Federal Realty Investment Trust (FRT) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Federal Realty Investment Trust second-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 年第二季財報電話會議。（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。

Thanks, Gary. Good afternoon. Thank you for joining us today for Federal Realty's second-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，加里。午安.感謝您今天參加 Federal Realty 2025 年第二季財報電話會議。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 和首席投資長 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. 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 could give no assurance that these expectations can be attained.

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。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、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 our call. If you have additional questions, please re-queue.

考慮到電話會議參與者的數量，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.

說完這些，我將把電話轉給唐伍德 (Don Wood)。

Well, thank you, Jill, and good afternoon, everybody. It was a really active quarter led by beat and raise results near record leasing, a big and important acquisition a couple of fully priced dispositions and some innovative and value-enhancing deal making.

好吧，謝謝你，吉爾，大家下午好。這是一個真正活躍的季度，主要表現為租賃業績超出預期並接近創紀錄的水平，一項重大而重要的收購，幾項全價處置，以及一些創新和增值的交易。

First, the quarter. Reported FFO per share of $1.91, includes $0.15 associated with our development of Freedom Plaza Shopping Center in Los Angeles as all the conditions necessary to recognize the new market tax credit income that we previously discussed have been satisfied. Whether or not you include or exclude the income in your modeling, please understand that this heavily negotiated deal derisked the development significantly went a long way to ensuring its profitability to a return that was enhanced by over 20%.

第一，季。報告的每股 FFO 為 1.91 美元，其中包括與我們在洛杉磯開發自由廣場購物中心相關的 0.15 美元，因為我們之前討論過的確認新市場稅收抵免收入所需的所有條件都已滿足。無論您是否在模型中包含或排除收入，請理解，這項經過嚴格談判的交易大大降低了開發風險，在很大程度上確保了其盈利能力，回報率提高了 20% 以上。

Excluding the tax credit impact, FFO with $1.76 per share exceeded consensus and prior year FFO, resulting in the beat and raise that Dan will discuss in a few minutes. Comparable property level operating income grew roughly 5% in the second quarter excluding tax credit by the way, while comparable retail leasing of 644,000 square feet was very near an all-time quarterly record. TI dollars remained under control and continue to benefit from the favorable supply-demand dynamics for high-quality retail real estate. This is a really good quarter, strong quarter with good visibility of that strength continuing through the rest of the year.

不計稅收抵免的影響，每股 1.76 美元的 FFO 超過了普遍預期和去年的 FFO，從而實現了 Dan 將在幾分鐘內討論的超出預期和增長。順便說一下，第二季度可比物業水平的營業收入（不包括稅收抵免）增長了約 5%，而 644,000 平方英尺的可比零售租賃面積非常接近歷史季度紀錄。TI 美元仍處於控制之下，並繼續受益於優質零售房地產的有利供需動態。這是一個非常好的季度，表現強勁，並且預計在今年剩餘時間內繼續保持這種強勁勢頭。

Now, Wendy is going to speak about our Leawood Kansas acquisitions in a few minutes, but let me first make some clarifying comments about our strategy. Our acquisition strategy, our disposition strategy and our development strategy.

現在，溫迪將在幾分鐘後談論我們在堪薩斯州利伍德的收購，但首先讓我對我們的策略做一些澄清性的評論。我們的收購策略、處置策略和發展策略。

First, acquisitions. Our acquisition criteria leans into all of our core strengths developed over the last couple of decades. Big, dominant and I do mean dominant retail properties of the highest quality that sit on large parcels and affluent submarkets where our tenant relationships and redevelopment skills can make a significant difference in the property's growth rate.

第一，收購。我們的收購標準依賴我們過去幾十年來發展的所有核心優勢。大型、主導，我的意思是主導的最高品質零售物業，位於大地塊和富裕的子市場，在這些地方，我們的租戶關係和重建技能可以對物業的成長率產生重大影響。

Every property we acquire has to be in a bull's-eye location measured by income demos, trade area reach, retailer desirability and economic constraints that assure retains its best location status protected from new supply. The only change we're making to this criteria relates to geography, not quality. The playing field that we're exploring is wider, similar to the way we expanded into Arizona a few years back. Believe that we've been needlessly limiting our acquisition purview since COVID.

我們收購的每個房產都必須位於最有利的位置，以收入演示、貿易區覆蓋範圍、零售商吸引力和經濟限制來衡量，以確保其在不受新供應影響的情況下保持最佳位置。我們對此標準所做的唯一改變與地理位置有關，而不是品質。我們正在探索的競爭環境更加廣闊，類似於幾年前我們擴展到亞利桑那州的方式。相信自 COVID 以來，我們一直在不必要地限制我們的收購權限。

Our tenants have told us that. Our core competencies of improved tenant selection, smart place making, selective redevelopment and site intensification are really needed and valued in places like Leawood, and retailers are ready to join us as space becomes available. Turns out that the Leawood, Kansas Shopper is simply not very different from the Pike & Rose Maryland shopper, except that they don't have nearly the retailer choices that the high-quality coastal properties do.

我們的租戶告訴我們這一點。我們的核心競爭力是改進租戶選擇、智慧場所營造、選擇性重建和場地集約化，這些在利伍德等地是真正需要和重視的，零售商已準備好在有空位時加入我們。事實證明，堪薩斯州利伍德的購物者與馬裡蘭州派克和羅斯的購物者並沒有太大區別，只是他們幾乎沒有像高品質沿海地區那樣的零售商選擇。

We intend to change that. Since publicizing our interest in an expanded playing field, our inbound inquiries from sellers and brokers in markets and submarkets with characteristics similar to Leawood has increased substantially. We hope to have two more acquisitions of size completed by year-end. There will be no diminution in the quality of Federal's portfolio as a result of the wider playing field.

我們打算改變這種狀況。自從我們公開表示對擴大競爭環境感興趣以來，來自與 Leawood 具有類似特徵的市場和子市場的賣家和經紀人的來電諮詢大幅增加。我們希望在年底前完成另外兩筆規模收購。聯邦的投資組合的品質不會因競爭環境的擴大而下降。

In fact, it will be enhanced with a laser-like focus on greater growth prospects and greater geographic diversity. The position of privilege to be selective in this environment, and we're able to do that because of the reputation and quality of our platform.

事實上，它將透過對更大成長前景和更大地理多樣性的密切關注而得到加強。在這種環境下，特權地位是需要選擇性的，我們能夠做到這一點，是因為我們平台的聲譽和品質。

Next is our disposition strategy, candidates for which fall into two camps. First, a pruning of assets that we simply see as limiting our long-term growth potential. It's why we sold our Hollywood Boulevard retail portfolio in June for $69 million and are sheltering the gain through a 1031 exchange with the Del Monte Shopping Center acquisition made earlier in the year. It's why we sold our Santa Monica assets late last year. That sale evaluation process will continue with a specific goal of improving our growth profile.

接下來是我們的處置策略，將候選人分成兩大陣營。首先，削減我們認為會限制我們長期成長潛力的資產。這就是為什麼我們在 6 月以 6900 萬美元的價格出售了好萊塢大道的零售組合，並透過 1031 交換來獲得今年早些時候收購的 Del Monte 購物中心的收益。這就是我們去年年底出售聖莫尼卡資產的原因。銷售評估流程將持續進行，具體目標是改善我們的成長狀況。

Also considered for disposition are certain assets that are a unique byproduct, the Federal's business plan. Those are buildings either residential or office generally, that are peripheral to our shopping centers and mixed-use communities, but that have top of the market valuations because of the adjacent retail environment that we've created over many years.

也考慮處置某些資產，它們是聯邦政府獨特的副產品，即聯邦政府的商業計劃。這些建築通常是住宅或辦公大樓，位於我們的購物中心和混合用途社區的邊緣，但由於我們多年來創造的相鄰零售環境，它們的市場估值最高。

Now I want to pause here and clarify what we mean by peripheral or stand-alone, residential and office assets. There are assets that, while part of our broader shopping center and mixed-use communities, are not integrated into the core retail amenity base, which drive our mixed-use strategy. We, therefore, believe that the sale of carefully selected locationally peripheral assets does not hurt the value of the larger shopping center or mixed-use community.

現在我想在這裡暫停一下，澄清一下我們所說的外圍或獨立的住宅和辦公資產是什麼意思。有些資產雖然是我們更廣泛的購物中心和混合用途社區的一部分，但並未融入核心零售便利設施基礎，而這推動了我們的混合用途策略。因此，我們認為，出售精心挑選的地理位置邊緣的資產不會損害大型購物中心或混合用途社區的價值。

We've included a couple of simple site plan visuals linked to the earnings release and available on our IR site that illustrate what it is that we mean here. It's why we sold Lavare at Santana Row, a high-quality stand-alone residential asset that sits a block off the row on the periphery of the neighborhood. Lavare has no retail beneath it and was sold for $74 million in June at a sub-5 cap.

