Inventrust Properties Corp (IVT) 2025 Q4 法說會逐字稿

Thank you for standing by and welcome to Inventrust's fourth quarter and full year 2025 earnings conference call. My name is Becky and I will be your conference call operator today. (Operator Instructions).I would now 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 2025 年第四季及全年業績電話會議。我是貝基，今天將擔任你們的電話會議接線生。 （接線生指示）現在我將把電話轉交給投資人關係副總裁丹‧隆巴多先生。請繼續，先生。

Thank you, operator. Good morning, everyone, and thank you for joining us today. On the call from the Inventrust team is DJ Busch, President and Chief Executive Officer, Mike Phillips, Chief Financial Officer, Christy David, Chief Operating Officer, and David Heimberger, Chief Investment Officer. Following the team's prepared remarks, the lines will be open for questions.

謝謝接線生。各位早安，感謝大家今天收看我們的節目。參加此電話會議的 Inventrust 團隊成員包括：總裁兼執行長 DJ Busch、財務長 Mike Phillips、營運長 Christy David 和首席投資長 David Heimberger。在球隊發言結束後，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.

提醒各位，今天的一些評論可能包含有關公司未來業務和財務表現的前瞻性陳述，包括前瞻性盈利預期和未來市場狀況。這些決策是基於管理階層目前的信念和預期，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 supplemental or press release.

任何前瞻性陳述僅代表截至今日的觀點，我們不承擔更新今日電話會議上作出的任何前瞻性陳述，或季度財務補充文件或新聞稿中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'll turn the call over to DJ.

此外，我們也會參考一些非GAAP財務指標。本季度收益資料中包含了可比較的GAAP財務指標，這些資料已發佈在我們的投資者關係網站上。接下來，我將把通話交給DJ。

Thanks, Dan, and good morning, everyone. We appreciate you joining us today. 2025 was an exceptional year for Inventrust marked by strong operating performance and disciplined execution. Same property NY grew 5.3%, marking our second straight year above 5% and our fifth consecutive year of growth exceeding 4%.

謝謝你，丹，大家早安。感謝您今天蒞臨。 2025年對於Inventrust而言是卓越的一年，公司營運業績強勁，執行力嚴謹。紐約同店銷售額成長了 5.3%，連續第二年成長超過 5%，連續第五年成長超過 4%。

This performance speaks to the quality of our portfolio, the strength of our platform, and the consistent execution of the Inventrust team. Nareit FFO finished the year at the high end of our guidance range of $1.89 per share, representing 6.2% growth year over year. Our balance sheet remains well positioned with sector low net debt to adjusted EBITDA and ample liquidity to support our expansion objectives.

這項業績體現了我們投資組合的品質、我們平台的實力以及 Inventrust 團隊始終如一的執行力。Nareit 的 FFO 全年達到我們預期範圍的高端，每股 1.89 美元，年增 6.2%。我們的資產負債表狀況良好，淨債務與調整後 EBITDA 的比率在業內較低，並且擁有充足的流動性來支持我們的擴張目標。

From a strategic standpoint, the year was equally transformative. We completed the successful sale of five California assets and efficiently redeployed that capital into higher growth Sun Belt markets. In total, we acquired 10 properties, including two in the fourth quarter, representing more than $460 million of gross acquisitions during the year.

從策略角度來看，這一年同樣具有變革意義。我們成功完成了加州五項資產的出售，並將這些資金有效率地重新部署到成長更快的陽光地帶市場。我們全年共收購了 10 處房產，其中第四季收購了兩處，全年總收購額超過 4.6 億美元。

These investments deepen our geographic concentration and grocery exposure in areas where we see long-term population expansion, limited new supply, and the ability to leverage our operating platform. Christy will walk through our most recent acquisitions in more detail shortly. Institutional and private capital remains active in the open-air retail space, particularly in grocery anchored assets.

這些投資加深了我們在人口長期成長、新增供應有限以及能夠利用我們營運平台的地區的地域集中度和食品雜貨業務佔比。克里斯蒂稍後將更詳細地介紹我們最近的收購項目。機構和私人資本仍然活躍於露天零售領域，尤其是在以超市為主力店的物業中。

While that interest validates positive trends in our sector, it also reinforces the importance of discipline. We remain selective in our acquisition approach, focusing on opportunities that meet our return thresholds, enhance our operational footprint, and offer clear avenues for value creation through leasing and asset management. Our objective is to grow over time in a thoughtful and prudent manner.

這種興趣既印證了我們行業的正面趨勢，也強調了紀律的重要性。我們在收購方面仍保持選擇性，專注於符合我們回報門檻、增強我們營運規模、並透過租賃和資產管理提供明確價值創造途徑的機會。我們的目標是隨著時間的推移，以深思熟慮、謹慎和穩健的方式實現成長。

Beyond acquisitions, we continue to invest internally through targeted redevelopment initiatives designed to maintain the overall quality and competitiveness of our portfolio while driving incremental NOI. These projects focus on remerchandising, repositioning anchor space, and selectively adding out parcels at existing centers.

除了收購之外，我們還透過有針對性的重建計劃繼續進行內部投資，旨在保持我們投資組合的整體品質和競爭力，同時推動淨營業收入的成長。這些項目著重於重新調整商品陳列、重新定位主力店空間，以及選擇性地在現有購物中心增加商店。

While redevelopment is not intended to be a focal point of our business model, we expect these efforts to contribute approximately 50 basis points to 100 basis points of incremental NOI growth annually over the next couple of years. The retail landscape continued to demonstrate notable resilience in 2025 while store closures increased year over year.

雖然重建並非我們商業模式的重點，但我們預計這些努力將在未來幾年內每年帶來約 50 至 100 個基點的營業淨收入增量。2025年，零售業持續展現出顯著的韌性，但門市關閉數量卻逐年增加。

New retail construction stayed at multi-decade lows as development economics remained challenged, creating a constructive backdrop for owners of high-quality, well-located centers. At the same time, retailers are operating with better information as it relates to real estate decision making, applying clearer return thresholds, and benefiting from more flexible supply chains.

由於開發經濟持續面臨挑戰，新的零售建設仍處於數十年來的低位，這為高品質、位置優越的購物中心的業主創造了有利的環境。同時，零售商在房地產決策方面掌握了更好的訊息，採用了更清晰的退貨門檻，並受益於更靈活的供應鏈。

These factors favor landlords who can provide the right space in the right trade areas, a dynamic that aligns well with our focus and footprint. According to Costar, top performing retail markets in 2025 included Charlotte, Tampa, Orlando, and Dallas.

這些因素有利於能夠在合適的商業區域提供合適空間的房東，這種動態與我們的業務重點和佈局非常契合。根據 Costar 預測，2025 年零售業表現最佳的市場包括夏洛特、坦帕、奧蘭多和達拉斯。

Charlotte, where we acquired two properties during the year, stands out for robust population growth, job creation, and suburban development, ranking first among major US markets for retail rent increases. We are seeing similar trends in Phoenix, another area where we continue to expand our presence. Our strong performance in 2025 positions us well heading into 2026.

