Kimco Realty Corp (KIM) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Kimco Realty First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

您好，歡迎來到 Kimco Realty 2023 年第一季度收益電話會議。 （操作員說明）作為提醒，正在錄製此電話會議。

It is now my pleasure to introduce your host, Mr. David Bujnicki, Senior Vice President of Investor Relations and Strategy. Thank you, Mr. Bujnicki, you may begin.

現在我很高興向您介紹主持人，投資者關係和戰略高級副總裁 David Bujnicki 先生。謝謝您，Bujnicki 先生，您可以開始了。

Good morning, and thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; Dave Jamieson, Kimco's Chief Operating Officer; as well as other members of our executive team that are also available to answer questions during the call.

早上好，感謝您參加 Kimco 的季度財報電話會議。參加今天電話會議的 Kimco 管理團隊包括 Kimco 的首席執行官 Conor Flynn；總裁兼首席投資官 Ross Cooper；我們的首席財務官格倫·科恩 (Glenn Cohen)； Kimco 首席運營官 Dave Jamieson；以及我們執行團隊的其他成員，他們也可以在電話會議期間回答問題。

As a reminder, statements made during the course of this call may be deemed forward-looking, and it is important to note that the company's actual results could differ materially from those projected in such forward-looking statements due to a variety of risks, uncertainties and other factors. Please refer to the company's SEC filings that address such factors.

提醒一下，在本次電話會議期間所做的陳述可能被視為前瞻性的，重要的是要注意，由於各種風險、不確定性，公司的實際結果可能與此類前瞻性陳述中預測的結果存在重大差異和其他因素。請參閱公司提交給美國證券交易委員會的文件，說明這些因素。

During this presentation, management may make reference to certain non-GAAP financial measures that we believe help investors better understand Kimco's operating results. Reconciliations of these non-GAAP financial measures can be found in our quarterly supplemental financial information on the Kimco Investor Relations website. Also, in the event our call was to incur technical difficulties, we'll try to resolve as quickly as possible, and if the need arises, we'll post additional information to our IR website.

在此演示過程中，管理層可能會參考某些我們認為有助於投資者更好地了解 Kimco 經營業績的非 GAAP 財務措施。這些非 GAAP 財務措施的對賬可以在我們在 Kimco 投資者關係網站上的季度補充財務信息中找到。此外，如果我們的電話是遇到技術困難，我們會盡快解決，如果需要，我們會在我們的 IR 網站上發布更多信息。

And with that, I'll turn the call over to Conor.

有了這個，我會把電話轉給康納。

Good morning, and thank you for joining us today. I will begin with an overview of the leasing environment and share how we are strategically well positioned for long-term growth. Ross will then cover the transaction market, and Glenn will close with our key performance metrics and updated guidance.

早上好，感謝您今天加入我們。我將首先概述租賃環境，並分享我們如何在戰略上為長期增長做好準備。 Ross 隨後將介紹交易市場，Glenn 將以我們的關鍵績效指標和更新的指南結束。

We are off to a great start to the year with solid first quarter results, including over 4.5 million square feet of leasing as we benefited from our combination of high-quality grocery-anchored assets, emphasizing off-price retail and everyday essentials in first-ring suburbs that makes us uniquely positioned to benefit from what we believe to be longer-term trends relating to consumers and retail strategies. We accomplished this leasing in the face of high interest rates, bank failures, signs of a weakening economy and troubled retailers. Our dedicated team and resilient portfolio not only withstood these pressures, but outperformed.

我們今年開局良好，第一季度業績穩健，包括超過 450 萬平方英尺的租賃，因為我們受益於我們的優質雜貨錨定資產組合，強調低價零售和日常必需品 -環郊區使我們處於獨特的位置，可以從我們認為與消費者和零售戰略相關的長期趨勢中受益。我們在高利率、銀行倒閉、經濟疲軟跡象和零售商陷入困境的情況下完成了這項租賃。我們敬業的團隊和富有彈性的投資組合不僅經受住了這些壓力，而且表現出色。

First, the consumer. While inflation remains stubborn, the Kimco shopper remains sturdy as we continue to see healthy traffic reported across our portfolio. According to our large national retailers, the demand for essential goods, services and groceries continues to be strong. In addition, the flexible hybrid work environment is creating more opportunity for shoppers to frequent our centers. Finally, omnichannel shopping continues to outperform pure online shopping as optionality is a winning formula by providing consumers the convenience of shopping online and picking up or returning at the local store. Requests to expand our nationally recognized curbside pickup program continue to grow from our entire stable of national, regional and small shop tenants.

第一，消費者。雖然通貨膨脹仍然頑固，但隨著我們繼續看到我們投資組合中報告的健康流量，Kimco 的購物者仍然堅挺。據我們的大型全國零售商稱，對必需品、服務和雜貨的需求持續強勁。此外，靈活的混合工作環境為購物者創造了更多光顧我們中心的機會。最後，全渠道購物繼續優於純在線購物，因為可選性是一個制勝法寶，它為消費者提供在線購物和在當地商店提貨或退貨的便利。擴大我們全國認可的路邊取貨計劃的要求繼續從我們整個穩定的國家、地區和小商店租戶中增長。

In addition to the resilient consumer, leasing demand and the ability to push rents continues at a robust pace due to the lack of new supply and high barriers to entry at our highly desirable locations. The demand for new space is well diversified, with the mix of new deals this quarter, spread among off-price, grocery, sporting goods, fitness, health and wellness, medical and fast casual dining. As part of our focus on attaining the highest and best use of our properties, we also secured 2 new entrants to the Kimco portfolio this quarter: A Tesla dealership in Austin, Texas and a market by Macy's in San Diego. Strong leasing supported by this robust well-rounded demand is reflected in our new leasing spreads of 44%, a 5-year high.

除了有彈性的消費者外，由於缺乏新的供應和我們非常理想的地點的高進入壁壘，租賃需求和推動租金的能力繼續保持強勁勢頭。對新空間的需求非常多樣化，本季度的新交易包括折扣、雜貨、體育用品、健身、健康和保健、醫療和休閒快餐。作為我們專注於實現我們財產的最高和最佳利用的一部分，我們還在本季度獲得了 2 個新進入 Kimco 投資組合的人：德克薩斯州奧斯汀的特斯拉經銷商和聖地亞哥的梅西百貨市場。在這種強勁的全面需求的支持下，強勁的租賃反映在我們 44% 的新租賃利差中，創下 5 年新高。

Occupancy [busts] the seasonality trend of dipping after the holidays and gained 10 basis points, thanks to our team's stellar efforts and our small shop leasing initiatives. During the first quarter, we anticipated some space coming back from underperforming retailers, including Bed Bath & Beyond, who just filed for bankruptcy this past week. This has been widely expected, and we've been well prepared for this outcome as we have actively marketed all of our Bed Bath spaces for some time.

由於我們團隊的出色努力和我們的小商店租賃計劃，入住率 [打破] 假期後下降的季節性趨勢並增加了 10 個基點。在第一季度，我們預計表現不佳的零售商會收回一些空間，包括上周剛剛申請破產的 Bed Bath & Beyond。這是人們普遍預期的，我們已經為這一結果做好了充分的準備，因為一段時間以來我們一直在積極營銷我們所有的 Bed Bath 空間。

To highlight our successful efforts, we started the year with 30 Bed Bath leases. During the first quarter, we sold one location and released 3 boxes, including 2 we recaptured with a mark-to-market spread of 24%. Regarding the remaining 26 Bed Bath leases, we are either in lease or LOI negotiations on 22 locations with a mark-to-market spread similar to what we have executed to date, which exemplifies the strong activity from a diverse pool of retailers looking to expand. The remaining 4 locations are either being marketed for lease or a potential redevelopment candidate. The lack of supply and inability to meet new store targets is a constant refrain from our retailers during our portfolio reviews and remains key catalysts for the lease-up of these locations. It is also why our retention rates for the portfolio continue to remain well above historical levels at 90% this quarter.

為了突出我們的成功努力，我們在今年年初租賃了 30 個 Bed Bath。在第一季度，我們出售了一個地點並發布了 3 個箱子，其中 2 個我們以 24% 的市值價差重新奪回。關於剩餘的 26 個 Bed Bath 租約，我們正在 22 個地點進行租賃或 LOI 談判，按市值計價的價差與我們迄今為止執行的價差相似，這體現了尋求擴張的多元化零售商的強勁活動.其餘 4 個地點要么正在出售以供出租，要么是潛在的重建候選地點。供應不足和無法實現新店目標是我們的零售商在我們的投資組合審查期間不斷避免的問題，並且仍然是這些地點租賃的主要催化劑。這也是為什麼本季度我們的投資組合保留率繼續保持遠高於歷史水平 90% 的原因。

With this pace of retention and the strong leasing demand, we believe that over the long term, we should see an improved underlying growth rate for our business. Further enhancing the value of our first-ring suburb locations, is the increased demand for industrial and residential assets. This competition for land or conversions makes the cost of new retail development even more prohibitive, which will further reduce supply for potential new retail. And when you combine the rising rents in the residential sectors with the competitive redevelopment advantages at our existing locations in the first-ring suburbs, the opportunity to add more mixed-use density provides us the long-term opportunity to drive further growth and value creation. In the end, strategically, we are well positioned for what could be a choppy second half of the year and beyond.

