AH Realty Trust, Inc (AHRT) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Armada Hoffler Properties fourth quarter 2025 earnings call. (Operator Instructions) This call is being recorded on Tuesday, February 17, 2026. I would now like to turn the conference over to Chelsea Forrest, Vice President of Investor Relations. Please go ahead.

各位女士、先生，早安，歡迎參加 Armada Hoffler Properties 2025 年第四季財報電話會議。(接線員指示) 本次電話會議於 2026 年 2 月 17 日（星期二）錄音。現在我想把會議交給投資人關係副總裁 Chelsea Forrest。請開始。

Good morning, and thank you for joining Armada Hoffler's Fourth Quarter 2025 Earnings and 2026 Guidance Conference Call and Webcast. On the call this morning, in addition to myself, is Shawn Tibbetts, Chairman, President and CEO; Matthew Barnes-Smith, CFO; and Craig Ramiro, EVP of Asset Management.

早安，感謝各位參加 Armada Hoffler 2025 年第四季財報暨 2026 年展望電話會議與網路直播。今天早上的電話會議，除我之外，還有董事長、總裁暨執行長 Shawn Tibbetts；財務長 Matthew Barnes-Smith；以及資產管理執行副總裁 Craig Ramiro。

The press release announcing our fourth quarter earnings, along with our supplemental and guidance packages were distributed yesterday afternoon. A replay of this call will be available shortly after the conclusion of the call through March 19, 2026. The numbers to access the replay are provided in the earnings press release. For those who listen to the rebroadcast of this presentation, we remind you that the remarks made herein are as of today, February 17, 2026, and will not be updated subsequent to the financial earnings call.

我們昨日下午已發布公布第四季財報的新聞稿，並一併提供補充資料與展望指引套件。本次電話會議的重播將於會議結束後不久提供，並可收聽至 2026 年 3 月 19 日。收聽重播的電話號碼已載於財報新聞稿中。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（2026 年 2 月 17 日）之內容，且在本次財報電話會議後不會再行更新。

During this call, we may make forward-looking statements, including statements related to the future performance of our portfolio and potential dispositions of our multifamily portfolio, our real estate financing programs and our construction business and the use of the proceeds from such dispositions, our rebranding and the efforts thereof, the consequences of our strategic transformation, the impact of acquisitions and dispositions, our liquidity position, our portfolio performance and financing activities as well as comments on our outlook.

在本次電話會議中，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及可能處分我們多戶住宅投資組合、我們的不動產融資計畫與營建業務以及該等處分所得款項之用途、我們的品牌重塑及相關努力、我們策略轉型的影響、收購與處分的影響、我們的流動性狀況、投資組合表現與融資活動，以及對我們前景的評論等相關陳述。

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. The 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 difficult to predict and generally beyond our control. 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 or furnished to the SEC.

聽眾應注意，任何前瞻性陳述均係基於管理階層的信念、假設與預期，並考量目前可得資訊。該等信念、假設與預期可能因潛在事件或因素而改變，其中並非所有事件或因素皆為已知，且多數難以預測並通常超出我們的控制範圍。這些風險與不確定性可能導致實際結果與我們目前預期存在重大差異；我們建議聽眾查閱我們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 reconciliations 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 Shawn.

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 指標之調節表，均收錄於季度補充資料套件中，可於我們網站 armadahoffler.com 取得。現在我把電話會議交給 Shawn。

Good morning and thank you for joining us. Yesterday, we formally announced the rebranding of the company as AH Realty Trust, effective March 2, which marks a defining moment in the evolution of the firm. Given the significance of yesterday's announcement, we will keep our discussion of the fourth quarter and full year 2025 brief. Today's call is less about a single quarter and more about the transformation of the company and our path forward. This past year marked a pivotal period for the company, particularly with respect to capital allocation, balance sheet strategy and how we operate the business.

早安，感謝各位加入我們。昨日，我們正式宣布公司將於 3 月 2 日起更名並以 AH Realty Trust 品牌重新出發，這標誌著本公司演進歷程中的關鍵時刻。鑑於昨日公告的重要性，我們將簡要說明 2025 年第四季與全年表現。今天的電話會議與其說聚焦單一季度，不如說是聚焦公司的轉型以及我們未來的前進方向。過去一年對公司而言是關鍵時期，特別是在資本配置、資產負債表策略以及我們如何營運業務等方面。

I'll begin this morning by discussing the strategic decisions we announced yesterday and the rationale behind them. I will introduce Craig Ramiro, EVP of Asset Management, to talk through highlights from the portfolio, and Matt will cover our fourth quarter results and provide details on 2026 guidance. I stepped into this role one year ago with a clear objective to evaluate every aspect of our business, our portfolio, capital structure, operating model and long-term positioning. Over the past 12 months, we have done exactly that, reviewing every layer of the business, challenging long-held assumptions and focusing on where we believe we can create the most durable value for shareholders. This comprehensive process backed with full support from the Board resulted in a clear path that we believe positions the company to maximize shareholder value over time.

今天早上我將先說明我們昨日宣布的策略決策及其背後的理由。接著我會介紹資產管理執行副總裁 Craig Ramiro，請他分享投資組合重點；Matt 將說明我們第四季業績並提供 2026 年指引細節。我在一年前接任此職務時，便設定明確目標：評估我們業務的每一個面向，包括投資組合、資本結構、營運模式與長期定位。過去 12 個月，我們確實做到了，檢視業務的每一層面，挑戰長期以來的假設，並聚焦於我們認為能為股東創造最具持久性的價值之處。在董事會全力支持下，這項全面性流程形成了一條清晰路徑；我們相信這將使公司在時間推移中最大化股東價值。

At our core, we are a public REIT focused on well-positioned retail and office assets in growing markets. Alongside the relaunch of Armada Hoffler as AH Realty Trust, we announced the planned exit and divestitures of our multifamily portfolio and fee income businesses, including construction management and real estate financing. These were difficult but necessary actions designed to simplify the company, improve the quality and predictability of our income stream and meaningfully reduce leverage.

我們的核心是一家上市 REIT，專注於成長型市場中具良好區位的零售與辦公資產。隨著 Armada Hoffler 以 AH Realty Trust 重新啟動，我們也宣布計畫退出並處分多戶住宅投資組合，以及退出收費型收入業務，包括營建管理與不動產融資。這些是艱難但必要的行動，目的在於簡化公司、提升收入來源的品質與可預測性，並大幅降低槓桿。

I am pleased that we have already made substantial progress on these initiatives. We are under an LOI for 11 of our 14 multifamily assets with a global real estate investment and management firm following a disciplined and targeted marketing process that began months ago, drawing strong interest from multiple credible parties. These negotiations are materially far along, and we believe we are approaching final terms at an attractive price point and value.

我很高興我們在這些計畫上已取得實質進展。在數月前啟動、嚴謹且聚焦的行銷流程後，我們已就 14 項多戶住宅資產中的 11 項，與一家全球不動產投資與管理公司簽署意向書（LOI），並吸引多家具公信力的買方展現強烈興趣。目前談判已取得重大進展，我們相信正接近以具吸引力的價格水準與估值敲定最終條款。

Despite the high quality of our assets, public market valuations do not reflect the underlying private market value of the portfolio. Exiting the multifamily portfolio unlocks significant embedded value by harvesting the arbitrage between public and private market valuations and accelerates our deleveraging program. In addition, the exit of our construction business is effectively complete, and we are substantially finalized on terms with the buyer.

儘管我們資產品質優良，公開市場估值並未反映該投資組合在私募市場的內在價值。退出多戶住宅投資組合，可透過收割公開與私募市場估值之間的套利，釋放可觀的隱含價值，並加速我們的去槓桿計畫。此外，我們的營建業務退出基本上已完成，且與買方的條款已大致定案。

Lastly, we have executed an LOI with an institutional buyer to acquire the interest in two of our four real estate financing investments, and we are in discussions with our partner to exit a third. The remaining investment is currently in the market with comparable cap rates in the low 5 cap range, and we expect that transaction to be completed in the near term. These transactions take time to fully execute, but we are confident in the meaningful progress made to date toward derisking the business. Given this progress, we have removed the associated revenue streams from our 2026 outlook.

