Federal Realty Investment Trust (FRT) 2026 Q1 法說會逐字稿

Good day, and welcome to the Federal Realty Investment Trust first quarter 2026 earnings conference call. (Operator Instructions) Please also note today's event is being recorded.

各位早安，歡迎參加 Federal Realty Investment Trust 2026 年第一季財報電話會議。（接線員指示）另請注意，今日活動將進行錄音。

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

現在我想把會議交給投資人關係資深副總裁 Jill Sawyer。請開始。

Thanks, Rocco, and good morning, everyone. Thank you for joining us today for Federal Realty's first quarter 2026 earnings conference call. Joining me on the call are Donald Wood, Federal's Chief Executive Officer; Daniel Guglielmone, Chief Financial Officer; Wendy Seher, Eastern Region President and Chief Operating Officer; and January Sweetnam, Chief Investment Officer, as well as other members of our executive team are available to take your questions at the conclusion of our prepared remarks.

謝謝你，Rocco，各位早安。感謝各位今天參加 Federal Realty 2026 年第一季財報電話會議。與我一同出席的有 Federal 執行長 Donald Wood；財務長 Daniel Guglielmone；東區總裁兼營運長 Wendy Seher；以及投資長 January Sweetnam。此外，我們的其他高階管理團隊成員也將在我們預先準備的發言結束後，回答各位的提問。

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

提醒各位，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化或預測性資訊，以及提及預期或預估事件或結果（包括財測指引）的陳述。

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

儘管 Federal Realty 認為此類前瞻性陳述所反映的預期係基於合理假設，但 Federal Realty 未來的營運及其實際表現可能與我們前瞻性陳述中的資訊存在重大差異，我們亦無法保證這些預期一定能夠達成。

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 incept discussion of risk factors that may affect our financial condition and operational results. Given the number of participants on the call, we kindly ask that you limit yourself to one question during the Q&A portion. If you have additional questions, please requeue.

我們今早發布的財報新聞稿與補充報告資料包、以 Form 10-K 提交的年度報告，以及其他財務揭露文件，對可能影響我們財務狀況與營運結果的風險因素提供了更深入的討論。鑑於本次電話會議參與人數眾多，我們敬請各位在問答環節每人僅提一個問題。如有其他問題，請重新排隊等候提問。

And with that, I will turn the call over to Don Wood.

那麼，接下來我把電話交給 Don Wood。

Well, thanks, Jill, and good morning, everybody. The combination of stepped-up capital recycling portfolio-wide the strong incremental cash flow, the result of near record leasing in terms of both volume and rate over the past 18 months and the beginnings of meaningful incremental contributions from previous year's development spend are showing up on bottom line results with FFO per share of $1.88, vesting a year ago's quarter by 10.6%, setting the stage for this quarter's earnings beat, enabling us to raise guidance for the balance of the year.

謝謝你，Jill，各位早安。全投資組合層面的資本回收加速、過去 18 個月在租賃量與租金水準方面接近歷史高點所帶來的強勁新增現金流，以及前一年開發支出開始帶來具意義的增量貢獻，正反映在盈餘表現上：每股 FFO 為 1.88 美元，較去年同期成長 10.6%，為本季財報優於預期奠定基礎，並使我們得以上調今年剩餘期間的財測指引。

More details from Dan in a few minutes. Lease termination fees, direct results, strong landlord-oriented leases and an important part of our business were higher this quarter compared to a year ago by $2.8 million. though higher snow removal and related energy expenses net of recoveries caused by the season's unusually rough winter were also higher this quarter by over $2 million.

更多細節 Dan 會在幾分鐘後說明。本季租約提前終止費、直接成果、偏向房東條款的強勢租約，以及我們業務中的重要部分，較去年同期增加 280 萬美元。不過，由於本季冬季異常嚴峻，除雪及相關能源費用（扣除可回收部分）也較去年同期增加逾 200 萬美元。

Of course, we still grew at 9%, even if you eliminate just the termination fee impact. Capital recycling this quarter saw us close on the sales of Misora apartments at Santana Row and Courthouse Shopping Center in Rockville, Maryland, or combined proceeds of $159 million at a combined cap rate well inside 5%.

當然，即使排除終止費的影響，我們仍成長 9%。本季資本回收方面，我們完成了 Santana Row 的 Misora 公寓以及馬里蘭州 Rockville 的 Courthouse Shopping Center 的出售，合計成交金額 1.59 億美元，合併資本化率遠低於 5%。

Subsequently, we closed on the acquisition of Congressional North Shopping Center directly adjacent to our long-held A-rated rational Plaza in Rockville, for $72 million at a 7% stabilized yield. Opportunities for additional accretive acquisitions net of dispositions continue to be a laser-like focus of this team and are expected to continue to improve our overall growth. Activity in the form of additional interesting centers coming to market that are worth looking at, has clearly picked up as we come into the spring season. Business is good with strong demand for our assets in both our historical locations as well as the newer markets.

其後，我們完成收購 Congressional North Shopping Center，該中心緊鄰我們長期持有、評級為 A 的 Rockville Rational Plaza，收購價 7,200 萬美元，穩定後收益率為 7%。在處分後淨額基礎上尋找更多具增益性的收購機會，仍是本團隊雷射般聚焦的重點，並預期將持續改善我們的整體成長。隨著進入春季，市場上出現更多值得評估的有趣商場資產，相關活動明顯升溫。無論是在我們的傳統據點或較新的市場，對我們資產的需求都很強勁，業務表現良好。

We ended the quarter with the overall portfolio 96.1% leased and 93.8% occupied and about 40 basis points higher, excluding newly acquired centers. With the continued strength in new leasing that I'll talk about in a minute, these good times that we're seeing are expected to continue. Specifically, the anchor box leasing and repositioning that has been done and will continue to get done, particularly on the West Coast for us, should provide strong income contributions in '27 and '28.

本季末，我們整體投資組合出租率為 96.1%，實際入住率為 93.8%；若排除新收購的中心，兩者約高出 40 個基點。隨著我稍後將談到的新租賃持續強勁，我們目前看到的好景氣預期將延續。具體而言，我們已完成並將持續推進的主力店盒（anchor box）租賃與資產再定位，特別是在西岸，應可在 2027 與 2028 年帶來強勁的收入貢獻。

Now I know there hasn't been a lot of obvious evidence over the past few years that great demographics, particularly an affluent customer base, make a demonstrable business difference in the performance of a retail property. And there are a lot of reasons for that including shifting population trends, government subsidies and a favorable supply and demand dynamics, and some of those macro trends will likely continue.

我知道，過去幾年並沒有太多明顯證據顯示，優越的人口結構（尤其是富裕的客群）會在零售物業的表現上帶來可量化的差異。原因很多，包括人口移動趨勢變化、政府補貼、有利的供需動態等，而其中一些總體趨勢可能仍會持續。

But today's economic realities are different. And the divergent day-to-day purchasing decisions of consumers in this K-shaped economy are very real. Periods like this where everyday costs from gas to groceries are elevated and the consumer is more selective, quality demographics matter more -- they matter a lot. Wendy will talk through what we're seeing on the ground specifically.

但當前的經濟現實不同。在這種 K 型經濟下，消費者日常購買決策的分化非常真實。在像現在這樣、從汽油到雜貨等日常成本居高不下、消費者更為挑剔的時期，優質的人口結構更重要——而且非常重要。Wendy 將具體說明我們在第一線看到的情況。

Now it's no surprise that leasing drives these and future results. With over 100 leases and 649,000 feet of comparable deals done in the quarter at 13% cash rollover 23% on a straight-line basis. This was more volume than we've ever leased in any first quarter and the third best ever in any that includes 13 anchored deals for nearly 400,000 square feet at 13% rollover, 21% on a straight-line basis. This is really strong leasing and it looks to be continuing.

租賃驅動當期與未來成果，這點毫不意外。本季我們簽訂超過 100 份租約，完成 649,000 平方英尺的可比交易，現金租金續約差（cash rollover）為 13%，按直線法（straight-line basis）為 23%。這是我們歷來第一季租賃量最高的一次，也是所有季度中史上第三高；其中包含 13 筆主力店交易，面積近 400,000 平方英尺，續約差為 13%，按直線法為 21%。這是非常強勁的租賃表現，而且看起來仍在延續。

As we've talked about over the last several quarters, we're also finding opportunities to intensify our properties with developments, usually residential product that's complementary to our shopping centers. With little or no incremental land costs, the math to work in the right locations.

