Phillips Edison & Co Inc (PECO) 2025 Q3 法說會逐字稿

Good day, and welcome to Phillips Edison & Company's third 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，歡迎參加菲利普斯愛迪生公司2025年第三季財報電話會議。請注意，本次通話正在錄音。現在我將把電話交給投資者關係主管金伯利·格林。金伯利，你可以開始了。

Thank you. I'm joined today by our Chairman and Chief Executive Officer, Jeff Edison; President, Bob Myers; and Chief Financial Officer, John Caulfield. Following our prepared remarks, we will open the call to Q&A. After today's call, an archived version will be published on our Investor Relations website.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。今天與我一同出席的有：董事長兼執行長傑夫‧愛迪生；總裁鮑伯‧邁爾斯；以及財務長約翰‧考菲爾德。在我們發表完準備好的演講後，我們將開放問答環節。今天的電話會議結束後，會議錄影將發佈在我們的投資者關係網站上。

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.

今天的討論可能包含有關公司對未來業務和財務業績的看法的前瞻性陳述，包括對未來盈利的預測和對未來市場狀況的展望。這些預測是基於管理層當前的信念和預期，並受到我們在提交給美國證券交易委員會的文件中描述的各種風險和不確定性的影響，特別是我們最新的 10-K 表格和 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, we have also posted a presentation with additional information are cautioned on forward-looking statements also applies to these materials.

我們今天的討論將涉及一些非GAAP財務指標。有關我們使用這些措施的資訊以及這些措施與我們的 GAAP 結果的調節情況，請參閱我們網站上發布的盈利新聞稿和補充資訊包。請注意，我們也發布了一份包含更多資訊的演示文稿，其中也包含有關前瞻性陳述的警示，這些資料同樣適用。

Now I'd like to turn the call over to Jeff Edison. Jeff?

現在我想把電話交給傑夫愛迪生。傑夫？

Thank you, Kim, and thank you, everyone, for joining us today. The PECO team is pleased to deliver another quarter of solid growth. Given the continued strength of our business, we are pleased to increase our guidance for Nareit and core FFO per share. The midpoint of our increased full year 2025 Nareit and core FFO per share guidance represent a 6.8% growth and a 6.6% growth, respectively.

謝謝金，也謝謝各位今天蒞臨。PECO團隊很高興地宣布，公司又一個季度實現了穩健成長。鑑於我們業務的持續強勁，我們很高興上調對 Nareit 和核心每股 FFO 的預期。我們上調後的 2025 年全年 Nareit 和核心 FFO 每股收益預期中位數分別為 6.8% 和 6.6%。

I'd like to thank our PECO associates for their hard work in maintaining our unique competitive advantages and driving value at the property level. The market continues to focus on tariffs and US economic stability. As it relates to PECO's grocers and neighbors, we continue to feel very good about our portfolio.

我要感謝 PECO 的全體員工，感謝他們為保持我們獨特的競爭優勢和在物業層面創造價值所付出的辛勤努力。市場繼續關注關稅和美國經濟穩定性。就 PECO 的雜貨店和周邊居民而言，我們對我們的投資組合仍然感到非常滿意。

PECO has the highest ownership percentage of grocery-anchored neighborhood shopping centers within our peer group. 70% of our ABR comes necessity-based goods and services. This provides predictable, high-quality cash flows and downside protection, quarter after quarter. This also limits our exposure to discretionary goods, which we believe are at risk of greater impact from tariffs.

在同業族群中，PECO擁有以超市為主力店的社區購物中心比例最高。我們70%的年營業額來自生活必需品和服務。這樣就能保證每季都有可預測的高品質現金流和下行風險保護。這也限制了我們對非必需品的投資，我們認為非必需品更容易受到關稅的影響。

PECO continues to deliver strong internal growth. Our neighbors benefit from their location in the neighborhood, where our top grocers drive strong foot traffic to our centers. We have high retention and strong leasing demand from retailers wanting to be located at our neighborhood centers, and we continue to see a healthy pipeline for development and redevelopment.

PECO持續維持強勁的內部成長。我們的鄰居受益於他們在社區中的地理位置，我們最好的雜貨店為我們的購物中心帶來了大量的客流量。我們擁有很高的租戶留存率和強勁的租賃需求，零售商希望入駐我們的社區中心，而且我們持續看到健康的開發和重建項目儲備。

In addition, the PECO team continues to find smart, accretive acquisitions that add long-term value to our portfolio. When you include assets and land acquired subsequent to quarter end, this brings our year-to-date gross acquisitions at PECO's share to $376 million.

此外，PECO 團隊不斷尋找能夠為我們的投資組合增加長期價值的明智且具有增值潛力的收購項目。如果將季末之後收購的資產和土地也計算在內，那麼截至目前，PECO 的收購總額已達 3.76 億美元。

A few shutouts for the quarter. The operating environment and PECO's ability to deliver growth continues as it has for the past several years. Our leasing activity and occupancy remained very strong. We continue to operate from a position of strength and stability.

本節比賽中有幾場零封對手的比賽。營運環境和 PECO 的成長能力與過去幾年一樣，持續保持良好勢頭。我們的租賃活動和入住率依然非常強勁。我們持續保持實力雄厚、營運穩健的優勢。

Moving to the transactions market. Activity for grocery-anchored shopping centers remains competitive. The strength of our activity in the first half of the year allowed us to be more selective in the second half. We remain committed to our unlevered return targets, and we remain confident about our ability to deliver on our full year acquisition guidance.

轉向交易市場。以超市為主力店的購物中心競爭仍然激烈。今年上半年強勁的業務表現使我們能夠在下半年更挑剔地開展業務。我們依然致力於實現無槓桿回報目標，並且對實現全年收購目標的能力充滿信心。

Including acquisitions closed after the quarter end, we acquired $96 million of assets at PECO share since June 30. This activity includes two unanchored centers. These centers offer reliable fundamentals similar to our core grocery anchored properties with a stronger long-term growth profile. They are located in the same trade areas as our grocery-anchored centers, growing suburban markets with strong demographics with a focus on everyday retail.

包括季度末之後完成的收購在內，自 6 月 30 日以來，我們以 PECO 股票價格收購了價值 9,600 萬美元的資產。這項活動包括兩個非固定中心。這些購物中心擁有與我們核心超市型物業類似的可靠基本面，但具有更強的長期成長前景。它們位於與我們以超市為主力店的購物中心相同的商業區，這些購物中心位於人口結構強勁、以日常零售為主的新興郊區市場。

Neighbors located at these centers are delivering necessity-based goods and services within their respective communities. We will share more details on why we believe these everyday retail centers are a natural complement to PECO's long-term growth strategy during our upcoming virtual business update. This webcast is planned for December 17.

這些中心的居民正在各自的社區內提供生活必需品和服務。我們將在即將舉行的線上業務更新會上分享更多細節，說明為什麼我們認為這些日常零售中心是 PECO 長期成長策略的自然補充。本次網路直播預定12月17日舉行。

We also continue to make great progress with our joint ventures. During the third quarter, our JV with Lafayette Square in Northwestern Mutual acquired the village at Sand Hill. This is a grocery-anchored shopping center located in its Columbia, South Carolina suburb. Our pipeline for the fourth quarter and 2026 also includes additional assets for our JVs.

我們在合資企業方面也持續取得巨大進展。第三季度，我們與西北互助保險公司旗下的拉法葉廣場合資公司收購了沙山村。這是一個以超市為主力店的購物中心，位於南卡羅來納州哥倫比亞市郊區。我們第四季和 2026 年的儲備項目還包括我們合資企業的額外資產。

Lastly, we are actively expanding our development and redevelopment pipeline. We build in our parking lots and acquire adjacent land to our centers. And this quarter, we acquired 34 acres of land in Ocala, Florida. While it's too early to share details of this project, we are working with partners to build a grocery-anchored retail development. As you know, these take a long time. We will share more details on this project as we were able to update you.

最後，我們正在積極拓展我們的開發和重建專案儲備。我們在停車場內進行建設，並收購中心附近的土地。本季度，我們在佛羅裡達州奧卡拉市購置了 34 英畝土地。雖然現在分享該項目的細節還為時過早，但我們正在與合作夥伴共同打造一個以超市為主的零售開發項目。如你所知，這需要很長時間。一旦我們掌握了最新的專案進展，就會與您分享更多細節。

We are very pleased with our results for the quarter and our outlook for the balance of 2025, and we are actively growing our leasing and transaction pipelines for 2026. We believe we are the most aggressive operator in the shopping center space. The PECO team is continuously looking for opportunities to grow our business better. We look forward to updating you on our long-term growth plans during our December 17 business update.

我們對本季的業績以及 2025 年剩餘時間的展望非常滿意，我們正在積極拓展 2026 年的租賃和交易管道。我們相信我們是購物中心領域最具進取心的營運商。PECO團隊一直在尋找機會，以更好地發展我們的業務。我們期待在 12 月 17 日的業務更新會議上向您介紹我們的長期成長計畫。

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

現在我將把通話轉給鮑伯。鮑伯？

Thank you, Jeff, and thank you for joining us. PECO continues to deliver strong leasing activity driven by our grocery-anchored neighborhood centers and necessity-based neighbor mix. This momentum is clear in our operating results again this quarter. Our neighbor retention remained high at 94% in the third quarter, while growing rents at attractive rates. High retention rates result in better economics with less downtime and dramatically lower tenant improvement costs.

謝謝你，傑夫，也謝謝你加入我們。PECO 持續保持強勁的租賃業績，這得益於我們以超市為主力店的社區中心和以生活必需品為主的周邊商戶組合。本季我們的經營業績再次清楚地體現了這一發展動能。第三季度，我們的鄰居續租率維持在94%的高位，同時租金也以可觀的速度成長。高續租率可帶來更好的經濟效益，減少停機時間，並大幅降低租戶裝修成本。

PECO delivered record high comparable renewal rent spreads of 23.2% in the third quarter. Comparable new leasing rent spreads for the quarter remained strong at 24.5%. Our continued strong leasing spreads reflect the strength of the retail environment.

PECO 第三季可比續租租金差價達到創紀錄的 23.2%。本季可比新租賃租金差價保持強勁，為 24.5%。我們持續強勁的租賃價差反映了零售環境的穩健性。

We expect new and renewal spreads to continue to be strong for the balance of this year and into the foreseeable future. Leasing deals we executed during the third quarter, both new and renewal achieved average annual rent bumps of 2.6%. This is another important contributor to our long-term growth.

我們預計今年剩餘時間和可預見的未來，新保單和續保單的利差將繼續保持強勁。我們在第三季執行的租賃交易，包括新租賃和續租，平均年租金漲幅為 2.6%。這是促進我們長期發展的另一個重要因素。

Portfolio occupancy remained high and ended the quarter at 97.6% leased, anchor occupancy remained strong at 99.2% and same-store in-line occupancy ended the quarter at 95%, a sequential increase of 20 basis points. Given our robust leasing pipeline, we expect in-line occupancy to remain high throughout the remainder of the year, which is very positive.

