Kimco Realty Corp (KIM) 2023 Q3 法說會逐字稿

Good day, and welcome to the Kimco Realty Third Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

美好的一天，歡迎參加 Kimco Realty 2023 年第三季財報電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to David Bujnicki, Senior Vice President, Investor Relations and Strategy. Please go ahead.

我現在想將會議交給投資者關係和策略高級副總裁 David Bujnicki。請繼續。

Good morning, and thank you for joining Kimco's Quarterly Earnings Call. The Kimco management team participating on the call today includes Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment; 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 的季度收益電話會議。今天參加電話會議的 Kimco 管理團隊包括 Kimco 執行長 Conor Flynn；羅斯·庫珀，總裁兼首席投資；格倫·科恩，我們的財務長。 Dave Jamieson，Kimco 營運長；以及我們執行團隊的其他成員也可以在電話會議中回答問題。

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.

謹此提醒，本次電話會議期間發表的聲明可能被視為前瞻性聲明，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聲明中的預測存在重大差異和其他因素。

Please refer to the company's SEC filings that address such factors. 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.

請參閱該公司向 SEC 提交的有關此類因素的文件。在本次簡報中，管理階層可能會參考某些非 GAAP 財務指標，我們認為這些指標有助於投資人更了解 Kimco 的經營績效。這些非 GAAP 財務指標的調整可以在 Kimco 投資者關係網站上的季度補充財務資訊中找到。

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

此外，如果我們的電話遇到技術困難，我們將盡力盡快解決，如果有需要，我們將在我們的 IR 網站上發布更多資訊。然後，我會將電話轉給康納。

Thanks, Dave, and thanks, everyone, for joining us this morning. I'm going to lead off today with an overview of the macro environment, summarize our operating performance for the quarter, and provide an update and some color on our strategy for navigating through these uncertain economic times. Ross will cover the transaction market, and Glenn will close with our financial metrics and updated guidance.

謝謝戴夫，謝謝大家今天早上加入我們。今天，我將首先概述宏觀環境，總結我們本季的經營業績，並提供我們應對這些不確定的經濟時期的策略的最新情況和一些資訊。羅斯將介紹交易市場，格倫將介紹我們的財務指標和最新指導。

Despite the headwinds of high interest rates, some high-profile tenant bankruptcies, shaky debt and equity markets and the on-again, off-again predictions of an impending recession, underlying shopping center sector fundamentals remain robust. More importantly, our portfolio continues to produce strong operating results as we have been able to nearly overcome from an FFO perspective, over $0.06 of noncash accounting-related headwinds relative to last year in an environment marked by virtually no new supply, strong demand from new, recurring, traditional and nontraditional anchored small shop tenants, along with the resilient consumer, we continue to produce strong operating results.

儘管面臨高利率、一些引人注目的租戶破產、債務和股市不穩定以及對即將到來的經濟衰退時斷時續的預測等不利因素，購物中心行業的基本面仍然強勁。更重要的是，我們的投資組合繼續產生強勁的經營業績，因為從FFO 的角度來看，我們幾乎能夠克服與去年相比超過0.06 美元的非現金會計相關阻力，而環境中幾乎沒有新的供應，新的需求強勁。 、經常性的、傳統的和非傳統的固定小商店租戶，以及有彈性的消費者，我們繼續創造強勁的經營業績。

Indeed, our third quarter results were stronger than anticipated enabling us to raise our outlook for same-site NOI while raising the bottom end of our FFO guidance for the remainder of the year. A few more third quarter highlights. We signed 457 leases totaling 2.1 million square feet during the third quarter. Our small shop occupancy reached an all-time high of 91.1% as demand for our portfolio continues.

事實上，我們第三季的業績強於預期，使我們能夠提高同廠 NOI 的預期，同時提高今年剩餘時間的 FFO 指導下限。第三季還有一些亮點。第三季度，我們簽署了 457 份租賃合同，總面積達 210 萬平方英尺。隨著對我們產品組合的需求持續成長，我們的小店入住率達到了 91.1% 的歷史最高水準。

Our strong positive leasing spreads is 34.9% for new leases and 8.8% for renewal and options reflects the pricing power of our high-quality portfolio. Of note, our combined spread of 13.4% is the highest in 6 years. As anticipated, our anchor occupancy dipped 50 basis points quarter-over-quarter to 97.2% due to the recapture of the remaining Bed Bath & Beyond boxes. We re-leased 7 Bed Bath boxes this quarter at a positive spread of 54%. Our remaining 12 Bed Bath boxes are all in negotiations and continue to benefit from the favorable supply and demand dynamic for well-located retail.

我們新租賃的強勁正租賃利差為 34.9%，續租和選擇權租賃利差為 8.8%，這反映了我們高品質投資組合的定價能力。值得注意的是，我們的綜合利差為 13.4%，是 6 年來最高的。正如預期的那樣，由於收回了剩餘的 Bed Bath & Beyond 包廂，我們的主力入住率環比下降了 50 個基點至 97.2%。本季我們以 54% 的正利差重新出租了 7 個床位浴室箱。我們剩餘的 12 個床位浴室箱均正在談判中，並將繼續受益於位置優越的零售的有利供需動態。

Our overall occupancy is off only 30 basis points to 95.5%, notwithstanding the headwinds described. We are encouraged by the continued push by tenants to secure the right real estate with the right landlord. This continued strong demand is perhaps best evidenced by our signed but not open spread, which actually widened out this quarter to 320 basis points representing about $52.2 million of rent that is not yet cash flowing. It is these operating dynamics in our own portfolio that continue to build our team's enthusiasm for the pending RPT transaction.

儘管有上述不利因素，但我們的整體入住率僅下降了 30 個基點，達到 95.5%。我們對房客不斷努力向合適的房東爭取合適的房產感到鼓舞。這種持續強勁的需求也許最好地體現在我們簽署但未公開的價差上，本季價差實際上擴大到了 320 個基點，相當於尚未現金流出的約 5,220 萬美元租金。正是我們自己的投資組合中的這些營運動態繼續激發了我們團隊對懸而未決的 RPT 交易的熱情。

While we remain excited about our portfolio, the headwinds I noted earlier cannot be ignored. As a result of the dramatic rise in the 10-year treasury due to persistent inflation, in all likelihood, we will remain in a higher for longer interest rate environment for the foreseeable future. To mitigate balance sheet uncertainty and maintain a stance of derisking our exposure to market forces we do not control, we proactively address our near-term debt maturities. Glenn will provide more details on how we plan to maintain optionality and flexibility.

雖然我們對我們的投資組合仍然感到興奮，但我之前指出的不利因素也不容忽視。由於持續的通貨膨脹導致十年期公債大幅上漲，在可預見的未來，我們很可能仍將處於長期較高的利率環境中。為了減輕資產負債表的不確定性並保持降低我們無法控制的市場力量風險的立場，我們積極解決近期債務到期問題。格倫將提供有關我們計劃如何保持選擇性和靈活性的更多詳細資訊。

We also continue to prioritize generating free cash flow. We are laser-focused on expediting store openings and rent commencement dates, while reducing expenses that are not income producing. Free cash flow growth will allow us to be self-funding and help produce strong organic internal NOI growth as we move ahead.

我們也繼續優先考慮產生自由現金流。我們專注於加快商店開業和租金開始日期，同時減少不產生收入的支出。自由現金流的成長將使我們能夠自籌資金，並在我們前進的過程中幫助產生強勁的內部 NOI 有機成長。

In summary, we continue to build a company, team and portfolio that is resilient and able to drive growth in challenging times. We believe we are well positioned to execute and take advantage of the additional opportunities that will inevitably arise as we continue to work to optimize shareholder value. Ross?

總而言之，我們將繼續打造一家具有彈性並能夠在充滿挑戰的時期推動成長的公司、團隊和投資組合。我們相信，我們有能力執行和利用隨著我們繼續努力優化股東價值而不可避免的額外機會。羅斯？

Thank you, Conor, and good morning all. It was a busy quarter for Kimco on all fronts, including the transaction side of the business. While the macro backdrop continues to be volatile, the dislocation that has begun to emerge clearly benefits well-capitalized owners and operators, those with the scale and liquidity to not only weather challenging times, but take advantage of them.

謝謝你，康納，大家早安。對於 Kimco 來說，這個季度在各個方面都是忙碌的一個季度，包括業務的交易方面。儘管宏觀背景持續波動，但已經開始出現的混亂顯然有利於資本雄厚的業主和營運商，這些企業擁有規模和流動性，不僅能夠度過充滿挑戰的時期，而且能夠利用它們。

With rates continuing to rise and financing more difficult to obtain, creativity and utilizing unique advantages is how to win in this environment. To that point, in August, we capitalized on an opportunity to acquire a dominant grocery-anchored lifestyle center in one of our top markets. Stonebridge at Potomac Town Center is a 500,000 square foot trophy asset in Washington, D.C. Metro, with all the attributes we look for in a property, starting with the best-in-class grocer in this case, Wegmans with exceptional sales.

隨著利率持續上升，融資越來越困難，創造力和利用獨特優勢是在這種環境下獲勝的關鍵。到那時，我們在八月抓住了一個機會，在我們的頂級市場之一收購了一家主導的雜貨生活方式中心。位於波托馬克鎮中心的Stonebridge 是華盛頓特區都會區的一處佔地500,000 平方英尺的獎杯資產，具備我們在房產中尋找的所有屬性，首先是在本例中一流的雜貨店Wegmans，其銷售額極高。

The market also has excellent demographics with over 115,000 annual household incomes and over 110,000 people in a 3-mile radius that also pulls from a trade area that stretches upwards of 40 miles due to the tenancy and regional locations. The property will allow us to layer in our platform to create additional value and cash flow growth, both from upgrading specific tenants and rental levels over time.

