Brixmor Property Group Inc (BRX) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Brixmor Property Group's First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Stacy Slater. Thank you. You may begin.

您好，歡迎參加 Brixmor Property Group 2023 年第一季度收益電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興向大家介紹你們的主持人史黛西·斯萊特。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining Brixmor's first quarter conference call.

謝謝運營商，也感謝大家參加 Brixmor 的第一季度電話會議。

With me on the call today are Jim Taylor, Chief Executive Officer and President; Angela Aman, Executive Vice President and Chief Financial Officer; and Brian Finnegan, Executive Vice President, Chief Revenue Officer. Mark Horgan, Executive Vice President and Chief Investment Officer, will also be available for Q&A.

今天與我一起參加電話會議的是首席執行官兼總裁吉姆·泰勒 (Jim Taylor)； Angela Aman，執行副總裁兼首席財務官；以及執行副總裁兼首席營收官布萊恩·芬尼根 (Brian Finnegan)。執行副總裁兼首席投資官 Mark Horgan 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，讓我提醒大家，我們今天的一些評論可能包含基於某些假設的前瞻性陳述，並受到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，未來的實際結果可能會存在重大差異。我們不承擔更新任何前瞻性陳述的義務。

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

此外，我們今天將提及某些非公認會計準則財務指標。有關我們使用這些措施以及這些措施與我們的 GAAP 結果的調節的更多信息，請參閱我們網站投資者關係部分的收益發布和補充披露。

Given the number of participants on the call, we kindly ask that you limit your questions to 1 or 2 per person. If you have additional questions regarding the quarter, please requeue.

鑑於參加電話會議的人數，我們懇請您將問題限制在每人 1 或 2 個以內。如果您對本季度還有其他疑問，請重新排隊。

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

這次，我很高興向您介紹吉姆·泰勒。

Thank you, Stacy, and good morning, everyone. Our results this quarter once again underscore the proven tenant demand for our well-located centers and most importantly, the outstanding execution of the Brixmor team in not only delivering growing value for our stakeholders, but positioning this platform for continued outperformance.

謝謝你，史黛西，大家早上好。我們本季度的業績再次凸顯了我們地理位置優越的中心的租戶需求，最重要的是，Brixmor 團隊的出色執行力不僅為我們的利益相關者提供了不斷增長的價值，而且使該平台能夠持續表現出色。

Highlights for the quarter include our growth in overall occupancy to 94%, a record for the company in an occupancy level that not only grew on a year-over-year basis, but also sequentially during what is typically a seasonally low quarter.

本季度的亮點包括我們的整體入住率增長至 94%，這是公司入住率的記錄，不僅同比增長，而且在通常季節性低迷的季度也實現了環比增長。

Our continued momentum in small shop occupancy as well, which grew to 89.3%, another all-time record for the company. Our new and renewal leasing spreads of 43% and 14%, respectively. Our average rate on new and renewal leases of over $22 a foot, which grew our average in-place rent to $16.46, showing we have room to run while remaining disciplined with the capital to drive that growth.

我們的小商店入住率也持續保持增長勢頭，增至 89.3%，這是公司的又一歷史記錄。我們的新租賃和續租租賃價差分別為 43% 和 14%。我們的新租約和續租租約平均費率超過每英尺 22 美元，這使我們的平均就地租金增至 16.46 美元，這表明我們有運行空間，同時保持資本紀律以推動增長。

Our growth in expense recoveries, even while delivering a higher operational standard of excellence to our tenants. Our delivery of another $14 million of reinvestment during the quarter at an incremental return of 10%, bringing our total delivery since we began to $885 million at an incremental 11%. And our successful harvesting of $125 million of lower growth, noncore assets at a blended cap rate well inside our implied cap rate.

我們在為租戶提供更高的卓越運營標準的同時，費用回收也不斷增長。本季度我們又交付了 1400 萬美元的再投資，增量回報率為 10%，使我們自開始以來的總交付額達到 8.85 億美元，增量回報率為 11%。我們成功收穫了 1.25 億美元的低增長非核心資產，混合上限利率遠低於我們的隱含上限利率。

Bottom line, we are proud of how our durable value-added business plan continues to deliver, with same-store NOI and FFO growth during the quarter of 4.9% and 3.5%, respectively. Results that I believe will compare favorably within the sector as we all face declining prior period rent collections, tenant disruption and higher interest rates.

最重要的是，我們對持久增值業務計劃的持續交付感到自豪，本季度同店 NOI 和 FFO 增長分別為 4.9% 和 3.5%。我相信，由於我們都面臨著前期租金收入下降、租戶中斷和利率上升的問題，因此在該行業內的結果將是有利的。

Importantly, Brixmor is proving real time, the quality of our portfolio as well as the cumulative momentum of our value-added execution. In just a few minutes, Brian will provide some additional color on our robust leasing activity, our progress on recaptured space and the continued strong demand from growing tenants. And then Angela will provide additional color on our operating results, our strong and liquid balance sheet as well as our improved outlook and guidance for the balance of this year.

重要的是，Brixmor 正在證明我們投資組合的實時質量以及我們增值執行的累積動力。在短短幾分鐘內，布萊恩將為我們強勁的租賃活動、重新奪回空間的進展以及不斷增長的租戶的持續強勁需求提供一些額外的信息。然後安吉拉將為我們的經營業績、強勁且流動的資產負債表以及我們今年餘額的改善前景和指導提供更多信息。

I'd like to focus on the unparalleled visibility our execution provides on forward growth, particularly in an environment of increased disruption that we've been preparing for the last several quarters. That visibility begins with the $60 million of ABR that we've commenced over the past year, for which we will get the full benefit of in the coming 12 months.

我想重點關注我們的執行力為未來增長提供的無與倫比的可見性，特別是在我們過去幾個季度一直在準備的干擾加劇的環境中。這種可見性始於我們去年啟動的 6000 萬美元的 ABR，我們將在未來 12 個月內充分受益。

Second, we have our signed but not commenced lease pipeline, which adds $56 million of ABR that will commence as Angela will detail in a minute over the next several quarters.

其次，我們已經簽署但尚未開始的租賃管道，其中增加了 5600 萬美元的 ABR，安吉拉將在接下來的幾個季度詳細介紹這一項目。

Third, we have nearly $38 million of leases in our forward new leasing pipeline.

第三，我們的遠期新租賃渠道中有近 3800 萬美元的租賃。

And finally, we have an even larger amount of ABR under LOI.

最後，我們在 LOI 下有更多的 ABR。

This cumulative activity will propel growth that we will -- that we believe will be at the top of the sector for the next several quarters, even through much more significant levels of disruption.

這種累積的活動將推動我們的增長——我們相信，即使面臨更嚴重的破壞，我們也將在未來幾個季度保持該行業的領先地位。

And please remember the spreads we continue to achieve underscore the competitive advantage of our attractive rent basis, allowing us to unlock value as we execute our plan. Importantly, this leasing momentum is also driving our value-accretive reinvestment pipeline, which currently stands at $360 million at an incremental return of 9% and a gross return several hundred basis points higher. Not only are we creating huge value even in a higher interest rate environment, we enjoy the flywheel effect of follow-on small shop leasing, growing rate and lower applied cap rates at the centers impacted.

請記住，我們繼續實現的利差凸顯了我們有吸引力的租金基礎的競爭優勢，使我們能夠在執行計劃時釋放價值。重要的是，這種租賃勢頭也推動了我們的增值再投資渠道，目前該渠道的增量回報率為 3.6 億美元，增量回報率為 9%，總回報率高出數百個基點。即使在更高的利率環境下，我們不僅創造了巨大的價值，而且我們還享受到後續小店租賃、增長率和受影響中心較低的應用上限利率的飛輪效應。

Lastly, we have the free cash flow to fund our reinvestment pipeline on a deleveraging basis for the next several years without having access to capital markets. Simply put, we benefit from an all-weather strategy of delivering growth. We also enjoy a strong balance sheet with debt to EBITDA of 6.1x, a very well-laddered debt maturity schedule and over $1.2 billion of capacity.

最後，我們擁有自由現金流，可以在未來幾年去槓桿化的基礎上為我們的再投資渠道提供資金，而無需進入資本市場。簡而言之，我們受益於全天候增長戰略。我們還擁有強勁的資產負債表，債務與 EBITDA 之比為 6.1 倍，債務到期時間表非常完善，產能超過 12 億美元。

Looking forward, I believe this strong balance sheet position may unlock some interesting acquisition opportunities as private asset level borrowers face refinance and capital requirements in an environment of constrained liquidity. But importantly, as always, expect us to remain disciplined as our self-funded internal growth strategy already provides us with visibility on achieving top of the sector growth.

展望未來，我相信這種強勁的資產負債表狀況可能會帶來一些有趣的收購機會，因為私人資產級借款人在流動性受限的環境下面臨再融資和資本要求。但重要的是，一如既往，期望我們保持紀律，因為我們自籌資金的內部增長戰略已經為我們提供了實現行業領先增長的可見性。

With that, I'll turn the call over to Brian for a more detailed look at our leasing activity and outlook. Brian?

這樣，我會將電話轉給布萊恩，以更詳細地了解我們的租賃活動和前景。布萊恩？

Thanks, Jim, and good morning, everyone. We drove yet another quarter of outstanding leasing productivity, as our team continues to capitalize on robust retailer demand in a supply-constrained environment, attracting great tenants to our portfolio at much higher rents. The demand for space is coming from a broad range of tenants that are focused on expanding and investing in their physical store footprints, including leading operators in the off-price, health and wellness, specialty grocery, restaurants and service categories.

謝謝吉姆，大家早上好。我們的團隊在供應有限的環境中繼續利用零售商強勁的需求，以更高的租金吸引優質租戶加入我們的投資組合，因此我們的租賃生產率又取得了一個季度的出色表現。對空間的需求來自於廣泛的租戶，他們專注於擴大和投資實體店足跡，包括折扣、健康和保健、特色雜貨、餐廳和服務類別的領先運營商。

The transformation of this portfolio is also putting us in a great position to continue to capture an outsized share of retail demand going forward. This was evident during the quarter as our team added new leases with best-in-class retailers such as Target, PetSmart, HomeSense, Five Below, Barnes & Noble, Planet Fitness, Chipotle, First Watch and Bath & Body Works. We have also leveraged this demand to proactively recapture at-risk tenant space and quickly advance new leases with tenants that will improve the overall appeal of these centers.

