Federal Realty Investment Trust (FRT) 2025 Q1 法說會逐字稿

Good afternoon and welcome to the Federal Realty Investment Trust first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

下午好，歡迎參加聯邦房地產投資信託 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Jill Sawyer, Senior Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係高級副總裁吉爾·索耶 (Jill Sawyer)。請繼續。

Thank you, Amy. Good evening. Thank you for joining us today for Federal Realty's first quarter 2025 earnings conference Call. Joining me on the call are Don Wood, Federal's Chief Executive Officer; Dan Guglielmone, Chief Financial Officer; Wendy Seher, Eastern Region President and Chief Operating Officer; and Jan Sweetnam, Chief Investment Officer as well as other members of our executive team that are available to take your questions at the conclusion of our prepared remarks.

謝謝你，艾米。晚安.感謝您今天參加 Federal Realty 2025 年第一季財報電話會議。與我一起參加電話會議的還有 Federal 執行長 Don Wood、財務長 Dan Guglielmone、東部地區總裁兼營運長 Wendy Seher、首席投資長 Jan Sweetnam，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後回答您的問題。

A reminder that certain matters discussed on this call may be deemed to be forward-looking statements. Forward-looking statements include any annualized or projected information as well as statements referring to expected or anticipated events or results, including guidance.

提醒您，本次電話會議討論的某些事項可能被視為前瞻性陳述。前瞻性陳述包括任何年度化或預測資訊以及提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 Federal Realty 認為此類前瞻性陳述中反映的預期是基於合理的假設，但 Federal Realty 的未來營運及其實際業績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 operational results.

我們今晚發布的收益報告和補充報告包、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。

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.

考慮到電話會議的參與者數量，我們懇請您在電話會議的問答環節中只提出一個問題。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. Don?

說完這些，我將把電話轉給唐伍德 (Don Wood)。大學教師？

Thank you, Jill, and welcome to your first Federal Realty conference call. We are excited that you're here. At $1.70 per share, the first quarter was another strong one for the trust. It was ahead of our consensus, our internal expectations, and the prior year. So it's probably a good time to remind everybody of the historical correlation between uncertain economic times and the performance of real estate surrounded by an affluent customer base and loss of density, more uncertainty economy better we tend to do.

謝謝你，吉爾，歡迎參加你的第一次聯邦地產電話會議。我們很高興您能來。該信託第一季的業績為每股 1.70 美元，再創佳績。它超出了我們的共識、內部預期以及去年同期的水平。因此，現在可能是時候提醒大家，不確定的經濟時期和房地產表現之間的歷史關聯性，周圍是富裕的客戶群和密度的損失，經濟越不確定，我們往往做得越好。

Wendy Seher, our President of the East Coast along with Dan G are going to go through the detail of those results this evening. It will be her first foray into prepared remarks on the earnings call, so [she comes]. They'll center on operations, so mine will focus on the broader economic and capital allocation landscape that we're operating in since the new administration took over in January.

我們的東海岸總裁 Wendy Seher 和 Dan G 將於今晚詳細討論這些結果。這將是她第一次在收益電話會議上發表準備好的發言，因此[她來了]。他們將以營運為中心，因此我的重點將集中在自一月份新政府上台以來我們所處的更廣泛的經濟和資本配置格局上。

The headlines in the stock market performance seem to settle down a bit over the past week or so, at least until today, up until an hour ago in sharp contrast to the first few weeks of April, but we're clearly in a really unpredictable time. The bottom line though is that we have not seen any negative impact to our property leasing or consumer behavior as a result of the administration's actions and policies as we sit here on May 8. In fact, April saw a year-over-year foot traffic at Federal's properties in the Washington DC MSA up 6% year-over-year, up 3% at Santana Row, up 11% at Federal's properties in Boston.

過去一周左右，股市表現的頭條新聞似乎有所穩定，至少到今天為止，直到一小時前與四月的前幾週形成鮮明對比，但我們顯然處於一個真正難以預測的時期。但底線是，截至 5 月 8 日，我們尚未看到政府的行動和政策對我們的房地產租賃或消費者行為產生任何負面影響。事實上，四月份，聯邦百貨在華盛頓特區 MSA 的物業客流量年增 6%，桑塔納街 (Santana Row) 的物業客流量年增 3%，聯邦百貨在波士頓的物業客流量年增 11%。

Consumer in our markets including Washington DC have been remarkably resilient. Obviously, ongoing government layoff announcements combined with a whipsaw tariff policy can possibly be a good thing for business investment consumer confidence and will likely lead to broader inflationary pressure later this year and next, but we haven't seen or felt it yet. It's also why the high household incomes are so important to the future.

包括華盛頓特區在內的我們市場的消費者表現出了強烈的韌性。顯然，持續的政府裁員公告加上鋸齒狀關稅政策可能對企業投資消費者信心有利，並可能在今年晚些時候和明年導致更廣泛的通膨壓力，但我們尚未看到或感受到它。這也是為什麼高家庭收入對未來如此重要。

First of all, it has always been our job to insulate our company as best we can against changing economic conditions and other disruptive forces. After all this is and always has been a cyclical business. The way we've done this is by having an extremely diverse tenant base. Our largest tenant by ABR is TJX, which makes up 2.6% of our base rent and is considered a likely net beneficiary amid the economic uncertainty triggered by the tariffs. Our number two is grocer Ahold, who makes up another 1.9%. Don't underestimate how important tenant diversity is.

首先，我們的工作始終是盡力保護公司免受不斷變化的經濟狀況和其他破壞性力量的影響。畢竟，這始終是一個週期性的行業。我們做到這一點的方法是擁有極其多樣化的租戶基礎。根據 ABR，我們最大的租戶是 TJX，它占我們基本租金的 2.6%，並被認為在關稅引發的經濟不確定性中可能是淨受益者。排名第二的是食品雜貨商阿霍德 (Ahold)，佔 1.9%。不要低估租戶多樣性的重要性。

In addition, we've set ourselves up well by being very selective in choosing the best operator in each category with strong credit whether that be restaurants, fashion, services or other. We get sales reporting from about 50% of our tenants, strong representative sample, and their overall cost of occupancy is about 9% of sales, only 10% excluding grocers, making rent obligations affordable and with room to spare.

此外，我們非常謹慎地選擇每個類別中信譽良好的最佳營運商，無論是餐飲、時尚、服務或其他，從而為自己做好了準備。我們從大約 50% 的租戶（具有很強的代表性樣本）那裡獲得了銷售報告，他們的總體入住成本約為銷售額的 9%，不包括雜貨店則只有 10%，這使得租金負擔得起並且還有剩餘空間。

Tenants can by and large still pay the rent continue to pursue further growth for the best real estate. We're here to partner with our retailers to help them grow and as a landlord strength of our leases and tenant quality and credit quality protect us on the downside. And, yes, perhaps most importantly, we've worked to insulate our company by owning real estate that leans in heavily towards strong household income.

租戶大體上仍能支付租金，繼續追求最佳房地產的進一步成長。我們在此與我們的零售商合作，幫助他們成長，作為房東，我們的租約實力、租戶品質和信用品質可以保護我們免受不利影響。是的，也許最重要的是，我們努力透過擁有主要依賴強勁家庭收入的房地產來保護我們的公司。

Quality metric that is fundamental to our core as cycle after cycle favors affluence when considering the ability to power through. Bottom line, we are well set up to continue to grow even if the landscape continues to evolve unpredictably. We closely monitor the political and economic policy environment through the weekly, throughout the week and sometimes daily changes as well as to continually dialogue with our retail partners. In the meantime, continue to run our business aggressively and with purpose.

