W. P. Carey Inc. (WPC) 2026 Q1 法說會逐字稿

Hello and welcome to W.P. Carey's first-quarter 2026 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.

您好，歡迎參加 W.P. Carey 2026 年第一季財報電話會議。我是 Diego，今天將擔任您的會議接線員。（接線員指示）請注意，今天的活動將被錄音。

(Operator Instructions) I will now turn the program over to Peter Sands, Head of Investor Relations. Mr. Sands, please go ahead.

（接線員指示）我現在將把會議交給投資人關係主管 Peter Sands。Sands 先生，請開始。

Good morning, everyone, and thank you for joining us for our 2026 first-quarter earnings call. Before we begin, I need 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.

各位早安，感謝各位參加我們 2026 年第一季財報電話會議。在開始之前，我需要提醒各位，本次電話會議中的部分陳述並非歷史事實，可能被視為前瞻性陳述。可能導致實際結果與 W. P. Carey 預期出現重大差異的因素，已載於我們向 SEC 提交的文件中。

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於我們網站 wpcarey.com 的投資人關係專區提供，並將存檔約一年；您也可在該處找到我們的投資人簡報及其他相關資料。

And with that, I'll hand the call over to W. P. Carey's Chief Executive Officer, Jason Fox.

接下來，我將把電話會議交給 W. P. Carey 執行長 Jason Fox。

Thanks, Peter. Good morning, everyone. I'm pleased to say we've started the year with continued strong execution across the business, particularly in our investment activity and capital raising, building on the foundation we've established for attractive sustainable growth.

謝謝你，Peter。各位早安。我很高興地表示，我們在今年開局持續展現強勁的執行力，特別是在投資活動與資金募集方面，並在我們為具吸引力且可持續成長所建立的基礎上持續推進。

Given our performance to date, we are raising our full-year guidance for both investment volume and AFFO per share, reflecting the investments we've completed to date, the strength of our pipeline and a more favorable outlook for estimated brand loss.

鑑於目前的表現，我們上調了全年投資金額與每股 AFFO 的指引，反映我們迄今已完成的投資、強勁的案源管線，以及對預估品牌流失（brand loss）更為有利的展望。

This morning, I'll briefly recap some of the highlights from the quarter, focusing on our investment activity. Toni Sanzone, our CFO, will then take you through the details behind our results, balance sheet and guidance. We're joined by Brooks Gordon, our Head of Asset Management, to help answer your questions.

今天早上，我將先簡要回顧本季的一些重點，並聚焦於我們的投資活動。接著，我們的財務長 Toni Sanzone 將帶各位了解業績、資產負債表與指引背後的細節。我們也邀請到資產管理主管 Brooks Gordon，一同協助回答各位的問題。

Starting with our investment activity. So far this year, we completed investments totaling approximately $680 million. Our pipeline remains very strong with over $0.5 billion of deals currently at advanced stages, including the sale leaseback of a large industrial portfolio that's in the final stages of closing that gives us clear visibility into well over $1 billion of investments. Importantly, we've continued to see strong momentum in our deal flow with no noticeable impact on transaction activity to date from recent geopolitical tensions.

先從投資活動談起。今年迄今，我們已完成約 6.8 億美元的投資。我們的案源管線仍非常強勁，目前有超過 5 億美元的交易處於後期階段，其中包括一筆大型工業資產組合的售後回租交易，已進入交割最後階段，使我們對超過 10 億美元的投資具備清晰能見度。重要的是，我們的交易流量持續展現強勁動能，迄今未見近期地緣政治緊張局勢對交易活動造成明顯影響。

Given our activity and outlook, we've raised our guidance range for full year investment volume by $250 million to between $1.5 billion and $2 billion. Factoring in what we've already closed, our current pipeline, in the capital projects we have delivering this year resulted in an average cap rate of approximately 7.5%. And for the full year, we expect to remain around that level.

基於我們的活動與展望，我們將全年投資金額指引區間上調 2.5 億美元至 15 億至 20 億美元。納入我們已完成的交易、目前的案源管線，以及今年將交付的資本專案後，平均資本化率（cap rate）約為 7.5%。而就全年而言，我們預期將大致維持在該水準附近。

We continue to transact across a range of cap rates. The deals we've closed year to date have generally skewed toward the low end of our target range and below where our pipeline is pricing with closed transactions averaging 7.2%. This largely reflects timing as it includes some of what we expect to be our tightest cap rate deals over the first half of the year.

我們仍在不同資本化率區間進行交易。今年迄今已完成的交易整體偏向我們目標區間的低端，且低於目前管線的定價水準，已完成交易的平均資本化率為 7.2%。這主要反映時點因素，因為其中包含我們預期在上半年資本化率最緊（最低）的一些交易。

I'd also highlight that our investment activity to start the year has been mostly weighted towards Europe and Canada, where we secured lower cost debt during the quarter including a two tranche Eurobond offering at a 3.5% average coupon and a Canadian dollar term loan at just over 3%, helping maintain attractive spreads to our going in cap rates.

我也要強調，我們年初以來的投資活動多集中在歐洲與加拿大；我們在本季取得較低成本的債務資金，包括一筆分兩期的歐元債發行，平均票面利率 3.5%，以及一筆加幣定期貸款，利率略高於 3%，有助於維持相對於初始資本化率（going-in cap rates）的具吸引力利差。

We also continue to originate deals with fixed rent bumps averaging in the high 2% range or with CPI-based rent escalations. As a result, we're still achieving average yields of around 9% over long lease terms. During the first quarter, we allocated the majority of our capital to warehouse and industrial properties, which accounted for approximately 60% of investment volume.

我們也持續開發具固定租金調升條款（平均約落在 2% 高段）或以 CPI 為基礎的租金調升機制之交易。因此，在長租期條件下，我們仍可達成約 9% 的平均收益率。第一季期間，我們將大部分資金配置於倉儲與工業不動產，約占投資金額的 60%。

Retail represented the remaining 40% driven largely by the sale leaseback that we completed with Go Auto for a portfolio of auto dealerships with strong site-level coverage concentrated in the Greater Vancouver area. Go Auto is the second largest automotive dealership group in Canada, and now ranks among W.P. Carey's top 25 largest tenants by ABR. We completed four capital projects during the quarter, totaling $68 million, which are included in our year-to-date investment volume and added a handful of small projects scheduled to deliver later this year.

零售資產占其餘 40%，主要來自我們與 Go Auto 完成的一筆售後回租交易，標的為一組汽車經銷據點資產組合，具備強勁的單點覆蓋率（site-level coverage），且集中於大溫哥華地區。Go Auto 是加拿大第二大汽車經銷集團，並已躋身 W.P. Carey 以 ABR 計算的前 25 大租戶。我們在本季完成 4 個資本專案，總額 6,800 萬美元，已計入今年迄今投資金額；同時也新增少數預計於今年稍晚交付的小型專案。

In total, we have 11 capital projects totaling approximately $280 million, delivering over the next 12 months. These projects are generating cap rates incrementally higher than both our year-to-date investments and our full-year expectations, providing attractive risk-adjusted returns.

整體而言，我們共有 11 個資本專案，總額約 2.8 億美元，將於未來 12 個月內交付。這些專案所產生的資本化率，較我們今年迄今投資與全年預期水準略高，提供具吸引力的風險調整後報酬。

As I've discussed on prior calls, these projects, particularly the expansions frequently deliver above-market yields while also extending lease terms and enhancing the strategic importance to the assets involved. Given the size of our portfolio and our long history in this area, further supported by our recent Carey tenant solutions initiative, we believe we're well positioned to expand this highly attractive proprietary source of deal flow.

如我在先前電話會議中所提，這些專案，特別是擴建案，往往能帶來高於市場的收益率，同時延長租期並提升相關資產的策略重要性。鑑於我們投資組合規模與在此領域的長期經驗，再加上近期推出的 Carey tenant solutions 計畫支持，我們相信自己具備良好條件，擴大這一極具吸引力的專有交易來源。

Our internal growth also remains strong and continues to trend higher on new investments. And if inflationary pressures from higher energy prices persist, our portfolio is uniquely positioned to benefit given the high proportion of ABR with rent escalations tied to CPI.

我們的內生成長同樣維持強勁，且在新投資上持續走高。若因能源價格上升而導致的通膨壓力持續，我們的投資組合也具備獨特優勢可望受惠，因為相當高比例的 ABR 具有與 CPI 連動的租金調升條款。

Lastly, turning to our sources of capital. Our investment activity continues to be supported by well-executed capital raising, driven by the debt issuance and forward equity sales we completed in February. In addition to further strengthening our balance sheet, these actions have effectively prefunded our investment needs for 2026. We've also locked in attractive pricing and meaningfully reduce our exposure to potential further capital markets volatility this year.