我們在夏洛特收購了兩處房產，該市人口增長強勁，就業機會創造和郊區發展迅速，在美國主要市場中零售租金漲幅排名第一。我們在鳳凰城也看到了類似的趨勢，鳳凰城是我們持續擴大業務的另一個地區。我們在 2025 年的出色表現為我們順利邁入 2026 年奠定了良好的基礎。

That outlook is reflected in our guidance, with core FFO per share growth expected to be in the mid-single-digit range and net investment activity of approximately $300 million. As always, our strategy remains simple continue to expand our Sun Belt focused portfolio and execute at the proper level to drive sustainable cash flow growth. With that, I'll turn it over to Mike to walk through the financials in more detail.

這一前景反映在我們的業績指引中，預計核心每股FFO成長將達到中個位數，淨投資活動約為3億美元。一如既往，我們的策略仍然很簡單，那就是繼續擴大我們以陽光地帶為重點的投資組合，並在適當的水平上執行，以推動可持續的現金流成長。接下來，我將把發言權交給麥克，讓他更詳細地講解一下財務狀況。

Thanks, DJ, and good morning, everyone. For the full year, same property in Hawaii totaled $171 million representing growth of 5.3% driven primarily by embedded rent escalations, which contributed approximately 160 basis points. Occupancy gains added about 80 basis points, while positive leasing spreads contributed roughly 90 basis points.

謝謝DJ，大家早安。全年來看，夏威夷同店物業總值達 1.71 億美元，成長 5.3%，主要得益於租金上漲，約貢獻了 160 個基點。入住率提升約 80 個基點，而正的租賃價差貢獻了約 90 個基點。

Redevelopment activity provided an additional 70 basis points with percentage and ancillary rents adding around 20 basis points and net expense reimbursements contributing 130 basis points. These drivers were partially offset by 20 basis points headwind from bad debt reserves. Same property NOI for the fourth quarter was $44.3 million up 3% year over year.

重建活動帶來了額外的 70 個基點，百分比租金和附屬租金帶來了約 20 個基點，淨費用補償貢獻了 130 個基點。這些利多因素被壞帳準備帶來的 20 個基點的不利影響部分抵銷。第四季同店淨營業收入為 4,430 萬美元，較去年同期成長 3%。

For the full year, Nareit FFO totaled $147.8 million or $1.89 per diluted share, reflecting an increase of 6.2% over 2024. Core FFO rose 5.8% to $1.83 per share year over year. FFO growth was primarily driven by same property NOI and net acquisition activity, partially offset by the impact of a higher weighted average share count.

全年來看，Nareit 的 FFO 總計為 1.478 億美元，即每股攤薄收益 1.89 美元，比 2024 年增長 6.2%。核心FFO年增5.8%至每股1.83美元。FFO 成長主要由同店 NOI 和淨收購活動推動，但部分被加權平均股份數量增加的影響所抵銷。

In the fourth quarter, Nareit FFO came in at $36.8 million or $0.47 per diluted share, representing a 4.4% increase compared to the fourth quarter of 2024. Core FFO increased 7% to $0.46 per diluted share for the three months ending December 31. Our balance sheet remains exceptionally strong, providing and trust with flexibility and liquidity to execute our long-term growth strategy.

第四季度，Nareit 的 FFO 為 3,680 萬美元，即每股攤薄收益 0.47 美元，比 2024 年第四季成長 4.4%。截至 12 月 31 日的三個月，核心 FFO 成長 7% 至每股稀釋收益 0.46 美元。我們的資產負債表依然非常穩健，為執行我們的長期成長策略提供了靈活性和流動性，值得信賴。

At year end, total liquidity stood at $480 million including $35 million in cash and $445 million available under our revolving credit facility. Our weighted average interest rate is 4%, and our net leverage ratio is 26.3%. That debt to adjusted EBITDA remained at a sector low 4.5 times on a trailing 12-month basis.

截至年底，該公司總流動資金為 4.8 億美元，其中包括 3,500 萬美元現金和 4.45 億美元循環信貸額度。我們的加權平均利率為 4%，淨槓桿率為 26.3%。過去 12 個月，該債務與調整後 EBITDA 的比率保持在行業最低水平，為 4.5 倍。

During the quarter, we completed two acquisitions totaling $109 million funded with our available liquidity and the assumption of approximately $30 million of secured property level debt. The board of directors approved a 5% increase to Inventrust's annual cash dividend for 2026. The new annualized rate of $1 per share will be reflected in the April dividend payment.

本季度，我們完成了兩項收購，總額達 1.09 億美元，資金來源為我們的可用流動資金和承擔約 3000 萬美元的擔保房地產債務。董事會批准將 Inventrust 2026 年的年度現金股利提高 5%。新的年化股息率為每股 1 美元，將在 4 月份的股息支付中體現。

Turning to 2026 guidance, we expect a full year, same property and a wide growth in a range of 3.25% to 4.25%. This outlook incorporates a bad debt reserve of approximately 30 basis points to 70 basis points. For Nareit FFO, we're providing guidance in a range of $1.97 to $2.03 per share, representing a 5.8% increase at the midpoint compared to 2025.

展望 2026 年的業績，我們預期全年同店銷售額將大幅成長，增幅介於 3.25% 至 4.25% 之間。該展望包含了約 30 至 70 個基點的壞帳準備金。對於 Nareit 的 FFO，我們提供的指導範圍為每股 1.97 美元至 2.03 美元，其中值較 2025 年增長 5.8%。

Our Core FFO guidance is $1.91 to $1.95 per share, reflecting a 5.5% increase at the midpoint year over year. As discussed previously, the interest rate on our $200 million term loan swaps reset from approximately 2.7% to 4.5%, which will create a modest headwind to FFO for the last three months of the year. And with that, I'll turn the call over to Christy to discuss our portfolio activity.

我們的核心FFO預期為每股1.91美元至1.95美元，較上年同期成長5.5%（取中間值）。如前所述，我們 2 億美元定期貸款互換的利率從約 2.7% 重置為 4.5%，這將對今年最後三個月的 FFO 造成輕微的不利影響。接下來，我將把電話交給克里斯蒂，讓她來討論我們的作品集活動。

Thanks, Mike. The retail landscape in 2025 was marked by steady execution and improving operating momentum. Our leasing teams performed well, converting renewals at attractive spreads and filling small shop vacancies with high-quality operators that enhanced tenant mix, support the long-term performance of our centers.

謝謝你，麥克。2025 年的零售業格局以穩步推進和營運勢頭不斷增強為特徵。我們的租賃團隊表現出色，以誘人的價差完成了續租，並找到了高品質的營運商填補了小型商店的空缺，從而改善了租戶組合，支持了我們中心的長期業績。

Leasing activity remained positive across the portfolio with grocery, health and wellness, specialty food, and value oriented concepts showing the strongest demand. Throughout Inventrust asset base, foot traffic and retail sales have remained durable, while our watch list of at-risk tenants is minimal. One area where execution has been particularly evident is in the performance of our acquisitions.

整個投資組合的租賃活動仍保持積極態勢，其中食品雜貨、健康和保健、特色食品以及物美價廉的業態需求最為強勁。Inventrust 旗下所有資產的客流量和零售額一直保持穩定，而我們關注的風險租戶名單則非常短。在收購方面，我們的執行力體現得特別明顯。

For properties acquired in 2024 and 2025, new and renewable lease rights have averaged approximately 21%, demonstrating our ability to identify below market opportunities. This showcases our leasing team's ability to unlock growth even in well occupied centers. From a tenant health perspective, the story remains resilient.

