WP Carey Inc (WPC) 2023 Q4 法說會逐字稿

Hello, and welcome to W. P. Carey's Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Daryl, and I will be your operator today. (Operator Instructions) Please note that today's event is being recorded. (Operator Instructions)

您好，歡迎參加 W.P. Carey 的 2023 年第四季和全年財報電話會議。我叫達裡爾，今天我將成為您的接線生。 （操作員說明）請注意，今天的活動正在錄製中。 （操作員說明）

I will now turn today's program over to Peter Sands, Head of Investor Relations. Mr. Sands, please go ahead.

現在我將把今天的節目交給投資人關係主管 Peter Sands。桑茲先生，請繼續。

Good morning, everyone, and thank you for joining us this morning for our 2023 fourth quarter earnings call.

大家早安，感謝您今天早上參加我們的 2023 年第四季財報電話會議。

Before we begin, I would like to remind everyone that some of the statements made on this call are not historic facts and may be deemed forward-looking statements. Factors that could cause actual results to differ materially from W. P. Carey's expectations are provided in our SEC filings.

在開始之前，我想提醒大家，本次電話會議中的一些陳述並非歷史事實，可能被視為前瞻性陳述。我們向 SEC 提交的文件中提供了可能導致實際結果與 W. P. Carey 的預期產生重大差異的因素。

An online replay of this conference call will be made available in the Investor Relations section of our website at wpcarey.com, where it will be archived for approximately 1 year and where you can also find copies of our investor presentations and other related materials.

本次電話會議的線上重播將在我們網站 wpcarey.com 的投資者關係部分提供，該部分將存檔約一年，您還可以在其中找到我們的投資者簡報和其他相關資料的副本。

And with that, I'll pass the call over to our Chief Executive Officer, Jason Fox.

接下來，我會將電話轉給我們的執行長傑森福克斯 (Jason Fox)。

Thank you, Peter, and good morning, everyone. Today, I'll briefly recap 2023, talk about how we're positioned for the year ahead with significant capital ready to deploy and an improving transaction market outlook. Toni Sanzone, our CFO, will focus on some of the details of our 2023 financial results and our 2024 guidance, both of which reflect the impacts of successfully executing on the office exit strategy we announced in September. Toni will also cover certain tenant-specific impacts we expect in 2024, which our guidance also reflects.

謝謝你，彼得，大家早安。今天，我將簡要回顧 2023 年，談談我們如何為未來一年做好準備，準備好部署大量資本，並改善交易市場前景。我們的財務長 Toni Sanzone 將重點關注我們 2023 年財務業績和 2024 年指導的一些細節，這兩者都反映了成功執行我們 9 月宣布的辦公室退出策略的影響。 Toni 也將涵蓋我們預計在 2024 年對特定租戶的影響，我們的指南也反映了這一點。

John Park, our President; and Brooks Gordon, our Head of Asset Management, are also on the call to take questions.

約翰‧帕克，我們的總裁；我們的資產管理主管布魯克斯·戈登（Brooks Gordon）也來電話回答問題。

Starting with external growth. The 2023 transaction backdrop, was largely a continuation of the one that existed in 2022, with cap rates lagging rising interest rates. Preserving investment spreads without resorting to investing in riskier assets, therefore, remained a high priority for us.

從外部成長開始。 2023 年的交易背景在很大程度上是 2022 年交易背景的延續，上限利率落後於利率上升。因此，保持投資利差而不投資風險較高的資產仍然是我們的首要任務。

In the U.S., interest rates continued to move higher for most of the year, reaching a peak in October. Their leasebacks, however, remained an attractive source of capital for companies as high-yield debt and other financing alternatives became very expensive.

在美國，利率在今年大部分時間持續走高，並在 10 月達到高峰。然而，由於高收益債務和其他融資選擇變得非常昂貴，它們的回租仍然是對公司有吸引力的資本來源。

In April, we completed our single largest ever investment with the Apotex sale leaseback on a portfolio of 4 pharmaceutical R&D and advanced manufacturing campuses. That was a new industrial subsector for us, but shares many of the key characteristics with other industrial assets we invest in, including critical operating properties backed by a tenant business with reliable cash flows on a long-term lease with attractive rent bumps. We've also expanded our focus to include more U.S. retail and now have investment officers dedicated to that sector. As a result, we completed a handful of retail transactions in 2023 across various subsectors and are exploring others, both in the U.S. and Europe. Focusing on those we believe we can achieve terms and structures consistent with those we get on our other property types.

4 月份，我們透過 Apotex 售後回租完成了有史以來最大的單筆投資，對 4 個製藥研發和先進製造園區的投資組合進行了投資。這對我們來說是一個新的工業子行業，但與我們投資的其他工業資產有許多共同的關鍵特徵，包括由租戶企業支持的關鍵營運物業，該租戶企業擁有可靠的現金流、長期租賃和有吸引力的租金上漲。我們也擴大了關注範圍，將更多的美國零售業納入其中，現在有專門負責該行業的投資官員。因此，我們於 2023 年在各個子行業完成了少量零售交易，並正在美國和歐洲探索其他交易。專注於我們相信我們可以實現與我們在其他財產類型上獲得的條款和結構一致的條款和結構。

In Europe, a steep rise in interest rates resulted in wide bid-ask spreads and a pronounced slowdown in transaction activity throughout 2023. We continued to find pockets of opportunity, however, and in November, completed a $157 million cross-border sale-leaseback, 11 manufacturing facilities in Italy, Spain and Germany with Fedrigoni, which is a global manufacturer of specialty papers for premium packaging and labeling.

在歐洲，利率急劇上升導致 2023 年買賣價差擴大，交易活動明顯放緩。不過，我們繼續尋找機會，並於 11 月完成了 1.57 億美元的跨境售後回租Fedrigoni 是一家全球優質包裝和標籤特種紙製造商，在義大利、西班牙和德國設有11 家製造工廠。

Investment volume for the quarter totaled $346 million at a weighted average cap rate of 7.7%, which brought overall investment volume for 2023 to $1.3 billion at a weighted average cap rate of 7.6%. Single-tenant industrial and warehouse assets represented about 3/4 of our full year investment volume and given the execution of our exit from office, now makes up a larger majority of our portfolio. Industrial and warehouse are very broad categories, however, comprised of many subsectors, providing both a wide investment opportunity set and added diversification.

本季的投資額總計 3.46 億美元，加權平均上限率為 7.7%，這使得 2023 年的總投資額達到 13 億美元，加權平均上限率為 7.6%。單一租戶工業和倉庫資產約占我們全年投資額的 3/4，考慮到我們卸任，現在它已占我們投資組合的大部分。然而，工業和倉儲是非常廣泛的類別，由許多子行業組成，既提供了廣泛的投資機會，也增加了多元化。

Sale leasebacks, which have the advantage of enabling us to structure the lease terms, represented close to 90% of our 2023 investment volume. Going forward, we will continue to focus on originating investments through sale-leasebacks and build-to-suits in order to achieve the strong rent escalations, long lease terms and robust protections we're able to get through lease structuring. Looking ahead, I'm pleased to say that in recent months, the outlook for the transaction environment has improved, both in the U.S. and Europe. Today, we're able to transact at cap rates well into the 7s, providing an attractive spread to our cost of capital.

售後回租的優點在於我們能夠建立租賃條款，占我們 2023 年投資額的近 90%。展望未來，我們將繼續專注於透過售後回租和客製化建造進行原始投資，以實現強勁的租金上漲、較長的租賃期限和我們能夠透過租賃結構獲得的強有力的保護。展望未來，我很高興地說，近幾個月來，美國和歐洲的交易環境前景都有所改善。如今，我們能夠以 7 倍的上限利率進行交易，為我們的資本成本提供了有吸引力的利差。

We're also seeing some pent-up supply from sellers and expect a pickup in corporate M&A, which often creates sale-leaseback opportunities. If market conditions play out as we expect, we believe we're very well positioned for higher investment volume in 2024. While it's still early, 5 weeks into the year, we've completed investments totaling $177 million and have over $100 million of capital investments and commitments scheduled to complete in 2024, in addition to an acquisition pipeline that continues to build.

我們也看到賣家有一些被壓抑的供應，並預期企業併購活動將會增加，這通常會創造售後回租機會。如果市場狀況如我們預期，我們相信我們已經做好了充分準備，可以在2024 年實現更高的投資額。雖然現在還為時過早，今年才5 週，但我們已經完成了總計1.77 億美元的投資，並擁有超過1 億美元的資本除了持續建設的收購管道外，投資和承諾預計將於 2024 年完成。

One aspect of our positioning for 2024 that I want to highlight is our substantial liquidity position. At the end of 2023, we had over $600 million of cash on our balance sheet. Since then, we've paid down some debt and funded some acquisitions with our cash, including paying down our credit facility with proceeds from the Spanish government disposition.

我想強調的 2024 年定位的一方面是我們大量的流動性部位。截至 2023 年底，我們的資產負債表上有超過 6 億美元的現金。從那時起，我們償還了一些債務，並用現金資助了一些收購，包括用西班牙政府處置收益償還我們的信貸額度。

After the sale of the U-Haul portfolio for approximately $465 million, our cash balance will be close to $1 billion. With the additional cash we expect to generate from remaining office asset sales plus free cash flow after paying our dividend, we could have close to $1.5 billion of cash to invest in 2024. We will also continue to have our $2 billion revolver to fund deals or address debt maturities in the short term. And as we've discussed in the past, we have some unique additional internal sources of capital over the longer term, including our equity stake in Lineage Logistics, which we currently have marked at approximately $400 million.