當考慮持續發展的能力時，品質指標對於我們的核心至關重要，因為一個又一個週期都有利於富裕。總而言之，即使情勢持續發生不可預測的變化，我們也已做好繼續成長的準備。我們透過每週、每週甚至每天的變化密切關注政治和經濟政策環境，並與我們的零售合作夥伴持續對話。同時，我們將繼續積極、有目的地開展業務。

Before turning it over to Wendy, I also wanted to make a few comments about capital allocation choices and how we're considering them in this environment. In terms of transaction market, it should come as no surprise that the April 2, tariff announcements including the changes made every week since along with the related capital markets uncertainties have had a profound effect on buyer's ability to underwrite and evaluate opportunities with the level of confidence that they've become accustomed to.

在將其交給溫迪之前，我還想對資本配置選擇以及我們在這種環境下如何考慮這些選擇發表一些評論。就交易市場而言，4 月 2 日的關稅公告以及此後每週做出的變更，加上相關的資本市場不確定性，對買家以其習慣的信心水平承保和評估機會的能力產生了深遠的影響，這並不奇怪。

In our view, while the volatility of the last five weeks shouldn't in and of themselves kill deals that make sense for the organization in the medium and long-term, they do require underwriting and capital allocation decisions that take into account the different risk profile that reduce predictability brings. 10-year IRRs are disproportionately hit by disruptions in the first couple of years.

我們認為，雖然過去五週的波動本身不應該扼殺對組織中長期有意義的交易，但它們確實需要承保和資本配置決策，這些決策要考慮到降低可預測性帶來的不同風險狀況。 10 年期 IRR 在頭幾年受到的衝擊尤為嚴重。

As the year progresses, we'll continue to look forward and aggressively pursue opportunities that fit that risk adjusted criteria. I think we'll be successful in finding them. And while our clear bias is to grow our company through the acquisition development of great retail real estate, buying back our own stock wins out when the spread between that investment and other alternatives gets to what. It's important for our investors to know that we consider prudent capital allocation decisions to be at the very top of our list of responsibilities.

隨著時間的推移，我們將繼續展望未來並積極尋求符合風險調整標準的機會。我認為我們一定能成功找到他們。儘管我們明顯傾向於透過收購開發優質零售房地產來發展公司，但當該投資與其他替代品之間的利差達到一定程度時，回購我們自己的股票就會勝出。我們的投資人必須知道，我們認為審慎的資本配置決策是我們最重要的責任。

That's all I wanted to cover in prepared remarks this afternoon. So I'll turn it over to Wendy Seher for her prepared remarks on the quarter and expectations for the rest of the year. Wendy?

這就是我今天下午在準備好的發言中想要討論的全部內容。因此，我將把時間交給 Wendy Seher，請她就本季和今年剩餘時間的預期發表準備好的評論。溫迪？

Thank you, Don. As many of you know, I spend most of my time interacting with our retail partners, driving revenue for the company focused on our day-to-day operating metrics, including asset management, leasing, tenant coordination, and redevelopment. You've typically only heard prepared remarks from Don and Dan, but I wanted to take the opportunity to provide my observations on current market dynamics and how I think our centers are positioned to perform for the year.

謝謝你，唐。眾所周知，我大部分時間都在與我們的零售合作夥伴互動，為公司創造收入，並專注於我們的日常營運指標，包括資產管理、租賃、租戶協調和重建。您通常只會聽到唐和丹的準備好的發言，但我想藉此機會提供我對當前市場動態的觀察以及我認為我們的中心在今年的表現如何。

First, let's talk about Q1. We're off to a strong start this year providing results that outperformed what we had expected for the quarter. Our comparable portfolio ended the quarter at 95.9% leased, 160 basis points higher than last year's first quarter results. In all, our comparable lease rate dropped only 20 basis points quarter-over-quarter, signaling higher retention and less move outs than we expected.

首先，我們來談談Q1。我們今年開局強勁，本季的業績超出了我們的預期。本季末，我們可比投資組合的租賃率為 95.9%，比去年第一季的結果高出 160 個基點。總體而言，我們的可比租賃率僅比上一季下降了 20 個基點，這表明保留率更高，而遷出率低於我們的預期。

With minimal or no exposure to some of the retail bankruptcy headlines of today such as Jo-Ann's, Big Lots, Rite Aid or Party City, our strong lease rate speaks to the strength of the real estate and the best-in-class retailers that occupy our centers. From what I'm seeing at the property level today, we're well positioned with both in-place contracts and a strong pipeline to deliver higher occupancy in the second half of 2025.

由於很少或根本沒有受到當今一些零售業破產新聞的影響，例如 Jo-Ann's、Big Lots、Rite Aid 或 Party City，我們強勁的租賃率說明了房地產的實力以及入駐我們中心的一流零售商。從我目前在物業層面看到的情況來看，我們已做好充分準備，既有現有合同，又有強大的儲備，可以在 2025 年下半年實現更高的入住率。

We executed 91 retail leases, representing 430,000 square feet for the quarter, including the company's first lifetime fitness deal at Santana Row. As expected, our leasing volume has normalized due to our high leased occupancy rates, while rent rollover was a modest 6% for the quarter. This rollover rate does not represent a trend, but is more driven by the mix of deals executed this quarter.

本季我們簽訂了 91 份零售租賃協議，總面積達 43 萬平方英尺，其中包括該公司在 Santana Row 簽訂的首個終身健身協議。正如預期的那樣，由於我們的租賃入住率較高，我們的租賃量已經恢復正常，而本季的租金展期僅為 6%。這一展期率並不代表一種趨勢，而更多地受到本季執行的交易組合的影響。

As I look both at our executed deals this second quarter plus our in-process pipeline, I would expect our rollover will be somewhere in the mid-teens for the next couple of quarters. I remain encouraged with respect to the level of tenant demand as we've seen no meaningful impact on the uncertain economic environment.

當我查看我們第二季已執行的交易以及正在進行的交易管道時，我預計未來幾季我們的展期將在十幾歲左右。我對租戶需求水準仍然感到鼓舞，因為我們沒有看到對不確定的經濟環境產生任何重大影響。

In fact, our executed leases since quarter end are well above our normal historic pace and we continue to see opportunities to push both small shop and anchor rents including annual increases as well as produce non-financial terms that can deliver meaningful value for the midterm and long-term horizon. Contractual bumps this quarter were 2.4% blended both anchor and small shop, which is quite strong. Some of the momentum is certainly being driven by the limited inventory, but mostly the demand is being driven by our signature amenitized locations surrounded by high household incomes.

事實上，自季度末以來，我們執行的租約遠高於我們正常的歷史速度，我們繼續看到推動小商店和主力店租金的機會，包括年度增長，以及產生可以為中期和長期帶來有意義價值的非財務條款。本季合約漲幅為 2.4%，包括主力店和小店，這一漲幅相當強勁。這種勢頭的部分原因肯定是有限的庫存，但主要需求是由我們標誌性的設施齊全、周圍家庭收入較高的地點所推動的。

A great example of this is the new Bloomie's small format concept that just opened at The Grove in affluent Shrewsbury, New Jersey. Bloomie's is outperforming even their own expectations and this traffic and sales production has enabled us to push small shop rents well beyond what we underwrote. No sign of a weakening tenant, weakening consumer, excuse me, in Shrewsbury strong household income really does matter.

一個很好的例子就是剛在新澤西州富裕的什魯斯伯里的 The Grove 開業的全新 Bloomie 小型概念店。Bloomie's 的表現甚至超出了他們自己的預期，這種客流量和銷售額使我們能夠將小商店的租金推高到遠遠超出我們承保的水平。沒有跡象顯示租戶和消費者的情緒正在減弱，對不起，在什魯斯伯里，強勁的家庭收入確實很重要。

There is so much conflicting information out there on consumer confidence and tenant performance. I really focus on three key metrics. Well-located real estate, high income areas and strong retail sales. This combination creates a solid foundation in any market climate. I looked at a few of our tenants that report sales publicly TJX, CAVA, Old Navy, Chipotle, and Anthropologie and I compared their national sales on average with our average portfolio sales.

