AH Realty Trust, Inc (AHRT) 2025 Q1 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the Armada Hoffler 1st quarter '25 earnings conference call and webcast. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. (Operator Instructions). This call is being recorded on Thursday, May 8, 2025. I would now like to turn the conference over to Chelsea Forrest. Please go ahead.

各位女士、先生，早安，歡迎收聽 Armada Hoffler 2025 年第一季財報電話會議與網路直播。目前所有線路皆為僅收聽模式。簡報結束後，我們將進行問答環節。（接線員指示）。本通話於 2025 年 5 月 8 日（星期四）錄音。現在我將把會議交給 Chelsea Forrest。請開始。

Good morning and thank you for joining Armada Hoffler's first quarter 2025 earnings conference call and webcast. On the call this morning, in addition to myself, is Shawn Tibbetts, CEO and President, and Matthew Barnes-Smith, CFO. The press release announcing our first quarter earnings along with our supplemental package were distributed yesterday afternoon. Aa replay of this call will be available shortly after the conclusion of the call through June 7, 2025. The numbers to access the replay are provided in the earnings press release.

早安，感謝各位參加 Armada Hoffler 2025 年第一季財報電話會議與網路直播。今天早上的電話會議中，除我之外，還有執行長兼總裁 Shawn Tibbetts，以及財務長 Matthew Barnes-Smith。我們於昨天下午發布了公布第一季財報的新聞稿，以及補充資料包。本次通話的重播將於通話結束後不久提供，並可使用至 2025 年 6 月 7 日。重播的撥入號碼已載於財報新聞稿中。

For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, May 8, 2025, and will not be updated subsequent to the initial earnings call. During this call, we may make forward-looking statements including statements related to the future performance of our portfolio, our development pipelines, the impact of acquisitions and dispositions, our mezzanine program, our construction business, our liquidity positions, our portfolio performance and financing activities, as well as comments on our outlook.

對於收聽本簡報重播的聽眾，我們提醒您，本次發言係截至今日（2025 年 5 月 8 日），且在首次財報電話會議後不會再更新。在本次通話中，我們可能會作出前瞻性陳述，包括與我們投資組合未來表現、開發案管線、收購與處分的影響、夾層融資計畫、營造業務、流動性狀況、投資組合表現與融資活動相關的陳述，以及對前景的評論。

Listeners are cautioned that any forward-looking statements are based upon management's beliefs, assumptions, and expectations, taking into account information that is currently available. These beliefs, assumptions, and expectations may change as a result of possible events or factors, not all of which are known and many of which are hard to predict and generally beyond our control.

提醒聽眾，任何前瞻性陳述均係基於管理層的信念、假設與預期，並考量目前可得資訊。這些信念、假設與預期可能因潛在事件或因素而改變，其中並非所有因素皆為已知，且多數難以預測並通常超出我們的控制範圍。

These risks and uncertainties can cause actual results to differ materially from our current expectations, and we advise listeners to review the forward-looking statement disclosure in our press release that we distributed yesterday and the risk factors disclosed in the documents we have filed with our furnished to the SEC.

上述風險與不確定性可能導致實際結果與我們目前的預期出現重大差異；我們建議聽眾查閱我們於昨日發布之新聞稿中的前瞻性陳述揭露，以及我們向美國證券交易委員會（SEC）提交或提供之文件中所揭露的風險因素。

We will also discuss certain non-GAAP financial measures, including but not limited to FFO and normalized FFO. Definitions of these non-GAAP measures as well as reconciliation to the most comparable GAAP measures are included in the quarterly supplemental package, which is available on our website at armadahoffler.com. I will now turn the call over to Shaw.

我們也將討論若干非 GAAP 財務衡量指標，包括但不限於 FFO 與標準化 FFO。這些非 GAAP 指標的定義，以及與最可比 GAAP 指標的調節表，均收錄於季度補充資料包中，可於我們網站 armadahoffler.com 取得。現在我把電話交給 Shaw。

Good morning and thank you for joining us as we review Armada Hoffler's first quarter results and provide some perspective on where we're headed for the remainder of the year and beyond. The first quarter was highly productive, reflecting our focus on operational excellence and the core goal of quality. As you can see from the release, all of our property types perform well, and we delivered a strong result with normalized FFO of $0.25 per diluted share.

早安，感謝各位加入我們，一同回顧 Armada Hoffler 第一季業績，並就我們今年剩餘期間及更長遠的方向提供一些觀點。第一季成果豐碩，反映我們對營運卓越與「品質」核心目標的專注。如各位從新聞稿所見，我們所有物業類型表現良好，稀釋後每股標準化 FFO 達 0.25 美元，交出強勁成績。

With portfolio occupancy holding steady at a minimum of 95% over the past four quarters, we are reaffirming our full year guidance. Our office assets remain essentially fully occupied at 97.5%. The remaining 2.5% is well inside a market vacancy factor.

在過去四個季度中，投資組合入住率皆維持在至少 95% 的水準，因此我們重申全年財測指引。我們的辦公資產仍幾乎滿租，入住率為 97.5%。其餘 2.5% 的空置率亦遠低於市場空置因子。

It is an especially good time to be concentrated in highly monetized mixed use environments where we benefit from a more fluent multi-family renter base and strong stable office occupants, both of which are attracted to and support a curated mix of retail and entertainment offerings.

目前特別有利的是聚焦於高度成熟變現的複合式用途環境：我們受惠於更具流動性的多戶住宅租客基礎，以及強勁且穩定的辦公租戶；兩者皆被精心策劃的零售與娛樂組合所吸引，並反過來支撐該組合。

These settings create natural synergies that align with our evolving tenant and consumer preferences, positioning us for sustained success. Additionally, both our shopping centers and apartment communities remain defensive by nature, supported by demand for everyday goods and services, particularly grocery and necessity-based retail.

這些場域創造出自然的協同效應，與我們不斷演進的租戶與消費者偏好相契合，使我們具備持續成功的定位。此外，我們的購物中心與公寓社區本質上仍具防禦性，受日常商品與服務需求支撐，尤其是以雜貨與民生必需型零售為主。

When looking at the 25% of retail outside of our mixed use environment, 40% of this AVR comes from those with grocery anchors or shadow anchors. This strategic mix of asset classes and locations reinforces our ability to drive steady performance.

就我們複合式用途環境以外的 25% 零售資產而言，其中 40% 的 AVR 來自設有雜貨主力店或「影子主力店」的資產。此一資產類別與區位的策略性組合，強化了我們推動穩健表現的能力。

We are pleased with the strong performance delivered across all segments of our portfolio office, retail, and multi-family. Our property demonstrated solid fundamentals this quarter with both our office and retail assets achieving double digit GAAP renewal spreads and a blended 2.6% growth rate for new and renewed multi-family leases.

我們對投資組合各分部（辦公、零售與多戶住宅）所展現的強勁表現感到滿意。本季我們的物業基本面穩健：辦公與零售資產皆達到雙位數 GAAP 續約租金價差（renewal spreads），而多戶住宅新簽與續約租約的合併租金成長率為 2.6%。

The positive releasing activity in our commercial portfolio demonstrates our ability to simultaneously grow rents and extend lease terms. While the construction activity met expectations in the first quarter, a few construction projects across the balance of the year have come out of our guidance. As we have previously communicated, our business strategy continues to shift away from reliance on fee income with an increased emphasis on driving higher quality property level earnings.

商用投資組合的正向再出租活動，顯示我們有能力同時提高租金並延長租期。雖然第一季營造活動符合預期，但今年其餘期間有少數營造專案已自我們的指引中移除。如我們先前所溝通，我們的業務策略持續轉向降低對手續費收入的依賴，並更著重於推動更高品質的物業層級獲利。

We believe the increased property level performance coupled with expense management will help to offset the decreased construction income for the remainder of the year, thus our unchanged guidance. Before we move on, I'll make a few comments on the broader economic landscape.

