Phillips Edison & Co Inc (PECO) 2024 Q4 法說會逐字稿

Good day, and welcome to Phillips Edison & Company's fourth-quarter and full year 2024 earnings call. Please note that this call is being recorded. I will now turn the call over to Kimberly Green, Head of Investor Relations. Kimberly, you may begin.

大家好，歡迎參加菲利普斯愛迪生公司 2024 年第四季和全年財報電話會議。請注意，本次通話正在錄音。現在我將把電話轉給投資者關係主管金伯利‧格林 (Kimberly Green)。金伯利，你可以開始啦。

Thank you, operator. I'm joined on this call by our Chairman and Chief Executive Officer, Jeff Edison; President, Bob Myers; and Chief Financial Officer, John Caulfield. Once we conclude our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our Investor Relations website.

謝謝您，接線生。我們的董事長兼執行長傑夫愛迪生 (Jeff Edison) 也參加了本次電話會議；總裁鮑勃·邁爾斯 (Bob Myers)；和財務長 John Caulfield。一旦我們結束準備好的發言，我們將開始問答環節。今天的電話會議結束後，存檔版本將在我們投資者關係網站上發布。

As a reminder, today's discussion may contain forward-looking statements about the company's view of future business and financial performance, including forward earnings guidance and future market conditions. These are based on management's current beliefs and expectations and are subject to various risks and uncertainties as described in our SEC filings, specifically in our most recent Form 10-K and 10-Q.

提醒一下，今天的討論可能包含關於公司對未來業務和財務表現的看法的前瞻性陳述，包括前瞻性盈利指引和未來市場狀況。這些都是基於管理層當前的信念和期望，並受到我們提交給美國證券交易委員會的文件中所述的各種風險和不確定性的影響，特別是我們最新的 10-K 和 10-Q 表格中所述的各種風險和不確定性的影響。

In our discussion today, we will reference certain non-GAAP financial measures. Information regarding our use of these measures and reconciliations of these measures to our GAAP results are available in our press release and supplemental information packet, which have been posted on our website.

在今天的討論中，我們將參考某些非 GAAP 財務指標。有關我們對這些指標的使用以及這些指標與我們的 GAAP 結果的調節的信息，可在我們的新聞稿和補充信息包中找到，這些信息已發佈在我們網站上。

Please note that we have also posted a presentation with additional information. Our caution on forward-looking statements also applies to these materials.

請注意，我們也發布了包含更多資訊的簡報。我們對前瞻性陳述的警告也適用於這些資料。

Now I'd like to turn the call over to Jeff Edison, our Chief Executive Officer. Jeff?

現在我想將電話轉給我們的執行長傑夫愛迪生。傑夫？

Thank you, Kim, and thank you, everyone, for joining us today. PECO delivered market-leading operating results in 2024. We believe we have the best team in the shopping center space. I'd like to thank our PECO associates for their dedication and hard work to maintain our unique competitive advantage and drive value at the property level.

謝謝 Kim，也謝謝大家今天的參與。PECO 在 2024 年實現了市場領先的營運表現。我們相信我們擁有購物中心領域最好的團隊。我要感謝我們的 PECO 員工的奉獻和努力，以保持我們獨特的競爭優勢並在房地產層面推動價值。

The PECO team delivered solid core FFO per share growth of nearly 4% in 2024 despite significant interest expense headwinds. If we added back per share impact of increased interest rates, core FFO per share growth would have been 6% in 2024. Retailer demand across our portfolio remains strong. This is most evident in our high occupancy strong rent spreads and our leasing pipeline.

儘管面臨巨大的利息支出阻力，PECO 團隊仍於 2024 年實現了每股核心 FFO 穩健成長近 4%。如果我們加上利率上升對每股的影響，到 2024 年，每股核心 FFO 成長率將達到 6%。我們整個產品組合中的零售商需求依然強勁。這在我們高入住率、強勁租金差價和租賃管道中表現得最為明顯。

Retailers want to be located in our centers where top grocers drive consistent and recurring foot traffic. The transaction market also improved for us in 2024, allowing us to exceed the high end of our original guidance for acquisitions.

零售商希望將店舖設在我們的中心，以便頂級雜貨店能吸引穩定且經常性的客流量。2024 年，交易市場也有所改善，使我們能夠超越最初收購預期的高端。

A unique PECO advantage is that we understand quality differently we believe we are able to identify quality in our markets with better initial yields and higher growth opportunities in the top 10 markets. We have built a high-quality portfolio acquisition by acquisition that is capable of delivering strong cash flow growth. The quality of PECO's cash flows is a product of PECO's cycle tested performance over more than 30 years.

PECO 的獨特優勢在於我們對品質有不同的理解，我們相信我們能夠在我們的市場中識別出質量，在前十大市場中具有更好的初始收益和更高的成長機會。我們透過收購建立了高品質的投資組合，能夠實現強勁的現金流成長。PECO 現金流的品質是 PECO 30 多年來經過循環測試的表現的產物。

When we look at our performance following both the 2008 global financial crisis and the 2020 COVID-induced downturn, it highlights the resiliency of our growth tanker portfolio. The quality of our cash flows is also reflected in PECO's focused and differentiated strategy of owning neighborhood shopping centers anchored by the number one or number two grocer by sales in the market.

當我們回顧 2008 年全球金融危機和 2020 年新冠疫情引發的經濟衰退之後的表現時，我們可以看出我們的成長油輪投資組合具有極強的韌性。我們的現金流品質也反映在 PECO 的專注和差異化策略中，即擁有以市場銷售額第一或第二的雜貨店為基礎的社區購物中心。

We know the average American family business to grocery store 1.6 times per week. Our process draw consistent daily foot traffic to our centers, driving sales to our small store shop and increasing the strength of our cash flow. Approximately 70% of our ABR comes to necessity-based goods and services. 30% of our rents come from our grocers. This is the highest in the shopping server space and further strengthens our cash flow.

我們知道美國家庭平均每週去雜貨店 1.6 次。我們的流程吸引了每天穩定的人流到我們的中心，推動了我們小商店的銷售並增強了我們的現金流。我們的 ABR 中約有 70% 來自必需品和服務。我們的租金有 30% 來自雜貨店。這是購物伺服器領域最高的，進一步增強了我們的現金流。

The quality of PECO's past flows is also reflected in our market-leading operating metrics, including strong lease spreads, high occupancy, the many advantages of suburban markets where we operate our centers and high neighbor retention.

PECO 過去流量的品質也反映在我們市場領先的營運指標中，包括強勁的租賃價差、高入住率、我們營運中心的郊區市場的諸多優勢以及高鄰居保留率。

Our average center is about 113,000 square feet, which enhances our pricing power. We believe our smaller centers allow for better long-term FFO and AFFO per share growth because our centers are in neighborhood where retailers want to be. We have a diversified neighbor mix and have limited exposure to big box bankruptcies. We believe that our unique format drives high-quality cash flows. The end of 2024 and early 2025 was met with several retailers filing bankruptcy.

我們的平均中心面積約為 113,000 平方英尺，這增強了我們的定價能力。我們相信，較小的中心能夠實現更好的長期 FFO 和每股 AFFO 成長，因為我們的中心位於零售商想要的附近。我們的鄰居組合多種多樣，並且受大型企業破產的影響有限。我們相信，我們獨特的模式將帶來高品質的現金流。2024 年底和 2025 年初，幾家零售商申請破產。

As a reminder, Party City, Big Lots and [Joanna] represented 60 basis points of PECO's ABR when combined. PECO has low exposure to these retailers, which is intentional. Quality of PECO's cash flows are important to acknowledge as we continue to grow our portfolio accretively to stay true to our core strategy and create long-term value for our shareholders.

提醒一下，Party City、Big Lots 和 [Joanna] 合計佔 PECO ABR 的 60 個基點。PECO 對這些零售商的曝光率較低，這是有意為之。隨著我們不斷增加投資組合，堅持我們的核心策略並為我們的股東創造長期價值，PECO 現金流的品質至關重要。

We have been strategic in our decision-making to best position PECO so that we can take advantage of opportunities for growth, both internal and external. On acquisitions, we continue to believe that PECO offers the best opportunity for external growth within the shopping center space. These investments continue to be core to PECO's growth plan.

我們在決策過程中始終秉持策略性，以使 PECO 處於最佳位置，從而能夠利用內部和外部的成長機會。在收購方面，我們仍然相信 PECO 為購物中心領域的外部成長提供了最佳機會。這些投資仍然是 PECO 成長計畫的核心。

PECO is creating value through accretive investments at a point in the cycle where there is very little new development taking place. We have been able to acquire assets at meaningful discounts to replacement costs.

在周期中很少有新的發展發生的時候，PECO 透過增值投資創造價值。我們能夠以低於重置成本的價格收購資產。

Given the strength of the market, the pipeline we are targeting and the team we have at PECO, we believe we can create $350 million to $450 million in gross acquisitions this year. We have the capacity to acquire more of attractive opportunities to materialize. We closed on nearly $100 million of acquisitions in the fourth quarter. Our pipeline for the first quarter is strong. Recently, we closed on an additional asset in our joint venture with Cohen & Steers. We also acquired an asset in a separate joint venture with Lafayette Square and Northwestern Mutual.

鑑於市場的實力、我們瞄準的管道以及 PECO 的團隊，我們相信今年我們可以實現 3.5 億至 4.5 億美元的總收購額。我們有能力獲取更多有吸引力的機會並將其實現。我們在第四季完成了近 1 億美元的收購。我們第一季的通路很強大。最近，我們與 Cohen & Steers 的合資企業完成了額外資產的收購。我們也與拉法葉廣場和西北共同人壽保險公司成立了一家單獨的合資企業，收購了一項資產。

We continue to target an unlevered IRR of 9% for our acquisitions. If we look at everything we have acquired over the past few years, we are currently exceeding our estimated underwritten returns by 100 basis points on average.

我們繼續將收購的無槓桿內部收益率 (IRR) 定為 9%。如果我們回顧過去幾年所獲得的一切，我們目前的收益平均超出了預計承保收益 100 個基點。

For example, in 2023, PECO acquired River Park Shopping Center, the HEB-anchored center is located in a fast-growing Houston, Texas suburb and was 79% leased at acquisition. The PECO team has so far improved our estimated underwritten return for the asset by 123 basis points, largely driven by the team's ability to quickly drive the center's lease percentage and 99% on while keeping capital costs down. We are disciplined buyers, and we will continue to be disciplined as we go forward.

例如，2023 年，PECO 收購了 River Park 購物中心，該以 HEB 為基礎的中心位於快速發展的德州休士頓郊區，收購時的出租率為 79%。到目前為止，PECO 團隊已將我們對該資產的預期承保回報率提高了 123 個基點，這主要得益於該團隊能夠迅速將中心的租賃百分比提高到 99%，同時降低資本成本。我們是自律的買家，今後我們也將繼續保持自律。

In addition to external growth, the PECO team continues to identify ground-up development and repositioning opportunities with weighted average cash-on-cash yield between 9% and 12%. This activity has been a great use of free cash flow and is expected to produce attractive returns with less risk.