憑藉這種保留速度和強勁的租賃需求，我們相信從長遠來看，我們應該會看到我們業務的潛在增長率有所提高。進一步提升我們一環郊區位置的價值，是對工業和住宅資產需求的增加。這種土地或改建的競爭使得新零售開發的成本更加高昂，這將進一步減少潛在新零售的供應。當您將住宅部門不斷上漲的租金與我們在一環郊區現有地點的競爭性重建優勢結合起來時，增加更多混合用途密度的機會為我們提供了推動進一步增長和價值創造的長期機會.最後，從戰略上講，我們為今年下半年及以後可能出現的動盪做好了準備。

With our open-air, high-quality grocery-anchored portfolio producing record results, our leverage metrics at all-time lows, along with our significant cash position, we are positioned for growth, and we'll look to be opportunistic when others cannot in our quest to outperform on a sustained basis.

憑藉我們露天的、高質量的雜貨店錨定投資組合產生創紀錄的業績，我們的槓桿指標處於歷史最低點，以及我們大量的現金頭寸，我們為增長做好了準備，當其他人不能時，我們會尋求機會主義在我們尋求持續超越的過程中。

Ross?

羅斯？

Thank you, Conor, and good morning. I'll begin with the market for transactions, which remains restrained, given the volatility in the capital markets and elevated borrowing costs. Transaction volume was down across the board in the first quarter. However, what has remained constant is the significant demand from both institutional and private investors for high-quality, open-air retail. A healthy level of equity capital remains patiently waiting on the sidelines for opportunities to acquire our product type as the property fundamentals continue to improve within this retail sector.

謝謝你，康納，早上好。我將從交易市場開始，考慮到資本市場的波動和借貸成本的上升，該市場仍然受到限制。一季度成交量全面下滑。然而，保持不變的是機構和私人投資者對高質量露天零售的巨大需求。隨著該零售行業的房地產基本面繼續改善，健康水平的股權資本仍在耐心地等待收購我們產品類型的機會。

Notwithstanding the improving operating fundamentals, investors are seeking higher cap rates to offset higher cost of capital. At the same time, however, supply remains limited, with sellers holding out for higher pricing unless they face refinancing or other pressure to sell. How long this stalemate lasts is the ultimate question. Despite these broader market conditions, we have found ways to selectively and accretively put capital to work. On the last earnings call, we mentioned the 2 Southern California grocery assets we acquired from one of our JV partners. Subsequent to the call, we were successful in buying out a third grocery-anchored site in Southern California from the same partner. This property is a dual grocery-anchored site with a Smart & Final traditional grocer in addition to a Trader Joe's. We are excited to add these 3 strong performing grocery assets to our wholly-owned portfolio despite the market conditions I described.

儘管經營基本面有所改善，但投資者仍在尋求更高的資本化率以抵消更高的資本成本。但與此同時，供應仍然有限，賣家堅持要求更高的價格，除非他們面臨再融資或其他出售壓力。這種僵局會持續多久是最終的問題。儘管存在這些更廣泛的市場條件，我們已經找到了有選擇地和增值地投入資金的方法。在上次財報電話會議上，我們提到了我們從合資夥伴之一收購的 2 項南加州雜貨資產。在電話會議之後，我們成功地從同一合作夥伴手中買下了位於南加州的第三個雜貨店錨定站點。該物業是一個雙重雜貨店錨定站點，除了 Trader Joe's 之外，還有一個 Smart & Final 傳統雜貨店。儘管我描述了市場條件，但我們很高興將這 3 項表現強勁的雜貨資產添加到我們的全資投資組合中。

We also added a new structured investment into our program in the first quarter, an $11.2 million subordinated loan on a sprouts-anchored shopping center outside of Orlando, Florida. As with all of our structured investments, we retain the right to acquire the asset in the future in the event the sponsor looks to sell. This property is another great addition to the structured portfolio with a very attractive return at a very appealing basis on our investment. As it relates to dispositions, we previously mentioned the 2 Savannah, Georgia power centers we sold back in January. Prior to quarter end, we sold a third power center in Gresham, Oregon.

我們還在第一季度為我們的計劃增加了一項新的結構性投資，即為佛羅里達州奧蘭多郊外的一個以豆芽為錨點的購物中心提供 1120 萬美元的次級貸款。與我們所有的結構性投資一樣，如果贊助商希望出售，我們保留在未來收購資產的權利。該物業是對結構化投資組合的又一重要補充，在我們的投資基礎上以非常有吸引力的基礎提供了非常有吸引力的回報。由於涉及處置，我們之前提到了我們在 1 月份賣回的佐治亞州薩凡納的 2 個電力中心。在季度末之前，我們出售了位於俄勒岡州格雷舍姆的第三個電力中心。

To my point earlier that it has taken longer to transact, we have been working on this since the fourth quarter of last year and successfully closed at the end of March. While we don't anticipate a significant number of dispositions in 2023, the sale of these 3 centers reflects our efforts to ultimately own a portfolio consisting of primarily grocery-anchored retail centers and mixed-use destinations in our top major metro markets.

就我之前的觀點而言，交易需要更長的時間，我們自去年第四季度以來一直致力於此，並於 3 月底成功結束。雖然我們預計 2023 年不會有大量處置，但這 3 個中心的出售反映了我們努力最終擁有一個投資組合，該投資組合主要包括我們主要主要地鐵市場中以雜貨店為主的零售中心和混合用途目的地。

All in all, we are in a great position to continue to be opportunistic should current owners start to feel more pressure to transact. Our strong liquidity allows us to move quickly and aggressively on the right acquisitions or joint venture buyouts, and to be financially helpful to owners that need an infusion of capital through debt pay downs or asset repositioning utilizing our structured investment program.

總而言之，如果當前所有者開始感到更大的交易壓力，我們將繼續投機取巧。我們強大的流動性使我們能夠快速、積極地進行正確的收購或合資企業收購，並通過利用我們的結構性投資計劃償還債務或重新定位資產，為需要注資的所有者提供財務幫助。

I will now pass it off to Glenn for an update on our financials and outlook.

我現在將它傳遞給格倫，以了解我們財務狀況和前景的最新情況。

Thanks, Ross, and good morning. Our solid first quarter results demonstrate the strength of our high-quality operating portfolio as evidenced by increased occupancy, robust leasing spreads and positive same-site NOI growth. Furthermore, we bolstered our sector-leading liquidity position and improved our leverage metrics with additional proceeds received from our Albertsons investment.

謝謝，羅斯，早上好。我們穩健的第一季度業績證明了我們高質量運營組合的實力，入住率增加、租賃利差強勁和同地 NOI 正增長證明了這一點。此外，我們通過從 Albertsons 投資中獲得的額外收益，鞏固了我們行業領先的流動性地位，並改善了我們的槓桿指標。

Now for some details on our first quarter results. FFO was $238.1 million or $0.39 per diluted share as compared to last year's first quarter results of $240.6 million or $0.39 per diluted share. Notably, last year's figures include a charge of $7.2 million or $0.01 per diluted share for early repayment of debt. Our first quarter results were driven by strong NOI growth, largely due to higher consolidated minimum rent of $14.5 million. This increase was offset by higher bad debt expense of $7.1 million as the current period had a more normalized credit loss level as compared to last year, which benefited from credit loss income due to reversals of reserves.

現在了解我們第一季度業績的一些細節。 FFO 為 2.381 億美元或攤薄後每股 0.39 美元，而去年第一季度的結果為 2.406 億美元或攤薄後每股 0.39 美元。值得注意的是，去年的數字包括 720 萬美元或攤薄後每股 0.01 美元的提前償還債務費用。我們第一季度的業績是由強勁的 NOI 增長推動的，這主要是由於 1450 萬美元的綜合最低租金上漲。這一增長被更高的 710 萬美元壞賬費用所抵消，因為與去年相比，本期的信用損失水平更加正常化，這得益於準備金逆轉帶來的信用損失收入。

In addition, pro-rata NOI from our joint ventures was lower by $3 million, mostly attributable to asset sales and higher bad debt expense. Other factors related to the change in first quarter results were higher G&A expense of $4.8 million and pro-rata interest expense of $6.6 million. Although interest expense was higher in the current period, last year included a $7.2 million charge for early repayment of debt. The uptick in G&A expenses was largely driven by higher staffing levels following the Weingarten merger as well as greater expenses related to the value of restricted stock and performance units awarded. The increase in interest expense stemmed from lower fair market value amortization linked to the previously repaid above-market Weingarten bonds as well as higher interest rates associated with floating rate debt in our joint ventures.

