Federal Realty Investment Trust (FRT) 2023 Q1 法說會逐字稿

Good day, and welcome to the Federal Realty Investment Trust First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Leah Brady. Please go ahead.

美好的一天，歡迎來到聯邦房地產投資信託基金 2023 年第一季度收益電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議轉交給 Leah Brady。請繼續。

Good afternoon. Thank you for joining us today for Federal Realty's First Quarter 2023 Earnings Conference Call. Joining me on the call are Don Wood, Dan G., Jeff Berkes, Wendy Seher, Jan Sweetnam and Melissa Solis. They will be available to take your questions at the conclusion of our prepared remarks.

下午好。感謝您今天加入我們參加 Federal Realty 的 2023 年第一季度收益電話會議。和我一起參加電話會議的還有 Don Wood、Dan G.、Jeff Berkes、Wendy Seher、Jan Sweetnam 和 Melissa Solis。他們將在我們準備好的評論結束時回答您的問題。

A reminder that certain matters discussed on this call may be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any annualized or projected information as well as statements referring to expected or anticipated events or results, including guidance. Although Federal Realty believes these expectations reflected in the forward-looking statements are based on reasonable assumptions, Federal Realty's future operations and its actual performance may differ materially from the information in our forward-looking statements, and we can give no assurance that these expectations can be attained.

提醒一下，本次電話會議上討論的某些事項可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。前瞻性陳述包括任何年度化或預測信息以及涉及預期或預期的陳述事件或結果，包括指導。儘管 Federal Realty 認為前瞻性陳述中反映的這些預期是基於合理的假設，但 Federal Realty 的未來運營及其實際業績可能與我們前瞻性陳述中的信息存在重大差異，我們無法保證這些預期能夠達到。

The earnings release and supplemental reporting package that we issued this afternoon, our annual report filed on Form 10-K and our other financial disclosure documents provide a more in-depth discussion of risk factors that may affect our financial condition and results of operations. (Operator Instructions) And with that, I will turn the call over to Don Wood to begin our discussion of our first quarter results. Don?

我們今天下午發布的收益發布和補充報告包、我們以 10-K 表格提交的年度報告和我們的其他財務披露文件對可能影響我們財務狀況和經營業績的風險因素進行了更深入的討論。 （操作員說明）有了這個，我將把電話轉給唐伍德開始討論我們的第一季度業績。大學教師？

Thanks, Leah, and good afternoon, everybody. Strong start to 2023 here with $1.59 first quarter FFO per share results, ahead of both consensus and internal expectations and 6% growth over last year's first quarter. Also happens to be the best first quarter result, we've ever posted. Here's the best part. We signed 101 comparable leases for more than 0.5 million square feet at $34.72 a foot, 11% higher than the cash basis rent the previous tenant was paying in the final year of their lease, 24% on a straight-line basis. Demand was exceptional with momentum encouragingly strong at the end of the quarter, late March.

謝謝，利亞，大家下午好。 2023 年開局強勁，第一季度 FFO 每股收益為 1.59 美元，高於市場普遍預期和內部預期，比去年第一季度增長 6%。也恰好是我們發布過的最好的第一季度結果。這是最好的部分。我們以每英尺 34.72 美元的價格簽署了 101 份可比租約，面積超過 50 萬平方英尺，比前任租戶在租約最後一年支付的現金基礎租金高出 11%，按直線法計算高出 24%。在本季度末，即 3 月下旬，需求異常強勁，勢頭強勁，令人鼓舞。

As you know, I've been expecting the inevitable tail off of leasing activity for months and months now as the portfolio leases up. These activity levels exceed historical levels by 20% to 30%, we just plainly haven't seen that tail off yet. The retail demand for the product that we offer is in lockstep with what today's consumers and retailers demand in these affluent first-ring suburbs of major metropolitan areas.

如您所知，隨著投資組合租賃的增加，我一直期待著幾個月來租賃活動不可避免的減少。這些活動水平超過歷史水平 20% 到 30%，我們顯然還沒有看到這種下降。我們提供的產品的零售需求與當今消費者和零售商在主要大都市地區這些富裕的一環郊區的需求同步。

One of the larger drivers of that leasing performance this quarter was the signing of 4 grocery deals, 3 new deals and 1 renewals. The renewal was Dedham Plaza in the Boston suburb with Star Market and Albertsons branch. The new deals included Giant Food replacing Shoppers Food Warehouse, Perring Plaza in suburbs of Baltimore, a grocer that I'm not allowed to announce yet replacing Michaels at Fresh Meadows and Queens and Aldi replacing Barnes & Noble on Long Island.

本季度租賃業績的較大驅動力之一是簽署了 4 筆雜貨交易、3 筆新交易和 1 筆續約。重建的是位於波士頓郊區的 Dedham Plaza，擁有 Star Market 和 Albertsons 分店。新的交易包括 Giant Food 取代 Shoppers Food Warehouse，巴爾的摩郊區的 Perring Plaza，一家雜貨店，我不允許宣布但取代 Fresh Meadows 和 Queens 的 Michaels，以及 Aldi 取代長島的 Barnes & Noble。

Together, these 4 deals turned $3.3 million in base rent or $17.81 a foot to $4.4 million in base rent or $23.40 per foot. Strong rents and rent growth in proven productive centers in Northeast densely populated suburbs. The timing of them all getting done in the first quarter bodes well for the future.

這 4 筆交易將 330 萬美元的基本租金或每英尺 17.81 美元變為 440 萬美元的基本租金或每英尺 23.40 美元。東北人口稠密郊區成熟的生產中心的租金和租金增長強勁。他們全部在第一季度完成的時間預示著未來的好兆頭。

The Bed Bath bankruptcy filing news will not exactly welcome, was inevitable and frankly, better than the [brand] there is being ripped off so that we can get on with creating incremental value in our shopping centers. There are many more productive retailers than this one that should be serving our customers. Deals are in the works for all of our Bed Bath boxes and replacement rent should start to ramp up in late 2024. With average Bed Bath base rent at $15 a foot, rest assured that Federal's portfolio will be more valuable, not less once these locations are retenanted. Dan will provide more detail on what we've assumed in our numbers.

Bed Bath 申請破產的消息不會很受歡迎，這是不可避免的，坦率地說，比那裡的 [品牌] 更好，這樣我們就可以繼續在我們的購物中心創造增量價值。有許多比這家更高效的零售商應該為我們的客戶提供服務。我們所有 Bed Bath 箱子的交易都在進行中，更換租金應該會在 2024 年底開始上漲。Bed Bath 的平均基本租金為每英尺 15 美元，請放心，一旦這些地點，Federal 的投資組合將更有價值，而不是更低被保留。丹將提供更多關於我們在數字中假設的細節。

The natural lease expiration of a large-format Bed Bath & Beyond store at Wynnewood Shopping Center in suburban Philly closed in January as expected and was the primary cause of a modest 20 basis point drop in occupancy in the quarter. That closure, along with a Tuesday morning in suburban Boston has also closed when the lease expired in January, fairly overshadowed the many store openings elsewhere throughout the portfolio.

位於費城郊區 Wynnewood 購物中心的大型 Bed Bath & Beyond 商店的自然租約到期於 1 月份如期關閉，這是本季度入住率小幅下降 20 個基點的主要原因。那次關閉，連同周二早上在波士頓郊區的一個星期二早上，在 1 月份租約到期時也關閉了，相當掩蓋了整個投資組合中其他地方的許多商店開業。

Meanwhile, small shop occupancy gains continued on a (inaudible) quarter and increased 50 basis points. That's a total increase in small shop occupancy of 270 basis points since Q1 2022. The quality of our shop tenants and the discerning way that we choose them at our properties is where we create a ton of value. All small shop tenancy is not (inaudible) And as much as I love the grocery deals I mentioned earlier, it's the retail side of the big 4 mixed-use communities that I find most impressive. Taken together, Assembly Row, Bethesda Row, Pike & Rose and Santana Row are a real company differentiator for Federal and more in demand than ever before, with retail leased occupancy at 98% and tenant sales well above 2019 levels.

