Kite Realty Group Trust (KRG) 2026 Q1 法說會逐字稿

Good day, and welcome to the Kite Realty Group Q1 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，歡迎參加 Kite Realty Group 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker, Mr. Bryan McCarthy, Senior Vice President of Corporate Marketing and Communications. Please go ahead.

現在我想把會議交給今天的講者——企業行銷與傳播資深副總裁 Bryan McCarthy 先生。請開始。

Thank you, and good afternoon, everyone. Welcome to Kite Realty Group's first quarter earnings call.

謝謝，各位下午好。歡迎參加 Kite Realty Group 第一季財報電話會議。

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. 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.

今天的部分評論包含前瞻性陳述，係基於對未來事件的假設，並受固有風險與不確定性影響。實際結果可能與這些陳述有重大差異。關於可能對公司業績造成不利影響的因素之更多資訊，請參閱我們向 SEC 提交的文件，包括最新的 Form 10-K。

Today's remarks also include certain non-GAAP financial measures. Please refer to today's earnings press release available on our website for reconciliation of these non-GAAP performance measures to our GAAP financial results.

今天的發言亦包含若干非 GAAP 財務衡量指標。請參閱我們網站上今日發布的財報新聞稿，以取得這些非 GAAP 績效衡量指標與 GAAP 財務結果之調節表。

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; President and Chief Financial Officer, Heath Fear; Senior Vice President and Chief Accounting Officer, Adam Jaworski; and Senior Vice President, Capital Markets and Investor Relations, Tyler Henshaw. (Operator Instructions)

今天與我一同出席電話會議的 Kite Realty Group 團隊成員包括：董事長兼執行長 John Kite；總裁兼營運長 Tom McGowan；總裁兼財務長 Heath Fear；資深副總裁兼會計長 Adam Jaworski；以及資深副總裁（資本市場與投資人關係）Tyler Henshaw。（接線員指示）

I'll now turn the call over to John.

接下來我把電話交給 John。

Thanks, Bryan, and good morning, everyone. We entered 2026 with an ambitious set of operational and strategic goals. And through the first quarter, we are firmly on target. Tenant demand remains healthy, our signed-not-open pipeline remains elevated, and the underlying fundamentals of our portfolio have never been stronger. This is a result of deliberate work over the past two years to reshape KRG into a higher caliber, faster-growing and more resilient company.

謝謝你，Bryan，各位早安。2026 年伊始，我們設定了一套具企圖心的營運與策略目標。第一季至今，我們確實按計畫推進。租戶需求仍然健康，我們「已簽約但尚未開業」的管線維持在高檔，而我們投資組合的基本面從未如此強勁。這是過去兩年我們有意識地重塑 KRG 的成果，使其成為品質更高、成長更快且更具韌性的公司。

We have sold over $600 million of non-core assets, entered into strategic and transformational joint ventures, repurchased shares at pricing well below consensus NAV and repositioned the portfolio squarely toward higher growth and higher quality grocery-anchored, lifestyle and mixed-use assets. These actions are proactive, decisive, and disciplined designed to capitalize on the disconnect between public and private market values while fundamentally elevating the company. The KRG you see today is significantly improved from where it was 24 months ago.

我們已出售超過 6 億美元的非核心資產，建立具策略性且具轉型意義的合資企業，以遠低於市場一致預估 NAV 的價格回購股份，並將投資組合明確轉向成長更高、品質更佳的以生鮮雜貨為主力店（grocery-anchored）、生活風格（lifestyle）與複合式（mixed-use）資產。這些行動主動、果斷且具紀律，旨在把握公開市場與私募市場估值之間的落差，同時從根本上提升公司。如今你們看到的 KRG，較 24 個月前已顯著改善。

The first quarter was another clear example of that discipline in action. We repurchased 6 million common shares for approximately $152 million and sold Coram Plaza on non-core lower growth asset. Together with the activity completed in 2025, we have now repurchased 16.9 million shares for $400 million at an average price of $23.67, representing a compelling arbitrage buying our own stock at an FFO yield meaningfully wider than the yields at which we have sold lower growth assets.

第一季再次清楚展現我們的紀律落實。我們以約 1.52 億美元回購 600 萬股普通股，並出售非核心、成長較低的資產 Coram Plaza。加上 2025 年已完成的活動，我們目前合計已回購 1,690 萬股、金額 4 億美元，平均價格為 23.67 美元；這代表一項具吸引力的套利——以我們自家股票的 FFO 殖利率顯著高於我們出售低成長資產時的收益率來回購自家股票。

As we advance through 2026, we will continue to evaluate capital recycling opportunities that further optimize the portfolio and support our long-term strategic objectives. None of this is possible without the strength and versatility of our balance sheet.

隨著我們在 2026 年持續推進，我們將繼續評估資本循環（capital recycling）機會，以進一步優化投資組合並支持長期策略目標。而這一切都離不開我們資產負債表的強健與彈性。

Our ability to sell assets, repurchase stock, enter into strategic joint ventures, fund growth and continue investing in the portfolio is a direct result of the disciplined financial posture we have maintained over multiple years. We remain committed to operating with conservative leverage, ample liquidity and meaningful financial flexibility, which allows us to stay opportunistic while continuing to protect the long-term durability of the platform. That discipline is translating directly into operating performance.

我們能夠出售資產、回購股票、建立策略性合資、資助成長並持續投資於投資組合，直接源自於我們多年來維持的嚴謹財務立場。我們仍致力於維持保守槓桿、充足流動性與實質財務彈性，使我們在把握機會的同時，也能持續保護平台的長期耐久性。這份紀律正直接轉化為營運表現。

Demand for space in our high-quality centers remains exceptionally healthy, and our first quarter results reflect both the strength of the portfolio and the quality of our execution. Same-property NOI increased 3.6% in the first quarter, a strong start to the year. During the quarter, we executed 151 new and renewal leases, representing over 700,000 square feet. Blended cash leasing spreads were 13.5%, including 31.3% on new leases.

我們高品質商場的空間需求依然非常強勁，而第一季的結果同時反映了投資組合的實力與我們執行的品質。同店 NOI 在第一季成長 3.6%，為今年帶來強勁開局。本季我們完成 151 份新租與續租合約，合計超過 70 萬平方英尺。加權（blended）現金租金價差為 13.5%，其中新租為 31.3%。

Our non-option renewal spreads were 12.3%, demonstrating the continued mark-to-market potential embedded within our portfolio.

我們的非選擇權（non-option）續租價差為 12.3%，顯示投資組合中仍蘊含持續的市價重估（mark-to-market）潛力。

Our lease rate stands at 94.7%, a 90 basis point increase year-over-year, reflecting the continued absorption of our inventory by high-quality, well-capitalized retailers. During the quarter, we signed new leases with a variety of sought-after concepts, including on running reformation, Warby Parker, Total Wine, and Barnes & Noble. ABR per square foot reached $22.89 at quarter end, a 6.5% increase year-over-year.

我們的出租率為 94.7%，年增 90 個基點，反映高品質、資本實力雄厚的零售商持續吸收我們的可租庫存。本季我們與多個備受青睞的品牌簽訂新租約，包括 On Running、Reformation、Warby Parker、Total Wine，以及 Barnes & Noble。每平方英尺 ABR 於季末達到 22.89 美元，年增 6.5%。

Our signed-not-open pipeline remains elevated at approximately $36 million of NOI, representing a 350 basis point spread between our leased and occupied rates. The average ABR for leases in our signed-not-open pipeline is $28 a square foot.

我們「已簽約但尚未開業」的管線仍維持在高檔，約對應 3,600 萬美元 NOI，代表出租率與實際入住率之間有 350 個基點的差距。該管線中租約的平均 ABR 為每平方英尺 28 美元。

Embedded rent escalators are the first stone in the foundation of long-term total return, contractual growth that compounds over time. Two years ago, our embedded rent escalators were just 156 basis points. Today, they stand at 182 basis points. As we advance towards our 200 basis point target, that trajectory is driven by factors within our control: strong lease structures, disciplined merchandising, and the deliberate reshaping of our portfolio. Simply, but KRG is an inceptional position.

