Federal Realty Investment Trust (FRT) 2024 Q3 法說會逐字稿

Good day, and welcome to the Federal Realty Investment Trust third-quarter of 2024 earnings call. (Operator Instructions). Also, please be aware that today's call is being recorded.

美好的一天，歡迎參加聯邦房地產投資信託基金 2024 年第三季財報電話會議。（操作員說明）。另請注意，今天的通話正在錄音。

I would now like to turn the call over to Leah Brady. Please go ahead.

我現在想把電話轉給利亞·布雷迪。請繼續。

Good afternoon. Thank you for joining us today for Federal Realty's third 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 Gee, 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.

午安.感謝您今天加入我們聯邦房地產 2024 年第三季財報電話會議。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 Gee，執行副總裁、財務長兼財務長； Jan Sweetnam，執行副總裁兼首席投資長；溫蒂‧塞赫 (Wendy Seher)，執行副總裁兼東部地區總裁；以及我們執行團隊的其他成員，他們可以在我們準備好的演講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訊息，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中反映的預期是基於合理的假設，但聯邦地產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，我們不能保證這些預期能夠實現。得以實現。

The earnings release and supplemental reporting packets that we issued tonight, 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 do kindly ask that you limit yourself to one question during the Q&A portion of our call. If you have additional questions, please requeue.

我們今晚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以及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。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 third quarter results. Don?

接下來，我將把電話轉給唐伍德，開始我們對第三季業績的討論。大學教師？

Thank you, Leah, and good afternoon, everyone. Look, it's a really solid quarter for us, with a continuation of incredibly productive leasing, some strong occupancy gains, and an all-time record quarterly FFO per share at $1.71. The leasing productivity continues to outpace even our own elevated goals, with 126 leases for comparable space this quarter, totaling 581,000 square feet, and makes 11 of the past 15 quarters since the beginning of 2021 with comparable leasing productivity above a half a million square feet.

謝謝你，利亞，大家下午好。看，這對我們來說是一個非常穩定的季度，租賃效率令人難以置信，入住率成長強勁，每股季度 FFO 創歷史新高，達到 1.71 美元。租賃生產力繼續超過我們自己設定的較高目標，本季有126 個可比空間的租賃，總計581,000 平方英尺，並且自2021 年初以來的過去15 個季度中有11 個季度的可比租賃生產力超過50 萬平方英尺。

As a frame of reference, the 15 quarters immediately preceding the last 15 averaged 413,000 square feet. There's no better indicator of demand for your product than that, somewhere between 25% and 35% more volume consistently over nearly four years.

作為參考，前 15 個季度之前的 15 個季度的平均面積為 413,000 平方英尺。沒有比這更好的產品需求指標了，近四年來銷售量持續增加 25% 到 35%。

This quarter's comparable leases were written on average at $35 a foot in the first year of the new lease, 14% better than the rent paid in the last year of the old lease. And by the way, those numbers include 98% of our deals, so they are truly representative of the entire company's results. But what makes them 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 to 10 years, and that there's still room to increase the new rent to start the next five to 10 years near cycle.

本季新租約第一年的可比租約平均租金為每英尺 35 美元，比舊租約最後一年支付的租金高出 14%。順便說一句，這些數字涵蓋了我們 98% 的交易，因此它們真正代表了整個公司的表現。但讓他們印象特別深刻的是，在過去的 5 到 10 年裡，許多之前的租約的租金可能增長了 3% 左右，而且在未來 5 年裡，新的租金仍有增加的空間。週期。

It's actually 26% more on a straight-line basis because of those very important contractual bumps. We're also demonstrating a strong commitment to efficiently managing tenant leasing capital with net effective straight-line rollover after capital of 16%. And again, that's on all leases company-wide, not a non-representative subset.

由於這些非常重要的合約衝突，按直線計算實際上增加了 26%。我們也展現了對有效管理租戶租賃資本的堅定承諾，資本後的淨有效直線展期為 16%。再說一次，這是針對全公司範圍內的所有租賃，而不是非代表性的子集。

The weighted average contractual bumps inherent in all the leases done this quarter, small shop and anchors combined, was 2.4%, even better than the weighted average contractual bumps in place in our entire portfolio of 2.25%. Very likely the best portfolio-wide bumps of any large shopping center company and by a considerable margin.

本季完成的所有租賃（包括小店和主力租賃）固有的加權平均合約增幅為 2.4%，甚至高於我們整個投資組合中 2.25% 的加權平均合約增幅。很可能是所有大型購物中心公司中最好的投資組合範圍的提升，而且幅度相當大。

Of course, all that leasing had better translate to higher occupancy, and as you would expect, that continues to be the case. We ended the third quarter with a portfolio 95.9% leased and 94% occupied, up 60 and 90 basis points from the end of last quarter. And we still have room to grow on both the anchor and incredibly the small shop side where we ended up the quarter at 93.1% lease.

當然，所有租賃最好轉化為更高的入住率，正如您所期望的那樣，情況仍然如此。第三季末，我們的投資組合出租率為 95.9%，佔用率為 94%，比上季末分別上升 60 和 90 個基點。我們在主力店和令人難以置信的小商店方面仍然有成長空間，本季我們的租賃率為 93.1%。

When we look toward the future, the open-air retail market remains supply constrained, and from what we're seeing, our consumer continues to spend. I don't know how many of you saw the October 11th Bloomberg article entitled, US Consumer Spending is Increasingly Driven by Richer Households, but it's worth a read.

展望未來，露天零售市場的供應仍然有限，從我們所看到的情況來看，我們的消費者仍在繼續消費。我不知道你們中有多少人看過 10 月 11 日彭博社的文章，題為“美國消費者支出日益受到富裕家庭的推動”，但它值得一讀。

The article chronicles the findings of a Fed study that has found an increasingly divergent spending pattern between the affluent customer, the ones who frequent Federal Realty shopping centers, and the less affluent. There was nothing at all surprising in the findings from our perspective, as it's been the thesis of our business plan for decades, but it's particularly relevant as inevitable cracks begin to show in consumer spending patterns.

這篇文章記錄了聯準會的一項研究結果，該研究發現富裕客戶、經常光顧聯邦房地產購物中心的客戶和不太富裕的客戶之間的支出模式日益分化。從我們的角度來看，這些發現一點也不令人驚訝，因為這是我們幾十年來商業計劃的主題，但隨著消費者支出模式開始出現不可避免的裂縫，這一點尤其重要。

One of my favorite lines from that article goes like this, higher income households are enjoying a wealth effect from gains in housing and stock markets, and also receive more interest and investment income during periods of higher interest rates, all providing a stimulus for a sustained level of spending.

那篇文章中我最喜歡的一句話是這樣的，高收入家庭正在享受住房和股票市場收益帶來的財富效應，並且在利率較高的時期獲得更多的利息和投資收入，所有這些都刺激了經濟的持續發展。

Whatever happens with regard to consumer spending over there, out there over the next year or two, it's reasonable to think that Federal will compare favorably. Separately, but also worth noting, is that our apartment business is particularly strong. About 3,000 units concentrated at the big mixed-use properties and Darien.

