Kimco Realty Corp (KIM) 2025 Q1 法說會逐字稿

Good day, and welcome to the Kimco Realty First Quarter 2025 Earnings Conference Call. All participants will be in a listen-only mode.(Operator Instructions) After today's presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Kimco Realty 2025 年第一季財報電話會議。所有參與者將處於只聽模式。 （操作員指示）今天的演講結束後，將有機會提問。（操作員指示）請注意，此事件正在被記錄。

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

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

Good morning, and thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; David 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、總裁兼首席投資長 Ross Cooper、財務長 Glenn Cohen、Kimco 首席營運長 David Jamieson，以及我們執行團隊的其他成員，他們也可以在電話會議期間回答問題。

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

提醒一下，本次電話會議期間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. With that, I'll turn the call over to Conor.

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，如果我們的通話出現技術困難，我們會盡快解決。如果有需要，我們會在我們的 IR 網站上發布更多資訊。說完這些，我會把電話轉給康納。

Good morning, and thanks for joining us today. I will start out with a summary of our stellar Q1 highlights, provide an update on our strategy going forward and address the macroeconomic environment. Ross will follow with an update on the transaction market and as usual, Glenn will provide details on our financial metrics and guidance.

早安，感謝您今天加入我們。我將首先總結我們第一季的亮點，介紹我們未來的策略，並討論宏觀經濟環境。羅斯將隨後介紹交易市場的最新情況，而格倫則像往常一樣，提供有關我們的財務指標和指導的詳細資訊。

We started 2025 with robust momentum, demonstrating the power of Kimco's strategy focused on high-quality grocery-anchored shopping centers. Our results speak to our ability to consistently execute. Our operating performance for the quarter was exceptionally strong. We signed 583 leases, totaling 4.4 million square feet, delivering blended pro-rata cash rent spreads of 13.3%, including remarkable new lease spreads of 48.7%, the highest we've achieved in over seven years.

我們以強勁的勢頭開啟了 2025 年，展現了 Kimco 專注於高品質雜貨店購物中心策略的威力。我們的成果證明了我們始終如一的執行能力。我們本季的經營業績異常強勁。我們簽署了 583 份租約，總面積達 440 萬平方英尺，混合比例現金租金利差為 13.3%，其中包括 48.7% 的顯著新租賃利差，這是我們七年來取得的最高水準。

Occupancy remains healthy at 95.8% pro-rata with small shops climbing 20 basis points year-over-year to 91.7%. The demand for our high-quality centers is clear as we completed nine grocery leases this quarter, which enabled us to reach our strategic target of deriving 85% of our annual base rent from these essential, necessity-driven properties.

入住率維持健康水平，按比例為 95.8%，其中小商店入住率較去年同期上升 20 個基點，達到 91.7%。我們本季完成了 9 份雜貨店租賃，這讓我們實現了從這些必需品驅動的物業中獲得 85% 年度基本租金的戰略目標，市場對我們高品質中心的需求顯而易見。

Notably, we finalized multi-pack deals with Sprouts Farmers Market, Dollar Tree, Five Below, Barnes & Noble, and others year-to-date, including April. This achievement highlights the competitive advantage provided by our significant scale, strategic market positioning and best-in-class leasing team. Same property NOI outperformed as it grew 3.9%, driven by healthy leasing activity, rent growth and disciplined cost management. Tenant credit loss remain favorable at just 56 basis points, reflecting our portfolio's diversity and stability even amidst the bankruptcies of Party City, Big Lots and Joann's.

值得注意的是，今年迄今（包括 4 月），我們與 Sprouts Farmers Market、Dollar Tree、Five Below、Barnes & Noble 等公司達成了多件裝交易。這項成就凸顯了我們龐大的規模、策略性的市場定位和一流的租賃團隊所帶來的競爭優勢。受健康的租賃活動、租金增長和嚴格的成本管理的推動，同類物業淨營業利潤 (NOI) 表現優異，增長 3.9%。租戶信用損失仍然保持在 56 個基點的良好水平，即使在 Party City、Big Lots 和 Joann's 破產的情況下，也反映出我們投資組合的多樣性和穩定性。

Demand for these spaces have been exceptionally strong. For Party City, we started the year with 49 leases and we have successfully resolved half of these already with 12 being assigned and another 17 either leased or at lease with a blended rent spread of approximately 35%. We also have LOIs for nearly all the remaining spaces. Similarly for Big Lots, we have three spaces at lease with a blended average spread of approximately 45% and LOIs for most of the 11 remaining boxes.

對這些空間的需求一直異常強勁。對於 Party City，我們今年年初有 49 份租約，並且已經成功解決了其中的一半，其中 12 份已轉讓，另外 17 份已出租或已簽訂租賃協議，混合租金差價約為 35%。我們也擁有幾乎所有剩餘空間的意向書。同樣，對於 Big Lots，我們擁有三個租賃空間，混合平均價差約為 45%，並且對剩餘的 11 個包廂中的大多數都有意向書。

Our ability to quickly backfill and upgrade these spaces underscores Kimco's differentiated leasing platform and the benefits of well-located, high-quality grocery-anchored shopping centers. Despite macroeconomic fluctuations and tariff changes, consumer behavior has remained resilient as foot traffic at our centers is up year-to-date with April continuing this positive trend.

我們快速填補和升級這些空間的能力凸顯了 Kimco 差異化的租賃平台以及地理位置優越、高品質的以雜貨店為中心的購物中心的優勢。儘管宏觀經濟波動和關稅變化，但消費者行為依然保持彈性，因為我們中心的客流量今年迄今一直在上升，四月份延續了這一積極趨勢。

This resilience is not surprising. Considering seven of our top 10 retailers by annual base rent are either grocers or off-price retailers, and the vast majority of our top 50 retailers include additional grocers, investment-grade tenants, or retailers that are one of the top in their respective category.

這種韌性並不令人驚訝。考慮到我們按年基本租金排名的前 10 名零售商中有 7 名是雜貨店或折扣零售商，並且我們排名前 50 名的零售商中的絕大多數都包括其他雜貨店、投資級租戶或各自類別中名列前茅的零售商。

Nevertheless, we remain vigilant, closely monitoring markets, employment trends, inflation and interest rates to proactively address any emerging challenges and capitalize on opportunities as they arise.

儘管如此，我們仍保持警惕，密切關注市場、就業趨勢、通貨膨脹和利率，以積極應對任何新出現的挑戰並抓住出現的機會。

Turning to transactions. We completed the strategic $108 million acquisition of The Markets at Town Center in Jacksonville, a premier grocery-anchored asset that aligns perfectly with our investment strategy. Additionally, we continue to benefit from our structured investment program, creating a pipeline of unique investment opportunities positioned for future external growth.

轉向交易。我們完成了對位於傑克遜維爾市中心的 The Markets 的 1.08 億美元的策略性收購，這是一項以雜貨店為主的頂級資產，與我們的投資策略完全一致。此外，我們繼續受益於我們的結構化投資計劃，創造了一系列獨特的投資機會，為未來的外部成長做好準備。

As the current macro environment continues to evolve, our rock solid balance sheet with $2 billion in liquidity provides another competitive advantage. Additionally, we repaid approximately $550 million of debt during the quarter, significantly reducing near-term maturities and enhancing our financial flexibility.

隨著當前宏觀環境的不斷發展，我們擁有 20 億美元流動性的穩健資產負債表為我們提供了另一個競爭優勢。此外，我們在本季償還了約 5.5 億美元的債務，大幅減少了近期到期債務並增強了我們的財務靈活性。

Moody's affirmed our Baa1 rating and upgraded our outlook to positive, further validating our prudent balance sheet management. Reflecting confidence in our long-term prospects, we repurchased 3 million shares at an average price of $19.61 subsequent to quarter end, capitalizing on significant market and valuation dislocation in April.

穆迪確認了我們的 Baa1 評級，並將我們的展望上調至正面，進一步驗證了我們審慎的資產負債表管理。出於對長期前景的信心，我們在季度末以平均 19.61 美元的價格回購了 300 萬股，利用了 4 月份的重大市場和估值錯位。

Given our strong first quarter results and visibility into upcoming rent commencements, we are pleased to raise our full-year guidance for both net income and FFO per diluted share. Looking ahead, our priorities remain straightforward and consistent, continue driving strong leasing results, actively backfill spaces and upgrade tenancy, and maintain our prudent approach to capital allocation and leverage Kimco's financial strength to capitalize on opportunities as they arise.

