Federal Realty Investment Trust (FRT) 2024 Q4 法說會逐字稿

Good evening, and welcome to the Federal Realty Investment Trust Fourth Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Leah Brady. Please go ahead.

晚上好，歡迎參加聯邦房地產投資信託 2024 年第四季收益電話會議。（操作員指示）請注意，此事件正在記錄中。現在我想將會議交給 Leah Brady。請繼續。

Good afternoon. Thank you for joining us today for Federal Realty's fourth quarter 2024 earnings conference Call. Joining me on the call are Don Wood, Federal's Chief Executive 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 and Chief Operating Officer, 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.感謝您今天參加 Federal Realty 2024 年第四季財報電話會議。和我一起參加電話會議的還有 Federal 的首席執行官唐·伍德 (Don Wood)； Dan G，執行副總裁、首席財務官兼財務主管； Jan Sweetnam，執行副總裁、首席投資官；以及執行副總裁、東部地區總裁兼首席運營官溫迪·塞赫（Wendy Seher），以及我們執行團隊的其他成員，他們將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. Although Federal Realty believes 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.

提醒您，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》所定義的前瞻性陳述。前瞻性陳述包括任何年度化或預測資訊以及涉及預期或預期事件或結果的陳述，包括指引。儘管 Federal Realty 認為此類前瞻性陳述中反映的預期是基於合理假設的，但 Federal Realty 的未來營運及其實際表現可能與我們的前瞻性陳述中的資訊有重大差異，我們無法保證這些預期能夠實現。

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

我們今晚發布的收益報告和補充報告、我們以 10-K 表格提交的年度報告以及其他財務揭露文件對可能影響我們的財務狀況和經營業績的風險因素進行了更深入的討論。考慮到通話參與者的數量，我們懇請您在通話的問答環節將問題限制為一個。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 fourth-quarter results. Don?

說完這些，我將把電話轉給唐伍德 (Don Wood)，開始討論我們第四季的業績。大學教師？

Thank you, Leah. And good afternoon, everyone. Lots of records were shattered in both the fourth quarter and 2024 that bodes well for 2025 and beyond. It starts with leasing. A 100 comparable deals in the quarter for 649,000 square feet at 10% more cash rent, 21% more straight-line rent than the previous lease.

謝謝你，利亞。大家下午好。第四季和 2024 年都打破了許多記錄，這預示著 2025 年及以後將會發展良好。一切從租賃開始。本季有 100 筆可比交易，面積為 649,000 平方英尺，現金租金比之前的租約高出 10%，直線租金高出 21%。

Nearly 2.4 million square feet of comparable space for calendar 2024 at 11% more cash rent, 22% more straight-line rent than the previous lease. Both the quarter and the full year set all-time records for us and not by a little bit. Volume in the fourth quarter and total year beat the previous high watermark set in COVID boosted 2021 by 9% and 14%, respectively.

2024 年可比空間接近 240 萬平方英尺，現金租金比之前的租約高出 11%，直線租金高出 22%。本季和全年都創下了我們的歷史新高，而且幅度不小。第四季和全年交易量均超過了新冠疫情期間創下的最高值，2021 年分別成長了 9% 和 14%。

Occupancy touched 96.2% on a leased basis and 94.1% on an occupied basis at year end, the strongest in nearly a decade. Dividends per share were raised to $4.40 per share for the record-setting 57th consecutive year. Total revenues surpassed $300 million in the quarter and $1.2 billion for the year for the first time ever and grew at 7% and 6% over their respective prior periods. And FFO per share at $1.73 in the quarter and $6.77 for the year set all-time records even with the one-time $0.04 charge for Jeff Berkes leaving the company.

年底租賃入住率達 96.2%，入住率達 94.1%，為近十年來的最高水準。每股股息連續第 57 年上調至每股 4.40 美元，創下紀錄。本季總營收首次超過 3 億美元，全年總營收首次超過 12 億美元，較上一季分別成長 7% 及 6%。本季每股 FFO 為 1.73 美元，全年每股 FFO 為 6.77 美元，創下了歷史新高，即使考慮到 Jeff Berkes 離職導致的 0.04 美元一次性費用。

Without it, FFO per share of $1.77 in the quarter and $6.81 for the year grew at 7.9% and 4%, respectively. 2024 was a very good year. The retail real estate market remained strong, driven by favorable supply-demand dynamics and continued consumer spending. Our diverse portfolio spanning various property types and anchored by strong resilient operators positions us well for sustained success. The struggling retailers making headlines today have minimal impact on our portfolio.

若不計入該費用，本季每股 FFO 為 1.77 美元，全年每股 FFO 為 6.81 美元，分別成長 7.9% 和 4%。 2024年是很好的一年。受供需情勢良好和消費支出持續成長的推動，零售房地產市場仍保持強勁。我們多元化的投資組合涵蓋各種房地產類型，並由強大、適應力強的營運商支撐，這為我們持續成功奠定了良好的基礎。今天登上頭條新聞的陷入困境的零售商對我們的投資組合影響甚微。

Nowhere is the quality of this portfolio more evident than in the continued improvement in occupancy that you see in the fourth quarter over the third quarter and the expectation for even higher occupancy by the end of next year. While a new administration in Washington is certainly shaking things up on so many fronts across the broader economy, our outlook remains positive. The bottom line is that we expect to grow faster at both the comparable property level and the bottom-line earnings level in 2025 than we did in 2024.

該投資組合的品質最明顯的表現是第四季的入住率較第三季持續提高，並且預計明年年底的入住率還會更高。儘管華盛頓的新政府無疑正在對整個經濟領域的許多方面帶來變革，但我們的前景仍然樂觀。底線是，我們預計 2025 年可比房地產水平和底線盈利水平的增長速度都將比 2024 年更快。

Our product is very much in demand and that includes the office component of our mixed-use communities in San Jose, Boston and Bethesda. After years of uncertainty on the part of employers as to their future office space requirements, the back-to-office movement in the country is real and it's fully underway.

我們的產品需求量很大，其中包括位於聖荷西、波士頓和貝塞斯達的混合用途社群的辦公室部分。多年來，雇主們對未來辦公空間需求感到不確定，而如今，該國的重返辦公室運動已真實出現，並且正在全面展開。

The recognition on the part of many employers that they need more and better space, coupled with our Class-A offering of modern and fully amenitized, I do mean fully amenitized for office environments; it's no surprise that we're seeing a significant uptick in interest in tours and LOIs and in executed leases.

許多雇主意識到他們需要更多更好的空間，再加上我們提供的 A 級現代化和設施齊全的辦公環境；毫不奇怪，我們看到對旅遊、意向書和已簽訂租約的興趣顯著上升。

We're especially seeing it at Santana West and 915 Meeting Street at Pike & Rose, where nearly 150,000 square feet of deals have been executed or put under heavily negotiated LOIs in the last 90 days. Santana West and 915 Meeting Street are currently 82% and 91% committed under such arrangements at this point, respectively. And we're optimistic that both buildings will be nearly fully leased in this calendar year.

我們特別在桑塔納西區和派克與羅斯街 915 號會議街看到了這種情況，在過去 90 天內，這裡已完成或根據經過大量談判的意向書達成了近 150,000 平方英尺的交易。目前，Santana West 和 915 Meeting Street 在該安排下的承諾率分別為 82% 和 91%。我們樂觀地認為，今年這兩棟大樓的出租率將接近滿員。

It's really good news. And while the 2025 P&L won't be the beneficiary since rent haven't commenced from majority of those tenants, that's just timing and should provide a nice bump to '26 and '27. On the development front, things are picking up too. Not only is our $90 million residential over retail project at [Ballot-Kinwood] Shopping Center firing along on budget and a bit ahead of schedule, but we've approved two other developments that you can see in our Form 8-K this quarter.

這確實是個好消息。雖然 2025 年的損益表不會受益，因為大多數租戶還沒有開始支付租金，但這只是時機問題，應該會為 26 年和 27 年帶來不錯的成長。在發展方面，事情也正在好轉。我們位於 [Ballot-Kinwood] 購物中心的價值 9000 萬美元的住宅零售項目不僅在預算範圍內順利進行並且略微提前於計劃，而且我們還批准了另外兩個開發項目，您可以在本季度的 8-K 表中看到。

The first is the new build of 45 residential units at top 10,000 feet of ground floor retail in Hoboken, New Jersey. 301 Washington Street, Hoboken's main commercial thoroughfare has a vacant Capital One bank pad and commensurate surface parking.

第一項是位於新澤西州霍博肯的新建項目，包含 45 個住宅單元，佔地 10,000 英尺。華盛頓街 301 號是霍博肯的主要商業大道，擁有一個空置的 Capital One 銀行大樓和相應的地面停車場。

The opportunity to densify this amazing piece of corner real estate works economically to a 6% to 7% unlevered yield on $45 million and a 9% IRR, thanks to more favorable construction pricing, strong retail rents and growing residential rents in this densely populated New York City suburb. We expect to break grounds in a few months.

