Federal Realty Investment Trust (FRT) 2024 Q2 法說會逐字稿

Good day and welcome to the Federal Realty Investment Trust second quarter 2024 earnings call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加聯邦房地產投資信託基金 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Brenda Pomar, Senior Director of Corporate Communications. Please go ahead.

我現在想將會議交給企業傳播部高級總監 Brenda Pomar。請繼續。

Good evening. Thank you for joining us today for Federal Realty's second quarter 2024 earnings conference call. Joining me on the call are Don Wood, Federal's Chief Executive Officer; Jeff Berkes, President and Chief Operating Officer; Dan G, Executive Vice President, Chief Financial Officer and Treasurer; Jan Sweetnam, Executive Vice President, Chief Investment Officer, and Wendy Seher, Executive Vice President, Eastern Region President, as well as other members of our executive team that are available to take your questions at the conclusion of our prepared remarks.

晚安.感謝您今天加入我們聯邦地產 2024 年第二季財報電話會議。與我一起參加電話會議的還有聯邦執行長唐‧伍德 (Don Wood)； Jeff Berkes，總裁兼營運長； Dan G，執行副總裁、財務長兼財務主管；執行副總裁兼首席投資長 Jan Sweetnam 和執行副總裁兼東部地區總裁 Wendy Seher 以及我們執行團隊的其他成員可以在我們準備好的發言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.

請注意，本次電話會議中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或預期資訊以及涉及預期或預期事件或結果的陳述，包括指導。

Although Federal Realty believes the expectations reflected in such 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.

儘管聯邦地產認為此類前瞻性陳述所反映的預期是基於合理的假設。聯邦地產的未來營運及其實際業績可能與我們前瞻性陳述中的資訊有重大差異，我們不能保證這些預期能夠實現。

The earnings release and supplemental reporting package that we issued today. 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. Given the number of participants on the call, we kindly ask that you limit yourself to one question during the Q&A portion of our call. If you have additional questions, please re-queue.

我們今天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其他財務揭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。鑑於參加電話會議的人數眾多，我們懇請您在電話問答部分只回答一個問題。如果您還有其他問題，請重新排隊。

And with that, I will turn the call over to Don Wood to begin our discussion of our second quarter results. Don?

接下來，我將把電話轉給唐伍德，開始我們對第二季業績的討論。大學教師？

Thanks, Brenda, and good afternoon, everyone. So here are the highlights. All-time record quarterly FFO per share of $1.69, exceeding internal expectations, analyst consensus and a very tough comp one year ago. All-time record second quarter comparable leasing volume, 594,000 square feet with a 4,000 square feet of the most comparable leasing volume ever in any quarter.

謝謝布倫達，大家下午好。所以這裡是亮點。每股 1.69 美元的季度 FFO 創下歷史新高，超出了內部預期、分析師共識以及一年前非常艱難的業績。第二季可比租賃量創歷史新高，達到 594,000 平方英尺，其中 4,000 平方英尺是有史以來任何季度可比租賃量最高的。

Strong occupancy gains on both the lease and an occupied basis for 95.3% and 93.1% respectively, up a 100 and 110 basis points, respectively, from the last quarter. Levels not seen since the 2017, 2019 time period.

租賃率和入住率均強勁成長，分別為 95.3% 和 93.1%，較上季分別上升 100 和 110 個基點。自 2017 年和 2019 年以來未曾出現過的水準。

Quarterly residential operating income on our stabilized REDI properties up 6.7% versus last year, 9.5% when including the new Darien Connecticut product. By the way, the apartments of Darien Commons are 99% leased with a waiting list to get it.

我們穩定的 REDI 房產的季度住宅營業收入比去年增長了 6.7%，如果包括新的 Darien Connecticut 產品，則增長 9.5%。順便說一句，Darien Commons 的公寓 99% 已出租，需要排隊等候。

Strong transactional activity in the quarter with $215 million acquisition in Virginia Gateway and a $12 billion buyout of the minority interest to CocoWalk. Not to mentioned, the sale of our remaining assets on Third Street Promenade in Santa Monica for $103 million. The momentum continued in July with our $60 million acquisition in Pinole Vista Crossing in Pinole, California.

本季交易活動強勁，以 2.15 億美元收購了 Virginia Gateway，並以 120 億美元收購了 CocoWalk 的少數股權。更不用說，我們以 1.03 億美元的價格出售了聖莫尼卡第三街長廊的剩餘資產。7 月，我們以 6,000 萬美元收購了加州皮諾爾的 Pinole Vista Crossing，繼續保持這一勢頭。

With a very strong quarter top-to-bottom and based on what we see with our deal pipeline, this leasing environment is expected to continue through at least the balance of the year.

由於季度自上而下表現非常強勁，並且根據我們對交易管道的觀察，預計這種租賃環境將至少持續到今年剩餘時間。

Let me give you a little more color on leasing and its impact on occupancy. A 122 comparable deals at an average starting rent of $37.72 per foot compared with the final year of the previous lease of $34 29, 10% more rent to start naturally. By the way, those numbers include 98% of our deals. So they are truly representative of the entire company's results.

讓我進一步介紹一下租賃及其對入住率的影響。122 筆類似交易的平均起始租金為每英尺 37.72 美元，與上一份租約最後一年的每英尺 34 29 美元相比，自然起始租金增加了 10%。順便說一句，這些數字包括我們 98% 的交易。因此它們真正代表了整個公司的表現。

What makes that particularly impressive is that the rent on many of the previous leases has likely been growing at 3% or so over the last 5 or 10 years and there's still room to increase the new rents to start the next 5 to 10 year cycle. It's actually 23% more on a straight-line basis because of those very important contractual bumps.

尤其令人印象深刻的是，在過去 5 到 10 年裡，許多先前租約的租金可能以 3% 左右的速度增長，而且新租金仍有增加的空間，以開始下一個 5 到 10 年的周期。由於這些非常重要的合約衝突，實際上以直線計算增加了 23%。

Contractual rent bumps on all of our commercial deals done this quarter averaged 2.4% considered roughly 2.25% portfolio wide, very likely the best portfolio wide in the business. This isn't new for us. It's why in the last 20 years, this company has grown into bottom line earnings, 18 of them with only the great financial crisis and the global pandemic momentary setbacks.

本季完成的所有商業交易的合約租金上漲平均為 2.4%，考慮到投資組合範圍約為 2.25%，很可能是業內最好的投資組合。這對我們來說並不新鮮。這就是為什麼在過去的20年裡，這家公司已經成長為盈利的公司，其中18年僅在金融危機和全球大流行期間遭受了短暫的挫折。

In this second quarter, 2Q year over year growth is muted largely due to the bed-bath stores than we're all still open the second quarter of last year. Yet we still expect our full year growth over 2023 to be right at top of the center.

在第二季度，第二季度年增率放緩，主要是因為床上用品商店比去年第二季度仍然營業。然而，我們仍然預計 2023 年全年成長將處於中心位置。

Compare FFO per share growth over the past 1, 3 year, 5 year, 10 year, 20 year periods against any other large retail portfolio that has a long history, and you'll see why we're so committed to our way of doing things.

將過去 1 年、3 年、5 年、10 年、20 年期間的 FFO 每股成長與任何其他歷史悠久的大型零售投資組合進行比較，您就會明白為什麼我們如此致力於我們的做法事物。

The impact on occupancy on both the leased and physical basis has been steady and impressive over the last three years, but never more so than this quarter. Both small shop and anchor occupancy growth stood out. In the 2024 second quarter, we picked up 100 basis points in overall lease percentage, bringing it to 95.3%.

在過去三年中，對租賃和實體入住率的影響一直穩定且令人印象深刻，但本季的影響從未如此之大。小商店和主力店的入住率成長均表現突出。2024 年第二季度，我們的整體租賃百分比上升了 100 個基點，達到 95.3%。

Great result, thanks to reporting setting -- to record-setting leasing volumes. The acquisition of a well leased Virginia Gateway, the salable less well at least Third Street Promenade and by the planned redevelopment in places like Andorra Shopping Center. Our anchor lease percentage gained 90 basis points alone since last quarter and sits at 96.7%. There's another 100 basis points-plus to come here.

得益於報告設定－創紀錄的租賃量，取得了巨大的成果。收購了租賃良好的維吉尼亞門戶，銷售狀況不佳的第三街長廊，並計劃在安道爾購物中心等地進行重建。自上個季度以來，我們的主力租賃百分比僅增加了 90 個基點，達到 96.7%。還有另外 100 個基點以上。

Let me talk for a moment or two about the transactions this quarter, starting with the sales of Third Street Promenade in Santa Monica. First of all, what a great investment this has been for the trust over the past 25 years, a 13% unlevered IRR over that period and a springboard for this company into relationships with a type of tenant that benefited every mixed-use and lifestyle oriented project we did.

