Brixmor Property Group Inc (BRX) 2024 Q4 法說會逐字稿

Greetings. Welcome to Brixmore Property Group Inc. fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce Stacy Slater, Senior Vice President, Investor Relations.

問候。歡迎參加 Brixmore Property Group Inc. 2024 年第四季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係資深副總裁 Stacy Slater。

Thank you, operator, and thank you all for joining Brixmore's fourth quarter conference call. With me on the call today are Jim Taylor, Chief Executive Officer; Brian Finnegan, President and Chief Operating Officer; and Steven Gallagher, Executive Vice President and Chief Financial Officer. Mark Horgan, Executive Vice President and Chief Investment Officer, will also be available for Q&A.

謝謝接線員，謝謝大家參加 Brixmore 第四季電話會議。今天與我一起參加電話會議的還有執行長 Jim Taylor；總裁兼營運長 Brian Finnegan；以及執行副總裁兼財務長 Steven Gallagher。執行副總裁兼首席投資長馬克霍根 (Mark Horgan) 也將參加問答環節。

Before we begin, let me remind everyone that some of our comments today may contain forward-looking statements that are based on certain assumptions and are subject to inherent risks and uncertainties as described in our SEC filings, and actual future results may differ materially. We assume no obligation to update any forward-looking statements.

在我們開始之前，讓我提醒大家，我們今天的一些評論可能包含基於某些假設的前瞻性陳述，並受我們向美國證券交易委員會提交的文件中所述的固有風險和不確定性的影響，實際未來結果可能存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

Also, we will refer today to certain non-GAAP financial measures. Further information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in the earnings release and supplemental disclosure on the investor relations portion of our website.

此外，我們今天將參考某些非 GAAP 財務指標。有關我們對這些指標的使用以及這些指標與我們的 GAAP 結果的調節的更多信息，請參閱我們網站投資者關係部分的收益報告和補充披露。

(Operator Instructions)

（操作員指令）

At this time, it's my pleasure to introduce Jim Taylor.

現在，我很高興介紹吉姆泰勒。

Thanks, Stacy, and good morning, everyone. I'm beyond grateful for the performance of the Brixmore team across every facet of our value-add plan. Our team's performance not only delivered strong growth in both NOI and bottom line FFO of 5%, but it's also positioned us to continue to outperform, especially in a strong demand environment where we're able to recapture boxes and bring in better tenants at better rents. It's in environments like this one, simply put, where Brixmore thrives.

謝謝，史黛西，大家早安。我非常感謝布里克斯莫爾團隊在我們增值計劃的各個方面表現出色。我們團隊的表現不僅實現了 NOI 和底線 FFO 的 5% 強勁增長，而且還使我們能夠繼續表現出色，特別是在需求強勁的環境下，我們能夠重新獲得包廂並以更好的租金吸引更好的租戶。簡言之，正是在這樣的環境中，布里克斯莫爾才得以蓬勃發展。

Our execution begins with the policing, where the regional and national teams partnered to sign over 118 million of new and renewal lease ABR during the year, including 32 million in the fourth quarter, activity that demonstrates robust continued tenant demand and the momentum of our portfolio transformation. As Brian will detail in a moment, we drove compelling spreads and rates, commenced a record level of new ABR, and achieved the record for average in-place rent that still remains well below where we're signing new deals.

我們的執行從監管開始，區域和國家團隊合作在年內簽署了超過 1.18 億份新租約和續租 ABR，其中第四季度簽署了 3200 萬份，這一活動表明租戶需求持續強勁，以及我們投資組合轉型的勢頭。正如 Brian 稍後將詳細介紹的那樣，我們實現了引人注目的利差和利率，創下了新的 ABR 記錄水平，並創下了平均現有租金的記錄，但目前該記錄仍遠低於我們簽署新交易的水平。

We also continue to out index our share of tenant store openings and importantly, brought several new vibrant concepts into the portfolio which further drove growth in traffic year over year. In fact, we were ranked by Placer.ai at the top end of our peer group in terms of year over year traffic growth. We brought in new anchors and core as well as new to the portfolio categories driving overall occupancy to 97.2% for our anchors. In particular, we substantially increased new business with tenants in the grocery segment, including Sprouts, Whole Foods, Trader Joe's, Publix, and Aldi, creating huge value as we bring these vibrant retailers into our centers.

我們的租戶店開業份額也繼續保持領先，更重要的是，我們為投資組合帶來了一些充滿活力的新概念，進一步推動了客流量的逐年增長。事實上，以流量年增率計算，我們在 Placer.ai 的同業排名中名列前茅。我們引入了新的主力店、核心店以及新投資組合類別，將主力店的整體入住率提升至 97.2%。特別是，我們大幅增加了與食品雜貨領域租戶的新業務，包括 Sprouts、Whole Foods、Trader Joe's、Publix 和 Aldi，將這些充滿活力的零售商引入我們的中心，創造了巨大的價值。

With this activity, a record 81% of our AVR is derived from grocery anchored centers with average productivity of over 700 a foot. Further, we saw the flywheel effect of this productive anchor leasing with small shop occupancy and rate both at record levels. Our redevelopment and construction teams continued to execute at the very highest level, delivering $205 million of reinvestment at an average incremental return of 9% during the year. We also grow our in process pipeline in nearly $400 million at an average incremental return of 10%, setting us up for several more years of transformative value creation.

透過這項活動，我們的 AVR 中有 81% 創紀錄地來自以雜貨店為中心的中心，平均生產率超過每英尺 700 美元。此外，我們看到了這種高效的主力租賃的飛輪效應，小店的入住率和利率都達到了創紀錄的水平。我們的重建和建設團隊繼續以最高水準執行，全年實現了 2.05 億美元的再投資，平均增量回報率為 9%。我們的在研專案管道也成長了近 4 億美元，平均增量報酬率為 10%，為我們未來幾年的變革性價值創造奠定了基礎。

Our investments team successfully harvested $212 million of dispositions completed advantageously across 14 distinct transactions. Staying disciplined, the team also reviewed and underwrote over $1 billion of opportunities, and as the market moved our way, completed over $290 million of value add acquisitions of assets that have long been on our target list, including in Hartford, Tampa, Raleigh, Boston, Ann Arbor, Hilton Head, and Long Island. We are encouraged by the future pipeline of attractive opportunities in our core markets as transaction flows continue to increase.

我們的投資團隊成功透過 14 筆不同的交易獲得了 2.12 億美元的有利處置。在嚴守紀律的同時，團隊也審查並承銷了超過 10 億美元的投資機會，隨著市場的發展，完成了超過 2.9 億美元的增值收購，這些資產一直列在我們的目標名單上，包括哈特福德、坦帕、羅利、波士頓、安娜堡、希爾頓黑德和長島。隨著交易流量不斷增加，我們對核心市場未來充滿的誘人機會感到鼓舞。

From a balance sheet perspective, liquidity and free cash flow, as Steve will detail in a moment. We continue to have more than ample capacity to fund our value added plan. We have much to be excited about as we look forward to '25 and beyond.

從資產負債表的角度來看，流動性和自由現金流，史蒂夫稍後將詳細介紹。我們仍有足夠的能力資助我們的增值計劃。展望25年及以後，我們有許多值得興奮的事情。

With that, I'll turn the call over to Brian for a more detailed discussion of our leasing and operational outlook. Brian?

說完這些，我將把電話轉給布萊恩，讓他更詳細地討論我們的租賃和營運前景。布賴恩？

Thanks, Jim, and good morning, everyone. Our team delivered another impressive quarter of operating results to close out the year. During the quarter, our team executed on 1.5 million square feet of new and renewal leases at a blended cash spread of 21%. Including 830,000 square feet of new leases, our highest quarterly output in two years, demonstrating the continued depth and breadth of retailer demand to be in our transform centers.

謝謝，吉姆，大家早安。我們的團隊在本財年結束時又取得了令人印象深刻的季度營運表現。在本季度，我們的團隊執行了 150 萬平方英尺的新租約和續租，混合現金利差為 21%。其中包括 830,000 平方英尺的新租賃面積，這是我們兩年來最高的季度產出，顯示零售商對我們的轉型中心的需求持續具有深度和廣度。

This activity, which included the backfills of several recently recaptured boxes during the quarter, allowed us to grow overall occupancy 50 basis points year over year to 95.2% despite a 70 basis point impact from bankruptcy activity. And our leasing momentum shows no signs of slowing down.