該產品組合的轉型也使我們處於有利地位，能夠繼續佔據未來零售需求的巨大份額。這在本季度表現得尤為明顯，因為我們的團隊與 Target、PetSmart、HomeSense、Five Below、Barnes & Noble、Planet Fitness、Chipotle、First Watch 和 Bath & Body Works 等一流零售商增加了新的租賃。我們還利用這一需求，主動奪回有風險的租戶空間，並迅速與租戶簽訂新的租賃合同，從而提高這些中心的整體吸引力。

This is clear on our progress out of the gate with Bed Bath. At year-end, we had 19 Bed Bath locations, representing 60 basis points of ABR. As of today, we have control of 10 of these locations and have already leased 2 to great tenants, Sprouts Farmers Market and HomeGoods. Our team is well underway in leasing the remaining space with leases and LOIs out to multiple retailers, primarily single-tenant backfills in the off-price, home, health and wellness categories at rents that are in line with the overall 35% to 40% growth in new leases that we have been achieving in the last several quarters.

這從我們在床浴方面取得的進展顯而易見。截至年底，我們有 19 個 Bed Bath 地點，相當於 ABR 的 60 個基點。截至今天，我們已經控制了其中 10 個地點，並已將 2 個地點租給了大租戶 Sprouts Farmers Market 和 HomeGoods。我們的團隊正在順利地將剩餘空間通過租賃和意向書出租給多家零售商，主要是折扣、住宅、健康和保健類別的單租戶回填，租金與整體 35% 至 40% 一致我們在過去幾個季度實現的新租賃增長。

What is particularly encouraging and important to note is the speed in which we have executed leases on recaptured space with deals being completed in under 90 days. This really demonstrates the strength of these locations and how quickly tenants want to open in our centers. As we look forward in the year, we continue to be encouraged by the depth of tenant demand, putting us in a great position to not only navigate the disruption, but to continue to attract great tenants to our centers and among the highest rents we've ever had.

特別令人鼓舞和值得注意的是，我們對重新奪回的空間執行租賃的速度非常快，交易在 90 天內完成。這確實展示了這些地點的實力以及租戶希望在我們的中心開業的速度有多快。展望今年，我們繼續對租戶需求的深度感到鼓舞，這使我們處於有利地位，不僅可以應對混亂，而且可以繼續吸引優質租戶來到我們的中心，並躋身我們租金最高的行列。曾經有過。

With that, I'll hand it over to Angela for a more detailed review of our financial results. Angela?

這樣，我將把它交給安吉拉，讓她對我們的財務業績進行更詳細的審查。安吉拉？

Thanks, Brian, and good morning. I'm pleased to report on a very strong start to 2023 that positions us well to respond to rising levels of tenant disruption and macroeconomic volatility.

謝謝，布萊恩，早上好。我很高興地報告 2023 年的強勁開局，這使我們能夠很好地應對日益嚴重的租戶干擾和宏觀經濟波動。

NAREIT FFO was $0.50 per diluted share in the first quarter, driven by same-property NOI growth of 4.9%. Base rent growth contributed 500 basis points to same-property NOI growth this quarter, reflecting the continued successful transformation of our portfolio and the strength of the current leasing environment, which have resulted in significant occupancy growth at rent per square foot levels well above our portfolio average.

第一季度 NAREIT FFO 攤薄後每股收益為 0.50 美元，受同業 NOI 增長 4.9% 的推動。本季度基本租金增長為同物業 NOI 增長貢獻了 500 個基點，反映出我們投資組合的持續成功轉型以及當前租賃環境的優勢，這導致每平方英尺租金水平的入住率顯著增長，遠高於我們的投資組合平均的。

In addition, net expense reimbursements and percentage rents contributed 120 basis points and 20 basis points, respectively. As anticipated, revenues deemed uncollectible detracted 150 basis points from same property NOI growth, primarily due to the ongoing moderation of out-of-period collections of previously reserved amounts.

此外，淨費用報銷和百分比租金分別貢獻了 120 個基點和 20 個基點。正如預期的那樣，被視為無法收回的收入使同一財產 NOI 增長減少了 150 個基點，這主要是由於先前預留金額的期外收回持續減少。

As Jim highlighted earlier, we achieved record total leased occupancy during the first quarter of 94%, driven by a 20 basis point sequential increase in the anchor lease rate to 96.1% and a 10 basis point sequential increase in the small shop lease rate to a record 89.3%.

正如吉姆早些時候強調的那樣，我們在第一季度實現了創紀錄的總租賃入住率 94%，這主要得益於主力租賃率環比增長 20 個基點至 96.1%，小商舖租賃率環比增長 10 個基點至 96.1%。創紀錄的89.3%。

Our continued leasing momentum resulted in a spread between leased and billed occupancy of 400 basis points at the end of the quarter, up 40 basis points since year-end.

我們持續的租賃勢頭導致季度末租賃入住率與計費入住率之間的差距達 400 個基點，自年底以來上升了 40 個基點。

In addition, our total signed but not yet commenced pool, which includes an additional 50 basis points of GLA related to space that will soon be vacated by existing tenants totaled $56 million of annualized base rent, of which we expect $36 million or approximately 65% to rent commence during the remainder of 2023.

此外，我們已簽署但尚未啟動的總租金池（其中包括與現有租戶即將騰出的空間相關的額外 50 個基點的 GLA）總計 5600 萬美元的年化基本租金，我們預計其中 3600 萬美元或約 65%將於 2023 年剩餘時間內開始出租。

As Jim and Brian have both highlighted, we fully expect that recent retailer's bankruptcy announcements will result in occupancy pressure as we move through this year. That said, the significant and near-term weighted nature of our signed but not commenced pool will help to minimize the impact of retailer disruption on our operational and financial metrics, while also allowing us to accelerate our efforts to harvest the below-market rent basis inherent in many of these spaces and set the stage for future growth.

正如吉姆和布萊恩都強調的那樣，我們完全預計，最近零售商的破產公告將在今年帶來入住壓力。也就是說，我們已簽署但尚未啟動的池的重要和近期加權性質將有助於最大限度地減少零售商中斷對我們運營和財務指標的影響，同時也使我們能夠加快努力以獲得低於市場的租金基礎這些空間是其中許多固有的，並為未來的增長奠定了基礎。

From a balance sheet perspective, we ended the quarter with debt-to-EBITDA of 6.1x, a fully unencumbered balance sheet, 99% fixed rate debt and total liquidity of $1.4 billion. Subsequent to quarter end, we utilized $200 million of our liquidity in the form of our delayed draw term loan to tender for $200 million of our 2024 unsecured bonds, extending the maturity through 2027 at swapped fixed rate pricing well inside of where we could issue new unsecured bonds today. As a result, we now have only $300 million of remaining debt maturities through year-end 2024.

從資產負債表的角度來看，本季度結束時，我們的債務與 EBITDA 之比為 6.1 倍，資產負債表完全未支配，固定利率債務為 99%，流動性總額為 14 億美元。季度末後，我們以延遲提取定期貸款的形式利用了 2 億美元的流動性來投標 2024 年的 2 億美元無擔保債券，將到期期限延長至 2027 年，利率互換定價遠在我們可以發行新債券的範圍之內。今天的無擔保債券。因此，到 2024 年底，我們現在只剩下 3 億美元的剩餘債務到期。

In terms of our forward outlook, we have narrowed our 2023 guidance for same-property NOI growth to a range of 2% to 3.5%, reflecting improved expectations for base rent and net expense reimbursements at the lower end of the range. Our assumptions for revenues deemed uncollectible remain consistent with our previous guidance of 75 to 110 basis points of total revenues for the full year.

就我們的前瞻性展望而言，我們已將 2023 年同物業 NOI 增長指引縮小至 2% 至 3.5% 的範圍，反映出對該範圍下限的基本租金和淨費用報銷的預期有所改善。我們對被視為無法收回的收入的假設與我們之前的全年總收入 75 至 110 個基點的指導保持一致。

Please note that out-of-period collections in the second quarter of 2022 were materially higher than in any other quarter during the year, creating a challenging comparison for second quarter 2023. In addition, the midpoint of our same-property guidance range continues to reflect approximately 150 basis points of year-over-year impact related to recently announced or anticipated bankruptcy activity, which is reflected in our expectations for base rent and net expense reimbursement.

請注意，2022 年第二季度的期外收款大幅高於年內任何其他季度，這與 2023 年第二季度相比具有挑戰性。此外，我們的同類房產指導範圍的中點繼續反映出與最近宣布或預期的破產活動相關的約 150 個基點的同比影響，這反映在我們對基本租金和淨費用報銷的預期中。

Approximately half of the 150 basis point impact is related to store closures or lease rejections that have occurred to date, while the remainder is related to potential additional disruption from tenants currently in bankruptcy and from future bankruptcy filings that may occur during 2023.

150 個基點的影響中大約有一半與迄今為止發生的商店關閉或租約被拒絕有關，而其餘的則與目前破產的租戶以及 2023 年期間可能發生的未來破產申請造成的潛在額外干擾有關。

We have also raised our guidance for 2023 NAREIT FFO to a range of $1.97 to $2.04 per diluted share. In addition to our revised expectations for same-property NOI growth, our revised FFO guidance also incorporates the recent $200 million tender, which will result in the recognition of a $4.3 million gain on debt extinguishment in the second quarter.

我們還將 2023 年 NAREIT FFO 的指導上調至稀釋後每股 1.97 美元至 2.04 美元的範圍。除了我們對相同財產 NOI 增長的修訂預期之外，我們修訂後的 FFO 指引還納入了最近 2 億美元的招標，這將導致確認第二季度債務清償的 430 萬美元收益。

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

然後，我會將電話轉給接線員進行問答。

(Operator Instructions) Our first question comes from Jeff Spector with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 Jeff Spector。

Jeff, you on?