該市場還擁有出色的人口統計數據，家庭年收入超過 115,000 人，半徑 3 英里的範圍內人口超過 110,000 人，由於租賃和區域位置的原因，該區域也來自綿延 40 英里的貿易區。該物業將使我們能夠在我們的平台上分層，透過隨著時間的推移升級特定租戶和租金水平來創造額外的價值和現金流增長。

Additionally, the asset includes over 50 acres of land providing us with the optionality to densify with mixed use in the future. Historically, this is an asset that every institutional owner would be chasing and would likely have a premium cap rate attached to it due to all the positive attributes. However, with financing tight and for a large deal size, Kimco stood out with its ability to close all cash on the $172.5 million purchase price, which allowed us to negotiate a cap rate north of 7% for our newest Signature Series asset.

此外，該資產包括超過 50 英畝的土地，為我們提供了未來透過混合用途進行緻密化的選擇。從歷史上看，這是每個機構所有者都會追逐的資產，並且由於所有積極的屬性，它可能會附加溢價上限利率。然而，由於融資緊張且交易規模較大，Kimco 憑藉其以1.725 億美元的收購價格結清所有現金的能力而脫穎而出，這使我們能夠為我們最新的Signature 系列資產協商將上限利率提高到7% 以上。

During the quarter, we also announced the merger with RPT Realty. This is another clear example of utilizing our platform to negotiate a highly favorable cap rate for a well-regarded portfolio of primarily grocery-anchored centers. Similar to the timing on the Weingarten transaction, we view this as another unique window during which the competition is limited and we can take advantage. As it relates to structured investments, there has been a noticeable uptick in discussions and potential opportunities in the past 30 to 60 days.

本季度，我們也宣布與 RPT Realty 合併。這是利用我們的平台為主要以雜貨為主的中心的備受好評的投資組合談判非常優惠的上限利率的另一個明顯例子。與 Weingarten 交易的時機類似，我們認為這是另一個獨特的窗口，在此期間競爭有限，我們可以利用。由於與結構性投資相關，過去 30 至 60 天內的討論和潛在機會顯著增加。

Admittedly, we expected these conversations to ramp up earlier in the year but it seems to be happening at a more significant pace as of late. Conversations are taking place with operators facing debt maturities, groups looking for capital to transact on unique one-off opportunities as well as institutional investors facing redemptions that are looking at recaps.

誠然，我們預計這些對話會在今年早些時候增加，但最近似乎以更快的速度發生。正在與面臨債務到期的運營商、尋求資本以利用獨特的一次性機會進行交易的團體以及面臨贖回並正在考慮重述的機構投資者進行對話。

We're being very selective in where we participate, but we expect this part of our business to grow as we move forward. All in all, we are excited about the activity during the quarter and our ability to utilize our position and sector-leading liquidity to remain active when others are (inaudible) on sidelines. We will continue to be extremely judicious with our capital but be ready to move opportunistically. And now off to Glenn for the financial highlights for the quarter.

我們對參與的領域非常有選擇性，但我們預計這部分業務會隨著我們的前進而成長。總而言之，我們對本季度的活動以及我們利用我們的地位和行業領先的流動性在其他人（聽不清楚）觀望時保持活躍的能力感到興奮。我們將繼續對我們的資本保持極其審慎的態度，但也要做好機會主義行動的準備。現在請格倫來了解本季的財務亮點。

Thanks, Ross, and good morning. Our third quarter results continue to demonstrate the strength of our high-quality operating portfolio highlighted by robust leasing spreads and positive same-site NOI growth. Importantly, our strong liquidity position and leverage metrics position us to effectively handle the macroeconomic headwinds resulting from stubborn inflation and the higher interest rate environment. Now for some details on our third quarter results. was $248.6 million or $0.40 per diluted share as compared to last year's third quarter results of $254.5 million or $0.41 per diluted share.

謝謝，羅斯，早安。我們第三季的業績繼續證明了我們高品質營運投資組合的實力，其中強勁的租賃利差和同址 NOI 的積極成長凸顯了這一點。重要的是，我們強大的流動性部位和槓桿指標使我們能夠有效應對頑固的通貨膨脹和較高的利率環境所帶來的宏觀經濟阻力。現在了解我們第三季業績的一些詳細資訊。去年第三季的業績為 2.486 億美元，即稀釋後每股 0.40 美元，而去年第三季的業績為 2.545 億美元，即稀釋後每股 0.41 美元。

Our third quarter results produced an increase in pro rata NOI of $3.3 million. The key components of the increase were higher consolidated minimum rent of $12.6 million offset by lower LTA income and straight-line rent of $4.7 million. In addition, bad debt expense was higher by $2.8 million as the current period had a more normalized credit loss level compared to last year, which benefited from $600,000 of credit loss income due to reversals of reserves.

我們第三季的業績按比例 NOI 增加了 330 萬美元。成長的關鍵因素是綜合最低租金上漲 1,260 萬美元，但 LTA 收入下降和直線租金 470 萬美元抵消了這一影響。此外，壞帳費用增加了280萬美元，因為本期的信用損失水準比去年更加正常化，受益於準備金轉回帶來的60萬美元的信用損失收入。

Overall, credit loss was at 71 basis points as a percent of revenues for the 9 months, at the favorable end of our 75 basis point to 125 basis point credit loss guidance assumption. Pro rata interest expense was also higher by $10 million, comprised of $8 million from the consolidated portfolio and $2 million from our joint ventures. This was due to lower fair market value amortization resulting from the early repayment of Weingarten bonds in the third quarter of last year and higher interest rates on the floating rate debt in our joint ventures. Also included in FFO for the third quarter 2023, are $3.8 million of costs incurred in connection with the announced RPT merger and a net benefit of $4.8 million associated with the final liquidation of the Weingarten pension plan.

整體而言，這 9 個月的信用損失佔收入的百分比為 71 個基點，處於我們 75 個基點至 125 個基點信用損失指導假設的有利端。按比例計算的利息支出也增加了 1,000 萬美元，其中 800 萬美元來自合併投資組合，200 萬美元來自我們的合資企業。這是由於去年第三季提前償還 Weingarten 債券導致公平市場價值攤銷較低以及我們合資企業的浮動利率債務利率較高。 2023 年第三季的 FFO 中還包括與宣布的 RPT 合併相關的 380 萬美元成本，以及與 Weingarten 退休金計劃最終清算相關的 480 萬美元淨利潤。

Moving to the operating portfolio. Leasing activity remained brisk throughout the quarter, as Conor mentioned. Same-site NOI growth was positive 2.6% for the third quarter. And if we excluded the impact of prior period collections, it would have increased to 3.1%. The primary drivers of the same-site NOI growth are higher minimum rents contributing 290 basis points and other rental revenues adding 40 basis points. These increases were offset by a more normalized level of credit loss impacting same-site NOI growth by 90 basis points.

轉向營運投資組合。正如康納所說，整個季度的租賃活動仍然活躍。第三季同址 NOI 成長 2.6%。如果我們排除前期收款的影響，這一比例將增加至 3.1%。同址 NOI 成長的主要驅動力是最低租金上漲 290 個基點，其他租金收入增加 40 個基點。這些成長被更正常化的信貸損失水準所抵消，影響同址 NOI 成長 90 個基點。

Overall, these results demonstrated the continued strength of our well-located portfolio and brings our year-to-date same-site NOI growth to 2%. Turning to the balance sheet. We ended the third quarter with consolidated net debt to EBITDA of 5.5x. On a look-through basis, including pro rata JV debt and preferred -- perpetual preferred stock outstanding, net debt to EBITDA was 5.9x, the same as last quarter and 0.4x better than a year ago.

總體而言，這些結果證明了我們地理位置優越的投資組合的持續實力，並使我們今年迄今的同址 NOI 成長達到 2%。轉向資產負債表。第三季末，我們的綜合淨債務佔 EBITDA 的比例為 5.5 倍。縱觀來看，包括按比例合資企業債務和優先股（已發行的永久優先股），EBITDA 淨債務為 5.9 倍，與上季度相同，比一年前高出 0.4 倍。

Our liquidity position remains very strong at over $2.4 billion at quarter end. This was comprised of more than $400 million in cash and full availability of our $2 billion revolving credit facility. In addition, we have our remaining Albertsons shares, which have a value of over $320 million. Subsequent to quarter end, we issued a new $500 million long 10-year unsecured bond which is scheduled to mature in 2034 at a fixed coupon of 6.4%. As we are all aware, interest rates have risen dramatically over the past year and further rate increases are not off the table.

我們的流動性狀況仍然非常強勁，季末超過 24 億美元。其中包括超過 4 億美元的現金以及我們完全可用的 20 億美元循環信貸額度。此外，我們還擁有剩餘的艾伯森股份，價值超過 3.2 億美元。季度末後，我們發行了新的 5 億美元長期 10 年期無擔保債券，計劃於 2034 年到期，固定票面利率為 6.4%。眾所周知，過去一年利率大幅上升，進一步升息並非不可能。

As such, we felt it was prudent to address our upcoming 2024 unsecured bond maturities, which come due in the first quarter of next year. Pending the maturity, we have invested the proceeds in high-quality instruments to mitigate a large portion of the dilution.