對於 2024 年和 2025 年收購的房產，新的和可續租的租賃權平均約為 21%，這表明我們有能力發現低於市場水平的機會。這展現了我們租賃團隊即使在入住率很高的商場中也能釋放成長潛力的能力。從租戶健康角度來看，情況依然樂觀。

Retail sales are up and announced store openings continue to exceed closures, signaling sustained confidence in physical retail. While turnover is a normal part of the strip center business, our tenant rosters are as strong as they have been at any point.

零售額上升，新開店數量持續超過關店數量，顯示消費者對實體零售業的信心依然強勁。雖然租戶更迭是商業街業務的正常現象，但我們目前的租戶陣容和以往任何時候一樣強大。

Across our markets, retailers are increasingly focused on optimizing store fleets rather than pulling back, with new concepts actively pursuing space and well located centers. The strength is evident in our leasing results, with several key metrics reaching their highest levels since our listing in 2021.

在我們各個市場，零售商越來越注重優化門市佈局，而不是縮減規模，新的零售概念也積極尋求空間和位置優越的購物中心。從我們的租賃業績可以看出，我們的實力非常強勁，幾項關鍵指標都達到了自 2021 年上市以來的最高水準。

New leases executed in 2025 achieved a 30.9% spread, while renewals averaged 10.9%, resulting in blended comparable leasing spreads of 13.3%. Small shop lease occupancy also reached a new all-time high of 94%. In annual rent escalators on new and renewal small shop leases executed in 2025 averaged over 3.1%, the highest level since our listing.

2025 年簽訂的新租賃合約的利差為 30.9%，而續約合約的平均利差為 10.9%，綜合可比租賃利差為 13.3%。小型商店租賃入住率也達到了歷史新高 94%。2025 年新簽和續約的小店舖租賃合約的年租金漲幅平均超過 3.1%，是我們上市以來的最高水準。

At year end, total lease occupancy was 96.7%, and our retention rate was 85%, reflecting the planned departure of a single anchor at our Gateway Market Center property in St. Petersburg, Florida, which is currently in the early stages of a transformational redevelopment.

截至年底，總租賃入住率為 96.7%，續約率為 85%，這反映了我們位於佛羅裡達州聖彼得堡 Gateway Market Center 物業的一家主力店計劃撤離，該物業目前正處於轉型重建的早期階段。

Excluding that space, our retention rate would be consistent with previous quarters at approximately 90%, and our lease occupancy rate would have been flat sequentially. Turning to acquisitions, we added two high-quality assets to the portfolio during the quarter. The first is Mesa Shores in Mesa Arizona, a rare dual grocery anchored center by Trader Joe's and Sprout's Farmers Market.

如果排除這部分空間，我們的客戶留存率將與前幾季保持一致，約為 90%，而我們的租賃入住率將與上一季持平。在收購方面，本季我們為投資組合增加了兩項高品質資產。第一個是位於亞利桑那州梅薩市的梅薩海岸購物中心，這是一個罕見的以 Trader Joe's 和 Sprout's Farmers Market 為主要超市的雙主力購物中心。

We also expanded our Florida presence with acquisition of Daniel's Marketplace in Fort Myers, anchored by Whole Foods. Both assets align with our Sun Belt necessity-based strategy and feature tenant mixes weighted toward national and regional brands with upside through small shop leasing and merchandizing.

我們也透過收購位於佛羅裡達州邁爾斯堡的丹尼爾市場（Daniel's Marketplace，以全食超市為主要商家）擴大了在佛羅裡達州的業務。這兩項資產均符合我們以陽光地帶必需品為基礎的策略，其租戶組合以全國性和區域性品牌為主，可透過小型店鋪租賃和商品銷售實現成長。

As we head into 2026, operating fundamentals for shopping center res remain solid and supportive of our platform. The Inventrust portfolio is well positioned for tenants focused on essential uses and services, omni-channel fulfillment and seeking benefit from long-term demographic growth across the Sun Belt. Operator, we are now ready to open the lines to take questions.

展望 2026 年，購物中心租賃業務的基本面依然穩固，為我們的平台提供了有力支撐。Inventrust 的投資組合非常適合那些專注於基本用途和服務、全通路履行以及尋求從陽光地帶長期人口增長中獲益的租戶。接線員，我們現在可以開通線路接受提問了。

(Operator Instructions). Andrew Reale from Bank of America.

（操作說明）來自美國銀行的安德魯·雷亞爾。

Good morning everyone. Thanks for taking my questions. I guess first I was just wondering if you could maybe talk a little bit more about your funding sources for the $300 million of net acquisition activity. I mean, it sounds like you have, some capacity on the balance sheet might lean into that a bit.

大家早安。謝謝您回答我的問題。我想先問一下，能否再詳細談談您用於 3 億美元淨收購活動的資金來源？我的意思是，聽起來你們的資產負債表上有一些產能，或許可以稍微偏向於此。

So I was wondering kind of what type of debt would you look to issue, what type of pricing would you expect, and then just with the greater interest expense, assumption in the guide, what portion of that is from the swaps rolling over and what portion of that would be from, incremental debt? Thank you.

所以我想知道您會考慮發行哪種類型的債務，您預期會採用哪種定價方式，以及考慮到指南中假設的較高利息支出，其中有多少來自互換展期，又有多少來自新增債務？謝謝。

Yeah, Andrew, this is Mike. I can start, so yeah, you hit on the head. We have, plenty of room on the balance sheet to fund acquisitions this year. That's kind of the plan going into the forecasting. We have $300 million kind of at the midpoint of that acquisition. What you can see from us this year is using our line of credit probably a little bit more than we have in the past and then opportunistically.

是的，安德魯，我是麥克。我可以先開始，所以，是的，你說對了。我們今年的資產負債表上有足夠的空間進行收購。這就是我們進行預測的大致計劃。我們在收購的中期階段大約有 3 億美元。今年，我們可能會比以往更多地使用信貸額度，並伺機而動。

In the market, probably, the two options that are best for us in a private placement market or using some more bank debt, we probably prefer to use more permanent long-term financing through the private placement market and that pricing right now is probably depending on 10 or anywhere between 125 basis points and 150 basis points spreads.

在市場上，對我們來說最好的選擇可能是私募市場或使用更多銀行債務，我們可能更傾向於透過私募市場獲得更長期的融資，而目前的定價可能取決於 10 個基點或 125 個基點到 150 個基點之間的利差。

I think you asked about the headwind for the swap burning off, in 2026. Obviously, those don't burn off until September, so it's probably about a 1P to 1.5P headwind going into the year.

我想你問的是互換交易的不利因素在 2026 年消失的情況。顯然，這些不利因素要到九月才會消失，所以今年年初可能會面臨 1P 到 1.5P 的不利影響。

Okay thanks and then maybe just to follow-up on that, could you just help us think about you know if you have a new leverage target range and I guess just you know how high you'd be willing to take up that leverage and aggregate thanks.

好的，謝謝。那麼，為了跟進一下，您能否幫我們考慮一下，您是否有新的槓桿目標範圍，以及您願意接受的最高槓桿比例是多少？謝謝。

Yeah, so the good thing is we can kind of fund through the balance sheet and not really come up to the to our leverage targets by the end of the year. So we can do the $300 million this year and that still puts us on a board basis at kind of 5 times net that to adjust EBITDA we'd be comfortable really not going above 5.5 times on a board basis at any given time.