與此同時，小型商店的入住率在一個（聽不清的）季度繼續增長，增加了 50 個基點。自 2022 年第一季度以來，小商店的入住率總共增加了 270 個基點。我們的商店租戶的質量以及我們在我們的物業中選擇他們的挑剔方式是我們創造大量價值的地方。所有的小商店租賃都不是（聽不清）儘管我很喜歡我之前提到的雜貨交易，但我覺得最令人印象深刻的是四大混合用途社區的零售方面。總而言之，Assembly Row、Bethesda Row、Pike & Rose 和 Santana Row 是 Federal 真正的公司差異化因素，需求比以往任何時候都大，零售出租率達到 98%，租戶銷售額遠高於 2019 年的水平。

These properties are humming with estimated foot traffic in excess of 28 million shoppers in the trailing 12 months. That's a big number and comes from the database of Placer.ai. Roughly 2/3 of tenants report sales of big 4, so the numbers are representatives. Overall sales per foot totaled $700 with total food and beverage sales per foot in excess of $1,000. In our estimation, this is the product and the markets that consumers in a post-COVID world want the most.

在過去的 12 個月裡，這些物業的客流量估計超過 2800 萬。這是一個很大的數字，來自 Placer.ai 的數據庫。大約 2/3 的租戶報告了四大的銷售額，因此這些數字具有代表性。每英尺的總銷售額為 700 美元，其中食品和飲料的總銷售額超過 1,000 美元。據我們估計，這是後 COVID 世界中消費者最想要的產品和市場。

I know you've heard me say it many, many times before, but it fair to repeat it. Demographics made, especially in times of economic pressure and especially now at the $5.5 trillion of government stimulus that propped up the economy during the pandemic years is waning. Past cycles have convinced us that families simply have to have money to spend for retail real estate cash flow to grow. 68,000 households with average annual household income of $150,000 sit within 3 miles of Federal Realty centers.

我知道你以前聽我說過很多很多次，但重複一遍是公平的。人口統計數據，尤其是在經濟壓力時期，尤其是現在在大流行期間支撐經濟的 5.5 萬億美元政府刺激措施正在減弱。過去的周期讓我們相信，家庭只需要有錢來增加零售房地產的現金流即可。 68,000 戶家庭平均年收入為 150,000 美元的家庭位於 Federal Realty 中心 3 英里範圍內。

That's $10.2 billion of family income generated within a 3-mile -- route-mile radius and more than half of those people have a 4-year college degree or better. I know no other significantly sized retail portfolio back in same. With the late quarter on the transaction flow, where we sold a small grocery-anchored shopping center in the quarter for $13 million, not coincidentally -- coincidentally that center located in very suburban [Narberth] in Pennsylvania as one of the latest 3-mile population demos in our portfolio with an obvious candidate for sale.

這是 3 英里範圍內產生的 102 億美元家庭收入——路線英里半徑，其中一半以上的人擁有 4 年製或更高學歷。我知道沒有其他規模很大的零售組合。隨著交易流程的最後一個季度，我們在本季度以 1300 萬美元的價格出售了一個小型雜貨店錨定購物中心，這並非巧合 - 巧合的是，該中心位於賓夕法尼亞州 [Narberth] 的郊區，是最新的 3 英里購物中心之一我們投資組合中的人口演示具有明顯的待售候選者。

More interesting was our acquisition of the fee interest and the anchor tenant leases at Huntington Square Shopping Center on Long Island from [Seritage] Realty Trust for $35.5 million. Back in 2010, we had purchased a leasehold interest in the shop tenants with the hopes of someday finding a way to consolidate the anchors and the fee. With this first quarter transaction, we now fully control this 18-acre parcel in affluent East North Fork, Long Island. And as I mentioned earlier, we just replaced Barnes & Noble with an Aldi grocery store here creating another grocery-anchored property in the portfolio.

更有趣的是，我們以 3550 萬美元的價格從 [Seritage] Realty Trust 手中收購了長島亨廷頓廣場購物中心的費用利息和主要租戶租約。早在 2010 年，我們就購買了商店租戶的租賃權益，希望有一天能找到一種方法來鞏固錨點和費用。通過第一季度的交易，我們現在完全控制了這個位於長島富裕的 East North Fork 的 18 英畝地塊。正如我之前提到的，我們剛剛用這裡的一家 Aldi 雜貨店取代了 Barnes & Noble，在投資組合中創建了另一個雜貨店錨定的財產。

With a $5 million-plus annual income stream on our $56 million all in investment, we've created a much more valuable property with an unlevered IRR in the low teens and arguably $20 million plus of immediate incremental value.

憑藉我們 5600 萬美元的全部投資的 500 萬美元以上的年收入流，我們創造了一個更有價值的財產，其無槓桿 IRR 在十幾歲左右，可以說是超過 2000 萬美元的直接增量價值。

You might have also noticed that after the quarter's end, we refinanced our $275 million in bonds coming due June 1, with a new 5-year $350 million green bond at 5.375%. The offering was significantly oversubscribed with demand helped by our lead gold or better investments. Next up will be the financing or refinancing of our $600 million bonds coming due next year. we would expect to be opportunistically in the market at [400] points in the second half of this year.

您可能還注意到，在本季度結束後，我們為將於 6 月 1 日到期的 2.75 億美元債券進行再融資，新發行 5 年期 3.5 億美元的綠色債券，利率為 5.375%。由於我們的鉛金或更好的投資幫助需求，此次發行大幅超額認購。接下來將是我們明年到期的 6 億美元債券的融資或再融資。我們預計今年下半年將在 [400] 點的市場機會主義。

For an additional source of growth in 2024 and beyond, you only need to look at $600 million plus of construction in process on the quarter-end balance sheet to identify a large source of future income and capital already invested, Much of its lease is not yet reflected in the results. What was reflected in the quarterly results was a $10 million property operating income contribution from the latest completed phases of some of our mixed-use operating properties, namely Assembly Row Phase III, 909 Rose, Pike & Rose and a full quarter, a stabilized CocoWalk, which contributed.

對於 2024 年及以後的額外增長來源，您只需查看季度末資產負債表上超過 6 億美元的在建工程，即可確定未來收入和已投資資本的大量來源，其大部分租賃都不是卻反映在結果上。季度業績中反映的是我們一些混合用途經營物業的最新完工階段的 1000 萬美元物業營業收入貢獻，即 Assembly Row Phase III、909 Rose、Pike & Rose 和一個完整的季度、穩定的 CocoWalk , 做出了貢獻。

And finally, our floor-by-floor buildout at Santana West seems to be attracting more interest in the marketplace as inquiries and property tours have seen renewed life in the last 30 to 60 days. Tech sector in Silicon Valley is far from settled, but the increased activity is certainly well -- we continue to see our fully amenitized office space on our mixed-use communities to be the product of choice in their respective markets.

最後，我們在 Santana West 的逐層擴建似乎在市場上引起了更多興趣，因為在過去的 30 到 60 天內，詢價和房產參觀已經煥然一新。矽谷的科技行業遠未穩定下來，但活動的增加肯定是好的——我們繼續看到我們在混合用途社區中完全舒適的辦公空間成為各自市場的首選產品。

Okay. That's about it for my prepared remarks this morning, and I'll turn it over to Dan before opening it up to your questions.

好的。這就是我今天早上準備好的發言，在回答你的問題之前，我會把它交給 Dan。

Thank you, Don, and hello, everyone. Our $1.59 per share of reported FFO was a first quarter record for Federal and probably above our expectations and last year's $1.50 results, representing a 6% annual increase. That our performance again was broad-based as all facets of our business continue to contribute. Specific drivers, which deserve mentioned, overage percentage rent continues to outpace expectations as tenant sales demonstrate strength and resiliency.

