Macerich Co (MAC) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the first-quarter 2025 Macerich earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們，先生們，感謝你們的支持，歡迎參加 2025 年第一季 Macerich 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like now to turn the conference over to Samantha Greening, Assistant Vice President, Director of Investor Relations. Please go ahead.

現在，我想將會議交給助理副總裁、投資者關係總監 Samantha Greening。請繼續。

Thank you for joining us on our first-quarter 2025 earnings call. During 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 and future expectations. Actual results may differ materially due to a variety of risks and uncertainties set forth in today's press release and our SEC filings. 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 was posted in the Investors section of the company's website at macerich.com.

感謝您參加我們的 2025 年第一季財報電話會議。在本次電話會議中，我們將做出某些可能被視為《1995 年私人證券訴訟改革法案》安全港含義內的前瞻性聲明，包括有關預測、計劃和未來預期的聲明。由於今天的新聞稿和我們向美國證券交易委員會提交的文件中所述的各種風險和不確定性，實際結果可能存在重大差異。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 表格補充文件中，該文件已發佈在公司網站 macerich.com 的投資者部分。

Joining us today are Jack Hsieh, President and Chief Executive Officer; Dan Swanstrom, Senior Executive Vice President and Chief Financial Officer; and Doug Healey, Senior Executive Vice President of Macerich. And with us in the room is Brad Miller, SVP of Portfolio Management.

今天與我們一起出席的有總裁兼執行長 Jack Hsieh、高級執行副總裁兼財務長 Dan Swanstrom 和 Macerich 高級執行副總裁 Doug Healey。和我們一起在場的還有投資組合管理資深副總裁布拉德米勒 (Brad Miller)。

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

說完這些，我會把電話轉給傑克。

Thank you, Samantha, and good afternoon. We're pleased to discuss today the significant progress we continue to make in executing on our Path Forward plan. I want to make sure everyone comes away with three main themes from this call. First, Macerich is a much better informed, aligned and operationally focused company than ever before. Second, we are ahead of schedule on our leasing progress targets.

謝謝你，薩曼莎，下午好。今天我們很高興討論我們在執行「前進之路」計劃方面繼續取得的重大進展。我想確保每個人從這次通話中了解到三個主要主題。首先，Macerich 比以往任何時候都更了解情況、更加協調、更加重視營運。第二，我們的租賃進度目標提前完成。

This gives us a greater line of sight and confidence into the key operational, financial and deleveraging metrics embedded in our path forward plan. And third, this leasing progress demonstrates how close we are to our major inflection point in mid-2026. The point that indicates we would be substantially complete with the plan. When I set out the path or plan in July of 2024, the goal was to create a new Macerich. That required transforming the company by simplifying the business, improving operational performance and reduce the leverage.

這使我們對未來計劃中的關鍵營運、財務和去槓桿指標有了更清晰的了解和信心。第三，租賃進展顯示我們距離 2026 年中期的主要轉折點有多近。這表明我們的計劃已基本完成。當我在 2024 年 7 月制定路線或計劃時，目標是打造一個新的 Macerich。這需要透過簡化業務、提高營運績效和降低槓桿來實現公司轉型。

We put a mission statement in place to own and operate thriving retail centers that bring our communities together and create long-term value for our shareholders, partners and customers. We installed new corporate values of excellence, empowerment, integrity, optimism, relationships, and fun. Based on the results I've seen to date, I can attest to how well this mission and the corporate values have been embraced throughout the company.

我們制定了一項使命宣言，即擁有並經營繁榮的零售中心，將我們的社區凝聚在一起，並為我們的股東、合作夥伴和客戶創造長期價值。我們建立了卓越的、授權的、正直的、樂觀的、關係的和樂趣的新的企業價值。根據我迄今為止所看到的結果，我可以證明這個使命和企業價值觀在整個公司得到了多麼好的接受。

I also put in place a new structure that I talked about last quarter to streamline all our permanent specialty and department store leasing teams under one leadership and reporting structure, make our asset management team a stand-alone group, and place our property operations, marketing, and development under a new leadership structure. To ensure that these teams could collaborate seamlessly with real-time tenant data and leverage the 5-year Argus models that the asset and portfolio management teams created for each property, we implemented a leasing dashboard that we referred to internally as the leasing speedometer. This tool and other technology enhancements we've implemented drive every leasing and capital allocation decision at our properties.

我還建立了上個季度談到的新結構，將我們所有的永久性專業和百貨商店租賃團隊精簡到一個領導和報告結構之下，使我們的資產管理團隊成為一個獨立的團隊，並將我們的物業運營、營銷和開發置於新的領導結構之下。為了確保這些團隊能夠與即時租戶資料無縫協作，並利用資產和投資組合管理團隊為每個房產創建的 5 年 Argus 模型，我們實施了一個租賃儀表板，在內部稱為租賃速度計。我們實施的這項工具和其他技術增強功能推動著我們物業的每一個租賃和資本配置決策。

Everyone at Macerich is fully aligned on what we're doing. Over the past six to nine months, we have derisked the path forward plan by consolidating joint ventures, issuing equity, completing our refinancings and executing on dispositions.

Macerich 的每個人都完全同意我們正在做的事情。在過去的六到九個月裡，我們透過合併合資企業、發行股票、完成再融資和執行處置來降低前進計畫的風險。

Today, I'll talk about the data that we have now that gives me the confidence that we're on track to deliver our 2028 leverage and earnings metrics. This data shows that we're also on track with the major milestones and catalysts that can be expected to help us reach our mid 2026 inflection point. Let's speak to leasing first.

今天，我將談論我們現在掌握的數據，這些數據讓我相信我們能夠實現 2028 年的槓桿率和獲利指標。這些數據表明，我們也正在朝著重要的里程碑和催化劑的方向前進，這些里程碑和催化劑有望幫助我們達到 2026 年中期的轉折點。我們先來談談租賃。

Leasing is a piece of the plan that best tracks the progress on hitting our 2028 targets. It is what I am most focused on today at Macerich. I believe that it is the most accurate predictor of Macerich's future success. I'm pleased to say that we are ahead of schedule on all our leasing efforts. I noted last quarter that we are targeting an average of 4 million square feet of leasing in 2025 and 2026.

租賃是該計劃的一部分，能夠最好地追蹤我們實現 2028 年目標的進展。這是我今天在 Macerich 最關注的事情。我相信這是馬塞里奇未來成功最準確的預測。我很高興地說，我們所有的租賃工作都提前完成了。我上個季度曾指出，我們的目標是 2025 年和 2026 年平均租賃面積達到 400 萬平方英尺。

During the first quarter, we signed 2.6 million square feet of leases, including 2.3 million square feet of renewals. As Doug will describe in a moment, that's more than double the leases signed in the first quarter a year ago. Between commitments and LOIs, we are nearly done with our 2025 lease expirations. We are now well into 2026 lease expirations.

第一季度，我們簽署了 260 萬平方英尺的租約，其中包括 230 萬平方英尺的續約。正如道格稍後將描述的，這比去年第一季簽訂的租約數量增加了一倍多。根據承諾和意向書，我們的 2025 年租約即將到期。我們現在已經進入 2026 年租約到期階段。

We are also laser-focused on a higher percentage of new lease deals versus renewals in our annual mix of business, as new deals will be the primary driver of higher spreads and incremental revenue to hit our NOI goal. We are tracking our progress on this front with two metrics: the new deal completion percentage that we track internally on our leasing speedometer and our SNO pipeline. As laid out in our last quarter earnings call, our initial goal on new deals was 50% progress by mid-2025 and 70% by year-end 2025. Hitting the 70% goal by year-end would put us on track to the mid-80% range by mid-2026. Reaching that goal also puts us on track for our ultimate opportunity to achieve the $130 million in cumulative SNO potential that I outlined last quarter.

我們也高度重視在年度業務組合中提高新租賃交易相對於續約交易的比例，因為新交易將是提高利差和增加收入以實現我們的 NOI 目標的主要驅動力。我們透過兩個指標來追蹤這方面的進展：我們在租賃速度計上內部追蹤的新交易完成百分比和我們的 SNO 管道。正如我們在上個季度的收益電話會議上所述，我們對新交易的初步目標是到 2025 年中期實現 50% 的進展，到 2025 年底實現 70% 的進展。如果到年底達到 70% 的目標，我們將有望在 2026 年中期達到 80% 左右的目標。實現這一目標也使我們最終有機會實現我上個季度概述的 1.3 億美元累積 SNO 潛力。

We've seen that mid 2026 leasing goal would effectively complete the new leasing goal outlined in our original plan. As I noted earlier, we are ahead of this plan. As of last quarter, our leasing speedometer was at 39%. I'm pleased to report that we are currently at 60% from new deal completion and have a large pipeline of LOIs, which gives us tremendous confidence in hitting the 70% more by year-end. Last quarter, our SNO pipeline was $66 million. That has now grown on a cumulative basis to $80 million as of today, which puts us on track to achieve a total and cumulative SNO pipeline of $100 million by year-end. Doug will provide additional details on our SNO pipeline shortly.

