Kite Realty Group Trust (KRG) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Kite Realty Group fourth quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Brian McCarthy, Senior Vice President, Corporate Marketing and Communications. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Kite Realty Group 2025 年第四季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在我謹將會議交給今天的主講人，企業行銷與傳播資深副總裁布萊恩·麥卡錫。請繼續。

Thank you, and good morning, everyone. Welcome to Kite Realty Group's fourth 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.

謝謝大家，大家早安。歡迎參加Kite Realty Group第四季財報電話會議。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。

Actual results may differ materially from these statements. 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.

實際結果可能與這些說法有重大差異。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。

Please refer to today's earnings press release, available on our website, for a reconciliation of these non-GAAP performance measures to our GAAP financial results. On the call with me today from Kite Realty Group, our Chairman and Chief Executive Officer, John Kite; President and Chief Operating Officer, Tom McGowan; Executive Vice President and Chief Financial Officer, Heath Fear; and Senior Vice President, Capital Markets and Investor Relations, Tyler Henshaw.

有關這些非GAAP績效指標與我們的GAAP財務表現的調節情況，請參閱我們網站上今天發布的獲利新聞稿。今天與我通話的有來自 Kite Realty Group 的董事長兼執行長 John Kite；總裁兼營運長 Tom McGowan；執行副總裁兼財務長 Heath Fear；以及高級副總裁兼資本市場和投資者關係負責人 Tyler Henshaw。

Given the number of participants on the call, we kindly ask that you limit yourself to one question and one follow-up. If you have additional questions, we ask that you please rejoin the queue.

鑑於電話會議參與人數眾多，請您盡量只提一個問題，並提出一個後續問題。如果您還有其他問題，請重新排隊。

I'll now turn the call over to John.

現在我將把電話交給約翰。

Okay. Thanks, Bryan, and thanks everyone for joining us today. The fourth quarter concluded a year of outstanding execution by the KRG team. The following highlights underscore the depth and impact of our operational and transactional accomplishments.

好的。謝謝布萊恩，也謝謝今天所有到場的各位。第四季為KRG團隊出色執行的一年畫上了圓滿的句點。以下亮點突顯了我們在營運和交易方面取得的成就的深度和影響。

We lease nearly 5 million square feet of space, and our new leasing volume marked the highest annual volume in the company's history. We leveraged the strong demand for space in our high-quality portfolio to improve our lease structures, embed higher rent escalators, and optimize our merchandizing mix.

我們租賃了近 500 萬平方英尺的空間，新的租賃量創下了公司歷史上最高的年度租賃量。我們利用優質物業組合中對空間的強勁需求，改進了租賃結構，加入了更高的租金遞增條款，並優化了商品組合。

We entered into two joint ventures with GIC, totaling approximately $1 billion of gross asset value. We sold approximately $622 million of non-core assets, which reduced our percentage of ABR coming from power centers by 400 basis points compared to last year.

我們與新加坡政府投資公司 (GIC) 成立了兩家合資企業，總資產價值約為 10 億美元。我們出售了約 6.22 億美元的非核心資產，與去年相比，這導致我們來自電力中心的 ABR 百分比降低了 400 個基點。

And increased our exposure to neighbourhood grocery, lifestyle, and mixed use assets. We allocated a portion of the proceeds of these sales to $300 million of stock buybacks at a significant discount to our consensus NAV. Most importantly, our total activity in the year was accreted on an annualized basis, and our net debt to EBITDA remains below our long-term target range of 5 times to 5.5 times.

並增加了我們對社區雜貨店、生活方式和混合用途資產的投資。我們將這些銷售所得的一部分用於以遠低於我們一致預期淨資產值的價格回購價值 3 億美元的股票。最重要的是，我們本年度的總業務量按年化計算有所增長，淨債務與 EBITDA 的比率仍然低於我們 5 倍至 5.5 倍的長期目標範圍。

Turning to our results. Our lease rate increased by 120 basis points sequentially, driven by continued demand for space across our portfolio, particularly with anchor tenants. We signed leases with nine anchor tenants in the fourth quarter and a total of 28 during 2025, representing approximately 645,000 square feet.

接下來來看看我們的結果。受我們旗下所有物業（尤其是主力租戶）持續旺盛的需求所推動，我們的租賃價格較上季上漲了 120 個基點。我們在第四季度與九家主力租戶簽訂了租賃協議，到 2025 年總共簽訂了 28 份租賃協議，總面積約為 645,000 平方英尺。

The anchor leasing in 2025 was done at a 24% blended comparable cash spreads, 26% gross returns on capital and included names like Whole Foods, Trader Joe's, Crate & Barrel, Nordstrom Rack, Sierra, HomeSense, Ulta and Barnes & Noble.

2025 年的主力租賃交易以 24% 的綜合可比現金價差完成，資本總回報率為 26%，其中包括 Whole Foods、Trader Joe's、Crate & Barrel、Nordstrom Rack、Sierra、HomeSense、Ulta 和 Barnes & Noble 等品牌。

While our box inventory is being absorbed, the anchor demand remains unabated, which allows us to drive better lease terms such as reducing the number of fixed options, limiting use restrictions, and incorporating more favorable co-tenancy clauses. Our small shop lease rate increased 50 basis points sequentially, and 110 basis points year-over-year.

雖然我們的庫存正在消化，但主力租戶的需求仍然強勁，這使我們能夠爭取更好的租賃條款，例如減少固定選擇權的數量、限制使用限制以及納入更有利的共同租賃條款。我們的小店舖租金較上季上漲 50 個基點，較去年同期上漲 110 個基點。

We've been on a steady upward trajectory over the last five years, and over the course of 2026, we intend to drive our shop lease rate to new heights. Our focus continues to be on higher long-term organic growth, an effort that will pay dividends long after our sizable signed-not-open pipeline normalizes. The embedded rent bumps for the portfolio are 180 basis points, a nearly 25 basis point increase from the first quarter of 2024.

過去五年，我們的業績一直穩定上升，到 2026 年，我們計劃將店鋪租金推向新的高度。我們將繼續專注於更高的長期有機成長，這項努力將在我們龐大的已簽約但尚未投產的項目儲備恢復正常後很長一段時間內帶來回報。該投資組合的內含租金上漲幅度為 180 個基點，比 2024 年第一季上漲了近 25 個基點。

By shedding lower-growth assets and negotiating better annual bumps, we're well on our way to hitting our goal of 200 basis points of embedded escalators in the portfolio. Turning to development, our activities at One Loudoun. It's important to appreciate that this is not a run of the mill expansion project.

透過剝離低成長資產並協商更好的年度漲幅，我們正朝著實現投資組合中嵌入 200 個基點漲幅的目標穩步前進。談到發展，我們位於 One Loudoun 的活動。需要注意的是，這並非一個普通的擴建項目。

We're adding 86,000 square feet of retail space, 33,000 square feet of highly amenitized office space, 169 full-service hotel rooms and 429 additional luxury multifamily units to a premier mixed-use asset located in the wealthiest county in the country. The retail portion of the expansion is currently 65% leased to names like [Our House], Williams-Sonoma, Pottery Barn, [Tate] and Alo Yoga.

我們將在位於全國最富裕縣的一處頂級綜合用途資產中新增 86,000 平方英尺的零售空間、33,000 平方英尺的設施齊全的辦公空間、169 間全方位服務的酒店客房和 429 套額外的豪華多戶住宅單元。該擴建項目的零售部分目前已出租 65%，租戶包括 [Our House]、Williams-Sonoma、Pottery Barn、[Tate] 和 Alo Yoga 等品牌。

In 2025, we took a series of critical steps to transform our portfolio and refine our investment thesis. Together with a world-class partner, we acquired a landmark property in Legacy West and contributed three larger format well-located assets to a second joint venture. Legacy West has been outperforming our original underwriting.

2025年，我們採取了一系列關鍵措施來轉變我們的投資組合併完善我們的投資理念。我們與世界一流的合作夥伴一起收購了 Legacy West 的一處地標性物業，並將三個位置優越的大型資產投入到第二個合資企業中。Legacy West 的承保業績一直優於我們最初的預期。

And since our acquisition last April, we've signed or opened names like Watches of Switzerland, Ralph Lauren, the Henry Buck Mason, Seventh Avenue and Adidas. As one of the elite open-air assets in the country, Legacy West has opened the door to a new tier of luxury tenant relationships, and we see a clear opportunity to replicate that success across the select -- across select assets in our portfolio.

自去年四月收購以來，我們已經簽約或開設了 Watches of Switzerland、Ralph Lauren、Henry Buck Mason、Seventh Avenue 和 Adidas 等品牌門市。作為全國頂尖的露天物業之一，Legacy West 為建立更高層次的豪華租戶關係打開了大門，我們看到了一個清晰的機會，可以在我們投資組合中的其他精選物業中複製這一成功。

We sold 13 properties and two land parcels in 2025 for approximately $622 million. The disposition pool was primarily composed of larger format assets, with embedded rent escalators significantly below our portfolio average. The sale also allowed us to shed a total of 21 watch list anchor boxes representing approximately 578,000 square feet of space.

