Chiron Real Estate Inc (XRN) 2026 Q1 法說會逐字稿

(technical difficulty) Beginning with the operating team, our partners on each of these investments will be Silverstone Senior Living, the original developer and asset manager, and Greystone, which will continue as the operator. Preserving continuity across development ownership and operations was an important consideration for us.

(技術性困難) 從營運團隊開始，我們在這些投資中的各方合作夥伴將是 Silverstone Senior Living（原始開發商與資產管理人）以及 Greystone（將持續擔任營運商）。在開發所有權與營運之間維持連續性，是我們的重要考量。

We believe maintaining an aligned and experienced team optimizes resident and associate experience, lease-up execution and long-term financial performance. Our evaluation of these opportunities began in January when dialogue with Silverstone revealed an opportunity to solve a capital structure issue.

我們相信，維持一個目標一致且經驗豐富的團隊，能最佳化住戶與員工體驗、招租（lease-up）執行，以及長期財務表現。我們對這些機會的評估始於一月，當時與 Silverstone 的對話揭示了一個可解決資本結構問題的機會。

Silverstone had developed two exceptional communities in Potomac Yards, but the existing ownership was split between two institutions, jeopardizing the best outcome due to fund life challenges and evolving strategic priorities. Chiron was able to provide a permanent capital solution that aligns and consolidates these communities while preserving the operating platform that's thriving.

Silverstone 在 Potomac Yards 開發了兩個卓越的社區，但既有所有權由兩家機構分持，因基金存續期挑戰與策略重點演變而危及最佳結果。Chiron 得以提供一個永久資本解決方案，使這些社區的利益一致並加以整合，同時保留正在蓬勃發展的營運平台。

The first of these communities, the Landing, features 163 luxury homes that offer independent assisted and memory care living. The Landing achieved occupancy stabilization in 2025 and is now approaching financial stabilization through the burn-off of lease-up concessions. Situated across the shared courtyard on the same land parcel is the Riviera, a newly delivered 129-home luxury independent living community that opened in March of 2026 and is now in the early stages of lease-up.

其中第一個社區 The Landing，擁有 163 戶豪華住宅，提供獨立生活、協助式生活與失智照護。The Landing 已於 2025 年達成入住率穩定，並正透過逐步消化招租優惠（lease-up concessions）而接近財務穩定。位於同一地塊、隔著共享庭院相對的是 Riviera，這是一個新近交付的 129 戶豪華獨立生活社區，於 2026 年 3 月開幕，目前正處於招租初期階段。

Together, the Landing and Riviera comprise a vibrant community of 292 highly differentiated senior homes in one of the most affluent and supply-constrained submarkets in the Washington, D.C. metro. From a financial perspective, the pairing is particularly attractive because the communities sit at opposite ends of the maturation curve.

The Landing 與 Riviera 合計構成一個充滿活力的社區，共 292 戶高度差異化的高齡住宅，位於華盛頓特區都會區最富裕且供給受限的次級市場之一。從財務角度來看，這樣的組合特別具吸引力，因為兩個社區位於成熟曲線的兩端。

The Landing is entering stabilized cash flow while the Riviera is beginning lease-up. This creates a natural internal earnings progression over the next several years. We underwrote both communities to stabilize yields in excess of seven using untrended rents. This basis implies the assets have potential to deliver a double-digit unlevered return, and we believe the long-term durability of demand is supported by favorable household wealth characteristics, strong home values and a very limited forward development pipeline.

The Landing 正進入現金流穩定期，而 Riviera 則剛開始招租。這在未來數年形成自然的內生獲利遞進。我們以未趨勢化（untrended）的租金對兩個社區進行承作評估（underwrite），預期穩定後收益率超過 7%。在此成本基礎下，這些資產有潛力帶來兩位數的無槓桿報酬，我們也相信長期需求的韌性，受到有利的家庭財富特徵、強勁的房價，以及極為有限的未來開發管線所支撐。

Chiron's ability to execute efficiently as capital partner with Silverstone and Greystone earned us the opportunity to expand our relationship and acquire the Pinnacle, a 175-home luxury senior housing community currently nearing completion of construction in North Bethesda, directly across from Federal Realty's Pike & Rose, one of the strongest mixed-use destinations in the region.