以約 4.65 億美元的價格出售 U-Haul 投資組合後，我們的現金餘額將接近 10 億美元。憑藉我們預計從剩餘辦公資產出售中產生的額外現金加上支付股息後的自由現金流，我們在2024 年可能有近15 億美元的現金用於投資。我們還將繼續擁有20 億美元的左輪手槍來為交易或融資提供資金。解決短期債務到期問題。正如我們過去所討論的，從長遠來看，我們擁有一些獨特的額外內部資本來源，包括我們在 Lineage Logistics 的股權，目前我們將其標記為約 4 億美元。

We view our cash position, and internal sources of liquidity as meaningful differentiating factors compared to many other net lease REITs. We don't need to raise new capital to fund investments, and we have a lot of flexibility on how we approach any new capital markets issuance this year.

與許多其他淨租賃房地產投資信託基金相比，我們認為我們的現金狀況和內部流動性來源是有意義的差異化因素。我們不需要籌集新的資金來資助投資，而且我們在如何處理今年新的資本市場發行方面有很大的靈活性。

Our equity multiple has improved since we announced our office exit and benefited from the broader rally in REIT equities since the Fed signaled the end of its tightening cycle, notwithstanding some weaker performance in recent weeks. The liquidity of our stock has also benefited from our recent addition to the S&P 400 Index.

自從我們宣布退出辦公室以來，我們的股票本益比有所改善，並受益於聯準會暗示緊縮週期結束後房地產投資信託基金股票的更廣泛上漲，儘管最近幾週表現有所疲軟。我們股票的流動性也受惠於我們最近被納入 S&P 400 指數。

So far in 2024, bond markets have generally been supportive of new REIT issuance with rates coming off their 2023 highs and spreads compressing. Despite the substantial capital we built up, we remain mindful of our overall cost of capital and achieving appropriate returns on our investments. Deals with going in cap rates in the 7s and rent bumps over long lease terms that take their unlevered returns into the 8s and 9s, provide an attractive spread even if funded with newly issued capital. They are, therefore, also deals we're very comfortable executing with the liquidity we have on hand. So we continue to have a strong bias to deploy cash into new investments.

2024 年迄今為止，債券市場普遍支持新的 REIT 發行，利率已脫離 2023 年的高點，利差也在縮小。儘管我們累積了大量資本，但我們仍然關注我們的整體資本成本並實現適當的投資回報。資本化率達到 7 倍，長期租賃期間內租金上漲，使其無槓桿回報達到 8 倍和 9 倍，即使是用新發行的資本提供資金，也能提供有吸引力的利差。因此，我們也可以利用現有的流動性輕鬆執行這些交易。因此，我們仍然強烈傾向於將現金投入新投資。

Lastly, I want to briefly discuss the progress we've made with the office exit strategy we announced in September, laying out an ambitious plan to proactively exit our office exposure over an accelerated time frame. We're successfully and efficiently executing on that plan, and I could not be prouder of our employees and the dentition and hard work they've shown, both in the lead up to the announcement and in the time since.

最後，我想簡要討論一下我們在 9 月宣布的辦公室退出戰略方面所取得的進展，該戰略制定了一項雄心勃勃的計劃，以在加速的時間內主動退出我們的辦公室。我們正在成功有效地執行該計劃，我對我們的員工以及他們在宣布之前和之後所表現出的牙齒和辛勤工作感到無比自豪。

In addition to the 59 properties that were spun off into NLOP in November, to date, we've sold 79 of the 87 properties under the office sale program, the largest component of which was the State of Andalusia portfolio sale we completed in January, all of which has reduced our exposure to office to just 2.7% of ABR. We're actively working on transactions to sell the remaining properties and expect to reduce our office exposure to a negligible amount over the coming months. Exiting office over a short space of time has reset the baseline from which we will grow AFFO, without the headwinds associated with owning office assets. Since our announcement, office fundamentals have remained under pressure, while our multiple has expanded, reinforcing our conviction in the strategy and benefiting our cost of equity, making us more competitive on deals, or able to achieve wider investment spreads thereby enhancing our ability to generate AFFO growth.

除了 11 月剝離到 NLOP 的 59 處房產外，迄今為止，我們已經根據辦公室銷售計劃出售了 87 處房產中的 79 處，其中最大的組成部分是我們 1 月份完成的安達盧西亞州投資組合銷售，所有這些都將我們的辦公室風險敞口降至ABR 的2.7%。我們正在積極進行交易以出售剩餘的房產，並預計在未來幾個月內將我們的辦公室風險減少到可以忽略不計的程度。在短時間內退出辦公室重置了我們成長 AFFO 的基線，而沒有與擁有辦公室資產相關的阻力。自從我們宣布這一消息以來，辦公大樓基本面仍然面臨壓力，而我們的本益比卻有所擴大，這增強了我們對策略的信念，並有利於我們的股本成本，使我們在交易上更具競爭力，或能夠實現更廣泛的投資利差，從而增強我們的創收能力AFFO 成長。

And with that, I'll pass the call over to Toni.

然後，我會將電話轉給托尼。

Thank you, Jason, and good morning, everyone. This morning, we reported AFFO per diluted share of $1.19 for the 2023 fourth quarter and $5.18 for the full year, which were 7.8% and 2.1% lower versus the prior year periods, respectively, driven by our exit from office assets, including the spin-off of NLOP in early November. .

謝謝傑森，大家早安。今天上午，我們報告2023 年第四季和全年的AFFO 每股攤薄後每股收益為1.19 美元和5.18 美元，分別比去年同期下降7.8% 和2.1%，這是由於我們退出辦公資產（包括分拆） -11 月初 NLOP 關閉。 。

During the fourth quarter, we sold 17 properties for gross proceeds of $266 million, including the sale of 7 properties for $132 million under our Office Sale Program, bringing total dispositions for the year to $462 million. Our fourth quarter disposition activity also included the sale of 5 Marriott Hotel operating properties for $84 million. We've now sold 8 of the 12 Marriott hotels that converted from net lease to operating properties in January of 2023, and we expect to sell one additional Marriott hotel this year. The remaining 3 will be held for redevelopment over the next few years, but will continue as operating properties throughout 2024.

第四季度，我們出售了 17 處房產，總收益為 2.66 億美元，其中包括根據辦公室銷售計劃以 1.32 億美元的價格出售 7 處房產，使全年處置總額達到 4.62 億美元。我們第四季的處置活動還包括以 8,400 萬美元的價格出售 5 家萬豪酒店營運物業。我們現已出售 2023 年 1 月從淨租賃轉為經營性物業的 12 家萬豪酒店中的 8 家，預計今年將再出售一家萬豪酒店。其餘 3 個將在未來幾年內進行重新開發，但將在 2024 年繼續作為營運物業。

In January of this year, I'm pleased to say we completed the sale of our largest office asset, the State of Andalusia portfolio for approximately $360 million. This, along with the sale of another office asset in January, brings gross proceeds under the Office Sales Program in 2024 to $388 million and the total to date to $608 million.

今年 1 月，我很高興地宣布，我們以約 3.6 億美元的價格完成了安達盧西亞州投資組合這一最大辦公資產的出售。再加上 1 月出售的另一項辦公資產，2024 年辦公大樓銷售計畫的總收益達到 3.88 億美元，迄今的總收益達到 6.08 億美元。

Looking ahead to 2024, our guidance assumes office sales totaling between $550 million and $600 million including the $388 million already completed with the remaining sales under the program weighted to the first half of the year.

展望 2024 年，我們的指導假設辦公室銷售額總計在 5.5 億至 6 億美元之間，其中包括已完成的 3.88 億美元，以及該計劃下的剩餘銷售額加權到今年上半年。

Our disposition guidance also includes the sale of the U-Haul net lease self-storage portfolio, through the exercise of its purchase option for approximately $465 million. We expect to receive the proceeds in tranches during the first quarter and have collected the full first quarter of rent on the portfolio totaling $9.7 million.

我們的處置指南還包括透過行使購買選擇權以約 4.65 億美元的價格出售 U-Haul 淨租賃自助倉儲投資組合。我們預計在第一季分批收到收益，並已收取投資組合第一季的全部租金，總額為 970 萬美元。

Ordinary course dispositions in 2024 are expected to total between $150 million and $350 million, which includes the Marriott operating hotel I mentioned earlier. During 2023, our net lease portfolio continued to benefit from the high proportion of rents generated from leases with increases tied to inflation, even as inflation remained well below its 2022 peak, both in the U.S. and Europe. This is reflected in the 4.1% year-over-year contractual same-store rent growth we reported for the fourth quarter. Based on current inflation forecasts, we expect our contractual same-store rent growth to be close to 3% for the 2024 first quarter and moderate to an average in the mid- to high 2s for the full year.

