Inventrust Properties Corp (IVT) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to InvenTrust's Third Quarter 2024 Earnings Conference Call. My name is Elliot, and I'll be your conference call operator today. 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 company's website at inventrustproperties.com. (Operator Instructions) Now I'd like to turn the call over to Mr. Dan Lombardo, Vice President of Investor Relations. Please go ahead, sir.

感謝您的耐心等待，歡迎參加 InvenTrust 的 2024 年第三季財報電話會議。我叫艾利歐特，今天我將擔任您的電話會議接線生。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 inventrustproperties.com 的投資者部分提供重播。 （操作員說明） 現在我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.

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。

Following the team's prepared remarks, we will open the line for questions.

在團隊準備好發言後，我們將開放提問專線。

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. 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 supplemental or press release.

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。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。

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. With that, I will turn the call over to DJ.

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。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 provide some highlights regarding our third quarter results, including our inaugural follow-on equity offering that was executed in September and the opportunities that lie ahead for InvenTrust. Mike will discuss our financial results and provide some color regarding yet another increase to our 2024 guidance, and Christy will end our prepared remarks with additional commentary regarding our leasing efforts and operations.

謝謝丹，今天加入我們的大家早安。我將提供有關我們第三季業績的一些要點，包括我們於 9 月執行的首次後續股票發行以及 InvenTrust 面臨的機會。麥克將討論我們的財務業績，並就我們 2024 年指導的再次增加提供一些信息，克里斯蒂將結束我們準備好的講話，並對我們的租賃工作和運營進行補充評論。

Since listing the company in October of '21, InvenTrust has executed on all fronts of its simple and focused strategy. The company has delivered above-sector average same-property NOI growth, above-average FFO per share growth, acquired nearly $500 million of assets, including the consolidation of our only joint venture, resulting in the entire IVT portfolio being wholly-owned, received an investment-grade credit rating and completed a private placement debt offering.

自 21 年 10 月上市以來，InvenTrust 在各方面都執行了其簡單而集中的策略。該公司的同業 NOI 成長高於行業平均水平，每股 FFO 成長高於行業平均水平，收購了近 5 億美元的資產，包括合併我們唯一的合資企業，從而全資擁有整個 IVT 投資組合，收到了投資等級信用評等並完成私募債券發行。

As many of you may recall, the company did not raise equity at the time of the listing. Simply put, our estimated cost of equity through an IPO was not going to be optimally aligned with external growth opportunities. Therefore, we chose to be patient, self-fund our growth with our low-levered balance sheet, prove to the public market that our simple and focused strategy in the Sun Belt can deliver above-sector average cash flow growth over a multiyear period and wait for our cost of capital to improve.

許多人可能還記得，該公司在上市時並未籌集股本。簡而言之，我們估計的首次公開募股股權成本不會與外部成長機會最佳匹配。因此，我們選擇保持耐心，透過低槓桿資產負債表為我們的成長提供自籌資金，向公開市場證明我們在陽光地帶的簡單而專注的策略可以在多年內實現高於行業平均水平的現金流增長，並且等待我們的資金成本改善。

After 3 years, we took advantage of a stronger capital market backdrop and raised roughly $250 million during the quarter through a follow-on equity offering. The offering was extremely well received by both existing and new shareholders.

3 年後，我們利用更強勁的資本市場背景，在本季透過後續股權發行籌集了約 2.5 億美元。此次發行受到現有和新股東的熱烈歡迎。

In addition to the equity offering, following the end of the quarter, the company increased the capacity on its unsecured credit facility by $150 million to $500 million, while extending the maturity to January of 2029. Through the equity raise and the upsized facility, InvenTrust effectively added nearly $400 million of additional liquidity, replenishing an already conservative balance sheet, and we're putting the fresh capital to work in an accretive manner.

