AH Realty Trust, Inc (AHRT) 2026 Q1 法說會逐字稿

Hello, and welcome to AH Realty Trust first-quarter 2026 earnings call. Please note that this call is being recorded. (Operator Instructions)

各位好，歡迎參加 AH Realty Trust 2026 年第一季財報電話會議。請注意，本通話將被錄音。（接線員指示）

I would now like to turn the call over to Chelsea Forrest, EVP of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係執行副總裁 Chelsea Forrest。請開始。

Good morning, and thank you for joining AH. Realty Trust's first-quarter 2026 earnings 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. The press release announcing our first-quarter earnings, along with our supplemental package were distributed yesterday afternoon.

早安，感謝各位加入 AH Realty Trust 2026 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，除了我之外，還有董事長、總裁兼執行長 Shawn Tibbetts；財務長 Matthew Barnes-Smith；以及資產管理執行副總裁 Craig Ramiro。我們昨天下午已發布宣布第一季財報的新聞稿，並同時提供補充資料包。

A replay of this call will be available shortly after the conclusion of the call through June 4, 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, May 5, 2026, and will not be updated subsequent to this initial earnings call.

本次電話會議的重播將於會議結束後不久提供，並可使用至 2026 年 6 月 4 日。存取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 5 月 5 日之內容，且在本次初次財報電話會議後將不再更新。

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

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、多戶住宅投資組合相關交易、不動產融資計畫與營建業務及該等交易所得款項用途、我們的品牌重塑及其影響、策略轉型的後果、我們的流動性狀況，以及對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. 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 difficult to predict and generally beyond our control.

提醒聽眾，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。這些信念、假設與預期可能因潛在事件或因素而改變，其中並非全部為我們所知，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 afternoon and the risk factors disclosed in documents we have filed with or furnished to the SEC.

這些風險與不確定性可能導致實際結果與我們目前預期出現重大差異；我們建議聽眾查閱我們昨天下午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, normalized FFO and FFO as adjusted. 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 ahrealtytrust.com.

我們也將討論若干非 GAAP 財務衡量指標，包括但不限於 FFO、標準化 FFO，以及調整後 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 ahrealtytrust.com 取得。

I will now turn the call over to Shawn.

現在我將把電話交給 Shawn。

Good morning, and thank you for joining us today. Today, I will briefly reflect on the quarter results, our progress on the company's transformation to date, discuss portfolio highlights and conclude with a review of our capital allocation activity. Since announcing our strategic restructuring on February 16, we have executed more transformation milestones in a single quarter than in any comparable period in the company's history.

早安，感謝各位今天與我們一同參與。今天我將簡要回顧本季業績、公司迄今的轉型進展，討論投資組合重點，並以我們的資本配置活動回顧作結。自 2 月 16 日宣布策略性重整以來，我們在單一季度內完成的轉型里程碑，超過公司歷史上任何可比期間。

We entered into a binding agreement to sell 11 multifamily assets for $562 million, completed the sale of the construction business, advanced the wind down of our real estate financing platform through multiple dispositions, repurchased 4.3 million shares of common stock, nominated two highly qualified independent directors to the Board, secured term sheets or reached final stages on all three 2026 debt maturities, launched our new corporate identity as AH Realty Trust and raised full year FFO as adjusted guidance.

我們已簽訂具約束力的協議，以 5.62 億美元出售 11 項多戶住宅資產；完成營建業務出售；透過多筆處分推進不動產融資平台的收尾；回購 430 萬股普通股；提名兩位高度合格的獨立董事加入董事會；就 2026 年到期的三筆債務全部取得條款書或進入最後階段；以 AH Realty Trust 推出新的企業識別；並上調全年調整後 FFO 指引。

The pace and magnitude of these actions reflect our unwavering commitment to unlocking shareholder value, and I will walk through each of these in more detail. In the first-quarter of 2026, we delivered solid operating results, reflecting strong performance in our retail and mixed-use office portfolios and the benefits of our disciplined operating approach.

這些行動的速度與規模，反映我們對釋放股東價值的堅定承諾；我將逐一更詳細說明。2026 年第一季，我們交出穩健的營運成果，反映零售與複合式辦公投資組合的強勁表現，以及我們嚴謹營運方法所帶來的效益。

AH Realty Trust is a pure-play, high-quality retail and mixed-use office REIT focused on identifying and realizing dominant market competitive advantages throughout the Sunbelt, Mid-Atlantic and Southeast. Our company is primarily comprised of and focused on open-air shopping centers and mixed-use ecosystems within our markets.

AH Realty Trust 是一家純粹聚焦、具高品質的零售與複合式辦公 REIT，專注於在陽光帶（Sunbelt）、中大西洋（Mid-Atlantic）與美國東南部地區，辨識並實現具主導性的市場競爭優勢。本公司主要由露天型購物中心與我們市場中的複合式生態系所構成，並以此為核心聚焦。

We are encouraged by a combination of the retail market strength and the leasing activity we are experiencing in both retail and office. We are also mindful of macroeconomic conditions and geopolitical uncertainty, including higher interest rates, elevated financing costs and heightened global tensions as they continue to influence the broader real estate landscape.

我們對零售市場的強勢以及在零售與辦公兩端所見的租賃活動感到鼓舞。同時，我們也留意總體經濟情勢與地緣政治不確定性，包括較高利率、融資成本上升與全球緊張局勢升高，這些因素持續影響更廣泛的不動產環境。

That said, our results exceed our internal expectations and reflect the actions we are taking to restructure AH Realty Trust into a simpler and more focused real estate platform positioned for long-term value creation. As a result of the performance of the retail and mixed-use office portfolio, our visibility into the coming quarters and the transformational actions we've taken to date, we are raising our full year 2026 FFO as adjusted guidance range to $0.51 to $0.55 per diluted share.

儘管如此，我們的結果仍優於內部預期，並反映我們正採取的行動，將 AH Realty Trust 重整為更精簡且更聚焦的不動產平台，以創造長期價值。基於零售與複合式辦公投資組合的表現、我們對未來幾季的能見度，以及迄今採取的轉型行動，我們將 2026 年全年調整後 FFO 指引區間上調至每股稀釋後 0.51 至 0.55 美元。

We are here first and foremost for shareholders, and every single action we take is aimed at identifying and clearly demonstrating the underlying value in our portfolio. Another key initiative as part of this transformation is ensuring that we have the right Board skills and governance profile to help guide us. I trust you saw our press release last week announcing planned changes to the Board as part of our ongoing refreshment process to add directors with skills and experience that align with the company's evolved strategy.

我們首先且最重要的是為股東服務，我們採取的每一項行動都旨在辨識並清楚展現我們投資組合中的內在價值。本次轉型的另一項關鍵倡議，是確保我們具備合適的董事會技能組合與治理輪廓，以協助引導公司前進。我相信各位已看到我們上週的新聞稿，宣布作為持續董事會汰換更新流程的一部分，董事會將進行規劃中的變動，以增補與公司演進後策略相符之技能與經驗的董事。

This includes the Board's nomination of Ted Bigman and Lori Wittman to stand for election at the 2026 Annual Meeting of Stockholders. Ted brings deep capital markets and real estate investment experience owned over decades at leading institutional platforms, capabilities that are directly aligned with our capital allocation priorities and balance sheet optimization objectives.

其中包括董事會提名 Ted Bigman 與 Lori Wittman，於 2026 年股東常會中參選。Ted 在領先的機構平台累積數十年的資本市場與不動產投資深厚經驗，其能力與我們的資本配置優先事項及資產負債表最佳化目標高度契合。

Lori brings extensive public REIT, operating and financial leadership experience that will be invaluable as we execute the next phase of our strategy as a focused retail and mixed-use office REIT. Together, their skill sets are purpose-built for the company AH Realty Trust is becoming. I would also like to recognize George Allen and Dennis Gartman, who will not stand for reelection to the Board at the annual meeting.

Lori 具備豐富的上市 REIT、營運與財務領導經驗，當我們以聚焦零售與複合式辦公 REIT 的定位執行策略下一階段時，將極具價值。兩者的技能組合，正是為 AH Realty Trust 正在成為的公司量身打造。我也要特別感謝 George Allen 與 Dennis Gartman，他們將不在本次股東常會中競選連任董事。

We are very grateful for their years of service and significant contributions during their tenure. The first-quarter of 2026 was pivotal in AH Realty Trust's strategic transformation. We made meaningful progress implementing our new operating model and disciplined capital allocation framework. We are reshaping our business by exiting multifamily properties and focusing on high-quality retail and mixed-use office assets in markets where we have durable competitive advantages.

