Inventrust Properties Corp (IVT) 2024 Q2 法說會逐字稿

Good morning, or good afternoon. Thank you for standing by, and welcome to InvenTrust Second Quarter 2024 Earnings Conference Call. My name is Adam, and I will be your conference call operator today.

早安，或下午好。感謝您的耐心等待，歡迎參加 InvenTrust 2024 年第二季財報電話會議。我叫 Adam，今天我將擔任您的電話會議接線生。

Before we begin, I would like to remind our listeners that today's presentation is being recorded, and a replay will be available on the investors section of the company's website at inventtrustproperties.com.

在我們開始之前，我想提醒我們的聽眾，今天的演示正在錄製中，並將在公司網站 inventtrustproperties.com 的投資者部分提供重播。

I would now like to turn the call over to Mr. Dan Lombardo, Vice President of Investor Relations. Please go ahead, sir.

我現在想將電話轉給投資者關係副總裁 Dan Lombardo 先生。請繼續，先生。

Thank you, operator. Good morning, everyone, and thank you for attending our call today. Joining me from the Inventrust team is DJ Busch, President and Chief Executive Officer; Mike Phillips, Chief Financial Officer; Christy David, Chief Operating Officer; and Dave Heimberger, Chief Investment Officer. Following the team's prepared remarks, we will open up the lines for questions.

謝謝你，接線生。大家早安，感謝您今天參加我們的電話會議。與我一起加入 Inventrust 團隊的是總裁兼執行長 DJ Busch；麥克‧菲利普斯，財務長；克里斯蒂·大衛，營運長；戴夫‧海姆伯格（Dave Heimberger），首席投資長。在團隊準備好發言後，我們將開放提問環節。

As a reminder, some of today's comments may contain forward-looking statements about the company's views on the future of our business and financial performance, including forward-looking earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties.

提醒一下，今天的一些評論可能包含有關公司對未來業務和財務表現的看法的前瞻性陳述，包括前瞻性盈利指導和未來市場狀況。這些基於管理層當前的信念和期望，並受到各種風險和不確定性的影響。

Any forward-looking statements speak only as of today's date, and we assume no obligation to update any forward-looking statements made on today's call or that are in the quarterly financial supplement or press release. In addition, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our Investor Relations website.

任何前瞻性陳述僅代表今天的情況，我們不承擔更新今天電話會議上或季度財務補充或新聞稿中所做的任何前瞻性陳述的義務。此外，我們也將參考某些非公認會計準則財務指標。類似的公認會計準則財務指標包含在本季度的收益資料中，這些資料發佈在我們的投資者關係網站上。

With that, I'll turn the call over to DJ

這樣，我會將電話轉給 DJ

Thank you, Dan, and good morning to everyone joining us today. I'm going to touch briefly on our second quarter results provide some high-level thoughts regarding retail real estate fundamentals and InvenTrust opportunity to grow cash flow over the near medium and long term.

謝謝丹，今天加入我們的大家早安。我將簡要介紹我們第二季的業績，提供一些有關零售房地產基本面和 InvenTrust 在近中長期增加現金流的機會的高層想法。

Mike will discuss our financial results and provide some color regarding the increase to our 2024 guidance. And Christy will end our prepared remarks with additional commentary regarding our leasing efforts.

麥克將討論我們的財務業績，並提供有關 2024 年指導成長的一些資訊。克里斯蒂將在我們準備好的演講結束時對我們的租賃工作進行補充評論。

I'm going to start with this, the retail real estate environment is more of the same. The last several quarters from an operating perspective have been very consistent, which InvenTrust continues to benefit from the momentum supporting open-air retail operating fundamentals in the Sunbelt where 95% of our net operating income is generated.

我首先要說的是，零售房地產環境大致相同。從營運角度來看，過去幾季的表現非常穩定，InvenTrust 繼續受益於支持陽光地帶露天零售經營基本面的勢頭，我們 95% 的淨營業收入來自該地區。

Necessity-based retail remains the cornerstone of the communities in which we serve and frequency of visits continues to structural change due to the shift to the hybrid work model that allows consumers to be at our centers more often.