內嵌租金調升條款（embedded rent escalators）是長期總報酬基礎中的第一塊基石——具契約性的成長會隨時間複利累積。兩年前，我們的內嵌租金調升僅 156 個基點；如今已達 182 個基點。隨著我們朝 200 個基點的目標邁進，這一趨勢由我們可控的因素所驅動：強健的租約結構、嚴謹的業態配置（merchandising），以及對投資組合的有意識重塑。簡而言之，KRG 正處於一個起始性的有利位置。

We have a better portfolio, a rock-solid balance sheet, a more durable growth profile and a team that continues to execute with urgency, discipline, and focus. I want to thank the entire KRG team for the hard work that got us here and for the continued energy commitment and conviction required to keep raising the bar.

我們擁有更好的投資組合、堅若磐石的資產負債表、更具耐久性的成長輪廓，以及一支持續以緊迫感、紀律與專注力執行的團隊。我想感謝整個 KRG 團隊一路以來的辛勤付出，也感謝大家持續投入能量、承諾與信念，讓我們不斷提高標準。

I'll now turn it over to Heath.

接下來我把電話交給 Heath。

Thank you, and good afternoon. After the first quarter, KRG is exactly where we want to be, on offense on plan and operating proposition of strength. We are elevating the portfolio, sharpening the platform, and building momentum for another highly productive year.

謝謝，各位下午好。第一季結束後，KRG 正處於我們希望的位置：積極進攻、按計畫推進，並以強勢姿態營運。我們正在提升投資組合、強化平台，並為另一個高產出的一年累積動能。

Turning to our results. KRG generated $0.52 of NAREIT FFO per share and $0.52 of core FFO per share in the first quarter. Same property NOI increased 3.6% in the first quarter driven primarily by a 250 basis point contribution from higher minimum rents, a 55 basis point improved in net recoveries and a 45 basis point improvement in overage rent.

接著談我們的業績。KRG 第一季每股 NAREIT FFO 為 0.52 美元，每股核心 FFO 亦為 0.52 美元。同店 NOI 第一季成長 3.6%，主要由較高的最低租金貢獻 250 個基點、淨回收（net recoveries）改善 55 個基點，以及超額租金（overage rent）改善 45 個基點所帶動。

On our last call, I indicated our expectation for same property NOI growth in 2026 to be lower in the first half of the year and accelerate the second half. It's important to note that the 3.6% result in Q1 exceeded our expectations as a result of higher-than-anticipated average rent, lower-than-anticipated bad debt and the reversal of a large real estate tax reserve. As for the trajectory of same-property NOI for the balance of the year, we anticipate a moderation into the second quarter, followed by a reacceleration to the back half of the year as the rents from our large signed-not-open pipeline begin to commence.

在上次電話會議中，我提到我們預期 2026 年同店 NOI 成長在上半年較低、下半年加速。需要強調的是，第一季 3.6% 的結果超出我們預期，原因包括平均租金高於預期、壞帳低於預期，以及一筆大額不動產稅準備金的回轉。至於今年剩餘期間同店 NOI 的走勢，我們預期第二季將有所放緩，之後隨著我們龐大的「已簽約但尚未開業」管線租金開始起租，下半年將再度加速。

Due to our performance in Q1, we are increasing our 2026 same-property NOI range by 25 basis points at the midpoint. As illustrated on page 5 of our investor deck, the uptick in our same-store guidance is being offset by a corresponding reduction in our recurring but unpredictable items. As a result, we are affirming our NAREIT FFO and core FFO guidance of $2.06 to $2.12 per share based on a same-property NOI growth range of 2.5% to 3.5%.

由於第一季的表現，我們將 2026 年同店 NOI 區間在中點上調 25 個基點。如我們投資人簡報第 5 頁所示，同店指引上修所帶來的提升，將被經常性但不可預測項目的相應下調所抵銷。因此，我們維持每股 2.06 至 2.12 美元的 NAREIT FFO 與核心 FFO 指引不變，該指引係基於同店 NOI 成長區間 2.5% 至 3.5%。

Our bad debt reserve of 95 basis points of total revenue at the midpoint, reflecting our actual first quarter results blended with a continuing assumption of 100 basis points for the balance of the year. And interest expense net of interest income, excluding unconsolidated joint ventures of $121.2 million at the midpoint, up from $121 million. This guidance fully incorporates the incremental $100 million stock we have repurchased since our last earnings call and further contemplates $170 million of 1031 acquisitions scheduled to close in the second quarter.

我們的壞帳準備金在中位數為總營收的95個基點，反映我們實際第一季結果，並與全年剩餘期間持續假設100個基點相結合。而利息費用扣除利息收入（不含未合併合資企業）在中位數為1.212億美元，高於1.21億美元。本指引已完整納入自上次財報電話會議以來我們額外回購的1億美元股票，並進一步考量第二季預計完成交割的1.7億美元1031收購案。

This represents a $60 million increase as compared to original guidance and $145 million of non-core and/or tax loss driven dispositions with $12.5 million closed in the first quarter and the balance closing in the back half of the year. This represents a $30 million increase in the disposition pool as compared to original guidance.

相較於原始指引，這代表增加6,000萬美元；另有1.45億美元的非核心及／或因稅務虧損驅動的處分，其中第一季已完成1,250萬美元，其餘將於下半年完成交割。相較於原始指引，這代表處分資產池增加3,000萬美元。

As a reminder, the aforementioned 1031 acquisitions or non-core sales are not completed, it could result in a special dividend for 2026. The changes in our transaction assumptions are opportunistic and a continuation of our disciplined focus on matching sources and uses in an earnings-friendly manner.

提醒一下，前述1031收購或非核心出售尚未完成，可能會導致2026年發放特別股利。我們交易假設的變動是把握機會之舉，並延續我們一貫嚴謹的重點：以有利於盈餘的方式，紀律性地匹配資金來源與用途。

John alluded to, moving to the back half of the year, we will continue to evaluate opportunities to further refine our portfolio, provided that we're able to prudently deploy the proceeds. Our balance sheet remains one of the strongest in the sector. As of March 31, our net debt to EBITDA was 5.2 times, consistent with our long-term range of low to mid-fives. It is worth thing to step back to appreciate the level of transactional activity we've executed over the past 18 months while still maintaining one of the lowest leverage profiles in the sector. We have access to over $1 billion of total liquidity, providing us with significant flexibility to pursue value-enhancing opportunities.

如John所提到的，進入下半年後，只要我們能審慎地運用所得款項，我們將持續評估進一步優化投資組合的機會。我們的資產負債表仍是同業中最強健之一。截至3月31日，我們的淨負債／EBITDA為5.2倍，符合我們長期維持在5倍出頭至5倍中段的區間。值得退一步回顧的是，在過去18個月我們執行了相當程度的交易活動，同時仍維持同業中最低之一的槓桿水準。我們可動用的總流動性超過10億美元，為我們追求提升價值的機會提供了相當大的彈性。

Thank you to the KRG team with a relentless efforts in driving our results and creating long-term value for our stakeholders.

感謝KRG團隊不懈的努力，推動我們的成果並為利害關係人創造長期價值。

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

接線員，我們的預備發言到此結束。請開放線路進行提問。

(Operator Instructions) Cooper Clark, Wells Fargo.

（接線員指示）Wells Fargo的Cooper Clark。

As we think about the share buyback program moving from $300 million to $600 million, just curious about the willingness to potentially upsize disposition volumes even higher in the back half of the year as we think about the $145 million of non-core assets contemplated in the back half given the demand for product in the market today and the ability to improve portfolio quality with potentially minimum dilution as we think about buybacks, coupled with 1031 acquisitions?

在我們思考股票回購計畫從3億美元提高到6億美元之際，我想請教一下：考量到目前市場對產品的需求，以及在回購與1031收購搭配下、可能以最低稀釋改善投資組合品質的能力，對於在下半年把處分量再提高一些的意願如何？尤其是你們在下半年規劃的1.45億美元非核心資產。

Sure. Cooper, I think as we said in the prepared remarks, we're going to continue to evaluate the market and evaluate the opportunities. We want to execute what we have in front of us in terms of the 1031 opportunities to try to close on in the next quarter. And it's always going to be a function of where cost of capital is, what the opportunities are to reposition the capital. So I think we're trying to make it clear that we're reviewing that. That's a potential opportunity.

