CTO Realty Growth Inc (CTO) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CTO Realty Growth Q1 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Jenna McKinney, Director of Finance. Please go ahead.

各位好，感謝您耐心等候。歡迎參加 CTO Realty Growth 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，財務總監 Jenna McKinney。請開始。

Good morning, everyone, and thank you for joining us today for the CTO Realty Growth first-quarter 2026 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，感謝今天加入我們參加 CTO Realty Growth 2026 年第一季營運成果電話會議。今天早上的與會者包括總裁兼執行長 John Albright、財務長 Philip Mays，以及其他將在會議期間回答問題的管理團隊成員。

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.

我想提醒各位，我們今天的許多評論依據聯邦證券法屬於前瞻性陳述。公司未來實際結果可能與這些前瞻性陳述中討論的事項有重大差異，我們亦不承擔更新這些陳述的義務。

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

可能導致實際結果與預期有重大差異的因素與風險，會不時在公司 Form 10-K、Form 10-Q 及其他向 SEC 提交的文件中更詳細地討論。您可在我們的網站 ctoreit.com 查閱 SEC 報告、財報新聞稿、補充資料以及最新的投資人簡報。接下來我把電話交給 John。

Thanks, Jenna, and good morning, everyone. We are pleased to report a strong quarter to start the year, highlighted by a robust leasing and strong same-store NOI growth as well as the $81.6 million acquisition of a high-quality shopping center in Texas. Our strategic focus on shopping centers located along growth corridors primarily in the Southeast and Southwest markets of the United States, along with the proactive asset management and leasing continues to produce strong results.

謝謝你，Jenna，各位早安。我們很高興報告今年開局強勁的一季，亮點包括強勁的租賃表現與同店 NOI 的強勁成長，以及以 8,160 萬美元收購德州一座高品質購物中心。我們的策略重點聚焦於位於美國東南部與西南部市場、沿成長走廊的購物中心，加上積極的資產管理與租賃作為，持續帶來亮眼成果。

Starting with retail leasing. During the quarter, we executed leases, renewals and extensions totaling 153,000 square feet, including 146,000 square feet of comparable leases at an average cash rent increase of 14%. Our leasing activity for the quarter was spread across our portfolio, but particularly positive at Millenia Crossing in Orlando, where we signed a lease with Williams-Sonoma to fill the former Mattress Firm space. And just after quarter end, we signed a lease with Pottery Barn Kids to fill a space that had been vacant since we acquired the property.

先從零售租賃談起。本季我們完成新租、續租與延展合計 153,000 平方英尺，其中可比租約 146,000 平方英尺，平均現金租金調升 14%。本季租賃活動分布於整體投資組合，但在奧蘭多的 Millenia Crossing 表現特別亮眼，我們與 Williams-Sonoma 簽約，填補原 Mattress Firm 的空間。且在季後不久，我們與 Pottery Barn Kids 簽約，填補自我們收購該物業以來一直空置的空間。

Combined, this activity has increased Millenia Crossing to 97% leased and improves the quality of the tenant roster and value of the asset. Further, our only shopping center with leased occupancy below 90% is now Carolina Pavilion at 83%, and we are in active negotiations with tenants for all the remaining vacancy. We look forward to providing announcements of this leasing activity at this shopping center in the future. We are also making strong progress with the six outparcel opportunities we discussed on our last call. During the quarter, we signed a lease with Swig for a drive-through customized beverage store at Marketplace at Seminole Towne Center located in Orlando. And just after quarter end, we signed a lease with Cooper's Hawk at Ashley Park located in Atlanta market.

綜合上述活動，Millenia Crossing 的出租率提升至 97%，並改善租戶組合品質與資產價值。此外，我們唯一一座出租率低於 90% 的購物中心目前為 Carolina Pavilion，出租率 83%，我們正就所有剩餘空置面積與租戶積極洽談。我們期待未來能就該購物中心的租賃進展發布相關公告。我們也在上次電話會議提到的六個外圍地塊（outparcel）機會上取得強勁進展。本季我們在位於奧蘭多的 Marketplace at Seminole Towne Center 與 Swig 簽約，設立可客製化飲品的得來速門市。且在季後不久，我們在亞特蘭大市場的 Ashley Park 與 Cooper's Hawk 簽約。

In addition, we have executed LOIs or in active lease negotiations for the remaining four outparcels. We continue to expect these six outparcels to generate low double-digit unlevered yield on approximately $30 million of investment. We anticipate that this $30 million will primarily be deployed and begin contributing to earnings in 2027 with the full benefit expected to be recognized in 2028. We also look forward to providing additional announcements related to this initiative in the coming quarters.

