CTO Realty Growth Inc (CTO) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to CTO Realty Growth third quarter 2025 earnings call. (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。歡迎參加 CTO Realty Growth 2025 年第三季財報電話會議。（操作說明）

I would like now to turn the conference over to Jenna McKinney, Director of Finance. Please go ahead.

現在我將把會議交給財務總監 Jenna McKinney 主持。請繼續。

Good morning, everyone and thank you for joining us today for the CTO Realty Growth Third quarter 2025 operating results conference call. Participating on the call this morning are John Albright, President and Chief Executive Officer; Philip Mays, Chief Financial Officer, and other members of the Executive team that will be available to answer questions during the call.

各位早安，感謝各位今天參加 CTO Realty Growth 2025 年第三季營運業績電話會議。今天早上參加電話會議的有總裁兼執行長約翰·奧爾布賴特、財務長菲利普·梅斯以及其他高階主管團隊成員，他們將在電話會議期間回答問題。

I would like to remind everyone that many of our comments today are considered forward-looking statements under federal securities laws. The company's actual future results may differ significantly from the matters discussed in these forward-looking statements, and we undertake no duty to update these statements.

我想提醒大家，我們今天發表的許多評論都屬於聯邦證券法意義上的前瞻性陳述。本公司未來的實際業績可能與這些前瞻性聲明中所討論的事項有重大差異，我們不承擔更新這些聲明的義務。

Factors and risks that could cause actual results to differ materially from expectations are discussed from time to time in greater detail in the company's Form 10-K, Form 10-Q, and other SEC filings. You can find our SEC reports, Earnings release, supplemental, and most recent investor presentation on our website at ctoreit.com

可能導致實際結果與預期結果有重大差異的因素和風險，公司會在 10-K 表格、10-Q 表格和其他提交給美國證券交易委員會的文件中不時進行更詳細的討論。您可以在我們的網站 ctoreit.com 上找到我們的美國證券交易委員會報告、收益報告、補充資料以及最新的投資者簡報。

With that, I will turn the call over to John.

接下來，我會把電話交給約翰。

Thanks Jenna. We delivered another quarter of strong operating performance driven by the strength of our leasing activity. Year-to-date through September 30, we have completed 482,000 square feet of overall leasing activity, including 424,000 square feet of comparable leasing and a weighted average base rent spread of 21.7%.

謝謝珍娜。在租賃業務強勁的推動下，我們又實現了一個季度強勁的經營業績。截至 9 月 30 日，我們今年已完成 482,000 平方英尺的整體租賃活動，其中包括 424,000 平方英尺的可比租賃，加權平均基本租金差額為 21.7%。

Contributing to this leasing performance was our third quarter in which we execute 143,000 square feet of new retail leases, renewals, and extensions at an average base rent of $23 per square foot. This includes 125,000 square feet of comparable leases, a 10.3% base rent spread.

促成這項租賃業績的是我們在第三季完成的143,000平方英尺的新零售租賃、續租和延期，平均基本租金為每平方英尺23美元。這其中包括 125,000 平方英尺的可比較租賃面積，基本租金差額為 10.3%。

Notably, just after the quarter, we signed a significant lease at the shops at Legacy, a 243,000 square foot mixed-use lifestyle center located in Dallas, Texas. I will share more details on this lease and the shops at Legacy shortly. We also continue to make progress on backfilling our 10 anchor spaces.

值得一提的是，就在本季結束後不久，我們在位於德州達拉斯的 Legacy 購物中心簽署了一份重要的租賃協議。 Legacy 是一個佔地 243,000 平方英尺的綜合用途生活中心。我稍後會分享有關此次租賃和 Legacy 商店的更多細節。我們在填補10個核心空缺方面也持續取得進展。

[6 of the 10] vacant anchor spaces have been leased, and we remain in active negotiations for the remaining 4. Today we are encouraged by the rental upside and value creation these six leases represent and expect the new tenants to increase foot traffic relative to the former tenants.

10 個空置的主力店面中，已有 6 個出租，我們仍在積極洽談剩餘的 4 個。今天，我們對這六份租賃合約所代表的租金上漲潛力和價值創造感到鼓舞，並預計新租戶將比以前的租戶增加客流量。

Furthermore, we remain on target to achieve our goal of positive cash leasing spread of 40% to 60% across these 10 anchor spaces, and we look forward to providing additional updates on our progress. More broadly, as of today, our sign not open or SNO pipeline stands at $5.5 million, representing approximately 5.3% of annual cash base rents in place as of quarter end.

