all this stuff. We kind of don't just randomly sell stuff. It's very, very intentional on the disposition pools that we create, 1 that fits the market, what the market wants and also what makes sense for us, making sure it's accretive for us.

是的。 Kamdem，我們沒有揭露我們的資本化率，但第一季資本化率最低的銷售實際上並非工業地產交易，而是Sonic的一家門市。那是一筆4年期的資本化交易，期限為7.5年，對吧？所以個人買家喜歡這個地段。所以——我只是說，人們對什麼好賣什麼不好賣有很多不同的看法。我們對此非常了解。所以我們正在嘗試利用我們的排名和我們所做的所有工作。我們過去談過，我們有排名、商業智慧工具等等。我們不會隨意賣東西。我們非常有意識地創造了合適的處置池，它既符合市場需求，也符合我們的利益，確保它能為我們帶來增值。

Great. Sorry, my next 1 was just on the cap rate. So 7.9% in the quarter. I know the company has sort of been focused on waiting for cap rates to move more. Just where are we in that sort of process? How much have they moved? How much more do you expect to move from here? Or have we sort of leveled out and so forth?

太好了。抱歉，我的下一個問題是關於資本化率的。本季是7.9%。我知道公司一直在等待資本化率進一步上漲。請問我們目前處於哪個階段？資本化率上漲了多少？您預計之後還會上漲多少？還是已經趨於平穩等等？

Well, like anecdotally, like I mentioned, like the 2 deals we did in the first quarter that were industrial, they were deals that were originally we were chasing after the third quarter of 2022, and they widened out, let's call it an average of 50 basis points for 2 of them.

嗯，就像我提到的傳聞一樣，我們在第一季完成的兩筆工業交易，原本是我們在 2022 年第三季之後追逐的交易，現在它們的價差擴大了，我們姑且把其中兩筆交易的平均價差定為 50 個基點。

I think today, what we're seeing is candidly, we're getting beat out by other bidders. We're bidding on things where we think fair value is. So there is definitely a market that's out there. It's -- I wouldn't call it a robust buying market. But I think there's -- what I would say right now to feel like there's limited quality opportunities. So when those show up, there are definitely people that come, but our expectation is that later this year, as companies continue to look at their financing needs, we just think there's going to be more volume, quality volume coming.

我認為，今天我們看到的情況是，坦白說，我們正被其他競標者擊敗。我們競標的都是我們認為價格合理的項目。所以肯定存在一個市場。我不會稱之為強勁的購買市場。但我認為——我現在想說的是，我覺得優質機會有限。所以，當這些機會出現時，一定會有人來。但我們預計，隨著企業繼續審視其融資需求，今年晚些時候，我們認為會出現更多、更優質的交易。

Whether that means cap rates move out or get wider hard to say. The thing there's a lot of other factors that impact that. But our belief is that there's going to be a higher volume of actionable opportunities that fit our risk criteria and tenant criteria and industry mix criteria. So I don't know if that's -- if that answers that for you.

這是否意味著資本化率會下降或上升很難說。有很多其他因素會影響這一點。但我們相信，符合我們的風險標準、租戶標準和行業組合標準的可操作機會將會更多。所以，我不知道這是否能解答您的疑問。

Our next question comes from Linda Tsai with Jefferies. .

下一個問題來自 Jefferies 的 Linda Tsai。

In terms of dispositions, I guess you said you're selling more retail, but then you also sold some industrial but on the flip side, in terms of wanting to increase while in going after higher escalators, does that lend itself more so to industrial?

就處置而言，我想您說過您銷售更多的零售產品，但您也銷售了一些工業產品，但另一方面，在追求更高自動扶梯的同時想要增加產量，這是否更適合工業產品？

Well, the industrial asset that we sold had less than 9 years of WALT and the escalators were 2%. So we're actually doing better on the industrial deals we're doing now. They're actually 2.5% to 3% escalators. That 1 just was just -- we got another proof of concept that we want to try to continue to show people that we sort of have the ability.

我們出售的工業資產的WALT期限不到9年，自動收益率為2%。所以我們現在做的工業交易其實做得更好。它們的自動收益率實際上在2.5%到3%之間。這只是——我們又獲得了一個概念證明，我們想繼續向人們證明我們有能力做到這一點。

We think we've developed an ability to improve our aptitude on industrial acquisitions at this point. But look, the retail is the easiest. It's the largest buyer base out there. So I think that's a no-brainer for us. We're going to continue to look at opportunities where that makes sense.

