Macerich Co (MAC) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to the third-quarter, 2025 Macerich earnings conference call. At this time, all participants are on a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded.

女士們、先生們，感謝你們的耐心等待。歡迎參加 Macerich 2025 年第三季財報電話會議。目前，所有參與者均處於唯讀模式。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to Alexandra Johnstone, Vice President of Finance and Investor Relations. Please go ahead.

現在我將把會議交給財務和投資者關係副總裁亞歷山德拉·約翰斯通。請繼續。

Thank you for joining us on our third quarter 2025 earnings call. During this call, we will make 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.

感謝您參加我們2025年第三季財報電話會議。在本次電話會議中，我們將發表一些可能被視為 1995 年《私人證券訴訟改革法案》安全港條款所界定的前瞻性聲明，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 earnings results, supplemental, and our SEC filings. Reconciliation of non-GAAP financial measures to the most directly comparable GAAP measures are included in the supplemental files on Form 8-K with the SEC, which is posted in the Investor Section of the website at macerich.com.

實際結果可能因今日發布的盈利報告、補充報告以及我們向美國證券交易委員會提交的文件中所列的各種風險和不確定性而與預期存在重大差異。非 GAAP 財務指標與最直接可比較的 GAAP 指標的調節表包含在提交給美國證券交易委員會的 8-K 表格補充文件中，該文件發佈在 macerich.com 網站的投資者關係部分。

Joining us today are Jackson Hsieh, President and Chief Executive Officer; Dan Swanstrom, Senior Executive Vice President and Chief Financial Officer; and Doug Healey, Senior Executive Vice President of Leasing.

今天與我們一同出席的有總裁兼首席執行官謝嘉華(Jackson Hsieh)；高級執行副總裁兼首席財務官丹·斯旺斯特羅姆(Dan Swanstrom)；以及租賃高級執行副總裁道格·希利(Doug Healey)。

And with us in the room is Brad Miller, senior Vice President of Portfolio Management. With that, I would like to turn the call over to Jack.

與我們同在房間裡的還有投資組合管理高級副總裁布拉德·米勒。接下來，我想把電話交給傑克。

Thank you, Alexandra. We had another great quarter at Macerich as we remained ahead of schedule on our Path Forward Plan and well-positioned to deliver on our 2028 targets. I want to thank everyone at Macerich for their continued contributions to our success.

謝謝你，亞歷珊卓。Macerich 又迎來了一個非常棒的季度，我們在推進發展計劃方面保持領先，並已做好充分準備實現 2028 年的目標。我要感謝 Macerich 的每一位員工，感謝他們為我們的成功所做的持續貢獻。

Today, I'll spend some time on the operational performance improvement pillar of our Path Forward Plan. Then I'll have Doug and Dan speak to the state of our portfolio and leasing outlook, as well as the progress on the balance sheet.

今天，我將花些時間談談我們前進計畫中的營運績效改善支柱。然後我會請 Doug 和 Dan 談談我們的投資組合狀況和租賃前景，以及資產負債表的進展。

For the last few quarters, I've been talking about the momentum we've built up in our leasing efforts. This momentum has driven our confidence in hitting our 2028 targets and pursuing an incremental opportunity such as the acquisition of Crabtree in June. I'll update you on that leasing while also providing some additional specifics that further demonstrate how well we're executing against the plan.

在過去的幾個季度裡，我一直在談論我們在租賃業務方面取得的進展。這一勢頭增強了我們對實現 2028 年目標的信心，並促使我們抓住更多機遇，例如在 6 月收購 Crabtree。我會向您報告租賃事宜的最新進展，同時提供一些額外的細節，進一步說明我們執行計劃的情況。

During the third quarter, we signed 1.5 million square feet of new and renewal leases, which is an 87% increase from Q3 2024. This brings year-to-date signed leases in 2025 to 5.4 million square feet in the total portfolio, an 86% increase compared to the same period in 2024. That is well ahead of schedule on leasing volume, and we're executing on target for our market net effective rent assumptions used in our five-year plan.

第三季度，我們簽署了 150 萬平方英尺的新租約和續約，比 2024 年第三季成長了 87%。這使得 2025 年迄今簽署的租賃協議總面積達到 540 萬平方英尺，比 2024 年同期成長 86%。租賃量已遠遠超出預期，我們正以五年計畫中使用的市場淨有效租金假設執行目標。

As we've stated on prior calls related to our leasing speedometer, which tracks revenue completion percentage for all new leasing activity in the five-year plan. Our initial goal for new lease deals was 70% by year-end 2025. We're currently at 70% today. Our large pipeline of LOIs puts us on track for the 85% completion target by mid-2026.

正如我們在先前關於租賃進度表的電話會議中所述，該進度表追蹤五年計畫中所有新租賃活動的收入完成百分比。我們最初的目標是到 2025 年底實現 70% 的新租賃交易。我們今天的進度是70%。我們大量的意向書儲備使我們預計在 2026 年年中實現 85% 的完工目標。

Turning to the SNO pipeline, it has grown from 87 million in August to 99 million as of today, which again has put us on pace to meet or exceed our target of 100 million by year end. With the inclusion of Crabtree, we expect a total of 140 million of incremental SNO.

再來看 SNO 管道，其數量已從 8 月的 8,700 萬增長到今天的 9,900 萬，這再次使我們有望達到或超過年底 1 億的目標。加上 Crabtree，我們預計新增 SNO 總數將達到 1.4 億。

Of the remaining 40 million in SNO left to achieve, roughly 90% is in our A, B, and C rated spaces. Another way to look at it is that 68% is in our fortress or fortress potential properties. In our path forward plan, The strategy around new deals is to improve permanent occupancy, which will enhance our thriving retail centers.

在剩餘的 4,000 萬 SNO 目標中，大約 90% 位於我們的 A、B 和 C 級空間。換個角度來看，68% 的土地屬於我們的堡壘或潛在的堡壘。在我們的未來發展計劃中，圍繞新交易的策略是提高長期入住率，這將促進我們蓬勃發展的零售中心的發展。

We believe these new leases will improve merchandising mix, which improves traffic, generates higher sales and better productivity. This positions our portfolio to drive increased rents in 2028 and beyond once we have all the work done.

我們相信這些新的租賃協議將改善商品組合，進而提高客流量，帶來更高的銷售額和更好的生產力。一旦所有工作完成，這將使我們的投資組合在 2028 年及以後能夠推動租金上漲。

In a moment, Doug will highlight several of the examples of our recent deals with retailers who are already having a tremendous positive impact on our centers. New deals approved by our Executive Leasing Committee, which reviews and approves deals on a biweekly basis, is up 61% from the same time last year and is more than all of the new deals approved in 2024.

稍後，Doug 將重點介紹我們最近與零售商達成的幾個協議案例，這些協議已經對我們的中心產生了巨大的積極影響。我們執行租賃委員會每兩週審核並批准一次租賃交易，該委員會批准的新交易比去年同期增加了 61%，超過了 2024 年批准的所有新交易。

Affirming the health of the overall retailer-landlord environment for best-in-class centers. We are also making tremendous progress on our anchor leasing initiatives. We have 30 anchors targeted to open between 2025 and 2028, of which '25 are committed to sporting goods, fashion, entertainment, grocery, and other retail uses.

維護一流購物中心的整體零售商-業主環境的健康發展。我們在主力租賃計劃方面也取得了巨大進展。我們計劃在 2025 年至 2028 年間開設 30 家主力店，其中 25 家將致力於體育用品、時尚、娛樂、食品雜貨和其他零售用途。

Releasing these vacant anchors is an important part of a path forward plan as they help with the permanent leasing in their respective wings, improving the merchandising mix, and most importantly, driving customer traffic into all time. As I've said in the past, I'm really excited about what we're doing with House of Sport in particular. We have nine committed locations with them.

釋放這些空置的主力店是前進計劃的重要組成部分，因為它們有助於各自區域的永久租賃，改善商品組合，最重要的是，持續吸引顧客流量。正如我之前所說，我對我們正在與 House of Sport 合作的專案感到非常興奮。我們與他們有九個固定的合作地點。

Dick's House of Sport had their grand opening at Freehold in the former Lord & Taylor box this past Friday. This, along with the recent opening of the Freehold Athletic Club and Dave & Buster's in the prior Sears wing joining Primark, has revitalized this center.

迪克體育用品店（Dick's House of Sport）於上週五在弗里霍爾德（Freehold）原 Lord & Taylor 的店面盛大開幕。再加上最近 Freehold Athletic Club 和 Dave & Buster's 在原 Sears 翼樓開業，以及 Primark 的入駐，這個中心煥發了新的活力。

Dick's has made the rollout of House of Sport a critical component of their growth plans and have publicly stated they are creating the future of retail with this concept. They are quoting incremental traffic to a mall in the mid-teens percentage one year after a house of sport opens.

迪克體育用品公司已將House of Sport的推出作為其成長計畫的關鍵組成部分，並公開表示他們正在透過這個概念創造零售業的未來。他們預測，體育用品店開幕一年後，購物中心的客流量將增加15%左右。

And that's consistent with what we've analyzed. As I said last quarter, leasing momentum I've described today gave us the confidence to opportunistically pursue Crabtree Mall, which we believe will be a very compelling investment based on the early progress on leasing.

這與我們的分析結果一致。正如我上個季度所說，我今天所描述的租賃勢頭讓我們有信心抓住機會收購 Crabtree Mall，我們相信，根據租賃的早期進展，這將是一項非常有吸引力的投資。

One of the more important considerations in that acquisition was the opportunity to deploy our operating, leasing, and marketing platforms to invigorate leasing momentum and drive permanent occupancy to capture the embedded NOI growth potential.

此次收購中最重要的考慮因素之一是，有機會部署我們的營運、租賃和行銷平台，以增強租賃勢頭並推動永久入住，從而抓住其中蘊含的淨營業收入成長潛力。

I believe our team has more than delivered on that front so far at Crabtree and we'll have more to share in the coming months. As we look ahead, we'll continue to evaluate potential new investment opportunities. That said, we'll remain patient and disciplined in terms of additional external growth. We are very focused on leasing, driving operational improvement throughout the portfolio, and hitting our deleveraging targets.