此外，我們仍有望實現這 10 家主力店面現金租賃利差為 40% 至 60% 的目標，我們期待提供更多關於我們進展的最新消息。更廣泛地說，截至今日，我們的「招牌未開張」或「SNO管道」餘額為550萬美元，約佔截至季末年度現金基本租金的5.3%。

We believe that this pipeline positions us for meaningful earnings growth with approximately 76% of our ABR from the SNO pipeline anticipated to be recognized in 2026 and 100% in 2027. Now, I would like to share some exciting updates related to the shops at Legacy. Just after the quarter end, we signed a 30,000 square foot lease with a co-working operator expected to open by year in 2026.

我們相信，該管道將使我們獲得可觀的收益成長，預計 SNO 管道的 ABR 約 76% 將於 2026 年確認，100% 將於 2027 年確認。現在，我想和大家分享一些與 Legacy 商店相關的令人興奮的最新消息。季度末剛過，我們就與一家聯合辦公營運商簽訂了一份 30,000 平方英尺的租賃合同，預計將於 2026 年開業。

This lease, along with the 20,000 square foot private members only social club that we signed in the third quarter of 2024, substantially fills the space formally leased to WeWork. Marking a meaningful inflection point in our releasing efforts. In addition to these large leases over the last two years, we have signed smaller shop leases for an aggregate of nearly 60,000 square feet for various restaurants, fitness, and retail concepts that we believe will further increase the vibrancy of the center.

這份租賃合同，加上我們在 2024 年第三季簽署的 20,000 平方英尺的私人會員制社交俱樂部，基本上填滿了先前正式租賃給 WeWork 的空間。標誌著我們發行工作的一個重要轉捩點。除了過去兩年簽訂的這些大型租賃合約外，我們還簽署了總面積近 60,000 平方英尺的小型商店租賃合同，用於各種餐廳、健身和零售概念，我們相信這將進一步增強該中心的活力。

Today, reflecting all this leasing activity, the least percentage of shops legacy stands at approximately 85%. Now moving to a recent agreement that we signed to acquire a shopping center in South Florida. This is a property that I mentioned on our last call that we were targeting.

如今，在所有這些租賃活動的影響下，店家傳承比例最低的店鋪約佔 85%。現在來說說我們最近簽署的一項協議，該協議涉及收購南佛羅裡達州的一家購物中心。這是我在上次通話中提到的，我們正在重點關注的房產。

We believe this shopping center offers value add potential that aligns well with our leasing and operating strength and presents an opportunity to both acquire the asset and attract initial yield and drive long-term value creation through lease up of acquired vacancy.

我們相信，該購物中心具有增值潛力，與我們的租賃和營運實力非常契合，並提供了一個既能收購該資產又能吸引初始收益，並透過出租收購的空置單位來推動長期價值創造的機會。

We expect to close this transaction before year end and look forward to providing more details when we close. From a financing perspective, as Phil will discuss in more detail, we recently termed out some debt and refreshed our revolving credit facility, providing enhanced liquidity.

我們預計在年底前完成這筆交易，並期待在交易完成後提供更多細節。從融資角度來看，正如菲爾將要詳細討論的那樣，我們最近延長了一些債務期限，並更新了我們的循環信貸額度，從而提高了流動性。

This will give us the ability to initially acquire the South Florida property using our line of credit. Ultimately though, we anticipate funding this acquisition by recycling an asset around year end. Overall, we are pleased with our leasing progress and the value creation underway as we continue to execute our strategic priorities.

這將使我們能夠利用我們的信用額度初步收購南佛羅裡達州的房產。不過最終，我們預計將在年底前後透過回收一項資產來為此次收購提供資金。總體而言，我們對租賃進度以及在我們繼續執行策略重點的過程中所創造的價值感到滿意。

And with that, I will hand the call over to Phil.

接下來，我會把電話交給菲爾。

Thanks John. On this call, I will discuss our balance sheet, earnings results, and updated full year 2025 guidance, starting with the balance sheet. Just before quarter end, we closed [$150 million] in term loan financing, including a new five-year $125 million dollar term loan maturing in September of 2030, and a $25 million upsizing of our existing term loan maturing in September of 2029.