由於更優惠的建築價格、強勁的零售租金以及紐約市這個人口稠密的郊區不斷增長的住宅租金，將這塊令人驚嘆的街角房地產密集化的機會在經濟上可實現 4,500 萬美元的 6% 至 7% 的無槓桿收益率和 9% 的內部收益率。我們預計幾個月後就會破土動工。

Secondly, Andorra Shopping Center in Philadelphia is gearing up for a transformational redevelopment that will include a state-of-the-art giant supermarket along with a fully renovated LA Fitness Health Club, new shop space with upgraded service and restaurant tenants and greatly improved placemaking and parking. This $32 million investment will kick off this spring and yield an incremental 7% to 8% unlevered yield. More to come on the development front later in this year too.

其次，費城的安道爾購物中心正準備進行轉型重建，其中將包括一個最先進的巨型超市、一個全面裝修的洛杉磯健身俱樂部、帶有升級服務和餐廳租戶的新店鋪空間以及大大改善的場所營造和停車場。這項 3,200 萬美元的投資將於今年春季啟動，並將產生 7% 至 8% 的增量無槓桿收益。今年晚些時候，開發方面還會有更多措施。

We remain very active on the acquisition front with prospects being studied and negotiated in both our existing markets, along with a few new ones and we expect to close on a great shopping center in Northern California in a few weeks. That $123.5 million purchase with a very productive whole foods anchor and a cadre of lifestyle-oriented tenants will complement our West Coast portfolio beautifully and will be managed from our Santana Row headquarters. We expect to be able to talk more about that one by the end of the month.

我們在收購方面仍然非常活躍，我們正在研究和談判現有市場和一些新市場的收購前景，我們預計將在幾週內完成對北加州一個大型購物中心的收購。這項價值 1.235 億美元的收購包括一家生產力極高的全食超市和一群注重生活方式的租戶，將完美補充我們西海岸的投資組合，並將由我們的 Santana Row 總部進行管理。我們希望能夠在月底前就此問題進行更多討論。

I also wanted to use the opportunity to introduce three newly promoted Vice Presidents to our executive ranks, underscoring our focus on continually developing a deep bench of professionals, all of whom are expected to play a key strategic role in our long-term future. Congratulations to Sarah Forde Rogers as VP of Development working out of our Assembly Row office to Bob Franz as VP of Acquisitions, representing our West Coast and Arizona territories and to Vanessa Mendoza as VP of Leasing working out of our headquarters in North Bethesda.

我也想藉此機會向我們的高階主管團隊介紹三位新晉升的副總裁，強調我們對不斷培養一批專業人才的重視，他們都有望在我們的長期未來中發揮關鍵的戰略作用。恭喜 Sarah Forde Rogers 擔任開發副總裁，在 Assembly Row 辦公室工作；恭喜 Bob Franz 擔任收購副總裁，代表我們西海岸和亞利桑那州地區；恭喜 Vanessa Mendoza 擔任租賃副總裁，在北貝塞斯達總部工作。

Congratulations also to Mr. Porter Bellew, who has been promoted to Senior Vice President of our Information Technology. Each of these executives have been highly respected members of our team for years, and it brings me great pleasure to be able to recognize their real estate talents with promotions that expand their influence and responsibility within our organization. I love being able to do that. That's all I wanted to cover in prepared remarks this afternoon.

我們也要祝賀 Porter Bellew 先生晉升為我們的資訊科技資深副總裁。多年來，這些高階主管一直是我們團隊中備受尊敬的成員，我很高興能夠透過晉升來認可他們的房地產才能，從而擴大他們在我們組織內的影響力和責任。我很高興能夠做到這一點。這就是我今天下午在準備好的發言中想要講的全部內容。

And so I'll turn it over to Dan to provide more granularity before opening it up to your questions.

因此，在回答你們的問題之前，我會把這個問題交給丹來提供更詳細的資訊。

Thank you, Don, and hello, everyone. Our reported Nareit FFO per share of $6.77 for the year and $1.73 for the fourth quarter reflect the $0.04 one-time charge for Jeff's departure. Excluding the charge, our FFO growth was 4% and roughly 8% for the full year and fourth quarter, respectively. POI was up 5.4% for the full year and 6.8% for the fourth quarter.

謝謝你，唐，大家好。我們報告的 Nareit 全年每股 FFO 為 6.77 美元，第四季度為 1.73 美元，反映了 Jeff 離職產生的 0.04 美元的一次性費用。除去這筆費用，我們的全年和第四季的 FFO 成長率分別為 4% 和約 8%。全年 POI 上漲 5.4%，第四季上漲 6.8%。

We finished 2024 with momentum. Primary drivers for the solid performance in '24. First, POI growth in our comparable portfolio with the primary catalyst being occupancy increases from continued strength in tenant demand as both leased and occupied metrics increased 200 basis points and 190 basis points respectively over year-end 2023 levels. As well as solid rollover of 11% on a cash basis and sector-leading contractual rent bumps of roughly 2.5% blended anchor and small shop.

我們以強勁的勢頭結束了 2024 年。'24年業績穩健的主要驅動因素。首先，我們可比投資組合中的 POI 成長，主要催化劑是租戶需求持續強勁導致的入住率上升，因為租賃和入住指標分別比 2023 年底的水平增加了 200 個基點和 190 個基點。以及以現金為基礎的 11% 的穩健展期和行業領先的約 2.5% 的混合主力店和小店合約租金上漲。

Second, contributions from our redevelopment and expansion pipeline with Huntington, Darien Commons, 915 Meeting Street and Lawrence Park approaching stabilization over the year, driving an incremental $12 million of POI, the upper end of our range. And strong performance by the $1.4 billion of gross assets we've acquired since mid-2022, where performance almost across the board has exceeded underwriting, but in particular at The Shops at Pembroke Gardens in Florida and Kingstowne Towne Center in Virginia.

其次，我們重建和擴建項目（包括亨廷頓、達里恩公共區、915 Meeting Street 和勞倫斯公園）的貢獻在一年內趨於穩定，推動 POI 增量達到 1200 萬美元，這是我們範圍的上限。自 2022 年中期以來，我們收購的 14 億美元總資產表現強勁，幾乎全線表現均超過承保，尤其是佛羅裡達州的彭布羅克花園購物中心和弗吉尼亞州的金斯敦鎮中心。

This was primarily offset by upward pressure on property-level expense margins and higher interest expense relative to 2023. Comparable POI growth excluding prior-period rent and term fees came in at 4.2% during the fourth quarter and averaged 3.4% for the year. Comparable min rents grew 4% in the fourth quarter and 3.4% for the year.

這主要被房地產水平費用利潤率的上行壓力和相對於 2023 年更高的利息支出所抵消。不包括前期租金和期限費用的可比 POI 成長率在第四季為 4.2%，全年平均為 3.4%。第四季可比最低租金上漲 4%，全年上漲 3.4%。

Our residential portfolio was a source of strength in 2024. Same-store residential POI growth was 5% and when including Darien Commons, which continues to outperform, it was 7%. The value proposition of providing a premium residential offering on top of an attractive retail amenity base is driving outperformance across our targeted residential portfolio. Additionally, in 2024, we opportunistically acquired almost $300 million in high-quality retail assets during the year at a blended initial yield in the low-to-mid 7s and unlevered IRRs in the mid-to-high 8s.

我們的住宅投資組合是 2024 年的力量來源。同店住宅 POI 成長率為 5%，若算上繼續表現優異的 Darien Commons，則成長率為 7%。在富有吸引力的零售便利設施基礎上提供優質住宅的價值主張，推動了我們目標住宅組合的優異表現。此外，2024 年，我們趁機收購了近 3 億美元的優質零售資產，混合初始收益率在 7% 的中低位，無槓桿 IRR 在 8% 的中高位。

When you include the asset that we put under contract during the fourth quarter, that's over $400 million. Hopefully more to discuss as the year progresses. We continue to seek new undermanaged and under-capitalized properties to add to the portfolio.

如果算上我們在第四季簽訂的合約資產，這個數字將超過 4 億美元。希望隨著時間的推移會有更多討論。我們將繼續尋找新的管理不足和資本不足的資產來添加到投資組合中。

On the development, redevelopment and expansion front with the stabilization of a number of redevelopment projects to close out the year, including Darien Commons in Connecticut and Lawrence Park in Philly, our in-process pipeline now stands at approximately $785 million with just $230 million remaining to spend.

在開發、再開發和擴建方面，隨著今年年底一些再開發項目的穩定，包括康乃狄克州的達里恩公共區和費城的勞倫斯公園，我們正在進行的資金目前約為 7.85 億美元，僅剩 2.3 億美元可供支出。

With the addition of a residential over retail project in Hoboken and the retail redevelopment in Andorra in Philly, we continue to mine opportunities across our portfolio and deploy capital accretively on an external basis to drive future FFO growth. Additional opportunities are under consideration, which likely will be added to the pipeline over the course of '25 and into '26.

