Brixmor Property Group Inc (BRX) 2025 Q2 法說會逐字稿

Greetings, and welcome to Brixmor Property Group's second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Brixmor Property Group 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the conference over to your host, Stacy Slater. Thank you. You may begin.

現在我想將會議交給主持人史黛西·斯萊特 (Stacy Slater)。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining Brixmor's second-quarter conference call. With me on the call today are Jim Taylor, Chief Executive Officer; Brian Finnegan, President and Chief Operating Officer; and Steve 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，也謝謝大家參加 Brixmor 的第二季電話會議。今天與我一起參加電話會議的還有執行長吉姆泰勒 (Jim Taylor)、總裁兼營運長布萊恩芬尼根 (Brian Finnegan) 和執行副總裁兼財務長史蒂夫加拉格爾 (Steve 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，請允許我提醒大家，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，實際的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 a 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公認會計準則財務指標。有關這些指標的使用以及這些指標與我們的 GAAP 結果的對帳的更多信息，請參閱我們網站投資者關係部分的收益報告和補充披露。

Given the number of participants on the call, we kindly ask that you limit your questions to one per person. If you have additional questions, please requeue. At this time, it's my pleasure to introduce Jim Taylor.

考慮到電話會議的參與者數量，我們懇請您將問題限制為每人一個。如果您還有其他問題，請重新排隊。現在，我很高興介紹吉姆泰勒。

Thank you, Stacy, and good morning, everyone. I couldn't be more pleased with or proud of this Brixmor team's outstanding execution of our value-add plan, execution that drives our improved outlook for '25 and provides excellent visibility on outperformance in '26 and beyond.

謝謝你，史黛西，大家早安。我對 Brixmor 團隊出色地執行我們的增值計劃感到非常高興和自豪，這項計劃的執行推動了我們 25 年前景的改善，並為 26 年及以後的優異表現提供了極佳的可視性。

Brian and Steve will review our results and outlook in more detail, but I'd like to highlight a few points that underscore: one, our unique visibility on growth; two, the fundamental and accelerating transformation of our portfolio; and three, the opportunities for future growth that we continue to unlock through disciplined capital recycling.

布萊恩和史蒂夫將更詳細地回顧我們的業績和前景，但我想強調以下幾點：第一，我們對成長的獨特洞察力；第二，我們投資組合的根本性和加速轉型；第三，我們透過嚴格的資本循環繼續釋放的未來成長機會。

As always, it begins with leasing, where we once again drove robust volumes and spreads, leveraging broad tenant demand to be in our centers and capitalizing on recent tenant disruption to bring in better, more relevant anchor tenants that, in turn, as we all know, drive outperformance in traffic and rate for the balance of the shopping center.

像往常一樣，一切都從租賃開始，我們再次推動了強勁的銷售和利差，利用廣泛的租戶需求進入我們的中心，並利用最近的租戶中斷來吸引更好、更相關的主力租戶，反過來，眾所周知，推動購物中心的客流量和利率表現優異。

In fact, this quarter, we not only drove our average in-place ABR to a new record, we achieved a record-high per square foot rate for new and renewal leases. Our robust leasing activity drove our signed but not commenced pipeline to $67 million or 7% of total ABR despite commencing $15 million again of new ABR in the quarter. This represents eight quarters of average commencements of $15 million while the forward pipeline has consistently exceeded $60 million.

事實上，本季度，我們不僅將平均現有 ABR 推至新高，而且新租約和續租的每平方英尺費率也創下了歷史新高。儘管本季又啟動了 1500 萬美元的新 ABR，但我們強勁的租賃活動推動已簽署但尚未開始的管道達到 6700 萬美元，佔 ABR 總額的 7%。這意味著八個季度的平均啟動資金為 1500 萬美元，而未來資金一直超過 6000 萬美元。

As Steve will detail in his remarks, this consistent delivery of new rents is part of what's driving expected NOI growth of over 4% this year despite the drag from recent tenant disruption.

正如史蒂夫在演講中詳細說明的那樣，儘管近期租戶中斷帶來拖累，但持續的新租金交付是推動今年 NOI 預期增長超過 4% 的原因之一。

Speaking of value-add, our reinvestment pipeline continues to deliver, and we now expect to be at the upper end of our annual goal of $150 million to $200 million of project deliveries at compelling returns. These projects include The Davis Collection, a Trader Joe's and Nordstrom Rack anchored center on the doorstep of UC Davis, BarnPlazo, Whole Foods anchored center just outside of Philadelphia. In Wynwood Village, a Target-anchored center just south of downtown Dallas.

說到增值，我們的再投資管道繼續發揮作用，現在我們預計專案交付將達到年度目標的上限，即 1.5 億至 2 億美元，並獲得可觀的回報。這些項目包括戴維斯精品店 (The Davis Collection)、位於加州大學戴維斯分校門口的 Trader Joe's 和 Nordstrom Rack 中心、以及位於費城郊外的全食超市中心 BarnPlazo。位於溫伍德村 (Wynwood Village)，這是位於達拉斯市中心南部的一個以 Target 為中心的中心。

Where we have delivered reinvestment projects, we also continue to benefit from the flywheel effect in growing occupancy and rate on the balance of the shopping centers impacted, which effect is reflected in the records we have set in small shop occupancy and rate. Importantly, in addition to the $370 million of accretive projects we have underway, we have a future pipeline of identified projects with several hundred million with assets we own and control that provide visibility on growth for the next several years.

在我們實施再投資項目的地方，我們也繼續受益於飛輪效應，即受影響的購物中心的入住率和入住率不斷提高，這種效應反映在我們在小商店入住率和入住率方面創下的記錄中。重要的是，除了我們正在進行的 3.7 億美元的增值項目之外，我們還有一系列已確定的未來項目，這些項目擁有數億美元的資產，我們擁有並控制這些資產，為未來幾年的成長提供了可見性。

Finally, we continue to opportunistically recycle capital, harvesting lower-growth assets and redeploying the proceeds into assets where we see substantial upside through our leasing, operations and reinvestment platform. We are particularly pleased to announce the acquisition of LaCenterra, an iconic grocery-anchored lifestyle asset that we've long targeted in the Houston MSA, our third largest.

最後，我們繼續抓住機會回收資本，收穫低成長資產，並透過租賃、營運和再投資平台將收益重新部署到我們看到巨大上漲空間的資產中。我們非常高興地宣布收購 LaCenterra，這是我們長期以來在休士頓 MSA 瞄準的第三大標誌性雜貨店生活方式資產。

With great tenants such as Trader Joe's, Athleta, IKEA, Lovesac, lululemon, Sephora, Warby Parker, as well as a diverse mix of high-quality dining and service tenants, LaCenterra drives over 5 million visits annually, putting it in the top decile nationally at comparable lifestyle centers. Priced well below replacement costs, LaCenterra offers us tremendous upside as we capitalize on below-market rents expiring over the near term.

LaCenterra 擁有 Trader Joe's、Athleta、IKEA、Lovesac、lululemon、絲芙蘭、Warby Parker 等優秀租戶，以及各種高品質餐飲和服務租戶，每年吸引超過 500 萬人次到訪，在全國同類生活方式中心中名列前茅。LaCenterra 的定價遠低於重置成本，為我們提供了巨大的優勢，因為我們可以利用近期到期的低於市場的租金。

In sum, our value-add plan continues to fire on all cylinders, providing us with truly exciting and unparalleled visibility on future growth.

總而言之，我們的增值計劃繼續全力以赴，為我們提供了真正令人興奮且無與倫比的未來成長前景。

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

說完這些，我將把電話轉給布萊恩和史蒂夫，讓他們更詳細地討論我們的結果和前景。布賴恩？

Thanks, Jim, and good morning, everyone. Our team delivered another quarter of outstanding results, once again validating the demand to be part of the Brixmor portfolio and the momentum of our value-added plan. Leasing activity stood out with recently recaptured space not only resolved at speed but upgraded with stronger, traffic-driving tenants at significantly higher rents. The message is clear, top-tier retailers want to grow with us and they are.

謝謝，吉姆，大家早安。我們的團隊又一個季度取得了優異的業績，再次驗證了成為 Brixmor 投資組合一部分的需求以及我們增值計劃的勢頭。租賃活動特別突出，最近重新獲得的空間不僅迅速解決，而且還以更高的租金獲得了更強大、更吸引客流的租戶。訊息很明確，頂級零售商希望與我們一起成長，而且他們也確實這麼做了。

This quarter, we executed 1.7 million square feet of new and renewal leases at a blended cash spread of 24%, including over 900,000 square feet of new leases at an impressive 44% spread. That new lease activity generated the highest quarterly annual base rent in our company's history. Much of this record performance came from backfilling space recaptured through the Big Lots, Party City, and JOANN bankruptcies. And we've already resolved 80% of those spaces with better tenants at rents more than 40% higher.

本季度，我們簽訂了 170 萬平方英尺的新租約和續約，混合現金利差為 24%，其中包括超過 90 萬平方英尺的新租約，利差高達 44%。這項新的租賃活動創造了我們公司歷史上最高的季度年度基本租金。這項創紀錄的業績很大程度上來自於填補 Big Lots、Party City 和 JOANN 破產後重新奪回的空間。我們已經解決了 80% 的此類空間的問題，租金上漲了 40% 以上，但租戶變得更好。

And despite a 70 basis point drag from bankruptcies, we still delivered 10 basis points of sequential occupancy growth to 94.2%. Small shop leasing continues to be a strength, reaching a new portfolio high of 91.2%, which, as Jim highlighted, more upside as we deliver accretive reinvestments.