關於消費者信心和租戶表現存在著許多相互矛盾的資訊。我真正關注的是三個關鍵指標。地理位置優越的房地產、高收入地區和強勁的零售業。這種結合在任何市場環境下都奠定了堅實的基礎。我查看了一些公開報告銷售情況的租戶，例如 TJX、CAVA、Old Navy、Chipotle 和 Anthropologie，並將他們的全國平均銷售額與我們的平均投資組合銷售額進行了比較。

Across the board, Federal Realty properties exceeded national averages anywhere from 15% to 40%. This doesn't even take into account the e-commerce halo effect of brick-and-mortar locations. Remember, higher sales disproportionately enhance store profitability. This measurement is not perfect, but it does signal the strength of the real estate and our ability to drive rents, which really is just a function of sales. A diversified retailer race is how I feel comfortable that we are prepared for the near-term as well as the long-term.

總體而言，聯邦房地產的房產價格比全國平均高出 15% 至 40%。這甚至還沒有考慮到實體店的電子商務光環效應。請記住，更高的銷售額會不成比例地提高商店的獲利能力。這個衡量標準並不完美，但它確實顯示了房地產的實力和我們推動租金的能力，而這實際上只是銷售額的一個函數。透過多元化的零售商競爭，我確信我們已經為短期和長期做好了準備。

Lastly, I did want to talk about our current discussions with retailers and navigating the changing tariff landscape. As our retail partners have reminded me, sophisticated retailers have been diversifying their supply channels for over five years now and have been navigating tariffs for years beyond that.

最後，我確實想談談我們目前與零售商的討論以及對不斷變化的關稅情況的應對。正如我們的零售合作夥伴提醒我的那樣，成熟的零售商五年多來一直在實現供應管道多樣化，並且多年來一直在應對關稅問題。

I don't want to suggest it will be business as usual, of course not. But until there is some clarity on where tariffs land, the retailers that we have spoken to have not made any material changes to either their open to buy requirements or their capital expenditures. We will continue to monitor this and get feedback as we head into our Vegas convention in a couple of weeks. Stay tuned.

我並不是說一切會照常進行，當然不是。但是，在關稅最終確定之前，我們所採訪的零售商尚未對其採購要求或資本支出做出任何重大改變。幾週後我們將在拉斯維加斯召開大會，屆時我們將繼續關注此事並獲得回饋。敬請關注。

Dan?

擔？

Thank you, Wendy, and hello everyone. Our reported NAREIT FFO per share for the first quarter of $1.70 came in at the top end of our guidance range and represented almost 4% growth on a per share basis. Revenues were up 6% and POI was up almost 5% for the quarter on a year-over-year basis.

謝謝你，溫迪，大家好。我們報告的第一季度 NAREIT FFO 每股為 1.70 美元，處於我們指引範圍的最高端，每股成長近 4%。本季營收年增 6%，POI 較去年同期成長近 5%。

Primary drivers for the solid 1Q performance were one, lower than expected credit reserve utilization, which highlights our lack of any material exposure to bankrupt tenants. Two, higher rental revenue than we had forecast and lower G&A due to ongoing focus on cost controls. This was somewhat offset by higher than expected property expenses, primarily driven by snow.

第一季業績穩健的主要驅動因素是，信貸準備金利用率低於預期，這凸顯了我們並未受到破產租戶的重大影響。二、由於持續關注成本控制，租金收入高於我們的預期，且一​​般及行政費用 (G&A) 較低。這在一定程度上被高於預期的房地產費用（主要由於降雪）所抵消。

Comparable POI growth excluding prior period rents and term fees came in at 2.8% for the first quarter, which is better than the mid 2% range we had forecasted on the February call. Comparable base rents were up 3% and comparable total revenues up 4% for the quarter on a year-over-year basis.

第一季度，不包括前期租金和期限費用的可比 POI 成長率為 2.8%，優於我們在 2 月電話會議上預測的 2% 左右的區間。本季可比基本租金年增 3%，可比總收入年增 4%。

A quick update on office leasing for the quarter, where we continue to see very, very positive momentum. 118,000 square feet of total leases with signed new deals at Santana West for over 60,000 square feet during the quarter with starting base rents north of $50 per square foot. We remain optimistic that Santana West will be nearly fully leased by the end of the year.

本季辦公室租賃情況的快速更新，我們繼續看到非常非常積極的勢頭。總租賃面積為 118,000 平方英尺，本季在 Santana West 簽署了超過 60,000 平方英尺的新協議，起始基本租金為每平方英尺 50 美元以上。我們仍然樂觀地認為，到今年年底，桑塔納西區將幾乎完全出租。

We also added an additional 27,000 square feet of leases at 915 Meeting Street at Pike & Rose also north of $50 where we expect to be stabilized at 96% leased by the end of this quarter. With respect to our in-place mixed use office portfolio, occupancy -- leased occupancy now stands at 98% with a weighted average lease term in excess of eight years.

我們還在 Pike & Rose 的 Meeting Street 915 號增加了 27,000 平方英尺的租約，租金也超過 50 美元，我們預計到本季末租賃率將穩定在 96%。就我們現有的混合用途辦公大樓組合而言，入住率－租賃入住率目前為 98%，加權平均租賃期限超過八年。

Now to the balance sheet and an update on our liquidity position. In March, we refinanced our $600 million term loan effectively extending the final maturity out to February of 2030, while expanding the size of the loan to $750 million. We increased the loan by $150 million by adding a delayed draw feature, which we expect to take down by year end, while also improving pricing on the loan by reducing the effective spread by 10 bps.

現在來看看資產負債表和我們的流動性狀況的最新情況。3 月份，我們對 6 億美元的定期貸款進行了再融資，將最終到期日有效地延長至 2030 年 2 月，同時將貸款規模擴大至 7.5 億美元。我們透過增加延遲提款功能將貸款增加了 1.5 億美元，預計該功能將在年底前取消，同時透過將有效利差降低 10 個基點來改善貸款定價。

As a result, this has allowed us to improve our liquidity at quarter end to roughly $1.5 billion with over $1.2 billion available on our unsecured credit facility, over $100 million of cash and $150 million available under the new term loan. During the quarter, we took down our remaining forward common equity totaling $55 million of gross proceeds previously raised at a share price north of $115 per share.

因此，這使我們在季度末的流動性提高至約 15 億美元，其中無擔保信貸額度超過 12 億美元，現金超過 1 億美元，新定期貸款下可用資金為 1.5 億美元。在本季度，我們撤回了剩餘的遠期普通股權益，總額為 5,500 萬美元，此前的股價為每股 115 美元以上。

This was effectively utilized to fund a portion of $123.5 million purchase of Del Monte Shopping Center in Monterey, California. During the quarter, as a result, our leverage metrics remained in line with our forecast. First quarter annualized net debt to EBITDA stands at 5.7 times, down from 6 times as reported on this call last year. We are targeting improving that metric over 2025 to be inside of our targeted 5.5 times level.

這筆資金有效地用於資助以 1.235 億美元收購加州蒙特雷的 Del Monte 購物中心的部分交易。因此，在本季度，我們的槓桿指標與我們的預測保持一致。第一季年度淨債務與 EBITDA 比率為 5.7 倍，低於去年電話會議報告的 6 倍。我們的目標是在 2025 年之前將該指標提高到我們目標的 5.5 倍水準。

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 2025. We have made significant progress on our asset disposition efforts over the first quarter as well. We are actively in the market with over $250 million of assets at various stages in the sale process. Currently, we have approximately $150 million under a firm contract with a blended yield in the upper 5% cap rate range. We will report details on these transactions when completed.

