The Macerich Company (MAC) 2026 Q1 法說會逐字稿

Good day and welcome to the first quarter 2026 Macerich Co earnings conference call. All participants will be in a listen-only mode. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Macerich Co 2026 年第一季財報電話會議。所有與會者將以僅收聽模式參與。（接線員指示）請注意，本活動將被錄音。

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

現在我想把會議交給財務與投資人關係副總裁 Alexandra Johnstone 女士。女士，請開始。

Thank you for joining us on our first quarter 2026 earnings call.

感謝各位參加我們 2026 年第一季財報電話會議。

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. Actual results may differ materially due to a variety of risks and uncertainties set forth in today's earnings results and supplemental and/or SEC filings.

在本次電話會議中，我們將發表若干聲明，可能在 1995 年《私人證券訴訟改革法》安全港條款的意義下被視為前瞻性陳述，包括關於預測、計畫或未來預期的陳述。由於今日財報結果與補充資料及／或向 SEC 提交之文件所列的各項風險與不確定性，實際結果可能出現重大差異。

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

非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表，已包含於向 SEC 以 Form 8-K 提交的補充資料中，並已張貼於公司網站 macerich.com 的 Investors（投資人）專區。

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

今天與會者包括：總裁兼執行長 Jack Shea；資深執行副總裁兼財務長 Dan Swanstrom；以及租賃資深執行副總裁 Doug Healey。

And with us in the room is Brad Miller, Senior Vice President of Portfolio Management.

同時在會議室與我們一起的還有投資組合管理資深副總裁 Brad Miller。

With that, I would like to turn the call over to Jack.

接下來，我想把電話會議交給 Jack。

Thanks, Alexandra, and good afternoon, everyone.

謝謝你，Alexandra，各位下午好。

I'll give some brief comments on the quarter, followed by an update on our leasing progress against our Path Forward plan, some context on what we're seeing in Class A regional malls, and discuss our recent acquisition of Annapolis Mall.

我將先就本季做一些簡短評論，接著更新我們在「Path Forward」計畫下的租賃進展，提供我們在 A 級區域型購物中心所觀察到的情況背景，並討論我們近期收購 Annapolis Mall 的交易。

Our first quarter results reflect the continued progress we're making on our Path Forward plan. Our FFO, as adjusted per diluted share, was $0.34. For our go-forward portfolio, sales per square foot increased to $941. Total comparable in-line sales increased 3.9% for Q1 2026 versus 2025, and foot traffic was slightly up. Go-forward portfolio centers NOI growth was 1.2%.

我們第一季的結果反映出「Path Forward」計畫持續推進的成果。我們的 FFO（經調整）稀釋後每股為 0.34 美元。就我們的未來核心投資組合而言，每平方英尺銷售額提升至 941 美元。2026 年第一季相較 2025 年，同店（comparable）店中店（in-line）總銷售額成長 3.9%，人流亦小幅上升。未來核心投資組合之各中心 NOI 成長為 1.2%。

One of our primary goals with the Path Forward plan is to elevate and transform the merchandising plan and mix of our centers through the leasing of 1,000 new units, which will create thriving retail centers with increased customer traffic, dwell time, and result in improved productivity for our tenants. This leasing strategy enables us to mark-to-market the rents in our retail portfolio, enabling us to create $140 million of cumulative SNO (signed, not open) tenant pipeline that will drive our property NOI through 2028. Coupled with our $2 billion disposition plan, we believe this will result in higher FFO per share and lower corporate leverage.

「Path Forward」計畫的主要目標之一，是透過出租 1,000 個新店鋪單元，提升並轉型我們各中心的商品規劃與組合，打造更具活力的零售中心，提升客流與停留時間，並改善租戶生產力。此租賃策略使我們得以將零售投資組合租金調整至市場水準（mark-to-market），進而建立累計 1.4 億美元的 SNO（已簽約、未開業）租戶管線，推動我們的物業 NOI 直至 2028 年。再加上我們 20 億美元的資產處分計畫，我們相信這將帶來更高的每股 FFO 與更低的公司槓桿。

Our SNO pipeline at the end of Q1 was $116 million against our $140 million target. That is contracted revenue with approximately 80% flow-through to NOI, a multi-year growth engine that will provide the NOI ramp through 2028. Leasing our temporary vacant and below-market in-line and vacant anchor spaces remains one of the critical elements of our Path Forward plan, as the new 1,000 leases represent almost 25% of the entire space units within our go-forward portfolio.

截至第一季末，我們的 SNO 管線為 1.16 億美元，朝 1.4 億美元目標邁進。這是已簽約的收入，其中約 80% 可轉化（flow-through）為 NOI，將成為一個多年期的成長引擎，提供至 2028 年的 NOI 增長斜率。出租我們暫時空置、低於市場租金的店中店（in-line）空間以及空置主力店（anchor）空間，仍是「Path Forward」計畫的關鍵要素之一，因為這 1,000 份新租約幾乎代表我們未來核心投資組合中全部空間單元的 25%。

Our leasing speedometer, which tracks revenue completion, was at 81% at the end of Q1 and currently stands at 83%. We only have 250 remaining leases to complete the plan, of which 125 leases are currently in the LOI phase and 125 units are in the prospecting phase. These remaining space units are primarily situated within our fortress-quality assets across A-, B+, and B rated spaces.

我們的租賃速度儀表板（追蹤收入完成度）在第一季末為 81%，目前為 83%。我們僅剩 250 份租約需要完成計畫，其中 125 份租約目前處於 LOI（意向書）階段，另有 125 個單元處於開發客戶（prospecting）階段。這些剩餘空間單元主要位於我們具堡壘品質（fortress-quality）的資產中，涵蓋 A-、B+ 與 B 級空間。

Our ELC approval quarterly run rate has averaged 100 deals per quarter. In Q1, we approved 103 new lease transactions. Based upon our new lease approval run rate and the remaining 250 deals that need to be executed, I'm confident we will substantially complete our leasing target by year-end.

我們的 ELC 核准之季度平均執行速度約為每季 100 筆交易。第一季我們核准了 103 筆新租賃交易。依據我們新租約核准的速度，以及仍需執行的 250 筆交易，我有信心我們將在年底前大致完成租賃目標。

As I have now passed my two-year tenure here at Macerich, I've gained more confidence and belief in the resurgence of Class A regional malls and their ability to consolidate trade areas and become even more relevant to customers and tenants. The mall industry has had to battle decades of overbuilding, the Amazon effect, anchor store closures, major in-line tenant consolidation and bankruptcies, the global financial crisis, and COVID. It's wreaked havoc on the US mall industry, where only 895 enclosed malls currently remain.

我在 Macerich 任職已滿兩年，對 A 級區域型購物中心的復甦，以及其整合商圈並對顧客與租戶變得更具關聯性的能力，愈發有信心與信念。購物中心產業曾必須對抗數十年的過度興建、Amazon 效應、主力店關閉、主要店中店租戶整併與破產、全球金融危機以及 COVID。這些因素對美國購物中心產業造成嚴重衝擊，目前僅剩 895 座封閉式（enclosed）購物中心。

The silver lining today is that tenants have seen a demonstrated improvement in their omnichannel strategy with strong physical stores. There has been a lack of new store expansion until most recently. Retailers' preference has been a growth strategy of quality versus quantity large flagship, high-quality built-out physical stores versus historical market saturation strategies in the past.

如今的好消息是，租戶已看到其全通路（omnichannel）策略在強健的實體門市支撐下有明顯改善。直到最近之前，新店擴張一直相對不足。相較於過去的市場飽和策略，零售商更偏好「重質不重量」的成長策略：開設大型旗艦、且裝修品質高的實體門市。

Across the 236 Class A regional malls today, we have multiple strategies and targets for anchor tenants, and numerous in-line, international, domestic, and experiential tenants that can drive customer traffic to our centers. We have a high-quality, irreplaceable portfolio with 90% of our NOI from Class A malls.

在目前 236 座 A 級區域型購物中心中，我們針對主力店租戶有多元策略與目標，同時也有眾多店中店、國際、國內與體驗型租戶，可為我們的中心帶來客流。我們擁有高品質、不可取代的投資組合，其中 90% 的 NOI 來自 A 級購物中心。

Gen Z shoppers today are another long-term tailwind for us, as that cohort over-indexes in visiting physical stores and spending on items, food, and experiences. By 2040, Gen Z will be the largest spending demographic, surpassing millennials and Gen X. I recently created a Gen Z committee within our company, focused on helping us gain insight on how to transform and elevate our centers by winning the loyalty of Gen Z customers while retaining our core millennial and Gen X base.