我們已經看到，2026 年中期的租賃目標將有效完成我們原計劃中概述的新租賃目標。正如我之前提到的，我們已經領先於這個計劃。截至上個季度，我們的租賃速度為 39%。我很高興地報告，我們目前的新交易完成率為 60%，並且擁有大量意向書，這讓我們非常有信心在年底前實現 70% 以上的目標。上個季度，我們的 SNO 管道價值 6,600 萬美元。截至今天，這一數字已累計增長至 8,000 萬美元，這使我們預計在年底前實現總計 1 億美元的 SNO 管道累計額。道格很快就會提供有關我們的 SNO 管道的更多詳細資訊。

While we're on the topic of leasing, I want to address the inevitable question on tariffs and any impact we're seeing. I'll echo what many CEOs have already said this quarter that we've seen minimal impact to date across the portfolio. We've had three strong executive leasing committees since early April, and a touch base with all retailers with leases out and virtually all are moving forward. In addition, we're in contact with existing tenants, and so far, there is no material effect on their business or inventories. We'll obviously continue to monitor these discussions and developments in real time.

當我們討論租賃主題時，我想談談有關關稅及其影響的不可避免的問題。我重複本季許多執行長已經說過的話，即迄今為止我們看到的整個投資組合受到的影響微乎其微。自 4 月初以來，我們已經成立了三個強大的執行租賃委員會，並與所有已出租的零售商進行了接觸，幾乎所有的租賃工作都在向前推進。此外，我們正在與現有租戶聯繫，到目前為止，他們的業務或庫存並沒有受到重大影響。我們顯然會繼續即時監控這些討論和發展。

For our target of $2 billion of asset sales and loan givebacks, we continue to execute on targeted dispositions, which strengthen the balance sheet and I'm pleased with the substantial progress made by the team. Dan will provide an update on these activities shortly.

對於我們 20 億美元資產銷售和貸款返還的目標，我們繼續執行有針對性的處置，這加強了資產負債表，我對團隊的實質進展感到滿意。丹將很快提供這些活動的最新消息。

We're approaching the balance of 2025 with a significant amount of confidence in the outcome and timing of our plan as well as the clear conviction that we have derisked the elements of the Path Forward plan. This conviction is based on the fact that we have simplified the business by consolidating JVs, which also enabled us to execute the refinancing on Washington Square. Dispositions have reached a total of $1.1 billion. We completed the equity raise ahead of plan, raising $500 million, refinancings are ahead of plan for $1 billion in total. We've locked in lease escalations that are a massive part of the expected lift.

我們對 2025 年的平衡目標充滿信心，對我們的計劃結果和時間安排充滿信心，並且堅信我們已經降低了「前進之路」計劃中各項要素的風險。這一信念基於這樣一個事實：我們透過合併合資企業簡化了業務，這也使我們能夠對華盛頓廣場進行再融資。處置總額已達 11 億美元。我們提前完成了股權融資，籌集了 5 億美元，再融資總額也提前達到 10 億美元。我們已經鎖定了租賃升級，這是預期成長的很大一部分。

And lastly, efforts to secure new leases are well ahead of plan. All we have remaining to achieve the plan is $50 million of SNO and completion of the remaining mall dispositions and givebacks as well as the outparcel sales. I'm confident our leasing and asset management teams can deliver on these two remaining pieces.

最後，爭取新租約的努力已經遠遠超出了計畫。我們實現該計劃所剩下的就是 5000 萬美元的 SNO 和完成剩餘的購物中心處置和回饋以及外包銷售。我相信我們的租賃和資產管理團隊能夠完成剩下的這兩個任務。

In conclusion, we have exceptional talent here at Macerich, and I'm pleased to see how well the team is collaborating using the tools and technology we've implemented. We are ahead of plan and have proven that we have the right process, strategies and team in place with great retail centers that can drive rental rates with strong permanent occupancy.

總而言之，Macerich 擁有傑出的人才，我很高興看到團隊利用我們實施的工具和技術進行如此良好的協作。我們領先於計劃，並已證明我們擁有正確的流程、策略和團隊，以及優秀的零售中心，可以透過強勁的永久入住率來提高租賃率。

With that, I'll turn the call over to Doug.

說完這些，我就把電話轉給 Doug。

Thanks, Jack. Portfolio sales at the end of the first quarter were $837 per square foot, which is flat when compared to the fourth quarter of 2024. However, when you exclude our Eddy properties, sales were $928 per square foot, which is up $13 compared to the last quarter. Traffic for the year is up 2% when compared to the same period in 2024. Occupancy in the first quarter was 92.6%, down from 94.1% when compared to the fourth quarter of 2024.

謝謝，傑克。第一季末的投資組合銷售額為每平方英尺 837 美元，與 2024 年第四季相比持平。然而，如果不包括我們的 Eddy 房產，銷售額為每平方英尺 928 美元，與上一季相比上漲了 13 美元。與 2024 年同期相比，今年的交通量增加了 2%。第一季的入住率為 92.6%，低於 2024 年第四季的 94.1%。

Most of this decline is due to the decrease in temporary holiday stores, which closed at the end of 2024 or during the first quarter of 2025 as well as transitioning Fashion District Philadelphia from a development project back into same-center occupancy. Portfolio occupancy, excluding our Eddy properties, was 95.2% for the quarter compared to 95.8% for the fourth quarter of 2024. Trailing 12-month leasing spreads as of March 31, 2025, were 10.9% versus 8.8% last quarter. This comprised of 22% spreads on new deals and 7% spreads on renewals. And this now represents 14 consecutive quarters of positive leasing spreads.

下降的主要原因是臨時假日商店的減少，這些商店於 2024 年底或 2025 年第一季關閉，以及費城時尚區從開發案過渡回同一中心入住率。不包括我們的 Eddy 物業，本季投資組合入住率為 95.2%，而 2024 年第四季為 95.8%。截至 2025 年 3 月 31 日的過去 12 個月租賃利差為 10.9%，而上一季為 8.8%。其中包括新交易利差 22% 和續約利差 7%。這意味著租賃利差已連續 14 個季度呈現正值。

Looking at the leasing spread on a same-space basis, spreads for new deals were 37.4% and spreads from renewals were 1.3%. In the first quarter, we opened 177,000 square feet of new stores while signing 320 leases for 2.6 million square feet. In terms of these lease signings, this represents 50% more leases and 160% more square footage that we signed in the first quarter of 2024. And just looking at new deals, it's over 70% more leases and 180% more square footage than first quarter 2024. The best brands remain very active and continue to take advantage of great space in centers.

從同面積租賃利差來看，新租利差為37.4%，續租利差為1.3%。第一季度，我們開設了 177,000 平方英尺的新店，同時簽署了 320 份租約，總面積達 260 萬平方英尺。就這些租約簽署而言，這意味著我們在 2024 年第一季簽署的租約增加了 50%，面積增加了 160%。僅從新交易來看，租賃量比 2024 年第一季增加了 70% 以上，建築面積增加了 180%。最好的品牌仍然非常活躍，並繼續利用中心的巨大空間。

To that end, in the first quarter, we signed two flagship stores at Tysons Corner Center, a 45,000 square foot Zara and an 18,000 square foot Uniqlo. Uniqlo will open in late 2025 and Zara in early 2026.

為此，我們在第一季在泰森斯角中心簽了兩家旗艦店，一家是 45,000 平方英尺的 Zara，另一家是 18,000 平方英尺的優衣庫。Uniqlo 將於 2025 年底開業，Zara 將於 2026 年初開業。

Other notable signings in the first quarter include Alloyoga at LoSarito in Santan Village, Abercrombie & Fitch at Broadway Plaza and The Village At Corte Madera; Aritzia at Loserios, Rag & Bone at Fashion Outlet of Chicago; and LauroPiana at Scottsdale Fashion Square. This list goes on with these examples are reflective of the continued flight to quality that retailers are pursuing, especially in our portfolio.