最後，談到資金來源。我們的投資活動持續受惠於執行良好的資金募集，主要來自我們於 2 月完成的債務發行與遠期股權出售。除了進一步強化資產負債表外，這些措施也有效地為我們 2026 年的投資需求預先籌資。我們亦鎖定具吸引力的定價，並大幅降低今年可能進一步出現資本市場波動的曝險。

As a result, we're confident we can continue deploying capital throughout 2026. As a reminder, we also expect to generate around $300 million of retained cash flow this year, providing an additional source of equity capital. And while additional asset sales are not a core part of our funding strategy, we continue to have the flexibility to pursue additional accretive dispositions at attractive cap rates, if needed.

因此，我們有信心能在 2026 年持續部署資本。提醒各位，我們也預期今年可產生約 3 億美元的保留現金流，提供額外的股權資本來源。雖然額外資產出售並非我們資金策略的核心，但如有需要，我們仍保有彈性，可在具吸引力的資本化率下進行更多具增益性的處分。

Let me pause there and hand the call over to Tony to discuss our results, balance sheet, and guidance in more detail.

我先在此暫停，接下來把電話會議交給 Tony，更詳細說明我們的業績、資產負債表與指引。

Thanks, Jason, and good morning, everyone. Starting with earnings. AFFO per share was $1.30 for the first quarter, which represented a $0.13 or 11.1% increase compared to the first quarter of last year. Accretive investment activity continues to drive our year-over-year growth, having closed $2.8 billion of investments since the start of 2025 at accretive cap rates and healthy spreads to our funding sources.

謝謝你，Jason，各位早安。先從獲利談起。第一季每股 AFFO 為 1.30 美元，較去年第一季增加 0.13 美元或 11.1%。具增益性的投資活動持續推動我們的年增成長；自 2025 年初以來，我們已以具增益性的資本化率與相對於資金來源的健康利差，完成 28 億美元的投資。

As Jason mentioned, given the pace and volume of our investment activity to start the year as well as the strength of our pipeline, we've raised our expectations for both full-year investment volume and AFFO per share. As outlined in our earnings release, we've increased our investment volume guidance to a range of $1.5 billion to $2 billion, which, together with lower estimated potential rent loss, results in an aggregate $0.03 increase to our AFFO per share guidance at the midpoint. For 2026, we therefore currently expect AFFO per share to total between $5.16 and $5.26, implying 4.8% growth at the midpoint.

如 Jason 所提，鑑於年初以來投資活動的速度與規模，以及強勁的案源管線，我們上調了全年投資金額與每股 AFFO 的預期。如我們在財報新聞稿中所述，我們將投資金額指引提高至 15 億至 20 億美元區間；再加上較低的預估潛在租金損失，使每股 AFFO 指引在中位數合計上調 0.03 美元。因此，2026 年我們目前預期每股 AFFO 將介於 5.16 至 5.26 美元，按中位數計算意味著 4.8% 的成長。

Turning to our portfolio, starting with dispositions. First quarter asset sales generated gross proceeds totaling $163 million. This included the sale of the 11 remaining operating self-storage properties in our portfolio for $75 million. With that, we've now completed our exit from operating self-storage, further simplifying our business and generating aggregate proceeds of approximately $860 million at an average cap rate just below 6%, which we've recycled accretively into higher-yielding investments.

接著談投資組合，先從處分開始。第一季資產出售的總毛收入為 1.63 億美元，其中包括以 7,500 萬美元出售我們投資組合中剩餘的 11 項自營迷你倉（self-storage）資產。至此，我們已完成退出自營迷你倉業務，進一步簡化業務結構，並以平均資本化率略低於 6% 的水準，累計取得約 8.6 億美元的總收入；我們已將該資金以具增益性的方式再投入至收益率更高的投資。

Contractual same-store rent growth for the quarter was 2.4% year over year with both fixed and CPI-linked rent escalations averaging 2.4%. For the full year, we continue to expect contractual same-store rent growth to average in the mid-2% range. We continue to achieve strong rent escalations on our new investments. About three quarters of our investment volume during the first quarter had leases with rent increases tied to CPI, while the other one quarter had fixed rent escalations averaging 2.8% annually.

本季合約同店租金成長率年增 2.4%，其中固定與 CPI 連動的租金調升平均皆為 2.4%。就全年而言，我們仍預期合約同店租金成長平均落在 2% 中段區間。我們在新投資上持續取得強勁的租金調升條款。第一季約四分之三的投資金額，其租約租金增幅與 CPI 連動；其餘約四分之一則為固定租金調升，年均 2.8%。

Comprehensive same-store rent growth for the quarter, which takes into account the impacts of re-leasing, rent collections, vacancies and lease restructurings, was 1% with the variance to contractual driven largely by the impact of vacancy during the quarter.

本季的綜合同店租金成長（已納入再出租、租金收取、空置以及租約重整的影響）為 1%；相較於合約租金的差異，主要來自本季空置的影響。

Given the nature of this metric, comprehensive same-store rent growth can vary from period to period, often due to onetime items or properties moving in and out of the same-store pool. Historically, our comprehensive same-store rent growth has trailed contractual by approximately 100 basis points on average and we believe that's a reasonable estimate for the portfolio over the long term.

鑑於此指標的特性，綜合同店租金成長可能因期間而異，往往是由一次性項目或資產進出同店樣本池所致。歷史上，我們的綜合同店租金成長平均約落後合約租金 100 個基點，我們認為這是對本投資組合長期表現的合理估計。

Portfolio occupancy at the end of the first quarter was 98.1%, up slightly from the fourth quarter and is expected to improve further as we continue to retenant or dispose of vacant assets. Our portfolio continues to perform well with no new material changes in credit throughout the portfolio so far this year. We've, therefore, lowered the potential rent loss assumption embedded in our AFFO guidance to between $8 million and $12 million or about 50 to 75 basis points of ABR, down from our prior estimate of $10 million to $15 million. And based on what we see today, we would still characterize our revised assumption as conservative.

第一季末投資組合出租率為 98.1%，較第四季小幅上升，且預期將隨著我們持續為空置資產重新引入承租人或處分而進一步改善。今年迄今，我們的投資組合持續表現良好，整體信用狀況未出現新的重大變化。因此，我們將 AFFO 指引中隱含的潛在租金損失假設下調至 800 萬至 1,200 萬美元，約占 ABR 的 50 至 75 個基點，低於先前估計的 1,000 萬至 1,500 萬美元。就我們目前所見，我們仍會將修訂後的假設視為保守。

Our first-quarter releasing activity resulted in the overall recapture of 103% of prior rents on 1.4% of portfolio ABR and added just over five years of weighted average lease term. Other lease-related income for the first quarter was $10.5 million in line with our expectations and includes termination income related to redevelopment work that commenced this quarter. Based on our current visibility, we expect other lease-related income for the second quarter to be in line with the first quarter and to total in the low to mid-$30 million range for the full year as we continue to proactively manage our portfolio.

第一季的再出租活動使我們在占投資組合 ABR 1.4% 的租約上，整體回收率達到先前租金的 103%，並新增略高於五年的加權平均租期。第一季其他與租約相關的收入為 1,050 萬美元，符合我們的預期，並包含與本季開始的重建工程相關的解約收入。依據我們目前的能見度，我們預期第二季其他與租約相關的收入將與第一季相當，且全年合計將落在 3,000 多萬至 3,000 中段（低至中 3,000 萬美元）區間，因我們將持續主動管理投資組合。

Non-reimbursed property expenses totaled $14.6 million for the quarter. which includes approximately $1.2 million of demolition costs related to redevelopment work, as we discussed on our last call. We expect to incur additional demolition costs in the second quarter which would increase no reimbursed property expenses further before resuming to a more normalized run rate in the back half of the year.

本季未獲償付的物業費用合計 1,460 萬美元，其中包含約 120 萬美元與重建工程相關的拆除成本，正如我們在上次電話會議中所討論。我們預期第二季將發生額外的拆除成本，這將使未獲償付的物業費用進一步上升，之後在下半年回到較正常的支出水準。

For the full year, we continue to expect no reimbursed property expenses to total between $56 million and $60 million. G&A expense totaled $27.3 million for the first quarter, in line with our expectations since the first quarter tends to be the highest of the year for G&A given the timing of payroll taxes. For the full year, we continue to expect G&A to total between $103 million and $106 million with the second quarter resuming a more regular run rate.

就全年而言，我們仍預期未獲償付的物業費用合計介於 5,600 萬至 6,000 萬美元。第一季 G&A（一般及行政）費用為 2,730 萬美元，符合我們的預期，因第一季通常是全年 G&A 最高的季度，主要由於薪資稅的時點因素。就全年而言，我們仍預期 G&A 合計介於 1.03 億至 1.06 億美元，且第二季將回到較正常的費用水準。

Moving to our balance sheet. We were very active in the capital markets during the first quarter, accessing close to $2 billion of capital across a variety of sources, taking proactive steps to further strengthen our balance sheet and ensure we're well positioned to fund our projected investment activity. In February, we issued EUR1 billion of senior unsecured notes, comprising [two] EUR500 million tranches with coupon rates of 3.25% on a long five-year maturity and 3.75% on a long nine-year maturity.