2024 年的普通球場配置預計總額在 1.5 億至 3.5 億美元之間，其中包括我之前提到的萬豪運營酒店。 2023 年，我們的淨租賃投資組合繼續受益於與通膨相關的租賃產生的高比例租金，儘管美國和歐洲的通膨仍遠低於 2022 年的峰值。這反映在我們報告的第四季度同店合約租金年增 4.1% 中。根據目前的通膨預測，我們預計 2024 年第一季的同店合約租金成長率將接近 3%，全年將放緩至 2% 左右的平均水平。

Comprehensive same-store rent growth was 2.3% year-over-year for the fourth quarter, driven lower by the lease expiration on a large warehouse property, which previously generated ABR of $6.2 million. This vacancy also reduced our net lease portfolio occupancy to 98.1% at year-end as we work to retenant the property over the near term. We are currently in active negotiations to re-lease the property at or potentially slightly above the prior in-place rent, although our guidance assumes downtime on the property for most of 2024.

第四季同店租金綜合年增 2.3%，受大型倉庫物業租約到期的影響，該物業先前產生了 620 萬美元的 ABR。由於我們努力在短期內重新租用該物業，因此該空缺也使我們年底的淨租賃投資組合入住率降至 98.1%。我們目前正在積極談判，以以或可能略高於先前租金的價格重新租賃該房產，儘管我們的指導假設該房產在 2024 年的大部分時間都會處於停機狀態。

While our historical experience with rent loss has been relatively negligible, our outlook for 2024 reflects our expectations on 2 specific assets, which we're closely monitoring. First, we are proactively working with one of our top 10 tenants, Hellweg, a do-it-yourself retailer in Europe, to restructure and extend its leases as it works to improve its financial position. Although this is a developing situation, our guidance currently assumes a rent abatement on this portfolio for the first quarter totaling $7.5 million and a reduction in annual rent going forward from approximately $30 million of ABR to an estimated $26 million.

雖然我們在租金損失方面的歷史經驗相對可以忽略不計，但我們對 2024 年的展望反映了我們對 2 個特定資產的預期，我們正在密切關注這些資產。首先，我們正在積極與十大租戶之一——歐洲自助零售商 Hellweg 合作，重組並延長其租約，以改善其財務狀況。儘管這種情況正在發展，但我們的指導意見目前假設第一季該投資組合的租金減免總額為 750 萬美元，並將年度租金從 ABR 的約 3000 萬美元減少到估計的 2600 萬美元。

Second, the tenant of 4 cold storage and fruit packing facilities we own in Central Valley, California, which produces $5.2 million of ABR has been operating in bankruptcy. While the tenant is current on rent through the end of February, we expect our lease to be rejected. Our guidance, therefore, assumes no additional rents from this tenant in 2024 and as we work through a resolution and carry the properties vacant.

其次，我們在加州中央谷擁有的 4 個冷藏和水果包裝設施的租戶，生產 520 萬美元的 ABR，目前已處於破產狀態。雖然租戶目前的租金一直持續到二月底，但我們預計我們的租約將被拒絕。因此，我們的指導意見假設該租戶在 2024 年不會增加租金，並且我們會通過一項決議並讓這些房產空置。

In aggregate, our guidance assumes these 2 tenant situations have an estimated $0.07 impact on our 2024 AFFO, through a combination of lost rent and carrying costs, partly offset by lower income taxes. Incremental to this, our guidance includes a normal course rent contingency of around 70 basis points of ABR. Other lease related income for the 2023 fourth quarter was $2.6 million, bringing the full year total to $23.3 million, slightly below our expectations as certain lease-related negotiations were pushed into 2024.

總的來說，我們的指導假設這 2 種租戶情況對我們 2024 年 AFFO 的影響估計為 0.07 美元，租金損失和持有成本相結合，部分被較低的所得稅所抵消。除此之外，我們的指導還包括 ABR 約 70 個基點的正常租金應急費用。 2023 年第四季的其他租賃相關收入為 260 萬美元，使全年總額達到 2,330 萬美元，略低於我們的預期，因為某些租賃相關談判被推遲到 2024 年。

For the 2024 full year, we are currently expecting this line item to total in the low- to mid-$20 million range with visibility into almost half of that based on negotiations currently in process. Our operating property portfolio currently comprises 89 self-storage properties, 5 hotels and 2 student housing properties which are expected to generate between $85 million and $90 million of NOI in 2024, with approximately 80% coming from self-storage.

對於 2024 年全年，我們目前預計該項目的總金額將在 2000 萬美元中低段之間，根據目前正在進行的談判，可以看到其中近一半的情況。我們的營運物業組合目前包括 89 個自倉儲物業、5 家酒店和 2 個學生宿舍物業，預計到 2024 年將產生 8,500 萬至 9,000 萬美元的 NOI，其中約 80% 來自自倉儲。

Our 2024 guidance assumes same-store NOI from our operating self-storage portfolio is relatively flat to the prior year. Asset management fees and reimbursements totaled $2.1 million for the fourth quarter primarily reflecting a partial period as the external manager of NLOP.

我們的 2024 年指引假設我們經營的自助倉儲組合的同店 NOI 與上一年相對持平。第四季的資產管理費用和報銷總額為 210 萬美元，主要反映了作為 NLOP 外部管理人的部分時間。

For 2024, we expect our administrative reimbursement from NLOP to total $4 million, which is fixed over time while our asset management fees are expected to total between $5 million and $7 million, declining over the course of the year with asset sales. As a reminder, both of these items have no impact on our G&A expense.

到 2024 年，我們預計 NLOP 的行政報銷總額為 400 萬美元，隨著時間的推移而固定，而我們的資產管理費預計總額在 500 萬至 700 萬美元之間，隨著資產出售而逐年下降。提醒一下，這兩項對我們的一般管理費用沒有影響。

Non-operating income totaled $7.4 million for the fourth quarter, driven primarily by $4.6 million of interest income on cash and realized gains on currency hedges of $2.9 million. For the full year, nonoperating income totaled $21.4 million comprised of $14.5 million in realized gains from currency hedges and $6.9 million of interest income.

第四季非營業收入總計 740 萬美元，主要由 460 萬美元現金利息收入和 290 萬美元貨幣對沖實現收益推動。全年非營業收入總計 2,140 萬美元，其中包括 1,450 萬美元的貨幣對沖已實現收益和 690 萬美元的利息收入。

Our 2024 guidance assumes nonoperating income totaling between $32 million and $36 million, including interest income on cash totaling between $19 million and $23 million, which is expected to be higher early in the year and decline as we invest excess cash. It also assumes that currency rates remain at or around their current levels, which would result in expected gains from currency hedges of approximately $10 million.

我們的2024 年指引假設營業外收入總額在3,200 萬美元至3,600 萬美元之間，其中現金利息收入總額在1,900 萬美元至2,300 萬美元之間，預計今年年初會更高，並隨著我們投資多餘現金而下降。它還假設匯率保持在當前水準或附近，這將導致貨幣對沖的預期收益約為 1000 萬美元。

Our 2024 guidance also includes a $3 million dividend from Lineage Logistics, which we received in January of this year and will flow through nonoperating income in the first quarter. Nonreimbursed property expenses for the fourth quarter were $13.3 million bringing the full year total to $44.5 million, which included a property tax accrual of approximately $6 million early in 2023. For 2024, we expect nonreimbursed property expenses to total between $41 million and $45 million, reflecting a reduction in expenses associated with the office assets we have exited partly offset by an expected increase in carrying costs related to the vacancies, which I discussed earlier.

我們的 2024 年指引還包括 Lineage Logistics 的 300 萬美元股息，我們於今年 1 月收到該股息，並將計入第一季的非營業收入。第四季的未報銷財產支出為1,330 萬美元，全年總額達到4,450 萬美元，其中包括2023 年初應計約600 萬美元的財產稅。對於2024 年，我們預計未報銷財產支出總額將在4,100 萬美元至4,500 萬美元之間，這反映了與我們退出的辦公室資產相關的費用減少，部分抵消了與空缺相關的持有成本的預期增加，我之前討論過這一點。

G&A expense was $21.5 million for the fourth quarter, bringing the full year total to $96 million. For 2024, we expect G&A to fall between $100 million and $103 million, reflecting inflationary increases. G&A expense typically trends higher in the first quarter, given the timing of certain payroll-related items.

第四季的一般管理費用為 2,150 萬美元，使全年總額達到 9,600 萬美元。 2024 年，我們預計 G&A 將下降 1 億至 1.03 億美元，反映通貨膨脹的成長。考慮到某些與工資相關的項目的時間安排，一般管理費用通常在第一季呈現上升趨勢。

Tax expense on a cash or AFFO basis, which primarily reflects foreign taxes on our European assets totaled $11.2 million for the fourth quarter and $44.3 million for 2023. For 2024, we are anticipating these taxes total between $38 million and $42 million in our guidance.

以現金或AFFO 為基礎的稅收支出主要反映了我們歐洲資產的外國稅收，第四季度總計1,120 萬美元，2023 年總計4,430 萬美元。在我們的指導中，我們預計2024 年這些稅收總額在3,800 萬美元至4,200 萬美元之間。

Turning now to our 2024 guidance. We expect to generate full year AFFO per share between $4.65 and $4.75, with the decline versus 2023, driven primarily by the full year impact of the NLOP spin-off, and the completion of the Office Sale Program. Guidance assumes full year investment volume of between $1.5 billion and $2 billion and reflects the timing of investments and dispositions with investment volume expected to be more back-end weighted, while dispositions are more front-end weighted, driven primarily by the State of Andalusia office portfolio sale and the U-Haul purchase option.