我相信到目前為止，我們 Crabtree 團隊在這方面已經做得非常出色，未來幾個月我們將分享更多資訊。展望未來，我們將繼續評估潛在的新投資機會。也就是說，在尋求進一步外部成長方面，我們將保持耐心和自律。我們非常注重租賃業務，致力於提升整個投資組合的營運效率，並實現我們的去槓桿化目標。

Doug, why don't you take it from here?

道格，接下來就由你來接手吧？

Thanks, Jack. Like last quarter, in my remarks this afternoon, I'll refer to total portfolio statistics. And where applicable, I'll provide the go-forward portfolio statistics as well. Portfolio sales at the end of the third quarter were $867 per square foot. That's up almost 4% when compared to the same period in 2024.

謝謝你，傑克。和上個季度一樣，今天下午我的演講中，我將提及投資組合總統計數據。在適用的情況下，我也會提供未來的投資組合統計數據。第三季末的投資組合銷售額為每平方英尺 867 美元。與 2024 年同期相比，成長了近 4%。

However, when you look at our go-forward portfolio, sales were actually $905 per square foot. Traffic through the third quarter was flat when compared to the same period in 2024. Occupancy at the end of the third quarter was 93.4%, up 140 basis points from last quarter.

然而，當你查看我們未來的投資組合時，你會發現實際銷售額為每平方英尺 905 美元。第三季的交通流量與 2024 年同期相比持平。第三季末入住率為 93.4%，較上一季上升 140 個基點。

The go-forward portfolio occupancy at the end of the third quarter was 94.3%, which is up 150 basis points from last quarter. And a quick update on the Forever 21 liquidation, which has been a drag on our occupancy for the past few quarters.

第三季末的未來投資組合入住率為 94.3%，比上一季上升了 150 個基點。另外，關於 Forever 21 的清算，我們想快速更新一下情況，這在過去幾季一直拖累我們的入住率。

To date, of the half million square feet that became vacant, we have commitments on 74% of that square footage. And again, with much better brands paying significantly more rent than Forever 21 was paying. Trailing 12-month leasing spreads as of September 30, 2025, remain positive at 5.9%. And this now represents 16 consecutive quarters of positive leasing spreads.

截至目前，在空置的 50 萬平方英尺面積中，我們已經獲得了其中 74% 的租賃承諾。而且，許多更好的品牌支付的租金都比 Forever 21 高得多。截至 2025 年 9 月 30 日，過去 12 個月的租賃利差仍為正值，為 5.9%。這標誌著租賃價差已連續16季為正。

In the third quarter, we opened 355,000 square feet of new stores for a total of 852,000 square feet year to date through September 30. And after years in the making, we finally opened our 11,000 square foot Hermes store at Scottsdale Fashion Square. Hermes, an iconic brand that is arguably the most sought after luxury retailer in our industry, will join the likes of Dior, Louis Vuitton, Cartier, Saint Laurent, Versace, Prada, and Brunello Cucinelli, just to name a few.

第三季度，我們新開了 355,000 平方英尺的門市，截至 9 月 30 日，今年迄今的總門市面積已達 852,000 平方英尺。經過多年的籌備，我們終於在斯科茨代爾時尚廣場開設了佔地 11,000 平方英尺的愛馬仕專賣店。愛馬仕是業內最受歡迎的奢侈品零售商之一，也是一個標誌性品牌，它將與迪奧、路易威登、卡地亞、聖羅蘭、范思哲、普拉達和布魯內羅·庫奇內利等品牌一起入駐。

This is Hermes' first store in Arizona, with its closest being in Las Vegas. The addition of Hermes now unquestionably makes Scottsdale Fashion Square the primary luxury destination, not only in the Scottsdale market, but also in the entire state of Arizona. And at the same time, making Scottsdale one of the most important luxury addresses in the United States.

這是愛馬仕在亞利桑那州的第一家門市，最近的一家在拉斯維加斯。愛馬仕的進駐無疑使斯科茨代爾時尚廣場成為首屈一指的奢侈品目的地，不僅在斯科茨代爾市場，而且在整個亞利桑那州都是如此。同時，斯科茨代爾也成為了美國最重要的豪華住宅區之一。

We also opened a 42,000 square foot Level 99 at Tyson's Corner. For those not familiar, Level 99 is the first of its kind entertainment destination for adults, featuring real-world interactive social gaming with over 50 physical and mental challenge rooms.

我們還在泰森角開設了一家 42,000 平方英尺的 Level 99 娛樂中心。對於不熟悉的人來說，Level 99 是第一個面向成人的娛樂場所，提供真實世界的互動社交遊戲，擁有超過 50 個身心挑戰房間。

Already being considered best in class in the entertainment category, this will be Level 99's third location in the United States, behind Natick, Massachusetts, and Providence, Rhode Island, with many more slated to open in the next several years, including Walt Disney World in Orlando, Florida. Level 99 joins Heidi Lau, Cheesecake Factory, Maggiano's, coastal flats, and seasons 52 as we continue to reimagine and re-merchandise Tyson's East End Entertainment Wing.

Level 99 已被公認為娛樂領域的佼佼者，這將是 Level 99 在美國的第三家分店，此前已在馬薩諸塞州納蒂克和羅德島州普羅維登斯開設了分店。未來幾年，Level 99 還將開設更多分店，包括位於佛羅裡達州奧蘭多的華特迪士尼世界。Level 99 加入了 Heidi Lau、Cheesecake Factory、Maggiano's、coastal flats 和 seasons 52 的行列，我們將繼續重新構想和重新銷售 Tyson's East End Entertainment Wing 的商品。

Turning to our lease expirations, as of September 30, we had commitments on 94% of our 2025 expiring square footage that is expected to renew and not close, with another 5% in the letter of intent stage. In terms of our 2026 expiring square footage, we have commitments on almost 55% of our expiring square footage with another 30% in the letter of intent stage.

再來看我們的租賃到期情況，截至 9 月 30 日，我們 2025 年到期的租賃面積中，有 94% 的租賃承諾預計會續約但不會完成交易，另有 5% 的租賃承諾處於意向書階段。就我們 2026 年到期的租賃面積而言，我們已承諾承租近 55% 的到期租賃面積，另有 30% 的到期租賃面積處於意向書階段。

So as I mentioned last quarter, we're basically done with 2025 and in very good shape with our 2026 business. In fact, when looking at our 2026 expirations, we're significantly ahead of where we were at this time last year when we were dealing with our 2025 expirations.

正如我上個季度提到的，我們基本上已經完成了 2025 年的工作，並且對 2026 年的業務也做好了非常充分的準備。事實上，從我們處理 2026 年到期的合約來看，我們比去年這個時候處理 2025 年到期的合約時的情況要好得多。

As Jack alluded to in his earlier remarks, The retailer environment tenant demand remains strong, even despite the noise of politics, uncertainty in the macroeconomic environment, and the pending tariffs. And this is not just me telling you this, but rather it's evidenced by retailer activity in our portfolio.

正如傑克在先前的演講中所提到的，儘管存在政治噪音、宏觀經濟環境的不確定性以及即將實施的關稅，但零售環境租戶的需求仍然強勁。這並非我個人的一面之詞，而是我們投資組合中零售商的活動所證明的。

Legacy retailers are reinventing themselves and coming up with brand extensions to meet the demands of consumers. One of the best examples is Gap and how they've adapted their brands and merchandise to once again become one of the most relevant retailers in our industry. And as a result, their open to buys have significantly increased.

傳統零售商正在重塑自我，推出品牌延伸產品以滿足消費者的需求。Gap 就是一個很好的例子，他們調整了品牌和商品，再次成為我們行業中最具影響力的零售商之一。因此，他們的買入空間顯著增加。

Other examples include American Eagle, which is expanding and opening new stores. And their brand extensions, Aerie and Offline, are doing the same. J.Crew is rolling out their factory concept, as well as Madewell. And Levi's is doing the same thing with Beyond Yoga. JD Sports has caught fire in the US and is on a major rollout, as are Coach, PacSun, and Abercrombie & Fitch, just to name a few.

其他例子包括 American Eagle，該公司正在擴張並開設新店。他們的品牌延伸品牌 Aerie 和 Offline 也正在做同樣的事情。J.Crew 和 Madewell 都正在推廣他們的工廠概念。Levi's 也正在與 Beyond Yoga 合作，做同樣的事情。JD Sports 在美國迅速走紅，並正在進行大規模擴張，Coach、PacSun 和 Abercrombie & Fitch 等品牌也是如此，這只是其中幾個例子。

And then you have the emerging brands, many of which are rapidly opening stores to support their online business. Examples include Pop Mart, Rowan, On Running, Cider, Edicted, Princess Polly, Brandy Melville, Skims, and many, many more. And as Jack also mentioned, there's Dick's House of Sport, one of the greatest big box concepts in recent history.

此外，還有許多新興品牌，它們正在迅速開設實體店來支持其線上業務。例如 Pop Mart、Rowan、On Running、Cider、Edicted、Princess Polly、Brandy Melville、Skims 等等。正如傑克所提到的那樣，還有迪克體育用品店，這是近代史上最偉大的大型連鎖店概念之一。

Dick's has reimagined the sporting good business and will ultimately redefine the entire category. So my point here is this. Never has the depth and breadth of retailer demand across all categories been what it is today. And to me, that speaks not only to the strength of our portfolio, but as importantly, to the health of the Class A mall sector across the country.

