Brixmor Property Group Inc (BRX) 2025 Q3 法說會逐字稿

Greetings. Welcome to Brixmor Property Group Inc., third-quarter 2025 earnings conference call. (Operator Instructions)

問候。歡迎參加 Brixmor Property Group Inc. 2025 年第三季財報電話會議。（操作說明）

Please note, this conference is being recorded. I will now turn the conference over to Stacy Slater, Senior Vice President, Investor Relations and Capital Markets. Thank you. You may begin.

請注意，本次會議正在錄影。現在我將把會議交給投資者關係和資本市場高級副總裁史黛西·斯萊特。謝謝。你可以開始了。

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

謝謝接線員，也謝謝各位參加 Brixmor 第三季電話會議。今天和我一起參加電話會議的有：公司臨時執行長兼總裁兼營運長布萊恩·芬尼根；以及財務長史蒂文·加拉格爾。執行副總裁兼首席投資長馬克·霍根也將出席問答環節。

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.

在開始之前，我想提醒大家，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，這些陳述存在固有的風險和不確定性，正如我們在提交給美國證券交易委員會的文件中所描述的那樣，實際的未來結果可能會有重大差異。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，我們今天也會提到一些非GAAP財務指標。有關我們使用這些指標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盈利報告和補充披露。

Before turning the call to Brian, please note that out of respect for Jim's privacy, we will not be addressing any questions regarding his medical leave, and we refer you to the company's October 16 press release. We do ask that you join our Brixmor family in wishing Jim good health. (Operator Instructions)

在將電話轉給布萊恩之前，請注意，出於對吉姆隱私的尊重，我們將不回答任何有關他病假的問題，請參閱公司 10 月 16 日的新聞稿。我們懇請您與 Brixmor 大家庭一起祝福 Jim 身體健康。（操作說明）

At this time, it's my pleasure to introduce Brian Finnegan.

在此，我很榮幸向大家介紹布萊恩‧芬尼根。

Thanks, Stacey, and good morning, everyone. I first want to say on behalf of the entire Brixmor team that our thoughts go out to Jim and his family. We care about them deeply and are grateful for the well wishes and support for him that we have received from across the industry. In the meantime, the team he built remains focused on executing our business plan, which as demonstrated in the third quarter, continues to deliver outstanding results.

謝謝Stacey，大家早安。首先，我謹代表 Brixmor 全體團隊，向 Jim 和他的家人表達我們的慰問。我們非常關心他們，並感謝業內各界人士對他的美好祝福和支持。與此同時，他組建的團隊仍然專注於執行我們的商業計劃，正如第三季所展現的那樣，該計劃繼續取得了卓越的成果。

As usual, those results begin with leasing. As this quarter, we executed 1.5 million square feet of new and renewal leases at a blended cash spread of 18%. New leases during the quarter were signed at a record rate of $25.85 per square foot as our team continues to capitalize on healthy demand to be in our well-located shopping centers.

像往常一樣，這些結果都始於租賃。本季度，我們簽訂了 150 萬平方英尺的新租約和續約，綜合現金溢價為 18%。本季新簽租約的價格創下每平方英尺 25.85 美元的紀錄，因為我們的團隊繼續利用市場對我們地理位置優越的購物中心的強勁需求。

We're seeing strong activity in both anchors and small shops, with small shop occupancy hitting another record at 91.4%, with room to run as we deliver our reinvestment program. And on the anchor front, the team is making progress on backfilling the spaces recaptured over the past year with new leases executed during the quarter on those spaces with the likes of Marshalls, Total Wine and More, Bob's Discount Furniture and Cavender's Boot City.

我們看到主力店和小商店的經營活動都很活躍，小商店入住率更是創下 91.4% 的新紀錄，隨著我們實施再投資計劃，還有很大的增長空間。在主力租戶方面，團隊正在努力填補過去一年中重新開放的空間，本季度已與 Marshalls、Total Wine and More、Bob's Discount Furniture 和 Cavender's Boot City 等商家簽訂了新的租賃協議。

Thanks to the continued strength in leasing, the signed but not yet commenced pipeline remains above $60 million despite commencing a record $22 million of ABR during the quarter, which Steve will comment on further. New tenant openings are among the most exciting aspects of our business, and the third quarter included Sprouts Farmers Market in Knoxville, Tennessee, Trader Joe's in suburban Denver, and several openings at two of our most impactful redevelopments, the Davis Collection in Davis, California, and Block 59 in Suburban Chicago.

由於租賃業務持續強勁，儘管本季度啟動了創紀錄的 2200 萬美元 ABR 項目，但已簽署但尚未開工的項目總額仍超過 6000 萬美元，史蒂夫將對此進行進一步評論。新租戶的入駐是我們業務中最令人興奮的方面之一，第三季包括田納西州諾克斯維爾的 Sprouts Farmers Market、丹佛郊區的 Trader Joe's，以及我們兩個最具影響力的重建項目——加州戴維斯的 Davis Collection 和芝加哥郊區的 Block 59——的幾家新店開業。

Staying with reinvestment. During the quarter, we stabilized eight value-enhancing projects with a total cost of approximately $46 million at an average incremental yield of 11%. This included College Plaza in Long Island, New York, where we added a new Chick-fil-A out parcel and reconfigured existing in-line space for Burlington, Five Below and Ulta to complement a strong performing ShopRite supermarket.

堅持再投資。本季度，我們穩定了八個增值項目，總成本約為 4,600 萬美元，平均增量收益率為 11%。這其中包括位於紐約長島的學院廣場，我們在那裡新增了一家 Chick-fil-A 獨立店面，並重新配置了現有的 Burlington、Five Below 和 Ulta 店面空間，以配合業績強勁的 ShopRite 超市。

We also stabilized the first phase of Barn Plaza in suburban Philadelphia, where earlier this year, we opened Bucks County's first new Whole Foods Market. Thanks to the successful execution of the initial phase of that project by our North region team, we're adding a second phase into our active pipeline this quarter, which includes, first, the portfolio of new leases with Pottery Barn, Williams Sonoma, Sephora and Lovesac. This is one of the many examples across the portfolio where our reinvestment program is enabling us to attract a much higher caliber of tenant than we have historically.

我們也穩定了費城郊區 Barn Plaza 的第一期工程，今年早些時候，我們在那裡開設了巴克斯縣第一家新的 Whole Foods Market 超市。由於我們北方地區團隊成功執行了該專案的第一階段，本季我們將把第二階段納入我們的活躍專案計劃，其中包括首先與 Pottery Barn、Williams Sonoma、Sephora 和 Lovesac 簽訂的新租賃協議。這只是我們投資組合中眾多例子之一，這些例子表明，我們的再投資計劃使我們能夠吸引比以往更高的租戶。

Finally, on reinvestment, our partnership with Publix continues to grow as we announced our second new project of the year in Hilton Head, South Carolina, with several more to follow in the future pipeline. Our percentage of ABR from grocery-anchored centers now sits at 82%. And as we've seen a 35% increase in year-over-year traffic when we add a grocer, we're thrilled with the opportunities to add more grocers to the portfolio as we execute our reinvestment program.