我們相信，物業層級表現的提升加上費用管理，將有助於抵銷今年剩餘期間營造收入的下降，因此我們維持指引不變。在進入下一部分之前，我先就更廣泛的經濟環境做幾點說明。

It's clear that external factors like tariffs and ongoing macroeconomic uncertainty are top of mind for all businesses right now, and we are no exception. We are fully focused on those things that we can control. For us, control in this context is a disciplined approach to managing costs, seeking operational efficiencies, and making strategic decisions that position us for long term success.

很明顯，關稅等外部因素以及持續的總體經濟不確定性，都是目前所有企業最關注的議題，我們也不例外。我們將全力聚焦於我們能掌控的事項。就我們而言，「掌控」指的是以紀律方式管理成本、尋求營運效率，並做出能讓我們在長期取得成功的策略性決策。

We will continue refining our business model by reviewing all levels of expenses to ensure that we are most efficiently and properly stewarding our resources. An example of this is our 2025 GNA reduction of 13% year over year achieved with tighter cross controls and reduction in executive headcount. We are confident we can continue to deliver value through this challenging environment by remaining agile and always maintaining a proactive posture.

我們將持續透過檢視各層級費用來精進商業模式，確保以最有效率且最適當的方式管理與運用資源。其中一個例子是：我們透過更嚴格的交叉控管與縮減高階主管人數，使 2025 年 GNA 較去年同期下降 13%。我們有信心在此充滿挑戰的環境中，透過保持敏捷並始終維持主動姿態，持續創造價值。

Looking for opportunities to unlock value, whether that means disposing of a fully stabilized asset with less growth at aggressive cap rates or unearthing value through redevelopment. Since the beginning of the year, we spent a significant amount of time on the road meeting directly with our shareholders and investment partners.

我們也在尋找釋放價值的機會，無論是以具吸引力的資本化率處分成長性較低、已完全穩定的資產，或是透過改建／再開發挖掘價值。自年初以來，我們花了大量時間走訪各地，直接與股東及投資夥伴會面。

These conversations have been invaluable, providing opportunities to reinforce our conviction in the company's long term quality focused strategy, which is to reduce the complexity of the business model while improving the balance sheet. As part of the improvement of the balance sheet in mid March, we reset our quarterly dividend to $0.14 per share.

這些對話極具價值，讓我們得以再次強化對公司長期、以品質為核心之策略的信念；該策略旨在降低商業模式的複雜度，同時改善資產負債表。作為改善資產負債表的一部分，我們在 3 月中旬將季度股利重設為每股 0.14 美元。

This was a difficult but necessary decision that we made with long term value creation in mind. The new dividend level is now fully supported by operating property cash flow. This change reinforces our broader goal of delivering sustained, durable, and predictable returns while also increasing fiscal flexibility for the company.

這是一項艱難但必要的決定，我們是以長期價值創造為出發點做出此決策。新的股利水準如今已完全由營運性物業現金流所支撐。此一調整也強化了我們更廣泛的目標：提供可持續、具韌性且可預測的報酬，同時提升公司的財務彈性。

We are in a solid financial position and feel very comfortable that we can sustain this more appropriate level of dividends into the future. In the first quarter, we experienced continued momentum across the portfolio with above 95% occupancy across all three segments. Commercial leasing was robust, with 320,000 square feet transacted during the quarter. Additionally, our office has no material lease expirations through 2027.

我們的財務狀況穩健，並非常有信心能在未來持續維持這個更為適切的股利水準。第一季期間，我們的投資組合持續展現動能，三大分部的入住率皆高於 95%。商用租賃表現強勁，本季成交面積達 320,000 平方英尺。此外，我們的辦公資產在 2027 年前沒有任何重大租約到期。

Multi-family remains strong at 95% occupancy, and we are seeing signs of supply absorption in key Sun Belt markets like Atlanta and Charlotte. Retail remains solid with demand for well located space, driving continued leasing activity and positive spreads.

多戶住宅維持強勁，入住率達95%，且我們在亞特蘭大與夏洛特等主要陽光帶市場看到供給正逐步被吸收的跡象。零售表現仍然穩健，對於地段良好的空間需求強勁，帶動持續的租賃活動與正向的租金價差。

Our retail portfolio remains resilient amid broader retail headwinds, including closures by tenants such as Party City, Con, and Joanne Fabrics, representing roughly 115,000 square feet of space in our portfolio. However, I'm pleased to share that as of today there is tenant interest on all of this space. With over 85% already under lease or LOI to higher credit quality tenants at 25% higher rents.

儘管整體零售環境面臨逆風（包括Party City、Con與Joanne Fabrics等租戶關店），我們的零售投資組合仍具韌性；上述關店約占我們投資組合約115,000平方英尺的面積。不過，我很高興分享，截至今日，這些空間全部都有租戶表達興趣。其中超過85%已完成簽約或簽署租賃意向書（LOI），且承租方為信用品質更高的租戶，租金提高25%。

These leasing successes reflect the strength of our locations as well as our proactive approach to tenant rollover and repositioning opportunities. The interlock, are mixed use asset in West Midtown Atlanta in partnership with Georgia Tech, has made tremendous progress over the last several quarters, reaching materially full occupancy as we committed.

這些租賃成果反映了我們地點的優勢，以及我們在租約到期（rollover）與資產再定位機會上的積極作為。Interlock為我們與喬治亞理工學院合作、位於亞特蘭大西中城（West Midtown）的複合式資產，過去幾季取得重大進展，並如我們承諾般達到實質滿租。

The retail component is currently 98% lease, underscoring the strong demand for space in this vibrant, walkable neighborhood. During the quarter, we announced the marquee new lease with F1 Arcade, the world's first Formula One themed hospitality and entertainment brand backed by Liberty Media, the owner of Formula One, which will occupy over 15,000 square feet of first generation space at the interlock.

零售部分目前出租率為98%，凸顯這個充滿活力、適合步行的社區對空間的強勁需求。本季我們宣布與F1 Arcade簽訂指標性新租約；F1 Arcade為全球首個以一級方程式（Formula One）為主題的餐飲娛樂品牌，由一級方程式擁有者Liberty Media支持，將在Interlock承租超過15,000平方英尺的一代（first generation）空間。

This dynamic concept will further elevate the experience driven energy of the project. On the op side, we are currently 94% leased with only 11,000 square feet available for lease with current interest and no rollover this year or next. We executed 3 new office leases totaling approximately 23,000 square feet, reinforcing our beliefs that well located high quality office space in mixed-use environments remains highly desirable for a wide range of tenants.

這個充滿動能的概念將進一步提升本案以體驗為導向的活力。在辦公（op）方面，我們目前出租率為94%，僅有11,000平方英尺可供出租，且已有興趣洽談；今年與明年皆無到期換租（rollover）。我們簽署了3份新的辦公租約，合計約23,000平方英尺，強化了我們的看法：位於優越地段、品質高且處於複合式環境中的辦公空間，對各類租戶仍極具吸引力。

At Harbor Point, we are thrilled to welcome T. Rowe Price to their new global headquarters as of the first week of March. Having TO officially on site in our Harbor Point ecosystem is a major milestone for the community and a testament to the long-term vision we've executed on at Harbor Point.

在Harbor Point，我們非常高興於3月第一週迎接T. Rowe Price進駐其新的全球總部。TO正式進駐我們的Harbor Point生態圈，是社區的重要里程碑，也證明我們在Harbor Point所執行的長期願景。

We announced Monday that we entered into a binding term sheet with our partner to acquire our partner's full interest in allied apartments where leasing is actively progressing with 39% currently leased. We have received positive feedback from residents that have moved in over the past few months.