我們在 IR 網站上提供了一些與收益報告相關的簡單的網站規劃視覺效果圖，用來說明我們在此所表達的意思。這就是我們出售位於 Santana Row 的 Lavare 的原因，這是一處高品質的獨立住宅資產，位於該社區邊緣的一個街區之外。Lavare 樓下沒有零售店，6 月以低於 5 元的價格售出，售價為 7,400 萬美元。

Across from it, you'll see the larger residential building that we call Misora, similar situation, and we plan to market it for sale in the coming months. At Pike & Rose, that can mean Palace the stand-alone luxury residential building, one bought behind the main shopping street and a Congressional Plaza shopping center where we have the stories apartments that sit behind it, we can also sell those.

在它的對面，你會看到一棟更大的住宅大樓，我們稱之為 Misora，情況類似，我們計劃在未來幾個月內將其出售。在 Pike & Rose，這可能意味著 Palace 是一棟獨立的豪華住宅大樓，位於主要購物街和國會廣場購物中心後面，我們擁有位於其後面的多層公寓，我們也可以出售這些公寓。

These are all high-quality assets that we've built over the last 25 years that are ripe for monetization without disrupting the productivity or the valuation of the core mixed-use environments we've created. The same logic applies to select office assets, where widespread return to office mandates are rewarding the most highly amenitized product.

這些都是我們在過去 25 年建立的高品質資產，可以實現貨幣化，而不會影響我們創建的核心混合用途環境的生產力或估值。同樣的邏輯也適用於精選的辦公資產，其中廣泛的辦公回報要求獎勵最具舒適度的產品。

Now the timing for monetizing this peripheral office product is probably not right yet, but we're open to recycling that capital here with the right buyer in valuation when the time comes. The luxury of having this optionality is a unique ace in the hole of ours and it's a testament to our high-quality and differentiated portfolio.

現在將這種外圍辦公產品貨幣化的時機可能尚未成熟，但我們願意在時機成熟時透過估值合適的買家來回收這筆資本。擁有這種可選性是我們獨一無二的王牌，它證明了我們的產品組合具有高品質和差異化。

And finally, our development strategy. Development remains an important core competency of our company. in a way to extract maximum value from our larger shopping center and mixed-use properties. And of course, opportunities are not as robust as they were in a lower interest rate environment, and pivot to acquisitions. But they will be again, in the meantime, we're still finding opportunities to add accretion and value largely with residential development as their historically lower exit cap rates, make the economics work.

最後，我們的發展策略。開發仍然是我們公司的重要核心競爭力，以便從我們更大的購物中心和混合用途物業中獲得最大價值。當然，機會並不像低利率環境那麼強勁，而且轉向收購。但他們會再次出現，同時，我們仍在尋找機會增加增值，主要透過住宅開發，因為其歷史上較低的退出資本化率使經濟發揮作用。

We are very willing to opportunistically monetize peripheral residential assets that we develop once they're stabilized in order to redeploy that low-cost capital into new retail raw material. Expect to see our residential project in Bala Kenwood, Pennsylvania start leasing up next year in 2026 and Hoboken, New Jersey in 2027.

一旦我們開發的周邊住宅資產穩定下來，我們非常願意抓住機會將其貨幣化，以便將低成本資本重新部署到新的零售原料中。預計我們位於賓州巴拉肯伍德的住宅計畫將於明年（2026 年）開始出租，位於新澤西州霍博肯的住宅計畫將於 2027 年開始出租。

We just broke ground on 258 apartments on Lot 12 in Santana Row in the first new residential project there in a decade, for which leasing will start in 2028. These projects represent just a part of our future growth pipeline with thousands more residential entitlements already banked or moving through the process. We've heard investor concerns loud and clear, and I hope that my prepared remarks today are a start to clarifying the communication of our strategy.

我們剛在桑塔納街 12 號地塊破土動工，建造 258 套公寓，這是十年來該地首個新住宅項目，將於 2028 年開始出租。這些項目只是我們未來成長管道的一部分，還有數千個住宅項目已經獲得批准或正在申請中。我們清楚地聽到了投資人的擔憂，我希望我今天準備好的發言能夠開始澄清我們策略的傳達。

We couldn't be more excited to further execute on it through the power of Federal Realty's stellar reputation with all sorts of retailers as well as potential sellers and their representatives of some powerful and dominant shopping centers. Our goal is to deliver enhanced growth through the inevitable economic cycles will all face and what I continue to believe is the highest-quality retail-centric portfolio in the business. I think I'll stop there.

我們非常高興能夠借助 Federal Realty 在各類零售商以及一些強大而占主導地位的購物中心的潛在賣家和他們的代表中的良好聲譽來進一步執行這一計劃。我們的目標是在不可避免的經濟週期中實現更快的成長，我仍然相信，我們的產品組合是業內最優質的以零售為中心的產品組合。我想我就此打住。

And with that, turn it over to Wendy and then Dan for the on-the-ground detail.

然後，將問題交給 Wendy，然後交給 Dan 來了解具體細節。

Thank you, Don. Exceptional operating results were achieved on all fronts in the second quarter. As I mentioned on my last call, I anticipated leasing to be strong heading into 2Q, but the volume outpaced even my own expectations. 119 comparable deals totaling 644,000 square feet; second highest volume of leasing ever recorded just shy of our highest record in the fourth quarter of '24. Rent spreads were a solid 10% over in-place rents and 21% on a straight-line basis.

謝謝你，唐。第二季度，各方面經營業績均取得優異成績。正如我在上次電話會議上提到的那樣，我預計第二季的租賃市場將會強勁，但實際交易量甚至超出了我的預期。 119 筆可比較交易，總面積達 644,000 平方英尺；有史以來第二高的租賃量，僅略低於 24 年第四季的最高紀錄。租金差額比現有租金高出 10%，以直線法計算則高出 21%。

We have been able to increase both our leased and occupied rates year over year as a result of limited exposure to recent bankruptcy headlines. Our embedded mark-to-market on the limited bankruptcy exposure we do have is roughly 30% to 35% on a handful of spaces. We have pending deals on all of these spaces and should be executing leases over the next few quarters.

由於近期破產新聞的影響較小，我們的租賃率和入住率得以逐年提高。我們對有限的破產風險的嵌入式市價調整在少數領域約為 30% 至 35%。我們對所有這些空間都有待達成的交易，並將在未來幾季內執行租賃。

We continue to be bullish on the leasing demand as they look at our pipeline, which is roughly a robust 1.5 million square feet at rent spreads in the mid-teens. Retailers remain very focused on best-in-class locations with high disposable income and proven sales performance which is why I'm particularly excited about the addition of Town Center Plaza and Town Center Crossing in Kansas City. These centers meet all of our disciplined real estate criteria critical mass totaling 550,000 square feet, number one dominant retail intersection located in affluent Leawood, Kansas.

我們繼續看好租賃需求，因為他們關注我們的專案儲備，我們的專案儲備面積約為 150 萬平方英尺，租金差價在 15% 左右。零售商仍然非常關注擁有高可支配收入和可靠銷售業績的一流地點，這就是為什麼我對堪薩斯城新增市中心廣場和市中心十字路口感到特別興奮。這些中心符合我們所有的嚴格房地產標準，總面積達 550,000 平方英尺，是位於富裕的堪薩斯州利伍德的頭號主要零售交叉口。

The demographic speed volumes with medium household income of $180,000 in Leawood, placing this market on par with the strongest markets we operate in currently. Annual foot traffic puts this acquisition in the top 15 percentile of our portfolio on the top 2% of all shopping centers in the US for Placer AI. The centers already boasting -- the centers are already boasting a strong tenant lineup, Trader Joe's, Apple, Lululemon, Aritzia, RH among others.

利伍德的人口統計數據表明，中等家庭收入為 18 萬美元，這使得該市場與我們目前運營的最強勁的市場不相上下。每年的人流使得此次收購在我們投資組合中位列前 15%，在 Placer AI 的美國所有購物中心中排名前 2%。這些中心已經擁有強大的租戶陣容，其中包括 Trader Joe's、Apple、Lululemon、Aritzia、RH 等。

But what gives me the most confidence in this acquisition is the surge in interest from our high-quality retail partners, both existing and new that we've built decade-long relationships with who are expressing interest in Kansas City because Federal is the landlord. It's about rebalancing the mix, phasing out underperforming tenants and bringing in stronger brands while at the same time, capturing rent growth.