隨著霍博肯的住宅零售項目和費城安道爾的零售重建項目的加入，我們繼續在我們的投資組合中挖掘機會，並在外部增值部署資本，以推動未來 FFO 成長。我們正在考慮其他機會，這些機會可能會在2025年至2026年期間添加到頻道中。

Now to the balance sheet and an update on our liquidity position. Our financial flexibility continues to expand as improvement in our leverage metrics accelerated over the course of 2024. Leaning on opportunistic equity issuance on our ATM program to fund accretive acquisitions, targeted asset sales and a growing free cash flow component, which has allowed us to improve our leverage metrics meaningfully.

現在來看看資產負債表和我們的流動性狀況的最新情況。隨著 2024 年槓桿指標的加速改善，我們的財務彈性不斷提高。依靠 ATM 計劃的機會性股權發行來資助增值收購、有針對性的資產銷售和不斷增長的自由現金流部分，這使我們能夠顯著提高我們的槓桿率指標。

Fourth quarter annualized adjusted net debt to EBITDA stands at 5.5 times, down from 6 times as reported on this call last year. At that time, we forecasted this metric to hit our targeted level of 5.5 times in 2025, we've been able to get it done in 2024.

第四季年度化調整後淨債務與 EBITDA 比率為 5.5 倍，低於去年電話會議報告的 6 倍。當時，我們預測這個指標將在2025年達到我們的目標水準5.5倍，我們已經能夠在2024年完成它。

Fixed charge coverage now stands at 3.8 times, up from 3.5 times at this time last year. We expect this metric to continue to improve toward our 4 times target over the course of the balance -- over the course of '25. Our liquidity stood north of $1.4 billion at year-end with an undrawn $1.25 billion unsecured credit facility and $178 million of combined cash and undrawn forward equity, plus we have no material debt maturities this year.

目前固定費用覆蓋率為 3.8 倍，高於去年同期的 3.5 倍。我們預計，在未來 25 年內，這項指標將繼續改善，朝著我們的 4 倍目標邁進。截至年底，我們的流動資金超過 14 億美元，其中包括 12.5 億美元的未提取無擔保信貸額度以及 1.78 億美元的綜合現金和未提取的遠期股權，此外，我們今年沒有重大債務到期。

Now on to guidance. For 2025, we are introducing an FFO per share forecast of $7.10 to $7.22 per share. This represents about 5.8% growth at the midpoint of $7.16 and roughly 5% and 7% at the low and high ends of the range. This is driven by comparable POI growth of 3% to 4%, 3.5% at the midpoint and an additional 40 basis points to that range when you exclude COVID-era prior-period rents and term fees.

現在開始指導。對於 2025 年，我們引入了每股 FFO 預測，為每股 7.10 美元至 7.22 美元。這意味著，在 7.16 美元的中間點，成長率約為 5.8%，而在區間的低端和高端，成長率分別約為 5% 和 7%。這是由可比 POI 增長 3% 至 4% 推動的，中間值為 3.5%，如果排除 COVID 時代的前期租金和期限費用，則該範圍將增加 40 個基點。

This assumes occupancy levels continue to grow from the current level of 94.1% at 12/31 up towards 95% by year-end 2025, although expect a step back in the first quarter due to the typical seasonality pullback post-holidays.

假設入住率繼續從 12 月 31 日的當前水準 94.1% 增長至 2025 年底的 95%，儘管由於假期後典型的季節性回調，預計第一季的入住率會有所回落。

We will have net drag of roughly $0.10 to $0.11 from $0.01 from Santana West as we cease capitalization of interest expense at the property in the second quarter. This is simply a timing delay. The full benefit of $0.12 to $0.14 from this currently 82% committed building is expected to flow directly to the bottom line, but not meaningfully until 2026 as we begin to then recognize rents. Having said that, we do expect $0.14 to $0.15 of benefit from revenues earned through new market tax credits associated with our Freedom Plaza shopping center.

由於我們在第二季停止將該物業的利息費用資本化，我們將從 Santana West 的淨拖累中獲得約 0.10 美元至 0.11 美元，而不是 0.01 美元。這僅僅是時間延遲而已。目前該建築已承諾出租 82%，預計將為公司帶來 0.12 美元至 0.14 美元的全部收益，直接影響到公司利潤，但要到 2026 年我們開始確認租金時才會產生實際意義。話雖如此，我們確實預計透過與我們的自由廣場購物中心相關的新市場稅收抵免獲得 0.14 至 0.15 美元的收入收益。

The combination of these tax credit revenues at plus $0.14 to $0.15 with net timing drag in '25 from Santana West of minus $0.10 to $0.11 and the wind-down of COVID-era prior-period rents of minus $0.03 to $0.04 fully offset each other, which normalizes our 2025 Nareit-defined FFO growth and we expect positive FFO growth off this pace into 2026.

這些稅收抵免收入（加上 0.14 至 0.15 美元）與 Santana West 在 25 年的淨時間拖累（減去 0.10 至 0.11 美元）以及 COVID 時代前期租金的減少（減去 0.03 至 0.04 美元）相結合，完全相互抵消，這使我們 2025 年 Nareit 將我們定義為正常的速度

Other assumptions to our 2025 guidance include, one, incremental POI contributions from our development and expansion pipeline of $3.5 million -- $3 million to $5 -- $3 million to $5 million. And capitalized interest for 2025 estimated at $12 million to $14 million, down from $20 million in 2024. Both of these two assumptions reflect the aforementioned timing impact from Santana West.

我們對 2025 年指引的其他假設包括：一、來自我們開發和擴展管道的增量 POI 貢獻 350 萬美元——300 萬美元到 500 萬美元——300 萬美元到 500 萬美元。2025 年資本化利息預計為 1,200 萬美元至 1,400 萬美元，低於 2024 年的 2,000 萬美元。這兩個假設都反映了上述 Santana West 的時間影響。

We forecast $175 million to $225 million of spend this year on redevelopment and expansions at our existing properties. G&A is forecast in the $45 million to $48 million range for the year. Term fees will be $4 million to $5 million, largely in line with 2024 and the aforementioned $3 million of lower prior-period collections as we expect a de-minimis amount in 2025.

我們預計今年將花費 1.75 億至 2.25 億美元用於現有物業的重建和擴建。預計全年一般及行政開支將在 4,500 萬美元至 4,800 萬美元之間。定期費用將為 400 萬至 500 萬美元，與 2024 年的金額以及前文提到的 300 萬美元的較低前期收款金額基本一致，因為我們預計 2025 年的最低金額將達到。

We have assumed a total credit reserve of roughly 75 basis points to 100 basis points in '25, given limited exposure to bankrupt tenants, but more in line with historical averages and a normalized cycle of tenant risk in the retailing sector. As is our custom, this guidance does not reflect any acquisitions or dispositions in 2025 except a $123.5 million Northern California acquisition under contract, which we expect to close later this month. We will adjust likely upwards for all other acquisitions and dispositions as we go.

考慮到破產租戶的風險有限，我們假設 25 年的總信貸準備金約為 75 個基點至 100 個基點，但更符合歷史平均水平和零售業租戶風險的正常化週期。按照我們的慣例，該指引不反映 2025 年的任何收購或處置，但根據合約價值 1.235 億美元的北加州收購除外，該收購預計將於本月稍後完成。隨著我們的進展，我們可能會對所有其他收購和處置進行上調。

Please see a summary of this detailed guidance in our 8-K on page 27 of our supplement. With respect to quarterly FFO cadence for 2025, the first quarter will start with a range of $1.67 to $1.70; second quarter, $1.71 to $1.74; third quarter, $1.90 to $1.93 and the fourth quarter at $1.82 to $1.85. Cadence for comparable growth will start slow in the first quarter in the mid 2s and improve sequentially over the course of the year. And with that, operator, please open the line for questions.

請參閱我們補充文件第 27 頁 8-K 中有關該詳細指南的摘要。就 2025 年季度 FFO 節奏而言，第一季將以 1.67 美元至 1.70 美元的範圍開始；第二季度，1.71 美元至 1.74 美元；第三季度為 1.90 美元至 1.93 美元，第四季度為 1.82 美元至 1.85 美元。可比成長節奏將在第一季中期開始放緩，並在全年內逐步改善。接線員，請打開熱線來回答問題。

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

謝謝。我們現在開始問答環節。（操作員指令）

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning -- or good afternoon, sorry. Just hoping you could talk a little bit about the tax credits the first time, at least I remember hearing about it. And I guess why included in FFO? I think the 10-K mentions some offsetting incremental cost of $1.6 million. Is that being incorporated in the net number you talked about in the -- in the guidance page? Just hoping for a little bit more color in general around that.

嗨，早安——或者下午好，抱歉。只是希望您第一次能談一點有關稅收抵免的事情，至少我記得聽說過。我想問為什麼要包括在 FFO 中？我認為 10-K 中提到了 160 萬美元的抵銷增量成本。這是否包含在您在指導頁面中談到的淨數字中？只是希望整體能多一點色彩。

Yes, that's fine. Yes. No, that is -- that reflects the net number. And so the net number that we report nets out those expenses. Now the tax credits, historically, the Federal government has had programs to incentivize development in up-and-coming gentrifying communities and Freedom Plaza, formerly known at Jordan Downs, but Freedom Plaza in East LA was one of those developments. That development qualified and we earned those Federal tax credits. We monetized those credits with the sale to a bank.