當然。Cooper，我想如同我們在預備發言中所說，我們會持續評估市場並評估各項機會。我們希望先把眼前的1031機會執行到位，力拚在下一季完成交割。而這永遠取決於資金成本在哪裡、以及重新配置資本的機會有哪些。所以我想我們試圖清楚表達的是：我們正在檢視這件事。這是一個潛在機會。

If you go and look at what we've done in the last year and you include and what Heath has said is in the guidance, I mean, you're talking about if we execute on that, that's like $750 million approximately of sales. So this is significant. We continue to try to do that in a very meaningful way in the sense of how we manage the total portfolio, manage the balance sheet and manage protecting earnings as good as we can. So that's a long-winded answer of saying, yes, that's a possibility, but a lot of factors involved in that. Heath, do you want to add to that?

如果你回頭看我們過去一年所做的事，再把Heath在指引中提到的內容納入，我的意思是，如果我們照計畫執行，銷售金額大約會是7.5億美元左右。所以這是相當可觀的。我們會持續以非常有意義的方式來推進，重點在於如何管理整體投資組合、管理資產負債表，以及盡可能保護盈餘。因此，這段比較長的回答其實是在說：是的，這是有可能的，但牽涉很多因素。Heath，你要補充嗎？

No, those are okay.

沒有，這樣就可以了。

Great. And then moving towards the economic occupancy side, I believe current economic occupancy is about 260 basis points below your historical highs as many of your peers are near or above historical high economic occupancy. So curious if you could just talk about the opportunity set there longer term, and how much the SNO pipeline may contribute to higher absolute economic occupancy levels in the back half of '26 and '27 as we also contemplate some more regular weight churn?

很好。接著談到經濟入住率（economic occupancy），我相信目前的經濟入住率大約比你們歷史高點低260個基點，而你們許多同業已接近或高於歷史高點的經濟入住率。想請你們談談長期來看這方面的機會空間，以及當我們也考量到較為常態的權重輪替（weight churn）時，SNO管線可能在2026年下半年以及2027年對提高絕對經濟入住率水準的貢獻有多大？

Sure. I mean we think we're bullish on our ability to continue to push occupancy higher, both economic and lease rate. We are -- year-over-year, we're up obviously sequentially, slightly down, which is not unusual in the first quarter. If you look back over the past four, five years. I think five years, probably three of those first quarters are slightly down sequentially, but what we're focused on is the year-over-year growth.

當然。我們對於持續推升入住率（無論是經濟入住率或租賃費率）的能力是偏樂觀的。我們——年對年顯然是上升的；若看季對季則略為下降，而第一季出現這種情況並不罕見。若回顧過去四、五年，我想五年裡大概有三個第一季在季對季上是略降的，但我們關注的是年對年的成長。

We do think there's real opportunity based on lack of supply and continued strong demand. But as we tried to point out, we're very focused in on proper merchandising, and we're very focused in on getting the right retailers in the right spaces and trying to pursue this embedded rent growth that is going to pay dividends in the future.

我們確實認為，在供給不足與需求持續強勁的背景下，存在實質機會。但如同我們試圖指出的，我們非常專注於正確的招商組合（merchandising），也非常專注於把合適的零售商放在合適的空間，並努力追求這些內嵌的租金成長，讓未來能帶來回報。

So we're not in a super hurry to hit any particular number, but we do feel like there is really strong demand. And that's part of what we're doing in terms of repositioning the portfolio is in the sense that this stronger portfolio will be able to maintain higher occupancy over longer periods of time. So again, yes, we believe we have plenty of room to run.

因此，我們不會為了達到某個特定數字而特別急迫，但我們確實感受到需求非常強勁。而我們在投資組合再定位上所做的一部分工作，就是讓更強健的投資組合能在更長的期間維持更高的入住率。所以再次強調，是的，我們相信仍有很大的提升空間。

I would add a lot of attention, questions and comments have been around the transactional activity and refining the portfolio. But at the end of the day, one of the biggest opportunities in front of us is that core opportunity in leasing. If you look across the, you said in your question, Cooper, we've got the most room to run in terms of just growing organically. So all this other stuff is certainly moving us along, but let's not lose focus that, that we've got the most occupancy run left.

我補充一下：很多關注、提問與評論都圍繞在交易活動與投資組合優化上。但歸根結底，我們眼前最大的機會之一，是租賃這個核心機會。正如你在問題中提到的，Cooper，就有機成長而言，我們的提升空間最大。因此其他事情確實在推動我們前進，但別忽略了：我們在入住率方面仍有最多的可提升幅度。

Samir Khanal, Bank of America Securities.

Bank of America Securities的Samir Khanal。

I guess, John or Heath, maybe expand on your comments on capital recycling, maybe broadly, kind of what you're seeing in the transaction market, the interest level that you've gotten for your assets that you could potentially sell down the road?

我想請John或Heath延伸談談你們對資本循環（capital recycling）的評論：更廣泛來看，你們在交易市場看到什麼？對於你們可能在未來出售的資產，你們目前收到的興趣程度如何？

Sure. I'll start with that, Samir. I mean it's -- there is a strong demand for open-air retail, and it's coming from really many, many avenues. And I would say in the last six months, nine months, but even six weeks, you see a lot more institutional capital positioning to want to be in the space a rotation, if you will. So that obviously puts -- that puts pressure on cap rates to move down over time, and we really still haven't seen a movement in interest rates.

當然。我先回答，Samir。我的意思是——露天型零售（open-air retail）的需求很強，且來源非常多元。我會說在過去六到九個月，甚至過去六週，你會看到更多機構資金在布局、希望進入這個領域——可以說是一種輪動。因此，這顯然會對資本化率（cap rates）隨時間下行形成壓力，而我們其實仍未看到利率有任何變動。

So if that happens in addition, that would be additional fuel. But really, even without that, the demand is strong. I think when people look at their portfolio and they look at how they balance it and they look at risk-adjusted returns, our product screens well. So you have seen that. I mean -- but we still have this ability.

所以如果利率也發生變化，那將會是額外的助燃劑。但實際上，即便沒有這個因素，需求仍然強勁。我認為當人們檢視自己的投資組合、思考如何平衡，以及評估風險調整後報酬時，我們的產品表現很不錯。因此你確實看到了這點。我的意思是——但我們仍然具備這樣的能力。

We hope to continue to do what we're doing, which is to -- if we're going to recycle capital, we want to recycle it into higher-growth assets and honestly, if you look at page 6 of our investor deck, it kind of shows you what we're doing. And then I think a couple of pages later, which is the Page 6 shows the increase and decrease that we've had in various product types. And then a couple of pages later, you see the embedded rent growth, and it's just you can chart that, that's going up.

我們希望能持續做我們正在做的事，也就是——如果要進行資本循環，我們希望把資本循環到成長性更高的資產上。坦白說，如果你看我們投資人簡報第6頁，它大致呈現了我們在做什麼。接著我想再往後幾頁——第6頁顯示我們在各類產品型態上的增減變化；再往後幾頁，你會看到內嵌租金成長，而你可以把它畫成趨勢圖，那是在往上走的。

And as long as we're able to sell these lower growth assets at yields well inside the stock yield, that's attractive. Now how we deploy that capital comes down to a complex set of -- complex set of items based on taxable income and 1031 opportunities and stock price, et cetera. But it's really a real estate exercise, I want to remind everybody of that. We are very focused on the real estate exercise. But obviously, the equation relates in the sum of what do we do with the capital.

只要我們能以遠低於股票殖利率的收益率出售這些較低成長的資產，那就是有吸引力的。至於我們如何部署這些資本，取決於一組複雜的——一組複雜的因素，包含應稅所得、1031 交換機會、股價等等。但我想提醒大家，這本質上是一個不動產的操作。我們非常專注於不動產的操作。但顯然，這個等式的總和在於我們如何運用這些資本。

So it's complex, but right now, we think there's opportunities. Heath, do you want to?

所以這很複雜，但就目前而言，我們認為有機會。Heath，你要不要？

I would just say, Samir, there isn't a pocket of historical retail capital that hasn't been reignited. So the breadth of the demand is just incredible. And frankly, it's better to be a seller right now than it is to be a buyer. With that said, we do have some traction on some of these 1031 acquisitions that we've been talking about. So yes, but the market is very, very constructive right now.

