Regency Centers Corp (REG) 2025 Q1 法說會逐字稿

Greetings, and welcome to Regency Centers Corporation first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Regency Centers Corporation 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to your host, Christy McElroy. Thank you. You may begin.

現在我想將電話轉給主持人克里斯蒂·麥克埃羅伊 (Christy McElroy)。謝謝。你可以開始了。

Good morning, and welcome to Regency Centers' first-quarter 2025 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer; Mike Mas, Chief Financial Officer; Alan Roth, East Region President and Chief Operating Officer; and Nick Wibbenmeyer, West Region President and Chief Investment Officer.

早安，歡迎參加 Regency Centers 2025 年第一季財報電話會議。今天與我一起出席的還有總裁兼首席執行官麗莎·帕爾默 (Lisa Palmer)、首席財務官邁克·馬斯 (Mike Mas)、東部地區總裁兼首席營運官艾倫·羅斯 (Alan Roth) 和西部地區總裁兼首席投資官尼克·威本邁耶 (Nick Wibbenmeyer)。

As a reminder, today's discussion may contain forward-looking statements about the company's views of future business and financial performance include 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. Possible that actual results may differ materially from those suggested by these forward-looking statements we may make. Factors and risks that could cause actual results to differ materially from these statements may be included in our presentation today and are described in more detail in our filings with the SEC, specifically in our most recent Form 10-K and 10-Q filings.

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，並受各種風險和不確定性的影響。實際結果可能與我們所做的前瞻性陳述所暗示的結果有重大差異。我們今天的簡報中可能包含可能導致實際結果與這些聲明有重大差異的因素和風險，這些因素和風險在我們向美國證券交易委員會提交的文件中進行了更詳細的描述，特別是在我們最近的 10-K 和 10-Q 表格文件中。

In our discussion today, we will also reference certain non-GAAP financial measures. The comparable GAAP financial measures are included in this quarter's earnings materials, which are posted on our Investor Relations website. Please note that we have also posted a presentation on our website with additional information, including disclosures related to forward earnings guidance. Our caution on forward-looking statements also applies to these presentation materials. As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one and then rejoin the queue with any additional questions.

在今天的討論中，我們也將參考某些非公認會計準則財務指標。可比較的 GAAP 財務指標包含在本季度的收益資料中，該資料發佈在我們的投資者關係網站上。請注意，我們還在我們的網站上發布了一份演示文稿，其中包含更多信息，包括與預期盈利指引相關的披露。我們對前瞻性陳述的謹慎也適用於這些簡報資料。提醒一下，考慮到今天參加電話會議的人數，我們恭敬地請求您將問題限制為一個，然後重新加入隊列並提出其他問題。

Lisa?

麗莎？

Thank you, Christy. Good morning, everyone. We are pleased with another quarter of outstanding results highlighted by strong same-property NOI growth and earnings growth. Our results are reflective of continued robust operating fundamentals within our trade areas and at our shopping centers simplified by the commencement of leases within our SNO pipeline and accretion from investments, including our ground-up development, redevelopment and acquisitions. Positive trends in activity continued into April in a few weeks have indicated no impact on sales or shifts in consumer behavior.

謝謝你，克里斯蒂。大家早安。我們對又一個季度的出色業績感到滿意，其中同物業淨營業收入和盈利增長強勁。我們的業績反映了我們的貿易區和購物中心持續強勁的營運基本面，這得益於我們 SNO 管道內的租賃開始以及投資的成長，包括我們從頭開始的開發、再開發和收購。4 月的幾週內，經濟活動的正面趨勢持續存在，顯示對銷售或消費者行為的轉變沒有影響。

Within our portfolio, we've seen growth in foot traffic accelerate in April from Q1 levels. And for the remainder of the year, our lease commencement plans are largely committed, supported by a strong pipeline of leases already executed and awaiting rent commencement, and our lease negotiation pipeline remains full. Our tenants are healthy and continue to look long term, planning for space needs years ahead of time amid a scarcity of high-quality available space. In addition, external growth remains visible largely driven by in-process development and redevelopment projects coming online. Additional acquisitions in 2025 would be opportunistic and additive to our plan.

在我們的投資組合中，我們看到 4 月份客流量的成長速度較第一季加快。在今年剩餘時間內，我們的租賃開始計劃已基本完成，並得到大量已執行、等待租金開始的租賃的支持，我們的租賃談判管道仍然很暢通。我們的租戶狀況良好，並持續著眼於長遠發展，在高品質可用空間稀缺的情況下，提前數年規劃空間需求。此外，外部成長依然明顯，這主要得益於正在進行的開發和再開發專案的上線。2025 年的額外收購將為我們的計劃帶來機會和補充。

As we look longer term, I'll highlight the competitive advantages that make Regency unique across the REIT sector peers and why we believe we are positioned to outperform across cycles. Our grocery-anchored neighborhood and community centers serve the essential nondiscretionary needs of our shoppers within a format that caters to service, convenience and value in which we operate are supported by strong demographics with above-average income and employment, while the retailers within our centers are predominantly in the top tiers of performance across their chains. As a result, our tenant bases on the whole more insulated from the impacts of potential inflation and volatility in the macro backdrop. We are also in a great position growing opportunistically supported by our substantial liquidity and access to low-cost capital.