此項活動包括本季填補幾個最近收回的包廂，儘管破產活動帶來了 70 個基點的影響，但我們仍使整體入住率同比增長 50 個基點，達到 95.2%。我們的租賃勢頭沒有放緩的跡象。

From a box standpoint, operators in the grocery, value apparel, home furnishings, general merchandise, and health and wellness categories continue to have aggressive growth targets in a supply constrained environment. And on the small shop side, high quality, well-capitalized, quick service restaurants, medical and service uses, along with a growing list of mall and lifestyle native brands are focused on growing store count.

從盒子的角度來看，在供應受限的環境中，雜貨、價值服裝、家居用品、日用百貨以及健康和保健類別的營運商繼續擁有積極的成長目標。而在小商店方面，高品質、資金充足的快餐店、醫療和服務業以及越來越多的購物中心和生活方式本土品牌都致力於增加商店數量。

Our team is leveraging the demand environment I just described to continue to upgrade our merchandizing mix across the portfolio and do it at much higher rates, highlighted by the record new lease AVR per square foot in both anchors and small shops we achieved in 2024. To that end, I'm pleased to report that our signed but not yet commenced pipeline remains strong at [61 million] of AVR, even with the commencement of [16 million] of AVR in the quarter. And our forward pipeline grew as well, also at record rents. We have also had great success driving strong intrinsic lease terms, achieving average annual increases of 2.5% across all new leases signed last year, while also remaining disciplined with capital.

我們的團隊正在利用我剛才描述的需求環境，繼續升級整個產品組合的商品組合，並以更高的速度進行，其中最突出的是我們在 2024 年實現的主力店和小店每平方英尺的新租賃 AVR 創紀錄。為此，我很高興地報告，即使本季已開始 [1,600 萬] AVR，我們已簽署但尚未開始的管道仍然保持強勁，達到 [6,100 萬] AVR。我們的前瞻通路也在成長，租金也創下了歷史新高。我們也取得了巨大的成功，推動了強勁的內在租賃條款，去年簽署的所有新租賃的年平均增長率達到 2.5%，同時保持了對資本的紀律。

Switching to operations, our efficiency in our expense spending and improvement in common area maintenance language in our lease clauses led to a record annual recovery rate of over 92%, exceeding year-end build occupancy. In addition, we remained disciplined with our CapEx spend, reducing maintenance spend for the second year in a row.

在營運方面，我們在費用支出方面的效率以及租賃條款中公共區域維護語言的改進導致年回收率達到創紀錄的 92% 以上，超過了年底的建築入住率。此外，我們繼續嚴格控制資本支出，連續第二年減少維護支出。

And we were thrilled with the tenant openings that made up the 16 million of AVR we commenced during the fourth quarter, which included new locations with Home Goods, Sierra Trading Post, Ross Dress for Less, Burlington, and Planet Fitness.

我們對第四季度新開設的租戶感到非常高興，這些租戶的平均租金為 1600 萬，包括 Home Goods、Sierra Trading Post、Ross Dress for Less、Burlington 和 Planet Fitness 等新店。

As we look forward in 2025, we remain as confident as ever in the growth trajectory of our business. As Jim highlighted, the recent box recaptures, while a near-term impact to growth, are happening in one of the greatest leasing demand and tightest supply environments we've ever seen. Our team has made significant progress in addressing these boxes at compelling spreads, and we're excited about the opportunity this provides to continue to improve our centers. As we often say, our team is built to capitalize on these opportunities.

展望2025年，我們對業務的成長軌跡依然一如既往地充滿信心。正如吉姆所強調的，最近的箱體奪回雖然在短期內對成長產生了影響，但卻發生在我們所見過的最大租賃需求和最緊張的供應環境之一中。我們的團隊在以令人信服的傳播速度解決這些問題方面取得了重大進展，我們很高興看到這為我們繼續改善中心提供了機會。正如我們常說的那樣，我們的團隊就是為了利用這些機會而建立的。

With that, I'll hand the call over to Steve for a more detailed review of our financial results as well as guidance, Steve.

說完這些，我將把電話交給史蒂夫，讓他更詳細地審查我們的財務表現以及指導，史蒂夫。

Thanks, Brian. I'm pleased to report on a strong finish to 2024 and provide our outlook for 2025 as we continue to deliver growth through our value-added business plan.

謝謝，布萊恩。我很高興地報告 2024 年的強勁收官，並提供我們對 2025 年的展望，因為我們將繼續透過增值業務計劃實現成長。

Nareit FFFO was $0.53 per share in the fourth quarter, driven by the same property NOI growth of 4.7%. Base rent growth contributed 600 basis points to the same property on a wide growth this quarter, as the stacking of previous quarter rent commencements and new rent commencements far exceeded the impact of tenant disruption. For the year, property NOI growth was 5%. This resulted in Nareit FFO per share of $2.13 which represents an almost 5% increase when adjusting for the prior year gain on debt extinguishment.

第四季度，Nareit FFFO 為每股 0.53 美元，受同一房地產 NOI 成長 4.7% 的推動。本季度，基本租金增長為同一物業貢獻了 600 個基點，因為上一季度租金開始和新租金開始的疊加遠遠超過了租戶中斷的影響。今年房地產淨營運收入成長率為 5%。這導致 Nareit 每股 FFO 為 2.13 美元，根據上一年的債務清償收益進行調整後，增加了近 5%。

As Jim and Brian highlighted, we continue to leverage our successful portfolio transformation initiative to capitalize on the strong leasing environment. The spread between leased and build occupancy ended the period at 380 basis points, and the sign but not yet pool totals $61 million at $21 per square foot and includes $52 million of net new rent. We expect approximately $53 million or 87% of the ABR and assignment a pool to commence across 2025.

正如 Jim 和 Brian 所強調的那樣，我們將繼續利用我們成功的投資組合轉型計劃來利用強大的租賃環境。截至本期末，租賃入住率與已建入住率之間的差額為 380 個基點，已簽約但尚未簽約的物業總額為 6,100 萬美元，按每平方英尺 21 美元計算，其中包括 5,200 萬美元的淨新租金。我們預計約有 5,300 萬美元或 87% 的 ABR 和分配池將於 2025 年開始。

These rent commencements as well as the stacking effect of the commencements during 2024, provide excellent visibility into growth for 2025. We have introduced guidance for same property NOI growth of 3.5% to 4.5%. This range includes 200 basis points of same property NOI drag at the midpoint associated with tenant disruption, 100 basis points of which relates to rejected leases, and 100 basis points of which captures a range of potential outcomes related to additional lease rejections and tenant disruption. Additionally, we expect revenues deemed uncollectible as 75 to 110 basis points of total revenues, in line with our historical run rate.

這些租金開始以及 2024 年期間開始的累積效應為 2025 年的成長提供了極佳的可見性。我們已經推出了同類房產淨營運收入成長 3.5% 至 4.5% 的指導價格。該範圍包括與租戶中斷相關的中點同一物業 NOI 拖累的 200 個基點，其中 100 個基點與拒絕租約有關，還有 100 個基點捕獲了與額外租約拒絕和租戶中斷相關的一系列潛在結果。此外，我們預計被視為無法收回的收入將佔總收入的 75 至 110 個基點，與我們的歷史運作率一致。

In terms of trajectory, we do expect slower growth in the first half of the year due to the timing of these rejections, but we expect growth to accelerate in the second half of the year as we backfill spaces and provide a tailwind for growth into 2026, while also further enhancing the credit quality of our tenancy.

就發展軌跡而言，由於這些拒絕的時機，我們確實預計上半年成長會放緩，但我們預計下半年成長將加速，因為我們填補了空缺並為 2026 年的成長提供了順風，同時也進一步提高了我們租戶的信用品質。

Our FFO guidance reflects the strong state property NOI growth from the portfolio, and we have introduced guidance for 2025 and Nareit FFO at a range of $2.19 to $2.24 per share, which represents 4% growth at the midpoint, despite a $0.06 headwind from interest income earned in 2024 due to the timing of bond issuances and repayments.

我們的 FFO 指引反映了投資組合中強勁的國有財產 NOI 增長，並且我們已推出 2025 年和 Nareit FFO 指引，範圍為每股 2.19 美元至 2.24 美元，中間值代表 4% 的增長，儘管由於債券發行和償還的時間安排，2024 年獲得的利息收入面臨 0.06 美元的阻力。

From a balance sheet perspective, the consistent improvement in our balance sheet was recognized by Moody's as our credit rating was upgraded to Baa2. We repaid our bonds and matured earlier this month and have no maturities until June of 2026.