讓我談談本季的交易，首先是聖莫尼卡第三街長廊的銷售。首先，這對過去25 年的信託來說是一筆多麼巨大的投資，在此期間實現了13% 的無槓桿IRR，並且是該公司與一類租戶建立關係的跳板，這種關係使每一個混合用途和生活方式導向的租戶都受益我們做的項目。

Over the past few years, we lost confidence in the future income growth there for a host of reasons and sold to a local developer for $103 million, on in $20 million when including a one-off sale there late last year. We're investing those proceeds into dynamic asset like Virginia Gateway for more future growth possibilities seem like a no-brainer.

在過去的幾年裡，由於多種原因，我們對那裡未來的收入增長失去了信心，並以1.03 億美元的價格賣給了當地的一家開發商，如果算上去年年底的一次性出售，價格為2000 萬美元。我們將這些收益投資於像 Virginia Gateway 這樣的動態資產，以獲得更多未來成長的可能性，這似乎是理所當然的。

We've spoken of average any gateway at various events and meetings over the past couple of months. So I'll use this time to repeat them. Suffice it to say, our Virginia management development team is all over it and excited to add the new raw material to create significant value over the next few years through re-leasing and selective place-making and redevelopment.

在過去的幾個月裡，我們在各種活動和會議上談到了平均任何網關。所以我會利用這段時間重複它們。可以說，我們的維吉尼亞管理開發團隊全力以赴，並很高興能夠添加新的原材料，透過重新租賃和選擇性的場所建造和重建在未來幾年創造巨大的價值。

And earlier this week, we closed on the acquisition of Pinole Business Shopping Center in Northern California for $60 million, which will generate initial cash on cash return in the low-sevens and we'll grow from there.

本週早些時候，我們以 6000 萬美元完成了對北加州皮諾爾商業購物中心的收購，這將產生低七成的初始現金回報，我們將從那裡開始成長。

This dominant 216,000 square foot grocery-anchored regional shopping center sits on 19 acres and was purchased at $277 a foot, not bad. The center fits in nicely with our West Coast portfolio complementing Crow Canyon Commons and East Bay Bridge in the East Bay, will be managed from our West Coast headquarters at Santana Road. We're not done on the acquisition front either.

這座占主導地位的 216,000 平方英尺雜貨店為主的區域購物中心佔地 19 英畝，以每英尺 277 美元的價格購買，價格還不錯。該中心與我們的西海岸投資組合完美契合，補充了東灣的 Crow Canyon Commons 和東灣大橋，並將由我們位於桑塔納路的西海岸總部進行管理。我們在收購方面也還沒完成。

Lease-up at Santana West continues with a newly signed deal with an AI-powered cloud database provider for 24,000 square feet on the first floor of the state-of-the-art building. Active negotiations with other prospective tenants for much of the remainder of the building should enable us to continue to report on new deals.

Santana West 的租賃繼續進行，與一家人工智慧雲端資料庫提供商新簽署了協議，租賃了這座最先進建築一樓的 24,000 平方英尺。與其他潛在租戶就建築物剩餘大部分面積進行的積極談判應該使我們能夠繼續報告新交易。

And in Lower Merion Township outside Philadelphia, the longstanding old Lord & Taylor building at our Bala Cynwyd Shopping Center has been fully demolished and construction is underway on our $95 million residential development of 217 apartments with ground floor retail. That will be integrated with and complementary to one of Federal's most successful shopping centers.

在費城郊外的下梅里恩鎮，Bala Cynwyd 購物中心內歷史悠久的Lord & Taylor 大樓已被完全拆除，我們耗資9,500 萬美元的住宅開發項目正在進行中，該開發項目包括217 套公寓，底層有零售店。這將與聯邦最成功的購物中心之一整合並互補。

We expect a 7% stabilized yield here. It's nice to see that development economics can still work in the right locations. You might be interested to know that in addition to Bala Cynwyd, we have over 3,700 residential units with active design or entitlements in process at a dozen of our existing assets. As construction costs continue to stabilize as they've been doing, and rents continue to rise with inflation, as they've been doing, these projects are getting closer and closer to (inaudible) stay tuned.

我們預期收益率穩定在 7%。很高興看到發展經濟學仍然可以在正確的地方發揮作用。您可能有興趣知道，除了 Bala Cynwyd 之外，我們還有 3,700 多個住宅單元，這些單元在我們的十幾個現有資產中正在進行積極的設計或權利處理。隨著建築成本繼續穩定，正如他們一直在做的那樣，租金繼續隨著通貨膨脹而上漲，正如他們一直在做的那樣，這些項目越來越接近（聽不清楚），敬請期待。

By the way, for those New Yorkers listening who may have reason to be out on Long Island around Huntington, please stop by our completely redeveloped and reimagined Huntington Shopping Center, where the brand new Whole Foods opened just last week and joined a new cadre of tenants, including REI, [Ulta], New Dining Alternatives, and others, set in a beautifully landscaped, comfortable setting.

順便說一句，對於那些可能有理由去亨廷頓附近的長島的紐約人來說，請順便參觀我們完全重新開發和重新設計的亨廷頓購物中心，全新的全食超市上週剛剛開業，並加入了新的核心隊伍。

It really represents the best of Federal Realty thinking and execution. The $85 million comprehensive redevelopment brought in on time and on budget. The before and after effect is pretty striking. Huntington Shopping Center is now a worthy, grocery-anchored, open-air complement to Simon's powerful Walt Whitman Mall next door.

它確實代表了聯邦房地產的最佳思維和執行力。耗資 8,500 萬美元的綜合重建工程按時、按預算完成。前後效果相當驚人。亨廷頓購物中心現在是一個值得一看的、以雜貨為主的露天購物中心，與隔壁西蒙強大的沃爾特·惠特曼購物中心 (Walt Whitman Mall) 形成互補。

As I was finishing up these prepared remarks earlier in the week, I was reading them to the senior team in preparation for this call. Our President Jeff Berkes sat back reflectively and commented as to how significant the results of our capital allocation decisions have been over the past 90 to 120 days, given the relative size of this company. He's right. Collectively, they're meaningful and they move the needle in a 102-property portfolio.

當我在本週早些時候完成這些準備好的講話時，我正在向高級團隊宣讀這些講話，為這次電話會議做準備。我們的總裁 Jeff Berkes 坐下來若有所思地評論了我們的資本配置決策在過去 90 到 120 天內的結果，考慮到該公司的相對規模。他是對的。總的來說，它們很有意義，並且在 102 個房產組合中發揮著重要作用。

I mean, between Virginia Gateway and Pinole, we've made nearly 900,000 square feet of acquisitions, deploying $275 million of capital at a 7%-plus yield. We've completed a comprehensive and transformational $85 million redevelopment in Huntington, New York, began a new $95 million mixed-used development in Bella, and freed up $103 million of underperforming capital with the Third Street Promenade sale, all while executing 124 total leases for over 600,000 square feet of commercial space, cementing future growth.

我的意思是，在 Virginia Gateway 和 Pinole 之間，我們已經進行了近 90 萬平方英尺的收購，部署了 2.75 億美元的資本，收益率超過 7%。我們在紐約州亨廷頓完成了價值8500 萬美元的全面轉型重建，在貝拉開始了價值9500 萬美元的新綜合用途開發項目，並透過第三街長廊出售釋放了價值1.03 億美元的表現不佳的資本，同時執行了124 份租賃合約超過 600,000 平方英尺的商業空間，鞏固未來的成長。

I'd say the future looks bright. That's all I wanted to cover in my prepared remarks this afternoon, so I'll turn it over to Dan to provide more granularity before opening it up to your questions.

我想說，未來看起來是光明的。這就是我今天下午準備好的演講中想要涵蓋的全部內容，因此我將把它交給 Dan，以便在回答你們的問題之前提供更詳細的資訊。

Thank you, Don, and hello, everyone. Our reported FFO per share of $1.69 for the second quarter came in at the top of our quarterly guidance range of $1.63 to $1.69. This result was against the tough second quarter 2023 comp, which was our previous record for quarterly FFO, highlighting the overall strength in operating fundamentals across the portfolio.

謝謝你，唐，大家好。我們報告的第二季度 FFO 為每股 1.69 美元，處於我們季度指引範圍 1.63 至 1.69 美元的頂部。這一結果與 2023 年第二季度的艱難業績相比，這是我們之前的季度 FFO 記錄，突顯了整個投資組合營運基本面的整體實力。

The primary drivers for the strong performance, simply POI growth in our comparable portfolio, driven by strong property level expense controls, acceleration in our occupancy levels and continued strength in our residential portfolio.

強勁業績的主要驅動力是我們可比投資組合中的 POI 增長，這是由強有力的房地產費用控制、我們的入住率水平的加速以及我們的住宅投資組合的持續強勢推動的。

Comparable POI growth, excluding the impact of prior period rent term fees was 2.9% and that gap is 3.1% on a cash basis. Both numbers are above our expectation for the period, you will see a revision upward in guidance as a result. Comparable total property revenues were up 3.1% with comparable min rents of 2.7% on a GAAP basis and 2.9% on a cash basis.

