Kimco Realty Corp (KIM) 2025 Q2 法說會逐字稿

Good day and welcome to the Kimco Realty second quarter 2025 earnings conference call. All participants will be in a listen-only mode. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. I would now like to turn the conference over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. Please go ahead.

大家好，歡迎參加 Kimco Realty 2025 年第二季財報電話會議。所有參與者將處於只聽模式。今天的演講結束後，將有機會提問。請注意，此事件正在被記錄。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; 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、總裁兼首席投資長 Ross Cooper、財務長 Glenn Cohen、Kimco 首席營運長 Dave Jamieson，以及我們執行團隊的其他成員，他們也可以在電話會議期間回答問題。

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

提醒一下，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。請參閱該公司向美國證券交易委員會提交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人更了解 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。

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

說完這些，我會把電話轉給康納。

Thanks, Dave. Before we begin, I wanna take a moment to acknowledge the tragic events that unfolded in New York this week and the lives that were senselessly lost. Among them was Wesley Lapatner, a respected real estate executive at Blackstone and a fellow member of the Nareit Board of Governors. Wesley was also a friend of mine from my time at Yale, and someone I deeply respected both personally and professionally. Blackstone has been a long standing joint venture partner of ours, and our hearts go out to Wesley’s family, friends, and everyone at Blackstone during this incredibly difficult time.

謝謝，戴夫。在我們開始之前，我想花點時間來回顧一下本週在紐約發生的悲慘事件以及毫無意義的喪生的生命。其中包括韋斯利·拉帕特納 (Wesley Lapatner)，他是黑石集團受人尊敬的房地產高管，也是 Nareit 理事會成員。韋斯利也是我在耶魯大學時的朋友，我在個人生活和職業上都非常尊敬他。黑石集團一直是我們長期的合資夥伴，在這個極其困難的時期，我們向韋斯利的家人、朋友以及黑石集團的所有人表示慰問。

On behalf of the entire Kimco family, we extend our deepest condolences. Now I’ll start with a summary of our stellar Q2 highlights, and I’ll provide an update on our strategy going forward, and address the macroeconomic environment. We’ll also follow with an update on the transaction market. And as usual, Glenn will provide details on our financial metrics and guidance.

我謹代表 Kimco 全體大家庭向您表示最深切的哀悼。現在，我將首先總結我們第二季的出色表現，並提供我們未來策略的最新情況，並討論宏觀經濟環境。我們也將關注交易市場的最新動態。像往常一樣，格倫將提供有關我們的財務指標和指導的詳細資訊。

I’m pleased to report another quarter of consistent, high-quality execution, one that reflects the strength of our portfolio, the discipline of our strategy, and the exceptional efforts of the Kimco team. Let’s start with the key results. In the second quarter, we delivered funds from operations of $0.44 per diluted share, representing a 7.3% increase year over year.

我很高興地報告，本季度我們又實現了持續、高品質的執行，這反映了我們投資組合的實力、我們策略的嚴謹性以及 Kimco 團隊的卓越努力。讓我們從關鍵結果開始。第二季度，我們的營運資金為每股攤薄收益 0.44 美元，年增 7.3%。

We continue to see strong property level fundamentals with robust tenant demand translating into a blended [pro rata] leasing spread of 15%, our highest in nearly eight years. We also achieved a new all time high in small shop occupancy of 92.2%, a clear indicator of the ongoing demand for well located necessity driven retail.

我們繼續看到強勁的房地產基本面，強勁的租戶需求轉化為 15% 的混合 [按比例] 租賃利差，這是我們近八年來的最高水平。我們的小店入住率也達到了 92.2% 的歷史新高，這清楚地表明了對位置優越的必需品驅動型零售店的持續需求。

I also want to highlight the continued momentum in the RPT portfolio where small shop occupancy has climbed to 90.3%, up a 190 basis points, since the acquisition just last year and up 90 basis points sequentially. These small shop leasing results reflect the strength of our leasing platform, driven by new prospecting tools, strong retailer relationships, national scale, and the targeted outreach we're doing through the portfolio review program.

我還想強調 RPT 投資組合的持續成長勢頭，自去年收購以來，小店入住率已攀升至 90.3%，上漲了 190 個基點，環比上漲了 90 個基點。這些小型商店租賃結果反映了我們租賃平台的實力，這得益於新的勘探工具、強大的零售商關係、全國規模以及我們透過投資組合審查計劃進行的有針對性的推廣。

In total, we executed 174 new leases for 916,000 square feet at an average spread of 34% and completed 332 renewals and options covering 1.8 million square feet at a 9.6% spread. Combined, these contributed to a blended spread of 15.2%, further reinforcing the pricing power and productivity of our centers.

總體而言，我們簽署了 174 份新租約，面積達 916,000 平方英尺，平均利差為 34%，並完成了 332 份續約和選擇權，面積達 180 萬平方英尺，利差為 9.6%。綜合起來，這些因素促成了 15.2% 的混合利差，進一步增強了我們中心的定價能力和生產力。

While overall pro rata occupancy dips slightly to 95.4%, largely due to the anticipated lease rejections from Joanne and Party City, we had positive absorption that helped offset the impact of these vacates. Importantly, our team is doing a great job of capturing pent-up demand by quickly backfilling space that comes back to us. Specifically, with the Party City and Joanne spaces, our team responded with speed and precision, as the majority of those locations are now either released or under LOI, many at significantly higher rents.

雖然整體按比例入住率略微下降至 95.4%，這主要是由於 Joanne 和 Party City 預計會拒絕租約，但我們的積極吸收有助於抵消這些空置的影響。重要的是，我們的團隊透過快速填滿回到我們手中的空間，出色地滿足了被壓抑的需求。具體來說，對於 Party City 和 Joanne 空間，我們的團隊做出了快速而準確的反應，因為這些地點中的大多數現在要么已經釋放，要么已經簽訂了意向書，其中許多地點的租金要高得多。

This quarter, we also leverage market dislocation to drive additional grocery anchored conversion, advancing our long-term strategy. This is where Kimco excels, upgrading tenancy and enhancing portfolio strength. As a result, 86% of our annual base rent now comes from grocery anchored shopping centers, an all-time high that underscores the essential and resilient nature of our portfolio.

本季，我們也利用市場錯置來推動更多以食品雜貨為主的轉換，推進我們的長期策略。這正是 Kimco 的優勢所在，它可以升級租賃並增強投資組合實力。因此，我們現在 86% 的年度基本租金來自以雜貨店為中心的購物中心，這是一個歷史最高水平，凸顯了我們投資組合的重要性和彈性。

In addition to driving leasing Velocity, we focus on enhancing execution through innovation, we're deploying AI in targeted high impact areas, reducing costs, increasing speed, and supporting growth. We've significantly accelerated lease abstraction, freeing up internal resources and improving accuracy.

除了推動租賃速度之外，我們還專注於透過創新來增強執行力，在目標高影響領域部署人工智慧，降低成本，提高速度，支援成長。我們大大加快了租賃抽象的速度，釋放了內部資源並提高了準確性。

Our teams are also piloting AI tools to enhance small shop tenant prospecting, and streamlining early-stage redevelopment planning, both of which support leasing momentum and long-term value creation. These applications are already generating measurable returns and strengthening the foundation for future performance. Further, we can continue to build embedded growth that Glenn will speak to through our signed but not yet open pipeline. This visibility into future rent commencements reinforces the value of our real estate and gives us confidence in our annual base rent trajectory, particularly in today's more dynamic environment.

我們的團隊也正在試用人工智慧工具來加強小型商店租戶勘探，並簡化早期重建規劃，這兩者都支援租賃動能和長期價值創造。這些應用已經產生了可觀的回報，並為未來的表現奠定了基礎。此外，我們可以繼續建立嵌入式成長，格倫將透過我們已簽署但尚未開放的管道進行討論。對未來租金開始的可視性增強了我們房地產的價值，並使我們對年度基本租金走勢充滿信心，特別是在當今更具活力的環境中。

Turning the capital allocation. We remain disciplined and strategic on how we deploy capital. This quarter, we continue to execute on our capital recycling strategy, monetizing low growth assets and positioning the portfolio for stronger long-term performance. Private capital interest in our sector remains robust, but we're underwriting carefully and maintaining a high bar for new acquisitions.

轉變資本配置。我們在資本配置方面依然保持紀律和策略性。本季度，我們繼續執行資本循環策略，將低成長資產貨幣化，並為投資組合定位，以實現更強勁的長期業績。私人資本對我們行業的興趣仍然強勁，但我們正在謹慎承保並對新收購保持較高的標準。

Our structured investment program continues to deliver attractive risk adjusted returns and serves as a pipeline for future fee simple opportunities. Ross will elaborate on this. On the balance sheet, we remain in a position of strength. We took proactive steps this quarter to enhance flexibility and position ourselves for growth, including a well-timed debt issuance and an opportunistic use of our share repurchase program.

我們的結構化投資計劃繼續提供具有吸引力的調整風險回報，並作為未來絕對所有權機會的管道。羅斯將對此進行詳細說明。從資產負債表來看，我們仍然處於強勢地位。本季度，我們採取了積極措施來增強靈活性並為成長做好準備，包括適時發行債券和利用我們的股票回購計劃。

Based on our strong first half performance and the lease of visibility we have ahead, we've increased our confidence in our full year outlook. Glenn will walk through the updated guidance in a moment, but the message is clear. We are executing ahead of plan and converting leasing momentum into durable cash flow, that could grow FFO over 5% for the second consecutive year. To wrap up, we're operating from a position of strength with three clear priorities guiding our continued success.

基於我們上半年的強勁表現和對未來的清晰認識，我們對全年前景更有信心。格倫稍後會介紹更新後的指南，但訊息很明確。我們正在提前執行計劃，將租賃勢頭轉化為持久的現金流，這可能會連續第二年使 FFO 增長 5% 以上。總而言之，我們擁有強大的實力，有三個明確的優先事項來指導我們繼續取得成功。

First, continue to drive leasing velocity and accelerate rent commencements from our signed pipeline. Next, backfill return space with stronger, higher credit operators, and finally allocate capital with discipline, while maintaining the strength and flexibility of our balance sheet. With record demand, limited new supply, and a robust pipeline of rent commencements on the horizon, we believe Kimco, with our open-air grocery anchored shopping centers and well-located markets, is positively positioned to deliver growth and value creation at the upper end of the shopping center sector.

