Phillips Edison & Co Inc (PECO) 2025 Q1 法說會逐字稿

Good day, and welcome to Phillips Edison & Company's first quarter 2025 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，歡迎參加飛利浦愛迪生公司 2025 年第一季財報電話會議。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，你可以開始了。

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.

謝謝您，接線生。我們的董事長兼執行長傑夫愛迪生 (Jeff Edison) 也參加了此次電話會議；總裁鮑勃·邁爾斯 (Bob Myers)；和財務長約翰·考爾菲爾德 (John Caulfield)。一旦我們結束準備好的發言，我們將開始問答環節。

After today's call, an archived version will be published on our website. 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.

今天的電話會議結束後，存檔版本將在我們的網站上發布。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，並受到我們向美國證券交易委員會提交的文件中所述的各種風險和不確定性的影響，特別是我們最新的 10-K 和 10-Q 表格。

And our discussion today 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 earnings press release and supplemental information packet, which have been posted on our website. Please note that we have also posted a presentation with additional information. Our caution on forward-looking statements also applies to these materials.

我們今天的討論將參考某些非公認會計準則財務指標。有關我們使用這些指標以及這些指標與我們的 GAAP 結果的調節信息，請參閱我們網站上發布的收益新聞稿和補充資訊包。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謹慎也適用於這些資料。

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. The PECO team delivered another strong quarter of growth with same-center NOI increasing by 3.9%. I'd like to thank the PECO associates for their hard work to maintain our unique competitive advantages and drive value at the property level. As we sit here today, we see an ever-changing macroeconomic environment. It's too early to tell what impact tariffs could have on PECO or our neighbors.

謝謝 Kim，也謝謝大家今天加入我們。PECO 團隊又一個季度實現了強勁成長，同中心 NOI 成長了 3.9%。我要感謝 PECO 員工的辛勤工作，以保持我們獨特的競爭優勢並在房地產層面推動價值。今天我們坐在這裡，看到宏觀經濟環境不斷變化。現在判斷關稅會對 PECO 或我們的鄰國產生什麼影響還為時過早。

That said, we continue to see a resilient consumer. Retailer demand across our portfolio remains strong. This is most evident in our continued high occupancy, strong rent spreads and high retention. Despite tariff concerns, we continue to be strategic in our decision-making to best position PECO to take advantage of opportunities for growth, both internal and external.

儘管如此，我們仍然看到消費者俱有韌性。我們投資組合中的零售商需求依然強勁。最明顯的例子就是我們持續的高入住率、強勁的租金差價和高留存率。儘管存在關稅方面的擔憂，我們仍然堅持策略性決策，以使 PECO 處於最佳位置，從而利用內部和外部的成長機會。

We are seeing high retailer demand with no current signs of slowing. PECO's leasing team continues to convert this demand into significantly higher rents. Retailers want to be located at centers where top grocers drive consistent and recurring foot traffic. Given the continued strength of our business, we are pleased to affirm our full year guidance.

我們看到零售商的需求很高，目前沒有放緩的跡象。PECO 的租賃團隊繼續將這種需求轉化為大幅提高的租金。零售商希望將店鋪開在頂級雜貨店能帶來穩定且頻繁的人流的中心。鑑於我們業務的持續強勁，我們很高興確認全年業績指引。

Retail categories that have historically been impacted by a softer economy, including necessity-based goods and services. This includes grocery, restaurants, and health and beauty. 71% of our ABR comes from necessity-based goods and services. We believe PECO is relatively more insulated from potential tariff disruption. We have a diversified neighbor mix. We also have limited exposure to big-box bankruptcies and at-risk retailers. We believe that the combination of our unique format and our cycle-tested experience drive high-quality cash flows.

歷史上受到經濟疲軟影響的零售類別，包括必需品和服務。其中包括雜貨店、餐廳以及健康和美容。我們的 71% ABR 來自必需品和服務。我們認為 PECO 相對而言更能抵禦潛在的關稅幹擾。我們的鄰居構成多種多樣。我們對大型零售企業破產和高風險零售商的曝險也有限。我們相信，我們獨特的模式和經過週期考驗的經驗相結合將帶來高品質的現金流。

Our performance following both the 2008 global financial crisis and the 2020 COVID-induced downturn demonstrates the resiliency of our grocery-anchored portfolio. We continue to find opportunities in the transaction market. During the first quarter, we purchased $146 million in assets at PECO's total share. Despite recent market volatility, we remain confident in our ability to acquire high-quality centers at attractive returns. While it's early in the year, our pipeline remains strong.

我們在 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證明了我們以食品雜貨為主的投資組合的彈性。我們不斷在交易市場中尋找機會。第一季度，我們以 PECO 的總份額購買了價值 1.46 億美元的資產。儘管近期市場波動，我們仍然有信心以誘人的回報收購高品質的中心。儘管今年才剛開始，但我們的管道仍然強勁。

Given the grocery-anchored pipeline we are targeting and the team we have at PECO, we are affirming our guidance range of $350 million to $450 million in gross acquisitions this year. We have the capabilities and leverage capacity to acquire more if attractive opportunities materialize. We are also in a great place to pivot if we should see the transaction market tighten. We continue to target an unlevered IRR of 9% for our acquisitions. We will continue to be disciplined buyers as we look forward.

考慮到我們瞄準的以雜貨店為主的管道以及我們在 PECO 的團隊，我們確認今年的總收購額指導範圍為 3.5 億美元至 4.5 億美元。如果出現有吸引力的機會，我們有能力和槓桿能力來獲得更多。如果我們看到交易市場收緊，我們也處於一個很好的轉變點。我們繼續將收購的無槓桿內部收益率 (IRR) 定為 9%。展望未來，我們將繼續保持自律的買家形象。

Speaking of looking forward, the PECO team remains focused on the long term. History tells us that grocery-anchored and necessity-based formats have been relative outperformers during periods of economic uncertainty. We don't expect the current cycle to be any different. While the markets may be nervous about the health of the consumer, we are not seeing anything that changes our view on our ability to deliver on our long-term growth plans, both internal and external.

說到展望未來，PECO 團隊仍著眼於長遠發展。歷史告訴我們，在經濟不確定時期，以食品雜貨為主和以必需品為基礎的模式表現相對較好。我們預計當前週期不會有任何不同。儘管市場可能對消費者的健康狀況感到緊張，但我們並沒有看到任何改變我們對實現長期內部和外部成長計畫的能力的看法。

I want to repeat, we remain confident in this current environment. Our confidence is driven by the stability of our cash flows and the PECO team's ability to deliver solid long-term growth and create long-term value for our shareholders. 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.

我想重申，我們對當前環境仍然充滿信心。我們的信心源於我們現金流的穩定性以及 PECO 團隊實現穩健的長期成長和為股東創造長期價值的能力。鑑於我們在各個週期中展現出的業績記錄，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增長之間的良好平衡。

In summary, the quality of our cash flows reduces our beta, and the strength of our growth increases our alpha. Less beta, more alpha. I will now turn the call over to Bob Myers.

總而言之，我們的現金流品質降低了我們的貝塔係數，而我們成長的強度增加了我們的阿爾法係數。更少的 beta，更多的 alpha。現在我將電話轉給鮑伯·邁爾斯。

Bob?

鮑伯？

Thank you, Jeff, and thank you for joining us. The PECO team delivered another quarter of strong operating results and leasing momentum. The quality of PECO's cash flows is reflected in our market-leading operating metrics. Our long operating history has given us an informed measure of what drives quality and value at the shopping center level. We believe SOAR provides important measures of quality, spreads, occupancy, advantages of the market and retention.

謝謝你，傑夫，謝謝你加入我們。PECO 團隊又一個季度取得了強勁的經營業績和租賃勢頭。PECO 現金流的品質反映在我們市場領先的營運指標中。我們長期的經營歷史使我們能夠了解購物中心層面的品質和價值驅動因素。我們相信 SOAR 提供了品質、利差、入住率、市場優勢和保留率的重要衡量標準。

In terms of leasing activity, 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. In the first quarter, we maintained strong comparable renewal rent spreads of 20.8%. Our in-line renewal rent spreads reached a record high of 21.7% in the quarter.

在租賃活動方面，我們持續利用強勁的續約需求。PECO 團隊仍致力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。第一季度，我們維持了 20.8% 的強勁可比續約租金利差。本季度，我們的續約租金利差達到了創紀錄的 21.7%。

Comparable new leasing rent spreads for the first quarter were 28.1%, and our in-line new rent spreads remained strong at 27.5% in the quarter. These spreads reflect the 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.

