WP Carey Inc (WPC) 2025 Q3 法說會逐字稿

Hello, and welcome to W. P. Carey's Third 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)

大家好，歡迎參加 W. P. Carey 2025 年第三季財報電話會議。我叫迭戈，今天由我來為您接聽電話。（操作說明）請注意，今天的活動正在錄製中。（操作說明）

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彼得桑茲。桑茲先生，請繼續。

Good morning, everyone, and thank you for joining us this morning for our 2025 third quarter earnings call. Before we begin, I'd like to remind everyone that some of the statements made on this call are not historic facts and may be deemed forward-looking statements and factors that could cause actual results to differ materially from W. P. Carey's expectations are provided in our SEC filings. 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.

各位早安，感謝大家今天上午參加我們的2025年第三季財報電話會議。在開始之前，我想提醒大家，本次電話會議中提到的一些陳述並非歷史事實，而是前瞻性陳述，可能導致實際結果與 W. P. Carey 的預期存在重大差異的因素已在我們的美國證券交易委員會文件中列出。本次電話會議的線上回放將在我們網站 wpcarey.com 的投資者關係版塊提供，並將存檔約一年，您也可以在該版塊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 Jason Fox, Chief Executive Officer.

接下來，我將把電話交給執行長傑森·福克斯。

Good morning, everyone, and thank you for joining us. Strong momentum we established over the first half of the year has continued in the second half, and we remain ahead of our prior expectations. As a result, we're further raising our full year AFFO guidance resulting in mid-5% year-over-year growth, which we believe will be among the highest in the net lease sector this year.

各位早安，感謝各位的參與。我們在上半年建立的強勁勢頭在下半年得以延續，我們仍然超越了先前的預期。因此，我們進一步提高了全年調整後營運資金 (AFFO) 預期，預計將年增 5% 左右，我們認為這將是今年淨租賃行業中最高的成長率之一。

Our raised guidance is supported by several positive trends within our business. Year-to-date, we completed $1.65 billion of investments at attractive initial cap rates averaging in the mid-7s, primarily with fixed rent escalations averaging in the high 2% range. The strength of our investment activity year-to-date has put us just over the midpoint of prior guidance range. I'm pleased to say we're raising our full year expectations for investment volume to between $1.8 billion and $2.1 billion.

我們上調業績預期是基於公司內部的幾個正面趨勢。今年迄今，我們已完成 16.5 億美元的投資，初始資本化率極具吸引力，平均在 7% 左右，主要採用固定租金遞增方式，平均遞增幅度在 2% 以上。今年迄今為止，我們強勁的投資活動使我們略微超過了先前預期範圍的中點。我很高興地宣布，我們將全年投資額預期上調至 18 億美元至 21 億美元之間。

Our sector-leading same-store rent growth continues to be in the mid-2% range and is expected to remain around there or be slightly higher in 2026. The progress we've made funding our investments this year, primarily through asset sales, is expected to continue in the fourth quarter, achieving better than initially expected disposition cap rates and attractive spreads to where we're reinvesting the proceeds. Our original rent loss assumption, which reflected a degree of caution given the backdrop of broader economic uncertainty earlier in the year proved to be conservative and the performance of our portfolio has enabled us to lower our estimate as the year has progressed and the strength and flexibility of our balance sheet with over $2 billion of liquidity, including our recent forward equity sales provides us with additional flexibility to fund future investments.

我們行業領先的同店租金成長率繼續保持在 2% 左右，預計到 2026 年將保持在這個水平或略高一些。今年我們透過資產出售等方式為投資籌集資金，預計這一進展將在第四季度繼續，實現比預期更好的處置資本化率和有吸引力的利差，以便我們將收益再投資。今年早些時候，鑑於經濟狀況普遍不明朗，我們最初對租金損失的假設反映了一定的謹慎態度。事實證明，這一假設是保守的，而且隨著今年的推進，我們投資組合的表現使我們能夠降低這一估計。此外，我們資產負債表的實力和靈活性，以及​​超過 20 億美元的流動性（包括我們最近的遠期股權出售），為我們未來的投資提供了更大的靈活性。

This morning, I'll review this progress and our confidence in sustaining that momentum into 2026. Toni Sanzone, our CFO, will focus on our results and guidance raise and touch upon aspects of our portfolio and balance sheet. And as usual, we're joined by our Head of Asset Management, Brooks Gordon, to answer questions.

今天上午，我將回顧這一進展，以及我們對將這一勢頭保持到 2026 年的信心。我們的財務長托尼·桑佐內將重點介紹我們的業績和業績指引上調，並談及我們的投資組合和資產負債表等方面的情況。像往常一樣，我們的資產管理主管布魯克斯·戈登將回答大家的問題。

Starting with the transaction environment and investment volume. Lower interest rate volatility has helped keep net lease cap rates relatively steady this year, and that sense of stability has positively impacted our transaction activity, both in the US and Europe, especially sale leasebacks, which have comprised a large majority of our investments to date.

首先來看交易環境和投資規模。今年較低的利率波動性有助於維持淨租賃資本化率相對穩定，這種穩定感對我們在美國和歐洲的交易活動產生了積極影響，尤其是售後回租，迄今為止，售後回租已占我們投資的絕大部分。

Our continued strong pace of investment activity, adding close to $660 million of investments during the third quarter and about $170 million so far in the fourth quarter brings our year-to-date investment volume to $1.65 billion at a weighted average initial cap rate of 7.6%. We continue to structure leases with attractive rent escalations, the significant majority of which were fixed bumps averaging 2.7% for our investments year-to-date. When factoring in rent escalations and a weighted average lease term of 18 years, our average initial cap rates in the mid-7s translate to average yields in the mid-9% range. By transacting at these levels, we continue to generate very attractive spreads to our cost of capital. Warehouse and industrial represents over 3/4 of our investment volume year-to-date, although we continue to invest in a diverse range of property types. And while the large majority of our investment volume was in the US, where we continue to see a significant number of opportunities at attractive spreads, we also continued to grow our investment volume in Europe relative to the last couple of years.

我們持續強勁的投資活動步伐，第三季新增投資近 6.6 億美元，第四季迄今新增投資約 1.7 億美元，使我們今年迄今的投資額達到 16.5 億美元，加權平均初始資本化率為 7.6%。我們繼續制定具有吸引力的租金遞增條款的租賃協議，其中絕大多數是固定漲幅，今年迄今為止，我們投資項目的平均漲幅為 2.7%。考慮到租金上漲和 18 年的加權平均租賃期限，我們平均初始資本化率在 7% 左右，轉換成平均收益率在 9% 左右。透過在這些價位進行交易，我們能夠持續獲得極具吸引力的資本成本價差。儘管我們繼續投資於各種類型的房地產，但倉庫和工業房地產占我們今年迄今為止投資金額的四分之三以上。雖然我們的大部分投資金額都在美國，我們繼續在美國看到大量具有吸引力的價差投資機會，但與過去幾年相比，我們在歐洲的投資金額也持續成長。

The investment we've made over the last 27 years to steadily build and develop our European platform continues to serve as a key competitive advantage there. Today, our European team consists of over 50 people across our offices in London and Amsterdam, which has built strong broker and developer relationships and has the local expertise necessary to successfully execute across Europe. Moving to our pipeline and capital projects.

過去 27 年來，我們為穩步建立和發展歐洲平台而進行的投資，繼續為我們在歐洲市場提供關鍵的競爭優勢。如今，我們的歐洲團隊由分佈在倫敦和阿姆斯特丹辦事處的 50 多名員工組成，他們與經紀人和開發商建立了牢固的關係，並擁有在歐洲成功開展業務所需的本地專業知識。接下來談談我們的管道和資本項目。

Our near-term pipeline remains strong with several hundred million dollars of transactions currently in process at cap rates and weighted average lease terms consistent with where we've been transacting year-to-date. We expect many of those deals to close in the fourth quarter, although some may spill over into next year depending on where they are in the closing process, which would set us up for a strong first quarter.

我們近期的交易項目儲備依然強勁，目前有數億美元的交易正在進行中，資本化率和加權平均租賃條款與我們今年迄今的交易情況一致。我們預計其中許多交易將在第四季度完成，儘管有些交易可能會延至明年，具體取決於交易完成的進度，這將為我們第一季的強勁表現奠定基礎。

Our near-term pipeline includes close to $70 million of capital projects scheduled for completion in the fourth quarter. We also have approximately $180 million of additional capital projects underway, the large majority of which will deliver in 2026. While capital projects are something we've been doing for a long time, it's an area we can allocate more capital to often with higher returns compared to acquiring existing assets.

