Macerich Co (MAC) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們、先生們，感謝你們的支持。

Welcome to the Third-Quarter 2024 Macerich Earnings Conference Call.

歡迎參加 2024 年第三季 Macerich 財報電話會議。

At this time, all participants are in a listen-only mode.

此時，所有參與者都處於只聽模式。

After the speakers' presentation, there will be a question-and-answer session.

演講者演講結束後，將有問答環節。

(Operator Instructions)

（操作員指令）

Please be advised that, today's conference is being recorded.

請注意，今天的會議正在錄音。

I would like now to turn the conference over to Samantha Greening, Director of Investor Relations.

現在，我想將會議交給投資者關係總監 Samantha Greening。

Please go ahead.

請繼續。

Thank you for joining us on our third quarter 2024 earnings call.

感謝您參加我們的 2024 年第三季財報電話會議。

During the course of this call, we will be making certain statements that may be deemed forward-looking within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, including statements regarding projections, plans or future expectations.

在本次電話會議過程中，我們將做出某些可能根據《1995 年私人證券訴訟改革法》安全港規定視為前瞻性的聲明，包括有關預測、計劃或未來預期的聲明。

Actual results may differ materially due to a variety of risks and uncertainties set forth in today's press release and our SEC filings.

由於今天的新聞稿和我們的美國證券交易委員會文件中所述的各種風險和不確定因素，實際結果可能存在重大差異。

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included in the earnings release and supplemental filed on Form 8-K with the SEC, which are posted on the Investors section of the company's website at macerich.com.

非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表包含在收益報告和向美國證券交易委員會提交的 8-K 表補充文件中，這些文件發佈在公司網站 macerich.com 的投資者部分。

Joining us today are Jack Hsieh, President and Chief Executive Officer; Scott Kingsmore, Senior Executive Vice President and Chief Financial Officer; and Doug Healey, Senior Executive Vice President of Leasing.

今天與我們一起參加活動的有總裁兼執行長 Jack Hsieh；金斯莫爾 (Scott Kingsmore)，資深執行副總裁兼財務長；以及租賃高級執行副總裁Doug Healey。

And with that, I'd like to turn the call over to Jack.

現在，我想將電話轉給傑克。

Thanks, Samantha, and good day, everyone.

謝謝，薩曼莎，大家好。

Before commenting on the third quarter, I would like to briefly discuss the change in Scott Kingsmore's role at Macerich.

在對第三季度發表評論之前，我想簡單討論一下斯科特·金斯莫爾在 Macerich 的角色變化。

Scott has been with Macerich for 29 years, and has provided valued service across a variety of roles within the company.

斯科特已在 Macerich 工作了 29 年，並在公司內部擔任過各種職務，提供了寶貴的服務。

I'd like to thank Scott for those many contributions to Macerich over the years and for helping in my transition.

我想感謝史考特多年來對馬塞里奇的許多貢獻以及對我轉變的幫助。

Scott was invaluable to me in designing our path forward plan.

斯科特在設計我們的前進計劃時對我來說起到了無價的作用。

He will be missed by all of us.

我們所有人都會懷念他。

Dan Swanstrom, who I have worked with for many years when we were both former investment bankers in Morgan Stanley's Real Estate Group, will be joining Macerich as our new EVP and CFO.

我和 Dan Swanstrom 曾合作多年，當時我們都是摩根士丹利房地產集團的前投資銀行家，他將加入 Macerich 擔任我們的新執行副總裁兼財務長。

Dan's banking experience and 2 CFO roles will bring valued perspective to Macerich as we continue to execute on our Path Forward strategy.

隨著我們繼續執行「前進之路」策略，丹的銀行經驗和兩任財務長職位將為 Macerich 帶來寶貴的見解。

We will be incurring severance charges in the fourth quarter related to Scott and two other senior executives that will result in a $0.02 reduction to our fourth quarter earnings.

我們將在第四季度承擔與斯科特和其他兩名高級管理人員相關的遣散費，這將導致我們第四季度收益減少 0.02 美元。

Our third quarter saw continued improvement in operational results, a testament to our outstanding team and quality shopping centers.

我們第三季的營運表現持續改善，證明了我們優秀的團隊和優質的購物中心。

Our occupancy, leasing activity and same-store NOI improved over the previous quarter.

我們的入住率、租賃活動和同店淨營運收入較上一季增加。

Excluding the Eddy assets, our sales per square foot was $910, our occupancy rate was 95.4%, same-store NOI was 2.8% and traffic was up 1.6%.

不包括 Eddy 資產，我們每平方英尺的銷售額為 910 美元，入住率為 95.4%，同店淨營業利潤為 2.8%，客流量增加了 1.6%。

I'm excited about the progress we are making on our Path Forward initiative.

我對我們「前進之路」計畫所取得的進展感到非常興奮。

On the debt initiative, we are targeting a $2 billion reduction in long-term debt as part of that aspect of our plan.

關於債務倡議，我們計劃將長期債務減少 20 億美元。

Based on closed dispositions, progress with lenders on potential loan givebacks, a binding $157 million purchase and sale agreement for the Oaks and other signed asset agreements, we have approximately 60% of the $2 billion target or $1.17 billion, either completed and currently in play.

根據已完成的處置、與貸方在潛在貸款返還方面的進展、一項具有約束力的價值 1.57 億美元的 Oaks 買賣協議以及其他已簽署的資產協議，我們已經完成了 20 億美元目標的約 60%，即 11.7 億美元，這些資金要么已經完成，要么正在使用中。

The balance of effort to reduce the remaining debt will be sales or givebacks on a few remaining Eddy properties and a focused disposition effort on freestanding retail assets, vacant land sales and smaller open air centers around our regional shopping centers.

減少剩餘債務的平衡努力將是出售或返還一些剩餘的 Eddy 物業，並集中處置獨立零售資產、空置土地銷售和我們區域購物中心周圍的小型露天中心。

We will be embarking on that sales process in early 2025.

我們將於 2025 年初開始該銷售流程。

We're making solid progress on achieving the NOI gap that we are solving for in our Path Forward plan.

我們在解決「前進之路」計劃中的 NOI 差距方面取得了堅實的進展。

Based upon expected lease renewals, signed but not open leases, and re-leasing opportunities, we are very encouraged with the ability to meet our internal target of incremental NOI that is necessary for our plan.

根據預期的租約續約、已簽署但未開放的租約以及重新租賃機會，我們非常高興能夠實現我們的計劃所必需的增量淨營運收入的內部目標。

The next 24 months will be critical for us as we target leasing of select current vacant, temporary lease spaces and former Forever 21 and Express space in our Fortress and Steady Eddy portfolio.

接下來的 24 個月對我們來說至關重要，因為我們的目標是租用 Fortress 和 Steady Eddy 投資組合中選定的當前空置、臨時租賃空間以及前 Forever 21 和 Express 空間。

We will share more information on an NOI bridge early next year.

我們將於明年初分享更多有關 NOI 大橋的資訊。

A core aspect of our path forward is simplifying the business.

我們前進的一個核心方面是簡化業務。

The announced acquisition of our partner's interest in Pacific Premier Retail Trust, the entity that owns Los Cerritos, Washington Square and Lakewood Center, goes a long way towards helping us meet that objective.

我們宣布收購合作夥伴在 Pacific Premier Retail Trust 中的權益，該實體擁有 Los Cerritos、華盛頓廣場和 Lakewood Center，這對幫助我們實現這一目標大有裨益。

The overall deal is long-term accretive to FFO per share.

總體而言，該交易將長期增加每股 FFO 的增值。

We will be able to refinance high-cost debt at Washington Square and aggressively pursue redevelopment plans for Los Cerritos.

我們將能夠為華盛頓廣場的高成本債務進行再融資，並積極推行洛斯塞里托斯的重建計劃。

Both of these centers are outstanding properties and fit in our Fortress and Fortress potential categories.

這兩個中心都是出色的資產，符合我們的 Fortress 和 Fortress 潛力類別。

We will immediately begin exploring sale options for Lakewood Center and Eddy property.

我們將立即開始探索 Lakewood Center 和 Eddy 房產的出售選項。

With that, I'll turn the call over to Doug for more leasing color.

說完這些，我將把電話轉給 Doug，以了解更多租賃資訊。

Thanks, Jack.

謝謝，傑克。

We had another solid quarter, both in terms of leasing volumes and metrics.

無論從租賃量或指標來看，我們度過了又一個穩健的季度。

Sales per square foot at the end of the third quarter were $834.

第三季末每平方英尺的銷售額為 834 美元。

This is down $1 compared to last quarter.

與上一季相比，下降了 1 美元。

Sales per square foot excluding our Eddy properties were $910.

不包括我們的 Eddy 物業，每平方英尺的銷售額為 910 美元。

Comparative sales in the third quarter were down about 1% from the third quarter 2023.

第三季的銷售額較 2023 年第三季下降約 1%。

Year-to-date sales are also down about 1% when compared to the same period last year.

與去年同期相比，年初至今的銷售額也下降了約 1%。

The macroeconomic environment is still in play.

宏觀經濟環境仍在發揮作用。

And except for the super-rich, consumers remain cautious.

除超級富豪外，消費者仍保持謹慎。

Essentials are the primary focus.

基本要素是主要關注點。

However, there's been a pickup in discretionary sales of innovative and differentiated products.

然而，創新和差異化產品的可自由支配銷售有所回升。

Retailers that can provide newness are being rewarded.

能夠提供新品的零售商正在獲得獎勵。

As I stated in the past, we have yet to see a correlation between sales and retailer demand as evidenced by our deal flow, which in terms of square footage is 40% greater when compared to the same period last year.

正如我過去所說，我們尚未看到銷售額和零售商需求之間的相關性，這從我們的交易流量中可以看出，與去年同期相比，按平方英尺計算增長了 40%。

Regarding holiday.

關於假期。

All indications are increases will be in the 3% to 3.5% range versus last year.

種種跡象表明，與去年相比，增幅將在 3% 至 3.5% 之間。

Given the shortened season between Thanksgiving and Christmas, we expect holiday shopping to begin early, and retailers to be more promotional than they were in the last couple of years, which is more in line with pre-COVID behavior.

鑑於感恩節和聖誕節之間的季節縮短，我們預計假日購物將提前開始，零售商的促銷力度也將比過去幾年更大，這更符合疫情之前的行為。

Traffic in the third quarter was up 2.4% versus the third quarter last year.

第三季的客運量比去年第三季成長了 2.4%。

Year-to-date traffic is up 1.6% from the same period in 2023, with 70% of our centers experiencing positive trends.

年初至今的客流量比 2023 年同期成長了 1.6%，其中 70% 的中心呈現正向趨勢。

Most importantly, throughout the portfolio, traffic is back to our 2019 pre-COVID levels.

最重要的是，整個投資組合的流量已恢復到 2019 年疫情前的水準。

Occupancy in the third quarter was 93.7%.

第三季的入住率為93.7%。

This is up 40 basis points from the second quarter and up 30 basis points from a year ago.

