Kimco Realty Corp (KIM) 2024 Q4 法說會逐字稿

Good day, and welcome to the Kimco Realty fourth-quarter 2024 earnings conference call. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Kimco Realty 2024 年第四季財報電話會議。（操作員指示）請注意，此事件正在記錄中。

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

現在，我想將會議交給高級投資者關係和策略部門的 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 Chief Executive Officer; and Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our Chief Financial Officer; 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；以及總裁兼首席投資長羅斯庫柏 (Ross Cooper)；我們的財務長 Glenn Cohen； Kimco 營運長 Dave Jamieson；以及我們執行團隊的其他成員，他們也可以在通話期間回答問題。

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，本次電話會議中所作的陳述可能被視為前瞻性陳述，值得注意的是，由於各種風險、不確定性和其他因素，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。請參閱該公司提交給美國證券交易委員會 (SEC) 的涉及此類因素的文件。

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

在本次簡報中，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者更了解 Kimco 的經營績效。這些非 GAAP 財務指標的對帳可以在 Kimco 投資者關係網站上的季度補充財務資訊中找到。此外，如果我們的通話遇到技術困難，我們將盡快嘗試解決，如果有需要，我們會在我們的 IR 網站上發布更多資訊。

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

說完這些，我會把電話轉給康納。

Good morning, everyone, and thanks for joining us. My remarks today will cover the favorable supply and demand dynamics that continue to drive leasing across our portfolio. Our well-curated tenant mix that is servicing the healthy consumer and our strategic accomplishments and future goals. Ross will provide an update on the transaction market, and then Glenn will cap things off with our Q4 and year-end results and our outlook ranges for 2025.

大家早安，感謝大家的收看。我今天的演講將涉及繼續推動我們整個投資組合租賃業務的有利的供需動態。我們精心策劃的租戶組合為健康消費者提供服務，並實現我們的策略成就和未來目標。羅斯將提供交易市場的最新情況，然後格倫將介紹我們的第四季和年終業績以及 2025 年的展望範圍。

I first want to speak to the recently announced changes to the Board and our management team. With respect to Milton's retirement from his role as Executive Chairman and Director on behalf of our entire organization, I want to thank Milton for his leadership, mentorship and friendship.

我首先想談談最近宣布的董事會和管理團隊的變動。對於米爾頓代表我們整個組織辭去執行主席兼董事職務的決定，我要感謝米爾頓的領導、指導和友誼。

Milton will always be synonymous with Kimco, and our ongoing success is a direct result of not only his stewardship but also the passion and optimism that he exudes every day. His enthusiasm for Kimco is contagious and permeates through our entire organization. The great news is that in his new role as Chairman Emeritus, Milton will continue to challenge us every day and serve as an invaluable resource making sure we can be the best we can be.

米爾頓永遠是 Kimco 的代名詞，我們持續的成功不僅直接歸功於他的領導，也歸功於他每天所散發出的熱情和樂觀。他對 Kimco 的熱情具有感染力，並感染了我們整個組織。好消息是，在擔任名譽主席的新職位期間，米爾頓將繼續每天向我們提出挑戰，並作為寶貴的資源，確保我們能夠做到最好。

Richard Saltzman's new role as Chairman comes at the perfect time. Other than Milton, no one understands the company's history better, and Richard brings experience, creativity and insight to help lead us into the future.

理查德·薩爾茲曼擔任董事長的新職位來得正是時候。除了米爾頓，沒有人比他更了解公司的歷史，而理查德則憑藉經驗、創造力和洞察力幫助我們走向未來。

Additionally, I want to welcome Ross Cooper and Nancy Lashine to the Board. Ross needs no introduction. His leadership role at Kimco and his reputation in the industry, make him a logical addition and will make for an easy transition to Board member. As for Nancy, her capital markets and real estate background, along with our energetic and collaborative demeanor makes for a compelling addition I am truly excited about our evolving Board and believe we are well positioned as Kimco moves forward.

此外，我還要歡迎 Ross Cooper 和 Nancy Lashine 加入董事會。羅斯不需要介紹。他在 Kimco 的領導角色以及他在業界的聲譽使他成為順理成章的候選人，並將輕鬆過渡到董事會成員。至於南希，她的資本市場和房地產背景，加上我們充滿活力和協作精神，使之成為一個引人注目的補充。

Now on to the quarter. We continue to drive significant leasing momentum across the Kimco portfolio. The lack of new supply now measured at just 0.3% of existing retail stock, combined with a near record low national vacancy rate continues to facilitate strong fundamental results and earnings growth. The only new shopping center development taking place is limited to third and fourth ring suburbs where population growth has forced sprawl into new areas.

現在進入本季。我們將繼續推動 Kimco 投資組合的強勁租賃勢頭。目前新增供應量僅佔現有零售庫存的 0.3%，再加上全國空置率接近歷史最低水平，持續促進強勁的基本業績和獲利成長。唯一正在開發的新購物中心僅限於三環和四環郊區，這些地區的人口成長迫使購物中心向新的區域擴張。

Drilling down further, the favorable supply and demand dynamics we're benefiting from today is no accident. Part of our 2025-year strategic vision focused on repositioning our portfolio in the first-ring suburbs with natural barriers to entry, making it difficult for new competition to out position our assets, while at the same time, producing natural pricing acetates.

進一步深入研究就會發現，我們今天受益的有利供需動態並非偶然。我們的 2025 年策略願景的一部分是集中將我們的投資組合重新定位在具有天然進入障礙的一環郊區，使新的競爭對手難以超越我們的資產，同時生產出天然定價的醋酸鹽。

Moreover, the population in these first-ring suburbs continues to grow as more and more people desire to be near central business districts while enjoying the suburban live work play experience. Kimco's densification initiatives dovetail perfectly with the strong demand power advantages and demographic trends enjoyed by our high-quality retail centers.

此外，隨著越來越多的人希望靠近中央商務區，同時享受郊區的生活、工作和娛樂體驗，這些一環郊區的人口也不斷增長。Kimco 的密集化措施與我們高品質零售中心所享有的強大需求優勢和人口趨勢完美契合。

More specifically, we reached our goal of entitling 12,000 apartment units a year ahead of schedule, providing the opportunity to further expand our mixed-use portfolio. We continue to believe our ongoing portfolio transformation to a grocery-anchored and mixed-use portfolio, positions us to be in the sweet spot of the retail and multifamily sectors for the foreseeable future.

更具體地說，我們提前一年實現了擁有 12,000 套公寓單元的目標，這為進一步擴大我們的混合用途投資組合提供了機會。我們仍然相信，我們正在進行的投資組合轉型為以食品雜貨為主導和混合用途的投資組合，使我們在可預見的未來處於零售和多戶型領域的最佳位置。

At the property level, the Kimco consumer continues to gravitate towards organizing mix of everyday goods and services. We continue to see positive year-over-year traffic increases, both on a quarterly and yearly basis. The average unemployment rate across our portfolio is 20 basis points lower than the national average.

在財產層面，Kimco 消費者繼續傾向於組織日常商品和服務的組合。我們繼續看到流量年比呈正增長，無論是按季度還是按年度計算。我們投資組合的平均失業率比全國平均低 20 個基點。

The strength in the employment market, combined with robust traffic has led to increased sales at our retailers. Our grocery anchors, together with our off-price anchors, form the perfect blend of cross shopping. This is further enhanced by our service-oriented retailers, including quick service restaurants that drive traffic, all points of the day.

就業市場的強勁成長，加上客流量的增加，導致我們零售商的銷售增加。我們的雜貨主力店與折扣主力店一起，形成了交叉購物的完美組合。我們的服務型零售商進一步增強了這一點，其中包括全天候吸引客流的快餐店。

It's also worth noting that Internet-resistant retailers, which include service providers, now make up more than 50% of our new lease volume. We have seen a surge in leasing to medical, health and wellness, fitness, Medi spas, hair and nail salons that complement our traditional grocery-anchored tenants.

值得注意的是，抵制網路的零售商（包括服務提供者）現在占我們新租賃量的50％以上。我們看到醫療、健康和保健、健身、醫療水療、美髮和美甲沙龍的租賃業務激增，這些業務與我們傳統的以雜貨店為主的租戶形成了補充。

In closing, we have built a portfolio in areas characterized by limited supply, high employment and population growth and curated our centers to meet the needs of consumers' tastes and preferences.

最後，我們在供應有限、就業率高、人口成長率高的地區建立了投資組合，並精心策劃我們的中心以滿足消費者的口味和喜好。

Our portfolio is designed to generate growth and shareholder value. Our team is excited and ready to move the needle in 2025. Thank you for your ongoing support and interest in Kimco Realty. And now I will turn things over to Ross.

我們的投資組合旨在實現成長和股東價值。我們的團隊非常興奮，準備在 2025 年取得更大進步。感謝您對 Kimco Realty 的持續支持與關注。現在我將把事情交給羅斯。

Thank you, Conor, for the kind words. I'm honored and excited about being added to the Board and cannot be more enthused about the future of our company. First, I'd like to highlight our capital allocation achievements during 2024, starting with the most notable transaction we undertook, which was the RPT Realty acquisition as we recently celebrated the one year anniversary of its closing.

謝謝你，康納，你的善意言辭。我很榮幸也很高興能加入董事會，並且對公司的未來充滿期待。首先，我想強調一下我們在 2024 年的資本配置成就，首先是我們進行的最引人注目的交易，即 RPT Realty 收購，我們最近慶祝了該交易完成一周年。

Reflecting back the speed and efficiency of our integration has enabled us to exceed our expectations in all facets. It is even clear today that this was an incredibly opportunistic purchase with an implied cap rate of 8.5% equating to approximately $165 per square foot at pricing that could not be replicated in today's market.

回顧我們整合的速度和效率，使我們在各個方面都超出了我們的預期。如今甚至已經可以清楚地看出，這是一項極具機會主義的收購，其隱含資本化率為 8.5%，相當於每平方英尺約 165 美元，而這一價格在當今市場上是無法複製的。

Beyond our initial underwriting assumptions, we were able to improve cost synergies by approximately 13% to $36 million. Integral to our success was the swift disposition of 10 former RPT properties which did not fit our strict investment criteria for $248 million for the same cap rate we bought RPT.

除了我們最初的核保假設之外，我們還能夠將成本綜效提高約 13%，達到 3,600 萬美元。我們成功的關鍵在於迅速處置了 10 處不符合我們嚴格投資標準的前 RPT 房產，這些房產的投資價格為 2.48 億美元，而我們購買 RPT 時的資本化率相同。

During the year, our operations team did a remarkable job with this portfolio, signing 57 new leases with an average pro rata cash rent spread of 52% and completed 98 renewals or option exercises at a blended 9.9% spread. Overall, we increased RPT's occupancy 120 basis points with anchors rising 140 basis points and small shops 50 basis points, which helped drive the RPT same-site NOI growth to 6.2%.

在這一年中，我們的營運團隊在這項投資組合中取得了卓越的成績，簽署了 57 份新租約，平均按比例現金租金利差為 52%，並完成了 98 份續約或選擇權行使，混合利差為 9.9%。總體而言，我們將 RPT 的入住率提高了 120 個基點，其中主力店入住率上漲了 140 個基點，小店入住率上漲了 50 個基點，這有助於推動 RPT 同店 NOI 成長率達到 6.2%。

As we put a bow on 2024, I wanted to quickly summarize our fourth quarter activity. As previously announced, Kimco acquired Waterford Lakes Town Center in Orlando, Florida in October, and we have already started to benefit from the purchase.

當我們迎來 2024 年之際，我想快速總結一下我們第四季的活動。正如先前宣布的那樣，Kimco 於 10 月收購了位於佛羅裡達州奧蘭多的 Waterford Lakes Town Center，我們已經開始從此次收購中獲益。

In our view, the timing of this acquisition was ideal as larger assets and portfolios were priced at a discount compared to smaller, less complex properties. Since that time, that pricing dynamic has shifted. Throughout 2024, we talked about institutional retail capital curiosity and questioned at what point that would convert to action.