但讓我對此次收購最有信心的是，我們的優質零售合作夥伴的興趣激增，這些合作夥伴包括現有的和新的，我們已經與他們建立了長達十年的合作關係，他們對堪薩斯城表現出了興趣，因為聯邦是房東。這是為了重新平衡組合，逐步淘汰表現不佳的租戶，引入更強大的品牌，同時實現租金成長。

If we look at our history of results, applying the same strategy, it's not really about what market rents are today. It's about what market rents could be with a strategic marketing strategy that is applied. And with that application, we'll get increased traffic and sales. Strong sales equals rent growth. I really can't say that enough.

如果我們回顧歷史結果，應用相同的策略，我們會發現它實際上與今天的市場租金無關。這是關於透過應用策略行銷策略，市場租金會是多少。透過該應用程序，我們將獲得更高的流量和銷售量。強勁的銷售等於租金成長。我真的說不夠。

While recent acquisitions are exciting, our regional decentralized approach continues to drive value throughout our existing portfolio. whether it's a new giant grocer under construction with small shops at Andora, 217 residential units and 19,000 square feet of new retail space in Bala, Kenwood, new pads, for example, Starbucks and Chase, we are opening a world market in an outdoor former Kmart Garden Center, we continue to turn over new opportunities within our existing portfolio.

雖然最近的收購令人興奮，但我們的區域分散方法繼續推動我們現有投資組合的價值。無論是在安多拉 (Andora) 正在建設的帶有小商店的新型大型雜貨店、217 個住宅單元和位於巴拉 (Bala)、肯伍德 (Kenwood) 的 19,000 平方英尺的新零售空間、新公寓，例如星巴克和大通 (Chase)，還是我們正在室外前凱馬特花園中心開闢的全球市場，我們都將繼續在現有投資組合中新闢的機會。

As I look towards the second half of the year, our manageable watch list, disciplined approach to cost and aggressive approach to getting tenants open and paying rent is yielding positive results. With executed in-place deals already in the third quarter, combined with a healthy pipeline of new leases that are in process, we are setting up 2026 for continued momentum to drive internal growth.

展望下半年，我們可控的觀察名單、嚴格的成本控制方法以及積極促使租戶開業並支付租金的方法正在產生積極成果。由於第三季已經達成了多項現有交易，再加上正在進行的大量新租賃，我們計劃在 2026 年繼續保持強勁勢頭，推動內部成長。

And with that, I'll turn it over to Dan.

說完這些，我就把麥克風交給丹。

Thank you, Wendy, and hello, everyone. We reported NAREIT FFO per share for the second quarter of $1.91 includes the recognition of the new market tax credit income a quarter earlier than we had guided. Backing out the $0.15, the resulting $1.76 per share is $0.02 above the top of our effective 2Q guidance range of $1.70 to $1.74. As a result of this outperformance, we raised guidance for 2025 by $0.04 at the midpoint from $7.17 to $7.21 per share, more from $7.02 previously to $7.06 per share when excluding the tax credit income. More details on that a bit later in my remarks.

謝謝你，溫迪，大家好。我們報告稱，第二季度 NAREIT 每股 FFO 為 1.91 美元，其中包括比我們預期提前一個季度確認的新市場稅收抵免收入。扣除0.15美元後，每股盈餘為1.76美元，比我們第二季有效指引區間1.70美元至1.74美元的上限高出0.02美元。鑑於此優異表現，我們將2025年指引中位數從每股7.17美元上調至7.21美元，上調幅度更大，從先前的每股7.02美元上調至扣除稅收抵免收入後的每股7.06美元。我稍後會在發言中詳細介紹這一點。

Comparable POI growth, excluding prior period rents and term fees, was 4.9% for the quarter, which is better than we had forecasted, driven by comparable base rents, which were up 4% on a year-over-year basis. Please note that the free rent period for our 11-year lease extension with Cisco Systems at 500 Santana Row ended during the quarter on May 31.

本季可比 POI 成長率（不包括前期租金和期限費用）為 4.9%，優於我們的預測，這得益於可比基本租金年增 4%。請注意，我們與思科系統公司在 Santana Row 500 號簽訂的 11 年續租免租期已於本季 5 月 31 日結束。

Cash basis comparable growth, excluding prior period rents as a result and term fees was 4% for the quarter and 5.2% after adding back to Cisco free rent. A quick update on office leasing for the quarter as we finalized the lease up of the portfolio. 141,000 square feet of total office leases signed for the quarter, with new signed deals at Santana West, bringing the building to almost 90% leased with solid activity on the partial floor that remains available as well as leases that bring 915 Meeting Street at Pike & Rose to 96% leased.

現金基礎可比成長率（不含前期租金和期限費用）為本季 4%，加上思科免租金後為 5.2%。在我們完成投資組合的租賃後，對本季度的辦公室租賃情況進行了簡要更新。本季度簽署的辦公室租賃總額為 141,000 平方英尺，其中 Santana West 簽署了新協議，使該建築的租賃率接近 90%，剩餘可用的部分樓層的活動很活躍，同時，Pike & Rose 會議街 915 號的租賃率也達到 96%。

This brings our total amenitized mixed-use portfolio inclusive of Santana West and 915 Meeting Street to 96% leased in total, with a weighted average remaining lease term of eight years. Amenitized mixed-use and affluent first-ring suburbs of major metros is in high demand, and we continue to see it across our portfolio.

這使得我們包括 Santana West 和 915 Meeting Street 在內的綜合設施混合用途投資組合的總租賃率達到 96%，加權平均剩餘租賃期限為 8 年。大都會的設施齊全的混合用途和富裕的一環郊區需求旺盛，我們繼續在我們的投資組合中看到這種情況。

Now to the balance sheet and an update on our liquidity position. We improved our liquidity at quarter end to $1.55 billion, with over $1.23 billion available on our unsecured credit facility, $177 million of cash and $150 million available to draw down under the recently extended and expanded $750 million term loan.

現在來看看資產負債表和我們的流動性狀況的最新情況。截至本季末，我們的流動性已提高至 15.5 億美元，其中無擔保信貸額度超過 12.3 億美元，現金 1.77 億美元，最近延長並擴大的 7.5 億美元定期貸款中還有 1.5 億美元可供使用。

Given strong growth in EBITDA over the quarter and the last 12 months, combined with asset sales completed during the 2Q, we're able to meaningfully enhance our credit metrics. In particular, our second quarter annualized net debt-to-EBITDA now stands at 5.4 times, excluding the new income tax credit income, down from 5.7 times as reported last quarter and is now within our leverage target metric target for that metric.

鑑於本季和過去 12 個月 EBITDA 的強勁成長，再加上第二季完成的資產銷售，我們能夠大幅提高我們的信用指標。具體來說，我們的第二季年度化淨負債與 EBITDA 比率目前為 5.4 倍（不包括新的所得稅抵免收入），低於上一季報告的 5.7 倍，目前處於該指標的槓桿目標範圍內。

As mentioned, we successfully completed the sale of two assets in 2Q for $143 million at a blended yield in the mid- to upper 5s on a next 12-month basis. We are currently marketing an additional $200-plus million and are considering another $200 million after that to start marketing later in the year. This $400-plus million in total as part of the broader pool we previously identified for potential sale, which is comprised of a mix of both stabilized lower-growth retail and peripherally located residential and office with blended yields targeted in the mid finds.

如上所述，我們在第二季度成功完成了兩項資產的出售，出售價格為 1.43 億美元，未來 12 個月的混合收益率將達到 5% 左右。我們目前正在行銷另外 2 億多美元，並考慮在今年稍後開始行銷另外 2 億美元。這筆總額超過 4 億美元的交易是我們先前確定的潛在銷售範圍的一部分，其中包括穩定的低成長零售和邊緣住宅和辦公大樓，混合收益率目標為中等水平。

From a flexibility perspective, the leverage metrics better than our targets, almost $1.6 billion of dry powder, plus the aforementioned asset sales in process we are very well positioned to continue to be on offense with respect to capital deployment, whether it's for additional acquisitions, redevelopments or even buying back our common stock.

從靈活性的角度來看，槓桿指標比我們的目標要好，幾乎 16 億美元的干火藥，再加上前面提到的正在進行的資產出售，我們完全有能力繼續在資本部署方面採取攻勢，無論是進行額外的收購、再開發，還是回購我們的普通股。

Now on to guidance. As mentioned earlier, with a second consecutive beat and raised second quarter coming in $0.02 above the top of our range and effectively $0.03 above consensus at $1.91 per share, we are raising our forecast for NAREIT-defined FFO per share to $7.16 to $7.26 per share. This represents about 6.5% growth at the increased midpoint of $7.21.