首先，繼續推動租賃速度並加速我們已簽署的租賃合約的開始。接下來，用實力更強、信用更高的運營商填補回報空間，最後有紀律地分配資本，同時保持資產負債表的強度和靈活性。鑑於創紀錄的需求、有限的新供應以及即將開始的強勁租賃管道，我們相信，憑藉以露天雜貨店為主的購物中心和地理位置優越的市場，Kimco 將在購物中心領域的高端領域實現增長和價值創造。

Thank you to our incredible team for their continued dedication and execution and to our shareholders for your continued support. With that, I'll turn the call over to Ross for an update on the transaction market, followed by Glenn with our financial results and updated outlook.

感謝我們優秀的團隊的持續奉獻和執行，也感謝我們股東的持續支持。說完這些，我將把電話轉給羅斯，讓他介紹交易市場的最新情況，然後格倫會介紹我們的財務結果和最新的展望。

Thank you, Conor. I hope everyone is enjoying their summer. The second quarter was one marked with uncertainty and volatility. However, it also presented tremendous opportunities for Kimco given our broad investment strategy along with a strong well capitalized balance sheet, great liquidity and extensive industry relationships. As a result, we are benefiting from meaningful deal flow, a key differentiator for us that we are very excited about.

謝謝你，康納。我希望每個人都能享受這個夏天。第二季度充滿不確定性和波動性。然而，鑑於我們廣泛的投資策略以及強大的資本充足的資產負債表、良好的流動性和廣泛的行業關係，這也為 Kimco 帶來了巨大的機會。因此，我們從有意義的交易流中受益，這是我們的一個關鍵差異化因素，我們對此感到非常興奮。

Early in the quarter, we saw several acquisitions that other groups had tied up get dropped amid the uncertainty. Lenders also acted cautiously due to the potential tariff impacts. This was a window of opportunity for us to lean into our conviction in open air retail. We utilized our structured investment program to offer solutions to borrowers in need of capital. We issued two senior mortgages on high quality grocery anchored and lifestyle assets with a right of first offer on both properties.

本季度初，我們看到其他集團已達成的幾項收購因不確定性而取消。由於潛在的關稅影響，貸款機構也採取了謹慎的行動。這是我們堅定對露天零售的信念的一個機會。我們利用結構化投資計劃為需要資金的借款人提供解決方案。我們針對高品質的食品雜貨和生活方式資產發行了兩筆優先抵押貸款，並對這兩筆資產擁有優先購買權。

A portion of the funding for these investments came from the repayment of a pair of mezzanine financing positions on former RPT assets. For the quarter, the net investment on the structured investment side was just under $20 million. Additionally, during the quarter, we sold a long-term flat lease for $49.5 million on a Home Depot parcel in Santa Ana, California at a 5.7% cap rate.

這些投資的部分資金來自對前 RPT 資產的一對夾層融資頭寸的償還。本季度，結構化投資的淨投資略低於 2,000 萬美元。此外，在本季度，我們以 4,950 萬美元的價格出售了位於加州聖塔安娜的家得寶地塊的長期固定租約，資本化率為 5.7%。

As we have indicated previously, we anticipate recycling capital from these flat leases and non-income producing parcels into higher yielding, higher growth investments. Our goal is to sell between $100 million to $150 million in the 5% to 6% cap rate range for these types of properties annually going forward, and this transaction puts us on a good path for 2025.

正如我們先前所指出的，我們預計將從這些公寓租賃和非創收地塊中回收資本，用於更高收益、更高成長的投資。我們的目標是未來每年以 5% 至 6% 的資本化率出售此類房產，價值在 1 億至 1.5 億美元之間，這筆交易為我們在 2025 年的發展奠定了良好的基礎。

Specific to the Home Depot parcel, we elected to designate this as a 1,031 exchange to defer the gains on the sale and have already identified a grocery anchored property as a replacement. The exchange property is expected to close in the third quarter with a compound annual growth rate of approximately 3%, which is significantly higher compared to the Home Depot that had a roughly 1% CAGR.

具體到家得寶地塊，我們選擇將其指定為 1,031 交換，以推遲銷售收益，並且已經確定了一個以雜貨店為主的房產作為替代品。該交換物業預計將於第三季完成交易，複合年增長率約為 3%，與家得寶約 1% 的複合年增長率相比，這一增長率明顯較高。

Since the Vegas ICSC conference in late May up through today, investor apprehension related to acquiring core assets has mostly subsided as concerns related to the tariffs have been tempered. This is manifested with aggressively priced assets transacting supported by an extremely competitive landscape on the debt and equity side, an abundance of private capital that is ready to come off the sidelines, as well as the anticipation of possible rate cuts in the second half of the year.

自 5 月底拉斯維加斯 ICSC 會議至今，隨著關稅相關的擔憂得到緩解，投資者對收購核心資產的擔憂已基本消退。這體現在債務和股權方面競爭激烈、大量私人資本準備退出以及對下半年可能降息的預期等因素的支持下，資產交易價格極具競爭力。

These factors, along with our current cost of capital, have limited our ability to accretively acquire. Despite this, we remain active in evaluating new acquisitions of shopping centers outright. And if we see a positive change in our cost of capital, we’re positioned to go on offense. Regardless, we’ll remain disciplined with our capital allocation. Furthermore, we have a healthy pipeline of new structured investment opportunities, which continue to provide a foothold into high quality real estate at attractive returns with a chance to acquire in the future.

這些因素，加上我們目前的資本成本，限制了我們增值收購的能力。儘管如此，我們仍然積極評估新的購物中心收購。如果我們看到資本成本出現正面變化，我們就會採取進攻措施。無論如何，我們都會嚴格控制資本配置。此外，我們擁有大量新的結構化投資機會，這些機會將繼續為我們進入高品質房地產市場提供立足點，帶來誘人的回報，並有機會在未來進行收購。

As I mentioned, the capital markets are open with financing available for the right sponsors and better real estate. As a result, we anticipate a few of our existing structured investment borrowers are either evaluating sales or refinancings that may result in repayments to us in the second half of this year.

正如我所提到的，資本市場是開放的，可以為合適的贊助商和更好的房地產提供融資。因此，我們預計，我們的一些現有結構性投資借款人正在評估銷售或再融資，這可能導致他們在今年下半年向我們償還貸款。

We remain very confident in our ability to structure deals creatively. This outside the box approach continues to provide us with unique access to a number of other exciting structured investment opportunities. And as I mentioned, we have a solid pipeline of new investments that we anticipate closing in the back half of the year to offset any potential repayments.

我們對於創造性地建立交易的能力仍然非常有信心。這種打破常規的方法繼續為我們提供許多其他令人興奮的結構化投資機會的獨特途徑。正如我所提到的，我們擁有一系列新的投資，預計將在今年下半年完成，以抵消任何潛在的償還。

Overall, we remain disciplined in our approach to capital allocation, prioritizing the sale of low growth, low cap rate assets accretively into new investment opportunities with a higher growth profile. Between our existing pipeline and those that materialize during the rest of the year, we aim to remain a positive net acquirer as we were through the 2025.

整體而言，我們在資本配置方面保持嚴謹，優先出售低成長、低資本化率的資產，並將其轉化為具有更高成長前景的新投資機會。在我們現有的專案和今年剩餘時間內實現的專案之間，我們的目標是到 2025 年仍保持正淨收購者的地位。

Now to Glenn for the financial results and updates to 2025 outlook.

現在請 Glenn 報告財務表現和 2025 年展望的最新情況。

Thanks Ross and good morning. The strength and durability of Kimco's open-air platform resulted in another quarter of solid performance. We again delivered strong per share FFO growth, broad-based leasing momentum, and ended the quarter with over $2 billion of available liquidity.

謝謝羅斯，早安。Kimco 露天平台的強度和耐用性使其又一個季度表現穩健。我們再次實現了強勁的每股 FFO 成長、廣泛的租賃勢頭，並在本季末擁有超過 20 億美元的可用流動資金。

Let me walk you through the quarter. FFO was $297.6 million, representing a per-share increase of 7.3% to $0.44 per diluted share compared to $0.41 per diluted share in the second quarter of last year. This growth was driven primarily by a $20.8 million increase in pro rata NOI which reflected higher minimum rents, stronger net recoveries, and a 21 basis points improvement in credit loss, which came in at 89 basis points for the quarter.

讓我帶您回顧一下本季的情況。FFO 為 2.976 億美元，每股收益為 0.44 美元，較去年第二季的每股收益 0.41 美元增長 7.3%。這一增長主要得益於按比例計算的淨營業收入增加了 2080 萬美元，這反映了最低租金的提高、淨回收率的提高以及信貸損失改善了 21 個基點（本季度為 89 個基點）。

Year to date, credit law stands at 72 basis points, highlighting the durability of our tenant base. We also saw a $4.8 million incremental contribution from our structured investment program this quarter. Offsetting these positives was a $7.9 million increase in consolidated interest expense tied to our 2024 and 2025 refinancing activity. Additionally, we recorded a one-time accounting benefit of one penny per share. Primarily driven by $4.7 million in joint venture income from the conversion of the legacy JV structure to an LLC as well as approximately $2 million from the recapture of below market rent on a vacated space.

今年迄今為止，信用法已達到 72 個基點，凸顯了我們租戶基礎的持久性。本季度，我們的結構化投資計畫還帶來了 480 萬美元的增量貢獻。抵銷這些正面因素的是與我們 2024 年和 2025 年再融資活動相關的合併利息支出增加了 790 萬美元。此外，我們也記錄了每股一美分的一次性會計收益。主要原因是將傳統合資企業結構轉換為有限責任公司而產生的 470 萬美元合資企業收入，以及從空置空間收回低於市場水平的租金而產生的約 200 萬美元收入。

First half FFO totalled $599.5 million or $0.88 per diluted share, a 10% increase over the first half of 2024. Turning to operations, as Conor mentioned, this was another strong quarter for leasing across the portfolio with tenant demand translating into healthy spreads and record small shop occupancy. Same site NOI increased 3.1%, driven by contractual rent growth, contributions from ancillary income, and further improvement in credit loss.

上半年 FFO 總計 5.995 億美元，即每股攤薄收益 0.88 美元，較 2024 年上半年成長 10%。談到運營，正如康納所提到的，這是整個投資組合租賃業務的又一個強勁季度，租戶需求轉化為健康的利差和創紀錄的小商店入住率。受合約租金增長、輔助收入貢獻以及信貸損失進一步改善的推動，同一地點的 NOI 增長了 3.1%。

The signed but not yet open pipeline remains a key growth driver. We ended the quarter with the least economic occupancy GAAP of 310 basis points, representing approximately $66 million of ABR. We expect about 40% of that to commence in the second half of the year, which will contribute $7 million in incremental rent. Including commencements from the first half, we anticipate collecting $30 million of ABR in 2025, from the snow pipeline.