因此，我們認為解決即將於明年第一季到期的 2024 年無擔保債券到期問題是謹慎的做法。在到期之前，我們將收益投資於高品質的工具，以減輕大部分稀釋。

Now for our outlook for the remainder of 2023. As Conor noted earlier, we began the year facing a noncash headwind of $0.06 per share totaling $36 million compared to 2022, stemming from the anticipated lower fair market value amortization from the early repayment of the Weingarten bond and the normalization of credit loss.

現在談談我們對2023 年剩餘時間的展望。正如康納早些時候指出的那樣，與2022 年相比，我們在今年伊始面臨著每股0.06 美元的非現金逆風，總計3600 萬美元，這是由於提前償還Weingarten 債務導致的預期公平市場價值攤銷較低債券和信用損失正常化。

In addition, we reduced our 2023 lease termination income assumption by $10 million or $0.02 per diluted share in the first quarter. As a result of the strong performance from the operating portfolio, we have clawed most of this back. Our ability to overcome these headwinds speaks to the stability and strength of our operating portfolio.

此外，我們將第一季 2023 年租約終止收入假設減少了 1,000 萬美元，即稀釋後每股收益 0.02 美元。由於營運投資組合的強勁表現，我們已經收回了大部分資金。我們克服這些不利因素的能力證明了我們經營組合的穩定性和實力。

Based on our year-to-date results and our expectations for the fourth quarter, we are again tightening our 2023 FFO per share guidance range to $1.56 to $1.57 from the previous range of $1.55 to $1.57. This includes improving our full year credit loss assumption to a range of 75 basis points to 100 basis points from the previous range of 75 to 125 basis points and increasing our same-site NOI assumption to 1.75% to 2.25% from the previous level of 1% to 2%.

根據我們今年迄今的業績和對第四季度的預期，我們再次將 2023 年 FFO 每股指引範圍從先前的 1.55 美元至 1.57 美元收緊至 1.56 美元至 1.57 美元。這包括將我們的全年信用損失假設從之前的 75 至 125 個基點提高到 75 至 100 個基點，並將同址 NOI 假設從之前的 1 水平提高到 1.75% 至 2.25%。 % 至 2%。

In addition, based on our full year expectations, our Board has elected to increase the fourth quarter common dividend to $0.24 per share, representing an increase of 4.3%. As a reminder, we received a $194 million special dividend from Albertsons earlier this year, which has considered ordinary income for tax purposes but not included in FFO. We continue to evaluate the amount of special dividend needed to satisfy our REIT distribution requirements.

此外，根據我們的全年預期，董事會決定將第四季普通股息提高至每股 0.24 美元，增幅為 4.3%。提醒一下，我們今年稍早從 Albertsons 收到了 1.94 億美元的特別股息，該股息考慮了出於稅收目的的普通收入，但不包括在 FFO 中。我們將繼續評估滿足我們的房地產投資信託基金分配要求所需的特別股利金額。

The Board is expected to declare the amount of special dividend in November, and we expect to pay it by year-end. Looking ahead, we plan to provide our 2024 outlook when we report our fourth quarter results. We anticipate it will be inclusive of the RPT merger being completed early in the year. And with that, we are ready to take your questions.

董事會預計將在 11 月宣布特別股利金額，我們預計將在年底前支付。展望未來，我們計劃在報告第四季業績時提供 2024 年展望。我們預計這將包括今年年初完成的 RPT 合併。至此，我們準備好回答您的問題。

Before we begin Q&A, one additional item of note, today's call will be focused on Kimco's Third Quarter Earnings Results and outlook as a stand-alone company. Today's discussion may also contain forward-looking statements about the company's pending merger with RPT, which remains subject to customary closing conditions, including the approval of RPT shareholders. .

在我們開始問答之前，還有一個值得注意的事項，今天的電話會議將重點討論 Kimco 作為獨立公司的第三季度盈利結果和前景。今天的討論還可能包含有關該公司即將與 RPT 合併的前瞻性陳述，該合併仍須遵守慣例成交條件，包括 RPT 股東的批准。 。

As such, our responses around this pending transaction are limited, the information that's already publicly available, including the transaction announcement, the S-4 and the Merger Agreement, which can all be found in the Investor Relations section of our website. With that, now we can begin the Q&A.

因此，我們對這項待決交易的回應是有限的，已經公開的信息，包括交易公告、S-4 和合併協議，這些都可以在我們網站的投資者關係部分找到。現在我們可以開始問答了。

(Operator Instructions)

（操作員說明）

The first question today comes from Michael Goldsmith with UBS.

今天的第一個問題來自瑞銀集團的麥可‧戈德史密斯。

You purchased an asset in the quarter, you sold assets in the quarter, you're presumably in the market for selling some of the RPT assets when you acquired the company. Can you kind of provide an update on the transaction market with a particular emphasis on how things have changed since the 10-year rate increased?

您在本季度購買了資產，在本季度出售了資產，當您收購公司時，您可能正在市場上出售一些 RPT 資產。您能否介紹一下交易市場的最新情況，特別強調自 10 年期利率上升以來情況發生了怎樣的變化？

Sure, happy to address that. So yes, you're right. We had a very active quarter, as I mentioned. We're very excited about the acquisition of Stonebridge Center. It's going to be a long-term hold where we can create some significant value. The dispositions on the Kimco side were fairly limited. There is one transaction, which I would note that, we sold out of one of our joint ventures, a grocery-anchored shopping center in Southern California at a very low cap rate in the low 5s, which I think showcases still the strength of the market and that there is significant capital, particularly for core grocery centers.

當然，很高興解決這個問題。所以是的，你是對的。正如我所提到的，我們度過了一個非常活躍的季度。我們對石橋中心的收購感到非常興奮。這將是一個長期持有，我們可以創造一些重大價值。 Kimco 方面的部署相當有限。有一項交易，我要指出的是，我們以 5 美元以下的非常低的資本化率出售了我們的一家合資企業，即南加州的一家雜貨店購物中心，我認為這仍然展示了該公司的實力市場，並且有大量資本，特別是核心雜貨中心。

That being said, we're being, I think, very cautious in this market in terms of the fourth quarter and our expectations. There's essentially nothing in the pipeline on the acquisition side between now and year-end. And on the dispositions, they continue to be limited to a couple of select land parcels and a few smaller joint venture assets that we're exploring. So I would tell you that the market is still active, although transaction volumes are down plus or minus 70% year-to-date. There still is capital that is being put to work.

話雖這麼說，我認為，就第四季和我們的預期而言，我們在這個市場上非常謹慎。從現在到年底，收購方面基本上沒有任何進展。在處置方面，它們仍然僅限於我們正在探索的幾塊精選地塊和一些較小的合資資產。因此，我想告訴您，儘管今年迄今交易量下降了正負 70%，但市場仍然活躍。仍有資本投入使用。

Just recently, there were transactions that very aggressive sub-6 cap rates in Southern California aside from the one I mentioned that we sold as well as in Miami. We've seen grocery-anchored centers as well as power centers in Chicago and other parts of the Midwest that are trading in the 6s and the 7s and in some cases, low 8s. The financing is still available, albeit at a higher rates than what we've seen in the last 12 months or so, which is obvious given where the rate environment has gone.

就在最近，除了我提到的我們在邁阿密出售的交易之外，南加州還有一些交易的上限利率低於 6 美元。我們已經看到芝加哥和中西部其他地區的雜貨中心以及電力中心的交易價格為 6 和 7，在某些情況下為低 8。融資仍然可用，儘管利率高於過去 12 個月左右的水平，考慮到利率環境的變化，這一點是顯而易見的。

But LTVs can still be obtained from private owners or investors in the 50% to 60% range. So there's still activity out there. We're encouraged by what we see in the fundamentals of the business, as we've talked about -- and we believe that we can selectively execute at the appropriate time.

但仍可以從私人業主或投資者獲得 50% 至 60% 的 LTV。所以那裡仍然有活動。正如我們所討論的，我們對業務基本面所看到的情況感到鼓舞，並且我們相信我們可以在適當的時間有選擇地執行。

The next question comes from Juan Sanabria with BMO.

下一個問題來自 BMO 的 Juan Sanabria。

Just hoping to pick up on the back of Michael's question with regards to targeted RPT dispositions, presumably that would be focused on the lower growth Midwest markets. Just how committed are you to trying to prune that part of the portfolio, if at all? And how should we think about cap rates spreads or differences between kind of typical primary gateway markets versus more secondary, maybe Midwest or rustbelt-type markets.

只是希望能回答麥可關於有針對性的 RPT 處置的問題，大概會集中在成長較低的中西部市場。如果有的話，您到底有多大決心嘗試削減投資組合的這一部分？我們應該如何考慮資本化率的差距或典型的主要門戶市場與二級市場（可能是中西部或銹帶類型市場）之間的差異。

Sure. We are going to save the specifics of the RPT strategy for once we close the merger. That being said, I would tell you that there is still activity out there, as I mentioned. We've seen transactions in the Midwest as well as in the Sun Belt and other parts of the country. So investors are still looking at all parts of the country and all formats of retail.

當然。一旦我們完成合併，我們將保存 RPT 策略的細節。話雖這麼說，我會告訴你，正如我所提到的，那裡仍然有活動。我們已經看到中西部以及陽光地帶和美國其他地區的交易。因此投資者仍在關注全國各地和零售業態。

There's a significant amount of capital that is currently sidelined that is leading for the appropriate opportunities and frankly, for more supply to hit the market as it's been a pretty stable and static amount of supply that's been introduced. So we'll be very selective.