基於必需品的零售仍然是我們服務的社區的基石，由於向混合工作模式的轉變，消費者可以更頻繁地來到我們的中心，訪問頻率繼續發生結構性變化。

The good news is that many of the trends in which we are seeing are not cyclical, but rather more permanent demand tailwinds. InvenTrust's simple and focused strategy of owning and operating a central open-air retail centers exclusively in the Sunbelt region of the US is working.

好消息是，我們看到的許多趨勢不是週期性的，而是更持久的需求推動力。InvenTrust 的簡單而集中的策略正在發揮作用，即在美國陽光地帶擁有並經營一個中央露天零售中心。

Equally as important, our low levered capital structure gives us the ability to accelerate our cash flow growth when the opportunity arises.

同樣重要的是，我們的低槓桿資本結構使我們能夠在機會出現時加速現金流成長。

Leased occupancy finished the quarter at 96.4%, up both sequentially and on a year over year basis. This is a new high watermark for the portfolio and remarkably was achieved only a year after experiencing a 140 basis points occupancy loss due to tenant closures and bankruptcies in 2023.

本季租賃入住率為 96.4%，較上季和年比均上升。這是該投資組合的新高水位，值得注意的是，在 2023 年因租戶關閉和破產而導致入住率損失 140 個基點之後僅一年就實現了這一目標。

Blended spreads remained in the low double digits and our retention ratio stayed above 90%, 92% to be precise. This means our team is achieving higher initial rents while pushing annual ramp-ups higher, but also keeping tenants that remain additive to the merchandise mix of our centers, which in turn preserves tenant related capital in an environment where construction and build-out costs remain elevated.

混合利差保持在較低的兩位數，我們的保留率保持在 90% 以上，準確地說是 92%。這意味著我們的團隊正在實現更高的初始租金，同時推動年度增幅更高，同時也保留了對我們中心的商品組合保持附加的租戶，這反過來又在建築和擴建成本仍然存在的環境中保留了與租戶相關的資本升高。

More simply put, our leasing strategy is one that is centered around driving sustainable free cash flow year-in and year-out. And the team continues to put building blocks in place to deliver on this strategy.

更簡單地說，我們的租賃策略是以年復一年地推動可持續的自由現金流為中心的。該團隊繼續建立模組以實現這一戰略。

Small-shop tenant health continues to surprise to the upside with less tenant fallout than predicted at the beginning of the year. Mike will talk about our guidance in greater detail shortly, but lower tenant fallout and quicker than expected rent commencement dates are the primary drivers of our guidance range. Our watch list of troubled tenants is short and the demand for space at our centers continues to be extremely robust.

小店租戶的健康狀況持續出乎意料地好轉，租戶受到的影響比年初的預期要小。麥克很快將更詳細地討論我們的指導意見，但較低的租戶影響和比預期更快的租金開始日期是我們指導範圍的主要驅動因素。我們的問題租戶觀察名單很短，而且我們中心的空間需求仍然非常強勁。

2024 leasing activities is effectively complete and 2025 deal activity is well underway. Christy will provide more color on our leasing efforts in her remarks.

2024 年的租賃活動已有效完成，2025 年的交易活動正在順利進行中。克里斯蒂將在她的演講中對我們的租賃工作進行更多闡述。

We have been appropriately conservative this year regarding our net investment activity, but I've certainly found deals that have been added to the portfolio. We added one such property in the second quarter, we acquired McGuire Grove's, a small 33,000 square foot center in the Orlando MSA, which is directly adjacent to plantation growth, a fantastic public anchored center that we already own.

今年，我們對淨投資活動採取了適當的保守態度，但我確實發現了已添加到投資組合中的交易。我們在第二季度增加了一個這樣的財產，我們收購了麥奎爾格羅夫中心，這是奧蘭多MSA 的一個33,000 平方英尺的小型中心，它直接毗鄰種植園生長，這是我們已經擁有的一個很棒的公共固定中心。

The transaction allows us to add small shop GLA to a center that has tremendous prospects and significant tenant demand. The additional GLA will allow us to better merchandise our center and to control one of the best retail nodes in the fast-growing suburb of Orlando.