從資產負債表的角度來看，我們資產負債表的持續改善得到了穆迪的認可，因為我們的信用評級已升級至 Baa2。我們已於本月初償還並到期債券，並且直到 2026 年 6 月才到期。

While our value-added business plan is funded on a leveraged neutral basis by free cash flow, as previously announced, we raised $97 million of equity in the quarter at an average gross price of $28.77 to fund the transaction activity in the quarter. At December 31, we had total liquidity of $1.6 billion and our debt to EBITDA on a current quarter annualized basis was 5.7 times, leaving us well positioned to execute on our business plan.

雖然我們的增值業務計劃是在自由現金流的槓桿中性基礎上提供資金的，但正如之前宣布的那樣，我們在本季度以平均 28.77 美元的總價格籌集了 9700 萬美元的股權，以資助本季度的交易活動。截至 12 月 31 日，我們的總流動資金為 16 億美元，以本季年化計算，我們的債務與 EBITDA 比率為 5.7 倍，這使我們能夠很好地執行我們的業務計劃。

And with that, I turned the call over to the operator for Q&A.

說完，我將電話轉給接線生進行問答。

(Operator Instructions)

（操作員指令）

Samir Khanal, Evercore ISI.

Samir Khanal，Evercore ISI。

Yes, good morning, everyone. Jim, you guys tapped the ATM again in 4Q and it sounded like -- when hearing your opening remarks, It sounds like there's more acquisition opportunities. Help us understand what you're seeing in the market today from an investment perspective and how to think about the funding of that investment, whether it's through ATM or or capital recycling, asset sales? Thanks.

是的，大家早安。吉姆，你們在第四季度再次開啟了 ATM，聽起來——聽到你的開場白時，聽起來好像有更多的收購機會。請協助我們從投資角度了解您目前在市場上看到的情況，以及如何考慮這項投資的融資，無論是透過 ATM 還是資本循環、資產出售？謝謝。

Yeah, I mean, where are our share prices now, I think it puts our focus on capital recycling as we think about external growth, and we're encouraged by the demand that we're seeing out there. In my comments, what I was trying to really highlight for everyone is that coming off a few years of very little product flow out there in the marketplace. We're encouraged by the breadth of product we're seeing and encouraged by, importantly target assets that we've long had on our acquisition list that are becoming available that underwrite to our value add framework and generate great growth in ROI. So expect us to remain disciplined. Our equity is precious. And we will always look at opportunities in the context of that equity cost as well as what's the opportunity on the other side.

是的，我的意思是，我們的股價現在在哪裡，我認為當我們考慮外部成長時，它將我們的重點放在資本循環上，我們對所看到的需求感到鼓舞。在我的評論中，我真正想要向大家強調的是，過去幾年來，市場上的產品流通量非常少。我們對所見產品的廣度感到鼓舞，也對那些長期列在我們收購清單上的目標資產感到鼓舞，這些資產即將上市，為我們的增值框架提供保障，並帶來投資回報率的巨大增長。因此希望我們能保持紀律。我們的權益是寶貴的。我們將始終在股權成本的背景下尋找機會，以及其他方面的機會。

Andrew Reale, Bank of America.

美國銀行的安德魯‧雷亞爾 (Andrew Reale)。

Hi, good morning. Thanks for taking my question. Of the 50 basis points of build occupancy loss in 4Q, just any more detail on how much of that was attributable to bankruptcy disruption? And of the boxes you've gotten back from bankrupt tenants in the last quarter or recently, what portion are already signed for or under LOI? Thank you.

嗨，早安。感謝您回答我的問題。在第四季的建築入住率損失 50 個基點中，能否詳細說明其中有多少是因為破產造成的？上個季度或最近你們從破產租戶手中收回的箱子中，有多少是已經簽了字或簽了意向書的？謝謝。

Andrew, hey, this is Brian. So we had about a 70 basis point impact, for the year for bankruptcy, about 60% impact during the quarter, primarily from big lots, cons, and lumberliquidators. As we alluded to in our remarks, we're thrilled with the progress out of the gate, particularly on the big lots boxes. Currently, as of today, we have 19 in our control, about 13 of those are resolved operators like Aldi, Planet Fitness, Burlington, Ross, and we're seeing great rent growth on those boxes in excess of 50%. So we really look at this as a fantastic opportunity to upgrade the space. And the ability to recapture these boxes kind of accelerates that from our perspective in this demand environment, so we're doing well with it.

安德魯，嘿，這是布萊恩。因此，就破產年度而言，我們受到了約 70 個基點的影響，而本季的影響則約為 60%，主要來自大批量、騙局和木材清算人。正如我們在評論中提到的，我們對取得的進展感到非常興奮，特別是在大批量包裝箱方面。目前，截至今天，我們已經控制了 19 家店，其中約 13 家是已確定的營運商，例如 Aldi、Planet Fitness、Burlington、Ross，而且我們看到這些門市的租金增長幅度超過 50%。因此，我們確實將此視為升級空間的絕佳機會。從我們的角度來看，在這種需求環境下，重新捕捉這些盒子的能力會加速這一進程，因此我們做得很好。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Good morning. Hey, good morning. Good morning. Could you provide the components of the same [ster] why growth as well as the knowns and unknowns built into that debt expense and how significant that back half acceleration is expected to be?

早安.嘿，早安。早安.您能否提供相同 [ster] 的組成部分，為什麼增長以及債務費用中包含的已知和未知因素，以及預計下半年加速的幅度有多大？

Yeah, I think, I laid out in my comments, obviously, the real focus is sort of the impact of the tenant disruption. And we sort of try to break it apart into the amount that is known, right? So those leases where we already have the space back or we know a rejection. That's the 100 basis points, that's sort of out of our budgeted number to begin with. Then there's sort of another 100 basis points, which is really meant to capture a range of possible outcomes as it relates to the tenants that are still moving through the bankruptcy process.

是的，我想，我在我的評論中已經明確指出，真正的焦點顯然是租戶中斷的影響。我們會嘗試將其分解成已知的數量，對嗎？因此，我們已經收回了這些空間，或者我們知道這些租約被拒絕了。這是 100 個基點，這有點超出我們的預算數字。然後還有另外 100 個基點，這實際上是為了捕捉與仍在經歷破產程序的租戶相關的一系列可能的結果。

If you think about Party City and Joanne, where we're still waiting for the auction process to work through, so we have a range of outcomes to be able to capture that. And then finally, there's a third piece which is what we consider sort of our normal course bad debt, which is the 75% to 110% of total revenues, which is really meant to capture the day to day sort of in that small shot tendency, any bad debt associated with that.

如果您想想 Party City 和 Joanne，我們仍在等待拍賣過程的完成，因此我們有一系列的結果可以捕捉到這一點。最後，還有第三部分，即我們認為的正常壞賬，佔總收入的 75% 到 110%，這實際上是為了捕捉日常的小規模趨勢，以及與之相關的任何壞帳。

And that's all on top of -- we've talked a lot over the last couple of quarters about the stacking of rents that that we've done consistently back towards all 2023 the way through 2024, and it still the high sign but not commence pool and the amount of rent we expect to commence into '25, gives us a lot of transparency for us to -- have a lot of confidence that we're going to grow through any of this disruption and ultimately the disruptions, as Brian just pointed out, it's going to be an opportunity on the other side.

最重要的是——我們在過去幾個季度中多次討論過租金累積問題，我們一直在朝著 2023 年到 2024 年的方向努力，這仍然是一個高信號，但還沒有開始，我們預計 25 年開始的租金數額給了我們很大的透明度——我們有信心，我們將在任何這種混亂中實現增長，最終，正如 Brian 剛才指出的那樣，這將是另一個機會。

Yeah, that leasing momentum is a powerful driver of our growth, and we're pleased that even in the context of this disruption that we're able to deliver 3.5% to 4.5% growth, which we think compares very favorably and really points to the strength of our model.

是的，租賃勢頭是我們成長的強大動力，我們很高興，即使在這種混亂的背景下，我們仍然能夠實現 3.5% 至 4.5% 的成長率，我們認為這是非常有利的，真正表明了我們模式的優勢。

Thank you.