投資組合出租率維持高位，季末出租率達 97.6%，主力店出租率維持強勁，達到 99.2%，同店出租率季末達到 95%，季增 20 個基點。鑑於我們強勁的租賃專案儲備，我們預計今年剩餘時間的在租入住率將保持高位，這是一個非常積極的訊號。

As it relates to bad debt in the third quarter, we actively monitor the health of our neighbors. Bad debt remains well within our guidance range. We are not concerned about bad debt in the near term, particularly given the strong retailer demand. We continue to have a highly diversified neighbor mix with no meaningful [rent] concentration outside of our grocers.

關於第三季的壞帳情況，我們會積極關注鄰近企業的健康狀況。壞帳仍遠低於我們的預期範圍。我們並不擔心短期內會出現壞賬，尤其是在零售商需求強勁的情況下。我們仍然擁有高度多元化的鄰裡構成，除了雜貨店之外，沒有明顯的租金集中現象。

Turning to development and redevelopment. PECO has 22 projects under active construction. Our total investment in these projects is estimated to be $75.9 million with average estimated yields between 9% and 12%. Year-to-date, 14 projects were stabilized through September 30. This represents over 222,000 square feet of space delivered to our neighbors and incremental NOI of approximately $4.3 million annually.

轉向開發和再開發。PECO目前有22個在建案。我們預計在這些項目上的總投資額為 7,590 萬美元，平均預期收益率在 9% 到 12% 之間。截至今年9月30日，已有14個項目穩定運作。這意味著為我們的鄰居提供了超過 222,000 平方英尺的空間，每年可增加約 430 萬美元的淨營業收入。

As Jeff mentioned, we continue to grow our pipeline of development and redevelopment projects. This activity remains an important driver of our growth.

正如傑夫所提到的，我們將繼續擴大我們的開發和重建項目儲備。這項業務仍然是我們成長的重要驅動力。

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

現在我將把通話轉給約翰。約翰？

Thank you, Bob, and good morning, and good afternoon, everyone. Our third quarter results demonstrate what we've built at PECO, a high-performing grocery-anchored and necessity-based portfolio that generates reliable, high-quality cash flows. As Jeff said, the PECO team continues to operate from a position of strength and stability.

謝謝你，鮑伯。大家早安，下午好。我們第三季的業績證明了我們在 PECO 所取得的成就，即打造一個以雜貨店為核心、以必需品為基礎的高效投資組合，從而產生可靠、高品質的現金流。正如傑夫所說，PECO 團隊繼續保持著強大而穩定的營運狀態。

Third quarter Nareit FFO increased to $89.3 million or $0.64 per diluted share, which reflects year-over-year per share growth of 6.7%. Third quarter core FFO increased to $90.6 million or $0.65 per diluted share, which reflects year-over-year per share growth of 4.8%.

Nareit 第三季 FFO 增至 8,930 萬美元，即每股攤薄收益 0.64 美元，年增 6.7%。第三季核心FFO增至9,060萬美元，即每股攤薄收益0.65美元，較去年同期成長4.8%。

Turning to the balance sheet. We have approximately $977 million of liquidity to support our acquisition plans. We have no meaningful maturities until 2027. Our net debt to trailing 12-month annualized adjusted EBITDA was 5.3 times as of September 30, 2025. This was 5.1 times from the last quarter on annualized basis.

接下來看一下資產負債表。我們擁有約9.77億美元的流動資金來支持我們的收購計畫。2027 年之前我們沒有重大到期債務。截至 2025 年 9 月 30 日，我們的淨債務與過去 12 個月的年度調整 EBITDA 比率為 5.3 倍。以年率計算，是上一季的 5.1 倍。

As Jeff mentioned, we are pleased to update our 2025 guidance. We are reaffirming our guidance range for 2025 same-center NOI growth. This reflects solid full year growth of 3.35% at the midpoint. As we have said previously, the timing of our same-center NOI growth in 2024 presents difficult comparisons for the fourth quarter of 2025. Specifically, the recoveries in 2024 were weighted to the fourth quarter, whereas they are more even quarter-to-quarter in 2025.

正如傑夫所提到的，我們很高興更新我們的 2025 年業績指引。我們重申 2025 年同中心 NOI 成長的預期範圍。這反映出全年成長率穩健，中位數為 3.35%。正如我們之前所說，2024 年同中心 NOI 成長的時間點使得 2025 年第四季的比較變得困難。具體來說，2024 年的復甦主要集中在第四季度，而 2025 年的復甦則在各個季度之間更加均衡。

Our current forecast for the fourth quarter of 2025 reflects same-center NOI growth between 1% and 2%. We estimate this growth rate would have been closer to 3% if the recoveries in 2024 were more evenly distributed. While we are not providing 2026 guidance at this time, I will remind everyone that we believe this portfolio can deliver same-center NOI growth between 3% and 4% annually on a long-term basis.

我們目前對 2025 年第四季的預測反映出同中心 NOI 成長在 1% 到 2% 之間。我們估計，如果 2024 年的經濟復甦分佈更加均勻，那麼這一成長率將接近 3%。雖然我們目前不提供 2026 年的績效指引，但我還是要提醒大家，我們相信該投資組合能夠長期實現每年 3% 至 4% 的同中心 NOI 成長。

As Jeff mentioned, our increased guidance for 2025 Nareit FFO per share reflects a 6.8% increase over 2024 at the midpoint. And our increased guidance for 2025 core FFO per share represents 6.6% year-over-year growth at the midpoint. Our guidance for the remainder of 2025 does not assume any equity issuance. Importantly, our FFO per share growth is a function of both internal and external growth. PECO is not dependent on access to the equity capital markets to drive our strong growth.

正如傑夫所提到的，我們對 2025 年 Nareit 每股 FFO 的上調預期反映出，其中值比 2024 年增長了 6.8%。我們提高對 2025 年核心 FFO 每股收益的預期，其中數值表示年成長 6.6%。我們對 2025 年剩餘時間的預測不包含任何股權發行。重要的是，我們的每股FFO成長取決於內部成長和外部成長。PECO 的強勁成長並不依賴進入股權資本市場。

As it relates to this position, the PECO team plans to sell $50 million to $100 million of assets in 2025. Year-to-date, including activities subsequent to quarter end, we sold $44 million of assets at PECO share. The private markets are more appropriately valuing grocery-anchored shopping centers in the public markets. This gives us an opportunity to lean into portfolio recycling. We have an active pipeline for the fourth quarter, and we have plans to do even more in 2026.

就此而言，PECO 團隊計劃在 2025 年出售價值 5,000 萬至 1 億美元的資產。今年迄今為止，包括季度末之後的活動在內，我們以 PECO 股票價格出售了價值 4,400 萬美元的資產。私人市場對以超市為主力店的購物中心的估值，比公共市場更合理。這為我們提供了一個加強投資組合再利用的機會。我們在第四季度有積極的專案計劃，並且計劃在 2026 年開展更多專案。

We plan to share more details during our December 17 business update. Long term, the PECO team is focused on recycling lower IRR properties into higher IRR properties to help drive strong earnings growth. We believe that performance over time and consistent earnings growth should be rewarded in the capital markets.

我們計劃在12月17日的業務更新會議上分享更多細節。從長遠來看，PECO 團隊專注於將內部收益率較低的物業改造為內部收益率較高的物業，以幫助推動強勁的獲利成長。我們認為，長期的業績表現和持續的獲利成長應該在資本市場得到回報。

We also reaffirmed our 2025 full year gross acquisition guidance. We believe our low leverage gives us the financial capacity to meet our growth targets. We have diverse sources of capital that we can use to grow and match fund our investment activity. Match funding our capital sources with our investments is an important component of our investment strategy.

我們也重申了2025年全年總收購額預期。我們相信，較低的槓桿率使我們擁有實現成長目標的財務能力。我們擁有多種資金來源，可以用來發展壯大並為我們的投資活動提供配套資金。將資金來源與投資相匹配是我們投資策略的重要組成部分。

We continue to believe the PECO platform is well positioned to deliver mid- to high single-digit core FFO per share growth on an annual basis. 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.

我們仍然相信 PECO 平台有能力實現每年中高個位數的核心 FFO 每股成長。我們也相信，隨著租賃組合中續租活動的增加，我們的長期調整後營運資金成長可以更高。我們相信，我們設定的核心 FFO 和 AFFO 成長目標將使 PECO 在長期內超越我們購物中心同行的成長。

We look forward to updating you on our long-term growth plans during our December 17 business update. In addition to what Jeff mentioned, we plan to share preliminary 2026 guidance. We also plan to share new analysis and insights related to our unanchored investments or everyday retail centers. We look forward to updating you on our internal and external growth plans.

我們期待在 12 月 17 日的業務更新會議上向您介紹我們的長期成長計劃。除了傑夫提到的內容之外，我們還計劃分享 2026 年的初步指導。我們也計劃分享與我們非固定投資或日常零售中心相關的新分析和見解。我們期待向您報告我們的內部和外部發展計劃。

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

接下來，我們將開放提問通道。操作員？

(Operator Instructions) Andrew Reale, BofA Merrill Lynch

（操作說明）安德魯雷亞爾，美銀美林

Good afternoon. Thanks for taking my questions. First, can you just share more on your thinking around acquiring development land at this point in the cycle? Why is right now the right time to pursue opportunities like this? And are you evaluating other ground-up development sites at this point in time?

午安.謝謝您回答我的問題。首先，能否詳細談談在當前經濟週期階段獲取開髮用地的想法？為什麼現在是抓住這類機會的最佳時機？目前您是否正在評估其他從零開始的開發專案？

Well, Andrew, thank you for the question. Bob, do you want to talk a little bit about this specific project?

安德魯，謝謝你的提問。鮑勃，你想稍微談談這個項目嗎？

Yeah, absolutely. Thanks, Jeff. And Andrew, thank you for the question. We're really excited about this opportunity. We had a nice partnership with a national grocer that was interested in the growth aspects of Southern Ocala.

是的，絕對的。謝謝你，傑夫。安德魯，謝謝你的提問。我們對這個機會感到非常興奮。我們與一家對奧卡拉南部地區發展感興趣的全國性雜貨商建立了良好的合作關係。

10,000 new homes and residential opportunities coming into the market over the next five years, a lot of positive growth. It's going to be a 34-acre site, and we'll end up selling part of it to the grocer and then we'll have seven outparcels available for us to continue to do what we do year-over-year. I mean we've developed 51 out parcels in our portfolio over the last five years, and we'll either do ground leases or build to suit. So this is kind of a one-off scenario.

未來五年將有 10,000 套新房和住宅項目進入市場，市場將迎來大量積極成長。這將是一個佔地 34 英畝的場地，我們最終將其中一部分賣給雜貨店，然後我們將有 7 個獨立的地塊可供我們繼續年復一年地開展業務。我的意思是，在過去五年裡，我們已經開發了投資組合中的 51 個地塊，我們將進行土地租賃或根據需求進行建造。所以這算是特例。

Will we continue to look for sites in the future? Yes, if it makes sense. In this particular asset, we're going to deliver about a 10.5% unlevered return. So we feel really good about not only being some of the landlords largest -- some of the retailers' largest landlords, but this is a great opportunity for us to step in, in the right market.