Z 世代消費者也是我們另一項長期順風因素，因為該族群在造訪實體門市以及在商品、餐飲與體驗上的支出占比更高。到 2040 年，Z 世代將成為最大支出族群，超越千禧世代與 X 世代。我近期在公司內成立了 Z 世代委員會，專注於協助我們洞察如何透過贏得 Z 世代顧客忠誠度來轉型並提升我們的中心，同時維持我們核心的千禧世代與 X 世代客群。

Executing our Path Forward leasing strategy will result in physical permanent occupancy increasing from 84% to 88%–89%, which will enable us to have more pricing power and further elevate and transform our centers.

執行我們「Path Forward」的租賃策略，將使實體永久出租率由 84% 提升至 88%–89%，這將使我們擁有更強的定價能力，並進一步提升與轉型我們的中心。

To give you a specific example of this later-stage transformation, at Scottsdale Fashion Square, we replaced a 35,000 square foot home furnishing tenant with luxury and dining options, including Hermès, Élephante, and Loro Piana. Cost of occupancy on the new spaces increased more than 10 times, and sales are also projected to increase more than 10 times to over $100 million.

舉一個較後期轉型的具體例子：在 Scottsdale Fashion Square，我們以奢侈品牌與餐飲選項取代了一家 35,000 平方英尺的家居用品租戶，包括 Hermès、Élephante 與 Loro Piana。新空間的占用成本（cost of occupancy）提高了 10 倍以上，銷售額也預計將增加 10 倍以上，超過 1 億美元。

Activating our 30 vacant acres is also critical to our elevate and transform strategy. We have all 30 of these locations committed, totaling over 2.9 million square feet, that is expected to generate over $750 million in sales. More importantly, these are catalysts to unlock productivity in entire mall wings and drive in-line leasing.

啟動我們 30 英畝的空置土地，也是我們提升與轉型策略的關鍵。我們已讓這 30 個地點全部取得承諾（committed），合計超過 290 萬平方英尺，預計可創造超過 7.5 億美元的銷售額。更重要的是，這些專案是催化劑，可解鎖整個購物中心翼區的生產力，並帶動店中店租賃。

The Scheels Sporting Goods store at Chandler is a perfect example of the success of this strategy. Since Scheels' opening in late 2023, the Chandler mall trade area draw has increased over 40%, and overall traffic at the center is up over 20%. Prior to Scheels' opening in a vacant Nordstrom store, that mall wing had in-line vacancy and less relevant tenancy. Today, not only has the Scheels wing dramatically elevated, but the entire center is experiencing upgraded tenancy and transformation.

Chandler 的 Scheels Sporting Goods 門市就是此策略成功的最佳例證。自 Scheels 於 2023 年底開幕以來，Chandler 購物中心的商圈吸引力（trade area draw）提升超過 40%，中心整體人流增加超過 20%。在 Scheels 進駐一間空置的 Nordstrom 店面之前，該翼區存在店中店空置且租戶組合較不具關聯性。如今，不僅 Scheels 所在翼區大幅提升，整個中心也正經歷租戶升級與轉型。

Lululemon expanded and relocated their store, and new openings include Warby Parker, TravisMathew, JD Sports, Vuori, James Avery, Gorjana, Swarovski, Levi's, Garage, Din Tai Fung, and many more brands to be announced soon. Green Street upgraded our Chandler asset from A- to A, and its cap rate valuation compressed 100 basis points. That's the playbook we are executing across 30 similar projects.

Lululemon 擴大並搬遷其門市，新開幕店家包括 Warby Parker、TravisMathew、JD Sports、Vuori、James Avery、Gorjana、Swarovski、Levi's、Garage、鼎泰豐（Din Tai Fung）等，且很快還會公布更多品牌。Green Street 將我們的 Chandler 資產評等由 A- 上調至 A，其資本化率（cap rate）估值下修（compressed）100 個基點。這就是我們在 30 個類似專案中正在執行的作戰手冊。

Dick's House of Sport recently opened at Freehold Raceway Mall, and that center has experienced increased traffic and vibrancy in the former vacant Lord & Taylor wing, enabling us to drive additional leasing throughout the center. Most recently, we executed a deal with Von Maur to locate in the former Nordstrom building. We currently have 10 committed Dick's House of Sport stores within our anchor inventory.

Dick's House of Sport 近期於 Freehold Raceway Mall 開幕，而該中心在原本空置的 Lord & Taylor 翼樓已出現人流增加與活絡度提升，使我們得以在整個中心推動更多租賃。最近，我們與 Von Maur 達成協議，將其設於原 Nordstrom 大樓。我們目前在自有主力店庫存中，已有 10 家 Dick's House of Sport 店面承諾進駐。

Before I comment on our recent Annapolis Mall acquisition, I want to share a quick update on Crabtree Valley Mall. We have already made improvements in the common area and are currently addressing our pre-planned CapEx. We have completed 36 new and relocation lease deals and 27 renewals. The Raleigh-Durham MSA remains a key target market for tenants, and Crabtree is continuing to gain market share as we execute our elevate and transform strategy.

在我評論我們近期收購 Annapolis Mall 之前，我想先快速更新 Crabtree Valley Mall 的進展。我們已在公共區域完成改善，並正處理先前規劃的資本支出（CapEx）。我們已完成 36 筆新租與搬遷租約，以及 27 筆續租。Raleigh-Durham 都會統計區（MSA）仍是租戶的重點目標市場，而隨著我們執行「提升與轉型」策略，Crabtree 持續擴大市占。

Annapolis Mall has similar positive momentum. The difference is that the prior owners successfully began the elevate and transform process two years ago. Last week, we closed on the mall acquisition for $260 million, plus $12 million for the 13.1-acre vacant Sears parcel. This is a Class A regional mall with 1.5 million total square feet in one of the most affluent markets on the East Coast, with average household income over $161,000 in the primary trade area and a total trade area population of over 1 million.

Annapolis Mall 也有類似的正向動能。不同之處在於，前任業主在兩年前已成功啟動「提升與轉型」流程。上週，我們以 2.60 億美元完成商場收購交割，另以 1,200 萬美元取得 13.1 英畝的空置 Sears 地塊。這是一座 A 級區域型商場，總面積 150 萬平方英尺，位於美國東岸最富裕的市場之一；主要商圈平均家庭收入超過 161,000 美元，整體商圈人口超過 100 萬。

Over the past two years, the prior owners secured a Dick's House of Sport opening in August and signed 18 new tenant deals totaling 353,000 square feet. Openings in 2026 and 2027 include Dave & Buster's, Tesla, Uniqlo, Aeropostale, Abercrombie, Jack & Jones, Pop Mart, a Lululemon relocation and expansion, along with long-term renewals from Apple, Zara, and AMC.

過去兩年，前任業主促成 Dick's House of Sport 將於 8 月開幕，並簽下 18 筆新租戶交易，合計 353,000 平方英尺。預計於 2026 年與 2027 年開幕的包括 Dave & Buster's、Tesla、Uniqlo、Aeropostale、Abercrombie、Jack & Jones、Pop Mart、Lululemon 搬遷與擴店，以及 Apple、Zara 與 AMC 的長期續約。

Annapolis Mall's proximity to Tysons Corner Center extends our platform, enabling us to lease the remaining 107,000 square feet of near-term available space, including 52,000 square feet of prime in-line space in the Dick's House of Sport wing. We are also exploring backfill opportunities for the vacant Sears parcel, which provides optionality for retail, mixed-use, or alternative development.

Annapolis Mall 鄰近 Tysons Corner Center，擴展了我們的平台，使我們能出租短期可用的剩餘 107,000 平方英尺空間，其中包括位於 Dick's House of Sport 翼樓的 52,000 平方英尺優質店中店（in-line）空間。我們也在評估空置 Sears 地塊的補位（backfill）機會，該地塊為零售、複合式用途或替代性開發提供了彈性選項。

The acquisition is accretive to our 2028 target FFO range under our Path Forward plan by approximately $0.04 per share on a leverage-neutral basis. We expect year one NOI, including SNO, of approximately $29 million, projected to stabilize in the $33 million range. That represents an initial yield of 10.5%, increasing to over 11% at stabilization. The asset is in good physical condition and does not require significant capital for deferred maintenance.

在我們「Path Forward」計畫下，本次收購在槓桿中性（leverage-neutral）基礎上，對 2028 年目標 FFO 區間約有每股 0.04 美元的增益。我們預期第一年 NOI（含 SNO）約 2,900 萬美元，並預估穩定後約在 3,300 萬美元水準。這代表初始殖利率 10.5%，穩定後提升至超過 11%。該資產實體狀況良好，無需為遞延維護投入大量資本。

We funded the acquisition with cash on hand, including $85 million of ATM equity at an average price above $19 per share, and $150 million of borrowings on our line of credit.

我們以手上現金為本次收購提供資金，其中包括透過 ATM 發行的 8,500 萬美元股權（平均價格高於每股 19 美元），以及自循環信用額度借款 1.50 億美元。

As I look forward, we are well on our way to completing our Path Forward plan. The finish line is in plain sight, and I have a high degree of confidence in achieving our 2028 operational and financial targets. No one is building new Class A regional malls, and leasing demand remains strong. We operate in affluent, supply-constrained markets, with approximately 90% of our go-forward NOI coming from Class A properties.