我們認為，此次收購的時機非常理想，因為與規模較小、複雜程度較低的資產相比，規模較大的資產和投資組合的定價更具折扣。自那時起，定價動態發生了變化。在整個 2024 年，我們都在談論機構零售資本的好奇心，並探討在什麼時候它會轉化為行動。

The ROIC acquisition announcement by Blackstone in November seemed to be the turning point given the sector an aggressive stamp of approval that the shopping center sector is one of the top convictions for investment opportunities. This sentiment and excitement for our asset class has continued through year-end and into 2025.

黑石集團 11 月宣布的 ROIC 收購似乎是一個轉捩點，表明該行業得到了積極的認可，即購物中心行業是最有投資機會的行業之一。對我們資產類別的這種情緒和興奮將持續到年底並持續到 2025 年。

As capital has gotten more aggressive on open-air retail and investors have greater comfort making bigger investments, Waterford Lakes would likely trade at a higher price today. On the structured investment side, we continue to see significant deal flow and potential to grow this platform responsibly. Since the inception of this program in 2020, we have touted its benefits for Kimco. It is a strategy that allows us to get our foot in the door on high-quality real estate, get outsized returns on a very safe and comfortable basis while retaining a right to acquire in the future if the borrower elects to sell.

隨著資本對露天零售業的積極性越來越高，投資者也更願意進行更大的投資，沃特福德湖如今的交易價格可能會更高。在結構化投資方面，我們繼續看到大量的交易流程和負責任地發展平台的潛力。自 2020 年該計劃啟動以來，我們一直在宣傳它為 Kimco 帶來的好處。這項策略使我們能夠進入優質房地產市場，在非常安全舒適的基礎上獲得超額回報，同時保留在藉款人選擇出售時未來收購的權利。

To those points, in January of 2025, we successfully converted our first structured investment into an equity ownership position. We accretively purchased The Markets at Town Center in Jacksonville, Florida, for $108 million at a low 7% cap rate using the proceeds we raised from our ATM program in December. Originally sourced as a mezzanine financing in late 2021, we underwrote this property with the premise that it would be a great core acquisition candidate and align well with our owned portfolio.

針對這些要點，我們在 2025 年 1 月成功將第一筆結構化投資轉換為股權所有權。我們利用 12 月從 ATM 專案籌集的收益，以 1.08 億美元的價格收購了位於佛羅裡達州傑克遜維爾市中心的市場，資本化率低至 7%。該資產最初於 2021 年底作為夾層融資獲得，我們承銷該資產的前提是它將是一個很好的核心收購候選人並且與我們擁有的投資組合非常契合。

While our borrowers did a great job in the time they own the asset, we believe there remains a meaningful opportunity to create additional value. We see significant long-term upside as we continue to push rents and further enhance tenant quality benefiting from the property's location is adjacent to the Simon-owned St. Johns Town Center and the bull's eye of the rapidly growing Jacksonville trade area.

雖然我們的借款人在擁有資產期間做得很好，但我們相信仍然存在創造額外價值的重要機會。隨著我們繼續提高租金並進一步提高租戶質量，我們看到了顯著的長期上漲空間，這得益於該物業的位置毗鄰西蒙擁有的聖約翰斯市中心和快速發展的傑克遜維爾貿易區的焦點。

The competitive advantage we have is that the all-in rents, including common area pass-throughs are at a fraction of what St. Johns Town Center is able to command. We are confidently looking ahead to 2025 with our outlook establishing us as a net acquirer, inclusive of structured investments.

我們的競爭優勢在於，包括公共區域轉手在內的全包租金僅為聖約翰斯鎮中心能夠收取的租金的一小部分。我們對 2025 年充滿信心，我們的願景是成為淨收購者，包括結構化投資。

The Markets and Town Center acquisition has given us a strong start towards this objective. We will continue to be selective on core acquisitions and structured investments selecting opportunities accordingly. From a disposition perspective, our portfolio is performing exceptionally well, and we don't see the need for any significant disposition activity.

市場和市中心的收購為我們實現這一目標提供了一個良好的開端。我們將繼續選擇性地進行核心收購和結構性投資，以選擇相應的機會。從處置的角度來看，我們的投資組合表現非常出色，我們認為沒有必要進行任何重大處置活動。

Instead, we will focus on the opportunity to further enhance our growth profile and accretively recycle capital with two new initiatives in 2025. The first initiative is the disposition of several long-term flat ground leases in the portfolio at aggressive cap rates.

相反，我們將專注於進一步提升我們的成長前景並透過 2025 年的兩項新措施來增加資本回收的機會。第一項舉措是以積極的資本化利率處置投資組合中的幾份長期平地租約。

The second focus is on monetizing select development entitlements where we believe the most prudent approach is to mitigate risk and sell the rights to a developer and still benefit from the densification of our centers.

第二個重點是將選定的開發權貨幣化，我們認為最謹慎的方法是降低風險並將權利出售給開發商，同時仍受益於我們中心的密集化。

We plan to redeploy the capital from these flat growth and non-income-producing assets into core investments that offer a growing recurring income stream and value-add opportunities. We will continue to provide updates on our progress as we move through the year.

我們計劃將這些成長平緩且不產生收入的資產重新部署到能夠提供不斷增長的經常性收入流和增值機會的核心投資中。我們會在今年繼續更新我們的進展。

I will now pass it on to Glenn for the financial update and outlook.

我現在將把財務更新和展望轉交給 Glenn。

Thanks, Ross, and good morning. We finished 2024 with solid fourth quarter results, highlighted by robust leasing activity, strong same-site NOI growth and high single-digit FFO per share growth. In addition, our abundant liquidity position and modest upcoming debt maturities position us well as we start the new year.

謝謝，羅斯，早安。我們以穩健的第四季度業績結束了 2024 年，其中突出的是強勁的租賃活動、強勁的同站點 NOI 增長和高個位數的每股 FFO 增長。此外，我們充足的流動性狀況和適度的即將到期的債務使我們在新的一年開始時處於有利地位。

Now for some details on our fourth quarter results and our 2025 outlook. FFO for the fourth quarter was $286.9 million or $0.42 per diluted share. This compares favorably to last year's fourth quarter FFO of $239.4 million or $0.39 per diluted share, representing a per share increase of 7.7%.

現在來了解我們第四季的業績和 2025 年的展望。第四季的 FFO 為 2.869 億美元，即每股攤薄收益 0.42 美元。這與去年第四季的 FFO 2.394 億美元或每股 0.39 美元相比表現良好，每股成長 7.7%。

Instrumental to this was a $60.8 million or 17.8% increase in total pro rata NOI to $403.4 million over the same period in the prior year. Key drivers of the NOI growth include $38.1 million from the RPT acquisition, $7 million from other acquisitions and $15.7 million from the balance of the operating portfolio, which benefited from higher minimum rents due to an acceleration of rent commencements.

其中最重要的一點是，與去年同期相比，總淨營運收入增加了 6,080 萬美元，即 17.8%，達到 4.034 億美元。NOI 成長的主要驅動力包括來自 RPT 收購的 3810 萬美元、來自其他收購的 700 萬美元以及來自營運組合餘額的 1570 萬美元，由於租金開始加速，最低租金有所提高。

The NOI growth was offset by greater pro rata interest expense of $16.4 million due to higher debt levels from the RPT acquisition and the prefunding of the $500 million bond that matures in February 2025. Our operating portfolio fired on all cylinders to end the year. Our year-end portfolio occupancy stood at 96.3%, reflecting a year-over-year increase of 10 basis points despite a 10 basis points sequential decline. This achievement underscores the strength of our leasing pipeline as we effectively managed to offset a nearly 40 basis points impact caused by the vacating of 16 leases associated with lumber liquidators, Big Lots, cons and Bob stores in the fourth quarter.

由於收購 RPT 以及預先籌資 2025 年 2 月到期的 5 億美元債券導致債務水平上升，因此淨營業收入的增長被 1,640 萬美元的按比例計息利息支出的增加所抵消。我們的營運組合在年底全力以赴。我們年底的投資組合入住率為 96.3%，儘管季減 10 個基點，但年增了 10 個基點。這項成就凸顯了我們租賃管道的實力，因為我們有效地抵消了第四季度與木材清算人、Big Lots、cons 和 Bob 商店相關的 16 份租約撤銷所造成的近 40 個基點的影響。

Same-site NOI growth was 4.5% for the fourth quarter. The primary driver continues to be higher minimum rents contributing 3.8%, mostly from contractual rent increases and faster rent commencements from the sign not open pipeline. In addition, overall NOI continues to benefit from lower credit loss.

第四季同一地點的 NOI 成長率為 4.5%。主要驅動因素仍然是最低租金上漲，貢獻了 3.8%，主要是由於合約租金上漲和簽約而非開放通路租金開始加快。此外，整體淨營運收入持續受惠於信貸損失的降低。

For the fourth quarter and full year, credit loss was 82 basis points and 75 basis points, respectively, meeting the low end of our 2024 outlook assumption. For the full year 2024, same-site NOI growth was 3.5%, outperforming our previously raised outlook assumption of 3.25%-plus, higher minimum rent was the primary contributor of the growth.

第四季和全年的信用損失分別為 82 個基點和 75 個基點，達到我們 2024 年展望假設的低端。就 2024 年全年而言，同一地點的 NOI 成長率為 3.5%，超過我們先前上調的 3.25% 以上的前景假設，其中更高的最低租金是成長的主要貢獻者。

As a result of the faster pace of rent commencements, the spread between leased occupancy and economic occupancy compressed to 270 basis points, a change of 40 basis points sequentially and represents 374 leases totaling $56 million of future annual base rent. We anticipate approximately 80% of this to commence with a total of $25 million in rent being received from the signed but not open pipeline in 2025.

由於租金開始生效的速度加快，租賃入住率和經濟入住率之間的差距壓縮至 270 個基點，比上一季度變化 40 個基點，代表著 374 份租約，未來年基本租金總額為 5600 萬美元。我們預計其中約 80% 將於 2025 年開始，從已簽署但尚未開放的管道中獲得總計 2500 萬美元的租金。

Turning to the balance sheet. We ended the fourth quarter with consolidated net debt to EBITDA of 5.3 times. And on a look-through basis, including pro rata share of JV debt and preferred stock outstanding of 5.6 times, maintaining our best levels for these metrics.

轉向資產負債表。在第四季結束時，我們的合併淨債務與 EBITDA 比率為 5.3 倍。從透視角度來看，包括按比例分配的合資債務和 5.6 倍的優先股流通股，這些指標保持了最佳水準。

During the fourth quarter, we raised $136.3 million from the sale of 5.4 million shares at an average price of $25.07 per share through our aftermarket common equity offering program. These proceeds were accretively invested toward the acquisition of The Markets at Town Center in Jacksonville, Florida that Ross mentioned. We also conducted a cash tender for the outstanding depositary shares, representing the 7.25% class cumulative convertible perpetual preferred stock, successfully tendering for just over 22% of the shares and reducing the liquidation preference to $71.9 million.

第四季度，我們透過售後普通股發行計畫以平均每股 25.07 美元的價格出售 540 萬股股票，籌集了 1.363 億美元。這些收益被增值投資於羅斯提到的位於佛羅裡達州傑克遜維爾市中心的市場收購。我們也對流通在外的存託股份進行了現金投標，代表 7.25% 類累積可轉換永久優先股，成功投標超過 22% 的股份，並將清算優先權降低至 7,190 萬美元。

Our year-end liquidity position remained very strong, comprised of $690 million of cash and the full availability of our $2 billion revolving credit facility. As a reminder, included in the cash balance is $500 million from the 4.85% long 10-year bond issued in September 2024, which proceeds were invested accretively in short-term interest-bearing instruments.

我們的年終流動性狀況仍然非常強勁，包括 6.9 億美元的現金和 20 億美元循環信貸額度的全部可用額度。提醒一下，現金餘額中包括 2024 年 9 月發行的 4.85% 10 年期長期債券的 5 億美元，這些收益被增值投資於短期計息工具。

We recently used the cash to pay off our 3.3% $500 million bond on February 3. Subsequent to year-end, Moody's affirmed our Baa1 unsecured debt rating and changed our outlook from stable to positive. Our unsecured debt is rated A-minus with a stable outlook from Fitch and BBB-plus with a positive outlook from S&P.