我們認為，目前我們已經具備了提升工業領域收購能力的能力。但你看，零售業是最容易的。它擁有最大的買家群體。所以我認為這對我們來說是理所當然的。我們將繼續尋找合適的機會。

I mean like we sold a camping dealer -- a Camping World dealership last quarter, sold a supermarket, right? A couple of supermarkets, LA Fitness location. So we'll continue like to find things that we think make sense to sell. We're not getting any details about those properties. Those made sense for us to sell.

我的意思是，就像我們上個季度賣掉了一家露營經銷店——一家Camping World的經銷店，還賣掉了一家超市，對吧？幾家超市，還有一家LA Fitness健身中心。所以我們會繼續尋找我們認為值得出售的資產。我們還沒有得到關於這些資產的任何細節。那些對我們來說值得出售的資產。

But in terms of what you're buying, is it with the higher rent escalators, does that fall naturally into industrial?

但是就您所購買的東西而言，隨著租金的上漲，它是否自然地屬於工業用地？

I'd say, yes, with a little but. We still think owning retail is important. We've got obviously a lot of retail tenants and capability. I think what you'll see us probably start to really lean into is more repeat business with our existing retail tenants.

我想說，是的，但還有一點。我們仍然認為擁有零售店很重要。我們顯然有很多零售租戶，而且能力很強。我想你會看到我們可能會開始真正傾向於與現有零售租戶進行更多回頭客業務。

The challenge we're finding right now is that retail opportunities that combined are just -- where we don't have a relationship with the tenant, just the math is just not as compelling from an escalating standpoint or a cap rate based on the perceived risk, we think that's involved in the transaction.

我們現在面臨的挑戰是，綜合起來的零售機會只是——我們與租戶沒有關係，從不斷升級的角度或基於感知風險的資本化率來看，數學並不那麼引人注目，我們認為這涉及交易。

And then just between manufacturing and industrial, where is your pipeline bigger and where do you see the better opportunities near term?

那麼，在製造業和工業之間，哪個管道更大，您認為近期哪裡有更好的機會？

It's very credit dependent and locational. So look, we -- I candidly would like to do more distribution. It's just trying to be able to line up our cost of capital and win those opportunities.

這非常依賴信貸和地理因素。所以，坦白說，我們想做更多的分銷。我們只是想調整資本成本，爭取這些機會。

We certainly have -- we have certainly pursued a number of different distribution real estate opportunities just we're not successful this past quarter, just given kind of where we are pricing things right now.

我們確實已經——我們確實已經追求了許多不同的分銷房地產機會，但考慮到我們目前的定價，上個季度我們並沒有成功。

So in time, maybe we'll be able to increase that, hopefully, over the rest of this year. But if I were to tell you, I think we're going to continue to do retail. We're going to do sort of a good mix of distribution and light manufacturing throughout the rest of the year. So I think that fit our cap rates in that mid-7 area.

所以，隨著時間的推移，我們或許能夠在今年剩餘時間內提高這個水準。但如果要我說，我認為我們會繼續做零售。我們將在今年剩餘時間內進行分銷和輕工業製造的良好組合。所以我認為這符合我們在7月中段的資本化率。

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。

It's Josh Dennerlein. I think last quarter, you mentioned in guidance, there was $0.05 of reserves. Did that change at all from last quarter? Did you -- I don't think you had to use any of that in 1Q, but if you can confirm that, that would be great.

我是喬希‧丹納林 (Josh Dennerlein)。我記得上個季度，您在財報指引中提到，有 0.05 美元的儲備金。這和上個季度相比有什麼變化嗎？我認為您在第一季不需要動用這筆資金，但如果您能確認這一點，那就太好了。

Yes, Josh, this is Mike. I mean, that's come down a little bit. So I'd say we're a little less than 1%. We didn't post any loss rent in the first quarter.

是的，喬希，我是麥克。我的意思是，這個數字下降了一點。所以我認為我們的租金佔比略低於1%。第一季我們沒有出現任何租金損失。

We did talk about last quarter that, that was a little more back half weighted in the year excesses where we have less visibility. But we did have some of that reserve in the first quarter, and we didn't use it. So we didn't -- we have taken it down a little bit. So it's a little bit less than 1% at this point.