我們近期計劃在第四季完成的資本項目總額接近 7,000 萬美元。我們還有大約 1.8 億美元的其他資本項目正在進行中，其中絕大部分將於 2026 年交付。雖然資本項目是我們長期以來一直在做的事情，但與收購現有資產相比，我們可以將更多資金投入這個領域，而且通常可以獲得更高的回報。

Over time, we've built up a dedicated in-house project management team with deep real estate expertise and strong local connections to development resources. We have a long track record of build-to-suits, expansions, renovations and development projects. Historically, capital projects have averaged around 10% to 15% of our annual investment volume, and we believe we can expand that proportion. Turning now to our capital sources.

隨著時間的推移，我們建立了一支專業的內部專案管理團隊，他們擁有深厚的房地產專業知識和強大的在地開發資源連結。我們在客製化建造、擴建、翻新和開發項目方面擁有豐富的經驗。從歷史上看，資本項目平均占我們年度投資金額的 10% 到 15% 左右，我們相信我們可以擴大這一比例。現在我們來看看資金來源。

Since our last earnings call, we've made further progress with our strategy of funding investments with accretive sales of noncore assets this year, including operating self-storage properties. Currently, we're in the market with the second half of our self-storage portfolio and have closed further sales since quarter end. We're confident we'll close additional sales during the fourth quarter but we're also maintaining a degree of optionality on the timing and execution of certain storage sub portfolios. And while we expect asset sales to fund our fourth quarter investment activity, the approximately $230 million of forward equity we recently sold gives us additional flexibility as well as enabling us to get ahead of our funding needs for 2026.

自上次財報電話會議以來，我們今年在透過增值出售非核心資產（包括經營自助倉儲物業）來為投資提供資金的策略方面取得了進一步進展。目前，我們正在向市場推廣我們自助倉儲業務組合的後半部分，並且自季度末以來已經完成了更多銷售。我們有信心在第四季度完成更多銷售，但我們也對某些儲存子組合的時機和執行方式保留了一定的選擇權。雖然我們預計資產出售將為我們第四季度的投資活動提供資金，但我們最近出售的約 2.3 億美元的遠期股權為我們提供了更大的靈活性，並使我們能夠提前滿足 2026 年的資金需求。

So let me pause there and hand the call over to Toni to discuss our results and guidance.

那麼，我先暫停一下，把電話交給東尼，讓她來討論我們的結果和指導。

Thanks, Jason. AFFO per share for the third quarter was $1.25, representing a 5.9% increase compared to the third quarter of last year. Our strong results continue to benefit from both the pace and volume of our investment activity as well as the internal rent growth generated by our portfolio. We've raised and narrowed our full year 2025 AFFO guidance, driven largely by higher investment volume and lower expected rent loss within the portfolio and we currently expect AFFO to total between $4.93 and $4.99 per share for the year, implying 5.5% year-over-year growth at the midpoint.

謝謝你，傑森。第三季每股調整後營運資金為 1.25 美元，比去年第三季成長 5.9%。我們強勁的業績持續受益於投資活動的速度和規模，以及我們投資組合產生的內部租金成長。我們提高了 2025 年全年 AFFO 預期，並縮小了範圍，這主要是由於投資組合的投資額增加和預期租金損失減少。我們目前預計全年 AFFO 總額將在每股 4.93 美元至 4.99 美元之間，這意味著以中間值計算，年增 5.5%。

As Jason mentioned, given the investments we've completed to date and our outlook for the remainder of the year, we raised our expected 2025 investment volume to a range of $1.8 billion to $2.1 billion. As we continue to fund our investment activity this year with proceeds from dispositions of operating and noncore assets, we're also revising our expected disposition volume to total between $1.3 billion and $1.5 billion which has increased to include additional sales of operating self-storage assets. And based on the successful execution we've had to date, we expect to generate overall spreads of approximately 150 basis points between our investments and dispositions for the year.

正如傑森所提到的，鑑於我們迄今為止完成的投資以及我們對今年剩餘時間的展望，我們將 2025 年的預期投資額提高到 18 億美元至 21 億美元之間。今年，我們將繼續利用處置經營性和非核心資產所得資金來資助我們的投資活動，同時，我們也把預期處置規模修正為總計 13 億美元至 15 億美元，其中包括額外出售經營性自助倉儲資產。根據我們迄今為止的成功執行情況，我們預計今年投資和處置之間的總利差將達到約 150 個基點。

On the expense side, G&A continues to track in line with our expectations to fall between $99 million and $102 million for the full year. Property expenses are expected to total $51 million to $54 million, with a minimal increase to the lower end of the range. And tax expense is expected to be between $41 million and $44 million, representing a marginal reduction at the midpoint.

在支出方面，一般及行政費用持續符合我們的預期，全年將在 9,900 萬美元至 1.02 億美元之間。預計房產支出總額為 5,100 萬美元至 5,400 萬美元，略微增加至該範圍的下限。預計稅收支出將在 4,100 萬美元至 4,400 萬美元之間，中位數略有下降。

Turning now to our portfolio, which continues to generate strong internal growth. Contractual same-store rent growth for the quarter was 2.4% year-over-year comprised of CPI-linked rent escalations averaging 2.5% for the quarter, while fixed rent increases averaged 2.1%. For the full year, we expect contractual same-store rent growth to average around 2.5%. Based on current inflation levels and further supported by the higher fixed increases we are achieving on new investments, our contractual same-store growth is expected to remain strong in 2026, likely surpassing the 2.5% growth we expect to see this year. Comprehensive same-store rent growth for the quarter was 2% year-over-year and is expected to track in line with our contractual rent growth for 2025 and at around 2.5% despite the uptick in vacancy flowing through the back half of the year.

現在來看我們的投資組合，它持續產生強勁的內部成長。本季同店租金年增 2.4%，其中與消費者物價指數 (CPI) 掛鉤的租金上漲平均為 2.5%，而固定租金上漲平均為 2.1%。我們預計全年同店租金合約成長率平均約為 2.5%。根據目前的通膨水平，再加上我們在新投資方面獲得的更高固定成長，我們預計 2026 年的合約同店成長將保持強勁，可能會超過我們預計今年 2.5% 的成長。本季同店租金年增 2%，預計與我們 2025 年的合約租金成長保持一致，約為 2.5%，儘管下半年空置率有所上升。

Portfolio occupancy declined to 97% at the end of the third quarter, which we view as temporary in nature and was factored into our earlier guidance. Of the 3% total vacancy at the end of the third quarter, around a quarter has since been resolved or is in the final stages of closing and another half is in process and well underway to being resolved.

第三季末，投資組合入住率下降至 97%，我們認為這是暫時的，並且已將其納入我們先前的預期中。第三季末總空置率為 3%，其中約四分之一已解決或處於最後階段，另有一半正在處理中，並且進展順利。

Hellweg added minimally to our third quarter vacancy following planned store takebacks in September, and our asset management team continues to further reduce our exposure through re-leasing and dispositions. Hellweg now represents our 14th largest tenant, down from 6th largest a quarter ago, and we expect it to be out of our top 25 next year.

在 9 月按計劃收回門市後，Hellweg 僅略微增加了我們第三季的空置率，我們的資產管理團隊繼續透過重新租賃和處置進一步降低我們的風險敞口。Hellweg 目前是我們的第 14 大租戶，比上個季度的第 6 大租戶有所下降，我們預計明年它將跌出前 25 名。

We've experienced minimal rent disruption this year, enabling us to further reduce the rent loss assumption embedded in our guidance to $10 million, down from our prior estimate of between $10 million and $15 million. Currently, we have visibility into total rent loss of about $7 million for the year, representing about 45 basis points of ABR, which includes the downtime on the Hellweg assets we took back. The balance of our reserve includes ongoing caution towards Hellweg, which remains current on rent, but is still navigating a challenging turnaround, and we hope for that to be conservative with only two months of the years remaining. Other lease-related income totaled $3.7 million for the third quarter, down from $9.6 million in the second quarter and is expected to total in the mid-$20 million range for the full year.

今年租金波動較小，因此我們可以將業績指引中隱含的租金損失假設進一步降低至 1,000 萬美元，低於我們先前估計的 1,000 萬美元至 1,500 萬美元。目前，我們預計全年租金損失總額約為 700 萬美元，相當於 ABR 的約 45 個基點，其中包括我們收回的 Hellweg 資產的停工時間。我們儲備金的剩餘部分包括對 Hellweg 的持續謹慎，該公司目前仍按時支付租金，但仍在努力扭轉頹勢，鑑於本年度只剩下兩個月，我們希望採取保守的做法。第三季其他租賃相關收入總計 370 萬美元，低於第二季的 960 萬美元，預計全年總計將達到 2,000 萬美元左右。

Turning to our operating properties. So far this year, we've completed sales of 37 operating self-storage properties and one student housing property and converted four operating self-storage properties to long-term net leases. Factoring in the additional sales we expect to close before year-end, we estimate operating property NOI for the fourth quarter will total between $7 million and $9 million, reducing further in 2026.