接著談資產負債表。第一季我們在資本市場非常活躍，透過多元來源取得接近 20 億美元的資金，採取主動措施進一步強化資產負債表，並確保我們具備充足條件為預期的投資活動提供資金。2 月，我們發行 10 億歐元的高級無擔保票據，由兩筆各 5 億歐元的分期組成，票面利率分別為 3.25%（長五年期）與 3.75%（長九年期）。

We executed during a particularly attractive window with proceeds used to address our April Eurobond maturity, which we repaid in March to retire EUR215 million term loan and to increase our overall liquidity to support externally driven growth.

我們在一個特別有利的窗口期完成交易，募集資金用於因應我們 4 月到期的歐元債；我們已於 3 月償還該到期債務、清償 2.15 億歐元的定期貸款，並提升整體流動性以支持外部驅動的成長。

In March, we amended our credit agreement, replacing the euro term loan I just mentioned with the new Canadian dollar term loan at a current all-in rate of approximately 3.1%, with proceeds used to fund our Canadian investment activity. At the same time, we were able to improve our overall revolver pricing grid by 5 basis points at all levels, incrementally lowering our cost of debt.

3 月，我們修訂了信貸協議，以新的加幣定期貸款取代我剛提到的歐元定期貸款，目前的全包利率約為 3.1%，所得款項用於支持我們在加拿大的投資活動。同時，我們也成功將整體循環信貸（revolver）的定價級距在所有層級下調 5 個基點，進一步降低我們的債務成本。

We also successfully executed in the equity markets during the quarter, selling 6.9 million shares on a forward basis, representing total gross proceeds of $497 million. This, combined with the forward equity we sold under our ATM program in the second half of 2025, gives us enough runway to execute investment volume above the top end of our current guidance range.

本季我們也在股權市場成功執行，採遠期方式出售 690 萬股，總募集金額（毛額）為 4.97 億美元。再加上我們於 2025 年下半年在 ATM 計畫下出售的遠期股權，讓我們具備足夠的資金跑道，可執行高於目前指引區間上緣的投資量。

At the end of the first quarter, we settled 3.45 million shares under forward sale agreements for net proceeds totaling $247 million, leaving us with 9.7 million shares remaining to be settled, representing anticipated net proceeds of $653 million as of the end of March. Driven by our capital markets activity, we ended the first quarter with substantial liquidity totaling approximately $2.8 billion, including availability on our credit facility, cash on hand, and unsettled forward equity.

第一季末，我們依遠期出售協議交割 345 萬股，取得淨募集款合計 2.47 億美元；尚有 970 萬股待交割，截至 3 月底預期可取得淨募集款 6.53 億美元。在資本市場活動的帶動下，我們第一季末的整體流動性相當充裕，合計約 28 億美元，包含信貸額度可用額度、手上現金，以及尚未交割的遠期股權。

Our remaining debt maturities this year are minimal, primarily comprising the $350 million of US bonds we have maturing in October. The weighted average interest rate on our debt remains low at 3.1% for the first quarter and is expected to remain in the low to mid-3% range for the full year after taking into account our recent bond issuances.

我們今年剩餘的到期債務很少，主要是 10 月到期的 3.5 億美元美國債券。我們的債務加權平均利率在第一季仍維持低檔，為 3.1%；在納入近期債券發行後，預期全年將維持在 3% 出頭至 3% 中段的區間。

Net debt to adjusted EBITDA ended the quarter at 5.3 times, inclusive of unsettled forward equity. Excluding the impact of unsettled forward equity, net debt to adjusted EBITDA was 5.7 times, down from 5.9 times at year-end and well within our target range of mid- to high 5 times.

本季末，淨負債對調整後 EBITDA 為 5.3 倍（包含尚未交割的遠期股權）。若排除尚未交割遠期股權的影響，淨負債對調整後 EBITDA 為 5.7 倍，較年末的 5.9 倍下降，且明顯落在我們目標區間（5 倍中段至 5 倍高段）之內。

Lastly, on our dividend. In March, we increased our quarterly dividend 4.5% year-over-year to $0.93 per share, maintaining a healthy payout ratio of 72%. Based on our current stock price, that equates to an attractive annualized dividend yield of over 5%. We expect our dividend to continue to grow in line with our AFFO growth, while maintaining a conservative payout ratio.

最後談股利。3 月，我們將季度股利年增 4.5% 至每股 0.93 美元，維持健康的 72% 配息率。以目前股價計算，相當於超過 5% 的具吸引力年化股利殖利率。我們預期股利將持續隨 AFFO 成長而增加，同時維持保守的配息率。

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

以上，我把電話交回給 Jason。

Thanks, Toni. In closing, we're pleased with our performance year-to-date, driven by the continued momentum in our investment activity, the strength of our pipeline and our capital markets execution, all of which position us well to continue executing going forward. As we look ahead, we remain confident we're on track to deliver double-digit total shareholder returns again in 2026, and that's before any multiple expansion.

謝謝，Toni。總結來說，我們對今年迄今的表現感到滿意，主要受惠於投資活動的持續動能、強勁的案源管線以及我們在資本市場的執行力，這些都讓我們在未來持續推進執行上具備良好條件。展望未來，我們仍有信心在 2026 年再次達成兩位數的股東總報酬，而且這還未包含任何估值倍數擴張。

Our projected earnings growth compares favorably across the net lease sector. And over time, we would expect that to be further reflected in our trading multiple. That concludes our prepared remarks. So I'll pass the call back to the operator for questions.

我們預期的獲利成長在整個淨租賃（net lease）產業中具相對優勢。隨著時間推進，我們預期這也將進一步反映在我們的交易倍數上。以上為我們的準備發言，接下來我把電話交回給接線員進行提問。

(Operator Instructions) Michael Goldsmith, UBS.

（接線員指示）Michael Goldsmith，UBS。

Good morning. Thanks a lot for taking my questions. First, you have a third -- the portfolio in Europe, you continue to acquire there. Are you seeing any impact of the portfolio? Or is there any worry that you have just given some of these global macro events and also just the conflict in Iran? Is that having any impact on your portfolio in Europe?

早安。非常感謝讓我提問。首先，你們在歐洲的投資組合仍持續收購。鑑於一些全球宏觀事件以及伊朗的衝突，你們是否看到對歐洲投資組合有任何影響？或你們是否有任何擔憂？這是否對你們在歐洲的投資組合造成任何影響？

No. I guess there's a little bit more potential for uncertainty in Europe, given higher energy prices there, but it hasn't impacted us. And if you think about our portfolio, it's diversified. We mainly have very large companies that can ride through the different cycles, and we've shown that in the past. So there's not big concerns there. We feel good about the portfolio. We haven't seen anything yet. I think that's certainly something I could say definitively.

沒有。我想歐洲的不確定性可能稍微更高一些，因為那裡能源價格較高，但這並未影響到我們。若你看看我們的投資組合，它是分散的。我們主要面向非常大型的公司，能夠度過不同景氣循環，而我們過去也已證明這點。所以這方面沒有太大的疑慮。我們對投資組合感到放心。我們目前尚未看到任何影響。我認為這點我可以很明確地說。

Thanks for that, Jason, and my follow-up question is you said in the prepared remarks, you've effectively prefunded your investment needs for 2026. And I guess like how are you thinking about just funding going forward? Or do you sit back and just kind of wait to see what comes to you would be opportunistic with your fundraising? Or is this the time where you can be a little bit more aggressive, start to prefund '27. And then if the volumes continue to pick up in '26, it gives you the position to be more aggressive. Just trying to get an understanding of your thoughts in the funding environment and what's next there? Thanks.

謝謝你，Jason。我的追問是，你在準備發言中提到，你們實際上已為 2026 年的投資需求完成預先資金安排。我想了解你們對未來資金安排的思考方式：你們會先按兵不動、等待機會，並在募資上採取更機會主義的作法嗎？還是現在是可以更積極一些、開始為 2027 年預先資金安排的時點？如果 2026 年的投資量持續回升，這也會讓你們更有條件採取更積極的策略。我只是想更理解你們對融資環境的看法，以及接下來的規劃。謝謝。

Yeah, I mean, we're sitting on $650 million of forward equity right now that's left to be settled. We have lots of liquidity, as you pointed out.

是的，我的意思是，我們目前還有6.5億美元的遠期股權尚待交割。我們的流動性很充裕，正如你所指出的。

In terms of more equity, I would say if there's good opportunities to get ahead of our needs for 2027 and raise more equity, I think we'll always consider that. We're certainly comfortable where we are today and a lot of it will depend on the investment opportunity set and what that looks like. That's probably going to be the biggest driver. But bottom line is we really don't have any visible needs right now so we can be -- I think you're aware we're opportunistic.

就進一步增發股權而言，我會說如果有好的機會能提前因應我們2027年的資金需求並募集更多股權，我想我們一向都會考慮。我們對目前的狀況當然感到安心，而其中很大一部分將取決於投資機會集合以及其樣貌。那可能會是最大的驅動因素。但歸根結底，我們目前確實沒有任何可見的資金需求，所以我們可以——我想你也知道——我們是機會導向的。

Thank you very much. Good luck in the second quarter.

