Acadia Realty Trust (AKR) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to the Acadia Realty Trust second-quarter 2025 earnings conference call. (Operator Instructions)

感謝您的支持，歡迎參加 Acadia Realty Trust 2025 年第二季財報電話會議。（操作員指示）

As a reminder, today's program is being recorded, and now I'd like to introduce your host for today's program, John Forster, Property Accountant. Please go ahead, sir.

提醒一下，今天的節目正在錄製，現在我想介紹今天節目的主持人，房地產會計師約翰福斯特。先生，請繼續。

Good afternoon and thank you for joining us for the second quarter of 2025 Acadia Realty Trust earnings conference call. My name is John Forster, and I am a property accountant in our accounting 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.

下午好，感謝您參加 2025 年第二季 Acadia Realty Trust 收益電話會議。我叫約翰‧福斯特，是我們會計部門的房地產會計師。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, July 30, 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.

由於存在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，前瞻性陳述僅代表截至本次電話會議召開之日（2025 年 7 月 30 日）的觀點，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. (Operator Instructions)

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 財務指標的對帳。（操作員指示）

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, John. Great job. Welcome everyone. Notwithstanding continued noise and uncertainty around the broader economy last quarter, we saw continued momentum across all of the three key drivers of our business.

謝謝你，約翰。幹得好。歡迎大家。儘管上個季度整體經濟狀況持續動盪且充滿不確定性，但我們看到，我們業務的三大關鍵驅動力均保持強勁成長勢頭。

The first driver is delivering superior internal growth through our highly differentiated core portfolio dominated by street retail. Last quarter's leasing activity puts us well on our way to a fourth year of delivering annual same-store growth in excess of 5%. and as AJ Levine will discuss, we are making important progress on our 2026 and our 2027 goals as well.

第一個驅動力是透過我們以街頭零售為主導的高度差異化的核心產品組合實現卓越的內部成長。上個季度的租賃活動使我們順利邁向第四年實現年度同店成長率超過 5% 的目標。正如 AJ Levine 即將討論的那樣，我們在 2026 年和 2027 年目標上也取得了重要進展。

Then the second driver is adding to our internal growth with accretive and complementary external growth, both on balance sheet and through our Investment Management platform. Last quarter, we completed nearly $160 million of acquisitions and over the last 12 months, a total of $860 million in acquisitions, including nearly $0.5 billion of street retail. Reggie Livingston will walk through our transactions closed last quarter and the opportunities we are seeing going forward.

第二個驅動力是透過資產負債表和投資管理平台，透過增值和互補的外部成長來促進我們的內部成長。上個季度，我們完成了近 1.6 億美元的收購，過去 12 個月，我們共完成了 8.6 億美元的收購，其中包括近 5 億美元的街頭零售收購。雷吉·利文斯頓 (Reggie Livingston) 將介紹我們上個季度完成的交易以及我們未來看到的機會。

Then the third driver is maintaining a solid balance sheet with the liquidity and the flexibility to drive both internal and external growth. John Gottfried will walk through our balance sheet metrics and successful refinancings last quarter and how this positions us for growth going forward.

第三個驅動因素是維持穩健的資產負債表，具有流動性和靈活性，可以推動內部和外部成長。約翰·戈特弗里德 (John Gottfried) 將介紹我們的資產負債表指標和上個季度的成功再融資，以及這如何為我們未來的成長做好準備。

So taking a step back, as we look at the current operating environment, we seem to be in an ongoing tug of war with fear of tariff-induced stagflation on one side and then surprising resilience on part of the consumer and the overall economy on the other. So far, thankfully, team resilience seems to be winning. That is certainly what we are seeing as we look at our quarterly results.

因此，退一步來看，當我們審視當前的經營環境時，我們似乎正處於一場持續的拉鋸戰中，一方面擔心關稅引發的滯脹，另一方面又擔心部分消費者和整體經濟表現出令人驚訝的複蘇勢頭。值得慶幸的是，到目前為止，團隊的韌性似乎正在發揮作用。當我們查看季度業績時，我們確實看到了這一點。

Resilience is showing up both in continued strong tenant demand for space as well as retailers' performance in our portfolio. And this momentum is not just conceptual. It is reflected in many of our metrics, including $15 million of executed leases in our SNO pipeline that John Gottfried will elaborate on further.

韌性體現在租戶對空間的持續強勁需求以及我們投資組合中零售商的表現。而且這種勢頭不僅僅是概念上的。這反映在我們的許多指標中，包括我們 SNO 管道中已執行的價值 1500 萬美元的租約，John Gottfried 將進一步詳細說明。

For a variety of important reasons, retailers are looking past short-term uncertainty and continuing with their leasing initiatives. In meeting with our retailers, I've been impressed with their ability to successfully navigate tariff uncertainty.

由於各種重要原因，零售商不再考慮短期不確定性，而是繼續推進租賃計劃。在與我們的零售商會面時，他們成功應對關稅不確定性的能力給我留下了深刻的印象。

Now, this is not to make light of the headwinds that tariffs could play on retailers' profit margins. But unlike most of us who only began seriously focusing on tariffs on Liberation Day, most of our retailers have been refining their distribution channels for years. And this preparation, by our retailers and then a resilient consumer, is just part of the reason we are seeing continued momentum in our leasing.

現在，這並不是要輕視關稅可能對零售商利潤率造成的阻力。但與我們大多數人只是在解放日才開始認真關注關稅不同，我們的大多數零售商多年來一直在完善其分銷管道。我們的零售商和有韌性的消費者所做的準備只是我們租賃業務持續保持強勁勢頭的部分原因。

Other reasons include a favorable supply-demand balance due to lack of new development and then probably even more importantly as it relates to our portfolio and to street retail. There is the added tailwind of retailers continuing to place greater long-term value on establishing their own network of stores, often migrating sales out of department stores and into mission-critical street locations.

其他原因包括由於缺乏新的開發而導致的供需平衡，甚至可能更重要的是因為它與我們的投資組合和街頭零售有關。另一個有利因素是，零售商繼續更加重視建立自己的商店網絡，經常將銷售從百貨公司轉移到關鍵的街道位置。

Additionally, our portfolio is concentrated in corridors that primarily serve highly affluent consumers. And while the broad consumer spending might be moderating some, the affluent consumer is continuing to maintain and in many instances, increase spending. With a strong stock market, a stable job market, our retailers are still seeing their shoppers showing up, and we're seeing this play out in our portfolio.

此外，我們的投資組合集中在主要服務於高度富裕消費者的走廊。儘管整體消費者支出可能放緩，但富裕消費者仍繼續維持支出，甚至在許多情況下增加支出。由於股市強勁、就業市場穩定，我們的零售商仍然看到購物者出現，我們也看到這種情況在我們的投資組合中顯現。

While certainly not a perfect analogy, in the airline industry's recent earnings reports, several airlines noted that while the industry is seeing some softening in the main cabin, premium seating demand continues at record levels. So in short, these strong tailwinds, favorable supply-demand backdrop, long-term shift by brands to their own direct-to-consumer stores, the continued strength and demand by the affluent consumer, all these reasons help explain why, even though our street retail portfolio is discretionary retail, the continued momentum we are seeing is, in fact, stronger for our street retail than in our other more necessity and value-based open-air formats.

雖然這當然不是一個完美的比喻，但在航空業最近的收益報告中，幾家航空公司指出，雖然該行業主艙的需求有所疲軟，但高級座位的需求仍然保持在創紀錄的水平。簡而言之，這些強勁的順風、有利的供需背景、品牌長期轉向自己的直接面向消費者的商店、富裕消費者的持續實力和需求，所有這些原因都有助於解釋為什麼儘管我們的街頭零售組合是可自由支配的零售，但我們看到的持續勢頭實際上對於我們的街頭零售來說比我們的其他更必需和基於露天價值的露天零售形式更強勁。

These tailwinds also impact how we think about external growth as well. This strong retailer demand for street retail, coupled with its favorable lease structure, makes street retail screen attractively from an investment perspective. It provides further support for why we are focused on building Acadia into the premier owner-operator of street retail in the US.

這些順風因素也會影響我們對外在成長的看法。零售商對街頭零售的強勁需求，加上其有利的租賃結構，使得街頭零售從投資角度來看具有吸引力。這進一步證明了我們為何致力於將阿卡迪亞打造為美國首屈一指的街頭零售業主和營運商。

The combination of strong contractual growth of generally 3%, coupled with more frequent accretive mark-to-market and lease-up opportunities, means we can deliver superior growth. In our case, we're shooting for above 5% compounded annual growth for the foreseeable future.

合約成長率通常高達 3%，再加上更頻繁的增值市價和租賃機會，意味著我們可以實現卓越的成長。就我們而言，我們的目標是在可預見的未來實現 5% 以上的複合年增長率。

Furthermore, what makes us most excited about this segment of retail is seeing the benefits of scale that we're achieving through both having a nationwide platform and more concentrated ownership in giving corridors. Our focus is to not just own strong individual stores, but rather, making sure we own multiple stores clustered together in the right corridors.

此外，讓我們對這一零售領域感到最興奮的是，我們看到了透過擁有全國性的平台和在捐贈管道中更加集中的所有權所實現的規模效益。我們的重點不僅是擁有強大的獨立商店，而且確保我們擁有聚集在正確走廊的多家商店。

We are seeing the benefits of this operating leverage in a majority of our street portfolio and markets ranging from M Street in Georgetown to North 6th Street in Brooklyn to Henderson Avenue in Dallas. The benefits of owning street retail at scale not only helps our leasing efforts in a given corridor, it helps our leasing efforts nationally. And just as important, it helps our acquisition efforts as well. We're seeing this operating leverage emerge in our street retail platform in ways that have remained more elusive in other open-air formats that we're active in.

我們在大多數街道投資組合和市場中都看到了這種經營槓桿的好處，從喬治城的 M 街到布魯克林的北六街，再到達拉斯的亨德森大道。大規模擁有街頭零售的好處不僅有助於我們在特定走廊的租賃工作，也有助於我們在全國各地的租賃工作。同樣重要的是，它也有助於我們的收購工作。我們發現，這種經營槓桿在我們的街頭零售平台上顯現出來，而這種顯現我們所活躍的其他露天零售形式中則較為難以捉摸。

As we screen for specific investment opportunities both on balance sheet and through our Investment Management platform, our philosophy of external growth is simple. For our on-balance sheet acquisitions, we will continue to allocate capital in a disciplined manner that is accretive to earnings, accretive to net asset value and accretive to long-term growth with a differentiated focus on those street retail markets where we can derive benefits of scale.