我只想說，Samir，歷史上做零售不動產的資金沒有哪一塊沒有被重新點燃。所以需求的廣度真的令人難以置信。坦白說，現在當賣方比當買方更好。話雖如此，我們在一些我們一直在談的 1031 收購上確實有些進展。所以是的，但目前市場非常、非常具建設性。

Got it. And then I guess my second question, Heath, is on the guidance, right, side, you raised same-store low end, high end, but we didn't see a follow-through on FFO. Maybe EPC can unpack that. I think that would be helpful.

了解。那我想我的第二個問題，Heath，是關於指引（guidance）這一塊，你們提高了同店（same-store）的低端與高端，但我們沒有看到 FFO 有相應上調。也許 EPC 可以拆解一下。我覺得那會很有幫助。

On page 5, you'll see that the same store did boost us up $0.5 on a full year basis, but then that was offset by a corresponding reduction in recurring but unpredictable item. Basically, that item is still there. It's just being pushed into 2027. So timing-wise, we thought it was '26 and it's being pushed into early '27. So nothing happening there.

在第 5 頁，你會看到同店在全年基礎上確實讓我們增加了 0.5 美分（$0.5），但隨後被「經常性但不可預測」項目的相應下調所抵消。基本上，那個項目仍然存在，只是被推遲到 2027 年。所以在時間點上，我們原本以為是在 2026 年，現在被推到 2027 年初。因此那邊沒有發生任何變化。

So that's why the same-store bump didn't flow through the FFO.

所以這就是為什麼同店的上調沒有反映到 FFO 上。

The other thing I would add to that, Samir, is obviously, we held Q2, Q3, Q4 bad debt at 100 basis points. I think the first quarter was closer to 75%, but I think we view it as very early in the year. I think we're always reticent in the first quarter to really jump on to too much. You still got 75% of the year to unfold. So I think you can look at it as prudent in my opinion, to not jump on a lot of these things that may or may not happen.

我還想補充一點，Samir，顯然我們把 Q2、Q3、Q4 的壞帳維持在 100 個基點。我認為第一季更接近 75 個基點，但我們覺得現在仍然是年初。我想我們在第一季一向比較保守，不會太快把太多東西加進去。畢竟一年還有 75% 要展開。所以我認為，從我的角度看，這樣做是審慎的，不要急著把很多可能發生也可能不發生的事情都先算進去。

I think bad debt and then just recurring but unpredictable are two big categories. I mean, especially on recurring unpredictable, I think if you look at last year, we were like $21 million. I think our guidance is closer to $10 million. So we'll see how the year plays out. A lot of things left to happen, but the core business is very strong.

我認為壞帳，以及「經常性但不可預測」是兩個大類別。尤其是經常性不可預測，如果你看去年，我們大概是 2,100 萬美元。我想我們的指引更接近 1,000 萬美元。所以我們會看看今年會怎麼走。還有很多事情可能發生，但核心業務非常強勁。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Beyond the capital recycling that you have lined up right now and with what's under contract, would you move forward with the dispositions without new investment opportunities lined up? Or is the plan really only to activate incremental dispositions if you have something on the buy side?

除了你們目前已安排、以及已簽約中的資本回收（capital recycling）之外，如果沒有新的投資機會已經排好，你們還會繼續推進資產處分嗎？還是說計畫基本上只有在買方端有對應標的時，才會啟動額外的處分？

Todd, I mean, as you know, our goal is always to kind of pair these things. We've got the same where we like to do stuff in pods, buying and selling. But of course, we're also opportunistic. And if we think that there's a really excellent opportunity to recycle out of a lower growth asset at an attractive yield versus other yields than that is possible that we would do that in front of knowing exactly where that capital would go. Again, this is what a really strong balance sheet before you that opportunity to be forward thinking. But the goal is to always try to couple these things. So we'll see how that plays out, Todd.

Todd，我的意思是，如你所知，我們的目標一向是盡量把這些事情配對起來。我們也一樣喜歡以「組合（pods）」的方式來做，買與賣搭配進行。但當然，我們也會把握機會。如果我們認為有一個非常好的機會，可以用相對其他收益率更具吸引力的收益率，把較低成長的資產回收出去，那麼即使在還不完全確定這筆資本要去哪裡之前，我們也可能會先做。再說一次，強健的資產負債表讓你有機會更具前瞻性。但目標仍然是盡量把這些事情配套起來。我們會看看實際會怎麼發展，Todd。

Okay. And then does the current disposition pool the, I guess, $145 million, although I think you mentioned the $12.5 million was included in that in the first quarter. Does that pull include City Center. Can you provide an update on progress for that asset disposition?

好的。那目前的處分資產池，我想是 1.45 億美元，雖然我記得你提到第一季的 1,250 萬美元也包含在其中。這個資產池是否包含 City Center？你能否更新一下該資產處分的進度？

It does include City Center, Todd and listen, we hope to have transacted on City Center by now. But as we said in the past, it's a complicated vertical asset and the plan is still to transact before the end of the year.

Todd，有包含 City Center。坦白說，我們原本希望到現在已經完成 City Center 的交易。但如同我們過去所說，這是一個複雜的垂直型資產（vertical asset），計畫仍然是在年底前完成交易。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

First question is just on the same-store NOI growth for the quarter. It sounds like it was pleasantly -- you were pleasantly surprised with the upside to that number due driven in part by maybe upsides to the overread the net recovery. Is there anything in the backdrop that is driving those numbers maybe higher than you were expected? And maybe what would you kind of see as kind of the run rate number for the second quarter before it reaccelerates as the sale starts to kick in?

第一個問題是關於本季同店 NOI 成長。聽起來你們對這個數字的上行感到驚喜，部分原因可能是超額租金（overage）以及淨回收（net recovery）的表現優於預期。背景面是否有什麼因素在推動這些數字比你們原先預期更高？另外，在促銷（sale）開始發力、使其再度加速之前，你們對第二季的「常態化」水準大概會怎麼看？

Yes. It was basically -- the outperformance was ratable between three things. It was bad debt, overage and also that real estate tax reversal. And again, as I said in my opening remarks, you'll see it moderate into the second quarter and then reaccelerate to the back half of the year. So to your earlier point, it was higher than we had anticipated.

是的。基本上——這次的超預期表現大致平均來自三件事：壞帳、超額租金（overage），以及那筆不動產稅的回轉（reversal）。而且如同我在開場致詞提到的，你會看到它在第二季趨於溫和，然後在下半年再度加速。所以呼應你前面的點，確實比我們原先預期更高。

And moving into the back three quarters, we still have opportunity to outperform on bad debt. We had 80 basis points -- I'm sorry, 75 basis points of bad debt in the quarter, we're still assuming 100. So there's still some things that we hope to be able to outperform in the same-store line as we move throughout the year.

而在接下來三個季度，我們在壞帳方面仍有超預期的空間。本季壞帳是 80 個基點——抱歉，是 75 個基點，但我們仍假設是 100 個基點。所以隨著年度推進，在同店這一行上，我們仍希望能有一些超預期的表現。

For the record, I'm not complaining that the number is higher -- communicate --

先說清楚，我不是在抱怨數字更高——溝通——

You were not complaining. We were happy.GoldsmithAnalyst

你沒有在抱怨。我們很高興。GoldsmithAnalyst

And then you highlighted a significant arbitrage between asset sale yields and your equity buyback yield. Stock has been doing well. Shares are up 8% this year, up 10% in the last month. So at what point would you think to slow or pause your repurchases and have to look into -- start to look at some other ways to reallocate from here?

接著你們提到資產出售收益率與你們股票回購收益率之間存在顯著套利。股價表現不錯，今年股價上漲 8%，過去一個月上漲 10%。那麼在什麼情況下，你們會考慮放慢或暫停回購，並開始尋找其他方式來重新配置資本？

Yes. I mean, obviously, as we alluded to, that is one of the variables as we move through the year. As we sit here today, we're still in a pretty good position as it relates to discount to NAV and core FFO yield relative to where we think we can sell assets that we would want to sell, but that's a moving target, and we'll see how that goes. It's just kind of one of those things it is what it is. I'll address it as it comes.

是的。我的意思是，正如我們提到的，這確實是我們在今年推進過程中的變數之一。以今天的情況來看，就相對 NAV 的折價，以及核心 FFO 殖利率而言，相對於我們認為可以出售、且我們願意出售的資產之出售收益率，我們仍處於相當不錯的位置。但那是一個會變動的目標，我們會看看後續怎麼發展。這就是其中一種情況，事情就是如此。我會在它發生時再回應。

But I think right now, our strategy is, again, it's really real estate based and future growth based. So we will figure out how to best do that. If this isn't part of the plan, there are other things we can do. Obviously, last year, we did pay a special dividend, and we'll see how that goes in the future. But we'll just -- it's just too many variables to really say, Michael, where that's going to be tomorrow or a month from now.