非常感謝。祝第二季順利。

Jana Galan, Bank of America.

Jana Galan，美國銀行。

Morning, this is [Dan] calling for Jana. Could you please provide any updates on the Cary tenant solution platform?

早安，我是[Dan]，代Jana來電。請問能否提供 Cary 租戶解決方案平台的最新進展？

Yes, sure. I mean, we talked about this in some detail on last quarter's -- and these are the types of construction projects that we've been doing for quite some time, dating back several decades.

好的，當然可以。我的意思是，我們在上一季的——已經就此做了相當詳細的說明——而這些正是我們長期以來一直在做的建設專案類型，回溯可達數十年前。

They include build-to-suits and expansions and redevelopments. And the reason why we've been more deliberate about talking about it is to make sure that people understand that this is part of our business, and it's maybe another part of our business that we think we can grow. And part of the branding around it is to formalize it and maybe be a little bit more holistic in our outreach to our tenants.

這些包括量身訂做（build-to-suit）、擴建與重建開發。而我們之所以更有意識地談論它，是為了確保大家理解這是我們業務的一部分，而且也可能是我們認為可以成長的另一塊業務。品牌化的一部分目的，是將其制度化，並在對租戶的接觸上更正式、也更全面一些。

If you look at historically what we've done, it's probably been around $200 million per year. That will vary from year to year, but that's probably a decent average. And we think that can perhaps get bigger. And one of the benefits of being a large REIT, like VR, we have built up a very capable in-house project management team. And so that's a real competitive advantage. And what we found in our outreach to tenants and when we can offer them various development services and other solutions that can lead to follow-on deals.

如果看我們過去的歷史，規模大概每年約2億美元。每年會有波動，但這大概是個不錯的平均值。我們認為這或許可以再做大。作為像 VR 這樣的大型REIT，其中一個優勢是我們建立了一支非常有能力的內部專案管理團隊，這是很實質的競爭優勢。我們也發現，在與租戶接觸時，當我們能提供各種開發服務與其他解決方案時，往往能帶來後續的交易。

Currently, and we provide a lot of detail on our sub around this. We have about $280 million of projects in process and about $180 million of that, [$280 million], we will complete this year. And beyond that, there's a really active pipeline of potential projects that we would expect to move along over the coming quarters.

目前，我們在相關的補充資料（sub）中也提供了很多細節。我們大約有2.8億美元的在建專案，其中約1.8億美元（在這2.8億美元之中）將在今年完工。除此之外，還有非常活躍的潛在專案管線，我們預期在接下來幾季會持續推進。

Thank you, and then also with the self-storage operating assets disposition is now completed, what additional assets are you targeting to meet your full-year disposition guidance? And any plans on the other five operating assets?

謝謝。另外，既然自助倉儲（self-storage）營運資產的處分已完成，為了達成全年處分指引，你們接下來鎖定哪些額外資產？以及對其餘五項營運資產有什麼計畫？

Brooks, do you want to take that?

Brooks，你要回答嗎？

Sure. As Toni mentioned, we maintain a pretty flexible disposition strategy for the year this early in the year. a range between $250 million and $750 million, so we really value that flexibility. In terms of other operating assets, we have a few hotels and one student housing property that we are evaluating for dispositions, potentially in the back half of this year, but also potentially into next year.

好的。正如 Toni 提到的，今年年初我們維持相當彈性的處分策略，區間在2.5億到7.5億美元之間，我們非常重視這種彈性。就其他營運資產而言，我們有幾家飯店以及一處學生住宅資產正在評估是否處分，可能在今年下半年，但也可能延伸到明年。

So it's something we're looking at. But again, we've maintained a lot of flexibility from a liquidity and capital perspective. So that will really -- investment pipeline will help drive kind of where we land in that range.

所以這是我們正在看的方向。但再次強調，從流動性與資本配置角度，我們保留了很大的彈性。因此，最終落在該區間的哪個位置，將主要由投資管線來驅動。

Thank you very much.

非常感謝。

Anthony Paolone, JPMorgan.

Anthony Paolone，摩根大通。

Great, thanks, good morning. Can you talk about the investment pipeline and what the geographic skew looks like at the moment? And also the property type kind of buckets where you're seeing more or less and just where the dispersion around that mid 7s cap rate resides?

很好，謝謝，早安。你能談談投資管線，以及目前在地理分布上偏向哪些地區嗎？另外，在物業類型的分類上，你們看到哪些更多或更少？以及大約7%中段（mid 7s）的資本化率（cap rate）分布差異主要落在哪些部分？

Yeah, sure. And pipeline remains strong. I mentioned earlier that includes kind of over $0.5 billion of identified transactions, some of which are in advanced stages. And it includes one larger sale leaseback of a sizable industrial portfolio in the US that should close over the next couple of weeks.

好的，當然。管線仍然強勁。我先前提到，包含已辨識的交易超過5億美元，其中部分已進入較後期階段。也包含一筆較大型的售後回租（sale-leaseback），標的是美國一個相當可觀的工業資產組合，預計在未來幾週內完成交割。

And then we mentioned also that we have around $180 million of capital projects that are scheduled to complete this year. So that's all part of the visibility into the deal volume that we have this year.

另外我們也提到，今年預計完工的資本性專案約有1.8億美元。因此，這些都構成我們今年對交易量可見度的一部分。

In terms of geography, Europe continues to ramp. I think of the deals closed year to date, about half of those were in Europe. A deal in Poland -- Raben was the largest. Another 30% of that was in Canada and the range was in the US yes. But for Europe, we see a continuation of the increased activity that we started seeing in the second half of last year. But that doesn't mean that US is slowing. I think the pipeline is roughly back in line with our ABR mix. It's about two-thirds in the US and one=third in Europe right now.

就地理而言，歐洲持續升溫。我認為截至目前已完成的交易中，大約一半在歐洲。波蘭的一筆交易——Raben——是最大的一筆。另有約30%在加拿大，其餘則在美國。至於歐洲，我們看到延續自去年下半年開始的活躍度提升。但這不代表美國在放緩。我認為目前管線大致回到與我們 ABR 組合相近的水準：大約三分之二在美國，三分之一在歐洲。

And then property types, I think this is a consistent theme for us. We continue to see interesting opportunities in industrial, and that's both manufacturing and warehouse year to date, about 60% were industrial and two-thirds of that were warehouse and then we also saw a pickup in retail.

至於物業類型，我想這對我們而言是一個一致的主題。我們持續在工業領域看到有吸引力的機會，涵蓋製造與倉儲；截至目前，約60%是工業，其中三分之二是倉儲；同時我們也看到零售有所回升。

A lot of that was driven by the Go Auto deal that we talked about earlier. And then the pipeline is more heavily weighted towards industrial. That's probably 80% right now. But there's a lot of opportunities at the top of the funnel that will come in as well.

其中很大一部分是由我們先前提到的 Go Auto 交易所帶動。而目前管線更偏向工業，約占80%。不過在漏斗上端也還有很多機會，後續也會陸續進來。

Okay. And then just second question, you all have historically had a strong tie-in with private equity. And I was wondering if you've seen sort of some of the challenges on the private credit side have any implications on your deal pipeline, either making sale leaseback more attractive or just generally having any impact on your tenant base?

好的。第二個問題，你們過去與私募股權（private equity）一直有很強的連結。我想請問，私募信貸（private credit）端的一些挑戰，是否對你們的交易管線有任何影響，例如讓售後回租更具吸引力，或更廣泛地對你們的租戶基礎造成任何影響？

Yeah. Let me start on the deal impact. I mean, I think our expectations are that potentially, sale-leasebacks could become a more interesting opportunity for some of the private equity-backed companies that maybe there's a void with private capital to the extent underwriting or capital flows tighten up there. I wouldn't say that's a theme we're seeing right now, but certainly, it's a possibility that that emerges more. Brooks, I don't know if you're seeing anything within our portfolio related to private credit.

是的。我先從交易影響談起。我們的預期是，對某些由私募股權支持的公司而言，售後回租可能會變得更有吸引力——如果在私募資本端出現缺口，或那邊的承作（underwriting）與資金流動趨緊的話。我不會說這是我們現在正在看到的主題，但確實有可能會更明顯地浮現。Brooks，我不確定你在我們投資組合中是否看到任何與私募信貸相關的情況。

No, we haven't seen really discernible specific impacts. It's something we'll continue to watch out for, but that hasn't been a factor as of yet.

沒有，我們目前沒有看到任何可明確辨識的具體影響。我們會持續關注，但到目前為止這還不是一個因素。

Okay. Thank you.

好的，謝謝。

Smedes Rose, Citi.

Smedes Rose，花旗。

Hi, thanks a lot. I wanted to ask you just a little bit about, in the past, you've spoken about leaning into retail more. You obviously completed some in Canada this quarter. I just wanted to ask you, how do you think about kind of the rent escalators in that segment versus maybe in other asset classes?