第一季可比新租賃租金利差為 28.1%，本季我們的線內新租金利差仍保持強勁，為 27.5%。這些利差反映了租賃和保留環境的持續強勁。我們預計，今年餘下時間以及可預見的未來，新保利差和續保利差將持續強勁。

During the first quarter, our combined new and renewal average annual rent bumps were 2.7%, another important contributor to our long-term growth. Portfolio occupancy remained high and ended the quarter at 97.1% leased. Anchor occupancy remained strong at 98.4%. We currently have just 15 vacant spaces in our portfolio that are over 10,000 square feet. This includes the anticipated Party City and Big Lot spaces. Activity for these anchor leases currently out for signature is extremely positive. Examples of retailers who are showing interest in these spaces include TJ Maxx, Sierra, Total Wine, Fitness, Ace Hardware, Dollar Tree, Ulta Beauty, and For Performance.

第一季度，我們的新房和續租屋平均年租金漲幅為 2.7%，這是我們長期成長的另一個重要貢獻者。投資組合入住率仍然很高，本季末的出租率為 97.1%。主力餐廳入住率仍保持強勁，達到 98.4%。目前，我們的投資組合中僅有 15 個空置空間，面積超過 10,000 平方英尺。其中包括預期的 Party City 和 Big Lot 空間。目前等待簽署的這些主要租約的活動非常積極。對這些空間表現出興趣的零售商包括 TJ Maxx、Sierra、Total Wine、Fitness、Ace Hardware、Dollar Tree、Ulta Beauty 和 For Performance。

In-line occupancy ended the quarter at 94.6%. This was in line with internal expectations as we typically see a nominal change during the first quarter. Given our strong leasing pipeline, we expect in-line occupancy to remain high throughout the year at around 95%, which is very strong.

本季末的入住率為 94.6%。這符合內部預期，因為我們通常會在第一季看到名義上的變化。鑑於我們強大的租賃管道，我們預計全年入住率將保持在 95% 左右的高位，這是一個非常強勁的水平。

As it relates to bad debt in the first quarter, we actively monitor the health of our neighbors. Bad debt was lower than a year ago, and we are not concerned about bad debt in the near term, particularly given the strong retailer demand. We continue to have a highly diversified mix with no meaningful rent concentration outside of our grocers.

由於與第一季的壞帳有關，我們積極監測鄰居的健康狀況。壞帳餘額低於一年前，而且我們並不擔心短期內出現壞賬，尤其是考慮到零售商需求強勁。我們的業務組合仍然高度多元化，除了雜貨店外，沒有出現明顯的租金集中現象。

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 68,000 people and an average median household income of $92,000. This is 12% higher than the US median. These demographics are in line with the store demographics of Kroger and Publix, which are PECO's top 2 neighbors.

PECO 郊區門市的一個主要優勢是，我們的中心位於我們的頂級雜貨商盈利的市場。PECO 3 英里貿易區的人口統計包括平均人口 68,000 人，平均家庭收入中位數為 92,000 美元。這比美國中位數高出 12%。這些人口統計數據與 PECO 的前兩大鄰居 Kroger 和 Publix 的商店人口統計數據一致。

Our markets also benefit from low unemployment rates, which are below the shopping center peer average. The necessity-based focus of our property is important when demographics are considered. If you are comparing a Publix to an Apple store or a high-end fashion retailer, the demographics that each retailer needs to be successful are very different. PECO's demographics are very strong in supporting our grocers and necessity-based neighbors.

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。當考慮人口統計時，我們財產的必要性重點非常重要。如果將 Publix 與 Apple 商店或高端時尚零售商進行比較，那麼每家零售商成功所需的人口統計數據都非常不同。PECO 的人口統計非常強大，可以支持我們的雜貨商和有生活必需品的鄰居。

We continue to enjoy a well-diversified neighbor base. Our top neighbor list is comprised of the best grocers in the country. Our largest non-grocery neighbor, TJ Maxx, makes up only 1.4% of our rents. All other non-grocery neighbors are below 1% of ABR. When looking at our very limited exposure to distressed retailers, the top 10 neighbors currently on our watch list represent approximately 2% of ABR.

我們繼續享有多元化的鄰裡基礎。我們的頂級鄰居名單包括全國最好的雜貨店。我們最大的非雜貨店鄰居 TJ Maxx 僅占我們租金的 1.4%。所有其他非雜貨店鄰居的 ABR 均低於 1%。當我們查看我們對陷入困境的零售商的非常有限的接觸時，我們關註名單上的前 10 個鄰居約佔 ABR 的 2%。

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. Our neighbor retention remained high at 91% in the first quarter while growing rents at attractive rates. And I want to repeat that the PECO team delivered record high in-line renewal rent spreads in the first quarter.

這並不是偶然的。它是我們多年來對本地情況的敏銳觀察和精心培育位於強勁郊區市場的以雜貨店為中心的社區中心組合的產物。第一季度，我們的鄰居保留率仍高達 91%，同時租金也以極具吸引力的速度成長。我想重申的是，PECO 團隊在第一季實現了創紀錄的續約租金差價。

Higher 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 our renewable lease has been meaningfully higher than the return on annuities. In the first quarter, we spent only $0.61 per square foot on tenant improvements for renewals. We have looked at quality differently over 30 years, and we continue to believe that SOAR is the best metric for quality.

更高的保留率可以帶來更好的經濟效益，減少停機時間，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。我們的可續租租賃的 IRR 明顯高於年金的回報率。在第一季度，我們用於續約租戶改善的支出僅為每平方英尺 0.61 美元。30 年來，我們對品質的看法一直不同，但我們始終相信 SOAR 是衡量品質的最佳指標。

The overall demand environment, the stability of our cash flows, the strength of our grocers, the health of our in-line neighbors and the capabilities of our team give us continued confidence in our ability to deliver strong growth in 2025 and in the long term.

整體需求環境、現金流的穩定性、雜貨商的實力、線上鄰居的健康狀況以及團隊的能力使我們對在 2025 年及長期實現強勁增長的能力充滿信心。

I will now turn the call over to John. John?

現在我將把電話轉給約翰。約翰？

Thank you, Bob, and good morning and good afternoon, everyone. I'll start by highlighting the first quarter results, then provide an update on the balance sheet and finally speak to our affirmed 2025 guidance. First quarter 2025 NAREIT FFO increased to $89 million or $0.64 per diluted share, which reflects year-over-year per share growth of 8.5%. First quarter core FFO increased to $90.8 million or $0.65 per diluted share, which reflects year-over-year per share growth of 8.3%. Both NAREIT FFO and core FFO benefited this quarter from a onetime lease termination fee of approximately $0.01 per share.

謝謝你，鮑勃，大家早安，下午好。我將先介紹第一季的業績，然後提供資產負債表的最新情況，最後談談我們確認的 2025 年指引。2025 年第一季 NAREIT FFO 增至 8,900 萬美元或每股攤薄收益 0.64 美元，年增 8.5%。第一季核心 FFO 增至 9,080 萬美元，即每股攤薄收益 0.65 美元，年增 8.3%。本季度，NAREIT FFO 和核心 FFO 均受益於每股約 0.01 美元的一次性租約終止費用。

We had a lease for the space lined up at the time of termination so this capital will help pay for the new neighbor's buildout. Lease terminations are a part of our business but this termination fee income was larger than normal, which is why we want to highlight this item as nonrecurring. We see this activity as a long-term value add for PECO. Our same-center NOI growth in the quarter was 3.9%.

我們在終止時已經簽訂了該空間的租約，因此這筆資金將有助於支付新鄰居的建造費用。租賃終止是我們業務的一部分，但這次終止費用收入比正常情況要大，這就是為什麼我們要強調這個項目是非經常性的。我們認為這項活動將為 PECO 帶來長期增值。本季我們的同中心 NOI 成長率為 3.9%。

Turning to the balance sheet. We have approximately $760 million of liquidity to support our acquisition plan and no meaningful maturities until 2027. Our net debt to adjusted EBITDAre was at 5.3 times as of March 31, 2025. This was 5.0 times on a last quarter annualized basis, which is also important to track in quarters with elevated acquisition volume. Our debt had a weighted average interest rate of 4.4% and a weighted average maturity of 5.6 years when including all extension options.

轉向資產負債表。我們擁有約 7.6 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。截至 2025 年 3 月 31 日，我們的淨債務與調整後 EBITDA 比率為 5.3 倍。以上一季的年化率計算，這一數字為 5.0 倍，在收購量增加的季度中，追蹤這一數字也很重要。我們的債務加權平均利率為 4.4%，包括所有延期選擇權的加權平均期限為 5.6 年。

As a reminder, in January, we amended our revolving credit facility to extend its maturity to January 2029 and increased its size to $1 billion. This gives us additional liquidity and flexibility as we acquire assets and monitor the capital markets.

提醒一下，今年 1 月，我們修改了循環信貸額度，將其到期日延長至 2029 年 1 月，並將其規模增加至 10 億美元。這為我們收購資產和監控資本市場提供了額外的流動性和靈活性。

At the end of the first quarter, 86% of PECO's total debt was fixed rate, which is in line with our target of 90%. We do not have immediate intentions to execute interest rate swaps on our floating rate debt. PECO continues to have one of the best balance sheets in the sector, which has us well positioned for continued external growth.