已簽署但尚未開放的管道仍然是關鍵的成長動力。本季結束時，我們的經濟入住率 (GAAP) 最低，為 310 個基點，相當於 ABR 約為 6,600 萬美元。我們預計其中約 40% 將於今年下半年開始營業，這將帶來 700 萬美元的增量租金。包括上半年開始的項目在內，我們預計 2025 年將從雪管道中收取 3000 萬美元的 ABR。

The continued lease of progress provides strong visibility into future earnings and reinforces the embedded growth across our portfolio. Shifting to the balance sheet, we took proactive steps this quarter to strengthen our financial flexibility. We opportunistically repurchased 3 million shares in April at an average price of $19.61 reflecting an FFO yield of 9%. And a 24% discounted consensus NAV.

持續的進步為未來收益提供了強大的可視性，並增強了我們投資組合的內在成長。轉向資產負債表，本季我們採取了積極措施來增強我們的財務靈活性。我們在 4 月抓住機會以平均 19.61 美元的價格回購了 300 萬股，FFO 收益率為 9%。且共識資產淨值有 24% 的折扣。

We also completed a $500 million bond issuance in June, pricing a long 10 years note at 5.3%, reflective of a spread to treasuries of 92 basis points, our lowest issuance spread in many years. Proceeds were used to repay the $240.5 million Weingarten bond, pay down our revolver, and retain approximately $80 million for future creative investment opportunities.

我們也在 6 月完成了 5 億美元的債券發行，10 年期長期債券的定價為 5.3%，與國債的利差為 92 個基點，這是我們多年來最低的發行利差。所得款項用於償還 2.405 億美元的 Weingarten 債券、償還我們的循環信貸，並保留約 8,000 萬美元用於未來的創意投資機會。

We ended the quarter with consolidated net debt to EBITDA of 5.4 times and a look-through leverage ratio of 5.6 times. Liquidity remains robust at over $2.2 billion, including $228 million of cash on hand. Now turning to guidance, based on our strong first half results and improved visibility into lease up and cash flow timing, we are raising our FFO per share range to $1.73 to $1.75 representing annual growth of 4.8% to 6.1% over 2024.

本季末，我們的合併淨債務與 EBITDA 比率為 5.4 倍，穿透槓桿率為 5.6 倍。流動性依然強勁，超過 22 億美元，其中包括 2.28 億美元的現金。現在談到指導，基於我們強勁的上半年業績以及對租賃和現金流時間的可見性的提高，我們將每股 FFO 範圍提高至 1.73 美元至 1.75 美元，相當於 2024 年的年增長率為 4.8% 至 6.1%。

We're also raising our full year same site NOI growth outlook to 3% or better, 50 basis points above our prior guidance. This updated range incorporates the impacts of lease rejections we've already absorbed. All of the guidance assumptions remain unchanged. In closing, I want to thank our associates for their outstanding execution. The embedded rent growth in our portfolio combined with a conservative balance sheet, and consistent performance, continue to position Kimco as a top tier REIT capable of delivering through a variety of market cycles.

我們也將全年同一站點 NOI 成長預期上調至 3% 或更高，比我們先前的預期高出 50 個基點。此更新範圍包含了我們已經吸收的租賃拒絕的影響。所有指導假設均維持不變。最後，我要感謝我們的同事們的出色表現。我們投資組合中的嵌入式租金成長，加上保守的資產負債表和穩定的業績，繼續使 Kimco 成為能夠在各種市場週期中實現盈利的頂級房地產投資信託基金。

And with that, we're happy to answer your questions.

我們很樂意回答您的問題。

(Operator Instruction) Michael Goldsmith, UBS.

（操作員指示）瑞銀集團的邁克爾·戈德史密斯。

Good morning. Thanks a lot for taking my questions. Really solid same property and growth in the first half of 3.5%, second quarter, at 3.1%, but the guidance implies trends decelerate in the second half to 2.5%. So can you help us understand the puts and takes for the outlook for the back half and maybe, with that just talk about kind of the occupancy trajectory that's anticipated within that.

早安.非常感謝您回答我的問題。上半年房地產成長確實穩健，達到 3.5%，第二季成長 3.1%，但指引暗示下半年趨勢將放緩至 2.5%。那麼，您能否幫助我們了解下半年前景的利弊，並談談預期的入住率軌跡。

Thanks. Sure, thanks. Good morning, Michael. Just so we increased our annual guide to 3% or better and that's coming off of 2% or better at the beginning of the year. It's really, it's based on just the positive operating performance of the operating portfolio. We've seen, we have seen quicker rent commencements from the snow pipeline, which has added another $5 million since the original guidance.

謝謝。當然，謝謝。早上好，麥可。因此，我們將年度指導值提高到 3% 或更高，而年初時這一數字是 2% 或更高。事實上，它僅基於營運組合的積極營運績效。我們已經看到，我們看到雪管道的租金開始更快，自最初的指導以來又增加了 500 萬美元。

We have now accounted really for the impact of the Party City and Joanne bankruptcies, which will have a much more impact during the second half of the year, as we will be, we're down about $5 million per quarter. From those vacancies through the bankruptcies. But, having said all that, we're very confident that we'll be able to achieve the 3% or better level for the full year. Again, same I don't know why it's a full year guide number, and it takes into account any of the comps from last year and --

我們現在已經真正考慮到 Party City 和 Joanne 破產的影響，這些破產將在今年下半年產生更大的影響，我們每季的虧損約為 500 萬美元。從空缺到破產。但儘管如此，我們非常有信心能夠實現全年 3% 或更高的水平。同樣，我不知道為什麼這是一個全年的指導數字，它考慮到了去年和--

Then from from an occupancy sample. We definitely feel like Q2 is the trough, as we look at the back half of the year with Q3 and Q4 already, generating an incredible momentum. Obviously when you look at the small shop occupancy up to [92.2], a new record high for the company is incredible and impressive. And what's impressive about that actually is that over the first half of this year, but we've used about 100,000 square feet of vacancy that's been vacant for over three years.

然後從佔用樣本中得出。我們確實感覺第二季是低谷，因為我們回顧下半年，第三季和第四季已經產生了令人難以置信的勢頭。顯然，當你看到小店的入住率高達 [92.2] 時，該公司創下的新高是令人難以置信且令人印象深刻的。令人印象深刻的是，今年上半年，我們已經使用了大約 10 萬平方英尺的空置空間，這些空間已經空置了三年多。

And I think that's just a further demonstration of the demand. For quality product and retailers and operators really looking to enter and participate in a Kimco shopping center. So really pleased with sort of where we are today and our expectations to the back up here.

我認為這只是進一步證明了需求。對於優質產品和零售商及營運商來說，他們確實希望進入並參與 Kimco 購物中心。所以對於我們今天所取得的成績以及我們對未來的期望，我們感到非常高興。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Thank you and good morning out there. Just a question on the structured finance book, the debt deferred equity book. I think you said that you’re expecting some repayments in the back half. So two parts on this. One, presumably your guidance includes the impact of those repayments.

謝謝大家，早安。我只是想問一下關於結構化融資帳簿、債務遞延股權帳簿的問題。我想您說過您預計下半年會有一些還款。關於這一點，有兩個部分。首先，您的指導大概包括了這些償還的影響。

And then two, some of the other REITs in REIT land are scaling back the debt and preferreds just because what they perceive as volatility. Sounds like you guys think there’s ample runway on it. So just want to get a sense of if you think that this business is sustainable at a run rate. Or if your view of this business is it’s more moment in time where there’s an opportunity at one point, another point it gets scaled back because there’s opportunities don’t exist. Just trying to understand how this factors into your FFO going forward.

其次，房地產投資信託基金領域的其他一些房地產投資信託基金正在縮減債務和優先股規模，只是因為他們認為存在波動性。聽起來你們認為那裡有足夠的跑道。所以只是想了解一下您是否認為這項業務在運行速度上是可持續的。或者，如果您對這項業務的看法是，它在某個時刻有機會，但在另一個時刻，由於機會不存在，它就會縮減。只是想了解這會如何影響您未來的 FFO。

Thanks, Alex. Yes, to answer the first part, our guidance absolutely incorporates any expectation of repayments and new capital that we put out. Now we do think that this is a business that has viability through all parts of the cycle. We’ve seen tremendous opportunity.

謝謝，亞歷克斯。是的，回答第一部分，我們的指導絕對包含了我們投入的任何償還預期和新資本。現在我們確實認為這是一個在整個週期中都具有生存能力的業務。我們看到了巨大的機會。

We continue to see the pipeline growing. And I think that whether interest rates are up or down, there’s always going to be a need for this capital. There are very few operators on the institutional side that are providing this capital. So we think it’s a real differentiator for us. The way that we underwrite the deals, we look at it through the lens of an operator, through the lens of an acquirer, not too dissimilar from the way that we underwrite when we’re looking to acquire an asset outright.

我們持續看到管道不斷成長。我認為無論利率上升或下降，總是需要這種資本。提供這種資本的機構運營商非常少。因此我們認為這對我們來說是一個真正的差異化因素。我們承銷交易的方式是從營運商的角度、從收購者的角度來看的，這與我們直接收購資產時的承銷方式並無太大差異。

So we’re extremely disciplined with the real estate that we’re willing to invest in. And to the extent that we continue to see opportunities in real estate that we like, the sponsors we like and continue to get that foot in the door with the right of first offer, the right of first refusal, we do anticipate that we’ll continue to scale the business. That being said, there’s going to be ins and outs quarter to quarter. But when you look at it through an annualized basis, we anticipate that we will be net sort of positive investors in this program on a go forward basis.

因此，我們對願意投資的房地產非常嚴格。只要我們繼續在房地產領域看到我們喜歡的機會，找到我們喜歡的贊助商，並繼續憑藉優先購買權和優先購買權獲得進入市場的資格，我們確實預計我們將繼續擴大業務規模。話雖如此，每季都會有變化。但從年度化角度來看，我們預計未來我們將成為該計劃的淨正投資者。

The only thing I would add, Alex, is we’re really being paid the wait because we’re focused on that right of first refusal of a future acquisition pipeline. And it’s a really nice offering for us to be able to identify assets we want to own, potentially assets that may come to market. But it’s a nice way to get our foot in the door on some generationally owned assets where they rarely trade and we get a last look at it if they do come to market, which in this competitive set, but you know how competitive it is out there on the acquisition front, it’s nice to be in a position where we get last look on a pretty significant pipeline of opportunities, which is a big differentiator for us.

