Kimco Realty Corp (KIM) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to Kimco Realty's first quarter 2026 earnings conference call.

大家好。感謝各位加入我們，歡迎參加 Kimco Realty 2026 年第一季財報電話會議。

(Operator Instructions)

(接線員指示)

I will now hand the conference over to David Bujnicki, Senior Vice President of Investor Relations and Strategy. David, please go ahead.

現在我將把會議交給投資人關係與策略資深副總裁 David Bujnicki。David，請開始。

Good morning, and thank you for joining Kimco's quarterly earnings call. The Kimco management team participating on the call today include Conor Flynn, Kimco's CEO; Ross Cooper, President and Chief Investment Officer; Glenn Cohen, our CFO; David Jamieson, Kimco's Chief Operating Officer; as well as other members of our executive team that are also available to answer questions during the call.

各位早安，感謝加入 Kimco 的季度財報電話會議。今天參與會議的 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；營運長 David Jamieson；以及我們其他也將在會議中回答提問的高階主管團隊成員。

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之陳述可能被視為前瞻性陳述；請注意，由於各種風險、不確定性及其他因素，公司實際結果可能與此類前瞻性陳述所預期者存在重大差異。請參閱公司向 SEC 提交的文件，其中已就相關因素作出說明。

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.

在本次簡報中，管理層可能會提及若干非 GAAP 財務衡量指標，我們相信這些指標有助於投資人更好地理解 Kimco 的營運成果。這些非 GAAP 財務衡量指標的調節表可於 Kimco 投資人關係網站上的季度補充財務資訊中查閱。

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.

此外，若本次電話會議發生技術問題，我們將盡快排除。如有需要，我們也會在投資人關係網站上發布補充資訊。

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

接下來，我把電話交給 Conor。

Good morning, and thanks for joining us today. When we spoke in February, I laid out a clear set of priorities for 2026. Convert our record signed but not open pipeline into cash flow, recycle capital aggressively to close the gap between our public and private market valuations, modernize the operating platform to drive speed and efficiency while continuing to push occupancy and same-site NOI growth, all underpinned by the structural strength of our grocery-anchored portfolio. Three months in, I'm pleased to report we are executing on each of these fronts.

各位早安，感謝今天加入我們。在二月的通話中，我已為 2026 年提出一套明確的優先事項。將我們創紀錄的「已簽約但尚未開業」管線轉化為現金流；積極進行資本回收，以縮小我們在公開市場與私募市場估值之間的差距；現代化營運平台以提升速度與效率，同時持續推升出租率與同店 NOI 成長；而這一切皆以我們以雜貨店為主力店（grocery-anchored）的投資組合之結構性優勢為基礎。三個月過去，我很高興向各位報告，我們在上述各方面都在落實執行。

Let me walk you through the highlights. David Jamieson will provide additional detail on leasing. Ross will cover the transaction market, and Glenn will take you through our financial results and outlook.

我先帶各位看重點摘要。David Jamieson 將就租賃提供更多細節。Ross 將說明交易市場情況，而 Glenn 會帶各位回顧我們的財務結果與展望。

The momentum we built in 2025 has carried into 2026. For the first quarter, we outperformed as we delivered FFO of $0.46 per diluted share, a 4.5% increase over the prior year, driven by higher minimum rents, strong tenant retention and favorable credit loss.

我們在 2025 年建立的動能延續到了 2026 年。第一季我們表現優於預期，稀釋後每股 FFO 為 0.46 美元，較去年同期成長 4.5%，主要受惠於更高的最低租金、強勁的租戶續租率，以及有利的信用損失表現。

Same-property NOI grew 1.7%, which is consistent with the cadence we outlined in February, that the first quarter would mark the low point of the year as we lap prior year rents related to JOANN's, Party City, Big Lots and Rite Aid.

同店 NOI 成長 1.7%，與我們在二月所說的節奏一致：第一季將是全年低點，因為我們正好與去年因 JOANN's、Party City、Big Lots 與 Rite Aid 相關的租金基期形成對比。

Our tenant credit profile is also as strong as I can ever remember. Customarily, credit loss tends to be higher during the first quarter as challenged retailers look to get through the holiday season. This year, we didn't experience any meaningful bankruptcy activity and don't foresee that materially changing over the course of the year. As we look ahead, we anticipate accelerating same-site NOI growth through the balance of the year as rents commence from our signed but not open pipeline.

我們的租戶信用概況也強勁到我幾乎不曾見過。通常第一季信用損失會較高，因為經營承壓的零售商會努力撐過假期旺季。但今年我們沒有出現任何具實質影響的破產活動，且預期全年也不會出現重大變化。展望未來，隨著我們「已簽約但尚未開業」管線的租金開始起算，我們預期同店 NOI 成長將在今年剩餘期間加速。

Speaking of leasing, our team delivered 576 deals totaling 4.4 million square feet with new lease spreads of 23.8% and combined spreads of 11.3%. That volume reflects the deep broad-based demand that characterizes our markets.

談到租賃，我們團隊完成 576 筆交易、合計 440 萬平方英尺；新租約租金價差（spread）為 23.8%，合併價差為 11.3%。這樣的量能反映出我們市場中深厚且廣泛的需求。

Most importantly, our signed but not open pipeline grew to $77 million of annual base rent, a new all-time record for Kimco, representing 410 basis points of leased versus economic occupancy spread. That is contracted visible cash flow sitting in the pipeline waiting to convert, and it's the single clearest indicator of where our earnings are headed.

更重要的是，我們的「已簽約但尚未開業」管線成長至年化基本租金 7,700 萬美元，創下 Kimco 歷史新高，代表「已出租率」相較「經濟出租率」的差距達 410 個基點。這是已簽約、可見且確定的現金流，正待從管線中轉化落地，也是最清楚的單一指標，顯示我們獲利將走向何方。

Occupancy came in at 96.3% pro rata, 50 basis points higher than a year ago and down just 10 basis points from our all-time high at the end of last year. I'll let Dave provide more detail on leasing in a moment, but I want to highlight a milestone that speaks directly to the power of our platform.

按持股比例（pro rata）計算的出租率為 96.3%，較去年同期高 50 個基點，且僅較去年底的歷史高點低 10 個基點。我稍後會讓 Dave 提供更多租賃細節，但我想先強調一個里程碑，這直接體現我們平台的實力。

When we closed the RPT transaction just two years ago, that portfolio carried an occupancy gap of roughly 130 basis points lower than Kimco's legacy assets. At the end of the first quarter, we not only closed the gap, we surpassed it, as the RPT portfolio occupancy is slightly higher than Kimco's.

兩年前我們完成 RPT 交易時，該投資組合的出租率落後 Kimco 既有資產約 130 個基點。截至第一季末，我們不僅補上差距，甚至超越：RPT 投資組合的出租率已略高於 Kimco。

Importantly, even at these occupancy levels, the portfolio continues to have a meaningful runway of below-market rents, providing a significant mark-to-market opportunity as leases roll.

重要的是，即使在目前的出租率水準下，整體投資組合仍有相當比例的租金低於市場水準；隨著租約到期重簽，將帶來顯著的按市價調升（mark-to-market）機會。

Now allow me to touch on the macro environment. Geopolitical uncertainty has injected some volatility into the broader economy and near-term retail sentiment, including the rise of fuel prices and its impact on the consumer. We are not dismissing that, but it is also where the durability of Kimco's portfolio becomes more apparent.

接著我簡要談談總體環境。地緣政治不確定性為整體經濟與短期零售情緒帶來一些波動，包括燃油價格上升及其對消費者的影響。我們不會忽視這些因素，但也正是在這樣的情況下，Kimco 投資組合的韌性更為凸顯。

Our tenant base is anchored in discount and necessity-driven retail, grocers, off-price, fitness and everyday services, the categories that have historically demonstrated resilience precisely when discretionary spending comes under pressure. The first quarter validated that thesis as our traffic at our centers was up more than 2% year-over-year.

我們的租戶基礎以折扣與民生必需型零售為主，包含雜貨、折扣精品（off-price）、健身與日常服務等類別；這些類別在可選性支出承壓時，歷來展現出更強的抗壓性。第一季也驗證了這項論點：我們各中心的人流年增超過 2%。

Retailers are looking beyond the near-term macro issues and remain focused on the long term as demand for quality space remains strong, supported by the scarcity of high-quality vacant space and virtually no new supply entering our markets. The structural backdrop remains squarely in Kimco's favor, and our leasing performance reflects that. Demand across the portfolio is strong, spreads are healthy, and we see no signs of that changing.

零售商正超越短期總體議題，仍聚焦長期；在高品質空置面積稀缺、且幾乎沒有新供給進入我們市場的支撐下，對優質空間的需求依然強勁。結構性背景明確有利於 Kimco，而我們的租賃表現也反映了這一點。整體投資組合需求強勁、價差健康，我們未見任何將改變此趨勢的跡象。

In closing, Kimco entered 2026 with the strongest operational foundation in our company's history, and the first quarter reinforced the financial power of our platform. Strong demand, a record signed but not open pipeline, disciplined capital recycling, the strongest balance sheet we've ever had and one of the most resilient tenant bases in the sector give us the building blocks to continue delivering at the top of the shopping center space.

最後，Kimco 以公司史上最強的營運基礎進入 2026 年，而第一季進一步強化了我們平台的財務實力。強勁需求、創紀錄的「已簽約但尚未開業」管線、嚴謹的資本回收、我們歷來最強的資產負債表，以及本產業中最具韌性的租戶基礎之一，為我們持續在購物中心領域維持領先表現提供了關鍵基石。

I'll now turn it over to Dave for an update on leasing activity in the operating portfolio.

接下來我把電話交給 Dave，請他更新營運投資組合的租賃活動。

Thank you, Conor. I'll cover our first quarter leasing results, the SNO pipeline and the progress we're making on our operating transformation, all of which point to a compelling growth trajectory as we move through the year. Then I'll hand it over to Ross.