我們於週一宣布，已與合作夥伴簽訂具約束力的條款清單（binding term sheet），以收購合作夥伴在Allied Apartments中的全部權益；該案租賃正積極推進，目前出租率為39%。我們也收到過去幾個月搬入住戶的正面回饋。

We're also preparing to welcome an exciting roster of new retailers, all opening this summer that will complement the existing merchandizing mix and further enhance the vibrancy and amenity base of the neighborhood.

我們也正準備迎接一系列令人振奮的新零售商，皆將於今年夏季開幕，將與既有的商品組合相輔相成，並進一步提升社區的活力與生活機能基礎。

I'm pleased to report that Chandler Residences located within the mixed use community of Southern Post has successfully achieved stabilization with 95% lease. Southern Post combines residential living with thoughtfully curated retail, dining and office components, creating a vibrant, walkable community.

我很高興報告，位於Southern Post複合式社區內的Chandler Residences已成功達到穩定營運（stabilization），出租率為95%。Southern Post結合住宅生活與精心策劃的零售、餐飲與辦公組成，打造充滿活力且適合步行的社區。

On the commercial side, Southern Post is currently 72% leased or LOI. This includes all retail space reflecting strong tenant demand and the project's growing momentum. Two new restaurants are scheduled to open their doors in the coming weeks, further activating the street level experience and enhancing foot traffic through the site.

在商業端，Southern Post目前已有72%完成出租或簽署租賃意向書（LOI）。其中包含全部零售空間，反映租戶需求強勁以及專案動能持續增長。另有兩家新餐廳預計在未來幾週開幕，將進一步活化街道層的體驗，並提升場域人流。

Multi-family fundamentals remain solid. We reported a healthy combined trade out of 2.6% for the first quarter, supported by strong retention and discipline rent growth strategies. April has meaningfully improved as a result of some short term leases with renewal spreads holding strong at 5.1% and new lease spreads rebounding to 4.1%.

多戶住宅基本面仍然穩健。我們第一季回報合計換租（trade-out）成長2.6%，受惠於強勁的續租留存率與具紀律的租金成長策略。由於部分短期租約的影響，4月表現明顯改善；續租租金價差維持強勁於5.1%，新租租金價差回升至4.1%。

We look forward to continued demand in our markets and capturing rent growth while maintaining high occupancy and resident satisfaction. Our momentum further validates our strategic position heading into the prime leasing season. Our 2018 vintage community Greenside in Charlotte has experienced leaks that impacted the exterior of several units, and we are using this as an opportunity to complete a thoughtful improvement throughout the building, enhancing their overall appeal and value.

我們期待市場需求持續，並在維持高入住率與住戶滿意度的同時，掌握租金成長。我們的動能進一步驗證了我們在進入租賃旺季前的策略定位。我們2018年落成的社區Greenside（位於夏洛特）發生滲漏，影響了數個單位的外牆；我們正藉此機會在全棟進行周全的改善工程，以提升整體吸引力與價值。

As a result, some of the units are offline as we complete work in phases over the next 10 to 12 months. Given the property's prime location in Midtown less than 1 mile from the new Pearl Innovation Medical District, we are confident that we will realize the return on the capital investments once completed. The impact of this has been contemplated in our earnings guidance for this year.

因此，在未來10至12個月分階段施工期間，部分單位將暫停出租。鑑於該物業位於Midtown的優越地段，距離新的Pearl Innovation Medical District不到1英里，我們有信心在工程完成後可實現資本投資回報。此影響已納入我們今年的盈餘指引考量。

As part of our long term strategy, we're closely evaluating redevelopment opportunities within our existing portfolio, allowing us to unlock incremental value and drive future growth. We have added a section to the supplemental to detail these opportunities on page 25. These efforts are focused on enhancing high performing assets and capitalizing on underutilized real estate that can be repositioned to meet evolving market demand.

作為我們長期策略的一部分，我們正密切評估既有投資組合內的重建／再開發（redevelopment）機會，以釋放增量價值並推動未來成長。我們已在補充資料（supplemental）第25頁新增一節，詳述這些機會。這些工作聚焦於強化高績效資產，並善用可再定位的未充分利用不動產，以因應不斷演變的市場需求。

A great example is our ongoing work at Columbus Village adjacent to town Center in Virginia Beach, where we are redeveloping the former Bed Bath and Beyond store. As we mentioned on the last call, this project will bring in a highly sought after national grocer and Gulf Galaxy, complimenting Town Center's current offerings and increasing traffic to the center while representing a 51% rent premium.

一個很好的例子是我們在維吉尼亞海灘（Virginia Beach）Town Center旁的Columbus Village持續推進的工作，我們正在將原Bed Bath and Beyond店面進行再開發。如同我們在上次電話會議提到的，該專案將引進備受青睞的全國性雜貨商與Gulf Galaxy，補強Town Center現有業態並提升中心人流，同時帶來51%的租金溢價。

We view this as a replicable model using our holistic approach and mix of asset classes to strategically allocate capital and resources in proven locations. Another example is our plan to monetize an undeveloped out parcel at Southgate Square for a new drive-through coffee location which will activate excess land, drive additional traffic to the center, and enhance the property's overall income stream.

我們將此視為可複製的模式，運用我們的整體性方法與多元資產類別組合，在已驗證的地點策略性配置資本與資源。另一個例子是，我們計畫在Southgate Square將一塊未開發的外側地塊（out parcel）變現，用於新的得來速咖啡據點，藉此活化閒置土地、為中心帶來額外人流，並提升該物業整體收益來源。

We are also in the process of moving our Liberty Apartments leasing office from its current footprint to a more efficient nearby retail space. This move will allow us to repurpose the former leasing area into additional apartments, capitalizing on the strong demand for this community.

我們也正將Liberty Apartments的租賃辦公室自目前的使用面積搬遷至附近更有效率的零售空間。此舉將使我們能把原租賃區域改造為更多公寓單位，以把握該社區的強勁需求。

Redevelopment is a key lever we will use to create value and enhance the quality of our income stream while maintaining a disciplined approach to capital deployment. Before we wrap up, I would like to take a moment to recognize the recent addition of Jennifer Boykin to our board of directors.

再開發是我們用以創造價值、提升收益來源品質的關鍵槓桿，同時我們也將維持對資本投放的紀律。在結束之前，我想花點時間肯定Jennifer Boykin近期加入我們董事會。

Jennifer brings tremendous leadership experience and a strong operational background, most recently serving as EVP of Huntington Ingles Industries and President of Newport News Shipbuilding.

Jennifer具備卓越的領導經驗與深厚的營運背景，最近曾擔任Huntington Ingles Industries的執行副總裁（EVP）以及Newport News Shipbuilding的總裁。

Her insights and perspective will be incredibly valuable, and we're excited to welcome her to the team. We remain focused on value creation through disciplined execution, thoughtful reinvestment, and managing risk. As the year progresses, we are positioned to benefit from our upcoming multi-family deliveries, as well as the continued maturation and ultimate stabilization of our development pipeline.

她的洞見與觀點將極具價值，我們也很高興歡迎她加入團隊。我們仍專注於透過具紀律的執行、審慎的再投資與風險管理來創造價值。隨著年度推進，我們將受惠於即將交付的多戶住宅案，以及我們開發管線持續成熟並最終達到穩定營運。

We are acting with intentionality, building a stronger, simplified and more consistent armada Hofler, one that is more efficient, more balanced, and creating more reliable earnings growth over time. Ultimately one that is more aligned with creating long term shareholder value.

我們正以明確的意圖行動，打造更強健、更精簡且更一致的Armada Hoffler——更有效率、更均衡，並在時間推移下創造更可靠的盈餘成長。最終，讓公司更契合於創造長期股東價值。

I'm proud of the progress we've made so far, and I'm excited about the future. And I'm confident in the execution of our strategy. I'll now turn the call over to Matt.