儘管破產拖累了 70 個基點，但我們的入住率仍較上季增加了 10 個基點，達到 94.2%。小型商店租賃繼續保持強勁勢頭，達到了 91.2% 的新高，正如 Jim 所強調的那樣，隨著我們進行增值再投資，這一比例還有更大的上升空間。

We also saw improvement in our intrinsic lease terms, setting a record for new lease annual rent growth at 2.8%, while our disciplined approach in eliminating burdensome CAM provisions and deploying fixed CAM where appropriate has continued to improve our recovery rate.

我們的內在租賃條款也有所改善，新租賃年租金增長率創下 2.8% 的新高，同時，我們採取了嚴格的措施，取消了繁重的 CAM 條款，並在適當的情況下部署了固定的 CAM，從而繼續提高了我們的回收率。

We're also proud of the caliber of tenants joining our portfolio, retailers that are expanding with purpose and conviction. This quarter, among the tenants we added were new locations with Sprouts Farmers Market, Nordstrom Rack, Ross Dress for Less, Burlington Stores, Barnes & Noble, Chick-fil-A, Dave's Hot Chicken, and PNC Bank.

我們也為加入我們投資組合的租戶和零售商的素質感到自豪，這些零售商正帶著目標和信念不斷擴張。本季度，我們新增的租戶包括 Sprouts Farmers Market、Nordstrom Rack、Ross Dress for Less、Burlington Stores、Barnes & Noble、Chick-fil-A、Dave's Hot Chicken 和 PNC Bank。

As Jim mentioned, and as highlighted by our LaCenterra acquisition in Houston, we're also seeing a clear trend as best-in-class, mall-native and elevated brands are moving into high-traffic grocery-anchored centers.

正如吉姆所提到的，以及我們在休士頓收購 LaCenterra 所強調的那樣，我們也看到了一個明顯的趨勢，即一流的、商場原生的和高端的品牌正在進入人流量大的雜貨店中心。

Thanks to our proactive portfolio transformation, we're capturing this momentum, adding first-to-portfolio deals with Sephora, Lovesac and J.Jill during the quarter with several more exciting names in our forward pipeline.

由於我們積極主動的投資組合轉型，我們抓住了這一勢頭，在本季度與絲芙蘭、Lovesac 和 J.Jill 達成了首次投資組合交易，並且在我們的未來管道中還有更多令人興奮的名字。

Looking ahead to the second half of 2025, we're confident in the trajectory of our business. Our traffic and collection trends are strong. The consumer remains resilient, and our forward leasing pipeline is larger than it was at this time last year with creditworthy tenants focused on growing store count.

展望2025年下半年，我們對業務發展軌跡充滿信心。我們的流量和收集趨勢強勁。消費者依然保持韌性，我們的遠期租賃管道比去年同期更大，信譽良好的租戶專注於增加門市數量。

We are exceptionally well positioned to capitalize on this environment and deliver compelling growth in 2025 and beyond. That's a direct result of the outstanding execution by the entire Brixmor team and we're grateful for their continued efforts.

我們擁有極為有利的條件來利用這個環境，並在 2025 年及以後實現令人矚目的成長。這是整個 Brixmor 團隊出色執行的直接成果，我們感謝他們的持續努力。

With that, I'll turn the call over to Steve for a deeper dive into our financial results. Steve?

說完這些，我將把電話轉給史蒂夫，讓他更深入地了解我們的財務表現。史蒂夫？

Thanks, Brian. As both Jim and Brian emphasized, we continue to deliver consistent outperformance as we execute our value-add business plan. NAREIT FFO was $0.56 per share in the second quarter, driven by same-property NOI growth of 3.8% despite a 260 basis point drag from tenant disruption in the quarter.

謝謝，布萊恩。正如吉姆和布萊恩所強調的，我們在執行增值業務計劃時繼續保持持續的優異表現。NAREIT FFO 在第二季度為每股 0.56 美元，儘管本季因租戶中斷而導致 260 個基點的拖累，但受同物業 NOI 增長 3.8% 的推動。

Base rent growth contributed 360 basis points to same-property NOI growth as the momentum from the SNO commencement at higher rents continues to outpace the drag from the short-term build occupancy decline.

由於 SNO 開始以更高的租金推動的勢頭繼續超過短期建設入住率下降帶來的拖累，基本租金增長為同類物業 NOI 增長貢獻了 360 個基點。

Ancillary other reimbursements, other revenues contributed 150 basis points to same-property NOI growth as we capitalized on tenant disruption to drive revenue on temporarily vacant spaces and also negotiated a revised agreement for our parking garage at Point Orlando that allows us to further capitalize on the growth and traffic at that center.

其他輔助補償、其他收入為同一物業的 NOI 增長貢獻了 150 個基點，因為我們利用租戶中斷來推動暫時空置空間的收入，並且還就位於 Point Orlando 的停車場協商了修訂協議，這使我們能夠進一步利用該中心的增長和流量。

As expected, net expense reimbursements detracted 110 basis points from same-property NOI growth due to the prior-year benefit related to tax assessments in Cook County, Illinois.

正如預期的那樣，由於去年與伊利諾伊州庫克縣稅收評估相關的收益，淨費用報銷從同物業 NOI 增長中扣除了 110 個基點。

As Brian noted, we signed a record high $21 million of new ABR in the quarter and ended the second quarter with a 450 basis point spread between leased and build occupancy. Our signed but not yet commenced pool totaled $67 million, which includes $59 million of net new rent.

正如 Brian 所指出的，我們在本季度簽署了創紀錄的 2,100 萬美元新 ABR，並且在第二季末租賃和建造入住率之間的差價為 450 個基點。我們已簽署但尚未開始的合約總額為 6700 萬美元，其中包括 5900 萬美元的淨新租金。

We expect to commence $41 million through the remainder of the year and now expect total commencements of $69 million in 2025 as compared to the $53 million we expected at the end of last year, which will provide a tailwind to growth in 2026.

我們預計今年剩餘時間內將開始 4,100 萬美元的啟動資金，目前預計 2025 年的總啟動資金將達到 6,900 萬美元，而去年年底我們預計的總啟動資金為 5,300 萬美元，這將為 2026 年的成長提供順風。

From a balance sheet perspective, at June 30, we had $1.4 billion of available liquidity, no remaining debt maturities until June 2026, and our debt-to-EBITDA on a current quarter annualized basis was 5.5 times, providing us flexibility as we execute on our business plan. In terms of our forward outlook, we have updated our same-property NOI growth guidance to 3.9% to 4.3% and increased our FFO guidance to $2.22 to $2.25.

從資產負債表的角度來看，截至 6 月 30 日，我們擁有 14 億美元的可用流動資金，直到 2026 年 6 月沒有剩餘債務到期，本季度年化債務與 EBITDA 之比為 5.5 倍，為我們執行業務計劃提供了靈活性。就我們的前瞻性展望而言，我們已將同類物業 NOI 成長指引更新為 3.9% 至 4.3%，並將 FFO 指引提高至 2.22 美元至 2.25 美元。

We expect tenant disruption to drag same-property NOI by 230 basis points, and we expect the trajectory of base rent growth to accelerate into the second half of the year as we commence rent from the SNO pipeline.

我們預計租戶中斷將拖累同物業 NOI 230 個基點，並且隨著我們開始從 SNO 管道收取租金，我們預計基本租金成長軌跡將在下半年加速。

Our increased FFO expectations are driven by the increase in same-property NOI as well as increased lease settlement and other income as we continue to operate the portfolio for long-term value creation, capitalizing on opportunities in this strong leasing environment to proactively recapture and accretively backfill space.

我們對 FFO 預期的增加是由同物業 NOI 的增加以及租賃結算和其他收入的增加所推動的，因為我們將繼續運營投資組合以創造長期價值，利用這種強勁的租賃環境中的機會主動收回並增加填補空間。

We have consistently said that rent basis matters, and you see that in the growth we have been able to deliver at the top of the peer group while also reducing exposure to our at-risk tenants and providing unparalleled visibility into growth in 2026 and beyond.

我們一直強調租金基礎很重要，而且您會看到，在成長方面，我們能夠在同行中名列前茅，同時減少對高風險租戶的風險敞口，並為 2026 年及以後的增長提供無與倫比的可視性。

And with that, I'll turn the call over to the operator for Q&A.

說完這些，我將把電話轉給接線生進行問答。

(Operator Instructions) Todd Thomas, KeyBanc Capital Markets.

（操作員指示）KeyBanc 資本市場 Todd Thomas。

I wanted to ask about leasing in the quarter. New lease volume, in particular, was really strong. And I'm wondering, Brian, do you see a path to getting the portfolio's leased rate back to 95% and what's the time frame for that? And then with this years, bankruptcies and known move-outs largely behind you at this point, I was just wondering if you could comment on this year's tenant disruption and drag relative to the forward outlook for tenant risk and vacate activity and the remainder of '25 and sort of an early view into '26.

我想詢問本季的租賃情況。尤其是新的租賃量非常強勁。我想知道，布萊恩，您是否認為有辦法讓投資組合的租賃率恢復到 95% 以及實現這一目標的時間框架是怎樣的？然後，鑑於今年的破產和已知的搬遷事件基本上已經過去，我只是想知道您是否可以評論一下今年的租戶混亂和拖累，相對於租戶風險和騰空活動的前景以及 25 年剩餘時間的前景和 26 年的早期展望。

Todd, it's Jim. Before we answer that question, I just really wanted to comment at the start of the question, that our hearts and prayers go out to our friends at 345 Park, particularly those families and loved ones of the victims. Just our hearts are with you and I wanted to say that at the outset. Thank you.