這比第二季上漲了 40 個基點，比去年同期上漲了 30 個基點。

Portfolio occupancy, excluding our Eddy properties, was 95.4%.

不包括我們的 Eddy 物業，投資組合的入住率為 95.4%。

Trailing 12-month base leasing spreads remained positive at 11.9% as of June 30, 2023, and this now represents 3 years of positive leasing spreads.

截至 2023 年 6 月 30 日，過去 12 個月基本租賃利差仍為正 11.9%，代表 3 年的正租賃利差。

In the second quarter, we opened 225,000 square feet of new stores.

第二季度，我們開設了225,000平方英尺的新店。

This brings our year-to-date total to 1 million square feet of new store openings.

這使得我們今年迄今新店開幕總面積達到 100 萬平方英尺。

The most notable opening in the third quarter was Primark at Tysons Corner Center.

第三季最引人注目的開幕活動是泰森斯角中心的 Primark。

This finalizes the remix of the 70,000 square foot LL Bean box.

這最終完成了 70,000 平方英尺 LL Bean 盒子的混音。

Specifically, we replaced LL Bean with Primark, Lululemon, Old Navy and Kendra Scott.

具體來說，我們用 Primark、Lululemon、Old Navy 和 Kendra Scott 取代了 LL Bean。

And not only as traffic in the wing increased by 40%, but we expect combined sales of these four replacement tenants to be at least 5 times what LL Bean sales were.

而且不僅因為該翼的客流量增加了 40%，而且我們預計這四個替代租戶的總銷售額將至少是 LL Bean 銷售額的 5 倍。

Now let's take a look at the new and renewal leases we signed in the third quarter.

現在讓我們來看看我們在第三季簽署的新租約和續約租約。

In the third quarter, we signed 220 leases for 830,000 square feet.

第三季度，我們簽署了 220 份租約，面積達 83 萬平方英尺。

Year to date, we've signed leases for 2.6 million square feet.

今年迄今為止，我們已簽署了 260 萬平方英尺的租約。

We're thrilled to announce the signing of a 50,000 square-foot restoration hardware design gallery in the former Neiman Marcus box at Broadway Plaza in Walnut Creek.

我們非常高興地宣布，我們已簽約在核桃溪百老匯廣場前尼曼百貨大樓內開設一家 50,000 平方英尺的修復硬體設計畫廊。

This is just another great example of transformational leasing and the repurposing of a vacant anchor store within our portfolio.

這只是我們投資組合內轉型租賃和空置主力店鋪重新利用的另一個很好的例子。

RH Gallery will be an inspiring integration of food, wine, art and design, with an immersive retail experience.

RH Gallery 將美食、美酒、藝術和設計完美地融為一體，帶來身臨其境的零售體驗。

The deal is being finalized -- the design is being finalized, but will include six contemporary Venetian plastered Mediterranean buildings.

交易即將完成——設計也即將完成，但將包括六座當代威尼斯灰泥地中海建築。

These buildings will be connected by four gated courtyards leading to a 30-foot high glass training and garden restaurant surrounded by fireplaces, fountains and an outdoor line experience.

這些建築將由四個帶門控的庭院連接，通往一個 30 英尺高的玻璃培訓和花園餐廳，周圍環繞著壁爐、噴泉和戶外排隊體驗。

RH Gallery at Broadway Plaza is expected to open in 2026.

百老匯廣場 RH 畫廊預計將於 2026 年開幕。

Another key signing with Chanel at Scottsdale Fashion Square.

在斯科茨代爾時尚廣場與香奈兒進行的另一場重要簽約。

Chanel will be opening an 11,000 square foot flagship retail boutique in Phase 2 of our luxury development, which is currently underway in the Nordstrom Wing.

香奈兒將在我們奢侈品開發項目的第二期開設一個佔地 11,000 平方英尺的旗艦零售精品店，該項目目前正在諾德斯特龍翼進行。

The store will be the first to market in Arizona, and will offer a full range of Chanel's collections, including ready-to-wear, handbags, shoes, accessories, jewelry, watches, fragrance and beauty.

該店將是亞利桑那州第一家開幕的香奈兒商店，將提供全系列香奈兒產品，包括成衣、手袋、鞋子、配件、珠寶、手錶、香水和美容產品。

Chanel joins the likes of Hermes, Celine, Tiffany, Van Cleef, Burberry and several other global luxury brands.

香奈兒與愛馬仕、賽琳、蒂芬妮、梵克雅寶、巴寶莉等全球奢侈品牌齊名。

Opening is scheduled for 2027.

預計 2027 年開幕。

Looking at our 2024 lease expirations, we now have commitments on 84% of our 2023 expiring square footage of space that is expected to renew and not close, with another 13% in the letter of intent stage.

回顧我們 2024 年的租約到期情況，我們目前已承諾 2023 年到期的 84% 的空間將續租而不會關閉，另有 13% 處於意向書階段。

So between commitments and LOIs, we're basically done with our 2024 expiring square footage, and now well into 2025.

因此，在承諾和意向書 (LOI) 之間，我們基本上已經完成了 2024 年到期的平方英尺數，現在已經進入 2025 年。

In fact, regarding our 2025 expiring square footage, we're about 25% committed, with another 35% in the letter of intent stage.

事實上，就我們 2025 年到期的建築面積而言，我們已經承諾了約 25%，另外 35% 處於意向書階段。

In the third quarter, only one tenant in our portfolio filed bankruptcy.

第三季度，我們投資組合中只有一名租戶申請破產。

This tenant had only two locations for a total of just 6,000 square feet.

該租戶只有兩處店鋪，總面積僅 6,000 平方英尺。

And as I mentioned last quarter, except for Express, in our portfolio, there's only been approximately 100,000 square feet of space subject to bankruptcy filings this year.

正如我上個季度提到的，除了 Express 之外，在我們的投資組合中，今年只有大約 10 萬平方英尺的空間申請破產。

Turning to our signed not open pipeline.

轉向我們簽署的未開放的管道。

At the end of the third quarter, we had 133 leases signed for 1.7 million square feet of new stores which we expect to open between now and into early 2027.

截至第三季末，我們已簽署 133 份租約，涉及 170 萬平方英尺的新店，預計這些新店將於現在至 2027 年初開業。

In addition to these signed leases, we're currently negotiating leases for new stores, totaling just under 750,000 square feet, which will open during the remainder of 2024 and into 2025, 2026 and early 2027.

除了這些已簽署的租約外，我們目前還在就新店租約進行協商，總面積接近 750,000 平方英尺，將於 2024 年剩餘時間以及 2025 年、2026 年和 2027 年初開業。

So in total, that's almost 2.5 million square feet of new store openings throughout the remainder of this year and beyond.

因此，總的來說，今年剩餘時間及以後將有近 250 萬平方英尺的新店開業。

And this leasing pipeline of new stores now accounts for $80 million of incremental rent in aggregate, which will be realized during the remainder of this year and into early 2027.

目前，這些新店租賃總計帶來 8,000 萬美元的增量租金，這些收益將在今年剩餘時間和 2027 年初實現。

And with that, I'll turn the call over to Scott to go through our third quarter results and recent transactional activity.

說完這些，我將把電話轉給斯科特，讓他介紹我們第三季的業績和最近的交易活動。

Well, thank you, Doug.

好吧，謝謝你，道格。

FFO per share for the third quarter was $86 million or $0.38 per share, which was consistent with our expectations.

第三季的每股 FFO 為 8,600 萬美元，即每股 0.38 美元，與我們的預期一致。

This was $14 million less than the third quarter of 2023, which is $100 million or $0.45 per share.

這比 2023 年第三季的 1 億美元或每股 0.45 美元減少了 1,400 萬美元。

Same-center NOI increased 1.9% during the quarter, both when excluding and including lease termination income, and was 2.8% when excluding the Eddy group of assets in our portfolio.

無論包括或不包括租賃終止收入，本季度同中心淨營運收入均成長了 1.9%，而不包括我們投資組合中的 Eddy 資產組時，同中心淨營運收入則成長了 2.8%。

The primary factors contributing to the quarterly FFO trends are as follows.

影響季度 FFO 趨勢的主要因素如下。

One, a $7 million unfavorable trend in land sale gains, which are primarily driven by a large single sale of land in Scottsdale during the third quarter of 2023.

一是土地出售收益出現 700 萬美元的不利趨勢，這主要是受 2023 年第三季斯科茨代爾一筆大型土地出售所致。

Two, a $5 million increase in interest expense due to rising rates.

二、由於利率上升導致利息支出增加 500 萬美元。

Three, a $4 million increase in net corporate overhead due mainly to a relative quarterly change due to a decrease in incentive-based compensation last year in the third quarter of 2023 and then also due to increased leasing expenses and reduced fee income from the acquisition of joint venture interest during the past few quarters.

三、淨企業管理費用增加 400 萬美元，主要由於 2023 年第三季激勵性薪酬減少導致的相對季度變化，以及過去幾個季度租賃費用增加和收購合資權益的費用收入減少。

And four, a $2 million net decrease in other income mainly from a large nonrecurring adjustment last year in the third quarter of 2023.

第四，其他收入淨減少200萬美元，主要由於去年2023年第三季的大規模非經常性調整。

Offsetting these negative factors were a $3 million increase in rental revenue at share.

抵銷這些負面因素的是每股租金收入增加 300 萬美元。

Proceeding now on to balance sheet matters.

現在開始討論資產負債表事宜。

We continue to make significant positive progress executing the Path Forward plan by closing or advancing multiple transactions, including acquisitions, dispositions and refinancings.

我們透過完成或推動多項交易（包括收購、處置和再融資），繼續在執行「前進之路」計畫方面取得重大積極進展。

Since the end of the second quarter from an acquisition and disposition standpoint, as we reported on our last earnings call on July 31, we sold our 50% interest in Biltmore Fashion Park in Phoenix for $110 million at an implied 6.5% cap rate.

自第二季末從收購和處置的角度來看，正如我們在 7 月 31 日的上次收益電話會議上所報告的那樣，我們以 1.1 億美元的價格出售了我們在鳳凰城 Biltmore Fashion Park 的 50% 的權益，隱含資本化率為 6.5%。

On October 24, we closed on the acquisition of our partner's 40% interest in the Pacific Premier Retail Trust portfolio, also known as PPRT.

10 月 24 日，我們完成了對合作夥伴在 Pacific Premier Retail Trust 投資組合（也稱為 PPRT）中 40% 權益的收購。

PPRT owns Fortress asset Los Cerritos, Fortress potential asset Washington Square and Eddy Asset Liquid Center.

PPRT 擁有 Fortress 資產 Los Cerritos、Fortress 潛在資產 Washington Square 和 Eddy 資產 Liquid Center。

The acquisition price was $122 million and the implied weighted average cap rate was 7.4%.

收購價格為1.22億美元，隱含加權平均資本化率為7.4%。

This transaction was funded by proceeds raised from our ATM facility.

此次交易的資金來自我們的 ATM 設施所籌集的收益。

As you will recall, this PPRT acquisition follows the acquisition in May of our partner's 40% interest in both Arrowhead Towne Center and South Plains Mall.