謝謝你，唐，大家好。我們報告的 FFO 每股 1.59 美元是聯邦第一季度的記錄，可能高於我們的預期和去年 1.50 美元的結果，年增長率為 6%。隨著我們業務的各個方面繼續做出貢獻，我們的業績再次具有廣泛的基礎。值得一提的是，由於租戶銷售顯示出實力和彈性，超額租金百分比繼續超過預期。

Parking revenues also saw gains above forecast as customer traffic at our large mixed-use assets continues to drive higher. Small shop occupancy again showed gains and we saw lower expenses both at the property and corporate level. This was offset modestly by higher collectability impact for bad debt expense that was forecasted. Our GAAP-based comparable POI growth metric was 3.6%, coming in at the upper end of the range of our 2% to 4% initial guidance. On a cash basis, comparable excluding prior period rent term fees is 5.2%. Cash basis comparable minimum rent grew by 4%.

隨著我們大型混合用途資產的客戶流量繼續增加，停車收入也高於預期。小型商店的入住率再次出現增長，我們看到物業和企業層面的支出均有所下降。這被預測的壞賬費用的更高可回收性影響適度抵消。我們基於 GAAP 的可比 POI 增長指標為 3.6%，處於我們 2% 至 4% 初始指導範圍的上限。按現金計算，不包括前期租金期限費用的可比費用為 5.2%。以現金為基礎的可比最低租金增長了 4%。

Term fees in the comparable pool this quarter were essentially flat to first quarter 2022 and $1.4 million in each period. Prior period rent this quarter was $1.3 million versus $2.4 million in the first quarter last year. Please note that we have added all of these figures to Pages 10 and 11 of our 8-K supplemental disclosure. [You're welcome, Steve].

本季度可比池中的定期費用與 2022 年第一季度基本持平，每個時期為 140 萬美元。本季度前期租金為 130 萬美元，而去年第一季度為 240 萬美元。請注意，我們已將所有這些數字添加到我們的 8-K 補充披露的第 10 頁和第 11 頁。 [不客氣，史蒂夫]。

Year-over-year occupancy results were also solid with our overall occupied metric growing 140 basis points year-over-year from 91.2% to 92.6% and our lease percentage increasing 50 basis points from 93.7% to 94.2%. Sequentially, we took a small anticipated step backward given 1Q seasonality and two known anchor partners in January at lease expiration, which were reflected in our guidance.

同比入住率結果也很穩健，我們的整體入住率指標同比增長 140 個基點，從 91.2% 增至 92.6%，我們的租賃百分比從 93.7% 增至 94.2%，增長 50 個基點。因此，考慮到 1 季度的季節性和 1 月份租約到期時兩個已知的主要合作夥伴，我們在預期中向後退了一小步，這反映在我們的指導中。

Our signed not occupied spread in the existing portfolio stands at 160 basis points as we continue to show progress in getting tenants open and rent paying. This spread represents roughly $18 million of incremental total rent. Our sign not occupied in our non-comparable pool stands at $18 million as well for the total rent, bringing total signs not occupied to $36 million.

我們在現有投資組合中籤署的未佔用利差為 160 個基點，因為我們繼續在讓租戶開放和支付租金方面取得進展。這一價差代表了大約 1800 萬美元的增量總租金。我們在不可比較的池中未佔用的標誌以及總租金也為 1800 萬美元，使未佔用的標誌總數達到 3600 萬美元。

This effectively brings our SNO percentage to a total of 3%. These executed leases will continue to drive bottom line results over the next 2 years, with roughly 65% coming online over the remainder of 23% and the balance primarily in 2024. When you include new lease deals in our pipeline for currently unoccupied space, this increases the SNO figure even higher. Rollover for the quarter was 11% on a cash basis and 24% on a straight-line basis, the second consecutive quarter to have the cash number in double digits and a straight-line number up into the low to mid-20s.

這有效地使我們的 SNO 百分比達到了 3%。這些已執行的租賃將在未來 2 年內繼續推動盈利結果，其中約 65% 將上線，其餘 23% 和余額主要在 2024 年上線。當您在我們的管道中包括當前未佔用空間的新租賃交易時，這使 SNO 數字更高。本季度的展期按現金計算為 11%，按直線計算為 24%，這是連續第二個季度的現金數字達到兩位數，直線數字上升到 20 年代中期。

I highlight the straight-line number as it reflects sector-leading contractual annual rent increases embedded -- rent increases embedded in our leases, both anchor and small shop blended at roughly 2.25% across the portfolio. Year-to-date, small shop rent bumps have averaged about 3%.

我強調直線數字，因為它反映了行業領先的嵌入合同年租金增長——我們租約中嵌入的租金增長，包括主力和小型商店，在整個投資組合中混合約 2.25%。今年迄今，小商店的租金漲幅平均約為 3%。

Now to the balance sheet. We ended the first quarter with $1.3 billion of total available liquidity at quarter end, comprised of $1.2 billion available under our revolver and $100 million of cash. As many of you saw, we successfully accessed the unsecured market subsequent to quarter end with $350 million, of 5 and 3 years' green bond, and as a result, no maturities until early '24.

現在到資產負債表。第一季度結束時，我們在季度末擁有 13 億美元的可用流動資金總額，其中包括 12 億美元的循環可用資金和 1 億美元的現金。正如你們中的許多人所見，我們在季度末成功進入無擔保市場，持有 3.5 億美元的 5 年期和 3 年期綠色債券，因此，直到 24 年初才到期。

Also, keep in mind that for our term loan, whose initial maturity is also in 2024, we have two 1-year extensions at our option, taking the maturity into 2026. With respect to our leverage metrics, our net debt-to-EBITDA ratio is roughly 6x as adjusted, and we fully expect to be back to our targeted level in the mid-5x in 2024.

此外，請記住，對於我們的定期貸款，其初始期限也在 2024 年，我們可以選擇兩次延長 1 年，將期限延長至 2026 年。關於我們的槓桿指標，我們的淨債務與 EBITDA 比比率約為調整後的 6 倍，我們完全希望在 2024 年回到我們的目標水平 5 倍左右。

Additionally, we are targeting free cash flow after dividends and maintenance capital to return to pre-COVID levels by next year. Our in-process pipeline of active redevelopments and expansions now stands at $740 million, with only $250 million remaining to spend against our $1.3 billion of available liquidity.

此外，我們的目標是在明年之前將股息和維護資本後的自由現金流恢復到 COVID 之前的水平。我們正在進行的重新開發和擴建的正在進行中的管道目前為 7.4 億美元，我們的可用流動資金為 13 億美元，僅剩 2.5 億美元可用於支出。

Now on to guidance. With initial guidance to start the year showing FFO growth of 2.5% at the midpoint and 4% at the top of the range and a solid first quarter under our belts, we are affirming guidance for 2023 at $6.38 to $6.58 per share. While we continue to see strength and resiliency in our business, with 3 quarters left for the year, it is rare that we would modify guidance at this point in the year. For the first time in almost 2 years, we are seeing tenant bankruptcies in retail. As selective businesses struggled to compete in a challenging economic environment of higher interest rates and diminished government subsidies from the pandemic.

現在開始指導。年初的初步指導顯示 FFO 增長率在中點為 2.5%，在區間頂部為 4%，並且第一季度表現穩健，我們確認 2023 年的指導為每股 6.38 美元至 6.58 美元。雖然我們繼續看到我們業務的實力和彈性，今年還剩 3 個季度，但我們很少會在今年的這個時候修改指導。近 2 年來，我們第一次看到零售業租戶破產。由於有選擇性的企業在利率升高和大流行導致的政府補貼減少的充滿挑戰的經濟環境中難以競爭。

Despite the bankruptcies to date where we've very manageable exposure, we still feel comfortable with our initial 100 to 135 basis points of total credit reserve comprised of roughly a 75 basis point general reserve and a 25 to 60 basis points of specified Bed Bath reserve. Now given where we started May and the expected range of outcomes, this Bed Bath reserve has now been reduced to 20 to 45 basis points given the cash rents we've already received on 8 of our 9 anchor boxes that have not yet been projected, including May rent. That range will depend on the timing of the bankruptcy process and which leases are affirmed and/or assumed, if any.