第一季其他值得注意的簽約包括：Alloyoga 入駐 Santan Village 的 LoSarito、Abercrombie & Fitch 入駐 Broadway Plaza 和 The Village At Corte Madera、Aritzia 入駐 Loserios、Rag & Bone 入駐芝加哥時尚奧特萊斯；以及 LauroPiana 入駐斯科茨代爾時尚廣場。此列表繼續列舉這些例子，反映了零售商對品質的持續追求，尤其是在我們的產品組合中。

Now let's look at our executive leasing committee, which reviews and approves deals on a biweekly basis. This is much more forward-looking and a better representation of the current environment and retailer sentiment. To date, we've reviewed over 70% more new and renewal deals and 145% more square footage than we did during the same period last year. And if you look at new deals only, we reviewed twice the number of new deals and 4 times the square footage than we did during the same period last year. And keep in mind, once these deals are approved, they go leased, get signed, and eventually become part of our signed not open pipeline.

現在讓我們來看看我們的執行租賃委員會，該委員會每兩週審查和批准交易一次。這更具前瞻性，也更能反映了當前的環境和零售商情緒。到目前為止，我們審查的新交易和續約交易比去年同期增加了 70% 以上，面積增加了 145%。如果只看新交易，我們審查的新交易數量是去年同期的兩倍，面積是去年同期的四倍。請記住，一旦這些交易獲得批准，它們就會被租賃、簽署，並最終成為我們已簽署但尚未開放的管道的一部分。

Turning to our lease expirations. To date, we have commitments on just about 80% of our 2025 expired square footage that is expected to renew and not close with another 16% in the letter of intent stage. So between commitments and LOIs, we're basically done with 2025 and now well into our 2026 lease expirations.

談到我們的租約到期。到目前為止，我們已承諾對 2025 年到期面積中的約 80% 進行續約，但不會關閉，另外 16% 處於意向書階段。因此，在承諾和意向書 (LOI) 之間，我們基本上已經完成了 2025 年的工作，現在已經進入 2026 年租約到期階段。

As we all know, in the first quarter, Forever21 filed for bankruptcy, this being the only bankruptcy filing year-to-date in our portfolio. While Forever21 had a lot of square footage, they didn't pay a lot of rent. We've anticipated this liquidation of stores for some time and recapturing these stores will provide an excellent opportunity to remerchandise the space with higher and better uses, paying us significantly more rent. To date, we have commitments on just over 50% of the closed square footage with another 10% in the letter of intent stage. With our commitments alone, we've already surpassed the rent Forever21 was paying, and when we finalize this entire backfill endeavor, we anticipate we should more than double the rent Forever21 was paying in the aggregate.

眾所周知，第一季度，Forever21 申請破產，這是我們投資組合中今年迄今為止唯一一家申請破產的公司。儘管 Forever21 的面積很大，但他們支付的租金卻不多。我們預計這些商店的清算已經有一段時間了，重新奪回這些商店將為我們提供一個絕佳的機會，以更高、更好的用途重新經營這些空間，並支付給我們更多的租金。到目前為止，我們已承諾承接超過 50% 的已成交面積，另有 10% 處於意向書階段。僅憑我們的承諾，我們已經超過了 Forever21 支付的租金，當我們完成整個填補工作時，我們預計我們應該將 Forever21 支付的租金總額增加一倍以上。

Turning to our signed not open, or SNO pipeline. To date, we have 148 signed leases for 1.2 million square feet of new stores, which we expect to open between now and into early 2028. In addition to these signed leases, we're currently negotiating leases that were previously approved in our executive leasing committee for new stores totaling just over 1.7 million square feet, and these two will open between now and into early 2028. So in total, that's nearly 3 million square feet of new store openings throughout the remainder of this year and beyond. The leasing activity has grown our SNO pipeline from $66 million of last quarter to $80 million today.

轉向我們簽署的未開放或 SNO 管道。到目前為止，我們已經簽署了 148 份租約，涉及 120 萬平方英尺的新店，預計這些新店將於現在至 2028 年初開業。除了這些已簽署的租約外，我們目前正在就執行租賃委員會先前批准的新店租約進行談判，新店總面積超過 170 萬平方英尺，這兩家店將於現在至 2028 年初開業。因此，總的來說，今年剩餘時間及以後將有近 300 萬平方英尺的新店開業。租賃活動使我們的 SNO 管道從上個季度的 6,600 萬美元增長到今天的 8,000 萬美元。

I'm very pleased with this growth in just 90 days, and it gives me confidence that we will hit $100 million by the end of the year. In 2025, we expect to realize approximately $25 million of the current $80 million pipeline. And of that $25 million, we've already realized $6 million in the first quarter. The remainder of the $80 million is anticipated to be realized between 2026 and early 2028.

我對短短 90 天內實現的成長感到非常滿意，這讓我有信心到今年年底我們將達到 1 億美元。到 2025 年，我們預計將實現目前 8,000 萬美元管道中的約 2,500 萬美元。在這 2500 萬美元中，我們已在第一季實現了 600 萬美元。剩餘的 8,000 萬美元預計將於 2026 年至 2028 年初實現。

Lastly, we're very excited to announce that we will be breaking ground this week on the redevelopment and expansion of Green Acres, which is located on Long Island in Valley stream. This development is comprised of 370,000 square feet, which addresses 260,000 square feet of the vacant Sears and Coles boxes along with the demolition of Sears TBA and parking deck. The project will open sight lines to the major highway in front of the mall and will include a new brand entrance along with an attractive streetscape, showcasing outward patient shops as well as full-service restaurants, quick service restaurants, grocery, entertainment and service uses.

最後，我們非常高興地宣布，本週我們將破土動工，重新開發和擴建位於長島山谷溪的 Green Acres。該開發案佔地 370,000 平方英尺，涉及 260,000 平方英尺的空置 Sears 和 Coles 店鋪以及 Sears TBA 和停車場的拆除。該項目將打開通往購物中心前主要高速公路的視線，並將包括一個新的品牌入口以及迷人的街景，展示外部病人商店以及全方位服務的餐廳、快餐店、雜貨店、娛樂和服務用途。

Demand and pre-leasing have been very strong with almost 50% of the project square footage committed and another 17% in the LOI stage. Tenants will open in phases beginning in 2026 with full completion by fall of 2027. So stay tuned for several exciting announcements in the very near future.

需求和預租情況非常強勁，近 50% 的專案面積已承諾，另有 17% 處於 LOI 階段。租戶將從 2026 年開始分階段開放，並於 2027 年秋季全面竣工。因此，請繼續關注近期即將發布的幾項令人興奮的公告。

And with that, I'll turn the call over to Dan to go through our first quarter financial results.

說完這些，我將把電話轉給丹，讓他來報告我們第一季的財務表現。

Thanks, Doug, and good afternoon. I'll start with a review of first quarter financial results. FFO, excluding financing expense in connection with Chandler Freehold accrued default interest expense and loss on non-real estate investments was approximately $87 million or $0.33 per share during the first quarter of 2025 as compared to approximately $75 million or $0.33 per share for the first quarter of 2024.

謝謝，道格，下午好。我將首先回顧第一季的財務結果。2025 年第一季度，FFO（不包括與 Chandler Freehold 應計違約利息費用和非房地產投資損失相關的融資費用）約為 8,700 萬美元或每股 0.33 美元，而 2024 年第一季約為 7,500 萬美元或每股 0.33 美元。

The primary driver of the $12 million increase in nominal FFO is higher leasing revenues including from the net impact of JV interest acquisitions and dispositions activity, which more than offset increases in operating expenses and interest expense.

名目 FFO 增加 1,200 萬美元的主要動力是租賃收入增加，包括合資權益收購和處置活動的淨影響，這足以抵消營運費用和利息費用的增加。

I would like to highlight the following items included in our FFO adjusted for the quarter. Number one, $9 million of interest expense relates to the amortization of debt mark-to-market resulting from our various JV interest acquisitions. This noncash expense is included in interest expense. Number two, $2 million of severance expense is included in management company's operating expenses. And number three, $6 million of legal claims, net settlement income at one of our properties related to a construction design defect matter.

我想強調本季調整後的 FFO 中包含的以下項目。第一，900 萬美元的利息支出與我們各項合資權益收購產生的以市價計價的債務攤銷有關。該非現金支出包含在利息支出中。第二，200 萬美元的遣散費包含在管理公司的營運費用中。第三，我們的一處房產因建築設計缺陷問題而產生的法律索賠淨和解收入為 600 萬美元。

We believe aggregate proceeds recovered are more than adequate to cover our proposed solution. This $6 million is nonrecurring in nature and is included in other income. Same center NOI, excluding lease termination income, increased 0.9% in the first quarter of 2025, compared to the first quarter of 2024. Excluding Eddy assets, same-center NOI increased 2.4% year-over-year.