如同我們在過去幾個季度所談到的，我們也持續找到透過開發來提高物業強度（intensify）的機會，通常是在購物中心旁配置互補的住宅產品。在幾乎沒有或完全沒有新增土地成本的情況下，在合適的地點，財務模型是可行的。

2025 has sought us anything about value is that high-quality appointments adjacent to great shopping environments in strong suburban locations create a more desirable living environment. That translates to higher residential rents higher and stronger growth and ultimately lower cap rates upon sale. 2025-'26 sales of Misora at Santana Row and Palace at Pike & Rose unlocked an unmatched cost of capital for us to reinvest, sub-5% overall.

2025 年讓我們更清楚一件事：緊鄰優質購物環境、位於強勢郊區地段的高品質住宅配置，能創造更理想的居住環境。這會轉化為更高的住宅租金、更強勁的成長，並最終在出售時帶來更低的資本化率。2025-2026 年出售 Santana Row 的 Misora 與 Pike & Rose 的 Palace，為我們釋放出可再投資的無與倫比資金成本，整體低於 5%。

We've also previously disclosed the allocation of a total of $400 million for residential development of the Blair at Bala Kinet, which had 34% leased already. It is well ahead of projections for both timing and rate. 301 Washington Street in Hoboken, which is under construction and will begin lease up in about nine months. Lot 12 at Santana Row, which is well under construction and will be seen by many of you, if you're coming to our Investor Day in a couple of weeks. And an incremental 261 units at Willow Grove Shopping Center outside of Philadelphia for which demolition part of the adjacent shopping center is happening this week.

我們先前也已揭露，已配置合計 4 億美元用於住宅開發，包括 Bala Kinet 的 Blair，目前已出租 34%，在時程與租金水準方面均大幅領先預期；位於 Hoboken 的 301 Washington Street，正在施工中，約九個月後將開始招租；Santana Row 的 Lot 12，已在大規模施工中，若各位兩週後參加我們的投資人日，許多人將能親眼看到；以及費城郊外 Willow Grove Shopping Center 額外新增的 261 戶單位，本週正在進行相鄰購物中心部分區域的拆除作業。

Together with this densification of our shopping center assets, will add nearly 800 units and $27 million of new operating income to the portfolio once stabilized in the next few years. Our experience with residential development at our retail-centric properties is a skill set developed over 25 years and is certainly a unique differentiator of our business plan.

這些購物中心資產的加密開發合計將新增近 800 戶，並在未來幾年達到穩定後，為投資組合帶來 2,700 萬美元的新營運收入。我們在以零售為核心的物業進行住宅開發的經驗，是 25 年來累積的專業能力，無疑也是我們商業計畫的獨特差異化優勢。

Now with the signing of a lease with PNC Bank a couple of weeks ago for the last remaining 11,000 square feet, Santana West is officially 100% leased. In fact, all of Santana Row's office space is 100% leased. This is particularly impressive given that just a few miles away, Downtown San Jose, California Class A office vacancy stands at 36%. But that thinking for a minute. And it's not an anomaly.

另外，隨著我們在幾週前與 PNC Bank 簽署租約，承租最後剩餘的 11,000 平方英尺，Santana West 已正式達到 100% 出租。事實上，Santana Row 的所有辦公空間也已 100% 出租。考量到僅幾英里外的加州聖荷西市中心，A 級辦公室空置率高達 36%，這尤其令人印象深刻。不過請想一想，這並非偶然。

Pike & Rose office stands at 100% leased. CocoWalk office stands at 100% leased. Bethesda Row office stands at 97% leased. And Assembly Row office stands at 94% leased. Whole office portfolio, 99% overall leased. Now our office income stream and our nationally recognized mixed-use communities is an extremely high demand and is stable, is solid and is growing.

Pike & Rose 辦公室目前為 100% 出租。CocoWalk 辦公室目前為 100% 出租。Bethesda Row 辦公室目前為 97% 出租。Assembly Row 辦公室目前為 94% 出租。整體辦公室投資組合總出租率為 99%。目前我們的辦公室收入來源，以及我們在全國享有盛名的複合式社區，需求極高且穩定、扎實並持續成長。

We'll showcase our plan through a comprehensive Investor Day at Santana Row on May 21. It looks like we'll have a great turnover and would love to add a few more, really looking forward to seeing most of you there. Enhanced internal and external growth using all the tools at our disposal is the name of the game. Quarters like this first one, increased my confidence in our ability to do so.

我們將於 5 月 21 日在 Santana Row 舉辦一場全面性的投資人日，展示我們的計畫。看起來出席人數會很踴躍，也希望能再多邀幾位，非常期待在現場見到各位大多數人。運用我們手上所有工具來強化內生與外生成長，是這場遊戲的關鍵。像第一季這樣的季度表現，讓我對我們達成這點的能力更有信心。

Let me now turn it over to Wendy and then Dan to provide additional color. Wen?

接下來我把時間交給 Wendy，然後再由 Dan 補充更多細節。Wen？

Thank you, Don. This was a strong quarter across the board. Every key operating metric delivered continuing the momentum from prior quarters and validating the broad-based demand on our high-quality real estate across all of our formats. As Don mentioned, we had record leasing this quarter with rent rollover at 16% on a trailing 12-month basis keeping in mind that the rollover statistics represents 96% of our reported deals. Comparable POI growth was strong for the quarter at 4.7%, particularly impressive given the challenging winter conditions we faced in the Northeast.

謝謝你，Don。本季各方面表現都很強勁。每一項關鍵營運指標都交出成果，延續前幾季的動能，並驗證市場對我們各種業態中高品質不動產的廣泛需求。如 Don 所提，我們本季創下租賃新高，過去 12 個月的租金續約/到期換約（rent rollover）為 16%，請記得該換約統計涵蓋我們已揭露交易的 96%。本季可比 POI 成長強勁，達 4.7%，尤其考量我們在美國東北部遭遇嚴峻冬季天候，這個表現特別亮眼。

I couldn't be more pleased with the results.

我對這些成果再滿意不過。

Our lease rate held firm at 96.1%, a direct reflection of our proactive leasing approach. Foot traffic was up 3% for the quarter and more importantly, 4% in April. Executed but not yet occupied deals will contribute an incremental $36 million of rent over the balance of the year and into 2027. On the small shop side, we're at 93.8% leased with room to push rents further, given the demand we continue to see across our submarkets. The pipeline remains robust at over 1.7 million square feet of space under lease negotiations, providing embedded growth over the next two years.

我們的出租率維持穩健在 96.1%，直接反映我們積極主動的租賃策略。本季人流成長 3%，更重要的是 4 月成長 4%。已簽約但尚未進駐的交易，將在今年剩餘期間並延續至 2027 年，帶來額外 3,600 萬美元租金。小型店鋪方面，我們出租率為 93.8%，在各子市場持續看到需求的情況下，仍有進一步推升租金的空間。租賃洽談中的管線仍然強勁，超過 170 萬平方英尺的面積正在談判中，為未來兩年提供內含式成長動能。

Last quarter, I highlighted several of our recent acquisitions, walking you through the early leasing momentum and outsized performance we're seeing relative to our underwriting. What's now coming into focus more clearly is the financial opportunity we're seeing on the operating side. We are operating these properties at a higher level, not only meeting our internal standards but doing so more efficiently and at a lower cost. As we all know, it's not how much you spend, it's how you spend it. Through a combination of internal scaling, vendor management and scope alignment, we expect to continue creating value through more efficient operations.

上季我提到我們近期幾項收購案，並帶大家了解早期租賃動能，以及相較於我們承作假設（underwriting）所看到的超額表現。現在更清楚浮現的是，我們在營運端看到的財務機會。我們以更高水準營運這些資產，不僅符合內部標準，且更有效率、成本更低。眾所皆知，重點不在你花多少，而在你怎麼花。透過內部規模化、供應商管理與工作範疇對齊的組合，我們預期將持續以更高效率的營運創造價值。

Lastly, there's a great deal of conversation right now about the K-shaped economy and its impact on commercial real estate. When I match that narrative up against what we are actually experiencing across the portfolio, there is no doubt that we are benefiting from the upper end of that K. Traffic is up, sales are up. And not with just value-based retailers as you would expect, but at all price and aspirational concepts like Crate & Barrel, Anthropologie Madewell, Aritzia, all of which continue to outperform in our centers. Discretionary spending in restaurants is another topic that's getting a lot of air time, so I wanted to share some numbers with you.

