Acadia Realty Trust (AKR) 2024 Q4 法說會逐字稿

Thank you for standing by and welcome to Acadia Realty Trust four-quarter 2024 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Acadia Realty Trust 2024 年第四季財報電話會議。（操作員指令）

I would now like to hand the call over to Devin Russell, Manager, Accounts Receivable, Lease Administration. Please go ahead.

現在我想將電話轉交給租賃管理應收帳款經理 Devin Russell。請繼續。

Good morning and thank you for joining us for the fourth-quarter 2024 Acadia Realty Trust Earnings Conference Call. My name is Devin Russell and I'm the Accounts Receivable Manager in our Lease Administration Department. Before we begin, please be aware that statements made during the call that are not historical may be deemed forward-looking statements within the meaning of the Securities and Exchange Act of 1934, and actual results may differ materially from those indicated by such forward-looking statements.

早安，感謝您參加 2024 年第四季 Acadia Realty Trust 收益電話會議。我叫德文‧拉塞爾 (Devin Russell)，我是租賃管理部門的應收帳款經理。在我們開始之前，請注意，電話會議期間所作的非歷史性陳述可能被視為《1934 年證券交易法》所定義的前瞻性陳述，實際結果可能與此類前瞻性陳述所示的結果有重大差異。

Due to a variety of risks and uncertainties, including those disclosed in the company's most recent Form 10-K and other periodic filings with the SEC, forward-looking statements speak only as of the date of this call, February 12, 2025, and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including funds from operations and net operating income.

由於各種風險和不確定性，包括公司最新的 10-K 表格和向美國證券交易委員會提交的其他定期文件中披露的風險和不確定性，前瞻性陳述僅代表本次電話會議之日（2025 年 2 月 12 日）的觀點，本公司不承擔更新這些陳述的義務。在本次電話會議中，管理階層可能會參考某些非公認會計準則財務指標，包括營運資金和淨營運收入。

Please see Acadia's earnings press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. Once the call becomes open for questions, we ask that you limit your first round to two questions per caller to give everyone the opportunity to participate. You may ask further questions by reinserting yourself into the queue, and we will answer as time permits.

請參閱 Acadia 網站上發布的收益新聞稿，以了解這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標的調整表。一旦電話會議開始接受提問，我們要求您將第一輪提問限制為每個呼叫者兩個問題，以便每個人都有機會參與。您可以重新加入隊列來提出其他問題，我們會在時間允許的情況下回答。

Now it is my pleasure to turn the call over to Ken Bernstein, President and Chief Executive Officer, who will begin today's management remarks.

現在，我很高興將電話轉給總裁兼執行長肯·伯恩斯坦，他將開始今天的管理演講。

Thank you, Devin. Great job. Welcome, everyone. I'll give a few comments before handing the remarks over to AJ. And then since we have been highly active on the acquisition front and expect to continue to do so, I have asked our CIO, Reggie Livingston, to discuss our investment activity. And then finally, John will tie it all together in connection with our earnings guidance, our balance sheet metrics, and our outlook for the year. And after that, we're here to take questions.

謝謝你，德文。做得好。歡迎大家。在將發言權交給 AJ 之前，我將發表一些評論。由於我們在收購方面一直非常活躍，並且希望繼續這樣做，我已經要求我們的首席資訊長雷吉·利文斯頓 (Reggie Livingston) 討論我們的投資活動。最後，約翰將把所有這些與我們的獲利預測、資產負債表指標和年度展望聯繫起來。之後，我們會回答大家的問題。

As you can see from our earnings release, we had a busy and productive quarter, both with respect to the performance of our existing portfolio, as well as a ramp-up of our investment activity. In light of the progress we made throughout the year, we are setting up for a strong 2025. Now we are not ignoring the impact on valuations from a higher yielding bond market, nor the increasing likelihood of a higher-for-longer interest rate and inflationary environment.

從我們的收益報告中可以看出，我們度過了一個忙碌而富有成效的季度，無論是就我們現有投資組合的表現而言，還是就我們投資活動的增加而言。鑑於我們全年取得的進展，我們正在為強勁的 2025 年做好準備。現在，我們既不會忽視高收益債券市場對估值的影響，也不會忽視長期高利率和通膨環境出現的可能性。

But to the extent that these headwinds are due at least in part to a stronger-than-forecasted economy, this growth, sooner or later, should result in stronger tenant top-line growth, which then translates, sooner or later, into rental growth. And our goal has been to make sure we own the kind of retail portfolio that is best positioned to capture this corresponding growth sooner rather than later.

但如果這些不利因素至少部分歸因於強於預測的經濟，那麼這種成長遲早會帶來更強勁的租戶營收成長，進而遲早會轉化為租金成長。我們的目標是確保我們擁有最有能力儘早實現相應成長的零售組合。

As we have seen over the last few years, the Street Retail portion of our portfolio, which now represents the majority of our core portfolio, has proven to be the best segment to capture this growth. I'll let AJ discuss the specifics of our portfolio performance, but the bottom line is that we have delivered over 5% same-store NOI growth for each of the last three years, most significantly driven by our Street Retail performance.

正如我們在過去幾年中所看到的，我們投資組合中的街頭零售部分（目前占我們核心投資組合的絕大部分）已被證明是捕捉這一增長的最佳部分。我會讓 AJ 討論我們投資組合表現的具體情況，但最重要的是，過去三年我們每年都實現了超過 5% 的同店淨營業利潤增長率，這最顯著的推動力來自於我們的街頭零售表現。

And then looking forward, it's our view that this segment will continue to produce the highest net effective growth and the highest risk-adjusted returns in the Open-Air sector. The drivers of this outperformance come from a combination of factors that I'm happy to discuss in detail. But in short, they include strong contractual growth, lower CapEx, fair market value resets, a shift in retailing away from wholesale and into individual stores, the halo benefits from these stores in an omnichannel world, and then ultimately increasing retailer demand, increasing retailer performance with limited supply.

展望未來，我們認為這一領域將繼續產生露天領域最高的淨有效成長和最高的風險調整回報。這種優異表現的驅動因素來自多種因素，我很樂意詳細討論這些因素。但簡而言之，它們包括強勁的合約成長、較低的資本支出、公平的市場價值重置、零售業從批發轉向個體商店、全通路世界中這些商店帶來的光環效益，最終增加零售商需求，在有限供應的情況下提高零售商的業績。

With these trends in mind, our focus has been to position Acadia to be the dominant owner-operator of Street Retail in the United States with both appropriate scale and appropriate concentration to enable us to continue to drive the growth we have delivered over the past few years well into the balance of the decade.

考慮到這些趨勢，我們的重點是將阿卡迪亞定位為美國街頭零售的主要業主和營運商，擁有適當的規模和適當的集中度，使我們能夠繼續推動過去幾年到十年末實現的成長。

For reasons that AJ and Reggie will expand on, the portfolio we have assembled and will continue to add to is beginning to give us that scale and that concentration that will enable us both to enhance the performance of our existing assets as well as position us as the buyer of choice for continued strong external growth.

由於 AJ 和 Reggie 將繼續擴展的原因，我們已經組建並將繼續增加的投資組合開始賦予我們規模和集中度，這將使我們能夠提高現有資產的表現，並使我們成為持續強勁外部增長的首選買家。

You've seen us use this scale and synergies to drive outsized growth in existing markets such as Armitage Avenue in Chicago. And now with our most recent acquisitions, we are building similar powerful scaling concentrations in Georgetown in Washington, D.C., SoHo, Williamsburg and Bleecker Street in New York, Henderson Avenue in the Knox-Henderson corridor in Dallas.

您已經看到我們利用這種規模和協同效應來推動現有市場（例如芝加哥阿米蒂奇大道）的超額成長。現在，透過最近的收購，我們正在華盛頓特區的喬治城、紐約的蘇荷區、威廉斯堡和布利克街、達拉斯諾克斯-亨德森走廊的亨德森大道建立類似的強大的規模集中區。

Along with the benefits of scale, it's becoming clear that for all Open-Air Retail, but especially for Street Retail. This continued retailer demand is not just a cyclical recovery. There are longer-term positive trends at play, and we are capturing more than our fair share of these trends. Now that is not to say that retail is immune to gravity. There are certainly some segments of the consumer that are stretched thin. And we are seeing the re-emergence of some retailer weakness and bankruptcies.

隨著規模效益的提高，這一點對於所有露天零售，尤其是街頭零售來說變得越來越明顯。零售商的持續需求不僅僅是週期性的復甦。目前存在一些長期積極的趨勢，而且我們正在捕捉這些趨勢中超過我們應得的份額。這並不是說零售業不受重力影響。確實有些消費者群體處於捉襟見肘的狀態。我們看到一些零售商再次出現疲軟和破產的現象。

For the most part, this is concentrated with certain junior anchor retailers in the suburban shopping center portion of our portfolio. But even here, tenant demand seems to exceed this new shadow supply. And at least from our perspective, the tailwinds still far exceed the headwinds. Then complementing our strong internal growth, our acquisitions last year, both on balance sheet, Street Retail acquisitions, as well as investments through our highly complementary investment management platform, are playing an increasingly important role in our long-term growth.

大部分都集中在我們投資組合中的郊區購物中心部分的某些初級主力零售商。但即使在這裡，租戶需求似乎也超過了新的影子供應。至少從我們的角度來看，順風仍然遠遠超過逆風。除了強勁的內部成長之外，我們去年的收購，包括資產負債表上的收購、街頭零售收購以及透過我們高度互補的投資管理平台進行的投資，都在我們的長期成長中發揮越來越重要的作用。

Reggie will discuss the details of our acquisition activity and John will discuss our successful match funding for this activity. But in short, last year and to date, we have completed over $600 million of acquisitions with about half of our core portfolio, the other half being investments for our investment management platform. The investments for our core portfolio were all strategic additions of Street Retail in key must-have markets where we are already active and where we can now add, scale, and further connect the dots in those corridors.

Reggie 將討論我們的收購活動的細節，而 John 將討論我們為此活動成功提供的配對資金。簡而言之，去年到目前為止，我們已經完成了超過 6 億美元的收購，其中約一半是我們核心投資組合，另一半則是我們投資管理平台的投資。我們核心投資組合的投資都是街頭零售在關鍵必需市場的策略性補充，我們已經在這些市場活躍，並且現在可以增加、擴大規模並進一步連接這些管道中的點。

We're focusing our Street Retail acquisition efforts on properties in key corridors that are accretive to earnings, accretive to net asset value, as well as acquisitions where we can extend and further fortify our long-term internal growth trajectory. As we stated in the past, we are committed to match funding our acquisitions on a disciplined basis. Last year, we not only fully funded our core investments but also funded our anticipated redevelopment activity while leaving a decent amount of dry powder for our current pipeline.