謝謝。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Good morning. Just hoping we could run through capital deployment a little bit. Can you give us a sense, I guess, first on what the cap rates were on the fourth quarter acquisitions? And as you guys look at capital deployment and stabilize assets, kind of what's the return requirement you need there and how does that compare to where you're getting on incremental redevelopments? And then I guess just lastly, are you guys going to be bidding for any of these boxes at auction and kind of what would be the criteria to deploy capital to buy back the leases?

早安.只是希望我們能夠稍微完成一下資本部署。您能否先向我們介紹一下第四季度收購的資本化率是多少？當你們考慮資本部署和穩定資產時，你們需要的回報要求是什麼，以及與增量再開發相比如何？最後，我想問一下，你們會在拍賣會上競標這些箱子嗎？部署資本來回購租約的標準是什麼？

There's a lot in that question. Let me -- I appreciate it. Let me start and I'll turn it over to Brian, but look, as it relates to the acquisitions we made in the fourth quarter, they were in the 6$ to 7% initial yield. But far more important is you appreciate with a model like ours is, where do you take that cap rate? How do you grow that ROI? And each of these assets that we've acquired present opportunities to outperform from a growth perspective as we look at better tenants at better rents, our parcels, redevelopments. We're really excited, for example, about the acquisition in Brittain Plaza, South of Tampa that will support probably $50 million to $60 million of very accretive reinvestment.

這個問題包含很多內容。讓我--我很感激。讓我開始吧，我會把它交給布萊恩，但你看，就我們第四季度進行的收購而言，它們的初始收益率為 6 美元到 7%。但更重要的是，對於像我們這樣的模型，您要將資本化率提高到什麼水準？您如何提高投資報酬率？而且，從成長角度來看，我們所收購的每一項資產都提供了超越對手的機會，因為我們會以更好的租金找到更好的租戶、我們的地塊和再開發項目。例如，我們對坦帕南部 Brittain Plaza 的收購感到非常興奮，這將支持可能 5,000 萬至 6,000 萬美元的增值再投資。

And then on the back end of that, we don't kid ourselves in terms of what that reversion cap rate is. We always underwrite a higher reversion cap rate than where we go in. And what that puts special focus on is the growth that you can deliver over the first three to five years. And from a unlevered IRR perspective, we're targeting high single low double digit type returns, which means that we're probably not going to be the best acquirer of Uber core assets, but we are going to be a great value add driver of the business. Brian?

在後端，我們不會欺騙自己關於迴歸資本化率是多少。我們承保的回歸資本化率總是比我們進入時的更高。這特別關注的是你在前三到五年內能夠實現的成長。從無槓桿內部收益率 (IRR) 的角度來看，我們的目標是實現較高的個位數至較低的兩位數回報，這意味著我們可能不會成為 Uber 核心資產的最佳收購者，但我們將成為該業務的巨大增值推動者。布賴恩？

Yeah, Craig, I'd start by saying just the auctions really give you a good window into the demand environment. You think of the Party City auction last week, there were over 200 leases that were bid on by a range of retailers as well as landlords. We have been active at the auctions. We were at Bed Bath and we continued to be -- because we want to control our destiny and thus far we've had -- to put just a small amount of capital to work really barely any.

是的，克雷格，我首先要說的是，拍賣確實能給你一個很好的窗口來了解需求環境。想想上週的 Party City 拍賣會，有超過 200 份租約受到零售商和房東的競標。我們一直活躍於拍賣會。我們當時在 Bed Bath 公司，並且繼續這樣做——因為我們想掌控自己的命運，而且到目前為止，我們只投入了少量的資本，幾乎沒有發揮任何作用。

It's mostly been credit bids, but we have been prepared to bid on our leases as we talked about on prior calls. We have leases in places like Dallas and suburban Philadelphia and Houston that we've been very active on. And I think it really gives you a window into what the supply environment's like and then the speed at which our team is backfilling them, it's really giving us a fantastic opportunity to upgrade our. So we'll continue to remain disciplined, but we also look at it as a very good opportunity to get control of some great boxes.

雖然大部分都是信用競標，但正如我們在之前的電話會議中討論的那樣，我們已經準備好對租賃進行競標。我們在達拉斯、費城郊區和休士頓等地都有租約，我們一直都非常活躍。我認為這確實讓您了解供應環境是什麼樣的，以及我們的團隊補充供應的速度，這確實為我們提供了一個升級的絕佳機會。因此，我們將繼續保持紀律，但我們也將其視為控制一些優質盒子的絕佳機會。

And in that light, we've never managed this portfolio for occupancy, we've managed it for growth. And the importance of that is we're not rushing to backfill the first available tenant, we're creating this competition in this environment to bring in some outstanding new uses to the portfolio. I highlighted it in my comments, but you see it in our traffic numbers. When you bring in better tenants at these better rents, you drive better traffic, you also get follow on benefit in terms of leasing and rate on the small shops. So we look at this disruption as a tremendous kind of once-in-a-cycle opportunity.

從這個角度來看，我們管理這個投資組合從來不是為了入住率，而是為了成長。這一點很重要，因為我們並不急於填補第一個可用的租戶，而是在這種環境中創造這種競爭，為投資組合帶來一些出色的新用途。我在我的評論中強調了這一點，但您可以在我們的流量數字中看到它。當你以更優惠的租金引進更好的租戶時，你就會帶來更好的客流量，你還可以在小商店的租賃和利率方面獲得後續利益。因此，我們將這次顛覆視為千載難逢的巨大機會。

Dori Kesten, Wells Fargo.

富國銀行的多里‧凱斯滕 (Dori Kesten)。

Thanks. Good morning. I believe back at [reworld] there was discussion that releasing spreads should be able to remain at this, elevated kind of comparable level from '24 to '25. Do you think that's still fair?

謝謝。早安.我相信在 [reworld] 曾經討論過，從 2024 年到 2025 年，釋放利差應該能夠保持在這個較高的可比水平上。您認為這仍然公平嗎？

Dory, definitely. I mean, our team has historically demonstrated the ability to bring leases to market. The centers are in the best position they ever have been. We had another great year last year. New and renewal spreads were a record. You look out at our three-year expiry. We've got anchors expiring at just over $10. We signed those record over $15 last year. It gives us good visibility in terms of our ability to continue to deliver strong rent growth. You may see some fluctuations in a given quarter depending on the pool. But long term, we're really confident in the rent basis that we have and our ability to bring those rents to market and do it with great tenants.

多莉，絕對是。我的意思是，我們的團隊已經證明了將租賃推向市場的能力。這些中心正處於有史以來的最佳位置。去年我們又度過了豐收的一年。新銷和續銷利差均創下紀錄。請您注意我們的三年到期期限。我們的錨定價格即將到期，略高於 10 美元。我們去年簽署了價值 15 美元的這些唱片。這讓我們清楚地認識到我們是否有能力繼續實現強勁的租金成長。根據資金池的不同，您可能會在特定季度看到一些波動。但從長遠來看，我們對現有的租金基礎以及將這些租金推向市場並吸引優秀租戶的能力非常有信心。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. I was just hoping you could talk a little bit about the kind of forward outlook on the camera covers which you called out and where do you think that could go from here is, you're able to take advantage of the favorable supply demand dynamic.

嗨，早安。我只是希望您能稍微談談您提到的相機蓋的前瞻性展望，以及您認為下一步的發展方向，即您是否能夠利用有利的供需動態。

Yeah, Juan, it's something we talked a lot about in terms of not just improvement in rate and grade tenants, but improvement in our leases. And that does go into cam clauses and being able to remove cam caps and remove carve-outs and ensure that we're getting paid for the investments that we're making. We've been very intentional about how we've deployed fixed cam across the portfolio. We've set conservative rates when we've done that. We've got great visibility in terms of the expense outlook at those properties. So we have been very intentional and to get recovery rate to 92% at your end. We were very encouraged by that.

是的，胡安，我們討論了很多這個問題，不僅是關於改善租戶的費率和等級，還包括改善我們的租約。這確實涉及凸輪條款，能夠移除凸輪帽和移除豁免，並確保我們所做的投資能夠得到回報。我們非常有意在整個產品組合中部署固定攝影機。當我們這樣做的時候，我們已經設定了保守的利率。我們對這些房產的費用前景有很清楚的了解。因此，我們非常努力地將貴方的恢復率提高到 92%。我們對此感到非常鼓舞。

To Steve's point, you may see a little bit of dip at the beginning of the year as we do take some space back, but we do expect that recovery rate to trend back and continue to be in the low 90s. And it's a really a credit to the work our team's done across the portfolio.