您可能還記得，此次 PPRT 收購是繼我們合作夥伴於 5 月份收購 Arrowhead Towne Center 和 South Plains Mall 的 40% 權益之後的又一收購。

We paid $37 million for Arrowhead Towne Center in May at a 7.2% cap rate.

我們在五月以 7.2% 的資本化率收購了 Arrowhead Towne Center，金額為 3,700 萬美元。

We are under contract now to sell the Oaks for $157 million, and expect to close during the fourth quarter, subject to customary closing conditions.

我們目前已簽訂合同，以 1.57 億美元的價格出售 Oaks，並預計在第四季度完成交易，但須遵守慣例成交條件。

During the third quarter, we sold $9.4 million of common equity shares for $152 million through our ATM facility at an average share price of $16.14. These proceeds were used to fund the PPRT acquisition and to reduce leverage on Queen Center.

第三季度，我們透過 ATM 設施以平均每股 16.14 美元的價格出售了價值 1.52 億美元的普通股 940 萬美元。這些收益將用於資助 PPRT 收購並降低 Queen Center 的槓桿率。

Now I'd like to dive into the financial impacts of the PPRT acquisition to assist in modeling this deal.

現在，我想深入探討 PPRT 收購的財務影響，以協助建立這筆交易的模式。

Bear with me, there's a few steps here to go through.

請耐心等待，這裡需要完成幾個步驟。

On day one, this transaction is accretive to FFO by $0.01 per share on an annualized basis.

第一天，這筆交易以年率計算每股 FFO 增加 0.01 美元。

Note that this accretive impact does not include the temporary dilutive impact of marking the PPRT debt to market.

請注意，這種增值影響不包括將 PPRT 債務按市值標記的暫時稀釋影響。

This FFO impact is then adjusted for the following items.

然後根據以下項目調整此 FFO 影響。

Again, we start with one set.

再次，我們從一組開始。

We do expect soon to refinance Washington Square early next year at an estimated approximate 6% interest rate.

我們確實希望明年初能以大約 6% 的利率為華盛頓廣場進行再融資。

We expect that refinance transaction to be FFO accretive by approximately $0.06 per share, if that recap is done with all cash.

如果全部使用現金進行再融資，我們預計再融資交易將使 FFO 每股增加約 0.06 美元。

And as a result, the PPRT transaction is then $0.07 accretive as a baseline FFO measure after considering the Washington Square refinancing.

因此，在考慮華盛頓廣場再融資後，PPRT 交易作為基準 FFO 指標將增加 0.07 美元。

Then as I mentioned, marking the debt to market, the incremental noncash interest expense that we expect to incur from marking the PPRT debt to market will vary by year since the three underlying loans mature in the near term over the next few years.

然後，正如我所提到的，將債務按市值標記，我們預計將 PPRT 債務按市值標記所產生的增量非現金利息支出將每年有所不同，因為未來幾年三筆基礎貸款將短期內到期。

I'll kind of call out the impacts here year by year.

我將逐年列舉這些影響。

In 2024, for the step period this year, the estimated incremental impact of marking debt to market is roughly $0.01 FFO dilutive.

就今年的階段而言，2024 年，以市值計價債務的預期增量影響約為 0.01 美元的 FFO 稀釋。

In 2025, the estimated incremental impact of marking the debt to market is roughly $0.09 dilutive.

到 2025 年，以市價計價債務的預期增量影響約為 0.09 美元。

Reminder, in 2025, Washington Square's debt will be refinanced.

提醒一下，2025年，華盛頓廣場的債務將會再融資。

In 2026, the estimated incremental impact is reduced to $0.06 of dilution.

到 2026 年，預計增量影響將減少至 0.06 美元的稀釋。

Reminder that in 2026, Lakewood's debt matures.

提醒一下，2026 年，Lakewood 的債務將到期。

In 2027, the incremental impact is further reduced to only $0.02 dilutive.

2027 年，增量影響進一步減少至僅稀釋 0.02 美元。

And a reminder that in 2027, Los Cerritos' debt matures.

提醒一下，洛斯塞里托斯的債務將於 2027 年到期。

Then finally, in 2028, since all three loans will have then matured, there is no further impact from marking the debt to market.

最後，在 2028 年，由於所有三筆貸款都將到期，因此將債務以市價標記不會產生進一步的影響。

And again, referring back to my prior comment, taking into account the Washington Square refinance, the transaction is otherwise $0.07 accretive to FFO.

再次回顧我之前的評論，考慮到華盛頓廣場的再融資，該交易將為 FFO 帶來 0.07 美元的增值。

On the refinancing front -- and then I'm sorry, lastly, we -- as Jack noted, we do consider liquids enter to be an Eddy asset, and this property will likely be disposed of in the near term as part of our Path Forward plan and strategy.

在再融資方面——最後，很抱歉，我們——正如傑克所說，我們確實認為液體資產是 Eddy 的資產，而且這項資產很可能會在短期內被處置，作為我們前進計劃和戰略的一部分。

On the refinancing front, on August 22, we closed an $85 million 10-year refinance of the loan on the Mall at Victor Valley.

在再融資方面，8 月 22 日，我們完成了維克多谷購物中心 8,500 萬美元 10 年期貸款再融資。

The loan bears interest at a fixed rate of 6.72% and is interest only during the entire loan term.

該貸款的固定利率為 6.72%，並且在整個貸款期限內僅需支付利息。

On October 28, we closed a $525 million five-year refinance of the loan on Queens Center.

10 月 28 日，我們完成了皇后中心 5.25 億美元五年期貸款再融資。

The new loan, which replaced the existing $600 million loan, bears interest at a very attractive fixed rate of 5.37%, and is interest only during the entire loan term.

這筆新貸款取代了現有的 6 億美元貸款，其利率固定為 5.37%，非常具有吸引力，而且在整個貸款期限內只需支付利息。

The debt capital markets remain very strong and welcoming for Class A mall retail and are, frankly, the most accommodative we've seen in the past five years.

債務資本市場對甲級購物中心零售仍然保持強勁和歡迎，坦白說，這是我們在過去五年中看到的最寬鬆的市場。

We're extremely pleased with the execution and the interest rate achieved on the Queens Center refinance.

我們對皇后中心再融資的執行情況和實現的利率感到非常滿意。

Keeping track of our year-to-date loan activity, in 2024, we have closed $1.3 billion of loan refinancings or extensions or roughly $1.15 billion at Macerich's share.

追蹤我們年初至今的貸款活動，到 2024 年，我們已經完成了 13 億美元的貸款再融資或延期，按 Macerich 的份額計算約為 11.5 億美元。

This year, we have closed or actively engaged in 10 dispositions totaling approximately $1.17 billion.

今年，我們已經完成或積極參與了 10 項處置交易，總額約 11.7 億美元。

These transactions include asset sales, lender givebacks or potentially loan modifications.

這些交易包括資產出售、貸方返還或潛在的貸款修改。

These dispositions include Country Club Plaza and Biltmore Fashion Park, both of which have closed, four in-process transactions, including Santa Monica Place, The Oaks, Shops at Atlas Park in Southridge Mall, as well as four other assets for which we're either in discussions with the lender or negotiating a potential sale transaction.

這些處置包括鄉村俱樂部廣場和比爾特摩爾時尚公園，這兩處交易都已完成，還有四項正在進行的交易，包括聖莫尼卡廣場、The Oaks、南嶺購物中心的阿特拉斯公園商店，以及其他四項資產，我們正與貸方討論或就這些資產的潛在銷售交易進行談判。

We currently have approximately $667 million of available liquidity, which takes into account both the recent PPRT acquisition closing and the Queens Center refinance.

我們目前擁有約 6.67 億美元的可用流動資金，其中包括最近的 PPRT 收購完成和皇后中心再融資。

As reflected on Page 27 of our 8-K supp, we have reduced our leverage to 8.22 times at the end of the quarter, which is an over 50 basis point reduction compared to 8.76 times at year-end 2023.

正如我們的 8-K 補充文件第 27 頁所反映的那樣，我們在本季度末已將槓桿率降低至 8.22 倍，與 2023 年底的 8.76 倍相比減少了 50 個基點以上。

Lastly, it is with tremendous pride that I leave Macerich after nearly 29 years of service with the company.

最後，在為公司服務了近 29 年後，我非常自豪地離開 Macerich。

I enjoyed working with so many of you on this call today.

我很高興今天能和你們中的許多人一起參加這次電話會議。

And as I look back on the last nearly three decades, it is the relationships that I will cherish the most.

當我回顧過去近三十年的時候，我最珍惜的是這些關係。

The relationships with our investors, our analysts, our bankers, our lenders, our partners, attorneys and various service providers.

與我們的投資者、分析師、銀行家、貸款人、合作夥伴、律師和各種服務提供者的關係。

Trust me, the list is long, and I will soon be reaching out to many of you.

相信我，名單很長，我很快就會聯絡你們中的許多人。

But most of all, it is relationships with my current and former colleagues at Macerich that I will miss the most.

但最重要的是，我最懷念與馬塞里奇現任和前任同事的關係。

My teammates and my friends, I wish you all the best as we forge through the path forward.

我的隊友們、朋友們，我祝福你們在前進的道路上一切順利。

Thank you for your friendship.

謝謝你的友誼。

Thank you for your loyalty and support.

感謝您的忠誠與支持。

Thank you for your professionalism.

感謝您的專業精神。

Thank you for your tenacity and your competitiveness, and thank you for the vast and many great memories over the years.

感謝你們的堅韌和競爭力，感謝你們多年來給我們留下的許多美好回憶。

I will truly, truly treasure these as I move on to my next chapter.

當我開始新的篇章時，我會真正珍惜這些。

But in the meantime, I do look forward to handing the reins over to Dan in a very orderly and smooth transition.

但同時，我確實期待以非常有序和順利的過渡方式將權力移交給丹。

So now let's get back to the business at hand.

現在讓我們回到手邊的事情。

I'll turn it over to the operator to open up the call for Q&A.

我將把電話轉給接線員，開始電話問答環節。

Thank you.

謝謝。

(Operator Instructions)

（操作員指令）

Jeffrey Spector, Bank of America Securities.

美國銀行證券的傑弗裡·斯佩克特（Jeffrey Spector）。

Great.

偉大的。

Thank you.

謝謝。

And first, Scott, feel the same way.

首先，斯科特，我有同樣的感受。

Thanks for all your help over the years, and best of luck on your next steps.

感謝您多年來的幫助，祝您下一步一切順利。

And Dan, we look forward to working with you.

丹，我們期待與您合作。

My first question for Jack is just with the market today, pricing and higher rates, I assume a slower Fed cutting cycle.

我對傑克的第一個問題是，鑑於今天的市場、定價和更高的利率，我假設聯準會降息週期將會放緩。

Do you think that impacts any of the plans, the disposition plans or -- and the other plans over the coming months?

您認為這會影響任何計劃、處置計劃或未來幾個月的其他計劃嗎？

Thanks, Jeff.