謝謝你，Conor。我將說明第一季租賃成果、SNO（已簽約但尚未開業）管線，以及我們在營運轉型方面的進展；這些都指向我們在今年推進過程中具吸引力的成長軌跡。之後我會把電話交給 Ross。

The first quarter demonstrated that the embedded growth in this portfolio is real and accelerating. We closed 576 deals totaling 4.4 million square feet with new leases delivering spreads of 23.8%, a clear reflection of the mark-to-market opportunity ahead of us.

第一季顯示，這個投資組合內含的成長動能是真實存在且正在加速。我們完成 576 筆交易、合計 440 萬平方英尺；新租約帶來 23.8% 的價差，清楚反映我們未來可望按市價調升的機會。

Renewals and options came in at 12% and 7.9%, respectively, and overall blended spreads across new leases, renewals and options were 11.3%. That extends our streak to 15 consecutive years of positive leasing spreads, a track record that speaks to the enduring pricing power of our real estate. New leasing activity remains strong in both deal count and GLA, reinforcing that retailer demand for our centers is deepening, not plateauing. Package leasing continued to build momentum as we secured four leases with Dollar Tree, signing several of those in under 30 days.

續約與選擇權分別為12%與7.9%，而新租約、續約與選擇權的整體加權平均租賃利差為11.3%。這使我們連續15年維持正向租賃利差的紀錄，這項成績證明了我們不動產持久的定價能力。新租賃活動在成交件數與可出租面積（GLA）方面仍然強勁，進一步印證零售商對我們購物中心的需求正在加深，而非趨於停滯。組合式租賃持續累積動能，我們與Dollar Tree簽下四份租約，其中數份在30天內即完成簽約。

And in our lifestyle portfolio, we signed two leases with Anthropologie and executed our first deal with Patagonia. This activity validates the strategy behind our dedicated lifestyle operating team that signals growing institutional interest in this segment of the portfolio.

在我們的生活風格（lifestyle）投資組合方面，我們與Anthropologie簽下兩份租約，並完成與Patagonia的首筆交易。這些活動驗證了我們專責生活風格營運團隊背後的策略，也顯示市場對該投資組合區隔的機構資金興趣正在升溫。

Average new lease rents for the quarter came in near $29 per square foot, the highest we've ever reported. This is a significant data point. It tells us that the mark-to-market opportunity in this portfolio is not narrowing, it is expanding. As below-market leases continue to roll, we are capturing that embedded upside at record rent levels.

本季新租約的平均租金接近每平方英尺29美元，為我們歷來最高。這是一個重要的數據點。它告訴我們，該投資組合的市價重估（mark-to-market）機會並未縮小，而是在擴大。隨著低於市場水準的租約持續到期，我們正以創紀錄的租金水準實現其中隱含的上行空間。

Overall, retailer demand is broad-based and diversified across anchors, junior anchors and small shops, spanning grocery, off-price, fitness and general merchandise. The pace of new deal execution through Q1 surpassed the comparable period last year, and the pipeline heading into Q2 remains robust.

整體而言，零售商需求呈現廣泛且多元，涵蓋主力店、次主力店與小型店鋪，橫跨雜貨、折扣零售、健身與綜合商品等類別。截至第一季的新案執行速度超過去年同期，而進入第二季的案源管線仍然強勁。

Crucially, retailers are not pulling back. They are committing to long-term store opening programs, which is the strongest possible signal of confidence in the open-air format and specifically in Kimco centers. Retention reinforces the growth story. Excluding bankruptcy-related activity, we had 47 fewer vacates, a direct reflection of strong store level performance and the scarcity of viable alternatives for tenants in our markets. They are staying because they are growing in our centers.

關鍵在於，零售商並未縮手。他們正承諾長期的展店計畫，這是對露天型（open-air）業態、尤其是對Kimco購物中心最強而有力的信心訊號。續租率也強化了成長故事。排除破產相關因素後，我們的退租件數減少了47件，直接反映店點層級的強勁表現，以及在我們市場中租戶可行替代選項的稀缺。他們留下來，是因為他們在我們的購物中心持續成長。

Small shop occupancy rose 80 basis points year-over-year to 92.5%, near historic highs, and that trajectory has room to continue.

小型店鋪出租率年增80個基點至92.5%，接近歷史高點，而這一趨勢仍有持續上升的空間。

Looking ahead, we are positioned to unlock meaningful incremental growth in occupancy and rent through our active repositioning and redevelopment pipeline. The grocery-anchored redevelopment program is a particularly powerful catalyst with approximately 15 anchor grocery projects. The SNO pipeline is where the near-term growth story comes at the sharpest focus. As Conor mentioned, the pipeline stands at a record $77 million in annual base rent with occupancy up from 390 to 410 basis points since year-end.

展望未來，透過我們積極的資產重整與改建/再開發管線，我們已具備條件在出租率與租金上解鎖可觀的增量成長。以雜貨店為主力店的再開發計畫是特別強勁的催化劑，約有15個主力雜貨店專案。SNO管線是近期成長故事最聚焦之處。如Conor所提，該管線的年度基本租金（annual base rent）達到創紀錄的7,700萬美元，且自年末以來出租率提升了390至410個基點。

Over 60% of the current SNO is projected to commence in 2026, with commencements weighted toward the second half, meaning the earnings contribution ramps into a period where visibility is high.

目前SNO中超過60%預計將於2026年開始起租（commence），且起租時間偏向下半年，意味著獲利貢獻將在能見度較高的期間逐步放大。

Our singular operational focus is velocity, converting signed leases to cash paying rent as efficiently as possible. We are already tracking ahead of plan. Projected cash flow rent from 2026 commencements has increased to $31 million, up from an original budget of $28.5 million, a $2.5 million improvement that reflects both the strength of the pipeline and the operational progress we've made in accelerating commencements.

我們唯一的營運重點是速度——以最高效率將已簽署租約轉化為開始收取現金租金。我們目前的進度已領先原計畫。2026年起租所帶來的預估現金流租金已增至3,100萬美元，高於原先預算的2,850萬美元，提升250萬美元；這反映了管線的強勁，以及我們在加速起租方面取得的營運進展。

Q1 actual commencements will contribute approximately $13 million in 2026 with over $18 million projected from leases commencing in Q2 through Q4. The growth ramp is in front of us, and it is well defined. This acceleration is directly attributable to the structural changes we put in place.

第一季實際起租預計將在2026年貢獻約1,300萬美元，另有超過1,800萬美元預計來自第二季至第四季起租的租約。成長的爬坡曲線就在眼前，而且相當明確。這項加速直接歸因於我們所導入的結構性變革。

Although we officially go live in Q3, we are already seeing the benefits of the new structural changes via earlier contractor engagement and tighter coordination across leasing, construction and asset management under this new operating model. The organizational transformation we outlined last quarter is not a future benefit. It is already showing up in the numbers.

雖然我們將於第三季正式上線，但透過更早介入承包商，以及在此新營運模式下租賃、工程與資產管理之間更緊密的協同，我們已經看見新結構性變革帶來的效益。我們在上季所說明的組織轉型並非未來才會發生的效益。它已經反映在數字上。

To sum up, the fundamentals of this business are strong and the growth vectors are clear. 15 consecutive years of positive leasing spreads, a record SNO pipeline with $31 million in projected '26 commencements already tracking $2.5 million ahead of plan, and improving tenant retention, record new lease rents and a grocery-anchored redevelopment program, enhancing merchandising, traffic and long-term growth and an organizational structure and technology platform that are making us faster and more efficient. The investments we outlined last quarter are already showing up in execution. We are not waiting for growth. We are building it quarter-by-quarter.

總結而言，本業基本面強勁，成長動能清晰：連續15年正向租賃利差、創紀錄的SNO管線，且2026年預計起租的3,100萬美元已較計畫超前250萬美元；同時租戶續租改善、新租約租金創新高，以及以雜貨主力店為核心的再開發計畫，提升商品組合、來客量與長期成長；再加上讓我們更快、更有效率的組織架構與科技平台。我們在上季所提出的投資已經反映在執行成果上。我們不是在等待成長。我們正一季一季地把成長打造出來。

With that, I'll turn it over to Ross for an update on the transaction market.

接下來我把時間交給Ross，請他更新交易市場的狀況。

Thank you, Dave, and good morning. As we anticipated, the first quarter was relatively quiet from a transaction volume standpoint. While activity was intentionally measured, we use this period productively, advancing our disposition pipeline, continuing to underwrite and analyze acquisition and structured investment opportunities and maintaining the discipline that defines our capital allocation approach. This measured start to the year was consistent with our 2026 plan, and we remain confident in achieving our full year transaction guidance with activity weighted towards the second half.

謝謝你，Dave，大家早安。如我們所預期，第一季就交易量而言相對平靜。雖然活動刻意保持節奏與克制，但我們有效利用這段期間，推進處分管線、持續承作與分析收購及結構性投資機會，並維持界定我們資本配置方法的紀律。這樣審慎的年度開局與我們的2026年計畫一致，我們仍有信心達成全年交易指引，且活動將偏向下半年。

Open-air retail has firmly established itself as one of the most sought-after asset classes in commercial real estate with investor demand supported by strong sector fundamentals, record occupancy, limited new supply and durable necessity-based cash flows. As a result, cap rates have remained low and resilient with best-in-class grocery-anchored centers in top markets trading in the low to mid-5% range.

露天型零售已穩固成為商用不動產中最受追捧的資產類別之一，投資人需求受到強勁的產業基本面、創紀錄的出租率、有限的新供給，以及以民生必需為基礎且具韌性的現金流所支撐。因此，資本化率（cap rates）維持在低檔且具韌性；頂級市場中同級最佳的雜貨主力店購物中心成交資本化率落在5%出頭至5%中段區間。

The recently announced acquisition of Whitestone REIT by Ares Management, an all-cash transaction valued at approximately $1.7 billion is the latest evidence of how aggressively private capital is pursuing our sector and highlights the persistent disconnect between private market valuations for high-quality open-air retail and where our sector trades publicly

Ares Management近期宣布以全現金收購Whitestone REIT，交易價值約17億美元，這是私募資本積極追逐我們產業的最新證據，也凸顯高品質露天型零售在私募市場估值與我們產業在公開市場交易水準之間持續存在的落差。

Closing the gap remains a key focus for us. In the first quarter, we maintained a disciplined approach to capital recycling, completing the sale of two flat low-growth ground leases at cap rates blending to a mid-5% level. We are actively marketing a handful of additional assets, including other ground lease parcels and select residential properties, and we continue to be prudent in structuring these dispositions to shelter gains where possible through 1031 exchanges.