2025年，我們出售了13處房產和兩塊土地，總價值約6.22億美元。處置資產池主要由大型物業組成，其租金遞增幅度遠低於我們投資組合的平均水準。此次出售也讓我們得以剝離總共 21 個重點關注的錨定箱，約佔地 578,000 平方英尺。

At the beginning of 2025, we indicated there would be an acceleration in our capital recycling activities, and that's exactly what happened. In totality, we were a significant net seller in 2025. Based on where our stock is traded, we leaned into the capital allocation queues by selling larger format, lower-growth assets into the private market at yields well inside of our implied cap rate.

2025年初，我們曾表示將加快資本循環利用活動，而事實也正是如此。整體而言，我們在 2025 年成為了重要的淨賣方。根據我們股票的交易地點，我們採取了資本配置策略，將規模較大、成長較低的資產出售到私募市場，收益率遠低於我們隱含的資本化率。

We redeployed the majority of the proceeds into $300 million of share repurchases at a 9% core FFO yield. In summary, we took advantage of a clear yield arbitrage opportunity, while at the same time, derisking our cash flows and enhancing the growth rate of our portfolio. Looking into 2026, the midpoint of our guidance has limited transaction activity that Heath will address in a moment.

我們將大部分收益重新投入 3 億美元的股票回購中，核心 FFO 收益率為 9%。總而言之，我們利用了一個明顯的收益套利機會，同時降低了現金流風險，並提高了投資組合的成長率。展望 2026 年，我們預測的中點限制了交易活動，Heath 稍後將對此進行闡述。

As for any transactional activity beyond that, we have previously discussed a possible second round of larger format noncore dispositions to further elevate the quality of our portfolio. Any such recycling would be pursued opportunistically, so long as it's minimally disruptive to earnings and otherwise consistent with the objective of last year's dispositions.

至於除此之外的任何交易活動，我們之前已經討論過可能進行第二輪更大規模的非核心資產處置，以進一步提高我們投資組合的品質。任何此類資產回收都將視情況而定，只要對收益的干擾最小，並且與去年資產處置的目標一致即可。

As always, I want to thank the KRG team for their continued dedication and considerable efforts to deliver strong results and execute on our strategy.

一如既往，我要感謝庫德斯坦地區政府團隊的持續奉獻和巨大努力，他們為取得優異成績和執行我們的策略做出了巨大貢獻。

I'll now turn the call over to Heath to discuss the details of Q4 and 2026 guidance.

現在我將把電話交給希思，讓他討論第四季和 2026 年的業績指引細節。

Thank you, and good morning. 2025 was an extremely productive year, and we're taking that same drive and conviction straight into 2026. As a team, we are focused on converting momentum into results by further optimizing and de-risking the portfolio, upgrading our operating platform, embracing technological change and staying ahead of emerging trends.

謝謝，早安。 2025年是碩果累累的一年，我們將帶著同樣的幹勁與信念邁入2026年。作為一個團隊，我們致力於透過進一步優化和降低投資組合風險、升級我們的營運平台、擁抱技術變革以及走在新興趨勢的前沿，將發展勢頭轉化為成果。

Turning to our results. KRG earned $0.52 of NAREIT FFO per share and $0.51 of core FFO per share in the fourth quarter. For the full year, KRG earned $2.10 of NAREIT FFO per share and $2.06 of core FFO per share. Our core FFO per share grew 3.5% year-over-year.

接下來來看看我們的結果。KRG第四季每股NAREIT FFO收益為0.52美元，每股核心FFO收益為0.51美元。全年來看，KRG 每股 NAREIT FFO 為 2.10 美元，每股核心 FFO 為 2.06 美元。我們的核心每股FFO年增3.5%。

And as a reminder, core FFO focuses on the fundamental operating results and serve to eliminate the noncash noise. For the full year, same-property NOI growth was 2.9%. Take note that our full year 2025 same-property NOI result is 115 basis points above our original guidance. And over the past four years, our same-property NOI growth has averaged 4%.

再次提醒大家，核心 FFO 關注的是基本經營業績，旨在消除非現金幹擾因素。全年同店營業淨收入成長2.9%。請注意，我們 2025 年全年同店淨營業收入 (NOI) 比我們最初的預期高出 115 個基點。過去四年，我們的同店淨營業收入平均成長了 4%。

When accounting for our disposition activity in the fourth quarter, our signed-not-open pipeline grew $4 million sequentially to $37 million of NOI, and the gap between lease and occupied space widened into 340 basis points. During the quarter, we executed 61 new leases that added approximately $14 million of NOI, which more than offset the 61 tenant openings representing approximately $10 million of NOI.

考慮到我們第四季度的資產處置活動，我們已簽約但尚未開業的項目儲備環比增長 400 萬美元，淨營業收入達到 3700 萬美元，租賃面積與已佔用面積之間的差距擴大到 340 個基點。本季度，我們簽訂了 61 份新租賃合同，新增淨營業收入約 1400 萬美元，這足以抵消 61 個新租戶開業帶來的約 1000 萬美元淨營業收入。

Importantly, about 70% of that signed-not-open NOI is expected to come online in 2026. For 2026, we are establishing our NAREIT and core FFO per share guidance ranges between $2.06 and $2.12. Included at the midpoint of our guidance are the following assumptions, same-property NOI growth of 2.75%, a bad debt reserve of 100 basis points of total revenues and interest expense net of interest income of $121 million.

重要的是，預計約有 70% 的已簽署但尚未開放的 NOI 將在 2026 年上線。對於 2026 年，我們設定了 NAREIT 和核心 FFO 每股指引範圍為 2.06 美元至 2.12 美元。我們指引的中點包含了以下假設：同店 NOI 成長 2.75%，壞帳準備金為總收入的 100 個基點，利息支出（扣除利息收入後）為 1.21 億美元。

The midpoint of our guidance also assumes approximately $110 million of 1031 acquisitions in the first half of the year, offset by approximately $115 million of non-core asset sales later in 2026. I encourage all of you to review Page 5 of our investor presentation, which bridges 2025 NAREIT and core FFO results to the midpoint of our 2026 guidance.

我們的指導意見中點也假設今年上半年將進行約 1.1 億美元的 1031 收購，但將在 2026 年稍後透過出售約 1.15 億美元的非核心資產來抵銷這些收購。我鼓勵大家查看我們投資者簡報的第 5 頁，其中將 2025 年 NAREIT 和核心 FFO 結果與我們 2026 年指導意見的中點進行了銜接。

Our same-property NOI cadence for 2026 will be the opposite of 2025, and we anticipate lower growth in the first half, followed by acceleration in the back half of the year and into 2027. The cadence is primarily due to bankruptcy rents we collected in the first two quarters of 2025, and the impact of our signed-not-open pipeline in the second half of 2026.

我們預計 2026 年同物業淨營業收入的成長將與 2025 年相反，上半年成長速度將放緩，下半年成長速度將加快，並持續到 2027 年。這種節奏主要是由於我們在 2025 年前兩個季度收取的破產租金，以及我們在 2026 年下半年簽署但尚未開工的管道項目的影響。

Interest expense will be a roughly $0.03 tailwind into 2026, driven by lower line of credit balances following last year's transactional activity and higher capitalized interest as we accelerate development activities at One Loudoun. Our recurring but unpredictable items are serving as a $0.04 headwind in the 2026 guidance.

到 2026 年，利息支出將帶來約 0.03 美元的利好，這主要得益於去年交易活動後信貸額度餘額的減少，以及隨著我們在 One Loudoun 加快開發活動而導致資本化利息的增加。我們經常發生但不可預測的項目對 2026 年的業績預期造成了 0.04 美元的不利影響。

Termination fees were a historical outlier in the first two quarters of 2025. Our philosophy with establishing guidance is always to set expectations based on things we have clear visibility to while maintaining a pathway to outperformance. While our 2025 allocation activity is expected to be accretive on a full year basis, the timing of dispositions and associated deployment of proceeds are adding a $0.02 headwind into 2026.

2025 年前兩季的終止費用是一個歷史異常值。我們在製定指導方針時的理念始終是，基於我們能夠清楚了解的事情來設定預期，同時保持實現超額收益的途徑。雖然我們預計 2025 年的資產配置活動將帶來全年收益成長，但資產處置的時間表和相關收益的部署將對 2026 年帶來 0.02 美元的不利影響。

You will note that our NAREIT and core FFO per share guidance is the same for 2026. This reflects the continued wind down of non-cash items stemming from our 2021 merger, including straight-line rent, lease intangibles and debt marks, resulting in a more balanced noncash profile for the year.

您會注意到，我們對 2026 年的 NAREIT 和核心 FFO 每股指引相同。這反映了我們 2021 年合併產生的非現金項目的持續減少，包括直線法租金、租賃無形資產和債務標記，從而使本年度的非現金狀況更加平衡。

We have consistently emphasized that the strength of our balance sheet provides us with tremendous flexibility in how we allocate capital. The recent dispositions and share repurchase activity are clear examples of that flexibility in action.