我為我們迄今所取得的進展感到自豪，並對未來充滿期待。我也對我們策略的執行充滿信心。現在我把電話會議交給 Matt。

Good morning and thank you Shawn. Armada Hoffler delivered a strong start to the 2025 fiscal year, demonstrating the resilience of our diversified portfolio and disciplined operating model. For the first quarter, normalized FFO attributable to common shareholders was $25.6 million or $0.25 per diluted share, slightly above our expectations for the period.

早安，謝謝你，Shawn。Armada Hoffler 在 2025 會計年度開局表現強勁，展現了我們多元化投資組合與嚴謹營運模式的韌性。第一季，歸屬普通股股東的標準化 FFO 為 2,560 萬美元，或每股稀釋後 0.25 美元，略高於我們對本期的預期。

Net operating income for Q1 was $42.2 million representing a 2% increase year over year and $600,000 better than budgeted. FFO attributable to common shareholders was $17.2 million or $0.17 per diluted share. AFFO totaled $20.4 million or $0.20 per diluted share.

第一季淨營運收入（NOI）為 4,220 萬美元，年增 2%，且較預算高出 60 萬美元。歸屬普通股股東的 FFO 為 1,720 萬美元，或每股稀釋後 0.17 美元。AFFO 合計 2,040 萬美元，或每股稀釋後 0.20 美元。

Once we subtract the non-cash interest income, this results in $0.16 per diluted share, which is above our cash dividend as detailed on page 19 of the supplemental. Our mixed-use portfolio continues to perform exceptionally well, especially in the office segments.

扣除非現金利息收入後，結果為每股稀釋後 0.16 美元，高於我們的現金股利，詳見補充資料第 19 頁。我們的複合用途投資組合持續表現出色，尤其是在辦公室板塊。

Same store office NOI increased by 9.2% on a GAAP basis and 6.3% on a cash basis. Office occupancy remained high at 97.5%, and office releasing spreads rose by 23.3% on a GAAP basis and 3.7% on a cash basis. Multi-family leasing perform well in Q1, with new lease growth and renewal growth, both contributing meaningfully reporting a blended rate for the porter of 2.6%.

同店辦公室 NOI 以 GAAP 基礎計算增加 9.2%，以現金基礎計算增加 6.3%。辦公室出租率維持在 97.5% 的高水準，辦公室續租租金價差以 GAAP 基礎上升 23.3%，以現金基礎上升 3.7%。多戶住宅在第一季的租賃表現良好，新租與續租租金成長皆有顯著貢獻，合併後的加權平均租金成長率為 2.6%。

Multi-family releasing spreads for 5.4% with new leases reporting 1%. These spreads continue to perform well in April, increasing to 5.1% and 4.1% respectively. Rent collections remain strong and tenant demand across our residential portfolio remains healthy. In our retail segments, performance remains steady.

多戶住宅續租租金價差為 5.4%，其中新租約報告為 1%。這些價差在 4 月仍持續表現良好，分別上升至 5.1% 與 4.1%。租金收繳維持強勁，且我們住宅投資組合的租戶需求仍然健康。在零售板塊方面，表現依然穩健。

Leasing activity remained robust at our grocery anchored centers, and our mixed-use retail assets consistently achieved high occupancy levels, maintaining above 95% as the complementary blend of residential, retail and office components creates a self-reinforcing ecosystem of demand driving stability across economic cycles.

我們以雜貨店為主力店（grocery-anchored）的商場租賃活動依然熱絡，而我們的複合用途零售資產也持續維持高出租率，穩定在 95% 以上；住宅、零售與辦公室組成的互補性組合，形成自我強化的需求生態系，推動跨景氣循環的穩定性。

Our balance sheet remains a key focus of the management team. For the quarter, net debt to total adjusted it data stood at 7.1 times at quarter ends with our stabilized leverage at 5.4 times. Relative to our historic performance, we maintain strong liquidity of over $211 million.

資產負債表仍是管理團隊的重點關注事項。本季期末，淨負債對總調整後 EBITDA 為 7.1 倍，而我們的穩定化槓桿為 5.4 倍。相較於我們的歷史表現，我們維持超過 2.11 億美元的強勁流動性。

We also completed a hedging transaction during the quarter for a $150 million notional amount with a swap fixed rate of 2.5% mitigating exposure to further interest rate volatility. We continue to operate with the expectation that interest rates may remain elevated longer than previously anticipated.

我們也在本季完成一筆避險交易，名目本金 1.5 億美元，利率交換固定利率為 2.5%，以降低進一步利率波動的曝險。我們持續以利率可能在較先前預期更長時間維持高檔為前提來營運。

Our balance sheet strategy emphasizes flexibility, allowing this management team to navigate through this environment whilst providing us options to fund growth when needed. We also recognize that debt capital markets remain selective. Our proactive approach to liquidity and disciplined deployment ensures that we can fund our current development commitments and when appropriate, invest without undue balance sheet pressure.

我們的資產負債表策略強調彈性，使管理團隊能在此環境中順利應對，同時在需要時提供資金支持成長的選項。我們也認知到債務資本市場仍然相當挑選。我們對流動性的前瞻性作法與有紀律的資金配置，確保能為目前的開發承諾提供資金，並在適當時機進行投資，而不致對資產負債表造成過度壓力。

Prudent cash management is foundational to our approach, particularly in today's uncertain economic environment. In March, the board of directors made the strategic decision to right size our dividends and better align with projected property cash levels, ensuring a sustainable payout that supports both shareholder returns and long-term balance sheets.

審慎的現金管理是我們方法的基礎，尤其是在當前不確定的經濟環境下。3 月，董事會做出策略性決策，將股利調整至更合適的水準，並與預期的物業現金水位更一致，以確保可持續的配發，同時兼顧股東報酬與長期資產負債表。

As Shawn mentioned, maintaining sufficient liquidity to fund operations, service debt, and supporting our dividend from the cash flows generated by owned properties is paramount to the company's success. We proactively stress test our cash flow model under a range of downside scenarios, including a potential recessionary environment, higher for longer interest rates, and moderate leasing activity.

如 Shawn 所提到，維持充足流動性以支應營運、償付債務，並以自有物業所產生的現金流來支持股利，對公司成功至關重要。我們主動在多種下行情境下對現金流模型進行壓力測試，包括可能的衰退環境、利率高檔維持更久，以及租賃活動溫和的情況。

Following our recent dividend right sizing, our adjusted funds from operation for the quarter and on a projected run rate basis is well positioned to fully cover our dividend obligations, even under stress scenarios. This updated approach by management ensures that we're able to preserve balance sheet flexibility, protect our core distribution to shareholders, and retain capital for strategic investment opportunities that may emerge over the course of the cycle.

在近期股利調整後，我們本季的調整後營運資金（AFFO）以及以預估運行率（run rate）計算的水準，已具備良好條件可完全覆蓋股利義務，即使在壓力情境下亦然。管理層此一更新作法，確保我們能保留資產負債表彈性、保護對股東的核心配發，並保留資本以把握在景氣循環過程中可能出現的策略性投資機會。

Finally, I would like to highlight a very important point on expenses. General and administrative expenses are projected to decrease by 13% year over year, reflecting our conscious and ongoing efforts to manage costs prudently. Given the year over year reduction in earnings, we are taking deliberate steps to align GNA with the scale of our current operations while still supporting our strategic priorities.

最後，我想強調一個關於費用的非常重要的重點。一般及行政費用（G&A）預計將年減 13%，反映我們有意識且持續地審慎控管成本的努力。鑑於獲利較去年同期下降，我們正採取有計畫的措施，使 G&A 與目前營運規模相匹配，同時仍支持我們的策略重點。

Fiscal responsibility remains a cornerstone of our operating philosophy, as demonstrated by our better than expected performance in the 1st quarter, and we will maintain a tight focus on expense control throughout the remainder of the year.