是的，很好。是的。不，那是——那反映的是淨數字。因此，我們報告的淨額是扣除這些費用之後的淨額。現在的稅收抵免，從歷史上看，聯邦政府曾經推出過一些計劃來激勵新興中產階級社區和自由廣場（以前稱為喬丹唐斯）的發展，但東洛杉磯的自由廣場就是其中之一。該開發項目符合條件，我們獲得了聯邦稅收抵免。我們透過向銀行出售這些信用來將其貨幣化。

We earned the revenues associated with that project in a series of extremely complex transactions and we expect to, I guess, fulfill all the required contingencies associated with them and be able to recognize the earned revenues later this year. And that's the approach we've taken. More detail on that is on page F-31. If you want to see it, it's been disclosed previously, but on F-31 in our 10-K.

我們透過一系列極其複雜的交易獲得了與該項目相關的收入，我猜我們預計能夠滿足與之相關的所有必要的應急條件，並能夠在今年稍後確認所獲得的收入。這就是我們採取的方法。更多詳細資訊請參閱第 F-31 頁。如果您想看它，它之前已經被披露過，但在我們的 10-K 中是有關 F-31 的。

Dori Kesten, Wells Fargo.

富國銀行的多里‧凱斯滕 (Dori Kesten)。

Thanks. Good evening. You've talked about the acceleration in transaction volume expected for the last few quarters. Are you seeing that uptick in what you're underwriting today? And can you give us some current thoughts on funding for acquisitions near-term just outside of the undrawn forward equity?

謝謝。晚安.您談到了預計最近幾季交易量將加速成長。您是否看到您今天承保的業務上升？您能否向我們介紹一下目前對於未提取遠期股權以外的近期收購融資的想法？

Sure. Will you just do me a favor, Dan? Start with how to fund it and let's go to Jan after that with some market conversation.

當然。丹，你能幫我一個忙嗎？我們先從如何籌資開始，然後到 1 月進行一些市場對話。

Sure, sure. Look, we positioned the balance sheet as good as it's been in the last six or seven years pre-COVID with significant financial flexibility and capacity on our balance sheet, the undrawn line-of-credit plus access to the whole breadth of capital markets that we've availed ourselves to over our history. And I think that we're really, really well-positioned to take on the opportunities we're seeing out there. And we'll use all the tools in our toolbox and arrows in our quiver in terms of allowing us to opportunistically and accretively finance the opportunities we see in the market.

當然，當然。你看，我們的資產負債表狀況與新冠疫情之前的過去六七年一樣好，我們的資產負債表具有相當大的財務靈活性和能力、未使用的信用額度以及我們歷史上利用的整個資本市場的管道。我認為，我們確實處於非常有利的位置，可以抓住我們所看到的機會。我們將利用我們工具箱中的所有工具和箭筒中的所有箭，以便抓住機會，增值性地為市場上看到的機會提供資金。

Jan, can you pick it up?

簡，你能把它撿起來嗎？

Yes. You bet. Hi, Dori, Jan. Look, we've never -- we've never been busier looking at underwriting acquisitions. And in fact, as soon as we get off this call, we'll be talking about some other ones. It's just -- it has been so busy. There's a lot of product on the marketplace at this point -- at this time on the one hand. On the other hand, competition has gotten a little stiffer. There are more people looking at the larger type of assets that we've been pursuing.

是的。當然。你好，Dori、Jan。你看，我們從來沒有──我們從來沒有像現在這樣忙於承銷收購。事實上，我們一打完這個電話，就會討論一些其他的問題。只是——太忙了。一方面，目前市面上有許多產品。另一方面，競爭也變得更加激烈了。越來越多的人開始關注我們一直追求的更大類型的資產。

And again, we try to go after great locations, of course, but larger assets that matter in their markets and matter to us in terms of being sizable enough where we can really create some value with leasing, merchandising, if applicable, enhancing the sense of place, which we think the asset that Don had mentioned earlier in Northern California is a perfect example of that.

當然，我們會盡力尋找絕佳的地理位置，但更大的資產在其市場中很重要，對我們來說也很重要，因為資產必須足夠大，這樣我們才能通過租賃、商品銷售（如果適用的話）創造一些價值，增強地方感，我們認為唐之前提到的北加州的資產就是一個很好的例子。

So we think there's a lot of activity that we're going to see. We're going to be bidding on all kinds of assets. But obviously, we don't know what price it's going to take and does it match our return hurdles and our ability to grow the earnings on the asset. And so we'll see. But we would expect it to be a pretty active year.

因此我們認為我們將會看到很多活動。我們將對各種資產進行競標。但顯然，我們不知道它會採取什麼價格，也不知道它是否符合我們的回報障礙和增加資產收益的能力。我們將拭目以待。但我們預計這將是相當活躍的一年。

Steve Sakwa, Evercore.

史蒂夫·薩誇（Evercore）。

Yes, thanks. Good afternoon. Don, I guess with the portfolio over 96% leased, I'm just curious how the leasing discussions are changing kind of both internally and externally with the retailers and how are you thinking about kind of pricing space as you move forward.

是的，謝謝。午安.唐，我想投資組合中的 96% 以上都已出租，我只是好奇與零售商的租賃談判在內部和外部如何變化，以及您如何考慮未來的定價空間。

No, Steve, it's a good time to be in this business, man. And there's no doubt that for the property -- the spaces that are very desirable, it's very common to have more than one real opportunity or real tenant in there. We try to get it not only in the rent, which we obviously always do, we try to get it in the bumps, which is really important and most important is in control. And so when you come down to those, as we've talked about in the past, you're always -- it's always that fight for control of the shopping center effectively in terms of redevelopment opportunities, what we're able to do in terms of other uses, in terms of the lack of sales kick-outs and things like that so that we have more control. We are having more success with that.

不，史蒂夫，現在是從事這個行業的好時機。毫無疑問，對於非常理想的房產而言，擁有多個真正的機會或真正的租戶是很常見的。我們不僅在租金方面努力實現這一目標（這顯然我們一直在做），我們還在努力實現目標，這真的很重要，最重要的是控制住它。所以當你談到這些時，正如我們過去談到的，你總是——總是在爭奪對購物中心的有效控制權，包括重建機會、我們能夠在其他用途​​方面做些什麼、在缺乏銷售踢出等方面，以便我們擁有更多的控制權。我們在這方面取得了更大的成功。

And so, you know, and you and I have talked about this for years, I guess, while I always think that our -- that these leases, our contracts are among the strongest in the space, and I have no way to determine that for sure. But I know we fight hard for not just the rent, but also those control provisions. And those are -- we're having more and more success with that because we are 96% leased.

所以，你知道，我想，你和我已經談論這個問題好幾年了，雖然我一直認為我們的這些租約、我們的合約是該領域最強的，但我無法確定這一點。但我知道，我們努力奮鬥不僅是為了租金，也是為了那些控制條款。而且我們在這方面取得了越來越多的成功，因為我們的租賃率為 96%。

Now having said that, the -- I don't believe 100% leased in a portfolio is something that is attainable, nor do I believe it's something that should be attainable because to the extent you're doing that, that you're probably leaving money on the table and all space is not created equal, some that's better and some that's worse. But I still think -- and Dan kind of put it too pretty well before that at 94.1% on the occupied basis, I think it's pretty darn likely that we're going to be able to get up towards 95%. Things can always happen obviously, but that can continue to go and the same with the -- with the 96% for a bit -- for a bit more. But, you know, this company is about using all those hours in the quiver.

現在說了這麼多，我不認為 100% 的投資組合租賃是可以實現的，也不認為這應該可以實現，因為如果你這樣做，那麼你可能會損失一些錢，而且並不是所有的空間都是平等的，有的比較好，有的比較差。但我仍然認為——丹之前就已經說得很清楚了，在 94.1% 的佔用率下，我認為我們很有可能能夠達到 95%。顯然，事情總是會發生，但這種情況還會繼續發生，96% 的情況也一樣會持續一段時間 — — 還會持續一段時間。但是，您知道，這家公司就是要利用這些寶貴的時間。

So as important as that is, so is redevelopment, so is development, so is acquisitions, all parts of -- you know parts of the business. So you should see -- in short, you should see strong contracts -- stronger contracts as we go through this period of the cycle.

因此，儘管這很重要，但重建、開發、收購以及業務的各個部分也都很重要。所以你應該看到——簡而言之，當我們經歷這個週期時，你應該看到強勁的合約——更強勁的合約。

Jeff Spector, Bank of America.