迪克體育用品公司重新定義了體育用品行業，並最終將重新定義整個行業。所以我的觀點是這樣的。零售商對各品類產品的需求深度和廣度從未像今天這樣高漲。在我看來，這不僅反映了我們投資組合的實力，而且同樣重要的是，也體現了全國甲級購物中心產業的健康發展。

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

接下來，我將把電話交給丹，讓他來介紹我們第三季的財務表現。

Thanks, Doug, and good afternoon. I'll start with a review of third 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 $93 million or $0.35 per share during the third quarter of 2025. Similar to the last few quarters, I would like to highlight the following item included in our FFO adjusted for the quarter. $7.5 million of interest expense relates to the amortization of debt mark-to-market resulting from our various JV interest acquisitions.

謝謝你，道格，下午好。我將首先回顧第三季的財務表現。2025 年第三季度，不包括與 Chandler Freehold 相關的融資費用的 FFO，應計違約利息支出和非房地產投資損失約為 9,300 萬美元，即每股 0.35 美元。與前幾季類似，我想重點說明本季調整後的FFO中包含的以下項目：750萬美元的利息支出，這筆款項與我們各項合資權益收購產生的按市值計價的債務攤銷有關。

As a reminder, this non-cash expense is included in interest expense. Go Forward Portfolio Center's NOI, excluding lease termination income, increased 1.7 percent in the third quarter of 2025 compared to the third quarter of 2024. Year-to-date, the Go Forward Portfolio Center's NOI has increased almost 2 percent compared to the same period in 2024.

再次提醒，這項非現金支出已計入利息支出。Go Forward Portfolio Center 的淨營業收入（不包括租賃終止收入）在 2025 年第三季比 2024 年第三季成長了 1.7%。今年迄今為止，「向前發展投資組合中心」的淨營業收入比 2024 年同期成長了近 2%。

Turning to the balance sheet, we continue to make strong progress on the balance sheet initiatives contained in our path forward plan. We have only one remaining maturing loan in 2025 for approximately $200 million on our South Plains property. We expect this loan will be in technical default at maturity as we continue discussions with the lender to obtain a potential loan extension.

再來看資產負債表，我們在推進計劃中包含的資產負債表舉措方面繼續取得顯著進展。我們在南平原的房產上只剩下一筆將於 2025 年到期的貸款，金額約為 2 億美元。我們預計這筆貸款到期時將出現技術性違約，因為我們將繼續與貸款方協商以獲得可能的貸款延期。

We do not have any additional commentary at this time. We're continuing to proactively address our remaining 2026 debt maturities through a combination of potential asset sales, refinancings, loan modifications, or property givebacks. In fact, over the course of the last year, we've paid down almost $1 billion of debt that had a 2026 maturity date, including most recently approximately $350 million of repayments through the combined sales of Lakewood and Atlas Park.

目前我們沒有其他評論。我們將繼續積極主動地透過潛在的資產出售、再融資、貸款修改或房產返還等方式來解決我們剩餘的 2026 年到期債務。事實上，在過去一年中，我們已經償還了近 10 億美元的 2026 年到期債務，其中包括最近透過 Lakewood 和 Atlas Park 的合併出售償還的約 3.5 億美元。

We currently have approximately $1 billion of liquidity, including $650 million of capacity on our revolving line of credit. From a leverage perspective, net debt to EBITDA at the end of the third quarter was 7.76 times, which is 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 six times range over the next couple of years.

我們目前擁有約 10 億美元的流動資金，其中包括 6.5 億美元的循環信貸額度。從槓桿角度來看，第三季末淨負債與 EBITDA 的比率為 7.76 倍，比推進計畫開始時的比率低了一整倍。更重要的是，我們已經制定了在未來幾年內將槓桿率進一步降低到六倍左右的策略。

During the third quarter of 2025, we sold 2.8 million shares of common stock for approximately 50 million of net proceeds through the company's ATM program at a weighted average price of $18.03 per share. While our recent acquisition of Crabtree Mall is expected to keep the company within its previously stated deleveraging targets under the Path Forward plan, these ATM proceeds bring the Crabtree acquisition closer to being leverage neutral as it relates to our goal of low to mid six times target leverage.

2025 年第三季度，我們透過公司的 ATM 計畫出售了 280 萬股普通股，淨收益約為 5,000 萬美元，加權平均價格為每股 18.03 美元。雖然我們最近對 Crabtree Mall 的收購預計將使公司保持在先前根據「前進之路」計劃所確定的去槓桿化目標之內，但這些 ATM 收益使 Crabtree 的收購更接近槓桿中性，從而與我們六倍左右的目標槓桿率目標更接近。

We're making substantial progress in executing on planned dispositions as part of the path forward plan. In July, we closed on the sale of Atlas Park for 72 million. We used our 50% portion of the net proceeds from this sale to repay our 50% portion of the $65 million loan on the property that had an effective interest rate of over 9% and a 2026 maturity date.

作為前進計劃的一部分，我們在執行計劃處置方面取得了實質進展。7 月，我們以 7,200 萬美元的價格完成了 Atlas Park 的出售。我們將此次出售所得淨收益的 50% 用於償還我們在該房產上 6,500 萬美元貸款的 50%，該貸款的實際利率超過 9%，到期日為 2026 年。

In August, we closed on the sale of Lakewood for $332 million, including the assumption by the buyer of the $317 million loan on the property that also had a 2026 maturity date. In August, we also closed on the sale of Valley Mall for $22 million This asset was unencumbered.

8 月，我們以 3.32 億美元的價格完成了 Lakewood 的出售，其中包括買方承擔該物業 3.17 億美元的貸款，該貸款的到期日為 2026 年。8 月份，我們也完成了 Valley Mall 的出售，售價為 2,200 萬美元。該資產沒有任何抵押。

These sales transactions are consistent with our stated disposition plan to improve the balance sheet and refine the portfolio. We have made substantial progress on the sales and give back component of the plan and have identified a clear path to achieving our $2 billion disposition target.

這些銷售交易符合我們為改善資產負債表和優化投資組合而製定的處置計劃。我們在計劃的銷售和回饋部分取得了實質進展，並已確定了實現 20 億美元資產處置目標的明確途徑。

To date, we have completed almost $1.2 billion in mall dispositions. And as you will see in the disclosure we've provided in our supplement, this includes Country Club Plaza, Biltmore, Southridge, The Oaks, Wilton Mall, South Park, Atlas Park, Lakewood Center, and Valley Mall, all of which are now closed. This total also includes Santa Monica Place, in which the loan encumbering this property is in default, and the property is in receivership.

迄今為止，我們已完成近12億美元的購物中心資產處置。正如您將在我們提供的補充披露中看到的那樣，這包括鄉村俱樂部廣場、比爾特莫爾、南嶺、橡樹、威爾頓購物中心、南園、阿特拉斯公園、萊克伍德中心和山谷購物中心，所有這些購物中心現在都已關閉。該總額還包括聖莫尼卡廣場，該房產的貸款已違約，目前該房產已被接管。

In addition, we have identified internally several additional EDI assets for sale or give back over the next year or so, which would increase total mall positions to the $1.4 billion to $1.5 billion range. The remaining dispositions in our plan represent the sale of out parcels, freestanding retail, non-enclosed mall assets, and land. As you will recall, our 2025 goal for this bucket of dispositions is 100 million to 150 million in total sales for the year.

此外，我們內部已確定在未來一年左右的時間裡，將出售或回贈幾項額外的 EDI 資產，這將使購物中心的總持倉增加到 14 億至 15 億美元。我們計劃中的剩餘處置包括出售獨立地塊、獨立零售店、非封閉式購物中心資產和土地。您應該還記得，我們​​ 2025 年對這類資產處置的目標是全年總銷售額達到 1 億至 1.5 億美元。

I'm pleased to report that we currently have approximately 130 million sold or under contract against this target. Year to date, we have now closed on land sales for 55 million at our share and various out parcel assets for 11 million at our share.

我很高興地報告，目前我們針對該目標已售出或已簽訂合約的股份約為 1.3 億美元。今年迄今為止，我們已完成土地銷售，總價值 5500 萬英鎊（按我們的份額計算）；此外，我們還完成了各種附屬地塊資產的銷售，總價值 1100 萬英鎊（按我們的份額計算）。

And we currently have approximately 15 million of additional land sales and approximately 50 million of additional out parcel sales under contract for sale. We continue to expect to be substantially complete on our $2 billion disposition program by the end of 2026.

目前，我們還有約 1500 萬英鎊的額外土地銷售合約和約 5000 萬英鎊的額外外圍地塊銷售合約正在簽訂中。我們仍預計到 2026 年底，我們的 20 億美元資產處置計畫將基本完成。

We'll provide further updates on these sales as we progress through the year. In conclusion, we are making great progress on our path forward plan objectives to reduce leverage, to refine the portfolio, and to strengthen the balance sheet.

隨著時間的推移，我們將提供有關這些銷售的更多最新消息。總之，我們在降低槓桿率、優化投資組合和加強資產負債表等前進計畫目標方面取得了巨大進展。

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

這樣，我們就把電話轉回接線生了。

(Operator Instructions)

（操作說明）

Vince Tibone, Green Street.

文斯·蒂博內，格林街。

Hi, good afternoon. I just wanted to follow up on the equity issuance here. I totally understand the deleveraging goals, but the prior equity raise is closer to $20. I know you're very bullish on the stock over the intermediate term, so I guess kind of What drove the decision to do $50 million here? And then also, should we expect further ATM issuances over time? Or is this kind of more of a one-quarter event to get Crabtree more leverage neutral?

您好，下午好。我只是想跟進一下股權發行的情況。我完全理解去槓桿化的目標，但先前的股權融資接近每股 20 美元。我知道你非常看好這支股票的中期前景，所以我想問一下，是什麼促使你決定在這裡投資 5000 萬美元？此外，我們是否應該預期未來會有更多ATM發行？或者，這更像是季度性的事件，目的是讓 Crabtree 的槓桿率保持中立？

Hey Vince, good afternoon. This is Dan. I'll start and then Jack can chime in. I think the main objective in the third quarter was to make Crabtree leverage neutral, as I mentioned. Going forward, we'll continue to evaluate the ATM use in the context of accretive growth like Crabtree. We'll continue to be thoughtful and disciplined in our approach and evaluation.