我們最近在 2 月 3 日用現金償還了 3.3% 的 5 億美元債券。年底之後，穆迪確認了我們的 Baa1 無擔保債務評級，並將我們的展望從穩定調整為正面。我們的無擔保債務評級為 A-，惠譽展望穩定，標準普爾評級為 BBB-+，展望積極。

Now to our 2025 outlook, notwithstanding some of the uncertainty given the economic and political environment and several recently announced bankruptcy filings by a few additional tenants, we remain confident about the growth prospects of our operating portfolio and balance sheet positioning.

現在談到我們的 2025 年展望，儘管經濟和政治環境存在一些不確定性，最近有幾家額外的租戶宣布破產，但我們仍然對我們的營運組合和資產負債表定位的成長前景充滿信心。

Our initial 2025 FFO per share outlook range is $1.70 to $1.72, representing an initial per share growth range of 3% to 4.2%. Our outlook range is based on the following assumptions: same-property NOI growth of 2%-plus included in the same property NOI outlook as a credit loss assumption of 75 basis points to 100 basis points. This is a similar level to our credit loss experience in 2024 and considers the potential impact from the Party City and Joann's bankruptcy filings.

我們最初的 2025 年每股 FFO 預期範圍為 1.70 美元至 1.72 美元，相當於每股初始增長範圍為 3% 至 4.2%。我們的展望範圍基於以下假設：同一物業的 NOI 成長率超過 2%，包含在同一物業的 NOI 展望中，作為 75 個基點到 100 個基點的信用損失假設。這與我們 2024 年的信用損失經驗類似，並考慮了 Party City 和 Joann 破產申請的潛在影響。

In addition, the 2025 same-property outlook assumption takes into account the boxes vacated at the end of 2024 related to the bankruptcies of Big Lots, cons, lumber liquid data’s and a few others. Given the strength of our leasing demand, we view the recapture of these spaces as an opportunity to further increase rents and enhance the credit profile of our tenant mix.

此外，2025 年同類房地產前景假設還考慮了 2024 年底因 Big Lots、cons、lumber liquid data 和其他一些公司破產而空出的空位。鑑於我們的租賃需求強勁，我們將重新獲得這些空間視為進一步提高租金和增強租戶組合信用狀況的機會。

Other 2025 outlook assumptions include lease termination income between $6 million and $9 million as compared to $4 million in 2024. Interest income from cash on hand is expected to range between $6 million and $9 million, approximately $0.03 per common share less than the $26 million reported in 2024 due to the significantly higher cash balances last year.

其他 2025 年前景假設包括租約終止收入在 600 萬美元至 900 萬美元之間，而 2024 年為 400 萬美元。由於去年的現金餘額大幅增加，預計現金利息收入將在 600 萬美元至 900 萬美元之間，比 2024 年報告的 2,600 萬美元每股普通股低約 0.03 美元。

Acquisitions, including structured investments, net of dispositions of $100 million to $125 million. This is inclusive of the markets at Town Center structure investment acquisition completed in January. Corporate financing costs ranging from $354 million to $363 million, comprised of consolidated interest expense and preferred stock dividends. Annual G&A expense ranging from $131 million to $137 million as we expect to realize annual savings from the Board leadership transition that was undertaken to start the year.

收購，包括結構化投資，扣除處分淨額 1 億美元至 1.25 億美元。這包括一月份完成的市中心市場結構投資收購。企業融資成本從 3.54 億美元到 3.63 億美元不等，包括合併利息支出和優先股股息。年度一般及行政開支在 1.31 億美元至 1.37 億美元之間，因為我們預計，年初進行的董事會領導層過渡將帶來年度節約。

Lastly, the outlook range assumes no redemption charges or prepayment charges associated with the callable preferred stock outstanding or early repayment of debt obligations and no planned issuance of additional common equity. I want to thank all our associates for their unwavering effort given each and every day. Kimco is a special place to be a part of, and we look forward to a successful 2025 together.

最後，展望範圍假設沒有與可贖回優先股流通在外或提前償還債務相關的贖回費用或預付費用，也沒有計劃發行額外的普通股。我要感謝我們所有的同事每天所付出的不懈努力。Kimco 是一個特別的地方，我們共同期待 2025 年會成功。

And we are now ready to take your questions.

現在我們準備好回答你們的問題了。

(Operator Instructions) Michael Goldsmith, UBS.

（操作員指示）瑞銀 (UBS) 的 Michael Goldsmith。

You went with the credit loss reserve of 75 basis points to 100 basis points kind of in line with your historical average. Can you talk about what you have visibility to start the year where your watch list is? And then maybe try to put some context into how much exposure you have to potential troubled tenants to start the year maybe to pre-pandemic levels and how that plays out? Just trying to put start up for 2025 into context with how it may have played out in the past.

您採用的信用損失準備金為 75 個基點到 100 個基點，與歷史平均值一致。您能否談談您對今年年初的關註名單有什麼展望？然後，也許可以嘗試說明一下，從今年年初到疫情爆發前的水平，您對潛在問題租戶的風險敞口有多大，以及結果如何？只是想將 2025 年的啟動與過去的運作結合。

Yes, sure. I appreciate it. So in terms of a watch list that obviously is going through the proposed process, Big Lots party City, Joann's. Starting beginning '24, it was about 130 basis points impact. We already absorbed about 10 basis points impact from Big Lots to '24. So that's already into the portfolio. And so the remainder is in flight, and they're currently going through the bankruptcy process.

是的，當然。我很感激。因此，就顯然正在按照提議的程序進行的觀察名單而言，Big Lots party City、Joann's。從24年開始，影響約為130個基點。我們已經吸收了Big Lots對'24年約10個基點的影響。這已經納入投資組合了。剩下的都在逃，目前正在辦理破產程序。

For Big Lots, the remaining 10 basis points that we have bids are being collected next week for the remaining five locations that we have Party City. I believe the lease auction is actually running today. And then concurrently after that auction, there's still going to be an opportunity for retailers to bid but for a period of time. And then with Joann's, they're currently collecting a going concern bids next Wednesday, which case after the going concern depending on what's remaining, they look to schedule an auction for late April.

對於 Big Lots，我們將於下週在 Party City 剩餘的五個地點收集剩餘的 10 個基點的出價。我相信租賃拍賣實際上今天正在進行。同時，拍賣結束後，零售商仍有機會競標，但需要等待一段時間。然後對於 Joann's，他們目前正在收集下週三的持續經營投標，持續經營結束後，根據剩餘的情況，他們希望在 4 月底安排一次拍賣。

As it relates to our plan, we went through the portfolio. We made what we felt were the appropriate adjustments to budget, which are baked into our guidance for the year about what we assume we would either be able to backfill, we would get back or would be assumed or purchased at auction.

由於它與我們的計劃有關，所以我們仔細研究了投資組合。我們對預算做出了我們認為適當的調整，這些調整已納入我們今年的指導方針中，關於我們假設我們能夠填補的、將收回的或在拍賣中被假設或購買的金額。

In terms of the demand side, it's robust, dollar stores, footwear books, grocery, beauty across the board. There are a number of retailers that are looking at a variety of package deals to help absorb some of these boxes. On the Joann's side, you have a lot of the off-price guys rotary as well, et cetera. So we're very encouraged by an opportunity. There are a number of locations where we don't have grocery, we're able to actually backfill with grocery. So we're looking at the credit upgrade, it's significant. These are really the opportunities Conor mentioned in his script, the lack of new supply.

從需求面來看，需求強勁，一元商店、鞋類書籍、雜貨店、美容用品等應有盡有。許多零售商正在研究各種套餐優惠，以消化這些包裹。在喬安 (Joann) 那邊，你也有很多折扣旋轉木馬，等等。因此，我們對這個機會感到非常鼓舞。有很多地方我們沒有雜貨，但我們實際上可以用雜貨來補充。因此，我們正在考慮信用升級，這很重要。這些確實是康納在劇本中提到的機會，缺乏新的供應。

These second-generation boxes are the opportunity for retailers to grow market share, to grow store count, which they are very focused on doing. And so I'd say the relationship between landlord and retailers isn't -- couldn't be stronger today because of the collective opportunities that we have, and we want to grow the relationship together.

這些第二代盒子為零售商擴大市場份額、增加商店數量提供了機會，他們非常專注於做到這一點。因此我想說，由於我們擁有的共同機會，房東和零售商之間的關係今天已經不能再牢固了，我們希望共同發展這種關係。

So in terms of the watch list and how it's evolved, it's really been status quo. When you look at those that have filed, they're repeat offenders, right? They filed in the last two years. They came out of bankruptcy. They use very few stores if any. During the first bankruptcy, we were able to modify terms to our benefit. So coming into this bankruptcy round, we're able to work with the new retailers on opportunities to better the terms and obviously secure better credit. So not much has really changed on our watch list. And from there, I'll pass it over to Glenn.

因此，就觀察名單及其演變而言，它確實是現狀。你看看那些已經提起訴訟的人，他們都是慣犯，對嗎？他們在過去兩年內提交了申請。他們擺脫了破產。他們很少使用商店，如果有的話。在第一次破產期間，我們能夠修改條款以使自己受益。因此，進入這一輪破產程序後，我們能夠與新零售商合作，尋求改善條款的機會，顯然也能獲得更好的信貸。因此，我們的關註名單實際上並沒有太大的變化。然後我將把它交給格倫。

Sure. Let me just help frame it a little bit in terms of the numbers. So if you look at our expectation of revenues, it's around $2.2 billion. So at 75 to 100 basis points range, you're looking at credit loss baked in of -- a range of $17 million to $22 million. And we feel pretty comfortable with that based on our bottoms-up budget that we ran through and just the historic levels of where we've been. Endemic aside, we feel pretty comfortable where this sits as a starting point.

當然。讓我從數字的角度來稍微解釋一下。所以如果你看看我們的收入預期，它大約是 22 億美元。因此，在 75 到 100 個基點的範圍內，您會看到信用損失在 1700 萬美元到 2200 萬美元之間。根據我們自下而上的預算以及我們所處的歷史水平，我們對此感到相當滿意。撇開地方性因素不談，我們對此作為起點感到非常滿意。

And those $17 million to $22 million credit loss that Glenn mentioned is inclusive of both just write-offs as well as a potential loss rent you may have from some of those retailers that Dave Jamieson mentioned that may go bankrupt during the course of the year.

格倫提到的 1700 萬到 2200 萬美元的信用損失包括註銷費用以及戴夫·傑米森提到的一些可能在年內破產的零售商可能帶來的潛在租金損失。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

You guys have been a little bit more acquisitive as of some of your peers. You took the opportunity to raise a little bit of equity. Just kind of curious, it seems like in guidance, you just have what you've done so far this year kind of dialed in. But could you talk to what the opportunity set looks like today? Then maybe put some thoughts around sources of funds, Ross, I know you talked about some of the ground leases. Like what's the magnitude of those sales, kind of just talk through everything and also where cap rates and IRRs are trending?

與你們的一些同行相比，你們的貪婪程度更大。您抓住機會籌集了一點股權。只是有點好奇，似乎在指導中，你只是把你今年迄今為止所做的事情撥通了電話。但您能談談今天的機會是什麼樣的嗎？那麼也許可以考慮資金來源，羅斯，我知道你談到了一些土地租賃。例如這些銷售的規模是多少，能否詳細討論一下，以及資本化率和內部報酬率的趨勢是如何？

Sure. Happy to. Thanks for the question. As you mentioned, we really have already identified and closed on sort of the net acquisition activity primarily with the markets acquisition. So as we look to the remainder of 2025, the intention is really to match fund through some of the initiatives that I mentioned.

當然。很開心。謝謝你的提問。正如您所說，我們確實已經確定並完成了淨收購活動，主要是市場收購。因此，展望 2025 年的剩餘時間，我們的真正意圖是透過我提到的一些舉措來匹配資金。

As Glenn indicated, we don't have any additional equity in our plan. But as showcased in Q4 to the extent that we like where the stock is trading, we're not shy about tapping into that. So the intent for this year which is a little bit different than what we've seen in years past is to recycle capital accretively.