美國銀行的傑夫·斯佩克特（Jeff Spector）。

Great. Thank you. If I can ask a follow up on acquisitions. Jan, you talked about seeing more assets. And Don, when we saw you in November, where you talked about your strategy and I think you said possibly looking at more markets. So I'm just curious, is it -- you're seeing more opportunities because you are looking at more markets? And for example, I mean, an asset traded in Cleveland, Ohio today, I'm just curious, is that something that you even looked at? Like is that -- is that -- does that fit the new strategy? Thank you.

偉大的。謝謝。如果我可以詢問有關收購的後續情況。簡，你談到了看到更多資產。唐，當我們在 11 月見到您時，您談到了您的策略，我認為您說過可能會關注更多的市場。所以我很好奇，是因為您關注的是更多的市場，所以您看到了更多的機會？舉個例子，我的意思是，今天在俄亥俄州克利夫蘭交易的一項資產，我很好奇，這是你看過的東西嗎？就像那樣──那樣──那符合新戰略嗎？謝謝。

Jan, go ahead --

簡，繼續吧--

Do you want me to start? Yes. So Jeff, I think it's twofold. I think overall, there are simply more assets available in the marketplace today than there were six or nine months ago. And I think with debt costs being higher for longer, I think there's just certain sellers that capitulated and just can't wait any longer. And certainly, we're looking at some assets where loans are now due in October or November and people need to transact. And so overall, I just think there's simply a lot more available. And then you put on top of that, yes, there are certain assets that we would -- certain markets that we haven't gone to before. And so therefore, we're looking at assets in those as well.

你想讓我開始嗎？是的。傑夫，我認為這有兩個面向。我認為總體而言，目前市場上可用的資產比六個月或九個月前要多。我認為，隨著債務成本長期居高不下，某些賣家已經屈服並且無法再等待了。當然，我們正在關註一些資產，這些資產的貸款將於十月或十一月到期，人們需要進行交易。所以總的來說，我認為可用的資源還有很多。然後，除此之外，是的，我們還將涉足某些資產——某些我們以前從未涉足過的市場。因此，我們也在關注其中的資產。

So between the two, it's just been really, really, really busy. And to answer your question on Cleveland, yes, we looked at that and for a set of reasons, it just didn't quite fit what we were looking for, but that would be -- that would be a market that we wouldn't have looked at going to before, but we would now.

所以他們兩個之間真的真的真的很忙。回答你關於克利夫蘭的問題，是的，我們考慮過這個市場，但出於一系列原因，它並不完全符合我們的要求，但那是一個我們以前不會考慮進入的市場，但現在我們會考慮。

Yes. I don't have anything to add to that, Jan. That's what I would have said.

是的。對此我沒有什麼可補充的，簡。這就是我要說的。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hi, good afternoon down there. Don, you mentioned and you were pretty forceful in your comments about the credit quality of the portfolio and a lot of the retail bankruptcies haven't impacted you guys. Just sort of curious your overall watch list and your confidence that your tenancy is in a good credit position. I know you have that range out there, but I don't know if that range is just a generic range or if there are some problem children, if you will, that that range is there to solve or to be there for this year.

大家下午好。唐，你提到了，你在評論中非常有力地指出了投資組合的信用質量，許多零售業破產並沒有對你們造成影響。只是好奇您的整體關註名單以及您對租賃信用狀況良好的信心。我知道你們有這個範圍，但我不知道這個範圍是否只是一個通用範圍，或者是否存在一些問題兒童，如果你願意的話，這個範圍是為了解決或在今年存在。

Yes, good question, Alex. Look, the near-term concerns that are in the market with the [Joanns] the Party City, the Big Lots and so forth, we just don't have much exposure to. We have no Big Lots, one Party City, two Joanns that's reflected in our -- in our forecast container store, they affirmed every single one of their leases, stayed in place for very little concession. Look, most of the stuff we're concerned about is maybe longer-term or medium-term. And look, things can get accelerated. So I think given the volatility of the economy and the environment, I think just having a normalized 75 basis-point to 100 basis-point credit reserve is appropriate. We have nothing specific there and nothing that I can really kind of use a buildup to get to, with regards to what I think is a prudent level for us to have given the volatility that we see in the economy today.

是的，亞歷克斯，你問得好。你看，對於市場上近期關注的 [Joanns]、Party City、Big Lots 等等，我們並沒有太多關注。我們沒有 Big Lots，只有一個 Party City，兩個 Joanns，這反映在我們的預測貨櫃店中，他們確認了他們的每一份租約，並且幾乎沒有做出任何讓步。看，我們所關心的大多數事情可能是長期或中期的。瞧，事情會變得更快。因此，考慮到經濟和環境的波動性，我認為僅僅擁有 75 個基點到 100 個基點的正常信貸儲備就是合適的。我們沒有任何具體的事情，也沒有真正可以利用的累積來達到什麼程度，考慮到我們今天所看到的經濟波動，我認為我們應該保持審慎的水平。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, everyone. There are some bigger mixed-use deals in the market. Just kind of curious what the appetite or capacity is to do, you know, several-hundred-million-dollar deal and is now the right time to potentially look to JV some of the bigger high-profile assets that you guys own?

嘿，大家好。市場上有一些較大的混合用途交易。只是有點好奇，你們對幾億美元交易的興趣或能力是什麼？現在是否是考慮將你們擁有的一些備受矚目的資產進行合資的正確時機？

Yes, that's a good question, Craig. And let me do the easy part first. We do have the appetite and we do have the capacity. For -- you know, it's not necessarily that it's a -- these are big or bigger mixed-use assets. The question just like small assets comes down to what's the IRR and what can you get to.

是的，這是個好問題，克雷格。讓我先做簡單的部分。我們確實有這個胃口，我們確實有能力。因為 — — 你知道，它不一定是 — — 這些都是大型或更大的混合用途資產。問題就像小額資產一樣，歸根結底在於 IRR 是多少以及您能獲得什麼。

And so there's really not a difference from my perspective at least in liking a particular format over and above the other as long as it's a retail-based asset because it really comes down to how has that previous owner managed it, how has he or she got into the rents, how have they -- how much capital has been deferred and how much does it need? All the same things you look at in every project.

所以從我的角度來看，只要它是一種零售資產，至少在喜歡某種特定形式勝過其他形式方面沒有什麼區別，因為這實際上取決於前任所有者是如何管理它的，他或她是如何獲得租金的，他們是如何——有多少資本被延期以及需要多少？您在每個項目中都會看到相同的事物。

I like them. And there's -- you know the couple that are in the market today, they're going for numbers that still have to make sense to us. And so we run through that underwriting process. If there's a big mixed-use asset out there, you can be sure we're looking at it because we like that -- that property type, but it still comes down to the individual property type with reserved individual asset rather.

我喜歡它們。而且——你知道，目前市場上的這對夫婦正在追求一些對我們來說仍然有意義的數字。這樣我們就完成了核保流程。如果那裡有一個大型混合用途資產，那麼你可以肯定我們正在關注它，因為我們喜歡那種財產類型，但它仍然歸結為具有保留的單獨資產的單獨財產類型。

So with respect to joint-venture partners, yes. On a big one, that could make some sense to be able to be able to do that way. I always like to, as you would expect from us, take a balanced approach to how we manage that balance sheet.

所以對於合資夥伴來說，是的。從大局來看，這樣做是有一定意義的。正如您所期望的那樣，我總是喜歡採取平衡的方式來管理資產負債表。

And there certainly seems to be joint-venture money that's available out there to partner up. And that is -- so that's certainly a possibility on the bigger stuff. But the bigger thing is, do the numbers work overall on that particular property that we're looking at?

而且似乎確實有合資資金可供合作。那是 — — 所以，這對於更大的事情來說肯定是有可能的。但更重要的是，這些數字是否總體上適用於我們正在關注的特定房產？

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特（Haendel St. Juste）、瑞穗。

Hey, guys. Wanted to ask about, this talk about tariffs. I'm just curious how your conversations potentially with some of your tenants might be going, thoughts on your upper-end consumer seemingly a bit more insulated here, but just curious on the comment of tariffs and what you might be hearing from your tenants. Thanks.

嘿，大家好。想問一下，這個是關於關稅的。我只是好奇您與一些租戶的對話可能會如何，您對高端消費者的想法似乎在這裡更加保密，但我對關稅的評論以及您可能從租戶那裡聽到的內容感到好奇。謝謝。

Yes. I'm going to start and Wendy, I know you and I have talked about it. So maybe add on if I miss anything on this. But the comment -- it's really interesting. The biggest thing from a tenant perspective, that's different than necessarily you would think, or I would think is that there are more non-plus by this generally than the news because they've been dealing with the notion of tariffs, where it's gone, certainly in the first Trump administration, certainly in limited respects during COVID, et cetera.

是的。我要開始了，溫迪，我知道你和我已經談過這件事了。所以如果我遺漏了什麼的話也許會補充。但這個評論確實很有趣。從租戶的角度來看，最大的事情與您想像的不同，或者我認為，這件事總體上比新聞更令人不安，因為他們一直在處理關稅的概念，當然是在川普第一屆政府期間，當然在 COVID 期間也存在有限的問題，等等。

Lots of retailers have diversified their sources of where they source goods from. So, it's interesting. I don't -- I maybe with respect to tenants that kind of serve the less affluent consumer buying stuff from China and are unable to pass it on, maybe the dollar concepts that could possibly be something that it's harder because it always, at the end of the day, it's a tax.