最後，關於再投資，我們與 Publix 的合作關係持續發展，我們宣布了今年在南卡羅來納州希爾頓黑德島的第二個新項目，未來還將有更多項目陸續啟動。我們目前來自以超市為主力店的購物中心的 ABR 佔比為 82%。我們發現，每增加一家雜貨店，客流量就會比去年同期成長 35%，因此，隨著我們執行再投資計劃，我們非常高興有機會在投資組合中增加更多雜貨店。

Switching to transactions. As we discussed at length on our second-quarter call, we closed on the $223 million acquisition of LaCenterra at Cinco Ranch in suburban Houston and are pleased with our team's progress out of the gate, with seven new leases either signed or in process, all well ahead of our initial underwriting. Mark and team continue to raise attractive capital as we exited eight assets where we had maximized value since our last earnings call, bringing our total disposition volume year-to-date to $148 million.

切換到交易介面。正如我們在第二季電話會議上詳細討論的那樣，我們完成了對休士頓郊區 Cinco Ranch 的 LaCenterra 的 2.23 億美元收購，並且對團隊的開局進展感到滿意，目前已有七份新租賃協議簽署或正在辦理中，所有這些都遠遠超出了我們最初的承銷預期。自上次財報電話會議以來，我們已退出八項資產，實現了價值最大化，Mark 和他的團隊繼續籌集有吸引力的資金，使我們今年迄今為止的資產處置總額達到 1.48 億美元。

We continue to evaluate opportunities to put our platform to work and still expect to be net acquirers at yearend. To that end, we have approximately $190 million of value-added acquisitions under control and look forward to sharing more about these exciting acquisitions soon.

我們將繼續評估如何利用我們的平台，並預計到年底仍將保持淨收購者的地位。為此，我們目前掌控著約 1.9 億美元的增值收購項目，並期待盡快與大家分享更多關於這些令人興奮的收購項目的資訊。

To summarize, our team continues to execute on all fronts, attracting great tenants in a supply-constrained environment at the highest rents we've ever achieved. Our redevelopment platform continues to deliver low-risk compelling returns with several years of runway for future growth. And on the transaction front, we're well positioned to continue to recycle capital out of low-growth assets into those where we see the opportunity to create value through our operating platform.

總而言之，我們的團隊在各方面都繼續保持高效運作，在供應受限的環境下吸引了優質租戶，並實現了我們有史以來最高的租金。我們的重建平台持續提供低風險、高回報，並有數年的發展空間，可實現未來的成長。在交易方面，我們已做好充分準備，繼續將資金從低成長資產中回收，投入到我們認為有機會透過我們的營運平台創造價值的資產。

Thank you to the Brixmor team for your continued focus and effort as we continue to create value for our stakeholders. With that, I'll hand the call over to Steve for a more detailed review of our financial results. Steve?

感謝 Brixmor 團隊的持續專注和努力，我們將繼續為我們的利害關係人創造價值。那麼，我將把電話交給史蒂夫，讓他更詳細地分析我們的財務表現。史蒂夫？

Thanks, Brian. I'm pleased to report on another strong quarter of execution by the Brixmor team as we continue to stack rent commencements from the SNO pipeline that will accelerate growth over the next several quarters. NAREIT FFO was $0.56 per share in the third quarter, driven by same-property NOI growth of 4%.

謝謝你，布萊恩。我很高興地報告，Brixmor 團隊又一個季度表現出色，我們繼續從 SNO 專案中獲得租金收入，這將加速未來幾季的成長。NAREIT 第三季每股 FFO 為 0.56 美元，主要得益於同店 NOI 成長 4%。

As expected, base rent growth decreased to a 270-basis-point contribution due to a 150-basis-point drop in build occupancy compared to the third quarter of last year. We expect base rent growth to accelerate into 2026 as build occupancy rebounds, and we continue to commence rent from the SNO pipeline at higher rents. Additionally, revenues deemed uncollectible contributed 80 basis points to growth in the quarter as we trend to the lower end of our historical run rate of 75 to 110 basis points of total revenue given the improvement in our underlying tenant credit.

正如預期的那樣，由於建築入住率較去年第三季下降了 150 個基點，基本租金成長貢獻下降至 270 個基點。我們預計到 2026 年，隨著建築入住率的回升，基本租金成長將加速，我們將繼續以更高的租金從 SNO 專案開始收取租金。此外，由於我們租戶信用狀況的改善，本季度被視為無法收回的收入為增長貢獻了 80 個基點，而我們正朝著歷史運行率 75 至 110 個基點的總收入的下限靠攏。

As Brian noted, we commenced a record high $22 million of new ABR in the quarter. And capitalizing on the strong leasing environment, we executed $16 million of new leases at a record high $25.85 per square foot and ended the third quarter with a 390-basis-point spread between leased and build occupancy.

正如布萊恩指出的那樣，本季我們新增了創紀錄的 2,200 萬美元 ABR 項目。憑藉強勁的租賃環境，我們以創紀錄的每平方英尺 25.85 美元的價格簽訂了 1600 萬美元的新租賃合同，並在第三季度結束時實現了租賃入住率與在建入住率之間 390 個基點的差距。

Our assigned, but not yet commenced pipeline totaled $60 million, which includes $53 million of net new rents. In addition, the blended annualized rent per square foot on the signed, but not yet commenced pool is $22.30 per square foot, approximately 21% above our portfolio average, reflecting the below-market rent basis in our centers. We expect 80% of the SNO pipeline to commence by the end of 2026, with 2026 commencements slightly weighted to the first half of that period.

我們已分配但尚未開工的項目總價值為 6000 萬美元，其中包括 5300 萬美元的淨新增租金。此外，已簽署但尚未開始的物業池的綜合年租金為每平方英尺 22.30 美元，比我們的投資組合平均水平高出約 21%，這反映了我們中心低於市場租金水平的情況。我們預計 SNO 管道 80% 的工程將於 2026 年底前開工，其中 2026 年的開工工程將略微集中在上半年。

From a balance sheet perspective, at September 30, we had $1.6 billion of available liquidity, including approximately $400 million from our September 2025, 4.85% issuance, which prefunded our June 2026, maturity of $600 million at $4.125. One note on the capital markets front, our SEC shelf registration statement is due to expire next month. So we'll be filing a replacement shelf registration statement this week. As part of that process, we'll also be reviewing our existing ATM program and DRIP.

從資產負債表角度來看，截至9月30日，我們擁有16億美元的可用流動資金，其中包括約4億美元，這筆資金來自我們2025年9月發行的票面利率為4.85%的債券，用於預先支付我們2026年6月到期的6億美元債券（發行價為每股4.125美元）。關於資本市場方面，需要注意的是，我們向美國證券交易委員會提交的註冊聲明將於下個月到期。因此，我們本週將提交一份新的貨架登記聲明。作為該過程的一部分，我們還將審查我們現有的 ATM 計劃和 DRIP。

We will also be extending our buyback program for another three years, which together will continue to provide Brixmor with maximum flexibility to capitalize on a wide range of potential capital market environments and support the long-term execution of our business plan. We are pleased to announce a 7% increase in our annual dividend to a rate of $1.23. The revised dividend, which approximates taxable income, allows the company to retain as much free cash flow as possible while meeting our REIT dividend requirements.