我唯一想補充的是，亞歷克斯，我們之所以能獲得等待，是因為我們專注於未來收購管道的優先購買權。這對我們來說是一個非常好的服務，讓我們能夠識別我們想要擁有的資產，以及可能進入市場的資產。但這是一個很好的方式，讓我們有機會接觸一些世代相傳的資產，這些資產很少交易，如果它們真的上市，我們可以最後一次審視它們，在這個競爭激烈的環境中，但你知道在收購方面的競爭有多激烈，能夠最後一次審視相當重要的機會，這對我們來說是一個很大的區別。

Greg McGinnis, Scotiabank Bank.

加拿大豐業銀行的格雷格·麥金尼斯。

Hey, good morning. Given the more aggressive pricing and institutional investor interest in grocery shopping centers, is there any desire to expand the JV platform to help fund acquisitions, that you're currently priced out of given the cost of capital or have your current partners talked about making additional investments in the in the relationships you already have?

嘿，早安。鑑於食品雜貨購物中心更具競爭力的定價和機構投資者的興趣，是否有意擴大合資平台以幫助資助收購，目前由於資本成本而無法承受，或者您目前的合作夥伴是否談到在現有關係中進行額外投資？

Yes. It’s a great question. And I think we like to think of it as a tool in our tool belt. We always have the opportunity with some really wonderful partners, some of which are looking to expand within retail. Other new potential partners that have expressed interest in co investing with us. We continue to have those conversations. Where we sit today, we think that we’ve taken an appropriate approach to capital allocation in terms of selling, some lower growth, lower cap rate assets and then redeploying that into higher growth opportunities primarily with grocery anchored.

是的。這是一個很好的問題。我認為我們喜歡把它看作是我們工具帶中的一種工具。我們總是有機會與一些非常優秀的合作夥伴合作，其中一些合作夥伴正在尋求在零售業擴張。其他新的潛在合作夥伴也表示有興趣與我們共同投資。我們將繼續進行這些對話。就目前情況而言，我們認為我們已經採取了適當的資本配置方法，即出售一些成長較低、資本化率較低的資產，然後將其重新部署到主要以食品雜貨為主的更高成長機會中。

As we indicated, we have identified a 1031 exchange for the Home Depot sale that occurred in the second quarter and that will be something that we can acquire on our own grocery anchored asset with a 3% plus CAGR. But to the extent that we can recycle sort of internally into wholly owned assets, we’ll continue to do that but also have the optionality in the future of considering scaling the joint venture program.

正如我們所指出的，我們已經確定了第二季度發生的家得寶銷售的 1031 交換，這將是我們可以用 3% 以上的複合年增長率在我們自己的食品雜貨錨定資產上獲得的東西。但只要我們能夠在內部將其回收為全資資產，我們就會繼續這樣做，但未來也可以選擇擴大合資計畫的規模。

Samir Kanal, Bank of America

薩米爾·卡納爾，美國銀行

Good morning everybody. Hey, Conor, as part of guidance, I know the term fees went up, maybe elaborate kind of the type of tenants category that's driving this number higher and maybe along the same lines, talk about sort of the watch list sort of in the next year, especially given some of the looks like some of the concerns around tariffs have subsided, but maybe talk around that as well. Thank you.

大家早安。嘿，康納，作為指導的一部分，我知道期限費用上漲了，也許詳細說明一下推動這一數字上升的租戶類別，也許沿著同樣的思路，談論明年的觀察名單，特別是考慮到一些看起來圍繞關稅的擔憂已經消退，但也許也會談論這一點。謝謝。

I’ll take the LTA question, Sameer. So it’s actually primarily driven by one received that’s associated with a large redevelopment that we’re in the process of we’ve already gone through the entitlements, so going through the permit process and documentation process right now. So it was a big chunk that enabled us to get access to land to move forward with the program. So that was really the primary driver. A lot of other stuff, just regular course of business, smaller LTAs, and we have that kind of backfills ready to go when a tenant wants to get out.

我將回答 LTA 的問題，Sameer。因此，這實際上主要是由與大型重建項目相關的收入推動的，我們正在進行該項目，我們已經完成了授權，因此現在正在經歷許可流程和文件流程。因此，這筆巨款使我們能夠獲得土地，從而推進該計劃。所以這確實是主要驅動因素。還有很多其他的事情，只是正常的業務流程，較小的長期協議，當租戶想要退出時，我們已經準備好了這樣的補充。

No real trend there of note. As it relates to the outlook for '26, with our watch list tenancy, obviously, it continues to narrow, think, because of the second round of bankruptcies that have sort of flushed through the system over the last couple of years as we’ve recently seen with Rite Aid being the most recent adjustment to auction last week. On a go forward basis, there’s a handful of tenants we continue to watch our exposure and ’26 is relatively limited on the rollover. We’re already engaged with them, engaged with alternatives to backfill. So right now we’re feeling pretty good about the outcome.

那裡沒有值得注意的真正趨勢。就 26 年的前景而言，根據我們的觀察名單，租賃範圍顯然在繼續縮小，我們認為這是因為過去幾年中第二輪破產潮席捲了整個系統，正如我們最近看到的那樣，Rite Aid 是上週拍賣的最新調整。從未來發展來看，我們會繼續關注少數租戶的風險敞口，而 26 年的展期相對有限。我們已經與他們接洽，探討填補空缺的替代方案。所以現在我們對結果感覺非常滿意。

The tariff noise and concern from the first half of the year I think is more or less muted at this point. As you can see through our deal flow of over 175 new deals, which is incredible velocity and what we’re seeing already in the July forecast and numbers for executed deals. Retailers are really looking at the opportunity to expand their market share and use bankruptcy process as means and ways to do that. You saw Ross last week really for the first time participate in the bankruptcy process. That’s super interesting.

我認為，今年上半年的關稅噪音和擔憂目前已經基本消退。正如您所看到的，我們的交易流程中有超過 175 筆新交易，這是令人難以置信的速度，而且我們已經在 7 月份的預測和已執行交易的數字中看到了這一點。零售商確實在尋找擴大市場份額的機會，並將破產程序作為實現這一目標的手段和方法。上週您看到羅斯第一次真正參與破產程序。這真的非常有趣。

Obviously, they want to grab some market share. We’ve seen other retailers starting to expand into new trade areas. You have Bob’s Discount that’s moving south. He’s in into the Florida region for the first time. So it’s a fairly robust, healthy retail environment.

顯然，他們想搶佔一些市場份額。我們看到其他零售商開始向新的貿易領域擴張。鮑伯的折扣正在向南移動。這是他第一次來到佛羅裡達地區。所以這是一個相當強勁、健康的零售環境。

I think just my last thing to add on the the watch list tenancy, it’s really the smallest it’s ever been. And then when you dive into it a bit deeper, as Dave mentioned, there’s some really strong individual operators in some of these categories where the weaker performers are losing market share. And because of that lack of new supply, you’re seeing some of the weaker, call it fitness operators, be gobbled up by some of the stronger operators that are looking for growth.

我認為最後要補充的是觀察名單上的租賃情況，它確實是有史以來最小的。然後，當你深入研究一下，正如戴夫提到的那樣，在某些類別中存在一些非常強大的個體運營商，而表現較弱的運營商正在失去市場份額。由於缺乏新的供應，你會看到一些實力較弱的健身業者被一些尋求成長的實力較強的業者吞併。

You see the same with obviously Michael is doing better since Joann’s has filed. You’ve seen some of the soft goods players that are in the off price category continue to do quite well They’re taking market share from department stores. So there’s I think there’s a real growing desire to grow their store fleet when they’re healthy and operating at a high level. And we continue to see with the Joann’s and the Party City boxes, the diversity of demand that we have.

顯然，自從喬安提出申請以來，麥可的情況就好多了。你已經看到一些折扣類別的軟商品參與者繼續表現良好，他們正在從百貨公司搶佔市場份額。因此，我認為，當企業健康且高水準運作時，他們確實會越來越渴望擴大門市數量。我們繼續看到 Joann 和 Party City 盒子的需求多樣化。

So whether it’s the large anchor boxes, we’ve done a number of new deals and have a large pipeline with BJ’s, you’ve got Dick’s House of Sports, you’ve got Walmart, you’ve got Costco, Home Depot, Lowe’s, you’ve got a number of big box players, including IKEA doing deals with us. And then the junior box is very robust. That’s where we see a tremendous amount of demand from not only the traditional off-price players, but grocers and others.

因此，無論是大型主力賣場，我們都已經完成了許多新交易，並且與 BJ's 建立了龐大的渠道，有 Dick's House of Sports、沃爾瑪、Costco、Home Depot、Lowe's，還有許多大型賣場公司，包括宜家都在與我們進行交易。然後，初級盒子非常堅固。我們看到，不僅是傳統的折扣零售商，還有雜貨店和其他商家都對此有著巨大的需求。

And then our small shops continue to tick up as well. We’re seeing deal volume elevate quarter over quarter, meaning that we have continued momentum to push that all time high occupancy even higher. So our focus is continuing to obviously execute, and that watch list tenancy is getting smaller and smaller, and those leases are typically significantly below market. So those are opportunities for us.

然後我們的小商店也繼續蓬勃發展。我們看到交易量逐季上升，這意味著我們擁有持續的動力將入住率推向歷史最高水準。因此，我們的重點顯然是繼續執行，而關註名單上的租賃越來越小，而且這些租賃通常遠低於市場價格。所以這些對我們來說都是機會。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Hey, just wanted to go back to the acquisition environment, just digging in a little bit more. Just can you talk about is there more product out there in the market? It’s just competition is so fierce, it’s hard to sort of win deals. And I guess when do you think that you would get to a point where Kimco starts to maybe land more of these of these transactions and so forth. So more product and what Kimco needs to do to sort of land some of these deals? Thanks

嘿，我只是想回到收購環境，再深入挖掘一下。您能談談市場上是否還有更多產品嗎？競爭太激烈了，很難贏得交易。我想您認為何時 Kimco 才能開始進行更多此類交易等等。那麼，Kimco 需要推出更多產品來達成這些交易嗎？謝謝

Sure. Yes, we definitely saw some pent up demand, so to speak, after a bit of a slowdown in April and the May. Going into the ICSC in Vegas in May and through the last couple of months, we’ve seen an increase of product in the market and definitely the demand continuing to increase. So I think you’ve seen it from a lot of our public peers, you’ve seen it from the private institutions, a lot of very aggressively priced both single assets and portfolio in the market.