剔除前期租金期限費的影響，可比 POI 成長為 2.9%，以現金計算差距為 3.1%。這兩個數字都高於我們在此期間的預期，因此您將看到指導向上修正。可比總房地產收入增加了 3.1%，可比最低租金以 GAAP 計算為 2.7%，以現金計算為 2.9%。

Solid results when you keep in mind Bed Bath & Beyond was in possession and largely paying rent throughout the second quarter in '24. Portfolio occupancy increased in the quarter to 95.3% leased and 93.1% occupied. Both metrics over our new basis points increased since the March 31.

當你記住 Bed Bath & Beyond 擁有並在 24 年第二季度主要支付租金時，你會得到堅實的業績。本季投資組合入住率上升至 95.3%，出租率為 95.3%，入住率為 93.1%。自 3 月 31 日以來，這兩個指標都高於新基點。

As a result, rents from signed leases not yet occupied in the existing portfolio stayed elevated at $26 million with an additional $13 million of rent come online from leases signed in the non-comparable front. Also note that we continue to have a robust leasing pipeline with a significant amount of new leases renegotiated for currently vacant space.

因此，現有投資組合中尚未佔用的已簽署租約的租金保持在 2,600 萬美元的高位，另外 1,300 萬美元的租金來自在不可比方面簽署的租約。另請注意，我們繼續擁有強勁的租賃管道，並針對目前的空置空間重新談判了大量新租賃。

For the tenant watch list that is minimal, given our lack of exposure to troubled tenants and our proven ability to get tenants open and rent paying for our tenant coordination team. That is second to none. We expect our current spread between leased and occupied to move toward our target of 125 basis points over the quarters ahead.

對於租戶觀察名單來說，這是最小的，因為我們缺乏接觸陷入困境的租戶的機會，而且我們已經證明有能力讓租戶開放並為租戶協調團隊支付租金。這是首屈一指的。我們預計目前的租賃和占用之間的利差將在未來幾季向 125 個基點的目標邁進。

As we stood last quarter, we are extremely well positioned again to drive our occupancy metrics over the balance of the year and have increased our targeted year-end occupancy level to roughly 93.5%. The strength in leasing from a rollover and contractual rent (technical difficulty) perspective with 10% cash rollover and 2.4% blended increases from combined anchor and small-shop leases resulted in a straight-line lease rollover 23% and net effective straight-line rollover after capital of 15%, which highlights our ongoing focus on controlling tenant capital.

與上季的情況一樣，我們再次處於非常有利的位置，可以在今年餘下的時間裡推動我們的入住率指標，並將我們的年終入住率目標提高到約 93.5%。從展期和合約租金（技術難度）的角度來看，租賃實力強勁，現金展期為 10%，主力店和小店租賃混合增加 2.4%，導致直線租賃展期為 23%，淨有效直線展期為15%的資本之後，這凸顯了我們持續專注於控制租戶資本。

Now to the balance sheet and an update on our liquidity position. Given roughly $700 million of successful refinancing activity to start 2024, we have no material maturities until 2026. We stand with about $1.3 billion of available liquidity from our $1.25 billion credit facility and net cash on hand.

現在來看看資產負債表和我們流動性狀況的最新情況。鑑於 2024 年開始的再融資活動大約有 7 億美元的成功，我們在 2026 年之前沒有實質的到期日。我們擁有約 13 億美元的可用流動資金，來自我們 12.5 億美元的信貸額度和手頭淨現金。

This liquidity stands against redevelopment expansion spend remaining of only $65 million for the balance of 2024 and only $205 million remaining spend on our needle-moving $850 million in-process redevelopment and expansion pipeline.

這種流動性與 2024 年剩餘時間的再開發擴張支出僅剩 6500 萬美元以及我們 8.5 億美元的正在進行中的再開發和擴張管道的支出僅剩 2.05 億美元相對應。

With the completion of the sale of Third Street Promenade in Santa Monica for $103 million access to the equity markets and the acquisition of Virginia gateway and buyout of our partners at CocoWalk, along with meaningful growth in EBITDA this quarter, the leverage metrics at June 30 continue to show improvement.

隨著以1.03 億美元的價格完成聖莫尼卡第三街長廊的股票市場准入出售、收購弗吉尼亞門戶以及收購我們CocoWalk 合作夥伴的交易，以及本季度EBITDA 的顯著增長，截至6 月30日的槓桿指標持續表現出進步。

2Q annualized net debt to EBITDA decreased to 5.8 times. That metric targeted to improve over the course of 2024 and reached the mid-5s in 2025. Fixed charge coverage increased to 3.6 times for the quarter. That metric should also improve as incremental EBITDA continues to come online.

第二季年化淨債務與 EBITDA 比率下降至 5.8 倍。該指標的目標是在 2024 年期間有所改善，並在 2025 年達到 5 左右。本季固定費用覆蓋率增加至 3.6 倍。隨著增量 EBITDA 的不斷上線，這項指標也應該會有所改善。

And with respect to guidance with a solid first two quarters behind us and tenant demand continuing at a stronger pace than expected, we are raising our 2024 FFO guidance from [$6.77] per share at the midpoint to [$6.79] for the range refined upwards of $6.70 to $6.88. This represents 3.7% bottom line FFO growth at the midpoint and 5% at the upper end of the range, strong growth in the face of a higher interest rate environment that takes us both 2022 and again here in 2023 and again, here in 2024.

考慮到前兩個季度的強勁業績以及租戶需求繼續以強於預期的速度增長的指導，我們將 2024 年 FFO 指導從中點的每股 [6.77 美元] 提高到 [6.79 美元]，範圍細化為6.70美元至6.88 美元。這意味著 FFO 底線中點成長 3.7%，上限成長 5%，在 2022 年、2023 年和 2024 年利率上升的環境下實現強勁成長。

This upward revision implies over 5% FFO growth at the midpoint in the second half 2024. This upward revision is driven by stronger underlying portfolio performance than expected as occupancy metrics outperformed expectations as well as the acquisition of Virginia gateway and Old Vista Crossing combined with the sale of Santa Monica, which provide market -- which only provides modest net accretion this year but will contribute more fully to 2025.

這項向上修正意味著 2024 年下半年中點 FFO 成長超過 5%。這項向上修正的推動因素是，基礎投資組合表現強於預期，因為入住率指標超出了預期，以及收購了Virginia gateway 和Old Vista Crossing 以及出售了Santa Monica，這提供了市場，而今年僅提供了適度的淨增長但將為 2025 年做出更充分的貢獻。

Our guidance reflects only these three transactions. As a reminder, prospective acquisitions and dispositions will be reflected in our guidance when completed. We are also revising our comparable growth outlook, upward comparable growth excluding prior period rents and term fees is revised to 3% to 4%, 3.5% at the midpoint.

我們的指導僅反映這三筆交易。提醒一下，預期的收購和處置將在完成後反映在我們的指導中。我們也修改了可比成長前景，不包括前期租金和期限費用的可比成長上調至 3% 至 4%，中間為 3.5%。

We are leaving our comparable growth outlook as is a 2.25% quarter to 3.5% given term fees year to date have lagged. As such, we are adjusting downward our assumption for term fees from $47 million to $46 million, as well as our assumption for G&A expense down to $48 million to $51 million.

鑑於今年迄今的學期費用滯後，我們將維持可比較的成長預期，季度成長率為 2.25% 至 3.5%。因此，我們將定期費用的假設從 4,700 萬美元下調至 4,600 萬美元，並將一般管理費用的假設下調至 4,800 萬美元至 5,100 萬美元。

While leasing progress continues both at One Santana West and 915 Meeting Street, none of this incremental activity is expected to impact our forecast for 2024. We will see the benefit in 2025 more to come on that outlook overall, as the year progresses, additional leases get signed and clarity on delivery dates becomes more evident. We are maintaining our expected credit reserve at 70 to 90 basis points and all other guidance assumptions can we found outlined on page 27 of our 8-K.

雖然 One Santana West 和 915 Meeting Street 的租賃工作仍在繼續，但預計這些增量活動不會影響我們對 2024 年的預測。我們將在 2025 年看到整體前景的更多好處，隨著時間的推移，簽署更多租約，交貨日期變得更加明確。我們將預期信貸準備金維持在 70 至 90 個基點，並且我們可以在 8-K 第 27 頁上找到概述的所有其他指導假設。

And before we go to Q&A, let me highlight that yet again, Federal Realty Board of Directors has declared an increase in its quarterly common dividend per share to $1.10 or $4.40 per share on an annualized basis, which represents the 57th consecutive year we've increased the dividend.

在我們進行問答之前，讓我再次強調，聯邦房地產董事會已宣布將其季度普通股股息按年化計算增加至每股1.10 美元或4.40 美元，這代表我們連續57 年將每股普通股股息增加至1.10 美元。

In REIT industry record, we stand as the only REIT with the status as a dividend King, which signifies 50 or more consecutive years of annual dividend increase. 57 year record serves as a testament to our commitment to delivering a stable, growing cash flow stream for our common shareholders.