我們也將把股票回購計畫再延長三年，這兩項措施將繼續為 Brixmor 提供最大的靈活性，以利用各種潛在的資本市場環境，並支持我們業務計畫的長期執行。我們很高興地宣布，年度股利將提高7%，達到每股1.23美元。修訂後的股利與應稅收入大致相當，使公司能夠在滿足房地產投資信託基金（REIT）股息要求的同時，盡可能保留更多的自由現金流。

In terms of our forward outlook, we have updated our FFO guidance to $2.23 to $2.25 and affirmed our same-property NOI range of 3.9% to 4.3%. Our increased FFO expectations is driven by higher-than-expected lease settlement income in the fourth quarter as we continue to capitalize on opportunities to proactively recapture and accretively backfill space. As such, we expect lease settlement income to be a headwind to 2026 FFO growth.

展望未來，我們將 FFO 預期更新為 2.23 美元至 2.25 美元，並確認同店 NOI 範圍為 3.9% 至 4.3%。我們提高 FFO 預期的原因是第四季度租賃結算收入高於預期，因為我們將繼續抓住機會，積極收回和增值性地填補空間。因此，我們預期租賃結算收入將成為 2026 年 FFO 成長的不利因素。

We are excited about how we are positioned heading into next year with significant tailwinds from 2025 rent commencements, a strong SNO pipeline, and reduced exposure to at-risk tenancy, coupled with the strong demand from tenants to locate in our centers.

我們對明年的發展前景感到非常興奮，這得益於 2025 年租金開始支付帶來的顯著利好、強勁的 SNO 項目儲備以及風險租戶敞口的減少，再加上租戶對我們中心的強勁需求。

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

接下來，我將把電話轉交給接線生進行問答環節。

(Operator Instructions) Michael Goldsmith, UBS.

（操作說明）麥可‧戈德史密斯，瑞銀集團。

Steve, a question for you. On the implied acceleration of the same-store NOI growth in the fourth quarter, can you walk through kind of the contributing factors there? Is that a function of the SNO pipeline being activated, what you've already done, what is due in the fourth quarter? And then also, can you just talk about the role of the comparisons in the acceleration to just the sustainability of that? Thanks.

史蒂夫，我有個問題想問你。關於第四季同店淨營業收入成長加速的隱含因素，您能否分析一下促成這一成長的因素？這是 SNO 管線啟動的功能，還是你們已經完成的工作，抑或是第四季即將完成的工作？另外，您能否談談比較在加速實現永續發展方面所扮演的角色？謝謝。

Sure. I mean, as we talked about, we commenced $22 million of rent in the quarter, right? And we've talked a lot over the last several quarters about just the stacking of rent and how that provides growth heading into future quarters. So you obviously get a partial benefit of that rent that commenced in the quarter. And then you get another partial benefit in Q4 as it's fully in for the entire quarter. And then you also have approximately $19 million of rent that we expect to commence between the end of the third quarter and fourth quarter that will provide growth into that quarter as well.

當然。我的意思是，正如我們之前討論的，本季度我們開始收取 2200 萬美元的租金，對吧？在過去的幾個季度裡，我們一直在討論租金的累積以及租金如何為未來幾季的成長提供動力。所以，你顯然可以享受到本季開始支付的部分租金收益。然後，由於第四季度全面實施，您將獲得另一部分收益。此外，我們預計在第三季末到第四季之間還將收到約 1,900 萬美元的租金，這將為該季度帶來成長。

I think the only other thing I would just remind you is, when you look to the prior year quarter ending 9/30, the entirety of the tenant disruption that we've experienced over the last year was in and billing as of that period. So that rent starts to fall off the fourth quarter and then through 2025, just as you're thinking about the year-over-year comparisons. But what we're really looking forward to is that tailwind that the commencement of the SNO pipeline is providing.

我想提醒您的是，如果您查看截至 9 月 30 日的上一季度，我們在過去一年中經歷的所有租戶中斷都已計入該期間的帳單中。因此，租金從第四季度開始下降，並持續到 2025 年，正如你考慮同比數據時所看到的那樣。但我們真正期待的是SNO管線投產帶來的順風。

Yeah, Michael. I would just add what we're really excited about there on the commencement front, too, is some of these larger redevelopments starting to come online, like Block 59 in Chicago, which I mentioned. We're also seeing the first of the boxes that we backfilled last year, that we took back at the end of the year starting to come online as well, two Ross boxes that we opened last week.

是的，邁克爾。我還想補充一點，在畢業典禮方面，我們也對一些大型重建計畫開始投入使用感到非常興奮，例如我剛才提到的芝加哥的59號街區。我們還看到去年年底收回的第一批補貨箱也開始上線了，上週我們打開了兩個羅斯的箱子。

So everything that Steve said, again, gives us good visibility to the end of the year, but some anecdotes there in terms of the nature of that as well.

所以，史蒂夫所說的一切，再次讓我們對年底的情況有了清晰的了解，但也包含了一些關於其性質的軼事。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, Brian, in your opening remarks, you talked about shop occupancy hitting another record and you also stated there's more room to run. Maybe expand on those comments as we think about occupancy into next year. Thanks.

我想，布萊恩，你在開場白中提到店舖入住率再創新高，你也表示還有更大的發展空間。或許我們可以就明年的入住率問題對這些評論進行更詳細的闡述。謝謝。

Yes. We've been pleased with the progress on the shop front, as I mentioned. But if you look at that future reinvestment pipeline, we're several hundred basis points below where occupancy sits today. And Samir, when we've seen historically, as we bring those projects on, you're seeing a lift in shop occupancy. So we do feel like we have several hundred basis points more to run.

是的。正如我之前提到的，我們對店面裝修的進展感到滿意。但如果你看看未來的再投資計劃，你會發現我們目前的入住率比現在低了幾百個基點。薩米爾，從歷史經驗來看，隨著這些項目的推進，店鋪入住率也隨之提高。所以我們感覺我們還有幾百個基點可以跑。

And when you think about the nature of those projects in that future reinvestment pipeline, a great future pipeline that we have with public, think about Plano, Texas; other projects that we have in Florida; suburban Atlanta; Metro New York, which gives us real good visibility in our ability to drive that forward. So that's really that piece in terms of what's left and our ability to get it even higher than it is today, which, again, we're pretty pleased about.

當你考慮到未來再投資項目中的這些項目的性質時，想想我們與公眾合作的龐大未來項目儲備，例如德克薩斯州普萊諾的項目；我們在佛羅裡達州的其他項目；亞特蘭大郊區；紐約大都會區的項目，這讓我們對推動這些項目向前發展的能力有了非常清晰的認識。所以，這就是剩下的部分，也是我們能夠將其提升到比現在更高的水平的能力，對此，我們感到非常滿意。

Craig Mailman, Citigroup.