儘管迄今為止我們的破產風險非常可控，但我們仍然對我們最初的 100 到 135 個基點的總信貸準備金感到滿意，其中包括大約 75 個基點的一般準備金和 25 到 60 個基點的指定 Bed Bath 準備金.現在考慮到我們從 5 月開始的地方和預期的結果範圍，考慮到我們已經收到的 9 個錨箱中的 8 個尚未預計的現金租金，這個 Bed Bath 儲備現在已經減少到 20 到 45 個基點，包括五月租金。該範圍將取決於破產程序的時間安排以及確認和/或承擔哪些租賃（如果有）。

From a comparable growth perspective, given a solid first quarter metric, we are affirming the 2% to 4% range for comparable POI growth as well as our 3% to 5% range on a cash basis adjusting for prior period rents and terms. Page 27 in our 8-K provides an updated summary of the key assumptions for ours.

從可比增長的角度來看，鑑於第一季度指標穩健，我們確認可比 POI 增長在 2% 至 4% 的範圍內，以及我們在現金基礎上根據前期租金和條款調整的 3% 至 5% 的範圍內。我們 8-K 中的第 27 頁提供了我們的關鍵假設的更新摘要。

Now in addition to the expanded disclosure on term fees and prior period rent that I previously highlighted, we'll also notice several other additions to our 8-K relating to revenues, comparable POI growth, debt, occupancy and leasing metrics, demonstrating our commitment to continuing to expand our disclosure to provide the information we believe is most relevant for investors to analyze our business effectively and efficiently.

現在，除了我之前強調的關於定期費用和前期租金的擴展披露之外，我們還會注意到我們的 8-K 中與收入、可比 POI 增長、債務、入住率和租賃指標相關的其他幾項新增內容，表明我們的承諾繼續擴大我們的披露範圍，以提供我們認為與投資者最相關的信息，以有效和高效地分析我們的業務。

And with that, operator, you can open up the line for questions.

有了這個，接線員，你就可以打開問題熱線了。

(Operator Instructions) Our first question comes from Juan Sanabria with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just curious on the renewals, those popped up in the fourth quarter, if you look relative to the trailing 12, you also had lower TIs. Is that a mix? Or is that kind of a new normal? I know you mentioned some anchor leasing. Just curious if you can comment on that.

只是對續約感到好奇，那些在第四季度突然出現的，如果你看相對於尾隨的 12 個，你的 TI 也較低。那是混音嗎？或者這是一種新常態？我知道你提到了一些錨租賃。只是好奇您是否可以對此發表評論。

Yes. It was essentially a mix with regards to just what got done during the quarter. One of them was the grocer renewal that we had up in Dedham but also just a broader mix. And obviously, the TIs, again, a mix of the leases that got done.

是的。就本季度完成的工作而言，這基本上是一個混合體。其中之一是我們在戴德姆進行的雜貨店更新，但也只是更廣泛的組合。顯然，TI 又是已完成租約的混合體。

The next question comes from Craig Schmidt with Bank of America.

下一個問題來自美國銀行的 Craig Schmidt。

I kind of wanted to talk about mixed-use and added resi. I noticed on your future development opportunity page, you've gone from 6 mixed-use projects that could add residential, now, we have 14. What I'm wondering is, I've heard you say that 1/3 of your properties or mixed-use now, where do you think you might be in 5 years' time?

我有點想談談混合使用和添加的 resi。我注意到在您的未來發展機會頁面上，您已經從 6 個可以增加住宅的混合用途項目，現在，我們有 14 個。我想知道的是，我聽說您說 1/3 的房產或現在混合使用，您認為 5 年後您會在哪裡？

And the second is, will mixed-use assets grow faster in their rents than strictly retail ones? And what are retailers telling you about mixed-use? And what are the resi people telling you about mixed-use?

第二個問題是，混合用途資產的租金增長速度是否會快於零售資產？關於混合用途，零售商告訴您什麼？關於混合用途，resi 人告訴你什麼？

Boy Craig, that's pretty funny. I love how we limited it to one question. You have a whole white paper in that question there. You are the best. So a couple...

男孩克雷格，這很有趣。我喜歡我們如何將它限制在一個問題上。那裡有關於那個問題的完整白皮書。你是最棒的。那麼一對...

I apologize upfront.

我先道歉。

Not at all. Don't apologies at all. I'm just having just a little fun. Listen, the -- what you see in the 8-K is a continuation of what we believe, and that is the ability wherever we can to maximize the use of the real estate that we own, especially when we're talking about successful retail shopping centers with -- and you know ours are on bigger pieces of plant. And so the ability to add other uses is something that it's just part of our DNA and something we'd like to be able to do.

一點也不。一點都不道歉。我只是想找點樂子。聽著，你在 8-K 中看到的是我們信念的延續，那就是我們能夠最大限度地利用我們擁有的房地產的能力，尤其是當我們談論成功的零售時購物中心——你知道我們的購物中心在更大的工廠裡。因此，添加其他用途的能力只是我們 DNA 的一部分，也是我們希望能夠做到的事情。

Now I don't -- I would not -- you should not expect us to be running and putting shovels into the ground over the next 9, 12 months at those projects because the economics don't make any sense today. I do expect them to make some sense in the future, and that's what that is supposed to convey. Now with respect to the overall mixed-use properties, the -- what we have clearly found, clearly found is that the demand for lots of uses in both office and retail and resi and hotel frankly at a really well-done mixed-use property is a real differentiator. It's where people want to be.

現在我不——我不會——你不應該期望我們在接下來的 9、12 個月裡在這些項目中運行並把鏟子放到地上，因為今天的經濟學沒有任何意義。我確實希望它們在未來有意義，這就是它應該傳達的意思。現在關於整體混合用途物業，我們已經清楚地發現，坦率地說，在一個真正做得很好的混合用途物業中，對辦公和零售以及住宅和酒店的大量用途的需求是一個真正的差異化因素。這是人們想要去的地方。

It's why in the comments I made -- I'm talking about traffic counts that are really enormous. These are a lot of -- there's a lot of visits there, a lot of sales. They also seem to have the ability to raise their prices in places like that more than that, more value-oriented properties. And I guess you would expect that Apple in areas, the lululemon of the world, et cetera, they can raise prices. And as a result, we see the ability to charge higher rents there. Now if we did that right on the ground floor, then we should also see outsized returns, both in the form of occupancy and the rates that we're getting upstairs in the other users. That's been our experience, frankly, since COVID, I think it's even stronger than it was before COVID.

這就是為什麼在我發表的評論中——我談論的是非常巨大的流量。這些很多 - 那裡有很多訪問，很多銷售。他們似乎也有能力在那些更注重價值的地方提高價格。而且我猜你會期望蘋果在某些領域，世界上的 lululemon 等等，他們可以提高價格。結果，我們看到了在那裡收取更高租金的能力。現在，如果我們在一樓就這樣做了，那麼我們也應該看到超額回報，無論是入住率還是我們在樓上其他用戶的房價。這是我們的經驗，坦率地說，自 COVID 以來，我認為它比 COVID 之前更強大。

The next question comes from Steve Sakwa with Evercore ISI.

下一個問題來自 Evercore ISI 的 Steve Sakwa。

Yes. Don or maybe Wendy, just on the leasing side, I mean, I know this strength has probably surprised you, Don, things have remained healthy. Consumer spending has held up. I'm just wondering what you guys are hearing from tenants. And you mentioned maybe bankruptcies picking up. I'm just wondering how you feel about the 75 basis point general reserve and might you not use all of that as you sit here today just as you survey the landscape.

