CBL & Associates Properties, Inc. (CBL) 2019 Q4 法說會逐字稿

Good day, and welcome to the CBL Properties Fourth Quarter Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 CBL Properties 第四季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Katie Reinsmidt from -- CBL, Chief Investment Officer. Please go ahead.

現在，我想將會議交給 CBL 首席投資長凱蒂·雷因斯密特 (Katie Reinsmidt)。請繼續。

Thank you, and good morning. Joining me today are Stephen Lebovitz, CEO; and Farzana Khaleel, Executive Vice President and CFO.

謝謝，早安。今天與我一起出席的還有執行長 Stephen Lebovitz；以及執行副總裁兼財務長 Farzana Khaleel。

This conference call contains forward-looking statements within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties. Future events and actual results, financial and otherwise, may differ materially. We direct you to the company's various filings with the SEC for a detailed discussion of these risks.

本次電話會議包含聯邦證券法所定義的前瞻性陳述。此類聲明本質上具有風險和不確定性。未來事件和實際結果（無論是財務還是其他方面）可能會存在重大差異。我們引導您參閱該公司向美國證券交易委員會提交的各種文件，以詳細討論這些風險。

A reconciliation of supplemental non-GAAP financial measures to the comparable GAAP financial measure was included in yesterday's earnings release and supplemental that will be furnished on Form 8-K and is available in the Invest section of the website at cblproperties.com.

昨天的收益報告和補充報告中包含了補充非 GAAP 財務指標與可比較 GAAP 財務指標的對賬，該對賬將在 8-K 表中提供，可在 cblproperties.com 網站的投資部分查閱。

This call is being limited to 1 hour. (Operator Instructions). If you have questions that were not answered during today's call, please reach out to me following the conclusion.

本次通話時間限制為 1 小時。（操作員指令）。如果您在今天的通話中沒有得到解答，請在結束後與我聯絡。

I will now turn it over to Stephen.

現在我將把發言權交給史蒂芬。

Thank you, Katie, and good morning, everyone. The mall business is in transition. And we are responding by making the changes necessary to our portfolio. While we wish progress could be reflected more immediately in our results, we are confident in our strategy. This time last year, we had over 40 anchor closures. Today, we have more than 2/3 of that space we place with dynamic new traffic-driving users. Most of these users are not traditional retail names. They include educational uses, fitness centers, casinos, new-to-market entertainment, fast casual and sit-down restaurants and in-demand value retail.

謝謝你，凱蒂，大家早安。商場業務正在轉型。我們正在對我們的投資組合進行必要的調整以應對這一變化。雖然我們希望進展能夠更直接地反映在我們的結果中，但我們對我們的策略充滿信心。去年這個時候，我們有超過 40 家主力店關閉。今天，我們擁有的超過 2/3 的空間都被動態的新流量驅動用戶所佔據。這些用戶大多不是傳統的零售品牌。它們包括教育用途、健身中心、賭場、新上市娛樂場所、快餐休閒餐廳和堂食餐廳以及熱門的價值零售店。

Many of these projects include mixed uses such as hotels, multifamily, medical, office and storage. The creativity of the CBL team is impressive, and while the job is far from done, we have made tremendous progress over the last year. I expected 2020 will be just as productive and will move us further towards accomplishing our goals.

許多此類項目包括酒店、多戶住宅、醫療、辦公室和倉儲等混合用途。CBL 團隊的創造力令人印象深刻，雖然工作還遠未完成，但我們在過去一年中取得了巨大的進步。我預計 2020 年將會同樣富有成效，並使我們進一步實現目標。

As our results for 2019 and guidance for 2020 indicate, we are facing ongoing challenges as retailers struggle to succeed in an increasingly competitive and fast-changing industry. Despite these challenges, we ended 2019 with financial results at the high end of our guidance range, including same-center NOI declining 6.5% and adjusted FFO of $1.36 per share. Revenues and occupancy were significantly impacted by retailer bankruptcies and store closings, including the liquidation or reorganization of several major retailers. Our 2020 guidance range incorporates the carryover from 2019 as well as our expectation of additional retailer fallout in 2020.

正如我們 2019 年的業績和 2020 年的指引所表明的那樣，零售商在競爭日益激烈、瞬息萬變的行業中努力取得成功，我們面臨著持續的挑戰。儘管面臨這些挑戰，我們在 2019 年結束時的財務表現仍處於指導範圍的高端，包括同中心 NOI 下降 6.5% 和調整後 FFO 為每股 1.36 美元。零售商破產和商店關閉（包括幾家大型零售商的清算或重組）對收入和入住率產生了嚴重影響。我們的 2020 年指導範圍涵蓋了 2019 年的結轉以及我們對 2020 年更多零售商影響的預期。

In January, Macy's announced one closure in our portfolio at our property at Hanes Mall in Winston-Salem, North Carolina. We have been working on plans and expect to be able to make an announcement for replacement in the coming months.

今年 1 月，梅西百貨宣布關閉位於北卡羅來納州溫斯頓塞勒姆 Hanes Mall 的一家門市。我們一直在製定計劃，並希望能夠在未來幾個月內宣布更換訊息。

Earlier this week, Macy's announced its new strategic 3-year plan, including a targeted store closure program. Our understanding is that the definitive closure list will be finalized over time.

本週早些時候，梅西百貨宣布了其新的三年策略計劃，其中包括有針對性的門市關閉計劃。我們的理解是，最終關閉名單將會隨著時間的推移而最終確定。

Within the CBL portfolio, we expect an additional 6 to 7 store closures to occur over the next 3 years. We do not anticipate any of these closures to occur in 2020. While this announcement is certainly a setback, the extended timetable provides us with runway to line up replacements.

在 CBL 投資組合中，我們預計未來 3 年內還會有 6 到 7 家門市關閉。我們預計 2020 年不會發生任何此類關閉事件。雖然這項聲明無疑是一個挫折，但延長的時間表為我們提供了尋找替代者的機會。

As a result of our redevelopment efforts, we are diversifying our revenue stream and working to stabilize income. Since the Bon-Ton and Sears bankruptcies in 2018, we have opened 15 new tenants in former anchor locations, adding more productive uses, and we have another dozen committed replacements either under construction or planning underway. We are proactively reducing our exposure to apparel retailers, with more than 76% of 2019 new mall leasing completed with nonapparel tenants.