目前固定費用覆蓋率為 3.8 倍，高於去年同期的 3.5 倍。我們預計這項指標將在 2025 年繼續提高，朝著我們的 4 倍目標邁進。我們在第一季的資產處置工作也取得了重大進展。我們積極參與市場，持有價值超過 2.5 億美元的資產，處於銷售過程的不同階段。目前，我們已簽訂了約 1.5 億美元的固定合同，混合收益率在 5% 的上限範圍內。交易完成後，我們將報告相關詳情。

From a capital flexibility perspective with roughly $1.5 billion of capacity, plus the aforementioned asset sales and process, we are very well positioned and ready to take advantage of any market dislocation, whether it be in the acquisition market or with respect to repurchasing our stock, which currently trades north of a 7% implied cap rate. To that end, on April 10, our Board authorized a $300 million common share repurchase program given the significant volatility, which has impacted the capital markets earlier in the quarter.

從資本彈性的角度來看，我們擁有約 15 億美元的產能，加上前面提到的資產銷售和流程，我們處於非常有利的位置，隨時準備利用任何市場錯位，無論是在收購市場還是在回購我們的股票方面，目前的交易價格高於 7% 的隱含資本化率。為此，鑑於本季稍早資本市場出現的巨大波動，我們的董事會於 4 月 10 日批准了一項 3 億美元的普通股回購計畫。

Now onto guidance. Given a solid first quarter landing at the top end of our $1.67 to $1.70 range, we are raising our forecast for FFO per share to $7.11 to $7.23. This represents about 6% growth at the increased midpoint of $7.17 and roughly 5% and 7% at the low and high end of the range respectively. We are affirming our forecast for 2025 comparable POI growth of 3% to 4% to 3.5% at the midpoint. We expect occupancy levels to be flat in 2Q, but then grow from this current level in the second half of the year into the mid-94%s by year end 2025 on a comparable basis, given the deal signed to-date and the robust pipeline of leasing activity and process.

現在進入指導。鑑於第一季每股營運現金流 (FFO) 穩固達到我們設定的 1.67 美元至 1.70 美元區間的上限，我們將每股營運現金流 (FFO) 預測上調至 7.11 美元至 7.23 美元。這意味著，在 7.17 美元的區間中點，每股營運現金流 (FFO) 成長約 6%，而在區間的下限和上限，每股營運現金流 (FFO) 成長約 5% 和 7%。我們確認 2025 年可比 POI 成長率預測為 3% 至 4% 至 3.5%。我們預計第二季的入住率將持平，但考慮到迄今為止簽署的協議以及強勁的租賃活動和流程，入住率將從今年下半年的當前水準增長到 2025 年底的 94% 左右。

Given limited exposure to bankrupt tenants need better than forecasted first quarter for our utilization of our credit reserve inside of 60 basis points, this positive start to the year sets us up to land in the bottom half of our 75 basis points to 100 basis points range. We are also adjusting our forecast for G&A down slightly to $45 million to $47 million from the previously disclosed level of $45 million to $48 million.

鑑於破產租戶的風險敞口有限，我們需要比第一季預測的更好利用我們的信貸儲備 60 個基點以內，今年的積極開局使我們落入 75 個基點至 100 個基點範圍的下半部分。我們還將 G&A 費用預測從先前披露的 4,500 萬美元至 4,800 萬美元略微下調至 4,500 萬美元至 4,700 萬美元。

All other assumptions for 2025 guidance remain unchanged. Please see the updated summary of these guidance assumptions in our 8-K on page 27. With respect to quarterly FFO cadence for the balance of 2025, we are leaving our original quarterly estimates essentially as is, with the second quarter at $1.70 million to $1.74 million, the third quarter at $1.89 to $1.93, the fourth quarter at $1.82 to $1.86. Please note that we continue to expect the revenues from our new market tax credits to be recognized in the third quarter, but it is possible we may recognize those earlier as early as the second quarter.

2025 年指引的所有其他假設保持不變。請參閱第 27 頁 8-K 中這些指導假設的更新摘要。關於2025年剩餘季度的FFO節奏，我們基本上維持原有的季度預估，第二季為170萬美元至174萬美元，第三季為189萬美元至193萬美元，第四季為182萬美元至186萬美元。請注意，我們仍然預計新的市場稅收抵免收入將在第三季確認，但也可能最早在第二季確認。

Cadence for comparable growth will build on the modestly stronger than expected first quarter results of 2.8% and move higher throughout the balance of the year.

可比成長節奏將以略高於預期的第一季 2.8% 的業績為基礎，並在今年剩餘時間繼續走高。

With that operator please open the line for questions.

請與該接線員聯絡以便解答疑問。

(Operator Instructions)

（操作員指示）

Jeffrey Spector, Bank of America.

美國銀行的傑弗裡·斯佩克特。

Great. Thank you. I wanted to see if Wendy could just clarify her comment around the mix of deals executed in the quarter, the 2% rate on the new lease rate. Wendy, I think you had some comments on your expectations of roll in the coming quarters. And was there anything particular around again what expired, let's say, in 1Q? Any more color you can add to that? Thank you.

偉大的。謝謝。我想看看溫迪是否能澄清一下她對本季執行的交易組合以及新租賃利率 2% 的評論。溫迪，我想你對未來幾季的預期有一些評論。那麼，在第一季到期的條款中，是否還有什麼特別之處呢？您還能添加其他顏色嗎？謝謝。

Sure. Yeah, it's mostly timing. We had some deals that hit right after the first quarter versus in the first quarter. And it's not always perfect. It does cause a little noise, which I know probably makes Dan crazy, but it's really just noise. The first quarter was a good solid quarter, more normalized than levels than we had last year, which was totally expected.

當然。是的，主要是時間問題。我們有一些交易是在第一季之後而不是在第一季達成的。但它並不總是完美的。它確實會產生一點噪音，我知道這可能會讓丹發瘋，但這真的只是噪音。第一季表現良好，比去年同期水準更加正常，這是完全可以預料到的。

Good categories between food and sweet greens and honey grow and beauty is still very, in favor, grocery, furniture, apparel, both full price apparel and value. So it was really a widespread of deals that got signed.

食品和甜菜、蜂蜜和美容之間的良好類別仍然很受歡迎，雜貨、家具、服裝，包括全價服裝和價值。因此，這實際上是一項廣泛的協議的簽署。

Yes, Jeff, the only thing I would add to that is if the cutoff was April 10 instead of March 31, it would have seemed like a record quarter. So it really is for a company of our size and what we do, just a -- it's a matter of timing. All good for the year.

是的，傑夫，我唯一要補充的是，如果截止日期是 4 月 10 日而不是 3 月 31 日，那麼這個季度看起來就會像是一個創紀錄的季度。所以對於我們這種規模的公司和我們所做的事情來說，這確實只是一個時間問題。今年一切都好。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my question. 2.8% same-store NOI growth in the quarter, the guidance for the year is 3% to 4%. So can you kind of walk through some of the factors that's going to drive the acceleration of same-store NOI through the balance of the year to hit the guidance range? Thanks.

午安.非常感謝您回答我的問題。本季同店淨利成長 2.8%，全年預期成長 3% 至 4%。那麼，您能否介紹哪些因素將推動同店淨營業利潤在今年餘下時間內加速達到指導範圍？謝謝。

Yeah, I think the biggest driver is going to be continued gains in occupancy over the course of the year. That would be our primary driver of getting us up into that 3% to 4% range. And we had fully expected, actually expected a weaker first quarter, but occupancy is going be the big driver there. And obviously, Michael, that is on leases that have already been done and will simply get open. So, that's not speculative.

是的，我認為最大的驅動力將是全年入住率的持續成長。這將是我們達到 3% 至 4% 範圍的主要動力。我們完全預料到，實際上預計第一季會比較疲軟，但入住率將成為主要推動力。顯然，邁克爾，這是已經完成的租約，並且即將開放。所以，這不是推測。

Michael Griffin, Evercore ISI.

邁克爾·格里芬（Michael Griffin），Evercore ISI。

Great. Thanks. Maybe just some more color on sort of the concessions that you saw in the quarter. If I look at the kind of comparable leases of about 370,000; the TIs were, call it, [$19, $20] something like that versus the total pool of 430,000 leases signed where TIs were in the high $20s. So I guess on that non-comparable segment, can you give us a sense of maybe why those TIs are elevated? It sounds like some leases were signed and some of the office projects, maybe that contributed to it. But just what's the concessionary environment look like? And any color you can provide there would be helpful.