當然。是的，在四月和五月略有放緩之後，我們確實看到了一些被壓抑的需求。自從五月進入拉斯維加斯 ICSC 以來，在過去的幾個月裡，我們看到市場上的產品數量增加，需求肯定持續增加。所以我想你已經從很多公共同行和私人機構看到了這一點，市場上有很多非常激進的單一資產和投資組合的定價。

We’ve been very successful in terms of utilizing our ROFOs and our ROFRs, not just on the structured investment program, but also even within our joint venture program. So when you think about the amount of product that we have the first and or the last look on, we have about $ 2 billion of gross asset value in the structured book and then upwards of $6 billion of assets within our joint venture program. So while we're going to continue to be very selective and it comes in waves as to when those opportunities present themselves, we do have the inside track on a tremendous amount of real estate.

我們在利用 ROFO 和 ROFR 方面非常成功，不僅在結構化投資計劃中，甚至在我們的合資計劃中也是如此。因此，當您考慮我們首先或最後關注的產品數量時，我們在結構化帳簿中擁有約 20 億美元的總資產價值，然後在我們的合資計劃中擁有超過 60 億美元的資產。因此，雖然我們將繼續非常謹慎，並且機會將一波一波地出現，但我們確實在大量房地產方面擁有內幕消息。

We do look at assets that are being offered by third parties. Occasionally, we bid and we’re successful in winning those deals. But the nice part about being able to exercise a ROFO or a ROFR is these are assets that we’re invested in.

我們確實會關注第三方提供的資產。有時，我們會競標並成功贏得這些交易。但能夠行使 ROFO 或 ROFR 的好處是這些都是我們投資的資產。

In many cases, we already manage and we’re involved in the operations. When you acquire one of those assets, there’s virtually no new surprises. We know exactly what we’re investing in. Whereas when you buy a third-party asset, there’s going to be some good surprises. There’s going to be some, you know, not so great surprises along the way.

在許多情況下，我們已經管理並參與了營運。當你獲得其中一項資產時，幾乎不會出現任何新的意外。我們清楚知道我們投資的是什麼。而當你購買第三方資產時，就會有一些驚喜。你知道，一路上肯定會有一些不太令人驚訝的事情發生。

So we feel very comfortable acquiring from within assets that were already involved. And then selectively, we’ll take our spots where we want to buy from a third party.

因此，我們非常樂意從內部收購已經涉及的資產。然後，我們會有選擇地選擇我們想要從第三方購買的地方。

I think Ross puts it correctly where we’re poised to go on offense. But again, it all ties back to cost of capital. And so as you’ve seen us continue to be methodical and thoughtful about when to deploy capital accretively, it’s really match funding recycling efforts we have to accretively grow from selling our flat ground leases.

我認為羅斯正確地指出了我們準備進攻的方向。但同樣，這一切都與資本成本有關。因此，正如您所看到的，我們繼續有條不紊地、深思熟慮地考慮何時部署資本以增加收益，這實際上與我們必須透過出售平地租賃來實現增值增長的回收資金相匹配。

And if you give us a cost of capital advantage, think Ross outlined the ability we have to really go on offense and grow externally. Right now, obviously, with where our stock is and where our cost of capital is, we continue to look internally and mine for recycling accretive opportunities.

如果你給我們一個資本成本優勢，想想羅斯概述的我們真正進攻和外部成長的能力。目前，顯然，考慮到我們的庫存和資本成本，我們將繼續在內部尋找並挖掘回收增值機會。

Michael Griffin Evercore ISI

麥可‧格里芬 Evercore ISI

Great, thanks. Maybe just going back to the leasing pipeline and specifically on kind of small shop tenant demand, appreciate your comments there and the ability to kind of push on occupancy. But can we break that down a little bit? I know about a quarter of that comes from those national retailers that probably have a longer time frame that they need to realize to expand their real estate footprint.

太好了，謝謝。也許只是回到租賃管道，特別是小商店租戶的需求，感謝您的評論以及推動入住率的能力。但是我們可以稍微分解一下嗎？我知道其中大約四分之一來自那些全國性零售商，他們可能需要更長的時間來擴大其房地產足跡。

But for maybe some of those regional local players, not necessarily mom and pops, but small businesses that might have more uncertainty kind of projecting out their financials amid the tariff situation, are you still seeing good demand from that cohort as well? Thank you.

但對於一些區域性本地企業來說，不一定是夫妻店，而是在關稅情況下可能對財務狀況產生更多不確定性的小企業，您是否仍然看到來自該群體的良好需求？謝謝。

Yeah, great question. I think you’re seeing a healthy demand across all categories as it relates to the financial strength from a corporate national to a regional to a local mom and pop. Again, they’re looking to open their business. They’re looking to this is their primary means in which to generate income. So they want to pick a great center, a great co tenancy and partner with a landlord that has the funds and the means available to make sure and ensure that their business has the opportunity to thrive.

是的，很好的問題。我認為，所有類別的需求都很健康，因為它與財務實力有關，從全國性企業到地區性企業，再到當地夫妻店。再次，他們正在尋求開辦自己的企業。他們希望這是他們創造收入的主要手段。因此，他們希望選擇一個優秀的中心、一個優秀的共同租賃機構，並與擁有資金和能力的房東合作，以確保他們的業務有機會蓬勃發展。

So I think they continue to gravitate toward the Kimco Center and see that. You see a lot on the service side. I mean, over 75% of our deals in the trailing four quarters have been service related, that’s inclusive of restaurants, personal care, fitness, med. And so that is very much a combination of those that do franchises. Franchises is a very active broad category that enables the operator to just focus on running the business while the franchisor helps to develop and deliver the concepts.

所以我認為他們會繼續被 Kimco 中心所吸引並看到這一點。您會在服務方面看到很多東西。我的意思是，在過去四個季度中，我們超過 75% 的交易都與服務相關，包括餐飲、個人護理、健身、醫療。因此，這很大程度上是那些擁有特許經營權的人的組合。特許經營是一個非常活躍的廣泛類別，它使運營商能夠專注於經營業務，而特許人則幫助開發和傳遞概念。

And then on the restaurant QSR side, we’ve seen significant uptick from last year to this year, almost 30%, 40% higher. And you’re seeing a lot of the trade out from the one point zero to the two-point zero type QSR tenants, the Cabos, the Shake Shack, Raising Cane’s, In [N out] expanding, Chick fil A obviously. So that’s more on the national side. But yes, we’re seeing that healthy balance across those three broad categories.

然後在餐廳 QSR 方面，我們看到從去年到今年出現了顯著的成長，幾乎成長了 30% 到 40%。而且你會看到很多 QSR 租戶從 1.0 轉移到 2.0 類型的，Cabos、Shake Shack、Raising Cane's、In [N out] 擴張，顯然還有 Chick fil A。所以這更多的是國家層級的事情。但是，是的，我們看到這三大類別之間存在著健康的平衡。

This deal volume on the small shop side was 155 small shop deals. So when you think about the run rate typically for us is usually right around $115 call it. So it is elevated going and it continues to come from these are obviously spaces that because we’re at all time high occupancies, these are spaces that may have been dark for a while, may have been vacant for a while.

小商店方面的交易量為 155 筆小商店交易。因此，當您考慮我們的運行率時，通常約為 115 美元。因此，它的上升趨勢是持續的，而且這種趨勢顯然來自於這些空間，因為我們的入住率一直很高，這些空間可能已經暗淡了一段時間，可能已經空置了一段時間。

So you’re seeing the breadth and depth of the demand, the ability for us to continue to push on the small shops because it’s really all about services, that are just exploding into the shopping center. You know, services that we love because it gets you know, off the couch in your car to the shopping center and it has to be done in person, and it’s very much an e-commerce resistant type use.

所以你看到了需求的廣度和深度，以及我們繼續推動小商店的能力，因為它實際上都是關於服務的，而這些服務正在迅速湧入購物中心。您知道，我們喜歡這項服務，因為它可以讓您從沙發上起身，開車前往購物中心，而這必須親自完成，而且它在很大程度上是一種抵制電子商務類型的用途。

So we continue to like how the shopping center has evolved, and, you know, the small shop use case continues to gravitate, and attract really best in class operators that are looking to connect with consumers more conveniently and provide a value proposition.

因此，我們繼續喜歡購物中心的發展方式，而且，你知道，小商店的使用案例繼續受到青睞，並吸引真正一流的運營商，他們希望更方便地與消費者聯繫並提供價值主張。

Craig [Milman], Citi.

克雷格[米爾曼]，花旗銀行。

Hi, this is Sydney McEntee on for Craig. So there’s obviously been good progress on backfilling in the quarter. Just curious if there’s any more color on the remaining party cities in Joann’s being marketed. Are you getting interest from single tenants on those or considering splitting boxes or anything that would be helpful there? Thank you.

大家好，我是克雷格 (Craig) 的悉尼麥肯蒂 (Sydney McEntee)。因此，本季的填補工作顯然取得了良好進展。只是好奇喬安 (Joann) 行銷中剩餘的派對城市是否還有更多詳情。您是否引起了單身租戶的興趣，或者考慮拆分箱子或任何有幫助的事情？謝謝。

Yeah, we’re still getting really strong interest on the single tenant backfill opportunities. Obviously, I mentioned a handful of tenants that are now expanding into some of the markets where these boxes reside. When you look at like when we say resolved between assigned, executed at least or at a healthy stage of LOI, that’s over 90% for both.

是的，我們仍然對單一租戶填補機會非常感興趣。顯然，我提到了一些租戶，他們現在正在向這些盒子所在的一些市場擴張。當您查看我們所說的在分配、至少執行或在 LOI 的健康階段之間解決的情況時，兩者的比例都超過 90%。

Just this week actually we signed three Joann boxes, two coming in late last night, both with TJX and we actually signed those deals in under 10 days from when they approved it at REC Committee to when we actually had a fully executed deal, which is absolutely extraordinary. Again, shows the demand, but more importantly, shows the relationship and the partnership between the two companies.