嘿，文斯，下午好。這是丹。我先開始，然後傑克可以插話。正如我之前提到的，我認為第三季的主要目標是讓 Crabtree 的槓桿率保持在中性。展望未來，我們將繼續在像 Crabtree 這樣的增值成長背景下評估 ATM 的使用情況。我們將繼續秉持深思熟慮、嚴謹自律的態度進行方法和評估。

We've completed the equity issuance portion of the path forward plan. And I know Jack's previously said we would consider equity outside of the plan in the context of these type of acquisition or large capital projects that are accretive to our 2028 forward plan targets.

我們已經完成了未來發展計畫中的股權發行部分。我知道傑克之前說過，對於這類收購或大型資本項目，如果能實現我們 2028 年的遠期計畫目標，我們會考慮在計畫之外進行股權投資。

No, that's really helpful. And then maybe my next one, just switching gears, I just wanted to clarify on the SNO pipeline, you highlighted $6 million of that was related to Crabtree. Was that all incremental leasing at Crabtree since August? Just wanted to confirm that wasn't, leases that were in place when the mall was acquired back in the second quarter.

不，這真的很有幫助。接下來，我換個話題，想澄清一下 SNO 管道項目，你提到其中 600 萬美元與 Crabtree 有關。自八月以來，Crabtree 的所有新增租賃業務都是這些嗎？我只是想確認一下，那不是第二季收購該購物中心時已有的租賃合約。

Yeah, Vince, if you recall when we acquired it, it was 11% going in yield, but with in-place SNO it brought it up to about 12.5%. So it's really a combination of what was in place at the time of acquisition plus incremental leasing by the team since we've taken ownership.

是的，文斯，如果你還記得的話，我們收購它的時候，收益率是 11%，但是有了現有的 SNO，收益率上升到了大約 12.5%。所以，這其實是收購時已有的設施加上我們接手以來團隊逐步增加的租賃規模的結合。

Are you able to parse those two just because I think it would be helpful to kind of isolate how much leasing took place kind of over the last three months if you have it handy?

能否解析一下這兩個數據？因為如果您手邊有這些數據，我覺得這有助於我們了解過去三個月的租賃情況。

You know, Vince, we can follow up with you afterwards, but I would tell you that there's a lot of good progress on the leasing front in terms of deals that have been approved and gone through our committee. You know, we've signed some deals actually already, so we've got others in process. So we'll give more updates as we make more progress.

文斯，我們可以之後再與你聯繫，但我可以告訴你，在租賃方面，已經有很多交易獲得批准並通過了我們委員會的審核，取得了很大的進展。你知道，我們實際上已經簽了一些合同，還有一些正在洽談中。隨著我們取得更多進展，我們會及時發布更多最新消息。

Samir Kanaal, Bank of America.

薩米爾·卡納爾，美國銀行。

Yeah. Good evening, everybody. I guess, Doug, maybe talk about the 26X explorations. You talked about the commitments on the 55%. I think it was another 30% on the LOIs. Talk about the economics on those deals, the pricing, kind of the spreads you're seeing on those versus maybe the 25X explorations.

是的。各位晚上好。我想，道格，或許可以談談 26X 探索計畫。你談到了55%的承諾。我認為意向書又增加了 30%。談談這些交易的經濟效益、定價，以及你看到的這些交易與 25 倍勘探交易之間的價差。

Hey, Samir. Yeah, you're right. I think in my opening remarks, we said 55% of our expiring square footage and 30% in the letter of intent stage. So we're basically trading paper on 88% of our business in 2026. And to put it in perspective, I mentioned this earlier, at this time last year, we were only 23% committed when looking at our 2025 expiration.

嘿，薩米爾。是的，你說得對。我認為在我的開場白中，我們提到了即將到期面積的 55% 和意向書階段的 30%。所以，我們基本上是在用紙面合約來預測 2026 年 88% 的業務。為了讓大家更理解這一點，我之前提到過，去年這個時候，我們只完成了 23% 的 2025 年到期合約。

So we're way ahead of where we were last year. And as with our new deals, our renewal deals, both in '25, '26, and we're going out to '27, is all at or mostly all at or above our target market rents that are in the five-year plan.

所以我們現在的狀況比去年好很多。與我們的新合約一樣，我們的續約合同，無論是 2025 年、2026 年的合同，還是即將延續到 2027 年的合同，其租金都達到或基本達到或高於我們在五年計劃中設定的目標市場租金。

Got it. And then I guess, Jack, just turning over to you on this question, 100 million of SNO pipeline, which is you're tracking ahead of kind of your budget here. You talked about the $130 million opportunity without Crabtree, 140 with Crabtree. Given the momentum that you have in leasing here, as you saw through the last several quarters, is it fair to assume you're tracking to exceed the 140 at this point?

知道了。然後我想，傑克，這個問題就交給你了，1億美元的SNO管道項目，你們的進度比預算提前了。你之前談到沒有 Crabtree 時有 1.3 億美元的機會，有了 Crabtree 時有 1.4 億美元的機會。鑑於您在過去幾季中看到的租賃業務成長勢頭，是否可以合理地假設您目前的租賃業績將超過 140 家？

Yeah, it's possible. It really is, because I think we can probably be more you know more thoughtful or more be more price sensitive on the rules as well i mean we're seeing momentum across the board as Doug said on new and renewals that we're approving and signing from a net effective rent standpoint you know we also had a few recall reserves built in the plan so we're trying to you know as we continue to gain more momentum to lease additional space that we didn't really believe we could lease, that gives us an ability to kind of exceed that 140 target as we continue to make progress.

是的，有可能。確實如此，因為我認為我們或許可以更加深思熟慮，或者在規則方面更加重視價格。我的意思是，正如道格所說，我們看到各個方面都在取得進展，無論是新租約還是續租，從淨有效租金的角度來看，我們都在批准和簽署。你知道，我們的計劃中也包含了一些召回儲備金，所以隨著我們繼續獲得更多進展，我們正在努力租賃一些我們之前認為無法租賃的額外空間，這使我們有能力在不斷取得進展的同時，超越140的目標。

Michael Griffin, Evercore

Michael Griffin，Evercore

Great, thanks. Just wanted to get some color around these anchor leases that you've got expected to commence over the next couple of years. Should we think about the cadence of that being more back halfway to '27 or '28, do you think some will commence next year? And then can you give us a sense of how, the capital costs are going to be associated with commencing those leases?

太好了，謝謝。我只是想了解一下您預計在未來幾年內開始的這些主要租戶租賃合約的具體情況。我們是否應該考慮將進度推遲到 2027 年或 2028 年的中期，您認為明年會有一些專案啟動嗎？那麼，您能否簡要介紹一下，開始這些租賃業務的資本成本將如何？

Yeah, I think, like, a safe assumption is, back half of '27, early part of '28. When these actually open, the large majority of them melt. we're able to obviously lease inline once we've got commitments as we go through our leasing efforts within the malls itself. As it relates to economics, I think we've given commentary around inline deals, tenant allowance being something typically into one to one and a half times annual rent in the form of tenant allowance.

是的，我認為，比較穩健的假設是，2027 年下半年，2028 年上半年。這些店真正開業後，絕大多數都會倒閉。顯然，一旦我們在商場內部進行租賃工作並獲得承諾，我們就可以按計劃進行租賃。就經濟學而言，我認為我們已經對內聯交易進行了評論，租戶補貼通常是年租金的一到一點五倍。

For anchor transactions, it's more. It really depends on the nature and the type of tenant takes house to support. They're great. They're not cheap. They're definitely more than one times, I'll tell you that. But each deal is different, and they're different depending on the center, where they are in the market.

對於錨定交易而言，情況更是如此。這主要取決於租戶的性質和類型。他們很棒。它們價格不菲。我敢肯定，次數絕對不只一次。但每筆交易都不一樣，而且會因中心所在市場的位置而有所不同。

In some of the deals, we've structured them as opportunities for them to purchase some of the vacant acres, others are leasehold, lease deals where we're providing, fairly meaningful tenant allowance, as part of their commitment to open.

在某些交易中，我們將其設計成讓他們有機會購買一些空置的土地；另一些則是租賃協議，我們向租戶提供相當可觀的補貼，作為他們承諾開業的一部分。

Let's say there's like a rule of thumb, and if you look at other large tenants that we deem as demand generators, I would say the Dix deals are probably on the higher end of what they, in terms of landlord costs, but obviously we believe that they drive tremendous incremental mall traffic. We certainly analyzed it, and we believe that they'll be very successful, like what we've seen early days at Freehold.

假設有一條經驗法則，如果你看看我們認為能夠帶來需求的其他大型租戶，我會說，就房東成本而言，Dix 的交易可能處於較高水平，但顯然我們相信它們能帶來巨大的購物中心客流量增長。我們當然分析過，而且我們相信他們會非常成功，就像我們在 Freehold 早期看到的那樣。

Thanks, Jack. Appreciate the color there. And then, Dan, I know you're not going to comment on specifics around South Plains in general, but can you give us a sense of sort of what the lender appetite is like for these, non-fortress or non-fortress potential assets if you were to choose to refi them and then any sense on, interest rate you could get if you decide to go down the path of refinancing some of these assets?

謝謝你，傑克。欣賞那裡的色彩。丹，我知道你不會對南平原的具體情況發表評論，但你能否大致介紹一下，如果你選擇對這些非堡壘型或非堡壘型潛在資產進行再融資，貸款機構的意願如何？以及如果你決定將這些資產再融資，你能獲得怎樣的利率？

Yeah, I mean, look, it's really case by case based on the assets. Obviously, we don't want to comment on Southwinds in particular, but I think we've all seen, a very constructive debt financing markets across not just Class A assets, but more recently going down in the quality spectrum. So I think the market's open for refinancings, but it's case by case, really, based on the specific asset.

