Kimco Realty Corp (KIM) 2025 Q3 法說會逐字稿

Hello, everyone, and thank you for joining the Kimco Realty's third-quarter 2025 earnings conference call. My name is Claire, and I will be coordinating your call today. (Operator Instructions)

大家好，感謝各位參加 Kimco Realty 2025 年第三季財報電話會議。我叫克萊爾，今天將由我來協調您的通話。（操作說明）

I will now hand over to the Kimco Realty team to begin. Please go ahead.

現在我將把工作交給 Kimco Realty 團隊，他們開始吧。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; and 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.

早安，感謝各位參加金科公司季度財報電話會議。今天參加電話會議的 Kimco 管理團隊成員包括：Kimco 執行長 Conor Flynn；總裁兼首席投資長 Ross Cooper；財務長 Glenn Cohen；營運長 Dave Jamieson；以及其他將在電話會議期間回答問題的執行團隊成員。

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.

提醒各位，本次電話會議期間所作的陳述可能被視為前瞻性陳述，需要注意的是，由於各種風險、不確定性和其他因素，公司的實際業績可能與此類前瞻性陳述中預測的業績存在重大差異。請參考該公司向美國證券交易委員會提交的文件，其中對這些因素有詳細說明。

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，管理階層可能會提及某些非GAAP財務指標，我們認為這些指標有助於投資人更了解Kimco的經營績效。這些非GAAP財務指標的調節表可在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問題，我們將盡快解決；如有必要，我們將在投資者關係網站上發布更多資訊。

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

接下來，我會把電話交給康納。

Good morning, everyone, and thank you for joining us today. I'm pleased to report another quarter of consistent high-quality execution, one that reflects the strength of our portfolio, the durability of our strategy and the exceptional efforts of the Kimco team.

各位早安，感謝大家今天收看我們的節目。我很高興地報告，我們又一個季度保持了持續的高品質執行，這反映了我們投資組合的實力、我們策略的持久性以及 Kimco 團隊的卓越努力。

For the third quarter, we delivered funds from operations of $0.44 per diluted share, reflecting another quarter of performance ahead of expectations. Based on our strong year-to-date results and continued visibility into rent commencements, we are raising our full year FFO outlook, underscoring our focus on delivering top quartile earnings growth within the sector. This outperformance was driven by continued strength across our grocery-anchored portfolio, healthy leasing spreads and disciplined execution across every region. Our results demonstrate the resilience of the open air model and the sustained demand we're seeing from retailers across all categories, which I'll further elaborate on shortly.

第三季度，我們實現每股攤薄收益0.44美元，再次超出預期。基於我們今年迄今為止的強勁業績以及對租金開租情況的持續可見性，我們提高了全年 FFO 預期，強調我們致力於在行業內實現前四分之一的盈利增長。這一優異表現得益於我們以超市為主力店的投資組合持續強勁增長、健康的租賃價差以及各個地區的嚴格執行。我們的研究結果表明，露天模式具有很強的韌性，我們看到各類別零售商都對露天模式有著持續的需求，我稍後會對此進行更詳細的闡述。

In terms of our same-site NOI, it increased 1.9% for the quarter and 3% year-to-date, which is aligned with our expectations given we had anticipated an impact from the early recapture of several large anchor boxes as well as those spaces related to Party City, Jo-Ann and Rite Aid.

就同​​店淨營業收入而言，本季度增長了 1.9%，年初至今增長了 3%，這與我們的預期相符，因為我們預計會受到幾個大型主力店以及與 Party City、Jo-Ann 和 Rite Aid 相關的空間提前收回的影響。

Notwithstanding, our base rent growth and recoveries remained healthy. And when the related loss rents are isolated, it amounted to about 130 basis points of drag in the quarter. The good news is that the team has moved quickly to retenant all those spaces, often at meaningfully higher rents with stronger operators. The re-leasing of those spaces has been a meaningful contributor to the expansion of our pipeline of leases signed but not yet open, up 360 basis points, totaling $71 million of future incremental rent growth. Both of these amounts are all-time high records for Kimco.

儘管如此，我們的基本租金成長和回收情況依然良好。如果將相關的損失租金單獨列出，則該季度將造成約 130 個基點的拖累。好消息是，該團隊已迅速採取行動，將所有這些空間重新出租，而且租金通常要高得多，租戶也更強大。這些空間的重新出租對我們已簽署但尚未開放的租賃項目儲備的擴張做出了重要貢獻，增長了 360 個基點，未來租金增量總計達 7,100 萬美元。這兩個數字都創下了 Kimco 的歷史新高。

Notably, credit loss did not materially affect our same-site NOI growth. In fact, credit loss overall has been better than expected, and we do not anticipate any near-term disruptions that would alter this. Importantly, leasing momentum accelerated across anchors and small shops alike, resulting in increased occupancy, making the second quarter the occupancy trough for the year, a clear inflection point driven by steady demand and disciplined execution. Specifically, pro rata occupancy increased 30 basis points sequentially to 95.7%. Anchor occupancy rose to 97% and small shop occupancy reached a new all-time high of 92.5%, up 70 basis points year-over-year.

值得注意的是，信貸損失並未對我們的同店淨營業收入成長產生實質影響。事實上，整體信貸損失情況優於預期，我們預期近期不會出現任何可能改變這種狀況的干擾因素。重要的是，無論是主力店還是小商鋪，租賃勢頭都加快了，入住率也隨之提高，使得第二季度成為全年入住率的最低點，這是一個由穩定的需求和嚴謹的執行力所推動的明顯轉折點。具體而言，按比例計算的入住率較上季成長 30 個基點，達到 95.7%。主力店入住率上升至 97%，小商舖入住率達到歷史新高 92.5%，較去年同期成長 70 個基點。

It's worth noting that the small shop occupancy from the former (inaudible) portfolio saw a 90 basis point sequential increase and an overall 280 basis point increase since we acquired the portfolio in January of just last year. And we still see plenty of room for further growth of our small shop occupancy.

值得注意的是，原（聽不清楚）投資組合中的小商舖入住率環比增長了 90 個基點，自去年 1 月我們收購該投資組合以來，整體增長了 280 個基點。我們仍然認為小型店舖的入住率還有很大的成長空間。

I want to spend a few moments further highlighting the most critical part of our business, leasing. Leasing activity this quarter was exceptionally strong, underscoring the depth and the quality of retailer demand across our portfolio. During the quarter, we completed 427 leases totaling 2.3 million square feet, including 144 new deals for 822,000 square feet at a 21% spread and 283 renewals and options at an 8% spread for a blended leasing spread of 11%.

我想花幾分鐘時間進一步強調我們業務中最關鍵的部分——租賃。本季租賃活動異常強勁，凸顯了我們投資組合中零售商需求的深度和品質。本季度，我們完成了 427 筆租賃交易，總面積達 230 萬平方英尺，其中包括 144 筆新交易，面積達 82.2 萬平方英尺，租金溢價為 21%；以及 283 筆續租和選擇權交易，租金溢價為 8%，綜合租賃溢價為 11%。

Year-to-date, lease GLA is up 8% over the same period in 2024. This leasing momentum remains robust given the limited available supply and is translating directly into future growth. This is a proven Kimco model in action, turning dislocation into opportunity, enhancing the quality of our income stream and converting leasing strength into sustained earnings growth. In short, the leasing success we're achieving today is already building tomorrow's FFO growth. Redevelopment also continues to be a key pillar of long-term value creation strategy and one we intend to increasingly capitalize on moving forward.

今年迄今為止，租賃總建築面積比 2024 年同期成長了 8%。鑑於供應有限，租賃動能依然強勁，並將直接轉化為未來的成長。這是 Kimco 經過驗證的模式，它將錯位轉化為機遇，提高了收入來源的質量，並將租賃優勢轉化為持續的獲利成長。簡而言之，我們今天的租賃成功已經為明天的 FFO 成長奠定了基礎。重建仍是長期價值創造策略的關鍵支柱，也是我們未來打算不斷加大利用的支柱。

During the quarter, we elevated approximately $250 million of projects to active or near-term status, bringing our total development, redevelopment and mixed-use pipeline to roughly $600 million. With our value-creation pipeline, we currently have 25 grocery-anchored projects, reflecting our focus on categories with proven traffic and rent durability.

本季度，我們將約 2.5 億美元的專案提升至活躍或近期狀態，使我們的開發、重建和混合用途項目總規模達到約 6 億美元。憑藉我們的價值創造管道，我們目前有 25 個以超市為主力店的項目，這反映了我們對客流量和租金穩定性有保證的品類的關注。

The pipeline is generating 10% to 12% unlevered returns reinforcing the attractive risk-adjusted yields we can achieve by reinvesting in our own centers. Year-to-date, we've completed redevelopment projects with a blended yield of 13.7%. We also activated our next mixed-use project, the Chester, located in the fast-growing daily City, California market in partnership with Bizuda.

該專案產生的無槓桿收益率為 10% 至 12%，這進一步鞏固了我們透過對自有中心進行再投資所能獲得的具有吸引力的風險調整後收益。今年迄今為止，我們已完成的重建項目綜合收益率為 13.7%。我們還與 Bizuda 合作，啟動了下一個綜合用途項目 Chester，該項目位於快速發展的加州每日城市市場。

This project is another example of how we aim to continue unlocking the value embedded in our entitlement program. To this point, we now have about $260 million of gross cost for multifamily projects under construction, including the 130-unit Colter Avenue project at Suburban Square that will be completed early next year. Moving ahead, we expect to activate additional multifamily opportunities in our core markets over the next 12 to 24 months.