在REIT產業記錄中，我們是唯一擁有股利之王地位的REIT，這意味著連續50年或以上每年股利增加。 57 年的記錄證明了我們致力於為普通股東提供穩定、不斷增長的現金流的承諾。

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

這樣，接線員，您就可以打開提問線路了。

(Operator Instructions) Juan Sanabria, BMO.

（操作員說明）Juan Sanabria，BMO。

Hi. Thank you for the time. just hoping, Don, you could talk a little bit more about the acquisition environment. Has the touch of assets you're looking for change it before you're focused on kind of larger assets with less competition and just general pricing expectations that great success year to date, but have cap rates come in at all or that low 7% still kind of the bogey we should have in the back of our minds.

你好。謝謝你的時間。只是希望，唐，你能多談談收購環境。在你專注於競爭較少的大型資產之前，你正在尋找的資產是否會改變它，並且只是總體定價預期，今年迄今為止取得了巨大的成功，但資本化率完全達到或低至 7%這仍然是我們應該牢記的一個忌諱。

Yeah. No, Juan, it's a very fair question. It's been a year about a window and being able to jump through the window when the arbitrage kind of makes sense. I can tell you that if we signed up Virginia Gateway today, it would be more expensive than what we bought it at. Crystal Clear. So that they have come in a little bit.

是的。不，胡安，這是一個非常公平的問題。這是關於一扇窗戶的一年，當套利有意義時，能夠跳出窗戶。我可以告訴你，如果我們今天簽約 Virginia Gateway，它會比我們當時購買的價格更貴。晶瑩剔透。這樣他們就進來了一點。

As you would expect, with assumptions of interest rates overall coming down, I mean, there's nothing more sensitive than that. Yes, it's still we've got some things working in the hopper that that looked like they can make some sense again, whether we close them or not. I don't know, but yes, you should absolutely -- you should assume that there's a direct correlation between the product that's available out there and what the cost of money is.

正如你所預料的那樣，隨著利率整體下降的假設，我的意思是，沒有什麼比這更敏感的了。是的，我們仍然有一些東西在料斗中工作，看起來它們可以再次發揮作用，無論我們是否關閉它們。我不知道，但是，是的，你絕對應該——你應該假設現有的產品和資金成本之間存在直接的相關性。

So frankly, the ones that we've built made so far where we hit that window right on. I'm feeling great about those two. In terms of the others that we were looking at now, still assume around the same places, maybe inside a little bit. But let's see what happens with interest rates in the rest of the year with respect to how much product is available.

坦白說，到目前為止，我們所建造的產品已經達到了我們的目標。我對這兩個人感覺很好。就我們現在正在研究的其他人而言，仍然假設在相同的地方，也許在裡面一點點。但讓我們看看今年剩餘時間利率會發生什麼變化，以及有多少產品可用。

And then just you mentioned kind of incremental leasing at Santana. I'm just curious kind of where that is leased today, if there's been any update from Splunk and Cisco and how we should think about capitalized interest in '25 with the leasing progress you've made to date for that specific asset?

然後你剛才提到了桑塔納的增量租賃。我只是好奇今天在哪裡租賃，Splunk 和 Cisco 是否有任何更新，以及我們應該如何考慮 25 年的資本化利息以及您迄今為止為該特定資產取得的租賃進度？

Dan, you want to take that?

丹，你想要那個嗎？

Yeah, sure. So the leasing at Santana West, it's a new AI-based tech company in a branch well above 50%. We have letters of intent. We're working back and forth pretty rapidly right now with about another 70,000 square feet of demand there. We may not be able to sign all along. We'll see. But I would think that we'll start to get it pretty well leased up by the end of the year, beginning the first quarter of next year.

好，當然。Santana West 的租賃是一家新的基於人工智慧的科技公司，其分公司的租賃率遠高於 50%。我們有意向書。我們現在正在快速地來回工作，那裡還有大約 70,000 平方英尺的需求。我們可能無法一直簽名。我們拭目以待。但我認為，到今年年底，從明年第一季開始，我們將開始很好地出租它。

So seeing pretty good activity, smaller tenants for break breaking floors, that's we're seeing really, really strong demand. And no update whatsoever on Cisco or Splunk or what their plans or at least still a ways off, and we'll see what comes with that.

因此，看到相當好的活動，較小的租戶打破樓層，我們看到了非常非常強勁的需求。思科或 Splunk 沒有任何更新，也沒有他們的計劃，或至少還有很長的路要走，我們將看看隨之而來的情況。

And with regard to capitalized interest with regards to 2025, we have no change in terms of the outlook. I think we're getting better clarity but I think we still need more things to pull in place before we'll provide any guidance on that front.

對於 2025 年的資本化利息，我們的前景沒有改變。我認為我們正在變得更加清晰，但我認為在我們提供這方面的任何指導之前，我們仍然需要做更多的事情。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Thanks for taking my questions. You previously talked about adding that 100 basis points of small-shop occupancy this year, and I believe [200] on anchor and I think you're already down small-shop and pretty close on anchor. Can you give us an update on your perspective about where you may end the year occupancy?

感謝您回答我的問題。您之前談到今年將小商店入住率增加 100 個基點，我相信 [200] 已經穩定，我認為您已經減少了小商店入住率，並且非常接近穩定。您能否向我們介紹一下您對年度入住結束地點的最新看法？

Yeah, I expected this question, Dori, because we blew through our assumption that with respect to what we assumed. As I said, I still think there's another 100 basis points or so to go more on anchor. I don't think it's this year. I think it's between -- it's by the end of '25, effectively there. On small shop, there might be a little bit more to go there, too, which I was not expecting to be able to say, but the pipeline really looks very strong. So that's all-good news. I don't know if I have a number for you

是的，我預料到會有這個問題，多麗，因為我們推翻了我們的假設。正如我所說，我仍然認為還有 100 個基點左右的空間可以進一步錨定。我不認為是今年。我認為是在 25 年底之前，實際上是在那時。在小商店裡，可能還有更多的東西可以去那裡，我沒想到能夠說出來，但管道看起來確實很強大。所以這是個好消息。我不知道是否有你的電話號碼

No. I mean, in my prepared remarks, I highlighted that we revised upward our targeted year-end occupancy levels of roughly 93.5%. That's a ballpark estimate and obviously, dependent upon how quickly we can get folks open in terms of what deals we've got done or executed.

不。我的意思是，在我準備好的發言中，我強調我們將年終入住率目標上修為約 93.5%。這是一個大概的估計，顯然，取決於我們能以多快的速度讓人們開放我們已經完成或執行的交易。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Good afternoon. Thanks for taking my question. Same-property NOI slowed sequentially in the quarter, though, presumably that reflects the more difficult comparison, just given the guidance implies like a return same property NOI growth back to that like mid to high 3% range.

午安.感謝您提出我的問題。不過，同地產 NOI 在本季度連續放緩，這可能反映了更困難的比較，因為指導意味著同地產 NOI 成長將回到 3% 的中高水準。

But can you just talk a little bit about the assumptions of like how you get there. Is that right that we're getting back to like the that mid to high 3% range? And just outline some of the expectations on how you get there through the back half of the year?

但你能談談你如何到達那裡的假設嗎？我們是否又回到了 3% 的中高區間？請概述一下您如何在今年下半年實現這一目標的一些期望？

Sure. I think it's really going to be driven by occupancy, got largely done and it was a little back end of the quarter weighted in terms of the move-ins. So we didn't see, I think, fully the strength in occupancy growth during the quarter.

當然。我認為這確實是由入住率驅動的，大部分已經完成，而且在本季度末，就入住率而言，這只是一個小細節。因此，我認為我們沒有充分看到本季入住率成長的強勁勢頭。

And so we'll see that. We're more fully in the third quarter. And I think we expect to be in the mid to upper-3s in the second half of the year. I think it's not a big stretch, just assuming occupancy rates are relevant in the second half of the year.

所以我們會看到這一點。我們在第三季更加充分。我認為我們預計今年下半年將達到中上三名的水平。我認為這並不是一個很大的延伸，只要假設入住率在今年下半年是相關的。

Steve Sakwa, Evercore.

史蒂夫·薩克瓦，Evercore。

Thanks. Good afternoon, Dan, I guess as you sit here August 1, you get a lot of things that are kind of known and in the bag and you don't really have any debt speaking of to mature here. I guess just help us think through the swing factors getting to the low end of the FFO range and the high end of the FFO range?

謝謝。下午好，丹，我想當你 8 月 1 日坐在這裡時，你會得到很多已知的東西，並且都在袋子裡，而且你真的沒有任何債務可以在這裡成熟。我想只是幫助我們思考達到 FFO 範圍低端和 FFO 範圍高端的擺動因素？

Yeah. Look, I think that we outline on our guidance page. I think all the different factors that can get us to the upper end and the lower end. I think occupancy is a big driver to get us towards the top of the range. I think other things that are on there with other revenue, whether it be parking or percentage rents are probably kind of more middle of the road in terms of what our expectations have been this year so far.