最後，近期市場大量討論 K 型經濟及其對商用不動產的影響。當我把這個敘事與我們在整體投資組合中實際經歷的情況對照，毫無疑問，我們正受惠於 K 型的上端。人流上升、銷售上升。而且不只是如你所預期的平價零售商，所有價位帶與具向往性的品牌概念也都表現強勁，例如 Crate & Barrel、Anthropologie、Madewell、Aritzia，這些品牌在我們的商場持續超越表現。餐飲的可支配支出也是近期討論熱點，因此我想和各位分享一些數據。

Our full-service restaurants averaged $723 per square foot in sales, our fast casual restaurants averaged $873 per square foot. Both represent healthy performance, more than double the national averages and both our operating and occupancy cost ratios in the 9% range, leaving meaningful cushion to absorb either consumer fluctuations or a broader economic cycle, durable real estate matters.

我們的全服務餐廳平均每平方英尺銷售額為 723 美元，快速休閒餐廳平均每平方英尺為 873 美元。兩者都代表健康的表現，均為全國平均的兩倍以上；而且我們的營運成本比率與占用成本比率都在 9% 左右，留有相當緩衝，可吸收消費波動或更廣泛的景氣循環——耐久型不動產很重要。

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

接下來我把時間交給 Dan。

Thank you, Wendy, and hello, everyone. Our FFO per share of $1.88 for the first quarter reflects almost 11% growth versus last year. and highlights an exceptionally strong quarter operationally. This result came in $0.06 plus, or 3.6% above the midpoint of our guidance range a result which reflects a business plan firing on all cylinders.

謝謝你，Wendy，各位大家好。我們第一季每股 FFO 為 1.88 美元，較去年成長近 11%，並凸顯本季營運表現格外強勁。此結果較我們指引區間中點高出 0.06 美元以上（約 3.6%），反映我們的商業計畫各方面都火力全開。

Drivers for the outperformance include $0.02 from higher revenues through better occupancy, parking revenues and ancillary income $0.01 from expense savings, including efficiencies from our 2025 acquisition pool, as Wendy just highlighted, $0.01 from higher-than-forecast term fees and $0.02 attributed to timing pulling forward some items that were expected later in the year.

超預期的驅動因素包括：因更佳的出租率、停車收入與其他附屬收入帶來的營收增加，貢獻 0.02 美元；費用節省貢獻 0.01 美元，其中包含 Wendy 剛提到的 2025 年收購資產池所帶來的效率提升；高於預期的解約/終止費（term fees）貢獻 0.01 美元；以及因時點因素將原本預計在年內較晚發生的部分項目提前認列，貢獻 0.02 美元。

Comparable POI growth, a GAAP metric was 4.7% for 1Q. Cash basis comparable growth was 5.1% for the quarter. Excluding term fees, the result was still roughly 4%. Cash basis min rent increased 3.6% for the quarter. All variations of this metric were ahead of our expectations, highlighting the strong start to the year.

可比 POI 成長（GAAP 指標）在第一季為 4.7%。以現金基礎計算的可比成長本季為 5.1%。若排除解約/終止費，結果仍約為 4%。以現金基礎計算的最低租金（min rent）本季增加 3.6%。此指標的各種口徑都高於我們預期，凸顯今年開局強勁。

Look to our 8-K for expanded disclosure in this area. Now let's turn to the balance sheet. Subsequent to first quarter end, we closed on a recast our revolving credit facility where we increased the size of the facility to $1.4 billion, extended the initial term to April 2030 with extension options into 2031 and reduced the spread over SOFR by 5 basis points to 72.5%. We repaid our 1.25% notes due in February and now have only $50 million of remaining loan maturities through the balance of 2026. We continue to forecast strong free cash flow after dividends and maintenance capital and expect to exceed $100 million in 2026 and had higher in '27 and '28 as we convert straight-line rent to cash paying rent.

關於此部分更完整的揭露，請參閱我們的 8-K。接著談資產負債表。第一季結束後，我們完成循環信用額度（revolving credit facility）的重訂（recast）：將額度提高至 14 億美元，將初始期限延長至 2030 年 4 月，並可選擇延展至 2031 年，同時將 SOFR 加碼利差下調 5 個基點至 72.5%。我們已償還 2 月到期的 1.25% 票據，目前至 2026 年底僅剩 5,000 萬美元的貸款到期額。我們持續預估在股利與維護性資本支出後仍有強勁自由現金流，並預期 2026 年將超過 1 億美元，且在 2027 與 2028 年更高，因為我們將把直線法租金（straight-line rent）逐步轉換為實際收現租金。

During the first quarter, we closed on asset sales of $159 million combined at a blended mid-4s cap rate. We also have an additional $66 million of sales in process with expected closings by quarter end with cap rates targeted in the mid- to upper 5% range. 2025 and expected year-to-date 2026 asset sales will stand at a total of $540 million with a blended cash yield in the low to mid-5% range, a very attractive cost of capital. Through this active and disciplined asset recycling program, which has effectively been executed on a leverage-neutral basis. Our debt metrics remain solid.

第一季我們完成資產出售合計 1.59 億美元，綜合資本化率（cap rate）約在 4% 中段。我們另有 6,600 萬美元的出售案正在進行中，預計於本季末前完成交割，目標資本化率在 5% 中段至高段。2025 年以及預計截至 2026 年年初至今的資產出售總額將達 5.40 億美元，綜合現金殖利率（cash yield）約在 5% 低段至中段，資金成本非常具吸引力。透過這項積極且紀律嚴明的資產汰換循環計畫（asset recycling program），且實際上以槓桿中性（leverage-neutral）的方式執行，我們的負債指標仍維持穩健。

First quarter annualized net debt to EBITDA is 5.5x and should improve over the course of the year. Fixed charge coverage is 3.9x and and should eclipse our target metric of 4x over the balance of 2026.

第一季年化淨負債對 EBITDA 為 5.5 倍，且應會在今年內逐步改善。固定費用保障倍數（fixed charge coverage）為 3.9 倍，並應在 2026 年剩餘期間超越我們 4 倍的目標指標。

And with that, I will now move on to guidance. As a result of a robust first quarter and more encouraging outlook given the continued resiliency in our portfolio, we are raising guidance for both NAREIT and core FFO to $7.46 to $7.55 per share. At the midpoint, this $0.03 to $0.04 increase represents 6.3% growth for core FFO when compared to 2025. Drivers for the increase in guidance include our comparable POI growth outlook improving to 3.8 to 3.5 from the previous range of 3% to 3.5%. We still expect the trajectory of occupancy in the first three quarters of 2026 to be in the mid- to upper 93% range before climbing higher to the mid- to upper 94% range by year-end, powered by leases that have already been signed.

接下來我談指引。基於第一季表現強勁，以及鑑於我們投資組合持續展現韌性而帶來更令人鼓舞的展望，我們上調 NAREIT 與核心 FFO 指引至每股 7.46 至 7.55 美元。以中點計算，這次上調 0.03 至 0.04 美元，代表核心 FFO 相較 2025 年成長 6.3%。上調指引的驅動因素包括：我們的可比 POI 成長展望上修至 3.5% 至 3.8%，高於先前 3% 至 3.5% 的區間。我們仍預期 2026 年前三季的出租率走勢將落在 93% 中段至高段，並在年底前攀升至 94% 中段至高段，主要由已簽署的租約所帶動。

Our improved guidance reflects stronger-than-expected contribution from the $750 million of dominant high-quality properties acquired in 2025 driven by expense savings and greater leasing velocity at these dominant assets. We increased our expected incremental POI for redevelopment to $14 million to $15 million as we get tenants open and operating sooner than forecast, and our outlook on term fees also improved to $8 million to $9 million as our strong leasing contracts allow us to leverage underperforming tenants. We refinanced our 1.25% unsecured notes with a combination of a new term loan and availability on our upsized credit facility to assume roughly 4.5% of the effective interest rate reset on those notes in line with prior expectations.