我們確實談到了上個季度的情況，這部分資金主要來自上半年加權的年度超額支出，而我們對此的了解程度較低。但我們在第一季確實持有一些儲備，但並未動用。因此，我們只是略微降低了儲備。目前，這一比例略低於1%。

Okay. And then I wanted to follow up on the seller financing on the theater sales. Was the usage of the seller finance driven just by like just what the theater market is like today? Or is it something different like going on with maybe just like the banking sector in general for debt at the time?

好的。然後我想跟進一下戲院銷售中賣方融資的情況。賣方融資的使用是否僅受到當前戲院市場狀況的影響？還是與當時銀行業普遍的債務融資方式有所不同？

It was more of that, the latter. It's just really hard -- it's hard to get financing out there in the bank market at the moment. I believe that -- our belief is that this borrower has the ability to finance it. It just kind of a rough month in bank land last couple of months.

後者更是如此。現在真的很難——很難在銀行市場上獲得融資。我相信－我們相信這位借款人有能力融資。過去幾個月，銀行的日子不太好過。

And so our expectation is that this operator that's closed on the property when we refinance that loan. It's a reasonable loan to value, I think you can get it done. So it's really more of a combination by us.

因此，我們的預期是，當我們為該筆貸款再融資時，該業者已經完成了房產交易。這筆貸款的價值比較合理，我認為您可以完成交易。所以，這其實更像是我們採取的組合策略。

Do you expect to use a little bit or utilize seller financing a little bit more in this environment for the dispositions that you're talking about? I guess I'm just asking just to see if it's something we should kind of be on the watch out for, just kind of expect.

在這種環境下，您是否預計會使用少量或更多地利用賣方融資來進行您所說的處置？我只是想問，這是否是我們應該警惕的事情，只是有點預料到。

That I would say that's more -- that's a very unusual one-off situation. Like we're not really in the business of making loans like that. This just happened to be, like I said, like this win-win. This operator's got obviously liquidity it makes a lot of sense for that operator to basically cancel the lease, right? That's what they're doing.

我想說的是——這是一種非常罕見的一次性情況。我們其實並沒有從事這類貸款業務。就像我說的，這只是一個雙贏的局面。這家營運商顯然擁有流動性，所以取消租約對他們來說很合理，對吧？他們就是這麼做的。

And they'll basically refinance either with a mortgage or corporately later. I mean don't forget, this is a larger operator, regional operator. So they have the ability to finance at the corporate level. So our expectation is we just saw this as kind of a win-win for both of us in a kind of very unsettled debt market.

他們基本上會透過抵押貸款或公司層級進行再融資。別忘了，這是一家規模更大的營運商，一家區域性營運商。所以他們有能力在公司層級進行融資。因此，我們預期，在目前非常不穩定的債務市場中，這對我們雙方來說都是雙贏的。

So I don't expect us to be -- this is not a strategy of like providing seller financing that's not really well. Do do you want to talk about trying to get theaters sold? They're not easy to sell right now.

所以我並不指望我們——這不是一個不太好的提供賣方融資的策略。你想談談如何賣戲院嗎？現在戲院不容易賣。

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

下一個問題來自加拿大皇家銀行資本市場的布拉德‧赫弗恩 (Brad Heffern)。

I think you own another 9 theaters where I imagine as a tenant. Is there a potential for more deals like this? Or was this a special situation in some regard?

我記得你們還擁有另外9家戲院，我猜是其中的租戶。你們還有可能進行更多類似的交易嗎？或者說，這在某種程度上是一種特殊情況？

I would submit that, that was -- the transaction that we did was very germane to that relationship and that dynamic. We're very happy with our other Imagine theaters and that operator, phenomenal operator. So there's -- right now, there's no expectation.

我想說的是，我們完成的交易與這種關係和這種動態息息相關。我們對其他 Imagine 影院和那家出色的營運商非常滿意。所以，目前來說，我們沒有任何期待。

Okay. Got it. And then, Michael, on the increasing guide, can you just go through sort of the underlying reason for that? Obviously, the dispositions number went up, but presumably that would actually take the guide down. So what was the offsetting factor there?