是的。看，我認為我們在指導頁面上概述了這一點。我認為所有不同的因素都可以讓我們達到高端和低端。我認為入住率是我們邁向高端的重要推手。我認為，就我們今年迄今為止的預期而言，與其他收入相關的其他事情，無論是停車位還是百分比租金，可能都處於中間位置。

A term fees will lag based upon where we are this year because tenants candidly really don't want to get space back. So that's going to be end up coming in probably closer to the bottom of our range given where we sit today from.

學期費用將根據我們今年的情況而滯後，因為坦白說，租戶確實不想收回空間。因此，鑑於我們今天所處的位置，最終可能會接近我們範圍的底部。

Yeah. When I think we also -- look, we have a very conservative approach to revenue recognition in terms of -- and some of it's, just timing. Timing, in which case these tenants pay and that can cause some swings between quarters and so forth. So that's part of it.

是的。當我認為我們也——看，我們在收入確認方面採取了非常保守的方法——其中一些只是時間安排。時間安排，在這種情況下，這些租戶付款，這可能會導致季度之間的一些波動等。這就是其中的一部分。

And it's also, I think a big driver of getting us to the top of the range again is really how successful we can be in continuing to get tenants open on time or ahead of time and beating our rent commencement dates. It's going to be critical from that perspective.

我認為，讓我們再次躋身頂級行列的一個重要推動因素實際上是，我們能夠成功地繼續讓租戶按時或提前開業，並在我們的租金開始日期之前完成。從這個角度來看，這將是至關重要的。

And to a certain degree, how many -- we do have some floating rate exposure to get us further up. Do we have one? Do we have two, do with three rate cuts? I mean, I think that's probably more going to be more impactful next year, but also that's a little bit of the swing.

在某種程度上，我們確實有一些浮動利率敞口，可以讓我們進一步進步。我們有嗎？我們是否有兩次或三次降息？我的意思是，我認為明年這可能會產生更大的影響，但也有一點搖擺。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，豐業銀行。

Hey, good evening. Based on retailer guidance, it appears tenant sales growth is under some pressure and there's plenty of anecdotes out there about challenges facing the lower end consumer and potentially inching up the socioeconomic ladder as well?

嘿，晚上好。根據零售商的指導，租戶銷售成長似乎面臨著一定的壓力，並且有很多關於低端消費者面臨的挑戰以及潛在的社會經濟階梯上升的軼事？

Are you seeing any of this leak into tenant conversations or willingness to be taking new space right now or to retailers just seem either immune or they don't care that this is happening now?

您是否看到這種洩漏到租戶對話或現在佔用新空間的意願，或者零售商似乎要么免疫，要么他們不在乎現在發生這種情況？

Greg, it's Wendy on. We are not seeing that diminish in any way. The leasing demand that we're seeing over our various different product types. So I think if you look at the tenants that are in our portfolio, that lower end tenant that's sensitive, whether it's Dollar Tree or Party City or some of those tenants that are -- even McDonald's, as you know, they just came out some various reports on the consumer and their impact on that lower end consumer.

格雷格，溫迪來了。我們沒有看到這種情況以任何方式減少。我們看到各種不同產品類型的租賃需求。所以我認為，如果你看看我們投資組合中的租戶，那些敏感的低端租戶，無論是 Dollar Tree 還是 Party City，還是其中一些租戶——甚至是麥當勞，如你所知，他們只是出來了一些關於消費者及其對低端消費者影響的各種報告。

So we are not seeing that impact. We are having discussions with Starbucks the other day, and they had some mixed results that you saw come out. And I was looking at all of our 40 some locations that we have with them, and we are not seeing any impact on their sales because our demographic in our markets is more of that affluent upper end demographic. So there is some fatigue showing in the [$6 latte], but not so much in our markets.

所以我們沒有看到這種影響。前幾天我們正在與星巴克進行討論，他們得到了一些你看到的好壞參半的結果。我查看了我們與他們合作的所有 40 個地點，我們沒有看到他們的銷售受到任何影響，因為我們市場上的人口更多是富裕的高端人口。因此，[6 美元拿鐵] 中出現了一些疲勞，但在我們的市場中卻沒有那麼明顯。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hey, I'm not sure it's up in my name today, but it's Alexander still. Don question for you on new supply. We keep hearing the same thing, which is that rents would have to be 35%, 50% higher to justify new supply in in mass.

嘿，我不確定今天是否以我的名義出現，但仍然是亞歷山大。不要向您詢問有關新供應的問題。我們不斷聽到同樣的事情，那就是租金必須上漲 35%、50%，才能證明大規模新供應的合理性。

I'm just curious, as you guys look at redevelopment and taking down portions of centers rebuilding, are you looking at the same rent math needed to do basic redevelopment? And if not, what explains the significant difference in rents needed to pencil between new supply and redevelopments?

我只是很好奇，當你們考慮重建和拆除部分重建中心時，你們是否正在考慮進行基本重建所需的相同租金數學？如果不是，如何解釋新供應和重建所需租金的顯著差異？

Yeah. No, Alex, you're -- and I'm not calling Alexander by the way. You're Alex to me, buddy. You've got a couple of things to think about including construction costs. And let me start with that because that is the first thing that it's been a long time since we've seen pressure on prices -- construction prices coming down. And we are starting to see that.

是的。不，亞歷克斯，你是——順便說一句，我不會打電話給亞歷山大。對我來說你就是亞歷克斯，老兄。您需要考慮一些事情，包括建築成本。讓我從這一點開始，因為這是我們很長一段時間以來第一次看到價格壓力——建築價格下降。我們開始看到這一點。

Now whether that is actually the cost of things like lumber, which is under pressure certainly to come down, given the lack of housing starts, whether it's lack of work. So that the developer's profit, if they're more willing to take less profit there. There are incremental changes there that are very important to the whole equation.

現在，這是否真的是木材等物品的成本，考慮到新屋開工的缺乏，木材肯定面臨著下降的壓力，無論是缺乏工作。這樣開發商的利潤就更大了，如果他們更願意拿更少的利潤的話。其中有一些增量變化對於整個方程式非常重要。

And then when you come to the rents and what rents are needed, it's obviously not only depends on the starting rent, but it definitely depends on where you see your growth. And particularly when we're talking about a number of the things that we would redevelop in particular, we have residential stuff that would be added to our existing properties like Bell.

然後，當您談到租金以及需要多少租金時，顯然不僅取決於起始租金，而且絕對取決於您在哪裡看到您的成長。特別是當我們談論一些我們將特別重新開發的項目時，我們有住宅項目將添加到我們現有的房產中，例如貝爾。

And so, you are sitting there saying there, you clearly know that there's more housing needed throughout the country globally and when you sit, you add them to mixed use to shopping centers to create more of a mixed-use environment there.

所以，你坐在那裡說，你清楚地知道全球各地需要更多的住房，當你坐下來時，你將它們添加到購物中心的混合用途中，以在那裡創造更多的混合用途環境。

We've seen is the ability to press up, like I've told you on lower residential rents. So the combination of where those rents are going, our art today will be tomorrow and continuing to grow, coupled with construction costs are really important. And as I'm talking to you, Jeff Berkes is putting up his finger. So he got something else to say, Alex, we're going to add that in. Go ahead, Jeff.

我們已經看到了提高的能力，就像我在降低住宅租金方面告訴過你的那樣。因此，這些租金的去向、我們今天的藝術將成為明天的藝術並持續成長，再加上建築成本，這一切都非常重要。當我和你說話時，傑夫·伯克斯豎起手指。所以他還有別的話要說，亞歷克斯，我們要把它加上去。繼續吧，傑夫。

Hey, Alex, if you're thinking about this from a are we concerned about more competitive retail supply coming into our trade areas, I would definitely say that the vast, vast majority of the places where we're located single-store retail service parking is not the highest and best use of the land, which is what Don is getting to or location lend themselves densification and maybe a little bit of ground floor retail and apartment buildings or something like that.

嘿，亞歷克斯，如果你從我們是否擔心更有競爭力的零售供應進入我們的貿易區域來考慮這個問題，我肯定會說，我們所在的絕大多數地方都是單店零售服務停車場並不是土地的最高和最好的利用，這就是唐所達到的目的，或者位置可以使自己變得密集，也許還有一點底層零售和公寓大樓或類似的東西。

And we are starting to see those economics become more viable. But in terms of us getting a lot of competitive new supply in the trade areas where we do business, we just don't see that. In fact, we see a lid on supply and maybe downward pressure which is giving us a lot of pricing power of retailers.

我們開始看到這些經濟學變得更可行。但就我們在開展業務的貿易領域獲得大量有競爭力的新供應而言，我們只是沒有看到這一點。事實上，我們看到供應受到限制，或許還有下行壓力，這給了我們零售商很大的定價能力。

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

Great. Thank you. Maybe just a follow up on all the leasing that you've executed. Can you to talk a little bit more about categories? And I know you talked -- you had a comment about lattes, but there are a lot of questions on restaurants. I guess, can you talk a little bit more about.