就在本週，我們實際上簽署了三個 Joann 盒子，其中兩個是昨晚晚些時候簽署的，都是與 TJX 簽署的，而且從 REC 委員會批准到我們實際完全執行協議，我們在不到 10 天的時間內簽署了這些協議，這絕對是非同尋常的。再次，顯示了需求，但更重要的是，顯示了兩家公司之間的關係和夥伴關係。

And the way we all work together with conforming leases, getting well ahead of the construction schedules and the work letters and really, really approaching this as a true partnership. So we anticipate that to continue through the back half of the year, and it will feel pretty good that most of this will all be resolved and executed by the end of the year.

我們大家齊心協力遵守租約，提前完成施工進度和工作函，真正將其視為真正的合作關係。因此，我們預計這種情況將持續到今年下半年，而且我們感覺非常好，因為大部分問題都將在年底前解決和執行。

Floris Gerbrand Vandijkum, Ladenburg.

弗洛里斯·格布蘭德·萬迪庫姆，拉登堡。

Hey guys, thanks for taking my question. I had a -- my question, I guess is a little bit on the operations are pretty impressive and the demand is clearly there. Maybe if you could talk about some of the initiatives that you are working on to improve your expense recovery ratios and where do you think those will go? Presumably they will go higher as you lease more of the vacant space but are you also doing some other things operationally that should lift your expense recovery, going on a going forward basis.

嘿夥計們，謝謝你們回答我的問題。我有一個問題，我想問的是，這些運作相當令人印象深刻，而且需求顯然存在。也許您可以談談您正在採取的一些措施來提高費用回收率，以及您認為這些措施將會取得什麼成果？據推測，隨著您租賃更多的空置空間，費用會更高，但您是否也在營運上採取其他措施，以提升您的費用回收率，並在未來繼續提高。

Yeah. It’s a great question, Floris. Thanks. And you are right. As the occupancy increases and those tenants open, the recovery ratios should increase as well. Obviously, when you just think of like basic human operating maintenance, we signed several recurring service contracts, and we negotiated this heavily prior to the start of the year.

是的。這是一個很好的問題，弗洛里斯。謝謝。你是對的。隨著入住率的提高和租戶的開業，回收率也應該會增加。顯然，當你只考慮基本的人工操作維護時，我們簽署了幾份定期服務合同，並且我們在年初之前對此進行了大量的談判。

And with multiyear contracts, it helps eliminate some of the noise in terms of inflationary effects and or increases year to year. So you’re able to get a good handle on your costs upfront and then plan accordingly to that. It’s really, I think, the amount of data that we have today and the way, that we can really dive into the micro level on the account level on a site by site basis and pairing it closely with the asset strategy and the intention.

而且，透過簽訂多年期合同，它有助於消除通貨膨脹影響或逐年增加方面的一些噪音。因此，您可以提前掌握好成本，然後據此制定計劃。我認為，這實際上取決於我們今天擁有的數據量，以及我們可以逐個網站深入到帳戶層級的微觀層面，並將其與資產策略和意圖緊密結合的方式。

You can just more closely monitor the expenses that you’re deploying out on the site that are essential, that are necessary to maintain a safe and healthy environment while also pairing it with the activity on the leasing side. So I think it’s just a more comprehensive approach that we’ve been taking. Obviously, we work very, very close with our vendors. We have scale, so we have, in essence, some leverage on the negotiating table. But we want to always partner with the best providers that provide the best service, the most reliable service, which is really, really important for our retail partners.

您可以更密切地監控您在現場部署的必要費用，這些費用對於維護安全和健康的環境是必要的，同時也與租賃方面的活動相符。所以我認為這只是我們採取的一種更全面的方法。顯然，我們與供應商的合作非常密切。我們有規模，因此，從本質上講，我們在談判桌上有一定的影響力。但我們希望始終與提供最佳服務、最可靠服務的最佳供應商合作，這對我們的零售合作夥伴來說非常非常重要。

So it’s really a combination of a number of things. Obviously, we’re using, you know, AI and analytics fairly heavily now as well internally to get a better understanding of where there’s opportunities to improve margin or ratio while not sacrificing obviously the quality and care of the center.

所以這其實是多種因素的結合。顯然，我們現在也在內部大量使用人工智慧和分析技術，以便更好地了解哪裡有機會提高利潤率或比率，同時又不犧牲中心的品質和服務。

Will, do you want to comment a little bit about our lease administration program as well and what we’ve done there?

威爾，你願意對我們的租賃管理計劃以及我們所做的工作發表一些評論嗎？

Sure. Thanks, Connor. This is Will Teichman. Good morning, everybody. You know, we successfully executed on two public to public and a integrations over the last few years and, exceeded synergy targets on both deals.

當然。謝謝，康納。我是威爾·泰克曼。大家早安。您知道，我們在過去幾年中成功執行了兩次公開對公開的交易和一次整合，並且超額完成了兩筆交易的協同效應目標。

And really, that effort has allowed us to build a playbook for scalable efficiency and developing greater advantages of scale. And it’s something that Connor talked about a lot with the management team and really drives them, with the team on a day to day basis.

事實上，這些努力使我們能夠建立可擴展效率和發揮更大規模優勢的劇本。康納經常與管理團隊討論這個問題，並且每天都在推動團隊的工作。

We’re really working to apply that playbook now to identify and prioritize other strategic platform innovation and transformation projects. One of the projects that focus for this year is transforming our lease administration function, which really plays a critical role behind the scenes in obstructing and managing lease data, doing the day to day billing and collections work with our retail partners. So a lot of work underway.

我們現在正在努力運用該劇本來確定和優先考慮其他策略平台創新和轉型項目。今年的重點項目之一是轉變我們的租賃管理職能，該職能在阻礙和管理租賃數據以及與我們的零售合作夥伴進行日常計費和收款工作方面發揮著幕後關鍵作用。因此，很多工作正在進行中。

We’re rethinking the organizational design. We’re simplifying process, and we’re deploying enabling technologies, including AI, to help enhance recovery rates and accelerate collection timelines. All of that really is focused on, you know, obviously being a best-in-class operator and maintaining, a best-in-class G and A, you know, expense ratio in terms of how we operate.

我們正在重新考慮組織設計。我們正在簡化流程，並部署包括人工智慧在內的支援技術，以幫助提高恢復率並加快收集時間。所有這些實際上都集中在，顯然成為一流的運營商，並保持一流的 G 和 A，你知道，就我們的運營方式而言，費用比率。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Just hoping you could talk a little bit about the resi and entitlements that you guys have available to either harness for a longer term value and or to monetize and kind of how you’re thinking about that as part of the capital recycling you talked about selling some of the flat leases. But just curious if [resi] and entitlements is part of that or if that’s not the focus today?

嗨，早安。只是希望您能稍微談談您們可以利用的住宅和權益，以便實現長期價值或貨幣化，以及您如何將其視為資本循環的一部分，您談到了出售一些公寓租約。但我只是好奇 [resi] 和權利是否是其中的一部分，或者這不是今天的重點？

That is part of it. I think what we’re trying to do is take each and every project and identify really the opportunity set that we have. And so some entitlements, you know, we may look to monetize and take some chips off the table, while some we may contribute as our land to a joint venture and ride that development with very little costs associated with the project other than just the land as our equity that we contribute it into.

這是其中的一部分。我認為我們正在嘗試做的是抓住每個項目並真正找出我們擁有的機會。因此，您知道，我們可能會將某些權利貨幣化，並從中獲利；而對於某些權利，我們可能會將其作為土地貢獻給合資企業，並以極低的成本參與該項目的開發，除了將土地作為我們的股權投入其中之外。

So we’re focused on trying to unlock the value and harness that value, and we’re trying to see how the fastest way to do that. And right now, as you’ve seen through our activation program, we’ve really taken a capital light approach, where we’ve either ground leased the portion of the property that we own, or we contribute the parking lot as land into the joint venture.

因此，我們專注於嘗試釋放價值並利用該價值，我們正在嘗試尋找最快的方法來做到這一點。現在，正如您在我們的激活計劃中看到的，我們確實採取了輕資本的方式，我們要么將我們擁有的部分財產進行土地租賃，要么將停車場作為土地貢獻給合資企業。

And I think as we look to the pipeline, we may look to see obviously where supply is and demand is across the country, where these projects might sit and if it makes sense to activate a few more in the near term. So we’re working towards that as well as looking to see which ones could potentially be monetized.

我認為，當我們審視這條管道時，我們可能會清楚地看到全國的供應和需求情況，這些項目可能位於何處，以及在短期內啟動更多項目是否有意義。因此，我們正在努力實現這一目標，並尋找哪些產品有可能實現貨幣化。

Rich Hightower, Barclays.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

Hi, good morning, everybody. Thanks for taking the question here. Just back on the capital allocation, if you're able to repurchase stock at a 9% FFO yield with, call it mid-single digit growth on top of that, just where it is -- the acceleration in that program fit in with the rest of the -- sort of many fold capital priorities for the company.

大家好，早安。感謝您在這裡提出這個問題。回到資本配置問題，如果你能夠以 9% 的 FFO 收益率回購股票，並在此基礎上實現中等個位數增長，那麼該計劃的加速與公司其他多方面的資本優先事項相適應。

Thanks, Rich. It’s a great question. We have all the programs in place to deal with where the stock price is at any given point in time. As Conor mentioned, we’re obviously very focused on really what our cost of capital is and how we use it. When the stock got down, as all the havoc was happening with the tariffs in the April, at a nine yield, we thought it made sense to kind of make that a line of demarcation for us to say, it makes sense to buy some stock back here.

謝謝，里奇。這是一個很好的問題。我們已製定了所有程序來應對任何特定時間點的股票價格。正如康納所提到的，我們顯然非常關注我們的資本成本到底是多少以及我們如何使用它。當股價下跌時，由於四月關稅造成的所有破壞，收益率達到九倍，我們認為將其作為分界線是有意義的，我們可以說，在這裡買回一些股票是有意義的。

So we did that. Now the stock has recovered somewhat, right? Stock’s up over 10% from that point. We also have an ATM program, which last November, we used that when the stock was above 25% where it made sense. So we’re always watching. We try to have the tools in place to be reactive. We built the balance sheet where you really can’t take advantage of dips when they happen or be an issuer where it really makes sense.

所以我們這麼做了。現在股價已經回升了吧？從那時起，股票上漲了 10% 以上。我們還有一個 ATM 程序，去年 11 月，當股票價格超過 25% 時，我們就使用了它。所以我們一直在關注。我們嘗試使用適當的工具來做出反應。我們建立了資產負債表，當出現下跌時你無法真正利用它，或在真正有意義的情況下成為發行人。

I think one of the things we continue to monitor is the disconnect between public and private pricing. And we see a very wide spread between our implied cap rate and where we think our portfolio would trade in the private market. And so there is a pretty wide disconnect there that we continue to monitor. That being said, we have a lot of leasing going on, a lot of capital required for that leasing. We have a lot of growth obviously coming out of the portfolio.