傑夫，你在嗎？

Yes, I'm sorry about that. Congratulations on the quarter. My first question is on acquisitions. We recently saw you and I know we talked a little bit about acquisitions during our meeting. But given you commented on potentially taking advantage of opportunities in the future, I guess, where is the market today? Do we have any more clarity on pricing?

是的，我對此感到抱歉。祝賀本季度。我的第一個問題是關於收購。我們最近見到了您，我知道我們在會議期間討論了一些收購問題。但考慮到您對未來可能利用的機會的評論，我想，今天的市場在哪裡？我們對定價有更明確的了解嗎？

I think the market is still in transition. So we really haven't seen enough deal flow to establish where pricing has moved, but there's clearly been upward pressure because of where interest rates have moved. Mark, I don't know if you have any additional color?

我認為市場仍處於轉型期。因此，我們確實沒有看到足夠的交易流來確定定價的變化，但由於利率的變化，顯然存在上行壓力。 Mark，不知道你還有沒有別的顏色？

Yes. I think it's -- while it's clear there's good demand for assets. Pricings moved out probably 100 basis points at least since the end of '21. So from a forward perspective, we think we'll start to see assets that make more sense from a risk-reward perspective later this year and sellers really are starting to understand where the market is and the bid-ask spread is narrowing. But the market does remain pretty slow at this point, but we're cautiously optimistic we'll start to see better opportunities here as the year progresses.

是的。我認為，雖然很明顯對資產有良好的需求。自 21 世紀末以來，價格至少上漲了 100 個基點。因此，從未來的角度來看，我們認為今年晚些時候我們將開始看到從風險回報角度來看更有意義的資產，賣家真正開始了解市場所在，買賣價差正在縮小。但目前市場確實仍然相當緩慢，但我們謹慎樂觀，隨著今年的進展，我們將開始在這裡看到更好的機會。

And Jeff, we can be patient, right? And so we are looking at a lot of opportunities, but we'll wait when we feel it's opportunistic.

傑夫，我們可以耐心等待，對吧？因此，我們正在尋找很多機會，但當我們認為機會主義時，我們會等待。

Okay. And is there something in particular that you would focus on, whether it's one type of open air center versus another or a region?

好的。您是否會特別關注某些事情，無論是一種類型的露天中心與另一種類型的露天中心還是一個區域？

We would be consistent with what we've already done to drive value. So we'd be looking for centers in and around the markets that we currently serve today, so we can continue our clustering strategy. And importantly, we're looking at centers that have some value-add component to it, whether it's through reinvestment and redevelopment, additional density, mark-to-market and the rents. We expect to see some interesting opportunities going forward, of course, because of the tenant disruption that we're seeing as well as, as I mentioned in my prepared remarks, tightening lender requirements as it relates to refinancing.

我們將與我們已經為推動價值所做的事情保持一致。因此，我們將在我們目前服務的市場內及其周邊尋找中心，以便我們可以繼續我們的集群戰略。重要的是，我們正在尋找具有一定增值成分的中心，無論是通過再投資和再開發、額外密度、按市價計算還是租金。當然，我們預計未來會出現一些有趣的機會，因為我們看到了租戶的干擾，以及正如我在準備好的發言中提到的那樣，收緊了與再融資相關的貸款人要求。

So we haven't fully seen that work through yet. So when it does, I think we'll be ready, but it will be consistent from an overall strategy standpoint with what you've seen us execute in the past.

所以我們還沒有完全看到這項工作的完成。因此，當它發生時，我認為我們會做好準備，但從整體戰略的角度來看，它將與您過去看到的我們執行的內容保持一致。

Our next question comes from Todd Thomas with KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。

Angela, you mentioned that there might be some occupancy pressure in the near term as a result of some of the Bed Bath base that you anticipate recapturing. I guess 2 questions. One, you have a lot of positive momentum in place. Do you expect occupancy to decrease in the near term or perhaps just not increase further as you recapture some of that space?

安吉拉，您提到，由於您預計會重新奪回一些床浴基地，因此短期內可能會出現一些入住壓力。我猜有2個問題。第一，你有很多積極的動力。您預計近期入住率是否會下降，或者當您重新奪回部分空間時，入住率可能不會進一步增加？

And then second question, maybe for Brian. Do you anticipate that the recapturing of space from Bed Bath not just in bricks and mortar portfolio, but maybe across open air altogether. Do you expect that space to be a potential risk that could throw certain markets perhaps out of equilibrium a little bit to some extent?

然後是第二個問題，也許是問布萊恩的。您是否預計，從 Bed Bath 重新奪回空間不僅是在磚塊和砂漿組合中，而且可能是在露天空間中。您是否認為該空間會成為潛在風險，可能在某種程度上使某些市場稍微失去平衡？

Sure. I'll take the occupancy question first, Todd. You're right to point out that we have a lot of momentum going into this year. We talked about how significant the near-term weighted nature is of the signed but not commenced pool. And there is just under 2 million square feet of that 3 million square feet is expected to rent commence over the course of this year, which is very significant, several hundred basis points from an occupancy perspective.

當然。我先回答入住問題，托德。您指出今年我們勢頭強勁，這是正確的。我們討論了已簽署但尚未啟動的資金池的近期加權性質的重要性。預計今年內開始出租的 300 萬平方英尺中，有近 200 萬平方英尺的面積非常重要，從入住率的角度來看，這是幾百個基點。

We continue to see outside of bankruptcy situations, very high retention rates across the portfolio. So while there will be some move outs, we continue to operate in an environment where those move-outs are pretty muted, again, outside of the bankruptcy situation. Based on the tenants who have filed to date and our expectations around the liquidation of some of those platforms, we believe we could still post a pretty healthy occupancy increase over the course of this year or through year-end.

我們繼續看到，在破產情況之外，整個投資組合的保留率非常高。因此，雖然會有一些公司搬出，但我們仍然在一個搬出情況相當平靜的環境中運營，同樣，在破產情況之外。根據迄今為止已提交申請的租戶以及我們對其中一些平台清算的預期，我們相信我們仍然可以在今年或年底實現相當健康的入住率增長。

I think the question is really going to be whether or not there are additional filings over the course of this year. And we feel very comfortable that we've adequately accounted for any additional disruption within our same-property NOI guidance range, but the timing of that activity and the ultimate impact in terms of restructurings versus liquidations, will have -- make an impact on occupancy. Still feel very confident we'll be in a position or certainly hopeful we'll be in a position to continue to move occupancy higher given that signed but not commenced tailwind.

我認為問題實際上是今年是否會有額外的申請。我們感到非常放心，我們已經充分考慮了同一物業 NOI 指導範圍內的任何額外干擾，但該活動的時間安排以及重組與清算方面的最終影響將會對入住率產生影響。鑑於已經簽署但尚未開始的順風，我們仍然非常有信心，或者肯定希望我們能夠繼續提高入住率。

Yes. And Todd, just on the overall supply dynamic. I mean, just remember that these boxes are coming online in a market that has been incredibly supply restricted the last few years. We're coming off 2 years of record low move-outs. All of the names that have filed have been on folks' radar for a long time. Our team has been proactively marketing these spaces.

是的。托德，只是關於整體供應動態。我的意思是，請記住，這些盒子是在過去幾年供應嚴重受限的市場中上線的。我們即將擺脫兩年來創紀錄的低遷出率。所有已提交的名字長期以來一直受到人們的關注。我們的團隊一直在積極營銷這些空間。

I think the other thing you're seeing broadly in the market is retailers bidding on this space. You look at Five Below, who took out 30 Tuesday Morning spaces. And as we look at the demand that we're seeing for the Bed Bath boxes with the LOIs and leases we're negotiating in addition to the ones we're already signed, we don't think this materially alters the supply dynamic really at all.

我認為您在市場上廣泛看到的另一件事是零售商對這個領域的競價。你看看下面的五人，他們拿走了 30 個週二上午的空位。當我們看到對床浴盒的需求以及我們正在談判的意向書和租賃以及我們已經簽署的租賃時，我們認為這不會實質性地改變供應動態全部。

You have great operators that are expanding in the specialty grocery, off-price, health and wellness segments that just are really looking for a lot of good boxes, good boxes that we have in the portfolio. So overall, we feel pretty comfortable with where the supply dynamic is despite the space coming back online.

你們有優秀的運營商，他們正在專業雜貨、折扣、健康和保健領域進行擴張，他們只是在尋找大量的好盒子，我們產品組合中擁有的好盒子。因此，總體而言，儘管空間已恢復上線，但我們對供應動態感到非常滿意。

All right. Great. That's helpful. And then just last question on the space that you're getting back, sounds like you're expecting a good portion of that to be single-tenant backfills. What's the downtime that you're anticipating before you would have rent commence in those spaces?

好的。偉大的。這很有幫助。關於您要收回的空間的最後一個問題，聽起來您預計其中很大一部分是單租戶回填。在這些空間開始出租之前，您預計需要多長時間的停機時間？

Yes, it's a great question. All but one of the spaces we're negotiating on right now is our single-tenant backfills. So we're confident we can start to see this space come online in '24. It's potentially earlier part of the year, but we're in negotiations right now and feel really comfortable with that pace in '24 overall.

是的，這是一個很好的問題。我們現在正在談判的空間中，除了一個之外，所有空間都是我們的單租戶回填。因此，我們有信心能夠在 24 年開始看到這個空間上線。這可能是今年早些時候的事，但我們現在正在進行談判，並且對 24 年整體的節奏感到非常滿意。

Our next question comes from Haendel St. Juste with Mizuho.

我們的下一個問題來自 Mizuho 的 Haendel St. Juste。

First one, maybe for you, Angela. Curious what's driving the expense recovery here? You're at 89% in the first quarter. I think historically, you've been more mid-80s. And is this a level you expect to sustain? Is it a new norm perhaps?

第一個，也許適合你，安吉拉。好奇是什麼推動了這裡的費用回收？第一季度的進度為 89%。我認為從歷史上看，你已經是80年代中期了。您期望維持這個水平嗎？也許這是一個新規範？

Yes. Thanks, Haendel. The recovery ratio in the first quarter does look high at 89.6%. And that has to do with a couple of things, but significantly with the mix of expenses we experienced in the first quarter just being a little bit more highly recoverable. We do think for the full year that, that line item, net expense reimbursement are going to be a positive contributor to same-property NOI growth, somewhere in the 50 to 75 basis point range. But that recovery ratio is going to moderate as we move through the year. And you just sort of get a different mix of expenses as we move through the year.