除了股票發行外，本季末後，該公司還將無擔保信貸額度增加了 1.5 億美元，達到 5 億美元，同時將期限延長至 2029 年 1 月。透過股權融資和擴大融資規模，InvenTrust 有效增加了近 4 億美元的額外流動性，補充了本已保守的資產負債表，我們正在以增值的方式利用新資本。

To that end, on the investment front, in the third quarter, we closed on our second property in the Phoenix MSA, Scottsdale North Marketplace, for $23 million. Subsequent to the quarter, we closed on our second property in the Richmond, Virginia, market, a Wegman's-anchored community center, for $62.1 million. Due to our increased optimism surrounding the improving transaction market, coupled with our additional capital, we have increased our net investment activity guidance for the year accordingly to a range of $159 million to $215 million.

為此，在投資方面，第三季度，我們以 2,300 萬美元的價格關閉了位於鳳凰城 MSA 的第二個房產斯科茨代爾北市場 (Scottsdale North Marketplace)。本季結束後，我們以 6,210 萬美元的價格關閉了位於維吉尼亞州里士滿市場的第二處房產，這是一個以韋格曼為基地的社區中心。由於我們對交易市場改善的樂觀情緒增加，加上我們的額外資本，我們將今年的淨投資活動指引相應提高到 1.59 億美元至 2.15 億美元的範圍。

Moving to operations. Less bad debt and higher retention rates are once again fueling better than expected results. Leased occupancy climbed to 97% during the quarter, up both sequentially and on a year-over-year basis, setting another new high watermark for the portfolio.

轉向營運。壞帳減少和保留率提高再次推動績效優於預期。本季租賃入住率攀升至 97%，較上季和年比均上升，為投資組合再創新高。

Blended spreads remained healthy in the high single digits with a retention rate of 93%. Strong operating results across the portfolio are driving the increase to both same-property NOI growth and FFO per share for 2024. Internal growth remains remarkably healthy and now will be supported by additional external growth efforts as we move from 2024 to 2025.

混合利差維持在高個位數的健康水平，保留率為 93%。整個投資組合強勁的營運表現正在推動 2024 年同地產 NOI 成長和每股 FFO 的成長。內部成長仍然非常健康，隨著我們從 2024 年邁向 2025 年，內部成長將得到額外外部成長努力的支持。

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

接下來，我將把電話轉給麥克，更詳細地討論我們的財務表現。麥克風？

Thank you, DJ. Same-property NOI for the quarter was $45.5 million, growing 6.5% over the third quarter of last year. The quarter-to-date increases were primarily driven by an increase in base rent of over 300 basis points, of which 150 basis points were embedded rent bumps. Net expense reimbursement contributed approximately 170 basis points to the increase for the quarter with better collections from revenues deemed uncollectible adding 150 basis points.

謝謝你，DJ。本季同物業 NOI 為 4,550 萬美元，比去年第三季成長 6.5%。本季迄今的成長主要是由於基本租金上漲超過 300 個基點，其中 150 個基點是嵌入租金上漲。淨費用報銷為本季度的成長貢獻了約 170 個基點，而來自被視為無法收回的收入的更好收款增加了 150 個基點。

Year-to-date, same-property NOI was $123.8 million, growing 4.2% over the first 9 months of 2023.

年初至今，同地產 NOI 為 1.238 億美元，比 2023 年前 9 個月增加 4.2%。

NAREIT FFO for the first 9 months of the year was $91.8 million or $1.34 per diluted share, an increase of 7.2% over the same time period last year.

今年前 9 個月的 NAREIT FFO 為 9,180 萬美元，即稀釋後每股 1.34 美元，比去年同期成長 7.2%。

Year-to-date, core FFO grew 4.8% to $1.30 per share compared to the same time period of 2023. Components of FFO growth are primarily driven by same-property NOI of $0.07 and NOI from acquisitions of $0.06, offset by interest expense, G&A and lower interest income of approximately $0.06.

今年迄今為止，核心 FFO 與 2023 年同期相比增長了 4.8%，達到每股 1.30 美元。FFO 成長的主要動力是 0.07 美元的同業 NOI 和 0.06 美元的收購 NOI，但被利息支出、G&A 和約 0.06 美元的較低利息收入所抵銷。

As DJ discussed, the successful capital raise strengthened and reloaded our balance sheet, providing us additional capital and flexibility to execute on our long-term strategy. InvenTrust's net leverage ratio dropped to 20%, and our net debt to adjusted EBITDA is 3.6 times on a trailing 12-month basis. Our $72.5 million in variable rate debt was paid off, bringing our weighted average interest rate to 4% at the end of the quarter and our weighted average maturity to 3.6 years. Our remaining debt is now 100% fixed.