我們的街頭零售收購重點是關鍵走廊上的地產，這些地產可以增加收益，增加淨資產價值，以及可以延長和進一步鞏固我們長期內部成長軌蹟的收購。正如我們過去所說的那樣，我們致力於在嚴格的基礎上為我們的收購提供匹配資金。去年，我們不僅為核心投資提供了全額資助，還為預期的重建活動提供了資金，同時為我們目前的管道留下了相當數量的資金。

Then complementing our on-balance sheet investments, we're continuing to see opportunities to grow our investment management platform where we are leveraging our institutional capital relationships for opportunistic investments best suited for this buy-fix-sell model. Reggie will walk through the positive earnings impact of our external growth activity. But as we have said in the past, for a company of our size, it doesn't take much volume to move the needle.

然後，作為我們資產負債表內投資的補充，我們繼續看到發展投資管理平台的機會，我們正在利用我們的機構資本關係進行最適合這種買入-修復-賣出模式的機會投資。雷吉將闡述我們的外部成長活動對獲利的正面影響。但正如我們過去所說的那樣，對於我們這種規模的公司來說，並不需要太大的數量就能產生推動作用。

So in summary, as we think about 2025 and beyond, we remain very bullish in our ability to continue to add value by driving internal growth, by maintaining a strong and flexible balance sheet, and by adding additional growth through strategic new investments. With that, I will thank the team for their hard work last quarter and last year and their success.

總而言之，當我們展望 2025 年及以後時，我們仍然非常有信心透過推動內部成長、保持強勁而靈活的資產負債表以及透過策略性新投資增加額外成長來繼續增加價值。最後，我要感謝團隊上個季度和去年的辛勤工作以及取得的成功。

And now I'll turn the call over to AJ.

現在我將電話轉給 AJ。

Great. Thank you, Ken. Good morning, everyone. So first, I want to echo Ken by congratulating the team for another strong quarter of leasing, signing another $3 million of ABR, and capping off a record year where we signed over 50 new leases totaling over $13.5 million of annual rent or the equivalent of nearly 10% of our total ABR. Overall spreads for the year totaled approximately 35% with our high-growth streets leading the charge.

偉大的。謝謝你，肯。大家早安。因此，首先，我要與肯一起祝賀團隊又一個強勁的租賃季度，又簽署了 300 萬美元的 ABR，並創下了創紀錄的一年，我們簽署了 50 多個新租約，總額超過 1,350 萬美元的年租金，相當於我們總 ABR 的近 10％。全年整體利差總計約為 35%，其中，我們的高成長街道佔據領先地位。

We successfully executed our strategy of adding and extending category-leading tenants like Mango, Swarovski, Brandy Melville, Tesla, Lululemon, and J.Crew. And we continue to strategically replace under-market and under-performing tenants to accelerate rent growth, improve merchandising and credit, and help us better navigate any future volatility. The majority of our growth will come from our streets, but we're also seeing solid demand and stability from our suburban portfolio.

我們成功實施了增加和擴大類別領先租戶（如 Mango、Swarovski、Brandy Melville、Tesla、Lululemon 和 J.Crew）的策略。我們將繼續策略性地替換市場表現不佳和表現不佳的租戶，以加速租金成長，改善商品銷售和信貸，並幫助我們更好地應對未來的任何波動。我們的大部分成長將來自街道業務，但我們也看到郊區投資組合的強勁需求和穩定性。

But for now, let's dive into some of the reasons why our streets continue to outperform and drive the lion's share of our growth. Now it certainly helps that despite some of the choppiness that we're seeing from some of our suburban tenants, our high-growth streets continue to outperform the overall market. For example, in SoHo, our advanced contemporary tenants reported year-over-year sales growth in excess of 15%, and we saw consistent double-digit sales growth on M Street, Williamsburg, Madison Avenue, Armitage Avenue, and the Gold Coast of Chicago.

但現在，讓我們深入探討為什麼我們的街道繼續表現出色並推動了我們大部分的成長。儘管我們看到一些郊區租戶出現了一些波動，但我們高成長街道的表現仍然優於整體市場，這無疑有所幫助。例如，在 SoHo，我們的高級當代租戶報告銷售額同比增長超過 15%，並且 M 街、威廉斯堡、麥迪遜大道、阿米蒂奇大道和芝加哥黃金海岸的銷售額持續保持兩位數增長。

Those are just a few examples, but overall, we continue to see strong retail fundamentals. And our tenants show no signs of slowing down. So what's driving this growth and performance? Well, first and foremost, our luxury advanced contemporary and higher-priced specialty shopper continues to overwhelmingly prefer open-air and direct-to-consumer experiences. As a result, our tenants are pivoting away from wholesale and department stores and toward our high-growth, high-trafficked streets.

這只是幾個例子，但總體而言，我們仍然看到強勁的零售基本面。我們的租戶沒有絲毫放緩的跡象。那麼推動這種成長和表現的因素是什麼？首先，我們的豪華、先進、現代且價格較高的專業購物者仍然絕大多數偏好露天和直接面向消費者的體驗。因此，我們的租戶正在從批發商店和百貨公司轉向高成長、人流量大的街道。

When you look at the brands that we've added on our streets, like Zimmerman, Staud, Alo Yoga, Viore, and Madewell, you'll find retailers who recognize the clear benefits of direct-to-consumer or DTC, where they can best control customer interaction, brand messaging, pricing, and co-tenancy. It's also clear that the halo effect is a very real force for growth. Halo effect essentially means that while the store remains the most profitable channel for our retailers, four-wall profitability and store-level sales are only part of the equation.

當你看到我們在街上新增的品牌，如 Zimmerman、Staud、Alo Yoga、Viore 和 Madewell 時，你會發現零售商認識到直接面向消費者或 DTC 的明顯優勢，他們可以最好地控制客戶互動、品牌訊息、定價和共同租賃。顯而易見的是，光環效應對於成長而言是一種真正的力量。光環效應的本質意味著，雖然商店仍然是我們零售商最賺錢的管道，但四牆獲利能力和商店級銷售額只是其中的一部分。

We know from our retailers that opening, expanding, and renovating stores has a meaningful and quantifiable impact on overall brand performance. The halo effect from the physical store will positively impact customer acquisition, e-commerce, and wholesale performance. And when you layer in the halo effect with our healthy rent-to-sales ratios, which are still below historic norms, we're seeing tenants that can pay higher rents and better insulate themselves from the roller coasters of previous cycles.

我們從零售商那裡了解到，開設、擴建和翻新商店對整體品牌表現有意義且可量化的影響。實體店的光環效應將對顧客獲取、電子商務和批發業績產生正面影響。如果將光環效應與我們健康的租售比率結合起來看（該比率仍然低於歷史標準），我們會發現租戶可以支付更高的租金，更好地抵禦前幾個週期過山車式波動的影響。

The next driving factor is our ability to use our scale and geographic reach to drive rents and improve the merchandising on our streets. Ken mentioned the success we had on Armitage Avenue and our ability to use our scale as a well-capitalized institutional owner to control the curation of the street. By hand-selecting tenants like Jenny Kane, Rails, Levain, and Warby Parker, we've created the best ecosystem to drive traffic and promote sales growth.

下一個驅動因素是我們利用規模和地理覆蓋範圍來提高租金和改善街道商品銷售的能力。肯提到了我們在阿米蒂奇大道的成功，以及我們作為一家資本雄厚的機構所有者利用我們的規模來控制街道管理的能力。透過精心挑選 Jenny Kane、Rails、Levain 和 Warby Parker 等租戶，我們創造了最佳生態系統來推動流量並促進銷售成長。

And as a result, our tenants on the street -- our rents on the street have increased by 50% over the last 12 months. That doesn't happen without some degree of scale. And as new brands emerge and others fall behind, we can use FMV resets to prune the portfolio and continue to push rents even higher. And now that we're the largest owner on M Street, we can apply the same strategy: identify and pivot away from underperforming tenants, use our experience and relationships to dictate curation, and lean into record sales performance to drive rents on the street.

結果，我們街道上的租戶——我們街道上的租金在過去 12 個月上漲了 50%。如果沒有一定的規模，這是不會實現的。隨著新品牌的出現和其他品牌的落後，我們可以利用公平市場價值重置來精簡投資組合併繼續推高租金。現在我們是 M 街最大的業主，我們可以應用相同的策略：識別並放棄表現不佳的租戶，利用我們的經驗和關係來決定策劃，並依靠創紀錄的銷售業績來推動街道的租金。

Occupancy costs for apparel tenants on M Street are hovering just north of 12%. And with sales growth well outpacing inflation, and of course the benefits of Halo, there is significant room for an experienced owner with meaningful scale to capture outsized rent growth. Now with 20 storefronts in SoHo, including nine within our Green Street collection, and 15 storefronts in Williamsburg, we are on our way to becoming the largest institutional owner in those high-demand markets as well. Not to mention our significant scale in markets like the Gold Coast of Chicago, Melrose Place in Los Angeles, Bleecker Street in Manhattan, and Knox Henderson down in Dallas.

M 街服飾店租戶的進駐成本徘徊在 12% 左右。而且由於銷售成長遠遠超過通貨膨脹，當然還有 Halo 的好處，對於具有一定規模的經驗豐富的業主來說，有很大的空間來獲得超額的租金成長。現在，我們在 SoHo 擁有 20 家店面，其中包括 Green Street 系列內的 9 家店面，在威廉斯堡擁有 15 家店面，我們正在成為這些高需求市場中最大的機構所有者。更不用說我們在芝加哥黃金海岸、洛杉磯梅爾羅斯廣場、曼哈頓布利克街和達拉斯諾克斯亨德森等市場的巨大規模。

With such a diverse portfolio of high-demand streets, we can use our scale and depth of relationships to cross-pollinate our streets with the most relevant and highest performing tenants. So again, what all of this means from a leasing perspective is that we're busier than ever, and our tenants remain active and focused on long-term growth.

憑藉如此多樣化的高需求街道組合，我們可以利用我們的規模和深度關係，將最相關、表現最好的租戶與我們的街道進行交叉融合。因此，從租賃角度來看，所有這一切意味著我們比以往任何時候都更忙，而我們的租戶仍然活躍並專注於長期成長。

Even in some of our slower-to-recover markets, like Michigan Avenue, the seeds that were planted 12 to 18 months ago are starting to bear fruit. The foot traffic has returned, along with some exciting and dynamic tenants. We captured our share by signing Alo Yoga and Mango, but we're also excited to welcome tenants like Aritzia and Uniqlo to some of our neighboring assets. And at City Center in San Francisco, as we outlined in our release, we are thrilled to announce that we have successfully signed a new lease with a very large international grocer to replace Whole Foods.

即使在我們一些復甦較慢的市場，如密西根大道，12 至 18 個月前種下的種子也開始結出果實。人流已經恢復，同時也出現了一些令人興奮、充滿活力的租戶。我們透過簽約 Alo Yoga 和 Mango 獲得了我們的份額，但我們也很高興歡迎 Aritzia 和 Uniqlo 等租戶入駐我們的一些鄰近資產。正如我們在新聞稿中概述的那樣，在舊金山市中心，我們很高興地宣布，我們已成功與一家大型國際雜貨店簽署了新的租約，以取代全食超市。

From an economic perspective, the re-tenanting not only replaces the rents from Whole Foods, but just as important, this incredibly vibrant tenant will undoubtedly kickstart the revival of City Center and is a great sign that the retail recovery in San Francisco is underway. So I've been sworn to secrecy, but next quarter, I'll be able to provide more clarity. In the meantime, we are confident that we can move forward without any change to our previously stated projections.