最後，我們已與一位機構型買方簽署意向書（LOI），其將收購我們四項不動產融資投資中的兩項權益；同時，我們也正與合作夥伴討論退出第三項。剩餘的一項投資目前正在市場上推進，參考可比交易的資本化率（cap rate）約落在 5% 出頭區間，我們預期該交易將於近期完成。這些交易需要時間才能完全執行，但我們對迄今在降低業務風險方面所取得的重大進展充滿信心。基於此進展，我們已將相關收入來源自 2026 年展望中剔除。

With this transition, we believe we will improve the company's long-term growth trajectory and position us to deliver shareholder value more consistently over time as we become a more focused REIT, no longer operating fee-based businesses with inconsistent income and no longer deploying capital towards sectors where our scale and advantage were limited. We believe with significantly reduced leverage and a streamlined operating model, we will be a stronger, leaner and more agile firm, better positioned to produce predictable earnings and sustainable cash flow growth in 2027 and beyond.

透過這項轉型，我們相信公司將改善長期成長軌跡，並在時間推移中更一致地為股東創造價值；因為我們將成為更聚焦的 REIT，不再經營收入不穩定的收費型業務，也不再將資本投入於我們規模與競爭優勢有限的領域。我們相信，在槓桿顯著降低且營運模式精簡後，我們將成為更強健、更精實且更敏捷的公司，更有能力在 2027 年及之後產生可預測的獲利與可持續的現金流成長。

At the same time, we are intensely focused on the operation of the company's retail and office portfolio. We believe the best way to drive durable value is to be the best operator in our markets, maintaining rigorous operational oversight and driving consistent performance improvements across the portfolio. That means efficiently managing expenses, deepening our understanding of market and property level performance while acting as a disciplined capital allocator and redirecting capital when assets no longer meet our investment thresholds.

同時，我們也高度聚焦於公司零售與辦公投資組合的營運。我們相信，推動持久價值的最佳方式，是在我們的市場中成為最優秀的營運者，維持嚴謹的營運監督，並在整體投資組合中推動一致的績效改善。這意味著有效管理費用、加深對市場與單一資產層級表現的理解，同時以嚴謹的資本配置者角色行事，當資產不再符合我們的投資門檻時，便重新導向資本。

The Board and management team hold a strong conviction that exiting the multifamily sector and fee income businesses, strengthening the balance sheet and concentrating on sustainable cash flow and disciplined growth most benefits the long-term value of the company. While the quarter itself is not the focus of today's call, it reinforces the stability of our retail and office assets and provides a strong foundation as we enter 2026. As we discuss guidance for the new year, as previously mentioned, it is important to note that 2026 guidance reflects the discontinued operations of the multifamily portfolio and the fee income portions of the business.

董事會與管理團隊堅信：退出多戶住宅領域與收費型收入業務、強化資產負債表，並專注於可持續的現金流與紀律性的成長，最能提升公司長期價值。雖然本季本身並非今日電話會議的重點，但它再次印證我們零售與辦公資產的穩定性，並在我們邁入 2026 年之際提供堅實基礎。在我們討論新年度指引時，如先前所述，請務必注意：2026 年指引已反映多戶住宅投資組合與業務中收費型收入部分的終止營運。

While 2026 represents a transition year for the company, I want to underscore that throughout this period, we continue to maintain full dividend coverage from the cash flows generated by our operating properties, while also meaningfully reducing debt. To provide added transparency around this shift, we included an FFO bridge in our guidance materials posted to our investor website. The bridge walks from reported 2025 FFO to a pro forma 2025 FFO that removes discontinued operations and then to post-transformation FFO, which reflects the company as it will operate going forward.

雖然 2026 年對公司而言是過渡的一年，但我想強調，在此期間，我們仍持續以營運物業所產生的現金流完全覆蓋股利，同時也大幅降低負債。為了就這項轉變提供更高的透明度，我們在發布於投資人網站的指引資料中納入了一份 FFO 橋接表。該橋接表從已揭露的 2025 年 FFO 出發，調整為剔除已終止營運後的備考 2025 年 FFO，並進一步銜接至轉型後的 FFO，反映公司未來的營運樣貌。

By removing contributions from the construction management business, the real estate financing platform and the multifamily assets, investors can clearly assess the value of the streamlined retail and office portfolio. Importantly, by the end of the transformation, leverage is expected to improve by approximately 2 full turns, further strengthening the balance sheet and enhancing long-term resilience. Matt will discuss the guidance in detail.

透過移除營建管理業務、不動產融資平台以及多戶住宅資產的貢獻，投資人即可清楚評估精簡後零售與辦公室投資組合的價值。重要的是，在轉型結束前，預期槓桿將改善約 2 個完整倍數，進一步強化資產負債表並提升長期韌性。Matt 將就指引進行詳細說明。

As we look ahead, our focus is on disciplined, high-quality, consistent growth and a simplified operating model. With lower leverage and a clearer operating model, we are in a stronger position to pursue accretive acquisitions that offer embedded upside in key growth markets that meet our fundamentals. This transformation only happens with a dedicated team.

展望未來，我們的重點在於有紀律、高品質、穩健一致的成長，以及更簡化的營運模式。在較低槓桿與更清晰的營運模式下，我們處於更有利的位置，可在符合基本面、且位於關鍵成長市場並具內含上行空間的標的上，追求具增益性的收購。這項轉型之所以能發生，唯有仰賴一支投入且敬業的團隊。

Over the past year, we have stripped the company down to its foundation and are building it back up with the right people, the right focus and the right operating discipline. It begins with our people, and we are confident in the team we have assembled to execute this plan. This marks a new day for the firm, and I'm excited about reducing risk and positioning the company for future growth. As we enter this next chapter, we do so with a clearer strategy, a more focused portfolio, a streamlined organization and a stronger financial foundation. We are not simply repositioning the company, we are fundamentally changing the quality of the business.

過去一年，我們已將公司精簡至核心基礎，並以對的人、對的重點與對的營運紀律重新打造。一切從我們的人才開始，我們對已組建的團隊有信心，能夠落實此計畫。這標誌著公司嶄新的一天，我對於降低風險並為未來成長定位感到振奮。進入下一個篇章時，我們帶著更清晰的策略、更聚焦的投資組合、更精簡的組織，以及更強健的財務基礎前行。我們不只是重新定位公司，而是在根本上提升業務品質。

We believe this transformation will result in a significantly stronger foundation that positions us to deliver predictable earnings, sustainable cash flow growth and long-term outperformance. With that, I'll turn it over to Craig Ramiro, EVP of Asset Management. Craig has been with the company for more than a decade and has been deeply involved in every aspect of our real estate operations. In addition to his extensive real estate experience, he brings a Big 4 public accounting background, which further strengthens his strategic and financial oversight. He leads our asset management team with exceptional focus and discipline, and his deep expertise continues to be instrumental in driving our success.

我們相信，這項轉型將帶來顯著更強的基礎，使我們能交付可預測的獲利、可持續的現金流成長，以及長期的超額表現。接下來我把時間交給資產管理執行副總裁 Craig Ramiro。Craig 在公司任職已超過十年，並深度參與我們不動產營運的各個面向。除豐富的不動產經驗外，他也具備四大會計師事務所的公開會計背景，進一步強化其策略與財務監督能力。他以卓越的專注與紀律帶領我們的資產管理團隊，其深厚專業持續在推動我們的成功上扮演關鍵角色。

Given his experience and intimate knowledge of the portfolio, I'm pleased to have him join the call for the first time to walk through the portfolio highlights.