現在轉向我們的 2024 年指導。我們預計全年每股 AFFO 收益將在 4.65 美元至 4.75 美元之間，與 2023 年相比有所下降，這主要是由於 NLOP 分拆以及辦公室銷售計劃的完成對全年的影響。指南假設全年投資額在15 億至20 億美元之間，並反映了投資和處置的時間安排，預計投資額將更多地側重於後端，而處置則更側重於前端，主要由安達盧西亞政府辦公室推動投資組合出售和 U-Haul 購買選項。

Moving to our capital markets activity and balance sheet. We settled all outstanding equity forwards during the fourth quarter, issuing 4.7 million shares for net proceeds of $384 million shortly before the NLOP spin-off. In December, we completed the recast of our unsecured credit facility, pushing out the maturity on a significant portion of debt maturing over the next few years. We upsized our existing multicurrency revolver from $1.8 billion to $2 billion and pushed its term out 4 years to February of 2029. As part of the recast, we also refinanced a euro term loan and a pound sterling term loan, extending their maturities 3 years to February of 2028, with the option to extend for a further year subject to certain conditions.

轉向我們的資本市場活動和資產負債表。我們在第四季結算了所有未償還的股票遠期，在 NLOP 分拆前不久發行了 470 萬股，淨收益為 3.84 億美元。 12 月，我們完成了無擔保信貸安排的重組，推遲了未來幾年到期的大部分債務的到期日。我們將現有的多幣種循環貸款從18 億美元擴大到20 億美元，並將其期限延長4 年至2029 年2 月。作為重組的一部分，我們也為歐元定期貸款和英鎊定期貸款進行再融資，將其期限延長3 年至2029 年2 月。2028 年 2 月，在特定條件下可選擇再延長一年。

The extension and upsizing of our credit facility demonstrates the continued strength and flexibility of our balance sheet as well as the breadth of our valued banking relationships with 16 lenders participating. It also enhances our liquidity, further supporting accretive external growth going forward.

我們信貸安排的擴展和規模擴大證明了我們資產負債表的持續實力和靈活性，以及​​我們與 16 家參與貸款機構的寶貴銀行關係的廣度。它也增強了我們的流動性，進一步支持未來的外部成長。

Turning now to the strength of our liquidity position. During the fourth quarter, the significant amount of capital came back to us, including the distribution we received as part of the spin-off of NLOP and from the settlement of all outstanding equity forwards. We ended 2023 with total liquidity of $2.2 billion, including $634 million of cash. We expect our liquidity position to further increase during the first quarter, driven primarily by proceeds from the Office Sale Program and the U-Haul disposition. As a result, we will remain exceptionally well positioned to both fund our acquisitions and manage our debt maturities in 2024, which, as Jason noted, gives us plenty of flexibility and allows us to be very opportunistic when we choose to access the capital markets.

現在談談我們的流動性狀況。在第四季度，大量資本回到了我們的手中，包括我們在 NLOP 分拆過程中收到的分配以及所有未償股權遠期結算所獲得的分配。截至 2023 年，我們的流動資金總額為 22 億美元，其中包括 6.34 億美元的現金。我們預計第一季我們的流動性狀況將進一步增加，這主要得益於辦公室銷售計劃和 U-Haul 處置的收益。因此，我們將在2024 年為我們的收購提供資金並管理我們的債務到期，從而保持非常有利的地位，正如Jason 指出的那樣，這為我們提供了足夠的靈活性，並使我們在選擇進入資本市場時能夠非常機會主義。

At year-end, our leverage metrics remained well within our target ranges with debt to gross assets at 41.6%, which is at the low end of our target range of mid- to low 40s. Net debt-to-EBITDA was 5.6x relative to our target range of mid- to high 5x, although we expect it to be in the low 5s during the first half of 2024 as disposition proceeds are redeployed into new investments before returning to our targeted range in the second half.

截至年底，我們的槓桿率指標仍維持在目標範圍內，債務與總資產的比率為 41.6%，處於 40 左右目標範圍的下限。相對於我們中高5 倍的目標範圍，淨債務與EBITDA 的比率為5.6 倍，儘管我們預計2024 年上半年該比率將處於5 倍左右，因為處置收益在回到我們的目標之前會重新部署到新投資中下半場的範圍。

Lastly, regarding our dividend. During the fourth quarter, we reset our dividend about 20% lower to $0.86 per share reflecting the impact of office exit strategy on AFFO and the lower targeted payout ratio, reducing our target payout ratio to a low to mid-70% range enables us to retain and accretively reinvest greater internally generated cash flow. Going forward, the intention is to grow our dividend in line with our AFFO, which we anticipate will enhance our dividend growth compared to recent years.

最後，關於我們的股利。在第四季度，我們將股息下調約20% 至每股0.86 美元，反映了辦公室退出策略對AFFO 的影響以及較低的目標派息率，將我們的目標派息率降低至70% 的中低範圍，使我們能夠保留並增加更多內部產生的現金流進行再投資。展望未來，我們的目的是根據 AFFO 增加股息，我們預計與近年來相比，這將提高我們的股息成長。

In closing, 2024 is a transitional year, primarily reflecting the execution of our office exit strategy and establishing a new baseline from which to grow our AFFO in forward. We believe we're very well positioned to generate FFO growth over both the near term and long term, supported by an improving investment environment, a strong balance sheet and an exceptional liquidity position as well as the embedded rent growth within our portfolio of high-quality, primarily warehouse and industrial net lease assets. And with that, I hand the call back to the operator for questions.

最後，2024 年是一個過渡年，主要反映了我們辦公室退出策略的執行，並建立了一個新的基準，以供我們的 AFFO 向前發展。我們相信，在不斷改善的投資環境、強勁的資產負債表和卓越的流動性狀況以及我們的高收益投資組合中的嵌入式租金增長的支持下，我們完全有能力在短期和長期內實現FFO 增長。質量，主要是倉庫和工業淨租賃資產。然後，我將電話轉回給接線員詢問問題。

(Operator Instructions) Our first questions come from the line of Brad Heffern with RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Brad Heffern。

On the guide, it seems like the offset to the investment volumes moving higher with these 2 credit issues and the warehouse lease expiration. I guess, first of all, is that correct? And is that the full extent of the offset? And can you confirm that those issues weren't contemplated in the prior guide?

在指南上，這似乎抵消了這兩個信貸問題和倉庫租賃到期導致的投資量上升。我想，首先，這是正確的嗎？這是偏移的全部範圍嗎？您能否確認先前的指南中沒有考慮到這些問題？

Toni, do you want to take that?

東尼，你想接受這個嗎？

That is correct. I got that. Brad, that is correct. The impact that I highlighted on the call was about $0.07, that was not contemplated in our preliminary guidance. And in terms of the offset, I think there were a handful of items. We went out with a fairly wide range 3 months ago. Things have come into focus since then. I'd say a handful of things aggregating to the delta there is probably better line of sight on releasing assumptions and rent recoveries. And then just generally a better outlook on interest-based rates since early November. So that in combination with the Lineage dividend, which we have not anticipated in our November guidance, really is largely offsetting that, keeping us at about the $4.77 midpoint.

那是對的。我明白了。布拉德，這是正確的。我在電話會議中強調的影響約為 0.07 美元，我們的初步指導中沒有考慮到這一點。就抵消而言，我認為有一些項目。三個月前我們的範圍相當廣泛。從那時起，事情就成為人們關注的焦點。我想說，有一些事情聚集到三角洲，在發布假設和租金回收方面可能有更好的視野。自 11 月初以來，利率前景普遍較好。因此，與我們在 11 月指導中沒有預期到的 Lineage 股息相結合，確實在很大程度上抵消了這一影響，使我們的股價中點保持在 4.77 美元左右。

Okay. Got it. And then I think your recent commentary on the watch list had been relatively unconcerned. I guess did these 2 credit issues largely come as a recent surprise? And is there anything else that we need to be keeping an eye on in addition to those?

好的。知道了。然後我認為你最近對觀察名單的評論相對不關心。我想這兩個信用問題最近是否令人意外？那麼除了這些之外，我們還有什麼需要注意的嗎？

This is Brooks. So it's really both. So one of them was on the watch list, and the situation with Hellweg that Toni described hadn't been, that was really a very late in the year development. They now are on our watch list. And as we mentioned, we're proactively addressing that situation, but the other tenant was on the watch list.

這是布魯克斯。所以這確實是兩者兼具。所以其中一個在觀察名單上，而托尼描述的 Hellweg 的情況卻沒有，這確實是今年很晚的發展。他們現在在我們的觀察名單上。正如我們所提到的，我們正在積極解決這種情況，但另一個租戶也在觀察名單上。

Okay. But nothing else notable in terms of movement in the watch list?

好的。但觀察名單中沒有其他值得注意的變動嗎？

No. The big story is really adding Hellweg. Outside of that, the watch list actually came down somewhat. So in total, that's -- it's around 4.25%. So that's certainly up, but the real addition there is Hellweg. Outside of that, the net reduction in ABR on watch list.

不，最重要的是添加 Hellweg。除此之外，觀察名單實際上有所下降。總的來說，大約是 4.25%。所以這當然是了，但真正的補充是 Hellweg。除此之外，ABR 的淨減少也在觀察名單上。

Our next questions come from the line of John Kim with BMO Capital Markets.

我們的下一個問題來自蒙特利爾銀行資本市場部的約翰金 (John Kim)。

So on the Hellweg rent reset down about $4 million. Is there an EBITDA rent coverage metric that you could look at that shows that this new rent is sustainable? The reason why I ask is you had also rents abatement on top of that. So it seems like a further rent cut may be necessary.