Chiron 作為 Silverstone 與 Greystone 的資本夥伴，具備高效率的執行能力，因而獲得機會擴大合作關係並收購 Pinnacle——一個 175 戶的豪華高齡住宅社區，目前在北貝塞斯達（North Bethesda）接近完工，正對面即是 Federal Realty 的 Pike & Rose，為該區域最強的複合式商業目的地之一。

Because the community remains under construction, our contract provides flexibility around closing timing this fall with anticipated settlement windows from August to November. As with the Riviera and Landing, we believe that the Pinnacle sits in an exceptionally attractive demographic pocket characterized by high household income, strong barriers to entry and limited competing supply.

由於該社區仍在施工中，我們的合約在今年秋季的交割時點上提供彈性，預計結算窗口為 8 月至 11 月。與 Riviera 和 The Landing 相同，我們相信 Pinnacle 位於一個極具吸引力的人口結構口袋區，特徵包括高家庭收入、強進入門檻以及有限的競爭供給。

It is exactly the type of highly desirable and relevant senior housing that we believe will form the foundation of Chiron's long-term growth strategy. Given the magnitude of our portfolio transition, the Board has made the decision to reduce the monthly distribution to a new annual run rate of $1.92 per share or $0.16 per month, starting with the July payment. While current income remains an important part of our value proposition to shareholders, we believe retained cash flow represents one of our most valuable internal sources of equity.

這正是我們認為將構成 Chiron 長期成長策略基礎的那種高度受青睞且具市場相關性的高齡住宅。鑑於我們投資組合轉型的規模，董事會已決定自 7 月股利起，將每月配息下調至新的年化水準每股 1.92 美元（或每月每股 0.16 美元）。雖然當期收益仍是我們對股東價值主張的重要部分，但我們相信保留的現金流是我們最有價值的內部股權來源之一。

This change provides Chiron with $15 million in additional capital per year, which alongside capital recycling gives us an ability to self-fund accretive investments and better control the pace of our strategic evolution. This is a capital allocation decision. In the current environment, every dollar retained and deployed into growth investments has the potential to create more long-term value than every dollar distributed, all without relying on equity capital markets.

此項調整每年可為 Chiron 增加 1,500 萬美元的額外資本，配合資本回收再投（capital recycling），使我們能自籌資金投入具增值性的投資，並更好地掌控策略演進的節奏。這是一項資本配置決策。在當前環境下，每一美元被保留並投入成長型投資，其創造的長期價值潛力可能高於每一美元的分配，而且無需依賴股權資本市場。

Private market transactions continue to highlight our recycling opportunity. While Chiron's current share price implies a cap rate of 9%, recent comparable transactions, specifically the Sila take-private and the NHP outpatient medical sale have been executed at cap rates between 7.3% and 7.9%, a 100 to 150 basis point arbitrage.

私募市場交易持續凸顯我們的資本回收再投機會。雖然 Chiron 目前的股價隱含資本化率（cap rate）為 9%，但近期可比交易——尤其是 Sila 的私有化（take-private）以及 NHP 的門診醫療資產出售——成交的資本化率介於 7.3% 至 7.9%，形成 100 至 150 個基點的套利空間。

By prioritizing internal capital recycling and retained cash flow over common equity issuance at these levels, we're ensuring that the long-term value created by the execution of our strategic plan accrues directly to our existing shareholders. Next, I'd like to talk about Maewyn Capital Partners' $100 million strategic investment into Chiron as this transaction provides us growth capital at an attractive price and more.

