Kite Realty Group Trust (KRG) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen and thank you for standing by. Welcome to the third-quarter 2025 Kite Realty Group Trust earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎參加 Kite Realty Group Trust 2025 年第三季業績電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

I would now like to turn the conference over to Mr. Bryan McCarthy. Sir, please begin.

現在我將把會議交給布萊恩·麥卡錫先生。先生，請開始。

Thank you and good morning, everyone. Welcome to Kite Realty Group's third-quarter earnings call. Some of today's comments contain forward-looking statements that are based on assumptions of future events and are subject to inherent risks and uncertainties. Actual results may differ materially from these statements.

謝謝大家，大家早安。歡迎參加Kite Realty Group第三季財報電話會議。今天的一些評論包含前瞻性陳述，這些陳述基於對未來事件的假設，並存在固有的風險和不確定性。實際結果可能與這些說法有重大差異。

For more information about the factors that can adversely affect the company's results, please see our SEC filings, including our most recent Form 10-K. Today's remarks also include certain non-GAAP financial measures. Please refer to yesterday's earnings press release available on our website for a reconciliation of these non-GAAP performance measures to our GAAP financial results.

有關可能對公司業績產生不利影響的因素的更多信息，請參閱我們向美國證券交易委員會提交的文件，包括我們最新的 10-K 表格。今天的演講也包含一些非GAAP財務指標。有關這些非GAAP績效指標與我們的GAAP財務表現的調節情況，請參閱我們網站上昨天發布的獲利新聞稿。

On the call with me today from Kite Realty Group are Chairman and Chief Executive Officer, John Kite; President and Chief Operating Officer, Tom McGowan; Executive Vice President and Chief Financial Officer, Heath Fear; Senior Vice President and Chief Accounting Officer, Dave Buell; and Senior Vice President, Capital Markets and Investor Relations, Tyler Henshaw. (Event Instructions)

今天與我通話的 Kite Realty Group 的有：董事長兼首席執行官 John Kite；總裁兼首席營運官 Tom McGowan；執行副總裁兼首席財務官 Heath Fear；高級副總裁兼首席會計官 Dave Buell；以及高級副總裁兼資本市場和投資者關係負責人 Tyler Henshaw。（活動須知）

I'll now turn the call over to John.

現在我將把電話交給約翰。

Thanks, Bryan. Good morning, everyone. The KRG team is executing on all fronts, driving occupancy higher, leasing space at strong spreads, embedding higher rent bumps and optimizing the portfolio. Our outperformance underscores the strength of our operating platform and is allowing us to increase the midpoint of our NAREIT and core FFO per share guidance by $0.02 and our same-property NOI assumption by 50 basis points.

謝謝你，布萊恩。各位早安。KRG 團隊正在各方面努力，提高入住率，以強勁的價差出租空間，提高租金漲幅，並優化投資組合。我們的優異表現凸顯了我們營運平台的實力，並使我們能夠將 NAREIT 和核心 FFO 每股指引的中點提高 0.02 美元，並將同店 NOI 假設提高 50 個基點。

Our efforts are positioning us for sustained value creation as we close out 2025. Our lease rate increased 60 basis points sequentially, driven by the continued demand for space across the portfolio. We believe the second-quarter represented the low watermark in our leased rate.

我們的努力使我們能夠在 2025 年末實現持續的價值創造。受整個投資組合空間持續需求的推動，我們的租賃費率較上季上漲了 60 個基點。我們認為第二季是我們租賃率的最低點。

As we've discussed in the past, we view the recent wave of bankruptcy-driven vacancy as a value creation opportunity to embed better growth, upgrade the tenant mix and derisk our cash flow. Through the re-leasing process, we've maintained our focus on establishing the groundwork for higher organic growth that will continue to pay dividends long after the occupancy stabilizes.

正如我們過去討論過的，我們認為最近破產導致的空置潮是一個創造價值的機會，可以更好地促進成長，升級租戶組合，並降低現金流風險。在重新出租的過程中，我們始終專注於為更高的有機成長奠定基礎，即使入住率穩定下來，這種成長仍將持續帶來收益。

Over the last two years, we've moved our embedded rent bumps to 178 basis points for the portfolio, which is a 20 basis point increase from only 18 months ago. In the third-quarter, we executed seven new anchor leases with tenants, including Whole Foods, Crate & Barrel, Nordstrom Rack and HomeSense. We've been proactive in diversifying our merchandising mix as 19 of the anchor leases signed year-to-date have included 12 different retail concepts.

過去兩年，我們將投資組合的嵌入式租金漲幅提高到了 178 個基點，比 18 個月前增加了 20 個基點。第三季度，我們與七家新主力租戶簽訂了租賃協議，其中包括 Whole Foods、Crate & Barrel、Nordstrom Rack 和 HomeSense。我們一直積極主動地實現商品組合多元化，今年迄今簽署的 19 份主力店租賃協議中包含了 12 種不同的零售概念。

On the small shop side, we are now within 70 basis points of our previous high watermark of 92.5% and have full confidence in surpassing prior levels. Activity this quarter included leases with CAVA, Kitchen Social, Fit Peak, Rockies, and Free People. Our team's focus on curating a dynamic merchandising mix and driving traffic to our centers continues to elevate the portfolio.

在小商店方面，我們目前距離之前的最高點 92.5% 僅差 70 個基點，並且完全有信心超越之前的水平。本季度的業務活動包括與 CAVA、Kitchen Social、Fit Peak、Rockies 和 Free People 簽訂租賃協議。我們的團隊專注於精心策劃動態的商品組合，並持續吸引客流到我們的購物中心，從而持續提升我們的產品組合。

We're making meaningful progress on the transactional front, highlighted by the recent sale of Humblewood, a center anchored by Michaels and DSW. This transaction reflects our ongoing commitment to driving organic growth and derisking the portfolio by recycling capital out of noncore large-format assets.

我們在交易方面取得了實質進展，最近出售的 Humblewood 購物中心就是一個例證，該購物中心的主要商家包括 Michaels 和 DSW。此次交易反映了我們持續致力於推動內生成長，並透過將資金從非核心大型資產中回收來降低投資組合風險的承諾。

Our disposition pipeline totals approximately $500 million across various stages of execution. We aim to complete the majority of these transactions by the end of the year. While there can be no assurances that all sales will close, our capital allocation discipline remains unchanged.

我們的資產處置項目總額約 5 億美元，涵蓋各個執行階段。我們的目標是在年底前完成大部分交易。雖然不能保證所有銷售都能完成，但我們的資本配置原則保持不變。

Depending on the timing and mix of the assets ultimately sold, we intend to deploy the proceeds into some combination of 1031 acquisitions, debt reduction, share repurchases and/or special dividends. In all instances, our objective will be to minimize any earnings dilution and maintain our leverage within our long-term range of low to mid five times net debt to EBITDA.

根據最終出售資產的時間和組合，我們打算將所得款項用於 1031 收購、減少債務、股票回購和/或特別股息等組合用途。在任何情況下，我們的目標都是盡量減少任何收益稀釋，並將我們的槓桿率維持在長期低至中5倍淨債務與EBITDA比率的範圍內。

Since our last earnings release, we have repurchased 3.4 million shares at an average price of $22.35 for approximately $75 million. The midpoint of our updated core FFO per share guidance implies a 9.2% FFO yield and a 23% discount to our current consensus NAV on this activity, representing compelling arbitrage to recycle capital out of our lower growth assets into our own shares. Roughly half the funds for these buybacks were sourced from completed asset sales, including Humblewood and an outparcel disposition, with the remainder to be funded from future asset sales.

自上次發布收益報告以來，我們已以平均每股 22.35 美元的價格回購了 340 萬股股票，總計約 7,500 萬美元。我們更新後的核心每股 FFO 指引的中點意味著 9.2% 的 FFO 收益率，並且比我們目前對此項活動的共識淨資產值折讓 23%，這代表著將資金從我們增長較低的資產重新投入我們自己的股票的極具吸引力的套利機會。這些回購資金大約一半來自已完成的資產出售，包括 Humblewood 和一塊外圍地塊的處置，其餘部分將透過未來的資產出售來籌集資金。

Our third-quarter performance reinforces the growing strength of our platform and the powerful tenant demand fueling our business. We're energized by the opportunities ahead to generate durable long-term growth. And as we finish the year, we will remain disciplined, leasing space that delivers strong returns, redeploying capital out of lower growth assets and elevating the overall quality of the portfolio.

第三季業績進一步鞏固了我們平台的日益強大實力，以及推動我們業務發展的強勁租戶需求。我們對未來的機會充滿信心，相信能夠實現持久的長期成長。在年底之際，我們將繼續保持嚴謹的態度，租賃能夠帶來強勁回報的物業，將資金從成長較慢的資產中撤出，並提升投資組合的整體品質。

With a focused strategy and a deeply committed team, we are well positioned to deliver sustained value for all of our stakeholders. I'll now turn the call to Heath.

憑藉著明確的策略和高度敬業的團隊，我們完全有能力為所有利害關係人創造持續的價值。現在我將把電話轉給希思。

Thank you and good morning. Our third-quarter results reflect the collective strength and focus of the entire KRG organization. We've built meaningful momentum, driven by compelling tenant demand, disciplined execution and a team that continues to deliver across every metric. As we turn toward year-end, our goal is simple, finish 2025 strong and carry that same drive and conviction into 2026, where we see tremendous opportunity to further elevate our platform.

謝謝，早安。我們第三季的業績反映了整個庫德斯坦地區政府組織的集體實力和專注精神。在強勁的租戶需求、嚴謹的執行以及團隊在各項指標上持續取得優異成績的推動下，我們已經累積了顯著的發展動能。隨著年末臨近，我們的目標很簡單，就是以強勁的勢頭結束 2025 年，並​​將同樣的動力和信念延續到 2026 年，我們看到了進一步提升我們平台的巨大機會。

Turning to our results. KRG earned $0.53 of NAREIT FFO per share and $0.52 of core FFO per share. Both metrics benefited from a $0.03 contribution associated with the sale of an outlot to an apartment developer. As mentioned on our prior earnings call, this transaction was embedded in our original 2025 guidance and represents a strong example of unlocking value from an underutilized portion of one of our centers. Same-property NOI increased 2.1% year-over-year, driven primarily by a 2.6% increase in minimum rent.