是的。唐或溫迪，就在租賃方面，我的意思是，我知道這種力量可能讓你感到驚訝，唐，一切都保持健康。消費者支出一直保持。我只是想知道你們從租戶那裡聽到了什麼。你提到破產可能會增加。我只是想知道您對 75 個基點的一般準備金有何看法，您今天坐在這裡時是否可以不使用所有這些準備金，就像您調查景觀一樣。

Steve, let me just kind of add some color first before Dan talked about the numbers. But you're right, we're seeing great demand on the retail leasing side, specifically in the small shops. We have not seen a decline of anything considerable as it relates to people's ability to fund projects and make decisions. They're making decisions for the long term, and they're understanding that with these recession discussions that these headwinds that we're facing, the decisions that they're making are critical to their livelihood, especially for the mom-and-pop. So there's a flight to quality that continues to happen in our portfolio. So I'm feeling very bullish about what I see in our pipeline. Again, I honestly, I was expecting it to level off a little bit, and it has not. It is as robust as ever. So I'm very encouraged.

史蒂夫，在 Dan 談論這些數字之前，讓我先添加一些顏色。但你是對的，我們看到零售租賃方面的需求很大，特別是在小商店。我們沒有看到任何與人們資助項目和做出決策的能力相關的顯著下降。他們正在做長期的決定，他們明白，通過這些經濟衰退的討論，我們正面臨這些逆風，他們正在做出的決定對他們的生計至關重要，尤其是對夫妻.因此，在我們的產品組合中，質量不斷攀升。所以我對我在我們的管道中看到的東西感到非常樂觀。再一次，老實說，我期待它會平穩一點，但事實並非如此。它一如既往地堅固。所以我很受鼓舞。

And I guess, Steve, I would only add to that. Yes, there might be some room in the 75 basis points. But I read the same things in the newspapers that you do, and it's May 5 or 4 or whatever day it is. By the way, Steve, my 25th anniversary at least, happy anniversary Dan. The -- it makes me laugh though because the power of the small shop tenants. And that Wendy mentioned is something I really want to make sure that you understand a little bit, we don't do kind of first-time mom-and-pops. We don't have those type of businesses here. They are almost always adding a store or adding a food use from a place that -- from strong cash flow at another location, whereby they're expanding into the third or the fourth or the fifth. There is that flight to quality. That's a critical component. So if this is anything like whatever happens this year or next year is anything like prior recessions, this is one of the strongest parts of our portfolio and the place that the differentiates us.

我想，史蒂夫，我只會補充一點。是的，75 個基點可能還有一些空間。但我在報紙上讀到和你一樣的東西，而且是 5 月 5 日或 4 日或任何一天。順便說一下，史蒂夫，至少是我的 25 週年紀念日，丹，週年紀念日快樂。 - 這讓我發笑，因為小商店租戶的力量。 Wendy 提到的是我真正想確保你理解一點的事情，我們不做那種初次見面的夫妻。我們這裡沒有那種類型的企業。他們幾乎總是在一個地方增加一家商店或增加一個食品用途——從另一個地方的強勁現金流，他們正在擴展到第三個或第四個或第五個。有一種對質量的追求。這是一個關鍵的組成部分。因此，如果這與今年或明年發生的任何事情都與之前的經濟衰退類似，那麼這是我們投資組合中最強大的部分之一，也是我們與眾不同的地方。

The next question comes from Greg McGinniss with Scotiabank.

下一個問題來自豐業銀行的 Greg McGinniss。

Happy 25th Don -- you're welcome to celebrate, let's talk about office demand. Can you just talk a little bit more about the interest you're seeing in Santana West or does this feels like serious increase? Is it all tech whole building or by floor? And so any additional color is helpful there. And then we'd also appreciate updated info on 909 lease-up and initial rent contribution expectations.

25 週年快樂——歡迎您來慶祝，讓我們談談辦公需求。您能否多談談您對 Santana West 的興趣，或者這感覺像是在嚴重增加嗎？是整棟樓還是一層層的技術？因此，任何額外的顏色都是有幫助的。然後，我們還希望了解有關 909 租賃和初始租金貢獻預期的最新信息。

Sure. Yes. Greg, it's Jeff. Let me start off on the West Coast, obviously, Dan or Don can jump in on the second part of your question. So the business decision we made late last year to allow the building to be leased by floor by floor and to start building out the building. So we were a great alternative to the sublease space that's coming on the market that I'm sure you've heard about is working out for us. That combined, I think, with a little bit more of a settling at least in the, call it, mid-sized tenant market as what they're going to need in the way of the office space as cause tours to tick up, and we have paper going back and forth with a couple of tenants.

當然。是的。格雷格，是傑夫。讓我從西海岸開始，顯然，Dan 或 Don 可以參與您問題的第二部分。因此，我們去年年底做出的商業決定允許建築物逐層出租並開始建造建築物。因此，我們是市場上即將推出的轉租空間的一個很好的替代方案，我相信你已經聽說過正在為我們工作。結合起來，我認為，至少在所謂的中型租戶市場上有更多的定居點，因為他們在辦公空間的方式上需要什麼，因為旅遊會增加，而且我們有一些與幾個租戶來回的文件。

So they're not full building tenants, but they are multi-floor tenants and I don't know whether we'll get any of them done, of course, at this point, but there is activity and I would call the activity very good. And really happy when we made the decision that we made to start building out floor by floor.

所以他們不是完整的建築租戶，但他們是多層租戶，我不知道我們是否會完成其中的任何一個，當然，在這一點上，但有活動，我會稱活動非常好的。當我們決定開始逐層建造時，我們真的很高興。

Yes. And Greg, just to say the obvious, that is a difference. That is a difference in feeling. I don't think we could have said that. In fact, we didn't say it on the February call or maybe last November. So really happy about that decision at this point, too. Hopefully, it bears fruit. Time will tell. And with respect to 919, 919 it's really -- it's really interesting. Not 919?

是的。格雷格，很明顯，這是不同的。這就是感覺的不同。我認為我們不能那樣說。事實上，我們並沒有在 2 月的電話會議上或去年 11 月的電話會議上說過。在這一點上也對這個決定感到非常高興。希望它能結出果實。時間會證明一切。關於 919，919 真的很有趣。不是919嗎？

915.

915。

915, we haven't done 919 yet. On 915, we turned the building over -- the floors over to choice. Then they are building out their space. We will have a contribution from them next -- starting next year.

915，919我們還沒做呢。在 915，我們將大樓移交——樓層可供選擇。然後他們正在建造自己的空間。從明年開始，我們將從他們那裡獲得捐款。

End of the year.

年底。

End of this year.

今年年底。

Yes.

是的。

Sodexo also, which, as you know, signed the lease, we're almost ready to turn the space over to them. That is going really well. And then -- so then -- so that's the 60-some-odd percent of the building that is completely leased. We have serious back and forth on a number of tenants for most of the rest of the building at this point.

索迪斯也，如你所知，簽署了租約，我們幾乎準備好將空間移交給他們。這真的很順利。然後 - 然後 - 所以這是完全出租的建築物的 60 多個百分比。在這一點上，我們對建築物其餘大部分的許多租戶進行了認真的來回討論。

So it's pretty interesting at a time when, as you know, there can't be a dirtier word than office in the country is it possible that a subcomponent of office is actually undersupplied. And that's a component would that be mixed-use properties where you have a new building in a first ring suburb, which is obviously all we have. So I'm pretty encouraged by what we're seeing here at Pike & Rose certainly the same up at Assembly Row. And with new activity at Santana West, I hope we have something to tell you.

所以這很有趣，正如你所知，在這個國家沒有比辦公室更臟的詞了，辦公室的一個子組件實際上可能供應不足。這就是混合用途物業的一個組成部分，您在第一環郊區擁有一座新建築，這顯然是我們所擁有的。因此，我對我們在 Pike & Rose 看到的一切感到非常鼓舞，當然在 Assembly Row 也是如此。隨著 Santana West 的新活動，我希望我們有話要告訴你。

The next question comes from Connor Mitchell with Piper Sandler.