現在開始指導。如前所述，由於第二季度業績連續第二個季度超出預期並上漲，比我們的預期上限高出 0.02 美元，實際上比普遍預期高出 0.03 美元，達到每股 1.91 美元，我們將對 NAREIT 定義的每股 FFO 預測上調至每股 7.16 美元至 7.26 美元。以 7.21 美元的中點計算，這意味著增長了約 6.5%。

Backing out the onetime new market tax credit income from the figures, the range of $7.01 to $7.11 per share, with our revised midpoint climbing $0.04 from $7.02 to $7.06 per share, which represents over 4% versus 2024. This increase is driven by $0.02 of operating outperformance that we can lock in for the year and $0.02 accretion from the Leawood acquisition over the second half of the year or $0.04 on an annualized basis.

從數據中剔除一次性的新市場稅收抵免收入，範圍為每股 7.01 美元至 7.11 美元，我們修改後的中點從每股 7.02 美元上漲至 7.06 美元，上漲 0.04 美元，與 2024 年相比增長了 4% 以上。這一增長是由我們可以鎖定的全年 0.02 美元的營運超額收益和下半年收購 Leawood 帶來的 0.02 美元增值（或按年率計算 0.04 美元）推動的。

Given the strong 2Q results, we are increasing our forecast for 2025 comparable POI growth to 3.25% to 4% from the previous range of 3% to 4%. We expect occupancy levels to climb from the current 93.6% level over the second half of the year into the low 94s by year-end. Given deals signed to date and the continued robust pipeline of leasing activity, which is as strong as we have seen in years in terms of volumes, other growth metrics and particularly rollover.

鑑於第二季的強勁業績，我們將 2025 年可比 POI 成長率預測從先前的 3% 至 4% 上調至 3.25% 至 4%。我們預計入住率將從今年下半年目前的 93.6% 上升至年底的 94% 以下。鑑於迄今為止簽署的交易和持續強勁的租賃活動，其數量、其他成長指標以及特別是展期表現與我們多年來看到的一樣強勁。

Given limited exposure to bankrupt tenants and a better than forecasted first half of the year in terms of our utilization of our credit reserve, we are tightening our range of 75 to 100 basis points to a new range of 75 to 90 basis points. A quick reminder, an outline of our 2025 guidance assumptions is on page 26 in our 8-K financial supplement. With respect to quarterly FFO cadence for the balance of 2025, our estimates stand at $1.72 to $1.77 for the third quarter and $1.83 to $1.88 for the fourth quarter.

鑑於破產租戶的風險敞口有限，且今年上半年我們的信貸儲備利用情況好於預期，我們將把 75 至 100 個基點的範圍收窄至 75 至 90 個基點的新範圍。快速提醒一下，我們 2025 年指導假設的概述位於我們的 8-K 財務補充文件第 26 頁。對於 2025 年剩餘的季度 FFO 節奏，我們估計第三季為 1.72 美元至 1.77 美元，第四季為 1.83 美元至 1.88 美元。

Now an update on our dividend. As it is done, every year since 1967. Federal Realty's Board of Directors has declared an increase in its quarterly common dividend this year by $0.03 per share per quarter to $1.13 and or $4.52 per share on an annualized basis. This approximately 3% interest -- increase -- sorry, represents the 58th consecutive annual increase of the dividend, a REIT industry record. We stand as the only REIT in the status as a dividend King, which signifies 50 or more years, consecutive years of annual dividend increases.

現在來更新一下我們的股利。自 1967 年以來，每年都是如此。聯邦地產董事會宣布，今年季度普通股股息將增加 0.03 美元/股，至 1.13 美元/股，或按年率計算為 4.52 美元/股。這個大約 3% 的利息成長——抱歉，代表著股息連續第 58 年增加，創下了房地產投資信託行業的記錄。我們是唯一擁有股息王地位的房地產投資信託基金，這意味著連續 50 年或更長的年度股息增加。

And with that, operator, open up a line for questions.

接線員，請開通一條問答專線。

(Operator Instructions) Greg McGinniss, Scotiabank.

（操作員指示）加拿大豐業銀行的 Greg McGinniss。

Just wanted to touch on the potential acquisitions in the pipeline and whether we should be assuming that those are going to be in line with the strategy discussed at the beginning of the call, so market dominant, but maybe in geographies, we're not as familiar with Federal operating in? And then what types of cap rates you tend to achieve on those and where you think you can drive them to with that leasing expertise driving sales and rents that you talked about as well?

只是想談談正在進行的潛在收購，以及我們是否應該假設這些收購符合電話會議開始時討論的策略，因此佔據市場主導地位，但也許在某些地區，我們對聯邦的運營不太熟悉？那麼，您傾向於實現什麼類型的資本化率，以及您認為可以利用租賃專業知識來推動銷售和租金上漲，從而將這些資本化率推高到什麼程度？

Thanks, Greg. So I have to be a little bit vague because the ones I'm talking about are not fully wrapped up yet, and I need to get that done. But I can tell you that one of them is in a market that we've historically been in, and one of them is in a new market. That we've been talking about in conjunction with how I led off the call.

謝謝，格雷格。所以我必須說得有點含糊，因為我談論的事情還沒有完全結束，我需要把它完成。但我可以告訴你，其中一個是我們曾經涉足過的市場，另一個是新市場。我們一直在討論這個問題以及我如何主持電話會議。

Cap rates would be going in immediately accretively. High 6s, low 7s the general guidance I would give you. And I hope that, that's helpful, and I hope we can get those over the transom by the end of the year. We think we can.

資本化率將立即增加。我會給你一般的指導，6 分高，7 分低。我希望這會有所幫助，我希望我們能在今年年底前完成這些工作。我們認為我們可以。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

And congrats on 58 years on the dividend, pretty solid record. Don, just big picture, and you spoke a little bit about this at NAREIT, but you guys are making a transition in Kansas City, presumably some other new markets. And for a long time, like there's been a lot of growth in other areas away from the coast, but you guys have been sticking to your knitting.

恭喜您連續 58 年獲得股息，記錄相當穩健。唐，只是從大局來看，你在 NAREIT 上談到了這一點，但你們正在堪薩斯城進行轉型，大概還會在其它一些新市場進行轉型。長期以來，遠離海岸的其他地區也取得了長足的發展，但你們一直堅守自己的本職工作。

So is it really a function that's just the big developments no longer work and hence, you need to go expand elsewhere? Or was your nervousness about going to other markets finally placated and you're now realizing that these markets truly have the same dynamics, qualities that your traditional markets do?

那麼，這真的是一個大開發不再起作用的功能，因此您需要去其他地方進行擴展嗎？或者您對進入其他市場的緊張情緒最終得到了平息，並且您現在意識到這些市場確實具有與傳統市場相同的活力和品質？

Really good question, Alex. And let me make a couple of points to that. First of all, post COVID, I do believe both from a retailer perspective and from a landlord perspective, the understanding and the openness to other areas became more proficient. I think people thought about it more differently. And for us, what this is really about, Alex, is a retailer-led set of questions post COVID that led us to consider some other things.

真是個好問題，亞歷克斯。對此我講幾點。首先，在新冠疫情之後，我確實相信，無論是從零售商的角度還是從房東的角度來看，對其他領域的理解和開放程度都變得更加熟練。我認為人們對此有著不同的看法。亞歷克斯，對我們來說，這實際上是在新冠疫情之後零售商提出的一系列問題，這些問題促使我們考慮一些其他的事情。

You saw it first with places like Pembroke clients is so at first with places like Virginia Gateway, things that were not in the first-ring suburbs, but effectively had retailer demand that was greater than it would have been pre-COVID. And the more we spoke to these retailers, and there's a pretty good list of the ones I'm talking about here.

您首先在像彭布羅克這樣的地方看到這種情況，首先在像弗吉尼亞門戶這樣的地方也看到這種情況，這些地方不在第一環郊區，但實際上零售商的需求比新冠疫情之前要大。我們與這些零售商進行了更多的交流，並列出了我在這裡談論的相當多的零售商名單。

We were drawn and our own team said, let's open up the top of that funnel less if we can find the best and most dominant center in markets that we heretofore haven't looked at, we think we can take what it is that we do an create outsized growth relative to what those properties would do in other people's hands. That's what we found in the first couple that I talked about.