許多零售商已經實現了貨物採購來源的多樣化。所以，這很有趣。我不——我可能對那些為不太富裕的消費者服務的租戶尊重，他們從中國購買商品，卻無法將其轉嫁出去，也許美元概念可能會讓事情變得更加困難，因為歸根結底，它是一種稅。

And so when you sit and think about it, who pays the tax? And in better real estate, in the better areas, that tax to the extent there gets -- is more likely to be able to be absorbed by the consumer. And that's harder to do just like we've been talking about for the past couple of years with lower-income properties and portfolios.

那麼當您坐下來思考這個問題時，誰來繳稅？在更好的房地產和更好的地區，稅收在某種程度上更有可能被消費者吸收。正如我們過去幾年所談論的低收入房產和投資組合一樣，這更難做到。

You know, aside from that, every single business has their own way to operate and to prepare and protect themselves. In the conversations we've been having, they certainly seem to be doing that. Wendy, am I missing anything here?

你知道，除此之外，每個企業都有自己的經營、準備和保護方式。在我們的對話中，他們似乎確實正在這樣做。溫迪，我是不是遺漏了什麼？

No, I think you've hit all the major points. I would also say that since COVID, the retailers that are savvy have been really working to increase their margins and they've been doing a good job of it. And as Don said, they -- the tariffs are not new to them and they've figured out how to continue to navigate this and I haven't heard -- and I've had several one-on-one conversations. I haven't heard anybody say that it was anything other than another challenge towards their business at times.

不，我認為你已經觸及所有要點。我還要說的是，自從疫情爆發以來，精明的零售商一直在努力提高利潤率，而且他們做得很好。正如唐所說，關稅對他們來說並不新鮮，他們已經想好瞭如何繼續應對這個問題，我已經進行了幾次一對一的對話。我還沒聽到任何人說這不是對他們業務的另一個挑戰。

Michael Goldsmith, UBS.

瑞銀的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my question. Dan, comp POI in 2024 of 3.4%, you're guiding to 2025 of 3% to 4% with a headwind of 40 basis points from the collection of prior-period rents. So it points to a fundamental acceleration. So am I thinking about that right? And what's driving that acceleration that you're expecting in the upcoming year? Thanks.

午安.非常感謝您回答我的問題。丹，2024 年的同期 POI 為 3.4%，您預計 2025 年的 POI 將達到 3% 到 4%，而前期租金的收取將帶來 40 個基點的阻力。因此，它指向一個根本性的加速。那我這樣想對嗎？您預計未來一年內這一成長將加速，而推動因素有哪些？謝謝。

Yes. I appreciate that. Good question, Michael. Yes, no, the 3% to 4% is after the headwind of prior-period rents. So you could think about it as 3.4% to 4.4%. So yes, there is some acceleration that we're -- and it's really driven by -- largely by occupancy. And the strength of the occupancy we experienced over this year, past year in '24, where we see occupancy, where we see the puck going in 2025, I think that that's really the biggest driver of continued acceleration in our comparable portfolio.

是的。我很感激。問得好，麥可。是也，不是，3%到4%是在前期租金逆風之後。因此你可以將其視為 3.4% 到 4.4%。所以是的，我們的成長確實有所加速，這主要是受入住率的推動。我們今年和過去 24 年的入住率強勁，我們看到了入住率的成長，也看到了 2025 年的趨勢，我認為這確實是我們可比投資組合持續加速的最大驅動力。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yes, hi. I guess with the two new development announcements, should we see this as a bit of a pivot at the margin back toward development compared to where the focus seemed to be last year?

是的，你好。我想，隨著這兩項新開發案的公告，與去年的重點相比，我們是否應該將此視為邊緣轉變為開發的一個？

You know, I don't know if it's time yet to say there's a pivot. I would say that, you know, as I've talked about in past calls, the ability to make numbers work certainly is enhanced in places where we already own the land. And so the notion of having land that has little or no cost like the Bala Cynwyd asset that were under-construction with. I mean that helps a ton.

你知道，我不知道現在是否到了可以說轉變的時候。我想說的是，正如我在過去電話中談到的那樣，在我們已經擁有土地的地方，讓數字發揮作用的能力肯定會得到增強。因此，擁有成本很低甚至沒有成本的土地的想法就像正在建造中的 Bala Cynwyd 資產一樣。我的意思是這有很大幫助。

Land cost is 15% 20%, 23% or so of a total project. That's a heck of a head start. The other thing clearly is at least at this point in time in the markets we're looking at, most contractors, certainly GCs and subs are willing to take less of profit margins.

土地成本佔工程總成本的15%、20%、23%左右。這真是一個好的開始。另一件顯而易見的事情是，至少就目前我們所關注的市場而言，大多數承包商，當然還有總承包商和分包商，都願意降低利潤率。

And so -- and that's because there isn't as much business out there. Now to the extent that changes that changes. But right now, we're able to make a couple of these projects work. I think we're pretty close to a couple more of them that hopefully we get to later in the year, but it's not yet equilibrium, if you will, acquisitions versus development. But while a year or two ago, it was all acquisitions, if anything, and no development at all, certainly there is a start, if you will to the potential development cycle.

所以 — — 這是因為那裡沒有那麼多生意。現在，變化的程度已經改變了。但現在，我們能夠使其中幾個項目順利進行。我認為我們已經非常接近實現其中的幾個目標，希望能夠在今年稍後實現，但現在還不是平衡點，如果你願意的話，就是收購與開發的平衡點。但是，儘管一兩年前，它全是收購，根本沒有任何發展，但如果你願意的話，潛在的發展週期肯定是一個開始。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good afternoon. I just want to clarify the commentary on Santana West. That $0.12 to $0.14 contribution is net of the capitalized interest burn-off correct and it assumes a fully stabilized asset?

嘿，下午好。我只是想澄清對桑塔納·韋斯特的評論。0.12 美元到 0.14 美元的貢獻是扣除資本化利息消耗後的淨額，正確嗎，並且假設資產完全穩定？

Yes, look, it's a little bit of -- we're taking the hit in 2025 from shutting off capitalized interest and then getting the benefit of all the rent starts. So it's a mistiming. So yes, it will be net of the capitalized interest that we see in 2025 having been burned off and then flows right to the bottom line, $0.12 to $0.14 that we mentioned, primarily in 2026.

是的，看，這有點——我們將在 2025 年因關閉資本化利息而受到打擊，然後獲得所有租金開始的收益。所以這是個錯誤的時機。所以是的，它將扣除我們在 2025 年看到的已被燒掉的資本化利息，然後直接流入底線，即我們提到的 0.12 美元到 0.14 美元，主要是在 2026 年。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Thank you. Good afternoon. How far in advance do you try to lock up construction costs like lumber, steel and although the tariff situation isn't finalized yet, I was just curious how that might impact development yields and what kind of compression you might see going forward? Thank you.

謝謝。午安.您打算提前多久鎖定木材、鋼材等建築成本？雖然關稅情況尚未最終確定，但我只是好奇這會如何影響開發收益，以及未來您可能會看到什麼樣的壓縮？謝謝。

Thank you, Bin, the, you know, as soon as we are able to fully design a project, we certainly start with respect to moving toward a GNP. And certainly that takes time. We are basically there on the Hoboken project we just announced; by the way, that's a concrete building. I don't expect any issues with respect to the costs there. We've got some other things coming up that will be more lumber for it as the primary cause. You can't get it locked down until you have a completely designed project.

謝謝你，Bin，你知道，一旦我們能夠全面設計一個項目，我們肯定會開始向 GNP 邁進。這當然需要時間。我們基本上已經完成了剛剛宣布的霍博肯專案；順便說一句，那是一座混凝土建築。我預計那裡的成本不會有任何問題。我們還有一些其他的事情要做，這些事情將為它提供更多的木材作為主要原因。直到你有一個完全設計好的項目時，你才能將其鎖定。

And we're not effectively warehousing materials in order to lock down money early. So as you're asking one of the questions that's tied to the whole last three weeks, if you will, of the Trump presidency and where that's going to lead, there's a lot of unknowns as to whether that's actually going to be impacting construction costs, deal costs and be tariff-related, as the -- as the year goes on, as the years go on. Today, we're taking no risk, if you will, on the projects that we are starting that we've already announced with respect to costs though because they are locked down.

而且我們並沒有有效地倉儲材料以便儘早鎖定資金。因此，如果你問的是與過去三週川普總統任期相關的一個問題，以及這將導致什麼結果，那麼隨著時間的推移，隨著年份的流逝，這是否真的會影響建築成本、交易成本並與關稅相關，仍有許多未知數。今天，對於我們已經宣布成本的、正在啟動的項目，我們不會承擔任何風險，因為它們已經被確定了。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, thanks. Good evening. Don, you've built Federal into the sort of the preeminent mixed-use owner, developer in the shopping center sector. I think based on our numbers, you own the three most valuable mixed-use projects in the strip sector. I'm curious as to, you know, you talked a little bit about being on the warpath. Capital allocation, would you prefer to buy another Assembly Row, for example, or would you rather buy five Virginia Gateways, which would be similar kind of NOI contribution?