偉大的。謝謝。也許只是您已執行的所有租賃的後續行動。能多談談類別嗎？我知道你談到了——你對拿鐵有評論，但還有很多關於餐廳的問題。我想，你能多談談嗎？

Again, leasing demand by category, what you're trying to fill at this point? And then any other anecdotal comments you can share on what you're seeing throughout the portfolio in some of the categories like restaurants that people are concerned over? Thank you.

再說一遍，按類別劃分的租賃需求，您目前想滿足什麼需求？然後，您可以分享您在整個投資組合中看到的某些類別（例如人們關心的餐廳）中的任何其他軼事評論嗎？謝謝。

Yes, I think in terms of categories, it's still pretty widespread in terms of what we see again in our different property types. So that remains strong. I was looking at sales from the first part of last year up to the first part of this year because we're looking at what we are concerned about our sales growing is one metric to look at.

是的，我認為就類別而言，就我們在不同財產類型中再次看到的內容而言，它仍然相當普遍。所以這仍然很強大。我一直在關注從去年上半年到今年上半年的銷售額，因為我們正在關注我們對銷售額成長的擔憂，這是一個值得關注的指標。

And AI is another metric to look at is who is visiting our shopping centers. There's multiple points to kind of check the health and the productivity of our tenants. So I was looking -- for example, fast casual restaurants is booming with us. And I think maybe what we're seeing is there's just more options out there. That's a big category that we've been focused on in many of our properties.

人工智慧是另一個需要關注的指標，即誰正在訪問我們的購物中心。有多個點可以檢查我們租戶的健康狀況和生產力。所以我一直在尋找——例如，快速休閒餐廳在我們這裡蓬勃發展。我想也許我們看到的是還有更多的選擇。這是我們許多酒店一直關注的一個大類別。

Full-price apparel is doing quite well. Specialty foods are doing quite well. So all those and anything health and beauty related off the charts. So anything in those categories are growing like an 8% to 12% per year.

全價服裝的表現相當不錯。特色食品的表現相當不錯。所以所有這些以及任何與健康和美麗相關的事情都是超乎尋常的。所以這些類別中的任何東西都以每年 8% 到 12% 的速度成長。

And so, when those sales are growing, we're still being able to push those rents. So -- and that doesn't even get into like some of the retailers. Sales is one metric and that e-commerce distribution and another metric that we don't always have full add on that can be quite productive from a retailer perspective.

因此，當銷售額成長時，我們仍然能夠推高租金。所以——這甚至不像一些零售商那樣受到關注。銷售額是一個指標，而電子商務分銷是另一個指標，我們並不總是擁有完整的附加指標，從零售商的角度來看，這可能非常有效率。

Jeff, I feel like I always have the caveat whenever a question comes up about categories, I feel like I always have the qualify it by saying, you have to look at the operators and you have to look at best in class operators in whatever the category is.

傑夫，我覺得每當出現有關類別的問題時，我總是有警告，我覺得我總是可以通過說來限定它，你必須看看運營商，你必須看看無論什麼領域中最好的運營商類別是。

As we see, I mean, I was just looking at sales numbers for our restaurants, for example, on at Santana Row at Pike & Rose, Assembly Row extremely productive. And part of the reason they're extremely productive is because they're some of the best operators in the space.

正如我們所看到的，我的意思是，我只是查看我們餐廳的銷售數字，例如，Pike & Rose 的 Santana Row、Assembly Row 的銷售數字非常有效率。他們生產力極高的部分原因是他們是該領域最好的營運商之一。

If you've got the best properties, you've got the ability to be a little bit more choosy on who comes into those properties. And that applies whether you're talking about, apparel operators, smaller shop apparel operators, restaurant operators, gym operators, all of it.

如果你擁有最好的房產，你就有能力對誰進入這些房產更加挑剔。無論您談論的是服裝經營者、小型商店服裝經營者、餐廳經營者、健身房經營商，還是所有這些，這都適用。

And when you look at a time where the consumer is -- there is worry about the consumer going forward. I can tell you mediocre businesses go away. Strong businesses find their way through and so that understanding of the strengths of the operator has to be figured into the mix. When you ask about categories, it's more than just category.

當你觀察消費者所處的時代時，你會擔心消費者的未來。我可以告訴你，平庸的企業將會消失。實力雄厚的企業會找到出路，因此必須將對營運商優勢的了解納入其中。當您詢問類別時，它不僅僅是類別。

Mike Mueller, JP Morgan.

麥克·穆勒，摩根大通。

Going back to development, redevelopment, whenever you decide it's the right time to flex up again the program, do you think it's going to be more retail-focused or mix use resi focused first?

回到開發、再開發，每當你決定是時候再次調整該計劃時，你認為它會更加以零售為重點還是首先以混合用途為重點？

I think it's going -- so what we've learned on our mixed-use properties is absolutely that the integration of the uses and this actually applies to office too, that we'll be building office anytime soon. But that the integration of those units, whether you're talking about residential or whether you're talking about office or whatever you're talking about is clearly much more impactful if it's near all the other amenities.

我認為它正在發生——所以我們從混合用途物業中學到的絕對是用途的整合，這實際上也適用於辦公室，我們很快就會建造辦公室。但是，如果這些單元靠近所有其他便利設施，無論您是在談論住宅還是辦公室或其他任何內容，這些單元的整合顯然會更具影響力。

It's the fully amenitised environment. So when you look at our shopping centers, we -- you know that our shopping centers are in pretty good demographic areas where the rents for residential would largely be high enough or getting to be high enough to be able to make those numbers work.

這是設施齊全的環境。因此，當您查看我們的購物中心時，我們知道我們的購物中心位於相當好的人口區域，那裡的住宅租金基本上足夠高，或者足夠高，足以使這些數字發揮作用。

So when I talk in my comments about 3,700 apartment units that are either entitled or being entitled or being designed, that's probably where we'll start as evidenced by [Bella] in terms of where kind of big development happens.

因此，當我在評論中談到3,700 個公寓單元（這些公寓單元要么已獲得授權，要么正在獲得授權，要么正在設計）時，我們可能會從這裡開始，正如[Bella] 所證明的那樣，大型開發發生在哪裡。

Now, if you go out to Huntington, that's a complete retail redevelopment of a shopping center. And that opportunity came to us, frankly, before COVID and we've worked through that. When I look now, I believe residential adding to our retail shopping centers is probably where you'll see us starting as evidenced by Bella.

現在，如果您去亨廷頓，您會發現這是一個購物中心的完整零售重建項目。坦白說，這個機會是在新冠疫情爆發之前就帶給我們的，我們已經解決了這個問題。當我現在看時，我相信住宅增加到我們的零售購物中心可能是我們的起點，貝拉就是證明。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Hey, good evening. Just maybe a quick two parter here. One, have you guys disclosed yet the cap rate on Santa Monica. Then two, I noticed you guys did issue some equity during the quarter. And I'm just curious as you continue to acquire assets potentially in the back half of this year into '25, the sources of capital, whether it be your equity, or would you sell more assets into the potential strength here with the 10-year coming in a bit?

嘿，晚上好。也許只是在這裡快速的兩人合作。第一，你們透露了聖莫尼卡的上限利率嗎？然後第二，我注意到你們在本季確實發行了一些股權。我只是很好奇，當你在今年下半年繼續收購可能進入 25 的資產時，資本來源，無論是你的股權，還是你會用 10-馬上就要過年了？

What's the optimal mix as you guys look to redeploy capital, the most accretive method.

當你們尋求重新部署資本時，最佳的組合是什麼，這是最增值的方法。

What was the first part of the question (multiple speakers) The cap rate on Santa Monica is little bit of a hard one. It's mid to [upper-6s] kind of in place, but it quickly kind of goes down into the [fives] and next year and the year after that to the [low-5s].

問題的第一部分是什麼（多個發言者） 聖莫尼卡的上限利率有點困難。它處於中到[上六]的位置，但它很快就下降到[五]，明年和後年到[低5秒]。

So the unlevered IRR that we kind of penciled is going to have a [low-6] handle on it. So it's a really attractive source of capital, not as accretive this year as we would like, but very much accretive over the longer term.

因此，我們用鉛筆繪製的無槓桿 IRR 將有一個 [low-6] 手柄。因此，它是一個非常有吸引力的資本來源，雖然今年的增值不像我們希望的那樣，但從長遠來看卻非常增值。

The second piece in terms of -- look, we acquired and put to work in the quarter $287 million of capital in CocoWalk buyout at Virginia Gateway, Pinole Vista Crossing. I think raising capital, which we always do in a balanced approach is how we fund the business.