嗨，謝謝。我想稍微問一下，過去你們提過會更偏向增加零售配置。你們這一季在加拿大也完成了一些交易。我想請問，在那個分部中，你們如何看待租金調升條款（rent escalators）相較於其他資產類別的差異？

Yeah, sure. I mean, there is a difference. I think market standards for retail tend to be lighter bumps than what we're able to negotiate in industrial and warehouse. I think that makes sense.

好的，當然。我認為確實有差異。零售的市場慣例通常是較小幅度的調升（bump），相較於我們在工業與倉儲能談到的幅度會更輕一些。我覺得這是合理的。

I think the warehouse market generally has grown substantially over the last couple of years in terms of rent growth and a lot of the bumps we put into our leases are meant to be a proxy for market rent. And the rents for warehouses or manufacturing plants for industrial companies tend not to be a big part of their cost inputs. Whereas retail, rent typically is their biggest expense, so there's more of a focus on that, and I think that's why historically we've seen flatter leases.

我認為倉儲市場在過去幾年租金成長方面普遍大幅上升，而我們放進租約裡的許多調升幅度，目的在於作為市場租金的替代指標（proxy）。對工業公司而言，倉庫或製造廠房的租金通常不是其成本結構中的大項；但對零售而言，租金通常是其最大支出，因此會更聚焦在這一點上，我想這也是為什麼歷史上我們看到零售租約較為平坦。

I think where we target, which is sub-investment grade retail, bump structures are probably in the, on average, maybe the 1.5% to 2% range compared to industrial, we're seeing probably more like 2.5%, 3% or even above that. I think once you get into investment-grade retail, which we view as the commodity segment of net lease and tend not to participate in that all that much, those leases tend to be even flatter. And really the only way to differentiate yourself when investing there is through pricing. So that's kind of the -- there's meaningful differences there, I think, between the two in terms of bump structures.

以我們鎖定的次投資級（sub-investment grade）零售來看，調升結構平均大概在1.5%到2%區間；相較之下，工業我們看到的可能更接近2.5%、3%甚至更高。我認為一旦進入投資級零售——我們把它視為淨租賃（net lease）的商品化區段，通常也不太參與——那些租約往往更平坦。在那個領域投資時，真正能讓你差異化的方式幾乎只剩下價格。因此，我認為兩者在調升結構上確實存在顯著差異。

Thanks. And then I guess I just wanted to ask you, too, I mean, you mentioned some tighter cap rates spread deals, I think, you're looking at in the first half of '26. I mean, does that pertain to the larger kind of industrial-type portfolios that you're looking at, or is it more for one-off opportunities, or maybe just commentary on kind of the pricing across like larger deals versus smaller deals?

謝謝。接著我想再請教一下，你提到一些利率較緊的資本化率（cap rate）利差交易，我想你們在 26 年上半年會關注。我是說，這是針對你們正在看的那種較大型、偏工業類型的投資組合，還是比較偏向單筆機會？或者你能否就大型交易與小型交易之間的定價情況做些評論？

Yeah, it's not related to larger or smaller deals. And really, the reference to the tighter cap rates was to the deals that we've closed year to date. It's about $680 million. Those deals blended toward the lower end of our target range, 7.2%. And my expectation is that those will be some of the tighter cap rate deals we closed this quarter.

對，這跟交易規模大小無關。其實提到較緊的資本化率，是指我們今年迄今已完成的交易，約 6.8 億美元。這些交易的加權結果偏向我們目標區間的低端，約 7.2%。而我的預期是，這些會是我們本季完成的資本化率相對較緊的一些交易。

Those also, I think maybe it's important to note, and we talked about this earlier, that the bulk of those deals were done in Europe and Canada, where our borrowing costs are meaningfully cheaper than in the US. So despite the lower cap rate, we did see attractive spreads on those deals.

另外我覺得也許重要的是要指出——我們先前也談過——其中大部分交易是在歐洲與加拿大完成的，那裡的借款成本明顯比美國便宜。因此即便資本化率較低，我們仍在這些交易上看到具吸引力的利差。

And then I think the other half of this is our pipeline, in addition to our capital investment projects delivering this year, those are more in the upper end of our target range, which helps us to blend to the mid-7s for the year. So I think overall, it feels like cap rates have been relatively stable for the year, despite the macro volatility. Hard to predict, of course, what's going to happen in the second half of the year. But because we transact across a wide range of cap rates, sometimes the timing or the mix will create some dispersion there. But I don't think it's any read-through to any market trends or specific geographies or asset classes.

我想另一半在於我們的管線；除了今年交付的資本投資專案之外，這些交易更偏向我們目標區間的高端，這有助於我們全年加權落在 7% 中段左右。所以整體而言，儘管總體環境波動，感覺今年資本化率相對穩定。當然很難預測下半年會發生什麼。但因為我們在很廣的資本化率區間內進行交易，有時候時點或組合會造成一些分散。不過我不認為這能解讀為任何市場趨勢、特定地區或資產類別的訊號。

Great. Thank you. Appreciate it.

很好。謝謝。很感激。

You're welcome.

不客氣。

Ryan Caviola, Green Street Advisors.

Ryan Caviola，Green Street Advisors。

Just a quick one on onshoring. Obviously, this trend should be helpful for the in-place industrial portfolio. Do you think those tailwinds will lead to more competition and bidding tents with new buyers interested in industrial net lease? And will this lead to a continued focus on industrial acquisitions in Europe, or do you see it just being an overall benefit for all buyers in that space?

關於回流設廠（onshoring）我有個簡短問題。顯然這個趨勢應該有利於你們既有的工業投資組合。你認為這些利多會不會帶來更多競爭、更多買家對工業淨租賃（industrial net lease）產生興趣而出現更多競標？這是否會導致你們持續把重點放在歐洲的工業收購上，還是你認為這只是對該領域所有買家都有整體性的好處？

Yeah, I think it's the latter. I think that to the extent there is more onshoring or reshoring, I think we stand certainly within our portfolio stand to benefit substantially. We're one of the larger owners of industrial properties, especially manufacturing and to the extent it increases demand on the types of buildings that we own. We think that's good for rent growth. We think that's good for the criticality factor that we tend to underwrite in the buildings that we own.

對，我認為是後者。只要有更多回流設廠或製造業回流（reshoring），我想我們——當然在我們的投資組合中——會顯著受益。我們是工業不動產的大型持有人之一，尤其是製造業相關資產；如果這提高了對我們所持有這類建物的需求，我們認為這有利於租金成長，也有利於我們在承作時通常會評估的「關鍵性」因素（criticality factor）。

Could it attract more competition? Perhaps, I mean, if a particular end of the market becomes more attractive, I think you could see some capital flows in there, but it's a big market and I think the deposits certainly would outweigh any kind of increase competitive cash flow or capital flows.

會不會吸引更多競爭？也許會。我的意思是，如果市場某一端變得更具吸引力，可能會看到一些資金流入；但這是個很大的市場，我認為這些利多帶來的正面效應，肯定會大於任何競爭加劇所造成的現金流或資金流影響。

Thank you. And then on just the mix between new deals in terms of embedding in inflation-based increases in the lease or focusing on higher-fixed escalators, could you just update us on where that stands and if this has any differences, whether it be by country or industry?

謝謝。再問一下，關於新交易在租約中嵌入以通膨為基礎的調升（inflation-based increases），或是更著重較高的固定調升（higher-fixed escalators）之間的組合，你能否更新一下目前的狀況？以及這是否會因國家或產業而有所不同？

Yeah, sure. I mean, since the spike in inflation four or five years back, the CPI-based leases have gotten to be a little bit more difficult to negotiate into new deals. And that's, I guess, particularly in the US in 2025, last year, about a quarter of our deals had CPI-linked increases. But so far this year, it's actually the opposite. It's about three-quarters of deals closed to date were CPI-based.

好的，當然。自從四、五年前通膨飆升之後，在新交易中談到 CPI 連動租約變得稍微更難一些。我想在美國尤其如此。2025 年（也就是去年）我們大約四分之一的交易有 CPI 連動調升；但到今年為止其實相反，迄今完成的交易中約有四分之三是以 CPI 為基礎。

And I think to your point, I think that's a function of geography more than anything else. Europe leases, it's still customary to have inflation-based increases embedded in there. And so year to date, as we mentioned, there's been more of our deals have been in Europe.

而且我想如你所說，這主要是地理因素的影響。歐洲的租約仍然習慣把通膨連動調升嵌入其中。因此今年迄今——如我們提到的——我們更多交易是在歐洲。

I think the Go Auto deal in Canada, that's also a CPI-based increase negotiated in there, something that we certainly value having that inflation hedge built into our portfolio and it's important to get -- but when we don't get inflation-based increases. The effects of higher inflation have still kind of flowed through to our fixed increases, where historically our average fixed increase is probably closer to 2%. Whereas the last three or four years, we're probably 50 to 100 basis points above that on new deals with fixed increases, so we're still seeing some of the benefits there.