因此，Hellweg 的租金重新下調了約 400 萬美元。您是否可以查看 EBITDA 租金覆蓋率指標來表明這種新租金是可持續的？我問的原因是除此之外你們還減免了租金。因此，似乎有必要進一步削減租金。

Yes. So as I mentioned, we're working in conjunction with their other landlords as well to really put them on a better trajectory. So a very sharp slowdown in our business towards the end of last year. The rent abatement, combined with the ongoing rent reductions across their real estate portfolio, we think puts them in a much better position. We will keep them on our watch list because we need to see real execution there. From a coverage basis, they're coming off a very slow period, but we would expect this to be kind of in the 1.25 coverage range, that's before they execute on what we think is a robust turnaround plan. But again, we're going to watch them very closely, but we do think the proactive actions that we and other stakeholders are taking puts them in a much better place to operate through this.

是的。正如我所提到的，我們正在與他們的其他房東合作，真正讓他們走上更好的軌道。因此，到去年年底，我們的業務急劇放緩。我們認為，租金減免，加上整個房地產組合租金的持續降低，使他們處於更好的地位。我們會將它們保留在我們的觀察名單上，因為我們需要看到那裡的實際執行情況。從覆蓋範圍來看，他們正在經歷一個非常緩慢的時期，但我們預計這將在 1.25 的覆蓋範圍內，這是在他們執行我們認為穩健的周轉計劃之前。但我們將再次密切關注他們，但我們確實認為我們和其他利益相關者正在採取的積極行動使他們能夠更好地度過這段時期。

And how do you define your watch list? Is it -- if the tenant starts paying their rents late? Or do you have any other visibility or metric that you look at that provide some clarity on who may be at issue paying rent going forward?

您如何定義您的觀察名單？如果租戶開始延遲支付租金，是嗎？或者您是否有任何其他可見性或指標可以清楚地說明誰可能在未來支付租金方面存在問題？

Yes. The watch list is really meant to be a tool for us to monitor tenants that we think could be at risk of default in a 12- to 18-month time frame. And so that includes tenants that are operating in bankruptcy, as well as tenants where we see a potential risk of default in the future. I'll note that, that methodology has been consistent for a very long period of time, decades, and over that time frame, a small portion of the tenants on the watch list actually do end up defaulting. It certainly does happen, but it's really a management tool for us to track and monitor that. So it's meant to be forward looking, and that's really kind of the time frames we have in mind.

是的。觀察名單實際上是我們監控那些我們認為在 12 至 18 個月內可能面臨違約風險的租戶的工具。因此，這包括正在破產的租戶，以及我們認為未來有潛在違約風險的租戶。我要指出的是，這種方法在很長一段時間內（幾十年來）一直保持一致，在這段時間內，觀察名單上的一小部分租戶實際上最終違約了。這確實會發生，但它確實是我們追蹤和監控這種情況的管理工具。所以它是具有前瞻性的，這確實是我們所考慮的時間框架。

I'm just wondering with one of the tenant issues you didn't have the money to watch list last quarter. So it obviously came as a surprise. Yes. I mean the question is that these can be others that are not on your watch list today, that could pop up.

我只是想知道上個季度您沒有錢觀看租戶問題之一。所以這顯然是令人驚訝的。是的。我的意思是問題是，這些可能是不在你今天的觀察名單上的其他人，但可能會突然出現。

Yes. Certainly, Hellweg was a rapidly developing situation. Really, that came into play at the very end of last year. It's a company that operates with a higher leverage point and a somewhat smaller overall scale. But they've operated very consistently for 20-plus years with that setup. And a variety of factors really contributed to what we saw as a very quickly evolving situation. And so we really wanted to be proactive, work with their other stakeholders to put them on a better path. So agreed that wasn't one we had seen a year out, but it's something we're addressing proactively and working through it.

是的。當然，Hellweg 的情況正在迅速發展。確實，這在去年年底就開始發揮作用了。這是一家槓桿點較高、整體規模較小的公司。但他們在這種設定下已經連續運行了 20 多年。多種因素確實導致了我們所看到的快速發展的局勢。因此，我們真的希望積極主動，與其他利害關係人合作，讓他們走上更好的道路。因此，我們同意這不是我們一年中見過的情況，但這是我們正在積極解決並解決的問題。

Our next questions come from the line of Anthony Paolone with JPMorgan.

我們的下一個問題來自摩根大通的 Anthony Paolone。

So Toni, on the same-store, I guess you gave the contractual expectations that close to 3% in the first quarter and then drifting down. But like, I guess, if we incorporate the industrial vacancy, these couple of credit items, and then I guess you said another 70 bps, like where does that land us from just a core number for '24 or like on a comprehensive basis?

所以托尼，在同一家商店，我猜你第一季給出的合約預期接近 3%，然後逐漸下降。但是，我想，如果我們將工業空缺、這幾個信貸項目納入考慮，然後我猜你說的是另外 70 個基點，那麼我們從 24 年或類似的綜合基礎上的核心數字到哪裡？

Yes. I think the expectation, especially with the rent abatement for Hellweg expected to happen in the first quarter is that, that would be most negatively impacted our first quarter and then that would sort of stabilize, but still be down over the course of the year kind of reflecting the various items that I highlighted. So I do think that from a comprehensive same-store standpoint, we are looking at a relatively flat year on a full year basis.

是的。我認為，預期，尤其是 Hellweg 的租金減免預計將在第一季度發生，這將對我們的第一季產生最大的負面影響，然後趨於穩定，但在全年中仍然會下降。反映我強調的各個項目。因此，我確實認為，從綜合同店角度來看，我們全年的情況相對穩定。

Okay. And then, I mean, for the cold storage facility, for instance, like what does recovery for an asset like that look like? Like does it have to get released or just a new agreement with the existing operator like what happens with an asset like that?

好的。然後，我的意思是，例如，對於冷藏設施，像這樣的資產的恢復是什麼樣子的？例如它是否必須被釋放，或者只是與現有運營商簽訂新協議，就像這樣的資產會發生什麼？

Yes. So these are cold storage and fruit packing facilities really right adjacent to the farmland in the Central Valley. So they remain very critical for (inaudible) operating that farmland, where we are right now is working through the resolution to find the operators of that farmland. And so that land is being sold, and we're in close contact with the buyer pool on that. I'll note our rents are quite low there. It's around $3.50 per square foot. So we think these facilities will be very attractive and critical to operating land. That said, our guidance, as Toni mentioned, includes vacancy for the remainder of the year in those assets.

是的。這些冷藏和水果包裝設施確實毗鄰中央山谷的農田。因此，他們對於（聽不清楚）經營該農田仍然非常重要，我們現在正在通過決議尋找該農田的經營者。因此，土地正在出售，我們正在與買家保持密切聯繫。我會注意到我們那裡的租金相當低。每平方英尺約為 3.50 美元。因此，我們認為這些設施對於土地經營來說非常有吸引力且至關重要。也就是說，正如托尼所提到的，我們的指導包括這些資產今年剩餘時間的空置。

Okay. And then maybe for Jason, the $1.5 billion to $2 billion of investments that you're assuming in guidance, can you maybe help us with just your confidence level? You talked about the skew towards sale leasebacks, which just intuitively seems to maybe a bit more idiosyncratic than just being in the market day to day for secondary deals. And so with that level of volume and just the skew towards the deals that you like to do, like I don't know, I guess, just help us with the confidence level there that you'll get there.

好的。然後，對於 Jason 來說，您在指導中假設的 15 億至 20 億美元的投資，您能用您的信心水平來幫助我們嗎？您談到了售後回租的傾向，從直覺上看，這可能比日常在市場上進行二級交易更為特殊。因此，憑藉這樣的交易量水平以及對您喜歡做的交易的偏向，就像我不知道的那樣，我想，只是幫助我們提高您將到達那裡的信心水平。

Yes, sure. I mentioned earlier, we've closed about $200 million of deals year-to-date and be a little underneath that. And then we have another $100 million of capital projects and loan commitment fundings that we expect to complete this year. So a month, 5 weeks into the year, we have clear visibility into $300 million. And then the pipeline is building, and I think that 2024 is shaping up to be a pretty interesting environment. I mean our view is there is a meaningful pent-up supply of sellers that are out there, both in the U.S., but maybe even more so in Europe actually, given the spike in rates that we saw there over 2023. I think that led to persistently wide bid-ask spreads and frozen transaction markets.

是的，當然。我之前提到過，今年迄今為止我們已經完成了約 2 億美元的交易，但略低於這個數字。然後我們還有另外 1 億美元的資本項目和貸款承諾資金，預計今年完成。因此，今年 5 週後的一個月，我們可以清楚地看到 3 億美元。然後管道正在建設中，我認為 2024 年將成為一個非常有趣的環境。我的意思是，我們的觀點是，考慮到我們在 2023 年看到的利率飆升，美國和歐洲實際上都有大量被壓抑的賣家供應。我認為這導致了持續擴大的買賣差價和凍結的交易市場。

I think sellers' expectations have adjusted some. And then with interest rates having come down, that's really allowed us to get a little bit more aggressive on pricing, lean in deals where we think we have a lot of interest, and I think that combination should help open up deal flow. And you mentioned sale leasebacks. I think it's especially true there. I think that environment is still quite strong. It's a very attractive option for corporates and sponsor-backed companies, in particular, those just below investment grade that have fewer cheaper options to fund deals.

