Kimco Realty Corp (KIM) 2024 Q2 法說會逐字稿

Good day, and welcome to the Kimco Realty second-quarter 2024 earnings conference call. (Operator instructions) Please note this event is being recorded. I would now like to turn the conference over to David Bujnicki, Senior Vice President and Investor Relations strategy. Please go ahead.

美好的一天，歡迎參加 Kimco Realty 2024 年第二季財報電話會議。（操作員說明）請注意此事件正在被記錄。我現在想將會議交給負責投資者關係策略的高級副總裁 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 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。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，總裁兼首席投資長；格倫·科恩，我們的財務長； Kimco 首席營運長 Dave Jamieson 以及我們執行團隊的其他成員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，本次電話會議期間所做的陳述可能被視為前瞻性陳述，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的預測存在重大差異和其他因素。請參閱該公司向 SEC 提交的有關此類因素的文件。

During this presentation, management may make reference to certain non-GAAP financial measures while 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.

在本次簡報中，管理階層可能會參考某些非公認會計準則財務指標，而我們相信這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。此外，如果我們的電話遇到技術困難。我們將盡力盡快解決。如果需要，我們將在我們的 IR 網站上發布更多資訊。

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

然後，我會將電話轉給康納。

Thanks, Dave, and good morning. I will begin with an overview of the Kimco consumer provide an update on the favorable supply demand environment for our business, and then share some highlights on our strong operating results, all of which will underscore the resiliency of our high-quality grocery-anchored and mixed-use portfolio.

謝謝，戴夫，早安。我將首先概述 Kimco 消費者，提供有關我們業務有利的供需環境的最新信息，然後分享我們強勁的經營業績的一些亮點，所有這些都將強調我們以優質雜貨為主的彈性混合用途組合。

We'll also cover the current transaction environment, and Glenn will provide additional financial metrics report on our balance sheet position and provide our updated outlook. We continue to navigate in the economy that gives us mixed signals. A recent Bloomberg report noted that the American consumer savings have declined with the excess savings cushions that have been built up during the pandemic and used to offset rising prices that are no longer available.

我們還將介紹當前的交易環境，格倫將提供有關我們資產負債表狀況的其他財務指標報告，並提供我們最新的前景。我們繼續在向我們發出混合信號的經濟中航行。彭博社最近的一份報告指出，美國消費者的儲蓄有所下降，因為疫情期間建立了多餘的儲蓄緩衝，這些緩衝用於抵消不再可用的不斷上漲的價格。

On the other hand, the labor market remains strong, reflecting both job growth and wage growth in the areas of our portfolio is situated. This has led the consumer to remain resilient as they've tempered spending, but not retrench.

另一方面，勞動市場依然強勁，反映出我們投資組合所在領域的就業成長和薪資成長。這導致消費者在減少支出的同時保持韌性，但並未緊縮。

As JPMorgan recently reported, the consumer is now rotating towards staples and seeking value at Walmart, Costco, and off-price retailers who are gaining market share. As such, we benefited from the needs oriented nature of our portfolio has over 83% of our annual base rents come from grocery-anchored open-air shopping centers.

正如摩根大通最近報導的那樣，消費者現在正轉向主食，並在沃爾瑪、好市多和正在擴大市場份額的折扣零售商那裡尋求價值。因此，我們受益於我們的投資組合以需求為導向的性質，我們超過 83% 的年基本租金來自以雜貨店為主的露天購物中心。

It is also why traffic at our properties has increased both sequentially and year-over-year. This has translated positively to our operating fundamentals as our leasing team is firing on all cylinders. Demand for our well-located product remains strong as tenants seek to retain existing space or add new locations.

這也是我們飯店的客流量連續和年比成長的原因。隨著我們的租賃團隊全力以赴，這對我們的營運基本面產生了正面的影響。由於租戶尋求保留現有空間或增加新地點，對我們位置優越的產品的需求仍然強勁。

Our retention levels are near all-time high with heavy competition for any vacancies, generating increasing rents, better credit, and higher valuations. Nationally store openings are outpacing closing and the lack of quality retail is having a positive impact and tenant bankruptcy auction as leases are being acquired by healthy tenants striving to meet their expansion goals.

我們的保留水平接近歷史最高水平，任何職位空缺的競爭都非常激烈，從而產生了不斷上漲的租金、更好的信用和更高的估值。在全國範圍內，商店開張速度超過關閉速度，優質零售業的缺乏正在產生積極影響，租戶破產拍賣也產生了積極影響，因為健康的租戶正在努力實現其擴張目標，從而獲得了租約。

In terms of new retail supply, the outlook remains in our favor. It has been well documented that shopping center development, which currently stands at approximately 0.2% of existing inventory remains exceedingly low. The shopping center sector has been sub 1% since 2010. And this provided the retail sector a meaningful tailwind to drive record low vacancies across the country.

就新零售供應而言，前景仍然對我們有利。有充分證據表明，購物中心的開發目前僅佔現有庫存的 0.2% 左右，但仍然非常低。自 2010 年以來，購物中心產業的成長率一直低於 1%。這為零售業提供了有意義的推動力，推動全國空缺率創歷史新低。

More Importantly, we don't see this dynamic changing anytime soon. As we have previously noted, rents would need to increase upwards of 35% to make new development investment worthwhile. This assertion was recently validated by a notable re equity research firm, which calculated that the range of rent increases required to stimulate accretive development in the top 50 markets needed to be between 35% to 55%.

更重要的是，我們認為這種動態不會很快改變。正如我們之前指出的，租金需要上漲 35% 以上才能使新的開發投資有價值。這一說法最近得到了一家著名的再股權研究公司的驗證，該公司計算出，刺激前 50 個市場的增值性發展所需的租金上漲幅度需要在 35% 至 55% 之間。

All of this highlights the strength and unique position of our portfolio. As I noted with our focus on grocery-anchored necessity-based off-price retail, we are able to generate solid results in all kinds of economic, whether. This includes uncertainty of national elections and potential policy shifts, predictions of hard or soft landings in the like. Our company, which features a resilient, well-located portfolio and strong demographic trade areas, solid balance sheet and best-in-class team stands out.

所有這些都凸顯了我們產品組合的實力和獨特地位。正如我所指出的，我們專注於以雜貨為基礎的必需品折扣零售，我們能夠在各種經濟領域取得紮實的成果，無論是。這包括全國選舉的不確定性和潛在的政策轉變、硬著陸或軟著陸的預測等。我們公司擁有富有彈性、位置優越的投資組合、強大的人口貿易區域、穩健的資產負債表和一流的團隊，脫穎而出。

To further illustrate this point, now let me touch on a few operating highlights. During the second quarter, we signed 144 new lease totaling 669,000 square feet of pro-routed GLA, but rent spreads at 26.3%, our 11th consecutive quarter of double-digit new leasing spreads. Renewals and options continued their positive trend with 338 renewals and options completed at a spread of 9%. Overall, deal volume totaled 2.3 million square feet with combined rent spreads of 11.7%.

為了進一步說明這一點，現在讓我談談幾個操作亮點。第二季度，我們簽署了 144 份新租約，總面積達 669,000 平方英尺，但租金利差達到 26.3%，這是我們連續 11 個季度實現兩位數的新租賃利差。續約和選擇權繼續保持正面趨勢，完成了 338 份續約和選擇權，增幅為 9%。整體而言，交易量總計 230 萬平方英尺，綜合租金利差為 11.7%。

Leasing velocity and retention drove pro-routed occupancy higher by 20 basis points sequentially to 96.2%. Pro-routed anchored occupancy increased 30 basis points from last quarter to 98.1%. It was up 40 basis points year-over-year. Small-shop occupancy increased 20 basis points sequentially to 91.7%, matching our all-time high set in Q4 of 2023 and representing an increase of 70 basis points year-over-year.

租賃速度和保留率推動預定入住率季增 20 個基點，達到 96.2%。優先航線錨定入住率較上季成長 30 個基點，達到 98.1%。年比上漲 40 個基點。小商店入住率較上季成長 20 個基點，達到 91.7%，與 2023 年第四季創下的歷史最高水準相符，較去年同期成長 70 個基點。

Of note, we continue to derive meaningful outperformance from the RPT portfolio, which further validates our acquisitions. We executed nine new leases in Q2 with comp rent spreads of 146%, driven by a grocery anchor, replacing a furniture store and a strong fitness operator replacing a weaker fitness credit.

值得注意的是，我們繼續從 RPT 投資組合中獲得有意義的優異表現，這進一步驗證了我們的收購。在雜貨主力取代家具店和強大的健身業者取代較弱的健身信貸的推動下，我們在第二季度執行了 9 個新租賃，租金利差為 146%。

We also executed 24 renewals and options during Q2 at a 17% average spread. Year to date, we have executed 19 new leases at over RPT sites with spreads of 87% and 46 renewals and options with spreads of 14%. The former RPT portfolio also produced same-site NOI of 4.5% for the quarter and 3.7% year to date, meaningfully outperforming our underwriting.

