WP Carey Inc (WPC) 2025 Q1 法說會逐字稿

Hello, and welcome to W. P. Carey's first quarter 2025 earnings conference call. My name is Diego, 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 2025 年第一季財報電話會議。我叫 Diego，今天我將擔任您的接線生。（操作員指示）請注意，今天的活動正在被記錄。（操作員指示）

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

現在，我將今天的節目交給投資者關係主管彼得桑茲 (Peter Sands)。桑茲先生，請繼續。

Good morning, everyone, and thank you for joining us this morning for our 2025 first quarter earnings call. 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.

大家早安，感謝大家今天早上參加我們的 2025 年第一季財報電話會議。在我們開始之前，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。我們向美國證券交易委員會 (SEC) 提交的文件中列出了可能導致實際結果與 W. P. Carey 預期存在重大差異的因素。

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 one 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，並將在那裡存檔約一年，您還可以在那裡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 hand the call over to our Chief Executive Officer, Jason Fox.

說完這些，我將把電話交給我們的執行長傑森福克斯 (Jason Fox)。

Thanks, Peter, and good morning, everyone. We entered the year anticipating uncertainty and the uncertainty surrounding tariffs clearly proved to be the key theme for the first quarter. To date, however, that uncertainty has not translated into any direct impacts on our business. We've continued executing on the plan we previously outlined for 2025. We started the year with solid investment volume, and have good visibility into additional deals closing over the near term.

謝謝，彼得，大家早安。我們在進入新的一年時就預料到會出現不確定性，而圍繞關稅的不確定性顯然是第一季的關鍵主題。然而，到目前為止，這種不確定性尚未對我們的業務產生任何直接影響。我們將繼續執行先前製定的 2025 年計畫。我們以穩健的投資金額開啟了新的一年，並且對近期將完成的更多交易有著良好的預期。

We also remain comfortable with our ability to accretively fund new investments this year, including through the high end of our guidance range without needing to access to capital markets. While the potential impacts of tariffs are causing substantial uncertainty in the broader economy and capital markets, to date, we haven't seen any direct effects on the performance of our portfolio, whether through rent collections or re-leasing.

我們也對今年為新投資提供增值資金的能力感到自信，包括透過我們指導範圍的高端，而無需進入資本市場。雖然關稅的潛在影響正在為整體經濟和資本市場帶來巨大的不確定性，但迄今為止，我們還沒有看到其對我們投資組合表現的任何直接影響，無論是透過收取租金還是重新租賃。

We continue to believe that our estimate of potential rent loss from tenant credit events, which is embedded in our guidance, will be sufficient, even if tariffs put pressure on tenant margins later this year. Despite the uncertainty over tariffs, we have now resolved the situation with two of our top tenants that were experiencing credit difficulties as we outlined in our recent business update press release.

我們仍然相信，即使關稅在今年稍後給租戶利潤率帶來壓力，我們對租戶信用事件造成的潛在租金損失的估計（包含在我們的指導中）也將足夠。儘管關稅存在不確定性，但正如我們在最近的業務更新新聞稿中概述的那樣，我們現在已經解決了兩個面臨信貸困難的主要租戶的問題。

Overall, we remain cautious on the environment, but are comfortable with the assumptions baked into our guidance, and also see a path to the high end of our AFFO and investment volume guidance ranges. This morning, I'll focus on several topics, our recent investment activity and an update on our sources of capital to fund those deals, additional perspective on tariffs and an update on tenant credit. Following that, Toni Sanzone, our CFO, who will review our results and guidance, and Brooks Gordon, our Head of Asset Management, is joining us to take questions.

總體而言，我們對環境保持謹慎，但對我們的指導中包含的假設感到滿意，並且還看到了達到我們的 AFFO 和投資量指導範圍高端的道路。今天上午，我將重點討論幾個主題，我們最近的投資活動以及為這些交易提供資金的資金來源的最新情況、有關關稅的額外觀點以及租戶信貸的最新情況。隨後，我們的財務長 Toni Sanzone 將回顧我們的業績和指導，我們的資產管理主管 Brooks Gordon 將加入我們並回答問題。

Starting with our investment activity. Year-to-date, we've closed about $450 million of investments with an initial weighted average cap rate of 7.4% including the $275 million we closed in the first quarter. Importantly, with rent escalation structures averaging in the mid- to high 2% range, the average yield over the life of the leases exceeds 9%. We also have several hundred million dollars of investments in our pipeline at advanced stages, the majority of which we expect to close in the next couple of months. In addition, we currently have eight capital projects totaling $117 million scheduled for completion this year.

從我們的投資活動開始。年初至今，我們已完成約 4.5 億美元的投資，初始加權平均資本化率為 7.4%，其中包括第一季完成的 2.75 億美元。重要的是，由於租金上漲結構平均處於 2% 中高水平，租賃期內的平均收益率超過 9%。我們的後期投資項目還有數億美元，預計大部分將在未來幾個月內完成。此外，我們目前有八個資本項目，總額為 1.17 億美元，計劃於今年完成。

So four months into the year, we have clear visibility into approximately $570 million of deals for 2025 and a solid near-term pipeline.

因此，今年已經過去四個月了，我們已經清楚地看到了 2025 年約 5.7 億美元的交易額和穩固的近期管道。

It's important to note that the market for net lease real estate, which generally has long lease terms, is not as influenced by near-term fluctuations in market rents and leasing velocity compared to shorter-term multi-tenant properties. As a result, to date, we've seen very little disruption in net lease transaction activity.

值得注意的是，與短期多租戶物業相比，淨租賃房地產市場通常具有較長的租賃期限，並且不受市場租金和租賃速度短期波動的影響。因此，到目前為止，我們發現淨租賃交易活動幾乎沒有受到干擾。

Furthermore, we foresee scenarios where sale-leaseback transactions continue to ramp up, as they can be very attractive alternative sources of capital for corporates and sponsored-backed companies during times of market volatility. As the market leader in sale leasebacks, which typically comprise a large portion of our investment volume, we would be at a distinct advantage competing on new investments. Similarly, if mortgage lenders tighten their lending criteria, real estate private equity and other competitors that use asset-level debt will become less competitive.

此外，我們預計售後回租交易將繼續增加，因為在市場波動時期，它們可以成為企業和贊助支援公司非常有吸引力的替代資本來源。作為售後回租市場的領導者，這通常占我們投資金額的很大一部分，因此我們在新投資競爭中具有明顯的優勢。同樣，如果抵押貸款機構收緊貸款標準，房地產私募股權和其他使用資產級債務的競爭對手的競爭力就會下降。

In summary, we believe we will remain on track or ahead of expectations for the first half of the year. And once we have greater visibility into how the transaction environment is likely to play out over the remainder of the year, we see a path to raising our expectations for full year investment volume. Although we're mindful that the overall flow of new deal launches has some potential to slow amid the current climate of uncertainty. That brings me to our sources of capital.

綜上所述，我們相信上半年業績仍將保持在正軌或超乎預期。一旦我們更清楚地了解今年剩餘時間內交易環境可能如何發展，我們就會看到提高全年投資金額預期的途徑。不過，我們注意到，在當前不確定的氣氛下，新交易的整體推出速度可能會有所放緩。這讓我想到了我們的資金來源。

We continue to believe we have one of the lowest cost of debt in the net lease sector, through our mix of US dollar and euro-denominated debt. Tony will discuss the details, but during the quarter, we refinanced our euro term loan, fixing its interest rate below 3% through an interest rate swap. We don't have any meaningful additional debt maturities in 2025, and at quarter end, we were only minimally drawn on our $2 billion revolver. Our next bond maturity is the Eurobond maturing in April 2026 and our next US bond maturity isn't until October of 2026.

我們仍然相信，透過混合使用美元和歐元計價的債務，我們的債務成本是淨租賃領域最低的之一。托尼將討論細節，但在本季度，我們對歐元定期貸款進行了再融資，並透過利率互換將其利率固定在 3% 以下。我們在 2025 年沒有任何有意義的額外債務到期，而且在季度末，我們僅使用了 20 億美元的循環信貸額度。我們的下一筆債券到期日是 2026 年 4 月到期的歐洲債券，我們的下一個美國債券到期日是 2026 年 10 月。

On the equity side, we're making progress on our plan to fund our investments this year, primarily through non-core asset sales. During the first quarter, we sold assets totaling approximately $130 million and are making headway on additional dispositions. In addition to that, we're currently in the market with a sizable portfolio of operating self-storage assets representing about half of our total self-storage operating NOI.