第二部分是—看，我們在本季度收購並投入了 CocoWalk 2.87 億美元的資金，收購了 Virginia Gateway、Pinole Vista Crossing 的 CocoWalk。我認為籌集資金是我們為業務提供資金的方式，我們總是以平衡的方式籌集資金。

We have a multiple premium and attractive multiple that even though it's not where we'd like it to be from a NAV perspective is still accretive capital where we deployed that $287 million and it was a modest amount about a quarter, the capital needed there was funded. So I think it was very prudent in terms of how we approach this.

我們擁有倍數溢價和有吸引力的倍數，儘管從資產淨值的角度來看，這不是我們希望的水平，但仍然是增值資本，我們部署了2.87 億美元，而且金額不大，約為四分之一，所需的資本是資助。所以我認為我們處理這個問題的方式非常謹慎。

With regards to going forward and future acquisitions, we'll be opportunistic. We have a big pipeline of assets under consideration for sale that will be a component of it. I don't think it necessarily means we will sell and then we'll look to I think opportunistically, tap the equity market as we see it's an accretive -- if we can accretively deploy that capital and grow FFO from. So that's how we look at them.

對於未來的發展和未來的收購，我們將採取機會主義態度。我們正在考慮出售大量資產，這些資產將成為其中的一部分。我認為這不一定意味著我們會出售，然後我們會機會主義地利用股票市場，因為我們認為它是一種增值——如果我們能夠增值地部署這些資本並從中增長 FFO。這就是我們如何看待他們。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Good evening. How are you?

晚安.你好嗎？

Just one thing, Floris, one question. Not a three-parter.

只有一件事，弗洛里斯，一個問題。不是三人行。

I'm not going to cheat. I just -- you guys have historically always focused on the softer aspect around leases in terms of rent bumps and et cetera. A lot of your peers are counting the fact that they're now driving 3% rent bumps annually, et cetera, as well as less renewal options.

我不會作弊。我只是——你們歷來一直關注租賃方面的軟性方面，如租金上漲等。許多同行都在計算這樣一個事實：他們現在每年租金上漲 3%，等等，而且續租選擇也更少。

Maybe if you could talk about what are the improvements that you're seeing in your lease terms are you able to drive? What percentage of your leases that you're signing, for example, on your shop tenants are having rent bumps of 4% and maybe some more detail behind that?

也許您可以談談您在租賃條款中看到的哪些改進是您能夠推動的？例如，在您與商店租戶簽訂的租約中，租金上漲了 4% 的百分比是多少，也許背後有更多細節？

And also, maybe talk about some of the other -- the terms are you -- for anchors, are you able to shorten the lease terms there? Or is there a market upside at certain levels?

另外，也許可以談談其他一些問題——條款是你們——對於主播來說，你們能縮短那裡的租賃期限嗎？或是市場在一定水準上有上漲空間嗎？

Yeah. Floris, we announced blended anchor and small shop, that was 2.4%, really, really strong. Nobody else, I think is close, and that's driven by significant improvement -- percentage of our leases at 3% or better on the small shop side and we get rent or better rent bumps on our anchor, probably more in the mid to [upper-1s]. I think that was about where we were this last quarter.

是的。Floris，我們宣布混合主播和小商店，這是 2.4%，真的非常強。我認為沒有其他人能接近這一點，這是由顯著改善推動的——我們的小商店租賃百分比達到3% 或更高，我們的錨點租金或更好的租金上漲，可能在中到中期更多[上1s]。我認為這就是我們上個季度的情況。

So that blended gets us there. We continue to push that, the important component, but we also look to push other components. The starting rent is an important part of it as well. And so, the more qualitative aspects of it, I'll handover to Wendy, in terms of what other things are we getting from tenants in this environment where we're getting better negotiating leverage.

所以這種混合讓我們達到了目標。我們繼續推動這一重要組成部分，但我們也希望推動其他組成部分。起始租金也是其中重要的一環。因此，在更定性的方面，我將把有關我們在這種環境下從租戶那裡得到的其他東西的問題移交給溫迪，因為我們正在獲得更好的談判籌碼。

The other thing, as I'd like to highlight to you is it just also, we had a good quarter and we've had a good couple of quarters in terms of TIs and we're starting -- I mentioned that in my prepared remarks, we're focused on controlling those TI dollars and limiting that. And that's why I highlighted the net effect of straight-line rents in the mid-10s is an impressive number and something that I'd like to highlight.

另一件事情，正如我想向你們強調的，我們也度過了一個不錯的季度，就TI 而言，我們已經度過了幾個不錯的季度，我們正在開始- 我在準備中提到過這一點備註，我們的重點是控制並限制這些 TI 資金。這就是為什麼我強調 10 年代中期直線租金的淨效應是一個令人印象深刻的數字，也是我想強調的一點。

The only thing that I would add to that would be the different components of that contract, whether it be options, whether it be increases, whether we control like exclusivity. There's so many components that really hasn't changed with this high demand that we're going after them any differently than we've always treated them, which is every component is separate and every component needs to make sense on that particular asset.

我唯一要補充的是該合約的不同組成部分，無論是選擇權，是否增加，我們是否控制排他性。有如此多的組件實際上並沒有隨著如此高的需求而改變，以至於我們對它們的處理方式與我們一貫對待它們的方式不同，即每個組件都是獨立的，並且每個組件都需要對該特定資產有意義。

So I would say we are having some success in getting some flexibility on options, for example, which -- we don't like option, we just don't. So we rarely give them. If there is a -- if we have to and if there is a capital allocation that's heavy from the tenant, we have to try to see if we can do it at a fair market value with a base and maybe we've done several many actually where you tie it to sales volume that they can exercise it unless they're reaching a certain level of production within the centers.

所以我想說，我們在選項彈性方面取得了一些成功，例如，我們不喜歡選項，我們就是不喜歡。所以我們很少給他們。如果有——如果我們必須這樣做，並且如果租戶有大量的資本分配，我們必須嘗試看看我們是否可以在一個基礎上以公平的市場價值來做到這一點，也許我們已經做了很多很多實際上，你將其與銷售量聯繫起來，除非他們在中心內達到一定的生產水平，否則他們可以行使它。

So yes, we are diving deep into all those like we always do and having more success. And it's a balanced approach right. We're doing a lot of business with these, with national and regional tenants. So we want to make sure that we have a balanced approach.

所以，是的，我們正在像往常一樣深入研究所有這些問題，並取得更多成功。這是一種平衡的方法。我們與這些國家和地區的租戶有許多業務往來。因此，我們希望確保採取平衡的方法。

Now I'm going to add to that, Floris, is I've always touted that I felt that our contracts were among the strongest, if not the strongest in the industry. And when I say contracts you know what I'm talking about, not only lease bumps, which we quantified. But certainly the qualitative things like redevelopment rights, like lack of sales, kick-outs, like lack of co-tenancy.

現在我要補充一點，弗洛里斯，我一直吹捧說，我認為我們的合約即使不是業內最強的，也是最強的。當我說合約時，你知道我在說什麼，而不僅僅是我們量化的租賃波動。但肯定是一些定性的事情，例如重建權，例如缺乏銷售、踢出，例如缺乏共同租賃。

All of that, I think our contracts are stronger today than they were a few years ago, even in a few years ago. And they were tested in the in the in the sector hearted are to prove it on better locations, gives us more leverage. That's where I think we are.

所有這些，我認為我們今天的合約比幾年前更強大，甚至是幾年前。他們在該行業進行了測試，真心希望在更好的地點證明這一點，為我們提供更多的影響力。我認為這就是我們的處境。

Haendel St. Juste, Mizuho.

亨德爾‧聖朱斯特，瑞穗。

Hi there. This is [Ravi Vaidya] again in the line for Haendel. Hope you guys are doing well. I just had a quick follow-up to the guide here. Why maintain the 70 to 90 bps of bad debt at this point. And the portfolio seems to have minimal credit issues. What's on your watch list right now for the back half of the year?

你好呀。這是[Ravi Vaidya] 再次排隊等候Haendel。希望你們一切順利。我剛剛對這裡的指南進行了快速跟進。為什麼此時要維持 70 至 90 個基點的壞帳。而且該投資組合的信用問題似乎很少。今年下半年的觀察名單上有哪些？

I think [70 to 90 bps] is still operative. I mean, I think we were at the lower end of that range in the first half of the year. The way we look at it, and I think that it's prudent to keep that same leverage. I'm hoping we'll end up towards the bottom end. And certainly, if we can end up towards that, obviously, that enhances our ability to outperform and get towards the upper end of our range of guidance.

我認為 [70 至 90 bps] 仍然有效。我的意思是，我認為今年上半年我們處於該範圍的下限。從我們的角度來看，我認為保持同樣的槓桿作用是明智的。我希望我們最終能到達底部。當然，如果我們能夠最終實現這一目標，顯然，這會增強我們超越市場並達到指導範圍上限的能力。

But I'm fine, given where we were. I think the first half of the year, we ended up kind of at the lower end of that range. And I don't think it's a -- we don't see a reason at this point to change that out.