無論未來一兩年那裡的消費者支出發生什麼，我們有理由認為聯邦銀行將處於有利地位。另外值得注意的是，我們的公寓業務特別強勁。約 3,000 個單位集中在大型綜合用途物業和達里恩 (Darien)。

Year-to-date, our residential operating income on our stabilized resi properties is up 5.5% versus last year, 8.2% when including the new Darien Connecticut product. The Darien project, by the way, is impressive, with apartments fully leased, with a waiting list to get in, and unusually high initial retention rates, with retailers and restaurants that continue to open. For those of you that live up in that neck of the woods, check out the work we've done with that very successful development.

今年迄今為止，我們穩定的 Resi 房產的住宅營業收入比去年增長了 5.5%，如果包括新的 Darien Connecticut 產品，則增長 8.2%。順便說一句，達里恩專案令人印象深刻，公寓已全部出租，等待入住的名單不斷增加，初始保留率異常高，零售商和餐廳繼續營業。對於那些住在那片樹林裡的人，請查看我們在這項非常成功的發展中所做的工作。

Transaction activity during the quarter was limited to the previously disclosed $60 million acquisition of Pinole Vista Crossing in Pinole, California, although after the quarter in October, we're deep into negotiations for a couple of other market-dominant shopping centers. Due diligence is underway, and assuming all goes as expected, we hope to close on one or both of those over the next few months. Stay tuned.

本季的交易活動僅限於先前披露的以 6,000 萬美元收購加州皮諾爾市 Pinole Vista Crossing 的交易，儘管在 10 月的季度之後，我們正在就其他幾個市場主導的購物中心進行深入談判。盡職調查正在進行中，假設一切按預期進行，我們希望在未來幾個月內完成其中一項或兩項工作。敬請關注。

Also, I know a number of you were able to see Virginia Gateway, the 665,000-square-foot regional retail hub on 110 acres in Gainesville, Virginia, on one of the several tours over the past several weeks. But for those who haven't, just a couple of data points. First of all, it's looking like our acquisition timing was excellent, as our going-in cap rate of seven and a quarter likely couldn't be duplicated today for such a dominant asset. It would probably trade 50 basis points to 75 basis points inside of that.

另外，我知道你們中的許多人在過去幾週的幾次旅行中都參觀了 Virginia Gateway，這是位於弗吉尼亞州蓋恩斯維爾 110 英畝、佔地 665,000 平方英尺的區域零售中心。但對於那些還沒有的人來說，只有幾個數據點。首先，看起來我們的收購時機非常好，因為對於這樣一項主導的資產，我們今天的七又四分之一的資本化率可能無法複製。其間可能會上漲 50 至 75 個基點。

And secondly, it looks like our leasing underwriting assumptions were too conservative and are following in the same vein as our earlier acquisitions. For example, we've done 22 deals at Kingstown Shopping Center in Alexandria, Virginia, since our 2022 acquisition, at an average 25% higher rent than projected.

其次，我們的租賃承保假設似乎過於保守，而且與我們先前的收購相同。例如，自 2022 年收購以來，我們已在弗吉尼亞州亞歷山大的 Kingstown 購物中心完成了 22 筆交易，租金平均比預期高出 25%。

Similarly, at Pembroke Gardens in Florida, we've also done 22 deals since our 2022 acquisition, at an average of 16% higher rent than projected. And while it's only been a few months, Virginia Gateway seems to be trending the same way. We believe this pricing power reflects not only a supply-constrained market, but also our reputation with retailers who want to be in our properties because they know we'll make them better places for their businesses to be successful. In any event, these assets will likely generate cash-on-cash returns and IRRs materially greater than approved by our investment committee at the time the deals were done.

同樣，自 2022 年收購以來，我們在佛羅裡達州的彭布羅克花園 (Pembroke Gardens) 也完成了 22 筆交易，租金平均比預期高出 16%。儘管才過去幾個月，Virginia Gateway 似乎也呈現出同樣的趨勢。我們相信，這種定價能力不僅反映了供應受限的市場，也反映了我們在那些希望進入我們物業的零售商中的聲譽，因為他們知道我們將為他們的業務提供更好的成功場所。無論如何，這些資產可能產生的現金回報和內部收益率遠高於交易完成時我們投資委員會批准的水平。

In other news, productive activity toward lease-up at Santana West and 915 Meeting Street at Pike and Rose continues, with those buildings expected to be 70% and 90% leased respectively by year-end. And construction is well underway, and so far, on time and on budget, at Ballet-Kenwood Shopping Center on our 217-unit residential over retail development that we expect to yield 7% once completed and fully leased up.

在其他消息方面，Santana West 和 Pike 和 Rose 的 915 Meeting Street 的高效租賃活動仍在繼續，預計到年底這些建築的出租率將分別達到 70% 和 90%。Ballet-Kenwood 購物中心的零售開發案共有 217 套住宅，目前施工進展順利，到目前為止，已按時、按預算進行，預計一旦完工並全部出租，收益率將達到 7%。

Also, we're continuing to make progress on some of the residential development opportunities we have at our existing assets through the combination of selective value engineering, more aggressive construction pricing, and higher forecasted rent growth. This company-wide effort to add apartment product to our best shopping centers is an important arrow in our quiver for sustained growth in the years to come. Stay tuned.

此外，我們將透過選擇性價值工程、更積極的建築定價和更高的租金成長預測相結合，繼續在現有資產的一些住宅開發機會上取得進展。全公司範圍內為我們最好的購物中心添加公寓產品的努力是我們未來幾年持續增長的重要箭矢。敬請關注。

Okay. Well, that's all I wanted to cover in prepared remarks this afternoon, and so I'll turn it over to Dan to provide more granularity before opening it up to your questions and go Yankees tonight.

好的。好吧，這就是我今天下午準備好的演講中想要涵蓋的全部內容，所以我將把它交給丹，以提供更多的細節，然後再向你們提出問題，今晚去洋基隊。

Thank you, Don, and good afternoon, everyone.

謝謝你，唐，大家下午好。

Our reported FFO per share of $1.71 for 3Q came in just above the midpoint of our quarterly guidance range of $1.66 to $1.75. The fact that it is our highest quarter of FFO per share ever provides further evidence of the strength in our underlying operating fundamentals across our portfolio. Primary drivers for the strong performance include stronger occupancy, driving rental income higher and lower G&A costs, which was offset by lower term fees than we forecast and higher property level expenses.

我們報告的第三季度 FFO 為每股 1.71 美元，略高於我們季度指導範圍 1.66 至 1.75 美元的中點。事實上，這是我們有史以來每股 FFO 最高的季度，這一事實進一步證明了我們整個投資組合的基本營運基本面的實力。業績強勁的主要驅動因素包括入住率增加、租金收入增加和一般管理費用降低，但這些因素被低於我們預測的期限費用和較高的物業水平費用所抵消。

Comparable growth excluding the impact of COVID-era prior period rent and term fees was 2.9%. That is a GAAP number. On a cash basis, it is 3.4%. Both numbers are essentially in line with our expectations for the period. Comparable minimum rents were up 3.3% on a GAAP basis and 3.8% on a cash basis. Solid results driven by continued leasing demand and surging occupancy. Let me jump now to the balance sheet and an update on our capital position.