正如格倫所指出的，我們的計劃中沒有任何額外的股權。但正如第四季所顯示的，如果我們喜歡該股票的交易情況，我們就不會羞於利用這一點。因此，今年的目標與過去幾年略有不同，即以增值方式循環利用資本。

So the dispositions of old at higher cap rates that were dilutive is not something that we're planning on undertaking. We don't need to, as I indicated, based upon how the portfolio is operating. So when we look at what are the opportunities in terms of source of funds, the ground leases, we have close to 10% of our income stream right now that comes from long-term ground leases.

因此，我們不打算以較高的資本化率處置具有稀釋效果的舊資產。正如我所指出的，根據投資組合的運作情況，我們不需要這樣做。因此，當我們研究資金來源、土地租賃的機會時，我們發現目前我們有近 10% 的收入來自長期土地租賃。

Now that's a big pool. Obviously, not all of those are going to be considered for disposition. But when you break down that bucket and you look at what is the use, what's the foot traffic that comes from that retailer, how much term do we have remaining? Do we need to go back and look at blended extends? What is the location within that center, there is a pool of those opportunities that we anticipate that we're going to monetize.

那是一個大水池。顯然，並不是所有這些都將被考慮處置。但是，當您分解這個桶並查看其用途時，您會想到來自該零售商的客流量是多少，我們還剩下多長時間？我們是否需要回頭去看看混合延伸？中心位於什麼位置，那裡有大量我們預計將要貨幣化的機會。

And that will somewhat be opportunity-driven based upon what we see on the investment side in terms of the capital that we'll need to raise. In addition, on the entitlement, Conor mentioned it, we achieved our goal of the 12,000 units a year earlier than anticipated. So again, we have a tremendous pool of potential densification opportunities.

這在某種程度上將是由機會驅動的，基於我們在投資方面對需要籌集的資金的看法。此外，在權益方面，康納提到，我們比預期提前一年實現了 12,000 台的目標。所以，我們再次強調，我們擁有巨大的潛在密集化機會。

And when you prioritize that list, based upon what is compelling geographically, financially or otherwise, there are several opportunities that we think are better suited to essentially monetize and sell to a developer versus something that we may not activate ourselves for many years and utilize that capital to reinvest.

當你根據地理、財務或其他方面的吸引力對該清單進行優先排序時，我們認為有幾個機會更適合從本質上貨幣化並出售給開發商，而不是我們可能多年內都不會自己激活並利用這些資本進行再投資的東西。

So we feel very comfortable in terms of the sources and uses of where the capital will come from in terms of new opportunities. We continue to identify and look at a wide range of acquisition opportunities. We talked about it in the past. We think that our -- both geographic and format diversification allows us to be active at all parts of the cycle. So we've been more focused in the last couple of years on larger format grocery anchored, but with a lifestyle component. That's where we've found better yields over the last couple of years.

因此，就新機會而言，我們對資本的來源和用途感到非常放心。我們將繼續尋找並關注各種收購機會。我們過去討論過這個問題。我們認為，我們的地理和格式多樣化使我們能夠在週期的各個部分保持活躍。因此，過去幾年我們更加重視大型雜貨店，但同時又兼俱生活方式的元素。過去幾年來，我們發現這裡的收益更高。

Now as more capital is coming into the system and into the market, I think that, that "discount" has dissipated. So we'll continue to evaluate if there are other formats or geographies where we think that we can get a little bit of a better yield or differentiation.

現在，隨著越來越多的資本進入系統和市場，我認為這種「折扣」已經消失。因此，我們將繼續評估是否存在其他格式或地區，我們認為在這些地區我們可以獲得更好的收益或差異化。

And of course, with our structured investment program, we continue to see opportunities to put out capital. And the nice part about the structured program is the average check size for those deals are anywhere from $15 million to $25 million. So they're not tremendous capital investments.

當然，透過我們的結構化投資計劃，我們繼續看到了資本投入的機會。該結構化計劃的優點在於，這些交易的平均支票金額在 1500 萬美元到 2500 萬美元之間。因此，這些並不是龐大的資本投資。

But as showcased by The Markets acquisition, it can be a small investment on our side on a larger asset that ultimately can become $100 million-plus acquisition. So when we look at all of those different opportunities rolled together, we're very confident in what we're going to be able to do on the investment side.

但正如 The Markets 收購案所展示的那樣，對我們來說，這可能是對一筆較大資產的小額投資，最終可能成為價值 1 億美元以上的收購。因此，當我們把所有這些不同的機會結合在一起時，我們對自己在投資方面能夠做的事情非常有信心。

Yes. I would just add, though, as I mentioned in my prepared remarks, in addition to the cash on the balance sheet, our availability of our lines. The company should generate around $140 million of free cash flow after dividends, CapEx and TI. So that's another pool of capital, obviously, our lowest cost. So kind of keep that in mind.

是的。不過，我想補充一點，正如我在準備好的發言中提到的那樣，除了資產負債表上的現金外，還有我們可用的信用額度。扣除股息、資本支出和TI後，該公司應產生約1.4億美元的自由現金流。所以這是另一個資金池，顯然是我們成本最低的。所以請記住這一點。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

First, to Milton, I also toast congrats on well on retirement and Ross, welcome to the Board. Just a question on small shop. Over the past year, it's sort of stagnated around [97.7, 97.8]. And just sort of curious if this is sort of a frictional cap or if there are other issues going on, I would think, given the comments about lack of supply and the robust demand that you outlined for backfilling a number of the troubled retailers would think that small shop would be where people would be looking, especially as retailers get more flexible on their prototypes.

首先，我要祝賀米爾頓退休，並歡迎羅斯加入董事會。我只是關於小商店的一個問題。過去一年，它基本上停滯在[97.7，97.8]。我只是有點好奇這是否是一種摩擦上限，或者是否存在其他問題，我認為，鑑於您概述的關於供應不足和強勁需求的評論，一些陷入困境的零售商會認為小商店是人們會尋找的地方，特別是當零售商在原型上變得更加靈活時。

Yes, great question, Alex. Appreciate it. And I know, Ross, appreciate your kind words. So I'll say thank you. As it relates to the small shops, one thing to you might flip to though, we absorb RPT and the RPT small shop occupancy was significant lower than Kimco is in 88%-plus. So year-over-year, we actually grew the RPT small shop portfolio by 50 basis points. Chemical legacy is over 92%. So there was a way down and that ultimately contributed to the flat year-over-year.

是的，亞歷克斯，這個問題問得很好。非常感謝。我知道，羅斯，謝謝你的好意。所以我要說聲謝謝。就小商店而言，您可能會想到一件事，我們吸收了 RPT，而 RPT 小商店的入住率明顯低於 Kimco 的 88% 以上。因此與去年同期相比，我們實際上將 RPT 小型商店投資組合增加了 50 個基點。化學遺留量超過92%。因此存在下降趨勢，最終導致同比持平。

As it relates to the opportunity going forward, though, you're absolutely right, though. The -- in terms of flexibility of format, people are looking, especially that mid- to larger-sized small shop box, I'm thinking like 6,000 to 9,000 square feet. Some of the retailers I mentioned earlier on the city locations are looking to optimize our footprint and could absorb some of those units, which will help contribute.

不過，就它與未來的機會有關而言，你是完全正確的。就格式的靈活性而言，人們正在關注，特別是中型到大型的小型商店，我認為面積約為 6,000 到 9,000 平方英尺。我之前提到的一些城市零售商正在尋求優化我們的足跡，並且可以吸收其中的一些單位，這將有所幫助。

And for us, this year, we're laser focused on how do we continue to grow the balance of the small shop portfolio and the deal teams are incentivized to push the small shop leasing as far as we can. Our goal is to break through that sort of viewed as a ceiling right now, is that [91.8%], and we want to extend that further, and we think there's opportunities to do that.

對我們來說，今年我們將專注於如何繼續增加小商店投資組合的平衡，並激勵交易團隊盡可能地推動小商店租賃。我們的目標是突破目前被視為天花板的 [91.8%]，我們希望進一步擴大這一範圍，我們認為有機會做到這一點。

Dori Kesten, Wells Fargo.

富國銀行的多里‧凱斯滕 (Dori Kesten)。

Within your 2% same-store NOI growth, how will you describe the growth for legacy RPT versus legacy Kimco?

在 2% 的同店 NOI 成長中，您如何描述傳統 RPT 與傳統 Kimco 的成長？

I mean it's we're all on company today. So it's all completely blended together. So -- and you have a full -- now have a full year we had a full year of RPT's numbers last year. We actually have a full year of results of RPT in the Kimco numbers. It's only a complete blend and we would expect it to be in the same very similar range as what the core legacy would have been. But you have to view it is it's all one big company.

我的意思是今天我們都在公司。所以它們完全混合在一起了。所以 - 而且您現在有了完整的 - 我們有去年全年的 RPT 數據。實際上，我們在 Kimco 數據中已經記錄了 RPT 全年的表現。這只是一種完整的混合，我們期望它與核心遺產處於非常相似的範圍內。但你必須將其視為一個大公司。

We still see upside on the [small]. I mean if you look at the spend between the two as Ross mentioned in his remarks, and Dave just mentioned, there's still a lot of upside that we plan to harvest there. As Glenn really said though, it's one combined company now. We've done a lot in the first year. And now the second year, we continue to think there's continued growth to harvest what we're super excited about even in the fourth quarter, some of the deals that we finished and converted to a grocery-anchored center in Delray, Florida with BJ. So we're pretty excited about continued small shop opportunity as well as the anchor leasing we have momentum in that portfolio.

我們仍然看到[小的]。我的意思是，如果你看看羅斯在演講中提到的以及戴夫剛才提到的兩者之間的支出，你會發現我們計劃在那裡獲得很大的收益。但正如格倫所說，它現在是一家合併後的公司。第一年我們做了很多事。現在是第二年，我們繼續認為將繼續成長，甚至在第四季度也會收穫讓我們非常興奮的成果，我們與 BJ 完成的一些交易已經轉變為位於佛羅裡達州德拉的一家以雜貨店為中心的中心。因此，我們對持續的小商店機會以及我們在該投資組合中擁有發展勢頭的主力租賃感到非常興奮。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特（Haendel St. Juste）、瑞穗。

Guys, good morning. Thanks for having some of the one timers influencing guide like the lease term agency and the interest income call out. But I was hoping maybe you could get some color on the reduction in G&A. I think that's $4 million. Curious what's driving that. Is that some capitalized interest? And then maybe some color on some of the items that could be swing back to getting you to the upper and lower end of the guide?

大家早安。感謝提供一些一次性影響指南，如租賃期限代理和利息收入呼籲。但我希望您能了解一下 G&A 的減少情況。我認為是 400 萬美元。好奇是什麼推動了這個進程。這是一些資本化的利息嗎？然後也許一些項目上的一些顏色可能會讓您回到指南的上端和下端？

Sure. Great question. As far as the G&A, actually, as you can see, the G&A is actually down at the midpoint of around $4 million. The bulk of it is related to the transition of Milton coming off as Executive Chair and off the board. But the balance of it really, there's nothing related to capitalized interest. We don't have an enormous amount of development -- redevelopment going on, like the target for that range for this year is $100 million to $125 million.

當然。好問題。至於 G&A，實際上，如您所見，G&A 實際上下降到了中間點，約為 400 萬美元。其中大部分與米爾頓卸任執行主席和退出董事會有關。但實際上，它的平衡與資本化利息無關。我們沒有進行大規模的開發或再開發，今年的目標是 1 億至 1.25 億美元。

So the cap interest component is actually very, very small for us. We really just spend a lot of time focused on controlling costs. And even with annual increases that went through, the overall G&A budget is flat led and then less by the amount of the management transition.

因此，資本利息部分對我們來說實際上非常非常小。我們確實花了很多時間專注於控製成本。即使每年都有所增加，但總體的一般及行政開支仍然保持平穩，並且由於管理層變動而有所減少。

As far as the other things that are in the budget, but candidly, there are not a whole lot of onetime things that are forecasted. It is a really clean forward-looking year for us. We called out items that we think that people will focus on. But it's real straightforward. It is a very much blocking, tackling, run the business, keep plus contain to acquire accretively where it makes sense and lease and lease.

