Federal Realty Investment Trust (FRT) 2025 Q3 法說會逐字稿

Good day, and welcome to the Federal Realty Investment Trust Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I'd now like to turn the conference over to Jill Sawyer, Senior Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加聯邦房地產投資信託基金2025年第三季財報電話會議。【操作說明】請注意，本次活動正在錄影。現在我將把會議交給投資者關係高級副總裁吉爾·索耶。請繼續。

Thank you, Megan. Good morning. Thank you for joining us today for Federal Realty's Third Quarter 2025 Earnings Conference Call. Before we get started, 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 items.

謝謝你，梅根。早安.感謝您今天參加聯邦地產2025年第三季財報電話會議。在正式開始之前，提醒大家，本次電話會議中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訊息，以及提及預期或預期事件或結果的陳述，包括項目。

Although Federal Realty believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, Federal Realty's future operations and its actual performance may differ materially from the information in our forward-looking statements and we can give no assurance that these expectations can be attained.

儘管聯邦地產認為此類前瞻性聲明中反映的預期是基於合理的假設，但聯邦地產未來的營運和實際業績可能與前瞻性聲明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 this morning, 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. Before we begin our prepared remarks, I want to note that Don Wood, our Chief Executive Officer, is temporarily away due to a recent loss of an immediate family member.

我們今天早上發布的盈利報告和補充報告包、我們以 10-K 表格提交的年度報告以及我們的其他財務披露文件，對可能影響我們財務狀況和經營業績的風險因素進行了更深入的討論。在我們開始發言之前，我想說明一下，我們的執行長唐·伍德先生由於最近失去了一位至親，暫時不在公司。

Our thoughts are with Don and his family during this very difficult time. In his absence, our Chief Investment Officer, Jan Sweetnam, will be reading Don's prepared remarks. In addition to Jan, joining me on the call today are Dan Guglielmone, Chief Financial Officer; Wendy Seher, Eastern Region President and Chief Operating Officer; as well as other members of our executive and senior leadership team, including Dawn Becker, Jeff Kreshek and Melissa Solis that are available to take your questions at the conclusion of our prepared remarks. And with that, I will turn the call over to Jan Sweetnam. Jan, please begin.

在這個艱難的時刻，我們與唐和他的家人同在。唐先生缺席期間，我們的首席投資官簡·斯威特納姆將代他宣讀唐先生準備好的演講稿。除了 Jan 之外，今天和我一起參加電話會議的還有財務長 Dan Guglielmone；東部地區總裁兼營運長 Wendy Seher；以及我們執行和高級領導團隊的其他成員，包括 Dawn Becker、Jeff Kreshek 和 Melissa Solis，他們將在我們準備好的發言結束後回答您的問題。接下來，我將把電話交給 Jan Sweetnam。Jan，請開始。

Thanks, Jill, and good morning, everybody. Following our Don's prepared remarks, best leasing quarter we've ever had, ever and that's saying something given the leasing strength over the past few years. 727,000 feet of comparable space written at $35.71 28% annual cash rent than the previous tenant. 2/3 of that space was for renewals with de minimis capital required. Of the remaining 1/3 related to new tenants over half related to space that is currently occupied but for which a more productive tenant executed a lease a year or 2 or even 3 early in order to lock it up. .

謝謝吉爾，大家早安。在唐先生的發言之後，我們迎來了有史以來最好的租賃季度，考慮到過去幾年租賃市場的強勁勢頭，這確實令人矚目。我們以每平方英尺35.71美元的價格簽訂了72.7萬平方英尺的可比租賃面積合同，每年現金租金比之前的租戶高出28%。其中三分之二的租賃面積是續租，所需資金極少。剩下的三分之一與新租戶有關，其中一半以上與目前已被佔用的空間有關，但更有效率的租戶為了鎖定該空間，提前一年、兩年甚至三年簽訂了租賃合約。。

There's no better evidence of the attractiveness of a shopping center to retailers than that, and it's one of the best ways in our business to assure an increasing stream of cash flows well into the future. Wendy will talk about core leasing a bit more in a few minutes. Strong comparable operating income growth of 4.4% in the quarter was equally encouraging and led to FFO per share of $1.77, despite the absence of capitalized interest and operating costs at Santana West that negatively impacted FFO per share by $0.04. That drag will begin to dissipate in this fourth quarter and in 2026 and 2027 as tenants in the 90% leased, soon to be 95% leased, building continue to occupy and work through free rent periods.

購物中心對零售商的吸引力就在於此，這也是我們產業確保未來現金流持續成長的最佳途徑之一。Wendy 稍後會再詳細談談核心租賃。本季強勁的同店營業收入成長4.4%，同樣令人鼓舞，並帶動每股FFO達到1.77美元。儘管桑塔納西大樓沒有計入資本化利息和營運成本，導致每股FFO減少了0.04美元，但這項拖累將在本季以及2026年和2027年開始消退。目前該樓宇的出租率已達90%，即將達95%。隨著租戶繼續入住並度過免租期，這項拖累將逐漸消失。

Operationally, this was a really strong quarter. And based on what we see thus far in October, should allow us to close out 2025 strong. In terms of development and redevelopment, residential construction in Hoboken, New Jersey and Bala Cynwyd, Pennsylvania are moving along nicely on or under budget and on time with leasing to begin in early 2026 at Bala Cynwyd. During the third quarter, we broke ground on 258 new residential units on the last surface parking lot at Santana Row of committing capital of roughly $145 million. Those 3 projects, Hoboken, Bala and Santana will require roughly $280 million of capital, all in fully amenitized and proven environments and should yield 6.5% to 7% unlevered. There's more to come in this component of our business in 2026.

從營運角度來看，這是一個非常強勁的季度。根據我們目前在十月看到的情況來看，應該能夠讓我們在 2025 年末取得強勁的成績。就開發和重建而言，新澤西州霍博肯和賓夕法尼亞州巴拉辛維德的住宅建設進展順利，均在預算範圍內或低於預算，並且按時完成，巴拉​​辛維德的租賃將於 2026 年初開始。第三季度，我們在 Santana Row 的最後一個地面停車場破土動工，建造 258 套新的住宅單元，投入了約 1.45 億美元的資金。這三個項目，霍博肯、巴拉和桑塔納，大約需要 2.8 億美元的資金，所有項目都位於配套設施完善且成熟的環境中，無槓桿收益率應為 6.5% 至 7%。2026年，我們業務的這一部分還將有更多發展。

Current conditions suggest market value should be 150 to 200 basis points inside those returns. We're committed to realizing that value over time as we've demonstrated with the sale of Lavare at Santana Row earlier this year, Palace at Pike & Rose, which is currently under contract for sale and should close right around year-end and the current marketing of Misora at Santana Row. On the acquisition front, I really want to thank those of you that made the trip to Kansas City to join us for our investor tour of Town Center Crossing and Plaza in Leawood earlier this month, we're off to a great start there from a cash flow and value-enhancing perspective.

目前情況表明，市場價值應該在這些回報範圍內波動 150 到 200 個基點。我們致力於隨著時間的推移實現這一價值，正如我們今年早些時候出售的 Santana Row 的 Lavare、目前正在簽訂出售合約並將於年底前後完成交易的 Pike & Rose 的 Palace 以及目前正在營銷的 Santana Row 的 Misora 所證明的那樣。在收購方面，我真心感謝各位在本月初前往堪薩斯城與我們一起參觀利伍德鎮中心十字路口和廣場的投資者，從現金流和價值提升的角度來看，我們在那裡已經有了一個良好的開端。

And I just want to reemphasize the 2 points that I think became apparent to investors and analysts on that trip. First, that we are not sacrificing quality by expanding our geographical footprint. The growth prospects for these investments exceed both the retail and residential assets we're selling, and it is highly likely that the exit cap rates for the shopping centers we're pursuing will tighten considerably based upon our retenanting and redevelopment. And second, that this is not a change in strategy for federal. Our deep and experienced team is doing what it has always done. Lease it better, both from a merchandising and strength of lease contract standpoint, create a more inviting physical space that link in stay times and increases spend and intensify the land with more retail or residential GLA, where and whenever economically feasible. Same business plan and strategy just on different land with the same characteristics.

我只想再次強調我認為投資人和分析師在那次考察中已經清楚地認識到的兩點。首先，我們不會因為擴大地理覆蓋範圍而犧牲品質。這些投資的成長前景超過了我們正在出售的零售和住宅資產，根據我們的重新招租和重建情況，我們正在尋求的購物中心的退出資本化率很可能會大幅收緊。其次，這並非聯邦政府戰略的改變。我們經驗豐富、實力雄厚的團隊正在做他們一直以來都在做的事情。從商品銷售和租賃合約的力度來看，要更好地出租，創造一個更具吸引力的實體空間，延長停留時間，增加消費，並在經濟可行的情況下，透過增加零售或住宅總建築面積來提高土地利用率。同樣的商業計劃和策略，只是在具有相同特徵的不同土地上實施。

The affluent consumer is underserved, the centers are big and dominant and existing relevant tenants have proven that it's the place in the submarket to be. You might have also seen that we closed on the acquisition of Annapolis Town Center in the A+ location off State Route 50, which heads into DC and Interstate 97, which takes you to Baltimore in Annapolis, Maryland. We bought the property for $187 million at a 7% unlevered return with an anchor and shadow anchor foundation grounded by very successful retailers, Whole Foods, Lifetime Fitness and target we expect to be able to enhance the surrounding merchandising with better and more productive tenancy enabling higher rents.