謝謝，傑夫。

Look, rates going up or I'd rather have them going down.

你看，利率要么上升，要么下降。

So we'll have to see as the new transition occurs in our government, kind of what the long-term direction of rates will be.

因此，我們必須觀察政府內部發生新的過渡時利率的長期走向。

But we're still actually ahead of plan in terms of positive plan at the current rate level.

但就目前的利率水準而言，我們的積極計畫實際上仍處於領先地位。

If you think about the deals that we just talked about, that $1.17 billion, that's -- those are well in progress.

如果你想想我們剛才談到的那些交易，那 11.7 億美元，那些交易都在順利進行中。

We feel very confident about those.

我們對此非常有信心。

And really, the remainder of what we have left is as obviously the Lakewood Center, which has $325 million of debt on it.

而實際上，我們剩下的顯然是萊克伍德中心，它有 3.25 億美元的債務。

And we've got a portfolio of, really, in my opinion, pretty compelling net lease properties that we believe we can execute well in the mid-7s, if not better.

而且，我認為，我們擁有一系列非常引人注目的淨租賃資產，我們相信，我們可以在 7 年中期取得良好業績，甚至更好。

And we're just in the process of kind of getting those assets organized, ready to go to market.

我們正處於整理這些資產、準備推向市場的階段。

Some are being blended and extended.

有些正在混合和擴展。

Some require discussion with lenders.

有些需要與貸方討論。

But the team that I brought up here from spirit are kind of really ready and poised to move forward for that.

但我從精神上帶領的團隊已經做好了充分的準備並隨時準備為此向前邁進。

So I feel really good about just dealing with the $2 billion.

因此，我對處理這 20 億美元感到非常滿意。

And really, to me, all eyes are focused on that incremental leasing objective that's really -- I challenge the team, and we're getting after it right now.

實際上，對我來說，所有人的目光都集中在增量租賃目標上，這確實是——我向團隊提出挑戰，我們現在正在努力實現它。

So to answer your question, yes, the current rates are not concern to me right now.

所以回答你的問題，是的，目前的利率目前不是我關心的。

And we've got Washington Square that will go into the market.

我們的華盛頓廣場也將進入市場。

And that -- the rate on that debt is 9%.

而 — — 該債務的利率為 9%。

So I know we'll do better than that.

所以我知道我們會做得更好。

Thank you.

謝謝。

That's helpful.

這很有幫助。

And then my second question, a follow-up.

然後是我的第二個問題，一個後續問題。

I think Doug talked about the consumer a bit, that strength at the high end, but alluding to maybe some weakness at the low end.

我認為道格談到了一些消費者問題，即高端的優勢，但也許暗示了低端的一些弱點。

I guess can you elaborate on what you're seeing from the consumer?

我想您可以詳細闡述一下您從消費者角度看到的情況嗎？

Is it certain markets?

是某些特定市場嗎？

Is it certain types of assets according to your various buckets?

根據您的不同分類，它是特定類型的資產嗎？

Is it certain categories?

是某些類別嗎？

Thank you.

謝謝。

Jeff, it's Doug.

傑夫，我是道格。

No, we're seeing it across the board.

不，我們看到了全方位的這種現象。

I think our sales have been flat for the last two or three quarters.

我認為過去兩三個季度我們的銷售額一直持平。

But again, we're up against some extremely high comps in the past couple of years.

但在過去幾年中，我們再次面臨一些極高的競爭壓力。

And as I mentioned in my remarks, essentials are the key right now, but we are seeing discretionary start to move to those retailers that are providing newness and innovation.

正如我在演講中提到的那樣，必需品現在是關鍵，但我們看到非必需品開始轉向那些提供新穎性和創新性的零售商。

So that's a challenge for all of them out there.

所以這對他們所有人來說都是一個挑戰。

And I think that holiday hopefully, between 3% and 3.5% will be solid, and we expect the retailers to be a little bit more promotional.

我認為假期銷售額預計將穩定在 3% 至 3.5% 之間，我們預計零售商會加強促銷。

As I said, that's consistent with pre-COVID behavior.

正如我所說，這與新冠​​疫情之前的行為一致。

So that's where we are right now, Jeff.

這就是我們現在的狀況，傑夫。

Great.

偉大的。

Thank you.

謝謝。

Thanks Jeff.

謝謝傑夫。

Floris van Dijkum, Compass Point

Floris van Dijkum，Compass Point

Thanks for taking my question.

感謝您回答我的問題。

Scott, we wish you best of luck in your new ventures.

斯科特，我們祝福你在新的事業中好運。

Thanks for your help so far.

感謝您迄今為止的幫助。

Jack, or Scott, for that matter, as we look at the equity that was raised, again, low price, but our calculation is around a 7.2% implied cap rate, you put that to work at a 7.4% cap rate.

就此而言，傑克或斯科特，當我們再次查看籌集的股權時，價格再次較低，但我們的計算是在 7.2％ 左右的隱含資本化率，你將其以 7.4％ 的資本化率來計算。

Presumably, that should be accretive as I think you discussed on your comments so far, just on a simple basis.

據推測，這應該是累積的，正如我認為您在迄今為止的評論中討論的那樣，只是在簡單的基礎上。

Maybe could you talk about what this does to your growth rate?

也許您可以談談這對您的成長率有什麼影響？

Because two of these assets, in particular, Washington Square and Los Cerritos, are two of your top assets in our view.

因為我們認為其中兩項資產，特別是華盛頓廣場和洛斯塞里托斯，是你們最重要的資產。

How does -- how should we think about this for your growth?

我們應該如何看待這個問題以促進您的成長？

What kind of impact does this have on your growth going forward?

這對你今後的發展會有什麼樣的影響？

Maybe I'll turn that take that on floors.

也許我會把它轉到地板上。

I mean, we -- and I don't want to get too much into growth rates because obviously, we're working through that right now in our five-year models, that I'll talk about that later in the call.

我的意思是，我們——我不想過多地談論成長率，因為顯然，我們現在正在五年模型中解決這個問題，我將在稍後的電話會議上討論這個問題。

But to me, the biggest opportunity for us, for Macerich, the way our partnership agreement was set up with our partner on PPRT, I mean it had equal kind of control rights on refinancing, had equal control rights on CapEx, leasing commitments.

但對我來說，對我們、對 Macerich 來說最大的機會是我們與 PPRT 合作夥伴達成的合作協議，我的意思是，它在再融資方面擁有平等的控制權，在資本支出、租賃承諾方面擁有平等的控制權。

And in the case of Washington Square and Los Cerritos.

還有華盛頓廣場和洛斯塞里托斯的情況。

We own the Sears anchor location 100% versus the JV.

我們擁有西爾斯主力店 100% 的所有權，而非合資所有權。

So when I looked at that situation, I knew we had great assets.

因此當我看到這種情況時，我知道我們擁有寶貴的資產。

I knew it was going to be really positive, once we can kind of get our partner to move with us.

我知道，一旦我們能讓我們的合作夥伴和我們一起行動，這將是一件非常積極的事情。

And to be honest with you, now that we were able to buy them out, we're just going to be able to accelerate our business plans, which we have on those two properties.

老實說，既然我們現在已經能夠收購它們，我們就能加快實施針對這兩處資產的商業計劃。

And we're going to get after it very quickly with the leasing and development teams.

我們將與租賃和開發團隊一起迅速開展工作。

Those are fantastic properties.

這些都是非常棒的特性。

We've got some great anchor solutions up at Washington Square, which we think is going to help unlock that property.

我們在華盛頓廣場有一些很好的錨定解決方案，我們認為這將有助於解鎖該房產。

We're evaluating the possibility of attracting more luxury into that center given just what's going on in that Portland market.

考慮到波特蘭市場的現狀，我們正在評估吸引更多奢侈品進入中心的可能性。

And Los Cerritos, as you know, we've talked about, that's a gem.

如你所知，我們討論過洛斯塞里托斯，那是一顆寶石。

And we're excited about the entitlements that we have on the multifamily, and we're just trying to lock in the final retail solution that's going to anchor that Sears location.

我們對我們擁有的多戶住宅的權利感到非常興奮，我們只是想鎖定最終的零售解決方案，以鞏固西爾斯的位置。

And we're going to continue to upgrade that tenancy.

我們將繼續升級該租賃。

It's a fantastic center.

這是一個非常棒的中心。

And so I would just say like it's going to help our growth rate just because we have the ability to execute, to refinance 9% debt on Washington Square, move forward on some of these development initiatives and just lease, lease, lease without having to be constrained with -- maybe partners don't have the same ideas, given long-term interest in those properties.

因此，我只想說，這將有助於我們的成長率，因為我們有能力執行，為華盛頓廣場的 9% 債務再融資，推進其中一些開發計劃，並且可以租賃、租賃、租賃，而不必受到限制——也許合作夥伴沒有相同的想法，因為他們對這些房產有長期的興趣。

It's going to help our growth rate.

這將有助於我們的成長率。

Yes, it's going to help our growth rate.

是的，這將有助於我們的成長率。

Yes, yes, yes.

是的，是的，是的。

So that's what -- it should help you.

所以這就是——它應該對你有幫助。

My follow-up question is, again, that your SNO pipeline has increased.

我的後續問題是，您的 SNO 管道再次增加了。

I mean is it around 300 basis points?

我的意思是它在 300 個基點左右嗎？

And can you maybe talk about the timing of how much of that is going to hit in -- you talked a little bit about the $24 million potentially hitting before year-end, but how much of that is going to impact '25 earnings?

您能否談談其中有多少將產生影響——您剛才談到 2400 萬美元可能會在年底前產生影響，但這其中有多少將對 25 年的收益產生影響？

And how much is beyond '25 and '26?

那麼 '25 和 '26 之後有多少呢？

Yes, Floris, again, the incremental pipeline is $80 million.

是的，弗洛里斯，增量管道再次達到 8000 萬美元。

We're now looking out into 2027.

我們現在展望 2027 年。

We're doing 2026 store openings.

我們計劃開設 2026 家門市。

In fact, we just announced Chanel deal a few minutes ago, which will open up next year.

事實上，我們幾分鐘前才剛宣布了與香奈兒的交易，該交易將於明年啟動。

So in terms of the cadence, we expect some of that $80 million is hitting this year currently as stores open in the stores anniversary that have been recently opened, about $25 million impact 2024, about a $34 million impact in 2025 and the balance into '26 and '27.

因此就節奏而言，我們預計這 8000 萬美元中的一部分將在今年達到，因為最近開業的商店週年紀念日將開業，2024 年將產生約 2500 萬美元的影響，2025 年將產生約 3400 萬美元的影響，其餘將達到 26 年和 27 年。

The good news is we found that the pipeline has only continued to increase, which means the pace of new signings is outpacing the store openings.

好消息是，我們發現通路只持續增加，這意味著新簽約的速度超過了門市開設的速度。

We do have a pretty robust pipeline.

我們確實擁有相當強大的管道。

So I would think the fourth quarter may tick down a little bit because we do have a fair amount of openings, exciting openings coming in the fourth quarter.