這項交易使我們能夠將小商店 GLA 添加到一個擁有巨大前景和巨大租戶需求的中心。額外的 GLA 將使我們能夠更好地推銷我們的中心，並控制快速發展的奧蘭多郊區最好的零售節點之一。

Our balance sheet remains one of the most conservative in the sector with a healthy transaction environment in our markets, external growth opportunities are enticing. But our team is still being patient and at the ready to accelerate growth when the time is right.

我們的資產負債表仍然是業界最保守的之一，市場交易環境健康，外部成長機會誘人。但我們的團隊仍然保持耐心，並準備在時機成熟時加速成長。

With that, I'm going to turn the call over to Mike to discuss our financial results. Mike?

接下來，我將把電話轉給麥克，討論我們的財務表現。麥克風？

Thank you, DJ. This morning, I will review our strong results for the quarter as well as year to date, then I will discuss our investment grade balance sheet position and then by reviewing the increase to our 2024 full year guidance range.

謝謝你，DJ。今天早上，我將回顧我們本季和今年迄今的強勁業績，然後我將討論我們的投資等級資產負債表狀況，然後回顧我們 2024 年全年指導範圍的成長。

Our same-property NOI for the quarter was $44.8 million, growing 2.6% over the second quarter of last year. The quarter to date increases were primarily driven by embedded rent bumps of 150 basis points, rent spreads of 70 basis points as well as net expense reimbursement of 120 basis points. This was offset by slightly lower collections from revenues deemed uncollectible and percentage rents compared to the second quarter of 2023. Year to date, same property NOI was $82.6 million, growing 3.3% over the first six months of 2023.

本季我們的同物業 NOI 為 4,480 萬美元，比去年第二季成長 2.6%。本季迄今的成長主要是由 150 個基點的內嵌租金上漲、70 個基點的租金利差以及 120 個基點的淨費用報銷所推動的。與 2023 年第二季相比，被視為無法收回的收入和租金百分比略有下降，抵消了這一影響。今年迄今為止，同一房產 NOI 為 8,260 萬美元，比 2023 年前六個月增長 3.3%。

NAREIT FFO for the first half of the year was $60.9 million or $0.89 per diluted share, an increase of 6% over last year. Core FFO grew 4.8% to $0.87 per share for the six months ending June 3h compared to the same time period in 2023.

NAREIT 上半年的 FFO 為 6,090 萬美元，即稀釋後每股 0.89 美元，比去年增長 6%。截至 6 月 3 日的六個月內，核心 FFO 與 2023 年同期相比增長了 4.8%，至每股 0.87 美元。

Components of FFO growth for the quarter are primarily driven by same property NOI and NOI from acquisitions as well as income from a one-time termination fee of approximately [1p]. And this was slightly offset by interest expense on our variable rate debt.

本季度 FFO 成長的組成部分主要由相同財產 NOI 和收購產生的 NOI 以及一次性終止費用收入推動[1p]。這被我們的浮動利率債務的利息支出略微抵銷。

InvenTrust continues to maintain a strong and flexible balance sheet, providing a foundation to execute our long-term strategy. We finished the second quarter with $384 million of total liquidity, including a full $350 million of borrowing capacity available on our revolving line of credit.

InvenTrust 繼續保持強大且靈活的資產負債表，為執行我們的長期策略奠定了基礎。第二季結束時，我們的流動資金總額為 3.84 億美元，其中包括我們的循環信貸額度上可用的 3.5 億美元的全部借款能力。

Our net leverage ratio was 20.5% and net debt to adjusted EBITDA is 5.2 times on a trailing 12 month basis. Our weighted average interest rate ended the quarter at 4.3% with a weighted average maturity of 3.5 years.

我們的淨槓桿率為 20.5%，過去 12 個月的淨債務與調整後 EBITDA 比率為 5.2 倍。本季末，我們的加權平均利率為 4.3%，加權平均期限為 3.5 年。

Over the next 18 months. Our debt maturities remain minimal, and we anticipate exercising our remaining one-year extension option on the debt maturing in 2024. Finally, we declared an annualized dividend payment of $0.91 per share, a 5% increase over last year.