但我認為目前我們的策略，重點仍然是以不動產為基礎、以及以未來成長為基礎。所以我們會找出最佳做法。如果回購不是計畫的一部分，我們也有其他事情可以做。顯然，去年我們確實發放了特別股利，未來也會視情況而定。但我們就——變數太多了，Michael，很難說明天或一個月後會怎樣。

Heath, do you want to add to that?

Heath，你要補充嗎？

That's great.

很好。

Floris Van Dijkum, Ladenburg Thalmann.

Floris Van Dijkum，Ladenburg Thalmann。

Just curious, the $36 million SNO pipeline, not all of it is same-store. I think only 84% of it is in the same-store pool. Could you maybe -- is that Legacy West that's not part of the same-store pool and maybe talk about the upside there and when that becomes -- when that will get recognized in same store?

我只是好奇，那 3,600 萬美元的 SNO 管線（pipeline），並非全部都屬於同店。我想只有 84% 在同店池裡。你能否——是不是 Legacy West 不在同店池裡？以及能否談談那部分的上行空間，還有它何時會——何時會在同店中被認列？

It's really two elements there, Floris. One of it is Legacy West and we have an annual same-store concept. So Legacy West won't be in the same-store bucket that we've owned it for a full calendar year. So you will see it in 2027 as part of the same-store pool. The other piece that's not included in same store are the leases that we're executing aloud. So those are the two major components outside of same-store that comprise the same the signed-not-open pipeline.

Floris，這裡其實有兩個要素。其中之一是 Legacy West，我們有年度的同店（same-store）口徑。因此，Legacy West 不會被納入同店範疇，直到我們持有滿一個完整的曆年。所以你會在 2027 年看到它被納入同店池。另一個不包含在同店裡的部分，是我們正在執行、但尚未開業的租約。因此，這兩個是同店以外、構成已簽約未開業（signed-not-open）管線的兩大主要組成。

Got it. And maybe as my follow-up question, I know you put a little thing out there about -- obviously, you've done a lot of anchor repositioning. You've added a number of new grocery concepts to your portfolio, a number of trader goes and a couple of Whole Foods you talk about the returns on capital there, presumably, that's the return on -- direct return on invested capital. Maybe talk about -- I'm curious to Centennial, we were out in Vegas with you guys on your 4x4, I can't remember what it was, or maybe it was NAREIT or maybe ICSC. But obviously, you repositioned one of those boxes into a Whole Foods.

了解。那作為追問，我知道你提到過一點——顯然你們做了很多主力店（anchor）的重新定位。你們在投資組合裡新增了不少新的雜貨（grocery）業態，像是多家 Trader Joe’s，還有幾家 Whole Foods。你們談到那裡的資本回報，推測是指——對投入資本的直接回報。也想請你談談——我很好奇，Centennial 那個案子，我們之前在拉斯維加斯跟你們一起參加你們的 4x4 活動，我記不清是什麼場合了，可能是 NAREIT 或 ICSC。但很明顯，你們把其中一個盒子店（box）重新定位成一家 Whole Foods。

What is that done? What do you typically see in terms of the knock-on effect to shop leasing and rents in your portfolio when you add one of those grocers to your property. And what would you say would be your fully adjusted return on capital if you were to include those things in there?

那帶來了什麼效果？通常當你們在物業裡引進這類雜貨商時，對店鋪（shop）招商與租金會產生哪些連鎖效應？如果把這些因素也納入，你們認為完全調整後的資本回報會是多少？

So Four's, there's no doubt that if we bring a Trader Joe's, we bring in Whole Foods, there's tremendous impact, and it's just that continual shop that occurs through the day. And -- both of those are tremendous drivers for us. So without question, when you have a new retailer or a new grocery like that, when new deals are going into committee, it helps tremendously plus that consistent shop helps drive additional sales throughout. So you have the cap rate compression component. And in addition, you have the lease up through new committee deals and you're driving sales inside your existing tenant base.

所以，毫無疑問，如果我們引進 Trader Joe’s 或 Whole Foods，影響非常大，因為它會帶來全天持續的人流與逛店行為。而且——這兩者對我們來說都是非常強的帶動引擎。所以毫無疑問，當你有這樣的新零售商或新的雜貨店時，新案子送進委員會審批時會有很大幫助，再加上那種穩定的逛店人流也會帶動整體額外銷售。因此你會有資本化率（cap rate）壓縮的部分；此外，你也會透過新的委員會核准交易完成出租（lease-up），並推動既有租戶群內的銷售成長。

So we always find a way to generate strong returns on these boxes. But if you carry that in, that factor grows incrementally to a number probably 2 to 3 times more than what that would start off with in terms of like 200, 300 basis points. So it's wildly attractive for us to reposition like that.

所以我們總能在這些盒子店上創造很強的回報。但如果把那些外溢效應也算進去，這個因素會逐步放大，可能會是起初的 2 到 3 倍；以 200、300 個基點那種量級來說，會被放大。所以對我們而言，做這樣的重新定位非常有吸引力。

Floris, the returns we're generating on capital are like in the 30% range. It depends on the deal. It could be 20%, it could be 40%. So -- but generally speaking, that's just return on capital spend for that retailer. We don't look at it relative to the -- how that might impact the adjacent space other than the ability, as Tom said, to drive a cap rate down by adding a grocer.

Floris，我們在資本上的回報大概在 30% 左右，視個案而定，可能是 20%，也可能是 40%。所以——一般來說，那只是針對該零售商的資本支出回報。我們不會把它拿來對照——它對相鄰空間可能造成的影響，除了如 Tom 所說，透過引進雜貨商來把資本化率往下壓。

And again, it's not all about that. It's about merchandising, too. When you look at adding how much we've done in terms of adding Trader Joe's and adding Whole Foods. Then the next thing you know the quality of the surrounding shop grows. And maybe that's why our ABR and our signed-not-open is $28, right, versus the portfolio average of $23.50, I guess, somewhere close to that.

而且再說一次，這不只是那件事，還涉及業態組合（merchandising）。當你看我們新增 Trader Joe’s 和新增 Whole Foods 做了多少之後，接下來你會發現周邊店鋪的品質也會提升。也許這就是為什麼我們的 ABR（平均基本租金）以及已簽約未開業（signed-not-open）是 28 美元，對比投資組合平均的 23.50 美元，我猜大概接近那個水準。

So I think it's definitely moving us in the right direction.

所以我認為這確實在把我們往正確方向推進。

But by the way, your ABR growth even year-over-year is 6.5%, which is, I think, pretty juicy. I mean is that one of the highest growth that you've experienced?

不過順帶一提，你們的 ABR 年增也有 6.5%，我覺得相當可觀。這是不是你們經歷過的最高成長之一？

Yes. I mean, it's been a pretty good growth rate over the last five years, actually. I don't have it in front of me, but 6.5% is pretty strong. And when you look at our ABR and you add into that our embedded rent growth and compare that to the peer group, it doesn't reflect where we trade.

是的。我的意思是，過去五年其實一直是相當不錯的成長率。我手邊沒有數據，但 6.5% 很強。而當你看我們的 ABR，再把內含租金成長（embedded rent growth）加進去，並與同業比較，這並沒有反映在我們的交易估值上。

Michael Mueller, JPMorgan.

Michael Mueller，摩根大通（JPMorgan）。

Maybe somewhat of a follow-up. But aside from general portfolio leasing capital, is there any visibility as to how much your annual development or major redevelopment investment could grow to over the next say, three to five years?

可能算是延伸追問。除了整體投資組合的招商資本支出之外，未來三到五年，你們每年的開發或大型改造（redevelopment）投資規模，有沒有任何能見度會成長到多少？

Michael, that's -- we don't generally, as you know, we don't throw out a number at the beginning of the year and say we're going to spend x million on development, redevelopment because we don't like people to chase the target versus chasing great opportunities. We've been pretty moderated on that in the last couple of years because of the significant spend that we've had in just the lease-up portfolio, which is obviously on a risk-adjusted basis, a much higher return. But as we look out over the next three years, that begins to slow down in terms of the internal lease-up capital because we're spending about a little over $100 million a year right now over the next 2.5 years.