未來我們會繼續尋找合適的地點嗎？是的，如果這樣做有意義的話。對於這項特定資產，我們將實現約 10.5% 的無槓桿收益率。因此，我們感到非常自豪，不僅因為我們是最大的房東之一——也是零售商最大的房東之一，而且這對我們來說也是一個進入正確市場的絕佳機會。

Okay, thank you. That's helpful color. And then if I could just ask a follow-up. Could you maybe just provide more detail on the makeup of your current acquisition pipeline? And just how much more incremental volume could you potentially close before year-end?

好的，謝謝。這是個很有幫助的顏色。然後，我能否再問一個後續問題？能否詳細介紹一下您目前的收購管道組成？那麼在年底前，您究竟還能達到多少增量交易量呢？

I know, Jeff, you had mentioned you're being a little more selective in the second half now. So just curious on where we might shake out relative to the acquisition range. Thank you.

我知道，傑夫，你之前說過你在下半年會更謹慎地選擇。所以，我只是好奇我們最終的收購範圍會是多少。謝謝。

Yeah, I'll give you -- and Bob will follow up as well. The way we're looking at it, we kind of have given you guidance. We're pretty comfortable we're going to be at the bottom end and we're already about $25 million above the bottom end of the range that we've given.

是的，我會給你──鮑伯也會跟進。從我們的角度來看，我們已經給了你一些指導。我們相當有信心最終會達到預期範圍的下限，而且我們目前的金額已經比我們給出的範圍下限高出約 2500 萬美元。

And we continue to see good product, and we're continuing to see a volume of product that we feel comfortable will be in good shape in terms of our ability to buy. As you know, going quarter-by-quarter is a little bit difficult because stuff moves one month or two, and that's just the closing process.

我們持續看到優質產品，並且持續看到足夠數量的產品，我們相信這些產品在我們採購能力方面會保持良好狀態。如你所知，按季度來比較困難，因為事情進展往往需要一兩個月，而這只是交易完成的過程。

So it's always a little bumpy. We feel really good about the products we bought. We had a really great first half. It's a little slower, but I would tell you that we feel good about what we're getting. And we bought $400 million -- the midpoint is about $400 million this year.

所以總是會有些波折。我們對購買的產品非常滿意。我們上半場打得非常好。雖然速度慢了一點，但我可以告訴你，我們對目前的結果感到滿意。我們購買了價值 4 億美元的商品——今年的中點價約為 4 億美元。

It was $300 million last year. Pretty good -- that's a pretty good increase, and we see that continuing to happen. So Bob, any anything else on the --

去年是3億美元。相當不錯——這是一個相當可觀的增長，而且我們看到這種增長勢頭還會繼續下去。鮑勃，還有其他什麼事嗎？--

Yes. I would like to add that we've acquired 18 assets this year for $376 million, and we do have deals that have been awarded and under contract to close before year-end. So we feel really good about we're going to be well within the range. The other thing I would mention is just we're delivering unlevered returns above 9% in all these categories. So we feel real good about the acquisitions.

是的。我想補充一點，我們今年已經以 3.76 億美元收購了 18 項資產，並且我們還有一些交易已經授予合同，將在年底前完成。所以我們感覺很有信心，我們肯定能達到預期目標。我還要補充一點，我們在所有這些類別中都實現了超過 9% 的無槓桿回報率。所以我們對這些收購感到非常滿意。

The other thing I would mention is these blend to like a 91.5%, 92% occupancy going in. And when you look at our portfolio at 97.7%, this continues to give us internal growth in the future for same-center NOI growth. So it's a dual path in terms of growing earnings and NOI.

我還要提一下，這些飯店的入住率大概是 91.5% 到 92% 之間。而我們目前的投資組合佔比高達 97.7%，這意味著未來同一中心的 NOI 將繼續實現內部成長。因此，從成長獲利和淨營業收入的角度來看，這是一條雙管齊下的道路。

So we're really excited about what we've acquired so far and early indications would suggest that we're operating them extremely well, and we're getting continued leasing momentum.

因此，我們對目前為止所取得的成就感到非常興奮，初步跡象表明，我們的營運狀況非常好，並且租賃勢頭持續強勁。

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛集團。

Hi everyone, maybe sticking on the acquisition side. So looking at leverage now, it's at 5.1 times, which I'd say is totally reasonable. But I guess it sounds like going forward, you might be interested or willing to increase leverage. So wondering if you could discuss a little bit, what the kind of upper level is on leverage and how you think about that as a funding source.

大家好，我可能要繼續關注收購方面了。所以現在來看槓桿率，是 5.1 倍，我認為這完全合理。但我覺得，展望未來，你可能有興趣或願意增加槓桿。所以我想請您稍微談談槓桿的上限是什麼，以及您如何看待槓桿作為一種融資來源。

Yeah, Caitlin, I'll give you and John follow up as well. What we said and continue to believe is we want to be in that 5.5% or below range debt-to-EBITDA on a long-term basis. And we are -- we'd be willing to move around that if we had a clear vision of bringing it back down into that sort of the mid-5s to lower 5s. And we're very happy with where we are. We've got good capacity to continue to grow our acquisition program.

是的，凱特琳，我也會給你和約翰後續報告狀況。我們過去說過，現在仍然相信，我們希望長期維持債務與 EBITDA 比率在 5.5% 或以下。如果能清楚地看到如何將其降回 5 分中段到 5 分低段的水平，我們願意為此做出調整。我們對現狀非常滿意。我們有能力繼續擴大收購計劃。

And so it's nice to be where we are right now. And if the opportunities come, as you know, we're prepared to take advantage of them if we can. Anything else, John?

所以，我們現在的位置很不錯。如你所知，如果機會來臨，我們一定會抓住它。還有什麼事嗎，約翰？

No, I think that's good --

不，我覺得這樣挺好。--

And then just as the other kind of source of funds, it sounds like you might lean more into dispositions. And so if we look at the dispositions you guys have done historically, you do give great disclosure on the cap rates of the acquisitions versus dispositions, historically, the dispose have been at higher cap rates. So I was wondering, going forward, are there assets that you would maybe newly looking to sell that would make that process accretive?

而且，就像其他類型的資金來源一樣，聽起來你可能更傾向於資產處置。因此，如果我們回顧一下你們過去進行的資產處置，你們確實對收購和處置的資本化率進行了很好的披露，從歷史上看，處置的資本化率更高。所以我想知道，展望未來，您是否有一些資產可能會考慮出售，從而使這一過程產生收益？

Or how are you thinking about that acquisition versus disposition cap rate and kind of the types of properties you'd be looking to sell and who the buyers are and what they're willing to pay for them?

或者，您是如何考慮收購與處置的資本化率，以及您想要出售的房產類型、買家是誰以及他們願意為這些房產支付多少錢的？

Yeah, John, do you want to talk about that?

約翰，你想談談這個嗎？

Sure. Thanks, Caitlin. So I think the dilution or accretion on the recycling of assets is going to depend on the mix of assets sold and acquired. I mean, ultimately, as you know, we are IRR buyers and sellers. So we believe that right cycling will be beneficial to our earnings per share over time.

當然。謝謝你，凱特琳。所以我認為，資產再利用的稀釋或增值將取決於出售和收購的資產組合。我的意思是，歸根結底，正如你所知，我們是內部收益率（IRR）的買家和賣家。因此，我們相信，正確的騎乘策略從長遠來看將有利於我們的每股盈餘。

And as owners of about 8% of the company, that's really important to us. So I think as we look at it in terms of -- we are achieving victory on a lot of these. We've already sold some properties this year, and we're going to look to do that. But ultimately, I mean, we believe we can do mid to high single-digit FFO per share growth. And although we're not giving guidance until December, I think that is going to be true in 2026, as well.

作為公司約 8% 的股東，這對我們來說非常重要。所以我覺得，從這個角度來看——我們在很多方面都取得了勝利。我們今年已經賣了一些房產，我們還會繼續努力。但最終，我的意思是，我們相信我們可以實現每股 FFO 中高個位數的成長。雖然我們直到 12 月才會給予指導意見，但我認為 2026 年的情況也會如此。

So not exactly answering your question because it's going to depend upon the mix of the timing of the closings, but we're managing that very closely. And the relationship you're describing has been true historically. I think it's going to tighten and improve as we look forward. But again, it depends upon the mix.

所以，我無法完全回答你的問題，因為這取決於各個交易完成時間的組合，但我們正在密切關注此事。你所描述的這種關係在歷史上確實存在。我認為隨著時間的推移，情況會越來越好，也會越來越好。但話說回來，這取決於具體的配比。

Yeah, and Caitlin, I would just add. I mean, I think the way we think about it is we're going to be trading out of lower growth for higher-growth properties, and that is the strategy of the disposition program. There is some derisking in that, but mostly it's going to be trading to areas where we can get more growth.

對，我還要補充一點，還有凱特琳。我的意思是，我認為我們思考的方式是，我們將用低成長的房產換取高成長的房產，這就是資產處置計畫的策略。這其中確實存在一些降低風險的因素，但主要還是會轉向那些我們能夠獲得更大成長的領域。

Haendel St. Juste, Mizuho.

Haendel St. Juste，瑞穗。

Hi there, This is Ravi Vaidya on the line for Haendel. Hope you guys are doing well. I wanted to ask about redevelopment here and the broader redevelopment pipeline. What's your target size for this to be? And how should we consider funding? Is this going to be primarily through free cash flow or through further dispositions? Thanks.

您好，我是 Ravi Vaidya，現在為您帶來 Haendel 的報道。希望你們一切都好。我想了解這裡的重建情況以及更廣泛的重建計劃。你的預期尺寸是多少？那我們該如何考慮資金問題呢？這筆資金主要將透過自由現金流籌集，還是透過進一步資產處置籌集？謝謝。

Okay. Ravi, when you're talking about that, are you talking about all of our redevelopment, including the outline stuff that we're doing? Or is that what you're focused on there?

好的。拉維，你說的那個是指我們所有的重建項目，包括我們正在進行的初步規劃工作嗎？或者說，你關注的就是這個？

Yeah, both ground up new development and redevelopment of existing pads or any outlook kind of work.

是的，包括從零開始的新開發、現有設備的重新開發以及任何類型的展望工作。

Great. Okay. Bob, do you want to take that?

偉大的。好的。鮑勃，你想拿嗎？

Yeah, no, absolutely. I appreciate the question. So over the last three or four years, we've generated between $40 million and $55 million in our ground-up redevelopment bucket. And those years, we were solving for between 9% and 12%.