我們相信，收回的總收益足以支付我們提出的解決方案。這 600 萬美元屬於非經常性收入，計入其他收入。與 2024 年第一季相比，2025 年第一季同一中心的 NOI（不包括租賃終止收入）增加了 0.9%。不包括 Eddy 資產，同一中心的 NOI 年比成長 2.4%。

Turning to the balance sheet. During the first quarter, we have made good progress on our Path Forward plan. We closed on a new $340 million 10-year mortgage loan on Washington Square at an attractive fixed interest rate of 5.58%. We used a portion of the net proceeds to repay the remaining first mortgage on FlatIron Crossing, which was approximately 72 million our share and to repay the balance outstanding on our line of credit, which was $110 million. FlatIron was a 2025 maturity and inclusive of the $7.5 million [ mezz ] loan and FlatIron that we paid off earlier in the quarter, carried an interest rate of just north of 9%.

轉向資產負債表。第一季度，我們的前進計劃取得了良好進展。我們在華盛頓廣場完成了一筆新的 3.4 億美元 10 年期抵押貸款，固定利率為 5.58%。我們以部分淨收益償還了 FlatIron Crossing 剩餘的第一筆抵押貸款（約為我們的份額 7,200 萬美元），並償還了我們的信用額度未償還的餘額（1.1 億美元）。FlatIron 到期日為 2025 年，包括 750 萬美元的 [mezz] 貸款和我們在本季度早些時候償還的 FlatIron，利率略高於 9%。

FlatIron is now unencumbered. For the balance of 2025, we have only one remaining maturing loan in November for approximately $200 million. And we'll continue to proactively address our remaining 2026 debt maturities through a combination of potential asset sales, refinancings, loan modifications or loan givebacks. We currently have approximately $995 million of liquidity including $650 million of capacity on our revolving line of credit.

FlatIron 現在已不受任何限制。對於 2025 年的餘額，我們僅剩一筆將於 11 月到期的貸款，金額約為 2 億美元。我們將繼續透過潛在資產出售、再融資、貸款修改或貸款返還等方式積極解決剩餘的 2026 年到期債務。我們目前擁有約 9.95 億美元的流動資金，其中包括 6.5 億美元的循環信貸額度。

From a leverage perspective, net debt to EBITDA at the end of the first quarter was 7.9 times, which is almost a full turn lower than at the outset of the Path Forward plan. And importantly, we've outlined our strategy to further reduce leverage to the low to mid-6 times range over the next couple of years.

從槓桿率角度來看，第一季末的淨債務與 EBITDA 比率為 7.9 倍，與 Path Forward 計劃開始時相比幾乎下降了整整一倍。重要的是，我們已經制定了未來幾年內將槓桿率進一步降低至 6 倍以下至 6 倍左右的策略。

We continue to make substantial progress in executing on planned dispositions as part of the Path Forward Plan. In March, we closed on the sale of Wilton Mall for $25 million. In April, we closed on the sale of South Park for $11 million. Both assets were unencumbered. We are currently under contract to sell liquid, which is expected to close in the second half of 2025, subject to customary closing conditions.

作為「前進計畫」的一部分，我們在執行計畫處置方面繼續取得實質進展。三月份，我們以 2500 萬美元的價格完成了威爾頓購物中心的出售。四月份，我們以 1100 萬美元的價格完成了《南方公園》的出售。這兩項資產均無任何抵押。我們目前正在簽訂銷售液體的合同，預計該合約將於 2025 年下半年完成，但須遵守慣例成交條件。

We expect net proceeds to Macerich of approximately $5 million above the debt balance outstanding. These sales transactions are consistent with our stated disposition plan to improve the balance sheet and refine our portfolio.

我們預計 Macerich 的淨收益將超過未償債務餘額約 500 萬美元。這些銷售交易與我們所述的改善資產負債表和完善投資組合的處置計劃一致。

With respect to our bucket of disposition outparcels, freestanding retail, nonenclosed malls and land, we have also made considerable progress toward our 2025 goal of $100 million to $150 million in total sales for the year. During the first quarter, we closed on $7 million at our share of land sales. In April, at Santan Village, we closed on the sale of vacant lots for $25 million at our share and three outparcel assets for $7 million at our share. And I'm very pleased to report that we currently have approximately $17 million of additional land sales and approximately $21 million of additional outparcel sales under contract, which are expected to close in the second half of 2025, subject to customary closing conditions. This brings us to $77 million sold or under contract against our $100 million to $150 million target for 2025.

就我們的處置地塊、獨立零售、非封閉式購物中心和土地而言，我們在實現 2025 年全年總銷售額 1 億至 1.5 億美元的目標方面也取得了長足的進步。第一季度，我們的土地銷售額達到 700 萬美元。4 月份，我們以 2500 萬美元的價格（我們的份額）出售了 Santan Village 的空置土地，並以 700 萬美元的價格（我們的份額）出售了三個外圍資產。我很高興地報告，我們目前有大約 1700 萬美元的額外土地銷售額和大約 2100 萬美元的額外地塊銷售額按照合約簽訂，預計將於 2025 年下半年完成，但須遵守慣例成交條件。這樣，我們的銷售額或合約金額就達到了 7,700 萬美元，而我們 2025 年的目標是 1 億至 1.5 億美元。

To recap on the path forward plan, significant progress to date on the three key pillars to reduce leverage. One, Jack and Doug provided an update on the successful leasing progress to date that is a critical component of delivering on the NOI growth component of the plan. Two, we achieved the equity issuance component of the plan in the fourth quarter of 2024. And three, we have made substantial progress on the sales and giveback component of the plan and have identified a clear path to achieving our $2 billion disposition target. To date, we have completed almost $800 million.

回顧前進的計劃，迄今為止，在降低槓桿率的三大關鍵支柱上取得了重大進展。首先，傑克和道格提供了迄今為止成功租賃進展的最新情況，這是實現計劃中 NOI 成長部分的關鍵組成部分。二、我們在2024年第四季實現了該計畫的股權發行部分。第三，我們在該計劃的銷售和回饋部分取得了實質進展，並確定了實現 20 億美元處置目標的明確途徑。到目前為止，我們已經完成了近8億美元。

And as you will see in the incremental disclosure we've provided in our supplement, this includes Country Club Plaza, Biltmore, the Oaks, Southridge, Wilton Mall, and South Park, all of which are closed. Santa Monica Place in which the loan encumbering this property is in default and then Atlas Park, which is currently being marketed for sale.

正如您在我們補充資料中提供的增量披露中看到的，這包括鄉村俱樂部廣場、比爾特莫爾、橡樹園、南嶺、威爾頓購物中心和南公園，所有這些場所都已關閉。聖莫尼卡廣場 (Santa Monica Place) 的房產貸款已違約，而阿特拉斯公園 (Atlas Park) 目前正在出售。

The sale of Lakewood, which is now under contract, would increase our sales completed total to just over $1.1 billion. And then we have identified internally several additional assets totaling up to $400 million for sale or give back over the next one to two years. The remaining dispositions in our plan represent the sale of El Parcels, freestanding retail, nonenclosed mall assets and land. We continue to expect to be substantially complete on this last bucket of the disposition program by the end of 2026. We'll provide further updates on these sales as we progress through the year.

萊克伍德的出售現已簽訂合同，這將使我們的銷售總額增加到略高於 11 億美元。然後，我們在內部確定了幾項總額高達 4 億美元的額外資產，將在未來一到兩年內出售或返還。我們計劃中的其餘處置代表出售 El Parcels、獨立零售、非封閉式購物中心資產和土地。我們仍預計到 2026 年底，這最後一項處置計畫將基本完成。隨著年內進展，我們將提供這些銷售情況的進一步更新。

In conclusion, we are making great progress on our path forward plan objectives to reduce leverage, refine the portfolio and strengthen the balance sheet.

總之，我們在降低槓桿率、優化投資組合和加強資產負債表的未來計畫目標上取得了巨大進展。

With that, we'll turn the call back over to the operator.

這樣，我們就會將電話轉回給接線生。

(Operator Instructions) Ki Bin Kim, Truist.

（操作員指示）Ki Bin Kim，Truist。

Congratulations on a great quarter. So first question, I know this answer might be a little bit different, and you touched on the customer reactions from the trade tariffs. But with the news from this weekend, do you think there's any potential upside on leasing going forward?

恭喜本季取得優異成績。所以第一個問題，我知道這個答案可能有點不同，你提到了客戶對貿易關稅的反應。但是根據本週末的消息，您認為未來租賃還有任何潛在的上升空間嗎？

Ki, it's Doug. I'll take that one. Let me talk about what we were seeing during the tariff. We did not see a lot of pullback. In fact, a couple of weeks ago, we had our Board meeting.

Ki，我是 Doug。我要那個。讓我來談談我們在關稅期間看到的情況。我們沒有看到太大的回調。事實上，幾週前我們就召開了董事會。

Prior to that, we contacted every 1 of our 40 national rent-paying tenants. And really, none of them was pulling back on open to buys. They were all honoring their leases out or they're fully executed leases. Then we actually looked at every lease we had out for signature, contacted every retailer, and there was only a handful that were pulling back. So we haven't seen a lot.