展望未來，我們正穩步完成「Path Forward」計畫。終點線已清晰可見，我對達成 2028 年營運與財務目標具有高度信心。沒有人在興建新的 A 級區域型商場，而租賃需求仍然強勁。我們營運於富裕且供給受限的市場，未來約 90% 的 NOI 將來自 A 級資產。

We believe a structural tailwind from expanding retailers, combined with a growing Gen Z demographic, will remain a positive driver for our business over the next decade. When we emerge from this plan, we expect to have 88%–89% physical permanent occupancy, embedded annual rent escalators, lower leverage, strong free cash flow, and a portfolio of irreplaceable assets in affluent markets with highly relevant retailers.

我們相信，擴張中的零售商所帶來的結構性順風，加上 Z 世代人口結構的成長，將在未來十年持續成為我們業務的正向驅動力。當我們完成此計畫時，預期將達到 88%–89% 的實體永久出租率、內含的年度租金調升條款、更低的槓桿、強勁的自由現金流，以及一個由富裕市場中不可取代資產所構成、且擁有高度相關零售商的投資組合。

We look forward to providing an update on Path Forward 3.0 at Nareit in June.

我們期待在 6 月的 Nareit 會議上，提供 Path Forward 3.0 的最新進展。

With that, I'll turn it over to Doug.

接下來，我把時間交給 Doug。

Thanks, Jack. First quarter reflects continued leasing momentum across our portfolio.

謝謝你，Jack。第一季反映出我們整體投資組合持續的租賃動能。

Portfolio sales at the end of the first quarter were $899 per square foot, up $18 when compared to the last quarter, representing a new high watermark for the company. When you look at our go-forward portfolio, sales were $941 per square foot, underscoring the strength of our elevation strategy and long-term rent growth opportunity.

第一季末的投資組合銷售額為每平方英尺 899 美元，較上一季增加 18 美元，創下公司新高。若看我們的未來核心投資組合（go-forward portfolio），銷售額為每平方英尺 941 美元，凸顯我們提升策略的成效以及長期租金成長的機會。

Occupancy at the end of the first quarter was 93.4%, down 60 basis points sequentially. This seasonal decline is consistent with prior years, as temporary tenants typically vacate during the first quarter. The go-forward portfolio occupancy at the end of the first quarter was 94.5%, reflecting strong underlying demand for space in our best centers.

第一季末的出租率為 93.4%，較前一季下降 60 個基點。這種季節性下滑與往年一致，因為臨時租戶通常會在第一季退租。第一季末未來核心投資組合的出租率為 94.5%，反映我們最佳商場對空間的強勁基本需求。

In the first quarter, we opened 225,000 square feet of new stores. Most notably, we opened two new restaurants in the Nordstrom Luxury Wing at Scottsdale Fashion Square, Din Tai Fung and Telefèric Barcelona. This is our second store with Din Tai Fung and first with Telefèric Barcelona. Telefèric is a family-owned contemporary tapas concept originating in Barcelona. Din Tai Fung and Telefèric joined well-established concepts such as Élephante, Catch, and The Henry, and our restaurant leasing in this wing is now complete. These restaurants have opened to tremendous fanfare, and all are exceeding our goals and expectations, reinforcing the role of high-quality food and beverage as a key traffic driver in luxury assets.

第一季我們新開出 225,000 平方英尺的新店。最值得一提的是，我們在 Scottsdale Fashion Square 的 Nordstrom Luxury Wing 新開了兩家餐廳：Din Tai Fung 與 Telefèric Barcelona。這是我們與 Din Tai Fung 的第二家店、與 Telefèric Barcelona 的第一家店。Telefèric 是源自巴塞隆納、由家族經營的當代 tapas 概念。Din Tai Fung 與 Telefèric 加入了 Élephante、Catch 與 The Henry 等成熟品牌，而我們在該翼樓的餐飲租賃現已完成。這些餐廳開幕引發熱烈關注，且表現均超越我們的目標與預期，進一步強化高品質餐飲在奢華資產中作為關鍵人流驅動因素的角色。

We also opened a 10,000-square-foot Aritzia store at Los Cerritos Center. Aritzia is one of the most sought-after retailers in North America and a great catalyst as we elevate the merchandising mix in the center. This is our eighth store with Aritzia, and we expect to grow this relationship as the brand expands its store fleet.

我們也在 Los Cerritos Center 開設了一家 10,000 平方英尺的 Aritzia 店。Aritzia 是北美最受追捧的零售品牌之一，並在我們提升該中心商品組合方面扮演重要催化劑。這是我們與 Aritzia 的第八家店，隨著品牌擴張其門市版圖，我們預期將持續深化這段合作關係。

Leasing activity remained strong throughout the first quarter. In total, we signed 1.6 million square feet of new and renewal leases, of which 700,000 square feet were new deals, more than double the amount of new leasing we completed in the first quarter of 2025.

第一季整體租賃活動維持強勁。合計而言，我們簽訂了 160 萬平方英尺的新租與續租合約，其中 70 萬平方英尺為新交易，超過我們在 2025 年第一季完成新租面積的兩倍。

As Jack highlighted, backfilling vacant anchor space is critical to our transformation strategy. During the quarter, we signed three more anchor tenants: Dick's House of Sport at Los Cerritos Center, Round1 at Washington Square, and Von Maur at Freehold Raceway Mall.

如 Jack 所強調，補位空置主力店空間對我們的轉型策略至關重要。本季我們再簽下三個主力店租戶：Los Cerritos Center 的 Dick's House of Sport、Washington Square 的 Round1，以及 Freehold Raceway Mall 的 Von Maur。

For those less familiar with Von Maur, it's a family-owned, upscale department store founded in the late 1800s in Davenport, Iowa. It remains headquartered there and operated by the Von Maur family. The brand is known for its exceptional service, premium brands, and high-quality build-outs. Von Maur's 145,000-square-foot store is currently under construction and will open in the third quarter of 2027. Von Maur, along with the recently opened Dick's House of Sport, will play a key role in transforming and elevating the merchandise mix at Freehold.

對 Von Maur 較不熟悉的朋友，這是一家家族經營的高端百貨公司，於 1800 年代末在愛荷華州達文波特（Davenport）創立，總部至今仍設於當地並由 Von Maur 家族經營。該品牌以卓越服務、頂級品牌組合與高品質裝修著稱。Von Maur 的 145,000 平方英尺店面目前正在施工，預計於 2027 年第三季開幕。Von Maur 與近期開幕的 Dick's House of Sport 將在 Freehold 的商品組合轉型與提升中扮演關鍵角色。

We're also excited to announce our first deal with Fogo de Chão, which will open in the redevelopment area of Green Acres Mall. This 7,500-square-foot Brazilian steakhouse is a globally recognized brand with more than 70 locations nationwide. Fogo de Chão has successfully evolved into a first-class contemporary dining concept that will strongly resonate with our customers. Fogo de Chão is scheduled to open in 2027, and we look forward to announcing additional locations with this brand across our portfolio in the near future.

我們也很高興宣布與 Fogo de Chão 的首筆合作，該店將在 Green Acres Mall 的重建區域開幕。這家 7,500 平方英尺的巴西牛排館是全球知名品牌，在全美擁有超過 70 個據點。Fogo de Chão 已成功演進為一流的當代餐飲概念，將與我們的顧客產生強烈共鳴。Fogo de Chão 預計於 2027 年開幕，我們也期待在不久的將來宣布該品牌在我們投資組合中的更多據點。

Turning to our lease expirations, we have commitments on approximately 90% of 2026 expiring square footage that is expected to renew and remain open, with another 10% in the letter of intent stage. As a result, we're effectively done with 2026 and are now actively focused on 2027 and 2028. In fact, as we look specifically at our 2027 expirations, we're 30% committed, with another 55% in the letter of intent stage. These are critical milestones that significantly de-risk the renewal component of our five-year plan.

談到我們的租約到期情況，我們已就預計於 2026 年到期的可出租面積約 90% 取得承諾，預期將續租並持續營運，另有 10% 處於意向書（letter of intent）階段。因此，我們實際上已完成 2026 年的工作，並正積極聚焦於 2027 年與 2028 年。事實上，若專注看 2027 年到期部分，我們已有 30% 取得承諾，另有 55% 處於意向書階段。這些是關鍵里程碑，可大幅降低我們五年計畫中續租組成部分的風險。

The retail environment is healthy, and tenant demand continues to be strong. In the first quarter of 2026, we reviewed and approved roughly the same number of new deals as we did in the first quarter of 2025, and keep in mind 2025 was a record leasing year for us. Supported by our enhanced internal leasing processes, we now have clear insight into what's next across our portfolio.