嘿，謝謝。晚安.唐，您已經將 Federal 打造成了購物中心領域卓越的混合用途業主和開發商。我認為，根據我們的數據，您擁有該地帶最有價值的三個混合用途項目。我很好奇，你知道，你談到了一點關於戰爭的事情。資本配置，例如，您是否願意購買另一條 Assembly Row，或者您是否願意購買五條 Virginia Gateways，這將是類似的 NOI 貢獻？

If the returns are the same or how do you think about that? How do you think about portfolio construction in three years' time? How many more of these dominant assets do you expect to have in the portfolio?

如果回報相同或您對此有何看法？您考慮三年後的投資組合建構是怎麼樣的？您預計投資組合中還會有多少這種主要資產？

I love the question actually, Floris, but I don't fall in love with properties. At the end of the day, it comes down to the IRR. It comes down with our belief. Now because we've got very good experience with mixed-use, I think we can underwrite them, probably better than most because we have, as you say, a lot of experience that way.

事實上，我很喜歡這個問題，弗洛里斯，但我並不喜歡房產。歸根究底，這還是取決於 IRR。這取決於我們的信念。現在，由於我們在混合用途方面擁有非常豐富的經驗，我認為我們可以為它們提供承保，可能比大多數人做得更好，因為正如你所說，我們在這方面擁有豐富的經驗。

That does, in our view, reduce the risk. It also though means there's just a certain amount that we're willing to pay to get it. And so you're not going to see us in order to have all the mixed-use big projects in the country, you're not going to see us stepping out of our shoes because the numbers don't work.

我們認為這確實降低了風險。但這也意味著我們只願意支付一定金額的費用來得到它。所以，你不會看到我們為了在全國開展所有的混合用途大型項目，你不會看到我們脫離自己的位置，因為數字不起作用。

And at the end of the day, we are allocating capital here as best we can to provide the greatest risk-adjusted return. So when you sit and you think about that, the theoretical part of your question is theoretical if there were five of Virginia Gateways versus one Assembly Row, but there never are because that's not -- that's a false choice.

最終，我們會盡力配置資本，以提供最大的風險調整回報。因此，當您坐下來思考這個問題時，您會發現，如果有五個弗吉尼亞門戶對一個 Assembly Row，那麼這個問題的理論部分就是理論上的，但事實並非如此，因為那不是——那是一個錯誤的選擇。

It comes down to trying to work on the assets that are on our hit list to be able to get the sellers to transact and then underwrite them with the best knowledge. The biggest advantage I think we have is that we underwrite well on that type of -- type of project because of our experience that way.

歸根結底，我們要嘗試對名單上的資產進行處理，以便能夠讓賣家進行交易，然後以最佳知識對其進行承保。我認為我們最大的優勢是，憑藉我們在這方面的經驗，我們可以很好地承保此類專案。

And then the reputation of having it being Federal allows us, I think, to outperform on those types of assets because we deal with those tenants, we deal with that type of operation. We're good at it. So I hope that helps. It's not an either/or, it is a best risk-adjusted capital allocation strategy that will lead Federal wherever Federal is in the next three to five years.

而且我認為，作為聯邦企業，我們的聲譽使我們在這些類型的資產上表現出色，因為我們與這些租戶打交道，我們處理這種類型的業務。我們很擅長這個。我希望這會有所幫助。這不是一個非此即彼的問題，而是一個最佳的風險調整資本配置策略，它將引領聯邦在未來三到五年內走向未來的方向。

Linda Tsai, Jefferies.

傑富瑞 (Jefferies) 的 Linda Tsai。

Yes, hi. Maybe just a follow-up on the transaction environment. As you look across the different formats, are there certain regions or certain retail format types where you see better opportunities in your underwriting?

是的，你好。也許只是對交易環境的後續關注。當您觀察不同的形式時，您是否在某些特定地區或某些零售形式類型中看到了更好的承保機會？

It's not really. Jan, what do you think about that question Linda has?

事實並非如此。Jan，你覺得 Linda 的這個問題怎麼樣？

Yes, it's a good question and a little hard to answer, Linda. I don't know. We like -- again, we like larger centers and generally, the yields have been pretty good across the board on those centers. I don't know if there's a particular type that is providing a better or worst yield. It really probably is case-by-case on the asset where it sits in the marketplace and what marketplace it's in. So I think that it's hard to answer that one.

是的，這是一個好問題，但有點難回答，琳達。我不知道。我們喜歡—再說一次，我們喜歡較大的中心，而且一般來說，這些中心的收益率一直相當不錯。我不知道是否有某種特定類型可以提供更好或最糟糕的收益。這實際上很可能是根據資產在市場中的位置和所在的市場情況而定的。所以我認為這個問題很難回答。

Yes, the answer is really not really, Linda, in terms of preference.

是的，從偏好方面來說，答案是否定的，琳達。

Omatayo Okusanya, Deutsche Bank.

Omatayo Okusanya，德意志銀行。

Yes, good afternoon, everyone. A quick question on your leases. Again, clearly at 96% occupancy, you guys are driving rents pretty nicely, but wanted to talk a little bit about kind of from a qualitative perspective, other things you're doing with lease terms versus retailers to kind of help you guys build your business. If you just kind of talk a little bit about some of these initiatives and kind of results from them?

是的，大家下午好。關於您的租約的一個簡單問題。再次，顯然在 96% 的入住率下，你們的租金上漲得相當不錯，但我想從定性的角度談談你們在租賃條款方面與零售商所做的其他事情，以幫助你們發展業務。您能否稍微談談這些舉措以及它們所取得的成果？

Sure. Let me -- this is Wendy, I'll jump in here. You know with our leased rate up so high, it really gives us the opportunity to continue to strategically focus on merchandising and growing sales. We've had a good history of if we can grow that quality of merchants together from a sales perspective, we can drive the rents better.

當然。讓我——我是溫迪，我來插話。您知道，我們的租賃率如此之高，這確實使我們有機會繼續策略性地專注於商品銷售和增加銷售額。我們有著良好的記錄，如果我們能夠從銷售角度共同培養優質商家，我們就能更好地提高租金。

As Don mentioned before, we are -- we've always been very diligent, I should say, on our contracts and making sure that we have the amount of opportunities and control that we need in those contracts. I would say we're even more focused on sales volumes where we've had the opportunity to say, hey, we're only going to give you so much term.

正如唐之前提到的，我們應該說，我們一直非常認真地對待我們的合同，並確保我們在這些合約中擁有所需的機會和控制權。我想說的是，我們更專注於銷售量，我們有機會說，嘿，我們只能給你這麼多的期限。

And if we give you an option on top of that, you need to have a certain sales performance before you can even exercise that option. So this -- that will give you some examples of how we're able to kind of work and kind of fine-tune the overall production of our shopping centers.

如果我們另外給您一個選擇權，那麼您必須要有一定的銷售業績才能行使這個選擇權。所以這 — — 這將為您提供一些範例，說明我們如何運作並微調購物中心的整體生產。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, thanks for allowing me to follow up. I guess I have a two-parter. One would be just on the guidance page, the $5 million of disposed properties from 2024 POI. Is that just the drag -- residual drag from assets you sold last year? And I guess what would be the offsetting acquisition benefit? I'm just a little confused about how I should interpret or use that information.

你好，感謝您允許我跟進。我想我有兩個部分。其中一個就是在指導頁面上，2024 年 POI 中出售的價值 500 萬美元的房產。這僅僅是去年您出售資產所造成的殘留拖累嗎？我猜想抵銷的收購利益是什麼？我只是有點困惑，不知道該如何解釋或使用這些資訊。

Okay. That's the POI that's no longer -- that we recognized in 2024, that's no longer in our portfolio for 2025. So we sold assets last year, Santana, I mean Santa Monica, that reflects -- that and others reflect the income that we saw in 2024 that's not in our 2025 guidance.

好的。這就是我們在 2024 年確認的不再存在的 POI，它不再存在於我們 2025 年的投資組合中。因此，我們去年出售了桑塔納（Santana）等資產，我指的是聖莫尼卡（Santa Monica），這反映了我們在 2024 年看到的收入，但這不在我們的 2025 年指引之內。

I think he asked about acquisition benefit?

我認為他問的是收購利益？

What was the second part of the question?

問題的第二部分是什麼？

Yes. I guess what would be the offset on the acquisition side just to have both sides of the coin?

是的。我猜想，為了同時擁有硬幣的兩面，收購方面的抵銷額是多少？

Well, they're pretty straightforward. We acquired -- I don't have that off the top of my head, but Virginia Gateway, it was acquired. Let me follow up with you offline there. That's not something I will be -- I need to do some calculations. Can't do it in my head right now.