Michael，這個——如你所知，我們一般不會在年初就拋出一個數字，說我們要在開發、改造上花 x 百萬美元，因為我們不希望大家去追目標，而不是去追好機會。過去幾年我們在這方面相對克制，因為我們在出租提升（lease-up）投資組合上有相當大的支出，而那在風險調整後的回報顯然更高。但往未來三年看，內部的 lease-up 資本支出會開始放緩，因為我們目前大約每年花略高於 1 億美元，預計在接下來 2.5 年左右持續。

And so when that moderates through this lease-up, as Heath said earlier, then all of a sudden, you have a lot more choices to deploy free cash flow. And we have a very long history in development and redevelopment, and we know how to do it, and we know how to judge risk.

因此，當這些 lease-up 支出如 Heath 先前所說逐步趨緩時，你就會突然有更多選擇去配置自由現金流。我們在開發與改造方面有很長的歷史，我們知道怎麼做，也知道怎麼評估風險。

So I would say we will pivot more to that over the next couple of years, and you're going to see us do some smaller projects over the next couple of years. And I think our view is we'd rather have more projects of smaller size than a couple of huge ones. Right now, we have we have a large one in our development at One Loudoun.

所以我會說，未來幾年我們會更偏向那一塊，你也會看到我們在接下來幾年做一些較小型的專案。我們的看法是，寧可做更多規模較小的專案，也不要只做一兩個超大型的。現在我們在 One Loudoun 的開發中就有一個大型案子。

But frankly, it's very manageable against a $7 billion balance sheet. So long-winded way of saying, I think we can lean into that as we -- as the lease-up firms up over the next two years.

但坦白說，相對於 70 億美元的資產負債表規模，這是非常可控的。用比較冗長的方式來說，我認為隨著 lease-up 在未來兩年逐步穩固，我們可以更積極投入那一塊。

I would add, we shouldn't construe the lower development spend now with the development opportunity in the portfolio and lowest hanging fruits Loudoun. We still have 35 acres of land after we're done with this expansion. I think it includes another 1,100 multifamily units, another 1.7 million square feet of commercial. So we've got lots of opportunities in the portfolio, but as John said, the current priority right now is leasing. And when that spend starts to climb, we will -- that pipeline will pick up.

我補充一下，我們不應把目前較低的開發支出，解讀為投資組合裡缺乏開發機會，或是最低垂的果實（lowest hanging fruits）在 Loudoun。這次擴建完成後，我們仍有 35 英畝土地。我認為其中還包括另外 1,100 戶多戶住宅（multifamily）單位，以及另外 170 萬平方英尺的商業面積。所以我們在投資組合裡有很多機會，但如 John 所說，目前的優先順序是招商。當那方面的支出開始上升時，我們——那條管線就會回升。

Loudoun is moving along very nicely in terms of the lease-up as well.

就 lease-up 而言，Loudoun 的進展也非常順利。

Got it. Okay. And second, I apologize if I missed this some place, but what's the range of cap rates for the 1031 in noncore sales?

了解。好。第二個問題，如果我在某處漏聽了先說聲抱歉，但 1031 交換中非核心（noncore）出售的資本化率區間是多少？

We didn't have an exact cap rate range, Michael. But I think in terms of the 1031s, we continue to see opportunities for stuff that we want to own a very high-quality assets kind of like in the 8% to 9% unlevered IRR range. That's kind of what we're pursuing. And as we've said before, the type of stuff that we're selling is kind of in the 7% range depending on what it is. So that's where the trade is currently.

Michael，我們沒有一個精確的資本化率區間。不過就 1031 而言，我們持續看到一些機會，能讓我們買到想持有的高品質資產，大概是在 8% 到 9% 的無槓桿 IRR（unlevered IRR）區間。這是我們正在追求的。而如我們之前說過的，我們出售的資產類型大概是在 7% 左右，視資產而定。所以目前的交換條件大概就是這樣。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

John, as we look at the SNO pipeline, pretty good ramp from now through '28. But just curious, is there -- is there a way to accelerate this? Or is a lot of this just dependent on their people already in that space and you have to wait for those leases to expire? And then just the time it takes to move for the tenants to build out the space move in, just trying to understand any way to accelerate this timing versus it's structural, and there's really not much you can do because of all the moving pieces and perhaps existing leases that are already there.

John，當我們看已簽約未開業（SNO）管線，從現在到 2028 年有相當不錯的爬升。但我想了解的是——有沒有方法可以加速？還是其中很大一部分只是取決於那些租戶已經在那個空間裡，你必須等租約到期？再加上租戶裝修、進駐所需的時間。我想理解是否有任何方式能把時程加快，還是說這是結構性的，因為牽涉很多環節、以及可能已存在的租約，所以其實你們能做的不多。

Yes, Alex, it's -- obviously, we're always trying to accelerate the build-out of these spaces in the SNO pipeline. The majority of or a lot of this, I should say, a lot of this space was former anchor space, right? So that's going to have a longer gestation period. And as you know, those generally on average between lease signing and rent commencement could be 15 to 18 months, depends on what it is, depends on the level of construction. Also, don't forget that we have to deal with municipalities in multiple markets that slow you down despite the narrative that, that's changed. I don't think it's changed that much.

是的，Alex，這個——很明顯地，我們一直在努力加速 SNO 管線中這些空間的建置進度。我應該說，其中大多數或相當一部分空間原本是主力店（anchor）空間，對吧？所以那會有較長的孕育期。而且如你所知，通常平均從簽約到開始起租可能需要 15 到 18 個月，取決於是什麼項目、取決於施工程度。另外別忘了，我們還得在多個市場與地方政府打交道，儘管外界敘事說情況已改變，但它們仍會拖慢進度。我不覺得改變了那麼多。

So yes, we like to accelerate that. We absolutely would. I mean, in one regard, you're just pulling forward something you know you're going to get, but NPV-wise, it makes sense. So we're pushing hard to accelerate, but I think it is what it is. And the good news is the demand is there, the snow is strong.

所以是的，我們希望加速，絕對會。我是說，從某個角度看，你只是把你知道一定會拿到的東西提前實現，但從 NPV 的角度來看，這是合理的。所以我們正大力推動加速，但我想現實就是如此。好消息是需求在那裡，SNO 很強勁。

And as I said earlier, if you look at the rents, it really reflects where we're going as a company. So that's a very positive thing to take out of that.

而且如我先前所說，如果你看租金，它確實反映了我們公司要走的方向。所以這是非常正面的收穫。

Alex, we're doing everything we can, whether it's permit expeditors starting drawing right out of a real estate committee. We try to pull every lever, and it's a huge objective around here to move those up.

Alex，我們正在盡一切所能，不管是使用許可加速專家（permit expeditors），或是從房地產委員會一出來就立刻開始繪圖。我們會嘗試拉動每一個槓桿，而把這些時程往前移是我們這裡非常重要的目標。

Between you and John, Tom, I never have to worry about not moving quickly. The second question is on the heels of a quorum sale and you talked about more dispositions. Have you sort of outlined how much more of your portfolio you think -- I don't want to say it's a quorum like, but how much more doesn't fit as you think about where you want to take the portfolio? Is it still 10% more, 20% more? Or do you think that most of the lower-performing assets are gone, and now it's really sort of fine tuning based on opportunity?

在你和 John 之間，Tom，我從來不用擔心不夠快。第二個問題是，接續 quorum 的出售，你也談到會有更多處分。你們是否已經大致勾勒出，你們的投資組合中還有多少——我不想說是像 quorum 那樣——但就你們想把投資組合帶往的方向來看，還有多少是不符合的？還是再 10%？20%？或者你覺得大部分表現較差的資產都已經處理掉了，現在更多是基於機會做微調？

I'm just trying to figure out how much of sort of definitely, we got to sell versus, okay, these are potentials if we have opportunity for something accretive on the other side?

我只是想弄清楚，有多少是屬於「確定我們必須賣」的， versus 「如果另一端有增益型（accretive）的機會，這些是潛在可賣」的？

Yes. I mean I think, obviously, we do a robust analysis of the portfolio all the time. There definitely are assets that we believe don't fit the future KRG, as we talked about in the prepared remarks, we still have a goal of pushing our embedded rent growth to two versus where we are today. So there's work to do there. And these are -- some of these assets that we're selling, Alex, are high quality but lower growth, and there are a few like you mentioned quorum that just didn't fit at all.