從經濟角度來看，重新進駐不僅取代了全食超市的租金，而且同樣重要的是，這個極具活力的租戶無疑將推動市中心的複興，也是舊金山零售業復甦正在進行中的良好信號。因此我已發誓保密，但下個季度我將能夠提供更清晰的說明。同時，我們有信心能夠在不改變先前預測的情況下繼續前進。

Now turning to the suburbs, where the majority of our suburban assets reside in our investment management platform. For those assets, we continue to see strong demand and stability, and our team has done a great job driving that business as well. Last year, we added several category-leading anchors and junior anchors to the portfolio, including Aldi Supermarkets, Boot Barn, Golf Galaxy, Hobby Lobby, Sketchers, and Five Below.

現在轉向郊區，我們的大部分郊區資產都位於我們的投資管理平台上。對於這些資產，我們繼續看到強勁的需求和穩定性，我們的團隊在推動業務方面也做得很好。去年，我們在投資組合中增加了幾家類別領先的主力店和初級主力店，包括 Aldi 超市、Boot Barn、Golf Galaxy、Hobby Lobby、Sketchers 和 Five Below。

And in October, we welcomed our first Dick's House of Sport to our Brandywine Town Center down in Wilmington, Delaware. Since the House of Sport was announced, we've seen a noticeable lift in leasing volume and rents, and that's helped us lease an additional 80,000 square feet at that center. So wrapping things up, we remain as encouraged as ever by the growth and the activity we continue to see on our streets, and we see no signs of a slowdown on the horizon.

十月份，我們在特拉華州威爾明頓的白蘭地市中心迎來了第一個迪克運動之家。自從宣佈建造體育中心以來，我們看到租賃量和租金明顯上漲，這幫助我們在該中心額外租賃了 80,000 平方英尺的空間。總而言之，我們仍然對街頭不斷增長和活動感到鼓舞，而且我們看不到任何放緩的跡象。

And with that, I will pass things off to Reggie.

說完這些，我就會把事情交給雷吉。

Thanks, AJ. Good morning, everyone. I'm excited to share specifics around our 2024 and year-to-date acquisition activity and provide insight into how we're positioning the company for continued growth across our platforms. In the second half of the year, we had one of the busiest periods on record, with more than $600 million of transactions split evenly between our core and investment management businesses.

謝謝，AJ。大家早安。我很高興與大家分享我們 2024 年及年初至今的收購活動的具體細節，並深入了解我們如何定位公司以實現整個平台的持續成長。今年下半年，我們經歷了有史以來最繁忙的時期之一，核心業務和投資管理業務的交易量超過 6 億美元。

More importantly, the story behind the headline number is even more compelling. The bottom line is we hit on all cylinders, by adding assets to our core portfolio that delivered accretion at our $0.01 per $200 million target with an attractive going-in GAAP yield in the mid-sixes and five-year CAGR in excess of 7% that will drive our cash yield into the sevens as well. We added assets that upgraded the quality of our portfolio through transactions accretive to NAV. And we added assets that increased our concentration in key supply constraint markets that are must-have locations for our retailers. So let's take a closer look at some of those transactions.

更重要的是，這個數字背後的故事更引人注目。最重要的是，我們全力以赴，透過向我們的核心投資組合中添加資產，實現了每 2 億美元 0.01 美元的增值目標，在 60 年代中期實現了具有吸引力的 GAAP 收益率，五年複合年增長率超過 7%，這也將推動我們的現金收益率進入 70 年代。我們增加了資產，透過增加資產淨值的交易提升了我們投資組合的品質。我們也增加了資產，提高了我們對關鍵供應約束市場的集中度，這些市場是我們零售商必須佔據的地點。讓我們仔細看看其中一些交易。

In the Georgetown market, we acquired an additional 48% interest and a portfolio of 18 properties. This increased our ownership stake in that portfolio to 68% with a key local partner, East Bank Inc., owning the balance. We now own a majority position in a significant portion of all the prime storefronts in Georgetown. And with this additional investment, we are certainly the undisputed landlord of choice in the top Street Retail market in DC.

在喬治城市場，我們額外收購了 48% 的權益和 18 處房產的投資組合。這使得我們在該投資組合中的持股比例增至 68%，而當地一個主要合作夥伴 East Bank Inc. 則持有剩餘股份。我們目前在喬治城所有主要店面中佔據了大部分的多數股權。憑藉這項額外投資，我們毫無疑問地成為了華盛頓特區頂級街頭零售市場的首選房東。

And while DC in general may still be in early stages of recovery, M Street tenant sales are in excess of prior peak with room to run on rent growth. And just like those investments in Georgetown, activity in SoHo was purposeful and strategic. We purchased more than $120 million of assets with half coming from off-market transactions. This included 92 to 94 Green Street on the Best Block in SoHo, a high-profile corner property at 106 Spring Street, and another exciting asset at 73 Wooster.

儘管華盛頓特區總體上仍處於復甦的早期階段，但 M 街租戶銷售額已超過先前的峰值，並且還有租金增長的空間。就像在喬治城的投資一樣，在蘇荷區的活動也是有目的、有策略的。我們購買了超過1.2億美元的資產，其中一半來自場外交易。其中包括位於 SoHo 最佳街區的 Green Street 92 至 94 號、位於 Spring Street 106 號的高調街角房產，以及位於 Wooster 73 號的另一個令人興奮的資產。

These assets include popular tenants like Givenchy and Viore and continue our effort to connect the dots, driving curation and rents in the sub-market. And as AJ said, these deals bring our total holdings in the sub-market to 20 storefronts, making us one of the largest institutional landlords in SoHo. However, it's important to note, this still represents less than 10% of the total prime storefronts in the market, so this should allow for future acquisition activity that will drive our growth there.

這些資產包括 Givenchy 和 Viore 等受歡迎的租戶，我們將繼續努力將這些點連接起來，推動子市場的策劃和租金。正如 AJ 所說，這些交易使我們在該子市場的總持有量達到 20 家店面，讓我們成為 SoHo 最大的機構業主之一。然而，值得注意的是，這仍然不到市場上優質店面總數的 10%，因此這應該可以為未來的收購活動提供便利，從而推動我們在那裡的成長。

And while SoHo and growth in SoHo is certainly a priority, don't forget our previously announced deal on Bleecker Street in the West Village, yet another example of how we know how to identify sub-markets with rent growth characteristics where we can scale. These Bleecker assets have strong going-in yields with positive mark-to-market opportunities as it continues to be a coveted landing spot for many of our younger advanced contemporary brands.

雖然 SoHo 和 SoHo 的成長無疑是我們的優先事項，但不要忘記我們之前宣布的在西村布利克街的交易，這也是我們知道如何識別具有租金成長特徵的子市場並擴大規模的另一個例子。這些 Bleecker 資產具有強勁的入市收益率和積極的市價機會，因為它仍然是我們許多年輕先進當代品牌夢寐以求的著陸點。

Heading across the bridge, the Williamsburg Market in Brooklyn has been one of the more active and desired retail markets over the last few years, as you all know. Complementing our existing holdings on Bedford Avenue, we added new assets along North 6th Street, where we invested more than $50 million. These deals contain a mix of below-market leases, credit tenants, leaseable vacancy, and even a small parcel where we intend to build an additional storefront. It represents an optimal mix of yield and growth that frankly exemplifies our focus on well-rounded portfolio construction.

穿過橋，眾所周知，布魯克林的威廉斯堡市場在過去幾年中一直是最活躍和最受歡迎的零售市場之一。除了我們在貝德福德大道現有的資產外，我們還在北六街增加了新資產，投資額超過 5,000 萬美元。這些交易包括低於市場的租約、信用租戶、可出租的空置房屋，甚至還有一小塊我們打算建造額外店面的土地。它代表了收益和成長的最佳組合，坦率地體現了我們對全面投資組合建構的關注。

And while we're excited about our balance sheet transactions, we're equally enthusiastic about the execution within our investment management platform. In addition to our previously announced transaction with JPMorgan, we executed two additional joint ventures in the fourth quarter. First, we formed a joint venture with TPG Real Estate to acquire the Link Promenade in Las Vegas for $275 million.

雖然我們對資產負債表交易感到興奮，但我們對投資管理平台內的執行也同樣充滿熱情。除了我們先前宣布的與摩根大通的交易外，我們還在第四季度建立了另外兩家合資企業。首先，我們與TPG Real Estate成立合資企業，以2.75億美元收購了拉斯維加斯的Link Promenade。

This 180,000 square foot open-air destination offers retail, dining, and entertainment options along with accretive releasing potential and ancillary revenue opportunities. And while the deal is compelling in and of itself, it's also further evidence that we are a well-capitalized and experienced operator that is a desirable partner for leading institutional investors.

這個佔地 180,000 平方英尺的露天目的地提供零售、餐飲和娛樂選擇，以及增值釋放潛力和輔助收入機會。雖然這筆交易本身就引人注目，但它也進一步證明我們是一家資本雄厚、經驗豐富的營運商，是領先機構投資者理想的合作夥伴。

And second, with respect to the previously announced Power Center purchase of the Walk at Highwoods, we entered into a joint venture with Cohen and Steers, another leading institutional investor. This value-add opportunity will allow for repositioning to better tenancy in Tampa, Florida, one of the fastest-growing Sunbelt markets in the country.

其次，針對先前宣布的 Power Center 收購 Highwoods Walk 的交易，我們與另一家領先的機構投資者 Cohen and Steers 成立了合資企業。這個增值機會將使公司重新定位到佛羅裡達州坦帕更好的租賃市場，佛羅裡達州坦帕市是美國成長最快的陽光地帶市場之一。

So to summarize, 2024 and year to date has been a period of strategic growth and disciplined execution. For our core platform, our acquisitions reinforce our commitment to targeting high-quality assets with strong long-term growth potential. And for the investment management business, we found interesting value-add opportunities that not only leverage our talent but also our strong institutional capital relationships.

總而言之，2024 年及今年迄今是策略成長和嚴格執行的時期。對於我們的核心平台，我們的收購強化了我們瞄準具有強勁長期成長潛力的優質資產的承諾。對於投資管理業務，我們發現了有趣的增值機會，不僅可以利用我們的人才，還可以利用我們強大的機構資本關係。

On a personal note, it's been the most exciting external growth environment in my 13 years with the company. And looking ahead, our pipeline reflects continued momentum. However, as with last year, we will remain disciplined and add assets that are compelling and continue to drive our long-term growth. I want to thank the team for their hard work and dedication to our peer-leading external growth execution last year.

就我個人而言，這是我在公司工作的13年來最令人興奮的外部成長環境。展望未來，我們的產品線將持續保持良好動能。然而，與去年一樣，我們將繼續嚴守紀律，增加有吸引力的資產，並繼續推動我們的長期成長。我要感謝團隊去年為我們實現同行領先的外部成長執行所付出的辛勤工作和奉獻。

Thank you for your time today, and with that, I'll turn it over to John.