財務紀律仍是我們營運理念的基石，第一季優於預期的表現即為明證；在今年剩餘期間，我們將持續高度聚焦於費用控管。

For the remainder of the year, we'll continue to focus on strengthening the stability of our cash flows supporting both future growth and a consistent sustainable dividend, driving operating efficiencies through strategic investments in technology and process improvements which continue to enhance margins over time.

在今年剩餘期間，我們將持續專注於強化現金流的穩定性，以支持未來成長與一致且可持續的股利；並透過對科技與流程改善的策略性投資來提升營運效率，進而隨時間推進持續改善利潤率。

We remain disciplined in our execution, selectively advancing projects that offer attractive risk adjusted returns. We are fully aware that transaction volumes across the real estate market has slowed. Our mid-term growth will primarily driven by the stabilization of the development pipeline and continued leasing activity which positions us well in the current environment.

我們在執行上仍保持紀律，選擇性推進可提供具吸引力風險調整後報酬的專案。我們充分了解整體不動產市場的交易量已放緩。我們的中期成長將主要由開發管線的穩定化與持續的租賃活動所驅動，使我們在當前環境中具備良好定位。

Fortunately, with our strong internal pipeline this year, our model does not include external acquisitions to drive growth other than bringing online the allure multi family assets from our real estate financing portfolio. Given our first quarter performance and our current line of sight for the remainder of the year, we are reaffirming our full year 2025 normalized FFO guidance of $1 to $1.10 dollars per diluted share.

所幸，今年我們擁有強勁的內部管線，因此我們的模式不包含透過外部收購來推動成長，除了將我們不動產融資投資組合中的 Allure 多戶住宅資產投入營運。基於第一季表現以及我們對今年剩餘期間的可見度，我們重申 2025 全年標準化 FFO 指引為每股稀釋後 1.00 至 1.10 美元。

Even with the headwinds that Shawn mentioned in our construction entity, we are confident that our strategy, combined with our new leadership and diversified portfolio, positions Amada Hoffler to deliver for the shareholders. Thank you for your time and support. With that, I will now turn over to Shawn for his closing remarks.

即便面臨 Shawn 所提到我們營建事業體的逆風，我們仍有信心，我們的策略結合新的領導團隊與多元化投資組合，將使 Armada Hoffler 能為股東創造成果。感謝各位的時間與支持。接下來我把時間交回 Shawn 做結語。

Thanks, Matt. I want to thank everyone for joining us today and for your continued interest in our Armada Hoffler. We remain focused on executing our short term strategy, delivering strong operational results, and creating long term value for our shareholders.

謝謝你，Matt。感謝各位今天加入我們，也感謝大家持續關注 Armada Hoffler。我們將持續專注於執行短期策略、交出強勁的營運成果，並為股東創造長期價值。

As always, I want to thank our dedicated team for their hard work and commitment. We look forward to updating you on our progress in the quarters ahead. Thank you for joining us, operator.

一如往常，我要感謝我們敬業的團隊所付出的努力與承諾。我們期待在接下來的季度向各位更新我們的進展。謝謝各位參與，請接線員繼續。

Thank you, Shawn. Ladies and gentlemen, we will now begin the question and answer session. (Operator Instructions). Andrew Berger with Bank of America.

謝謝你，Shawn。各位女士、先生，我們現在開始問答環節。(接線員指示)。美國銀行的 Andrew Berger。

Great, good morning. Thank you for all the color and the opening remarks. Maybe just sticking with kind of high level, Shawn, you touched on the macro bit and appreciate the color and the cost savings, and it does sound like obviously it slowed the construction pipeline a little bit, but just curious because you know the macro uncertainty, the tariffs.

太好了，早安。感謝你提供這麼多背景資訊以及開場致詞。也許先從比較高層次的角度來看，Shawn，你提到了一些總體面因素，也感謝你分享節省成本的細節；聽起來這確實讓施工管線明顯放慢了一些。不過我想問的是，因為你知道總體不確定性、關稅這些因素。

A conversations has that translated to any changes in your office or retail leasing conversations? Have tenants brought this up as a concern or, maybe cause any delays or has it really kind of been more limited to on that, construction side?

這些討論是否已轉化為你們在辦公或零售租賃洽談上的任何變化？租戶是否把這當作疑慮提出，或可能造成任何延遲？還是其實影響主要仍然比較侷限在施工端？

Andrew, thank you for the question and good morning. I think the latter is what we're seeing, as you can see, we've been very busy executing new and renewal leases, so I think the activity on the portfolio side has not seen that to date, and frankly, we're seeing strength in that space. So I think that's good.

Andrew，謝謝你的提問，早安。我認為我們看到的是後者；如你所見，我們一直很忙於執行新租與續租合約，所以我認為截至目前投資組合端的活動並沒有受到影響；坦白說，我們在那個領域看到的是強勁表現。所以我覺得這是好事。

Again, we can't control the macro environment to your point, but new starts are probably going to be softer and that's what we're seeing in the construction side. So thankfully for us, the value of the portfolio continues to shine as we're able to maintain the guidance here, even given some softness in the construction space.

再說一次，如你所言，我們無法控制總體環境，但新開工案可能會更疲弱，而這正是我們在施工端看到的情況。因此對我們而言值得慶幸的是，即便施工領域有些疲軟，我們仍能維持目前的指引，因為投資組合的價值持續展現出來。

Great, thank you. And I think you touched on this a couple of times in the opening remarks, Matt. I know you mentioned it at the end, but you know you said you want to maintain some optionality to invest strategically over the course of the cycle as opportunities arise and could we just get your latest thoughts?

很好，謝謝。我想你在開場致詞中提到過幾次，Matt。我知道你在最後也提到，但你說你希望保留一些選擇權，以便在景氣循環過程中，當機會出現時能策略性投資；能否請你分享一下你最新的想法？

Obviously, I appreciate there might not be anything immediate term, but as we get a couple of years out, do you want to see more of these mixed use communities, how open are you to office maybe versus the other asset classes, just, your latest thoughts on the portfolio composition and what not.

當然，我理解短期內可能沒有什麼立即的事情，但如果把時間拉到兩三年後，你是否希望看到更多這類複合式社區？

Sure, I think in the short run both disposition and acquisition are probably challenging given the lack of recent trades and the uncertainty in the market, right? So I'm not sure we would feel comfortable going to market to either acquire or dispose, in the short run. In the longer term, as we are very equipped to operate and develop, if necessary, mixed use communities we believe these ecosystems.

當然。我認為短期內，因為近期成交案例不多、且市場不確定性高，無論處分或收購都可能具有挑戰，對吧？所以短期內我不確定我們是否會覺得適合進市場去收購或處分。長期來看，因為我們非常擅長營運，並在必要時進行開發，我們相信這些複合式社區的生態系。

Continue to drive, frankly drive value in markets such as this. And so if we see an opportunity we'll prepare to strike, but I don't see that happening this year if you will, but we'll continue to keep our eyes peeled. We don't want to rule anything out, but I think, to answer your question, we are always looking for an op.

在像這樣的市場中，確實能持續帶動、坦白說是創造價值。因此如果我們看到機會，我們會準備出手；但如果你問今年，我不認為會發生，不過我們會持續保持關注。我們不想排除任何可能性，但我想回答你的問題：我們一直都在尋找機會。

To use our competency and I would characterize one of our main competencies as operating and executing on these mixed use ecosystems. In terms of office, I think the jury, from a market's perspective is still out. I will, a quick commercial here say our office is 97.5% occupied, frankly, and we're happy with that.