接下來來看看我們的結果。KRG每股獲得0.53美元的NAREIT FFO和0.52美元的核心FFO。兩項指標均受益於向公寓開發商出售一塊地皮所帶來的 0.03 美元的貢獻。正如我們在先前的財報電話會議上所提到的，這項交易已納入我們最初的 2025 年業績指引，是充分釋放我們中心未充分利用部分價值的一個有力例證。同店淨營業收入年增 2.1%，主要原因是最低租金上漲了 2.6%。

We recognized $39 million of impairments this quarter, $17 million at City Center and $22 million across the Carillon land and Carillon MOB. City Center is being remarketed and we're close to awarding the deal. The Carillon assets are under contract with different buyers, which shortened our hold period.

本季我們確認了 3,900 萬美元的減損損失，其中 1,700 萬美元來自市中心，2,200 萬美元來自卡里隆土地和卡里隆行動辦公大樓。市中心項目正在重新招標，我們即將完成交易。Carillon 的資產已與不同的買家簽訂合同，這縮短了我們的持有期。

Collectively, these charges reflect the gap between our carrying values and their respective estimated sale prices. As John mentioned, we are raising the midpoints of our 2025 NAREIT and core FFO per share guidance by $0.02 each. $0.01 of the increase reflects outperformance in same-property NOI, while the other $0.01 is driven by capital allocation activity, namely our recent stock repurchases.

總的來說，這些費用反映了我們帳面價值與其各自預期售價之間的差距。正如約翰所提到的，我們將2025年NAREIT和核心FFO每股收益預期中位數都上調0.02美元。其中0.01美元的上調反映了同店淨營業收入（NOI）的超預期表現，而另外0.01美元則源於資本配置活動，即我們近期進行的股票回購。

We're also increasing the midpoint of our same-property NOI growth assumption by 50 basis points. The outperformance in same-property NOI is primarily attributable to earlier-than-expected rent commencements and stronger specialty leasing income in the back half of 2025.

我們也將同物業淨營業收入成長假設的中點提高了 50 個基點。同店淨營業收入的超額收益主要歸因於租金開始時間早於預期以及 2025 年下半年專業租賃收入的強勁增長。

Our general bad debt assumption remains unchanged at 95 basis points of total revenues, representing the blend of actual bad debt experienced year-to-date and a continuing 100 basis point reserve of total fourth-quarter revenues. It's important to note that for our full year 2025 guidance contemplates the completion of approximately $500 million of noncore asset sales in the latter part of the fourth-quarter.

我們的一般壞帳假設保持不變，為總收入的 95 個基點，代表今年迄今實際發生的壞帳與第四季度總收入的 100 個基點的持續準備金的混合。值得注意的是，我們對 2025 年全年業績的預期是，在第四季後期完成約 5 億美元的非核心資產出售。

Conversely, our guidance does not assume any deployment of the related proceeds. Given the anticipated timing of these transactions, any earnings impact from either the potential sales or potential redeployment of proceeds would be negligible in 2025. We've consistently emphasized that the strength of our balance sheet provides us with tremendous flexibility in how we allocate capital. The recent share repurchase activity and the potential sale transactions that John mentioned are clear examples of that flexibility in action.

相反，我們的指導意見並不假設相關收益的任何部署。考慮到這些交易的預期時間，2025 年潛在出售或潛在資金再投資對收益的任何影響都將微乎其微。我們一直強調，我們穩健的資產負債表為我們提供了極大的資本配置彈性。約翰提到的最近的股票回購活動和潛在的出售交易，就是這種靈活性的明顯例證。

Our balance sheet remains one of the strongest in the sector, giving us the capacity to pursue opportunities that enhance shareholder value while maintaining our financial discipline. We remain firmly committed to our long-term leverage target of low to mid five times net debt-to-EBITDA which continues to position us well for both stability and growth.

我們的資產負債表仍然是業內最強勁的之一，這使我們能夠在保持財務紀律的同時，抓住機會提升股東價值。我們仍然堅定地致力於實現長期槓桿目標，淨債務與 EBITDA 之比保持在 5 倍左右，這將繼續使我們在穩定和成長方面都處於有利地位。

Lastly, our Board of Trustees has authorized an increase in our dividend to $0.29 per share, which represents a 7.4% increase year-over-year. For many of our long-term investors, the dividend is a critical aspect of REIT investing and we believe KRG's dividend is an extremely attractive risk-adjusted yield.

最後，我們的董事會已批准將股息提高至每股 0.29 美元，比上年增長 7.4%。對於我們許多長期投資者而言，股息是 REIT 投資的關鍵方面，我們認為 KRG 的股息具有極具吸引力的風險調整收益率。

Earlier in the year, we mentioned the possibility of a special dividend to occur in 2025. We still anticipate distributing a special dividend of up to $45 million but the size will ultimately be determined by our fourth-quarter both taxable income and the outcome and timing of our current disposition pipeline.

今年早些時候，我們曾提到 2025 年有可能派發特別股息。我們仍預計將派發高達 4500 萬美元的特別股息，但最終規模將取決於我們第四季度的應稅收入以及我們當前資產處置計劃的結果和時間。

Thank you to our team for their relentless efforts to deliver strong results and create long-term value for all stakeholders. We look forward to seeing many of you over the next several weeks on the conference circuit.

感謝我們的團隊不懈努力，取得了優異的成績，並為所有利害關係人創造了長期價值。我們期待在接下來的幾周里在各種會議上見到你們中的許多人。

Operator, this concludes our prepared remarks. Please open the line for questions.

操作員，我們準備好的發言到此結束。請開通提問專線。

(Operator Instructions) Cooper Clark, Wells Fargo.

（操作員說明）庫柏克拉克，富國銀行。

Hoping you could expand more on your earlier comments on the dispositions. Is it fair to assume that most of the volume is power centers, given your comments on previous calls? Also curious on cap rates and then benefits to the same-store growth profile and underlying tenant credit moving forward.

希望您能就您先前關於性格傾向的評論做更多闡述。根據您在先前電話會議中的發言，是否可以合理地假設大部分交易量來自電力中心？我還想了解資本化率，以及這對同店成長前景和未來租戶信用狀況的影響。

Sure. Connor yes, I think it's fair to say that this is in line with the messaging that we've had in the past, which is that we're looking to kind of shrink that middle part of our portfolio, which would be those larger format centers and power centers. So yes, I think that's kind of the direction that we're heading and that is what this particular group of assets is.

當然。康納：是的，我認為這與我們過去一直傳達的訊息是一致的，那就是我們正在尋求縮小我們投資組合的中間部分，也就是那些大型購物中心和主力購物中心。所以，是的，我認為這就是我們努力的方向，也是這組資產的本質。

In terms of pricing, we haven't released that in the past and we've got to get to the closing. But suffice to say, the activity should be well inside of what our implied cap rate is right now, which is what's happened historically.

至於價格方面，我們過去從未公佈過，而且我們還得等到交易完成才能公佈。但總而言之，該活動應該遠低於我們目前隱含的資本化率，而歷史上也確實如此。

Does it work for you, Cooper? Cooper, this is Heath. I would also say on the same-store, listen, on a net-net basis, the entire pool would be accretive to same-store but it all depends on which mix of assets we end up closing. So TBD on what it does to the 2025 same-store.

庫柏，你覺得這樣行得通嗎？庫柏，這位是希思。我還要補充一點，就同店而言，從整體來看，所有資產池都會對同店業績產生增益，但這完全取決於我們最終關閉哪些資產組合。所以，它對 2025 年同店的影響還有待觀察。

Andrew Reale, Bank of America.

安德魯·雷亞爾，美國銀行。

I guess just sticking with the dispositions, I guess just curious if you could -- if we could dig a little deeper and you could give us an idea of just where occupancy is and what the exposure to watch list retailers is like within the assets that are in the pipeline? And then how much more volume beyond the $500 million right now could you potentially look to sell?

我想就資產處置方面來說，我只是好奇您是否可以——如果我們能更深入地了解一下，您能否讓我們了解一下在建資產的入住率情況以及對重點關注零售商的風險敞口？那麼，除了目前的 5 億美元之外，您還有哪些潛在的銷售目標？

Well, let me just start with -- again, we're not -- it's -- the occupancy is probably going to reflect the occupancy in the portfolio and these are stabilized properties. That -- the -- and then you should assume that because we're telling you that it's that kind of middle part of the larger format centers that there is exposure, obviously to watch list tenants but that's going to be the case in any of those type of assets if they're larger format power centers. So I think -- what was the second part of that question, I'm sorry?

好吧，首先我要說明的是——我們不是——入住率可能會反映投資組合的入住率，而這些都是營運穩定的物業。然後你應該假設，因為我們告訴你，這是大型購物中心的中間部分，顯然會受到關註名單租戶的影響，但如果它們是大型購物中心，這種情況在任何這類資產中都會發生。所以我想──不好意思，你剛剛問的第二部分是什麼來著？

Just how much more volume beyond $500 million could you potentially look to sell?

除了 5 億美元之外，您還有哪些潛在的銷售目標？

Yes. Right now, I think we're very focused on just getting this closed. As we said, we anticipate a lot of this will happen by year-end. So we're quite busy on getting that done and then we're going to go from there.

是的。目前，我認為我們的首要任務就是盡快結束這場爭論。正如我們所說，我們預計到年底前很多事情都會發生。所以我們現在正忙著完成這件事，然後再根據情況採取下一步行動。

We continue to want to improve the portfolio and continue to want to do a lot of work around this embedded rent growth. I mean the fact that we've been able to increase our embedded rents by 20 basis points in 18 months is pretty fabulous, And we're already ticking up towards the higher end of the peer group on embedded growth.