當我們在資產負債表和投資管理平台上篩選特定的投資機會時，我們的外部成長理念很簡單。對於我們的資產負債表收購，我們將繼續以嚴謹的方式分配資本，以增加收益、增加淨資產價值並增加長期成長，並將重點放在那些我們可以獲得規模效益的街頭零售市場。

As John will highlight, we have the liquidity and the flexibility to continue our balance sheet investments and then equally important, our Investment Management platform enables our team to create value in a broader range of opportunities within our core competencies.

正如約翰所強調的，我們擁有流動性和靈活性來繼續我們的資產負債表投資，同樣重要的是，我們的投資管理平台使我們的團隊能夠在核心競爭力範圍內的更廣泛的機會中創造價值。

Finally, our third driver is the continued health of our balance sheet. John will discuss how we continued to expand our liquidity, reduce our borrowing costs, extend our maturities. And while we did not raise any equity last quarter, prior to that, we raised over $800 million, providing us with flexibility for growth going forward.

最後，我們的第三個驅動力是資產負債表的持續健康。約翰將討論我們如何繼續擴大流動性，降低借貸成本，延長期限。雖然我們上個季度沒有籌集任何股權，但在此之前，我們已經籌集了超過 8 億美元，為我們未來的成長提供了靈活性。

My one observation here is, while the real estate equity capital markets are evidencing certain levels of uncertainty and volatility, the debt markets are very strong, both secured and unsecured, both proceeds levels and spreads. And while a healthy debt market is only one leg of the stool, it's a critical one.

我的一個觀察是，雖然房地產股權資本市場表現出一定程度的不確定性和波動性，但債務市場非常強勁，無論是有擔保的還是無擔保的，收益水平和利差都是如此。儘管健康的債務市場只是凳子的一個支柱，但卻是至關重要的支柱。

So in conclusion, as we look forward, our multi-year strong internal growth looks like it has several years of tailwinds behind it, coupled with continued external growth opportunities and a balance sheet with multiple avenues of access to capital, we are well positioned to continue to execute. And with that, I'd like to thank the team for their continued hard work and I'll hand the call over to AJ Levine.

因此，總而言之，展望未來，我們多年強勁的內部成長似乎已經擁有數年的順風，再加上持續的外部成長機會和具有多種資本獲取管道的資產負債表，我們已準備好繼續執行。最後，我要感謝團隊的持續努力，然後我將把發言權交給 AJ Levine。

Thanks Ken. Good afternoon everyone. So first, let me start by echoing Ken's comments. Our shopper, especially the higher-income street shopper, continues to show no signs of slowing down. For anybody wondering how street retail is holding up, I would encourage you to visit our tenant Doen on Bleecker Street in the West Village of Manhattan. What you'll see is a line that stretches out the door and down the street and a 20-minute wait to use a dressing room.

謝謝肯。大家下午好。首先，請容許我重複一下肯的評論。我們的購物者，特別是高收入街頭購物者，繼續沒有放緩的跡象。對於那些想知道街頭零售業如何發展的人，我鼓勵您參觀我們位於曼哈頓西村布利克街的租戶 Doen。您會看到隊伍從門口一直延伸到街上，需要等待 20 分鐘才能使用更衣室。

So Doen on Bleecker is just one example, but a similar display can be seen at Brandy Melville on the Gold Coast of Chicago, Skims on M Street in D.C., Sephora in Williamsburg in Brooklyn, or at any of the advanced contemporary tenants at our Greene Street Collection in SoHo. This is a phenomenon that you will only see along our high-growth streets, and it's why our tenants remain in the game, off the sidelines, and continue to compete for space.

布利克街上的 So Doen 只是一個例子，但在芝加哥黃金海岸的 Brandy Melville、華盛頓特區 M 街上的 Skims、布魯克林威廉斯堡的絲芙蘭，或蘇荷區格林街系列的任何一家高級當代租戶中都可以看到類似的展示。這種現像只有在我們高成長的街道上才會看到，這也是為什麼我們的租戶仍然參與其中，遠離場外，繼續爭奪空間。

But this isn't just anecdotal. We hear it directly from our tenants, and we continue to see it reflected in reported sales. Across our mission-critical streets, our shoppers continue to show up in full force, and reported comp sales have increased double digits, both quarter over quarter and year over year.

但這並非只是傳聞。我們直接從租戶那裡聽到了這一點，我們繼續看到它反映在報告的銷售額中。在我們的關鍵街道上，購物者繼續蜂擁而至，報告顯示同店銷售額環比和同比均實現了兩位數的增長。

Compared to what we're seeing in our suburbs, the sales growth we're seeing in our streets is staggering, with year-over-year growth on the majority of our streets well north of 20%. And with strong sales and healthy occupancy ratios, our tenants remain focused on long-term growth. And as a result, we continue to see leasing momentum that's ahead of the pace we've seen over the past several quarters. And year-to-date sits at 2x the volume we achieved at this time last year.

與郊區的情況相比，我們街道的銷售成長令人震驚，大多數街道的年成長率遠高於 20%。憑藉強勁的銷售和健康的入住率，我們的租戶仍然專注於長期成長。因此，我們繼續看到租賃勢頭超過過去幾季的速度。今年迄今的交易量是去年同期的兩倍。

So to give you a sense of that activity, last quarter I mentioned our pipeline of $6 million of leases in advanced stages of negotiation. And since that time in Q2 and so far in Q3, we've executed another $4.5 million in new leases with substantially all of that volume coming from our high-growth streets where we see the highest annual contractual growth within our portfolio and relatively frequent opportunities to mark-to-market through FMV resets. So not only has the pace of our leasing accelerated, but we've already replenished and grown the active leasing pipeline, which now stands north of $7 million of leases in advanced negotiation.

為了讓你們了解這項活動，上個季度我提到了我們正處於談判後期階段的價值 600 萬美元的租賃合約。從第二季度到第三季度，我們又簽訂了價值 450 萬美元的新租約，其中絕大部分租約來自我們的高成長街道，這些街道是我們投資組合中年度合約成長率最高的街道，而且透過 FMV 重置進行市價調整的機會也相對頻繁。因此，不僅我們的租賃速度加快了，而且我們已經補充並擴大了活躍的租賃管道，目前處於提前談判階段的租賃金額已超過 700 萬美元。

Now, looking at some of those markets more closely, SoHo continues to be a meaningful driver of our internal growth. In Q2 and early Q3, we signed new leases in SoHo with the luxury tenant Richemont and with Veronica Beard, which is a highly coveted advanced contemporary tenant.

現在，更仔細地觀察其中一些市場，SoHo 繼續成為我們內部成長的重要推動力。在第二季和第三季初，我們與豪華租戶 Richemont 以及備受追捧的高級當代租戶 Veronica Beard 在 SoHo 簽署了新的租約。

In addition, through our pry-loose strategy, we recaptured another under-market lease and simultaneously expanded and renewed Faherty, generating a double-digit spread in the process. Following quarter end, we also finalized two important renewals in our Greene Street Collection with Theory and Frame Denim. So the Faherty, Theory, and Frame spreads blended to double digits and will all grow by 3% contractually.

此外，透過我們的撬動策略，我們重新獲得了另一份低於市價的租約，同時擴大並續簽了Faherty，在此過程中產生了兩位數的利差。在本季末之後，我們也與 Theory 和 Frame Denim 完成了 Greene Street 系列的兩項重要更新。因此，Faherty、Theory 和 Frame 的利差混合達到兩位數，並且都將以合約成長 3%。

So while the SoHo portfolio is now 97% leased, we're still finding opportunities to unlock embedded value, improve merchandising, and enhance credit. On Armitage Avenue, we once again proactively recaptured an underperforming space and executed a double-digit mark-to-market by bringing in Huckberry, a highly complementary brand that fits our curation on the street.

因此，儘管 SoHo 投資組合目前的出租率為 97%，但我們仍在尋找機會釋放內在價值、改善商品銷售並提高信譽。在阿米蒂奇大道，我們再次主動奪回了表現不佳的空間，並通過引入與我們在該街道上的策劃高度互補的品牌 Huckberry 實現了兩位數的市價比。

Since the start of 2024, we have successfully marked to market over 40% of the tenants at Armitage Avenue at an average spread north of 50%, with the majority of those efforts resulting from a proactive pry-loose strategy. Even so, over half the leases within our Armitage portfolio remain 50% below market, which means there's an embedded 25% mark-to-market opportunity remaining for us to unlock on Armitage. And for those remaining 60% of tenants that remain under market, we have already identified replacement tenants, and we are hard at work, strategically prying those spaces loose.

自 2024 年初以來，我們已成功將阿米蒂奇大道 40% 以上的租戶按市價計價，平均價差超過 50%，其中大部分努力源於主動撬動策略。即便如此，我們 Armitage 投資組合中超過一半的租約仍比市價低 50%，這意味著 Armitage 上仍有 25% 的市價調整機會等著我們去解鎖。對於剩餘 60% 的待租租戶，我們已經找到了替代租戶，並且正在努力從策略上爭取這些空間。

Again, we often use Armitage as a proxy for what we're seeing across our streets, but similar mark to market opportunities exist elsewhere in our portfolio, including in markets like Bleecker Street in the West Village, SoHo, Williamsburg, Melrose Place, and on Henderson Avenue in Dallas. A common thread across all of our high-growth streets is that tenant demand continues to materially outpace supply, M Street being a perfect example.

再次強調，我們經常使用阿米蒂奇作為我們街道上所見情況的代理，但在我們的投資組合的其他地方也存在類似的按市價計價的機會，包括西村的布利克街、蘇荷區、威廉斯堡、梅爾羅斯廣場和達拉斯的亨德森大道等市場。我們所有高成長街道的共同點是，租戶需求繼續大大超過供應，M 街就是一個很好的例子。

Despite limited availability, the team receives consistent interest from top-tier brands asking when space will be available and if we can get it back any sooner. We have a space right now on M Street that we're in the process of recapturing, and we already have three offers to backfill at a significant improvement to both rent and merchandising.