此外，其餘四個外圍地塊我們已簽署意向書（LOI）或正進行積極的租約談判。我們仍預期這六個外圍地塊在約 3,000 萬美元投資下，可產生未槓桿低雙位數的報酬率。我們預期這 3,000 萬美元將主要於 2027 年投入並開始對盈餘做出貢獻，完整效益預計於 2028 年反映。我們也期待在未來幾季就此計畫提供更多相關公告。

Reflecting our leasing progress at quarter end, our portfolio was 95.4% leased and our Signed-Not-Open pipeline totaled $6.2 million of annual cash base rent, representing approximately 5.5% of in-place annual cash base rent. We believe this pipeline of new lease revenue will provide a meaningful earnings tailwind beginning as we move through 2026 and into 2027.

反映我們在季末的租賃進展，我們的投資組合出租率為 95.4%，而「已簽約未開業」（Signed-Not-Open）管線的年度現金基本租金合計 620 萬美元，約占現有年度現金基本租金的 5.5%。我們相信，這些新增租金收入管線將在 2026 年後續期間並延續至 2027 年，為盈餘帶來顯著的順風。

Further, leasing activity completed over the prior year for which tenants have commenced paying rent is already beginning to benefit NOI. For the quarter, same-property NOI for shopping centers increased 6.8% compared to the comparable prior-year period. Excluding the benefit of certain nonrecurring items, same-property NOI for shopping centers grew at a healthy 4.2%.

此外，前一年完成的租賃活動中，租戶已開始支付租金的部分，已開始對 NOI 產生助益。本季購物中心同店 NOI 較去年同期成長 6.8%。若排除某些一次性項目的影響，購物中心同店 NOI 仍以健康的 4.2% 成長。

Moving to investment activity. During the quarter, we announced an acquisition of Palms Crossing, a 399,000 square foot open-air center located in McAllen, Texas for $81.6 million. Palms Crossing is anchored by Best Buy, Hobby Lobby, Burlington Coat Factory, Barnes & Noble, and Nike and is currently 98% leased and benefits from strong cross-border shopping.

接著談投資活動。本季我們宣布收購 Palms Crossing，該物業為位於德州麥卡倫（McAllen）的 399,000 平方英尺露天型商場，收購價 8,160 萬美元。Palms Crossing 由 Best Buy、Hobby Lobby、Burlington Coat Factory、Barnes & Noble 與 Nike 等主力店進駐，目前出租率 98%，並受惠於強勁的跨境購物需求。

This property has also provides the opportunity to develop two additional outparcels beyond the six discussed earlier. With this acquisition, Texas is now our third largest state by ABR and combined contribution from Georgia, Florida, North Carolina, and Texas increased to 85% of total ABR. On the property recycling front, Madison Yards located in Atlanta is under contract with a nonrefundable deposit, and we expect the sale to close in May. Madison Yards is 99% leased and the anticipated sale would enable us to extract value from a stabilized asset while also reducing our AMC Theatres exposure to only two locations, which are both high performing.

該物業亦提供額外開發兩個外圍地塊的機會，超出先前提到的六個。完成此收購後，德州按 ABR（年度基本租金）計已成為我們第三大州；而喬治亞州、佛羅里達州、北卡羅來納州與德州的合計貢獻提升至總 ABR 的 85%。在資產汰換方面，位於亞特蘭大的 Madison Yards 已簽訂合約並收取不可退還的訂金，我們預期該出售將於 5 月完成交割。Madison Yards 出租率 99%，預期出售將使我們得以自已穩定的資產中釋放價值，同時將我們對 AMC Theatres 的曝險降至僅兩個據點，且兩者皆表現優異。

Further, the anticipated sale, along with Palms Crossing acquisition will complete the recycling proceeds at a positive cap rate spread contributing to future earnings growth. As we move forward, we're evaluating additional property sales, focusing on recycling capital from stabilized properties into assets at positive initial yield spread with the potential for value-add opportunities and higher earnings growth in the future.

此外，預期的出售加上 Palms Crossing 的收購，將完成以正向資本化率（cap rate）利差進行的資產汰換，並有助於未來盈餘成長。展望未來，我們正評估進一步的資產出售，重點是將已穩定資產的資本回收，再投入至具正向初始收益率利差、並具有增值（value-add）機會與更高未來盈餘成長潛力的資產。

Now turning to our structured investments. During the quarter, we received full repayment of our 9.5%, $30 million preferred investment in Watters Creek Village. This repayment was expected and represents the only structured investment scheduled to mature in 2026. More notably, just after the quarter end, we completed a $75 million preferred equity investment in a Class A premier retail property located in the Southwest.