截至第一季末，PECO 的總債務中有 86% 為固定利率，符合我們的 90% 的目標。我們目前沒有打算對我們的浮動利率債務進行利率互換。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。

As Jeff mentioned, we are pleased to affirm our 2025 guidance. As a reminder, our guidance for 2025 NAREIT FFO per share reflects a 5.7% increase over 2024 at the midpoint. And our guidance for 2025 core FFO per share represents a 5.1% increase over 2024 at the midpoint. We also affirmed our guidance range for 2025 same-center NOI growth of 3% to 3.5%. As we continue to enhance our neighbor mix, our actions to improve merchandising and capture mark-to-market rent growth with new neighbors will be a slight headwind to 2025 growth.

正如傑夫所提到的，我們很高興確認我們的 2025 年指導方針。提醒一下，我們對 2025 年 NAREIT 每股 FFO 的預期中位數比 2024 年成長 5.7%。我們對 2025 年每股核心 FFO 的預期比 2024 年中期成長 5.1%。我們也確認了 2025 年同中心 NOI 成長 3% 至 3.5% 的指導範圍。隨著我們繼續增強鄰居組合，我們改善商品銷售和透過新鄰居獲得按市價計算的租金增長的行動將對 2025 年的增長產生輕微的阻力。

As we have said previously, the PECO team is focused on the long term and our actions to replace neighbors are intentional. We believe 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.

正如我們之前所說，PECO 團隊著眼於長遠發展，我們採取的替換鄰居的行動是有意為之。我們相信，低槓桿使我們有財務能力實現成長目標。我們還擁有多種資本來源，可用於擴大和匹配我們的投資活動。

These sources include additional debt issuance, dispositions and equity issuance. Match-funding our capital sources with our investments is an important component of our investment strategy. As a reminder, our guidance does not assume 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. We continue to 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.

這些來源包括額外債務發行、處置和股權發行。將我們的資本來源與我們的投資相匹配是我們投資策略的重要組成部分。提醒一下，我們的指引並不假設 2025 年發行股票，因為我們認為，以淨負債與調整後 EBITDA 比率計算，我們的目標槓桿率範圍將處於 5 倍以下至 5 倍之間。我們仍然相信，該投資組合和該團隊有能力實現每股核心 FFO 的年均中高個位數成長。這假設利率穩定，但預計利率仍將是短期的阻力。

However, we're hopeful that we're near stabilization as we are projecting to deliver earnings growth of over 5% in 2025. 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.

然而，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%。我們也相信，隨著我們的租賃組合更偏向續約活動，我們的長期 AFFO 成長可以更高。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。

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

接下來，我們將開放問答熱線。操作員？

(Operator Instructions) Caitlin Burrows, Goldman Sachs.

（操作員指示）凱特琳·伯羅斯，高盛。

Hi, good morning, everyone. Maybe starting with leasing. I feel like normal occupancy seasonality is understood, but can you give any color on the seasonality of leasing? And with that in mind, could you differentiate how March leasing went and then how April leasing has gone and any potential pullback or expectations for the May ICSC?

大家好，早安。也許從租賃開始。我覺得正常的入住季節性是可以理解的，但是您能否對租賃的季節性做出任何說明？考慮到這一點，您能否區分一下 3 月份的租賃情況和 4 月份的租賃情況，以及 5 月份 ICSC 是否有任何潛在的回調或預期？

Sure. Thanks, Caitlin. Bob, do you want to take that? I would say, generally, as we've talked about and throughout this call, guys, when you ask -- when you're -- on your questions, I want to make sure that we don't get confused in terms of where we are today versus where we think we're going to be over the year because we're at a time where there's pretty dramatic changes happening. And there's a different view for what's happened in the first quarter versus what we -- all the expectations for the rest of the year.

當然。謝謝，凱特琳。鮑勃，你想接受這個嗎？我想說，一般來說，正如我們在整個通話過程中所討論的那樣，夥計們，當你們問到——當你們問到——你們的問題時，我想確保我們不會混淆我們今天所處的位置和我們認為我們今年將會處於的位置，因為我們正處於一個正在發生相當劇烈變化的時期。人們對第一季發生的事情和我們對今年剩餘時間的預期有不同的看法。

So we'll -- as we answer, we'll try and be very specific about where we are today. And then if you've got questions about what we think might happen, we're happy to talk to those. But for us, it's really focused on that. So Bob, do you want to take the leasing and occupancy issue that Caitlin asked?

因此，當我們回答時，我們會盡量具體地說明我們目前的狀況。如果您對我們認為可能發生的事情有任何疑問，我們很樂意解答您的疑問。但對我們來說，真正關注的就是這一點。那麼鮑勃，你想討論凱特琳詢問的租賃和入住問題嗎？

Yes. Yes, sure. Thanks, Jeff, and thank you for the question. It's very normal. And doing this for the last 25 years, first quarter, you're typically going to see a little bit of falloff in occupancy. And we're in a very, very good spot at 97.1% with in-line at 94.6%. Anchor's at 98.4%. We have a lot of activity on our anchor spaces. And like I mentioned in the call, we only have 15 of those opportunities, but we're seeing some really, really nice mark-to-market opportunities on the spreads. Retention remains high at 91%.

是的。是的，當然。謝謝，傑夫，謝謝你的提問。這很正常。從過去 25 年的第一季來看，你通常會看到入住率略有下降。我們的水準非常非常好，達到 97.1%，線上率為 94.6%。Anchor 的比例為 98.4%。我們在錨定空間上有很多活動。正如我在電話會議中提到的那樣，我們只有 15 個這樣的機會，但我們看到了一些非常非常好的以市價計價的利差機會。保留率仍高達 91%。

And the visibility that we have over the next six, seven months, the activity is very strong. I mean, we have more leases out for signature now than we did last year at this point in time. I'm not seeing a slowdown anywhere. And quite honestly, if you even -- you look at our leasing spreads of 28% and I look at where the pipeline is, it's going to be better than that. And when you look at renewal spreads of the 20.8%, I can tell you with the visibility, they're better than that.

我們對未來六、七個月活動的預見性非常強。我的意思是，我們現在簽署的租約比去年同期要多。我沒有看到任何地方出現放緩的跡象。老實說，如果你看看我們 28% 的租賃利差，再看看管道在哪裡，你會發現情況會比這更好。當您查看 20.8% 的續約利差時，我可以告訴您，從可見性來看，它們比這更好。

So I just want to reiterate that the market, the demand, all the calls that we're making for Vegas right now, retailers are wanting to grow. And Jeff hit on this, right? We're cautiously optimistic and so are the retailers, but they still want to grow and they're still going through our portfolio, looking to be aligned with the number 1, number 2 grocer. And that's where we're seeing success and I don't see it slowing down.

所以我只想重申一下，市場、需求以及我們現在對拉斯維加斯的所有呼籲，零售商都希望成長。傑夫想到了這一點，對吧？我們和零售商都持謹慎樂觀的態度，但他們仍然希望發展，並且仍在研究我們的產品組合，希望與排名第一、第二的雜貨商保持一致。這就是我們看到的成功，而且我認為它不會放緩。

Got it, okay. Good to hear. And then maybe switching over to the guidance side. So it does seem like FFO guidance for the year implies that the 2Q to 4Q average will be roughly the same as 1Q even if you take the lease termination fee out. So I was wondering, John, if you could give some more detail on what's creating that headwind and what could get you to the higher versus lower end of the FFO range.

知道了，好的。很高興聽到這個消息。然後也許會切換到指導方面。因此，看起來今年的 FFO 指引意味著，即使扣除租約終止費，第二季至第四季的平均值也將與第一季大致相同。所以我想知道，約翰，你是否可以提供一些更詳細的信息，說明是什麼造成了這種不利因素，以及什麼因素會讓你的 FFO 範圍達到較高或較低的水平。

Yes. John, before you take it, Caitlin, we want to make sure that we're clear to everybody that like this is our first quarter. It's very early in the year. We're really happy with the results we had for the first quarter. But as we enter the rest of the year with more confusion out there, we're going to necessarily take a conservative approach to looking at what's going to happen throughout the rest of the year, as I think everyone will, because of just the uncertainty with what's going on.

是的。約翰，凱特琳，在你接受之前，我們想確保每個人都清楚，這是我們的第一季。今年還很早。我們對第一季的業績非常滿意。但隨著我們進入今年剩餘時間，外面的混亂越來越多，我們必然會採取保守的態度來看待今年剩餘時間將會發生什麼，我想每個人都會這樣做，因為對正在發生的事情存在不確定性。

But John, do you want to answer in terms of the specifics of how it would look quarter-by-quarter?

但是約翰，你想根據每季的具體情況來回答嗎？

Sure. So as we look forward, I mean, you already called out in the first quarter that the lease term wouldn't -- termination fee wouldn't be annualized. And as we look ahead, I think Bob said it is we're cautiously optimistic about the year. And I think as we look over the quarters, what would take us to the higher end would be things like improvement in the capital markets.