在此之前，我們聯絡了全國 40 位付租金的租戶。事實上，沒有一家公司停止購買。他們都履行了租約，或者說他們已經完全履行了租約。然後，我們實際上查看了我們簽署的每一份租約，聯繫了每一家零售商，只有少數幾家退出了。所以我們沒看到太多。

Therefore, I don't think there's really any change in the upside. I mean the retailer sentiment is strong. You can see it in our leasing metrics, what we've signed, what we approved in ELC and then most importantly, what's currently in our pipeline.

因此，我認為上行趨勢不會有任何變化。我的意思是零售商情緒強。您可以在我們的租賃指標、我們簽署的協議、我們在 ELC 中批准的協議以及最重要的，我們目前正在籌備的協議中看到這一點。

Okay. And on the SNO pipeline of $80 million, that's a cumulative number. But can you provide what is net incremental that we can expect when we model?

好的。對於耗資 8000 萬美元的 SNO 管道來說，這是一個累計數字。但是您能否提供我們在建模時可以預期的淨增量是多少？

This is Brad. I'll take that one. So the $80 million is incremental over the revenue being generated in the spaces from 2024. So that is our cumulative total that we expect to see in our model through 2028, and $25 million of that will be realized in 2025 and $6 million of it was realized in Q1.

這是布拉德。我要那個。因此，8000 萬美元是自 2024 年起在該領域產生的收入的增量。這是我們預計到 2028 年在模型中看到的累計總額，其中 2500 萬美元將在今年 2025 年實現，600 萬美元將在第一季實現。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

You mentioned a couple of times that you're ahead of plan here on the leasing side of things and you're doing well on the sales and givebacks. Just kind of curious, as you look at what you're spending on the leases to get them up and running on the CapEx side. Is that trending ahead?

您曾多次提到，您在租賃方面的進展超出了計劃，而且在銷售和回饋方面也做得很好。只是有點好奇，當你看看你在租賃上花了多少錢來讓它們在資本支出方面啟動和運行時。這是未來的趨勢嗎？

And then also just given the execution here, when do you guys think you'd be in state giving guidance?

然後，考慮到這裡的執行情況，你們認為什麼時候會在州內提供指導？

Greg, this is Jackson. So on the spend, I think we've talked about on spaces under 10,000 square feet. It's basically north of 1 times annual rent, 1.2 to 1.4 times in that range. Obviously, for anchor deals, anchor deals are more expensive. We have 26 anchor deals that we believe will come online in 2028, 17 of the 26 deals are already committed.

格雷格，這是傑克遜。關於支出，我想我們討論的是 10,000 平方英尺以下的空間。它基本上是年租金的 1 倍以上，在 1.2 倍到 1.4 倍範圍內。顯然，對於主力交易來說，主力交易的價格更高。我們有 26 筆核心交易預計在 2028 年完成，其中 17 筆已經承諾完成。

They're either leases signed or leases out. We got another 6 LOIs and 3 are prospecting. So I would say, generally, as we think about capital, the plan is probably slightly more capital than initially envisioned when we came up with a path forward last year. The dollars are being spent faster in the model.

它們要么是已簽訂的租約，要么是已出租的租約。我們又獲得了 6 份意向書，其中 3 份正在進行勘探。因此我想說，一般來說，當我們考慮資本時，該計劃的資本可能比我們去年提出前進道路時最初設想的資本要多一些。在這個模型中，資金的花費速度更快。

And as we discussed last time, correspondingly, you're going to see the major uplift in FFO and EBITDA in '27, '28, just as it relates to the time it takes to deliver.

正如我們上次討論的那樣，您將看到 27 年、28 年 FFO 和 EBITDA 大幅提升，這與交付所需的時間有關。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Great job with all the progress this quarter. Just wondering about the success of the new deals in the quarter, up 70% from a year ago, I assume that the new structure that you talked about to streamline permanent specialty and department store leasing under one leadership helps. But just any more color and details you could provide about the success of the pace on new leasing?

本季度取得了所有進展，做得很好。我只是想知道本季度新交易的成功程度，比去年同期增長了 70%，我認為您談到的在一個領導下簡化永久性專業店和百貨商店租賃的新結構有所幫助。但是，您能否提供更多關於新租賃步伐成功的細節和細節？

Yes. Thanks, Linda, it's Jackson. Look, the pace works because of the way we've laid out the plan and our organizational structure. Obviously, the leasing is consolidated into one team, but the asset management team, which rides as an equal partner to leasing, there's a very direct line of communication between asset management, leasing, how it affects portfolio management in our model and in our speedometer. That's phenomenal.

是的。謝謝，琳達，我是傑克森。你看，這個節奏是因為我們所製定的計畫和組織結構的方式。顯然，租賃被合併為一個團隊，但資產管理團隊作為租賃的平等合作夥伴，在資產管理、租賃之間存在非常直接的溝通管道，以及它如何影響我們模型和速度計中的投資組合管理。這太驚人了。

Once again, just to reiterate, that represents expected revenue from these new leases. So it's very important to be at 60% at this point. So I would say that while the pace has been honestly incredible versus historical experience here. There's no reason why you can't stop or continue with the space. It's -- we've got the right properties. Tenants want to be in there. We kind of know the right prescription, we know how to fix the model. We make decisions very rapidly and the teams have a very clear directive.

再次重申，這代表了這些新租約的預期收入。因此，此時達到 60% 非常重要。所以我想說，與歷史經驗相比，這裡的步伐確實令人難以置信。沒有理由說你不能停止或繼續這個空間。這是——我們擁有正確的屬性。租戶希望住在那裡。我們知道正確的處方，我們知道如何修復模型。我們做出決策非常迅速，團隊有非常明確的指示。

I also think like I said one of the reasons why I think we've really broken the back of this plan. The $15 million of remaining SNO that we talked about, $20 million of that $50 million is within our fortress properties, our best properties in the portfolio. And of the $50 million, 90% of that revenue is going to come from A, B and C rated space. So we're talking about the best space and our best setters or our top centers that are remaining to go. And so yes, we're going to continue to lease at very aggressive levels, but we've got a lot of great space to lease bill in great centers.

我還認為，就像我說過的，這也是我認為我們真正破壞這個計劃的原因之一。我們談到的剩餘 1,500 萬美元 SNO，其中 5,000 萬美元中的 2,000 萬美元屬於我們的堡壘資產，也就是我們投資組合中最好的資產。在這 5,000 萬美元中，90% 的收入將來自 A、B 和 C 級空間。因此，我們正在談論最佳空間和我們的最佳二傳手或剩餘的頂級中鋒。所以是的，我們將繼續以非常積極的水平進行租賃，但我們在優秀的中心地區擁有大量優秀的租賃空間。

Just one follow-up to that. In terms of the funnel of tenants that you're considering, have you opened up the funnel tenants that you're leasing to as well?

對此僅做一次跟進。就您考慮的租戶管道而言，您是否也開放了您要出租的租戶管道？

Linda, can you repeat the question, please?

琳達，你能重複這個問題嗎？

I was just wondering if you're considering a wider cohort of tenants that you would lease to?

我只是想知道您是否考慮將房屋出租給更廣泛的租戶群體？

No. I think we've talked about this on several calls. Coming out of COVID, the breadth and depth of -- we don't even call it retailers anymore. It's really use it has expanded tremendously. So when we talk about leasing, yes, there are the key legacy retailers, they'll always be a part of our shopping centers, but you're also looking at digitally native and emerging brands, international brands, food and beverage, restaurant, medical, entertainment, electric vehicles, fitness, home furnishings, grocery.

不。我想我們已經在幾次通話中討論過這個問題了。擺脫新冠疫情的影響後，其廣度和深度——我們甚至不再稱之為零售商了。它的用途確實得到了極大的擴展。因此，當我們談論租賃時，是的，有主要的傳統零售商，他們將永遠是我們購物中心的一部分，但你也在關注數位原生和新興品牌、國際品牌、食品和飲料、餐廳、醫療、娛樂、電動車、健身、家居用品、雜貨。

So the uses that we have to choose from are really unprecedented today.

因此，我們今天可以選擇的用途確實是前所未有的。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just -- I think in the last call, you mentioned thoughts on same-store NOI maybe being flattish for this year and next, maybe until you sort of get the lease commencements and so forth. Just curious if we can get an update on that given things are running ahead of plan. And any sort of high level '27, '28 occupancy targets in your mind would also be helpful?