除了外部成長之外，PECO 團隊還繼續尋找從頭開始的發展和重新定位機會，加權平均現金收益率在 9% 至 12% 之間。這項活動充分利用了自由現金流，預計將以較低的風險產生可觀的回報。

We continue to grow this pipeline as the returns have been accretive to our high-quality portfolio. Our low leverage gives us the financial capacity to meet our growth targets. We also have diverse sources of capital that we can use to grow and match fund our investment activity. These sources include additional debt issuance and dispositions and equity. In January, we sold an asset and provided sellout financing, which was a porous

由於回報已經增加了我們的優質投資組合，因此我們將繼續擴大這一管道。低槓桿率使我們有財務能力實現成長目標。我們也擁有多種資本來源，可以用來發展和匹配我們的投資活動。這些來源包括額外的債務發行和處置以及股權。一月份，我們出售了一項資產，並提供了賣空融資，這是一種多孔的融資。

Additionally, John will talk about funds raised on our ATM in the fourth quarter. We believe match funding our capital sources with our investments is important to a proper investment strategy as long-term owners and operators of real estate.

此外，約翰還將談論第四季度我們在 ATM 上籌集的資金。我們相信，作為房地產的長期所有者和營運者，將我們的資本來源與我們的投資相匹配對於制定正確的投資策略非常重要。

The combination of our ability to drive cash flow growth to our existing portfolio and to invest accretively a new acquisition gives us the confidence that we can deliver mid- to high single-digit core FFO and AFFO per share growth on a long-term basis.

我們既有能力推動現有投資組合的現金流成長，又有能力對新收購進行增值投資，這使我們有信心長期實現中高個位數的核心 FFO 和每股 AFFO 成長。

We believe PECO's high-quality portfolio allows for better long-term core FFO and AFFO growth than our shopping center peers. In addition to this earnings growth, we believe PECO offers a solid dividend yield with room to grow. Given our demonstrated track record through various cycles, we believe an investment in PECO provides shareholders with a favorable balance of quality cash flows, mitigation of downside risk and strong internal and external growth.

我們相信，PECO 的高品質投資組合能夠比我們的購物中心同行實現更好的長期核心 FFO 和 AFFO 成長。除了獲利成長之外，我們相信 PECO 還提供穩定的股息收益率，並且具有成長空間。鑑於我們在各個週期中展現的業績記錄，我們相信對 PECO 的投資將為股東帶來優質現金流、降低下行風險以及強勁的內部和外部成長之間的良好平衡。

In summary, the quality of our past flow reduces our beta and the strength of our growth increases our outflow, less data, more alpha.

總而言之，我們過去資金流的品質降低了我們的貝塔值，而我們成長的力度增加了我們的流出量，數據更少，阿爾法更多。

I will now turn the call over to Bob to provide additional color on the operating environment. Bob?

現在我將把電話轉給鮑勃，讓他提供有關操作環境的更多詳細資訊。鮑伯？

Thank you, Jeff. Good afternoon, everyone, and thank you for joining us. We had another quarter of strong operating results and leasing momentum. We continue to see high retailer demand with no current signs of slowing down. PECO's leasing team continues to convert retailer demand into significantly higher rents at our centers.

謝謝你，傑夫。大家下午好，感謝大家的參與。我們又一個季度的經營業績和租賃勢頭強勁。我們繼續看到零售商的需求很高，目前沒有放緩的跡象。PECO 的租賃團隊繼續將零售商的需求轉化為我們中心的大幅更高的租金。

As Jeff mentioned, the quality of PECO's cash flows is reflected in our market-leading operating metrics. You've heard us say it before, we believe SAAR provides important measures of quality spreads, occupancy, advantages of the market and retention. In terms of new lease activity, we continue to have success in driving higher rents. Comparable new rent spreads for the fourth quarter were 30.2%.

正如 Jeff 所說，PECO 現金流的品質反映在我們市場領先的營運指標中。您可能之前聽我們說​​過，我們相信 SAAR 提供了衡量品質利差、入住率、市場優勢和保留率的重要指標。在新租賃活動方面，我們持續成功推動租金上漲。第四季可比新租金利差為 30.2%。

Our in-line new rent spreads remained strong at 26.5% in the quarter. We continue to capitalize on strong renewal demand. The PECO team remains focused on maximizing opportunities to improve lease language at renewal and drive rents higher.

本季度，我們的新租金利差仍保持強勁，達到 26.5%。我們持續利用強勁的更新需求。PECO 團隊仍專注於最大限度地利用機會改善續約時的租賃條款並提高租金。

In the fourth quarter, we achieved comparable renewal rent spreads of 20.8%. Our in-line renewal rent spreads remained high at 19.8% in the quarter. We also remain successful at driving higher contractual rent increases, our new and renewal in-line leases executed in the fourth quarter had average annual contractual rent bumps of 2% and 3%, respectively, another important contributor to our long-term growth.

第四季度，我們實現了20.8%的可比續約租金利差。本季度，我們的續約租金利差仍維持在 19.8% 的高點。我們也成功推動了合約租金的上漲，第四季簽訂的新租約和續約租約的平均年合約租金分別上漲 2% 和 3%，這也是我們長期成長的另一個重要貢獻者。

These increases in spreads reflect continued strength of the leasing and retention environment. We expect new and renewal spreads to continue to be strong throughout the balance of this year and into the foreseeable future.

利差的擴大反映出租賃和保留環境的持續強勁。我們預計，今年全年以及可預見的未來新保和續保利差將持續強勁。

Portfolio occupancy remained high and ended the quarter at 98% leased. Anchor occupancy remained strong at 99% and in-line occupancy ended the quarter at 95%. And new neighbors added in the fourth quarter included quick-service restaurants, such as Jimmy John's, Chipotle and Wingstop. We also added new Medtail uses and other necessity-based retailers and services. As it relates to bad debt in the fourth quarter, we actively monitor the health of our neighbors. We are not concerned about bad debt in the near term, particularly given the strong retailer demand.

投資組合入住率仍然很高，本季末的出租率為 98%。主力飯店入住率仍維持在 99% 的強勁水平，而線內飯店入住率在本季末也達到 95%。第四季新增的鄰居包括 Jimmy John's、Chipotle 和 Wingstop 等快餐店。我們還增加了新的 Medtail 用途和其他基於必需品的零售商和服務。由於與第四季度的壞帳有關，我們積極監測鄰居的健康狀況。我們並不擔心短期內的壞賬，特別是考慮到零售商的強勁需求。

And as Jeff mentioned, we don't have any meaningful concentrations. A key advantage of PECO's suburban locations is that our centers are situated in markets where our top grocers are profitable. PECO's 3-mile trade area demographics include an average population of 67,000 people and an average median household income of 88,000, which is 12% higher than the US median.

正如傑夫所提到的，我們沒有任何有意義的集中度。PECO 郊區地點的一個主要優勢是，我們的中心位於我們的頂級雜貨店盈利的市場。PECO 3 英里貿易區的人口統計包括平均人口 67,000 人，平均家庭收入中位數為 88,000 美元，比美國中位數高出 12%。

These demographics are in line with the store demographics of Kroger and Publix, which are PECO's top two neighbors. Our markets also benefit from low unemployment rates, which are below the shopping center peer average. The necessity-based focus of our properties is important when demographics are considered.

這些人口統計數據與 PECO 最大的兩個鄰居 Kroger 和 Publix 的商店人口統計數據一致。我們的市場也受益於低失業率，低於購物中心同行的平均水平。當考慮人口統計數據時，我們房產的必要性重點非常重要。

If you are comparing a published to an Apple store or a high-end fashion store, the demographics that each retailer needs to be successful are very different. PECO's demographics are very strong and supporting our neighbors. We also enjoy a well-diversified neighbor base. Our top neighbor list is comprised of the best grocers in the country. Our largest non-grocer neighbor makes up only 1.4% of our rents, and that neighbor is T.J. Maxx. All other non-grocery neighbors are below 1% and of ABR.

如果將出版物與蘋果商店或高端時裝店進行比較，每個零售商取得成功所需的人口統計數據是非常不同的。PECO 的人口統計非常強勁，並且支持我們的鄰居。我們也擁有多元化的鄰居基礎。我們的頂級鄰居名單由全國最好的雜貨店組成。我們最大的非雜貨商鄰居只占我們租金的 1.4%，而這個鄰居是 T.J.馬克斯。所有其他非雜貨店鄰居的比例均低於 1%，且為 ABR。

When looking at our very limited exposure to distressed retailers, the top 10 neighbors currently on our watch list represent less than 2% of ABR. This is not by accident. It is a product of many years of being locally smart and intentionally cultivating our portfolio of grocery-anchored neighborhood centers located in strong suburban markets.

當查看我們對陷入困境的零售商的有限敞口時，我們關註名單上的前 10 個鄰居佔 ABR 的不到 2%。這並非偶然。它是我們多年來在本地的智慧和刻意培育位於強大郊區市場的以雜貨店為中心的社區中心組合的產物。

Our neighbor retention remained high at 88% in the fourth quarter while growing rents at attractive rates, retention rates result in better economics with less downtime and dramatically lower tenant improvement costs. Lower capital spend results in better returns. The IRR on a renewal lease has been meaningfully higher than the return on a new lease.

在第四季度，我們的鄰居保留率仍然高達 88%，同時租金以有吸引力的速度增長，保留率可以帶來更好的經濟效益，減少停工時間並大幅降低租戶改善成本。較低的資本支出可帶來更好的回報。續租租賃的 IRR 明顯高於新租賃的報酬率。

In the fourth quarter, we spent only $0.87 per square foot on tenant improvements for renewals. The PECO team thinks like owners, and we believe it shows in our portfolio. When we think like owners, we understand the importance of every one of our neighbors and creating the right merchandising mix and shopping experience at every center. When we think like owners, everyone benefits.

在第四季度，我們用於續約租戶改善的花費僅為每平方英尺 0.87 美元。PECO 團隊像業主一樣思考，我們相信這在我們的投資組合中有所體現。當我們像業主一樣思考時，我們就會明白每位鄰居的重要性，並在每個中心創造正確的商品組合和購物體驗。當我們像業主一樣思考時，每個人都會受益。

Our approach makes us a preferred landlord validated by our 96% satisfaction score from our most recent neighbor survey. We have looked at quality differently for over 30 years, and we continue to believe that SOR is the best metric for quality. The leasing spreads that we are achieving and the strength of our leasing pipeline reflect continued demand for space in our high-quality neighborhood shopping centers.

我們的做法使我們成為首選房東，這一點從我們最近的鄰居調查中得到的 96% 的滿意度分數可以看出。30 多年來，我們一直以不同的方式看待質量，但我們始終相信 SOR 是衡量品質的最佳指標。我們實現的租賃利差和租賃管道的強勁反映了對我們優質社區購物中心空間的持續需求。

In addition to our strong rental growth trends, we continue to expand our pipeline of ground up outparcel development and repositioning projects. In 2024, we stabilized 15 projects and delivered over 300,000 square feet of space to our neighbors. These projects add incremental NOI of approximately $5.3 million annually.