我們上調後的指引反映出：2025 年收購的 7.5 億美元具主導地位之高品質物業，因費用節省以及這些主導資產更快的出租速度，帶來的貢獻強於預期。隨著我們讓租戶比原先預測更早開業並開始營運，我們將重建項目的預期新增 POI 提高至 1,400 萬至 1,500 萬美元；同時，由於我們強勁的租賃合約使我們得以運用表現不佳的租戶，我們對期費（term fees）的展望也改善至 800 萬至 900 萬美元。我們以新的定期貸款與擴大後的循環信貸額度可用額度之組合，為 1.25% 的無擔保票據再融資，使該等票據的有效利率重設約為 4.5%，符合先前預期。

Please note that this represents roughly 175 basis points of refinancing headwinds, without which our midpoint core FFO guidance would eclipse 8% growth. Even it's early in the year, we are keeping our credit reserve flat at 60 to 85 basis points of rental income. And additional guidance assumptions will remain unchanged and are outlined on Page 27 of the 8-K. This updated guidance also reflects the $92 million of acquisitions completed to date in '26 as well as the Misora and Courthouse Center asset sales.

請注意，這相當於約 175 個基點的再融資逆風；若無此因素，我們核心 FFO 指引的中位數將超過 8% 的成長。儘管今年仍在年初，我們仍將信用準備金維持不變，為租金收入的 60 至 85 個基點。其他指引假設亦將維持不變，並已列於 8-K 的第 27 頁。本次更新後的指引亦反映了 26 年迄今已完成的 9,200 萬美元收購，以及 Misora 與 Courthouse Center 的資產出售。

We continue to be active on recycling with additional acquisition and disposition opportunities targeted for the second half of the year, and we'll adjust our guidance for those likely upwards as we go. To summarize, our $0.03 to $0.04 increase in guidance is driven by better than $0.01 of operational outperformance, $0.01 from acquisitions in total, $0.01 from term fees, primarily in our non-comp pool and roughly from incremental redevelopment POI. All areas of our business plan are exceeding forecast. With respect to our expectations for quarterly FFO cadence over the remainder of 2026, the second quarter is $1.83 to $1.86. The third quarter is $1.84 to $1.87 million with the fourth quarter in the low to mid-$1.90s per share, primarily driven by contractual occupancy growth.

我們在資產汰換（recycling）方面仍持續積極，並鎖定於下半年進一步的收購與處分機會；隨著進展，我們也將就此調整指引，且很可能向上調整。總結而言，我們將指引上調 0.03 至 0.04 美元，主要來自：營運表現優於預期貢獻超過 0.01 美元、收購合計貢獻 0.01 美元、期費貢獻 0.01 美元（主要來自我們的非同店（non-comp）組合），以及約略來自重建新增 POI 的貢獻。我們商業計畫的各個面向均優於預測。就 2026 年剩餘期間各季 FFO 的節奏預期而言，第二季為每股 1.83 至 1.86 美元；第三季為每股 1.84 至 1.87 美元；第四季為每股 1.90 美元出頭至中段，主要由合約性入住率（occupancy）成長所驅動。

And with that, operator, please open the line for questions.

接下來，接線員，請開放提問線路。

(Operator Instructions) Samir Khanal, Bank of America.

（接線員指示）美國銀行 Samir Khanal。

I guess, Don, maybe a high level to start off. You talked about the K-shaped economy. So if this backdrop continues and given your sort of high-income trade areas, your strategy and tenant mix, I guess how does that all translate into relative strength or outperformance versus your peers?

Don，我想先從高層次的問題開始。你提到 K 型經濟。若這樣的背景持續，再加上你們位於高收入商圈、你們的策略與租戶組合，我想問這些如何轉化為相對於同業的韌性或超額表現？

Thanks, Sameer. There's a lot of time tacking that in that. I think the best way to try to say it. I mean, look, we are a real estate company, high-quality stuff that's not about eliminating things that change in the economy. We expect things to change in the economy.

謝謝你，Sameer。這裡面有很多層面。我想用最好的方式來說：你看，我們是一家不動產公司，擁有高品質資產；這並不是要消除經濟中會發生的變化。我們預期經濟會有變化。

What it is about is limiting effectively the negative impacts on us. And we do that by the type of real estate that we own. We used to give out a metric. I think we're going to dig up again, frankly, based on this question.

重點在於有效地限制這些變化對我們造成的負面影響。我們透過所持有的不動產類型來做到這點。我們以前提供過一個指標；坦白說，基於這個問題，我想我們會再把它找出來。

And it's about purchasing power. What purchasing power is, if you take our household income of $167,000 overall, and you multiply that by the number of households within the 3-mile is the easiest thing to look at. You're talking about $11 billion per shopping center of purchasing at. Now when you think about that, it becomes less about the type of product and more about the real estate and who shops in that real estate. And the -- that's really where we're in the right spot.

那就是「購買力」。所謂購買力，是指如果以我們整體家庭收入 16.7 萬美元，乘上 3 英里範圍內的家庭戶數（這是最容易看的），那麼每個購物中心對應的購買力大約是 110 億美元。當你這樣思考時，重點就不太在於產品類型，而更在於不動產本身，以及在那個不動產裡購物的人是誰。而這正是我們所處的有利位置。

If you've looked over the past, I don't know, a few weeks ago, I saw a series of articles in the Wall Street Journal, it was all about a growing upper middle class. It was all about where that discretionary income comes from and how it's being spent by consumers. That's the center of our business plan.

如果你回顧過去，我不知道，大概幾週前我在《華爾街日報》看到一系列文章，內容都在談不斷壯大的上層中產階級，談可支配所得從何而來，以及消費者如何花費。這就是我們商業計畫的核心。

And it's always been the center of our business plan. It's why during some periods, it doesn't matter as much. You are asking me to look at a crystal ball that's when it matters. So I think I think it's real, the K-shaped economy. I think it's real that we operate in the top part of the K.

而且一直都是我們商業計畫的核心。這也是為什麼在某些時期，這件事沒那麼重要；你要我看水晶球的時候，才是它變得重要的時候。所以我認為 K 型經濟是真實存在的。我也認為我們確實是在 K 的上半部運作。

And I think it's real that the affluents and the number of people effectively combined that are around our shopping centers provides a level of cushion that is really hard to replicate.

我也認為，富裕族群以及圍繞在我們購物中心周邊的人口規模，合在一起提供了一種緩衝墊，這是非常難以複製的。

Michael Goldsmith, UBS.

UBS 的 Michael Goldsmith。

You continue to make progress on the capital recycling and not to spoil what I'm sure will be an excellent Investor Day. But what inning do you think you are in here? And is there any way to quantify how this capital recycling has benefited the current POI this quarter and maybe where that contribution could go over time?

你們在資本汰換方面持續取得進展，我不想破壞我相信會非常精彩的投資人日內容，但你覺得你們現在進行到第幾局（inning）了？另外，有沒有辦法量化這種資本汰換在本季對目前 POI 的貢獻，以及隨時間推移這個貢獻可能會到什麼程度？

Thanks, Michael. I want to make a couple of points and then -- and I don't know if I can quantify -- I know I can't what Mike's asking. But there's a couple of things to think about this. It's not about what inning it's because what this is all about is continuously forever being able to recycle assets that we have created a ton of value into things and raw material that give us an opportunity for us to do that again.

謝謝你，Michael。我想先講幾點，然後——我不知道我能不能量化——我知道我無法量化 Mike 問的那件事。但有幾個面向可以思考。這不是關於第幾局；因為這整件事的核心，是能夠持續、永遠地把我們已經創造了大量價值的資產回收再投入，換成能讓我們再次重複這個過程的標的與「原料」。

In certain times, in the marketplace, that will be a boon and there'll be lots. And other times, there'll be less, but it's a continuous laser-like focus. And that's to me the most important thing. You should always expect us to buy and build, make a lot of money, recycle into stuff that we could do it all over again, year in, year out. And we'll talk about that with more specificity at the Investor Day, but that's the concept in what you buy when you're buying (inaudible).

在市場的某些時期，這會是一大助力，機會也會很多；在其他時期，機會會少一些，但這是一個持續、雷射般聚焦的重點。對我來說，這才是最重要的。你應該永遠期待我們去買、去建、賺很多錢，再把資本回收投入到我們能夠再做一次的標的上，年復一年。我們會在投資人日更具體地談，但概念就是：當你在買（聽不清楚）時，你買的是什麼。

Yes. And just to add to that, I mean, just to kind of give a little bit of color on the growth in FFO 6.3%. More than half of it is driven by growth in the core portfolio, so at 50% to 60%. And then acquisitions and redevelopment are the other two big drivers are in the 20% to 25% of growth, I would expect, going forward, growth in our core portfolio will be a little bit higher. And so the pressure on acquisitions and redevelopment will actually come down a little bit.