鑑於他的經驗與對投資組合的深入了解，我很高興他首次加入本次電話會議，帶大家回顧投資組合的重點。

Thank you, Shawn, and good morning, everyone. As Shawn outlined, with the portfolio now fully focused on retail and office, our attention is squarely on execution at the property level. I'll briefly cover fourth quarter operating performance and then spend time on what we see ahead for the portfolio.

謝謝你，Shawn，各位早安。如 Shawn 所述，投資組合如今已完全聚焦於零售與辦公室，我們的注意力將完全集中在物業層級的執行。我將簡要說明第四季的營運表現，接著談談我們對投資組合未來的觀察。

Retail same-store NOI for the quarter was up 5.6% on a GAAP basis and 3.4% on a cash basis. driven by new leasing and rent commencements across the portfolio as well as positive renewal spreads of 15% GAAP and 10% cash. Specifically, fourth quarter cash results reflect rent commencements for long-term backfill tenants of anchor spaces in Atlanta, Durham and Virginia Beach. Retail same-store results year-over-year were up 1% GAAP and down 1% cash. Weighing on both fourth quarter and full year same-store results was anchor space vacancy resulting from the bankruptcies of Conn's, Party City and Joann Fabrics, totaling 92,000 square feet across the portfolio.

本季零售同店 NOI 以 GAAP 基礎成長 5.6%，以現金基礎成長 3.4%，主要受惠於全投資組合的新租賃與租金起算，以及續租租金差幅（spread）為 GAAP 15%、現金 10% 的正向表現。具體而言，第四季現金結果反映了亞特蘭大、達勒姆與維吉尼亞海灘之主力店（anchor）空間長期補位租戶的租金起算。零售同店全年年增表現為 GAAP +1%、現金 -1%。影響第四季與全年同店結果的因素之一，是 Conn's、Party City 與 Joann Fabrics 破產所導致的主力店空間空置，合計在投資組合中約 92,000 平方英尺。

These vacancies are reflected in year-end occupancy just under 95% that was temporarily elevated in the third quarter by short-term seasonal tenants. I'm pleased to share that as of today, we have leased or are at lease on over 60,000 square feet of this space at an average re-leasing spread over 40%. We anticipate rent commencing on roughly 1/3 of the backfill space in 2026, with the balance starting by mid-2027.

這些空置反映在年末入住率略低於 95%，而第三季因短期季節性租戶而暫時墊高。我很高興分享，截至今日，我們已出租或正在簽約中的面積超過 60,000 平方英尺，平均再出租租金差幅超過 40%。我們預期約三分之一的補位空間將於 2026 年開始起算租金，其餘則在 2027 年年中前陸續起算。

Looking ahead, we expect retail same-store NOI growth in 2026 to be supported by rent commencements at The Interlock, including Atlanta's first and only F1 Arcade that opened earlier this month as well as our successful redevelopment of Columbus Village. In the fourth quarter, both Trader Joes and Golf Galaxy opened in the former Bed Bath & Beyond box at Columbus Village.

展望未來，我們預期 2026 年零售同店 NOI 成長將受 The Interlock 的租金起算所支撐，其中包括本月稍早開幕、亞特蘭大首家且唯一的 F1 Arcade，以及我們成功完成的 Columbus Village 改造案。在第四季，Trader Joe's 與 Golf Galaxy 皆已於 Columbus Village 原 Bed Bath & Beyond 店面開幕。

Since opening, the new Golf Galaxy location ranks in the top five nationwide in terms of foot traffic, and the new Trader Joes store has seen more than double the number of visits compared to their only other location in the market. Because of the vision, persistence and disciplined execution of our team over the past 2.5 years, we've successfully re-leased all of Columbus Village at 60% higher rents.

自開幕以來，新的 Golf Galaxy 據點在來客量方面名列全美前五，而新的 Trader Joe's 門市相較其在該市場唯一的另一家門市，來訪人次超過兩倍。憑藉團隊在過去 2.5 年的願景、堅持與有紀律的執行，我們已成功將 Columbus Village 全數再出租，租金提高 60%。

At full occupancy, the redeveloped Columbus Village is expected to generate over $1 million of new ABR, the majority of which we anticipate realizing in 2026. Negatively impacting occupancy in 2026 will be the first quarter lease expirations of West Elm at Town Center and Harbor Point, totaling 20,000 square feet. While retail portfolio occupancy is expected to decline by about 55 basis points as a result, the NOI impact is diminished given the below-market rent structures of both leases. Market conditions continue to favor existing brick-and-mortar retail with tenant demand far exceeding new supply.

在滿租情境下，改造後的 Columbus Village 預期可新增超過 100 萬美元的 ABR（年化基本租金），其中大部分我們預期將於 2026 年實現。對 2026 年入住率造成負面影響的，將是第一季 Town Center 與 Harbor Point 的 West Elm 租約到期，合計 20,000 平方英尺。雖然因此零售投資組合入住率預期將下降約 55 個基點，但由於兩份租約的租金結構低於市場水準，對 NOI 的影響相對有限。市場環境仍有利於既有的實體零售，租戶需求遠高於新增供給。

Our portfolio of shopping centers and mixed-use retail assets remain well positioned to capture this demand as demonstrated by our team's ability to lease space at positive spreads. We are confident in our team's ability to re-lease both West Elm spaces at 2 to 3x higher rents given their prime locations within Town Center and Harbor Point. Office same-store NOI for the quarter was up over 10% GAAP and nearly 17% cash. driven by leasing and rent commencements in Town Center, specifically II Columbus as well as Wills Wharf and Harbor Point. Renewal spreads during the quarter were positive 9% GAAP and 2.5% cash.

我們的購物中心與複合式零售資產投資組合仍具備良好條件以承接此需求，這也體現在團隊能以正向租金差幅出租空間的能力上。鑑於其在 Town Center 與 Harbor Point 的優越位置，我們對團隊以 2 至 3 倍更高租金再出租兩處 West Elm 空間的能力充滿信心。本季辦公室同店 NOI 以 GAAP 基礎成長逾 10%，以現金基礎成長近 17%，主要由 Town Center 的租賃與租金起算所帶動，尤其是 II Columbus，以及 Wills Wharf 與 Harbor Point。本季續租租金差幅為 GAAP +9%、現金 +2.5%。

Over the course of 2025, occupancy at The Interlock increased nearly 600 basis points, ending the year at over 94% leased. Year-over-year, office same-store NOI increased 6% GAAP and 7% cash, supported by occupancy gains at The Interlock, Wills Wharf and II Columbus. Leased occupancy at II Columbus increased 500 basis points during the fourth quarter, partially offsetting our recapture of 8,000 square feet of space in 4525 Main to accommodate the relocation, consolidation and long-term extensions of existing tenants in the building.

在 2025 年期間，The Interlock 的入住率提升近 600 個基點，年末出租率超過 94%。年對年而言，辦公室同店 NOI 以 GAAP 基礎成長 6%，以現金基礎成長 7%，主要受 The Interlock、Wills Wharf 與 II Columbus 的入住率提升所支撐。II Columbus 的已出租入住率在第四季提升 500 個基點，部分抵銷了我們在 4525 Main 收回 8,000 平方英尺空間的影響；該收回係為配合大樓內既有租戶的搬遷、整併與長期續約。

This resulted in a marginal decrease in occupancy during the quarter to 96.4%, but we are already at lease with a backfill tenant at a double-digit re-leasing spread with lease execution anticipated by the middle of this year. By the second quarter of this year, we expect to complete the downsize and relocation of the company's offices within Town Center to space that has sat vacant for nearly three years.

因此，本季入住率小幅下降至 96.4%，但我們已與一位補位租戶達成租賃意向，再出租租金差幅達雙位數，預期將於今年年中完成簽約。在今年第二季前，我們預期完成公司在 Town Center 的辦公室縮編與搬遷，遷入一處已空置近三年的空間。

As a result of our intentional move to occupy the most cost-effective space in the development, we unlocked 38,000 square feet of premier workspace in AH Tower, all of which has been re-leased at an average rate of $35 per square foot, the highest rents in the market, creating $1.3 million of new ABR that we expect to fully realize in 2027 with partial recognition in 2026.