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。近期進行的資產處置和股票回購活動清楚地反映了這種靈活性。

Our balance sheet remains one of the strongest in the sector with over $1 billion in liquidity, and a net debt to EBITDA of 4.9 times, 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-5 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，擁有超過 10 億美元的流動資金，淨債務與 EBITDA 之比為 4.9 倍，這使我們能夠在保持財務紀律的同時，尋求提升股東價值的機會。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。

Thank you to our team for their relentless effort to deliver strong results and create long-term value for all our stakeholders. We look forward to seeing many of you over the next several weeks and much warmer weather.

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，在天氣變暖的時候見到大家。

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)

（操作說明）

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great. Thanks for taking the questions. I just wanted to touch on some of the non-core dispositions assumed in guidance. Just curious if you could provide expectations on pricing there, and whether it or not it's fair to assume that's mostly comprised of power centers.

偉大的。謝謝您回答問題。我只想談談指導中一些非核心的假設傾向。我只是好奇您能否提供那裡的價格預期，以及是否可以合理地假設那裡主要由電源中心組成。

Yeah. I mean, I think you can assume that it's similar to what we've done in 2025. And we're -- it's obviously hasn't happened yet, so we, we're not going to give too much color on where we assume the cap rates to be. But I think overall the market continues to be very healthy, and there's a strong demand for that type of product.

是的。我的意思是，我認為你可以假設它與我們在 2025 年所做的事情類似。顯然，這種情況還沒有發生，所以我們不會過度透露我們對資本化率的預期。但我認為整體而言，市場依然非常健康，對這類產品的需求也很強勁。

Great. Thanks. And then on the 1031 acquisitions, just curious, what type of product you're looking at today and how we should be thinking about the buybacks on different types of assets you're looking in the market?

偉大的。謝謝。關於 1031 收購，我很好奇，您目前關注的是哪種類型的產品？對於您在市場上關注的不同類型資產的回購，我們應該如何考慮？

Yeah. I think, again, in general, in terms of what we're looking to execute on, we continue to want to execute on this idea of moving away from the larger format centers and into more of the neighborhood grocery and lifestyle mixed-use. Again, with a focus on embedded rent growth. But also, some of this activity is based on activity that we had at the end of '25 relative to gains and losses, right?

是的。我認為，總的來說，就我們希望執行的目標而言，我們仍然希望繼續執行這一理念，即從大型購物中心轉向更多社區雜貨店和生活方式混合用途的場所。再次強調，重點在於嵌入式租金成長。但是，其中一些活動也是基於我們在 2025 年底的盈虧情況，對吧？

So we have to be focused on this idea of trying to harvest some losses to offset some gains. So, it's not simply just about product type. There's a little bit of that going on as well. But in general, the theme is that we want to continue to move the portfolio in a direction that will grow our embedded rent growth.

所以我們必須專注於透過彌補一些損失來抵銷一些收益的想法。所以，這不僅僅是關於產品類型。這種情況也略有發生。但總的來說，我們的主題是希望繼續朝著能夠提高我們內部租金成長的方向發展投資組合。

And as you know, getting up to -- growing it by 25 basis points in a year up to almost 1.8%, we're closing in on this goal of 2% embedded rent growth. That's just a significant driver for us in the future. So, it's kind of a combination of all those things. Heath, you got anything?

如您所知，一年內成長 25 個基點，達到近 1.8%，我們正朝著 2% 的嵌入式租金成長目標邁進。那將是我們未來發展的一個重要驅動力。所以，這算是所有這些因素的綜合作用。希思，你有什麼消息嗎？

Yeah. I would just add, Cooper, that the acquisitions in the business systems are really -- they're accomplishing the same thing. So the 1031 acquisitions are really just shielding gains from last year. And the $115 million of assets, they have embedded losses.

是的。庫珀，我還要補充一點，這些業務系統中的收購實際上——它們都在實現同一個目標。所以，1031 收購其實只是為了保護去年的收益。而且，他們擁有的1.15億美元資產中都存在隱性虧損。

Again, achieving the same thing, which is managing through our taxes and also at the same time, de risking the portfolio and improving the overall quality. So, different sides of the same coin, so to speak.

同樣，我們實現的也是同一個目標，那就是透過稅收進行管理，同時降低投資組合的風險，並提高整體品質。所以，可以說是同一枚硬幣的兩面。

Great. Thank you.

偉大的。謝謝。

Andrew Riel, Bank of America.

安德魯·裡爾，美國銀行。

Good morning. Thanks for taking my questions. First, just hoping, maybe you could speak to some of the key swing factors that would drive you towards the higher or lower end of the guidance range, and then specifically for the SNO pipeline. How much of that timing is --

早安.謝謝您回答我的問題。首先，我只是希望您能談談一些關鍵的波動因素，這些因素會將您推向指導範圍的較高或較低端，特別是針對 SNO 管道而言。其中有多少時間安排是--

Oh. Go ahead. I'm sorry. That's your question?

哦，請便。對不起。這就是你的問題？

Sure. Just with the SNO pipeline, how much of that timing is within your control? And what levers could you pull to potentially accelerate some of that commencement?

當然。單就SNO管道而言，其中有多少時間安排是你們可以控制的？那麼，你可以採取哪些措施來加速這些工作的發展呢？

So I'll answer the first question, which is what -- what's going to put you to the high and the low end of your range. So listen, on the same store side, it's the typical suspects. It's lower bad debt, RCDs, rent commencement dates, retention, higher overage, those are your typical same store things that put you in the higher or lower end of your range.

那我先回答第一個問題，那就是──什麼因素會讓你達到你價格範圍的上限和下限。所以聽著，在同一家商店裡，都是些典型的嫌疑犯。壞帳、RCD、租金生效日期、留存率、超額收益等因素都會影響你的業績，使你處於業績範圍的較高或較低水平。

And then below same store, as we talked about, there's recurring and unpredictable items, term fees, land sales, fee income, et cetera. As we mentioned, that's a force drag to this year, but we only put into guidance things that we have visibility on. So that number could grow over the course of the year.

然後，正如我們之前討論過的，在同一家商店下面，還有經常性和不可預測的項目，例如定期費用、土地銷售、費用收入等等。正如我們之前提到的，這對今年的業績是一個不利因素，但我們只將那些我們能夠預見的事情納入業績指引。因此，這個數字在一年中可能會成長。

Timing of the transactional activity that we just mentioned could also impact the higher or lower end of the range. That's -- again, that's deployment of the sale proceeds, when we're going to get those 1031 acquisitions done, when do we sell the other $115 million.

我們剛才提到的交易活動的時間安排也可能影響價格範圍的上限或下限。那——再說一遍，那是出售所得款項的部署，當我們完成 1031 收購時，我們什麼時候出售另外 1.15 億美元。

And finally, as John mentioned on the call, are we doing a second pot of dispositions? Again, that's TBD. But those are all sort of the main broad factors that really sort of bring us higher or lower on the range. And then, Tom, do you want to discuss what we can control in the RCDs?

最後，正如約翰在電話會議上提到的，我們是否要進行第二輪處置？這目前尚未確定。但這些都是影響價格走勢的主要因素，它們決定了價格的漲跌幅度。那麼，湯姆，你想討論一下我們可以在RCD中控制哪些方面嗎？

Yeah. From an RCD standpoint, I think one of the most important factors are -- is once we're at a comfortable state of moving forward, getting drawn and started, doing everything we can from a permitting standpoint, where situations require multiple permits, we consolidate those to avoid delays. So we have four or five tools that we can take off on to improve those, and we're in the midst of really tackling those right now.

是的。從 RCD 的角度來看，我認為最重要的因素之一是——一旦我們處於一個可以順利推進、繪製圖紙並開始工作的舒適狀態，從許可的角度來看，我們會盡一切努力，在需要多個許可證的情況下，我們會將這些許可證合併以避免延誤。所以我們有四、五個工具可以用來改善這些問題，我們現在正在著手解決這些問題。

Okay. That's helpful, thanks. And then if I could just follow-up on the recurring but unpredictable items, I know you mentioned the $0.04 headwind this year, but could you just quantify what's currently baked into the assumption as it relates to term fees or any landfill gains or anything else?

好的。很有幫助，謝謝。然後，如果可以的話，我想就一些反覆出現但又無法預測的事項再補充一點。我知道您提到了今年 0.04 美元的不利因素，但您能否量化一下目前假設中包含了哪些與期限費用、垃圾掩埋場收益或其他任何事項相關的因素？

Yeah, just to put context, we had around $21.5 million of recurring but unpredictables last year. And we're just under $13 million this year, and it's spread across typical suspects, term fees, land sale gains and development fees. So again, that's what we have purview into right now, and we only put things in that we have really, really great visibility to.