我們被吸引了，我們自己的團隊說，如果我們能在迄今為止我們尚未關注的市場中找到最好和最主要的中心，讓我們稍微打開那個漏斗的頂部，我們認為我們可以利用我們所做的事情來創造相對於這些房產在其他人手中所能實現的超額增長。這就是我們在我談到的第一對夫婦中發現的。

That's what I am confident we'll find in Leawood, and we've got a couple of other places that we're looking at that way, too. So I tried to get as much as I could with respect to the real estate characteristics that we need. But it's really the retailer characteristics that are -- that combination and partnership is really what has caused the ability of us to kind of look more broadly.

我相信我們會在利伍德找到這樣的機會，而且我們也在考慮其他幾個地方。因此，我嘗試盡可能多地了解我們需要的房地產特徵。但真正的原因是零售商的特徵——組合和合作才使得我們能夠進行更廣泛的觀察。

Michael Griffin, Evercore ISI.

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

Maybe just shifting gears to leasing. Wendy, appreciate your comments, particularly around the releasing of some of those bankrupt tenants that you might have. When we think about kind of or a, when those leases are going to get executed, and when they'll be commenced. I mean, are we talking executed in the third quarter, fourth quarter? And then what's going to be the lag time between executed and then commenced to realize that 35% mark-to-market you talked about?

也許只是轉向租賃。溫迪，感謝您的評論，特別是關於釋放一些破產租戶的評論。當我們考慮這些租約何時執行以及何時開始的時候。我的意思是，我們談論的是第三季、第四季的執行嗎？那麼，從執行到開始實現您所說的 35% 的市價之間的延遲時間是多少？

Sure, Michael. Thank you for the question. I think that what you'll see is the execution of the deals will come in over the next three quarters, really. It will probably be the third, the fourth and the first quarter of next year. And then typically on box space, you're going to have some openings in the fall and then that spring '27 because it's typically about a 12-month time period to get one producing after a vacancy goes out with all the work that needs to be done. So that's the best guidance I can provide right now.

當然，邁克爾。謝謝你的提問。我認為您會看到這些交易的執行將在未來三個季度內完成。大概是第三季、第四季、明年第一季。然後，通常在箱子空間方面，你會在秋季和 27 年春季有一些空缺，因為通常需要大約 12 個月的時間才能讓一個箱子投入生產，並完成所有需要完成的工作。這就是我現在能提供的最佳指導。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just hoping you could talk a little bit about the environment in Washington, D.C., there's been some press articles around local restaurant closures, et cetera. So just hoping you could give us the way that pulse on foot traffic sales trends and in particular, how the restaurants are doing?

只是希望您能談談華盛頓特區的環境，有一些關於當地餐廳關閉等的新聞文章。所以只是希望您能告訴我們客流量銷售趨勢，特別是餐廳的經營狀況如何？

Sure. The restaurants continue to be really resilient in the markets that we're in. I think what we're seeing is there's always some winners and losers in the restaurant category. But the areas in which we're operating and the incomes that are within this area has been very sustainable to the restaurant community.

當然。在我們所處的市場中，餐廳繼續保持著極強的韌性。我認為，我們看到的是，餐飲業總有一些贏家和輸家。但我們經營的地區以及該地區的收入對於餐飲業來說非常永續。

We have a combination of the fast casual and the sit-down restaurants, which are in total, doing well. In terms of traffic, April and May were up, traffic was up and June was down for whatever reason, but overall traffic has been up the first part of the quarter and July remains solid.

我們既有快餐休閒餐廳，也有堂食餐廳，整體來說，經營狀況良好。就流量而言，四月和五月的流量有所上升，六月的流量有所上升，但無論出於何種原因，六月的流量都有所下降，但本季前半段的總體流量有所上升，七月的流量保持穩定。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Just want to go back to the kind of acquisitions and what you guys potentially in the hopper with -- on the buy side versus the $400 million that Dan talked about on the sell side, it sounds like a Don, as you said, there's accretion kind of immediately I'm just kind of trying to get at what the IRR accretion that you guys are playing at over time and how long that takes to play out and how much capital ultimately that is going to need to foster as you guys remerchandise some of these assets that you're looking to buy?

我只是想回到收購類型以及你們可能在買方方面採取的措施——與丹談到的賣方 4 億美元相比，聽起來就像唐所說的那樣，這是一種立即的增值，我只是想了解你們在一段時間內所進行的 IRR 增值以及這需要多長時間才能發揮作用，以及在你們重新推銷這些你們想要購買的資產時，最終需要多少資本來促進這些資本？

Yes, Craig, that's the name of the game is to make sure we understand that we can create IRRs and the stuff that we're looking at suggests that we can create IRRs unlevered at roughly 9%, some a little bit less, some a little bit more. I can tell you with what we have been able to do on acquisitions, we have been able to exceed those numbers on the type of assets that we have done. And I would expect to continue to exceed those numbers.

是的，克雷格，這就是遊戲的名稱，是為了確保我們理解我們可以創建 IRR，而我們正在研究的東西表明我們可以在無槓桿的情況下創建大約 9% 的 IRR，有些少一點，有些多一點。我可以告訴你們，憑藉我們在收購方面取得的成就，我們在同類資產上的收購數字已經超過了這些數字。我希望繼續超越這些數字。

Now, in terms of timing, there are situations where we think we can get to it quickly. There are others that will take longer -- a number of years to get to. But overall, what we are buying Craig has a higher IRR clearly than what it is that we are selling. And that doesn't even include the difference in cap rates between what we're doing there. So from a real estate perspective, this is, in our view, a very solid use of capital net of what it takes to get to those numbers. So consider around 9% from an IRR perspective.

現在，就時間而言，我們認為有些情況我們可以很快實現。還有一些目標可能需要更長的時間——可能需要幾年的時間才能實現。但總體而言，我們購買的 Craig 產品的 IRR 明顯高於我們出售的產品。這甚至不包括我們在那裡所做的事情之間的資本化率差異。因此，從房地產的角度來看，我們認為，這是對達到這些數字所需的資本淨額的非常可靠的利用。因此從 IRR 角度考慮約 9%。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Dan, maybe for you, just to dig in a little more to the guidance just to make sure I understand it. So $0.02 increase on intended like 2Q outperformance operationally and then $0.02 on the Leawood acquisition. Is there -- are there any other moving parts that would kind of help us understand maybe first half versus second half?

丹，也許對你來說，只需要再深入了解指導，以確保我理解它。因此，第二季營運業績預期上漲 0.02 美元，Leawood 收購預期上漲 0.02 美元。有沒有其他活動部件可以幫助我們了解上半場與下半場的差異？

And did you guys put in the release anywhere comparable POI number for the first half so that we can sort of back into the second half and kind of understand maybe how the movements and comparable numbers are shaping out over the course of the year?

你們在發佈時是否提供了上半年可比較的 POI 數字，以便我們可以回顧下半年的情況，並了解全年的走勢和可比較數字是如何形成的？

Yes. Just on the comparable number. I mean the first half of the year was kind of on average, the first half was kind of in the mid- to upper 3s. We expect the second half of the year to be roughly in the mid-3s, a strong first quarter, a little bit weaker first quarter, a very strong second quarter, and we expect to be kind of right in the fairway of our 3.25% to 4% guidance that we provided.

是的。僅就可比較數字而言。我的意思是，今年上半年的情況比較平均，處於 3 星中上段。我們預計下半年的業績將大致在 3% 左右，第一季表現強勁，第一季略弱，第二季表現非常強勁，我們預計其增速將大致達到我們先前給出的 3.25% 至 4% 的預期。

With regards to the second half of the year, we would expect some of the outperformance in the second quarter was a little bit timing related. Some of it was permanent. That's why we locked it in the way we did. I think that there'll be some one-timers and some of the pull forward from later in the year into the second quarter, we'll have the third quarter a little bit having growth that is somewhat consistent and in line with the second quarter in terms of FFO per share, and that's reflected in the $172 million to $177 million guidance for the third quarter.

對於下半年，我們預期第二季的一些優異表現與時間有一定關係。其中一些是永久性的。這就是我們以那種方式鎖定它的原因。我認為會有一些一次性的舉措，也會有一些從今年稍晚到第二季的提前行動，第三季的每股 FFO 成長會比較穩定，與第二季持平，這反映在第三季 1.72 億美元至 1.77 億美元的預期中。

We'll see some real pickup in the fourth quarter as we'll really see some more meaningful gains in occupancy and just lease starts and rent commencements driving in early 4Q and in late 3Q, kind of really weight more in the fourth quarter percentage rent commencements and recognizing rent at Santana West, in particular, PwC.