由於我們刻意選擇進駐該開發案中最具成本效益的空間，我們在 AH Tower 釋放出 38,000 平方英尺的優質辦公空間，且已全數以每平方英尺平均 35 美元的價格重新出租，為市場最高租金水準，新增 130 萬美元的 ABR（年度基礎租金），我們預期將於 2027 年完全實現，並於 2026 年部分認列。

Looking ahead, we expect same-store NOI growth in 2026 from rent commencements at the Interlock, producing nearly $1 million of new base rent during the year, partially offset by vacancy at One City Center in Durham and Wills Wharf in Harbor Point. As a reminder, we reclaimed 30,000 square feet of space from WeWork at One City Center in the second quarter of this past year. In the fourth quarter, we negotiated the recapture of 9,000 square feet from an existing tenant at Wills Wharf in exchange for a $3.1 million upfront fee and in the process, consolidated most of the vacancy in the building onto a single floor.

展望未來，我們預期 2026 年同店 NOI 將受惠於 Interlock 的租約起租而成長，全年將帶來近 100 萬美元的新基礎租金，但將部分被達勒姆（Durham）的 One City Center 與 Harbor Point 的 Wills Wharf 的空置所抵銷。提醒一下，我們已於去年第二季在 One City Center 自 WeWork 收回 30,000 平方英尺的空間。在第四季，我們與 Wills Wharf 的既有租戶協商收回 9,000 平方英尺空間，作為交換取得 310 萬美元的一次性前期費用，並在此過程中將大部分空置集中到大樓的單一樓層。

This proactive and intentional move allowed us to accommodate an existing tenant's desire to rightsize their footprint while also giving us the flexibility to pursue larger floor prospects in the market. While we are not forecasting any new rent commencements at either One City Center or Wills Wharf in 2026, we are seeing good activity and interest in the market and remain confident in our team's ability to re-lease the space.

這項積極且有意識的作法，使我們得以滿足既有租戶希望縮減（rightsize）使用面積的需求，同時也讓我們具備彈性，在市場上爭取更大樓層需求的潛在客戶。雖然我們未預測 2026 年在 One City Center 或 Wills Wharf 會有任何新的租約起租，但我們看到市場上有良好的活動與興趣，並對團隊重新出租該空間的能力保持信心。

At Southern Post, we expect full rent commencement by existing office tenants in the fourth quarter of 2026, and we're seeing strong interest and activity on the balance of the office space. Office portfolio fundamentals are strong with nearly 8 years of WALT, high credit tenancy, only 1.7% rollover in 2026 and our team's demonstrated ability to lease space and grow rents.

在 Southern Post，我們預期既有辦公室租戶將於 2026 年第四季全面起租，且我們也在其餘辦公空間看到強勁的興趣與活動。辦公室投資組合基本面強勁，WALT（加權平均租約剩餘年期）接近 8 年、租戶信用品質高、2026 年僅 1.7% 到期（rollover），並且我們的團隊已展現出租空間與提高租金的能力。

We see continued growth opportunity across both our retail and office portfolios through proactive leasing and tenant retention, mark-to-market adjustments on new leases, disciplined expense management and targeted redevelopment and capital investment where returns justify it. This operational focus is central to how we intend to drive consistent NOI growth and create value going forward.

我們認為，透過積極招商與租戶留存、新租約的市價調整（mark-to-market）、嚴謹的費用管理，以及在報酬合理之處進行具針對性的重建開發與資本投資，我們在零售與辦公兩大投資組合上仍有持續成長的機會。這項營運重點是我們未來推動穩定 NOI 成長並創造價值的核心。

With that, I'll turn it over to Matt.

接下來我把時間交給 Matt。

Good morning and thank you all for joining us. I will begin with a review of our fourth quarter performance, then cover our full year results before turning to our outlook for the next year and the strategic transformation of the business. I'll close with an update on our balance sheet and debt strategy as we position the company for the next phase.

各位早安，感謝大家加入我們。我將先回顧第四季表現，接著說明全年結果，然後談談明年的展望以及業務的策略性轉型。最後，我會更新我們的資產負債表與負債策略，說明我們如何為公司下一階段做好準備。

This quarter and full year represents an important inflection point for the company, both in terms of financial performance and in the ongoing evolution of our platform, portfolio composition and capital structure. Starting with the fourth quarter, our results reflect continued operational excellence across the portfolio against a complex macroeconomic and capital markets backdrop.

本季與全年對公司而言都是重要的轉折點，無論在財務表現，或是在我們平台、投資組合結構與資本結構持續演進方面皆是如此。先從第四季開始，我們的結果反映出在複雜的總體經濟與資本市場環境下，整體投資組合仍持續展現卓越的營運表現。

For the fourth quarter of 2025, normalized FFO attributable to common shareholders was $29.5 million or $0.29 per diluted share, above our expectations and guidance. FFO attributable to common shareholders was $23.1 million or $0.23 per diluted share. AFFO came in at $17.8 million or $0.17 per diluted share. Same-store NOI for the portfolio increased 6.3% on a GAAP basis and 7.1% on a cash basis.

2025 年第四季，歸屬普通股股東的標準化 FFO 為 2,950 萬美元，或每股稀釋後 0.29 美元，高於我們的預期與指引。歸屬普通股股東的 FFO 為 2,310 萬美元，或每股稀釋後 0.23 美元。AFFO 為 1,780 萬美元，或每股稀釋後 0.17 美元。投資組合同店 NOI 以 GAAP 基礎成長 6.3%，以現金基礎成長 7.1%。

Turning to the full year. 2025 was defined by foundational work repositioning the company with a strong focus on balance sheet discipline. For the full year 2025, normalized FFO attributable to common shareholders was $110.1 million or $1.08 per diluted share above guidance. FFO attributable to common shareholders was $79.4 million or $0.78 per diluted share. AFFO came in at $75.6 million or $0.74 per diluted share. Same-store NOI for the portfolio increased 2.8% on a GAAP basis and 2% on a cash basis.

接著看全年。2025 年的重點在於重新定位公司的基礎性工作，並高度聚焦於資產負債表紀律。2025 年全年，歸屬普通股股東的標準化 FFO 為 1.101 億美元，或每股稀釋後 1.08 美元，高於指引。歸屬普通股股東的 FFO 為 7,940 萬美元，或每股稀釋後 0.78 美元。AFFO 為 7,560 萬美元，或每股稀釋後 0.74 美元。投資組合同店 NOI 以 GAAP 基礎成長 2.8%，以現金基礎成長 2%。

Importantly, the year also reflects a deliberate strategic shift towards simplification of the platform, higher quality and more predictable earnings streams and enhanced balance sheet resilience through positive cash flow. Starting the year with rightsizing of the dividend represents not merely a financial transaction, but a structural evolution of the company. As we look forward, we are evolving into a more focused, more transparent and more predictable operating platform. Shawn discussed the planned disposition of the multifamily portfolio, the real estate financing platform and the construction entity.

重要的是，這一年也反映出我們刻意的策略轉向：簡化平台、提升收益品質與可預測性，並透過正向現金流強化資產負債表韌性。年初調整股利規模（rightsizing of the dividend）不僅是一項財務交易，更代表公司結構性的演進。展望未來，我們正演變為更聚焦、更透明且更可預測的營運平台。Shawn 已討論了規劃中的多戶住宅投資組合、房地產融資平台以及營造事業的處分。

I will now walk through management's estimates related to this repositioning, referring predominantly to the guidance presentation released yesterday afternoon. If these initiatives are executed as we expect, we expect to focus the redeployment of that capital in three areas: primarily paying down our debt balance, investing in retail centers in carefully selected markets and if the opportunity arises, utilization of our share repurchase program. This repositioning is designed to create a business that is simpler to understand, easier to value and more closely aligns with long-term institutional capital.