是的，沒錯，絕對是這樣。感謝您的提問。因此，在過去的三年或四年裡，我們在新建重建計畫中獲得了 4,000 萬至 5,500 萬美元的資金。那些年，我們計算出的誤差範圍在 9% 到 12% 之間。

We find that this is a wonderful complement to our same-center NOI growth, and we are hopeful to get 100 basis points to 125 basis points towards it through this pipeline. We have a nice pipeline out for the next three years. That would be consistent of approximately $50 million to $60 million a year to contribute to that. So we don't see anything slowing down on the development side or redevelopment side, and we've seen a lot of success with generating solid returns.

我們發現，這與我們同中心 NOI 的成長是一個極好的補充，我們希望透過這個管道實現 100 到 125 個基點的成長。未來三年我們有不錯的管道供應。這意味著每年大約需要投入 5,000 萬至 6,000 萬美元用於此專案。因此，我們沒有看到開發或重建方面出現任何放緩的跡象，而且我們在獲得穩健回報方面也取得了巨大的成功。

Got it. That's helpful. And maybe just one on the bad debt. Would you say that this quarter's bad debt expense in the current tenant credit landscape, is that appropriate to consider a run rate going forward into fourth quarter and into '26? Thanks.

知道了。那很有幫助。或許只需要一筆壞帳。您認為在目前的租戶信用環境下，本季的壞帳支出是否適合作為預測第四季乃至 2026 年壞帳支出的基準？謝謝。

John, you want to take that?

約翰，你想拿那個嗎？

Sure. Thanks, Ravi. So I would say that, yes, I think that when you look at it, whether it be on a same-store total portfolio, we've been between, let's say, 75 basis points and 80 basis points. I do know that the midpoint of our guidance range is 90 basis points, and it's more just giving ourselves a little bit of elbow room. I will say for the fourth quarter of '25 and for '26, we don't actually see the environment materially changing.

當然。謝謝你，拉維。所以我想說，是的，我認為當你觀察它時，無論是從同店總投資組合來看，我們一直處於，比如說，75個基點到80個基點之間。我知道我們指導範圍的中點是 90 個基點，這更多的是給我們自己留一些迴旋餘地。我認為，2025 年第四季和 2026 年第四季度，我們實際上看不到環境發生實質變化。

So we think that this 70 basis points to 80 basis points in the range that we have is pretty reasonable. I do think that, again, when you look at PECO's demographics at $92,000, we are 15% above the US median and our retailers continue to be very, very successful. So our watch list is lower than anyone else's and very consistent with historical around 2%. And so we feel really good about it, but I think this is a good run rate as we look forward.

所以我們認為，目前這個70個基點到80個基點的區間是相當合理的。我確實認為，再次看看 PECO 的人口統計數據，其收入為 92,000 美元，比美國中位數高出 15%，而且我們的零售商也繼續取得非常非常大的成功。因此，我們的觀察名單比例低於其他任何人，並且與歷史上的 2% 左右的比例非常一致。所以我們對此感到非常滿意，而且我認為展望未來，這是一個不錯的運行速度。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

Hey, thanks so much. Just going back to sort of the occupancy and more of the in-line occupancy here. You're getting good retention rates, you're pushing rents. Just remind us what the message is for the team, how much more occupancy upside you sort of think that is there? And just strategically, how are you guys messaging sort of pushing rents here at the expense of retention rates? Thanks.

嘿，非常感謝。讓我們回到入住率，尤其是排隊入住率的問題。你們的租戶續租率很高，租金也漲了。請提醒我們一下，您想傳達給團隊的訊息是什麼？您認為入住率還有多少提升空間？從策略上講，你們是如何透過某種方式推高租金，從而降低客戶留存率的？謝謝。

Sure. Bob, you want to grab that one?

當然。鮑勃，你想拿那個嗎？

Yeah, absolutely. So thank you for the question. So currently, we're at like 94.7%, and we believe that we can generate another 125 basis points to 150 basis points of in-line occupancy. The demand and the retailer interest that we're seeing and all the meetings in our national account team shows very good momentum. The visibility I have out for the next six months, seven months with our pipeline would suggest that we should move in that direction.

是的，絕對的。謝謝你的提問。所以目前我們的入住率達到了 94.7%，我們相信我們還可以再提高 125 到 150 個基點的入住率。我們看到的市場需求和零售商的興趣，以及我們全國客戶團隊的所有會議都表明，市場勢頭非常強勁。根據我對未來六、七個月產品管線的了解，我們應該朝著這個方向發展。

So feel very good about moving the needle on in-line occupancy. I think in terms of growing rents on the renewal question, in particular at 94% retention, that's a very solid retention number. And I think last quarter, we spent $0.60 a foot in tenant improvements. In this quarter, we spent $1 to generate 23.3% renewal spread. So we feel very good about the retention of 94% and the current spreads we're seeing.

所以，對於提升線上入住率感到非常滿意。我認為就續租問題而言，租金成長尤其值得關注，因為續租率高達 94%，這是一個非常穩健的續租率數字。我認為上個季度，我們在租戶裝修方面每平方英尺花費了 0.60 美元。本季度，我們花費 1 美元獲得了 23.3% 的續約利差。因此，我們對 94% 的客戶留存率和目前看到的價差感到非常滿意。

So again, I don't see any new supply coming online to compete with that. And I think we'll just keep our neighbors profitable and healthy and look towards the future. I don't see anything slowing down.

所以，我還是覺得不會有新的供應上線來與之競爭。我認為我們會繼續保持鄰居的獲利和健康，並展望未來。我沒有看到任何放緩的跡象。

Great. And then if I could ask a quick follow-up, just on the unanchored centers. We talked about it last quarter, but as you're sort of looking at more of the opportunities, just what's the update in terms of the opportunity set and sort of the conviction of that strategy? Thanks.

偉大的。然後，我能否快速問一個後續問題，就未錨定中心而言。我們上個季度討論過這個問題，但隨著你對更多機會的審視，就機會組合和該策略的信心而言，目前有什麼最新進展？謝謝。

Great. Bob, you want to grab that one?

偉大的。鮑勃，你想拿那個嗎？

Yeah, another great question. I'm really excited about the strategy. We've acquired eight properties in this category for about $155 million. And we've seen very positive momentum operationally. I believe our centers currently, from what we paid were about $300, $305 a foot. We are seeing unlevered returns between 10.5% and 12%, early indications.

是的，又是一個好問題。我對這個策略感到非常興奮。我們已斥資約 1.55 億美元收購了該類別中的 8 處房產。我們在營運方面也看到了非常積極的發展動能。我認為我們目前的中心，以我們支付的價格計算，每英尺大約是 300 到 305 美元。初步跡象表明，未槓桿收益率在 10.5% 到 12% 之間。

We're seeing new leasing spreads above 45% and renewal spreads above 30%. So again, we're going to continue to define the criteria. You'll hear more about this in our December update. But early indications, this is going to be a great complement to growing our same center NOI in the future. So we're really excited about it.

我們看到新租約的利差超過 45%，續租利差超過 30%。所以，我們將繼續明確評判標準。您將在12月的更新中聽到更多相關資訊。但初步跡象表明，這將極大地促進我們未來同一中心淨營業收入的成長。所以我們對此感到非常興奮。

Yeah, Ron. Yeah, it's a great question. And one thing -- I mean, we have built a phenomenal team at leasing. This -- we kind of look at this as just having more neighbors. We have a way of bringing this finding more neighbors, that we can put the machine to work on and get the kind of returns that Bob was talking about.

是的，羅恩。是的，這是一個很好的問題。還有一點——我的意思是，我們已經建立了一支非常優秀的租賃團隊。我們通常把這當成多了幾個鄰居而已。我們有辦法找到更多鄰居，讓機器運轉起來，並獲得鮑伯所說的那種回報。

So we're excited about it. Again, as you know, it's a small -- a very small piece of the overall portfolio, and it's -- but it's very consistent with our focus on necessity retail and giving the consumer what they want and being locally smart at the property level. So all those pieces are encouraging to us as well as the results Bob talked about in terms of investment in that product.

所以我們對此感到很興奮。如您所知，這只是整個投資組合中很小的一部分，而且——但這與我們專注於必需品零售、為消費者提供他們想要的東西以及在物業層面注重本地化的理念非常一致。所以，所有這些資訊都讓我們感到鼓舞，鮑伯談到的關於該產品投資的結果也同樣如此。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Good afternoon. Thanks a lot for taking my question. My first question, Jeff, is when you said in the prepared remarks about being more selective in the second half, what do you mean by more selective? Are you looking more on price? Is it more on location? Is it more on shopping center format just trying to get a sense of where that selectivity is leading you?

午安.非常感謝您回答我的問題。傑夫，我的第一個問題是，你在準備好的發言稿中提到下半場要更加挑剔，你所說的「更挑剔」是什麼意思？您更注重價格嗎？地點更重要嗎？是更偏向購物中心模式，只是想了解這種選擇性會把你引向何方？

I think it's tougher underwriting. It's not a difference in terms of what we like, what we do. But in terms of underwriting, with the potential risks of the stability of the economy, I think we took a tougher -- we were titering some of our rent spreads. We were titering on some of our pace of leasing. That's really what I'm saying in terms of and that translates into us offering lower prices than we would at other times to get to that 9% unlevered IRR.

我認為承保難度更高。就我們喜歡什麼、做什麼而言，這並沒有什麼不同。但就承保而言，考慮到經濟穩定性的潛在風險，我認為我們採取了更嚴格的措施——我們正在逐步調整一些租金差額。我們正在逐步調整租賃速度。這就是我真正想表達的意思，這意味著我們會提供比其他時候更低的價格，以達到 9% 的無槓桿內部報酬率 (IRR)。

And so that's -- I think that's what slowed down some of our pace a bit. It's important to note that. I mean we -- at the midpoint, we're buying $400 million of assets on an individual basis. That's the most, I think, in the space on an individual basis by far. And we think that's $100 million more than we bought last year.

所以，我認為這就是導致我們進度稍微放緩的原因。這一點很重要。我的意思是，我們——在中期，我們正在逐一購買價值 4 億美元的資產。我認為，就個人而言，這絕對是該領域迄今為止最傑出的人物。我們認為這比我們去年購買的金額多了1億美元。

We're taking our share of the market. And I think we've had -- it kind of shows the discipline that we've had for 30 years in this business, you've got to be disciplined and you got to make sure that you're not getting ahead of yourself or too aggressive or not aggressive enough in the market. And that -- I think that's what we kind of bring to the market on that.

我們正在搶佔市場份額。我認為，這在某種程度上體現了我們在這個行業30年來所秉持的自律精神。你必須自律，你必須確保自己不會操之過急，或在市場上過於激進或不夠激進。而我認為──這就是我們為市場帶來的價值所在。

Thanks for that. And my follow-up is, right, on the competition, you said it remains competitive. Has it gotten any more incrementally competitive in the last quarter? And then just like -- if you can provide some color on deals that you don't win, who are you losing to? Is it new -- is it new entrants? Or is it kind of the same folks that are still --

謝謝。我的後續問題是，關於競爭，您說競爭依然激烈。上季競爭程度是否有提升？然後，例如——如果你能詳細說明一下你沒能拿下的交易，你輸給了誰？它是新的嗎？ ——是新進入者嗎？或者說，還是同一批人？--

Yeah, I don't think it's gotten more competitive. I think it's -- but it's fairly stabilized. I mean there is good demand out there. And it's the full gamut. I mean, it's some of the REIT peers. It's some of the some institutional players and as well as some private players. So you have a pretty wide range of people looking in the space.