因此，我認為第四季度可能會略有下降，因為我們在第四季度確實有相當多的空缺，令人興奮的空缺。

But the environment is great, so the bucket keeps refilling.

但環境很好，所以水桶不斷補充。

Lastly, one comment.

最後，一則評論。

You asked about the spread.

您詢問的是傳播情況。

Yes, it's roughly a little over 3% between fiscal and leased occupancy.

是的，財政入住率和租賃入住率之間的差距約為 3% 多一點。

Thanks Scott.

謝謝斯科特。

Sure.

當然。

Thank you, Floris.

謝謝你，弗洛里斯。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Hey, good afternoon.

嘿，下午好。

Just want to follow up on the leasing side.

只是想跟進一下租賃方面的情況。

Demand continues to be good, spreads continue to head in the right way.

需求持續良好，利差持續朝著正確的方向發展。

How is CapEx trending relative to the expectations in the strategic plan?

相對於策略計畫中的預期，資本支出趨勢如何？

I would say there's really no substantive differences, Craig.

我想說實際上沒有實質的區別，克雷格。

We do disclose -- and have the page number handy, but we do disclose period-over-period CapEx, both from an operating CapEx and, of course from a leasing standpoint.

我們確實揭露了—並且有頁碼，但我們確實揭露了期間資本支出，既包括從營運資本支出，當然也包括從租賃的角度。

And I think you'll find that there's really no substantive differences across periods.

我認為您會發現不同時期之間實際上沒有實質的差異。

In fact, look at page 17 in the sup, and you'll see that.

事實上，看一下補充資料第 17 頁，你就會明白這一點。

I don't think there's really anything atypical about the environment.

我認為環境並沒有什麼不典型之處。

I'd say one thing to note is as we made a lot of progress this year and last year and prior years, as we look at our go-forward portfolio, excluding our Eddy assets, we have leased the lion's share of any available anchor stores.

我想說的一件值得注意的事是，儘管我們今年、去年和前幾年取得了很大進展，但當我們審視我們的未來投資組合時，除了我們的 Eddy 資產之外，我們已經租賃了大部分可用的主力店。

In fact, I think we only have 6 that are uncommitted today.

事實上，我認為今天只有 6 個還沒有承諾。

So a lot of those uses are sitting in our pipeline.

其中許多用途都已在我們的管線中。

We can't wait to get them open and see the traffic in sales energy and energy boost to the properties.

我們迫不及待地希望它們能夠開業，並看到客流量、銷售能量和房產活力的提升。

But from a CapEx standpoint, the amount of that large space is certainly narrowing and we've got a good handle on it.

但從資本支出的角度來看，這個巨大空間肯定在縮小，而且我們已經很好地掌握了它。

Yes.

是的。

I'll just say one more thing about on leasing.

我再說一點關於租賃的事情。

On the last call, we talked about some of the lease improvement processes that we put in place, aka CRM system that enables the leasing team to put in active comments on what's happening with different space within the portfolio.

在上次電話會議中，我們討論了我們實施的一些租賃改進流程，即 CRM 系統，它使租賃團隊能夠對投資組合中不同空間的發生提出積極的評論。

We've now begun the process of actually ranking space, A through F throughout the entire portfolio.

我們現在已經開始對整個投資組合中的空間進行實際排名，從 A 到 F。

Across that A through F are square footage prices based on where we believe current COO -- current lease rate should be able to be achieved.

從 A 到 F 是平方英尺價格，基於我們認為應該能夠實現的當前 COO（當前租賃率）的位置。

And that's been a project between asset management and leasing.

這是一個資產管理和租賃之間的項目。

We're taking that information, the A through F, with very specific targets I referenced out in my comments, either vacant space opportunities or temporary space opportunity -- temporary lease opportunities, and we've kind of overlaid that with our five-year operating plans.

我們將這些資訊（從 A 到 F）與我在評論中提到的非常具體的目標結合起來，無論是空置空間機會還是臨時空間機會——臨時租賃機會，我們已將其與我們的五年營運計劃疊加在一起。

So basically, to cut through it, you get your most value on signing new leases.

因此，從根本上來說，為了解決這個問題，您可以透過簽署新的租約來獲得最大的價值。

That's where the highest pickup in cost of occupancy contribution comes from Macerich.

這也是 Macerich 的入住成本貢獻增幅最高的地方。

So it's just going to be ABC, always be closing.

所以它只是 ABC，永遠是關閉的。

We know what has to close.

我們知道什麼必須關閉。

It has to happen in the next 24 months.

它必須在未來 24 個月內發生。

And there's very specific space and strategies and accountability on the team's -- leasing team specifically to get after that.

並且，租賃團隊有非常具體的空間、策略和責任來實現這一點。

And our asset management team now has the tools in place to actually monitor, evaluate how we're benchmarking across these five-year plans, and we've kind of done full asset reviews.

我們的資產管理團隊現在已經擁有實際監控的工具，可以評估我們在這些五年計畫中的基準情況，並且我們已經進行了全面的資產審查。

And I would just tell you that it's a much more targeted and really focused approach in order for us to hit that NOI bridge, which is so critical.

我只想告訴你們，這是一種更有針對性和更集中的方法，可以幫助我們實現至關重要的 NOI 橋樑。

That's helpful.

這很有幫助。

And then just on the follow-up, equity has always been part of the strategic plan.

然後從後續行動來看，股權一直是策略計畫的一部分。

You guys pulled the trigger on a bit this quarter to fund some near-term uses.

本季你們做了一些努力來資助一些近期用途。

Can you just talk a little bit about -- I know you went through the PPRT and the $0.07 of FFO.

您能否稍微談談——我知道您已經經歷了 PPRT 和 0.07 美元的 FFO。

But could you help us kind of think through the time it takes to maybe recoup the dilution on the NAV side of issuing or at least RNAV?

但是，您能否幫助我們思考一下，可能需要花費多長時間才能收回發行資產淨值 (NAV) 或至少 RNAV 的稀釋？

I don't know what you guys are internally.

我不知道你們內心是怎樣的。

But between that and the uses in PPRT -- and then just more broadly, as you think about equity as a source and part of the thing in the strategic plan, kind of how you're thinking about that going forward, kind of matching it up and minimizing dilution?

但介於此和 PPRT 中的用途之間——然後更廣泛地講，當您將股權視為戰略計劃的來源和一部分時，您如何考慮未來將其匹配並儘量減少稀釋？

I'll take a start and then Scott can give a slight follow up.

我先開始，然後斯科特可以稍微跟進。

But first of all, when you look at PPRT, if you look at the allocation of cap rates, Washington Square and Los Cerritos were acquired at a 6.8% cap rate.

但首先，當您查看 PPRT 時，如果您查看資本化率的分配，華盛頓廣場和洛斯塞里托斯的收購資本化率為 6.8%。

And Lakewood, in our view, was implied 9.6% cap rate for the blended 7.4%.

我們認為，萊克伍德的隱含資本化率為 9.6%，而綜合資本化率為 7.4%。

So that's one aspect of how you might think about NAV dilution.

這是您對資產淨值稀釋的看法的一個方面。

The other aspect I would say is I actually believe that if you did an NAV analysis of our entire portfolio, including JV interests and assets like Fashion Square and Tysons, by consolidating NAV in those two centers, which we believe have a lot of growth embedded not only in NOI, but in cap rate compression, as this asset sector continues to stabilize, we think we'll be able to exceed any initial NAV dilution that, that might be at play.

我想說的另一個方面是，我實際上相信，如果您對我們的整個投資組合進行資產淨值分析，包括合資權益和時尚廣場和泰森斯等資產，通過合併這兩個中心的資產淨值，我們認為這兩個中心的增長不僅體現在淨運營收入中，而且體現在資本化率壓縮中，隨著這一資產部門繼續穩定，我們認為我們認為我們將能夠超過資產淨值的初始資產。

And then plus the other piece is the 9% interest rate on Washington Square, I mean, you've got an overlevered asset with a high coupon -- kind of everyone -- us and our former partner are kind of looking at each other to figure out what to do and can't move forward.

再加上華盛頓廣場 9% 的利率，我的意思是，你擁有過度槓桿化的資產和高額票面利率——幾乎每個人——我們和我們以前的合夥人都在互相看著對方，想弄清楚該做什麼，但卻無法前進。

So I would say that just by virtue of getting off the clock, it's going to enable us to actually drive more growth and sort of be able to capture that NAV accretion by virtue of being able to put the investment in the assets so we can actually take market share.

因此，我想說，僅僅透過下班時間，我們就能真正推動更多的成長，並且能夠透過將投資於資產來獲取資產淨值的成長，這樣我們就能真正佔領市場份額。

I don't know, Scott, if you

我不知道，斯科特，如果你

--

--

Jack, great commentary, I have nothing to add.

傑克，很棒的評論，我沒有什麼好補充的。

And in terms of like other equity, we were very specific about use of proceeds.

和其他股權一樣，我們對收益的用途非常具體。

So look, we're going to reload our ATM because it's all finished.

你看，我們要重新為 ATM 充值，因為一切都完成了。

So don't be surprised about that later next week or something.

所以不要對下週晚些時候的事情感到驚訝。

And I think look, we're always hoping to continue to consolidate.

我認為，我們一直希望繼續鞏固。

That's a long-term strategy of simplifying the business.

這是簡化業務的長期策略。

I don't have any -- nothing really to report on active discussions with our partners at the moment.

我目前還沒有任何—關於我們與合作夥伴進行的積極討論，實際上沒有什麼可以報告的。

And of course, we'll always kind of evaluate the equity market.

當然，我們總是會對股票市場進行評估。

It's part of the plan.

這是計劃的一部分。

There's no gun to our head on when we have to do it.

當我們必須這麼做的時候，沒有人會拿槍指著我們的頭。

But we'll just continue to monitor.

但我們將繼續監視。

We like the progress right now.

我們喜歡目前的進展。

We believe that we're at a really good pace across the varying aspects of our plan.

我們相信，我們計劃的各個方面的進展都非常順利。

The sales, the givebacks, the NOI pieces.

銷售、回饋、NOI 部分。

So everything is kind of going well in that regard.

從這方面來看，一切都進展順利。

Great.

偉大的。

Thank you.

謝謝。

Samir Khanal, Evercore.

薩米爾·卡納爾（Samir Khanal），Evercore。

Hey, good morning, everybody.

嘿，大家早安。

I guess, Jack, I mean, I know you talked about focusing on incremental leasing here.

我想，傑克，我的意思是，我知道你在這裡談到了關注增量租賃。

But just looking at sales, and I know you guys talked about it being flat, but give us an idea of your ability to continue to push rents here.

但僅從銷售額來看，我知道你們談到了銷售持平的問題，但請告訴我們你們是否有能力繼續提高這裡的租金。

I know leasing spreads have been pretty good, but it's sort of backward looking.

我知道租賃利差一直都很好，但這有點回顧過去。

But as you think about what you're seeing under the negotiations that you're having with tenants, I mean, kind of what are they saying as you kind of negotiate these leases?