當然。因此，當我們展望未來時，我的意思是，您已經在第一季指出租賃期限不會 - 終止費用不會按年計算。展望未來，我認為鮑伯說我們對今年持謹慎樂觀的態度。我認為，當我們回顧這些季度時，資本市場的改善等因素將使我們達到更高的水平。

I do think that we affirmed kind of each of the guidance ranges. And we just want to make sure that we are setting expectations that we're in this for the long term and that ultimately, we're focused on making the decisions that are going to drive growth not just in '25, but '26, '27, '28. And so I think that more certainty around forward debt costs would be certainly helpful, equity markets.

我確實認為我們確認了每種指導範圍。我們只是想確保我們設定的期望是長期的，並且最終我們專注於做出不僅在2025年，而且在2026年、2027年、2028年都能推動成長的決策。因此我認為，未來債務成本的更多確定性肯定會對股票市場有所幫助。

But overall, from an acquisition standpoint, we're feeling really good about both what we've acquired as well as the pipeline and feel good about the year. And so I think it's just the first quarter we've reaffirmed, I think, each quarter that we've been doing this. So I think we're just making sure we've got room to operate the business as we feel best.

但整體而言，從收購的角度來看，我們對所收購的內容以及通路感到非常滿意，對今年的業績也充滿信心。所以我認為這只是第一季我們重申的，我想，每個季度我們都會這樣做。所以我認為我們只是確保我們有空間以我們認為最好的方式經營業務。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

Hey there. I guess good morning. But I had a couple of questions. Maybe first for you, John, on the variable rate exposure. You're at 14% today, I think you're going up to around 25%, 26% later this year with the expiration of the swap. It sounds like you said you're comfortable kind of with the level of today. So I'm wanting to get a bit more clarity on your strategy or thinking here and maybe some thoughts on your plans to address some of the upcoming swap expirations.

嘿。我想早上好。但我有幾個問題。約翰，也許你首先要討論的是浮動利率風險。今天的利率是 14%，我認為隨著掉期到期，今年稍後利率將升至 25% 或 26% 左右。聽起來您好像說過您對今天的水平感到滿意。因此，我希望更清楚地了解您的策略或想法，並對您解決一些即將到來的掉期到期問題的計劃有一些想法。

John, do you want to take that?

約翰，你想接受這個嗎？

Sure. So I just love questions about interest rate swaps. So you're right and we're about 14% today. I think as we look at it, what we executed and the way we did it in 2024 is a great blueprint for what our plans are in '25.

當然。所以我很喜歡有關利率交換的問題。所以你是對的，我們今天的比率大約是 14%。我認為，從我們的角度來看，我們在 2024 年所執行的措施以及執行方式是我們 2025 年計畫的絕佳藍圖。

Ultimately, we are working towards a laddered maturity ladder that will keep us as a repeat issuer in the unsecured bond market. We were able to do it twice last year. We've got -- we're looking at managing our balance sheet prudently. And so when we look at those expirations, our desire is to continue to be an issuer in that market and to replace term loans, which is why those swaps are there in expiring, replace those term loans with fixed bonds as we go forward.

最終，我們正在努力實現階梯式到期機制，這將使我們成為無擔保債券市場的重複發行人。去年我們已經做過兩次了。我們正在考慮謹慎地管理我們的資產負債表。因此，當我們考慮這些到期債券時，我們的願望是繼續成為該市場的發行人，並替換定期貸款，這就是為什麼這些掉期債券到期的原因，隨著我們前進，用固定債券替換那些定期貸款。

So I think for us, as we are managing both our liquidity as well as our maturity ladder, that's part of it is that the swaps are helpful. I will say that I think broadly, people, there's uncertainty as to whether or not interest rates will go down or up, but we're now in a positively sloped rate environment.

因此我認為，對我們來說，當我們管理流動性和期限階梯時，掉期交易是有幫助的。我想說的是，我認為總體而言，利率是下降還是上升存在不確定性，但我們現在處於正向利率環境。

And so ultimately, we are comfortable with this level. I don't see us getting to 25% variable rate because I'd anticipate that between our acquisitions and other financings that ultimately, we would be kind of laddering out additional debt activity in a year, which is what we're kind of assuming in our base case plan. So we will be managing to a more fixed balance sheet with a long-term goal of 90%.

因此，最終我們對這個水平感到滿意。我認為我們不會達到 25% 的浮動利率，因為我預計，在我們的收購和其他融資之間，我們最終會在一年內逐步消除額外的債務活動，這正是我們在基本計劃中假設的。因此，我們將管理更固定的資產負債表，長期目標為 90%。

Great. Appreciate the color there. One more for me on transactions. Obviously, there's lots of chatter, deals taking a little bit longer, potentially counterparties moving away from the table. So I guess I'm curious more broadly on kind of what you're seeing.

偉大的。欣賞那裡的色彩。再說一句關於交易的話。顯然，有很多閒聊，交易需要更長的時間，交易對手可能會放棄談判。所以我想我對你所看到的東西更加好奇。

Are you sensing any deals taking longer? Are you seeing any changes in cap rates? And then maybe some color on what you're expecting for the balance of the year between on-balance and JV acquisitions?

您是否感覺到某些交易需要更長的時間？您看到資本化率有任何變化嗎？然後，您是否可以透露一下您對今年平衡收購和合資收購之間的平衡情況的預期？

Well, it's a great question, and I think it's very relevant to how we kind of opened this is there's -- the first quarter and our experience in the first quarter, we did see -- I mean, that was a very healthy acquisition market. There were -- there's quite a bit of product on the market. There was also quite a few buyers. I think it's too early to project what's going to happen sort of going forward. We do hear stories about some buyers sort of stepping back.

嗯，這是一個很好的問題，我認為這與我們如何開啟這一點非常相關——第一季以及我們在第一季的經驗，我們確實看到——我的意思是，那是一個非常健康的收購市場。市面上有相當多的產品。買家也不少。我認為現在預測未來會發生什麼事還為時過早。我們確實聽到一些買家退縮的故事。

Obviously, that would be positive for us in the event that we would have less competition for what we're buying. But also uncertainty tends to slow down and slow the pace of the acquisition market. So that part will probably be a negative going forward. We haven't seen it yet. We continue to think there's going to be a pretty strong ICSC with the amount of product that's coming on the market.

顯然，如果我們購買的產品面臨的競爭減少，這對我們來說是有利的。但不確定性也往往會減緩併購市場的步伐。因此，這一部分在未來可能會產生負面影響。我們還沒看到它。我們仍然認為，隨著市場上產品數量的增加，ICSC 將會變得相當強勁。

We, generally, I think, are optimistic that there will be a number of players that will step back in this environment and probably may create some better buying opportunities for us. But it's obviously early days, and we will see if that is the impact through the rest of the year.

總體而言，我認為，我們樂觀地認為，會有許多參與者在這種環境下退出，並可能為我們創造一些更好的購買機會。但現在顯然還為時過早，我們將拭​​目以待這是否會影響今年剩下的時間。

But so far, the first quarter was a strong quarter for us. The projects we bought, we feel really good about. Great anchors, great unlevered IRRs well above 9%. So all things that fit sort of the -- were fairway deals for PECO, and we have a good backlog going into the second quarter. So we feel good about the year.

但到目前為止，第一季對我們來說是一個強勁的季度。我們對於購買的項目感到非常滿意。出色的錨點，出色的無槓桿 IRR，遠高於 9%。因此，所有符合條件的事情對於 PECO 來說都是公平的交易，而且我們在第二季度有大量積壓訂單。所以我們對今年感到很滿意。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Good afternoon, everybody. Hey, Jeff. I guess it's nice to see that leasing still remains strong here. Doesn't look like there's a bit of a pullback. But as we just take a step back and look at kind of your approach to dealing with the shop tenants at this point, right, as renewals come up, has there been a sort of a shift in strategy at all? I mean, you look at kind of your exposure to some of the soft goods, right? You're roughly 10%.

大家下午好。嘿，傑夫。我很高興看到這裡的租賃業務仍然強勁。看起來似乎沒有出現一點回調。但是，當我們退一步來看看您目前處理與商店租戶打交道的方式時，隨著續約的到來，策略是否有所轉變？我的意思是，你看看自己對一些軟商品的了解程度，對嗎？你大概是 10%。

So clearly, their margins are going to get impacted, right, with tariffs and costs. So how are you sort of approaching those conversations? Even though you might not be seeing anything today, but as you think about those conversations, I mean, how are you approaching those?

顯然，他們的利潤率將受到關稅和成本的影響。那麼您是如何處理這些對話的呢？儘管您今天可能看不到任何東西，但是當您思考這些對話時，我的意思是，您是如何處理這些對話的？

So up to today, we basically treat it as a very normal discussion we have with all of our neighbors when they come up for renewals, expecting significant increases and limited TI on the renewals. And we have good sales information, which allows us to have those discussions.