在接下來的 18 個月裡。我們的債務期限仍然很短，我們預計對 2024 年到期的債務行使剩餘的一年延期選擇權。最後，我們宣布年化股息支付為每股 0.91 美元，比去年增加 5%。

Moving to guidance with our results for the six months of the year, as well as our outlook for the remainder of the year, we are raising our 2024 full year same-property NOI growth guidance by 75 basis points at the midpoint. Same-property NOI growth is now expected to be in the range of 3.5% to 4.5%. We are also increasing the NAREIT FFO guidance to $1.73 to $1.77 per share.

根據我們今年六個月的業績以及今年剩餘時間的展望，我們將 2024 年全年同地產 NOI 成長指引中位數上調 75 個基點。目前預計同物業 NOI 成長將在 3.5% 至 4.5% 之間。我們也將 NAREIT FFO 指導值提高至每股 1.73 美元至 1.77 美元。

Finally, we are moving core FFO guidance up to $1.69 to $1.73 per share. As implied in our new same-property NOI guidance, our bad debt reserve assumption has been lowered to 25 basis points to 75 basis points of total revenue.

最後，我們將核心 FFO 指引上調至每股 1.69 美元至 1.73 美元。正如我們新的相同財產 NOI 指導中所暗示的那樣，我們的壞帳準備金假設已降低至總收入的 25 個基點至 75 個基點。

Finally, as DJ mentioned, we are maintaining our net investment activity guidance of $75 million. Full details on our guidance assumptions are provided in our supplemental disclosure filed yesterday.

最後，正如 DJ 所提到的，我們維持 7,500 萬美元的淨投資活動指引。我們昨天提交的補充披露中提供了有關我們指導假設的完整詳細資訊。

And with that, I'm going to turn the call over to Christy to discuss our portfolio activity.

接下來，我將把電話轉給克里斯蒂，討論我們的作品集活動。

Thanks, Mike. The InvenTrust team continues to convert significant retailer leasing demand for space into higher portfolio occupancy and increased rents for our centers. Demand is broad-based and coming equally from local, regional and national tenants looking to expand their footprint.

謝謝，麥克。InvenTrust 團隊繼續將零售商對空間的大量租賃需求轉化為更高的投資組合入住率和增加我們中心的租金。需求基礎廣泛，同樣來自希望擴大足跡的當地、區域和國家租戶。

Categories include quick-service restaurants, health and wellness and discount tenants. Our total portfolio leased occupancy ended the first half of the year at 96.4%, up 10 basis points from last quarter. Our anchor space leased occupancy finished at 99.1%, an increase of 50 basis points from last quarter and our small-shop leased occupancy ended the quarter at 91.7%. Our signed not open pipeline decreased to 270 basis points as the team continues to focus on getting our new tenants open and paying rent.

類別包括快餐店、健康與保健以及折扣租戶。截至今年上半年，我們的投資組合租賃總入住率為 96.4%，較上季上升 10 個基點。我們的主力空間租賃率為 99.1%，比上季增加了 50 個基點，我們的小型商店租賃率為 91.7%。隨著團隊繼續專注於讓新租戶開放並支付租金，我們已簽約的未開放管道減少至 270 個基點。

As of June 30 InvenTrust trust total portfolio ABR was $19.71, an increase of 2.8% compared to 2023. For the first six months of the year, we posted blended comparable leasing spreads of 10.7%. Spreads for new leases were 16.2% and our retention rate was 92%.

截至 6 月 30 日，InvenTrust 信託總投資組合 ABR 為 19.71 美元，較 2023 年成長 2.8%。今年前六個月，我們公佈的混合可比租賃利差為 10.7%。新租約利差為 16.2%，我們的保留率為 92%。

Renewals are a win-win for both the tenant and the InvenTrust. It enables tenants to maintain the continuity of their business in a successful location and eliminates their relocations costs, while InvenTrust is able to achieve a higher rental rate with limited capital spend as compared to leasing the space to a new tenant. Furthermore, 90% of our renewals have embedded rent escalators of 3% or higher.