我們非常感謝他們多年來的服務，以及在任期內所做出的重大貢獻。2026 年第一季是 AH Realty Trust 策略轉型的關鍵時刻。我們在落實新的營運模式與嚴謹的資本配置框架方面取得實質進展。我們正透過退出多戶住宅資產、並聚焦於我們具持久競爭優勢市場中的高品質零售與複合式辦公資產，來重塑業務。

As evidenced by our actions in the first-quarter, we are taking decisive and deliberate steps to simplify the company, reduce leverage and reallocate capital to advance a new operating strategy. During the quarter, we entered into an agreement with an affiliate of Harbor Group International to sell 11 of our 14 multifamily assets for $562 million.

從我們第一季的行動可見，我們正採取果斷且審慎的步驟，以簡化公司、降低槓桿，並重新配置資本以推進新的營運策略。本季期間，我們與 Harbor Group International 的關係企業達成協議，以 5.62 億美元出售我們 14 項多戶住宅資產中的 11 項。

This transaction represents a major milestone in our strategy to exit the multifamily property sector and will meaningfully strengthen AH Realty Trust's balance sheet and materially reduce complexity across the organization. Importantly, this sale reflects a significant premium to the value the public market was implicitly assigning to these assets within our REIT structure, which we believe further validates our thesis that substantial embedded value exists across our portfolio.

此交易是我們退出多戶住宅資產領域策略中的重大里程碑，將顯著強化 AH Realty Trust 的資產負債表，並在整個組織層面實質降低複雜度。重要的是，這筆出售價格相較於公開市場在我們 REIT 架構下對這些資產所隱含賦予的價值有顯著溢價；我們相信這進一步驗證了我們的論點：我們的投資組合中存在可觀的隱含價值。

We expect to close the sale in the coming weeks, subject to customary closing conditions. We are marketing the remaining two multifamily assets in Gainesville. Following these sales, we intend to retain only Smiths Landing in the residential category because its ground lease structure is unique relative to the remainder of the portfolio and the property continues to generate stable cash flow.

在符合慣常交割條件之前提下，我們預期將於未來數週完成交割。我們正在行銷位於 Gainesville 的其餘兩項多戶住宅資產。在完成這些出售後，我們計畫在住宅類別中僅保留 Smiths Landing，因其地租（ground lease）結構相較於投資組合其餘資產具有獨特性，且該物業仍持續產生穩定現金流。

As a result, we concluded that given the stable cash flow generation, combined with the ownership structure, retaining Smiths Landing is appropriate at this time and remains consistent with our value preservation objectives. Exiting the multifamily sector unlocks significant embedded value that has not been reflected in our share price, and there was a robust private market demand for our well-located and young assets.

因此，我們得出結論：鑑於穩定的現金流創造能力並結合所有權結構，目前保留 Smiths Landing 是適當的，且仍與我們的價值保全目標一致。退出多戶住宅領域可釋放大量尚未反映在我們股價中的內含價值，而且私人市場對我們位置優越且屋齡較新的資產需求強勁。

We also concluded that we prefer to compete in the commercial market and that future growth for our company in multifamily would be difficult given the low cap rates. Also, given the highly volatile nature of Southeast US multifamily, where supply cycles are long and absorption predictions are often inaccurate, we are far more excited to return that value to shareholders through deleveraging our stable go-forward portfolio of well-leased, well-located retail and mixed-use office assets.

我們也得出結論：我們更傾向於在商用不動產市場競爭，且在資本化率偏低的情況下，公司未來在多戶住宅領域的成長將會較為困難。此外，鑑於美國東南部多戶住宅市場高度波動、供給循環漫長且吸納量預測常不準確，我們更期待透過降低槓桿、以我們穩健的未來核心投資組合（出租率高、地段佳的零售與複合用途辦公資產）將價值回饋給股東。

Outside of multifamily, we made considerable progress exiting other noncore businesses. Last week, we completed the sale of the construction business, fully exiting. We also advanced the wind down of our real estate financing platform. We closed the previously announced sale of two multifamily financing investments. Additionally, I'm happy to announce that our partner closed on the sale of Allure last week.

除多戶住宅之外，我們在退出其他非核心業務方面也取得了顯著進展。上週，我們完成了建築業務的出售，已全面退出。我們也推進了房地產融資平台的縮減與結束作業。我們完成了先前公告的兩項多戶住宅融資投資的出售。此外，我很高興宣布，我們的合作夥伴已於上週完成 Allure 的出售交割。

Collectively, we expect the asset sales already underway and those that have been completed will provide us with approximately $750 million in proceeds, which we intend to use to delever the balance sheet and achieve our target leverage ratio of 5.5 times to 6.5 times net debt to total adjusted EBITDA while also repurchasing shares in the market.

整體而言，我們預期目前已在進行中的資產出售以及已完成的交易，將為我們帶來約 7.5 億美元的處分收入；我們計畫將其用於降低資產負債表槓桿，並達成我們的目標槓桿比率——淨負債對總調整後 EBITDA 為 5.5 倍至 6.5 倍——同時也在市場上回購股份。

We will do this while ensuring the dividend remains fully covered by core property operating cash flow. We will also have removed dependency on uneven construction fees and mezzanine investment revenue. I am proud of the significant progress we have made on our transformation in 2026. We have already achieved a number of key milestones in our journey, and we are well positioned to complete the transformation this year.

我們將在確保股利仍由核心物業營運現金流完全覆蓋的同時推進上述措施。我們也將消除對波動不均的建築費收入與夾層投資收益的依賴。我為我們在 2026 年轉型上取得的重大進展感到自豪。我們在這段旅程中已達成多項關鍵里程碑，且已具備良好條件於今年完成轉型。

A focused and agile AH Realty Trust will operate as a pure-play model, retail and mixed-use office real estate investment platform. Our retail portfolio consists primarily of open-air shopping centers and mixed-use retail environments located in strong, fundamentally supported markets. Importantly, 95% of our office investments are concentrated in vibrant mixed-use settings rather than stand-alone suburban office assets.

聚焦且敏捷的 AH Realty Trust 將以純粹（pure-play）模式運作，成為零售與複合用途辦公不動產投資平台。我們的零售投資組合主要由露天型購物中心與複合用途零售環境構成，坐落於基本面強勁且具支撐力的市場。重要的是，我們 95% 的辦公投資集中於充滿活力的複合用途場域，而非獨立的郊區辦公資產。

These properties benefit from integrated retail, residential and experiential components, which continue to support consistently high demand from high credit tenants. At quarter end, our stabilized retail and mixed-use office portfolios were 94.8% and 96% leased, respectively. In contrast, while our office product delivers superior occupancy and performance metrics that exceed those of our peers' office product nationally, we would like to see a better appreciation of its value.

這些物業受惠於整合式的零售、住宅與體驗式組成，持續支撐高信用租戶的穩定高需求。截至季末，我們已穩定的零售與複合用途辦公投資組合出租率分別為 94.8% 與 96%。相較之下，儘管我們的辦公產品在全國範圍內提供優於同業的入住率與績效指標，我們仍希望市場能更充分體現其價值。

This disconnect reflects broader sector sentiment rather than asset level fundamentals. 95% of our office portfolio is situated in mixed-use ecosystems and therefore, is highly differentiated and not suburban office product. As a result, our assets benefit from integrated retail, residential and experiential components. These characteristics support durable demand, consistently strong occupancy and a high-quality tenant base, resulting in operating performance that stands apart from prevailing conditions affecting the broader publicly traded office sector.

此一落差反映的是更廣泛的產業情緒，而非資產層級的基本面。

The strength of our retail and mixed-use office portfolios was evident in their performance this quarter. For the first-quarter, FFO as adjusted was $0.15 per diluted share, exceeding our internal expectations and demonstrating the earnings power of our go-forward retail and mixed-use office platform. Craig will discuss portfolio performance in detail in his remarks.

本季我們零售與複合用途辦公投資組合的強勁表現已充分展現其實力。第一季調整後 FFO 為每股稀釋後 0.15 美元，超出我們內部預期，並展現我們未來零售與複合用途辦公平台的獲利能力。Craig 將在他的發言中詳細說明投資組合表現。

Turning to capital allocation. We remain disciplined and shareholder focused. Since the beginning of the year, we have repurchased approximately 4.2 million shares for a total of $24.1 million at a weighted average price of approximately $5.70 per share, representing more than 4% of the common equity and reflecting our confidence in the underlying value of the business.