目前有大量資金被擱置，這導致了適當的機會，坦白說，更多的供應進入市場，因為已經引入了相當穩定和靜態的供應量。所以我們會非常有選擇性。

We're going through the integration process, the premerger integration process right now. So we're formulating our strategy, but we're very encouraged by the direction of the RPT portfolio and what we're seeing. And as we get to the merger and beyond it, we'll be much more specific about the strategy and the plan there.

我們現在正在經歷整合過程，即合併前的整合過程。因此，我們正在製定策略，但 RPT 投資組合的方向和我們所看到的情況讓我們深受鼓舞。當我們進行合併及其他合併時，我們將對那裡的策略和計劃更加具體。

The next question comes from Jeff Spector with Bank of America. .

下一個問題來自美國銀行的傑夫·斯佩克特。 。

I guess just to push on that a little bit, just given the year-to-date stock performance, the market is clearly not appreciating the opportunities or the market is too concerned over the risks on these opportunities. And it sounds exciting. You're seeing more opportunities to come. I guess is there anything else you can share today to alleviate maybe some of these concerns that Kimco is executing the right strategy to be opportunistic?

我想稍微推動一下，考慮到今年迄今的股票表現，市場顯然沒有意識到這些機會，或者市場過度擔心這些機會的風險。聽起來很令人興奮。您會看到更多的機會。我想您今天還有什麼可以分享的，以緩解 Kimco 正在執行正確的機會主義策略的一些擔憂嗎？

Jeff, I'm happy to take that one. So I think when you see a lot of results and the numbers speak for themselves. Clearly, we are very focused on executing our strategy and having that result in strong operating results, strong FFO. We raised our dividend, we raised our guidance, we raised our same-site NOI guidance, the all-time high occupancy for small shops is reflected there, 6-year high on leasing spreads.

傑夫，我很高興接受這個。所以我認為當你看到很多結果並且數字本身就說明了一切。顯然，我們非常專注於執行我們的策略，並實現強勁的營運表現和強大的 FFO。我們提高了股息，我們提高了指導，我們提高了同址 NOI 指導，小商店的歷史高入住率反映在那裡，租賃價差創 6 年來新高。

So we believe we're executing and we're showcasing it and letting the numbers speak for themselves. Clearly, we're in an opportune time with the dislocation in the financing market. We try and be opportunistic. And I think that's what Kimco is known for. And so obviously, it's a show-me story, and we believe we've executed in the past, and we know we're only as good as our last deal. And so we're going to make sure that we continue to put up the numbers that speak for themselves. And when you look -- and I know we've been very vocal about the health of our industry. But when you look at the supply and demand side of the shopping center sector, with the demand, the store openings of what we track over 6,900 new store openings for this year, the supply of 0.5% of the existing stock of new construction, which is the lowest amongst all commercial real estate categories and the vacancy levels for the whole entire open-air sector, depending if you look at Cushman & Wakefield or CBRE, it's the lowest since they've ever been tracking.

因此，我們相信我們正在執行並展示它，並讓數字說明一切。顯然，我們正處於融資市場混亂的有利時機。我們嘗試機會主義。我認為這就是 Kimco 的出名之處。顯然，這是一個向我展示的故事，我們相信我們過去已經執行過，我們知道我們的表現與上一筆交易一樣好。因此，我們將確保繼續提供不言而喻的數字。當你看時，我知道我們一直對行業的健康狀況直言不諱。但當你觀察購物中心產業的供需方面時，隨著需求的增加，我們追蹤的今年新開店數量超過 6,900 家，供應量佔現有新建存量的 0.5%，這是所有商業房地產類別中最低的，也是整個露天領域的空置水平最低的，具體取決於您是否查看戴德梁行（Cushman & Wakefield）或世邦魏理仕（CBRE），這是自他們追踪以來的最低水平。

So between 16 years at Cushman, 18 years at CBRE, this is the lowest vacancy rate the country has ever experienced. And so we're in a good spot. We see that opportunity. We think that the RPT transaction is exactly that. It's a high-quality portfolio with all the wind at its back, so we can crystallize the G&A synergies very quickly. And what gets us most excited, obviously, is the OpEx margin that we can believe we can execute on quickly and bring it up to a Kimco level and block and tackle and showcase what the platform can build.

因此，在戴德梁行的 16 年和世邦魏理仕的 18 年之間，這是該國經歷過的最低空缺率。所以我們處於有利位置。我們看到了這個機會。我們認為RPT交易正是如此。這是一個高品質的產品組合，一切順利，因此我們可以非常快速地體現 G&A 協同效應。顯然，最讓我們興奮的是營運支出利潤，我們相信我們可以快速執行並將其提高到 Kimco 水平，並阻止和解決並展示該平台可以建立的內容。

The next question comes from Craig Mailman with Citi.

下一個問題來自花旗集團的克雷格·梅爾曼。

Just maybe coming at things from another angle on RPT here. Just the 10 years up, call it, 70 bps since you guys announced the transaction, you guys just did the debt deal at [6.4 %], you have to refinance the $880 million. Could you just talk about kind of given where rates are, where they could go, what the optimal mix of cash versus new debt could look like to take that out? And maybe how the accretion math has moved since the deal was announced just given the higher financing costs?

也許只是從 RPT 的另一個角度來看事情。就在 10 年後，自從你們宣布交易以來，70 個基點，你們剛剛以 [6.4%] 的價格完成了債務交易，你們必須為 8.8 億美元再融資。您能否談談在給定利率的情況下，它們可能會走向何方，現金與新債務的最佳組合會是什麼樣子來消除這種情況？考慮到更高的融資成本，自從交易宣布以來，增值數學可能發生了怎樣的變化？

Yes. Craig, it's Glenn. Again, rates obviously have moved a little bit, but we do have a full mix, and we have a fair amount of optionality. We have cash, obviously, that is on our balance sheet. We also have our Albertsons investment that we would expect to be able to monetize in the beginning part of the year. So between that, our access to capital, the revolver we feel pretty comfortable with refinancing of debt at prices relatively close to where we targeted.

是的。克雷格，我是格倫。同樣，費率顯然發生了一些變化，但我們確實有一個完整的組合，我們有相當多的選擇。顯然，我們的資產負債表上有現金。我們還有艾伯森的投資，我們預計能夠在今年年初將其貨幣化。因此，在我們獲得資本、左輪手槍方面，我們對以相對接近我們目標的價格進行債務再融資感到非常滿意。

Rates are up a little bit, but I think from a full standpoint, we still expect the transaction to be FFO accretive in the first year. We have -- again, the revolver was fully available. We're seeing with a significant amount of cash on the balance sheet and Albertsons. I think those give us the flexibility to take down when it is done.

利率略有上漲，但我認為從全面的角度來看，我們仍然預計該交易將在第一年增加 FFO。我們再次證明，左輪手槍是完全可用的。我們看到艾伯森的資產負債表上有大量現金。我認為這讓我們可以靈活地在完成後將其刪除。

The next question comes from Haendel St. Juste with Mizuho.

下一個問題來自 Mizuho 的 Haendel St. Juste。

I will not ask the question on RPT. I wanted to ask about the leasing spreads. My question for you is on leasing spreads. The Bed Bath spread, in particular, which were stronger, I think, than many of us expected. So maybe can you shed some more color here? Are you perhaps offering a bit more TIs? Are you cutting up boxes? And maybe some color on how the conversations are going to backfill the remaining boxes and expectations for spreads on those?

我不會在RPT上問這個問題。我想問一下租賃價差。我想問你的問題是關於租賃利差。尤其是床上浴的傳播，我認為，它比我們許多人預期的更強烈。那麼也許你可以在這裡提供更多的顏色嗎？你們是否可以提供更多的 TI？你在切盒子嗎？也許還有一些關於對話將如何填補剩餘盒子的顏色以及對這些盒子的利差的期望？

Yes. Yes, I appreciate the question. I think it sort of dovetails part of what Conor mentioned about the supply demand and the demand factors that are very much in our favor right now with no new development supply really existing inventory. And so similar message to what we've communicated previously. And a lot of these retailers are looking for opportunities to grow their store count. They have to hit their growth projections over the next several years. And so they've always seen the Bed Bath inventory is one of those clear opportunities.

是的。是的，我很欣賞這個問題。我認為這與康納提到的供應需求和需求因素相吻合，這些需求因素目前非常有利於我們，因為沒有新的開發供應，真正存在庫存。與我們之前傳達的訊息非常相似。許多零售商都在尋找機會增加商店數量。他們必須在未來幾年內實現成長預測。因此，他們一直認為床浴庫存是這些明顯的機會之一。

So in terms of the commitments they've made, you have multiple players at the table looking for the similar space that actually helps you push rents northward, which helps drive the spread, when you look at the cost side, the costs have been pretty much in line. All of these have been single-tenant backfills, we aren't setting boxes yet. When you look at the balance of the 12, we still have a handful of those that are going to be occupied most likely by single tenant users.

因此，就他們所做的承諾而言，你有多個參與者在尋找類似的空間，這實際上可以幫助你將租金推向北方，這有助於推動價差，當你看成本方面時，成本相當可觀非常一致。所有這些都是單一租戶回填，我們還沒有設置框。當您查看這 12 個的餘額時，我們仍然有少數很可能會被單一租戶用戶佔用。

There may be a couple in there that we anticipate splitting, but that was to be expected from the very beginning, and we still see very healthy spread margins as well for those remaining boxes. So again, outlook looks favorable right now.

我們預計其中可能會有一些分裂，但這從一開始就是預料之中的，而且我們仍然看到剩餘盒子的價差利潤非常健康。再說一次，目前前景看起來不錯。

The next question comes from Samir Khanal with Evercore ISI.