續約對於租戶和 InvenTrust 來說都是雙贏的。它使租戶能夠在成功的地點保持業務連續性，並消除搬遷成本，而與將空間出租給新租戶相比，InvenTrust 能夠以有限的資本支出實現更高的租金率。此外，我們 90% 的續約都包含 3% 或更高的租金自動扶梯。

Year to date, we signed 101 leases for over 625,000 square feet with additional leases in our pipeline at various stages of negotiation. Tenants signed during the quarter include Crunch Fitness, Blue Mango, Jet's Pizza and Duck Donuts. Currently, our portfolio is nearly 100% occupancy for anchor tenants with only three spaces available left to lease. As DJ mentioned, at this point, all leasing activity related to 2024 is completed.

今年迄今為止，我們簽署了 101 份租賃合同，面積超過 625,000 平方英尺，並且在談判的各個階段我們還在準備其他租賃合約。本季簽約的租戶包括 Crunch Fitness、Blue Mango、Jet's Pizza 和 Duck Donuts。目前，我們的投資組合主要租戶的入住率接近 100%，只剩下三個空間可供出租。正如DJ所提到的，至此，與2024年相關的所有租賃活動均已完成。

As we have mentioned previously, the lack of new supply is a tailwind for this sector and will be for the next several years. In our discussions with some retailers, the reduced supply may cause a true challenge to their own growth plan and retail space needs in 2025 and 2026.

正如我們之前提到的，缺乏新供應是該行業的順風車，並且在未來幾年仍將如此。在我們與一些零售商的討論中，供應減少可能會對他們自己的成長計畫和 2025 年和 2026 年的零售空間需求造成真正的挑戰。

This is leading to additional flexibility as it relates to their store site and opening schedule to match the conditions of the space available. This flexibility was where just a few short years ago and in many cases, reduces the capital expenditures needed by landlords to open the space.

這帶來了額外的靈活性，因為它涉及他們的商店地點和開業時間表，以匹配可用空間的條件。就在幾年前，這種靈活性在許多情況下也減少了房東開放空間所需的資本支出。

Moving to the health of our tenants, the financial condition of our retailers is good. InvenTrust watchlist is diminished when compared to prior years. Furthermore, rent delinquencies remain reduced despite consumers more conservative spending in certain categories. Store openings still outpaced closures as retail bankruptcy announcements this year have been minimal.

就我們租戶的健康而言，我們零售商的財務狀況良好。與往年相比，InvenTrust 觀察名單有所減少。此外，儘管消費者在某些類別的支出更加保守，但拖欠租金的情況仍然減少。由於今年零售破產公告很少，開店速度仍超過關店速度。

In closing, I do want to briefly discuss the recent news on the Kroger Albertsons merger, the company has released a list of stores that will be divested to CNS if the merger is approved. Three of InvenTrust properties were included on that list, all in the Dallas MSA.

最後，我想簡單討論一下最近有關克羅格艾伯森 (Kroger Albertsons) 合併的消息，該公司已經公佈了一份如果合併獲得批准將剝離給 CNS 的商店名單。InvenTrust 的三處房產均被列入該名單，全部位於達拉斯 MSA。

These assets are strong performing properties and closure risk at these centers is very small. With that said, we will continue to monitor the transaction as additional news comes out and information changes. The final approval of the merger by the federal government is still uncertain.

這些資產都是表現強勁的資產，這些中心的關閉風險非常小。話雖如此，隨著更多訊息的出現和資訊的變化，我們將繼續監控交易。聯邦政府最終批准合併仍不確定。

Operator, that concludes our prepared remarks and you can open the line for questions.

接線員，我們準備好的發言到此結束，您可以撥打電話提問。

(Operator Instructions) Derek Kesten, Wells Fargo.

（操作員說明）Derek Kesten，富國銀行。

Hey, thanks. Good morning. This is Jack Armstrong, on for Dori. With the acquisitions you've completed to-date, you're in line with your net acquisition guide for the year. Can you talk about what you're seeing on both the acquisitions on the [distribution] front and the likelihood of you exceeding your '24 guidance?