透過重建努力，我們正在實現收入來源多元化並努力穩定收入。自 2018 年 Bon-Ton 和 Sears 破產以來，我們在之前的主力店址開設了 15 家新租戶，增加了更多生產用途，並且我們還有十幾家已承諾的替代店址正在建設或規劃中。我們正在積極減少對服裝零售商的敞口，2019 年新商場租賃中超過 76% 是由非服裝租戶完成的。

We are currently under construction, have agreements to execute it or in active negotiations on 2 multifamily projects; 14 entertainment operations, including 2 casinos; 9 hotels; 28 restaurants; 8 fitness centers; 9 medical uses; 3 self-storage facilities and several other nonretail uses. We are minimizing required capital investment while affecting transformative redevelopments. We're utilizing ground leases, joint ventures and other creative structures. These structures have allowed us to add mixed uses like the hotel and convention center at Brookfield Square in Milwaukee, multifamily housing to our open-air center, The Pavilion at Port Orange in Daytona Beach, storage facilities at 3 properties on outparcel land and a hotel at Hamilton Place in Chattanooga. And we have a pipeline of additional projects that are in various stages of commitment and permitting.

我們目前正在建造 2 個多戶型項目，已達成執行協議或正在積極談判； 14 家娛樂場所，其中包括 2 家賭場； 9家酒店； 28家餐廳； 8 個健身中心； 9種醫療用途； 3 個自助存儲設施和其他幾個非零售用途。我們正在盡量減少所需的資本投資，同時影響變革性的重建。我們正在利用土地租賃、合資企業和其他創新結構。這些建築使我們能夠增加混合用途，例如位於密爾瓦基布魯克菲爾德廣場的酒店和會議中心、露天中心的多戶住宅、位於代托納海灘的奧蘭治港的展館、位於外圍土地上的 3 處房產的倉儲設施以及位於查塔努加漢密爾頓廣場的酒店。我們還有一系列其他項目正處於不同的承諾和許可階段。

We have also taken difficult, yet important steps to maintain portfolio cash flow by suspending our common and preferred dividends. Our portfolio provides us with sufficient cash flow to fund CapEx, principal amortization as well as our redevelopment and leasing programs. We also supplement our cash flow with select dispositions. In 2019, we completed the sale of a partial interest in two of our outlet centers through our existing partner, with the second closing during the fourth quarter. This transaction generated $18 million in equity and reduced our share of debt by $30 million, all while maintaining a 50% ownership in strong assets.

我們也採取了艱難但重要的措施，即暫停普通股和優先股股息，以維持投資組合的現金流。我們的投資組合為我們提供了充足的現金流，以資助資本支出、本金攤銷以及我們的重建和租賃計劃。我們也透過選擇性處置來補充我們的現金流。2019 年，我們透過現有合作夥伴完成了兩家奧特萊斯中心部分權益的出售，第二筆交易於第四季完成。這筆交易產生了 1800 萬美元的股權，並減少了 3000 萬美元的債務份額，同時保持了 50% 的優質資產所有權。

Our next major project opening is the redevelopment of the former Sears at Hamilton Place here in Chattanooga. Dave & Buster's and Dick's Sporting Goods are opening this March, joining Cheesecake Factory, which opened in December 2018. The Aloft Hotel and self-storage project are under construction as well. We recently announced that Malone's Steak & Seafood will join the project on an outparcel pad and additional uses will be announced in the near future. This project is a prime example of the strategy that we are implementing at our centers. Retail is changing, and a result -- and as a result, our shopping centers are evolving into what we call suburban town centers. Traditional apparel is being rightsized and enhanced by the new users I mentioned earlier. Even with these changes, 85% of retail sales still occur in-stores, and online retailers recognize the value of bricks-and-mortar facilities.

我們的下一個主要項目是重建位於查塔努加漢密爾頓廣場的原始西爾斯百貨。Dave & Buster's 和 Dick's Sporting Goods 將於今年 3 月開業，緊隨 2018 年 12 月開業的 Cheesecake Factory 之後。雅樂軒酒店和自助倉儲工程也正在興建中。我們最近宣布，Malone's Steak & Seafood 將加入該專案的外包地塊，其他用途將在不久的將來公佈。該專案是我們在中心實施的策略的一個典型例子。零售業正在發生變化，結果是——我們的購物中心正在演變成我們所謂的郊區城鎮中心。傳統服裝正在被我之前提到的新用戶調整規模並加以改進。即使發生了這些變化，85% 的零售銷售仍然發生在店內，而線上零售商也認識到實體店的價值。

The strategy we are following at our properties positions them for ongoing success in their markets. We are confident that these steps, and others we are taking now, will yield positive results in the future.

我們針對自身物業所採取的策略將使它們在其市場中持續取得成功。我們相信，這些措施以及我們現在正在採取的其他措施將在未來產生積極成果。

I will now turn the call over to Katie to discuss our operating results and investment activity.

現在我將把電話轉給凱蒂，討論我們的營運績效和投資活動。

Thank you, Stephen. During 2019, the CBL leasing team, in spite of the difficult environment, completed nearly 3.9 million square feet of total leasing activity, including 1.4 million square feet of new leases and 2.5 million square feet of renewals.

謝謝你，史蒂芬。2019 年，儘管環境艱難，CBL 租賃團隊仍完成了近 390 萬平方英尺的總租賃活動，其中包括 140 萬平方英尺的新租約和 250 萬平方英尺的續約。

On a comparable same-space basis for the year, we signed approximately 2.1 million square feet of new and renewal leases at an average gross rent decline of 8%. Spreads on new leases for stabilized malls increased 9%, and renewal leases were signed at an average of 11.5% lower than the expiring rents.

以當年可比的同等面積計算，我們簽署了約 210 萬平方英尺的新租約和續約租約，平均總租金下降了 8%。穩定商場的新租約利差擴大了 9%，續約合約的平均簽訂價格比到期租金低 11.5%。

Same-center mall occupancy improved 110 basis points sequentially to 89.8%. However, occupancy continues to be impacted by bankruptcy-related store closures, which is evident in the 210 basis point decline compared to the prior year period.

同一中心商場的入住率較上季提高 110 個基點，達到 89.8%。然而，入住率繼續受到破產相關門市關閉的影響，與去年同期相比下降了 210 個基點。

Portfolio occupancy declined 190 basis points year-over-year to 91.2%. Bankruptcy-related store closures reduced year-end mall occupancy by approximately 400 basis points or 700,000 square feet, including closures from Payless, Gymboree, Charming Charlie, Charlotte Russe and Destination Maternity. In January, the majority of Regis and Mastercuts stores that were controlled by The Beautiful Group closed. In the CBL portfolio, 25 locations, representing approximately 35,000 square feet and $1.5 million in gross rent were impacted.