是的，所以好消息是我們可以透過資產負債表進行融資，而無需在年底前達到我們的槓桿目標。所以，我們今年可以實現 3 億美元的目標，這樣一來，以董事會計算，我們的淨市盈率大約是 5 倍，調整後的 EBITDA 也差不多是這個數字。我們覺得，在任何時候，以董事會計算，我們的本益比都不應該超過 5.5 倍。

Yeah, maybe just to add on that, Andrew. I think you know when we think about the balance sheet, obviously, being one of the lower leverage companies, we do have the ability to self fund our growth through that incremental debt which is an important avenue for us over the next couple of years. You could see that as it relates to the investment activity that.

是的，安德魯，或許可以補充一點。我想您也知道，當我們考慮資產負債表時，顯然，作為一家槓桿率較低的公司，我們有能力透過增加債務來為我們的成長提供自我融資，這在未來幾年對我們來說是一個重要的途徑。你可以看出這與投資活動有關。

We're trying to accomplish this year. You know we're very protective of the balance, obviously we try to keep it very simple. The maturity schedule is extremely manageable, and as Mike said, we're always trying to gear towards that, mid-fives on a four basis, but on any given quarter, we're going to be opportunistic, while protecting, the balance sheet.

我們今年的目標就是實現這些目標。你知道我們非常注重平衡，顯然我們盡量保持簡單。到期時間表非常容易管理，正如麥克所說，我們一直在努力朝著這個方向發展，以四年為一個週期，五年中期為一個週期。但在任何一個季度，我們都會在保護資產負債表的同時，抓住機會。

Okay, thank you.

好的，謝謝。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Hi, good morning. On Amazon Go and Fresh closing stores, does that open any opportunities to open more Whole Foods, increase that 2%, 2% is a percentage of ABR in your portfolio?

您好，早安。亞馬遜Go和Fresh門市關閉，這是否為開設更多Whole Foods門市創造了機會？或者說，這是否會增加2%？ 2%是您投資組合中ABR的百分比。

Well, we don't actually have any of the Amazon Go's or any Amazon. Brick and mortar, I guess, in our portfolio, we obviously did a site analysis as it relates to our portfolio, specifically as it relates to our Whole Foods locations to make sure that we weren't at any type of risk, if and when they decide to start, transitioning some of those boxes.

其實我們沒有任何亞馬遜Go設備，也沒有任何亞馬遜的商品。就我們的投資組合而言，實體店顯然已經進行了選址分析，特別是針對我們的 Whole Foods 門市，以確保如果他們決定開始轉型，我們不會面臨任何風險。

The good news is we're very well protected, with our Whole Foods, every Whole Foods in the adventurous portfolio, operates exceptionally well. Most of them are looking to add additional square footage. They can, but they're very profitable and high, have high sales volumes.

好消息是，我們得到了很好的保障，我們旗下的 Whole Foods 超市，以及所有 Whole Foods 超市，都經營得非常好。他們中的大多數人都希望增加房屋面積。可以，而且利潤很高，銷量也很高。

The more interesting thing is the Whole Foods banner is obviously one that's, done quite well for sometimes it serves a very particular part of the market, it very well, and I think seeing Amazon lean back into that, to that banner is positive for institutional quality, shopping centers.

更有趣的是，Whole Foods 品牌顯然做得相當不錯，它有時服務於非常特定的市場部分，做得非常好。我認為看到亞馬遜重新重視這個品牌，對機構品質和購物中心來說是件好事。

Thanks and then, one of your larger peers discussed recently seeing lower CapEx requirements in their portfolio, and you've highlighted this characteristics in your own portfolio previously. Are you seeing '26 is largely a renewals business? The percentage of CapEx 20% of NOI continue to come down.

謝謝。另外，你們的一位規模較大的同行最近談到，他們的投資組合中資本支出需求較低，而您之前也曾在自己的投資組合中強調過這一特點。你覺得26年的業務主要以續約為主嗎？資本支出佔營業淨收入的比例（20%）持續下降。

Yeah, so good question. I think \that's a fair statement. We expect, and I think we've talked to you, Linda, and many others about the dynamics going forward as we get closer to kind of frictional vacancy. We see that as a very positive, outcome for free cash flow for our business, to the extent, if you think about where our credit quality is and obviously in our guidance.

是的，問得好。我認為這個說法很中肯。我們預計，而且我認為我們已經和你，琳達，以及其他許多人談過，隨著我們越來越接近某種摩擦性空缺，未來的動態將會如何發展。我們認為這對我們業務的自由現金流來說是一個非常積極的結果，考慮到我們的信貸品質以及我們的業績指引，這一點尤其如此。

We've got into a lower credit loss this year versus the previous years, and a lot of that's do with the better credit quality and merchandise mix in the portfolio so as that merchandise. Has improved as the bankruptcy risk has been reduced in the adventures portfolio we expect to and with the success that our retailers are having.

今年我們的信貸損失比往年有所減少，這很大程度上是因為信貸品質和產品組合的改善，以及產品本身的最佳化。隨著我們預期的冒險業務組合破產風險的降低以及零售商的成功，情況有所改善。

We do expect renewals to be a bigger part of our business as we look forward and what that means is growth with lower CapEx to your point so that 20%. Which is inclusive of incremental redevelopment opportunities as well, but that 20%, should continue to come down in the form of the two major categories being landlord work and tenant cap.

展望未來，我們預計續約業務將在我們的業務中佔據更大的份額，這意味著在資本支出降低的情況下實現成長，正如您所說，成長幅度可達 20%。這也包括了逐步重建的機會，但這 20% 的比例應該會繼續下降，主要體現在房東工作和租戶上限這兩個方面。

So as we see that you should, we're really, optimistic and excited about the ability to just, have our tenants, our current tenants be successful with us for the coming years and growing free cash flow without, spending as much capital as we have in the past when we're trying to grow occupancy and fill back, fill backfill spaces that perhaps were bankrupt.

所以，正如您所看到的，我們真的非常樂觀和興奮，我們有能力讓我們的租戶，我們目前的租戶，在未來幾年與我們一起取得成功，並增加自由現金流，而無需像過去那樣花費大量的資本來提高入住率和填補可能破產的空間。

Thank you and good luck.

謝謝，祝你好運。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great, thanks for taking the question. I wanted to ask about the $300 million net acquisitions guide. Curious if you could speak to the acquisition pipeline as it stands today in terms of volume and pricing. Curious how much of the acquisition volume within guidance is either under contract or deals where you have some certainty of closing as opposed to more speculative acquisitions.

太好了，謝謝你回答這個問題。我想問一下3億美元的淨收購目標。能否請您談談目前收購通路的規模和定價？我很想知道，在預期收購規模中，有多少是已經簽訂合約或有一定把握完成的交易，而不是更具投機性的收購。

Yeah, no, good question, thanks. So what I would say is, as we do every year, we come into the year, we look at our pipeline, we evaluate the current opportunity set, and we try to provide a guidepost or a benchmark of what we're trying to accomplish this year. I think with the $300 million net investment activity, what we really are trying to show is that we're expecting to continue to grow our business leverage.

嗯，問得好，謝謝。所以我想說的是，就像我們每年都會做的那樣，在新的一年伊始，我們會審視我們的專案儲備，評估當前的機會，並努力為我們今年想要實現的目標提供一個指導方針或基準。我認為，透過這 3 億美元的淨投資活動，我們真正想要表明的是，我們期望繼續提高我們的業務槓桿率。

Our platform, and use the balance sheet, which we haven't, had done in a material way in the past while still, managing at a very low leverage level. Directly to your point, almost half of that $300 million, is either has either been awarded or is under contract which we expect to close probably in the early part of this year, so we have really good visibility on about half of it, just under half of that $300 million.