我認為我們持續監控的事情之一是公共定價和私人定價之間的脫節。我們發現隱含資本化率和我們認為我們的投資組合在私人市場交易的價格之間存在很大差距。因此，存在相當大的脫節，我們會繼續監測。話雖如此，我們有許多租賃正在進行，這些租賃需要大量的資金。我們的投資組合顯然取得了很大的成長。

But if and when we do see these massive dislocations, we typically are prepared to jump at it and take advantage of the dislocations.

但如果我們確實看到了這些大規模的錯位，我們通常會做好準備，抓住機會，利用這些錯位。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Thank you for taking the question. I just wanted to circle back on the transaction market. Curious what types of private buyers you’re finding yourself competing with on new deals and any comments you could share on their yield hurdles or leverage profiles? And then also curious if you’re seeing more attractive opportunities for larger portfolio deals versus one off transactions on a cap rate basis, just given the scale and relationships you spoke to earlier on the call?

感謝您回答這個問題。我只是想重新回到交易市場。您是否好奇在新交易中您與哪些類型的私人買家競爭，以及您可以就他們的收益障礙或槓桿狀況分享什麼評論？並且，考慮到您之前在電話會議上談到的規模和關係，您是否認為更大規模的投資組合交易比一次性交易在資本化率基礎上更具吸引力？

Sure. Happy to. Yes, a lot of capital on the private public side. I mean, we’re going up against pension funds, sovereigns, a whole bunch of groups that have been hanging around the retail sector for many years. In some cases, even conversations we’ve had with groups on the joint venture side that are looking at putting out capital on their own account. So there’s just been a tremendous amount of competition in capital that we’ve gone up against.

當然。很開心。是的，私人公共部門有很多資本。我的意思是，我們要與退休基金、主權基金以及大量在零售業活躍多年的團體競爭。在某些情況下，我們甚至與合資企業中的一些團體進行了交談，他們正在考慮以自己的帳戶投入資金。因此，我們在資本方面面臨極為激烈的競爭。

We have been able to pick our spots as you’ve seen and again leaning into the structured investments where we can be very flexible and create I think unique solutions for borrowers. I think interestingly this quarter on the couple of deals that we closed on, we were the lender in a senior position. So you’ve seen us be very flexible and adapt to the market depending on where those opportunities present themselves.

如您所見，我們能夠選擇自己的位置，並再次傾向於結構化投資，我們可以非常靈活地為借款人創造獨特的解決方案。我認為有趣的是，在本季我們完成的幾筆交易中，我們是處於優先地位的貸方。所以，您已經看到我們非常靈活，能夠根據市場機會的出現進行調整。

In terms of the larger portfolios, the pricing has been pretty consistent on some of the portfolio transactions that we’ve seen trade versus some of the one-offs. There’s been various points in the cycle where bigger was better or bigger was not necessarily better depending on your perspective as a buyer or seller.

就較大的投資組合而言，我們所見過的一些投資組合交易的定價與一些一次性交易的定價相當一致。在周期的各個階段中，存在著不同觀點，即越大越好，或越大不一定越好，這取決於你作為買家或賣家的觀點。

Right now, I think that the portfolios are pricing as aggressively as the one offs. So no real sort of opportunity in terms of an arbitrage to buy larger versus single asset. You saw with our transaction with RPT at the 2024, that was a point in time where we felt that larger portfolios were trading at a significant discount and we took advantage of that. But at this current moment, we haven’t seen that exactly occur right now.

目前，我認為投資組合的定價與一次性定價一樣激進。因此，就套利而言，不存在購買更大資產而非單一資產的真正機會。您可以從我們在 2024 年與 RPT 進行的交易中看到，當時我們感覺到較大的投資組合以大幅折扣進行交易，因此我們利用了這一點。但目前，我們還沒有看到這種情況發生。

There’s a few aggressive buyers that I think are sort of unique. Some of them are fund structures where they need to get capital out, where it’s coming to the end of their fund life, and they’re leaning into the space. Some are building platforms and needing scale and putting capital out aggressively to race to get that scale. So those are obviously ones we take a step back and watch.

我認為有一些積極的買家是比較獨特的。其中一些是基金結構，他們需要提取資本，基金壽命即將結束，他們正傾向於進入這個領域。有些公司正在建立平台，需要擴大規模，並積極投入資金以爭取達到這一規模。因此，我們顯然需要退一步去觀察這些事。

But it’s clear that there’s a lot of capital and a lot of interest because if you look at the fundamental cash flow growth, it’s very strong even relative to other sectors.

但很明顯，有大量的資本和大量的利息，因為如果你看看基本現金流成長，你會發現它甚至相對於其他行業來說都非常強勁。

And these are all primarily unlevered acquirers so that the debt cost isn’t necessarily factoring into their yield. I think for the most part investors for core products are backing into mid to high single digit IRRs.

這些收購者基本上都是無槓桿的，因此債務成本不一定會影響到他們的收益。我認為，大多數核心產品的投資者都支持中高個位數的 IRR。

Haendel St. Juste, Mizuho.

瑞穗，Haendel St. Juste。

Hey guys, so a lot’s been covered, but I was hoping you could go back and maybe give us an update on the backfills of the Joann’s and the Party City boxes. How many are left to fill? How many LOIs you might have outstanding? What the new rents and spreads look like and how the CapEx spending is coming along? Thanks.

嘿夥計們，我們已經討論了很多內容，但我希望你能回去並給我們提供有關 Joann 和 Party City 盒子補充的最新情況。還剩多少個需要填滿？您可能還有多少份未履行的意向書？新的租金和利差情況如何？資本支出進度如何？謝謝。

Yeah, sure, absolutely. So on the Joanne side, as I mentioned, we signed another three leases this week. So we have six executed, one assigned, one is under contract as part of a center to sell. And then we have 14 LOIs remaining outstanding. On the Party City side, we have almost 36 executed and then the remainder are at LOI or at least right now. So I’d say those are effectively resolved with just a couple left outstanding.

是的，當然，絕對的。因此，正如我所提到的，就喬安妮而言，我們本週又簽署了三份租約。因此，我們有六個已執行的，一個已分配的，一個已簽訂合約作為中心的一部分出售。然後我們還有 14 份意向書尚未完成。在 Party City 方面，我們已經執行了近 36 個，其餘的都處於 LOI 狀態或至少是現在。所以我想說這些問題都已有效解決，只剩下幾個問題尚未解決。

I mentioned a couple of the opportunities was with TJX this week when we really accelerated the deal flow there ended in under ten days. When you look at the overall mark to markets on on the Joann side, we’re seeing around a 20% overall. Obviously, ebbs and flows box to box and on Party City, just about 15% mark to market there. So feel very good about the momentum and in closing out both these both these opportunities by the end of the year.

我本週提到了與 TJX 合作的幾個機會，當時我們真正加快了交易流程，不到十天就完成了交易。當您查看 Joann 方面的整體市場標記時，我們看到整體標記約為 20%。顯然，在 Party City，市場行情波動很大，只有約 15% 的市價。因此，我對這一勢頭感到非常滿意，並將在年底前結束這兩個機會。

[Alexei Chen], Baird.

[Alexei Chen]，貝爾德。

Hey, thank you for taking my question. When does Kim expect that redevelopment to flip into a tailwind for same store NOI?

嘿，謝謝你回答我的問題。Kim 預計重建何時會成為同店淨銷售額的順風？

Redevelopment into a tailwind, so the same store NOI contribution was a drag this quarter versus a net positive. So I think when you look at, obviously, the some of the larger redevelopments that we have going, there’s a lot of it, you know, is is expanding square footage and GLA and taking that box down and looking for grocery conversions where we can add grocery. As you noticed in the first quarter, we did a big portfolio deal with Sprouts.

重建成為順風，因此同一家商店的淨營業利潤貢獻在本季度成為拖累，而非淨利潤。因此，我認為，當你看到我們正在進行的一些大型重建項目時，你會發現其中很多都是在擴大建築面積和 GLA，拆除那個盒子，尋找可以增加雜貨店的雜貨店改造項目。正如您在第一季注意到的那樣，我們與 Sprouts 達成了一項大型投資組合交易。

We’ve seen a lot of activity with Trader Joe’s, a lot of activity with Aldi and Lidl, just, you know, executed a big deal with BJ. So there’s a lot of grocery coming into this shopping center space in in the portfolio, and that’s really where we’ve been focused on trying to add to the redevelopment pipeline. And you’ll see that continue to deliver in the back half of this year where it becomes a positive.

我們看到 Trader Joe's 有很多活動，Aldi 和 Lidl 也有很多活動，你知道，剛剛與 BJ 達成了一項大交易。因此，有許多雜貨店進入這個購物中心的空間，而這正是我們一直致力於嘗試增加重建管道的地方。您將看到這一情況在今年下半年繼續顯現，並成為積極的結果。

Mike Mueller, JP Morgan.

摩根大通的麥克·穆勒。

Yeah, hi, Glenn, how much of a guidance increase was driven by the higher same store outlook versus the one-time accounting item that you kind of referenced?

是的，你好，格倫，與你提到的一次性會計項目相比，更高的同店前景對指導增長的推動作用有多大？

More than half of it is really related to just how the portfolio is operating and our expectations for rent commencements coming from the snow pipeline and the backfills that the team has been able to do on the JoAnn’s and the Party City boxes with them coming online. The bulk of it is really operational.

其中超過一半實際上與投資組合的運作方式有關，我們對來自雪管道的租金開始的預期以及團隊在 JoAnn 和 Party City 盒子上線後能夠進行的回填有關。其中大部分確實具有可操作性。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞。

Hi, thank you. A question for Ross. How has cap rates changed since ICSC across different property types? And which regions or shopping center formats are you seeing better opportunities?

你好，謝謝。問羅斯一個問題。自 ICSC 以來，不同類型的房產的資本化率發生了什麼樣的變化？您認為哪些地區或購物中心形式有較好的機會？

Yeah, it’s a good question because we’ve seen really aggressively priced and closed transactions with all sorts of open-air formats. You’ve seen some really high-quality lifestyle that’s been trading aggressively. Obviously, core grocery continues to be the number one in terms of investor demand. Unanchored strips continue to grow in terms of investor demand and capital that is chasing those deals.