接下來我將說明管理層對此次重新定位的估計，主要參考昨天下午發布的指引簡報。若這些措施如我們預期執行，我們預期將把資本再部署聚焦於三個方向：主要用於償還債務餘額、在審慎挑選的市場投資零售中心，以及在機會出現時運用我們的庫藏股回購計畫。此次重新定位旨在打造一個更容易理解、更容易估值，且更符合長期機構資本偏好的企業。

Post transformation, we will be positioned as a simplified pure-play retail and office REIT characterized by focus on reoccurring contractual cash flows with no reliance on fee or nonrecurring income. This year, we will report our results in the most fundamental and transparent way using NAREIT-defined FFO for our earnings metric, cash same-store growth metrics to be consistent with other REITs in our space and leverage at a net debt-to-EBITDA level.

轉型完成後，我們將定位為簡化的純零售與辦公 REIT，其特徵為聚焦於可重複的合約性現金流，不依賴手續費或非經常性收入。今年，我們將以最基本且最透明的方式揭露業績：以 NAREIT 定義的 FFO 作為獲利衡量指標、以現金同店成長指標與同業 REIT 保持一致，並以淨負債對 EBITDA 的槓桿水準作為槓桿指標。

Starting with the guidance presentation, please bring your attention to page 2, which outlines our 2026 estimates. For this transformation year, we will be guiding towards NAREIT FFO less the discontinued operations between $0.50 per diluted share to $0.54 per diluted share with the following assumptions: disposition of the general contracting and real estate services business in Q1 of 2026, disposition of the multifamily portfolio with the exception of Smiths Landing in 2026, realization of the Allure at Edinburgh in mid-2026, exit of the real estate financing portfolio in the second half of 2026, blended retail and office same-store NOI cash growth of just over 1.7%, acquisitions of approximately $50 million of retail properties with a cap rate range of 6.25% to 7% in the second half of 2026.

從指引簡報開始，請各位注意第 2 頁，其中概述了我們對 2026 年的估計。在這個轉型年度，我們對「NAREIT FFO 扣除終止營運」的指引為每股稀釋後 0.50 至 0.54 美元，並基於以下假設：於 2026 年第一季處分總承包與不動產服務業務；於 2026 年處分多戶住宅投資組合（Smiths Landing 除外）；於 2026 年年中實現（realization）Allure at Edinburgh；於 2026 年下半年退出房地產融資投資組合；零售與辦公合併同店 NOI 現金成長略高於 1.7%；於 2026 年下半年收購約 5,000 萬美元的零售資產，資本化率（cap rate）區間為 6.25% 至 7%。

Secured debt paydowns of approximately $270 million as a result of the multifamily disposition, net unsecured debt paydowns of approximately $400 million. Page 4 of the guidance presentation illustrates an FFO bridge starting at our reported 2025 NAREIT FFO of $0.78 per diluted share and walking through the transition ending with management's estimated NAREIT FFO for the full year post transition of $0.64 per diluted share. As you can see, post transition, we expect to significantly reduce our leverage into a net debt-to-EBITDA range of 5.5x to 6.5x.

由於處分多戶住宅資產，預計償還約 2.70 億美元的擔保債務；預計償還約 4.00 億美元的淨無擔保債務。指引簡報第 4 頁展示了一個 FFO 橋接（bridge），從我們已報告的 2025 年 NAREIT FFO 每股稀釋後 0.78 美元出發，逐步說明轉型影響，最終得到管理層估計的轉型後全年 NAREIT FFO 為每股稀釋後 0.64 美元。如各位所見，轉型後我們預期將大幅降低槓桿，使淨負債對 EBITDA 落在 5.5 倍至 6.5 倍的區間。

Page 5 provides a reconciliation of our 2025 actual NAREIT FFO results less our newly discontinued operations, illustrating a comparative pro forma FFO number that gives some context to the expected FFO growth post transformation. There is no question that deleveraging brings some dilution but dramatically decreases risk and backstops the dividend. Most importantly, page 6 illustrates our AFFO payout ratio, both in 2026 and post transition. Management committed to the market that the cash from the properties would cover the cash dividend going forward, and we do not intend to waiver from that sentiment.

第 5 頁提供我們 2025 年實際 NAREIT FFO 結果扣除新近終止經營業務後的調節表，並呈現一個可比較的備考（pro forma）FFO 數字，為轉型後預期的 FFO 成長提供一些背景脈絡。毫無疑問，去槓桿會帶來一定程度的稀釋，但能大幅降低風險並為股利提供支撐。最重要的是，第 6 頁展示我們的 AFFO 配息率，涵蓋 2026 年以及轉型後的情況。管理層已向市場承諾，這些資產所產生的現金將可在未來持續覆蓋現金股利，我們無意偏離這一立場。

You will see in the post-transformation column of the table that there are no noncash entries in the change in fair market value of derivatives. I will discuss our debt strategy later in my remarks. However, it is worth noting here that we are intentionally reducing our reliance on derivative products, expecting to have transitioned the balance sheet to fixed rate long-term debt as our hedges mature at the end of 2026.

你會在表格的轉型後欄位看到，衍生性商品公允市價變動中不再有任何非現金項目。我稍後會在發言中討論我們的負債策略。不過，值得在此指出的是，我們正有意降低對衍生性商品的依賴，並預期在 2026 年底避險到期時，資產負債表將已轉為固定利率的長期負債。

Finally, the guidance presentation focuses on growth. The reduction of debt enables the company to have a balance sheet that will unlock our ability to grow. Page 7 shows post transformation, our earnings profile will consist of roughly 50% retail and 50% office NOI with 94% of that NOI in mixed-use communities. Page 8 demonstrates the potential opportunity and estimated NOI trend with organic growth, planned 2026 acquisition growth and the potential future acquisition growth. Page 9 illustrates both NOI and leverage trends on a historical and post-transformation basis, demonstrating strong retail and office NOI performance and a significant reduction in debt.

最後，這份指引簡報聚焦於成長。降低負債使公司能擁有一個可解鎖我們成長能力的資產負債表。第 7 頁顯示，轉型後我們的獲利結構將約由 50% 零售與 50% 辦公室 NOI 組成，其中 94% 的 NOI 來自複合式社區。第 8 頁展示在有機成長、規劃中的 2026 年收購成長，以及未來潛在收購成長下的機會與估計 NOI 走勢。第 9 頁以歷史與轉型後的基礎呈現 NOI 與槓桿趨勢，顯示零售與辦公室 NOI 表現強勁，且負債大幅下降。

Please note, our focus in 2026 is on transformation rather than expansion, prioritizing earnings quality, durability of cash flows and balance sheet strength over short-term growth metrics. Turning to the balance sheet. Our capital strategy is anchored in three principles: resilience, discipline and proactive risk management. We are actively managing our upcoming maturities with three scheduled maturities in the near term, a $95 million unsecured term loan maturing in May of 2026, Thames Street Wharf maturing in September of 2026 and the Constellation Energy Building maturing in November of 2026.

請注意，我們在 2026 年的重點是轉型而非擴張，將獲利品質、現金流的耐久性與資產負債表強度置於短期成長指標之上。接著談資產負債表。我們的資本策略以三項原則為核心：韌性、紀律與主動式風險管理。我們正積極管理即將到期的債務，短期內有三筆排定到期：一筆 9,500 萬美元無擔保定期貸款於 2026 年 5 月到期、Thames Street Wharf 於 2026 年 9 月到期，以及 Constellation Energy Building 於 2026 年 11 月到期。

Our approach to addressing these maturities is structured and multifaceted, centered around placing long-term fixed rate debt, either at the property or the corporate level. We are currently already in the market with each of these loans receiving preliminary pricing and terms similar to our inaugural debt private placement, which closed last July. This long-term fixed rate approach is designed to reduce volatility in our cash flow and earnings, enhance financial resilience and ensure the company operates from a position of balance sheet strength. As the transformative initiatives finalize and we use the capital to pay down debt, the company will be in a much better position to ladder in long-term debt private placements and other long-term fixed rate debt, extinguishing our reliance on derivative products as they mature.