正如史蒂夫所說，由於我們確實收回了一些空間，所以你可能會在年初看到一點下滑，但我們確實預計復甦率將趨於回升並繼續保持在 90% 的低位。這確實讚揚了我們團隊在整個投資組合中所做的工作。

Haendel, St. Juste, Mizuho.

漢德爾、聖朱斯特、瑞穗。

Good morning.

早安.

Hi, Good morning. This is Ravi here on the line from Haendel. Hope you guys are doing well. There's been a 20% reduction in the size of the redevelopment pipeline. Understand there's been some recent deliveries, but can you talk about the opportunity to potentially increase the pipeline going forward? Do you think it'd be in the prior size around $500 million, and how are you thinking about higher costs for construction that potentially may come from tariffs in the current environment?

你好，早安。我是拉維，來自韓德爾。祝你們一切都好。重建管道的規模減少了20%。據我了解，最近有一些交付，但您能談談未來可能增加交付管道的機會嗎？您認為其規模會和之前的 5 億美元差不多嗎？您如何看待當前環境下關稅可能帶來的建設成本上漲？

Hey, great questions. We're proud that we delivered over $120 million of reinvestments stabilize in the quarter. And we're excited about the future pipeline that we have where we're setting up leases and importantly bidding costs to make sure we've got a lockdown of yield before we commit any significant capital. And so it's an interesting environment and one where we may see inflation and cost.

嘿，好問題。我們很自豪本季實現了超過 1.2 億美元的再投資穩定。我們對未來的管道感到很興奮，我們正在建立租約，更重要的是競標成本，以確保在投入任何大量資金之前，我們已經鎖定了收益。這是一個有趣的環境，我們可能會看到通貨膨脹和成本。

But we feel pretty confident that we're going to more than offset that given what we've been able to drive in rent. And you kind of see it in the pipeline itself as our weighted average incremental return has ticked up a bit, very compelling returns and huge amount of value creation. But when we look forward at that future pipeline, we're excited about opportunities that are future phases that assets like Point Orlando and [Roosevelt Ross].

但考慮到我們能夠提高租金，我們非常有信心能夠彌補這一損失。您可以從管道本身中看到這一點，因為我們的加權平均增量回報有所上升，回報非常可觀，而且創造了巨大的價值。但當我們展望未來的管道時，我們對未來階段的機會感到興奮，這些資產包括 Point Orlando 和[羅斯福羅斯]。

We're also very excited about assets that we've recently acquired continuing to backfill that pipeline like Britain Plaza, as I was mentioning earlier, so. We see several years of $150 million to $200 million of annual reinvestment and value creation. We do have a weather eye on making sure we understand cost. Importantly, what we have under way, the costs are largely locked down, so that gives us the opportunity to price them at appropriate returns.

我們也對最近收購的資產感到非常興奮，這些資產將繼續填補英國廣場等管道的空缺，正如我之前提到的。我們看到幾年來每年的再投資和價值創造達到 1.5 億至 2 億美元。我們確實密切關注以確保我們了解成本。重要的是，我們正在進行的項目的成本基本上已經確定，因此我們有機會為它們定價以獲得適當的回報。

Got it. Thanks so much. Thanks for the call.

知道了。非常感謝。感謝您的來電。

Connor Mitchell, Piper Sandler.

康納米切爾，派珀桑德勒。

Good morning.

早安.

Hey, good morning. I guess first, congrats to Brian for their hometown Eagles win. That hurts to say (multiple speakers) I just knew it. You got some big smiles.

嘿，早安。我想首先，恭喜布萊恩為家鄉老鷹隊取得勝利。說起來很痛苦（多位發言者）我就是知道這件事。你笑容燦爛。

And you have a lot of folks in our office that are just as happy as we are. So thank you for that.

我們辦公室裡有很多人和我們一樣高興。非常感謝你。

So for my question, just going back to some of the bankruptcy announcements, how should we think about how the watch list has changed recently and then maybe going forward, and if you guys could provide any color on what you're seeing for potential pending credit issues as well? Thanks.

所以對於我的問題是，回顧一些破產公告，我們應該如何看待觀察名單最近發生了怎樣的變化，以及未來可能會發生怎樣的變化，你們能否提供一些關於潛在待決信貸問題的詳細信息？謝謝。

It's a great question, and I'd start by saying that the underlying credit base of this portfolio is the best it's ever been. Small shop moveouts last year. We're at an all-time record low for the portfolio. It's the second year in a row that that's happened. You look at the names of our top-40 who's either entered that top-40 or grown its names like Trader Joe's, Aldi's, Sprouts, Amazon, Whole Foods. So we feel very confident with the underlying base of the portfolio.

這是一個很好的問題，我首先要說的是，該投資組合的基礎信用基礎處於有史以來最好的水平。去年小商店搬走了。我們的投資組合處於歷史最低水準。這已經是連續第二年發生這種情況了。看看我們排名前 40 名的公司的名字，它們要么進入了前 40 名，要么發展壯大，例如 Trader Joe’s、Aldi’s、Sprouts、Amazon、Whole Foods。因此，我們對投資組合的基礎非常有信心。

From a watch list perspective, it's more categories that we continue to keep a close eye on. It's certainly down from where it was a few years ago. But operators in the drugstore space, it's less than 1% of what we do, but they've certainly announced some store closures. Theaters are less than 1% of what we do, so we're still watching there. We've seen some good trends in that business. There's always a handful of names that we're looking at. But with the work that we've done with the merchants that we've added to the portfolio, we feel very confident in the underlying credit base as it sits today.

從關注清單的角度來看，我們將繼續密切關注更多類別。與幾年前相比，確實有所下降。但藥局領域的經營者，雖然所佔份額不到我們的 1%，但他們確實宣布關閉一些商店。戲院觀看的量還不到我們的 1%，所以我們仍然在那裡觀看。我們已經看到該業務的一些良好趨勢。我們總是會注意一些名字。但透過與添加到投資組合中的商家合作，我們對目前的基礎信用基礎非常有信心。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Mike Muller, JP Morgan.

摩根大通的麥克·穆勒。

Hey, going back to the same story on the guide and so with about a 4% midpoint and you flagged about 300 basis points of headwinds coming from known fallouts that have happened and in process plus the budget. Can you walk through a little bit more, how you get to the 4% just given that close to 300 basis points of headwind? What's the redevelopment impact that's embedded in there, where do you see economic occupancy going throughout the year, things like that?

嘿，回到指南中的同一篇故事，中間點約為 4%，並且您標記了大約 300 個基點的阻力，這些阻力來自已知的已經發生的和正在進行的後果以及預算。您能否進一步說明一下，在面臨近 300 個基點的逆風的情況下，如何達到 4% 的目標？其中的重建影響是什麼，您認為全年的經濟入住率會如何發展，諸如此類？

Yeah, I think just on the -- on what you're quoting as the 300 basis points, remember that 75 basis points to 110 basis points, it's sort of our historical run rate for traditional bad debt, right? So that that's really -- I mean, we were right at about 75 basis points in '24. So that depending on where we end up in there, it's not going to be as much of a headwind as maybe you're indicating.

是的，我認為——就您所說的 300 個基點而言，請記住 75 個基點到 110 個基點，這是我們傳統壞帳的歷史運行率，對嗎？所以這確實是 — — 我的意思是，我們在 24 年的利率大約是 75 個基點。因此，取決於我們最終所處的位置，它不會像你所指出的那樣成為阻力。

And then I think it just goes to the stacking of rent that we've been talking about the redevelopments obviously are a part of that as we delivered a lot in Q4. But it's that stacking, the consistent stacking of rents as we move through the year, into '24 and then also into '25 that continues to just accelerate growth.

然後我認為這只是關於我們一直在談論的租金累積，重建顯然是其中的一部分，因為我們在第四季度交付了很多成果。但正是這種累積，隨著我們進入2024年和2025年，租金不斷累積，才繼續加速成長。

And then I think you have to just think about, what Brian and the team have been doing on the contractual rent bumps within the portfolio, and then and the consistent spread that we talked about earlier on the mark to market for renewals as well. All of those components sort of add into we are able to grow through this disruption. I think you saw it in Q4 with the contribution of base rent growth of 600 basis points the same property and growth in spite of all of the disruption with getting some of those big lock boxes back.