是的。謝謝，亨德爾。第一季度的回收率確實很高，達到89.6%。這與幾件事有關，但重要的是我們在第一季度經歷的費用組合的可收回性更高一些。我們確實認為，全年來看，該項目的淨費用報銷將對同一財產 NOI 增長產生積極貢獻，在 50 至 75 個基點範圍內。但隨著時間的推移，這一恢復率將會放緩。隨著一年的推移，你會得到不同的支出組合。

The positive improvement or positive contribution to NOI over the course of the full year is really being driven by efficiency and spending, certainly, but also most significantly by that significant increase in weighted average build occupancy.

全年的積極改善或對 NOI 的積極貢獻確實是由效率和支出推動的，當然，但最重要的是加權平均建築入住率的顯著增長。

And one more, if I could, just on the snow sitting here at 400 basis points. Clearly, it just gives forward visibility, but it's a bit higher than I think a lot of us were expecting, especially as physical occupancy continues to -- it's higher here. So I guess I'm curious, is there anything that you're seeing with the time lines regarding rent coming online that could be impacting that? And should we expect that to remain similar to high over the next couple of quarters? And what does that suggest for occupancy, perhaps over the next 12, 18 months?

如果可以的話，還有一個，就在雪地上，利率為 400 個基點。顯然，它只是提供了前方的能見度，但它比我認為我們很多人預期的要高一些，特別是隨著實際佔用率的持續增長——這裡的數值更高。所以我想我很好奇，您在網上租金方面看到的時間線是否有任何可能影響這一點的事情？我們是否應該預期在接下來的幾個季度中這一數字將保持在高位？這對未來 12、18 個月的入住率意味著什麼？

Yes. The pipeline is not growing because of delays in getting rent commenced. We commenced more rent during the first quarter than we had originally expected. The pipeline continues to grow just because of good momentum on leasing productivity and the fact that we're just continuing to lease up some of that vacant space and benefit from some of the tailwinds of the reinvestment activity over the last few years. That's also why you've seen the small shop component of the signed but not commenced pool continue to grow as well.

是的。由於租金開始延遲，管道並未增加。我們在第一季度開始的租金比我們最初預期的要高。管道繼續增長只是因為租賃生產力的良好勢頭以及我們只是繼續租賃一些空置空間並受益於過去幾年再投資活動的一些順風這一事實。這也是為什麼您看到已簽約但未啟動的小商店部分也在繼續增長。

So no issues in getting rent commenced. Things continue to happen in line with our expectations or a little bit earlier, but no delays to note.

因此，開始收取租金時沒有任何問題。事情繼續按照我們的預期發生或提前一點發生，但沒有任何延遲值得注意。

Our next question comes from Craig Mailman with Citi.

我們的下一個問題來自花旗銀行的 Craig Mailman。

Angela, maybe just to circle back on bad debt. I know you guys didn't adjust it here. But I'm just kind of curious, one, whether conversations have increased with any tenants outside the known bankruptcies that would make you feel like there could be more kind of distress coming as the year progresses? And two, just given the cadence of seasonality here, from an impact to earnings, does it feel like even though you have the same level of bad debt, maybe the FFO impact in '23 could still be a little bit less if it's more back-end weighted at this point?

安吉拉，也許只是為了償還壞賬。我知道你們這裡沒有調整。但我只是有點好奇，與已知破產之外的任何租戶的對話是否有所增加，這會讓你覺得隨著時間的推移，可能會出現更多的困境？第二，考慮到這裡的季節性節奏，從對收益的影響來看，即使你有相同水平的壞賬，也許 23 年 FFO 的影響可能仍然會小一點，如果它更多的話- 此時末加權？

Thanks, Craig. No, I'd say a couple of things. We're not at this point seeing any issues in any significant way, as it relates to rent collections from cash basis tenants or additional disputes or anything that would move the -- our guidance for bad debt higher. We did come in a little bit lower than that in the first quarter. Some of that was expected, just based on things we knew about going into the first quarter, which is part of why we maintain the guidance for the full year.

謝謝，克雷格。不，我想說幾件事。目前我們還沒有看到任何重大問題，因為它與現金租戶的租金收取或其他糾紛或任何會導致我們的壞賬指導更高的事情有關。我們的收入確實比第一季度低了一些。其中一些是預期的，只是基於我們對第一季度的了解，這也是我們維持全年指導的部分原因。

But I think also just given the macroeconomic volatility, I think you heard Jim, Brian and I all allude to it felt prudent at this point in the year to keep the range where we had it and wait to see how things play out as we move through the middle of the year here.

但我認為，考慮到宏觀經濟的波動，我想你聽到吉姆、布萊恩和我都提到，在今年的這個時候，保持我們現有的範圍並等待觀察事情如何發展是明智的在這裡度過年中。

In terms of the impact from FFO guidance, I guess I would just remind you that the bad debt guidance we gave is 75 to 110 basis points of total revenue. So that translates into a specific dollar amount. It's, give or take $8 million to $12 million of bad debt expense over the course of the year. So even if that ends up being more back end or second half weighted, it would have the same impact on FFO.

就 FFO 指導的影響而言，我想我只想提醒您，我們給出的壞賬指導是總收入的 75 至 110 個基點。這樣就可以轉化為具體的美元金額。全年的壞賬費用為 800 萬至 1200 萬美元。因此，即使最終更加註重後端或後半部分，它也會對 FFO 產生相同的影響。

Okay. And then just maybe an update, it sounds like leasing is going well with the forward pipeline under LOI. Have you guys seen any change in cadence though post SVB and what's gone on since March in terms of kind of demand, gestation periods, anything on that front?

好的。然後也許是一個更新，聽起來租賃在意向書下的遠期管道進展順利。你們是否看到了 SVB 之後節奏上的任何變化，以及自 3 月份以來在需求、醞釀期等方面發生的情況？

Quite to the contrary, demand continues to remain strong. And I think what's interesting to note is that you have retailers who have given more cautious outlook for '23 and beyond given concerns about the consumer, nonetheless remain very committed to their forward store opening pipelines. Why? Because that's a profitable channel for them. And they also believe they've got some significant white space.

恰恰相反，需求繼續保持強勁。我認為值得注意的是，鑑於對消費者的擔憂，一些零售商對 23 年及以後的前景給予了更加謹慎的展望，但仍然非常致力於他們的遠期開店渠道。為什麼？因為這對他們來說是一個有利可圖的渠道。他們還相信自己有一些重要的空白。

So that supply-demand dynamic that Brian referenced, is really playing into our favor.

因此，布萊恩提到的供需動態確實對我們有利。

And if anything, we're seeing an acceleration of time frames from LOI to lease, reflecting the shared interest from both the retailer and us to get those stores open. And Brian and team, I think, have done a really good job of stepping up and meeting that demand. And you're seeing it. We had the question before about our signed but not commenced. The growth in that, the 400 basis points, is absolutely an outcome of that leasing momentum, particularly when you consider the rent that we delivered during the quarter.

如果說有什麼不同的話，那就是我們看到從意向書到租賃的時間框架有所加快，這反映了零售商和我們對讓這些商店開業的共同興趣。我認為，布萊恩和他的團隊在滿足這一需求方面做得非常好。你正在看到它。我們之前有過關於我們已簽署但尚未開始的問題。 400 個基點的增長絕對是租賃勢頭的結果，特別是當你考慮到我們在本季度交付的租金時。

So we feel good. Obviously, we're very focused on continuing to harvest that demand in this environment and remain very optimistic about what we see in the general industry over the next several quarters.

所以我們感覺很好。顯然，我們非常注重在這種環境下繼續收穫這種需求，並對未來幾個季度我們在整個行業中看到的情況保持非常樂觀。

Our next question comes from Greg McGinniss with Scotiabank.

我們的下一個問題來自豐業銀行的格雷格·麥金尼斯。

Angela, I know you've talked about target leverage of around 6x in the past. But how are you thinking about that target today given the leverage improvement versus last quarter and the signed but not commenced tailwinds that you're going to experience. If you plan on sticking around 6x, should we expect to see a greater push on acquisitions or with the development pipeline?

安吉拉，我知道您過去曾談到過 6 倍左右的目標槓桿。但是，考慮到槓桿率較上季度有所改善，以及您將經歷的已簽署但尚未開始的有利因素，您今天如何看待該目標。如果您計劃堅持 6 倍左右，我們是否應該期待看到更大的收購或開發渠道推動？

Yes. Thanks, Greg. I would say our target has been 6x really since we joined the platform, really informed by the below-market basis of the portfolio and the fact that over time, as we harvest that basis, you're going to see leverage drift a little bit lower than that. That 6x today on a look-through basis is actually inside of 6x. What you're seeing today and us moving down to 6.1 does reflect, in part, our continued ability to harvest some of that below-market rent basis. So we are sort of achieving those levels.

是的。謝謝，格雷格。我想說，自從我們加入該平台以來，我們的目標實際上是 6 倍，這實際上是基於投資組合低於市場的基礎，以及隨著時間的推移，當我們收穫該基礎時，您將看到槓桿率略有漂移比那個低。今天的 6 倍實際上在 6 倍以內。您今天看到的情況以及我們下調至 6.1 的情況確實在一定程度上反映了我們持續獲得部分低於市場租金基礎的能力。所以我們正在達到這些水平。

I think you've heard from Jim and Mark at this point that in terms of the acquisition outlook, we're watching the market closely and are hopeful that we'll see some opportunities in the second half of the year, but the market is pretty quiet at this point. But I think as you've seen us, including in the first quarter, continue to raise some liquidity through well-priced dispositions, we're creating a little dry powder that we can use to the extent those opportunities materialize.