克雷格‧梅爾曼，花旗集團。

Brian, you had mentioned some additional acquisitions that are in the pipeline. Could you just go through what the opportunity set looks like and where cap rates are trending? And kind of are these going to be more like LaCenterra that are longer-term opportunities that maybe aren't initially accretive? Or are there some stabilizing there that can kind of boost FFO in the near term as well?

布萊恩，你之前提到過一些正在籌備中的收購案。您能否簡單介紹一下目前的投資機會以及資本化率的趨勢？這些專案是否會更像 LaCenterra 一樣，屬於長期投資機會，而初期可能不會帶來收益成長？或者說，是否存在一些穩定因素，可以在短期內提振FFO？

Craig, I'll hand this to Mark, but I would just say we're really pleased with what we're seeing on the transaction front but also pleased with not just what we're doing out of the gate in LaCenterra, but what we're doing out of the gate with the $300 million of acquisitions that we closed last year.

克雷格，我把這個問題交給馬克來回答，但我只想說，我們對目前在交易方面取得的進展非常滿意，不僅對我們在 LaCenterra 的開局表現感到滿意，也對我們去年完成的 3 億美元收購項目的開局表現感到滿意。

So maybe I'll hand it to Mark to give an overview on what he's seeing in the market.

所以，或許我會把這個機會交給馬克，讓他概述他對市場的看法。

Sure. The market remains really competitive. As we've discussed on past calls, we're seeing new entrants and capital, actually, on the sidelines really seeking exposure to open-air retail. A lot of that capital is actually seeking smaller, simple grocery anchor deals. And so what's interesting is that's really allowing us the opportunity to be efficient when we capital recycle.

當然。市場競爭依然非常激烈。正如我們在之前的電話會議中討論的那樣，我們看到一些新的進入者和資本實際上在場外觀望，真正尋求投資露天零售業。實際上，許多資金都在尋求規模較小、結構簡單的超市主力店交易。因此，有趣的是，這確實讓我們有機會在資本循環時提高效率。

And we're selling some assets where we see low hold IRRs from our perspective, well below IRRs we'd like to generate. We've got the ability to recycle that capital into assets like LaCenterra, where we see really strong growth and the ability to drive strong IRRs and really drive our return on invested capital from here.

我們正在出售一些資產，因為從我們的角度來看，這些資產的持有內部報酬率 (IRR) 很低，遠低於我們希望產生的內部報酬率。我們有能力將這些資本再投資到像 LaCenterra 這樣的資產中，我們看到了非常強勁的成長，並且能夠推動強勁的內部收益率 (IRR)，從而真正推動我們的投資資本回報率。

With respect to the deals that we're buying, we really try to focus on, from an acquisition perspective, value-added opportunities. So the ones that were in the pipeline today, which we think will continue to grow over time, that pipeline will continue to grow. They look pretty similar to LaCenterra, in that they have very strong growth opportunities, and we're going to leverage our platform to drive strong cash flows through occupancy gains, through rent mark-to-market, and some redevelopment.

對於我們正在進行的收購交易，我們確實努力從收購的角度出發，並專注於增值機會。所以，目前正在籌備中的那些項目，我們認為隨著時間的推移，這些項目將會繼續成長，而這些項目也會繼續成長。它們看起來與 LaCenterra 非常相似，因為它們都擁有非常強勁的成長機會，我們將利用我們的平台，透過提高入住率、租金按市價調整以及一些重建項目來推動強勁的現金流。

I would say the ones that we're looking at today are not lifestyle centers. They're more traditional open air retail centers that fit right into our platform. A good example on one of those assets were using a platform to drive an immediate increase and an anchor rent that's giving us better growth through the term of the anchor rent and increasingly going in cap rate by about 50 basis points, which we feel is very compelling from an acquisition's perspective. And really, I think, speaks to the strength of the platform as we think about future acquisitions from here.

我認為我們今天看到的這些並不是生活方式中心。它們是更傳統的露天零售中心，非常適合我們的平台。其中一項資產的一個很好的例子是利用平台推動立即成長，以及一個在租金期限內為我們帶來更好增長的錨定租金，並且資本化率不斷提高約 50 個基點，我們認為從收購的角度來看，這非常有吸引力。我認為這確實體現了該平台的實力，也讓我們對未來的收購有了更清晰的認識。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

And first of all, my thought to Jim and his family, wishing him a speedy recovery. Brian, maybe you could talk a little bit about how the leasing pipeline looks as we head into next year? I mean, are retailers still looking to expand and grow their business? You guys have done some pretty strong new leasing year-to-date but just give us a sense of what those conversations are like, kind of caveating that while it seems like we've gotten some trade deals done, there is still this macro uncertainty as it relates to tariffs and the potential impact to retailers. Thank you.

首先，我向吉姆和他的家人致以慰問，祝他早日康復。布萊恩，或許你可以談談明年租賃專案的進度？我的意思是，零售商們是否仍在尋求擴張和發展業務？你們今年迄今在新租賃方面取得了相當不錯的成績，但請你們大致介紹一下這些洽談的情況，同時也要指出，雖然我們似乎達成了一些貿易協議，但由於關稅及其對零售商的潛在影響，宏觀經濟仍然存在不確定性。謝謝。

We appreciate the kind words about Jim, Michael. And we remain very optimistic and encouraged by what we're seeing in the leasing environment. The pipeline today is higher than it was a year ago despite the fact that we've signed 10% more in GLA this year. The retailers who we're growing with are not only looking to add store count in both infill locations and where they have additional white space with specialty grocers, off-price apparel, health and wellness operators, the tenants are performing.

邁克爾，謝謝你對吉姆的讚揚。我們對租賃市場的現狀仍然非常樂觀和鼓舞。儘管今年我們在大倫敦地區的簽約量增加了 10%，但目前的專案儲備量仍然高於一年前。我們與之共同發展的零售商不僅希望在現有店鋪和擁有額外空置空間的店鋪中增加門店數量，還希望引入特色食品雜貨商、折扣服裝店、健康養生店等，而且這些租戶的業績也很好。

If you listen to those second quarter calls, you heard some very strong results from a lot of the retailers that we continue to grow with. From a tariff perspective, they've been able to navigate this with suppliers. And so as we think about our core tenant mix as well as the new operators who are expanding with us in the portfolio, they continue to have strong open-to-buys as they head into 2026.

如果你聽了第二季的電話會議，你會聽到我們持續合作的許多零售商都取得了非常強勁的業績。從關稅角度來看，他們已經能夠與供應商協商解決這個問題。因此，當我們考慮核心租戶組合以及與我們一起在投資組合中擴張的新營運商時，他們進入 2026 年後仍然有很強的收購意願。

And interestingly, we have a full slate for New York ICSC coming up in a few weeks. Those discussions will be primarily around '27, right? There are still deals that we're signing towards the end of the year that we're going to get open in late '26. Part of that focus too is 2027 pipeline. So we remain very encouraged. We continue to keep a close eye to see if there are any cracks in that, but to date, we're really not seeing it.