然後我認為你必須要思考一下，布萊恩和他的團隊在投資組合中的合約租金上漲方面做了什麼，以及我們之前談到的續約市場價格的一致利差。所有這些因素都幫助我們在這次顛覆中成長。我想您在第四季度就看到了這一點，儘管在收回一些大鎖箱的過程中造成了諸多幹擾，但基本租金仍然增長了 600 個基點，並且同一房產仍實現了增長。

Got it. Okay, but those boxes, the 100 and 100, those are in the same store guide, correct?

知道了。好的，但是那些盒子，100 和 100，都在同一個商店指南中，對嗎？

Correct, yeah, the 100 (inaudible) same with the, sort of the reserve to capture potential disruption.

正確，是的，100（聽不清楚）與儲備相同，以捕獲潛在的破壞。

Got it. Okay. And last question, can you talk about the spread between the acquisition and disposition cap rates that you've been seeing?

知道了。好的。最後一個問題，您能談談您所看到的收購和處置資本化率之間的差距嗎？

We've actually been able to harvest from the portfolio from a disposition standpoint, land and other lower cap rate items that have been -- those proceeds have been put accretively back in these acquisitions at a 6% to 7% cap rate.

從處置的角度來看，我們實際上已經能夠從投資組合中獲得收益，土地和其他資本化率較低的項目——這些收益以 6% 到 7% 的資本化率重新投入這些收購。

Got it. Okay. Thank you.

知道了。好的。謝謝。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

Hi, just a quick follow up on that last point. Were you saying that both the acquisitions and dispositions in '24 were in the roughly 6% to 7% cap rate range, but obviously the acquisitions would be targeting higher growth. Is that valid?

嗨，我只是想快速跟進最後一點。您是否說 24 年的收購和處置都處於大約 6% 到 7% 的資本化率範圍內，但顯然收購的目標是更高的成長。這有效嗎？

That's valid, yeah, that's correct.

這是有效的，是的，這是正確的。

And then my real question, what maybe you could talk a little bit more on small shop occupancy, you pointed out how it was at a record. Could you go through what's your expectation for this over the course of the year as you look at explorations, the snow pipeline, and possible additional leasing?

然後我真正的問題是，也許您可以再多談談小商店的入住率，您指出了它的入住率處於歷史最高水平。您能否介紹一下您對今年的勘探、雪管道和可能的額外租賃有何期望？

Yeah, we're not going to provide occupancy guidance. But we're really comfortable with the trajectory we're seeing as we bring in better anchors, and that was really a big point I was trying to make in my remarks. Brian?

是的，我們不會提供入住指導。但隨著我們引入更好的錨點，我們對所看到的軌跡感到非常滿意，這正是我在發言中試圖強調的重點。布賴恩？

Yeah, Caitlin, we were obviously encouraged to get to record small shop occupancy this year. To Jim's point, we don't give occupancy guidance, but we have consistently targeted that we can get to the low 90s, so there's a few 100 basis points more of growth. And Jim talked about the future pipeline going forward, that's really where you see our ability to continue to grow small shop occupancy long term. So we do expect some short-term impact and overall occupancy during the first two quarters of the year we saw late last year as we do proactively take some of these boxes back, but you should long term expect there to be some growth in small shop occupancy going forward.

是的，凱特琳，我們顯然受到鼓舞，今年小商店的入住率創下了紀錄。正如吉姆所說，我們沒有提供入住率指導，但我們一直致力於達到 90% 出頭，因此成長幅度還會有幾百個基點。吉姆談到了未來的發展規劃，這確實表明我們有能力長期繼續增加小商店的入住率。因此，我們確實預計今年前兩個季度會出現一些短期影響，並且整體入住率會像去年年底那樣下降，因為我們確實主動收回了其中一些箱子，但從長期來看，你應該預計未來小商店的入住率會有所增長。

Yeah, it's part of the plan and it's hugely accretive, particularly given where we're signing those new rats.

是的，這是計劃的一部分，而且收益巨大，特別是考慮到我們簽下了這些新老鼠。

Thanks.

謝謝。

You got it.

你明白了。

Linda Tsai, Jeffreries.

傑弗里斯的 Linda Tsai。

Good morning.

早安.

Hi, good morning. If you look at the 4% midpoint of same store NOI growth, what's the level of acceleration you might expect in the second half, just given the drag from the rejected leases in the first half?

嗨，早安。如果您看一下同店淨營業收入成長 4% 的中點，考慮到上半年租約被拒絕帶來的拖累，您預計下半年的加速水準會是多少？

Well, I think you have to think about the whole year, right, the trajectory of what happened in '24. The first half of '24 obviously benefited from significant out of period cash collections. We talked about a lot in the first and second quarter calls. And then also in the second quarter, we had that sort of one time item related to reduction of Chicago real estate taxes.

嗯，我認為你必須考慮一整年，對吧，1924 年發生的事情的軌跡。24年上半年顯然受惠於大量期外現金回款。我們在第一季和第二季的電話會議中討論了很多內容。然後在第二季度，我們還推出了與降低芝加哥房地產稅有關的一次性項目。

So that harder comp it so and then also the near term sort of impact of the bankruptcy boxes is is why the first half is going to be a little bit more muted. And then we do expect similar to what you saw in '24 and that base rent line is as we continue to stack rent on top of that base rent line will grow throughout the the year.

因此，這更難進行比較，而且破產機制的短期影響也是為什麼上半年的表現會更加平淡的原因。然後，我們確實預計會出現與您在 24 年看到的情況類似的情況，並且隨著我們繼續在基本租金線之上疊加租金，基本租金線將在全年增長。

Thanks for that.

謝謝。

Paulina Rojas, Green Street.

保利娜‧羅哈斯 (Paulina Rojas)，綠街。

Good morning. You mentioned reducing maintenance CapEx. Can you elaborate on the sources of those savings, ideally providing a couple of examples? And do you see these savings as permanent in nature, or they are to some degree at least the the result of prioritizing certain projects over others?

早安.您提到減少維護資本支出。您能否詳細說明這些節省的來源，最好提供幾個例子？您是否認為這些節省是永久性的，或至少在某種程度上是優先考慮某些項目的結果？

Thank you for asking the question because you're putting a spotlight on something we're pretty excited about, which is, as we've reinvested in the portfolio, it's become more efficient. We've dealt with some of the deferred maintenance liability across the portfolio. And we're now harvesting the benefit of that which not only results in lower capital and maintenance, but helps us accelerate the growth in our free cash flow. So we're excited about that and want to make sure people understand that cash flow growth matters importantly. And this discipline that we're taking on the portfolio is not doing anything other than harvesting the benefit of previous investment.

感謝您提出這個問題，因為您強調了讓我們非常興奮的一件事，那就是，隨著我們對投資組合進行再投資，它變得更加高效。我們已經處理了整個投資組合中的一些遞延維護責任。我們現在正在收穫由此帶來的好處，這不僅可以降低資本和維護成本，而且還可以幫助我們加速自由現金流的成長。因此，我們對此感到非常興奮，並希望確保人們理解現金流成長的重要性。我們對投資組合採取的這種紀律除了獲取先前投資的收益外，沒有做任何其他事情。

Yeah, Paulina, I would just add that the centers still look as best as they ever have. Our team continues to be efficient with our overall spend, and it's the best presentation and best position our portfolio has ever been in.

是的，Paulina，我只想補充一點，這些中心看起來仍然和以前一樣好。我們的團隊繼續有效率地管理整體支出，這是我們投資組合有史以來最好的表現和最佳的地位。

Thank you.

謝謝。

Thank you.

謝謝。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤角。

Good morning.

早安.

Hi, good morning. This is Ken for Florist. I want to ask you a question on the acquisitions, in relation to your comments on your guidance for slower growth in first half '25, accelerating '25. Will the acquisition page follow a similar level and and be more back and loaded? And then, and how do you mix the acquisitions and this dispositions plan, how do you look at that through the year?

嗨，早安。我是花店老闆肯。我想問您一個有關收購的問題，與您對 2025 年上半年增長放緩、2025 年增長加速的指引的評論有關。獲取頁面是否會遵循類似的級別並且更加靠後和加載？然後，您如何將收購和處置計劃結合起來，您如何看待全年的情況？

We've always been opportunistic. And because we're opportunistic, provide any guidance on levels of acquisitions or timing of acquisitions until they're in the barn. And we'll continue to be disciplined. One of the great things about our strategy is that we're driving very attractive, unlevered, and levered growth through our internal plan, opportunities that we own and control. So as we look at external growth, the acquisitions have to underwrite for us.