至於預算中的其他事項，坦白說，沒有預測很多一次性事項。對我們來說這真是清晰且前瞻性的一年。我們列出了我們認為人們會關注的內容。但它確實很簡單。它是一種非常有效的阻止、解決、經營業務、保持以及包含在有意義的地方進行增值收購以及租賃和租賃的方法。

Yes. I think the spread on the earnings guidance is reflective of really sort of what may or may not happen in the market with the bankruptcy proceeding. So that is sort of what gets you to the low end. And that's what gets you to the high end in terms of starting off the year.

是的。我認為獲利預測的差異實際上反映了破產程序過程中市場可能發生或不可能發生的情況。這就是讓你進入低端的原因。這就是讓您在新年伊始就達到巔峰的原因。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

I just want to touch on the development, redevelopment spend again. I appreciate the clarity on what that expectation is for this year. Is it just less of a focus now and you'd be looking more on the acquisition front and letting all the kind of redevelopment opportunity use stuff. This is going to be kind of sold off in joint venture or ground leased out. And then also, can you also touch on culture place where we saw the stabilized yield drop from last quarter?

我只是想再次談談開發和再開發支出。我很欣賞對今年的期望的清晰認識。現在是不是不再那麼關注了，而更專注於收購方面，並利用各種再開發機會呢？這些土地將以合資形式出售或土地出租。另外，您能否談談文化領域，我們看到上個季度的穩定收益率下降？

Yes. Just touching on closure, it didn't drop from last quarter. All we did was we -- because we only have one project posted right now on the mix use, we just tightened the range to what it always was. So there was actually no change on yield. It's just how it was guided to you for this. And as we activate more projects, the range of that guide may be modified as well.

是的。只是談到結束，它並沒有比上一季下降。我們所做的就是——因為我們現在只發布了一個混合使用項目，所以我們只是將範圍縮小到原來的範圍。因此收益率實際上沒有變化。這只是向您提供此指導的方式。並且隨著我們啟動更多項目，該指南的範圍也可能會進行修改。

As it relates to the focus redevelopment, it's always a focus. It's really retail driven. There's opportunities, as you've seen through the robust leasing program that we have, that there's opportunities to backfill the existing space. We went through a very extensive redevelopment program over the years to repurpose, build better mousetraps for retailers in all of our portfolio is such that we're opportunistic in nature.

由於它與焦點重建有關，所以它始終是一個焦點。這確實是由零售驅動的。正如您透過我們強大的租賃計劃所看到的，我們有機會填補現有的空間。多年來，我們進行了非常廣泛的再開發計劃，以重新利用、為我們所有產品組合中的零售商建立更好的捕鼠器，這說明我們本質上是機會主義的。

If it's the best use of capital given all the other opportunities that we have, we'll pursue it, absolutely. And it's something that we continue to focus on. But again, it's retail driven. So if we're able to backfill space with less investment and less disruption to get cash flow coming sooner, that's a great option and most likely a better opportunity. So we'll continue to focus on that.

如果考慮到我們擁有的所有其他機會，這是對資本的最佳利用，我們絕對會追求它。我們會繼續關注這一點。但同樣，這是由零售業驅動的。因此，如果我們能夠以較少的投資和較少的干擾來填補空間，以更快地獲得現金流，那麼這是一個很好的選擇，而且很可能是一個更好的機會。因此我們將繼續關注這一點。

And as it relates to the multifamily program, obviously, as you saw that we've exceeded our 12,000 units. That was a corporate goal. We did it a year ahead of time. We have a number of projects that we're actively looking at right now to potentially activate in coming year or two, whether or not we develop joint venture, monetizing entitlements, all those options are continue to be on the table, and we'll just look at the market cycle and what makes the most sense for our use of funds and proceed as such.

就多戶型計畫而言，顯然，正如您所看到的，我們的單位數量已超過 12,000 套。這是一個企業目標。我們提前一年完成了這件事。我們目前正在積極考慮一些可能在未來一兩年內啟動的項目，無論我們是否發展合資企業，貨幣化權益，所有這些選擇都會繼續存在，我們只會關注市場週期以及如何最合理地使用資金並按此進行。

Yes, we still think there's a lot of upside as we outlined earlier in the call. That mixed use, when you add those residential units to your retail center, you do get a significant benefit, both from the retail side and on the residential side.

是的，我們仍然認為有很多上行空間，正如我們在電話會議早些時候所概述的那樣。當您將這些住宅​​單元添加到您的零售中心時，這種混合用途確實會為您帶來顯著的利益，無論是從零售方面還是從住宅方面。

The challenge for us is the cost of capital and those returns for apartment developments are lower than what we're seeing in the open market for other uses of our capital. So what we're trying to do is make sure we prioritize the highest returns on our capital and then look to get creative on structuring those entitlements so that we get the benefit of the density around our shopping centers without potentially having a lower-yielding investment versus what we're seeing in the open market.

我們面臨的挑戰是資本成本，而公寓開發的回報低於我們在公開市場上看到的資本其他用途的回報。因此，我們試圖做的是確保我們優先考慮資本的最高回報，然後尋求創造性地構建這些權利，以便我們能夠從購物中心周圍的密度中獲益，而不會像我們在公開市場上看到的那樣擁有收益較低的投資。

Andrew Reale, Bank of America.

美國銀行的安德魯‧雷亞爾 (Andrew Reale)。

Just of the bankruptcy boxes you've already gotten back and may get back this year, what's the average square footage on those? And how many would you have to really reposition maybe split up versus what proportion do you think you could just fill as is?

您已經拿回的和今年可能拿回的破產箱的平均面積是多少平方英尺？您需要重新定位或拆分多少個，以及您認為可以按原樣填充的比例是多少？

The majority right now we're looking at are to battle single user tenants. I mean with Bath & Beyond, we were very we are very aggressive in terms of finding single East operators to backfill the spaces. And over time, a substantial majority were similar.

目前我們關注的重點是與單一用戶租戶作鬥爭。我的意思是，對於 Bath & Beyond，我們非常積極地尋找單一的東部運營商來填補空白。隨著時間的推移，絕大多數都是相似的。

When you look at the Party City boxes, the average is 13,000 square feet. It does range though in size to sort of the 80-plus square feet to slightly higher. So as a result of that, that gives us that opportunity to hit a much larger canvassing of retailers because of the variety of square footage.

當你查看 Party City 盒子時，平均面積為 13,000 平方英尺。但它的面積確實在 80 多平方英尺到稍大一點的範圍內。因此，由於面積的多樣性，我們有機會接觸到更廣泛的零售商。

On the Joann's side, you're looking at a slightly larger box around 32,000 square feet. But with that, you have groceries, you have off price, you have fitness and a variety of others that are interested in those. And those also range in size pretty dramatically. So I think, in general, we'll be fairly successful in backfilling with single-use operators.

在喬安那邊，你看到的是一個稍微大一點的盒子，大約有 32,000 平方英尺。但有了它，你就有了雜貨，有折扣，有健身，還有各種你感興趣的其他商品。而且它們的尺寸範圍也相當大。因此我認為，總體而言，我們在用一次性操作器進行補充方面會取得相當的成功。

And the only thing I would mention is to think about the lack of new supply for our sector. And then if you think of this as shadow supply or potential opportunities for growing retailers, if you took that subset and add it to the new shopping center supply that's under construction, it's still extremely modest.

我唯一想提到的一點是考慮一下我們行業缺乏新的供應。然後，如果您將其視為影子供應或零售商成長的潛在機會，如果您將該子集並將其添加到正在建造的新購物中心供應中，它仍然非常適中。

And it's one of the lowest, if not the lowest of the entire commercial real estate sector. So we feel very confident that because of the range of sizes of these tenants that are giving back space, we're going to be uniquely positioned to backfill a single-tenant users at significant mark-to-market rents.

這是整個商業房地產領域最低的之一，甚至是最低的。因此，我們非常有信心，由於這些租戶的規模各有不同，我們將以獨特的優勢，以相當高的市價租金填補單一租戶用戶。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO資本市場。

Just hoping for a little bit more color on the assumptions on the credit loss reserves or just look at Party City and Joann, it's about 1.1% of ABR. So just hoping you could help us square that with the 75 to 100 basis points in guidance? And kind of a part B to the question, is there any skew in the timing of that debt? Is it more front half loaded given the upcoming options you referenced and the recent headline BKs we've seen.

只是希望對信用損失準備金的假設有更多的了解，或者只看看 Party City 和 Joann，它約佔 ABR 的 1.1%。所以只是希望您能幫助我們將這一數字與指導價中的 75 到 100 個基點相符？這個問題的 B 部分是，債務的時間是否有偏差？考慮到您提到的即將推出的選項以及我們看到的最近的頭條新聞 BK，它是否更注重前半部分。

Yes. Again, as I mentioned, we do feel pretty comfortable that with the range, with the dollars that we're talking about of potential credit loss. Party City is working through their auction will see what happens with their GOBs when they end. Joann's, although they filed for bankruptcy, hasn't actually even started their GOB sales yet.

是的。再次，正如我所提到的那樣，我們對於潛在信用損失的範圍和金額感到非常滿意。Party City 正在進行拍賣，將觀察拍賣結束後 GOB 的去向。儘管 Joann's 已申請破產，但實際上尚未開始 GOB 銷售。

So you're going to have rent that runs for a minimum for the first quarter, probably well into the second quarter. And then it's going to come down to, is there a going concern buyer for some of the boxes, so there's a lot of variability. And again, that's why we feel comfortable with the range that we have. So it takes into account what could happen both good and bad for both Party City and Joann.

因此，第一季的租金最低，可能持續到第二季​​。然後問題就歸結為，這些箱子是否有持續經營的買家，因此存在很大的可變性。這也是我們對現有產品範圍感到滿意的原因。所以它考慮到了對於 Party City 和 Joann 來說可能發生的好事和壞事。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

Maybe two quick ones on guidance related. First, on the acquisitions and FFO. It seems like somebody else already mentioned, you've already met the net acquisition guidance. So are you just saying that from here, property acquisition volume would be offset by dispositions of ground leases and development entitlements, which would suggest like a meaningful spread? And then just on the FFO side, it seems like the range of $0.02 is quite tight. So wondering kind of how you're thinking about that and if it's more of what you might otherwise think of as like a bottom end of the range with upside potential.

也許有兩個關於指導的簡短問題。首先，關於收購和FFO。似乎其他人已經提到過，您已經達到了淨收購指導。所以你是說，從現在開始，房地產收購量將被土地租賃和開發權利的處置所抵消，這將意味著一個有意義的利差？然後僅從 FFO 方面來看，0.02 美元的範圍似乎相當緊。所以想知道您是如何看待這個問題的，以及這是否更像是您可能認為的具有上行潛力的範圍底端。

Yes. As I mentioned, I'll take the second part first, and I'll let Ross deal with the acquisition piece. But on the guidance, if you think about the range, the range really is about $20 million in total. So if you go -- again, we're a pretty large company, it takes $7 million of FFO for any. So that range, although narrow in terms of pennies, it is a $20 million range to start with. And as I mentioned, we feel like we have pretty good visibility about what we're seeing in front of us.

是的。正如我所提到的，我將首先處理第二部分，然後讓羅斯處理收購部分。但根據指導，如果你考慮範圍，這個範圍實際上總計約 2000 萬美元。所以如果你去—再說一次，我們是一家相當大的公司，任何業務都需要 700 萬美元的 FFO。因此，儘管從幾美分的角度看，這個範圍很窄，但起價也是 2,000 萬美元。正如我所提到的，我們感覺我們對眼前的事物有相當好的了解。

There's not a whole bunch of one-timers, either way, good or bad. So we feel very comfortable about where the portfolio is going. We know what we've done already in terms of this initial acquisition and what's baked in. So it requires a little bit more of a narrow range.

不管怎樣，無論好壞，都沒有一大堆一次性的事。因此，我們對投資組合的走向感到非常放心。我們知道我們在這次初次收購中已經做了什麼以及已經實現了什麼。因此它所需要的範圍要窄一些。

Yes. And the first part of your question, I think the short answer is yes. The expectation is the recycling of capital from some of the initiatives that I mentioned into new opportunities. So we have the ability to be patient, see what comes our way on the new deal side, new investment side and then utilize those opportunities to source those appropriately. Obviously, to the extent that there is more opportunity at accretive yields in excess, we have other capital sources, as Glenn outlined earlier, and we'll certainly update it as the year progresses with our activity.