透過在此等水準下優先採用內部資本回收再投與保留現金流，而非發行普通股權，我們確保執行策略計畫所創造的長期價值，將直接歸屬於現有股東。接下來，我想談談 Maewyn Capital Partners 對 Chiron 的 1 億美元策略性投資，因為這筆交易不僅以具吸引力的價格為我們提供成長資本，還帶來更多助益。

Maewyn's investment provides Chiron with dedicated long-duration growth capital from a sponsor with deep public real estate experience and a singular focus on per share value creation. Just as importantly, Charles Fitzgerald, Founder and Managing Partner at Maewyn, is expected to join Chiron's Board of Directors later this month.

Maewyn 的投資為 Chiron 提供專屬、長天期的成長資本，投資方具備深厚的公開市場不動產經驗，並專注於提升每股價值。同樣重要的是，Maewyn 的創辦人兼管理合夥人 Charles Fitzgerald 預計將於本月稍晚加入 Chiron 董事會。

Charles brings nearly three decades of investing experience across listed real estate securities with a career built around valuation discipline, underwriting rigor and identifying opportunities that create alpha. As Chiron transitions from a historically passive net lease owner into a more active capital recycling and external growth platform, that perspective becomes increasingly valuable.

Charles 在上市不動產證券領域擁有近三十年的投資經驗，其職涯建立在估值紀律、嚴謹承作（underwriting）以及辨識可創造超額報酬（alpha）的機會之上。隨著 Chiron 從過去較為被動的淨租賃（net lease）持有者，轉型為更積極的資本回收再投與外部成長平台，這樣的觀點將愈發珍貴。

The next chapter of value creation for Chiron will be determined by our ability to consistently allocate capital towards the highest risk-adjusted opportunities across acquisitions, dispositions, development funding and portfolio repositioning. We believe Charles' addition to the Board strengthens that framework by adding an experienced shareholder lens. Charles knows this space well and shares our view that we can build something special.

Chiron 下一階段的價值創造，將取決於我們是否能持續把資本配置到在收購、處分、開發資金提供與投資組合再定位等面向中，風險調整後報酬最高的機會。我們相信 Charles 加入董事會，透過帶來資深股東視角，強化了這一框架。Charles 對此領域非常熟悉，也認同我們的看法：我們能打造出非凡的成果。

Best-in-class companies have demonstrated that superior long-term shareholder returns are created through active portfolio construction and disciplined capital deployment. Chiron is building that capability. With Maewyn as both capital partner and Board-level strategic adviser, the company gains funding flexibility and an experienced external investor perspective. This also extends our ability to think like owners.

同業最佳（best-in-class）公司已證明，卓越的長期股東報酬來自於主動的投資組合建構與有紀律的資本投放。Chiron 正在建立這項能力。在 Maewyn 同時作為資本夥伴與董事會層級策略顧問的情況下，公司將獲得資金運用彈性以及資深外部投資人的觀點。這也延伸了我們以所有者思維來思考的能力。

On a fully diluted as converted basis, over 20% of our company's ownership is sitting around the Board table. Between Maewyn's capital commitment and dispositions subject to LOI, Chiron has approximately $300 million of capital sources to fund the roughly $425 million of identified investments. Because the $176 million Pinnacle closing is not anticipated until this fall, we do have some time to execute upon further outpatient medical sales to advance the portfolio transition.

以完全稀釋且按轉換後（fully diluted as converted）基礎計算，我們公司超過 20% 的持股正坐在董事會桌旁。在 Maewyn 的資本承諾以及受 LOI（意向書）約束的資產處分之間，Chiron 約有 3 億美元的資金來源，可用以支持約 4.25 億美元的已識別投資。由於 1.76 億美元的 Pinnacle 交割預計要到今年秋季才會發生，我們確實有一些時間可進一步執行門診醫療資產出售，以推進投資組合轉型。

Together, all this means Chiron has the assets, capital and investment alignment necessary to pursue this transition with greater speed, rigor and accountability to shareholder returns, and we're already moving fast, leading to a lot of progress in a very short period of time. I want to recognize the efforts of our team, Board, partners and counterparties in bringing these ideas into reality. Thank you all. I know you're listening.