下一個問題來自 Evercore ISI 的 Samir Khanal。

Maybe a follow-up to the Bed Bath sort of comment earlier. I guess how much -- how should we think about the downtime with those boxes? I mean I'm trying to figure out the downtime and how long it will take to get kind of the rent back online with new tenants as we think about growth for next year. So on the one side, you have the headwinds from higher interest rates, interest expense. But on the other side, I'm just trying to understand how much of a sort of a pickup from rents you'll get sort of as a tailwind for next year.

也許是之前床浴之類評論的後續。我猜是多少——我們應該如何考慮這些盒子的停機時間？我的意思是，當我們考慮明年的成長時，我正在嘗試計算停機時間以及需要多長時間才能與新租戶恢復線上租金。因此，一方面，你面臨利率上升和利息支出上升的不利因素。但另一方面，我只是想了解明年的租金上漲有多少會起到推動作用。

Yes, sure. Absolutely. So we have 14 boxes that were executed, 3 of which were assigned. Those 14 boxes are accounted for currently on our snow pipeline, which spend a 320 basis points, $52 million in total. For some perspective on timing, we do actually have our first 2 Bed Bath boxes that were backfilled starting to flow this quarter. And so that was under a 12-month window. Obviously, timing will vary box-to-box on what needs to be done. The balance of that is baked into our snow pipeline, of which we anticipate seeing about 50% to 60% of that flow through the course of '24.

是的，當然。絕對地。因此，我們執行了 14 個框，其中 3 個已分配。這 14 個箱子目前計入我們的雪管中，花費了 320 個基點，總計 5,200 萬美元。從時間角度來看，我們確實有第一批 2 床浴室箱已回填，本季開始流動。所以這是在 12 個月的窗口期內。顯然，每個盒子需要完成的事情的時間會有所不同。其餘部分已納入我們的降雪管道中，我們預計 24 年期間將有約 50% 至 60% 的流量。

The nice part, too, about the re-leasing of the Bed Bath boxes is, again, they've been individual tenants taking the whole boxes, which usually compresses the build-out time and the rent commencement date. So that's what we're already starting to see some flow this year.

關於床浴箱重新出租的一個好處是，他們是個體租戶，佔用了整個箱，這通常會壓縮建造時間和租金開始日期。這就是我們今年已經開始看到的一些流量。

The next question comes from Dori Kesten with Wells Fargo.

下一個問題來自富國銀行的 Dori Kesten。

With respect to your push for higher annual escalators are you finding there's any incremental pushback? Or would you expect to be able to continue to push upward for the near term?

關於您推動每年更高的自動扶梯數量，您是否發現有任何增量阻力？或者您預計短期內能夠繼續上漲？

Yes, it's market driven. Obviously, we'd say the Sunbelt markets have been areas of opportunity where we can push probably further north on the increases, but it's really a case-by-case conversation with all the retailers. Obviously, everything is a negotiation. So there's a lot of discussion on the table. But we felt we have been confident in our abilities to push it northward right now. It seems to be holding pretty well. With the small shop occupancy at 91.1%, obviously matching our all-time high. Again, that supply demand balance is still working very much in our favor.

是的，這是市場驅動的。顯然，我們會說陽光地帶市場是有機會的領域，我們可能會進一步向北推動成長，但這實際上是與所有零售商進行個案對話。顯然，一切都是談判。因此，桌面上有很多討論。但我們覺得我們現在對將其向北推進的能力充滿信心。看起來保持得很好。小店入住率為 91.1%，顯然符合我們的歷史最高水準。同樣，供需平衡仍然對我們非常有利。

The next question comes from Connor Mitchell with Piper Sandler.

下一個問題來自康納·米切爾和派珀·桑德勒。

So sticking with the lack of supply and strong tenant demand. I guess thinking about how you guys are having conversations and discussions with your anchor tenants. So traditionally, the anchor tenants are able to drive leasing terms on deals but now that the availability is dwindling, how is Kimco able to regain leverage in those discussions and maybe curtail some tenant friendly terms?

因此，我們必須面對供應不足和租戶需求強勁的問題。我想想想你們是如何與主要租戶進行對話和討論的。傳統上，主要租戶能夠推動交易的租賃條款，但現在供應量正在減少，Kimco 如何在這些討論中重新獲得影響力，並可能減少一些租戶友好條款？

Sure. Yes. I mean outside of the economics, you're looking at co-tenants provisions, exclusive provisions, all of which you can start to rebalance, loosen up, create more flexibility for us, obviously, repositioning and redeveloping our centers has been a core principle of ours, so having that flexibility to do so.

當然。是的。我的意思是在經濟之外，你正在考慮共同租戶條款，排他條款，所有這些你都可以開始重新平衡，放鬆，為我們創造更多靈活性，顯然，重新定位和重新開發我們的中心一直是核心原則我們的，所以有這樣做的彈性。

I also think we continue to grow into a data-driven market where you have a better sense of the impact, and you see tendencies or understandings change. Former principles about the impact of fitness long ago was sort of dispelled by the reality that people go to the gym and then they actually go and shop elsewhere afterwards.

我還認為，我們將繼續發展成為一個數據驅動的市場，在這個市場中，您可以更好地了解影響，並且可以看到趨勢或理解變化。很久以前，關於健身影響的先前原則在某種程度上被現實所驅散：人們去健身房，然後他們實際上去其他地方購物。

And so retailers have come to appreciate that. So I think today, more than ever, it's very much a partnership looking to build the best community for the shopper and the customer and our retailer partnerships are very, very strong, and they're willing to explore new opportunities that work for both sides.

因此零售商已經開始意識到這一點。因此，我認為今天比以往任何時候都更希望為購物者和客戶建立最好的社區，我們的零售商合作夥伴關係非常非常強大，他們願意探索對雙方都有利的新機會。

The only thing I would add is I think you're seeing retailers become more flexible with store footprint, which again opens up a lot more opportunities, the days of sort of having their prototype and that's it. It seemed to be in the past. And so that may not be a lease term specific item, but it is an optionality that creates more demand for spaces that might be more tweener size, and that's what you're seeing with some of the Bed Bath opportunities.

我唯一要補充的是，我認為您會看到零售商在商店足跡方面變得更加靈活，這再次開闢了更多機會，擁有原型的日子就是這樣。似乎已經是過去的事了。因此，這可能不是特定於租賃期限的項目，但它是一種可選性，可以創造更多對可能更具中間尺寸的空間的需求，這就是您在一些床浴機會中看到的情況。

The next question comes from Floris Van Dijkum with Compass Point.

下一個問題來自 Compass Point 的 Floris Van Dijkum。

I'm a little bit surprised that in some ways on the reaction from the markets on your increasing scale at a time when the fundamentals of the shopping center industry are probably the best we've ever seen. But maybe if you could put into context some of the your historical occupancy and leverage ratios. And in particular, maybe highlight also -- maybe if you can talk about what your shop occupancy is at record levels already, but are there big regional differences?

我有點驚訝的是，在購物中心行業的基本面可能是我們所見過的最好的時候，市場對規模不斷擴大的反應在某些方面令人感到驚訝。但也許您可以將一些歷史入住率和槓桿率納入背景。特別是，也許還要強調一下——也許您可以談談您的商店入住率已經達到創紀錄的水平，但是是否存在很大的地區差異？

And how much more can you push that? Maybe comparing, for example, your New York or Lyon on shop occupancy versus your national. Obviously, there are market differences here. But highlight to the market a little bit on what the upside potential -- additional upside potential is here in terms of occupancy? And also, obviously, as that snow pipeline comes online, what that would do to your already, I believe, record low leverage ratios.

你還能推動多少？例如，可以將紐約或里昂的商店入住率與您所在國家/地區進行比較。顯然，這裡存在市場差異。但要向市場強調一下上行潛力——就入住率而言，還有哪些額外的上行潛力？而且，顯然，隨著雪管道上線，我相信這會對您已經創紀錄的低槓桿率產生什麼影響。

Sure, happy to start, Floris, and we can pass the mic around. But you're spot on. We're obviously encouraged by the supply and demand dynamic that we're experiencing in our portfolio. We're using a lot of data analytics to understand that there's virtually no new supply on the horizon and that we feel like our portfolio is well positioned for growth as the signed but not open pipeline continues to build, as you saw, expand further this quarter, which indicates future NOI growth.

當然，很高興開始，弗洛里斯，我們可以傳遞麥克風。但你說得對。在我們的投資組合中所經歷的供需動態顯然令我們感到鼓舞。我們正在使用大量數據分析來了解，實際上沒有新的供應即將出現，我們認為，隨著已簽署但未開放的管道繼續建設，我們的投資組合處於增長的有利位置，正如您所看到的，進一步擴大這一範圍季度，這表明未來的 NOI 成長。

And we're trying to maintain the portfolio and strategy that allows us to grow regardless of the environment that we're facing. And so keeping leverage levels at all-time lows for us is important. You saw us be proactive and really sort of push out any near-term maturities with our recent bond offering. We continue to think that the small shop occupancy is going to be a bright spot for us as we've just reached all-time highs, and we're continuing to think that there's more to push there.

我們正在努力維持投資組合和策略，使我們無論面臨什麼環境都能成長。因此，將槓桿水平保持在歷史最低水平對我們來說很重要。您看到我們非常積極主動，並且透過我們最近的債券發行確實推遲了任何近期到期的債券。我們仍然認為，小商店的入住率將成為我們的一個亮點，因為我們剛剛達到歷史新高，我們繼續認為還有更多的東西可以推動。

As the demand drivers are multiple, and they are more -- as I mentioned earlier, there's traditional and there's nontraditional and you continue to see the use cases for shopping centers evolve because it's all about value and convenience. And almost everything you can think of benefits from value and convenience. And so that's why the shopping center continues to evolve to be, I think, the place of choice for whether it's a service use, whether it's a medical use, whether it's a pure retail use, you name it, it continues to evolve as the spot where people want to start businesses.