嘿，謝謝。早安.我是傑克·阿姆斯特朗，替多莉發言。根據您迄今為止完成的收購，您符合今年的淨收購指南。您能否談談您在[分銷]方面的收購以及超出 24 年指導的可能性？

Yeah. Thanks for the question. As you mentioned, we're right near our goal of net investment activity. I think I've mentioned in the past couple of calls, really that $75 million of net investment is a guide post to what we were -- our expectations are on the outset of the year based on our pipeline, our cost of capital, current market conditions to get to our cash flow expectations for the year.

是的。謝謝你的提問。正如您所提到的，我們已經接近淨投資活動的目標。我想我在過去的幾次電話會議中已經提到過，7500 萬美元的淨投資實際上是我們的一個指南——我們的預期是在年初基於我們的管道、我們的資本成本、當前的市場狀況來達到我們今年的現金流預期。

Now we reserve the right, obviously, with market conditions changing to either increase or decrease that if the opportunity arises. I will tell you right now, the pipeline still remains quite strong. And obviously, cost of capital has improved since over the last -- certainly, the last couple of weeks and since last quarter. So if we do see opportunities where we can accretively add to the portfolio, we'll do so, and we'll adjust our net investment activity guidance accordingly.

顯然，現在我們保留權利，隨著市場條件的變化，如果機會出現，可能會增加或減少。我現在就告訴你，管道仍然非常強大。顯然，自過去以來——當然是過去幾週和上個季度以來，資本成本有所改善。因此，如果我們確實看到了可以增加投資組合的機會，我們就會這樣做，並且我們將相應地調整我們的淨投資活動指導。

On the disposition side, we're always looking at opportunities where we think we have either gotten to our growth expectations and we can rotate out of some of those assets with better opportunities in our markets. We've talked about the assets in the Mid-Atlantic region, we talked a little bit about assets on the West Coast as potential sources of capital and those things are always fluid and ongoing.

在處置方面，我們一直在尋找機會，我們認為我們已經達到了成長預期，並且我們可以從市場上有更好機會的一些資產中轉出。我們已經討論了大西洋中部地區的資產，我們也討論了西海岸的資產作為潛在的資本來源，而這些事情總是流動的和持續的。

Thanks. And if I can just ask one quick follow-up. You funded Q2's acquisitions with cash on hand. Can you remind us how you're thinking about your equity today around $28 a share as a means to fund further acquisitions?

謝謝。我能否快速詢問一下。您用手頭現金為第二季的收購提供了資金。您能否提醒我們，您如何看待目前每股 28 美元左右的股本，作為進一步收購的資金來源？

Yeah, it's a good question. Obviously, there's been a nice run in the sector. In general, obviously, there's been some news recently. And then obviously, the backdrop on potential movements in interest rates has probably helped a little bit.

是的，這是一個好問題。顯然，該行業的發展勢頭良好。總的來說，顯然最近有一些消息。顯然，利率潛在變動的背景可能會有所幫助。

Equity is something that we always consider as one of the sources of capital that we look at the same way as we do across our capital structure. It's more attractive than it was, but we're going to make sure when we do -- if and when we do decide to use equity, it needs to be on an accretive basis and value additive to our shareholders.

我們始終將股權視為資本來源之一，我們看待股權的方式與我們看待資本結構的方式相同。它比以前更具吸引力，但我們將確保當我們決定使用股權時，它需要以增值為基礎，並為我們的股東帶來附加價值。

Great. Thank you.

偉大的。謝謝。

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

Hi. This is Andrew Reale on for Jeff. Thanks so much for taking our questions today. Just first, you raised SS NOI guidance to 3.5% to 4.5%. The new range implies we'll see some acceleration of growth into the back half of the year. Can you just discuss what's behind that acceleration?

你好。我是安德魯·雷亞爾 (Andrew Reale) 替傑夫 (Jeff) 發言。非常感謝您今天回答我們的問題。首先，你們將 SS NOI 指引值提高到 3.5% 至 4.5%。新的範圍意味著我們將在今年下半年看到成長的加速。您能談談這種加速背後的原因嗎？

Yeah. Christy, you want to take that?