接下來談談我們的營運資產。今年到目前為止，我們已經完成了 37 處營運中的自助倉儲物業和 1 處學生公寓物業的出售，並將 4 處營運中的自助倉儲物業轉換為長期淨租賃。考慮到我們預計在年底前完成的額外銷售，我們估計第四季度營運物業淨營業收入總額將在 700 萬美元至 900 萬美元之間，到 2026 年將進一步減少。

Moving now to our balance sheet and capital markets activity. Our balance sheet remains strong and extremely well positioned to fund our continued growth, further bolstered by our equity and debt capital markets activity this year. Since the start of the third quarter, we sold approximately 3.4 million shares subject to forward sale agreements through our ATM program at a gross weighted average price of $68.5 per share all of which remains outstanding, resulting in gross proceeds of approximately $230 million available to fund future investment activity.

接下來我們來看資產負債表和資本市場活動。我們的資產負債表依然穩健，並且處於非常有利的位置，能夠為我們的持續成長提供資金，今年我們在股權和債務資本市場的活躍表現進一步增強了這一優勢。自第三季開始以來，我們透過 ATM 計畫以每股 68.5 美元的加權平均價格出售了約 340 萬股遠期銷售協議股份，所有股份均仍未流通，由此產生的總收益約為 2.3 億美元，可用於資助未來的投資活動。

And on the debt side, as previously announced, early in the third quarter, we enhanced our liquidity position with the opportunistic issuance of USD400 million bonds priced at a coupon rate of 4.65%, which was used to repay amounts outstanding on our credit facility. Our weighted average interest rate for the quarter was 3.2%, and 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. Our debt maturities remain very manageable. We have a EUR500 million bond maturing in April of 2026, and our next US dollar bond maturity isn't until October of next year. We currently expect that we would refinance these bonds with issuances in the same currencies at or near their maturities. We ended the third quarter with liquidity totaling about $2.1 billion, comprised of availability on our credit facility, cash on hand and held for 1031 exchanges and unsettled forward equity.

在債務方面，正如先前宣布的那樣，在第三季初，我們抓住機會發行了 4 億美元債券，票面利率為 4.65%，用於償還我們信貸安排下的未償款項，從而增強了我們的流動性狀況。本季加權平均利率為 3.2%，我們仍然相信，透過美元和歐元計價債務的組合，我們在淨租賃行業擁有最低的債務成本之一。我們的債務到期情況仍然非常可控。我們有一筆 5 億歐元的債券將於 2026 年 4 月到期，而我們下一筆美元債券要到明年 10 月才會到期。我們目前預計，我們將以相同貨幣在債券到期日或接近到期日發行債券來為這些債券進行再融資。第三季末，我們的流動資金總額約為 21 億美元，其中包括信貸額度、手頭現金、用於 1031 交換的現金以及未結算的遠期權權益。

With dispositions expected to fund investment activity for the remainder of this year, we have a great deal of flexibility in accessing the capital markets. Taking into account our free cash flow of over $250 million annually, in addition to our unsettled forward equity, we expect to be well ahead of our funding needs for new investments as we enter 2026.

由於預計資產處置將為今年剩餘時間的投資活動提供資金，我們在進入資本市場方面擁有很大的靈活性。考慮到我們每年超過 2.5 億美元的自由現金流，加上我們尚未結算的遠選擇權益，我們預計到 2026 年，我們將遠遠領先新投資的資金需求。

Our key leverage metrics remained within our target ranges at quarter end. Net debt to adjusted EBITDA, inclusive of unsettled equity forwards was 5.8 times. Excluding the impact of unsold equity forwards, net debt to adjusted EBITDA was 5.9 times. In September, we increased our quarterly dividend by 4% year-over-year to $0.91 per share, equating to an attractive annualized dividend yield of 5.4%. Our dividend continues to be well supported by our earnings growth as we maintain a healthy year-to-date payout ratio at approximately 73% of AFFO per share.

季度末，我們的關鍵槓桿指標仍保持在目標範圍內。淨債務與調整後 EBITDA（包括未結算的股權遠期合約）比率為 5.8 倍。剔除未售出股權遠期合約的影響，淨債務與調整後 EBITDA 比率為 5.9 倍。9 月份，我們將季度股息年增 4% 至每股 0.91 美元，相當於 5.4% 的誘人年化股息殖利率。我們的股息持續得到獲利成長的良好支撐，我們保持著健康的年初至今股息率，約為每股調整後營運資金的 73%。

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

就這樣，我把電話交還給傑森。

Thanks, Toni. In closing, the investment volume we've completed year-to-date and lower rent loss assumption have enabled us to again raise both our full year investment volume and AFFO guidance ranges. We've repeatedly raised our guidance this year and have consistently executed strong investment volume since mid-2024, completing well over $2 billion of new investments over the trailing 12-month period. We have the infrastructure, expertise and team in place to continue performing at these levels.

謝謝你，托尼。總而言之，由於我們今年迄今完成的投資金額以及較低的租金損失假設，我們得以再次提高全年投資額和調整後營運資金 (AFFO) 指導範圍。今年我們多次上調業績預期，並且自 2024 年年中以來持續保持強勁的投資規模，在過去 12 個月中完成了超過 20 億美元的新投資。我們擁有必要的設施、專業知識和團隊，能夠繼續維持這樣的績效水準。

As we look ahead, we have an active deal pipeline that extends into the first quarter of 2026. We're not seeing anything in the transaction environment that would take us off our current pace of activity. Given where our debt and equity is pricing, we view all the elements as being in place to continue generating double-digit total shareholder returns in 2026. Through a combination of AFFO growth that would put us in the top tier of net lease REITs and our dividend yield.

展望未來，我們擁有活躍的交易項目儲備，一直延續到 2026 年第一季。目前交易環境中沒有任何因素會改變我們目前的交易節奏。鑑於我們目前的債務和股權定價情況，我們認為所有要素都已到位，並將在 2026 年繼續為股東帶來兩位數的總回報。透過調整後營運資金 (AFFO) 的成長，我們將躋身淨租賃 REIT 的頂尖行列，同時提高股息殖利率。

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

我們的發言稿到此結束。所以我會把電話轉回給接線員，以便他們回答問題。

(Operator Instructions) Anthony Paolone, J.P. Morgan.

（操作說明）安東尼·保隆，摩根大通。

Now that you guys are rounding the corner on the operating self-storage asset sales, can you maybe give us a sense as to what the menu of noncore and other internally generated capital sources, maybe as we start to think about deal activity next year and maybe perhaps how to help fund it?

既然你們即將完成營運自存資產的出售，能否讓我們了解非核心資產和其他內部產生的資金來源有哪些？這樣我們就可以開始考慮明年的交易活動，以及如何提供資金？

Yes, sure. I mean, certainly, when we think about next year, equity is going to be a much bigger picture and part of that story than this year, and we're not currently teeing up a disposition program, anything close to what we did this year. So dispositions should revert back to a more typical run rate. We do have a couple of operating properties left, but apart from the possibility of some self-storage sales slipping into next year, we should be back at more normalized levels. Disposal will still be a source of incremental capital for us, but it won't be significant like it was this year. So the expectation is we're kind of back to normal core spread investing, typical the net lease company where issue equity and debt, keep leverage targets in mind and you use it to do deals and generate spreads. So that's kind of the plan going forward.

當然可以。我的意思是，當然，當我們展望明年時，股權將比今年佔據更重要的地位，成為明年發展的重要組成部分，而我們目前並沒有製定任何處置計劃，遠沒有達到今年的規模。因此，處置率應該會恢復到更正常的運行速度。我們還有幾個正在運營的物業，但除了部分自助倉儲銷售可能會推遲到明年之外，我們應該已經恢復到更正常的水平。資產處置仍將是我們獲得額外資金的來源，但不會像今年那麼顯著。因此，我們預期我們將回歸正常的核心利差投資，典型的淨租賃公司會發行股票和債務，牢記槓桿目標，並利用它進行交易和產生利差。所以，這就是接下來的計劃。

I think the other thing maybe to note is, and Toni talked about this, that we do have lots of funding flexibility right now looking into 2026. Revolver at a little over $2 billion is mostly undrawn. She referenced, call it, $250 million of free cash flow and then as we talked about earlier, we have gotten a head start on equity needs. We have $230 million of forwards that we recently issued on the ADM. So we're in good shape, and we think we're ahead of the game there for funding for next year.