正如 DJ 所討論的，成功的融資增強並重新加載了我們的資產負債表，為我們提供了額外的資本和靈活性來執行我們的長期策略。InvenTrust 的淨槓桿比率降至 20%，過去 12 個月的淨債務與調整後 EBITDA 比率為 3.6 倍。我們的 7,250 萬美元浮動利率債務已清償，使我們的加權平均利率在季末達到 4%，加權平均期限達到 3.6 年。我們的剩餘債務現已 100% 固定。

Finally, we declared an annualized dividend payment of $0.91 per share, a 5% increase over last year.

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. Due to our strong operating fundamentals, we are raising our full year guidance again this quarter. The new guidance range for the company's 2024 full year same-property NOI growth is 4.25% to 5%. Our new NAREIT FFO guidance is now $1.74 to $1.77 per share, and our core FFO guidance is up to $1.70 to $1.73 per share. Full year details on our guidance assumptions are provided in our supplemental disclosure filed yesterday. And with that, I'm going to turn the call over to Christy to discuss our portfolio activity. Christy?

轉向指導。由於我們強勁的營運基本面，我們本季再次上調全年指引。該公司2024年全年同物業NOI成長的新指引範圍為4.25%至5%。我們新的 NAREIT FFO 指引現在為每股 1.74 美元至 1.77 美元，我們的核心 FFO 指引為每股 1.70 美元至 1.73 美元。我們昨天提交的補充披露中提供了有關我們指導假設的全年詳細資訊。接下來，我將把電話轉給克里斯蒂，討論我們的作品集活動。克里斯蒂？

Thanks, Mike. Our portfolio continues to benefit from the positive fundamentals in the strip center space and the migration to and growth in the Sun Belt markets. As a reminder, 97% of our ABR is generated from Sun Belt assets with the goal of getting to 100% in the future. Additionally, supply remains limited, creating increased demand for high-quality retail space.

謝謝，麥克。我們的投資組合持續受益於地帶中心空間的正面基本面以及陽光地帶市場的遷移和成長。提醒一下，我們 97% 的 ABR 是由 Sun Belt 資產產生的，未來目標是達到 100%。此外，供應仍然有限，導致對高品質零售空間的需求增加。

As retailers struggle to find new space to satisfy their internal growth plans, they continue to look for creative ways as it relates to the store size and location within our centers. All of these conditions allow the InvenTrust team to remain focused on transforming retailer leasing demand into increased ABR and additional portfolio occupancy at our properties.

當零售商努力尋找新的空間來滿足其內部成長計劃時，他們繼續尋找與我們中心內的商店規模和位置相關的創意方法。所有這些條件使 InvenTrust 團隊能夠繼續專注於將零售商租賃需求轉化為 ABR 的增加和我們物業的額外投資組合入住率。

For the 9 months ending in September, our total portfolio lease occupancy ended at 97%, up 60 basis points from last quarter, and at an all-time high. Our anchor space lease occupancy finished at 99.8%, an increase of 70 basis points from last quarter, also at an all-time high, and our small shop leased occupancy ended the quarter at 92%.

截至 9 月的 9 個月中，我們的投資組合租賃總入住率為 97%，較上季上升 60 個基點，創歷史新高。我們的主力空間租賃率最終達到 99.8%，比上季度增長 70 個基點，也創歷史新高，我們的小商舖租賃率本季末達到 92%。

Our signed-not-open pipeline is 280 basis points that equates to about $7.2 million of additional income coming online into our portfolio over the next several quarters.

我們的已簽署未公開管道為 280 個基點，相當於未來幾季我們的投資組合將獲得約 720 萬美元的額外收入。

As of September 30, InvenTrust's total portfolio ABR was $19.83, an increase of 2.4% compared to 2023. For the quarter, we posted blended comparable leasing spreads of 9.8%. Spreads for new leases were 14.2% and renewals were 9.2%. The retention rate was 93%, and 90% of our renewals have embedded rent escalators of 3% or higher.