是的，簡單介紹一下背景，我們去年有大約 2150 萬美元的經常性但不可預測的收入。今年我們的收入略低於 1,300 萬美元，這筆錢分攤到典型嫌疑犯、定期費用、土地銷售收益和開發費用。所以，這就是我們目前關注的範圍，我們只會把那些我們真正非常清楚的事情放進去。

And to the extent we're able to get more of that over the course of the year, that will be a source of outperformance. I will observe, however, though, what we have in the model right now is pretty much a run rate. So if you look at between '23, '24 and '25, it's running around $13 million a year, so that's kind of a midpoint, I think. So we'll see. Again, it's a lot of time in front of us.

如果我們在一年中能夠獲得更多這樣的機會，那將成為我們取得優異業績的來源。不過，我要指出的是，我們目前模型中呈現的基本上就是一個運行率。所以，如果你看一下 2023 年、2024 年和 2025 年，每年大約是 1300 萬美元，所以我覺得這算是一個中間值。我們拭目以待。再說一遍，我們面前還有很多時間。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Yeah. Hi. Thanks. Sorry about that. I just wanted to follow-up on capital recycling and some of the transaction commentary. Heath, in terms of the $115 million of dispositions assumed in guidance and the 1,031 investments you plan to make, is there any update on progress to dispose of City Center that you can discuss? And how should we think about deploying the balance of the cash and restrict the cash on the balance sheet?

是的。你好。謝謝。抱歉。我只是想跟進一下資本循環利用和一些交易評論。Heath，關於指導意見中假設的 1.15 億美元資產處置和您計劃進行的 1,031 項投資，您能否透露一下 City Center 出售進展的最新情況？那我們應該如何考慮如何部署剩餘現金，以及如何限制資產負債表上的現金呢？

Yeah. So great question, Todd. So on the $115 million we're selling, all of this in process. As you know, we were forced to remarket City Center as we were cleaning up some tenant issues. So that one's still actively in the process. On the weighted average, transactional date for that group of assets is August, definitely later in the year.

是的。托德，你問得好。所以，我們正在出售價值 1.15 億美元的房產，所有這些交易都在進行中。如您所知，由於我們需要解決一些租戶問題，我們不得不重新推廣市中心物業。所以那個項目目前還在積極進行中。加權平均來看，這組資產的交易日期是 8 月份，肯定是在今年稍後。

Then in terms of how we're applying the proceeds, if you looked at our balance sheet, Todd, you'll see that we had $440 million sort of restricted cash. That was all sitting in 1031 escrows, but that's obviously not all earmarked for 1031. So going through it, we please paid about $30 million for that special dividend at the beginning of the year. We've got another $50 million of stock back in January.

至於我們如何運用這些收益，托德，如果你看一下我們的資產負債表，你會發現我們有 4.4 億美元的受限現金。這些錢都存放在 1031 條款的託管帳戶中，但顯然並非全部都用於 1031 條款。因此，經過一番比較，我們在年初支付了約 3000 萬美元的特別股息。我們一月份又獲得了價值 5000 萬美元的股票。

We paid down $85 million on the line of credit, so now the line of credit is sitting at zero. It was $85 million at the end of the year. And then there's 1031 acquisitions. And then the balance of it is going to be a combination of debt reduction and share repurchases. So that's how we intend on deploying the full proceeds.

我們已經償還了 8500 萬美元的信貸額度，所以現在信貸額度為零。年底時，總額為 8500 萬美元。此外，還有1031條款下的收購。剩下的部分將透過減少債務和回購股票的方式來實現。所以，這就是我們打算如何運用全部收益的方式。

Okay. That's helpful. And then, maybe John can you just maybe speak to the broader acquisition environment today, in terms of the product that you're seeing, we've seen a lot of activity pick up. And I'm curious how that sort of fits into the company's strategy for acquisitions, just moving forward here and what your appetite is like for new investments as we think about '26, '27?

好的。那很有幫助。那麼，約翰，你能否談談當今更廣泛的收購環境，就你所看到的產品而言，我們已經看到很多收購活動增加。我很好奇這如何融入公司未來的收購策略，以及在展望 2026 年和 2027 年時，你們對新投資的興趣如何？

Yeah. Todd, as you know I mean I think that the market is definitely active. There's a strong bid for kind of retail across the Board. Each component of retail, has a strong bid actually. So it makes the job a little harder in terms of finding the things that we think match. That being said, we're actively underwriting deals right now.

是的。托德，你知道，我的意思是，我認為市場肯定很活躍。零售業整體需求強勁。實際上，零售業的每個組成部分都有很強的競爭力。因此，在尋找我們認為匹配的東西方面，這項工作變得更加困難了。也就是說，我們目前正在積極承銷交易。

As Heath said, we do intend on executing on at least $110 million of acquisitions. We have two or three, four opportunities that we are well on the way of underwriting and analyzing. So I think that we feel good about that execution. I think we continue to want to find things that we think we can add value to and things that have a better embedded rent growth profile.

正如希思所說，我們確實計劃完成至少 1.1 億美元的收購。我們有兩到三個，或者說四個投資機會，目前正在進行承保和分析工作。所以我覺得我們對這次執行效果很滿意。我認為我們仍然希望找到那些我們認為可以為其增值，並且具有更好租金成長前景的項目。

And also, again, de risking exposure to certain large anchor tenants that we just want to de risk our exposure to. So this isn't a one-year thing. It's a multiyear process that we're moving towards. And I think we're off to a fabulous start. And I think we can continue to do that. But we have to be smart, and we have to be agile.

此外，我們再次強調，降低對某些大型主力租戶的風險敞口是我們想要降低的風險敞口。所以這不是一年的事。這是一個需要多年才能完成的過程，我們正在朝著這個方向努力。我認為我們開局非常棒。我認為我們可以繼續這樣做。但我們必須聰明，必須靈活。

We have to be looking all over the place, and we're doing that. We're in great markets, so we can add to the markets that we're already in, which is generally what we're looking at. So I feel very good about it. But again, I mean, the more and more people that want to be in the space, the more difficult it is to try to make numbers work. But that's our job, and that's what we'll do.

我們必須四處搜尋，而我們也正在這樣做。我們身處優質市場，因此我們可以拓展現有市場，這通常也是我們所關注的。所以我感覺非常好。但話說回來，我的意思是，想進入這個領域的人越多，就越難讓數字發揮作用。但這是我們的工作，我們也會去做。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Hey. Good morning, guys. Just -- Heath, on the 100 basis points of bad debt expectations. I know, John, I think you said with the dispos, you got really, 21 watch list spaces. I'm just kind of curious, as you guys’ kind of sold off the noncore, how much of that 100 basis points is kind of earmarked versus just a cushion and kind of walk through maybe some of the watch list tenants that may be on there?

嘿。各位早安。僅－希思，關於壞帳預期100個基點。我知道，約翰，我想你說過，有了處置權，你實際上有 21 個觀察清單空間。我只是有點好奇，既然你們已經把非核心業務賣掉了，那100個基點中有多少是專門預留的，又有多少只是緩衝資金，以及用來考察一些可能在名單上的租戶？

Thank for the question, Craig. So as you know, our typical run rate is somewhere between 75 basis points and 100 basis points of revenue. And also this year, we don't have a separate anchor reserve. So we decided that 100 basis points was an appropriate level mostly probably due to The Container Store.

謝謝你的提問，克雷格。如您所知，我們通常的營收成長率在 75 個基點到 100 個基點之間。而今年我們也沒有單獨的錨定儲備金。因此，我們決定將 100 個基點作為合適的水平，這很可能是因為受到了 The Container Store 的影響。

So we'll see how that shakes out. But we're having that one. So we're starting at a little bit of a higher level. Last year, our general reserve was 85 basis points. So rather than separating it out, we just said 100 basis points, general reserve for 2026.

所以，我們拭目以待。但我們肯定會舉辦那場。所以我們是從稍高的水平開始的。去年，我們的一般儲備金為 85 個基點。所以，我們沒有單獨列出，而是直接說 2026 年一般儲備金為 100 個基點。

Yeah, Craig. I mean, it's like every time at this time of year, I think we get this question every year at this call. It's just so early. There's so many variables. We feel like 100 at the midpoint is a nice place to start. Let's see how we go through the year. There's multiple retailers that have lots of things going on. So this is the right way to go about it.

是的，克雷格。我的意思是，感覺每年這個時候，我們都會在這個電話會議上被問到這個問題。現在還太早了。影響因素太多了。我們覺得以 100 為中間值是一個不錯的起點。讓我們看看這一年會如何度過。很多零售商都有很多活動。所以這樣做才是正確的方法。

I do think, overall, we are trending in a good direction as it relates to our portfolio in particular, but also just the overall landscape, where I've seen people write about retailers that were previously on watch lists that are not on watch list, and things like that. So I think we feel good about it, but this is a good place to start, and I think it's prudent.

我確實認為，總體而言，就我們的投資組合而言，我們的發展方向是好的，而且就整體情況而言也是如此。我看到有人寫到一些以前在觀察名單上的零售商現在不在觀察名單上了，諸如此類的事情。所以我覺得我們對此感覺不錯，但這是一個很好的開始，我認為這是謹慎的做法。

That's helpful. And then just second. Just on the asset recycling, capital, deployment side of things, you guys were very active and seems like selling stuff is much easier than buying things these days, given the transaction environment out there. But I'm just kind of curious, it just feels like there's diminishing returns on buybacks.