我想加拿大的 Go Auto 交易也是談進了 CPI 連動調升；我們確實重視在投資組合中內建這種通膨避險，取得它很重要——但即便我們拿不到通膨連動調升，更高通膨的影響也某種程度反映在固定調升上。過去我們平均固定調升可能更接近 2%；但過去三、四年，在新交易的固定調升上，我們大概比那個水準高 50 到 100 個基點，所以我們仍然看到一些好處。

It's probably a good reminder of the and we talk about this a lot about the differentiation of our portfolio compared to many of our net lease peers where we have substantial internal growth built into our model as opposed to just relying on spread investing in external growth.

這也算是一個很好的提醒——我們也常談到——我們的投資組合相較於許多淨租賃同業的差異：我們的模式內建了可觀的內生成長（internal growth），而不是只依賴外部成長的利差投資（spread investing）。

Thank you. That was very helpful.

謝謝。這非常有幫助。

Mitch Germain, Citizens Bank.

Mitch Germain，Citizens Bank。

So Jason, just following up on that topic, is it more standard to have a CPI-based lease in Europe versus kind of what the accessible rate is here in the US?

Jason，延續這個主題，在歐洲採用 CPI 連動租約是否比在美國這邊更為常見？

Yeah, it is. It's definitely more standard and more customary in Europe. I think that we've always made it part of our model to the extent we can in the US, and this dates back to -- we've been around for 50-something years at this point in time, and a lot of this dates back to the '80s on the themes of trying to create an inflation hedge within a fixed income type stream that net lease can sometimes be, and we think we've done a good job of that.

是的。在歐洲確實更標準、也更常見。我想我們一直都把它納入我們的模式——在美國只要可行就會爭取——這可以追溯到……我們公司到現在大概已經有五十多年歷史了，其中很多做法可追溯到 80 年代，當時的主題之一就是嘗試在某種固定收益型的現金流（淨租賃有時會呈現這種特性）中建立通膨避險，而我們認為我們在這方面做得不錯。

Got you. And clearly, there's a lot of momentum in the business. I'm curious, though, if you're seeing some of the buyers that for the last couple of years have been on the sidelines re-emerge and is any real change in the competitive balance within the investment sales markets?

了解。而且顯然業務動能很強。不過我想問的是，你們是否看到過去幾年一直在觀望的買家重新回到市場？投資銷售市場的競爭格局是否有任何實質變化？

Yeah, I mean, the net lease market has always been competitive and especially in the US. I would say there have been some new entrants over the last couple of years. It's a lot of the names that we read about, some of the big asset managers have acquired other platforms.

是的，我的意思是，淨租賃市場一直都很競爭，尤其在美國。我會說過去幾年確實有一些新進者出現，很多都是我們在新聞上看到的名字，一些大型資產管理公司收購了其他平台。

I mean, one of the things that we've observed and we've heard this from some bankers as well is it doesn't necessarily mean there's new kind of incrementally new players in the business. Many of them have just changed brands for being independent to be part of a big asset manager.

不過我們觀察到的一點——一些銀行家也這麼說——是這不一定代表業務中出現了新增的、增量的新玩家；很多只是從獨立品牌改成隸屬於大型資產管理公司之下的品牌。

Regardless, it doesn't feel like it's been all that impactful, and I think ultimately, the results speak for themselves as we continue to generate substantial deal volume at attractive pricing and spreads, and that's irrespective of competition. And I think beyond pricing, we have a lot of competitive advantages. We've been doing this for a long time.

不管怎樣，感覺影響並不大；而且最終結果也說明了一切：我們持續以具吸引力的定價與利差，創造可觀的交易量，這與競爭無關。我想除了價格之外，我們也有很多競爭優勢；我們做這行很久了。

Experience and execution really matter, especially when we're focused on more complex sale leasebacks, and I think our track record and reputation in the market are something that helps differentiate us. So it all seems manageable, and again, it's not showing up in the numbers. That's for sure.

經驗與執行力真的很重要，尤其當我們聚焦在更複雜的售後回租（sale-leaseback）時；我認為我們在市場上的實績與聲譽，有助於讓我們脫穎而出。所以一切看起來都可控，而且再說一次，這確實沒有反映在數字上。

Congrats on the quarter.

恭喜本季表現。

Eric Borden, BMO Capital Markets.

Eric Borden，BMO Capital Markets。

I just understand that the spread between contractual and comprehensive growth can fluctuate from quarter to quarter. And over the long term, the average spread has been around 100 basis points. But just curious what your expectation is for that spread for the remainder of the year, as it sounded like you may have some vacancies to address?

我理解合約性成長與綜合性成長之間的利差會隨季度波動。長期來看，平均利差大約在 100 個基點。不過我想了解你們對今年剩餘期間該利差的預期，因為聽起來你們可能有一些空置需要處理？

Toni, do you want to take that?

Toni，你要回答這題嗎？

Sure. Yeah. I think you covered kind of the highlights there. I think as we mentioned, the contractual side, we're expecting around mid-2% growth from our contractual base lease escalations. And then on the contract -- on the comprehensive side, again, factoring in vacancies probably the biggest impact we see over the course of this year. As you mentioned, it does move around from quarter to quarter that can be collecting rents recovery of rent in any one period, we could see that move.

好的。是的，我想你已經涵蓋了重點。如我們提到的，在合約性方面，我們預期來自合約基本租金調升（base lease escalations）的成長約在 2% 中段左右。而在綜合性方面——同樣把空置因素納入——我們認為今年整體過程中最大的影響大概就是空置。如你所說，它確實會隨季度變動；可能在某一期間收回租金或租金回收（recovery of rent），我們可能會看到它有所波動。

I think the 100 basis points, it's a good round number we use in terms of kind of our historical average, but really is a good estimate over the long term. I think factoring that in, we could certainly see the range for this year being between 1% and 2% on the comprehensive side, but it really does depend on how soon we address vacant asset dispositions and like I said, timing of things like rent recoveries.

我認為100個基點是一個不錯的整數，我們用它作為某種歷史平均的參考，但從長期來看確實也是一個很好的估計。我想把這點納入考量後，我們當然可能看到今年在綜合面向的區間落在1%到2%之間，但這確實取決於我們多快處理空置資產的處分，以及如我所說，像租金回收這類事項的時點。

Okay. That's helpful. And then Jason, just going back to your comments around your well-capitalized European tenant base who can absorb oil shocks and supply chain volatility. But do you have any exposure to maybe less capitalized tenants or tenant categories with buyer sensitivity to commodity price swings and how are you underwriting or monitoring that risk today?

好的，這很有幫助。接著Jason，回到你提到你們資本實力雄厚的歐洲承租人基礎，能夠吸收油價衝擊與供應鏈波動。不過你們是否也有曝險於資本較不充足的承租人，或是對商品價格波動較敏感的承租人類別？你們目前如何承作（underwrite）或監控這項風險？

Yeah. Brooks, do you want to take that, kind of, I guess, a broad question?

是的。Brooks，你要不要來回答這個，算是比較廣泛的問題？

I mean, I think the key point in there, as what Jason mentioned, is that the broad diversification, long-term leases and high criticality.

我的意思是，我認為其中的重點，如Jason提到的，是廣泛的分散化、長期租約以及高度關鍵性。

I mean, we transact with businesses of all sizes from the biggest in the world to smaller companies. The bulk of our company's by large margin are large, well-capitalized companies and that remains true in Europe as well. So our overall view of oil shock is it's a risk we need to monitor very closely. But we haven't thus far seen direct impact. It's something we'll pay very close attention to.

我的意思是，我們與各種規模的企業交易，從全球最大的公司到較小的公司都有。我們公司絕大多數的承租人（以很大的幅度而言）都是大型、資本實力雄厚的公司，在歐洲也同樣如此。因此，我們對油價衝擊的整體看法是：這是一項需要非常密切監控的風險。但截至目前我們尚未看到直接影響。我們會非常密切地關注。

But again, our portfolio is really constructed intentionally to absorb any types of shocks or headwinds. And we've seen that a number of times over the decades. So we're confident in that. And I think that diversification really is key there.

但再說一次，我們的投資組合是刻意建構成能夠吸收各類衝擊或逆風。我們在過去數十年已多次見證這一點。所以我們對此有信心。我認為分散化確實是關鍵。

Thank you very much. Appreciate the time.

非常感謝。感謝你們撥冗。

Jim Kammert, Evercore ISI.

Jim Kammert，Evercore ISI。

Good morning. Thank you. Jason or team, are you willing to provide a little bit of color on terms of financial data regarding, say, Raben and Go Auto, both from their websites look to be pretty substantial companies, but I think they're both privately owned, if I'm not mistaken. I'm just curious if you could provide a little sort of financial flair or color around the size and give scope of those companies.

早安，謝謝。Jason或團隊，你們是否願意就財務數據提供一些補充說明，例如Raben和Go Auto？從他們的網站看起來都是相當具規模的公司，但如果我沒記錯的話，兩者都是私人持有。我只是好奇你們是否能就公司規模與範疇提供一些財務面的補充或說明。

Yeah, sure they are private companies, so I think we are under some restrictions in terms of talking about financial details. With Go Auto, we talked about earlier that they're the second largest auto dealership platform in Canada. They're diversified across pretty much all the OEMs or the brands and they have a proven tracker to have growth through over many years at this point in time.