是的，我不認為競爭變得更激烈了。我認為是——但它相當穩定。我的意思是，市場上的需求很好。而且涵蓋了所有方面。我的意思是，它和一些房地產投資信託基金同行一樣。其中包括一些機構投資者和一些私人投資者。所以，有很多不同背景的人都在關注這個領域。

So our feeling is that it's kind of -- it's stabilized at where it is and really has been for the last couple of quarters. And we think that that's kind of going to be -- is more normalized and probably what we're going to see for the next quarter and certainly -- or maybe the next few quarters. And the beauty is -- with what we've done, we have -- we look broadly at the country, and we're looking for that number one or two grocer to buy.

所以我們的感覺是，它已經穩定在目前的水平，而且在過去的幾個季度一直如此。我們認為這種情況將會逐漸正常化，而且很可能在接下來的一個季度，甚至接下來的幾個季度都會如此。而妙處在於——憑藉我們所做的一切，我們已經——放眼全國，我們正在尋找排名第一或第二的雜貨店進行收購。

And that breadth gives us the ability to find product consistently over year after year after year. And so we're -- we feel comfortable to have another good year next year. We're not -- that's not a concern. It's just -- it's a little harder shopping to buy than when a lot of others have gotten into the space that we've been in for 30 years.

這種廣度使我們能夠年復一年地持續找到產品。因此，我們有信心明年又將迎來一個豐收年。我們不是——這不是問題。只是——與許多其他公司進入我們在這個領域已經耕耘了 30 年的領域相比，現在購物要困難一些。

Omotayo Okusanya, Deutsche Bank.

Omotayo Okusanya，德意志銀行。

Hi, good afternoon, everyone. I was wondering if you could just give a view on the outlook for grocers in general. I think, again, your sales are going up, but just -- but again, just going to hear a lot of conflicting noise around more selective consumer, inflation is kind of causing volumes or trips to grocers to kind of slow down? Just if you just kind of give us an update on general kind of what you're seeing and how you think that space is evolving. We'd appreciate that.

大家好，下午好。我想請您談談對雜貨商整體前景的看法。我認為，你們的銷售額確實在成長，但是──但是，我又聽到了很多相互矛盾的說法，例如消費者更加挑剔，通貨膨脹導致人們去雜貨店的次數或購物量有所下降？請您大致介紹一下您目前觀察到的情況，以及您認為該領域將如何發展。我們會很感激的。

Yeah, I want to take a shot and Bob join in as well. From our conversations with the grocers, they continue to see a very resilient customer. And we're not hearing any sort of pull back, any kind of like dramatic concerns. It's kind of business as usual and some -- for some of our grocers, they see it as really, really positive.

是的，我想試一試，鮑伯也想一起試試。從我們與雜貨店老闆的交談中，他們了解到顧客的適應力非常強。我們沒有聽到任何撤退的跡象，也沒有聽到任何類似的擔憂。一切照舊，而且對於我們的一些雜貨商來說，他們認為這非常非常積極。

I mean you when you talk to Publix and HEB, some of the -- and the trader I mean they are actively growing. And so they see things very positively. And so I would say our feedback overall is that the grocers are thinking long term. They're very positive about what the environment is today and their ability to pass on increases in cost to the consumer.

我的意思是，當你和 Publix 和 HEB 交談時，有些——還有交易商，我的意思是，他們正在積極擴張。所以他們看待事物的態度非常正面。因此，我認為我們收到的整體回饋是，雜貨商都在著眼長遠。他們對當前的環境狀況以及將成本上漲轉嫁給消費者的能力非常樂觀。

They're always going to be nervous because they're nervous all the time, and they should be because it's a really tough business, but they're really good at it, and they're great partners for us in the shopping centers that we have, yeah.

他們總是會感到緊張，因為他們一直都很緊張，他們也應該感到緊張，因為這是一個非常艱難的行業，但他們在這方面做得非常出色，而且他們是我們購物中心的優秀合作夥伴，是的。

That's helpful. And then how do you think about -- when you're kind of thinking about sources and uses of capital, how does potential stock buybacks kind of stem into the equation at current stock prices?

那很有幫助。那麼，當你在考慮資本的來源和用途時，你會如何看待潛在的股票回購在當前股價下的影響？

We -- the way we look at it is it's a tool, just like [Bob is] selling properties, just like raising public equity. And it's a tool to be used at the right time, when it's the best investment and the best use of your free cash flow. So that's the way we think about it. So it's one of the tools, and we wouldn't be hesitant to use it at the right time. And -- but we're not also eager to use it particularly in the environment where we are today, where we have really good uses of our capital that we think we can grow significantly.

我們－我們認為它是一種工具，就像[鮑伯]出售房產一樣，就像籌集公共資金一樣。而且，它是一種應該在適當的時機使用的工具，當它是最佳投資和最佳利用自由現金流的方式時，就應該使用它。這就是我們的想法。所以它是我們可用的工具之一，我們會在適當的時機毫不猶豫地使用它。而且——但我們也不急於在目前的環境下使用它，因為我們有非常好的資本用途，我們認為我們可以大幅成長。

So it's a great question, and it is one that is part of our sort of regular conversation about where we should be, depending on where the stock price is.

所以這是一個很好的問題，也是我們經常討論的話題，那就是我們應該根據股價的走勢採取什麼行動。

Got you. And then one quick last one for me. How do you think about acquisitions? Again, you already had $376 million year-to-date guidance of $350 million to $450 million. I'm just kind of curious whether there's some conservatism in that number or the way 4Q is shaping up, there may not be a lot of deal activity?

抓到你了。最後，我還要補充最後一個問題。您如何看待收購？再說一遍，你們今年迄今的業績預期是 3.5 億美元至 4.5 億美元，實際目標為 3.76 億美元。我只是有點好奇這個數字是否過於保守，或者說，從第四季的情況來看，可能不會有很多交易活動？

I would say, $100 million a quarter is a pretty decent activity, and we'll we -- that gets us to $400 million for the year. We feel, which is the midpoint of the guidance, we feel good about that. And I wouldn't be overly -- don't feel more -- a lot more aggressive than that or we would -- we changed guidance and we -- but we don't feel that we won't meet that either. So we're -- we think the guidance is a pretty good place to be looking at.

我認為，每季 1 億美元的收入相當不錯，這樣一年下來就能達到 4 億美元。我們認為，這是指導意見的中點，我們對此感到滿意。我不會太——感覺不會——比那更激進得多，否則我們會——我們改變了指導方針，我們——但我們也不認為我們無法達到那個目標。所以我們認為－我們認為該指南是一個非常值得參考的資料。

Todd Thomas, KeyBanc.

Todd Thomas，KeyBanc。

Hi, thanks. First question, just regarding dispositions you commented, it sounds like next year will be higher than this year's $50 million to $100 million target. Is there a segment of the portfolio or kind of a larger portion of the asset base that you ideally would like to recycle out of?

您好，謝謝。首先，關於您提到的資產處置情況，聽起來明年的處置額將高於今年 5,000 萬至 1 億美元的目標。您是否希望從投資組合中回收部分資產，或從資產基礎中回收較大比例的資產？

Is there any insight around how much you might look to sell over time and also whether the plan is to sell assets on a one-off basis or if there could be some larger transactions, perhaps just given the increased competition that you're seeing?

您能否透露一下您未來可能會出售多少資產？另外，鑑於目前競爭加劇，您是打算一次出售資產，還是會進行一些規模較大的交易？

Yeah. John, do you want to take that one?

是的。約翰，你想接那個嗎？

Sure. And then, Bob, you can follow up after that. So Todd, I would say that we're looking at multiple options because I think -- we do think that as there is great competition for grocery-anchored shopping centers in the market. There are a lot of them that we've taken to a stabilized place. And there are buyers out there that are just interested in more of a completely solved button up solution.

當然。然後，鮑勃，你可以跟進。所以托德，我想說我們正在考慮多種選擇，因為我認為——我們確實認為，市場上以雜貨店為主力店的購物中心競爭非常激烈。我們已經把他們中的許多人轉移到了一個穩定的地方。還有一些買家則更傾向於完全一體化的解決方案。

So that is something you're going to see. I think you will see us sell more next year. It's hard to say because, again, similar to the acquisition timing, it can move quarter-to-quarter in things like that. I wouldn't say and this is where Bob will come in. I wouldn't say we're looking at anything specific on an individual region or things.

所以，這是你們將會看到的。我認為明年我們的銷量會更高。很難說，因為，同樣，與收購時機類似，這類事情可能會逐季改變。我不會說，這就需要鮑伯出場了。我不會說我們正在關注某個特定地區或事物的具體情況。

It's more the IRRs. It's that if we look at forward and realize that we've taken most of the -- or achieve most of the growth in the asset that we will look to sell that. And I think we'd look to sell it individually or as a portfolio. Anything more?

更重要的是內部報酬率。也就是說，如果我們展望未來，意識到我們已經獲得了大部分——或者說已經實現了資產的大部分成長，那麼我們就會考慮出售該資產。我認為我們會考慮單獨出售，或作為一個投資組合出售。還有其他問題嗎？

Yeah, I'll just add that I think we end up selling between $100 million and $200 million next year. And I believe that it will all be done on one-off basis. So I don't see a portfolio there because we do want to be very surgical as being active portfolio managers.

是的，我還要補充一點，我認為我們明年的銷售額最終會在 1 億到 2 億美元之間。我相信這一切都將以一次性的方式進行。所以我認為那裡沒有合適的投資組合，因為作為積極的投資組合經理，我們希望進行非常精準的投資。

So Jeff and John touched on it, but certainly 100% stabilized assets, that when I look at our forward IRRs would generate 6.5%, 7% returns, we think we can replace those assets with these [9%, 9.5%, 10%] unlevered return deals and pick up 200 basis points in spread over the long term.

傑夫和約翰也談到了這一點，但可以肯定的是，100% 穩定的資產，當我查看我們的預期內部收益率時，可以產生 6.5%、7% 的回報，我們認為我們可以用這些 [9%、9.5%、10%] 無槓桿回報交易來替代這些資產，並在長期內獲得 200 個基點的利差。

So that's what we're focused on and, that will be our strategy.

所以這就是我們關注的重點，也將是我們的策略。

Okay. Got it. So it sounds like a little more of an ongoing portfolio sort of asset management process. Just the plan is to remain that acquirer is just sort of prune the portfolio over time by selling lower growth assets and upgrading quality and improving growth.

好的。知道了。聽起來更像是持續性的投資組合資產管理過程。目前的計劃是，收購方將透過出售成長較低的資產、提升資產品質和促進成長，逐步精簡投資組合。

Yeah, it is. I think that makes a lot of sense.