除了強勁的租金成長趨勢外，我們還繼續擴大我們的外部開發和重新定位專案管道。2024 年，我們穩定了 15 個項目，並為鄰居提供了超過 300,000 平方英尺的空間。這些項目每年增加的增量淨營運收入約為 530 萬美元。

They are expected to provide superior risk-adjusted returns and have a meaningful impact on our long-term NOI growth. We expect to invest $40 million to $50 million annually in these types of investments long term.

預計它們將提供卓越的風險調整回報，並對我們的長期淨營運收入成長產生重大影響。我們預計每年在這些類型的長期投資中投入 4,000 萬至 5,000 萬美元。

The overall demand environment, the stability of our centers, the strength of our grocers, the health of our in-line neighbors, and the capabilities of our team give us confidence in our ability to deliver strong growth in 2025. This will be driven by both internal and external growth.

整體需求環境、我們中心的穩定性、我們雜貨商的實力、我們排隊鄰居的健康狀況以及我們團隊的能力使我們對在 2025 年實現強勁增長的能力充滿信心。這將由內部和外部成長共同推動。

I will now turn the call over to John.

現在我將電話轉給約翰。

Thank you, Bob, and good morning, and good afternoon, everyone. I'll start by addressing fourth quarter results, then provide an update on the balance sheet and finally speak to our official 2025 guidance. Fourth quarter 2024 NAREIT FFO increased to $83.8 million or $0.61 per diluted share, which reflects year-over-year per share growth of 8.9%.

謝謝你，鮑勃，大家早安，下午好。我將先介紹第四季的業績，然後提供資產負債表的最新情況，最後介紹我們 2025 年的官方指引。2024 年第四季 NAREIT FFO 增加至 8,380 萬美元或每股攤薄收益 0.61 美元，年增 8.9%。

Fourth quarter core FFO increased to $85.8 million or $0.62 per diluted share, which reflects year-over-year per share growth of 6.9%, and our same-center NOI growth in the quarter was 6.5%.

第四季核心 FFO 增至 8,580 萬美元，即每股攤薄收益 0.62 美元，較去年同期成長 6.9%，本季同中心 NOI 成長率為 6.5%。

Turning to the balance sheet. We have approximately $948 million of liquidity to support our acquisition plans and no meaningful maturities until 2027. This is pro forma as of December 31, 2024, and reflects our amended revolver.

轉向資產負債表。我們擁有約 9.48 億美元的流動資金來支持我們的收購計劃，並且直到 2027 年都沒有有意義的到期日。這是截至 2024 年 12 月 31 日的預測數據，反映了我們修改後的循環信貸。

Our net debt to adjusted EBITDAR was at 5 times. Our debt had a weighted average interest rate of 4.3% and a weighted average maturity of 5.8 years when including all extension options. In January, we amended our revolving credit facility to extend its maturity to January 2029, and increase its size to $1 billion. This gives us additional liquidity and flexibility as we continue to access the capital markets. We are grateful for the support of our strong bank group.

我們的淨債務與調整後的 EBITDAR 比率為 5 倍。我們的債務加權平均利率為 4.3%，包括所有延期選擇權的加權平均期限為 5.8 年。今年 1 月，我們修改了循環信貸安排，將其到期日延長至 2029 年 1 月，並將其規模增加至 10 億美元。當我們繼續進入資本市場時，這為我們提供了額外的流動性和靈活性。我們感謝強大的銀行集團的支持。

As of December 31, 2024, 93% of PECO's total debt was fixed rate, which is in line with our target range of 90%. PECO continues to have one of the best balance sheets in the sector, which has us well positioned for continued external growth.

截至 2024 年 12 月 31 日，PECO 的總債務中有 93% 為固定利率，符合我們的 90% 的目標範圍。PECO 繼續擁有業內最好的資產負債表之一，這為我們持續的外部成長提供了有利條件。

During the fourth quarter, PECO generated net proceeds of $72 million after commissions through the issuance of 1.9 million common shares at a gross weighted average price of $39.23 per share through our ATM. Our official 2025 guidance is unchanged from the preliminary guidance provided at our December business update. Our guidance range for 2025 net income is $0.54 to $0.59 per share. This represents an increase of 10.8% over 2024 at the midpoint.

第四季度，PECO 透過我們的 ATM 以每股 39.23 美元的總加權平均價格發行 190 萬股普通股，扣除佣金後淨收益為 7,200 萬美元。我們的 2025 年官方指引與 12 月業務更新中提供的初步指引相同。我們對 2025 年淨收入的預期範圍是每股 0.54 美元至 0.59 美元。這比 2024 年中點數值成長了 10.8%。

Our guidance range for 2025 NAREIT FFO is $2.47 to $2.54 per share, this reflects a 5.7% increase over 2024 at the midpoint. Our guidance range for 2025 core FFO is $2.52 to $2.59 per share. This represents a 5.1% increase over 2024 at the midpoint.

我們對 2025 年 NAREIT FFO 的指引範圍為每股 2.47 美元至 2.54 美元，比 2024 年中點成長 5.7%。我們對 2025 年核心 FFO 的指導範圍是每股 2.52 美元至 2.59 美元。這比 2024 年中點數值成長了 5.1%。

Our guidance range for 2025 same-center NOI growth is 3% to 3.5%. As we continue to enhance our neighbor mix, our actions in 2024 to improve merchandising and capture mark-to-market rent growth with new neighbors will be a slight headwind to 2025 growth. As we have said previously, the PECO team is focused on the long term, and these actions to replace neighbors are intentional.

我們對 2025 年同中心 NOI 成長的指導範圍是 3% 至 3.5%。隨著我們繼續增強鄰居組合，我們在 2024 年採取的行動，即改善商品銷售和透過新鄰居實現按市價計算的租金增長，將對 2025 年的增長產生輕微的阻力。正如我們之前所說，PECO 團隊著眼於長遠發展，這些取代鄰居的行動是有意為之。

Our gross acquisition guidance range for 2025 is $350 million to $450 million. We currently have several acquisitions in our pipeline, either under contract or in contract negotiation totaling over $150 million that we expect to close in the first quarter and early second quarter.

我們對 2025 年的總收購指引範圍是 3.5 億美元至 4.5 億美元。我們目前正在規劃幾項收購，包括已簽訂合約或正在談判中的收購，總額超過 1.5 億美元，我們預計將在第一季和第二季初完成。

Based on the equity rates in the fourth quarter and the disposition in the first quarter, our guidance does not assume additional equity issuance in 2025 as we believe we will be in our target leverage range of low to mid 5 times on a net debt-to-adjusted EBITDA basis.

根據第四季的股權利率和第一季的處置情況，我們的指引並不假設 2025 年會額外發行股權，因為我們認為，以淨債務與調整後 EBITDA 之比計算，我們的目標槓桿率將處於 5 倍以下至 5 倍之間。

We have provided ranges for the other guidance items used in your models in our earnings materials. We believe this portfolio and this team are well positioned to deliver mid- to high single-digit core FFO per share growth on an annual basis. This assumes stabilized interest rates which are expected to remain a near-term headwind. However, we're hopeful that we're near stabilization as we are projecting to deliver earnings growth over 5% in 2025.

我們在收益資料中提供了您模型中使用的其他指導項目的範圍。我們相信，該投資組合和團隊有能力實現每股核心 FFO 的中高個位數年度成長。這是假設利率穩定，但預計利率在短期內仍將是一個阻力。不過，我們希望我們能夠接近穩定，因為我們預計 2025 年的獲利成長率將超過 5%。

We also believe that our long-term AFFO growth can be higher as more of our leasing mix is weighted towards renewal activity. We believe our targets for growth in core FFO and AFFO will allow PECO to outperform the growth of our shopping center peers on a long-term basis. We are excited about the opportunities before us and we believe that we have the ability and capacity to execute our accelerated growth plans.

我們也相信，由於我們的租賃組合更偏向續約活動，我們的長期 AFFO 成長將會更高。我們相信，核心 FFO 和 AFFO 的成長目標將使 PECO 在長期內超越我們的購物中心同行的成長。我們對眼前的機會感到興奮，我們相信我們有能力和實力執行我們的加速成長計劃。

With that, we will open the line for questions. Operator?

現在，我們將開放問答熱線。操作員？

(Operator Instructions) Jeffrey Spector, Bank of America.

（操作員指示）美國銀行的 Jeffrey Spector。

First question, I wanted to ask, Jeff, I guess, how you feel today versus one year ago, let's say, in terms of whether it's tenant demand for space and then the external opportunities, I think John said a $150 million pipeline. I'm not sure where that -- how that compares to let's say, one year ago? If you could discuss that.

第一個問題，我想問，傑夫，我想問一下，與一年前相比，你今天的感覺如何，比如說，就租戶對空間的需求以及外部機會而言，我想約翰說過一條價值 1.5 億美元的管道。我不確定那與一年前相比如何？如果你可以討論一下這個問題。

Great. Thanks, Jeff. Yes, I think we feel a lot better coming into this year than we did last year in terms of backlog of projects we have under contract and controlled. So we have a much bigger pipeline coming into this year than we did last year. And I think that's reflective of -- and we had a really strong fourth quarter as we've talked about.

偉大的。謝謝，傑夫。是的，我認為，就我們簽約和控制的專案積壓情況而言，今年我們的感覺比去年好多了。因此，我們今年的管道數量比去年多得多。我認為這反映出——正如我們談到的，我們的第四季表現非常強勁。

So we did almost $100 million in acquisitions in the fourth quarter. So combined, that gives us some -- I think we're in a better position today than we were then. But we've got bigger goals too. I mean we've got higher goals and targets for what we want to do on the acquisition side.

因此，我們在第四季度進行了近 1 億美元的收購。所以綜合起來，我認為我們現在的處境比當時好。但我們還有更大的目標。我的意思是，我們對於收購方面有更高的目標和指標。

So that part is always the part that's uncertain, Jeff. You know that. It's like we're going to buy based upon a very disciplined approach that we've taken for a long time and has worked really well for us. So but that does make -- there's always uncertainty in terms of how much is going to come to the market. What we're seeing right now is that there continues to be a pretty strong pipeline of product coming to the market, and there are more buyers, which is putting a little bit of pressure on pricing, but we still are optimistic of meeting our -- meeting our goals.

所以那部分總是不確定的部分，傑夫。你知道的。這就像我們根據一種我們長期以來採取的、並且對我們非常有效的非常規範的方法進行購買。但這確實使得——對於有多少產品會進入市場總是存在不確定性。我們現在看到的是，不斷有相當強勁的產品線進入市場，買家也越來越多，這給定價帶來了一點壓力，但我們仍然對實現我們的目標持樂觀態度。

And then my follow-up question, I guess, just looking -- thinking about the high occupancy level, how are you balancing that with your retention? Is there any shifts or thoughts on reducing that retention? Or you're happy to keep that retention, of course, if the -- it's a quality tenant they're delivering. But how are you balancing that as you head into '25.