是的。對於你問題的第一部分，我認為簡短的回答是肯定的。我們期望將我提到的一些舉措中的資本回收利用到新的機會中。因此，我們有能力保持耐心，觀察在新交易方面、新投資方面會出現什麼情況，然後利用這些機會適當地尋找這些機會。顯然，只要有更多機會獲得超額收益，我們還有其他資金來源，正如格倫之前所概述的那樣，隨著我們活動的進展，我們肯定會對其進行更新。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

I just wanted to go back to one of the bad debt guidance. If you can frame Party City and Joann and some of these other couple of retailers to your experience with Bed Bath. And I was curious about kind of when do you actually sort to really ramp up the marketing for these spaces? At what point during the bankruptcy process or before? And what the potential rent upside looks like compared to what you experienced at that path?

我只是想回顧一下壞帳指導之一。如果您可以將 Party City 和 Joann 以及其他一些零售商與您在 Bed Bath 的體驗結合。我很好奇，您什麼時候才會真正加大這些空間的行銷力道？在破產程序的哪個階段或之前？與您在那條路上所經歷的相比，潛在的租金上漲空間如何？

Yes. I mean you're marketing these boxes well in front of any sort of filing. When you're looking at your watch list tenants, you're constantly looking to upgrade the tenancy and prepare for what can absolutely be a bankruptcy. Obviously, with Joann and Party City, they're both funders.

是的。我的意思是，您在任何類型的文件之前就很好地推銷了這些盒子。當您查看觀察名單上的租戶時，您會不斷尋求升級租賃並為可能出現的破產做好準備。顯然，Joann 和 Party City 都是資助者。

So when the first time happened, we're already out marketing those boxes. For example, we already have a handful of leases executed for Party City boxes before they even filed. It was just contingent on recapture. We feel confident in those recaptures because we reduced the term of those leases. So we knew an absolute end date there.

因此，當第一次發生這種情況時，我們就已經開始行銷這些盒子了。例如，我們在 Party City 包廂提交申請之前就已經簽訂了一些租約。這只是取決於重新奪回。我們對這些回收成果充滿信心，因為我們縮短了租賃期限。所以我們知道那裡的絕對結束日期。

And then we're constantly looking at upgrading the tenancies. So that's no different. If you look at the blend between Big Lots, Party City, Joann, you're seeing double-digit yields, 10%-plus over the blend of all of these. Obviously, there's higher ones and lower ones. And when you look at the Bed Bath activity that we had over the years, it was it was significant. The mark-to-market on those was higher just because there are more vintage leases, bigger boxes signed a long time ago. But again, most of those were backfilled with single tenant users and the interest was -- (technical difficulty) .

然後我們不斷考慮升級租賃權。所以這沒有什麼不同。如果您看一下 Big Lots、Party City 和 Joann 的混合情況，您會看到兩位數的收益率，比所有這些債券的混合收益率高出 10% 以上。顯然，有較高的，也有較低的。如果回顧我們多年來所進行的 Bed Bath 活動，就會發現它意義重大。這些產品的市價之所以較高，只是因為很久以前簽訂了更多的老式租約和更大的箱子。但同樣，其中大多數都是由單一租戶用戶填補的，而且興趣——（技術難度）。

Floris Van Dijkum, Compass.

弗洛里斯·範·迪庫姆（Floris Van Dijkum），指南針。

Everyone. Capital allocation question, maybe Ross is best suited for this. But in terms of your apartments entitlements. I think you've got -- 8,900 currently entitled and another similar amounts in the process of being entitled.

每個人。資本配置問題，也許羅斯最適合這個。但就您的公寓權益而言。我認為目前已獲得 8,900 項權利，另有類似金額正在申請中。

A couple of those are more than 1,000 units. I think there are four of them there. Are those the ones that are most likely to be JV-ed or sold off because of exposure? And then maybe Conor, by the end of the decade, what percentage of NOI do you think Kimco is going to get from apartment contribution? Is it 10%, 15% in that range?

其中有幾個超過 1,000 個單位。我認為那裡有四個人。這些是否是最有可能因曝光率而進行合資或出售的公司？然後也許 Conor，到本世紀末，您認為 Kimco 將從公寓貢獻中獲得多少百分比的淨營運收益？這個範圍內是 10% 還是 15%？

I'll start and then Con can jump in. When we're looking at the prioritization of the entitlements and where we want to densify, it's a pretty detailed and involved analysis that includes market feasibility studies. We're working with all of our different regions to understand where trends are happening geographically.

我先開始，然後康可以加入。當我們考慮權利的優先順序和我們想要增加密度的地方時，這是一個非常詳細和複雜的分析，其中包括市場可行性研究。我們正在與所有不同地區合作，以了解趨勢在地理上發生的位置。

So it's not necessarily based upon size. We're looking at what is the timing, what is the supply and demand dynamic in that particular market. What are the yields that we're looking at for creating this project and then ultimately making a decision, given all of the information that we've gathered and the market intel given our cost of capital and other uses that we have for that capital, where do we want to put that? And which projects are best suited for Kimco to invest a substantial amount of our own capital, which you've seen us do on certain projects.

所以它不一定是基於大小。我們正在關注時機以及特定市場的供需動態。在創建該專案時，我們期望的收益是多少？ 然後，根據我們收集到的所有資訊和市場情報，以及我們的資本成本和資本的其他用途，我們最終要做出決定，我們要把資本投入到哪裡？哪些項目最適合 Kimco 投入大量自有資本，您已經看到我們在某些​​項目上這樣做了。

Where is it best suited to ground lease and to retain that ROFR and allow somebody else to put their capital to work. We've gotten creative in terms of structuring, as you've seen on Culture and some others that we're considering in terms of joint venturing and putting our entitled land into that venture at a markup basis and our component being preferred equity or different pieces of capital.

哪裡最適合進行土地租賃並保留優先購買權 (ROFR) 並允許其他人投入資本？我們在結構方面很有創意，正如你在文化和其他一些方面看到的，我們正在考慮合資，並將我們擁有的土地以加價的方式投入到該合資企業中，而我們的組成部分是優先股或不同的資本部分。

And then, of course, we have the option to potentially sell. So we're evaluating all of those alternatives on each one of these projects. And the beauty of the program is that based upon our geographic diversification and all the entitlements that we've had, we can be very selective in where and when we want to activate and how we want to do so

然後，當然，我們也可以選擇出售。因此，我們正在評估每個項目的所有替代方案。該計劃的優點在於，基於我們的地理分佈和我們擁有的所有權利，我們可以非常有選擇性地選擇啟動地點和時間，以及如何啟動

I just to touch base on the two projects you mentioned that have over 1,000 units entitled. Those are both large master plans, ones in Kentlands, other Townland's Market Square and Pentagon. And so when you go in for entitlements, there's opportunity sometimes to really to secure a large allocation of residential. That does not mean that you have to build it all at once.

我只是想談談您提到的兩個擁有超過 1,000 個單位的項目。這些都是大型總體規劃，一個在肯特蘭茲，另一個在鎮區的市場廣場和五角大樓。因此，當您申請權益時，有時就有機會真正獲得大量的住宅分配。這並不意味著你必須一次完成所有建造。

And so you take 1,000 units and break it into five different phases of 200 units a piece over an extended period of time, so you're managing new supply coming on, market absorption, et cetera. And then to Ross' point, you can activate each of those phases and whatever is most appropriate given the market cycle time and use of funds. So just for clarity, there. Conor?

因此，您可以將 1,000 個單位分成五個不同的階段，每個階段 200 個單位，持續較長時間，這樣您就可以管理新供應、市場吸收等等。然後回到羅斯的觀點，你可以啟動每個階段，並根據市場週期時間和資金使用選擇最合適的階段。只是為了清楚起見，就是這樣。康納？

And then, Floris, I think for the long term, we continue to push towards activating more multifamily entitlements where we can structure it accretively to our cost of capital. Putting a target, the dream scenario would get to 90-10, where 10% is coming from apartments and then build it from there.

然後，弗洛里斯，我認為從長遠來看，我們將繼續推動激活更多的多戶型權益，這樣我們就可以將其建構成增加我們的資本成本。設定一個目標，理想的情況是達到 90-10，其中 10% 來自公寓，然後從那裡開始建造。

Again, where our cost of capital is today and where we can accretively deploy it, it's limiting how much we can activate on the multifamily side. So we'll continue to use the structure like we have before, whether it's ground lease with the ROFR or it's a contribution to a joint venture with the ROFR upon stabilization as well.

再說一遍，我們今天的資本成本以及我們可以在哪裡增加地部署它，限制了我們在多戶型方面可以啟動的程度。因此，我們將繼續使用先前的方式，無論是採用 ROFR 的土地租賃，或是在穩定後採用 ROFR 對合資企業的貢獻。

So those are ways that, again, we can take a CapEx-light approach, hit our return hurdles and still activate apartments. As you know, we've activated over 3,000 and continue to take that approach to see how we can go about adding value, creating value for our shareholders over the long term.

因此，我們可以再次採用輕資本支出的方法，突破回報障礙，同時仍然激活公寓。如您所知，我們已經啟動了 3,000 多個項目，並將繼續採取這種方式來研究如何增加價值，為我們的股東創造長期價值。

Steve Sakwa, Evercore ISI.

史蒂夫·薩誇（Steve Sakwa），Evercore ISI。

I guess given the tightness in the whole industry and retailers still looking to grow and there, I guess, inability maybe to hit store opening plans. I guess what's Kimco's appetite to take on actual ground-up development in retail? And what discussions have you had with some of the bigger retailers to kind of jump start that development process?

我想，鑑於整個行業的緊張局勢以及零售商仍在尋求成長，我猜可能無法實現開店計畫。我猜想 Kimco 對實際進行零售業從頭開始開發的興趣如何？您與一些大型零售商進行過哪些討論以啟動這項開發過程？

Yes. I mean you're seeing ground up right now in more in like the second and third ring as urban or suburban sprawl extends out in some of the markets in, say, like Arizona and Texas, you're not really seeing ground up development in first-ring suburb opportunities. Rents still have to reach a higher premium to justify the underwriting for a development yield that's accretive to our cost of capital.

是的。我的意思是，隨著城市或郊區擴張在亞利桑那州和德克薩斯州等地的部分市場延伸，現在您更多地看到的是第二環和第三環的平整區域，而您實際上並沒有看到第一環郊區的平整區域的發展機會。租金仍然必須達到更高的溢價才能證明承保開發收益是合理的，因為這會增加我們的資本成本。

So in those more tertiary market development projects are you doing like a large format target where not are necessarily in the core markets that we're looking to expand.

那麼，在那些三級市場開發專案中，您是否像我們期望擴展的核心市場一樣，進行大規模的目標開發？

For us, that opportunity is really working with these retailers on the backfill of second-generation space, further densifying or markets how do they expand market share. They are starting to look at their -- the tightness of their radius between individual stores, and those are starting to narrow realizing that they can operate more locations within a tighter trade area than they did historically. So there's real opportunities there for them as well. And that's where we continue to see it. But we do talk to them if there's an opportunity that comes about, we would consider it.

對我們來說，這個機會實際上是與這些零售商合作填補第二代空間，進一步密集化或市場化，以擴大市場份額。他們開始關注各個商店之間的半徑緊密度，並且開始縮小半徑，意識到他們可以在比過去更緊密的貿易區域內經營更多的門市。所以對他們來說那裡也存在著真正的機會。我們也繼續看到這種情況。但如果有機會，我們確實會與他們交談，我們會考慮。

Yes, it's a good question, Steve. And I think that's what gives us a lot of confidence about our credit loss reserve was 75 basis points to 100 basis points because if you think about the lack of options for retailers today, we don't see a huge ground-up opportunity on the horizon that either we or others will take advantage of. And so the opportunity set is really on these bankrupt tenants, the second-generation boxes that are going through the auction process.

是的，這是個好問題，史蒂夫。我認為這讓我們對信用損失準備金的水平非常有信心，即 75 個基點到 100 個基點，因為如果你考慮到當今零售商缺乏選擇，我們就不會看到我們或其他人會利用的巨大機遇。所以機會實際上在於這些破產的租戶，也就是正在拍賣的第二代盒子。

As you saw from last year, there was a tremendous amount of activity from retailers in the bankruptcy process, been outfitting us on a few ones that we tried to acquire and bring back under control. So we feel like there's a similar backdrop today with supply and demand, and that's what gives us a lot of confidence in our 75 basis points to 100 basis points credit loss reserve.