接著談資本配置。我們仍維持紀律並以股東為核心。自年初以來，我們已以每股約 5.70 美元的加權平均價格回購約 420 萬股，總金額 2,410 萬美元，約占普通股權超過 4%，反映我們對公司內在價值的信心。

Our commitment remains allocating available capital where we believe it is most beneficial to shareholders. Our NAV demonstrates the intrinsic value of our real estate and simultaneously informs our capital allocation decisions. When combined with our transformation, we believe the implied yield relative to other capital allocation alternatives is compelling.

我們的承諾仍是將可用資本配置於我們認為最能讓股東受益之處。我們的 NAV（淨資產價值）展現我們不動產的內在價值，同時也為我們的資本配置決策提供依據。結合我們的轉型計畫，我們認為相較於其他資本配置替代方案，其隱含殖利率具吸引力。

To put it simply, we believe that investing in our own assets above a 9% cap rate is very attractive and creates more shareholder value than other available capital allocation options. We expect that our transformation will create additional financial flexibility to allow us to invest in future growth opportunities while building on the performance of the portfolio and the momentum of this transition.

簡而言之，我們認為以超過 9% 的資本化率投資於我們自身資產非常具吸引力，且比其他可行的資本配置選項更能創造股東價值。我們預期轉型將帶來額外的財務彈性，使我們能在延續投資組合表現與本次轉型動能的同時，投資於未來成長機會。

As you know, as part of the transition planning, we initially modeled up to $50 million of retail acquisitions to offset potential gains associated with the multifamily sale. As we move closer to closing the residential transactions, we now have improved visibility into the timing and magnitude of the related tax considerations, and we expect, in this case, that the transactions do not result in a material tax consequences to the REIT.

如各位所知，作為轉型規劃的一部分，我們最初建模最多 5,000 萬美元的零售收購，以抵銷多戶住宅出售可能產生的收益。隨著我們更接近完成住宅交易交割，我們對相關稅務考量的時點與幅度有了更清晰的能見度；在此情況下，我們預期這些交易不會對 REIT 造成重大稅務影響。

With that clarity, given our current cost of capital and leverage objectives, we have reallocated approximately half of that previously modeled acquisition capital towards share repurchases to date. And as stated, we believe this is the most compelling use of capital. We continue to evaluate our remaining allocation options while being mindful of leverage.

在釐清上述情況後，考量我們目前的資本成本與槓桿目標，我們已將先前建模的收購資本約一半重新配置至迄今的股份回購。如前所述，我們相信這是最具吸引力的資本用途。在留意槓桿水準的同時，我們也持續評估其餘的配置選項。

Factors such as market conditions and potential dispositions will also figure prominently into our analysis. Finally, I want to acknowledge the key role our people play in our company's ongoing transformation. Over the past several quarters, we have made meaningful changes across the organization to ensure that we have the right people, focus and operating discipline to deliver on our full potential in this next chapter.

市場狀況與潛在處分等因素，也將在我們的分析中占有重要地位。最後，我想肯定我們員工在公司持續轉型中扮演的關鍵角色。在過去幾個季度，我們已在組織各層面做出具意義的調整，以確保我們擁有合適的人才、聚焦方向與營運紀律，能在下一篇章充分發揮潛力。

We are investing intentionally in our people and building a culture centered on accountability, execution and disciplined decision-making. We believe these efforts are critical to sustaining performance and successfully executing the next phase of our strategy. In closing, our transformation continues to gain momentum. The multifamily sale is a defining step forward, and we remain committed to executing our strategy with discipline, transparency and strong governance.

我們有意識地投資於人才，並建立以問責、執行力與紀律性決策為核心的文化。我們相信這些努力對於維持績效並成功執行策略下一階段至關重要。總結而言，我們的轉型持續加速。多戶住宅出售是向前邁進的關鍵一步，我們仍致力於以紀律、透明與健全治理來落實我們的策略。

With a simpler platform, a strengthened balance sheet and continued governance enhancements, we are confident that we are positioning AH Realty Trust with the resiliency and flexibility to capitalize on opportunities while generating consistent cash flows, disciplined growth and superior risk-adjusted returns. We appreciate the continued support of our shareholders and look forward to the opportunities ahead.

憑藉更簡化的平台、更強健的資產負債表以及持續的治理強化，我們有信心正將 AH Realty Trust 定位為具韌性與彈性，能把握機會，同時創造穩定現金流、紀律性成長與優異的風險調整後報酬。感謝股東持續的支持，我們期待未來的各項機會。

With that, I'll turn it over to Craig Ramiro to go through our portfolio highlights.

接下來，我把時間交給 Craig Ramiro，請他帶大家回顧我們投資組合的重點。

Thank you, Shawn, and good morning, everyone. Before discussing first-quarter portfolio performance, leasing activity and expectations for the rest of this year, I'll draw your attention to additional information presented in this quarter's supplemental financial package, particularly economic occupancy. Economic occupancy as opposed to leased occupancy, which we've historically presented, considers free rent periods, rent abatements and periods prior to rent commencement, therefore, providing stronger correlation to cash NOI.

謝謝你，Shawn，各位早安。在討論第一季投資組合表現、租賃活動以及今年剩餘時間的展望之前，我想請各位留意本季補充財務資料包中提供的其他資訊，特別是經濟入住率。經濟入住率不同於我們過去慣常揭露的出租入住率；它會考量免租期、租金減免以及租金起算前的期間，因此與現金 NOI 的關聯性更高。

We believe reporting both economic and leased occupancy going forward will provide investors with greater clarity on both past and expected future results. Retail lease occupancy at the end of the first-quarter was 94.8% and economic occupancy was 92.5%. We expect rent commencements primarily at Columbus Village and the Interlock to drive retail economic occupancy increases during the second half of 2026.

我們認為，未來同時揭露經濟入住率與出租入住率，將能讓投資人對過去與預期未來的結果有更清楚的理解。第一季末零售出租入住率為 94.8%，經濟入住率為 92.5%。我們預期主要由 Columbus Village 與 Interlock 的租金起算帶動，於 2026 年下半年推升零售經濟入住率。

Retail same-store NOI for the quarter was up 2.2%, driven by rent commencements on new leases across the portfolio as well as positive cash spreads on both new leases and renewals. We anticipate growth to slow through the rest of the year because of certain vacancies and store closures with annual same-store NOI growth ultimately settling well within our projected range of 1% to 2%.

本季零售同店 NOI 年增 2.2%，主要受惠於整體投資組合中新租約的租金起算（rent commencements），以及新租與續租皆出現正向現金價差（cash spreads）。我們預期在今年剩餘期間，因部分空置與店面關閉，成長將放緩，而全年同店 NOI 成長最終將落在我們預估區間 1% 至 2% 的範圍內。

Higher economic occupancy at The Interlock, Patterson Place, Overlook Village and Columbus Village was the primary driver of first-quarter growth. We expect these properties to continue to boost same-store NOI for the rest of the year, driven by rent commencements from new tenants, including Trader Joe's, Golf Galaxy and F1 Arcade.

The Interlock、Patterson Place、Overlook Village 與 Columbus Village 的經濟入住率（economic occupancy）提升，是第一季成長的主要驅動因素。我們預期這些物業在今年剩餘期間將持續推升同店 NOI，動能來自新租戶的租金起算，包括 Trader Joe's、Golf Galaxy 與 F1 Arcade。

first-quarter visits to the new Trader Joe's at Columbus Village continued to outpace the only other location in the market by nearly two times, while the new Golf Galaxy ranks in the top three nationwide. During the first-quarter, F1 Arcade opened at The Interlock, driving a 30% year-over-year increase in visits and a 45% increase in parking volume, solidifying the property's destination status in the market.

第一季，Columbus Village 新開幕的 Trader Joe's 來客數持續領先該市場唯一另一個據點，幾乎高出近兩倍；而新開的 Golf Galaxy 亦名列全美前三名。第一季期間，F1 Arcade 於 The Interlock 開幕，帶動來客數年增 30% 與停車量增加 45%，進一步鞏固該物業在市場中的目的地地位。

Partially offsetting first-quarter gains were vacancies at Southgate Square, Broadmoor Plaza and Broad Creek Shopping Center as well as store closures at Hilltop and Town Center. We expect these properties to weigh on current year same-store NOI as we work to backfill spaces previously occupied by Conn's, Party City, JOANN, West Elm and ORBIS.