接下來談我們的結構型投資。本季我們收到 Watters Creek Village 之 9.5%、3,000 萬美元優先投資的全額償還。此償還符合預期，且為 2026 年唯一到期的結構型投資。更值得注意的是，在季後不久，我們完成一筆 7,500 萬美元的優先股權投資，標的為位於美國西南部的一處 A 級頂級零售物業。

This preferred investment yields 12% and has a term of two years. This activity increased our structured investment portfolio by $45 million to $158 million subsequent to quarter end with a weighted average yield of 11.6%.

該優先投資的收益率為 12%，期限為兩年。此項活動使我們在季後將結構型投資組合增加 4,500 萬美元至 1.58 億美元，加權平均收益率為 11.6%。

In summary, 2026 is off to a great start, and we are in a great position to sustain our growth in the quarters ahead. Our portfolio continues to perform well and is supported by embedded growth drivers, including in-place below-market rents, our Signed-Not-Open pipeline, planned outparcel developments, and disciplined capital recycling. Collectively, we believe that these initiatives can support meaningful earnings growth for several years to come and contribute to our increased guidance for core FFO and AFFO per diluted share to new ranges that imply approximately 12% growth at the midpoint.

總結而言，2026 年開局強勁，我們也處於極佳位置，可在未來幾個季度持續維持成長。我們的投資組合持續表現良好，並受惠於內嵌式成長動能，包括現有低於市場水準的租金、我們的「已簽約未開業（Signed-Not-Open）」管線、規劃中的外圍地塊（outparcel）開發，以及嚴謹的資本循環配置。整體而言，我們相信這些舉措可在未來數年支持具實質意義的獲利成長，並促使我們將每股稀釋後核心 FFO 與 AFFO 的指引上調至新的區間；以區間中點計，隱含約 12% 的成長。

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

接下來，我把電話會議交給 Phil。

Thanks, John. On this call, I will briefly highlight our earnings, provide an update on our balance sheet, and discuss our raised 2026 outlook. Starting with operating results. For the first quarter, core FFO was $16.9 million, a $2.5 million increase compared to $14.4 million reported in the comparable quarter of the prior year. And on a diluted share basis was $0.52 per share versus $0.46 per share.

謝謝，John。在本次電話會議中，我將簡要重點說明我們的盈餘表現、更新資產負債表狀況，並討論我們上調後的 2026 年展望。先從營運結果開始。第一季核心 FFO 為 1,690 萬美元，較去年同期報告的 1,440 萬美元增加 250 萬美元。以稀釋後每股計為每股 0.52 美元，去年同期為每股 0.46 美元。

AFFO was $18.2 million for the quarter, an increase of $2.7 million compared to $15.5 million reported in the comparable quarter of the prior year, and on a diluted share basis was $0.56 per share versus $0.49 per share. The growth in both core FFO and AFFO was primarily driven by leases executed over the past year that have since commenced paying rent, although it did include approximately $0.01 related to nonrecurring recovery benefits from final 2025 CAM, real estate taxes, and insurance billings that tenants recorded in this quarter.

本季 AFFO 為 1,820 萬美元，較去年同期報告的 1,550 萬美元增加 270 萬美元；以稀釋後每股計為每股 0.56 美元，去年同期為每股 0.49 美元。核心 FFO 與 AFFO 的成長主要來自過去一年簽訂、且已開始收取租金的租約；不過其中亦包含約每股 0.01 美元，係源自一次性回收利益，來自 2025 年最終的 CAM（公共區域維護費）、不動產稅與保險費用結算，租戶於本季入帳。

With regards to property operations, as John mentioned, same-property NOI for shopping centers increased 6.8% in the first quarter compared to the comparable quarter of the prior year. Excluding the nonrecurring recovery benefits discussed earlier, same-property NOI for our shopping centers still increased a healthy 4.2%.

就物業營運而言，如 John 所提及，第一季購物中心的同店 NOI 較去年同期增加 6.8%。若排除前述一次性回收利益，我們購物中心的同店 NOI 仍健康成長 4.2%。

Given the relatively small size of our same-property NOI, $200,000 impacts quarterly growth by approximately 100 basis points. Accordingly, unusual and nonrecurring items like this can occasionally skew our same-property NOI, so we want to highlight the impact of such items when appropriate. Notably, shopping center properties represented 97% of total same-property NOI for the quarter. Total same-property NOI, including our few noncore properties, increased 3.4% for the quarter. This growth was impacted by one tenant as previously announced, vacating 98,000 square feet at our Albuquerque property at the beginning of December 2025, which more than offset the nonrecurring recovery benefits recorded.