那很有幫助。然後就第二秒。就資產回收、資本、部署方面而言，你們非常活躍，而且鑑於當前的交易環境，現在賣東西似乎比買東西容易得多。但我只是有點好奇，感覺股票回購的收益正在遞減。

And you guys are in probably better shape than other reasons I've tried it given your leverage levels, but I'm just kind of curious, you guys have traded at a persistent discount to peers and it feels like maybe the route is figure out a way to drive earnings growth that exceeds peers versus, setting up the portfolio for longer-term NAV.

鑑於你們的槓桿水平，你們的情況可能比我嘗試過的其他公司要好，但我只是有點好奇，你們的交易價格一直低於同行，感覺也許正確的做法是找到一種方法來推動盈利增長超過同行，而不是為長期淨資產值而構建投資組合。

So I'm just kind of curious. The appetite here, five times you guys are below the low under your debt to EBITDA range. But just pushing that leverage and I'm not saying to go to seven times but you know maybe something a little bit more efficient from putting cap out the door and driving earnings rather than continue to run that low leverage and kind of putting yourself at a disadvantage relative to private peers who run that higher leverage.

我只是有點好奇。這裡的需求量很大，你們的債務與 EBITDA 比率是正常水平的五倍。但只是要提高槓桿率，我不是說要達到七倍，但你知道，或許可以採取更有效的方式，比如通過提高資本充足率來推動盈利，而不是繼續保持低槓桿率，讓自己相對於那些槓桿率更高的私營同行處於劣勢。

I don't know, could that make it easier to buy things and drive earnings growth and differentiate yourselves that way versus kind of the shrink to grow down the road strategy you guys are doing now.

我不知道，這樣做是否能更容易購買商品，推動獲利成長，並以此方式與你們現在採取的「收縮以期未來成長」的策略區分開來。

Yeah, I mean, I think there's a lot to unpack there, Craig, but bottom line, when we started the year in 2025, we were very clear about the strategy, right? And the strategy has a lot to do with not thinking about the next four or five quarters but thinking about the next four or five years.

是的，我的意思是，克雷格，我認為這裡面有很多東西需要探討，但歸根結底，當我們在 2025 年初的時候，我們對戰略非常明確，對吧？而這項策略的關鍵在於，不去考慮未來四、五個季度，而是著眼於未來四、五年。

Sometimes people don't like to hear that. We're in a great business that is going to get stronger, and we're positioning the portfolio to take advantage of that, and actually in the future be in a better growth profile. So that's kind of the work that we did, and we were able to do that.

有時候人們不喜歡聽這些話。我們身處一個前景廣闊、未來會越來越強大的產業，我們正在調整投資組合以充分利用這一優勢，並在未來實現更好的成長前景。這就是我們所做的工作，而且我們成功地完成了這項工作。

I mean, we, if you look at what we did in the year, a lot of people talk about things that they might do or want to do and they complain about where their stock prices, and where assets trade and, but yet they don't really act on it.

我的意思是，如果你看看我們這一年所做的事情，很多人談論他們可能會做或想做的事情，抱怨他們的股票價格和資產交易情況，但他們並沒有真正採取行動。

And I think the reality is we acted on something that was a very clear arbitrage, buying back 6% of our stock at numbers that the source was provided at yields that were very attractive relative to the yields that, as we said, the core FFO yield of the stock was at 9% at those times, at that time.

我認為現實情況是，我們採取了非常明顯的套利行動，以消息來源提供的價格回購了 6% 的股票，收益率相對於當時的收益率非常有吸引力，正如我們所說，當時該股票的核心 FFO 收益率為 9%。

So bottom line, I think we feel very good about how we executed that. Obviously, as we continue to move down the road, our goal is to grow. Our goal is to grow the portfolio, grow cash flow, and remember we're growing cash flow per share. We're not, we're very focused on that. So, I think over time these things will come together, and there's still more work to be done.

總而言之，我認為我們對自己的執行情況非常滿意。顯然，隨著我們不斷前進，我們的目標是發展壯大。我們的目標是擴大投資組合，增加現金流，記住，我們的目標是提高每股現金流。我們不是，我們非常專注於此。所以，我認為隨著時間的推移，這些事情會水到渠成，但還有更多的工作要做。

There's a lot of wood to be chopped, and we continue to do that. We're extremely happy that we were able to do a massive amount of transactional activity and yet, they do have a situation where, all of it ultimately was accreted, without the time, associated with the redeployment.

有很多木頭需要砍，我們一直在砍。我們非常高興能夠完成大量的交易活動，然而，他們確實遇到了這樣一種情況：所有這些最終都累積起來了，而沒有考慮到重新部署所需的時間。

So I think we -- I understand what you're saying and I, and the idea of taking leverage up, we've been around a long time, we've seen a lot of different cycles. And running a business lower leverage is a smart thing to do. Obviously, we're now at, as you said, below where we intend on running, and it also has a lot to do with where things can trade, where interest rates are.

所以我覺得我們——我理解你的意思，關於提高槓桿率的想法，我們已經存在很久了，我們見證了很多不同的週期。降低企業槓桿率是明智之舉。顯然，正如你所說，我們現在所處的位置低於我們計劃的運行水平，而且這與市場交易情況和利率水平有很大關係。

So over time, I think that will also come to us. I think it'll -- I think there'll be a better situation for us to deploy capital more accretively just in straight up acquisitions. But right now, that's more challenging. So, I think we'll continue -- that's a long way of saying we love running a company with low leverage that gives us opportunities to take advantage of that down the road like we've done in the past.

所以隨著時間的推移，我認為我們也會擁有這一切。我認為——我認為，透過直接收購，我們可以更好地利用資本進行增值部署。但現在，這更具挑戰性。所以，我認為我們會繼續下去——說了這麼多，其實就是想表達我們喜歡經營一家低槓桿的公司，這讓我們有機會在未來像過去那樣利用這種優勢。

And so, I think you'll see us take advantage of that great balance sheet, but right now we're positioning ourselves to do that.

因此，我認為你會看到我們利用我們良好的資產負債表，但目前我們正在為此做好準備。

Also, if you think about on a relative basis, why did we underperform in terms of growth? Well, a lot of it was because of the credit watch list and the credit losses. And so the exercise we're doing, we're addressing the fundamental building blocks of growth, which is de risking the cash flow, which means making sure that we don't have to fall out in a disproportionate way.

此外，從相對角度來看，為什麼我們的成長表現不佳？很大程度是因為信用觀察名單和信用損失。因此，我們正在進行的練習，旨在解決成長的基本組成部分，即降低現金流風險，這意味著確保我們不會遭受不成比例的損失。

And also improving our amended bumps by shedding assets that have lower them. So while yes, we could lever up and we could create growth that way, I think it's addressing the fundamental issue first and getting the portfolio in a position where we can outperform growth. And then John said it's not about this year or next year or -- it's about the next five years.

同時，透過剝離收益率較低的資產來提高我們修正後的收益率。所以，雖然我們可以透過槓桿來創造成長，但我認為首先要解決根本問題，讓投資組合處於能夠超越成長的位置。然後約翰說，這不是關於今年、明年或——而是關於未來五年。

We're trying to make changes that are going to be sticky. Because at the end of the day, all the occupancy growth, at some point, everyone is going to stabilize, and we'd like to be in a position, as John said, that we have 200 basis points of embedded escalators. We're starting in a place ahead of many of our peers. So that's the whole point of the exercise. It is growth.

我們正在努力做出一些能夠長期持續的改變。因為歸根究底，所有的入住率成長，在某個時候，大家都會趨於穩定，正如約翰所說，我們希望處於這樣的位置：我們有 200 個基點的嵌入式自動扶梯。我們的起點比許多同行都要高。所以這就是這項練習的全部意義。這是增長。

Great. Thank you.

偉大的。謝謝。

Michael Goldsmith, UBS AG.

瑞銀集團的麥可‧戈德史密斯。

Good morning. Thanks a lot for taking my question. He quick question just about the flow through from same property NOI to the FFO growth. It seems like you're not getting that good flow through here and you're also getting a benefit of interest expense of $0.03. So can you just walk through the factors that are limiting the flow through and then does that get better in the out years?

早安.非常感謝您回答我的問題。他快速地問了一個關於同一物業的淨營業收入 (NOI) 與營運資金 (FFO) 增長之間關係的問題。看起來你的資金流動不太順暢，而且你還有0.03美元的利息支出收益。所以，你能否詳細解釋一下限制資金流動的因素，以及這種情況在未來幾年是否會有所改善？

Thanks. Yeah, I think the two big items that are limiting the flow-through are really the recurring but un predictables. Again, that's a $0.04 headwind into this year. As I mentioned before, we're starting with a number, the number could grow over the course of the year.