部分抵銷第一季增幅的因素包括 Southgate Square、Broadmoor Plaza 與 Broad Creek Shopping Center 的空置，以及 Hilltop 與 Town Center 的店面關閉。我們預期在我們努力回補先前由 Conn's、Party City、JOANN、West Elm 與 ORBIS 承租的空間期間，這些物業將對本年度同店 NOI 造成壓力。

However, we anticipated these closings and tenant demand for these spaces is strong, creating future growth opportunities. We are already in the process of securing high-quality national tenants to fill these storefronts at positive spreads and enhance the merchandising mix at these properties to create longer-term durability. I look forward to providing further updates in the coming quarters.

不過，我們已預期到這些關店情況，且市場對這些空間的租戶需求強勁，創造未來成長機會。我們已在洽談並鎖定優質全國型租戶，以正向價差承租這些店面，並優化這些物業的業態組合（merchandising mix），以提升長期韌性。我期待在接下來幾季提供更多更新。

Our retail portfolio remains well positioned to capture sustained tenant demand for retail space at higher rents as demonstrated by positive first-quarter spreads of 14.4% on new leases and 4.5% on renewals. Office leased occupancy at the end of the first-quarter was 96% and economic occupancy was 87.7%. We expect rent commencements at The Interlock and Town Center to drive economic occupancy gains during the rest of the year.

我們的零售投資組合仍具備良好條件，可在租金上升環境下承接持續的零售空間租戶需求；第一季新租約價差為正 14.4%，續租價差為正 4.5%，即為明證。截至第一季末，辦公室已出租入住率（leased occupancy）為 96%，經濟入住率為 87.7%。我們預期 The Interlock 與 Town Center 的租金起算將在今年剩餘期間帶動經濟入住率提升。

Office same-store NOI for the quarter was up 0.7%, driven by contractual rent increases on existing leases, new rent commencements and 7% positive cash spreads on new leases. These economic occupancy gains were partially offset by vacancy at One City Center from space reclaimed from WeWork in the second-quarter of last year.

本季辦公室同店 NOI 年增 0.7%，主要受惠於既有租約的合約性租金調升、新租約租金起算，以及新租約 7% 的正向現金價差。上述經濟入住率的提升，部分被 One City Center 的空置所抵銷；該空置源自去年第二季自 WeWork 收回的空間。

Nevertheless, we expect to end the year comfortably within our projected range of 1.4% to 2.5% annual growth, supported by scheduled rent increases and anticipated rent commencements during the second half of 2026. At The Interlock, we've already begun realizing nearly $1 million of new ABR with the majority expected to commence in the third and fourth-quarters.

儘管如此，我們預期全年仍可穩健落在我們預估的年成長 1.4% 至 2.5% 區間內，主要由既定的租金調升與預期於 2026 年下半年開始的租金起算所支撐。在 The Interlock，我們已開始實現近 100 萬美元的新 ABR（年化基礎租金），其中大部分預計將於第三與第四季起算。

We anticipate that these economic occupancy gains, combined with additional increases at Team Street Wharf, 2 Columbus and 222 Central Park, formerly Armada Hoffler Tower, will outpace temporary challenges at One City Center, 4525 Main and Wills Wharf. 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.

我們預期這些經濟入住率的提升，加上 Team Street Wharf、2 Columbus 與 222 Central Park（前稱 Armada Hoffler Tower）的進一步成長，將超越 One City Center、4525 Main 與 Wills Wharf 的短期挑戰。雖然我們未預測 2026 年 One City Center 或 Wills Wharf 會有任何新的租金起算，但我們看到市場活動與興趣良好，並對團隊重新出租該空間的能力保持信心。

At 4525 Main, we remain on track to re-lease the 8,000 square feet we recaptured last quarter with lease execution expected by the middle of this year. At One Columbus, while we expect leased occupancy to decline by roughly 10 basis points in the second-quarter because of anticipated lease expirations, we expect economic occupancy to slightly increase, driven by rent commencements for new tenants at positive spreads.

在 4525 Main，我們仍按計畫推進重新出租上季收回的 8,000 平方英尺空間，預計於今年年中完成簽約。在 One Columbus，雖然我們預期第二季因部分租約到期，已出租入住率將下降約 10 個基點，但我們預期經濟入住率將小幅上升，主要由新租戶以正向價差帶來的租金起算所驅動。

Additionally, we're already at lease on over half of the expiring space at One Columbus and are confident in our team's ability to backfill the rest given the tremendous demand for Town Center office space. Just last week, we completed the consolidation, downsize and relocation of AH Realty Trust's offices to accommodate this demand.

此外，在 One Columbus，我們已就超過一半的到期空間完成簽約（at lease），並對團隊回補其餘空間的能力充滿信心，因 Town Center 辦公空間需求非常強勁。就在上週，我們完成 AH Realty Trust 辦公室的整併、縮編與搬遷，以因應此一需求。

As a result of this intentional move, we unlocked and leased 38,000 square feet at 222 Central Park at top of market rents creating $1.3 million of new ABR, which we expect to begin fully realizing in the third-quarter of next year, with partial recognition weighted towards the third and fourth-quarters of 2026. Town Center is a case study example of the type of asset in which we invest, high quality, differentiated, mixed use and located in markets with high barriers to entry.

透過這項有意識的調整，我們釋出並出租 222 Central Park 的 38,000 平方英尺空間，租金達市場高點水準，新增 130 萬美元 ABR；我們預期於明年第三季開始全面反映，且 2026 年第三與第四季將有較多的部分認列。Town Center 是我們投資資產類型的典型案例：高品質、具差異化、複合用途，且位於進入門檻高的市場。

Another good example is Southern Post, our newest mixed-use asset delivered at the end of 2024, where this quarter, we leased 22,000 square feet to industrious. Just last week, our team executed another 9,000 square foot lease, bringing office lease occupancy at Southern Post to over 93%. We expect economic occupancy to increase to over 60% by the end of this year and over 80% by the first-quarter of 2028 as free rent periods for existing office tenants burn off.

另一個良好例子是 Southern Post，這是我們最新的複合用途資產，於 2024 年底交付；本季我們將 22,000 平方英尺出租給 Industrious。就在上週，我們團隊又簽下另一筆 9,000 平方英尺租約，使 Southern Post 的辦公室已出租入住率提升至 93% 以上。我們預期經濟入住率將於今年底提升至 60% 以上，並於 2028 年第一季提升至 80% 以上，主要因既有辦公租戶的免租期將逐步到期（burn off）。

Office portfolio fundamentals remain strong with nearly eight years of WALT, high credit tenancy and less than 2% rollover for the rest of 2026 as well as our team's demonstrated ability to lease space and grow rents. We see continued organic growth opportunity across both our retail and office portfolios through proactive leasing, mark-to-market adjustments on new leases, positive renewal spreads, disciplined expense management and targeted redevelopment and capital investment where returns justify it.

辦公室投資組合基本面仍然強勁，WALT（加權平均剩餘租期）接近 8 年、租戶信用品質高，且 2026 年剩餘期間的到期（rollover）低於 2%，同時也展現我們團隊出租空間與提高租金的能力。我們看到零售與辦公兩大投資組合皆具備持續的內生成長機會，來源包括主動招商、以市價調整新租約（mark-to-market）、續租正向價差、嚴謹的費用管理，以及在報酬合理時進行具針對性的改造重建與資本投資。

This operational focus is central to how we intend to drive consistent NOI growth and deliver long-term value going forward. With that, I'll turn it over to Matt for more details on our first-quarter financial results and an update to our fiscal year 2026 guidance.

這項營運聚焦是我們未來推動 NOI 穩定成長並創造長期價值的核心。接下來我把時間交給 Matt，請他進一步說明第一季財務結果，並更新我們 2026 會計年度的財測指引。

Good morning, and thank you, Craig. AH Realty Trust delivered solid first-quarter performance, laying a strong foundation for the 2026 fiscal year. The results reflect the resilience of our assets and the benefits of the actions we are taking to reshape our portfolio and implement a simpler operating approach with less debt, focused assets and shareholder value that recognizes our asset quality.

各位早安，謝謝你，Craig。AH Realty Trust 第一季表現穩健，為 2026 會計年度奠定堅實基礎。本次結果反映我們資產的韌性，以及我們為重塑投資組合所採取行動的效益；同時也展現我們推動更簡化的營運方式——更低負債、聚焦資產，以及能反映資產品質的股東價值。

For the first-quarter, FFO attributable to common shareholders was $20.6 million or $0.20 per diluted share, above our expectations for the period. FFO as adjusted attributable to common shareholders was $15.1 million or $0.15 per diluted share, also above our expectations for the period. FFO as adjusted excludes the segments classified as discontinued operations, multifamily, construction and real estate financing and therefore, represents the clearest measure of the earnings of our go-forward retail and mixed-use office platform.