謝謝你，約翰。在本次電話會議上，我將討論我們的資產負債表、獲利結果以及更新後的 2025 年全年業績指引，首先從資產負債表開始。就在季度末之前，我們完成了 1.5 億美元的定期貸款融資，其中包括一筆新的五年期 1.25 億美元定期貸款，將於 2030 年 9 月到期；以及一筆現有定期貸款的 2500 萬美元增額，將於 2029 年 9 月到期。

Both term loans bear interest at silver plus a spread based on our leverage ratio. At closing, we utilize existing silver swap agreements, resulting in an initial fixed interest rate of approximately 4.2% for both loans. In March of 2026, when certain of these applied sofa swap agreements expire and are replaced by other existing Ford swap agreements, the interest rate for both loans will adjust to approximately 4.7% based on the company's current leverage ratio.

這兩筆定期貸款的利率均為白銀利率加上基於我們槓桿率的利差。交易完成時，我們利用現有的白銀互換協議，使得兩筆貸款的初始固定利率約為 4.2%。2026 年 3 月，當其中一些已實施的沙發置換協議到期並被其他現有的福特置換協議取代時，兩筆貸款的利率將根據公司目前的槓桿率調整為約 4.7%。

The proceeds from these new term loan financings were used to retire a $65 million term loan scheduled to mature in March of 2026 and to reduce the balance on a revolving credit facility providing enhanced liquidity. Reflecting this financing, we ended the quarter with approximately $170 million of liquidity, consisting of $161 million available under our revolving credit facility and $9 million in cash available for use.

這些新定期貸款融資所得款項用於償還將於 2026 年 3 月到期的 6,500 萬美元定期貸款，並用於減少循環信貸額度的餘額，從而增強流動性。得益於此次融資，我們本季末的流動資金約為 1.7 億美元，其中包括循環信貸額度下的 1.61 億美元和可供使用的 900 萬美元現金。

Additionally, we have recently repurchased $9.3 million of common stock at a weighted average purchase price of [$16.27] per share. These repurchases consisted of $4.3 million towards the end of the third quarter to close out our previous $5 million dollar repurchase program and $5 million in October under our recently announced $10 million common stock repurchase program.

此外，我們最近以每股 [$16.27] 的加權平均購買價格回購了價值 930 萬美元的普通股。這些回購包括第三季末的 430 萬美元，用於完成我們先前 500 萬美元的回購計劃；以及 10 月根據我們最近宣布的 1000 萬美元普通股回購計劃進行的 500 萬美元回購。

Reflecting this quarter's balance sheet activity, we ended the quarter with net debt to EBITDA of 6.7 times, a slight improvement from 6.9 times at the end of the second quarter. Further, we anticipate additional deleveraging as we successfully release our vacant anchor boxes, and tenants in our signed notop pipeline commence paying rent.

反映本季資產負債表活動，本季末淨負債與 EBITDA 比率為 6.7 倍，較第二季末的 6.9 倍略有改善。此外，隨著我們成功釋放空置的主力商鋪，以及已簽約的 notop 專案租戶開始支付租金，我們預計槓桿率將進一步降低。

And notably with our recent completed term loan financing, we now only have $17.8 million of debt maturing in 2026. Moving to operating results, Core FFO was $15.6 million for the quarter, a $3 million increase compared to $12.6 million in the comparable quarter of the prior year. On a per share basis, Core FFO was $0.48 per share compared to $0.50 per share in the comparable quarter of the prior year. The change in core FFO per share reflects a reduction in leverage that took place from late third quarter of 2024 through the end of 2024 when we reduced net debt to EBITDA by approximately a full term.

值得一提的是，隨著我們最近完成的定期貸款融資，我們現在只有 1,780 萬美元的債務將於 2026 年到期。從經營業績來看，本季核心FFO為1,560萬美元，比上年同期的1,260萬美元增加了300萬美元。以每股計算，核心FFO為每股0.48美元，而上年同期為每股0.50美元。核心每股 FFO 的變化反映了從 2024 年第三季末到 2024 年底期間槓桿率的降低，當時我們將淨負債與 EBITDA 的比率降低了大約一個完整期限。

With regard to same property NOI, our same property NOI increased 2.3% during the quarter. This growth was driven by leasing the activity across our portfolio, in particular at Beaver Creek with One Life Fitness replacing the former theater along with strong small shop leasing at West Broad Village, Plaza at Rockwall, and Ashford Lane.