第二季度，我們也以 17% 的平均利差執行了 24 次續約和選擇權。今年迄今為止，我們已在多個 RPT 站點簽署了 19 份新租約，價差為 87%，並簽署了 46 份續租和選擇權，價差為 14%。前 RPT 投資組合本季的同場 NOI 為 4.5%，年初至今為 3.7%，明顯優於我們的承保表現。

We also increased our cost synergies to be realized this year as well as additional future revenue opportunities stemming from increasing the RPT small-shop portfolio, which currently sits at over 400 basis points below Kimco's. Additional growth in ancillary income will also be generated by our specialty leasing program.

我們還增加了今年要實現的成本協同效應，以及透過增加 RPT 小商店投資組合而帶來的額外未來收入機會，目前該投資組合比 Kimco 低 400 個基點。我們的專業租賃計劃也將帶來輔助收入的額外成長。

In closing, we are enthused by the performance of our team and our portfolio, resulting in increases to our FFO and same-site NOI outlook. The growth profile of our portfolio continues to trend up, and our team continues to look across the investment spectrum for new growth opportunities, all while remaining vigilant on costs. Ross?

最後，我們對團隊和投資組合的表現感到興奮，從而提高了我們的 FFO 和同廠 NOI 前景。我們投資組合的成長狀況持續呈上升趨勢，我們的團隊繼續在整個投資領域尋找新的成長機會，同時對成本保持警惕。羅斯？

Thank you, Conor, and good morning. I hope everyone is having a wonderful summer. On last quarter's call, we talked about the solid fundamentals of the open-air retail format. We further discussed the volatility in the capital markets and how it has tempered the transaction environment. While those same themes continue to persist, we are positioned to take advantage of dislocations within the market to invest a accretively, given our favorable access to capital and multiple investment platforms.

謝謝你，康納，早安。我希望每個人都度過一個美好的夏天。在上個季度的電話會議上，我們討論了露天零售業態的堅實基礎。我們進一步討論了資本市場的波動及其如何緩和交易環境。儘管這些主題持續存在，但鑑於我們獲得資本和多個投資平台的便利條件，我們有能力利用市場內部的錯置來進行增值投資。

We continue to see unique opportunities on both the structured investment side as well as via targeted acquisition opportunities for larger format open-air centers. And in the second quarter, we funded several new structured investments that all have unique attributes, but share a general theme of high quality real estate, accretive yields, and a right to acquire if they are marketed for sale in the future.

我們繼續在結構性投資方面以及透過大型露天中心的有針對性的收購機會看到獨特的機會。在第二季度，我們資助了幾項新的結構性投資，這些投資都具有獨特的屬性，但共同的主題是高品質房地產、增值收益以及未來出售時的收購權。

I'll touch on three of the more significant transactions. We provided $8 million of mezzanine financing for an infill core Giant Foods, grocery-anchored regional center in the dense market of Alexandria, Virginia; $10 million of mezzanine financing for the acquisition of a Sprouts grocery-anchored center in Atlanta, Georgia; and we also funded a senior loan at The Rim in San Antonio for $146 million at a 9% interest rate.

我將談三項更重要的交易。我們為位於維吉尼亞州亞歷山大市人口稠密市場的雜貨店區域中心 Giant Foods 提供了 800 萬美元的夾層融資； 1,000萬美元夾層融資，用於收購喬治亞州亞特蘭大的 Sprouts 雜貨中心；我們還為聖安東尼奧 The Rim 提供了 1.46 億美元的高級貸款，利率為 9%。

We also converted our existing $50 million preferred equity position in The Rim to mezzanine financing, giving us greater control of the capital stack on a trophy asset that has one of the most visited properties, not just in Texas, but all of the US.

我們還將The Rim 現有的5000 萬美元優先股轉為夾層融資，使我們能夠更好地控制這一獎杯資產的資本，該資產不僅是德克薩斯州，而且是全美國訪問量最大的房產之一。

On the acquisition side, we are encouraged by the deal flow and the possibilities as pricing is moving closer to our hurdle rates. While neighborhood grocery-anchored centers in our core markets remain aggressively priced in the 5% to 6% cap rate range, larger format assets in similar geographies with solid demographics and densification opportunities are trading at higher cap rates due to their operational dynamics and the larger check sizes.

在收購方面，隨著定價越來越接近我們的最低門檻，我們對交易流和可能性感到鼓舞。雖然我們核心市場中以鄰裡雜貨為主的中心的定價仍保持在5% 至6% 的資本化率範圍內，但由於其營運動態和規模較大，具有堅實人口統計和緻密化機會的類似地區的大型資產正在以更高的資本化率進行交易。

These unique attributes align well with the Kimco platform and is a differentiator that we believe allows for a better risk-adjusted return for our shareholders. We remain confident in achieving our 2024 acquisitions range of $300 million to $350 million, that is inclusive of structured investments. As it relates to dispositions, following the completion of the $248 million of RPT asset sales in the first quarter, we have substantially completed our 2024 plan.

這些獨特的屬性與 Kimco 平台非常吻合，並且是一個差異化因素，我們相信它可以為我們的股東帶來更好的風險調整回報。我們仍有信心實現 2024 年 3 億至 3.5 億美元的收購範圍，其中包括結構性投資。就處置而言，繼第一季完成 2.48 億美元的 RPT 資產出售後，我們已基本完成了 2024 年計畫。

Any dispositions in the second half of the year will be very modest and at a much lower cap rate. Therefore, we have reduced our disposition guidance for this year to a new range of $300 million to $350 million, which is net neutral with our 2024 acquisition target with a slightly lower blended weighted average cap rate.

今年下半年的任何處置都將非常溫和，資本化率也將低得多。因此，我們將今年的處置指導下調至 3 億美元至 3.5 億美元的新範圍，這與我們的 2024 年收購目標保持淨中性，混合加權平均上限率略低。

Now on to Glenn for an update on the financial aspects of the quarter.

現在請格倫了解本季財務方面的最新情況。

Thanks, Ross, and good morning. Our high quality operating portfolio generated strong second quarter results as we maintained a strong balance sheet and enhanced our liquidity position. Highlights for the second quarter include continued positive leasing activity, producing increased occupancy, another quarter of double digit leasing spreads and solid same-site NOI growth.

謝謝，羅斯，早安。由於我們保持了強勁的資產負債表並增強了流動性狀況，我們高品質的營運投資組合在第二季度產生了強勁的業績。第二季的亮點包括持續積極的租賃活動、入住率的增加、租賃價差又一個季度達到兩位數以及同址 NOI 的穩健增長。

Now for some details on our second quarter results. FFO was $276 million or $0.41 per diluted share as compared to last year's second quarter results of $243.9 million, or $0.39 per diluted share, representing per-share growth of 5.1%. We produced $387.9 million of total pro rata NOI in the second quarter, an increase of $45.8 million over the same period in the prior year.

現在了解我們第二季業績的一些詳細資訊。FFO 為 2.76 億美元，即稀釋後每股 0.41 美元，而去年第二季度的業績為 2.439 億美元，即稀釋後每股 0.39 美元，每股增長 5.1%。第二季度，我們按比例計算的 NOI 總額為 3.879 億美元，比去年同期增加了 4,580 萬美元。

This growth was driven by $38.3 million of pro rata NOI from the RPT acquisition, $12.8 million from higher minimum rents and $1.6 million from higher net recoveries from the balance of the consolidated portfolio. These consolidated NOI increases were impacted by lower percentage rent and other income of $3.5 million, which was mostly due to timing and higher credit loss of $1.4 million.

這一增長的推動因素包括 RPT 收購帶來的按比例 NOI 3830 萬美元、最低租金提高帶來的 1280 萬美元以及合併投資組合餘額淨回收率提高帶來的 160 萬美元。這些綜合 NOI 的成長受到租金和其他收入百分比下降 350 萬美元的影響，這主要是由於時間表和信用損失增加 140 萬美元。

Our credit loss for the first half of the year was 86 basis points, the midpoint of our bad debt assumption. The net NOI increase was offset by greater pro rata interest expense of $14 million due to the higher interest rate on the $500 million bonds issued in the fourth quarter last year related to the refinancing, lower coupon debt, $510 million of additional debt in connection with the RPT acquisition and lower fair market value amortization related to the payoff of a Weingarten bond.

我們上半年的信用損失為 86 個基點，是我們壞帳假設的中點。NOI 淨成長被按比例增加的1,400 萬美元利息支出所抵消，這是由於去年第四季度發行的與再融資相關的5 億美元債券的利率較高、票面債務較低、與融資相關的5.1 億美元額外債務所抵銷。

The operating portfolio continues to produce strong results as Conor outlined. Same-site NOI growth was positive 3% for the second quarter. The primary driver was higher minimum rents contributing positive 3.4%, driven by quicker rent commencements from the signed not open pipeline, which compressed 10 basis points from last quarter to 320 basis points.