只是——我想在上次通話中，您提到了對同店淨營業利潤率在今年和明年可能持平的看法，也許直到您獲得租約開始等等。我只是好奇，鑑於事情進展比計劃提前，我們是否可以得到最新消息。您心中設定的任何 27、28 年高水準入住率目標也會有幫助嗎？

Rod, it's Jackson. So last quarter, when I made reference to the flat NOI same-store profile, my initial comment was really related to the entire portfolio. As I said, the best indicator of success is our leasing progress. And based on this faster leasing pace on our go-forward portfolio, we actually expect same-store NOI in our go-forward portfolio in 2026 to be in the 3% to 4% range, and significantly higher in '27 and '28.

羅德，我是傑克森。因此，上個季度，當我提到平穩的 NOI 同店狀況時，我最初的評論實際上與整個投資組合有關。正如我所說，成功的最佳指標就是我們的租賃進度。基於我們未來投資組合中這種更快的租賃速度，我們實際上預計 2026 年未來投資組合中的同店淨營業利潤率將在 3% 至 4% 之間，並在 2027 年和 2028 年大幅提高。

As it relates to physical permanent occupancy, I talked last quarter about roughly being around 84% physical permanent occupancy in our go-forward portfolio. At the time, the SNO that we talked about last quarter represented about 250 basis points of potential permanent occupancy. So if we kind of keep at this pace, you sort of should expect us to get very close to that 89% area of physical potent occupancy, plus 26 anchor locations being fulfilled, which those anchors, we think would generate over $600 million in sales. So we do our work. We think that we're going to really be able to accelerate the sales productivity and traffic in our centers.

至於實體永久入住率，我上個季度談到，我們未來投資組合中的實體永久入住率大約是 84%。當時，我們在上個季度討論的 SNO 代表潛在永久佔用率約 250 個基點。因此，如果我們保持這種速度，您應該可以預期我們將非常接近 89％ 的實際入住率，再加上 26 家主力店的入住率，我們認為這些主力店將產生超過 6 億美元的銷售額。所以我們就做我們的工作。我們認為我們確實能夠提高我們中心的銷售效率和客流量。

And that's going to really set ourselves up for some better releasing spreads as we get more permanently occupied on the next cycle of lease renewals after 2028.

這將為我們創造更好的出租利差，因為我們將在 2028 年後的下一輪租約續約中獲得更長久的入住。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, Jack, I mean, you're certainly making a lot of good progress here, especially on the leasing side. But just one metric that's sort of is lagging or has sort of held constant in sales. I guess, how should we think about your ability to sort of push rents here, especially if sales don't grow? Again, it's good progress made so far, but I just want to get your thoughts on sales here?

我想，傑克，我的意思是，你在這裡肯定取得了很多進展，特別是在租賃方面。但銷售額中只有一個指標有點落後或維持不變。我想，我們應該如何看待您在這裡提高租金的能力，尤其是在銷售額沒有成長的情況下？再說一次，到目前為止取得了良好的進展，但我只是想聽聽您對這裡的銷售的看法？

So I think you've got to sort of trust in the process that we're executing on. When I look at like Scottsdale Fashion Square, that center is doing over $1 billion in sales. Tysons is going to do over $1 billion after we get a couple more -- we've got an anchor deal that's approved, but we're in the documentation phase. We've got 26 anchors that are coming online between now and 2028, and an incredible amount of in-line permanent occupancy increasing with what I call best-in-class brands that drive traffic and rent and sales.

所以我認為你必須對我們正在執行的流程有一定信心。當我看到斯科茨代爾時尚廣場時，中心的銷售額超過 10 億美元。在我們獲得另外幾筆交易後，泰森斯的估值將超過 10 億美元——我們已經獲得了一項已獲批准的錨定交易，但目前我們處於文件階段。從現在到 2028 年，我們將有 26 家主力店上線，隨著我所說的推動客流量、租金和銷售額的一流品牌的出現，線上永久入住率也將大幅增加。

So yes, we're spending a lot of money in centers. We're not densifying good retail use. And I think that's really -- that gives us the confidence to be able to drive sales productivity. So I wouldn't get so worried about this intermediate period on sales. Maybe at some point, we'll break down sales in some of our better centers where we've done this type of work, like Tysons and Scottsdale that give us the confidence to know if you do the right things in the center from a retail standpoint, you get the right result in terms of traffic increase and sales productivity.

是的，我們在這些中心投入了大量資金。我們沒有提高良好的零售用途密度。我認為這確實給了我們提高銷售效率的信心。所以我不會太擔心這個銷售中間階段。也許在某個時候，我們會在我們做過這類工作的更好的中心細分銷售額，比如泰森斯和斯科茨代爾，這讓我們有信心知道，如果你從零售的角度在中心做正確的事情，你就會在流量增加和銷售效率方面獲得正確的結果。

And we're applying that sort of basic strategy across our go-forward portfolio at this point.

目前，我們正在將這種基本策略應用於我們的未來投資組合。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，指南針點。

My question to you was more you've identified your Eddies or your -- and some of these potential additional sales candidates. Can you quantify to us what percentage of your NOI today is core versus noncore. And maybe talk a little bit about -- I think you've indicated that you think your core NOI is going to grow by 3% to 4%. Is that this year? Or is that next year?

我想問您的問題是，您是否已經確定了您的 Eddies 或您的 - 以及一些潛在的額外銷售候選人。您能否向我們量化一下，您目前的淨營業利潤中，核心和非核心的百分比是多少？也許可以稍微談談——我想您已經表示過，您認為您的核心淨營業利潤將增長 3% 到 4%。是今年嗎？還是明年？

So that's next year on the 3% to 4% on the core go-forward portfolio. But, we're going to come out with this NOI bridge in the next two weeks, like it's between ICSC and NAREIT. It's going to outline -- I think we'll make this a little bit more clearer and also outline what properties are designated within the go forward. And I think that after we do that be more helpful for you all, if we can take you through it.

因此，明年核心未來投資組合的增幅將達到 3% 至 4%。但是，我們將在未來兩週內推出這座 NOI 橋樑，就像 ICSC 和 NAREIT 之間的橋樑一樣。它將概述 - 我認為我們將使這一點更清晰一些，並概述未來將指定的屬性。我認為，如果我們能帶領大家完成這件事，對大家來說會更有幫助。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

I have two questions on the new leasing. Just trying to better understand that kind of speedometer metric. But what percent of total leasing deals do you expect to be new deals in 2025 and '26, how does that compare to the historical average? And then does this new deals under consideration by the executive leasing committee, is that more retailers looking to locate in Macerich assets? Or is that more of a willingness on your end, not to renew tenants take on the short-term vacancy for some longer-term gain?

我對新的租賃有兩個問題。只是想更好地理解那種速度計指標。但是，您預計 2025 年和 2026 年總租賃交易中有多少百分比是新交易，與歷史平均值相比如何？那麼，執行租賃委員會正在考慮的這些新交易中，是否有更多零售商希望在 Macerich 資產中落腳？或者這更多的是您的意願，不再與租戶續約，而是承擔短期空置，以獲得一些長期利益？

I'll take the second question first, and then Brad, maybe you can take the first question. But the deals we review at our executive leasing committee are really a combination of new deals and renewal deals. Many are new deals that are just strictly taking vacant space that we've identified, Jack mentioned, A, B, and C quality space. We have every single space in our portfolio identified and a rent attributed to it. So we know exactly what we're doing methodically.

我先回答第二個問題，然後布萊德，也許你可以回答第一個問題。但我們執行租賃委員會審查的交易實際上是新交易和續約交易的組合。許多新交易只是嚴格佔用我們確定的空置空間，傑克提到了 A、B 和 C 級品質空間。我們已經確定了投資組合中的每個空間，並確定了相應的租金。因此，我們清楚地知道我們正在有條不紊地做什麼。

Are we taking off some space, taking some space off-line? Yes. And we do that. That's just normal course of business. We do that to enhance the merchandising of the shopping centers, and Jack just alluded to that.

我們是否要佔用一些空間，讓一些空間離線？是的。我們確實這麼做了。這只是正常的業務流程。我們這樣做是為了增強購物中心的商品銷售，傑克剛才也提到了這一點。

So really, ELC is a combination of both renewal deals and new deals. But I really view it as a forward-looking metric that unlike signed leases, which is the stuff we've done in the past, what we look at on a biweekly basis is all new and really more indicative of what's going on in the present and more importantly, in the future.

因此，實際上，ELC 是續約協議和新協議的結合。但我確實將其視為一種前瞻性指標，與簽署的租約（我們過去所做的事情）不同，我們每兩週審查一次的內容都是新的，並且更能說明當前正在發生的事情，更重要的是，未來正在發生的事情。

Brad, do you want to?