然後我的後續問題是，我想，只是看一下——考慮一下高入住率，您如何平衡它與保留率？是否有任何轉變或想法可以減少這種保留？當然，如果他們提供的是優質租戶，您也會樂意保留這些租戶。但當你進入25年時，你如何平衡這一點？

Yes. I think we are -- the point that I think we made this over the last couple of times have gotten together is that we are taking a more aggressive approach to merchandising and taking back weaker stores when their lease is up. That will put some downward pressure on -- temporarily on occupancy a little bit and on the retention.

是的。我認為我們——我認為我們過去幾次聚在一起討論的重點是，我們將採取更積極的商品銷售方式，並在租約到期時收回實力較弱的商店。這會對入住率和保留率造成一些下行壓力——暫時的。

But it will improve those on a longer-term basis. So and that will -- that -- the hardest part about our business is that it's center by center. And so when we talk when we put everything together and talk about our portfolio, it looks like it happens very -- it's a really very intentional process, but it's done center-by-center, space-by-space. And that's how you get the right results. And we're really confident in that, that will create the long-term growth that we want and -- but it will -- there'll be quarters where it will go up and quarters will go down.

但從長遠來看，它將改善這些情況。所以，我們的業務中最困難的部分是它是一個中心一個中心。因此，當我們把所有東西放在一起並談論我們的投資組合時，它看起來非常——這是一個非常有意圖的過程，但它是逐個中心、逐個空間完成的。這就是您獲得正確結果的方法。我們對此非常有信心，這將創造我們想要的長期成長，但也會有上升的季度和下降的季度。

But overall, what we're doing is improving the merchandising mix getting good new leasing spreads, but also improving the value of the property. And that's what we do, and I hopefully do really well. So that's all we're looking at.

但整體而言，我們所做的是改善商品組合，獲得良好的新租賃利差，同時也提高房產價值。這就是我們所做的事情，我希望能夠做得很好。這就是我們所關注的全部內容。

This is Bob. The only other thing I would add on that is, it really depends on the type of spreads we're driving. But when you see that we're renewing tenants at 20.8% in the fourth quarter and for 2024, I think the whole year, we were at like 19.4%, and you're only spending $0.57 a foot for tenant improvements. That's a really good return on the investment.

這是鮑伯。我唯一想補充的是，這實際上取決於我們所推動的利差類型。但當您看到我們在第四季度和 2024 年的續約率為 20.8% 時，我想全年我們的續約率約為 19.4%，而您僅花費每英尺 0.57 美元用於租戶改善。這真是一筆很好的投資報酬率。

And when you look at new leasing spreads at 30.2% for the fourth quarter and 35.7% for the entire year. As Jeff mentioned, it is a space-by-space, center-by-center decision as we improve merchandising. But as long as we're able to generate those types of spreads, we'll be very selective in terms of whether or not we want our retention rates to be 90%, 92% or 88%. At the end of the day, what we're trying to do is create value at the asset level.

如果你看一下第四季的新租賃利差為30.2%，全年的利差為35.7%。正如傑夫所提到的，隨著我們改善商品推銷，這是一個逐個空間、逐個中心的決定。但只要我們能夠產生這些類型的利差，我們就會非常謹慎地選擇我們的保留率是 90%、92% 還是 88%。歸根究底，我們要做的是努力在資產層面創造價值。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特（Haendel St. Juste）、瑞穗。

So I wanted to talk a bit more about your plans to ramp acquisitions over the near term. I think you mentioned $350 million to $400 million. I guess I'm curious how much of a role that dispositions or perhaps some of your more mature, maybe slower growth, lower IR assets could play as a source of funding here.

所以我想進一步談談你們近期擴大收購的計劃。我記得你提到 3.5 億到 4 億美元。我很好奇，這些處置或許是一些更成熟、成長較慢、IR 更低的資產作為資金來源能發揮多大的作用。

I'm sure the IR is on some of what you're looking to buy probably exceeds some of the returns on these gross assets. So how do you balance the merits of that capital recycling strategy to improve the long-term growth profile of portfolio versus, say, perhaps sourcing it with new equity or disposed?

我確信您想要購買的部分資產的收益率可能會超過這些總資產的部分報酬率。那麼，您如何平衡資本循環策略的優點，以改善投資組合的長期成長狀況，而不是透過新增股權或處置股權來獲取資本？

Yes. The -- Haendel thanks for the question. It's a great question, and it is a -- the market drives part of that, obviously, in terms of which source of capital, whether it's the debt issuing additional equity or the dispositions. And at this stage, the question for us is going to be at what level or can we execute our dispositions. And if that's the best source of capital to foster our growth, we'll do it. but we also have the other areas where we can use our capital to meet our acquisition targets.

是的。——Haendel，感謝您的提問。這是個很好的問題，顯然，市場推動了其中的一部分，無論是債務發行額外股權還是處置。而在這個階段，我們面臨的問題是，我們能在什麼層面上執行我們的部署，或者我們能否執行我們的部署。如果這是促進我們成長的最佳資金來源，我們就會這麼做。但我們也可以在其他領域利用資本來達成收購目標。

And we did do and have announced the one disposition so far this year. We'll continue to look at those and use those selectively where we can get a better return on what we're buying than what we're selling. And if we can do that, we're going to be -- we'll be active in that market and use that as the source. But it is -- it's hard to say where that's going to be because we don't know where the pricing is going to be on our dispositions and what that cost of capital is relative to using equity or using our debt capital.

今年到目前為止，我們確實採取了這項措施，並已經宣布了這項處置方案。我們將繼續關注這些因素，並選擇性地加以利用，以便我們從購買中獲得比銷售更好的回報。如果我們能做到這一點，我們就會積極參與該市場，並利用其作為資料來源。但事實上——很難說這個數字將會是多少，因為我們不知道我們的處置定價是多少，也不知道相對於使用股權或使用債務資本，資本成本是多少。

I certainly appreciate the color there. As a follow-up, maybe hoping you guys could add some more color on the reserve here, 75 to 100 basis points seems a little conservative from maybe in relation to the known tenant credit concern on your watch list. So I guess I'm curious on that as well as what the credit loss was in 2024 and perhaps what you might be hearing on the ground from some of your more local tenants or neighbors on the potential act of tariffs and higher labor costs.

我當然很欣賞那裡的色彩。作為後續問題，也許希望你們可以在這裡對儲備金增加一些細節，75 到 100 個基點似乎有點保守，可能與你們關註名單上已知的租戶信用問題有關。所以我想我對此很好奇，也想知道 2024 年的信貸損失是多少，也許您可能會從一些當地租戶或鄰居那裡聽到有關關稅和勞動力成本上漲的潛在影響的信息。

John, you want to take the that question?

約翰，你想回答這個問題嗎？

I'll take the first part. Yes. So in 2024, our bad debt experience was around 75 basis points. As we look to guidance next year, that's around $60 million to $120 million. We intentionally set this as a wider range because we acknowledge that in 2024, this was kind of a bigger topic relative to the absolute size of the number in itself. So when we set the guidance range, we intentionally set it wider to plan for that. And that's accounted for in our same-center guide. And so ultimately, we feel very comfortable. I mean fourth quarter came in, in the 40s. It was around 45 basis points.

我將選取第一部分。是的。因此到 2024 年，我們的壞帳率約為 75 個基點。我們預計明年的預期是 6,000 萬至 1.2 億美元左右。我們有意將其設定為更廣泛的範圍，因為我們承認，在 2024 年，相對於數字本身的絕對大小，這是一個更大的話題。因此，當我們設定指導範圍時，我們有意將其設置得更寬一些，以便為此做好規劃。這已在我們的同心指南中得到說明。因此最終我們感覺非常舒服。我的意思是第四節開始時，比數是 40 多分。約為45個基點。

So I mean we're seeing good strength from our neighbors. But as Jeff was referencing, we are trying to be very proactive in making the best kind of cash flow, merchandising decisions at the property level. And so I would say there's that. With regards to a watch list, we actually feel very good. And we mentioned that to the known bankruptcies so far that are occupying headlines of Party City, Big Lots and [Joe and fabrics], I mean that's 60 basis points of rent for us.

所以我的意思是，我們看到了鄰國的強大力量。但正如傑夫所提到的，我們正試圖積極主動地在房地產層面做出最佳的現金流和商品銷售決策。所以我想說有這個。關於觀察名單，我們實際上感覺非常好。我們提到，到目前為止，已知的破產案例佔據了 Party City、Big Lots 和 [Joe and fabrics] 的頭條新聞，這意味著我們的租金將損失 60 個基點。

And that's in there some because we have some remaining collections and things. Ultimately, we believe that our neighbors are very strong and doing well. Jeff, Bob, I don't know if you want to speak to the tariffs.

那是因為我們還有一些剩餘的收藏品和東西。最終，我們相信我們的鄰國非常強大並且做得很好。傑夫、鮑勃，我不知道你們是否想談關稅問題。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

Jeff, or somebody else. I don't know if you want to finish up on that last topic.

傑夫，或者其他人。我不知道您是否想繼續討論最後一個主題。

Yes. I wasn't sure whether -- (technical difficulty) wanted to give -- like I'm not sure what the second part was, Haendel.

是的。我不確定——（技術難度）是否想給出——就像我不確定第二部分是什麼，亨德爾。

I'll jump in here. The question is, what are we hearing from our neighbors with regards to tariffs and the impact of the businesses?

我就跳進這裡。問題是，我們從鄰國聽到了有關關稅和企業影響的什麼消息？

Yes. So what we're hearing from the grocers is that they're watching it. They're concerned about it. They feel pretty comfortable they're going to be able to pass it on to the consumer. But it is -- it's a top of thought issue for them right now. And we did get -- there was a month -- obviously, a month long in terms of implementation with Mexico and Canada. But they have impacts.

是的。我們從雜貨商那裡聽說他們正在關注這件事。他們對此感到擔憂。他們感到很放心能夠傳遞給消費者。但這是他們現在最關心的問題。我們確實得到了——顯然，與墨西哥和加拿大的實施時間有一個月。但它們是有影響的。

And they will have -- they will put pressure on the retailer across the board. Our grocers generally feel pretty comfortable with it so far, but we will see how well they can pass that on to the consumer and what the pushback from the consumer is.

他們將會——他們將對零售商施加全面壓力。到目前為止，我們的雜貨商對此普遍感到滿意，但我們將看看他們能如何有效地將這種情緒傳遞給消費者，以及消費者的反對情緒如何。

Unfortunately, the consumer is going in, in a fairly strong position with employment or unemployment low and people feeling fairly confident in the economy. So I think generally, I think it's not going to be a major issue, but ask me tomorrow, we'll see -- right now.