正如康納所概述的那樣，營運組合繼續產生強勁的業績。第二季同址 NOI 成長 3%。主要驅動力是最低租金上漲，成長了 3.4%，這是由於已簽署的未開放管道的租金開始加快，較上季壓縮了 10 個基點至 320 個基點。

At the end of June, the signed not opened pipeline represents 426 leases at $63 million of ABR, of which $30 million is expected to commence in the second half of the year, generating $8 million for the remainder of the year. For the six months of 2024, same-site NOI growth was positive 3.4%. These results demonstrate the continued strength of our well-located portfolio.

截至 6 月底，已簽署的未開放管道包括 426 項租賃，ABR 價值 6,300 萬美元，其中 3,000 萬美元預計將在今年下半年開始，為今年剩餘時間帶來 800 萬美元的收入。2024 年 6 個月，同址 NOI 正成長 3.4%。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。

Turning to the balance sheet. We ended the second quarter 2024 with consolidated net debt to EBITDA of 5.5 times. On a look-through basis, including pro rata JV debt and perpetual preferred stock outstanding, net debt to EBITDA was 5.8 times. These metrics would have been one tick better if we included the full quarter of income from the $146 million structured investment in The Rim shopping center made in late June.

轉向資產負債表。截至 2024 年第二季末，我們的合併淨負債與 EBITDA 比率為 5.5 倍。在透視基礎上，包括按比例合資企業債務和已發行的永久優先股，淨債務佔 EBITDA 的比例為 5.8 倍。如果我們將 6 月底對 The Rim 購物中心進行的 1.46 億美元結構性投資的整個季度收入計算在內，這些指標會好一點。

Subsequent to quarter end, we increased the size of our $200 million term loan by an additional $300 million. The terminal has a final maturity date in 2029, and we swap the $300 million to a fixed rate of 4.78%, including our credit spread, for the full term. We used the proceeds to repay $220 million outstanding on our $2 billion revolving credit facility, which had a borrowing coupon of 6.19%.

季末後，我們將 2 億美元的定期貸款規模額外增加了 3 億美元。該終端的最終到期日為 2029 年，我們將 3 億美元兌換為 4.78% 的固定利率（包括我們的信用利差）。我們用所得款項償還了 20 億美元循環信貸額度中的 2.2 億美元，該額度的借款票面利率為 6.19%。

The balance of the funds was invested in an interest-bearing account earning in the mid fives pending use for investments. Separately, we achieved the high end of our sustainability goals by surpassing our required scope one and scope two greenhouse gas emission reduction targets.

資金餘額投資於一個有利息的帳戶，在五年中賺取收入，等待投資。另外，我們超越了範圍一和範圍二溫室氣體減排目標，實現了永續發展目標的高端。

As a result, the borrowing spread on our $2 billion revolving credit facility and our $310 million term loan is reduced under the green pricing feature. The reduction is 4 basis points from the stated credit spread for both facilities, and we get a 1 basis point reduction in our facility fee on our revolving credit facility.

因此，我們 20 億美元的循環信用額度和 3.1 億美元的定期貸款的借貸利差在綠色定價功能下有所降低。兩項設施的規定信貸利差均減少了 4 個基點，我們的循環信貸設施費用減少了 1 個基點。

Now for an update on our outlook. Based on our strong first half results and our expectations for the balance of the year, we are again raising our FFO per diluted share range from $1.56 to $1.60 to a new range of $1.60 to $1.62. Our increased FFO per share guidance range incorporates the following updates to our full year assumptions.

現在更新我們的展望。基於我們上半年強勁的業績以及今年剩餘時間的預期，我們再次將攤薄後每股 FFO 範圍從 1.56 美元至 1.60 美元提高到新的 1.60 美元至 1.62 美元。我們增加的每股 FFO 指引範圍包含了全年假設的以下更新。

Same-site NOI growth of [2.25% to 3.25%] from the previous level of [2.25% to 3%] and is inclusive of the RPT assets and a credit loss assumption of 75 basis points to 100 basis points. Full year cost saving synergies from the RPT acquisition improving to $35 million to $36 million.

同場 NOI 從先前的水準 [2.25% 至 3%] 成長了 [2.25% 至 3.25%]，其中包括 RPT 資產和 75 個基點至 100 個基點的信用損失假設。收購 RPT 帶來的全年成本節約綜效提高至 3,500 萬至 3,600 萬美元。

Interest income expected to be between $13 million to $15 million and lower disposition guidance of $300 million to $350 million. Our other full year guidance assumptions remain intact. I want to thank all our associates whose efforts significantly contributed to our outstanding results. We are well positioned to deliver growth.

利息收入預計在 1,300 萬美元至 1,500 萬美元之間，處置指引下限為 3 億至 3.5 億美元。我們的其他全年指導假設保持不變。我要感謝我們所有的員工，他們的努力為我們取得了優異的成績做出了重大貢獻。我們已做好充分準備來實現成長。

And with that, we're ready to take your questions.

至此，我們準備好回答您的問題了。

(Operator instructions)

（操作員說明）

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Good morning. Thanks for taking my question, my questions on the guidance. And you took the FFO guidance higher to $1.60 to $1.62, and that was supported by both the higher same-property NOI expectations as well as some other moving pieces.

早安.感謝您提出我的問題，我對指導的疑問。您將 FFO 指引提高至 1.60 至 1.62 美元，這得到了較高的同地產 NOI 預期以及其他一些動態因素的支持。

So can you just kind of walk through like how much of a contribution of the FFO guidance is driven by the same property NOI? And then what are the other pieces that are driving the forecast higher? Thanks.

那麼您能否簡單介紹一下 FFO 指南的貢獻有多少是由同一財產 NOI 所驅動的？那麼還有哪些因素推動預測更高呢？謝謝。

Sure, Michael. The primary driver really is the operating portfolio. Again, our rent commencements have been quicker than what we had originally forecasted. So that's a major driver. And that also drives same-side NOI growth because it's cash-based.

當然，邁克爾。主要驅動力實際上是營運投資組合。同樣，我們的租金開始時間比我們最初預測的要快。所以這是一個主要驅動力。這也推動了同方 NOI 的成長，因為它是基於現金的。

Expense control is another piece. We've been really very focused on expense control both at the property level and the G&A level. Those are the primary drivers, but it's really coming from the operating portfolio.

費用控制是另一件事。我們非常注重財產層級和一般行政費用層面的費用控制。這些是主要驅動因素，但它實際上來自營運投資組合。

Yeah, I would also say, Michael, as we talked about, it's also the RPT. We've had better execution than planned. So that's doing well for us as well from the guidance increase.

是的，我還要說，邁克爾，正如我們所討論的，這也是 RPT。我們的執行情況比計劃的還要好。因此，指導的增加對我們來說也有好處。

Just a related follow-up here, you've done the same-property NOI of three, four for the first half of the year. The guidance assumes that decelerates in the back half. Can you walk through what are the factors that are going to drive that deceleration in the back half of the year?

這裡只是一個相關的後續行動，今年上半年您已經完成了三、四次相同屬性的 NOI。該指南假設後半段減速。能否介紹一下導致下半年經濟減速的因素有哪些？

Yeah. I mean, again, we've increased the guidance range of same-site now twice during the year. Again, the portfolio is performing very well. We do have a tougher comp in the third quarter of last year based on some one-time things that were in there that has a little bit of an impact. But overall, we feel very comfortable with the revised guidance range that we've put out.

是的。我的意思是，我們今年已經兩次增加了同一地點的指導範圍。同樣，該投資組合表現非常出色。去年第三季我們確實有一個更嚴格的競爭，基於一些一次性的事情，其中​​有一點影響。但總的來說，我們對我們發布的修訂後的指導範圍感到非常滿意。

Yeah, and we also -- we look at same site as an annualized number. There's always, as Glenn mentioned, there's noise quarter to quarter timing of expenses, recoveries, et cetera. It really is always intended to be an annualized number. So when you look at that the annual outlook and we've increased that guidance, it's a good indication of the direction I feel we're going.

是的，我們也將同一網站視為年度數字。正如格倫所提到的，每季的支出、回收等時間總是存在著噪音。它實際上始終是一個年化數字。因此，當您查看年度展望並且我們增加了指導時，這很好地表明了我認為我們前進的方向。

Got it. Thank you very much. Good luck in the back half.

知道了。非常感謝。祝後半程好運。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Good morning, everybody. Hey, Conor, you spoke about the RPT portfolio, the 400 basis points spread and shop occupancy. I was just trying to understand kind of the ability to close this gap.

大家早安。嘿，Conor，您談到了 RPT 投資組合、400 個基點的利差和商店入住率。我只是想了解縮小這一差距的能力。

I mean, what's the timing on this? Considering that I would imagine some of that is probably hard to lease space, right? You need some capital spend on that for anchor repositioning. So help us walk through kind of how to think about that closure of the gap over the next several years.