這個項目是我們如何繼續釋放福利計畫中所蘊含價值的另一個例證。截至目前，我們正在建造的多戶住宅項目總成本約為 2.6 億美元，其中包括位於郊區廣場的擁有 130 個單元的 Colter Avenue 項目，該項目將於明年初完工。展望未來，我們預計將在未來 12 至 24 個月內在核心市場推出更多多戶住宅項目。

With respect to our capital allocation priorities, they remain unchanged, focus on further portfolio lease-up and expanding the number of high-return redevelopment projects, continue recycling capital accretively from lower-growth ground leases into higher-yielding acquisitions and structured investments, maintain a strong and flexible balance sheet and allocate capital towards initiatives that drive sustainable cash flow growth and long-term net asset value creation. Finally, as we look ahead, Innovation continues to be a defining aspect of our culture and strategy.

關於我們的資本配置優先事項，它們保持不變，重點是進一步提高投資組合的租賃率，擴大高回報重建項目的數量，繼續將低增長土地租賃的資本增值性地再投資於高收益的收購和結構化投資，保持強勁靈活的資產負債表，並將資本分配給能夠推動可持續現金流增長和長期淨資產價值創造的舉措。最後，展望未來，創新仍是我們文化和策略的決定性面向。

We formalized that commitment through the creation of the office of innovation and transformation led by Will Teichman as Chief Innovation and Transformation Officer. This new enterprise function unites our operational improvement, digital transformation, data and AI efforts under one leader allowing Kimco to align and better coordinate resources and investments to accelerate innovation.

我們透過設立創新與轉型辦公室正式確立了這項承諾，該辦公室由威爾·泰克曼擔任首席創新與轉型長。這項新的企業職能將我們的營運改善、數位轉型、數據和人工智慧工作整合到一個領導者的領導下，使 Kimco 能夠更好地協調資源和投資，從而加速創新。

The overall focus of our office of innovation and technology will be to drive strategic enterprise initiatives geared towards building new capabilities, harnessing the power of emerging technologies, including artificial intelligence, unlocking operational synergies and driving new avenues for growth.

我們創新與科技辦公室的總體重點是推動旨在建立新能力、利用包括人工智慧在內的新興技術的力量、釋放營運協同效應和推動新增長途徑的策略性企業措施。

Will has a proven track record leading our successful M&A integrations, partnering with information technology to develop and deploy digital leasing tools and developing key functions such as ancillary income, leasing operations, marketing and corporate responsibility, positioning him well to lead our new office of innovation and transformation.

Will 在領導我們成功的併購整合方面擁有良好的業績記錄，他與資訊科技部門合作開發和部署數位租賃工具，並發展了輔助收入、租賃營運、行銷和企業責任等關鍵職能，這使他能夠很好地領導我們新的創新和轉型辦公室。

To sum up, this was a solid quarter of progress that underscores the strength of our operating platform and the advantages of our grocery-anchored strategy, while building a pipeline of high-return projects that will support growth for years to come.

總而言之，這是一個穩健的季度，凸顯了我們營運平台的實力和以雜貨店為核心的戰略優勢，同時建立了一系列高回報項目，這將支持未來幾年的成長。

At Kimco, we are capitalizing on strong retailer demand and translating leasing success in the sustained earnings growth with limited new supply, record small shop occupancy and a disciplined redevelopment engine, we're well positioned to continue delivering at the top of the sector. Thank you to our entire team for their continued execution and to our shareholders for their support.

在 Kimco，我們充分利用了零售商的強勁需求，並將租賃業務的成功轉化為持續的獲利成長。由於新供應有限、小型店舖入住率創歷史新高，以及嚴格的重建計劃，我們已做好充分準備，繼續在行業中保持領先地位。感謝我們整個團隊的持續努力與執行，也感謝股東們的支持。

With that, I'll turn the call over to Ross for an update on the transaction market followed by Glenn to take you through the financial results and updated outlook.

接下來，我會把電話交給羅斯，讓他為大家介紹交易市場的最新情況，然後由格倫為大家介紹財務表現和最新展望。

Thank you, Conor. It was an active third quarter on the transactions front, and it is shaping up to be a busy year-end as well. The competition for quality open-air retail has continued to strengthen, and Kimco has proven its ability to invest capital in an accretive manner. Even in an environment with a substantial amount of capital chasing our product type, our ability to recycle capital at higher yields and with a higher growth profile is a strong differentiator. During the quarter, we funded three sizable investments, all with a slightly different profile.

謝謝你，康納。第三季交易活動十分活躍，預計年底也會非常繁忙。優質露天零售業的競爭日益激烈，而金科公司已經證明了其以增值方式進行資本投資的能力。即使在大量資本追逐我們這類產品的環境下，我們以更高的收益率和更高的成長前景回收資本的能力也是一個強大的差異化優勢。本季度，我們為三個規模較大的投資項目提供了資金，每項投資的特徵都略有不同。

First, we provided a senior loan under the structured investment program on a high-quality Sprouts-anchored center in Maryland for $97 million. Next, we funded $25.6 million for a structured investment on a Cubs food-anchored center in an affluent submarket of Minneapolis with a value-add component. As with all of our structured investments, we will receive a right of first offer on both assets if they are ultimately sold. The third investment this quarter was a participation of $75 million in a loan to Family Dollar. The value of the collateral is well in excess of the loan, providing an attractive risk-adjusted return.

首先，我們根據結構化投資計劃，為馬裡蘭州一家以 Sprouts 超市為主要租戶的高品質購物中心提供了 9,700 萬美元的高級貸款。接下來，我們出資 2560 萬美元，對明尼阿波利斯一個富裕的次級市場中以芝加哥小熊隊為核心的餐飲中心進行結構性投資，並增加了增值部分。與我們所有的結構化投資一樣，如果這兩項資產最終被出售，我們將享有優先購買權。本季第三筆投資是參與向 Family Dollar 提供的 7,500 萬美元貸款。抵押品的價值遠遠超過貸款金額，從而提供了可觀的風險調整後收益。

This participation loan is the most recent example of Kimco's long-standing history of creating value and participating in investments associated with retailers that are real estate rich. While the most recent success stories with the Albertsons supermarket chain, this strategy and track record goes back decades. These three investments made this quarter are expected to generate unlevered returns in the low double digits and substantially offset the approximately $240 million repayment from one of our existing structured program borrowers we anticipated and subsequently received in October.

這筆參與貸款是 Kimco 長期以來創造價值並參與與擁有大量房地產的零售商相關的投資的最新例證。雖然最近的成功案例是 Albertsons 超市連鎖店，但這種策略和成功經驗可以追溯到幾十年前。本季度進行的這三項投資預計將產生兩位數的低位無槓桿回報，並大幅抵消我們預期並在 10 月份收到的來自我們現有結構化項目借款人之一的約 2.4 億美元的還款。

Turning to acquisitions. We were also successful this quarter, adding a dual grocery-anchored asset in the affluent suburb of Hillsboro, Oregon. With very productive Safeway and Trader Joe's anchors, this provided a rare opportunity to acquire a dominant neighborhood grocery center with upside. The acquisition has a going-in yield that is 50 basis points higher than the single tenant asset sales that funded the transaction with over 200 basis points of higher compounded annual growth.

轉向收購。本季我們也取得了成功，在俄勒岡州富裕的希爾斯伯勒郊區新增了一家以兩家超市為主力店的物業。由於擁有 Safeway 和 Trader Joe's 這兩家業績非常出色的主力超市，這為收購一家具有發展潛力的社區主導型雜貨店提供了一個難得的機會。此次收購的初始收益率比用於此交易的單一租戶資產出售高出 50 個基點，複合年增長率高出 200 多個基點。

We utilized 1031 exchange proceeds to offset gains from the Home Depot sale in California during the second quarter as well as the sale of a Lowe's Home Improvement parcel in Owings Mills, Maryland this quarter at a 5.8% cap rate. Additionally, this asset was a JV buyout from an institutional partner looking for liquidity further showcasing the value of the right of first refusals in both the structured program as well as the institutional joint venture program.

我們利用 1031 交換所得來抵銷第二季度在加州出售 Home Depot 的收益，以及本季在馬裡蘭州歐文斯米爾斯出售 Lowe's Home Improvement 地塊的收益，資本化率為 5.8%。此外，該資產是從尋求流動性的機構合作夥伴處收購的合資企業，進一步證明了優先購買權在結構化計劃和機構合資計劃中的價值。

The total gross asset value of our JV portfolio and structured investments is approximately $7.5 billion, offering us ample future acquisition opportunities. We anticipate further opportunities to recycle capital in the fourth quarter and into 2026 and at compelling year one yield spreads as well as higher long-term growth profiles ahead. While we don't anticipate any pullback in the fierce competition and investor appetite in our product, we are confident in our ability to continue generating attractive investment spreads given the strategic differentiators available to us.

我們的合資企業投資組合和結構化投資的總資產價值約為 75 億美元，為我們提供了充足的未來收購機會。我們預計在第四季和 2026 年將有更多機會進行資本再投資，第一年的收益率差將非常誘人，未來長期成長前景也將更加光明。儘管我們預計激烈的市場競爭和投資者對我們產品的需求不會出現任何回落，但我們有信心憑藉我們所擁有的策略差異化優勢，繼續創造有吸引力的投資收益。

Now to Glenn for an update on the financial results for the quarter.

現在請格倫報告本季的財務表現。

Thanks, Ross, and good morning. Our third quarter results once again highlight the consistency and resilience of Kimco's platform, which delivered solid operational and financial performance that exceeded expectations.

謝謝你，羅斯，早安。我們第三季的業績再次凸顯了 Kimco 平台的穩定性和韌性，該平台實現了穩健的營運和財務業績，超出了預期。

For the quarter, FFO grew to $300.3 million or $0.44 per diluted share, 2.3% above last year. The improvement was primarily driven by $21 million of higher pro rata NOI led by increases in minimum rent, notwithstanding lost rents from the earlier recapture of spaces mentioned previously. Other rental property income also contributed to this growth. These increases were partially offset by $8 million of higher interest expense, mainly tied to our refinancing activity in 2024 and 2025. Importantly, as Conor shared, credit loss continues to track at the low end of our assumption range at 75 basis points for the third quarter and 73 basis points for the first nine months, underscoring the durability of our rent roll.