我認為還有一點需要注意，托尼也談到了這一點，那就是我們目前在 2026 年的資金方面擁有很大的靈活性。籌資額略高於 20 億美元的 Revolver 大部分尚未被提領。她提到，我們擁有 2.5 億美元的自由現金流，而且正如我們之前討論過的，我們在股權需求方面已經取得了先機。我們最近在ADM發行了價值2.3億美元的遠期合約。所以我們現在情況良好，我們認為在明年的資金方面我們已經領先一步。

Okay. And then just a follow-up. Are you seeing any competition or greater competition on deals from some of the private net lease platforms that are out there in any part of your buy box?

好的。然後還有一個後續問題。您是否發現來自某些私人淨租賃平台的交易在您的採購範圍內存在競爭，或者競爭加劇？

Yes. I mean look, the net lease market has always been competitive, especially in the US, and we have seen a bit of a pickup in new competition. It's mainly the private equity players, as you mentioned, and they're finding that lease attractive. We really don't think we run into all that much. We don't always have full visibility on who we may be competing with and that's at least thus far right now. So I'd imagine we'll see incremental competition that comes up and that likely leads to some pricing pressures, but it feels manageable right now. And we certainly have a cost of capital to allow us to compete on price when needed. So I think that's -- I think it's okay.

是的。我的意思是，你看，淨租賃市場一直競爭激烈，尤其是在美國，而且我們已經看到新的競爭加劇。正如你所提到的，主要是私募股權投資者，他們覺得這份租賃合約很有吸引力。我們真的不認為我們會遇到太多問題。我們並不總是能完全了解我們的競爭對手是誰，至少目前是這樣。所以我認為我們會看到競爭逐漸加劇，這可能會導致一些價格壓力，但目前感覺還在可控範圍內。當然，我們有足夠的資金，以便在必要時進行價格競爭。所以我覺得——我覺得沒問題。

I think it's also worth keeping in mind that especially on sale leasebacks, experience and track record on execution matter quite a bit. So newer entrants may have a little bit more of a hurdle to cover there and our reputation and kind of history should be a real competitive advantage, too.

我認為同樣值得注意的是，尤其是在售後回租交易中，經驗和執行記錄非常重要。因此，新進入者可能需要克服更多障礙，而我們的聲譽和歷史也應該成為真正的競爭優勢。

Smedes Rose, Citi.

Smedes Rose，花旗銀行。

I wanted to ask you first just a little bit, if you could just give us an update or a reminder, I guess, on where you are on the Hellweg process in terms of leases that I think you had expected seven to be terminated by this time of the year and then maybe I think five more to go. Is that still kind of the case and maybe where you are on stores that are expected to be sold versus released?

我想先問您一個問題，您能否給我們更新一下或提醒一下，關於 Hellweg 租賃流程的進展情況？我記得您預計到今年這個時候會有七份租約終止，然後可能還會有五份。情況現在還是這樣嗎？你對預計銷售的商店和即將發售的商店有什麼看法？

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

當然可以。布魯克斯，你想報道嗎？

Yes. So first, maybe just a broader status update. As Toni mentioned, they remain current on rent. We've reduced them down to our number 14 tenant, and we're making good progress on our plan to reduce that.

是的。首先，或許可以先做一個整體情況報告。正如托尼提到的那樣，他們按時繳了房租。我們已經將租戶數量減少到第 14 家，並且我們在減少租戶數量的計劃方面取得了良好進展。

Specifically to your question, we're taking a number of actions to reduce our exposure there. We've sold three occupied stores in Q3, I expect a couple more over the next few months there. As you mentioned, we took back seven -- the first 7 of the 12 in total, we're taking back. So of those seven, we signed leases with new operators at two and one is in process, that should be signed soon or are under contract to sell. Those will close in Q4 and into Q1.

具體來說，針對您的問題，我們正在採取一系列措施來減少我們在該領域的風險敞口。第三季我們賣掉了三家已出租的店鋪，我預計未來幾個月還會再賣掉幾家。正如你所說，我們收回了 7 個——總共 12 個中的前 7 個，我們收回了。因此，在這七個項目中，我們已經與兩個新的運營商簽訂了租賃協議，還有一個項目正在辦理中，應該很快就會簽署或已經簽訂了出售合約。這些項目將在第四季和第一季結束。

And then as I mentioned, we're taking back another five in 2026. We signed leases on three of those locations, one more in process and then one will be targeted for sale. So making very good progress on that strategy and we would look to reduce the exposure on top of that quite quickly. We're targeting out of our top '25 sort of towards the midyear of '26. And we think we have a path to get them out of the top 50 kind of by the end of 2026. So we expect the exposure to come down meaningfully going forward.

正如我之前提到的，我們將在 2026 年再收回 5 個。我們已經簽署了其中三個地點的租賃協議，另一處正在辦理中，之後我們會考慮出售一處。因此，我們在執行該策略方面取得了非常好的進展，並且我們很快就會在此基礎上進一步降低風險敞口。我們的目標是在 2026 年年中左右將前 25 名球員中選出。我們認為我們有辦法讓他們在 2026 年底前躋身前 50 名。因此，我們預計未來風險敞口將大幅下降。

Great. And then you mentioned in the fourth quarter, maybe having gone in a little too conservative around rent loss assumptions. And as you just think about next year, any thoughts on how you could sort of maybe assess that? I mean are you concerned about the underlying economy at all that would maybe drive you to be maybe more conservative than you have been historically? Or just any kind of thoughts on how you're thinking about that at this point?

偉大的。然後您提到，在第四季度，我們在租金損失假設方面可能過於保守了。展望明年，您有什麼想法可以評估一下情況嗎？我的意思是，您是否對基本經濟狀況感到擔憂，以至於可能會比以往更加保守？或者，你現在對這件事有什麼想法？

Yes. Brooks, do you want to take that one as well?

是的。布魯克斯，你也想拍那張照片嗎？

Sure. I mean without kind of projecting forward any specific guidance, I think what's important to note is that our broader watch list and kind of credit quality has improved materially over recent quarters. Again, that's driven by resolutions on True Value and Hearthside and the progress we're making on Hellweg. And we continue to closely monitor that turnaround at Hellweg, and we'll continue to have caution there.

當然。我的意思是，雖然不打算給出任何具體的展望，但我認為需要注意的是，我們更廣泛的觀察名單和信貸品質在最近幾個季度有了實質性的改善。這同樣是由 True Value 和 Hearthside 的決議以及我們在 Hellweg 上取得的進展所驅動的。我們將繼續密切關注 Hellweg 的扭虧為盈情況，並繼續保持謹慎。

That said, our broader credit watch universe has come down meaningfully. So we'll continue to take a conservative and cautious approach there with respect to credit broadly and how specifically but we expect to be able to drive strong earnings growth even net of that.

也就是說，我們更廣泛的信貸觀察範圍已經顯著縮小。因此，我們將繼續對信貸採取保守謹慎的態度，無論具體情況如何，但我們預計即使扣除這些因素，也能實現強勁的盈利增長。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

This is Kathryn Graves on for Michael. So my first, you've completed the $1.6 billion of investments so far year-to-date. You raised investment guidance. Can you maybe just provide some color on the -- what's currently in your pipeline as far as the incremental volume increase? Anything just in terms of geographic split between Europe and US, property-type mix, industrial versus retail and any non-cap rates that you're currently seeing in the pipeline as you build for 4Q?

這裡是凱瑟琳‧格雷夫斯，她正在為麥可報道。首先，你們今年迄今已經完成了 16 億美元的投資。您提出了投資指導意見。您能否詳細說明一下—就增量產量而言，您目前的計劃是什麼？就歐洲和美國之間的地理分佈、物業類型組合、工業與零售以及您在第四季度建設過程中正在籌備的任何非資本化率方面，您有什麼看法？

Yes, sure. So near term, currently includes, I would call it, several hundred million dollars of identified transactions, most of them in advanced stages. We think many of those will close in the fourth quarter, although at this time of the year, it's always hard to predict and some may slip into next year, which would set us up for a strong start to '26.

當然可以。因此，近期計劃目前包括數億美元的已確定交易，其中大部分已進入後期階段。我們認為其中許多交易將在第四季度完成，儘管每年的這個時候都很難預測，有些交易可能會拖到明年，這將使我們在 2026 年迎來一個強勁的開局。

I think on top of that, which you can also factor in and we included in our sub is about $70 million of capital projects that are scheduled to complete this year. These are the build-to-suits and expansions that we regularly do. You probably would also note that we have -- in addition to that $70 million, we have another $180 million that are in construction much of that, probably most of that would close in 2026. In terms of geographies, I mean, one of the things that we've -- maybe worth noting is more activity in Europe, while year-to-date, North America still makes up about 75% of the deals that we've done.