在股權方面，我們今年的投資融資計畫正在取得進展，主要透過非核心資產出售。在第一季度，我們出售了總額約 1.3 億美元的資產，並且在進一步處置資產方面也取得了進展。除此之外，我們目前在市場上擁有大量營運自助倉儲資產，約占我們自助倉營運淨營業收入的一半。

While it is too early to say what the exact outcome will be, we have seen substantial interest from self-storage buyers, and we're evaluating various options to maximize value, ranging from several smaller portfolio sales to a single buyer. We expect deal timing to be the second half of the year.

雖然現在判斷具體結果還為時過早，但我們已經看到自助倉儲買家表現出濃厚的興趣，並且我們正在評估各種選擇以實現價值最大化，從幾個較小的投資組合銷售到單一買家。我們預計交易時間將在下半年。

And to the extent there are multiple buyers, deals may close at different times. We remain comfortable that we'll generate at least 100 basis points of spread this year between our asset sales and new investments. We'll, of course, look to do better than that, but currently, we're maintaining that assumption in our guidance model.

如果有多個買家，交易可能會在不同時間完成。我們仍然有信心，今年我們的資產出售和新投資之間將產生至少 100 個基點的利差。當然，我們會努力做得更好，但目前，我們在指導模型中維持這個假設。

More broadly, we believe our investment spreads are underappreciated by the market, as the narrative is often around going-in cap rates without any discussion of rent growth over the life of the lease. When you combine our ability to partially finance deal activity through European debt, with our sector-leading rent bumps, we continue to feel good about our ability to generate growth through new investments, and we remain focused on putting capital to work this year. Turning now to our perspective on tariffs.

更廣泛地說，我們認為我們的投資利差被市場低估了，因為敘述往往圍繞著進入資本化率，而沒有討論租賃期內的租金增長。當我們透過歐洲債務為交易活動進行部分融資的能力與我們行業領先的租金上漲相結合時，我們繼續對透過新投資實現成長的能力感到滿意，並且我們今年仍將專注於投入資本。現在來談談我們對關稅的看法。

While it's too soon to determine how tariffs could impact our business this year, we would highlight several points. Our portfolio is built to withstand downturns and periods of economic weakness. We focus on investing in large companies, which have greater liquidity and access to capital and are far better equipped to weather economic downturns than smaller companies. Approximately three-fourths of our ABR comes from tenants that generate annual revenues of over $500 million. Beyond critical real estate with strong leases and in cases where tenants business is restructured, we frequently don't see any disruption in rents.

雖然現在判斷關稅將如何影響我們今年的業務還為時過早，但我們要強調幾點。我們的投資組合是為了抵禦經濟衰退和疲軟時期而建立的。我們專注於投資大公司，因為這些公司比小公司擁有更強的流動性和資本獲取管道，更有能力抵禦經濟衰退。我們的 ABR 中約有四分之三來自年收入超過 5 億美元的租戶。除了租約強勁的關鍵房地產以及租戶業務重組的情況外，我們通常不會看到租金出現任何波動。

One of the potential misperceptions about our international portfolio is that it inherently faces greater risks from the direct effects of tariffs compared to a purely US portfolio. But in reality, the majority of our European tenants operate primarily domestically, selling into their local markets rather than exporting to the US, especially in industries like grocery, home improvement and car dealerships, which comprised the bulk of the European tenants in our top 25.

人們對我們的國際投資組合的一個潛在誤解是，與純美國投資組合相比，它本質上面臨關稅直接影響的更大風險。但實際上，我們的大多數歐洲租戶主要在國內經營，向當地市場銷售產品而不是出口到美國，尤其是食品雜貨、家居裝修和汽車經銷等行業，這些行業佔據了我們前 25 名歐洲租戶的大部分。

Industrial and warehouse properties have also been a focal point when considering the impacts of tariffs on the real estate sector, particularly the potential impacts on re-leasing and demand for space. In general, our warehouse tenants are not positioned in major ports or logistics hubs where they might have obvious exposure to international supply chains.

在考慮關稅對房地產行業的影響時，工業和倉庫物業也成為關注焦點，特別是對轉租和空間需求的潛在影響。一般而言，我們的倉庫租戶並非位於主要港口或物流中心，因此他們可能明顯接觸到國際供應鏈。

Because our leases are long, with leases representing just 1.3% of ABR expiring this year and 2.9% next year, the leasing and occupancy pressure that may be flowing through to traditional REITs will not be as impactful on our portfolio. Furthermore, to the extent the onshoring trend continues, we think the value and importance of our industrial portfolio could be enhanced through greater demand for domestic manufacturing capacity. In fact, Recent conversations with tenants have included inquiries and discussions on expansions, indicating that this is becoming more of a focus.

由於我們的租約較長，今年到期的租約僅佔 ABR 的 1.3%，明年到期的租約僅佔 ABR 的 2.9%，因此可能流向傳統房地產投資信託基金的租賃和入住壓力不會對我們的投資組合產生太大影響。此外，只要國內製造業的趨勢持續下去，我們認為，我們的工業組合的價值和重要性可以透過對國內製造能力的更大需求而得到提升。事實上，最近與租戶的對話包括有關擴建的詢問和討論，表明這正成為人們關注的焦點。

The final and perhaps most important point I want to make regarding tariffs is that the current uncertainty over their magnitude and timing does not change the estimated rent loss we've accounted for in our 2025 guidance, which covers a variety of scenarios, including those in which we experienced incremental unexpected credit events this year. So we still feel good about the AFFO growth estimate we've guided to and continue to see the potential to increase it as we gain greater visibility into the remainder of the year.

關於關稅，我想提出的最後一點，也許是最重要的一點是，目前對其幅度和時間的不確定性不會改變我們在 2025 年指導中考慮到的預計租金損失，該指導涵蓋了各種情景，包括我們今年經歷的增量意外信貸事件的情景。因此，我們仍然對我們指導的 AFFO 成長估計感到滿意，並且隨著我們對今年剩餘時間的了解越來越多，我們繼續看到 AFFO 成長的潛力。

Before I hand the call over to Tony, i want to give a brief update on the significant tenets we've been focused on from a credit perspective, namely True Value, which is now Do it Best, Hearthside and Hellweg. To date, the situations with -- Do it Best and Hearthside have played out as we anticipated, which were factored into our initial guidance and covered in our recent business update. Hellweg's status is also largely unchanged since our recent press release. It remains current on rent, although it continues to face a challenging operating environment. including weak German consumer spending and a competitive do-it-yourself industry.

在我將電話交給托尼之前，我想簡要介紹一下我們從信用角度關注的重要原則，即“真實價值”，現在是“做到最好”、“爐邊”和“地獄之門”。到目前為止，Do it Best 和 Hearthside 的情況都符合我們的預期，這些因素已計入我們的初步指導中，並在我們最近的業務更新中有所涉及。自從我們最近發布新聞稿以來，Hellweg 的地位也基本上沒有變化。儘管其繼續面臨充滿挑戰的經營環境，但其租金仍保持在當前水準。包括德國消費者支出疲軟以及DIY產業競爭激烈。

Hellweg continues to work with its key stakeholders, including landlords and lenders to further improve its liquidity and those conversations are ongoing. In the meantime, we're actively reducing our exposure, executing agreements at the end of March to take back 12 stores, representing about one-third of our total exposure, with seven stores terminated by September of this year and another five stores by September of next year.

Hellweg 繼續與其主要利益相關者（包括房東和貸款人）合作，以進一步提高其流動性，而這些對話仍在進行中。同時，我們正在積極減少曝光度，在3月底簽署了收回12家門市的協議，約占我們總曝光度的三分之一，其中7家門市將於今年9月前關閉，另外5家門市將於明年9月前關閉。

We expect to re-tenant most of those stores, achieving rents in line with their existing rents and to sell the rest. In both cases, with limited downtime. Those steps should help improve Hellweg's, while also giving us clear line of sight to moving Hellweg out of our top 10 tenants. Lastly, separate from the 12 stores we're taking back, we recently sold one of the occupied Hellweg store in our portfolio and have an additional three under binding contracts, further reducing our Hellweg exposure in the near term.