鑑於我們第一季的強勁業績和即將到來的租金開始的可見性，我們很高興提高全年淨收入和每股攤薄 FFO 的預期。展望未來，我們的優先事項仍然明確且一致，繼續推動強勁的租賃業績，積極填補空間和升級租賃，並保持審慎的資本配置方式，利用 Kimco 的財務實力來抓住出現的機會。

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

說完這些，我會把電話轉給羅斯。

Thank you, Conor, and good morning. We had a productive first quarter and a strong start to the second quarter. As Conor touched upon, we have built our strategy, team, portfolio and balance sheet to be resilient, allowing us to adapt to changing market conditions and unforeseen events. This flexibility often creates the best and most unique opportunities for us to pursue.

謝謝你，康納，早安。我們第一季取得了豐碩成果，第二季開局強勁。正如康納所提到的，我們建立了具有彈性的策略、團隊、投資組合和資產負債表，使我們能夠適應不斷變化的市場條件和不可預見的事件。這種靈活性通常會為我們創造最佳、最獨特的機會。

In the first quarter, we closed on a $100 million in net acquisitions, including the previously mentioned acquisition, The Markets at Town Center in Jacksonville, which originated from our structured program as the loan matured. Additionally, we acquired the fee interest in two Las Vegas grocery-anchored shopping centers.

第一季度，我們完成了 1 億美元的淨收購，包括前面提到的收購傑克遜維爾市中心的市場，該收購源於我們的結構化貸款到期計劃。此外，我們也收購了拉斯維加斯兩家以雜貨店為主的購物中心的權益。

We are currently within our net acquisition target for 2025 with planned activity net neutral. We kicked off the second quarter funding a $35 million senior loan on a grocery-anchored center in South Florida with an 8% coupon and a well-protected basis of 65% loan to value.

目前，我們已達到 2025 年的淨收購目標，計畫活動為淨中性。我們在第二季開始時為南佛羅裡達州一家以食品雜貨為中心的中心提供了 3500 萬美元的優先貸款，票面利率為 8%，貸款價值比為 65%，保障性良好。

Consistent with all of our structured investments, we retained a right of first offer or ROFO on this asset in the event our borrower looks to sell while our capital is outstanding. We anticipate funding a second senior loan on a high-quality asset in New York for total proceeds of approximately $24 million during the current quarter. This investment will also have a ROFO.

與我們所有的結構化投資一致，如果我們的借款人在我們的資本未償還時想要出售，我們保留對該資產的優先購買權或 ROFO。我們預計本季將為紐約的一項優質資產提供第二筆優先貸款，總收益約為 2,400 萬美元。這項投資也將有一個 ROFO。

With respect to structured investment repayments given the increase in interest rates and market volatility, we believe the likelihood of repayment in 2025 is low. Nevertheless, we have factored some potential repayments into our FFO guidance and are confident that we can redeploy any proceeds to maintain a net neutral position. On the disposition side, we have identified a number of potential long-term ground leases, multifamily entitlements, and non-income producing assets in our portfolio that are lower growth and right for sale.

對於結構性投資償還，鑑於利率上升和市場波動，我們認為 2025 年償還的可能性較低。儘管如此，我們已將一些潛在的償還金額納入我們的 FFO 指導中，並有信心我們可以重新部署任何收益以維持淨中性頭寸。在處置方面，我們在投資組合中確定了一些潛在的長期土地租賃、多戶家庭權益和非創收資產，這些資產成長較低且適合出售。

We expect to sell in the range of $100 million to $150 million of these assets in 2025 and have identified a future pipeline, which we intend to continue to monetize in later years as another accretive funding source as well as a strategy to remove lower growth properties from our portfolio. We plan to reinvest into higher yielding, higher growth opportunities with that capital.

我們預計在 2025 年出售價值 1 億至 1.5 億美元的資產，並已確定了未來的投資管道，我們打算在未來幾年繼續將其貨幣化，作為另一個增值資金來源，同時也作為從我們的投資組合中剔除低成長資產的策略。我們計劃利用這些資本重新投資於收益更高、成長更快的機會。

Looking at the broader market, given the ongoing uncertainty of the tariffs, trade dynamics, and consumer and retailer appetite, the outlook for transaction volumes and cap rates remain cautious with buyers and sellers in a bit of a wait-and-see mode. Up through the end of the first quarter, we had seen pricing for high-quality centers consistently in the sub 6% cap range with a very deep pool of bidders.

縱觀更廣泛的市場，鑑於關稅、貿易動態以及消費者和零售商需求的持續不確定性，交易量和資本化率的前景仍然謹慎，買家和賣家都處於觀望狀態。截至第一季末，我們看到高品質中心的定價始終處於 6% 以下的上限範圍內，並且競標者數量非常多。

This made competition fierce and accretive acquisitions challenging. However, with our strong balance sheet and financial flexibility, we believe the current environment has the potential to create unique opportunities for us in both acquisitions and structured investments, and we are well positioned to capitalize on them.

這使得競爭變得激烈，增值收購變得具有挑戰性。然而，憑藉我們強大的資產負債表和財務靈活性，我們相信當前的環境有可能為我們在收購和結構化投資方面創造獨特的機會，而我們已準備好利用這些機會。

I'll now pass it to Glenn for the detailed quarterly results and updated 2025 outlook.

我現在將向 Glenn 轉達詳細的季度業績和更新後的 2025 年展望。

Thanks, Ross, and good morning. 2025 is off to a solid and active start evidenced by double-digit leasing spreads, solid same-site NOI growth and strong demand for vacant Party City and Big Lots boxes. In addition, our superior liquidity position and modest upcoming debt maturities position us well to be opportunistic.

謝謝，羅斯，早安。 2025 年開局穩健而活躍，這體現在兩位數的租賃利差、穩健的同地 NOI 增長以及對空置 Party City 和 Big Lots 箱體的強勁需求。此外，我們優越的流動性狀況和適度的即將到期的債務使我們有機會。

Now for some details on our strong first quarter results, followed by our increased full-year 2025 outlook. FFO was $301.9 million or $0.44 per diluted share for the first quarter 2025. This compares favorably to last year's first quarter FFO of $261.8 million or $0.39 per diluted share, a per share increase of 12.8%. The key drivers of the FFO increase were higher pro-rata NOI of $23.1 million attributable to strong same-site NOI growth, contributing $15 million and an increase in lease termination income of $5.3 million. Also, we had improved credit loss of 56 basis points as compared to 62 basis points last year.

現在來詳細介紹我們第一季的強勁業績，接著是我們對 2025 年全年業績的展望。2025 年第一季的 FFO 為 3.019 億美元，即每股攤薄收益 0.44 美元。這與去年第一季的 FFO 2.618 億美元或每股 0.39 美元（每股成長 12.8%）相比表現良好。FFO 成長的關鍵驅動因素是較高的比例 NOI 2,310 萬美元，這歸因於同一站點 NOI 的強勁成長，貢獻了 1,500 萬美元，以及租賃終止收入增加了 530 萬美元。此外，與去年的 62 個基點相比，我們的信用損失減少了 56 個基點。

Other FFO drivers include a $6.8 million benefit from growing financing income attributable to our structured investment program offset by lower interest income of $5.2 million and higher interest expense of $5.2 million. We had a very productive quarter within the operating portfolio. Our leased versus economic occupancy spread increased by 20 basis points to 290 basis points. The spread is comprised of 385 leases with total annual base rents of $60 million. Of this amount, we expect about 60% of these leases to commence with $16 million anticipated to be received within this year.

其他 FFO 驅動因素包括來自我們結構化投資計劃的成長融資收入的 680 萬美元收益，但利息收入減少 520 萬美元，利息支出增加 520 萬美元。我們的營運組合度過了一個非常有成效的季度。我們的租賃與經濟入住率利差增加了 20 個基點，達到 290 個基點。該區域共有 385 份租約，年基本租金總額為 6,000 萬美元。其中，我們預計約有 60% 的租約將於今年開始生效，預計到帳金額為 1,600 萬美元。

Combined with the $14 million from rents that began in the first quarter, a total of $30 million in rent is projected to commence and be collected in 2025, reflecting a $5 million increase from previous quarter's estimate.

加上第一季開始的 1,400 萬美元租金，預計 2025 年開始並收取的租金總額將達到 3,000 萬美元，比上一季的估計增加 500 萬美元。

Turning to the balance sheet. We ended the first quarter with consolidated net debt to EBITDA of 5.3 times, and on a look through basis, including pro-rata, joint venture debt and preferred stock outstanding at 5.6 times, matching our best levels for these metrics. Our debt maturities for 2025 are modest with just one bond totaling $240.5 million maturing in June and no other maturities until July, 2026.

轉向資產負債表。我們第一季結束時的合併淨負債與 EBITDA 比率為 5.3 倍，而按比例計算，包括合資債務和優先股流通股在內的比率為 5.6 倍，與這些指標的最佳水平相匹配。我們 2025 年的債務到期數量適中，只有一筆總額為 2.405 億美元的債券將於 6 月到期，其他債券直到 2026 年 7 月才到期。

As Conor mentioned, we took advantage of our strong balance sheet and liquidity position by utilizing our common stock buyback program in early April in response to the market sell off and our stock trading at a significant discount. We opportunistically repurchased 3 million common shares at an average price of $19.61 per share, representing an FFO yield of approximately 9% and a 24% discount to consensus NAV.