此外，我們合資企業按比例計算的 NOI 減少了 300 萬美元，這主要歸因於資產出售和更高的壞賬費用。與第一季度業績變化相關的其他因素包括較高的 G&A 費用 480 萬美元和按比例分配的利息費用 660 萬美元。儘管本期利息支出較高，但去年包括提前償還債務的 720 萬美元費用。 G&A 費用的增加主要是由於 Weingarten 合併後人員配置水平提高，以及與授予的限制性股票和績效單位價值相關的費用增加。利息支出的增加源於與先前償還的高於市場價的 Weingarten 債券相關的較低公平市場價值攤銷，以及與我們合資企業的浮動利率債務相關的較高利率。

Turning to the operating portfolio, which continues to produce positive metrics fueled by the increase in occupancy and strong leasing spreads mentioned earlier. Same-site NOI growth was positive 1.4% for the first quarter. However, it's worth noting that this figure would have been even stronger at 4.2% if we excluded the impact of $4.6 million of credit loss income from the previous year, compared to $4.3 million of credit loss expense for the current period.

轉向運營組合，在前面提到的入住率增加和強勁的租賃利差的推動下，它繼續產生積極的指標。第一季度同地 NOI 增長 1.4%。然而，值得注意的是，如果我們排除上一年 460 萬美元的信用損失收入的影響，這個數字會更高，為 4.2%，而本期的信用損失費用為 430 萬美元。

Nonetheless, we are encouraged by the composition of the same-site NOI growth, which reflects a 430 basis point increase from minimum rents and reduced abatements as well as a 100 basis point boost from higher percentage rent and other rental property income, offset by lower recoveries of operating expenses of 110 basis points.

儘管如此，我們對同地 NOI 增長的構成感到鼓舞，這反映出最低租金和減排減少增加了 430 個基點，以及租金和其他租賃財產收入百分比增加增加了 100 個基點，被較低的租金所抵消運營費用回收 110 個基點。

Overall, these results demonstrate our continued focus on driving strong revenue growth across our portfolio. As it relates to our Albertsons investment, during the first quarter, we received a special dividend of $194.1 million, which is included in net income, but not FFO. The Albertsons special dividend is considered ordinary income for tax purposes, thus we are evaluating the need to make a special dividend to our stockholders at some point this year to maintain our compliance with REIT distribution requirements.

總的來說，這些結果表明我們繼續專注於推動我們產品組合的強勁收入增長。由於與我們的 Albertsons 投資相關，在第一季度，我們收到了 1.941 億美元的特別股息，該股息包含在淨收入中，但不包含在 FFO 中。 Albertsons 特別股息被視為出於稅收目的的普通收入，因此我們正在評估在今年某個時候向我們的股東派發特別股息的必要性，以維持我們對 REIT 分配要求的遵守。

In addition, we sold 7.1 million shares of Albertsons stock, generating net proceeds of $137.4 million. It is our intention to pay the tax on the capital gain from the sale and have recorded a $30 million tax provision, which is also excluded from FFO. This strategic move will allow us to retain approximately $107 million for debt reduction and for accretive investments. Subsequent to quarter end, we sold an additional 7 million shares of Albertsons stock and received net proceeds of $144.9 million.

此外，我們還出售了 710 萬股 Albertsons 股票，產生了 1.374 億美元的淨收益。我們打算對出售所得的資本收益徵稅，並記錄了 3000 萬美元的稅收撥備，這也被排除在 FFO 之外。這一戰略舉措將使我們能夠保留約 1.07 億美元，用於減少債務和增加投資。季度末後，我們又出售了 700 萬股 Albertsons 股票，並獲得了 1.449 億美元的淨收益。

In the second quarter, we will record a tax provision of approximately $32.7 million for the capital gain component. While it is great that we have significantly monetized this investment, it's worth noting that we also benefited by approximately $0.01 per share of FFO per quarter from the ACI common dividends paid. Going forward, we will no longer benefit from the same amount each quarter given the significant monetization to date. Currently, we hold 14.2 million shares of Albertsons, which has a value of approximately $300 million.

在第二季度，我們將為資本利得部分記錄大約 3270 萬美元的稅收撥備。雖然我們已經將這項投資顯著貨幣化是件好事，但值得注意的是，我們還從支付的 ACI 普通股息中受益於每季度每股 FFO 約 0.01 美元。展望未來，鑑於迄今為止的重要貨幣化，我們將不再從每個季度的相同金額中受益。目前，我們持有 1420 萬股 Albertsons 股票，價值約 3 億美元。

We ended the first quarter with over $2.3 billion of immediate liquidity comprised of over $300 million in cash and full availability of our recently renewed $2 billion revolving credit facility. Our leverage metrics continue to improve with consolidated net debt-to-EBITDA of 5.8x and 6.2x on a look-through basis, including our pro-rata share of joint venture debt and perpetual preferred stock outstanding. The look-through metric of 6.2x represents the best level since we began reporting this metric in 2009.

第一季度結束時，我們擁有超過 23 億美元的即時流動性，包括超過 3 億美元的現金和我們最近續籤的 20 億美元循環信貸額度的全部可用性。我們的槓桿指標繼續改善，綜合淨債務與 EBITDA 的比率分別為 5.8 倍和 6.2 倍，包括我們按比例分配的合資企業債務和已發行的永久優先股。 6.2 倍的瀏覽量指標代表了自 2009 年我們開始報告該指標以來的最佳水平。

As I just touched on, during the first quarter, we renewed our $2 billion revolving credit facility with 20 banks. The facility now has an initial maturity date in March 2027 with two 6-month extension options, bringing the final maturity date to 2028. This is a green facility, initially priced at adjusted SOFR plus 77.5 basis points. The borrowing spreads can increase or decrease up to 4 basis points based upon our success in reducing Scope 1 and Scope 2 greenhouse gas emissions. Based on our current progress, the borrowing spread has already been reduced by 2 basis points to 75.5 basis points.

正如我剛才提到的，在第一季度，我們與 20 家銀行續簽了 20 億美元的循環信貸額度。該貸款現在的初始到期日為 2027 年 3 月，有兩個 6 個月的延期選擇權，最終到期日為 2028 年。這是一項綠色貸款，最初定價為調整後的 SOFR 加 77.5 個基點。根據我們在減少範圍 1 和範圍 2 溫室氣體排放方面的成功，借款利差最多可以增加或減少 4 個基點。根據我們目前的進展，借款利差已經降低了 2 個基點至 75.5 個基點。

Turning to our outlook. Based on our first quarter results, the monetization of Albertsons shares and expectations for the balance of the year, we are tightening our FFO per share range to $1.54 to $1.57 from the previous range of $1.53 to $1.57. We are lowering our lease termination income assumption by $10 million to a range of $4 million to $6 million with more than half already received in the first quarter. Initially, we believe a transaction in the first quarter would result in lease termination income. However, when we reviewed it in more detail, given the complex accounting treatment, we arrived at a different conclusion. Our previous assumptions remain intact regarding same-site NOI growth of 1% to 2%, which includes credit loss of 75 to 125 basis points.

轉向我們的前景。根據我們第一季度的業績、Albertsons 股票的貨幣化以及對今年剩餘時間的預期，我們將每股 FFO 範圍從之前的 1.53 美元至 1.57 美元收緊至 1.54 美元至 1.57 美元。我們將租賃終止收入假設下調 1000 萬美元至 400 萬至 600 萬美元，其中一半以上已在第一季度收到。最初，我們認為第一季度的交易會產生租賃終止收入。然而，當我們更詳細地審查它時，考慮到復雜的會計處理，我們得出了不同的結論。我們之前關於同站點 NOI 增長 1% 至 2% 的假設保持不變，其中包括 75 至 125 個基點的信用損失。

And now we are ready to take your questions.

現在我們準備好回答您的問題了。

(Operator Instructions) And our first question comes from Michael Goldsmith with UBS.

（操作員說明）我們的第一個問題來自瑞銀的邁克爾戈德史密斯。

My first question is on Bed Bath & Beyond and just kind of the shape of how these closures and then potentially coming back online, how that's going to affect the financials. So does this mean that we should expect kind of 60 basis points of rent coming off and 100 basis points of occupancy coming off? And then over time, we get that back kind of next year, and the $8.5 million of rent kind of comes back in like a $10.5 million. Does that -- and then what would be the timing of when that would kind of comeback online?