我們處理這些到期債務的方法具結構性且多元，核心在於配置長期固定利率負債，可在物件層級或公司層級進行。目前我們已針對每一筆貸款進入市場，並取得初步報價與條款，與我們去年 7 月完成的首筆私募債務融資相近。此長期固定利率策略旨在降低現金流與盈餘的波動、提升財務韌性，並確保公司在資產負債表強健的狀態下運作。隨著轉型措施定案且我們運用資金償還負債，公司將更有利於以階梯式方式配置長期私募債務與其他長期固定利率負債，並在衍生性商品到期時消除對其依賴。

I will now turn the call back to Shawn.

我現在把電話交回給 Shawn。

Thank you, Craig, and Matt. I'll close by paraphrasing something Nick Saban often says. The key to sustained success is getting the right people on the bus, aligned around the same principles and standards and focused on executing at a high level. Over the past year, that is exactly what we have done. We are no longer the company we once were.

謝謝你，Craig 和 Matt。我最後用 Nick Saban 常說的一句話來轉述收尾。持續成功的關鍵，是讓對的人上車，圍繞相同的原則與標準對齊，並專注於高水準執行。過去一年，我們正是這麼做的。我們已不再是過去的那家公司。

We've streamlined, refocused and rebuilt the organization in a way that reflects who we are today, aligned, disciplined and operating with clarity of purpose. The days of being sprawling complex Octopus are behind us. We are a new company with a sharper strategy, a stronger team and a more accountable operating model. When focus, accountability and alignment come together, results follow. With that, operator, we are ready to open the line for questions.

我們已精簡、重新聚焦並重建組織，使其反映今日的我們：一致對齊、紀律嚴明，且以清晰的目標運作。過去那種盤根錯節、複雜如章魚般的日子已經過去。我們是一家新公司，策略更聚焦、團隊更強、營運模式更具問責性。當專注、問責與一致對齊結合在一起，成果自然會隨之而來。接下來，接線員，我們準備開放提問。

(Operator Instructions) Viktor Fediv, Scotiabank.

(接線員指示) Scotiabank 的 Viktor Fediv。

Matt and probably Sean as well. So in terms of your long-term growth trajectory, on the page 8 of your guidance presentation, you highlighted the potential for like $10 million of annualized commercial NOI addition starting from 2027 and beyond, which implies around $150 million of acquisitions if you just assume 6.5% cap rate. So how do you plan to finance this? And what are your key assumptions, particularly around share price and debt cost for these to be achievable?

Matt，可能 Sean 也一起。就你們的長期成長軌跡而言，在你們指引簡報第 8 頁，你們提到自 2027 年起及其後，每年年化商用 NOI 可能增加約 1,000 萬美元；若僅假設 6.5% 的資本化率（cap rate），這意味著約 1.5 億美元的收購規模。那你們打算如何為此融資？以及要讓這些可行，你們的關鍵假設是什麼，特別是關於股價與負債成本？

Viktor, thank you for the question. I think this starts with the theme here, right? We want to maintain the appropriate leverage point, right? So we, I think, have done what we said we would do here and demonstrated we're willing to do what is needed to unlock the value of the existing portfolio. That said, we want to be balanced in our approach, we want to be disciplined in our approach, and we want to be consistent in our growth. So there's a balance here.

Viktor，謝謝你的問題。我認為這要從這裡的主題開始，對吧？我們希望維持適當的槓桿水位，對吧？所以我想，我們已經做到了我們說會做的事，並證明我們願意採取必要行動來釋放既有投資組合的價值。話雖如此，我們希望方法上保持平衡、保持紀律，並在成長上保持一致性。因此這裡需要取得平衡。

To your point, we think there's obviously debt capital available. But at the right time, we would like to balance the capital stack by continuing to add equity, but we're not going to do that at any cost, right? And so at the end of the day, the shares need to be trading at the right level relative to NAV for us to even think about that. So what you're seeing us project here is we think we can get to that point, and we think it makes sense in the out 27 years, if you will, to '27, '28 to look for acquisitions that meet kind of our threshold and our crosshairs.

就你提到的，我們認為顯然有債務資本可用。但在適當的時點，我們希望透過持續增加股權來平衡資本結構（capital stack），但我們不會不計代價地去做，對吧？因此歸根結底，股價必須相對於 NAV 在合適的水準交易，我們才會考慮這件事。所以你看到我們在此做的預測是：我們認為可以達到那個狀態，而且我們認為在 27 年以後的年份，也就是到 '27、'28，去尋找符合我們門檻與鎖定範圍的收購是合理的。

Matt, anything you want to add to that relative to the capital stack?

Matt，關於資本結構你還想補充什麼嗎？

No, I think you covered it well.

沒有，我覺得你已經說得很完整了。

Got it. And then if you look, let's say, five years from now, where do you see AH Realty trough in terms of retail to office NOI, please?

了解。另外，如果看比如說五年後，請問你們認為 AH Realty 在零售對辦公室 NOI 的占比大概會落在什麼區間？

Yes. I think as we've talked about here, and thank you for the question, we like to operate and we intend to operate going forward where we can add the most value. And I think it's pretty clear that we add the most value in both retail and office. And in the short run, we are focused on retail and specifically the type of retail that we have in our portfolio, right? And we're somewhat agnostic in that regard because, again, we add the most value there.

是的。我想如同我們在這裡談到的，也謝謝你的問題，我們喜歡、也打算在未來以我們能創造最大價值的地方來營運。而且很清楚的是，我們在零售與辦公室兩個領域都能創造最大價值。短期而言，我們聚焦在零售，特別是我們投資組合中所擁有的那類零售，對吧？在這方面我們相對不預設立場，因為再說一次，我們在那裡能創造最多價值。

I think if you talk to Craig, and I'm going to ask him to chime in here, we have our eye on a couple of opportunities now. That does not mean we're going to pull the trigger. But as you're aware, we've embedded in the model about $50 million of capital to outlay to go into acquisition mode if, in fact, that makes the most sense for us, but we're not beholden to that.

我想如果你跟 Craig 談，我也會請他在這裡補充一下，我們目前正關注幾個機會。這不代表我們一定會扣下扳機。但如你所知，我們已在模型中納入約 5,000 萬美元的資本支出，用於在確實最符合我們利益時進入收購模式，但我們並不受制於此。

Craig, do you want to add a little more color there?

Craig，你想在這裡再補充一些說明嗎？

No, I think that's good context, Shawn. I'll only add that, look, our team has shown the ability to continue to lease space and grow rents. And so we will look for acquisition opportunities that display those same fundamentals in the right target markets, population growth, income growth, below market rents and the ability to drive and create value. So our eyes are open. We are always active in the market, and we look forward to executing on our strategy.

不，我覺得這樣的背景說明很到位，Shawn。我只想補充一點：你看，我們的團隊已經展現出持續出租空間並推升租金的能力。因此，我們會尋找在合適的目標市場中、同樣具備這些基本面特徵的收購機會：人口成長、收入成長、低於市場的租金水準，以及能夠推動並創造價值的能力。所以我們會保持關注。我們一直都在市場上積極尋找機會，也期待落實我們的策略。

Got it. And then just a quick follow-up on that. So obviously, you're looking within geographies where you have some expertise and competitive advantage. Just trying to understand how wide your opportunity set is now in terms of -- you have kind of planned to acquire $50 million this year, but how wide is kind of under consideration pool now for you? And what are the key metrics you are kind of paying the most attention to?