感謝您今天抽出時間，現在我將把時間交給約翰。

Thanks, Reggie, and good morning. Before diving in, I want to spend a moment highlighting our team's accomplishments over the past year and how those efforts are driving our results in 2025 and beyond. First, driven by the strength of our Street Retail portfolio, our same-store NOI grew by 5.7% for both the quarter and the full year.

謝謝，雷吉，早安。在深入探討之前，我想花點時間強調我們團隊在過去一年中的成就，以及這些努力如何推動我們在 2025 年及以後的成果。首先，在我們街頭零售組合實力的推動下，我們本季和全年的同店淨營業利潤均成長了 5.7%。

And we see these trends continuing, with 5% to 6% same-store growth projected in 2025 and in the years following, particularly when factoring in the 7-plus percent of NOI growth that Reggie highlighted from the $300 million of new Street Retail additions that we completed this past quarter. And this growth is driving our bottom-line earnings, with year-over-year FFO growth of 5% in 2024 and the expectation of 5.5% growth in 2025. And keep in mind, the 5.5% of anticipated growth in 2025 is before factoring in any further external acquisitions.

我們看到這些趨勢將會持續下去，預計 2025 年及之後幾年同店銷售額將增長 5% 至 6%，尤其是考慮到 Reggie 強調的我們上個季度完成的 3 億美元街頭零售新增業務帶來的 7% 以上的淨利潤增長率。這種成長推動了我們的底線收益，2024 年 FFO 年成長 5%，預計 2025 年將成長 5.5%。請記住，預計 2025 年的 5.5% 的成長還沒有考慮任何進一步的外部收購。

Secondly, we accomplished our balance sheet goals and put ourselves in a position to successfully execute on our internal external growth strategy. During the year, we raised approximately $740 million of common equity and completed over $1 billion of secured and unsecured debt transactions. And not only did we accomplish this without diluting our earnings, we accretively invested over $600 million of gross asset value between our core and investment management businesses, along with leaving ourselves with a few hundred million dollars of dry powder to fuel further external growth.

其次，我們實現了資產負債表目標，並且能夠成功執行內部外部成長策略。本財年，我們籌集了約 7.4 億美元的普通股，並完成了超過 10 億美元的有擔保和無擔保債務交易。我們不僅在不稀釋收益的情況下實現了這一目標，還在核心業務和投資管理業務之間增加了超過 6 億美元的總資產價值投資，同時還留下了數億美元的現金來推動進一步的外部成長。

And while a lot of activity to take away is clear, as the capital markets' windows opened up and the bid-ask spread on new investments narrowed, we hit it hard, and our team will continue to make hay so long as the sun is shining, as these windows don't last forever. And while the volume of activities that our team accomplished in the last six months or so would be impressive for virtually any of our REIT peers, at our relative size, the impact on our business was transformational.

儘管顯然還有很多活動需要注意，但隨著資本市場窗口的打開和新投資的買賣價差縮小，我們受到了沉重的打擊，只要陽光明媚，我們的團隊就會繼續努力，因為這些窗口不會永遠存在。儘管我們團隊在過去六個月左右完成的活動量對於我們的幾乎所有房地產投資信託基金同行來說都是令人印象深刻的，但就我們的相對規模而言，它對我們業務的影響是變革性的。

And now let me fill in a few details, starting with our fourth-quarter results. Our fourth-quarter earnings came in at $0.32 a share, representing year-over-year growth of approximately 15% over the $0.28 that we reported in the prior-year comparable quarter. Our quarterly results were slightly impacted by the timing of our equity raise and the closing of the acquisitions in our pipeline. But as we got our deals across the finish line in January, our 2025 earnings goals are on track.

現在讓我補充一些細節，從我們的第四季業績開始。我們第四季的每股收益為 0.32 美元，比去年同期的每股 0.28 美元成長了約 15%。我們的季度業績略微受到了股權融資時機和正在進行的收購結束的影響。但隨著我們在一月份完成交易，我們的 2025 年獲利目標已經步入正軌。

Additionally, we achieved 5.7% same-store NOI growth for the quarter, and this was driven by growth in excess of 12% from our Street Retail portfolio. And the growth we're seeing from our street portfolio is being driven by a powerful combination of the 3% contractual growth that's built into our street leases, occupancy gains, and increasingly more impactful, the mark-to-market spreads we are achieving on new leases.

此外，本季我們實現了 5.7% 的同店淨營業收入成長，這得益於我們的街頭零售組合超過 12% 的成長。我們的街道投資組合的成長是由街道租約中 3% 的合約成長率、入住率成長以及越來越有影響力的我們在新租約中實現的按市價計價的利差等因素的強大組合推動的。

And I want to spend a moment to elaborate on the impact of occupancy gains and the mark-to-market spreads that occurred during the fourth quarter. Starting with occupancy, our core physical occupancy sequentially increased by 140 basis points. And this was driven by approximately $5 million of ABR at our share coming online during the quarter.

我想花一點時間來詳細闡述第四季度入住率成長和市價利差的影響。從入住率開始，我們的核心實體入住率連續增加了 140 個基點。這是由我們本季上線的約 500 萬美元 ABR 份額推動的。

In addition to simply adding new occupancy, within that $5 million was $1.5 million of mark-to-market spreads from new leases that commenced during the quarter. And just to clarify, the $1.5 million is included within the $5 million of commencing ABR, and it represents the cash spreads we are achieving on these new leases as compared to the prior lease. And just for context, at our relative size, $1.5 million of mark-to-market, equates to over $0.01 of incremental FFO, and about 125 basis points of same-store NOI growth, with about 90% of this coming from our street portfolio.

除了簡單地增加新入住率外，這 500 萬美元還包括本季開始的新租約產生的 150 萬美元的市價利差。需要澄清的是，150 萬美元包含在 500 萬美元的起始 ABR 中，它代表了與之前的租約相比我們在這些新租約上實現的現金利差。僅就背景而言，以我們的相對規模，150 萬美元的市價，相當於超過 0.01 美元的增量 FFO，以及約 125 個基點的同店 NOI 增長，其中約 90% 來自我們的街道投資組合。

And as we think about further occupancy gains, I want to provide a quick update on our signed not-yet-open pipeline, which was $7.7 million at December 31. This represents over 5% of our core ABR and a spread of 270 basis points between our leased and physical occupancy. Additionally, we sequentially increased our leased occupancy by an additional 110 basis points to 95.8%, which was driven by $3 million of new core leases that were signed during the quarter.

當我們考慮進一步提高入住率時，我想快速更新我們已簽署的尚未開放的項目管道，截至 12 月 31 日，該項目管道價值為 770 萬美元。這占我們核心 ABR 的 5% 以上，且我們的租賃和實際入住率之間的差額為 270 個基點。此外，我們的租賃入住率連續增加了 110 個基點，達到 95.8%，這得益於本季簽署的 300 萬美元的新核心租賃。

But as we've said before, and it's worth repeating, all occupancy percentages are not created equal, meaning while our overall occupancy is 95.8%, our higher dollar street and urban portfolio is around 90% leased, meaning we still have a lot of room to run. And as a reminder, the $7.7 million of signed not-yet-open is at our pro rata share and represents core same-store only, meaning it excludes any leases signed in our core redevelopment pipeline and our investment management platform, including City Point, which, if included, would nearly double our reported signed not-yet-open pipeline.

但正如我們之前所說，值得重複的是，並非所有的入住率都是平等的，這意味著雖然我們的整體入住率為 95.8%，但我們價格較高的街道和城市投資組合的出租率約為 90%，這意味著我們仍有很大的發展空間。需要提醒的是，770 萬美元的已簽署尚未開業的店鋪是按比例計算的，且僅代表核心同店，這意味著它不包括我們核心重建渠道和投資管理平台（包括 City Point）中籤署的任何租約，如果包括在內，將幾乎是我們報告的已簽署尚未開業的店鋪數量的兩倍。

Additionally, the $7.7 million represents incremental ABR as it excludes any leases that we have executed on space that is currently occupied. From a timing perspective, we anticipate that all of the $7.7 million will commence at some point in 2025. And when factoring in estimated timing, it's projected to contribute incremental ABR of about $4 million in 2025, with about 75% or roughly $3 million of the $4 million projected to show up in the second half of the year.

此外，770 萬美元代表增量 ABR，因為它不包括我們在目前佔用的空間上執行的任何租約。從時間角度來看，我們預計全部 770 萬美元將在 2025 年的某個時候開始到位。而考慮到預計的時間，預計到 2025 年它將貢獻約 400 萬美元的增量 ABR，其中預計 400 萬美元中的約 75% 或約 300 萬美元將出現在下半年。

Thus, the full impact of the $7.7 million, meaning the incremental $3.7 million, will show up in 2026. So now taking a step back, because I realized that I had just thrown out a bunch of numbers. So let me spend just a minute to pull together the pieces, which is code for those modeling. It's time to pull out your pencils. Starting with the net positives, and to recap what I just walked through.

因此，770 萬美元（即增量的 370 萬美元）的全部影響將在 2026 年顯現。現在退一步來說，因為我意識到我剛剛拋出了一堆數字。所以，讓我花一分鐘把這些碎片整合在一起，這就是那些建模的程式碼。是時候拿出你的鉛筆了。從淨正面結果開始，回顧我剛剛經歷的事情。

We are anticipating an incremental $9 million of ABR, comprised of the full-year impact from the $5 million of rents that commenced during the fourth quarter, plus the $4 million from our signed not-yet-open pipeline. Offsetting this incremental $9 million in 2025 is about $4 million of ABR from our pry-loose strategy that we discussed on our last call.

我們預計 ABR 的增量為 900 萬美元，包括第四季度開始的 500 萬美元租金對全年的影響，加上我們已簽署的尚未開放的管道帶來的 400 萬美元。2025 年這 900 萬美元的增量將由我們在上次電話會議上討論的撬動策略產生的約 400 萬美元 ABR 來抵消。

As a reminder, our pry-loose strategy refers to the active asset management of our portfolio, primarily within our key streets, to pry loose below-market leases from underperforming tenants, and release them at current market ranks. And we've already replaced this $4 million with $6.5 million of new deals, resulting in a net gain of about $2.5 million or nearly $0.02 of incremental FFO.

提醒一下，我們的撬動策略是指對我們的投資組合進行積極的資產管理，主要在我們的主要街道內，從表現不佳的租戶手中撬動低於市場的租約，並按照當前市場排名釋放它們。我們已經用 650 萬美元的新交易取代了這 400 萬美元，從而產生了約 250 萬美元的淨收益，或近 0.02 美元的增量 FFO。

So while the downtime in 2025 is a short-term offset in our 2025 NOI as we turn the spaces, it sets us up for outsized growth in 2026 and beyond as we bring these new tenants online. Now moving on to our 2025 earnings guidance, as outlined in our release, we have initiated 2025 guidance of $1.35 at the midpoint, representing projected growth of approximately 5.5% over 2024.