不幸的是，由於就業率和失業率較低，人們對經濟相當有信心，消費者處於相當強勢的地位。所以我認為總的來說這不會是一個大問題，但明天問我，我們會看到——現在。

I will say thank you on behalf of -- I think it was Haendel, but whoever just went. But this is Caitlin then. Maybe just looking at the signed but not occupied spread, it was 100 basis points at the end of the year, which is high for PECO. So wondering if you could just give a little discussion on that, what we should take away from it, what is driving it? And I mean, I feel like it would suggest higher occupancy, but you mentioned that economic occupancy could actually be a headwind this year. So how those items fit together?

我將代表——我想是亨德爾，但無論誰剛離開，都會表示感謝。但這就是凱特琳。也許僅看已簽約但未入住的利差，年底時該利差為 100 個基點，這對 PECO 來說很高。所以想知道您是否可以對此進行一點討論，我們應該從中得到什麼，推動這一現象的因素是什麼？我的意思是，我覺得這意味著更高的入住率，但你提到經濟入住率今年實際上可能是一個阻力。那麼這些物品如何組合在一起呢？

John, if you want to take that -- and we can talk a little bit about some of the big box stuff that Bob, as well on that.

約翰，如果你想接受這個——我們可以稍微談論一下鮑勃的一些大盒子的東西。

Sure. I'll take the impact on the financials and then Bob, you can give some context of what we're seeing in occupancy. And so Caitlin, what we -- really, when we look to last year and some of the anchor activity that we had, we had it was marginally higher than it is for us. As you know, our anchors, the grocers, and those are incredibly stable.

當然。我會考慮對財務的影響，然後鮑勃，你可以提供一些我們看到的入住率的背景資訊。所以凱特琳，實際上，當我們回顧去年和我們進行的一些錨定活動時，我們發現我們的表現略高於目前水平。如你所知，我們的主力軍——雜貨店，這些都是非常穩定的。

But we did on the edges have more movement, but it was a really great opportunity to deliver some great leasing spreads. But as we've talked about for years, in-line spaces are quick to lease and quick to move in and quick to pay but anchors take a little bit more time. And so part of the economic app for us is putting in higher paying neighbors into those box spaces, which do have a longer lead time from an economic basis on that standpoint throughout '25.

但我們確實在邊緣上做出了更多動作，但這確實是實現一些極好的租賃利差的好機會。但正如我們多年來一直在談論的那樣，線內空間租賃速度快，入住速度快，付款速度快，而主力店則需要更長的時間。因此，對我們來說，經濟應用的一部分是將收入較高的鄰居放入這些盒子空間，從這個角度來看，這在整個'25年確實具有更長的交貨時間。

And there's a little bit in there as well from the in line that we're talking about. But again, on a same-store basis, we feel good about our 3% to 3.5% Bob, I don't know if there's anything else you would add about like the overall market with regards to kind of our boxes.

其中也包含一些我們正在討論的內容。但是，再次，在同店基礎上，我們對 3% 到 3.5% 的銷售額感到滿意，鮑勃，我不知道您是否還有關於我們的盒子的整體市場的其他信息要補充。

Yes. We've had really good demand and activity on the box space. And as you recall, I believe it was the third quarter last year, I highlighted probably eight anchor spaces where we were able to drive considerable leasing spreads. I believe it was over 100% at the time. So the spread in snow that you're seeing will hopefully come online in 2025 later this year, which is why you're referring to the 100 basis points. So we're excited about the box activity we've seen in the replacement of those opportunities. So that should come online later this year.

是的。我們對盒子空間的需求和活動確實很好。您還記得，我記得那是去年第三季度，當時我重點介紹了大概八個主力空間，我們能夠在這些空間實現相當大的租賃利差。我認為當時這個數字已經超過 100% 了。因此，您所看到的降雪量擴散預計將在 2025 年稍後出現，這就是您所提到的 100 個基點的原因。因此，我們對在替代這些機會時看到的盒子活動感到非常興奮。因此它應該會在今年晚些時候上線。

-- Just to add in there, we're we've always had substantially less snow than the others in our space. And I mean, we're not big proponent. We don't love having a lot of snow around. It's -- and it's driven by our big box activity. And as we had -- we still have low snow, I think, on a relative basis.

——補充一下，我們這裡的降雪量一直比我們地區的其他地方少得多。我的意思是，我們並不是大力支持者。我們不喜歡周圍有大量的雪。這是—這是由我們的大型倉儲活動所推動的。正如我們所見——我認為，相對而言，我們的降雪量仍然較少。

But part of our hesitation on getting into bigger box retail is that you end up with this longer-term ability to turn your space into cash flow. And that's what we really like about our business is that, we don't have that buildup in snow. I mean, again, it's 1%. It's not -- we're not 3% or 4%. And that's very intentional in terms of our strategy because our small stores move just much more quickly from lease to open and renting.

但我們對於進入大型零售店猶豫不決的部分原因是，長期來看，你最終會失去將空間轉化為現金流的能力。這正是我們對我們的業務真正喜歡的地方，因為我們沒有積雪。我的意思是，它是 1%。事實並非如此——我們不是 3% 或 4%。就我們的策略而言，這是有意為之，因為我們的小商店從租賃到開業和租賃的進程要快得多。

Got it. Makes sense. And then maybe back to acquisitions. You mentioned before how you're a disciplined buyer. Maybe on the volume front, I'm wondering like how big is your universe of potential acquisitions? And if you look at the volume from '22 to from '23 to '24 to '25, it's gone up each year. So wondering if you think you could long term like continue at this level? Or how sustainable is it? Or do you think in not looking for like 2028 guidance. But yes, how sustainable is this pace or like an increased pace over time?

知道了。有道理。然後也許會回到收購。您之前提到您是一位自律的買家。也許從數量方面來看，我想知道你的潛在收購範圍有多大？如果你看一下從 2022 年到 2023 年、2024 年、2025 年的交易量，你會發現它每年都在增加。所以想知道您是否認為您可以長期維持在這個水平？或者說它的可持續性如何？或者您認為不應該尋求 2028 年的指導。但是，是的，這種速度有多可持續？或者隨著時間的推移，速度會有多快？

I would say we believe there's more upside to our target than downside as we move forward. I mean, we've been in a pretty difficult environment for a number of years. And the grocer anchor shopping center business is a big business, and it does tend to revert to the mean over time. And we think that, that is a volume at which we can be buying at a much larger than we have a large base stronger base than we have over the last three years. So we're optimistic about it.

我想說，我們相信，隨著我們不斷前進，實現目標的上行空間將大於下行空間。我的意思是，多年來我們一直處於相當困難的環境中。雜貨店主力購物中心業務是一項大業務，而且隨著時間的推移，它確實趨於回歸平均水平。我們認為，我們可以購買的數量要比我們現有的規模大得多，而且基礎也比過去三年更強。因此我們對此持樂觀態度。

We obviously -- as I think John said in his prepared remarks, we have under contract to close in the first quarter, early second quarter, over $150 million of acquisitions, and we closed $100 million in the fourth quarter. So we feel like there's a really good chance to be able to continue at that pace.

顯然，正如約翰在他的準備好的發言中所說的那樣，我們已簽訂合同，將在第一季度和第二季度初完成超過 1.5 億美元的收購，並在第四季度完成了 1 億美元的收購。因此，我們覺得有很大機會能夠繼續保持這樣的速度。

But as you know, it's going to be -- it's bumpy. It's not just a consistent, easy, like we're going to do this and it's going to depend on where the market is and what we can buy. But we have done this for a long time. We have a -- we've got a really good team that knows everything that's coming on the market and that is transacting. And so we'll -- well, if it can be done, we'll be the ones to do it.

但正如你所知，這將是充滿坎坷的。這不僅僅是一致的、簡單的，就像我們要這樣做一樣，這將取決於市場在哪裡以及我們能買什麼。但我們已經這樣做很久了。我們擁有一支非常優秀的團隊，他們了解市場上出現的所有產品以及正在進行的交易。所以我們會——如果可以做到的話，我們就會去做。

And -- but again, we don't want to be buying for buying sake, we want to buy in to make money. And that's the discipline that we put into every acquisition we buy and that's what makes it lumpy.

而且 — — 但再說一次，我們不想為了購買而購買，我們想透過購買來賺錢。這就是我們在購買每件物品時所遵循的紀律，也是它讓我們的購買過程變得坎坷的原因。

(Operator Instructions) -- Dori Kesten, Wells Fargo.

（操作員指示）— 富國銀行的 Dori Kesten。

I believe you said you provided some seller financing on a recent disposition. I might have missed this, but should we be thinking of that as a one-off or potentially part of a larger program?

我相信您說過您在最近的處置中提供了一些賣方融資。我可能錯過了這一點，但我們應該將其視為一次性事件還是更大計劃的潛在一部分？

Right now, Dori, I would think of it as a one-off. It was a specific program that worked really well for a specific asset, and we think got us significantly better proceeds than we would have without it. So we felt like it was a worthwhile deal, but I wouldn't count on that as an area that will grow significantly. It will be -- always be a one-off part of the disposition strategy in specific, in very specific cases.

現在，多莉，我認為這是一次性的事情。這是一個針對特定資產非常有效的特定計劃，我們認為，與沒有它相比，它為我們帶來了更好的收益。因此，我們覺得這是一筆值得的交易，但我並不認為該領域會大幅成長。在特定、非常特殊的情況下，它永遠是處置策略的一次性組成部分。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just two quick ones. Just starting on the sort of the acquisition, obviously, some activity on the consolidated as well as some of the JVs. Maybe if you could just provide a little bit more color on some of those -- the joint venture partnerships, how that's been going? And is that and do you see yourself sort of doing more of that in the future?

只需簡單兩點。顯然，剛開始進行某種收購，涉及合併以及一些合資企業的一些活動。也許您能提供一些關於合資夥伴關係的更多信息，進展如何？是這樣嗎？您是否認為自己將來會做更多這樣的事？

Yes. Why don't I take it, Bob then you can jump in as well. The -- on the JB I think it represents just about 10% of what we anticipate buying this year. And it's a we're really excited about it because we think it will expand on that and would allow us more buying opportunities to continue to grow the portfolio. So this is -- I mean we're excited about it. as we've said, I mean, this is our tenth JV that we've done in PECO. So this is something that we know really well, and we know how it can be additive to our growth. And so we're excited about that part of it. And we bought three properties so far in that into the two different JVs that we've got set up.

是的。為什麼我不接受它呢，鮑勃，那你也可以跳進去。關於 JB，我認為它僅占我們今年預計購買量的 10% 左右。我們對此感到非常興奮，因為我們認為它將擴大這一範圍，並為我們提供更多的購買機會，以繼續擴大投資組合。所以這是——我的意思是我們對此感到很興奮。正如我們所說，這是我們在 PECO 建立的第十家合資企業。這是我們非常了解的事情，我們知道它如何促進我們的成長。因此，我們對這部分感到很興奮。到目前為止，我們已經透過我們設立的兩家不同的合資企業購買了三處房產。

And I think that is a good pace at which we can continue to grow those on with select opportunities. I know, Bob, you have any additions to that?