我們始終都是機會主義者。而且由於我們是機會主義者，所以我們會就收購水準或收購時機提供任何指導，直到它們進入倉庫為止。我們將繼續嚴守紀律。我們的策略最偉大的一點是，我們透過內部計劃以及我們擁有和控制的機會，推動非常有吸引力的、無槓桿的和有槓桿的成長。因此，當我們考慮外部成長時，收購必須為我們提供支援。

We're not simply growing to grow asset count, we're growing to grow our growth rate, and find opportunities to really drive ROI. So we're encouraged, as I mentioned on my prepared remarks, that we're seeing broader opportunities coming to market where we can apply our value-added lens and create value. But to the extent they don't price for us, we won't move forward.

我們的成長不僅是為了增加資產數量，我們也在提高我們的成長率，並尋找真正提高投資報酬率的機會。因此，正如我在準備好的發言中提到的那樣，我們感到鼓舞，我們看到市場上出現了更廣闊的機會，我們可以運用我們的增值視角來創造價值。但如果他們不為我們定價，我們就不會繼續前進。

And does that -- is that kind of flow into the written acquisition? The occupancy is low, but you talked about what you had for capital investment. I would imagine maybe this one is this one going to probably stay at lower occupancy near term as you're focused on bringing in higher tenants, keep focusing on the growth comment you made earlier?

那麼，這是否會流入書面收購？入住率很低，但你談到了你的資本投資。我想也許這個在短期內可能會保持較低的入住率，因為您專注於吸引更多租戶，請繼續關注您之前所做的成長評論？

Yeah, it's an asset that's 70%-so occupied that's in a rapidly gentrifying submarket south of Tampa where they're tearing down houses and replacing them with $2 million to $3 million dollar homes and the center has been under managed and under merchandise for a long time. So we're getting inbounds, Brian, from tenants that I want to be in that center.

是的，這是一個佔用率達到 70% 左右的資產，位於坦帕南部一個迅速高檔化的子市場，那裡人們正在拆除房屋，代之以價值 200 萬至 300 萬美元的住宅，而且該中心長期以來一直管理不善，商品供應不足。因此，布萊恩，我們從租戶那裡得到了信息，我希望進入該中心。

Our operating team is all over this. We've been thrilled since the moment that we started looking at it. Before the check cleared, we had tenant interest on the property. Our team is working through various redevelopment plans. So we're incredibly excited to get that one under our control. We've also got a fantastic team across the board, but particularly in that Orlando office that's done a great job on that Florida portfolio, so very excited about that one.

我們的營運團隊對此全力以赴。自從我們開始看到它那一刻起，我們就非常興奮。在支票兌現之前，我們有租戶對該房產感興趣。我們的團隊正在製定各種重建計劃。因此，我們非常高興能夠控制它。我們還擁有一支出色的團隊，特別是在奧蘭多辦事處，他們在佛羅裡達州的投資組合上做得非常出色，因此對此感到非常興奮。

And it does tie back to Jim's comment about the future pipeline because we do have opportunity within the existing portfolio, but what Mark and team are doing on the investment front has really given more fuel to the furnace in terms of our ability to continue to add to that pipeline, and Britain's just another great example of that, but we're very excited about that one.

這確實與吉姆關於未來管道的評論有關，因為我們在現有投資組合中確實有機會，但馬克和團隊在投資方面所做的確實為我們繼續增加該管道的能力提供了更多的燃料，英國只是另一個很好的例子，但我們對此感到非常興奮。

Yeah, the, to your specific question on occupancy, it's going to be lower for a while as we reposition the asset. And the same is true of the drag that our redevelopment pipeline creates in terms of small shop occupancy. We see it as a real forward opportunity.

是的，關於入住率的具體問題，隨著我們重新定位資產，入住率會在一段時間內處於較低水平。我們的重建計畫對小商店入住率造成的拖累也是如此。我們認為這是一個真正的前進機會。

Thank you.

謝謝。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, yes, good. Good morning, everyone. Just a quick question around tariffs. Again, curious what you guys are thinking about that, is there any particular retail categories within your portfolio that you kind of get a little bit more worried about as a result of tariffs, especially if they're kind of, here for a longer period of time?

嗨，是的，很好。大家早安。我只想問一個關於關稅的簡單問題。再次，我很好奇你們對此有何看法，你們的投資組合中是否有任何特定的零售類別會因為關稅而讓您感到有點擔心，尤其是如果關稅持續較長的話？

Yeah, I mean, there are kind of two dimensions to the tariffs. The first is what impact is it going to have on our tenants' business, and then secondly, what is it going to drive in terms of inflation and cost? I mentioned earlier, we are very encouraged by what we're seeing in the growth in rents to offset potential cost increases from tariffs. And Brian, you might comment in terms of where our tenants are in dealing with them.

是的，我的意思是，關稅有兩個層次。首先，這會對我們租戶的業務產生什麼影響；其次，這會對通貨膨脹和成本產生什麼影響？我之前提到過，我們看到租金成長抵消了關稅可能帶來的成本增加，這讓我們感到非常鼓舞。布萊恩，您可能會評論我們的租戶如何與他們打交道。

Yeah, I think if you think about -- this is not the first time that retailers have had to deal with the expectation of tariffs and. So they're much more prepared. And I think you've heard a number of public company retailers comment on their calls about additional avenues of sourcing for inventory. It really remains to be seen ultimately what the impact is going to be. Tariffs are naturally inflationary. But I think retailers are much better position and much more well prepared to handle that today than they may have been, say, eight years ago.

是的，我想如果你仔細想想——這並不是零售商第一次面臨關稅預期。因此他們的準備更加充分。我想您已經聽到許多上市公司零售商在電話會議上評論了有關增加庫存採購途徑的問題。最終其影響究竟是什麼還有待觀察。關稅自然會導致通貨膨脹。但我認為，與八年前相比，零售商如今的狀況要好得多，而且準備也更充分。

In addition to that, we're still seeing really good trends from the consumer. Traffic was up again over 4% in January. You saw a great holiday season overall, so the consumer has remained resilient, so that's encouraging for us. But it's something that we continue to keep a really close eye on. But we feel like our retailers in a much better position to handle. And the last thing I would mention, a lot of our value retailers can thrive in that environment. You think of the off price retailers, they can continue to expand and continue to report very strong results. So kind of remains to be seen how it ultimately plays out. It's something that we're keeping a close eye on.

除此之外，我們仍然看到消費者的良好趨勢。一月份客流量再次上漲超過4%。總體而言，這是一個很棒的假期季節，消費者仍然保持著強勁勢頭，這對我們來說是令人鼓舞的。但我們將繼續密切關注此事。但我們覺得我們的零售商更有能力應付。我最後要說的是，我們的許多價值零售商都能在這種環境中蓬勃發展。你想想折扣零售商，他們可以繼續擴張，並繼續報告非常強勁的業績。所以最終結果如何還有待觀察。我們正在密切關注此事。

Helpful. Thank you.

很有幫助。謝謝。

You got it.

你明白了。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

Just another follow up on what you were just talking about there on how that could thrive in off price. Could you go through your thinking on that point?

我再跟進一下您剛才談論的如何以折扣價實現盈利的問題。您能談談對這一點的看法嗎？

Yeah, I think just in terms of the product type, Caitlin, that you're seeing today in off-price stores and the results that a number of our off-price retailers continue to deliver, we've been very, pleased with the trends that we continue to see, how they've communicated, what their growth plans are, and how their consumers are are hanging in there.

是的，凱特琳，我認為僅就您今天在折扣店看到的產品類型以及我們的許多折扣零售商繼續提供的業績而言，我們對我們繼續看到的趨勢感到非常滿意，他們的溝通方式、他們的增長計劃以及他們的消費者如何堅持下去。

So I think just the brand you ultimately see in those stores, how you've seen a lot of the migration of. The apparel share has gone from department stores into off price. And you continue to see very good white space. And we talk a lot about the expansion in off price, but Ross is just entering the Northeast. Burlington has been active at these auctions, and you can see them expanding their smaller footprints. TJ expanding Sierra trading posts at Home and HomeSense in addition to their other brands. So you've seen a lot of success. They've been producing great results and they've got very strong growth targets as well.