但是，當您思考與租戶在談判中看到的情況時，我的意思是，當您談判這些租約時他們在說什麼？

Thanks.

謝謝。

Samir, it's Doug.

薩米爾，我是道格。

I can take that one.

我可以拿走那個。

And I think I alluded to it in my commentary.

我想我在評論中提到過這一點。

There really hasn't been a correlation between flat sales and retailer demand.

銷售持平和零售商需求之間實際上並不存在關聯。

And as I mentioned, compared to last year, again, we've had three quarters of flat sales.

正如我所提到的，與去年相比，我們的銷售額已有三個季度持平。

But compared to last year, in our executive leasing committee, we've reviewed more than 40%, more square footage than we did at this time last year and really.

但與去年相比，在我們的執行租賃委員會中，我們審查了超過 40% 的面積，比去年同期有了更多的面積。

And keep in mind, last year was a record leasing year for us.

請記住，去年是我們租賃創紀錄的一年。

So I think it's a couple of things.

所以我認為這有幾件事。

I think it's a testament to our portfolio.

我認為這是對我們投資組合的證明。

And I think that the retailers have become very sophisticated.

我認為零售商已經變得非常老練。

A quarter or two, three quarters really don't affect their long-term vision.

一個季度、兩個季度或三個季度確實不會影響他們的長期願景。

Again, they're signing new leases for 10 years.

再次，他們簽署了為期 10 年的新租約。

So they're able to pass that.

因此他們能夠通過。

With regard to your other part of your question about pushing rate, and I think I've talked about this before.

關於您問題的另一部分關於推動率，我想我之前已經談過這個問題。

As we continue to take -- as occupancy continues to go up, we take supply off the table.

隨著入住率不斷上升，我們就會減少供應。

We have this unprecedented retailer demand.

我們面臨前所未有的零售商需求。

Almost by definition, we're going to have a better -- we're going to have a better opportunity depressed rate.

幾乎按照定義，我們將擁有更好的——我們將擁有更好的機會壓低利率。

But we need to balance that with merchandising the shopping centers.

但我們需要在這兩者與購物中心的商品銷售之間取得平衡。

And the rate is the science and the merchandising is VR.

費率是科學，商品化是 VR。

And you need to have both of them.

而且你需要同時擁有它們兩者。

So as we continue to drive rate, as Jack alluded to earlier, all eyes are going to be on merchandising as well.

因此，隨著我們繼續提高利率，正如傑克之前提到的，所有人的目光也將集中在商品銷售上。

And if we create a center or centers, that are merchandised well, that our shoppers want to come to, the rent's going to take care of itself over time.

如果我們建立一個或多個中心，而這些中心商品齊全，顧客願意光顧，那麼租金就會隨著時間的推移而自然下降。

And I guess as a follow-up, when you're talking about flat sales, I mean, what's sort of driving that?

我想作為後續問題，當您談到銷售持平時，我的意思是，是什麼原因導致的？

Is it luxury that's kind of slowing a little bit?

奢侈品產業的繁榮是不是有些放緩了？

And maybe just provide a bit of color on categories.

或許只是在類別上提供一些顏色。

Yes.

是的。

All categories basically are flat.

各類別基本持平。

We don't have a lot of luxury, Samir, the exception of Scottsdale.

我們沒有太多的奢侈品，薩米爾，斯科茨代爾除外。

So that's not really a factor for us.

所以這對我們來說不是一個真正的因素。

Again, we've had some huge comps in 2022 and 2023.

再次，我們在 2022 年和 2023 年取得了一些巨大的進展。

So it's tough to comp against them.

因此與他們競爭非常困難。

But there's been a change in spending.

但支出情況發生了變化。

As I said, really, essentials are in play.

正如我所說，確實，基本要素正在發揮作用。

I think I talked about this on the last call.

我想我在上次通話中談到了這個問題。

Discretionary spending really in the last probably 6 to 12 months has turned from discretionary retail items to discretionary services.

在過去的 6 到 12 個月裡，可自由支配的開支實際上已經從可自由支配的零售商品轉向了可自由支配的服務。

For example -- or services or entertainment.

例如—或服務或娛樂。

We're starting to see people spend more money on vacations, on entertainment, on leisure activities, et cetera, et cetera, because they haven't been able to do that for a very long time.

我們開始看到人們在度假、娛樂、休閒活動等方面花費更多的錢，因為他們很久沒有這樣做了。

And I think that's just a temporary play and everything will come back full circle.

我認為這只是暫時的，一切都會回到原點。

We expect that to happen at the beginning of 2025.

我們預計這將在 2025 年初實現。

I think you were looking at Q3 '24 versus Q3 '23.

我認為您正在查看 24 年第三季與 23 年第三季的比較。

The home furnishings were kind of the worst performer of our categories -- major categories.

家居用品是我們主要類別中表現最差的。

Fast food is actually slightly positive.

快餐其實還是有點正面的。

And if you look at the broader other categories like jewelry, general, shoes, restaurants, apparel, they were all just slightly 1% or so negative.

如果你看看更廣泛的其他類別，如珠寶、百貨、鞋子、餐廳、服裝，它們的負增長都僅為 1% 左右。

So -- and within those, if you went into the detail of those, you'd see some up 3%, some down.

所以 — — 如果您深入研究這些細節，您會看到有些上漲了 3%，有些則下降了。

So all sort of within that kind of plus/minus band, with the exception of like home furniture, which had a larger.

所以所有這些都在這種正負範圍內，除了像家具這樣較大的。

Yes, that's no surprise.

是的，這並不奇怪。

I mean, if you think about coming out of COVID, what do people do?

我的意思是，如果你想擺脫 COVID，人們會怎麼做？

They renovated their homes, they spent money in their homes.

他們翻修了自己的房屋，並在房子上花了錢。

That's all they could do.

他們能做的也只有這些。

And for two solid years, home furnishings led all categories in terms of sales comps.

連續兩年，家居用品的銷售額在所有類別中都處於領先地位。

So it's not really a surprise to see that flatten out a little bit.

因此，看到這一數字略微趨於平穩也就不足為奇了。

Got it.

知道了。

And did you guys provide a cap rate

你們有沒有提供資本化率

--

--

Also I was going to say, too, as you look at this, I know you're struggling, hey, how does re-leasing go up if you're doing 900 a square foot.

另外，我也想說，當你看到這個的時候，我知道你很糾結，嘿，如果每平方英尺的價格是 900 美元，那麼重新出租的價格會怎麼上漲呢？

But if you kind of listen to what I said about A, B, C, you've got really 50 yard-line space where we know that, that current tenant is kind of under what that space should generate.

但如果你聽我說的 A、B、C，你就會知道，實際上有 50 碼線的空間，我們知道，目前租戶的收益低於該空間應產生的收益。

So it's kind of on the leasing team, hey, how do we merchant that opportunity to put in a tenant that can perform from a cost of occupancy standpoint.

因此，這有點像是租賃團隊的問題，嘿，我們如何利用這個機會來引進一個從入住成本的角度能夠表現出色的租戶。

And that's kind of nuanced difference that we're talking about here.

這就是我們在這裡談論的細微的差別。

It's not just like, hey, sales are flat.

這並不像說銷售額持平那麼簡單。

We're just going to ask everybody for more rent.

我們只是要向所有人要求增加租金。

But it's very specifically going into what I call premium zone space in our best centers and figuring out, hey, that person needs to go somewhere else.

但它非常具體地進入了我們最好的中心的高級區域空間，並弄清楚，嘿，那個人需要去其他地方。

Now the negative to that is there's downtime.

現在的缺點是會有停機時間。

And so that is part of why we put together this plan that sort of does not rely on quarterly pressure because we're trying to -- we've got a target NOI that we know we need to achieve, and we believe we've got the road map to do that.

這就是我們制定這個計劃的原因之一，這個計劃不依賴季度壓力，因為我們正在努力——我們有一個我們知道需要實現的目標淨營運收入，我們相信我們有實現這一目標的路線圖。

The other piece that's happening here is we don't have any subsidization of leasing for occupancy at any properties for national portfolio deals.

這裡發生的另一件事是，我們沒有為任何全國投資組合交易的物業租賃提供補貼。

And that's something that day one when I got here, we started that.

這就是我到這裡第一天就開始做的事情。

So we're going to get the best possible outcome for our non-Eddy properties and for the Eddy properties, just maintain occupancy as best we can without capital, and the team is doing that.

因此，我們將為非 Eddy 物業和 Eddy 物業取得盡可能好的結果，在不投入資金的情況下盡力維持入住率，團隊正在這樣做。

Did you -- one last thing, did you provide a cap rate on The Oaks?

最後一件事，您是否提供了 The Oaks 的資本化率？

Sorry if I missed that.

如果我錯過了，很抱歉。

No, we did not.

沒有。

I just say it, it's a 13 cap.

我只是說一下，這是13帽。

Yes, like the 150 a debt on it, and it's a 157 purchase price.

是的，就像 150 的債務，以及 157 的購買價格。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Scott, wish you the best.

斯科特，祝你一切順利。

It's been great working with you, and certainly appreciate the interactions over the years since, and welcome Dan aboard.

與您共事非常愉快，非常感謝多年來的互動，歡迎丹加入。

I guess the first question, Scott, maybe just going back to the Pacific JV buyout.

我想第一個問題，史考特，也許只是回到太平洋合資企業的收購。

Just on the numbers.

僅就數字而言。

You mentioned $0.07 accretive, but you also mentioned some dilutive marks over the next few years due to the debt mark-to-market.

您提到了 0.07 美元的增值，但您也提到了由於債務以市價計價，未來幾年會出現一些稀釋性標記。

So holistically, is it $0.07 total accretive inclusive of those dilution marks?

那麼從整體來看，包括這些稀釋標記在內，總增值額是否為 0.07 美元？

Or it's $0.07 initially, and then it's going to have dilution against that over the next few years?

或者最初是 0.07 美元，然後在接下來的幾年裡會被稀釋？

Yes.

是的。

It's $0.07, excluding the impact of the debt mark-to-market, and then I provided the incremental impact of that debt mark-to-market year-by-year just so you could see the burn off of that as we move forward.

它是 0.07 美元，不包括債務按市價計算的影響，然後我逐年提供了該債務按市價計算的增量影響，這樣您就可以看到隨著我們前進，這種影響的消退。

But $0.07 after the Washington is taken into account, the accretive impact of the Washington Square refinance is the baseline measure.

但將華盛頓考慮進去後的 0.07 美元，華盛頓廣場再融資的增值影響就是基準衡量標準。

You'll just then tack on the incremental mark-to-market each year, as I outlined.

然後你每年都會增加增量的市價，就像我概述的那樣。

Okay.

好的。

And then, Jackson, you've been in there a while.

那麼，傑克遜，你已經在那裡待了一段時間了。

You've announced some new malls that are for sale like The Oaks.

您已經宣布了一些正在出售的新商場，例如 The Oaks。

As you look at the portfolio now, are there -- are you finding more malls that are, I guess, more Eddies, if you will?