綜合而言，這一切意味著 Chiron 具備必要的資產、資本以及投資一致性，得以以更快的速度、更嚴謹的方式並以對股東報酬負責的態度推動這項轉型；而我們已經在快速行動，並在非常短的時間內取得了大量進展。我想肯定我們的團隊、董事會、合作夥伴與交易對手方為將這些想法落實所付出的努力。謝謝大家。我知道你們正在收聽。

With that, I'll turn it over to Bob to provide an update on first quarter operating performance across the portfolio.

接下來，我把時間交給 Bob，請他就投資組合第一季的營運表現提供最新進展。

Thanks, Mark. NAREIT-defined FFO per share and unit was $0.97 for the quarter. Core FFO was $1.11 per share and unit. Net debt to adjusted EBITDA was 6.6 times for the quarter, a reduction of 0.4 times from the first quarter of last year. Same-store cash NOI, which includes all assets owned by Chiron for at least 15 months, increased 3.2% on a year-over-year basis.

謝謝你，Mark。本季按 NAREIT 定義的每股及每單位 FFO 為 0.97 美元。核心 FFO 為每股及每單位 1.11 美元。本季淨負債對調整後 EBITDA 倍數為 6.6 倍，較去年第一季降低 0.4 倍。同店現金 NOI（包含 Chiron 持有至少 15 個月的所有資產）年增 3.2%。

As we embark on the portfolio changes highlighted by Mark, we withdrew our 2026 earnings guidance. It is important to note that this change wasn't due to any negative event, but was done to better focus on our portfolio transition and building long-term shareholder value. As it relates to items like our cash and noncash G&A expenses as well as our capital expenditures included in FAD, our full year expectations are in line with our previous communications. Mark, would you like to provide some closing thoughts?

隨著我們啟動 Mark 所強調的投資組合調整，我們撤回了 2026 年盈餘指引。需要強調的是，這項變更並非因任何負面事件所致，而是為了更聚焦於投資組合轉型並建立長期股東價值。就我們的現金與非現金 G&A 費用，以及納入 FAD 的資本支出等項目而言，我們對全年之預期與先前溝通一致。Mark，你是否願意做一些結語？

Thanks, Bob. These announcements represent the beginning of Chiron's repositioning. The work ahead now centers on disciplined execution, lease-up performance, capital recycling and continued sourcing of investments that further enhance our ability to create value.

謝謝你，Bob。這些公告代表 Chiron 重新定位的開始。接下來的工作重點在於嚴謹執行、出租（lease-up）表現、資本回收再配置，以及持續尋找能進一步提升我們創造價值能力的投資。

Finally, I'd like to thank Henry Cole and Ron Marston for their service as directors. They're both leaving the Board at our upcoming election. Our team appreciates the creativity, wisdom and care they brought to the boardroom, and we wish them the very best.

最後，我想感謝 Henry Cole 與 Ron Marston 擔任董事期間的服務。他們兩位將在即將到來的選舉中離開董事會。我們的團隊感謝他們在董事會會議中帶來的創意、智慧與用心，也祝福他們一切順利。

And with that, operator, we'll take questions. Thank you.

那麼，接線員，我們開始提問。謝謝。

(Operator Instructions)

(接線員指示)

John Massocca, B. Riley.

John Massocca，B. Riley。

Apologies there, I was on mute. Good morning.

抱歉，我剛剛在靜音。早安。

Morning.

早安。

So maybe kind of going to the $450 million of investments, understanding capital recycling is part of this. You have the Maewyn preferred investments. Is there anything else you kind of have out there or thoughts in mind to kind of bridge the funding gap maybe to fully kind of pay for those investments over time? I'm just kind of curious if everything is going to be kind of accounted for with some of your historical transaction activity, capital recycling in the Maewyn funds.

那麼，或許回到 4.5 億美元的投資，理解資本回收再配置是其中一部分。你們有 Maewyn 的優先股投資。除此之外，你們是否還有其他安排或想法，用來彌補資金缺口，讓這些投資能隨時間完全到位？我只是好奇，是否會透過你們過往的交易活動、資本回收再配置以及 Maewyn 基金，把所有資金來源都安排好。

So just to make sure I understand the question, you're saying, do we have the funds for the $425 million we just announced? Or are you asking about something in the future?