零售環境健康，租戶需求持續強勁。於 2026 年第一季，我們審核並核准的新交易數量大致與 2025 年第一季相同；請記得 2025 年是我們創紀錄的租賃年度。在我們強化的內部租賃流程支持下，我們如今能清楚掌握整體投資組合接下來的動向。

Letters of intent remain a key leading indicator of future leasing activity, and based on both volume and velocity, we expect strong momentum to continue throughout the remainder of the year.

意向書仍是未來租賃活動的重要領先指標；基於其數量與推進速度，我們預期強勁動能將在今年剩餘期間持續。

Lastly, we're looking forward to the Las Vegas ICSC Convention in mid-May, where we expect strong retailer attendance and a highly productive environment. Over the course of three days, we have more than 300 scheduled meetings with 250 different retailers spanning legacy retailers, international retailers, entertainment and experiential concepts, food and beverage, health and wellness, and emerging brands.

最後，我們期待 5 月中旬於拉斯維加斯舉行的 ICSC 大會，預期零售商出席踴躍且環境高度有利於促成成果。在三天期間，我們已安排超過 300 場會議，與 250 家不同零售商洽談，涵蓋既有零售商、國際零售商、娛樂與體驗式概念、餐飲、健康與養生，以及新興品牌。

We are confident that the activity coming out of this convention will translate into incremental leasing growth, which will continue to strengthen our already robust leasing pipeline.

我們有信心，這次大會所帶來的活動將轉化為額外的租賃成長，並將持續強化我們本已穩健的租賃案源管線。

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

接下來，我把電話會議交給 Dan，請他說明我們第一季的財務結果。

Thanks, Doug, and good afternoon. I'll start with a review of the first quarter financial results.

謝謝 Doug，大家下午好。我先回顧第一季的財務結果。

FFO as adjusted was approximately $92 million, or $0.34 per share, during the first quarter of 2026. I would like to highlight the following item included in our FFO as adjusted for the quarter: total gain on undepreciated asset sales of approximately $10 million, resulting primarily from the sale of a land parcel at Washington Square.

2026 年第一季，調整後 FFO 約為 9,200 萬美元，或每股 0.34 美元。我想強調本季調整後 FFO 中包含以下項目：未折舊資產出售總收益約 1,000 萬美元，主要來自 Washington Square 一筆土地地塊的出售。

Go-forward portfolio centers NOI, excluding lease termination income, increased 1.2% in the first quarter of 2026 compared to the first quarter of 2025. Winter weather, which resulted in higher snow removal and related expenses at our East Coast properties, negatively impacted our NOI growth by about 50 basis points.

不含租約終止收入的 go-forward 投資組合商場 NOI，於 2026 年第一季較 2025 年第一季增加 1.2%。冬季天候導致我們東岸物業的除雪及相關費用增加，使 NOI 成長約減少 50 個基點。

As a reminder, we expect go-forward portfolio centers NOI growth for the full year 2026 to be up at least 3% over 2025 and back-end weighted in terms of NOI growth contribution for the year. We then continue to expect go-forward NOI growth to accelerate meaningfully in 2027 and 2028 as the SNO pipeline tenants open and begin paying rent.

提醒一下，我們預期 2026 全年 go-forward 投資組合商場 NOI 成長將較 2025 年至少增加 3%，且就全年 NOI 成長貢獻而言將呈現後段加權。之後，我們仍預期 2027 年與 2028 年 go-forward NOI 成長將明顯加速，因 SNO 管線中的租戶將開業並開始支付租金。

As Jack mentioned, we have a high level of confidence in achieving the total SNO opportunity of approximately $140 million. The estimated annual contribution is $30 million in 2026, back-end weighted, $40 million to $45 million in 2027, and $45 million to $50 million in 2028. This represents a clear, visible path to drive incremental growth.

如 Jack 所提到，我們對達成約 1.4 億美元的 SNO 總機會具高度信心。預估年度貢獻為：2026 年 3,000 萬美元（後段加權）、2027 年 4,000 萬至 4,500 萬美元，以及 2028 年 4,500 萬至 5,000 萬美元。這代表一條清晰且可見的路徑，以推動額外成長。

Turning to the balance sheet, we continue to make strong progress on the balance sheet initiatives contained in our Path Forward plan. 2026 has already been an incredibly productive year for the team in relation to our various financing activities.

談到資產負債表，我們持續在「Path Forward」計畫所包含的資產負債表倡議上取得強勁進展。就各項融資活動而言，2026 年至今對團隊來說已是極為高產的一年。

In February, we closed on a four-year loan extension through November 2029 on our South Plains property. This $200 million loan extension was completed at the existing interest rate of approximately 4.2%.

2 月，我們完成 South Plains 物業一筆四年期貸款展延至 2029 年 11 月。這筆 2 億美元的貸款展延以既有利率約 4.2% 完成。

With respect to our 29th Street property, this $76 million loan at the company's pro rata share remains in default after its February maturity date. As we are currently in discussions with the lender on the terms of this loan, we do not have any additional commentary at this time.

就 29th Street 物業而言，按公司按比例分攤份額計算的這筆 7,600 萬美元貸款在 2 月到期日後仍處於違約狀態。由於我們目前正與貸方就該貸款條款進行討論，現階段沒有進一步評論。

Also in February, we closed an amended and restated $900 million revolving credit facility. We increased the size of the facility from $650 million to $900 million, extended the maturity date from January 2027 to March 2030, and lowered the current pricing grid from a spread range of 200 to 250 basis points over SOFR to 180 to 220 basis points over SOFR. The current spread is 190 basis points over SOFR. Upon achievement of certain performance thresholds, those spreads will be further reduced to a range of 135 to 165 basis points over SOFR.

同樣在 2 月，我們完成修訂並重述的 9 億美元循環信用額度。我們將額度規模由 6.5 億美元提高至 9 億美元，將到期日由 2027 年 1 月延長至 2030 年 3 月，並將現行定價級距由 SOFR 之上 200 至 250 個基點下調至 SOFR 之上 180 至 220 個基點。目前利差為 SOFR 之上 190 個基點。達成特定績效門檻後，該等利差將進一步下調至 SOFR 之上 135 至 165 個基點的區間。

We are very pleased with the execution on this new facility, and we appreciate our bank group's support of Macerich and its Path Forward plan.

我們對這項新額度的執行成果非常滿意，並感謝銀行團對 Macerich 及其「Path Forward」計畫的支持。

In March, we repaid the outstanding balance of approximately $212 million on Vintage Faire Mall with cash on hand and $100 million of borrowings on the line of credit.

3 月，我們以手上現金及信用額度項下借款 1 億美元，償還 Vintage Faire Mall 約 2.12 億美元的未償餘額。

At Deptford Mall, subsequent to quarter end, our joint venture closed on a new $115 million five-year mortgage loan. This new loan bears interest at a fixed rate of 6.95% and is interest-only during the entire term. This execution and interest rate are consistent with what we had assumed for Deptford in our Path Forward plan refinancing assumptions.

在 Deptford Mall，於季後，我們的合資企業完成一筆新的 1.15 億美元五年期抵押貸款。該新貸款以 6.95% 固定利率計息，且整個期間為僅付利息（interest-only）。此一執行結果與利率水準，與我們在「Path Forward」計畫中對 Deptford 的再融資假設一致。

We are continuing to proactively address our remaining 2026 debt maturities through a combination of potential asset sales, refinancings, loan modifications, or, if necessary, property givebacks. We currently have approximately $780 million in liquidity, including $650 million of capacity on our revolving line of credit.

我們持續以主動方式處理 2026 年剩餘到期債務，透過潛在資產出售、再融資、貸款修改，或在必要時退還物業（property givebacks）的組合方式。目前我們約有 7.8 億美元流動性，其中包括循環信用額度約 6.5 億美元的可用額度。

From a leverage perspective, net debt to adjusted EBITDA at the end of the first quarter was 7.76x, which is a full turn lower than at the outset of the Path Forward plan. Importantly, we have outlined our strategy to further reduce leverage to the low- to mid-6x range over the next couple of years.

就槓桿而言，第一季末淨負債對調整後 EBITDA 為 7.76 倍，較「Path Forward」計畫啟動之初降低整整一個倍數（one full turn）。重要的是，我們已概述策略，將在未來幾年進一步把槓桿降至 6 倍出頭至 6 倍中段的區間。

We are making substantial progress in executing on dispositions as part of our Path Forward plan. During the first quarter, we closed on the sale of various outparcels and land for approximately $15 million, which included the land parcel at Washington Square.

我們在執行「Path Forward」計畫中的資產處分方面取得實質進展。第一季期間，我們完成出售多筆外圍地塊（outparcels）及土地，總額約 1,500 萬美元，其中包含 Washington Square 的那筆土地地塊。

To date, we have completed approximately $1.3 billion in total dispositions, representing about two-thirds of our initial disposition target. The disclosure we've provided in our supplement includes a summary of these asset dispositions. These sales transactions are consistent with our stated disposition plan to improve the balance sheet and refine our portfolio.