正如康納所提到的，我們利用了我們強大的資產負債表和流動性狀況，在 4 月初實施了我們的普通股回購計劃，以應對市場拋售和我們的股票大幅折價交易。我們抓住機會，以每股 19.61 美元的平均價格回購了 300 萬股普通股，這意味著 FFO 收益率約為 9%，且較普遍的資產淨值 (NAV) 折讓 24%。

Now for an update on our 2025 full-year outlook. Based on our strong first quarter results, the security of our long-term leases with strong credit tenants and visibility into future cash flow growth coming from near-term rent commencements, we are confident in raising our FFO from the previous range of $1.70 to $1.72 per diluted share to a new range of $1.71 to $1.74.

現在來更新我們對 2025 年全年的展望。基於我們第一季的強勁業績、與信用良好的租戶簽訂的長期租約的安全性以及近期租金開始帶來的未來現金流增長的可預見性，我們有信心將 FFO 從之前的每股攤薄收益 1.70 美元至 1.72 美元提高到新的每股 1.71 美元至 1.74 美元。

Our updated range reflects per share growth between 3.6% to 5.5% over 2024. Our updated FFO per share outlook range incorporates, same-site NOI growth of positive 2.5% or better, an increase of 50 basis points from our initial assumption factoring in the vacating of all leases with Party City and Big Lots that were not assigned to other tenants as well as those with Joann's at the end of May.

我們更新後的範圍反映出 2024 年每股成長率介於 3.6% 至 5.5% 之間。我們更新的每股 FFO 展望範圍包括同地點 NOI 增長率為正 2.5% 或更高，比我們最初的假設增加了 50 個基點，其中考慮到 5 月底所有未分配給其他租戶的 Party City 和 Big Lots 租約以及 Joann's 租約的騰空。

As a result, we expect our occupancy to temporarily dip in the second quarter, followed by an increase thereafter. Further, the spread between our leased versus economic occupancy should expand, providing additional cash flow growth for the remainder of 2025 and into 2026.

因此，我們預計第二季的入住率將暫時下降，隨後會上升。此外，我們的租賃入住率與經濟入住率之間的差距應該會擴大，從而為 2025 年剩餘時間和 2026 年提供額外的現金流成長。

We are maintaining our credit loss assumption of 75 basis points to 100 basis points as a precautionary measure. Our other outlook assumptions remain unchanged from our initial 2025 outlook.

作為預防措施，我們維持 75 個基點至 100 個基點的信用損失假設。我們的其他展望假設與最初的 2025 年展望保持不變。

I want to thank all our associates whose unwavering efforts contributed to our solid results. While we cannot control the abrupt swings in the capital markets, we remain confident that we can deliver growth for our shareholders.

我要感謝我們所有的同事，他們的不懈努力為我們取得了堅實的業績。雖然我們無法控制資本市場的急劇波動，但我們仍然有信心為股東帶來成長。

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)

（操作員指示）

Michael Goldsmith with UBS.

瑞銀的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. Credit loss in the first quarter was 56 basis points, which compares to your full-year reserve of 75 basis points to 100 basis points. So I just want to understand the dynamics of what happened in the quarter and how the rest of the year can play out relative to your expectations.

早安.非常感謝您回答我的問題。第一季的信用損失為 56 個基點，而全年的準備金為 75 個基點至 100 個基點。所以我只是想了解本季發生的動態，以及今年剩餘時間的表現相對於您的預期如何。

So can you put the 56 basis points so far this year into context of where that has landed compared to prior years? And then do you have any other visibility to tenants on your watchlist or other areas of concern? And just like how does that set up and reconcile with that 75 basis points to 100 basis points that you put out at the start of the year? Thanks.

那麼，您能否將今年迄今為止的 56 個基點與前幾年相比的情況進行比較？那麼，您對關註名單上的租戶或其他關注領域還有其他了解嗎？那麼，這與年初提出的 75 個基點到 100 個基點的利率如何建立和協調呢？謝謝。

Thanks, Michael, for the question. So I think it's important to lay it out starting off with our bankruptcies and how we treat those. So when you look at Party City, Big Lots and Joann's from a guidance perspective, those assumptions are all baked in our minimum rent line for our guidance. So inside our plan, we have Big Lots out for the entire year. Party City, we had vacating March 1, and then Joann's, we have them estimated to vacate at the end of May.

謝謝邁克爾提出這個問題。因此我認為首先闡述我們的破產情況以及我們如何處理這些破產問題非常重要。因此，當您從指導角度看待 Party City、Big Lots 和 Joann's 時，這些假設都已包含在我們指導的最低租金線中。因此，在我們的計劃中，我們全年都會推出 Big Lots。Party City，我們計劃於 3 月 1 日撤離，然後是 Joann's，我們預計他們將於 5 月底撤離。

So for reference, Party City ended up staying past that, that March date. So that benefit is really seen in our minimum rent line. Now, on the flip side, if Joann's was to go out earlier, you would see that being covered in what we say our credit loss assumption is within our guidance. So credit loss is really made up of two items in our assumptions.

因此作為參考，Party City 最終停留在了三月之後。因此，我們的最低租金線確實體現了這一好處。現在，另一方面，如果 Joann 早點出去，你會看到，我們所說的信用損失假設在我們的指導範圍內。因此，在我們的假設中，信用損失實際上由兩個部分組成。

One side of it is the potential for uncollectible receivables, so our cash basis that we talk about. And historically that's been around the 75 basis point range. Obviously for Q1, you heard that we were lower at 56 basis points, which is a positive metric. The second part of our credit loss assumption in our guidance is really related to unbudgeted tenants that either vacate or file for bankruptcy and weren't in our original planning in rents.

一方面是可能出現無法收回的應收帳款，也就是我們所說的現金基礎。從歷史上看，這一水平一直在 75 個基點左右。顯然，對於第一季度，您聽說我們下降了 56 個基點，這是一個積極的指標。我們指南中的信用損失假設的第二部分實際上與未列入預算的租戶有關，這些租戶要么搬離，要么申請破產，並且不在我們最初的租金計劃中。

So for reference, you look at two of our watchlist tenants At Home and Rite Aid, if they were to vacate the second half of the year, that would be about 15 basis points. So in our credit loss assumption for that unexpected vacates, we have about 20 basis points to 25 basis points in there. So that 15 basis points from Rite Aid and At Home would be covered in our credit loss assumption for that.

因此，作為參考，您可以看看我們關註名單上的兩家租戶 At Home 和 Rite Aid，如果他們在下半年騰空，那將是大約 15 個基點。因此，對於意外損失的信用損失假設，我們有大約 20 個基點到 25 個基點。因此，我們的信用損失假設將涵蓋 Rite Aid 和 At Home 的 15 個基點。

So seeing as where the market is and the uncertainties out there, we still feel very confident with that 75 basis points to 100 basis points that we have in our assumption.

因此，考慮到市場的現狀和存在的不確定性，我們仍然對我們假設的 75 個基點到 100 個基點非常有信心。

Dori Kesten with Wells Fargo.

富國銀行的 Dori Kesten。

Thanks. Good morning. I believe it's been quite some time since you last repurchased shares. I think it was back to 2018 or so. Can you just walk through the internal discussions you had versus other potential capital uses?

謝謝。早安.我相信距離您上次回購股票已經有一段時間了。我認為那是在 2018 年左右。您能否簡單介紹一下你們針對其他潛在資本用途進行的內部討論？

Yeah, I think it's a good question. I think when you look at the situation that we were in, obviously there was only a few days we had post Liberation Day, before we went into a blackout when we saw our shares trade off dramatically. And I applaud our team to really circle up quickly and identify that we had a tremendous amount of free cash flow for this year.

是的，我認為這是個好問題。我想，當你看看我們所處的境況時，顯然解放日之後只有幾天時間，之後我們就陷入停電狀態，看到我們的股價大幅下跌。我讚揚我們的團隊能夠迅速達成共識並確定我們今年擁有大量自由現金流。

We had some disposition proceeds that we had not only executed in the quarter, but also had identified for the remainder of the year. And we felt like when you look at the FFO yield, the discount to NAV and really sort of the opportunity set of buying Kimco at those levels, it was hard to say that there was another use of proceeds that was better suited.

我們有一些處置收益，不僅在本季度執行，而且還確定在今年剩餘時間內使用。我們覺得，當你看到 FFO 收益率、NAV 折扣以及以這些水平購買 Kimco 的機會時，很難說還有其他更適合的收益用途。

So we really only had about three trading days to really execute. But we felt good about the opportunity. We felt like it was a time to pounce. And again, we also point to the fact that we issued equity at over $25, really not only just a few months ago.