有趣的是，幾週後即將舉行的紐約國際高峰會（ICSC）我們安排了滿滿的議程。這些討論主要會圍繞著2027年展開，對吧？今年年底我們也會簽署一些協議，這些協議將在 2026 年底生效。此外，2027 年的專案儲備也是我們關注的重點之一。因此，我們仍然備受鼓舞。我們會繼續密切關注，看看是否有任何裂痕，但到目前為止，我們還沒有發現任何問題。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I wanted to go back to the same-store growth and ask a bit about the building blocks for '26, if I could. You talked about the headwinds from bankruptcies and tenant disruptions for the year. I think you noted it was about 230 basis points last quarter. Any early thoughts about how we should think about that drag today as we look into '26, whether you expect that to alleviate, or do you see a similar level of drag?

我想回到同店成長的話題，如果可以的話，我想了解一下 2026 年的發展基石。您談到了今年破產和租戶糾紛帶來的不利影響。我想你之前也提到過，上個季度大約是 230 個基點。展望 2026 年，對於我們應該如何看待這種阻力，您有什麼初步想法？您認為阻力會減輕嗎？還是您認為阻力會保持在類似的水平？

I mean, as we sit here today, right, I think the one thing we've talked about a lot over the last couple of quarters is just the reduced exposure we have to average tenancy, right? When you look at our watch list today versus -- even versus our peer, but especially compared to 5, 10 years ago, right, you just see a lot less exposure to some of those names that you all were worried about as were we, Big Lots, Party City, JOANN. And you're seeing more exposure to things like Whole Foods, Sprouts, Publix, right? So I think as you look into '26, I mean, obviously, one of the headwinds is going to be we did recognize rent for that [bank of space] in '25 that's not going to recur in '26, right?

我的意思是，就我們今天坐在這裡的情況來看，我認為在過去的幾個季度裡，我們一直在討論的一件事就是我們對平均租約的依賴程度降低了，對吧？當你查看我們今天的觀察名單，與同行相比，尤其是與 5 年前、10 年前相比，你會發現，你們和我們曾經擔心的一些公司，比如 Big Lots、Party City 和 JOANN，現在受到的關注度大大降低了。而且你也看到越來越多像 Whole Foods、Sprouts、Publix 這樣的超市，對吧？所以我覺得，展望 2026 年，很明顯，其中一個不利因素是，我們在 2025 年已經確認了那部分空間的租金，而這筆租金在 2026 年不會再出現了，對吧？

But I think sitting here today, there doesn't look to be a lot of significant tenant disruption out there moving forward. Obviously, we'll see how the next couple of quarters play out, but we really feel comfortable sitting here today with the tailwind from that SNO pipeline commencing in '25 and then also into '26. But obviously, just reminding that there is some [BK] headwinds for the rent we recognized in '25.

但就目前來看，我認為未來不會出現太多對租戶造成重大影響的情況。顯然，接下來的幾個季度情況如何，我們拭目以待，但今天我們確實感到很安心，因為 SNO 管道項目將於 2025 年開始，並延續到 2026 年，這將帶來利好。但顯然，需要提醒的是，我們在 2025 年認識到的租金方面存在一些 [BK] 不利因素。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

Brian, I just want to touch back on the tenant health commentary. Looking at the bad debt expense, guidance was maintained. And despite previously trending towards the low end, Q3 was up versus Q2. Could you just provide some insight on that increase? And then more generally, how you're feeling about the range in the year end?

布萊恩，我只想再談談租戶健康方面的問題。從壞帳支出來看，公司維持了預期。儘管先前壞帳支出一直處於較低水平，但第三季仍較第二季有所上升。您能否就這一增長提供一些見解？那麼，更廣泛地說，您對年底的業績範圍有何看法？

Well, I'll let Steve hit the guidance piece. But just to expand on what he just said, right? Our office supply exposure has been cut in half. We have a very low drug store exposure. If you look, we have 17% of our ABR comes from local tenants.

好，接下來就讓史蒂夫來負責指導部分。但我想補充一下他剛才說的內容，對吧？我們的辦公用品支出減少了一半。我們與藥局的接觸率非常低。如果你仔細查看，你會發現我們 17% 的 ABR 來自本地租戶。

And the underlying credit quality of the tenants who backfilled the space we took back over the last year, is very strong. So we feel very confident in terms of where that watch list exposure sits today. There's always categories that we're keeping a close eye on. But as Steve noted, that has dropped meaningfully from where this portfolio was historically.

而且，過去一年填補我們收回的空置空間的租戶，其信用品質都非常強。因此，我們對目前觀察名單上的投資風險敞口感到非常有信心。我們始終密切關注某些類別。但正如史蒂夫指出的那樣，這已經比該投資組合的歷史水準大幅下降了。

And Steve, maybe you could touch on the guidance piece.

史蒂夫，或許你可以談談指導方面的問題。

Yes. I mean, obviously, we are trending to the lower end of the range. I'm still within the range. I'd just remind you about things we've talked about over the last couple of years, right. The first half of the year, due to some of the out-of-period cash collections on real estate, tax is generally lower -- when you're just looking at it as a percentage of total revenue. And then the back end is typically a little bit higher.

是的。我的意思是，很明顯，我們正朝著這個範圍的下限發展。我仍在範圍內。我只想提醒你一下我們過去幾年討論過的一些事情，對吧？由於上半年一些房地產款項的現金回收時間與往年不同，所以稅收通常較低——如果你只看稅收佔總收入的百分比的話。然後後端的價格通常會略高一些。

So I think we feel comfortable where we're headed within the range, but I'd just remind you that third and fourth quarter, when you're looking as a percentage, is a little bit higher. But I think when you're comparing to the prior year, obviously, it's a favorable trend.

所以我覺得我們對目前的發展方向感到滿意，但我想提醒大家，從百分比來看，第三季和第四季的成長率會略高一些。但我覺得，如果與前一年相比，顯然這是一個有利的趨勢。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

And just echoing the speedy recovery thoughts for Jim. Mark, the cap rates in the acquisition world have definitely come in, even power centers. I know you guys really aren't looking at that, but even that's getting a strengthening bid. As you look at your opportunity set, do you sort of have a minimum threshold where you're like we can't buy below X yield because the deals need to be accretive from day one? Just trying to understand with more focus on REITs delivering earnings growth -- true earnings cash flow growth. Do you find that you have a floor that you won't go below? Or how do you balance that given the increased competition for assets?