截至目前，我們已完成約 13 億美元的總處分，約占我們初始處分目標的三分之二。我們在補充資料中所提供的揭露包含這些資產處分的摘要。這些出售交易與我們既定的處分計畫一致，旨在改善資產負債表並精煉投資組合。

Based on our current level of discussions, marketing activities, and contract negotiations, we currently expect to sell or give back $300 million to $400 million of additional assets, outparcels, and land by the end of this year. This would increase total dispositions to approximately $1.7 billion.

根據我們目前的洽談程度、行銷活動與合約談判進度，我們目前預期在今年年底前，將再出售或退還 3 億至 4 億美元的額外資產、外圍地塊與土地。這將使總處分金額提高至約 17 億美元。

The ongoing and remaining sales, primarily related to certain outparcels and land, are likely to carry over into 2027 as we continue to work through various entitlements, reparcelizations, and lender-related activities. These items simply require additional time to complete, and we will remain disciplined in our execution to maximize sales proceeds and shareholder value.

持續進行中及剩餘的出售案，主要與特定外圍地塊與土地相關，可能會延續至 2027 年，因為我們仍需處理各項核准（entitlements）、重新分割地塊（reparcelizations）以及與貸方相關的作業。這些事項單純需要更多時間完成；我們將在執行上保持紀律，以最大化出售收益與股東價值。

We will provide further updates on our disposition activities as we progress through the year. Overall, we are making great progress on our Path Forward plan objectives to reduce leverage, refine the portfolio, and strengthen the balance sheet.

我們將在今年推進過程中，持續就處分活動提供進一步更新。整體而言，我們在「Path Forward」計畫目標上進展良好，包括降低槓桿、精煉投資組合，以及強化資產負債表。

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

接下來，我們把電話會議交給接線員。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（接線員指示）

Nishal Shah, Green Street.

Nishal Shah，Green Street。

Great. Thank you. Hi, this is Nigel on for Vince. Thanks for taking my question.

很好，謝謝。大家好，我是代替 Vince 的 Nigel。謝謝讓我提問。

Maybe just a couple on Annapolis. Could you confirm that there is no mortgage assumed for them all? And how do you plan to capitalize this asset long-term?

我想就 Annapolis 問兩個問題。能否確認這些資產都沒有承接任何抵押貸款？另外，長期而言你們打算如何為這項資產進行資本化／安排長期資金？

This is Jackson. Yes, there's no mortgage on it. We finance it on our line of credit. I'll hand it over to Dan. He can talk about sort of the long-term financing plans there.

我是 Jackson。是的，這個資產沒有抵押貸款。我們是用循環信用額度來融資。我把問題交給 Dan，他可以談談那邊的長期融資規劃。

Yes, thanks, Jackie. So as we -- and for everyone's benefit, we also posted a presentation as it relates to the Annapolis acquisition on our website. So the initial funding was funded with cash on hand. As part of that, there was $85 million of proceeds that we used on the ATM.

是的，謝謝 Jackie。為了讓大家了解，我們也已在官網上發布了與 Annapolis 收購相關的簡報。初始資金來源是手上現金。作為其中一部分，我們透過 ATM 使用了 8,500 萬美元的募集款項。

And additionally, we put $150 million of borrowings on our revolving line of credit.

另外，我們在循環信用額度上借入了 1.5 億美元。

So that's the initial financing for the asset.

這就是該資產的初始融資安排。

As we thought about it, this resulted in a leverage-neutral outcome in relation to our 2028 debt-to-EBITDA targets. And obviously, as Jack mentioned, it's $0.04 accretive to 2028 FFO targets.

從我們的角度來看，這使得相對於我們 2028 年淨負債／EBITDA 目標而言，結果是槓桿中性（leverage-neutral）。而且如 Jack 提到的，對 2028 年 FFO 目標有 0.04 美元的增益（accretive）。

As we think about permanent funding for this asset, I think we'll evaluate that over time. Right now, we just increased the size of our line of credit, so we have additional capacity and plenty of capacity on there as it relates to the $150 million.

至於這項資產的永久性資金（permanent funding），我們會隨時間推進再評估。目前我們剛提高了信用額度規模，因此在額度上有額外容量；就這 1.5 億美元而言，額度也相當充裕。

For Crabtree, we put in place a term loan and use some ATM. I think as we move forward here, we'll evaluate our options and in the context of. Those 2028 targets decide on the permanent funding, but we have time and capacity on line of credit to kind of figure that out.

至於 Crabtree，我們安排了一筆定期貸款並使用了一些 ATM。我想接下來我們會評估各種選項，並在 2028 年目標的脈絡下決定永久性資金安排；但我們在信用額度上有時間與容量來把這件事釐清。

Andrew Reale, Bank of America.

Andrew Reale，美國銀行。

Hi, good afternoon. Thanks for taking my question. Maybe just another on Annapolis. Tonight's yield year one, over 9%, which is before the snow. So maybe if you could just help us think through in some more detail how we get to that 11%-plus longer-term target you've laid out. Maybe if you could just discuss sort of what the leasing opportunity, leasing timeline there looks like and then just any other value-add opportunities that would help drive the yield toward that 11% figure?

嗨，下午好。謝謝讓我提問。我再問一個關於 Annapolis 的問題。今晚你們提到第一年的收益率超過 9%，而這還是在 SNO 之前。所以能否更詳細地說明一下，長期如何達到你們提出的 11% 以上目標？也請談談那邊的出租機會、出租時程大概會是什麼樣子，以及還有哪些增值（value-add）機會能把收益率推向 11%？

Sure, thanks.

好的，謝謝。

So one of the things that was really attractive about this opportunity the former owners, Kildare Partners, Atlas Holdings, which is Sandeep Mathrani and Centennial have been working on this project for two years, and they've generated tremendous leasing momentum and merchandising. So a lot of those 18 leases that we talked about are effectively rolling in this year and next year as part of that SNO component.

這個機會很吸引人的一點是，前任業主 Kildare Partners、Atlas Holdings（也就是 Sandeep Mathrani）以及 Centennial，過去兩年一直在推動這個專案，並且在招商動能與業態組合（merchandising）上取得了很大的進展。因此，我們提到的那 18 份租約中，有很多會在今年與明年陸續生效，作為 SNO 組成的一部分。

But what's really exciting for our team is that 52,000 square feet of prime space if you look at the leasing map diagram in our deck, that's center court, opposite Uniqlo, which is soon to open, and where Dick's House of Sport is opening in August. So we think that's going to give us a lot of opportunity to attract strong retailer demand in that corridor.

但對我們團隊來說更令人振奮的是，有 52,000 平方英尺的黃金區位空間；如果你看我們簡報中的招商地圖示意圖，那是在中庭（center court），位於即將開幕的 Uniqlo 對面，也是在 Dick's House of Sport 將於 8 月開幕的位置附近。因此我們認為，這條動線走廊將帶來很大的機會，吸引強勁的零售商需求。

There's also meaningful opportunity, as you can see in the darker blue section on that diagram, where we believe we can increase rent and permanent tenancy by repositioning underperforming tenants into higher-quality uses as the center continues to stabilize.

此外，如你在圖上較深藍色區塊所見，我們認為還有相當大的機會：隨著商場持續穩定，我們可以透過重新定位表現不佳的租戶、導入更高品質的用途，來提高租金並提升長期（永久性）出租率。

And then finally, that Sears parcel we believe is very valuable. There are already a number of anchor discussions taking place, and there are also potential residential options. So we're going to evaluate that carefully to determine the best course of action.

最後，我們認為 Sears 那塊地非常有價值。目前已經有多個主力店（anchor）洽談在進行中，也有潛在的住宅方案。因此我們會審慎評估，以決定最佳行動方案。

Ultimately, we want to create a thriving shopping center, and we'll move decisively to determine the optimal path forward.

最終，我們希望打造一個蓬勃發展的購物中心，並會果斷行動，確定最優的前進路徑。

Greg McGinnis, Scotiabank.

Greg McGinnis，豐業銀行（Scotiabank）。

So just question on your SamStar NOI for go-forward portfolio for this year. So last quarter, you mentioned at least 3% to be achieved. So based on leasing activity year-to-date and your focus on rent commencement dates. And the progress on that, is it still that kind of base case to be at least 3% or are you kind of trending better than that?

我想問一下你們今年 SamStar NOI（同店 NOI）在未來組合（go-forward portfolio）方面的展望。上季你們提到至少要達到 3%。那麼基於年初至今的出租活動、以及你們對租金起算日（rent commencement dates）的重點與進展，目前仍然是至少 3% 這個基準情境嗎？還是你們的趨勢其實更好？

Dan, why don't you take that one?