就同​​店淨營業收入而言，本季我們的同店淨營業收入成長了2.3%。這一成長主要得益於我們投資組合中的租賃活動，尤其是在 Beaver Creek，One Life Fitness 取代了以前的劇院，以及 West Broad Village、Plaza at Rockwall 和 Ashford Lane 的小型商店租賃業務強勁增長。

Turning to guidance, we are raising both our core FFO and AFFO outlook for the full year of 2025. Our new core FFO range has increased to [$1.84 to $1.87] per diluted share from the previous [$1.80 to $1.86] per share. And our new AFFO range has increased to [$1.96 to $1.99] per diluted share from the previous [$1.93 to $1.98] per diluted share.

關於業績指引，我們上調了 2025 年全年核心 FFO 和 AFFO 的預期。我們新的核心 FFO 範圍已從先前的每股 [1.80 至 1.86] 美元增加到每股 [1.84 至 1.87] 美元。我們的新調整後營運資金 (AFFO) 範圍已從先前的每股攤薄收益 [1.93 至 1.98 美元] 增加到每股攤薄收益 [1.96 至 1.99 美元]。

And with that operator, please open the line for questions.

請接線生開通提問通道。

(Operator Instructions)

（操作說明）

Rob Stevenson, Janney Montgomery.

羅布史蒂文森，珍妮蒙哥馬利。

Good morning guys. Phil, what's the pro forma debt to EBITDA look like once you complete the Florida acquisition and sell the existing asset and the near term signed but not commence leases start to drive revenue?

各位早安。Phil，一旦完成佛羅裡達州的收購並出售現有資產，以及近期已簽署但尚未生效的租賃合約開始推動收入增長，那麼預計債務與 EBITDA 的比率會是什麼樣的？

Yeah, so, as John discussed on the call, the Florida asset, will be temporarily parked on the line, and we have plenty of liquidity there and capacity to do so, but will ultimately be funded with recycling and should not significantly change that to EBITDA. The open pipeline as it stands today, just coming online would take off about a half a term as it comes online.

是的，正如約翰在電話會議上討論的那樣，佛羅裡達州的資產將暫時擱置，我們有足夠的流動性和能力這樣做，但最終將透過回收來提供資金，應該不會對 EBITDA 產生重大影響。就目前的情況來看，這條開放式管道一旦投入使用，大約需要半學期才能投入營運。

Okay, and what is the timing of the bulk of that revenue? Is that, are you going to see any material amount in the fourth quarter? Is that a one or second quarter, 26 event? How should we be thinking of that when we play around with our models in terms of when the bulk of that $5 million starts hitting revenue?

好的，那麼這部分收入的主要到帳時間是什麼時候？也就是說，您預期第四季會有實質的成長嗎？那是第一季還是第二季的26號事件？當我們調整模型，考慮這 500 萬美元的大部分何時開始轉化為收入時，我們應該如何看待這個問題？

It's going to start beginning of next year. The pipeline's 5.5% of base rent. I think we said 75% of that is going to be recognized next year, so about $4 million. And the way I would ramp that up is about 500,000 in the first quarter, a [million in the second, and a million in the third], and about $1.5 million in the fourth, so kind of growing throughout the year. To a total of about $4 million as the pipeline stands today, or about 75% of the pipeline with all of it being recognized in '27, everybody should be as currently projected, operating in space, paying cash rent by the end of '26, so you get the full [5.5] in '27.

將於明年初開始。該管道的基本租金為 5.5%。我想我們說過，其中 75% 將在明年得到確認，大約 400 萬美元。我的計劃是第一季達到 50 萬美元，第二季達到 100 萬美元，第三季達到 100 萬美元，第四季達到 150 萬美元，全年穩定成長。按照目前的管道狀況，總價值約為 400 萬美元，或者說，如果所有管道都在 2027 年得到確認，那麼到 2026 年底，每個人都應該像目前預計的那樣在太空中運營並支付現金租金，這樣你就能在 2027 年獲得全部 [5.5]。

Okay, that's helpful. And then John, where is your most significant vacancy today that's not either under contract letter of intent or pretty far down the road where you still have some work to do? Where's the opportunity for you guys right now?

好的，這很有幫助。那麼約翰，你目前最重要的空缺職位在哪裡？這個職位既沒有簽訂意向書，也沒有進展到相當後期，還需要一些工作才能完成。你們現在的機會在哪裡？

We have a 40,000 square foot vacancy at Carolina Pavilion we've gone through. A couple of tenants, perspective tenants where they were going to take so long that we decided to switch tact and so we're kind of going down a route of either splitting the box or talking to a couple of different groups about taking the whole box again.