我認為除此之外，您還可以考慮一下，我們在提案中也包含了約 7000 萬美元的資本項目，這些項目計劃於今年完成。這些是我們經常進行的客製化建造和擴建項目。您可能還會注意到，除了這 7000 萬美元之外，我們還有 1.8 億美元的項目正在建設中，其中大部分（可能大部分）項目將於 2026 年完工。就地理而言，我的意思是，值得一提的是，我們在歐洲的業務活動更加活躍，而今年迄今為止，北美仍然占我們交易總數的 75% 左右。

The third quarter, we saw the split closer to 50/50 between North America and Europe. And I think the themes that we're seeing in Europe are probably similar to those in the US, where rate stability has led to a tightening of bid-ask spreads and sellers who may have been on the sidelines for a while now are willing to transact, and that's kind of translated into more activity, and that's both in the US and Europe, but I think it's maybe most notable that we've seen more deal flow in Europe over the last, call it, 1 quarter, 1.5 quarters compared to the prior years.

第三季度，北美和歐洲的市佔率接近 50/50。我認為我們在歐洲看到的趨勢可能與美國的情況類似，利率穩定導致買賣價差收窄，一些可能已經觀望一段時間的賣家也願意進行交易，這在某種程度上轉化為更多的交易活動。這種情況在美國和歐洲都有發生，但我認為最值得注意的是，與往年相比，過去一個季度或一個半季度歐洲的交易量明顯增加。

In terms of property type, we continue to see the best opportunities in industrial, and that includes both manufacturing and warehouse. I think that's reflected in our deals completed to date, and it also makes up the bulk of our pipeline as well. I think you asked about kind of pricing as well. And we continue to target deals in the 7s, and we've been transacting on average in the 7s, and that's been the case for pretty consistently throughout 2025, and it's also largely where the pipeline is right now. So cap rates have mostly remained unchanged year-to-date.

就物業類型而言，我們仍然認為工業地產最具投資價值，這包括製造業和倉儲業。我認為這體現在我們迄今為止完成的交易中，而且它也構成了我們大部分的潛在客戶。我想你也問過定價方面的問題。我們繼續以 7 倍價位的交易為目標，我們平均每筆交易的價格都在 7 倍價位，這種情況在 2025 年一直相當穩定，而且目前我們的項目儲備也主要集中在這個價位。因此，今年迄今，資本化率基本保持不變。

But as I mentioned earlier, I would expect to see some tightening as we head into 2026, especially if rates kind of stay at the current levels in that 4% zone and certainly increased competition could factor into that as well, but that kind of remains to be seen. So overall, I think the pricing still works for us very well, and we always want to make sure we remind people that we're achieving kind of mid-7 initial cap rates that equates to an average yield and kind of the 9s which we still believe that's among the highest in the net lease sector and certainly provides really interesting spreads relative to how we're funding these deals.

但正如我之前提到的，我預計到 2026 年，貨幣政策會有所收緊，特別是如果利率保持在目前的 4% 左右，當然，競爭加劇也可能對此產生影響，但這還有待觀察。所以總的來說，我認為目前的定價對我們來說仍然非常有效，我們始終想提醒大家，我們實現了大約 7% 的初始資本化率，相當於平均收益率，以及大約 9% 的收益率，我們仍然認為這在淨租賃領域屬於最高水平，並且相對於我們為這些交易提供的融資方式，肯定提供了非常有趣的利差。

Got it. Thank you for the comprehensive answer. That's super helpful. And then my second -- same-store rent growth looks like it ticked up about 10 basis points this quarter. And I know you talked about the expectations for the remainder of the year. But just thinking through the roughly 50% of rent currently tied to CPI, how should we think about the sustainability of that like mid-2% growth if inflation moderate? And then should we also sort of expect in the future to see more fixed rent bumps in future acquisitions going forward?

知道了。感謝您詳盡的解答。這太有幫助了。其次，同店租金成長似乎在本季小幅上漲了約 10 個基點。我知道您也談到了今年剩餘時間的預期。但仔細想想，目前租金大約有 50% 與 CPI 掛鉤，如果通膨放緩，我們該如何看待 2% 左右的成長率的可持續性呢？那麼，我們是否也應該預期未來在未來的收購中會看到更多固定租金上漲？

Yes. Let me take the second question, and maybe Toni can just comment on how we kind of look on a on a kind of go-forward basis of the CPI impacts on our same-store. In terms of should we continue to expect to see inflation, I think since we saw the inflation spike a couple of years back, it's gotten a little bit more difficult as we're negotiating kind of rent structures and sale leasebacks. It's been a little bit more difficult to get inflation, at least in the US. Year-to-date, it looks like about 1/4 of our deals have CPI-linked increases. And a lot of that is in Europe, and that's where it's still customary to get those increases in Europe, and we would expect to continue to see that.

是的。讓我來回答第二個問題，或許東尼可以就我們如何看待 CPI 對我們同店銷售的影響發表一些看法。至於我們是否應該繼續預期會出現通貨膨脹，我認為自從幾年前我們看到通貨膨脹飆升以來，隨著我們協商租金結構和售後回租等事宜，情況變得更加困難了。至少在美國，要實現通貨膨脹有點困難。今年迄今為止，我們大約有 1/4 的交易價格與 CPI 掛鉤。其中許多都發生在歐洲，而且在歐洲，這些成長仍然是慣例，我們預計這種情況還會繼續下去。

But I think with CPI increases or inflation changes have also impacted is our fixed increases and the levels at which we're able to negotiate those. I think historically, we've probably been closer to 3% on average. And now we're typically seeing new deals with fixed increases in the maybe 50 to 100 basis points above that. Year-to-date, the deals that we've done have averaged a fixed increase of 2.7% and the pipeline is fairly consistent with that. So while we're not getting as much inflation on new deals, our same store is still quite strong and it should remain that way. Toni, I don't know if you have any views into moderation of inflation, kind of the timing of our bumps and how that could flow through.

但我認為，隨著消費者物價指數 (CPI) 的上漲或通貨膨脹的變化，我們的固定漲幅以及我們能夠協商的漲幅水準也受到了影響。我認為從歷史數據來看，我們的平均值可能更接近 3%。現在我們通常看到的是，新的交易中固定漲幅可能比這高出 50 到 100 個基點。今年迄今為止，我們達成的交易平均固定成長了 2.7%，而且目前的交易情況也與此基本一致。所以，雖然新交易帶來的通膨並不明顯，但我們的老店依然表現強勁，而且這種情況應該會持續下去。東尼，我不知道你對抑制通貨膨脹有什麼看法，例如我們經濟波動的時機以及這些波動會如何影響經濟。

Yes. I think it's helpful to just think through the way that our leases work, and we've mentioned this historically. The CPI-based leases specifically have a bit of a look back. So they're looking at inflation really in this kind of last quarter of the year, if you will. So we have a pretty reasonable line of sight into what next year same-store could look like, especially just given how many of our leases bump in January or in the first quarter. So even with CPI stabilizing kind of at its current levels are decreasing slightly, we do still expect our contractual same-store to be even north of where it is this year. And some of that, as I mentioned, is supported by the fixed increases being higher than what they've been historically but also with the expectation that CPI stabilizes. So again, north of 2.5% is our expectation for next year.

是的。我認為仔細思考一下我們的租賃合約是如何運作的很有幫助，我們之前也提到過這一點。以消費者物價指數 (CPI) 為基礎的租賃情況尤其具有一定的回顧性。所以他們實際上是在關註今年最後一個季度的通貨膨脹情況。因此，我們對明年同店銷售情況的預測相當有把握，尤其考慮到我們許多租約都在 1 月或第一季到期。因此，即使 CPI 在目前的水平上趨於穩定並略有下降，我們仍然預計我們合約規定的同店銷售額將比今年更高。正如我之前提到的，部分原因是固定成長率高於歷史水平，但也預期消費者物價指數會趨於穩定。因此，我們預計明年增速將超過 2.5%。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

My apologies if I missed it, but did you provide the disposition cap rate achieved on the self-storage assets? And do you expect to fully sell out next year, early next year at similar cap rates?

如果我錯過了，請見諒，請問您是否提供了自助倉儲資產的處置資本化率？您預計明年或明年初能以類似的資本化率全部售罄嗎？

Brooks, do you want to cover that?