我認為賣家的期望有所調整。然後，隨著利率的下降，這確實讓我們能夠在定價上更加激進，在我們認為有很多興趣的交易上傾斜，我認為這種結合應該有助於打開交易流。您提到了售後回租。我認為那裡尤其如此。我覺得這個環境還蠻強大的。對於企業和贊助商支持的公司來說，這是一個非常有吸引力的選擇，特別是那些略低於投資等級、沒有更便宜的交易融資選擇的公司。

We think the private bid competition has remained thinned out. The CMBS markets are still not quite back. They remain constrained and unreliable. So I think that's going to help from a competitive position. And we're seeing opportunities. We also mentioned the capital position we're in, which is probably as strong relative to our peers as we've ever been in sitting on as much cash as we are. So we do like how we're positioned. We do think the environment is interesting. We have the bias to put that capital to work. But of course, we don't have visibility into a full year at this point, and a lot of things have to come together. But we feel good about that guidance range at this point in time.

我們認為私人投標競爭仍然稀少。 CMBS 市場仍未完全恢復。他們仍然受到限制且不可靠。所以我認為這對競爭地位有所幫助。我們看到了機會。我們也提到了我們所處的資本狀況，相對於我們的同行來說，我們的資本狀況可能與我們以往擁有的現金一樣強大。所以我們確實喜歡我們的定位。我們確實認為環境很有趣。我們傾向於將這些資本投入使用。但當然，我們目前還無法了解全年的情況，很多事情必須結合在一起。但我們目前對這個指導範圍感覺良好。

Our next questions come from the line of Smedes Rose with Citibank.

我們的下一個問題來自花旗銀行的 Smedes Rose。

I just wanted to ask you a little bit about the final exit from the office space. It looks like the time line has extended a little bit from kind of early 2024 -- to the first half of '24. Is there anything that's delaying that? Or you just have a little more or maybe less visibility on that sale? And is that supporting some of the, I guess, your unchanged midpoint earnings outlook for the year by owning them a little longer?

我只是想問你一些關於辦公空間最後出口的問題。時間線似乎從 2024 年初稍微延長到了 24 年上半年。有什麼東西耽誤了這件事嗎？或者您只是對該次銷售的了解更多或更少？我想，這是否會透過延長持有這些股票的時間來支持您今年中點獲利預期不變？

Brooks, do you want to take the first half of that? Maybe Toni can take the second half.

布魯克斯，你想聽前半部嗎？也許托尼可以主宰下半場。

Sure. Yes, as I mentioned, we still continue to target the remaining office sales for the first half. I'll note about 80% of our overall office sale program is either closed or under binding contract. Another 10% to 12% of that is under contract in diligence and then the remainder is in progress. From a timing perspective, it really comes down to diligence can take some time on these. I'll note in a few jurisdictions in Europe, there's also statutory preemption periods that need to pass before the local jurisdiction approves the sale. So that's a little bit of it. But we're making very good progress, and the real heavy lift is complete. And so we're optimistic on our prospects to complete this imminently and working actively through it.

當然。是的，正如我所提到的，我們仍然繼續以上半年剩餘的辦公室銷售為目標。我要指出的是，我們整個辦公室銷售計劃的大約 80% 要么已結束，要么已簽訂有約束力的合約。另外 10% 到 12% 是根據合約進行盡職調查，其餘的正在進行中。從時間的角度來看，這實際上可以歸結為勤奮可能需要一些時間。我要指出的是，在歐洲的一些司法管轄區，在當地司法管轄區批准出售之前，還需要經過法定的優先購買期間。這就是一點點。但我們正在取得非常好的進展，真正的繁重工作已經完成。因此，我們對即將完成這項任務的前景持樂觀態度，並積極開展工作。

And in terms of the guidance, I'd say the disposition timing really didn't have a material impact. I think, if anything, it was maybe about $0.01 from our initial expectations.

就指導而言，我想說，處置時間確實沒有產生實質影響。我想，如果有什麼不同的話，那就是我們最初的預期大約是 0.01 美元。

Okay. And then I just wanted to turn back just the pipeline a little bit. Obviously, you increased at the midpoint for the full year. But could you sort of quantify what you see as sort of your near-term pipeline? I think in the third quarter, you talked about maybe $400 million of sort of near-term visibility. Can you just speak to what you're seeing now and maybe just from the cap rate commentary in the near term?

好的。然後我只想把管道調回一點。顯然，您在全年中點有所增長。但你能能量化一下你所看到的近期管道嗎？我認為在第三季度，您談到了可能 4 億美元的近期可見度。您能否談談您現在看到的情況以及近期資本化率的評論？

Yes, sure. I mean it's a little difficult right now to quantify the near-term pipeline. It's certainly building. It does include several large deals, but those are at, I'd call it, very early stages. So it's kind of difficult to translate that into a number, but we are off to a good start with the deals we closed, and we do like kind of the market backdrop for us right now, as explained a second ago with sale-leasebacks and a lot of seller supply out there that we think is going to come to market. So yes, we feel pretty positive. I think cap rates -- the cap rates, at least in the U.S., we think, have been stabilizing over the last quarter or so. Interest rates came off the highs from October, the 10-year treasury has been bouncing around 4 -- in the low 4s. So bid-ask spreads have tightened.

是的，當然。我的意思是，現在要量化近期的管道有點困難。這肯定是在建設。它確實包括幾筆大型交易，但我認為這些交易還處於非常早期的階段。因此，將其轉化為數字有點困難，但我們在完成的交易上有了一個良好的開端，而且我們確實喜歡現在的市場背景，正如前一秒解釋的售後回租和我們認為很多賣家供應將會進入市場。所以是的，我們感覺非常積極。我認為資本化率——我們認為，至少在美國，資本化率在過去一個季度左右一直在穩定。利率從 10 月以來的高點回落，10 年期公債一直在 4 左右反彈——在 4 的低點。因此買賣價差已經收窄。

We think that translates into some more market activity. Last year, we were at 7.7%. For the fourth quarter, I think the full year was 7% -- 6%. So we've seen a little bit of an uptick. I think right now, we're targeting deals in the 7s that works for us from a cost of capital standpoint, certainly we consider the liquidity that we have. And so yes, so I think Europe is maybe a little bit more dynamic. I mentioned that there's some steeper increases in the debt markets there over the past 12 to 18 months and a reversal of that more recently. I think at this point, we can probably borrow 100 to 150 basis points inside of where we can borrow in U.S. dollars, which you go back a quarter or 2 and that was at par.

我們認為這會轉化為更多的市場活動。去年，我們的成長率為 7.7%。對於第四季度，我認為全年是 7% - 6%。所以我們看到了一點點的上升。我認為現在，我們的目標是從資本成本的角度來看對我們有利的 7 美元交易，當然我們會考慮我們擁有的流動性。是的，所以我認為歐洲可能更有活力一些。我提到過，在過去 12 到 18 個月裡，那裡的債務市場出現了一些更急劇的成長，但最近又出現了逆轉。我認為，在這一點上，我們可能可以在美元借入的基礎上借入 100 到 150 個基點，如果你回溯四分之一或兩個基點，那就是平價。

So we've certainly seen some tightening of rates in Europe, which allows us to get a little bit more aggressive on cap rates and with seller expectations adjusting, we think that's going to help bridge that gap and loosen up that market some. Put numbers on it, maybe Europe would be a little bit inside of where we're targeting in the U.S., but it certainly varies by country. Germany, for instance, is probably on the lower end of a range. And maybe a country like Italy, we can get a little bit more yield even though we're working with big kind of multinational companies in those markets.

因此，我們確實看到歐洲利率有所收緊，這使我們能夠在上限利率上更加激進，並且隨著賣方預期的調整，我們認為這將有助於彌合這一差距並在一定程度上放鬆市場。放上數字，也許歐洲會稍微偏離我們在美國的目標，但不同國家的情況一定有所不同。例如，德國可能處於某個範圍的下限。也許像義大利這樣的國家，即使我們在這些市場與大型跨國公司合作，我們也可以獲得更多的收益。

Our question comes from the line of Mitch Germain with JMP Securities.

我們的問題來自 JMP 證券公司的米奇傑曼 (Mitch Germain)。

Jason, you mentioned some additions to -- or more emphasis on retail, maybe some additions to the team. Anything that you can share?

傑森，你提到了一些補充——或者更多地強調零售，也許是團隊的一些補充。有什麼可以分享的嗎？

Yes. I mean look, we've been diversified for a long time. I think we always explore new growth verticals. And we're focused on growing our opportunities that retail has always been a big part of the U.S. net lease market. Europe, I think it's been more consistently something that we've been active in. In the U.S., I would say, it's been more opportunistic when you think about some of the deals we've done in Las Vegas and other areas. So yes, so we've hired over the last year or so, several dedicated investment officers. They have lots of experience acquiring retail net lease and really deep relationships with tenants in the brokerage community.