縮小這個落差仍是我們的重點工作。第一季，我們維持嚴謹的資本循環（capital recycling）策略，完成出售兩筆平坦、低成長的地上權租賃（ground leases），其資本化率加權平均約在5%中段水準。我們正積極行銷少數其他資產，包括其他地上權地塊與部分住宅資產，並持續審慎地設計這些處分交易，在可能情況下透過1031交換來遞延/遮蔽資本利得。

This tax-efficient approach is consistent with the strategy we executed last year and is an important lever in maximizing after-tax returns as we recycle capital from lower growth assets into higher quality investments. Against that backdrop, our ability to source opportunities through proprietary channels continues to be a critical differentiator.

這種具稅務效率的作法與我們去年執行的策略一致，並是在我們將資本自低成長資產回收、再投入更高品質投資時，用以最大化稅後報酬的重要槓桿。在此背景下，我們透過專有管道（proprietary channels）取得機會的能力，仍是關鍵差異化優勢。

On the structured investment side, we were active in the quarter, committing capital to new opportunities at attractive yields, each carrying future acquisition rights under a ROFO or ROFR. As a result, we're slightly ahead of plan on structured investments and continue to build a deep pipeline of potential future acquisition opportunities that is largely insulated from open market competition. These investments continue to demonstrate the value of our proprietary deal flow.

在結構性投資方面，我們本季相當活躍，以具吸引力的殖利率承諾資本投入新的機會，且每筆投資均附帶透過ROFO或ROFR取得未來收購權利。因此，我們在結構性投資上略微超前計畫，並持續建立深厚的潛在未來收購機會管線，且在很大程度上可避免公開市場競爭。這些投資持續展現我們專有案源的價值。

Looking to the balance of the year, we are actively evaluating additional assets to acquire and properties on which to provide structured investment financing. We expect transaction volume to build meaningfully through the second half, and we remain confident in achieving our full year targets at spreads consistent with our guidance.

展望今年剩餘期間，我們正積極評估可收購的額外資產，以及可提供結構性投資融資的物業。我們預期交易量將在下半年顯著增加，並且我們仍有信心以符合我們指引的利差水準達成全年目標。

We are not in a rush. Our proprietary sourcing advantage allows us to be selective, and we will continue to prioritize quality of execution over pace. In summary, with a fortress balance sheet, $2.2 billion in total liquidity and a robust proprietary pipeline, we are well positioned as we move through 2026.

我們不急。我們的專有案源優勢讓我們能夠更有選擇性，我們將持續把執行品質置於速度之上。總結而言，憑藉堅若磐石的資產負債表、22億美元的總流動性以及強勁的專有案源管道，我們在邁向2026年的過程中已處於有利位置。

With that, I'll pass the call to Glenn.

接下來，我把電話交給Glenn。

Thanks, Ross, and good morning. As the team has outlined, Kimco delivered a strong start to 2026 with 4.5% FFO per share growth, favorable credit trends, and continued balance sheet improvement. I'll focus on the key drivers behind the quarter, followed by the balance sheet and our outlook.

謝謝你，Ross，大家早安。如團隊所述，Kimco在2026年開局表現強勁，每股FFO成長4.5%，信用趨勢有利，且資產負債表持續改善。我將聚焦本季背後的關鍵驅動因素，接著談資產負債表與我們的展望。

The key driver of our FFO result of $0.46 per diluted share was higher pro rata NOI led by $8.3 million of higher minimum rents, a direct reflection of the contractual escalators and mark-to-market activity embedded in our rent roll. I do want to call out a few items that affected comparability this quarter.

我們稀釋後每股FFO為0.46美元，其關鍵驅動因素是按持股比例計的NOI提高，主要來自最低租金增加830萬美元，這直接反映在我們租金名冊中所內含的合約遞增條款與按市價調整（mark-to-market）活動。我也想特別指出幾項影響本季可比性的因素。

First, the quarter benefited from approximately $7 million from accelerated below-market rent associated with early lease termination-related recaptures. This is non-cash in nature and is reflected in our GAAP revenue line. It is also important to note that first quarter results benefited from the timing of percentage rent that is seasonally weighted toward the first quarter. As a result, we do not expect the percentage rent income collected in the first quarter to be indicative of the remaining quarters as this dynamic is fully reflected in our full year outlook.

首先，本季受惠於約700萬美元的低於市價租金加速認列，與提前終止租約相關的收回（recapture）所致。這屬於非現金性質，並反映在我們的GAAP營收項下。同時也要注意，第一季結果亦受惠於百分比租金（percentage rent）的入帳時點，其季節性通常偏重於第一季。因此，我們不預期第一季收取的百分比租金收入能代表其餘季度，因為此一動態已完整反映在我們的全年展望中。

Also, G&A expense of $37 million was elevated due to the timing shift of our annual equity award grant into the first quarter. Last year, this expense was recognized in the second quarter. The biggest driver of the expense is related to retirement-eligible employees in which the full grant value is immediately charged, resulting in approximately $6 million of higher incremental expense in the quarter. As this is a timing issue, there is no material impact for the full year and is also fully reflected in our outlook.

另外，G&A費用為3,700萬美元，因年度股權獎酬授予時點移至第一季而偏高。去年該費用是在第二季認列。費用上升的最大驅動因素與符合退休資格的員工有關，其授予的全部價值需立即費用化，使本季增加約600萬美元的增量費用。由於這是時點問題，對全年並無重大影響，且也已完整反映在我們的展望中。

Turning to the balance sheet. We ended the quarter with consolidated net debt-to-EBITDA of 5.2 times or 5.5 times on a look-through basis, including pro rata JV debt and preferred stock. These are the best levels we have reported since we began tracking this metric and reflect the cumulative benefit of our deleveraging efforts over the past several years. Liquidity remained strong at approximately $2.2 billion, including $170 million of cash on hand and full availability on our $2 billion unsecured revolving credit facility with no borrowings outstanding.

接著談資產負債表。本季末，我們合併淨負債對EBITDA為5.2倍；若以穿透基礎（look-through basis）計入按持股比例的合資企業（JV）負債與優先股，則為5.5倍。這是自我們開始追蹤此指標以來所報告的最佳水準，反映過去數年去槓桿努力的累積成效。流動性維持強勁，約22億美元，其中包括1.7億美元手頭現金，以及我們20億美元無擔保循環信用額度的全額可用額度，且目前無任何動用。

During the quarter, we further improved our capital position by renewing our revolving credit facility, reducing the borrowing spread over SOFR by 5 basis points and extending the initial maturity to March 2030 with two six-month extension options. We also reduced spreads on $860 million of outstanding term loans, generating roughly $600,000 of annual interest savings while adding extension options on certain tranches.

本季期間，我們透過續約循環信用額度進一步改善資本結構，將相對SOFR的借款利差下調5個基點，並將初始到期日延長至2030年3月，另附兩次各六個月的延展選項。我們也下調了8.6億美元未償還定期貸款的利差，帶來約60萬美元的年度利息節省，同時為部分分段（tranche）新增延展選項。

Looking ahead, our 2026 refinancing activity is already a known headwind and fully reflected in our current outlook. The majority of maturities fall in the second half, providing flexibility on when we choose to address. We have a broad set of financing alternatives available to us, including the unsecured bond market, our recently launched commercial paper program, the term loan market as well as the convertible market, and we will be opportunistic with execution.

展望未來，我們2026年的再融資活動已是已知的逆風，並已完整反映在目前展望中。大部分到期集中在下半年，讓我們在選擇處理時點上更具彈性。我們有多元的融資替代方案可用，包括無擔保債券市場、我們近期推出的商業本票（commercial paper）計畫、定期貸款市場以及可轉換市場，我們將把握有利時機進行執行。

Now for an update on our 2026 outlook. Given the positive start to the year, we are tightening our full year 2026 FFO outlook to a new range of $1.81 to $1.84 per diluted share from the previous range of $1.80 to $1.84 per diluted share. We are updating our outlook based on improved visibility across key drivers, including the following: First, we've raised the full year outlook range for same-site NOI growth to a new range of 2.8% to 3.5%, driven by improved visibility into the timing of new rent commencements from our SNO pipeline and better-than-expected credit loss.

接著更新我們對2026年的展望。鑑於今年開局正面，我們將2026年全年每股稀釋後FFO展望區間收斂至每股1.81至1.84美元，先前區間為每股1.80至1.84美元。我們基於關鍵驅動因素能見度提升而更新展望，包括：第一，我們將同店NOI成長的全年展望區間上調至2.8%至3.5%，主要受惠於我們SNO管道中新租金起算（commencement）時點的能見度提升，以及信用損失優於預期。

As a result, we are tightening our full year credit loss assumption to a new range of 65 to 90 basis points compared to the previous range of 75 to 100 basis points. As we previously noted, we expect our same-site NOI growth to continue to accelerate each quarter going forward for the rest of the year.

因此，我們將全年信用損失假設收斂至65至90個基點，先前區間為75至100個基點。如先前所述，我們預期同店NOI成長在今年剩餘期間將於每一季持續加速。

Finally, our outlook remains dependent on the timing of capital activity, including debt refinancing, acquisitions, dispositions and redevelopment spending. All other outlook assumptions remain substantially unchanged at this time. In closing, it was a solid quarter of operating growth, better-than-expected credit performance and continued balance sheet strengthening, which positions us well for continued growth.

最後，我們的展望仍取決於資本活動的時點，包括債務再融資、收購、處分以及重建（redevelopment）支出。目前其他展望假設大致維持不變。總結來說，本季營運成長穩健、信用表現優於預期，且資產負債表持續強化，使我們具備持續成長的良好基礎。

And with that, we'll open the call for questions.

接下來，我們開放提問。

(Operator Instructions) Michael Goldsmith, UBS.

(接線員指示) Michael Goldsmith，UBS。

On the capital allocation front, you sold a couple of flat ground leases in the quarter. It sounds like you've been marketing more as well as maybe some of the apartment opportunities. So how has the market been for these ground leases and apartments? And how fast do you think you can accelerate some of this capital recycling?