排除新冠疫情時期前期租金和學期費用的影響，可比成長率為 2.9%。這是一個 GAAP 數字。以現金計算，該比例為 3.4%。這兩個數字基本上符合我們對該時期的預期。以 GAAP 計算，可比最低租金上漲 3.3%，以現金計算，上漲 3.8%。持續的租賃需求和入住率飆升推動了穩健的業績。現在讓我跳到資產負債表和我們資本狀況的最新情況。

We stand with over $1.4 billion of available liquidity from our undrawn $1.25 billion credit facility, forward equity raised and net cash on hand. This liquidity stands against redevelopment and expansion spend remaining of only $180 million on our significant roughly $850 million in process redevelopment and expansion pipeline.

我們擁有超過 14 億美元的可用流動資金，來自未提取的 12.5 億美元信貸額度、籌集的遠期股本和手頭淨現金。在我們約 8.5 億美元的流程再開發和擴展管道中，僅剩 1.8 億美元的再開發和擴展支出僅剩 1.8 億美元。

We were active through the ATM program during the quarter, issuing over $145 million of common stock at a blended price of $113.27. These proceeds were utilized to partially fund the $287 million of investments year-to-date. In addition, we sold an incremental $82 million on a forward basis to $1.16 a share roughly and we stand well positioned to fund a future acquisition pipeline which looks very promising.

本季我們積極透過 ATM 計劃，以 113.27 美元的混合價格發行了超過 1.45 億美元的普通股。這些收益用於為今年迄今 2.87 億美元的投資提供部分資金。此外，我們還以每股 1.16 美元的價格遠期增發了 8,200 萬美元，我們處於有利地位，可以為未來的收購管道提供資金，這看起來非常有前途。

As a result, our leverage metrics continue to improve. Third quarter annualized net debt to EBITDA on a consolidated basis pro forma for the forward equity raised is 5.5 times. Essentially at the upper end of our mid 5 times level targeted level, several quarters earlier than we originally forecast.

因此，我們的槓桿指標持續改善。第三季合併後的遠期股本預計年化淨負債與 EBITDA 比率為 5.5 倍。基本上處於我們 5 倍中期目標水準的上限，比我們最初預測的要早幾季。

Fixed charge coverage increased to 3.7 times for the quarter and that metric should continue to climb given the strong momentum in rental income and occupancy growth. These metrics combined with our significant liquidity leaves us with substantial dry powder to drive growth through external investment for acquisitions and/or new development and expansion projects.

本季固定費用覆蓋率增至 3.7 倍，鑑於租金收入和入住率成長的強勁勢頭，該指標應會繼續攀升。這些指標與我們龐大的流動性相結合，為我們提供了大量的乾粉，可以透過收購和/或新開發和擴張項目的外部投資來推動成長。

Now let's head to guidance. With three quarters of the year behind us and tenant demand continuing at a stronger pace than expected, we are raising our 2024 FFO guidance at the midpoint to $6.81 with the range tightened and refined upwards to $6.76 to $6.86. This revision implies FFO per share growth for 2024 of 4% at the midpoint.

現在讓我們轉向指導。今年已經過去了三個季度，租戶需求繼續以強於預期的速度增長，我們將 2024 年 FFO 指導中位數上調至 6.81 美元，範圍收緊並上調至 6.76 至 6.86 美元。這項修正意味著 2024 年 FFO 每股成長率中點為 4%。

It also assumes FFO per share for the fourth quarter of $1.77 with a range of $1.72 to $1.82 per share. Comparable growth for the fourth quarter should be roughly 4%. This upward revision and guidance is driven by stronger underlying rent growth than forecast as occupancy metrics have outperformed our expectations. With respect to other assumptions, we've revised our outlook for term fees to $4 million to $5 million down from $4 million to $6 million.

它還假設第四季度的每股 FFO 為 1.77 美元，範圍為每股 1.72 美元至 1.82 美元。第四季的可比較成長率應約為 4%。這項向上修正和指導是由於入住率指標超出了我們的預期，導致潛在租金成長強於預期。關於其他假設，我們將學期費用的預期從 400 萬美元至 600 萬美元下調至 400 萬美元至 500 萬美元。

While leasing progress continues both at 1 Santana West and 915 Meeting Street, none of this incremental activity is expected to impact our forecast for the balance of 2024. We will see that impact in 2025 and 2026 and more color to come on that outlook overall in February when we introduce formal guidance for 2025. Our capitalized interest expense forecast for 2024 has been refined to $19 million to $21 million up from $18 million to $21 million.

雖然 1 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 年剩餘時間的預測。我們將在 2025 年和 2026 年看到這種影響，並在 2 月引入 2025 年正式指導時，整體前景將呈現更多色彩。我們對 2024 年資本化利息支出的預測已從 1,800 萬美元至 2,100 萬美元細化至 1,900 萬美元至 2,100 萬美元。

And we are maintaining our expected credit reserve for the year at 70 basis points to 90 basis points. Year-to-date through the third quarter, we are at roughly 80 basis points. All other guidance assumptions are outlined on page 27 in our 8-K.

我們將今年的預期信貸準備金維持在 70 至 90 個基點。今年迄今到第三季度，我們的利率約為 80 個基點。所有其他指導假設均在我們的 8-K 第 27 頁中概述。

Now, before we go to Q&A, let me provide some preliminary color for our 2025 outlook. First, prior period rents from COVID-era deferral agreements will wind down to essentially zero in 2025 from $3 million in 2024. Second, as tenants are reluctant to give back space in the current environment, term fees should be light for a second consecutive year, essentially flat to 2024.

現在，在我們進行問答之前，讓我為我們的 2025 年展望提供一些初步的資訊。首先，新冠疫情時期延期協議的前期租金將從 2024 年的 300 萬美元降至 2025 年基本為零。其次，由於租戶不願意在當前環境下退還空間，租期費用應該連續第二年較低，到 2024 年基本上持平。

Capitalized interest will fall to the mid-teens as we place more of our significant $850 million development pipeline into service over the year. And we expect our credit reserve to be more normalized for 2025, given the expectation of a moderating economy. Use our historical average of roughly 100 basis points as a placeholder for now.

隨著我們在今年將 8.5 億美元的重要開發項目中的更多投入使用，資本化利息將降至 15%左右。鑑於經濟放緩的預期，我們預計 2025 年我們的信貸儲備將更加正常化。目前使用我們大約 100 個基點的歷史平均值作為佔位符。

Although currently, we do not see any significant near-term risks in the watch list as of today. On the positive side of the ledger, as outlined previously in our remarks, occupancy growth should continue upwards, likely towards 95% over the course of the year.