所以我們實際上只有大約三天的交易時間才能真正執行。但我們對於這個機會感到很高興。我們覺得是時候出擊了。再次強調，我們也要指出，我們以超過 25 美元的價格發行股票，這其實不只是幾個月前的事。

So it is sort of unique to be in a position where the volatility in the market creates these types of opportunities, and we feel like we need to have every tool in the toolbox to be able to take advantage of these dislocations and really sort of showcase that when the opportunity presents itself, Kimco is ready to pounce.

因此，處於市場波動創造此類機會的位置是件很獨特的事情，我們覺得我們需要使用工具箱中的所有工具來利用這些錯位，並真正展示出當機會出現時，Kimco 已準備好抓住機會。

Samir Khanal with Bank of America

美國銀行的 Samir Khanal

Good morning, everybody. Hey Glenn, just looking at the supplement, what's driving the higher reimbursements in the quarter and maybe help us understand sort of the trajectory for that, for expense recovery for the rest of the year? Thanks.

大家早安。嘿，格倫，只看一下補充數據，是什麼推動了本季更高的報銷額，也許可以幫助我們了解這一趨勢，以及今年剩餘時間的費用回收情況？謝謝。

Yeah, I mean, recoveries are pretty strong. You have good collections. I think the other thing that is, we have a lot of tenants that are on fixed cam, so the recoveries there, those are pretty well set relative to the expenses that are going out the door. So some of it's a little bit of timing. We also did a little bit better on our insurance costs than we anticipated. So that also helped.

是的，我的意思是，復甦相當強勁。你的收藏品很好。我認為另一件事是，我們有很多租戶使用固定攝影機，因此那裡的回收率相對於支出的開支來說已經相當好了。所以其中有些是時間問題。我們的保險成本也比預期的好一些。所以這也有幫助。

That's one of the benefits. Again, we try and identify benefits of scale and advantages of scale, and I think our insurance cost came in below what we anticipated from a budget standpoint. So that is one that again, because of the diversity of the portfolio, the great results we've had in terms of loss prevention. So that really is a testament, I think, to the team and the property management team and our insurance team.

這是其中一個好處。再次，我們嘗試確定規模效益和規模優勢，我認為我們的保險成本低於我們從預算角度預期的水平。因此，由於投資組合的多樣性，我們在損失預防方面取得了巨大的成果。所以我認為這確實證明了團隊、物業管理團隊和保險團隊的實力。

Alexander Goldfarb with Piper Sandler.

亞歷山大‧戈德法布 (Alexander Goldfarb) 和派珀‧桑德勒 (Piper Sandler)。

Hey, good morning out there. So just a question, clearly, it's a uncertain macro backdrop. Despite your strong first quarter, most companies out there have – even if they had a good first quarter, they maintain guidance unless it was something truly like one time-ish outsized. So either you guys are packing a lot more punch in there that gave you the confidence to raise, or what else is giving you that comfort? Just, I mean, there's a whole host of risks out there, whether it's unforeseen, tenant bankruptcies, job loss or whatever, but clearly you guys are setting yourself up for a better outlook. So just want to really understand what key drivers gave you that confidence.

嘿，大家早安。所以這只是一個問題，顯然，這是一個不確定的宏觀背景。儘管你們第一季表現強勁，但大多數公司即使第一季表現良好，也會維持預期，除非出現真正一次性超額業績。那麼，是你們在那裡發揮了更大的作用，從而給了你們提高信心，還是還有什麼給你們帶來了安慰？我只是說，外面存在著各種各樣的風險，無論是不可預見的、租戶破產、失業還是其他什麼，但顯然你們正在為自己創造更好的前景。所以只是想真正了解哪些關鍵驅動因素給了你這種信心。

Yes. It is a good question, Alex. I think when you look at the setup we have, clearly first quarter was a quarter that we thought with the bankruptcy noise in the market with the uncertainty of the consumer. There's a lot of soft data out there that we identify that is really obviously gone pretty negative post Q1. The hard data though continues to be in our favor.

是的。這是個好問題，亞歷克斯。我認為，當你看看我們的設定時，顯然我們認為第一季是市場上充滿破產聲音和消費者不確定性的季度。我們發現，有很多軟數據在第一季後明顯變得非常負面。但硬數據仍然對我們有利。

If you look at our traffic, which is really a leading indicator, the consumer continues to shop with their feet and really it shows up in not only Q1, but also in April that we're posting very strong positive numbers in terms of traffic.

如果你看一下我們的流量，這確實是一個領先指標，消費者繼續用腳購物，事實上，這不僅在第一季度有所體現，而且在四月份，我們在流量方面也取得了非常強勁的正增長。

The leasing demand continues to be rock solid. I think that's another piece of it that gives us a lot of confidence. You look at the sign, but not open pipeline and the forecasting we can do on that cash flow coming in, it really gives us a lot of confidence to say that even if there's a significant pullback, that wide moat of that future cash flow coming online will still drive significant earnings growth going through this year and into next year.

租賃需求持續堅挺。我認為這是給予我們很大信心的另一個原因。你看到的是跡象，而不是開放的管道和我們可以對流入的現金流進行的預測，這確實給了我們很大的信心，即使出現大幅回調，未來流入的現金流的寬闊護城河仍將推動今年和明年的盈利大幅增長。

So you put that in – combine that with the strength of our balance sheet, the strength of our team, we really feel good about sort of the setup we have because we've done a lot of work to position ourselves for these types of environments. We've done a lot of work over the last decade to be really sort of Kimco is in a great spot to take advantage of these dislocations and to prove out that like our thesis of reinventing the portfolio, improving the balance sheet, investing in our people will really pay off in these types of environments.

所以，你把它加進去——再加上我們資產負債表的實力、我們團隊的實力，我們對我們現有的設置感到非常滿意，因為我們已經做了很多工作來為這些類型的環境做好準備。過去十年，我們做了很多工作，讓 Kimco 能夠充分利用這些錯位，並證明我們關於重塑投資組合、改善資產負債表、投資員工的論點在此類環境中確實會帶來回報。

Craig Mailman with Citi.

花旗銀行的 Craig Mailman。

Thanks. It's Nick Joseph here with Craig. Recognized it's only been a month, but just would like your kind of color on how tenant conversations and how the leasing pace has been in April post the tariffs?

謝謝。我是尼克·約瑟夫，和克雷格在一起。我知道這才過了一個月，但我只是想了解一下關稅實施後 4 月份租戶溝通情況以及租賃速度如何？

Yeah, Sure. Appreciate the question. So obviously we came off a really strong Q1 and the expectation for everybody is what's to come. And so when you look at April already, we're about 46% of our total deal to execute relative to last year.

是的，當然。感謝你的提問。顯然，我們第一季的業績表現非常強勁，每個人都對未來充滿期待。因此，當您查看 4 月的情況時，您會發現與去年相比，我們執行的交易總量約為 46%。

So we're maintaining that pace in a very healthy way. And actually on the non-anchored side, we're about 65% ahead of plan as it relates to last year. So when you're doing a comparable year-over-year, we are maintaining this pace and having good visibility into what we've already done in April.

因此，我們以非常健康的方式保持著這一步伐。實際上，在非錨定方面，與去年相比，我們比計劃提前了約 65%。因此，當你進行同比比較時，我們會保持這個速度，並且對我們在四月已經完成的工作有很好的了解。

And then when we look at our pipeline relative to last year, and I'm using that as a comparison as being somewhat stable, you're continuing to see the look through as being very robust. And so year-to-date and what we expect through moving into Q2 is a path and a track that's still remains healthy as it relates to the conversations.

然後，當我們查看與去年相比我們的管道時，我將其作為比較，認為它有些穩定，你會繼續看到它非常強勁。因此，從今年迄今的情況來看，我們預計進入第二季後，與對話相關的路徑和軌跡仍然保持健康。

The conversations continue to look at – look through the short-term volatility. Retailers are really about long-term strategic planning. There is a history of disruption and a lot of retailers have learned from the past that it's very difficult to stop a retail growth program and then to accelerate or reinstated in time. And so I think what you're seeing is just understanding that the short-term volatility in the market doesn't want to disrupt what their long-term growth plans are.

對話繼續關注——關注短期波動。零售商真正關心的是長期策略規劃。歷史上曾出現過混亂，許多零售商從過去的經歷中了解到，要停止零售成長計劃並隨後加速或恢復是非常困難的。所以我認為你所看到的只是理解市場的短期波動並不想破壞他們的長期成長計畫。

So we're continuing to see these opportunities to do package deals, as Conor mentioned in his prepared remarks with Sprouts. We did five deals with Sprouts in Q1. We did those not only as a package, but we did those in under 21 days, which is truly exceptional. And so I think it's a demonstration of not only our commitment to working closely with the retailer, but the retailer's desire to also get these deals done as quickly as possible because they want to continue to hit their growth profile, get these stores open, get them cash flowing.