投資組合入住率年減 190 個基點至 91.2%。與破產相關的商店關閉導致年底商場入住率減少了約 400 個基點或 700,000 平方英尺，其中包括 Payless、Gymboree、Charming Charlie、Charlotte Russe 和 Destination Maternity 的關閉。今年 1 月，The Beautiful Group 旗下的 Regis 和 Mastercuts 商店大部分關閉。在 CBL 投資組合中，有 25 個地點受到影響，面積約 35,000 平方英尺，總租金為 150 萬美元。

For the fourth quarter, mall sales increased 3%, bringing the trailing 12-month sales to $387 per square foot compared with $379 for the prior year. Categories that performed well during the holiday season included fast casual dining, electronics, children and family shoes and sporting goods.

第四季度，商場銷售額成長 3%，過去 12 個月的銷售額達到每平方英尺 387 美元，去年同期為 379 美元。假日期間表現良好的類別包括快餐休閒餐飲、電子產品、兒童和家庭鞋以及體育用品。

Sales growth resulted in several positive shifts for the tiering of our malls in our portfolio. Parkway Place, St Clair Square, Old Hickory and Imperial Valley, all moved into Tier 1 due to their strong sales growth. Laurel Park and Northgate moved to Tier 3. At Laurel Park, which is a 2-anchor mall, we just opened Dunham's Sports in the former Carson's box, which will drive new traffic to the center.

銷售額的成長為我們投資組合中的購物中心的層級帶來了一些積極的變化。由於銷售成長強勁，Parkway Place、St Clair Square、Old Hickory 和 Imperial Valley 均進入了第一層級。勞雷爾公園和北門購物中心升至 3 級。勞雷爾公園擁有 2 家主力店，我們剛剛在原卡森購物中心原址開設了 Dunham's Sports，這將為中心帶來新的客流量。

We're making great progress on our anchor replacement program. You can find a complete schedule of projects underway in the supplemental, but I'll touch on a few recent updates.

我們的錨替換計劃正在取得巨大進展。您可以在補充資料中找到正在進行的專案的完整時間表，但我將介紹一些最近的更新。

At Mall del Norte in Laredo, Texas, we downsized Forever 21 and our opening entertainment user, Main Event, this month. Stephen described the status of our largest redevelopment of the year, the Sears redevelopment at Hamilton Place here in Chattanooga. The project includes Dave & Buster's, Aloft Hotel and Dick's Sporting Goods, plus the recently announced Malone's Steak & Seafood. We are also developing a joint venture self-storage facility on a parcel outside the Ring Road at Hamilton Place. This project is a similar structure to our previous storage projects and that we're contributing the land as our equity. The opening is expected later this year.

在德州拉雷多的 Mall del Norte，我們本月縮減了 Forever 21 和開幕娛樂用戶 Main Event 的規模。史蒂芬介紹了我們今年最大的重建項目——位於查塔努加漢密爾頓廣場的西爾斯重建項目的現狀。該項目包括 Dave & Buster's、Aloft Hotel 和 Dick's Sporting Goods，以及最近宣布的 Malone's Steak & Seafood。我們也在漢密爾頓廣場環城路外的一塊地開發一個合資自助倉儲設施。該項目與我們先前的儲存項目結構類似，我們將土地作為我們的股權投入。該建築預計將於今年稍後開業。

Tilt is under construction and will open soon at CherryVale Mall in Rockford, Illinois, in the former Sears location. We started construction in an office building at our open-air center, Pearland Town Center in Houston, Texas. The 48,000 square-foot building will be fully leased to HCA Healthcare and will provide additional daytime traffic to the center.

Tilt 目前正在建設中，並將很快在伊利諾伊州羅克福德 CherryVale 購物中心（原西爾斯百貨）開業。我們開始在位於德州休士頓的露天中心 Pearland Town Center 建造辦公大樓。這座佔地 48,000 平方英尺的建築將全部租給 HCA 醫療保健中心，並將為中心提供額外的日間客流量。

At Coastal Grand and Myrtle Beach, a 50-50 joint venture, we started construction on an expanded Dick's Sporting Goods/Golf Galaxy combo store. Entertainment operator Flip N Fly will locate in the space that Dick's currently occupies. At Cross Creek Mall in Fayetteville, North Carolina, we are under construction on the former Sears location to add Dave & Buster's. We'll also announce additional restaurants and other users joining the redevelopment as details are finalized.

在 Coastal Grand 和 Myrtle Beach（一家各佔一半股份的合資企業）中，我們開始擴大 Dick's Sporting Goods/Golf Galaxy 組合商店。娛樂營運商 Flip N Fly 將進駐 Dick's 目前所在的空間。在北卡羅來納州費耶特維爾的 Cross Creek 購物中心，我們正在對原西爾斯百貨公司進行改造，以增設 Dave & Buster's 商店。在細節最終確定後，我們還將宣布更多餐廳和其他用戶加入重建計畫。

We recently opened several anchor replacement projects. At our 50-50 joint venture properties, Kentucky Oaks in Paducah, Kentucky, Burlington and Ross opened in the Seritage-owned Sears. HomeGoods also opened in mid-October to replace a portion of the Elder-Beerman store, additional value retailers are under negotiation.

我們最近啟動了幾個錨點更換專案。在我們各佔 50% 股份的合資企業中，位於肯塔基州帕迪尤卡、伯靈頓和羅斯的 Kentucky Oaks 餐廳在 Seritage 旗下的西爾斯百貨開業。HomeGoods 也於 10 月中旬開業，取代 Elder-Beerman 商店的部分業務，其他價值零售商正在談判中。

As I mentioned earlier, at Laurel Park Place in Livonia, Michigan, Dunham's Sports opened in the Carson's box in November; Ross Dress for Less replaced Herbergers at Dakota Square in Minot, North Dakota; and we're under -- we are currently under negotiations with another value retailer to take the remaining space.

正如我之前提到的，位於密西根州利沃尼亞的勞雷爾公園廣場，鄧納姆體育館於 11 月在卡森包廂開業； Ross Dress for Less 取代了位於北達科他州邁諾特市 Dakota Square 的 Herbergers；我們目前正在與另一家價值零售商談判，以佔用剩餘的空間。

At Frontier Mall in Cheyenne, Wyoming, JAX Outdoor Gear purchased and opened in the former Sears location. At Stroud Mall, the new ShopRite supermarket, which opened in October, replaced the former Bon-Ton and is exceeding sales projections. We opened a furniture outlet store in the former Sears in January as well.