儘管可用空間有限，但團隊仍然收到來自頂級品牌的持續關注，他們詢問何時有可用空間以及我們是否可以更快地恢復。我們目前在 M 街上有一個空間，我們正在重新奪回它，並且我們已經收到了三個報價，希望在租金和商品銷售方面有顯著的改善。

Just a few months ago, the focus on M Street was around the potential impact of Doge, which never really materialized. In reality, the real challenge on M Street, like many of our streets, is how to accommodate three tenants that all want the same space. That's where the benefits of scale and a concentrated portfolio come into play.

就在幾個月前，M Street 的焦點仍集中在 Doge 的潛在影響上，但這一影響從未真正實現。實際上，M 街的真正挑戰與我們的許多街道一樣，是如何容納三個想要相同空間的租戶。這就是規模優勢和集中投資組合發揮作用的地方。

By owning a sizable portfolio in the market, we can use that scale to be thoughtful about merchandising while providing a home for each of those interested tenants, and nobody goes home unhappy. And we're seeing a similar dynamic play out in SoHo, Melrose Place, Williamsburg, and of course on Armitage. In each of those markets, we are actively negotiating deals, well in advance of actual availability. And it's not an easy task, but it's one where our team continues to execute by recapturing and repositioning space in a highly accretive way.

透過在市場上擁有相當大的投資組合，我們可以利用這種規模來周到地進行商品銷售，同時為每位有興趣的租戶提供住所，並且沒有人會不高興地回家。我們在蘇荷區、梅爾羅斯廣場、威廉斯堡，當然還有阿米蒂奇也看到了類似的動態。在每個市場中，我們都在積極地談判交易，遠早於實際供應量。這不是一項容易的任務，但我們的團隊會繼續以高度增值的方式重新奪回和重新定位空間來執行這項任務。

Shifting for a moment to San Francisco. For the last several years, the question was when will our tenants return? Well, if the activity from this year is any indication, that time is now. In Q1, we announced a new lease with T&T for 50,000 square feet at our City Center asset and the dynamic co-tenancy that T&T attracts. And so far under Mayor Lurie and the new administration, our entitlements are significantly ahead of schedule.

暫時轉到舊金山。過去幾年來，我們的問題是租戶何時會回來？好吧，如果今年的活動可以作為參考的話，那麼現在就是時候了。在第一季度，我們宣布與 T&T 簽訂了一份位於市中心資產的 50,000 平方英尺的新租約，以及 T&T 吸引的動態共同租賃。到目前為止，在市長 Lurie 和新政府的領導下，我們的權利已經大大提前實現。

Now, this quarter, I'm pleased to share that we've executed another key lease, this time with LA Fitness’s Club Studio concept, who will occupy around 35,000 square feet at 555 9th Street. It's another clear signal that the momentum in San Francisco is building. And given Club Studio’s pricing and targeted audience, it's another indication of the strength of the higher-income consumer. Now, while I can't share the specifics just yet, we are currently in discussions for another impactful lease at 555 9th, which we hope to announce in the coming months.

現在，本季度，我很高興地告訴大家，我們已簽署另一項重要租賃協議，這次是與 LA Fitness 的 Club Studio 概念公司簽訂的，該公司將佔據第 9 街 555 號約 35,000 平方英尺的空間。這再次明確表明舊金山的勢頭正在增強。考慮到 Club Studio 的定價和目標受眾，這再次表明了高收入消費者的實力。現在，雖然我還不能分享具體細節，但我們目前正在討論在 555 9th 簽訂另一項有影響力的租約，我們希望在未來幾個月內宣布。

Staying out west in Las Vegas at The LINQ Promenade, which is an asset we own in our investment management platform, early signs have been very encouraging. After signing three new leases, we are already well ahead of pro forma. And even with the ebbs and flows of tourism in Las Vegas, retailers are looking past short-term choppiness and remain focused on strategic long-term growth.

我們住在拉斯維加斯西部的 LINQ Promenade，這是我們投資管理平台擁有的資產，早期跡象非常令人鼓舞。在簽署了三份新租約後，我們的業績已經遠遠超出了預期。即使拉斯維加斯的旅遊業起伏不定，零售商仍能忽略短期波動，並持續專注於長期策略成長。

And finally, a quick update on City Point in Downtown Brooklyn, where both traffic and comp sales are up double digits year over year. Earlier this month, we celebrated the grand opening of Van Leeuwen Ice Cream, in addition to signing two new leases, including one with Swarovski along our Prince Street Passage.

最後，讓我們來簡單介紹一下布魯克林市中心的 City Point，這裡的客流量和銷售額都比去年同期成長了兩位數。本月初，我們慶祝了 Van Leeuwen 冰淇淋店的盛大開業，此外還簽署了兩份新租約，其中一份是與 Prince Street Passage 沿線的施華洛世奇簽訂的。

The momentum that's been building over the last several quarters with the opening of the park and the addition of Sephora is only accelerating, and we currently have an additional 20,000 square feet of space under advanced negotiation, most of which is concentrated on our highest-valued space along Prince Street and across from the park. While some of that space is currently occupied by temporary tenants, in contrast to that temporary income, these long-term leases would allow us to achieve our pro forma rent expectations.

隨著公園的開放和絲芙蘭的加入，過去幾個季度以來的發展勢頭還在加速，目前我們還有另外 20,000 平方英尺的空間正在高級談判中，其中大部分集中在王子街沿線和公園對面價值最高的空間。雖然目前部分空間被臨時租戶佔用，但與臨時收入相比，這些長期租約將使我們能夠實現我們的形式租金預期。

So with that I'm happy to report another quarter of strong leasing. Thank you as always to the team. And with that, I'll hand it off to Reggie.

因此，我很高興地報告本季租賃業務表現強勁。一如既往地感謝團隊。說完這些，我就把它交給雷吉。

Thanks AJ. Good afternoon, everyone. I'd like to share specifics around our Q2 acquisition activity and provide insight on how we're positioning the company for continued growth. As noted in our earnings release, we completed nearly $160 million of acquisitions in the quarter, and these acquisitions continue our focus on the core pillars of our external growth business, FFO and NAV accretion, strong CAGR, and increasing our concentration in key markets.

謝謝 AJ。大家下午好。我想分享我們第二季收購活動的具體情況，並提供有關我們如何定位公司以實現持續成長的見解。正如我們在收益報告中指出的，我們在本季度完成了近 1.6 億美元的收購，這些收購繼續讓我們專注於外部成長業務的核心支柱、FFO 和 NAV 成長、強勁的複合年增長率以及提高我們在關鍵市場的集中度。

And Q2 was another quarter of delivering on that mix. So let's discuss those deals in more detail. We closed over $100 million of deals along the key retail corridor in Williamsburg, Brooklyn, North 6th Street. The buildings, including 70, 93, 95, 97, and 107 North 6th Street, are in the most prime blocks along the corridor. And the tenants include great contemporary brands such as Lululemon, Abercrombie, Mejuri, On Running, Birkenstock, and Patagonia. And while this concentration of names in three blocks is great for our consumers, it also benefits our shareholders.

第二季度又一次實現了這個目標。那麼讓我們更詳細地討論這些交易。我們在威廉斯堡、布魯克林、北六街的主要零售走廊達成了超過 1 億美元的交易。這些建築包括北六街 70、93、95、97 和 107 號，位於該走廊沿線最主要的街區。租戶包括 Lululemon、Abercrombie、Mejuri、On Running、Birkenstock 和 Patagonia 等知名當代品牌。雖然將品牌集中到三個區塊對我們的消費者來說是件好事，但它也使我們的股東受益。

In an eight-month time period, we have purchased 10 storefronts along North 6th, laying the foundation for the benefits of that scale to drop to the bottom line in the form of higher rents, as Ken and AJ have discussed. Also in the vibrant Flatiron, Union Square market in Manhattan, we acquired 85 Fifth Avenue for $47 million. This asset is on a key corner in the market and leased to a Fortune 100 company. It marks our fourth storefront in this market where we see a favorable supply-demand dynamic that should continue to drive rent growth.

在八個月的時間裡，我們購買了北六街的 10 個店面，為規模效益以更高的租金形式體現到底線奠定了基礎，正如 Ken 和 AJ 所討論的那樣。此外，在曼哈頓充滿活力的熨斗區聯合廣場市場，我們以 4,700 萬美元收購了第五大道 85 號。該資產位於市場的關鍵角落，並租賃給財富 100 強公司。這是我們在這個市場開設的第四個店面，我們看到了良好的供需動態，這將繼續推動租金成長。

So where does this leave us through the first half of the year? We've acquired $420 million of assets, delivering accretion consistent with our 1 penny for $200 million target with an attractive going-in GAAP yield in the mid-6%s and five-year CAGR in excess of 5%. Bottom line is we continue to deliver on our external growth mandate despite some of the first-half headwinds of capital market volatility, political noise, and economic uncertainty.

那麼，今年上半年我們將會面臨什麼情勢呢？我們已收購了價值 4.2 億美元的資產，實現了與我們以 1 美分收購 2 億美元的目標相符的增值，初始 GAAP 收益率達到 6% 左右，五年複合年增長率超過 5%。最重要的是，儘管上半年面臨資本市場波動、政治噪音和經濟不確定性等不利因素，我們仍繼續履行我們的外部成長使命。

So now let's turn to the second half of the year. What are we seeing and what are we focused on? There's no sign that asset pricing has receded. Private capital has stepped into any void from volatility in the REIT sector, ensuring prices remain firm. Despite this competitive environment, we're pretty confident we can remain active for the balance of the year, and I point to two reasons underlying that confidence.

現在讓我們展望下半年。我們看到了什麼？我們關注的是什麼？沒有跡象表明資產價格已經回落。私人資本已經填補了房地產投資信託基金 (REIT) 行業波動造成的空白，確保了價格的堅挺。儘管競爭環境如此激烈，我們仍然非常有信心在今年餘下時間裡繼續保持活躍，我指出我們保持這種信心的兩個原因。

One, while institutional investor interest in retail remains strong, street retail in particular is a less crowded trade. And we maintain an actionable street retail pipeline so we can pounce when the cost of capital starts to align through capital recycling or otherwise.

首先，雖然機構投資人對零售業的興趣依然強勁，但街頭零售業的競爭卻不那麼激烈。我們維護著可行的街頭零售管道，這樣當資本成本透過資本循環或其他方式開始調整時，我們就可以採取行動。

And remember, the majority of our balance sheet acquisitions consist of off-market transactions, so we're not really missing opportunities in any period of inactivity. In fact, all $350 million of balance sheet acquisitions this year were either off-market or buying out existing partners. So this pipeline development is a key ingredient in our ability to act quickly when we see our accretion objectives can be met.