因此，我們將繼續看到這些進行一攬子交易的機會，正如康納在與 Sprouts 的準備好的發言中所提到的那樣。我們在第一季與 Sprouts 達成了五筆交易。我們不僅將這些工作作為一個整體完成，而且在 21 天之內就完成了，這確實非常了不起。因此，我認為這不僅表明了我們致力於與零售商密切合作，也表明了零售商希望盡快完成這些交易，因為他們希望繼續實現成長，開設這些商店，讓它們獲得現金流。

And so there's a mutual benefit there and our whole team is structured around how do we get this done quicker, remove friction from the process to execute these deals sooner so we can get focused on the core of their business, which is really opening and operating the stores.

因此，這是一個互惠互利的局面，我們整個團隊的組織結構都圍繞著如何更快地完成這項工作，消除流程中的摩擦，更快地執行這些交易，這樣我們就可以專注於他們的業務核心，也就是真正開設和經營商店。

And then when you look through it, Glenn mentioned like the snow pipeline in terms of the activations and the openings, we have $16 million remaining in the pipeline that started to – that's expected to flow through 2025, nine of which is expected to flow in Q2 alone. That said, we already have half of that committed in open in the month of April. So we're continuing to see the momentum as planned through our guidance and the look through for the balance of the year as being fairly strong.

然後，當你瀏覽它時，格倫提到了像雪管道一樣的激活和開放，我們還有 1600 萬美元的剩餘資金在管道中，預計這些資金將流到 2025 年，其中僅在第二季度預計就會有 900 萬美元的資金流入。也就是說，我們在四月已經承諾開放其中的一半。因此，我們繼續看到根據我們的指導所計劃的勢頭，並且展望今年的餘額，這一勢頭相當強勁。

And on the retention side, always the opportunity for retailers to reconsider or rethink where they want to position their store and location. We're right now trending year-to-date over 90% on our retention levels, which is slightly ahead of plan where we were last year by about 5%. When you look at a [naked] leases of anchors that have no options remaining, we had 25 remaining and we're at 99% resolved at this point.

在保留方面，零售商總是有機會重新考慮或重新思考他們想要定位他們的商店和位置。目前，我們今年迄今的保留率趨勢已超過 90%，比去年的計畫略高出約 5%。當您查看沒有剩餘選擇的錨地[裸租]租約時，我們剩餘 25 個，目前已解決 99%。

So again, it's just further evidence in demonstrating from the retailer side that they're committed to the space, they're committed to the physical brick-and-mortar and the quality of our products such that there's a greater value in staying and leaving. And for us it's really incumbent that we stay very close to the retailers as they do navigate this volatility, but create opportunities as well for both sides.

所以，這再次證明，從零售商的角度來看，他們致力於這個空間，他們致力於實體店和我們產品的質量，因此留下和離開都有更大的價值。對我們來說，我們有責任與零售商保持密切聯繫，幫助他們應對這種波動，同時也為雙方創造機會。

Haendel St. Juste with Mizuho.

亨德爾·聖賈斯特與瑞穗。

Hey, guys. Good morning. Appreciate the color on the Big Lots, Party City and Joann's, outcomes and expectations. I was hoping you could add some color on the expected capital required to backfill some of these boxes, the timeline to cash flow from two cash flow from new tenants, and will there be any subdividing of the boxes? Thanks.

嘿，大家好。早安.欣賞 Big Lots、Party City 和 Joann's 的色彩、成果和期望。我希望您能對填充這些框所需的預期資本、來自兩個新租戶的現金流的時間表以及這些框是否會進行細分進行一些說明？謝謝。

Yeah, Great question. So on the Party City spaces, as Conor mentioned, we had 12 assigned and we had over 13 executed in the quarter. So we actually had over half of those executed or assigned, which is pretty remarkable considering it all happened in under 90 days.

是的，很好的問題。因此，正如康納所提到的那樣，在 Party City 空間中，我們已分配了 12 個，並且在本季度已執行了 13 個以上。因此，我們實際上已經執行或分配了超過一半的任務，考慮到這一切都是在 90 天內發生的，這是相當了不起的。

And then the balance of those, we almost have the remainder with LOIs are at least, so it's over that 90% basically in some form of resolution with the Joann's, your upwards of two-thirds to 70% in some form of resolution as well.

然後，剩下的幾乎都是有意向書的，所以基本上超過 90% 的人都以某種形式與 Joann 達成了解決方案，而三分之二到 70% 的人也以某種形式達成了解決方案。

And on the capital side, we're seeing it similar to what we saw on the Bed Bath's way back when. On the Party City's, it's like 40 to 50 bucks a foot for those that have new deals executed on the Joann's around 50 as well. We're targeting obviously, single tenant units.

在首都方面，我們看到的情況與我們當年在 Bed Bath 路上看到的情況類似。在 Party City，對於那些在 Joann 執行了新交易的人來說，每英尺的價格大約是 40 到 50 美元，同樣，每英尺的價格也是 50 美元左右。我們的目標顯然是單一租戶單位。

That is the priority one, two, and three initially. And then ultimately if it comes to, to slip box opportunities, it does require a little more capital, but you'll see that reflected in the rents too. So net-net, it's a really good outcome for both sides. We've also converted a handful to grocery, so back to the nine deals that we signed on grocery, a handful of those came from these opportunities that helped us succeed that 85% mark.

這首先是第一、二、三優先。然後，如果最終涉及滑箱機會，它確實需要更多的資本，但你也會看到這也反映在租金上。所以整體來說，這對雙方來說都是一個好的結果。我們也將一小部分業務轉為雜貨店業務，因此，回顧我們在雜貨店業務上簽署的九項交易，其中一部分來自這些幫助我們實現 85% 目標的機會。

In terms of expectation of cash flow, because we're able to execute so many, so early this year, there should be a handful that start to cash flow really at the tail end of 2025. It'll have a de minimis impact in terms of cash flow for this current year, but we'll see the full benefit of that in 2026, and then the remainder will start to cash flow in the Q1, Q2 of 2026 as well. So very encouraged by the momentum and the velocity that we're seeing today.

就現金流預期而言，由於我們今年年初就能執行如此多的項目，因此應該會有少數項目在 2025 年底真正開始產生現金流。它對今年的現金流的影響微乎其微，但我們將在 2026 年看到它的全部好處，然後剩餘部分也將在 2026 年第一季和第二季開始產生現金流。我們今天看到的勢頭和速度讓我們深受鼓舞。

It really all ties back to the lack of new supply. I mean, if you think about our sector relative to other commercial real estate sectors, with virtually no new supply coming out of the ground, this is really the opportunity set for the best quality, highest credit tenants to capture market share, especially in areas where they don't currently have presence.

這一切其實都與新供應的缺乏有關。我的意思是，如果你將我們的行業與其他商業房地產行業進行比較，你會發現幾乎沒有新的供應湧現，這實際上是為最優質、信用最高的租戶搶佔市場份額創造的機會，特別是在他們目前還沒有涉足的地區。

And so that's why you're seeing so much demand for these spaces because there's not many vacancies available, especially in a quality shopping centers. And then when you layer on the fact that it's super important to pick your landlord today with a thoughtful approach that who's going to be there through different tumultuous times, retailers have proactively seen what we've been doing with our portfolio reviews, with our package deals, and have been more aggressive on why to do deals with Kimco.

這就是為什麼你會看到這些空間的需求如此之大，因為空置的空間並不多，尤其是在優質的購物中心。然後，當你考慮到今天以深思熟慮的方式選擇房東非常重要，知道誰會在不同的動盪時期陪伴你時，零售商已經主動看到了我們在投資組合審查和一攬子交易中所做的事情，並且更加積極地考慮為什麼要與 Kimco 做交易。

Juan Sanabria with BMO Capital Markets.

蒙特利爾銀行資本市場的 Juan Sanabria。

Hi, good morning. I just noticed that the same-store pool count changed a bit quarter-over-quarter. It seems like some of that was moved into the redevelopments. Just curious, I guess what the same-store occupancy change was with and without that pool change, because I didn't see that in the that in the this quarter.