富裕消費者的需求尚未得到充分滿足，這些中心規模龐大且佔據主導地位，現有的相關租戶已經證明，這裡是該細分市場中的最佳選擇。您可能也已經看到，我們完成了對位於馬裡蘭州安納波利斯市的安納波利斯鎮中心的收購，該鎮中心位於 50 號州際公路旁，地理位置優越，可通往華盛頓特區和 97 號州際公路，而 97 號州際公路則可帶您前往巴爾的摩。我們以 1.87 億美元的價格買下了這處房產，未槓桿回報率為 7%。該房產擁有非常成功的零售商 Whole Foods、Lifetime Fitness 和 Target 等主力店和影子主力店，我們期望能夠透過更好、更有效率的租戶來提升週邊商業環境，從而獲得更高的租金。

We're very excited about this addition in our core market. Next up is another large and dominant center and a growing Midwestern submarket that we expect to close in this fourth quarter. More to come on that one soon. So that's about it from my prepared remarks. Enhanced internal and external growth using all the tools at our disposal is the name of the game. Quarters like this sort of 2025 increased my confidence in doing so. Let me now turn it over to Wendy to expand on the leasing environment.

我們非常高興能在核心市場新增這項業務。接下來是另一個規模龐大、主導的中心市場，以及一個正在不斷成長的中西部次級市場，我們預計將在本第四季完成交易。關於此事，後續會有更多報導。我的發言稿就到此為止了。利用一切可用資源，促進內部和外部成長，才是致勝之道。類似2025年這樣的季度報告增強了我這樣做的信心。現在讓我把麥克風交給溫迪，讓她詳細介紹租賃環境。

Wendy Seher Executive VP, Eastern Region President and COO Thank you, Jan, and good morning, everybody. Exceptional performance for the quarter, highlighted by record leasing volumes that build significant forward momentum as we conclude the year and look ahead to 2026. As reflected in Don's comments, we successfully recorded a record 123 comparable deals at impressive rent spreads of 28% over in-place prior rents. Our operational metrics are in top form, evidenced by strong occupancy, healthy margins and reduced controllable expenses all underscoring a solid financial performance. Outstanding results overall for the quarter. .

Wendy Seher 執行副總裁、東部地區總裁兼營運長：謝謝 Jan，大家早安。本季業績表現卓越，租賃量創歷史新高，為我們結束今年並展望 2026 年奠定了強勁的發展勢頭。正如唐的評論所反映的那樣，我們成功完成了創紀錄的 123 筆可比交易，租金差額比之前的租金高出 28%。我們的營運指標處於最佳狀態，入住率高、利潤率健康、可控費用降低，所有這些都凸顯了穩健的財務表現。本季整體業績表現出色。。

Occupancy in the comparable pool continues to show momentum as our occupied rate climbed 40 basis points last quarter and 20 basis points year-over-year to 94%. On an overall occupancy basis, including all of our shopping centers, we stand at 93.8% today. Keep in mind, our 2 recent acquisitions, Leawood and Annapolis were roughly 91% and 85% occupied at closing, therefore, impacting total overall occupancy as we head into the fourth quarter. We encourage investors to focus on our comparable occupancy metrics, which more accurately reflects the continued strength and momentum across the core portfolio. Turning to our lease rate. Our comparable lease rate stands at a very healthy 95.7%. We expect the figure to grow and show positive momentum into year-end driven by a strong pipeline, including over 175,000 square feet of new leases currently in process for vacant space.

可比房源的入住率持續保持成長勢頭，上季入住率上升了 40 個基點，年增 20 個基點，達到 94%。以我們所有購物中心的整體入住率計算，我們目前的入住率為 93.8%。請注意，我們最近收購的兩處物業，Leawood 和 Annapolis，在交割時入住率分別約為 91% 和 85%，因此，這會影響我們進入第四季度時的整體入住率。我們鼓勵投資人關注我們的可比較入住率指標，這些指標能更準確地反映核心投資組合的持續強勁勢頭和發展勢頭。接下來談談我們的租金價格。我們可比租賃率高達 95.7%，非常健康。我們預計這一數字將持續成長，並在年底前呈現積極的成長勢頭，這主要得益於強勁的業務儲備，其中包括目前正在辦理的超過 175,000 平方英尺的空置空間新租賃合約。

This represents roughly 70 basis points of incremental lease rate opportunity. While the third quarter saw record leasing volume, a significant portion of this activity was for space, which currently was occupied. This is a testament to the durability of the centers and reinforces future stability in our occupancy metrics, providing embedded growth even if it doesn't immediately lift the recorded rate. By pre-leasing space, we effectively reduced downtime, we smooth out quarter-to-quarter revenue and strengthen occupancy over time. This proactive approach is a major focus across our operating teams. We continue to see broad-based demand for our quality real estate with a variety of best-in-class names and categories such as Chopped, allow Burlington, RHouse and Ross to name a few, and we continue to upgrade our retail lineup, including within our more recent acquisitions, Virginia Gateway, Pembrook and Leawood to be specific which with names such as Coach and LEGO, Warby Parker and Blueberry.

這代表著大約 70 個基點的額外租賃費率機會。雖然第三季租賃量創下歷史新高，但其中很大一部分租賃活動是針對目前已被佔用的空間。這證明了這些中心的持久性，並鞏固了我們入住率指標的未來穩定性，即使它不會立即提高記錄的入住率，也能帶來內在增長。透過預租空間，我們有效地減少了停機時間，平滑了季度間的收入，並隨著時間的推移提高了入住率。這種積極主動的做法是我們營運團隊的重點領域。我們持續看到市場對我們優質房地產的廣泛需求，其中包括 Chopped、Leal Burlington、RHouse 和 Ross 等眾多一流品牌和類別。我們也在不斷升級我們的零售陣容，包括我們最近收購的 Virginia Gateway、Pembrook 和 Leawood 等項目，這些項目引入了 Coach、LEGO、Warby Parker 和 Blueberry 等品牌。

We were able to drive rents and earn a return on our capital at. Merchandising and retail sales performance is our focus. LoveShackFancy just had their grand opening this past weekend at the Grove at Shrewsbury attracted by the addition of our small-format Bloomie's concept, LoveShackFancy opened to a line out the door and had their best opening ever of their 25 locations. Merchandising matters in non-commodity centers. Our acquisition of Minneapolis Town Center this quarter is a prime example of our disciplined acquisition strategy. 479,000 square foot mixed-use retail properties confirms our focus on acquiring high-quality dominant centers in affluent markets.

我們能夠提高租金並獲得資本回報。商品銷售和零售業績是我們的關注重點。LoveShackFancy 上週末在 Shrewsbury 的 Grove 盛大開業，受到我們小型 Bloomie's 概念的吸引，LoveShackFancy 開業當天門庭若市，開業當天生意興隆，創下了 25 家分店中開業以來的最佳紀錄。在非商品中心，商品陳列至關重要。本季我們對明尼亞波利斯鎮中心的收購，正是我們嚴謹收購策略的絕佳例證。這棟佔地47.9萬平方英尺的綜合用途零售物業，印證了我們專注於在富裕市場收購優質核心商業中心的策略。

With an 85% current occupancy rate, we expect the addition of Annapolis to provide meaningful growth with strong existing anchors like Whole Foods, Target and lifetime and featuring popular retail brands such as Sephora, RH, Pottery Barn and Anthropology, a perfect addition to our Maryland portfolio. Expect us to provide a number of tenant announcements for Annapolis on our next call. And with that, I'll turn it over to Dan.

安納波利斯購物中心目前的入住率高達 85%，我們預計其加入將帶來顯著成長。購物中心擁有 Whole Foods、Target 和 life 等強大的現有主力店，並彙集了 Sephora、RH、Pottery Barn 和 Anthropologie 等熱門零售品牌，是對我們馬裡蘭州投資組合的完美補充。預計我們將在下次電話會議上公佈安納波利斯的一些租戶資訊。接下來，我將把麥克風交給丹。

Daniel Guglielmone Executive VP, CFO & Treasurer Thank you, Wendy, and hello, everyone. Our reported FFO per share for the third quarter of $1.77 above consensus and at the top end of our guidance range of $172 million to $177 million. Comparable POI growth for the quarter was 4.4% on a GAAP basis and 3.7% on a cash basis. Both metrics outperformed our expectations, primarily due to higher-than-forecasted revenues in retail, residential and parking. As a result, we will increase guidance for both 2025 FFO per share and comparable POI growth.