我們已經考察過卡羅萊納展館內 40,000 平方英尺的空置空間。有幾個租戶，或者說幾個潛在租戶，他們遲遲不肯入住，所以我們決定改變策略，現在我們正在考慮要么把房子拆開出租，要么跟幾個不同的團體談談，看能不能把整個房子都租出去。

So, we've had some, false starts with some groups that are just going to be really torturous as far as how long they're going to take to get through the process. And then, yeah, that's really the largest vacancy and then we have a little bit, left to go at Legacy, but not too much, so, that's where our focus is.

所以，我們和一些團體合作時遇到了一些不順利的情況，這些團體在完成整個流程方面將會非常痛苦，需要花費很長時間。是的，那確實是最大的空缺，然後我們在 Legacy 還有一點工作要做，但不多，所以，這就是我們的重點。

Alright, and then last one for me, you've got about $45 million of structured investments that are of maturity dates in the first part of '26. When you take a look at those today, are those likely to be redeemed around that point in time? Are those likely to be extended? How are you guys thinking about that? The preferred, I think it's Waters Creek and Founder Square.

好的，最後一個問題，您有大約 4500 萬美元的結構性投資，這些投資的到期日都在 2026 年上半年。如果放在今天來看，這些股票是否有可能在那個時間點被贖回？這些措施有可能延長嗎？你們對此有什麼想法？我認為首選是沃特斯溪和創始人廣場。

Founder Creek will pay off. Waters, I'm sorry, Founder Square will pay off, and Waters Creek may extend, but may may just pay off as well. So, we're seeing where that plays out just depending on their how they look at capitalizing that property going forward.

Founder Creek計畫終將獲得回報。沃特斯，很抱歉，創始人廣場會有回報的，沃特斯溪可能會擴建，但也可能不會有回報。所以，我們正在觀察事態如何發展，這取決於他們未來如何看待該物業的資本化利用。

Okay, that's helpful. Thanks guys. I appreciate the time this morning.

好的，這很有幫助。謝謝各位。感謝您今天上午抽出時間。

Thank you.

謝謝。

Matthew Erdner, Jones Trading.

馬修·厄德納，瓊斯貿易公司。

Hey, good morning, guys. Thanks for taking the question. You guys touched on what I was going to ask a little bit with the, Florida acquisition, but you know I'm just trying to think about how you guys are going about capital allocation moving forward, kind of between buybacks and structured investments, given where the stocks trading, are you guys going to continue to buy back shares down at this level?

嘿，大家早安。感謝您回答這個問題。關於佛羅裡達的收購，你們剛才稍微提到了我想問的問題，但你知道，我只是想了解一下你們未來的資本配置策略，例如在股票回購和結構化投資之間如何安排。考慮到目前的股票交易價格，你們還會繼續以這個價格回購股票嗎？

Yeah, so I mean, clearly we would, we're going to do as much as we can given our credit facility sort of restrictions. So, absolutely, given the stock price kind of where we're trading below nine multiple and five-year lows and almost a 10-dividend yield, it's fairly ridiculous. So clearly the best acquisition investments is our own stock.

是的，所以我的意思是，很顯然，我們會盡我們所能，考慮到我們的信貸額度限制。所以，沒錯，考慮到目前的股價低於九倍市盈率，跌至五年來的最低點，股息殖利率接近10%，這確實相當荒謬。所以很顯然，最好的收購投資就是我們自己的股票。

Got it. And then as a follow-up to that, do you guys have any restrictions on, investing more into Pine, and if not, is that something that you guys are considering doing just given that that stock prices is trading it to multiples.

知道了。那麼，作為後續問題，你們對繼續投資 Pine 是否有任何限制？如果沒有，鑑於該股票價格已達到市盈率，你們是否正在考慮這樣做？

Yeah, so we do have a little bit more room there without hitting our restrictions on what we can own a Pine, and of course we're opportunistic, so just depending on what happens with the stock price there, but clearly right now I feel like CTO is the double discount.

是的，所以我們在不觸及持有 Pine 股份限制的前提下，還有一點空間。當然，我們也是機會主義者，所以一切都取決於股價的走勢。但顯然，目前我覺得 CTO 是雙重折扣。

Got it, that's helpful. Thank you, guys.

明白了，這很有幫助。謝謝大家。

Thank you.

謝謝。

Craig Kucera, Lucid.