是的，我的意思是，這真的要根據具體情況而定，取決於資產狀況。顯然，我們不想對 Southwinds 的具體情況發表評論，但我認為我們都看到了，債務融資市場不僅在 A 級資產方面，而且在最近質量等級較低的資產方面，都呈現出非常積極的態勢。所以我認為市場對再融資是開放的，但實際上要具體問題具體分析，取決於特定的資產。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

Yeah. Hi. In terms of getting to 100 million in SNO by year end potentially, could you also provide the timing of when that comes online?

是的。你好。關於在年底SNO用戶數可能達到1億的目標，您能否也提供一下具體上線時間？

Sure. This is Brad Miller. I'll take it. So of the 100 million, 20 million will come online in 2025. and the rest will come on in 2026 and thereafter.

當然。這是布拉德米勒。我要買它。因此，在這 1 億台設備中，2,000 萬台將於 2025 年投入使用，其餘的則將於 2026 年及以後投入使用。

Got it. And then with 30 anchors targeted to open, how many other anchors are you still trying to lease up?

知道了。計劃開設 30 家主力店，目前還有多少家主力店正在招租？

So I think we have 25 committed, three we have, papers trading LOIs out, and then two are in prospecting stage. There are some other anchors that are in the portfolio, but those are kind of in like give back assets. And so the totality of what we're referencing are anchors on our go forward portfolio.

所以我覺得我們有 25 個已承諾的項目，3 個項目正在簽署意向書進行交易，還有 2 個項目處於勘探階段。投資組合中還有一些其他的錨定資產，但這些資產有點像是回饋資產。因此，我們所參考的所有內容都是我們未來投資組合的基石。

Floris Van Dijkum, Ladenburg.

弗洛里斯·範·迪庫姆，拉登堡。

Hey guys. Question on the opportunities out there for additional malls like Crabtree. What are you guys seeing, and what is the financing appetite for those kinds of properties, the A-minus assets in your view? Can you borrow at under 10% on a secured basis now, or where are borrowing costs trending for those kinds?

嘿，大家好。關於像 Crabtree 這樣的購物中心是否還有發展機會的問題。你們看到了什麼？對於這類房產，也就是你們眼中的A級資產，融資需求如何？現在能否以低於 10% 的利率獲得擔保貸款？或者說，這類貸款的成本趨勢如何？

I'll take the front end and I'll let Dan talk about the financing. But, we're quite happy and excited about Crabtree. We think it's a unique asset and a unique market. We've got quite a significant amount of leasing demand and interest and tours that have been happening since we bought the asset. The asset needed capital. We've already repainted the interior, we've got mock-ups on rails and lighting already put in place, plans to do wayfinding and work on bathrooms and do some maintenance and improvement on the parking areas.

我負責前期工作，融資方面的事情就交給丹來談。但是，我們對 Crabtree 感到非常高興和興奮。我們認為這是一項獨特的資產，也是一個獨特的市場。自從我們收購該資產以來，租賃需求、關注度和參觀量都相當可觀。該資產需要資金。我們已經重新粉刷了內部，軌道和照明的模型也已經安裝到位，計劃進行導向標識、衛生間改造，並對停車場進行一些維護和改進。

I mean, that's a unique asset. Just it's like you put a little bit of capital in there. I think a lot of tenants got very excited with us stepping in, long-term owner-operator in the mall space. And so I think it's a great rally opportunity for us to generate a lot of really good return.

我的意思是，這是一項獨特的資產。就像你往裡面投入了一點資金一樣。我認為很多租戶都對我們作為購物中心長期業主兼營運商的入駐感到非常興奮。所以我認為這對我們來說是一個絕佳的反彈機會，可以獲得非常可觀的回報。

Look, we're looking for other, we're evaluating other opportunities. I can just tell you, we don't have anything that sort of satisfies us, I would say, imminently or in this quarter, at this point. But I think in time, more of these opportunities will come up as loans go either into receivership or special servicing, I mean, you've got to have a capital commitment and a plan to really get these centers to go in the right direction, like a Crabtree.

你看，我們正在尋找其他機會，我們正在評估其他機會。我可以告訴你，就目前而言，我們沒有任何讓我們滿意的方案，至少在短期內或本季內還沒有。但我認為隨著時間的推移，隨著貸款進入破產管理或特殊服務程序，會有更多這樣的機會出現。我的意思是，你必須要有資金投入和計劃，才能真正讓這些中心走上正確的道路，就像 Crabtree 一樣。

And so I suspect we'll see more opportunity as we roll into 2026 and 2027. I mean, I think from a -- when we think about acquisitions, if you look at our overall capital allocation, progress year to date, since I've been here, we've sold, 1.2 billion of centers at about an eight cap, widely sell them. They were either non-core, took too much capital to achieve thriving centers that, that would satisfy IRRs and return on investment for us.

因此，我預計隨著我們進入 2026 年和 2027 年，我們將看到更多機會。我的意思是，我認為從——當我們考慮收​​購時，如果你看看我們整體的資本配置，看看今年迄今為止的進展，自從我來到這裡以來，我們已經出售了 12 億美元的中心，市值約為 8%，廣泛出售了它們。它們要么是非核心業務，要么需要太多資金才能發展成為能夠滿足我們內部收益率和投資回報要求的繁榮中心。

You saw us buy out our partner on the [PPRTJV] which included Lakewood, Los Cerritos, and Washington Square. That was done at a low seven cap, but really critical properties that we couldn't refinance anything. We had the Sears. We owned the Sears locations in both Los Cerritos and Washington Square. So there were a lot of strategic reasons for us to gain control of that asset to effectuate the business plans, which will be able to drive leasing and anchor decisions in a couple of our best centers.

您已經看到我們收購了我們在 [PPRTJV] 的合作夥伴，其中包括 Lakewood、Los Cerritos 和 Washington Square。那筆交易的資本化率很低，只有七成，但都是一些非常關鍵的房產，我們根本無法進行任何再融資。我們以前有西爾斯百貨。我們曾擁有洛斯塞里托斯和華盛頓廣場的西爾斯百貨門市。因此，我們有很多戰略理由要控制該資產，以實施業務計劃，這將能夠推動我們幾個最好的購物中心的租賃和主力租戶決策。

And then we showed the example of Crabtree. So look, bottom line is we're going to look at opportunities that are creative to our 2028 FFO per share where we believe we have the ability to drive incremental leasing and NOI growth that can generate strong IRRs and return on investment. And I'd say we're very disciplined about what we're looking at.

然後我們展示了 Crabtree 的例子。所以，總而言之，我們將尋找能夠提升我們 2028 年每股 FFO 的創新機會，我們相信我們有能力推動租賃和 NOI 的增量成長，從而產生強勁的內部收益率和投資回報。我認為我們對關注的內容非常嚴謹。

And then, Dan, I think you can comment. The financing market has really improved for these assets.

然後，丹，我想你可以發表一下意見。這些資產的融資市場狀況已顯著改善。

Yeah, that's right, Flores. We're seeing a very improved financing market for these types of assets. In fact, look, for us, in August, we were able to close on a $160 million term loan on Crabtree, which was well inside the 10% that you quoted. Our loan is at an interest rate of SOFR plus [250]. And this particular term loan gives us tremendous flexibility.

是的，沒錯，弗洛雷斯。我們看到這類資產的融資市場狀況已顯著改善。事實上，你看，對我們來說，8 月我們成功完成了 Crabtree 的 1.6 億美元定期貸款，這遠低於你所說的 10%。我們的貸款利率為SOFR加[250]這種定期貸款給了我們極大的靈活性。

It's got two-year term plus two one-year extension options. So we have flexibility to prosecute the asset management plan with this structure. And we also were able to negotiate an early prepayment without penalty if we chose to do that. So a lot of flexibility in our loan, but Certainly well inside the 10% you quoted, SOFR plus 250 in kind of the mid 6% range.

合約期限為兩年，另有兩次一年續約選擇權。因此，我們可以靈活地利用這種架構來執行資產管理計劃。而且，如果我們選擇提前付款，我們還可以協商提前付款而無需支付罰款。因此，我們的貸款有很大的靈活性，但肯定遠低於您所說的 10%，SOFR 加 250 大約在 6% 的中等範圍內。

And I'd say, like, Flores, if a private buyer wanted to get leverage, they could get investment-grade debt securitization, and there's more MES opportunity out there. I think you saw the recap on North Park Mall. They got pretty good levels on that refinancing to take out their partner. So I think the financing markets and the MES markets are improving quite a bit as we speak, malls that have the right operator, have the right capital commitment, and the expertise to kind of get it done.

我會說，就像弗洛雷斯說的那樣，如果私人買家想要獲得槓桿，他們可以進行投資等級債務證券化，而且還有更多的MES機會。我想你已經看過北園購物中心的報道回顧了。他們透過再融資獲得了相當不錯的收益，從而得以將他們的合作夥伴收購出來。所以我認為，就目前而言，融資市場和購物中心營運服務市場正在大幅改善，購物中心需要合適的營運商、合適的資本投入和專業知識才能完成任務。

Ronald Camden, Morgan Stanley

羅納德‧卡姆登，摩根士丹利

Hey, great. Just on the go-forward portfolio, Just quickly on the same store NOI in the quarter, any way to sort of quantify sort of the drag from either Forever 21 or practically taking on space, just what that sort of did to that same store number? And if I could ask quickly as well, just that occupancy of 94.3, in your mind, what do you think is sort of peak occupancy for that portfolio? Thanks.

嘿，太好了。就未來的投資組合而言，就本季同一門市的淨營業收入而言，有沒有辦法量化 Forever 21 或實際佔用空間對同一門市業績造成的拖累，以及這對該門市業績的具體影響？如果我可以再快速問一下，就94.3%的入住率而言，您認為該投資組合的最高入住率是多少？謝謝。

Hey, Ronald. This is Dan. I'll start on the first point on NOI. Again, just recall 2025 is a transitional year as we're executing on our retenanting initiatives across the portfolio, and we had some frictional downtime. The second half of 2025, to your question on Forever 21, is also impacted on a year-over-year comp basis.