托德，我是吉姆。在回答這個問題之前，我真的很想在問題開始時評論一下，我們的心與 345 公園的朋友們同在，特別是那些受害者的家人和親人。我們的心與你們同在，我一開始就想這麼說。謝謝。

Yes, and thanks, Todd. We were really pleased with the activity during the quarter. I think we had talked about coming out of ICSC. Just what we were hearing from our retailers in terms of continuing to be focused on growing their store footprint. What you heard on the first quarter calls from retailers was constructive and positive in terms of the trends that they're seeing in their business.

是的，謝謝你，托德。我們對本季的活動感到非常滿意。我想我們已經討論過退出 ICSC 的事情了。我們從零售商那裡聽到的就是他們繼續致力於擴大門市規模。就零售商在第一季的電話會議中看到的業務趨勢而言，他們的發言是建設性的、積極的。

And we really saw it come through in the activity during the quarter from a wide range of uses, whether that's in specialty grocery, off-price apparel, books, home furnishing, QSR restaurants, which we're seeing -- we're continuing to see better operators there.

我們確實看到它在本季度的活動中得到了廣泛的應用，無論是在特色雜貨店、折扣服裝、書籍、家居裝飾、快餐餐廳，我們都看到——我們繼續看到那裡有更好的運營商。

So it was pretty broad-based. And particularly to your point, a lot of that was on space that we recently recaptured, and we're really proud of how the team has gotten after that quickly and have been able to backfill that with much better tenants.

所以它的基礎相當廣泛。特別是對於您所說，其中很大一部分是我們最近重新奪回的空間，我們為團隊能夠迅速取得進展並能夠用更好的租戶填補這些空間而感到非常自豪。

I think to your second part of your question, as Steve touched on it in his remarks, this has given us the opportunity to improve what has already been the best underlying credit profile that this portfolio has ever had. So really, on the other side of this, that watch list is a lot smaller than it was historically. There's always categories that we're watching. You think of drug stores, they're certainly closing some locations. It's a very small part of what we do, less than 1% of our ABR.

我認為，對於您問題的第二部分，正如史蒂夫在他的評論中提到的那樣，這給了我們機會來改善這個投資組合有史以來最好的基礎信用狀況。因此，實際上，從另一方面來看，該觀察名單比歷史上要小得多。我們總是在關注某些類別。想想藥局，他們肯定會關閉一些門市。這只是我們工作中很小的一部分，不到我們 ABR 的 1%。

You think of theaters, there are some good trends there but also a very small part of what we do as well. So we feel pretty confident on the other side of this. And from a trajectory standpoint, we remain really encouraged by what we're seeing in the leasing pipeline.

想想劇院，那裡有一些好的趨勢，但這只是我們所做工作的一小部分。因此，我們對此感到非常有信心。從發展軌跡的角度來看，我們對租賃管道的現狀感到非常鼓舞。

Steve, was there an amount of rent collected in the quarter that's worth considering as we think about 3Q that will create a little bit of drag? Or do you anticipate an inflection in economic occupancy and ABR growth moving into the back half of the year?

史蒂夫，當我們考慮第三季時，本季收取的租金金額是否值得考慮，這會造成一點拖累？或者您預計今年下半年經濟入住率和 ABR 成長將出現轉折點？

Yes. I mean, if you just think about the rent, you're talking on the bankrupt spaces, obviously, you would have had a stub period for some of the JOANN locations. And then going forward, we will be getting back a couple of at home. But I think more importantly and what Brian highlighted was getting the rent commenced on those backfills within the third quarter and into the fourth quarter will start to accelerate that base rent growth as we move through the remainder of the year.

是的。我的意思是，如果你只考慮租金，你談論的是破產的空間，顯然，你會對一些 JOANN 地點有一個存根期。然後，我們將繼續在家裡找回一些東西。但我認為更重要的是，布萊恩強調的是在第三季和第四季開始對這些補充租金進行支付，將在今年剩餘時間內開始加速基本租金的成長。

Yes. And Todd, I would just remark, we're particularly pleased to be at a place where we're growing better than 4% despite over 230 basis points of headwind, which obviously does imply the rent commencements and from the SNO pipeline in the latter part of the year, as Steve highlighted.

是的。托德，我只想說，儘管面臨超過 230 個基點的逆風，我們仍然能夠實現超過 4% 的增長率，這讓我們感到特別高興，這顯然意味著租金的開始以及下半年 SNO 管道的開始，正如史蒂夫強調的那樣。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

On LaCenterra, can you talk about the opportunity here? Seemingly, you can benefit from scale in the Houston market. It brings you closer to some of the growth tenants that you're working with across the portfolio. Presumably, there are some leases that are up for maturity for the first time where you can sprinkle some Brixmor magic and re-merchandise. So what are the benefits from this property?

在 LaCenterra，您能談談這裡的機會嗎？看起來，您可以從休士頓市場的規模中獲益。它使您與整個投資組合中合作的一些成長租戶更加接近。據推測，有一些租約首次到期，您可以施展一些 Brixmor 魔法並重新銷售商品。那麼該房產有哪些好處呢？

And if you could provide the cap rate, that would be helpful.

如果您能提供資本化率，那將會很有幫助。

Sure. I think you've got the sales point down pretty well. We're really excited about adding LaCenterra to the portfolio. We do think this is a pretty classic example of value-added investing as we do believe we bought the asset at a pretty opportunistic time in the asset's life cycle. We recently reviewed plenty of lifestyle deals in the market.

當然。我認為你已經很好地掌握了銷售要點。我們非常高興將 LaCenterra 加入到投資組合中。我們確實認為這是增值投資的一個非常經典的例子，因為我們確實相信我們在資產生命週期中一個非常有利的時機購買了該資產。我們最近審查了市場上大量的生活方式交易。

I think this one has some pretty unique attributes, which you outlined, which is why we focused on LaCenterra.

我認為這款產品具有一些非常獨特的屬性，正如您所概述的，這就是我們關注 LaCenterra 的原因。

So for example, the in-place occupancy here is around 90%. It does have several high-profile vacancies. We already have LOIs in hand and actually a lease in the short-term ownership that we've had. Additionally, as you mentioned, the asset has very significant rent mark-to-market, at certain spaces have rents that were set well over 20 years ago and are now expiring in the very near term without options.

例如，這裡的入住率約為 90%。它確實有幾個備受矚目的空缺職位。我們手中已經有了意向書，實際上還有一份我們擁有的短期所有權的租約。此外，正如您所提到的，該資產的租金按市價計價非常高，某些空間的租金是在 20 多年前製定的，現在即將到期，而且沒有任何選擇。

And as importantly, the asset clearly is going to be the landing zone for the high-profile and high rent paying tenants Brian kind of laid out in his remarks this morning. From a cap rate perspective, with our expenses, the management fees and the LOIs at hand, the yields in the low 6s today with very, very significant growth potential ahead of us.

同樣重要的是，該資產顯然將成為布萊恩在今天上午的演講中提到的那些高知名度和高租金租戶的著陸區。從資本化率的角度來看，考慮到我們的支出、管理費和手頭上的意向書，今天的收益率在 6% 以下，而且我們面前還有非常非常大的成長潛力。

So importantly, from a total return perspective, as you think about the IRR, we think this will generate high single-digit, low double-digit IRRs using pretty conservative assumptions. So we're really excited about having it as part of our portfolio.

因此，重要的是，從總回報的角度來看，當您考慮 IRR 時，我們認為這將使用相當保守的假設來產生高個位數、低兩位數的 IRR。因此，我們非常高興將其納入我們的投資組合。

Good luck in the back half.

祝你後半段好運。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess my question is around the same-store NOI growth in the second quarter, which was a very strong number. But can you elaborate the other revenue line there, which did pick up from a year ago? So what's kind of driving that?

我想我的問題是關於第二季同店淨營業利潤的成長，這是一個非常強勁的數字。但是您能否詳細說明其他收入項目，這些收入項目與一年前相比是否有所回升？那麼，是什麼原因導致這現象的發生呢？

Yes. As I mentioned in my prepared remarks, we did have an opportunity to renegotiate our parking agreement at Point Orlando right next to the Orange County Convention Center. And the great part about that renegotiation is we went from being at leased to now having more of a management agreement with a provider, and it allows us to capture the upside in driving additional traffic to that center with the recent redevelopment we did there.

是的。正如我在準備好的演講中提到的那樣，我們確實有機會重新協商位於奧蘭治縣會議中心旁的奧蘭多角的停車協議。重新談判的好處在於，我們從租賃轉變為現在與供應商簽訂管理協議，這使我們能夠利用最近在那裡進行的重建為該中心帶來更多流量的優勢。

And with that, we get to participate a lot more on the upside as a revenue as well. So that's probably about half of that. And then as we've consistently done over the years, we look for opportunities in there being vacant space to capitalize on that vacancy. And with our ancillary team being able to backfill some of that vacant space and drive additional revenue during the period.

這樣，我們就能從中獲得更多收益，並獲得更高的收入。這可能就是其中的一半。然後，正如我們多年來一貫所做的那樣，我們在空置空間中尋找機會，以利用這些空置空間。我們的輔助團隊能夠填補部分空置空間並在此期間帶來額外收入。

Yes. Go ahead, Brian.

是的。繼續吧，布萊恩。

Sorry, I would just add. I think this is just a great example from an operations perspective of how our team just takes advantage of driving revenue throughout the asset. And Steve mentioned parking. We have a great fee generation business, whether it's EV charging, solar. That's been a growth initiative for us.

抱歉，我只是想補充一下。我認為從營運角度來看，這是一個很好的例子，說明了我們的團隊如何利用這項優勢來推動整個資產的收入。史蒂夫提到了停車。我們擁有出色的收費業務，無論是電動車充電還是太陽能。這對我們來說是一項成長舉措。

We've got a great specialty leasing team that works with our regions to drive ancillary revenue. So it has been an area of focus. And as Steve mentioned as it relates to that Point garage deal that is going to be recurring for us. So we were really pleased with what we saw there during the quarter.