我們將在第四季度看到一些真正的回升，因為我們將真正看到入住率、租賃開始和租金開始在第四季度初和第三季度末出現一些更有意義的增長，這在第四季度百分比租金開始和桑塔納西部的租金確認中佔有更大的比重，特別是普華永道。

We should see some additional parking ramp as well as expected benefits potentially from interest frames. But the really only offset being kind of potentially from a seasonal perspective, maybe some snow expense higher than you would see in the third quarter. Let's see a good cadence in the second half of the year relative to the first half, with it really being somewhat driven by real momentum in the fourth quarter.

我們應該會看到一些額外的停車坡道以及可能從興趣框架中獲得的預期收益。但從季節角度來看，真正的唯一抵消因素可能是降雪費用可能比第三季更高。讓我們看看下半年相對於上半年的良好節奏，這確實在一定程度上受到第四季度實際勢頭的推動。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Don, I appreciate that you outlined the characteristics of the new markets that you're looking at and recognize that you don't want to disclose the property. But -- are there examples of specific cities or markets that you would be interested in and so these are markets that you wouldn't be interested in just to give us a better sense of what the portfolio could look for. And is there any incremental G&A or expense associated with moving into some of these new markets?

唐，我很感激你概述了你正在關注的新市場的特徵，並且認識到你不想披露該財產。但是——有沒有您感興趣的特定城市或市場的例子，這些是您不感興趣的市場，只是為了讓我們更好地了解投資組合可能尋找什麼。進入這些新市場是否會產生任何增加的一般及行政費用或開支？

Thanks, Michael. Yes, there are, and none that I will tell you. And not to be a wise guy about that. But we are in the middle of evaluating. We are being shown properties in other places. As I said, we're trying to get tied up on a couple more. And I really -- while I would like to, I don't want to do that. I need you to stick with me on the characteristics here of the assets a bit more. In terms of incremental G&A in the company, no, not at this point.

謝謝，麥可。是的，有，但我不會告訴你。對此，我並不認為自己很聰明。但我們正處於評估之中。我們正在參觀其他地方的房產。正如我所說，我們正在嘗試達成更多協議。而我真的──雖然我很想，但我不想這麼做。我需要你跟我多講講這裡的資產特徵。就公司增量的一般及行政開支而言，目前還沒有。

And that is because there will be local management teams that are running them at the same percentages effectively that our existing properties get run on and we're using existing expertise at the corporate level, frankly, the highest levels at corporate to make sure that the leasing merchandising changes to the properties that will create that growth are done by frankly, our best and most talented people.

這是因為，我們將有本地管理團隊以與我們現有物業相同的比例有效地運營這些物業，並且我們會利用公司層面的現有專業知識，坦率地說，公司最高層級的專業知識，以確保對物業進行租賃商品銷售變更，從而創造增長，而這些變更是由我們最優秀、最有才華的人完成的。

So that's where we are. That's what we're doing. I'll give you more as time goes on. That's for sure.

這就是我們現在的狀況。這就是我們正在做的事情。隨著時間的推移，我會給你更多。這是肯定的。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, Wendy, I mean you had talked about -- you gave some highlights on the leasing front. Maybe talk about the mix of tenants looking for space, the 640,000 square feet. I mean that's very -- that's an impressive number. And then you talked about another 1.5 million square feet behind that.

我想，溫迪，我的意思是你已經談到了——你給出了租賃方面的一些亮點。也許可以談談尋找空間的租戶組合，即 640,000 平方英尺。我的意思是，這是一個非常令人印象深刻的數字。然後你又談到了後面的另外 150 萬平方英尺。

So help us understand as you're talking to these tenants. I mean at this point, does anybody even bring up tariffs and expenses or costs at this point. But I'm just trying to get the mix of tenants and kind of what conversations are like?

因此，當您與這些租戶交談時，請幫助我們理解。我的意思是，此時此刻，有人會提起關稅、費用或成本嗎？但我只是想了解租戶的組成以及對話的情況？

Thank you, Samir. In terms of the tariff discussion, we continue to talk to the retailers, of course. And I think that, that shock in April has settled down a bit and that the outside gold post of where it's going to settle in, have been established, and there's been some small steps on getting some clarity on the subject. But we still have a long way to go. But remember that when retailers are talking to us, they're making long-term real estate decisions.

謝謝你，薩米爾。關於關稅討論，我們當然會繼續與零售商進行溝通。我認為，四月份的衝擊已經平息，並且關於其穩定位置的外部金柱已經建立，並且在澄清這一問題方面已經取得了一些小進展。但我們還有很長的路要走。但請記住，當零售商與我們交談時，他們正在做出長期的房地產決策。

And they're looking for the best real estate. So in many ways, the different headwinds that they face, whether it's tariffs or others, these long-term decisions become more and more critical if they get the best real estate, they have the best production. And that way, they will be able to withstand whatever sickle cyclical things happen in the market with being kind of housed in the best real estate. So that's been productive and still remains kind of full steam ahead with the retailers.

他們正在尋找最好的房地產。因此，在許多方面，他們面臨的不同阻力，無論是關稅還是其他阻力，如果他們獲得最好的房地產，他們就有最好的生產，這些長期決策就變得越來越重要。這樣，他們就能夠透過居住在最好的房地產中來抵禦市場上發生的任何鐮狀週期性事件。因此，這項工作富有成效，而且零售商仍能全速前進。

On the second quarter leasing, it was really all over the place in terms of a fair amount of renewals. A lot of banker -- a lot of anchor activity, and I think you'll see that again in the third quarter. And a lot of great names that we're talking about, whether it's Free People, very broad-based, Burlington, well Polatisweetgreens. We've done our first or second Wonder deal. So very, very robust.

就第二季的租賃而言，續約數量確實相當多。很多銀行家——很多錨定活動，我認為你會在第三季度再次看到這種情況。我們談論的許多偉大的名字，無論是 Free People、基礎廣泛的 Burlington，還是 Polatisweetgreens。我們已經完成了第一筆或第二筆 Wonder 交易。非常非常強大。

The only thing I want to add to that, Wendy, is the proactive nature of the leasing. We don't obviously wait until attendance leases up to try to secure that income stream for years -- many years forward. So the notion of what we call blend and extends, things that effectively allow us to go in and renew leases sooner rather than that last period of time to do it is something that we always focus on.

溫迪，我唯一想補充的是租賃的主動性。顯然，我們不會等到觀眾人數滿員後才試圖確保未來數年甚至數年的收入來源。因此，我們始終關注的是我們所說的混合和延長的概念，即使我們能夠更早地而不是在最後一段時間內有效地進入並續簽租約。

And that's where the steadiness of the cash flow stream, which is why we do that, obviously. Retailers are very open to that because today, they don't want to lose their spot. They don't want to be in that position where from a market perspective, they're not represented.

這就是現金流的穩定性，顯然這就是我們這樣做的原因。零售商對此非常開放，因為今天他們不想失去自己的地位。他們不想處於從市場角度來看沒有代表的情況。

They need to expand. The supply demand issue has been well chronicled and that still exists. So a lot of that leasing that you see for us is very proactive based to assure that cash flow stream stays in place.

他們需要擴張。供需問題已充分闡述，並且仍然存在。因此，您看到的許多租賃都是我們非常積極主動的，以確保現金流保持不變。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

I wanted to touch on development. Curious if you could provide color on where some of your future development pipeline sits today in terms of expected yields versus where they would need to be to start construction from an underwriting perspective. Just wondering how much development could ramp up under the right environment as we think about a competitive transaction market?

我想談一下發展。我很好奇，您是否可以提供一些信息，說明目前您未來的一些開發項目在預期收益方面的狀況，以及從承保角度開始建設所需的狀況。我只是想知道，當我們考慮競爭性交易市場時，在適當的環境下可以實現多少發展？

That's a great question, Cooper. And if you were in our Board meeting yesterday, I could have handed you the schedule. But again, I'm not going to do that. what effectively it does do, what you can count on is two parts of development for us.

庫柏，這個問題問得真好。如果您昨天參加了我們的董事會會議，我就可以把行程表交給您。但是，我不會那麼做。它確實能有效地完成任務，你可以指望的是我們兩部分的發展。

One, very significant retail redevelopment plays that Wendy described in Andor for example, and other places throughout the portfolio that still is the best use, if you will, of capital from an initial return perspective and what it does to the overall shopping center. But we are real estate people. And so in development today on the residential side because of the exit cap rates that are significantly lower than they would be on retail or other uses.