因此，雖然 2025 年的停機時間在我們轉變空間時會對我們的 2025 年 NOI 產生短期抵消作用，但隨著我們將這些新租戶引入，它將為我們在 2026 年及以後的超額增長奠定基礎。現在來看看我們的 2025 年獲利預測，正如我們在新聞稿中概述的那樣，我們已將 2025 年的獲利預測定為中點 1.35 美元，預計比 2024 年增長約 5.5%。

A few observations on our initial guidance, and I'll start with a spoiler alert, which, given our past practice, really shouldn't be too much of a spoiler. You should not expect that when we announce our earnings in a few weeks that we beat our first-quarter earnings. But where is the potential for upside to our annual guidance?

對於我們最初的指導，我想說幾點觀察，首先我要說一下劇透，根據我們過去的慣例，劇透應該不會太多。當我們在幾週後宣布我們的收益時，你不應該期望我們的收益會超過第一季的收益。但我們的年度指引上行潛力在哪裡呢？

First, let's start with credit and leasing. In terms of credit, we have assumed about 125 basis points of bad debt in our guidance. And this feels pretty conservative, as it's more than what we have needed over the past few years, particularly when considering that our single-container store lease was assumed without modification, and we have limited exposure to the other announced bankruptcies.

首先，讓我們從信貸和租賃開始。在信用方面，我們在指引中假設壞帳約有 125 個基點。這感覺相當保守，因為這超過了我們過去幾年的需要，特別是考慮到我們的單一集裝箱商店租賃未經修改就已承擔，而且我們對其他宣布的破產的影響有限。

But as we always do, we believe it makes sense to build a bit more reserves into our initial guidance. And as it relates to leasing, our team has already signed all the deals necessary to achieve our 2025 results. Which means that given the nature of our Street Retail assets, it's actually not unrealistic to assume that we have the opportunity to sign a new lease and start collecting rent during the year.

但正如我們一貫所做的那樣，我們認為在初步指導中增加一些儲備是有意義的。至於租賃方面，我們的團隊已經簽署了實現 2025 年業績所需的所有協議。這意味著，考慮到我們的街頭零售資產的性質，假設我們有機會在年內簽署新的租約並開始收取租金實際上並非不切實際。

And just to illustrate this point, during this past fourth quarter in the Gold Coast of Chicago, our new tenant, Brandy Melville, toured a space at the end of September. They signed a lease a few weeks later, opened the store, and began paying rent in mid-November. And to elaborate on the impact, this single space was less than 6,000 square feet of GLA, or about 1 basis point of occupancy, but contributed over a half $0.01 of annual FFO.

為了說明這一點，在過去的第四季度，在芝加哥黃金海岸，我們的新租戶布蘭迪·梅維爾 (Brandy Melville) 於九月底參觀了一個空間。幾週後，他們簽訂了租約，開了店，並在 11 月中旬開始支付租金。為了詳細闡述其影響，這個單一空間的 GLA 不到 6,000 平方英尺，或佔用率約為 1 個基點，但貢獻了超過 0.01 美元的年度 FFO。

And the second opportunity for upside to our guidance is external growth. Our $1.35 of projected FFO does not include any accretion from external growth. So while I share Ken and Reggie's enthusiasm about putting more accretive capital to work in the near term, our 2025 earnings guidance hasn't factored any of this in. And as outlined in our release, we have $275 million of forward equity proceeds on call to fund it.

我們預期上升的第二個機會是外部成長。我們預計的 1.35 美元 FFO 不包括任何來自外部成長的增量。因此，雖然我和肯和雷吉一樣熱衷於在短期內投入更多增值資本，但我們的 2025 年獲利預測尚未考慮到這些因素。正如我們在新聞稿中概述的那樣，我們有 2.75 億美元的遠期股權收益可用於資助該專案。

And a final point on guidance, I want to spend a moment on the re-tenanting of city center in San Francisco that AJ discussed and we outlined in our release. While we are limited to what we can share at this point, we want to reiterate that the economics from this new lease, coupled with a reimbursement for Whole Foods for rent and recoveries, there is no material impact to our short or long-term earnings.

關於指導的最後一點，我想花點時間討論 AJ 討論過的舊金山市中心的重新租賃問題，我們在新聞稿中對此進行了概述。雖然目前我們能夠分享的資訊有限，但我們希望重申，這份新租約帶來的經濟效益，加上全食超市的租金補償和回收費用，不會對我們的短期或長期收益產生重大影響。

And while we shouldn't get too far ahead of ourselves, our team believes that we have a good shot of beating our goals given the retailer interest that we anticipate that our new addition will bring to the center. But stay tuned for more information in the coming weeks.

雖然我們不應該太自我超越，但我們的團隊相信，考慮到我們預期新店將引起零售商的興趣，我們很有可能超越我們的目標。但請繼續關注未來幾週的更多資訊。

And just as a reminder, City Center is included in our core redevelopment pipeline, which means that neither of these leases are included in the $7.7 million of signed not-yet-open pipeline, and the payments received from Whole Foods will not be included in our 2025 same-store results. Thus, as we start 2025 with our embedded internal growth, along with the dry powder we have on call, we remain very well positioned to beat our expectations for the coming year and in the years following.

需要提醒的是，市中心包含在我們的核心重建管道中，這意味著這些租約都不包含在已簽署的價值 770 萬美元的尚未開放的管道中，並且從全食超市收到的付款也不會包含在我們 2025 年的同店業績中。因此，隨著我們憑藉內在的內部增長以及隨時待命的干火藥開啟 2025 年，我們仍然處於非常有利的位置，能夠在來年及之後幾年超越我們的預期。

And before opening up to questions, just a quick balance sheet update. During 2024, on a non-diluted basis, we completed about $2 billion of debt and equity transactions, resulting in a reduction of our debt-to-GAV to under 30%, and brought our debt-to-EBITDA ratio down a full turn to 5.5 times, which includes our pro rata share of the non-recourse debt from our investment management business, which means that we would be in the mid-fours if we were to look solely at our core debt-to-EBITDA metrics.

在回答問題之前，我們先來快速更新一下資產負債表。2024 年，在非稀釋基礎上，我們完成了約 20 億美元的債務和股權交易，從而使我們的債務與 GAV 之比降低至 30% 以下，並將我們的債務與 EBITDA 之比全面下降至 5.5 倍，其中包括我們按比例分配的投資管理業務無追索權債務，這意味著我們與四倍 指標

And while today's hotter-than-expected CPI report puts pressure on interest rates, we wanted to remind everyone that we have no meaningful core maturities until 2028, along with a balance sheet that is fully hedged for the next several years, which means that our internal growth will drop to our bottom line.

雖然今天高於預期的CPI報告對利率造成了壓力，但我們想提醒大家，直到2028年我們才有有意義的核心到期日，而且未來幾年我們的資產負債表已經完全對沖，這意味著我們的內部增長將下降到我們的底線。

And with that, I will now turn the call over to the operator for questions.

現在，我將把電話轉給接線員來回答問題。

(Operator Instructions) Linda Tsai of Jefferies.

(操作員指示) Jefferies 的 Linda Tsai。

Thank you. How do you think about the concept of scale in your street portfolio? How do you build it, and how do you know when you're achieving it? Are there certain metrics or indicators?

謝謝。您如何看待街頭作品集中的規模概念？您如何建構它？是否有特定的指標或標準？

Yes, so let me add a little color to it because I'm the one who brought it up. And then AJ, maybe you could add some numbers and context. Scale works when we own the right assets in the right corridors. So first and foremost, if you own just a generic portfolio of stuff, I'm not sure scale does that much benefit.

是的，所以讓我來添加一點色彩，因為我就是提出這個問題的人。然後 AJ，也許你可以添加一些數字和背景。當我們在正確的領域擁有正確的資產時，規模就會發揮作用。因此，首先，如果你擁有的只是一個普通的投資組合，我不確定規模是否能帶來多大的好處。

Where we own in these key corridors, we are seeing our ability to both drive rents but also better curate, better defend the corridors to be the case. Second point I'd make is the acquisitions we have made and will continue to make have to stand on their own individual acquisition, have to be accretive, have to check all of the boxes, irrespective of the long-term scale. AJ, why don't you add some thoughts to how you're thinking about it?

在這些關鍵走廊中，我們看到我們既有能力推動租金，也有能力更好地管理和更好地捍衛這些走廊。我想說的第二點是，我們已經進行的以及將繼續進行的收購必須立足於各自的收購，必須具有增值性，必須滿足所有的條件，而不管長期規模如何。AJ，為什麼不補充一些你對此的看法呢？

Sure. In terms of quantifying it, and of course it's going to depend on the market, right? You want markets, of course, where there's significant barriers. But generally, I'd attribute about 10% in terms of the upside in terms of rent growth when you have significant scale. We obviously saw what happened in Armitage Avenue, where we well exceeded that 10%.

當然。就量化而言，這當然取決於市場，對嗎？當然，你想要的是存在重大障礙的市場。但一般來說，當規模較大時，我認為租金成長的上升空間約為 10%。我們顯然看到了阿米蒂奇大道所發生的情況，我們在那裡遠遠超過了那 10%。

But really, from my perspective, it's important to note that this isn't about convincing tenants to overpay. This is about curation. It's about improving co-tenancy, promoting overall sales growth, promoting increased traffic. And rent is really just a byproduct of all of that. So combination of scale, experience, access to capital, access to data, that all plays into the equation.

但實際上，從我的角度來看，重要的是要注意這並不是為了說服租戶多付錢。這是關於策展的。其目的在於改善共同租賃，促進整體銷售成長，增加客流量。而租金其實只是這一切的副產品。因此，規模、經驗、資本獲取途徑、資料獲取途徑等的結合，都發揮作用。

Thanks. And then in terms of acquisition volume in 2025, what is the percentage split of core and investment management, and how are you thinking about the opportunity set?

謝謝。那麼就 2025 年的收購量而言，核心和投資管理的百分比是多少，您如何看待機會集？

Reg, do you want to stick your neck out on that?

雷格，你願意冒這個險嗎？

Sure. So hi, Linda. So I would say big picture from a core standpoint, we think as long as the sun is shining and the stars are aligned, there's no reason we can't duplicate what we did last year this year. From an asset -- from an investment management platform standpoint, by definition, it's more opportunistic. And so it's hard to give guidance around that because we're going to only do the deals that make sense that we can find that can deliver outsized returns. So a little more difficult to predict on that end of the spectrum.

當然。你好，琳達。因此，我想從核心角度來說，我們認為，只要太陽閃耀、星星排列整齊，就沒有理由不能重複去年去年所做的事情。從資產—從投資管理平台的角度來看，從定義上講，它更具機會性。因此，我們很難就此提供指導，因為我們只會做那些我們認為可以帶來超額回報的合理交易。因此，從這個角度來預測會稍微困難一些。

Thank you.

謝謝。

Floris van Dijkum, Compass Point.

弗洛里斯·範·迪庫姆 (Floris van Dijkum)，指南針角。

Hey, thanks. Good morning, guys.

嘿，謝謝。大家早安。

Good morning.

早安.

Question, I'm intrigued by your low occupancy on your street and urban portfolio of 90.6. And maybe if you can talk a little bit -- it seems like average rents of $81 or something like that, presumably market rents are higher. What's the impact of every 1% increase in your occupancy? and what was your peak street and urban occupancy in the previous cycles?