在懷俄明州夏延市的 Frontier Mall，JAX Outdoor Gear 購買了原西爾斯百貨並重新開業。在斯特勞德購物中心，10 月開幕的全新 ShopRite 超市取代了先前的 Bon-Ton，銷售額超出預期。我們還在一月在前西爾斯百貨開了一家家具直銷店。

We have strong demand for our remaining vacant anchor locations, with several others under negotiation, out for signature or with active interest. We will make additional announcements as plans progress.

我們對剩餘空置錨地的需求強勁，另有幾個錨地正在談判中、等待簽約或有積極興趣。隨著計劃的進展，我們將發布更多公告。

I will turn the call over to Farzana now to discuss our financial results.

我現在將電話轉給 Farzana 來討論我們的財務表現。

Thank you, Katie. We are executing on our key financial goals of maximizing free cash flow, supplementing our liquidity with other sources, such as dispositions, extending our maturity schedule and reducing leverage. Our pro rata -- total pro rata share total pro rata share of debt at the end of 2019 was $4.25 billion. We have reduced our debt levels by $40 million sequentially and $409 million from December 2018.

謝謝你，凱蒂。我們正在執行我們的關鍵財務目標，即最大化自由現金流，透過其他來源（例如處置）補充我們的流動性，延長我們的到期時間表並降低槓桿率。截至 2019 年底，我們的比例分攤的債務總額為 42.5 億美元。我們的債務水準已連續減少了 4,000 萬美元，自 2018 年 12 月起減少了 4.09 億美元。

The year-over-year reduction was primarily due to dispositions and amortizations. At the end of the year, we had $374 million available to draw on our lines of credit.

年比減少主要是由於處置和攤銷。截至年底，我們有 3.74 億美元可供使用。

During the fourth quarter, we retired $12 million loan secured by the tariffs and associated center in Chattanooga. Yesterday, we retired the loan secured by Parkway Place in Huntsville, Alabama, and by Valley View Mall in Roanoke, Virginia, which had an aggregate loan balance of $84 million. All 3 properties have stable income, with debt yields above 25% at payoff and were scheduled to mature in 2020. These 3 properties were added to the unencumbered pool.

第四季度，我們償還了由查塔努加關稅和相關中心擔保的 1,200 萬美元貸款。昨天，我們償還了由阿拉巴馬州亨茨維爾的 Parkway Place 和弗吉尼亞州羅阿諾克的 Valley View Mall 擔保的貸款，這兩筆貸款的總餘額為 8400 萬美元。這 3 處房產均有穩定的收入，償還時的債務收益率超過 25%，預計 2020 年到期。這 3 處房產被添加到無抵押資產池中。

Greenbrier Mall and Hickory Point both matured in December 2019 and are currently in default. For Greenbrier, we are pursuing an additional restructure and will announce the terms once complete. We anticipate completing a foreclosure or deed in lieu for the loan secured by Hickory Point Mall this year.

Greenbrier Mall 和 Hickory Point 的債務均於 2019 年 12 月到期，目前處於違約狀態。對於 Greenbrier，我們正在進行額外的重組，並將在完成後公佈條款。我們預計今年將完成 Hickory Point Mall 擔保貸款的止贖或替代契約。

We closed on a new $4.7 million loan, a 4-year loan secured by the second phase of our Atlanta outlet center, replacing the $4.5 million loan -- maturing loan. We have 3 properties maturing in 2020, including a $65 million nonrecourse loan secured by Burnsville Center. We are in the process of working with the existing lender on a potential extension and restructure. We expect to refinance the remaining 2 loans, aggregating $19.5 million.

我們完成了一筆新的 470 萬美元貸款，這是一筆 4 年期貸款，以我們亞特蘭大奧特萊斯中心的第二期作為擔保，取代了即將到期的 450 萬美元貸款。我們有 3 處房產將於 2020 年到期，其中包括由伯恩斯維爾中心擔保的 6,500 萬美元無追索權貸款。我們正在與現有貸款人合作，探討可能的延期和重組。我們預計將對剩餘的兩筆貸款進行再融資，總額為 1,950 萬美元。

We have several secured mortgages that mature in 2021 as well and have already begun working on refinancing opportunities. We ended the year with financial results at the higher end of our guidance range.

我們還有幾筆 2021 年到期的擔保抵押貸款，並且已經開始著手尋找再融資機會。我們以達到預期範圍較高水準的財務表現結束了這一財年。

Fourth quarter adjusted FFO per share was $0.37, representing a decline of $0.08 per share compared with $0.45 per share for the fourth quarter 2018. Factors that contributed to the variance included lower property level NOI of $0.06 per share and $0.02 per share of dilution from asset sales.

第四季調整後每股 FFO 為 0.37 美元，較 2018 年第四季的每股 0.45 美元下降 0.08 美元。造成差異的因素包括每股 0.06 美元的較低物業級淨營業收入和每股 0.02 美元的資產出售稀釋。

Full year adjusted FFO was $1.36 per share compared with $1.73 for 2018. FFO for the year was impacted by $0.20 per share lower property level NOI, $0.04 per share lower gain on sale of outparcels and $0.06 per share in dilution from asset sales.

全年調整後 FFO 為每股 1.36 美元，而 2018 年為每股 1.73 美元。本年度的 FFO 受到每股 0.20 美元的物業級 NOI 下降、每股 0.04 美元的外包出售收益下降以及每股 0.06 美元的資產出售稀釋的影響。

Fourth quarter same-center NOI decreased 9.1% due to the full impact of bankruptcies and store closures, and same-center NOI for the year declined $0.065.

由於破產和門市關閉的全面影響，第四季同店 NOI 下降 9.1%，全年同店 NOI 下降 0.065 美元。

During the quarter, we recognized a $37.4 million impairment on Park Plaza Mall in Little Rock, Arkansas. The mall is encumbered by a $78 million loan, due in April 2021. The mall has been impacted by a number of factors, including several tenant bankruptcies, and as a result, the net operating income declined. We have been in discussions with the lender and anticipating -- and anticipate restructuring the loan to allow for cash flow to fund future leasing efforts and improve revenue.

在本季度，我們確認了阿肯色州小石城公園廣場購物中心 3,740 萬美元的減損。該購物中心背負著一筆 7,800 萬美元的貸款，將於 2021 年 4 月到期。該購物中心受到多種因素的影響，包括幾家租戶破產，導致營業淨收入下降。我們一直在與貸款人進行討論並預期——並預期重組貸款以允許現金流為未來的租賃工作提供資金並提高收入。

However, the current NOI decline, coupled with the near-term loan maturity, resulted in a required impairment.