我們擁有優秀的專業租賃團隊，與我們的各個地區合作，推動輔助收入。因此它一直是一個關注的領域。正如史蒂夫所提到的，這與我們將重複的 Point 車庫交易有關。因此，我們對本季看到的情況感到非常滿意。

Yes. And let's not lose sight as well of the strong top line contribution of ABR of 3.8%. So what that really is showing you is the accelerating impact of that SNO pipeline as we commence $15 million quarterly and continue to keep that SNO pipeline over $60 million. So it gives us a high degree of visibility to me are not only into growth this year but even better growth in '26 and '27.

是的。我們也不要忽略 ABR 3.8% 的強勁營收貢獻。因此，這實際上向您展示了 SNO 管道的加速影響，因為我們每季開始投入 1500 萬美元，並繼續將 SNO 管道保持在 6000 萬美元以上。因此，它不僅讓我們看到了今年的成長，也讓我們看到了 26 年和 27 年更好的成長。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Just looking at the bad debt expense, it looks like you're tracking at the low end of your guidance range. Is there anything that is standing out as potential headwinds for the back half? Or is this just some conservatism on your part for maintaining that range?

僅從壞帳費用來看，看起來您正處於指導範圍的低端。有什麼事情會成為下半年的突顯潛在阻力嗎？或者這只是為了維持該範圍而採取的一些保守做法？

Yes. I mean, I think Brian hit it on his comments, we continue to be really pleased with the underlying credit quality of the portfolio. Obviously, in the first half of the year, there was a little bit more tenant disruption and some of that pre-petition debt is -- or bad debt is sitting within that amount. And then there is always sort of the normal core seasonality to when we receive some of the real estate tax payments.

是的。我的意思是，我認為布萊恩在他的評論中指出了這一點，我們繼續對投資組合的潛在信用品質感到非常滿意。顯然，在今年上半年，租戶的干擾稍微多了一些，而一些破產前的債務——或者說壞帳——就在這個數額之內。當我們收到部分房地產稅時，總會有正常的核心季節性。

But I think as you look to the back half of the year, we continue to be really impressed with the underlying tenant quality and no real concerns there in the bad debt line item.

但我認為，當你展望下半年時，我們仍然對潛在的租戶品質印象深刻，並且在壞帳項目中沒有真正的擔憂。

Okay. And then on the leasing demand, just curious how that's trended through the year, whether you've seen any sort of changes from the April tariff announcement through today, and the types of tenants that you're finding to backfill some of these anchor spaces and what you expect to be filling with (technical difficulty)

好的。然後關於租賃需求，我很好奇這一年的發展趨勢如何，從 4 月份的資費公告到今天，您是否看到了任何變化，以及您發現哪些類型的租戶可以填補這些主力空間，以及您預計會用哪些類型的租戶來填補這些空間（技術難度）

Yes. Last call we actually touched on what we were seeing kind of real time because we thought it was prudent after the tariff announcement. And then we came out of ICSC very encouraged in terms of the tenor of those conversations. And what's been interesting over the last two months as it's played out, those conversations have now turned into LOIs and leases and you can see that come through in the quarter. More GLA than we've leased in the last 2.5 years, and Steve touched on the highest ABR that we've ever had as a company.

是的。在最後一次通話中，我們實際上觸及了我們所看到的實時情況，因為我們認為在關稅公告之後這樣做是謹慎的。然後，我們從 ICSC 出來後，對這些對話的基調感到非常鼓舞。過去兩個月有趣的是，這些對話現在已經變成了意向書和租約，你可以在本季看到這一點。在過去的 2.5 年裡，我們的 GLA 比租賃的還要多，史蒂夫談到了我們公司有史以來最高的 ABR。

And despite all of that volume, we still have more in the pipeline today than we did a year ago. So we remain really encouraged. Our team is focused on leasing up the remainder of the vacancy that we've taken back here over the last few months. And then I touched on a number of the categories earlier. But I would add kind of to Mark's point, we are seeing this trend accelerate of more elevated brands going to grocery-anchored shopping centers.

儘管數量如此之多，但我們今天仍在籌備中的項目數量比一年前還要多。因此我們仍然深受鼓舞。我們的團隊正致力於出租過去幾個月來我們收回的剩餘空置空間。然後我之前談到了一些類別。但我想補充馬克的觀點，我們看到這種趨勢正在加速，越來越多的高端品牌進入以雜貨店為中心的購物中心。

And it's not just at LaCenterra, right? We've seen it in suburban Philadelphia and Island in Florida and Plano, Texas, most recently in Davis, California. And whether that's maybe lifestyle tenants that have been performing at grocery-anchored centers or higher-quality food and beverage that we continue to add to the portfolio, opening our first locations with Tatte Bakery and Mendocino Farms are in place.

這不僅發生在 LaCenterra，對吧？我們在費城郊區和佛羅裡達州的島嶼以及德克薩斯州的普萊諾都看到過這種情況，最近在加州的戴維斯也看到了這種情況。無論是在以雜貨店為中心的中心經營的生活方式租戶，還是我們繼續添加到產品組合中的更高品質的食品和飲料，我們與 Tatte Bakery 和 Mendocino Farms 合作開設的首批門市都已到位。

So it's been fairly broad-based. And with all the work that our team has done across the portfolio, we're just attracting a better caliber of tenant today and it's something that we're really excited about.

因此，它具有相當廣泛的基礎。透過我們團隊在整個投資組合中所做的所有工作，我們今天吸引了更高素質的租戶，這是我們真正感到興奮的事情。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Just want to focus a little bit here on the cadence of earnings. I think you guys are run rating to at least hit the midpoint of guidance for the back half of the year. Could you just talk about some of the puts and takes as we think about kind of the first half run rate into the second half? And then just maybe give some additional color on the contribution of LaCenterra and maybe how you guys think about financing that kind of more permanently with dispositions or other financing sources.

我只想在這裡稍微關註一下獲利節奏。我認為你們的運行評級至少會達到下半年指導的中點。當我們考慮上半年的運行率如何延伸到下半年時，您能否談談一些得失？然後也許可以對 LaCenterra 的貢獻進行一些補充說明，以及你們如何考慮透過處置或其他融資來源來更持久地融資。

Yes, Craig. If you just look at the first half of the year, we were really pleased on how we performed. Obviously, lease settlement income was a little higher than our historical run rate there. And I think that should probably decelerate into the back half of the year, all things being equal. And then obviously, there is some seasonality to just how we collect certain amounts of revenue, whether it be the percent rent line on that.

是的，克雷格。如果你只看今年上半年，我們對自己的表現感到非常滿意。顯然，租賃結算收入略高於我們的歷史運作率。我認為，如果其他條件相同，到今年下半年這一成長速度可能會放緩。顯然，我們收取一定金額的收入具有一定的季節性，無論是百分比租金線。

But I think importantly, what you should expect is the acceleration of same-property NOI growth into the back half of the year as we continue to commence rent from the SNO pipeline. On LaCenterra, as we've typically done, we've really financed that with a combination of capital recycling and free cash flow on a leverage-neutral basis.

但我認為重要的是，隨著我們繼續從 SNO 管道開始租金，您應該預期的是，同物業 NOI 增長將在下半年加速。在 LaCenterra 上，正如我們通常所做的那樣，我們實際上是透過資本循環和自由現金流的組合在槓桿中性的基礎上進行融資。

What should we think about on the kind of the net spread on that investment from a GAAP perspective?

從 GAAP 角度來看，我們該如何看待該項投資的淨利差？

I would consider it basically neutral at the start and with the position to be able to accrete that pretty quickly as we capitalize on the low market rents.

我認為它在開始時基本上是中性的，並且隨著我們利用低市場租金，能夠很快地累積這一優勢。

The only thing I would add, Craig, as we think about our capital recycling, we always try to take advantage of the opportunities in our portfolio to lower our marginal cost of capital like we did in the past quarter where we sold the ground lease at a low cap rate, parcel at about [2%] cap, which really drove the cap rate for that cap recycling in Q2 down to the 5s. So we're always going to be focused on trying to find a piece of the portfolio we can exit low hold and low yield capital.

我唯一想補充的是，克雷格，當我們考慮資本回收時，我們總是試圖利用投資組合中的機會來降低資本邊際成本，就像我們在上個季度所做的那樣，我們以較低的資本化率出售了土地租賃權，土地的資本化率約為 [2%]，這確實推動了第二季度資本回收的資本化率降至 5%。因此，我們將始終致力於尋找可以退出低持有和低收益資本的投資組合。

Michael Griffin, Evercore.

邁克爾·格里芬，Evercore。

I appreciate the commentary so far. Just wondering if you could give us a sense, in your conversation with retailers, obviously, we've seen some trade deals come to fruition recently. But has there been kind of this understanding of, hey, we're still burning off the inventory that we brought in sort of pre-tariff announcements? Have they thought, oh, we're going to absorb some of this tariff cost versus pass it on to the consumer. I just want to get a sense as we look to the back half of the year.

我很欣賞迄今為止的評論。只是想知道您是否可以讓我們了解一下，在您與零售商的對話中，顯然我們已經看到最近一些貿易協議取得了成果。但是，我們是否有這樣的理解：嘿，我們仍在消耗我們在關稅公告發布前帶來的庫存？他們有沒有想過，哦，我們要承擔部分關稅成本，而不是轉嫁給消費者。我只是想對下半年的情況有個大概的了解。

Could we see some pressure on retailer margins as it seems like this tariff scenario of 15%, whatever you want to call it, starts to really materialize?