由於需求驅動因素是多重的，而且數量更多——正如我之前提到的，有傳統的，也有非傳統的，你會繼續看到購物中心的用例不斷發展，因為這一切都與價值和便利有關。幾乎所有您能想到的東西都受益於價值和便利。因此，我認為，這就是為什麼購物中心繼續發展成為選擇的地方，無論是服務用途，無論是醫療用途，還是純粹的零售用途，凡是你能想到的，它都在不斷發展，因為人們想要創業的地方。

And that's why I think it gives us a lot of encouragement as well as the fact that we have all of this underutilized parking that we think has future upside in the long term. So we always want to think long term, we entitled over 800 units this quarter alone in the portfolio. We continue to think that the shopping center will evolve to include multiple uses, primarily multifamily for us, but we position the portfolio for long-term growth, we've been on a roller coaster of retail.

這就是為什麼我認為這給了我們很大的鼓勵，而且我們擁有所有這些未充分利用的停車位，我們認為從長遠來看，這些停車位具有未來的上升空間。因此，我們總是想長遠考慮，光是本季我們就在投資組合中授權了 800 多個單位。我們仍然認為購物中心將發展為包括多種用途，對我們來說主要是多戶住宅，但我們將投資組合定位於長期成長，我們一直在零售業中坐過山車。

As you know, there's been retail apocalypse. There's been the COVID pandemic. There's been all things we've faced in terms of challenges, and we feel right now we're in a really good spot and hopefully be in the bright spot of commercial real estate because Kimco is well positioned, I think, to be opportunistic and showcase that when times when people are nervous, if you have the capability to execute we should be able to make generational deals. And we feel like that's what we're intending to do at Kimco going forward and into the future.

如您所知，零售業已經遭遇了末日。發生了新冠肺炎大流行。我們在挑戰方面遇到了很多事情，我們覺得現在我們處於一個非常好的位置，並希望成為商業房地產的亮點，因為我認為 Kimco 處於有利位置，可以機會主義和展示當人們緊張的時候，如果你有能力執行，我們應該能夠達成代際交易。我們覺得這就是 Kimco 未來的目標。

The next question comes from Greg McGinniss with Scotiabank.

下一個問題來自豐業銀行的格雷格·麥金尼斯。

Just curious how you're thinking about spending on acquisitions versus redevelopment at this point? Where do you see the bigger opportunity? And given the size of and growing size of the portfolio, whether or not you expect to see some increase in the redevelopment opportunities or whether the accretion yields there due to cost whatever it might be, are just not worth the squeeze.

只是好奇您目前如何考慮收購與重建的支出？您在哪裡看到更大的機會？考慮到投資組合的規模和不斷增長的規模，無論您是否期望看到重建機會增加，或者是否由於成本而增加收益，無論成本如何，都不值得擠壓。

Sure, happy to address that. Cost of capital is paramount and doing deals that are accretive to that cost of capital is something that we discuss and evaluate as a collective committee on a daily basis. To your point, acquisitions in this environment, at least one-off sort of third-party acquisitions will be very challenging for us in the near term as cap rates have not moved nearly at the same speed that interest rates and our cost of capital have moved.

當然，很高興解決這個問題。資本成本至關重要，而進行會增加資本成本的交易是我們作為集體委員會每天討論和評估的事情。就您而言，在這種環境下的收購，至少是一次性的第三方收購，在短期內對我們來說將是非常具有挑戰性的，因為資本化率的變化速度幾乎與利率和我們的資本成本的變化速度不一樣。感動了。

The bright spot is that redevelopments, particularly sort of the bread-and-butter retail redevelopments within our portfolio continue at very high clips, double digits on average. So that is an investment opportunity that we will continue to pursue and activate across our portfolio. And to your point, as the portfolio continues to grow, those opportunities grow alongside it.

亮點是重建，特別是我們投資組合中的麵包和黃油零售重建繼續以非常高的速度進行，平均為兩位數。因此，這是一個我們將繼續在我們的投資組合中尋求和激活的投資機會。就您而言，隨著投資組合的不斷增長，這些機會也隨之增長。

So we do believe that leasing and redevelopment -- retail redevelopment will continue to exceed our cost of capital and be where we put a significant amount of our available cash flow. And then we'll be opportunistic with the structured investment program, which also have double-digit returns, requirements for us to proceed, and we'll prioritize each and every opportunity with that thought process in mind.

因此，我們確實相信租賃和重建——零售重建將繼續超過我們的資本成本，並成為我們投入大量可用現金流的地方。然後我們將機會主義地對待結構性投資計劃，該計劃也有兩位數的回報，要求我們繼續進行，我們將根據這個思維過程優先考慮每一個機會。

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 got a question on where do share repurchases fit into the capital allocation, I guess, matrix? I think you had about $224 million left in your authorization. How do -- how does that compare to structural investments and other opportunities you have?

我有一個問題，我想，股票回購在資本配置矩陣中的位置？我認為您的授權還剩大約 2.24 億美元。與結構性投資和您擁有的其他機會相比如何？

I think it's a similar conversation. I think every investment opportunity that we look at is judged based upon our cost of capital and what is accretive to that. I think that we talked a little bit about our leverage being at the lowest levels historically than it's ever been, which gives us a lot more optionality to consider anything that's on the table.

我認為這是一個類似的對話。我認為我們所關注的每一個投資機會都是根據我們的資本成本以及資本成本的增值來判斷的。我認為我們討論了我們的槓桿率處於歷史最低水平，這給了我們更多的選擇權來考慮任何擺在桌面上的事情。

So we'll look at every single investment opportunity and acquisition, leasing, redevelopment, structure investment, stock buybacks, whatever the case may be and prioritize it based upon through that lens. So that's where we sit and that's how we consider it.

因此，我們將審視每一個投資機會以及收購、租賃、再開發、結構投資、股票回購，無論是什麼情況，並透過這個視角對其進行優先排序。這就是我們的立場和想法。

The next question comes from Caitlin Burrows with Goldman Sachs.

下一個問題來自高盛的凱特琳·伯羅斯。

Conor, you talked about small shop occupancy as a bright spot. Could you talk about what types of tenants you're seeing that interest from like local versus national, what industry? And also the timing, I feel like we hear that macro uncertainty is lengthening the time it takes to sign leases and other property types. So I'm wondering if you're seeing that at all in your property type.

康納，你談到小商店的入住率是一個亮點。您能否談談您看到哪些類型的租戶對此感興趣，例如本地租戶還是全國租戶，哪個行業？還有時間安排，我覺得我們聽說宏觀不確定性正在延長簽署租約和其他房產類型所需的時間。所以我想知道您是否在您的房產類型中看到了這一點。

Sure. From a small shop perspective, I think it's definitely a bright spot. When you look at the uses, restaurants, specialty foods, like those types of users still dominate sort of the percentages of new leases that we signed this quarter. And then when you go past that, it's really sort of the health and wellness and beauty category, that continues to evolve. You used to be dominated by sort of the old bus of the world.

當然。從一個小店的角度來看，我認為這絕對是一個亮點。當你觀察用途時，餐廳、特色食品等類型的用戶仍然在我們本季簽署的新租賃的百分比中占主導地位。當你超越這一點時，它實際上是一種健康、保健和美容類別，並且不斷發展。你曾經被世界上的老式巴士所統治。

Now we're seeing Sephora and a number of others continue to evolve to have open air shopping centers as a key component to their growth strategies. When you look at the services category, that continues to evolve. We always have had hair and nail salons as a key component of the shopping center sector. But when you add in all the medical uses that continue to evolve and want to be closer to the consumer and come out of the hospital, I think that continues to evolve as well.

現在，我們看到絲芙蘭和其他許多公司繼續發展，將露天購物中心作為其成長策略的關鍵組成部分。當你觀察服務類別時，你會發現它不斷發展。我們一直將美髮和美甲沙龍作為購物中心行業的重要組成部分。但是，當您添加所有不斷發展的醫療用途並希望更接近消費者並走出醫院時，我認為這也會繼續發展。

And then you're seeing sort of these franchise-driven concepts that continue to be the growth driver. The Mom-and-pop retailer today very different than it was even 5 years ago. And a lot of what's being -- what's going on is they're buying these franchises with a proven business model, and that's how they're starting the business. And I think when you look at the franchises that we're doing deals with, you can actually improve the credit profile there by getting the corporate guarantee on it.

然後你會看到這些特許經營驅動的概念仍然是成長的動力。如今，這家夫妻店零售商與 5 年前相比已經截然不同。很多事情是——正在發生的事情是他們正在購買這些具有經過驗證的商業模式的特許經營權，這就是他們開展業務的方式。我認為，當您查看我們正在處理的特許經營權時，您實際上可以透過獲得公司擔保來改善那裡的信用狀況。

And so as we evolve our leasing strategy, and we talked about the increases that we're getting on small shops, continuing to improve the growth of the portfolio, all these things are adding up, obviously, to an enhanced growth profile.

因此，當我們制定租賃策略時，我們討論了小商店的成長，繼續改善投資組合的成長，顯然，所有這些都在增強成長前景。

The next question comes from Alec Feygin with Baird.