去運用我們的核心能力；而我會把我們其中一項主要核心能力，描述為營運並落實這些複合式生態系。至於辦公，我認為從市場角度來看，結論仍未定。我快速打個廣告：我們的辦公目前出租率是97.5%，坦白說，我們對此很滿意。

I hope the market continues to become happier about our office product and we'll continue to advertise that, but I don't think you're going to see us rush out to do an office. That being said, we are comfortable with the office that we do have, and it's primarily, as located in a mixed-use community, so back to the mixed use story and kind of our core competency.

我希望市場會越來越認同我們的辦公產品，我們也會持續對外宣傳；但我不認為你會看到我們急著去做新的辦公案。話雖如此，我們對現有的辦公資產是有信心的，而且它主要位於複合式社區之中，所以又回到複合式的故事，以及我們的核心能力。

Great, thank you. And if I could just squeeze in one more kind of on that point with office, the leasing spreads have been pretty strong over the last couple of quarters. I think they've averaged over 20% the past four quarters. So I'm just curious, kind of a two part question. One, what type of annual escalators are you baking into those leases and obviously not much rolling over the next year or two.

很好，謝謝。如果我可以再擠一個問題，還是關於辦公：過去幾季的租賃價差（leasing spreads）相當強勁。我想過去四季平均超過20%。所以我想問一個兩段式問題：第一，你們在這些租約中納入的年度調租幅度大概是多少？而且顯然未來一兩年到期的租約不多。

I know you said you've addressed most of the major explorations and obviously not much space to lease over 97% occupied, but you know how sustainable would you say those spreads are looking out over the next couple of years just kind of based on, in place rents, escalators, and today's market rents assuming no major changes.

我知道你說你已經處理了大多數主要到期租約，而且在97%以上的出租率下可出租空間也不多；但你會怎麼看這些價差在未來幾年的可持續性？大致基於現行租金、調租條款，以及在假設市場租金沒有重大變化下的當前市場租金水準。

Yeah, I think, to your point we're pretty well set. I mean, knock on wood, right, like, but in terms of the office leases that we have. Let me say it this way, we typically see 2% to 3% escalators every year, but we're getting term on these leases, 10 year term, and so I think that's what is providing the spread for you, but also this kind of comfort level of this long term arrangement with credit tenants.

是的，我想如你所說，我們的狀況相當穩。我的意思是，敲敲木頭，對吧，但就我們現有的辦公租約而言。我換個方式說：我們通常每年看到2%到3%的調租幅度，但我們在這些租約上拿到的是租期——10年期——所以我認為這正是為你帶來價差的原因，同時也帶來這種與信用良好租戶建立長期安排的安心感。

So the demand plus the demand here allows us to not just here in town center but in our office product. Allows us to achieve the 2% to 3% annual escalators but also that longer term which is creating that spread. So we feel good about that. We're happy with that and again we've primarily focused on taking the risk off the table in the office space and I think it's hard to argue with the with the occupancy and the lack of rollover if you will, in the short run or the midterm for that matter.

因此，需求加上這裡的需求，讓我們不僅在Town Center，也在我們的辦公產品上。讓我們能達成每年2%到3%的調租幅度，同時也能取得更長的租期，這就形成了那個價差。所以我們對此感覺良好。我們很滿意；而且我們主要聚焦在把辦公領域的風險降到最低。我認為就出租率以及短期甚至中期幾乎沒有到期（rollover）而言，確實很難反駁。

Great. Thank you very much.

很好。非常感謝。

Viktor Fediv with Scotiabank.

Scotiabank 的 Viktor Fediv。

Well, good morning everyone and thank you for taking my question. I have a question on retailers tenant watch list. I know you mentioned a couple of tenants that went bankrupt already and you have already 85% of all or interests for these spaces, but just trying to understand what are the next potential problem tenants and what is your exposure to those ones.

各位早安，謝謝讓我提問。我有一個關於零售租戶觀察名單（tenant watch list）的问题。我知道你提到已經有幾個租戶破產，而你們對這些空間已經有85%的部分（不論是全部或部分權益）處理到位；但我想了解接下來可能出問題的租戶有哪些？以及你們對這些租戶的曝險有多大？

Sure, I think, thank you for the question, Victor. I think from my perspective and Matt may have some more color on this he'd like to add, but there are three names, top of mind, and they are shows, Party City and Cons and as I said in the prepared remarks, yeah, 85% of that is currently, we're at the table either lease or under LOI, at least or under LOI with those that, with 20% to 25% higher rents, and I think in my mind that's a proxy for that type of space.

當然。Victor，謝謝你的提問。以我來看——Matt 可能也會補充更多細節——目前腦中最先想到的有三個名字：Shows、Party City 和 Cons。

There are people, I think, lining up may be strong, but there are people knocking on our door wanting to talk to us about that space, and frankly, I feel very good about the fact that 85% of our team has paper on. So that's exciting for us. I, are there, small mom and pop shops out there, 1,000 2,000 3,000 ft, sure.

我想說「排隊等著」可能有點誇張，但確實有人在敲我們的門，想跟我們談那些空間；坦白說，我對我們團隊已經在85%的部分有文件在手這件事感到非常有信心。所以這對我們來說很令人振奮。至於外面是否還有一些小型的夫妻店，1,000、2,000、3,000平方英尺的，當然有。

But I think, back to my comment previously to Andrew, I think we're in the process, if not already, of taking. A the major risk off the table, I mean, the renewal, for instance, the Nordstrom rack, 32,000 ft, that was a big one for us, right?

但我認為，回到我先前對 Andrew 的評論，我認為我們正處於（如果不是已經）把主要風險移出檯面的過程中。我的意思是，例如續約方面，Nordstrom Rack，32,000 平方英尺，對我們來說那是一個很大的案子，對吧？

We kicked that out five years and that's the type of thing we want to do. I mean, are there, like I said, are there smaller pieces out there? Yes, we're working on those, but I think we've mitigated by and large the big pieces of the portfolio that would be concerning on a short to midterm basis.

我們把它往後延了五年，這就是我們想做的那種事情。我的意思是，像我說的，外面有沒有比較小的部分？有，我們正在處理那些，但我認為就短到中期而言，投資組合中令人擔憂的大項目，我們大致上都已經把風險緩解了。

Got it. Thank you. And then sticking with the risks but probably switching to multifamily segment, in particular Baltimore stock market, do you see any impact from rest and Johns Hopkins Scott in financing and in particular because you have new assets coming online there, is there any canalization in occupancy as well so just trying to understand some color for that submarket and multi-family component.

了解。謝謝。接著延續風險的話題，但可能轉到多戶住宅（multifamily）部門，特別是巴爾的摩子市場，你們是否看到來自 Rest 和 Johns Hopkins Scott 在融資方面的任何影響？尤其是因為你們那邊有新資產即將上線，入住率是否也有任何互相侵蝕（cannibalization）的情況？只是想更了解那個子市場以及多戶住宅部分的一些情況。

Sure, I, to date we haven't seen, or at least we can't tell if there's an impact from the Johns Hopkins. Kind of funding situation. I would say we have seen our some of our residents interested in and signing leases next door at Allied, which we think is a good thing.

當然。到目前為止，我們還沒有看到，或者至少我們無法判斷是否有受到 Johns Hopkins那種資金狀況的影響。我會說，我們確實看到部分住戶對隔壁 Allied 的項目有興趣並且簽了租約，而我們認為這是好事。

Occupancy seems to be holding and the rate seems to be holding, and as we said to the market, we want to be very careful here that we don't cannibalize ourselves, but certainly it's, I think it's a testament to the quality. Product that's being offered up there that our tenants are essentially our residents are essentially moving from one high quality asset, trophy asset to a newer trophy quality asset.