在資本配置方面，你們本季出售了幾筆平面地租（flat ground leases）。聽起來你們也在推廣更多標的，可能還包括一些公寓機會。那麼，這些地租與公寓的市場狀況如何？你們認為能多快加速這部分的資本回收再投入（capital recycling）？

Yes. Thanks, Michael. It's been a really strong market as evidenced by some of the execution that we've taken so far and what we're seeing in the pipeline. So we feel really good about the strategy, the guidance, our ability to execute. We do have a fairly substantial pipeline on the disposition side as well as on the acquisition structured side, a couple of hundred million of additional dispositions that are at various stages as well as a similar amount on the reinvestment side.

是的。謝謝你，Michael。市場非常強勁，從我們迄今的部分執行成果以及我們在管道中看到的情況都可證明。因此，我們對這項策略、指引以及我們的執行能力都很有信心。在處分端以及結構性收購端，我們都有相當可觀的管道；另外還有數億美元的處分案正處於不同階段，且在再投資端也有類似規模的案量。

So feeling really good about the execution and what we're going to be able to accomplish as the year progresses.

因此，隨著年度推進，我們對執行以及我們將能完成的成果都感到非常樂觀。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，Morgan Stanley。

This is Caroline on for Ron. As you mentioned, lease occupancy was up year-over-year, but slightly down quarter-over-quarter. I was just wondering if we could hear a little bit more on what you're seeing in terms of occupancy upside in '26 and what plans you have to capture that?

我是Caroline，代Ron提問。如你們提到，租賃入住率（lease occupancy）年增，但季比略降。我想多了解一下你們對2026年入住率上行空間的觀察，以及你們有哪些計畫來把握這個機會？

Sure. Yes. On Q1, it was primarily driven by the American Signature bankruptcy. So without that, we would have been flat to slightly positive. So when you look at the momentum that we're seeing at the start of 2026, obviously, 155 new leases.

當然。是的。第一季主要是受到American Signature破產的影響。若不計此因素，我們本來會持平到略為正成長。因此，當你看我們在2026年初所看到的動能，顯然有155份新租約。

With retention rates for the first half of the year, we're seeing at over 95%, which is near our all-time highs as well. The cadence of tenants that are wanting to stay in place, exercise renewals or exercise options, renegotiate renewals and then the new lease activity due to the lack of really any new supply all driven by these demand factors is boding really well for the balance of the year.

就上半年續租率而言，我們看到已超過95%，也接近我們的歷史高點。由於幾乎沒有任何新增供給，在這些需求因素的推動下，租戶希望留在原址、行使續約或選擇權、重新協商續約，以及新的租賃活動所呈現的節奏，對今年剩餘期間的展望非常有利。

When we look at Q2 in terms of our pipeline right now, we're on cadence to what we saw last year, and we have great momentum on those two boxes that we've got back in the beginning of this year. And for example, with American Signature, our mark-to-market on those is over 25%. So not only are going to be backfilling with higher credit tenants, but the opportunity to drive rents further north.

就我們目前第二季（Q2）的管線來看，節奏與去年相當，而且我們在今年年初收回的那兩個店面上也有很好的動能。例如，針對 American Signature，那些店面的市價差（mark-to-market）超過25%。因此，我們不僅會以信用更佳的租戶來回填，亦有機會進一步把租金往上推升。

Yes. The only thing I would add is the real upside for Kimco and our investors is the growth in economic occupancy. We have a very wide spread in the signed but not open pipeline. But when you see that meaningful uptick in economic occupancy as we progress through the year, that's really what will be a differentiator for us versus the peers.

是的。我唯一想補充的是，對 Kimco 及我們投資人而言，真正的上行空間在於經濟入住率的成長。在「已簽約但尚未開業」（SNO）的管線上，我們有非常大的落差。但當你看到我們在今年推進過程中經濟入住率出現顯著上升時，這將真正成為我們相較同業的差異化因素。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

I know, Conor, you just talked there about the economic to leased occupancy delta narrowing. If we're at 410 bps, call it, this quarter, do you expect that to narrow to 200 bps by the end of the year? I know you're still about 200 bps below your all-time record high economic occupancy. So maybe talk a bit about the cadence and expectation of that delta progressing throughout the year.

Conor，我知道你剛剛談到經濟入住率相對於已出租入住率的差距正在縮小。如果本季約為410個基點（bps），你是否預期到年底會縮小到200個基點？我知道你目前的經濟入住率仍比歷史最高水準低約200個基點。所以能否談談這個差距在全年推進過程中的節奏與預期？

Yes. So I first want to take a step back and talk about what creates the SNO pipeline in this 410 basis points. Obviously, the top line is your leased occupancy and the bottom line is your economic occupancy. So starting first with leased occupancy, we're at 96.3%. Our all-time high is 96.4%, but we see that there's room to run north of that.

是的。我想先退一步，談談這410個基點以及 SNO 管線是如何形成的。很明顯，上面那條線是已出租入住率，下面那條線是經濟入住率。先從已出租入住率開始，我們目前是96.3%。我們的歷史高點是96.4%，但我們認為仍有空間可以再往上。

For example, we're about 110 basis points below our all-time high in anchor occupancy. So if we continue to reach that level and continue to push small shops, you should see lease occupancy grow. As a result of that, that's future cash flow benefits that we would be getting that we have not yet realized, but that would continue to further expand the SNO pipeline. So that's a good thing. And so we want to continue to see that cadence.

例如，我們的主力店（anchor）入住率仍比歷史高點低約110個基點。因此，如果我們持續回到那個水準，並持續推進小店鋪，你應該會看到已出租入住率成長。其結果是，我們將獲得尚未實現、但未來會到位的現金流效益，而這也會進一步擴大 SNO 管線。所以這是好事。因此我們希望持續看到這樣的節奏。

On the bottom side, there's the economic occupancy. As Conor just mentioned, we want to continue to see that grow. And right now, we're still below our all-time high of about 94.5%. So we have room to run there, and we continue to see that to accelerate through the back half of the year. So not only are tenants now open and operating, but they are also paying higher rents than the previous rents. So that also demonstrates future cash flow growth.

在下面那一端，是經濟入住率。如 Conor 剛剛提到的，我們希望它能持續成長。而目前我們仍低於約94.5%的歷史高點。所以那裡仍有上行空間，我們也持續看到它在下半年加速。因此，租戶不僅已開業並在營運，且他們支付的租金也高於先前的租金。這也顯示未來現金流的成長。

So it's not to say that you necessarily want to see it compress as a good thing as much as you want to see the cash flow growth come online and you want to continue to rebuild that cadence and that pipeline to demonstrate even further cash flow growth over the coming years. So we see both trending upward as our goal and objective for 2026.

所以，重點不在於你一定要把差距壓縮、把它視為一件好事；而是你希望現金流成長能夠到位，同時你也希望持續重建那個節奏與管線，以在未來幾年展現更進一步的現金流成長。因此，我們的目標與方向是讓兩者在2026年都呈現上升趨勢。

Yes. I think the nicest part about where we sit today is retention rates are at all-time highs and actually ticked up in the first quarter. So again, that churn that has been relatively constant in retail has actually slowed down meaningfully.

是的。我認為我們目前所處位置最好的部分是，續租率處於歷史高點，而且在第一季其實還有所上升。所以，再次強調，零售業中相對固定的租戶流失（churn）實際上已明顯放緩。

And the demand side is still there, and we're seeing it being -- continuing on the robust path that's on. So that's why I mentioned that the upside that Kimco has versus our peers is that economic occupancy lift as we move through the year and forward past that.

而需求端仍然存在，我們也看到它——持續沿著目前強勁的軌道前進。所以我才提到，Kimco 相較同業的上行空間在於，隨著我們走過今年並在之後，經濟入住率的提升。

Samir Khanal, Bank of America.

Samir Khanal，美國銀行（Bank of America）。

I guess my question is around the noncash GAAP revenue. It sounds like you did around $21 million in the first quarter and your guide is like $45 million to $55 million. Talk about kind of how to think about the cadence for future quarters and what kind of drove that for the first quarter?

我想我的問題是關於非現金的 GAAP 收入。聽起來你們第一季大約是2,100萬美元，而你們的指引大概是4,500萬到5,500萬美元。能否談談未來幾季的節奏該如何看待，以及第一季主要是什麼因素驅動的？

Sure. So in the first quarter, we actually had some larger below-market rents that came back. We had a couple of leases where we early recaptured those boxes, and that generated an extra $7 million in the first quarter. So again, it is weighted more towards the first quarter. When we look to the back half of the year, second quarter, third, fourth quarter, again, we're expecting right now normal cadence of it.

當然。第一季我們其實有一些較大筆的低於市價租金回收。我們有幾份租約是提前收回那些店面，這在第一季額外帶來了700萬美元。所以再次說明，它確實較偏重在第一季。當我們看下半年——第二季、第三季、第四季——目前我們預期會回到正常的節奏。

So again, you'll probably look at somewhere in the $8 million to $10 million a quarter of transactions that relate around this non-GAAP revenue. So it really is more of this one-timer event in the first quarter lifted by these two large below market rents we got back.

所以，再次說明，你可能會看到每季約800萬到1,000萬美元、與這項非 GAAP 收入相關的交易。因此，第一季的提升更像是一次性事件，主要由我們收回的兩筆大型低於市價租金所帶動。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場（BMO Capital Markets）。

I'm just wondering or hoping you could talk to a little bit about how you think about the importance of size and liquidity and being more relevant, I guess, in investors and their mind share, particularly the non-dedicated REIT guys, a generalists in the environment today and going forward and the need for scale.

我想請教或希望你們能談談，你們如何看待規模與流動性的重要性，以及在投資人——特別是非專注於 REIT 的投資人、偏一般型（generalists）的投資人——心智占有率中更具相關性；在當前環境以及未來，對規模的需求是什麼？

It's a great question. I think when you look at Kimco today, we are a compelling investment to the generalists. I mean, I think when you look at our relative discount on any different level, you look at our multiple relative to the peer set in our sector, which is at about a 15% discount.