我想您現在已經從吉姆和馬克那裡聽到，就收購前景而言，我們正在密切關注市場，並希望在今年下半年看到一些機會，但市場正在此時非常安靜。但我認為，正如您所看到的，包括在第一季度，我們繼續通過定價合理的處置來提高一些流動性，我們正在創造一些乾粉，我們可以在這些機會實現時使用它們。

Okay. And then I guess, thinking about the portfolio recycling and transaction environment like you just mentioned. And previously, the acquisition market is a little quiet today for what you would actually want to acquire at least the prices that you want to acquire at. But should we still expect to see this kind of normal course portfolio recycling on the disposition side, even without acquisitions tagged for reinvestment? And then what level, I guess, are you comfortable with for those dispositions?

好的。然後我想，考慮一下你剛才提到的投資組合回收和交易環境。此前，收購市場對於您實際想要收購的東西（至少以您想要的價格收購）來說有點安靜。但是，即使沒有將收購標記為再投資，我們是否仍然應該期望在處置方面看到這種正常的投資組合回收？那麼我想您對這些配置感到滿意的水平是多少？

Well, as we know -- as you know, we historically don't provide guidance levels in terms of transactional activity, but we're always going to remain disciplined to harvest those assets where we believe we've maximized value. We look at that hold IRR. You'll notice not only did we achieve some compelling cap rates in terms of the dispositions that we made. But we sold assets that were more highly occupied that we had backfilled and leased and didn't see future growth opportunities.

嗯，正如我們所知，正如您所知，我們歷來不提供交易活動方面的指導水平，但我們始終會保持紀律，以收穫我們認為價值最大化的資產。我們看看持有的IRR。您會注意到，我們不僅在我們的配置方面實現了一些令人信服的資本化率。但我們出售了那些被我們回填和租賃的利用率更高的資產，並且沒有看到未來的增長機會。

So I think any responsible plan will always have some ongoing pruning of the portfolio. Reluctant to provide any guidance as to specific transaction levels. I know that may be frustrating for your models, but appreciate that we're always going to be disciplined. And we're encouraged that Mark and team have been able to find liquidity for some of these smaller assets that are truly noncore.

因此，我認為任何負責任的計劃都會對投資組合進行持續的修剪。不願提供有關具體交易水平的任何指導。我知道這可能會讓您的模型感到沮喪，但要感謝我們始終遵守紀律。我們感到鼓舞的是，馬克和團隊已經能夠為其中一些真正非核心的較小資產找到流動性。

Our next question is from an Juan Sanabria with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Juan Sanabria。

Just a quick follow-up, I guess, to start. The question or the answer to Todd Thomas' question on sequential occupancy improvements for the balance of the year. Was that -- would you answer with regards to build occupancy or the lease rate?

我想，只需快速跟進即可開始。托德·托馬斯關於今年剩餘時間入住率連續改善的問題或答案。您會回答有關建築入住率或租賃率的問題嗎？

Build occupancy.

建立入住率。

Great. And then just curious what the traffic data from the underlying consumer is telling you. Understand that the retailers themselves still seem very enthusiastic about leasing high-quality spaces. But just curious if you're seeing any change in the consumer behavior across regions or affluence levels. Anything you could point to where you yourself are maybe seeing some signs of changing in behavior?

偉大的。然後只是好奇來自潛在消費者的流量數據告訴你什麼。要知道，零售商本身似乎仍然非常熱衷於租賃高質量的空間。但只是好奇您是否發現跨地區或富裕水平的消費者行為有任何變化。您能指出您自己在哪些方面可能看到一些行為改變的跡象嗎？

We haven't seen it yet. We're always looking. We're encouraged that the traffic levels on a year-over-year basis remain positive. And to your question about geography, it's been pretty consistent throughout the country in terms of what those traffic levels have been. So we're encouraged by that. And I think the retailers themselves, as I mentioned earlier, importantly, are looking through kind of some expectations of customer slowdown and weakness, but nonetheless remain very focused on their new store pipelines, which I think is an encouraging sign.

我們還沒有看到它。我們一直在尋找。令我們感到鼓舞的是，同比流量水平仍然保持正值。至於你關於地理的問題，全國各地的交通水平相當一致。所以我們對此感到鼓舞。我認為，正如我之前提到的，重要的是，零售商本身正在考慮客戶放緩和疲軟的一些預期，但仍然非常關注他們的新商店管道，我認為這是一個令人鼓舞的跡象。

Both of what that future demand is going to be, but also the fact that these retailers are focused on the store model as a profitable channel, and they see white space in terms of where they want to open new stores. I'm really proud of how we as a team are capturing a disproportionate share of that demand. When you look at sort of what our indexing is relative to overall new store openings, we weigh out index what our position would otherwise suggest.

既包括未來的需求，也包括這些零售商專注於將商店模式作為盈利渠道的事實，並且他們在想要開設新商店的地方看到了空白。我對我們作為一個團隊如何抓住這一需求的不成比例的份額感到非常自豪。當您查看我們的索引相對於整體新店開業的情況時，我們會權衡我們的位置所建議的索引。

So those are very good tailwinds. Traffic levels remain up year-over-year, which we're encouraged by. And we have not seen any meaningful change.

所以這些都是非常好的順風。流量水平逐年上升，對此我們感到鼓舞。我們還沒有看到任何有意義的變化。

And maybe just a quick follow-up -- question, sorry. There seems to be a greater emphasis on the pad sites for drive-throughs. I'm assuming that, that requires more square footage to effectuate for new drive-through build-outs. Does that maybe limit the amount of pad developments you could do on a go-forward redevelopment pipeline or not necessarily? Just trying to think through what that latest trend means.

也許只是一個快速的跟進——問題，抱歉。人們似乎更加重視免下車的停車位。我假設，這需要更多的平方英尺來實現新的直通式擴建。這是否可能會限制您在後續再開發流程中可以進行的焊盤開發數量，或者不一定？只是想思考一下最新趨勢意味著什麼。

We have great momentum there in part because of where we began. We saw a tremendous opportunity across this portfolio, which we believe still exists to increase density at our properties. Many of our properties are over parked and have areas where we can add pads. And you look at every quarter at our pad activity, and you can see we continue to deliver and bring on new activity. Brian?

我們在那裡擁有巨大的動力，部分原因在於我們的起點。我們在這個投資組合中看到了巨大的機會，我們相信這些機會仍然存在，可以增加我們房產的密度。我們的許多房產都停滿了停車位，並且有可以添加停車位的區域。您查看每個季度我們的 pad 活動，您可以看到我們繼續交付並帶來新的活動。布萊恩？

Yes. Juan, it's a great question. And if you think about what municipalities are doing, right, they're lowering parking requirements. If you look at tenants receptivity in terms of having these type of uses and pads and not as concerned with visibility as they were in the past. What we're doing -- one of the things to think about as you take back at-risk tenant space, you're also freeing up a lot of restrictions on that space.

是的。胡安，這是一個很好的問題。如果您考慮一下市政當局正在做什麼，對吧，他們正在降低停車要求。如果你從擁有這些類型的用途和墊子的角度來看待租戶的接受度，而不是像過去那樣關心可見性。我們正在做的事情——當你收回有風險的租戶空間時要考慮的事情之一，你也釋放了對該空間的許多限制。

So as Jim highlighted, we've been very focused on driving our outparcel pipeline and densifying our sites. You look at Chipotle, which entered our top 40 this quarter. We've got a great pipeline with them. The likes of Shake Shack and Chick-fil-A, Starbucks, and our team has done a fantastic job, our redevelopment, our operating teams, along with our teams and national accounts that are driving that outparcel program, in terms of moving these projects forward.

正如吉姆所強調的那樣，我們一直非常專注於推動我們的外地管道和緻密我們的網站。你看看 Chipotle，它本季度進入了我們的前 40 名。我們與他們有很好的合作渠道。像 Shake Shack 和 Chick-fil-A、星巴克這樣的公司以及我們的團隊都做得非常出色，我們的重建、我們的運營團隊以及我們的團隊和國民賬戶正在推動這些項目，在推動這些項目方面向前。

It's a big focus of ours. And from a demand standpoint, we're probably seeing the most competition for space within that outparcel size range. So really, all those factors are leading us to have just a really strong program that we see going out for several years.

這是我們的一個重點。從需求的角度來看，我們可能會看到在該超出地塊尺寸範圍內的空間競爭最為激烈。事實上，所有這些因素都促使我們制定了一個非常強大的計劃，我們預計該計劃將持續數年。

And one pleasant surprise of the program has been that we're actually generating demand on the balance of the center. So as we bring in a Starbucks or Chipotle or Chik-fil-A, one of those high-traffic users, we see a positive impact on the small shop leasing throughout the center. So it's been a very virtuous cycle for us.

該計劃的一個令人愉快的驚喜是，我們實際上正在對中心的其餘部分產生需求。因此，當我們引入星巴克、Chipotle 或 Chik-fil-A（這些高流量用戶之一）時，我們看到對整個中心的小商店租賃產生了積極影響。所以這對我們來說是一個非常良性的循環。

Our next question comes from Connor Mitchell with Piper Sandler.

我們的下一個問題來自康納·米切爾和派珀·桑德勒。

Following up on the bank upheaval mentioned earlier. I guess I was just wondering, maybe ask a little differently, if it's caused any credit availability issues with any of your smaller tenants, meaning, are any of the small shop tenants seeing their banks pull back at all?

跟進前面提到的銀行動盪。我想我只是想知道，也許問得有點不同，是否對任何較小的租戶造成了任何信貸可用性問題，也就是說，是否有任何小商店租戶看到他們的銀行撤資？

We haven't. In fact, our small shop tenancy remains as strong as it's ever been. And we've talked about on prior calls, the work that our teams have done, our leasing teams have done with Angela's teams in terms of our credit underwriting. And what you're really seeing is the strength of franchise operators. You look at a Jersey Mike's franchisee or somebody like that. They're typically multi-unit operators and the credit profile of that tenant has actually gotten a lot stronger.

我們沒有。事實上，我們的小店租客仍然一如既往地強勁。我們在之前的電話中討論了我們的團隊所做的工作，我們的租賃團隊與安吉拉的團隊在信用承保方面所做的工作。您真正看到的是特許經營商的實力。你看看澤西·邁克的特許經營商或類似的人。他們通常是多單位經營者，並且該租戶的信用狀況實際上變得更強了。

So I'd say, overall, we haven't seen any impact, but I would just say broadly that our small shop tenants base is a lot stronger and the small shops that we're attracting because of all the work that we've done across the portfolio are a lot stronger as well.