入住率看起來維持得住，租金水準也維持得住；而且如同我們對市場說的，我們會非常小心，避免自我互相侵蝕，但這也可以說是對那邊所提供產品品質的一種證明：我們的租戶（也就是住戶）基本上是從一個高品質資產、旗艦級資產，搬到一個更新的、同樣旗艦級品質的資產。

And look, we, we've done a lot of calculus on this and that's, as far back as 2 years ago I've been conveying to the market that we want to be very careful about the lease up. We do get questions about stabilization and we've said, hey, look. Needs to be thinking 18 to 24 months such that we can maintain the market rents that we want to maintain to keep a healthy ecosystem there.

而且你看，我們在這方面做了很多推算；早在兩年前我就一直向市場傳達，我們希望在出租爬坡（lease-up）上非常謹慎。我們確實會被問到穩定期（stabilization），我們也說，嘿，你看，應該以 18 到 24 個月來思考，這樣我們才能維持我們想維持的市場租金，讓那裡保持健康的生態。

So, I think there's also the added benefit of Tiro employees, right, and the added kind of traffic in that area. There are thousands, a couple 1,000 more employees there, right, and people are coming back to the office more than they were two years ago. So I think these are all. In my mind, drivers of kind of increased demand over time relative to where we may have been 12 to 24 months ago.

所以，我認為還有 Tiro 員工帶來的額外好處，對吧？以及那個區域額外的人流。那裡有數千名、再多個一兩千名員工，對吧？而且相較兩年前，人們回辦公室的比例更高了。所以我認為這些都是。在我看來，相較於 12 到 24 個月前，隨時間推進會帶動需求增加的驅動因素。

But it makes sense. Thank you.

這樣就說得通了。謝謝。

Yes, sir.

是的，先生。

(Operator Instructions). Rob Stevenson with Jenny.

(接線員指示)。Rob Stevenson，來自 Jenny。

Good morning guys. Shawn, to ask the tenant question a little bit differently, you have leases on, I guess, a little over 6% of the entire portfolio rolling over the remainder of 25% and About 12% of the retail portfolio in 206.

各位早安。Shawn，我換個方式問租戶的問題：你們有大概略高於整體投資組合 6% 的租約在 25 年剩餘期間到期續租，另外零售投資組合大約 12% 在 206 到期。

Any tenants of impact that have either told you that they aren't renewing or look like that they may be iffy to renew, maybe not on a tenant watch list, but just because of whatever their changing needs are space wise or location wise, that, might not renew that might impact you guys looking forward.

有沒有任何具影響性的租戶已經告訴你們不會續約，或看起來可能續約意願不高？也許不一定在租戶觀察名單上，但因為他們在空間需求或地點需求上的變化，可能不續約，進而對你們未來造成影響。

Yeah, I think let's start with thanks Rob for the question and good morning. Let's start with what I would say is the biggest rollover upcoming, it's in the retail space. It's an Office Depot in Durham, 28,000 square feet. We have, we think they may not renew and frankly we have the backfill identified and we're working on that as we speak.

是的，我想先說謝謝你 Rob 的問題，也早安。先從我認為即將到期、規模最大的續租談起，它在零售部分。是在 Durham 的一間 Office Depot，28,000 平方英尺。我們認為他們可能不會續約；坦白說，我們已經找到了替補租戶（backfill），並且正在著手處理。

There's a staples that we're in discussion with. We think they are going, by the way, that's 19,000 ft, that all indications are they're going to renew. The other renewal in '25 is a Rus Chris store here in Virginia Beach. We've renewed that post first quarter for 10 years, so that. Quarter two you'll see that in the stats in quarter 2. '26 there's a safe way for 55,000 ft. We renewed for 5 years. There's a Harris Teeter for 52,000 ft, the best performer in the market.

另外有一間 Staples 我們正在洽談。我們認為他們會續約；順帶一提，那間是 19,000 平方英尺，各項跡象都顯示他們會續約。另外一個在 25 年的續約是維吉尼亞海灘這裡的一間 Rus Chris 餐廳。我們在第一季之後已經把它續約 10 年，所以。第二季你會在數據裡看到，會反映在 26 年第二季的統計中。26 年有一間 Safeway，55,000 平方英尺。我們續了 5 年。還有一間 Harris Teeter，52,000 平方英尺，是該市場表現最好的。

So we, there's a high indication that they're going to renew and if not, I'm sure somebody will want to step into that another high-end grocer step into that space. But yeah, I think we'll see. Renewals and I think the most work I think what I'm saying to you Rob needs to be done on that Office Depot and locking up that 28,000 ft with the backfill that we're talking to.

所以我們，有很高的機率他們會續約；即便不續，我也確信會有人想接手——另一家高端超市會想進駐那個空間。但對，是的，我想我們會看到。續約；而我認為需要做最多工作的，我想我對你說的是 Rob，那就是 Office Depot 那個案子，以及把我們正在洽談的替補租戶敲定，鎖住那 28,000 平方英尺。

And is that likely if it winds up coming back to you, is that likely to be a multi-tenant space or a 28,000 square feet? Are there is that tenant, pool, deep enough to release that at this point?

如果最後那個空間回到你們手上，那比較可能會變成多租戶空間，還是維持 28,000 平方英尺單一租戶？目前租戶池夠深，能把那個空間重新出租出去嗎？

I, we've got options that could do both, I think, from my perspective, if we can fill it with a high quality tenant that's able to absorb that space, so be it if not we can arrange a situation like we've done at Bad Bath here in Virginia Beach, TRY and have a 2 or 3 tenants.

我認為我們有兩種做法的選項。就我個人觀點，如果我們能用一個高品質、且有能力承接那個面積的租戶把它填滿，那就那樣做；如果不行，我們也可以像我們在維吉尼亞海灘的 Bad Bath 那樣安排，嘗試引進 2 或 3 個租戶。

But we're comfortable that, it's not a lot of drag there. That deal expires on the 31st of this year, so, expect to have us having some more, kind of tangible conversation with you in the quarters to come.

但我們有信心，那邊不會造成太大的拖累。那筆合約在今年 31 號到期，所以，預期接下來幾季我們會跟你有更多、比較具體的討論。

Okay, and then back to your earlier comments about the disposition market being, sort of, I guess a bit frozen to paraphrase you, if one of the options comes up to purchase one of the apartments out of the portfolio. If the disposition market doesn't allow you, I assume that given the cost of common, you probably wouldn't issue equity here.

好的。然後回到你先前提到處分市場某種程度上、我想用你的話來說有點凍結，如果有一個選項出現，可以買進投資組合中的某一個公寓資產。如果處分市場不允許你們（出售資產來籌資），我猜以目前普通股資金成本來看，你們大概也不會在這裡發行股權。

Are you guys comfortable with temporary leveraging up using a line of credit to close a deal to get a high quality apartment property in the mix? Do you push that out if that's the option? How are you guys thinking about that at this point in time?

那你們是否能接受暫時提高槓桿、用信用額度（line of credit）來完成交易，把一個高品質的公寓物業納入組合？還是你們會把它往後推，如果那是選項的話？你們目前是怎麼思考這件事的？

Yeah, I think to your point we don't want to take anything off the table, Rob, right? Like, but I think if there were something attractive enough for us to look at, we would want to your point, kick the can on it and see if we can't keep a lot of sight on it for long enough to get maybe some better capital, availability or arrangement in place.

是的，我想就你說的，我們不想把任何選項排除在外，Rob，對吧？但我認為如果有足夠吸引我們去看的標的，我們會如你所說，先把它往後延一延，看看能不能在足夠長的時間內持續追蹤，或許等到資本條件更好、資金可得性更高，或安排出更好的資本結構。

My comment about this position, please don't make a mistake. I have people calling all the time about wanting to buy assets. My view on this is let's let the market settle down a little bit so that we can really understand, what comps are. I'm not sure there are great comps out there right now.