這是個很好的問題。我認為就今天的 Kimco 而言，對一般型投資人來說，我們是一個很有吸引力的投資標的。我的意思是，當你從任何不同層面看我們的相對折價，看看我們相對於同業組合的估值倍數，我們大約有15%的折價。

You look at our net asset value discount, which is really the sum of all the parts of our assets, we're trading at a discount there as well. And then you look at the private capital formation and look at the example just at Blackstone alone, their second highest conviction is in open-air grocery-anchored shopping centers behind data centers.

再看我們的淨資產價值（NAV）折價——也就是我們資產各部分加總的價值——我們在那裡同樣以折價交易。然後你再看私募資本的形成，例如僅以黑石（Blackstone）為例，他們第二高的確信（conviction）是在露天式、以雜貨店為主力店的購物中心，僅次於資料中心。

And you look at the transactions of privatizations of public REITs, you look at ROIC, you look at Alexander & Baldwin, you look at Whitestone and you look at the compelling factors of the cash flow growth that we're seeing, and you look at the relative multiple against other sectors as well versus Kimco with an A-/A3 balance sheet, top of the charts earnings growth, one of the lowest G&A loads, I think we actually have a very compelling offering to the generalist community.

再看公開 REIT 私有化交易，你看投資資本報酬率（ROIC），你看 Alexander & Baldwin，你看 Whitestone，再看我們所看到的現金流成長的吸引力因素，以及相較其他產業板塊的相對估值倍數；同時 Kimco 擁有 A-/A3 的資產負債表、名列前茅的盈餘成長、最低之一的 G&A 費用負擔，我認為我們對一般型投資人社群確實提供了非常有吸引力的投資選項。

And REITs today obviously are dealing with higher interest rates and higher fuel prices, but we feel like we have the supply and demand dynamic that really shines relative to other sectors and relative to other peers in our sector. So we actually feel like the size and the relative strength of the balance sheet, the growth profile and the team gives us the opportunity to capture mind share when we go out to generalists, and we do that consistently outside of just the normal REIT sector and REIT conferences. We feel like we have a compelling offering as Kimco really shines on all those metrics and the offering opportunity we present today.

而REITs（不動產投資信託）今天顯然正面臨較高的利率與較高的燃料價格，但我們認為，相較於其他產業、以及相較於我們產業內的其他同業，我們的供需動態確實更為突出、表現更亮眼。因此，我們實際上覺得，資產規模與資產負債表的相對強度、成長輪廓以及團隊，讓我們在向一般型投資人推廣時，有機會取得更高的心佔率；而且我們也一貫地這麼做，不僅限於傳統的REIT產業圈與REIT會議。我們認為我們有一個很有吸引力的投資主張，因為Kimco在所有這些指標上都非常出色，而我們今天所呈現的投資機會也同樣具吸引力。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Just a question on -- from the tenant perspective. Given this environment where space is quickly sort of vanishing, if you will, and basically nothing is being built, are you seeing a difference in how the tenants approach leasing?

我想問一個問題——從租戶的角度來看。在目前這種環境下，可租空間很快就像是消失了一樣，而且基本上幾乎沒有新建案，你們是否看到租戶在承租方式上有所不同？

Meaning are you seeing either the CEOs more involved or the tenants rethinking how they go out to landlords to lease space or how they think about their leasing? Or they pretty much have their set game and they're doing not what they've always done, but I'm just trying to understand from the tenant's perspective, it's got to be different, I would think, just given you're close to 98% anchor lease, 92% small shop, like I got to think that their game is different than years ago when there was a lot more availability.

也就是說，你們是否看到CEO更深入參與，或租戶重新思考他們如何向房東洽談承租空間、或如何規劃他們的租賃？還是他們基本上仍照既定模式在做——不是說完全照以前那樣，但我想了解從租戶角度看，應該會不一樣才對；畢竟你們主力店出租率接近98%、小店約92%，我想他們的策略應該不同於幾年前供給更充裕的時候。

Yes, Alex, great question. I'll sort of break it down to a handful of things. One, you're absolutely right and the tenant is changing their approach. They're becoming much more flexible in terms of how they view their prototype. They're becoming much more aggressive in wanting to get out in front of new opportunities and/or potential future opportunities and a willingness to sign leases much sooner.

是的，Alex，這是個很好的問題。我大概把它拆成幾點來說。第一，你說得完全正確，租戶正在改變他們的做法。他們在看待店型（prototype）方面變得更有彈性。他們也更積極地希望搶先掌握新機會和／或未來潛在機會，並且更願意更早簽約。

As a result of that, as you've seen with us doing the package deals, most notably, obviously, in Q1, we did a bunch of Dollar Tree deals. It's not so much that we did Dollar Tree deals, but it's more important about the pace and the cadence in which we got those done. There was a few examples in that package in which they got their committee to approve it in, I'd say, early to mid-March, and then we had the deal signed by the end of March.

因此，你也看到我們在做打包交易（package deals），最明顯的是第一季我們做了很多Dollar Tree的案子。重點不在於我們做了Dollar Tree的交易，而在於我們完成這些交易的速度與節奏。在那個打包案中有幾個例子，他們大概在3月上旬到中旬就取得委員會核准，然後我們在3月底前就把合約簽下來了。

So there's a huge motivation on their part to move much quicker and much faster and work with us as a landlord partner to find a way and a means to do that. Second to that is on the economic structure. Obviously, when you have a competitive set, you can start to negotiate and work through terms and the idea of value engineering boxes, lowering CapEx cost to deliver the space sooner is really, really important, not only for them, but also for us.

所以他們有很強的動機要更快、更迅速地推進，並與我們作為房東夥伴一起合作，找出方法與途徑來達成。第二點是經濟條款結構。顯然，當你面對競爭對手時，就可以開始協商並推進條款；而透過價值工程（value engineering）來優化店舖空間、降低資本支出（CapEx）成本、以便更快交付空間，這點非常非常重要，不僅對他們重要，對我們也同樣重要。

So we found other ways in which to work with our retail partners to get the leases signed. But on the back end, leveraging our relationships and our skills to obviously value engineer to lower CapEx cost and then to get the tenants open sooner is of huge value to the retailers. So for example, with our Sprouts package, our construction team has been working tirelessly with their team to try to pull forward those open dates through the course of this year, which is a real value to them to help them hit their open-to-buy.

因此，我們也找到其他方式與零售夥伴合作來促成簽約。但在後端，我們運用彼此關係與專業能力，透過價值工程來降低CapEx成本，並讓租戶更早開幕，這對零售商而言價值非常大。例如，在我們的Sprouts打包案中，我們的工程團隊一直不懈地與他們的團隊合作，試圖在今年內把開幕日期往前拉，這對他們很有價值，有助於他們達成開店採購額度（open-to-buy）。

So it's really becoming this healthy dynamic between the both parties, and we're working very constructively together, which was also part of the impetus of when we went through this reorg to make sure that we're functionally aligned on the leasing side to unlock the full potential of our scale.

所以這正在形成一種對雙方都健康的互動關係，我們也以非常建設性的方式一起合作；這也是我們進行這次組織重整的部分動因之一，確保在租賃端的職能能夠對齊，進而釋放我們規模的全部潛力。

Cooper Clark, Wells Fargo.

Cooper Clark，Wells Fargo。

On the 3,700 multifamily units entitled for development that you cited as a near-term opportunity over the next three years, could you walk through where yields are today if you were to start those projects? And then also where you think some of the multifamily dispositions in the pipeline you mentioned earlier may trade on a cap rate basis?

關於你提到、未來三年內作為近期機會的3,700戶已取得開發許可的多戶住宅單位，你能否說明如果現在啟動這些專案，收益率大概在哪裡？另外，你先前提到管線中的一些多戶住宅處分案，你認為它們在資本化率（cap rate）基礎上可能會以什麼水準成交？

Yes, sure. So on the near-term projects, you're usually seeing gross yields in the fives, mid-fives or so, low fives, depending on where you are in the market. Maybe in some secondary markets, you go slightly higher than that. As a reminder, for us, we do a capital-light strategy with the pref program. So our yield on invested capital for Kimco is much higher than that.

好的，當然可以。就近期專案而言，你通常會看到總收益率（gross yields）在5%上下，大約5%出頭到5%中段，或是5%初段，取決於你所在的市場。也許在一些次級市場，會略高一些。提醒一下，對我們而言，我們透過優先股（pref）計畫採取輕資本（capital-light）策略。因此，Kimco的投入資本收益率（yield on invested capital）會高得多。

Recently, we completed Coulter on a gross basis, it was in the fives. Our invested capital was in the eights. So we're seeing meaningful value in the approach and want to be extremely selective on when we activate these projects. So that's a pipeline that we're monitoring. over the next three years, as you articulated, and we'll look to activate it.

近期我們完成了Coulter專案，按總額口徑（gross basis）來看是在5%區間。我們的投入資本收益率在8%區間。因此，我們看到這種做法帶來顯著價值，也希望在啟動這些專案的時點上保持非常嚴格的選擇性。所以這是一條我們正在監控的管線，正如你所說的，未來三年內我們會視情況啟動。

As it relates to the sales, I'll pass it over to Ross.

至於出售部分，我把問題交給Ross。

Yes. I mean on the disposition side, we continue to see really strong pricing on multifamily, in some cases, high fours, low fives. If you look at the multifamily that we've activated that we own in our portfolio, you have to keep in mind that those projects were very targeted for the best locations, some of the best mixed-use projects within our portfolio and having the amenity of the retail that we provide in those assets really helps fuel the demand from investors for that product.

好的。在處分方面，我們仍持續看到多戶住宅的定價非常強勁，有些案例的cap rate在4%高段到5%初段。如果你看我們已啟動、且由我們持有在投資組合中的多戶住宅，你必須記得這些專案都是鎖定最優質的地點、也是我們投資組合中一些最好的複合式開發（mixed-use）專案；而且這些資產中我們所提供的零售配套設施（amenity）確實有助於推升投資人對該產品的需求。

So as we are very measured and disciplined in what we look at from within our portfolio, we can be extremely selective in which of our projects we look to crystallize that value. And then again, going back to our strategy, taking that really low cap rate capital that we can then reinvest in higher-yielding multi-tenant shopping centers that is very much a part of our go-forward strategy.