我的第一個問題是關於 Bed Bath & Beyond 的，只是這些關閉的形式，然後可能重新上線，這將如何影響財務狀況。那麼這是否意味著我們應該期待租金下降 60 個基點和入住率下降 100 個基點？然後隨著時間的推移，我們會在明年得到回報，而 850 萬美元的租金又回到了 1050 萬美元。那是——然後什麼時候會在網上捲土重來？

Yes, good question. So I would say what you just articulated would be sort of the worst-case scenario in the sense that everything went out. Nothing was purchased at auction or a site, which is an event that is yet to occur. And we anticipate happening in June, end of July. So there could be some impact to that to the positive considering the competitive landscape that is a very real possibility. In terms of the activity, as Conor articulated, less the 3 boxes that we've already leased, the 26 that remains, 7 of those were rejected in the day 1 motion, where at least with over half and have LOIs on the balance, all of which are single tenant backfills, which helps reduce the conversion and the downtime to get a tenant reopened, so that's positive.

是的，好問題。所以我想說你剛才闡述的是最壞的情況，因為一切都結束了。沒有在拍賣會或網站上購買任何東西，這是尚未發生的事件。我們預計會在 6 月、7 月底發生。因此，考慮到非常真實的競爭格局，這可能會對積極產生一些影響。就活動而言，正如 Conor 所說，減去我們已經租用的 3 個包廂，剩下的 26 個包廂，其中 7 個在第 1 天的動議中被拒絕，其中至少超過一半並且有 LOI 餘額，所有這些都是單租戶回填，這有助於減少轉換和停機時間，讓租戶重新開放，所以這是積極的。

On the balance of the boxes, the majority of those are all also single-tenant backfill opportunities, and we're either at lease or at LOI stage. The handful that Conor mentioned in his script, we are assessing real redevelopment opportunities for those as a potential, or we'd look to do a single-tenant backfill. So we are in a great position from where we see. Obviously, the lack of muted supply, no retail development on the horizon for the years to come. Retailers are really seeing this as the opportunity to grab that market share and expand their portfolios in these key markets.

總的來說，其中大部分都是單租戶回填機會，我們要么處於租賃階段，要么處於 LOI 階段。康納在他的劇本中提到的少數人，我們正在評估那些潛在的真正重建機會，或者我們希望進行單租戶回填。所以從我們看到的地方來看，我們處於一個很好的位置。顯然，供應不足，未來幾年不會出現零售發展。零售商確實將此視為搶占市場份額並擴大其在這些關鍵市場的產品組合的機會。

Michael, we're a bit ahead of where we thought we'd be. As you saw, we raised the lower end of our guidance, even without the termination income that we anticipated. And a lot of that is attributed to the environment that we're in today for high-quality locations like Bed Bath & Beyond have. So as you see, the diversity of demand is quite strong, and we're in a good spot to really -- by June, we'll really have a better understanding of which ones are coming back to us, but we're not waiting for that. We're being proactive and lining up replacements with very strong leasing spreads.

邁克爾，我們比我們預想的要領先一點。如您所見，即使沒有我們預期的終止收入，我們也提高了指導的下限。這在很大程度上歸因於我們今天所處的優質場所環境，例如 Bed Bath & Beyond。所以正如你所看到的，需求的多樣性非常強烈，我們處於一個很好的位置——到 6 月，我們真的會更好地了解哪些需求會回到我們身邊，但我們還沒有等待那個。我們正在積極主動地尋找具有非常高的租賃利差的替代品。

And the next question comes from Craig Mailman with Citi.

下一個問題來自花旗的 Craig Mailman。

Conor or Glenn, maybe I want to follow up on that last point. You guys effectively raised guidance to $0.005 at the midpoint, despite having a drag from lease term fees. So it looks like effectively a $0.02 raise. Could you just walk through exactly what's driving that? Because the operating assumptions didn't look like they changed all that much.

Conor 或 Glenn，也許我想跟進最後一點。儘管受到租賃期費用的拖累，你們有效地將指導價中點提高到 0.005 美元。所以看起來實際上是 0.02 美元的加薪。您能詳細介紹一下是什麼驅動了它嗎？因為運營假設看起來並沒有發生太大變化。

Yes, sure. Again, it's really driven by the rent commencement. So we are a little bit ahead of plan, which is what's driving it. Also, the timing of investment activity and then the impact of what we looked at in terms of bankruptcy situation. So we are a little bit ahead of schedule from what we had budgeted. So we're comfortable with raising at that lower end of the range.

是的，當然。同樣，它實際上是由租金開始驅動的。所以我們比計劃提前了一點，這就是推動它的原因。此外，投資活動的時機以及我們在破產情況方面所看到的影響。所以我們比我們的預算提前了一點。所以我們很樂意在該範圍的低端加註。

Yes. I think one of the big drivers, too, for us to get comfortable with raising the bottom end is the retention rate, as I mentioned earlier. That's really driving a significant amount of cash flow growth for us. And when you look at where we thought we'd be versus where we are today, we are ahead of schedule there.

是的。正如我之前提到的，我認為讓我們對提高底端感到滿意的一個重要驅動因素是保留率。這確實為我們帶來了大量的現金流增長。當你看看我們認為我們現在的位置與我們今天的位置時，我們在那裡提前了。

And the next comes from Floris Van Dijkum with Compass Point.

下一個來自 Compass Point 的 Floris Van Dijkum。

Great, guys. I've got a question, I guess, in 2 parts. Number one, I'd like maybe if you can walk us through the lower NOI margin and expense recovery for the quarter, and what was behind that? And how does that impact your views towards maybe fixed CAM or having a pure just on an inflation-adjusted basis, your recoveries struck? And then the second part is, in terms of Philadelphia, I noticed there was -- your Philadelphia portfolio is lagging quite a bit. I think something like 480 basis points in terms of occupancy relative to the rest of the portfolio. Just if you can give us maybe some more details behind that. And if that's specific to maybe potential redevelopments or some other opportunities? Or is that just market has been less good than some of the other ones?

太好了，伙計們。我想我有一個問題，分為兩部分。第一，我想也許你能帶領我們了解本季度較低的 NOI 利潤率和費用回收，這背後是什麼？這如何影響您對固定 CAM 或僅在通貨膨脹調整後的基礎上擁有純粹的看法，您的複蘇受到了影響？然後第二部分是，就費城而言，我注意到有——你的費城投資組合落後了很多。我認為相對於投資組合的其餘部分，入住率大約為 480 個基點。如果你能給我們提供更多的細節就好了。如果這是特定於潛在的重建或其他一些機會？或者只是市場不如其他一些市場好？

I'll take the second one first, and then I'll kick it over to the rest of the team to address the margin. As it relates to Philadelphia, it's just related to the Kohl's transaction, where we took back two of the Kohl's leases as part of that transaction in Q1, which we knew were already vacant. So that was the ad there.

我會先拿第二個，然後我會把它踢給團隊的其他人來解決利潤問題。由於它與費城有關，它僅與 Kohl's 交易有關，我們在第一季度收回了兩個 Kohl's 租約作為該交易的一部分，我們知道這些租約已經空置。這就是那裡的廣告。

The rest of the Philadelphia portfolio is quite strong and actually trending at or above when you look at it from the whole portfolio.

從整個投資組合來看，費城投資組合的其餘部分非常強勁，實際上趨勢等於或高於。

And Floris, just on your NOI margin question and your expense recovery question. If you look at the NOI margins and you actually take a look at the credit loss that's in there and you pulled that out from both periods, your margins are more in line. So that's really the driver on that decrease that you're seeing on the page. And then when it comes to the recoveries, there were some expenses that we front-loaded for the quarter. But when you look at where we're going to land for the year, we're still comfortable with that same-site NOI of 1% to 2%. So it will level out on the recovery side as the year goes on.

弗洛里斯，就你的 NOI 保證金問題和你的費用回收問題。如果您查看 NOI 利潤率，並實際查看其中的信用損失，並將其從兩個時期中剔除，您的利潤率會更加一致。因此，這確實是您在頁面上看到的減少的驅動因素。然後在恢復方面，我們在本季度提前支付了一些費用。但是當你看看我們今年要降落的地方時，我們仍然對 1% 到 2% 的同站 NOI 感到滿意。因此，隨著時間的推移，它將在復蘇方面趨於平穩。

And the next question comes from Juan Sanabria with BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just hoping you could talk a little bit about the investment market, what asset values or cap rates you're seeing or what's being transacted. You had a couple of deals both on the buy and the sell side in the first quarter, and how that compares to the mezz lending opportunity that seems to be a growing opportunity set for you?

只是希望你能談談投資市場，你看到的資產價值或資本化率或正在交易的是什麼。你在第一季度在買賣雙方都有幾筆交易，這與似乎對你來說是一個不斷增長的機會的夾層貸款機會相比如何？

Sure. As I mentioned in the remarks, I mean, it is a little bit of a stalemate right now. So the transaction volumes are way down. You are seeing certain deals get done in the first quarter. We did see some transactions occur in the 5s, similar to pricing from last year, but they are fewer and farther between. When you look at sort of the bid-ask spread, it's very deal specific. So as I mentioned, there are buyers that are still looking for higher cap rates and sellers that are holding firm because there's really not any sort of forced situation with lenders or cash flow situation or challenges. So from that perspective, we were successful in acquiring 3 shopping centers from a joint venture partner that was looking for some liquidity.