我對這個立場的評論是，請不要搞錯。一直有人打電話來，表示想買資產。我對此的看法是，先讓市場稍微穩定一下，這樣我們才能真正了解可比交易（comps）是什麼。我不確定現在外面有很好的可比交易。

Back to the acquisition side, I mean that's certainly a source of capital. If we saw something we wanted. We can trade quickly and purchase it, so assuming that it's fitting within our core strategy and that the sponsor developer is willing to sell it to us a price that works, right?

回到收購面，我的意思是，那當然是一個資金來源。如果我們看到想要的標的。只要符合我們的核心策略，而且贊助商／開發商願意以對我們可行的價格賣給我們，我們就能快速出手並買下來，對吧？

Like, so I think. A lot of algebra there, but to answer your question, we're not wild about obviously selling common at the prices we said today and obviously we're sensitive to leverage, so I think there's a little bit of a little bit of a dance there. Matt, you want to add anything to that from the balance sheet standpoint?

像是，我認為。這裡面有很多算式要算，但回答你的問題，我們顯然不太想在今天所說的這些價格去賣普通股（common），而且我們也很在意槓桿，所以我覺得這之間需要稍微拿捏一下。Matt，你要不要從資產負債表的角度補充一下？

Just to, just that's a great question, Rob, just to say that that, we have spent a lot of time over the last year or so trying to be very disciplined and we're working very hard to get the leverage, in a range that the investors, the shareholders are more comfortable with, so.

補充一下，Rob，這是個很好的問題。只是想說，我們在過去一年左右花了很多時間，努力保持非常嚴謹的紀律，也非常努力把槓桿降到投資人、股東更能接受的區間，所以。

As Shawn said, there'd be there'd be some, puts and takes on the algebra there and the calculation, but we've committed to the market that we're going to be disciplined capital allocators, and we would have to look at that holistically, with respect to where our cost of capital and where the cost of debt is today.

如Shawn所說，這裡面的算式與計算會有一些取捨，但我們已向市場承諾，我們會成為有紀律的資本配置者；我們必須從整體角度來看，考量我們的資本成本，以及目前的負債成本（借款成本）在哪裡。

Okay. And is Tiro now paying full rent or is there still ramp up left in that lease to get full rent for them?

好的。那Tiro現在是在付全額租金了嗎？還是那份租約還有爬坡期，尚未到全額租金？

Yes, so Tiro started paying rent or they have been paying rent back since August. The rents commencement date and the move in was March 7th. Obviously as the project closes out there will be a true up here, in the last little bits of the as the contractor finishes and finalizes that. But.

是的，Tiro從8月起就開始付租金，或者說他們自8月以來一直都有在付租金。租金起算日以及進駐日期是3月7日。當然，隨著專案收尾，承包商完成並最終確認最後一些工作時，這裡會有一次結算調整（true-up）。但是。

You're recognizing rent.

你們有認列租金收入。

As yeah, we're recognizing rent, not prepaid, recognizing true rent as of March 7th.

對，是的，我們有認列租金，不是預收；自3月7日起按實際租金認列。

Okay, so the 2nd quarter should be a full represent a full quarter of GAAP brand for Tiro.

好的，所以第二季應該會完整反映Tiro一整季的GAAP租金。

Yes, and Rob, you will see that for us coming in as a FFO contribution. It's an off balance sheet, JV, so our 50% comes back as an FFO contribution after debt service has been taken at the property level.

是的，而且Rob，你會看到它對我們是以FFO貢獻的形式進來。那是一個表外的合資（JV），所以我們的50%會在物業層級扣除債務償付（debt service）之後，以FFO貢獻的方式回到我們這邊。

Okay. And then last one for me, there's 5 redevelopment projects listed in the supplemental totaling a little over $19 million. Have all of those projects started and are they already sort of either in the $80 million dollar construction backlog or flowed through previous numbers?

好的。那我最後一個問題，補充資料裡列了5個再開發專案，合計略高於1,900萬美元。這些專案都已經開工了嗎？它們是否已經包含在8,000萬美元的施工待建（construction backlog）裡，或是已經反映在先前的數字中？

Just trying to get a feel for whether or not some of those haven't started and will hit the backlog at some point or whether or not that's basically already accounted for in the backlog either past or present.

我只是想了解一下，是否其中有些還沒開始、之後某個時間點才會進到待建，或是基本上已經在待建裡（不論過去或現在）被計入了。

Got it, thank you. Yeah, I think probably the best way to run through this, these 5, they're relatively small, Rob, to your point, so it's not going to be a tremendous kind of bubble in the in the backlog. Liberty Apartments is nearly complete. You're probably looking at a Q3. Kind of lease up, I think actually we've already signed paper for residents on those two, on those apartments.

了解，謝謝。我想把這5個專案快速帶過可能是最好的方式；如你所說，Rob，它們相對較小，所以不會在待建中形成很大的波動。Liberty Apartments幾乎完工了。你大概會看到在第三季。開始招租／入住（lease-up）；其實我想我們已經為那兩個、那幾戶公寓簽好住戶合約了。

So that's awesome, kind of small but awesome uplift story there. Columbus Village should be in the numbers, in progress, as we're looking at. 4, for the retailers potentially the grocery will slide into Q1 of next year. Let's see Southgate Square still working on that deal, so that's not in a number yet, consolidation of company operations, that's kind of an internal move here.

所以那很棒，規模不大但確實是很棒的增值故事。Columbus Village應該已經在數字裡、也在進行中；我們目前看的是，4，對零售商而言，可能雜貨店會延到明年第一季。再來，Southgate Square我們還在談那筆交易，所以目前還沒進到數字裡；整併公司營運，這算是我們內部的一個調整。

You haven't seen that yet. Pembroke Square still talking to the kind of site. Work early planning folks on that one, but to be clear, these would not be in backlog because they're internal development projects, right? So you're not going to see that in the third party backlog. Some of that may show up in our kind of, broader backlog or broader work scope, but they won't be in the third party backlog as we won't be able to recognize fee on this.

你們還沒看到那個。Pembroke Square我們仍在和那個場址相關的。早期規劃團隊在討論；但要說清楚，這些不會算在待建裡，因為它們是內部開發專案，對吧？所以你不會在第三方待建裡看到。其中一些可能會出現在我們較廣義的待建或較廣的工作範疇裡，但不會在第三方待建中，因為我們無法就此認列費用（fee）。

Okay, thanks guys appreciate the time.

好的，謝謝各位，感謝你們撥時間。

Yeah, thank you, Rob.

好的，謝謝你，Rob。

Thank you. There are no further questions at this time. I would like to turn the call back over to Shawn Tibbetts for closing remarks.

謝謝。目前沒有其他問題。我想把電話交回給Shawn Tibbetts做結語。

Thank you all for joining this morning. We appreciate your attention. We appreciate all the questions. Just to our team who's listening out there, our partners, our investors, we appreciate your confidence in us.

謝謝各位今天早上加入。我們感謝各位的關注。我們也感謝所有的提問。也對正在收聽的我們團隊、合作夥伴與投資人說聲謝謝，感謝你們對我們的信心。

We look forward to continuing to improving the quality of this of this story and this great company, and I look forward to talking to you on the road in next quarter and again appreciate your support. Hope you have a nice weekend. Take care.

我們期待持續提升這個故事以及這家優秀公司的品質；也期待下個季度在路演時與各位交流，再次感謝你們的支持。祝各位週末愉快。保重。

Ladies and gentlemen, this concludes today's conference call and webcast. Thank you so much for your participation. You may now disconnect.

各位女士先生，今天的電話會議與網路直播到此結束。非常感謝各位的參與。您現在可以掛線。