第一季，歸屬普通股股東的 FFO 為 2,060 萬美元，或每股稀釋後 0.20 美元，高於我們對本期的預期。歸屬普通股股東的調整後 FFO（FFO as adjusted）為 1,510 萬美元，或每股稀釋後 0.15 美元，同樣高於我們對本期的預期。調整後 FFO 排除被分類為停業部門（discontinued operations）的分部，以及多戶住宅（multifamily）、營建（construction）與不動產融資（real estate financing）業務，因此最能清楚衡量我們未來零售與複合用途辦公平台的獲利能力。

We believe this is the metric investors should focus on as it reflects a simplified higher-quality earnings profile that will define AH Realty Trust following the completion of our transformation. Net operating income for Q1 was $34.7 million, representing a 1.8% increase year-over-year and approximately $700,000 ahead of guidance.

我們認為投資人應聚焦此一指標，因其反映更簡化且更高品質的獲利結構，這將在我們完成轉型後定義 AH Realty Trust 的樣貌。第一季營運淨收益（NOI）為 3,470 萬美元，年增 1.8%，並較指引高出約 70 萬美元。

AFFO totaled $19.9 million or $0.19 per diluted share, which exceeds our current cash dividend as outlined in the supplemental with a payout ratio of 72%. Starting with the supplemental package, this quarter reflects a comprehensive refresh aimed at enhancing transparency and aligning disclosures with how we evaluate the business internally.

AFFO 合計 1,990 萬美元，或每股稀釋後 0.19 美元；如補充資料（supplemental）所述，該數字高於我們目前的現金股利，配息率為 72%。從補充資料包開始，本季反映一次全面更新，旨在提升透明度，並使揭露內容與我們內部評估業務的方式一致。

We introduced several new metrics and disclosures, including economic occupancy, a refreshed NAV page and rental revenue disaggregation, all of which are designed to provide clarity on cash flow durability, asset performance and the embedded portfolio value. We believe these changes allow investors to more effectively track our continued progress by assessing both the quality and sustainability of our earnings streams, specifically as it relates to future cash flow growth.

我們推出了多項新的衡量指標與揭露內容，包括經濟入住率、更新後的 NAV 頁面以及租金收入拆分，旨在就現金流的持久性、資產表現與投資組合內含價值提供更清晰的資訊。我們相信，這些變更可讓投資人更有效追蹤我們持續的進展，透過評估我們獲利來源的品質與可持續性，特別是其與未來現金流成長的關聯。

A key highlight is the NAV section illustrated on page 13. This page is intended to provide a clear and transparent view of the underlying per share asset value, excluding the segments and assets categorized for discontinued operations. The analysis reflects the strength of our underlying real estate portfolio, including our high-quality office and mixed-use assets with the non-stabilized component currently representing Southern Post at development cost.

其中一項重點是第 13 頁所示的 NAV 章節。此頁旨在提供每股資產價值的清晰且透明的視角，並排除被歸類為停業部門的分部與資產。該分析反映我們核心不動產投資組合的實力，包括我們高品質的辦公與複合用途資產；其中目前尚未穩定的部分以 Southern Post 的開發成本列示。

The NAV framework plays a central role in how we evaluate financial performance and deploy capital. As our transformation progresses, we believe the quality of our assets is increasingly positioned to translate into durable earnings and shareholder returns. Our NAV analysis points to the intrinsic value of the real estate and serves as an important reference point in our capital allocation decisions, including share repurchases.

NAV 架構在我們評估財務表現與資本配置方式中扮演核心角色。隨著轉型推進，我們相信資產品質正日益具備轉化為持久獲利與股東報酬的條件。我們的 NAV 分析指出不動產的內在價值，並在資本配置決策（包括庫藏股回購）中作為重要參考。

As Shawn touched on, we remain committed to executing a disciplined capital allocation approach centered on shareholder interest. To that end, we have continued to take advantage of the dislocation between our share price and underlying asset value through our share repurchase program. Year-to-date, we repurchased $24.1 million of common stock at a weighted average price of $5.70 per share, representing an implied yield that we view as highly attractive relative to other investment opportunities.

如 Shawn 所提到的，我們仍致力於執行以股東利益為核心的嚴謹資本配置策略。為此，我們持續透過股票回購計畫，把握股價與內含資產價值之間的錯位。年初至今，我們以每股加權平均價格 5.70 美元回購了 2,410 萬美元的普通股，所隱含的報酬率相較其他投資機會，我們認為極具吸引力。

We see this as having a chance to invest our own assets at an effective implied cap rate for this quarter's share purchase above a 9% cap rate. Where else can we create more shareholder value than doubling down on our market-leading portfolio. As Shawn highlighted, dispositions of the multifamily portfolio, real estate financing platform and construction entity are all either complete or well underway.

我們將此視為以有效的隱含資本化率投資自有資產的機會，本季的股票回購對應的隱含 cap rate 超過 9%。還有哪裡能比加碼我們具市場領先地位的投資組合更能為股東創造價值？如 Shawn 所強調，多戶住宅投資組合、不動產融資平台以及營建實體的處分，皆已完成或正順利推進中。

Based on the headway made, we are well positioned to continue advancing our balanced capital allocation strategy, paying down debt, making disciplined investments in select high-growth markets and continuing to execute our share repurchase program where appropriate. Turning to the balance sheet. We are proactively managing maturities and maintaining flexibility in what continues to be selective capital market environment.

基於目前取得的進展，我們已具備良好條件持續推動平衡的資本配置策略：償還債務、在特定高成長市場進行嚴謹投資，並在適當時持續執行股票回購計畫。接著談資產負債表。在資本市場仍偏向選擇性的環境下，我們正主動管理到期結構並維持彈性。

Looking ahead to the remainder of 2026, we have two office asset loans and 1 term loan scheduled for refinancing. We are actively engaged with lenders on all notes and expect to complete these refinancings consistent with our broader balance sheet strategy. Starting with the term loan. Maturing at the end of May, we have received a term sheet from our current lenders and are working to extend this loan at maturity for 12 months under the same terms and conditions, including extending the pricing that we have today.

展望 2026 年剩餘期間，我們有兩筆辦公資產貸款與一筆定期貸款預計進行再融資。我們正與所有票據的放款機構積極洽談，並預期將依照我們整體資產負債表策略完成這些再融資。先從定期貸款開始。該貸款於 5 月底到期，我們已收到現有放款機構的條款書，並正推動在到期時以相同條款與條件展期 12 個月，包括延續目前的定價。

Pain Street Wharf matures at the end of September, and we are in the final stages with a relationship lender to close in the coming days on a five-year nonrecourse asset level note priced in the 5.25% to 5.5% range. To round out the refinancings, we've also received a term sheet from a large institutional life insurance company for both five-year and seven-year fixed rate debt on the Constellation office asset priced around 200 basis points plus the corresponding treasury with the expectation to close on this refinancing in the next two months.

Pain Street Wharf 將於 9 月底到期，我們正與一家往來銀行進入最後階段，預計在未來幾天完成一筆五年期、無追索權、資產層級的票據融資，利率約在 5.25% 至 5.5% 區間。為完成再融資安排，我們亦已收到一家大型機構型人壽保險公司就 Constellation 辦公資產提供的條款書，包含五年期與七年期固定利率債務，定價約為相應期限美國公債利率加 200 個基點，並預期於未來兩個月內完成該再融資。

We are pleased with the pricing and terms of each of these loans. This reflects the quality of the underlying assets and the credit strength of the tenants and reinforces our track record of prudent liability management and our ability to navigate an especially challenging office debt market. Reducing leverage to strengthen the balance sheet remains a core priority.

我們對這些貸款的定價與條款感到滿意。這反映了標的資產的品質與承租戶的信用強度，也再次印證我們審慎負債管理的紀錄，以及在特別具挑戰性的辦公室債務市場中仍能順利應對的能力。降低槓桿、強化資產負債表仍是核心優先事項。

Upon completion of the transformation, we anticipate approximately $700 million in total debt paydown, a material reduction that is expected to fundamentally reshape our capital structure. Net debt to total adjusted EBITDA was 8.3 times at quarter end, temporarily elevated relative to the prior quarter. We intend to use proceeds from the sale of 11 of our 14 multifamily assets to meaningfully reduce leverage to our target range of 5.5 to 6.5 times net debt to total adjusted EBITDA, which we anticipate closing in the coming weeks.