請記住，我們的資產負債表收購大部分都是場外交易，因此我們實際上並沒有錯過任何不活動時期的機會。事實上，今年所有 3.5 億美元的資產負債表收購要不是場外收購，就是收購現有合作夥伴。因此，當我們看到我們的成長目標能夠實現時，這條管道的開發是我們能夠迅速採取行動的關鍵因素。

And the second reason is our investment management platform, where we are not dependent on accessing the public markets, is busy underwriting north of a billion dollars of assets that fit squarely into our core competencies. The increased number of retail investors has brought many sellers off the sidelines hoping to monetize in this high-demand environment. And as always, we'll be disciplined for the right deals and are confident we'll get our fair share of these opportunities.

第二個原因是我們的投資管理平台不依賴進入公開市場，而是忙於承銷符合我們核心競爭力的十億美元以上的資產。散戶投資者數量的增加使得許多賣家選擇離場觀望，希望在這種高需求的環境中獲利。像往常一樣，我們將嚴格遵守正確的交易，並有信心我們將在這些機會中獲得公平的份額。

So to summarize, our Q2 activity continues to connect the dots in key corridors with strong long-term growth potential, and our focus on that remains unabated. And we're seeing exciting opportunities for our investment management platform where we can leverage our talent and our institutional capital relationships. I want to thank the team for their hard work this quarter, and with that, I'll turn it over to John.

總而言之，我們第二季的活動繼續將具有強勁長期成長潛力的關鍵走廊連接起來，我們對此的關注度仍然沒有減弱。我們看到投資管理平台的令人興奮的機會，我們可以利用我們的人才和機構資本關係。我要感謝團隊本季的辛勤工作，然後我會把時間交給約翰。

Thanks, Reggie, and good afternoon. We had another strong quarter and are continuing to see stability along with positive momentum building across our street retail portfolio. And the aspects of our business that continue to excite us include the continuation of NOI growth in excess of 5% for the next several years, the strength and liquidity of our balance sheet, and lastly, our ability to add external growth, whether that be on-balance sheet or through our investment management platform.

謝謝，雷吉，下午好。我們又度過了一個強勁的季度，我們的街頭零售組合繼續保持穩定和積極的勢頭。我們業務中繼續令我們興奮的方麵包括未來幾年 NOI 成長率繼續超過 5%、資產負債表的實力和流動性，以及最後我們增加外部成長的能力，無論是資產負債表內還是透過我們的投資管理平台。

In terms of growth, we remain on track to deliver 5% to 6% same-store NOI growth this year. And this growth is dropping to our bottom line with projected year-over-year NAREIT FFO growth of about 10% at the midpoint of our guidance.

在成長方面，我們今年仍有望實現 5% 至 6% 的同店淨利潤成長。而且，這一成長正在下降到我們的底線，預計 NAREIT FFO 年成長率將達到我們指導值的中位數約 10%。

Secondly, our balance sheet is rock solid. We have over $0.5 billion of liquidity along with the financial flexibility to accretively fund and grow our business.

其次，我們的資產負債表非常穩健。我們擁有超過 5 億美元的流動資金以及財務靈活性，可以為我們的業務提供增值資金並實現成長。

And lastly, external growth. As Reggie highlighted, our pipeline of actionable opportunities is full, and we have various avenues to fund it, whether it be with on-balance sheet dollars or with institutional capital through our investment management platform. And before diving into the quarter, I want to spend a moment to reiterate and put some data behind the continued leasing momentum that we are seeing, particularly within our street and urban markets.

最後，外部成長。正如雷吉所強調的，我們的可行機會管道已經很充足，而且我們有各種途徑為其提供資金，無論是使用資產負債表內的美元還是透過我們的投資管理平台利用機構資本。在深入探討本季之前，我想花點時間重申並提供一些數據來證明我們所看到的持續租賃勢頭，特別是在街道和城市市場。

At our proportionate share, we executed approximately $7.5 million of new leases in the first half of 2025. And just to put that in context, this equates to approximately 3.5% of annualized minimum rents and is up nearly 100% over the $3.8 million of leases that we executed during the comparable period in 2024. And it's also worth highlighting that this momentum is coming from our street and urban portfolio, with approximately 85% of the executed leases in 2025 coming from this portfolio compared to 30% in 2024.

按照我們的比例份額，我們在 2025 年上半年執行了約 750 萬美元的新租約。具體來說，這相當於年最低租金的約 3.5%，比我們在 2024 年同期執行的 380 萬美元租約增加了近 100%。另外值得強調的是，這一勢頭來自我們的街道和城市投資組合，2025 年已執行租約的約 85% 來自該投資組合，而 2024 年這一比例為 30%。

Now, let me walk through some of the details of the second quarter and starting with earnings. We reported NAREIT FFO of $0.27 a share, representing an 8% increase over the $0.25 that we reported in Q2 of 2024. And at the midpoint of our 2025 guidance, our NAREIT FFO is on track to be up approximately 10% year-over-year. Additionally, FFO as adjusted for realized gains from the sales of Albertsons stock was in line with our expectations at $0.32 a share.

現在，讓我介紹第二季的一些細節，首先從收益開始。我們報告的 NAREIT FFO 為每股 0.27 美元，比 2024 年第二季報告的 0.25 美元增加了 8%。在我們 2025 年指導的中期，我們的 NAREIT FFO 預計將年增約 10%。此外，根據 Albertsons 股票銷售實現收益調整後的 FFO 符合我們的預期，為每股 0.32 美元。

And now moving on to same-store NOI and occupancy. As outlined in our release, we reaffirmed our expectation of 5% to 6% core same-store NOI growth for the year. As we had discussed on prior calls and embedded in our initial guidance, the first half of 2025 reflected our pry-loose strategy of proactively taking back below-market space and accelerating mark-to-market opportunities within our street retail portfolio. And we remain on track to see a 200 to 300 basis point acceleration of same-store growth in the second half of 2025 as these locations come online.

現在讓我們來討論同店淨營業利潤和入住率。正如我們在新聞稿中概述的那樣，我們重申了今年核心同店淨營業利潤增長率為 5% 至 6% 的預期。正如我們在之前的電話會議中討論過並融入我們的初步指導中一樣，2025 年上半年反映了我們的寬鬆策略，即主動收回低於市場的空間並加速街頭零售組合中的按市價計價的機會。隨著這些門市的開業，我們仍有望看到 2025 年下半年同店銷售額成長 200 至 300 個基點。

And while as a matter of practice, we don't formally update our annual same-store NOI guidance, we're trending towards the midpoint, if not slightly ahead of the 5% to 6% annual same-store growth. Additionally, driven by occupancy gains in our street and urban portfolio, we increased our total core occupancy by 50 basis points to 92.2% and anticipate that we further increase occupancy to 94% to 95% by year-end.

雖然從實務上講，我們不會正式更新年度同店淨營業收入指引，但我們正趨向於中間點，甚至略高於 5% 至 6% 的年度同店成長率。此外，受街道和城市投資組合入住率上升的推動，我們的核心總入住率提高了 50 個基點，達到 92.2%，預計到年底入住率將進一步提高到 94% 至 95%。

I now want to focus on our leasing pipeline, which is probably one of the most important data points that we want to highlight this quarter. And it's this strong and growing pipeline that reinforces our conviction and confidence that we are laying the foundation to continue delivering NOI growth in excess of 5% for the next several years. And as always, I will warn those modeling to get ready.

我現在想重點介紹我們的租賃管道，這可能是我們本季想要強調的最重要的數據點之一。正是這種強大且不斷增長的管道增強了我們的信念和信心，我們正在為未來幾年繼續實現超過 5% 的 NOI 成長奠定基礎。像往常一樣，我會警告那些模特兒做好準備。

I'm now going to spend a few moments walking through how we anticipate that this $15 million pipeline of signed-not-yet-opened leases will impact our future earnings, same-store NOI, and occupancy. As outlined in our release, the $15 million represents nearly 7% of pro rata ABR, with approximately 85% of it coming from our street and urban portfolio. And it is entirely comprised of incremental ABR, meaning it represents executed leases on space that is currently unoccupied.

現在，我將花一些時間來介紹我們預計這批已簽署但尚未開業的價值 1500 萬美元的租約將如何影響我們未來的收益、同店淨營業利潤和入住率。正如我們在新聞稿中概述的那樣，1500 萬美元佔按比例 ABR 的近 7%，其中約 85% 來自我們的街道和城市投資組合。它完全由增量 ABR 組成，這意味著它代表對目前未佔用的空間的已執行租約。

And finally, all amounts that I have and will be discussing are at our proportionate share. The $15 million pipeline is comprised of $7.8 million in core operating, which, as a reminder, means our same-store pool. $6.5 million comes from our core redevelopment projects, and $700,000 comes from our share of the investment management business.

最後，我已經討論過並且將要討論的所有金額都是按我們的比例分攤的。1500 萬美元的管道包括 780 萬美元的核心營運資金，提醒一下，這意味著我們的同店資金池。 650 萬美元來自我們的核心重建項目，70 萬美元來自我們的投資管理業務份額。

So let's first start with the overall earnings impact. $12 million of the $15 million will hit our bottom-line earnings after adjusting for interest and other carrying costs that we are currently capitalizing, primarily for core assets and redevelopment. And in terms of estimated timing and impact on annual earnings, approximately $11 million of the $15 million of ABR is projected to commence in the second half of 2025, with the remaining $4 million expected to commence in 2026.

因此，讓我們先從整體收益影響開始。在調整我們目前正在資本化的利息和其他持有成本（主要用於核心資產和重建）後，1500 萬美元中的 1200 萬美元將影響我們的底線收益。就預計時間和對年度收益的影響而言，1500 萬美元的 ABR 中約有 1100 萬美元預計將於 2025 年下半年開始，剩餘的 400 萬美元預計將於 2026 年開始。

And we're layering in the expected rent commencement dates. We are expecting incremental earnings of approximately $3 million in the second half of 2025, of which $2.5 million of this is expected to be reported within our same-store pool, followed by incremental earnings of $8.5 million in 2026, with approximately $5.3 million of this being same-store, leaving us with $3.5 million of incremental earnings in 2027.