是的，確實如此。我覺得很有道理。

Think that makes a lot of sense.

我覺得很有道理。

Yeah, okay. And then my last -- just for John, real quick, can you just talk about the drivers behind the interest expense decrease underlying the updated guidance? And are there any updates on the swap expirations in November and December?

好的。最後，我想問約翰一個問題，可以簡單談談促成最新指引的利息支出下降的驅動因素嗎？11月和12月到期的互換合約有任何最新消息嗎？

Sure. So with regards to the guidance and interest rates, I mean, I think part of it was conservatism for us and then the timing of the acquisitions relative to the guide. I don't think there's anything much, much farther than that. With regards to the swaps, we're 5% floating today. If those burn off and nothing changes, be about 15% floating today.

當然。所以關於指引和利率，我認為一部分原因是我們比較保守，另一部分原因是收購的時機與指引有關。我覺得應該沒有比這更遠的事了。關於掉期交易，我們今天的浮動利率為 5%。如果這些資金全部消耗殆盡，一切照舊，那麼今天大約會有 15% 的資金處於浮動狀態。

We have a long-term target of about 90%. Ultimately, those -- if they went -- based on where today's rates are and no further cuts, they'd be kind of around 5.3%. We can issue in the long-term debt markets around 5%. But I think we are in a position now where interest rates are coming down, at least that is the perspective of the market. And so we were going to do what we do, which is we are looking opportunistically at extending our balance sheet.

我們的長期目標約為 9​​0%。最終，如果這些措施得以實施，按照目前的利率水平，並且不再進一步降息，利率大概會在 5.3% 左右。我們可以在長期債務市場發行約 5% 的債券。但我認為我們現在所處的情況是利率將會下降，至少市場是這麼認為的。因此，我們將採取我們一貫的做法，即伺機擴大我們的資產負債表。

We do like the idea of being a repeat issuer in the long-term bond market, and that's where there will be capacity. So I think we're comfortable right now with -- if those expire and we remain floating with that floating rate, but we will be looking to access the bond market. I would point out we don't have any meaningful maturities until 2027. And we -- our actions will be consistent with what we've done in the past.

我們確實喜歡在長期債券市場成為重複發行者的想法，而且這方面也有足夠的發行能力。所以我覺得，如果這些債券到期，我們繼續維持浮動利率，目前的情況還算可以接受，但我們會考慮進入債券市場。我想指出的是，在 2027 年之前我們沒有任何實質的到期事項。而我們－我們的行動將與我們過去的做法保持一致。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Great, thanks for taking the question. Just given the supply backdrop and current strength in the leasing environment, I'm curious how we should think about long-term upside to NOI growth on an occupancy neutral basis as you capture upside on spreads, improve escalators and other lease structures?

太好了，謝謝你回答這個問題。鑑於目前的供應背景和強勁的租賃環境，我很好奇，在保持入住率不變的情況下，我們應該如何看待淨營業收入長期增長的潛力，同時如何利用價差、改善租金遞增機制和其他租賃結構來獲取收益？

John, do you want to break -- I think that's probably best broken down in terms of what we see as the pillars of that growth.

約翰，你想打破——我認為最好從我們所看到的成長支柱的角度來分解這個問題。

But I think the pieces for us is we're going to look to deliver 3% to 4% on a long-term basis. Our rent bumps are approximately 110 basis points. And I'll point out that, that's up I think, 50 basis points over the last couple of years. So we think that we've got good continued growth there. And our leasing spreads continue to be very strong on both renewal and new leasing basis.

但我認為對我們來說，關鍵在於我們要在長期內實現 3% 到 4% 的成長。我們的租金漲幅約為 110 個基點。我還要指出，我認為，在過去幾年裡，這個數字上升了 50 個基點。所以我們認為我們在這方面會繼續保持良好的成長勢頭。無論續租或新租，我們的租賃價差依然非常強勁。

So I think as we look at it, there's a combination of the new leasing and the rent bumps. The development that we're able to do on the outparcels that are already a part of our existing properties to really drive that towards that keeping us in that 3% to 4%.

所以我覺得，從整體來看，這是新租賃和租金上漲共同作用的結果。我們能夠在現有物業的附屬地塊上進行開發，從而真正推動我們保持 3% 到 4% 的成長率。

I think that we will continue to buy assets that Jeff or Bob referenced earlier with occupancy availability that will allow us to kind of continue that momentum and move up from there. Bob, I don't know if you have anything you want to add?

我認為我們將繼續收購 Jeff 或 Bob 之前提到的那些入住率高的資產，這將使我們能夠保持這種勢頭並在此基礎上繼續發展。鮑勃，你還有什麼要補充的嗎？

I don't have anything to add, John.

我沒什麼要補充的，約翰。

Great. And then you noted though, you expect between $100 million and $200 million of dispositions next year. Curious how we should think about additional funding sources in your current cost of capital with respect to the $350 million to $450 million annual long-term acquisitions target?

偉大的。不過您也提到，預計明年將有 1 億至 2 億美元的資產處置。我想知道，在您目前的資本成本範圍內，對於每年 3.5 億美元至 4.5 億美元的長期收購目標，我們應該如何考慮額外的資金來源？

John, do you want to just give the latter on that?

約翰，你只想把後者給嗎？

Sure, as we had said on the call, I would say our funding sources are going to be the over $100 million of free cash flow that we generate and retain after the dividend, which I would also highlight, we just raised almost 6% this quarter.

當然，正如我們在電話會議上所說，我們的資金來源將是我們在支付股息後產生並保留的超過 1 億美元的自由現金流，我還想強調的是，我們本季度剛剛籌集了近 6% 的資金。

So we have the cash flow that we generate. We have the growth in the base. We leverage at 5.1 times on the last quarter annualized. And this disposition is going to allow us to recycle using asset management strategies like Todd just talked about, that is going to be able to drive us and propel us forward in executing our growth plans.

所以我們擁有自己產生的現金流。我們的基礎已經實現了成長。我們上季的年化槓桿率為 5.1 倍。這種安排將使我們能夠利用托德剛才提到的資產管理策略進行再投資，這將能夠推動我們前進，並促進我們執行成長計劃。

Floris Van Dijkum, Ladenburg.

弗洛里斯·範·迪庫姆，拉登堡。

Hey guys. I have two questions. By the way, so you guys had, I think, it was at almost 23% renewal spreads. But if you look at your overall spread, there were only 13%, because I think 46% of your leasing activities were options. Can you -- and obviously, what would the growth have been if you didn't have those options, what would the growth have been in your same-store NOI?

嘿，大家好。我有兩個問題。順便說一下，你們的續約價差好像接近 23%。但如果你看一下你的整體分佈，只有 13%，因為我認為你 46% 的租賃活動是選擇權。你能做到嗎？顯然，如果沒有這些選擇，你的同店淨營業收入成長會是多少？

And what are you doing in terms of your new leases where are you limiting options, et cetera, so that you can mark-to-market more rapidly?

那麼，在新租賃合約方面，你們採取了哪些措施來限制選擇權等等，以便更快地進行市場估值？

So Bob, do you want to talk about the options, John, do you want to talk about the -- what Floris -- by the way, hello Floris, good to hear your voice. And on the options. And then John, if you could just kind of walk through what that impact would have been without the option. So the growth without the bout options.

所以鮑勃，你想談談這些選擇嗎？約翰，你想談談——弗洛里斯——順便說一句，你好弗洛里斯，很高興聽到你的聲音。以及選擇權。約翰，如果你能簡單介紹一下，如果沒有這個選項，會造成什麼影響就好了。所以，成長沒有了比賽選項。

Sure. Floris, good to hear from you, and great question on the options. This is absolutely an area that we're very focused on structuring any new renewal or any new lease. This is something that we've approved over time. I know directionally, for our team, I give direction that we don't want to give any tenants an option unless there's a 25% increase in the option period.

當然。Floris，很高興收到你的來信，你提出的關於各種選擇的問題很好。這絕對是我們在製定任何新的續約或租賃協議時非常關注的領域。這是我們逐漸認可的事情。我知道，就我們團隊而言，我給的指示是，除非選擇期增加 25%，否則我們不想給任何租戶選擇權。

The challenge with it is national retailers are making a large investment in this space. So they do want to have options, usually three, five-year options as an example, and they certainly want to negotiate that number. But as a foundation to our strategy, we're always starting with no options.

挑戰在於，全國性零售商正在這個領域進行大量投資。所以他們確實希望擁有選擇權，例如通常有三到五年的選擇權，而且他們當然希望就這個數字進行談判。但作為我們策略的基礎，我們始終從沒有選擇開始。

And there's a lot of reasons, why we say that because the landlord has nothing to gain from it. So we want to push back hard on that as we negotiate options.

我們這麼說有很多原因，因為房東從中得不到任何好處。所以，在協商各種方案時，我們要堅決反對這種做法。

And with regards to the math, I would say that it's tough because the options at the biggest portion is coming from our grocers is a part of the strategy. As we look back at the combined leasing spread of all of it, it was 16% last quarter. It's 13% now.

至於數學方面，我認為這很困難，因為大部分選擇都來自我們的雜貨店，這是我們策略的一部分。回顧上季所有租賃業務的綜合利差，為 16%。現在是13%。

I think as Bob said, we have strategies to do that. But I do think this is where the complements come in of more neighbors, and other ways, but the new leases was almost 30% over the last 12 months and 21% on renewals over last so the volume of footage is about the same. So you had 25% net growth instead of the 13% net growth adding to your NOI. So it's very strong, but I do think the options are something we try to mitigate but are still part of the portfolio.

我認為正如鮑勃所說，我們有相應的策略來實現這一點。但我認為，鄰居增加和其他方式帶來的益處就體現在這裡，但過去 12 個月的新租約佔 30%，續約佔 21%，因此租房面積大致相同。因此，你的淨成長率為 25%，而不是 13%，這增加了你的淨營業收入。所以它非常強勁，但我認為選擇權是我們試圖減輕其影響的因素，但它們仍然是投資組合的一部分。

Thanks, guys. John, I appreciate that. Can I -- my follow-up question is regarding maybe I get your view on cap rates. I mean, we hear that cap rates for grocery anchors are very low relative to other retail types you've been able to acquire an average 6.7% cap rate. Jeff, what is your view on what's going to happen to grocery-anchored cap rates? Are they going to go up?

謝謝各位。約翰，我很感激。我可以問一下嗎？我的後續問題是關於您對資本化率的看法。我的意思是，我們聽說超市主力店的資本化率相對於其他零售類型來說非常低，平均資本化率只有 6.7%。Jeff，你認為以超市為核心的資本化率將會如何改變？它們會升空嗎？

Or are they going to go down? And then also, what is your appetite for -- if there is such strong institutional appetite maybe doing a larger JV with part of your portfolio to where you benefit from getting management fees, maybe not for your lowest growing assets, but to free up some more capital and to prove to the market that your stock is undervalued?