是的。再補充一下，為了讓大家更了解 FFO 成長 6.3% 的組成：其中超過一半是由核心投資組合的成長所驅動，大約占 50% 到 60%。然後收購與重建是另外兩個主要驅動因素，各自大約占 20% 到 25% 的成長。往後我預期，我們核心投資組合的成長會稍微更高一些，因此對收購與重建的依賴壓力實際上會稍微下降。

But 20% to 25% of the overall FFO growth this year was driven by acquisitions.

但今年整體 FFO 成長中，有 20% 到 25% 是由收購所帶動。

Juan Sanabria, BMO Capital Markets.

BMO Capital Markets 的 Juan Sanabria。

Just hoping you could talk a little bit about the same-store NOI trajectory and cadence we should expect an occupancy as part of that FFO build in the quarterly run rate you gave Dan, again just given some of the noise both in the quarter and with weather and closures, bankruptcies, et cetera?

希望你能談談同店 NOI 的走勢與節奏，以及作為你給 Dan 的季度運行率（run rate）中 FFO 建構的一部分，我們應該如何看待入住率（occupancy）。考量到本季以及天氣與關店、破產等因素帶來的一些雜訊。

Good question. With regards to -- we mentioned the occupancy which will stay a little bit at this lower level in the mid- to high , that will impact kind of the cadence of comparable growth. And then we'll kind of shoot up in the fourth quarter because we have a lot of rent commencing in kind of late third quarter, early fourth quarter that will really kind of drive and those are with leases that are already signed. So that will dictate. We'll see a little bit of a dip in the second and third quarters from a comparable growth perspective into the 2s, closer to 2 and then a resurgence back up in the fourth quarter up into kind of the 3.5% to 4% range on a comparable GAAP basis.

好問題。關於——我們提到入住率會在較低水準維持一段時間，大約在中到高的（區間），這會影響同店成長的節奏。然後第四季會明顯拉升，因為我們有很多租金會在第三季末、第四季初開始起租，這將真正帶動成長，而且這些都是已經簽約的租約。因此節奏會由此決定。從同店成長的角度來看，第二季與第三季會略有下滑，落到 2% 左右、更接近 2%，然後第四季會再度回升，在可比 GAAP 基礎上回到約 3.5% 到 4% 的區間。

It will be probably about 40 to 50 basis points higher on a cash basis. Cash will be higher this year than kind of our reported GAAP. So that's a little bit of the color there with regards to. And we should see kind of momentum heading into 2027 on that.

以現金基礎來看，可能會高出約40到50個基點。今年的現金表現會高於我們所報告的GAAP數字。所以這算是提供一些相關的補充說明。而且我們應該會看到動能一路延續到2027年。

Cooper Clark, Wells Fargo.

Cooper Clark，富國銀行。

Could you provide us with an update on the multifamily dispo pipeline today and how much product you may consider bringing to the market over the course of the year if you're continuing to find attractive opportunities on the acquisition front? And if we should continue to expect strong pricing in the high 4% to low 5% cap rate range.

能否請您更新一下目前多戶住宅（multifamily）的處分（dispo）管線狀況？如果您在收購端持續找到具吸引力的機會，今年內您可能會考慮把多少產品推向市場？另外，我們是否仍應預期資本化率（cap rate）約落在高4%到低5%區間的強勁定價？

Over, let me cover that in a couple of different ways. I don't have any particular residential property on the market as we stand here today. However, the -- what we are looking at doing and thinking about doing is monetizing not only that, but other parts in the form of a joint venture. As we talked about in the past as one potential way. But the notion of being able to do that will be tied certainly with what it is that we're able to find on the acquisition side because there's an important matching that is critical there because, as you know, we've created a lot of value.

我用幾個不同角度來回答。我目前站在今天這個時間點，沒有任何特定的住宅資產正在市場上出售。不過，我們正在看、也在思考要做的，是不只把那部分變現，也把其他部分以合資（joint venture）的形式來變現，正如我們過去談過的其中一種可能方式。但能否這麼做，當然會與我們在收購端能找到什麼密切相關，因為那裡有一個非常重要、且關鍵的配對（matching），因為如你所知，我們已經創造了很多價值。

And so we have big tax gains that we'd like to be able to shelter to the extent we could with 1031.

因此我們有很大的稅務資本利得（tax gains），希望在可行範圍內透過1031來進行遞延／遮蔽（shelter）。

So I can't give you a number that way. It will be largely driven by the by the acquisition pipeline, which Jan can talk about here in a moment. But I do want you to know the reason we sell is because we have created a ton of value and see places where we can reinvest greater with creating greater value going forward. So that's the theory. Jan, what do you see it on the ground?

所以我沒辦法用那種方式給你一個數字。這將在很大程度上由收購管線所驅動，Jan等一下可以談談。但我也想讓你知道，我們之所以出售，是因為我們已經創造了大量價值，並且看到一些地方可以把資金再投入，未來創造更大的價值。這就是背後的理論。Jan，你在第一線看到的是什麼？

Well, here's a couple of things. So it's not new news that it's more competitive now than it was a year ago. But the good news is we're seeing a lot more opportunities today than we were just three months ago. So when we look at what we're underwriting, both on market and off market, we are as busy as heck right now.

好，我補充幾點。競爭比一年前更激烈，這不是什麼新消息。但好消息是，我們現在看到的機會比三個月前多很多。所以當我們看正在承作（underwriting）的案子，不論是公開市場或非公開市場，我們現在忙得不可開交。

And notwithstanding all the competition out there, properties where we compete best really are just the more complicated probably have more leasing opportunities to them. And more good news really is that larger, more leasing and more complicated assets are still thinning out the crowd. And our ability to compete for those really fits right into our skill set, right, identifying where tenant demand exceeds supply, remerchandising and if applicable place making, where we can lift sales and rents, we've seen it in recent acquisitions.

儘管外部競爭激烈，我們最能勝出的資產，通常是更複雜、而且可能有更多出租（leasing）機會的案子。另一個好消息是，更大型、出租面向更多、也更複雜的資產，仍然能把競爭者篩掉一大部分。而我們競標這類資產的能力，正好符合我們的技能組合：辨識租戶需求大於供給的地方、重新招商與調整業態（remerchandising），以及在適用時做場域營造（place making），從而提升銷售與租金；我們在近期收購案中已經看到成效。

We're seeing it in opportunities looking forward. So it's hard to say what's going to happen, what the volume is going to be, but we like our ability to compete and we've been busier than we've been in a long time. So still pretty optimistic on the second half of the year.

我們也在前瞻性的機會中看到同樣的情況。所以很難說最後會發生什麼、成交量會是多少，但我們對自身競爭力有信心，而且我們已經很久沒有像現在這麼忙了。因此對今年下半年仍相當樂觀。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Maybe following up on the event of acquisitions, Don or Jan, I'm curious if you can give any color on the two deals announced year-to-date, the one at Kingstown and Congressional. It seems like the tenant roster there could see some remerchandising as a benefit there. So maybe kind of talk about the opportunity set with those two? And then maybe on just expanding a bit on your acquisition pipeline comments just a minute ago, would you say more of the deals you're looking at in the hopper are towards a Congressional kind of standard larger open-air retail format versus maybe a town center or a village point that you closed last year? Just kind of talk about the interplay of those two as well.

延續收購的話題，Don或Jan，我想請教一下今年迄今宣布的兩筆交易：Kingstown和Congressional。看起來那邊的租戶組合可能透過重新招商／調整業態（remerchandising）而受益。能否談談這兩個案子的機會集合？另外，延伸你們剛才對收購管線的評論，你會說目前在評估中的交易，更偏向Congressional那種較大型的露天零售（open-air retail）格式，還是更像你們去年成交的town center或village point？也請談談兩者之間的搭配與互動。

Sure, Greg. Thanks so much for the question. A couple of things to say. First of all, the last part of your question, it's a wide band. It's a wide swath that we -- a type of things that we look at.

當然可以，Greg。謝謝你的提問。我先說幾點。首先，關於你問題的最後一部分，我們看的範圍很廣，類型也很多元。

And with Congressional North Shopping Center, I mean, stand-alone, that is a power center with a vacant Bed bath and beyond that historically we wouldn't be all that adjusted.