當然。正如我在評論中提到的，我的意思是，現在有點僵持。所以交易量下降了。您會看到某些交易在第一季度完成。我們確實看到一些交易發生在 5 年代，類似於去年的定價，但它們越來越少。當您查看某種買賣價差時，它是非常特定於交易的。因此，正如我所提到的，有些買家仍在尋求更高的上限利率，而賣家則持堅態度，因為實際上不存在任何與貸方或現金流狀況或挑戰有關的被迫情況。因此，從這個角度來看，我們成功地從一家尋求流動資金的合資夥伴手中收購了 3 個購物中心。

So it's really just about staying opportunistic and ready with the capital, which we have. As it relates to the mezz financing and our structured investment program, that is also something that we're obviously very focused on leading one transaction in the first quarter. But again, because there really hasn't been any forced sales or distressed situation as it relates to the lending community, they are a little bit more challenging in terms of sourcing right now, but having lots of conversations hanging around the hoop, and we're ready to move as soon as those opportunities present themselves.

因此，這實際上只是關於保持機會主義並為我們擁有的資本做好準備。由於它與夾層融資和我們的結構性投資計劃有關，這也是我們顯然非常關注在第一季度領導一項交易的事情。但同樣，因為確實沒有任何與借貸社區相關的強制銷售或困境情況，他們現在在採購方面更具挑戰性，但有很多對話在閒逛，我們準備好在這些機會出現時立即行動。

So the only thing I would add is that we are seeing pretty significant capital formations for our product. I think for a period of time, certain folks are on the sidelines looking at open-airs, specifically grocery-anchored shopping centers. And we're having a lot of inbound requests for dialogue to potentially have new capital at our call for investment purposes. Obviously, we're sitting with a tremendous amount of cash today. So we're looking at the opportunity set internally, but it is nice to see a significant amount of capital formation for our product.

所以我唯一要補充的是，我們看到我們的產品有相當重要的資本形成。我認為有一段時間，某些人在觀望露天場所，特別是雜貨店錨定的購物中心。我們有很多對話的入站請求，以便在我們的投資目的電話會議上可能有新的資本。顯然，我們今天坐擁大量現金。所以我們正在內部尋找機會，但很高興看到我們的產品有大量資本形成。

And the next question comes from Alexander Goldfarb with Piper Sandler.

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

So a question on the depth of demand across your portfolio. Would you say it's pretty evenly spread among anchor, junior anchor, small shop, et cetera, and outparcel? Or is one area much deeper and actually more focused on which areas are sort of the lightest in backfill demand, and how you sort of gin up if those are spots that you would expand or subdivide. I'm just trying to think about where the areas of the least amount of demand are in space across the portfolio.

因此，關於整個投資組合的需求深度的問題。你會說它在主播、初級主播、小商店等和外包之間分佈得相當均勻嗎？或者是一個更深的區域，實際上更關注哪些區域的回填需求最輕，以及如果這些區域是您要擴展或細分的區域，您將如何處理這些區域。我只是想考慮需求最少的領域在整個投資組合中的空間。

Sure. Good question, Alex. So I'd say we're seeing pretty consistent demand across the square footage at this time. Historically, sort of that tweeners, 68,000, 69,000 square feet has historically been a little bit lighter than the smaller shops, which are anywhere from 1,000, 5,000, and then the anchor box is 10,000 and over. But even in that category, we've seen great demand. A lot of people coming out of the malls, whether it be Sephora, and others that are looking to backfill that particular box category has really been a benefit. So we'll continue to push that.

當然。好問題，亞歷克斯。所以我想說我們現在看到整個平方英尺的需求非常穩定。從歷史上看，68,000 平方英尺、69,000 平方英尺的那種中間商在歷史上比小商店要輕一點，小商店從 1,000、5,000 到 anchor box 是 10,000 甚至更多。但即使在該類別中，我們也看到了巨大的需求。許多人從購物中心出來，無論是絲芙蘭，還是其他希望回填該特定盒子類別的人，這確實是一個好處。所以我們會繼續推動它。

As it relates to the anchor activity, less out the Kohl's impact for anchor boxes this quarter, we would have been up another 20 basis points from last quarter. So we would have been -- instead of 98 would have been a 98.2. So we continue to see that. And it goes back to an earlier point that there's just no new development supply that's coming online here in the coming years. And so these rare opportunities where you get availability in good locations, people are going to jump on those and stretch a little bit to make sure they secure it because they don't see anything else on the horizon, and they have to have that growth profile in their book.

由於它與錨定活動有關，在本季度減去 Kohl's 對錨箱的影響後，我們本應比上一季度再上漲 20 個基點。所以我們本來可以——而不是 98 應該是 98.2。所以我們繼續看到這一點。它可以追溯到更早的一點，即未來幾年這裡沒有新的開發供應上線。因此，在這些難得的機會中，您可以在良好的位置獲得可用性，人們會抓住這些機會並稍微伸展一下以確保他們獲得它，因為他們看不到地平線上的任何其他東西，而且他們必須有這種增長他們書中的簡介。

The only thing I would add is that the retailers are getting less rigid on their square footage requirements. So when you look at the typical prototype, whether it's a small shop a mid-size box or an anchor box, typically, it's now opportunistic where they're looking at the space available versus their prototype and making it work, which obviously lends itself to our business because if you can backfill the entire space with 1 tenant, the CapEx load goes down dramatically, and that's what we're experiencing on the Bed Bath boxes.

我唯一要補充的是，零售商對他們的平方英尺要求越來越不嚴格。因此，當您查看典型的原型時，無論是小型商店、中型盒子還是錨定盒子，通常情況下，現在都是機會主義的，他們正在查看可用空間與原型的對比，並使其發揮作用，這顯然適合自己對我們的業務來說，因為如果您可以用 1 個租戶回填整個空間，資本支出負荷就會急劇下降，這就是我們在 Bed Bath boxes 上遇到的情況。

And the next question comes from Samir Khanal with Evercore.

下一個問題來自 Evercore 的 Samir Khanal。

Conor, can you talk about the shop leasing environment and how you think that will fare in this sort of this cycle. We've seen the bank failures here and that impacts the smaller tenants. So how are you thinking about credit environment for the shops as we go into a potential slowdown here?

Conor，你能談談商店租賃環境以及你認為在這種週期中會如何發展嗎？我們在這裡看到了銀行倒閉，這影響了較小的租戶。那麼，當我們進入潛在的經濟放緩時期時，您如何看待商店的信貸環境？

The shop space, as you've seen with our occupancy growth, continue to be the bright spot. I mean it's really interesting. If you think about the diversity of demand and what's driving that, it's pretty remarkable. I think we're at a point in the retail evolution where the last mile or the closest retail destination to where you live and where you work has really adopted, I would say, a hybrid retail environment, where it's medical, it's services, it's essential goods and services, it's grocery, it's health and wellness, it's physical. It really is interesting to see the diversity of demand driving that small shop growth opportunity for us.

正如您在我們的入住率增長中看到的那樣，商店空間繼續成為亮點。我的意思是這真的很有趣。如果您考慮需求的多樣性及其驅動因素，就會發現這是非常了不起的。我認為我們正處於零售業發展的一個階段，最後一英里或離你居住地和工作地最近的零售目的地已經真正採用了，我想說，混合零售環境，它是醫療，它是服務，它是必需品和服務，它是雜貨，它是健康和保健，它是身體。看到需求的多樣性為我們推動小商店的增長機會真的很有趣。

And I think when you look at the ingredients of where we see the demand drivers, I think it gives us a lot of confidence to say that with this portfolio, we can drive a higher small shop occupancy rate than we've ever experienced before. And again, it's because of that diversity of demand. Now it's going to be interesting if the economy really does get worse and there's a pullback. In some of the small shops that didn't make it through COVID, I would say we're still in a position where we're backfilling those locations with higher credit, better operators. And so I think we're starting from a higher quality, higher credit portfolio of small shops today.

而且我認為，當您查看我們看到需求驅動因素的成分時，我認為這給了我們很大的信心，可以說有了這個投資組合，我們可以推動比以往任何時候都更高的小商店入住率。再一次，這是因為需求的多樣性。現在，如果經濟真的變得更糟並且出現回調，那將很有趣。在一些沒有通過 COVID 的小商店中，我想說我們仍然處於這樣的位置，我們正在用更高的信用、更好的運營商來回填這些地點。因此，我認為我們今天從質量更高、信用更高的小商店組合開始。

And the next question comes from Haendel St. Juste with Mizuho.

下一個問題來自瑞穗的 Haendel St. Juste。

So Conor, I guess we understand the timing of bad debt is one of the factors that can play a key role, a swing factor in how core growth plays out here in the next year, too. But I was hoping you guys could talk a little bit about the cadence for same-store NOI growth this year. And then as you look ahead, given the snow-related occupancy visibility and the demand that you're seeing, what type of ballpark the same for NOI growth does that -- could that get you to for next year? I think most of us see this as a long-term 2%, 2.5% same for NOI business. Curious if you think you can tap the long-term average next year?