還是說他們會倒下？此外，您是否有興趣——如果機構投資者有如此強烈的興趣——或許可以與您的部分投資組合成立一家更大的合資企業，從中獲利，獲得管理費，也許不是從增長最慢的資產中獲利，而是為了釋放更多資金，並向市場證明您的股票被低估了？

All right. That -- Floris, you asked like four questions there. So let me start with the supply-demand dynamic right now is -- it's fairly stabilized. So we don't see a major compression in cap rates from where we are right now. It will be by segment. And again, when we generalize about cap rates, it's a brush you're painting with because it really -- as you know, it's a market-by-market event, and you -- it's going to be very different in the Midwest than it's going to be in Florida, and you've got a lot of variety to talk about there.

好的。佛洛里斯，你剛才問了四個問題。首先，讓我談談目前的供需動態——它相當穩定。因此，我們預期資本化率不會比現在大幅下降。它將按段進行。再說一遍，當我們對資本化率進行概括時，就像是用畫筆作畫一樣，因為正如你所知，這是一個因市場而異的現象，中西部的情況與佛羅裡達州的情況截然不同，那裡有很多不同的情況值得討論。

But I mean, I think generally, we would say that the supply-demand dynamic is fairly stabilized. And the amount of product coming on the market is taking care of the increase in demand from some of the primarily institutional players that have sort of come to the market and added additional capital into the market. So that would be our answer on that.

但我的意思是，總的來說，我認為供需動態已經相當穩定。市場上產品的供應量正在滿足主要來自一些機構投資者的需求成長，這些機構投資者已經進入市場並向市場注入了額外的資金。這就是我們對這個問題的回答。

In terms of JVs, I mean, we do have two active JVs that we're growing. We do see that as a way of having growth and getting better returns, as you point out, through the fee structure and owning less of the overall equity. So that is an opportunity. It's not a major part of our business, but it is an opportunity to continue to find places to put the PECO machine to work and create value. And that's what we do.

就合資企業而言，我們目前有兩個正在發展中的活躍合資企業。正如您所指出的，我們認為這是透過收費結構和持有較少的整體股權來實現成長和獲得更好回報的一種方式。所以這是一個機會。雖然這不是我們業務的主要部分，但這是一個讓我們繼續尋找機會，讓 PECO 機器發揮作用並創造價值的機會。這就是我們所做的。

And that -- I think that will continue to be something that we look at -- and we'll look at our disposition program, too, because are there ways to take assets that are slower growth, but that would be -- we'd like to on a long-term basis and maybe take a little less equity in those. So those are all things that we're looking at as opportunities in a market where the values are compressed in our space. So we've got a lot of options, and we'll continue to do so.

我認為這將是我們繼續關注的事情，我們也會審視我們的資產處置計劃，因為是否有辦法收購增長速度較慢但我們希望長期持有的資產，並可能在這些資產中少佔一些股權。所以，在我們所處的領域價值被壓縮的市場中，這些都是我們視為機會的因素。所以我們有很多選擇，而且我們會繼續這樣做。

Hong Zhang, JPMorgan.

張宏，摩根大通。

I guess just a question on funding your acquisition pipeline for next year. You've traditionally funded your acquisitions through with majority debt. I guess what is the thinking around changing that composition to be more with dispositions next year, especially with rates falling where they are? Because correct me if I'm wrong, but once you get more of a spread, if you were to fund your acquisitions on debt currently?

我想問一下關於明年收購專案資金的問題。你們歷來都是透過大量舉債來為收購提供資金。我想知道，考慮到利率目前處於下降趨勢，明年將投資組合的組成調整為更多地包含資產處置的策略，背後的考量是什麼？如果我理解有誤請指正，但一旦利差擴大，如果你目前用債務融資來收購呢？

Well, I'll take the first and then John, you can ask the question. we are always have been and will continue to be focused on keeping a really good balance sheet so that we can take care of -- we can take advantage of opportunities as they arise. that doesn't really change based upon exactly where the rates are. We're really focused on making sure that we have the right capacity.

好的，我先回答第一個問題，然後約翰，你可以問問題。我們一直致力於保持良好的資產負債表，並將繼續這樣做，以便我們能夠抓住機會。這一點並不會因為利率的具體水準而改變。我們非常注重確保我們擁有足夠的產能。

Right now, we have capacity in terms of our target of [5.5%]. But that's going to be used when we have great opportunity. And that's -- we are very protective of our balance sheet. So John, do you want to go on to talk a little bit about dispos and how we can see that?

目前，我們有能力實現我們的目標[5.5%]。但那將在我們擁有絕佳機會時使用。正因如此——我們非常注重保護我們的資產負債表。約翰，你想繼續談談處置方式以及我們如何看待它嗎？

Yeah, Hong, the piece that I would say is that at 5.1 times in the last quarter annualized and a long-term target of 5.5 times. We do think we have capacity there in addition to the $100 million of cash flow that we retain. The other piece I would say is that we believe that on a leverage-neutral basis, we can buy $250 million to $300 million of assets a year. So leading into disposition gets to what Jeff was saying, which is that in a market where we believe there are great acquisition opportunities.

是的，洪，我想說的是，上個季度的年化本益比為 5.1 倍，長期目標是 5.5 倍。除了我們保留的 1 億美元現金流之外，我們認為我們還有這方面的能力。我想補充的另一點是，我們相信，在槓桿中性的基礎上，我們每年可以購買 2.5 億美元至 3 億美元的資產。因此，談到資產處置，就回到了傑夫剛才所說的，那就是在一個我們認為存在巨大收購機會的市場中。

And an opportunity to recycle assets that we have achieved and stabilized the growth plans that we have that that's something we're going to do. So when we talk about the dispositions, it is balanced based on the acquisition opportunity. We have a very solid portfolio and nothing that we're -- that's melting that we're looking to get rid of quickly.

我們還有機會重新利用已獲得的資產，並穩定我們的成長計劃，這是我們將要做的事情。所以當我們談到資產處分時，要根據收購機會來平衡。我們擁有非常穩健的投資組合，沒有任何即將消亡、需要快速拋售的資產。

So we're going to be thoughtful and prudent, but it's ultimately so that we can recycle into better IRRs and that kind of balanced plan.

所以我們會深思熟慮、謹慎行事，但最終目的是為了實現更好的內部報酬率和那種平衡的計畫。

Got it. And then I guess just on thinking about the cap rate on your potential dispositions, I mean you've talked about selling, I guess, stabilized centers. I guess, could you give a general range of what cap rate those centers would trade out to that?

知道了。然後，我想，考慮到你潛在資產處置的資本化率，我的意思是，你談到過出售，我想，是已經穩定的中心。我想問一下，您能否大致估算一下，這些中心換來的交易能帶來多少資本化率？

Yeah, I'll take that one.

好的，我選那個。

Go ahead Bob.

請繼續，鮑伯。

So based on some of the assets that we currently have in the market, we believe that the assets will trade anywhere between a [6.3 and 6.8].

因此，根據我們目前在市場上持有的部分資產，我們認為這些資產的交易價格將在以下區間波動：[6.3 和 6.8]。

Paulina Rojas, Green Street.

保利娜·羅哈斯，格林街。

Good morning. Among your lease position, you have the sale of Point Loomis, which, to my knowledge, included a progress store that recently closed and I understand the buyer is a small grocery operator. And -- so when you consider the sale price of that property, how do you think the store's closure impacted its value, if at all, compared to what it might have been had -- not closed?

早安.在您的租賃業務中，您有 Point Loomis 的出售，據我所知，其中包括一家最近關閉的 Progress 商店，而且據我了解，買家是一家小型雜貨店運營商。那麼——當你考慮到該房產的售價時，你認為商店的關閉對其價值產生了怎樣的影響（如果有影響的話），與它沒有關閉的情況下可能達到的價值相比呢？

Well, Paulina, thank you for the question. Bob, do you want to talk about Point Loomis? That's a great story actually.

保利娜，謝謝你的提問。鮑勃，你想聊聊盧米斯角嗎？這真是一個很棒的故事。

Well, it is a good story. I mean it's an asset that we've owned now for, I believe, around eight years. And we ended up doing some redevelopment in the parking lot and build a little small outparcel development. We had a really nice bank, Chase Bank. We had Kohl's as an anchor and then we had pick-and-save.

嗯，這確實是個好故事。我的意思是，這項資產我們已經擁有大約八年了。最後我們對停車場進行了一些改造，並建造了一個小型獨立地塊開發案。我們之前用的是一家很不錯的銀行，摩根大通銀行。我們以 Kohl's 為主要商戶，然後是 Pick-and-Save 超市。

We knew that pick-and-save was struggling for the last, I would say, five to seven years. So we had worked with them on two year renewals and finally came to a point when they announced that they were going to close to 60 stores that this would be on the list. So it wasn't a surprise.

我們知道，在過去的五到七年裡，Pick-and-Save 超市一直經營困難。因此，我們與他們進行了兩年的續約談判，最終他們宣布將關閉 60 家門市，而我們的門市也將在名單之列。所以這並不令人意外。

The good news is that we did have another grocer lined up who was an owner operated -- operator that purchased it that we've recently closed. So it was time for us to move on from the asset, and we did well with it.

好消息是，我們之前已經找好了另一家雜貨店，這家店是業主自營的，他們收購了我們最近關閉的那家店。所以，是時候放棄這項資產了，而且我們做得很好。

And I think specifically, and Jeff may have a different answer than I do on this. But I think when you lose a grocer like a Kroger, it could certainly impact your cap rate, 100 basis points to 250 basis points.

而且我認為，傑夫可能會對此有不同的看法，這可能與我不同。但我認為，失去像 Kroger 這樣的雜貨店肯定會對你的資本化率產生影響，影響幅度在 100 到 250 個基點之間。

Yeah. The only thing I'd add there, Bob, is once you know that the grocers in trouble, which we've known for seven years, the cap rates already changed. So you're not going to see a 200 basis points change in that cap rate the day that they close, it will have already happened, and that's what happened here. That's -- when we bought the property, we bought it at a cap rate that was very high.

是的。鮑勃，我唯一要補充的是，一旦你知道雜貨店陷入困境（我們已經知道七年了），資本化率就已經改變了。所以你不會在交易完成當天看到資本化率發生 200 個基點的變化，這種情況已經發生了，而這正是這裡發生的事情。也就是說，我們購買這棟房產時，它的資本化率非常高。

And so it was -- we knew we were taking on that risk from the very beginning. And that's how -- why we've made a lot of money on that property, even though it didn't it's not very pretty, but we made a lot of money on it. So that is how we think about it. And that's why you've got to be very -- you got to be thinking really long term because the moment there is a question about the grocer, that's when the cap rate hits.

