Management remarks
Call period: 2026 Q2 · 2026-08-05
Guidance: Jonathan Pong: Turning to our 2026 outlook, as Sumit mentioned, we are increasing our full year AFFO per share guidance range to $4.44 to $4.45, also increasing our full year acquisitions guidance to $10 billion, up from $9.5 billion previously. This reflects the strength of our investment pipeline and the confidence in our ability to source and execute attractive opportunities.Demand and orders: Sumit Roy: So What you are seeing today is and I am sure you have heard it from other industrial companies, is this what we expect to be a new trend where absorption rates are trending very positive, vacancies are all at all time lows, And what is driving this demand is much more widespread than e commerce, which was the driver of industrial demand 4, 5 years ago.Margins: Sumit Roy: In places like The UK, I think there was a previous question that was asked, the cost of debt is slightly higher, and therefore, expectation is that deals need to have a higher yield to satisfy that 150 basis points of spread.Analyst Q&A
Analyst Michael Goldsmith asked: And then just as a follow-up, can you provide an update of where we are in terms of generating fee income as the amount in the quarter? Management Jonathan Pong answered: Hey, Michael. So if you look at the supplement, I believe at Page 22, we do show management fee income to realty income. It was about $3.2 million for the quarter. The majority of that obviously is for The U. S. Core plus fund. We had raised $1.7 billion during our cornerstone round And, you know, as of early July, we had drawn down all of the capital that is now fee generating. There is also, you know, a separate component of that is attributed to the insurance JV that we announced back in March. And so in totality, that is where you get the 3.2.管理层陈述
电话会期间：2026 Q2 · 2026-08-05
指引：乔纳森·庞：谈及2026年展望，正如萨米特所述，我们将全年每股调整后营运资金流（AFFO）指引区间上调至4.44至4.45美元，同时将全年收购指引从此前的95亿美元提升至100亿美元。这体现了我们投资储备池的强劲态势，以及我们对自身能够发掘并完成优质交易的信心。需求与订单：萨米特·罗伊：如今你们看到的——我相信你们从其他工业企业那里也听过——这正是我们预计会出现的新趋势：租赁吸纳率呈极强正向趋势，空置率处于历史低位。推动这一需求的因素已远不止4、5年前推动工业地产需求的电子商务。利润率：萨米特·罗伊：在英国等地，我认为此前有提问提到过，当地债务成本略高，因此市场预期交易需实现更高收益率，以满足150个基点的利差要求。分析师问答
分析师迈克尔·戈德史密斯询问本季度费用收入的最新情况。管理层乔纳森·庞表示，可查看补充材料第22页，本季度管理费收入约为320万美元，大部分来自美国核心增值基金；该基金在基石轮融资中筹集了17亿美元，截至7月初所有资金均已提取并产生费用，此外还有今年3月宣布的保险合资业务带来的相关收入，二者共同构成了总费用收入。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