了解。那再快速追問一下。很明顯，你們會在自己具備專業與競爭優勢的地理區域內尋找。我想了解的是，就機會範圍而言，你們目前的機會池有多大——你們今年大概規劃收購5,000萬美元，但目前你們正在考量的標的池大概有多寬？以及你們最關注的關鍵指標是哪些？

Sure. I think, Viktor, the answer is best rooted in markets that have fundamentals that we like and meet our investment thresholds. A little more deeply there, markets with growth, markets with population growth, you know as well as I that we operate in secondary markets. That way, we can build a moat and be the best operator. We're not intending on going into Tier 1 cities and battling out with folks that are 50x our size.

當然。Viktor，我認為答案最好回到我們喜歡、且符合我們投資門檻的市場基本面。再深入一點，就是有成長的市場、有人口成長的市場；你也知道我們主要在次級市場營運。這樣我們才能建立護城河，成為最好的營運者。我們不打算進入一線城市，去跟規模是我們50倍的人競爭。

Our cost of capital and our expertise primarily exists in the secondary market. So we like markets that are a reflection of the markets that we're in today. We're not stuck in this geography, but we are mindful about the demographics and the fundamentals specifically that exist in the markets and what their growth looks like on a go-forward basis.

我們的資金成本與專業能力主要都在次級市場。所以我們喜歡與我們目前所在市場相似的市場。我們不會被侷限在某個地理區域，但我們會留意市場的人口結構與基本面，特別是這些市場未來的成長樣貌。

Andrew Berger, Bank of America.

美國銀行的Andrew Berger。

Congratulations on putting these plans into motion. Could you just talk maybe high level about your latest thoughts on mixed-use communities and whether these retail investments that you're targeting are still within mixed-use communities or are these separate?

恭喜你們把這些計畫付諸行動。能否請你從較高層次談談你們對複合式社區（mixed-use communities）的最新看法？以及你們鎖定的這些零售投資是否仍位於複合式社區內，還是這些是獨立的？

And I guess also to that point, on the office side, it sounds like you're not looking to invest in office at the moment. Maybe just any more color there as you think over the next couple of years about that split that you were talking about before with the retail versus office, if office is something you'd be willing to sell if you get the pricing on those assets a bit more in favor.

另外也延伸這點，在辦公室方面，聽起來你們目前不打算投資辦公室。能否再多補充一些：當你們展望未來幾年、思考先前提到的零售與辦公室配置比例時，如果辦公室資產的定價變得更有利，你們是否願意出售辦公室資產？

Andrew, yes, we are obviously capable in the mixed-use space, right? We have quite a significant chunk of our portfolio that sits in mixed use. So we like mixed use. But that said, as I mentioned earlier to Viktor, we like all of retail, and we're willing to look at all of that retail. In terms of office, I'll answer the latter part of your question first.

Andrew，是的，我們顯然具備複合式（mixed-use）領域的能力，對吧？我們的投資組合中有相當大的一部分位於複合式項目。所以我們喜歡複合式。但話說回來，如同我先前對Viktor提到的，我們喜歡各類型的零售，也願意評估所有零售類別。至於辦公室，我先回答你問題的後半段。

We're capital allocators in the end. And that is what we focus on. So if there is an opportunity to harvest capital at an appropriate price, we will do so. We don't have intentions of doing so as we sit here today. But we think that the office market does recover, specifically the high-quality trophy type assets that we hold. And so we'll take a look at that. And we continuously look at that over time. But we believe right now, the best focus for us is in the retail space.

我們最終是資本配置者。這就是我們專注的核心。因此，如果有機會以合適的價格回收資本（harvest capital），我們會這麼做。以目前此刻來看，我們沒有這樣的打算。但我們認為辦公室市場會復甦，特別是我們持有的高品質、地標型（trophy）資產。所以我們會觀察。而且我們會隨時間持續評估。但我們相信目前對我們而言，最好的重點是在零售領域。

Great. And could you just provide a little bit more color on the multifamily dispositions? Just maybe anything around the pricing for that? And any more color on the timing?

很好。另外，能否再多談一些關於多戶住宅（multifamily）處分的細節？例如定價方面有什麼資訊？以及時程上能否再多補充？

Sure. As you're aware, we are under LOI with 11 out of the 14 assets. To be clear, the remaining two, notwithstanding the Smith's Landing asset, we will take to market in the near future. So I think the best way to describe this is, number one, we're looking at fair and competitive pricing relative to market comps on the assets that we own. We're thinking in the mid-5 cap range, just to give you a number.

當然。如你所知，我們已就14項資產中的11項簽署意向書（LOI）。說清楚一點，剩下的兩項——不包含Smith's Landing那項資產——我們會在不久的將來推向市場。我想最好的描述方式是：第一，我們希望在我們持有的資產上，取得相對於市場可比交易（market comps）而言公平且具競爭力的價格。就給你一個數字，我們的想法大約在5%中段的資本化率（cap rate）區間。

In terms of progress, we feel really good about this. The buyer as well as ourselves have been leaning in heavily here, and we've been working feverishly to get there. We made tremendous progress. Obviously, the goal is to derisk the company, remove the uncertainty, set ourselves up for healthy growth.

就進度而言，我們對此感覺非常好。買方以及我們都投入了很大的力道，我們也在全力以赴推進。我們已取得重大進展。很明顯，我們的目標是降低公司風險、消除不確定性，並為健康成長做好準備。

So I want to make sure we keep kind of as our North Star here, the deleveraging aspect, selling these assets, harvesting the arbitrage and applying that to the leverage, driving down that leverage on our balance sheet. But yes, we feel good. I mean we hope to come back to the market very soon and talk more definitively about the deal that we're able to get to. So we're excited about that. Actually, I just want to say, while I have an opportunity here, I'm proud of this team and the amount of progress we've made.

所以我想確保我們的「北極星」仍是去槓桿（deleverage）：出售這些資產、收割套利（harvesting the arbitrage），並把這些用於槓桿水準，降低資產負債表上的槓桿。但沒錯，我們感覺很好。我們希望很快能回到市場，對我們能達成的交易做更明確的說明。所以我們對此感到興奮。其實我也想說，趁這個機會，我為這個團隊以及我們取得的進展感到自豪。

And we feel good about it, and that's why we chose to share this with the market today.

我們對此很有信心，這也是為什麼我們選擇今天與市場分享。

Great. And maybe just one final one for me on the dividend. You did address the 95% payout ratio earlier. I guess the question is where would you like to see that trend over time? It's 95% on 2026 as well as post transformation.

很好。最後一題，關於股利。你先前提到95%的配發率。我的問題是，你希望這個趨勢隨時間如何變化？在2026年以及轉型後也都是95%。

Should we be thinking about it just over the next couple of years as trending lower from there? Like can you just talk a little bit like is there any other metric we should be looking at besides from AFFO payout ratio, just to kind of get a sense of how you and the Board are thinking about the dividend?

我們是否應該把它視為未來幾年會從這個水準往下走？另外，你能否再談談：除了AFFO配發率之外，是否還有其他我們應該關注的指標，以便理解你和董事會對股利的思考方式？

Sure. I think it's important to note that we were cash flow positive in 2025, which is great. Happy to get us there. Obviously, it was a challenging environment to get there, but I think that's the first sign of help. We'll be cash flow positive in 2026, which is good.

當然。我認為重要的是要注意，我們在2025年已經是現金流為正，這很棒。很高興能把公司帶到這一步。顯然，在那樣具挑戰的環境下做到這點不容易，但我認為這是第一個改善的訊號。我們在2026年也會是現金流為正，這很好。

I think you should be thinking about this with us being conservative with our capital, right? And we want to pay out a nice dividend, but we don't want to overpay a dividend. So at the end of the day, you're not going to see us aggressively hike that. You're going to see us stay in compliance with the REIT standards, right, but also put the capital back to shareholders in an appropriate manner. I guess that's a long way of saying we are not in a hurry to hike the dividend.

我認為你應該把這件事理解為：我們在資本運用上會保持保守，對吧？我們想支付一個不錯的股利，但不想把股利發得過頭。所以歸根結底，你不會看到我們激進地提高股利。你會看到我們遵循REIT的規範要求，同時也以適當的方式把資本回饋給股東。換句話說，我們不急著提高股利。

We're in a hurry to simplify this company and delever this company. And the dividend will fall into place as the company grows and as the cash flows grow.