謝謝。是的，我認為限制流程運作的兩大因素其實是那些反覆出現但又無法預測的因素。今年以來，這將為每股帶來 0.04 美元的不利影響。正如我之前提到的，我們從一個數字開始，這個數字可能會在一年內成長。

And then the second thing -- and the good news about this one is really going to diminish is the $0.035 of non-cash still, that's that merger burn-off of non-cash items. And illustrative is the fact that our core and our NAREIT FFO are on top of each other this year. It just shows you that that's now normalizing.

其次，好消息是，這筆款項將大幅減少，因為還有 0.035 美元的非現金支出，這是合併過程中非現金項目的攤銷。一個典型的例子是，今年我們的核心業務和 NAREIT FFO 業務幾乎完全重疊。這正好說明這種情況正在逐漸正常化。

So that's been a consistent theme over the last three years. In fact, a total of $0.135 cumulatively over the past three years has really impacted our earnings growth. So, those are the two drivers of why it's not flowing through to the FFO line.

所以，這在過去三年裡一直是個貫穿始終的主題。事實上，過去三年累積的 0.135 美元確實對我們的獲利成長產生了影響。所以，這就是導致它無法流入FFO生產線的兩個原因。

Thanks for that, Heath. And then just to follow up, you've been buying back stock at 23 bucks in the fourth quarter, and towards the end of the quarter, closer to 24 stocks now, moving a bit higher. Like how are you thinking about the -- how are you thinking about share repurchases? What's the right level? And at what point do you move away from that into some other areas where there are other capital allocation options where they may be more accretive?

謝謝你，希思。另外，我想補充一點，你們在第四季以每股 23 美元的價格回購股票，到了季度末，價格接近每股 24 美元，略有上漲。例如，您對股票回購有什麼看法？合適的水平是多少？那麼，在什麼情況下你會放棄這種投資方式，轉而投資其他領域，尋找其他可能更有增值潛力的資本配置方案呢？

Yeah. I mean there's obviously a lot that goes into the analysis of the stock buybacks. We still believe, even wherever we are, right, the second we're clearly well below consensus NAV, a lot has to do with what is the source of that buyback in terms of the core yield on that if there's more asset sales that would be funding that, as he said, we still have some deployment of the $400-plus million that we had at the end of the year that needs to be deployed.

是的。我的意思是，股票回購的分析顯然涉及很多方面。我們仍然相信，無論我們身處何地，對吧，一旦我們的淨資產值明顯遠低於市場普遍預期，很大程度上取決於回購資金的來源，尤其是核心收益率。如果出售更多資產來提供資金，正如他所說，我們年底擁有的 4 億美元多資金仍需部署。

So I mean, we analyze it in multiple ways. And again, we're trying to do all this and maintain a really healthy balance sheet and not have any material issues relative to earnings. So yes, it's not a simple, simple exercise, but I think we can execute on it. And again, we still trade at a significant discount even as we sit here today.

所以我的意思是，我們會從多個方面來分析。再次強調，我們正在努力做到這一切，同時保持非常健康的資產負債表，並且不出現任何與獲利相關的重大問題。所以，是的，這不是一件簡單的事情，但我認為我們可以完成它。而且，即便到了今天，我們的股價仍然大幅折價交易。

So, I think as we said, we want to take advantage of any arbitrage opportunities that we can to position the company to grow further in the future. So that's really what this is all about. It's not -- not a one-dimensional exercise. There's a lot going on here, and we have a really strong belief, a real conviction that our portfolio will perform in the future.

所以，我認為正如我們所說，我們希望利用一切可能的套利機會，為公司未來的進一步發展做好準備。所以，這才是事情的真正意義。這並非──並非一個單一維度的練習。這裡有很多事情正在發生，我們堅信，我們的投資組合未來一定會有好的表現。

Thank you very much. Good luck in 2026.

非常感謝。祝您2026年一切順利。

Thank you.

謝謝。

Floris Van Dijkum, Ladenburg.

弗洛里斯·範·迪庫姆，拉登堡。

Hey, morning, guys. I'm glad the capital allocation topic is being discussed widely. I'm just curious. I note that your -- you sold a bunch of assets in the fourth quarter, yet your SNO pipeline hasn't really moved. Maybe if you can talk a little bit about where that SNO is located? And how does that impact potential sales because presumably, you wouldn't want to still assets until the rents are in place?

嘿，早上好，各位。我很高興資本配置這個主題得到了廣泛的討論。我只是好奇。我注意到你們在第四季度出售了大量資產，但你們的SNO業務發展並沒有真正取得進展。或許您可以簡單介紹一下那個SNO的位置？那會對潛在銷售產生什麼影響呢？因為想必在租金到位之前，你不會想持有資產吧？

Laura. So, good question. For the assets we sold there was about $1.6 million signed not open, NOY that we sold. If you heard my remarks, I said that we actually increased it by $4 million once you take those dispositions into account.

勞拉。問得好。在我們出​​售的資產中，約有 160 萬美元已簽署但未公開，NOY 已售出。如果你聽過我的講話，就會知道我說過，考慮到這些支出，我們實際上增加了 400 萬美元。

So it was a really, it's a healthy growth, and as we mentioned, we expect the snow pipeline to remain elevated. We expect the gap between our leased and occupied rate to remain elevated throughout the course of the year, as we continue to lease up.

所以這確實是一個健康的增長，正如我們所提到的，我們預計雪管道將保持在高位運行。我們預計，隨著租賃業務的持續成長，全年租賃率和入住率之間的差距將保持在較高水準。

Yeah. I think, Floris, in terms of this idea, that would you not sell things that still had upside. I mean, you got to analyze each individual deal, the quality of the asset. Do we want to spend the capital on a particular box deal, and how do we -- what are the returns on that deal versus the returns that we generate by selling? So those are the things you look at as it relates to that.

是的。我認為，弗洛里斯，就這個想法而言，你是否應該不賣那些還有上漲空間的東西？我的意思是，你必須分析每一筆交易，以及資產的品質。我們是否想把資金投入某個特定的捆綁銷售交易？以及，我們該如何投入？該交易的回報與我們透過銷售獲得的回報相比如何？所以，這些就是你需要考慮的相關因素。

Thanks, John. But maybe -- I note that you haven't sold your two big land parcels yet, Carillon and Ontario. I know that Ontario was going through an entitlement process. Could you maybe update us on where that entitlement process stands today?

謝謝你，約翰。但也許——我注意到你還沒有賣掉你的兩塊大地，卡里隆和安大略。我知道安大略省當時正在進行一項福利發放程序。可否告知我們目前這項福利申請流程的進度？

Sure, Tom, you want to hit that? Yeah, excuse me.

當然，湯姆，你想試試嗎？不好意思。

So, the entitlement process is well underway. It is lengthy for us. It's a process that will take us in the '27, but all things are moving in the right direction. We seem to have a great backup from the county and the need for housing. So we're moving in the right direction, but it is a very timely process.

因此，資格認定流程正在順利進行中。對我們來說，這太冗長了。這是一個需要持續到 2027 年的過程，但一切都在朝著正確的方向發展。我們似乎得到了縣內的大力支持，而且住房需求也很大。所以，我們正朝著正確的方向前進，但這確實是一個需要時間的過程。

And then in terms of the California asset same thing [Caroline], we're pursuing the sale of that land. It's -- it is what it is. I mean, we, these things take time, obviously there's no, NOI associated with that. So, we want to maximize the value as opposed to rush through it. But both of these things over time will happen and they are large parcels of land that can generate some, a good source for us.

至於加州的那塊地，情況也是一樣（卡洛琳），我們正在尋求出售這塊土地。事情就是這樣。我的意思是，這些事情都需要時間，顯然，這其中並沒有淨收益。所以，我們希望最大限度地發揮其價值，而不是匆匆忙忙地完成它。但隨著時間的推移，這兩件事都會發生，而且它們都是大片土地，可以產生一些資源，這對我們來說是一個很好的資源。

Lots of work to do within the counties for sure. Thanks guys.

各縣肯定有很多工作要做。謝謝各位。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey. Morning out there. John, when you were talking about the dispositions this year and presumably stock buybacks, and you mentioned you want to focus on minimizing earnings disruption, were those comments specifically on the actual earnings this year? Or you were talking more on an annualized effect?

嘿。早安.約翰，你之前談到今年的資產處置以及可能的股票回購，並提到你想盡量減少對盈利的干擾，這些評論是指今年的實際盈利嗎？還是您指的是年度效應？

I mean, I think I'm referring to both. I mean, it's what we did in 2025 and it's what we're thinking about in 2026 as we look at what we might do in 2026, Alex. So we're always analyzing that. And our goal is to -- as I said, is we want to have minimal disruption and then we want to have maximum future growth.