在轉型完成後，我們預期總計可償還約 7 億美元的債務；這是一項重大的降低，預計將從根本上重塑我們的資本結構。截至季末，淨負債對總調整後 EBITDA 倍數為 8.3 倍，較前一季暫時性上升。我們計畫運用出售 14 項多戶住宅資產中的 11 項所取得的款項，將槓桿顯著降至我們目標區間（淨負債對總調整後 EBITDA 5.5 至 6.5 倍），並預期於未來數週內完成交割。

We ended the quarter with approximately $142 million of liquidity, providing adequate coverage of our capital needs. We are committed to maintaining a flexible balance sheet, disciplined capital allocation and sufficient liquidity to navigate a potentially prolonged higher rate environment. Now moving to our updated guidance.

本季末我們約有 1.42 億美元的流動性，足以覆蓋我們的資本需求。我們致力於維持具彈性的資產負債表、嚴謹的資本配置，以及充足的流動性，以因應可能延續的高利率環境。接著說明我們更新後的財測指引。

We are raising full year 2026 FFO as adjusted guidance to $0.51 to $0.55 per diluted share, reflecting the continued restructuring progress, retail and mixed-use office portfolio strength and the solid first-quarter performance. We are confident that the actions underway, including simplifying our operating model, exiting noncore businesses, strengthening our balance sheet, executing opportunistic share repurchases positions us to drive long-term value for shareholders.

我們上調 2026 全年調整後 FFO 指引至每股稀釋後 0.51 至 0.55 美元，反映重整進度持續推進、零售與複合用途辦公投資組合的韌性，以及第一季穩健的表現。我們有信心，正在進行的各項行動——包括簡化營運模式、退出非核心業務、強化資產負債表、把握時機進行股票回購——將使我們能為股東創造長期價值。

We are committed to unlocking that value one way or another, and we have enhanced disclosures that will provide shareholders with additional transparency to continue to track our progress as we advance these initiatives.

我們致力於以各種方式釋放該價值，並已強化揭露內容，將為股東提供更多透明度，以便在我們推進這些計畫時持續追蹤進展。

With that, I will turn the call back over to Shawn

接下來我把電話交回給 Shawn

Over the past several quarters, we have taken many of the hard but necessary actions to reposition the company for long-term success. We have completed the majority of our strategic transformation, simplifying the business, strengthening our foundation and sharpening our focus on a high-quality operating portfolio. Today, AH Realty Trust is a pure-play retail and mixed-use office REIT, owning and operating open-air shopping centers and thoughtfully integrated mixed-use assets in strong markets across the Sunbelt, Mid-Atlantic and Southeast.

在過去幾個季度，我們採取了許多艱難但必要的行動，以使公司重新定位、邁向長期成功。我們已完成大部分策略性轉型，簡化業務、強化基礎，並更聚焦於高品質的營運型投資組合。目前，AH Realty Trust 是一家純粹聚焦零售與複合用途辦公的 REIT，於陽光帶、中大西洋與美國東南部等強勁市場，持有並營運露天型購物中心及精心整合的複合用途資產。

With these actions largely behind us, we are now squarely focused on execution and on delivering sustainable performance that drives long-term shareholder value. The path forward is clear, close the multifamily transaction, reduce leverage, continue to invest in our shares at a compelling discount to intrinsic value and demonstrate through consistent operating results that this portfolio deserves to trade at a valuation commensurate with its quality.

隨著這些行動大致告一段落，我們現在將重心放在執行上，並交付可持續的營運表現，以推動股東長期價值。前進方向很清楚：完成多戶住宅交易、降低槓桿、在股價相對內在價值具吸引力折價時持續投資自家股票，並透過一致的營運成果證明此投資組合應以與其品質相稱的估值進行交易。

We have never been more aligned with our shareholders. We remain deeply grateful for the continued support and confidence of our investors as we move into this next chapter. Operator, we are ready for the question-and-answer session.

我們與股東的利益一致性前所未有地高。在邁入下一個篇章之際，我們對投資人持續的支持與信任深表感謝。主持人，我們已準備好進入問答環節。

(Operator Instructions) Jana Galan, Bank of America.

（主持人指示）美國銀行的 Jana Galan。

Congratulations on the progress of the restructuring. The capital markets activity is especially impressive given the macro and interest rate volatility. I was hoping if you could talk to kind of the breadth and depth of buyers for multifamily and for the construction platform and maybe the decision to go with the portfolio versus single assets?

恭喜重整取得進展。在宏觀環境與利率波動下，資本市場相關活動尤其令人印象深刻。我想請你們談談，多戶住宅與營建平台的買方廣度與深度，以及為何決定採用整體投資組合出售而非單一資產出售？

Yes, thank you for the question. And we appreciate the congratulatory remarks. We are excited to be able to beat our forecast and raise, and we're excited about the path forward. In terms of the capital markets, we've continued to see, especially in the multifamily and retail, obviously, the depth of the market. It's good to see that those markets remain strong even given the kind of macro headwinds.

好的，謝謝你的提問。也感謝你的祝賀。我們很高興能夠優於預期並上調指引，也對未來的路徑感到振奮。就資本市場而言，我們持續看到，特別是在多戶住宅與零售領域，市場深度依然充足。即便面臨宏觀逆風，仍很高興看到這些市場保持強勁。

That being said, we had an opportunity to sell to Harbor Group here, great deal for our shareholders, obviously, at a mid-5 cap on in-place and likely, hopefully, a good deal for their investors. We saw interest. We talked to quite a few folks, but we were able to make the best deal for shareholders all things considered with Harbor Group. So we feel good about that. And we're excited, by the way.

話雖如此，我們確實有機會在這裡賣給 Harbor Group，這對我們股東來說是一筆很好的交易；顯然，以現有租約計算大約是 5% 中段的資本化率（cap rate），而且很可能、也希望對他們的投資人而言也是一筆好交易。我們看到了市場興趣。我們和不少人談過，但綜合各項因素，我們最終能與 Harbor Group 為股東達成最佳交易。所以我們對此感到很滿意。順帶一提，我們也很興奮。

We're a couple of weeks out, and will be -- that will be a material move, as you're aware, for our firm at $562 million, paying down debt. And as you heard, buying back some of our own shares at what we believe is a nice discount. In terms of construction, that business was and has been in wind-down mode. So our view was let's sell it. And the best buyer for that was actually the employees of the company.

我們距離完成還有幾週時間——如你所知，這將是我們公司一項重大的變動，金額為 5.62 億美元，用於償還債務。而且如你所聽到的，我們也會以我們認為相當不錯的折價回購部分自家股票。就營造（construction）而言，那項業務過去以及目前都處於逐步收尾（wind-down）模式。因此我們的看法是把它賣掉。而那項業務的最佳買家其實是公司的員工。

So we essentially traded that for a price that's north of what was due to the shareholders anyway in terms of gross profit, but we sold that at a slight uptick from what gross profit would have otherwise been received by the shareholders. It's a tough business right now, as you could imagine, with interest rates, and we think this is the best move for the company, for the shareholders to create a more simplistic company reduce not only confusion, but reduce risk, quite frankly, over the short, mid and long run. So we're excited about that.

所以我們基本上是以高於原本應付給股東的價格（就毛利而言）來進行交換；也就是說，我們出售的價格比股東原本可取得的毛利略有上調。你可以想像，在利率環境下，這是一門目前相當艱難的生意；我們認為這是對公司、對股東最好的決策，能讓公司架構更簡化，不僅降低困惑，也坦白說，在短期、中期與長期都能降低風險。所以我們對此感到很振奮。

Super helpful. And then I appreciate the enhanced disclosure. And you mentioned several lease commencements in the second half '26 for both retail and office, but also some offsets and known move-outs. Can you give any type of year-end '26 economic occupancy projections or ranges for either portfolio?

非常有幫助。另外也感謝你們加強揭露。你提到在 2026 年下半年，零售與辦公都有數個租約開始起租（lease commencements），但也有一些抵銷因素與已知的搬離。你能否提供任何 2026 年底、針對任一投資組合的經濟入住率（economic occupancy）預估或區間？

Sure. I'll just start by saying that we are encouraged by the tailwinds, by the strength of the market and the leasing kind of momentum and velocity activity out there broadly, especially in terms of our retail and mixed-use office portfolio. But I think, Craig, why don't you drill down a little bit, if you don't mind, just quickly and talk a little bit about what's on the horizon here?