布魯克斯，你想報道嗎？

Yes. Sure. So we were not going to speak to kind of active transactions. But as we mentioned on our Q2 call, we've thus far transacted just inside of a 6% cap rate on the storage assets. In total, I'd expect it to be right around 6%. Some will be a little higher, some a little lower. It really depends on exactly the mix this year. And with respect to the full platform, as Jason mentioned, we're in the market with the balance of it, we do retain a bit of flexibility in terms of the exact timing -- I mean what sub-portfolios transact. But over the medium near term, we'll be exiting the full operating storage platform.

是的。當然。所以我們不打算談論正在進行的交易。但正如我們在第二季電話會議上提到的，到目前為止，我們的儲存資產交易資本化率略低於 6%。總的來說，我預計會在 6% 左右。有些會高一些，有些會低一些。這真的取決於今年的具體配比。至於整個平台，正如 Jason 所提到的，我們已經進入市場，擁有了剩餘部分，我們在確切的時間安排方面保留了一些靈活性——我的意思是哪些子投資組合進行交易。但從中短期來看，我們將退出完整的營運儲存平台。

Is there any difference in terms of the operations or occupancies of those assets that would lead you to believe that maybe cap rates might be different geography, something like that?

這些資產的營運或占用情況是否有任何差異，以至於您認為資本化率可能會因地理而異，諸如此類？

Each sub portfolio is different. And as I mentioned, some will trade a little higher, some will trade a little lower. But on average, we would expect the total self-storage exit to be in and around a 6% cap rate.

每個子投資組合都各不相同。正如我之前提到的，有些股票價格會略微上漲，有些股票價格會稍微下跌。但平均而言，我們預計自助倉儲的總退出率將在 6% 左右。

Okay. And then I appreciate the color you guys provided on your thoughts on acquisitions. And you've certainly been busy over the last couple of quarters, some guidance Q4 may slow down a little bit, but I'm just trying to clarify whether or not you expect to generally maintain this level of investment pace in 2026.

好的。我非常感謝各位就收購問題提出的觀點與見解。過去幾季您肯定非常忙碌，預計第四季度可能會稍微放緩一些，但我只是想確認您是否預計在 2026 年將保持目前的投資速度。

Yes, sure. Look, it's hard to predict since the macro certainly factors in and at this point, we typically only have visibility out maybe 60 to 90 days. But our intention is certainly to keep the pace and I think you can look at what we've done. I referenced earlier that if you go back on a trailing 12-month basis, we've been well over $2 billion, and there's not a lot that we're seeing right now that's a catalyst to change that dynamic. And the infrastructure team is in place here with lots of liquidity including meaningful free cash flow, we referenced the equity forwards that we've raised already and improved cost of capital that work. So we should continue to see good activity. We can lean into pricing and kind of feed that net lease growth algorithm. So we do feel good, but it's hard to predict exactly where things will go.

當然可以。你看，這很難預測，因為宏觀經濟肯定會影響結果，而目前我們通常只能預測未來 60 到 90 天的情況。但我們的目標當然是保持這種發展勢頭，我想你可以看看我們已經取得了哪些成就。我之前提到過，如果回顧過去 12 個月，我們的收入已經遠遠超過 20 億美元，目前我們還沒有看到太多能夠改變這種情況的催化劑。基礎設施團隊已經到位，擁有充足的流動性，包括可觀的自由現金流。我們參考了已經籌集的股權遠期融資，並提高了資本成本，這些都行之有效。因此我們應該會繼續看到良好的市場表現。我們可以著重考慮定價，並以此來推動淨租賃成長演算法的發展。所以我們感覺不錯，但很難準確預測事情會如何發展。

Mitch Germain, Citizens JMP.

米奇·傑曼，市民 JMP。

Congrats on the quarter. It seems like operating storage assets are going to be dwindled down. How should we think about the remaining operating properties. I think you still have a couple of hotels, maybe one other student housing asset. Is that -- are those also sale candidates?

恭喜你本季取得佳績。看來營運儲存資產將會逐漸減少。我們該如何看待剩餘的經營性資產？我想你還有幾家飯店，可能還有一處學生公寓資產。這些也是待售商品嗎？

Yes. Brooks, do you want to take that?

是的。布魯克斯，你想拿嗎？

Yes, you're right. So we own four operating hotels. So that includes three of the former net lease Marriotts that we still own. One is the Hilton in Minneapolis, we'll sell that when the time is right, that could be in 2026, something we're evaluating. The three Marriotts are all slated for either sale or redevelopment. We're evaluating both paths. They're all operating normally in the meantime. I'd say the first is one in Newark, which we're still -- in our final evaluation phase there, but towards mid-'26 would seek to trigger redevelopment into warehouse there. The others are great locations in Irvine and San Diego, but we're being patient there. And then you mentioned we have one remaining student housing property in the UK, something we're evaluating from a sale perspective, again, that could be a near-term sale candidate, something we're evaluating now.

是的，你說得對。所以我們擁有四家正在營運的酒店。這其中包括我們仍然擁有的三家以前以淨租賃方式經營的萬豪酒店。其中之一是明尼阿波利斯的希爾頓酒店，我們會在合適的時機出售它，可能是在 2026 年，我們正在評估此事。這三家萬豪酒店都計劃出售或重建。我們正在評估這兩種方案。目前一切運作正常。我認為第一個項目位於紐瓦克，我們目前仍處於最終評估階段，但預計到 2026 年中期，我們將尋求啟動該地塊的倉庫改造項目。其他幾個地點在爾灣和聖地牙哥也都很棒，但我們還在耐心等待。然後您提到我們在英國還有一處學生公寓房產，我們正在從出售的角度對其進行評估，這可能是近期出售的目標，我們現在正在評估。

Great. That's helpful. And then maybe Brooks will have you, the rent recapture on your retail leases a little bit lower than the rest of your portfolio. Is that Hellweg and is that kind of how we should expect the leases that you're looking to release going forward?

偉大的。那很有幫助。然後，Brooks可能會讓你的零售租賃租金回收率略低於你投資組合中的其他部分。那是 Hellweg 嗎？我們應該期待你們未來發布的租賃協議也是這種風格嗎？

No. Actually, this is totally unrelated. These are just two AMC theaters. So we only own four movie theaters total. We'll bring that number down to zero as quickly as we can, but it's a very, very small piece of ABR, if you look at the actual contribution there. So we rolled those rents down to keep those theaters open and operating.

不。實際上，這完全無關。這只是兩家AMC戲院。所以我們總共只有四家電影院。我們會盡快將這個數字降到零，但如果你看實際貢獻，它只是 ABR 中非常非常小的一部分。因此，我們降低了租金，以維持這些劇院的開放和運作。

Jason Wayne, Barclays.

傑森韋恩，巴克萊銀行。

Just on the move-outs that led to the sequential drop in occupancy. So those have been known for a few quarters. I know you said that many of those have been resolved or nearly resolved by now. So just wondering kind of the strategy you think about managing occupancy when you're aware of some known vacates.

僅僅是人員搬出去就導致了入住率的連續下降。所以這些情況已經為人所知好幾個季度了。我知道你說過其中很多問題現在已經解決或接近解決。所以我想知道，當您知道有一些空置房間時，您會考慮採取怎樣的策略來管理入住率。

Yes. So they can pick up a bit Yes, Vacancy did tick up a bit, as Toni mentioned, just to recap, the largest addition or two warehouses, formerly to Tesco that we had discussed previously. That's about 50 basis points of occupancy. Also two former True Value warehouses for about 45 basis points and a couple of Hellweg for -- or several Hellwegs for about 20 basis points. All of those are in process of being resolved and should be closing imminently.

是的。所以他們可以稍微增加一些。是的，正如 Toni 所提到的，空缺率確實有所上升。回顧一下，最大的新增項目是兩個倉庫，以前屬於 Tesco，我們之前討論過。這大約相當於入住率提高了 50 個基點。還有兩家以前的 True Value 倉庫，價格約 45 個基點；還有幾個 Hellweg 倉庫，價格約 20 個基點。所有這些問題都在解決中，應該很快就會解決。

If you step back and look at our total vacancy, we really do view this as a temporary spike. Of the total, roughly 30% of the vacant square footage has either already closed or is closing imminently. And then another 50% of that is in active negotiations or diligence. So we'd expect the vacancy rate to get back to a normal place kind of over the next quarter or 1.5 quarters time frame. So periodically, we'll get a bigger building back vacant. We work very proactively to resolve those, and that's why these resolutions are well on their way.