以Congressional North Shopping Center來說，單看它本身，那是一個power center，而且有一個空置的Bed Bath & Beyond，從歷史上看，這類資產我們通常不會那麼感興趣。

Now let's talk about what's around it. And basically, it's on Rocco, one of the most critical retail nodes in DC, certainly the most critical on the Maryland side. And we control Congressional Plaza, the one we've owned forever, Federal Plaza, Pike & Rose, Mid-Pike Plaza, Wildwood Shopping Center all within a few months. This Congressional North was the last center of any kind of size where a box tenant had the opportunity to go.

但我們要看它周邊是什麼。基本上，它位在Rockville Pike，是華府地區最關鍵的零售節點之一，至少在馬里蘭那一側是最關鍵的。我們在那附近幾乎都掌握了：我們長期持有的Congressional Plaza、Federal Plaza、Pike & Rose、Mid-Pike Plaza、Wildwood Shopping Center，都在幾英里範圍內。這個Congressional North是最後一個仍具一定規模、且有大盒子（box）租戶進駐機會的中心。

So the notion of being able to buy that and better control, frankly, was a no-brainer. And the reason those type of things do have vacancy is because often private ownership, particularly smaller private ownership, families, stuff don't want to put money in necessary to create the -- to create the return that you can get on the asset. So that's what we were doing there.

所以能買下它、並且更好地掌控整體局面，坦白說是顯而易見的決定（no-brainer）。而這類資產之所以會有空置，往往是因為私人持有，尤其是較小型的私人持有者、家族等，不願意投入必要的資本，去創造你在這個資產上其實可以取得的報酬。所以我們在那裡做的就是這件事。

Similarly, at Kingson, we're simply closing the loop and controlling the entire very big shopping center by taking a hole in the donut and moving that over to our side for a very nominal capital outlay, frankly. So putting that stuff together, we'll always try to do those things. Those are strategic to where it is that we -- where we go.

同樣地，在Kingstown，我們只是把拼圖補齊，透過把「甜甜圈中間的洞」買過來，用非常名目上的資本支出，坦白說，就把整個大型購物中心完整掌控到手。把這些放在一起，我們會一直嘗試做這類事情；這些對我們的布局方向具有策略性。

In terms of our love, frankly, for Kansas City and for Omaha. And for Annapolis, you bet we're trying to do more of that stuff. And Jan's point a few minutes ago, we're very active in looking through those and other markets to be able to make sure nothing slips through. Those markets could also be supplemented with smaller centers, grocery anchored, et cetera, that will complement the big assets that that we've already purchased. So those are some of the things that we're working on.

至於我們對堪薩斯市、奧馬哈，以及安納波利斯的喜愛，沒錯，我們正努力做更多這類事情。呼應Jan幾分鐘前的重點，我們非常積極地在這些以及其他市場中篩選機會，確保不會有任何案子從指縫溜走。這些市場也可以用較小型的中心來補強，例如以超市為主力店（grocery anchored）等，來與我們已經買下的大型資產形成互補。這些就是我們正在推進的一些工作。

I don't know if there's anything to add to that?

不知道還有沒有什麼要補充的？

I would add that there's a good blend between -- I kind of consider Congressional in Kingston. They're both opportunistic acquisitions and strategic at the same time. And when we look at the yields of those it doesn't really count in the leverage that we get in the existing properties, whether it's next door on the Pica or in Kingston itself.

我補充一下：在我看來，Congressional和Kingstown之間有很好的平衡；它們同時是機會型收購（opportunistic acquisitions），也同時具策略性。而當我們看這些案子的收益率（yields）時，還沒有把我們在既有資產上所獲得的槓桿效益算進去，不論是隔壁的Pike那邊，或是在Kingstown本身。

So I think we've got a really good mix of opportunistic transactions that we're looking at in our existing markets, maybe with some smaller assets, both in markets we've been in a long time as well as our new markets. And there are a lot of larger assets that we think dominate trade areas that we're not in yet that we're looking at right now. So it's a pretty good mix.

所以我認為，我們正在看的交易組合相當不錯：在既有市場中有一些機會型交易，可能搭配一些較小型資產；這些既包括我們深耕已久的市場，也包括我們的新市場。同時，我們也正在看不少大型資產——我們認為它們在我們尚未進入的商圈中具有主導地位——目前正在評估中。所以整體來說是很好的組合。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

Don, as you mentioned, Santana is now 100% leased on the office side. But you're also entitled to do more there and more broadly across the portfolio, office lease rate is healthy. Are you willing to start more ground-up office development today?

Don，如你提到的，Santana的辦公室部分現在已經100%出租。但你們在那裡也還有更多可開發的權利（entitled），而且更廣泛地看整個投資組合，辦公室租賃速度也很健康。你們是否願意在今天開始更多從零開始（ground-up）的辦公室開發？

Greg, yes, I still have scar tissue in case that's really your question. The notion of starting another office building at Santana would not happen on a spec basis. It would only happen to the extent we have a build-to-suit. But by the way, with what's going on out there and the -- I mean, when you juxtapose Santana Row with Downtown San Jose, it is it's incredible, right? And I do want you to -- I really want you to see this because these things are three miles away and one is clearly the winner in this situation.

Greg，是的——如果你真正想問的是這個，我仍然有些「傷疤」（scar tissue）。在Santana Row再啟動另一棟辦公大樓，不會以投機性（spec）方式進行；只有在我們有量身打造的承租（build-to-suit）時才會發生。不過順帶一提，看看外面的情況，當你把Santana Row和聖荷西市中心（Downtown San Jose）放在一起對比，真的非常驚人，對吧？我也希望你能看到這點，因為這兩個地方相距只有三英里，而在這種情境下，哪一個明顯是贏家。

And so there may be more opportunities, but I'm not going to.

所以可能會有更多機會，但我不會。

Craig Mailman, Citi.

Craig Mailman，花旗。

Dan, maybe for you, just helpful that you went through kind of some of the benefits to earnings in the first quarter and giving us the quarterly cadence for the next couple of quarters here. But could you just bridge the $1.88 to get to sort of the $1.845 next quarter? And $1.855 in 3Q? Like how much of the $0.02 to the benefit of earlier timing is non-recurring? I know the lease term fees are lumpy, but can you just kind of walk through what was more non-recurring this quarter versus recurring to get the sale before the pickup in the back half of the year, especially as you guys are talking more about potential acquisitions ramping up.

Dan，可能這題給你。你先前梳理了第一季對獲利的一些助益，並也提供了接下來幾季的季度節奏，這很有幫助。但你能不能把 $1.88 橋接到下一季大約 $1.845，以及第三季的 $1.855？也就是說，約 $0.02 的「較早入帳時點」帶來的好處，有多少是一次性的？我知道租約期滿費用（lease term fees）會比較不均勻，但你能不能大致說明一下，本季哪些比較偏一次性、哪些是可持續的，來解釋為何在今年下半年回升之前會先有這樣的變化，尤其你們也在談潛在併購可能加速。

Yes, yes. Again, we have probably some seasonality that is a positive going from the first quarter to the second quarter with less weather-related issues and so forth. There is some -- probably the biggest drag heading into the second quarter and third quarter are -- obviously, we refinanced the refinancing headwind, which is kind of at least $0.01 or so of drag.

是的，是的。再說一次，從第一季到第二季，我們可能有一些季節性因素帶來正面影響，因為天氣相關問題較少等等。進入第二季和第三季最大的拖累可能是——很明顯，我們做了再融資，這個再融資的逆風大概至少會帶來約 $0.01 左右的拖累。

We are leasing up the Blair, which in the second quarter early lease-up of a residential product is something that will be a drag initially before it turns positive later in the year as we hit the breakeven occupancy levels.

我們正在把 Blair 的出租率拉升；在第二季，住宅產品在早期出租階段一開始會先形成拖累，等到今年稍晚達到損益兩平的入住率水準後才會轉為正面。

I think just some other timing-related things that just happened to be forecasted for later in the year, and we're able to move them forward into the first quarter, lock them in. So there's greater certainty there, but they won't happen a little bit later in the year. So those are kind of the main drivers of a little bit of the cadence there.

我想還有一些其他與時點相關的事項，原本預測會在今年稍晚發生，但我們能把它們提前到第一季並鎖定下來。因此確定性更高，但它們就不會在今年稍晚再發生。這些就是造成節奏上些微變化的主要因素。

And then the big kind of spike in performance in terms of FFO is driven by just leases that have already been signed, that have rent commencement dates, that are surprising amount of October 1 rent commencement dates that we feel really, really good about will occur, and that's what drives us up into the $1.90. So that's a little bit of the color on the cadence there.