Craig Kucera，Lucid。

Yeah, hey, good morning, guys. You've been pretty active on the structured finance side at Pine. Are you seeing any pickup and potential loans that work for CTO or are property investments really more compelling right now?

是啊，嘿，大家早安。您在 Pine 的結構性融資方面一直非常活躍。您認為目前有哪些適合技術長 (CTO) 的投資機會和潛在貸款項目？還是說房地產投資現在比較有吸引力？

Yeah, not so much at CTO, as you mentioned, we're seeing it more at Pine, given that the CMBS market has come back very strong for the shopping centers, seeing less need for structured finance there, but we're certainly keeping our eye out there. So yeah, that's kind of where the market is right now.

是的，正如你所提到的，CTO那邊情況不太明顯，我們在Pine那邊看到的情況更多一些，因為CMBS市場對購物中心的需求非常強勁，所以對結構性融資的需求有所減少，但我們當然會繼續關注這方面的市場。是的，這就是目前市場的情況。

Got it. Changing gears, you have a decent amount of leases expiring here in the fourth quarter. I think about 3% of ABR. One is an anchor. Can you talk about your expectations there?

知道了。換個話題，第四季有相當多的租賃合約到期。我認為大約佔 ABR 的 3%。一個是錨。您能談談您對那裡的期望嗎？

Yeah, we're not really seeing any risk as far as non-renewal, as a lot of these acquisitions had tenants, way below market rent and, some that we we'd like to get back and, replace with higher rents, but. But yeah, there's no risk that we're kind of seeing out there on the renewal side.

是的，就續約而言，我們並沒有看到任何風險，因為很多收購的物業之前的租戶租金遠低於市場租金，而且我們希望能夠收回部分租戶，並以更高的租金取而代之，但是。但是，就續約方面而言，我們目前還沒有看到任何風險。

Okay, got it. Congrats on the shops at Legacy Leasing. I think that's been, there's been some vacancy for there for a while. Can you give a sense of how additive that is to the sign that open pipeline?

好的，明白了。恭喜 Legacy Leasing 的店家開幕。我認為，那裡一直都有空缺。您能否描述一下，這對於顯示管道暢通的標誌來說，究竟有多大的附加作用？

Yeah, I'll let Phil touch on that, but yeah, it has been a long time, longer than we would like, of course, and one thing that, that's going to bring to the property that, people kind of miss out on a little bit is. A lot of vibrancy, a lot of bodies coming in, and it's going to, even though the restaurants have done really well on the leasing, without that, just having that component for that property is really going to be an enhancement. Phili talk about that.

是的，我會讓菲爾來談談這個問題，但是，是的，時間已經過去很久了，當然比我們希望的要長得多，而這將給這處房產帶來一些人們有點錯過的東西。這裡充滿活力，人流量很大，即使餐廳在租賃方面做得非常好，但如果沒有這些，僅僅是為該物業增加這一元素，就真的會起到提升作用。菲利談到了這件事。

Yeah, out of the entire ya pipeline of [5.5 legacy], it's close to $1 million of that, Craig. In particular, the private members club and then the co working lease that we just signed in October, those two in particular.

是的，在整個 [5.5 版本傳承] 的管道中，這接近 100 萬美元，克雷格。特別是私人會員俱樂部，以及我們十月剛簽署的共享辦公室租賃協議，這兩個項目尤其重要。

Okay. And just one more for me, any change to the credit watch negative list, I know we've talked about, maybe home goods or some of those things, but any change there?

好的。最後一個問題，信用觀察負面名單有任何變化嗎？我知道我們之前討論過，也許會包括家居用品之類的東西，但那方面有什麼變化嗎？

Not this quarter, no, same sort of tenants and, if anything kind of credits have gotten a little better, I think.

本季沒有，不，租戶還是老樣子，而且我覺得，如果說有什麼變化的話，那就是信用狀況似乎稍微好轉了一些。

Okay, thank you.

好的，謝謝。

Great, thank you.

太好了，謝謝。

Gaurav Mehta, Alliance Global.

Gaurav Mehta，Alliance Global。

Yeah, thank you. Good morning. I wanted to ask you on the non-recurring items. I think you reported half, $0.5 million on non-recurring at this quarter and also raised the G&A guidance a little bit. Just want to get some color on what those items were.