Daniel Guglielmone 執行副總裁、財務長兼財務主管 謝謝 Wendy，大家好。我們公佈的第三季每股 FFO 為 1.77 美元，高於市場普遍預期，並達到我們先前 1.72 億美元至 1.77 億美元指引範圍的上限。本季可比POI成長率以GAAP計算為4.4%，以現金計算為3.7%。兩項指標均超出預期，主要原因是零售、住宅和停車領域的收入高於預期。因此，我們將提高對 2025 年每股 FFO 和可比較 POI 成長的預期。

More to come on that later in my prepared remarks. But first, an update on the balance sheet. We continue to have significant liquidity of approximately $1.3 billion at quarter end, comprised of availability on our $1.25 billion unsecured credit facility and over $100 million of cash at quarter end, committed active capital allocation program, our balance sheet remains strong. Third quarter annualized net debt-to-EBITDA is solid and stands at 5.6x, reflecting the purchase of the Leawood assets and our fixed charge coverage stood at 3.9x. We continue to look to execute on our capital recycling program. With $400 million of assets at various stages in the asset sale process, with roughly $200 million expected to close by year-end or shortly thereafter, and another $200-plus million forecasted to close in the first half of 2026.

關於這一點，我稍後會在準備好的發言稿中詳細說明。但首先，讓我們先來看看資產負債表的最新情況。截至季末，我們仍擁有約 13 億美元的充裕流動資金，其中包括 12.5 億美元的無擔保信貸額度和超過 1 億美元的現金，以及已承諾的積極資本配置計劃，我們的資產負債表依然穩健。第三季年化淨負債與 EBITDA 比率穩健，為 5.6 倍，這主要得益於對 Leawood 資產的收購；我們的固定費用保障倍數為 3.9 倍。我們將繼續推進資本循環利用計畫。該公司有價值 4 億美元的資產處於資產出售流程的不同階段，預計約 2 億美元的交易將在年底或之後不久完成，另有 2 億美元以上的交易預計將在 2026 年上半年完成。

Behind that, we have a pool of over $1 billion of noncore assets under consideration to be brought to market in 2026 and beyond. Of that total, roughly $1.5 billion pool, about 1/3 is peripherally located residential with the other 2/3 being noncore retail. With estimated blended yields targeted in the mid- to upper 5% cap rate range and blended unlevered IRRs inside of 7, very attractively priced capital. While leverage may fluctuate modestly from quarter-to-quarter, given the inherent timing differences between acquisition and sale transactions, we expect to maintain a long-term net debt-to-EBITDA ratio in the low to mid-5x range. From a flexibility perspective, with leverage metrics where they are and over $1.5 billion of asset sales in process and under consideration, we are very well positioned to continue to be on offense with respect to capital deployment.

除此之外，我們還有超過 10 億美元的非核心資產正在考慮中，計劃在 2026 年及以後推向市場。在這筆總額約 15 億美元的資金池中，約有三分之一是位於週邊地區的住宅，其餘三分之二則是非核心零售。預計綜合收益率目標在 5% 的中高水準資本化率範圍內，綜合無槓桿內部收益率在 7% 以內，因此資本價格非常有吸引力。儘管考慮到收購和出售交易之間固有的時間差異，槓桿率可能會逐季度略有波動，但我們預計長期淨債務與 EBITDA 比率將保持在 5 倍左右的低至中等水平。從靈活性的角度來看，鑑於目前的槓桿指標以及正在進行和考慮中的超過 15 億美元的資產出售，我們完全有能力繼續在資本部署方面保持積極主動。

Now on to guidance. As mentioned earlier, with a third consecutive beat and raise, we are raising our forecasted range -- FFO per share, excluding the new market tax credit work into a recurring FFO to $7.05 to $7.11. This represents about 4.6% growth on this recurring basis at the midpoint over 2024 and roughly 4% to 5% at the low and high end of range, respectively. Including the onetime new market tax credits in these figures, our near redefined FFO range increases to $7.20 to $7.26, which represents 6.8% growth at the midpoint over 2024. This increase is driven by $0.01 of net operating outperformance during the quarter and roughly $0.01 accretion from the Annapolis acquisition for the quarter, which translates to $0.03 to $0.04 on an annualized basis.

接下來是指導部分。如前所述，連續第三次業績超出預期並上調預期後，我們將預測區間——不計入新市場稅收抵免的每股經常性FFO——上調至7.05美元至7.11美元。這意味著，以此經常性FFO計算，到2024年，中點數值對應的成長率約為4.6%，而區間下限和上限值對應的成長率則分別約為4%至5%。如果將一次性新市場稅收抵免計入這些數字，我們重新定義的 FFO 範圍將增加到 7.20 美元至 7.26 美元，這意味著到 2024 年，中間值將增加 6.8%。這一成長主要得益於本季淨經營業績超額收益 0.01 美元，以及本季收購 Annapolis 帶來的約 0.01 美元收益，按年計算，相當於 0.03 美元至 0.04 美元。

Given another strong result for 3Q, we are increasing our forecast for 2025 comparable POI growth to 3.5% to 4% or 3.75% at the midpoint. And that's 4% when excluding prior period rent and term fees. We expect comparable occupied levels to be in the low 94s by year-end, given the deals signed to date the continued robust pipeline of leasing activity, which continues to have momentum even after a record third quarter volumes. Retail tenant demand for our portfolio is showing no signs of abating to date. We do have 1 other acquisition that we have under contract that should close before year-end of roughly $150 million. Although given the expected closing late in the quarter, we do not expect it to materially add to 2025 FFO.

鑑於第三季業績依然強勁，我們將 2025 年可比 POI 成長預測上調至 3.5% 至 4%，或中位數為 3.75%。如果不包括前期租金和期限費用，那就是 4%。鑑於迄今為止簽署的交易以及持續強勁的租賃活動（即使在創紀錄的第三季交易量之後，租賃活動仍然保持勢頭），我們預計到年底可比入住率將達到 94% 左右。到目前為止，我們投資組合中的零售租戶需求沒有絲毫減弱的跡象。我們還有另一項收購項目已經簽訂合同，預計將在年底前完成，金額約為 1.5 億美元。儘管預計交易將在季度末完成，但我們預計它不會對 2025 年的 FFO 產生實質影響。

One thing to keep in mind, the acquisitions we have completed so far this year, including the 1 currently under contract will total over $750 million have a blended initial cash yield of roughly 7%, a GAAP yield north of 7% and initial blended occupied rate of just 88%. These are high-quality assets with clear leasing upside, which will enhance growth in 2026, '27 and beyond. Implied FFO guidance for fourth quarter 2025 is $1.82 to $1.88 and represents 7% growth year-over-year at the midpoint. While we won't be providing formal 2026 guidance until our fourth quarter call in February, we do expect a strong year operationally. We're executing from a position of strength, we're investing strategically maintaining balance sheet discipline and setting ourselves up for another year of meaningful growth ahead.

需要記住的一點是，我們今年迄今完成的收購，包括目前正在簽訂合約的 1 項收購，總額將超過 7.5 億美元，綜合初始現金收益率約為 7%，GAAP 收益率超過 7%，初始綜合入住率僅為 88%。這些都是優質資產，具有明顯的租賃成長潛力，這將促進 2026 年、2027 年及以後的成長。2025 年第四季隱含的 FFO 指引為 1.82 美元至 1.88 美元，其中點值代表年增 7%。雖然我們直到 2 月的第四季電話會議才會正式提供 2026 年的業績指引，但我們預計今年的營運狀況將十分強勁。我們憑藉自身優勢，進行策略性投資，維持資產負債表的穩健，為未來一年的持續成長做好準備。

Before I hand the call back to the operator, given the number of participants on the call, we kindly ask that you limit yourself to 1 question during this segment of the call. And please, no multipart questions. You have additional questions, please requeue. And given the really tough news that Jill shared earlier, we completely understand that many of you may want to send a message of support to Don and his family. However, we respectfully ask that you refrain from expressing condolences on this call. So we can focus on the discussion on Federal Realty and its third quarter results and keep the Q&A segment of the call as efficient as possible. Thank you. And with that, operator, please open the line for questions.

在將電話交還給接線員之前，考慮到通話中參與者人數眾多，我們懇請您在通話的這一部分只提一個問題。請不要提出多部分問題。如果您還有其他問題，請重新排隊。鑑於吉爾早些時候分享的非常艱難的消息，我們完全理解你們中的許多人可能想要向唐和他的家人表達支持。但是，我們懇請您在本次通話中不要表達慰問之情。這樣我們就可以集中討論聯邦地產及其第三季業績，並盡可能提高電話會議問答環節的效率。謝謝。接線員，現在可以開始接受提問了。

[Operator Instructions] The first question comes from Juan Sanabria, BMO Capital Markets.