我們將繼續努力改善投資組合，並繼續圍繞這一潛在的租金成長進行大量工作。我的意思是，我們能夠在 18 個月內將內含租金提高 20 個基點，這真是太棒了，而且我們在內含增長方面已經接近同行中的較高水平。

So that's really the focus, is to reposition the portfolio to deliver a better growth profile in the years ahead. And that's -- a lot of that is because a lot of the growth that you've seen in this space since COVID is really just catch-up of occupancy. And what we're looking to do is build growth without having to do that. So we'll see how that plays out but we're very -- whatever, we're optimistic about that.

所以，真正的重點在於重新調整投資組合，以在未來幾年實現更好的成長前景。很大程度上是因為自新冠疫情以來，該領域出現的許多增長實際上只是入住率的追趕。而我們希望在不採取這些措施的情況下實現成長。所以我們會看看結果如何，但我們對此非常樂觀。

Okay. That's helpful. And then if I could just ask a follow-up. As we start to really model out '26, could you just go back and remind us of what the onetime items are that have impacted this year and kind of what those are worth on a per share basis?

好的。那很有幫助。然後，我能否再問一個後續問題？當我們開始真正對 2026 年進行建模時，您能否回顧一下今年有哪些一次性項目產生了影響，以及這些項目以每股計算的價值是多少？

Yes. It's around -- today, it's around $17 million of what we call recurring but unpredictable items and that's a combination of term fees and land sale gains.

是的。目前，這類經常性但不可預測的項目約為 1700 萬美元，其中包括定期費用和土地出售收益。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I just wanted to ask about the guidance revision and maybe sort of an early look around '26. The revision this quarter, there was a $0.01 positive contribution from capital allocation activity. Heath, you said that's almost entirely due to stock buybacks, just given the timing of the transactions that you're talking about in the redeployment. But any considerations around 2026, I guess, vis-a-vis your comments around transacting in a manner that minimizes dilution, how we should maybe think about how all of this sort of plays out?

我只是想詢問一下指導方針的修訂情況，以及對 2026 年左右的情況進行一些初步了解。本季度修訂中，資本配置活動貢獻了 0.01 美元的正收益。希思，你說過這幾乎完全是由於股票回購造成的，考慮到你在重新部署中提到的交易時間。但關於 2026 年的任何考慮，我想，結合您關於以最大限度減少稀釋的方式進行交易的評論，我們應該如何看待這一切將如何發展？

Yes. Todd, I think it's too early. In February, we're going to have a lot more visibility into what we actually do with the proceeds. As John said in his remarks, we have a menu of items. Obviously, one of the attractive ones now is the redeployment of capital into our share price based on where the implied yield is versus the implied yield of these assets that we're selling.

是的。托德，我覺得現在還太早了。二月份，我們將更清楚地了解我們實際上如何使用收益。正如約翰在演講中所說，我們有一份菜單。顯然，目前一個有吸引力的策略是根據股票的隱含收益率與我們正在出售的這些資產的隱含收益率之間的關係，將資本重新配置到我們的股價中。

So again, it's really going to be depending on, are we going to close these things, what do we do with the proceeds? So we'll have much more visibility in February. So thank you for your patience and we'll talk to you then about '26.

所以，關鍵還是在於，我們是否要關閉這些項目，以及我們如何處理所得效益？因此，二月我們將有更清晰的了解情況。感謝您的耐心等待，我們到時再和您討論 2026 年的事。

Yes. Only thing I would add to that, Todd, is you just got to remember that there's complexity in terms of the taxability associated with the sale, the gain, or the loss. So I think we have to let that develop and focus on getting this current batch closed. And then as Heath said, we'll be in a much better position. But the real positive here is that there's a lot of opportunity for us to improve the portfolio, improve the growth and there's a real demand for the type of product that we're looking to sell.

是的。托德，我唯一要補充的是，你必須記住，與出售、收益或損失相關的稅收問題很複雜。所以我認為我們應該讓這件事順其自然，集中精力完成目前這批貨物的結算。正如希思所說，那樣一來，我們的處境就會好得多。但真正的正面因素在於，我們有很多機會來改進產品組合，提高成長，而且市場對我們正在銷售的這類產品確實有需求。

And again, with the discount to NAV and the implied cap rate where we're at, this has been quite a good time to be doing this.

再次強調，鑑於目前的淨資產值折價和隱含資本化率，現在是進行這項交易的好時機。

Okay. And then is this -- the $500 million number that you mentioned, is this intended to be a gross sales number? Or are you entertaining sort of a contribution to a joint venture vehicle where you might retain an interest in these assets at all? And can you sort of rank order today, sort of the redeployment opportunities that you discussed, whether acquisitions, more share buybacks, how you think about that today?

好的。那麼，您提到的 5 億美元這個數字，是指總銷售額嗎？或者，您是否考慮以某種方式向合資企業出資，並保留對這些資產的部分權益？那麼，您能否根據您剛才討論的重新部署機會（例如收購、更多股票回購等）對今天的情況進行排序，您現在是如何看待這些機會的？

Well, for the first part of the question, these would -- this particular pool that we're talking about of approximately $500 million is all 100% sales. These are not any joint venture contributions in this. In terms of force ranking those multiple options, again, it all comes down to the timing, which assets, the taxability of those. And then so that will drive that first decision-making. But the entire objective is to do what we've already done, which is to place the money in something that is either accretive or very, very minimally dilutive as it represents the entire balance sheet.

嗯，對於問題的第一部分，這些——我們正在談論的這個價值約 5 億美元的特定資金池，全部來自 100% 的銷售。這些並非合資企業的出資。就對這多個選項進行排序而言，歸根究底還是取決於時機、哪些資產以及這些資產的稅務狀況。因此，這將影響到最初的決策。但我們的最終目標是繼續做我們已經做過的事情，那就是將資金投入到能夠增值或稀釋作用非常非常小的項目中，因為它代表了整個資產負債表。

So I think we're going to have to see where that goes. But with the yields that we're able to sell at and redeploy at, that's kind of our focus is, the demand for the centers that we're selling is strong. And as we've said a couple of different times, in terms of redeploying into the stock, it was an easy decision. As we move down the road, that becomes more complex around taxes, et cetera.

所以我覺得我們得看看事情會如何發展。但是，就我們能夠以目前的收益率出售和重新部署而言，這才是我們的重點，我們出售的這些中心的需求很強勁。正如我們之前多次說過的那樣，就重新投資股票而言，這是一個很容易的決定。隨著事態發展，稅收等方面的問題會變得更加複雜。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Just want to go to the City Center. That one was impaired. And as we think about it, you had mentioned that is one of the assets that you were recycling as part of the Legacy West transaction. I mean, does that -- does the further write-down of that change any of the accretion math that you guys put out in that Legacy West deal? And maybe where should we think about the cap rate for that deal?

只想去市中心。那個人身體有缺陷。仔細想想，您曾提到這是您在 Legacy West 交易中回收的資產之一。我的意思是，進一步的減記是否會改變你們在 Legacy West 交易中提出的任何增值計算結果？那麼，我們該如何考慮這筆交易的資本化率呢？

Is that north of a 10% cap and kind of the Carillon MOB and development land as well? I mean, these prices are coming in below your expectations, it seems like. Can you just talk about where yields are?

那是不是超過 10% 的上限，而且也算是 Carillon MOB 和開發用地？我的意思是，這些價格似乎低於你的預期。能談談產量分佈嗎？

Sure. First part of your question, no, it is not going to impact the yields. I mean, this is a fairly de minimis impact yields as regards to Legacy West. And if you remember, we kind of gave a range of what that sale might be. So this would be de minimis.

當然。關於你問題的第一部分，不，這不會影響產量。我的意思是，就 Legacy West 而言，這產生的影響微乎其微。如果你還記得的話，我們當時給了一個可能的銷售範圍。所以這只是微不足道的小事。

And it's really a result of kind of pulling the asset off the market, stabilizing some tenants that needed to be stabilized and reput -- putting it out back out there. And so in that regard, not an issue. Heath, do you want to hit the second part of that? Oh, sorry. Can you get the second part of the question again?

這實際上是將資產從市場上撤下，穩定了一些需要穩定的租戶，並恢復了聲譽——然後重新推向市場的結果。所以從這個角度來看，這不是問題。希思，你想繼續講第二部分嗎？哦，對不起。你能再說一次問題的第二部分嗎？

Just what the yields are now on the impaired values for those sales?

那麼，這些減損銷售的收益率現在究竟是多少？

Oh, the cap rate on the asset itself.

哦，是資產本身的資本化率。

I mean one of them is a piece of land, one of them is our MOB, which is lightly occupied and the other is City Center. I'd rather not give you an exact cap rate on City Center but -- needless to say, listen, the good news is on these Carillon sales, this is one of the ways that we're going to help minimize dilution. We're selling one asset potentially that has no NOI attributable at all to it, one which is NOI light. So again, we think these are all good developments and we'll keep you updated.

我的意思是，其中一個是土地，一個是我們的軍事基地（MOB），目前入住率不高，另一個是市中心。我不想透露城市中心的具體資本化率，但是——不用說，好消息是，對於這些卡里隆的出售，這是我們幫助最大限度減少股權稀釋的方法之一。我們正在出售一項可能完全沒有淨營業收入的資產，這項資產的淨營業收入很低。所以，我們認為這些都是好兆頭，我們會隨時向您報告最新進展。

Yes. And just to be clear on City Center, it's really not like a going-in cap rate exercise. It's an IRR exercise for the buyer because there's a lot to do there. So it's not really relevant.

是的。需要明確的是，對於市中心專案而言，它實際上並不是一個初始資本化率計算的過程。對於買方來說，這是一項內部報酬率 (IRR) 分析，因為其中有很多工作要做。所以其實無關緊要。

Okay. And then, John, I know you kind of -- to Todd's point, you kind of rank the capital uses for the $500 million. I'm just kind of curious just on buybacks specifically. I know you said it's complicated but like how do you weigh that FFO yield or AFFO yield versus the potential kind of impact of reducing liquidity for the stock and those other kind of nonfinancial issues that can also impact multiple going forward?