我們的平台，以及我們過去沒有以實質方式利用的資產負債表，同時仍然保持著非常低的槓桿水平。直接回答您的問題，這 3 億美元中幾乎有一半已經授標或簽訂了合同，我們預計這些合同可能會在今年年初完成，所以我們對其中大約一半，也就是接近 3 億美元的一半，有著非常清晰的了解。

As we look, it further into the pipeline, there's a lot of exciting opportunities. It's still a very competitive market, but we, we've continued to find. Assets and opportunities that fit our criteria which is, going in yield, in the high fives, low sixes with great growth that supplements or complements.

當我們進一步審視這條管道時，會發現許多令人興奮的機會。市場競爭依然非常激烈，但我們一直在不斷尋找機會。符合我們標準的資產和機會，即收益率在 5% 到 6% 之間，具有良好的成長潛力，能夠補充或完善現有投資。

I should say, the portfolio quite well and getting into the unleverage returns kind of in that low to mid-sevens, range, and that's what we continue to see. You're going to, you're, as Christy alluded to in her prepared marks.

應該說，投資組合表現相當不錯，無槓桿收益率已經達到了七到七倍的低位，而且我們一直看到這種情況。你會的，你會的，正如克里斯蒂在她準備好的分數中所暗示的那樣。

Phoenix, the Carolinas, smaller secondary markets that are very complimentary to our portfolio all being in the Sun Belt where we're seeing demographic trends that are still very favorable relative to elsewhere in the country. So you're going to see a lot of the things that you look at the 10 assets that we acquired in 2025, you should see a very similar kind of opportunity set as we move through 2026.

鳳凰城、卡羅萊納州以及其他一些較小的二級市場，它們與我們的投資組合非常互補，這些市場都位於陽光地帶，我們看到這些地區的人口趨勢相對於美國其他地區仍然非常有利。因此，當你審視我們在 2025 年收購的 10 項資產時，你會發現很多類似的事情，而到了 2026 年，你也會看到非常相似的機會。

Great and then just switching to the disposition cadence, just curious how we should think about dispositions this year within the context of your last property in California and then potentially recycling out of some other lower growth assets.

很好，接下來就談談資產處置節奏。我很好奇，鑑於您在加州的最後一處房產，以及可能將其他一些成長較低的資產進行再投資，我們應該如何考慮今年的資產處置。

Yeah, it's a good question. So last year was unique, right, with the California opportunity that was something where we saw, an opportunity to recycle capital in a creative manner and, we decided to jump on that. Obviously the success of California front loaded, our acquisitions in 2025.

是的，這是個好問題。所以去年很特別，對吧？加州的機會讓我們看到了以創造性的方式回收資本的機會，於是我們決定把握這個機會。顯然，加州的成功是前期累積的，我們的收購計畫在 2025 年完成。

That's not the strategy for 2026. What you should see is, we will, kind of pull forward and push back dispositions as it relates to the opportunities that we're seeing in our acquisition pipeline, with the exception of California, obviously we have one asset in California that we've had an identified fire for quite some time.

那不是2026年的策略。你應該看到的是，我們會根據我們在收購管道中看到的機會，對資產處置進行調整，推進或推遲。當然，加州的情況除外，我們在加州有一項資產，我們已經確定它存在火災隱患很長時間了。

we're just going through some administrative and environmental stuff that is unique to California, and we do expect to close that in 2026, beyond, the one, the last California assets that we have, you'll, the dispositions will be a source of capital once acquisition opportunities are identified.

我們正在處理一些加州特有的行政和環境問題，預計將在 2026 年完成。此外，我們擁有的最後一個加州資產，一旦發現收購機會，處置這些資產將成為資金來源。

Great, thank you.

太好了，謝謝。

Michael Gorman, BTIG.

Michael Gorman，BTIG。

Yeah, thanks. Good morning, Mike. If we could just go back to the same store for a second, I apologize if I missed it, but did you mention on the revenue side, any potential impact from the signed not open pipeline on the 2026 growth and then maybe on the expense side, are there any same store expense headwinds just from some of the weather that we saw go through the Southeast, earlier this year?

嗯，謝謝。早上好，麥克。如果我們能再回到剛才的話題，如果我錯過了什麼，請您見諒。您在收入方面有沒有提到，已簽約但尚未開工的管道項目對 2026 年的成長是否有任何潛在影響？還有，在支出方面，今年稍早東南部地區遭遇的一些天氣狀況是否會對同店支出造成不利影響？

Yeah, I'll start with that part, like, so nothing material on any of the weather events that happened in the south and southeast. That we're seeing in our portfolio right now, as far as sign that open, I don't think I mentioned it. We have, what, about 2% of ABR, which is $5.5 million.

是的，我就先從這部分說起，也就是說，關於南部和東南部發生的任何天氣事件，都沒有什麼實質的內容。至於我們目前投資組合中的簽約情況，我想我還沒提過。我們擁有大約 2% 的 ABR，也就是 550 萬美元。

We do expect that's mostly small shops, so it's like 80% of that is small shops. So we expect most of that to come online this year, about 95%. I think importantly, of that 95%, about 50% of that will actually be revenue recognized this year.

我們預計其中大部分是小商店，大概佔80%。因此我們預計其中大部分（約 95%）將在今年上線。我認為重要的是，在這 95% 中，大約有 50% 將在今年實際確認收入。

Okay, great, that's helpful and then maybe switching back to the transaction side for the Fort Myers acquisition. I'm curious it's an interesting asset obviously it's grocery anchored, but then a lot of very recognizable high end discretionary brands.

好的，太好了，這很有幫助，然後也許可以回到 Fort Myers 收購的交易方面。我很好奇，這顯然是一項有趣的資產，它以食品雜貨為基礎，但也匯集了許多非常知名的高端非必需消費品品牌。

So I'm just wondering maybe how that impacted the competitive set for asset like that and then also how the assumable financing played a role in how competitive it got for an asset like that, and maybe how that translates into other opportunities that you're seeing where it's assumable financing versus not and where you feel your competitive advantage is in in the transactions market there. Thanks

所以我想知道這會對這類資產的競爭格局產生怎樣的影響，以及可轉讓融資在這類資產的競爭程度上發揮了怎樣的作用，以及這會如何轉化為您看到的其他機會（例如，可轉讓融資與不可轉讓融資），以及您認為您在交易市場中的競爭優勢在哪裡。謝謝

And Michael, no, I'm happy to take that, Daniel's was something that we identified and we're excited about. Obviously we have, one other or, another asset, and it's a market that we're trying to grow, in as well. West Florida is something that's, is, of it has been of interest to. Inventrust's, as you mentioned, it is grocery anchor, but there is, dare I say a little bit of a lifestyle component with some of the merchandise mix there.

邁克爾，不，我很樂意接受這個結果。丹尼爾的那個想法是我們發現的，我們對此感到很興奮。顯然，我們還有其他資產，我們也在努力拓展這個市場。西佛羅裡達一直以來都引起了人們的興趣。正如您所提到的，Inventrust 是一家以食品雜貨為主的商店，但恕我直言，它的一些商品組合也帶有一些生活方式的元素。

It's a great compliment to our portfolio, if you think about the construct of the adventurous portfolio, about 2/3 of it is kind of right down the fairways. Grocery anchor neighborhood types of centers that are going to be very stable growth, albeit maybe a little bit lower because there's a bigger percentage of the income coming from the grocer itself and then the other third is, it can be, bigger box, lifestyle center unanchored.