我們預計將大部分商店重新出租，實現與現有租金一致的租金，並出售其餘商店。在這兩種情況下，停機時間都是有限的。這些措施應該有助於改善 Hellweg 的狀況，同時也讓我們能夠清楚地將 Hellweg 從我們的前 10 名租戶中剔除。最後，除了我們正在收回的 12 家商店之外，我們最近還出售了我們投資組合中一家已投入使用的 Hellweg 商店，並且還有另外三家商店簽訂了具有約束力的合同，從而進一步減少了我們短期內對 Hellweg 商店的投資。

I'll pause there and hand over to Tony to discuss our results and guidance.

我將在這裡暫停一下，然後交給托尼討論我們的結果和指導。

Thanks, Jason. Starting with earnings, we generated AFFO per share of $1.17 for the first quarter, an increase of 2.6% year over year. Our first quarter results and activity through April reflect a solid start to the year, keeping us on pace and even ahead of our expectations to date. We have reaffirmed our AFFO guidance range of $4.82 to $4.92 per share. As we continue to monitor and navigate current market dynamics, we remain cautiously optimistic that we have a path to exceed the 3.6% growth implied in our guidance.

謝謝，傑森。從收益開始，我們第一季的每股 AFFO 為 1.17 美元，年成長 2.6%。我們第一季的業績和截至四月份的活動反映了今年的良好開端，使我們保持了步伐，甚至超越了迄今為止的預期。我們重申了 AFFO 指導範圍，即每股 4.82 美元至 4.92 美元。隨著我們繼續監測並掌握當前的市場動態，我們仍然謹慎樂觀地認為，我們有能力超越預期的 3.6% 的成長目標。

As Jason noted, we have good momentum on the deal front, and our guidance continues to assume investment volume of between $1 billion and $1.5 billion. During the quarter, we sold nine assets generating total proceeds of $130 million. We continue to expect dispositions for the year to total between $500 million to $1 billion, with a large majority expected to be opportunistic non-core asset sales, including operating self-storage properties.

正如傑森所說，我們在交易方面勢頭良好，我們的指導繼續假設投資額在 10 億美元至 15 億美元之間。本季度，我們出售了 9 項資產，總收益為 1.3 億美元。我們仍預計今年的資產處置總額將在 5 億至 10 億美元之間，其中大部分預計將是機會性非核心資產出售，包括經營自助倉儲物業。

We remain confident in our ability to generate proceeds from these asset sales at cap rates that allow us to accretively fund investment activity even above the high end of our guidance range. Contractual same-store rent growth for the quarter was 2.4% year over year and is expected to remain around that level for the full year.

我們仍然相信，我們有能力從這些資產出售中獲得收益，其資本化率甚至能夠讓我們為指導範圍高端以上的投資活動提供增值資金。本季合約同店租金年增 2.4%，預計全年將維持在該水準左右。

As a reminder, about 50% of our contractual rent increases are tied to CPI, positioning us well as inflation starts to rise as a result of tariffs, although the tailwind to our lease revenues would be more impactful next year and beyond. Comprehensive same-store growth for the quarter was 4.5% year over year, partly benefiting from the rent abatement for Hellweg during last year's first quarter as well as the commencement of ongoing cash rent this year from our warehouse leased to Samsung. Historically, our comprehensive same-store has typically tracked around 100 basis points below contractual. Although based on our current estimates, we're on track to do better than that for the full year.

提醒一下，我們合約租金上漲的約 50% 與 CPI 掛鉤，當通貨膨脹因關稅而開始上升時，這將使我們處於有利地位，儘管明年及以後我們的租賃收入將受到更大的推動。本季綜合同店成長率為 4.5%，部分受惠於去年第一季 Hellweg 的租金減免，以及今年我們租賃給三星的倉庫開始持續收取現金租金。從歷史上看，我們的綜合同店銷售額通常比合約價格低 100 個基點左右。但根據我們目前的估計，我們全年的業績有望更好。

Leasing activity for the quarter comprised 16 renewals or extensions, representing 1.8% of portfolio ABR, which continued to trend positively, recapturing 103% of prior rents while adding 6.2 years of incremental weighted average lease term. Our AFFO guidance continues to include an estimated $15 million to $20 million for potential rent loss from tenant credit events.

本季度的租賃活動包括 16 次續約或延期，佔投資組合 ABR 的 1.8%，繼續呈現積極趨勢，收回了之前 103% 的租金，同時增加了 6.2 年的增量加權平均租賃期限。我們的 AFFO 指導繼續包括因租戶信用事件造成的潛在租金損失估計為 1500 萬至 2000 萬美元。

We currently have visibility into identified rent loss, which is expected to represent about one-third of our total estimate, including downtime on the Hellweg stores we're taking back with the balance of the reserve, reflecting the uncertainty of the current macro environment. We continue to believe that our estimate of potential rent loss will be sufficient and possibly conservative, even if tariffs put pressure on tenants later this year.

我們目前已經了解了已確定的租金損失，預計約佔我們總估計的三分之一，其中包括我們用儲備餘額收回的 Hellweg 商店的停工時間，這反映了當前宏觀環境的不確定性。我們仍然相信，即使今年稍後關稅給租戶帶來壓力，我們對潛在租金損失的估計將是充分的，而且可能是保守的。

Other lease-related income totaled $3.1 million during the first quarter and is expected to increase as the year progresses. Based on current visibility, we continue to expect other lease-related income to total between $20 million and $25 million for the full year, consistent with where it's been in recent years. On the expense side, both G&A and income tax expense tend to run higher in the first quarter due to timing and are expected to resume a steadier run rate beginning in the second quarter. For the full year, we continue to expect these expenses to be in line with our initial guidance expectations as provided in our earnings release.

第一季其他租賃相關收入總計 310 萬美元，預計隨著時間的推移將會增加。根據目前的狀況，我們繼續預計全年其他租賃相關收入總額將在 2000 萬美元至 2500 萬美元之間，與近年來的水平一致。在費用方面，由於時間原因，一般及行政費用和所得稅費用在第一季往往較高，預計從第二季開始將恢復更穩定的運作率。對於全年而言，我們仍然預計這些支出將符合我們在收益報告中提供的初步指導預期。

During the first quarter, operating property NOI totaled $16.6 million comprised of $13.6 million from our portfolio of 78 operating self-storage properties and a total of $3 million from our four remaining hotels and student housing assets. Excluding the impact of expected dispositions, our operating property portfolio would be expected to generate between $70 million and $75 million of operating NOI during 2025.

第一季度，營運物業淨營業收入總計 1,660 萬美元，其中包括來自我們 78 處營運自助倉儲物業組合的 1,360 萬美元，以及來自我們剩餘四處酒店和學生住房資產的總計 300 萬美元。排除預期處置的影響，我們的營運房地產組合預計將在 2025 年產生 7,000 萬至 7,500 萬美元的營運淨利。

However, as previously noted, a significant portion of our dispositions this year are expected to be sales of self-storage operating assets, which our guidance assumes occurs in the second half of the year. As we get more clarity regarding the timing of asset sales, we will update our operating NOI estimates accordingly.

然而，如前所述，我們今年的處置中很大一部分預計將是自助倉儲營運資產的銷售，我們的指導假設這將發生在下半年。隨著我們對資產出售時間的了解越來越清楚，我們將相應地更新我們的營運淨營運收入 (NOI) 估計。

Nonoperating income for the first quarter totaled $7.9 million, comprised of a $2.8 million dividend from our equity stake in Lineage, $2.6 million of interest income and $2.6 million of realized gains on currency hedges. Our guidance assumes the dividend from Lineage is held at its current level for the remainder of the year.