正如您去年看到的，破產過程中零售商採取了巨大的行動，為我們提供了一些設備，我們試圖收購這些設備並重新掌控它們。因此，我們覺得今天的供需背景類似，這讓我們對 75 個基點到 100 個基點的信用損失準備金充滿信心。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Quick clarification. The savings from the management changes, would that start in January or at the time of the annual meeting? And then kind of on that point you just made about bidding on boxes. Do you plan on doing a lot of that?

快速澄清。管理層變動帶來的節省會在一月開始還是在年度會議時開始？然後就您剛才提到的關於競標盒子的問題。你打算做很多這樣的事嗎？

I'll take the first one because it's straightforward. It started at the time of the announcement end of January.

我選擇第一個，因為它很簡單。它是從一月底宣布的時候開始的。

And then on the auction process, I think again, we look at every box. We look at every opportunity set. We're talking to a lot of retailers, both prebankruptcy auction and during the bankruptcy auction. We know a lot of these retailers will be in the auction tent, but they're also looking at doing package deals with us across multiple locations. So it really just depends on the returns that we can generate from the capital and what tenant we have to backfill that location.

然後在拍賣過程中，我再次思考，我們會查看每一個盒子。我們會審視每一個機會。我們正在與許多零售商進行談判，包括破產前拍賣和破產拍賣期間。我們知道很多零售商都會參與拍賣，但他們也在考慮與我們在多個地點進行一攬子交易。所以這實際上只取決於我們可以從資本中獲得的回報以及我們可以找到哪些租戶來填補該位置。

Where we've been unsuccessful in the auction process or others have outbid us, we were running with a grocery anchor to backfill a location that we were excited about and another retailer that was not grocery was super aggressive for the location.

當我們在拍賣過程中失敗或其他人的出價高於我們時，我們會與一家雜貨店主力店一起填補我們感興趣的位置，而另一家非雜貨店的零售商也會非常積極地爭奪該位置。

And so again, not necessarily a lose-lose situation because, obviously, the tenant that wins that bankruptcy auction has to fulfill all the back rent as well as the go-forward lease obligations. So we're in a good spot where we can be selective and really get aggressive where we think we can dramatically improve the valuation of the asset, not only on that box, but on the surrounding retail that we own as well.

因此，這不一定是雙輸的局面，因為顯然，贏得破產拍賣的租戶必須履行所有拖欠的租金以及未來的租賃義務。因此，我們處於一個很好的位置，我們可以選擇性地、積極地採取行動，我們認為我們可以顯著提高資產的估值，不僅是那個盒子，還有我們所擁有的周邊零售。

Paulina Rojas, Green Street.

保利娜‧羅哈斯 (Paulina Rojas)，綠街。

Recent bankruptcies have been significant, right? Do you believe these bankruptcies will materially impact the rents that you can achieve for new anchor leases? And I understand that the mark-to-market of rents will likely be still very significant. But I'm more focused on how the market dynamics will shift and how rents might change compared to a scenario where these bankruptcies had not occurred.

最近的破產案很嚴重，對嗎？您是否認為這些破產將對您能獲得的新主力租約的租金產生重大影響？我知道租金的市價比率可能還是會很高。但我更關注的是市場動態將如何變化，以及與沒有發生破產的情況相比，租金將如何變化。

Yes, it's a good question, Paulina. It's one that I think you have to think about a little bit from the amount of supply that comes available in a certain submarket. And if that will change the supply and demand dynamic of pricing power that we've experienced over the past few years. And if you look at the amount of locations that overlap between the that are in these submarkets. It's very few that we'll have multiple boxes coming available in the same submarket.

是的，這是個好問題，Paulina。我認為你必須從某個子市場的供應量來考慮這一點。這是否會改變我們過去幾年所經歷的定價權的供需動態。如果你看一下這些子市場中重疊地點的數量。我們很少會在同一個子市場上推出多個盒子。

So in our opinion, it really doesn't change the pricing power because if it's a good location, in a tight trade area, that is usually the only box available in that trade area. As you can see, our occupancies are at all-time highs. Vacancy rates for the entire sector is at all-time lows. It's a very tight market right now for good quality retail.

因此，我們認為，它實際上並沒有改變定價權，因為如果它處於一個良好的位置，在一個緊張的貿易區域，這通常是該貿易區域內唯一可用的箱子。如您所見，我們的入住率達到了歷史最高水平。整個產業的空置率處於歷史最低水準。目前，優質零售市場十分緊張。

And so when these boxes are available, there's usually not a second option for retailers to fall back into. And so that's what's driving the competitive set to take advantage of these unique opportunities and we feel confident that, again, because of that tightness in the market, you're going to see activity both in the auction tenants, but as well post auction with retailers wanting to do packaged deals on a number of these locations that are spread across multiple subsectors.

因此，當這些盒子可用時，零售商通常沒有第二個選項。這就是推動競爭者利用這些獨特機會的因素，我們有信心，由於市場緊張，您不僅會看到拍賣租戶的活動，而且會看到拍賣後零售商希望在分佈於多個子行業的多個地點進行打包交易。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

You talked about the demand for medical and wellness. And I'm curious, like how do you size up the credits versus other national and local options? And in the past, have you had any meaningful bad debts from that category?

您談到了醫療保健的需求。我很好奇，您如何評價這些信貸與其他國家和地方選擇的比較？過去，您是否有過該類別的重大壞帳？

I can take it if you want. I mean the nice thing about medical is they put a lot of money in themselves, the build-outs that they have with the equipment. They are very sticky tenants. They stay for a long time, and I would say the bad debt on those is really de minimis. I mean it really doesn't even come up very often. They're really solid tenants.

如果你想要的話我可以拿走它。我的意思是，醫療的優點在於他們自己投入了大量資金，用於設備建設。他們是非常黏人的房客。他們會停留很長時間，而且我想說，這些壞帳的金額真的是微不足道的。我的意思是它實際上並不經常出現。他們確實是可靠的房客。

Yes, a lot of the push recently have been from urgent care, pediatric urgent care, some off-site facilities from hospitals because we've always had dentistry. We've always had physical therapy is becoming a bigger piece as well.

是的，最近的許多推動力來自緊急護理、兒童緊急護理以及一些醫院的異地設施，因為我們一直都有牙科。我們一直以來都認為物理治療也變得越來越重要。

But we continue to like that use. It's a service use, it's Internet-resistant. It does drive traffic. It does bring people that want convenience to the shopping center. And usually, it does drive the right shopper as well because of cross-shopping opportunities. So we always look at credit quality. And to Glenn's point, we've been very successful in underwriting the medical uses that have come into shopping centers and haven't had really dramatic issues in any shape or form.

但我們仍然喜歡這種用法。它是一種服務用途，它具有互聯網抗性。它確實會帶來流量。它確實為追求便利的人們帶來了購物中心。而且通常，由於交叉購物機會，它確實也會吸引合適的購物者。因此我們始終關注信用品質。正如格倫所說，我們在承保進入購物中心的醫療用途方面非常成功，並且沒有出現任何形式的嚴重問題。

Michael Gorman, BTIG.

邁克爾·戈爾曼（Michael Gorman），BTIG。

Maybe just circling back to the transactions for a minute here. Just a question on the match funding, and apologies if I missed it. But when we think about the match funding with the sales of either ground lease or entitlements, in 2025. Would those proceeds also apply to future structured investments? And I guess if so, can you talk about maybe the scale of opportunity and the strategy of selling out of understandably slower growing, but fee positions into a more structured investment for the long-term strategy?

也許這裡只是稍微回顧一下交易。我只想問一下關於配套資金的問題，如果我沒注意到，請原諒。但是，當我們考慮透過出售土地租賃或權益來提供配對資金時，到 2025 年就會出現這種情況。這些收益是否也適用於未來的結構化投資？如果是這樣的話，您能否談談機會的規模，以及出售成長較慢但收費部位的策略，並將其轉變為更具結構化的投資，以實現長期策略？

Sure. Yes, it does include structured investments. So we look at sort of our blended investments between the core acquisition strategy as well as the structured. When we think about the structured program, as I mentioned previously, I mean, most of these investments with a few exceptions are relatively by size.

當然。是的，它確實包括結構化投資。因此，我們研究核心收購策略與結構化投資之間的混合投資。當我們考慮結構化計劃時，正如我之前提到的，我的意思是，除了少數例外，大多數投資都是按規模相對而言的。

So you're looking at $15 million, $20 million, $25 million check sizes. So it really does expand and diversify the risk profile. We feel very comfortable about our underwriting strategy and the basis at which we enter these properties. But to your point, we do acknowledge that there is a differential between fee acquisitions of existing shopping centers and a structured investment that has a variable time line.

所以你看到的支票金額是 1500 萬美元、2000 萬美元、2500 萬美元。因此它確實擴大並分散了風險狀況。我們對我們的承保策略以及進入這些資產的基礎感到非常滿意。但對於您的觀點，我們確實承認，對現有購物中心的收費收購與具有可變時間表的結構化投資之間存在差異。

So as part of that program, we're constantly looking at the rollover schedule where we might get redeemed or repaid on any of the structured investments in our building a pipeline to consistently backfill and recycle that capital as well.

因此，作為該計劃的一部分，我們不斷關注展期時間表，我們可能會贖回或償還任何結構化投資，以建立一條管道，以持續補充和回收這些資本。

So one component that I didn't mention in addition to the ground leases and the entitlement is there is always the opportunity to get capital back from prior structured investments. So as we see new investment opportunities on the structure, there is a recycling that occurs within that program as well. We feel very confident and comfortable with the size of that program right now being right around 2% of enterprise value. So we think that we can sort of responsibly gradually grow that over time as we continue to see more opportunity, but it's going to be at a slow methodical pace.

因此，除了土地租賃和權利之外，我沒有提到的一個因素是，總是有機會從先前的結構化投資中收回資本。因此，當我們看到結構上的新投資機會時，該計劃內也會發生回收。我們非常有信心並且感到滿意，因為該專案的規模目前約為企業價值的 2%。因此，我們認為，隨著我們繼續看到更多機會，我們可以隨著時間的推移以負責任的方式逐步發展這一領域，但這將以緩慢而有條不紊的速度進行。

Linda Tsai, Jefferies.

傑富瑞 (Jefferies) 的 Linda Tsai。

Could you provide color on upcoming refis in '25 and then '26? And then how to think about the timing of when you might refi and the interest cost impacts?

您能否詳細介紹一下 25 年和 26 年即將進行的再融資？那麼，您該如何考慮再融資的時機以及利息成本的影響呢？

Sure. Sure. So we just paid off a bond, as I mentioned, so that's done. The only debt that remains outstanding or maturing in '25 is about $290 million. There's about $50 million of mortgage debt that's going to get paid off on March 10. And then we have a bond that matures June 1, so it's about $240 million. We have a whole variety of ways to deal with it, whether it be from free cash flow, again, some of the -- it could come from some of the disposition activity. Our line is fully available to us. And quite candidly, the borrowings on our line today are priced better than where we would do something even longer range.

當然。當然。正如我提到的那樣，我們剛剛還清了債券，事情就完成了。唯一未償還或將於 25 年到期的債務約為 2.9 億美元。約有 5000 萬美元的抵押債務將於 3 月 10 日償還。然後我們有一支債券將於 6 月 1 日到期，金額約為 2.4 億美元。我們有各種各樣的方法來解決這個問題，無論是來自自由現金流，還是來自一些處置活動。我們的線路已完全可用。坦白說，我們今天的借款價格比我們更長期的借款價格要好。

So we have a whole bunch of opportunities. As far as '26 goes, there's about $750 million in '26, but it doesn't really start maturing until August. So we have plenty of time to address the upcoming maturities.

因此，我們有很多機會。就 '26 年而言，'26 年大約有 7.5 億美元，但實際上要到 8 月才開始到期。因此我們有充足的時間來解決即將到期的債務。

The only thing I would add is it's nice to be on positive walks from S&P and Moody's because if you think about the timing of when they may make a move to improve our credit rating, it lines up nicely with some of our refinancing opportunities to take advantage of that tighter pricing we can achieve.