截至 9 月 30 日，InvenTrust 的總投資組合 ABR 為 19.83 美元，較 2023 年成長 2.4%。本季度，我們公佈的混合可比租賃利差為 9.8%。新租約利差為 14.2%，續約利差為 9.2%。保留率為 93%，我們 90% 的續約都包含 3% 或更高的租金手扶梯。

Year-to-date, our blended comparable leasing spreads were 10.4%. We signed 160 leases for over 1,094,000 square feet so far this year, with additional leases in our pipeline at various stages of negotiation. Tenants signed during the quarter include Ulta and Skechers.

今年迄今為止，我們的混合可比租賃利差為 10.4%。今年到目前為止，我們簽署了 160 份租約，面積超過 1,094,000 平方英尺，還有更多租約正在談判的各個階段。本季度簽約的租戶包括 Ulta 和 Skechers。

Currently, our portfolio is nearly at 100% occupancy for anchor tenants, with only 1 available space being kept offline for redevelopment and retenanting opportunity in the future. These opportunities exist throughout our portfolio, and we will be focused on executing these accretive strategic remerchandising and redevelopment projects for the next several years.

目前，我們的投資組合主力租戶的入住率接近 100%，只有 1 個可用空間處於離線狀態，以供未來重新開發和重新出租的機會。這些機會存在於我們的投資組合中，我們將在未來幾年專注於執行這些增值策略重新銷售和再開發專案。

In closing, I would like to take an opportunity to update you on recent weather events. As many of you are aware, we have had several hurricanes and significant storms in the South over the past several weeks. Thankfully, all InvenTrust's employees in the affected area made it through the storms safely. IVT was fortunate that our assets only sustained minimal damage and debris cleanup. We continue to provide aid and stand by our communities and tenants to support their needs and help them recover.

最後，我想藉此機會向您介紹最近天氣事件的最新情況。正如你們許多人所知，在過去幾週，南方發生了幾場颶風和嚴重風暴。值得慶幸的是，InvenTrust 在受影響地區的所有員工都安全度過了風暴。IVT 很幸運，我們的資產僅遭受了最小程度的損壞，碎片清理工作也很順利。我們繼續提供援助，並與我們的社區和租戶站在一起，支持他們的需求並幫助他們康復。

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)

（操作員說明）

Andrew Reale with Bank of America.

美國銀行的安德魯·雷亞爾（Andrew Reale）。

Just one on the acquisition market and external opportunities. Just curious if the reversal in interest rates since the time of your equity issuance has put a damper on the number of external opportunities you're seeing? And also curious, in your view, has the election uncertainty stalled any potential sellers?

只是關於收購市場和外部機會的一件事。只是好奇自股票發行以來利率的逆轉是否抑制了您所看到的外部機會的數量？您還很好奇，選舉的不確定性是否阻礙了任何潛在的賣家？

Yes. Thanks, Andrew. Our acquisition pipeline and what you see that's implied in the guidance is things that we've been working on for quite some time. So the reversal of interest rates hasn't had really -- certainly didn't have an impact on what we're currently chasing from an acquisition standpoint. And really, to be honest, in our markets, with the type of product that we're looking at, we haven't seen much change given the recent movements.

是的。謝謝，安德魯。我們的收購管道以及您在指南中所看到的內容是我們已經研究了相當長一段時間的事情。因此，從收購的角度來看，利率的逆轉並沒有真正發生——當然沒有對我們目前正在追求的目標產生影響。事實上，說實話，在我們的市場中，對於我們正在關注的產品類型，考慮到最近的走勢，我們並沒有看到太大的變化。

Going into this week or next with the election, it tends to traditionally has been more quiet. I would expect that transaction market to open back up after there's a little bit more certainty, but that's just speculation. But going back to what I said, the types of markets and the types of product that we're looking at, we've actually seen more products hit the market, but also more potential buyers as well, which, to us, is a pretty healthy environment, and I would expect that to continue in 2025, which is why you saw the changes that we made as it relates to our expectations.