偉大的。謝謝。也許只是對您在本季度看到的讓步進行一些更詳細的說明。如果我看一下大約 370,000 份可比租約，TI 的價格大概是 [19 美元、20 美元] 左右，而簽署的 430,000 份租約中 TI 的價格都在 20 多美元。因此，我想在那個不可比較的部分，您能否讓我們了解為什麼這些 TI 會升高？聽起來好像簽署了一些租約，並且一些辦公室項目，也許這對它有所貢獻。但優惠環境究竟是什麼樣的呢？您提供的任何顏色都會有幫助。

Yeah. That's just driven by one deal with a tenant that we are giving a reasonable concession to. That happens in the business. Good strong deal with lifetime fitness. And feel really excited about having them join the ranks of Santana Row and bringing that category to really further enhance the offering there. I don't know if Don you have anything you want to add?

是的。這只是因為我們與一位租戶達成了一項協議，並給予了合理的優惠。在商業中，這種情況時有發生。終身健身的良好強勁交易。我很高興他們能加入桑塔納街的行列，並進一步提升那裡的產品和服務。我不知道唐，您是否還有什麼要補充的？

No, I just want to add that there's a deal there that we can't talk about completely. We can talk about the lifetime deal, but not effectively the other side of that deal and where it's going. I'm very excited to tell you about that when I can, which will be a month or two, probably by the time NAREIT comes along. One of the best deals we've ever done, certainly there's concession, if you will, in that particular deal, but it's for an entire building. And this makes all the economic sense in the world.

不，我只是想補充一點，這裡有一項我們不能完全談論的協議。我們可以談論終身合同，但無法有效地談論該合約的另一面以及它的未來方向。我很高興能在一兩個月後，也就是 NAREIT 出現的時候，告訴你們這個消息。這是我們做過的最好的交易之一，當然如果你願意的話，在那筆特定的交易中肯定有優惠，但那是針對整棟建築的。這在經濟上是完全合理的。

So don't look at concessions as being a TIs going up as being anything more than that particular deal. In fact, we're really proud of how we've been able to lever the supply demand dynamic out there to be able to get TIs as low as they are. And I think when you see that, see where we are, you'll see those numbers are lower than they've been in quite some time.

因此，不要將優惠視為 TI 的提升，而是將其視為超出特定交易範圍的任何東西。事實上，我們真的很自豪我們能夠利用供需動態，將 TI 價格降至最低。我認為，當你看到這一點，看看我們現在的處境時，你會發現這些數字比相當長一段時間以來的水平要低。

Yeah. Being inside of on the comparable pool, inside of $20 and overall at $15 including kind of everything, it's probably one of the best results we've had in a while.

是的。在同類池子中，價格在 20 美元以內，總體價格為 15 美元（包括所有費用），這可能是我們一段時間以來取得的最佳成績之一。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, can I just clarify the distance you have in the market? Was it $250 million overall with $150 million under contract? And also just use of proceeds there, is that could that be earmarked for buybacks or you guys kind of have that earmarked for the development pipeline?

嘿，我可以澄清一下你們在市場上的距離嗎？總金額是 2.5 億美元，合約金額是 1.5 億美元嗎？而且，僅使用那裡的收益，是否可以將其指定用於回購，或者您是否將其指定用於開發管道？

Yes, we currently have $250 million in the market, $150 million is under contract. You heard that correctly. Proceeds there and we'll see what gets done. We're optimistic on them, but we'll see. We also have a big, I think stable of properties we consider bringing to market further along in the year as well. And I think we'll be opportunistic.

是的，我們目前在市場上有 2.5 億美元，其中 1.5 億美元已簽訂合約。你沒聽錯。繼續前進，我們會看到會發生什麼。我們對他們持樂觀態度，但我們拭目以待。我們還擁有大量穩定的房產，我們考慮在今年稍後將其推向市場。我認為我們會抓住機會。

I think we've demonstrated in our history a discipline in terms of deploying capital in a risk adjusted way that is very beneficial to shareholders, beneficial to FFO per share in the first year and on a long-term basis. And I would not be surprised if the opportunity arose, we could look. I don't think we'd do it today. But at the right stock price, we would absolutely buyback shares through our buyback authorization.

我認為，我們在歷史上已經展示了一種以風險調整的方式部署資本的紀律，這對股東非常有利，對第一年和長期的每股 FFO 也有利。如果有機會，我們可以看看，我不會感到驚訝。我認為我們今天不會這麼做。但如果股價合適，我們絕對會透過回購授權回購股票。

Yeah. And just of course I have to add something too, if you don't mind. And that is, look, we've gotten now our debt to EBITDA to a place I'm very comfortable with. Frankly, [mid-5s], very proud of where that is and how we've gotten to that point. That means that proceeds from things like asset sales are available for capital allocation to the extent whatever capital allocation scenario makes the most sense.

是的。當然，如果您不介意的話，我還必須補充一些內容。也就是說，你看，我們現在已將債務與 EBITDA 之比調整到了我非常滿意的水平。坦白說，[5 秒中]，對於我們現在所處的位置以及我們如何達到這一點感到非常自豪。這意味著，資產出售等所得收益可用於資本配置，只要資本配置方案最合理即可。

That certainly can be acquisitions. It certainly can be the right kind of development. Well, that's obviously the hardest to get to right now or it could be shares. And look, there has to be a spread, if you will, that's decent between the share price and what an acquisition opportunity is. That's not a one-for-one thing. Our business is to grow this company, and we need to do that aggressively. But when that gets too wide, then that's our best investment. So I hope that's helpful in terms of framing this.

這當然可以是收購。這肯定是正確的發展。嗯，這顯然是目前最難實現的，或者可能是股票。而且，如果你願意的話，股價和收購機會之間必須有一個合理的價差。這不是一對一的事情。我們的業務是發展這家公司，我們需要積極地做到這一點。但當它變得太寬時，這就是我們最好的投資。所以我希望這對構建這一點有幫助。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi. Good afternoon and thanks for the time. Just hoping you could talk a little bit more about the performance in DC. I recognize that foot traffic is up, but I believe there was some mention of sales and comping performance in the federal stores versus company-wide statistics. But is our sales in the DC area holding firm or have you seen basket sizes come down? And if you have any thoughts or data you could share around restaurant performance in particular that'd be super helpful. Thank you.

你好。下午好，感謝您抽空。希望您能多談談華盛頓特區的業績表現。我知道客流量有所增加，但我相信您提到了聯邦門市的銷售額和可比業績，以及與全公司統計數據的對比。但是我們在華盛頓特區的銷售情況是否保持穩定，或者您是否看到購物籃規模下降了？如果您有任何想法或數據可以分享，特別是關於餐廳的表現，那將非常有幫助。謝謝。

Yes, Juan, let me give you a couple of things about this, and Wendy, obviously feel free to jump in here. Look, we don't get sales reporting all that on time, so I can't tell you what sales were last week or last two weeks from that, two weeks ago or whatever. I can tell you that the winter time was soft with bad weather. It was soft everywhere and did not see a discernible difference between DC. Spring time came, boom. And we see it in the form of traffic. I expect to see it in the form of sales once sales are reported also. I think that's good stuff.

是的，胡安，讓我來跟你講幾件關於這方面的事情，溫迪，顯然你可以隨意加入進來。你看，我們沒有及時收到所有的銷售報告，所以我無法告訴你上週或兩週前的銷售情況，兩週前或其他什麼時候的銷售情況。我可以告訴你，冬天天氣惡劣。到處都很柔軟，和華盛頓特區之間沒有明顯的區別。春天來了，砰！我們以交通的形式看到了它。我希望在報告銷售情況後能夠以銷售形式看到它。我認為那是好東西。

There's a broader comment that I, conversation I want to have with you here though. And that is headlines are one thing. Don't short DC. And don't short DC and when I say that, I'm obviously referring to our particular portfolio. But I think frankly, it's even broader than that. When you think about the long-term places to live, where there are great schools, where there is great infrastructure, so this place beats most places in the country by a lot.