當然。我先說，我們受到利多因素的鼓舞：市場的強勁，以及整體租賃動能與速度/活躍度，尤其是在我們的零售與混合用途辦公投資組合方面。不過我想，Craig，你介意的話，能不能稍微深入一點，簡短談談接下來的展望？

Yes, sure. Happy to, Shawn. And thank you for the question. When it comes to lease and economic occupancy, I think the widest gap is obviously today in the office portfolio, as you can see. The biggest pieces of that are The Interlock, which we expect to see that gap narrow during the second half of the year as new tenants that we've secured and leased in prior quarters begin to pay rent.

好的，當然。很樂意，Shawn。也謝謝你的提問。談到租約入住率與經濟入住率，我認為目前差距最大的顯然是在辦公投資組合，如你所見。其中最大的一塊是 The Interlock；我們預期隨著我們在前幾季已簽下並出租的新租戶在今年下半年開始付租，這個差距會縮小。

And one interesting anomaly, the same Street Wharf, you'll see a decent sized gap there between leased and economic occupancy. The main tenant there is Morgan Stanley. They have a month of free rent every other quarter. That happens to be this quarter. So you will see that gap narrow in the second -- actually close in the second-quarter, again, widen in the third and then close again in the fourth.

另外有一個有趣的例外：同一個 Street Wharf，你會看到租約入住率與經濟入住率之間有相當大的差距。那裡的主要租戶是摩根士丹利（Morgan Stanley）。他們每隔一季就有一個月免租。剛好這一季就是免租季。因此你會看到這個差距在第二季縮小——其實在第二季會收斂；第三季又會擴大，第四季再度收斂。

So a little bit of volatility there. But overall, macro speaking, you'll see the difference between leased and economic occupancy from our expectations to narrow as we progress through the second half of this year due to rent commencements.

所以會有一些波動。但整體、從宏觀角度來看，隨著我們進入今年下半年，因租金起算（rent commencements），我們預期租約入住率與經濟入住率之間的差異會逐步縮小。

(Operator Instructions) Viktor Fediv, Scotiabank.

（接線員指示）Viktor Fediv，豐業銀行（Scotiabank）。

I have a question on your decision to kind of shift from acquisitions to share buybacks. It kind of makes sense given where your stock is trading. Just trying to understand the financial implications because if I'm not mistaken, you were planning to use some 1031 exchange money to kind of do these acquisitions. I'm just trying to understand financial implications for you connected with this decision.

我想問你們從收購轉向股票回購的決策。考量你們股價目前的交易水準，這樣做似乎合理。我主要想了解其財務影響，因為如果我沒記錯，你們原本計畫使用部分 1031 交換資金來進行這些收購。我想了解這項決策對你們帶來的財務影響。

Sure. Thank you, Viktor. I think it's pretty straightforward. As we get closer to closure in a couple of weeks on the kind of biggest material part of our transaction or transformation, we have a better line of sight on the tax consequence to the REIT, and it looks like that will not be material. So we chose to -- given the value the stock was trading at and kind of capital allocation opportunity cost, if you will, versus buying a retail center at a 7 cap, we said, look, north of a 9 cap, it's better to invest in our assets that we have perfect information on.

好的。謝謝你，Viktor。我認為這相當直接。隨著我們距離在幾週內完成這筆交易/轉型中最大且最具重大性的部分越來越近，我們對 REIT 的稅務影響有了更清晰的掌握，看起來那不會是重大的影響。因此我們選擇——考量股票的交易價值以及資本配置的機會成本（如果你願意這麼說），相較於以 7% cap 去買一個零售中心，我們認為：如果是 9% cap 以上，那把資金投到我們已擁有、且資訊完全掌握的資產上更好。

And obviously, to the benefit of the shareholder, kind of reduce that share count. So we think that was the best move. Obviously, we'd like to get into a mode where we're acquiring additional properties, but not at all costs, right? It needs to be accretive to the shareholder. So our view was let's take the opportunity while there is a discount and let's take also the opportunity to close that distance between current share price and what we believe NAV is.

而且顯然，對股東有利的是，能降低流通股數。所以我們認為那是最佳選擇。當然，我們希望進入能夠收購更多資產的模式，但不是不計代價，對吧？必須對股東具增益性（accretive）。因此我們的看法是：趁著存在折價的時候把握機會，同時也把握機會縮小目前股價與我們認為的淨資產價值（NAV）之間的差距。

We will move through that chapter as well as kind of look at some repositioning, kind of some redevelopment opportunities on the smaller scale within the portfolio as we close that gap and then continue to focus on our FFO growth to grow the value of the firm. So we thought it made a lot of sense, especially given that gap to buy the shares back kind of opportunistically, especially given that the REIT is not facing a material tax consequence as a result of the sales of the assets or otherwise real estate positions.

我們也會推進這個階段，同時在我們縮小差距的過程中，尋找一些重新定位（repositioning）以及在投資組合內較小規模的再開發（redevelopment）機會，並持續聚焦於我們的 FFO 成長，以提升公司的價值。因此我們認為這非常合理，特別是在存在這個差距的情況下，以較機會式的方式回購股票；尤其是考量到 REIT 因出售資產或其他不動產部位而面臨的稅務影響並不重大。

Makes sense. And then on these two multifamily assets, which are left in Gainesville. So I see that now you're kind of expecting to close it in Q4 '26, first-quarter of '27. So just trying to understand your logic here. So are you trying to kind of reach full stabilization for those assets and then sell them at the highest price? Like just trying to understand whether you will be willing to sell it earlier or later? How do we think about that?

了解。另外關於在蓋恩斯維爾（Gainesville）剩下的兩項多戶住宅資產。我看到你們現在預期在 2026 年第四季、或 2027 年第一季完成交易。我想了解你們的邏輯。你們是想讓這些資產達到完全穩定（full stabilization）後，再以最高價格出售嗎？我想了解你們是否願意更早或更晚出售？我們應該如何看待這件事？

Yes. I think, look, the reality is they are stabilized now. And there's some market timing to this as well in addition to the fact that the buyer was not willing to pay us what we wanted for those assets, and we believe the market will bear a better price. So we're going to take those and sell them at the market to get the best number that we can and obviously benefit the company and therefore, the shareholders the best that we can in the form of paying down debt and bringing capital back on the balance sheet.

是的。我想，現實是它們現在已經穩定了。此外也涉及一些市場時點的考量；再加上買方不願意為這些資產支付我們想要的價格，而我們相信市場能承受更好的價格。因此我們會持有它們，並在市場上出售，以取得我們能拿到的最佳價格；當然，透過償還債務並把資金帶回資產負債表，盡可能讓公司、也因此讓股東受益最大。

Got it. And then just last for me on -- in terms of -- you mentioned kind of some opportunities to invest capital in redevelopment. Or do you have like any outparcel that you can invest in or kind of upcoming redevelopments that are not on the lease that you're kind of considering? Can you provide some additional details on that?

了解。最後一個問題——就你提到的一些再開發投資機會而言。你們是否有任何可投資的外圍地塊（outparcel），或是一些未反映在租約中的、你們正在考慮的即將到來的再開發案？你能提供更多細節嗎？

Sure. There is a page in the supplemental, forgive the page flipping because I didn't memorize your page. But yes, page 29 of the supplemental, Viktor, includes opportunities that we see kind of on the horizon given the portfolio that we currently own. And there are a number of outparcels there as well as some assets that I would characterize as maybe underutilizing the real estate.

當然。補充資料（supplemental）裡有一頁，請原諒我翻頁，因為我沒有把頁碼背起來。不過是的，Viktor，補充資料第 29 頁包含了我們基於目前持有的投資組合、所看到的一些即將出現的機會。其中有若干外圍地塊，以及一些我會形容為可能未充分利用該不動產的資產。

Outparcels are probably the quickest move, right, in terms of getting some accretive opportunity into the earnings stream, but also there are some opportunities there with assets that may not be using the real estate in terms of the size of the plot they sit on or the box, quite frankly, may not be the best -- may not have the best tenant.

外圍地塊（outparcels）可能是最快的動作，對吧？就把一些具增益性的機會納入獲利來源而言；同時，那裡也有一些機會，因為有些資產在其所坐落的地塊面積或建物本體（老實說）上，可能沒有把不動產的價值用到位——也可能沒有最好的承租戶。

So kind of repositioning in terms of something like we did with the Bed Bath & Beyond and The Trader Dose outparcels, and we have a couple of other opportunities with assets with large parking lots and sitting on a large amount of acreage that we could think about more in the midterm. So yes, we're thinking about that a lot. Candidly, we're doing a lot of work on that. But yes, we'll continue to look for those opportunities and strike at the right time when it makes sense to best deploy that capital.