所以康納，我想我們明白壞賬的時間是可以發揮關鍵作用的因素之一，也是明年核心增長如何發揮作用的搖擺因素。但我希望你們能談談今年同店 NOI 增長的節奏。然後，當你展望未來時，考慮到與雪相關的入住率能見度和你所看到的需求，哪種類型的球場對於 NOI 增長來說是一樣的——這能讓你在明年做到這一點嗎？我認為我們大多數人認為這是一個長期的 2%，對於 NOI 業務來說也是 2.5%。好奇你是否認為明年可以利用長期平均水平？

Sure. Thanks for the question. And I think when you look at, again, the fundamentals of our business. Now there's going to be some lumpiness, obviously, quarter-to-quarter with the Bed Bath and maybe some of the other retailers that we're watching and how the auction process plays out because that will really determine the lumpiness of how much NOI comes offline.

當然。謝謝你的問題。我認為，當您再次審視我們業務的基本面時。顯然，Bed Bath 以及我們正在觀察的其他一些零售商以及拍賣過程如何進行，顯然每個季度都會出現一些起伏，因為這將真正決定 NOI 的起伏離線。

But I do believe, as I said earlier, that the fundamentals of our business are quite strong. And with virtually no new supply and very high retention rates, we should see: A, I think, a longer-term growth rate that's above the historical average; and we're also pushing for higher annual increases. When you look at these bumps we're getting on our small shops, they're higher today than they were the trailing 4 quarters. The same goes with our anchors. They're higher today than they were the trailing 4 quarters.

但我確實相信，正如我之前所說，我們業務的基本面非常強勁。在幾乎沒有新供應和非常高的保留率的情況下，我們應該看到： A，我認為，長期增長率高於歷史平均水平；我們也在推動更高的年度增長。當你看到我們的小商店出現這些顛簸時，它們今天比過去 4 個季度更高。我們的錨點也是如此。他們今天比過去 4 個季度更高。

And if you look back multiple years, they have been trending higher. So that bodes well for obviously a fundamental re-rating of our growth rate going forward. But there's a lot of things that may or may not occur for that to happen. So it's hard to extrapolate what the future is going to hold. But where we stand today, we're very confident about the strategy we put in place. And executing on that strategy is showing up in the internal growth rate and the pricing power that we have today.

如果你回顧多年，它們一直在走高。因此，這顯然預示著對我們未來增長率的根本性重新評級。但是有很多事情可能會發生也可能不會發生。所以很難推斷未來會怎樣。但我們今天所處的位置，我們對我們制定的戰略非常有信心。執行該戰略體現在我們今天的內部增長率和定價能力上。

In terms of the cadence of the same site, I'll turn it over to Glenn.

關於同一站點的節奏，我會把它交給 Glenn。

Yes. I mean I think if you look at the bad debt component to it, again, we're comping against bad debt income from last year for the current year. So when you look forward, you really have a more normalized -- or we expect to be a more normalized bad debt level. So I think that, that part at least, should keep us in good shape to be able to grow the same-site NOI growth really organically from the rent bumps that Conor discussed.

是的。我的意思是，我認為如果你再看看壞賬部分，我們將與去年的壞賬收入相比較。所以當你展望未來時，你真的有一個更正常化的——或者我們預計壞賬水平會更正常化。所以我認為，至少那部分應該讓我們保持良好狀態，以便能夠從 Conor 討論的租金上漲中真正有機地實現同地 NOI 增長。

And the next question comes from Anthony Powell with Barclays.

下一個問題來自巴克萊銀行的安東尼鮑威爾。

I guess question on percentage rent. I saw that ticked up to close to $6 million in the quarter. Is that a good run rate? And what's really driving the growth in that segment?

我想是關於租金百分比的問題。我看到這個季度上升到接近 600 萬美元。這是一個很好的運行率嗎？是什麼真正推動了該細分市場的增長？

It's a great question. Look, some of it is timing. We've been very proactive on getting sales reports out to tenants, and the collections in the first quarter were higher than what we had originally budgeted. But some of those collections that came in were from tenants that we had budgeted to be in the second quarter. So you'll see it start to dip down as we go through the year. So the first quarter was a little bit ahead of where the budget was.

這是一個很好的問題。看，其中一些是時機。我們一直非常主動地向租戶發送銷售報告，第一季度的收款額高於我們最初的預算。但其中一些收藏品來自我們預算在第二季度的租戶。所以你會看到它在我們度過這一年時開始下降。所以第一季度比預算稍微提前了一點。

And the next question comes from Caitlin Burrows with Goldman Sachs.

下一個問題來自高盛的 Caitlin Burrows。

Maybe just a follow-up on the small shop side. I know there's a concern that small shop tenants may be more negatively impacted by tighter lending standards. So what are you hearing from them? Has there been any change in their ability to run their business? And then at the same time, do you have a breakdown of what portion of the small shop tenants are actually small businesses versus larger national businesses that happen to operate in small space?

也許只是小商店方面的後續行動。我知道有人擔心小商店租戶可能會受到更嚴格的貸款標準的負面影響。那麼你從他們那裡聽到了什麼？他們經營業務的能力是否有任何變化？然後與此同時，您是否細分了小商店租戶中實際上是小企業的部分與碰巧在狹小空間內經營的較大的全國性企業？

Yes. It's a great question, and it's something that we're very closely monitoring because we would anticipate that they would be the ones that would be most impacted by the pullback of local and regional banks and their ability to lend. Right now, we haven't seen a material impact on -- obviously, on the deal velocity, hence, our Q1 numbers and those businesses' ability to operate. But it's something that we're closely watching and monitoring through the course of this year to anticipate -- see if there's any cracks in the system. But right now, things are holding up pretty well.

是的。這是一個很好的問題，也是我們正在密切關注的問題，因為我們預計他們將是受本地和區域銀行撤回及其放貸能力影響最大的群體。目前，我們還沒有看到對交易速度、因此對我們第一季度的數字和這些企業的運營能力產生實質性影響。但這是我們在今年密切關注和監測的事情，以預測——看看系統中是否有任何裂縫。但是現在，事情進展得很好。

And we do have a breakout in our investor presentation of the small shops that are really more local versus really the national and regional players. And we are heavily weighted towards the national and regional players. The only thing I would add is we have better communication than we've ever had with all of our retailers, primarily because of what the pandemic really forced a lot of us to do, which was, again, have constant dialogue with our retailer partners. And handling the PPP program as we did, gaining access to our small shops in the way we have, giving them the opportunity to access capital in times of need, I think we have very close ties now with our partners and our retailers that we believe will hopefully be able to weather this next storm.

我們確實在我們的投資者介紹中取得了突破，這些小商店實際上更本地化，而不是真正的國家和地區參與者。我們非常重視國家和地區的參與者。我唯一要補充的是，我們與所有零售商的溝通比以往任何時候都更好，這主要是因為大流行病真正迫使我們很多人做的事情，再次是與我們的零售商合作夥伴不斷對話.像我們一樣處理 PPP 計劃，以我們現有的方式進入我們的小商店，讓他們有機會在需要時獲得資金，我認為我們現在與我們相信的合作夥伴和零售商有著非常密切的聯繫希望能夠經受住下一場風暴。

(Operator Instructions) And our next question comes from Ki Bin Kim with Truist.

（操作員說明）我們的下一個問題來自 Ki Bin Kim 和 Truist。

Two questions. First, I noticed that you guys started the development on Coulter Place. It looks like it's a preferred equity investment with the Bozzuto Group. I was just curious if you can provide some more color on the structure pricing. And if the income from that preferred equity investment is based on the dollars they put to work? Or is it kind of all upfront? And second question, going back to Bed Bath & Beyond. I guess what is part of your -- the thinking in your budget? Are you assuming that they all eventually shut down, you get it back? Or also just curious about how that configures your budget.

兩個問題。首先，我注意到你們開始了 Coulter Place 的開發。看起來這是對 Bozzuto Group 的優先股權投資。我只是好奇您是否可以在結構定價上提供更多顏色。如果優先股投資的收入是基於他們投入工作的美元？還是一切都是預先的？第二個問題，回到 Bed Bath & Beyond。我想你的預算中有什麼想法？你假設他們最終都關閉了，你把它拿回來了嗎？或者也只是好奇如何配置您的預算。

Sure. I'll take the first one on Coulter. So yes, the Coulter project is our first multifamily activation in our preferred equity structure. As for this up, you'll see that the gross cost yield for that investment will be approximately 5% to 6%, which is consistent with what you'd see historically as multifamily projects developing towards.