所以我想說，總的來說，我們沒有看到任何影響，但我只是泛泛地說，我們的小商店租戶基礎要強大得多，而且我們吸引的小商店是因為我們所做的所有工作整個投資組合的完成度也更強。

Okay. That's helpful. And then discussing the demand and then the supply dynamic a couple of times. Given the declining availability of the anchor spaces, are you seeing any larger format tenants launch more concepts that fit into small shops?

好的。這很有幫助。然後討論需求和供應動態幾次。鑑於主力空間的可用性不斷下降，您是否看到任何大型租戶推出更多適合小型商店的概念？

Sure. I mean you saw IKEA just make an announcement where they're coming to the U.S. They're looking at 5,000 to 10,000 square foot spaces as kind of these kind of mini showrooms with 5-year deals. We're certainly seeing an operator like Dick's, who's talked about their house of sport, the 110,000 square foot concept. That's done much smaller locations like with Golf Galaxy, Macy's has really been focused on their market by Macy's and their Backstage concept.

當然。我的意思是，你看到宜家剛剛宣布他們將進軍美國。他們正在尋找 5,000 到 10,000 平方英尺的空間，作為此類迷你陳列室，為期 5 年。我們當然會看到像迪克這樣的經營者，他談論了他們的運動之家，即 110,000 平方英尺的概念。梅西百貨（Macy's）和高爾夫銀河（Golf Galaxy）等規模較小的場所確實通過梅西百貨（Macy's）和他們的後台概念專注於他們的市場。

So what's been particularly encouraging about the depth of demand is just how many tenants are there to expand and just how flexible tenants have gotten with their format. You're seeing tenants in that 10,000 square foot range like Ulta test out with some smaller units as well. And so as we think about just our availability in total, it just gives us a much deeper pool in terms of tenants to be able to market to.

因此，需求深度特別令人鼓舞的是有多少租戶需要擴張，以及租戶對其業態的靈活性。您會看到 Ulta 等 10,000 平方英尺範圍內的租戶也在測試一些較小的單元。因此，當我們考慮我們的總體可用性時，它只是為我們提供了一個更深層次的租戶池，以便我們能夠進行營銷。

And you're also seeing tenants willing to go smaller than prototype, which creates additional flexibility in that demand.

而且您還看到租戶願意比原型更小，這為該需求創造了額外的靈活性。

Our next question comes from Caitlin Burrows with Goldman Sachs.

我們的下一個問題來自高盛的凱特琳·伯羅斯。

Maybe following up on the earlier questions regarding dispositions in the quarter. Could you just comment on how deep those buyer pools were and what types of buyers were active?

也許會跟進有關本季度處置的早期問題。您能否簡單評論一下這些買家池的深度以及哪些類型的買家活躍？

Yes, sure. So for the disposal in the quarter, as we mentioned, we were pretty pleased with where we traded those assets well inside of where we trade on an implied basis. We clearly benefited from strong demand for grocery-anchored assets across all regions in the U.S. currently. We saw demand from private fund investors, and we particularly saw some strong demand from 1031 buyers, who are in a slower market and really needed to reach for pricing and certain assets. We took advantage of pricing for that market where we could.

是的，當然。因此，對於本季度的處置，正如我們所提到的，我們對我們在隱含交易範圍內交易這些資產的情況感到非常滿意。我們顯然受益於目前美國所有地區對雜貨錨定資產的強勁需求。我們看到了私募基金投資者的需求，特別是1031買家的強勁需求，他們處於較慢的市場中，確實需要觸及定價和某些資產。我們盡可能利用該市場的定價優勢。

Got it. Okay. And then on the leasing spread side, I know renewals is one that isn't often as high as on the new leasing side, but leasing side for renewals jumped in the quarter, the corresponding renewal TIs did too somewhat. So I was just wondering, was that driven by a specific deal? And what are you hearing from tenants with respect to wanting to stay in their space? Angela, I think you did mention that retention is so high.

知道了。好的。然後在租賃價差方面，我知道續訂通常不如新租賃方面那麼高，但租賃方面的續訂在本季度有所增加，相應的續訂 TI 也有所上漲。所以我只是想知道，這是由特定交易驅動的嗎？您從租戶那裡聽到了什麼關於想要留在他們的空間的信息？安吉拉，我想你確實提到了保留率如此之高。

Yes. Caitlin, this is Brian. It's a great question. I appreciate you highlighting it. We've seen continued progress in renewal spreads over the past few years. We were at over 11% through 2022. We now got to 13.7%. That's our highest in 7.5 years. And it really speaks to all the things we've been talking about today, what we've been doing in the portfolio, the fact that we've got better tenants that are driving more traffic, more tenants want to stay. And if you look at our retention rate, which you pointed out, at 84.1%, it's up 270 basis points from where it's at a year ago.

是的。凱特琳，這是布萊恩。這是一個很好的問題。我很感謝你強調它。在過去幾年中，我們看到續訂價差不斷取得進展。到 2022 年，這一比例將超過 11%。現在已達到 13.7%。這是 7.5 年來的最高水平。這確實說明了我們今天討論的所有事情，我們在投資組合中所做的事情，事實上我們有更好的租戶，它們帶來了更多的流量，更多的租戶想要留下來。如果你看看我們的保留率，你指出，為 84.1%，比一年前上升了 270 個基點。

So we put better tenants in. We've got a much stronger overall tenant base and based off of what we're seeing in the overall demand environment, our team is utilizing that to really drive rate, both with new leases and renewals. So it's something that we continue to be encouraged by and something that we expect to continue to be able to make progress on.

因此，我們引入了更好的租戶。我們擁有更強大的整體租戶基礎，並且根據我們在整體需求環境中看到的情況，我們的團隊正在利用這一點來真正提高租約率，無論是新租約還是續租。因此，這是我們繼續受到鼓勵的事情，也是我們期望能夠繼續取得進展的事情。

Our next question comes from Floris Van Dijkum with Compass Point.

我們的下一個問題來自 Compass Point 的 Floris Van Dijkum。

Question for -- I mean, if I look at your portfolio, I mean, you're continuing to click along here in this capital recycling, it's actually -- it's very low risk. Maybe if you could talk about -- I know you guys have -- in the past have said all the assets that you've redeveloped, you've boosted your small shop occupancy, and I can't remember what it's, by a couple of hundred basis points. Presumably, Angela will probably give me the exact number. But can you -- if I think about the upside potential, one of the big upside potentials here is even though your small shop is at record levels of 89%, it's still -- it would appear to have some more upside relative to what some of your peers have.

問題是——我的意思是，如果我看看你的投資組合，我的意思是，你會繼續點擊這裡的資本回收，實際上——風險非常低。也許你可以談談——我知道你們——過去曾說過你們重新開發的所有資產，你們提高了小商店的入住率，我不記得那是什麼了，由一對夫婦一百個基點。據推測，安吉拉可能會給我確切的數字。但是，如果我考慮一下上行潛力，這裡最大的上行潛力之一是，即使您的小商店處於創紀錄的 89% 水平，但相對於某些商店來說，它似乎還有更多的上行空間。你的同齡人有。

And again, if you reinvest in your portfolio, that should have more room to go and small shop rents are double of your anchor rents. And so significant potential upside here. Can you guys share what the occupancy is on the assets -- the small shop occupancy on the assets that you redeveloped? So you spent $885 million in your portfolio. What is the occupancy level in those assets that you've touched -- small shop occupancy compared to the rest of the portfolio?

再說一次，如果你對你的投資組合進行再投資，那應該有更多的空間，小商店的租金是你的主力租金的兩倍。這裡有巨大的潛在上升空間。你們能否分享一下資產的佔用情況——你們重新開發的資產上的小商店佔用情況？因此，您在投資組合中花費了 8.85 億美元。您接觸過的那些資產的佔用率是多少——與投資組合的其他資產相比，小商店的佔用率是多少？

It's a couple of hundred basis points higher than the average. And importantly, we continue to see improvement that we expect to be able to achieve on those reinvestment projects occupancies at or above where the peers are overall from a portfolio standpoint. But you make another very important point, Floris, which is given where the rate is, there's much more leverage to every 10 basis points of improvement in occupancy in the small shop tenants.

它比平均水平高出幾百個基點。重要的是，我們繼續看到，從投資組合的角度來看，我們預計這些再投資項目的入住率能夠達到或高於同行的總體水平。但弗洛里斯，你提出了另一個非常重要的觀點，即在給定的比率下，小商店租戶的入住率每提高 10 個基點，就會有更多的槓桿作用。

So it is part of the follow-on flywheel effect. We improve the anchor and then we drive not only occupancy, but also rate improvement in the follow-on small shop leasing and you're seeing it in our numbers. You're seeing it not leased occupancy, in particular, and you're seeing it also in the rates that we're achieving, which quarter in and quarter out, we continue to set new records.

所以它是後續飛輪效應的一部分。我們改善了錨點，然後我們不僅提高了入住率，還提高了後續小商店租賃的率，您可以從我們的數據中看到這一點。特別是，您看到的不是租賃入住率，您也看到了我們所實現的比率，每個季度和每個季度，我們都在繼續創造新的記錄。

So that's the plan. The follow-on impact of the plan. And from a capital recycling standpoint, where we don't see much more room to run in terms of rate and occupancy, typically, that will be an asset that we consider for harvesting when prudent. So it's -- I'm really glad you highlighted it because I think it's something that's not fully appreciated that not only are we driving great ROI on that $885 million that we put to work. But there is very substantial and clear follow-on benefit both in terms of occupancy and rate in the small shops.