可以，當然。他們確實是私人公司，所以在談論財務細節方面，我想我們受到一些限制。至於Go Auto，我們先前提到他們是加拿大第二大的汽車經銷平台。他們幾乎涵蓋所有OEM或品牌，並且在多年來已證明能夠持續成長。

I think sales for them are greater than $3 billion. I think Raben, also a large company, they are a Dutch company, but one of the largest 3PL operators in Poland. I don't think we can talk about kind of revenue or EBITDA, but they're one of the market leaders in the Poland market from a 3PL standpoint.

我認為他們的銷售額超過30億美元。我想Raben也是一家大型公司；他們是荷蘭公司，但在波蘭是最大的3PL營運商之一。我們可能無法談論營收或EBITDA之類的數字，但就3PL角度而言，他們是波蘭市場的領導者之一。

Helpful. And then sort of derivative of the first question, it seems like you've knocked out a growing list, I mean, Lifetime. We just talked about Raben and Go Auto, kind of $200 million-plus transactions. Is that just happenstance or is there some message to read into that in terms of your investing efficiency and where you're spending your time on the external side?

很有幫助。接著延伸第一個問題，看起來你們完成了一串愈來愈多的案子，例如Lifetime。我們剛談到Raben和Go Auto，都是2億美元以上的交易。這只是巧合，還是其中有什麼訊息可解讀，例如你們的投資效率，以及你們在外部投資端把時間花在哪些地方？

Yeah, sure. I mean, look, I guess I would say the majority of our deals typically fall within the, call it, $25 million to $100 million deal size range. Average transaction is maybe around $50 million, perhaps a little bit bigger than that. But we do consistently see larger deals.

好的。我的意思是，坦白說，我想我會說我們大多數交易通常落在2500萬到1億美元的交易規模區間。平均單筆交易大概在5000萬美元左右，可能略高一些。但我們確實也會持續看到更大規模的交易。

They're part of our regular deal flow. On any given year, we would expect on a bid on a number of these larger sale leasebacks, call it $200 million, $300 million or even larger deals you mentioned Go Auto and Raben and last year Lifetime.

它們是我們正常案源的一部分。在任何一年，我們都會預期會去競標若干這類較大型的售後回租（sale-leaseback），大概是2億、3億美元，甚至更大的交易；你提到的Go Auto和Raben，以及去年Lifetime。

So we do tend to complete several of these larger deals each year and I just mentioned earlier that we have one larger sale lease back in the pipeline, an industrial deal in the US that should close over the next week or two. So yes, so it's part of the deal flow. And look, we're one of the largest net lease REITs. So I think one of the benefits of our scale is that we can do larger deals and the other regular part of our business.

所以我們確實傾向於每年完成幾筆這類較大型的交易。我稍早也提到，我們的管線中還有一筆較大型的售後回租，是美國的一筆工業類交易，應該會在接下來一到兩週內完成交割。所以是的，這是案源的一部分。而且，我們是最大的淨租賃REIT之一。我認為我們規模帶來的好處之一，就是我們能做更大規模的交易，而這也同樣是我們業務的常態。

Thank you, Jason.

謝謝你，Jason。

Thank you.

謝謝。

You're welcome.

不客氣。

John Kilichowski, Wells Fargo.

John Kilichowski，Wells Fargo。

Hi. Good morning. Thanks for taking my question. My first one is just on the new credit loss guide. I know last quarter, you talked about there wasn't any maybe specific item that you were looking into is there anything now this quarter that you have some sense of this is where credit is going to turn out or is the 8 to 12 numbers still more of an open-ended space just for things that may come up in the rest of the year?

嗨，早安。謝謝讓我提問。第一個問題是關於新的信用損失指引。上季你們提到，當時沒有任何特定項目是你們正在關注的；那這一季是否有任何事情讓你們覺得信用狀況可能會落在某個方向？還是8到12的數字仍然比較像是開放式區間，用來涵蓋今年剩餘時間可能出現的狀況？

Toni, do you want to just touch on kind of the range and how that's changed, and then maybe, Brooks, you can just give a little bit of color on credit watch?

Toni，你要不要先談一下這個區間以及它如何變動？然後也許Brooks你可以補充一些信用觀察名單（credit watch）的情況？

Yeah, I'd say it's more the latter. I would say we've not really seen any material credit change in the portfolio since the start of the year, and that's really amongst our watch list and more broadly. So really, with four months of good rent collections behind us and our current view of the tenants, we did feel comfortable bringing down the range.

是的，我會說比較偏向後者。我會說自年初以來，我們在投資組合中並沒有看到任何重大的信用變化，這在我們的觀察名單以及更廣泛的範圍內都是如此。因此，在我們已經有四個月良好的租金收繳表現，以及對承租人目前的看法之下，我們確實覺得可以把區間下調。

The range is still larger than our typical historical losses. But again, that's more about being prudent in this uncertain macro environment and then really ensuring we're covered in any number of scenarios rather than anything that we're seeing currently in the portfolio.

這個區間仍然比我們典型的歷史損失更大。但同樣地，這更多是出於在不確定的總體環境下保持審慎，並確保在各種情境下我們都有所覆蓋，而不是因為我們目前在投資組合中看到任何正在發生的問題。

Yeah, and then just on credit watch and credit quality generally, as Toni mentioned, it's pretty stable. As you noted, we lowered the rent loss assumption range, which is sort of the most direct tool we can offer you there. Watch list came down slightly as well. Some color commentary on the watch list is Hellweg remains the biggest exposure there. It's about 1% by ABR and coming down quite quickly. And we're on track to have that out of our top 25 in the first half or around mid-year, I should say.

是的，至於信用觀察與整體信用品質，如Toni所說，相當穩定。如你所注意到的，我們下調了租金損失假設區間，這算是我們能提供給你們最直接的工具。觀察名單也略有下降。就觀察名單補充一些說明：Hellweg仍是其中最大的曝險，約占ABR的1%，而且正在相當快速地下降。我們預計在上半年或我應該說大約年中時，能讓它退出我們前25大承租人名單。

The only other tenant to note is Cornerstone, which is about 60 basis points of ABR. They're the largest exterior building products manufacturer, very large company, over $5 billion in revenue. They've been on watch, and we expect they'll restructure at some point. Their balance sheet is over-levered, but we own very critical real estate and don't expect any impact there. That's the only one of size. The rest of the credit watch list is really diversified and much smaller tenants.

另外唯一值得一提的承租人是Cornerstone，約占ABR的60個基點。他們是最大的外裝建材製造商，是非常大型的公司，營收超過50億美元。他們一直在觀察名單上，我們預期他們在某個時間點會進行重整。他們的資產負債表槓桿過高，但我們持有的是非常關鍵的不動產，因此不預期會有任何影響。這是唯一具一定規模的個案。其餘的信用觀察名單則相當分散，且承租人規模小得多。

Okay, that's helpful. Thank you. And then on the second one earlier, you gave some helpful color around some operating assets that you may consider selling the rest of the year. I was just hoping if you can give maybe some idea of the buckets of capital that you're considering selling and then maybe to add on to that, the cap rates that you think you could blend to for the rest of the year?

好的，這很有幫助，謝謝。第二個問題是，稍早你們對於今年剩餘時間可能考慮出售的一些營運型資產提供了有用的說明。我想請問你們能否分享一下，你們考慮出售的資本（資產）大致可分成哪些類別？另外再加問，你們認為今年剩餘時間可能達成的綜合資本化率（cap rates）大概會落在什麼水準？

Brooks, do you want to take that?

Brooks，你要不要回答這題？

Yeah, so again, as I mentioned, it's a little difficult to pin down with precision because we are maintaining a lot of flexibility there in the disposition plan. Roughly at the midpoint, you can kind of view it as a split in two buckets.

好的。如我提到的，要精準釘出數字有點困難，因為我們在處分計畫上保留了很大的彈性。大致上以中位數來看，你可以把它視為分成兩個類別。

The first is a non-core kind of accretive exit, so the primarily operating properties, the final tranche of storage was the biggest piece of that. We're evaluating one student housing property and several hotels for the second half.

第一類是非核心、具增益（accretive）的退出，主要是營運型資產，其中最後一批倉儲資產是最大的一塊。我們也在評估一項學生住宅資產，以及下半年數家飯店。

Too early to determine exactly timing on those. A few other non-core opportunities, including we exited recently, post-quarter, our only remaining Asian asset for a very good price. So that's kind of your first bucket. The balance is kind of your risk, mitigation, and vacancy. That's transactions such as the former [Joann] warehouse we sold, which I think we discussed last call, but sold a very attractive cap rate, mid-5s cap rate on the prior rent; also some Hellwegs we've been exiting and a few warehouse assets.