是的。我的意思是，你看，我們已經多元化很久了。我認為我們一直在探索新的成長垂直領域。我們專注於增加零售業一直是美國淨租賃市場重要組成部分的機會。在歐洲，我認為這是我們一直積極參與的事情。在美國，我想說，當你想到我們在拉斯維加斯和其他地區所做的一些交易時，它更有機會主義。所以是的，所以我們在過去一年左右的時間裡聘請了幾位專門的投資官員。他們在獲取零售淨租賃方面擁有豐富的經驗，並且與經紀界的租戶有著深厚的關係。

So given our scale, our reputation, we think we can take some market share. The market timing seems good. There's fewer competitors as a result of some of the consolidation that we've seen. And some of the existing players are starting to reach exposure limits to certain segments and even specific tenants. So I think that we've heard from conversations with brokers and tenants that we're a welcome participant, help diversify their capital partners. And so we think it's a good time to ramp up, and we're optimistic that's going to be a contributor going forward to our deal volume.

因此，考慮到我們的規模和聲譽，我們認為我們可以佔據一些市場份額。市場時機似乎不錯。由於我們看到的一些整合，競爭對手減少了。一些現有的參與者開始達到某些細分市場甚至特定租戶的暴露限制。因此，我認為我們從與經紀人和租戶的對話中得知，我們是受歡迎的參與者，可以幫助他們的資本合作夥伴多元化。因此，我們認為現在是擴大規模的好時機，我們樂觀地認為這將成為我們交易量的貢獻者。

Got you. You mentioned Hellweg, I believe you had suggested they ran a little bit high on leverage. And I'm curious if there was any other tenants in your portfolio that have either a, similar business model or b, a similar balance sheet structure?

明白你了。你提到了 Hellweg，我相信你曾暗示他們的槓桿率有點高。我很好奇您的投資組合中是否還有其他租戶具有 a 類似的業務模式或 b 類似的資產負債表結構？

Yes. On the Hellweg situation, that's a very tenant-specific situation and really was caused by a few combined factors, one of which was a pull forward in demand through COVID for their business, combined with balance sheet and inventory issues. So my view that's really a tenant-specific situation. In the broader portfolio, it's a huge portfolio and broadly diversified. There's tenants of every sort. But we think our watch list is really where we see the potential for default risk. And so hard to comment on any specific tenants there, but it's really a broad range of business models, balance sheets and regions and industries.

是的。就 Hellweg 的情況而言，這是一個非常針對租戶的情況，實際上是由幾個綜合因素造成的，其中之一是新冠疫情對其業務的需求拉動，再加上資產負債表和庫存問題。所以我認為這確實是特定於租戶的情況。在更廣泛的投資組合中，它是一個龐大的投資組合並且廣泛多元化。這裡有各種各樣的租戶。但我們認為我們的觀察名單確實是我們看到潛在違約風險的地方。很難對那裡的任何特定租戶發表評論，但它確實涉及廣泛的商業模式、資產負債表、地區和行業。

Our next questions come from the line of Greg McGinniss with Scotiabank.

我們的下一個問題來自豐業銀行的格雷格‧麥金尼斯 (Greg McGinniss)。

This is Greg, Scotia. Just regarding that large industrial lease that are not falling out of guidance, was that an active negotiation and the tenant decided to move elsewhere or are they consolidating? Can you just walk us through kind of the lease negotiation process regarding typical timing and how close to the end of lease term tenants are typically resigning?

這是格雷格，斯科細亞省。僅就未超出指導範圍的大型工業租賃而言，這是經過積極談判並且租戶決定搬到其他地方還是正在整合？您能否向我們介紹租賃談判流程，了解典型的時間安排以及租戶通常在距離租賃期結束時多久辭職的情況？

Yes. This one was a very specific situation where they just needed to downsize. It was too big a building for them. So there wasn't a renewal negotiation. We do feel very good about that situation. It's an excellent building in the Chicago market. And as Toni mentioned, we're actively in negotiations there to release that. So we think that would be a good outcome in terms of more generally, we typically are pursuing lease negotiations with tenants anywhere from 2 to even 5 years before lease expiration, depending on the situation. And so it really runs the gamut. But this was a unique situation where great building, served them well, but it was just they needed a different size.

是的。這是一種非常特殊的情況，他們只需要縮小規模。這棟建築對他們來說太大了。所以沒有進行續約談判。我們對這種情況確實感覺很好。這是芝加哥市場上一棟優秀的建築。正如托尼所提到的，我們正在積極談判以發布該內容。因此，我們認為，從更廣泛的角度來看，這將是一個很好的結果，我們通常會根據具體情況，在租約到期前 2 到 5 年與租戶進行租賃談判。所以它確實涵蓋了所有領域。但這是一個獨特的情況，很棒的建築，為他們提供了很好的服務，但只是他們需要不同的尺寸。

Okay. So you were just expecting to have a different tenant moving in there earlier than you are getting one, which is why it had a negative impact on guidance, if you already knew they're moving out.

好的。所以你只是期望有一個不同的租戶比你更早搬進來，這就是為什麼它會對指導產生負面影響，如果你已經知道他們要搬出去。

Toni, do you want to clarify that?

東尼，你想澄清一下嗎？

Yes, that was not one of the changes that was baked into our initial guidance range. It was really the other credit issues that were not baked in. So that one was contemplated.

是的，這不是我們最初指導範圍中的變化之一。實際上是其他信用問題沒有被考慮在內。因此，有人考慮了這個問題。

Okay. Okay. And sorry, just to clarify for myself on Hellweg. You're providing a 3 month of rent at the old rate and then renegotiating to potentially, $26 million a year going forward?

好的。好的。抱歉，我只是為了在 Hellweg 上為自己澄清一下。您按照舊費率提供 3 個月的租金，然後重新協商，未來可能每年 2600 萬美元？

So to clarify there, we're -- it's a one quarter rent abatement for Q1 and an ongoing reduction as you described. We're also extending that lease to 20 years. And I'll note that, that's a similar structure that the other stakeholders are doing as well, so other landlords other than us. And so that really, in our view, shores up there their financial position substantially and really puts them on a better footing to pursue a robust turnaround plan. So that's really the proactive approach there to put them in a position to execute.

因此，為了澄清這一點，我們——第一季的租金減免了四分之一，正如您所描述的那樣，持續減少。我們也將將該租約延長至 20 年。我要指出的是，其他利害關係人（除了我們之外的其他房東）也正在採取類似的結構。因此，在我們看來，這確實極大地支撐了他們的財務狀況，並真正使他們有更好的基礎來追求穩健的周轉計劃。所以這確實是讓他們能夠執行的主動方法。

And so what was the catalyst to doing this deal and realizing that, hey, their financial position is maybe not as good as we thought. Is that them reaching out to you?

那麼，完成這筆交易並意識到，嘿，他們的財務狀況可能不如我們想像的那樣的催化劑是什麼。他們是在向你伸出援手嗎？

No. We get financial disclosure from all of our tenants. And when we saw late last year, their second half had deteriorated quite quickly that's when we really took that proactive approach. And again, I think that was a combination of factors that aligned. And again, that's really a demand pull forward, which then dropped off quite quickly after COVID. A broader slowdown in potential consumer spending and then an inventory mismatch. And so what we saw there was a risk that they could have a constrained liquidity position in 2024. And when they need to be buying inventory and really being aggressive.

不會。我們會從所有租戶處獲取財務資訊。當我們在去年年底看到時，他們的下半年惡化得很快，那時我們才真正採取了積極主動的方法。再說一遍，我認為這是多種因素的結合。再說一次，這確實是一種需求拉動，但在新冠疫情爆發後，需求很快就下降了。潛在消費者支出更廣泛放緩，然後出現庫存錯配。因此，我們看到，到 2024 年，他們的流動性頭寸可能會受到限制。而當他們需要購買庫存並真正採取激進行動時，他們的流動性頭寸可能會受到限制。

So we wanted to manage that situation as there are other landlords and lenders and working with the company itself. So all stakeholders have come to the table and put the company in a better place. From a status perspective, we're actively working on it. The deal is largely agreed and we're in kind of documentation mode. And so we expect we'll get that completed over the coming month or so.

因此，我們希望處理這種情況，因為還有其他房東和貸方並與公司本身合作。因此，所有利害關係人來到了談判桌，讓公司處於一個更好的境地。從現狀來看，我們正在積極努力。交易已基本達成一致，我們正處於文件模式。因此，我們預計將在未來一個月左右完成這項工作。

Okay. And last one for me. I saw you did a deal with Morrisons grocery store in the U.K. Curious if that's kind of opening the door for you to be doing more business with them? We saw that they're doing other sale leasebacks? What's your comfort level with the financials there? There's just been some news that not quite operating to the level they once were? And then if you could just -- if you're able to disclose your level of exposure to private equity-backed tenants as well.

好的。最後一張給我。我看到您與英國的莫里森雜貨店達成了一項協議。好奇這是否為您與他們開展更多業務打開了大門？我們看到他們正在進行其他售後回租？您對那裡的財務狀況感到滿意嗎？剛剛有消息稱，營運情況沒有達到以前的水平？然後，如果您能夠 - 如果您也能夠揭露您對私募股權支持的租戶的曝險程度。

Yes. So the deal with Morrisons, that was a relatively small deal. I kind of look at that more as a one-off opportunity. It was pretty opportunistic in nature and that we purchased it from a fund that had redemption pressures and had some liquidity needs. So we think it was a good opportunity to buy into. What we view as a very good location, solid unit level economics, and we think that helps mitigate any -- I'd say, the higher leverage that they're operating at. Could there be future deals there? Potentially, I don't think there's anything we're working on right now. It was not a sale leaseback, so I wouldn't say there's a direct relationship there that could lead imminently to any new deals. But we've been active in grocery in Europe for quite some time, and I wouldn't necessarily rule it out.