本季，FFO成長至3.003億美元，即每股攤薄收益0.44美元，較去年同期成長2.3%。業績改善主要得益於最低租金上漲，導致按比例計算的淨營業收入增加了 2,100 萬美元，儘管先前提到的收回空間造成了租金損失。其他出租房產的收入也促進了這一增長。這些成長部分被 800 萬美元的利息支出增加所抵消，這主要與我們在 2024 年和 2025 年的再融資活動有關。重要的是，正如 Conor 所分享的，信貸損失繼續保持在我們假設範圍的低端，第三季度為 75 個基點，前九個月為 73 個基點，這凸顯了我們租金收入的穩定性。

This quarter's FFO also included a modest onetime benefit of $3.2 million, roughly $0.05 per share related to the recapture of below-market rents from two vacated Rite Aid spaces. Turning to the balance sheet, we ended the quarter with consolidated net debt to EBITDA of 5.3x and 5.6x on a look-through basis. Liquidity remained strong at over $2.1 billion, including over $160 million of cash on hand. Our credit profile continues to strengthen as well. During the quarter, S&P upgraded Kimco to A- with a stable outlook.

本季的 FFO 還包括一筆數額不大的一次性收益 320 萬美元，約合每股 0.05 美元，這筆收益與收回兩家空置的 Rite Aid 門市低於市價的租金有關。從資產負債表來看，本季末，合併淨負債與 EBITDA 的比率為 5.3 倍，以穿透式計算為 5.6 倍。流動性依然強勁，超過 21 億美元，其中包括超過 1.6 億美元的現金。我們的信用狀況也持續增強。本季度，標普將 Kimco 的評級上調至 A-，展望穩定。

Fitch affirmed its A- rating and Moody's maintains its BAA1 rating with a positive outlook. This combination of balance sheet strength, together with approximately $150 million of annual free cash flow generated after the payment of dividends and all leasing costs, provide ample flexibility to fund additional redevelopment activities and pursue new opportunities, such as those Ross just discussed. Based on our year-to-date performance and visibility into rent commencements, we are again raising our full year FFO guidance range to $1.75 to $1.76 per diluted share up from $1.73 to $1.75 previously. This represents FFO per share growth of over 6% compared to 2024. We are also maintaining our full year same-site NOI growth outlook of 3% or better, which already incorporates the known bankruptcy impacts absorbed this year.

惠譽確認其 A- 評級，穆迪維持其 BAA1 評級，展望為正面。資產負債表的穩健性，加上支付股息和所有租賃成本後每年產生的約 1.5 億美元自由現金流，為額外的重建活動和尋求新的機會提供了充足的靈活性，例如羅斯剛才討論的那些機會。根據我們今年迄今為止的業績和對租金開始情況的了解，我們將全年 FFO 預期範圍從之前的每股攤薄收益 1.73 美元至 1.75 美元上調至每股攤薄收益 1.75 美元至 1.76 美元。這意味著與 2024 年相比，每股 FFO 將成長超過 6%。我們也維持全年同店淨營業收入成長預期為 3% 或更高，其中已計入今年已知的破產影響。

Additionally, we have revised our credit loss assumption to a more favorable range of 75 to 85 basis points compared to the prior range of 75 to 100 basis points. This adjustment reflects the lower credit risk observed and projected for the remainder of the year.

此外，我們將信用損失假設調整為更有利的 75 至 85 個基點，而先前的區間為 75 至 100 個基點。這項調整反映了觀察到的以及預計今年剩餘時間內較低的信用風險。

Our sign not open pipeline has reached a record level of 360 basis points totaling $71 million. We anticipate that approximately 20% of these leases will commence in the fourth quarter contributing $2 million to $3 million in incremental rent. Given the continued strength of our leasing activity, there is potential for further growth in the snow pipeline by year-end.

我們的「未開啟標誌」管道已達到創紀錄的 360 個基點，總計 7,100 萬美元。我們預計這些租賃合約中約有 20% 將在第四季生效，帶來 200 萬至 300 萬美元的額外租金收入。鑑於我們租賃業務的持續強勁勢頭，到年底雪景計畫還有可能進一步成長。

This expansion will create a favorable tailwind as 60% of the current snow pipeline is projected to commence next year. As a result of our strong performance and continued growth expectations, our Board approved a quarterly common stock cash dividend increase of 4% to $0.26 per quarter.

此次擴建將帶來有利的順風，因為目前60%的雪水輸送管道預計明年投入使用。由於公司業績強勁且持續成長，董事會批准將季度普通股現金股息提高 4%，至每季 0.26 美元。

In closing, our third quarter results reflected steady progress and continued momentum across the business. We expect the benefits related to the retenanting of those spaces recaptured earlier this year, many at double-digit spreads to be realized over the next several quarters. These embedded rent commencements, along with our disciplined capital allocation and a strong balance sheet, well positioned Kimco to deliver sustainable long-term growth.

綜上所述，我們第三季的業績反映了業務的穩定發展和持續成長動能。我們預計，今年稍早收回的那些空間所帶來的收益（其中許多收益將達到兩位數）將在未來幾季內實現。這些嵌入式租金開始，加上我們嚴謹的資本配置和強勁的資產負債表，使 Kimco 能夠實現可持續的長期成長。

A special thanks to our team for another quarter of excellent execution and to our shareholders for your continued support. We'll now be happy to take your questions.

特別感謝我們的團隊又一個季度出色的執行力，也感謝各位股東的持續支持。現在我們很樂意回答您的問題。

(Operator Instructions) Ronald Kamdem, Morgan Stanley.

（操作說明）羅納德‧卡姆登，摩根士丹利。

This is Caroline on for Ross. I was just curious about the transaction environment and what you're seeing from an opportunity perspective. Will you generally say that there are more deals coming to market? And what are you seeing on the cap rate side?

這裡是卡洛琳替羅斯報道。我只是好奇交易環境以及您從機會角度看到的情況。總體而言，您會認為市場上會有更多交易嗎？那麼，您在資本化率方面看到了什麼？

Sure. Happy to answer that question. As I mentioned, it continues to be extremely competitive. I think one of the advantages that we have is the geographic diversification and the diversification of our strategy. So we're able to see a tremendous amount of deal flow all across the country.

當然。樂意回答這個問題。正如我之前提到的，競爭依然非常激烈。我認為我們的優勢之一是地域多元化和策略多元化。因此，我們可以看到全國各地有大量的交易流動。

We look at it for acquisition opportunities. We look at it for opportunities to invest in the capital stack through our structured program. And as I mentioned, we have a tremendous amount of right of first offers and right of first refusals between our joint venture programs as well as some of the structured deals that we're in. So we do think that there's plenty of opportunity for Tim. As it relates to assets on the market, there has been a healthy amount that has been out there, but it's extremely competitive.

我們會考察它，尋找收購機會。我們透過我們結構化的計劃，尋找投資資本結構的機會。正如我之前提到的，我們在合資項目以及一些結構化交易中擁有大量的優先購買權和優先購買權。所以我們認為蒂姆有很多機會。就市場上的資產而言，數量相當可觀，但競爭非常激烈。

A lot of different capital sources, particularly on the private side, that's been formed chasing these deals and with that has created some really aggressive cap rates. So for us, it's just really a matter of looking at our cost of capital, finding ways to recycle accretively, which we've been able to do in the third quarter and so far this year. And that's what we anticipate doing in the fourth quarter and as we look into 2026.

許多不同的資本來源，特別是私人資本來源，為了追逐這些交易而成立，從而創造了一些非常激進的資本化率。所以對我們來說，關鍵在於審視我們的資本成本，找到增值回收的方法，而我們在第三季以及今年到目前為止都做到了這一點。這就是我們預計在第四季以及展望 2026 年要做的事情。

I think I'd just add that I think it's fair to say that our market intelligence has never been higher. If you think about how we underwrite acquisition opportunities from a fee position, but now we're seeing a lot of transactions in the private market that don't necessarily hit the open market with our structured investment program. So I think our funnel has been opened up even further to get even more market intelligence.

我想補充一點，我認為可以公平地說，我們的市場情報水平從未如此之高。如果你想想我們是如何從收費的角度來評估收購機會的，但現在我們看到私募市場有很多交易並不一定會透過我們的結構化投資計畫進入公開市場。所以我認為我們已經進一步拓寬了管道，以獲取更多的市場情報。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Looking to the future, Glenn, you mentioned the fact that open pipeline has reached record levels and could continue to grow, the implied fourth quarter guidance suggests a return to same property NOI growth of 3% plus but then you also have some debt refinancing next year. So can you walk through some of the puts and takes or early look at what we should be focused on in 2026 in broad strokes that don't reflect guidance?

展望未來，格倫，你提到未完成的項目儲備已達到創紀錄水平，並且可能繼續增長，隱含的第四季度業績指引表明，同店淨營業收入將恢復增長 3% 以上，但明年你們還有一些債務再融資。那麼，您能否大致介紹一下我們在 2026 年應該關注的一些方面，或者提前展望一下我們應該關注的重點，但不要給出具體的指導意見？

Sure, Michael. As you know, we're not obviously going to issue guidance now. We will issue guidance with our fourth quarter results in February. But touching on some of the things, again, very focused on the snow pipeline and that coming online.

當然可以，麥可。如您所知，我們現在顯然不會發布指導意見。我們將於2月份發布第四季業績報告時同時發布業績指引。但再說一些事情，重點還是放在雪水管道及其上線運作。

As I mentioned, about 60% of the current sell pipeline should start to produce results during 2026. And that 60% should represent somewhere in the $24 million range in addition to the snow that will come on during the fourth quarter of this year, which is probably in '26 to be about another $12 million or so. So we're watching that, obviously, very closely. That's a key to the NOI growth. Again, we're not seeing a lot of bankruptcies at this point, the bankruptcy period we think we have a lot of that behind us.