其中一個非常重要的零售重建項目，例如溫迪在安多爾以及投資組合中的其他地方所描述的，從初始回報角度以及對整個購物中心的影響來看，這仍然是資本的最佳利用方式。但我們是房地產商。因此，目前住宅方面的開發退出資本化率明顯低於零售或其他用途。

On shopping centers, we have developed the ability to develop and to build residential projects that add very nicely in the future years that will continue to be able to add to our overall accretion. And by the way, can be used to monetize once they're stable to provide more fuel.

在購物中心方面，我們已經具備了開發和建造住宅項目的能力，這些項目在未來幾年將取得非常好的增值，並將繼續增加我們的整體增值。順便說一句，一旦它們穩定下來，就可以用來貨幣化以提供更多的燃料。

So it's a balance of those two pieces from a development perspective. Obviously, as interest rates come down, should they -- that part of this business is likely to ramp up. It will make numbers work bunch better. but they can still work today when we've got an advantage on the land basis, no land basis in a couple of places. And a retail destination that's already provided a wonderful place for -- to derisk, if you will, that incremental residential development.

因此，從發展角度來看，這是這兩部分的平衡。顯然，隨著利率下降，這部分業務可能會增加。它會讓數字工作得更好。但是當我們在土地基礎上有優勢時，它們今天仍然可以工作，在一些地方沒有土地基礎。而且零售目的地已經為逐步增加的住宅開發提供了一個絕佳的場所——如果你願意的話，可以降低其風險。

Yes. And I think those opportunities are all across our existing portfolio. So that also furthers the derisking from a residential perspective, we're targeting 7%. We're getting close to 7% or better depending upon the market and the retail redevelopments and so forth, high single digits and ideally into the low double digits if we can achieve them.

是的。我認為這些機會都存在於我們現有的投資組合中。因此，從住宅角度來看，這也進一步降低了風險，我們的目標是 7%。根據市場和零售重建等情況，我們的成長率接近 7% 甚至更高，如果能夠實現的話，成長率將達到高個位數，理想情況下將達到低兩位數。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Don, I appreciate you don't want to say too much on the topic. But I guess, how broad are the opportunities that you're looking at in the new markets? If we're looking at a map of the major cities between the coast, is it generally more like you can find a few centers in most cities? Or is it going to be a lot more targeted than that in terms of cities?

唐，我很感激你不想在這個話題上說太多。但我想，您在新市場中看到的機會有多廣泛？如果我們查看沿海主要城市的地圖，通常是否可以在大多數城市找到幾個中心？或者就城市而言，它會更有針對性嗎？

I want Jan to answer this, Jan Sweetnam to answer this, Mike, because what we have seen is a more than a flurry of activity in markets coast-to-coast that have -- that now think Federal is a potential buyer. And so we're seeing a whole bunch of stuff that we haven't seen before.

我希望 Jan 和 Jan Sweetnam 來回答這個問題，Mike，因為我們看到的是從東海岸到西海岸的市場上出現了一系列活動，現在人們都認為 Federal 是一個潛在的買家。因此，我們看到了許多以前從未見過的東西。

The critical thing for us, Mike, as I'll say over and over again, is quality. There's no way we're going down quality to be able to create income, if you will. This is simply about broadening that base. Jan, I don't know if you can add with respect to markets, and I understand the questions and I'd like to give them a bit more what can you say?

麥克，正如我反覆強調的，對我們來說，最關鍵的是品質。如果你願意的話，我們絕對不會降低品質來創造收入。這只是關於擴大基礎。簡，我不知道您是否可以補充一些有關市場的內容，我理解這些問題，我想再多問一點，您能說些什麼呢？

Yes. No, I mean there are several handfuls of markets that we think that there's an opportunity for an acquisition of a dominant shopping center where we can add the value that we've been talking about in terms of merchandising and working the asset and using our leverage along the way. So there's still plenty of room that we're seeing.

是的。不，我的意思是，我們認為有幾個市場有機會收購占主導地位的購物中心，我們可以在這些市場中增加我們一直在談論的商品銷售、資產運營和利用槓桿作用的價值。因此，我們看到仍有足夠的空間。

As Don said, there's a couple that we're working on right now. Behind that, there's a couple of other ones that we're underwriting. They may or may not work for us. We'll see. I would expect in the fourth quarter, there will be a couple more that we'll be looking at. So it seems like there's some real legs to the supply out there.

正如唐所說，我們現在正在處理一些事情。除此之外，我們還承保了其他幾項。它們可能對我們有用，也可能沒用。我們將拭目以待。我預計在第四季度，我們還會關注更多。因此看起來那裡確實有一些供應。

And I guess, Mike, the only other thing to say is they are largely larger assets. And so to the extent we can do four or five per year, that's what we'd like to do. Now with respect to Kansas City, for example, we would follow up just as we have in Phoenix and in other markets with other potential assets there even if they're grocery anchored or smaller ones to the extent they are the great things that are there that can supplement this big dominant asset.

我想，麥克，唯一要說的是，它們基本上是更大的資產。因此，只要我們每年能夠完成四到五項，這就是我們想要做的。以堪薩斯城為例，我們會像在鳳凰城和其他市場一樣，跟進那裡的其他潛在資產，即使它們是以雜貨店為主的資產或規模較小的資產，只要它們是可以補充這一大型主導資產的偉大資產。

So there's a combination of a few of these things that happen that are happening right now. And again, there'll be more to say in the next quarter and the one after that.

所以，現在發生的這些事情是多種多樣的。再次強調，下一季以及之後的下一季我們還會公佈更多消息。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

This is Ravi Vaidya on the line for Haendel. I hope you guys are doing well. Can you offer an update on the signed resocupat pipeline? What's the total rent that's embedded in this pipeline? And when can we start to see the commencement and recognition of that rent?

我是 Ravi Vaidya，代表 Haendel 轉達。我希望你們一切都好。您能否提供已簽署的 resocupat 管道的最新消息？這條管道中嵌入的總租金是多少？我們什麼時候才能開始看到這種租金的開始和認可？

Sure, sure. Yes, we have two components of our SNO in the comparable portfolio. You've got about $20 million. You've got another $19 million coming from the to be delivered or noncomp portfolio for a total of about $39 million of total rent. Largely, that should be coming on and combined about 50% of it should come on the balance of this year, another 40% starting in '26 and the balance in '27. We can get into more detail if you want to take it offline with regards to kind of some more of the detail between the comparable and the noncomparable components of that.

當然，當然。是的，我們的可比較投資組合中有兩個 SNO 組成部分。你有大約2000萬美元。您還有另外 1,900 萬美元來自待交付或非可比投資組合，總計約 3,900 萬美元的總租金。總體而言，這些資金應該會到位，其中約 50% 應該會在今年到位，另外 40% 會在 26 年開始到位，其餘的將在 27 年到位。如果您想離線了解可比較組件和不可比較組件之間的更多細節，我們可以進行更詳細的討論。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Sorry if I missed this, but is the Town Center acquisition in that 7% cap rate range that you're talking about? And is that anything unique about that pricing given that WPG sold it?

抱歉，如果我錯過了這一點，但是 Town Center 收購是否在您所說的 7% 資本化率範圍內？鑑於 WPG 出售了該產品，其定價有什麼獨特之處嗎？

Yes, Ki Bin, that's about right. That's what you should be considering. And I guess all I would say about that the asset is since WPG, for example, has been in liquidation mode and has not been investing in that asset. There is a backlog, if you will, of good deals, great deals to do there to the extent the retailer believes the landlord will invest in the property and create the environment necessary for them to do well.

是的，Ki Bin，確實如此。這才是你該考慮的。我想說的是，關於該資產，由於 WPG 一直處於清算模式，並且沒有投資該資產。如果你願意的話，那裡有很多好交易、大交易可以做，只要零售商相信房東會投資該物業並創造必要的環境讓他們做得很好。

That's why Wendy was talking about was effectively creating the market there that should increase rents pretty darn significantly over time. And we're going to get people out there in October. Not sure how many yet or how we're going to do it, but we're going to get people out there. You're going to see it is crystal clear, the dominant retail location on the Kansas side of the Kansas City market, not even close.

這就是溫迪所說的有效創造市場，隨著時間的推移，租金應該會大幅上漲。我們將在十月派人前往那裡。目前還不確定有多少人或我們將如何做，​​但我們會派人去那裡。您將清楚地看到，堪薩斯城市場堪薩斯一側的零售地段佔據主導地位，甚至無人能及。

Paulina Rojas, Green Street.

保利娜‧羅哈斯 (Paulina Rojas)，綠街。

My question is, how competitive is the bidding process for properties in these new geographies that you're evaluating? And while the demographics are strong, some of these markets, probably including Leawood Kansas have traditionally been less actively targeted by institutional investors. So I wonder if you're seeing lighter competition or if interest has already picked up more broadly?

