阿科尼雅能源（Acciona Energía）宣布达成一项资产出售协议，交易总价约 10 亿美元（折合 8.55 亿欧 元）。根据协议，该公司将出售其旗下美国 130 万千瓦太阳能资产组合中 49% 的股权，以及墨西哥两 座总装机容量 32.1 万千瓦风电场的 100% 所有权。此次交易的买方为墨西哥基础设施伙伴公司 （MIP），该公司此举是其在北美地区大举布局运营阶段可再生能源资产的重要一步。 该笔交易也反映出，尽管高利率环境与监管不确定性拖累了部分清洁能源投资项目，但市场对于美国和 墨西哥两国已签订长期购电协议的可再生能源基础设施资产，依然保持着旺盛的投资需求。以墨西哥基 础设施伙伴公司为代表的基建投资基金，正愈发倾向于布局具备稳定现金流的运营阶段资产，而非尚处 开发阶段的项目。 对于墨西哥市场而言，此次交易的达成，正值该国电力行业投资氛围趋于谨慎的时期。当前墨西哥私人 资本在电力领域的投资趋于审慎，但对于具备成熟运营模式与并网条件的可再生能源项目，资本依然保 持着较高的参与积极性。 责任编辑：郭明煜 阿科尼雅能源（Acciona Energía）宣布达成一项资产出售协议，交易总价约 10 亿美元（折合 ...

Financial Data and Key Metrics Changes - The company's first quarter revenue increased by 4.7% year over year, reaching $175 million compared to $167.2 million in the prior year [6][28] - FFO as adjusted per share rose by 5.3% to $1.19 from $1.13 in the previous year, while AFFO increased by 8% to $1.21 from $1.12 [6][27] - The company is increasing its 2025 earnings guidance, with FFO as adjusted per share expected to range from $5.00 to $5.16, representing a 4.3% increase at the midpoint compared to the prior year [33][34] Business Line Data and Key Metrics Changes - The experiential portfolio comprises 276 properties, accounting for 94% of total investments, which are 99% leased or operated [11][12] - The education portfolio consists of 55 properties, which were 100% leased at the end of the quarter [11] - Percentage rents for the quarter increased to $3.3 million from $1.9 million in the prior year, primarily due to one early childhood education center tenant [29] Market Data and Key Metrics Changes - The North American box office for Q1 was $1.4 billion, down 11.6% year over year, largely due to the underperformance of "Snow White" [12] - However, Q2 box office through early May reached $1.1 billion, leading to a year-to-date increase of 17.1% compared to the same period in 2024 [13] - The company estimates the North American box office for 2025 will be between $9.3 billion and $9.7 billion [17] Company Strategy and Development Direction - The company is focusing on capital recycling, selling theater and education assets to reinvest in experiential properties [7][24] - New investments include a construction-themed attraction and a private golf club, reflecting the company's strategy to diversify its experiential portfolio [7][23] - The company aims to maintain disciplined investment spending, with a guidance range of $200 million to $300 million for 2025 [24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the resilience of experiential spending, noting that consumers often seek affordable entertainment options during economic downturns [10][37] - The company is closely monitoring potential tariffs impacting the film industry but believes that the current film slate for 2025 and 2026 is largely unaffected [37][89] - Management highlighted the ongoing strength in the box office and the importance of a robust film slate for future growth [16][86] Other Important Information - The company sold 10 leased early education centers, generating net proceeds of $70.8 million and recognizing a gain of $9.4 million [25] - The company has a strong liquidity position with $20.6 million in cash and $105 million drawn on its $1 billion revolving credit facility [33] - The common dividend was increased by 3.5% to $3.54 per share annualized, expected to be well covered with an AFFO payout ratio of 71% [35] Q&A Session Summary Question: Can you provide more details on the golf investment? - Management indicated that the golf investment is in a private club with reliable income flow and opportunities for growth due to scarcity in the market [44][46] Question: What is the nature of the buyers for recent dispositions? - Management noted a robust process with multiple bids from quality buyers, including a private fund specializing in education [47][49] Question: How do you see the strength of consumers today? - Management observed resilience in consumer spending, particularly in experiential activities, despite some pressure on food spending [100][102]