由於我們的同店 NOI 規模相對較小，20 萬美元的變動對單季成長的影響約為 100 個基點。因此，像這類不尋常且非經常性項目，偶爾會扭曲我們的同店 NOI；我們會在適當時點說明此類項目的影響。值得注意的是，本季購物中心物業占同店 NOI 總額的 97%。同店 NOI 總額（包含少數非核心物業）本季增加 3.4%。此成長受到一名租戶影響：如先前公告，該租戶於 2025 年 12 月初自我們阿布奎基（Albuquerque）物業撤出 98,000 平方英尺，該影響超過了所認列的一次性回收利益。

As a reminder, this vacancy has been fully leased to the state of New Mexico, which is expected to commence paying rent in late 2026. Moving to the balance sheet. At March 31, 2026, we had total debt of $651.8 million with a weighted average interest rate of 4.6%. Further, we ended the quarter with approximately $125 million of liquidity and leverage at 6.4 times net debt to pro forma adjusted EBITDA, which is consistent with the end of 2025.

提醒一下，該空置面積已全數出租給新墨西哥州政府，預計將於 2026 年底開始支付租金。接著談資產負債表。截至 2026 年 3 月 31 日，我們總負債為 6.518 億美元，加權平均利率為 4.6%。此外，我們季末約有 1.25 億美元的流動性，槓桿倍數（淨負債／備考調整後 EBITDA）為 6.4 倍，與 2025 年底一致。

During the quarter, we opportunistically utilized our common ATM program to issue approximately 733,900 common shares at an average price of $19.59 per share for total net proceeds of $14.2 million. Notably, these proceeds, combined with the repayment of our $30 million Watters Creek preferred investment and higher NOI enabled us to maintain leverage at a consistent level even with the acquisition of Palms Crossing completed in this quarter.

本季我們把握時機，透過普通股 ATM 計畫發行約 733,900 股普通股，平均價格為每股 19.59 美元，合計淨募資 1,420 萬美元。值得注意的是，這些資金，加上我們收回 3,000 萬美元 Watters Creek 優先投資的償還，以及 NOI 的提升，使我們即便在本季完成 Palms Crossing 的收購，仍能將槓桿維持在一致水準。

Now turning to guidance. For the full-year 2026, we are increasing our core FFO outlook to a new range of $2.06 to $2.11 per diluted share and our AFFO outlook to a new range of $2.19 to $2.24 per diluted share. Key assumptions reflected in our guidance include increased investment volume, including structured investments of $175 million to $250 million, same-property NOI growth for shopping centers of 3.5% to 4.5%, and general and administrative expenses of $19.7 million to $20.2 million.

接著談指引。就 2026 全年而言，我們將核心 FFO 展望上調至稀釋後每股 2.06 至 2.11 美元的新區間，並將 AFFO 展望上調至稀釋後每股 2.19 至 2.24 美元的新區間。指引中的主要假設包括：投資量增加（包含 1.75 億至 2.50 億美元的結構性投資）、購物中心同店 NOI 成長 3.5% 至 4.5%，以及一般與行政費用 1,970 萬至 2,020 萬美元。

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

以上，接線員，請開放提問。

(Operator Instructions) Jay Kornreich, Cantor Fitzgerald & Company.

(接線員指示) Jay Kornreich，Cantor Fitzgerald & Company。

I guess I just want to start out with the new $75 million Southwest-preferred equity investment at the 12% yield. I guess what attracted you to that investment? And how do you anticipate, I guess, the draw schedule occurring -- sorry, how do you anticipate the draw schedule occurring going forward? And in terms of funding sources for it, I guess you can use $30 million from the Watters investment, which was prepaid, but how do you think about funding the incremental $45 million?

我想先從新的 7,500 萬美元 Southwest 優先股權投資談起，殖利率為 12%。想請問是什麼吸引你們做這筆投資？另外，未來你們預期撥款時程會如何進行——抱歉，我是說你們預期未來撥款時程會如何進行？至於資金來源方面，我想你們可以使用已提前償還的 Watters 投資中的 3,000 萬美元，但新增的 4,500 萬美元你們會如何思考資金安排？

Yeah. We've already did the investment. So it was like it was one closing. And so as you mentioned, the Watters Creek was recycled into that. And we'll basically have, as we mentioned, an asset sale coming up and so forth, which will bring down leverage. But otherwise, we just use the balance sheet for the balance of it.