儘管目前，我們在觀察名單中沒有看到任何重大的近期風險。從積極的一面來看，正如我們之前在評論中所述，入住率成長應該會繼續上升，全年可能達到 95%。

Additionally, rent growth from sector-leading contractual bumps and strength in rollover should continue, as well as upside from recent acquisitions and contributions from the delivery of space in the redevelopment pipeline. All of these will more than offset any headwinds and fuel continued momentum in our bottom line FFO per share growth into 2025.

此外，業界領先的合約上漲和展期實力帶來的租金成長應該會繼續，最近的收購和重建管道中空間交付的貢獻也將帶來上漲。所有這些都將足以抵消任何不利因素，並推動我們的 FFO 每股獲利成長動能持續到 2025 年。

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

接線員，您可以撥打電話提問。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員說明）

Andrew Reale, Bank of America.

安德魯·雷亞爾，美國銀行。

Occupancy and lease rate both took a nice jump sequentially, both on the anchor and shop side. Could you just speak to the drivers of that velocity? Any particular tenant categories standing out, commencement happening quicker than expected? Anything else that surprised you to the upside?

無論是主力店還是商店，入住率和租賃率都連續大幅躍升。您能跟那個速度的驅動者談談嗎？是否有任何特定的租戶類別脫穎而出，開工速度比預期更快？還有什麼讓您感到驚訝的好處嗎？

Yes, Andrew, let me start. And Wendy, who's in a different office, I want her to add to this to the extent there's something to say. It's a really good time to be in this business. And that comes from a number of things. Obviously, the demand is there. And in many cases, it's more than one or two or three tenants looking for a space.

是的，安德魯，讓我開始。溫蒂在另一個辦公室，我希望她補充一下，以便有話要說。現在確實是從事這個行業的好時機。這來自很多方面。顯然，需求是存在的。在許多情況下，尋找空間的不僅僅是一兩個或三個租戶。

So that there is the ability to push that rent. And importantly, not only the rent, but the other terms in the lease. And what among those things is the things that control, the things that we can control and the tenant can control with respect to getting that space open.

這樣就有能力推高租金。重要的是，不僅是租金，還有租約中的其他條款。在這些事情中，哪些事情是可以控制的，哪些是我們可以控制的，哪些是租戶可以控制的，以開放空間。

We have been able to improve the time it takes between the signing of a lease and the day rent starts pretty significantly throughout 2024, which I expect to be able to continue. It's a shortened process that is very helpful.

在整個 2024 年，我們已經能夠大幅縮短簽訂租約和開始日租之間的時間，我希望這種情況能持續下去。這是一個非常有幫助的縮短過程。

But in addition to that, from a category perspective, there's no doubt in our minds that whether you're talking about a grocery-anchored shopping center that's well located, a mixed-use property that's well located, a larger regional shopping center with some boxes that position the proper space, there's a very broad coalition of demand. And that's what you're seeing in the returns.

但除此之外，從類別的角度來看，毫無疑問，無論您是在談論位置優越的以雜貨為主的購物中心，還是位置優越的綜合用途購物中心，還是擁有一些設施的大型區域購物中心，放置適當空間的盒子，有非常廣泛的需求聯盟。這就是您在回報中看到的。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

And definitely, let's go Yankees. You made a comment about acquisitions having a couple of opportunities at the end of the year here. Could you just talk to what kind of assets they are, quantum of dollars we're talking about, and if you've already seen some cap rate expansion or contraction, I should say, in some of those opportunities relative to where we were in the summer?

當然，我們就去洋基隊吧。您對今年年底有一些收購機會發表了評論。您能否談談它們是什麼類型的資產，我們正在談論的美元數量，以及如果您已經看到了一些上限利率的擴張或收縮，我應該說，在相對於我們所處的位置的一些機會中夏天？

Juan, I will say a couple of things about it, but I don't want to say too much about it because I want the deals done, if you know what I mean. So first of all, we do tend to look for bigger assets, as you know. So in the ones I'm referring to, they are larger assets in excess of $100 million a piece, for example.

胡安，我會就此說幾句話，但我不想說太多，因為我希望達成交易，如果你明白我的意思的話。因此，首先，如您所知，我們確實傾向於尋找更大的資產。因此，在我所指的資產中，它們是指每件超過 1 億美元的較大資產。

So there are things that move the needle for us. There is a little window now. It's an interesting time where we are seeing some good product that is out there and being talked about a little bit that hopefully we can come down and make the deals on.

所以有些事情對我們來說是有推動作用的。現在有一個小窗戶。這是一個有趣的時刻，我們看到了一些好的產品，並進行了一些討論，希望我們能夠下來並達成交易。

There's the stuff we like, some of it in the mid-sixes, some of it 7%, 7% or so in that type of range with the growth, most importantly, that we require. I do think that's inside a little bit of where it was early or in the year, but we need IRRs, man. We need IRRs that make sense relative to our cost of capital. And so when you can honestly look at it and be up in the eights and the upper eights, even 9%, those deals look very attractive to us.

有一些我們喜歡的東西，其中一些在 6 歲左右，有些在 7%、7% 左右，隨著成長，最重要的是，我們需要這種增長。我確實認為這與年初或今年的情況有些相似，但我們需要內部收益率，夥計。我們需要相對於我們的資本成本有意義的內部報酬率。因此，當你誠實地看待它並處於前八名和前八名，甚至是 9% 時，這些交易對我們來說看起來非常有吸引力。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

And Don, we'll look for you on TV at the game. Just getting to external investment, when we were down with you guys, I guess last month, you were talking about development and how, maybe you're coming to the time where you could restart at like a Pike and Rose or some of the other mixed use where those incremental developments would be highly accretive given the critical mass here that you've already done at the same time acquisitions provide current income, but you have to deal with the existing in-place leases and the amount of time it takes you to go through the property and get it to the way that you want. So how do you balance the two and how close do you think you are to announcing a new development versus in the near term focusing more on acquisitions?

唐，我們會在比賽的電視上尋找你。剛剛談到外部投資，當我們和你們在一起時，我想上個月，你們正在談論發展以及如何，也許你們即將到了可以像派克和羅斯或其他一些人那樣重新開始的時候混合用途，考慮到您已經完成的臨界質量，這些增量開發將高度增值，同時收購提供當前收入，但您必須處理現有的就地租賃和所需的時間瀏覽該房產並按照您想要的方式進行操作。那麼，您如何平衡兩者？

Thanks, Alex, for the question, especially for the way you've set it up, because what you're setting up is you're kind of validating for us the notion that having all of those arrows in the quiver, having the ability to develop, to redevelop, to buy at scale and with respect to intensifying the use of a shopping center, that those are critical skill sets that we have. And the development, the new buildings, if you will, the new stuff that we're looking at is likely to be largely skewed toward residential because adding apartments to a really high quality shopping center creates that notion of a mix of uses, not necessarily mixed use, because I think that's different, but a mix of uses, which allows you to get better rent generally in those apartments than in a more generic property type.