隨著 15% 的關稅情況（無論你怎麼稱呼它）似乎開始真正實現，我們是否會看到零售商利潤率面臨一些壓力？

Yes, let me start the answer here. One of the things that we've been really encouraged by with the retailers is their commitment to the store as the most profitable channel to reach the customers. And they're really making a long-term decision by entering into a 10- or 15-year lease. And their commitment to the store has been phenomenal, as you can see in our results.

是的，讓我從這裡開始回答。零售商真正讓我們感到鼓舞的一件事是，他們致力於將商店作為接觸顧客的最有利可圖的管道。他們透過簽訂 10 年或 15 年的租約實際上是做出了一個長期決定。正如您在我們的結果中所看到的，他們對商店的投入是驚人的。

So the tariff noise really has done little to abate that demand, and we're encouraged, as Brian was talking about, not only by the breadth of demand we're seeing but by the types of quality tenants we're bringing into the portfolio, the vibrancy and frankly, the traffic they bring, which is very clear in our results.

因此，關稅噪音實際上並沒有減弱這種需求，正如布萊恩所說的那樣，我們感到鼓舞，不僅是因為我們看到了需求的廣度，還因為我們為投資組合帶來了優質租戶的類型、活力，坦率地說，他們帶來的流量，這些在我們的結果中非常明顯。

Yes. I would just add, I mean, the commentary that you heard from national retailers after the first quarter call was really constructive in terms of how they're navigating tariffs, whether that's through negotiation with suppliers or alternative methods, sourcing and also the commentary around how the consumer has remained resilient. We still have a strong job market.

是的。我想補充一點，第一季電話會議後，您從全國零售商那裡聽到的評論對於他們如何應對關稅確實很有建設性，無論是透過與供應商談判還是其他方法、採購，以及關於消費者如何保持韌性的評論。我們的就業市場依然強勁。

We're still seeing positive traffic trends across the portfolio. And to this point, that really ties with what we're hearing from the real estate departments as well in terms of their focus on growth, and the tenants that we're growing with are performing.

我們仍然看到整個投資組合的流量趨勢呈現正面趨勢。到目前為止，這與我們從房地產部門聽到的關於他們對成長的關注以及與我們一起成長的租戶的表現非常吻合。

And then the last thing I'd mention, you saw it again last week, another very active auction where retailers are bidding for space, where there's no downtime, all their own costs, that kind of gives you a window into that demand environment into how tight the supply environment is as well. So, so far, it's been really constructive. We're keeping a very close eye on it. Could there be some impacts down the line? Sure.

最後我想說的是，上週你們又看到了一次非常活躍的拍賣，零售商們正在競標空間，那裡沒有停機時間，所有成本都是他們自己的，這讓你可以了解需求環境，了解供應環境的緊張程度。所以，到目前為止，它確實很有建設性。我們正在密切關注此事。這會造成一些後續影響嗎？當然。

But from what we're seeing to date, we're very encouraged.

但從我們目前看到的情況來看，我們感到非常鼓舞。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Following the acquisition in Q3, could you talk about how the current acquisition pipeline looks moving forward? Wondering if there's an appetite for more transaction activity in the back half of the year. And also, what type of buyers you're competing with on deals you're currently underwriting?

繼第三季收購之後，您能談談目前的收購計畫進度如何嗎？想知道今年下半年是否有興趣進行更多的交易活動。此外，在您目前承銷的交易中，您正在與哪些類型的買家競爭？

Yes, I'd say start with your last point, broadly air, our competition is clearly heating up. There's clearly more private capital, which includes high net worth and pension coming in and seeking exposure to the asset class. That's clearly compressing cap rate for grocery-anchored deals and really following through in some other asset types.

是的，我想從你的最後一點開始，廣義上講，我們的競爭顯然正在升溫。顯然，有更多的私人資本（包括高淨值人士和退休金）進入並尋求接觸該資產類別。這顯然壓縮了以食品雜貨為主的交易的資本化率，並確實影響了其他一些資​​產類型。

So when we think about the market, we're going to continue to focus on opportunities in our footprint where we see high-growth opportunities. And we really think that our team on the ground helps us identify those quickly to focus on them like a LaCenterra and pass on other ones where you don't see that growth.

因此，當我們考慮市場時，我們將繼續關注我們所在區域內具有高成長機會的機會。我們確實認為，我們實地團隊可以幫助我們快速識別這些企業，並像 LaCenterra 一樣專注於它們，同時忽略那些沒有看到成長的企業。

So you should expect us, as Steve kind of mentioned, be balanced in capital recycling but also disciplined. We're not buying to buy. We're buying assets where we think we can really drive value.

因此，正如史蒂夫所提到的那樣，你應該期望我們在資本循環方面保持平衡，但也要遵守紀律。我們買東西不是為了買。我們正在購買我們認為能夠真正帶來價值的資產。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

So my one question is on the aggregate of the SNO that's coming online with the 200 basis points of drag that you entered the year, meaning the known move-outs that you started the year with and the known bankruptcies, and your pace of leasing and getting this $40 million of SNO opened this year. Stacy, I'm not asking for '26 guidance, but still when you hear your commentary on all these good things happening, why should we not think the back half of next year is going to show a really strong ramp?

因此，我的一個問題是，在年初的 200 個基點的拖累下，即將上線的 SNO 總量，也就是年初已知的搬出情況和已知的破產情況，以及今年租賃和獲得 4000 萬美元 SNO 的速度。史黛西，我並不是要求 26 年的指導，但是當你聽到你對所有這些好事的評論時，我們為什麼不認為明年下半年會出現真正強勁的增長呢？

I'm trying to understand what are the offsets that we should think about that would sort of limit the upside benefit of all this stuff that you're talking about. I mean presumably, interest rates will come down, not up. So I'm just trying to understand what contains next year from showing sharp acceleration in the back half.

我試圖了解我們應該考慮哪些抵消措施，以限制您所談論的所有這些東西的上行利益。我的意思是，利率大概會下降，而不是上升。所以我只是想從下半年的急劇加速來了解明年會發生什麼。

Well, we're not prepared to give guidance at this point, but what we are really encouraged by, Alex, is how we've positioned ourselves to outperform from a growth perspective, given the stacking of that rent pipeline.

嗯，我們目前還沒有準備好給出指導，但真正讓我們感到鼓舞的是，亞歷克斯，考慮到租金渠道的堆積，我們如何從增長的角度定位自己，從而取得優異的表現。

And it's not only what we have in the signed but not commenced but also what we have in legal. It gives us a lot of confidence that the strategy continues to work. It's an all-weather strategy that provides visibility on growth. And of course, the deducts from that growth as we look out will be any additional tenant disruption.

這不僅是我們已經簽署但尚未開始的協議，也是我們已經擁有的法律協議。這讓我們非常有信心該策略將繼續發揮作用。這是一種全天候策略，可以提供成長的可見性。當然，從我們的角度來看，這種增長將扣除任何額外的租戶幹擾。

But we like how the portfolio is positioned from a credit standpoint. We like how we're continuing to generate great demand to be in our assets at compelling rents.

但我們喜歡從信貸角度來看的投資組合定位。我們很高興看到我們的資產能夠繼續以誘人的租金產生巨大的需求。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

You talked a little bit in the prepared remarks about opportunities on the CAM side to get more favorable setups in the leases. Just curious on how we should think about that impacting margins on a go-forward basis, kind of all else equal.

您在準備好的演講中談到了 CAM 方面在租約中獲得更有利設置的機會。我只是好奇，在其他條件相同的情況下，我們應該如何看待這對未來利潤率的影響。

Yes. Again, it's been something that we've been focused on really throughout the lease. And whether it is incremental rent growth that we're getting, whether it is flexibility in terms of development or, to your point, removing CAM caps, removing carve-outs and strategically deploying fixed CAM, I think you can see it come through today and the recovery rate that's ahead of where build occupancy sits.

是的。再說一次，這是我們在整個租賃期間一直關注的事情。無論我們獲得的是增量租金成長，還是開發方面的靈活性，或者如您所說，取消 CAM 上限、取消豁免和策略性地部署固定 CAM，我認為您今天都可以看到它實現，並且恢復率高於建築入住率。

And so we expect to see some further improvement there in margin as we continue to focus on these areas but it's not really a new phenomenon. It's something that our team has been doing and has been successful with for some time.

因此，隨著我們繼續關注這些領域，我們預計利潤率將進一步提高，但這並不是一個新現象。這是我們的團隊一直在做的事情，並且已經成功了。

And you can really see that coming through in the results. So we're pleased with the tenor of the lease conversation. It's something we're going to continue to be focused on.

您可以從結果中看到這一點。因此，我們對租賃談判的進展感到滿意。這是我們將繼續關注的事情。

Yes. And I would just add, it shows our disciplined approach to operations, and we continue to find opportunities to harvest growth in this great portfolio.

是的。我想補充的是，它展示了我們嚴謹的運作方式，並且我們將繼續在這個偉大的投資組合中尋找成長機會。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

So I guess my question somewhat dovetails on the last comment you made, Jim, about finding these great opportunities in the portfolio. You guys have done lots of great things lately, strong stats, some all-time highs in ABR, small shop spreads. And it looks as though you have some pretty sustainable tailwinds into next year with a lower occupancy and lower rents.

所以我想我的問題在某種程度上與你最後說的關於在投資組合中尋找這些絕佳機會的評論相吻合，吉姆。你們最近做了很多偉大的事情，強勁的數據，ABR 的一些歷史新高，小店的傳播。看起來，隨著​​入住率和租金的下降，明年你們將面臨一些相當可持續的順風。

But your multiple still sits well below the peer set. So I guess I'm curious why you think that is and what you guys are focused on to drive down that gap versus your peers and trade closer to the peer sector or maybe even a premium at some point.