我們正在分層安排預計的租金開始日期。我們預計 2025 年下半年的增量收益約為 300 萬美元，其中 250 萬美元預計將在我們的同店收益池中報告，隨後 2026 年的增量收益為 850 萬美元，其中約 530 萬美元為同店收益，使我們在 2027 年的增量收益為 350 萬美元。

Please note of the amounts that I just discussed, this reflects just the ABR impact of the $15 million, meaning the actual NOI will differ slightly as it doesn't factor in the additional tenant recoveries that we will receive or the impact of the cost capitalization I mentioned earlier associated with assets and redevelopment.

請注意我剛才討論的金額，這僅反映了 1500 萬美元的 ABR 影響，這意味著實際的 NOI 會略有不同，因為它沒有考慮到我們將收到的額外租戶回收或我之前提到的與資產和重建相關的成本資本化的影響。

So while it's a bit early, our initial 2026 model has our NOI increasing in excess of 10%. And while our team still has some leasing to do to achieve this target, we are well on our way with the $15 million of executed leases in our SNO pipeline. So stay tuned as we refine our 2026 budgets and expectations, but given the strong and continued momentum of NOI growth as we head into 2026 along with a fully hedged balance sheet with no meaningful maturities, we remain confident that this NOI growth will drop to our bottom-line earnings.

因此，雖然現在有點早，但我們最初的 2026 年車型顯示我們的 NOI 成長率將超過 10%。儘管我們的團隊仍需要完成一些租賃工作才能實現這一目標，但我們已經順利完成了 SNO 管道中價值 1500 萬美元的已執行租賃任務。因此，請繼續關注我們完善 2026 年預算和預期，但考慮到我們進入 2026 年時 NOI 增長的強勁和持續勢頭，以及沒有有意義到期日的完全對沖資產負債表，我們仍然相信，這種 NOI 增長將下降到我們的底線收益。

Additionally, as we prepare for our 2026 earnings guidance, while we aren't revising any of our earnings metrics for 2025, we are exploring ways to simplify our reporting to clearly highlight the anticipated NOI growth from our real estate business. And while we have increased conviction on our NOI heading into 2026, there's inherently more variability of other items that could factor into our bottom-line earnings, whether it's the transactional profits for our investment management business or the interest income from the City Point loan. But keep in mind, while these profitable parts of our business can certainly cause some variability and/or timing implications in our quarterly earnings, they have minimal, if any, impact on NAV, and thus how we think about the value of our company.

此外，在我們準備好制定 2026 年獲利指引時，雖然我們不會修改 2025 年的任何獲利指標，但我們正在探索簡化報告的方法，以清楚地突出我們房地產業務預期的 NOI 成長。儘管我們對 2026 年的淨利潤信心不斷增強，但其他項目的波動性本質上也更大，這些項目可能會影響我們的底線收益，無論是投資管理業務的交易利潤，還是來自 City Point 貸款的利息收入。但請記住，雖然我們業務中這些獲利部分肯定會對我們的季度收益造成一些變化和/或時間影響，但它們對資產淨值的影響微乎其微，因此對我們如何看待公司的價值也影響甚微。

As it relates to the investment management business, our transactional gains over the last few years have come from the sale of Albertsons stock. As of June 30, we have approximately 500,000 shares remaining, and as a reminder, our current intent is to monetize the balance of our holdings in 2025. And as we think about the $2 billion-plus of assets under management in our investment management platform, we are continuing to actively execute our business plans. And while it's too early to pinpoint specific timing, we are currently projecting net profits in excess of $30 million. And as always, we will provide additional details as to the timing and structure as we get closer to execution.

就投資管理業務而言，我們過去幾年的交易收益來自於出售 Albertsons 股票。截至 6 月 30 日，我們剩餘約 50 萬股，提醒一下，我們目前的目標是在 2025 年將剩餘的持股貨幣化。當我們考慮到我們的投資管理平台所管理的資產超過 20 億美元時，我們正在繼續積極執行我們的業務計劃。雖然現在確定具體時間還為時過早，但我們目前預計淨利潤將超過 3000 萬美元。與往常一樣，隨著執行的臨近，我們將提供有關時間和結構的更多詳細資訊。

And now turning to the City Point loan. As a reminder, our partners have the ability to convert their interest at any point, which again, as we discussed, would be dilutive to our short-term earnings, but ultimately accretive upon the asset stabilization. And while our partners remain pleased with the progress we have made, we expect that some of our partners will convert this year.

現在來談談 City Point 貸款。提醒一下，我們的合作夥伴可以在任何時候轉換他們的權益，正如我們所討論的，這會稀釋我們的短期收益，但最終會在資產穩定後增值。雖然我們的合作夥伴對我們的進展感到滿意，但我們預計今年我們的一些合作夥伴將會轉變。

And just for context and for those modeling our 2025 earnings, if all of our partners were to convert during the third quarter, which is not our current base case, it would be about $0.03 dilutive in the short term. But as I said, the short-term dilution would be recaptured through incremental NOI once the asset stabilizes.

僅就背景而言，對於那些模擬我們 2025 年收益的人來說，如果我們所有的合作夥伴都在第三季度轉換（這不是我們目前的基本情況），那麼短期內稀釋價值將達到約 0.03 美元。但正如我所說，一旦資產穩定下來，短期稀釋將透過增量淨資產收益重新獲得。

So stay tuned, and as we’ve said for a while, we look forward to continuing to expand our ownership interest in City Point, particularly at this pricing into this irreplaceable asset in Downtown Brooklyn. And finally, I will close with an update on our balance sheet, which remains rock solid. So while we continue to remain disciplined, we have the liquidity and dry powder on call to fund the accretive core and investment management opportunities that Reggie and his team are actively pursuing.

所以請繼續關注，正如我們一直以來所說的那樣，我們期待繼續擴大我們在 City Point 的所有權權益，特別是以這樣的價格收購布魯克林市中心這一不可替代的資產。最後，我將以我們的資產負債表的最新情況作為結束，我們的資產負債表仍然穩健。因此，在我們繼續保持紀律的同時，我們擁有隨時可用的流動性和資金，可以為雷吉和他的團隊積極尋求的增值核心和投資管理機會提供資金。

At June 30, we had approximately $600 million of available liquidity with net debt to EBITDA at 5.5 times. Additionally, we continue to see strong support from our lending partners. During the quarter, we executed a new five-year, $250 million term loan, enabling us to reduce our borrowing costs and extend duration. The facility was priced at 120 basis points over SOFR, which, when factoring in the impact of the interest rate swaps, equated to an all-in cost of about 4.6%.

截至 6 月 30 日，我們擁有約 6 億美元的可用流動資金，淨債務與 EBITDA 比率為 5.5 倍。此外，我們繼續得到貸款合作夥伴的大力支持。本季度，我們執行了一項新的五年期 2.5 億美元定期貸款，這使我們能夠降低借貸成本並延長期限。該工具的定價為 SOFR 的 120 個基點，如果計入利率互換的影響，則總成本約為 4.6%。

So in summary, given the continued leasing momentum and strong pipeline of external growth opportunities supported by a fully hedged and liquid balance sheet, we are excited at our growth prospects over the next several years. And with that, I will now turn the call over to the operator for questions.

總而言之，鑑於持續的租賃勢頭和在完全對沖和流動的資產負債表的支持下強勁的外部成長機會，我們對未來幾年的成長前景感到興奮。現在，我將把電話轉給接線員來回答問題。

(Operator Instructions) Linda Tsai, Jefferies.

（操作員指示）Linda Tsai，傑富瑞。

Yes, hi. Could you speak to the disconnect between the performance in your stock price and the underlying health of your portfolio? It seems like a reason Acadia's stock is underperformed is due to tariff concerns and your tenants being more exposed to discretionary spending. What do you think the market is missing and what's the catalyst that could spur better stock performance?

是的，你好。您能否談談股票價格表現和投資組合基本健康狀況之間的脫節？阿卡迪亞 (Acadia) 股票表現不佳的原因似乎是關稅問題以及租戶更容易受到可自由支配的支出的影響。您認為市場缺乏什麼？什麼催化劑可以刺激股票表現更好？

Yeah, well, Linda, certainly when Liberation Day was announced and there were concerns of the impact of tariffs on the economy and the consumer. I'd say conventional wisdom was that we were more likely than not heading to a recession, more likely than not facing a period of stagflation.

是的，琳達，當然，當解放日宣佈時，人們擔心關稅對經濟和消費者的影響。我想說，傳統觀點認為，我們很可能會陷入經濟衰退，很可能會面臨一段滯脹時期。

What we have seen now based on our leasing activities, based on conversations that we've had with our retailers, based frankly on the shifting views of the economists, is that we look more likely than not we're going to avoid those serious headwinds.

根據我們的租賃活動、與零售商的對話以及經濟學家不斷變化的觀點，我們現在看到，我們更有可能避免這些嚴重的逆風。

So point number one is that our leasing is holding up just fine. Point number two is, I think the market is underestimating the secular tailwinds that I discussed in the prepared remarks. But just to repeat them, the secular tailwinds that we are experiencing in street retail specifically.

所以第一點是我們的租賃情況良好。第二點是，我認為市場低估了我在準備好的發言中討論的長期順風因素。但只是重複一遍，我們在街頭零售中具體經歷了長期的順風。

And that is the migration from wholesale, the migration out of department stores and into DTC, meaning our retailers are recognizing it is mission-critical that they have these locations. It helps that the consumer is continuing to show up. It helps that these stores are very profitable. But they are also looking over the next three, five, ten years and realizing. They need to be on the corridors that AJ was talking about, that Reggie was discussing. They need to have these mission-critical locations. And so yeah, it has been a volatile six months due to all of that noise, but I think the proof is in our leasing fundamentals.

這就是從批發、從百貨公司轉向 DTC 的轉變，這意味著我們的零售商認識到擁有這些地點對他們來說至關重要。這有助於消費者的持續出現。這些商店的利潤很高，這很有幫助。但他們也在展望未來三年、五年、十年並意識到這一點。他們需要出現在 AJ 和 Reggie 談論的走廊上。他們需要這些關鍵任務地點。是的，由於所有這些噪音，過去六個月一直動盪不安，但我認為證據就在我們的租賃基本面上。

And then maybe related to that, my second question is, could you compare and contrast what landlord scale looks like in a suburban shopping center portfolio versus street retail? What's the tenant negotiating power for consumer draw dominating a suburban market within a gateway MSA versus, say, owning 10 storefronts in Williamsburg, Brooklyn?