嗯，它們非常簡單。我們收購了——我不太清楚這一點，但維吉尼亞門戶已經被收購了。讓我在那裡線下跟進您。這不是我會做的事情——我需要做一些計算。我現在沒辦法在腦子裡做到這一點。

Sounds good. Thank you.

聽起來不錯。謝謝。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hey, thanks for taking the follow-up. Just going back to Jeff Spector's question on the Cleveland asset that you guys said that you took a look at and it was sort of a market that you wouldn't have thought about before, but it broadens your view. As you guys think -- consider new markets, just sort of curious if you're sort of rethinking your traditional-type scenarios like high affluent, infill -- not infill, but infill suburban or if the way that communities have changed, there's a new way that you're thinking about it.

嘿，感謝您的跟進。回到傑夫·斯佩克特 (Jeff Spector) 關於克利夫蘭資產的問題，你們說過，你們研究過這個市場，這是一個你們以前從未想過的市場，但它拓寬了你們的視野。正如你們所想的那樣 - 考慮新的市場，只是有點好奇你是否在重新思考傳統類型的場景，比如高富裕、填充 - 不是填充，而是填充郊區，或者社區的方式是否發生了變化，是否有一種新的方式讓你思考它。

And the second part of that is everyone wants to have meaningful concentration to allow a platform. I assume that's actually difficult to foresee given the limited deal flow to just like see a path to acquiring enough assets or you can actually see that even in the limited deal flow that we have right now?

第二部分是每個人都希望有意義地集中精力建立一個平台。我認為，由於交易流量有限，這實際上很難預見，就像看不到獲取足夠資產的途徑一樣，或者即使在我們目前有限的交易流量中你實際上也能看到這一點？

Boy, you got a lot packed in there, buddy. And I love the question. It's going to be a little hard to just do that with one or two sentences, but let me try. First of all, a couple of great assumptions in there. The notion of whether Federal will go down quality in those other assets is -- the answer is no. We won't do that. Now because the markets -- some of the markets we're talking about are smaller than the big coastal cities, there are, to your other point, fewer great centers.

小子，你心裡裝了很多東西啊，老兄。我很喜歡這個問題。僅用一兩句話來做到這一點可能有點困難，但讓我試試。首先，這其中有幾個很好的假設。聯邦是否會降低其他資產的品質？答案是否定的。我們不會這麼做。現在，因為我們談論的一些市場比沿海大城市小，所以，正如你提到的另一點，大城市的數量較少。

And all we're going to be looking at is the best couple of centers in cities that are still large cities, but not as big as the coast. So yes, it does become more difficult, if you will, to own six or seven or five in -- within a particular market, but it is not difficult to -- for us to get our heads around the best center or best two centers in a particular market and run them as -- run them separately, if you will, with a new organization that's aiming for that. So your assumptions are generally really good. There are places that we have not looked at historically that we are comfortable that with the best asset or two in those large cities, but not as large as the coast that we could take what we do for a living, which is merchandise well to the best retailers, retailers that will be -- will want to go where we're talking to and we're spending an awful lot of time with those retailers, making sure we know where they want to go so that we can affect change there. That's the kind of stuff that we'll be going for.

我們要關注的是那些仍然是大城市但不如沿海城市大的城市中最好的幾個中心。因此，是的，如果你願意的話，在特定市場中擁有六家、七家或五家中心確實變得更加困難，但對於我們來說，在特定市場中找到最好的中心或最好的兩家中心，並將它們分開運營，如果你願意的話，可以由一個以此為目標的新組織來運營，這並不困難。所以你的假設整體來說非常好。有些地方我們以前沒有考慮過，我們對這些大城市中最好的一兩項資產感到滿意，但這些資產不像沿海地區那麼大，我們可以在那裡從事我們的工作，也就是把商品很好地賣給最好的零售商，這些零售商會想去我們正在交談的地方，我們花了大量的時間與這些零售商在一起，確保我們知道他們想去哪裡，這樣我們才能影響那裡的變革。這就是我們要追求的東西。

They will be the best one or two assets of -- at least in the market, there will be affluence, there will be population density.

它們會成為最好的一兩種資產——至少在市場上，會有富裕，會有人口密度。

Steve Sakwa, Evercore.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore。

Yes. Thanks. Dan, could you maybe just provide a little more color? I think when you gave those ranges by quarter, it kind of implies a drop sequentially from 4Q to 1Q and maybe there's a slower build into 2Q. I realized the tax credit might pop in all in the third quarter, but maybe just help us bridge kind of the weaker first half and, obviously, the stronger second half?

是的。謝謝。丹，你能提供更多一些顏色嗎？我認為，當您按季度給出這些範圍時，它暗示著從第四季度到第一季的連續下降，並且第二季度的增長速度可能會放緩。我意識到稅收抵免可能會在第三季全面出現，但也許只是幫助我們彌補上半年的疲軟和下半年的強勁成長？

Yes, sure. Sure. Good question. The guidance of $1.67 to $1.70 is roughly down 2.5% from the fourth quarter FFO we reported. A big chunk of that is really a number of seasonality-related numbers. One is occupancy. First quarter, typically we see tenant move-outs. We are and I highlighted this, we will see a step-down in occupancy into the mid-to-upper 93% range by quarter end. Just we see that typically every year. Expenses like snow are seasonal. It's been a rough first 40-some-odd days in the Northeast from a snow perspective. So would expect that to weigh on us. Hotel income, it's small, but it adds a seasonality is component, parking and percentage rent, you've got cold weather impact on customer traffic as well as tenants hitting breakpoints.

是的，當然。當然。好問題。1.67 美元至 1.70 美元的預期比我們報告的第四季度 FFO 約下降 2.5%。其中很大一部分實際上是與季節性相關的數字。一是佔用率。第一季度，我們通常會看到租戶搬離。正如我所強調的，到本季末，我們將看到入住率下降至 93% 左右。我們每年都會看到這種情況。像雪這樣的開銷都是季節性的。從降雪的角度來看，東北地區前四十多天過得相當艱難。所以我們預計這會給我們帶來壓力。飯店收入雖然不大，但其中增加了季節性因素、停車費和租金百分比，寒冷天氣對客流量也有影響，租戶也會遇到斷點。

Dropped off. They can't hear us.

掉下去了。他們聽不到我們的聲音。

The speaker line is back on.

揚聲器線路已恢復。

Yes, they're dialing back in now.

是的，他們現在正在重新撥號。

Operator, can you hear us?

接線員，你聽得到我們說話嗎？

Yes.

是的。

Are we live in the line?

我們在線上嗎？

Okay. I Yes, you are.

好的。是的，你是。

Okay. I tick through most of the seasonality impact. That's a big impact. COVID-era deferrals, they go away versus the fourth quarter -- into the first quarter about a penny. We did issue shares at the end of the year and that is a couple of pennies. And those are really the big drivers that offset the -- obviously, the charge that we have. So that's really likely to be the big driver. And then just ramping back up of occupancy in the second quarter where it shows the improvement of the trend. And so similarly for, you know, our comparable growth will show steady improvement from the first quarter through the second and peak out in the fourth quarter.

好的。我考慮了大部分季節性影響。影響很大。與第四季相比，COVID 時代的延期已經消失——第一季的延期約為一美分。我們確實在年底發行了股票，價值幾美分。這些確實是抵銷我們所承擔的費用的主要驅動力。所以這很可能成為一個重要的驅動因素。然後第二季入住率再次回升，顯示趨勢有所改善。同樣地，我們的可比較成長將從第一季到第二季穩步改善，並在第四季度達到高峰。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, Dan. A follow-up for you. I wanted to talk about a different kind of SNO. Your SNO pipeline of 210 basis points. Can you quantify the rental impact of that?

嘿，丹。為您跟進。我想談論不同類型的 SNO。您的 SNO 管道為 210 個基點。您能量化其對租金的影響嗎？

Yes. Total rent associated with our comparable SNO, which is just what's in the comparable pool, is a little over $25 million. We also have leases signed in the non-comparable pool that take us up towards $42 million, call it, $41 million, $42 million. We would expect that of the 41%, 42%, 80% of that will be in 2025 with the balance in 2026 and that will be weighted more heavily towards the second half of the year. We have 55% of scheduled starts in the second half of the year and 25 basis -- 25 points of the 80 points being in the first half.

是的。與我們的可比 SNO 相關的總租金（即可比池中的租金）略高於 2500 萬美元。我們還在不可比資產池中籤署了租約，價值將達到 4,200 萬美元，也就是 4,100 萬美元或 4,200 萬美元。我們預計，其中 41%、42%、80% 將在 2025 年實現，其餘將在 2026 年實現，而且這部分資金將更多地集中在下半年。我們計劃下半年開工率為 55%，80 個點中有 25 個點是在上半年。

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

我們的問答環節到此結束。我想將會議交還給 Leah Brady，請她做最後發言。請繼續。

Look forward to seeing everybody in the next few weeks. Thanks for joining us today.

期待在接下來的幾週內與大家見面。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.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。