如果從整體空缺率來看，我們確實認為這只是暫時的激增。在所有空置面積中，約有 30% 的面積已經關閉或即將關閉。還有 50% 的時間處於積極談判或盡職調查階段。因此，我們預計空置率將在接下來的一個季度或一個半季度內恢復到正常水平。所以我們會定期收到空置的大型建築。我們積極主動地解決這些問題，所以這些問題都已有效解決。

And then yes, just on a couple of debt raises expected next year. Just wondering what kind of pricing you're seeing in the US and Europe right now?

是的，明年預計會有幾筆債務融資。想了解目前美國和歐洲的定價狀況如何？

Sure. Yes, we have two bonds coming due next year. I think the expectation is that we would probably repay each of those in kind of the same currency. In terms of where we're seeing pricing, I think, in the US, you can kind of think of it as low 5s. And in Europe, it's probably maybe 100, 125 basis points below that. So kind of think about it high 3s and around 4% is roughly where they are.

當然。是的，我們明年有兩隻債券到期。我認為大家的預期是，我們可能會用類似的貨幣償還每一筆款項。就價格而言，我認為，在美國，你可以把它理解為低於 5 美元的價格。而在歐洲，這個數字可能比這低100到125個基點。所以你可以這樣理解，他們的佔比大概在 3% 到 4% 之間。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO資本市場。

I just wanted to talk a little bit more about the cap rate expectation going forward. I know you mentioned you expect maybe some compression just given where the 10-year sits today. But just curious if there's any difference or bifurcation between cap rates in the US versus cap rates in Europe?

我只是想再多談談未來資本化率的預期。我知道你提到過，鑑於目前 10 年期公債的走勢，你預計可能會出現一些壓縮。我只是好奇，美國的資本化率和歐洲的資本化率之間是否有任何差異或分歧？

Yes, sure. I mean over the last couple of years, cap rates, obviously, it's a pretty wide range depending on a lot of the specifics of the transaction and in Europe geographies matter as well. But I think on average, we've been roughly in line between the US and Europe. Maybe this year, we've seen a little bit of tightening in Europe, attribute that to rates stabilizing a little bit earlier there than over here.

當然可以。我的意思是，在過去的幾年裡，資本化率顯然是一個相當大的範圍，這取決於交易的許多具體細節，而且在歐洲，地理位置也很重要。但我認為平均而言，我們大致處於美國和歐洲的水平。或許今年我們看到歐洲的貨幣政策略有收緊，這可以歸因於歐洲的利率比我們這裡更早趨於穩定。

But it's also important to note, and I just mentioned it that we can borrow meaningfully inside of where we can borrow in the US. So we're still generating better spreads in Europe. But yes, I think they're roughly in line. Maybe it's 25 basis points delta between the two.

但同樣重要的是要注意，我剛才也提到了，我們可以在美國可以藉貸的範圍之內進行有意義的借貸。因此，我們在歐洲仍然能獲得更好的利益。但是，是的，我認為它們大致吻合。兩者之間可能相差 25 個基點。

Okay. Great. And then can you just remind us of your hedging strategy and like how movements in exchange rates impact AFFO per share? And then if you have any thoughts or indications on the impact positively or negatively in 2026?

好的。偉大的。那麼，您能否簡單介紹一下您的對沖策略，以及匯率波動如何影響每股調整後營運資金（AFFO）？那麼，您對2026年可能產生的正面或負面影響有什麼想法或看法嗎？

Sure. Toni, do you want to cover that?

當然。東尼，你想負責這個嗎？

Yes. I think just a big picture in terms of our strategy. We continue to hedge our European cash flows. First, naturally, we do that with our expenses. So if you think about our interest expense is denominated in euro and certain of our other property expenses. That really reduces our gross AFFO currency exposure to less than 20% of AFFO for the euro before hedging. So if we focus on that, we've implemented a cash flow hedging program beyond that to further reduce our exposure on the vast majority of the remaining net cash flows. So really material movements in the currencies are really not expected to have an impact on positive or negative.

是的。我認為這只是我們戰略上的一個大局問題。我們繼續對沖歐洲現金流。首先，我們自然會從開支方面著手。所以，如果你考慮到我們的利息支出是以歐元計價的，以及我們的一些其他房產支出。這樣一來，我們的歐元 AFFO 總貨幣風險敞口就降低到對沖前 AFFO 的 20% 以下。因此，如果我們關注這一點，我們已經實施了一項現金流避險計劃，以進一步降低我們對剩餘淨現金流絕大部分的風險敞口。因此，貨幣的實質波動預計不會對結果產生正面或負面影響。

I'd say over the course of this entire year, we saw pretty meaningful movements in the euro and that maybe added about $0.02 to our total AFFO this year, relative to where we started the year from an expectation standpoint. I wouldn't want to go as far as to predict what next year would look like from an FX rate and movements there. I would just say that our strategy should continue to be effective from a hedging standpoint so that we wouldn't see any material movement to the bottom line from an AFFO perspective.

我認為，在今年全年，歐元出現了相當顯著的波動，這可能使我們今年的調整後營運資金 (AFFO) 比年初的預期增加了約 0.02 美元。我不想妄自預測明年的匯率及其走勢。我想說的是，從對沖的角度來看，我們的策略應該會繼續有效，因此從調整後營運資金（AFFO）的角度來看，我們不會看到對最終利潤產生任何實質影響。

Daniel Byun, Bank of America.

Daniel Byun，美國銀行。

I appreciate the update on your potential rent loss forecast. I was wondering if you could touch on how that compares historically for portfolio and whether it's more weighted towards Europe or the US.

感謝您提供的潛在租金損失預測的最新資訊。我想請您談談，從歷史數據來看，該投資組合的情況如何，以及它更側重於歐洲還是美國。

Brooks, do you want to take that?

布魯克斯，你想拿那個嗎？

Sure. So as Toni mentioned, with respect to rent loss forecast, there's a degree of caution embedded in that. We've continuously brought that down throughout the year. I think in terms of a good way to think about credit loss in any given year, as we've discussed in the past, kind of the spread between our contractual and comprehensive same-store that number will move around, but we expect that on average to be something like 100 basis points for a round number. We think out of that 100 basis points about 30 to 50 could relate to credit with the balance being the kind of portfolio activity. So that kind of 30-ish basis points is a good kind of average credit loss assumption. And that matches up closely to what our actual data suggests from the last 20-plus years. So that's kind of a good rule of thumb. Again, that's going to move around in any given period, but that has been our history. With respect to geographic concentration, I don't have that data directly in front of me, but I would expect that to broadly track our overall portfolio ABR allocation of kind of 2/3 US.

當然。正如托尼提到的那樣，關於租金損失預測，其中蘊含著一定程度的謹慎。我們全年都在不斷降低這個數字。我認為，要理解任何一年的信貸損失，一個好方法是，正如我們過去討論過的，就是計算我們合約約定的同店損失和綜合同店損失之間的利差。這個數字會波動，但我們預期平均下來，這個數字大約是 100 個基點，取個整數。我們認為，在這 100 個基點中，大約有 30 到 50 個基點可能與信貸有關，其餘部分則與投資組合活動有關。所以，30個基點左右是比較合理的平均信用損失假設。這與過去 20 多年的實際數據所顯示的情況非常吻合。所以這算是一個不錯的經驗法則。當然，在任何特定時期，這種情況都會有所變化，但這正是我們的歷史。至於地理集中度，我手頭上沒有直接的數據，但我預計它大致會與我們整體投資組合的 ABR 分配情況一致，即 2/3 在美國。

I guess for my second question, I think you just mentioned the escalators are trending in the high 2s. Which sectors delivered the strongest rent escalations in Q3? And where are you seeing pressure, if any?

關於我的第二個問題，我想你剛才提到自動扶梯的價格趨勢在 2 美元以上。第三季哪些產業的租金漲幅最大？你覺得哪裡有壓力？如果有的話。

Yes. Toni, I don't know if you have any details around that.

是的。東尼，我不知道你有沒有這方面的詳細資訊。

This is on the new deals you're referencing?

這是你提到的新優惠嗎？

Correct.

正確的。

Oh, on new deals? Let me take that out, that you meant just in the same-store growth of the portfolio. I mean most of what we've been doing this year has been industrial, and that's a mix of both manufacturing and warehouse. And I think one of the maybe drivers of our ability to achieve higher negotiated rent bumps within these leases is the fact that it's in an asset class that the market for those assets tend to have higher expected market rent growth compared to say retail, where a lot of those leases, especially with the investment-grade retailers, they tend to be flat. And if they're not flat, you see them in maybe the 1% to 2% range on average. So yes, there is a bit of a driver behind the mix that more of what we're doing is industrial. So yes, I think that's a theme.