也祝福吉姆早日康復。馬克，收購領域的資本化率確實已經上升，連大型企業也不例外。我知道你們可能沒怎麼關注這一點，但即便如此，競標力道也在加大。在審視你的投資機會時，你是否會設定一個最低門檻，例如我們不能接受低於 X 收益率的投資，因為這些交易必須從一開始就帶來收益成長？我只是想更深入地了解房地產投資信託基金（REITs）如何實現盈利增長——真正的盈利現金流增長。您是否認為存在一個最低限度，低於這個限度是不會接受的？或者，在資產競爭日益激烈的背景下，你如何平衡這兩者之間的關係？

Look, I think everyone in the room understands that our job is to grow earnings at Brixmor and that's what we're going to be focused on over time. Our acquisitions program historically and today remains focused on driving high unlevered IRRs. When we look at the deals we've been delivering, that tends to be in that 9.5% to 10.5% range. So when we find compelling opportunities, we're going to go after them to acquire.

我認為在座的各位都明白，我們的工作是提高 Brixmor 的獲利能力，這也是我們未來一段時間的重點。從過去到現在，我們的收購計畫仍然專注於實現高無槓桿內部報酬率。當我們查看我們達成的交易時，這個比例通常在 9.5% 到 10.5% 之間。所以，當我們發現有吸引力的機會時，我們會積極爭取收購。

Last year, we acquired Plaza Britton -- or Britton Plaza [harming] down in Tampa, which was a lower going-in yield, where we see very, very significant value-add opportunities in that asset. So we're not going to pass up the ability to buy something like a Plaza Britain in the future. With that said, the assets we're working on today we think have attractive going in yields and growth. So we're really focused on both parts of that plan from an acquisitions perspective.

去年，我們收購了位於坦帕的 Plaza Britton（或稱 Britton Plaza），該物業的初始收益率較低，但我們認為該資產具有非常非常重要的增值機會。所以，我們未來絕對不會放棄購買像Plaza Britain這樣的物業的機會。綜上所述，我們認為我們目前正在研究的資產在收益率和成長方面都具有吸引力。所以從收購的角度來看，我們確實非常關注該計劃的兩個部分。

And Alex, since we're funding that through capital recycling, we're funding that with assets that we don't see that long-term growth potential into assets, just to Mark's point, where we do. So with everything Mark said, we feel that there are a lot of compelling opportunities out there for us today despite the fact that it is a competitive market.

亞歷克斯，因為我們是透過資本循環來提供資金的，所以我們用那些我們認為沒有長期成長潛力的資產來提供資金，就像馬克說的那樣，我們看到了這種潛力。綜上所述，儘管市場競爭激烈，但我們仍然認為當今有許多極具吸引力的機會。

The other thing I would add, and we talked about this in the past, we continue to mine out things like land parcels in this portfolio, which are not yielding any cash flow today or yielding negative cash flow given the carry cost. We did that earlier this year. We have some in our pipeline today that, again, will provide us some really well-priced capital to put to work in the acquisitions market.

我還要補充一點，我們過去也討論過這個問題，我們會繼續在這個投資組合中挖掘像土地這樣的資產，這些資產目前沒有產生任何現金流，或者考慮到持有成本，現金流為負。我們今年早些時候就做過這件事了。我們目前有一些項目正在籌備中，這些項目將再次為我們提供價格非常優惠的資金，用於收購市場。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

It looks like G&A came down in the quarter around $2 million to $3 million. Curious what drove this? And if $26 million is a good run rate moving forward, or if it was driven by a more one-timing item?

本季一般及行政費用似乎下降了約 200 萬至 300 萬美元。想知道是什麼原因促成了這件事？如果2600萬美元是一個良好的持續收入水平，還是僅僅是由一次性專案推動的？

I mean, we're obviously not going to provide guidance on G&A right now. But if you just look at the comparison to the prior quarter, we did do a restructuring in the prior year, which did have a charge in that quarter and, importantly, gave us a better run rate going forward of a reduced G&A, which you're seeing in that line year-to-date. So it's really about the comparison and what happened in the prior quarter. We feel pretty comfortable where G&A is today.

我的意思是，我們顯然現在不會就一般及行政費用提供指導。但如果你只看與上一季的比較，我們去年確實進行了重組，這在當季產生了費用，但重要的是，這讓我們在未來能夠更好地降低一般及行政費用，你從年初至今的該項支出中就能看到這一點。所以關鍵在於進行比較，以及與上一季發生的事情。我們對目前的G&A（一般及行政費用）水準感到相當滿意。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Thoughts with Jim and his family. I just wanted to ask about the public's relationship you kind of noted at the top in your prepared remarks and what we could see going forward? Any opportunities for some greenfield developments?

向吉姆和他的家人致以慰問。我只是想問一下您在準備好的演講稿開頭提到的公眾關係，以及我們未來可能會看到什麼？是否有進行綠地開發的機會？

Yes. First, touching on the publics relationship, Juan, our South region team has a long-standing relationship with them. We've done into the double-digit projects in terms of in-place redevelopments. We've got two new projects that we've done this quarter in Southeast Florida and Hilton Head, South Carolina, which we recently announced. We just announced yesterday another redevelopment in St. Pete with them.

是的。首先，談到與公眾的關係，胡安，我們南部地區的團隊與他們有著長期的合作關係。我們已經完成了兩位數的原址改造工程。本季度我們在佛羅裡達州東南部和南卡羅來納州希爾頓黑德島完成了兩個新項目，我們最近已經宣布了這些項目。我們昨天剛宣布了與他們合作在聖彼得堡的另一個重建項目。

And we've got a long pipeline with them and a great partnership in terms of -- they've been reinvesting, like a lot of our grocer partners in their stores in both Florida and some other Southeast markets. So team in the South region has done a fantastic job with them, and we look forward to continuing to see that grow. And you could see many of those projects in the future pipeline.

我們與他們建立了長期的合作關係，並且在許多方面都建立了良好的伙伴關係——就像我們在佛羅裡達州和其他一些東南部市場的許多雜貨商合作夥伴一樣，他們一直在對他們的門市進行再投資。所以，南部地區的團隊在這方面做得非常出色，我們期待看到它繼續成長。未來你可能會看到很多這樣的項目。

As it relates to new development, our focus is on redevelopment. We've got several years of runway of future growth in that future reinvestment pipeline. As Mark touched on, he's adding additional opportunities to that as well. Never say never because we do have great relationships with the likes of Publix, Kroger, HEB. I could go down the list that we have a lot of -- we've had a lot of good rapport -- not just rapport with, but we've been able to execute with historically. So we'll continue to look at things, but generally, that focus is going to be on redevelopment.

就新開發案而言，我們的重點是再開發專案。我們未來的再投資計劃足以支撐未來幾年的成長。正如馬克所提到的，他還在增加其他機會。永遠不要說“不可能”，因為我們確實與 Publix、Kroger、HEB 等公司建立了良好的合作關係。我可以列出一長串名單，我們與許多公司都有良好的合作關係——不僅是良好的關係，而且在過去，我們也一直能夠與他們合作共事。所以我們會繼續關注相關情況，但總的來說，重點將放在重建上。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste，瑞穗證券。

Best wishes to Jim. I wanted to build on the last question. It looks like the average yields for redevelopment projects ticked down a bit sequentially to 9% versus 10% last quarter. Is that a mix issue? Are you starting to see the impact of tariffs or higher cost or maybe this is a new level we should expect near term? And then some thoughts broadly, I guess, on minimum yield or hurdles in light of the lower debt costs. I'm curious if you're changing that at all in light of lower debt cost.