事實的確如此──從一開始我們就知道自己要承擔這樣的風險。這就是為什麼我們在那處房產上賺了很多錢，儘管它並不漂亮，但我們確實從中賺了很多錢。這就是我們的想法。所以你必須非常——你必須要有長遠的眼光，因為一旦雜貨店出現問題，資本化率就會受到影響。

Yeah, that makes sense. And somehow related a little bit. But regarding the new development that you mentioned, I think I heard an IRR of around -- expected IRR around 10%. And I also believe you mentioned that you plan to sell a portion to the grocer. And so I presume you will focus on small shops mostly in that center. And my question is how much would your IRR defer if you retained ownership of the grocer store rather than selling it to the retailer?

嗯，有道理。兩者之間似乎有點關聯。但關於您提到的新發展，我聽說內部報酬率 (IRR) 大約在 10% 左右。而且我記得你還提到過，你打算將一部分賣給雜貨店。因此，我推測您主要將專注於中心的小商店。我的問題是，如果您保留雜貨店的所有權而不是將其出售給零售商，您的內部收益率 (IRR) 將遞延多少？

All right. So we are going to answer that question, December 17 for you. We can't really answer that. I don't think we really want to answer that right now. It's early. We want to make sure that we're -- But your point is well taken. If we had to grow -- if we kept the grocer, the IRR would be less, but we'll get -- we'll talk more about that in December. Sorry if that's okay.

好的。所以我們將在12月17日為您解答這個問題。我們無法回答這個問題。我覺得我們現在最好不要回答這個問題。現在還早。我們想確保我們——但你的觀點很有道理。如果我們必須擴張——如果我們保留雜貨店，內部收益率會降低，但我們會得到——我們將在 12 月詳細討論這個問題。如果可以的話，我很抱歉。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

All right, thanks for the time. Just curious if the plan for '26 may include moving the acquisition volume or focus more towards that unanchored given presumably higher yields or that's not necessarily the case. And as part of that the unanchored centers that you're interested in buying also had that previously mentioned occupancy upside or that not part of that particular story?

好的，謝謝您抽出時間。我只是好奇，2026 年的計畫是否會包括調整收購規模或更加重視那些收益率可能更高的非錨定資產，或者情況並非如此。而作為其中的一部分，您感興趣收購的那些沒有固定租戶的購物中心，是否也具備先前提到的入住率提升潛力，還是說這並非該特定情況的一部分？

Yeah. Bob, you want to take that one?

是的。鮑勃，你想接那個嗎？

No, that's, yes, that's a great question. And to answer the question, we're going to speak more in December in terms of our guidance next year. But early indications would suggest that we'd be in the same ZIP code of where we are at this year. In terms of the unanchored strategy, we are going to look more aggressively in that category next year.

不，是的，這是一個很好的問題。至於這個問題，我們將在 12 月就明年的業績指引做更多說明。但初步跡象表明，我們今年的處境可能與往年相同。就非錨定策略而言，我們明年將更積極地關注這一領域。

We are already seeing great results from it and better returns. So I can't tell you specifically if we'll buy $100 million or $200 million of the product next year, but we are finding -- there's 65,000 opportunities in the market in that category. And given our operating expertise, we feel like this is something that we can step into. So we'll be highly selective.

我們已經看到了顯著的成效和更高的回報。所以我無法具體告訴你我們明年會購買價值 1 億美元還是 2 億美元的產品，但我們發現——該類別的市場機會有 65,000 個。憑藉我們的營運經驗，我們覺得我們可以勝任這項工作。所以我們會非常挑剔。

We'll be solving for above 10% unlevered returns in the strategy. But again, I just think it's a very solid complement to what we're doing.

我們將在該策略中實現超過 10% 的無槓桿收益率。但我仍然認為，這與我們目前所做的工作是一個非常好的補充。

Okay. And then just the last one for me. G&A went up the guidance there. If you could just provide a little color as to why and how we should think about growth in '26? Is that more in line with inflation? Is there any sort of tech or other type of investment opportunities you're looking at that may to increase is higher relative to history next year?

好的。最後，就剩我一個了。一般及行政費用高於指導價。如果您能簡要說明一下，為什麼以及我們應該如何看待 2026 年的成長？這比較符合通貨膨脹的規律嗎？您是否正在關注任何科技或其他類型的投資機會，這些機會明年可能會比歷史水平更高？

John, you want to take that?

約翰，你想拿那個嗎？

Sure. It's primarily related to performance-based incentive compensation. Ultimately, last year, our growth was lower, and therefore, we have an environment that we incentivized for results and so you're seeing improvement in that as well as investments, as we talked about in technology and resources that are going to allow us to scale as we look forward.

當然。這主要與績效激勵薪酬有關。最終，去年我們的成長速度較慢，因此，我們創造了一種激勵業績的環境，所以你會看到這方面有所改善，以及我們在技術和資源方面的投資，正如我們之前談到的，這將使我們能夠在未來擴大規模。

So when I think about going forward, I would think we would be in this range here. I still think that we are quite efficient when we look at it on a variety of metrics. But the key piece for us is going to be driving that mid- to high single-digit FFO per share growth going forward.

所以展望未來，我認為我們會在這個範圍內。從各種指標來看，我仍然認為我們的效率相當高。但對我們來說，關鍵在於如何推動未來每股FFO實現中高個位數的成長。

Richard Hightower, Barclays.

理查德·海托沃，巴克萊銀行。

Hey, good afternoon, guys. Thanks for squeezing me, and I think just one for me, but maybe to put a different twist on Juan's question. You guys have mentioned it a couple of times on the call. So it strikes me is something that's fair game. But when you acquire assets with fairly significant occupancy upside, does that represent sort of a material component to the long-term 3% to 4% same-store NOI target?

嘿，各位下午好。謝謝你催我，我想我只需要一個，但也許可以換個角度回答胡安的問題。你們在電話會議上已經提到好幾次了。所以我覺得這是可以公平對待的事情。但是，當你收購的資產具有相當大的入住率提升空間時，這是否對長期 3% 至 4% 的同店淨營業收入目標構成實質影響？

And then just so I understand it, is there any sort of qualitative element about the asset, in particular, or even in general, where you have sort of low occupancy going in. Is there anything to read into the quality of the assets or the location, when that circumstance occurs? Thanks.

那麼，為了確保我理解正確，該資產是否存在某種定性因素，特別是入住率較低這種情況？當這種情況出現時，是否能從中看出資產品質或地理位置方面有什麼端倪？謝謝。

I don't know, Bob, do you want to take the sort of the qualitative part. And then, John, maybe you can talk about the impact of the lease-up.

鮑勃，我不知道，你想不想做定性分析那部分？然後，約翰，或許你可以談談租賃的影響。

Yeah, I definitely believe that the strategy is to find assets. And if you look at what we've acquired the [8] so far, we've been anywhere from 82% occupied to about 100%. And -- so it's all over the map. But there's so much criteria that goes in the decision based on our 30 years of experience and then the growth in the market and the criteria around foot traffic, configuration and upside.

是的，我絕對相信策略就是尋找資產。如果你看看我們迄今為止獲得的[8]，入住率在82%到100%之間。所以——情況五花八門。但是，在做出決定時，需要考慮許多因素，包括我們 30 年的經驗、市場成長以及人流、佈局和發展潛力等因素。

So we certainly right now, we're at like a 6.7%, 6.8% cap rate on what we've acquired, and we're in the mid-10s on the unlevered return. And certainly, our average around 92% occupied on a blended basis will help us get to those returns.

所以目前，我們收購的資產資本化率大約是 6.7% 到 6.8%，而未槓桿回報率則在 10% 左右。當然，我們平均約 92% 的混合入住率將有助於我們獲得這些回報。

I wouldn't say that there's any quality creep or actually the markets that we've acquired in have stronger demographics our core portfolio. So we are staying very disciplined in terms of what we're buying, and we feel really good about it.

我不會說有任何品質爬坡，或者說我們收購的市場實際上擁有比我們核心投資組合更強大的人口結構。所以我們對採購內容保持著非常自律的態度，我們對此感到非常滿意。

I think as we get to the NOI growth, one of the pieces that I would highlight is a lot of times that asset class doesn't have the exclusives or option restrictions that some of the larger ones do. But ultimately, as we look to our forward NOI growth, that I think this gets a little bit to why we don't often try to talk about cap rates and we're IRR buyers because there's a direct tie between the going in cap rate and ultimately, where what the growth in that asset is.

我認為，在談到淨營業收入成長時，我想強調的一點是，很多時候這類資產類別不像一些大型資產類別那樣有排他性或選擇權限制。但最終，當我們展望未來的淨營業收入成長時，我認為這在某種程度上解釋了為什麼我們很少談論資本化率，而是更傾向於內部收益率，因為初始資本化率與該資產最終的成長之間存在直接聯繫。

And I think the other piece that I would say from a quality standpoint is true on all the assets that we acquired, where we're looking at inefficiencies in the market, ultimately for under-managed assets we're an experienced operator with the capital to invest in the asset and the platform that has the leasing expertise and the legal expertise to really maximize the value there, that is what is really driving the IRR growth that we have.

我認為從品質角度來看，我們收購的所有資產都存在著一個共同點：我們關注的是市場效率低下的問題。對於管理不善的資產，我們作為經驗豐富的營運商，擁有投資資產的資金，以及租賃和法律方面的專業知識，能夠真正最大限度地提高資產價值，這才是我們內部收益率成長的真正驅動力。

And so I think these are those in all of the grocery-anchored assets that we acquire are really just kind of pushing through that PECO way of delivering on the growth, and that's where we excel.

所以我認為，我們收購的所有以超市為核心的資產，實際上都是以 PECO 的方式推動成長，而這正是我們擅長的領域。

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

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，請他作總結發言。

Thank you, operator. So in closing, the PECO team continued our solid performance in the third quarter, and we're pleased to increase our full year 2025 earnings guidance for Nareit FFO and core FFO per share. Because of our grocery-anchored neighborhood shopping center format and our unique competitive advantages, we believe PECO is able to deliver mid- to high single-digit core FFO per share growth annually on a long-term basis.

謝謝接線生。綜上所述，PECO 團隊在第三季度繼續保持了穩健的業績，我們很高興提高 Nareit FFO 和核心 FFO 每股收益的 2025 年全年盈利預期。由於我們以超市為主力的社區購物中心模式以及我們獨特的競爭優勢，我們相信 PECO 能夠長期實現每年中高個位數的核心 FFO 每股成長。

The PECO team remains focused on delivering on this expectation and driving value at the property level. 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.

PECO 團隊將繼續專注於實現這一預期，並在物業層面創造價值。鑑於我們在各個週期中取得的良好業績，我們相信投資 PECO 能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的良好平衡。

In summary, we believe the quality of our cash flows reduces our beta and the strength of our growth increases our alpha. Less beta, more alpha. On behalf of the management team, I'd like to thank our shareholders, PECO associates and our neighbors for their continued support.

總而言之，我們認為現金流的品質降低了我們的貝塔係數，而成長的強勁勢頭提高了我們的阿爾法係數。減少β值，增加α值。我謹代表管理團隊，感謝各位股東、PECO員工以及鄰居一直以來的支持。

Thank you all for your time today. Have a great weekend.

感謝各位今天抽出時間。祝你周末愉快。

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了。