我先確認我理解你的問題：你是問我們是否有資金來支付剛宣布的 4.25 億美元？還是你在問未來的其他事項？

Yes, just for the $425 million announced.

是的，就剛宣布的 4.25 億美元。

Yes. So we have a couple of hundred million under LOI. We have -- so we talked last quarter about the IRF JV as well as the CHRISTUS asset in Beaumont, Texas. The IRFs are under LOI. They're not done yet. So that would be our most likely use of proceeds.

是的。我們有數億美元的項目正在 LOI（意向書）之下。我們上季也談到 IRF 合資案，以及德州博蒙特（Beaumont）的 CHRISTUS 資產。IRF 目前在 LOI 階段。尚未完成。因此那將是我們最可能的資金來源用途（處分所得的運用）。

The CHRISTUS ought to follow after that. And then between now and I'd say, November 1 at the latest, we'll likely dispose of some other outpatient medical. And that would get you to leverage-neutral proceeds.

CHRISTUS 應該會在那之後跟進。接著在現在到我認為最晚 11 月 1 日之間，我們很可能會處分一些其他門診醫療資產。如此一來，你就能達到在槓桿水準上中性（leverage-neutral）的處分所得。

Okay. And I guess kind of maybe going forward, as you look to kind of grow the senior housing portfolio, where do you kind of view Chiron's niche within that kind of investment universe? Are you going to be primarily focused on like early-stage development type transactions? Just kind of curious how you kind of expect to play in the larger universe of senior housing, especially given how kind of competitive it can be with some of the larger REITs?

了解。那我想再往前看，當你們希望擴大高齡住宅（senior housing）投資組合時，你們如何看待 Chiron 在該投資領域中的利基定位？你們會主要聚焦在例如早期開發階段的交易嗎？我只是好奇，你們預期如何在更大的高齡住宅市場中參與，尤其考量到與一些大型 REIT 相比競爭可能相當激烈？

Yes. Well, I think what -- where you're least likely to find us competing is just in an auction. So I think the way we are trying to be valuable and interesting to operators and developers is by being thoughtful and creative and listening well and trying to help them find solutions. So if you're selling something and all you care about is cash, then it's really simple. It's just about who can pay the most and who can do it the fastest and who's the most certain.

是的。我想你最不可能看到我們去競爭的地方，就是單純在拍賣流程中競標。因此，我們試圖對營運商與開發商展現價值與吸引力的方式，是更周全、更有創意、善於傾聽，並嘗試協助他們找到解決方案。如果你要賣的東西而你只在乎現金，那就很簡單。那就只是看誰能出最高價、誰能最快完成、以及誰最確定。

And I think in many instances, we can compete well on those dynamics. But if you add any other variable, it starts to get complicated and you might be able to drive more value there or you might just be able to -- by caring about that fourth or fifth thing that the seller cares about, you might be able to do something that other people can't do. So it's super situational.

我認為在很多情況下，我們在這些面向上也能有不錯的競爭力。但如果你加入任何其他變數，事情就會開始變得複雜；你可能能在那裡創造更多價值，或者只是因為你在乎賣方在乎的第四或第五件事，你就可能做到其他人做不到的事。所以這非常取決於個案情境。

I mean what we've done here with Silverstone is, in my mind, spectacular, and we're going to try to do more of these, but these are hard to do. And if it's for sale, you just have to pay the most. We're trying not to just do that. We're trying to find ways where we can build relationships that are truly additive for both parties.

我的意思是，我們與 Silverstone 所做的這件事，在我看來非常精彩；我們會嘗試做更多這類交易，但這些交易很難做。而如果資產是公開出售的，你就只能出最高價。我們正努力不要只做那種事。我們想找到方法，建立對雙方都真正有加值的關係。

So we're seeking win-wins. I think there's lots of room in the market for people that have capital thoughtfulness and are actually interested in a long-term relationship and a win-win. So we'll compete on that basis, and I think we'll win our fair share.