[操作員說明] 第一個問題來自 BMO 資本市場的 Juan Sanabria。

Great. For the team, I guess, Dan, you talked about the dispositions in processing at kind of a blended cap rate. But just curious if you can give any color on how the 2 main buckets, retail versus resi compare given kind of early feedback on what may be kind of out there in the marketplace to test pricing.

偉大的。我想，丹，你談到了團隊在處理過程中採用的混合資本化率處置方案。但我很好奇，鑑於目前市場上可能存在一些定價測試產品，您能否就零售和住宅這兩個主要類別之間的比較提供一些見解？

Sure, sure. Look, we've got, as we mentioned, $400 million in the market now that's probably a little bit more skewed towards residential. Overall, the $1.5 billion the 1/3 of the peripheral residential, 2/3 noncore retail pricing is going to be kind of in and around $5 million, sub $5 million for what we're selling on the residential, and it will be in and around 6 -- yes, low 6s, 6, sometimes high 5s on a blended basis on the retail. And so blended, we should be in the mid to upper 5s overall. So, I think a nice positive spread to where we're deploying the capital in and around the high 6s, low 7s on a cash basis and GAAP yields above that.

當然，當然。正如我們之前提到的，現在市場上有 4 億美元的資金，其中可能更偏向住宅領域。整體而言，15 億美元的投資中，1/3 為週邊住宅，2/3 為非核心零售，住宅定價將在 500 萬美元左右，低於 500 萬美元；零售定價將在 600 萬美元左右——是的，600 萬美元出頭，600 萬美元，有時在 500 萬美元以上（綜合計算）。因此，綜合起來，我們整體的排名應該在5分中上段。所以，我認為我們目前的利差相當不錯，現金收益率在 6% 到 7% 之間，而 GAAP 收益率則高於這個水平。

The next question comes from Michael Goldsmith, UBS.

下一個問題來自瑞銀集團的麥可‧戈德史密斯。

Dan, you mentioned you're not going to issue formal 2026 guidance, but you did talk about some of the factors, right, like Annapolis and the benefit that you'll see next year as well as the capitalized interest in salon or when you join to pace. So can you outline kind of any sort of onetime or other topics that you've already talked about for 2026, just so we can get a sense of where the puck is going. What's the trajectory of the company and what the earnings growth next year could look like based on what you've already said?

丹，你提到你不會發布正式的 2026 年業績指引，但你確實談到了一些因素，對吧，比如安納波利斯，以及你明年將看到的收益，還有沙龍的資本化權益，或者當你加入 Pace 時。所以，您能否概述一下您已經談到過的關於 2026 年的任何一次性或其他主題，以便我們了解未來的發展方向。根據您剛才所說的，公司的未來發展軌跡如何？明年的獲利成長前景如何？

Yes, good question. Thank you, Michael. With respect to one-timers, obviously, the big 1 timer really is what's occurred in 2025 with the new market tax credit. We would encourage folks that they want to understand kind of the true operational growth underlying the business is to exclude that onetimer in 2025 and focus on the $7.08 of kind of more of a recurring number. And in terms of looking forward, we don't have anything or expect to have any onetimers. Onetimers, we consider recurring numbers, term fees. We think that's recurring. It's a part of the business. It's unforecastable, but we do not expect any kind of material differences from our current guidance, which we increased a little bit this quarter in the $5 million, $5 million to $6 million range. So it should be consistent with that.

是的，問得好。謝謝你，麥可。就一次性事件而言，顯然，最大的一次性事件是 2025 年推出的新市場稅收抵免。我們建議那些想要了解公司真正營運成長情況的人，應該排除 2025 年的一次性成長，而將注意力集中在 7.08 美元這個更經常性的數字上。至於未來，我們沒有任何一次性交易，也不期望會有任何一次性交易。一次性用戶，我們會考慮定期付款、定期費用。我們認為這種情況會反覆出現。這是業務的一部分。雖然無法預測，但我們預計不會與目前的預期有任何實質差異，我們本季已將預期略微上調至 500 萬美元至 600 萬美元之間。所以它應該與此一致。

With regards to capitalized interest, you brought up -- we had about $13.5 million or expecting in the $13 million to $14 million range this year. We're not done. We don't have a precise number, but I think as a placeholder using kind of a $10 million to $11 million kind of level for capitalized interest is something you can use for now. We'll provide more precision on that in February.

關於您提到的資本化利息——我們今年大約有 1350 萬美元，或預計在 1300 萬美元到 1400 萬美元之間。我們還沒完。我們沒有確切的數字，但我認為，目前可以用 1000 萬到 1100 萬美元的資本化利息水準作為佔位符。我們將在二月提供更詳細的資訊。

With regards to growth, we don't have a precise number, but right now, our current guidance 2025 the recurring number is in the mid-4s, 4.6%. I would expect that, that feels like it should be somewhat consistent with where we'd expect things to be next year as well on a recurring basis. Keep in mind, that's with about 150 to 200 basis points of headwind from the refinancing of our bonds in February that we're expecting. And so that's, call it, 5.5% to 7% underlying growth in the core business, which I think is -- we feel really, really good about and so that's kind of, I think, the big numbers I would point you to.

關於成長，我們沒有確切的數字，但目前，我們對 2025 年的預測是經常性成長率在 4% 到 4.6% 之間。我認為，這應該與我們預期明年情況的發展方向基本一致，而這種趨勢會持續下去。請記住，我們預計 2 月債券再融資將帶來約 150 至 200 個基點的不利影響。因此，核心業務的潛在成長率約為 5.5% 至 7%，我認為——我們對此感到非常非常滿意，所以這大概就是我想讓大家關注的重要數字。

We do expect we only have $3 million to $5 million of incremental development POI contribution this year. that will be up higher next year into the double digits. We'll have a more precise number for you in terms of the 2026 incremental contribution on the following February.

我們預計今年新增的開發案貢獻額僅300萬至500萬美元。明年這數字將會大幅成長，達到兩位數。關於 2026 年的增量貢獻，我們將在明年二月為您提供更精確的數字。

Our next question comes from Samir Khanal, Bank of America.

下一個問題來自美國銀行的薩米爾·卡納爾。

I guess, Jan or Wendy, the spreads in the quarter were impressive, right, 28% cash spreads. I guess if you take a step back, how much of that is sort of true market rent growth that you're seeing in your portfolio versus maybe just sort of mix or tenant upgrades. Trying to understand if these spreads are sustainable. And if there is a sort of this inflection of market rents that are taking place for your type of assets.

我想，Jan 或 Wendy，本季的價差令人印象深刻，對吧，現金價差高達 28%。我想，如果你退後一步來看，你投資組合中看到的租金成長有多少是真正的市場租金成長，又有多少只是租戶組合或升級帶來的成長。試著了解這些價差是否可持續。如果貴公司這類資產的市場租金出現了某種轉折點。

So there's no question that the 28% is a strong number from us. As you kind of -- the way I kind of look at it is more over a 12-month period, which is more we're seeing kind of in the mid-teens. So -- and continue to be aggressive, and it makes sense, right, because our leased and occupied rate continue to increase, so we're able to drive rent at that rate. I think that it can be lumpy. So not every quarter will be 28%, but I think that we are definitely seeing some ability to drive rents. And like I said, that trailing 12 months should provide us in that mid-teens as the results will play out in the fourth quarter and into the first quarter. .

所以毫無疑問，28% 這個數字對我們來說非常可觀。正如你所看到的——我看待這個問題的方式更多是基於 12 個月的時間跨度，而我們目前看到的更多是 15 個月左右的時間跨度。所以——我們將繼續保持積極進取的態度，這很有道理，對吧，因為我們的出租率和入住率持續增長，所以我們能夠以同樣的速度提高租金。我覺得它可能表面凹凸不平。所以並非每季都會是 28%，但我認為我們確實看到了推動租金上漲的能力。正如我所說，過去 12 個月的數據應該能讓我們達到十幾個百分點，因為結果將在第四季和第一季逐漸顯現。。

Our next question comes from Alexander Goldfarb, Piper Sandler.

下一個問題來自 Piper Sandler 的 Alexander Goldfarb。

Dan, on out of Santana West, you had that office tenant that whenever it didn't take the space this year, whatever the take space, making it ready that got delayed, is that tenant looking to be on track for '26 meeting? Like should we expect sort of early in '26 that, that revenue would start flowing? Or is that -- could that be further delayed from a revenue recognition standpoint?

丹，關於 Santana West，你之前提到的那個辦公租戶，今年無論何時都沒有租用空間，無論租用空間的準備工作是否被推遲，那個租戶希望能夠按計劃在 2026 年開會嗎？我們是否可以預期，到 2026 年初，收入就會開始流入？或者說－從收入確認的角度來看，這是否可以進一步延後？

Yes. Our expectation is in line with our revised guidance earlier in the year that this fourth quarter, we will begin recognizing straight-line rent. And so they'll be -- we'll be recognizing on PwC, which is roughly the 40% anchor tenant in the building will be recognizing straight-line rent. And that's why -- that's 1 of the drivers of kind of the incremental POI that we'll see from our development pipeline, our development portfolio in 2026. So in line with our expectations and will be a driver of growth next year. .