好的。然後，約翰，我知道你有點像——就像托德說的那樣，你對這 5 億美元的資金用途進行了排序。我只是對回購這件事有點好奇。我知道你說過這很複雜，但是你如何權衡FFO收益率或AFFO收益率與降低股票流動性的潛在影響以及其他可能影響未來估值倍數的非財務問題之間的關係呢？

Yes. I mean, obviously, everything we're doing here, we would anticipate that in the end, the multiple would be well above where it is today. And I'm extremely confident that two years from now, the stock is going to trade at a much higher both multiple and price than what we're buying the stock at today, Craig. So yes, I mean, there is complexity in the analysis and it's not all math. I mean the math gives you the direction.

是的。我的意思是，很顯然，我們在這裡所做的一切，最終都預期倍數會遠高於今天的水平。克雷格，我非常有信心，兩年後，這支股票的市盈率和價格都會比我們今天買入的價格高得多。是的，我的意思是，分析中存在複雜性，它並不全是數學。我的意思是，數學可以指引你方向。

But yes, you have to look at the market cap, the size of the business. But we're -- these are -- even -- these are relatively small numbers, even if we were to deploy all of that into a buyback, which we're not going to. But I think the reality is, this is a point in time where we're taking advantage of an arbitrage that's very clear that in the future, we'll be -- we'll look back and say it was very smart, in my opinion.

但是，確實需要考慮市值和企業規模。但是，即使我們將所有這些資金用於股票回購（我們不會這樣做），這些數字也相對較小。但我認為現實情況是，我們現在正處於一個非常明顯的套利時機，將來我們會回顧過去，並說這在我看來是非常明智的。

But it's also about the thematic around what the composition of our assets are going to be and what the embedded growth rate of our business will be because, again, a lot of companies have benefited in terms of short-term growth in the past four years. That's great but you got to think what's this business going to be in the next 10 years and we're going to be positioned to be one of the best companies for sure.

但這同時也關乎我們資產的組成以及我們業務的內含成長率的主題，因為，在過去的四年裡，許多公司都從短期成長中受益。這固然很好，但你也要想想這個產業未來 10 年的發展方向，我們一定會成為最優秀的公司之一。

And we're going to have one of the best growth profiles and we already have one of the best balance sheets, which will continue. So we will look at all of that and we will be very thoughtful around the impacts of these things. But against the backdrop of the business and the backdrop of the opportunity, this is the perfect time to be doing what we're doing.

我們將擁有最佳的成長前景之一，而且我們已經擁有最佳的資產負債表之一，這種情況還將繼續保持。所以我們會考慮所有這些因素，並認真思考這些因素的影響。但從商業環境和機會的角度來看，現在正是我們做這件事的最佳時機。

And I know it's a two-question limit but maybe slip a third one here. I mean you guys are really trying to arb this, other REITs have tried this in the past, selling assets, buying back stock. I mean, at what point do you look to other ways to maximize value if the public markets don't want to recognize kind of the private market value of Kite and maybe even some of your peers?

我知道最多只能問兩個問題，但或許可以再加一個。我的意思是，你們真的想藉此機會套利，其他房地產投資信託基金過去也嘗試過這樣做，出售資產，再回購股票。我的意思是，如果公開市場不願意承認 Kite 以及你的一些同行的私人市場價值，那麼你會在什麼情況下尋求其他方法來最大化價值呢？

Well, let me start with -- we're not doing this to -- it's a result of how we're changing the composition of the portfolio. So it's not as though we said, hey, let's go put a stake in the ground that we want to buy back stock at a certain price to prove a point. That has absolutely nothing to do with it. What's happening here is, we're changing the composition of the portfolio into a better longer-term growth profile asset composition. As part of that, we have proceeds that we have to distribute.

首先，我要說明的是──我們這樣做並不是因為──而是因為我們改變了投資組合的組成。所以，這並不是說，嘿，讓我們表明立場，我們想以某個價格回購股票來證明某個觀點。那跟這件事完全沒有關係。我們現在正在做的，是將投資組合的組成轉變為更有利於長期成長的資產組成。作為其中的一部分，我們有部分收益需要分配。

This was the obvious thing to do at this point in time with those proceeds because of what we've talked about. The gap -- the difference in the core FFO yield versus the assets that we sold, which we think will continue in the short term. And then also just the extreme discount that happened to be there.

鑑於我們剛才討論的內容，此時此刻，用這些收益做這件事顯然是理所當然的。差距－核心 FFO 收益率與我們出售的資產之間的差額，我們認為這種情況在短期內還會持續。再加上當時剛好有非常大的折扣。

But going forward, this is -- we'll see how that plays out. This is about real estate and the results of those sales have to be deployed. It's not vice versa, is the message I'm trying to get to you. So the idea that other people have tried to do this has nothing to do with it. This is an individual exercise for a company improving its portfolio that happens to have an extremely good balance sheet that allows flexibility.

但展望未來，我們將拭​​目以待。這關乎房地產，而這些銷售成果必須有效利用。我的意思是，情況並非恰恰相反。所以其他人嘗試過這樣做與此無關。這是針對一家資產負債表狀況極佳、具有靈活性的公司，旨在改進其投資組合的個別練習。

I've seen this done in the past with leveraged balance sheets, that does not work. So this is absolutely nothing like that. And again, we'll see where it goes. And because of the structure of a REIT, sometimes you do have to pay out a special dividend. We haven't talked much about that.

我以前看過有人用槓桿資產負債表這樣做，但那是行不通的。所以這跟那完全不一樣。我們再看看事情會如何發展。由於 REIT 的結構特性，有時確實需要派發特別股息。我們還沒怎麼談過這個問題。

But we are anticipating doing that and that's just part of being a REIT. That would be on the lower end of what you're really trying to prioritize because of the use of capital. But by the same token, you're looking at a total return to the shareholder on an annual basis. And in the end, we want that to be a model going forward where our total return is a high number that entices shareholders. Right now, there's a lot of money being invested in other areas of the world.

但我們預計會這樣做，而這只是成為房地產投資信託基金的一部分。由於資金的使用，這應該是你真正想要優先考慮的事情中優先順序較低的一項。但同樣地，你也要考慮股東的年度總回報。最終，我們希望這能成為一個持續發展的模式，使總回報率達到一個能吸引股東的高數字。目前，世界其他地區也投入了大量資金。

But when you look back at what we're doing right now, I think people will come back to the steady cash flow growth of REITs. So I think, again, the timing of this is very good.

但回顧我們現在所做的事情，我認為人們最終會重新關注房地產投資信託基金穩定的現金流成長。所以我覺得，這次的時機非常好。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Probably a good sign that we've made it this far and we haven't touched on the watch list for the full portfolio. So it feels like things have gotten a little bit better out there. Just wanted to get your assessment, what you're seeing, what your watch list is and what you're paying attention and how that impacts the kind of the setup for 2026.

或許這是個好兆頭，我們已經走到這一步了，還沒有觸及整個投資組合的觀察名單。感覺外面的情況稍微好轉了一些。我只是想了解您的評估，您看到了什麼，您的關注清單是什麼，您正在關注什麼，以及這會對 2026 年的情況產生怎樣的影響。

Yes, sure. We think that the watch list is in good shape. And I think most of what's happening now is becoming much more isolated into individual tenant names more so than in the past when you had multiple tenants in trouble. And obviously, the crescendo of that was last year when you had multiple bankruptcies within 60 days. So now we're down to a much more manageable probably situation where there are individual tenants that we're not going to name that we're focused on and we're focused on reducing exposure.

當然可以。我們認為觀察名單目前狀況良好。而且我認為，現在發生的大部分事情都變得更加孤立，更多地集中在個別租戶身上，而不是像過去那樣涉及多個租戶。顯然，去年最嚴重的事件是 60 天內發生了多起破產事件。所以現在情況好多了，更容易控制，我們專注於一些我們不點名的租戶，並致力於降低他們的風險敞口。

And look, part of this entire conversation this morning has been about improving the quality of the portfolio and reducing exposure. And even if you're getting short-term lease-up right now but you're remaining overly exposed, that will eventually come back to be a problem most likely.

而且，今天早上的討論內容之一就是如何提高投資組合的品質並降低風險敞口。即使你現在獲得的是短期租賃，但你仍然過度暴露於風險之中，這最終很可能會成為一個問題。

So this is all one big exercise around improvement, self-improvement, and better growth. So I think that's coming. But as it relates to the specifics around tenant credit watch list, we always have them. The industry always has them. It's a natural evolution.

所以這一切都是為了改進、自我提升和更好地成長而進行的大型活動。所以我覺得那件事即將發生。但就租戶信用觀察名單的具體細節而言，我們一直都有。行業裡總是會有這種人。這是自然演變的過程。

And we said, look, when we got all these bankruptcies, there was a lot of people putting out lists and I've leased this many spaces in this period of time, that's not the exercise. The exercise that we engage in is, how do we get the best tenants, the best merchandising mix with the best growth. If that takes 18 months instead of 9 months, fine. This business could be around a long time and it's going to be a very strong business for a long time.

我們說，你看，當出現這麼多破產案例時，很多人都在列出清單，例如我在這段時間內租了多少地方，但這並不是重點。我們所做的努力是，如何找到最好的租戶，實現最佳的商品組合和最佳的成長。如果需要18個月而不是9個月，那也沒關係。這家企業可能會長期存在，而且在很長一段時間內都會是一家非常強大的企業。

Got it. And so I'll follow that up with probably what you don't want to hear though. Last quarter, you talked about 80% of the boxes recaptured were either leased or in active negotiations. Is there an update on that? And can you just talk about the opportunities of those where you're kind of like holding back as you think about merchandising or finding better economics with a tenant?

知道了。接下來我要說的，可能不是你想聽到的。上個季度，您提到回收的箱子中有 80% 要么是租賃的，要么正在積極談判中。這件事有最新進展嗎？你能談談那些你在考慮商品銷售或與租戶尋求更佳經濟效益時有所保留的情況嗎？

Well, let me just give -- Tom will give you an update on where we are on the progress, even though we just said that, that's not our focus. But he'll give you the update and we can take the second part after that.