下一個問題來自 Connor Mitchell 和 Piper Sandler。

So now that you've entered Hoboken [Phoenix], and I know you've mentioned you're not rushing to start digging any time soon. But as you deploy more capital, do you see more urban infill or population growth areas and maybe just how you think about these 2 different market types.

現在您已經進入霍博肯 [鳳凰城]，我知道您已經提到您不會急於很快開始挖掘。但是隨著你部署更多的資本，你會看到更多的城市填充區或人口增長區嗎？也許你是如何看待這兩種不同的市場類型的。

Yes, Connor. It's it certainly wouldn't be areas with big population growth. The problem with big population growth means that there's usually room for a lot more supply to be added. And we want to be in supply-constrained areas. Nothing more supply constrained than Washington Street and Hoboken, and love the investment that we've made there. We're just getting into on the one redevelopment there, whether we can effectively make the numbers work. I'm very encouraged by that fact. I would not, again, expect to see us under construction in the next month or 2 or something like that. But that project is going to very likely make some sense. To the extent we can find more have it makes sense in markets where we already are like that. We'll look at it all day long. But that's the type of thing that's far more attractive to us than chasing headcount.

是的，康納。它肯定不會是人口增長很大的地區。人口大幅增長的問題意味著通常有增加更多供應的空間。我們希望進入供應受限的地區。沒有什麼比華盛頓街和霍博肯更受供應限制的了，並且喜歡我們在那裡所做的投資。我們剛剛開始那裡的一次重建，我們是否可以有效地使這些數字發揮作用。我對這個事實感到非常鼓舞。我不會再一次期望看到我們在下個月或 2 個月或類似的時間在建設中。但該項目很可能會有些意義。在某種程度上，我們可以找到更多在我們已經這樣的市場中有意義的東西。我們會整天看著它。但這種事情對我們來說比追逐員工人數更具吸引力。

The next question comes from Craig Mailman with Citi.

下一個問題來自 Citi 的 Craig Mailman。

This is [Hassan] on for Craig. The active mixed-use redevelopments all have a 6% projected returns. How are you thinking about return thresholds for incremental project starts given the elevated cost of capital?

這是克雷格的[哈桑]。活躍的混合用途重建項目的預期回報率為 6%。鑑於資本成本上升，您如何考慮增量項目啟動的回報門檻？

Yes. No, it's a very good question. And I think I've answered this a couple of [times] but think about it this way. We need incremental returns or incremental returns on top of our cost of capital in terms of development of at least 150 basis points from an IRR perspective, more like 200 basis points from an IRR perspective. The reason I keep saying IRR perspective is because the stuff that we do in those projects, we won't do unless they grow faster. Our experience has shown us that those projects are -- we are able to increase rents faster. The residential component is important with respect to that. But incrementally, once we get comfortable with what our cost of capital is going to be, I'd like a little more clarity from the Fed. Maybe we're getting there -- getting a little bit closer that way on the debt side. On top of that, add 150 to 200 depending on the risk of the particular project from an IRR perspective. I hope that's helpful.

是的。不，這是一個很好的問題。而且我想我已經回答了幾次 [times] 但這樣想。從 IRR 的角度來看，我們需要至少 150 個基點的增量回報或在我們的資本成本之上的增量回報，從 IRR 的角度來看更像是 200 個基點。我一直說 IRR 觀點的原因是因為我們在這些項目中所做的事情，除非它們增長得更快，否則我們不會做。我們的經驗告訴我們，這些項目是——我們能夠更快地增加租金。就此而言，住宅部分很重要。但逐漸地，一旦我們對我們的資本成本感到滿意，我希望美聯儲能更清楚一點。也許我們正在到達那裡——在債務方面更接近那個方向。最重要的是，從 IRR 的角度根據特定項目的風險增加 150 到 200。我希望這會有所幫助。

Next question comes from Floris Van Dijkum Compass Point.

下一個問題來自 Floris Van Dijkum Compass Point。

I guess could I ask about your shop occupancy at 90% leased, what is the gap between occupied and leased and how much more will that number, can you drive that over the next 2 years? And how much more do you think that will increase maybe even this year?

我想我可以問一下你的店鋪出租率是 90% 嗎，出租和出租之間的差距是多少，這個數字還有多少，你能在接下來的 2 年內推動它嗎？你認為甚至今年還會增加多少？

Yes. The occupied percentage of small shop is 88%. And we would expect to be able to drive both of those up higher. I think that's a real opportunity. And up towards the occupied percentage above 90% and up towards 90 -- north of 92% on the lease side. I think there's still more room to run on that our portfolio.

是的。小店佔用率88%。我們希望能夠將兩者推得更高。我認為這是一個真正的機會。在租賃方面，佔用率達到 90% 以上，達到 90%——超過 92%。我認為我們的投資組合還有更多的運行空間。

The next question comes from Derek Johnston with Deutsche Bank.

下一個問題來自德意志銀行的 Derek Johnston。

I wanted to touch on capital recycling, primarily because it's such an important growth tool for REITs. And really, it's been hampered as you know, especially this year. But Don, with the Fed striking a pause here and some calling for perhaps a first round of cuts and maybe Q1 '24, somewhere around that time frame. Do you think there's visibility in rates and somewhat of a stability in rates can condense or narrow what must be a wide bid-ask spread. So you can maybe do some accretive acquisitions and reignite that growth engine later the year?

我想談談資本回收，主要是因為它是房地產投資信託基金的重要增長工具。確實，如您所知，它受到了阻礙，尤其是今年。但是唐，美聯儲在這裡暫停，一些人呼籲可能在那個時間範圍內進行第一輪削減，也許是 24 年第一季度。您是否認為利率的可見性以及利率的某種程度的穩定可以壓縮或縮小必須是廣泛的買賣價差。所以你可以做一些增值收購併在今年晚些時候重新點燃增長引擎？

I do, Derek, I mean you said the word in your question, there has to be some level of stability. There has to be predictability. And without that, as there hasn't been, as you know, it's sure, the bid-ask is very different. That will change. Now it will change over time, and there are other things than just Fed's policy that dictate whether there is an acquisition market that makes sense for a disposition market that makes sense, but it's not going to stay the way it is.

我知道，德里克，我的意思是你在問題中說過這個詞，必須有一定程度的穩定性。必須有可預測性。沒有它，因為沒有，正如你所知，可以肯定的是，買賣是非常不同的。那會改變的。現在它會隨著時間的推移而改變，除了美聯儲的政策之外，還有其他因素決定是否存在一個有意義的收購市場和一個有意義的處置市場，但它不會保持原樣。

So yes, I mean, we run this business. We've run this business for a long term, long time. We'll continue to do that. And during those cycles, there will be a reversion to some level of stability that allows us to get stuff done. No questions.

所以是的，我的意思是，我們經營這項業務。我們經營這項業務已經很長時間了。我們將繼續這樣做。在這些週期中，將會恢復到某種程度的穩定性，使我們能夠完成工作。沒有問題。

The next question comes from Michael Goldsmith with UBS.

下一個問題來自瑞銀的 Michael Goldsmith。

Dan, you had a slight beat on FFO relative to the consensus, you're not touching guidance as it's still early in the year. I guess like what are you looking for over the next 3 months or when we next speak on an earnings call, would that -- would give you more confidence that you can take the year's expectations higher? And then separately, like what are you looking for, which would maybe give you a little bit more caution in terms of the outlook for the year.

丹，相對於共識，你對 FFO 的看法略有不同，你沒有觸及指導，因為它還處於今年年初。我想您在接下來的 3 個月內或當我們下次在財報電話會議上發言時會尋找什麼，這會讓您更有信心提高今年的預期嗎？然後分別，比如你在尋找什麼，這可能會讓你對今年的前景更加謹慎。

Look, I think the biggest driver would be just continued strong leasing volumes. Our pipeline is as strong as is large in terms of what's been executed to date this quarter and what's in the pipeline of executed LOIs. It's never been higher. And so that continues, and we can see that continue. I think that obviously, we'll have some confidence. On the flip side, look, I think the market is -- got some risk out there, particularly with regards to tenants and whether or not tenants, we'll be able to weather this difficult economic environment, whether or not we see a continued uptick in bankruptcies. And I think that balance, we've done very well balancing that. I think that we've managed to have very little exposure or on a relative basis, certainly, but just in absolute terms in terms of our exposure to those bankruptcies, we hope that continues.