問題，我對您街道和城市投資組合中 90.6 的低佔用率感到好奇。也許您可以稍微聊聊——似乎平均租金為 81 美元或類似的數字，大概市場租金會更高。入住率每增加 1%，會產生什麼影響？您在前幾個週期的街道和城市峰值佔用率是多少？

John, do you want to cover that?

約翰，你想報道一下這個嗎？

Hey, good morning, Floris. So starting with the last question, peak occupancy is in the -- I think it was in the 97% range, and we put out the other guidance that was to look out several years $30 million to $40 million of internal growth. We were not getting to that peak occupancy level, but that's where we did get to. We're peaking in that guide at the, call it, 94%, 95%. I know everyone hates this answer that it actually really, really depends on what lease, what street we sign, whether it's multiple level, single level space.

嘿，早安，弗洛里斯。因此，從最後一個問題開始，高峰入住率是——我認為是在 97% 的範圍內，並且我們提出了另一個指導意見，即預計幾年內內部增長將達到 3000 萬至 4000 萬美元。我們的入住率並未達到峰值，但我們確實達到了那個水平。我們在該指南中達到的高峰是 94%、95%。我知道大家都討厭這個答案，因為這其實真的取決於我們簽的租約、在哪條街道籤的租約，以及它是多層還是單層空間。

Of course, I would love to tell you to slap $500 a foot for every square foot we lease. But it's going to matter space by space, building by building. But what I would say is that we are generating -- we look at this quarter. We delivered 12% of street growth. We see -- till we get to that 95%, we think we're going to be in that 10% range, why don't we say, for the next couple of years while we get that occupancy back up and running, which I think we've said in the past, this is we think within the next 18 months or so we get there.

當然，我很想告訴你，我們租賃的每平方英尺租金要收 500 美元。但這將對每個空間、每棟建築產生影響。但我想說的是，我們正在創造——我們關注的是這個季度。我們實現了 12% 的街道成長。我們看到 - 直到我們達到 95% 的入住率，我們認為我們將處於 10% 的範圍內，為什麼我們不說，在接下來的幾年裡，當我們恢復入住率時，我想我們過去已經說過，我們認為在未來 18 個月左右我們會達到這個目標。

I know I'm not giving you the math to get there, but we could spend the time to walk through what markets and where we see rents. I'd love to give you a blanket. Rent per foot, just really can't do it. I'd mislead you.

我知道我沒有給你提供實現這一目標所需的數學知識，但我們可以花些時間去了解哪些市場以及在哪裡可以看到租金。我很樂意給你一條毯子。按英尺計費，實在不行。我會誤導你。

Fair enough. Let me ask you a follow-up question. Obviously, you've got the ATM in place, so $275 million of additional investments. As you're thinking about where to deploy that capital, how would you -- obviously, you've been focused so far on your core markets of Soho, Williamsburg, and M Street. Where do you see the greatest opportunities today?

很公平。讓我問您一個後續問題。顯然，你已經安裝了 ATM，因此需要額外投資 2.75 億美元。當您考慮將資本部署到何處時，您會如何做？您認為當今最大的機會在哪裡？

And would you consider -- I mean, wouldn't it be a contrarian bet to maybe put some money into San Francisco, which seems completely out of favor? Or are the returns simply not attractive enough at this point? Maybe you can talk a little bit about the various markets and the attraction that you see and the opportunities you see.

您是否會考慮——我的意思是，將一些錢投入舊金山，這不是一種反向賭注嗎？還是目前的回報還不夠有吸引力？也許您可以稍微談談各種市場以及您所看到的吸引力和機會。

Sure. Reggie, let me start and then add in certainly as to where you see our additional current focus in our pipeline and otherwise. First of all, Floris, the good news and one of the reasons that we have our dual platform is it expands our aperture. Meaning if we see early stage recovery, highly opportunistic situations that may not work for our core additions, we'll team up with the right partners for our investment management platform.

當然。雷吉，讓我先補充一下，您認為我們目前的額外關注點在哪裡，以及在其他方面。首先，弗洛里斯，好消息，我們擁有雙平台的原因之一是它擴大了我們的範圍。這意味著，如果我們看到早期復甦，高度機會的情況可能不適合我們的核心附加功能，我們就會與合適的合作夥伴合作建立我們的投資管理平台。

And yes, there are markets that, as recently as a year or two ago, people said were uninvestable, and I suspect they're quickly becoming investable. But most importantly, of how we think about which markets we want to add to our portfolio, it's first and foremost a conversation with our retailers. Where do they want to be? Then it's an analysis of where do we see supply constraints? Because we need to buy into corridors. And if you think about what we have recently added, whether it's in Williamsburg, Brooklyn on North 6, or on Henderson Avenue in Dallas, there is supply constraints because it's a finite amount of square footage and very difficult to expand on it.

確實，就在一兩年前，人們還說有些市場不可投資，但我認為它們很快就會變得可投資。但最重要的是，我們如何考慮將哪些市場加入我們的投資組合中，首先要與我們的零售商進行對話。他們想去哪裡？然後分析我們在哪裡看到供應限制？因為我們需要購買走廊。如果你想想我們最近增加的建築，無論是在威廉斯堡、北 6 號的布魯克林，還是在達拉斯的亨德森大道，都存在供應限制，因為建築面積有限，很難擴建。

So once we find markets that retailers are excited about and that have adequate barriers to entry and supply constraints, that's where we'll execute. If it's early stage recovery and priced accordingly, it might end up more opportunistic, and we have done those and have been contrarian. And if it's something where we can build scale where we are the buyer of choice, then expect to see us to add in SoHo, on Henderson, in Melrose Place, or anywhere else. Reg, what are we working on right now, and how does that fit in?

因此，一旦我們找到零售商感興趣且具有足夠的進入障礙和供應限制的市場，我們就會在那裡執行。如果處於早期復甦階段且定價合理，那麼最終可能會更具機會性，我們已經這樣做了，並且採取了反向投資。如果我們能夠在自己選擇的買家所在地擴大規模，那麼我們就有可能在 SoHo、Henderson、Melrose Place 或其他任何地方開設分店。雷格，我們現在在做什麼？

Yes, I would say it fits perfectly. I mean, the new assets have to -- the new markets have to fit those characteristics. But I would just note that when we talk about the 20 storefronts or so we own in SoHo, that is a fraction of the prime SoHo market. So even if we didn't pick a bunch of new markets, there's substantial growth in the markets that we are already building scale, where we can connect the dots more.

是的，我認為它非常合適。我的意思是，新資產必須──新市場必須符合這些特徵。但我想指出的是，當我們談到我們在 SoHo 擁有的 20 家左右店面時，這只是 SoHo 主要市場的一小部分。因此，即使我們沒有選擇大量新市場，我們已經建立規模的市場也實現了大幅成長，我們可以在這些市場中更好地聯繫在一起。

And I think a lot of what we're seeing, too, is when we build that scale, we are the landlord of choice. We're the buyer of choice. So one of the benefits of that scale is We're getting those calls. We're underwriting faster because we have the tendency to rent information and et cetera. So I think even in the markets where we've done a lot, there's a lot more to do and we can continue to build in those markets.

我認為我們看到的很多情況是，當我們達到這個規模時，我們就是首選的房東。我們是首選買家。這種規模的好處之一就是我們可以接到這些電話。我們的承保速度更快，因為我​​們傾向於租賃資訊等等。因此我認為，即使在我們已經做了很多工作的市場中，還有很多工作要做，我們可以繼續在這些市場中發展。

Thanks, guys.

謝謝大家。

Sure.

當然。

Andrew Reale, Bank of America.

美國銀行的安德魯‧雷亞爾 (Andrew Reale)。

Morning. Thanks for taking my questions. Your guidance range is somewhat wide, and of course, not contemplating any external. So could you just discuss in some more detail the other swing factors that are going to drive 2025 to the top or bottom of that range? I mean, John, I know you mentioned credit, but just curious what other factors are at play here.

早晨。感謝您回答我的問題。你的指導範圍有點廣，當然，沒有考慮任何外部因素。那麼，您能否更詳細地討論一下將導致 2025 年達到該範圍頂部或底部的其他影響因素？我的意思是，約翰，我知道你提到了信用，但只是好奇這裡還有哪些因素在起作用。

Yes, Andrew, we do lay out detail by detail, line item by line item. So you could see where the variability is. So I think within core NOI, we have a pretty narrow range given that we've locked in the leasing to date. But as I mentioned, we have upside to that above and beyond that. You'll see we do have variability in what we promote. So I think there it's one between our various funds and things that Reggie and his team are looking to monetize where we're getting close on.

是的，安德魯，我們確實逐項、逐項列出了細節。這樣你就能看到改變在哪裡。因此我認為，在核心淨營運收入內，我們的範圍相當狹窄，因為迄今為止我們已經鎖定了租賃。但正如我所提到的那樣，我們的優勢還遠不止於此。您會發現，我們所推廣的內容確實有差異。所以我認為，這是我們各個基金中的一個，也是 Reggie 和他的團隊希望實現貨幣化的東西，我們已經接近目標了。

We could see that's where it would drive it, because that's probably one of the wider ranges around the promote. So I think we're going through there. You can see the individual line items, but we feel pretty good. And again, our guide, it's only less than 24 hours old. Don't want to talk it up just yet, but we feel pretty good that between the external growth and what we're hearing from our tenants and the strength of our team's leasing that we're feeling pretty bullish about this this year.

我們可以看到，這就是它的驅動力，因為這可能是推動其發展的更廣泛的範圍之一。所以我認為我們會經歷那裡。您可以看到單獨的項目，但我們感覺非常好。再次強調，我們的指南發布不到 24 小時。現在還不想談論這個，但我們感覺很好，從外部成長、從租戶那裡聽到的消息以及我們團隊的租賃實力來看，我們今年對此感到相當樂觀。

Let me just add a little more color, Andrew. At the highest end of our guidance range, that could certainly include some external growth. Wherever it shows up to the extent that we're getting to the high end, John, I'm sure we'll be happy to take it.

讓我再添加一點顏色，安德魯。在我們的指導範圍的最高端，這肯定會包括一些外部成長。約翰，無論它出現在哪裡，只要我們達到高端，我相信我們都會很樂意接受它。

Okay, thanks. And just as a follow up, on the external side, there's been some talk lately just about broader buyer pools and increasing competition for certain retail assets, but just curious if you could talk about how competition for Street Retail M&A is evolving.

好的，謝謝。作為後續問題，從外部來看，最近有一些關於擴大買家範圍和加劇某些零售資產競爭的討論，但我好奇您是否可以談談街頭零售併購的競爭是如何演變的。

Yes, so there has been increased competition for all Open-Air Retail as institutions have woken up recently realizing that they are under-allocated to a very strong asset class, meaning Open-Air Retail. Reg, I'll let you give some of the specifics of the different components. But for Street Retail, while it is getting arguably less attention and is less crowded than some of the others, there are some very smart, capable institutional buyers that are playing in that area.