然而，當前淨營業收入下降，加上近期貸款到期，導致了必要的減損。

Based on our expectations for the rest of the year, we are providing adjusted FFO guidance for full year 2020 in the range of $1.03 to $1.13 per share, which assumes a same-center NOI decline in the range of negative 9.5% to negative 8%. We have incorporated into our budgets all known activity, including the recent Regis and Mastercuts closing -- closures. Our guidance range incorporates a reserve to account for unbudgeted revenue decline related to unanticipated additional store closures or retailer bankruptcies. The reserve for 2020 is a range of $8 million to $18 million.

根據我們對今年剩餘時間的預期，我們對 2020 年全年的調整後 FFO 指引提供了每股 1.03 美元至 1.13 美元的範圍，假設同中心 NOI 下降在負 9.5% 至負 8% 的範圍內。我們已將所有已知的活動納入預算，包括最近的 Regis 和 Mastercuts 關閉。我們的指導範圍包含一項儲備金，用於彌補與意外的額外商店關閉或零售商破產相關的預算外收入下降。2020 年的儲備金額在 800 萬美元至 1800 萬美元之間。

I'll now turn the call over to Stephen for concluding remarks.

現在我將把電話交給史蒂芬來做總結發言。

Thank you, Farzana. We are fully focused on our major goals of stabilizing revenue, redeveloping our properties and improving our balance sheet. We are actively transforming our centers, generating new revenue streams and seeking out partnerships that supplement our capital sources and broaden our asset base. We are confident in our strategy and our properties, and while we wish results were more immediate, we expect to see our leasing operational and redevelopment efforts benefit our portfolio in the near-term future.

謝謝你，法爾札娜。我們全心全意地專注於穩定收入、重建我們的物業和改善我們的資產負債表的主要目標。我們正在積極改造我們的中心，創造新的收入來源，並尋求合作夥伴來補充我們的資本來源並擴大我們的資產基礎。我們對我們的策略和我們的資產充滿信心，雖然我們希望能更直接地獲得結果，但我們預計我們的租賃營運和重建工作將在不久的將來使我們的投資組合受益。

Thank you for your time today. We will now open the call to questions.

感謝您今天抽出時間。我們現在開始提問。

(Operator Instructions) The first question comes from Craig Schmidt from Bank of America.

（操作員指示）第一個問題來自美國銀行的 Craig Schmidt。

As you guys move away from apparel tenants in your re-leasing efforts, are you going to able to get a corresponding volume increase from those new tenants? Sales volume that is?

當你們在重新租賃過程中逐漸放棄服裝租戶時，你們是否能夠從這些新租戶那裡獲得相應的交易量增長？銷量是多少？

Craig, so we definitely get more sales and more traffic from the new users. And just an example, we're replacing Sears here in Chattanooga with the Dave & Buster's and Dick's and the restaurants and the sales and the traffic volume will be 3 to 4x at least what we had before. The Sears that we replaced at Brookfield Square in Milwaukee, similar where we have Marcus Theatres and WhirlyBall entertainment, the hotel convention center, the Orangetheory Fitness, we've got a medical office building that we'll start construction soon. So all that activity is a huge multiple of what we're getting from it before. And that's really the essence of the strategy. And the challenge is that near term, there's a lag from when Sears closed and we lost the traffic that was being generated before until we can bring these new users online. And we're just starting to see these new users open up, and so we should continue to benefit this year as that occurs.

克雷格，所以我們肯定會從新用戶那裡獲得更多的銷售額和更多的流量。舉個例子，我們將在查塔努加用 Dave & Buster's 和 Dick's 等餐廳取代西爾斯百貨，銷售額和客流量將至少是以前的 3 到 4 倍。我們在密爾瓦基布魯克菲爾德廣場取代的西爾斯百貨，與此類似，我們有馬庫斯劇院和 WhirlyBall 娛樂中心、酒店會議中心、Orangetheory 健身中心，我們還有一座醫療辦公大樓，很快就會開始動工。因此，所有這些活動都是我們先前所獲得成果的巨大倍數。這確實是該戰略的本質。而挑戰在於，短期內，從西爾斯關閉以來，我們失去了先前產生的流量，直到我們能夠將這些新用戶帶到線上，這其中存在一個滯後。我們剛開始看到這些新用戶的開放，因此隨著這種情況的發生，我們今年應該會繼續受益。

Okay. And then are you seeing any changes in the leasing environment in 2020 versus 2019? Or do you think it's pretty much similar?

好的。那麼，與 2019 年相比，您是否看到 2020 年的租賃環境有任何變化？或者您認為它非常相似？

Yes. So it's obviously a little early. The sales trends are positive. We had positive sales of 2% on rolling 12 months and 3% for the quarter and the holiday was good. So that's a positive. On the other hand, there are still plenty of retailers out there that are having their own unique challenges for different reasons. So it feels pretty similar at this point, but it's early in the year.

是的。所以顯然現在還太早。銷售趨勢是正面的。我們的 12 個月銷售額成長了 2%，本季銷售額成長了 3%，假期期間的銷售額也很好。這是積極的。另一方面，仍有許多零售商因不同的原因面臨各自獨特的挑戰。所以目前感覺非常相似，但現在是年初。

The next question comes from Rich Hill from Stanley Morgan (sic) [Morgan Stanley].

下一個問題來自摩根士丹利 (Morgan Stanley) 的里奇希爾 (Rich Hill)。

First of all, I want to thank you for your bridge on the same-store NOI guide, that's really, really helpful, and I wish some of your peers would take your lead on that. So look, I want to go back to the capital allocation. And maybe you can just update us on how you're thinking about that as it relates to the right side of the balance sheet? I mean you obviously have a lot of options like refinancing loans, maybe negotiating modifications, buying back senior unsecureds. Can you just walk through how you're thinking about that right now?

首先，我要感謝您對同店淨利指南的貢獻，這真的非常有幫助，我希望您的一些同行能夠在這方面發揮您的作用。所以，我想回到資本配置問題。也許您可以告訴我們您對此的看法，因為它與資產負債表的右邊有關？我的意思是，你顯然有很多選擇，像是再融資貸款、或許協商修改、回購優先無擔保債券。您能簡單說一下您現在是怎麼考慮這個問題的嗎？

Sure. Well, congratulations, I guess or maybe not for the new firm. But I mean that's -- like I said, the balance sheet and looking for ways to improve it is priority one and definitely something we're really focused on. And we have our new directors that joined us for their first meeting in November. We set up our capital allocation committee. Before then, we were focused on it, we're still focused on it. And our new directors, Michael Ashner, Carolyn Tiffany, have been great and very constructive and helpful with ideas. And we also have a really good Board overall just in terms of financial expertise.