是的。我們預計，根據今年稍早修訂的指導意見，我們將在本第四季開始確認直線法租金。因此，我們將確認普華永道（PwC）的租金，該大樓約 40% 的主要租戶將按直線法收取租金。這就是為什麼——這是我們將在 2026 年從我們的開發項目組合中看到的增量 POI 的驅動因素之一。所以，這符合我們的預期，並將成為明年成長的驅動力。。

Our next question comes from Michael Griffin, Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Michael Griffin。

Maybe 1 for Jan, just as it relates to sort of the investment pipeline in look. I know in Kansas City, you talked about the upside opportunity in some of these larger open air centers similar to Town Center versus maybe the premium the market is putting on more grocery anchor. So can you just talk about your thoughts on maybe the disconnect between those 2 types of properties? I mean is it expectations for higher foot traffic at grocery anchor center that's maybe driving down that cap rate? Or is there just a broader disconnect versus the types of assets like a town center or in Annapolis that you all are targeting?

或許一月會有 1 例，就目前來看，這與投資通路的規劃有關。我知道在堪薩斯城，你談到了一些類似於 Town Center 的大型露天購物中心的潛在發展機會，而市場可能更願意為更多的大型超市主力店支付溢價。那麼，您能否談談您對這兩種房產類型之間可能存在的脫節現象的看法？我的意思是，是不是因為預期超市主力店的客流量會更高，才導致了資本化率下降？或者，這只是與你們所瞄準的城鎮中心或安納波利斯這類資產類型有更廣泛的脫節？

Yes. Thanks, Michael. Good question. Interesting time in the market. There has historically been for at least the last 10 years, strong demand for grocery-anchored centers and cap rates have gotten bid down to relatively low levels. It sort of feels like they've flattened out a little bit. And there just has not been as much capital on the market. In fact, really recently, there's been very little capital in the market for larger transactions. And so the few transactions that came to the market, there was good bidding for it, but the yields were higher because just -- there wasn't that much competition for it.

是的。謝謝你，麥可。問得好。市場正處於一個有趣的時期。從歷史上看，至少在過去 10 年裡，以超市為主力店的購物中心一直有著強勁的需求，資本化率也被壓低到了相對較低的水平。感覺他們好像有點變得平淡了。而且市場上的資金也確實不夠充裕。事實上，最近市場上用於大額交易的資金非常少。因此，市場上出現的少數交易雖然競價激烈，但殖利率更高，因為——競爭並不激烈。

And so this last -- in the second half of this year, I think what we've seen is there's a lot of large centers that have come to the market. There's a lot of -- there's more capital in the market chasing those. It still feels like there's a good supply demand equilibrium there. But it's just that -- we still see that spread happening here simply because the larger centers are that they can be more complicated to execute because there's a lot more leasing that needs to be done there. And I just think we are -- 1 of the reasons we're really interested in it is we think we get a great risk-adjusted yield in buying these assets that are a little bit more complicated. They're larger, they're harder to operate because we've just got a great leasing team.

因此，在今年下半年，我們看到的是許多大型購物中心進入了市場。市場上有很多資本在追逐這些機會。感覺那裡的供需平衡仍然很好。但事實就是如此——我們仍然看到這種擴張在這裡發生，只是因為大型中心的擴張執行起來可能更複雜，因為那裡需要完成更多的租賃工作。我認為我們之所以對它感興趣，其中一個原因是我們認為購買這些稍微複雜一些的資產可以獲得很高的風險調整後收益。它們體積更大，操作難度也更高，因為我們擁有一支非常優秀的租賃團隊。

We've got such great relationships with the merchants, and we get so much intel on these things. before we actually start bidding on them -- put them under contract. And so we still think that spread is going to be there, it has not disappeared.

我們與商家關係非常好，在正式競標之前，我們能獲得很多相關資訊——然後才會與他們簽訂合約。因此，我們仍然認為這種傳播現象會一直存在，它並沒有消失。

Operator Our next question comes from Cindy Rome with Barclays.

接線生：下一個問題來自巴克萊銀行的辛迪·羅姆。

I was wondering if you could elaborate a bit on the debt maturity schedule and particularly the $200 million that does to row mortgage was during in December, I saw there's to 1-year extension options there. So I was just wondering what the plan is.

我想請您詳細說明一下債務到期時間表，特別是 12 月到期的 2 億美元抵押貸款，我看到有 1 年的延期選擇。所以我想知道計劃是什麼。

Yes. With regard specifically the tester and I'll talk a little bit more broadly about our maturity schedule going forward. But we will be extending that for another year, exercising the first of those 2 options will take us to the end of 2026. We have the flexibility to push it out to the end of 2027. It's a low leverage. It surely is imminently financeable at the end as well. So really no concerns there. We did refinance our -- alone, which has a maturity of tomorrow. And so that's been refinanced at very attractive rates in the kind of on a swap-to-fixed basis it will end up in kind of the below 4s.

是的。關於測試人員的具體情況，我將更廣泛地談論我們未來的成熟度計劃。但我們將把期限再延長一年，行使這兩個選項中的第一個選項將使我們的期限延長至 2026 年底。我們可以靈活地將期限延後到 2027 年底。槓桿率很低。最終也肯定能獲得融資。所以真的沒什麼好擔心的。我們確實對我們的——僅此一項——進行了再融資，該項再融資將於明天到期。因此，這筆貸款以非常優惠的利率進行了再融資，透過互換到固定利率的方式，最終利率將低於 4%。

And then with regards to the maturity we have in February of our $400 million of bonds with the 1.25%, we've got options, and it's good to have options. Whether it be in the bond market, whether it be in the bank term loan market, whether it be in the convertible market to have those options is really kind of what being federal and having our high investment-grade rating kind of allows us to do to be able to be opportunistic and nimble with regard to how we plan to refinance that, and we'll look to optimize it. And so more to come on that. Obviously, in February, there will be more color on exactly how we executed.

至於我們2月到期的4億美元1.25%債券，我們有多種選擇，有選擇總是好的。無論是在債券市場、銀行定期貸款市場或可轉換債券市場，擁有這些選擇權，正是聯邦政府和我們高投資級評級賦予我們的優勢，使我們能夠抓住機會，靈活地規劃再融資方案，我們將努力優化這些方案。關於這一點，後續還會有更多報導。顯然，到了二月份，我們會更詳細地說明我們是如何執行的。

Our next question comes from Floris Van Dijkum, Ladenburg.

下一個問題來自拉登堡的弗洛里斯·範·迪庫姆。

A question on your physical occupancy. I note you're still about 160 basis points, I believe, below peak levels. And maybe, Wendy, if you can give some sort of update on how quickly you see that trending? And is there a chance that we could surpass that level over the next 18 months or so.

關於您的實際居住情況。我注意到你們目前仍比峰值低約 160 個基點。溫迪，或許你能更新一下你觀察到的這種趨勢發展速度嗎？我們是否有可能在未來18個月左右的時間內超越這個水準？

Floris, I think what we're seeing is in terms of our ability to drive that occupancy rate up, I'm feeling good about the anchor side of it, I think, is where we have more room to push that number. And I think you're going to see that, as I mentioned in my comments, was that 175,000 square feet of space that we have really finalizing and signing leases in the next quarter for spaces that are currently vacant. So you're going to see that push up towards the end of the quarter.

弗洛里斯，我認為就我們提高入住率的能力而言，我對主力酒店方面感覺良好，我認為，我們在這方面還有更大的提升空間。正如我在評論中提到的，我認為你們將會看到，我們將在下一季真正敲定並簽署目前空置的 175,000 平方英尺空間的租賃協議。所以你會看到在季度末出現上漲趨勢。

And I think on the small shop side, we're over 93% leased right now. So I think we're going to use that as an opportunity to continue to drive rents. It could go up a little bit, but we're going to -- we like a little bit of that frictional vacancy, as I call it, that we can drive rents. But I think you're going to see it more increase on the anchor side, which will overall increase our occupancy.

我認為，就小型店鋪而言，我們目前的出租率已經超過 93%。所以我認為我們將利用這個機會繼續推高租金。租金可能會略微上漲，但我們——我們喜歡這種我稱之為「摩擦性空置」的現象，這樣我們就可以推高租金。但我認為你會看到主力飯店那邊的入住率上升幅度更大，這將整體上提高我們的入住率。

Next question comes from Cooper Clark, Wells Fargo.

下一個問題來自富國銀行的庫柏克拉克。

Great. Curious how Annapolis is funded and how that ties into the $0.01 accretion for 4Q and $0.03 to $0.04 for the full year. Wondering if that $0.01 accretion is combined with the $200 million of sales to fund or just trying to figure out how that $0.01 is inclusive of sales to close by year-end or not?