進入本週或下週的選舉，傳統上會更加安靜。我預計交易市場會在確定性增加後重新開放，但這只是猜測。但回到我所說的，我們正在關注的市場類型和產品類型，我們實際上看到了更多的產品進入市場，也看到了更多的潛在買家，這對我們來說是一個相當健康的環境，我預計這種情況將在2025 年持續下去，這就是為什麼您看到我們所做的改變，因為它與我們的期望相關。

Okay. And just another one for me. Bad debt overall been trending favorably, but would be curious if you could just talk a bit about your tenants and more discretionary categories, home goods, hobby, maybe full-service restaurants, too. Just curious on how sales and traffic are holding up? And how do you think about renewals in some of those categories if consumers continue to pull back on discretionary spend?

好的。對我來說，這只是另一件事。壞帳整體趨勢良好，但如果您能談論您的租戶和更多可自由支配的類別、家居用品、愛好，也許還有全方位服務的餐廳，我會很好奇。只是想知道銷售和流量如何維持？如果消費者繼續減少可自由支配支出，您如何看待其中某些類別的續約？

No, it's a great question. Anecdotally, to our portfolio, we haven't seen much of a change. There's -- I think sales certainly have stabilized from some pretty impressive growth over the last couple of years, no doubt. The value areas continue to do very well. Hobby, quite honestly, had -- many of those banners have been looking to grow their footprints.

不，這是一個很好的問題。有趣的是，對於我們的投資組合來說，我們沒有看到太大的變化。毫無疑問，我認為過去幾年的銷售成長確實已經穩定下來。價值領域持續表現出色。老實說，霍比已經——許多橫幅一直在尋求擴大自己的足跡。

And as it relates to food service and even full-service restaurants, the types of restaurants that are in our portfolio tend to be that still -- even if they're full-service, tend to be that kind of middle income lower price point, if you will, even if price points are higher, but we don't do a whole lot of white linen tablecloth types of restaurants. So big, well-capitalized chain restaurants that are still doing quite well. Fast food, quick service continues to do really well. And quite -- and is still one of the better performers in our portfolio.

由於它涉及食品服務，甚至是全方位服務的餐廳，我們投資組合中的餐廳類型往往仍然是——即使它們提供全方位服務，往往是那種中等收入較低的價格點，如果你願意的話，即使價格點更高，但我們不會做很多白色亞麻桌布類型的餐廳。如此大、資本充足的連鎖餐廳仍然做得很好。快餐、快捷服務持續做得很好。而且仍然是我們投資組合中表現較好的公司之一。

There's very healthy occupancy cost ratios across that category. And if there -- there has been some restaurants that have struggled, some franchises, some chains, but the most valuable space that we have that's in the most demand in the portfolio, our operations team would tell you that's second-generation restaurant space because it tends to be a lower capital going in.

此類別的入住成本比率非常健康。如果有一些餐廳陷入困境，一些特許經營店，一些連鎖店，但我們擁有的最有價值的空間是投資組合中需求最大的，我們的營運團隊會告訴您這是第二代餐廳空間，因為它往往是較低的資本投入。

Dori Kesten with Wells Fargo.

多麗凱斯滕 (Dori Kesten) 與富國銀行 (Wells Fargo) 合作。

A few of your peers have started to put up some guardrails around '25 same-store NOI growth. Do you have any interest in adding your early thoughts to that?

您的一些同行已經開始圍繞 25 年同店 NOI 增長設置一些護欄。您有興趣將您的早期想法添加到其中嗎？

We noticed that, Dori. Thanks for the question. Look, one of the things that we tried to -- one of the things we've tried to do over the last couple of years is everything that the operations team and Christy's team has done is try to build a sustainable model where we can drive consistent growth both in same-property NOI, but most importantly, cash flow. And we think we're at a really nice level.