所以像我們對 Bed Bath & Beyond 和 The Trader Dose 的外圍地塊所做的那樣，進行某種重新定位；另外我們也還有幾個機會，針對那些擁有大型停車場、坐落在相當大面積土地上的資產，我們可以在中期多加思考。所以是的，我們一直在大量思考這件事。坦白說，我們也在這方面做了很多工作。但沒錯，我們會持續尋找這些機會，並在最合適、最能有效配置資本的時點出手。

Jon Petersen, Jefferies.

Jon Petersen，Jefferies。

On the share buybacks, I mean, you talked about the implied cap rate of your company being well north of 9%. I mean, how do we think about where your share price needs to go where you hit some sort of breakeven where share buybacks make less sense and maybe investing in future acquisitions or buying back more debt is -- it makes more sense.

關於庫藏股回購，我的意思是，你提到公司隱含資本化率（cap rate）遠高於 9%。那我們該如何思考：股價需要到什麼水準，才會到達某種損益兩平點，使得回購股票變得比較不合理，而改為投資未來收購或回購更多債務——會更合理？

Yes. I think, Jon, thank you for the question, first of all. Second of all, I think when we get within a line of sight of NAV, I think, would be the way to think about that for us, right? Theoretically, if we're at NAV, we can begin to think about deploying capital. I think that implies that our -- we're trading at a cap rate that's compressed relative to where we are today.

是的。Jon，首先謝謝你的問題。其次，我認為對我們而言，可以這樣思考：當我們進入可望接近 NAV（淨資產價值）的視線範圍內時，就是一個關鍵點，對吧？理論上，如果我們在 NAV 水準，我們就可以開始考慮配置資本。我想那也意味著——相較於今天——我們的交易資本化率會被壓縮。

We don't think we're there. Candidly, we think we've got some work to do to close that gap. So in the short run, as you know, we bought back these shares, and we may do some more. But yes, I think we've got a little ways to go before we can think about actually deploying capital into an acquisition or otherwise, obviously, yield dependent, market dependent.

我們不認為現在已經到那裡了。坦白說，我們覺得要縮小那個差距還有一些工作要做。所以短期內，如你所知，我們回購了這些股票，而且我們可能還會再做一些。但沒錯，我認為在我們能真正考慮把資本投入收購或其他用途之前，還有一段路要走；當然這也取決於殖利率與市場狀況。

Okay. And then if we look at your lease expiration schedule over the next 2 or 3 years, are there any material mark-to-market opportunities, particularly in the retail portfolio that we should be thinking about?

好的。另外，如果我們看你們未來 2 到 3 年的租約到期時程，是否有任何重大的市價調整（mark-to-market）機會，特別是在零售投資組合方面，是我們應該留意的？

Craig, that's squarely down the middle of your plate. Why don't you take that one?

Craig，這題正好是你的專長。你來回答一下？

Yes, happy to take that, Jon. Thank you for the question. As far as expirations for this year, about half of those we've actually already renewed at positive spreads. So we feel pretty good about near-term expirations. Looking out further, a lot of this is big box anchor spaces, which we'll expect to be able to push rents nominally on those.

好的，很樂意回答，Jon。謝謝你的問題。就今年到期的部分而言，大約有一半我們其實已經完成續約，而且租金價差為正。所以我們對近期到期的狀況感覺相當不錯。再往後看，很多是大型盒式（big box）的主力店（anchor）空間，我們預期在那些空間上能把租金做名目上的上調。

That's kind of the balance of the retail side. In office, I think there's still tremendous opportunity to mark-to-market, particularly in Charlotte at our Province Plaza asset, where I know we are significantly below market. That is a little bit older, but we have plans to reinvest in that particular location so that we can drive further rent growth. So still lots of organic growth opportunity in both sides of the coin, retail and office and bullish about our prospects going forward here.

這大致就是零售端的情況。在辦公方面，我認為仍有非常大的市價調整（mark-to-market）機會，特別是在夏洛特（Charlotte）的 Province Plaza 資產；我知道我們的租金明顯低於市場。那個資產稍微老一些，但我們計畫在該地點再投資，以推動進一步的租金成長。所以無論是零售或辦公兩端，都還有很多內生成長機會；我們對未來前景仍然樂觀。

Maybe kind of -- Shawn, just bringing together all your comments and just all the moves that you guys have made with the Board refresh and the selling multifamily, what would you say is the most meaningful movement that the company has made this year?

也許——Shawn，把你剛才所有評論，以及你們今年在董事會更新、出售多戶住宅等動作綜合起來，你會說公司今年最有意義的變化是什麼？

Well, that's a tough one. As you can tell, Jon, and I appreciate the question, we're excited about where we are and more importantly, where we're headed. It's hard to single one out. But I think from an economic standpoint, the scale and the momentum created here as of late on the sale of the multifamily and the real estate financing as well as the construction business.

嗯，這題很難。如你所見，Jon，也謝謝你的問題，我們對目前的位置、以及更重要的——我們要前往的方向——感到興奮。很難只挑出一件事。但我認為從經濟層面來看，最近在出售多戶住宅，以及不動產融資與營建業務上所創造的規模與動能，是很重要的。

I mean, we came to the market three months ago and said we are going to do these things, and we have materially done those things. I think when you add to that, this kind of evolution of our company, the ability to bring highly skilled directors on board is, in my mind, metaphorically accretive to the Board, right? And it gives us an opportunity to have some additional guidance.

我的意思是，我們三個月前來到市場並表示我們要做這些事，而我們已經實質上做到了。再加上公司這種演進，我們能把高素質的董事帶進董事會，在我看來，從比喻的角度說，是對董事會具增益性的，對吧？也讓我們有機會獲得更多指導。

We appreciate more than they know the kind of contributions from George and Dennis. But as we evolve this company, we're bringing two folks with deep capital markets REIT, public REIT experience on to this Board. And we think that is helpful to us to kind of challenge some assumptions, work through the challenges that face us ahead and continue to grow this company, grow again, close that NAV gap and grow the FFO and in turn, grow the shareholder value over time.

我們對 George 和 Dennis 的貢獻非常感激，遠超過他們所知道的。但隨著公司演進，我們將兩位在資本市場 REIT、上市 REIT 方面有深厚經驗的人士加入董事會。我們認為這有助於我們挑戰一些假設、處理未來面臨的挑戰，並持續成長——再次縮小 NAV 折價、提升 FFO（營運資金），進而隨時間推升股東價值。

So we're just excited about this, excited about the opportunity, thankful for the directors that were with us and very thankful for the ones that will be joining us. And I think, look, I'd be remiss not to say I'm thankful for the team for digging in and plowing through this challenging yet rewarding kind of phase in our company here. But we're fired up. We're excited. We are bullish, and we are executing, and we're excited about the future.

所以我們對此非常興奮，對這個機會感到振奮，感謝一路與我們同行的董事，也非常感謝即將加入的董事。而且我想，若不提我對團隊的感謝就太失禮了；他們全力以赴，挺過公司這個充滿挑戰但也有回報的階段。但我們士氣高昂。我們很興奮。我們看多，我們正在執行，我們對未來感到期待。

This concludes our question-and-answer session. I would now like to turn the call back to Shawn Tibbetts for closing remarks.

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

Thank you very much. First and foremost, we appreciate your interest in our firm. For the shareholders, your investment in us; for the employees, your continued resolve to see our company continue to succeed. I just want to thank you for joining us today. We look forward to more exciting quarters in the future and look forward to some press releases from us.

非常感謝。首先，我們感謝各位對本公司的關注。對股東而言，感謝你們對我們的投資；對員工而言，感謝你們持續堅定，讓公司能繼續成功。我只想感謝各位今天與會。我們期待未來更多令人振奮的季度，也期待之後發布一些新聞稿。

We're excited about where we're headed and couldn't be more excited for the support that we're receiving along the way. So thank you for joining this morning, and have a nice day.

我們對前進方向感到興奮，也非常感謝一路以來所獲得的支持。所以謝謝各位今天早上加入，祝各位有美好的一天。

Thank you. That does conclude today's call. You may now disconnect. Goodbye.

謝謝。今天的電話會議到此結束。各位現在可以掛線。再見。