當然。我會在 Coulter 上拿第一個。所以，是的，Coulter 項目是我們首選股權結構中的第一個多戶激活項目。至於這一點，您會看到該投資的總成本收益率約為 5% 至 6%，這與您在歷史上看到的多戶項目發展方向一致。

As a result of our preferred equity structure, though, we're able to contribute the land as well as our pursuit costs in a preferred yield, and then blended together with some additional contribution to common equity. We're able to achieve a yield that exceeds our current cost of capital, which makes it accretive to us and hit that low double-digit return that we're looking for. So right now, we're excited Bozzuto is a wonderful partner, very, very qualified and established player in the business, and it's a great property. So it's a good first effort on this structure.

不過，由於我們的優先股權結構，我們能夠以優先收益貢獻土地和我們的追求成本，然後與對普通股的一些額外貢獻混合在一起。我們能夠實現超過我們當前資本成本的收益率，這對我們來說是增值的，並達到了我們正在尋找的低兩位數回報。所以現在，我們很高興 Bozzuto 是一個很棒的合作夥伴，在這個行業非常非常有資格和成熟的參與者，而且它是一個很棒的財產。所以這是在這個結構上的一個很好的初步努力。

On the Bed Bath question, we are anticipating getting them all back. I think that's the better way to budget is to just not anticipate anything being sold in the auction process and having the associated downtime and leasing costs with each box. So I think that, again, is incorporated in our budget and our guidance.

在 Bed Bath 問題上，我們期待讓它們全部恢復。我認為更好的預算方式是不要預期拍賣過程中會出售任何東西，以及每個盒子都有相關的停機時間和租賃成本。所以我認為，這再次納入了我們的預算和指導中。

And the next question comes from Greg McGinniss with Scotiabank.

下一個問題來自豐業銀行的 Greg McGinniss。

Two-parter here as well. First, Ross, apologies if I missed this, but could you discuss the cap rates achieved on the acquisitions and dispositions this quarter? And then for the follow-up on cost of capital. Are you willing to use the low-cost Albertsons cash to offer lower cap rates to sellers and potentially get them off the sidelines? Or how are you thinking about your cost of capital and targeted investment yields?

這裡也是二人組。首先，羅斯，如果我錯過了這一點，我深表歉意，但你能否討論一下本季度收購和處置所實現的資本化率？然後是後續的資金成本。您是否願意使用低成本的 Albertsons 現金向賣家提供較低的資本化率並可能讓他們退出市場？或者您如何考慮您的資本成本和目標投資收益率？

Sure. I didn't mention that, but I'm happy to address it. The acquisition cap rate on the grocery income centers that we acquired in Southern California, we're funding right to around 6. And when you look at the spread on the dispositions, it was about 150 basis point spread. So that's really a year 1 cap rate. What we're most focused on is what the growth profile of those assets are. You sign them up, compare it to each other. So we see outsized growth from the grocery-anchored center that we acquired, whereas the power centers that we sold would either be flat or even potentially moving negative. So that's really the focus When thinking about recycling into growth, high-quality grocery-anchored centers versus the power centers that we sold.

當然。我沒有提到這一點，但我很樂意解決這個問題。我們在南加州收購的雜貨收入中心的收購上限率，我們的資金正好在 6 左右。當你看一下處置的價差時，它的價差約為 150 個基點。所以這真的是一年 1 的上限率。我們最關注的是這些資產的增長情況。你註冊他們，相互比較。因此，我們看到我們收購的以食品雜貨為中心的中心實現了超額增長，而我們出售的電力中心要么持平，要么甚至可能出現負增長。因此，當考慮將回收利用轉化為增長、高質量雜貨店錨定中心與我們出售的電力中心時，這才是真正的重點。

In terms of the low cost of capital from the Albertsons, I mean, it's a great position to be in. Obviously, the hurdles are a little bit lower from the Albertsons capital that was achieving around a 2% dividend yield. Now that being said, it really is the balance for us between trying to move aggressively and put the capital to work, and being patient for opportunities that we expect will present themselves here in the back half of the year. So we're not looking to necessarily overpay or set the market just to get people off the sidelines, but we can move very aggressively and quickly if opportunities present themselves that we really like. So it gives us a lot of flexibility with the liquidity position that we have.

就 Albertsons 的低成本資本而言，我的意思是，這是一個很好的位置。顯然，Albertsons 的資本實現了 2% 左右的股息收益率，障礙要低一些。話雖這麼說，但對我們來說，這確實是在積極行動和投入資金與耐心等待我們預計將在今年下半年出現的機會之間取得平衡。因此，我們並不一定要多付錢或設定市場只是為了讓人們離場，但如果我們真正喜歡的機會出現，我們可以非常積極和迅速地採取行動。因此，它為我們擁有的流動性頭寸提供了很大的靈活性。

And the next question comes from Ronald Kamdem with Morgan Stanley.

下一個問題來自摩根士丹利的 Ronald Kamdem。

Just one quick question and a follow-up. So the first is just on capital allocation priorities. Can you just remind me how you guys are thinking about stack ranking it? Is it sort of acquisitions in the fixed range? Is it some of the structured investments given tightening lending conditions? What sort of makes the most sense right now if you could sort of flip your wand, what would you ramp up on?

只是一個簡單的問題和一個跟進。所以首先是關於資本分配的優先事項。你能提醒我你們是如何考慮堆棧排名的嗎？它是固定範圍內的收購嗎？在收緊貸款條件的情況下，這是一些結構性投資嗎？如果你可以翻轉你的魔杖，現在最有意義的是什麼，你會增加什麼？

And then the follow-up question is sort of a related Bed Bath & Beyond question. But it seems like you guys are sort of ahead of that, 15% to 20% mark-to-market really interesting. But as we think about sort of what's coming down the line, what's coming next, Party City and things like that, can you just compare and contrast how you guys are thinking about that box size, mark-to-market demand? Anything would be sort of helpful so we can get a sense what that potentially could look like.

然後後續問題是一種相關的 Bed Bath & Beyond 問題。但看起來你們有點領先，15% 到 20% 按市值計價真的很有趣。但是，當我們考慮即將發生的事情，接下來會發生什麼，派對城之類的事情時，您能否比較和對比你們如何考慮盒子大小，按市場計價的需求？任何事情都會有所幫助，因此我們可以了解它可能是什麼樣子。

Sure. So on capital allocation priorities, 1, 2 and 3, we always say, are leasing, leasing, leasing. Now you start there. And obviously, the fundamentals of our business continue to shine. Followed by that, the highest return for us are these smaller redevelopments where we can activate parking lots and create a pad parcel or expand an existing shopping center. Those typically yield in the double-digit range. And so we like to activate those as many as possible. We typically run in the range of $80 million to $90 million a year or so of those projects. And we're looking through the portfolio to try and generate more of those unique opportunities.

當然。因此，在資本配置優先級上，我們常說的 1、2 和 3 是租賃、租賃、租賃。現在你從那裡開始。顯然，我們業務的基本面繼續閃耀。其次，對我們來說最高的回報是這些較小的重建項目，我們可以在這些項目中激活停車場並創建一個地塊或擴建現有的購物中心。這些通常在兩位數範圍內產生。因此，我們希望盡可能多地激活它們。我們通常每年在這些項目中投入 8000 萬至 9000 萬美元左右。我們正在研究投資組合，以嘗試創造更多這些獨特的機會。

After that, typically, it's a blend of the structured investment program as well as core opportunities, as well as the preferred equity and the mixed-use redevelopment quite potentially. You look at the suite of opportunities there, and you try and make sure you blend to a cost of capital that obviously reflects where we are today. We are in a unique position where we have a lot of Albertsons capital to deploy. But as Ross mentioned, we're continuing to be patient there and look for those -- a fat pitch, a unique opportunity to really take advantage of dislocation. And we've done it before, and we'll do it again. We continue to think we're well positioned to be opportunistic there.

在那之後，通常，它是結構性投資計劃和核心機會的結合，以及很有可能的優先股和混合用途再開發。你看看那裡的一系列機會，你試著確保你融入了明顯反映我們今天所處位置的資本成本。我們處於一個獨特的位置，我們有大量的艾伯森資本可供部署。但正如羅斯提到的那樣，我們將繼續在那裡耐心等待並尋找那些——一個胖球場，一個真正利用錯位的獨特機會。我們以前做過，我們會再做一次。我們仍然認為我們已經做好了在那裡投機取巧的準備。

Sorry. Repeat the question of (inaudible). It was related to the other tenants coming down Party City and the air box size.

對不起。重複（聽不清）的問題。這與派對城的其他租戶和航空箱大小有關。

Sure. Yes. part, sorry. Party City is in terms of bauxite is 14,000 square feet. Right now, we don't anticipate. None of them have been rejected. So we're in pretty good shape there. And then with Tuesday Morning and David's Bridal, Tuesday morning is similar in size, David's Bridal is a smaller nature, more in that under 10,000 square feet.