是的。我們已經完成這筆投資了。所以它是一次性交割。如你所提到的，Watters Creek 的資金已循環投入到那筆投資中。而且我們也提過，接下來會有資產出售等事項，這將降低槓桿。除此之外，其餘部分我們基本上就用資產負債表來支應。

Okay. And then just going back to the original 10 vacant anchor spaces that we've talked about. I think there's still three remaining to be signed. Can you just give an update on how those conversations are progressing and when you think you could get a lease signed and ultimately rent payment beginning?

好的。再回到我們之前談過的最初 10 個空置主力店（anchor）空間。我想目前還有 3 個尚待簽約。能否請你更新一下這些洽談的進展，以及你認為何時能簽下租約、並最終開始收取租金？

Yeah. It's going really well as far as terms have been agreed upon moving to leases, but these things with these large national companies go really slow. So I would say, conservatively, I would say, three months and hoping to do it before then. But every time you think these things would take 30 days, it drags. So -- but we are -- the good thing is even though the lease may take that long, we're working right away on basically engineering drawings and what needs to be done to outfit the space for the tenants. So that's not going to -- we're not going to wait for the lease to be signed to get that work done. So the lease commencement will kind of stay kind of probably take, call it, nine months or so to get the tenant in place, but that part won't move even though the lease may drag out.

好的。進展非常順利，就條件而言已達成共識並正進入租約文件階段，但與這些大型全國性公司合作，流程確實非常慢。所以保守來看，我會說大約三個月，希望能更早完成。但每次你以為 30 天就能搞定，結果都會拖延。不過好消息是，即使租約可能需要那麼久，我們也會立刻著手進行工程圖說以及為租戶裝修空間所需的工作。因此我們不會等到租約簽署才開始做這些工作。所以租約起租時間大致上仍會維持不變；大概需要九個月左右讓租戶進駐，但即便租約文件拖延，這部分時程也不會跟著延後。

Matthew Erdner, Jones Trading.

Matthew Erdner，Jones Trading。

I'm just curious what's going to lead you kind of towards the high range of the investment guidance versus the bottom end? Because I think if you lean towards the bottom end, it will probably be one more structured investment. And given the timing of Madison Yards, should we expect anything to kind of happen in the second half of the year from an investment perspective?

我只是好奇，是什麼因素會讓你們的投資指引更偏向區間上緣，而不是下緣？因為我認為如果你們偏向下緣，可能就會是再做一筆結構性投資。再加上 Madison Yards 的時程，從投資角度來看，我們是否應該預期今年下半年會有一些動作？

Phil, I'll let you address that, but I'll start with some of the pipeline. We do have structured investments that we are working on. It's relatively small, but that's something that could happen here in the next 30 days. And as far as acquisition pipeline, we do have our eyes on a couple of things, but they're not going to happen until they're not even out in the market yet. They're being prepared for market. So we hope to be more active probably in the next kind of four months. And then we'll -- as mentioned in our prepared remarks, we'll have some recycling going on, which will happen in the next probably three months.

Phil，我讓你來回應，不過我先談一下部分案源管線。我們確實正在推進一些結構性投資。規模相對小，但這件事可能在接下來 30 天內就會發生。至於收購管線，我們也有在看幾個標的，但它們還不會發生，甚至目前都還沒正式上市。它們正在準備推向市場。所以我們希望大概在接下來四個月會更積極一些。然後我們——如同在事先準備的講稿中提到的——也會有一些資產回收/輪替（recycling），大概會在接下來三個月內發生。

Yeah, Matt, it's Phil. And you're correct in your assumption. So the small structured investment John referred to would put us right around the low end of the range. And then if we complete some of the larger property acquisitions in the pipeline, it would push us up towards the higher end of the range.

對，Matt，我是 Phil。你的假設是正確的。所以 John 剛提到的那筆小型結構性投資，會讓我們大概落在區間的低端附近。而如果我們完成管線中一些較大型的不動產收購，則會把我們推向區間的高端。

Got it. And then as a follow-up to that, are you guys assuming that outparcel at Forsyth, there's 10 extra acres there in the investment guidance for this year? Or would that be additional?

了解。那再追問一下，你們今年的投資指引是否已經把 Forsyth 的那塊外圍地（outparcel）——那裡多出來的 10 英畝——納入？還是那會是額外的？

Yeah. So they won't contribute to earnings in this year. It's one of the pads that we've identified. So part of the -- where we've discussed $30 million of capital earning low-double-digit yield unlevered. It's in that group. But any earnings from that will not be in this year, Matt.