因此，當我們以非常審慎且自律的方式檢視投資組合內的機會時，我們可以非常有選擇性地挑選哪些專案要把價值實現（crystallize that value）。再者，回到我們的策略，我們會把這些非常低cap rate的資金再投入到收益率更高的多租戶購物中心，這確實是我們未來策略的重要一環。

Greg McGinniss, Scotiabank.

Greg McGinniss，Scotiabank。

According to some Q1 broker reports, it looks like market rent growth might be slowing despite the limited new supply, low vacancy. And then we saw that your vacant anchor leasing is assuming 30% mark-to-market this year, which implies, I think, like $17 per square foot rents, which is kind of below where you signed anchors over the last few years.

根據一些第一季的仲介報告，看起來即使新供給有限、空置率低，市場租金成長可能仍在放緩。另外，我們看到你們對今年空置主力店的出租假設是30%的市價調整（mark-to-market），這意味著我想大概是每平方英尺17美元的租金，這似乎低於你們過去幾年簽下主力店的水準。

So a couple of questions. One, are you experiencing any of this slowdown in market rent growth? And two of those 34 anchors, I guess, how many are re-leased? And is that lower rent per square foot assumption location specific? Or is there some pullback that you're seeing?

所以有幾個問題。第一，你們是否也感受到市場租金成長放緩？第二，在那34個主力店中，大概有多少已經重新出租？另外，這個較低的每平方英尺租金假設是特定地點因素造成的嗎？還是你們看到某種程度的回落？

No, there's no pullback. So I mean, just in this quarter alone, our new leases on anchor leases was over $20 a foot, which is in the supplemental as well. So you're seeing meaningful mark-to-market adjustments. Obviously, at $13 on existing base rents, there's real upside there, as you alluded to and what I just reinforced.

沒有，沒有任何回落。就光是本季，我們主力店新租約的租金就超過每平方英尺20美元，補充資料（supplemental）裡也有。所以你會看到相當可觀的市價調整。顯然，以現有基本租金每平方英尺13美元來看，正如你提到的、以及我剛剛再次強調的，這裡面有很大的上行空間。

As it relates to the 34 over -- almost 100% of them are resolved, 96 to be more specific at this point with the balance sort of trailing towards the end of the year, which is sort of natural cadence for negotiating. So no meaningful slowdown there.

就與那 34 個相關的部分而言——其中幾乎 100% 都已解決，更精確地說目前是 96 個，剩餘的部分大概會拖到年底，這也算是談判的自然節奏。所以那邊沒有任何實質性的放緩。

Really for us, it's always looking at that embedded value on the mark-to-market and how we can push those rents further north. And obviously, on the demand side, it's continuing to prove out in a positive way. Again, on our new lease side, we just posted $29 a foot on new lease rents, which is the highest we've ever had in Kimco.

對我們來說，重點一直是看市價（mark-to-market）下的內含價值，以及我們如何把租金再往上推。而且很明顯，在需求端也持續以正向的方式驗證。再說一次，就我們的新租約而言，我們剛公布新租約租金達到每平方英尺 29 美元，這是 Kimco 歷史新高。

I think one thing to watch, too, is the retention rates being so high that existing tenants are unlikely to give up a space today because they know the economics across the street or down the road are going to be much more challenging for them to meet than what they currently have.

我想還有一點值得觀察的是，續租率非常高，使得現有租戶今天不太可能放棄一個店面，因為他們知道，街對面或附近路段的經濟條件，對他們而言會比目前的條件更難達成。

And if you have a proven store, you have less risk in terms of projecting sales going forward. So what we've seen is retailers really lean into their assets that they currently have, reinvest in those stores and make the compelling argument that what they have is really the best economic deal they're going to find in that market.

而且如果你有一家已被驗證的店面，在預測未來銷售方面的風險就更低。所以我們看到的是，零售商真的更倚重他們現有的資產，對這些店面再投資，並提出有說服力的論點：他們現在擁有的，基本上就是在該市場能找到的最佳經濟條件。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

Just to go back to the downward revision in expected credit loss for the year. Can you just break that out between sort of known situations? Obviously, you had some known situations in the first quarter, but known versus theoretical sort of based on the economic environment and what the potential flex in that number could be as we go throughout the year?

我想回到今年預期信用損失下修這件事。你能否把它拆分一下，哪些是已知情況所致？很明顯第一季有一些已知情況，但已知與理論上（基於經濟環境）之間的差異，以及隨著今年推進，這個數字可能的彈性幅度會是如何？

Thanks for the question, Rich. So we're really encouraged by the 52 basis points that we experienced for the first quarter. We're not really seeing any slowdown when it comes to our small shop tenants. There's no creep that we're really seeing.

謝謝你的問題，Rich。我們對第一季出現的 52 個基點感到非常鼓舞。就我們的小店型租戶而言，我們並沒有看到任何放緩。我們也沒有看到任何我們所說的「惡化蔓延」跡象。

On the bankruptcy front, we know that Painted Tree just filed. It's a small impact for us. There's only 5 leases there, so we don't anticipate anything significant in the credit loss line for that. But obviously, it's early innings of the first quarter, and there's a lot of uncertainty out there in the macro environment. So we feel comfortable with that revised 65 to 90 basis points on an annual basis at this point.

在破產方面，我們知道 Painted Tree 剛提出申請。對我們的影響很小。那裡只有 5 份租約，所以我們不預期這會在信用損失項目上造成任何顯著影響。但當然，現在才第一季初期，宏觀環境仍有很多不確定性。因此，就目前而言，我們對年化下修後的 65 到 90 個基點區間感到安心。

But nothing really specific that we're seeing again on any tenants for the rest of the year.

但就今年剩餘時間而言，我們並沒有看到任何特定租戶出現什麼具體問題。

Craig Mailman, Citi.

Craig Mailman，花旗。

I just want to go back to the conversation about kind of being near peak lease rate and the SNO pipeline. I'm just kind of curious, the trajectory looks very good into '27. But is there anything that you guys are doing internally on sort of operating the portfolio as you get to this peak level?

我想回到剛才關於接近租賃率高峰以及 SNO 管線的討論。我只是好奇，走勢看起來到 2027 年都非常好。但當你們的營運組合接近這個高峰水準時，內部在操作投資組合方面是否有做任何調整？

Does it give you more flexibility to I guess, negotiate tougher or re-merchandise at a more aggressive pace to where it could kind of slow the trajectory of breaking through that peak because you guys are intentionally trying to maximize revenues rather than optimize kind of the lease rate. Just curious if there's anything on that side of the equation that we should think about from just a growth perspective here in '27 or maybe even '28?

這是否讓你們在談判上更有彈性、可以更強硬，或以更積極的速度重新配置業態（re-merchandise），以至於可能會放慢突破該高峰的軌跡，因為你們是刻意在最大化營收，而不是單純最佳化租賃率？只是想了解，從成長角度來看，對 2027 年、甚至 2028 年，我們是否需要在這一端的因素上有所考量？

Yes. I mean, our number one objective is maximizing cash flow growth. So I'd say you start with that and then the occupancy side is a secondary benefit to that. So when we're looking at the opportunities to backfill vacant space, we're exploring sort of what's the highest and best value for the box and for the center. So if we're able to backfill a space at a mark-to-market adjustment and see a meaningful spread from prior rents at lower cost, that's a great opportunity, assuming everything else is relatively stable within the center or it's the best mousetrap within the market.

是的。我的意思是，我們的首要目標是最大化現金流成長。所以我會說先從這點出發，而入住率（occupancy）則是其次帶來的好處。因此，當我們在看回填空置空間的機會時，我們會探索對該店面（box）以及對該購物中心而言的最高且最佳用途。所以如果我們能以市價調整（mark-to-market adjustment）回填空間，並以較低成本相較於先前租金取得顯著價差，那就是很好的機會——前提是該中心其他條件相對穩定，或它是該市場中最具競爭力的方案。

Secondarily, if we see an opportunity where we can add grocery, as you know, that's a major priority of ours. We're over 86% grocery anchored within the portfolio at this point, and we want to continue to push that as far as we can. We may create vacancy to support that initiative because what we're seeing on our active grocery projects, currently, we have 15 active projects under construction right now. We're seeing meaningful mark-to-market adjustments and premiums on the small shop space of upwards of 25%. So that ties back to driving cash flow growth for the future.

其次，如果我們看到可以增加雜貨店（grocery）的機會，如你所知，這是我們的重大優先事項。目前我們投資組合中超過 86% 是以雜貨店為主力店（grocery anchored），我們希望盡可能持續推進。我們可能會為了支持這項策略而創造空置，因為從我們正在推進的雜貨店專案來看，目前有 15 個在建中的活躍專案。我們看到顯著的市價調整，以及小店型空間高達 25% 以上的溢價。因此這也回扣到推動未來現金流成長。

Obviously, in that case, you may take some occupancy offline for that benefit, but the future long-term benefits of stable, higher rents with higher growth is much more valuable. So we always look at the available options on the table and are driven solely by the fact of what will be best to drive future cash flow growth for the company.

當然，在那種情況下，你可能會為了這個效益而讓部分入住率短期下滑，但長期來看，更穩定、更高租金且成長性更高的未來效益要有價值得多。因此我們總是會評估桌面上所有可行選項，而唯一驅動我們決策的，就是什麼最能推動公司未來的現金流成長。

Yeah. The only thing I would add and going back is, again, the economic occupancy is relatively low so that as that continues to improve, we'll get triple net as well as the base rent and that the margins will improve. And then if you bring down the CapEx load, which we're starting to see as well, on the go-forward asset management of the portfolio, your free cash flow will continue to improve, which allows you to invest accretively across all of our different levers for growth.