是的。我想，很明顯地，我們一直都在對投資組合做非常全面的分析。確實有一些資產，我們認為不符合未來的 KRG；正如我們在事先準備的講稿中提到的，我們仍然有一個目標，是把內含租金成長（embedded rent growth）推到 2%，相較於我們今天的水準。所以這方面還有工作要做。而這些——我們正在出售的一些資產，Alex，是高品質但成長較低；也有少數像你提到的 quorum 那樣，完全不符合。

And so there are a handful of properties like that probably the bigger number would be the properties that just don't have the growth profile that we're looking for. And that we also think are potentially a little more tethered to at-risk future tenant issues, right? So there is a portion there, but it's not a huge portion, and this is more methodical around the underlying future growth and real estate quality.

因此，像那樣的物件有幾個；但更大的數量可能是那些不具備我們所尋求的成長輪廓（growth profile）的物件。而且我們也認為，這些物件可能在未來更容易受到有風險的租戶議題牽連，對吧？所以確實有一部分，但不是很大一部分；這更多是基於底層的未來成長與不動產品質，採取更有方法、循序漸進的作法。

And I'll just add. I'm sorry, Alex, go ahead.

我再補充一下。抱歉，Alex，你先說。

You go, and then I'll follow up.

你先說，然後我再追問。

I was going to say, when we started this disposition program is the best we could to ensure folks, this is not a multiyear program that's going to result in FFO dilution over three, four, five years. This was trying to get this done in '25 and '26. And as John said, there's a handful of left and we can get it done and we deploy the proceeds in a prudent manner, we will. But if we don't, that's okay, too. We're always sort of cycling out of one, two, three assets a year, and that's sort of the expectation, but I can get it done this year, we will.

我本來要說的是，當我們啟動這個處分計畫時，我們盡可能向大家確保：這不是一個會拖好幾年的計畫，不會在三、四、五年內造成 FFO 稀釋。這是希望在 2025 年和 2026 年把它完成。正如 John 所說，剩下的只有少數幾個，我們可以把它做完；如果我們能以審慎的方式部署出售所得，我們就會這麼做。但如果沒有，也沒關係。我們一直都在每年輪替處分一、兩、三個資產，這大概就是市場的預期；但如果我今年能把它做完，我們就會做。

Alec Feygin, Baird.

Alec Feygin，Baird。

So one for me is about Legacy West. Curious how it's performed versus initial expectations? And if there's been any incremental opportunities with new tenants expanding from Legacy West to other assets in the portfolio?

我這邊一個問題是關於 Legacy West。好奇它的表現相較於最初預期如何？以及是否有任何增量機會，讓新租戶從 Legacy West 擴張到投資組合中的其他資產？

Yes. Thank you for that. Legacy West has performed marvelously. It's been a great asset for us and our partner. We've made really significant progress in a short period of time on increasing rents, particularly on the retail front.

是的，謝謝你的提問。Legacy West 的表現非常出色。它對我們和我們的合作夥伴而言都是很棒的資產。我們在很短的時間內，在提高租金方面取得了非常顯著的進展，特別是在零售端。

As you followed, I'm sure we've announced lots of new leases that we've signed out since we bought it. And the mark-to-market on the rents has been exactly what we thought it would be when we acquired the center, the ABR and the retail component was like $65 a foot, and we're doing deals north of $100 a foot routinely. So that's spectacular. The multifamily side has picked up a lot in the last quarter quite well. The office is really strong.

如你所關注的，我相信我們已宣布自收購以來簽下了許多新租約。而租金的市價調整（mark-to-market）完全符合我們收購該中心時的預期；當時 ABR 與零售組成部分大約是每平方英尺 65 美元，而我們現在例行性地做出每平方英尺 100 美元以上的交易。所以這非常驚人。多戶住宅（multifamily）端在上一季也回升得很好。辦公室端非常強勁。

This is really high-quality office and a very sought after a little slice of a fabulous submarket in Plano. Obviously, AT&T has recently announced their global headquarters there, which is just one of a few major announcements that they've had in Plano.

這是非常高品質的辦公室，也是 Plano 一個極佳次級市場中非常搶手的一小塊地段。很明顯地，AT&T 最近宣布其全球總部設在那裡，這只是他們在 Plano 做出的幾項重大宣布之一。

So we feel really good about that. And in terms of transferring of opportunities to other parts of the portfolio, that was another reason that we wanted to add it to our portfolio. And when you now look at, for example, our top 3 lifestyle assets, South Lake, Legacy West and One Loudoun, you look at the NOI it's generating versus the -- I think it's about 15% of our ABR now just those three assets, but it's like 5% or 10% of our total GLA. It shows you the strength of that, and now we're doing deals across the portfolio with these high-quality tenants that now are very aware of KRG. So it's been a massive win for us, a massive win for our partner, and we're looking forward to trying to find more of those opportunities.

所以我們對此感覺非常好。至於把機會轉移到投資組合其他部分，這也是我們想把它納入投資組合的另一個原因。當你現在看，例如我們前三大的生活風格（lifestyle）資產：South Lake、Legacy West 和 One Loudoun，你看它所產生的 NOI 相較於——我想現在僅這三個資產就約占我們 ABR 的 15%，但只占我們總 GLA 的 5% 或 10%。這顯示了它的強度；而且現在我們正與這些高品質租戶在整個投資組合中成交，他們現在非常了解 KRG。所以這對我們是巨大的勝利，對我們的合作夥伴也是巨大的勝利；我們也期待能找到更多這類機會。

Craig Mailman, Citi.

Craig Mailman，Citi。

Maybe I'll go back to your comment about the strength of the operating portfolio to maybe step away from cap rate cycle for a minute. Just as -- just looking at the percent leased here over the last several quarters, Anchor obviously, has been doing well, but small shop, you briefly got over 92% and space down slightly below it. I mean, what's the time frame or the outlook internally to get this maybe the 93%=plus? And what's been kind of the obstacle to ramp it as quickly as you ramped Anchor?

也許我回到你對營運中投資組合強勁的評論，先暫時把資本化率（cap rate）循環放一邊。就——看看過去幾季的出租率（percent leased），主力店（Anchor）顯然表現不錯，但小店鋪（small shop）方面，你們曾短暫超過 92%，之後空置略微回到 92% 以下。我的意思是，內部預期要在什麼時間框架或展望下，把它提升到 93% 以上？以及相較於你們提升主力店的速度，小店鋪拉升得沒那麼快，主要障礙是什麼？

We don't guide to occupancy, Craig, but we have said publicly before that we think by the end of this year, we should be at occupancy levels that are approximating our historical highs right before COVID. But the good news is that we don't think that that's at all, and we've seen a lot of our peers sort of bus through their historical high watermarks, and we intend to as well. At the end of last quarter, we were at 92%, I think, in the small shop space, which was 40 basis points away from where we were at a historical high, took a seasonal step back but we can think we can lease way through 92.5% to maybe 93% or 94% of the small shop space.

Craig，我們不對外提供出租率指引，但我們之前公開說過，我們認為到今年年底，我們的出租率應該會接近 COVID 之前的歷史高點。好消息是，我們不認為那就是上限；我們也看到不少同業已經突破他們的歷史高水位，而我們也打算如此。上一季末，我們小店鋪空間的出租率是 92%（我記得），距離歷史高點只差 40 個基點；季節性因素讓它稍微回落，但我們認為可以把出租率一路租過 92.5%，可能到小店鋪空間的 93% 或 94%。

On the anchor side, the step back at this quarter on a sequential basis was related to Value City. But again, we are busy backfilling those boxes and making great progress. So we're very, very bullish on our occupancy opportunity. And again, it is the largest and most meaningful opportunity in the peer set, right? So we've got -- as I said before in the past, everyone's on a peak on their occupancy gains in terms of their same-store.

在主力店（anchor）方面，本季按季（sequential）出現的回落與 Value City 有關。但再說一次，我們正忙著把那些空缺店面補回來，而且進展非常順利。所以我們對提升出租率的機會非常、非常看多。而且再強調一次，這是同業組合中最大、也最具意義的機會，對吧？所以我們已經——就像我過去說過的，大家在同店（same-store）的出租率提升上都已經處於高峰。

Ours is coming at a different time, and we're going to start seeing that in the back half of this year at '27.