然後可能與此相關，我的第二個問題是，您能否比較一下郊區購物中心組合和街道零售中的房東規模？與在布魯克林威廉斯堡擁有 10 家店面相比，在門戶 MSA 內佔據郊區市場主導地位的租戶在吸引消費者方面的談判能力如何？

Yeah, and this has been one of the fascinating, eye-opening experiences that I've seen over the last year or two after having been in the open-air industry for decades. Traditional open-air suburban shopping centers, finding the benefits of scale beyond simply just reducing G&A as a percentage of revenue as we got larger. Finding those benefits vis-à-vis our retailers, the ability to drive more rents, drive more NOI, that has always been elusive. And when I compare notes with my peers, public or private, we just have not been able to see significant economies of scale, positive leverage, things like that.

是的，這是我在露天行業工作了幾十年以來，在過去的一兩年裡見過的最令人著迷、最令人大開眼界的經歷之一。傳統的露天郊區購物中心，發現規模帶來的好處不僅僅是隨著規模的擴大而簡單地降低一般及行政費用佔收入的百分比。找到相對於我們的零售商的優勢，即推動更多租金、推動更多淨營業利潤的能力，這一直是難以捉摸的。當我與同行（無論是公共部門還是私營部門）交流時，我們發現我們並沒有看到顯著的規模經濟、積極的槓桿作用等。

Conversely, what we're beginning to see in street retail is significant benefits within any given corridor. What AJ estimates is where we own enough stores in a given corridor, given our relationships with the retailers, given our ability to curate, we're able to get approximately 10% more rent than if we owned just one building or if we were not national in scale.

相反，我們開始看到街頭零售在任何特定走廊內都具有顯著的優勢。AJ 估計，如果我們在特定區域擁有足夠多的商店，考慮到我們與零售商的關係以及我們的管理能力，我們可以比只擁有一棟建築或規模不在全國範圍內時多獲得大約 10% 的租金。

Then you add to that benefit, the national scale that we have with these retailers. And we are regularly in front of virtually all of our retailers and the C-suites of these retailers, and it's much more of a partnership than what we have experienced in the more traditional open-air side.

然後，再加上這一優勢，我們與這些零售商在全國範圍內建立了合作關係。我們經常與幾乎所有零售商以及這些零售商的高管見面，這比我們在傳統的露天場合所經歷的合作關係要密切得多。

Now, it used to be that way in open-air if you were a preferred developer. But now that new development is really not a driving factor for our retailers, we're just not seeing that benefit. Conversely, for street retail, we're seeing it within the given corridors, we're seeing it nationally on the leasing side, and then we're also seeing it on the acquisition side.

現在，如果你是優先開發商，露天的情況就是這樣的。但現在新的發展對我們的零售商來說並不是一個真正的驅動因素，我們只是沒有看到這種好處。相反，對於街頭零售，我們在給定的走廊內看到它，我們在全國範圍內的租賃方面看到它，然後我們也在收購方面看到它。

And by that I mean we are the first call or buyer of choice, bidder of choice for street retail because we have the proven track record, because we have the capital, because we have the know-how. You add that up. And it's a pretty exciting time to be focused on building out this platform, which is already well on its way, but we think we will see continued economies of scale, continued benefits of scale as that plays out.

我的意思是，我們是街頭零售的首選買家、首選競標者，因為我們擁有良好的業績記錄，因為我們擁有資金，因為我們擁有專業知識。你把這個加起來。現在正是專注於建立這個平台的激動人心的時刻，該平台已經在順利進行中，但我們認為，隨著平台的逐步完善，我們將看到持續的規模經濟和持續的規模效益。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hi, this is Sydney McEntee on for Craig. So there were a couple of acquisitions on North 6th Street in Williamsburg during the quarter, and Acadia now controls about $110 million in that submarket. Could you just talk a little bit more about the mark-to-market opportunities for those acquisitions in the market as a whole? Thanks.

大家好，我是 Craig 的 Sydney McEntee。因此，本季在威廉斯堡北六街進行了幾次收購，阿卡迪亞目前在該子市場控制著約 1.1 億美元的資產。您能否再多談一下整個市場中這些收購的市價機會？謝謝。

Sure, Reg, you want to start and then AJ chime in?

當然，Reg，你想先開始，然後 AJ 再加入嗎？

Sure. So one of the things that we focus on when we're thinking from a GAAP yield perspective is, are there mark-to-market opportunities, And so when we talk to our tenants and we do this in conjunction with AJ from an acquisition standpoint and find out when the actual leases were signed, how the tenants have performed, we think there's running room ahead of us from a mark-to-market standpoint. Specifics I won't get into, but AJ can add to some of that generally speaking.

當然。因此，當我們從 GAAP 收益率角度考慮時，我們關注的事情之一是，是否存在按市價計價的機會，因此，當我們與租戶交談時，我們會從收購的角度與 AJ 一起進行這項工作，並了解實際租約的簽署時間、租戶的表現如何，我們認為從按市價計價的角度來看，我們面前還有運行空間。我不會談論具體細節，但 AJ 可以概括地補充一些內容。

Yeah, look, Reggie, your team has done a great job identifying under-market leases. The challenge for my team, of course, is now we've got to get to work prying them loose, but I can tell you in a market like Williamsburg, similar to what we've seen on Armitage, we're seeing 20%-plus mark-to-market opportunities in the majority of our streets.

是的，雷吉，你看，你的團隊在識別低於市場價的租賃方面做得很好。當然，我的團隊面臨的挑戰是，現在我們必須開始努力讓他們放鬆警惕，但我可以告訴你，在威廉斯堡這樣的市場，與我們在阿米蒂奇看到的情況類似，我們在大多數街道上都看到了 20% 以上的按市價計價的機會。

But that's not unique to Williamsburg. That's true for Bleecker and West Village, Armitage, like I said, SoHo, Melrose Place, Henderson Avenue. Each of those, because of the performance over the last year, because of the strength of tenant demand, easily has double-digit, upwards of 20%, 25% mark-to-market.

但這並不是威廉斯堡獨有的。這對布利克區、西村、阿米蒂奇、以及我所說的蘇荷區、梅爾羅斯廣場、亨德森大道來說都是如此。由於去年的業績表現以及租戶需求強勁，這些物業的市價很容易就達到了兩位數，甚至高達 20% 或 25%。

And then I'll just finish on that, where we can control a meaningful portion of a given street, and it doesn't mean a majority, it generally means about 30%, which we are now on North 6th, where we can have that meaningful impact, we then find we can benefit and drive rents and performance for our retailers even higher. Because of curation, putting in the right retailers, we can increase sales because of being able to move faster if a tenant wants to be larger or smaller.

然後我就結束講這個，我們可以控制特定街道的很大一部分，這並不意味著大多數，通常意味著大約 30%，我們現在在北 6 街，我們可以產生有意義的影響，然後我們發現我們可以從中受益並推動零售商的租金和業績更高。透過精心策劃，引入合適的零售商，我們可以增加銷售額，因為無論租戶想要擴大還是縮小規模，我們都能更快採取行動。

If they have a new concept, we're in front of them so we know what we can do. And I think what you'll see play out on North 6th as you've seen in Armitage, as you've seen on M Street, is that kind of benefits of scale.

如果他們有新概念，我們就會走在他們前面，因此我們知道我們能做什麼。我認為，正如您在阿米蒂奇和 M 街所看到的，北六街也體現出了這種規模效益。

Thanks. And then one more maybe along that vein, have you seen any meaningful changes in the transaction market in terms of either the competitive landscape for these street retail assets or in terms of sellers coming to the market?

謝謝。然後也許沿著這個思路再問一次，您是否看到交易市場發生了任何有意義的變化，無論是這些街頭零售資產的競爭格局還是進入市場的賣家方面？

Yeah, I think for April 2, Liberation Day, there was a bit of a pullback. I think Ken alluded to that, a bit of a pullback on the street retail side from sellers. But the fundamentals that Ken and AJ have talked about aren't a secret. So we're starting to see more and more sellers saying, okay, the world is fine, let me tip my toe back out there. And we're having these conversations every day.

是的，我認為 4 月 2 日解放日出現了一些回調。我認為肯暗示了這一點，街頭零售方面的賣家有所退縮。但 Ken 和 AJ 所談論的基本原理並不是秘密。因此，我們開始看到越來越多的賣家說，好吧，世界很好，讓我回到那裡。我們每天都在進行這樣的對話。

As I said, the vast majority of our street retail acquisitions are off-market, so we have to be constantly in dialogue with a lot of the sellers. So I do think they're coming to the market more and more. We'll continue to see that over the balance of the year.

正如我所說，我們的絕大多數街頭零售收購都是場外收購，因此我們必須不斷與許多賣家保持對話。所以我確實認為他們會越來越多地進入市場。我們將在今年餘下的時間裡繼續看到這種情況。

From a competition standpoint, a lot of the institutional investors are a little more focused on the other segments of open-air, so we really like the opportunity in street retail because we do think it's a less crowded trade, as I mentioned before.

從競爭的角度來看，許多機構投資者更關注露天零售的其他領域，因此我們真的很喜歡街頭零售的機會，因為我們確實認為這是一個不那麼擁擠的交易，正如我之前提到的。

Andrew Reale, Bank of America.

美國銀行的安德魯‧雷亞爾 (Andrew Reale)。

Hey, good afternoon, thanks for taking my questions. How would you characterize the pipeline for investment management deals similar to The LINQ Promenade? Could we see a similar large-scale investment management deal in the near term?

嘿，下午好，感謝您回答我的問題。您如何描述與 LINQ Promenade 類似的投資管理交易管道？我們近期是否會看到類似的大規模投資管理交易？

Reggie, do you want to?

雷吉，你想嗎？

Sure. I think you do because I think the large deals are out there, a lot of them on the market. Obviously, we're going to be disciplined. We're only going to do the deals that make sense. But I think what you're seeing is a bunch of sellers, and even of larger deals two or three years ago when the retail market wasn't as mature or retail wasn't as in favor.

當然。我認為你會這麼做，因為我認為大交易就在那裡，其中很多都在市場上。顯然，我們將受到紀律處分。我們只會做有意義的交易。但我認為，你看到的是一群賣家，甚至是兩三年前零售市場還不成熟或零售不受歡迎時的大型交易。

Now, that the retail market and retail generally is in favor, you're starting to see a lot of those large deals either through direct conversations or marketing where people are saying, hey, maybe we can get the opportunity to execute on large deals. So we're underwriting several of those large deals as we speak.