布拉德，你想嗎？

And Greg, on the first part of the question, in 2023, we just -- at a point in time, we did 4.2 million square feet of leasing, 1.4 million of that square footage was new leases. Now that was for the entire portfolio. I would say, as the go forward, you should expect our percentage of new to be higher. I'm going to give you an exact target, but it's going to be higher than that percentage. And we've talked about that where that's a big opportunity.

格雷格，關於問題的第一部分，在 2023 年的某個時間點，我們完成了 420 萬平方英尺的租賃，其中 140 萬平方英尺是新租賃。這就是整個投資組合。我想說，隨著時間的推移，我們的新比例應該會更高。我會給你一個確切的目標，但它會高於這個百分比。我們已經討論過這個問題，這是一個巨大的機會。

Okay. And if I could just follow up on the development -- sorry, the redevelopments. Just so that the yields fell a bit this quarter. It looks like a mix of increased project costs and lower rent assumptions. I was hoping you could give us some more clarity on that?

好的。如果我可以跟進發展情況——抱歉，是重建情況。只是本季收益率略有下降。這看起來像是專案成本增加和租金假設降低的結合。我希望您能就此問題給我們更清晰的解釋？

Yeah. Hey, Greg, it's really just the team just completed their property quarterly reviews and going through that process, there were some marginal cost increases at both Flat Iron and Green Acres, which are really driving the differences that you'll see in the supplement page on the development.

是的。嘿，格雷格，實際上團隊剛剛完成了他們的季度財產審查，在經歷了這一過程之後，Flat Iron 和 Green Acres 的成本都有一些邊際增加，這就是導致差異的真正原因，您會在開發補充頁面上看到這些差異。

Okay. No risk for further growth beyond that?

好的。除此之外沒有進一步成長的風險嗎？

Not as we sit here today, based on the latest review of the projects that we just completed over the last couple of weeks.

就我們今天坐在這裡的情況來看，根據對過去幾週剛完成的項目的最新審查，情況並非如此。

Vince Tibone, Green Street.

文斯提博內 (Vince Tibone)，綠街。

Could you clarify the differences in the two renewal leasing spread statistics you cited earlier? I believe you said one was 7% and the other was like closer to 1% on a same-space basis. But not for renewals, things should generally be same space. So just if you could clarify kind of what's driving the delta there. That would be helpful.

您能否解釋一下您之前引用的兩個續租租賃利差統計數據之間的差異？我相信您說的是，一個是 7%，而另一個在相同空間基礎上接近 1%。但不適用於續訂，事物通常應在同一空間。所以，如果您能解釋一下造成那裡出現三角洲現象的原因是什麼的話。那將會很有幫助。

It's Brad. I'll take that one. So on the same space spreads, we look at it -- it includes tab spaces and who's in the space today. And so it's apples-to-apples in the exact same space. When we look at the new and renewal, the '22 and the metric for new deals, that includes both against the same expiring rent.

是布拉德。我要那個。因此，在相同的空間範圍內，我們查看它——它包括標籤空間和今天誰在空間中。因此，它們是在完全相同的空間內同類的。當我們查看新房和續約、22 房和新交易指標時，這包括針對相同到期租金的兩個指標。

So it's just splitting it between the two.

所以這只是將其分為兩者。

I thought -- okay, did I miss here then. I thought it was like one renewal, 7%. The other one was 1%. I guess. So renewals, it sounds like the 1% figure is the more appropriate like renewal spread on to think about?

我想——好吧，我是不是錯過了什麼。我以為這只是續約，7%。另一個是1%。我猜是的。因此，對於續約而言，聽起來 1% 這個數字更合適，就像續約利差一樣值得考慮？

Yeah, I would say so. I mean, our renewal spreads are definitely less than our new deal spread, and that's why we're (inaudible).

是的，我會這麼說。我的意思是，我們的續約利差肯定低於新交易利差，這就是為什麼我們（聽不清楚）。

Also like in the first quarter, we had an anchor renewal, so those are the -- also waiting in that package.

另外，就像在第一季一樣，我們有一個錨定續約，所以這些也是在那個包裹中等待的。

Got it. So there -- the prior tenant, so it includes the anchors, it includes temps. I just want to make sure I understand what's in that metric. Because I believe that's the first time this has been provided, correct me if I'm wrong.

知道了。所以那裡有前任租戶，包括主力租戶和臨時租戶。我只是想確保我理解該指標的含義。因為我相信這是第一次提供此信息，如果我錯了，請糾正我。

I think we provided the color last quarter as well in the same space, I guess.

我想我們上個季度也在同一個空間提供了顏色。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

For the same-store NOI growth this quarter, could you give us a little bit in the detail about the kind of same-store revenues and same-store expenses? What happened in these two items to kind of get to the same-store NOI?

對於本季同店淨營業利潤的成長，您能否詳細介紹一下同店收入和同店支出的情況？這兩件商品之間發生了什麼，導致同店淨銷售額下滑？

Are you referencing for the first quarter of 2025?

您指的是 2025 年第一季嗎？

Yes. For the first quarter of 2025, and I'm just trying to understand how you ultimately expect that to change to kind of get to this 3%, 4% growth we're talking about in [2020] segment?

是的。對於 2025 年第一季度，我只是想了解您最終預計這種情況會如何變化，以達到我們在 [2020] 年談論的 3% 或 4% 的增長率？

Yes, the first -- I mean, in the first quarter, we did see some operating expense increases. But as I mentioned earlier, the revenue generation was more than offsetting those shopping center increases for the first quarter. And you went out on the second part of your question --

是的，首先——我的意思是，在第一季度，我們確實看到一些營運費用增加。但正如我之前提到的，第一季的收入足以抵消購物中心的成長。你對問題的第二部分進行了討論--

He was talking about the go forward, so it's a different portfolio, that's a (inaudible).

他談論的是前進，所以這是一個不同的投資組合，這是一個（聽不清楚）。

Yeah.

是的。

So, yeah. So we had an (inaudible)

是的。所以我們有一個（聽不清楚）

The first quarter 2025 is for the current portfolio and the commentary Jack referenced earlier, the 3% to 4% in 2026, that's for the go-forward portfolio, which to the earlier comment, we'll be providing more color on the position of that portfolio with our NOI bridge over the next couple of weeks.

2025 年第一季針對的是當前投資組合，而傑克之前提到的評論是 2026 年的 3% 到 4%，這是針對未來投資組合的，根據先前的評論，我們將在接下來的幾週內透過我們的 NOI 橋樑為該投資組合的狀況提供更多說明。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

We're one or two questions. I just want to make sure, are we -- can we ask one or two?

我們有一兩個問題。我只是想確認一下，我們可以問一兩個問題嗎？

Just ask one if you could, and then --

如果可以的話，就問一個，然後--

Okay, great. Well, then on the numbers side, there were some items in the first quarter I -- maybe you mentioned the legal expense in the opening, I didn't hear it, but there was a lease term fee, and then there's legal expense. And then also, it sounds like there's $21 million of land sales potentially in the balance this year in FFO? So just trying to get a better understanding on the legal and lease term in the first quarter, expectations for more lease terms this year and then land sales that we should expect in FFO for the balance of the year?

好的，太好了。好吧，從數字方面來看，第一季有一些項目——也許你在開頭提到了法律費用，我沒有聽到，但有一筆租賃期限費，然後還有法律費用。另外，聽起來今年的 FFO 可能有 2,100 萬美元的土地銷售？因此，只是想更了解第一季的法律和租賃期限、今年對更多租賃期限的預期，以及我們應該預期今年餘額在 FFO 中的土地銷售情況？

Yes, sure. So I'll start with the legal claims. As I mentioned, was $6 million of net settlement income at one of our properties during the first quarter related to a construction design defect matter. That's onetime in nature. We expect those proceeds received recovery more than be adequate to cover the cost of the proposed solution.

是的，當然。因此我將從法律主張開始。正如我所提到的，第一季度，我們其中一處房產因建築設計缺陷問題產生了 600 萬美元的淨結算收入。這在本質上是一次性的。我們預計所收到的收益足以支付擬議解決方案的成本。

So we highlighted that as more of a nonrecurring onetime item. As it relates to lease termination fees, we had about $5 million of lease termination fees come through in the first quarter. And that was primarily driven by one large tenant at Fashion Outlets of Chicago, which was a $3 million amount, and we're pleased that we already have another tenant that has taken that space. So that's good news at that particular asset.

因此，我們強調，這更像是一項非經常性的一次性項目。至於租賃終止費，我們在第一季收到了約 500 萬美元的租約終止費。這主要得益於芝加哥時尚奧特萊斯的一位大型租戶，其租金為 300 萬美元，我們很高興已經有另一位租戶租用了該空間。這對該特定資產來說是個好消息。

And then as it relates to land sales, yes, we just kind of gave an update that for the first quarter, we closed on $7 million of land sales. And then in April, we closed on the sale of another $25 million of land sales. So in totality, that's part of our $100 million to $150 million bucket, which in combination with the out parcels, we're now $77 million sold against that $100 million to $150 million target.