是啊，謝謝。早安.我想問一下關於非重複性項目的問題。我認為你們報告稱，本季非經常性支出為 50 萬美元，佔總支出的一半，並且略微提高了管理費用預期。只是想了解那些物品具體是什麼。

Yeah, so on the non-recurring, those kind of tend to run, fluctuate between 100 and 300,000 a quarter, generally averaged around 250, you're correct, it was closer to about half a million, I believe this quarter, so it's slightly elevated. And we tend to get a quarter like that every three or four quarters, it kind of tends to pop up to that number, but generally for like a good run rate, it's typically closer to 250. G&A, I think, for the fourth quarter will be similar to this quarter, if you're just looking to model that.

是的，非經常性支出通常每季在 10 萬到 30 萬之間波動，平均約 25 萬，你說得對，我相信這個季度接近 50 萬，所以略有上升。我們往往每三到四個季度就會遇到這種情況，這種情況往往會突然出現，達到那個數字，但一般來說，如果運行率良好，則通常接近 250。我認為，如果只考慮模擬一般及行政費用，第四季的一般及行政費用將與本季類似。

Okay, second question I have is on tenant improvement allowances. It seems like it was higher this quarter than last few quarters. How should we think about that line item as you sign newly this?

好的，我的第二個問題是關於租戶裝修補貼的。本季似乎比過去幾季都要高。當您簽署這份新文件時，我們該如何看待這項內容？

Yeah, so it was very late the first half of the year. That volume and that size kind of tends to fluctuate as anchors get moved in, complete their, construction, and get open. So, this quarter you had one Life at Beaver Creek, and they have to support, provide invoices and stuff so they can get in and get open, but by the time we reimburse them, it can lag a little, but you have one life at Beaver Creek. You had Boot Barn and Barnes at Rockwell Rockwall, so it was elevated this quarter.

是的，所以上半年已經很晚了。隨著錨地搬遷、完成建設和開放，其體積和規模往往會波動。所以，這個季度你在比弗克里克有一家 Life at Beaver Creek，他們需要提供支持、提供發票等等，這樣他們才能進入並開業，但是等我們報銷給他們的時候，可能會有點延遲，但是你在比弗克里克有一家 Life at Beaver Creek。羅克韋爾街上有 Boot Barn 和 Barnes，所以這季度房價上漲了。

Currently I would expect the fourth quarter to also be elevated and be similar to the third quarter, but again, that's just going to depend on timing on individual anchors and when they get open and when they get, their paperwork submitted for their TI reimbursements, but we do have a lot of anchors lined up and I would expect the fourth quarter to be pretty elevated again.

目前我預計第四季度業績也會有所提升，與第三季度類似，但這也要取決於各個主力店的開業時間以及他們何時提交裝修補貼申請文件，不過我們確實有很多主力店已經安排好了，我預計第四季度業績會再次大幅提升。

Okay, and then lastly on the asset recycling that you talked about to fund the acquisition is that expected to happen this year or that's expected to happen next year.

好的，最後，關於您提到的為收購提供資金的資產回收，預計今年會進行還是明年會進行？

We think that something will happen this year, but you just never know as far as, some things kind of come up and need extensions and so forth, but probably at the end of the year.

我們認為今年會發生一些事情，但誰也說不準，有些事情可能會發生，需要延期等等，但可能要到年底才會發生。

Okay, thank you. That's all I have.

好的，謝謝。這就是我全部的資料了。

Thank you.

謝謝。

John Massocca, B Riley Securities.

John Massocca，B Riley Securities。

Good morning. If you think about the [anchor] box releasing in the $4 million to $4.5 million of potential new base rent there, how much of that is already set with the six leases you've closed and how much is still contingent on the four leases that you're, negotiating or trying to close here in the next couple of months?

早安.如果你考慮一下（主力）包廂釋放出的潛在新基本租金 400 萬至 450 萬美元，其中有多少已經通過你已經完成的六份租賃合約確定，又有多少仍然取決於你正在談判或試圖在未來幾個月內完成的四份租賃合約？

Yeah, so. Out of the anchors, the six that are done, about they represent about [2.5]. Currently, so with the ones that are left, that would be a remaining two.

是啊，就是這樣。在這些錨點中，已經完成的六個，大約代表了大約[2.5]目前，加上剩下的，還剩下兩個。

Okay, and then maybe switching gears a little bit on the investment front, anything else in the pipeline you're seeing, that might close in 2025 beyond the kind of Flora shopping center, transaction you talked about earlier.