當您現在查看作品集時，您是否會發現更多像 Eddies 這樣的購物中心？

Or how are you shaking out as far as the portfolio that you ultimately want versus the Eddies that you plan to sell?

或者，就您最終想要的投資組合與您計劃出售的 Eddies 相比，您有何不同？

I'm just trying to understand if there are more Eddies that you're finding or the other way around?

我只是想知道您是否發現了更多的 Eddies 或相反的情況？

I'd say it's sort of -- like there might be one or two more kind of on the cusp that are kind of in between that bottom Steady Eddy and Eddy and kind of a lot of it is going to determine -- do we have a plan to sort of get that asset to be a bit more thriving?

我想說的是——可能還有一兩個處於臨界點，介於底部穩定渦流和渦流之間，這在很大程度上將決定——我們是否有計劃讓該資產更加繁榮？

And does the plan kind of making economic sense in terms of investment and things like that.

該計劃從投資等方面來看是否具有經濟意義？

So I would say like there are two on the cusp that sort of hold or kind of drop down.

因此，我想說，有兩種情況處於臨界點，即保持或下降。

We're continuing to evaluate it.

我們正在繼續評估。

But look, we're trying to tighten up this company where we have effectively really powerful centers that can kind of drive demand and NOI growth like we're seeing at Tysons and Fashion Square. You keep reinventing those properties and they just keep doing more. And those are just great examples of properties.

但你看，我們正在試圖加強這家公司，我們擁有真正強大的中心，可以推動需求和 NOI 成長，就像我們在泰森斯和時尚廣場看到的那樣。您不斷重新發明這些屬性，它們就會不斷發揮更多作用。這些只是屬性的很好例子。

And we have other properties like that. We're -- as we're going through these redevelopment plans and re-leasing plans and putting capital in, where we can really drive share because the traders are there and sort of the competition around some of them are sort of fading.

我們還有其他類似的財產。我們正在製定這些重建計劃和重新租賃計劃並投入資金，我們可以真正提高市場份額，因為交易商在那裡，而且他們周圍的競爭正在逐漸消退。

I'd say like Washington Square is a great example. We're really excited about that opportunity to take that asset up another level in terms of NOI contribution and just overall productivity.

我想說華盛頓廣場就是一個很好的例子。我們真的很高興有機會將這項資產在淨營運貢獻和整體生產力方面提升到另一個層次。

So the $2 billion that you referenced is the target, you could exceed that if you find these two assets maybe others or that $2 billion is inclusive of what you're contemplating?

所以，您提到的 20 億美元是目標，如果您找到這兩項資產，或許還有其他資產，那麼您可以超過這個目標，或者 20 億美元是否包括您正在考慮的內容？

No. The $2 billion is really -- is inclusive of the remaining Eddy's that are left. And like I said, we just got 40% of the way to go, and we've got pretty good confidence on being able to get that done. So we feel like we'll get that $2 billion out of the way in a relatively short period of time, and we'll start focusing on the NOI bridge because that's really what you all sort of be thinking about once we give the information. Yes, we're very confident about the $2 billion at this point.

不，20 億美元實際上包括了 Eddy 剩餘的股份。正如我所說的，我們只完成了 40%，我們對完成這個目標非常有信心。因此，我們覺得我們將在相對較短的時間內籌集到這 20 億美元，並且我們將開始關注 NOI 大橋，因為這正是我們提供資訊後你們都會考慮的事情。是的，我們現在對 20 億美元非常有信心。

Michael Mueller, JPMorgan.

摩根大通的邁克爾·穆勒。

Yes. I guess, for Scott, I really appreciate having worked with you for the past 25 years or so as well. So I look forward to staying in touch going forward.

是的。我想，對史考特來說，我真的很感激過去 25 年左右的時間與你共事。因此我期待今後能夠保持聯繫。

In terms of the question, Jack, just a high level one, have you seen any notable changes in third-party capital's interest in traditional regional malls since you started this process earlier in the year?

就這個問題而言，傑克，只是一個高層的問題，自從今年早些時候開始這個過程以來，你是否看到第三方資本對傳統區域購物中心的興趣發生了顯著變化？

I think what I found was interesting is, look, The Oaks, we made a decision to sell The Oaks. That was one that was in our backyard. There were major redevelopment initiatives that we had studied in order to move forward. And we obviously made a decision to have that -- if not, it was ranked in any.

我認為有趣的是，你看，The Oaks，我們決定出售The Oaks。那是在我們後院的一個。為了推動重建計劃的實施，我們已經研究了一些重大重建計劃。顯然，我們已經做出了這個決定——如果沒有，它就會被排名。

I think what's encouraging to me is that the buyer of that asset has been able to secure debt for an asset like that, which is -- it's an asset that needs to sort of be reengineered, especially the retail. It's got a development opportunity that has entitlement, but there's still some moves that are required. But that buyer was -- seems to be -- have been able to secure financing, which I think is a really compelling opportunity for us as we look to monetize some of these other assets. They clearly -- this buyer has the equity. They're at risk at this point. So that to me was encouraging.

我認為令我感到鼓舞的是，該資產的買家已經能夠為這樣的資產獲得債務，這是一種需要重新設計的資產，尤其是零售業。它擁有一個有權獲得的發展機會，但仍需要採取一些措施。但該買家似乎已經能夠獲得融資，我認為這對我們來說是一個非常有吸引力的機會，因為我們希望將其他一些資​​產貨幣化。他們很清楚──這個買家擁有股權。他們現在處於危險之中。所以這對我來說是令人鼓舞的。

Look, pricing, there haven't been a lot of trades on enclosed centers. I'm excited about the two centers that long term, we're going to keep at Washington Square and Los Cerritos. So I think there's more to come. I don't think there's a lot of transparency.

看看定價，封閉中心的交易不多。我對長期保留華盛頓廣場和洛斯塞里托斯這兩個中心感到非常興奮。所以我認為接下來還會有更多。我認為透明度不太高。

There hasn't been a huge amount of A plus centers sold. But the fact that vendors are coming into, what I call, B opportunities or maybe properties that could become A’s that need a lot of reconstruction, definitely it's kind of encouraging. That wasn't really the -- that wasn't as evident in -- when I first started the company in March this year.

A+ 中心的銷售量還不是很大。但事實是，供應商正在進入我所說的 B 級機會或可能成為 A 級但需要大量重建的房產，這無疑是令人鼓舞的。當我今年三月剛創辦這家公司時，情況並不是那麼明顯。

Linda Tsai, Jefferies.

傑富瑞 (Jefferies) 的 Linda Tsai。

Scott, I wish you the best. The acquisition cap rate of 7.2% to 7.4% for buying the centers that you want to own in their entirety, does that cap rate stay in that ZIP code as you continue to buy out your better assets? Or would you expect it to compress as stabilization you referred to continues?

斯科特，我祝你一切順利。對於您想要全部購買的中心，收購資本化率為 7.2％ 至 7.4％，當您繼續收購更優質的資產時，該資本化率是否會保持在該郵遞區號範圍內？或者您預計它會隨著您所提到的穩定性持續而壓縮？

I think it's probably going to compress. Just look, the business is really good. So it's sort of -- why open air center trades way inside of an enclosed mall, when there's so much leasing and demand for space and NOI growth sort of surprisingly, but -- yes, I would say, as we kind of look forward in new deals, my guess is they're going to continue to compress over time just because the growth rate is there as we look at IRRs for these kinds of investments.

我認為它可能會被壓縮。你看，生意真好。因此，這有點像——當有如此多的租賃和對空間的需求以及淨運營收入增長有點令人驚訝時，露天中心的交易方式會偏向封閉式購物中心，但是——是的，我想說，當我們期待新的交易時，我的猜測是它們會隨著時間的推移而繼續壓縮，因為當我們查看此類投資的 IRR 時，增長率就在那裡。

And then, Jack, when you look at your portfolio today, what does the future portfolio have to look like? And what are the market conditions you're looking for that would make you effectuate a sale of Macerich?

那麼，傑克，當你審視今天的投資組合時，未來的投資組合應該是什麼樣的呢？您期望的市場條件是什麼樣的，以致於您決定出售 Macerich？

Well, I don’t want to sell. I just got here. Well, look, I didn’t come here to sell Macerich. I mean -- and of course, we -- as a public Executive Board, we all have to evaluate those kinds of scenarios or strategies. But I believe that one of the things that was so attractive about this opportunity, there's not many competitors in the public REIT sector that do what we do. And what we do is pretty unique. Not everyone can do it well in terms of being able to lease and operate these type of properties on a national basis.

嗯，我不想賣。我剛到這裡。好吧，你看，我來這裡不是為了賣掉 Macerich。我的意思是——當然，作為一個公共執行委員會，我們都必須評估這些類型的情境或策略。但我相信，這個機會最吸引人的原因之一是，在公共房地產投資信託基金領域，沒有太多競爭對手能像我們一樣做事。我們所做的事情非常獨特。並不是每個人都能在全國範圍內很好地租賃和經營此類房產。

I'm actually quite optimistic about -- I think about some of the properties are going to go back to our lenders. What's going to happen to those? Are they going to sit with the servicer for a while? Eventually, these are going to come back around and be really interesting opportunities if you can enter in at a much lower basis. And I believe that, that is going to be an opportunity for those that can do this type of business.

我實際上非常樂觀——我認為一些財產將會歸還給我們的貸款人。這些將會怎樣？他們會和服務人員坐一會兒嗎？最終，如果你能以更低的價格進入，這些將會再次出現，並成為真正有趣的機會。我相信，這對從事這類業務的人來說是一個機會。

And so -- my plan is to try to position Macerich to take advantage of that opportunity. So yes, we're going to continue to tighten this portfolio up, clean it up, clean up the balance sheet, clean up our processes. And if we're fortunate enough to get competitive cost of capital, we'll try to use it if we can deploy in ways that are accretive. But yes, that's what we're doing.

所以——我的計劃是嘗試讓馬塞里奇利用這個機會。所以是的，我們將繼續收緊這個投資組合，清理它，清理資產負債表，清理我們的流程。如果我們夠幸運，能夠獲得具競爭力的資本成本，我們就會嘗試以增值的方式加以利用。但沒錯，這就是我們正在做的事情。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

I guess maybe the answer might be that you're not so worried about specific quarters right now. But with leasing as strong as it has been for multiple years now, I guess it is somewhat surprising that occupancy hasn't been increasing more. So I was wondering if you could talk through what you think some of the reasons why that upside has been limited, like occupancy was up 30 basis points year over year. So do you think that can accelerate? Or might there be other headwinds from Forever 21 like you mentioned or others that kind of keep it in that range?

我想答案可能是你現在不太擔心具體季度的情況。但由於租賃市場多年來表現強勁，我認為入住率沒有進一步增加就有些令人驚訝了。所以我想知道您是否可以談談您認為導致這種上升趨勢有限的一些原因，例如入住率同比增長了 30 個基點。那麼您認為這可以加速嗎？或者可能存在您提到的來自 Forever 21 或其他品牌的其他阻力，使其價格維持在這一範圍內？

Pick Forever 21, I would just say kind of as a new person coming in, we were probably very focused on quarter-to-quarter annual budgeting kind of strategy. I will tell you that our occupancy rate will go up as what we're part of what we're doing. I can -- if we're successful in the execution of our ABC. We've kind of got the spaces. We know where they are.