好吧，我先簡單介紹一下——湯姆會向你們報告我們目前的進展情況，雖然我們剛才說過，但這並不是我們關注的重點。但他會給你最新情況匯報，之後我們再進行第二部分。

Yes. No problem. So we always marked up 29 bankruptcy tenants in terms of that original list that we talked about. At this point, we're at about 83% that are leased, assumed in LOI negotiations, et cetera. So we have five other properties that are out there.

是的。沒問題。所以，我們一直按照我們之前討論的那份原始名單，標記出 29 個破產租戶。目前，租賃房屋的比例約為 83%，這是在意向書談判等事項中假設的。所以我們還有五處房產待售。

We are meeting on them constantly. They're probably the more challenging of the original list but we have confidence that we'll resolve those in due time and it gets a lot of attention. So no concern there.

我們一直在就這些問題進行討論。它們可能是原始清單中最具挑戰性的問題，但我們有信心在適當的時候解決這些問題，而這些問題也得到了很多關注。所以不用擔心。

The only thing I would add is, if you pay attention to the names that we're putting out there in terms of the anchor leases that we just -- even just in this quarter, shows you that our focus is on quality and growth as opposed to just filling the space. And I think the fact that we've done this year, 12 different retailers across -- or 12 different brands across 19 leases that we signed.

我唯一要補充的是，如果你留意一下我們公佈的那些主要租戶名單——即使只是本季度，也能看出我們關注的是品質和成長，而不是僅僅為了填滿空間。我認為，今年我們與 12 家不同的零售商合作，或者說，與 12 個不同的品牌合作，簽署了 19 份租賃協議，這本身就是一個了不起的成就。

Again, our focus is that diversity, quality and then look at the spreads and the returns on capital. That's why this takes a little more time, right? I mean if you're going to be getting north of 20% returns on capital and same thing on spreads and speaking of spreads, in case nobody asked, I mean, look at our nonoption renewal spreads.

再次強調，我們的重點是多樣性、質量，然後是價差和資本回報率。所以才需要多花點時間，對吧？我的意思是，如果你能獲得超過 20% 的資本回報率，而利差也能獲得同樣的回報，說到利差，萬一沒人問的話，我的意思是，看看我們的非期權續約利差。

I mean, I know we're one of the few guys that gives the detail around that. But I think it was 13% or 12%, 13%. That is a fabulous number, which reflects the strength of our portfolio first and then secondarily, the business that we're in. So those things are important to that, too.

我的意思是，我知道我們是少數幾個會詳細說明這方面情況的公司之一。但我認為應該是 13% 或 12%，13%。這是一個非常棒的數字，首先反映了我們投資組合的實力，其次反映了我們所處行業的實力。所以這些因素對那也很重要。

So just to follow up on John, of the seven boxes that we executed this quarter, our spreads were 37% and return on cost, 23%. So as we look at the remainder of this portfolio, we're setting a high bar and being very, very careful.

所以，為了跟進約翰的說法，在我們本季執行的七個方案中，利潤率為 37%，成本回報率為 23%。所以，在審視這個投資組合的其餘部分時，我們設定了很高的標準，並且非常非常謹慎。

Floris Van Dijkum, Ladenburg Thalmann.

弗洛里斯·範·迪庫姆，拉登堡·塔爾曼。

By the way, congrats on the share buybacks. That was, I think, astute. Just curious on the contemplated $500 million of sales later on this year. The $45 million special dividend, is that partly as a result of that or the $0.20 special dividend, is that a result of those sales? Or is that -- could that number increase based on the closing of those dispositions later on this year?

順便說一句，恭喜你們完成股票回購。我覺得很精明。只是好奇今年稍後預計的 5 億美元銷售額。4500萬美元的特別股息，部分原因是上述情況嗎？或者，每股0.20美元的特別股息，是這些銷售的結果嗎？或者說——隨著今年稍後這些資產處置的完成，這個數字可能會增加嗎？

Yes, Floris, that's related to the prior transactional activity, mostly the GIC transaction. And actually, that number, I said up to $45 million, that's the maximum it could be. If anything, some of the assets that may sell this year may have embedded losses, which would reduce that. So just think about that $45 million being the top side and then potentially going lower depending on the mix of assets that we end up selling.

是的，Floris，這與先前的交易活動有關，主要是GIC交易。實際上，我說過，最高可達 4500 萬美元。如果有什麼變化的話，那就是今年可能出售的一些資產可能存在隱性虧損，這將減少損失。所以，你可以把 4500 萬美元看作是上限，然後根據我們最終出售的資產組合，價格可能會更低。

Yes. And those -- look, in terms of when Heath says embedded losses, that's on a tax basis, not a book basis, just to be clear.

是的。還有那些──你看，希思所說的內含損失，是指稅務上的損失，而不是帳面上的損失，這一點要明確。

Right. Yes. So it gives you potential significant more powder to -- for share buybacks, which is encouraging. One other thing, which I -- we haven't really talked about Legacy West. And I don't want to steal your thunder for the upcoming NAREIT. But as I look, the ABR in place seems to have increased by quite a bit since you first acquired it. Can you talk a little bit about what's happening at that asset in terms of rents and renewals and spreads?

正確的。是的。因此，它能讓你有更多的資金用於股票回購，令人鼓舞。還有一件事，我們還沒有真正談論 Legacy West。我不想搶了你即將參加的 NAREIT 大會的風頭。但據我觀察，自從你最初獲得該資產以來，現有的 ABR 似乎已經大幅增加。您能否談談該資產在租金、續租和利差方面的最新情況？

Yes. It's kind of -- it's magical. It's a fabulous asset that had under market rents, particularly in the retail component. And it was the perfect timing to bring in a platform like ours that can drive those rents, drive value. We have a lot of great things going on there.

是的。這簡直——太神奇了。這是一處絕佳的資產，租金低於市場水平，尤其是零售部分。現在正是引進像我們這樣的平台，從而推動租金上漲、創造價值的絕佳時機。我們在那裡有很多很棒的事情正在進行。

But obviously, we said it when we bought it, the -- I think the average base rent was like $65, I believe, in the retail. And we are well above that in all the new deals that we're doing. And we had -- as we mentioned, Floris, we had the ability to access about 30% of that over the next three years since the acquisition to get to probably about a 20% mark-to-market, right? So it is playing out exactly as we anticipated.

但很顯然，我們在購買時就說過，——我認為零售業的平均基本租金大約是 65 美元。在我們所有新達成的交易中，我們的業績都遠高於這個水準。正如我們之前提到的，Floris，我們有能力在收購後的三年內獲得其中約 30% 的收益，從而達到約 20% 的市值，對吧？事情的發展完全正如我們所預期的。

It was the perfect combination of us and a fabulous partner that has the same kind of mentality we do and has been extremely supportive and we, of course, look to do more with them. And the other thing, remember that we are a major player in the market, right? So we have things going on that are multi-tiered when we're talking to these tenants in the sense that we have other assets that we can cross lease against. And we have other properties there that tenants want to get into.

我們和一位非常棒的合作夥伴完美地結合了彼此的理念，他們與我們有著相同的精神面貌，並且給予了我們極大的支持，我們當然希望與他們有更多合作。還有一點，別忘了我們是市場上的主要參與者，對吧？因此，我們在與這些租戶洽談時，會採取多層次的策略，因為我們還有其他資產可以進行交叉租賃。我們在那裡還有其他房產，租戶都想搬進去。

And so there's this ability to have this virtuous cycle of repositioning and moving people around and different rent levels. So look, we're extremely bullish on the micro, which is the property itself and the macro, which is the market, one of the best in the country.

因此，就存在一種良性循環，即透過重新定位和調動人員以及調整租金水平來實現這種循環。所以你看，我們對微觀層面（即房產本身）和宏觀層面（即市場）都非常看好，目前市場是全國最好的市場之一。

John -- just if I -- if you indulge me, one other little thing, maybe, Heath, if you could touch on the impact of those $500 million of sales, what's that going to do to your cruising speed of 178 basis points? How much should -- could that increase by as a result of selling some of these lower growth assets?

約翰——如果我——如果你允許的話，還有一件事，希思，如果你能談談這 5 億美元的銷售額對你 178 個基點的巡航速度的影響，那會有什麼影響？在出售部分成長速度較低的資產後，該數字應該——或者說能夠——增加多少？

Well, first, I'm glad to hear you say cruising speed versus cruising altitude because that's been a debate in the company, so you just answered it. Go ahead, Heath.

首先，我很高興聽到你談到巡航速度與巡航高度，因為這一直是公司內部爭論的焦點，所以你正好回答了這個問題。請繼續，希思。

So Floris, the embedded bumps in that pool of assets is around 140 basis points. So it's going to -- it's obviously going to improve our cruising speed but the denominator is so large. So it will be fairly modest. But again, it's all heading in the right direction. And as John said in his comments, I mean, to move our cruising speed by 20 basis points in 18 months is just incredible.

所以，Floris，該資產池中嵌入的波動幅度約為 140 個基點。所以，這顯然會提高我們的巡航速度，但分母太大了。所以規模會比較小。但總的來說，一切都在朝著正確的方向發展。正如約翰在評論中所說，我的意思是，在 18 個月內將我們的巡航速度提高 20 個基點，這簡直令人難以置信。

And that's basically just being -- that's basically getting better bumps in the small shops to the extent we can get better escalators in the anchors, which we're starting to get a little bit more modest improvement on. We see 2% around the corner. When we hit 2% in embedded bumps, we're going to ask for [2.25%]. So we're just going to keep pushing on this. And again, this occupancy-fueled growth that people are experiencing, it will come to an end.

基本上，這意味著——基本上，這意味著我們要在小型商店裡獲得更好的扶梯，就像我們在大型商場裡獲得更好的扶梯一樣，而我們在這方面已經開始取得一些較為溫和的改進。我們預計2%的目標即將到來。當嵌入式成長達到 2% 時，我們將要求[2.25%]。所以我們會繼續推進這件事。再次強調，人們目前所經歷的這種由入住率推動的成長，終將結束。

And at the end of the day, we'd rather be in a position where our cruising speed, to use your term, is higher than others. And that is part of this entire real estate exercise that we described on this call.