因此，到目前為止，我們基本上將其視為與所有鄰居進行續約時的一次非常正常的討論，我們預計續約的費用會大幅增加，而 TI 則會受到限制。我們擁有良好的銷售訊息，這使我們能夠進行這些討論。

The look going forward, I think the way we've kind of bucketed it and tried to frame the impact of tariffs is, okay, what is the -- and the way -- I think there are two issues here is the tariff impact. There's also been the recession impact, the potential recession impact. But the potential recession impact, I think, is not something we're really talking with retailers on the renewal right now because it's still a percentage number. It's not a reality. So I think that's something that we might see later in the year.

展望未來，我認為我們將其分類並試圖界定關稅影響的方式是，好吧，我認為這裡有兩個問題是關稅的影響。還有經濟衰退的影響，潛在的經濟衰退的影響。但我認為，潛在的經濟衰退影響並不是我們現在與零售商在續約時真正討論的問題，因為它仍然是一個百分比數字。這不是現實。所以我認為我們可能會在今年晚些時候看到這種情況。

The way we looked at the tariffs, we said, okay, let's look at the -- by category, what we think the impact of the tariffs is going to be. And I think our feeling is that probably or about 10% of our neighbors are going to have a fairly significant impact from the tariffs if they are to be implemented. We think about 10% of our neighbors are in that sort of middle care bucket where there's going to be some impact, but it's not going to be crippling as it is in that first 10%.

我們看待關稅的方式是，我們說，好吧，讓我們按類別看一下，我們認為關稅的影響是什麼。我認為，我們的感覺是，如果實施關稅，大約 10% 的鄰國將受到相當大的影響。我們認為，大約 10% 的鄰居處於這種中等護理水平，他們會受到一些影響，但不會像前 10% 那樣造成嚴重影響。

And then -- but because of the nature of our business being in focused on necessity-based goods with that grocery anchor being the number 1 or number 2 grocer. That almost 80% of our neighbors are going to be in the service side. They're going to be in -- they're going to have some impact but pretty limited impact from the tariff discussions.

然後——但由於我們的業務性質，我們專注於必需品，而食品雜貨是第一或第二大食品雜貨商。我們幾乎 80% 的鄰居都會從事服務業。他們將會參與——他們將對關稅討論產生一些影響，但影響相當有限。

So when we put that together, we don't see big changes in terms of our approach to leasing. And it's very similar in terms of our approach to acquisitions because we're looking on the acquisition side almost the same way as we are in the current leasing side, which is how are we looking at the strength of each of the retailers that we underwrite in our acquisitions.

因此，當我們把這些放在一起時，我們不會發現我們的租賃方式有太大的變化。我們的收購方式非常相似，因為我們對收購的看法幾乎與目前租賃的看法相同，即我們如何看待我們在收購中承保的每家零售商的實力。

And when you're looking and having discussions on the leasing side, it's the same -- it's a very similar kind of discussion. But as we said, I'll let -- it is -- we're basing that on the knowledge as of today, and that will continue to evolve over the next 6 to 12 months. And we may be talking a very different thing 12 months from now than we are today. But right now, the demand is strong and we're going to continue to push the way we have over the last 12 months.

當您在租賃方面進行討論時，情況是一樣的——這是一種非常相似的討論。但正如我們所說的，我們將根據今天的知識做出這一判斷，並將在未來 6 到 12 個月內繼續發展。12 個月後我們談論的事情可能與今天截然不同。但目前需求強勁，我們將繼續以過去 12 個月的方式努力。

Got it. So it doesn't sound like, at least from your conversations you're having with, whether it was your retailers or kind of retailers broadly speaking, no retailer at this point has sort of pulled back? They're open to buy plans at this point, right? That's what it sounds like.

知道了。所以聽起來，至少從您與零售商的談話中來看，無論是您的零售商還是其他類型的零售商，目前似乎沒有零售商撤退？他們現在願意購買計劃，對嗎？聽起來就是這樣。

Well, we are always having that because for the retail business. So it's like when you deal with retailers are always going to be some of that by category. But we -- what we're finding is that there's -- the demand overall is strong enough to allow us to continue to find those kinds of spreads. And so it's -- we're not at that point where we're actually changing our leasing strategy because we're seeing major shifts in the retail demand.

嗯，我們一直都有這樣的情況，因為對於零售業務來說。因此，當你與零售商打交道時，總是會按類別進行一些交易。但我們發現，整體需求夠強勁，可以讓我們繼續找到這類利差。所以，我們還沒有到真正改變租賃策略的階段，因為我們看到零售需求發生了重大轉變。

Again, remember, like we are in the necessity-based side of the business and our -- the impact on us, as we saw in both the great financial crisis as well as the pandemic, it's significantly different when you're in the necessity-based retail part of the business versus the more discretionary side.

再次提醒，請記住，就像我們處於基於必需品的業務方面一樣，對我們的影響，正如我們在金融危機和疫情中所看到的那樣，當你處於基於必需品的零售業務部分和更可自由支配的方面時，情況會有很大不同。

And we will be the last to see impact from major changes because of that focus. Does that make sense, Samir?

由於這一重點，我們將是最後一個看到重大變化影響的人。這有道理嗎，薩米爾？

Yes, no, it does. Thanks so much.

是的，不是，確實如此。非常感謝。

Dori Kesten, Wells Fargo.

富國銀行的多麗‧凱斯滕 (Dori Kesten)。

Thanks. Good morning. We know that the portfolio is pretty defensive-leaning, but have you seen any sort of slowing in the receipt of rent payments, whether it's for certain retailers or certain categories or just in certain markets in the last month? I know it's a relatively short time frame.

謝謝。早安.我們知道投資組合相當傾向於防禦，但您是否發現上個月租金支付出現任何放緩跡象，無論是針對某些零售商、某些類別還是某些市場？我知道這是一個相對較短的時間範圍。

Yes. John, do you want to take that?

是的。約翰，你想接受這個嗎？

Sure. No. I would say that actually it's pretty consistent. I mean, we saw a decline in bad debt year-over-year, and ultimately, even in a shorter-term basis, I mean, we continue to monitor the health of our retailers and have discussions.

當然。不。我想說的是，實際上它是相當一致的。我的意思是，我們看到壞帳逐年下降，最終，即使在短期內，我們也會繼續監測零售商的健康狀況並進行討論。

And while we continue to dialogue, there hasn't been anything that we have really noted on a regional or use specific basis. It kind of aligns with our -- the distribution, I would say, of neighbors that we have across kind of merchandising categories.

雖然我們繼續對話，但我們還沒有真正注意到任何與地區或特定用途有關的問題。我想說，這與我們的鄰居在各個商品類別中的分佈是一致的。

Okay. Thanks, John.

好的。謝謝，約翰。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi. Yes. Good afternoon, everyone. First one is to start off with acquisitions in the quarter. Again, deals done kind of in the low 6s, the implied cap rate on your stock is about mid-6. So particularly, I know again, the investment spread -- initial investment spreads have been getting tighter, but I don't think I've come across the quarter where it's been negative.

你好。是的。大家下午好。首先是從本季的收購開始。再次，交易在 6% 以下完成，股票的隱含資本化率約為 6% 中段。因此，特別是，我再次知道，投資利差——初始投資利差一直在縮小，但我認為我還沒有遇到利差為負的季度。

So just curious kind of what's happening along those lines, whether there was something unique with these transactions, whether just where market prices are and cap rates keep compressing despite everything that's going on around us.

所以我只是好奇這些方面發生了什麼，這些交易是否有獨特之處，儘管我們周圍發生了各種事情，但市場價格和資本化率是否仍在壓縮。

Yes. So first of all, as you know, we are not cap rate buyers. We are looking at assets on a long-term investment basis. And we're very focused on getting to unlevered IRR's 9%-plus. And as you go -- if you look back historically, we always bounce around a lot quarter-to-quarter on cap rates like they'll be up, they'll be down.

是的。首先，如您所知，我們不是資本化利率買家。我們正在從長期投資的角度審視資產。我們非常注重實現 9% 以上的無槓桿 IRR。如果你回顧歷史，你會發現資本化率每季都會大幅波動，時而上升，時而下降。

It's really not a great indicator. It will be over the year, like what the blended cap rate is over this year. But there's literally a specific story for every asset we buy every time for -- and always has been. So I would not take the cap rate of this quarter and annualize it and say that's where we're going to be because if you look at our backlog going in, it's actually quite a bit higher than that, the cap rate.

這確實不是一個很好的指標。它會在一年內發生變化，就像今年的混合資本化率一樣。但實際上，我們每次購買的每項資產都有一個特定的故事——而且一直都是如此。因此，我不會將本季的資本化率進行年化，然後說這就是我們的目標，因為如果你看看我們的積壓訂單，你會發現它實際上比資本化率要高得多。

But again, that's not really what we're focused on. What we're focused on is what we can do with the properties that we're buying to make sure that we can get to that 9%-plus unlevered IRR. And we're finding it in this environment. We found almost $150 million of product in the first quarter, and we have some really strong backlog going into the second quarter.