偉大的。很好奇安納波利斯是如何獲得資金的，以及這與第四季度 0.01 美元的增幅和全年 0.03 美元至 0.04 美元的增幅有何關聯。想知道這 0.01 美元的增值是否與 2 億美元的銷售額合併以籌集資金，還是只是想弄清楚這 0.01 美元是否包含在年底前的銷售額中？

Yes. Look, it's somewhat fungible. And look, we have a big balance sheet that allows us the flexibility to fund. Ultimately, we've got capacity on our credit facilities and our term loans. Temporarily, we fund it on that basis, cash on hand. Ultimately, on a long-term basis, it will be on a permanent basis, be funded with the asset sales. So the $0.01 accretion is really the spread between kind of the long term, basically yield or the initial yield day 1 and the next 12 months relative to -- we're selling stuff in the initial yields in the mid- to high 5s.

是的。你看，它在某種程度上是可以被取代的。而且，我們擁有雄厚的資產負債表，這使我們有彈性進行融資。最終，我們的信貸額度和定期貸款都有足夠的額度。暫時，我們用手邊的現金來支付這筆費用。從長遠來看，這將是一項永久性的舉措，資金將來自資產出售。所以，0.01 美元的增幅實際上是長期收益率（基本上是第一天的初始收益率）與未來 12 個月收益率之間的利差——我們出售的初始收益率在 5% 到 5% 之間。

And we're in the -- on a GAAP basis in the 7s that's how you get to the $0.01 accretion on a quarterly basis for the fourth quarter and $0.03 to $0.04 on an annualized basis for the full year. Hopefully, that answers your question. It's a good one, Cooper. But hopefully, that answers it. .

按照 GAAP 準則，我們的業績在 7 左右，這就是為什麼第四季度季度收益增加 0.01 美元，全年年度收益增加 0.03 美元至 0.04 美元的原因。希望這能解答你的疑問。庫珀，這題不錯。但願這樣就能解答你的疑問。。

Our next question comes from Greg McGinniss, Scotiabank.

下一個問題來自加拿大豐業銀行的格雷格·麥金尼斯。

This is Victor -- with Greg McGinniss. As you are now in an active external growth model. Could you share some details on current competition for the assets you target and how it is impacting cap rates overall, just trying to understand whether the pool of assets that check all the boxes for federal are shrinking or not.

這是 Victor——和 Greg McGinniss 在一起。因為你現在處於正向的外部成長模式。能否分享一下您目標資產目前的競爭情況，以及這對整體資本化率的影響？我只是想了解符合聯邦政府所有條件的資產池是否正在縮減。

Jan, do you want to take that one?

簡，你想選那個嗎？

Yes, I'm not sure I totally heard the full question. Is the question in terms of what does the pool of future potential acquisitions look like? Was that the question? .

是的，我不太確定我是否完全聽清了問題。這個問題是指未來潛在收購目標的儲備情況如何嗎？這就是問題嗎？。

Yes. Yes, as a result of curing dynamic and competition for the assets just trying to understand the size of the pool, yes.

是的。是的，由於需要解決資產動態和競爭問題，我們只是想了解資產池的規模，是的。

Yes, yes. Got it. So, the -- sort of -- it sort of feels like we're in continued equilibrium. And what I mean by that is, go back 12 months or 9 months ago, there weren't a lot of large transactions that we're interested in that we're on the market. And there weren't a lot of people chasing those type of assets. And so it felt like it sort of was an equilibrium. And today, there was a lot of large transactions that came on the market in April, May, June that were also matched by more capital coming in looking at those acquisitions and those possibilities.

是的，是的。知道了。所以，某種程度上來說，感覺我們似乎一直處於一種平衡狀態。我的意思是，回顧 12 個月或 9 個月前，市場上並沒有很多我們感興趣的大宗交易。當時並沒有很多人追逐這類資產。所以感覺上，這是一種平衡狀態。今天，市場上出現了許多四月、五月、六月期間的大宗交易，同時也有更多的資本湧入，關注這些收購和潛在機會。

And so it feels like we're sort of -- while there's more competition out there, I think it's more work for the sellers trying to understand who's real in the -- and are the ones that are real, who are the ones that really stand out as being able to work through issues and be at the closing at the end. And as we think through, we think we compete very well on that basis. So just from a competitive standpoint, it feels like we're sort of in the same position from an equilibrium standpoint. We'll have to see what happens in '26 and beyond that. But we would expect to continue to see more large transactions coming to the market later this year, beginning of next year, and we think we're in a pretty good competitive position to make a play for.

所以感覺我們現在的情況是——雖然市場上的競爭更激烈了，但我認為賣家需要付出更多努力才能弄清楚誰是真材實料，誰才是真正能夠解決問題並最終完成交易的人。仔細想想，我們認為我們在這方面很有競爭力。所以從競爭的角度來看，感覺我們和平​​衡的角度來看，處境差不多。我們得看看2026年及以後會發生什麼事。但我們預計今年稍晚、明年年初會有更多的大宗交易進入市場，我們認為我們處於相當有利的競爭地位，可以參與其中。

Yes. And look, I think that another thing that is not kind of, I think, fully appreciated. And yes is the skill set that we have the Federal Realty, whether it be in our leasing capability, our relationships with tenants, our ability to -- place making and other things that enhance the operations and productivity of the assets that we buy. A lot of these assets are under managed. And they're not -- it's not easy. It's not low-hanging fruit. You need a really, really good operator to drive those kind of results. And I think that's a competitive advantage we have over much of the capital that we're competing with. And we can do things that others can't in terms of driving POI upside and NOI upside at these potential acquisitions. .

是的。而且，我認為還有一點沒有被充分重視。是的，聯邦房地產擁有的技能組合，無論是租賃能力、與租戶的關係、場所營造能力，或是其他能夠提升我們所購買資產的營運和生產力的因素，都是我們的優勢所在。這些資產大多管理不善。而且他們做不到——這並不容易。這不是唾手可得的成果。你需要一位非常非常優秀的營運人員才能達到這樣的成果。我認為這是我們相對於大多數競爭對手所擁有的競爭優勢。而且，在這些潛在收購項目中，我們能夠做到其他人無法做到的事情，例如提高 POI 和 NOI。。

Our next question comes from Craig Mailman, Citi.

下一個問題來自花旗銀行的克雷格·梅爾曼。

Okay. We'll go to the next question.

好的。我們來看下一個問題。

The next question is from Ravi Vaidya, Mizuho.

下一個問題來自瑞穗銀行的Ravi Vaidya。

Can we discuss the snow pipeline -- how much do we have in total rent that's embedded in that pipeline? And what's the projected time line for this to come online? Do you think it will compress from here on out? And -- or is there room for this to expand further as occupancy growth?

我們能討論一下雪水管道專案嗎？該項目總共包含了多少租金？預計何時能夠上線？你認為它會從現在開始壓縮嗎？而且——或者說，隨著入住率的成長，這種成長空間是否還有進一步擴大的空間？

Great question, Ravi. And Craig, requeue, we'll get to your question for whatever the technical difficulty. We didn't hear you, but please requeue so we can -- we want to hear from you. Ravi, great question. SNO is going to be about $20 million in the comparable portfolio and another $18 million in kind of the to-be-delivered portfolio. So $38 million in total. In terms of about 1/4 of that will come online or on an annualized basis, begin and commence in the fourth quarter, about, call it, 60% should be in 2026, and the remaining 15% should occur, call it, in 2027, the most part.

拉維，問得好。克雷格，請重新排隊，無論遇到什麼技術難題，我們都會盡快解答你的問題。我們沒聽到您的聲音，請重新排隊以便我們能聽到您的聲音——我們想聽到您的聲音。拉維，問得好。SNO 在可比較投資組合中價值約 2,000 萬美元，在待交付投資組合中價值約 1,800 萬美元。總共3800萬美元。其中約 1/4 將上線或按年計算，在第四季度開始實施，約 60% 應該在 2026 年實施，其餘 15% 應該在 2027 年實施，大部分如此。

The probably of the 60% next year, roughly probably 3/4 of it is going to be, call it, 70% to 75% should be in the first half of the year. Obviously, SNO has become a -- it's helpful for you guys from a modeling perspective. It only tells half the story. I mean when you look at SNO, you have to look at the other side of that's filling the top of the bucket, SNO.

明年這 60% 的機率中，大約 3/4 可能會達到，姑且稱之為 70% 到 75%，應該會在上半年實現。顯然，SNO 已經成為——從建模的角度來看，這對你們很有幫助。這只是故事的一半。我的意思是，當你看到雪崩時，你必須看到另一邊，那就是填滿桶頂的雪崩。

What is the leak in the bottom of the bucket, what is your credit reserve? What's the credit profile of your tenancy, I think that, that needs to be looked at in tandem. So I would encourage you guys to the extent that now is important to you that you look at both sides of that. With regards to RSNO, given what Wendy had indicated, we expect our lease rate to grow into the fourth quarter and into the beginning of 2026.