歸根究底，我們寧願處於一種狀態，用你的話來說，就是我們的巡航速度比其他人更高。而這正是我們在本次電話會議中所描述的整個房地產投資活動的一部分。

Yes. I mean that's the real message for us today is that this is a first step in a process of really focusing in on organic growth. And when you have a balance sheet like ours and you have organic growth that's near the top of the space and the balance sheet that we have, then we're able to do other things outside of the organic growth that can even add to that. So that's really the goal. And I think we have, frankly, we have absolutely been, I think, the market leader in focusing in on this embedded growth and fighting the fight that has to be fought in the trenches to get that.

是的。我的意思是，今天我們真正要傳達的訊息是，這是真正專注於有機成長的第一步。當你的資產負債表像我們這樣，而且你的有機成長接近行業領先水平時，我們可以做一些有機增長之外的事情，這些事情甚至可以進一步促進有機增長。所以這才是真正的目標。坦白說，我認為我們絕對是市場領導者，我們專注於這種內在成長，並為之奮鬥，在艱苦的戰鬥中爭取成功。

And perhaps that's why the occupancy trailed a little bit but then all of a sudden, you see us gain like 60 points, I think, or 60 basis points sequentially. And I think it shows you that the market is coming more to where we want to be. And if you look at the percentage of leases that we're signing in the small shop space at 3.5% and 4% annually, I mean, it's in the 60s percentage, like 60% of the deals we're doing. And then 3% is table stakes, right? So this is an indicator that this is a very good business to be in.

也許正因如此，入住率一度略有下滑，但隨後突然之間，我們連續增長了大約 60 個百分點，或者說 60 個基點。我認為這表明市場正朝著我們期望的方向發展。如果你看看我們每年在小型店鋪空間簽訂的租賃合約比例，大約是 3.5% 到 4%，我的意思是，這占我們所有交易的 60% 左右。那麼3%就是最低門檻了，對吧？所以這表明，從事這個行業非常值得。

There's not a lot of product and there's certainly not a lot of owners that have the ability to deploy all those different goals into what they're doing.

產品不多，而且能夠將所有這些不同的目標融入他們所做的事情中的企業主肯定不多。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Two questions. First is on the $500 million of sales, just so I'm clear. I understand that there are different options that you're going to use the proceeds for buybacks, reinvestment, et cetera. But overall in -- over shopping centers' history, whenever we see large asset sales, it usually means that earnings inevitably takes a step back until all of the proceeds are processed and whatever it's reinvested into can start to grow again. So it does sound like this is an impact to '26.

兩個問題。首先是關於 5 億美元的銷售額，我先說明一下。我了解到，你們會將所得款項用於回購、再投資等不同的用途。但總的來說，縱觀購物中心的歷史，每當我們看到大規模資產出售時，通常意味著收益不可避免地會下降，直到所有收益都處理完畢，並且再投資的項目能夠再次開始成長。所以聽起來這確實會對 26 年產生影響。

Is that a fair way to look at it? Or your view is that this should be flat to '26 and we shouldn't be thinking about the $500 million having an earnings impact?

這樣看待這個問題是否公平？或者您的觀點是，到 2026 年應該保持不變，我們不應該考慮這 5 億美元會對收益產生影響？

I mean, Alex, there are so many moving pieces and it depends on where is our share price going to be to the extent we're buying back stock. We're able to actually shield gains or does it have to go out as a special dividend because we're not going to do irresponsible acquisitions if we have a gain to shield.

我的意思是，Alex，這裡面有很多變數，我們是否回購股票取決於我們的股價走勢。我們能否有效保護收益，還是必須以特別股息的形式發放？因為如果我們有收益需要保護，我們就不會進行不負責任的收購。

So there are so many moving pieces, Alex. I'll just go back to what John said in his prepared remarks because we're going to do our best to minimize the earnings disruption. So again, we'll have much more information on that in February of next year.

所以，這裡面牽涉到很多方面，亞歷克斯。我還是重複約翰在事先準備好的演講稿裡說的話吧，因為我們將盡最大努力減少對獲利的影響。所以，我們將在明年二月公佈更多相關資訊。

And I think, Alex, I'd just add, in the past, when we've done things like this, we've been very, very thoughtful around that particular issue. And it really depends on -- everyone has different numbers. We have different numbers, you have different numbers. But in the end, whatever happens in '26 happens in '26. But from that point forward, there is no question that whatever we're doing is going to create much better growth.

亞歷克斯，我想補充一點，過去我們做類似的事情時，都會對這個問題進行非常、非常周全的考慮。這真的取決於——每個人的數據都不一樣。我們有不同的號碼，你們也有不同的號碼。但歸根究底，2026年發生的一切都將發生在2026年。但從那以後，毫無疑問，我們所做的一切都將帶來更好的成長。

But in the meantime, we'll do everything we can to minimize that. And unfortunately, some of that is driven by the taxability, right? When you're paying out a special, that's just money going out the door. So the primary goal is to minimize that. But again, look, we're doing one right.

但同時，我們將盡一切努力將這種情況降到最低。不幸的是，其中一部分原因是稅收問題，對吧？當你支付特殊款項時，那隻是白白浪費錢而已。所以首要目標是盡量減少這種情況。但是，你看，我們至少做對了一件事。

We think we're going to do something towards the end of the year here because we just -- that was the optionality of it. But from an NAV and from a future growth perspective, it's absolutely going to be better.

我們認為我們會在年底前做些事情，因為我們只是——這是可以選擇的。但從淨資產值和未來成長的角度來看，這絕對會更好。

Okay. And then just as another question along the portfolio lines, as -- it sounds like you've reviewed your portfolio heavily and obviously, we're seeing what's happening in the market in terms of supply/demand and improvement across the industry. Is your view that this is it and that going forward, dispositions will be more targeted in normal course?

好的。然後，關於投資組合方面，我還有一個問題——聽起來您已經認真審視了您的投資組合，顯然，我們看到了市場在供需關係和整個行業改善方面的情況。您是否認為這就是現狀，今後各項資產處置將更有針對性？

Or do you think there's a potential for another $0.5 billion plus type portfolio transaction that could occur next year? Meaning, is there more culling on a large scale that you guys think that you need to do? Or you think that this really addresses the assets that you no longer want to have in the Kite portfolio?

或者您認為明年是否有可能出現另一筆超過 5 億美元的投資組合交易？也就是說，你們認為是否還需要進行更大規模的撲殺？或者您認為這真的能解決您不再希望在 Kite 投資組合中持有的資產問題嗎？

I mean I think it's early right now to give any kind of finality answer to that. We're always reviewing -- as you know, we're always deep diving and reviewing the portfolio. We're going through budgets right now. So there's a lot going on in terms of the idea of what assets do we want to hold long term. But we have been clear that the idea is to derisk our exposure to certain areas of retail and -- but then take that whatever proceeds that might create and have a better growth profile and have a better future growth profile.

我的意思是，現在就這個問題給出最終答案還為時過早。我們一直在進行審查——正如您所知，我們一直在深入研究和審查投資組合。我們正在審核預算。所以，關於我們想要長期持有哪些資產，有很多事情正在發生。但我們已經明確表示，我們的想法是降低我們在零售業某些領域的風險敞口，然後利用由此可能產生的任何收益，獲得更好的成長前景和更好的未來成長前景。

So too early to say that, Alex, but it's always possible that we would do other dispositions of size. But again, right now, we're just focused on getting this done and figuring out the deployment.

現在下這個結論還為時過早，Alex，但我們也有可能採用其他尺寸的佈局。但是，目前我們的首要任務是完成這項工作並確定部署方案。

Okay. And then if I could sneak in a third, that seems to be a trend. Heath, on the -- on the bad debt, you guys have been, I think, around 85, 90 bps year-to-date, but you still have that 185 bps, I think, full year. I'm assuming that's just a plug like you don't intend to suddenly have 100 bps of bad debt in the fourth-quarter, right?

好的。如果我能偷偷塞進第三個，似乎就變成了一種趨勢。Heath，關於壞賬，我認為你們今年迄今為止的壞賬率在 85 到 90 個基點左右，但你們全年的壞賬率仍然高達 185 個基點。我猜這只是個幌子，意思是你們不打算在第四季突然出現 100 個基點的壞賬，對吧？

Yes, that's what's in your numbers that we assume 100 bps in the fourth-quarter. But no, it's not -- there's no special item there. It's just continuing the same -- whatever you want to call that.

是的，根據你們的數據，我們假設第四季將下降 100 個基點。但事實並非如此——那裡沒有什麼特別的物品。這只是延續了之前的一切——不管你怎麼稱呼它。

Yes. It's consistent with the same assumption we have at the beginning of the year and throughout the course of the year. So it's 100 basis points.

是的。這與我們年初以及全年所持的假設是一致的。所以是100個基點。

Right. But you're not expecting like a bunch of tenants to suddenly go start.

正確的。但你不會指望一群租戶會突然開始入住。

No. That is just us being conservative and basing it on historical norms of 75 to 100 basis points of revenues.

不。這只是我們出於保守考慮，根據以往75到100個基點的收入標準來制定的。

Paulina Rojas, Green Street.

保利娜·羅哈斯，格林街。

It's great to see you're pursuing that arbitrage opportunity and trying to reshape the growth profile of the company. Looking at your same-property NOI over the last 10 years, it's been around 2% or low 2%. So I know this is a difficult question but painting with broad brushes, if you layer in the initiatives that you have shared in this call plus the strong backdrop, how material do you think the upside to that same-property NOI growth could be relative to that 2%, low 2% range that the company has experienced?

很高興看到你正在尋求套利機會，並努力重塑公司的成長模式。從過去 10 年的同店淨營業收入來看，一直徘徊在 2% 左右或略低於 2%。我知道這是一個很難回答的問題，但概括來說，如果您將您在本次電話會議中分享的舉措以及強勁的背景因素考慮在內，您認為與公司目前經歷的 2% 或 2% 左右的增長相比，同一物業的 NOI 增長潛力有多大？

Yes. Paulina, I'm not sure if you attended our Four in '24 event in Naples, in February in Naples. And we have a slide in there where we thought what our sort of organic growth was. And holding occupancy aside, we said it was 2.5% to 3.5% based on bumps and spreads, certainly the bumps of the company obviously have improved as we suggested.