現在，零售市場和零售業普遍受到青睞，你開始看到很多大型交易，無論是透過直接對話還是行銷，人們都會說，嘿，也許我們可以得到執行大型交易的機會。因此，我們正在承銷幾筆大型交易。

Okay, thanks. And then a lot of talk on the street portfolio today. But it would be helpful if you could just discuss how your suburban assets are performing and if there have been any changes to that watch list or near-term vacate risks in that portfolio? Thanks.

好的，謝謝。今天我們討論了很多有關街頭投資組合的問題。但是，如果您能討論一下您的郊區資產的表現如何，以及該觀察名單是否有任何變化，或者該投資組合的近期撤離風險是否有任何變化，那將會很有幫助嗎？謝謝。

Yeah, and I think you're seeing this amongst our peer reports, and AJ, I'll let you chime in as well. Due to the lack of new development, high-quality suburban retail's holding up just fine. There were some tenants on the watch list, but I think what we've seen both in terms of our leasing and then just in terms of overall tenant demand seems to be very strong, filling in any of those watch list items.

是的，我想您在我們的同儕報告中看到了這一點，AJ，我也讓您加入進來。由於缺乏新的開發項目，高品質的郊區零售業發展良好。觀察名單上有一些租戶，但我認為，無論是從租賃方面還是從整體租戶需求方面來看，我們看到的似乎都非常強勁，填補了觀察名單上的任何一項。

AJ, what would --

AJ，什麼會--

Yeah, I would definitely --there was a flurry of watch list tenants filing bankruptcy. We saw from Party City, the majority again of which were in our suburban portfolio. Luckily, we didn't have a tremendous amount of exposure there. I say the growth is there. It's not the same growth that we're seeing on our streets. And just I think it's an important distinction to make and just to touch on the conversation of curation earlier, one of the differences between suburbs and the streets is obviously the length of term, right, and our ability to continuously identify those under-market, I mean, and underperforming tenants and pry them loose.

是的，我肯定會——有大量的觀察名單租戶申請破產。我們從 Party City 看到，其中大部分都在我們的郊區投資組合中。幸運的是，我們在那裡沒有受到太多的關注。我說成長是存在的。這與我們在街頭看到的成長情況不同。我認為這是一個重要的區別，並且剛才談到了策展的討論，郊區和街道之間的區別之一顯然是期限的長短，對，以及我們不斷識別那些市場價格過低和表現不佳的租戶並將他們解僱的能力。

The other big distinction is, of course, CapEx, right? When we take back space proactively or otherwise on our streets, the amount of money we have to spend backfilling that space in relation to the rent is relatively small in relation to the CapEx we have to spend in the suburbs. So it's a much more impactful event to take back space in suburbs in relation to what we're seeing on our streets, where typically the payback is less than one year as opposed to upwards of five years or so to replace a box in the suburbs.

當然，另一個主要區別是資本支出，對嗎？當我們主動或以其他方式收回街道上的空間時，相對於我們在郊區必須花費的資本支出而言，我們在填補該空間方面所花費的租金相對較小。因此，與我們在街上看到的情況相比，收回郊區的空間是一個更有影響力的事件，通常回報期不到一年，而在郊區更換一個箱子則需要五年左右的時間。

Ki Bin Kim, Trust.

Ki Bin Kim，信託。

Thank you. Good morning. So a lot of positive commentary on your street and urban assets. Just, for maybe for Ken, where do you think occupancy ends up at the end of '25 versus the 90.8% today and in 2026?

謝謝。早安.因此，對您的街道和城市資產有許多正面的評價。只是，對於 Ken 來說，您認為 25 年底的入住率會達到多少，而今天的入住率是 90.8%，2026 年則是 90.8%？

Ki Bin, you’re referring specifically to the street?

Ki Bin，你指的是街道嗎？

Yeah, street and urban retail occupancy.

是的，街道和城市零售店的佔用率。

Yeah, so I think again we I care more about what spaces we lease than the actual percentage just given just a wide variation of spaces. But I think in terms of absolute occupancy, I think we're trending in the 92% by the end of the year for street and urban.

是的，所以我再次認為，我們更關心我們租賃的空間，而不是實際的百分比，因為空間的差異很大。但我認為，就絕對入住率而言，到今年年底，街道和城市的入住率將達到 92%。

Okay. And John, you provide a lot of color on the financials. I think you mentioned you think NOI can increase 10% next year. I’m not sure if I heard that correct. But if I did, what portion of that 10% increase is same store?

好的。約翰，你對財務狀況提供了很多資訊。我想您曾提到您認為明年的 NOI 可以增加 10%。我不確定我聽的是否正確。但如果我這麼做了，那麼這 10% 的成長中有多少部分是同店銷售額成長的呢？

Yeah, so you did hear that correctly. And the portion that is same store, so in '26, we're expecting total incremental, this is just from our pipeline. But from the SNO pipeline we're expecting total NOI of $8.5 million showing up in '26, of which $5.3 of that will be in the same store pool.

是的，你確實聽對了。而同一家商店的部分，所以在'26年，我們預計總增量，這只是來自我們的管道。但從 SNO 管道來看，我們預計 26 年的 NOI 總額將達到 850 萬美元，其中 530 萬美元將進入同一商店池。

Also keep in mind that 3% contractual we get with our street goes on top of that. Plus, AJ talked about his pipeline and stuff. So again, not giving 2026 guidance, but just given where we are in the year and that 10% that we're targeting, we feel pretty good about.

還要記住，我們與街道簽訂的合約中規定的 3% 是在此基礎上的。此外，AJ 還談到了他的管道和其他東西。因此，我們不會給出 2026 年的指導，但考慮到我們今年的狀況以及我們設定的 10% 的目標，我們對此感覺相當滿意。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) Michael Mueller, JPMorgan.

（操作員指示）摩根大通的邁克爾·穆勒。

Yeah, hi, John, maybe a couple things on City Point. First, just want to confirm the City Point loan you're talking about, that's not in the Supplemental, page 16 structured investment schedule. That's separate from that, right?

是的，嗨，約翰，也許有幾件關於 City Point 的事情。首先，我只想確認您所說的 City Point 貸款，它不在補充文件第 16 頁的結構化投資計劃中。這與那是分開的，對嗎？

And then was the $0.03 dilutive that you referred to if everybody converts, was that a 2025 number, annualized number? Can you just give us a little more specifics there?

那麼，您提到的如果每個人都轉換的話，稀釋後的 0.03 美元是 2025 年的數字還是年化數字？您能給我們更多細節嗎？

Yeah, so Mike, I think in terms of the dilution, that would be if every single one of them converted in the third quarter. So that is certainly not our expectation. And that would be on ’25.

是的，麥克，我認為就稀釋而言，如果他們每個人都在第三季轉換的話，情況就會是這樣。所以這肯定不是我們的期望。那將是 25 日。

So that's ’25. Okay. That's ’25.

所以是 25 英鎊。好的。那是 25 英鎊。

If All of them were to convert, which is certainly not our base case. So that was just the ultimate magnitude of it. And then the City Point loan is included in that supplemental in the loan balance.

如果所有人都轉變了，這當然不是我們的基本情況。這就是它的終極意義。然後，City Point 貸款就包含在貸款餘額的補充中。

Got it. Okay, I forget if you could have a follow-up here or not, but I'll throw it out anyway. Following up on the prior question, in terms of the occupancy level, just drilling down to the street, where you're at 85% at June 30 or so. I remember prior calls pointed toward closer to 90% by year-end, high 80%s. Does that still seem on track at this point during the year for the street component?

知道了。好吧，我忘記了你是否可以在這裡跟進，但我還是會把它扔出去。接著上一個問題，就入住率而言，深入到街道，6 月 30 日左右入住率達 85％。我記得先前的預測是，到年底，該比例將接近90%，甚至達到80%以上。就今年目前的情況來看，該比例還能維持在正常水準嗎？

It does. Yes.

確實如此。是的。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thanks. First question. Hey John, I just wanted to clarify on that year-end occupancy target that you mentioned, 92% for the street portfolio. Is that comparable to specifically that 85.2% in-place occupancy for street or is that more comparable to the leased occupancy, which is at 90.8% as of June 30?

你好，謝謝。第一個問題。嘿，約翰，我只是想澄清一下你提到的年底入住率目標，即街道投資組合的入住率 92%。這是否與街道 85.2% 的現場佔用率具有可比性，或者與截至 6 月 30 日的 90.8% 的租賃佔用率具有可比性？

So Todd, just maybe take a step back. So I think with total core operating occupancy, we think that's at our pro rata share in the 94% to 95%. The street and urban, I think we are -- and again we look at what ABR and what spaces, so the percentage, I'm not quite as focused on. But I think we get to street alone, just following on Mike's question.

所以托德，也許你只需要退後一步。因此，我認為，就核心營運飯店的總入住率而言，我們認為我們的比例份額在 94% 到 95% 之間。我認為我們是街道和城市——我們再次關注 ABR 和空間，因此百分比，我不太關注。但我認為我們只能單獨去街頭，繼續回答麥克的問題。

We get to about 90%. And when you factor in urban, it could be a little bit higher given the nature of those bigger spaces. So overall, 94% to 95%. And we think that we get to around 90% -- the low 90%s for the street and urban.

我們達到了約 90%。如果將城市考慮在內，考慮到更大空間的性質，這個數字可能會更高一些。總體而言，是 94% 到 95%。我們認為這個比例可以達到 90% 左右——街道和城市的這個比例在 90% 以下。

Okay, and then I just wanted to follow up a little bit further on leasing and some of the conversations around the mark-to-markets. We talked about Armitage and then Williamsburg. If we step back and look at the entire core portfolio where you have about 17% or 18% of ABR scheduled to expire through the end of ’26, any early thoughts on the outlook for tenant retention through that time period? And do you have any general idea on mark-to-market or what kind of leasing spreads you might anticipate based on current demand and where market rents are today?

好的，然後我想進一步討論租賃以及有關按市價計價的一些討論。我們談論了阿米蒂奇，然後是威廉斯堡。如果我們回顧整個核心投資組合，其中約有 17% 或 18% 的 ABR 計劃在 26 年底前到期，您對該時間段內的租戶保留前景有何初步看法？您對以市價計價有什麼大致的了解嗎？或者根據當前需求和市場租金水平，您可以預期什麼樣的租賃利差？

Yeah, look, demand is very strong. The only sort of roll that I anticipate, frankly, is space that we are proactively taking back, and we have a track record of doing that. So, we'll take back underperformers. You're going to have a period of time where you're going to see occupancy dip. And then it returns at a higher total ABR.