桶底的漏洞是什麼？你的信用儲備是多少？我認為，你的租客信用狀況如何，需要一併考慮。所以，我鼓勵你們，如果現在這件事對你們來說很重要的話，就應該從正反兩方面來看它。關於 RSNO，鑑於 Wendy 所指出的情況，我們預計我們的租賃率將在第四季和 2026 年初繼續成長。

That should grow our spread between our leased rate occupied rate, both of them should trend upwards, which is what you want. I think that's more important, the direction of your occupancy metrics than necessarily what the spread is between the 2.

這樣一來，我們的出租率和入住率之間的利差應該會擴大，兩者都會呈現上升趨勢，這正是我們所希望的。我認為更重要的是入住率指標的走向，而不是兩者之間的差距。

We will look to -- it may increase up towards 200 basis points, but our objective is to tighten that as much as we can and get into kind of historical levels in the low hundreds 100 to 150 basis points, that's obviously kind of where we'd like to be because that shows efficiency in getting tenants open. And it was also an indication about credit quality of your tenancy, if you kind of can maintain a very, very tight SNO as everyone likes to say.

我們將考慮——利率可能會上升到 200 個基點左右，但我們的目標是盡可能地收緊利率，使其達到歷史水平，即 100 到 150 個基點左右，這顯然是我們希望達到的水平，因為這表明我們在吸引租戶開業方面效率很高。而且，如果你能像大家常說的那樣保持非常非常嚴格的SNO（服務品質標準），這也顯示了你的租客信用品質。

Our next question comes from Craig Mailman, Citi.

下一個問題來自花旗銀行的克雷格·梅爾曼。

This is Sydney on for Craig. I think you're having some technical difficulties. So Wendy, you mentioned that tenants are buying for currently occupied space, 2 to 3 quarters and years ahead of expirations now? Is this a significant trend that you're seeing? Or is this more anecdotal? And how much of this activity actually drive the cash spreads on new leases during the quarter?

這是悉尼為克雷格帶來的報道。我認為你遇到了一些技術問題。溫蒂，你提到現在租戶購買的都是目前已被佔用的辦公空間，而且通常是在租約到期前2到3個季度甚至幾年內購買？你觀察到這是一個顯著的趨勢嗎？或者這只是個案？那麼，這些活動中有多少真正推動了本季新租賃的現金價差呢？

Yes. Thank you for the question, Sydney. When I look at what we've been doing over the last several quarters, you can see that our rate of new deals that are being basically signed up for space that's already occupied has continued to tick up. So maybe it's more in the -- if you look kind of coming out of COVID, we were leasing -- we had more vacancy. We were leasing space that was occupied in the 30%, 40% range. Now we're up to 50%, 60% and this quarter was 70% of what we're leasing is already for occupied space. So I think that will continue as our occupancy and lease rates go up, and I think it's showing a healthy ability to reduce downtime and to level out our revenues quarter-to-quarter, and that's really what we're focused on. .

是的。謝謝你的提問，悉尼。回顧過去幾季我們所做的工作，可以看出，我們新簽的合約（基本上都是針對已被佔用的空間）的數量一直在持續上升。所以，也許更多的是因為——如果你看看疫情結束後的情況，我們出租的房屋——空置率更高。我們當時租賃的辦公空間入住率在 30% 到 40% 之間。現在，我們出租的面積中已有 50%、60% 被佔用，本季更是達到了 70%。所以我認為隨著入住率和租金上漲，這種情況還會持續下去。我認為這表明公司有能力減少停機時間，並使我們的季度收入保持穩定，而這正是我們真正關注的重點。。

Our next question comes from Hongliang Zhang, JPMorgan.

下一個問題來自摩根大通的張宏亮。

I guess a quick question for clarification. I think you talked about growth being kind of in the mid-4s on a recurring basis going forward. Is that just for the current portfolio? Or does that also layer on potential future acquisition and disposition activity too.

我想問一個問題以澄清一下。我認為你之前提到過，未來成長率會持續保持在 4% 左右。這僅適用於當前投資組合嗎？或者，這也對未來潛在的收購和處置活動產生了影響？

Yes. No, that's just kind of with what's in place for the most part. It reflects kind of expectations with Annapolis but it does not assume any incremental acquisitions in or speculative acquisitions in 2026. That would be additive given our objective of doing acquisitions that are accretive from day 1, obviously, that is -- the mid-4s is kind of the baseline, and acquisitions will enhance that figure kind of going forward. And so there's no embedded assumptions on speculative acquisitions or dispositions in that number. .

是的。不，那隻是目前大多數情況下的情況。它反映了對安納波利斯的某種預期，但並未假設在 2026 年會有任何增量收購或投機性收購。鑑於我們從一開始就進行能夠帶來增值的收購的目標，這顯然是錦上添花——4%左右的估值是基準，收購將在未來提高這一數字。因此，該數字中沒有隱含任何關於投機性收購或處置的假設。。

Our next question comes from Omotayo Okusanya, Deutsche Bank.

下一個問題來自德意志銀行的奧莫塔約·奧庫桑亞。

Could you talk a little bit about the $150 million acquisition that cement happen by year-end? If you could just kind of give us a general sense of kind of what it is, where it is.

能否談談年底前預計完成的1.5億美元收購案？如果您能大致介紹一下它是什麼，在哪裡就好了。

Yes. I know, Jan, you can add on. I'll just get it look. We'll announce that when we close on it. We are expecting, we're under contract. It's roughly $150 million as Don alluded to, it's kind of a, it's a -- will be a similar market to a Leawood, Kansas type of location. We'll announce that when it closes as is our policy and kind of what we do on a normal basis. Jan, I don't know with regards to returns, it's going to be consistent with the returns that we've been achieving on the assets to date, John, I don't know if there's any other color, but I think that's what we're probably prepared to give you today.

是的。我知道，簡，你可以補充。我這就去看看。交易完成後我們會公佈結果。我們正在期待，我們已經簽訂了合約。正如唐所暗示的那樣，它大約價值 1.5 億美元，它有點像，它有點像——它將是一個類似於堪薩斯州利伍德那樣的市場。我們會按照慣例，在商店關閉時發佈公告。Jan，關於收益，我不太清楚，但它應該會與我們迄今為止在資產上取得的收益保持一致。 John，我不知道是否還有其他情況，但我想這就是我們今天可能準備向你提供的資訊。

Yes. No, I think you nailed it, Dan. I think the only thing I would just add or reemphasize is, it will -- it's going to be -- it's a great cities rate MSA. It is unbelievably well in the affluent submarket and the affluent customer there is underserved, and there's pent-up demand in the marketplace. And I think that will be able to demonstrate that and talk about it once we close it. So that's what I would add to.

是的。不，我覺得你說得對，丹。我覺得我唯一要補充或再次強調的是，它將——將會——它將是一個很棒的城市評級 MSA。它在富裕人群細分市場中表現得非常出色，而該細分市場的富裕客戶群卻沒有得到充分的服務，市場有被壓抑的需求。我認為，一旦會議結束，我們就能證明這一點並進行討論。這就是我要補充的內容。

Yes. And I'd add another thing that this is an off-market transaction, something that was sourced off market. And it fits perfectly within kind of the new federal playbook in terms of top metros with a dynamic employment dominant assets with a meaningful size and significant trade area, affluence, unmet retail demand and proven hits and checks all of those boxes. So we're excited about it and stay tuned. .

是的。我還要補充一點，這是一筆場外交易，是從場外管道獲得的。它完全符合聯邦政府的新策略，即選擇具有活力就業優勢、規模可觀、貿易範圍廣闊、經濟富裕、零售需求未得到滿足且已取得成功的頂級都市區，並且滿足所有這些條件。我們對此感到興奮，敬請期待。。

Our next question comes from Linda Tsai, Jefferies.

下一個問題來自 Jefferies 的 Linda Tsai。

It sounds like including what you have under contract to sell 200 closing by year-end and another 200 closing in 2026. You can be selling up to the $1.5 billion you've identified. Is it feasible to replenish with another $1.5 billion and recycle that as well? Just wondering about the length of runway for unlocking of value creation?

聽起來像是包括你已簽約將在年底前完成 200 筆交易，以及在 2026 年完成另外 200 筆交易的房產。你可以賣出高達15億美元的商品，也就是你已經確定的金額。是否有可能再投入15億美元補充，並再次循環利用這筆資金？想知道釋放價值創造潛力還需要多長時間？

Yes. Look, look, it's a great question, Linda, and thanks. I think that gives us runway probably into '27 in the existing $1 billion gives us a runway, these are identified. We think that they'll attract interest from the market and so forth. Do we have more behind that? Is there Yes. I mean we could kind of delve in. I think this is the near term next 18, 24, 36-month pool that we're considering. And is there more behind it? Yes, yes. We need to be thoughtful.