是的。Paulina，我不確定你是否參加了我們2024年2月在那不勒斯舉辦的「2024年四件事」活動。我們還在其中添加了一張幻燈片，用來描述我們設想的有機成長模式。撇開入住率不談，我們之前根據價格波動和價差計算，漲幅在 2.5% 到 3.5% 之間，當然，正如我們所建議的那樣，該公司的價格波動顯然已經有所改善。

So looking at it over a 10-year period, we had much lower embedded growth back then. So based on the current progress, we're seeing maybe that getting closer to 2.75% to 3.75% on a forward basis. So again, this is all about trying to improve that cruising speed, this real estate exercise, that's probably the number one priority is getting better growth. And the two parts of the portfolio that we're really migrating towards, we told you, which is the lifestyle and mixed-use, the embedded escalators in that part of the business is anywhere between 2.25% and 2.5%.

因此，從十年期的角度來看，當時的內含成長率要低得多。所以根據目前的進展，我們看到預期收益率可能會接近 2.75% 至 3.75%。所以，這一切的關鍵在於提高巡航速度，而這項房地產投資的首要任務可能是實現更好的成長。正如我們之前所說，我們正在大力發展的投資組合的兩個部分是生活方式和混合用途，而這部分業務的嵌入式升級率在 2.25% 到 2.5% 之間。

And then on the smaller format grocery side of the business, which we also really like, that growth is anywhere between 1.75% and 2% based on your composition of shops and anchors. So we're really pushing to sort of divest ourselves of the middle part of the portfolio. I just described to you that that pool that we're looking at is 1.4%. So it's a great question and we appreciate you looking backward. I will tell you, over the last three years, it's been 2.5%.

然後，在規模較小的雜貨店業務方面（我們也非常看好這個業務），根據商店和主力店的組成，增長率在 1.75% 到 2% 之間。所以我們正努力剝離投資組合的中間部分。我剛才向你描述過，我們正在看的這個池子是 1.4%。這是一個很好的問題，我們感謝您回顧過去。我可以告訴你，過去三年，這個數字是 2.5%。

But as we mentioned, that was -- some of that was occupancy fueled. So again, the whole point of this exercise is to improve that long-term cruising speed.

但正如我們所提到的，其中一些是由入住率推動的。所以，這項練習的全部意義就在於提高長期巡航速度。

Yes. I mean I would just add, I think that it is important that we look at where we were and that's a real big part of why we want to kind of change the composition as to where we're going to go, which is more important than where we were. And obviously, over the last four years, I think it's four years where we averaged that kind of close to 4%.

是的。我的意思是，我想補充一點，我認為重要的是我們要回顧過去，這也是我們想要改變未來發展方向的重要原因，而未來發展方向比過去更重要。顯然，在過去的四年裡，我認為我們的平均成長率接近 4%。

And we've had some up and downs in the occupancy over that period of time as well. And I think that, that was the point I was trying to make, Paulina, is that if you look at the entire sector and you look at this kind of short-term focus on same-store NOI growth -- and by the way, everybody -- it is not a ubiquitous equation in the sense that everyone defines it a little bit differently.

在此期間，我們的入住率也出現了一些波動。保利娜，我想表達的重點是，如果你縱觀整個行業，看看這種對同店淨營業收入增長的短期關注——順便說一句，每個人——它並不是一個普遍適用的等式，因為每個人對它的定義都略有不同。

So it makes it very difficult for you guys, which is why we're more focused on something that you can't massage. What is your embedded rent growth? And what is your core and NAREIT FFO growth going to stabilize at in the future? And what is your total return to your shareholder on an annual basis, which, by the way, part of that is the dividend yield. And we've continued to raise the dividend pretty healthy.

所以這對你們來說非常困難，這就是為什麼我們更專注於你們無法按摩的東西。您的租金成長潛力是多少？那麼，未來您的核心業務和NAREIT FFO成長率將穩定在什麼水準？那麼，您每年為股東帶來的總回報是多少？順便說一句，其中一部分是股息收益率。而且我們一直在穩步提高股利。

And we've spent a lot of capital in the last two years in just TI and LC and continue to produce significant cash even after that fact. So I think we are basically saying that we feel very good about the future. But obviously, there's a few steps in between as we are positioning ourselves for that.

過去兩年，我們在TI和LC上投入了大量資金，即便如此，我們仍然持續產生可觀的現金流。所以我覺得我們基本上是在說，我們對未來感到非常樂觀。但顯然，在我們為此做好準備的過程中，還有幾個步驟需要完成。

My second question is, you have in your presentation, you highlight very active -- a very active quarter in terms of leasing activity with grocers. I believe based on your numbers, you're at 79% of ABR coming from grocery-anchored centers. Do you have a target in mind for this figure? Or you don't even think about a target at all?

我的第二個問題是，您在簡報中強調了非常活躍——就與雜貨店的租賃活動而言，這是一個非常活躍的季度。根據你的數據，我相信你79%的ABR（平均房價）來自以超市為主力店的購物中心。你對這個數字有目標嗎？還是你根本沒考慮過目標？

No. I mean I don't think there's a target that's driving the decision-making around the leasing side of that. When we add a grocer to a shopping center that previously didn't have one, like many of those examples, it changes the composition of the shopper, right? And it creates more day-to-day activity at the property. One of the key things that we look at in the neighborhood grocery-anchored shopping center is what is the growth rate in that shopping center.

不。我的意思是，我不認為租賃方面的決策是由某個目標所驅動的。當我們在以前沒有雜貨店的購物中心增加一家雜貨店時（就像許多例子那樣），購物者的組成就會發生變化，對吧？而且它還能增加物業的日常活動量。我們在考察以超市為主力店的社區購物中心時，重點關注的一點是該購物中心的成長率。

And if you're too pivoted towards the grocer in terms of your NOI, it's tough to grow your -- it's tough to get embedded growth better than like less than 2%. It's tough. It's tough to get better than 1.5%. So the composition of the shops and the grocery are a factor.

如果你的淨營業收入過度依賴雜貨店，那麼你的業務成長就很難實現——很難獲得高於 2% 的嵌入式成長。它太硬。很難超越 1.5%。因此，商店和雜貨店的組成是一個影響因素。

But I think the meaning of that slide is just to show the demand that's out there. And of course, there is a certain segment of the investment community that just only wants grocery. We're not -- that's not our goal because you don't ever want, in my personal opinion, overexpose yourself to one thing because there was a time where people only wanted Kmarts. Well, that didn't work out too good. So I think we're much more focused on this diversity of our portfolio that creates this embedded rent growth that is going to exceed the space, like that's our goal.

但我認為這張投影片的意義僅僅在於展示市場上的需求。當然，投資界也有一部分只想要食品雜貨。我們不是——這不是我們的目標，因為依我個人之見，你永遠不想讓自己過度沉迷於某一種事物，因為曾經有一段時間，人們只想要 Kmart。嗯，結果不太理想。所以我認為我們更加重視投資組合的多樣性，從而創造嵌入式租金成長，使其超過現有面積，這就是我們的目標。

So it's more meaningful than just trading to a grocer. But obviously, when you can put a Trader Joe's into what was a Bed Bath & Beyond or a Whole Foods into what was a big lots, that's a pretty good day.

所以它比單純地和雜貨店做交易更有意義。但很顯然，如果你能把 Trader Joe's 搬到以前的 Bed Bath & Beyond，或者把 Whole Foods 搬到以前的 Big Lots，那真是個相當不錯的日子。

Hongliang Zhang, JPMorgan.

張宏亮，摩根大通。

I think your non -- your -- sorry, your tenant-related capital expenditure spend trended down pretty significantly this quarter. Was that just related to timing? And how should we think about the spend going forward?

我認為你們的——抱歉，是你們的——與租戶相關的資本支出在本季出現了相當明顯的下降趨勢。那隻是時間安排的問題嗎？那麼，我們該如何看待未來的支出呢？

You're talking sequentially?

你是按順序說話嗎？

Yes, sequentially.

是的，按順序。

Yes. It's just timing. It's a timing thing of signing a lease before you spend the money.

是的。只是時機問題。關鍵在於時機，要在花錢前就簽好租約。

Okay. And how should we think about -- so it sounds like the spend will basically revert back to what it's been earlier this year going forward.

好的。我們應該如何看待——聽起來，未來的支出基本上會恢復到今年早些時候的水平。

Yes. I mean I think you should think about it on an annual basis. I would not look at it on a quarterly basis. That's -- there's too much timing factored into that. But if you look at it annually, we spent around $110 million or so on TI and LC in the last couple of years and that's going to probably be slightly higher next year and then go into 2027.

是的。我的意思是，我認為你應該每年都考慮一下這個問題。我不會按季度來看這個問題。那——這裡面考慮的時間因素太多了。但如果按年來看，過去幾年我們在TI和LC上花費了大約1.1億美元，明年可能會略高一些，到2027年也是如此。

And that was the point I was making is that total CapEx in 2025, we probably spent $165 million when you include maintenance CapEx and some development spend. And we're still producing -- we're still paying a dividend with a nice yield and producing free cash flow. And our balance sheet remains fabulous, right? So the combination of being able to produce this cash, self-fund the regrowth of the assets and then self-fund future growth from development is really, really strong. And we're seeing more opportunities on that development side, by the way.

而我所要表達的觀點是，到 2025 年，如果包括維護資本支出和一些開發支出，我們可能要花費 1.65 億美元。我們仍在生產——我們仍在支付股息，收益率不錯，並且仍在產生自由現金流。我們的資產負債表依然非常出色，對吧？因此，能夠產生這些現金，為資產的再增長提供自有資金，然後透過開發為未來的成長提供自有資金，這種組合真的非常強大。順便說一句，我們看到在發展方面有更多機會。

And I don't think there's anybody in the publicly traded space that has longer experience than us in the development business. So we know when to lean into that and when to lean out of that. And so we're feeling very good about the free cash flow that we're able to generate out of the business to then redeploy into that growth.