嘿，羅納德。這是丹。我先從NOI的第一點開始。再次提醒大家，2025 年是過渡年，因為我們正在執行整個投資組合的重新招租計劃，期間出現了一些摩擦性停機時間。關於您提出的 Forever 21 在 2025 年下半年的表現，與去年同期相比也會受到影響。

So near term, there's an impact, but as Doug indicated, longer term a significant positive with higher quality tenants and our ability to double the rent in those spaces when the backfills come in. But our 1.7% growth, if you were to adjust for Forever 21, would be closer to 3% plus for the quarter.

所以短期內會有影響，但正如 Doug 所指出的，從長遠來看，這是一個顯著的積極因素，因為租戶質量更高，而且當有新租戶入住時，我們有能力將這些空間的租金翻倍。但如果將 Forever 21 的業績納入考量，我們 1.7% 的成長率，本季將接近 3% 以上。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Yes. Good evening, everyone. I know you don't have a lot of exposure to [SACS] as a whole, maybe like one name in Martha's box or maybe an off SACS somewhere, but just curious how you're kind of thinking through the situation there, just given some of the media speculation about some difficulties that they're dealing with.

是的。各位晚上好。我知道你對[SACS]整體了解不多，可能只在瑪莎的盒子裡見過一個名字，或者聽說過SACS的某個成員，但我很好奇你是如何看待那裡的情況的，因為媒體對他們正在面臨的一些困難進行了猜測。

Yeah. Obviously, we're not going to comments specifically on antenna. I think you referenced Saks Fifth Avenue, right? So we have, I think we have one at Fashion Outlets in Chicago. Yeah, sorry, we can't talk on a specific kind of basis.

是的。顯然，我們不會專門討論天線的問題。我想你指的是薩克斯第五大道百貨公司，對吧？所以，我想我們在芝加哥的時尚奧特萊斯有一家。抱歉，我們不能就具體問題進行討論。

[Handle Saint Justs, Mizuo]

[Handle Saint Justs, Mizuo]

Hey, guys. Good afternoon to you. Thanks for taking the question. I wanted to go back to the portfolio sales, saw the productivity continue to get better here. Maybe some more color on the categories, the regions driving this, and give us some color on foot traffic and sales throughout the quarter and the back-to-school season and expectations for the holiday season. Thanks.

嘿，夥計們。午安.感謝您回答這個問題。我想回到投資組合銷售領域，發現這裡的生產力持續提高。或許可以更詳細地介紹一下各個類別、推動這一趨勢的地區，並給我們一些關於整個季度和返校季的客流量和銷售額以及對假日季的預期等方面的信息。謝謝。

Sure. I mean, look, the strong momentum we're seeing on leasing, which is obviously really critical for our plan, it's It's not showing up in traffic. Traffic, as Doug talked about, was kind of generally flat. But if you look at comp sales comparing 2025 to 2024, in the third quarter for our go-forward portfolio, those numbers were 3.5%, and our fortress properties, 4.8%.

當然。我的意思是，你看，我們看到租賃業務發展勢頭強勁，這顯然對我們的計劃至關重要，但它並沒有體現在交通流量上。正如道格所說，交通狀況大致比較平穩。但如果你查看 2025 年與 2024 年的同店銷售額對比，在第三季度，我們未來投資組合的銷售額為 3.5%，而我們的堡壘物業的銷售額為 4.8%。

So obviously, the stronger properties saw better performance from a '24 versus '25 third quarter basis. That's obviously a lot better than Q1, Q2. You know, Q1, we had election, Liberation Day was flowing through their chairs. A lot of noise. So it was really encouraging to see in the third quarter this kind of turn. Part of that's back to school, other factors.

顯然，與 2024 年第三季相比，實力較強的物業在 2025 年第三季表現較好。這顯然比第一季和第二季好得多。你知道，第一季度，我們舉行了選舉，解放日的氣氛瀰漫在他們的椅子上。噪音很大。所以，在第三季看到這樣的轉變真的令人鼓舞。一部分原因是開學，另一部分原因是其他因素。

And in terms of categories in the third quarter, apparel and accessories, fast food, general, and home furnishings and jewelry did quite well. Obviously, athleisure as well. So it feels like, the higher-end customer, obviously, we've got a duality. Lower income, I think there's obviously more challenges. And the higher-income, customer bracket, we're seeing those categories. Obviously, the Fortress is performing better than the overall go-forward that I gave you, that is numbers.

從第三季的類別來看，服裝及配件、速食、一般商品、家居用品和珠寶的表現都相當不錯。當然，運動休閒裝也包括在內。所以感覺上，對於高端客戶來說，顯然存在著一種二元性。我認為，收入較低的人面臨的挑戰顯然更多。而對於高收入客戶群，我們看到了這些類別。顯然，堡壘的表現比我之前給出的整體發展預期要好，這是有數據支撐的。

So I think that is sort of the tail right now. And as Doug said, maybe alluded to, I think the retailers are generally optimistic in the fourth quarter. They've got tariffs and they've got other things that they've got to manage with suppliers and potential price increases and other pressures on vendors. But it feels pretty good for the fourth quarter, which as the holiday season is upon us.

所以我覺得這就是目前的情況了。正如道格所說（或許也暗示過），我認為零售商們普遍對第四季持樂觀態度。他們要應對關稅問題，還要處理與供應商之間的其他問題，例如潛在的價格上漲以及其他對供應商的壓力。但考慮到假期將至，第四季感覺還不錯。

Yeah, thanks for that. And if I could follow up on One more, maybe more on the transaction market. We've seen a few more AMAL trades, and I guess I'm curious what you make of some of the cap rates we've seen for Brickell, Taubman, North Park, and what you think the read-through for your go-forward portfolio is. Thanks.

是啊，謝謝。如果我能再跟進一下，或許可以多了解交易市場。我們看到了一些 AMAL 的交易，我很好奇您對 Brickell、Taubman、North Park 的一些資本化率有何看法，以及您認為這對您未來的投資組合有何啟示。謝謝。

I feel like those are a little bit different. I mean, like Crabtree was an auction process. They had an institutional owner that, had no debt on the property that was looking to maximize value. North Park was sort of like an internal JV buyout. Obviously, they got great financing. It was a very exciting cap rate relative to how that might translate, in our best properties. I think Brickell, I don't know the details of it, but same situation where, there's a JV buyout.

我覺得它們有點不一樣。我的意思是，就像 Crabtree 一樣，整個過程都是拍賣式的。該物業的所有者是一家機構，該機構沒有債務，並且希望最大化物業價值。北園計畫有點像內部合資收購。顯然，他們獲得了充足的融資。相對於我們最好的物業而言，這是一個非常令人興奮的資本化率。我認為布里克爾的情況也類似，我不了解具體細節，但也是合資企業收購。

Obviously, the partner, Simon, they know that part that they know the asset quite well. So I feel like those were auctioned, arm's length transactions, so they're a little bit different. But I do think that Crabtree is a good beginning comp. I think there'll be others that, others that we're not, there's other processes that we're not participating in. So that'll give more insight as to where the proper levels are for what I would call fully auctioned and marketed centers.

顯然，合夥人西蒙很清楚這一點，他們非常了解這筆資產。我覺得那些都是拍賣所得，屬於公平交易，所以情況有點不同。但我認為 Crabtree 是一個很好的入門級比賽。我認為還會有其他一些我們沒有參與的進程。這樣就能更深入地了解我所說的完全拍賣和行銷的中心的合適水平在哪裡。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

Hey, good afternoon. I was curious on that incremental rent, the $99 million, how much of that is coming from the anchor spaces that you're now filling up?

嘿，下午好。我很好奇這筆新增租金，也就是 9,900 萬美元，其中有多少是來自你們現在正在招租的主力店面？

It's definitely, this is Brad Miller, it is, I don't have the number off the top of my head, but it is definitely a part of the $99 million, and we can follow up with you.

這絕對是布拉德米勒的轉會費，我一時想不起來具體數字，但這肯定包含在9900萬美元的轉會費裡，我們可以跟進此事。

Okay. Thank you. and then for asset like fashion district, which fits into the go forward portfolio, but there's been different, plans for that asset over the years, obviously an expensive redevelopment bought it from your partner, hopeful for getting a arena there that fell through. Is there additional plans for, for redevelopment there or anything kind of excite tenants for that asset?

好的。謝謝。至於像時尚區這樣的資產，它符合未來的投資組合，但多年來，該資產的規劃各不相同。顯然，從您的合作夥伴手中買下它進行昂貴的重建，原本希望在那裡建造一個體育館，但最終未能實現。是否有針對該物業的進一步開發計劃，或者有什麼其他措施能夠激發租戶對該物業的興趣？

We finally redirected leasing energy and effort on that center. We really had our hands tied because of the arena. We really couldn't do anything because it was taking up such critical space. You can imagine, you're trying to hold tenants together that would be potentially part of where the arena would sit, and you have to move them.

我們最終將租賃方面的精力和資源重新投入到該中心。由於場館的限制，我們真的束手無策。我們真的無能為力，因為它佔據了非常寶貴的空間。你可以想像，你試著把原本可能位於體育館所在地的租戶們聚在一起，而現在你不得不把他們搬走。

The teams are actually -- I'd say I'm cautiously optimistic about some of the early momentum that we're starting to see there. I think the mayor is very focused, in this area as well, and there's efforts to try to just improve the overall area that Fashion District of Philadelphia sits in.

實際上，我對目前看到的一些早期勢頭持謹慎樂觀態度。我認為市長在這個領域也非常重視，並且正在努力改善費城時尚區所在的整體環境。

We don't have any debt on the property, so I think we're going to do our best to try to figure out how to create the right kind of leasing momentum and merchandising mix and really make sure that we can work with the IRRs and return on investment makes sense.