但考慮到我們所處的位置，我很好。我認為今年上半年，我們最終處於該範圍的下限。我不認為這是——我們目前沒有看到改變這一點的理由。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Hey, Dan, you mentioned earlier you're doing a better job of controlling TI dollars. What does that process look like and what are those conversations? How do those go?

嘿，丹，您之前提到您在控制 TI 資金方面做得更好。這個過程是什麼樣的？那些怎麼樣？

I guess I will start with the anchors. Many of these anchors we have long-standing relationships with and they're eager to figure out how to make more deal. So it's not it -- we're getting into the details of the space and really digging deep and they're getting creative on how they'll take that space so -- and what condition that space needs to be in.

我想我會從錨點開始。我們與其中許多主播有著長期的合作關係，他們渴望找出如何達成更多交易的方法。所以不是這樣的——我們正在深入了解這個空間的細節，真正深入挖掘，他們正在發揮創意，思考如何利用這個空間——以及這個空間需要處於什麼條件。

So that speaks to the demand and the quality of the real estate. On the smaller shops, we have probably the more stability to influence that conversation. So yes, we are using that to the maximum. And we also want to understand how much capital they are putting in place as well. So many discussions and having some good progress.

這說明了房地產的需求和品質。在較小的商店中，我們可能更有穩定性來影響這種對話。所以是的，我們正在最大限度地利用它。我們也想了解他們投入了多少資本。進行瞭如此多的討論並取得了一些良好的進展。

Linda, just to make that really clear, I think the biggest thing there is the -- what a tenant and what we as a landlord are willing to do to be able to get that tenant in this space and operating, whether that means paying onto an HVAC unit at that you would have wanted replaced ideally.

琳達，為了澄清這一點，我認為最重要的是——租戶和我們作為房東願意做什麼，才能讓租戶進入這個空間並運營，無論這是否意味著付款理想情況下您希望更換的暖通空調裝置。

No, let's give that five years and see how that goes, whether it looks at -- whether it worked on a storefront that a tenant particularly wants that we'll put a limit on it. So they'll pick up the incremental cost of a particular store front again, things like that. What it is, it is a willingness to work together because of the heavy supply demand where we are in demand supply of this space to accept space differently than they were before.

不，讓我們給五年時間，看看情況如何，是否會在租戶特別希望我們對其施加限制的店面上發揮作用。因此，他們將再次承擔特定店面的增量成本，諸如此類。它是什麼，是一種願意合作的意願，因為供應需求旺盛，我們需要這個空間的供應，以不同於以前的方式接受空間。

Paulina Rojas, Green Street.

寶琳娜·羅哈斯，格林街。

Good evening. The retail environment is clearly very solid. So what do you think this environment will translate in terms of market rent growth in your markets for the next 12 to 14 months? It seems to me that investors are generally very hesitant to forecast market rent growth above, let's say, 3%, 4%. And I wonder if you agree or disagree with this view?

晚安.零售環境顯然非常穩固。那麼，您認為這種環境對您所在市場未來 12 至 14 個月的市場租金成長有何影響？在我看來，投資人普遍對預測市場租金成長是否高於 3%、4% 感到非常猶豫。不知您同意還是不同意這個觀點？

What I would say first, Paulina, about that is take it back to the tenant. That tenant is pushing through -- doing two things in order to be profitable in their business. One is they're trying to push through the inflationary costs that are, obviously, 35% higher than they were pre-COVID. So they're trying to push that through.

寶琳娜，我首先要說的是，把它還給房客。該租戶正在努力完成兩件事，以便在業務中獲利。一是他們正在努力克服通貨膨脹成本，通貨膨脹成本顯然比新冠疫情爆發前高出 35%。所以他們正在努力推動這項進程。

The more successful they are, the more willing they are to be able to pay more rent. I have an obvious thing there. What's a little less obvious is the work that they're doing on their margins to try to make their businesses more efficient. So that even to the extent they're unable to push all the cost increases through, they're trying to increase their profitability. That goes into what they're willing to do for space.

他們越成功，就越願意支付更多的租金。我那裡有一件明顯的事。不太明顯的是他們為了提高業務效率而在利潤方面所做的工作。因此，即使他們無法推動所有成本增加，他們也在努力提高獲利能力。這涉及到他們願意為太空做些什麼。

So if you take a tenant that is having success with the consumer and you take a lack of choices that tenant has as to where they're able to move, that's where you can get some pretty good-sized rent increases. Importantly, in that absolutely is the contractual bump and I know you hear us say it every single day, but we have to say it every single day because it's an important part of the economics.

因此，如果你選擇了一個在消費者中取得成功的租戶，而你的租戶對於搬到哪裡缺乏選擇，那麼你就可以在哪裡獲得相當大的租金上漲。重要的是，這絕對是合約衝突，我知道你每天都會聽到我們這麼說，但我們必須每天都這麼說，因為它是經濟學的重要組成部分。

So I don't know that I have a percentage for you. When you see us able to move overall tenant increases to 10% from the new stuff versus the last year of what was in there, on top of those bumps, let me tell you, that's really strong. That's worth 23% with a -- on a straight line basis. So I don't see that changing over the next 12 to 14 months. And that's where I think you should expect us.

所以我不知道我有給你一個百分比。當您看到我們能夠將新設備的整體租戶增幅與去年相比增加 10% 時，除了這些增長之外，讓我告訴您，這真的很強勁。以直線計算，這相當於 23%。所以我認為這種情況在未來 12 到 14 個月內不會改變。我認為這就是您應該期待我們的地方。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

Good evening, everyone. Congrats on the great quarter and the outlook. Don, curious -- and I'm not sure if this is a fair question, but curious what your thoughts are on this news out there of Blackstone potentially buying ROIC and specifically just what you think the implications are for the broader shopping center group and maybe FRC in particular, if any?

各位晚上好。恭喜這個偉大的季度和前景。唐，很好奇——我不確定這是否是一個公平的問題，但很好奇您對 Blackstone 可能收購 ROIC 的消息有何看法，特別是您認為這對更廣泛的購物中心集團和也許尤其是FRC（如果有的話）？

No, of course, Tayo, it's a very fair question. What you're going to hear is an opinion because I have no inside knowledge of it. But when you sit and you think about looking forward at the demand for retail space over the next five years, I think you should feel pretty good about that.

不，當然，Tayo，這是一個非常公平的問題。你將聽到的是一個意見，因為我對此一無所知。但當你坐下來思考未來五年對零售空間的需求時，我認為你應該對此感到非常滿意。

I think Blackstone feels pretty good about that or there wouldn't be negotiations that way. I think that is all about not only the supply demand characteristics that we've all been talking about here, but also the valuations and the choices in other sectors, which are not as robust as maybe they were over the last couple of years.

我認為黑石對此感覺很好，否則就不會進行這樣的談判。我認為這不僅與我們在這裡討論的供需特徵有關，還與其他行業的估值和選擇有關，這些行業可能不像過去幾年那樣強勁。

So when you put all that together, it doesn't surprise me. You know that here are whatever we've got, 17 companies in the shopping center index or something like that, many of them are smaller companies. I think you should always expect that to -- companies like that to be under pressure of sale. Now whether those deals happen or not, we'll have to see. But I've never thought of Blackstone as being a company that really stressed. So I suspect -- they see a lot of value there.

所以當你把所有這些放在一起時，我並不感到驚訝。你知道，這就是我們所擁有的，購物中心指數中的 17 家公司或類似的公司，其中許多是較小的公司。我認為你應該始終預期這樣的公司會面臨銷售壓力。現在這些交易是否會發生，我們必須拭目以待。但我從來不認為黑石是一家真正有壓力的公司。所以我懷疑——他們在那裡看到了很多價值。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，豐業銀行。

Hey, thanks for taking another question. Dan, just I apologize if you addressed this the opening remarks, just can't remember, but what's the expectation on bad debt embedded in same-store. Has that changed at all?

嘿，謝謝您提出另一個問題。丹，如果你在開場白中談到這個問題，我只是抱歉，只是不記得了，但是對同店壞賬的期望是什麼。這有什麼改變嗎？

That's still the same 70 to 90 basis points we had originally, and that's kind of outlined in our guidance on it in the prepared remarks, and I think we're shifting it around. We ended up the first half of the year in the lower end of that range. Hopefully, we can remain in that lower end of that range, and that's reflected in the same-store outlook.

這仍然是我們最初的 70 到 90 個基點，這在我們準備好的評論中的指導中有所概述，我認為我們正在改變它。今年上半年我們的業績處於該範圍的下限。希望我們能夠保持在該範圍的下限，這反映在同店前景中。

And this will conclude our question-and-answer session. I would like to turn the conference back over to Brenda Pomar for any closing remarks.

我們的問答環節到此結束。我想將會議轉回布倫達·波馬爾（Brenda Pomar）發表閉幕詞。

We look forward to seeing many of you in the next few 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。

The conference is now concluded. Thank you for attending today's presentation. And you may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。此時您可以斷開線路。