我認為在上市公司中，沒有一家公司在房地產開發領域擁有比我們更長的經驗。所以我們知道什麼時候該積極參與，什麼時候該避免。因此，我們對能夠從業務中產生的自由現金流感到非常滿意，這些現金流可以重新投入業務成長。

Alec Feygin, Baird.

Alec Feygin，Baird。

So the anchor opening was a big driver in the third-quarter. Just kind of curious what percentage looking into next year and even 2027 of the total anchor leases coming due have renewal options? And what are the expectations for those anchor retentions in 2026?

因此，錨定開局是第三節比賽的一大驅動力。我只是有點好奇，在明年甚至2027年到期的所有主力租戶租約中，有多少比例的租約可以選擇續約？那麼，對於這些核心客戶的留存率，2026 年的預期是多少？

Sure. I don't have that percentage in front of me right now. I mean, suffice to say, the great majority of our anchors have options. It comes down to the timing of are they out of options, right? That's generally what happens.

當然。我現在手邊沒有那個百分比數據。我的意思是，總而言之，我們絕大多數主播都有選擇。關鍵在於他們是否已經走投無路，對吧？通常情況下，事情就是這樣。

There's almost no anchor that doesn't have options. I will say when you compare the nonoption renewal spread to the option renewal spread, it would indicate it'd be better if we gave less options. That's part of the push-pulls of our industry and another area that we lean into probably harder than others and are getting very good success with limiting that. But bottom line is the great -- almost no anchor does a flat term without an option. It just comes down to the percentage of anchors expiring in that particular year and whether or not you're at the end.

幾乎沒有哪個錨點沒有其他選擇。我想說，如果你把非選擇權續約價差和選擇權續約價差做比較，你會發現如果我們少提供一些選擇權，情況可能會更好。這是我們行業競爭的一部分，也是我們比其他行業更重視的另一個領域，我們在限制這種競爭方面取得了非常好的成功。但最重要的是——幾乎沒有錨定資產會在沒有選擇權的情況下提供固定期限。歸根結底，這取決於當年到期錨定合約的百分比，以及你是否處於合約的末尾。

And in the case of the grocers, frankly, often what happens is, they don't wait for that to happen. You're negotiating something with them prior to that. And a lot of times, you might be rebuilding the store as well, which we're doing in a couple of instances.

坦白說，對於雜貨店來說，通常的情況是，他們不會坐著等這種情況發生。在此之前，你們正在和他們協商一些事情。很多時候，你可能還需要重建店鋪，我們也正在幾個案例中這樣做。

But we are finding many retailers inquiring with us about when do you have expirations with various boxes. So we're seeing a lot of activity on that front as well.

但我們發現很多零售商都在問我們各種包裝盒的有效期限。所以我們也看到這方面有很多活動。

Do you expect any change in the retention rate looking into next year?

展望明年，您預期客戶留存率會有任何變化嗎？

Yes. I mean, as I said earlier, we're entering our budget process right now, which is an intense bottoms-up every single property, every single space. And we'll talk to you about that after that. But I think we intend to have a successful season with budgeting.

是的。我的意思是，正如我之前所說，我們現在正進入預算編制過程，這是一個自下而上、嚴格審查每個房產、每個空間的過程。之後我們會再跟你談這件事。但我認為，透過預算管理，我們一定能夠迎來一個成功的賽季。

Kenneth Billingsley, Compass Point Research & Trading.

Kenneth Billingsley，Compass Point Research & Trading。

I wanted to follow up, when you talked about the anchors that you signed year-to-date that had new formats. And specifically, just looking at small shop occupancy, it seems like you have more upside opportunity than peers. Is the -- are the 12 new formats that you're looking at, is this a trend across the whole portfolio to help improve and drive better small shop occupancy? And is this a shift to upgrade retailers? Or are you modifying the retail mix at the properties due to shifting consumer demand?

我想就您之前提到的今年迄今為止簽約的、採用新形式的主播們的問題進行後續探討。具體來說，僅從小商舖入住率來看，你們似乎比同行擁有更大的發展空間。您正在考察的這 12 種新業態，是否代表了整個產品組合的趨勢，旨在幫助提高和推動小型店舖的入住率？這是零售商升級換代的趨勢嗎？或者，您是否因為消費者需求的變動而調整了旗下物業的零售組合？

I just want to be clear, you mentioned anchors but you're talking about small shops. Is there -- I just want to understand the question a little better.

我只是想確認一下，你提到了錨店，但你指的是小商店。請問——我只是想更深入地理解這個問題。

Essentially, you talked about that 12 of the 19 anchors you signed had new formats. I believe that's what you said at the beginning of the call.

基本上，你提到你簽約的 19 位主播中有 12 位採用了新的節目形式。我相信你在通話開始時就是這麼說的。

Yes, yes, from different brands.

是的，是的，來自不同的品牌。

Yes.

是的。

So, okay. I was just curious is -- I mean, obviously, you're always trying to upgrade the retailers that are coming in. But is this -- is some of this a reflection of shifting consumer demand of what they expect to see at the properties? And so essentially, are you doing that to help drive an improvement in small shop occupancy?

好的。我只是好奇——我的意思是，很明顯，你們總是試圖提升新進駐零售商的檔次。但這是否反映了消費者對房產的期望發生了變化？所以，你這樣做本質上是為了幫助提高小商店的入住率嗎？

No. I think what we're trying to say is that I think this business went through a period of time and then certain people made their lives easier by saying, I'm going to go do -- I've got 15 empty spaces, I'm going to do seven deals with one guy and another eight deals with another guy just to make your life easier. What we're saying is, we're trying to diversify the anchor tenant mix to do what you said, which is to drive more interest in our shopping centers but also to decouple from any one anchor too much exposure.

不。我認為我們想表達的是，我認為這個行業經歷了一段時期，然後有些人為了讓自己的生活更輕鬆，會說：“我這裡有 15 個空位，我要和一個人做 7 筆交易，再和另一個人做 8 筆交易，只是為了讓你們的生活更輕鬆。”我們想說的是，我們正在努力使主力租戶組合多樣化，以達到您所說的目的，即吸引更多人關注我們的購物中心，同時也避免對任何單一主力租戶過度依賴。

So -- and then the result of that is it makes a better shopping center, which, of course, does make -- it puts you in a better position to generate higher growth in the small shops because these things are symbiotic. They work together. There is a symmetry there.

因此，這樣做的結果是，它能打造一個更好的購物中心，而這當然也能讓小商店更有機會實現更高的成長，因為這些事情是互惠互利的。他們一起工作。這裡存在著一種對稱性。

So it isn't really -- it's really not part and parcel. It's -- you want to have the strongest possible lineup you can have. But you also want to have diversity so that the consumer who we don't talk about enough because that's the ultimate customer, wants to go to our property over somebody else's.

所以它實際上並不是——它真的不是不可分割的一部分。你想擁有盡可能最強的陣容。但你也希望有多樣性，這樣我們很少談到的消費者（因為他們才是最終客戶）才會選擇我們的房產而不是其他人的。

Only thing I'd add is, some of this relates to the quality of our assets. And when you think about Southlake, you think about Legacy West, Loudoun and others, the diversity is really coming from a higher quality of tenancy, someone like a Crate & Barrel, a new deal with Adidas. So these are some of the names that we weren't necessarily doing in the past but this diversity is getting buoyed by this strength as well.

我唯一要補充的是，這其中有些與我們資產的品質有關。提到 Southlake，你會想到 Legacy West、Loudoun 等地，你會發現這裡的多樣性實際上來自於更高品質的租戶，例如 Crate & Barrel，以及與 Adidas 達成的新協議。所以，這些是我們過去未必會採用的一些名字，但這種多樣性也得到了這種力量的推動。

And just to carry on that, that's a great point. And not only does it happen at those individual properties that Tom mentioned but now we're able to spread this deeper pool of retailers across our whole portfolio. And frankly, these retailers want to work with strong landlords that have the ability to work with them in multiple locations, right? So it's kind of a virtuous cycle of tenant demand, if you will.

繼續說下去，這是一個很好的觀點。不僅湯姆提到的那些個別物業會這樣做，現在我們還可以將這種更廣泛的零售商群體推廣到我們整個投資組合中。坦白說，這些零售商都希望與實力雄厚的房東合作，這些房東有能力在多個地點與他們合作，對吧？所以，這可以說是租戶需求的良性循環。

And when you say the new formats, are these new to you or just new into the locations that (technical difficulty)

您說的新形式，是指這些對您來說是全新的，還是只是在這些地方新推出的？（技術難題）

No, no. These are -- it depends on how you're classifying new format. Just to be clear, what we're talking about are brands, not size of store or anything of that nature. These are just multiple different brands like the difference between a Crate & Barrel and a T.J. Maxx, for example. Those are different brands. And the formats aren't changing. The sizes aren't changing. The space is the space. And our objective is to diversify those brands.

不，不。這——這取決於你如何對新格式進行分類。需要說明的是，我們討論的是品牌，而不是商店規模或其他類似的東西。這些只是不同的品牌，例如 Crate & Barrel 和 T.J. Maxx 之間的區別。這是不同的品牌。比賽形式並沒有改變。尺寸沒有改變。空間就是空間。我們的目標是實現品牌多元化。

Okay. Got it. So these are 12 new brands to your mix?

好的。知道了。所以，你們的產品組合中新增了12個品牌？

Correct.

正確的。

I'm showing no additional questions in the queue at this time. I'd like to turn the conference back over to Mr. John Kite for any closing remarks.

目前隊列中沒有其他問題。我謹將會議交還給約翰·凱特先生，請他作總結發言。

Well, I just want to take the time to thank everybody for joining. And as Heath said, we're really looking forward to seeing everybody quite soon, talking more about all the good things happening at KRG. Have a great day.

最後，我想藉此機會感謝大家的參與。正如希思所說，我們非常期待很快見到大家，並更多地談論KRG正在發生的所有好事。祝你有美好的一天。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝各位參加今天的會議。節目到此結束。您現在可以斷開連線了。祝大家今天過得愉快。