所以我認為，您最終在那些商店中看到的品牌，就是如此大量的遷移。服裝份額已從百貨公司轉向折扣店。並且您會繼續看到非常好的白色空間。我們討論了很多關於折扣擴張的問題，但羅斯才剛進入東北地區。伯靈頓一直活躍於這些拍賣會，你可以看到他們正在擴大其較小的足跡。除此之外，TJ 還在 Home 和 HomeSense 擴大 Sierra 貿易站。你已經看到了很多成功。他們取得了巨大的業績並且也擁有非常強勁的成長目標。

Yeah, and I think the consumer in environments like this is going to increasingly be looking for value. We think our retailers are well positioned in an inflationary environment.

是的，我認為在這樣的環境中，消費者會越來越尋求價值。我們認為我們的零售商在通膨環境中處於有利地位。

Got it. And then, sorry if I should know the answer to this, but it looks like as of the supplement on the balance sheet side, you guys have like over $600 million of debt that was due earlier in the month. So could you go through the plans or what's already been done to address that?

知道了。然後，抱歉，如果我應該知道這個問題的答案，但看起來，截至資產負債表的補充，你們本月早些時候到期的債務超過 6 億美元。那麼能否介紹一下解決該問題的計劃或已採取的措施？

Yeah, we did have bonds maturing. Obviously, we refunded them back in May if you remember, and we're putting that cash in high yield money market accounts. So we repaid that drew on the line, and then, we'll continue to look into the capital markets to take that out long term over the next couple months.

是的，我們確實有債券到期。顯然，如果您還記得的話，我們在五月就將錢退還給了他們，並且我們將這筆現金存入了高收益貨幣市場帳戶。因此，我們償還了提取的款項，然後，我們將在接下來的幾個月內繼續研究資本市場，以便長期提取這筆款項。

Antara Nag-Chaudhuri, KeyBanc Capital Markets.

Antara Nag-Chaudhuri，KeyBanc 資本市場。

Good morning. Yeah, hi, it's Todd Thomas on with Antara. Sorry if I missed this, but can you just provide a little more detail on the $0.02 positive contribution to the FFO guidance for the GNA and other line? How much of that's attributable to GNA and the realignment that you announced last quarter? And is there anything else in that line, in the guidance bridge that's having an impact year over year?

早安.是的，大家好，我是安塔拉 (Antara) 的托德·托馬斯 (Todd Thomas)。抱歉，如果我錯過了這一點，但您能否提供一些關於 GNA 和其他線路對 FFO 指導的 0.02 美元正貢獻的更多細節？其中有多少歸因於 GNA 和您上個季度宣布的調整？在這條路線中，在指導橋樑中，還有其他什麼事情會逐年產生影響嗎？

Yeah, the lion's share of it is really the benefit from a GNA perspective of the regional realignment we talked about in the third quarter. And what we're excited about is not only the savings, but the opportunity to realign some of that spend closer to the real estate and continue to drive out performance. I think that's okay.

是的，其中最大的好處確實是從我們在第三季談到的地區調整的 GNA 角度來看的。我們感到興奮的不僅是節省，還在於有機會將部分支出重新調整到更貼近房地產的水平，並繼續提高業績。我認為沒關係。

Connor Mitchell, Piper Sandler.

康納米切爾，派珀桑德勒。

Hey, thanks for taking my follow-up. I know you guys talked about some stats earlier, and sorry if I missed it. But are you able to provide rough percentages of leases likely to be bought at auction in the bankruptcy procedure versus retailers proactively reaching out or maybe some other leases that you kind of to do a little bit more work and backfill yourself?

嘿，謝謝你接受我的跟進。我知道你們之前談論過一些統計數據，如果我錯過了，我很抱歉。但是，您能否提供在破產程序中可能透過拍賣購買的租約的大致百分比，以及零售商主動聯繫的租約百分比，或者您可能需要做更多工作並自行填補的其他租約百分比？

Yeah, Connor, so I, I'll give you some context. Bankruptcy, it's certainly a fluid process and. There's a range of outcomes that kind of ties to what Steve was saying. But as it relates to big lots, there's eight leases that are currently not in our control. They're currently going through a bidding process right now with a consultant, so we'll have clarity on that here shortly.

是的，康納，所以我會給你一些背景資訊。破產當然是一個流動的過程。一系列結果都與史蒂夫所說的相關。但就大地塊而言，目前有八份租約不在我們的控制範圍內。他們目前正在與顧問進行招標流程，因此我們很快就會澄清這一點。

Again, we have been active, we've been really pleased with the progress that we've made out of the gate. As it relates to party cities, they held an auction last week. There were over 200 leases that were purchased. Five of ours were bid on by retailers one that we ultimately controlled as well. They are still marketing those leases and so [reins] to be seen if some others ultimately get taken.

再說一遍，我們一直很積極，我們對已經取得的進展感到非常高興。至於派對城市，他們上週舉行了一場拍賣會。購買的租約超過 200 份。我們的五款產品被零售商競標，最後我們也控制了其中的一款。他們仍在推銷這些租約，因此，尚待觀察是否會有其他租約最終被奪走。

And then from a Joanne standpoint, there's a going concern bid that's ultimately due this week, depending on how that goes, there could be an auction at some point in April. And so we really don't have visibility yet in terms of what that bidding looks like. We are certainly gathering interest and have interest from a lot of tenants. We had interest from a lot of tenants a year ago, which is why we were able to sign two leases on locations that we controlled with no options a year ago to start commencing potentially in 2025. And so I think if you bring this back, these boxes are coming back to us in an incredibly strong demand environment, supply is very tight.

然後從喬安妮的角度來看，本週最終會有一個持續經營的出價，根據進展情況，可能會在四月的某個時候進行拍賣。因此，我們目前還不清楚競標的具體情況。我們確實引起了人們的興趣，也得到了很多租戶的興趣。一年前，許多租戶對我們感興趣，這就是為什麼我們能夠在我們控制的地點簽署兩份租約，一年前沒有任何選擇，可能從 2025 年開始。所以我認為如果你把它帶回來，這些盒子會在一個非常強勁的需求環境中回到我們手中，供應非常緊張。

What you're seeing at the auction gives you great visibility in terms of how tight the supply environment is. And so it's something that we're going to continue to be prepared for. We are going to the auctions to ensure that to the extent we can get control of our real estate to do it. But please, what we're seeing out of the gate from a demand standpoint, the types of tenants as well as the rest.

您在拍賣會上看到的情況可以讓您清楚地了解供應環境有多緊張。因此，我們將繼續為此做好準備。我們將透過拍賣來確保我們能夠在一定程度上控制我們的房地產。但是請注意，從需求的角度來看，我們看到了租戶類型以及其他類型。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指令）

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Thank you. Good morning. I just want to go back to your acquisitions. You acquired an asset called Plaza at Buckland Hills. I was just curious about your overall plan and your underwriting, especially given that some of the retailer line up like Joanne's, K&G Fashion, and Party City are there at that center.

謝謝。早安.我只是想回顧一下你的收購。您收購了一項名為「Buckland Hills 廣場」的資產。我只是對您的整體計劃和承保感到好奇，特別是考慮到該中心有一些零售商，例如 Joanne's、K&G Fashion 和 Party City。

Yeah, I mean, it's one of the great upside opportunities with rents for those tenants that we did not expect to be long term well below market where we see spread opportunities 40% to 50% to bring in tenants that we know want to be at that particular intersection. It's a market that we know well, a submarket that we know well. One of the most trafficked assets in that part of the state. So we're excited about the demand we have to backfill that. But even that's part of the growth here is that we had underperforming tenants. We knew what the tenant demand to be in that asset was. We have a very good level of conviction about the level of rent we can achieve with those new tenants.

是的，我的意思是，這對於那些我們預計不會長期低於市場水平的租戶來說，是一個很好的上漲機會，我們看到 40% 到 50% 的利差機會，可以吸引那些我們知道想要住在那個特定交叉點的租戶。這是我們熟悉的市場，也是我們熟悉的子市場。這是該州該地區販賣最猖獗的資產之一。因此，我們對滿足這項需求感到非常興奮。但即使這是這裡成長的一部分，我們也有一些表現不佳的租戶。我們知道租戶對該資產的需求是什麼。我們對於從這些新租戶可以獲得的租金水平非常有信心。

Okay, thank you.

好的，謝謝。

With no further questions, I would like to turn the conference back over to Stacy for closing remarks.

沒有人再問任何問題了，現在我將會議交還給史泰西，請她作最後發言。

Thank you all for joining us today.

感謝大家今天的參與。

Thank you. This will conclude today's conference. You may disconnect your line at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷線了，感謝您的參與。