正如我之前提到的，目前銷售管道中約有 60% 的產品應該會在 2026 年開始產生效果。這 60% 應該相當於 2,400 萬美元左右，再加上今年第四季（可能到 2026 年）的降雪，大約還會增加 1,200 萬美元左右。所以，我們顯然會密切關注此事。這是實現營業淨收入成長的關鍵。再次強調，目前我們並沒有看到很多破產案例，我們認為破產時期基本上已經過去了。

There's not a lot of visibility to a lot of tenants that we expect to file for bankruptcy. So again, it's really about getting the rents flowing from the snow pipeline. It's getting our redevelopments flowing as well. There's a fair amount of NOI that will come from redevelopments as they come online during the year. And then separately, as you asked about on the debt side, again, we don't have any real maturities until August of next year.

對於我們預計會申請破產的許多租戶來說，情況並不明朗。所以說，關鍵在於如何讓雪水管道帶來租金收入。這也有助於推動我們的重建項目順利進行。隨著重建項目在年內陸續投入運營，將帶來相當可觀的淨營業收入。另外，正如您所問，在債務方面，我們直到明年八月之前都沒有任何真正的到期債務。

We do know that interest expense will be a headwind similar to what it was this year. We have about $825 million of debt that's returning next year. It has an average rate yield of about 0.8%.

我們知道，利息支出將和今年一樣，成為一個不利因素。我們大約有 8.25 億美元的債務將於明年到期。它的平均收益率約為0.8%。

So with that, we're going to do everything that we can to minimize that headwind. So we're going to look at all of our refinancing all of our refinancing options that we have available to us as we go through the year. So those are really the major points to watch, but we feel good about heading into the year.

因此，我們將盡一切努力把這種不利因素降到最低。因此，我們將在今年內仔細研究我們所有的再融資方案，看看我們有哪些再融資選擇。所以這些都是需要關注的重點，但我們對新的一年充滿信心。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

There. So the Family Dollar, certainly, you guys have a long track record, Frank's Conover, obviously Albertsons long track record. But it's been a few years since you last made outside of Albertsons made a retailer investment. So can you just give an overview of the retailer environment? Are there just very few deals out there or the deals that you've seen over the past few years, just -- you couldn't get the terms that you want?

那裡。所以 Family Dollar，你們肯定有著悠久的歷史，Frank's Conover，顯然還有 Albertsons，它們也都有著悠久的歷史。但距離你上次在 Albertsons 以外進行零售投資已經過了幾年。那麼，您能否簡單概述一下零售業的現況呢？是市場上交易機會太少，還是過去幾年你看到的那些交易，都無法滿足你的條件？

Just want to understand if we could see a return to a steady pace of these? Or if these are back -- or if these are really just every few years to expect one of these? Just again, given the success that you have had over the past few decades.

我只是想知道我們是否有可能看到這些業務恢復到穩定的成長速度？或者這些情況會再次出現——或者是否真的只是每隔幾年才會出現一次？再說一遍，鑑於你在過去幾十年裡的成功。

Yes, it's a great question, and thank you for pointing out the track record in the history. As you alluded to, this is something that really is part of our DNA for many different -- for many decades at this point. The Family Dollar deal itself, and while it was a private loan that we're not quite at liberty to discuss all the details. We did see an opportunity with group acquiring that chain for a heavy discount from where it was previously acquired. And with all of these deals, that particular retailer owns a tremendous amount of its own real estate.

是的，這是一個很好的問題，感謝您指出歷史上的過往記錄。正如你所暗示的那樣，這確實已經融入了我們許多人的DNA中——而且這種情況已經持續了幾十年了。關於 Family Dollar 的交易本身，雖然這是一筆私人貸款，但我們不方便討論所有細節。我們看到了一個機會，某個集團可以以遠低於先前收購價格的價格收購該連鎖店。透過這些交易，這家零售商擁有了大量的自有房地產。

And really, that's what we're looking for in most of these deals. We want to see an opportunity that is collateralized by a tremendous amount of real estate owned by a tremendous amount of real estate where we could potentially participate in the future or at a minimum, at an attractive return through the financing side of the equation by investing in that deal. There are other retailers that we're talking to regularly that own a fair amount of their own real estate. It needs to be at a point in time where they're ready to do something either by need or desire. So as the largest landlord for a vast majority of these retailers, we know that we're in that conversation all of the time.

實際上，這正是我們在大多數交易中所追求的。我們希望看到一個機會，它以大量的房地產為抵押，而這些房地產本身又由大量的房地產所有者擁有，我們未來有可能參與其中，或者至少可以透過投資該交易的融資方面獲得可觀的回報。我們也經常與其他一些擁有相當數量自有房地產的零售商洽談。必須是在他們出於需要或願望而準備好去做某件事的時候。因此，作為絕大多數零售商的最大房東，我們知道我們一直都處於這種討論之中。

We're having active portfolio reviews with every single one of our retailers, particularly those that own a tremendous amount of their own real estate. So it is sort of opportunity driven. It's hard to predict when these may come about, but we're staying front and center with all of these retailers and know that we're going to be absolutely one of their first calls if there's a capital need on their end.

我們正在與每家零售商積極進行投資組合審查，特別是那些擁有大量自有房地產的零售商。所以這在某種程度上是由機會驅動的。雖然很難預測這些情況何時會發生，但我們與所有這些零售商保持著密切聯繫，並且知道如果他們有資金需求，我們絕對會是他們首先想到的合作夥伴之一。

And it may seem like a long time ago, but we sold our last piece of Albertsons in early 2024. So we do stay active, and we do think we have the track record, as you said, we continue to mine for those opportunities.

雖然感覺好像是很久以前的事了，但我們在 2024 年初就賣掉了我們持有的最後一份 Albertsons 股份。所以我們會保持活躍，而且正如你所說，我們認為我們有這樣的成功記錄，我們會繼續挖掘這些機會。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, Glenn, maybe just expanding on that on the '26 kind of outlook here. Can you remind us -- you talked about the onetime benefits in the quarter. I think you said it was $0.005 impact from Rite Aid. Just remind us kind of what the onetime benefits are worth throughout the year as we sort of sharpen our pencils on '26?

我想，格倫，也許只是在這裡進一步闡述 2026 年的展望。能提醒一下嗎？您在本季談到了一次性福利。我想你說過Rite Aid的影響是0.005美元。提醒我們一下，在製定 2026 年預算的時候，這些一次性福利在一年中究竟值多少錢？

Sure. Again, throughout the whole year, you've heard us through the first three quarters, talk about some of these, call them onetime items, whether they be extra lease termination agreements that we received or some certain below-market rents that we've received. In total for the year, they've amounted to about $0.03. So kind of keep that in mind as you go through. Now having said that, they are onetime, they are part of the fabric of the business, and there's always -- there's a lumpy part.

當然。再說一遍，在過去的一年中，你們在前三個季度都聽到我們談論過其中一些事情，我們稱之為一次性項目，無論是我們收到的額外租賃終止協議，還是我們收到的一些低於市場價的租金。全年加起來大約是 0.03 美元。所以你在做的時候要記住這一點。話雖如此，它們都是一次性的，是業務結構的一部分，而且總是——總是會有不盡人意的地方。

So we don't know exactly when we're going to get LTAs. We don't know exactly when we're going to get some of these recaptures below market rents. So we point them out because they're very difficult to forecast. And we don't put them in our initial guidance when we put out our guidance each year.

所以我們還不清楚什麼時候才能拿到長期租約。我們目前還不清楚何時才能以低於市場租金的價格收回部分房產。所以我們特意指出這些現象，因為它們很難預測。而且，我們在每年發布指導意見時，也不會將它們納入初始指導意見中。

And Samir, one other thing I'll point out to when you're thinking about run rates and looking ahead, we did have substantial prepayment in our structured finance that Ross touched on. It's in the earnings release. It was about $240 million. So just keep that in consideration when you're looking at our mortgage financing receivables line at the end of September.

薩米爾，還有一點我想指出，當你考慮運行率和展望未來時，我們確實在結構性融資中進行了大量的預付款，羅斯也提到了這一點。財報裡有提到。大約是2.4億美元。所以，在查看我們9月底的抵押貸款應收款項目時，請記住這一點。

Floris Van Dijkum, Ladenburg Salmon.

Floris Van Dijkum，拉登堡鮭魚。

Question on the capital recycling. Encouraging news that you've sold a ground parcel and I think, a ground lease as well. Could you maybe talk about other assets that you have in the market today? Or what can we expect later on this year? I know you talked about annual dispositions of $100 million to $150 million going forward.

關於資本循環利用的問題。很高興聽到你賣掉了一塊土地，而且我想，土地租賃權也賣掉了。您能否談談您目前在市場上持有的其他資產？或者，今年晚些時候我們又能期待些什麼呢？我知道您曾談到未來每年將有 1 億至 1.5 億美元的資產處置額度。

How much of that will be the -- do you think you could achieve in terms of zero yielding lands versus ground rent versus some other noncore assets?

其中有多少是——你認為在零收益土地、地租和其他一些非核心資產方面，你能實現多少？

Yes. Thanks, Floris. As you know, that's a pretty significant part of our strategy is to continue to recycle from the low growth, low cap rate, flat single-tenant asset ground leases that we have as well as some of the nonincome-producing assets. So it will continue to be a combination of those two factors. We really started ramping up that program earlier this year, and I think that we're pleased with the start and the progress that we've made thus far.