我的意思是，這個時間是什麼時候？考慮到我想其中一些可能很難租用空間，對嗎？您需要一些資本支出來重新定位錨點。因此，請幫助我們了解如何思考未來幾年縮小差距的問題。

Yeah, happy to, Samir. We look at that vacancy as real upside. So when you look at the SNO pipeline or the signed not opened pipeline of the former RBT portfolio. That's what's really getting compressed. So we were driving that the first two quarters and that's why you saw over 4% same-site NOI in that portfolio for the second quarter.

是的，很高興，薩米爾。我們認為這個空缺是真正的優勢。因此，當您查看 SNO 管道或先前 RBT 投資組合的已簽名未開放管道時。這才是真正被壓縮的東西。因此，我們在前兩個季度推動了這一目標，這就是為什麼第二季度該投資組合中的同站點 NOI 超過 4%。

Now, as those anchors start to come online, that's when you're going to start to see the pickup in the small-shop leasing. Because typically you want to have an operating anchor that's easier to fill around where you can mark to market those rents around the former vacancy. Whereas previously if you have a vacant anchor box, it's a lot harder to lease the small shops around that vacancy.

現在，當這些主播開始上線時，你會開始看到小店租賃的成長。因為通常情況下，您希望有一個更容易填補的營運錨點，您可以在以前的空缺周圍將租金標記為市場。而以前，如果你有一個空置的錨箱，那麼租用該空位周圍的小商店就會困難得多。

So we do anticipate because we've seen it in our own portfolio, the small-shop leasing continuing to show the strength and the acceleration. And we are very focused on driving the small-shop occupancy in that portfolio because, again, that's where we see upside that's really sort of the investment thesis that we continue to focus on and execute on.

因此，我們確實預計，因為我們在自己的投資組合中看到了小商店租賃繼續顯示出實力和加速。我們非常專注於推動該投資組合中小型商店的入住率，因為這再次是我們看到的好處，這確實是我們繼續關注和執行的投資主題。

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Thanks. Good morning. The Strip had a nice run earlier this week. Based on your discussions with private equity peers, how would you describe the interest in the Strips today versus say six months ago? And then how are you viewing your own NAV today versus where you're trading?

謝謝。早安.本週早些時候，拉斯維加斯大道表現不錯。根據您與私募股權同行的討論，與六個月前相比，您如何描述今天對拉斯維加斯大道的興趣？那麼您如何看待今天自己的淨值與您的交易價格？

Thanks, Dori. We've been pretty consistent this year that capital formations continue to accelerate for open-air shopping centers. I think when you look at the recent transactions that have been announced, Cohen & Steers, obviously coming in and a joint venture to buy a grocery-anchored shopping center.

謝謝，多麗。今年我們一直一致認為，露天購物中心的資本形成持續加速。我想，當你看看最近宣布的交易時，科恩與斯蒂爾斯 (Cohen & Steers) 顯然會介入，並成立一家合資企業來購買一家雜貨店為主的購物中心。

When you look at the amount of capital formation from the institutional investors, private equity. I mean, it's very clear the supply and demand that we've been talking about is starting to come into focus because it's showing up in the numbers and it's really producing significant growth.

當你觀察機構投資人、私募股權的資本形成量。我的意思是，很明顯，我們一直在談論的供給和需求開始成為人們關注的焦點，因為它體現在數字中，並且確實帶來了顯著的成長。

And I think the other big piece of it is that the cap rates for the product are still relatively attractive when you look at other sectors. And I think that is really driving a lot of interest because of the lack of new supply on the horizon. I feel like that really opens people's eyes back up to the shopping center sector.

我認為另一個重要因素是，當你看看其他產業時，該產品的資本化率仍然相對有吸引力。我認為這確實引起了極大的興趣，因為即將出現新的供應不足。我覺得這確實讓人重新關注購物中心產業。

Yeah, I would just add. I mean, we have a pretty strong purview given the joint venture partners that we have, they're all pretty diverse and have different views on retail. And across the board, what we're seeing is a lot of private equity and other formation that have really gone from, I would say, retail, curious to retail active. And that really is something that we think is going to push both cap rates activity and investment in the back half of the year and forward and beyond that.

是的，我只是補充一下。我的意思是，考慮到我們擁有的合資夥伴，我們擁有相當強大的權限，他們都很多元化，對零售業有不同的看法。總的來說，我們看到的是許多私募股權和其他形式，我想說，它們確實從零售、好奇心轉向了活躍的零售。我們認為這確實會推動今年下半年以及未來的資本化利率活動和投資。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi. Thanks for the time. Just curious some on the structure investments, if you can comment on the types of opportunities incrementally you're seeing in the market and yield expectations. And you kind of mentioned as well, maybe some more opportunities for some bigger centers and how we should think about incremental deal flow second half and going into 2025?

你好。謝謝你的時間。只是對結構投資感到好奇，如果您可以逐步評論您在市場上看到的機會類型和收益率預期。您也提到，也許一些更大的中心有更多的機會，以及我們應該如何考慮下半年和進入 2025 年的增量交易流？

Absolutely. The structured investment is a unique product that every deal is a little bit different. I indicated a three of the transactions that we closed on in the second quarter. It was a combination of a recap of an existing owner one was acquisition financing. And then of course, The Rim was an exciting and unique opportunity where we have the ability to further strengthen our position in a dominant asset that has a tremendous amount of equity embedded in it and ultimately could become an acquisition target.

絕對地。結構性投資是一種獨特的產品，每筆交易都略有不同。我指出了我們在第二季完成的三筆交易。這是對現有所有者的回顧的組合，其中之一是收購融資。當然，《The Rim》是一個令人興奮且獨特的機會，我們有能力進一步加強我們在主導資產中的地位，該資產嵌入了大量股權，最終可能成為收購目標。

So whatever the outcome of that asset and investment is going to be a positive for Kimco. I think that on a go-forward basis, as we look at the third and the fourth quarters, our expectation is that our investment activity will be more heavily weighted toward core acquisitions as some of the structured investments have been completed.

因此，無論該資產和投資的結果如何，都將對 Kimco 有利。我認為，展望第三季度和第四季度，我們的預期是，隨著一些結構性投資的完成，我們的投資活動將更加偏重於核心收購。

And again, they're sort of one-off and unique in nature, but there's definitely a place for our capital within the stack whether it be repositioning financing, new acquisitions as we've seen volumes starting to increase and a lot more optimism. As the rate environment, there is an expectation that the cuts might be coming and there just seems to be a bit more stability and optimism in the environment. So I think that the back half of the year is going to be it been positive for Kimco.

再說一次，它們本質上是一次性的和獨特的，但我們的資本在堆疊中肯定有一席之地，無論是重新定位融資、新的收購，因為我們看到交易量開始增加，而且更加樂觀。就利率環境而言，人們預計降息可能會到來，而且環境似乎更加穩定和樂觀。所以我認為今年下半年對 Kimco 來說將會是正面的。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，豐業銀行。

Hey, good morning. Ross, just to better understand on the acquisition guidance, the 7.5% blended cap for the year on a mid-point and $325 million of investment seems to imply a 0% cap rate on the remaining $80 million. I mean, it sounds like you're talking about core assets, but we're missing something on the math there, or is there a plan to buy land? if

嘿，早安。羅斯，為了更好地理解收購指導，今年中點和 3.25 億美元投資的 7.5% 混合上限似乎意味著剩餘 8,000 萬美元的上限為 0%。我的意思是，聽起來你在談論核心資產，但我們在數學上遺漏了一些東西，或者是否有購買土地的計劃？如果

It's not, certainly not a land plan. I think when you look at the guidance, it is a blended spread between our structured investments and our core activity. As you've seen, clearly, the first half of the year has been heavily weighted towards structured investments. We do anticipate that in the second half of the year, there's going to be more activity on the core acquisitions.

這不是，當然不是土地規劃。我認為，當您查看指導時，您會發現這是我們的結構性投資和核心活動之間的混合利差。正如您所看到的，很明顯，今年上半年結構性投資佔了很大比例。我們確實預計，今年下半年，核心收購活動將會更多。

So as we have a little bit more color and clarity on the specifics of the deals that we're looking at now, we'll certainly update that guidance in that range. But with where we sit today and what we know is in the pipeline, we're comfortable with where we sit.

因此，由於我們對現在正在考慮的交易細節有了更多的色彩和清晰度，我們肯定會更新該範圍內的指導。但考慮到我們今天所處的位置以及我們所知道的正在醞釀中的情況，我們對我們所處的位置感到滿意。

Okay. And on development side, culture plays seem to have pretty limited investment this quarter. Is there a slowdown to development happening there? Any color would be appreciated.