現在要確定這些的確切時點還太早。還有一些其他非核心機會，包括我們在季後最近以非常好的價格退出了我們在亞洲僅存的資產。所以這是第一類。其餘則偏向風險緩解與空置相關的處分，例如我們出售的前[Joann]倉庫，我想我們在上次電話會議有討論過；該案以非常具吸引力的資本化率成交，以上一份租金計算約為5%中段的cap rate；另外也包括我們正在退出的一些Hellweg資產，以及幾項倉庫資產。

So from a pricing perspective, again, tricky to pin it down with precision. I'd say that first bucket would be kind of in your mid-6s cap rate range. It really depends exactly on what closes, but in that universe.

因此，從定價角度來看，再次強調，要精準界定確實不容易。我會說第一個區間大概會落在6%中段的資本化率（cap rate）範圍。實際上還是取決於最終成交的標的，但大致就在那個範圍內。

On the second bucket, harder to pin down at this point in the year. But considering that there's some vacancy embedded in that, it's going to be a nice earnings tailwind in any event. So hopefully that helps recolor perspective but a bit premature to nail it down.

至於第二個區間，在今年這個時間點更難精準界定。不過考量其中包含一定的空置率，無論如何都會帶來不錯的獲利順風（earnings tailwind）。希望這能幫助重新調整觀點，但現在要把它釘死還有點太早。

Thank you.

謝謝。

(Operator Instructions) Greg McGinniss, Scotiabank.

（接線員指示）Greg McGinniss，豐業銀行（Scotiabank）。

Hey, good morning. Jason, how are you thinking about geographic diversity and density in certain countries in Europe? With Poland now as your number one international exposure following the Raben acquisition, do you expect to see further increase in exposure there, or is there a limit at a country or regional level that you think is best for the portfolio?

嗨，早安。Jason，你如何看待在歐洲某些國家的地理多元化與集中度？隨著收購Raben之後，波蘭成為你們最大的國際曝險，你預期那裡的曝險會進一步增加嗎？或者在國家或區域層級，你認為投資組合有一個最適合的上限？

Yeah, I mean, there's no specific cap or maximum exposure, but I think we're certainly very mindful of diversification. At the same time, given our scale, it would take some meaningful-sized Polish transactions to really move the needle there. We've been investing in Poland for a long time now. So we are over two decades, and it's really become a core piece of the broader European net lease market.

是的，我的意思是，沒有特定的上限或最大曝險，但我們確實非常重視分散。同時，以我們的規模來看，需要相當大規模的波蘭交易才會真正對占比產生明顯影響。我們在波蘭投資已經很久了，超過二十年，而它也確實已成為更廣泛歐洲淨租賃（net lease）市場的核心部分。

I think people that don't follow Europe as closely, you may not know it, but it's the sixth largest economy in the EU. It's also top 20 economy globally. It's one of the fastest-growing economies in the EU as well. Projected growth is about 3.3% this year. So, yeah, it's an attractive market for us. I mean, the bulk of what we own there supports supply chains for large multinational companies, both manufacturing and logistics assets that it kind of serves as a low-cost manufacturing and distribution hub into Western Europe.

我想對於沒有那麼密切關注歐洲的人來說，你可能不知道，但波蘭是歐盟第六大經濟體，全球也名列前20大經濟體。它同時也是歐盟成長最快的經濟體之一，今年預估成長約3.3%。所以，對我們而言確實是個具吸引力的市場。我們在那裡持有的大多數資產，都是為大型跨國公司的供應鏈提供支援，包含製造與物流資產；波蘭某種程度上扮演了進入西歐的低成本製造與配送樞紐。

So yeah, good market for us. I think we'll stay active there, but we're certainly mindful that it's become about 5% of our portfolio. It's not huge exposure, but we certainly keep an eye on that.

所以，是的，對我們來說是個不錯的市場。我想我們會持續在那裡保持活躍，但我們也很留意它目前約占我們投資組合的5%。曝險不算大，但我們會持續關注。

Yeah, thanks for the color there. That's helpful. And then with visibility into over $1 billion of deals at this point of the year, do you see investment guidance as conservative, or is there some expectation for deals to flow into your end?

好的，謝謝你補充的背景資訊，很有幫助。另外，在今年此時你們已可見度超過10億美元的交易，你認為投資指引是偏保守的嗎？還是你們預期交易會更順利地流入你們這邊？

I mean, look, we're confident that we'll continue generating higher deal volume throughout the year as we did last year. I think from a guidance perspective, I mean, we did this last year. We want to take a measured approach. I think last year, that led to a series of increases and that's kind of the preference going forward.

我的意思是，你看，我們有信心今年會像去年一樣，持續在全年產生更高的交易量。就指引而言，我們去年也是這麼做的：我們希望採取審慎、循序的方式。我想去年因此帶來一連串上調，而這也是我們未來偏好的做法。

Last quarter, our initial guidance, we talked about that as a starting point and obviously, we just increased that by $250 million at the midpoint. And the expectation is as we progress through the year and get more visibility into the back half of the year, we'll refine that range and hopefully raise it further.

上個季度，我們的初始指引就談到那只是起點，而很明顯地，我們剛把中位數上調了2.5億美元。我們的預期是，隨著今年推進、對下半年有更多能見度，我們會再精煉那個區間，並希望進一步上調。

And we're off to a good start. You mentioned the $1 billion of visibility, and that includes almost $700 million of closed investments to date. So I think the elements are there for us to have another strong year, and I think we'll kind of reflect that in our guidance as appropriate and as the year progresses.

而且我們開局不錯。你提到的10億美元能見度，其中包含截至目前已完成成交的投資接近7億美元。所以我認為各項條件都具備，讓我們今年再度有強勁表現；我們也會在適當時點、隨著年度進展，於指引中反映這點。

All right, thank you.

好的，謝謝。

Jason Wayne, Barclays.

Jason Wayne，巴克萊（Barclays）。

Thanks for the question. Just looking at the lease expiration schedule of quarter over quarter, lease expirations came down as a percentage of ABR this year and next year. I guess how much of that is due to looking at upcoming maturities proactively versus just changes in the portfolio?

謝謝提問。我看了租約到期時程表，與上一季相比，今年與明年的租約到期占ABR的比例下降了。我想問，這有多少是因為你們主動提前處理即將到期的租約， versus 只是投資組合變動所致？

Brooks, do you want to take that?

Brooks，你要回答嗎？

Yeah. So as you noted, we've been making a lot of progress on lease expirations. I'd say that cadence is pretty normal for us. The track record over the past 10 or so years has been very good on rent recapture, around 100% and very low TIs. So you can kind of see that flowing through our disclosure numbers there. In other cases where we've noted a few assets where we're looking to release, so we're working through those that's part of it as well.

好的。如你所說，我們在租約到期管理上取得了很大進展。我會說這個節奏對我們而言相當正常。過去大約10年的紀錄，在租金回收（rent recapture）方面表現非常好，大約在100%左右，而且租戶改善（TIs）非常低。所以你可以在我們的揭露數字中看到這些反映出來。另一些情況下，我們也提到有少數資產我們正在尋求重新出租（release），我們正在處理中，這也是其中一部分原因。

From a lease expiration outlook perspective, 2026 is very manageable. It's about 1.8% by ABR that's coming down pretty quickly, and so we're making good progress on that.

從租約到期展望來看，2026年非常可控。以ABR計約1.8%的到期比例正在很快下降，因此我們在這方面進展良好。

We have a couple of non-renewals expected in Q4. These are really high-quality warehouses, below-market rents. So we're optimistic that we're going to be able to push rents higher on those. But those are sort of towards the end of the year, so not impactful to 2026.

我們預期在第四季會有幾個不續約的案例。這些其實是非常高品質的倉庫，租金低於市場水準。因此我們樂觀認為能把租金往上推。但這些大多落在年底，所以不會影響到2026年。

In 2027, we've got about 3.5% expiring, that's actually come down a little bit subsequently as well from some renewals we've achieved post quarter, manageable year. One item to note is we have the expiration of the final tranche of net leased Marriott in 2025; that's around $5 million of ADR. We'll exit those in due course, but important to note, there's coverage there, so there's no earnings impact, but that's something we'll look to address in 2027.

2027年方面，大約有3.5%到期；而且在季度結束後，我們也透過一些續約讓這個比例又略為下降，屬於可控的一年。有一點要注意：我們在2025年有最後一批淨租賃的萬豪（Marriott）到期，約為500萬美元的ADR。我們會在適當時點退出這些資產，但重要的是，那裡有保障（coverage），因此不會對獲利造成影響；不過這是我們在2027年會著手處理的一項事項。

But all in all, making good progress on the lease expirations and those assets that do have some non-renewal, we're quite optimistic about our ability to push rent higher there.

總體而言，我們在租約到期管理上進展良好；而對於確實出現不續約的那些資產，我們對於把租金往上推的能力相當有信心。

All right, thank you all.

好的，謝謝各位。

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

謝謝。目前我這邊沒有看到其他提問。我現在把電話交回給Sands先生。

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

很好。謝謝，也謝謝各位對W. P. Carey的關注。如有其他問題，請直接致電投資人關係部門：(212) 492-1110。今天的電話會議到此結束。各位現在可以掛線。