是的。所以它們今年不會對盈餘有貢獻。那是我們已經辨識出來的其中一塊地塊（pad）。因此，在我們提到的約 3,000 萬美元資本、在無槓桿情況下可賺取低雙位數報酬率（yield）的那一組裡面，就包含它。它在那個組合中。但來自那個案子的任何盈餘都不會反映在今年，Matt。

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

With the preferred equity investment you made here in the second quarter, I think -- and it sounds like you've got another potential small one. I think that brings CTO's exposure to structured investments to around 11%, maybe closer to 15% when fully funded relative to undepreciated assets. Are you thinking about a cap or target on that as a percentage of the balance sheet similar to PINE?

就你們在第二季做的那筆優先股權投資來看，我想——而且聽起來你們還有另一筆可能的小型投資。我認為這會讓 CTO 對結構性投資的曝險約在 11% 左右，若全額到位（fully funded），相對於未折舊資產（undepreciated assets）可能更接近 15%。你們是否在考慮像 PINE 一樣，對其占資產負債表的比例設定上限或目標？

Yeah. Thanks for the question. So I would say that most likely, the cap will be -- it will definitely be below 20% and maybe more in line with the 15%. And so as you've seen at PINE, sometimes it will go a little higher as we anticipate some payoffs happening. But roughly, 15% feels like a good place for us.

是的。謝謝你的問題。我會說，上限最可能會——肯定會低於 20%，而且可能更接近 15%。因此如同你在 PINE 看到的，有時候在我們預期會有一些回收/償還（payoffs）發生時，它可能會稍微高一點。但大致上，15% 對我們來說是個不錯的位置。

Okay. Great. And thinking about investment guidance, you've done $156 million year to date. I think you started out the year guiding to sort of 8% to 8.5%. The preferred equity down here this quarter is 12%. Has that yield range changed at all because of that?

好的。很好。再談投資指引，你們今年迄今已做了 1.56 億美元。我記得你們年初的指引大概是 8% 到 8.5%。而本季這筆優先股權是 12%。因為這個因素，那個收益率區間有改變嗎？

Yeah. So the cap rates, I can go into kind of what we're seeing on cap rates. And then as we see more visibility on what we'll be buying and the structured finance kind of give you a better mix outcome. But in general, the acquisitions that we're seeing are in the 7.5% to 8% range. And then with regards to structured finance, something in the 10% to 13% range. And so you have that little blend.

是的。所以資本化率（cap rates），我可以先談談我們看到的 cap rate 狀況。然後隨著我們對將要買什麼、以及結構性融資的能見度更高，我們也能給你更好的組合（mix）結果。但整體而言，我們看到的收購案大概在 7.5% 到 8% 的區間。至於結構性融資，則大概在 10% 到 13% 的區間。所以會有一點混合。

Okay. Great. That's very helpful. Just a couple more for me. Looking at your space that's expiring this year, it looks like it's significantly above the average in the portfolio, particularly on the anchor space, are mostly on the anchor space. You had, I think, a 24% cash increase in rent spreads last year. Do you -- I think you had 14% this quarter. Are you thinking something in the double-digit range is possible this year? Or is that going to be a little tougher?

好的。很好。這非常有幫助。我再問幾個。看你們今年到期的租賃面積，似乎顯著高於投資組合平均，尤其是在主力店（anchor）面積上，主要都在主力店面積。你們去年租金價差（rent spreads）的現金增幅我記得是 24%。這一季我想是 14%。你們認為今年有可能做到雙位數的增幅嗎？還是會比較困難一些？

Yeah. I mean I think the spreads, you would see them continue in the range they've been, Craig. Are you referring to '26 when you say this year, right?

是的。我的意思是，我認為價差會持續落在它們一直以來的區間內，Craig。你說的「今年」是指 2026 年，對吧？

Yeah, in '26.

對，2026 年。

Yeah, yeah, yeah. So the expiring rents are a little higher, right? I think they're closer to ['25] where we've been signing a lot of leases. But we're not only working on '26, we're also working on '27. I mean they start early. So I think while the spreads could come down a little just because the average rent and the leases expiring in '26 could bring it down a little. But generally, it still should be close to where we've historically been recently. Obviously, any one quarter can bounce around a lot just because it's not a lot of GLA in one quarter, but for the full year, should be pretty good.

對、對、對。所以到期租金確實稍微高一些，對吧？我認為它們更接近我們在 ['25] 一直簽了很多租約的水準。但我們不只在做 2026 年，我們也在做 2027 年。我的意思是，這些都會提早開始。所以我認為，雖然價差可能會因為平均租金以及 2026 年到期的租約而稍微下來一些。但整體而言，仍應該會接近我們近期的歷史水準。當然，任何單一季度都可能因為單季的可出租面積（GLA）不多而波動很大，但就全年來看，應該會相當不錯。

Okay. That's helpful. Just one more for me.