看，我認為最大的驅動力將是持續強勁的租賃量。就本季度迄今已執行的內容以及已執行的 LOI 的內容而言，我們的管道非常強大。它從來沒有更高過。所以這種情況會繼續下去，我們可以看到這種情況會繼續下去。我認為很明顯，我們會有一些信心。另一方面，看，我認為市場存在一些風險，特別是在租戶方面，無論租戶是否能夠度過這個困難的經濟環境，無論我們是否看到持續的破產數量增加。我認為這種平衡，我們在平衡方面做得很好。我認為我們已經成功地減少了風險敞口，或者在相對基礎上，當然，但就我們對這些破產的風險敞口而言，我們希望這種情況繼續下去。

Next question comes from Haendel St, Juste with Mizuho.

下一個問題來自 Haendel St, Juste with Mizuho。

This is Ravi Vaidya on the line for Haendel. I just wanted to comment and ask about the SNO spread. You currently are at 160 bps. Would you view this as a long-term steady state for what SNO could be?

我是 Haendel 的 Ravi Vaidya。我只是想發表評論並詢問 SNO 傳播。您目前處於 160 個基點。您是否認為這是 SNO 可能成為的長期穩定狀態？

Look, we've done an exceptional job, I think, of bringing our SNO metric down from north of 300 basis points in our existing portfolio, down to 160 basis points. We'd like to get that tighter. We'd like to get that down to 100 to 125 basis points. One of our differentiators though, is that we have an SNO and space that is yet to be delivered from our large redevelopment and expansion pipeline that is equal to that size. So we have $18 million in the existing portfolio, $18 million of total rent in our development -- redevelopment and expansion pipeline and that equates to over 300 basis points.

看，我認為我們做得非常出色，將我們的 SNO 指標從現有投資組合中的 300 個基點以上降至 160 個基點。我們想讓它更緊。我們希望將其降低到 100 到 125 個基點。不過，我們的一個區別是，我們有一個 SNO 和空間，尚未從我們的大型重建和擴展管道中交付，該管道大小等於該大小。因此，我們現有的投資組合中有 1800 萬美元，我們開發的總租金為 1800 萬美元——重建和擴建管道，相當於超過 300 個基點。

I think that's pretty compelling. And I don't think anybody has a redevelopment pipeline that has the pre-leasing that's been done, where it's something that is a real differentiator because we've got scale. And that truly, I think, the equivalent of what's in the existing portfolio and what's in the redevelopment portfolio is effectively 300 basis points or more.

我認為這很有說服力。而且我認為沒有人擁有已經完成預租的重建管道，這是一個真正的差異化因素，因為我們有規模。我認為，這確實相當於現有投資組合中的內容和重建投資組合中的內容實際上是 300 個基點或更多。

The next question comes from Hong Zhang with JPMorgan.

下一個問題來自摩根大通的張宏。

Just a quick question on occupancy. I think last quarter, you talked about potentially pushing economic occupancy above 93%, maybe in the mid-93s by year-end. Just wondering if that's changed given the Bed Bath announcement and your views on near-term bankruptcy risk in general?

只是一個關於入住率的快速問題。我認為上個季度，您談到可能將經濟入住率推高至 93% 以上，可能在年底前達到 93 年代中期。只是想知道考慮到 Bed Bath 公告以及您對近期破產風險的總體看法，情況是否有所改變？

Yes. No, I think -- look, it depends on so far of our 9 anchor boxes, we've only had one lease rejected. We'll see how it plays out. Obviously, if there's a full liquidation, then we're not going to be at 93% on an occupied percentage. We'll be probably closer to 92%. But we'll see how that all plays out. What gets [resumed] what gets is in terms of -- what leases get purchased in there liquidation. And from that perspective, we would hope to have a clearer sense from that number as the bankruptcy unfolds.

是的。不，我認為 - 看，這取決於到目前為止我們的 9 個錨箱，我們只有一個租約被拒絕。我們將看看結果如何。顯然，如果進行全面清算，那麼我們的佔用率就不會達到 93%。我們可能會接近 92%。但我們會看到這一切如何發揮作用。得到[恢復]得到的是——在清算中購買了哪些租約。從這個角度來看，隨著破產的展開，我們希望從這個數字中得到更清晰的認識。

The next question comes from Paulina Rojas-Schmidt with Green Street.

下一個問題來自 Green Street 的 Paulina Rojas-Schmidt。

Don, you have talked about how you believe your portfolio outperformed peers in an economic downturn. And you have highlighted how affluency, good demographics are a key driver behind that. But an area perceived perhaps as vulnerability is your slightly higher exposure to more cyclical categories, restaurants a little bit more [for] price apparel. So could you please provide a little bit of a history lesson on how these segments have performed historically in downturns in your portfolio to have a better understanding of how the overlap between high demographics and cyclical categories perform.

唐，你談到了你如何相信你的投資組合在經濟低迷時期表現優於同行。你強調了富裕、良好的人口結構是這背後的關鍵驅動力。但一個可能被認為是脆弱的領域是你對更多周期性類別的敞口略高，餐館的服裝價格略高。那麼，您能否提供一些歷史教訓，了解這些細分市場在您的投資組合低迷時期的歷史表現，以便更好地了解高人口統計數據和周期性類別之間的重疊表現。

Paulina, thanks for asking that. it's kind of like in my prepared remarks, I wanted to make a distinction of how those mixed-use properties with generally higher-end tenants, how effectively they do. And what we have found -- and look, retail -- sorry, real estate is local. So in the specific markets where they are operating both historically and currently, what we're seeing is increased sales and importantly, very importantly, on a period of inflation, those tenants have the ability to raise prices. When I sit and I think about -- and I don't know the answer to this, but I ask you to consider something like this. If you take aspirational tenants, the lululemon of the world, people like that effectively. And imagine how much they've been able to increase prices over the next -- last 2 years of inflation and compare that more to maybe the big lots of the world or something that is aiming for a lower demographic.

寶琳娜，謝謝你提出這個問題。這有點像在我準備好的發言中，我想區分那些混合用途的物業如何與通常更高端的租戶，他們的效率如何。我們發現的——看看，零售——抱歉，房地產是本地的。因此，在他們過去和現在經營的特定市場中，我們看到的是銷售額增加，而且重要的是，非常重要的是，在通貨膨脹時期，這些租戶有能力提高價格。當我坐下來思考時——我不知道這個問題的答案，但我請你考慮這樣的事情。如果你有抱負的租戶，世界上的 lululemon，人們會很喜歡。想像一下，在接下來的過去 2 年的通貨膨脹中，他們能夠將價格提高多少，並將其與世界上大部分地區或針對較低人口的目標進行更多比較。

It's harder to press -- it's harder to push price increases. That's a really important thing for us in all parts that includes restaurants, et cetera. Now I don't know whether I've told you this before or not, I don't remember, but everybody was worried about Federal Realty going into the 2008, 2009, great financial crisis because we had more restaurants, because we had more lifestyle, if you will, everybody was worried about Federal, and it turned out that those were the best-performing categories in the company doing that.