我們的情況會在不同的時間點發生，我們將在今年下半年到 2027 年開始看到這個效益。

And one other thing that we've been doing, Craig, is we've been very proactive in terms of trying to improve the mix. So if somebody is coming off of a non-option scenario, I mean, what we'll do right away is we'll just say, hey, if we can do better, we're going to move them out and end up with a better quality tenant. So we've been doing a lot of that inside these numbers, and we'll continue to do it. But we're absolutely in and up with great decisions and great tenants.

Craig，我們另外一直在做的一件事是，我們在改善業態組合（mix）方面非常積極主動。所以如果有人是在非續租選擇（non-option）的情境下到期，我的意思是，我們會立刻說，嘿，如果我們能做得更好，我們就會把他們請出去，最後換成品質更好的租戶。所以在這些數字裡我們做了很多這類動作，而且會持續做下去。但我們絕對是在做出很好的決策、引進很好的租戶。

Craig, I think you remember me talking a couple of years ago about the fact that we're never going to lease space quickly. We're going to lease space in a very, very diligent way, and that's part of what Tom means is that can we take deals maybe faster by accepting a tenant that we don't love or a rent structure that we don't love, particularly rent growth, yes, we could.

Craig，我想你記得我幾年前談過，我們永遠不會很快把空間租出去。我們會以非常、非常審慎的方式出租空間，而這也是 Tom 的意思：我們是否可以透過接受一個我們不那麼喜歡的租戶，或一個我們不那麼喜歡的租金結構——尤其是租金成長（rent growth）——來更快成交？是的，我們可以。

But if you look at our statistics relative to the peers, I mean, there's no doubt we were, in my opinion, a market leader in rent growth in the small shop space, right? And if you look at where we were in 2019 versus where we are today in 4% a year small shop growth, it's incredible in terms of the number of tenants we've been able to convert, it's to 4% or north of 3%, right?

但如果你看我們相對同業的統計數據，我的意思是，毫無疑問，在小店鋪（small shop）空間的租金成長方面，我認為我們是市場領導者，對吧？而且如果你看我們 2019 年的位置，對比今天小店鋪每年 4% 的成長，從我們能夠轉換的租戶數量來看，這非常驚人——把它提升到 4% 或至少 3% 以上，對吧？

So if you do a bunch of deals at 2% rent growth, you're going to do them faster. But if you're diligent about this and you end up with the right tenants that are growing at 3.5% to 4% in the shops, you're going to thank me for that in a couple of years.

所以如果你做一堆租金成長 2% 的交易，你會更快完成。但如果你在這件事上很審慎，最後找到在店鋪端以 3.5% 到 4% 成長的合適租戶，幾年後你會感謝我。

No, that makes sense. I appreciate the detail there. And then maybe actually shifting back to the capital recycling. John, I think you said $750 million of kind of sales is what you guys have left. Is that right?

不，這很合理。謝謝你提供這些細節。那接著也許回到資本循環（capital recycling）。John，我想你說你們剩下大概 7.5 億美元的出售規模要做，是這樣嗎？

No. What I said was if you look at what we sold last year and then you combine what Heath pointed out that we are targeting to sell this year combined, that's like, I think, close to $750 million. That's what I said there. So we'll see if we hit that, that we still have to do another $130 million, I think, this year to get to that number. And that's just what we have identified, Craig.

不是。我說的是，如果你看我們去年賣掉的，再加上 Heath 提到我們今年目標要賣的合計，這大概——我想——接近 7.5 億美元。我剛剛說的是這個。所以我們看看能不能達到；要到那個數字，我想今年我們還需要再做大約 1.3 億美元。而那只是我們已經辨識出來的標的，Craig。

Got you. I guess the gist of my question was going to be if you could snap your fingers today, kind of where would the mix of kind of neighborhood, regional power lifestyle ultimately be to where you feel like the risk-adjusted returns are maximized. And maybe as you look at what you would have to sell to get there, kind of how much of it is the more difficult bucket versus there's definitely pockets of capital that would want to -- would be sort of easy to mediate difficulty?

了解。我想我問題的核心是：如果你今天彈指一下就能完成調整，從鄰里型（neighborhood）、區域型（regional）、power、lifestyle 這些類別來看，最終你希望組合大概長什麼樣子，才能讓風險調整後報酬（risk-adjusted returns）最大化？以及當你看為了達到那個目標需要賣掉哪些資產時，其中有多少屬於比較難處理的那一桶，還是說其實也有一些資金會想要——會相對容易去消化、難度不大？

Yes. I mean, obviously, everybody kind of classifies what's power versus what's a community center, maybe a little differently. But if we -- if you look at how we have identified it in our investor presentation, our power is down 500 basis points and we're at about 19% of our portfolio relative to ABR is in power, we've said we'd like to get that down to I don't know, 12%, 13%, 14%. But there's some really high-quality assets in there.

是的。我的意思是，顯然每個人對於什麼是 power、什麼是社區型中心（community center）的分類可能有點不同。但如果我們——如果你看我們在投資人簡報中如何界定，我們的 power 比重下降了 500 個基點，目前以 ABR（基本租金）計，power 約占我們投資組合的 19%；我們說過希望把它降到我不知道，大概 12%、13%、14%。但其中也有一些非常高品質的資產。

And then if you look at our regional community versus our neighborhood community and shop and grocery, we'd like to pivot that more to the neighborhood side as well. So maybe the same amount, maybe another 5% to 10%. But really, in the end, it's not going to be about, oh, we've got this perfect composition on a percentage basis, it's going to be more about the embedded rent growth and the quality of the real estate, Craig. And again, I would challenge you to look at where our -- where we trade, where our ABR is, what our embedded rent growth is and what the higher multiple guys are at. And it is what it is.

然後如果你看我們的區域型社區（regional community）相對於鄰里型社區（neighborhood community）以及店鋪與雜貨（shop and grocery），我們也希望把重心更多轉向鄰里型。因此可能是同樣的幅度，也可能再調整 5% 到 10%。但最後，重點不會是『喔，我們在百分比上有一個完美的組成』，而會更關乎內含租金成長（embedded rent growth）以及不動產品質，Craig。而且再說一次，我會建議你看看我們——我們的交易水準（where we trade）、我們的 ABR、我們的內含租金成長，以及那些估值倍數更高的公司處於什麼水準。現況就是如此。

And as long as it's there, we'll continue to try to take advantage of that in the way that we can. Certainly, the private institutional investors are well aware of that and well aware of what's going on in our space.

只要這個差異還在，我們就會持續嘗試以我們能做到的方式加以利用。當然，私人機構投資人非常清楚這一點，也很清楚我們這個領域正在發生什麼。

And it's odd to me, but it is where it is, which I keep saying it's odd to me, but that we wouldn't actually, as a group, trade at a premium for liquidity, but it's actually vice versa. You're trading at a discount for the liquidity, which is quite odd. But at any rate, I do think there's a real opportunity there to improve that, Craig. But we're going to have to take it one step at a time. We've identified what we have and we'll see.

我覺得很奇怪，但現況就是如此。我一直說我覺得很奇怪：我們作為一個群體，竟然不是因為流動性（liquidity）而以溢價交易，反而是相反——你是因為流動性而以折價交易，這相當奇怪。但無論如何，我確實認為那裡有一個真正的機會可以改善，Craig。不過我們得一步一步來。我們已經辨識出我們手上有哪些資產，接下來就看看。

We still got three quarters of the year left. And as Heath said, if those opportunities avail themselves, we'll try to take advantage of that. And then after the end of this year, then we would think, man, we have the portfolio composition is really good. And then again, as he said, we're just back to the normal paired trades, a couple of deals here, a couple of deals there.

今年還剩下三個季度。正如 Heath 所說，如果那些機會出現，我們會嘗試把握。然後到今年年底之後，我們會認為，嗯，我們的投資組合組成已經非常好。接著再如他所說，我們就回到正常的配對交易（paired trades）：這裡做幾筆，那裡做幾筆。

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

目前我這邊顯示隊列中沒有其他問題。我想把電話會議交回給 John Kite 先生，請他做結語。

Well, I just again want to thank everyone for joining us today, and have a great day.

好的，我再次感謝各位今天加入我們，祝大家有美好的一天。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。