哦，是關於新交易的嗎？讓我把那句話去掉，你指的是投資組合中同店銷售的成長。我的意思是，我們今年所做的大部分工作都是工業方面的，包括製造業和倉儲業。我認為，我們能夠在這些租賃合同中獲得更高協商租金漲幅的一個可能驅動因素是，與零售業相比，這類資產的市場預期租金增長往往更高，而零售業的很多租賃合同，尤其是投資級零售商的租賃合同，往往是平穩的。如果它們不是平坦的，那麼平均而言，它們的波動幅度可能在 1% 到 2% 之間。所以，是的，這種融合背後確實存在一些驅動因素，那就是我們所做的事情更多是工業音樂。是的，我認為這算是一個主題。

(Operator Instructions) Ryan Caviola, Green Street.

（操作員說明）瑞安·卡維奧拉，格林街。

With acquisitions in the quarter across Europe, Canada and Mexico, could you provide any color on international competition? And has any of the private capital that has entered the net lease space competed on international deals? Or do they stay primarily in the US?

本季公司在歐洲、加拿大和墨西哥進行了一系列收購，您能否就國際競爭情況提供一些見解？進入淨租賃領域的私人資本是否參與國際交易的競爭？還是他們主要留在美國？

Yes, sure. Yes, Europe historically has been less crowded. Certainly, there's not many, if any, pan-European public REITs. So it's more on the private side, and that's what it's been historically. I would say we are seeing a little bit of competition pop up there and much of those are US funds that are looking to kind of enter in Europe.

當然可以。是的，從歷史上看，歐洲人口密度較低。當然，泛歐洲的上市房地產投資信託基金不多，甚至可能沒有。所以它更偏向私人領域，而且從歷史上看一直如此。我認為我們看到那裡出現了一些競爭，其中許多是希望進入歐洲市場的美國基金。

It's probably worth noting that that's easier said than done. I mean we've been on the ground in investing in Europe over 2.5 decades. I mentioned earlier that we have a team of over 50 people on the ground there across our London and Amsterdam offices. We have deep relationships. We have a very good brand and track record across Europe. We know the various markets well. We also know to optimize leases and tax structures and have scale and all that stuff matters. So we have our advantages over there.

值得注意的是，這說來容易做來難。我的意思是，我們在歐洲的投資已經持續了25年。我之前提到過，我們在倫敦和阿姆斯特丹的辦公室共有 50 多人的團隊在那裡工作。我們關係很深厚。我們在歐洲擁有非常好的品牌和業績記錄。我們對各個市場都非常了解。我們也知道優化租賃和稅收結構，擁有規模等等這些都很重要。所以我們在那邊有優勢。

That said, even with a little bit more competition, it's still a big fragmented market. I think activity levels are increasing with more opportunities opening up. So we still feel good about our prospects for more deal volume in Europe.

也就是說，即使競爭稍微加劇了一些，它仍然是一個龐大且分散的市場。我認為隨著機會增多，人們的活動量也在提高。因此，我們仍然對在歐洲實現更多交易量的前景感到樂觀。

Appreciate that. And then -- just kind of going back to the US. I know there's been more of a focus on industrial and the acquisition front, but I did notice Dollar General assets have been consistent additions to the portfolio the last few quarters and the net larger deal in the fourth quarter of last year, now they're top 20, 10 and could you just update us on that relationship? And how you feel about the Dollar Store space in general and how much you'd like to grow that?

謝謝。然後——就這麼回美國了。我知道公司最近更加關注工業和收購方面，但我注意到，在過去的幾個季度裡，Dollar General 的資產一直在穩步增加到投資組合中，去年第四季度更是達成了一筆較大的淨交易，現在它們已經躋身前 20 名和前 10 名，您能否向我們介紹一下與 Dollar General 的關係？您對一元商店市場整體有何看法？您希望這個市場發展到什麼程度？

Yes, sure. I mean we do have a relationship with the company itself as a good-sized landlord now. Those deals, and I think pretty much all or most Dollar General deals that are traded in the market come through the development pipeline. So we have relationships with a most of our deals that came through were from developers that you were recently built stores and I think we've been opportunistic there.

當然可以。我的意思是，我們現在確實和這家公司建立了良好的關係，因為我們是一家相當大的房東。我認為，幾乎所有在市場上交易的 Dollar General 交易都是透過開發流程達成的。所以，我們與大多數達成的交易都來自開發商，他們最近建造了商店，我認為我們在這方面抓住了機會。

Dollar General took a little bit of a credit hit mid last year when they reported on lower growth expectations and your stock price went down, but we took advantage of that. I think a lot of our peers are pretty full on Dollar General, maybe dollar stores more broadly. So I look at it as opportunistic pricing, and we've been in the layer in a really good credit, good concept, long leases. And so would we do a lot more? I don't know. I mean, they're top 20 now. Could they enter our top 10 at some point? Perhaps, but it's going to be more opportunistic based on pricing.

去年年中，Dollar General 公佈了下調的成長預期，導致其股價下跌，信用評級受到了一定程度的打擊，但我們從中獲利了。我覺得我們很多同行都對 Dollar General，或者更廣泛地說，對一元商店非常反感。所以我認為這是一種機會主義定價，我們憑藉良好的信用、良好的理念和長期的租賃合同，佔據了有利地位。那我們會做更多嗎？我不知道。我的意思是，他們現在已經進入前20名了。他們有可能進入我們的前十名嗎？或許如此，但更多的是取決於定價策略的機會主義行為。

Jim Kammert, Evercore ISI.

Jim Kammert，Evercore ISI。

Are you able to provide any sort of visibility or details regarding, say, the '26 and '27 lease expirations. I'm just curious about maybe what percentage of that is kind of being actively discussed with the tenants today, if you will, versus I think you run at the last moment?

您能否提供 2026 年和 2027 年租賃到期日的任何資訊或詳情？我只是好奇，目前你們與租戶積極討論的事項佔多大比例？還是說，你們都是在最後一刻才著手處理？

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

是的。當然可以，布魯克斯，你想拿嗎？

Yes. So virtually all, if not all, of the 2026 and 2027 expiring ADR is actively being worked on. Our general process is that three to five years out, we're really engaging with and strategizing and then three-ish years out, really engaging with tenants. So virtually, all that's active. 2026 is a pretty manageable year to 2.7% of ABR expiring. And so we're working on virtually all of that.

是的。因此，幾乎所有（如果不是全部）將於 2026 年和 2027 年到期的 ADR 都在積極進行中。我們的一般流程是，提前三到五年，我們真正與租戶進行溝通和製定策略，然後提前三年左右，真正與租戶進行溝通。所以實際上，所有這些都在進行中。 2026年到期的ABR僅佔2.7%，這是一個相當可控的年份。所以，我們幾乎在著手處理所有這些事情。

Great. And you can kind of tease out as a related question, just looking at the average ABR per square foot, seems like a little lower in '26 versus '27. But I'm just trying to think about the organic. Is there any tilting towards industrial or retail across those next two years or getting too granular here?

偉大的。而且，從每平方英尺的平均 ABR 來看，還可以引出一個相關的問題，2026 年的 ABR 似乎比 2027 年的 ABR 略低。但我只是想思考一下有機食品。未來兩年工業或零售業的發展趨勢會如何？或者說，這個問題討論得太細緻了？

Well, both years have reasonably similar breakdown in terms of property types, they're, call it, 60% warehouse and industrial. In 2026, we have a couple of warehouses, which we expect to be able to put new tenants at much higher rents. These are very high-quality warehouses in the Lehigh Valley, where rents are, call it, 40% or 50% below market. So we're working on those actively. The others often tenants have renewal options at continuing rent. So we don't necessarily always get a true mark-to-market opportunity. But so it will be a mix, but I think -- we think it's a very manageable year with some opportunities to push rents.

嗯，這兩年在物業類型方面構成相當相似，大約 60% 是倉庫和工業用地。到 2026 年，我們將擁有幾個倉庫，我們預計能夠以更高的租金出租給新租戶。這些是利哈伊谷地區非常優質的倉庫，租金比市場價格低 40% 到 50%。所以我們正在積極推動這些工作。其他租戶通常可以選擇以原租金續租。因此，我們不一定總是能獲得真正的以市價計價的機會。所以情況會比較複雜，但我認為──我們認為今年是比較容易控制的一年，也有一些機會可以推高租金。

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

謝謝。目前，我不再提出任何問題。現在我將把電話轉回給桑茲先生。

Thank you. And thank you, everyone, for joining us and your interest in W. P. Carey. If anybody has additional questions, please call Investor Relations directly at (212) 492-1110.

謝謝。感謝各位的參與以及對 W. P. Carey 的關注。如果還有其他問題，請直接致電投資者關係部 (212) 492-1110。

And that concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。