不過，我想在這裡與大家進行更廣泛的討論。標題就是一回事。不要做空 DC。不要做空 DC，我這麼說，顯然是指我們特定的投資組合。但坦白說，我認為它的範圍甚至比這更廣泛。當你考慮長期居住的地方時，這裡有優秀的學校，有良好的基礎設施，所以這個地方比全國大多數地方都好得多。

And it's not, although federal government is an important part of what's happening, this is not a one industry town. Any way you look at it, banking, finance, real estate, lawyers, I mean, lots of them and they're all busy. There's a lot of commerce in this place that will fill any type of hit that we ultimately see. And I'm pretty darn confident that I've now lived here 27 years and it's a very dynamic marketplace. I hope that's helpful.

儘管聯邦政府是當前局勢的重要組成部分，但這並不是單一工業城鎮。無論你怎麼看，銀行、金融、房地產、律師，我的意思是，他們有很多，而且他們都很忙。這個地方有很多商業活動，可以滿足我們最終看到的任何類型的熱門需求。我非常有信心，我已經在這裡生活了 27 年，這是一個非常活躍的市場。我希望這有幫助。

Connor Mitchell, Piper Sandler.

康納米切爾、派珀桑德勒。

Hey, thanks for taking my question. I guess turning to acquisitions and maybe just a big picture question. You guys bought Del Monte in the quarter. It's pretty good size, and we've kind of seen some other larger acquisitions in REIT land throughout the first quarter and earnings, et cetera. Just curious, was there anything that kind of spurred this trend towards the larger centers? And then how long do you see this cycle maybe continuing as well?

嘿，謝謝你回答我的問題。我想轉向收購也許只是一個大問題。你們在本季收購了 Del Monte。它的規模相當不錯，而且我們在第一季還看到了一些其他更大規模的房地產投資信託土地收購以及收益等等。只是好奇，有什麼東西刺激了這種向更大中心發展的趨勢嗎？那麼您認為這個週期可能還會持續多久？

Connor, it's a great question in terms of how long do you see this cycle. I don't know. But I do know a bunch of things. First of all, we have always looked at larger centers. It's frankly core to what it is that we try to do because we view ourselves very much as real estate people with the ability to add density to centers. More of that can happen in a bigger center. There's more opportunities. And so we always are biased, if you will, to the larger size.

康納，這是一個很好的問題，你認為這個週期會持續多久。我不知道。但我確實知道很多事情。首先，我們一直在關注更大的中心。坦白說，這是我們所嘗試做的事情的核心，因為我們將自己視為有能力增加中心密度的房地產人士。在更大的中心裡，這樣的情況可能會更多。機會還有很多。因此，如果你願意的話，我們總是偏向較大的尺寸。

In terms of deals that are getting done and all that, just remember the lag in timing. And so stuff that's getting done now is stuff that's been in the works for six months or eight months or whatever it's been. And it's just and I tried to say this in my remarks, I think this is really important to figure out. Obviously, I'm saying the sky is blue here. When there is a lack of predictability, how do you underwrite? And so there are only one way you underwrite when you do that and that's it to put more cushion for a different situation.

就正在完成的交易和所有那些交易而言，只需記住時間上的延遲。所以現在要完成的工作是已經籌備了六個月或八個月或更長的時間。就像我在發言中試圖說的那樣，我認為弄清楚這一點非常重要。顯然，我說的是這裡的天空是藍色的。當缺乏可預測性時，您如何承保？因此，當您這樣做時，只有一種承保方式，那就是為不同的情況提供更多的緩衝。

That is where we are today, trying to figure out what kind of IRRs you're actually going to receive if you close on a deal today. If I had my way, I try to get another 30, 60, 90 days of visibility with respect to that marketplace. Because it's all about time trying to see where this all shakes out. And if it shakes out great, then maybe there's an opportunity or two that got missed. But the downside of that is very, very small. As opposed to if obviously this doesn't shake out as well as it should, the downside is bigger.

這就是我們今天所處的位置，試圖弄清楚如果您今天完成一筆交易，您實際上會收到什麼樣的 IRR。如果我有辦法的話，我會嘗試在該市場再獲得 30、60、90 天的知名度。因為一切都需要時間來檢驗，看看最終結果如何。如果結果很好，那麼也許就會錯過一兩個機會。但其負面影響非常非常小。與此相反，如果顯然情況沒有得到應有的改善，那麼不利因素就會更大。

So I'm looking for time right now and I can't tell you how long, but I will tell you that I expect to see something different and have a different point of view or a more informed point of view on the second quarter call.

所以我現在正在尋找時間，我無法告訴你需要多長時間，但我會告訴你，我希望在第二季的電話會議上看到一些不同的東西，並有不同的觀點或更明智的觀點。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

Hi there. This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. Can you talk about your acquisition pipeline and any other changes in the transaction markets or any deals falling through or getting retreated? I think there was an accident in Kansas that was mentioned and discussed. And are you seeing any changes in cap rates or risk premiums? Thank you.

你好呀。我是 Ravi Vaidya，代表 Haendel 轉達。希望你們一切都好。您能談談您的收購管道以及交易市場的任何其他變化，或任何交易失敗或撤回嗎？我認為堪薩斯州發生了一起事故，人們曾經提及並討論過。您是否看到資本化率或風險溢價有任何變化？謝謝。

Yeah, it's a fair question. I'm obviously not going to comment on any deals that we're in the middle of and that have not been resolved one way or the other that way. And I can tell you that and Jan is here to add to this. We're looking at a bunch of stuff. How best to underwrite it is a question. And I think you're going to want us and other people, whoever is buying to be careful with respect to the underwriting assumptions they're making.

是的，這是一個公平的問題。顯然，我不會對我們正在進行的任何尚未以任何方式解決的交易發表評論。我可以告訴你，Jan 也在這裡補充這一點。我們正在看一堆東西。如何最好地承保它是一個問題。我認為你會希望我們和其他人，無論是誰購買，都要謹慎對待他們所做的承保假設。

So I have not seen deals -- the deal flow in terms of what's available stop. Whether those deals actually happen or don't happen, time will tell. And I suspect that's different for public buyers than it is for private buyers to some extent for some pretty obvious reasons. So, I don't have a lot more to say to that, Jan, in terms of the pipeline. You got anything to add?

因此，我還沒有看到交易——就可用交易而言，交易流程停止了。這些交易是否真的發生，時間將會證明一切。我懷疑，由於一些非常明顯的原因，公共買家與私人買家的情況在某種程度上有所不同。因此，Jan，關於管道方面，我沒有太多要說的。您還有什麼要補充的嗎？

Well, I would say that the transaction market is still pretty strong. There are still deals that are happening and I think the flow of new deals coming out here since April 2 has slowed down a little bit. I mean Don mentioned that he's looking for time, 30, 60, 90 days. I think that's probably the same thing for some sellers out there for sure. And that's putting a little bit of a new specter on the market itself.

嗯，我想說交易市場仍然相當強勁。仍有交易正在進行，我認為自 4 月 2 日以來，這裡出現的新交易流量有所放緩。我的意思是唐提到他正在尋找時間，30、60、90 天。我認為對於一些賣家來說可能也是一樣的。這給市場本身帶來了一些新的擔憂。

So cap rates feel like they're pretty solid. They perhaps have stopped going down and kind of flattened out a little bit and some sellers have reached down to buyers' expectations. And so right now it's a healthy market, but we'll see what happens. But there's still plenty of opportunities out there. There's a great pipeline that we think is going to be coming and we're going to have a lot of dry powder and we're well positioned to take advantage of it for sure so.