另外，FFO 表現上那個比較大的跳升，主要是由已經簽署的租約所驅動，這些租約有租金起算日（rent commencement dates），其中有相當多是 10 月 1 日的起算日，我們對它們會如期發生感覺非常、非常好，這也是把我們推升到 $1.90 的原因。以上是關於節奏的一些補充說明。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

Don, I can hear the clear excitement in your voice about the the earnings growth set up the momentum that seems to be improving with the leasing tailwinds and capital rotation. It looks like better maybe mid, upper single-digit growth the next couple of years by estimates. So maybe -- what can you share with us about the earnings trajectory that you think you're setting up here? How sustainable it is? And then remind us what the long-term plan for the green bond refinancing here is, I think it's on the revolver at the moment.

Don，我能清楚聽出你對獲利成長的布局與動能感到興奮；在租賃順風與資本輪動的帶動下，似乎正在改善。從市場預估看，未來幾年可能是較好的中到高個位數成長。所以也許——你能跟我們分享一下你認為正在建立的獲利軌跡嗎？它有多可持續？另外也請提醒我們，這次綠色債券再融資的長期規劃是什麼？我記得目前是在循環信貸（revolver）上。

And I hope -- I think you're on the list. I know you're playing golf when you come out on May 20 or so with Jay. But that is the purpose. I don't want to steal the thunder for the Investor Day. Look, we're going to talk about earnings trajectory. We're going to talk about those opportunities on those two days. So I'm going to leave it at that, if you don't mind.

我希望——我想你在名單上。我知道你大概 5 月 20 日左右跟 Jay 出來時會去打高爾夫。但那就是目的。我不想在投資人日之前搶先爆料。你看，我們會談獲利軌跡，也會在那兩天談那些機會。所以如果你不介意，我就先說到這裡。

Yes. And with regards to the -- the second part of your question with regards to the 1.25% bond. We put longer term, $250 million on a five-year -- five-plus-year term loan that gets us into 2031. The balance is on the line. And we will be opportunistic in either hitting the bond market or the convert market as we see the opportunity, we have the capacity to look to do this at the most opportune moment, and that's when we'll do it. I'd love to do a bond and do a long-term bond. And so stay tuned on that front.

是的。至於你問題的第二部分，關於 1.25% 的債券。我們以較長期的方式，將 2.5 億美元放在一筆五年——五年以上期限的定期貸款上，讓我們的到期延伸到 2031 年。其餘的餘額在額度上。我們會視機會而定，適時進入債券市場或可轉債市場；我們有能力在最有利的時點來做這件事，而那就是我們會採取行動的時候。我很希望能發一筆債、做一筆長期債券。所以這方面請持續關注。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Don, just a question on the new governor in Virginia. Certainly, you guys are used to operating in some other very deep blue states, but Virginia has taken a noticeable shift. That said, you have more defense spending, cyber investment, et cetera. But as you look at what's going on in the Mid-Atlantic and your two Maryland and Virginia markets, do you -- are you concerned at all that Virginia could sort of mirror Maryland and become sort of anti-development or enact policies that sort of slow down what has otherwise been a very good path? Or your view is whatever the governor is talking about and the change in politics not much of it you see interfering with your shopping centers and the customer base and the reason why businesses want to locate in Northern Virginia?

Don，想問一下維吉尼亞州新州長的問題。當然，你們也習慣在其他非常深藍的州營運，但維吉尼亞確實出現了明顯轉變。話雖如此，國防支出、資安投資等等也在增加。但當你看中大西洋地區以及你們在馬里蘭與維吉尼亞這兩個市場的情況時，你是否擔心維吉尼亞可能會某種程度上走向馬里蘭的路線，變得反開發，或推出一些政策，放慢原本一直很好的發展步調？還是你的看法是，不管州長在談什麼、政治變化如何，你不太認為這會干擾你們的購物中心、客群，以及企業想落腳北維吉尼亞的原因？

Yes, Alex, it's the latter. I mean, you're -- take a look at federal and understand the markets that we operate in, understand not only the incomes that I talked about here, but we don't talk about, it's the wealth, the wealth of those families and how that continues the spending throughout ups and downs and all kinds of changes in the political atmosphere. I get worried about the political atmosphere. I'm effectively not running my company as well. And the diversity of these marketplaces are really important.

是的，Alex，是後者。我的意思是——你看看聯邦政府，並理解我們所營運的市場；不只是我在這裡談到的收入，還有我們沒怎麼談的——那是財富，這些家庭的財富，以及它如何在景氣起伏、各種政治氛圍變化下持續支撐消費。我如果去擔心政治氛圍，那我等於就沒有把公司經營好。而這些市場的多元性非常重要。

Now on the Virginia side, which happens to be where I live. Have you seen the defense budget that's being proposed. And I don't know if $1.5 trillion is going to happen or not. But boy I know who the beneficiary is going to be to the extent it does, and it's going to be a lot of the consumers around our properties. Do I think that will be a measurable difference? Probably not.

再看維吉尼亞這邊——剛好也是我住的地方。你有看到正在提出的國防預算嗎？我不知道 1.5 兆美元會不會真的發生，但如果真的發生，我很清楚誰會是受益者——那將會是我們資產周邊的很多消費者。你問我這會不會帶來可衡量的差異？可能不會。

But overall, when you buy into this company, you're buying a diversified group of geographies and types of assets or massive assets, tenant based, et cetera, with an awful lot of room effectively in its occupancy cost ratios to be able to continue and continue the path that we're on. That's my focus.

但整體而言，當你投資這家公司，你買到的是一個在地理區域與資產類型（或大型資產）、租戶基礎等等方面都相當多元的組合，而且在入住成本比率（occupancy cost ratios）上有很大的空間，能夠持續、並延續我們目前走的這條路。這才是我關注的重點。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Congrats on the results. Clearly, momentum is on your side. Then just quick comments around the the occupancy rates again in 1Q for the comparable occupancy 94.1%, and I think we're all kind of expecting something in the mid-80s clearly, again, better leasing. But also curious if there was kind of like leases you were expecting to fall out that didn't that maybe we kind of see in 2Q and 3Q, which kind of explains some of the momentum for the rest of the year?

恭喜這次的結果。很明顯動能在你們這邊。想快速問一下第一季可比物件的入住率 94.1% 這件事；我想我們原本大概都預期會在 80% 中段左右，顯然租賃表現更好。但我也好奇，是否有一些你們原本預期會流失、但最後沒有流失的租約，可能會在第二季或第三季才反映出來，進而解釋今年其餘時間的動能？

Yes. Look, I think that we're kind of -- we did better from an occupancy perspective that we had talked about. I mean we had expected the overall occupancy rate to dip down into the low to mid 93%. I think first quarter, we held in the occupancy better than we expected, and we're at 93.8%. It should stay fairly constant at that level with some timing and puts and takes of tenants coming in and so forth and leaving and then seeing that spike in the fourth quarter up into the mid- to upper 94% range.

是的。你看，我們在入住率方面的表現確實比我們先前談到的更好。我的意思是，我們原本預期整體入住率會下滑到 93% 的低到中段。我想第一季我們把入住率維持得比預期好，來到 93.8%。在一些時點因素、租戶進出等正負變動下，它應該會大致維持在這個水準，然後在第四季出現跳升，來到 94% 的中段到高段。

That's consistent with what we talked about, although it will be a little bit higher in the second and third quarter than I think we had originally had forecasted because we did so well maintaining occupancy in the first quarter. Hopefully, that answers your question.

這與我們先前談到的一致，只是第二季和第三季會比我們原先預測的略高一些，因為第一季我們在維持入住率方面做得很好。希望有回答到你的問題。

Floris Van Dijkum, Ladenburg.

Floris Van Dijkum，Ladenburg。

We talked a little bit about San Jose. We've talked a lot about some of your acquisitions, Congressional, which looks very good. I haven't really talked about Boston and Assembly Row much. Could you guys give us a little bit an update on what's happening there? And what your plans are for that asset going forward in terms of the -- particularly the row aspect of that property?