但這並不是我們真正關注的重點。我們關注的是如何處理我們購買的房產，以確保我們能夠獲得 9% 以上的無槓桿 IRR。我們在這種環境中發現了它。我們在第一季發現了價值近 1.5 億美元的產品，並且進入第二季度我們還有一些非常強勁的積壓訂單。

So we're generally optimistic about that. And if you look at our underwriting, we are underwriting a higher chance of a recession going forward than we did in the first quarter. But we're still being able to find the product and that will translate into a cap rate but we're not buying cap rate.

所以我們對此整體持樂觀態度。如果你看一下我們的承保情況，你會發現我們承保的未來出現經濟衰退的可能性比第一季更高。但我們仍然能夠找到產品，這將轉化為資本化率，但我們不會購買資本化率。

And because so much of this has a story, I mean, one of the projects we bought has -- one of the anchors, the grocery store has a bump next year that will take it from a 6.1% cap rate to almost a 6.7% cap rate. And we've already had discussions with them, they're anticipating doing it.

因為這其中有很多故事，我的意思是，我們購買的一個項目——其中一個主力項目，雜貨店，明年的資本化率將從 6.1% 上升到接近 6.7%。我們已經與他們進行了討論，他們也期待著這樣做。

So you look at that property, you're like, oh, it looks like they bought it for 6.1%. Not really. We really bought it for 6.7% with the ability to grow it so that we were going to get to our 9% unlevered IRR. So we can go through with you property by property and walk through our analysis, but you will find that -- maybe year by year, it's a good analysis, but quarter-by-quarter, it gets a little bumpy.

所以你看著那處房產，你會想，哦，看起來他們以 6.1% 的價格買下了它。並不真地。我們實際上以 6.7% 的利率買入了它，並且有能力增加它的收益率，這樣我們就可以達到 9% 的無槓桿 IRR。因此，我們可以逐一向您介紹各個屬性，並進行分析，但您會發現 - 也許逐年分析都很好，但逐季度分析就會有點不順利。

Got you. That's super helpful. If I could ask one of John. Just again, with where the stock is at this point and you kind of think about capital allocation decisions, I mean, does stock buyback start to sound a little bit more attractive or not?

明白了。這非常有幫助。如果我可以問約翰的話。再說一次，考慮到目前的股票狀況，你考慮一下資本配置決策，我的意思是，股票回購聽起來是否更有吸引力？

I'll go ahead. So thanks for the question. So we definitely are looking at it. And the piece that I would say to -- on the former question and on this one is we're focused on cash flow growth per share. So we are actively looking at acquiring assets, we're looking at disposing of assets. While we do -- we have a $250 million open plan approved by the Board for stock repurchases, we have not done anything yet. It is something that we have considered. But ultimately, we, even at these levels, still believe that the best place for our capital is continued net acquisitions.

我先走了。感謝您的提問。所以我們肯定正在關注它。關於前一個問題和這個問題，我想說的是，我們關注的是每股現金流的成長。因此，我們正在積極考慮收購資產，我們正在考慮處置資產。雖然我們確實有——董事會批准了一項 2.5 億美元的股票回購公開計劃，但我們尚未採取任何行動。這是我們已經考慮過的事情。但最終，即使處於這些水平，我們仍然相信，我們資本的最佳去處是持續的淨收購。

And so it is in our toolkit of things that we can use but we have not done anything yet. And we're looking at things like building a strong investor base, making sure we have adequate float and liquidity and all those pieces that are a bit more qualitative but ultimately would impact quantitative. But even at these quantitative levels, we still are believing in our strategy of growing the platform through continued asset acquisition.

因此，它是我們可以使用的工具箱中的東西，但我們還沒有做任何事情。我們正在考慮建立強大的投資者基礎，確保我們擁有足夠的流通量和流動性，以及所有這些更定性但最終會影響定量的部分。但即使在這些數量水準上，我們仍然相信透過持續資產收購來發展平台的策略。

Appreciate it. Thank you, guys.

非常感謝。謝謝你們。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thank you. I just wanted to go back first to the sequential decline in occupancy. It was described as in line with expectations and I understand the seasonality that you discussed. But just curious where you are in terms of some of the bankruptcy-related activity. I know PECO had relatively less exposure versus some of your peers. Just wondering if you could provide an update there and also discuss occupancy trends into the second quarter and the balance of the year.

你好，謝謝。我只是想先回顧一下入住率的連續下降。它被描述為符合預期，我理解您所討論的季節性。但我只是好奇您在一些與破產相關的活動方面處於什麼位置。我知道與一些同行相比，PECO 的曝光率相對較低。只是想知道您是否可以提供最新消息，並討論第二季和今年剩餘時間的入住率趨勢。

Yes. Todd, why don't I start, and Bobby, if you could take it, that would be great. But Tom, I do -- we should keep in mind that we have the highest occupancy of any of the people in our space, and we'll talk -- Bob will talk to you a little about the seasonality and some of the stuff that's happened there. But it's really important to note that we are very strong occupancy numbers and small amounts of change can move things a little bit here or there.

是的。托德，我先來吧，鮑比，如果你能接受的話，那就太好了。但是湯姆，我確實——我們應該記住，我們的空間佔用率是最高的，我們會談談——鮑勃會和你談談季節性和那裡發生的一些事情。但真正需要注意的是，我們的入住率非常高，少量的變化可能會對這裡或那裡的情況產生輕微的影響。

We're really good -- we're feeling really good about the leasing environment as of today. And we'll see what happens through the rest of the year, but it continues to be a positive for us. So again, I don't want to lose the fact that we do have the highest occupancy of anyone in the space. And it's because neighbors want to be in the number 1 or number 2 grocer shopping center. And we think we have the highest quality centers that across the portfolio and that's a great indicator of that.

我們真的很好——截至今天，我們對租賃環境感覺非常好。我們將拭目以待今年剩餘時間會發生什麼，但這對我們來說仍然是一件積極的事情。所以，我再說一遍，我不想忽視我們確實是這個領域中佔用率最高的公司這一事實。這是因為鄰居想進入排名第一或第二的雜貨店購物中心。我們認為我們擁有整個投資組合中品質最高的中心，這是一個很好的指標。

Bob, do you want to fill in on the leasing side?

鮑勃，你想填寫租賃方面的內容嗎？

Yes, sure. Thanks, Jeff, and appreciate the question. I think the biggest thing that I've seen in our portfolio, if I look back at third quarter of last year, we were able to take eight spaces over 15,000 square feet and at least those at new leasing spreads of 105%.

是的，當然。謝謝，傑夫，我很感謝你的提問。我認為，如果回顧去年第三季度，我們所看到的投資組合中最大的變化就是，我們能夠佔據 8 個面積超過 15,000 平方英尺的空間，並且至少新租賃利差為 105%。

And I think what I'm focused on with these bankruptcies is when you look at Joan, you look at Big Lots, Party City, I mean, these are rents that are in the high single digits. So I think the mark-to-market opportunities are very strong. We have LOIs working on about 80% of those that are coming back. And they're with great retailers like TJ Maxx and Sierra and Total Wine, Planet Fitness, Dollar Ulta Beauty just name a few, and the rents are considerably higher, certainly mid- to high double-digit leasing spreads.

我認為我關注這些破產案例的重點是當你看到瓊、Big Lots、Party City 時，我的意思是，這些公司的租金都處於高個位數。所以我認為以市價計價的機會非常好。我們已經為大約 80% 的回頭客制定了意向書。而且它們與 TJ Maxx、Sierra、Total Wine、Planet Fitness、Dollar Ulta Beauty 等優秀零售商都有合作，租金也相當高，肯定是中到高的兩位數租賃價差。

So I mean, we're going to take advantage of that. That will strengthen our portfolio over a period of time. So yes, even though there was a decline in occupancy, I'm still very encouraged about the, I would say, anchor demand and spaces over 10,000 feet in our portfolio that we can execute and have that rent come online the following year. So it's positive.

所以我的意思是，我們要利用這一點。一段時間內，這將增強我們的投資組合。所以是的，儘管入住率有所下降，但我仍然對我們投資組合中 10,000 英尺以上的錨定需求和空間感到非常鼓舞，我們可以執行這些需求，並在第二年實現租金上線。所以這是積極的。

Okay. But so do you expect occupancy to stabilize and start to improve throughout the balance of the year as you backfill some of that space or is there a little bit more.

好的。但是，隨著您填補部分空間或更多空間，您是否預計入住率會在全年平衡中保持穩定並開始改善？

Yes, absolutely. It will.

是的，絕對是。會的。

Okay. And then John, I heard you discuss the lease term fee in the quarter. Sorry if I missed some of the detail but was that primarily one tenant or one lease? And is there any additional detail that you can provide around that tenant and the center and maybe the decision by that tenant to terminate the lease, what happened there exactly?