我的意思是，我覺得我指的是兩者。我的意思是，這是我們在 2025 年所做的事情，也是我們在 2026 年思考的事情，因為我們正在展望 2026 年我們可能會做的事情，Alex。所以我們一直在分析這個問題。正如我所說，我們的目標是盡可能減少干擾，同時實現最大的未來成長。

Okay. And then, yeah, one last thing, as John mentioned, on an annualized basis, all this stuff is accreted, but you look at our bridge, you'll see that based on the timing of when we sold it and when we're deploying the proceeds. It was a $0.02 drag into 2026, but that drag obviously will disappear in 2027 as the results are annualized.

好的。還有一點，正如約翰所提到的，從年化角度來看，所有這些收益都會累積，但你看看我們的橋樑，你會發現這取決於我們出售橋樑的時間和我們部署收益的時間。到 2026 年，這將造成 0.02 美元的拖累，但隨著結果按年計算，這種拖累顯然會在 2027 年消失。

Okay, no. That's helpful. The second question is, I understand your rationale for selling the larger format centers. You said you want to reduce some of the certain anchor exposure. On the other hand, a number of your peers have been commenting that they've seen better acquisition opportunities in the larger format.

好吧，不。那很有幫助。第二個問題是，我理解你們出售大尺寸中心的理由。你說過你想減少某些特定錨定事件的曝光。另一方面，許多同行都表示，他們在大格式中看到了更好的收購機會。

So, would you just say it's sort of the randomness like the particular centers that you own that are on the larger side. Those particular ones have issues that you want to sell but you're still amenable to buying larger format or are you saying that hey, we've owned a variety of different size centers?

所以，您是不是可以這樣說，這有點像是隨機性的，例如您擁有的那些規模較大的中心。那些特定的店舖存在一些問題，你想出售它們，但你仍然願意購買更大尺寸的店鋪，或者你是說，嘿，我們已經擁有過各種不同尺寸的店鋪？

And ultimately, we believe that the neighborhood and the lifestyle are the best and even though others may be going for larger format for the kite portfolio you don't see the larger format. I'm trying to understand if it's the format or just the particular exposure of your of your tenancy that's driving the larger dispositions.

最終，我們相信這個社群和生活方式是最好的，即使其他人可能在風箏作品集中追求更大的尺寸，你也看不到更大的尺寸。我正在努力了解是租賃形式還是您租賃的特定風險敞口導致了更大的處置結果。

I mean, I think it's more complicated than that. I think each individual company has their own goals and expectations. I think what we've said is we clearly want to reduce the total exposure to that larger power center portfolio. We didn't say we wanted to eliminate it. So we're just -- we're reducing that percentage and growing the percentage in grocery, lifestyle mixed-use.

我的意思是，我覺得事情比這複雜得多。我認為每家公司都有自己的目標和期望。我認為我們已經明確表示，我們希望減少對該大型電力中心投資組合的總敞口。我們並沒有說我們想要取消它。所以我們正在降低這個比例，同時提高雜貨店、生活方式混合用途建築的比例。

And it is paying dividends in terms of our cash flow growth for doing that. It doesn't mean that a large-format center can't be a great center. It all comes down to what your cost of capital is, and what your yield is and what your credit risk is because we discount the cash flow when we look at these things. So again, each company has their own independent goals and objectives.

這樣做確實為我們帶來了現金流成長的回報。但這並不意味著大型購物中心就不能成為一個優秀的購物中心。這一切都取決於你的資金成本、收益率和信用風險，因為我們在考慮這些因素時會對現金流進行折現。所以，每家公司都有自己獨立的目標和宗旨。

In our particular case, we're very focused in on this idea that if we get to 2% plus embedded rent growth in the portfolio, that is going to pay dividends for us in the future versus the assets that we sold, which were closer to 1.4% embedded growth and are exposed to a portfolio of tenants that have a higher degree of credit risk.

就我們而言，我們非常關注這樣一個想法：如果我們的投資組合的嵌入式租金增長率達到 2% 以上，那麼未來我們將獲得收益，而我們出售的資產的嵌入式增長率接近 1.4%，並且其租戶組合的信用風險較高。

That said, Alex, it's really -- it isn't -- and as you know, you've been around us long enough, we're real estate people. Great real estate will overcome. Right? Great real estate will overcome whatever potential mistake you made on top of it. So it's really about us owning great real estate and pivoted a bit in that other direction of where we think we can get higher growth.

話雖如此，Alex，事實並非如此——而且你也知道，你和我們相處的時間夠長了，我們是做房地產的。優質的房地產終將克服困難。正確的？好的房產能夠彌補你之後可能犯下的任何錯誤。所以，關鍵在於我們擁有優質的房地產，並稍微調整了方向，朝著我們認為可以實現更高成長的方向發展。

Perfect. Thank you, John.

完美的。謝謝你，約翰。

RJ Milligan, Raymond James.

RJ Milligan，Raymond James。

Hey. Good morning, guys. One specific question, Heath. I was wondering if you could just sort of walk through the components of the timing of the net capital allocation activity of negative $0.02. I guess my question is, if your bought back stock early this year, you're going to be buying more assets earlier in the year selling assets later in the year, I would think that, that would have a positive impact.

嘿。各位早安。希思，我有個具體的問題。我想請您詳細解釋一下淨資本配置活動（-0.02美元）的時間表。我的問題是，如果您在今年年初回購股票，也就是在年初購買更多資產，然後在年末出售資產，我認為這會產生正面影響。

Well, so yes, we bought back $300 million, $250 million in 2025, and then $50 million in 2026. We also utilized the line in 2025, which added some interest expense. And also, there's more proceeds to deploy, as we discussed. There's another $110 million of 1031 acquisitions, which is not going to happen until the middle of the year.

是的，我們回購了 3 億美元，2025 年回購了 2.5 億美元，2026 年回購了 5,000 萬美元。我們在 2025 年也使用了該項信貸額度，這增加了一些利息支出。而且，正如我們之前討論的，還有更多收益可以投入使用。還有價值 1.1 億美元的 1031 收購，這要到年中才會發生。

When you put all that into the blender, R.J, timing-wise, it's just dilutive going into 2026. And if you think about it, we had the disposition NOI, for almost all of 2025, that's immediately being taken out. So it's not there at all for 2026. And so backfilling that is the accretion from the share buybacks, but we also have to get these 1031s done.

R.J，當你把所有這些因素都考慮進去，從時間上看，到 2026 年只會起到稀釋作用。仔細想想，我們原本對 2025 年幾乎整個時期的 NOI 都有預期，但現在這些預期都被立即取消了。所以2026年根本沒有這個計畫。因此，彌補這一缺口的方法是股票回購帶來的收益，但我們也必須完成這些 1031 條款的減損。

Okay. And then just bigger picture, I wanted to follow-up on, and I think within guidance is just over $100 million of disposition activity. And it looks like just from where we stand today that the 2027 is shaping up to be a pretty good year for actual earnings growth. You're going to remove the non-cash headwinds.

好的。然後，從更宏觀的角度來看，我想跟進一下，我認為在指導範圍內，處置活動將略高於 1 億美元。從目前的情況來看，2027 年對於實際獲利成長似乎會是一個相當不錯的年份。你要消除非現金方面的不利因素。

You're probably, have a more reasonable year over year comp for lease termination fee income. I'm just curious if. Is there a possibility, like one, what is the appetite to sell additional assets? Is there a possibility we get to the second half of the year, and we see a larger transaction of dispositions that then would negatively impact earnings growth in '27?

你的租賃終止費收入的同比數據可能更合理。我只是好奇是否如此。是否有可能出售更多資產？是否有可能到了下半年，出現更大規模的資產處置交易，從而對 2027 年的獲利成長產生負面影響？

Sure, RJ, I mean, obviously it's too early for us to indicate what we think '27 is. That being said, I get your question. And, we're, we are going to have to see how the year plays out relative to the acquisition disposition kind of plans.

當然，RJ，我的意思是，顯然現在我們說「27」是什麼意思還為時過早。也就是說，我明白你的問題了。而且，我們還要看看今年相對於收購處置計畫的發展。

There is, as we -- as I mentioned in my prepared remarks there, we have been clear that there's a possibility that we would look at another larger kind of transaction in terms of selling larger format centers at what we think are very attractive yields and redeploying that capital in a accretive or very minimally diluted way as we did this year.

正如我在事先準備好的演講稿中提到的，我們已經明確表示，我們有可能考慮進行另一種更大規模的交易，即以我們認為非常有吸引力的收益率出售大型購物中心，並以增值或稀釋程度極低的方式重新部署這些資本，就像我們今年所做的那樣。

It would need to fall in those kind of, in that bucket. And again, if we were to do something like that, it would be because we think that it is going to significantly increase our kind of cruising speed as people like to say, relative to our embedded rent growth. Our desire is obviously to grow earnings and grow earnings with a better portfolio.

它必須屬於那種類型，屬於那個範疇。再說一遍，如果我們真的要這樣做，那是因為我們認為這將大大提高我們的巡航速度（正如人們常說的），相對於我們內部的租金成長。我們當然希望提高獲利能力，並透過更好的投資組合來實現獲利成長。

And not necessarily just better, but one that is positioned to take advantage of the retail environment is a better way of saying that. So, I think it's too early to say what '27 looks like but you know those are the components of what we're looking at.