好的，明白了。然後，邁克爾，關於指引值增加，您能否簡單談談背後的原因？顯然，處置量上升了，但這實際上可能會降低指引值。那麼，抵消因素是什麼呢？

Yes. I mean, the main reasons for the increase were guide were: one, the performance in the first quarter, we didn't having a lost rent, right? So we had some reserves set aside for that, that we didn't use. And then we had very accretive acquisitions in the first quarter flow through the rest of the year.

是的。我的意思是，成長的主要原因是：第一，第一季的業績表現不錯，我們沒有租金損失，對吧？所以我們為此預留了一些儲備，但並沒有動用。此外，我們在第一季進行了非常有增值的收購，這些收購也影響了全年的營運。

So what you do in the first quarter does have an impact on the rest of the year. The dispositions really aren't -- the increase in dispositions really aren't an offset. We're shaping up the additional incremental dispositions to take out to market now by the time you get those out to market, get them done.

所以，你在第一季的行動確實會對今年剩餘時間產生影響。處置量其實並沒有──處置量的增加其實並沒有抵銷。我們正在製定額外的增量處置方案，以便在你將這些方案投放到市場之前完成它們。

That's going be in the latter part of the year. So it doesn't really have a big impact to earnings this year. What it really does is it positions our balance sheet well going into '24, which we think will be a very good year for us. But not -- so those dispositions don't have a huge impact on our earnings this year. But again, the acquisition in the first quarter, coupled with just good operating performance is what really drove the increase in the guide.

那將在今年下半年發生。所以它對今年的收益不會有太大影響。它真正的作用是讓我們的資產負債表在2024年保持良好狀態，我們認為2024年對我們來說將是一個非常好的年份。但並非如此——所以這些處置不會對我們今年的收益產生巨大影響。但再次強調，第一季的收購，加上良好的營運業績，才是推動預期成長的真正原因。

The next question comes from Wes Golladay with Baird.

下一個問題來自貝爾德的韋斯·戈拉迪。

Sticking with the theaters, how should we think about percent rent going forward? You did only sell the 4 theaters as Brad was talking about his question. Were these theaters different in any way, like the next-generation theaters? And then when you look at your vacancy, you only have a few. Are those any Regals in there? And how should we think about a fully loaded loss given default for those theaters?

繼續討論戲院，我們應該如何考慮未來的租金百分比？正如布拉德剛才提到的，您確實只賣出了那4家戲院。這些影院有什麼不同嗎？比如下一代影院？然後，當您查看空置影院時，發現只有幾家。那裡有Regals影院嗎？我們應該如何考慮這些戲院的完全違約損失率？

What I can tell you is 1 part of that answer is the 5 vacants that we had at the end of the quarter, none of those were theaters. I'm not -- I'm not sure what the...

我可以告訴你的是，答案的一部分是，本季末我們有5個空置戲院，但其中沒有一個是戲院。我不確定…

Yes. On percent rent, I mean we did have a percent rent on before that we sold, that was a special situation because we did retenant those. Yes, during COVID. So with the new operator coming, they did have a ramp-up here. That period ended at the end of last year. We don't have any other situations like that.

是的。關於租金百分比，我的意思是，在我們出售之前，我們確實有一定比例的租金，那是一種特殊情況，因為我們確實重新租了那些。是的，在疫情期間。所以隨著新運營商的到來，他們確實在這裡有所提升。那段時期在去年年底結束了。我們其他公司都沒有遇到類似的情況。

So none of our other theaters are on a percent rent basis. So that was a little unique to that particular tenant, which obviously now we sold those properties.

所以我們其他戲院都不以百分比租。所以這對那個特定的租戶來說有點特殊，顯然現在我們把那些物業賣掉了。

Yes. I guess why don't you ask we take that written down for the second quarter from the first quarter run rate?

是的。我想你為什麼不問，我們是不是應該把第一季的運行率減去第二季的運行率？

Yes. I mean well, that rent is not part of our ABR at the end of the first quarter since they were sold. So our ABR is snapped throughout the end of the quarter. So our ABR does not include those 4 theaters.

是的。我的意思是，由於這些影院已被出售，所以租金不計入我們第一季末的ABR。所以我們的ABR在整個季度末都被抵銷了。所以我們的ABR不包括這四家影院。

And then on the -- I guess, the loss given default, I guess you don't have any theaters for Regal, so that's a moot question at the point. My next question would be...