是的。謝謝你，弗洛里斯。如您所知，我們策略中非常重要的一部分是繼續從我們擁有的低成長、低資本化率、單一租戶資產土地租賃以及一些非收入產生資產中進行再投資。所以，這仍將是這兩個因素共同作用的結果。今年年初我們開始大力推進這個項目，我認為我們對目前的進展和開局感到滿意。

We do anticipate as we look into the 2026 pipeline that we think we could do a bit more of that next year. So we're really focused on what that population looks like, how quickly we can start to ramp that up. We continue to go through certain negotiations with retailers where we believe that we need additional term to maximize value because at the end of the day, this is extremely opportunistic, and it's intended to be.

展望 2026 年的計劃，我們預計明年我們可以在這方面做得更多。所以我們真正關注的是這個群體的組成，以及我們能以多快的速度開始擴大這個群體。我們仍在與一些零售商進行談判，我們認為我們需要延長合約期限以最大化價值，因為歸根結底，這是一種極具投機性的做法，而且其目的就是如此。

So we want to make sure that we're selling assets where we feel that we've really squeezed all the juice out of them before we look to monetize. And as part of that, our team is going through some processes with certain municipalities where we have to separately parcel in order to transfer the deed.

所以我們希望確保在考慮變現之前，我們已經真正榨乾了資產的所有價值。作為其中的一部分，我們的團隊正在與某些市政當局進行一些流程，我們需要將土地單獨分割，以便轉移地契。

So we have a pretty significant universe with close to 9% of our ABR coming from these long-term ground leases. And we just want to make sure that we maximize value on each and every one before we look to exit them. So a good start in 2025, and we think that we'll be able to use a little bit more out of that in '26.

因此，我們擁有相當可觀的市場，其中近 9% 的 ABR 來自這些長期土地租賃。我們只是想確保在考慮退出之前，盡可能地最大化每隻股票的價值。所以 2025 年開局不錯，我們認為 2026 年我們能夠利用這些資源做得更好。

Yes. The only thing I would add, Floris, is we do see this as a recurring program. I think that's the key because we're actually backfilling that ground lease pipeline as well as we've got leases going with Home Depot, Target, Lowe's, you name it Walmart, Costco, they're all in active expansion mode. So even though we've been selling a few we're backfilling a few with some new leases as well. So it's a nice recurring program that we think will just continue to enhance both the same-site NOI of the organization as well as the FFO growth of the organization.

是的。弗洛里斯，我唯一要補充的是，我們確實將此視為一個定期舉辦的項目。我認為這是關鍵，因為我們實際上也在填補土地租賃管道的空缺，我們已經與家得寶、塔吉特、勞氏、沃爾瑪、好市多等眾多商家簽訂了租賃協議，他們都在積極擴張。所以，儘管我們賣出了一些房產，但我們也透過一些新的租賃合約填補了一些空缺。所以這是一個很好的常態化項目，我們認為它將繼續提高組織的同店淨營業收入 (NOI) 和 FFO 成長。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Wondering if you can give us a sense of how your conversations with retailers have been recently as they look toward their real estate needs for '26, '27 and even beyond. It seems like this point of tariffs probably underwritten into their business plan somewhat. So would you say there's more confidence on the retailer side that they need to execute on their growth objectives or is there still this sense of maybe wait and see where things might finally shake out from a tariff perspective?

想請您談談最近您與零售商的溝通情況，他們正在考慮 2026 年、2027 年甚至更遠時期的房地產需求。看來關稅問題可能已經在一定程度上納入了他們的商業計劃中。那麼，您認為零售商方面更有信心實現其成長目標，還是仍抱持觀望態度，想看看關稅方面最終會如何發展？

Yes. Sure. I appreciate the question. Well, I'd say the confidence hasn't changed. Throughout the course of this year, our retailer conversations are not about let's wait and see and see how the tariffs play out.

是的。當然。感謝您的提問。嗯，我覺得我的信心沒有改變。今年以來，我們與零售商的對話不再是「讓我們拭目以待，看看關稅會如何發展」。

There was very much an understanding that you always have to deal with short-term disruptions in the macro markets, but you have to have a long-term view on your growth strategy. And what we saw consistency through -- consistently throughout the course of this year, was a continued push to find new opportunities, to grow market share, to expand into new markets, and to continue filling a pipeline into '26 and really, we're talking about '27 now as well.

人們普遍認為，你總是需要應對宏觀市場的短期波動，但你必須對你的成長策略抱持長遠的眼光。而我們看到的始終如一的是——在今年整個過程中，我們不斷努力尋找新的機會，擴大市場份額，拓展新市場，並繼續為 2026 年乃至 2027 年儲備產品。

So when I look back on sort of where we're tracking today just in this quarter alone, quarter-to-date, we're about 30% higher in our GLA executed deals versus where we are last year. The continuation of the momentum that we've seen through the first 3 quarters. Conor had mentioned a handful of large anchor spaces that naturally expired this last quarter, which reduced our economic occupancy a little bit as expected, but it's also helped contribute to the growth of our snow pipeline. And in those deals, two of those three deals we actually executed within the same quarter we lost that space.

所以，回顧一下我們目前在本季至今的進展情況，我們的 GLA 執行交易數量比去年同期增加了約 30%。延續了前三個季度以來的發展勢頭。康納曾提到，上個季度有一些大型錨定空間自然到期，這如預期般略微降低了我們的經濟入住率，但也促進了我們雪地供應管道的成長。在這些交易中，我們在同一季度實際執行的三筆交易中有兩筆導致我們失去了那個市場。

And this is about 300,000 square feet, inclusive of a deal that we actually pre-leased in Q2 for one of those natural expirations. Pull those together, that's about a 40% spread on previous rents to new rents going forward. So there is tremendous demand, and that's on the big box side.

這大約有 30 萬平方英尺，其中包括我們在第二季預租的、即將到期的租約。綜合來看，之前的租金與未來的租金之間大約有 40% 的差距。所以需求非常大，而且這主要是指大型連鎖超市的需求。

When you look at the grocery side, we also -- I've alluded to that we have over 25 active or near-term activations on the grocery redevelopment, anchor repositioning side. It's extremely robust. It's well diversified in terms of the names that are growing on the grocery side.

從食品雜貨方面來看，我們也——我之前提到過，我們在食品雜貨重建、主力店重新定位方面有超過 25 個正在進行或即將啟動的項目。它非常堅固耐用。從食品雜貨領域不斷增長的品牌來看，它的多元化程度很高。

So we feel fairly good about where the sentiment is. On the small shops, we're at 92.5%, right? We continue to exceed our high watermarks. And we see that there's room to run. As we complete these projects, these redevelopment projects, it tends to create a meaningful halo to lease up the balance of the small shop space at those locations.

所以我們對目前的市場情緒感覺相當不錯。小商店的比例是 92.5%，對吧？我們不斷超越自己的最高紀錄。我們看到還有發展空間。隨著這些項目，這些重建項目的完成，往往會形成一種有意義的光環效應，從而將這些地點的剩餘小店鋪空間出租出去。

So we'll continue to push that. So obviously, we're going into New York ICSC in December. Hand card is pretty full at this point, and we are going to be talking more about not only filling the void of the '26 pipeline, but really focused on '27 as well.

所以我們會繼續推進這項工作。很顯然，我們將在 12 月參加紐約國際珠寶展 (ICSC)。目前手頭上的資源相當充足，我們不僅要更多地討論如何填補 2026 年人才儲備的空缺，還要重點關注 2027 年的人才儲備。

Richard Hightower, Barclays.

理查德·海托沃，巴克萊銀行。

I guess One question on capital allocation with two parts, if you don't mind. But just as far as back to the SIP pipeline and program and some of the sort of flows in and out of that bucket, help us understand maybe the level of predictability in those flows. Obviously, they were quite sizable last quarter. And just what does it correlate with? How should we think about it from the outside? And then the second part is you repurchased shares in the second quarter, didn't repurchase any shares in the third quarter. So where does that fit into the overall capital allocation framework?

我想問一個關於資本配置的問題，這個問題分為兩部分，如果您不介意的話。但回到 SIP 管道和程序，以及一些進出該管道的流量，這有助於我們了解這些流量的可預測性等級。顯然，它們上個季度的規模相當大。它究竟與什麼有關呢？我們該如何從旁觀者的角度看待這個問題？第二部分是，你在第二季回購了股票，但在第三季沒有回購任何股票。那麼，這在整體資本配置框架中處於什麼位置？

Sure. I'll take the first part. So yes, the structured investment program, I mean, we're really focused on maintaining strong levels of communication with all of our borrowers maintaining a well-laddered maturity profile. So we have a very good sense as to when the maturities are, when we anticipate getting repaid. This particular reinvestment or repayment of the $240 million was well notified in advanced.

當然。我來回答第一部分。是的，結構化投資計劃，我的意思是，我們真正專注於與所有借款人保持密切溝通，並維持合理的階梯式到期結構。因此，我們對債務到期日以及預計何時收到償還款項都有非常清晰的認識。這筆2.4億美元的再投資或償還款項已提前通知。

So we've been planning for it, we anticipated it. For that one, one particular asset was $200 million of the $240 million of the repayment. It was a wonderful investment. I don't think we would change anything or do anything differently, but I think what we have determined on a go-forward basis is that we want to make sure that we're spreading that capital out over multiple deals. So as you saw on the reinvestment, that $240 million was essentially spread out over three different investments.

所以我們一直在為此做準備，我們預料到了。就那筆交易而言，其中一項特殊資產是 2 億美元，佔 2.4 億美元還款額的一部分。這是一筆非常棒的投資。我認為我們不會改變任何事情或採取任何不同的做法，但我們已經確定，今後要確保將這筆資金分散到多個交易中。正如你在再投資部分所看到的，這 2.4 億美元實際上分散投資於三個不同的項目。

So we're going to make sure that we continue to have good visibility into the repayment, have a tremendous amount of real estate and these are spread out over. As mentioned, it's about $1.5 billion just in the structured investment program that we have right of first offers or right of first refusals. So it is well telegraphed planned for it, we account for it, and we think that it's a tremendous differentiator for us.