謝謝亞歷克斯提出這個問題，特別是你設定它的方式，因為你設定的是你在向我們驗證這樣一個概念：箭袋裡有所有這些箭頭，有能力開發、再開發、大規模購買以及加強購物中心的使用，這些都是我們擁有的關鍵技能。開發項目、新建築，如果你願意的話，我們正在關注的新東西可能很大程度上偏向於住宅，因為在真正高品質的購物中心中添加公寓會產生混合用途的概念，但不一定混合用途，因為我認為這是不同的，但混合用途，通常可以讓您在這些公寓中獲得比更通用的房產類型更好的租金。

So, and I think I said this in my remarks, the combination of construction costs, which are not generally rising in total any longer and in certain markets are coming down, mostly because of the profit margin that the subs are requiring, just good old-fashioned strong value engineering inherent in that, and an outlook for rents that look to be growing better than I would have thought a year ago or so on these are making these things closer.

所以，我想我在演講中說過，建築成本的組合，總體上不再上升，並且在某些市場上正在下降，主要是因為潛艇要求的利潤率，只是很好的舊的-其中固有的時尚強大的價值工程，以及租金的前景看起來比我一年前想像的要好，這些都使這些事情變得更加接近。

Now, I'm not ready to announce the next development that we're going to do yet. You know we're underway on Ballot and the way that one's going is very, very encouraging. So, I would hope over the next quarter or two that we'll be able to add another one or two additional projects like that. That's a good piece. And look, whether it's a development, whether it's a redevelopment, whether it's an acquisition, whatever it is, it's competing for our capital. And the notion of that competition for capital is how you balance.

現在，我還沒有準備好宣布我們將要進行的下一步開發。你知道我們正在進行投票，而且進展的方式非常非常令人鼓舞。因此，我希望在接下來的一兩個季度，我們能夠再增加一兩個這樣的項目。這是一個好作品。你看，無論是開發、重建、收購，無論是什麼，它都在爭奪我們的資本。資本競爭的概念就是你如何平衡。

And that's frankly the judgment that you're paying for when you're investing in us to be able to know from a risk-adjusted basis what, where that capital should be deployed. The fact that we can deploy it in a number of different ways is a huge advantage in my view.

坦白說，這就是您在投資我們時所付出的判斷，以便能夠從風險調整的基礎上知道應該將資本部署在什麼地方。在我看來，我們可以透過多種不同的方式部署它，這是一個巨大的優勢。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Dan, the implied guidance range is pretty wide at $0.10. I think last year at this time it was more narrow at $0.08. So, is there just like a wider range of outcomes where we sit today versus maybe prior years as we head into the fourth quarter? Thanks.

Dan，隱含指導範圍相當寬，為 0.10 美元。我認為去年這個時候它的範圍更窄，為 0.08 美元。那麼，當我們進入第四季時，與往年相比，今天的結果是否會出現更廣泛的結果？謝謝。

Yes. I think we wrestled with that. I don't think there's anything to look into that. Look, there is probably a little bit of variability heading into the final quarter, but nothing more than that. I think we were at $0.18 kind of at the end of the second quarter. Narrowing it to $0.10 kind of felt, reasonably appropriate but things can happen in a quarter. And so we've left that, I think, a little wider, but there's nothing to read into there.

是的。我認為我們對此進行了鬥爭。我認為沒有什麼值得研究的。看，進入最後一個季度可能會出現一些變化，但僅此而已。我認為第二季末我們的股價為 0.18 美元。將其縮小到 0.10 美元感覺相當合適，但事情可能會在一個季度內發生。所以我認為我們把這個範圍留得更寬一些，但沒有什麼可解讀的。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Dan, I know you mentioned there's nothing on the watchlist here. We should just assume that 100 basis points for next year. Is that just in the retail portfolio? Is there anything in the office portfolio that we've talked about, bluebird bio in the past? Anything specifically on them to worry about as we head into next year?

丹，我知道你提到這裡的監視清單上沒有任何內容。我們應該假設明年為 100 個基點。這只是在零售投資組合中嗎？我們過去討論過的辦公產品組合中有藍鳥生物嗎？當我們進入明年時，有什麼特別需要擔心的嗎？

Yes, look, they're on our, and when I say near term, near term is fourth quarter and into 2025. bluebird, for example, I think probably has enough runway. We've got enough of a security structure in place that should get us comfortable into 2026.

是的，看，他們在我們的，當我說近期時，近期是第四季度到 2025 年。我們已經建立了足夠的安全結構，應該可以讓我們安心地進入 2026 年。

Other than that, our credit quality, except for maybe one or two others, is really, really strong. Really, really high-quality household names. And so we feel really outside of bluebird Bio, very, very comfortable overall with the balance of the office portfolio.

除此之外，除了一兩個人之外，我們的信用品質真的非常非常好。真正非常高品質的家喻戶曉的名字。因此，我們感覺在藍鳥生物之外，整體上對辦公組合的平衡非常非常滿意。

And look, I don't think that there is probably Buy Buy Baby, which obviously, I think we were hoping to get more than one year out of that. We would expect that we'll get those stores back probably at some point over the next kind of few quarters but they don't pay a lot of rent. And we've already got backfills kind of teed up. So I think we're in a good spot.

看，我認為可能不會有“買買寶貝”，顯然，我認為我們希望從中獲得超過一年的時間。我們預計我們可能會在接下來的幾個季度的某個時候恢復這些商店，但他們不會支付很多租金。我們已經做好了回填的準備。所以我認為我們處於一個很好的位置。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，豐業銀行。

The leasing has obviously gone very well. Occupancy up more than expected. I'm just trying to understand the maintain same-store NOI guidance, though, and whether there's any offsetting factors we should be considering.

租賃顯然進行得非常順利。入住率超出預期。不過，我只是想了解維持同店 NOI 指導，以及我們是否應該考慮任何抵消因素。

Yes. I think that from -- we have a lot of, keep in mind with occupancy, it is a point in time. It's the last day of the quarter. It doesn't necessarily reflect the weighted average occupancy over the period. During the third quarter, a lot of our activity on move-ins and so forth happened candidly post-Labor Day. So the weighted average occupancy was not close, really, to 94%, which is where we ended up for rent pay. Just to highlight just for the quarter, look, we had and we expect this to be temporary, but we had some expenses that hit.

是的。我認為，我們有很多，記住入住率，這是一個時間點。這是本季的最後一天。它不一定反映該期間的加權平均入住率。在第三季度，我們的許多搬遷等活動都發生在勞動節之後。因此，加權平均入住率實際上並不接近 94%，而這正是我們最終支付租金的水平。只是為了強調本季度的情況，我們已經並且預計這只是暫時的，但我們有一些費用受到影響。

We are bringing online, but the expenses actually for the comparable piece, expenses were up and I think we want to make sure that these are kind of one-timers. And so I think we were probably a bit conservative on the same-store guide. We will have, I think, a pretty strong fourth quarter as a result of kind of, I think the pickup in occupancy, and we'll recognize in the fourth quarter that the benefit of being at 94%.