Dan，你來回答這題如何？

Yes, hey, good afternoon. As I mentioned in the prepared remarks, we continue to expect that go-forward NOI for 2026 will be at least 3%. And as we've mentioned before, and I'll reiterate, it's kind of back-end weighted toward the end of.

好的，嗨，下午好。如我在事先準備的發言中提到的，我們仍預期 2026 年未來組合（go-forward）的 NOI 至少成長 3%。而且如我們之前提過、我也再重申一次，這個成長會比較偏向在年底才體現（back-end weighted），落在……

2026. So we're still on track with that for 2026. And then as we've talked about a lot, obviously, given the overall plan and the ramp in Snow that we outlined at the back half of '26 into '27 and '28, obviously, that NOI growth ramps very materially into '27 and '28.

2026 年的後段。因此我們在 2026 年仍按計畫推進。然後如我們多次討論的，考量整體計畫以及我們所說明的 Snow 在 2026 年下半年到 2027、2028 年的爬坡（ramp），NOI 成長在 2027 與 2028 年會非常明顯地加速。

Flores Van Diggum, Ladenburg.

Flores Van Diggum，Ladenburg。

Hey, guys. Obviously, the financing of this mall, I'm a little surprised it doesn't entail a little bit more equity because obviously equity is a lot cheaper than the yields that you're getting here.

各位好。就這座商場的融資而言，我有點意外你們沒有用更多股權，因為很明顯股權成本比你們在這裡取得的收益率要便宜得多。

Maybe talk a little bit about -- because I don't think this is the only mall that's currently being shopped, the only sort of A-minus mall that could be attractive. Maybe, Jack, could you give a little bit more of an update on what you're seeing in the market in terms of transactions and how much of it appeals to you and where you think you can actually add value to acquisitions or assets?

能否談談——因為我不認為目前被拿出來出售的只有這一座商場、也不只有這種可能具吸引力的 A- 級商場。Jack，你能否多更新一下你們在市場上看到的交易情況、哪些對你們有吸引力，以及你們認為在哪些收購或資產上實際能夠創造價值？

Thanks, Forrest.

謝謝，Forrest。

Just to remind everybody again, acquisition criteria is really critical for us. First and foremost, the acquisition has to be accretive to our 2028 FFO per share as part of our plan, and it must be in a strong trade area with a solid competitive position and enhance our go-forward portfolio.

再提醒大家一次，我們的收購標準非常關鍵。首先，收購必須能在我們的計畫中，對 2028 年每股 FFO 具增益（accretive）；同時必須位於強勁的商圈，具備穩固的競爭地位，並能強化我們的未來資產組合。

That being said, the ability to elevate and transform the property is also key. I would say we have a strong pipeline of opportunities that we've been evaluating. This particular opportunity was off-market, and if you saw our press release, it was truly a win-win for both the seller and for us as the buyer. There is still meaningful upside within the asset.

此外，提升並改造該物業的能力也同樣重要。我會說我們正在評估一條很強的機會管線。這筆交易是場外（off-market）機會；如果你看我們的新聞稿，這確實對賣方與我們作為買方而言是雙贏。該資產內仍有相當可觀的上行空間。

You're essentially balancing going-in yields versus what I'd call stabilized yields. If I contrast Annapolis with Crabtree Valley Mall, when we acquired Crabtree, the prior owner had secured Dick's House of Sport, but there was less progress on the in-line leasing side in terms of elevating and transforming the center. Annapolis, by comparison, was roughly two years further along in that process.

你基本上是在平衡進場收益率（going-in yields）與我所稱的穩定後收益率（stabilized yields）。如果我把 Annapolis 與 Crabtree Valley Mall 對比：我們收購 Crabtree 時，前任業主已經簽下 Dick's House of Sport，但在提升與改造商場的店中店（in-line）招商方面進度較少。相較之下，Annapolis 在那個流程上大約已經往前推進了兩年。

As we evaluate other opportunities, we're focused on timing and our ability to execute. At the end of the day, we believe an asset like Annapolis will continue to consolidate its trade area and expand its draw. We like assets with that kind of upside where the competitive dynamics work in favor of the real estate and allow for meaningful transformation.

在評估其他機會時，我們聚焦在時點以及我們的執行能力。歸根結底，我們相信像 Annapolis 這樣的資產會持續整合其商圈並擴大吸引力。我們喜歡具備這類上行空間的資產：競爭動態有利於不動產本身，並允許進行有意義的轉型。

We have a dedicated senior resource focused on acquisitions, David, whom we've discussed before, and he is actively managing a strong pipeline of opportunities. If we are successful in pursuing those, we will remain prudent and disciplined in how we approach financing.

我們有一位專注於收購的資深專責資源 David（我們之前也談過），他正在積極管理一條強勁的機會管線。如果我們成功推進其中一些機會，我們在融資方式上也會保持審慎與紀律。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great, thanks. Maybe a question on leasing. Just on the 1.6 million square feet in the quarter, can you give us the breakdown of mix of new versus renewal leasing and any commentary you can have on re-leasing spreads, not only on the quarter, but maybe for expectations of deals that you've got in the pipeline that are going to be executed later this year?

很好，謝謝。想請教一個關於租賃的問題。就本季的160萬平方英尺而言，能否提供新租與續租的組合拆分？另外，關於再出租價差（re-leasing spreads），不僅是本季的表現，也想聽聽您對今年稍晚將在管線中執行之交易的預期。

Yes, so 1.6 million square feet we leased; 700,000 square feet of it was to new retailers, some of which were anchor stores and some of which were in-line. I think I mentioned in my prepared remarks, we did a Von Maur deal at Freehold, we did a Round1 deal at Washington Square, and Zara at Los Cerritos Center. So those are the new deals. The remainder were mall shop stores.

好的，我們租出了160萬平方英尺；其中70萬平方英尺是租給新零售商，部分是主力店（anchor stores），部分是店中店（in-line）。我想我在事先準備的發言中提到過，我們在Freehold做了一筆Von Maur的交易，在Washington Square做了一筆Round1的交易，以及在Los Cerritos Center引進了Zara。這些都是新交易。其餘的則是商場店鋪（mall shop stores）。

But it really speaks to the retailer demand that's out there that 700,000 square feet of new deals. I mean, the retail environment is extremely healthy. Retailers are continuing to reinvent themselves, and our watch list is at an all-time low.

但這其實反映了目前零售商需求的強勁：有70萬平方英尺是新交易。我的意思是，零售環境非常健康。零售商持續自我革新，而我們的觀察名單（watch list）也降到歷史新低。

It's interesting the legacy retailers are coming out with all these brand extensions. For example, A&F has Hollister and Abercrombie Kids; American Eagle has Aerie and Offline; Gap has Old Navy. We're hearing that Old Navy might come out with an athleisure concept. The emerging brands are also strong you think about Alo Yoga, Beyond Yoga, and Faherty.

有趣的是，傳統零售商推出了各種品牌延伸。例如，A&F有Hollister和Abercrombie Kids；American Eagle有Aerie和Offline；Gap有Old Navy。我們也聽說Old Navy可能會推出一個運動休閒（athleisure）概念。新興品牌也很強，你想想Alo Yoga、Beyond Yoga，以及Faherty。

A lot of the retailers are focused on the Gen Z consumer you think about Cider, Edikted, Princess Polly, Brandy Melville, and the list goes on. This is just the tip of the iceberg, but suffice it to say, given everything that's going on in the macroeconomic environment, including geopolitical uncertainty, we are not seeing any letup at all in retailer demand.

許多零售商都聚焦在Z世代消費者，例如Cider、Edikted、Princess Polly、Brandy Melville等等。這只是冰山一角，但總之，在目前總體經濟環境的各種變化之下（包括地緣政治不確定性），我們完全沒有看到零售商需求有任何放緩。

And on the releasing spreads, I think I talked on the last call and we certainly communicated at Citi, we're not going to use that metric at this point. When we get through our path forward plan, which is we're almost done at this point, we'll try to come up with a more thoughtful.

至於再出租價差（re-leasing spreads），我想我在上次電話會議已談過，我們也在花旗（Citi）那邊溝通過：現階段我們不會使用這個指標。等我們完成「Path Forward」計畫（目前幾乎已完成）後，我們會嘗試提出一個更周全的——

Metric because that was one that candidly we inherited here. So there'll be more to talk about on that in the future.

——指標，因為坦白說，這是我們接手時就沿用的指標。未來還會有更多可以談的。

Hendel St. Jude, Mizuho.

Hendel St. Jude，瑞穗（Mizuho）。

Hi, there. This is Ravi Vaidya, on the line for Hendel. Hope you guys are doing well.

您好，我是代替Hendel在線上的Ravi Vaidya。希望各位都一切順利。

I wanted to ask a bit about the K-shaped economy and how are you seeing. Sales trend for some of your luxury tenants, for maybe some of your non-luxury, maybe aim for more of a lower income? And how are you seeing that across your portfolio?