下一個問題來自 Alec Feygin 和 Baird。

I kind of wanted to dig into the structured investment conversation. You guys have mentioned that the conversations around those have been picking up lately. Can you guys provide us some more details about the return criteria on those and what we can expect that book to grow to?

我有點想深入探討結構性投資對話。你們提到最近圍繞這些問題的討論越來越多。你們能否向我們提供更多有關這些退貨標準的詳細資訊以及我們預計這本書會發展到什麼程度？

Sure. Yes, the conversations are picking up and we do anticipate there's going to be more optionality with that program as we enter 2024, continuing with the theme of cost of capital. As our hurdle rates increase, the quotes that we're providing to potential borrowers of our capital have increased as well. So what was previously 8% to 9% with some back-end participation potentially is now double digit as a starting point.

當然。是的，對話正在升溫，我們確實預計，隨著我們進入 2024 年，該計劃將會有更多的選擇，繼續以資本成本為主題。隨著我們的門檻利率提高，我們向潛在的資本借款人提供的報價也隨之提高。因此，之前的 8% 到 9% 以及一些後端參與可能是現在的兩位數作為起點。

So the blended average of our structure right now in terms of the rates that we're obtaining in the current position are in the mid- to high 9s. And we expect that anything going forward will certainly start in the double digits. But we think that will ramp up. We have just under $200 million outstanding on the book right now within the program. So we'll continue to be mindful of that, but we think that there's room to run there.

因此，就我們目前位置所獲得的利率而言，目前我們結構的混合平均值處於 9 的中上位置。我們預計未來的任何事情都將以兩位數開始。但我們認為這一數字將會上升。目前該計劃中的帳面餘額已接近 2 億美元。因此，我們將繼續關注這一點，但我們認為那裡還有發展的空間。

The next question comes from Linda Tsai with Jefferies.

下一個問題來自 Jefferies 的 Linda Tsai。

You reduced your credit loss outlook as you're trending at the low end. Given the record low supply environment you're operating in and your improved portfolio quality in terms of better credit tenants, do you think it's premature to say credit loss will be a step function lower in the coming years?

由於您處於低端趨勢，因此您降低了信用損失前景。鑑於您所處的供應環境處於創紀錄的低水平，並且您的投資組合質量在更好的信用租戶方面有所改善，您是否認為現在說信用損失在未來幾年將呈階躍函數降低還為時過早？

Again, we're happy with the improvement that we've seen. I think you've seen credit loss coming back to more normalized level similar to what we saw prepandemic. It's a little early to put it into the guidance for next year. But as a run rate, if we're in that 75-100 basis point range, I think you're back to pretty normalized levels.

再次，我們對所看到的改進感到滿意。我認為您已經看到信用損失回到了更正常化的水平，類似於我們在大流行前看到的情況。現在將其納入明年的指導還為時過早。但作為運行率，如果我們處於 75-100 個基點範圍內，我認為您已經回到了相當正常化的水平。

The next question comes from Mike Mueller with JPMorgan.

下一個問題來自摩根大通的麥克·穆勒。

Going back to the structured investment opportunities, are they all tied to real estate? Or are you evaluating some operator opportunities as well?

回到結構性投資機會，它們都與房地產掛鉤嗎？或者您也在評估一些電信商機會？

Yes. I mean the core program is looking at operating real estate in our core markets with strong demographics, the tenancy that we're looking for, high-quality sponsors, and as we've talked about in the past, having that right of first offer, right of first refusal is a critical component of that program.

是的。我的意思是，核心計劃正在考慮在我們的核心市場中經營房地產，這些市場具有強大的人口統計特徵、我們正在尋找的租賃、高品質的贊助商，以及正如我們過去談到的那樣，擁有優先報價的權利，優先購買權是該計劃的重要組成部分。

Now that being said, we do have our Plus business that has been active historically. And as there are retailers that are real estate rich that have capital needs, we believe that we're typically one of their, if not their first phone call. So those conversations will continue and where we can be opportunistic and helpful with retailers that have a significant amount of owned real estate, we'll always look at those opportunities as well.

話雖如此，我們確實擁有歷史上一直活躍的 Plus 業務。由於有些擁有豐富房地產資源的零售商有資金需求，我們相信我們通常是他們的一員，即使不是他們的第一通電話。因此，這些對話將繼續下去，在我們可以機會主義並為擁有大量自有房地產的零售商提供幫助的地方，我們也將始終關注這些機會。

The next question comes from Paulina Rojas with Green Street. .

下一個問題來自 Green Street 的 Paulina Rojas。 。

Good morning. Price of interest rates, of course, has been unprecedented and introduces the question of how will retail our balance sheet and look after a company starts facing that maturity. So when you think about the future, how do you feel about potential tenant fallout? Do you think it will be -- or that it's reasonable perhaps to think about above average tenant failure given everything that is happening with interest rates?

早安.當然，利率的價格是前所未有的，並帶來瞭如何零售我們的資產負債表並照顧一家公司開始面臨這種成熟的問題。那麼，當您考慮未來時，您對潛在的租戶影響有何看法？您認為會是這樣嗎？或者考慮到利率方面發生的一切，考慮高於平均水平的租戶失敗也許是合理的嗎？

It's a good question, Paulina. I think when you look at the rate environment and how it impacts all industries, really the retailers that have near-term debt maturities are going to be facing higher interest expense and the refinancing, just like any other industry. I would say that for Kimco has never been smaller when you look at the retailers that we continue to track from a credit perspective.

這是一個很好的問題，寶琳娜。我認為，當你觀察利率環境及其對所有行業的影響時，實際上，短期債務到期的零售商將面臨更高的利息支出和再融資，就像其他行業一樣。我想說，當你從信用角度觀察我們繼續追蹤的零售商時，Kimco 的規模從未如此之小。

And when you think about the supply and demand dynamics that I talked about earlier, we feel very comfortable with the credit loss reserve that we have today. Obviously, we just improved that this quarter and continue to be proactive on showcasing spaces that are not available today, but may be available in a year or 2 or even 5 years' time. And that's what we're doing right now is we're showcasing not our current vacancies. We're showcasing what may be available in the near term or in the long term to line up the best-in-class tenants.

當你考慮我之前談到的供需動態時，我們對今天的信用損失準備金感到非常滿意。顯然，我們本季剛剛對此進行了改進，並繼續積極主動地展示目前尚未提供但可能在一年、兩年甚至五年後提供的空間。這就是我們現在正在做的，我們展示的不是我們目前的職缺。我們正在展示近期或長期可能提供的服務，以吸引一流的租戶。

Because of the lack of supply, retailers are engaged in that knowing that it's going to be hard to fill their promised pipelines of net new store openings in the current environment. So they have to align with folks like Kimco to try and fill that and see where they can add where they wanted to fix to build their needs.

由於供應不足，零售商知道在當前環境下很難滿足其承諾的淨新店開張管道。因此，他們必須與 Kimco 等人合作，嘗試填補這一空白，看看可以在哪裡添加他們想要修復的地方來滿足他們的需求。

The next question comes from Ki Bin Kim with Truist.

下一個問題來自 Ki Bin Kim 和 Truist。

To follow up on that last question. Just given the rise in the cost of capital for your tenants, do you see that eventually weighing on their expansion plans? And second question, your active mixed-use developments, the yields went up pretty noticeably. Just curious what drove that.

跟進最後一個問題。鑑於租戶的資本成本上升，您認為這最終會影響他們的擴張計劃嗎？第二個問題，你們積極的混合用途開發，收益率顯著上升。只是好奇是什麼推動了這一點。

Yes. Kim, great questions. So with the first one, we maintain a very close dialogue with our big retail partners, and they're looking through, I think, the short term impacts and continuing to try to grab market share where they can appreciate in that, that inventory is limited. And if they don't get it today, there might not be new inventory available tomorrow.

是的。金，好問題。因此，對於第一個，我們與我們的大型零售合作夥伴保持非常密切的對話，我認為他們正在研究短期影響，並繼續嘗試搶佔他們可以欣賞的市場份額，庫存是有限的。如果他們今天沒有收到，明天可能就沒有新的庫存了。

That said, every retailer has a different capital strategy, and that probably evolves most likely as ours evolves as well. So something that we stay very, very close to them. But as I can say right now, it doesn't seem to be slowing the pace of growth for majority of those retailers. And as it relates to the mixed-use pipeline? Yes, I appreciate the question. So what you see there is you see 4 projects, 3 of which are ground leases and the fourth one being (inaudible) which is the one that we identified as our preferred equity structure. That was the first of its kind that we're doing.

也就是說，每個零售商都有不同的資本策略，而這種策略很可能會隨著我們的發展而改變。所以我們與他們保持著非常非常密切的關係。但正如我現在可以說的那樣，這似乎並沒有減緩大多數零售商的成長速度。與混合用途管道有關？是的，我很欣賞這個問題。所以你看到的是 4 個項目，其中 3 個是地面租賃，第四個是（聽不清楚）我們確定為我們的首選股權結構的項目。這是我們第一次這樣做。

So this quarter, we felt it was appropriate to actually show what the real returns are related to the Kimco invested capital and the preferred returns related to those projects. Obviously, that yields a higher or accretive growth profile than if you're just to invest all the capital yourself. So that's what it's reflecting, that's the change.

因此，本季度，我們認為實際展示與 Kimco 投資資本相關的實際回報以及與這些項目相關的首選回報是適當的。顯然，與您自己投資所有資本相比，這會產生更高或增值的成長。這就是它所反映的，這就是變化。

The only thing I would add on the retailer demand side Kim, and what we're seeing is because of the rate environment because of the construction costs a lot of these tenants that used to do ground-up development and then sell those assets as sale leasebacks are now looking for second generation space versus the ground-up development side.