嗨，早安。我剛剛注意到同店池數量與上一季相比略有變化。看起來其中一些已被轉移到重建項目。只是好奇，我猜想有和沒有游泳池變化的情況下同店入住率的變化是怎樣的，因為我在本季度沒有看到這種情況。

Thanks for the question, Juan. So yes, we're filing our definition on the same-property NOI, and our goal is really to provide a more consistent performance measure so that when you're looking at the population year-over-year, what's in there is, is providing some consistency. And so what we're doing is we're providing them with and without, which, as you saw with 30 basis points, which is a really small amount that we're showing as a differential

謝謝你的提問，胡安。是的，我們正在對同一財產 NOI 提出定義，我們的目標實際上是提供更一致的績效衡量標準，以便當您逐年查看人口時，其中的內容能夠提供一定的一致性。因此，我們的做法是，提供有或無 30 個基點，這是一個很小的數額，我們將其顯示為差額。

Juan, it's Dave Bujnicki. Also, in terms of our same-site, those properties that are excluded that are under redevelopment are flagged on our redevelopment page. We have footnotes. So you could quickly see which ones are excluded from that calculation. And again, we still disclose same-site NOI, both with and without the redevelopment, so you could still see what the impact is.

胡安，我是戴夫‧布伊尼茨基。此外，就我們的同一地點而言，那些被排除在外且正在重建的房產會在我們的重建頁面上標記出來。我們有腳註。因此您可以快速看到哪些內容被排除在計算之外。再次強調，我們仍然會揭露同一地點的 NOI，無論是否進行重建，因此您仍然可以看到其影響。

Michael Griffin with Evercore ISI.

Evercore ISI 的 Michael Griffin。

Great, thanks. Maybe going back to the backfill strategy and clearly you guys have done a good job of finding assigners for these leases as well as getting a lot of releasing done. Can you give us a sense of how you would justify maybe assigning a lease versus saying, hey, we're going to take it back and try to lease it out. I mean, imagine it's a property by property basis. But are some just not good candidates for redevelopment, like maybe give us a sense of your thought process really between those two buckets?

太好了，謝謝。也許回到補充策略，顯然你們在尋找這些租約的轉讓人以及完成大量釋放工作方面做得很好。您能否向我們解釋一下，您如何證明轉讓租約是合理的，而不是說，嘿，我們要把它收回並嘗試出租。我的意思是，想像一下它是一個基於屬性的屬性。但是，有些是否不適合重新開發，例如能否讓我們真正了解您在這兩類項目之間的思考過程？

Sure. When you look at the assignees, obviously, are they going to be a compliment to the balance of the center first and foremost. Obviously these are all high-quality retailers, so usually they check the box in that regard. And then when you look at the current economics of the deal, is there a benefit to recapture the space, upgrade the tenancy and drive rent further north. And is worth the invested capital to do so? Could be a consideration.

當然。當你看到受讓人時，顯然，他們首先會對中心的平衡起到補充作用。顯然，這些都是高品質的零售商，因此他們通常會在這方面做出選擇。然後，當您查看該交易的當前經濟效益時，是否有利於重新奪回空間，升級租賃並進一步提高租金。這樣做是否值得投入資本？可以考慮一下。

Obviously, if you're taking a space and there's an opportunity to combine it with an adjacent space to accommodate a grocery store, or that space in itself could accommodate a grocer, which is first and foremost the priority for us. And a lot of these cases, that would be a consideration. So you go through the decisions where you look at the suite options that are on the table and make the best obviously financial decision.

顯然，如果你佔用了一個空間，並且有機會將其與相鄰的空間結合起來以容納一家雜貨店，或者該空間本身可以容納一家雜貨商，這對我們來說是首要任務。在許多這樣的案例中，這都需要考慮。因此，您需要仔細考慮擺在桌面上的各種方案，然後做出顯然是最佳的財務決策。

But also what's best for the long-term value of the site and the compliment to the surrounding merchandise mix to drive value in future.

但同時，什麼才是最有利於場地長期價值以及與周圍商品組合互補以推動未來價值的。

Greg McGinniss with Scotiabank.

加拿大豐業銀行的 Greg McGinniss。

Hey, so looking at the transaction market, whether acquisitions or structured investments, have there been any recent indications of weakening on pricing that may lead to more activity there yet, or have sellers taken a step back. And if cap rates remain sub 6%, does that 19.50-ish level pre fees for the stock buyback remain an attractive option for this year?

嘿，那麼看看交易市場，無論是收購還是結構性投資，最近是否有任何跡象表明價格走弱，這可能會導致更多的活動，或者賣家已經退了一步。如果資本化率仍低於 6%，那麼扣除股票回購費用後的 19.50 左右的水平對於今年來說是否仍是一個有吸引力的選擇？

Yes. It's a great question. We are seeing that in the last month or so since the announcement of the tariffs that there has been a little bit of a wait and see. When you hear – when you see a shock to the system like we had, you don't typically see the impact overnight.

是的。這是一個很好的問題。我們看到，自關稅宣布以來的大約一個月裡，人們一直處於觀望狀態。當你聽到——當你看到像我們這樣的系統受到衝擊時，你通常不會在一夜之間看到影響。

So it drags that over a period of time. These deals do have various timelines, so you have to look at sort of where you are in that particular deal. So some deals have still continued to go forward. You have seen other deals that have been put on pause.

因此，這會拖延一段時間。這些交易確實有不同的時間表，所以你必須看看你在該特定交易中的位置。因此一些交易仍在繼續進行。您已經看到其他交易被暫停。

As it relates to our strategy, we are tasked with investing accretively at a spread to our cost. So we have to evaluate all of the opportunities for our capital. You mentioned the stock buyback and just taking a step back and looking at what we've accomplished over the last six months. We've acquired several assets including Waterford and The Markets at Town Center. We acquired the two fee acquisitions on the grocery-anchored centers in Las Vegas, a couple of structured deals in New Jersey and South Florida, as well as another one that's in the pipeline in New York that I mentioned in the prepared remarks and then of course the buyback of the $60 million of stock.

就我們的策略而言，我們的任務是以高於成本的方式進行增值投資。因此，我們必須評估我們資本的所有機會。您提到了股票回購，讓我們回顧一下過去六個月我們所取得的成就。我們已經收購了多項資產，包括沃特福德和市中心市場。我們完成了對拉斯維加斯兩家以食品雜貨為中心的中心的兩項費用收購，在新澤西和南佛羅裡達州的幾筆結構性交易，以及我在準備好的評論中提到的另一筆正在紐約籌備的交易，當然還有價值 6000 萬美元的股票回購。

So we have all these tools available to us to invest capital, and at any given point in time, we're really evaluating what is the best use of that. And I would say the beauty of our plan as an organization for 2025 in particular, is that it is not contingent upon our external growth target. So anything that we do with our capital that's accretive and additive to that we'll absolutely consider. But to the extent that it is not attractive, there's plenty of internal opportunities between redevelopment, leasing and otherwise. So it's a really good setup for where we sit today.

因此，我們擁有所有這些可用的工具來投資資本，並且在任何特定時間點，我們都在評估如何最好地利用這些工具。我想說，我們作為一個組織，2025 年計畫的優點在於，它並不取決於我們的外部成長目標。因此，我們絕對會考慮利用我們的資本進行任何具有增值和附加價值的活動。但就其吸引力而言，在重建、租賃和其他方面都存在大量內部機會。所以這對於我們今天所處的位置來說是一個非常好的設定。

Wes Golladay with Baird.

韋斯·戈拉迪 (Wes Golladay) 和貝爾德 (Baird) 在一起。

Hey, good morning, everyone. Looking at your supplement, you have about 200 million to 365 million of apartment land. Can you tell us about how much of that you'll sell this year?

嘿，大家早安。看了你的補充，你大約有2億到3.65億的公寓用地。您能告訴我們今年您將銷售多少嗎？

Yeah. I think, I mentioned in the prepared remarks that there's 100 million to 150 million of both ground lease opportunities, long-term leases that we'll look to dispose of in addition to some of the entitlements and/or non-income producing assets. What I would tell you is that the majority of that will come from the ground leases.

是的。我想，我在準備好的評論中提到，除了一些權益和/或非創收資產外，我們還將考慮處置價值 1 億至 1.5 億的土地租賃機會和長期租賃。我想告訴你的是，其中大部分將來自土地租賃。

Those are chunkier in nature just in terms of the size based upon the rents and the cap rates that we're able to achieve. So we do anticipate that we'll be able to dispose of some of the entitlements on the margin, but it's going to be a pretty small percentage of that overall land value that we have. We're really looking at each and every one of our redevelopment opportunities on the mixed use side to determine what is the activation strategy and if it's a core or non-core redevelopment opportunity.

從規模來看，這些規模在本質上更為龐大，取決於我們所能實現的租金和資本化率。因此，我們確實預期我們將能夠處置部分邊際權益，但這只占我們擁有的總土地價值的一小部分。我們正在認真研究混合用途的每一個重建機會，以確定活化策略是什麼，以及它是核心重建機會還是非核心重建機會。

So I think that we'll monetize around the edges, but we still feel really good about the long-term opportunity of a majority of our land that we have slated for future redevelopment.