當然。好吧，我想，對於新公司來說，也許不是，但應該要表示祝賀。但我的意思是——就像我說的，資產負債表和尋找改善它的方法是第一要務，也是我們真正關注的事情。我們的新董事於 11 月參加了我們的第一次會議。我們成立了資本配置委員會。在此之前，我們一直專注於此，現在我們仍然專注於此。我們的新導演 Michael Ashner 和 Carolyn Tiffany 非常出色，他們提出了許多建設性的意見和建議。從財務專業知識方面來看，我們的董事會整體上也非常優秀。

So we've got a lot of support, which is -- we view as a positive. And there's lots of things, like you say, across our capital structure that we're looking at, that are worth looking at. Our immediate focus is to secure debt that Farzana talked about, and it's a combination of -- and we made the decision to pay off the 2 loans with the 25% debt yields, which we think was a smart move for various reasons. And we just made those payoffs yesterday and plus the open-air center. So that was roughly $85 million of addition to the unencumbered pool that we did through that move. So that's an important capital decision that we made.

因此我們得到了很多支持，我們認為這是積極的。正如您所說，我們正在關注的資本結構中有很多事情值得關注。我們的當務之急是確保 Farzana 提到的債務，這是一個綜合因素——我們決定用 25% 的債務收益率償還這兩筆貸款，出於多種原因，我們認為這是一個明智之舉。我們昨天剛還清了這些款項，還設立了露天中心。因此，透過這項舉措，我們為未支配資金池增加了約 8,500 萬美元。這是我們所做的一項重要的資本決策。

We're also looking at all the secured maturities closely for '20 and '21. And we've had discussions with lenders for maturities that are coming due because lenders are -- want to be proactive and want to get kind of ahead of the maturities. And we've had some success that we're working through on those, and that's a big priority for us from a capital point of view because that's our most immediate maturity.

我們也密切關注 20 年和 21 年的所有擔保到期日。我們已經與貸款人討論了即將到期的債務，因為貸款人希望採取積極主動的態度，並希望在債務到期之前就獲得償付。我們在這些方面已經取得了一些成功，從資本的角度來看，這是我們的首要任務，因為這是我們最直接的成熟度。

We're looking at our investments. Obviously, every dollar counts. The decision to suspend the dividends, preferred and common, was not something at all we took lightly. It was very difficult, but we feel it was the right move because it does preserve the cash flow that we can use for redevelopments and for CapEx and tenant allowances and leasing and what we need to do to stabilize our revenues because that's our other priority. So that's a big focus. And then we're looking at our other maturities. We don't have any unsecured maturities until December 23, so that's 3.5 years out. So that's not something that we're -- we have an immediate concern with, but we're talking and thinking about that. So that's a long answer, but hopefully, it just gives you a sense of how focused we are on this.

我們正在審視我們的投資。顯然，每一美元都很重要。暫停發放優先股和普通股股息的決定並不是我們輕易做出的。這非常困難，但我們認為這是正確的舉措，因為它確實保留了我們可以用於重建、資本支出、租戶津貼和租賃的現金流，以及我們需要做的事情來穩定我們的收入，因為這是我們的另一個優先事項。所以這是一個重點。然後我們正在考慮其他到期日。我們在 12 月 23 日之前都沒有任何無擔保到期債券，所以還有 3.5 年的時間。所以這不是我們目前關心的問題，但我們正在討論和考慮這個問題。這是一個很長的答案，但希望它能讓你了解我們對此的關注程度。

The next question comes from Christy McElroy from Citigroup.

下一個問題來自花旗集團的克里斯蒂·麥克埃羅伊。

Just wanted to follow up on Rich's question. Just with all of these restructuring talks happening, how much in total, could we be -- should we be thinking about in terms of those efforts adding up to in terms of debt forgiveness? And just beyond those individual mortgage loans that you're working on, is there an even bigger effort maybe to make a dent in your debt, just to follow-up on your comments, whether it's buy back bonds or just a larger restructuring effort on your -- on the secured debt that you just completed last year?

只是想跟進一下 Rich 的問題。隨著所有這些重組談判的進行，我們總共應該考慮多少——我們應該考慮將這些努力加起來實現多少債務減免？除了您正在處理的個人抵押貸款之外，是否有更大的努力來減少債務，只是為了跟進您的評論，無論是回購債券還是只是對您去年剛剛完成的擔保債務進行更大規模的重組？

Yes. Christy, so like I said, we're really focused primarily on the secured maturities that are happening in this year, next year and even into '22. The unsecured is out there 3.5 years. So I can't give any numbers as far as what anything would mean. But we're trying to figure out ways to improve our balance sheet and reduce leverage. That's been part of our strategy, and we're going to continue to do that and that's kind of where it stands right now.

是的。克里斯蒂，就像我說的，我們主要關注的是今年、明年甚至 2022 年的擔保到期債券。無擔保期限為 3.5 年。所以我無法給出任何數字來說明任何事情的意義。但我們正在想辦法改善資產負債表並降低槓桿率。這是我們策略的一部分，我們將繼續這樣做，目前情況也是如此。

And then in regard to your debt covenants. How are you thinking about compliance threshold, specifically in regard to the consolidated income to debt -- service charge coverage ratio just in light of continued pressure on NOI and overall income levels, where do you expect to be on that ratio this year?

然後是關於你的債務契約。您如何看待合規門檻，特別是關於合併收入與債務——服務費覆蓋率，考慮到淨營業收入和整體收入水平的持續壓力，您預計今年該比率將達到什麼水平？

Christy, I think we did -- it went down just a little bit from last quarter due to these -- the EBITDA declining, but we still have a lot of room. We will continue to improve by reducing our debt levels. That's one way for us to improve the coverage ratio and that's what we are trying to do. Also when we pay off these high-rate interest loans, just recently as we did yesterday, that gives us a -- and then borrowing on a line, that's a lower cost of capital that helps. So those are the things we are doing. I mean yes, the interest expense is one thing and then income is on the other side, so we're trying to work both the numerator and the denominator.

克里斯蒂，我認為我們確實做到了——由於 EBITDA 下降，我們的收入比上一季略有下降，但我們仍有很大的成長空間。我們將透過降低債務水準來繼續改善。這是我們提高覆蓋率的一種方法，也是我們正在努力做的事情。此外，當我們償還這些高利率貸款時，就像我們昨天所做的那樣，這給我們帶來了——然後在一條線上借款，這是有幫助的較低的資本成本。這些就是我們正在做的事情。我的意思是，是的，利息支出是一回事，收入是另一回事，所以我們試著同時計算分子和分母。

It's Michael Bilerman. Stephen, it sounds like at least on the secured side, you're trying to work these payoffs. Can you talk a little bit about the unsecured and whether you've approached to try to have some sort of work out on that debt? Because arguably, if you're able to reduce debt at a discount, it would provide a little bit more equity cushion given where your stock is at?