好的。這很有幫助。我最後再問一個。

What's driving that? -- there's fewer anchors in there, Craig. So that's what's left is small shop. So a little higher ABR.

是什麼在驅動那個？——因為裡面主力店比較少了，Craig。所以剩下的都是小店鋪（small shop）。因此平均基本租金（ABR）會高一些。

And just one more for me. I think last quarter, the implied ABR recognition in the Signed-Not-Open pipeline was about $2.9 million for 2026. I think now we're looking at $1.8 million in the updated deck. Can you give us a sense of how you're anticipating the timing of that $1.8 million in '26 and sort of how we should think about modeling '27 from a Signed-Not-Open pipeline recognition perspective?

我再問最後一個。我記得上季，在「已簽約但尚未開業」（Signed-Not-Open）管線中，2026 年隱含的 ABR 認列大約是 290 萬美元。我想現在在更新後的簡報裡看到的是 180 萬美元。你們能否說明一下，你們預期這 180 萬美元在 2026 年的認列時點大概會如何分布？以及從「已簽約但尚未開業」管線認列的角度，我們在建模 2027 年時應該如何思考？

Yes. So about $1.5 million rolled off the pipeline from last time and got -- and commenced. And then with new leases, we kind of filled that back up, signing about $1.5 million. So the total the Signed-Not-Open pipeline did not move much. What did go in went in relatively closer to the beginning of the quarter. So it was in there for most of the quarter and it's reflected in the quarter's run rate.

是的。所以大約有150萬美元從上次的管線中到期退出，並且——開始執行。然後透過新租約，我們大致把它補回來，簽了大約150萬美元。因此，「已簽約未開業」管線的總量變動不大。真正新增進來的部分，是相對更接近本季初期就進來了。所以它在管線裡待了本季大部分時間，並反映在本季的運行率中。

With what's left in the Signed-Not-Open pipeline, I think it will be a little more Q3, Q4 weighted. And then generally, almost all of it is in place, albeit maybe later in the year, prior to '27. So you should get pretty much the full impact of the Signed-Not-Open pipeline in '27. I think there's one tenant that pushes to early '28, but almost everything should be recognized in '27.

至於「已簽約未開業」管線剩下的部分，我認為會比較偏向Q3、Q4。然後整體而言，幾乎全部都已就位，雖然可能是在今年稍晚、但在'27之前。所以你在'27應該可以看到「已簽約未開業」管線幾乎完整的影響。我想有一個租戶會延到'28年初，但幾乎所有項目都應該會在'27認列。

I'm sorry, are you saying recognized as of sort of that early '27 or throughout '27?

不好意思，你是說在大概'27年初就認列，還是會在整個'27年期間陸續認列？

Early '27. So it should -- just other than one tenant, I think they're all -- you should get the full benefit of the Signed-Not-Open pipeline for '27. There's one tenant you won't get the full benefit of until '28 because they'll open during '27. But what's left for '26 will be later in the year, and then you'll get the full benefit in '27.

'27年初。所以應該——除了其中一個租戶之外，我想其他都——你在'27年應該可以拿到「已簽約未開業」管線的全部效益。有一個租戶你要到'28年才會拿到完整效益，因為他們會在'27年期間開業。但'26年剩下的部分會在年內較晚發生，然後你會在'27年拿到完整效益。

John Massocca, B. Riley Securities.

John Massocca，B. Riley Securities。

Maybe thinking about the Madison disposition. I know we can kind of back into the numbers a little bit on our own given your disclosure. But is it right to think that that's at about a 6% cap rate? I know it kind of depends a little bit on the NOI margin at that specific asset, but does that sound roughly correct?

也許談談Madison的處分案。我知道根據你們的揭露，我們自己大概也能倒推出一些數字。但把它視為大約6%的資本化率（cap rate）這樣想對嗎？我知道這多少取決於該資產特定的NOI利潤率，但這樣大致合理嗎？

It's a little higher than that because of the AMC Theatre.

會比那個稍微高一些，因為有AMC影城。

Okay. All right. And then maybe kind of more big picture as you're thinking about your leasing pipeline and some of the vacancy that's left. And I know a lot of that's been addressed because a lot of it is in Carolina Pavilion. But is there any kind of hesitancy you've seen in retailers, and frankly, in recent weeks around signing deals just given some of the macro uncertainty out there, some of the uncertainty about how some of the headline stuff maybe impacts the consumer. Just curious how the kind of leasing trajectory has been on a super recent basis.