好的。在開發方面，文化遊戲本季的投資似乎相當有限。那裡的發展是否正在放緩？任何顏色都會受到讚賞。

Yeah. Right now, we are the foundation for the parking, the subterranean parking ,and then the other ground-floor retail, it's constructions under underway. Just as a reminder, for us, it's a preferred equity structure. So our capital investment is limited.

是的。現在，我們是停車場、地下停車場的基礎，然後是其他底層零售，正在建造中。提醒一下，對我們來說，這是一種優先股權結構。所以我們的資金投入是有限的。

As a matter of fact, I'll just add that our capital is actually fully in,

事實上，我只想補充一點，我們的資本實際上已全部投入，

So you won't see any increase going forward?

那麼您未來不會看到任何成長嗎？

Correct.

正確的。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Hey, guys. Just to go back to maybe The Rims a bit. You guys are about $200 million of the capital stack now. Could you give us a sense of maybe what the LTV of that overall property is? I mean, given the 9% rate seems like, and versus what others are getting for high-quality kind of Strip and open-air that seem kind of a high coupon. I mean, is this I know you alluded to you guys always look for loan to own, but is this something in the near term you guys could get an equity stake in? How should we kind of think about this particular investment?

嘿，夥計們。只是想稍微回到《籃筐》。你們現在的資本總額約為 2 億美元。您能否讓我們了解一下整個房產的 LTV 是多少？我的意思是，考慮到 9% 的利率，與其他人獲得的高品質地帶和露天優惠券相比，這似乎是一種高額優惠券。我的意思是，我知道你們提到過，你們總是在尋找貸款來擁有，但這是你們近期可以獲得股權的東西嗎？我們該如何看待這項特定的投資？

Sure. Happy to. Yeah. The Rim is really an exceptional asset, performs really well. Our partners/borrower has executed on the business plan exceptionally well. Leasing is strong, we're right around 100% occupied there.

當然。很高興。是的。Rim 確實是一項非凡的資產，性能非常出色。我們的合作夥伴/借款人非常出色地執行了業務計劃。租賃情況很強勁，我們的入住率約為 100%。

Our expectation in terms of recent valuations is that there is at least $50 million of equity in that deal. So when you're looking at it from our position being just under $200 million from an LTV standpoint, we're right at that 80%, which is really where the structured investment program is intended to sort of cap out. So we feel very comfortable with where we sit.

根據近期估值，我們預計該交易中至少有 5,000 萬美元的股權。因此，當你從 LTV 的角度來看我們的部位略低於 2 億美元時，我們正好處於 80%，這確實是結構性投資計畫旨在達到的上限。所以我們對自己坐的地方感覺很舒服。

As I mentioned, it's still a little bit unclear as to ltimately where that shakes out, but whether we get repaid and keep a position in the deal or ultimately own it, I think that either outcome would be a fantastic one for Kimco. You are correct that the coupon is clearly high. It is intended to be relatively short-term. While I think the borrowers consider what the next step is there, whether it be a refinance or sale or otherwise. So and there are some moving pieces there, but we're in a really strong position.

正如我所提到的，目前還不清楚最終結果如何，但無論我們是否獲得回報並保留交易中的地位或最終擁有它，我認為這兩種結果對於 Kimco 來說都是一個很棒的結果。你是對的，優惠券顯然很高。它的目的是相對短期的。雖然我認為借款人會考慮下一步是什麼，無論是再融資、出售或其他方式。因此，那裡有一些變化，但我們處於非常有利的地位。

Alexandra Goldfarb, Piper Sandler.

亞歷山德拉·戈德法布，派珀·桑德勒。

Good morning. I'm still Alexander Goldfarb, Alexandra, I don't know, I guess I'm a new-age fluid person. So a question for you. On the small shop, because that's where a lot of the juice is coming from. It's not sure if you've quantified, but maybe you could either the impact to FFO or NOI margin as the small-shop leases up becomes occupied paying rents, you mentioned 400 basis points, lower small-shop occupancy in the RPT versus Kimco.

早安.我還是亞歷山大‧戈德法布，亞歷珊卓，我不知道，我想我是一個新時代的流動人。所以有個問題想問你。在小商店裡，因為那是很多果汁的來源。不確定你是否已經量化，但也許你可以了解隨著小商店租賃增加而被佔用支付租金，對FFO 或NOI 利潤率的影響，你提到了400 個基點，RPT 中的小商店佔用率低於Kimco 。

And obviously, in the release, you highlighted the record leased rate in the Kimco portfolio, 91.7%. Can you just give some framework around what the earnings benefit as a small shop takes effect, maybe every 100 bps of small-shop occupancy versus the larger boxes? Because I've got to believe that the earnings impact is superior just given the better economics.

顯然，在新聞稿中，您強調了 Kimco 投資組合中創紀錄的租賃率，即 91.7%。您能否給出一些關於小型商店的收益效益如何生效的框架，也許是小型商店相對於大型商店的每 100 個基點的佔用率？因為我必須相信，只要經濟狀況改善，獲利影響就會更大。

Yeah, great question, Alex. Doing the math quickly, so you have about 25 million square feet of small-shop space. If you take 100 basis points of that it's about 250,000. Average rents for our small shops around $32 a foot to multiply the two, you get around $8 million of AVR coming from that. And that excludes obviously any recovery benefit you get from that as well. So you take that quantify it into the FFO gain, there's obviously significant upside.

是的，問得好，亞歷克斯。快速計算一下，您大約有 2500 萬平方英尺的小商店空間。如果以 100 個基點計算，則約為 250,000 個基點。我們的小商店的平均租金約為每英尺 32 美元，將兩者相乘，您將獲得大約 800 萬美元的 AVR。這顯然也不包括您從中獲得的任何恢復好處。因此，如果將其量化為 FFO 增益，顯然有顯著的優勢。

And when you look at how we've been trending, obviously, on the small-shop back activity for Kimco and what we anticipate, what we could potentially do on the RPT side, we see real benefits going forward. On the sales pipeline, that $63 million. On the non-anchor side, it represents about 47% of that total $63 million. So you're starting to see real meaningful contribution, small shop growth.

當你看看我們的趨勢時，顯然，Kimco 的小商店後台活動以及我們的預期，我們在 RPT 方面可能做的事情，我們看到了未來的真正好處。銷售通路為 6,300 萬美元。在非主播方面，它約佔 6,300 萬美元總額的 47%。所以你開始看到真正有意義的貢獻，小商店的成長。

Small shops also typically take less time and less capital to come online. So clearly it's a focus. Clearly we understand the upside and we continue to ride the momentum.

小商店通常還需要更少的時間和更少的資金來上線。很明顯這是一個焦點。顯然，我們了解其優勢，並將繼續乘勢而上。

Floris van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, guys. Following up on the on small-shop concept, obviously it's a huge earnings driver and upside potential. I know you guys are around 49% of ABR from some shop space today. Where do you think, once the portfolio stabilizes that percentage of ABR from shop space goes to or can go to you?

嘿，夥計們。繼小商店概念之後，顯然它是一個巨大的獲利驅動力和上升潛力。我知道你們今天的 ABR 大約有 49% 來自一些商店。您認為，一旦投資組合穩定下來，商店空間中 ABR 的百分比會流向或可以流向您嗎？

It's a good question, Floris. I mean, I think we are laser focused on driving that small-shop occupancy. Obviously, we're in uncharted territories because if you think about the drag that the RBT portfolio had on Kimco's small-shop occupancy, we're setting records this quarter.

這是個好問題，弗洛里斯。我的意思是，我認為我們專注於提高小商店的入住率。顯然，我們正處於未知領域，因為如果您考慮 RBT 投資組合對 Kimco 小商店入住率的拖累，我們將在本季度創下記錄。

So we have the ability to continue to push. We don't see any hurdles in front of us that should sort of derail that momentum that we're seeing and trying to generate as much growth from the small shop side is really the focus.

所以我們有能力繼續推動。我們認為我們面前沒有任何障礙會破壞我們所看到的勢頭，並試圖從小商店方面產生盡可能多的增長才是真正的焦點。

The occupancy on the anchors is over 98%. There's still a lot of demand there. As I mentioned earlier, a lot of leases that are in bankruptcy auctions are being acquired because they can't find good quality retail space. So they're acquiring it out of the bankruptcy process. But I think when you look at the small-shop occupancy side, there's really we're not sure how we can push it, but we're going to push it as hard as we can to all-time highs.

錨點佔用率超過98%。那裡的需求仍然很大。正如我之前提到的，許多處於破產拍賣中的租約正在被收購，因為他們找不到優質的零售空間。所以他們正在透過破產程序收購它。但我認為，當你看看小商店的入住率方面時，我們確實不確定如何推動它，但我們將盡我們所能將其推向歷史最高點。

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

Good morning. Conor, just based on your opening remarks around the economy mixed signals the consumer, what are the marching orders to the leasing team at this point? Are you changing your leasing strategy or staying at the pace? Thank you.