因此，我們將確保繼續對還款情況保持良好的可見性，我們擁有大量的房地產，而且這些房地產分佈在各地。如前所述，光是我們擁有優先購買權或優先認購權的結構化投資計畫中，就有約 15 億美元。因此，我們對此進行了充分的預判和計劃，並考慮到了這一點，我們認為這對我們來說是一個巨大的差異化優勢。

Sure. On the second question about the share buybacks, again, the stock, we obviously watch the stock price performance. That -- it's a key indicator of whether or not we would buy back shares or for that matter, whether we'll use our ATM program or other types of equity issuance. The stock performed better during the third quarter. When we bought back the shares, the average price on the share buyback was $19.61.

當然。關於股票回購的第二個問題，同樣，對於股票，我們當然會關注股價表現。這——這是我們是否會回購股票，或者更確切地說，是否會使用我們的 ATM 計劃或其他類型的股權發行的關鍵指標。該股在第三季表現較好。當我們回購股票時，股票回購的平均價格為每股 19.61 美元。

We're happy that we're above that and looking for further performance forward. But we keep all the tools available to us to find the highest yield where it makes the most sense and obviously, keeping the balance sheet metrics in consideration as well. So we'll watch it closely and use it where it's opportunistic.

我們很高興已經超越了這個目標，並期待未來能有更大的進步。但我們會利用一切可用的工具，在最合理的情況下找到最高的收益率，當然，我們也會考慮資產負債表指標。所以我們會密切注意它，並在適當的時機加以利用。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great. You highlighted in your investor presentation, the strong execution on larger deals in recent years. Hoping you could provide color on any portfolio deals in the private transaction market today and pricing along with thoughts on your appetite for potentially larger deals in 2026.

偉大的。您在投資者報告中重點強調了近年來在大型交易中取得的強勁執行力。希望您能就目前私人交易市場中的任何投資組合交易和定價提供一些見解，並談談您對 2026 年可能進行的更大規模交易的興趣。

Sure. Yes. I mean we're extremely focused on cost of capital. And as mentioned, it's very competitive out there. That's on the single asset side.

當然。是的。我的意思是，我們非常關注資金成本。如同前面提到的，競爭非常激烈。這是就單一資產而言。

That's on the portfolio side. So we keep a wide range of opportunities. We've acquired multiple portfolios in the last five years, two large M&A transactions, a large portfolio acquisition on Long Island several years ago. So that's certainly part of the playbook but it needs to be accretive and it needs to be the quality that we'll be looking for that's additive to our existing portfolio. Right now, it's a very competitive environment that makes it difficult to acquire large portfolios.

這是投資組合方面的情況。因此，我們保留了廣泛的就業機會。在過去五年裡，我們收購了多個投資組合，完成了兩筆大型併購交易，幾年前還在長島收購了一個大型投資組合。所以這當然是策略的一部分，但它必須是增值的，它必須是我們所尋找的、能夠為我們現有投資組合增添價值的優質資產。目前市場競爭非常激烈，很難獲得大型投資組合。

So we've been able to generate opportunities from within where we already have investments in assets, whether it's from our institutional joint venture program or our structured investment program. And for us right now, that's sort of been the best risk-adjusted return that we're able to generate.

因此，我們能夠從我們已有的資產投資中創造機會，無論是透過我們的機構合資企業計劃還是結構化投資計劃。對我們來說，這可以說是目前我們能夠獲得的最佳風險調整後效益。

I think the interesting dynamic in the transaction market today is because of the -- really the all-time high occupancies for the sector. There's really the value-add buyer is actually looking to acquire assets that have watch list tenants in the tenant rent roll, so that, in essence, they have an opportunity to re-tenant and get that mark-to-market that we've been able to showcase when we take our below market, watch list tenants and replace them with best credit and a mark-to-market that a sizable spread. .

我認為目前交易市場有趣的動態是因為——該行業的入住率確實達到了歷史最高水準。實際上，增值型買家正在尋找那些租戶名單上有「觀察名單」租戶的資產，這樣一來，他們就有機會重新招租，並獲得我們一直以來所展示的按市價出租的收益。當我們用信用最佳的租戶替換那些低於市價的「觀察名單」租戶，並以市價出租，從而獲得相當大的收益差額時，就能實現這一點。。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

St. Juste, I love it. I wanted to talk about the big jump in the readout pipeline you mentioned going up to about $600 million. Can you discuss some of the -- not only the projects being added in the yields you're underwriting and how they compare to the prior pipeline, but how you plan to fund? It seems like it will require more than just free cash flow. I'm curious how maybe selling some apartment entitlements may play a role.

聖朱斯特，我喜歡它。我想談談您提到的讀數管道大幅增長到約 6 億美元的情況。您能否討論一下——不僅是您正在承銷的收益中新增的項目，以及它們與之前的項目相比如何，還有您計劃如何籌集資金？看來僅僅依靠自由現金流是不夠的。我很好奇出售一些公寓產權或許會起到什麼作用。

Yes, sure. When you look at the spend itself, as we forecasted this year, we're around $90 million to $110 million of spend. And so when you look at the free cash flow after payout of deal costs, leasing commissions, property CapEx. We have sufficient funding there to address near-term funding commitments on an annualized basis. It's also important to note that the gross pipeline, there are pro rata components to that.

當然可以。從支出本身來看，正如我們今年預測的那樣，支出約為 9,000 萬美元至 1.1 億美元。因此，當你查看扣除交易成本、租賃佣金、房地產資本支出後的自由現金流。我們有足夠的資金來按年度支付近期資金承諾。還需注意的是，總管道中存在按比例分配的組成部分。

Obviously, we have ventures as part of some of these locations and some of these investments. In addition, obviously, the multifamily pipeline is a gross investment of $250 million. But the way we've structured it is a capital-light version where we're contributing the land, our entitlement costs and then partnering with a partner, in this case, Luzuto for both where the majority of the funding is coming from that side of the relationship.

顯然，我們在其中一些地點和一些投資項目中都有合資企業。此外，顯然，多戶住宅項目總投資額為 2.5 億美元。但我們採用的是一種輕資本模式，我們出資提供土地和產權費用，然後與合作夥伴（在本例中是 Luzuto）合作，雙方的大部分資金都來自這種合作關係。

So we have ways and means in which to fund it internally right now, and we'll continue to keep an eye on it. As it relates to the expansion itself, we've always been focused on what's best for the site. As you can see, we're heavily grocery focused. We believe that, that creates the best additive contribution to the site long term, not only for the stickiness of the grocery themselves, but the halo effect, as I mentioned earlier, to drive shop rent growth around it. So we'll continue.

所以我們現在有辦法在內部籌集資金，我們將繼續關注此事。就擴建本身而言，我們始終專注於對網站最有利的事情。如您所見，我們主要專注於食品雜貨。我們認為，從長遠來看，這將為網站帶來最佳的附加貢獻，不僅能提高雜貨店本身的黏性，而且正如我之前提到的，還能產生光環效應，推動周圍店鋪租金的成長。所以我們會繼續。

And as we always have, continuing to explore and mine for value within the real estate and it's time and right now, it's a great opportunity to take advantage of that. And we'll continue to push forward as much as we can in conjunction with our traditional leasing activity, which is very, very robust, as you know.

正如我們一直以來所做的那樣，我們將繼續探索和挖掘房地產的價值，現在正是時候，這是一個利用這種價值的絕佳機會。我們將繼續盡最大努力推進這項業務，同時與我們非常強勁的傳統租賃業務相結合，正如您所知。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just hoping to talk a little bit more about the small shop and the potential upside above and beyond kind of the already record levels, you talked about the halo effect of readouts. I'm not sure if there's any stats you can quote on what readouts have done to the small shop lease rates and how that may translate into further upside from already robust levels?

我只是想再多談談小店以及在已經創紀錄的水平之上可能出現的上漲空間，你剛才談到了讀數的光環效應。我不確定您是否可以提供一些統計數據，說明這些讀數對小商舖租金的影響，以及這可能如何轉化為在已經強勁的租金水平基礎上進一步上漲的空間？

Yes. In terms of the completed projects, you're continuing to see lift if the small shops are typically closer to the market. But when you add the grocery and you could see upwards in the teens, the low 20s and it left dependent on what the liquidity is at the time. But again, it's very much a case-by-case basis.

是的。就完成的項目而言，如果小商店通常更靠近市場，那麼你就會看到成長動能持續增強。但加上食品雜貨，價格可能會漲到十幾到二十幾，這取決於當時的流動資金狀況。但再次強調，這很大程度要視具體情況而定。

And so when we look at a handful of our projects, where there's a demolition of reconstruction of a majority of the site, we're going through that leasing activity now from where the market was to where it is today. There are significant gains to be made there, and we're executing those leases as we start to activate those projects. So it's -- again, generally speaking, we've seen it as a clear upside benefit.

因此，當我們審視一些項目時，這些項目涉及大部分場地的拆除或重建，我們正在回顧當時的租賃市場狀況，以及它與現在市場的對比。那裡蘊藏著巨大的收益，隨著這些計畫的啟動，我們正在執行這些租賃協議。所以——總的來說，我們認為這是一個明顯的利多。

I think the demand drivers for small shop leasing continues to evolve. I think we have more uses today for small shops than we ever have before. And we're, again, continuing to see that momentum continue. There's no real reason to think that we've hit our cap in terms of occupancy on small shops because again, of that demand driver and the lack of new supply. You got to remember, we're in a sector.