當然。是的。部分，對不起。 Party City以鋁土礦而言是14,000平方英尺。現在，我們沒有預料到。他們都沒有被拒絕。所以我們在那裡的狀態非常好。然後是星期二早上和大衛的婚禮，星期二早上的規模相似，大衛的婚禮是一個更小的自然，更多的是在 10,000 平方英尺以下。

Thank you, and last question comes from Linda Tsai with Jefferies.

謝謝，最後一個問題來自 Jefferies 的 Linda Tsai。

Sorry if I missed it earlier, how much of your full year credit loss expectation of 75 to 125 basis points was realized in 1Q?

抱歉，如果我之前錯過了，您對 75 到 125 個基點的全年信用損失預期中有多少在第一季度實現了？

So the credit loss for the first quarter was around 95 basis points. Again, in line with where guidance is, and it accounts for the impact of the Bed Baths that we had and Party City and some of David's Bridal.

因此，第一季度的信用損失約為 95 個基點。同樣，根據指導的位置，它說明了我們擁有的 Bed Baths 和 Party City 以及一些 David's Bridal 的影響。

And the next question comes from Craig Schmidt with Bank of America.

下一個問題來自美國銀行的克雷格施密特。

Looking at the operating goals for mixed use, I guess I was surprised that wasn't going to grow a little bit more from the 13% to 15% given the added multifamily resi units you're projecting. And then as you get past the 2025 goal, may you accelerate the mixed-use redevelopment? I mean you have a pretty extensive list of things you have that you're pursuing entitlements and future projects?

看看混合使用的運營目標，我想我很驚訝，考慮到您計劃增加的多戶 resi 單元，它不會從 13% 增長到 15%。然後當你超過 2025 年的目標時，你可以加速混合用途的重建嗎？我的意思是你有一份相當廣泛的清單，列出了你正在追求的權利和未來的項目？

Yes. It's a good question, Craig. Obviously, we've ramped that program from virtually 0 to where it is today in the last 3 or 4 years. So we have seen continued growth in the mixed-use platform, and we like the fundamentals of really how they drive value to each other. The retail really drives value to the residential and the apartments because of the amenity base that it provides and the apartments drive a lot of value to the retail because you have a built-in shopper base and the traffic patterns continue to uptick there.

是的。這是個好問題，克雷格。顯然，在過去的 3 或 4 年裡，我們已經將該計劃從幾乎為 0 增加到今天的水平。因此，我們看到了混合用途平台的持續增長，我們喜歡它們真正如何為彼此帶來價值的基本原理。零售業確實為住宅和公寓帶來了價值，因為它提供了便利設施，而公寓為零售業帶來了很多價值，因為你有一個內置的購物者基礎，而且那裡的交通模式繼續上升。

So it is one that we'll continue to monitor. We did activate a project this quarter, as you saw. We like the opportunity to activate using a CapEx-light structure. So again, it doesn't weigh down our growth opportunities. We have a select few that are still active right now on the ground lease that are going to be stabilizing later this year. The same goes for the Milton at Pentagon is about to open here. And we're excited about Suburban Square having a mixed-use component with the residential there. We think we can really hopefully drive a lot of value there.

所以這是我們將繼續監控的一個。如您所見，我們本季度確實啟動了一個項目。我們喜歡有機會使用輕型資本支出結構進行激活。同樣，它不會影響我們的增長機會。我們有一些精選的土地租約目前仍處於活躍狀態，這些租約將在今年晚些時候穩定下來。即將在這裡開業的五角大樓米爾頓酒店也是如此。我們很高興 Suburban Square 有一個混合用途的組件和那裡的住宅。我們認為我們真的有希望在那裡帶來很多價值。

Going forward, we'll continue to obviously hopefully press that goal of 15% from mixed-use and then reevaluate the next -- really the master plan for each asset and how much we can ramp that again, using a CapEx-light structure where we can showcase the growth of the underlying portfolio and still create value for our shareholders longer term.

展望未來，我們顯然希望繼續實現混合用途 15% 的目標，然後重新評估下一個——真正的每項資產的總體規劃，以及我們可以再次增加多少，使用輕型資本支出結構我們可以展示基礎投資組合的增長，並仍然為我們的股東創造長期價值。

Thank you. And the next question comes from Alec Feygin with Baird.

謝謝。下一個問題來自 Baird 的 Alec Feygin。

So a quick question on the plan to use the pretty big cash position that's been built up. Should we expect that large cash position and balance will be there throughout the year or at least until the potential special dividend? Or what's the plan there?

因此，關於使用已經建立的相當大的現金頭寸的計劃的快速問題。我們是否應該期望全年或至少在潛在的特別股息之前會有大量現金頭寸和余額？或者那裡有什麼計劃？

Yes. So the plan is really to be opportunistic. And again, we're going to be patient if the opportunity doesn't present itself, and we're very comfortable maintaining the cash position until it does. But in the interim, we're having lots of conversations with all of our JV partners, talking to a lot of brokers and owners that may need capital as the year progresses. So to the extent that we can utilize that capital accretively, we're very comfortable doing so. Otherwise, we'll just wait for the right opportunity.

是的。所以這個計劃真的是投機取巧。再一次，如果機會沒有出現，我們將保持耐心，我們很樂意在機會出現之前維持現金頭寸。但在此期間，我們與我們所有的合資夥伴進行了大量對話，與許多隨著時間的推移可能需要資金的經紀人和所有者進行了交談。因此，就我們可以增值地利用這些資本而言，我們很樂意這樣做。否則，我們就等待合適的機會。

And the next question comes from Mike Mueller with JPMorgan.

下一個問題來自摩根大通的 Mike Mueller。

Two quick ones here. First, how diversified is the pool of tenants that you're talking to for the Bed Bath releases? And then is it safe to say that you're largely finished with the Albertsons monetizations this year?

這裡有兩個快速的。首先，您正在與 Bed Bath 版本交談的租戶群體有多多樣化？那麼可以肯定地說，您今年基本上已經完成了 Albertsons 的貨幣化工作嗎？

I'll do the Albertsons first. With both transactions that we did, one in March, one in April, we are done for the year. Those proceeds and the gains from them are about as much as we can do, including the special dividend that we receive relative to our gross income test. So we will hold on to the shares for the remainder of the year, and then look for further monetization in 2024.

我會先做Albertsons。通過我們所做的兩筆交易，一筆在三月，一筆在四月，我們完成了這一年。這些收益和從中獲得的收益是我們力所能及的，包括我們收到的相對於我們的總收入測試的特別股息。因此，我們將在今年剩餘時間內持有這些股票，然後在 2024 年尋求進一步貨幣化。

Yes. In terms of the diversity, it is a healthy and diverse pool. You have your usual suspects, obviously in the off-price category, grocery interest, furniture, fitness, entertainment uses. And then within each of those categories, you're getting a variety of names as well. So it's nice to see that type of diversity for these boxes.

是的。就多樣性而言，它是一個健康且多樣化的池。你有你通常的嫌疑人，顯然是在折扣類別、雜貨興趣、家具、健身、娛樂用途。然後在每個類別中，你也會得到各種各樣的名字。所以很高興看到這些盒子的多樣性。

Mike, one thing to keep in mind, too, is there are some -- with the off-price wars that are going on right now, and they have a lot of demand for new space, you could see some of them being very aggressive in the auction process because of the unique attributes of the Bed Bath leases, which would allow them to get into centers that they may previously not be allowed to because of use provisions. So it will be interesting to watch what happens there.

邁克，還有一件事要記住，有一些——隨著現在正在進行的降價戰爭，他們對新空間有很多需求，你可以看到其中一些非常激進在拍賣過程中，因為 Bed Bath 租約的獨特屬性，這將使他們能夠進入以前由於使用規定而不允許他們進入的中心。所以觀察那裡發生的事情會很有趣。

And the next question is a follow up from Linda Tsai with Jefferies.

下一個問題是 Linda Tsai 與 Jefferies 的後續問題。

Just a follow-up on the off-price wars. Are you seeing rental rate increases result from the off-pricers competing with each other?

只是價格戰的後續行動。您是否看到租金上漲是由於價格低廉的相互競爭造成的？

Yes. I mean when you have more than 1 bidder at the table, it creates a competitive environment. So obviously, as a result of that, you can see some price increases on rents for boxes.

是的。我的意思是當你在談判桌上有超過 1 個投標人時，它會創造一個競爭環境。很明顯，因此，您可以看到箱子的租金價格有所上漲。

Okay. That is all the time we have for today's question-and-answer session. I would like to turn the floor back over to management for closing comments.

好的。這是我們今天問答環節的全部時間。我想將發言權交還給管理層以徵求結束意見。

Thank you very much for joining the call today. Enjoy the rest of your day.

非常感謝您今天加入電話會議。享受你剩下的一天。

Thank you, and thank you for attending today's presentation. You may now disconnect your lines.

謝謝大家，也謝謝你們參加今天的演講。您現在可以斷開線路。