我們注意到了這一點，多麗。謝謝你的提問。看，我們嘗試做的事情之一 - 我們在過去幾年嘗試做的事情之一就是運營團隊和克里斯蒂的團隊所做的一切就是嘗試建立一個我們可以推動的可持續模式同一物業的NOI 持續增長，但最重要的是現金流。我們認為我們處於非常好的水平。

So what I will tell you is, we have nearly -- or 70% of our leasing efforts done next year. Notwithstanding any material changes as we see in bad debt, but maybe a more normalized run rate bad debt, we're expecting a very similar type of cadence and growth that we're seeing -- that we've seen in the last 2 years.

所以我要告訴你的是，明年我們已經完成了近 70% 的租賃工作。儘管我們在壞帳方面看到了任何重大變化，但壞帳率可能會更加正常化，我們預計我們所看到的節奏和成長類型與過去兩年所看到的非常相似。

So with the current portfolio, where do you put that more normalized bad debt? Is that like closer to 75 basis points?

那麼，在目前的投資組合中，您將更正常化的壞帳放在哪裡？這是否接近 75 個基點？

Yes. This 75 basis points is usually where we -- is kind of the starting benchmark and then obviously, we'll move that. Obviously, in our portfolio, we're not benefiting as much from like out-of-period adjustments or anything like that to offset it. But the bad debt, our reserve continues to prove to be conservative as with many of our peers. 75 basis points is always -- is kind of the -- is the best market that we tend to anchor to as we go into the year and then we'll adjust accordingly.

是的。這 75 個基點通常是我們的起始基準，然後顯然我們會改變它。顯然，在我們的投資組合中，我們並沒有從期外調整或類似的措施中受益匪淺。但壞帳方面，我們的準備金仍與許多同行一樣保守。 75 個基點始終是我們進入今年時傾向於錨定的最佳市場，然後我們將進行相應調整。

Okay. And then regarding your noncore assets, can you give us an update on where you see the aggregate value there? And if your definition of noncore has widened as your acquisition pipeline has grown?

好的。關於您的非核心資產，您能否向我們介紹一下您在哪裡看到的總價值的最新情況？隨著收購管道的擴大，您對非核心的定義是否也擴大了？

Yes, it's a good question. I think one of the things that we've always talked about as being exclusively in the Sun Belt, right? So we do have two assets that sit in the mid-Atlantic corridor, just north of -- in Maryland. Those assets are phenomenal assets, one is anchored by Safeway, one is anchored by Trader Joe's. They'd only be noncore in the light of not being in the Sun Belt for InvenTrust, but certainly core properties for anyone else, but we're not [for-sellers] either.

是的，這是一個好問題。我認為我們一直在談論的事情之一是陽光地帶獨有的，對吧？所以我們確實有兩個資產位於大西洋中部走廊，就在馬裡蘭州北部。這些資產都是驚人的資產，一種是由 Safeway 錨定的，另一種是由 Trader Joe’s 錨定的。由於 InvenTrust 不屬於陽光地帶，因此它們只是非核心資產，但對於其他任何人來說肯定是核心資產，但我們也不是[賣家]。

What we're going to be looking to do over the next couple of years is to methodically recycle capital when it -- when we feel like the time is right, and we have a use for that capital. And if there are more opportunities in markets that fit the InvenTrust better, we'll accelerate those noncore asset recycling.

在接下來的幾年裡，我們要做的就是在我們覺得時機成熟並且我們可以利用這些資本時，有條不紊地回收資本。如果市場上有更多機會更適合 InvenTrust，我們將加速這些非核心資產的回收。

As it relates to being wider, one of the things that we've discussed is our view on California. California is still a phenomenal market and it's always priced that way. It's one of those things that we'll continue to consider over time. But again, we have a really, really strong California portfolio and presence. So it just depends on where we can reallocate that capital in an accretive manner.

由於涉及範圍更廣，我們討論的事情之一就是我們對加州的看法。加州仍然是一個非凡的市場，而且價格始終如此。這是我們隨著時間的推移將繼續考慮的事情之一。但同樣，我們在加州擁有非常非常強大的投資組合和影響力。因此，這僅取決於我們可以在哪裡以增值的方式重新分配資本。

(Operator Instructions)

（操作員說明）

Daniel Purpura with Green Street.

丹尼爾·普爾普拉與格林街。

The retail environment has been strong recently. Have you seen any changes to this environment? Or do you expect continuation of these same trends?