我們稍微談了一下聖荷西。我們也談了很多你們的一些收購案，Congressional，看起來非常不錯。我其實沒有太多談到波士頓和 Assembly Row。你們能不能跟我們簡單更新一下那邊目前的進展？以及就該資產未來的規劃而言——特別是該物業的 Row（街區）部分——你們接下來的計畫是什麼？

You bet, Floris. And it's actually -- it's a very good question from the standpoint of understanding that big asset. So first of all, clearly, Assembly Row has become the center of that not only a media area, but larger area from the standpoint of shopping and entertainment and food and all of that. Clearly, the residential product that we've built.

當然可以，Floris。而且從理解那個大型資產的角度來看，這確實是個非常好的問題。首先，很明顯，Assembly Row 已經成為不僅是該都會區、而且是更大範圍內在購物、娛樂、餐飲等方面的核心。當然，還有我們所打造的住宅產品。

They're adjacent to the Avalon stuff. We've got our own 1,000 units that does extremely well and continues to do extremely well. The notion of building out the rest of Assemble is it clearly took a back seat when life science imploded. I'm very proud of the fact that we didn't move forward on that, but it does not change the fact that there is great opportunity for the existing remaining three lots that are there. We don't fully entitled can't get them to pencil yet at this point.

它們緊鄰 Avalon 的那些項目。我們自有的 1,000 戶表現非常好，並且持續維持非常好的表現。至於把 Assembly 其餘部分繼續開發的想法，在生命科學市場崩盤後顯然就退居次要。我很自豪我們當時沒有推進，但這並不改變一個事實：現有剩下的三塊地仍然有很大的機會。目前我們尚未完全取得分區/開發核准（entitled），而且在這個時間點也還無法讓財務模型成立（pencil）。

But while we're doing that, we're also entitling the entire Assembly Square marketplace, which is the power center that is adjacent to it a very, very powerful power center at that, but we're in the process of getting entitled, $3 million, $4 million square feet. In other words, the notion of continuing that the Assembly Row property through the power center at some point, well into the future.

不過在我們做這些的同時，我們也正在為整個 Assembly Square marketplace 取得核准（entitlement）。那是一個緊鄰其旁的 power center，而且是非常、非常強勢的 power center；我們正在推進取得核准，規模約 300 萬到 400 萬平方英尺。換句話說，就是在相當長的未來某個時間點，透過這個 power center 來延伸 Assembly Row 物業的概念。

But we're going to have that entitled this year we expected. And if that's entitled this year, even if the numbers don't work effectively at this point, think about the future value of that entire 50-acre piece of land. And so when you look at Assembly, you ought to be thinking about value banking there that I don't expect to be paid for in stock price today. But certainly, anybody that looks at that property will see the long-term value to be created. In the meantime, income keeps rising, rents keep going up, residential keeps staying filled, really, really powerful property of Federal.

但我們預期今年就能取得核准。如果今年取得核准，即使目前數字還無法有效成立，也請想想那整塊 50 英畝土地的未來價值。因此你看 Assembly 時，應該把它視為一種價值儲備（value banking）；我不期待今天的股價會反映這個價值。但任何研究該物業的人都會看到可在長期創造的價值。與此同時，收入持續上升、租金持續上漲、住宅持續滿租，這是 Federal 非常、非常強勢的資產。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

I know it was a small sale at just $10 million, but can you talk about selling Courthouse Center in Rockville considering it's part of critical mass and scale that you kind of built up over decades there? And would you have sold a more consequential center there?

我知道那是一筆只有 1,000 萬美元的小型出售，但你能談談為什麼要賣掉 Rockville 的 Courthouse Center 嗎？考量到那是你們在那裡經營數十年所建立的關鍵規模與聚集效應的一部分。以及，你們是否也會在那裡出售更具規模/更重要的商場？

Yes, Mike. It's not part of the critical staff at all. Basically, you may remember, a couple of years ago, we sold Rockville Town Square. This is an adjacent kind of small unanchored strip next to it, that really had nothing to do with the rest of our properties at all. If we could have, we would have simply sold it at the same time we sold Rockville Town Square, but there was the local buyer here that stepped up to pay us a number that there's no way we're saying no to.

是的，Mike。它完全不屬於關鍵規模的一部分。基本上，你可能記得，幾年前我們賣掉了 Rockville Town Square。這個是旁邊一個相鄰的小型、沒有主力店（unanchored）的街邊商業帶，跟我們其他資產其實完全沒有關係。如果可以的話，我們本來就會在出售 Rockville Town Square 的同時把它一起賣掉，但當地有位買家願意出一個我們不可能拒絕的價格。

So that's all that is. That really is not -- I don't want a map, it looks close to the rest of our properties on Rockville site, but it's a different world away. So no, it's not at all important.

所以就只是這樣而已。它真的不是——我不想看地圖會覺得它離我們在 Rockville 的其他資產很近，但其實是完全不同的世界。所以不，它一點也不重要。

(Operator Instructions) Samir Khanal, Bank of America.

（接線員指示）Samir Khanal，美國銀行。

Dan, I'm sorry if I missed this, but you mentioned there were some items that were pulled forward in the quarter. Was that term fees or something else? Maybe just some clarification.

Dan，如果我漏聽了先說抱歉，但你提到本季有一些項目被提前認列。那是解約費（termination fees）還是其他項目？能否再澄清一下。

Yes. Look, there was some 141 benefits that we were expecting kind of later in the year and second and third quarter that was in our budget that we pulled forward into the first quarter. That was the primary driver of that. So yes, it's something that -- yes, it's good we got it locked in, in the first quarter, but it's in just the timing.

是的。你看，我們原本預期在今年稍晚、第二季和第三季才會出現的一些 141 項收益，原本也列在我們的預算裡，但我們把它提前到第一季認列了。這是主要原因。所以是的，第一季就把它鎖定下來是好事，但本質上只是時間點的差異。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Just a very quick one on cost reimbursement rates. It felt a little elevated in 1Q '26. I'm curious if anything kind of pulled forward? Is there a timing thing that kind of happened? And how do we think about that for the rest of the year?

關於成本補償率（cost reimbursement rates）我有個很快的問題。感覺 2026 年第一季有點偏高。我想知道是否有什麼被提前了？是不是發生了某種時間點因素？以及我們該如何看待今年剩餘期間的走勢？

Yes. Look, there was a huge amount of weather impacts in the Northeast, particularly anywhere from our D.C. Metro all the way up to Boston. So snow removal and utility expense was highly elevated for the quarter. And obviously, our cost reimbursements are elevated as a result from that perspective.

是的。你看，東北部受到非常大的天氣影響，特別是從我們的華盛頓特區都會區一路到波士頓。除雪和公用事業費用在本季大幅上升。很顯然，從這個角度看，我們的成本補償也因此提高。

That's all that was in terms of -- that was well above kind of our initial expectations and then ended up working out as we expected in terms of -- but that's the driver there.

就這些而已——這遠高於我們最初的預期，之後結果也如我們所預期地反映出來——但驅動因素就是這個。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Dan, I think in your opening comments, you made a reference that you expect some positive revision to guidance later this year but I didn't -- I want to make sure one I heard that correctly into what were the factors? I think you said there were some things that could happen that would cause that. And I just wanted to understand more about that.

Dan，我想你在開場評論中提到，你預期今年稍晚可能會對財測指引做出一些正向修訂，但我不——我想確認一下：第一，我是否聽對了？第二，背後的因素是什麼？我記得你說有一些事情可能發生而導致那樣。我想更了解一下。

Looking at my prepared -- I don't recall in my prepared remarks, making that comment. I am optimistic with regards to the balance of the year. And I am optimistic with how we're being set up for 2027. So I feel good about kind of our positioning. We're only here in the first quarter. But yes, I don't think I referred to a positive -- forecasting a positive revision going forward.

我看了一下我準備的——我不記得我在事先準備的講稿裡有做那樣的評論。我對今年剩餘期間的表現是樂觀的，也對我們為 2027 年所建立的態勢感到樂觀。所以我對我們的定位感覺良好。我們現在才第一季。但我不認為我有提到正向——或預測未來會有正向修訂。

Thank you. That concludes our question-and-answer session for today. I'd like to turn the conference back over to Jill Sawyer for any closing remarks.

謝謝。今天的問答環節到此結束。我想把電話會議交回給 Jill Sawyer，請她做任何結語。

Thanks for joining us today. We look forward to seeing many of you at our upcoming Investor Day in a few weeks. Thanks.

感謝今天加入我們。我們期待在幾週後即將舉行的投資人日（Investor Day）見到各位中的許多人。謝謝。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines, and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷電話，祝您有美好的一天。