是的。克里斯蒂，你想要那個嗎？

Sure. I think that the back half of the acceleration is really for additional rent coming online that you're going to see based on some of the transactions be-ons that we have been able to open and other leasing activities that we have been able to complete this year and bring that right online as well as we've been able to continue to reduce expenses. And we will continue to do that across the portfolio for the rest of the year.

當然。我認為加速的後半部分實際上是為了在線增加租金，您將根據我們已經能夠進行的一些交易以及我們已經能夠完成的其他租賃活動看到這一點今年，我們將其上線，並且我們已經能夠繼續減少開支。我們將在今年剩餘時間內繼續在整個投資組合中這樣做。

Okay, thanks. And maybe just to follow up a bit on the signed not open commencement. Is there any way you can kind of quantify the timing of when some of that is going to come online through the rest of the year and maybe into '25? And then I guess on that note, just how much room does shop occupancy have to run from these current levels?

好的，謝謝。也許只是為了跟進已簽署的未公開畢業典禮。有什麼方法可以量化其中一些內容在今年剩餘時間（甚至可能到 25 年）上線的時間嗎？然後我猜想，從目前的水平來看，商店的入住率需要多少空間？

Yes, I can take that. This is Mike. So the signed not open pipeline, the way we're kind of seeing in our forecast right now is about 60% of that will come online through the end of this year and then 100% should be by the end of next year. As far as shop occupancy, the way we kind of look at our forecast right now is we think we can get back to an all-time high by the end of the year. So we think we have about 100 basis points or so to run on that.

是的，我可以接受。這是麥克。因此，已簽署的未開放管道，我們目前的預測是，其中大約 60% 將在今年年底上線，然後 100% 應該在明年年底上線。就商店入住率而言，我們目前的預測是，我們認為到今年年底我們可以恢復到歷史最高水準。因此，我們認為我們有大約 100 個基點左右的基礎。

And then Andrew, the only thing I would follow up is, obviously, the signed but not open pipeline, I think, represents right around 4% of total revenue. And the exciting thing and the visibility that -- or that gives us confidence even moving into next year and beyond is we have an additional 4% in active negotiations well underway.

然後安德魯，我唯一要跟進的是，顯然，已簽署但未開放的管道，我認為，佔總收入的 4% 左右。令人興奮的事情和可見性——或者讓我們對明年及以後充滿信心的是，我們還有另外 4% 的積極談判正在進行中。

So like we've talked about, really robust opportunities that continue to move occupancy higher, notwithstanding and certainly enough to withstand any kind of normalized tenant turnover that we would see in the portfolio.

正如我們所討論的，真正強勁的機會將繼續提高入住率，儘管如此，並且肯定足以承受我們在投資組合中看到的任何類型的正常化租戶更替。

Okay, great. Thanks for the time.

好的，太好了。謝謝你的時間。

Paulina Rojas, Green Street.

寶琳娜·羅哈斯，格林街。

Good morning. So some of your peers have mentioned cap rate compression.

早安.因此，您的一些同行提到了資本化率壓縮。

Good morning.

早安.

Hi -- some of your merger -- some of your peers, sorry, have mentioned cap rates compressing at the margin. And others have the current environment more as a continuation of what they have been seeing with not much changing. So what would you say has happened to cap rates in the last couple of months based on your experience?

你好——你們的一些合併——抱歉，你們的一些同行提到了資本化率的邊際壓縮。而其他人則認為當前環境更多是他們所看到的情況的延續，沒有太大變化。那麼根據您的經驗，您認為過去幾個月的上限利率發生了什麼變化？

Yes, I think again, Paulina, it's a great question. I would say there certainly is much more activity on the buy side on -- and I'm only speaking to the markets where we're actively looking to invest in the Southeast and Texas and Arizona. I wouldn't say that we've seen meaningful compression, but we also didn't see a whole lot of movement the other way as well. I mean, they've been extremely sticky as it relates to the cap rates in the markets in which we've been -- in which we've been active. I would say that -- I would probably expect it to continue to be an aggressive environment.