是的。因此，與莫里森的交易是一筆相對較小的交易。我更多地將其視為一次性機會。它本質上是相當機會主義的，我們從有贖回壓力並有一定流動性需求的基金那裡購買了它。所以我們認為這是一個買入的好機會。我們認為這是一個非常好的位置，堅實的單位層面的經濟效益，我們認為這有助於減輕任何——我想說的是，他們經營的槓桿率較高。那裡未來可能有交易嗎？可能，我不認為我們現在正在做任何事情。這不是售後回租，所以我不會說那裡存在可能立即導致任何新交易的直接關係。但我們在歐洲的雜貨店已經活躍了一段時間，我不一定會排除這種可能性。

Our next questions come from the line of Spenser Allaway with Green Street.

我們的下一個問題來自斯賓塞·阿拉維（Spenser Allaway）和格林街（Green Street）的聯繫。

Maybe just following up on the theme of pent-up seller demand you cited in both the U.S. and in Europe. Can you just elaborate on whether there are any trends either by property type or tenant industry?

也許只是跟進您在美國和歐洲提到的被壓抑的賣家需求主題。您能否詳細說明一下按房產類型或租戶行業劃分是否有任何趨勢？

Yes. I mean I would say it's more of a broader theme and probably correlates a lot with sale leasebacks in terms of being a source of relatively cheap capital compared to many of the other options. We talked about wanting to ramp up retail. So we're hoping that we're seeing more opportunities there. I think that the theme is probably most relevant to industrial transactions that tend to correlate maybe most with sale leasebacks. So I don't think there's any broader themes than that right now.

是的。我的意思是，我想說，它是一個更廣泛的主題，並且可能與售後回租有很大關聯，因為與許多其他選擇相比，它是相對便宜的資本來源。我們談到想要擴大零售業務。因此，我們希望在那裡看到更多機會。我認為這個主題可能與工業交易最相關，而工業交易往往與售後回租最相關。所以我認為現在沒有比這更廣泛的主題了。

Okay. And then lastly, on the office front, and thank you for the commentary thus far. But has anything changed in terms of the conversations you're having with the ongoing asset sales in terms of buyer expectations since you initiated the process a few months ago?

好的。最後，在辦公室方面，感謝您迄今為止的評論。但是，自從幾個月前啟動這項流程以來，您與正在進行的資產出售的對話以及買家期望方面有什麼變化嗎？

No. I'd say over this period of time, our expectations have remained very firmly in place. Timing has moved around a little bit on the final piece of this. But again, I think that's to be expected to a point, pricing is held in about where we thought. And so we're confident we can get that done and making good progress on the balance. And as I said, the large majority of that is already closed.

不。我想說，在這段時間裡，我們的期望仍然非常堅定。最後一部分的時間發生了一些變化。但同樣，我認為這在某種程度上是可以預料的，定價維持在我們想像的水平。因此，我們有信心完成這項工作，並在平衡方面取得良好進展。正如我所說，其中大部分已經關閉。

Our next questions come from the line of R.J. Milligan with Raymond James.

我們的下一個問題來自 R.J.米利根和雷蒙德詹姆斯。

Just a couple of follow-ups. Toni, I think you mentioned in the original guidance, what was contemplated for credit loss for '24? And how much of that has been new stuff, just some of the known credit issues?

只是幾個後續行動。 Toni，我想您在最初的指導中提到過，24 年的信用損失預期是什麼？其中有多少是新事物，只是一些已知的信用問題？

Yes. I mentioned in my remarks that we're starting the year with an estimate of about 70 basis points of ABR for overall rent-related contingency. That did not -- as I mentioned, that's separate from the 2 tenant issues that I discussed that we quantified as having roughly a $0.07 impact. So we did not have the $0.07 in our initial guidance, but the 70 basis points is more normal course for us, and that would be in the range of what we had assumed back in November.

是的。我在演講中提到，今年伊始，我們對與租金相關的整體意外事故的 ABR 進行了大約 70 個基點的估計。正如我所提到的，這與我討論的 2 個租戶問題不同，我們將其量化為大約 0.07 美元的影響。因此，我們最初的指導中沒有 0.07 美元，但 70 個基點對我們來說更正常，這將在我們 11 月假設的範圍內。

So does guidance still assume 70 additional basis points or...

那麼指導意見是否仍假設 70 個額外基點或......

Yes, the 70 additional basis points outside of the -- and that's really just kind of where we start the year. I mean I think there's tenant disruptions from time to time, we generally are relatively conservative and keeping tenants on a cash basis if they're disputing any kind of rent. So that's meant to cover all kinds of broad issues over the course of the year. There's nothing really specific eating into that right now outside and this is separate from the Hellweg and the bankruptcy issue that Brook mentioned.

是的，除此之外的 70 個額外基點——這實際上只是我們今年的開始。我的意思是，我認為時不時會出現租戶中斷的情況，我們通常相對保守，如果租戶對任何類型的租金有爭議，我們都會以現金為基礎讓他們維持。因此，這意味著涵蓋這一年中的各種廣泛問題。目前外界還沒有真正具體的解決這個問題，這與布魯克提到的 Hellweg 和破產問題是分開的。

And then my second question is, obviously, a lot of questions on the watch list, but I just want to go back more towards the lease expirations. And so it looks like there's about $60 million of ABR expiring this year, and I realize some of that is U-Haul. But I'm just curious, as your discussions have gone with some of these expirations, are there any other material or major nonrenewals expected for 2024?

然後我的第二個問題顯然是觀察清單上的許多問題，但我只想回顧一下租約到期的情況。因此，看起來今年大約有 6000 萬美元的 ABR 到期，我意識到其中一部分是 U-Haul。但我只是好奇，由於你們的討論已經結束，其中一些到期，預計 2024 年是否還有其他材料或主要的不續訂？

Yes. As you mentioned, U-Haul has been by far the biggest piece of our 2024 expirations and making good progress on a lot of the others. In any given year, we have a couple of non-renewals here or there, not sizable ones. I think it's potentially for nonrenewals, a little under 50 basis points of ABR and actively working on those. So certainly, nothing material or the size of the warehouse we're working on retenanting right now.

是的。正如您所提到的，U-Haul 是迄今為止我們 2024 年到期的最大部分，並且在許多其他方面都取得了良好的進展。在任何一年中，我們都會有一些不續約的情況，但規模不大。我認為這有可能導致不續簽，ABR 略低於 50 個基點，並積極致力於這些工作。當然，我們現在正在重新租用的倉庫的規模和材料都沒有。

(Operator Instructions) Our next questions come from the line of Joshua Dennerlein with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Joshua Dennerlein。

This is Farrell Granath on behalf of Josh in line. I was wondering if you could walk me through or elaborate on what the (inaudible) having kind of more capital on hand, would you be holding this cash and getting about like a 5.5% yield or paying down the 2024 maturities at 3.5%?

這是法雷爾·格拉納特 (Farrell Granath) 代表喬什 (Josh) 排隊。我想知道您是否可以向我介紹一下或詳細說明一下（聽不清楚）手頭上有更多資本，您會持有這筆現金並獲得5.5% 的收益率，還是以3.5% 的利率償還2024 年到期的債券？

Yes.

是的。

I can gave a little color on that. Sorry, go ahead, Jason.

我可以對此進行一些說明。抱歉，請繼續，傑森。

That's okay. Yes. So in the short term, if we haven't deployed that capital in new investments, likely result in a little bit of delevering. But to your point, we can hold a lot of that in cash as well, given the returns that we can generate. I think the expectation is that we'll be at the low end of our target leverage range for probably the first half of '24, but we're not planning to delever longer term. We're still kind of targeting in the mid- to high 5s on a net debt-to-EBITDA basis.

沒關係。是的。因此，在短期內，如果我們沒有將這些資本用於新的投資，可能會導致一定程度的去槓桿化。但就你而言，考慮到我們可以產生的回報，我們也可以持有大量現金。我認為預計我們可能會在 24 年上半年處於目標槓桿範圍的低端，但我們不打算長期去槓桿化。在淨債務與 EBITDA 的基礎上，我們的目標仍然是 5 左右。

Okay. And I just wanted to ask about the 80 basis point decline in occupancy, is that being driven off of the bankruptcies? Or is there other aspects in that?

好的。我只是想問入住率下降 80 個基點，這是因為破產造成的嗎？還是還有其他方面的因素在裡面？

Brooks, do you want to take that?

布魯克斯，你想接受嗎？

Sure. No. The biggest driver is that warehouse. And so again, we're actively working on that. But that's really the moving part in the vacancy piece.

當然。不，最大的推動力就是那個倉庫。同樣，我們正在積極致力於此。但這確實是空缺中最令人感動的部分。

Thank you. At this time, I am showing no further questions. I'll now hand the call back over to Mr. Sands.

謝謝。目前，我沒有再提出任何問題。我現在將把電話轉回給桑茲先生。

Thanks everyone for your interest in W. P. Carey. If you have additional questions, please call Investor Relations directly on (212) 492-1110. And that concludes today's call. You may now disconnect. Thank you.

感謝大家對 W.P. Carey 的關注。如果您還有其他問題，請直接致電投資者關係部 (212) 492-1110。今天的電話會議到此結束。您現在可以斷開連線。謝謝。

Thank you. That does conclude today's teleconference. We appreciate your participation. You may now disconnect at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。您現在可以斷開連線。