好的。了解。然後從更宏觀的角度，當你們在看租賃管線以及剩餘的一些空置時。我知道其中很多已經處理了，因為很大一部分在Carolina Pavilion。但你們有沒有看到零售商有任何猶豫，坦白說，最近幾週在簽約上是否因為外部宏觀不確定性、以及一些頭條消息可能如何影響消費者的不確定性，而變得更保守？想請教一下，最近非常近期的租賃走勢如何。

There's been no hesitancy with pushing forward on leases. We have not seen any pullback whatsoever on any category.

在推進租約方面沒有任何猶豫。我們完全沒有看到任何類別出現退縮。

Okay. And then the in-place portfolio, any new tenants or any [new] notable increase to the watch list? I was just curious if there's any kind of pushes and pulls there. Anything coming out of the watch list even too?

好的。那現有（in-place）投資組合方面，有沒有新的租戶或任何[新的]值得注意的觀察名單（watch list）增加？我只是想了解那邊是否有任何拉扯。也有沒有任何項目從觀察名單中移出？

No. I mean really, as I've said in prior calls, really -- it's really some of the smaller type tenants and maybe restaurant oriented, but there's been no notable change one way or the other on the watch list.

沒有。我的意思是，正如我在之前的電話會議中說過的，主要——真的就是一些較小型的租戶，可能偏餐飲類，但觀察名單並沒有任何顯著的變化，不論好壞。

Okay. And then last one. There's been a decent amount of M&A in the space in recent years, including a notable comp to you all recently. How does that impact your disposition and acquisition outlook? Is there stuff that maybe comes out of those transactions or a competitor maybe not being in the space that increases the likelihood of you closing certain deals? Does it indicate something you can do on the capital recycling side that is interesting? Just kind of curious if the events outside of your control kind of changed the dynamics around how you're operating the business?

好的。最後一題。近年來這個領域有相當多的併購（M&A），其中最近也有一筆與你們相當可比的顯著交易。這對你們的處分與收購展望有何影響？是否有些資產可能從那些交易中釋出，或某個競爭者不再在這個領域，會提高你們完成某些交易的可能性？這是否顯示在資本循環（capital recycling）方面有你們可以做、且有趣的事情？想了解一下，這些你們無法控制的外部事件，是否改變了你們經營業務的動態？

Yeah. I would just say that there's just a lot more capital out there and that price point of that transaction was fairly aggressive. So it's helpful on our recycling side for sure, but not helpful on our acquisition side. So we pride ourselves on being fast to address an acquisition. We can move fast. And the groups that are out there on the acquisition hunt are much larger institutional and they take a lot longer. So just being a little bit nimble is an advantage for us.

是的。我會說，市場上的資金確實多了很多，而那筆交易的價格水準相當積極。所以這對我們的資本循環端肯定有幫助，但對我們的收購端沒有幫助。我們以能快速處理收購案為傲。我們可以動作很快。而目前在市場上尋找收購標的的團體，多是更大型的機構投資人，他們決策時間長得多。因此，保持一點靈活性對我們而言是一個優勢。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

I wanted to ask you on the acquisition that you made, Palms Crossing, this quarter. On the value-add upside, can you maybe talk about where the rents are on that property versus where the market rents are?

我想請教你們本季完成的收購案Palms Crossing。就增值（value-add）的上行空間而言，你能否談談該物業目前的租金水準相較於市場租金大概在哪裡？

Yeah. I mean the market rents are below market, but there's not really any sort of play where we're going to get a tenant out and we're going to have a huge mark-to-market on lease-up. I would just say that we do have a little bit of vacancy, and we have an outparcel that we didn't pay any money for that we're working on. So that's where the growth is going to come over and beyond what we bought. But they are below market, but not something that you can get to anytime soon.

可以。我的意思是，現行租金低於市場，但並沒有那種操作空間：我們把某個租戶請出去，然後在招租（lease-up）時就能出現很大的市價重估（mark-to-market）。我會說我們確實有一點空置，而且我們有一塊外圍地塊（outparcel）是我們沒有付任何錢取得的，正在推進中。所以成長會來自於這些部分，超出我們買入時的狀況。但租金確實低於市場，只是不是那種短期內就能拉到市場水準的。

Okay. Second question on the guidance, just a clarification. On the Madison Yards, I didn't see that listed in the guidance assumption. Is that included in your guidance, the disposition?

好的。第二題關於財測指引（guidance），想確認一下。在Madison Yards方面，我沒有看到它列在指引假設中。你們的指引有包含這筆處分嗎？

No, we didn't put a disposition volume out there. Currently, that's the only near-term and planned disposition.

沒有，我們沒有對外提供處分量的數字。目前那是唯一近期且已規劃的處分案。

So I'm showing no further questions at this time. This concludes the question-and-answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

目前顯示沒有進一步的提問。問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束。您現在可以斷線。