然後關於——我想，違約損失率，我想你們沒有Regal影院，所以這個問題目前還沒有實際意義。我的下一個問題是…

Yes, we do have theaters with Regal, but we're still in the process with the bankruptcy with those guys. So at some point, when they're done, we'll explain it. But as we said, we expect to get -- we expect to lose a couple of theaters.

是的，我們確實和Regal有一個合作劇院，但我們還在處理他們的破產事宜。所以等他們破產後，我們會解釋的。但正如我們之前所說，我們預計會失去一些影院。

Okay. And then -- you have ClubCorp the debt trading a little bit weaker. But from what I recall in past calls, you have pretty good operational momentum at the assets you bought. And so could you maybe give us an update there on how they're performing operationally for you?

好的。然後——ClubCorp 的債務交易略顯疲軟。但我記得過去幾次電話會議中，你們收購的資產營運勢頭良好。所以，能否請您更新這些資產的營運狀況？

Sure. Look, as you guys know, invited their headquartered here in Dallas. We are very, very closely aligned with them and Apollo candidly. We spent time with both entities. We are very bullish on the golf business, very bullish on the industry, very bullish on those guys.

當然。正如你們所知，我們邀請他們的總部設在達拉斯。坦白說，我們與他們以及阿波羅保持著非常非常密切的聯繫。我們與這兩家公司都進行了交流。我們非常看好高爾夫業務，非常看好這個產業，也非常看好這些公司。

The performance of our master lease has continued to strengthen. So our master lease coverage right now is 2.8x. That's 0.4x higher than 2019. So you should sort of imply revenues are higher than pre-COVID levels right now for those -- for our properties.

我們的主租賃業績持續增強。因此，我們目前的主租賃覆蓋率為2.8倍，比2019年高出0.4倍。因此，這意味著我們目前這些物業的收入高於新冠疫情之前的水平。

Those -- our lease generates about 10% of invited corporate EBITDA. So it's a meaningful part of their business. And our units on the top line have increased 28% since 2019. So I can just tell you like the performance of the units that we bought are very, very strong.

我們的租賃業務產生了約10%的企業EBITDA。因此，這是他們業務中一個重要組成部分。自2019年以來，我們的營收成長了28%。所以我可以告訴你，我們購買的這些單元的表現非常非常強勁。

And candidly, they're very consistent with, I believe, the experience with the rest of their portfolio. And so I personally am very confident in their ability to refinance that debt, which is due in September of 2024. I know there's some -- whatever articles out there, but we have pretty good insight into their business and believe that they have -- they will be able to refinance that. And so we're not worried about it.

坦白說，我相信他們處理其他投資組合的經驗非常一致。因此，我個人對他們為這筆將於2024年9月到期的債務進行再融資的能力非常有信心。我知道市面上有一些文章，但我們對他們的業務非常了解，並且相信他們能夠完成這筆債務的再融資。所以我們對此並不擔心。

Got it. And if I can sneak just 1 more in. You do have that $500 million delayed term loan. How should we think about drawing that down and the use of proceeds for that?

明白了。如果我能再偷偷加一句的話。你確實有那筆5億美元的延期貸款。我們應該如何考慮提取這筆貸款以及如何使用這筆貸款？

Yes. I'd model that we match that with our acquisition needs. We're in the process of working with our lenders to amend that to be able to push out some of that commitment so that we don't have to draw all in July. So we'll update you on that as complete. So we'll be able to better match that with the need to actually draw it.

是的。我會根據我們的收購需求來調整貸款額度。我們正在與貸款方合作修改貸款額度，以便能夠將部分貸款承諾延期，這樣我們就不必在7月份全部提取貸款。我們會在貸款完成後及時更新。這樣我們就能更好地根據實際提取貸款的需求來調整貸款額度。

So I would not assume that we draw the entire $500 million in July. We'll be able to work -- to push that commitment out a little bit, stagger it to truly match it up with our funding needs.

所以，我不認為我們會在7月就提取全部5億美元。我們可以稍微推遲一下這筆資金的到位時間，錯開時間，以真正滿足我們的資金需求。

Next question comes from John Massocca with Landenburg Thalmann.

下一個問題來自 Landenburg Thalmann 的 John Massocca。

So maybe kind of just quickly touching on that last point about the debt. Should we kind of assume the goal is to get that to match up with the swap timing? Would that be kind of the ideal situation? Or is maybe looking to get even more granular than that?