我認為這是一個很好的步伐，我們可以繼續透過精選的機會來發展這些產品。我知道，鮑勃，你對此還有什麼補充嗎？

Yes. The only other thing I would add is when you think about our target of [$350 to $450] in acquisitions, I would assume about 10% of that being our share of the ventures. And we have investment committee meetings with both sides weekly, we continue to present sites. We're seeing more activity. So yes, I mean, we're committed to it, and we're very active in this space. So I think that's what I would project for this year.

是的。我唯一想補充的是，當你想到我們的收購目標 [350 到 450 美元] 時，我會假設其中的 10% 左右是我們在合資企業中的份額。我們每週都會與雙方舉行投資委員會會議，並繼續展示場地。我們看到了更多的活動。是的，我的意思是，我們致力於此，並且我們在這個領域非常活躍。我想這就是我對今年的預測。

Great. And then my second one is just digging into something that was brought up before on the call, which is the portfolio is full and you're trying to find opportunities for sort of more pricing power or to plus the organic growth. I just have an update on what the focus is going to be sort of this year. Is it on the rent bumps? Is it all the options? Is it on maybe tolerating a little bit more, a little bit lower retention etat push rents, just is there sort of thematically some things we should be thinking about at this full portfolio, how you're going to be pushing rents?

偉大的。然後我的第二個問題是深入研究先前電話會議中提出的問題，即投資組合已經滿了，你正在嘗試尋找機會來獲得更多的定價權或有機增長。我只是想更新今年的重點。是租金上漲嗎？是全部選項嗎？是不是可以容忍多一點，低一點的留存率，從而提高租金，只是從主題上講，我們應該考慮一下這個完整的投資組合中的一些事情，您將如何提高租金？

Yes. I would say the answer is yes to all of those. And it will not be just one piece of it. It's going to be all of those. And it's a hand-to-hand combat property by property, lease by lease. And we have a different strategy for every center that we've got, and they're nuanced in terms of each of the pieces that we have to take care of, whether it's a renewal or whether it's a new lease, whether it's a change where we're trying to remerchandise a specific center to market changes that are going on.

是的。我想說，所有這些問題的答案都是肯定的。而且它不會只是其中的一部分。這些都是如此。這是一場肉搏戰，爭奪每一處財產、每一處租約。而且，對於每個中心，我們都有不同的策略，它們在我們必須處理的每個部分方面都有細微的差別，無論是續約，還是新租約，還是我們試圖重新推銷特定中心以適應正在發生的市場變化。

Those are happening at the 300 different centers that we've got in a different way. But the key point there is that we're looking at these investments on a long-term basis, creating long-term cash flow and long-term value. And that's how we think about these -- each of those pieces. And it's not really -- I mean, it's not a broad brush business in terms of being able to say, well, we're going to -- we're just going to remerchandise the portfolio. It's literally going center by center and making sure that some need to be remerchandised, some we can just cast on and vote on rents as much as we can.

這些活動以不同的方式在我們擁有的 300 個不同的中心進行。但關鍵在於，我們要從長遠角度看待這些投資，創造長期現金流和長期價值。這就是我們對這些 — — 每一個部分的看法。而且實際上這並不是——我的意思是，這並不是一項廣泛的業務，不能說，好吧，我們只是要重新銷售產品組合。它實際上是逐個中心地進行檢查，並確保有些需要重新銷售，有些我們可以盡可能地選擇和投票決定租金。

And it's -- but it it's all driven by the specific locations, the specific property. I know that probably wasn't in terms of your question, but I -- but that's how we are thinking about it. So it's hard to say specifically what part of our strategy is going to be strong this year because they all have a place in how we manage our properties.

但這一切都是由特定位置、特定屬性所驅動的。我知道這可能與你的問題無關，但是我——但這就是我們的想法。因此很難具體說我們策略的哪一部分今年會強勁，因為它們都與我們管理財產的方式有關。

And Jeff, the only other thing I would add to that is, look, I mean, we're very focused on continuing to grow occupancy. And if you look at our acquisition strategy in 2023, our average occupancy on what we acquired was 87%.

傑夫，我唯一想補充的是，你看，我的意思是，我們非常專注於繼續提高入住率。如果你看看我們 2023 年的收購策略，我們收購的飯店的平均入住率為 87%。

And a year later, with leases signed, executed, we were at 98% on those 14 assets -- and again, if you look at what we acquired in 2024, I believe our average occupancy on those assets were 93.1%. And even in just a few months, we've already increased that to 94.4% and with leases out.

一年後，隨著租約的簽署和執行，我們對這 14 項資產的佔用率達到了 98%——而且，如果您看看我們在 2024 年收購的資產，我相信這些資產的平均入住率為 93.1%。即使只花了幾個月的時間，我們已經將這一比例提高到了 94.4%，並且租約已經到期。

So we're seeing activity. And to Jeff's point, there are a lot of things internally to drive growth with spreads, retention, et cetera, but we do want to run a parallel path by acquiring good solid assets that give us occupancy growth. So I do believe it will be a combination of that. And that's what we're seeing and that's what we've been successful in.

因此我們看到了活動。正如傑夫所說，內部有很多因素可以推動成長，例如利差、保留等等，但我們確實希望透過收購能夠帶來入住率成長的優質穩固資產來走一條平行的道路。所以我確實相信這將是兩者的結合。這就是我們所看到的，也是我們所取得的成功。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Okay. Sorry about that. Most of my questions have been answered, but I just had a question about the pavilion transaction. If you could talk a little bit about why they need to provide seller financing. You guys haven't really done that much in the past and also what we on those note receivable.

好的。很抱歉。我的大部分問題都已得到解答，但我只是想問一下展館交易的情況。您能稍微談談他們為什麼需要提供賣方融資嗎？你們過去其實並沒有做那麼多，我們在那些應收票據上也沒有做那麼多。

The second part I didn't get, but I'll just -- I'll chime in on why we provide seller financing. And the answer is pretty simple. We felt we were de-risking the portfolio, we were selling an asset that was not growing as quickly as the rest of what we could buy in, and we got a premium in value by providing the financing and we're providing financing at a level that we felt like we were going to be repaid. And if we didn't we were going to be -- we'd be very happy to own the center at that basis. So that was the reason for it. And it was something that facilitated part of our plan on disposition and that we felt worked really well for us.

第二部分我沒聽懂，但我只想說我們為什麼要提供賣方融資。答案很簡單。我們覺得我們正在降低投資組合的風險，我們正在出售一項成長速度不如我們可以購買的其他資產快的資產，透過提供融資，我們獲得了溢價，而且我們提供的融資水平讓我們覺得我們會得到償還。如果我們不這樣做，我們將會很高興以此為基礎擁有該中心。原來這就是原因。這有利於我們實施部分處置計劃，我們覺得效果非常好。

And Tayo, I'll take the second part. So we didn't disclose what the rate was because it's actually not going to be overly meaningful, but it's a meaningful spread to our ongoing borrowing costs. And as Jeff said, it's not a tool we expect to use frequently, but -- or really, again, but it's a structural tool where we can get better pricing for the asset while mitigating risk and deploying that in a better return.

Tayo，我將擔任第二部。因此，我們沒有透露利率是多少，因為它實際上不會有太大意義，但它對我們持續的借貸成本有一個有意義的利差。正如傑夫所說，這不是我們期望經常使用的工具，但是 - 或者實際上，再說一次，但它是一種結構性工具，我們可以用它為資產獲得更好的定價，同時降低風險並獲得更好的回報。

-- How soon do you get paid back? May I ask that on the note?

-- 多久可以收到退款？我可以在紙條上寫上這個嗎？

I believe that it's fully prepayable, but it's 12 to 24 months. If you include the option.

我相信它是全額預付的，但期限是 12 到 24 個月。如果您包含該選項。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

All right. I wanted to go back and ask about the joint venture with Northwestern Mutual, Specifically, you have an existing relationship there. Is this expected to be a new growth vehicle? And are there any differentiating factors in the investments being sourced now between this venture, the deals that you're looking at Cohen & Steers and also what you're looking at on balance sheet?

好的。我想回去問一下與西北共同人壽保險公司的合資問題，具體來說，你們在那裡已經有了合作關係。這是否會成為新的成長動力？現在這項投資、您正在考慮的 Cohen & Steers 交易以及您正在關注的資產負債表之間是否存在任何差異因素？

Todd, thanks for the question. And yes, this is a JV with Northwestern Mutual. We've been partners with them on our first fund for seven years. They were one of the original investors in couple of other funds that we had. So it's a really long-term relationship with them. We had trouble getting them into another JV, and we're really happy to have them as a partner in this new this newest fund. And it's -- so we're -- this fund is focused on really unique opportunities where we can step into situations that wouldn't meet our balance sheet, but that are opportunities for us.

托德，謝謝你的提問。是的，這是與西北共同人壽保險公司的合資企業。我們的第一支基金就與他們合作了七年。他們是我們其他幾隻基金的原始投資者之一。所以我們與他們的關係是真正的長期關係。我們很難讓他們加入另一家合資企業，但我們很高興能讓他們成為這個新基金的合作夥伴。所以，我們這個基金專注於真正獨特的機會，我們可以介入那些不符合我們資產負債表的情況，但這對我們來說是機會。

And an example is moving into a center that's anchored by a Hispanic grocer that is not number one or two in the market, but is a really strong player. And being able to have capital that fits into that bucket, which doesn't fit clearly onto our balance sheet. And so that's how we're thinking about that opportunity. So we're really excited about it. We think it is not going to be a major growth vehicle for us, but it is certainly one that we are looking forward to kind of getting fully invested and then see where that takes us from there really based upon the performance of that fund.

舉個例子，進入一個以西班牙裔雜貨店為主的中心，這個雜貨店雖然不是市場上的第一或第二名，但卻是一個真正強大的參與者。並且能夠擁有適合這個範圍的資本，而這並不完全適合我們的資產負債表。這就是我們對這個機會的看法。所以我們對此感到非常興奮。我們認為它不會成為我們的主要成長工具，但我們肯定希望對其進行充分投資，然後根據該基金的表現看看它將為我們帶來什麼。

And we want -- we think that there are unique opportunities in our space that don't fit squarely on the balance sheet, that this fund will be a great add to it. And so we're really excited about it. And I don't know, John if you have any add-on that, but we're -- it's something we're really excited about.

我們希望——我們認為我們的領域中存在著獨特的機會，這些機會並不完全適合資產負債表，而這檔基金將對它起到很大的補充作用。因此我們對此感到非常興奮。我不知道約翰，您是否還有任何補充，但我們 — — 這是我們真正興奮的事情。

Will all deals going forward with Northwestern Mutual in this fund be at similar economics or 31% stake for PECO's interest? Or is every deal sort of negotiated separately?

西北共同人壽在這個基金中未來進行的所有交易是否都會有類似的經濟效益或 PECO 持有 31% 的股份？還是每筆交易都是單獨談判的？

No, 31% is the right number for -- until this gets fully allocated.