是的，看，需求非常強勁。坦白說，我所期待的唯一舉措就是我們主動奪回太空，而我們在這方面有著良好的記錄。因此，我們會收回表現不佳的員工。您將會在一段時間內看到入住率下降。然後它以更高的總 ABR 返回。

So, you know, we're not really seeing and I'm not really forecasting any significant move-outs other than ones where I'm going to take it back proactively and replace them accretively.

所以，你知道，我們並沒有真正看到，我也沒有真正預測到任何重大的搬遷，除了那些我將主動收回並以增值方式替換的搬遷。

Mark-to-markets on various streets?

各條街道是否實施市價計價？

Yeah, mark-to-markets, like I said, blending across our street portfolio is double digits, and we don't really drill into individual markets, but the majority of them are seeing upwards of 20% mark-to-market opportunity embedded in those leases.

是的，正如我所說，以市價計價，我們的街道投資組合的混合率是兩位數，我們並沒有真正深入研究單一市場，但大多數市場都看到這些租賃中包含著 20% 以上的按市價計價機會。

And just let me chime in from a pleasantly surprising position compared to, let's say, November, December if we were talking and where we are relative today. In terms of tenant interest, in terms of tenant performance, in terms of tenant renewals, in terms of rents, everything is holding up notwithstanding a lot of noise and nonsense that we've gone through in the last six months. And so far we haven't seen, especially for street retail, any meaningful deterioration whatsoever.

讓我從一個令人驚喜的角度來談談，與 11 月、12 月相比，我們現在的處境是相對的。就租戶興趣、租戶表現、租戶續約、租金而言，儘管過去六個月我們經歷了許多噪音和混亂，但一切都進展順利。到目前為止，我們還沒有看到任何明顯的惡化，尤其是街頭零售業。

We haven't --we have one retailer early on after Liberation Day put a couple leases on hold, and then they quickly signed thereafter. And I can't think of another instance where a retailer has said, we are slowing down, we can't afford the rent, we no longer need to be here. So, whatever we were guiding to in November, December, AJ, you sure as heck better deliver it.

我們沒有——有一家零售商在解放日後不久就擱置了幾份租約，但隨後他們很快就簽署了協議。我想不出還有哪個零售商說過，我們正在放慢腳步，我們付不起租金，我們不再需要在這裡了。所以，無論我們在 11 月或 12 月指引什麼，AJ，你最好一定要實現它。

Yeah, just to clarify, that one retailer, the deals they were putting on hold were what they called non-mission-critical markets, suburban markets, frankly. They were still moving forward with mission-critical street leases. Frankly, we signed one with that retailer. So it's an important distinction.

是的，需要澄清的是，對於那家零售商來說，他們擱置的交易是他們所謂的非關鍵任務市場，坦白說是郊區市場。他們仍在推進關鍵任務街道租賃。坦白說，我們與那家零售商簽了合約。所以這是一個重要的區別。

Floris van Dijkum, Ladenburg.

佛洛里斯‧範‧迪庫姆 (Floris van Dijkum)，拉登堡。

Hey guys. So are you worried about the movement of cap rates? I think Reggie, you indicated that there's still very strong investor demand. And Ken, you were talking about spreads being pretty tight right now.

嘿，大家好。那麼，您是否擔心資本化率的變動？我認為雷吉，你表示投資者需求仍然非常強勁。肯，您剛才談到現在利差相當小。

What does that mean for cap rates in the markets that you want to expand in, presumably SoHo, Williamsburg, maybe on Rush and other key corridors? Can you buy as attractively as what you've been able to achieve so far?

這對於您想要擴張的市場（大概是 SoHo、威廉斯堡、拉什和其他主要走廊）的資本化率意味著什麼？您能以目前為止所能實現的同樣有吸引力的價格買到東西嗎？

And I guess the follow-up on that is, you do have a little bit of liquidity, would you consider selling some more suburban, where cap rates are also pretty tight, to be able to fund some of the growth in your street portfolios?

我想接下來的問題是，您確實有一點流動性，您是否會考慮出售更多郊區房產（這些地區的資本化率也相當低），以便為您的街道投資組合的增長提供資金？

Reggie, let me first talk about some of the ways that we can continue to drive growth, and then why don't you chime in on what you're seeing. And yes, Floris, you're absolutely correct. We do think we can sell assets on the suburban side or migrate them as we have done into our investment management platform without any material impact to earnings and use that capital along with additional dry powder that we have, along with other avenues of capital. So we can continue to be active as we see opportunities.

雷吉，首先讓我談談我們可以繼續推動成長的一些方法，然後為什麼不談談你所看到的呢？是的，弗洛里斯，你完全正確。我們確實認為，我們可以出售郊區的資產，或者像我們所做的那樣，將它們遷移到我們的投資管理平台，而不會對收益產生任何實質影響，並將這些資本與我們擁有的額外資金以及其他資本管道一起使用。因此，只要我們看到機會，我們就可以繼續積極行動。

Reggie touched on before, sellers are starting to show up again. What I would caution is cap rates are much trickier in street retail, going-in yields because of all of the moving pieces. And we, our team is able to underwrite through that and understand what the long-term IRRs, the long-term yields. And I am confident that we'll be able to find deals, find the right way to capitalize on them and proceed.

雷吉之前提到過，賣家又開始出現了。我要提醒的是，街頭零售的資本化率更加棘手，因為所有變動因素都會影響報酬率。我們的團隊能夠透過這種方式承保，並了解長期 IRR 和長期收益率。我相信我們能夠找到交易，找到正確的方法來利用它們並繼續前進。

Sure, there's some competition. Blackstone has showed up periodically. There's other legitimate bidders out there. But for the most part, there is so much less competition that I'll leave it to Reggie and his team to make sure that we're continuing to see our fair share of attractive investments.

當然，存在一些競爭。黑石集團已定期出現。還有其他合法競標者。但在大多數情況下，競爭要少得多，所以我會把責任交給雷吉和他的團隊，以確保我們能夠繼續獲得公平的、有吸引力的投資份額。

Reg, yeah, and I think we're seeing those attractive investments, and I think big picture from a cap rate standpoint, obviously, as Ken said, particularly on the street, it's dependent on one building to the next. Two buildings next to each other with different mark-to-market opportunities, different lease expirations, are going to trade differently.

雷格，是的，我認為我們看到了這些有吸引力的投資，我認為從資本化率的角度來看，顯然，正如肯所說，特別是在街道上，它依賴於一棟建築到另一棟建築。兩棟相鄰的建築物有不同的市價調整機會和不同的租賃期限，因此交易方式也會不同。

But big picture, in the markets that we're really focused on, it could easily be below 5%s in SoHo and mid-5%s plus elsewhere, but also 6%-plus elsewhere, right, in other markets around the country. So that's why we're really focused on portfolio construction.

但從總體來看，在我們真正關注的市場中，SoHo 的成長率很容易低於 5%，其他地區的成長率可能在 5% 左右，但其他地區的成長率也可能在 6% 以上，對，在全國其他市場。這就是我們真正關注投資組合建構的原因。

We think we can find the right level of assets in 5% to 6% cash yields, GAAP yields in the mid-6%s with that outperforming CAGR because of the mark-to-market. That really, to Ken's earlier point, really screens very well from an IRR standpoint. So I think we're finding those attractive opportunities and aren't deterred.

我們認為，我們可以找到現金收益率為 5% 至 6% 的適當資產水平，GAAP 收益率在 6% 左右，並且由於以市價計價，複合年增長率將超過預期。正如 Ken 先前指出的那樣，從 IRR 的角度來看，這確實非常好。所以我認為我們正在尋找這些有吸引力的機會並且不會被嚇倒。

And I guess maybe the follow-up question, which is somewhat related, is today if you think about it, your ABR is about $100 million from street, $60 million from suburban. What is that going to look like in three years' time if you had a crystal ball, Ken? And ideally what would you like it to look like?

我想也許後續的問題與此有些相關，今天如果你仔細想想，你的 ABR 大約是來自街道 1 億美元，來自郊區 6000 萬美元。肯，如果你有一顆水晶球，那麼三年後的情況會是什麼樣子呢？理想情況下您希望它看起來像什麼？

Yeah, if I had ever had a crystal ball, I threw it out during COVID. I believe that our shareholders will benefit from our dual platform, meaning having in our core portfolio the vast, vast majority of our assets being street and urban retail, where we will be the premier owner-operator of street retail in the United States.

是的，如果我曾經有一個水晶球，那麼我在 COVID 期間把它扔掉了。我相信我們的股東將受益於我們的雙重平台，這意味著我們的核心投資組合中絕大多數資產是街道和城市零售，我們將成為美國首屈一指的街道零售業主和營運商。

And whether that means migrating assets off balance sheet on the suburban side or otherwise, it really needs to be growth at appropriate prices, appropriate time of street retail. I see no reason why, based on the deal flow we're seeing, if the stars align, there's no reason we couldn't double the size of our street retail portfolio accretively -- accretive to net asset value, accretive to earnings. And that will be the main focus on balance sheet.

無論這是否意味著將資產轉移到郊區的資產負債表外，它確實需要以適當的價格、適當的時間實現街頭零售的成長。我認為，根據我們所看到的交易流程，如果一切順利，我們沒有理由不能將街頭零售投資組合的規模增加一倍——增加淨資產價值，增加收益。這將是資產負債表的主要關注點。

At the same time, our investment management platform activities is where you will see any and all of our suburban activity, our opportunistic activity, deals like The LINQ that we touched on earlier today. And so, if I had a crystal ball, Floris, that's what I would predict.

同時，在我們的投資管理平台活動中，您可以看到我們所有的郊區活動、機會主義活動以及我們今天早些時候提到的 LINQ 等交易。所以，如果我有一顆水晶球，弗洛里斯，這就是我所預測的。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Ken Bernstein for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將節目單交還給肯·伯恩斯坦，以便他可以做進一步的評論。

All right. Well, thank you all. Hope you all enjoy the summer. We look forward to speaking with you again next quarter.

好的。好的，謝謝大家。希望大家享受這個夏天。我們期待下個季度再次與您交談。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。再會。