該物業沒有任何債務，所以我認為我們將盡最大努力去弄清楚如何創造合適的租賃勢頭和商品組合，並真正確保我們能夠實現合理的內部收益率和投資回報率。

So we're going through that right now. It's still early days, but so far from what I've seen from the early parts of the feedback from the teams on our quarterly asset reviews, we're finally getting after it. And I think that we can get some help from the city in terms of what their plans are for that area to try to improve it that might improve our prospects there.

所以我們現在正在經歷這個過程。現在還處於早期階段，但從我目前從各團隊對季度資產審查的早期回饋來看，我們終於開始取得進展了。我認為我們可以從市政府獲得一些幫助，了解他們對該地區的規劃，以期改善該地區，從而改善我們在那裡的發展前景。

Todd Thomas, KeyBank Capital Markets

托德·托馬斯，KeyBank Capital Markets

Yeah, hi, thanks. Doug, I wanted to follow up on leasing. Two questions, actually. First, it looks like spreads -- releasing spreads this quarter were down with the T12 releasing metric decreasing to 5.9%. You said that you're tracking ahead of the market rent projections in the path forward plan, but what does that mean for releasing spreads going forward if you could provide some color?

嗨，謝謝。道格，我想跟進租賃事宜。其實是兩個問題。首先，利差似乎有所下降——本季發行利差有所下降，T12 發行指標下降至 5.9%。您提到，在發展規劃中，您的進度已經超過了市場租金預測，但如果您能詳細說明一下，這對未來發布價差意味著什麼？

And then the second question, I think you characterized your commentary around, the '25 and '26 expirations that have been addressed as a percent of the tenants that are expected to renew. What kind of tenant retention are you anticipating in '26? Is there anything worth calling out or noting in terms of non-renewal activity?

至於第二個問題，我認為你的評論主要圍繞著 2025 年和 2026 年到期的租約，這些租約已按預計續租租戶的百分比進行了討論。您預計2026年租戶留存率會是多少？在不續約方面，有什麼值得特別指出或註意的地方嗎？

Maybe, Doug, on the first part, on the releasing spread, we are, we're leasing ahead of schedule, as you can see from a velocity standpoint. As we said, we're ahead of non-effective rents on new and renewal deals that we've signed up and approved. Depending on the mix of the pool every quarter, you're going to see variation on releasing spreads. I would not read, honestly, too much into it.

道格，或許在第一部分，也就是發行價方面，我們確實提前完成了租賃，正如你從發行速度的角度來看所看到的。正如我們所說，對於我們已經簽署和批准的新合約和續約合同，我們已經提前支付了無效租金。根據每個季度獎金池的組成情況，你會看到賠率的波動。說實話，我不會對此過度解讀。

We're having what I call significant increases in leasing. And the thing you want to focus on, are we on track with our speedometer? Because that's a revenue concept as it relates to completion, are we above our net effective rent projections for each space? These are space by space.

租賃業務出現了顯著成長。而你真正需要關注的是，我們的進度是否與速度表讀數一致？因為這是與竣工相關的收入概念，我們是否達到了每個空間的淨有效租金預期？這些都是逐一空間進行的。

Numbers that we have throughout the entire go-forward portfolio. And I will tell you that this number is going to move around. And I wouldn't, if it's up, if it's like 50%, I wouldn't look and conclude too much into it. Depending on the nature of the renewals and what we have going into the mix at that time, it's going to influence that.

我們在所有未來投資組合中都擁有這些數據。我可以告訴你，這個數字會有波動。如果漲幅達到 50% 左右，我不會太在意並下結論。這取決於續約的性質以及我們屆時需要考慮的因素，這將對結果產生影響。

So to me, the number that I focus on are we ahead on a net effective rent basis, because that's the real dollars that are going to materialize relative to the SNO we're projecting and on renewals. And then, Doug, you follow up on that second part of the question.

所以對我來說，我關注的數字是我們在淨有效租金方面是否領先，因為相對於我們預測的SNO和續租情況，這才是真正能夠實現的金額。然後，道格，請你接著回答問題的第二部分。

Yeah, no, I think you kind of hit on it, Jack. So we talked about where we were in 2025 and 2026. We're way ahead in 2026 compared to this time last year. And as part of our five-year plan, we're really focused on 2027 and 2028 as well. We've had success getting the retailers to come to the table in order to address these few years, which I think is extremely important because it really mitigates the risk of our five-year plan. And as Jack sort of alluded to, in terms of spreads, Todd, it's really more about hitting our market rents that are part of the five-year plan. And I can tell you that with both our new deals and renewing our expirations, We are hitting our targets as part of the five-year plan.

是的，沒錯，我覺得你說的有點道理，傑克。所以我們討論了2025年和2026年的發展前景。與去年同期相比，我們2026年的進度已經遙遙領先。作為我們五年計畫的一部分，我們也非常關注 2027 年和 2028 年。我們成功地讓零售商坐下來共同探討這幾年的問題，我認為這非常重要，因為它確實降低了我們五年計劃的風險。正如傑克所暗示的那樣，就價差而言，托德，這實際上更多的是為了達到我們五年計劃中的市場租金目標。我可以告訴大家，透過新協議的簽訂和現有協議的續約，我們正在實現五年計畫的目標。

Todd, I'll just add to the second part of your question on tenant retention, too. I think for '26, we're expecting about 85%.

Todd，關於租戶保留問題的第二部分，我也想補充一點。我認為在 2026 年，我們預計會達到 85% 左右。

Yeah. Thank you.

是的。謝謝。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good afternoon, and thank you. So two questions. First. Just thinking about the Canadian and Mexican tourists and snowbirders. Arizona, obviously, big market. What has ultimately happened? There was concern at the beginning, towards the beginning of the year, that there would be a lot fewer Canadians coming down, and maybe that would impact sales.

嘿，下午好，謝謝。所以，我有兩個問題。第一的。想想那些加拿大和墨西哥的遊客和候鳥族就知道了。顯然，亞利桑那州是一個大市場。最終發生了什麼事？今年年初的時候，人們擔心來加拿大旅遊的加拿大人會減少很多，這可能會影響銷售。

Are there retailers seeing that play out, or this winter is looking more like a normal one, in which case your percent rents from the Scottsdale assets, etc., should not really be any impacted? Just trying to understand if there's going to be an impact or not.

是否有零售商看到這種情況發生？或者今年冬天看起來更像平常？如果是這樣，那麼您從斯科茨代爾資產等獲得的租金百分比應該不會受到任何影響？我只是想了解這是否會產生影響。

Look, I mean, I think for sure between ATC, the Canadians coming over, there is definitely a reduced number. We've seen it at Fashion Outlets of Chicago, which is typically an international kind of customer that goes in there. That being said, if you look at the third quarter, our best center that had the highest 2025 versus 2024 third quarter sales performance was Scottsdale Fashion Square, top of the list.

你看，我的意思是，我認為可以肯定的是，由於空中交通管制員和加拿大人過來，人數肯定減少了。我們在芝加哥時尚奧特萊斯見過這種情況，那裡的顧客通常是國際顧客。也就是說，如果你看一下第三季度，我們 2025 年第三季與 2024 年第三季相比銷售業績最好的中心是 Scottsdale Fashion Square，位居榜首。

So it's sort of, I think I don't know if I draw too much conclusion. Our assets are pretty. They're not, I wouldn't call them necessarily tourist destinations, with the exception of maybe Chicago that gets a little bit more influence there. But definitely, there's been less Canadians coming into the country. And that's but I haven't seen a material impact in the sales performance within our portfolio.

所以我覺得，我不太確定我是否應該得出太多結論。我們的資產很漂亮。它們不算是旅遊目的地，我不會把它們稱為旅遊目的地，也許芝加哥是個例外，它在這方面的影響力更大一些。但可以肯定的是，來美國的加拿大人減少了。但是，我還沒有看到這對我們產品組合的銷售業績產生實質影響。

Okay. And then the second question is, Doug, you guys mentioned a lot of strength on the leasing front, and that's been a theme that we've been hearing. At the same time, there are news articles, like a number of talking about Chipotle and other brands that have been struggling because consumers have been shying away from them.

好的。第二個問題是，Doug，你們提到租賃方面實力很強，這也是我們一直聽到的主題。同時，也有一些新聞報導談到 Chipotle 和其他一些品牌，這些品牌因為消費者避而遠之而舉步維艱。

So how do you guys interpret some of these conflicting signals where it would seem like the consumer is under stress, they're pulling back, and at the same time, it seems like they're still shopping the malls and the retailers remain healthy and the retailers are growing? I'm just trying to understand how to [jive] conflicting signals between what the retailers seem to actually be doing versus some of these headlines that we read about.

那麼，你們該如何解讀這些相互矛盾的訊號呢？一方面，消費者似乎面臨壓力，正在減少支出；另一方面，他們似乎仍在商場購物，零售商的經營狀況依然良好，而且還在不斷增長？我只是想弄清楚如何調和零售商實際的做法與我們讀到的一些新聞標題之間相互矛盾的信號。

Yeah. Alex, Doug, thanks. That's a great question because I talk about all this retailer demand Jack was talking about. The leases we signed. We've talked about our executive leasing committee, and the numbers we're putting up, the metrics we're putting up are counterintuitive to everything that you read about in the paper or on the news. I think there's a few reasons for that.

是的。Alex，Doug，謝謝。這是一個很好的問題，因為我談到了傑克提到的所有零售商需求。我們簽署的租賃合約。我們已經討論過我們的執行租賃委員會，我們提出的數字和指標與你在報紙或新聞上讀到的所有內容都截然相反。我認為這有幾個原因。

One is our Macerich has a must-have portfolio. There's not a lot of new supply out there, and the retailers have to expand. I mean, they're taking down leases for five, seven, 10 years, and they're sophisticated enough. They're able to see past what's going on and maybe what you're reading about in the paper. They're being very opportunistic and are using this opportunity to take down great space in great malls, all of which we have.