所以我們在尋求雙贏。我認為市場上對於具備資本運用的周全思考、並且真正重視長期關係與雙贏的人，仍有很大的空間。因此我們會以此作為競爭基礎，我想我們會拿到我們應得的份額。

Okay. And then given some of the M&A activity you talked about earlier in the call and just the overall kind of asset sales, I mean, is there a plan for additional kind of strategic dispositions of some of the historical assets as you look to kind of transition the portfolio more towards senior housing? I mean, would this be something you'd sell in a granular fashion? Or would it be -- would you look to kind of larger strategic transactions?

了解。另外，考量你們在電話會議前面提到的一些併購活動以及整體資產出售，我的意思是，當你們希望將投資組合進一步轉向高齡住宅時，是否有計畫對部分歷史資產進行額外的策略性處分？這會是以較細碎、逐項的方式出售？還是你們會尋求較大型的策略性交易？

Yes. Yes. I mean, look, I'm not trying to be coy, but we know -- I would say that we think of our outpatient medical as a strong performing store of value. And to the extent we can find things that we think drive higher and better, higher quality better growing cash flows, we will trade out of them.

是的。是的。我的意思是，你看，我不是想故作神祕，但我們知道——我會說，我們把門診醫療視為表現強勁的價值儲存資產。而在我們能找到我們認為能帶來更高、更好、品質更高且成長性更佳的現金流的標的時，我們就會把它們換出去。

And that's the arbitrage that exists. So I think in a perfect world, a girl can dream, we actually get a cost of capital and we can externally grow like many of the other folks in our space, but we don't need that to effectuate a pretty powerful change in the portfolio. So we have rough and tough $1.25 billion of capital to play with, if you will.

而這就是存在的套利。所以我認為在一個完美的世界裡——女孩也可以做夢——我們確實能取得資本成本，並且像我們領域裡的許多其他同業一樣透過外部方式成長，但我們不需要那樣也能在投資組合上推動相當有力的變化。所以我們大概有 12.5 億美元的資本可以運用，姑且這麼說。

I'll hop back on to you. Thank you very much.

我再把問題交回給你。非常感謝。

Thank you.

謝謝。

Wes Golladay, Baird.

Wes Golladay，Baird。

Hey, good morning, everyone. I guess can you talk about how you see leverage going over the next -- call it year? And then where do you ultimately want to get to, understanding that these are stabilizing assets?

嗨，各位早安。我想請你談談你如何看待槓桿在接下來——就說一年內——的走勢？以及你最終希望達到什麼水準，考量到這些都是正在趨於穩定的資產？

Yes. Well, I'll take the last one first. The ultimate goal would be investment-grade access to the bond market. We're too small for that. But from a metrics perspective, that's what we're after. So that way we always have a little bit of capacity. So specifically how that goes over the next 12 months really depends on what comes in front of us from an opportunity perspective.

是的。好，我先回答最後一個問題。最終目標是取得投資級評等，能進入債券市場融資。我們規模還太小，做不到。但就指標而言，那是我們追求的方向。這樣我們就能一直保有一些額度空間。至於未來 12 個月會怎麼走，主要取決於從機會角度看，接下來會出現什麼。

Okay. And then on the investment front, you had these unique opportunities that came your way. Do you still have a pipeline you're working on? Or do you want to digest these acquisitions for a little while and get the funding secured for these? Or do you keep going after it?

了解。那在投資方面，你們遇到了一些獨特的機會。你們現在還有在推進的案源管線嗎？還是你們想先消化這些收購一段時間，並把這些案子的資金安排確定下來？或者你們會繼續出手？

I mean both. Job one is get these closed, integrate them execute on the plan that we've underwritten and are excited about. And -- but we can do more than one thing at once. And so we'll also -- I mean, listen, we're always looking.