第一季的非營業收入總計 790 萬美元，其中包括來自 Lineage 股權的 280 萬美元股息、260 萬美元的利息收入和 260 萬美元的貨幣對沖已實現收益。我們的指導假設 Lineage 的股息在今年剩餘時間內保持當前水準。

Beginning in the second quarter, interest income will decline to a nominal level, generally less than $1 million per quarter, as we've now fully deployed our excess cash. While foreign currency gains from our hedging program are now expected to be lower given a weaker US dollar, it's important to remember that our European cash flows and therefore, AFFO are positively impacted by a stronger year on pound, offsetting any decline from currency hedging. In total, we currently expect non-operating income in the low to mid-$20 million range for the full year.

從第二季開始，利息收入將下降到名義水平，通常每季不到 100 萬美元，因為我們現在已經完全部署了多餘的現金。雖然由於美元走弱，我們來自對沖計劃的外匯收益預計會降低，但重要的是要記住，我們的歐洲現金流以及 AFFO 受到英鎊走強的積極影響，從而抵消了貨幣對沖帶來的任何下降。總體而言，我們目前預計全年非營業收入將在 2,000 萬美元左右。

Moving now to our balance sheet and leverage. Our balance sheet remains extremely well positioned with ample liquidity and very minimal near-term debt maturities. Following the repayment of the $450 million bond that came due in the first quarter, we fully deployed the excess cash we had on our balance sheet at year-end. We ended the first quarter with liquidity totaling almost $2 billion comprised largely of the availability on our credit facility. Our remaining 2025 debt maturities comprise less than $140 million of mortgage debt and our next bond maturity is not until April 2026.

現在轉到我們的資產負債表和槓桿率。我們的資產負債表仍保持著極佳的狀況，流動性充足，短期債務到期量極少。在償還第一季到期的 4.5 億美元債券後，我們在年底充分利用了資產負債表上的多餘現金。截至第一季末，我們的流動資金總額接近 20 億美元，主要由我們的信貸額度提供。我們剩餘的 2025 年到期債務包括不到 1.4 億美元的抵押貸款債務，我們的下一筆債券要到 2026 年 4 月才到期。

As previously announced, at the end of the first quarter, we refinanced our EUR 500 million term loan, extending its maturity in additional three years to 2029, with an option to extend up to an additional year. In connection with this refinancing, we executed an interest rate swap, locking in an attractive all-in rate of 2.8% through the end of 2027, which further demonstrates the advantages of having access to euro-denominated debt and multiple pools of capital.

正如先前宣布的那樣，在第一季末，我們為 5 億歐元的定期貸款進行了再融資，將其期限延長三年至 2029 年，並可選擇延長最多一年。結合此次再融資，我們進行了利率互換，將截至 2027 年底的全包利率鎖定在 2.8% 的誘人水平，這進一步體現了獲得歐元計價債務和多個資金池的優勢。

Our overall weighted average cost of debt for the first quarter remained low at 3.2%, and is currently expected to stay around that level for the remainder of the year, supported by the excellent execution we achieved on our term loan. We ended the quarter with our key leverage metrics well within our target ranges, with debt-to-gross assets of 41% and net debt to adjusted EBITDA at 5.8 times. The strength of our balance sheet, combined with our ability to generate proceeds from non-core asset sales, leaves us very well positioned to accretively fund our acquisition volume this year without the need to raise equity capital.

我們第一季的整體加權平均債務成本仍保持在 3.2% 的低位，目前預計今年剩餘時間內將保持在該水平左右，這得益於我們定期貸款的出色執行。本季結束時，我們主要的槓桿指標遠超目標範圍，負債與總資產之比為 41%，淨負債與調整後 EBITDA 比率為 5.8 倍。我們資產負債表的強勁，加上我們透過出售非核心資產獲得收益的能力，使得我們完全有能力為今年的收購量提供增值資金，而無需籌集股本。

On an administrative note, we expect to file a registration statement this week, updating our existing shelf registration upon its expiration in May, which will include the renewal of our existing ATM program. Lastly, during the first quarter, we declared a dividend of $0.89 per share, with $3.56 annualized, representing a 2.9% increase over the prior year. Our dividend is very well covered by our AFFO per share with an expected annual payout ratio of 73%.

從行政角度來說，我們預計將於本週提交一份註冊聲明，在 5 月到期後更新我們現有的擱置註冊，其中將包括續簽我們現有的 ATM 計劃。最後，在第一季度，我們宣布每股股息為 0.89 美元，年化股息為 3.56 美元，比上一年增長 2.9%。我們的股息完全由每股 AFFO 覆蓋，預期年股息率為 73%。

And with that, I'll hand the call back to Jason.

說完這些，我就把電話交還給傑森。

Thanks, Toni. In conclusion, we feel very good about how we've started the year and the progress we're making towards executing plans outlined in our previous call. We're tracking slightly ahead of the initial expectations we provided on investments, and we're actively working on the non-core dispositions we highlighted. So we continue to have confidence in accretively funding investments through the high end of our guidance without needing to access the equity markets. Although there are still a range of potential scenarios that could play out with tariffs.

謝謝，托尼。總而言之，我們對今年的開局以及在執行上次電話會議中概述的計劃方面取得的進展感到非常滿意。我們的投資追蹤結果略高於我們最初給出的投資預期，我們正在積極致力於我們強調的非核心配置。因此，我們仍然有信心透過我們的指導高端來增加投資資金，而無需進入股票市場。儘管關稅仍有一系列可能產生的潛在後果。

In most scenarios, we believe we have already accounted for this uncertainty in our initial guidance. We are very comfortable affirming our growth expectations, and we see the potential to raise guidance from here as we gain greater visibility into how tariffs, tenant credit and the transaction environment are playing out for the year.

在大多數情況下，我們認為我們已經在初步指導中考慮到了這種不確定性。我們非常樂意確認我們的成長預期，並且隨著我們對今年關稅、租戶信貸和交易環境的走勢有了更深入的了解，我們看到了從這裡提高指導的潛力。

That concludes our prepared remarks. So I'll hand the call back to the operator to take questions.

我們的準備好的演講到此結束。因此，我會將電話轉回給接線員來回答問題。

(Operator Instructions) Greg McGinniss, Scotiabank.

（操作員指示）加拿大豐業銀行的 Greg McGinniss。

Jason, you know that there's several hundred million dollars of deals in the pipeline. Could you just provide some details on cap rates, retail industrial split and US Europe split on that?

傑森，你知道有幾億美元的交易正在進行中。您能否提供一些有關資本化率、零售工業分部和美國歐洲分部的詳細情況？

Yes, sure. So like always, our cap rates, spread across a range and sometimes that's a relatively wide range depending on a number of factors. We're still currently targeting deals in the sevens on average, and we'll probably guide towards mid-sevens, which is where we ended last year. So it's where we were in the first quarter, and it's roughly where our price -- our current pipeline is priced as well. So that's -- and I would say that's generally the same across the US and Europe.

是的，當然。因此，與往常一樣，我們的資本化率分佈在一個範圍內，有時這個範圍相對較寬，取決於多種因素。我們目前仍以平均 7 筆交易為目標，我們可能會瞄準 7 筆中段，也就是我們去年結束的水平。這是我們第一季的水平，也大致是我們目前管道的定價。所以 — — 我想說，美國和歐洲的情況基本上相同。

Obviously, Europe you can have even a wider range of cap rates depending on countries. But generally speaking, I think that they're relatively consistent within that range, and when you think about Europe, obviously, we have a much lower cost of debt in Europe, we're probably 150 to 175 basis points inside of where we could borrow in US dollars. So we're seeing some pretty interesting spreads in Europe.

顯然，在歐洲，根據不同國家，資本化率的範圍可以更大。但總體來說，我認為它們在這個範圍內相對一致，當你想到歐洲時，顯然，我們在歐洲的債務成本要低得多，我們可能在可以藉入美元的範圍內有 150 到 175 個基點。因此，我們看到歐洲出現了一些非常有趣的傳播現象。

In terms of pipeline, I think deals to date were largely weighted towards North America, but the pipeline, I would say, is maybe 50-50, maybe a little bit more weighted towards Europe. So we're starting to see activity levels pick up a little bit more there. And I think in terms of property type, it's maybe consistent with how we've allocated historically. It's going to be mostly industrial and warehouse, especially year-to-date. The retail side is a little bit light right now. But I would expect that to pick up some as the year ago. So pretty typical year, much of the deals are say a leasebacks, which is typically a theme for us. So no surprises there.