如果你仔細想想冒險型投資組合的組成，你會發現其中大約 2/3 都屬於比較傳統的投資類型，所以這確實是我們投資組合的一個很好的補充。以雜貨店為核心的社區中心類型將會非常穩定地成長，儘管可能會略低一些，因為雜貨店本身的收入佔比更大，而剩下的三分之一可能是規模更大的、沒有核心商家的生活方式中心。

so there's. What we've built here is is a portfolio that has kind of graphs from all different pieces of the open air shopping center segment. All have their, all, have different somewhat characteristics and growth profiles, but it fits really well, when you blend it all together.

就是這樣。我們在這裡建立的是一個投資組合，其中包含來自露天購物中心領域各個不同部分的圖表。它們都有各自的特徵和發展軌跡，但當它們融合在一起時，卻能很好地契合。

So we'll continue to look at assets like Daniel's. But what you'll see as you know we move into 2026 you'll see some of those neighborhood core grocery record centers as well. And let me address, from a financing standpoint we don't let that, really change the way we certainly change the way we underwrite properties. We look at it as if, we look at it on an unleverage basis.

所以我們會繼續關注像丹尼爾這樣的資產。但隨著我們進入 2026 年，您將會看到一些社區核心雜貨店記錄中心。從融資的角度來看，我們不會允許這種情況真正改變我們評估房產的方式，當然，我們也會改變評估房產的方式。我們把它看作是無槓桿的。

We want to make sure that we're getting to the types of returns that makes sense for the portfolio. And the growth profile that makes sense for the portfolio, having said that, with the competition, you will see, some of these ones that have assumable financing get more competitive than others.

我們希望確保獲得對投資組合而言合理的收益類型。而對於投資組合而言，合理的成長前景是…話雖如此，在競爭中，你會發現，一些擁有可觀融資的投資組合會比其他投資組合更具競爭力。

That necessarily wasn't the case, for Daniels because we were able to get comfortable with the returns that we underwrote and, we're excited about the opportunities that we're already seeing there.

但對丹尼爾斯來說，情況未必如此，因為我們能夠對我們承銷的回報感到滿意，而且我們對已經看到的機會感到興奮。

That is helpful, thanks, and I have to agree I was up by Daniel's Marketplace about a week ago and it is a great asset in a great location on a great corner, so congrats on that one. Thanks for the time.

這很有幫助，謝謝。我同意你的看法，大約一周前我去過丹尼爾市場，它地理位置優越，位於一個絕佳的街角，確實是一項巨大的資產，所以祝賀你。感謝您抽出時間。

Hong Zhang from JP Morgan.

來自摩根大通的張宏。

Yeah, hey, I guess, if I look at your redevelopment pipeline, the majority of your projects are expected to complete in the first half of the year. How should we think about your, activating future projects in the pipeline in the near term, especially as it relates to Gateway Market Center, which I think is a chunk of asset.

是啊，嘿，我想，如果我看一下你們的重建項目計劃，你們的大部分項目預計將在今年上半年完成。我們應該如何看待您在近期啟動的未來項目，特別是與 Gateway Market Center 相關的項目，我認為這是一筆巨大的資產。

Yeah, so, like I mentioned in the prepared remarks, the redevelopment pipeline is interesting because, it's really just reinvesting in our centers and improving the merchandise mix, and like I say, some of that will be added GLA, but a lot of it's not, you know.

是的，就像我在準備好的演講稿中提到的那樣，重建計劃很有意思，因為它實際上只是對我們的購物中心進行再投資，並改善商品組合，就像我說的，其中一些會增加總建築面積，但很多不會，你知道的。

One of the things that has been the most important tailwind, in our business, over the past couple years, which has allowed us to grow the same store by 5% the last two years and 4% over 4% for the, five previous years is the scarcity of quality space and that, having that leverage is really what's been driving the growth across.

過去幾年，我們業務發展最重要的順風之一，也是我們過去兩年同店銷售額增長 5%，以及前五年同店銷售額增長 4% 的原因，就是優質店面的稀缺性。正是這種優勢推動了整體成長。

The the shopping center sector but certainly for the higher quality portfolios in in in markets where you know there's been really good demographic trends as it relates to gateway that's one of the, larger opportunities for us, and it's really, it's going to be, the relocation and remodeling of a high-quality Southeastern brochure, and reimagining the center for the long-term.

購物中心領域，尤其是那些人口趨勢非常好的市場，對於高品質的投資組合來說，這是一個很大的機遇，也是我們面臨的更大機會之一。這實際上是對東南地區高品質購物中心的搬遷和改造，並重新構想該中心的長期發展。

So what we're going to do, there is just, fortify that asset for the many years to come. And those are the types of, opportunities that we, we're patient, and that one will probably start later this year, but it's going to take a while to stabilize, but once it does, it'll be an asset, that will serve that submarket in Saint Petersburg, for decades to come.

所以我們接下來要做的，就是加強這項資產，使其在未來很多年都能發揮作用。而這些正是我們所期待的機會，我們對此保持耐心，這個項目可能會在今年晚些時候啟動，但需要一段時間才能穩定下來，但一旦穩定下來，它將成為一項資產，在未來幾十年裡服務於聖彼得堡的這個細分市場。

Got it thank you.

明白了，謝謝。

Paulina Rojas, Green Street.

保利娜·羅哈斯，格林街。

Good morning. Most years have highlighted a very competitive market. Do you think pricing has shifted over the past three months, or has the level of competitiveness largely remained consistent?

早安.大多數年份都凸顯了市場競爭的激烈程度。您認為過去三個月價格改變了嗎？還是說市場競爭程度基本不變？

Hi, good morning, Paulina. I would say it feels consistent, and it really depends on, what comes to market, and I think last year, we were very fortunate with some of the opportunities that we were able to run down whether it be on market or off market. I would expect 2026 to be similar.

你好，早安，保利娜。我覺得情況比較穩定，這真的取決於市場上有什麼機會，我認為去年我們很幸運，抓住了一些機會，無論是在市場上還是在市場上。我預計2026年情況也類似。

But I will say it's hard to, it's hard to peg whether you know at the 30,000 ft level of pricing has moved in a material way. The competition is still very strong, we're seeing it across different the different kind of asset types that we or property types I should say that we've, that.

但我要說的是，很難確定 30,000 英尺高度的價格是否發生了實質變化。競爭依然非常激烈，我們在不同類型的資產或房地產類型中都看到了這一點。

We've been looking at. Fortunately, we've, had some repeat opportunities with the same sellers in some cases and off-market opportunities which will continue to bet those do those tend to take a little bit longer. But I will say every, we always feel, when we kind of do a postmortem on the assets that we have bought over the last couple of years, we always feel better six months later.

我們一直在關注。幸運的是，我們有時能再次與同一賣家達成交易，有時還能獲得場外交易的機會，我們將繼續押注這些交易，但這些交易往往需要更長的時間。但我要說的是，每當我們對過去幾年購買的資產進行事後分析時，我們總會在六個月後感覺好一點。

So that's an indication of, feeling that we got in at the right time. I think that would suggest that competition is going to continue to be there. Perhaps pricing is going to be, continue to remain. Pretty sticky in our space, and there is, private capital formations.