但您的倍數仍然遠低於同行。所以我很好奇您為什麼會這麼想，以及您專注於什麼來縮小與同行的差距，並使交易更接近同行行業，甚至在某個時候達到溢價。

Well, we would agree very much that our multiple doesn't reflect appropriately the upside in growth that we're going to continue to deliver. And our plan on this side is to continue to deliver that growth and outperform and chip away at that relative multiple. I think it presents, frankly, the investor a compelling opportunity from a total return standpoint that we have a business plan that's not predicated upon external growth.

嗯，我們非常同意，我們的倍數並沒有適當地反映出我們將繼續實現的成長潛力。我們在這方面的計劃是繼續實現成長、超越並逐漸降低相對倍數。坦白說，我認為從總回報的角度來看，這為投資者提供了一個極具吸引力的機會，即我們的商業計劃不以外部成長為前提。

It's not predicated upon the pricing of our currency but much more predicated on the continued ability to fund accretive growth through internally generated cash flow. That's why I often say it's an all-weather business plan.

它並不取決於我們貨幣的定價，而是更取決於透過內部產生的現金流持續資助增值成長的能力。這就是為什麼我經常說這是一個全天候的商業計劃。

And I'm proud of the fact that we're delivering growth where we are despite the tenant disruption that we have. I'm also excited about what continues to happen to the composition of this portfolio as we execute our value-added strategy and really drive and create value. So we're confident in our ability to continue to deliver, and I think as we do, we'll continue to eclipse that multiple differential.

儘管面臨租戶的干擾，我們仍能實現成長，對此我感到自豪。隨著我們執行增值策略並真正推動和創造價值，我對這個投資組合的組成將會發生的變化也感到興奮。因此，我們對自己繼續交付產品的能力充滿信心，而且我認為，隨著我們這樣做，我們將繼續超越多重差異。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

So it sounds like leasing and pricing remain really encouraging. I was wondering if you could go through how the year so far is turning out versus your expectations. Any additional color you can give on how you set guidance? Like is it -- do you think of it as being conservative versus realistic? And what's making the previous high end of same-store NOI growth no longer attainable?

因此，聽起來租賃和定價仍然非常令人鼓舞。我想知道您是否可以談談今年到目前為止的進展與您的預期相比如何。您能提供更多關於如何制定指導的資訊嗎？就像這樣——您認為它是保守的還是現實的？那麼，是什麼原因使得先前同店的淨利成長率無法達到最高水準呢？

Yes. Thanks, Caitlin. I think we continue to be really impressed by the underlying portfolio. I think you hit on a lot of the leasing items that Brian went through earlier. As you remember, just when we started the year, the midpoint of our expectation for tenant disruption was 200 basis points of drag, right?

是的。謝謝，凱特琳。我認為基礎投資組合仍然給我們留下了深刻的印象。我認為您已經了解了 Brian 之前討論過的許多租賃事項。您還記得嗎，就在年初，我們對租戶中斷的預期中點是 200 個基點的阻力，對嗎？

As I mentioned in my comments, with some of the more recent activity with At Home and Rite Aid, that has moved up a little bit. But I think importantly, our ability to drive additional growth from the portfolio and move our midpoint up from our initial midpoint of 4% just shows you the growth in the portfolio and our ability to continue to drive through disruption.

正如我在評論中提到的那樣，隨著 At Home 和 Rite Aid 的一些最新活動，這一數字有所上升。但我認為重要的是，我們有能力從投資組合中推動額外的成長，並將我們的中點從最初的 4% 中點上調，這向你展示了投資組合的成長以及我們繼續推動變革的能力。

I think we've consistently said over the last year or two, to the extent we get additional spaces back as a result of tenant disruption, while that may impact short-term growth, ultimately, it's just going to provide us additional space to grow into '26 and '27.

我認為，在過去的一兩年裡，我們一直在說，由於租戶中斷，我們在一定程度上獲得了額外的空間，雖然這可能會影響短期增長，但最終，它只會為我們提供額外的空間，以實現 26 年和 27 年的增長。

Floris Van Dijkum, Ladenburg Thalmann.

弗洛里斯·範·迪庫姆，拉登堡·塔爾曼。

My question for you guys is regarding shop occupancy, again, your most valuable space presumably in all your centers. I think at an all-time high right now, 91.2%. But my question is, and I think this is sort of was alluded to in one of the previous questions, where can it go to? And maybe if you can talk about what your shop occupancy is on all the assets that you've actually redeveloped could presumably have higher. And then the second question or the related question is, what percentage of your SNO pipeline represents shop space?

我想問你們一個問題，關於商店佔用率，同樣，你們最寶貴的空間大概是所有中心裡的空間。我認為目前是歷史最高水平，91.2%。但我的問題是，我認為這在之前的問題中有所提及，它可以去哪裡？也許如果您可以談談您實際重新開發的所有資產的店鋪佔用率，那麼可能會更高。然後第二個問題或相關問題是，您的 SNO 管道中有多少百分比代表車間空間？

Let me take the top of that question and I'll let Steve add additional color. But one of the things we're particularly encouraged about is not only that we've reached a record in terms of small shop occupancy, but we've got great visibility in more than a couple of hundred basis points of growth in that number, particularly as we deliver our in-process redevelopments which can drag that as we bring in the new anchors and then obviously lease off the success of the anchors and the traffic that's being brought in.

讓我來回答這個問題，然後讓史蒂夫補充更多內容。但讓我們感到特別鼓舞的一件事是，我們不僅達到了小商店入住率的創紀錄水平，而且我們在這一數字上實現了超過幾百個基點的增長，尤其是在我們進行在建的再開發項目時，這可以拖累我們引入新主力店，然後顯然依靠主力店的成功和引入的客流量。

So it's an important lever for our growth as we look ahead. And we're very excited, as Brian was talking about, in terms of the types of best-in-class tenants that are traffic drivers themselves that we're bringing in the small shop category.

因此，它是我們未來發展的重要槓桿。正如布萊恩所說，我們非常高興能夠引進一流的租戶，他們本身就是交通驅動力，我們將他們帶入小商店類別。

Yes. On the SNO, it's about $35 million worth of ABR and I think importantly, at about a mid-30s ABR per square foot. So as you mentioned, impressive numbers in there.

是的。在 SNO 上，ABR 的價值約為 3500 萬美元，我認為重要的是，每平方英尺的 ABR 約為 30 多美元。正如您所說，其中的數字令人印象深刻。

And tremendous opportunity and visibility on being able to continue to accrete that occupancy percentage. As we often say, we don't manage the portfolio for occupancy but rather for growth, which is part of why our in-process redevelopment pipeline drags that number a bit. But in my mind, it just provides us tremendous visibility on how we'll continue to grow it.

並且能夠持續增加入住率，帶來巨大的機會和可見度。正如我們常說的那樣，我們管理投資組合不是為了入住率，而是為了成長，這也是為什麼我們正在進行的再開發項目會稍微拖累這一數字的原因之一。但在我看來，它為我們提供瞭如何繼續發展的巨大潛力。

And if I were to -- the first part of my question, which is the occupancy in shop space on the assets that are redeveloped and stabilized, how much higher is that than your average today in your portfolio?

如果我要問——我的問題的第一部分，即重新開發和穩定的資產的商店空間佔用率，這比您目前投資組合中的平均水平高出多少？

Yes. Sorry, Jim, we have about 100 basis points of drag today in that future reinvestment pipeline that's dragging down, Floris, and we typically add several hundred basis points when we deliver those reinvestments.

是的。抱歉，吉姆，弗洛里斯，我們今天在未來的再投資管道中受到了大約 100 個基點的拖累，而我們在進行這些再投資時通常會增加幾百個基點。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Can you guys provide a progress update on the re-leasing efforts on the Big Lots and JOANN's activity?

你們能否提供 Big Lots 重新租賃工作和 JOANN 活動的進展更新？

Yes. Sure, Ki Bin. Like I said earlier, we've been very pleased with what we're seeing. We're about 80% resolved for us that's leased, at lease or we're finishing up an LOI to go to lease. And particularly on those JOANN and Party Citys, which we've really just taken back recently, we've been very pleased with the progress.

是的。當然，基斌。正如我之前所說的，我們對所看到的結果感到非常滿意。我們已經解決了大約 80% 的租賃問題，或者我們正在完成租賃意向書。特別是對於我們最近剛收回的 JOANN 和 Party Citys，我們對取得的進展感到非常滿意。

So whether that's with specialty grocers like Trader Joe's, operators like Ulta, Crunch Fitness, Barnes & Noble, the team has been very active in terms of addressing the space. And we weren't waiting for it, right? We had a sense that this was coming like when we talked about at the time, we had reduced our exposure to Big Lots by 30% at the time of the filing.

因此，無論是與 Trader Joe's 這樣的專業雜貨店，還是與 Ulta、Crunch Fitness、Barnes & Noble 這樣的運營商合作，團隊在解決這一領域問題方面都非常積極。我們並沒有等待它，對嗎？我們感覺到這種情況即將發生，就像我們當時談論的那樣，在提交申請時，我們已經將對 Big Lots 的投資減少了 30%。

We had two of the spaces already leased JOANNs and have been managing down some of that Party City exposure over time as well. So we remain very encouraged with how our team is backfilling it.

我們有兩個空間已經租用了 JOANN，並且隨著時間的推移也一直在減少 Party City 的曝光率。因此，我們對我們的團隊如何填補這一空缺感到非常鼓舞。

We're not resting on our laurels. We're focused on getting the rest of that space leased. And you should really start -- we're starting -- some of that is starting to come online here in the back half of this year, but you start to see it come online in bulk as we get into 2026.