所以我想快速談談關於債務的最後一點。我們是否應該假設目標是使其與掉期時機相符？這是理想的情況嗎？或者我們可能希望更具體一點？

No, I think that's a fair assumption.

不，我認為這是一個合理的假設。

Okay. And then on the theaters, I think Jackson heard you were looking to kind of continue monetizing those assets. I mean what are some kind of creative solutions to monetizing, particularly some of your non-big 3 theater assets beyond things like seller financing? Is there any other kind of strategies that you have out there that you're working on today?

好的。然後說到戲院，我想傑克森聽說你正在考慮繼續將這些資產貨幣化。我的意思是，除了賣方融資之類的方法之外，你還有哪些創意的解決方案來實現貨幣化，特別是針對那些非三大戲院資產？你目前還在研究其他什麼策略嗎？

No. I would say the answer is no. This worked out well for both us and the Imagine operator because the performance at his theater is going really well. He's got other theaters and corporate facilities, debt facilities. It was just made a lot of sense.

不，我的答案是否定的。這對我們和 Imagine 的經營者來說都很好，因為他的劇院演出非常成功。他還有其他劇院、公司設施和債務融資。這很合理。

Look, would we sell to other operators? Maybe. So we'll continue to see. We obviously have a lot of good visibility on performance at the unit level and corporate level for our theater operators. So look, maybe we could do another 1 like this. So maybe it's not selling financing, may be there's something else.

我們會把這些資源賣給其他業者嗎？也許吧。所以我們會繼續觀察。顯然，我們對於影院營運商在單位層面和公司層面的業績表現有著清晰的了解。所以，也許我們可以再做一次類似的嘗試。也許不是出售融資，也許是其他選擇。

But there's clearly as negative as people are out there, some people about movie theaters, our operators are actually quite bullish and especially the regional ones that are not hampered with some of the cost structure of the larger, bigger international kind of players.

但顯然，儘管有些人對電影院持消極態度，但我們的營運商實際上相當樂觀，尤其是那些不受大型國際影院成本結構影響的地區性營運商。

I guess in that context, it's fair to assume there aren't any additional feeder dispositions and kind of disposition guidance today?

我想在這種情況下，可以合理地假設今天沒有任何額外的饋線處置和處置指導？

Not right now.

現在還不行。

I actually want to make a quick correction. I mentioned we had out of the 5 vacants we have, there is 1 small theater, the first Regal that we had previously disclosed that they did reject that it's got a resolution here within a matter of days. But other than that, we've got to wait until we see the end of the Regal until it gets wrapped up this quarter, probably late this quarter.

我其實想快速糾正一下。我之前提到過，我們現有的5個空置戲院中，有1個小影院，也就是我們之前透露過的第一家Regal影院，他們拒絕了，但幾天之內就會有解決方案。除此之外，Regal影院的營運狀況我們只能等到本季結束，大概是本季末。

Okay. And then as we think about kind of assumed credit loss through the remainder of the year, is there any kind of change in the outlook for some of the tenants that are undergoing kind of bankruptcy right now? I mean, Regal is the most obvious one, but maybe Party City as well?

好的。那麼，當我們考慮今年剩餘時間的假設信用損失時，那些目前正在經歷破產的租戶的前景會有什麼變化嗎？ Regal 是最明顯的一個，Party City 可能也一樣？

Party City is 0 loss for us. So no, we don't see a lot of pressure there at the moment.

派對城對我們來說沒有輸過。所以，目前我們在那裡沒有感受到太大的壓力。

The next question comes from Spenser Allaway with Green Street Advisors.

下一個問題來自 Green Street Advisors 的 Spenser Allaway。

Just circling back to the theater assets that were sold, and I'm sorry to believe at this point, but was there any CapEx that was spent from Spirit's perspective? Will those were being converted from the Goodrich name?

回到出售的戲院資產問題，雖然現在還不清楚，但從精神航空的角度來看，這其中是否有資本支出？這些資產會從古德里奇的名下轉過來嗎？

No, it was 0. We didn't put any money into them.

不，是 0。我們沒有在他們身上投入任何資金。

And then as it relates to just general use of proceeds, have there been much consideration around share buybacks just given where the stock is trading?