是的。琳達，你問得好，謝謝你。我認為現有的 10 億美元足以支撐我們到 2027 年，這些資金已經確定。我們認為它們會吸引市場等各方的興趣。這背後還有更多內情嗎？有嗎？有。我的意思是，我們可以深入探討。我認為這是我們正在考慮的近期未來 18、24、36 個月的資金池。背後是否有更多隱情？是的，是的。我們需要深思熟慮。

A lot of what we are -- we own in our portfolio has significant gains because we've created significant amounts of value in these assets. And so we need got it to be thoughtful with regards to managing that. Ideally, we'd like to do that through 1031 exchanges. So that also is kind of a governor but to the extent we need to accelerate because we see more opportunities in the market to deploy capital on the acquisition front or in redevelopments and so forth.

我們投資組合中的許多資產都獲得了顯著收益，因為我們在這些資產中創造了大量的價值。因此，我們需要認真考慮如何管理這個問題。理想情況下，我們希望透過 1031 條款置換來實現這一點。所以這也算是一種調控機制，但我們需要加快步伐，因為我們看到市場上有更多機會將資本部署到收購或重建等方面。

We have that ability to accelerate and move up some of the pool to the forefront of activity in our asset sale process.

我們有能力加快速度，並將部分資產池推到資產出售流程的前端。

Our next question comes from Kenneth Billingsley, Compass Point.

下一個問題來自 Compass Point 的 Kenneth Billingsley。

I just want to follow up. I think you made some comments on the leasing side, but net renewal rates of up 29%. And GLA was the highest in the last 12 months. Can you maybe just discuss there a lot of TIs in there. Could you just maybe discuss what formulated such a high increase on a renewal basis?

我只是想跟進一下。我認為你對租賃方面發表了一些評論，但淨續租率高達 29%。GLA值達到了過去12個月以來的最高水準。您能不能討論一下，裡面有很多TI（測試人員）？能否請您談談是什麼因素導致了續約價格如此高的成長？

Look, we were able to push rents on renewal Look, timing of renewals, it ebbs and flows. We happen to have a significant kind of opportunity this quarter and those deals got done -- there were some -- some really strong renewal rates that we were able to achieve. And in terms of the volume of renewals, that happens, that will ebb and flow over time. I think there were a number of deals that we're able to get renewals at rates that were kind of above average. I would not expect us to maintain, continue to be driving renewal rates.

你看，我們能夠推動續租時的租金上漲。你看，續租的時機是有起伏的。本季我們恰好迎來了一個重要的機會，而且這些交易也達成了——其中一些——我們實現了非常強勁的續約率。至於續約數量，這種情況會發生，而且會隨著時間而起伏。我認為我們能夠以高於平均水平的價格續簽一些合約。我不認為我們能夠維持或繼續提高續約率。

I would look also on a trailing 12-month basis, maybe a little bit lower just because renewals tend to be a little bit lower. But I would look at kind of a more normalized number is looking at the trailing 12, which is in our supplement on the leasing page there. .

我也會參考過去 12 個月的數據，可能還會稍微降低一些，因為續約價格往往會略低一些。但我認為更規範化的數字是尾數 12，這在我們的租賃頁面的補充資料中有說明。。

Our next question comes from Paulina Rojas-Schmidt, Green Street.

下一個問題來自格林街的保利娜·羅哈斯-施密特。

Good morning. This is a more big picture question. You have highlighted that the recently acquired centers have a very clear significant operational upside. Do you think these acquisitions, along with the broader market focus are turning points for the company in terms of expected growth or you are more maintaining at trajectory, essentially replacing more mature centers for others and will drive the next stage of growth. And yes, I hope my question is clear.

早安.這是一個更宏觀的問題。您已強調，最近收購的中心具有非常明顯的巨大營運成長潛力。您認為這些收購以及更廣泛的市場關注是公司預期成長的轉折點，還是您認為公司只是維持現狀，本質上是用其他更成熟的中心取代更成熟的中心，從而推動下一階段的成長？是的，我希望我的問題表達清楚了。

Yes, I think I understand. And it's a good question, Paulina. Look, we are seeing kind of the opportunity to buy assets that are more raw material to kind of put into our kind of the federal business model where we can really drive merchandising, leasing, rents, invest capital on a disciplined basis to really drive and enhance returns for those assets. I think that, that is something that is additive. It's no different. Look, we are able to do that on our existing portfolio as well. But I think we see the opportunity to sell some of the assets that maybe have done a really, really good job of harvesting the opportunity in the near term and see that as an attractive source of capital to redeploy into assets that can enhance our growth rate.

是的，我想我明白了。保利娜，你問得好。你看，我們看到了一種機會，可以購買更多原材料資產，將其納入我們的聯邦商業模式，從而真正推動商品銷售、租賃、出租，並以嚴謹的方式投資資本，以真正推動和提高這些資產的回報。我認為，這是有益的。沒什麼不同。你看，我們也能夠在現有投資組合中做到這一點。但我認為我們看到了出售一些資產的機會，這些資產可能在短期內很好地掌握了機遇，並將此視為有吸引力的資本來源，可以重新部署到能夠提高我們成長率的資產。

But I don't see it as a turning point. I think it's more a continuation of what we do well. I think we're seeing an opportunity to harvest gains in our portfolio and redeploy them into -- and really to enhance our growth rate but it's really just a continuation and an expansion of what Federal has always done.

但我並不認為這是一個轉捩點。我認為這更像是對我們擅長領域的延續。我認為我們看到了一個機會，可以實現投資組合的收益，並將其重新部署到——實際上是為了提高我們的成長率，但這實際上只是聯邦一直以來所做的事情的延續和擴展。

[Operator Instructions] We have a follow up question from Alexander Goldfarb, Piper Sandler.

[操作員說明] 我們收到 Piper Sandler 公司的 Alexander Goldfarb 的後續問題。

As you guys look at some of the expansion markets, that you're obviously Leawood and then whatever the next city is, do you see that perhaps retailers or rents haven't been pushed as much as they have in those markets. I'm just trying to understand like, obviously, everyone knows like the infill markets like Philly area or New York Metro or D.C. Metro and retailers know that, hey, you have to pay big rents, there's big incomes. But just wondering, as you go to some of these next -- some of the Midwest markets and made just different legacy of ownership. Do you find that the rents have been pushed in the same way?

你們觀察一些擴張市場，例如利伍德，以及下一個城市，你們是否發現零售商或租金在這些市場並沒有像其他市場那樣被推高？我只是想弄清楚，很明顯，每個人都知道像費城地區、紐約都會區或華盛頓特區都會區這樣的填充市場，零售商也知道，嘿，你必須支付高額租金，因為那裡的收入也很高。但我只是好奇，當你接下來去到這些地方——一些中西部市場——你會發現所有權的傳承方式截然不同。你是否覺得租金也受到了同樣的推高？

Or is there -- is that part of the opportunity? I'm just trying to understand if it's more just a new area for growth, versus actually the way the markets have worked, they maybe haven't been as efficient because just different types of ownership that may have existed there versus in the coastal markets.

或者說，這是否也是機會的一部分？我只是想了解這是否只是一個新的成長領域，還是市場運作方式本身效率不高，因為那裡的所有權類型可能與沿海市場不同。

Yes. I'm going to let Stu Biel answer that one. You guys all -- to on our Leawood trip. Stu, you're probably at the forefront of that, sir.

是的。這個問題就讓斯圖·比爾來回答吧。你們所有人——都來參加我們的利伍德之旅吧。斯圖，先生，您很可能是這方面的領導者。

Yes. Alex, thanks for the question. I think the short answer is there is a lot of runway on the rents here. They have not been pushed as hard. The properties haven't been invested in the right way to push them as hard -- at the end of the day, this is all a fraction of the function of the volume the tenants believe they can do here. I think we showed you guys when we were in leave with the volumes that were coming out of that property before they had been kind of run in the way that we would run them. And so I do think that's a big part of this push is there is a lot of runway to continue to upgrade the merchandising push the sales invest in the properties and push those rents to get closer to what they're used to pay in other places in the country. .

是的。Alex，謝謝你的提問。我認為簡而言之，這裡的租金還有很大的上漲空間。他們沒有受到那麼大的壓力。這些房產的投資方式並不正確，無法充分發揮其潛力——歸根結底，這僅僅是租戶認為他們在這裡能夠達到的租房量的一小部分。我想我們在休假的時候已經向你們展示了，在我們按照現在的方式運作之前，那個物業的產量是多少。所以我認為，推動這一成長的一個重要因素是，還有很大的空間可以繼續提升商品銷售力度，加大對房產的投資，並推動租金上漲，使其更接近他們在全國其他地方習慣支付的水平。。

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。我謹將會議交還給吉爾·索耶，請她作總結發言。

Thank you for joining us today. Have a nice weekend, everyone.

感謝您今天蒞臨。祝大家週末愉快！

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。