早安.康納，根據您關於經濟的開場白，消費者發出了混合信號，目前租賃團隊的前進命令是什麼？您是否正在改變租賃策略或保持不變？謝謝。

Thanks, Jeff. It's pretty consistent. I think when you got the advantage that we have in terms of advantages of scale. We tried and be proactive and work with our partners, our retailers. So trying to make sure that we are the first call and looking out two, three, five years even for their growth strategy. So the benefit of Kimco's portfolio is a lot of our retailers are regional and some of them have yet to even consider some of our target areas where we have phenomenal portfolio.

謝謝，傑夫。這是相當一致的。我認為當你獲得我們在規模優勢方面的優勢時。我們努力並積極主動地與我們的合作夥伴、零售商合作。因此，我們要努力確保我們是第一個接到電話的人，並為他們的成長策略尋找兩年、三年、五年的時間。因此，Kimco 投資組合的好處是我們的許多零售商都是區域性的，其中一些零售商甚至還沒有考慮我們擁有驚人投資組合的一些目標區域。

So when you look at some of the retailers that have done quite well recently, like Sprouts Farmers Market, for example, they have yet to even really penetrate some of our markets and the same goes for some other grocers. We did five grocery-anchored leases this quarter, five. And we feel like that demand is still accelerating.

因此，當你看看最近表現不錯的一些零售商時，例如 Sprouts Farmers Market，他們甚至還沒有真正滲透到我們的一些市場，其他一些雜貨店也是如此。本季我們做了五筆雜貨錨定租賃，五筆。我們覺得這種需求仍在加速。

And when we look at our portfolio, a lot of our strategy is to utilize the platform and the team to got and unlock more value by adding groceries to it. So there's a lot of momentum there. Clearly, the focus is on executing. We've got a lot of tools that are at our disposal we just designed a brand new interactive site plan that we're really excited about that actually links to all of our data.

當我們審視我們的投資組合時，我們的許多策略是利用平台和團隊透過添加雜貨來獲取和釋放更多價值。所以那裡有很大的動力。顯然，重點是執行。我們有很多工具可供我們使用，我們剛剛設計了一個全新的互動式網站計劃，我們對它實際上連結到我們所有的數據感到非常興奮。

So it's really sort of a unique tool that allows our field team to be able to utilize it in the field with the retailers to be able to generate more leasing opportunities. So a lot of things clicking on all cylinders right now. And obviously, you can tell we're super excited to continue that momentum.

因此，它確實是一種獨特的工具，使我們的現場團隊能夠在現場與零售商一起使用它，從而能夠產生更多的租賃機會。所以現在很多事情都在全力進行。顯然，你可以看出我們對繼續保持這種勢頭感到非常興奮。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Hey, just two quick ones. One on the RPT, just looking at the slide in the deck, which is really helpful. I think we talked about 420 basis points small-shop occupancy, but can you hit on just the Mary Brickell village redevelopment? Just the timing? I know it's farther out, but how is that sort of progressing? How you sort of thinking about executing on that, it would be question one.

嘿，只有兩個快點。RPT 上的一個，只需查看幻燈片中的幻燈片，這確實很有幫助。我想我們討論了 420 個基點的小商店入住率，但您能談談瑪麗布里克爾村的重建嗎？只是時間安排嗎？我知道這還很遙遠，但是進展如何？你如何考慮執行這一點，這是問題一。

And then the question two is just on the breadcrumbs on same-store and why? It seems like you're going to continue to gain occupancy from here. The portfolio is pretty full with sort of similar bad debt assumptions as this year as last year. Is there any reason in what you can't do another sort of 3%, sort of long term going forward? What are the puts and takes there? Thanks.

然後問題二就在同店的麵包屑上，為什麼？看起來你會繼續從這裡獲得入住權。該投資組合充滿了與去年類似的壞帳假設。有什麼理由讓你不能再做另外 3% 的事情，某種長期的事情嗎？那裡有哪些看跌期權和看跌期權？謝謝。

Yeah, on the Mary Brickell side, your right. I mean, there is a tremendous amount of opportunity there. Right now near term, the reinvention of the merchandising plan and the re-leasing opportunities are significant. You're seeing rents go from the 40s up into the triple digits. And so our focus right now is near term opportunities to remerchandise reposition yet about healthy portions of that asset. And that will be the focus in the near term as it relates to your other question.

是的，在瑪麗布里克爾這邊，你的右邊。我的意思是，那裡有大量的機會。就目前而言，重新制定銷售計劃和重新租賃機會意義重大。你會看到租金從 40 多美元上漲到三位數。因此，我們現在的重點是近期重新定位資產健康部分的機會。這將是近期的焦點，因為它與你的其他問題有關。

Yeah, as it relates to look the same site, again, we are very comfortable with the guidance range that we have. So you're [2.25% to 3.25%]. Looking out longer range, obviously, our intent is to continue to drive same sign-up growth as much as we can. But again, it's an annual number. Quarter by quarter makes it a little tricky quarter by quarter every 90 days.

是的，因為它與查看同一網站有關，所以我們對我們擁有的指導範圍非常滿意。所以你是[2.25% 至 3.25%]。顯然，從長遠來看，我們的目的是繼續盡可能地推動註冊量成長。但同樣，這是一個年度數字。每 90 天逐季進行，這會讓事情變得有點棘手。

But the team is incredibly focused on generating leases quickly and getting those tenants open as fast as we can. We've dedicated a lot of resources to helping our tenants, get those stores open and getting the rent commencement as quick as possible. So that's the driving force today.

但該團隊非常專注於快速產生租約並儘快讓這些租戶開業。我們投入了大量資源來幫助我們的租戶，讓這些商店開業並儘快開始租金。這就是今天的驅動力。

The only other thing I would add on Mary Brickell Village, as you've probably seen a lot of the news headlines of all the development going up around Mary Brickell Village and the demand there from the retailers continues to accelerate. Market rents continue to accelerate. And Mary Brickell Village was obviously part of the RPT portfolio and that price per square foot for the whole portfolio was $165 a foot, which included Mary Brickell Village.

我要補充的唯一一件事是關於瑪麗布里克爾村，因為您可能已經看到了很多關於瑪麗布里克爾村周圍所有開發項目的新聞頭條，並且零售商的需求持續加速。市場租金繼續加速上漲。瑪麗布里克爾村顯然是 RPT 投資組合的一部分，整個投資組合的每平方英尺價格為每英尺 165 美元，其中包括瑪麗布里克爾村。

Caitlin Burrows, Goldman Sachs.

凱特琳·布羅斯，高盛。

Hi, good morning. Maybe just a little bit more on the leasing side. It feels like the environment's been on pretty good for a while. So what are some of the key stats you guys used to gauge leasing interest and activity, it's like the size of the pipeline, number of lease proposals, et cetera, and how are they trending and has there been any change to who the active tenants are?

嗨，早安。也許只是在租賃方面多一點。感覺這段時間環境挺好的。那麼，你們用來衡量租賃興趣和活動的一些關鍵統計數據是什麼，例如管道的規模、租賃提案的數量等等，以及它們的趨勢如何，活躍租戶是否有任何變化是？

Yeah. I mean, first on the -- start with retention. Obviously our retention rates right now are about 90% which are sort of exceeding our historic highs over the last several years. So the demand for existing tenants to remain in place and want to renew and continue to operate their business with us has been really, really encouraging.

是的。我的意思是，首先從保留開始。顯然，我們現在的保留率約為 90%，這有點超過了過去幾年的歷史高點。因此，現有租戶保留並希望續簽並繼續與我們合作經營業務的需求確實非常令人鼓舞。

On the new lease side, the acceleration of both the anchor and small shop activity, again, as Conor mentioned several times before, are hitting all-time highs. I think that's your best indicator of showing the demand side. So you're retaining in then you're growing.

在新的租賃方面，正如康納之前多次提到的那樣，主力店和小店活動的加速都創下了歷史新高。我認為這是顯示需求方的最佳指標。所以你保留下來，然後你就成長了。

And then in terms of how you're looking forward in terms of new retailers that are looking to expand into the portfolio. You're seeing a lot of ethnic grocers being very proactive in this in the sector right now, which is great. And they're looking not only one to two years, but really three years-plus out now and planning for well into the future because as we have mentioned earlier, there is no new development supply on the horizon in any meaningful way to create new inventory.

然後是您對希望擴大產品組合的新零售商的期望。你現在看到很多民族雜貨商在這個領域非常積極主動，這很棒。他們不僅著眼於一到兩年，而且實際上是三年多的時間，並為未來做好規劃，因為正如我們之前提到的，沒有任何新的開發供應以任何有意義的方式創造新的存貨。

So it's all about second-generation space. All of these retailers need to hit their mark and hit their own growth strategies. So they want to be as proactive with us as we are with them. And you're seeing that too in terms of obviously deal terms and the flexibility of the space in which they target.