對。我唯一想補充、也回到前面的是：經濟入住率（economic occupancy）相對偏低，因此隨著它持續改善，我們除了基本租金外，也會取得三重淨租（triple net），而利潤率也會提升。另外，如果你把資本支出（CapEx）負擔降下來——我們也開始看到這種趨勢——在投資組合後續的資產管理上，你的自由現金流會持續改善，這讓你能在我們各種成長槓桿上進行具增益（accretive）的投資。

And so that early flywheel, I would say we're in the very early innings of that. So we're really excited because we see this as a trajectory to really enhance and improve the growth profile all over the last two years, we've been at the very top of the sector in terms of earnings growth.

所以那個早期的飛輪效應，我會說我們還在非常早期的階段。因此我們非常興奮，因為我們把這視為一條能真正強化並改善成長輪廓的軌跡；在過去兩年，我們在獲利成長方面一直位居同業最前段。

Floris Van Dijkum, Ladenburg.

Floris Van Dijkum，Ladenburg。

So the SNO pipeline, obviously, very, very attractive, I think, 36% higher rents than your in-place rents. I guess the question I had for you are also going down to the bottom line, as you think about your portfolio occupancy getting higher, your retention rates being higher, how do you forecast your leasing costs and your AFFO going forward?

所以 SNO 管線顯然非常、非常有吸引力，我想租金比你們現行租金高 36%。我想問的是，當你們考量投資組合入住率提高、續租率提高時，你們如何預測未來的租賃成本以及 AFFO？

Obviously, you've had a number of anchor bankruptcies in the past, and you're still working on getting those anchor spaces filled and presumably recognizing the leasing costs. How should investors think about your AFFO trajectory or your FAD trajectory going forward?

很明顯，你們過去有一些主力店（anchor）破產案例，而你們仍在努力把那些主力店空間填滿，並且推測也在認列相關租賃成本。投資人應該如何看待你們未來的 AFFO 走勢，或 FAD 走勢？

Yes, Floris, great question. So as we continue to construct and open the signed leases and get the tenants operating in our shopping centers, that CapEx load should start to taper over time as your economic occupancy starts to grow to Conor's point earlier.

是的，Floris，這是個很好的問題。隨著我們持續施工、開幕那些已簽約的租約，並讓租戶在我們的購物中心開始營運，隨著經濟入住率開始成長（呼應 Conor 先前的觀點），資本支出（CapEx）負擔應該會隨時間逐步下降。

So that should be the natural trend that you ultimately see on the back end. And then just overall, with the continued negotiations that we mentioned earlier in the call about value engineering and finding improvements in our use of capital and lowering those costs to get deals done is a continuation of just good prudent leasing discipline that we continue to exercise.

所以這應該就是你最終會在後端看到的自然趨勢。另外，整體而言，隨著我們在電話會議前面提到的持續談判——包括價值工程（value engineering）、在資本使用上找出改善並降低成交成本——這些都只是我們持續執行的良好且審慎的租賃紀律的一部分。

Yes. The only thing I would add, Floris, is that AFFO growth, that inflection point is what's driving the best and brightest in the private capital markets to lean into grocery-anchored shopping centers. We're at the very early innings of that inflection point. And when you look at other sectors, nobody has the supply and demand dynamics that we have.

是的。Floris，我唯一想補充的是，AFFO 成長、也就是那個拐點，正是驅動私人資本市場中最優秀的人才加碼投資以雜貨店為主力店的購物中心的原因。我們正處於那個拐點的非常早期階段。而當你看其他產業時，沒有任何一個產業具備我們這樣的供需動態。

The new supply under construction actually ticked down to 0.2%. That's the lowest of any commercial real estate sector. And then you look at the occupancy levels and the demand side, it really is going to be, I think, a significant inflection point where you have a lot of pricing power, not a lot of supply and the existing tenants are trying to grow and are going to be trying to jump in front of one another to push rents. So it's an exciting point in Kimco's history to be where we can point to that spread and signed but not open, also while driving really strong earnings growth at the same time.

在建的新供給實際上已下滑至 0.2%。這是所有商用不動產類別中最低的。再看入住率與需求端，我認為這將會是一個重大的拐點：你會擁有很強的定價能力、供給不多，而既有租戶正試圖成長，並且會試著彼此搶先一步來推升租金。因此，對 Kimco 而言，能處在這樣的歷史時點令人振奮：我們可以指出那個價差以及「已簽約但尚未開業」的項目，同時也在推動非常強勁的獲利成長。

Haendel St. Juste, Mizuho.

Haendel St. Juste，Mizuho。

This is Ravi Vaidya on the line for Haendel. I wanted to ask about the guidance here. Regarding the bad debt, how much of that was driving the uptick in the guide? Was bad debt changed by the number of outperformance that was done in the first quarter? And what was embedded regarding buybacks initially and post-guidance range?

我是代 Haendel 上線的 Ravi Vaidya。我想問一下這次的指引。關於壞帳，其中有多少推動了指引上修？壞帳是否因第一季的超預期表現次數而有所改變？另外，最初以及在指引區間更新後，回購方面各自內含了什麼假設？

Sure. So credit loss was certainly better in the first quarter. We came in, as Kathleen mentioned, at 52 basis points. Overall, if you think about every 10 basis points is about $1 million in change. So a little bit of help certainly coming from the credit loss side of things.

當然。所以第一季的信用損失確實更好。如 Kathleen 提到的，我們是 52 個基點。整體來看，每 10 個基點的變動大約相當於 100 萬美元的差異。因此，信用損失這一塊確實帶來了一些助益。

Again, the impact and the beat for the quarter really is operationally. Minimum rents were higher by about $8 million, and that's the primary driver overall for why FFO was $0.01 higher during the quarter. With regards to share buybacks and things like that, again, we are always watching daily looking at what our cost of capital is. In the very beginning of the quarter, we bought back a little bit of stock when the stock was under $20. So we took advantage of that in a very small amount.

再說一次，本季的影響與超預期主要來自營運面。最低租金約高出 800 萬美元，這也是本季 FFO 高出 0.01 美元的主要原因。至於股票回購等事項，我們一如既往每天都在觀察我們的資本成本。在本季一開始，當股價低於 20 美元時，我們回購了一小部分股票。所以我們以非常小的規模把握了那個機會。

Obviously, during the first quarter, we've seen good improvement. But again, we're still trading at a pretty significant discount when you look at where the overall trading is at. I mean, we have probably an implied cap rate in the 6.8% level.

顯然，在第一季我們看到不錯的改善。但再說一次，若看整體交易水準，我們仍以相當大的折價在交易。我的意思是，我們的隱含資本化率（cap rate）大概在 6.8% 左右。

Our FFO yield where we're sitting today is around 7.7%. So we're always keeping a constant eye on the opportunity. But for right now, there's really not a lot baked into the guidance in terms of share buybacks.

以我們目前的位置來看，FFO 殖利率約在 7.7%。所以我們一直持續關注這個機會。但就目前而言，指引中其實沒有太多把股票回購納入假設。

Wes Golladay, Baird.

Wes Golladay，Baird。

Can you talk about your overall apartment NOI exposure from ground leases? And I assume it's all through ground leases, but maybe you can clarify that as well.

你能談談你們透過地租（ground leases）所帶來的整體公寓 NOI 曝險嗎？我假設全部都是透過地租，但也請你確認一下。

Yes, it's relatively small in terms of our impact right now.

是的，就目前對我們的影響而言相對不大。

So the evolution of the apartment activation projects, really, we started with ground leases really as a no cost to Kimco, where we entitled the project ourselves and then looked at the parking lots where we could activate where we wouldn't have to take any retail offline. And that's really where we started the journey.

公寓活化專案的演進方面，我們一開始確實是從地租著手，基本上對 Kimco 來說是零成本：我們自行完成專案的權利取得（entitlement），然後尋找可活化的停車場用地，且不需要讓任何零售店面停業。這就是我們旅程的起點。

And that clearly, we have a ROFR on that as well. So the thought process being as the apartment is developed and if that developer ever wants to sell it, they're selling a leasehold while we can potentially match and acquire it from a fee position. So there should be a nice spread that we can compress there. After that, we decided to contribute the land into joint ventures and add some preferred into the structure, as Dave mentioned, is what we did at Suburban Square with Coulter, which allows us a higher return on invested capital than what the actual gross returns look like.

而且很明確地，我們也擁有優先購買權（ROFR）。因此邏輯是：當公寓開發完成後，如果開發商想出售，他們賣的是租賃權益（leasehold），而我們可以從持有土地所有權（fee position）的角度，選擇以同等條件匹配並收購。因此我們應該能取得不錯的價差並加以壓縮。之後，我們決定把土地投入合資企業，並在架構中加入一些優先權益（preferred），如 Dave 提到的，我們在 Suburban Square 與 Coulter 的案子就是這麼做的，這讓我們的投入資本報酬率高於表面上的總報酬率。

And that usually lines up with about a 50-50 joint venture where we can ride the upside of the NOI growth. And so we continue to manage the pipeline of activation to see where it makes sense. Obviously, there was a lot of supply delivered in the apartment sector on this last year. A lot of it is being absorbed and certain markets are showing sort of a turn and a relatively strength here in the spring.

而這通常會對應到大約 50/50 的合資結構，讓我們能參與 NOI 成長的上行空間。因此我們會持續管理活化的案源管線，評估在哪些地方這樣做是合理的。顯然，去年公寓產業交付了大量供給。其中很多正在被市場吸收，而某些市場在春季呈現某種回升與相對強勢。

So as we look forward, we'll continue to look for CapEx-light activation opportunities where, again, we can contribute our land, which really has a 0 basis because it's parking lots in our shopping centers. I often talk about this that like we have, I think, one of the most underutilized forms of commercial real estate.

因此展望未來，我們會持續尋找資本支出較輕（CapEx-light）的活化機會；同樣地，我們可以投入我們的土地，而這些土地的帳面成本幾乎為零，因為它們就是我們購物中心的停車場。我常說，我們擁有的可能是商用不動產中最被低度利用的一種形式。

We have a single-story building that comprises about 20% of the FAR of the asset. And the rest of it, that 80% is just parking lot that's not generating any revenues. And with driverless cars here, there's a lot of opportunities for us to continue to see parking ratios get lowered, which allows us to activate more of the parking lot for highest and best use. And that's why we've been leaning into this entitlement program that, again, allows us to unlock that future value for our shareholders, and we have a number of different ways to do it, but does not put a lot of capital at risk.