而且，更準確的說法是，它不一定是更好的，而是能夠利用零售環境優勢的。所以，我覺得現在說 2027 年會是什麼樣子還為時過早，但你知道，這些是我們正在關注的組成部分。

Great. I appreciate. Thanks guys.

偉大的。謝謝。謝謝各位。

Hong Zhang, JPMorgan.

張宏，摩根大通。

Yeah. Hey guys. I guess I just want to clarify. In the 115 of noncore assets you expect to sell later this year, does that include City Center? And if so, what -- could you remind us what the rough dollar amount you expect to get from the disposition?

是的。嘿，大家好。我想澄清一下。預計今年稍後出售的 115 項非核心資產中，是否包括市中心？如果是這樣，您能否提醒我們一下，您預計從處置中獲得的大致金額是多少？

It does include City Center in its mid-50s.

它確實包括了 50 年代中期的市中心。

Mid-50s. Got it. And then I guess you talked about the potential of selling a second bucket of dispositions. Is there any color you could provide about just the magnitude compared to the dispositions you've already sold last year?

五十多歲。知道了。然後我想你談到了出售第二批資產處置的可能性。您能否提供一些關於此次交易規模與去年已售出資產規模的比較資訊？

No. I don't -- I think that what we're saying is we're studying the potential of something similar that we did last year. Not necessarily in magnitude of total size. More so in the type of product that we would be looking to sell. And again, as he said, we're still going through some of the tax kind of harvesting of losses that we want to get for -- against what we've already done.

不。我不這麼認為——我認為我們想表達的是，我們正在研究與去年類似的事情的潛力。不一定是指總規模的大小。尤其是在我們打算銷售的這類產品中。正如他所說，我們仍在進行一些稅務方面的虧損抵扣，以抵消我們已經完成的工作。

So I think it's going to depend on how this plays out. But obviously, if the opportunity arises for us to do something similar in a similar fashion that can ultimately be accretive to the value of the business, then we'll look at that.

所以我覺得這取決於事情的最終結果。但顯然，如果出現以類似方式做類似事情的機會，最終能夠增加企業的價值，那麼我們會考慮這樣做。

Also, if you think about it, our current FFO yield, even at the price where it is now is still 8%, which is going to be wide of where we can sell assets. So if you're looking at the capital allocation cues and John mentioned this in his comments, we're viewing this as an opportunity to upgrade the quality of the portfolio while doing minimal, either creative or minimally diluted to earnings.

此外，仔細想想，即使以目前的價格計算，我們目前的 FFO 收益率仍然高達 8%，這與我們出售資產的價格區間相比還是有很大的差距。因此，如果你專注於資本配置訊號，正如約翰在他的評論中提到的那樣，我們認為這是一個提升投資組合品質的機會，同時對收益的影響最小，無論是創造性的還是稀釋最小的。

So, it's almost incumbent upon us to consider this again this year. So, again, we'll see how it pans out, but we'll let you know more as the year progresses.

所以，今年我們幾乎有義務再考慮這個問題。所以，我們再看看結果如何，但隨著時間的推移，我們會告訴大家更多。

Got it. Thank you.

知道了。謝謝。

Wesley K. Golladay, Baird.

Wesley K. Golladay，Baird。

Hey. Good morning, guys. I want to go back to the comment you had, John, about getting better terms on the anchor leasing, but you're also -- that's rate, but also, you're getting no co tendency. And I'm just wondering if that's going to kick off any redevelopments for you on the retail side?

嘿。各位早安。約翰，我想回到你之前提到的關於獲得更好的主力租戶租賃條款的評論，但是你也——那是利率，而且，你也沒有獲得任何合作意向。我想知道這是否會促使你們在零售方面進行任何重建？

Yeah. Hey, West. I think what we're saying is overall, we're in a position of strength and we're doing everything we can to improve a myriad of different deal terms. You don't eliminate all these things overnight. For example, you, we're, we didn't say we're eliminating co-tenancy, we're saying we're improving it. We're improving our rent growth.

是的。嘿，韋斯特。我認為我們想表達的是，總體而言，我們處於優勢地位，我們正在盡一切努力改善各種不同的交易條款。你不可能一夜之間消除所有這些問題。例如，你，我們，我們並沒有說我們要取消合租，我們說的是我們要改進合租。我們的租金成長正在改善。

We're improving the terms in terms of, obviously, looking to limit future fixed options, which we've been doing, but if you just look at what we did in one year, relative to the peer group to grow our embedded rank growth to close to 1.8%, I think that tells the story for the future, and that's really what this is all about. The fact that we were able to do that and buy back 6% of our shares at a significant discount to value.

顯然，我們正在改進條款，力求限制未來的固定選擇權，我們也一直在這樣做。但如果你看看我們一年內相對於同行所取得的成就，我們將嵌入式排名成長率提高到接近 1.8%，我認為這預示著未來，而這就是這一切的意義所在。事實上，我們能夠做到這一點，並以遠低於公司價值的價格回購了 6% 的股份。

We had a hell of a productive year, and we laid out a business plan in the beginning of last year which we were very clear with the street, and we executed on that plan. And that's what we intend to keep doing. So I think, and again the backdrop of the business is strong.

我們度過了碩果累累的一年，去年年初我們制定了一項商業計劃，並向外界進行了非常清晰的闡述，而且我們也執行了該計劃。而這正是我們打算繼續做的事。所以我認為，而且再次強調，該業務的背景非常強勁。

So we have to take advantage of these things because things move around, things change, and when you have, then that's why you've got a balance sheet like ours, so that you can ebb and flow with those changes. So we feel very good about that.

所以我們必須利用這些機會，因為事物總是在變化，而當你擁有像我們這樣的資產負債表時，你就可以隨著這些變化而起伏。所以我們對這一點感到非常滿意。

And then one other thing to add on -- one other thing to add on better terms. This isn't occurring by sending a redraft of the lease to a company saying, hey, we would want this or this. What we're trying to do is take it directly to the companies and having open conversations about, hey, here's the direction that we have to move in and that has been helping us because it needs to be a very blunt and candid conversation about here is what Kite needs and here is the best way for us to get it and make it also work for you.

還有一件事要補充──一件條件更好的事。這不是透過向公司發送一份重新起草的租賃合同，並說“嘿，我們想要這樣或那樣”來實現的。我們正在嘗試直接與各公司進行公開對話，討論“嘿，這就是我們必須前進的方向”，這對我們很有幫助，因為這需要一場非常坦率和坦誠的對話，討論Kite需要什麼，以及我們獲得它並使其對你們也有效的最佳方式。

Thanks for that. And then, going back to the comment about improving the cruising speed, it looks like you added 24 basis points over the last two years. I imagine you touched about maybe half the leases. So would that be a good extrapolation for maybe increasing it another almost 25 bps the next two years?

謝謝。然後，回到關於提高巡航速度的評論，看起來你們在過去兩年裡提高了 24 個基點。我估計你大概接觸了一半的租賃合約。那麼，根據這項推斷，未來兩年內再提高近 25 個基點是否合理呢？

I mean I think we said we feel like we're very close to this, in the near term getting to 2%. If you just look if you look at our investor presentation, you'll see that, in the on the small for example on the small shop side, 62% of our deals in 2025, 62% were at 4% or better. I have not heard that stat from anybody else anywhere near that.

我的意思是，我們說過我們感覺離這個目標非常接近了，短期內達到 2%。如果你看看我們的投資人簡報，你會發現，例如在小型商店方面，到 2025 年，我們 62% 的交易收益率達到或超過 4%。我從未從其他人那裡聽說過類似的統計數據。

So, I think yes, we continue to push that it reflects the growing quality of the portfolio as well, and the mixture of the portfolio that we're working towards. So, I think West that that is absolutely in our sights, and we'll continue to get there.

所以，我認為是的，我們繼續努力，這也反映了投資組合品質的不斷提高，以及我們正在努力實現的投資組合的多元化。所以，我認為韋斯特絕對是我們的目標，我們會繼續朝著這個目標努力。

And then if you look at the others that are that are at two or better, I would tell you they trade at a significant multiple premium than we do. So that's part of this as well is that eventually as we pivot this portfolio into this direction, people will recognize that.

如果你看看其他那些估值達到兩倍或更高的股票，我會告訴你，它們的估值溢價比我們高得多。所以，這也是其中的一部分，最終當我們把投資組合轉向這個方向時，人們會意識到這一點。

Okay. Thanks for the time.

好的。感謝您抽出時間。

Thank you, and I'm currently showing no further questions at this time. I now like to hand the call back over to John Kite for closing remarks.

謝謝，目前我沒有其他問題了。現在我把電話交還給約翰·凱特，請他作總結發言。

Well, great. Really appreciate the time spent today, and the great questions and we will probably be seeing a lot of you in the next couple weeks. Thank you.

太好了。非常感謝大家今天抽出時間，也感謝大家提出的精彩問題，我們可能在接下來的幾週內會經常見到大家。謝謝。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。