是的，我再次想，寶琳娜，這是一個很好的問題。我想說，買方方面肯定有更多的活動——而且我只是針對我們積極尋求投資的東南部、德克薩斯州和亞利桑那州的市場。我不會說我們已經看到了有意義的壓縮，但我們也沒有看到相反的大量移動。我的意思是，它們非常具有黏性，因為它與我們一直活躍的市場的上限利率有關。我想說的是——我可能希望它繼續是一個充滿侵略性的環境。

So we're going to have to really pick our spots as we look for new opportunities and be prudent and disciplined as we underwrite those opportunities as we have been. But I wouldn't say we've seen a meaningful movement one way or the other because it's remained competitive, even in the last call. It's probably 18 months when financing costs kind of moved against us.

因此，在尋找新機會時，我們必須真正選擇自己的位置，並在承保這些機會時保持謹慎和自律。但我不會說我們以某種方式看到了一場有意義的運動，因為即使在最後一次通話中，它仍然具有競爭力。融資成本可能在 18 個月後對我們不利。

I do think that -- this is a -- we're not in the secured mortgage business, but I do think that market getting more open has certainly made it even that much more competitive. And if pricing follows as well, you could imagine that there could be some compression.

我確實認為——這是——我們不從事擔保抵押貸款業務，但我確實認為市場變得更加開放肯定會使其更具競爭力。如果定價也隨之變化，你可以想像可能會有一些壓縮。

Thank you. And then (technical difficulty) very big picture question. How committed are you to your Sunbelt story? And so if you found the portfolio that was good that offered you the opportunity to scale up your business but had a material exposure outside of the Sunbelt, and you had the cost of capital to acquire it, will you go through the route of considering such acquisition or you wouldn't?

謝謝。然後（技術難度）非常大的問題。您對 Sunbelt 故事的投入程度如何？因此，如果您發現一個很好的投資組合可以為您提供擴大業務的機會，但在陽光地帶之外有重大風險，並且您有資本成本來收購它，您會考慮這樣的路線嗎？收購？

So it's a good question. And look, this business, obviously, there is meaningful benefits on scale and size in -- certainly in retail real estate and across all other sectors certainly. I will say we're very committed to our strategy. Our exclusivity in the Sunbelt, I think, is one of the very few things that makes us unique. I think most open-air shopping center REITs in our sector are phenomenal operators, institutional quality portfolios. So the differentiating factor for InvenTrust to compete for investors' capital is that exclusivity and focused portfolio from a market perspective.

所以這是一個好問題。瞧，這項業務顯然在規模和規模上有有意義的好處——當然是在零售房地產和所有其他領域。我想說的是，我們非常致力於我們的策略。我認為，我們在陽光地帶的獨特性是使我們獨一無二的極少數因素之一。我認為我們行業中的大多數露天購物中心房地產投資信託基金都是出色的營運商和機構優質投資組合。因此，InvenTrust 爭奪投資者資本的差異化因素是從市場角度來看的排他性和專注的投資組合。

Having said that, if we are able to scale this business on an accretive -- in a value-accretive way, we would hope that it would not take our scope from -- of our strategy away from the Sunbelt because otherwise, we start to look like other companies and in which case you lose that differentiating factor.

話雖如此，如果我們能夠以增值的方式（以增值的方式）擴展這項業務，我們希望它不會將我們的策略範圍從陽光地帶移開，因為否則，我們就會開始看起來像其他公司，在這種情況下你就失去了差異化因素。

So I'll say never say never, but it has to be a very compelling case and resonate with shareholders as much as the current strategy does, which we do believe is well received.

因此，我想說的是，永遠不要說永遠，但這必須是一個非常引人注目的案例，並像當前的策略一樣引起股東的共鳴，我們相信這項策略很受歡迎。

Thank you.

謝謝。

We have no further questions. So I'll hand the call back to the management team for any concluding remarks.

我們沒有其他問題了。因此，我會將電話轉交給管理團隊，以徵求任何結論性意見。

Thank you, everyone, for joining us today. We look forward to seeing many of you at conferences once we get into the fall. Thanks and have a great day me.

謝謝大家今天加入我們。一旦進入秋季，我們期待在會議上見到你們中的許多人。謝謝，祝我有美好的一天。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路。