因此，資本化率看起來相當穩定。它們可能已經停止下跌並略微趨於平穩，一些賣家已經達到了買家的預期。所以現在這是一個健康的市場，但我們會看看會發生什麼。但仍然有很多機會。我們認為即將出現一條偉大的管道，我們將擁有大量的乾粉，而且我們肯定已經準備好去利用它。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good evening. Wendy, I'm just trying to reconcile two comments from your opening remarks, one of which was you're seeing more normalized leasing volume in Q1 given higher occupancy, but also that Q2 is seeing executed leases above the historical pace. So I guess what's kind expectation for the year then?

嘿，晚上好。溫迪，我只是想調和一下你開場白中的兩條評論，其中一條是，由於入住率較高，第一季的租賃量更加正常化，但第二季度的執行租賃量也高於歷史水平。那我猜對今年有什麼期望呢？

I think with a leased rate of 95.9%, we're going to continue to see normalized leasing. I think leasing can be chunky so you can have highs and lows and it all kind of measures out, but I think it'll be normalized and healthy. I just don't think you're going to see the -- we were doing 30% more lease volume than we historically have ever done, but at almost 96% occupied, I think it's going to be very normal and healthy.

我認為，在租賃率達到 95.9% 的情況下，我們將繼續看到正常化的租賃。我認為租賃可能會很龐大，所以可能會有高潮和低谷，但我認為它會正常化和健康。我只是不認為你會看到——我們的租賃量比歷史上任何時候都多 30%，但入住率卻接近 96%，我認為這將是非常正常和健康的。

Yeah, I mean what you should expect from us is and what that means is 400,000 square feet, 450,000 square feet a quarter on the comparable basis more when you add in the office and the other stuff to that. What we've been doing, as Wendy said, a bunch more than that. And when you look at 370,000, that 370,000 again, if you made an April 10 deadline, you'd see that back up at over 450,000 square feet. So that's the reconciliation, if you wouldn't mind, if you get it in terms of what normalized is versus what happened in the quarter.

是的，我的意思是，您應該對我們的期望是，如果加上辦公室和其他東西，那麼每季的面積將是 400,000 平方英尺、450,000 平方英尺。正如溫迪所說，我們所做的遠不止這些。當您看到 370,000 時，請再看一下那 370,000，如果您在 4 月 10 日之前完成最後期限，您會看到這個數字回升到 450,000 多平方英尺。因此，如果您不介意的話，這就是對賬，如果您將其與正常化情況以及本季度發生的情況進行比較的話。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Hey, good afternoon. A little bit of a random question for you, Don. But do you think perhaps owning and managing a mall requires a different skillset or a difference in corporate infrastructure than what you have today?

嘿，下午好。唐，我想問你一個隨機問題。但是您是否認為擁有和管理一個購物中心可能需要與您現在擁有的不同技能或不同的企業基礎設施？

Man, is that a loaded question? Holy smoke. Look, it's a different business. There is no doubt about that. It's certainly more fashion focused. It's certainly physically very different. It deals with certain different tenants than open air does. So, yeah, it's a different business. But whether it's better or worse or I leave that to you guys to assess. And that's really all I have to say about that.

哥們，這個問題問得有點太尖銳了吧？聖煙。瞧，這是另一回事。這是毫無疑問的。它確實更加註重時尚。從物理上來說，這確實有很大不同。它處理的租戶與露天租戶有所不同。是的，這是不同的業務。但它是更好還是更壞，我留給你們去評估。關於這一點，我要說的就這些。

Floris Van Dijkum, Compass Point Research.

Floris Van Dijkum，Compass Point Research。

Hey, guys. Thanks for taking my question. Getting back on the capital allocation topic, Don, maybe if you could talk about, I know you've got the buyback authority, you've got asset sales under contract, you got more in the market. Your stock is -- your implied cap rate is 7%. As you deploy capital towards as you're choosing between acquisitions and share buybacks, what is your hurdle rate?

嘿，大家好。感謝您回答我的問題。回到資本配置話題，唐，也許你可以談談，我知道你有回購權，你有合約規定的資產銷售，你在市場上有更多資產。您的股票－隱含資本化率是 7%。當您在收購和股票回購之間選擇部署資本時，您的最低收益率是多少？

I mean, shouldn't any acquisition yield more than 7% and isn't buying back your stock, your lowest risk investment that you could possibly make today or how should people think about that? How do you think about that today? And also maybe talk about the delta between where you issued stock at in the first quarter and where your stock is trading today?

我的意思是，任何收購的收益率不應該超過 7% 嗎？而回購股票不是您今天可以進行的風險最低的投資嗎？或者人們應該如何看待這一點？您今天對此有何看法？或者也可以談談您在第一季發行股票的價格和現在股票交易價格之間的差異？

Floris, you asked a very good question. And I don't think it's as simple as straight math. So the way I look at it, there's a reason that we exist. We are here to put high quality retail based products to work to create growth for our owners over the long-term. That's what our business plan is. That's what we're darn good at doing. To the extent you can buy something at a 7% yield, but the stock is trading at a 7.1%. Does that in and of itself say you should buy back stock? No, I don't believe it does. Because it's not just about that initial yield. It's about the long-term business plan, the IRR that you're going to create, et cetera. It's all mashed together.

弗洛里斯，你問了一個很好的問題。我認為這不像簡單的數學那麼簡單。所以在我看來，我們存在是有原因的。我們致力於提供高品質的零售產品，為我們的業主創造長期成長。這就是我們的商業計劃。這正是我們擅長做的事。在某種程度上，你可以以 7% 的收益率購買某樣東西，但股票的交易價格為 7.1%。這本身是否意味著你應該回購股票？不，我不相信會有這樣的事。因為這不僅與初始收益有關。它與長期商業計劃、您要創建的 IRR 等等有關。一切都混雜在一起了。

Now, there is a point when that gets too wide. I can't quantify that exactly for you today, but I can tell you what, when we were trading in the mid-$80 range and any acquisition had to be in the [mid-6%s], that's too wide. Okay? So I'm hopeful that that is helpful for you. Beyond that, I don't want to do the math for you because it's more, as they say, than the math there. But that should give you some parameters. Gosh, what was the last part of Floris' question?

現在，這個範圍已經變得太廣了。我今天無法為你準確量化這一點，但我可以告訴你，當我們的交易價格在 80 美元中段，並且任何收購都必須在 [6% 中段] 時，這個差距太大了。好的？所以我希望這對你有幫助。除此之外，我不想為你做數學題，因為正如他們所說，這不僅僅是數學問題。但這應該會給你一些參數。天哪，弗洛里斯問題的最後一部分是什麼？

I think you covered it.

我想你已經涵蓋它了。

You think I covered it?

你認為我已經掩蓋它了嗎？

I think you did.

我想你做到了。

All right, Florence. Dan says I covered it. Thanks for the time.

好的，佛羅倫斯。丹說我報道了這件事。謝謝你的時間。

Paulina Rojas, Green Street.

保利娜‧羅哈斯 (Paulina Rojas)，綠街。

Good afternoon. What pricing insights in terms of cap rates do you think are fair to draw from the transaction of Legacy West when evaluating your flagship mixed use assets?

午安.在評估您的旗艦混合用途資產時，您認為從 Legacy West 的交易中可以得出哪些關於資本化率的合理定價見解？

All right. Dan is pointing at me, Paulina. Look, that's a great asset. And I think particularly the structure with which they were able to complete that with the combination of private money and public money, I think that's a great deal for those guys. And I wish them all the best luck. I love the structure with respect to that.

好的。丹指著我，寶琳娜。瞧，這是一筆巨大的財富。我認為，特別是他們能夠透過結合私人資金和公共資金來完成這一目標的結構，我認為這對這些人來說是一筆很好的交易。我祝他們一切好運。我喜歡與此相關的結構。

I think it does tell you that there are buyers out there that do appreciate how important the integration of uses are to the value of the entire piece of real estate. And that really helps. And as you and I have talked many times, it's one of the reasons that I believe that our mixed use assets in particular are not trading the way they should be relative to the private value of those assets.