就通路而言，我認為迄今為止的交易主要集中在北美，但我想說，通路的比例可能是 50-50，也許更側重於歐洲。因此，我們開始看到那裡的活動水平有所回升。我認為就財產類型而言，它可能與我們歷史上的分配方式一致。它將主要用於工業和倉庫，尤其是今年迄今為止。目前零售方面有點清淡。但我預計這一數字會比去年同期有所回升。因此，在相當典型的一年裡，許多交易都是回租，這通常是我們的主題。所以這並不奇怪。

Okay. And on the dispositions, which are helping to fund the acquisitions. Just to make sure I understood correctly. So it's 100 basis points under the acquisition cap rate? Is that right?

好的。並且透過處置來幫助資助收購。只是為了確保我理解正確。那麼它比收購上限率低 100 個基點嗎？是嗎？

Yes, that's roughly where we're estimating right now and kind of built into our guidance model. We hope to do better than that. That's probably a good number to use right now based on term visibility.

是的，這大致就是我們現在的估計，並且已經融入我們的指導模型中。我們希望做得更好。根據術語可見性，這可能是目前可以使用的好數字。

Smedes Rose, Citi.

花旗銀行的斯梅德斯‧羅斯 (Smedes Rose)。

I just wanted to ask you, you sort of indicated that it seems like a reasonable chance that you'll be able to get on a path of acquisitions above the high end of your current outlook. In order -- if that happens in order to fund that, would you look to potentially sell more of the self-storage operating assets? Or I guess, maybe just sort of thoughts in general about funding anything above what's currently in guidance?

我只是想問你一下，你似乎表示，你能夠走上一條超出你目前預期高端的收購之路，這似乎是一個合理的機會。為了—如果為了籌集資金，您是否會考慮出售更多自助倉儲營運資產？或者我猜，也許只是對資助任何超出目前指導範圍的項目的一般想法？

Yes, sure. I mean we've talked about this before. I think that our kind of range of disposition, possibilities can include funding that would take us at 2% or maybe even through the top end of our investment guidance. So I think we have lots of flexibility there on how we think about that. I think that even if we go beyond that, I think that we have the ability to lean into storage even more, if we talk about the amount of stores we're selling right now that's kind of baked at the midpoint. It's about half of our portfolio.

是的，當然。我的意思是我們之前已經討論過這個問題了。我認為，我們的處置範圍和可能性可以包括為我們帶來 2% 甚至可能達到我們投資指導最高水準的融資。所以我認為我們在思考這個問題上有很大彈性。我認為，即使我們超越了這一點，我們也有能力更加依賴存儲，如果我們談論我們現在銷售的商店數量，那是一種處於中間點的數量。這大約占我們投資組合的一半。

So we certainly can look at more storage, we also have other longer-term sources of capital such as the Lineage. Equity stake although we wouldn't expect that to be available to us anytime soon, maybe more near term would be the construction loan in Las Vegas. That's about $250 million, $260 million. And obviously, we have a fair amount of free cash flow as well. So I think we're comfortable to continue to fund deals without the need to be in the equity markets through this year, even if we continue to outperform on the investment side.

因此，我們當然可以考慮更多的存儲，我們還有其他長期資本來源，例如 Lineage。儘管我們預計短期內無法獲得股權，但近期可以獲得的可能是拉斯維加斯的建設貸款。這大約是 2.5 億美元、2.6 億美元。顯然，我們也有相當數量的自由現金流。因此，我認為，即使我們在投資方面繼續表現出色，我們今年也願意繼續為交易提供資金，而不需要進入股票市場。

And I just wanted to ask you, you provided a comprehensive outlook on reducing overall exposure to Hellweg. It's about 18 months, I guess, in terms of to completion. If you need to, is that something that where you can accelerate if things go south more quickly for Hellweg relative to maybe your expectations? Or just kind of what's the flexibility there, I guess?

我只是想問您，您對減少對 Hellweg 的整體曝光度提供了全面的展望。我猜，就完成而言，大約需要 18 個月。如果需要的話，如果 Hellweg 的情況比您預期的更快惡化，您是否可以加速這一進程？或者我猜那裡的靈活性是什麼？

Yes, sure. Brooks, do you want to take that?

是的，當然。布魯克斯，你想接受這個嗎？

Sure. Yes. So as you described, we've got a clear path to reduce that exposure over this year and into next year. I'd expect that to be cut roughly in half over that time frame. So we will evaluate a few other dispositions. Bigger picture, as we've said on previous calls, we're well advanced in any potential contingencies as well.

當然。是的。正如您所描述的，我們已經找到了明確的途徑來減少今年和明年的風險敞口。我預計在這段時間內這個數字將減少約一半。因此我們將評估其他一些處置方式。從更大的角度來看，正如我們在先前的電話會議中所說的那樣，我們在任何潛在的突發事件方面也取得了很大進展。

So to the extent we have a path to take back more stores, we have demand for those stores at rents in line with the existing. There would be some downtime as we discussed, and Toni mentioned but that's fully contemplated in our guidance and our credit loss reserve. So there are other levers we can pull, and we'll continue to evaluate those. But as is, we have a good path, and we're executing on that path to reduce that exposure proactively.

因此，只要我們有辦法收回更多商店，我們對這些商店的租金需求就會與現有水準一致。正如我們所討論的，托尼也提到，會有一些停機時間，但這已充分考慮到我們的指導和信用損失準備金中。因此，我們也可以採取其他措施，並將繼續評估這些措施。但事實上，我們有一條正確的道路，我們正在沿著這條道路前進，主動減少這種風險。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

You have exposure both the US and Canada. And I know you've talked a lot about the tariffs or US and Europe, and you talked a lot about tariffs on the call today. So maybe can you just talk about maybe the difference in some of your exposure in the US, in Europe, and how tariffs could maybe lead this time? Is that a bigger tailwind for your Europe exposure? Was that a greater headwind? I'm just trying to understand the portfolio and how it will -- how your tenants are functioning in this kind of post-tariff world?

您在美國和加拿大都有曝光。我知道您談了很多有關美國和歐洲的關稅問題，您在今天的電話會議上也談了很多有關關稅的問題。那麼，您能否談談您在美國和歐洲的業務有何不同，以及這次關稅可能帶來的影響？這對您在歐洲的業務來說是一個更大的推動力嗎？那是不是逆風更大了？我只是想了解投資組合以及它將如何運作——你的租戶在這種後關稅世界中如何運作？

Yes, sure. Europe is not a headwind. I think that's for sure. We've heard some of the commentary around that may create more risk within our portfolio. But I mentioned this earlier, the majority maybe even the vast majority of our European tenants primarily operate domestically. So they're selling into their local markets. They're not exporting to the US and they're really not dependent on imports from the US as well.

是的，當然。歐洲並不是逆風。我認為這是肯定的。我們聽到一些評論，這可能會為我們的投資組合帶來更多風險。但我之前提到過，我們的大多數甚至絕大多數歐洲租戶都主要在國內經營。所以他們把產品銷往當地市場。他們沒有向美國出口，而且他們實際上也不依賴從美國的進口。

So these are industries like grocery and DIY and car dealerships, so they can comprise the bulk of our Europe tenants. Could it be a tailwind? Hard to say. I think, generally speaking, we like our European portfolio, but it's somewhat insulated and maybe isolated from what's happening here in the US.

這些行業包括雜貨店、DIY 和汽車經銷店，因此它們構成了我們歐洲租戶的大部分。這可能是順風嗎？很難說。我認為，總體而言，我們喜歡我們的歐洲投資組合，但它在某種程度上與美國的情況隔絕，甚至可能不會受到太大影響。

Got it. And then just I know you've talked about the three big names on the watch list. But has there been any notable additions or removals from the list? I know these are three that have come up kind of came up pretty quickly. So I just kind of -- have you seen any impact from tariffs or tenant credit issues from the tariff? Anything that you're monitoring in particular?