是的，這是個好問題，因為我們已經看到各種露天形式的定價非常激進且封閉的交易。您已經看到了一些真正高品質的生活方式，而且交易非常活躍。顯然，核心食品雜貨在投資者需求方面仍然排名第一。就投資者需求和追逐這些交易的資本而言，未固定地帶持續成長。

And we’ve also seen Big Box Power in the right location with the right tenancy trading aggressively. So I think everybody is sort of picking their spots and picking their lane. The nice thing I think about Kimco and one other differentiator that we believe is our diversification in terms of format.

我們也看到 Big Box Power 在正確的地點和合適的租賃條件下積極進行交易。所以我認為每個人都在選擇自己的位置和路線。我認為 Kimco 的優點和另一個差異化之處在於我們在格式上的多樣化。

We’re very comfortable with all of those different formats, so we can sort of zig and zag and adjust depending on opportunity that we see or if there is one format and at one point in time starts to trade off, that’s something that we can be a little bit contrarian and lean into. But for the moment, we’ve seen all formats being really heavily pursued and priced aggressively.

我們對所有這些不同的格式都非常熟悉，因此我們可以根據我們看到的機會進行曲折和調整，或者如果有一種格式在某個時間點開始權衡，那麼我們可以稍微逆勢而行並傾向於此。但目前，我們看到所有格式都受到了熱烈追捧，而且價格也很有競爭力。

Michael Gorman, BTIG.

邁克爾·戈爾曼，BTIG。

Thanks. Good morning. Just stepping back for a second here. Obviously, you’ve done a lot of work on portfolio in recent years. You’ve grown the grocer exposure 15 percentage points over the past ten years. When you talk about record small shop occupancy, I’m kind of wondering what you think the upper bound is for this newer portfolio that you’ve built over the past decade?

謝謝。早安.暫時先退一步。顯然，近年來您在投資組合方面做了很多工作。過去十年裡，你們的雜貨商曝光率提高了 15 個百分點。當您談到創紀錄的小商店入住率時，我有點好奇，您認為過去十年來建立的這個新投資組合的上限是多少？

And how much of that is pushing into your expectations for rent escalators as you sign these new small shop tenants? Are they more pushing towards the high end of that 3% to 5% range you talked about in the presentation? And what that looks like going forward? Thanks.

當您簽約這些新的小商店租戶時，這對您的租金上漲預期有多大影響？他們是否更傾向於您在演示中提到的 3% 到 5% 範圍的高端？那麼未來會怎麼樣呢？謝謝。

Yeah. It’s a good question, Michael. Obviously, we’re in uncharted territory when you get to our small shop occupancy where it is today and what we can take it to. So we’re obviously optimistic that there’s still a lot more room to run. There’s no reason why we should cap out in the mid 92.5% occupancy range.

是的。這是個好問題，麥可。顯然，當您了解我們小店目前的佔有情況以及我們可以將其發揮到何種程度時，我們正處於未知領域。因此，我們顯然樂觀地認為，還有很大的發展空間。我們沒有理由將入住率限制在 92.5% 左右。

To your point, the economics of small shop deals are a lot stronger because the annual escalators are typically in that 3% to 5% range. And you’re seeing it in our stronger shopping centers being able to push the upper end of that range. So we’re the momentum is there. As I mentioned, the second quarter small shop volume was significantly higher. And these are on spaces that have been vacant or been sitting vacant for a while.

正如您所說，小商店交易的經濟效益要強勁得多，因為年度成長通常在 3% 到 5% 的範圍內。您會發現，我們實力較雄厚的購物中心能夠推動這項範圍的上限。所以我們的勢頭就在那裡。正如我所提到的，第二季小商店的銷量明顯增加。這些空間已經空置或空置了一段時間。

So I think you’re seeing just the breadth and depth of demand expand alongside us transforming the portfolio to more of a grocery anchored shopping center portfolio. So that combination, I think, is really working in our favor. And we’re doing a lot in terms of new tools for leasing. I think I mentioned it earlier where there’s really a lot going on behind the scenes that allows us to do portfolio type deals with these small shop operators, driving really good credit tenants into the shopping centers that we have, looking at all the different we have relationships, and expanding people not even in certain geographies but taking them to new geographies as well.

因此，我認為，隨著我們將投資組合轉變為以雜貨店為中心的購物中心投資組合，您會看到需求的廣度和深度也在擴大。所以我認為這種結合確實對我們有利。我們在租賃新工具方面做了很多工作。我想我之前提到過，幕後有很多事情讓我們能夠與這些小商店經營者進行投資組合類型的交易，將真正信譽良好的租戶吸引到我們擁有的購物中心，審視我們擁有的所有不同關係，並且不僅在特定地區擴大客戶群，還將他們帶到新的地區。

And I think that’s the real benefit of Kimco and its scale and its advantages of scale, is showcasing that we can use our portfolio to take the best-in-class retailer from one geography and bring them to a new geography and do the lion’s share of that market share new deals that they’re going to do.

我認為這是 Kimco 的真正優勢，它的規模和規模優勢表明，我們可以利用我們的產品組合，將一個地區的一流零售商帶到一個新的地區，並在他們將要進行的新交易中佔據該市場份額的最大份額。

And I think, put you on top of that, it’s obviously the retention side too is essential and critical in order for you to continue gaining occupancy trends as we have in with the small shop side. And so we’re retaining over 90% of the rollover schedule on a recurring basis now, which is incredible. Again, that’s just a testament to appreciate them appreciating that they’re doing well in their business, well in their location.

我認為，最重要的是，保留方面顯然也是至關重要的，這樣你才能繼續獲得入住率趨勢，就像我們在小商店方面所做的那樣。因此，我們現在定期保留超過 90% 的展期計劃，這真是令人難以置信。再說一遍，這只是對他們業務和所在地做得很好表示感謝。

We have a good partnership with them. They have with us, and so there there’s a cost to relocating, and they’ve opted not to take that relocation instead of continuing to stay with us around their business.

我們與他們有著良好的合作關係。他們已經與我們合作，因此搬遷需要成本，但他們選擇不搬遷，而是繼續與我們合作開展業務。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, good morning, everyone. Congrats on the quarter. Really good execution here. The broader question I have is just, again, you just take a look at the group in general on stock performance relative to the broader REIT sector.

大家好，早安。恭喜本季取得佳績。這裡的執行確實很好。我的更廣泛的問題是，再說一次，你只需看一下該集團相對於更廣泛的房地產投資信託基金 (REIT) 行業的股票表現。

And it just kind of feels like investors are still pretty worried about the retail outlook and the implications for shopping centers going forward. I just wanted to ask you guys, do you think that’s valid? Do you think, again, '26 when tariffs are kind of all settled and they’re clearly going to get higher rates, that really becomes an issue? Or are people just or investors just overly concerned just kind of given the strong operating and demand trends that you and in fact several of your peers continue to see?

感覺投資者仍然非常擔心零售業前景以及未來對購物中心的影響。我只是想問你們，你們認為這有效嗎？您是否認為，當關稅全部確定下來並且他們顯然會獲得更高的稅率時，這真的會成為一個問題？或者，人們或投資者只是過度擔心，因為您和您的幾位同行實際上繼續看到強勁的營運和需求趨勢？

(inaudible) Thanks for the question. I think a lot of what happened this year was there was a lot of noise to the beginning of the year that questioned the strength of the consumer, questioned the strength of the retailer demand, the operating margins on retailer demand. So there was obviously a lot out there to put a question mark on the strength of the underlying fundamentals.

（聽不清楚）感謝您的提問。我認為今年發生的很多事情都是年初出現了很多噪音，質疑消費者的實力，質疑零售商需求的實力，質疑零售商需求的營業利益率。因此，顯然有許多因素讓人對其基本面的強度產生懷疑。

And for Kimco, what we continue to focus on is to really be in that top quartile of FFO growth year in and year out. And that continues to be our North Star. And I think if we can continue to execute, we were one of only two companies last year to do over 5% FFO growth. The midpoint this year is now raised to over 5%. We feel like we have all the building blocks to put the numbers up, to let the numbers speak for themselves. I think there is a little bit of misperception going on when you think about the negative news cycle and when retailers sort of hit the skids.

對於 Kimco 來說，我們持續關注的是年復一年地真正保持 FFO 成長的前四分之一。這仍然是我們的北極星。我認為，如果我們能夠繼續執行，我們是去年僅有的兩家實現 FFO 成長超過 5% 的公司之一。今年的中間點現已提高到5%以上。我們覺得我們已經擁有了所有的基礎，可以將數字呈現出來，讓數字自己說話。我認為，當你想到負面新聞週期和零售商陷入困境時，就會出現一些誤解。

Typically, that’s a news story that runs. But the underlying fundamentals and the strength of the demand that we see is not really covered in the news cycle. The private markets see it. The private markets recognize the cash flow growth. Private markets have capital to deploy into whatever sector they so choose, and they’re clearly taking advantage and notice of what’s going on in the underlying fundamentals of the sector. So we’re cautiously optimistic.

通常，這是一個新聞故事。但我們看到的基本面和需求強度並沒有真正被新聞週期所涵蓋。私人市場看到了這一點。私人市場認可現金流成長。私人市場擁有資本來部署到他們選擇的任何行業，並且他們顯然正在利用並關注該行業的基本面正在發生的事情。所以我們持謹慎樂觀的態度。

We’ll finish this year strong and have the building blocks to continue our momentum going forward.

我們將以強勁的勢頭結束今年，並奠定基礎繼續向前發展。

Thank you, ladies and gentlemen. We currently have no further questions. I would like to pass the conference back over to speaker David Bujnicki for any closing remarks.

謝謝各位，女士們、先生們。目前我們沒有其他問題。我想將會議交還給發言人 David Bujnicki 並請他做最後發言。

I’d like to thank everybody that participated in today’s call. If you do have some follow-up questions or need further clarification, please don’t hesitate to reach out. Otherwise, I hope everybody enjoys their summer. Thanks so much.

我要感謝參加今天電話會議的所有人。如果您確實有一些後續問題或需要進一步說明，請隨時與我們聯繫。除此之外，我希望每個人都能享受這個夏天。非常感謝。

That concludes the Kimco Realty second quarter twenty twenty five earnings conference. Thank you for your participation. You may now disconnect your line.

Kimco Realty 2025 年第二季財報會議到此結束。感謝您的參與。現在您可以斷開線路了。