所以這表明，我們感覺我們入場的時機正好。我認為這表明競爭將會持續存在。或許價格會繼續維持不變。在我們這個領域，情況相當棘手，而且確實存在著私人資本形成的問題。

As I know many of our peers have talked about, that's a real thing and many of those folks are, what, whether they're looking for platforms or single assets, you, there's a lot of excitement and rotation of capital, I think that could be coming into retail which should benefit us, longer-term from a evaluation perspective.

如我所知，我們許多同行都談過，這是真實存在的，而且很多人都在尋找平台或單一資產，我認為，無論是在尋找平台還是單一資產，都存在著大量的資金流動和興奮情緒，我認為這可能會流入零售市場，從評估的角度來看，這應該對我們長期有利。

Thank you. And my other question is, I feel like we have gotten used to lease, bidding and raising guidance, given the background has been so positive. What would it take for you to exceed your high end of some property NOI? Guidance.

謝謝。我的另一個問題是，鑑於市場背景如此積極，我覺得我們已經習慣了租賃、競標和提高指導意見。要達到您預期的高淨營業收入目標，需要滿足哪些條件？指導。

Well yeah, it's a great question, and look, I think one of the things that we tried to do at the beginning of the year is we want to be, we're, we set guidance to make sure that we're setting expectations appropriately. The reality is, and I think I speak probably for most of the shopping center regions in the sector is that bad debt is surprised.

嗯，這是一個很好的問題。你看，我認為我們在年初努力做的一件事就是，我們希望，我們正在，我們制定指導方針，以確保我們設定的預期是適當的。現實情況是，我想我可以代表該行業大多數購物中心地區的情況來說，壞帳往往出乎意料地多。

In a material way to, I guess downside, less credit loss, and it's hard to come in any given year and say look we're not going to have any credit loss, but that's almost been the case when you offset it with, you know. Some of the cash receivables that you get from tenants that you don't expect to pay you and that's been the case for the last couple of years.

從實質上來說，我認為不利的一面是信貸損失減少，雖然很難說某一年就不會有任何信貸損失，但當你用其他因素抵消它時，這種情況幾乎是不可避免的。有些租戶的應收帳款你並不指望他們支付，這種情況在過去幾年裡一直存在。

It's hard to start at the beginning of the year and think that's going to be continuous. I think most of us, including inventors. Expect there to be a more normalized level of credit loss because that's just the normal nature of our business. It just hasn't been the case.

很難從年初就開始，並指望這種勢頭能夠持續下去。我認為我們大多數人，包括發明家在內。預計信貸損失水準將更加正常化，因為這是我們業務的正常性質。事實並非如此。

But as you saw in our guidance, we do, we have reduced our credit loss because of the underlying quality of the merchandise mix and how that's improved over the last couple of years and the fact that we're going into this year with real, no real.

但正如您在我們的指導方針中看到的，我們確實減少了信貸損失，因為商品組合的基本品質有所提高，而且在過去幾年中情況有所改善，此外，今年我們幾乎沒有任何損失。

Foreseeable imminent anchor issues at least in the inventors portfolio so that gives us confidence that we, the confidence that we needed to bring in that credit loss a little bit which is reflected obviously, that 50 basis points is reflective of the midpoint of our same store guides to go through the high end. It's very simple can we get things open and rent paint earlier and is credit loss going to stay immaterial.

至少在發明家組合中，可以預見的即將出現的錨定問題，這讓我們有信心，我們有信心稍微降低信貸損失，這顯然反映在50個基點上，這反映了我們同店銷售指南的中點，以應對高端市場。很簡單，我們能否提前開門並租用油漆，以及信用損失是否會變得無關緊要。

That makes sense. Thank you.

這很有道理。謝謝。

Thank you.

謝謝。

Floris van Dijkum, Ladenburg.

弗洛里斯·範·迪庫姆，拉登堡。

Hey, thanks guys. People can't get my name right, but that's okay. I'm used to it by now. I had a question, DJ, more philosophical, I mean, look, by the way, so, I don't know if you think back on your time when you started here that you would have gotten the company, in the shape that it's in right now.

嘿，謝謝大家。人們總是叫錯我的名字，不過沒關係。我現在已經習慣了。DJ，我有個問題，更偏哲學層面的。我的意思是，你看，順便問一下，我不知道你是否回想起你剛來這裡的時候，你是否能預料到公司會發展成現在這樣的局面。

But kudos for for spearheading that. So, as you think about your market penetration and your market exposures, how should, how do you think about that? Do you think about, market size in terms of ABR. Or in terms of number of properties or percentage of NOI or ABR.

但值得稱讚的是，他率先採取了行動。那麼，在考慮市場滲透率和市場風險敞口時，您應該如何看待這個問題？您是否考慮過以年平均房價計算的市場規模？或以房產數量或淨營業收入或年營業收入百分比來計算。

And where do you see smaller markets like Phoenix, which I guess you just bought an asset in Mesa, where is that going to grow just like what you've done with Charleston and some of the other newer markets in your portfolio.

那麼，您如何看待像鳳凰城這樣的小市場呢？我猜您剛剛在梅薩購買了一項資產，您認為它會像您在查爾斯頓和您投資組合中的其他一些新興市場那樣發展壯大嗎？

Hey Floris, it's a great question and thank you for those comments. Let me start there. I think when we started, when I started here in 2019 and more importantly when we listed the company in 2021, the company was in great shape.

嗨，Floris，這是一個很好的問題，謝謝你的評論。我就從這裡開始吧。我認為，當我們開始的時候，也就是我2019年加入公司的時候，更重要的是，當我們2021年公司上市的時候，公司狀況非常好。

But I would, I'd be lying by saying I didn't think that this platform could get to where it is today, and I'm more excited about where we're going, and it really is, I think one of the things that is underappreciated and will continue to prove to our investor base and our tenants is the quality of people in the platform at that trust.

但如果我說我沒想到這個平台能發展到今天的規模，那就是說謊了。我對我們未來的發展方向感到非常興奮，而且我認為，這個平台擁有如此優秀的人才，這一點常常被低估，並將繼續向我們的投資者和租戶證明這一點。

It really is something special and we want to continue to prove that year in year out by growing cash flow and serving the community the way we have been, and we will continue to commit to do so. As it relates to the portfolio, I think, like I mentioned earlier, we love the opportunity set that we see across the Sun Belt even though the market is competitive.

這確實是一件特別的事情，我們希望透過不斷增長現金流和像以往一樣服務社區來年復一年地證明這一點，我們將繼續致力於這樣做。至於投資組合，我認為，正如我之前提到的，我們非常喜歡陽光地帶的投資機會，儘管市場競爭激烈。

That's okay, we've been used to finding opportunities that fit our criteria in a competitive environment. I would say in Phoenix it's a, obviously it's a larger market, so when we think about that, we don't mind growing, continuing to grow Phoenix, and then using places like Tucson or perhaps Flagstaff as, satellites, maybe having one or two assets in those smaller markets and operating out of a large market like Phoenix.