我唯一要補充的是零售商需求方面，Kim，我們所看到的是由於利率環境，因為建築成本很多這些租戶過去常常進行地面開發，然後將這些資產出售回租公司現在正在尋找第二代空間，而不是從頭開始開發。

And so they're looking at how do they absorb existing inventory versus net new development because of that lack of financing availability. And so that should drive more demand to the existing spaces as well as that first-generation ground up development has really dried up.

因此，由於缺乏可用的融資，他們正在考慮如何吸收現有庫存與淨新開發案。因此，這應該會推動對現有空間的更多需求，而第一代地面開發確實已經枯竭。

The next question comes from Juan Sanabria with BMO.

下一個問題來自 BMO 的 Juan Sanabria。

Thanks for the second shot here. Just a couple of questions. One, just on -- going back to the RPT merger where we started. So what are you guys assuming in terms of the debt that needs to be refinanced. So that's part one. And then part two, if you could just give us an update on the Rite Aid exposure and what you're seeing or expecting there for the space that they've deemed that they're going to get back in one form or another.

感謝您在這裡進行第二次拍攝。只是幾個問題。一，繼續——回到我們開始的 RPT 合併。那麼，你們對需要再融資的債務有何假設？這是第一部分。然後是第二部分，您能否向我們提供有關 Rite Aid 曝光的最新信息，以及您所看到或期望的空間，他們認為他們將以一種或另一種形式回來。

So in terms of the debt to be refinanced for RPT, if you look at the balance sheet at 9/30, they're sitting with bank debt, both revolver debt and term loan debt of about $350 million and then they have about $511 million of private placement notes. So that's the magnitude of what we're looking at and then obviously, there'll be merger plus that go into that. So it's around $900 million in total. And as I mentioned, we have a variety of options about how to fund that from our Albertsons investment, cash on the balance sheet, aligned, obviously, access to the capital markets and other things.

因此，就RPT 的再融資債務而言，如果你查看9/30 的資產負債表，你會發現他們持有銀行債務，包括循環債務和定期貸款債務，約為3.5 億美元，然後他們還有約5.11 億美元私募票據。這就是我們所關注的規模，顯然，還會有合併。所以總共約 9 億美元。正如我所提到的，我們有多種選擇來決定如何從艾伯森的投資、資產負債表上的現金、進入資本市場和其他方面進行融資。

Yes. And as it relates to the Rite Aid exposure, right now, we know that 3 of our leases have been rejected in day 1. That's about 5 basis points of occupancy right now. So a de minimis impact, there are another 2 that we expect to close this quarter. So in total, that's about 8 basis points of total occupancy on the impact. And right now, we have good activity in terms of hitting our retailer list and box size is appropriate for a lot of the mid-box users, and so the larger sort of small shop operators as well. So we're very encouraged by the activity. We have one that has drive-through-locations. So again, there's good attributes, good components here that we feel pretty confident we can backfill those quickly.

是的。由於它與 Rite Aid 風險相關，目前我們知道我們的 3 個租約在第一天就被拒絕了。目前的入住率約為 5 個基點。因此，我們預計本季將關閉另外 2 個項目，影響微乎其微。總的來說，總入住率受到的影響約為 8 個基點。目前，我們在零售商名單方面開展了良好的活動，而且盒子尺寸適合許多中型盒子用戶，因此也適合較大類型的小型商店經營者。所以我們對這項活動感到非常鼓舞。我們有一家設有免下車服務地點的店家。再說一次，這裡有好的屬性、好的元件，我們很有信心能夠快速回填這些內容。

The next question comes from Caitlin Burrows with Goldman Sachs.

下一個問題來自高盛的凱特琳·伯羅斯。

I had originally tied to just sneak in a second one, but then we didn't get to it. So here I am. And maybe it's a little bit of a follow-up to Ki Bin's question. But so we hear that macro uncertainty is lengthening the time it takes to sign leases in like office and industrial, so I'm just wondering if you guys are seeing this at all, like how have your tenant sense of urgency on signing leases evolved over the course of the year? And like have they changed? Or have you, I guess, avoided that?

我本來打算偷偷溜進第二個，但後來我們沒能做到。所以我在這裡。也許這有點像是基賓問題的後續。但我們聽說宏觀不確定性正在延長辦公室和工業等領域簽署租約所需的時間，所以我想知道你們是否看到了這一點，例如您的租戶簽署租約的緊迫感是如何演變的今年的課程？他們改變了嗎？或者我想你已經避免這種情況了嗎？

Yes. It really -- it hasn't changed. Not anything related to the macro environment. We're tied for negotiating certain deal points that may add some time, but that's normal course of business. If anything, people are looking to get leases signed quickly so they can get open sooner and they can start booking that growth within their portfolio. So there's been no real material change in terms of time of execution.

是的。確實如此——它沒有改變。與宏觀環境無關。我們正在就某些交易點進行談判，這可能會增加一些時間，但這是正常的業務流程。如果有什麼不同的話，那就是人們希望盡快簽署租約，這樣他們就可以更快地開業，並開始在他們的投資組合中預訂成長。因此，就執行時間而言並沒有真正的實質變化。

Next question comes from Libby Bakken with Bank of America.

下一個問題來自美國銀行的 Libby Bakken。

This is (inaudible). Yes, just a follow-up. So -- do you think you could clarify the bridge or the walk from 3Q FFO to 4Q just based on the guide, it looks like it implies like a $0.01 to $0.02 step down into the fourth quarter. So just curious on what's driving that. .

這是（聽不清楚）。是的，只是後續行動。那麼，您認為您可以僅根據指南來澄清從 3Q FFO 到 4Q 的橋樑或步行過程嗎？看起來這意味著第四季度將下降 0.01 至 0.02 美元。所以只是好奇是什麼推動了這一點。 。

Yes. Again, we have a couple of onetime things that are in the third quarter. As we mentioned, there's some of this impact from the Weingarten Pension plan that was liquidated during the quarter. And there's a few other onetime things. But again, we feel very comfortable with the guidance range and we're at the upper end of the range that we set out for the year. Again, coming back, we made up a lot of headwind that we had going into the year, driving towards that high end of the range today. So that's really the driver .

是的。同樣，我們在第三季有一些一次性的事情。正如我們所提到的，本季清算的 Weingarten 退休金計劃產生了一些影響。還有其他一些一次性的事情。但同樣，我們對指導範圍感到非常滿意，而且我們處於我們今年設定的範圍的上限。再次回來，我們彌補了今年的許多逆風，今天朝著區間的高端前進。所以這確實是司機。

There was a big onetime item as Glenn mentioned, the pension income we recognized was about $8.7 million. That's what's in that other income line. You back that out, you're back to a more normalized level.

正如格倫所提到的，有一個很大的一次性項目，我們確認的退休金收入約為 870 萬美元。這就是其他收入線的內容。你退出了，你就回到了更正常化的水平。

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 saw the lease summary that landlord worked for square foot went up to close to $8 in the quarter. I'm assuming that's related to the Bed-Bath Beyond lease, but I wanted to confirm that and maybe talk about TIs and landing work trends going forward?

我看到房東為平方英尺工作的租賃摘要在本季度上漲至接近 8 美元。我假設這與 Bed-Bath Beyond 租賃有關，但我想確認這一點，也許可以談談 TI 和未來的落地工作趨勢？

Yes, sure. So there's a couple of components. Let's start with the first and new leases side. So the new lease side, is slightly higher, driven by primarily 3 deals. If you left those deals out, the total work for TI and landlord work would go up from 51 down to 40 which is at the lower end of a more normalized rate. The returns on the deals were in excess of 20-plus percent. So very accretive and the mark-to-market on those is between 80% and 116%.

是的，當然。所以有幾個組件。讓我們從第一個和新的租賃方開始。因此，新租賃方面略高，主要由 3 筆交易推動。如果您將這些交易排除在外，TI 和房東工作的總工作量將從 51 份上升至 40 份，這是更標準化比率的下限。這些交易的回報率超過20%以上。增值性非常強，以市值計算的比例在 80% 到 116% 之間。

So very, very accretive deals. But again, back those out, you get down to the $40 range. In terms of the overall, where you include new leases, renewals and options, it is elevated because of the weight of the number of new leases executed and we'd also did 24 anchor deals that quarter -- this last quarter. First, the number of renewals and options if you see those are a little bit lighter. So obviously, when you blend it together, the weighted component of the new deals grow that number up a little bit.

如此非常非常增值的交易。但是，再次取消這些，你的價格就會降到 40 美元。就整體而言，如果包括新租約、續約和選擇權，由於執行的新租約數量的權重，該數字有所上升，而且我們還在該季度（也就是最後一個季度）完成了 24 筆主力交易。首先，續訂和選項的數量（如果您看到這些數量稍微少一些）。顯然，當你將它們混合在一起時，新交易的加權部分會稍微增加這個數字。

But from a cost standpoint, as you can see, the renewals and options are pretty much in line as well. So that's just the nuance difference between this quarter and prior quarters.

但從成本的角度來看，正如您所看到的，續訂和選項幾乎一致。這就是本季與前幾季之間的細微差別。

This concludes our question-and-answer session. I'd like to turn the conference back over to David Bujnicki for any closing remarks.

我們的問答環節到此結束。我想將會議轉回給 David Bujnicki 做總結演講。

We just appreciate everybody that participated on the call. Enjoy the rest of your day. Thank you so much.

我們非常感謝參加電話會議的每個人。享受你一天剩下的時間。太感謝了。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。