這就是計劃。該計劃的後續影響。從資本回收的角度來看，我們在利率和入住率方面看不到更多的運行空間，通常，這將是我們在謹慎時考慮收穫的資產。所以，我真的很高興你強調了這一點，因為我認為這一點還沒有被充分認識到，我們不僅在我們投入的 8.85 億美元中實現了巨大的投資回報率。但小商店的入住率和比率都具有非常實質性和明顯的後續效益。

The other thing that Brian alluded to, that we're also driving additional density at the properties as we bring in pad sites, et cetera, which sometimes are our highest return opportunities. So it's all part of the overall strategy of driving consistent outperformance and growth. And importantly, it's all within what we own and control today. So when we look past the $360 million or so that we have underway, we believe we have another $1 billion of opportunity behind that.

布萊恩提到的另一件事是，當我們引入墊地等時，我們也在提高房產的密度，這有時是我們最高的回報機會。因此，這都是推動持續卓越表現和增長的總體戰略的一部分。重要的是，這一切都在我們今天擁有和控制的範圍內。因此，當我們回顧目前正在進行的 3.6 億美元左右的資金時，我們相信這背後還有另外 10 億美元的機會。

And when you look at the proportion of the portfolio that we've actually completed reinvestments on, it's a little over 1/3. We have more room to run there, too. So it's exciting to see it now finally coming through, we no longer have to talk about it, but actually pointed out in the execution. And it's also exciting to see kind of the cumulative impact working its way through.

當你看一下我們實際完成再投資的投資組合比例時，你會發現它略高於 1/3。我們在那裡也有更多的運行空間。所以很高興看到它現在終於實現了，我們不再需要談論它，而是在執行中實際指出。看到累積影響逐漸發揮作用也令人興奮。

And I guess maybe my follow-up, you guys obviously that -- signed not open, that's $56 million of ABR. Angela, maybe if you can remind people that there's a follow-on impact as well, which is the recoveries. And I know that you touched upon that, the fact that your 89% or 89.5% recovery was abnormally high. But shouldn't we expect your recovery ratio to stabilize at higher levels than where they've been because of the increased occupancy and obviously, and part of that is through that SNO pipeline?

我想也許是我的後續行動，你們顯然是——簽署未公開的，那是 5600 萬美元的 ABR。安吉拉，也許你可以提醒人們還有後續影響，那就是複蘇。我知道你提到過這一點，事實上你的 89% 或 89.5% 的康復率異常高。但是，由於入住率的增加，顯然，其中一部分是通過 SNO 管道，我們難道不應該期望您的回收率穩定在比以前更高的水平嗎？

Yes, absolutely, Floris. As you continue to increase build occupancy, you will continue to see a meaningful increase in the recovery ratio and the contribution from net expense reimbursements over time. If you look at that signed but not commenced pool, as you said, $56 million represents the annualized base rent from those leases. It's just under 3 million square feet of GLA. And if you kind of conservatively assume recoveries on that space of something like $4 a foot, you're looking at, call it, $11.5 million to $12 million of additional upside.

是的，絕對是，弗洛里斯。隨著建築入住率的不斷增加，隨著時間的推移，您將繼續看到回收率和淨費用報銷的貢獻顯著增加。如果你看看已簽署但尚未開始的池，正如你所說，5600 萬美元代表這些租賃的年化基本租金。 GLA 面積不到 300 萬平方英尺。如果你保守地假設該空間的回收率約為每英尺 4 美元，那麼你會看到，稱之為 1150 萬至 1200 萬美元的額外上漲空間。

Our next question comes from Ki Bin Kim with Truist.

我們的下一個問題來自 Ki Bin Kim 和 Truist。

So it's interesting that your top 10 MSAs has 93% leased occupancy. It's actually lower than the markets you consider kind of other. Your smaller markets where they have 96% lease rate. And I realize within the top 10, you have some markets like Chicago, Dallas or Miami that are dragging on the average, but also just kind of curious on your high-level thoughts. Are these couple of markets catalysts in the future? Or are they more reflective of the challenges that looks like the market or the assets?

有趣的是，前 10 個 MSA 的租賃率高達 93%。它實際上低於您認為的其他市場。您的較小市場的租賃率為 96%。我意識到，在前十名中，有一些市場，如芝加哥、達拉斯或邁阿密，它們的平均水平落後，但也只是對你們的高層想法感到好奇。這兩個市場是未來的催化劑嗎？或者它們更能反映市場或資產面臨的挑戰？

And I do see that some of these are in the development pipeline, but just trying to get an overall sense of what happens to some of these markets over time.

我確實看到其中一些正在開發中，但只是試圖全面了解其中一些市場隨著時間的推移會發生什麼。

Yes. It's much less about a particular market and much more driven by opportunities that we have for future redevelopment. And that includes markets like (inaudible), includes markets like Chicago, where we have lower occupancy assets around which we are leasing and building plans for reinvestment, and you'll see us continue to announce them in the coming quarters as we hit our minimum leasing threshold.

是的。這與特定市場無關，更多的是由我們未來重建的機會驅動。這包括像（聽不清）這樣的市場，包括像芝加哥這樣的市場，我們在那裡的佔用資產較低，我們正在租賃這些資產並製定再投資計劃，當我們達到最低要求時，您將看到我們在未來幾個季度繼續宣布這些資產租賃門檻。

So really, a lot of that vacancy, if you will, is part of the fuel of our future pipeline. There's another interesting point embedded in what you said, and that is that we have non-top 100 MSAs that are some of the best growers and some of the best assets in the industry. So I think sometimes those MSA statistics can hide, if you will, some real upside opportunity in assets like in Ann Arbor, Michigan or other areas where we see that supply-demand imbalance, particularly attenuated, and we also see a lot of tenants who believe those markets represent white space for them.

事實上，如果你願意的話，很多空缺都是我們未來管道燃料的一部分。您所說的還有另一個有趣的點，那就是我們擁有非前 100 名的 MSA，它們是業內最好的種植者和一些最好的資產。因此，我認為有時這些 MSA 統計數據可以掩蓋資產的一些真正的上昇機會，例如密歇根州安娜堡或其他我們看到供需失衡特別減弱的地區，而且我們也看到很多租戶相信這些市場對他們來說代表著空白。

So it's really, Ki Bin, much more driven by a few assets in each of those markets with lower occupancy.

所以，Ki Bin，這實際上更多地是由每個入住率較低的市場中的一些資產驅動的。

Okay. And I was curious about the -- your proactive leasing for troubled retailers, maybe before they're even BK, so for example, if a retailer like JOANN Fabrics, if they have a limited lifetime, how quickly do you try to release some of those assets or get some interest from tenants before bankruptcy is actually announced?

好的。我很好奇——你對陷入困境的零售商主動租賃，也許在他們甚至 BK 之前，所以舉例來說，如果像 JOANN Fabrics 這樣的零售商，如果它們的使用壽命有限，你會以多快的速度嘗試釋放一些那些資產或在實際宣布破產之前從租戶那裡獲得一些利息？

Ki Bin, it's a great question. Our team is laser-focused on really everybody on the watch list. And I think it's demonstrated in the results this quarter, having the leases already signed on the spaces we proactively took back from Bed Bath. We signed a lease in under 60 days on our 1 party city rejection on an asset that we bought in suburban Chicago with Five Below. You've seen some of the demand that we're seeing with Tuesday Morning out of the gate with tenants that are willing to proactively negotiate LOIs and leases to get control of some of the space.

基斌，這是一個很好的問題。我們的團隊非常關注觀察名單上的每個人。我認為這一點在本季度的業績中得到了證明，我們主動從 Bed Bath 收回的空間已經簽訂了租約。我們在 60 天內簽署了一份租約，因為我們在芝加哥郊區購買了一項資產，該資產被一方城市拒絕。您已經看到了我們在周二早上看到的一些需求，租戶願意主動協商意向書和租賃，以獲得部分空間的控制權。

So our team has done a fantastic job and they're laser focused. So we're not waiting for the actual rejection notice to come through or the bankruptcy announcement. We understand what the interest is. We understand what the rents are that we can achieve, and we're executing on them as quickly as we can. So it's really a credit to how the team has approached these and expect us to continue to do that moving forward.

所以我們的團隊做得非常出色，而且他們非常專注。因此，我們不會等待實際的拒絕通知或破產公告的通過。我們了解興趣是什麼。我們了解我們可以實現的租金是多少，並且我們正在盡快執行它們。因此，這確實歸功於團隊處理這些問題的方式，並期望我們繼續這樣做。

Our next question comes from Tayo Okusanya with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Tayo Okusanya。

Congrats on the solid quarter. I know you guys usually give us a recap in terms of ICSC, but again, just kind of going into it in 3 weeks. Just kind of wondering what you're seeing, what you're hearing from your clients, whether anything feels different heading into ICSC this year versus last year, whether it's again, still a lot of people kind of talking about open to buy, people more concerned about the outlook for the consumer. Just kind of trying to get a sense of going into it what you guys are seeing and what are the implications for your business?

祝賀季度業績穩定。我知道你們通常會就 ICSC 給我們做一個回顧，但同樣，我們會在 3 週內進行回顧。只是想知道你看到了什麼，從客戶那裡聽到了什麼，今年進入 ICSC 與去年相比是否有什麼不同，是否再次出現，仍然有很多人在談論開放購買，人們更關心消費者的前景。只是想了解一下你們所看到的情況以及對您的業務有何影響？

Great question.

很好的問題。

It's a great question. We're very excited. Attendance is up at ICSC. Our teams have full calendars as we look 3 weeks out from the show. Full calendars with tenants that are looking to open stores that are trying to get those last few stores in for 2023 and really looking out to set their 2024 in pipelines beyond with many of the tenants that I mentioned today. So retailers are bringing more of their teams out, which is a sign to us that they're continuing to look for space.

這是一個很好的問題。我們非常興奮。 ICSC 的出席人數有所增加。我們的團隊已經排滿了日曆，距離展會還有 3 週時間。日曆已滿，租戶們希望開設商店，他們試圖在 2023 年開業最後幾家商店，並真正希望在 2024 年與我今天提到的許多租戶一起開業。因此，零售商正在派出更多的團隊，這向我們表明他們正在繼續尋找空間。

And for us, this really sets up a year. It's a great conference, and our team does a fantastic job of being proactive in terms of lining up meetings and the meetings that we have are with tenants that want to grow. So we're very excited about it.