我的問題是，您正在評估的這些新地區的房產競標過程競爭有多激烈？儘管人口結構強勁，但其中一些市場（可能包括堪薩斯州利伍德）傳統上較少受到機構投資者的積極關注。所以我想知道您是否看到了較弱的競爭，或者興趣是否已經更加廣泛地升溫？

Yes. I don't know that we've seen the interest pick up more broadly. So it tends to be that we're competing with fewer people on these larger assets in these markets then we would be if you were competing for a grocery-anchored shopping center in Orange County, California, by way of example. So that dynamic seems like it's still in place. So it's not that it's easy. It's not that it's not competitive at all. But we are not competing with a deep list of a bid sheet of 15 or 20 bidders on the property Paulina.

是的。我不知道我們是否已經看到人們的興趣在更廣泛的範圍內增長。因此，我們在這些市場上爭奪較大資產時，往往與更少的人競爭，例如，如果你在加州橘郡爭奪一個以雜貨店為中心的購物中心，那麼競爭就會更加激烈。因此這種動態似乎仍然存在。所以這並不是一件容易的事。這並不是說它完全沒有競爭力。但我們並不是要與 Paulina 房地產的 15 或 20 個競標者競爭。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Just curious how large you think multifamily can get in our portfolio, especially as you kind of think about going into these new markets. I mean, a lot of the markets don't have mixed use, but just kind of curious as we kind of think going forward, how large multi can be?

只是好奇您認為多戶型住宅在我們的投資組合中能佔據多大的規模，尤其是當您考慮進入這些新市場時。我的意思是，很多市場沒有混合用途，但我們有點好奇，展望未來，混合用途可以有多大？

Yes. Tayo, look, as I told you, and as I think it really understand, we are primarily a retail company through and through, no question about it. But we do have the skill set to be able to add additional uses. Now with respect to multifamily, if you've done the retail well, you should be able -- and you've paid for the land effectively because you bought a bigger place, you should be able to add multifamily in markets where demand exceeds supply, obviously, that can later be monetized and reduce the cost of capital of the entire project that you have there.

是的。Tayo，你看，正如我告訴你的，而且我認為你確實可以理解，我們主要是一家徹頭徹尾的零售公司，這是毫無疑問的。但我們確實擁有能夠增加其他用途的技能。現在關於多戶住宅，如果你在零售方面做得很好，你應該能夠——而且你已經有效地支付了土地費用，因為你購買了更大的房子，你應該能夠在需求超過供應的市場中增加多戶住宅，顯然，這些以後可以貨幣化並降低你在那裡的整個項目的資本成本。

That's where we are now. So I wouldn't expect the residential percentage of residential income to grow very much, if you will, for -- overall for the company. It's about 11% now. I would expect it to stay there or come down a little bit depending on the timing of monetization of some of these assets, it will always be an important part of the integration of the mixed-use properties.

這就是我們現在的處境。因此，對於整個公司而言，我並不認為住宅收入中的住宅百分比會有太大成長。目前約為11%。我預計它將保持在那裡或略有下降，這取決於其中一些資產的貨幣化時機，它將始終是混合用途資產整合的重要組成部分。

But to the extent it is peripheral, it should be able to be monetized. So keep it in your modeling, keep it somewhere around 10% or 11% of the income stream for now.

但就其邊緣程度而言，它應該能夠貨幣化。因此，請將其保留在您的模型中，暫時將其保留在收入流的 10％ 或 11％ 左右。

(Operator Instructions) Greg McGinniss, Scotiabank.

（操作員指示）加拿大豐業銀行的 Greg McGinniss。

Sure is muted on my end. My apologies. I just want to talk on the occupancy real quick. The economic occupancy where you're now targeting this kind of low 94% range by year-end. That's come down over the last couple of quarters, mid-94%, low 95% before that.

我這邊確實靜音了。我很抱歉。我只是想快速談談入住率。您目前的目標是在年底時經濟入住率達到 94% 左右。過去幾個季度，這一數字有所下降，之前為 94% 左右，95% 以下。

Given the limited exposure to the bankrupt tenants that some of your peers have been dealing with, I'm just curious kind of what are you seeing that is driving maybe that occupancy a little bit down versus initial expectations and whether there's any other kind of tenants that you're looking at in the back half of the year or vacancies that are expected in the back half of the year?

鑑於您的一些同行所面對的破產租戶的情況有限，我只是好奇，您認為是什麼原因導致入住率與最初的預期相比有所下降，以及您是否在考慮下半年的其他類型的租戶，或者預計下半年會出現空置情況？

Yes. So good question, Greg. One of the -- why we've come down is, honestly, we did acquire Del Monte which is in the low 80% leased. It's a big asset. So obviously, that impacted kind of the overall portfolio occupancy. And then it's really just kind of a little bit of slipping of kind of rent commencements with regards to kind of some stuff slipping into 2026 in terms of rent commencement dates, but nothing material there. We see some good momentum.

是的。格雷格，這個問題問得好。老實說，我們降價的原因之一是，我們確實收購了 Del Monte，目前其租賃率低於 80%。這是一筆巨大的財富。顯然，這影響了整體投資組合的佔用率。然後，實際上只是租金開始時間有點推遲，就租金開始日期而言，有些東西推遲到 2026 年，但沒有什麼實質性的內容。我們看到了一些良好的動力。

We've got a really, really robust pipeline. And so I think that's still -- we're targeting to get to up towards 95% over time. It may be over the next 12 to 18 months, but we still see some runway in our economic occupancy up from the current level and even beyond the 94% we're targeting at your end.

我們擁有非常非常強大的管道。所以我認為這仍然是——我們的目標是隨著時間的推移達到 95%。這可能需要在接下來的 12 到 18 個月內才能實現，但我們仍然看到我們的經濟入住率比當前水平有一定上升空間，甚至會超過我們為您設定的 94% 的目標。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Don, I don't think you spoke about the Mercedes deal. So just want to get a bit more color and see, is this one of these sort of feel good, like ESG green things that companies do? Or is there like legit economics? Just want to understand if this is a real moneymaker versus just something that is unfortunately sorry to say, like for the annual report.

唐，我認為你沒有談論梅賽德斯的交易。所以，我只是想了解更多細節，看看這是否是公司所做的 ESG 綠色事物之一，讓人感覺良好？或是否存在合法的經濟學？只是想了解這是否是一個真正的賺錢工具，還是只是一些令人遺憾的事情，例如年度報告。

Alex, I love that question. I can't believe I actually didn't mention this because I'm so proud of this deal. Doing EV deals over the last 10 years in the industry has largely been a kind of one-off exercise property by property. It has been something where the property management department would cut a deal it would take forever to get any economics from it, and it didn't make any money for most people over that period of time, I believe.

亞歷克斯，我喜歡這個問題。我真不敢相信我竟然沒有提到這一點，因為我對這筆交易感到非常自豪。過去 10 年，電動車產業的交易基本上是一種針對各個資產的一次性操作。物業管理部門會達成協議，但要花很長時間才能從中獲得任何經濟效益，我相信在這段時間內它並沒有為大多數人賺到任何錢。

We put a stop to that. And what we said was we've got a valuable brand in Federal Realty and valuable assets that in exchange for a payment, we will give you Mercedes an exclusive right to look at this portfolio and determine where you would like to be and then release those properties that you're not interested in. And that's what makes this different.

我們制止了這種行為。我們所說的是，我們在 Federal Realty 擁有寶貴的品牌和寶貴的資產，作為付款的交換，我們將授予您 Mercedes 獨家權利來查看這個投資組合併確定您想要的位置，然後發布您不感興趣的那些房產。這就是它的不同之處。

I can't talk about the amount, I can't talk about the structure effectively of the deal, but the economics hit now. And that's what's so important about the difference in the way these things are put together. We hope to do that again with the properties that are not included in the Mercedes deal. So there's a structural way to do these things that are economically beneficial way better than they've been over the past 10 years.

我無法談論金額，也無法談論交易的有效結構，但現在經濟形勢嚴峻。這就是為什麼這些東西的組合方式的不同之處如此重要的原因。我們希望對梅賽德斯交易中未包含的房產再次這樣做。因此，有一種結構性的方式來做這些事情，其經濟效益比過去 10 年好得多。

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。

Thanks for joining us today. Enjoy the rest of your summer, and we look forward to seeing many of you at upcoming conferences.

感謝您今天加入我們。享受剩下的夏天吧，我們期待在即將召開的會議上見到你們。

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。