我們正在上線，但實際上同類產品的費用增加了，我認為我們希望確保這些都是一次性的。所以我認為我們對同店指南可能有點保守。我認為，由於入住率的上升，我們將在第四季度取得相當強勁的業績，我們將在第四季度認識到入住率達到 94% 的好處。

Steve Sakwa, Evercore ISI.

Steve Sakwa，Evercore ISI。

Don and Wendy, I was just wondering if you could talk a little bit about the pricing environment and how the conversations are going with retailers, both on the small shop side as well as on the big box. And given where your lease percentage sits, I'm just wondering how those conversations might be changing in your favor.

唐和溫迪，我只是想知道你們是否可以談談定價環境以及與零售商的對話進展情況，無論是在小商店方面還是在大商店方面。考慮到您的租賃百分比，我只是想知道這些對話可能會如何變化，對您有利。

Wendy, would you mind taking that?

溫迪，你介意接受這個嗎？

Sure. Steve, we continue to see, as everybody has suggested, that the demand is exceeding the supply, no question. I think, I always look at it as it relates to the health ratio and the amount of sales that a tenant could do and how we can drive that.

當然。史蒂夫，正如大家所建議的那樣，我們繼續看到需求超過供應，毫無疑問。我認為，我總是關注它，因為它與租戶的健康比率和銷售額以及我們如何推動這一目標有關。

So we're seeing some great advantages into that. For example, when you think about the restaurant category or the QSR category over our mixed-use properties, we have full-service restaurants doing over $900 a foot on average, $1,100 a foot on average in our QSRs.

所以我們看到了一些巨大的優勢。例如，當您考慮我們的多功能物業中的餐廳類別或 QSR 類別時，我們的全方位服務餐廳平均每英尺營業額超過 900 美元，在我們的 QSR 中平均每英尺營業額為 1,100 美元。

So there's room to grow some healthy rents there. On the rest of our properties, very strong as well, $900, over $900 a foot average on our QSRs and $600 in our full service. So we're having the ability to push that.

因此，那裡的租金還有上漲的空間。在我們的其他物業上，也非常強勁，900 美元，我們的 QSR 平均每英尺超過 900 美元，我們的全方位服務為 600 美元。所以我們有能力推動這個目標。

In addition to the economics and the kind of rent rollover that we're getting, where, as Don has mentioned, we've gotten greater bumps to our contractual, to our contract, which has been positive. And then also, just as importantly, we're able to, we always concentrate on what kind of controls and what's really in that loop.

除了我們所獲得的經濟和租金展期之外，正如唐所提到的，我們的合約、我們的合約也受到了更大的衝擊，這是積極的。然後，同樣重要的是，我們能夠始終專注於哪種控制以及該循環中的實際內容。

And I say that we're having even more success on limiting any controls that a retailer may have gotten in other deals that we no longer see viable for this particular location and limiting the restrictions that we have to live with sometimes for a longer period of time. So it's collectively been very positive.

我想說的是，我們在限制零售商在其他交易中可能獲得的任何控制方面取得了更大的成功，而我們認為這些控制權對於該特定地點不再可行，並且限制了我們有時必須忍受較長一段時間的限制。所以總的來說，這是非常積極的。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Don, I'm rooting with you for the Yanks, but things don't look great, by the way.

唐，我支持你支持洋基隊，但順便說一句，事情看起來不太好。

Thanks for the commentary, Floris.

感謝您的評論，弗洛里斯。

Yes. My question is on, you're essentially getting, I mean, you sold your forwards at $115 a share, or just over $115 a share, almost $116 a share, which is an excess of your NAV. So you're getting, you're essentially having a green light to grow externally.

是的。我的問題是，我的意思是，您基本上以每股 115 美元的價格出售遠期合約，或略高於每股 115 美元，幾乎每股 116 美元，這超出了您的資產淨值。所以你會發現，你基本上已經為外部生長開了綠燈。

How, you did, you indicate you've got, two larger deals in the works, and hopefully we'll get some updates over the next month, month or two on that. But are you thinking about stepping up your pace, or is it difficult finding acquisitions? Maybe you can talk a little bit about the environment out there, and then also about your ability to do OPU transactions.

你是如何做到的，你表明你已經有兩筆更大的交易正在進行中，希望我們能在下個月、一兩個月內得到一些更新。但您是否正在考慮加快步伐，還是很難找到收購對象？也許你可以談談外面的環境，然後談談你進行 OPU 交易的能力。

What is the appetite from sellers to do those kinds? Because they tend to, particularly where your stock is today, that could make it be more accretive for you as well.

賣家做這些事的興趣是什麼？因為他們傾向於，特別是你的股票現在的位置，這也可能會讓你的股票增值。

Thanks, Floris. I'm going to turn this over to Jan Sweetnam and to Jeff to talk about the acquisitions in a minute, but I am going to correct something. I don't accept the premise that we are above our NAV at the price that we issued.

謝謝，弗洛里斯。我將把這個問題轉交給 Jan Sweetnam 和 Jeff，讓他們稍後討論收購事宜，但我要糾正一些內容。我不接受這樣的前提：我們發行的價格高於我們的資產淨值。

I think we are, when we look at the price that we issued those shares, we like very much the trade for that versus what we did with that capital or are doing with that capital. And that is certainly accretive and makes all the sense in the world. But the basic notion that, this company is trading at NAV, I just disagree with. So let me just turn that over, then turn it over and answer your questions to Jan and to Jeff.

我認為，當我們看到我們發行這些股票的價格時，我們非常喜歡這種交易，而不是我們用這些資本所做的或正在用這些資本做的事情。這當然是增值的，而且在世界上都是有意義的。但我不同意這家公司以資產淨值進行交易的基本觀點。所以讓我把它翻過來，然後把它翻過來，回答你們向簡和傑夫提出的問題。

Thanks, Don. Hi, Flores. Jan speaking. Yes, the acquisition market feels like it's going to be picking up and our capital has done relatively well in the near term. And it feels like we're going to have an opportunity to get a few of these over the next several quarters as they start to roll out, starting with one or two that we've got in the pipeline right now that are both, they're larger, they're impactful. The bidding pool tends to be a little bit smaller at $100 million, $200 million acquisitions.

謝謝，唐。嗨，弗洛雷斯。簡講話。是的，收購市場感覺將會回暖，而且我們的資本在短期內表現相對較好。感覺我們將有機會在接下來的幾個季度中獲得其中一些，因為它們開始推出，從我們現在正在準備的一兩個開始，它們都是規模更大，影響力更大。競標池往往較小，為 1 億美元、2 億美元的收購。

And it feels like the acquisitions are going to be accretive from day one and still have pretty good growth prospects for us. So we view it as a good vehicle for us in the next several quarters and we'll kind of see how it plays itself out. We have the OP unit structure in place. We're not negotiating anyone right now, but we've certainly had sellers that are interested in tax protection. We'll probably see more of that in the future and we'll see if we can get one of those done or not.