我是麥可·比勒曼。史蒂芬，聽起來至少在安全方面，你正在嘗試實現這些回報。您能否談一談無擔保債務以及您是否已經嘗試解決該債務問題？因為可以說，如果你能夠以折扣價減少債務，那麼考慮到你的股票狀況，它會提供更多的股權緩衝嗎？

First of all, thanks for the question. I think you know it's not something we can answer or would answer. It's really not something that -- like I said, we're looking at everything in our capital structure, but the immediate focus is the secured. And we follow what's out there, but it's not something that really there's anything to comment on.

首先感謝您的提問。我想您知道這不是我們能夠回答或願意回答的問題。這真的不是——就像我說的，我們正在關注資本結構中的一切，但目前的重點是擔保。我們關注著外面發生的事情，但實際上沒有什麼可評論的。

And as soon as we have something to say, we -- I think you know that when we're ready, we're out there, we're fully transparent about our plans. But on the other hand, when there's nothing to say, we just don't say it.

一旦我們有話要說，我想你們知道，當我們準備好了，我們就會公開我們的計劃，我們會完全透明地告知大家。但另一方面，當沒有什麼好說的時候，我們就不會說。

Does your equity market cap have -- from a net worth perspective, have any implications for any of your secured or unsecured borrowings, right? And which is out of your control, right? I mean you can't control your stock price, but arguably, given how depressed it is, is there a minimum work test that you potentially could breach should the shares continue to fall?

從淨值角度來看，您的股票市值對您的任何擔保或無擔保借款有影響嗎？這超出了你的控制範圍，對嗎？我的意思是你無法控制你的股價，但可以說，考慮到股價的低迷程度，如果股價繼續下跌，是否存在你可能違反的最低工作測試？

No, there's nothing -- none of our loan covenants and none of our loans have any minimum net worth test on the equity or they're -- they're not tied to the trading price of the equity. So that's not something that's going to trip us up.

不，沒有——我們的貸款契約和貸款都沒有對股權進行最低淨值測試，或者它們——它們與股權的交易價格無關。所以這不會帶給我們什麼困難。

The next question comes from Vince Tibone from Green Street Advisors.

下一個問題來自 Green Street Advisors 的 Vince Tibone。

I just have a few more questions on the balance sheet. I'm just trying to get a sense of, just given where your bonds are trading, why wouldn't you use this more as an opportunity to delever, whether it's putting -- even just using a line of credit to buy back some bonds in the outlet market or putting some debt on your community and associated centers, which are still readily financeable. It seems like you have this unique arbitrage here where you can use $1 secured debt or a different type of debt to pay down $2 of debt from the unsecured maturities. I'm just -- just walk me through your thought process on that. And how you think about where the bonds are trading? Is this an opportunity for you to delever in a creative way?

我對資產負債表還有幾個問題。我只是想了解一下，考慮到你們的債券交易情況，為什麼你們不更多地利用這個機會去槓桿呢？無論是放款——甚至只是使用信用額度在直銷市場回購一些債券，還是為你們的社區和相關中心提供一些債務，這些仍然很容易融資。看起來你在這裡有一個獨特的套利機會，你可以使用 1 美元的擔保債務或不同類型的債務來償還 2 美元的無擔保到期債務。我只是——請告訴我你對此的思考過程。您如何看待債券交易的情況？這是否是您以創造性的方式去槓桿的機會？

Vince, you're right. And you bring up really good points, and there's a lot of different places in our capital structure, where there's opportunity, where there's arbitrage, and we think about it and we talk about it. We want to make sure that we've got the capital available for our properties because we have to stabilize the revenues. That's really a priority for us in terms of accessing the capital markets going forward. So having the capital to make sure that we're getting our leasing deals done that make sure we can do these redevelopments has been our top use. But you're right, there's a lot of ways we can delever. And we talk about all that, and we think about it and the points you raised are very valid.

文斯，你說得對。你提出的觀點非常好，我們的資本結構中有很多不同的地方，有機會，有套利，我們會思考它，也會談論它。我們希望確保有足夠的資金用於我們的房產，因為我們必須穩定收入。就未來進入資本市場而言，這確實是我們的首要任務。因此，擁有資金來確保我們能夠完成租賃交易，從而確保我們能夠進行這些重建，一直是我們最重要的用途。但您說得對，我們有很多方法可以去槓桿。我們談論了所有這些，我們思考了這些，你提出的觀點非常正確。

Okay, that makes sense. And just maybe on that, like what is your forecast for free cash flow this year. After all CapEx and redevelopment, obviously there's no dividend. So is this -- are you at a self-funding point here? Or you still need to raise capital to pay for some of the box redevelopments?

好的，這很有道理。也許就此而言，您對今年的自由現金流的預測是多少。在所有資本支出和重建之後，顯然沒有股息。那麼，您現在是否已經處於自籌資金階段了？或者您仍然需要籌集資金來支付部分盒子重建的費用？

Yes. So we are self-funding, that was a big factor in the decision to suspend both the preferred and the comments. So we've got the capital without having to do dispositions or be forced to access the capital markets in another way.

是的。所以我們是自籌資金的，這是決定暫停優先股和評論的重要因素。因此，我們無需進行處置或被迫以其他方式進入資本市場即可獲得資本。

Okay, got it. And then one last quick one for me. Just -- I'm just curious why you didn't sell may be more of the outlet shops at Atlanta. I mean clearly, that's Horizon. Did Horizon not want to take the full thing? It seems like that could be another $70 million of proceeds or proceed/debt reduction that you could have raised there. Any color there would be helpful.

好的，明白了。最後再簡單說一下我的狀況。只是——我只是好奇為什麼你沒有賣掉亞特蘭大的更多直銷店。我的意思是，很明顯，這就是 Horizo​​n。Horizo​​n 不想承接全部業務嗎？看起來這可能是您在那裡籌集的另外 7000 萬美元的收益或收益/債務減免。任何顏色都會有幫助。

So it's a -- we wanted to maintain the 50% ownership. It had very strong growth in both sales and NOI, and we need to preserve, in our portfolio, strong properties. So we thought it was a win-win transaction for us because we're able to raise capital, reduce -- take some debt off our balance sheet, but then keep a property that's going to be stable long term and growing in the portfolio. So that was really our thought process.