祝吉姆一切順利。我想就上一個問題補充一下。看起來，重建項目的平均收益率較上季略有下降，從上季的10%降至9%。這是混音問題嗎？您是否開始感受到關稅或成本上漲的影響？或者這或許是我們近期應該預期的新境界？然後，我想就債務成本降低的情況下的最低收益率或門檻問題，提出一些總體看法。鑑於債務成本降低，我很好奇您是否會對此做出任何調整。

Haendel, if you look at where we said historically and where we've been delivering, it's been high single-digit, low double-digit returns. So it's just effectively the mix that we had of what was stabilizing during the quarter. As we look out in that future reinvestment pipeline, we still see, as I said, several years of runway for similar returns. There have been instances where there have been some cost increases, but we're getting it back in terms of our rents.

亨德爾，如果你看看我們過去說過的話以及我們實際做到的，你會發現回報率一直保持在個位數高位到兩位數低位。所以，這其實就是我們本季以來逐漸穩定的各種因素的組合。展望未來的再投資計劃，正如我所說，我們仍然可以看到未來幾年都能獲得類似的回報。雖然有時成本會增加，但我們透過租金上漲彌補了這些損失。

And we continue to be able to invest accretively. These are incremental returns. We're also not including in those returns the follow-on leasing that we continue to see in these projects several years after. So we remain very encouraged by what we're seeing in terms of the projects going forward and the nature of what those returns look like.

我們將持續進行增值投資。這是增量收益。此外，我們也沒有將這些項目在幾年後繼續出現的後續租賃收益計入這些回報中。因此，我們對目前專案進度以及預期回報感到非常鼓舞。

We're not changing our threshold. If anything, as we've done some of these larger projects, we want a higher pre-lease threshold from where we've been historically to limit our risk. These projects are still fully bought out, and we have a great line of sight on where costs are going to go. But generally, we're very pleased with what we've been seeing both in the existing and future pipeline as it relates to those returns.

我們不會改變我們的門檻。如果有什麼不同的話，那就是，鑑於我們已經完成了一些規模較大的項目，我們希望提高預租門檻，以降低風險。這些項目目前仍已全部收購，我們對成本走向有著清楚的了解。但總的來說，我們對現有和未來項目所帶來的回報都非常滿意。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

A big part of the Brixmor story is your ability to quarter after quarter achieved large leasing spreads as you bring rents up to market rates. So I guess with Jim having become CEO almost 10 years ago, it would seem like a lot of this opportunity has been realized by now, but maybe that's not true. So could you give some detail on how you think about what portion of that upside, the outsized leasing spreads has been realized? How much is left? And how long leasing spreads can continue in the like mid-teens rate?

Brixmor 的成功很大程度歸功於其能夠連續幾季實現較大的租賃差價，同時將租金提高到市場水平。所以我覺得，吉姆擔任執行長已經快10年了，很多機會似乎都已經實現了，但也許事實並非如此。那麼，您能否詳細說明一下，您認為這些超額租賃價差中有多少已經實現？還剩多少？租賃價差還能在十幾個百分點的水平維持多久？

Well, Caitlin, I would just say we're very pleased with the rent growth trends in the portfolio, both with what we've been able to execute as well as what we see coming down the pipe. So if you think about the quarter, we signed the highest rents we ever have in overall small shop and anchors. Over the last year, we've signed the highest rents that we ever have in all those categories as well.

凱特琳，我想說的是，我們對投資組合的租金成長趨勢非常滿意，無論是我們已經執行的計劃，還是我們即將看到的計劃。所以，如果你回顧這個季度，我們簽下了有史以來最高的小商店和主力店租金。過去一年，我們在所有這些類別中都簽訂了有史以來最高的租金合約。

If you look at that future leasing pipeline, it sits at about 40% higher than our in-place rents today. And as we continue to reinvest in the portfolio, we expect to continue to drive rent higher. And we still have a low rent basis in terms of the spaces that we are taking back, and we're backfilling these boxes accretively. So we still see a long runway for future rent growth. You could see some fluctuation in a given quarter but really pleased with what we're seeing from the team.

如果你看一下未來的租賃項目，你會發現它比我們目前的租金高出約 40%。隨著我們持續對投資組合進行再投資，我們預計將繼續推高租金。而且，我們收回的空間租金仍然很低，我們正在逐步填補這些空缺。因此，我們仍然認為未來租金成長空間很大。個別季度可能會出現一些波動，但我們對團隊目前的表現非常滿意。

(Operator Instructions) Floris Van Dijkum, Ladenburg Thalmann.

（操作說明）Floris Van Dijkum、Ladenburg Thalmann。

And Jim, I hope you're enjoying the Cavaliers in your time off because the football season is a little bit special. We haven't had that in a couple of years. Wanted to ask about the recycling of capital. One of the unique elements that you guys had is selling stabilized low-growth assets at attractive cap rates and reinvesting into your significant redevelopment activity.

吉姆，我希望你在休假期間能好好享受騎士隊的比賽，因為橄欖球賽季有點特別。我們已經好幾年沒遇到這種情況了。想問一下關於資金循環利用的問題。你們的獨特之處在於，以有吸引力的資本化率出售穩定的低成長資產，並將收益再投資於你們的重大重建活動。

As I noticed, you haven't sold that much year-to-date. I think it's $190 million-ish or thereabouts, less than what you've acquired. Could you talk about the pipeline of dispositions and what the impact of that is going to be? Because you do have a significant redevelopment pipeline as well that is in the works and you're adding on to it.

我注意到，你今年的銷量並不高。我認為大概是 1.9 億美元左右，比你買到的還要少。您能否談談資產處置流程以及這將產生的影響？因為你們也確實有一個重要的重建計畫正在籌備中，而且你們還在不斷擴建。

Well, Floris, I'll start and then maybe I'll hand it to Mark. There's always going to be, and Jim has said this historically, a portion of the portfolio where we've maximized value. And then we're going to take that capital and recycle it into places where we see more compelling growth opportunities that align with the growth profile of the company.

好吧，弗洛里斯，我先開始，然後也許我會把它交給馬克。總是會有一部分投資組合，我們已經實現了價值最大化，吉姆也曾多次這樣說過。然後，我們將把這些資金重新投入到我們認為更有吸引力、更符合公司發展前景的成長機會領域。

So with that, maybe I'll hand it to Mark in terms of some more detail on the pipeline.

所以，關於管道方面的更多細節，或許我應該把這個任務交給馬克。

Yes, sure. The one other comment I'd make with respect to our funding of the business, but don't forget, we do generate significant free cash flows here post dividend, post our normal leasing spend. And that's really what's funding the vast majority of our redevelopment program. So yes, there's probably some limited amount of dispos that go into keeping us leverage neutral there. But ultimately, I wouldn't forget that as you think about how we're funding the business.