我認為這確實表明有些買家確實意識到用途的整合對於整個房地產的價值有多重要。這確實有幫助。正如你我多次談到的那樣，這是我認為我們的混合用途資產的交易方式與其私人價值不符的原因之一。

Now, I don't know exactly what the cap rate was. I don't know exactly what the IRR would be with respect to that asset. But I can tell you that while that's a full price, I think that makes a lot of sense for that particular buyer group.

現在，我不知道資本化率到底是多少。我不知道該資產的 IRR 到底是多少。但我可以告訴你，雖然這是一個全價，但我認為對於特定的購買群體來說這很有意義。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah, hi. I guess if the consumer really hits a wall, what segments of the portfolio do you think you see the impact first, either in terms of pullback in tenant demand or just tenant stress? Would it be dining or something else?

是的，你好。我想，如果消費者真的遇到瓶頸，您認為投資組合的哪些部分會先受到影響，是租戶需求的回落還是租戶壓力？是用餐還是其他什麼？

It's a fair question to look for the segment. The problem is I don't think it works like that. Mike, I can tell you that our dining segment, our restaurant segment was the best performance segment in the company after the GFC. And everybody was worried about that particular segment. Why? Because in the markets that we're at, with the operators, that we had with the occupancy ratios that they were able to not only had the room that they had those occupancy ratios. When you put all that together, that was not a segment that overall was at risk.

尋找這個片段是一個公平的問題。問題是我不認為它能那樣工作。麥克，我可以告訴你，我們的餐飲部門，我們的餐廳部門是全球金融危機後公司表現最好的部門。每個人都對這個特定的部分感到擔憂。為什麼？因為在我們所處的市場中，我們與營運商合作，他們不僅擁有房間，而且還擁有這些入住率。如果把所有這些因素綜合起來，就會發現這並不是一個整體上處於危險之中的部分。

And so it doesn't really come down in my view to the segments as it does to the health of the operator, the health of the occupancy ratio and their ability to withstand what is always a cyclical business. So I don't have a specific place for you, but that's why we spend so much time trying to put the right tenants together, not only in terms of use, but the operators within the type of use that they are.

因此，在我看來，這實際上並不取決於細分市場，而是取決於營運商的健康狀況、入住率的健康狀況以及他們承受週期性業務的能力。所以我沒有為你安排一個特定的地方，但這就是為什麼我們花費大量時間試圖將合適的租戶聚集在一起，不僅在使用方面，而且在運營商的使用類型方面。

And also the resilience of the consumers that we have in our markets. And that's why we make the statement and that's why we perform exceptionally well when the broader consumer has hit a wall as you discussed. We perform better because we have stronger, higher degrees of affluence, discretionary income, discretionary network.

還有我們市場上消費者的適應力。這就是我們發表聲明的原因，也是為什麼當廣大消費者遇到困難時，我們卻表現得異常出色，正如您所說。我們之所以表現得更好，是因為我們擁有更強大、更高的富裕程度、可支配的收入、可支配的網絡。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Thanks for taking my question. Just on the lower bad debt. Was that a function of tenants you didn't expect to pay actually paying or was that just from lower general bad debt reserve?

感謝您回答我的問題。只是壞帳較低。這是由於您不希望支付的租戶實際支付了費用，還是僅僅是由於一般壞帳準備金較低？

It was a combination of things. I mean I think that we, one, we have a lower level of concern with bankrupt tenants and surprises because I think of the strength of our portfolio, the strength of the operators that Don just mentioned. I also think that just being able to keep tenants in longer and just performing better in terms of I think collecting rent and eking out better than we had underwritten. And that utilization of our credit reserve was a reason for the outperformance in the quarter.

這是多種因素共同作用的結果。我的意思是，我認為，首先，我們對破產租戶和意外情況的擔憂程度較低，因為我認為我們的投資組合實力雄厚，唐剛才提到的運營商實力雄厚。我還認為，只要能夠讓租戶住得更久，並且在收取租金和維持生計方面表現得比我們承保的更好。我們信貸儲備的利用是本季業績優異的原因之一。

Amy? Operator?

艾米？操作員？

We done. Looks like maybe.

我們完成了。看起來是有可能。

There's one more question. Operator, are you there?

還有一個問題。接線員，您在嗎？

We lost our operator.

我們失去了我們的操作員。

Greg, are you there? Greg, we can give you a call after to follow-up on your question.

格雷格，你在嗎？格雷格，我們可以稍後給您打電話，以跟進您的問題。

Thank you. Hello?

謝謝。你好？

Ask it.

問它。

Oh, great. Hi. So, yes, for a follow-up. Thank you very much for taking it. You talked about the changes in underwriting that you're having to do on acquisitions and how the environment has changed. I'm curious how that has impacted your view on redevelopments or residential development that you talked about adding some projects to the pipeline over this year and next.

噢，太好了。你好。是的，為了後續行動。非常感謝您接受它。您談到了收購中必須進行的承保變化以及環境如何變化。我很好奇這對您對重建或住宅開發的看法有何影響，您談到今年和明年將增加一些項目。

Yeah, Greg, it's a great question. And there's a couple of things in there. The first is obviously when you're talking about adding residential developments to our existing assets. The question is at what cost? And so the absence of understanding construction costs, given the tariffs right now, that's a problem. And certainly that creates a lack of predictability there. Now we have just started and moved forward with Hoboken, which is a residential over retail development that frankly we had gotten the cost locked in or 90% of the cost locked in before April 2. And so that was important for us to go. And that by the way is a concrete building, so there's less of the volatility associated with that.

是的，格雷格，這是一個很好的問題。這裡面有幾件事。第一個顯然是當您談到將住宅開發項目添加到我們現有的資產中。問題是代價是什麼？因此，考慮到目前的關稅，缺乏對建築成本的了解是一個問題。這無疑會造成缺乏可預測性。現在我們剛開始並推進霍博肯項目，這是一個住宅零售開發項目，坦白說，我們在 4 月 2 日之前已經鎖定了成本，或者說鎖定了 90% 的成本。所以這對我們來說很重要。順便說一下，那是一座混凝土建築，因此與之相關的波動性較小。

You're talking about a stick building right now? Yeah, that's harder to understand if you're getting your lumber from Canada and you're getting your appliances from China. So until there is better clarity on that so that we can lock in costs before we go, that's a harder thing for us to deal with than for anybody else to deal with, obviously.

您現在談論的是木造建築嗎？是的，如果你的木材來自加拿大，而你的電器來自中國，那就更難理解了。因此，在我們對此有更清晰的認識以便能夠在出發前鎖定成本之前，這對我們來說顯然比對其他任何人來說都更難處理。

In terms of acquisitions, the underwriting goes, you look at, you run a downward scenario. It's not just your particular scenario. You've got to look at an economy that to the extent it gets weaker, what would that do to the rent roll? And you apply your particular you apply your purchase price to that. Also because IRRs and IRRs are important to us, would be impacted most in a downward scenario by the next couple of years. Those first few years in a 10-year IRR are disproportionately impactful. And so that needs be considered at a time when you have less vision here.

就收購而言，承銷情況是這樣的，你看，情況是向下的。這不僅僅是你的特定情況。你必須考慮經濟，當經濟變得疲軟時，這會對租金產生什麼影響？然後你把你的具體價格應用到那裡。此外，由於 IRR 和 IRR 對我們很重要，在未來幾年的下行情況下，它們會受到最大影響。10 年期 IRR 中的最初幾年影響巨大。因此，當你的視野不夠開闊時，就需要考慮這一點。

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

我們的問答環節到此結束。我想將會議交還給吉爾·索耶 (Jill Sawyer) 做最後發言。

We look forward to seeing many of you at the next few weeks in the upcoming conferences. Thank you for joining us today.

我們期待在接下來的幾週即將召開的會議上見到你們。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。