因此，我認為我們將在邊緣實現貨幣化，但我們仍然對我們計劃未來重新開發的大部分土地的長期機會感到非常樂觀。

Okay. Wes, the only other thing I would add is that we feel like this is a program now that we've set up where we can do it recurring year-over-year. So the population of ground leases, the population of entitled land actually continues to grow.

好的。韋斯，我唯一想補充的是，我們覺得這是一個我們已經建立的計劃，我們可以逐年重複執行。因此，土地租賃人口、擁有土地權的人口實際上正在持續成長。

And so we feel like that range is achievable year in and year out. And so the mix might be a little different because sometimes the closing of entitled land takes a little bit longer. But we see a lot of opportunity to continue to mine the portfolio and we're still doing deals with ground leases with Home Depot, Walmart, Costco, Lowe's, you name it.

因此，我們覺得這個範圍年復一年都是可以實現的。因此，情況可能會有所不同，因為有時獲得土地所有權的時間會更長一些。但我們看到了許多繼續挖掘投資組合的機會，我們仍在與家得寶、沃爾瑪、好市多、勞氏等公司進行土地租賃交易。

So as we sell some of these, we're actually back flowing the portfolio with more product to be put into that 10/31 triple net market to achieve very low cap rates. And the same on the entitled side, you saw we entitled over 400 units this quarter, and we continue to look at that pipeline of opportunities as ways to accretively reinvest, which is very different from the past when we had to transform the portfolio.

因此，當我們出售其中一些產品時，我們實際上會將更多產品重新投入到 10/31 三重淨市場，以實現非常低的資本化率。在授權方面也是一樣，您會看到我們本季度授權了超過 400 個單位，並且我們繼續將這些機會視為增值再投資的方式，這與過去我們必須轉變投資組合時的情況非常不同。

Floris van Dijkum with Compass Point.

弗洛里斯·範·迪庫姆 (Floris van Dijkum) 與羅盤點。

Hey guys. So following up on the recycling opportunities, obviously the ground rents, those tend to sell for 5% to 6%-ish, maybe even a little bit lower depending on where the rent is to market. Significant accretive opportunities if you were to buyback stock at a 9% plus implied cap rates or sorry, as FFO yields. If you can talk a little bit about the 100 to 150, you say this is going to be a recurring thing, what percentage of that do you estimate could be used to repurchase stock.

嘿，大家好。因此，在追蹤回收機會的同時，顯然地租往往會以 5% 到 6% 左右的價格出售，甚至可能更低，具體取決於租金的市場定位。如果您以 9% 加上隱含資本化率或抱歉的 FFO 收益率回購股票，則會獲得顯著的增值機會。如果您可以稍微談一下這 100 到 150 之間的金額，您說這將是一個經常性的事情，您估計其中有多少百分比可以用來回購股票。

And also in terms of share repurchases, will you set something up whereby, it's sort of on autopilot depending on the share price or will you want to have control of your share repurchases so that you determine exactly when and where you repurchase based on disposition proceeds?

另外，在股票回購方面，您是否會設定某種機制，使其根據股價自動運行，或者您是否希望控制股票回購，以便根據處置收益準確確定回購的時間和地點？

Yeah,I think we always want to be in control of our decision making, right? So at any given point in time, things changed pretty quickly. I think Conor outlined, how quickly the team really came together to execute on the buyback that we did just about a month ago.

是的，我認為我們總是想控制自己的決策，對嗎？因此，在任何特定的時間點，事情都會發生相當快速的變化。我認為康納概述了團隊如何迅速地團結起來執行我們大約一個月前進行的回購。

And conversely, I think we outlined a little bit of the thought process behind, when we issued the equity in the fourth quarter. So we really enjoy the fact that we can be nimble.

相反，我認為我們在第四季度發行股票時概述了背後的一些思考過程。所以我們真的很享受我們可以變得靈活的事實。

We can make decisions based upon where the market is, what's happening in the macro, what we see in terms of the opportunity set. So in terms of buybacks, stock buybacks, as I alluded to before, we have a host of ways to invest capital accretively between acquisitions, structured redevelopment leasing, buyback is just one of many tools that we have in our tool belt.

我們可以根據市場現狀、宏觀情況以及我們看到的機會做出決策。因此，就回購、股票回購而言，正如我之前提到的，我們有許多方法可以在收購、結構化重建租賃之間進行增值投資，回購只是我們工具帶中的眾多工具之一。

I just add also, it is also a balance, right? I mean, you can't just buyback loads and loads of stock generally, right? You'll start to have impact on your balance sheet metrics. So we kind of take all the pieces into account, what we can do with the capital accretively while making sure that our balance sheet remains incredibly strong.

我剛才也加了，這也是一種平衡，對吧？我的意思是，你不能只是回購大量的股票，對吧？您將開始對您的資產負債表指標產生影響。因此，我們會考慮所有因素，看看我們可以如何利用資本進行增值，同時確保我們的資產負債表保持強勁。

Mike Mueller with JPMorgan

摩根大通的麥克·穆勒

Yes. Hi. I think quarter end physical occupancy was 92.9 little under 93. You noted 2Q dip. I was just curious, like where do you think you could end the year? What does guidance baked-in for ending the year on a physical occupancy basis?

是的。你好。我認為季度末的實際入住率為 92.9，略低於 93。您注意到了第二季度的下滑。我只是好奇，你認為你會在哪裡結束這一年？以實際入住率為基礎的年底指導是什麼？

Yes. You're talking about economic occupancy right now. So I mean, right now the Joann's obviously if they all vacate as we have in our guidance at the end of May, I think it's about a 68 basis point impact to occupancy. So you're going to have to be navigating the ups and downs with some of that fallout. Obviously our goal is to sustain it and grow it as best we can, but we wouldn't anticipate a bit of a dip in the interim as we – and then offset as we start to get some of these other retailers open through a snow pipeline.

是的。您現在談論的是經濟佔用率。所以我的意思是，現在 Joann 顯然如果都按照我們在 5 月底的指導方針撤離，我認為這會對入住率產生約 68 個基點的影響。因此，你必須應對其中的一些後果和起伏。顯然，我們的目標是盡可能地維持和發展它，但我們預計在此期間不會出現一點下滑，然後隨著我們開始透過雪管道讓一些其他零售商開業，這一增長將會抵消。

We don't embed any occupancy guidance in the numbers. But we do anticipate, obviously a lot of leasing because the momentum is there. The demand is there and we continue to think that. Where we ended last year near our all time high, obviously our goal is to lease as much as possible. And we feel good about both the demand side on the anchored boxes that we're recapturing as well as the demand on the small shop as Dave went through in terms of how far we are ahead of last year at this point in time in the year.

我們沒有在數字中嵌入任何入住率指導。但我們確實預計，顯然會有大量租賃，因為目前存在這種勢頭。需求是存在的，我們繼續這麼認為。去年我們的租賃業務接近歷史最高水平，顯然我們的目標是盡可能多地進行租賃。我們對重新奪回的固定箱的需求以及小商店的需求都感到滿意，正如戴夫所說的，就今年這個時候我們比去年領先了多少而言。

Paulina Rojas with Green Street.

Paulina Rojas 與 Green Street 合作。

Good morning. Could you elaborate a bit on the two projects listed under ground up developments, Northtown Plaza and Gordon Plaza, both around 15 million. The projects seem a bit unusual in the sense that they are – they're in existing land and at least one of them seems to involve completely redoing the center. And so more color on that. And if you could indicate if you see more opportunities to pursue similar projects in the future.

早安.您能否詳細介紹地面開發項目中列出的兩個項目，即 Northtown Plaza 和 Gordon Plaza，這兩個項目的投資金額都在 1500 萬美元左右。這些項目看起來有點不尋常，因為它們位於現有土地上，其中至少有一個項目似乎涉及徹底重建該中心。因此顏色更加豐富。您是否可以表明未來是否有更多機會開展類似的項目。

Yes. Appreciate the question. Yes. So we have two projects that we listed on the stuff this quarter under ground up development. Starting first with Northtown Plaza. If Farley is very well into the five Sprout leases that we talked about earlier.

是的。感謝你的提問。是的。因此，我們在本季度列出了兩個正在進行徹底開發的項目。首先從 Northtown Plaza 開始。如果 Farley 很好地履行了我們之前談到的五份 Sprout 租約。

This is Legacy Land acquired from Weingarten transaction several years ago. There's a bunch of vacant parcels that are yet to be developed, but the infrastructure is in place. Currently, there's lows on site. There's a handful of small shop buildings that were constructed that are partially occupied. This is an opportunity in line with Sprouts growth strategy to bring them to the center, which will have a significant upgrade in terms of our ability to lease.