好的，接下來我們稍微換個話題，談談投資方面，除了你之前提到的Flora購物中心交易之外，你還看到其他什麼項目正在籌備中，可能會在2025年完成嗎？

Given that we're getting kind of tight on time, I wouldn't expect it, but, we're not also, kind of if one of the things that we're looking at, we are bidding on quite a bit of assets that we like, but not sure how competitive we'll be, but we're certainly saying that we can close by year end if it's important to for a seller, so hopeful, but I wouldn't expect an additional one.

鑑於時間比較緊迫，我並不指望會有額外的交易，但是，我們目前也在考慮一些其他的事情，比如競標一些我們喜歡的資產，但不確定我們能有多大的競爭力，但我們肯定地說，如果對賣家來說很重要，我們可以在年底前完成交易，所以我們抱有希望，但我並不指望會有額外的交易。

And then in terms of 2026 what's the acquisition environment look like today? And I guess maybe to the extent you would do new investments, how do you think about funding it and is there additional assets within the portfolio that you think are targets for capital recycling? Beyond the assets you're going to use to fund the Florida acquisition.

那麼展望2026年，目前的收購環境是什麼樣的呢？我想，如果您打算進行新的投資，您是如何考慮為其提供資金的？您的投資組合中是否有其他資產是您認為可以進行資本再利用的目標？除了您將用於資助佛羅裡達州收購的資產之外。

Yeah, I mean that's the easy part, if we find a good acquisition candidate, we do have some stabilized assets given how much leasing we've done over the last couple of years. And so taking advantage of that, lower cap rate sale, maybe slower growth asset and recycling into. Kind of value add, higher growth asset, higher yielding, so we definitely have a nice pipeline of potential sell opportunities. Just want to match that up with something we feel really good about.

是的，我的意思是，如果能找到合適的收購目標，那部分就容易多了。鑑於過去幾年我們開展了大量的租賃業務，我們確實擁有一些穩定的資產。因此，利用這一點，以較低的資本化率出售成長可能較慢的資產，並將其重新投入使用。這是一種增值型、高成長型資產，收益率也較高，所以我們肯定有很多潛在的出售機會。只是想找一些我們真正喜歡的東西來搭配。

Do you think the Fidelity property or the New Mexico property is a potential candidate for that capital recycling either for, the acquisition we talked about earlier on the call or, 2026 investment activity.

您認為富達資產或新墨西哥州資產是否有可能成為資本循環的候選對象，無論是用於我們先前在電話會議中討論的收購，還是用於 2026 年的投資活動？

For sure, we just need to get the lease settled up with the state and then it'll be in condition to sell. So that's probably early '26, I think maybe previously this year I mentioned late this year, but the, it takes a while to settle the lease expansion and so forth. So, we're, probably looking at early '26 on selling that asset, but yeah, that's definitely a candidate.

當然，我們只需要把和州政府的租賃事宜處理好，房子就可以出售了。所以那大概是 2026 年初，我想今年早些時候我提到今年晚些時候，但是，租賃擴張等事宜需要一段時間才能確定。所以，我們可能會在 2026 年初出售該資產，但沒錯，這絕對是一個候選方案。

Okay, and then lastly, the shops at Legacy, the kind of remaining square footage to be leased once you bring in the co-working tenant, what kind of is that? Just big picture is it all kind of small shop space? Is there any kind of anchor space still left in that property? Just kind of curious what that looks like.

好的，最後，關於 Legacy 的商鋪，引入共同工作租戶後，剩餘的待出租面積是多少？從整體來看，是不是都是那種小店鋪空間？那塊地裡還有沒有其他類型的錨定空間？我只是有點好奇那是什麼樣子。

Yeah, it's more small shop space that, we've gone through literally three different tenants that, we just didn't get there whether we didn't like their financials or too much TI, so we're being a little picky on it and then we have a little bit of we workspace left, but we feel like the when the private club opens they've expressed some interest that that might be an expansion opportunity for them. So, everything is very manageable. We're just trying to kind of be picky about, who we put in.

是的，這裡主要是一些小型店鋪空間，我們已經接觸過三個不同的租戶，但都沒能成功，要么是我們的財務狀況不理想，要么是裝修太多。所以我們對這方面比較挑剔。我們還有一些辦公空間，但我們覺得，當私人俱樂部開業時，他們表示有興趣，這可能是個擴張的機會。所以，一切都在掌控之中。我們只是想在選人方面精挑細選。

That's it for me. Thank you very much.

就這些了。非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作說明）