知道了。然後我知道您談到了觀察名單上的三個大人物。但名單上有什麼值得注意的增加或刪除嗎？我知道這三個出現得相當快。所以我只是有點——您是否看到關稅或關稅對租戶信用問題產生任何影響？您特別關注什麼嗎？

Yes. I mean, broadly speaking on the portfolio side, while tariffs, of course, are creating a lot of uncertainty, and we're hearing companies talking about tightening expenses and maybe pushing decision-making back on new capital spending, but we haven't seen any direct impacts based on tariffs and the performance of our portfolio. In terms of maybe kind of broader look at that watchlist, Brooks, I don't know if you have a comment on that?

是的。我的意思是，從投資組合方面來看，雖然關稅當然會造成很多不確定性，而且我們聽到公司談論縮減開支，甚至可能推遲新資本支出的決策，但我們還沒有看到關稅對我們投資組合表現的任何直接影響。布魯克斯，就更廣泛地看待該觀察名單而言，我不知道您對此有何評論？

I think to reiterate, it's really best to think about it in the context of our guided credit loss reserve. We think that's the best tool to really model credit risk. That said, the watch list has come down substantially because two of the big tenants came off. So Do it Best and Hearthside. But again, we want to really focus on that credit loss reserve guidance.

我想重申一下，最好在我們的指導性信用損失準備金背景下考慮這個問題。我們認為這是真正模擬信用風險的最佳工具。儘管如此，由於兩大租戶的退出，觀察名單已大幅減少。所以 Do it Best 和 Hearthside 也是如此。但再次強調，我們真正想關注的是信用損失準備金指引。

Jana Galan, Bank of America.

美國銀行的 Jana Galan。

Maybe going back to that question for Toni and Brooks. I appreciate the detailed guidance assumption, but that $15 million to $20 million of potential rent loss in the guidance. Does that also account for the expenses on vacant assets? And what do you assume for repositioning capital? Or will most of these assets potentially be sold?

也許可以回到托尼和布魯克斯的問題。我很欣賞詳細的指導假設，但指導中提到了 1500 萬至 2000 萬美元的潛在租金損失。這是否也考慮了空置資產的費用？您對重新定位資本有何設想？或者這些資產中的大部分有可能會被出售嗎？

Toni, do you want to start maybe Brooks can talk about the second half?

東尼，你想開始嗎？布魯克斯可以談談下半場？

Yes. I think in terms of the credit loss, the numbers that we're providing are really on top line revenue, but I would say there is a factor built into our property expense assumption that takes into account some downtime there as well. So that's been factored in. It's just separate from the range that we provided on the $15 million to $20 million.

是的。我認為，就信貸損失而言，我們提供的數字實際上是營業收入，但我想說，我們的財產費用假設中也考慮到了一些停工期。所以這已經被考慮在內。這只是與我們提供的 1500 萬美元至 2000 萬美元的範圍不同而已。

And yes, just to add, downtime again, as Toni mentioned, is baked into our analysis. It will be pretty moderate. And capital expenditures, kind of TBD per store, they're not very capital intensive. These will be paving work and some facade cosmetics. So not huge capital expenditure amounts associated with the repositioning that tenant will perform their own fit-out.

是的，需要補充的是，正如托尼所提到的，停機時間已納入我們的分析中。這將是相當溫和的。而資本支出，每個商店都有待確定，它們並不是資本密集的。這些將是鋪路工程和一些外牆裝飾。因此，與重新定位相關的資本支出金額並不大，租戶將自行進行裝修。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Just wondering, I think there was a little bit of occupancy slippage from 4Q to 1Q, and it seemed like you kind of addressed a lot of the credit items, and it didn't seem to be related to that. Just wondering what drove that?

只是想知道，我認為從第四季度到第一季入住率略有下滑，而且您似乎解決了很多信用項目，但這似乎與此無關。只是想知道是什麼導致了這種情況？

Yes, the occupancy slipped a little. There was some removals from the vacancy list and a couple of adds, really driven by two European warehouses where we did partial renewals with the tenant, where they say about 70% of the two buildings. And so we're seeking to backfill those. So that was really the net add. We have active transactions on the large majority of the existing vacancies, so we expect to chip away at that pretty efficiently over the course of the year.

是的，入住率略有下降。空置名單上有一些被刪除，但也有一些被添加，這主要是因為我們與兩座歐洲倉庫的租戶進行了部分續約，據說這兩座建築的續約率約為 70%。因此，我們正在尋求填補這些空缺。所以這確實是淨增值。我們對絕大多數現有空缺職位都有活躍的交易，因此我們預計在今年內能夠相當有效地解決這一問題。

Okay. And just on that note if we look out, I guess, maybe next 18 months or through '26, like is there much in the way of like known vacates to think about just outside of like sort of watch list credit matters? Just known vacates.

好的。就這一點而言，如果我們展望未來 18 個月或到 26 年，除了關註名單上的信貸問題之外，是否還有很多已知的空缺需要考慮？剛知道騰空。

Yes. So I think, first of all, it's important to note that the overall scale of lease expirations over the next several years is quite small. So that's kind of the big picture. We have one warehouse -- parent warehouse properties in Europe in July that we expect a non-renewal on. That's about 50 bps of ABR, so in the back half of the year. That's fully embedded in our guidance, and we don't -- the guidance does not contemplate any lease up this year on those buildings. But we're actively marketing them and expect to lease them up down the road. But to be clear, it's not -- lease-up is not included in the guidance.

是的。因此我認為，首先需要注意的是，未來幾年租約到期的整體規模相當小。這就是總體情況。我們在歐洲擁有一個倉庫——母倉庫物業，我們預計七月不會續約。這大約是 ABR 的 50 bps，也就是在下半年。這完全包含在我們的指導中，我們並沒有——指導並未考慮今年對這些建築物進行任何租賃。但我們正在積極推銷它們，並希望將來能夠將它們出租出去。但需要明確的是，租賃並未包含在指導中。

Okay. And if I could just sneak one more in. On the self-storage operating assets, is there much appetite to do more net leases there? Or is it just more accretive to do sales and reinvest at this point?

好的。如果我能再偷偷溜進去一個就好了。對於自助倉儲營運資產，是否有很大興趣進行更多的淨租賃？或者此時進行銷售並再投資是否更能帶來增值？

Yes. I think we still have the flexibility. I mean, last year, we leaned into some of the conversions there. This year, we think that sales are the best way to fund new investments, especially given the spread we can generate between what we're selling and what we're buying. But yes, I think that for the other half of the portfolio that's not being marketed right now, I think there's flexibility there and we'll have to continue to evaluate what we want to do. And it doesn't have to be all of one or the other, and we could sell some more, and we can convert some more as well. So I think it will depend on the situation at the time.

是的。我認為我們仍然具有靈活性。我的意思是，去年，我們傾向於那裡的一些轉換。今年，我們認為銷售是資助新投資的最佳方式，特別是考慮到我們可以在銷售和購買之間產生的差價。但是的，我認為對於目前尚未行銷的另一半投資組合，我認為那裡有靈活性，我們必須繼續評估我們想要做什麼。而且不必全部都是其中之一，我們可以賣更多，也可以轉換更多。所以我認為這將取決於當時的情況。

Spenser Glimcher, Green Street Advisors.

斯賓塞‧格里姆徹 (Spenser Glimcher)，Green Street Advisors 公司。

Just as it relates to the capital projects in progress, is there any concern on input costs or do you guys have pricing agreements in place?

正如它與正在進行的資本項目有關一樣，是否存在對投入成本的擔憂，或者你們是否有定價協議？

Brooks, do you want to take that?

布魯克斯，你想接受這個嗎？

Yes. So the vast majority of our capital investments are really subject to guaranteed contracts. And where we do take any cost exposure, we build in very large buffers to that. So it's something we're certainly cognizant of, but the vast majority of our capital deployment is subject to guaranteed max price contracts.

是的。因此，我們的絕大部分資本投資實際上都受到擔保合約的約束。當我們確實承擔任何成本風險時，我們都會建立非常大的緩衝。所以我們當然意識到了這一點，但我們的絕大部分資本部署都受到保證最高價格合約的約束。

Great. And then on the labor side, has there been any disruption to date or any concern there at all?

偉大的。那麼在勞動力方面，到目前為止是否出現任何混亂或擔憂？

Not that we've seen.