當然可以。關於公司的資金來源，我還有一點要補充，但別忘了，在扣除股利和正常的租賃支出後，我們確實能產生可觀的自由現金流。而這正是我們絕大部分重建計畫的資金來源。所以，是的，可能有一些有限的處置措施可以幫助我們保持槓桿中立。但歸根結底，在思考我們如何為企業融資時，我建議你不要忘記這一點。

On the pipeline for dispositions, as I mentioned, what's most interesting to us in the market today is this new capital coming in, again, is seeking exposure to the space. We think we've got the ability here to be opportunistic and sell assets that Brian highlighted that have less growth in our overall portfolio and put it back to work in assets where we are compelled to see higher growth rates and really drive that ROIC for us over time.

正如我之前提到的，在資產處置方面，目前市場上最讓我們感興趣的是，新湧入的資本再次尋求投資該領域。我們認為我們有能力抓住機會，出售布萊恩指出的在我們整體投資組合中成長較少的資產，並將資金重新投入到我們渴望看到更高成長率的資產中，從而隨著時間的推移真正推動我們的投資回報率。

And just to make sure, the cap rates on the dispos are broadly in line with what you're acquiring except maybe the lifestyle center, but that it should be on a sort of a cap rate neutral basis? Or is there a little bit of dilution involved there?

為了確保萬無一失，除了生活風格中心之外，其他資產的資本化率是否與您要收購的資產大致一致？但生活風格中心的收購應該以某種資本化率中立為基礎。或者說，這裡面是否有少量稀釋成分？

Yes. Our year-to-date cap rate, like it's been for many years, it's in and around 7%. The acquisitions are going to be slightly lower than that when you blend them all together this year. Last year, we think it was about neutral. So it depends on the mix of what we're selling.

是的。今年迄今的資本化率，和往年一樣，在 7% 左右。今年所有收購加起來的總金額會略低於這個數字。去年，我們認為結果基本上持平。所以這取決於我們銷售的產品組合。

But importantly, we're really focused on that long-term hold IRR. And we think that growth of what we're buying is significantly better than what we're selling, and we're seeing that through looking back at the assets we bought. So we remained convicted in the acquisition program to add value to the company over time.

但重要的是，我們真正關注的是長期持有的內部報酬率 (IRR)。我們認為，我們收購的資產的成長速度明顯快於我們出售的資產，這一點我們從回顧我們收購的資產中也可以看出。因此，我們始終堅信收購計劃能夠隨著時間的推移為公司增加價值。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Can you comment on the yield for LaCenterra? And then in terms of traditional open-air centers being in your acquisition pipeline, just wondering why you highlighted that they are not lifestyle centers?

您能談談 LaCenterra 的收益率嗎？至於您計劃收購的傳統露天購物中心，我想知道您為什麼強調它們不是生活方式中心？

Well, I'll take the second part first, Linda. And we did touch on LaCenterra last quarter, but Mark can spend a little bit more time on that. I think what Mark was saying is we are looking for assets that have compelling growth profiles. And if you look at that in terms of what we bought historically, it's been a mix. And so when Mark was comparing it to LaCenterra, these assets are very similar in that they're grocery anchored, and we feel like we can put our platform to work to have compelling growth out of those properties.

好吧，琳達，我先回答第二部分。我們上個季度確實提到了 LaCenterra，但 Mark 可以花更多時間研究一下。我認為馬克的意思是，我們正在尋找具有良好成長前景的資產。從我們以往的採購情況來看，一直都是各種類型的商品混雜在一起。因此，當 Mark 將其與 LaCenterra 進行比較時，這些資產非常相似，因為它們都以雜貨店為核心，我們覺得我們可以利用我們的平台，使這些物業實現令人矚目的成長。

So maybe, Mark, I don't know if there's a little bit more to add on for LaCenterra?

所以，馬克，我不知道LaCenterra是否還有什麼可以補充的嗎？

Yes. I would really point to the comments we made last quarter. We went through it in detail. And what I would highlight is that since last quarter, we've outperformed what our expectations were in the initial ownership periods. So we remain convicted in the growth that we're generating. We remain convicted that the yields are going to be a little bit higher in year one. And moreover, the growth that we see coming from that asset we think is a really compelling opportunity for Brixmor.

是的。我想重點指出我們上個季度提出的意見。我們當時詳細討論過。我想強調的是，自上個季度以來，我們的業績已經超過了最初持有期間的預期。因此，我們仍然對我們正在取得的成長充滿信心。我們仍然堅信第一年的收益率會略高一些。此外，我們認為該資產帶來的成長潛力對Brixmor而言是一個極具吸引力的機會。

And just to highlight, what I was trying to highlight was the assets that we're buying, we have high conviction in growth, just like we did with LaCenterra. The ones in the pipeline today that we have under control are just -- they look more like traditional shopping centers. We're always going to focus on growth.

我還要強調一點，我想強調的是，我們正在收購的資產，我們對它們的成長充滿信心，就像我們當初收購 LaCenterra 一樣。目前我們正在掌控的在建項目看起來更像是傳統的購物中心。我們將始終專注於成長。

(Operator Instructions) Hong Zhang, JPMorgan.

（操作說明）張宏，摩根大通。

Your lease to occupied spread has gone down throughout this year but still remains above historic levels. Given the strong rent commencements you expect in 4Q in 2026, do you expect to be back to more historic levels by the end of 2026 going to 2027?

今年以來，您的出租率與實際入住率之間的差額有所下降，但仍高於歷史水準。鑑於您預計 2026 年第四季租金開租量將強勁增長，您認為到 2026 年底到 2027 年，租金開租量會恢復到歷史水平嗎？

I'll take that. I would expect that to still remain wide. I mean, obviously, you'd expect it to tighten since we commenced a record amount of ABR during the quarter, but we're also leasing a lot of space. And we've got a large legal pipeline that we continue to fill. Deals in the leasing committee in terms of the flow in the leasing committee on a weekly basis remains strong.

我接受。我預計這一差距仍將保持較大。我的意思是，很顯然，由於我們在本季度啟動了創紀錄的ABR項目，市場預期會趨緊，但我們也出租了大量空間。我們有大量的法律業務正在推進中。租賃委員會每週的交易量依然強勁。

So the pipeline remains elevated. We like what we're seeing from a demand perspective. You should expect that to remain somewhat elevated, but it is exciting in terms of the commencements that we've had here -- that we had in the third quarter and that we look forward to seeing in the fourth.

因此，管道輸送能力依然強大。從需求角度來看，我們對目前的情況感到滿意。預計這一數字還會保持在較高水平，但就我們這裡已經取得的成就而言，這令人興奮——我們在第三季度取得了一些成就，我們期待在第四季度看到這些成就。

There are no further questions at this time. I would like to turn the floor back over to Stacy for closing remarks.

目前沒有其他問題了。現在我把發言權交還給史泰西，請她做總結發言。

Thank you, guys, for all joining today.

謝謝各位今天到場。

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

謝謝。今天的會議到此結束。您可以暫時斷開線路，感謝您的參與。