我們有一棟單層建築，約只使用了該資產容積率（FAR）的 20%。其餘 80% 就只是停車場，沒有產生任何收入。隨著無人駕駛車的到來，我們有很多機會看到停車配比下降，這讓我們能把更多停車場活化為最高且最佳用途。這也是為什麼我們持續加碼這個權利取得（entitlement）計畫：它能為股東解鎖未來價值，而且我們有多種方式可以做到，同時不需要承擔太多資本風險。

Paulina Rojas from Green Street.

Paulina Rojas，Green Street。

In your investor presentation, you highlight that Kimco trades at a discounted multiple relative to peers. And I have two related questions. So first one is, what do you attribute that disconnect to? And second, what do you think the market needs to see to change that assessment?

在你們的投資人簡報中，你們強調 Kimco 相較同業以折價倍數交易。我有兩個相關問題。第一，你們認為這種落差主要原因是什麼？第二，你們認為市場需要看到什麼，才會改變這樣的評價？

I was going to ask you that question. That's a good one. I think there is a combination of things that obviously being large and liquid sometimes is in your favor. But when a sector is out of favor, it sometimes works against you. So I think that may be part of it.

我本來也想問你這個問題。這問得很好。我認為是多種因素的組合；顯然，規模大且流動性高有時是優勢。但當某個產業不受青睞時，這有時反而會成為劣勢。所以我想這可能是其中一部分原因。

Consistency of earnings growth, I think, is a calling card for Kimco. For a while, we wanted the balance sheet to improve dramatically, so that will be a pillar of strength for Kimco. We now feel like we've checked that box with an A-/A3 credit rating. When you look at the components of our growth, we continue to see us transforming the portfolio into more of a grocery-anchored shopping center portfolio.

我認為獲利成長的一致性是 Kimco 的招牌。過去一段時間，我們希望資產負債表能大幅改善，讓它成為 Kimco 的一大支柱。我們現在覺得已經達成這點，因為我們拿到了 A-/A3 的信用評等。當你看我們成長的組成要素時，我們持續看到自己正把投資組合轉型為更偏向以雜貨店為主力店的購物中心投資組合。

Historically, Kimco has been a little bit of a mix of portfolio assets. We're obviously now 86% grocery-anchored with a number of assets under construction to add grocery. So again, I think as the sector becomes more in vogue, hopefully, now that tide is changing, where you see the opportunity set changing for Kimco because we've been able to drive significant earnings growth without any real cost of capital advantage.

從歷史上看，Kimco 的投資組合資產一直有點混合。很明顯地，我們現在有 86% 是以雜貨店為主力店（grocery-anchored），並且有多個資產正在施工中，將新增雜貨店主力店。所以再說一次，我認為隨著這個產業變得更受青睞，希望現在這股潮流正在改變，你會看到 Kimco 的機會集合正在改變，因為我們在沒有任何真正的資本成本優勢下，仍能推動顯著的獲利成長。

So I don't know any other sector or any other peer that had north of 5% and then north of 6% earnings growth with no cost of capital advantage. So in essence, no external growth. Everything we're driving is from organic internal growth. And so now that we're at a point where we feel like the organic growth is accelerating, and we're looking at potentially external growth on top of that, we feel really good about the trajectory changing and hopefully our multiple re-rating.

所以我不知道還有哪個產業或哪個同業，在沒有資本成本優勢的情況下，能做到超過 5% 甚至超過 6% 的獲利成長。因此本質上，沒有外部成長。我們所推動的一切都來自有機的內生成長。所以現在我們覺得有機成長正在加速，而且我們也在評估在此之上可能的外部成長，我們對於成長軌跡的改變以及希望我們的估值倍數重新評級感到非常樂觀。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Maybe just on the transaction side, I think you guys said you're confident you can meet your goals for the year. But wondering if you can discuss that a bit more, especially on the acquisition side since it seems like it's a pretty competitive market. So how do you expect to source those deals? Are there certain characteristics of the type of properties you're underwriting to make Kimco more likely to come out the winner? And is there anything in particular that you have lined up at this point?

也許就交易面來說，我想你們提到你們有信心能達成今年的目標。但想請你們再多談一些，特別是在收購端，因為看起來市場競爭相當激烈。那你們預期要如何取得這些案源？你們在承作評估（underwriting）的物件類型上，是否有某些特徵能讓 Kimco 更有機會勝出？以及目前是否已經有任何特定案子在進行中？

Thanks, Caitlin. It's a great question. Yes, to your point, it does continue to be very competitive, but I do want to reiterate our conviction in the guidance and the strategy and our confidence in our ability to execute. I think if you go back and look at the last five years, we've acquired close to $10 billion in assets.

謝謝，Caitlin。這是個很好的問題。是的，如你所說，市場確實仍然非常競爭，但我想再次強調我們對指引與策略的信念，以及我們對執行能力的信心。我想如果你回頭看過去五年，我們收購了接近 100 億美元的資產。

So I have the utmost faith and confidence in our team. We're really good at acquiring assets, integrating it into our portfolio, creating value. But we're going to continue to stay disciplined. We have to be very strategic about what we buy and making sure that it's accretive as opposed to putting up a mark for a particular earnings call. So we're excited about the pipeline, the activity, the opportunities.

所以我對我們的團隊有最高程度的信任與信心。我們非常擅長收購資產、把它整合進我們的投資組合並創造價值。但我們會持續保持紀律。我們必須非常有策略地決定買什麼，並確保是增益性的（accretive），而不是為了某一場財報電話會議去硬做一個數字。所以我們對於管線、活動量與機會感到很興奮。

I do think that we have some differentiators as it relates to our inside track on certain deal flow, whether it be from the joint venture platform where we have certain assets that are going to be recycled where we have both the first and the last look. with our JV partners. We've been very successful over the last several years, acquiring our partners' interest in several select joint venture opportunities.

我確實認為，就某些交易流（deal flow）而言，我們有一些差異化優勢，像是來自合資平台的內線優勢：我們有一些資產將被循環處置（recycled），在那裡我們與合資夥伴同時擁有優先看案（first look）與最後看案（last look）的權利。過去幾年我們也非常成功地在若干精選的合資機會中，收購了夥伴的持股。

And then again, when you look at the structured investment pipeline that we have, we've been very active putting out capital. So this first quarter was a good start to the year. We had about $38 million that was net funded, but that's over $70 million of net committed because there are some future fundings with some of the deals that we've done. So with those deals and the ROFO and the ROFRs, we continue to see additional deal flow oftentimes before it hits the market or we get the last look on it. So we'll be selective, but we're seeing a lot of opportunity.

另外，再看我們的結構型投資管線，我們一直很積極地投入資金。所以第一季是今年一個不錯的開端。我們大約有 3,800 萬美元的淨撥款（net funded），但淨承諾（net committed）超過 7,000 萬美元，因為我們做的一些交易還有未來的分期撥款。因此，透過這些交易以及 ROFO 與 ROFR，我們持續看到更多交易流，往往在案子進入市場之前就能看到，或是我們能取得最後看案的機會。所以我們會保持選擇性，但我們看到很多機會。

And as I mentioned at the beginning of the call, we have a couple of hundred million in the pipeline right now that we're excited about that checks all the boxes for us in terms of quality growth demographics. So we're very confident that we're going to get our fair share and absolutely hit our guidance targets.

而且如我在電話會議一開始提到的，我們目前管線裡有數億美元的案子，讓我們很期待，因為在品質與成長型人口結構等方面都符合我們的所有條件。所以我們非常有信心能取得我們應得的份額，並且絕對能達成我們的指引目標。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

I apologize if I missed this, and I know you gave some color on the SNO ramp. But about how many years out do you think it is until you're back to a normalized lease-economic spread?

如果我漏聽了先說聲抱歉，我知道你們對 SNO 的爬坡（ramp）提供了一些說明。但你們認為大概還要幾年，才會回到正常化的租賃經濟利差（lease-economic spread）？

I mean, when we look at -- when we go through '26 and '27 right now, again, we're at 92.2% on the economic. Our high watermark is around 94.5%. We have room to run there. When you look at -- as I mentioned in my earlier comments, the leased occupancy, we're at 96.3%. Our all-time high is 96.4%.

我的意思是，當我們看——當我們目前看 2026 年與 2027 年時，再次強調，我們的經濟入住率（economic occupancy）是 92.2%。我們的歷史高點大約在 94.5%。這裡還有上行空間。再看——如我先前提到的，已出租入住率（leased occupancy）是 96.3%。我們的歷史最高是 96.4%。

But what I look at is like our anchor occupancy is actually down about 110 basis points, and we're continuing to see meaningful growth on the small shop occupancy. So I still think there's room to run there. I do anticipate as economic occupancy comes online and that cash flow growth starts to get realized in our earnings, you'll start to see economic compress towards -- as we start to move into 2027. But preserving it, if your economic is growing, your lease is growing, it's not a bad thing to continue to see a healthy spread there because that's just continuing to fuel the future pipeline for cash flow growth.

但我關注的是，例如我們的主力店（anchor）入住率其實下降了大約 110 個基點，而我們持續看到小店鋪（small shop）入住率有顯著成長。所以我仍然認為那裡還有上行空間。我確實預期，隨著經濟入住率逐步到位、現金流成長開始在我們的獲利中反映出來，你會開始看到經濟面向的利差收斂——大概在我們邁入 2027 年時。但保留它（也就是維持利差），如果你的經濟面在成長、你的租約在成長，持續看到健康的利差並不是壞事，因為那只是持續為未來現金流成長的管線提供燃料。

We have reached the end of the Q&A session. At this time, I will now turn the call back to David Bujnicki for closing remarks.

我們已到達問答環節的結束。此時，我將把電話會議交回給 David Bujnicki 作結語。

Great. Thanks to everybody for joining the call today. We look forward to meeting up with a number of you at some of the upcoming investor events that we have. Otherwise, if you have any follow-up questions, please reach out. Have a wonderful day.

很好。感謝各位今天參與電話會議。我們期待在接下來的一些投資人活動中與各位中的許多人見面。另外，如果你們有任何後續問題，請與我們聯繫。祝各位有美好的一天。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。