感覺這些收購從第一天起就會產生增值，對我們來說仍然有相當好的成長前景。因此，我們認為它在接下來的幾個季度中對我們來說是一個很好的工具，我們將看看它的表現如何。我們已經建立了 OP 單元結構。我們現在沒有與任何人談判，但我們肯定有對稅收保護感興趣的賣家。將來我們可能會看到更多這樣的事情，我們會看看是否可以完成其中一項。

Yes, and hey, Flores, it's Jeff. I agree, obviously, with everything Jan's saying. I still think we have a lot of people sitting on the fence with the treasury around four and a quarter and, with their fingers crossed, hoping that that's going to continue to cut rates and the treasury will come down. They will sell at a better period of time.

是的，嘿，弗洛雷斯，我是傑夫。顯然，我同意簡所說的一切。我仍然認為，我們有很多人對國庫利率大約有四分之五左右持觀望態度，他們祈禱，希望這將繼續降低利率，國庫利率將會下降。他們會在更好的時間出售。

But we're starting to see some people capitulate and realize that, that's probably not going to happen in a meaningful way and bring their properties to market. So there's more on the market right now. Our pipeline is fuller than it has been in a while and we expect it to get better as the clarity on long-term rates improves.

但我們開始看到一些人屈服並意識到，這可能不會以有意義的方式發生並將他們的房產推向市場。所以現在市場上還有更多。我們的管道比以往任何時候都更加充實，我們預計隨著長期利率清晰度的提高，通路會變得更好。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Don, you just said you don't believe you're trading near NAV. I know you've said that before. Where do you think your NAV should be? And I guess, what do you think we on this side are missing?

唐，你剛才說你不相信你的交易價格接近淨值。我知道你以前說過。您認為您的淨值應該在哪裡？我想，你認為我們這邊缺少什麼？

Dori, I'm not going to give you a number for Pete's sake. You should know that. But what I am going to say is, when you look at our portfolio, particularly if you look at the big four, that there is an awful lot of development, basically by right, because we've done all the work on the entitlement side historically, to be able to create significant value down the road.

多麗，看在皮特的份上我不會給你電話號碼。你應該知道這一點。但我要說的是，當你看我們的投資組合時，特別是當你看四大時，你會發現有大量的開發，基本上是正確的，因為我們已經完成了權利方面的所有工作從歷史上看，能夠在未來創造重大價值。

Now, can we start on it and make sense of it completely today? Of course not. But the notion of does that stuff have value given what we've done at those places? I don't even think that's debatable to any real estate person. And so that is the primary thing that I'm talking about here.

現在，我們今天可以開始並完全理解它嗎？當然不是。但考慮到我們在這些地方所做的事情，這些東西有價值嗎？我什至認為這對任何房地產人士來說都沒有爭議。這就是我在這裡討論的首要問題。

But also in some of the rest of the portfolio, the ability to effectively do intensification on over a dozen of our shopping centers with residential development potentially down there has value to real estate people and that I don't think is being recognized today.

但在投資組合的其餘部分中，對十多個購物中心進行有效集約化的能力以及潛在的住宅開發對房地產人士來說也有價值，但我認為今天還沒有得到認可。

And I'm not even sure it necessarily should be in the public market. That's up to the public market to decide. But certainly with respect to, I can tell you this, if we were ever to sell any of those assets, we certainly would get paid for that opportunity. So that's what I was referring to, Dori.

我甚至不確定它是否一定應該出現在公開市場上。這取決於公開市場的決定。但當然，我可以告訴你，如果我們出售任何這些資產，我們肯定會因為這個機會而獲得報酬。這就是我所說的，多麗。

Mike Mueller, JP Morgan.

麥克·穆勒，摩根大通。

Yes. Hi. This, I guess, is a similar question to what was just asked. But I mean, just thinking about retail driven redevelopment and new development, I mean, considering how robust your leasing has been, the rates you're getting in new leases, I'm just curious, like, how, I guess, how close are you to pivoting your bias from resi driven developments to the extent that you start to ramp them again back to retail?

是的。你好。我想，這與剛才提出的問題類似。但我的意思是，只要考慮零售驅動的重建和新開發，我的意思是，考慮到你的租賃有多強勁，你在新租賃中獲得的利率，我只是好奇，比如，我猜，有多接近您是否打算將您的偏見從 Resi 驅動的開發轉向重新開始將其重新回歸零售？

Yes. I don't think it's a pivot, Mike, the way I think about it. It's another potential opportunity that is competing for the capital of the company. And when we look at what those opportunities are, I suspect you will see a number of residential development opportunities. I know you will see a number of acquisition opportunities that would grow. And I don't think they're mutually exclusive. I don't think one goes away when another one goes on. They compete for our capital.

是的。麥克，我認為這不是一個轉捩點。這是爭奪公司資本的另一個潛在機會。當我們看看這些機會是什麼時，我懷疑您會看到許多住宅開發機會。我知道您會看到許多不斷增長的收購機會。我不認為它們是相互排斥的。我不認為一個人會在另一個人繼續存在時消失。他們爭奪我們的資本。

I will say, and I think I've said this before, I do see us getting closer to being able to make numbers work, frankly, on the residential side for the reasons that I've cited. Because as you know, over the past number of years, that switch has been turned off effectively. So you know and I know that's not staying off forever. And it will have to compete for capital with the acquisitions.

我想說，我想我之前已經說過了，坦白說，出於我所引用的原因，我確實看到我們越來越接近能夠使數字在住宅方面發揮作用。因為如你所知，在過去的幾年裡，這個開關已經被有效地關閉了。所以你知道，我也知道這不會永遠消失。它還必須透過收購來爭奪資本。

And retail redevelopments, I think are also, you should see some of those added over the next several quarters. And so stay tuned on that perspective. And also keep in mind in our markets where we have really high barriers to entry, the land values make single story retail development really difficult to pencil on a risk adjusted basis. And so that's why we haven't seen that currently.

我認為零售業的重建也是如此，您應該會在接下來的幾個季度看到其中一些項目的增加。所以請繼續關注這個觀點。也要記住，在我們的市場中，進入障礙非常高，土地價值使得單層零售開發很難在風險調整的基礎上進行規劃。這就是為什麼我們目前還沒有看到這一點。

Linda Tsai with Jeffries.

蔡琳達與傑弗里斯。

Yes. Hi. How do you think about the contribution of development to earnings next year?

是的。你好。您如何看待明年的發展對獲利的貢獻？

Look, I think that we have, I think a number of projects which will be contributing in a reasonably reasonable way. Huntington, for example. Darien, we're finishing up. We've got some others. We've got 915 Meeting Street. Obviously, we'll be finishing out the leasing hopefully there over the course of the year.

聽著，我認為我們有很多項目將以相當合理的方式做出貢獻。以亨廷頓為例。達里安，我們要結束了。我們還有其他一些。我們的地址是 915 Meeting Street。顯然，我們希望在今年內完成租賃工作。

We could see some drag just as we begin to deliver spaces and reduce our capitalized interest number as I highlighted in my guidance assumption. And we're going to try and do a good job in matching up the rent commencements. We may not be able to do that perfectly.