好的。然後約翰，我聽到你討論本季的租賃期限費用。抱歉，如果我遺漏了一些細節，但那主要是一個租戶還是一個租約？您能否提供有關該租戶和中心的更多詳細信息，以及該租戶終止租約的決定，究竟發生了什麼？

Sure. So lease terminations are part of our business. And I would note that even at this level, it was just a few years ago, we had similar levels but it was outlier in the size. But the large increase year-over-year was primarily related to one location.

當然。因此，終止租約是我們業務的一部分。我想指出的是，即使在這個水平上，就在幾年前，我們的水平也與現在相似，只是規模較大而已。但同比大幅成長主要與一個地點有關。

It is a retailer that is national but they made it on a location-specific basis. It was not bankruptcy-related. And ultimately, they were earned. There was no bad debt. They continue to pay. But ultimately, we had an opportunity to replace them. And so ultimately, we had a lease in hand. We negotiated the buyout. We're able to execute the lease with the buyout at the same time and then apply the cap to the new neighbor coming in.

它是一家全國性的零售商，但他們是根據特定地點進行經營的。這與破產無關。最終，他們獲得了勝利。沒有呆帳。他們繼續付款。但最終，我們有機會取代他們。所以最終，我們拿到了租約。我們協商了收購事宜。我們可以同時執行租約和買斷，然後將上限應用於新鄰居。

So I wouldn't say that it's anything that unusual. I would say the size of it was unusual, which is why we made a point of pointing it out. But ultimately, the center is going to continue to do very well. I think it's just an example of what we've been talking about for the last year, which is working to improve the center's push rents and working those opportunities.

所以我不會說這有什麼不尋常的事。我想說它的大小很不尋常，這就是我們特意指出它的原因。但最終，該中心將繼續表現良好。我認為這只是我們去年一直在談論的一個例子，即努力改善中心的推租並創造這些機會。

So I think that was it. I will note that also, I mean, we did have good strong core operations even outside of that lease termination fee as we look to the year. And so -- but we did want to, for all of my modeling friends, make sure that we did get that accounted for upfront.

所以我認為就是這樣。我還要指出的是，展望今年，即使不計入租賃終止費，我們的核心業務也確實表現強勁。所以 — — 但我們確實想為我所有的模特兒朋友確保我們能提前考慮到這一點。

Okay. Do you see potential in this environment that more tenants, more national tenants that aren't in bankruptcy, that aren't necessarily on your watch list are being a little bit more thoughtful or careful around their store fleets and portfolios and that there could be some additional activity along these lines?

好的。您是否認為，在這種環境下，會有更多租戶，更多沒有破產的全國性租戶，這些租戶不一定在您的關註名單上，他們在門店數量和投資組合方面會更加深思熟慮或謹慎，並且可能會在這方面採取一些額外的行動？

Bob, do you want to do that?

鮑勃，你想這麼做嗎？

Yes. Thanks, John. I'm not hearing that concern. I'm not seeing it in our portfolio with the retailers that we're having discussions with. So again, I think there's a lot of focus on growth in 2026, '27.

是的。謝謝，約翰。我沒有聽到這種擔憂。我沒有在與我們正在討論的零售商的投資組合中看到它。所以，我認為 2026 年和 2027 年的成長將是重點。

And look, I mean, in our portfolio, we're not going to see any new supply coming online anytime soon. If anything, things are getting more expensive. So those retailers that we're aligned with are wanting to grow. So I don't see any cracks or issues on that front.

我的意思是，在我們的投資組合中，我們不會看到任何新的供應很快上線。無論如何，物價正在變得越來越昂貴。因此，與我們合作的零售商都希望成長。所以我沒有看到這方面有任何裂縫或問題。

Okay, thank you.

好的，謝謝。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, good afternoon, guys. You have in your -- you prepared this little deck that talked about how PECO performed during the last more normalized recession with the great financial crisis. And you saw a 250 basis points drop in occupancy.

嘿，大家下午好。您準備了這張小紙片，其中討論了 PECO 在上次更為正常的經濟衰退和金融危機期間的表現。入住率下降了 250 個基點。

Even though your occupancy back then was a lot lower, and I suspect the assets you own today or the average quality of your portfolio is higher as well, and plus the fact that there was a lot of development going on in 2009, 2010 that's not occurring today.

儘管當時您的入住率要低得多，但我認為您今天擁有的資產或投資組合的平均品質也會更高，再加上 2009 年、2010 年有很多開發項目，而今天並沒有發生。

How do you think -- is that a worst-case scenario in your view? I guess my question is, I'm trying to figure out what the worst-case scenario is if a recession were to hit. Is that sort of the scenario you're trying to point to?

您怎麼看——您認為這是最糟糕的情況嗎？我想我的問題是，我試著弄清楚如果經濟衰退來襲，最壞的情況是什麼。這就是您想要指出的情況嗎？

First of all, we're -- Floris, thanks for the question. We are not anticipating a recession. So our base model has basically a flat economy, which is kind of a recession anyway but not the dramatic. I mean, we don't anticipate the extent of the GFC or the pandemic. This is relatively a self-imposed recession, which probably is going to have -- certainly, there don't appear to be fundamentals that would drive a deep recession.

首先，我們是－弗洛里斯，謝謝你的提問。我們預計不會出現經濟衰退。因此，我們的基本模型顯示經濟基本上處於平穩狀態，這在某種程度上也是一種衰退，但並不劇烈。我的意思是，我們沒有預料到全球金融危機或疫情的嚴重程度。這相對來說是一場自我強加的衰退，很可能會發生——當然，似乎沒有引發深度衰退的基本面因素。

So I would say that those are extreme sort of maybe two standard deviations from where -- what we would expect. They could -- obviously, it can happen, but it's not -- we don't think that it's -- we're going to be into that kind of environment. And as you know, I mean, we had the best -- we had the lowest loss of occupancy of anyone in the space in both of those occasions. And we had our stuff back to normal as the fastest as well.

所以我想說，這些是極端的，可能與我們預期的相差兩個標準差。他們可以——顯然，這是有可能發生的事，但這不是——我們不認為我們會陷入那種環境。如你所知，我的意思是，我們做得最好——在這兩次活動中，我們的入住率損失是所有酒店中最低的。而且我們也以最快的速度恢復正常了。

So being in the necessity-based retail business when there is disruption, we just have a lot less disruption. And that is obviously a positive for us. It's not like anybody wants to lose 2.5% of their occupancy. So we're not -- we're hoping there's not one, but we are -- there's just a lot less beta in necessity-based retail.

因此，當從事以必需品為基礎的零售業務時，當出現中斷時，我們受到的干擾就會小得多。這對我們來說顯然是件好事。沒有人願意失去 2.5% 的入住率。所以我們不是——我們希望沒有，但我們是——在基於必需品的零售中，測試版要少得多。

Yes. Sorry, your answer is a lot more well spoken than my question was. My second question is, there is uncertainty in the markets and as rates are volatile. What do you think this does to your IRR expectations? Are you going to raise them, you think? Or you think you're going to stay around the 9%, 9.5% range going forward?

是的。抱歉，您的回答比我的問題好得多。我的第二個問題是，市場存在不確定性，利率也不穩定。您認為這對您的 IRR 預期有何影響？你認為你會養育他們嗎？或者您認為未來該比率會保持在 9% 或 9.5% 左右？

I think they will stay in the 9%. I think that what will happen is that the -- if you get into a more recessionary kind of environment, the underwriting is more difficult. So you're going to take lower assumptions on rent spread. You could take lower assumptions on market rents. Like all of the things that happened during a recession are going to be taken into the numbers, which will make getting to a 9% harder, which will probably make it more difficult to buy and reduce the price.

我認為他們會保持在9%之內。我認為，如果陷入更嚴重的衰退環境，承保就會更加困難。因此，你會對租金差價做出較低的假設。您可以對市場租金採取較低的假設。就像經濟衰退期間發生的所有事情都將被計入數字中，這將使達到 9% 變得更加困難，這可能會使購買和降低價格變得更加困難。

But the pricing will come down from our expectations on the underwriting of the properties more likely than it will a change in the -- what our unlevered IRR target is. Does that make sense?

但定價將從我們對房地產承保的預期下降，而不是我們的無槓桿 IRR 目標發生變化。這樣有道理嗎？

Yes. And that's another way of saying that you think cap rates could go up but your IRR is going to stay similar?

是的。換句話說，您認為資本化率可能會上升，但 IRR 會保持不變？

Yes. And because you're going to have less in the recessionary, probably you can have less growth and that would obviously impact the IRR.

是的。由於在經濟衰退時期你的收入會減少，因此你的成長可能會減少，這顯然會影響內部報酬率。

Thanks, Jeff.

謝謝，傑夫。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

Yeah. Hi, I guess sticking to some macro stuff here. If the economic environment does get worse so a recession scenario, I mean, what does your gut tell you are the categories in your portfolio where you could see the pullback in demand happen first?