最近零售環境強勁。你看到這個環境有什麼改變嗎？或者您預計這些趨勢會持續下去嗎？

As far as -- what do you mean by -- Daniel, good morning. What do you mean by the retail market? Are you talking about the transaction market or the underlying fundamentals?

至於——你是什麼意思——丹尼爾，早安。零售市場是什麼意思？你說的是交易市場還是底層基本面？

The underlying fundamentals, demand for space, things like that.

基本面、空間需求等等。

Yes, yes. No. So the demand for space continues to be very robust. I mean, look, we're at an all-time high as it relates to leased occupancy at 97%. Behind that 97%, we have an additional 100-plus basis points of things that are in the works now. Not everything is going to obviously show up in occupancy, some deals do fall in and out, but there's a lot of demand even behind the current occupancy levels, which is something that we haven't had in the past. And we have -- and because of the level of occupancy we're at, we're actually filling spaces that we haven't filled in quite some time.

是的，是的。不。因此，對空間的需求仍然非常強勁。我的意思是，看，我們正處於歷史最高水平，因為租賃入住率達到 97%。在這 97% 的背後，我們還有另外 100 多個基點正在進行中。並不是所有的事情都會明顯地體現在入住率上，有些交易確實會進進出出，但即使在當前的入住率水平背後，仍有大量的需求，這是我們過去沒有遇到過的。我們已經——而且由於我們目前的入住率水平，我們實際上正在填補已經很長時間沒有填補的空間。

So -- and it's broad-based across categories. To my earlier comments, food service continues to be a very strong category for us, even though there has been probably a little bit of a slowdown in sales. Perhaps some of that is due to the change in inflation. But health care continues to be strong, services. So we're seeing a pretty broad-based level demand in our small shop -- both in our small shop and in our anchor space, which is effectively fully occupied at this point.

因此，它具有廣泛的跨類別基礎。根據我之前的評論，儘管銷售可能略有放緩，但餐飲服務對我們來說仍然是一個非常強大的類別。也許部分原因是通貨膨脹的變化。但醫療保健和服務仍然強勁。因此，我們在我們的小商店中看到了相當廣泛的需求——無論是在我們的小商店還是在我們的錨定空間中，目前該空間實際上已被完全佔用。

Got you. And then if I could ask one more. With Curbline going public at the beginning of this month, you had any interest in looking at convenience centers or any nonanchored centers?

明白你了。然後我能否再問一個。隨著 Curbline 在本月初上市，您有興趣考慮便利中心或任何非錨定中心嗎？

Yes. So we do own a couple nonanchored what -- or I guess what you guys would consider nonanchored centers. Look, at the end of the day, we're a little bit more property agnostic. We're just looking for the right retail that has a necessity-based component, primarily in a market that we know we can grow rents. And most of those markets we're already in.

是的。所以我們確實擁有一些非錨定中心——或者我猜你們會認為是非錨定中心。瞧，歸根究底，我們對財產有點不可知論。我們只是在尋找具有必需品成分的合適零售店，主要是在我們知道可以增加租金的市場中。我們已經進入了大部分市場。

We do have a handful of markets that we're trying to get a foothold in as well. But if you look across -- if you look at our portfolio, we own small unanchored community centers all the way up to some power centers. And it just depends on what market and what retail node they're in. And we've been able to be successful in growing rents in all formats.

我們確實也試圖在一些市場立足。但如果你看看我們的投資組合，我們擁有小型的非固定社區中心，一直到一些電力中心。這只取決於他們所處的市場和零售節點。我們已經成功地提高了各種形式的租金。

We have no further questions, so I'll now hand back to DJ Busch for any final remarks.

我們沒有其他問題了，所以我現在將把最後的評論交還給 DJ Busch。

Thank you, everyone, for joining us. We look forward to seeing, hopefully, many of you next month, I guess, in Las Vegas. Until then, have a great day.

謝謝大家加入我們。我想，我們期待下個月在拉斯維加斯見到你們中的許多人。在那之前，祝你有美好的一天。

Ladies and gentlemen, today's call has now concluded. Thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。