我認為小型商店租賃的需求驅動因素仍在不斷變化。我認為如今小型商店的用途比以往任何時候都更加廣泛。我們再次看到這種勢頭仍在繼續。沒有理由認為小商店的入住率已經達到極限，因為需求仍然旺盛，而且缺乏新的供應。你要記住，我們身處一個行業。

There's not many commercial real estate sectors out there that have the limited supply growth like open-air shopping centers. And then when you look at the finite amount of space that's available today, especially in high-quality real estate, it really narrows down the opportunity set for good quality credits, small shop tenants to grow. And we're seeing a lot of services. I think that really continues to be a major driver of the small shop occupancy lift that we continue to see going forward.

像露天購物中心這樣供應成長受限的商業地產領域並不多見。然後，當你看到如今可用的空間有限，尤其是優質房地產，這實際上縮小了優質信用的小商舖租戶發展的機會範圍。我們看到了很多服務。我認為這仍然是推動小型商舖入住率持續上升的主要因素。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Just on the ground-up development side, and Conor, you mentioned in passing in that last question, but you have those two projects listed in the supplement, I think they're relatively small. Can you talk about what you're seeing in the industry in terms of new development, what's popping up? And could there be further opportunity for Kimco there?

就從零開始的開發方面而言，Conor，你在上一個問題中順便提到了，你在補充材料中列出了那兩個項目，我認為它們規模相對較小。您能否談談目前在業界看到的新發展趨勢，以及正在出現的新事物？金科公司在那裡是否還有進一步的發展機會？

Yes. In both the cases with the ground-up with the ground-up projects that were listed Northbound and Gordon Plaza. North Town is a legacy site that we acquired via one of the M&A deals. And it was -- we had the legacy land there. There's a single large anchor on the asset preexisting with some shop space, and there's a lot of parcels that are yet to be developed.

是的。這兩個案例都是從零開始的項目，分別是北行項目和戈登廣場項目。North Town 是我們透過併購交易收購的舊址。確實如此──我們在那裡擁有一塊祖傳土地。該物業上已有一個大型錨地，帶有一些商店空間，還有很多地塊尚未開發。

So I was waiting for the market to come to us. And we found this opportunity to execute on that plan, again, tied to grocery of Sprouts. So Sprouts could be a catalyst for future growth. But what we're doing is really approaching it in a very thoughtful and derisked strategy and we're executing these leases prior to us actually putting a shovel on the ground. So very different than decades past of the large development pipeline.

所以我一直在等市場主動找上門。我們再次找到了執行該計劃的機會，這與 Sprouts 的食品雜貨業務有關。因此，Sprouts 有可能成為未來成長的催化劑。但我們現在採取的是一種深思熟慮且風險可控的策略，在真正動工之前，我們會先簽訂這些租賃協議。這與過去幾十年的大型開發案截然不同。

This is a very select in nature. It's opportunistic driven by leasing demand at which you're pre-executing those leases prior to putting a shovel of ground and they're not large at scale. And this is a land that we've had in-house for an extended period of time. Gordon Plaza Back to the previous question, too, about repositioning an asset and mining for value, dealing with sort of obsolete shop space and vacancy. We're able to demolish the entire site and build it from the ground up with a Chase at Home Depot and an Aldi.

這是非常特殊的一種。這是由租賃需求驅動的機會主義行為，即在動工之前預先簽訂租賃合同，而且規模不大。而且這塊地我們已經擁有很久了。Gordon Plaza 回到先前的問題，關於重新定位資產和挖掘價值，處理過時的店鋪空間和空置情況。我們能夠拆除整個場地，然後從頭開始重建，並配備一家 Chase 銀行、一家 Home Depot 超市和一家 Aldi 超市。

So very controlled in nature, extremely high credit, again, pre-executed all those leases before a shovel on the ground. So I think what you'd see from us is the activation of that legacy land when it makes sense based on the leasing demand.

因此，其性質非常受控，信用極高，而且在動工之前就已經預先簽訂了所有租賃合約。所以我認為，我們將根據租賃需求，在適當的時機啟動這些歷史土地。

There's really not a lot of active ground up development in the market today. If you look at like sort of the whole sector, I think we're at 0.3% of existing stock under construction, which is the lowest of any commercial real estate sector. So we've done a lot of work to identify how much rents have to rise in our markets to really see any wave of new supply. And it's in the range of 50% to 60% of rent growth that needs to occur. So I think it's a pretty sizable time frame before we see any real ground-up development come back to the space.

目前市場上真正活躍的從零開始的開發項目並不多。如果縱觀整個產業，我認為目前在建項目佔現有庫存的0.3%，這是所有商業房地產行業中最低的。因此，我們做了很多工作來確定我們市場上的租金需要上漲多少才能真正看到任何新的供應浪潮。租金成長幅度需要​​達到 50% 到 60%。所以我認為，在我們看到該領域真正從零開始的發展之前，還需要相當長一段時間。

And then where our position for our strategy, our first drink suburb strategy, again, it's really hard to make the economics worth if the area is being densified, it's very rare to find a parcel that can justify a ground-up economic deal where 80% of the shopping center is parking lots, that's not generating any revenue. So usually, those parcels have to be much more dense a lot of different uses. And it's rare to find those that make economic sense with the cost of land, cost of labor, everything going up. And so we feel really good about that level of safety we have of being disrupted from a new wave of supply being very, very minimal.

那麼，就我們的策略定位而言，我們首先要考慮的是郊區商業開發策略。同樣，如果該地區人口密度增加，就很難在經濟上獲利。很難找到一塊地皮能夠證明從零開始進行經濟開發是合理的，因為購物中心 80% 的面積都是停車場，而停車場又沒有產生任何收入。所以通常情況下，這些包裹必須更加密集，用於多種不同的用途。而且，在土地成本、勞動成本等各方面都在上漲的情況下，很難找到既符合經濟效益又合理的項目。因此，我們對目前這種安全狀況感到非常滿意，因為新一波供應中斷的可能性非常非常小。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

I just want to circle back, Conor, your commentary about the promotion of will and the formalization of that initiative there. I'm just kind of curious, beyond just the formalization of the kind of the org chart there. What kind of resources do you guys plan to put into this initiative? Like are you guys putting a lot of money behind AI behind the scenes to increase productivity? And what do you think the return on those type of initiatives could be long term from an NOI margin or head count perspective?

康納，我只想再談談你之前關於促進意志和正式化這一舉措的評論。我只是有點好奇，不僅僅是組織結構圖的正式化程度。你們計劃為這項計劃投入哪些資源？你們是不是在幕後投入大量資金用於人工智慧以提高生產力？從營業淨收入利潤率或員工人數的角度來看，您認為這類舉措的長期回報會是什麼？

And are there any other big tech initiatives like an overhaul of the accounting system or anything else there that we should be thinking about from a capital use perspective over the next couple of years?

未來幾年，從資本使用的角度來看，還有哪些其他的大型技術舉措，例如會計系統的全面改革或其他方面，值得我們考慮？

Yes, it's a great question, Craig. So as you know, we're big believers in making the Kimco platform best-in-class. We believe we've taken a lot of initiatives to integrate the business organization with the best technology tools available. And we've been doing it now for a number of years, and now we formally fuse the two together with Will running that organization. And I'm a big believer that scale is an advantage when you have the ability to use the technology tools to allow you to increase margins to allow you to get more efficient, to allow you to increase productivity.

是的，克雷格，這是一個很好的問題。如您所知，我們堅信要將 Kimco 平台打造為一流平台。我們相信，我們已經採取了許多舉措，將業務組織與現有最好的技術工具結合。我們已經這樣做了好幾年了，現在我們正式將這兩個組織合併在一起，由威爾來管理這個組織。我深信，當你能夠利用科技工具來提高利潤率、提高效率、提高生產力時，規模就是一種優勢。

And when you look at our G&A line and you look at how much we've been able to do over the last three years without really moving the G&A line, we bought a public company, we bought big portfolios, big assets. And we're still at, I think, the first inning, our productivity increasing from what we see in the dawn of sort of the platform and where we're investing. So I'll hand it over to Will to give you a little bit of it of what to anticipate, but we're really excited about the future, and we're investing in our people, we're investing in our platform to, again, take advantages of the scale that we currently have and that we anticipate to have in the future.

當你查看我們的 G&A 支出項，再看看過去三年我們在 G&A 支出項沒有真正變動的情況下所取得的成就，你會發現我們收購了一家上市公司，收購了龐大的投資組合和大量資產。我認為我們目前仍處於第一局，我們的生產力正在提高，這得益於我們在這個平台和我們投資領域的初期階段所看到的成果。那麼，我會把麥克風交給威爾，讓他簡單介紹一下未來值得期待的事。我們對未來充滿信心，我們正在投資我們的員工，投資我們的平台，以便再次利用我們目前擁有的規模優勢以及我們預期未來將擁有的規模優勢。

Yes, just to add a little bit of additional color. This really does align our strategic planning, operational improvement, digital technology and change management resources, all under one coordinated structure. And it's important to focus on how we organize ourselves as you think about the opportunity set that is emerging in front of us. One of the things that we've learned over the last couple of years of doing this type of work through our M&A integration projects, through technology implementations and other organizational transformation projects is the importance of a multidisciplinary approach to being successful in delivering.

是的，只是為了增添一些色彩。這確實將我們的策略規劃、營運改善、數位技術和變革管理資源整合到一個協調的結構中。重要的是，在思考擺在我們面前的各種機會時，我們要專注於如何組織自己。在過去幾年裡，我們透過併購整合專案、技術實施和其他組織轉型專案來進行這類工作，從中了解到，多學科方法對於成功交付至關重要。

A lot of these projects can be complex that can be costly in terms of the investment and success is not guaranteed. And so thinking and being very intentional about how we approach these things, we've been able to develop some playbooks and some successful tactics and a track record that I think we'll be able to continue as we look to formalize this OIT structure going forward.