正如我在指導假設中所強調的那樣，當我們開始提供空間並減少資本化利息數量時，我們可能會看到一些阻力。我們將努力做好匹配租金開始的工作。我們可能無法完美地做到這一點。

But as I said, I think that all other systems, whether it be from the comparable pool, will offset any modest drag that we have from that perspective. And so I think that we will have very, very solid growth next year, I think, and hope to be sector leading again.

但正如我所說，我認為所有其他系統，無論是來自可比較的池，都將抵消我們從這個角度來看的任何適度的阻力。因此，我認為明年我們將實現非常非常穩健的成長，並希望再次成為行業領導者。

Paulina Rojas, Green Street.

寶琳娜·羅哈斯，格林街。

Your cash releasing spreads were strong this quarter. Given the strength of retailer demand and your targeted consumer, should we expect releasing spreads to inch higher in 2025? And related to that, can you share your thoughts on OCR, where they are versus historical patterns, and the degree to which you can push rents even more aggressively going forward?

本季您的現金釋放利差強勁。鑑於零售商需求的強勁和您的目標消費者，我們是否應該預期 2025 年的釋放價差會小幅上升？與此相關，您能否分享您對 OCR 的看法，它們與歷史模式的比較，以及您可以在多大程度上更積極地推動租金向前發展？

Yes. Paulina, let me give you a couple of points of view. First of all, in any one quarter, you're talking about the specifics of the deals that were done in that particular quarter. In the third quarter, there were a number of deals where we had some really strong rollovers at properties that old leases effectively coming up that allowed us to push rent significantly in the quarter.

是的。寶琳娜，讓我給你幾個觀點。首先，在任何一個季度，您都會談論該特定季度完成的交易的具體情況。在第三季度，我們在許多交易中對舊租約有效到期的房產進行了非常強勁的展期，這使我們能夠在本季度大幅推高租金。

That's a good thing. That resulted in not only great rollover, but an awful lot of volume at that great rollover. I think that's a variable that you will see often in the high single digits or low double digits on a cash basis because of the bumps, nearly double that on a regular basis for the straight-line piece, which I think is really, really important in understanding that.

這是一件好事。這不僅導致了巨大的翻滾，而且在巨大的翻滾中產生了巨大的交易量。我認為這個變數在現金基礎上經常會看到高個位數或低兩位數，因為存在波動，幾乎是直線段常規基礎上的兩倍，我認為這非常非常重要在了解這一點。

I think that should stay strong based on everything that we see. That doesn't mean every quarter is going to be 14% and 26% on a cash straight line basis, but it does mean that the ability to push rents is really important.

我認為根據我們所看到的一切，這種情況應該會保持強勁。這並不意味著每季的現金直線成長率都會達到 14% 和 26%，但這確實意味著推高租金的能力非常重要。

In terms of OCR, there's a couple of things to say about that. First of all, we don't get the sales reporting for as many tenants as I would like throughout the portfolio. The mall business used to be able to get it for almost everybody. We get, gosh, a third or so of those tenants reporting.

就 OCR 而言，有幾點要說。首先，我們在整個投資組合中沒有獲得我想要的那麼多租戶的銷售報告。商場業務過去幾乎每個人都能買到它。天哪，我們收到了三分之一左右的租戶的報告。

But having said that, we also have lots of conversations with tenants. It seems to me that our OCR, if I were to guess, and this is just a guess, is something like 9% or so. When you look at a number like that for most businesses, that suggests that there is room to grow.

但話雖如此，我們也與租戶進行了許多對話。在我看來，如果我猜測（這只是猜測），我們的 OCR 大約是 9% 左右。當你看到大多數企業的類似數字時，這表示還有成長空間。

If you take a look at what we're writing new leases at versus what the overall in place rent is in the portfolio, you'll come to the same conclusion, that there is room to go. This is certainly a strong leasing environment. It's been so for a couple of years now. I would hope that that would continue into 2025.

如果你看看我們正在寫的新租約與投資組合中的整體租金，你會得出同樣的結論，即還有空間。這無疑是一個強大的租賃環境。幾年來一直如此。我希望這種情況能持續到 2025 年。

Haendel St Juste, Mizuho.

亨德爾‧聖賈斯特，瑞穗。

Yes, go Yanks. Don, I guess a question for you. I was curious on how you're thinking about dispositions versus new equity here as a source of capital. The IRRs and some of the opportunities you're probably looking at may very well exceed the future returns expected from some of your lower tier, lower growth assets. How do you balance the merits of a capital recycling strategy to improve the long-term growth profile versus tapping the equity market? Thanks.

是的，去美國佬吧。唐，我想問你一個問題。我很好奇您如何看待處置與新股本作為資本來源。內部收益率和您可能正在尋找的一些機會可能會遠遠超過您的一些較低級別、較低成長資產的預期未來回報。您如何平衡改善長期成長狀況的資本循環策略與利用股市的優點？謝謝。

That's a great question, Hendel. It's a great question. It's why we always, and this is not a once in a while thing for us, we always are evaluating the balance between what the growth of our lower X percent, whatever that is, of the portfolio is at versus what we could get paid for it and the depth of the particular market for that particular shopping center.

這是一個很好的問題，亨德爾。這是一個很好的問題。這就是為什麼我們總是（這對我們來說不是偶爾發生的事情），我們總是在評估投資組合的較低 X% 的增長（無論是什麼）與我們可以獲得的報酬之間的平衡它以及該特定購物中心的特定市場的深度。

Every year, we're doing some. The question is, should we do more? Should we do less? That does come down to the overall balance and competition between the uses of capital that we have, where our earnings growth should be, all of that. I would point you to the past to determine the future in terms of capital recycling. It's a really good portfolio, Haendel.

每年，我們都會做一些。問題是，我們應該做得更多嗎？我們應該少做一些嗎？這確實取決於我們所擁有的資本用途之間的整體平衡和競爭，我們的獲利成長應該在哪裡，所有這些。我會向您指出過去，以確定資本回收的未來。這是一個非常好的作品集，Haendel。

Certainly, there are assets in that portfolio, like any portfolio, that are at the lower end from a growth perspective. But it is, in managing it for the long-term, we're going to make sure that we're selling a number of assets per year to the extent we can, sometimes more, sometimes less, based on what the market will allow. The same process for acquisitions, the same process for development.

當然，與任何投資組合一樣，該投資組合中的某些資產從成長角度來看處於較低端。但事實上，在長期管理中，我們將確保每年在力所能及的範圍內出售大量資產，有時更多，有時更少，具體取決於市場允許的情況。收購流程相同，開發流程相同。

And with that, we will conclude our question-and-answer session. I'd like to turn the conference back over to Leah Brady for any closing remarks.

至此，我們的問答環節就結束了。我想將會議轉回給莉亞·布雷迪（Leah Brady）做總結發言。

Look forward to seeing many of you over the next few weeks. Thanks for joining us today.

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 has now concluded. Thank you for attending today's presentation. You may now disconnect your lines and have a great day.

會議現已結束。感謝您參加今天的演講。您現在可以斷開線路並度過美好的一天。