所以這都是關於第二代太空的。所有這些零售商都需要達到自己的目標並實現自己的成長策略。因此，他們希望像我們對待他們一樣積極主動地對待我們。從明顯的交易條款和目標空間的靈活性來看，你也看到了這一點。

Prototypes for something coveted in the past and now they've become much more flexible in how they utilize the space can either expand or contract the fit into the opportunity that's presented in front of them. And so it's really developed really strong partnerships of our retailers and resulted in all of us having to get creative to help achieve both collectibles.

過去令人垂涎的原型，現在他們在如何利用空間方面變得更加靈活，可以擴大或縮小與擺在他們面前的機會的契合度。因此，它確實與我們的零售商建立了非常牢固的合作夥伴關係，並導致我們所有人都必須發揮創造力來幫助實現這兩個收藏品。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Hi, two-part question. You mentioned SNO getting open faster. Is there any way to quantify how much more quickly this is happening and do you think you have the ability to move it even faster?

你好，分為兩個部分的問題。您提到 SNO 開放得更快。有沒有什麼方法可以量化這種情況發生的速度有多快？

Sure. In the first part of this year, we anticipated our SNO contribution at $25 million to $30 million. We're now at the upper end of that range. So $30 million-plus for the year, as Glenn mentioned in his prepared remarks, about $8 million coming online for the second half of this year.

當然。今年上半年，我們預計 SNO 的捐款額為 2,500 萬至 3,000 萬美元。我們現在處於該範圍的上限。正如格倫在他準備好的演講中提到的那樣，今年的收入超過 3000 萬美元，今年下半年的收入約為 800 萬美元。

And then when you look ahead in terms of what's going to be contributed as it relates to that $63 million between '24 and '25, about $30 million-plus will start to come online in '24 and then another $20 million-plus will come online in 2025. So that's almost 85%, 90% of that's now pipeline are starting to flow over the next 12 months.

然後，當你展望未來將貢獻什麼時，因為它與 24 年至 25 年間的 6300 萬美元有關，大約 3000 萬美元以上將在 24 年開始投入使用，然後另外 2000 萬美元以上將會到來2025年上線。因此，現在管道中的近 85%、90% 將在未來 12 個月內開始流動。

How we're doing this is just exhaustive work. It's simply put that the tenant coordination, the construction team leaves between the two are all exhausting all of their efforts to help solve problems in the field challenge of opportunities to open them sooner and the dealing with it.

我們如何做到這一點只是一項詳盡的工作。簡單來說，租戶的協調、施工團隊的離開，兩者之間都在竭盡全力幫助解決現場挑戰中的問題，以及早點開放和處理的問題。

And then just a follow-up on the transaction environment. How much have cap rates compressed since the beginning of the year? And then what's the level of compression you might expect over the next 12 months?

然後就是交易環境的後續。自年初以來資本化率壓縮了多少？那麼您預計未來 12 個月的壓縮程度是多少？

Yeah, I think in the first half of the year, it's been fairly consistent. As we talked about transaction volumes have been lower this year compared to 2023 for the deals that are getting done continue to be at fairly aggressive rates. So we haven't seen much movement for comparable product in terms of the cap rates that they're trading at.

是的，我認為今年上半年的情況相當穩定。正如我們所討論的，與 2023 年相比，今年的交易量有所下降，因為正在完成的交易仍然以相當激進的速度進行。因此，我們沒有看到類似產品的交易上限利率有太大變化。

That being said there, as I mentioned, is a fair amount of optimism that the back half of the year and into 2025 with the amount of capital that's been on the sidelines that's ready to invest. And with the expectation that the rate environment is stable, if not moving lower. The anticipation is that there's going to be more capital which inherently should push cap rates down gradually over time.

話雖如此，正如我所提到的，人們對今年下半年和 2025 年持相當樂觀的態度，因為有大量資金已準備好進行投資。預計利率環境即使不走低，也是穩定的。預計將會有更多的資本，這本質上會隨著時間的推移逐漸壓低資本化率。

Wes Golladay, Baird.

韋斯·戈拉戴，貝爾德。

Hey, good morning, everyone. It looks like just under 30% of the lead anchor leases expiring through 2025 have no option. It looks like their older leases, about a 40% mark to market. How should we think about retention here? Would you look to force move outs get more relevant tenants in?

嘿，大家早安。看起來，在 2025 年到期的主要主力租賃中，有不到 30% 沒有選擇權。看起來就像他們的舊租約，市場價格約為 40%。我們該如何考慮這裡的保留？您是否會考慮強制搬離並吸引更多相關租戶入住？

Yeah, that's a great question. So right now, you're right. It's about 52 leases that are rolling with no options at '25. We've resolved or are in the process of resolving about half of those already. So it's a combination of identifying new opportunities to backfill space at higher rents are retaining the existing tenants in place at a market rent.

是的，這是一個很好的問題。所以現在，你是對的。大約有 52 份租約在 25 年後滾動，沒有選擇權。我們已經解決或正在解決其中大約一半的問題。因此，這需要結合尋找新的機會以更高的租金回填空間，並以市場租金保留現有租戶。

And what we do is we look at in today's environment, the merchandising mix and what is best for the asset long term to drive shareholder value and to best support the needs of the shopping center itself. So it's a combination of all those activities. But again, we're already looking ahead into '25 and feel very good about the outlook.

我們所做的就是在當今的環境下審視商品組合，以及從長遠來看最適合資產的因素，以推動股東價值並最好地支持購物中心本身的需求。所以它是所有這些活動的結合。但同樣，我們已經在展望 25 年，並​​對前景感到非常樂觀。

Paulina Rojas, Green Street Capital.

Paulina Rojas，綠街資本。

Good morning. As you described, the sector's background is clearly very solid. And based on your experience, what level of year-over-year rent growth should these solid fundamentals translate into if you think about the next 12 to 24 months?

早安.正如您所描述的，該行業的背景顯然非常雄厚。根據您的經驗，如果您考慮未來 12 至 24 個月，這些堅實的基本面應該轉化為什麼水準的年比租金成長？

And also if you could comment on how is your negotiating power evolving with anchors? It seems to be to me that most of the rent growth is coming from the shop side of the business. Thank you.

另外，您能否評論一下您與主播的談判能力如何演變？在我看來，大部分租金成長都來自商店方面。謝謝。

Yeah, good question, Paulina. I think what you've seen is the trajectory of the same-site NOI growth continues to improve. When you look at the components of that, as you know, a lot of it has to do with retention because we're so highly occupied. So as retention rates remain high and we're getting the incremental growth from new leasing, you're seeing at 3%-plus over the past three quarters that we've been able to produce.

是的，問得好，寶琳娜。我認為您所看到的是同站 NOI 成長的軌跡持續改善。當你看看其中的組成部分時，你知道，其中很多都與保留有關，因為我們太忙了。因此，由於保留率仍然很高，而且我們從新租賃中獲得了增量增長，您會看到在過去三個季度中我們能夠實現 3% 以上的增長。

So when you look out, it's hard to extract exactly what the new glide path looks like. Historically, our sector has produced around a 2% same-site NOI growth profile. Obviously, we're trending towards higher than that, but we like the just executing on where we are today and continuing to look at the opportunity set going forward. Clearly, we've talked a lot today about the small-shop opportunity we have. We think that will continue to manifest in our numbers.

因此，當您向外觀察時，很難準確地提取出新的下滑路徑是什麼樣子的。從歷史上看，我們產業的同場 NOI 成長率約為 2%。顯然，我們的趨勢比這更高，但我們喜歡只執行我們今天的位置，並繼續尋找未來的機會。顯然，我們今天已經談論了很多我們擁有的小商店機會。我們認為這將繼續體現在我們的數字中。

And then on the anchor side?

然後在錨點一側？

Yeah, on the anchor side, the conversation, we've sort of break it into three broad categories. Obviously, on the terms of you mentioned growth, we're continuing to push on rent escalations, both in the primary and the option period, ensuring that we retain as much control as we can into the future.

是的，在主播方面，也就是對話，我們將其分為三大類。顯然，根據您提到的成長條款，我們將繼續推動主要階段和選擇階段的租金上漲，以確保我們在未來保留盡可能多的控制權。

When we look at this space, I mentioned this before, growth also comes from the combination of being more flexible with the space in which they're willing to occupy. So if you're able to show some flexibility and modify that prototype to get them in place. You then also get the halo effect benefit from the balance of the center with a tenants open and operating.

當我們審視這個空間時，我之前提到過，成長也來自於更有彈性與他們願意佔據的空間的結合。因此，如果您能夠表現出一定的靈活性並修改該原型以使它們就位。然後，您還可以從中心與租戶開放和營運的平衡中獲得光環效應收益。

And then finally, with timing too, as I mentioned, we're building a very robust pipeline into the future. And so we're working with our retail partners and our anchors to look well out in front of 12, 24, 36 months and beyond to help achieve both collective goals. So we're seeing the conversation evolve pretty dramatically in several broad categories.