這些項目很多都很複雜，投資成本很高，成功也無法保證。因此，透過認真思考和有意識地處理這些事情，我們已經制定了一些操作指南和一些成功的策略，並取得了一些成績，我認為隨著我們未來正式確立 OIT 結構，我們將能夠繼續保持這些優勢。

As it pertains to level of investment, well, I don't -- we don't want to get into specifics today. I will just say that from an approach perspective, as we think about innovation and transformation, it's the same type of ROI-type calculus that we utilize in all of the other parts of the business. So as we think about making investments in digital technology, we're looking for a return on that investment.

至於投資規模，嗯，我們今天不想討論具體細節。我只想說，從方法論的角度來看，當我們思考創新和轉型時，我們採用的都是與公司其他所有業務領域相同的投資報酬率計算方法。因此，當我們考慮對數位技術進行投資時，我們追求的是投資回報。

Sometimes those returns come in the form of expense efficiencies. Sometimes those returns come in the form of growing our pipeline of opportunities with our retailers or the transaction opportunity set that Ross mentioned earlier. So we're staying diligent, I do think that we are focused on continuing to invest in the technology stack.

有時，這些回報會以成本效率提高的形式反映出來。有時，這些回報體現在擴大我們與零售商的合作機會管道，或是羅斯之前提到的交易機會組合。所以我們會保持勤奮，我認為我們專注於繼續投資技術堆疊。

And as Conor said, I feel confident that the investments that we've already made over the last 10 years really position us well and give us a head start. And if this new structure will help us to accelerate that over the decade to come.

正如康納所說，我相信我們在過去 10 年所做的投資確實讓我們處於有利地位，並給了我們先發優勢。如果這種新結構能夠幫助我們在未來十年加速實現這一目標。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

Just a quick one following up on development. What's the total expected development dollars that you could see yourself investing in '26 and '27? And I know you had -- you talked about retail opportunity, but should we basically think of this as being largely resi going forward?

簡單跟進一下開發進度。您預計在 2026 年和 2027 年總共投資多少發展資金？我知道你談到了零售業的機會，但我們是否應該基本上把未來的發展重點放在住宅上？

So separating into two parts, to ground up retail development, as I mentioned before, is relatively small and controlled. And it's going to be opportunistic based on lease activity and signing and executing those leases before we put a shovel in the ground.

因此，將其分為兩部分，從頭開始進行零售開發，正如我之前提到的，規模相對較小且可控。我們將根據租賃活動採取機會主義策略，在動工之前簽署並執行這些租賃協議。

So we -- again, we have some legacy land. We are looking at another project that's in the near-term pipeline that could be activated relatively soon because we're near completing the execution of those leases. But we don't see a whole lot of meaningful growth out of that category versus our really reinvestment and repositioning of the redevelopment pipeline and repositioning and strengthening our existing asset base.

所以我們——再說一遍，我們有一些遺留土地。我們正在關注另一個近期即將啟動的項目，該項目可能很快就會啟動，因為我們即將完成這些租賃協議的簽署。但與我們真正投入資金重新開發專案、重新定位和加強現有資產基礎相比，我們並沒有看到該類別帶來多少有意義的成長。

On the multifamily side, obviously, we activated the Westlake project this last quarter, the Chester. And we do have some near-term opportunities in the next 12 to 24 months that we will continue to look to activate as well following our proven strategy on the structured side that we've done with a preferred partner. And so we'll continue to look in mind for those opportunities in the select core markets that makes sense for us.

在多戶住宅方面，顯然，我們在上個季度啟動了 Westlake 計畫和 Chester 計畫。在接下來的 12 到 24 個月裡，我們確實有一些近期機會，我們將繼續尋求激活這些機會，同時也遵循我們與首選合作夥伴在結構化方面已經證明有效的策略。因此，我們將繼續關注那些對我們有意義的特定核心市場中的機會。

Yes, Mike, I think the easy way to think about it is continuation of what we have today, priority on the high double -- high single, low double-digit retail expansions, redevelopments that we showcased in the grocery portfolio that we can unlock, very limited like Phase II type activation of ground-up development.

是的，麥克，我認為最簡單的思考方式是延續我們今天所擁有的，優先考慮兩位數以上的零售擴張，以及我們在雜貨店組合中展示的可以釋放的重建項目，而像第二階段那樣從零開始的開發項目則非常有限。

And then the preferred equity structure we have for activating our multifamily entitlements where we take our land plus the entitlement costs and use that as our capital to activate those projects. So again, using a CapEx-light approach where we can activate those projects with a multifamily partner. So that, again, we can focus on the highest level of return for our capital that's going out the door.

然後，我們採用優先股結構來啟動我們的多戶住宅權益，我們將土地加上權益成本作為資本來啟動這些項目。因此，我們再次採用輕資本支出的方式，與多戶住宅合作夥伴一起啟動這些計畫。這樣，我們就可以再次專注於為我們投入的資本爭取最高的回報。

Alex Fagan, Bard.

亞歷克斯費根，吟遊詩人。

Most of my questions have been asked. But kind of going back maybe to the Family Dollar investment. How many Family Dollars does Kim have currently in the portfolio? And for the real estate side, what are you targeting? What kind of locations if they manifest some sort of deal?

我的大部分問題都已經被問過了。但或許應該回到當初在 Family Dollar 的投資上。Kim目前持有多少張Family Dollar卡？那麼在房地產方面，你們的目標客戶群是哪些呢？如果它們達成某種協議，那麼它們會選擇什麼樣的地點？

We only have a handful of Family Dollar locations. It's less related to doing more deals necessarily with Family Dollar is looking at the structure program and what they have within the real estate holdings that backstop the loan that we're issuing as part of this consortium. So when we're looking at the risk-adjusted basis, to what we're investing and what we potentially get back, it's fairly well measured and asset-backed is which we like, and they also have an ample distribution centers anything associated with that as well.

我們這裡只有寥寥幾家Family Dollar門市。與 Family Dollar 達成更多交易的關聯性不大，我們關注的是結構性方案以及他們在房地產持有方面擁有的資產，這些資產可以為我們作為該財團一部分發放的貸款提供支持。所以，當我們審視風險調整後的基礎，也就是我們投資的內容和我們可能獲得的回報時，它得到了相當不錯的衡量，並且有資產支持，這是我們喜歡的，而且他們還有充足的分銷中心以及與之相關的任何資源。

We have 5 Family Dollar locations currently. The loan was -- the way we look at this is with -- if the operations are dark, how much is the real estate work that's owned and that's how we underwrite it. So the loan is in essence and in fact, by the owned real estate, which we're very, very comfortable with.

我們目前有5家Family Dollar門市。貸款的運作方式是——我們看待這個問題的方式是——如果營運不景氣，那麼擁有多少房地產收入，這就是我們進行承銷的方式。所以這筆貸款本質上，實際上也是透過我們擁有的房地產來發放的，對此我們非常非常放心。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

Curious on the structured investment program, does this repayment from the RAM remove any existing ROFRs there? And how do you generally think about the likelihood of repayments in the structured investment program versus and converting into a potential acquisition opportunity?

我對結構化投資計畫很感興趣，RAM的這筆還款是否會取消該計畫中現有的優先購買權？您通常如何看待結構化投資計劃的還款可能性與轉化為潛在收購機會的可能性？

Yes, it's a good question. And I think that's the beauty of the program for us is that we are very comfortable with any of the potential outcomes the ROFOs and the ROFRs have a tremendous amount of value and potential future acquisition opportunity. We did acquire one asset earlier this year in Jacksonville that came directly from this program.

是的，這是個好問題。我認為，對我們來說，該計劃的妙處在於，我們對任何可能的結果都非常滿意。優先購買權和優先購買權具有巨大的價值和潛在的未來收購機會。今年早些時候，我們在傑克遜維爾收購了一處資產，該資產直接來自這個項目。

We think that there's probably another one in the, call it, near to medium term that we're discussing with the existing borrower today. It's never certain whether the ultimate outcome is an acquisition. But at our basis, the way that we underwrite it, we really view these and underwrite them as an operator and a manager. So at our basis, we're very happy if we have the opportunity to buy it. We're very happy if we ultimately get repaid after generating a very attractive return.

我們認為，在近期到中期內，可能還有另一筆貸款，我們今天正在與現有借款人討論這筆貸款。最終結果是否是收購，永遠無法確定。但從我們的角度來看，我們承保的方式是，我們真正以營運商和管理者的身份來看待和承保這些業務。所以從我們的角度來看，如果我們有機會購買它，我們會非常高興。如果我們最終在獲得非常可觀的回報後能夠收回成本，我們會非常高興。

And in the unlikely event that we have to take over at our basis, we're very comfortable with that outcome as well. So we view it essentially as a win-win-win regardless of how it ultimately plays out in the end.

即使我們必須接管基地這種不太可能發生的情況，我們也完全能夠接受這個結果。所以無論最終結果如何，我們都認為這基本上是一個三贏的局面。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

With 60% of your pipeline coming online in '26, what does the cadence look like in terms of when it comes on? And how would it impact the weighting of same-store NOI next year between the first half and the second half?

2026 年，你們 60% 的產品線將會上線，那麼上線的節奏是怎麼樣的呢？那麼這將如何影響明年上半年和下半年同店淨營業收入的權重分配？

Yes. I mean it's weighted more towards the second half of the year. You'll get some in the first half, but it's more heavily weighted towards the second half of the year.

是的。我的意思是，這種情況更集中在下半年。上半年會有一些，但主要集中在下半年。

Thank you. We currently have no further questions. So I'll hand back to David Bujnicki for closing remarks.

謝謝。我們目前沒有其他問題。那麼，我將把發言權交還給大衛·布伊尼基，讓他做總結發言。

Just like to thank everybody that participated in our call today. So thank you so much. We appreciate it.

非常感謝今天所有參與我們電話會議的人。非常感謝。我們非常感謝。

This concludes today's call. Thank you for joining. You may now disconnect your lines.

今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路了。