我們正加緊腳步精簡這家公司並降低槓桿。而隨著公司成長、現金流增加，股利也會水到渠成。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

I was hoping you could talk about development as part of your long-term strategy for growth. It seems like in the near term, the focus is maybe more on acquisition of retail properties, but do you anticipate being a developer in the future?

我希望您能談談開發在你們長期成長策略中的角色。看起來短期內焦點可能更偏向收購零售物業，但你們是否預期未來會成為開發商？

Jon, thank you for the question. Great question. Obviously, development has helped build a good piece of the portfolio that we own today. That being said, as you're aware, capital cost, cost of capital are up relative to where they were in our past. And we -- although we are willing to do development where it makes sense, we believe there's a risk-adjusted spread that's required there.

Jon，謝謝你的提問。很好的問題。顯然，開發確實協助打造了我們今天所擁有投資組合中的相當一部分。不過，如你所知，相較於過去，我們目前的資金成本、資本成本都上升了。因此我們——雖然願意在合理的情況下進行開發，但我們認為需要符合一定的風險調整後利差。

So we think the most accretive given the timing would be acquisition in the short run. That said, we are willing to do development surgically and in the right space. And I'll just offer as a proxy, the Bed Bath & Beyond conversion to Trader Joes, right? That was a quick conversion of an existing box. And as Craig mentioned, we experienced almost 60% increase over the former rents and a relatively short duration.

所以就時點而言，我們認為短期內最具增益性的會是收購。但話說回來，我們也願意以更精準、在合適的領域進行開發。我用一個例子作為參考：把 Bed Bath & Beyond 的店面改裝成 Trader Joe’s，對吧？那是對既有盒式店面的一次快速轉換。而如 Craig 提到的，我們的租金相較於原先租金幾乎提高了 60%，且工期相對較短。

So we're looking for surgical development opportunities, really thinking redevelopment. We do have conversations frequently about development with partners, but I think you're going to see us partner with others to do development as opposed to large-scale development pipelines as you've seen us deploy in the past.

因此我們在尋找精準的開發機會，更偏向於再開發（redevelopment）。我們也經常與合作夥伴討論開發，但我認為你們會看到我們更傾向與他人合作進行開發，而不是像過去那樣部署大規模的開發管線。

Okay. That makes sense. I was hoping to maybe also get more context on the growth from your core businesses, retail and office is expected in 2026. I think the guidance is for 1.7% same-store NOI, but your fourth quarter growth number was quite a bit higher than that. So are there any sort of headwinds or move-outs in the office portfolio? And maybe are you able to parse out expected growth in office versus retail in '26 on a same-store basis?

好的。這很合理。我也希望能更了解你們核心業務（零售與辦公）在 2026 年預期的成長背景。我想指引是同店 NOI 成長 1.7%，但你們第四季的成長數字明顯高於此。所以辦公投資組合是否有任何逆風或退租？另外，你們是否能拆分一下 2026 年同店基礎下，辦公與零售各自的預期成長？

Sure. I'll start by saying the team has done a tremendous job working ahead of the curve on move-outs, vacancies. And I think Craig can give you some more color here. But at the end of the day, we see upside. I think Craig mentioned the West Elm in his comments previously.

當然。我先說，團隊在提前因應退租與空置方面做得非常出色。我想 Craig 可以在這裡提供更多細節。但歸根結底，我們看到上行空間。我想 Craig 先前的評論中提到了 West Elm。

We see opportunity there given the very low rent relative to the market there. So Craig and his team have been working on this. As you know, we take very seriously the rollover and vacancies, and we like to stay ahead of those. I think -- Craig, if you don't mind, would you add a little more color on what you're seeing out in 2026 and beyond?

鑑於那裡的租金相對市場水準非常低，我們看到機會。所以 Craig 和他的團隊一直在處理這件事。如你所知，我們非常重視到期續租（rollover）與空置，並且喜歡提前布局。我想——Craig，如果你不介意，能否再補充一些你對 2026 年及之後的觀察？

Yes, happy to, Shawn. And Jon, thank you for the question. Yes, in my prepared remarks, I mentioned the anchor spaces that we got back with the bankruptcies of Conn's, Party City, Joann's. We've made a ton of progress there in terms of backfilling leasing. We still have a little bit of work to go.

好的，樂意，Shawn。Jon，也謝謝你的提問。是的，在我事先準備的發言中，我提到因 Conn’s、Party City、Joann’s 破產而回收的主力店（anchor）空間。我們在補租招商方面已取得很大進展。但仍有一些工作要完成。

And of course, with tenant build-out and move-in, there is lag in between former tenant exiting and new tenant commencing rent. So '26, we're in that in-between period for the most part, and that's what you'll see weigh a bit on '26 growth with anticipated growth coming in '27 in the beginning and throughout '27. So that's really what's dragging on retail results for next year. Shawn mentioned West Elm, that is space that we did take back this first quarter at below market rents. So we're excited -- actually really excited about taking that space back and the ability to re-lease at 2 to 3x rents, bringing those spaces to market.

當然，隨著承租戶裝修與進駐，從原租戶退出到新租戶開始支付租金之間會有時間落差。因此在 2026 年，我們多數時間會處於這個過渡期，這也是你會看到 2026 年成長略受壓抑的原因；預期成長會在 2027 年初開始並貫穿 2027 年。所以這就是明年拖累零售表現的主要因素。Shawn 提到的 West Elm，是我們在第一季收回的空間，當時租金低於市場水準。所以我們很興奮——其實非常興奮——能收回該空間，並有能力以 2 到 3 倍租金重新出租，把這些空間推向市場。

On the office side, not a ton of rollover there, right? So near-term risk is low and well diversified across the portfolio. The 2 things really causing headwinds for us, the space at One City Center in Durham, which we've all known about and have been proactively managing to try to mitigate. We're seeing good interest in the market there as well as a little bit of space we took back at Wills Wharf to accommodate our existing anchor and to offer greater flexibility to the prospects of the market. So all told, I think '26 will be a little bit of a gap year in terms of that with expected greater growth in 2027.

辦公方面，並沒有太多到期續租，對吧？所以短期風險較低，而且在整體投資組合中分散良好。真正造成我們逆風的兩件事：一是 Durham 的 One City Center 的空間，這是大家都知道的，我們也一直主動管理以降低影響。我們也看到當地市場有不錯的興趣；另外是在 Wills Wharf 我們收回的一小部分空間，用以配合現有主力承租戶，並為市場潛在客戶提供更大的彈性。總體而言，我認為 2026 年在這方面會是略有空窗的一年，預期 2027 年會有更高的成長。

That ends our question-and-answer session. I will now hand the call back to Shawn Tibbetts for any closing remarks.

問答環節到此結束。我現在把電話交回給 Shawn Tibbetts，請他做結語。

Sure. Thank you very much. I want to thank you all for joining us today and your interest in our company. I just want to share with you, we couldn't be more excited about this. Our team is focused.

好的。非常感謝。感謝各位今天加入我們並關注我們公司。我想與各位分享，我們對此感到無比振奮。我們的團隊專注投入。

Our team is intentional, and we are looking forward to putting the company on a growth trajectory. And that's really our message here, right? We are working feverishly to put the balance sheet in the place that it should be and set ourselves up for growth for the coming years.

我們的團隊目標明確、行動有意識，我們期待讓公司走上成長軌道。這就是我們在此要傳達的訊息，對吧？我們正全力以赴，將資產負債表調整到應有的狀態，並為未來幾年的成長做好準備。

So thank you all for your interest today. We appreciate your time and your investment in us.

再次感謝各位今天的關注。我們感謝各位的時間，以及對我們的投資。

And this concludes today's call. Thank you for participating. You may all disconnect.

今天的電話會議到此結束。感謝各位參與。各位現在可以掛線。