沒關係，我們已經習慣在競爭激烈的環境中尋找符合我們標準的機會。我認為，鳳凰城顯然是一個更大的市場，所以我們考慮到這一點，不介意繼續發展壯大鳳凰城，然後把圖森或弗拉格斯塔夫等地作為衛星城，在這些較小的市場擁有一兩項資產，並以鳳凰城這樣的大市場為中心進行運營。

It's really that hub and spoke strategy that you've seen us do. In Charlotte with Asheville and with Charleston and Savannah, those are the types of things where we can operate at a very efficient level and we don't mind going into this some of those smaller complementary markets that have, by the way, really strong growth, characteristics, based on some of the migration trends just at the state level.

這正是你們所看到的我們所採用的中心輻射式戰略。在夏洛特、阿什維爾、查爾斯頓和薩凡納這些地方，我們可以高效地運營，我們也不介意進入一些較小、互補性強的市場，順便說一句，這些市場根據州一級的人口遷移趨勢，具有非常強勁的增長勢頭和特點。

As long as we're buying one of the higher quality or the highest quality grocery or you know essential services types of center in those markets and I think that's what you'll continue to see from us as we look for new markets as we look to further invest in some of our current markets and then looking for those kind of spokes that spoke strategy as an offshoot to some of those some of those markets where we already have pretty good concentration and exposure.

只要我們收購的是這些市場中品質較高或最高品質的食品雜貨或基本服務中心，我認為隨著我們尋找新市場，進一步投資於我們現有的一些市場，並尋找類似「輻射型」策略的衍生市場（作為我們已經擁有相當好的集中度和覆蓋範圍的某些市場的分支），你們就會繼續看到這一點。

Thanks. Maybe if I can add a follow-up. By the way, I like your disclosure on your splitting out your anchor and your small shop tenants, your lease economics and your spreads, etc. And it gets me to think that, your leasing spreads.

謝謝。或許我可以補充一點後續內容。順便說一句，我很欣賞你所揭露的關於主力租戶和小型商家租戶的分類、租賃經濟效益和價差等資訊。這讓我想到你的租賃價差。

On your shop tenants are equal to your anchor tenants despite the fact you're probably getting significantly higher fixed rent bumps during the period of the lease as well, highlighting the attractiveness of this particular segment as you think about unanchored.

儘管在租賃期間您可能還會獲得更高的固定租金漲幅，但您的店舖租戶與您的主力租戶是平等的，這凸顯了您在考慮非主力租戶時，該特定細分市場的吸引力。

I know you talked a lot, a little bit about, acquisitions with grocery anchors, there's a peer of yours that's pursuing this unanchored strategy. I think you have a couple of those kinds of centers in your portfolio. What are your thoughts on that and and maybe leading into your into shop heavy assets in your existing markets.

我知道你談了很多關於以超市為核心的收購策略，但你的一位同行正在推行這種不以超市為核心的收購策略。我認為你的投資組合中應該有幾個這類中心。您對此有何看法？這或許會促使您在現有市場中增加大量店鋪資產？

Oh, courses, it's a great question and it's always been really interesting, conversation and debate because on one hand. Getting income or, through anchors or even like we have about, call it 10% to 11% of ground lease income that comes predominantly from anchors on a ground lease that income is so sticky, but to your point it is more bond like but in certain in certain parts of the cycle it's nice to be on anchor rents.

哦，課程，這是一個很好的問題，而且一直以來都非常有趣，可以進行討論和辯論，因為一方面。獲得收入，或透過主力租戶，甚至像我們所說的，大約佔土地租賃收入的 10% 到 11%，主要來自土地租賃中的主力租戶，這種收入非常穩定，但正如你所說，它更像是債券，但在周期的某些階段，獲得主力租戶的租金收入是件好事。

Because, they are the highest credit and the most resilient in the different parts of the real estate cycle. Having said that, to your point, we do have, a couple of shadow anchor centers, and I think that's a strategy that works as well. I think one of the things that's most important to us is understanding the ownership structure of the anchor itself.

因為他們的信用評級最高，在房地產週期的各個階段都最具韌性。話雖如此，正如你所說，我們確實有幾個影子錨定中心，我認為這也是一個行之有效的策略。我認為對我們來說最重要的事情之一是了解錨點本身的股權結構。

We have no issue or very little issue with anchors that are owned by the operator. So if a grocer owns its own real estate, that's completely fine. A lot of the control dynamics of the center itself are very similar to whether they lease or own the space from us anyway, so it doesn't really change the conversation from a leasing dynamic or our ability to operate the property.

對於營運商擁有的錨，我們幾乎沒有任何問題。所以，如果一家雜貨店擁有自己的房產，那就完全沒問題。中心本身的許多控制動態與他們是從我們這裡租賃還是擁有該空間非常相似，所以這並不會真正改變租賃動態或我們經營該物業的能力。

It's very similar to what you're just you're getting income or you're not, so we do look at continued shadow opportunities as long as we're comfortable with the anchor structure, and the like. So, I think I know who you're speaking of. I think that's a sound strategy. It can help from a growth perspective, but it does come with a little bit more volatility because you're not sitting on that anchor income.

這和你現在的情況非常相似，要么有收入，要么沒有收入，所以只要我們對核心結構感到滿意，我們就會繼續尋找影子投資的機會等等。所以，我想我知道你在說誰了。我認為這是一個合理的策略。從成長的角度來看，這可能會有所幫助，但由於你沒有穩定的收入來源，因此波動性也會更大一些。

So that I think that would mean that you're not pursuing an unanchored unless it's a shadow anchorage, grocer or something like that.

所以我覺得這意味著，除非是影子錨地、雜貨店之類的，否則你不會去追求一個無錨地。

No, that's not necessarily true. We have, we, we've done some unanchored, acquisitions. They tend to be more unanchored like smaller lifestyle if you will, as opposed to let's call it, [100] to 15,000 square foot strip on anchored retail, those things, those tend to be competitive, they, they're smaller dollar, types of acquisitions, so there is a lot of competition in that market.

不，這未必正確。我們進行了一些非固定資產收購。它們往往更像是小型生活方式店鋪，而不是像我們所說的，面積在 100 到 15,000 平方英尺之間的大型零售店。這些店鋪往往競爭激烈，它們的收購金額較小，因此該市場的競爭非常激烈。

But if we found one, especially one that was complimentary to something that we already owned perhaps across the street or something like that, that's something that would be very interesting to us.

但是，如果我們找到一個合適的，特別是能與我們已有的東西互補的，例如街對面的某個地方，那對我們來說就非常有趣了。

So the one thing that we love about, the canvas of opportunities that we have in our acquisition pipeline is it kind of runs the gamut from larger scale big box down to an anchored strip and everything in between the most important thing is that meets the market criteria that has, proven to be successful in our portfolio.

因此，我們最喜歡我們收購通路中各種機會的一點是，它涵蓋了從大型大型商場到固定商業街的各種類型，最重要的是它符合市場標準，並且已被證明在我們的投資組合中是成功的。

Thanks, DJ.

謝謝，DJ。

Thank you. We currently have no further questions, so I'll hand back over to DJ Busch for closing remarks.

謝謝。目前我們沒有其他問題，所以我會把發言權交還給DJ Busch，請他做總結發言。

Thank you everyone for your participation and your questions. We look forward to seeing many of you in, I guess the several conferences that are coming up in the next couple months, so, until then, have a great day.

感謝大家的參與與提問。我們期待在接下來的幾個月裡，在即將舉行的幾場會議上見到你們中的許多人，所以，在那之前，祝你們今天過得愉快。

This concludes today's call. Thank you for joining us, you may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開線路了。