是的，所有露天零售的競爭都愈發激烈，因為各機構最近意識到，它們對一個非常強大的資產類別，也就是露天零售，的配置不足。雷格，我會讓你給出一些不同組件的具體細節。但對於街頭零售而言，雖然它受到的關注可能比其他一些市場要少，參與者也不那麼擁擠，但仍有一些非常聰明、有能力的機構買家正​​在該領域開展業務。

It's a net positive to us for a bunch of reasons. One of them is it is causing more sellers to show up, and then we're getting more than our fair share of that increased volume. Reg, I don't know what you want to add about relative cap rates as well as how we're getting our deals done.

由於多種原因，這對我們來說都是一件有利的事情。其中之一就是它吸引了更多的賣家，然後我們從增加的銷售中獲得的份額就超過了我們應得的份額。雷格，我不知道你想補充什麼關於相對資本化率以及我們如何完成交易。

Yes, well, I would say one additional thing. With the sellers that are coming to the market, all of a sudden, yes, they're more buyers, but they're more sellers, too. Sellers who are sitting on their property saying, oh, maybe I don't want to sell my retail right now. They're coming to the market. So yes, there's more competition.

是的，好吧，我想另外說一件事。隨著賣家進入市場，突然之間，買家增多，但賣家也增加。賣家坐在自己的房產上說，哦，也許我現在不想賣掉我的零售商品。他們正在進入市場。是的，競爭更加激烈。

But what I like about this environment, particularly for us, is when you have that additional competition, sellers are focused more on reputation, relationships, and speed. And we are built for those things. And that's how we've been able to get our fair share of those deals. So we welcome the increased competition because we think we operate and execute well in that environment.

但我喜歡這種環境，特別是對我們來說，當你有了額外的競爭時，賣家會更加重視聲譽、關係和速度。我們生來就是為了做這些事的。這就是我們如何能夠從這些交易中獲得公平的份額。因此，我們歡迎日益激烈的競爭，因為我們認為我們在這種環境中運作和執行得很好。

Thank you.

謝謝。

Michael Mueller, JP Morgan.

摩根大通的邁克爾·穆勒。

Okay. I guess, first thing, it looks like the guidance, there's a footnote talking about the City Point loan. The assumption is it stays outstanding all year. I guess as you sit here today, what's the likelihood of that happening? Because I think it can be paid back in June, right?

好的。我想，首先，它看起來像是指南，其中有一個腳註談論 City Point 貸款。假設它全年都保持出色狀態。我想，當您今天坐在這裡時，發生這種情況的可能性有多大？因為我覺得六月就能還清，對嗎？

Yes, so Mike, that's right. It could be paid back, but I think that conversations with partners, performance of the asset, and really just the value of the loan and their equity, we have every indication to believe that they're going to continue to stay in it. But as we said in the past, the conversion, net once upon stabilization, will be more accretive for us if they do decide to convert. But that was just our base case assumption we put in there.

是的，麥克，沒錯。它可以償還，但我認為與合作夥伴的對話、資產的表現以及貸款和股權的實際價值，我們完全有跡象表明他們會繼續留在該公司。但正如我們過去所說的那樣，如果他們決定轉換，那麼一旦穩定，轉換淨額將為我們帶來更大的價值。但這只是我們提出的基本假設。

Got it. And then maybe one other one on the street physical occupancy, [84.7, 80 at year end]. What does guidance assume that that ramps up to by year-end 25 on a physical basis?

知道了。然後也許還有另一個關於街道實體佔用的問題，[84.7，年底為 80]。指導意見認為，到年底 25 實物量將成長到多少？

Yes, so in a physical, we should be -- probably, I would say we're going to be in the 90s, Mike. Because I think if we look at our S&O, a good chunk of our signed-not-yet-open is, again, coming from our street. So I think we'll be in close to 90.

是的，所以從體檢結果來看，我們應該 — — 可能，我想說我們會達到 90 多歲，麥克。因為我認為，如果我們看看我們的 S&O，我們簽署的尚未開業的酒店的很大一部分仍然來自我們的街道。所以我認為我們將接近 90。

Okay, okay. Thank you.

好的，好的。謝謝。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey guys, sorry about that issue. You can hear me okay now, right?

嘿夥計們，對於這個問題我很抱歉。現在你聽得到我說話了吧？

Yes, glad to have you back.

是的，很高興你回來。

Perfect. I was just going to follow up on the acquisitions. I know it seems like purposefully you guys aren't talking about the potential pipeline here of deals you're underwriting, but you already have almost $300 million of forward keyed up. So I'm just kind of curious, maybe if you could give some sense of what the magnitude you're looking at, how quickly you think you could deploy that capital, that would be helpful.

完美的。我只是想跟進一下收購情況。我知道你們似乎故意不談論你們正在承銷的交易的潛在管道，但你們已經為未來承銷了近 3 億美元的資金。所以我只是有點好奇，也許如果你可以說明你所關注的規模，以及你認為你可以多快部署這些資本，這將會很有幫助。

Sure. Let me start, Reg, and then you can add any color and specifics. One of the sillier things that I have found over the years, and periodically we do it anyway, is providing forward-looking pipeline. Because as you can imagine, sellers are more than capable of reading these transcripts as well. And one of the dumbest things we could do before we have completed our due diligence, before we are certain we are going to close, is indicate to sellers that we're talking about deals with -- about them that are going to get done.

當然。讓我開始，雷格，然後你可以添加任何顏色和細節。多年來我發現最愚蠢的事情之一（但我們還是會定期這麼做）就是提供前瞻性的管道。因為你可以想像，賣家也完全有能力閱讀這些紀錄。在我們完成盡職調查之前，在我們確定要完成交易之前，我們所能做的最愚蠢的事情之一就是向賣家表明我們正在與他們談論交易——即將完成交易。

I've seen others of our peers do it and pay the price when the deals don't check out. That being said, Reggie touched on -- and why don't you get more into it on the course specifically, Reg? How is the market feeling, and how is the pricing for Street Retail relative to, let's say, supermarket anchored or otherwise?

我看到我們的其他同行也這麼做，並且在交易不成功時付出代價。話雖如此，雷吉提到了——那麼雷吉，你為什麼不在課程中具體談談這個問題呢？市場感覺如何？

I'll go backwards. So Street Retail, one of the things that we've seen when we've checked Street Retail versus grocery is that Street Retail used to trade inside of grocery, 150 bps or so inside of grocery, depending on the timeframe that you're looking at. And that's obviously because of the growth profile and the growth differences between streets and supermarket.

我就往後走。因此，街頭零售，當我們將街頭零售與雜貨店進行比較時，我們發現的一件事是，街頭零售曾經在雜貨店內進行交易，在雜貨店內進行交易，價格在 150 個基點左右，具體取決於您所查看的時間範圍。這顯然是因為街道和超市之間的成長和成長差異。

What we really like about street in this moment in time is that when you take prime street and prime grocery, call it southeast prime grocery, the cap rates are very near to each other still, even though we have a double, sometimes triple value proposition from a CAGR standpoint. So from a relative -- we love -- from all of open air, we really love the opportunity and the pricing and the basis that we're finding in Street Retail, namely the combination of basis and growth.

目前我們真正喜歡街道的地方在於，當你把主要街道和主要雜貨店（稱之為東南主要雜貨店）結合起來時，資本化率仍然非常接近，即使從複合年增長率的角度來看，我們有一個雙重甚至三重的價值主張。因此，從我們熱愛的所有露天市場的角度來看，我們真的很喜歡街頭零售中發現的機會、定價和基礎，即基礎和成長的結合。

And as far as pipeline, we feel really good. I can expect more of the same. All of these markets where we are becoming the landlord that people are calling, the buyer that people are calling, it allows us to be selective as well. So we try to have a lot more than we end up closing on because we always want to make sure it checks the boxes. We're not going to just do volume for volume's sake or scale for scale's sake. It has to check the boxes, and we will find our fair share of those that do.

就管道而言，我們感覺非常好。我還可以期待更多同樣的事情。在所有這些市場中，我們都成為人們所說的房東、人們所說的買家，這也使我們能夠進行選擇。因此，我們嘗試獲得比最終達成目標更多的內容，因為我們始終希望確保它能夠滿足要求。我們不會僅僅為了數量而追求數量，也不會為了規模而追求規模。它必須滿足這些條件，我們會找到符合這些條件的公平份額。

So Craig, as you pointed out, we have the capital on call. We're seeing the deal flow. Stay tuned.

所以克雷格，正如你所指出的，我們有隨時可用的資金。我們正在觀察交易流程。敬請關注。

I appreciate the redirect there, Ken. I guess my follow up, if you look at where the midpoint of your guidance is on an FFO yield, you're around a [5.8] based off today's pricing. Could you guys talk about where maybe your debt costs would be today, and the prospect of continuing to use ATM, either forward or spot, to fund given what seems to be kind of cheaper equity at this point versus debt?

我很感謝你的重定向，肯。我想我的後續問題是，如果您看一下 FFO 收益率指導中點的位置，根據今天的定價，您大約會在 [5.8] 左右。你們能否談談目前的債務成本可能是多少，以及繼續使用 ATM（遠期或現貨）進行融資的前景，因為目前股權融資似乎比債務融資更便宜？

Yes, Ken, why don't I start? So to answer your question on where debt is -- and I have not looked where the 10 years ran since we've been on the call. But Craig, I think we'd probably be in the 6% -- pretty close to the 6% range where we think we could get 10-year money. But your question on equity, what I would say about this, and this all goes back to how we think about capital allocation, that if our core portfolio is growing 5-plus percent right now, I think for a deal that Reggie brings to us, if we're going to use our equity for it, that's got to grow at least, if not better, better than that for us to raise our equity.

是的，肯，我為什麼不開始呢？因此，要回答你關於債務在哪裡的問題——自從我們召開電話會議以來，我還沒有查看過這 10 年的情況。但是克雷格，我認為我們的利率可能會在 6% 左右 - 非常接近我們認為可以獲得 10 年期資金的 6% 範圍。但你關於股權的問題，我想說的是，這一切都回到了我們如何看待資本配置，如果我們的核心投資組合現在增長 5% 以上，我認為對於 Reggie 給我們帶來的交易，如果我們要用我們的股權來做這件事，那麼至少要有增長，如果不是更好的話，也要比那更好，這樣我們才能提高我們的股權。

So that's how we think about it, that yes, the initial going-in yields might get us some day one accretion but creates long-term dilution. That's really how we think about allocating capital or buying new assets is we have the growth. We don't have to buy it. When we say disciplined, it's -- we're going to expand our equity base. It's going to be with those assets that exceed the growth that we already have.

所以，我們是這樣想的，是的，最初的收益可能會讓我們在某一天獲得增值，但會造成長期的稀釋。這就是我們考慮分配資本或購買新資產的真正方式，因為我們有成長。我們沒必要買它。當我們說有紀律時，意思是－我們將擴大我們的股本基礎。那些資產的成長將超過我們已經擁有的成長。

Yes, and as Reggie mentioned, just to emphasize, our going-in GAAP yield was well in excess. It was in the mid-sixes. Our CAGR was in the sevens for the deals that we closed last year. The growth was in the sevens, so it checks that box. And then the cash yield gets into the sevens as well, which thus confirms the IRR and other things. Thanks for patching in, Craig.