最後，正如我所提到的，隨著時間的推移，我們正在建立一個面向未來的非常強大的管道。因此，我們正在與零售合作夥伴和主播合作，展望 12、24、36 個月及更長的時間，以幫助實現這兩個集體目標。因此，我們看到對話在幾個主要類別中發生了巨大的變化。

Haendel St. Juste, Mizuho.

亨德爾‧聖朱斯特，瑞穗。

Hey, good morning. First question I have maybe for you, Ross, I guess I was surprised a bit in the reduction in the dispositions here. I know it's not a sizable amount, but then that you're not in a position needing to sell assets, but we've heard of scarcity premiums increased buyer interest. So I guess can you add a bit more color on why you're pulling back here?

嘿，早安。我可能要問你的第一個問題是，羅斯，我想我對這裡配置的減少感到有點驚訝。我知道這不是一個很大的數額，但你並不需要出售資產，但我們聽說稀缺溢價增加了買家的興趣。所以我想你能補充為什麼你要撤退嗎？

You're not getting the demand and pricing you want? Are the assets perhaps better than you appreciated or are you preferring to keep the cash flow? What are we not appreciating or what's changed since you first contemplated the sale of a greater portion of these former RPT assets?

您沒有得到您想要的需求和定價嗎？這些資產可能比您想像的更好，還是您更願意保留現金流？自從您第一次考慮出售這些前 RPT 資產的大部分以來，我們有哪些不欣賞的地方或發生了什麼變化？

Sure. It's just looking at the outlook of where we are right now, the August 1, we, as I mentioned, completed the vast majority of digitization that we had planned. We were really excited with the execution on the RPT dispose. And when we look at the performance of the portfolio that we have right now, there really isn't a need to further dispose. We have the availability of our full credit facility.

當然。只是看看我們現在所處的前景，8 月 1 日，正如我所提到的，我們完成了計劃中的絕大多數數位化。我們對 RPT 處置的執行感到非常興奮。當我們看看我們現在擁有的投資組合的表現時，確實沒有必要進一步處置。我們擁有完整的信貸額度。

So liquidity is in the best shape that it's been at. So it's not a capital need per se. We do have several assets that are within our joint ventures that are currently in the market. We're not certain if a few of those or any of those may or may not transact. But if they do, they'll certainly be at significantly lower cap rates than where we've been, which is sort of what prompted the decision to drop the upper end of the cap rate range on the dispositions.

因此，流動性處於有史以來的最佳狀態。因此，這本身並不是資本需求。我們的合資企業內確實有一些資產目前已推出市場。我們不確定其中一些或其中任何一個可能會或可能不會進行交易。但如果他們這樣做，他們的資本化率肯定會比我們之前的水平低得多，這就是促使我們決定降低處置資本化率範圍上限的原因。

So it really is just a combination of the entirety of our capital plan and our outlook and the performance of our portfolio. We feel really good about where we are, and we'll revisit where things shake out when we go through the budget for 2025, but at least through the end of '24, that's where we feel most comfortable.

因此，這實際上只是我們整個資本計劃、我們的前景以及投資組合績效的結合。我們對目前的狀況感覺非常好，當我們審議 2025 年預算時，我們將重新審視那些發生變化的地方，但至少到 24 年底，這是我們感覺最舒服的地方。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Yeah, hi. Just a quick one on bad debt. So for the 86 basis points that you had in the first quarter or the first half of the year. You talked a little bit about the makeup of that, how concentrated or diverse was the types of tenants, anything notable there?

是的，嗨。只是簡單介紹一下壞帳。因此，對於第一季或上半年的 86 個基點。您談到了其中的組成，租戶類型有多集中或多樣化，有什麼值得注意的地方嗎？

Yeah, thanks so much for the question. And so you're right, the credit loss for the year to date is at 86 basis points is really nothing. No current tenants that are having concern inside that number that would make us go outside of our projected credit loss guidance of 75 to 100 basis points for the quarter. There's definitely an impact of timing in there.

是的，非常感謝你的提問。所以你是對的，今年迄今為止 86 個基點的信用損失確實不算什麼。目前沒有租戶擔心這個數字會使我們超出本季度預計的 75 至 100 個基點的信用損失指導。那裡肯定有時間的影響。

So we bill a majority of our CAM build reserves and real estate tax bills during the second quarter. And as such, any tenants that are cash basis, you have to put up 100% reserve right away. So it's definitely a timing impact. But overall, we're not seeing anything in the AR in terms of creep or any acceleration on year over year, our levels are pretty stable and flat. So we're very comfortable with our 75 to 100 basis points that we have in guidance.

因此，我們在第二季支付了大部分 CAM 建設準備金和房地產稅帳單。因此，任何採用現金制的租戶，您都必須立即支付 100% 的準備金。所以這絕對是一個時間影響。但總體而言，我們在 AR 中沒有看到任何同比蠕變或加速的情況，我們的水平相當穩定且持平。因此，我們對 75 至 100 個基點的指導感到非常滿意。

Michael Gorman, BTIG.

邁克爾·戈爾曼，BTIG。

Sorry, if I missed it, but can you just talk for a minute about the occupancy cost ratio that you're seeing as you're out there doing the new leasing? And I guess specifically the reason I'm thinking about this is obviously from the traditional real estate supply demand perspective, there's a lot of strength there. I'm just wondering how much continued strength in rent growth, the tenant environment can support here?

抱歉，如果我錯過了，您能簡單談談您在進行新租賃時所看到的入住成本比率嗎？我想我考慮這個問題的具體原因顯然是從傳統的房地產供需角度來看，那裡有很大的力量。我只是想知道這裡的租戶環境可以支持租金持續成長多少？

And has there been any shift in the tenant thought process in terms of how much of their cost structure can go towards renting towards real estate.

租戶的思考過程是否有任何轉變，即他們的成本結構中有多少可以用於租賃房地產。

Yeah, occupancy cost ratios varies sector to sector, retail to retailer, because it's a combination of really how they run their business and the margins associated with the products they sell. But it's always a continued dialogue between, you know, what is the all-in costs, you know, for our leases, both on the base rent and the CAM associated with that rents.

是的，入住成本比率因行業、零售業而異，因為它是他們經營業務的方式以及與他們銷售的產品相關的利潤率的結合。但這始終是我們租賃的總成本（基本租金和與租金相關的 CAM 的總成本是多少）之間的持續對話。

And it's a negotiating point, obviously, when you have multiple bidders at the table, you have that opportunity to push those rents higher. But it's something that we're mindful of, they're mindful of. But right now, what we're seeing, we're still continuing to see very healthy, strong rent growth from where we were historically and are encouraged by the direction.

顯然，這是一個談判點，當你有多個競標者時，你就有機會推高租金。但這是我們注意到的，他們也注意到的。但目前，我們所看到的，我們仍然繼續看到租金從歷史水平來看非常健康、強勁的成長，並且受到這一方向的鼓舞。

Yeah, Mike, don't forget that now most of brick and mortar retail is used as a distribution and fulfillment point. So the occupancy cost of the old days of just the four walls has changed dramatically. And I think we're just honestly, I think we're just scratching the surface in terms of value proposition is of the store and the true occupancy costs because the margin gets enhanced if you can run the e-commerce sale through the store. And most retailers have that as their business model, which continue to show why they're putting a lot of capital towards expansion goals today.

是的，麥克，不要忘記，現在大多數實體零售店都被用作分銷和履行點。因此，過去只有四面牆的佔用成本已經發生了巨大的變化。我認為我們只是說實話，我認為我們只是在商店的價值主張和真正的入住成本方面觸及了表面，因為如果你可以透過商店進行電子商務銷售，利潤率就會提高。大多數零售商都將其作為他們的商業模式，這繼續說明了為什麼他們今天要投入大量資金來實現擴張目標。

Yeah, it's actually a great point because they're now looking at it as a trade area in its totality and how much market share they're grabbing out of the entire trade area. So the way in which they're viewing the world is very different than just the days of old or it's just four-wall EBITDA growth, but steady where it's the larger catchment area that this store can fulfill.

是的，這實際上是一個很好的觀點，因為他們現在將其視為一個完整的貿易區，以及他們從整個貿易區中攫取了多少市場份額。因此，他們看待世界的方式與過去有很大不同，或只是四面牆 EBITDA 成長，但在這家商店可以滿足的更大的服務區域中保持穩定。

This concludes our question-and-answer session, and I would 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，我想將會議轉回大衛·布伊尼基 (David Bujnicki) 進行閉幕致辭。

I'd just like to thank everybody that participated on our call today. We hope you enjoy the rest of your day as well as the rest of the summer. So thanks so much.

我只想感謝今天參加我們電話會議的所有人。我們希望您度過愉快的一天以及整個夏天。非常感謝。

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

會議現在結束。感謝您參加今天的演講。您現在可以斷開連線。