然後，就其與收益的一般用途而言，考慮到股票交易情況，是否對股票回購進行大量考慮？

We look at it, talked to the Board about it, and we'll continue to evaluate it. At this point, we feel like look, we're generating 10% incrementally on our dispositions -- on our net acquisitions. And like I said, we believe that what we're doing is improving the overall portfolio from a credit and stability standpoint, diversification, obviously, WALT, I talked about and escalations.

我們對此進行了研究，並與董事會進行了討論，並將繼續進行評估。目前，我們感覺我們的處置——也就是淨收購——的收益正在以10%的增量成長。正如我所說，我們相信我們正在做的是從信用和穩定性的角度改善整體投資組合，當然還有多元化，當然還有我之前提到的WALT以及升級。

So yes, I mean, we always look at buying back stock, but back stock doesn't really improve your portfolio. These net lease portfolio, if you just leave them be, WALT goes down. So you sort of have to kind of continue to refresh these -- the mix of assets in these kinds of companies, in my opinion.

是的，我的意思是，我們總是考慮回購股票，但回購股票並不能真正改善你的投資組合。如果你對這些淨租賃投資組合置之不理，WALT 的股價就會下跌。所以，在我看來，你必須不斷更新這類公司的資產組合。

But yes, we do look at stock buybacks, and we'll continue to evaluate it. We have done it in the past, obviously, since I've been here in a meaningful way. But at this point, we feel like there's still good work to be done in how we're thinking about the recycling of assets given the market opportunities to deploy at what we think are really good cap rates and candidly with the duration that we're buying, we believe that when the Fed eventually finishes and interest rates stabilize, there's going to be a lot of uplift in pricing if we decided to go sell some of the things that we've been buying in the last year.

不過，是的，我們確實在考慮股票回購，並且會繼續評估。顯然，自從我上任以來，我們一直以有意義的方式進行回購。但目前，考慮到市場有機會以我們認為非常好的資本化率進行配置，我們覺得在資產回收方面仍有大量工作要做。坦白說，考慮到我們購買的期限，我們相信，當聯準會最終結束升息、利率穩定下來時，如果我們決定出售去年購買的一些資產，價格將會大幅上漲。

Next question comes from Greg McGinniss with Scotiabank.

下一個問題來自豐業銀行的 Greg McGinniss。

So the portfolio continues to go through some pretty substantial changes with industrial exposure at nearly 25%, up 20% since 2018. How are you thinking about the ultimate diversity of exposure to each asset class or industry?

因此，投資組合繼續經歷一些相當大的變化，工業投資佔比接近 25%，自 2018 年以來增長了 20%。您如何看待每個資產類別或產業的最終投資多樣性？

Look, I mean, we don't have a target out there to go and we be like -- we like both. We think having a -- at the current mix level, we think it provides a great deal of diversification, geographic, industry, unit, real estate, size of real estate and takes advantage of some of the onshoring that's coming into this country and we just see a lot of interesting -- positives in that light manufacturing industrial portfolio.

我的意思是，我們沒有設定一個目標，我們喜歡兩者兼顧。我們認為，在目前的組合層面上，它能夠提供很大的多元化，涵蓋地域、行業、單位、房地產、房地產規模，並能利用一些正在進入美國本土的在岸投資。我們在輕工業製造業投資組合中看到了許多有趣的正面因素。

I mean, I'm not going to tell you that we're going to take it significantly higher or lower. It just -- we're going to continue to evaluate that healthy mix. Look, there are certain retail lines of businesses that we're just not going to be market for anymore. Either they're too expensive from a weighted average cost standpoint or don't match up in our heat map, the way we see -- the way we kind of want to build this portfolio in the long term.

我的意思是，我不會告訴你我們會大幅提高或降低成本。只是——我們會繼續評估這個健康的投資組合。你看，有些零售業務線我們不會再有市場了。要么從加權平均成本的角度來看，它們太貴了，要么在我們的熱圖上不匹配，這是我們長期構建投資組合的方式。

So that said, mix -- go back to Page 4, look at it, it's changing quite a bit. Like Life Time Fitness, for example. I mean, a lot of people were criticizing us about the concentration being #1 tenant. Look, we're big believers in that concept, big believers and the CEO, they're just -- it's a phenomenal business and a lot of confidence in them. So that's very different than Walgreens, right?