是的，正如 Reggie 所提到的，需要強調的是，我們的 GAAP 收益率遠遠超出預期。當時正值六、七十年代。我們去年完成的交易的複合年增長率達到了 7%。成長率達到了七成，因此它勾選了該方塊。然後現金收益率也進入了 7%，從而證實了 IRR 和其他因素。感謝 Craig 的幫助。

Great. Thanks.

偉大的。謝謝。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Thank you. Sorry if I missed this, but could you talk about the going-in yields for your acquisitions in 4Q, and what those might stabilize to in the next couple of years?

謝謝。抱歉我錯過了這個，但您能談談第四季度收購的收益率嗎，以及未來幾年這些收益率可能會穩定到什麼水平？

Reg, why don't you take a crack at it?

雷格，你為何不嘗試呢？

Yes, focusing on GAAP yields, six and a half, mid-sixes, GAAP yield going in, that will stabilize in the sevens from a cash yield standpoint. (multiple speakers)

是的，關注 GAAP 收益率，六點半，六點中間，GAAP 收益率進入，從現金收益率的角度來看將穩定在七點左右。（多位發言者）

Okay, and I know it's early into the Trump administration, but if we play out what DOGE might do and shrink the size of government, and I realize the spending isn't isolated to D.C., but just any kind of larger thoughts on what potential impact you might see if indeed the government starts to shrink a little bit more?

好的，我知道現在才剛進入川普政府，但如果我們看看 DOGE 可能會採取什麼措施並縮小政府規模，我意識到支出並不僅限於華盛頓特區，但您是否能從更大角度思考一下，如果政府確實開始進一步縮小規模，可能會產生什麼樣的潛在影響？

And I assume you mean in relation to our M Street assets?

我想您指的是與我們的 M 街資產相關的內容吧？

Yes.

是的。

Yes, so what has been fascinating to observe is the rebound in M Street over the last couple of years. And, AJ, you may want to add a little color to this. Keeping in mind, and I don't want to pretend to overthink DOGE versus us, but keeping in mind that was during a period of time when downtown D.C. was really suffering because so many of the federal workers were remote, often outside of the area.

是的，過去幾年 M 街的反彈令人著迷。而且，AJ，你可能想為這個添加一點顏色。請記住，我不想假裝過度思考 DOGE 與我們之間的對比，但請記住那是在華盛頓市中心遭受重創的時期，因為許多聯邦工作人員都在偏遠地區，通常在該地區之外。

So not clear to me that any of those shifts will impact the shoppers who are a wider variety, ranging from students to tourists. And if you've been reading, while there might be some headwinds associated with that, Georgetown from a residential perspective is on fire. And all those folks bidding up those homes are coming to M Street to shop. So AJ, I don't know in terms of tenant performance or any tenant feedback you've gotten around that.

所以我不清楚這些變化是否會影響更廣泛的購物者，從學生到遊客。如果你讀過這篇文章，你會發現，儘管這可能會帶來一些阻力，但從住宅角度來看，喬治城正在蓬勃發展。所有競標這些房產的人們都來到 M 街購物。所以 AJ，我不知道就租戶表現或任何租戶回饋而言您是否收到過這方面的資訊。

Yes. Look, I think, generally speaking, whenever there's a change over to administration, there's a little bit of a dip on M Street, usually earlier in the year. Tenants don't seem overly concerned. We speak about this often. And I think it's important to stress that our customer base is much more than just government workers. The university itself is a huge component of our shopper. Tenants don't seem overly concerned at this point.

是的。我認為，一般來說，每當行政管理發生變化時，M 街就會出現一些下滑，通常是在年初。租戶似乎不太擔心。我們經常談論這個話題。我認為需要強調的是，我們的客戶群不僅僅是政府工作人員。大學本身是我們購物者的重要組成部分。目前，租戶似乎不太擔心。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Todd Thomas, KeyBank Capital Markets.

（操作員指示）Todd Thomas，KeyBank 資本市場。

Yes, hi, thanks. First question, I just wanted to follow up, and maybe Ken or Reggie just given your comments around Street Retail pricing, you mentioned the math, $200 million of core investments equates to about $0.01 per share of FFO. Is that math today any different? Has the spread improved a little bit, just given both the improvement in your cost of capital and the asset pricing that you're discussing?

是的，你好，謝謝。第一個問題，我只是想跟進一下，也許 Ken 或 Reggie 剛剛給出了您對 Street Retail 定價的評論，您提到了數學，2 億美元的核心投資相當於每股 FFO 約 0.01 美元。今天的數學有什麼不同嗎？考慮到您所討論的資本成本和資產定價的改善，利差是否有所改善？

Reg, I'll touch that first. Todd, the thing that we have to remember on this side of our business is deals price on a one-month to as much as six-month basis, so pricing changes that we feel on our screens hourly don't necessarily translate through one direction or another. So what we've seen over the last several months is a move up in the 10-year treasury, a fair amount of buyer interest. But my guess is that we're going to see some interesting buying opportunities as a result of some of this volatility. And then, Reg, talk about the earnings accretion, but I'd say it's holding up just fine when your team's looking at the deals to buy.

雷格，我先談一下這個。托德，在我們業務的這個方面我們必須記住的是交易價格是以一個月到六個月為基礎的，所以我們每小時在屏幕上感受到的價格變化並不一定會導致一個方向或另一個方向的變化。因此，我們看到過去幾個月十年期公債價格上漲，買家興趣也相當濃厚。但我猜測，由於這種波動，我們將會看到一些有趣的買入機會。然後，雷格，談談獲利成長吧，但我想說，當你的團隊正在考慮購買交易時，獲利成長會保持得很好。

Yes, it's holding up just fine. And I'll tell you, it's one of the metrics of NAV and FFO accretion that we talk about literally all the time. And so when we construct a portfolio, some may be behind, some may be ahead. But what you will see, just like we did last year, is we feel very confident we can construct a portfolio that exceeds our targets.

是的，它保持得很好。我會告訴你，這是我們一直在談論的 NAV 和 FFO 成長指標之一。因此，當我們建立投資組合時，有些人可能落後，有些人可能領先。但正如我們去年所做的那樣，您會看到，我們非常有信心可以建立超出我們目標的投資組合。

Okay. And then in Georgetown, is there any line of sight toward 100% ownership of that portfolio?

好的。那麼在喬治城，是否有可能實現該投資組合 100% 的所有權？

That's not our focus right now. Our local partners have been great. Frankly, when we owned only 20%, we had a seat on the bus. Now we're driving the bus. I think that they are net additive to what we're doing. But AJ touched on some of the scale benefits, and we will seize upon those, irrespective of we own 70% or 100%. So it's all good on that front.

這不是我們現在的重點。我們的當地合作夥伴非常棒。坦白說，當我們只擁有 20% 的股份時，我們在公車上有一個座位。現在我們正在駕駛公共汽車。我認為它們對於我們所做的事情有淨附加價值。但是 AJ 談到了一些規模優勢，我們將抓住這些優勢，無論我們擁有 70％ 還是 100％。從這方面來看一切都很好。

Okay, and then if I could just ask one more real quick on rent growth and the mark-to-market opportunities within the portfolio, I think there was a lot of talk around the strength of your tenants and double-digit retail sales. AJ, you mentioned the occupancy cost ratio of around 12% in Georgetown. Where do you think that should be in Georgetown, and how would you frame that up today maybe across the street and urban portfolio a little bit more broadly? Is there any way to quantify what that looks like within the street and urban portfolio or within other key markets?

好的，然後如果我可以再快速問一個關於租金成長和投資組合內的市價機會的問題，我認為有很多關於租戶實力和兩位數零售額的討論。AJ，您提到喬治城的入住成本率約為 12%。您認為喬治城應該在哪裡？ 今天您會如何構思它？有沒有辦法量化街道和城市投資組合或其他關鍵市場的情況？

Yes, look, I think I'm comfortable where it's at today, just being north of 12% on M Street. But I think it still has a lot of room to run before it becomes unaffordable. We are well below where we were at the prior cycle. And just given where rent growth has been, well outpacing inflation, I'm not necessarily concerned about that halo effect, et cetera. I mean, occupancy costs can get well into the upper teens before we really have to start paying that much attention.

是的，看，我認為我對現在的情況很滿意，就在 M 街 12% 以北。但我認為，在價格變得難以負擔之前，它仍有很大的上漲空間。我們目前水準遠低於前一個週期的水準。鑑於租金成長已經遠遠超過通貨膨脹率，我並不一定擔心光環效應等等。我的意思是，在我們真正開始給予如此多關注之前，入住成本可能會上升到百分之十幾。

And to just add to that, different segments of retailers can pay different percentages. The off-price retailers in the suburbs are single-digit rent-to-sale ratio. Restaurants start choking once they get to 10%. And so AJ's really referring to our advanced contemporary retailers. And the point that we made about curation is as important as growing the rent-to-sales ratio, which is if we get the right tenants in, their sales grow, and so we may never get past 12%. It may stay at 12%. But if sales are growing at 15% year over year, we are going to capture more than our fair share of rental growth, and that's how it's been playing out over the last couple of years.

除此之外，不同類別的零售商可以支付不同的百分比。郊區的折扣零售商的租金與銷售比率僅為個位數。一旦達到 10%，餐廳就會開始陷入困境。所以 AJ 實際上指的是我們先進的當代零售商。我們提出的觀點是，策劃與提高租售比同樣重要，也就是說，如果我們找到合適的租戶，他們的銷售額就會成長，因此我們的租售比可能永遠不會超過 12%。可能會保持在12%的水平。但如果銷售額年增 15%，我們將獲得超過應得份額的租金成長，這就是過去幾年的情況。

Okay, what was the peak in the prior cycle that you saw in Georgetown?

好的，您在喬治敦看到的前一個週期的峰值是多少？

In terms of rent-to-sales in the 20s, AJ?

就 20 年代的租售比而言，AJ？

Yes, in the prior cycle, they were getting up into the 20s.

是的，在之前的周期中，他們已經達到了 20 多歲了。

Right. Different world now, omni-channel world. The tenants are very happy, and let's focus on making sure their top line and their bottom line grow. And then the rest of this should fall into place. But we're in a very healthy position, and it feels much different and nothing like prior peak.

正確的。現在的世界不同了，全通路的世界。租戶們非常高興，讓我們專注於確保他們的營業收入和淨利潤成長。然後，其餘的事情都理所當然了。但我們目前的狀態非常健康，感覺非常不同，與之前的高峰完全不同。

All right. Thank you.

好的。謝謝。

Great. Good talking to you.

偉大的。很高興和你交談。

Thank you. I would now like to turn the conference back to Ken Bernstein for closing remarks. Sir?

謝謝。現在我想請肯·伯恩斯坦致閉幕詞。先生？

Thank you all for joining us. We look forward to speaking with you next quarter.

感謝大家加入我們。我們期待下個季度與您交談。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。