我想請教一下所謂K型經濟的情況：您如何觀察部分奢侈品租戶的銷售趨勢，以及一些非奢侈、可能更偏向較低收入客群的租戶之銷售趨勢？在你們的整體資產組合中，這些表現如何？

Thank you.

謝謝。

Yes, it's a good question.

是的，這是個好問題。

I'll start with I'm sure you've seen this the National Retail Federation is projecting a 4.4% annual sales increase over 2025, primarily driven by their projections on income growth, household balance sheets, and labor market stability. Tax refunds have certainly helped; I think the average tax refund this year is up about 11% versus last year. Clearly, middle- and upper-income groups are still spending.

我先從一點開始：我相信你也看到了，全美零售聯合會（National Retail Federation）預估2025年全年銷售將年增4.4%，主要是基於其對收入成長、家庭資產負債表，以及勞動市場穩定性的預測。退稅確實有所幫助；我想今年平均退稅金額較去年增加約11%。很明顯，中高收入族群仍在消費。

If you look at our sales in the first quarter, it was 3.8% comp sales, but that's not really telling the full story. We only had one category group out of seven shoes that was negative. All of the other categories, including fast food, general merchandise, home furnishings, and jewelry, were trending positive and contributed to that composite.

如果看我們第一季的銷售，是同店銷售（comp sales）成長3.8%，但這其實沒有完整呈現全貌。我們七個品類群組中，只有鞋類是負成長。其他所有品類，包括速食、綜合商品、家居陳設與家具，以及珠寶，都呈現正向趨勢，並共同貢獻了這個綜合數字。

So the consumer is definitely coming to the mall and spending. One of the other things that is an interesting stat for us and probably more specific to our portfolio as it relates to this K-shaped economy and what we're doing is that we've talked about 1,000 new leases or tenants being secured in our portfolio, which is about 25% of the total leasable units. That's a meaningful amount of space and units, and that doesn't include remodels and refreshes by tenants where we extend them in place.

所以消費者確實會到商場並且消費。另一個對我們而言很有意思、也可能更貼近我們資產組合、與K型經濟及我們正在做的事情相關的數據是：我們談到在資產組合中已簽下1,000個新租約或新租戶，約占可出租單元總數的25%。這是相當可觀的面積與單元數，而且這還不包含租戶的改裝與更新（remodels and refreshes），在那些情況下我們會就地延長其租約。

What I'm trying to highlight is that for later-stage assets that are more mature in their elevation and transformation process assets like Broadway Plaza, Country Club Plaza, or Scottsdale Fashion Square traffic in the first quarter at those three properties was all in the double-digit range for Q1 2026 versus 2025.

我想強調的是，對於處於後期階段、在升級與轉型過程中更成熟的資產——例如Broadway Plaza、Country Club Plaza或Scottsdale Fashion Square——這三個物業在2026年第一季相較2025年的來客量（traffic）都達到雙位數成長。

So what we're seeing is that as we continue to execute this plan getting stores built out, improving environments, and securing anchor tenants we expect to replicate the same type of performance we're seeing at those more mature centers.

因此，我們看到的是：隨著我們持續執行這項計畫、完成店鋪建置、改善環境並引進主力店租戶，我們預期能在其他較不成熟的中心複製這些更成熟中心所呈現的同類型表現。

As I said, overall sales trends remain consistent with what we saw entering last year. Middle- and high-income consumers are continuing to spend, and retailers are highly focused on value, relevance, newness, innovation in product, and marketing. They are also leaning aggressively into AI, which is reflected in their commitment to expand, invest in physical stores, and drive both top-line and bottom-line growth.

如我所說，整體銷售趨勢與我們去年初看到的情況一致。中高收入消費者持續支出，而零售商高度聚焦於價值、相關性、新鮮感、產品創新與行銷。他們也積極導入AI，這反映在他們擴張、投資實體店，以及推動營收與獲利（top-line與bottom-line）成長的承諾上。

Ronald Camden, Morgan Stanley.

Ronald Camden，摩根士丹利（Morgan Stanley）。

Great. Thanks so much for having me on.

很好。非常感謝讓我加入。

Just a quick one on just the physical occupancy. I think the last presentation talked about bottoming at sort of 89% this year and then charged a rapidly forward. Just would love an update on just how you guys are thinking about just those commencement schedules, if you're feeling sort of better or worse, how that sort of shaped me out.

我想快速問一下實體出租率（physical occupancy）。我記得上次簡報提到今年大概會在約89%觸底，之後會快速往前推進。想請你們更新一下：你們目前如何看待這些開業／起租（commencement）時程？你們覺得情況是更好還是更差？目前進展大概如何？

Yeah, thanks for asking that.

好的，謝謝你問這個。

This Path Forward 3.0 it’s not going to be a big reveal. The one thing we are going to add, which I think will help, is we’re going to put in a “speedometer” that tracks rent commencement schedules. There are roughly 10 criteria or gates that tenants have to move through in that process, and we’re right on track right now with that rent commencement completion rate.

這個Path Forward 3.0不會有什麼重磅揭露。我們會新增一個我認為很有幫助的內容：我們會放入一個「速度表（speedometer）」來追蹤租金起算（rent commencement）時程。租戶在這個流程中大約需要通過10項標準或關卡，而目前我們的租金起算完成率（rent commencement completion rate）完全符合進度。

This is something we’re really focused on as we transition from completing the leasing effort to getting all these stores open. We believe we’re right on track, and there’s a high level of focus across our real estate services team, asset management teams, leasing teams, and on-site mall operators and managers. It’s truly a collective effort to bring what is an unprecedented number of new stores into our portfolio.

當我們從完成租賃工作轉向讓這些店鋪全部開業時，這是我們非常聚焦的事項。我們相信目前進度完全在軌道上，而且我們的不動產服務團隊、資產管理團隊、租賃團隊，以及現場商場營運與管理團隊都高度投入。這確實是一項集體努力，目標是把數量前所未有的新店帶進我們的資產組合。

And obviously, that will directly support our goal of increasing physical permanent occupancy to the 88%–89% range.

而且很明顯，這將直接支持我們把實體永久出租率（physical permanent occupancy）提升至88%–89%區間的目標。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Hey, good afternoon out there. Annapolis Mall, congrats on the deal.

嘿，各位下午好。Annapolis Mall，恭喜這筆交易。

But I have to ask, you keep talking about the 2028, so it seems pretty clear there are a lot of moving pieces this year into next as we get toward '28, where do we stand as far as the target FFO, I think Crabtree elevated it, this elevates it, but I'm not sure if you're planning any more dispositions as you think about debt pay downs.

但我得問一下：你們一直在談2028年，所以看起來很明顯，今年到明年在邁向『28年』的過程中有很多變動因素。就目標FFO而言，我們目前處於什麼位置？我想Crabtree把它上調了，這筆交易也會把它往上推，但我不確定你們在考量償還債務（debt pay downs）時，是否還計畫進一步處分資產（dispositions）。

And then obviously, the yield curve has changed versus when you initially laid out as far as where rates may be. So I think we were sort of at that 180 or 185, but can you just refresh us like where you guys see 28 FFO now sort of as the midpoint, if you will, what we should be thinking about?

另外，殖利率曲線（yield curve）相較你們最初提出利率可能走向時已經改變。我想我們當時大概是在180或185的水準；你們能否更新一下：你們現在對2028年FFO的看法（例如以中位數來看）是什麼？我們應該如何思考這個數字？

You're stealing Dan's thunder for a 3.0, but I'll let him take that question.

你這是在搶 Dan 對 3.0 的風頭，不過這題我就讓他來回答。

Hey, good afternoon, Alexander. Yes, look, I mean, we put out version 2.0, I guess, last summer. As the midpoint was $1.81, and then since then, we've done the Crabtree deal, as you said, and we've provided those economics, and now we've done the.

嗨，下午好，Alexander。是的，你看，我們大概在去年夏天發布了 2.0 版本。當時中位數是 1.81 美元；之後我們完成了你提到的 Crabtree 交易，也提供了相關的經濟效益數據，現在我們也完成了這筆。

Annapolis deal, which we said is $0.04 accretive to that. So we plan to sort of tighten and narrow the ranges in part of Version 3.0, but overall, as we've said, we're on track to as as Jack said in his comments, we're on track to achieve the targets that we put out there for financial and operation metrics.

Annapolis 交易，我們說這會在那個基礎上增加 0.04 美元的增益（accretive）。因此，在 3.0 版本的一部分內容中，我們計畫把區間收緊、縮小；但整體而言，正如我們所說的，我們進度如期——就像 Jack 在他的評論裡提到的——我們正按計畫達成我們對外公布的財務與營運指標目標。

Okay, but is there, I mean, it sounds like you should be closer to 190, right?