施壓更難——推動價格上漲更難。這對我們包括餐廳在內的所有部分來說都是一件非常重要的事情。現在我不知道我以前是否告訴過你這個，我不記得了，但每個人都擔心聯邦房地產公司會進入 2008 年、2009 年的金融危機，因為我們有更多的餐館，因為我們有更多生活方式，如果你願意的話，每個人都擔心聯邦，結果證明這些是公司中表現最好的類別。

And when I look today at our company, and I look at the restaurant performance in the mixed-use properties, they are generating over $1,000 a foot of sales. And part of that is because they've been able to raise prices. Part of that is because there's a huge amount of volume that goes through there. But that gives them the ability to certainly cover the rents that we are charging them and more. And when you think about that in those type of areas, we would expect that to continue to happen. The conversations we have, and we are very tight, we're a smaller company in terms of number of properties than our competitors. We have very close relationships with our tenants. We understand what it is that they are doing to be able to work through difficult -- more difficult economic times. And so those things give me confidence because we have been doing this a long time, and there are cycles. And I expect it to behave similar to the way it's behaved historically. I hope that's helpful.

今天，當我審視我們的公司，並審視混合用途物業的餐廳業績時，它們每英尺的銷售額超過 1,000 美元。其中一部分是因為他們能夠提高價格。部分原因是因為那裡有大量的流量。但這讓他們有能力支付我們向他們收取的租金等等。當你在那些類型的領域考慮到這一點時，我們希望這種情況會繼續發生。我們進行的對話非常緊密，就財產數量而言，我們是一家比競爭對手小的公司。我們與租戶的關係非常密切。我們了解他們正在做些什麼才能度過困難——更困難的經濟時期。所以這些事情給了我信心，因為我們已經這樣做了很長時間，而且有周期。我希望它的行為方式與歷史上的行為方式相似。我希望這會有所幫助。

The next question comes from Tayo Okusanya with Credit Suisse.

下一個問題來自瑞士信貸的 Tayo Okusanya。

Congrats on a solid quarter. Don, last quarter, when you kind of talked about dispositions, it sounds like there was a pipeline of kind of a little bit over $100 million or so you were working on. I think this quarter, you kind of announced $13 million of it done. Could you talk about like the rest of the pipeline, what's kind of happening there whether it's kind of taking a little bit longer to close deals because of the shakeout on the debt market. So just give us a sense of maybe what's kind of happening on that front?

祝賀一個穩定的季度。唐，上個季度，當你談到配置時，聽起來你正在處理的管道價值超過 1 億美元左右。我認為本季度，您宣布完成了 1300 萬美元。你能否像其他管道一樣談談，那裡發生了什麼，是否由於債務市場的震盪而需要更長的時間來完成交易。那麼讓我們了解一下這方面可能發生了什麼？

Yes. We have and continue to have a list of assets that we would recycle as a component of our business plan. And frankly, we have that list in good times and bad times in terms of what it is. So those are not a lot of properties, but it's a few that we look at. The -- that's what we talked about last quarter, last year, et cetera. And we got to get comfortable that we're going to get paid well.

是的。我們擁有並將繼續擁有一份資產清單，我們將回收這些資產作為我們業務計劃的一部分。坦率地說，我們在順境和逆境中都有這份清單。所以這些不是很多屬性，但這是我們看到的一些。這就是我們上個季度、去年等所談到的。我們必須對我們將獲得豐厚的報酬感到滿意。

And so going through that process, we couldn't get comfortable on as many of those assets as we thought we could. That doesn't mean they come off the table. That just means pursuant to the question that was asked a little bit earlier, once there's some stability and some understanding of the general market conditions, you'll see a pickup in the disposition side of our business. I don't know, Dan or Jeff, is there anything to add to that?

因此，在這個過程中，我們無法像我們認為的那樣對這些資產感到滿意。這並不意味著他們離開了談判桌。這只是意味著根據之前提出的問題，一旦對一般市場狀況有了一定的穩定性和一些了解，您就會看到我們業務的處置方面有所回升。我不知道，Dan 或 Jeff，還有什麼要補充的嗎？

I think that's it.

我想就是這樣。

The next question comes from Linda Tsai with Jefferies.

下一個問題來自 Jefferies 的 Linda Tsai。

I'm not sure if you look at it this way, but I think one of your peers talked about the average rents in their SNO pipeline. I was just wondering if you had a number for that for yours.

我不確定您是否這樣看，但我認為您的一位同行談到了他們 SNO 管道中的平均租金。我只是想知道你是否有你的電話號碼。

Probably on a total rent basis in the kind of the low to mid-20s and probably in the upper 30s on a -- mid- to upper 30s on a base rent basis. But we can come back to you with more precise numbers. I don't have them exactly here.

可能以總租金為基礎，在 20 多歲到 20 多歲之間，可能在 30 多歲至 30 多歲的基礎租金基礎上。但我們可以用更精確的數字返回給您。我這裡沒有。

Our next question comes from Alexander Goldfarb with Piper Sandler.

我們的下一個問題來自 Alexander Goldfarb 和 Piper Sandler。

Don, can you -- a number of years ago, you guys expanded into the Hispanic centers out in California. And just sort of looking for an update on that. Then also the Korean like the H Mart of the world seems to also be a pretty powerful anchor, and those shopping centers also seem to have that cold-type following. So do you see expanding into more in the Asian Hispanic centers? Or is your experience so far with what you bought a number of years ago, maybe not panned out the way you thought.

唐，你能嗎——幾年前，你們擴展到加利福尼亞的西班牙裔中心。只是在尋找關於它的更新。然後韓國人像世界的H Mart好像也是一個很厲害的主播，那些購物中心好像也有那種冷門粉。那麼，您是否看到在亞裔西班牙裔中心擴展更多業務？或者，到目前為止，您對多年前購買的產品的體驗是否符合您的想法。

Thanks, Alex. It has panned out the way we thought. In fact, probably better than we thought in terms -- given the fact that we didn't consider a global pandemic, and those properties performed exceptionally well during the pandemic. What -- the answer to your question really depends on the right local partner. It really depends on the market, of course, that we need to be comfortable with and a partner that we would need to be -- that we would need to be aligned with, with respect to our views and the way we can manage a property. Primestor has been that. It's been a very good partnership. We've had trouble adding more to it. We would have wanted to have added more to it. But those are individual deal by deal, and they've got to make some sense, and we didn't find any of that made sense. But those assets perform really well. I'll actually be out there on Monday of next week with Primestor.

謝謝，亞歷克斯。它已經按照我們的想法進行了篩選。事實上，這可能比我們想像的要好——考慮到我們沒有考慮全球大流行，而且這些房產在大流行期間表現異常出色。什麼 - 您問題的答案實際上取決於合適的本地合作夥伴。當然，這真的取決於我們需要適應的市場以及我們需要成為的合作夥伴——我們需要在我們的觀點和管理財產的方式方面與之保持一致. Primestor 就是這樣。這是一個非常好的合作夥伴關係。我們在添加更多內容時遇到了麻煩。我們本想在其中添加更多內容。但這些都是逐筆交易，它們必須有一定的道理，但我們沒有發現任何有意義的東西。但這些資產表現非常好。實際上，我將在下周星期一和 Primestor 一起去那裡。

So that part's worked out really well. In terms of any other property type with a demographic that we're not as comfortable with, as I say, we need the right partner because these are real estate decisions that have to be operated and have to be leased and have to be grown specific to a market and if we're not familiar with, we'll get hurt. So we better have the right partner, and we've not found that at this time.

所以那部分的效果非常好。正如我所說，對於我們不太滿意的任何其他財產類型，我們需要合適的合作夥伴，因為這些是必須運營、必須租賃並且必須特定種植的房地產決策對一個市場，如果我們不熟悉，我們就會受傷。所以我們最好有合適的合作夥伴，而我們目前還沒有找到。

This concludes our question-and-answer session. I would like to turn the conference back over to Leah Brady for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 Leah Brady 作任何閉幕詞。

We look forward to seeing many of you in the coming weeks. Thanks for joining us today.

我們期待在接下來的幾週內見到你們中的許多人。感謝您今天加入我們。

Conference has now concluded. Thank you for attending today's presentation. You may all now disconnect.

會議現已結束。感謝您參加今天的演講。你們現在可能都斷開連接了。