我們不會滿足於現狀。我們專注於租賃剩餘的空間。你真的應該開始——我們正在開始——其中一些將在今年下半年開始上線，但隨著我們進入 2026 年，你會看到它們大量上線。

And just broadly speaking, when you think about the potential basket of other retailers that might be a little bit challenged, whether that be like a Michaels, Kohl's or some test stores, when you look at that collective basket of troubled retailers versus what you've already gone through this past year, does it feel better, worse, or the same going forward?

從廣義上講，當您想到其他可能面臨一些挑戰的零售商時，無論是 Michaels、Kohl's 還是一些測試商店，當您將這些陷入困境的零售商與您在過去一年中已經經歷的零售商進行比較時，您會感覺更好、更糟，還是未來情況相同？

It actually feels much better, and that's a point Steve was really trying to underscore in his remarks is the fact that we work our way through some of the more significant weaker credits in an environment that's been strong from a leasing perspective, and importantly, with the business plan that's been able to deliver growth as we have been dealing with that tenant disruption.

事實上感覺好多了，這也是史蒂夫在演講中真正想要強調的一點，那就是我們在租賃前景良好的環境下努力解決一些更重要的較弱信貸問題，而且重要的是，我們在處理租戶中斷問題時制定了能夠實現增長的商業計劃。

We continue to prove that it's an opportunity. And we're proud of the fact, again, that we're growing better than 4% despite over 230 basis points of drag. So as we look forward, will there be additional tenant disruption? Of course, but we like how the portfolio is positioned to outperform.

我們不斷證明這是一個機會。我們再次為這一事實感到自豪，儘管面臨超過 230 個基點的拖累，但我們的成長率仍超過 4%。那麼，展望未來，還會有更多租戶受到干擾嗎？當然，但我們喜歡投資組合如何表現優異。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

I know LaCenterra is a grocery-anchored center with the Trader Joe's. But if Trader Joe's wasn't there, would you have had the same interest in the property? And do you think pricing would have been materially different if so?

我知道 LaCenterra 是一家以雜貨店為主營業務的中心，擁有 Trader Joe's。但是如果沒有 Trader Joe’s，您會對該房產產生相同的興趣嗎？如果是這樣的話，您認為定價會有實質的不同嗎？

Look, it's a great question. We do like to buy assets that have grocery exposure to highlight some of the trends Brian is focusing on. So when it comes down to I think it would be a question it would have been more of, could we put a grocery here and do it accretively? Could that grocer then change the overall aspect of the tenancy here? Luckily, LaCenterra, we have an easier path leasing and mark-to-market.

瞧，這是一個很好的問題。我們確實喜歡購買具有食品雜貨風險的資產，以突出 Brian 關注的一些趨勢。所以歸根結底，我認為這更多的是一個問題，我們可以在這裡開一家雜貨店並實現增值嗎？那麼，那個雜貨商能改變這裡的租賃狀況嗎？幸運的是，LaCenterra，我們有一條更簡單的租賃和以市價計價的途徑。

But when we really look at acquisitions, it's really trying to find those opportunities where we can truly drive value, not necessarily just about having a grocer ability to drive value from the date of acquisition.

但當我們真正考慮收購時，我們實際上是在嘗試尋找那些能夠真正推動價值的機會，而不一定只是讓雜貨商從收購之日起就有能力推動價值。

Linda Tsai, Jefferies Group.

Linda Tsai，傑富瑞集團。

On the LaCenterra acquisition, a two-parter on your strategy. With 5 million visits a year, how much higher is the annual traffic statistics in the HHI demos versus the rest of the Brixmor portfolio? And then just in terms of buying in a master planned community, are there any nuances to think about why these assets would be more attractive relative to a center that is not in a master planned community?

關於 LaCenterra 收購，您的策略分為兩部分。每年有 500 萬次訪問，HHI 演示中的年度流量統計比 Brixmor 投資組合中的其他部分高出多少？那麼，就購買總體規劃社區的房產而言，是否存在一些細微差別，可以解釋為什麼這些資產相對於不在總體規劃社區內的中心而言更具吸引力？

Well, I can start with the second piece of this asset. It's considered the heart of Ranch. So we really -- there's a real lack of competition here, and it's really been designed to drive interest across the entire community. So we like the position of this asset in that there isn't true competition within the trade area. From a demo perspective, what I would say is our primary investment philosophy is really finding value-added assets where we can drive value.

好吧，我可以從這個資產的第二部分開始。它被認為是牧場的中心。所以我們真的——這裡真的缺乏競爭，而且它的設計確實是為了激發整個社區的興趣。因此，我們喜歡這種資產的地位，因為貿易區內沒有真正的競爭。從演示角度來看，我想說我們的主要投資理念是尋找能夠創造價值的增值資產。

While this one does have very attractive demos, I think the average household income is about $151,000, I think our current today is $120,000. So it's accretive to those demographics. So we didn't buy it for the demographics. We bought it for the ability to drive value here.

雖然這個確實有非常吸引人的演示，但我認為平均家庭收入約為 151,000 美元，我認為我們目前的平均家庭收入為 120,000 美元。因此，它對這些人口統計數據具有增值作用。所以我們購買它並不是因為人口統計的原因。我們購買它是因為它能夠在這裡創造價值。

And we had tremendous visibility, as Brian can give some color on, in terms of great tenants who we knew wanted to be there.

正如 Brian 所說，我們擁有極高的知名度，我們知道有很多優秀的租戶都想入住這裡。

Yes. I mean, as somebody mentioned earlier, sprinkling the Brixmor magic, our team has already been doing that and is very excited. We've got a great team in Houston, as we talked about throughout this call. We've got a great portfolio in Houston. We've already had leases that have brought into committee that are ahead of where we expected to be some great uses.

是的。我的意思是，正如之前有人提到的那樣，我們的團隊已經在施展 Brixmor 魔法了，而且非常興奮。正如我們在這次通話中談到的那樣，我們在休士頓擁有一支優秀的團隊。我們在休士頓擁有豐富的投資組合。我們已經向委員會提交了一些租約，這些租約的用途超出了我們的預期。

And we had some of the folks that were there on the asset join the team as well that, to Mark's point, are very tied in with community there and are helping us from an operating perspective. So it does fit into what we do from a growth perspective. These are tenants that we have been attracting to the portfolio, like I mentioned, Sephora and others, some great food and beverage operators there. And just overall, we're really excited about it and really proud of how our team has gotten after it out of the gate.

我們讓一些在資產上工作過的人也加入了團隊，正如馬克所說，他們與那裡的社區緊密相連，並從營運的角度幫助我們。因此，從成長角度來看，它確實符合我們的工作。這些都是我們一直吸引到投資組合中的租戶，就像我提到的，絲芙蘭和其他一些很棒的食品和飲料運營商。總的來說，我們對此感到非常興奮，並且為我們的團隊取得的進展感到非常自豪。

With great existing traffic as you highlight, but we think the pro forma traffic as we bring in these better tenants to replace some of the first-generation lifestyle tenants here at rents that can be as much as double as what's in place, we'll continue to drive that traffic and continue to drive the performance here.

正如您所強調的，現有的客流量很大，但我們認為，隨著我們引入這些更好的租戶來取代這裡的一些第一代生活方式租戶，而租金可能是現有租金的兩倍，我們將繼續推動這種客流量，並繼續推動這裡的業績。

Paulina Rojas, Green Street Advisors.

Paulina Rojas，Green Street Advisors。

And a follow-up to a prior question. You mentioned that cap rates for grocery-anchored centers are compressing. Can you clarify the timing around that comment? Specifically, have you seen pricing continue to become more competitive at the margin over the last two or three months? Or where are you really referring to a broader trend over a longer period?

這是對先前問題的後續回答。您提到，以雜貨店為中心的中心的資本化率正在壓縮。您能澄清一下該評論的時間嗎？具體來說，在過去兩三個月裡，您是否發現價格在邊際上繼續變得更具競爭力？或者您真正指的是長期內更廣泛的趨勢？

Sure, it's a great question. So certainly, year-over-year, we're seeing cap rate compression. And if we really look out over the last quarter, if you think about the deals we've really launched here in the spring, we're seeing very high demand for grocery-anchored centers from pension and other private capital. So we're seeing it real time in the last three to four months is how I'd answer your question.

當然，這是一個很好的問題。因此，與去年同期相比，我們確實看到了資本化率的壓縮。如果我們認真回顧上個季度，想想我們在春季真正推出的交易，我們會發現退休金和其他私人資本對以食品雜貨為中心的中心的需求非常高。因此，我們在過去三到四個月內實時看到了這一點，這就是我回答你的問題的方式。

Yes, it does.

是的。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

The incremental NOI yield from the redev pipeline in process has remained strong at 10%. As you talk about the future redevelopment projects you spoke to earlier on the call, could you walk through some of the puts and takes as we think about a strong leasing environment, coupled with some continued uncertainty from tariffs? Wondering if we could see yields move north of 10% moving forward if the current leasing environment remains steady.

正在進行的重新開發管道的增量 NOI 收益一直保持在 10% 的強勁水平。當您談到先前在電話中提到的未來重建項目時，您能否介紹一下在強勁的租賃環境以及關稅持續存在的不確定性的情況下，可能出現的一些利弊？想知道如果當前的租賃環境保持穩定，我們是否可以看到收益率在未來上升至 10% 以上。

I think you highlighted a couple of the drivers. Obviously, you've got demand and that's robust, and we continue to surprise ourselves in terms of the rents that we're able to achieve. On the other side of that, you could have cost and inflationary pressures impacting those returns. So as we look out, in particular, look at the opportunities that we've identified in the shadow pipeline, we're reasonably confident about our ability to continue to deliver that incremental return in the high single, low double digits, basically in line with what you've seen over the last couple of years.