至於土地銷售，是的，我們剛剛更新了第一季的最新消息，我們完成了價值 700 萬美元的土地銷售。然後在四月份，我們又完成了價值 2500 萬美元的土地銷售。因此，總的來說，這是我們 1 億至 1.5 億美元預算的一部分，加上外部包裹，我們現在已經售出了 7,700 萬美元，而目標是 1 億至 1.5 億美元。

And then expectations for lease terms for the balance of the year?

那麼對於今年剩餘時間的租賃條款有何預期呢？

We expect maybe a couple more million dollars of lease termination income in the balance of the year based on the visibility we have today.

根據我們今天所掌握的情況，我們預計今年餘下的租賃終止收入可能會增加數百萬美元。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

I appreciate the comments on the tariffs not impacting leasing, but I guess I'm curious on how tariffs might be impacting the conversations around some of the asset sales that you're doing here, understand Lakewood is the last sizable asset you have left to sell. But what can you tell us about the pricing, the demand for Lakewood, any color on that and potentially a sense of when you expect that to close?

我很欣賞關於關稅不會影響租賃的評論，但我想，我很好奇關稅可能會如何影響您在這裡進行的一些資產銷售的對話，了解萊克伍德是您剩下的最後一個要出售的大型資產。但是您能告訴我們關於定價、Lakewood 的需求、有關它的任何細節以及您預計何時結束的情況嗎？

Yeah. Well, Lakewood, as we referenced, the proceeds over the debt amount are not very significant. So the borrower is going through a process right now with the existing lender, the buyer. I would say as it relates to debt financing, I mean, I think Washington Square is a great example of refinancing stabilized malls that Dan can give you more color. On the outparcels, some of the cap rates on the restaurants were like in the 5%, mid-5% range.

是的。嗯，萊克伍德，正如我們所提到的，債務收益並不是很多。因此，借款人目前正在與現有貸款人（即買方）進行一個流程。我想說，就債務融資而言，我的意思是，我認為華盛頓廣場是穩定購物中心再融資的一個很好的例子，丹可以給你更多說明。在外包地塊上，一些餐廳的資本化率在 5% 到 5% 左右。

We're seeing really -- these are high net worth buyers, 1031 buyers. Haendel, I did a lot of this at our old company at Spirit. And so if you ask me on our outparcel objective. I think we laid out $500 million of outparcels, roughly 8%. I think we're going to do better than that. I think it's going to probably be closer to 7%.

我們確實看到——這些都是高淨值買家，1031 買家。亨德爾，我在我們以前的公司 Spirit 做了很多這樣的事。所以如果你問我我們的外包目標。我認為我們分配了價值 5 億美元的外包資源，約佔 8%。我認為我們會做得更好。我認為這個數字可能會接近7%。

And I think we're going to end up maybe even doing more if we want because we've identified more vacant land opportunity that quite candidly on a price per acre is a lot more valuable than what we did in Santen. And so yes, I think we feel really good about that piece of the -- execution that's left.

而且我認為如果我們願意的話，我們最終可能會做得更多，因為我們已經發現了更多的空置土地機會，坦率地說，以每英畝的價格計算，這些土地比我們在聖天所做的要有價值得多。是的，我認為我們對剩下的執行部分感到非常滿意。

Okay. Any ballpark on NOI yield or any stat on the pricing for the liquid from a value perspective, given the space where we don't see a lot of trade?

好的。考慮到我們看不到大量交易的領域，從價值角度來看，NOI 收益率的大概情況或流動性定價的任何統計數據是什麼？

I would just look at the debt yield that we put in our supplemental -- in our disclosure, it's a pretty good approximation for cap rate there.

我只會查看我們在補充資料中披露的債務收益率——它是那裡資本化率的相當不錯的近似值。

Got it. Okay. Fine. And then maybe one more, if I could. Just I appreciate the color and all the numbers you guys provided lots of numbers.

知道了。好的。美好的。如果可以的話，也許還會再來一次。我很欣賞你們提供的顏色和所有數字。

But I guess if I'm curious if we should be reading into your comments that the mid-'26 inflection if that's when we should be thinking about cash flow or earnings to be troughing and then to inflect positively from that point?

但我想，如果我很好奇，我們是否應該閱讀您的評論，即 26 年中期的拐點是否是我們應該考慮現金流或收益跌至谷底，然後從那時起出現積極拐點的時候？

Yeah, Haendel. I think that's a fair characterization of it. Just as Jack mentioned, as we have a lot of leasing activity coming online over the next couple of years, development NOI really starts to ramp second half of '26, '27 and '28. And then on the flip side, we're working through these outparcel sales and asset sales and get back. So it's possible that the NOI -- lost NOI from those could be more than what's coming online from the sources coming in over that next 12- to 18-month period.

是的，亨德爾。我認為這是對它的公正描述。正如傑克所提到的，由於未來幾年我們將有大量租賃活動上線，開發 NOI 將在 2026 年、2027 年和 2028 年下半年真正開始成長。另一方面，我們正在努力完成這些包裹銷售和資產銷售並收回成本。因此，這些因素造成的 NOI 損失可能會超過未來 12 到 18 個月內從其他來源獲得的 NOI。

So that's a long way of saying, I think your statement is fair.

所以說來話長，我認為你的說法是公平的。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

I guess just thinking about the long-term plan and the targets in terms of reaching the physical permanent occupancy targets by 2028, which I think was up about 500 basis points from year-end '24. I'm wondering if you could go through what kind of leakage or tenant fallout nonrenewals, that sort of thing you're assuming on the other side. I guess one concern is that a new Forever21 or someone like that comes along and creates a new hole to fill. So just wondering kind of how that's factored into your occupancy targets and outlooks?

我想只是考慮長期計劃和目標，即到 2028 年實現實際永久入住率目標，我認為這比 24 年底增加了約 500 個基點。我想知道您是否可以解釋一下您在另一方假設的洩漏類型或租戶後果不續約之類的事情。我想一個擔憂是，新的 Forever21 或類似的品牌出現並造成新的空缺。所以只是想知道這對您的入住率目標和前景有何影響？

We take that all into consideration in our 500 basis points of increase. Any fallout from planned closures and that we're replacing is all weighed into that 500 basis points.

我們在增加 500 個基點時已將所有這些都考慮在內。任何因計劃關閉和我們正在更換的設施而產生的後果都將計入這 500 個基點。

Michael Mueller, JPMorgan.

摩根大通的邁克爾·穆勒。

Just for the Forever21 re-leasing, what portion of that activity is going to single users as opposed to breaking up the spaces for smaller tenants?

僅就 Forever21 的重新租賃而言，其中有多少部分是針對單一使用者的，而不是將空間分割給較小的租戶？

I can take that one. Michael, it's Doug. It's really a mixed bag. I would say that the majority of the space is being leased as it is, some of the larger anchor store spaces that Forever21 took, may get broken up. But as I mentioned, we're about 56% -- about 50% committed, and we're going to basically double the rent that Forever21 was paying.

我可以拿那個。邁克爾，我是道格。這真是好壞參半。我想說的是，大部分空間都已經被租賃了，Forever21 佔用的一些較大的主力店空間可能會被拆分。但正如我所提到的，我們的承諾率約為 56% 到 50%，而且我們的租金基本上是 Forever21 支付的兩倍。

And while we're not at liberty to disclose or talk about the replacement deals yet, you should be thinking about some of the real, real hot tenants that are out there right now. I mean, this is really an opportunity for us to be able to get these underperforming stores back, and then think about like Dick's House of Sport or Zara or Primark or Uniqlo or Urban Planet replacing them, there's just so much upside not only in the rent, but by -- in terms of merchandising as well.

雖然我們目前還不能隨意披露或談論替代交易，但您應該考慮一下現在一些真正熱門的租戶。我的意思是，這對我們來說確實是一個機會，讓我們能夠讓這些表現不佳的商店回歸，然後考慮用 Dick's House of Sport、Zara、Primark、Uniqlo 或 Urban Planet 來取代它們，這不僅在租金方面有很大的好處，而且在商品銷售方面也有很大的好處。

I am showing this is all the time that we have now for questions. I would now like to turn the call back to Jack Hsieh for closing remarks.

我想說的是，我們現在有這麼多時間來回答問題。現在我想請 Jack Hsieh 致最後總結。

Thank you, and we're pleased to report our continued progress on many strategic initiatives within our forward path plan, and we thank you all for your time today.

謝謝大家，我們很高興地報告我們在未來發展計劃中的許多策略舉措上取得了持續進展，也感謝大家今天抽出時間。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。