我唯一想補充的是，標準普爾和穆迪的評級非常積極，因為如果你想想他們可能採取行動提高我們信用評級的時機，它與我們的一些再融資機會完美契合，讓我們能夠利用更嚴格的定價來實現目標。

Yes. I mean just in terms of pricing, like if we would go to the bond market today, we're probably somewhere around 95 over on a 10 year. So it'd be somewhere in the probably 5%, 5.45% range today.

是的。我的意思是，僅從定價來看，如果我們今天進入債券市場，10 年期債券的殖利率可能在 95 左右。所以今天大概在 5% 到 5.45% 的範圍內。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just a couple of quick ones. Just some themes that was touched before. Back to the same-store NOI, so sort of the 2%-plus guidance, I think in the opening comments, you mentioned that there was some sort of end of '24 closures and stuff that impacted. Any time we could sort of quantify what that hit was to '25? And does that create an opportunity as you sort of backfill those into '26 and '27?

僅舉幾個例子。只是一些之前牽涉過的主題。回到同店淨營業利潤，也就是 2% 以上的指引，我想在開場白中，您提到了 24 年底的某種關閉等因素造成了影響。我們什麼時候可以量化一下對 25 的打擊程度？當您將這些內容填充到 26 和 27 時，這是否會創造機會？

Yes. I mean, again, the vacancies that I mentioned, they're out now of the same-site NOI number. So that's all baked into the overall 2%-plus starting point. So it will vary as we go through the quarters, again, because we do same-site NOI. For the most part, it's on a cash basis, right? The tenants have to be paying rent. That's what goes into the number. We don't include straight-line rents. We don't include these termination fees in it. So it's all baked into that 2% plus starting point.

是的。我的意思是，我再次提到的空缺職位，現在已經超出了同一站點的 NOI 數量。所以這一切都被納入了整體 2% 以上的起點。因此，隨著我們經歷各個季度，情況會發生變化，因為我們進行的是同一站點的 NOI。大多數情況下，都是以現金為基礎的，對嗎？租戶必須支付租金。這就是數字的意思。我們不包括直線租金。我們不把這些終止費用包括在其中。所以一切都已計入 2% 以上的起點。

Yes. And then as we backfill, you're right. I mean it's going to be a contributor into '26.

是的。然後當我們回填時，你是對的。我的意思是它將會為26年做出貢獻。

Right. So if I could ask the question just a different way is like what's the bridge from 3.5% to 2% same-store NOI? Like what are the deltas there and the big pieces?

正確的。因此，如果我可以換個方式提問的話，那就是從 3.5% 到 2% 的同店淨營業利潤的橋樑是什麼？例如那裡的三角洲和大塊是什麼？

Well, I mean, again, we have to take into account all the different, the bankruptcies. We have to really see what we get back, what we don't get back. If we don't get a lot of the boxes back from whether it be Joann's or Party City, there's more upside in that number, which is the plus point of it. So we're just trying to use -- we feel very comfortable that 2% is the floor that we'll see how the rest of the year goes. And as we go through the year, we'll make adjustments to that guidance.

嗯，我的意思是，我們必須再次考慮所有不同的破產情況。我們必須真正看清我們得到了什麼，沒有得到什麼。如果我們沒有從 Joann's 或 Party City 收回很多箱子，那麼這個數字還有更大的上升空間，這是它的優點。所以我們只是嘗試使用——我們非常放心 2% 是底線，然後我們再看看今年剩餘時間的走勢如何。隨著時間的流逝，我們會對該指導做出調整。

Brian, I'll also say, we start the year out with a little more ambiguity, right? Because last year, even when we started out, assuming how much we would get from the snow pipeline, it was between $15 million and $20 million. We ended the year close to $35 million, somewhere between $33 million and $35 million.

布萊恩，我還要說，我們新年伊始就帶著一些模糊性，對吧？因為去年，即使在我們剛開始的時候，假設我們從雪管道中獲得多少錢，也介於 1500 萬美元到 2000 萬美元之間。我們今年的利潤接近 3500 萬美元，大約在 3300 萬美元到 3500 萬美元之間。

Same thing. We're starting the year out and make an assumption on the snow pipeline. We're going to about $25 million. So that's sometime an estimate you make. And as we go through the course of the year, that can change and that can move from where you start the year out in your same-site guide. So there's a number of different levers. But to Glenn's point, we feel confident where the floor is. It's just a question how high the ceiling could be.

同樣的事情。我們從年初開始對雪管道做出假設。我們將投入約 2500 萬美元。所以這有時只是你所做的估計。隨著一年的進程，這可能會發生變化，並且可能會從您在同一網站指南中開始這一年的位置移動。因此存在多種不同的槓桿。但就格倫所說，我們對底線很有信心。問題只是天花板有多高。

That makes a ton of sense. If I could just sneak my second one is just on the net acquisition guidance and obviously, the opening comments about selling sort of flat leases and so forth. Just a sense of the quantum of dispositions because it's hard to tell from the guidance, what could that look like this year? Like is it $50 million, $100 million? Could it be $300 million? Just how big is that opportunity on the sell side?

這很有道理。如果我可以偷偷說一下的話，我的第二個問題只是關於淨收購指導，顯然，關於出售某種公寓租賃等的開場評論。只是對處置量的一種感覺，因為從指導中很難判斷，今年的情況會是什麼樣子？比如說 5,000 萬美元，還是 1 億美元？會是 3 億美元嗎？對賣方來說，這個機會到底有多大？

Yes. As I mentioned, I mean, it's having close to 10% of our income from ground leases. There is a large pool but it really is intended to be a match funding mechanism. So it's going to be very much dependent upon what we see on the new investment side as to how much we want to push into the market to potentially sell. But we'll be relatively measured to start the year. And then as we progress and we see opportunity, we'll update you and the market on what we're seeing and how much we anticipate doing there.

是的。正如我所提到的，我們的收入有近 10% 來自土地租賃。雖然資金池很大，但它實際上旨在成為一種配套資金機制。因此，這在很大程度上取決於我們在新投資方面看到的情況，以及我們想向市場投放多少產品來銷售。但我們在新年伊始會採取相對謹慎的態度。然後，隨著我們的進步和發現機會，我們會向您和市場通報我們所看到的情況以及我們預計在那裡做的事情。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes. Good morning, everyone. You guys historically have been well known to come up with creative ways to create shareholder value. As you look at the landscape for retailers and as well as retail real estate over the next 12 to 18 months, could you just talk about probability that you guys could do something of that nature as well, whether it's something Albertsons-like, whether it's more of the SIP loan-to-own program or maybe something totally new on out of the box?

是的。大家早安。從歷史上看，你們一直以富有創意的方式為股東創造價值而聞名。當您展望未來 12 到 18 個月零售商和零售房地產的前景時，您能否談談您也能做一些類似的事情的可能性，無論是像 Albertsons 那樣的事情，還是更像 SIP 貸款購買計劃，或者是一些全新的、突破性的東西？

Yes. I think we always look for opportunities. I think as you've seen us do in the past, our best deals typically occur when there's dislocation in the market or mispricing that we can take advantage of. We're excited that our balance sheet continues to improve and put us in a position that when the next cycle occurs, the balance sheet strength usually is rewarded. I think that's at a time where when the tide goes out, usually balance sheet strength, it becomes an advantage.

是的。我認為我們總是在尋找機會。我想，正如你過去看到的那樣，我們的最佳交易通常發生在市場出現混亂或定價錯誤時，我們可以利用這一點。我們很高興看到我們的資產負債表不斷改善，而當下一個週期來臨時，資產負債表的實力通常會得到回報。我認為那是在潮水退去的時候，通常資產負債表的實力就會成為一種優勢。

So where we sit today, obviously, with employment, where the economy is today. There's not a tremendous amount of mispriced or dislocation occurring in our sector because of the health of the cash flow growth that's occurring across portfolios.

所以顯然我們今天的就業情況和今天的經濟狀況如何。由於各個投資組合的現金流量成長都很健康，我們產業中並沒有出現大量的錯誤定價或混亂。

When you look at some of the individual retailers that are in trouble that we've talked about, not a tremendous amount of owned real estate in those portfolios. We really look for real estate rich retailers now where we can take advantage of owning or repurposing the properties.

當您查看我們談到的一些陷入困境的個體零售商時，您會發現這些投資組合中擁有的房地產數量並不多。我們現在真正尋找的是擁有豐富房地產的零售商，我們可以利用擁有或重新利用這些房地產的優勢。

But that being said, we always take a look for unique opportunities. Albertsons is obviously a complete home run that we were able to achieve. We continue across the relationship spectrum that we have. And every deal is a little different, a little bit different, shape or size, but our team is always looking for those unique opportunities to take advantage of to create shareholder value.

但話雖如此，我們總是在尋找獨特的機會。顯然，Albertsons 是我們取得的徹底的成功。我們將繼續維持現有的關係範圍。每筆交易都有一些不同，形式和規模都有一些差異，但我們的團隊一直在尋找那些獨特的機會來創造股東價值。

And then a quick modeling question, if I may ask. On the Waterford acquisition, the interest rate on the assume debt?

然後我可以問一個簡單的建模問題。關於沃特福德收購案，承擔債務的利率是多少？

The interest rate on the loan was 4.86%. -- (technical difficulty) -- straight.

貸款利率為4.86%。 ——（技術難度）——直。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

Quick one. I know over time, CapEx has been a big topic for a certain property tax, including retail. So it looks like the midpoint of your CapEx guidance for '25 is lower than '24 actual was. So wondering what's driving that? And is it more timing related or run rate improvement or any other details?

快一點。我知道隨著時間的推移，資本支出一直是某些房地產稅（包括零售業）的重要議題。因此看起來，您對 25 年資本支出預期的中點低於 24 年的實際情況。那麼想知道是什麼推動了這現象嗎？這是否更多地與時間有關，還是運行率提高，或者任何其他細節？

Yes. I mean as to tenants come online, obviously, the funding has been processed and now you're getting the compression of the snow pipeline. So that's what we're seeing in '25. Obviously, with these bankruptcies, right now, we'd anticipate -- obviously, investment would have to occur, but that would be more of a '26, I don't.

是的。我的意思是，對於上線的租戶來說，顯然資金已經處理完畢，現在你正在壓縮雪管道。這就是我們在 25 年看到的。顯然，對於這些破產案例，我們現在預計——顯然，必須進行投資，但我不認為那會更像 26 年。

Ki Bin Kim, Truist.

Ki Bin Kim，Truist。

Just a quick question on Danny's point. I remember one of your office tenants was Spirit. Can you just remind us the structure of that deal, I can't remember if you sold that building to them. But just overall, curious about the potential impact from their bankruptcy.

我只是想就丹尼的觀點提出一個簡單的問題。我記得你們辦公室的一位房客是 Spirit。你能提醒我們一下這筆交易的結構嗎？但總的來說，我很好奇他們的破產可能帶來的影響。

Yes. Yes. So Spirit does own their own headquarters. They purchased it from us early on in the project, and then they built it and opened it. We do have a ground lease with them on the multifamily which they're current on.

是的。是的。因此，Spirit 確實擁有自己的總部。他們在專案早期就從我們這裡購買了它，然後建造並開放了它。我們確實與他們簽訂了他們目前居住的多戶住宅的土地租賃合約。

They are anticipating to come out of bankruptcy this quarter. If you may have read the headlines that Frountiers, -- now going back and looking at Spirit as well. Currently though, it's open and operating. There's 900 or so employees there that occupy Danny every day.

他們預計本季將擺脫破產。如果你可能已經閱讀了 Frountiers 的標題，那麼現在回過頭來看一下 Spirit。不過，目前它已經開放並投入營運。大約有 900 名員工每天在丹尼工作。

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

我們的問答環節到此結束。我想將會議交還給 Bujnicki 先生，請他作最後發言。

Just like to thank everybody who joined our call today. We look forward to getting together with a number of you in the upcoming several weeks and at the same time, have a wonderful weekend. Thanks so much.

我要感謝今天參加我們電話會議的每個人。我們期待在接下來的幾週內與你們相聚，並度過一個美好的周末。非常感謝。

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。