不，31% 是正確的數字——直到完全分配為止。

Okay. Got it. And then I just wanted to go back to the discussion on tenant retention and some of the proactive remerchandising initiatives that you discussed in 2024. I guess, what's the drag that activity creates or is created on 2025 growth. And are you targeting more of that in '25? And then John, I'm just curious, again, retention has been very elevated 88%. I think it was closer to 90% full year. What's embedded in the model and guidance with regard to tenant retention

好的。知道了。然後，我只想回到關於租戶保留的討論，以及您在 2024 年討論過的一些主動的再行銷舉措。我想問一下，這些活動會對 2025 年的成長造成什麼阻礙呢？在 25 年，您是否有更多這樣的目標？然後約翰，我很好奇，保留率再次上升到了 88%。我認為接近全年的 90%。模型和指南中關於租戶保留的內容

John, do you want to take that?

約翰，你想拿走那個嗎？

Sure. So we have -- we talked about this a little bit of being intentional in doing this. And it is a bar. I mean I would say that if you were to normalize kind of the actions from '24 and what we're anticipating for '25, you would see growth in the lines of what we experienced last year. And so we feel really good about our decisions. I would say that in terms of '25, we are assuming sort of similar retention levels to what we experienced in '24, but that's also very similar to '23.

當然。因此，我們—我們討論了一下這樣做的意圖。它是一個酒吧。我的意思是說，如果你將 24 年的行動和我們對 25 年的預期標準化，你會看到與去年類似的成長。因此我們對自己的決定感到非常滿意。我想說，就 25 年而言，我們假設的保留水準與 24 年的類似，但這也與 23 年非常相似。

And as Bob mentioned, the economics when you're getting 21% renewal spreads for $0.50 in capital, you need a very high new leasing spread to kind of economically solve for that because we're very focused on cash flows.

正如鮑勃所提到的，當您以 0.50 美元的資本獲得 21% 的續約利差時，您需要非常高的新租賃利差才能從經濟上解決這個問題，因為我們非常關注現金流。

But that's also where we say, I'm the numbers guy. And then we talk about there is a bigger benefit to the asset when you really focus on merchandising. And so there are times where we are putting in better operators because they can actually improve the entire center. So we're going to -- we are going to continue the actions we've taken because we've been very successful in this operating environment. We feel really good about the actions that we're taking. But we're also happy that we're able to manage in the 3% to 3.5% range for same store with over 5% growth for our FFO metrics and anticipate continuing that in '25.

但我們也說，我是數位人。然後我們討論當你真正專注於商品銷售時，資產會獲得更大的利益。因此有時我們會聘用更好的操作員，因為他們實際上可以改善整個中心。因此，我們將繼續採取我們已經採取的行動，因為我們在這種營運環境中非常成功。我們對所採取的行動感到非常滿意。但我們也很高興，同店銷售額能夠維持在 3% 至 3.5% 的範圍內，FFO 指標成長超過 5%，預計在 25 年還能持續維持這一水準。

Floris Van Dijkum, Compass Point Research and Trading.

Floris Van Dijkum，Compass Point 研究與貿易公司。

Just a follow-up here on the acquisition guidance. The $400 million at midpoint did you say that 10% of that was -- or $100 million is your share in the JVs? Or is what -- how much of that capital is going to be as part of JV acquisitions versus on-balance sheet acquisitions.

這只是對收購指南的後續跟進。中間的 4 億美元您是否說其中的 10% 是——或者 1 億美元是您在合資企業中的份額？或 — — 這些資本中有多少將作為合資收購的一部分，有多少將作為表內收購的一部分。

Yes. 10% of the $400 million. So $40 million is probably a good center point.

是的。 4 億美元的 10%。因此 4,000 萬美元可能是一個很好的中心點。

Got it. Okay. And then is there a difference in return expectations? And maybe walk us through how do you allocate deals that you see between being on balance sheet or going to the Cohen & Steers or the Northwest or your other JV how do you manage that conflict or potential conflict?

知道了。好的。那麼回報預期是否有差異？您能向我們介紹一下，您是如何分配交易的，是將其納入資產負債表，還是將其交給 Cohen & Steers 或 Northwest 或您的其他合資企業，您如何處理這種衝突或潛在衝突？

Yes, great question, Floris. I mean the simple answer is if it's a larger center than we would normally buy on balance sheet, we're going to -- it's most likely to be a coined steers JV. As you know, we've been very disciplined in terms of the size of the centers that we buy and the impact with the number one or number two grocer in a center that's 175,000 or 200,000 square feet versus our traditional 115,000 square feet.

是的，這個問題問得很好，弗洛里斯。我的意思是，簡單的答案是，如果它是一個比我們通常在資產負債表上購買的更大的中心，我們將會 - 它最有可能是一個虛構的公牛合資企業。如你所知，我們對所購買中心的規模以及對 175,000 或 200,000 平方英尺中心中排名第一或第二的雜貨店的影響非常嚴格，而我們傳統的中心面積為 115,000 平方英尺。

And so that gives -- that really widens our net on that side. And we think -- but has similar returns to what we would do on balance sheet. But -- so that's -- the second JV is really -- we're looking for unique opportunities that don't fit on the balance sheet, but could because they're not the number one or number two grocer in the market. They have some slight change that. But we still think that there are solid investments, and that's what we're using for the second JV.

這樣一來，這確實擴大了我們在這方面的網絡。我們認為 - 但其回報與我們在資產負債表上所做的類似。但是 - 所以 - 第二家合資企業實際上是 - 我們正在尋找不適合資產負債表的獨特機會，但可能是因為他們不是市場上第一或第二的雜貨商。他們對此做了一些細微的改變。但我們仍然認為這些投資是可靠的，而且我們也正在為第二家合資企業注入這筆資金。

And the thing I hope we leave with you is like we own three shopping centers today, one anchored by Publix one acre by Kroger, one anchored by Snook that we wouldn't own today if we didn't have our JV.

我希望我們留給你們的是，我們今天擁有三個購物中心，一個以 Publix 為中心，一個以 Kroger 為中心，佔地一英畝，另一個以 Snook 為中心，如果我們沒有合資企業，我們今天就不會擁有這些購物中心。

And that, to us, is additive because we did that while exceeding our -- the top end of our target for acquisitions last year, increasing our goals for this year by $150 million. So this is really additive product to us. And we're excited about it. We think it's going to give us opportunities to just to broaden the net. And if we can do that, with partners like Northwestern Mutual, it's a great add to our growth profile. And we -- this is -- as I say, this isn't our first rodeo. This is our tenth JV that we've done in PECO. And they -- so we know how they can be additive both to the operating side, but also to the financial returns.

對我們來說，這是附加價值，因為我們這樣做的同時也超出了我們去年收購目標的最高限額，將今年的目標提高了 1.5 億美元。所以這對我們來說確實是一個附加產品。我們對此感到非常興奮。我們認為這將為我們提供擴大網路的機會。如果我們能夠與西北共同人壽這樣的合作夥伴做到這一點，那麼這將極大地促進我們的成長。而且我們 — — 這 — — 正如我所說，這不是我們第一次參加牛仔競技表演。這是我們在PECO建立的第十家合資企業。所以我們知道它們不僅能為營運方面帶來附加價值，還能為財務回報帶來附加價值。

Michael Mueller, JP Morgan.

摩根大通的邁克爾·穆勒。

Just a quick one. Can you remind us where the average portfolio blended escalators increase to today? And where you think that could go over, say, the next three to five years?

只需快速操作即可。您能否提醒我們，如今平均投資組合混合自動扶梯的增幅達到多少？您認為未來三到五年內這種情況將如何發展？

John, do you want to take that?

約翰，你想拿走那個嗎？

Certainly. Mike, so today, our portfolio is around 100 basis points on annual rent bumps. We think that will continue to march forward in '25 based on the success that Bob and his team is having on embedding those. And I mean, I believe we can -- we've said that we can do, I think, 120 to 130 basis points. I think that the we're going to continue to move this ultimately, I believe we can get to somewhere between 120 and 150 basis points.

當然。麥克，今天我們的投資組合每年的租金漲幅約為 100 個基點。我們認為，基於鮑伯和他的團隊在嵌入這些方面所取得的成功，這一趨勢將在 25 年繼續向前發展。我的意思是，我相信我們可以 - 我們說過我們可以做到 120 到 130 個基點。我認為我們最終會繼續推動這一進程，我相信我們可以達到 120 到 150 個基點之間的某個水平。

So -- but it takes time because we need the leases to roll. We have a better time with the 20% renewal rates also at putting in slightly higher bumps than on the new leases. But it is going to be a cruising speed that we can continue to drive.

所以 — — 但這需要時間，因為我們需要延續租約。我們在 20% 的續約率方面取得了更好的成績，而且與新租約相比，續約率也略高一些。但這將是我們可以繼續駕駛的巡航速度。

So as we look to '25, I think you'll see that around [100 to 110 basis points], and then it's going to continue marching because I want to say three or four years ago, that number was closer to 60 basis points. So good traction, good environment in our favor and where you can you need to push them.

因此，當我們展望25年時，我想你會看到大約[100到110個基點]，然後它將繼續前進，因為我想說三、四年前，這個數字接近60個基點。因此，良好的牽引力、良好的環境對我們有利，你需要在可能的情況下推動它們。

Mike, I'm not sure if the new leases we're signing -- our target is 3% or 3% growth in the new leases that we sign and when we're doing renewals. We get slightly higher than that in some and a little less than some. But that gets to John. John was talking about the overall impact and the timing that it takes but the leasing spreads we're getting and the CAGRs are in that 3% range.

麥克，我不確定我們簽署的新租約——我們的目標是在我們簽署的新租約和續約時實現 3% 或 3% 的增長。在某些情況下，我們的數據會比這個數字略高，而在某些情況下，我們的數據會比這個數字略低。但這讓約翰很煩惱。約翰談論的是整體影響和所需的時間，但我們獲得的租賃利差和複合年增長率都在 3% 的範圍內。

Juan Sanabria, BMO

胡安·薩納布里亞（BMO）

All right. Just trying to square a couple of things to an earlier comment or question you had a similar retention plan in '25 versus '24 versus '23. So I just wanted to make sure that is there going to be a drag from retention on same-store NOI growth to see? And as a part of that, how should we think about the snow, it's a bit elevated 100 basis points to end the year in '24 evolving over the course.

好的。只是想將一些事情與之前的評論或問題聯繫起來，您在'25 年、'24 年和'23 年都有類似的保留計劃。所以我只是想確保留存率是否會對同店淨營業收入成長產生拖累？作為其中的一部分，我們應該如何看待降雪，隨著時間的流逝，到 24 年底，降雪量將略微上升 100 個基點。

John, you want to talk to the snow and then we'll come back on the -- talk a little bit about of the retention because I think the answer to the retention is it will be at the margin, but we do not anticipate significant change from what we've had over the last couple of years.