對我們來說，這確實是一年。這是一次很棒的會議，我們的團隊在安排會議方面做得非常出色，而且我們與想要成長的租戶舉行的會議。所以我們對此感到非常興奮。

Yes. And the point Brian made that I'll just highlight is attendance is expected to be up pretty meaningfully year-over-year. We'll know the final numbers, but ICSC is already ahead of pace.

是的。布萊恩提出的我要強調的一點是，預計出席人數將逐年顯著增加。我們將會知道最終的數字，但 ICSC 已經領先了。

Our next question comes from Anthony Powell with Barclays.

我們的下一個問題來自巴克萊銀行的安東尼·鮑威爾。

Percentage rents were a bit higher than what we were modeling in the quarter. What's the outlook for that line item throughout the year?

租金百分比略高於我們在本季度建模的水平。該訂單項全年的前景如何？

Yes. There are timing issues of percentage rents just in terms of when we get sales reports from different tenants and when that income is recognized. We do expect this to be a slight positive contributor for the full year, but not overly material. That was baked into our guidance for same-property NOI in the net expense reimbursements and other bucket we gave last quarter, which was 0 to 50 basis points. That number is now more like 25 to 50 basis points.

是的。僅就我們何時從不同租戶獲得銷售報告以及何時確認收入而言，百分比租金存在時間問題。我們確實預計這將對全年產生輕微的積極貢獻，但不會太過重大。這已納入我們上季度給出的淨費用報銷和其他類別中的相同財產 NOI 指導，即 0 到 50 個基點。現在這個數字更像是 25 到 50 個基點。

Got it. And maybe 1 more. With the strong lease spreads, are you also seeing, I guess, higher rent bumps on an annual basis in your new leases that you're signing?

知道了。也許還有 1 個。由於租賃價差強勁，我想您是否也看到您簽署的新租約中的租金逐年上漲？

We are. This is Brian. We -- actually 100% of our deals had rent growth this quarter, and our rent bumps are -- average annual rent bumps are exceeding where they were a year ago. It's something that our team is laser-focused on, not just the initial rate, which we've been signing rents at the highest levels that we ever have. This quarter, we signed small shops at literally the highest rate that we ever have in the portfolio, but we are focused on growing rents over the initial term, and our team has done a great job of continuing to make progress there.

我們是。這是布萊恩。實際上，本季度我們 100% 的交易都有租金增長，而且我們的租金上漲是 - 平均年租金上漲超過了一年前的水平。這是我們團隊高度關注的事情，而不僅僅是初始租金，我們一直以有史以來的最高水平簽訂租金。本季度，我們以我們投資組合中最高的速度簽下了小商店，但我們的重點是在初始期限內增加租金，我們的團隊在繼續取得進展方面做得很好。

Our next question comes from Mike Mueller with JPMorgan.

我們的下一個問題來自摩根大通的邁克·穆勒。

I think you described the first quarter dispositions as being low growth. And I was curious, was that a little bit more about the specific assets or the market attributes? And then just as a quick follow-up, were the buyers of those assets, cash buyers or levered buyers? Or just any color on the buyer pool?

我認為您將第一季度的配置描述為低增長。我很好奇，這是否更多地涉及特定資產或市場屬性？然後，作為快速跟進，這些資產的買家是現金買家還是槓桿買家？或者只是買家池中的任何顏色？

I'll let Mark comment on buyer pool, but my comment around lower growth really reflects the leasing that we had done to backfill space and really more asset-by-asset assessment as to what we saw the ability to grow that asset going forward. So less about a market call, much more about the asset in particular.

我會讓馬克對買家池發表評論，但我對較低增長的評論確實反映了我們為回填空間所做的租賃，以及更多的逐項資產評估，以了解我們看到的未來​​增長該資產的能力。因此，與其說是關於市場電話，不如說是關於資產。

From a leverage perspective, we dealt with buyers who were all cash buyers in the quarter. We dealt with some buyers who were using lower leverage bank financing. And we did have 1 buyer on an earlier -- earlier in the quarter, trade CMBS. So I think overall, when you look at leverage for open-air retail, you continue to see demand from lenders given the overall attractiveness of the asset base that you're -- you have assets that are well below replacement costs that generate strong cash flows and potential for growth.

從槓桿角度來看，本季度我們遇到的買家都是現金買家。我們與一些使用較低杠桿銀行融資的買家打交道。我們確實有 1 個買家在本季度早些時候交易 CMBS。因此，我認為總的來說，當你考慮露天零售的槓桿時，考慮到資產基礎的整體吸引力，你會繼續看到來自貸方的需求——你擁有遠低於重置成本的資產，可以產生強勁的現金流量和增長潛力。

So you continue to see relatively strong demand to finance open-air retail today.

因此，您今天仍然會看到對露天零售融資的相對強勁的需求。

Our next question comes from Paulina Rojas with Green Street.

我們的下一個問題來自 Green Street 的 Paulina Rojas。

I have one question. And I'm curious how will you characterize the presence of private equity-owned retailers in your industry today? And if you fear this niche, again, could represent a source of unusual risk given the combo of the usual meaning on leverage and the current environment where rates have increased so much and so quickly.

我有一個問題。我很好奇您將如何描述當今行業中私募股權擁有的零售商的存在？如果你擔心這個利基市場，考慮到槓桿的通常含義和當前利率增長如此之快、如此之快的環境，這可能代表著異常風險的來源。

Yes, I think you're right to raise that as 1 particular pocket of risk, we're certainly keeping our eyes on. It's not just private equity backed companies, but it's really about the leverage profile there. And whether or not debt has been fixed and companies have some room to sort of withstand some of the headwinds right now. So we look at all of those factors. But really, at all times throughout the course of the cycle, we are always keeping an eye on those platforms that are PE-backed and high leverage.

是的，我認為你將其作為一個特定的風險提出來是正確的，我們當然會密切關注。這不僅僅是私募股權支持的公司，而且實際上與那裡的槓桿狀況有關。無論債務是否得到解決，企業現在是否還有一定的空間來抵禦一些不利因素。所以我們會考慮所有這些因素。但實際上，在整個週期的任何時候，我們始終關注那些由私募股權投資支持且槓桿率較高的平台。

Our next question comes from Linda Tsai with Jefferies.

我們的下一個問題來自 Jefferies 的 Linda Tsai。

Just 2 quick ones. Angela, can you remind us the impact of out-of-period collections that will impact the comparability of 2Q '23?

就2個快的。 Angela，您能否提醒我們，過時收藏對 2023 年第二季度的可比性有何影響？

Yes. The amount of out-of-period collections recognized in the second quarter of last year was about $10.5 million. That was easily $2 million to -- really $2.5 million to $3 million higher than any other quarter during the course of last year. So it's a pretty material impact.

是的。去年第二季度確認的期外收款金額約為1050萬美元。這比去年任何其他季度高出 200 萬美元到 250 萬美元到 300 萬美元。所以這是一個相當實質性的影響。

And then in terms of the 75 to 110 basis points of bad debt, how much was realized in 1Q?

那麼，就75至110個基點的壞賬而言，一季度實現了多少？

Yes. So the level of revenue deemed uncollectible as a percentage of total revenues in Q1 was about 30 basis points in the same property pool. So a little bit below that full year range. But again, we've held the full year 75 to 110 basis point guidance consistent with our original guidance.

是的。因此，在同一財產池中，第一季度被視為無法收回的收入佔總收入的百分比約為 30 個基點。所以略低於全年範圍。但我們再次重申，全年指引為 75 至 110 個基點，與我們最初的指引一致。

Our next question comes from Samir Khanal with Evercore.

我們的下一個問題來自 Evercore 的 Samir Khanal。

Jim or Brian, I'm sorry if I missed this, but I mean we talked about Bed Bath, the rent growth you can achieve the 30% to 35%, I think that's what you said. Maybe talk about the other side of the equation, like what's the cost factor to achieve this rent, right, the CapEx involvement? I know you said some of these boxes could be taken as is. But in the event that some were split, maybe talk about the net effect of rent growth? So maybe a bit of color on that.

Jim或者Brian，如果我錯過了這個，我很抱歉，但我的意思是我們談論了Bed Bath，你可以實現30%到35%的租金增長，我想這就是你所說的。也許可以談談等式的另一面，比如實現租金的成本因素是什麼，對吧，資本支出的參與？我知道你說過其中一些盒子可以按原樣使用。但如果有些人分裂了，也許可以談談租金增長的淨效應？所以也許有一點色彩。

It's a great question. I'll let Brian answer parts of it. But when you take a step back, the fact that most of the activity that we're seeing is single-tenant backfills certainly reduces that. And some of it is as is. So really, all you're paying is a brokerage commission to get that tenant in. So it depends also on the use. If you bring in a specialty grocer, you're going to spend more money. But importantly, on the other side of that, you're going to generate a much larger return.

這是一個很好的問題。我會讓布萊恩回答部分問題。但當您退後一步時，我們看到的大多數活動都是單租戶回填，這一事實肯定會減少這種情況。其中一些是原樣。所以實際上，您所支付的只是讓該租戶入住的經紀佣金。所以這也取決於用途。如果你引進一家特色雜貨店，你會花更多的錢。但重要的是，另一方面，您將獲得更大的回報。

And so we fully expect to continue to generate some positive momentum in net effective rents, as we recapture the space and capitalize on the spreads that we have. But the -- it's not just one or the other. And by that, I mean, we look at the alternatives of backfilling with the single tenant versus backfilling with multiple tenants. And we (inaudible) towards that scenario where we believe we're making a better ROI decision.

因此，隨著我們重新奪回空間並利用我們擁有的利差，我們完全預計淨有效租金將繼續產生一些積極的勢頭。但這不僅僅是其中之一。我的意思是，我們會研究使用單個租戶回填與使用多個租戶回填的替代方案。我們（聽不清）相信我們正在做出更好的投資回報率決策。

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

我們的問答環節已經結束。我現在想把發言權交還給史黛西·斯萊特（Stacy Slater）以徵求結束意見。

Thanks, everyone, for joining us today. We look forward to seeing many of you over the next few weeks.

謝謝大家今天加入我們。我們期待在接下來的幾週內見到你們中的許多人。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。