我認為您強調了幾個驅動因素。顯然，我們有需求，而且需求強勁，我們能夠實現的租金不斷讓我們自己感到驚訝。另一方面，成本和通膨壓力可能會影響這些回報。因此，當我們觀察時，特別是觀察我們在影子管道中發現的機會時，我們有理由相信我們有能力繼續實現高個位數、低兩位數的增量回報，這基本上與過去幾年的情況一致。

Michael Griffin, Evercore ISI.

邁克爾·格里芬，Evercore ISI。

Just a clarification question on the LaCenterra property. I believe it's in a mixed-use development with an office and resi component. Did you justify the retail portion or did you also buy the office and resi as well?

我只是想澄清一下有關 LaCenterra 財產的問題。我相信它是一個混合用途開發項目，包含辦公室和住宅部分。您是否證明了零售部分的合理性，或者您也購買了辦公室和住宅？

Yes. It is in a mixed-use environment. We do not own the multifamily. There is some smaller office component at the asset. It's been well leased basically for.

是的。它處於混合用途環境。我們不擁有這棟多戶住宅。該資產中有一些較小的辦公室組件。基本上已經租出去了。

It's really the only Class A space in the market. We do actually believe just like the retail, there is red mark-to-market. There really isn't any occupancy upside today at that, but we do think there's good rent mark-to-market in the office, given it's really the only Class A space in that trade area.

這確實是市場上唯一的 A 級空間。我們確實相信，就像零售一樣，存在著紅色的市價。目前，該辦公大樓的入住率確實沒有任何上升空間，但我們確實認為，考慮到該辦公大樓是該貿易區內唯一的 A 級辦公空間，其租金按市價計算具有良好的競爭力。

And great creditworthy tenants that are in there today as well, which, to Mark's point, we think there's some upside, too.

而且現在那裡也有信譽良好的租戶，正如馬克所說，我們認為這也有一些好處。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

I feel like this has been touched about a few times, so sorry. But just on the watch list, it sounds like it's -- you've said a few times that it's smaller than it was historically. I was wondering if there was any way you could quantify like today, it's X amount of ABR and last year over the X amount of years historically, it was some other level?

我覺得這已經被觸及過幾次了，很抱歉。但僅在觀察名單上，聽起來就像——您曾多次說過，它比歷史上的要小。我想知道您是否有辦法量化今天的 ABR 數量，以及去年 X 年歷史的其他水平？

Caitlin, I think it's important. We use the watch list as a tool, right? We look at it not just with near-term credit risk but also with tenants that may be putting stores at risk, that have weaker performance, that are closing locations. So we don't necessarily have a number that we've reported on it. But I would just say, if you look at the names that have filed recently, it's significantly lower than where it was.

凱特琳，我認為這很重要。我們將監視名單用作工具，對嗎？我們不僅考慮短期信用風險，還考慮那些可能使商店面臨風險、業績較差、關閉門市的租戶。因此，我們不一定有已報告的數字。但我只想說，如果你看看最近提交申請的名字，你會發現它比之前的水平要低得多。

But I'd also point to look at the names we've grown with in the top 40, right? You think of how Whole Foods has come up in our portfolio, you think about Sprouts, all the Chipotle, Bath & Body Works, those are some strong operators that we continue to grow with. Trader Joe's is another one.

但我還想看看我們在前 40 名中成長的名字，對嗎？您可以想想 Whole Foods 是如何在我們的投資組合中崛起的，您可以想想 Sprouts、所有的 Chipotle、Bath & Body Works，這些都是我們繼續與之共同成長的強大運營商。Trader Joe's 是另一家。

So I think that underlying credit portfolio, you can see it getting stronger from that perspective as well. And to Jim's point, look, there's always some tenants and categories that we're keeping a close eye on.

因此我認為從這個角度來看，基礎信貸組合也會變得更強大。正如吉姆所說，我們總是密切關註一些租戶和類別。

But if you have a low rent basis like we do and we can backfill accretively to the extent you get a box or two back, you're going to do okay. So we feel really good about the position that we're in today. And as we talked about throughout the call and the other side of this, we're really improving that position that we're in today from a credit profile standpoint.

但是，如果您像我們一樣擁有較低的租金基礎，並且我們可以在您收回一兩個箱子的範圍內增加租金，那麼您會做得很好。因此，我們對目前所處的地位感到非常滿意。正如我們在整個通話過程中以及另一方面所討論的那樣，從信用狀況的角度來看，我們確實正在改善我們今天的狀況。

Paulina Rojas, Green Street Advisors.

Paulina Rojas，Green Street Advisors。

Again, a very specific follow-ups upside of LaCenterra. Could you please provide some numbers around it? Where is -- where are current in-place rents? And what do you think the market rents are as a percentage if it's easier?

再次，LaCenterra 的後續行動具有非常具體的優勢。您能提供一些相關的數字嗎？目前的租金在哪裡？如果比較容易的話，您認為市場租金的百分比是多少？

Sure. So we do think that LaCenterra is going to drive some pretty significant NOI growth. Our base case underwriting has NOI growth that kind of averages the 5% range over a 10-year hold. A lot of that's driven by the lease-up of the spaces that are currently vacant. Those leases are coming in kind of in the $60 to $90 per square foot range versus the in-place NOI -- the in-place ABR.

當然。因此，我們確實認為 LaCenterra 將推動相當顯著的 NOI 成長。我們的基本承保情況是，在 10 年的持有期間內，NOI 成長率平均在 5% 左右。其中很大一部分是由於目前空置空間的租賃增加所致。與現有的 NOI（現有的 ABR）相比，這些租賃的價格在每平方英尺 60 至 90 美元之間。

Obviously, the vacancies are zero. The in-place ABR of the asset today is in the low 30s.

顯然，空缺職位為零。目前該資產的現有 ABR 處於 30 的低點。

And is the type of space comparable there in that mix that you're referencing?

您所指的混合空間類型是否具有可比較性？

Yes, for sure. So a lot of that's the in-line base in Phase 1, where you see the big rent mark-to-market.

是的，當然。因此，其中很大一部分是第一階段的線上基礎，您可以看到租金按市價大幅調整。

Yes. And I think, Paulina, interestingly, the tenants that are performing that we want there, they're driving a ton of traffic are doing well. Those are -- we're getting some percentage right out of those stores. The other thing is some tenants where we may ultimately want to upgrade, those are the spaces that are significantly under market, to Mark's point, in that part of the asset. And we've been pleased with what we've been seeing just a few weeks out of the gate in terms of the activity there.

是的。我認為，寶麗娜，有趣的是，那些表現符合我們期望的租戶，他們帶來了大量的客流量，而且表現良好。那些是——我們從這些商店中獲得了一定比例的利潤。另一件事是，我們最終可能想要升級一些租戶，正如馬克所說，這些空間在該部分資產中的價格明顯低於市場價格。就幾週以來所見的活動而言，我們感到非常高興。

So we do feel that there's a tremendous amount of upside and excited of how our team is getting after it out of the gate.

因此，我們確實感覺到它具有巨大的優勢，並且對我們的團隊如何取得進展感到興奮。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Just going back to my question, as we look on page 30 of the south and you have $41 million of SNO that's going to commence this year, $21 million next year and presumably, that will -- those numbers in the outer years will grow as you guys do more leasing. So far, you haven't described anything that would say these aren't fully additive. And I guess that's what I'm trying to get at is in shopping centers, we often get excited and then have to revise down numbers. I'm just trying to understand if there are any negatives to us adding fully like the $41 million this year, the $21 million next year in addition to your normal course NOI growth?

回到我的問題，當我們查看南部的第 30 頁時，您今年將開始支付 4100 萬美元的 SNO，明年將支付 2100 萬美元，據推測，隨著您進行更多的租賃，未來幾年的數字將會增長。到目前為止，您還沒有描述任何表明這些不是完全可加的事物。我想這就是我想要表達的意思，在購物中心，我們經常會感到興奮，然後不得不下調數字。我只是想知道，除了正常的 NOI 成長之外，我們今年增加 4,100 萬美元，明年增加 2,100 萬美元，是否會產生任何負面影響？

Yes. I mean, I think there are a couple of things that you always consider. One is ongoing tenant disruption. The other is normal course move-outs. But the important thing is that from a growth perspective, we're providing visibility as a rent stack, not just for this year but as you point out, into next year, and it's pretty compelling.

是的。我的意思是，我認為有幾件事你總是要考慮的。一是持續的租戶幹擾。另一種是正常課程撤出。但重要的是，從成長的角度來看，我們提供的租金堆疊的可見度不僅是今年的，而且正如您所指出的，還包括明年的租金堆棧，這是非常引人注目的。

So what is normal course move-outs, Jim, that we should be thinking about? Is it $10 million, $20 million? I'm just trying to get a sense.

那麼，吉姆，我們應該考慮的正常遷出是什麼？是 1000 萬美元，還是 2000 萬美元？我只是想了解一下。

Yes. Alex, I mean, that shifts in a given year relative to what the exploration profile looks like. Just pointing to a number of the positives, normal course move-outs have been down. But as Jim touched on, we're not giving guidance today. We do feel really confident in the trajectory of growth for this year and beyond.

是的。亞歷克斯，我的意思是，這會根據勘探概況在特定年份而變化。僅指出一些積極的方面，正常的搬出率已經下降。但正如吉姆所提到的，我們今天不會提供指導。我們確實對今年及以後的成長軌跡充滿信心。

But there are some factors like from either a tenant disruption standpoint or some move-outs that can impact that into next year.

但有一些因素，例如從租戶幹擾的角度或一些搬出的角度，可能會影響到明年。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Stacy Slater for closing comments.

問答環節已經結束。現在我想將電話轉回給 Stacy Slater 進行最後發言。

Thanks, everyone. Enjoy the rest of your summer.

謝謝大家。享受剩下的夏天吧。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路了，感謝您的參與。