其中之一是我們的 Macerich 擁有必備的產品組合。市場上新增供應量不多，零售商必須擴張。我的意思是，他們簽訂的是五年、七年、十年的租約，而且他們的手段非常老練。他們能夠看穿表面現象，或許也能看穿你在報紙上讀到的內容。他們非常投機取巧，利用這個機會搶佔了大型購物中心的大片空間，而這些空間我們都有。

Then you have the emerging brands, which I referred to, and more and more, they're coming to the plate because we know that when they open brick-and-mortar stores, it helps their online business. It supports their online business. There's a lot of things going on right now in my world that are just counterintuitive to everything that we're reading about or hearing about.

然後還有我之前提到的那些新興品牌，它們越來越多地湧現出來，因為我們知道，當它們開設實體店時，這有助於它們的線上業務發展。它為他們的線上業務提供支援。現在我所處的世界裡發生了很多事情，這些事情與我們所讀到或聽到的一切都截然相反。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Hi, thanks. This is Sydney McLellan for Craig. So I know we already touched on acquisitions a bit, so maybe on the flip side for the dispositions. You've been making good progress on the asset sales with Lakewood Center, Valley Mall, Atlas Park. How are you thinking about the pace of asset sales moving forward? And what's the appetite like for some of the non-Fortress dispositions that you've identified in the portfolio?

您好，謝謝。這是雪倫妮麥克萊倫為克雷格報案。我知道我們已經稍微談到了收購，所以也許可以反過來談談處置方面。你們在萊克伍德中心、山谷購物中心、阿特拉斯公園的資產出售方面取得了良好進展。您如何看待未來資產出售的速度？那麼，對於您在投資組合中發現的一些非 Fortress 資產，市場需求如何呢？

Yeah. Thanks for the question. In terms of the remaining Eddy Mall sales, we've got a handful that I indicated that are in that kind of $200 million-plus range. A couple of those will be determined based on the timing of the debt maturities as they mature through 2026, and we'll evaluate in the context of a sale or, in some instances, a potential give back.

是的。謝謝你的提問。至於艾迪購物中心剩餘的銷售項目，我之前提到過，有幾處項目的銷售額在 2 億美元以上。其中幾項將根據債務到期的時間（截至 2026 年）來確定，我們將在出售或在某些情況下進行潛在回購的背景下進行評估。

Now, as it relates to the out parcels, we've identified this pool, $100 million. $150 million in 2025. That pool is $500 million-plus. So the majority of those remaining assets, the team is working through now in terms of readying them for sale for 2026.

現在，就外圍地塊而言，我們已經確定了這筆資金，到 2025 年將達到 1 億美元，1.5 億美元。那個獎池的金額超過5億美元。因此，團隊目前正在處理剩餘的大部分資產，以便為 2026 年出售做好準備。

So as I said in my prepared remarks, I think the progress on the dispositions has been phenomenal by the team. They've done a great job across the organization with the dollars of assets sold to date, and we're on track to substantially complete the $2 billion disposition program by the end of 2026.

正如我在準備好的發言稿中所說，我認為團隊在處置方面取得的進展非常出色。到目前為止，他們在整個組織中出售的資產金額都很高，我們預計在 2026 年底前基本完成 20 億美元的資產處置計劃。

Thanks. That's helpful. And then maybe a quick follow-up on Forever 21. Of that 74% committed, how are TIs and concessions trending? And have you had to split any boxes leading to higher CapEx commitments, or is it mostly single tenants you're able to find to backfill?

謝謝。那很有幫助。然後或許可以快速跟進 Forever 21。在這 74% 已承諾的供應商中，TI 和讓步的趨勢如何？您是否需要分割機房，從而導致更高的資本支出承諾？或者您主要都能找到單一租戶來填補空缺？

I would say it's Doug. I would say it's a mix. In some instances, we're just simply replacing a large Forever 21 box, and that may require a little bit less capital, but in some cases, we are dividing up a box. And the reason we're doing it is because we have demand. For a long time, we've been trying to get these large-format tenants in our properties and just haven't had the space.

我覺得是道格。我認為是兩者兼而有之。在某些情況下，我們只是簡單地更換一個大的 Forever 21 盒子，這可能需要的資金較少；但在某些情況下，我們需要將一個盒子分割開來。我們這樣做是因為有市場需求。長期以來，我們一直想吸引這些大型租戶入駐我們的物業，但一直沒有足夠的空間。

So if there's ever a silver lining that comes with a liquidation like this, it really freed up our ability to go after some of these retailers that we've been wanting to but just didn't have the space. And without getting into specifics, I mean, think about Dick's House of Sport, think about Zara, think about Uniqlo, think about Round One. I mean, those are all tenants that we're replacing Forever 21 with.

所以，如果說像這樣的清算有什麼好處的話，那就是它真的讓我們有能力去收購一些我們一直想收購但苦於沒有空間的零售商。不細說了，我的意思是，想想迪克體育用品店（Dick's House of Sport）、Zara、Uniqlo（Uniqlo）、Round One。這些都是我們將用來取代Forever 21的租戶。

And I think it's going to be significantly more rent with much better retailers that, and Jack was talking about this, that are going to drive traffic to these wings and increase dwell time within the center. So I think we're in pretty good shape.

而且我認為租金會大幅上漲，因為會有更好的零售商入駐，正如傑克剛才提到的，這些零售商會吸引客流到這些區域，並增加顧客在購物中心內的停留時間。所以我覺得我們情況相當不錯。

And to be 74% at this point, given the timing of their liquidation, is a good thing. And if you think about it, when we did all these Forever 21 deals, they were sort of the darling of the industry. They looked at the best malls, and they always got the best space. So to get back some of the space is sort of a bonus.

考慮到他們清算的時機，目前能達到 74% 的持股比例已經很不錯了。仔細想想，當我們達成所有這些與 Forever 21 的合作協議時，他們可是當時業界的寵兒。他們考察了最好的商場，總是能拿到最好的位置。所以能騰出一些空間也算是一種額外收穫。

Michael Mueller, JPMorgan.

邁克爾·穆勒，摩根大通。

Yeah. Hi. Just a quick one on leasing spreads. This year and last year, the rent spreads on the overall portfolio have been higher than what you reported for the stronger go-forward portfolio. Just curious what's driving that.

是的。你好。簡單介紹一下租賃價差。今年和去年，整體投資組合的租金差價都高於您報告的前景較好的投資組合的租金差價。只是好奇是什麼原因導致的。

Hi. This is Brad Miller. I wouldn't read too much into it. It's just the pool of leases that are being signed on each of the spaces.

你好。這是布拉德米勒。我不會過度解讀這件事。這只是各個空間正在簽署的租賃合約的總和。

Okay. So basically a mix. And then actually, I think a sneak peek follow-up in there. Dan, when do you think you'll be at a position where you can start to think about tightening the 2028 FFO range? Do you think it could be next year, or do you want to get past the asset sales next year and get into 2027?

好的。所以基本上是混合型的。而且，我覺得裡面應該還有後續的預告。丹，你認為什麼時候才能開始考慮收緊 2028 年的 FFO 範圍？你認為明年有可能實現嗎？還是你想等到明年資產出售完成後再等到 2027 年？

I think that's something we'll evaluate as we get closer to year-end and further along with the program to provide any updates. We just put out the version 2.0 at the June May read. And it is a multi-year plan. So I think we'll evaluate as we get kind of through this year and see where we're at in totality on all the initiatives across the Path Forward Plan.

我認為我們會隨著年底臨近和專案進展的深入，對此事進行評估，並提供任何最新進展。我們在六月的五月讀書會上發布了 2.0 版本。這是一項多年計劃。所以我認為，我們會在今年逐步完成各項工作後進行評估，看看我們在「前進之路計畫」的所有舉措方面整體進展如何。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Hi, everyone. I just wanted to go as a decent follow-up to that last one. So on the Path Forward Plan right now, you guys have a midpoint of $1.81, and you've mentioned Crabtree's $0.08 accretive. So maybe this was more of a 2Q question, but I don't think it got asked then. Would you say the new target is $0.08 higher, so midpoint $1.89, or not exactly?

大家好。我只是想寫一篇像樣的後續文章，作為上一篇的延續。所以，就目前的前進計劃而言，你們的中點是 1.81 美元，你們提到了 Crabtree 的 0.08 美元增值。所以這或許更像是第二季的問題，但我認為當時沒有人問過。您認為新的目標價會高出 0.08 美元，也就是中點價 1.89 美元，還是不完全是這樣？

Yeah. That's right, Caitlin. The Path Forward Plan was put out before the Crabtree acquisition. So the midpoint of that range was $1.81. The Crabtree was expected to be $0.08 accretive. Obviously, there's adjustments along the way, for example, the ATM $50 million that we just used. But I think that's the right way to think about it in terms of the plan that was put out pre-Crabtree and then the accretive $0.08 to that plan subsequent to that.

是的。沒錯，凱特琳。《前進之路計畫》是在 Crabtree 收購案之前發布的。因此，該區間的中點為 1.81 美元。預計 Crabtree 將帶來 0.08 美元的收益。顯然，在此過程中會有一些調整，例如我們剛剛使用的 5000 萬美元 ATM。但我認為，從 Crabtree 之前製定的計劃以及之後該計劃增加的 0.08 美元來看，這是正確的思考方式。

Got it. Okay, I'll stop there thanks.

知道了。好的，我就說到這裡吧，謝謝。

Thank you. And now this does conclude our question-and-answer session. I would now like to turn it back to Jack for closing remarks.

謝謝。問答環節到此結束。現在我想把時間交還給傑克，讓他做總結發言。

All right. Thank you, operator. Thank you, Michelle. I'd like to thank all of you for participating in our Q3 2025 earnings call. We're excited about our progress on our Path Forward Plan and about the future prospects for our company. So with that, good evening.

好的。謝謝接線生。謝謝你，米歇爾。感謝各位參加我們2025年第三季財報電話會議。我們對公司發展規劃的進展以及公司的未來前景感到興奮。那麼，晚安。

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

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。