約翰，你想談談降雪，然後我們再回來談論——談論保留的問題，因為我認為保留的答案是它將處於邊際，但我們預計與過去幾年的情況相比不會發生重大變化。

Sure. So as I look at it, in my note to say that in '23, it was actually 94% and '22 almost 91%. And this year, we finished at 89%. And so when I say it's all about I'm guess -- I'm rounding there. So it came down a little bit, and I would think that it's kind of in that. But I wouldn't say that we're moving to 60% and so when I say it's pretty consistent. That's really what I'm talking about. And then when we look to '25, you can -- I guess I would say you can see the impact there. We were we're guiding to 3% to 3.5%.

當然。因此，當我查看它時，在我的註釋中說，在'23年，它實際上是 94％，而在'22年幾乎是 91％。今年，我們的完成率達到了 89%。因此，當我說這全都是關於「我的猜測」時 — — 我就是這麼猜測的。所以它下降了一點，我想它就是那樣的。但我不會說我們正在轉向 60%，所以當我說它是相當一致的。這確實就是我所說的內容。然後，當我們展望25年時，你可以——我想你會說你可以看到那裡的影響。我們的預期是 3% 到 3.5%。

And I think in 2024 the activity was really the change from the past was really more on the anchor side with a few boxes that turned over that we took back and Bob said that got excellent spreads on relative to the capital we're putting in. So that's something that we'll continue to do.

我認為 2024 年的活動確實與過去發生了變化，實際上更多的是在錨定方面，我們收回了一些移交的箱子，鮑勃說，相對於我們投入的資本，這獲得了極好的利差。所以我們會繼續這樣做。

And your question of where to expect it to go by the end of '25, I think you will see us return back to that historical level of our economic gap between economic and lease will be back to around 50 basis points based on what I'm seeing. But again, if we have the opportunity to drive rents and improve merchandising, we will do that. But I don't see the environment -- we just don't have that many of these boxes. I mean, I believe that outside the grocer, our anchor boxes are maybe 13% of our rent.

至於你問到到 25 年底它將會達到什麼水平，我認為你會看到我們回到歷史水平，根據我的觀察，我們的經濟與租賃之間的差距將回到 50 個基點左右。但是，如果我們有機會提高租金並改善商品銷售，我們就會這麼做。但我看不到環境——我們只是沒有那麼多這樣的盒子。我的意思是，我相信在雜貨店之外，我們的主力包廂可能會占到我們租金的 13%。

So it's not the non-grocery anchors are a small part of our business, which is specifically designed in what we do. So it is there, but it's not going to be a headwind that you might see in others because that's the design that we have, which is kind of steady, smooth, consistent growth, and we're kind of talking about small adjustments here.

因此，非雜貨類主力店只是我們業務的一小部分，這是我們專門為之設計的。所以它是存在的，但它不會成為你在其他地方看到的逆風，因為這是我們的設計，是一種穩定、平穩、持續的成長，我們在這裡談論的是小小的調整。

Paulina Rojas, Green Street.

保利娜‧羅哈斯 (Paulina Rojas)，綠街。

The capital acquisitions increased in 4Q from six safe, I think, over the first nine-months to close to 7.5% in 4Q, if I'm doing the math right. Can you elaborate on the drivers behind that change, including both market trends that you're seeing and perhaps the asset mix asset mix that you acquired? And also related to that, if you could provide a cap rate for the property you sold subsequent to quarter end -- [Pavilion San Matteo] ?

如果我沒算錯的話，第四季的資本收購額比前九個月的六個月有所增加，但到第四季已接近 7.5%。您能否詳細說明這種變化背後的驅動因素，包括您所看到的市場趨勢以及您獲得的資產組合？另外，如果您可以提供季度末之後出售的房產的資本化率——[聖馬刁館]？

The second question was cap rates on what we sold in the first quarter. Is that -- was that -- I didn't hear exactly.

第二個問題是我們第一季銷售產品的資本化率。那是——那是——我沒有聽清楚。

Yes. The second part is, I believe you sold something subsequent to quarter end, [Pavilion San Matteo]? and I was asking for the cap rate for that one.

是的。第二部分是，我相信你在季度末之後賣了一些東西，[聖馬刁館]？我問的是那個的資本化率。

Okay. So the Cap rates quarter-to-quarter are really like they are very asset specific and I can tell you that the unlevered IRRs that we have for the -- for our core grocery anchored shopping centers have stayed at 9, when they are shadow-anchored, they've moved to 9.5. And when -- and the unanchored stuff that we bought has been over 10%.

好的。因此，季度資本化率實際上非常特定於資產，我可以告訴你，我們的核心雜貨店錨定購物中心的無槓桿 IRR 一直保持在 9，當它們是影子錨定時，它們已經升至 9.5。而我們購買的未固定資產已經超過 10%。

And so the -- these cap rates are going to reflect both the mix of that, that we bought but also the ability to grow the IRRs on the -- so they have different growth profiles. So the cap rates, they may average -- have averaged 7.5% for that second part, but that I don't think that's reflective of what is going on in the market because they have a very specific story to each one of them.

所以 — — 這些資本化率不僅會反映我們購買的組合，還會反映成長 IRR 的能力 — — 所以它們有不同的成長概況。因此，資本化率可能平均為 - 第二部分的平均值為 7.5％，但我不認為這反映了市場的現狀，因為每個資本化率都有非常具體的情況。

And the market is this would indicate the market is getting lighter and it's not. I mean the competition is as strong or stronger than it's been over the last 12 months. So if anything, cap rates are compressing, not expanding. The story behind each one of these will we needed to sit down and talk about property by property to understand exactly why they averaged out at 7.5% because -- and it's both the mix of growth and lower growth and the other. And I don't -- John, are we giving out cap rates on individual dispositions? I don't think we are, but if we are, can you -- .

這表明市場正在變得清淡，但事實並非如此。我的意思是，競爭與過去 12 個月一樣激烈，甚至更加激烈。因此，如果有的話，資本化率正在壓縮，而不是擴大。我們需要坐下來，逐一討論這些房產背後的故事，以準確理解為什麼它們的平均增長率為 7.5%，因為——這既是增長，也是低增長。我不知道－約翰，我們是否會公佈個人處置的資本化利率？我不認為我們會這樣，但如果我們會這樣，你能--。

It was between 7.5% and 8% on San Matteo. I mean it will come through when we disclosed that in Q1. So based on what we have. So that will be there.

聖馬刁的比例在 7.5% 到 8% 之間。我的意思是，當我們在第一季披露這一點時，它就會實現。因此，基於我們所掌握的資訊。所以它就會在那裡。

Caitlin Burrows, Goldman Sachs.

高盛的凱特琳·伯羅斯 (Caitlin Burrows)。

I know we're past the hour, but I was wondering if you could talk a little bit about the leasing pipeline and interest level. I feel like the topic hasn't really come up, so maybe that's because everyone just assumes it's strong. But like when you're not renewing a tenant today, how deep is the interested pool of new retailers? And how does that compare to a year ago? And anything else we should know?

我知道我們已經過了時間，但我想知道您是否可以談談租賃管道和興趣程度。我覺得這個話題並沒有真正出現，所以也許是因為每個人都認為它很強大。但是，當您今天不續約租戶時，感興趣的新零售商數量有多深？與一年前相比如何？還有什麼我們該知道的嗎？

Thanks, Caitlin. Bob, do you want to jump in on that one?

謝謝，凱特琳。鮑勃，你想加入這個嗎？

Yes, absolutely. Yes. Thanks for the question. There's just been a lot of consistency with the leasing pipeline. I'm still not seeing any signs of closing or slowing down coming out of the New York ICSC show the demand, again, retailers are looking for store openings in 2026, '27, the visibility that I have out not only on our renewals and the new deal side, is very positive, reinforcing the type of spreads that we've seen historically. I don't see that slowing down. And again, I'm encouraged that we'll continue to move occupancy in the right direction this year.

是的，絕對是如此。是的。謝謝你的提問。租賃管道一直保持著很大的一致性。我仍然沒有看到任何關閉或放緩的跡象，紐約 ICSC 顯示需求再次表明，零售商正在尋找在 2026 年、'27 年開設商店，我不僅在我們的續約和新交易方面看到了非常積極的前景，這強化了我們在歷史上看到的利差類型。我不認為這種趨勢會減緩。我很高興看到今年我們將繼續朝著正確的方向提高入住率。

So, the demand is very solid, still fast casual, med tail, health and beauty. It's the normal cast that we partner with and again, we continue to see a lot of demand where retailers want to be associated with the number one, number two grocer in our market. So it's very positive.

因此，需求非常穩定，仍然是快餐休閒、醫療、健康和美容。這是我們合作的正常陣容，我們繼續看到很多需求，零售商希望與我們市場上排名第一、第二的雜貨商建立聯繫。所以這是非常積極的。

Great. And then just you quickly -- you mentioned some that visibility to leasing spreads is good. It sounds like '24 spreads were boosted by anchor boxes, which isn't so regular for you. So do you guys think it would be fair to think that '24 -- sorry, 2025 spreads will still be strong, but possibly below last year's reported levels?

偉大的。然後您很快提到，租賃利差的可見性很好。聽起來，‘24’ 傳播是由錨框推動的，這對你來說並不那麼正常。那麼，你們認為這樣認為公平嗎：『24——抱歉，2025 年的利差仍然會很高，但可能低於去年報告的水平？

Yes. I would tell you that I think our spreads will be on new deal side. I like that 25% to 33% range. That's a big range but if you look at what we did in 2024, we were -- I think we finished the year at 35%. And you're right, we did have a big push with Anchor. We won't have that same in 2025. So yes, you should assume it will be inside of that. But on the renewal side, I'm showing the visibility that we have that our spreads will be elevated.

是的。我想告訴你，我認為我們的利差將會在新交易方面。我喜歡 25% 到 33% 的範圍。這是一個很大的範圍，但如果你看看我們在 2024 年的表現，我認為我們今年的業績達到了 35%。你說得對，我們確實對 Anchor 做出了很大的推動。2025年，我們將不再經歷同樣的情況。所以是的，你應該假設它會在裡面。但在續約方面，我表明我們的利差將會上升。

That concludes our question-and-answer session. And I will now turn the conference back over to Jeff Edison for closing comments.

我們的問答環節到此結束。現在我將會議交還給傑夫·愛迪生，請他作最後發言。

Well, thanks, everyone, for being on the call. I know we're over time, but we're really happy with how things turned out at the end of the year, and we're really optimistic going forward. We think there's really good fundamentals on the operating side as well as on the acquisition side, and we're looking forward to a really good 2025. So thanks again. We'll look forward to keeping up and answer any questions, obviously, holler if you have them. Thanks.

好吧，感謝大家參加電話會議。我知道我們已經超時了，但我們對今年年底的結果感到非常高興，並且對未來非常樂觀。我們認為，無論是營運方面還是收購方面，基本面都非常好，我們期待 2025 年能取得非常好的成績。再次感謝。我們期待跟進並回答任何問題，如果您有問題，請大聲問。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

女士們、先生們，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。