好的，但我的意思是，聽起來你們應該更接近 190，對吧？

Yeah, we'll be addressing that, so we can, yes, I mean, we'll be addressing that when we put out that 3.0 that can, by in three weeks.

是的，我們會回應這點，所以我們可以——是的，我的意思是——我們會在發布 3.0 時一併說明，可能在三週內。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

Yes, hi. Going back to the 88% to 89% permanent occupancy that you talked about being at on the other side.

是的，嗨。回到你提到的，在另一端的永久入住率（permanent occupancy）為 88% 到 89%。

I guess looking at the tenants on top of those, can you talk about what those tenants generally are or expected to be?

我想看看在那些之上的租戶，你能談談那些租戶一般是什麼類型，或預期會是什麼類型嗎？

For example, what portion are tenants that are typically there testing out space and really thinking about permanent occupancy versus what I guess people usually think of when they think of tenants?

例如，其中有多少比例是通常只是來測試空間、並在考慮是否轉為永久進駐的租戶；相對於大家一般想到的那種租戶？

Yes, well, I think temporary tenants like in my comments if you have vacant anchors, I can guarantee you have a lot of temporary tenants in those wings. It’s typically anybody and everybody that can go in there and add value.

是的，我想臨時租戶——就像我在評論裡說的——如果你有空置的主力店（anchor），我可以保證那些翼區會有很多臨時租戶。通常就是任何能進去並帶來價值的人。

Generally, a temporary tenant is someone, in our experience, that pays gross rent and doesn’t necessarily pay CAM and taxes it’s just a gross rent number. More than likely, as a landlord, you’re going to be underperforming from a rent capability standpoint with those tenants.

一般來說，依我們的經驗，臨時租戶是指支付總租金（gross rent），但不一定支付 CAM（公共區域維護費）與稅金的租戶；就是一個總租金數字。作為房東，你很可能在租金能力（rent capability）上會因這些租戶而表現不佳。

We’ll always have some degree of temporary tenants. It’s actually a good thing to have in a center like this because, at any given time, a new opportunity for a permanent tenant will emerge, and you want to be able to create that opportunity because we believe it will drive traffic and overall sales volume in the space.

我們永遠都會有一定程度的臨時租戶。對這樣的商場來說其實是好事，因為在任何時點，都可能出現新的永久租戶機會，而你希望能創造那個機會，因為我們相信這會帶動人流與整體銷售額。

A good example would be Primark. Primark is expected to be spun off from Associated British Foods plc, and they have meaningful growth expectations. We’ve got seven of them already in our portfolio, and there are about 38 in the United States. These are great stores customers really enjoy shopping in them and they take up a significant amount of space. They haven’t been expanding rapidly while going through strategic changes, but when they are spun off, our expectation is that they will begin expanding their concept more aggressively across the US, moving from the East Coast toward the West.

一個很好的例子是 Primark。Primark 預計將從 Associated British Foods plc 分拆出來，而且他們有相當可觀的成長預期。我們的投資組合裡已經有 7 家，而全美大約有 38 家。這些店很棒，顧客真的很喜歡逛，而且占用相當大的面積。他們在進行策略調整期間並沒有快速擴張，但一旦分拆完成，我們預期他們會更積極在美國擴張其概念店，從東岸往西岸推進。

You want to have the flexibility to bring in opportunities like that. Typically, doing so means you are displacing existing tenants. So having that buffer which is typically about 7% to 8% of space allocated to temporary tenants when you have full anchor deployment is actually a good thing. It allows us to manage pricing tension and optimize the merchandising mix.

你會希望有彈性把這類機會引進來。通常這麼做代表你要汰換（displace）現有租戶。因此，當主力店全面到位時，保留一個緩衝——通常約 7% 到 8% 的面積配置給臨時租戶——其實是好事。這讓我們能管理定價張力並最佳化商品與品牌組合（merchandising mix）。

It becomes a problem when you have a large number of vacant anchors and a heavy concentration of temporary tenants in that situation, you lose pricing power and the ability to curate the merchandising mix effectively. So we’re going to be in a much stronger position once we complete the plan.

當你有大量空置的主力店，且臨時租戶高度集中時，就會變成問題；在那種情況下，你會失去定價能力，以及有效策劃商品與品牌組合的能力。所以一旦我們完成這個計畫，我們的處境會強很多。

As I mentioned, we only have 250 leases remaining out of the 1,000, and that will position us to pursue some very exciting opportunities. For example, Zara is rolling out its Bershka concept, and we’ve already approved a lease in one of our Southern California properties. There are a number of compelling opportunities emerging across domestic brands, international brands, and experiential retail.

如我提到的，在 1,000 份租約中我們只剩 250 份尚未完成，這將使我們能追求一些非常令人振奮的機會。例如，Zara 正在推出其 Bershka 概念，我們已在南加州的一處物業核准了一份租約。國內品牌、國際品牌以及體驗式零售（experiential retail）方面，都有許多很有吸引力的機會正在浮現。

Having temporary space available alongside fully occupied anchor boxes is actually an advantage for a landlord in our business, as it provides the flexibility needed to continually upgrade the tenant mix and drive long-term value.

在主力店盒子（anchor boxes）全數滿租的同時仍保有臨時空間，對我們這個行業的房東而言其實是一項優勢，因為它提供了持續升級租戶組合並推動長期價值所需的彈性。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

Hi, everyone. Another question quickly and then another one. But anyways, could you let us know the current physical permanent occupancy rate versus that target of 88% to 89%? But then I was wondering on the pricing side, if you could comment on the occupancy cost. It's at 11.7%. It doesn't seem to move much year-to-year, but wondering how in-place occupancy cost compares to where you're signing leases and how it could move over the next, call it, like one to three years?

嗨，各位。我先快速問一題再問另一題。總之，你們能否告訴我們目前的實體永久入住率（physical permanent occupancy）相較於 88% 到 89% 這個目標是多少？另外我想問定價方面，如果你們能評論一下入住成本（occupancy cost）。目前是 11.7%。它看起來年對年變動不大，但我想知道現有（in-place）的入住成本與你們正在簽的新租約相比如何，以及未來一到三年可能會怎麼變動？

Yes, I mean, I think our physical permanent sits at around 84% now.

是的，我的意思是，我們目前的實體永久入住率大約在 84% 左右。

And when all these stores open, it's projected to get in that range that we talked about, 88% to 89%.

等這些店都開幕後，預計會達到我們提到的那個區間，也就是 88% 到 89%。

We're actually signing leases. You can see just when we have our disclosure, you can see the lease rates are going up.

我們其實正在簽新租約。你可以從我們的揭露資料看到，租金水準正在上升。

As we're converting more tenants.

隨著我們轉換更多租戶。

From gross leases, which has been the case in many cases, to fixed rent plus fixed CAM and fixed real estate taxes, that's going to drive more occupancy cost and will have obviously an impact on cost of occupancy. So I think that you'll start to see that.

從總租約（gross leases）——在很多情況下都是如此——轉為固定租金加固定 CAM 與固定不動產稅，這將推升更多入住成本，並且顯然會對入住成本（cost of occupancy）產生影響。所以我認為你會開始看到這個。

Increase and then hopefully sales will increase as well because more traffic, more productivity and that sort of sets up the virtuous cycle for us to continue to drive rent and have productivity in these centers.

上升，然後也希望銷售額能同步上升，因為人流更多、產能更高，而這會為我們建立良性循環，讓我們能持續推升租金並提升這些商場的生產力。

I mean, maybe the best way to describe it, just stepping back, 25% new tenants.

我的意思是，也許用退一步的角度來描述最貼切：25% 是新租戶。

And that 25% that's being replaced, a lot of that's temp tenants that we've kicked the can on, tenants with older stores, tenants that are not mark-to-market, tenants that are on gross leases versus fixed rent with fixed cam and fixed taxes. So overall, it's going to create a better ecosystem from merchandising standpoint as well as a more.

而被替換掉的那 25% 裡，有很大一部分是我們一直拖著處理的臨時租戶、店型較舊的租戶、未能反映市價（mark-to-market）的租戶，以及採總租約而非固定租金加固定 CAM 與固定稅金的租戶。所以整體而言，這會從商品與品牌配置的角度打造更好的生態系，同時也帶來更。

Productive financial result for us as landlord.

對我們作為房東而言更具生產力的財務成果。

And this concludes our question-and-answer session. I would like to turn the conference back over to Mr. Hasai for any closing remarks. Please go ahead.

以上為問答環節的結束。我想把會議交回給 Hasai 先生作結語。請繼續。

Great. I want to thank everyone for joining us this afternoon and thank the number of different colleagues across our platform that are really driving to the finish line our path forward plan.

很好。我想感謝各位今天下午加入，也感謝我們平台上許多不同的同事，正全力以赴推動我們的前進路徑計畫（path forward plan）衝刺到終點。

Thank you. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以斷線。