這是幾年前從 Weingarten 交易中獲得的 Legacy Land。有大量空置地塊尚未開發，但基礎設施已經到位。目前，現場氣溫低。這裡已經建造了一些小型商店建築，但部分已被佔用。這是一個符合 Sprouts 成長策略的機會，可以將它們帶到中心，這將顯著提升我們的租賃能力。

Now the remaining vacancy that's already been construction and been sitting there, so it'd be about 23,000 square foot Sprouts. And then we will look to most likely ground lease, the adjacent out parcels that are there.

現在剩下的空置空間已經在建設中並且一直在那裡，所以它的面積大約是 23,000 平方英尺。然後，我們將尋找最有可能的土地租賃，以及那裡的相鄰地塊。

So it's just a continuation of further maturing the site that's been there for a number of years. And then on Gordon Plaza, it was actually an existing shopping center that became somewhat defunct. There was a lot of vacancy. It was somewhat obsolete in its current configuration. So what we ended – what we're ending up doing is actually demolishing the center and doing three major deals, one with Home Depot, one with ALDI, and one with Chase Bank.

因此，這只是對已存在多年的網站的進一步完善的延續。然後在戈登廣場，它實際上是一個現有的購物中心，但後來變得有點不存在了。有很多空缺。其當前配置有些過時了。所以我們最終的做法是拆除該中心並達成三項重大交易，一項是與家得寶 (Home Depot) 達成的，一項是與 ALDI 達成的，一項是與大通銀行 (Chase Bank) 達成的。

Our responsibility there is just the infrastructure work. So it's demoing, clearing the site, putting in the critical infrastructure, and then construction's being passed on to adjacent tenants. So both were higher and better uses for the existing land. Obviously that very much is in line with our strategy of always trying to identify highest and best use while also being risk adjusted, making sure that we're seeing the rate of return that's appropriate.

我們在那裡的責任只是基礎設施工作。因此，需要進行拆除、清理場地、安裝關鍵基礎設施，然後將施工移交給相鄰的租戶。因此，這兩者都是對現有土地的更高、更好的利用。顯然，這非常符合我們的策略，即始終試圖確定最高和最佳用途，同時進行風險調整，確保我們看到適當的回報率。

Linda Tsai with Jefferies.

傑富瑞 (Jefferies) 的 Linda Tsai。

Hi. In terms of the 68 bps dip in occupancy in May from Joann, is your expectation that the dip in economic occupancy into 2Q is the trough and would you expect more discernible improvement in 3Q or in 4Q?

你好。就 Joann 所說的 5 月份入住率下降 68 個基點而言，您是否預計第二季度的經濟入住率下降是最低谷，您是否預計第三季或第四季會出現更明顯的改善？

I think it's going to be probably in 3Q, yes and into 4Q as you start to get the tenants open from the snow pipeline to offset some of that dip.

我認為，這可能會在第三季和第四季發生，因為租戶可以透過輸雪管道來抵消部分下滑。

Alexander Goldfarb with Piper Sandler. Please go ahead.

亞歷山大‧戈德法布 (Alexander Goldfarb) 和派珀‧桑德勒 (Piper Sandler)。請繼續。

Hey. Conor, just wanted to go back to the RPT and your whole sort of under promise over deliver. Just sort of curious from the time that you did the deal till now. How much extra you're getting out of it and curious, I don't know if you still break out the performance, but how the same-store of that portfolio is trending versus the Kimco portfolio?

嘿。康納，我只是想回到 RPT 以及你的那種少承諾多交付的局面。只是有點好奇，從你達成交易到現在。您從中獲得了多少額外收益？我很好奇，我不知道您是否還會公佈業績，但是該投資組合的同店走勢與 Kimco 投資組合相比如何？

Thanks for the question, Alex. I think when you look back at the timing of that transaction, it was really Q1 last year, so really that first year of outperformance, I give a lot of credit to the snow pipeline that was really built up by the RPT team. And this is really the first year where I think the Kimco team has been able to shine and showcase what they can do with it.

謝謝你的提問，亞歷克斯。我認為，當你回顧那筆交易的時間時，它實際上是去年第一季度，因此，這確實是第一年的優異表現，我把很大一部分功勞歸功於 RPT 團隊真正建立的雪管道。我認為這是 Kimco 團隊第一次大放異彩，展現他們的實力。

Because in essence, if you signed deals last year, they're really starting to commence this year. And this quarter was the highlight for us, because RPT produced 9.9% same-site NOI for us, which is really incredible when you think about the ability of the team to execute both on the anchors and the small shops, converting a number of those sites to grocery-anchored assets. And we continue to mine for future opportunities.

因為從本質上講，如果你去年簽署了協議，那麼這些協議今年實際上就開始生效了。本季是我們的亮點，因為 RPT 為我們創造了 9.9% 的同店淨利潤，考慮到團隊在主力店和小商店的執行能力，將其中許多店鋪轉變為以雜貨店為主的資產，這真是令人難以置信。我們將繼續挖掘未來的機會。

As you know, Mary Brickell Village is the crown jewel there, and we continue to see significant mark-to-market on leases there as well as future density opportunities. So we're excited about that transaction. We continue to squeeze juice out of it. We continue to think it's going to be a big win for Kimco share shareholders over the long-term

如您所知，瑪麗布里克爾村是那裡的瑰寶，我們繼續看到那裡的租賃按市價計價的顯著變化以及未來的密度機會。所以我們對這筆交易感到非常興奮。我們繼續從中榨取精華。我們仍然認為，從長遠來看，這對 Kimco 股東來說將是一個巨大的勝利

Yes. I just also add that on the small shop side, that was a big point that we were highlighting when we acquired the portfolio as an opportunity to increase and just quarter-over-quarter, it's up 50 basis points, year-over-year up over a 100 basis points. So doing a great job in that regard.

是的。我還要補充一點，在小商店方面，這是我們在收購投資組合時強調的一個重點，這是一個增長的機會，而且僅一個季度就增長了 50 個基點，同比增長了 100 多個基點。在這方面我們做得很好。

Michael Gorman with BTIG

BTIG 的 Michael Gorman

Yes. Thanks. Good morning. Maybe just quickly understanding there's still a lot of demand out there from retailers, they're moving forward with plans. I wonder if in the last month in your conversations there's been any shift in the requests for CapEx work or CapEx budgets or discussions that retailers are going to have to spend more dollars on their supply chain or on holding extra inventory and maybe requests for more build out work. Has any of that shifted in the last 30 days or so?

是的。謝謝。早安.也許只是很快就了解到零售商仍然有很多需求，他們正在推進計劃。我想知道，在你們上個月的談話中，對資本支出工作或資本支出預算的要求是否有任何變化，或者是否有關於零售商將不得不在其供應鏈或持有額外庫存上花費更多資金以及可能要求進行更多擴建工作的討論。在過去 30 天左右，這些情況有改變嗎？

No, it hasn't materially. I think right now there's sort of – they're working through their supply chain issues. Obviously, there's a number of headlines with how retailers have front-loaded their inventory levels into the US

不，實質上沒有。我認為現在他們正在解決供應鏈問題。顯然，有許多頭條新聞報導零售商如何將庫存提前轉移到美國

They've been working on diversifying their supply chains over the last several years as per the first round of tariffs in the 2017, 2018. So I think a lot of retailers have been preparing for the event. Obviously there's still disruption on their end. But from a cost standpoint right now there's no material impact.

根據 2017 年和 2018 年的第一輪關稅，過去幾年他們一直致力於實現供應鏈多元化。所以我認為很多零售商已經在為這次活動做準備了。顯然，他們那邊仍然存在混亂。但從目前的成本角度來看，沒有實質的影響。

(Operator Instructions) Linda Tsai with Jefferies

（操作員指示）Linda Tsai 與 Jefferies

Hi, I just want to ask, how much was traffic up and, any differences by region and how does that compare to one queue?

你好，我只是想問一下，流量增加了多少，不同地區的差異如何，與一個隊列相比如何？

Yes. April traffic is actually up 6% year-over-year. So it's moving. We're continuing to see the activity at the shopping centers. Geographically, it is pretty well evenly distributed. Obviously the south, but also the Pacific Southwest are seeing levels slightly higher than that. So we continue to be encouraged by the activity from the consumer, the resiliency of our product.

是的。四月份客流量實際上年增了 6%。所以它在移動。我們繼續關注購物中心的活動。從地理上看，它的分佈相當均勻。顯然，南部以及太平洋西南地區的水平都略高於此。因此，消費者的活躍度和我們產品的彈性繼續鼓舞著我們。

This concludes our question-and-answer session. 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。我想將會議交還給 David Bujnicki 來做結束語。

Thanks for joining our call today. We look forward to meeting a number of you at the upcoming NAREIT Conference in June. Have a great day.

感謝您今天參加我們的電話會議。我們期待在六月即將舉行的 NAREIT 會議上與大家見面。祝你有美好的一天。

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。