是的。嗨，我想在這裡堅持一些宏觀的東西。如果經濟環境確實變得更糟，出現衰退的情況，我的意思是，你的直覺告訴你，在你的投資組合中，哪些類別的需求會先出現回落？

It's a great question, and we've looked at it a couple of times in our two -- in the two last recessions that we had or the GFC and the pandemic. The areas where you see the most impact is, and it sort of trickles based upon the depth of the recession, it starts clearly with discretionary and those choices are made. It also -- the brand loyalty sometimes evaporates in a recession so you start to see people trading down in product. We see that. And the other thing you see is you see movement towards the groceries. People are eating at home more.

這是一個很好的問題，在我們經歷的最近兩次經濟衰退，即全球金融危機和疫情中，我們已經研究過這個問題幾次了。您所看到的影響最大的領域是，它會根據經濟衰退的深度逐漸顯現，它顯然是從自由裁量權開始的，然後是做出的選擇。此外，在經濟衰退時期，品牌忠誠度有時會消失，因此你會看到人們開始購買價格較低的產品。我們看到了。您也會看到人們走向雜貨店的現象。人們在家吃飯的次數越來越多。

And actually, when you -- it's a little counterintuitive, but the grocers actually do better in the recessions because people are not eating out. And as they compete with restaurants in a tangential way. That's been a reality in the last two recessions, each being very different but still having some commonalities in terms of consumer behavior.

事實上，這有點違反直覺，但雜貨店在經濟衰退時期實際上表現得更好，因為人們不再外出用餐。而且他們也以一種間接的方式與餐廳競爭。這是過去兩次經濟衰退的現實，雖然每次經濟衰退都非常不同，但在消費者行為方面仍然有一些共同點。

And so we keep -- we never want to say one recession is like another because they all have similarities but they also have a lot of differences. This one where you're starting at a relatively low unemployment rate has complications in terms of understanding how it's going to play out. I mean, there have been -- certainly been discussions of a sort of a higher-end recession where the -- where you're losing employment at higher level of incomes versus the lower and moderate incomes.

因此，我們從來不會說一次經濟衰退與另一次經濟衰退相似，因為它們都有相似之處，但也有很多不同之處。從相對較低的失業率開始，我們很難理解它將如何發展。我的意思是，確實存在著關於高端衰退的討論，即高收入者相對於低收入和中等收入者失去就業機會。

Again, early to predict what will happen. We still don't believe there will be one. But if there is, it's going to be -- you're going to have to see major change in employment to find it to be a deep recession, and we just don't anticipate that.

再次，儘早預測會發生什麼。我們仍然不相信會有這樣的事。但如果真的存在，那將是——你必須看到就業發生重大變化，才會發現這是一場深度衰退，而我們只是沒有預料到這一點。

Got it.

知道了。

Does that make sense, Michael? I mean, obviously, we are talking about from today going forward because it's a really good operating environment today. And we're kind of just trying to and look out and anticipate how we will react if those things -- if those situations would happen. Though we don't -- we actually don't believe they are going to happen.

這有道理嗎，麥可？我的意思是，顯然，我們正在談論從今天開始的未來，因為今天的營運環境非常好。我們只是試著觀察並預測如果這些事情發生——如果這些情況發生——我們將如何反應。儘管我們並不相信——我們實際上也不相信它們會發生。

Yes. No, got it. But it does seem like one of the areas you flagged where if it does happen, it's probably more in the dining?

是的。不，明白了。但它確實看起來像您標記的區域之一，如果確實發生這種情況，那麼可能更多地發生在餐飲方面？

Yes. I mean, there have certainly been articles about that. We did go back to the last two recessions. And you continue to see growth in not on the higher-end dining but on the fast and fast casual, like that actually continued to grow through the last two recessions.

是的。我的意思是，肯定有關於此的文章。我們確實又經歷了前兩次經濟衰退。而且，你會看到，成長的不是高端餐飲，而是快餐和休閒快餐，在過去兩次經濟衰退期間，快餐和休閒快餐實際上一直在持續成長。

So it's sort of a -- it's almost like eating out has become a necessity. And I think that is kind of a reality of the country at this point, that it is a -- it's more a necessity in -- than I think it has been historically.

所以這有點像——外出用餐幾乎已經成為一種必需品。我認為這就是我們國家目前的現實，這是一種必要性，比歷史上任何時候都更有必要。

(Operator Instructions) Daniel Purpura, Green Street.

（操作員指示）丹尼爾·珀普拉（Daniel Purpura），格林街。

Good morning, Publix has been pretty active recently buying centers, and it also looks like you have two redevelopments with Publix in your portfolio. Is this just something that's Publix-specific or do you expect to see other grocers more active in the market or pushing to rebuild their stores?

早上好，Publix 最近在購買中心方面非常活躍，而且看起來您的投資組合中有兩個與 Publix 相關的再開發項目。這是 Publix 獨有的現象嗎？還是您預計其他雜貨商也會在市場上更加活躍或努力重建他們的商店？

I would say it's very Publix-centric and less across the board. Most of the grocers, most of our major grocers do more remodeling, upgrading the thing. But Publix has a very specific strategy of modernizing their pool of stores by a full teardown and rebuild. And we've done that for them for a long time and it's been a great business for us, and I think it's been a great business for them. We sign a new lease, we get upgraded rents to pay for the cost.

我想說的是，它非常以 Publix 為中心，並且不太全面。大多數雜貨店，我們大多數的大型雜貨店都對產品進行了更多的改造和升級。但 Publix 有一個非常具體的策略，即透過徹底拆除和重建來實現其門市的現代化。我們已經為他們做了很長時間了，這對我們來說是一筆很棒的生意，我認為對他們來說也是一筆很棒的生意。我們簽署了新的租約，並透過提高租金來支付費用。

I mean, you have a new 20-year lease and that is very -- it's a powerful value creator for us and it secures a location for them that they want to be in for a long time. So that's been great. So we're -- we love that business. We'd love to do more of it. We'd love it more if the grocers decide they want to do the same thing, but I don't see that as part of our core strategy.

我的意思是，你有一份新的 20 年租約，這對我們來說是一個非常強大的價值創造者，並且它為他們確保了一個他們想長期居住的位置。這真是太棒了。所以我們——我們熱愛這項業務。我們很樂意做更多這樣的事。如果雜貨商決定做同樣的事情，我們會更高興，但我不認為這是我們核心策略的一部分。

This concludes our question-and-answer session, and I will now turn the conference back over to Jeff Edison for some closing remarks. Jeff?

我們的問答環節到此結束，現在我將把會議交還給傑夫·愛迪生 (Jeff Edison) 作一些結束語。傑夫？

Thank you, operator, and thank you, everyone, for being on the call today. We tried to shorten our opening remarks a little bit to give more time for questions in this environment. So in closing, the PECO team continued a strong performance in the first quarter. Despite our tariff concerns, we continue to be strategic in our decision-making to best position PECO to take advantage of the opportunities for growth, both internal and external. We're seeing a high retailer demand with no real current sign of slowing.

謝謝接線員，也謝謝大家今天的通話。我們嘗試稍微縮短開場白，以便在這種環境下有更多時間回答問題。總而言之，PECO 團隊在第一季持續表現強勁。儘管我們對關稅有擔憂，但我們在決策過程中仍保持策略性，以便讓 PECO 處於最佳位置，充分利用內部和外部的成長機會。我們看到零售商的需求很高，目前沒有放緩的跡象。

PECO's leasing team continues to convert this demand into significantly higher rents. Retailers want to be located in our centers, and they want to be near the number 1 or number 2 grocer in the market. 71% of our ABR comes from necessity-based goods and services, 30% of which comes from our grocers.

PECO 的租賃團隊繼續將這種需求轉化為大幅提高的租金。零售商希望將店舖設在我們的中心，並且希望靠近市場上排名第一或第二的雜貨店。我們的 71% ABR 來自必需品和服務，其中 30% 來自我們的雜貨店。

We believe PECO is relatively more insulated from potential tariff disruption than many. We also have limited exposure to big-box bankruptcies and at-risk retailers. We believe that the combination of our unique format and our cycle-tested experience drives high-quality cash flows.

我們認為，與許多公司相比，PECO 相對而言更能抵禦潛在的關稅中斷。我們對大型零售企業破產和高風險零售商的曝險也有限。我們相信，我們獨特的模式和經過週期考驗的經驗相結合將帶來高品質的現金流。

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. The quality of our cash flow reduces our beta and the strength of our growth increases our outflow. Less beta and more alpha. We think it's a great reason to invest in PECO.

鑑於我們在各個週期中展現出的業績記錄，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增長之間的良好平衡。我們的現金流品質降低了我們的貝塔係數，而我們成長的強度增加了我們的流出量。更少的 beta 和更多的 alpha。我們認為這是投資 PECO 的一個很好的理由。

So on behalf of the management team, I'd like to thank our shareholders, our associates, and our neighbors for their continued support and for a great quarter of results. So thank you, everyone, for being on the call today, and have a great weekend.

因此，我謹代表管理團隊感謝我們的股東、同事和鄰居的持續支持以及本季的出色業績。所以，感謝大家今天的通話，祝大家週末愉快。

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。