據我們所知還沒有。

Okay, great. And then just maybe one broader one. I was just hoping maybe you guys provide some additional color just on the makeup and breadth of competition in both the US and Europe. I know you mentioned, obviously, the lending environment tightened. It's going to help keep PE and debt capital on the sidelines. But just curious how active you've seen debt capital players essentially been year-to-date?

好的，太好了。然後也許還有一個更廣泛的。我只是希望你們能為美國和歐洲的競爭格局和廣度提供一些額外的資訊。我知道您提到，貸款環境顯然收緊了。這將有助於讓 PE 和債務資本保持觀望態度。但我只是好奇，您看到債務資本參與者今年迄今為止的活躍程度如何？

Yes. I think the net lease market has always been competitive and especially in the US, I think, over the past year or so, we've seen a bit of a pickup with some new private equity entrants, including some that are non-traded platforms. And as you mentioned, it's hard to predict how impactful it will be especially right now given that many of them will be focused on using higher leverage and that's gotten more expensive and maybe a little less reliable in the current environment, and as an all-cash buyer, that puts us at a pretty good advantage.

是的。我認為淨租賃市場一直競爭激烈，特別是在美國，我認為在過去一年左右的時間裡，我們看到一些新的私募股權進入者（包括一些非交易平台）的出現。正如您所提到的，很難預測它會產生多大的影響，尤其是現在，因為他們中的許多人將專注於使用更高的槓桿，而在當前環境下，這變得更加昂貴，可能也更加不可靠，而作為全現金買家，這讓我們處於相當有利的地位。

So I think it's incremental to the competition. We've seen that historically. People come and go, specific asset managers when they may see an opportunity to add to Europe has always been less competitive, and I think that's still the case. There's really no one, new popping up there that's making any impact.

所以我認為這對競爭來說是有增量作用的。我們在歷史上已經看到過這種情況。人們來來去去，特定的資產管理者在看到機會時可能會加入到一直以來競爭力較弱的歐洲，我認為情況仍然如此。確實沒有任何新事物出現並產生影響。

Jim Kammert, Evercore ISI.

吉姆·卡默特（Jim Kammert），Evercore ISI。

Given that you do so many sale-leasebacks, create your own lease, et cetera. In your discussions of late, have you been able to detect any ability to shift sort of the annual escalator in your negotiations upward or downward, Curious what the sellers and PE owners today are thinking about inflation and how that might impact? In the organic growth you can extract on the sale leasebacks.

鑑於您進行瞭如此多的售後回租，請創建您自己的租約，等等。在您最近的討論中，您是否能夠察覺到任何能夠將談判中的年度自動扶梯向上或向下調整的能力，好奇當今的賣家和 PE 所有者對通貨膨脹有何看法以及通貨膨脹可能產生什麼影響？在有機成長中，您可以從售後回租中提取收益。

Yes, sure. I mean since the spike in inflation a couple of years back and really in both markets, but it's been more impactful to the US I would say it's gotten a little more difficult to get those escalators into our US leases. We still get them in Europe. It's more customary in Europe to have rent increases indexed to inflation. Right now, it's probably half of our pipeline, which mainly correlates to the European assets in our pipeline.

是的，當然。我的意思是，自從幾年前通貨膨脹飆升以來，實際上兩個市場都是如此，但對美國的影響更大，我想說，將這些自動扶梯納入我們的美國租約已經變得更加困難了。我們在歐洲仍能買到它們。在歐洲，租金上漲與通貨膨脹掛鉤更為常見。目前，它可能占我們管道的一半，主要與我們管道中的歐洲資產相關。

But to your question, where we're not getting CPI-linked increases, let's say, in the US, we have been able to push through higher fixed increases. I think historically, we've probably been in and around the 2% range if you look back over the prior 10, even 20 years. But more recently, it's been kind of in the mid- to high 2s on average, which many of our deals, even north of 3%.

但對於你的問題，在沒有與消費者物價指數掛鉤的成長的情況下，例如在美國，我們已經能夠推動更高的固定成長。我認為，從歷史上看，如果回顧過去 10 年甚至 20 年，我們的成長率可能一直在 2% 左右。但最近，平均水平已經處於 2% 左右的中高水平，我們的許多交易甚至超過了 3%。

So I think our average year-to-date right now, the fixed bumps are 2.8%. So yes, I think the answer to your question is we have been able to continue to push through on the fixed bumps within the leasing. A lot of that is market specific. I mean we want to do our best to have our bumps track what we think market expectations are long term, and we're seeing some of that.

所以我認為我們今年迄今的平均固定漲幅為 2.8%。是的，我認為你問題的答案是，我們已經能夠繼續解決租賃過程中遇到的固定障礙。其中很多都是特定於市場的。我的意思是，我們希望盡最大努力讓我們的成長追蹤我們認為的市場長期預期，我們已經看到了其中的一些。

Eric Borden, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Eric Borden。

I appreciate your comments around no direct impacts as it relates to tariffs. But there may or may not be some tangential impact. So I was just curious if there's any tenants or any sectors or geographies that you're watching more closely as it relates to additional pressures?

我很感謝您關於關稅沒有直接影響的評論。但可能會或可能不會產生一些間接影響。所以我只是好奇，是否有任何租戶或任何行業或地區讓您密切關注，因為它與額外​​的壓力有關？

Yes. Maybe I'll have Brooks kind of weighing that a little bit, but it's probably worth noting that we did add to our disclosure in our IR deck, some new disclosure that breaks out our property types and tenant industries by region. So you can see a little bit more detail and again, we added, by property type and region. So i don't know Brooks, if there's anything broad you want to touch upon there?

是的。也許我會讓布魯克斯稍微權衡一下，但可能值得注意的是，我們確實在 IR 平台中增加了一些新的披露，按地區列出了我們的房產類型和租戶行業。因此，您可以看到更多詳細信息，並且我們再次添加了按屬性類型和地區劃分的信息。所以我不知道布魯克斯，您是否想就此談及一些廣泛的事情？

Not anything incredibly subtle. I mean we've taken the time to look at all of the industries. And as Jason mentioned, we've added some disclosure around that, so you can do the same. And we evaluated all the tenants within those and kind of characterize each of those industries in terms of our view of whether it's a direct impact and indirect impact or really more of just a broader economic sensitivity if there's a slowdown more broadly.

沒有什麼特別微妙的事情。我的意思是我們花時間研究了所有的行業。正如 Jason 所提到的，我們對此進行了一些披露，因此您也可以這樣做。我們評估了其中的所有租戶，並根據我們對這些行業的看法對每個行業進行了描述，即如果出現更廣泛的經濟放緩，這是否會產生直接影響和間接影響，或者實際上只是更廣泛的經濟敏感性。

The ones that are intuitive are the ones that we're certainly focused on paying close attention to ones with big global supply chains. But I think we feel quite good that our specific investments are with big tenants where our facilities serve the regional market. We have tenants that are very, very important to their industries. And so we're focused on them, but I think we're comfortable with them.

我們肯定會專注於那些直覺的、擁有大型全球供應鏈的。但我認為，我們感覺很好，我們的具體投資是針對大租戶，我們的設施服務於區域市場。我們的租戶對他們的行業來說非常非常重要。所以我們專注於它們，但我認為我們對它們感到滿意。

Certainly, on the other end of the spectrum, we've got ample exposure to industries that we think will fare quite well, whether that's food retail or services like self-storage or gyms or education. So look, it's a big diverse portfolio, there'll certainly be impacts if tariffs are high and persistent. That's not clear right now. So we're paying close attention, and I think we feel comfortable with our exposure and looking to mine for opportunities as well. especially in conversations with management teams, over time, we're going to be able to help them adapt and that's what we're good at.

當然，另一方面，我們也對那些我們認為會表現良好的行業進行了充分的投資，無論是食品零售還是自助倉儲、健身房或教育等服務。所以看，這是一個龐大而多樣化的投資組合，如果關稅高且持續存在，肯定會產生影響。目前還不清楚。因此，我們密切關注，我認為我們對自己的曝光感到滿意，並且也在尋找機會。特別是在與管理團隊的對話中，隨著時間的推移，我們將能夠幫助他們適應，而這正是我們擅長的。

I appreciate that. And then more of a bigger picture question. We understand that you have a dearth of capital without having to issue equity, and that may even lead to hitting your above investment target for the year. But on the other side, your equity shares have performed well year-to-date, and your implied cap rate is below your investment spread target. So just curious, how are you thinking about issuing equity maybe in later '25 or '26, if acquisitions do continue to ramp and the market is -- continues to hold?