話雖如此，混合——回到第四頁，看看它，變化很大。例如Life Time Fitness。我的意思是，很多人批評我們把集中度當作首要關注。你看，我們非常相信這個理念，非常相信，連執行長都相信──這是一家非凡的公司，我們對他們充滿信心。所以這和沃爾格林很不一樣，對吧？

Walgreens is our #1 tenant at the end of the spin-off. And quite honestly, Walgreens, we can't be a big enough partner with Walgreens to make a difference. So why should I go compete to buy developer Walgreens deals, right, just given our size. Whereas with someone like Life Time invited we can be a real partner. We can help them and they can help us to have a very addictive relationship.

沃爾格林是我們分拆後的第一個租戶。說實話，沃爾格林，我們無法成為沃爾格林規模足夠大的合作夥伴，從而帶來改變。既然我們規模如此龐大，我為什麼要去競爭開發商沃爾格林的交易呢？對吧？而像Life Time這樣的公司邀請我們，我們就可以成為真正的合作夥伴。我們可以幫助他們，他們也可以幫助我們建立非常緊密的合作關係。

So look, we're looking at our portfolio as a combination of trying to create that diversity, but also those win-win opportunities with what I'll call best-in-class operators in those industries that we believe have that really long runway for stability. That's really is kind of what we do, right? I didn't answer your question about the mix, but that's how we look at the world right now.

所以，我們把投資組合視為一種組合，既要努力創造多元化，也要與那些我們認為擁有長期穩定發展空間的行業中一流運營商合作，創造雙贏的機會。這確實是我們的工作，對吧？我之前沒有回答你關於投資組合的問題，但這就是我們目前看待世界的方式。

No, that's fair. And I just wanted to touch on the watch list again. In regard to specific tenants, which is Shutterfly and Tupperware. Could you provide any color on ABR exposure to those tenants and then your thoughts on bankruptcy potential and disposition or re-leasing expectations on those assets? And finally, just as a reminder, are all the invited Club assets under a single master lease?

不，這很公平。我只是想再談談觀察名單。關於具體的租戶，也就是Shutterfly和Tupperware。您能否介紹ABR對這些租戶的風險敞口，以及您對這些資產破產可能性、處置或轉租預期的看法？最後，提醒一下，所有受邀俱樂部的資產是否都屬於同一主租約？

Yes. First of all, yes, on the invited, the answer is yes. Look, on the Shutterfly deal, what I can tell you about that is it's great real estate. Actually, the tenant has increased the usage -- the manufacturing usage by kind of taking out some of the office component that's in that building. So that's, I think, going to be a super sticky building.

是的。首先，關於受邀，答案是肯定的。關於Shutterfly的交易，我可以告訴你的是，這是一筆很棒的房地產交易。實際上，租戶透過拆除大樓裡的部分辦公空間，增加了生產用途。所以，我認為那棟大樓會非常有吸引力。

And looking on Tupperware, I'm not going to comment directly on that. I mean I can just tell you they paid rent this month. And we're very close to continue to evaluate that situation, and we have more to say, we'll do it.

至於特百惠，我不會直接評論。我只能告訴你，他們這個月付了房租。我們很快就會繼續評估情況，我們還有更多要說的，我們會做的。

Okay. And are you willing to disclose ABR to the tenants?

好的。您願意向租戶揭露 ABR 嗎？

Well, I mean, it's less than 50%. 50 basis points, sorry. yes.

嗯，我的意思是，它低於 50%。 50 個基點，抱歉。是的。

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

問答環節到此結束。我想請Jackson Hsieh做最後總結發言。

Right. Thank you, operator. Thank you very much for participating on our call. And I just bring you back to the new page that we put into our supplemental deck that talks about the Progress at Spirit on Page 4. If you look at it, we're really focused and excited about the progress we've made since the IPO.

好的。謝謝接線生。非常感謝您參加我們的電話會議。我再請您回顧我們新增的補充資料的第4頁，其中討論了Spirit的進展。如果您仔細查看，您會發現我們非常專注於IPO以來的進展，並且對此感到非常興奮。

This company is quite different, and we feel quite enthusiastic about the prospects for the rest of this year. Thank you.

這家公司非常不同尋常，我們對今年剩餘時間的前景充滿信心。謝謝。

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。您可以斷開連線了。