選擇 Forever 21，我想說，作為新人，我們可能非常關注季度年度預算策略。我會告訴你，隨著我們正在採取的措施，我們的入住率將會上升。我可以 — — 如果我們成功執行 ABC。我們有點得到了空間。我們知道他們在哪裡。

There's an acute focus on getting that stuff done. The byproduct of that -- and we're -- and Doug has talked to you about renewals. We're way ahead of renewals. If we do what we just said, our permanent occupancy will go up, okay? It just will.

我們高度重視完成這些工作。這件事的副產品是──我們──道格已經和你談過續約的事了。我們在續約方面已經遙遙領先。如果我們照剛才說的做的話，我們的永久入住率就會上升，好嗎？它會的。

And I think that I could see if you were sort of focusing on annual budgets quarter-to-quarter, you're maybe not as focused on really attacking, what I call those opportunities, to really drive permitted occupancy. And so we know everyone on the team knows what it is. And this is not the first time my company is sort of 24 months, and they know what to do, and we're going to get after it every day. So you'll see it go up. That's how you make permanent occupancy go up.

我認為，如果您只是逐季度關注年度預算，那麼您可能就不會那麼專注於真正抓住我所說的機會，真正推動許可入住率。因此我們知道團隊中的每個人都知道它是什麼。這不是我公司第一次出現這種情況，24 個月以來，他們知道該做什麼，我們每天都會繼續努力。所以你會看到它上升。這就是提高永久入住率的方法。

Got it. Okay. And then maybe kind of along the lines on what's today like a quarterly focus versus a long-term focus, I realize FFO and AFFO per share are not the near-term focus. But given the direction they've been going, and I know the dividends, a Board decision. Wondering if you could talk about the dividend, how your payout ratio today compares to where you want it to be and if you think the dividend is at a good spot?

知道了。好的。然後可能有點像今天的季度重點與長期重點，我意識到 FFO 和每股 AFFO 不是近期重點。但考慮到他們前進的方向，而且我知道紅利，這是董事會的決定。想知道您是否可以談論股息，您今天的派息率與您希望的派息率相比如何，以及您是否認為股息處於合適的水平？

Well, I mean, look, I think I've said before, we're not going to put guidance out for next year either. We're going to probably -- Board, I think, is comfortable keeping the payout of the dividend at its current level because that's our best source of cash flow as we reinvest kind of back into the portfolio, especially on this leasing initiative I just talked about, some of the select elements that we're pursuing.

嗯，我的意思是，看，我想我之前說過，我們也不會發布明年的指引。我們可能會——我認為，董事會願意將股息支付維持在當前水平，因為這是我們最好的現金流來源，因為我們會將其重新投資到投資組合中，特別是我剛才談到的租賃計劃，以及我們正在追求的一些精選要素。

Look, we -- my goal is to get to that $1.80 or higher and start to actually increase our dividend payout ratio, commensurate with an ability to actually grow the business on a very steady basis, not having sort of over-lever balance sheet or pressure and things like that. So we will do that in time, but probably for the next period of time as we go through this execution, my guess is that's a Board decision. It will probably stay kind of in its current position.

看，我們 — — 我的目標是達到 1.80 美元或更高，並開始實際提高我們的股息支付率，與實際以非常穩定的方式增長業務的能力相稱，而不會出現過度槓桿化的資產負債表或壓力等。因此，我們會及時做到這一點，但可能在執行過程中的下一階段，我猜這是董事會的決定。它可能會維持目前的位置。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特（Haendel St. Juste）、瑞穗。

Hey there. Good morning. Scott, it's been a pleasure. All the best, and then look forward to working with you again. So Jackson, Jack, you previously outlined a 4-year time line, getting the FFO $1.80 by year four, getting your leverage down, but certainly seems like things are moving at a far quicker pace as you've indicated several times on this call, you're moving out of breakneck speed. I think we're all curious kind of -- is this still a 4-year process? Can you, in fact, get there sooner as it seems? Is it more of a three-year process? And I might have misheard, but it sounds like you don't expect to provide FFO guide next year. When should we expect that? Is that maybe a year after next? So some color or context there. Thanks.

嘿。早安.史考特，我很榮幸。祝一切順利，期待再次與您合作。所以傑克遜，傑克，你之前概述了一條 4 年的時間表，到第四年獲得 1.80 美元的 FFO，降低你的槓桿率，但看起來事情正在以更快的速度發展，正如你在這次電話會議中多次指出的那樣，你正以極快的速度前進。我想我們都很好奇——這仍然是一個四年的過程嗎？事實上你能像看起來那樣更快到達那裡嗎？這是一個為期三年左右的過程嗎？我可能聽錯了，但聽起來您不希望明年提供 FFO 指南。我們什麼時候可以期待這一點？那可能是明年嗎？因此那裡有一些顏色或背景。謝謝。

Actually probably the year after that would be kind of a reasonable period. I think this NOI bridge that we provide you all, as I said, it's going to be very, very valuable. We have it internally. I think that's going to be very valuable because you can benchmark what we're doing.

實際上，那之後的一年可能是個合理的時期。我認為，我們為大家提供的這座新伊斯蘭橋，正如我所說，將非常非常有價值。我們內部有它。我認為這將非常有價值，因為你可以對我們正在做的事情進行基準評估。

I would say that as we start to be able to give disclosure like Scott went through, I know it's pretty painful as we went through it, the Washington Square -- you have the PPRT accretion and dilution because of the mark-to-market debt. And then we've got this issue of being able to get properties back like Santa Monica. We're still on title. We're still managing the asset. It's still going to be there probably until later next year. So there are some just structural things that will take the next one to two years.

我想說的是，當我們開始能夠像斯科特所經歷的那樣進行披露時，我知道這非常痛苦，因為我們經歷過華盛頓廣場——由於按市價計價的債務，PPRT 會增加和稀釋。然後我們面臨的問題是能否收回像聖莫尼卡這樣的財產。我們仍在討論標題。我們仍在管理該資產。它可能還會留在那裡直到明年晚些時候。因此，一些結構性問題將需要未來一到兩年的時間。

We may well be finished with the plan in the following year, where we -- you'll see, yes, they're finished based on the NOI bridges that we show you, it just will take those several months for things to kind of clean up the earnings. But my hope is we're able to kind of to select disclosure, provide you the tools to be able to give you confidence that we're contractually there.

我們很可能在明年完成這個計劃，你會看到，是的，根據我們向你展示的 NOI 橋樑，它們已經完成，只是需要幾個月的時間來清理收益。但我希望我們能夠選擇披露，為您提供工具，讓您相信我們遵守了合約。

That makes sense. Once we start to outline more assets, more Eddy's which we plan to do, more NOI bridge, more progress on this ABC stuff, you're going to see it and you'll say, okay, absent some major credit loss these guys are getting there and just a question of at what period.

這很有道理。一旦我們開始概述更多的資產、更多的 Eddy（我們計劃做）、更多的 NOI 橋、更多的 ABC 方面的進展，你就會看到它，並且會說，好吧，除非出現一些重大的信貸損失，否則這些人會到達那裡，唯一的問題是在什麼時期。

That's helpful. That's helpful. And then within that, just thinking about kind of this -- the broader -- the bridge over the next couple of years with FFO. I think a lot of us were through our modeling process, assuming that FFO would bottom somewhere perhaps in the $1.50 range. Is that next year, the year after, who knows. But curious if that's a reasonable expectation? And in fact, if that could be something that is perhaps in that year three of this plan as well?

這很有幫助。這很有幫助。然後在此範圍內，只考慮這種——更廣泛地說——未來幾年與 FFO 的橋樑。我想我們很多人都已經完成了建模過程，假設 FFO 的底部大概在 1.50 美元左右。那是明年還是後年呢，誰知道呢。但令人好奇的是，這是否是合理的期望？事實上，如果這可以成為該計劃第三年的一部分的話，那可能嗎？

Yes, Ron, I'll say -- by the way, yes, thank you for the -- or excuse me, Haendel, sorry. Thank you for the commentary. Thank you, everybody, for the commentary upfront.

是的，羅恩，我會說——順便說一句，是的，謝謝你——或者對不起，亨德爾，抱歉。感謝您的評論。謝謝大家提前的評論。

We've very deliberately provided a kind of a four-year vision, again, because of all these various factors. It's very hard to predict when some of these assets are going to be rolling off the portfolio as we give assets back to lenders. Things like acquiring JV interest where you've got this interim disruption to earnings from the noncash marks, those are all elements that why we pulled guidance and why we gave you a four-year vision that we think we can hit.

考慮到所有這些不同的因素，我們再次非常謹慎地提出了一個四年願景。當我們將資產返還給貸方時，很難預測這些資產何時會從投資組合中退出。諸如收購合資企業權益等因素會導致非現金收益暫時中斷，這些都是我們撤回指引以及為您提供我們認為可以實現的四年願景的原因。

So I really don't want to box us in. I don't think that would do our plan justice to provide an estimate and interim estimate for you. But at this point in time, we do feel that we're ahead of pace on refinancings, which gives us a little bit of room and a little bit of latitude to make other decisions in the plan. We think we're tracking very well in terms of our NOI execution, details to follow soon. And the disposition plan is shaping up and the estimate -- the pricing estimates that we had on the disposition plan are on target.

所以我真的不想限制我們。但目前，我們確實覺得我們在再融資方面已經取得了領先，這給了我們一點空間和一點自由度來做出計劃中的其他決定。我們認為，我們的 NOI 執行情況非常好，詳細資訊將很快公佈。處置計劃正在成形，我們對處置計劃的定價估算已達到目標。

So all those levers seem to be moving in the right direction. And in fact, I think we've got a little bit of latitude there. But interim marks are just not going to do us justice to give that to you. It's going to be, frankly, relatively hard to predict.

所有這些槓桿似乎都朝著正確的方向發展。事實上，我認為我們在這方面有一點自由。但中期成績並不能公正地評價你們。坦白說，這將相對難以預測。

Fair enough. Have a try. Thank you.

很公平。嘗試一下。謝謝。

Yes, thanks Haendel.

是的，謝謝 Haendel。

I would now like to turn it back over to Jack Hsieh for closing remarks.

現在我想將發言權交還給 Jack Hsieh，請他作最後發言。

Great. Thank you. So at NAREIT, Dan will be on Nareit, so you all get a chance to visit with him. And I just want to go ahead and once again, thanks, Scott. He's been an outstanding professional as it relates to dealing with this transition, and we all owe him a debt of gratitude.

偉大的。謝謝。因此在 NAREIT，Dan 將會在 Nareit，所以你們都有機會去拜訪他。我只想繼續，再次感謝你，史考特。在處理這一轉變過程中，他表現得非常專業，我們所有人都對他心存感激。

So thank you very much.

非常感謝。