我很感激。然後是一個更大的問題。我們瞭解，如果您不發行股票，您的資金就會短缺，而這甚至可能使您無法達到今年的上述投資目標。但另一方面，您的股票今年迄今表現良好，且隱含資本化率低於投資利差目標。所以我很好奇，如果收購繼續增加並且市場繼續保持穩定，您如何考慮在 25 年或 26 年後期發行股票？

Yes. Look, I mean, that's a good question for us to get, especially since we have had a good start to the year in terms of equity. But I think generally speaking, we can consider getting back into the equity markets if we see some more momentum. But the reality is we don't need to. We have a plan to fund our deals through this year.

是的。聽著，我的意思是，這對我們來說是一個很好的問題，特別是因為我們今年在公平性方面已經有了一個好的開始。但我認為一般來說，如果我們看到更多的勢頭，我們可以考慮重返股票市場。但事實上我們不需要這麼做。我們有一個計劃來為今年的交易提供資金。

Even if our investments are the top end or even above the top end of our range, we feel comfortable there. So I think it's purely opportunistic. We'll keep on monitoring what the best sources of capital are and at some point in time, certainly equity will be one of those. But right now, I think we're more focused on the non-core asset sales.

即使我們的投資處於最高水平，甚至高於我們的投資範圍的最高水平，我們仍然感到很舒服。所以我認為這純粹是機會主義。我們將繼續關注最佳的資本來源，在某個時間點，股權肯定會是其中之一。但現在，我認為我們更關注非核心資產的出售。

(Operator Instructions) John Kilichowski, Wells Fargo.

（操作員指示） 富國銀行的 John Kilichowski。

Jason, earlier, you referred to that property-type diversification page, where you broke out industrial warehouse, thank you for that. And earlier, you touched on how Europe, you felt like your exposure in those categories was very levered towards the domestic side. I'm curious for your United States exposure, do you feel like you have a good idea of what portion of those are domestic versus international weighted in terms of their supply chains?

傑森，之前，您提到了那個物業類型多樣化頁面，您在其中列出了工業倉庫，謝謝您。之前，您提到了歐洲，您覺得您在這些類別中的曝光度很大程度上偏向於國內方面。我很好奇你們在美國的曝光度，你們是否清楚，就其供應鏈而言，國內和國際佔比各佔多少？

Brooks, do you have any comments on that? You might be on mute, Brooks.

布魯克斯，您對此有何評論？你可能靜音了，布魯克斯。

Not specific changes in some of the observations we've made so far on the call today. I think important to note that across all our property types, the vast majority of what our tenants do, even if they're global companies is regionally focused. There is much less, for example, pork-dependent trade type investments that we make. So that's really not our bread and butter.

我們在今天的電話會議上所做的一些觀察並沒有具體的變化。我認為值得注意的是，在我們所有的物業類型中，我們的租戶所做的絕大多數事情，即使他們是全球性公司，都是以區域為重點的。例如，我們進行的依賴豬肉的貿易類型的投資要少得多。所以這確實不是我們的生計。

So while I don't have a specific percentage for you, I think where we've got some comfort is, number one, in the criticality of the buildings and that these buildings are serving businesses that are regionally focused. They're not generally speaking completely tied to kind of international trade dynamics. So there certainly will be some of that -- but I think that the vast majority are very much focused on our local markets.

因此，雖然我沒有提供具體的百分比，但我認為，讓我們感到欣慰的是，首先，這些建築的重要性在於它們服務於以區域為重點的企業。一般來說，它們並不完全與國際貿易動態掛鉤。所以肯定會有一些這樣的情況——但我認為絕大多數都非常關注我們的本地市場。

Okay. And then on your credit loss assumption, and apologies if you said this earlier, have you given what percentage is Hellweg versus your kind of unknown buffer piece?

好的。然後，根據您的信用損失假設，如果您之前說過這一點，請原諒，您是否給出了 Hellweg 與您的未知緩衝部分的百分比？

No. Well, I think I can reiterate here, as we sit here today, we had line of sight to about one-third of the total reserve that's identified rent loss and included in that is the downtime on the Hellweg assets we expect to take back this year that Jason referenced in his comments. So that's part of the kind of the $6 million to $7 million or so of identified rent loss.

不。好吧，我想我可以在這裡重申一下，今天我們坐在這裡，我們看到了總儲備金的約三分之一，即已確定的租金損失，其中包括我們預計今年將收回的 Hellweg 資產的停工時間，正如 Jason 在他的評論中提到的那樣。所以這是已確定的 600 萬至 700 萬美元左右的租金損失的一部分。

And then there's another two-thirds of the reserve that's out there for anything generally broadly across the portfolio. So nothing specific for Hellweg in there. But I think we presume that, that two-thirds of unidentified would be sufficient to cover a number of scenarios and different outcomes around Hellwig over the balance of the year.

另外還有三分之二的儲備金可用於整個投資組合的廣泛用途。因此其中沒有關於 Hellweg 的具體內容。但我認為，我們推測，三分之二的未確定的線索足以涵蓋今年餘下時間圍繞 Hellwig 的多種情景和不同結果。

Okay. And then last one for me. Just -- it looks like there may have been a straight line write-down in the quarter. Anything to note there?

好的。這是我的最後一個。只是——看起來本季可能出現了直線減記。有什麼需要注意的嗎？

No, nothing notable there. I think we had a couple of accelerations of intangibles, probably the Joan's tenant that vacated through the first quarter. So we did see a little bit of acceleration there, but nothing really notable.

不，沒有什麼值得注意的。我認為我們有幾次無形資產的加速成長，可能是瓊的租戶在第一季搬離了。因此，我們確實看到了一點加速，但沒有什麼特別明顯的。

Jason Wayne, Barclays.

巴克萊銀行的傑森韋恩。

The same-store growth in Europe came down sequentially last quarter. I noticed there was a change in the same-store pool there. Just wondering what those changes were on a same-store growth was lower due to a change in property type? Lease escalator mix at all or extracting that.

上個季度，歐洲同店銷售額成長季減。我注意到那裡的同店池發生了變化。只是想知道由於物業類型的變化導致同店增長率下降的原因是什麼？租賃自動扶梯組合或提取該組合。

Toni, do you have a view on that?

東尼，你對此有什麼看法？

Looking at the total here. I mean, I don't think there's anything specific that stands out. I think on a year-over-year same store I highlighted here on the European side, we're seeing the impact of Hellwig, that's benefiting kind of on the quarter. On the contractual side, I think it's really just CPI coming down.

查看這裡的總數。我的意思是，我不認為有什麼特別突出的事情。我認為，從我在歐洲強調的同比同一家店來看，我們看到了 Hellwig 的影響，這對本季有利。從合約方面來看，我認為這實際上只是 CPI 下降。

So we're seeing our leases bump in the first quarter, the majority of our leases have rent bumps that are weighted towards the first quarter. And so that's really just based on where current inflation or even inflation over kind of the last two to three months before year-end was tracking. So I think it's really more CPI-driven than as opposed to specific tenant driven.

因此，我們看到我們的租約在第一季有所增加，我們的大部分租約的租金都在第一季增加。因此，這實際上只是基於當前通貨膨脹率或年底前兩三個月的通貨膨脹率走勢。因此我認為它實際上更多的是由 CPI 驅動，而不是由特定租戶驅動。

Thank you. And at this time, I'm not showing any further questions. I'll now hand the call back to Mr. Sands.

謝謝。目前，我沒有提出任何其他問題。我現在將電話交還給桑茲先生。

Great. Thank you, everyone, for your interest in W. P. Carey. If anyone has additional questions, please call Investor Relations directly at (212) 492-1110. And that concludes today's call, and you may now disconnect.

偉大的。感謝大家對 W. P. Carey 的關注。如果有人還有其他問題，請直接撥打投資者關係電話 (212) 492-1110。今天的通話到此結束，您可以掛斷電話了。

All participants, disconnect.

所有參與者，斷開連接。