所以——我們希望保留 50% 的所有權。它的銷售額和淨營業利潤都實現了非常強勁的成長，我們需要在我們的投資組合中保留強大的資產。因此，我們認為這對我們來說是一筆雙贏的交易，因為我們能夠籌集資金，減少——從我們的資產負債表中去除一些債務，但同時保留一項長期穩定且在投資組合中不斷增長的資產。這就是我們的思考過程。

The next question comes from Michael Mueller from JPMorgan.

下一個問題來自摩根大通的邁克爾·穆勒。

I was wondering, can you talk a little bit about the, I guess, the disconnect. When we look at sales growth over the past couple of years, it's positive and NOI growth has obviously gone in the other direction. But can you just talk about how bridge those 2 dynamics a little more?

我想知道，您能否稍微談談這種脫節現象。當我們回顧過去幾年的銷售成長時，它是正成長，而淨營業收入成長顯然朝著相反的方向發展。但是您能否再多談談如何彌合這兩種動態？

Yes. So I mean it's -- you've got these 2 different categories of retailers, and we're seeing growth from the ones that have made the adjustments into the world -- the way the retail world operates now and they figured out how to appeal to shoppers that want to buy digitally or pick up in stores and they're doing well and prospering, and we have plenty of those in our portfolio. You've got stores like Bath & Body Works that are doing really well and Vans and H&M has had great sales growth and they've made adjustments. So we're seeing that, but we're also seeing retailers that -- we had the bankruptcies last year and the store closings. I mean we had over 200 stores closed in our portfolio, 900,000 square feet. So those are the ones that we talked about. Previously, Gymboree and Payless and Things Remembered and Charlotte Russe and Charming Charlie, and they were a drag on sales. Now they're out and, hopefully, the ones we replace them with are going to do better and have better sales results.

是的。所以我的意思是——你有這兩種不同類型的零售商，我們看到的是那些已經適應世界——現在零售業的運作方式——的零售商的增長，他們想出瞭如何吸引那些想要在網上購物或在商店取貨的購物者的辦法，他們做得很好，很繁榮，我們的投資組合中有很多這樣的零售商。像 Bath & Body Works 這樣的商店經營狀況非常好，Vans 和 H&M 的銷售額也大幅增長，而且他們也做出了調整。所以我們看到了這一點，但我們也看到零售商——去年我們經歷了破產和商店關閉。我的意思是，我們的投資組合中關閉了 200 多家商店，總面積達 90 萬平方英尺。這些就是我們所討論的內容。在此之前，Gymboree、Payless、Things Remembered、Charlotte Russe 和 Charming Charlie 等品牌都拖累了銷售。現在它們已經上市了，希望我們用來取代它們的產品能夠表現得更好，並取得更好的銷售業績。

When you typically give a rent cut or an abatement, are the sales there, if we would dig into that 3, whatever, does -- sales per square foot number, are those typically weighing on that number? And it's just you have other tenants that are far greater positive? It's just a very just different dynamic in terms of the magnitude.

當您通常降低或減免租金時，銷售額會受到影響嗎？如果我們深入研究這 3 個數字，那麼每平方英尺的銷售額通常會對該數字產生影響嗎？難道您還有其他更積極的租戶嗎？從幅度上看，這只是一種非常不同的動態。

It's -- I mean every rent negotiation is unique. It depends on the retail, it depends on the way they look at their occupancy cost. But if their sales decreases, yes, it's definitely going to weigh on our results.

我的意思是──每一次租金談判都是獨一無二的。這取決於零售，取決於他們看待入住成本的方式。但如果他們的銷售額下降，是的，這肯定會對我們的業績產生影響。

Got it. And one quick question. The 89.8% year-end occupancy level, where do you think that could go to by the end of 2020?

知道了。還有一個簡單的問題。年底入住率為 89.8%，您認為到 2020 年底入住率會達到多少？

So yes, we intentionally don't make occupancy guidance or part of our guidance. It just depends on what happens with certain retailers that the jury is still out. So for now, we'll hold off. Obviously, hopefully, we'll make progress. And if we continue to do the leasing volume that we're doing, and we don't have the same range of bankruptcies, we'll definitely make progress.

所以是的，我們故意不提供入住率指導或部分指導。這只是取決於某些零售商的情況，目前尚無定論。因此，目前我們先暫緩行動。顯然，我們希望能夠取得進展。如果我們繼續保持目前的租賃量，並且不再出現同樣多的破產案例，我們肯定會取得進展。

The next question comes from Jim Sullivan from BTIG.

下一個問題來自 BTIG 的 Jim Sullivan。

Stephen, you have been very clear about the focus in terms of the debt balances and looking for some kind of flexibility there or concessions there. I wonder if you would talk about what flexibility, if any, or what options, if any, the company might have with respect to the preferreds, given that they're selling at such a discount to par?

史蒂芬，您非常清楚債務餘額方面的重點，並尋求某種靈活性或讓步。我想知道您是否可以談談，鑑於優先股的售價低於票面價值，公司在優先股方面可能擁有哪些靈活性（如果有的話）或哪些選擇（如果有的話）？

I mean they're -- like I said, we look at everything across the capital structure. And you're right, the preferreds are trading at a steep discount or low level depending on how you look at it. It's really -- in terms of our capital, it's preferred. So it's probably not the most immediate focus, but we're looking at everything.

我的意思是──就像我說的，我們會檢視整個資本結構。你說得對，優先股的交易價格是大幅折扣還是較低水平，這取決於你怎麼看待它。就我們的資本而言，這確實是首選。所以這可能不是最緊迫的焦點，但我們正在關註一切。

And in terms of the guidance, just to be clear, the guidance -- I know you suspended the dividend on the preferred. The guidance provides for the dividend on preferred because it's cumulative?

就指導而言，需要明確的是，指導——我知道您暫停了優先股的股息。該指南規定優先股的股利是累積的嗎？

Yes, it is undeclared, so we do include it in our guidance.

是的，它尚未申報，因此我們將其納入我們的指導中。

There are no more questions in the queue. This concludes our question-and-answer session. I would like to turn the conference back over to Stephen Lebovitz for any closing remarks.

隊列中沒有其他問題。我們的問答環節到此結束。我想將會議交還給 Stephen Lebovitz 並請他做最後發言。

Thank you, again, for your time this morning. And if you have any further questions, feel free to reach out after. Have a good day.

再次感謝您今天上午抽出時間。如果您還有其他問題，請隨時與我們聯繫。祝你有美好的一天。