我的意思是兩者都會。首要任務是把這些案子完成交割、整合，並執行我們已經承作評估且感到興奮的計畫。而且——但我們可以同時做不只一件事。所以我們也會——我是說，聽著，我們一直都在找。

And I think there's lots of interesting things out there, and it's about finding good situations where we can sync up. So we're absolutely going to continue to do that. But first things first, we got to do a good job with -- we don't get more stuff if you break the toys you have.

我認為外面有很多有趣的機會，關鍵在於找到我們能夠契合的好情境。所以我們絕對會繼續做這件事。但先做最重要的事，我們得把手上的——如果你把現有的玩具弄壞了，就不會再得到更多玩具。

Okay, thanks for that.

好的，謝謝你的說明。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah, thank you. Good morning. I wanted to ask you on the pending acquisitions. It seems like the three of them are in D.C. metro area. Is that something by choice? Or is that just the opportunity presented in that area?

是的，謝謝。早安。我想問一下你們尚未完成的收購案。看起來三個都在華盛頓特區都會區。這是你們刻意選擇的嗎？還是只是剛好那個區域出現了機會？

I mean I would say that, that's kind of a happy coincidence. I mean it feels good. That's a home game for us. We're based here in D.C. I'm from this area, so are many of the folks on our team. So -- but I wouldn't say that was because we said we have to do the first thing in Washington.

我的意思是，我會說那算是一個巧合中的好巧合。感覺很好。那對我們來說是主場。我們就以華盛頓特區為基地，我也來自這個地區，我們團隊裡很多人也是。所以——但我不會說那是因為我們說第一件事一定要在華盛頓做。

It just -- it worked out that way, and that probably may have helped us with more comfort with respect to specific submarkets and things like that, but we can underwrite things anywhere.

只是——剛好就這樣發展，這可能也讓我們在特定次級市場等方面更有把握、更安心，但我們在任何地方都能做承作評估。

Okay. Second question on dispositions. Outside of $200 million of pending asset sales, I think you also list $125 million of maybe expected additional dispositions. Are those pending or those are just target dispositions that can happen in the future?

了解。第二個問題關於處分。除了 2 億美元的待售資產之外，我想你們也列了 1.25 億美元可能預期的額外處分。那些是已在進行中的嗎？還是只是未來可能發生的目標處分？

Those are in the future.

那些是在未來。

Okay. And then lastly, in the earnings deck, you point out -- to long-term earnings growth of 6%. When should we expect your portfolio to get to that sort of long-term growth rate?

好的。最後，在財報簡報裡，你們提到——長期盈餘成長 6%。我們應該在什麼時候期待你們的投資組合達到那種長期成長率？

Honestly, it really -- it kind of depends on what else comes up on the buy side and how we fund that. But I'd say our present trough is probably next quarter and we probably start to stabilize in '27, '28 -- I mean as we said, I think we put it in our book second half of '28. So --

老實說，這真的——某種程度取決於買方那邊還會出現什麼，以及我們如何為此籌資。但我會說，我們目前的谷底大概在下一季，然後我們大概會在 2027、2028 年開始趨於穩定——我是說，如同我們所說，我想我們在資料裡寫的是 2028 年下半年。所以--

(Operator Instructions)

（接線員指示）

At this time, there are no further questions. I will turn the conference back over to Mr. Mark Decker.

目前沒有其他問題。我將把會議交回給 Mark Decker 先生。

Well, thanks, everybody. We appreciate the interest. And if you're going to be at BMO's conference next week, we'll hope to see you there. Otherwise, we'll see you maybe at NAREIT in New York. Thanks, everybody.

好的，謝謝各位。我們很感謝大家的關注。如果你們下週會參加 BMO 的會議，希望到時見到你們。不然的話，也許我們會在紐約的 NAREIT 見到各位。謝謝大家。

Ladies and gentlemen, this does conclude your conference call for today. We thank you very much for your participation. You may now disconnect. Have a great day, everyone.

各位女士先生，今天的電話會議到此結束。非常感謝各位的參與。您現在可以掛線。祝各位有美好的一天。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a complete replay becomes available.

本逐字稿中標示（technical difficulty）的部分表示音訊出現問題。若日後提供完整重播，將補上缺漏文字。