從長遠來看，我將重點介紹 Regency 在房地產投資信託基金 (REIT) 同行中獨樹一幟的競爭優勢，以及我們為何相信自己能夠在各個週期中表現出色。我們的以雜貨店為主的鄰里和社區中心以迎合服務、便利和價值的形式滿足購物者的基本非必需品需求，我們的營運受到高於平均水平的收入和就業人口的支持，而我們中心內的零售商大多在其連鎖店中處於業績的頂級水平。因此，我們的租戶群體總體上能夠更好地抵禦宏觀背景下潛在通膨和波動的影響。憑藉著雄厚的流動性和低成本資本的獲取，我們仍處於有利地位，可以抓住機會實現成長。

In closing, we acknowledge the elevated volatility and macro uncertainty in the economy today. But importantly, we continue to feel good about how Regency is positioned as we are built to thrive across changing economic cycles. We hold our long-term playbook and strategic objectives firm, maintaining our focus on driving growth, and we remain confident in our competitive edge with the unique combination of our strategic advantages.

最後，我們承認當今經濟的波動性和宏觀不確定性加劇。但重要的是，我們繼續對 Regency 的定位感到滿意，因為我們的目標是在不斷變化的經濟週期中蓬勃發展。我們堅定地堅持我們的長期策略和目標，繼續專注於推動成長，並且憑藉我們獨特的策略優勢組合，我們對自己的競爭優勢充滿信心。

Alan?

艾倫？

Thank you, Lisa, and good morning, everyone. Our first-quarter results were again marked by solid leasing activity and continued success growing NOI and particularly base rent. We made significant progress delivering on as well as further building our leasing pipelines with strong demand from various tenant categories, including grocers, restaurants, health and wellness and off-price retailers. Activity in the quarter was led by continued strength in shop leasing, where we were able to drive another 10 basis points of growth in leased occupancy on top of our 60-basis-point increase last year.

謝謝你，麗莎，大家早安。我們第一季的業績再次以穩健的租賃活動和持續成功的淨利潤增長以及特別是基本租金為標誌。我們在交付和進一步建造租賃管道方面取得了重大進展，來自雜貨店、餐廳、健康和保健以及折扣零售商等各類租戶的需求強勁。本季的活動由商店租賃的持續強勁推動，我們在去年 60 個基點的成長基礎上，再次推動租賃入住率成長 10 個基點。

Notably, our same property metrics now include the former Urstadt Biddle Properties which entered the pool this year. We also made meaningful progress commencing new leases, representing approximately $10 million of ABR while driving the same property percent commenced rate up another 20 basis points in the quarter. While we've been actively rent commencing preleased space, the value of our SNO pipeline is up to $46 million of incremental base rent as we continue to replenish the pipeline with newly signed leases, providing further support for future commenced occupancy.

值得注意的是，我們相同的房地產指標現在包括今年進入該池的前 Urstadt Biddle Properties。我們在開始新租約方面也取得了重大進展，相當於約 1000 萬美元的 ABR，同時推動同一物業的開工率在本季度再上升 20 個基點。雖然我們一直在積極租賃已開始預租的空間，但隨著我們繼續用新簽署的租約補充管道，我們的 SNO 管道價值高達 4600 萬美元的增量基本租金，為未來開始入住提供進一步支持。

Cash rent spreads were 8% in Q1, while GAAP rent spreads were nearly 19%, positively impacted by achieving higher average embedded rent steps in our executed leases given a greater mix of shop space in the quarter. I am proud of our team delivering these exceptional operating results reflected in same-property NOI growth of 4.3%, primarily driven by growth in base rent. As Lisa mentioned, we acknowledge the macro uncertainty, but as we've moved through April, our leasing activity, foot traffic and rent collection trends within our portfolio remain favorable. We are well positioned due to the quality and location of our assets, durability of occupancy within our neighborhood and community center format, manageable exposure to watch list retailers and a strong cost profile, including top-performing grocers.

第一季現金租金利差為 8%，而 GAAP 租金利差接近 19%，這受到本季度店鋪空間組合增加導致我們執行的租約中平均嵌入式租金步幅增加的正面影響。我為我們的團隊所取得的卓越經營績效感到自豪，這體現在同物業淨營業利潤成長 4.3%，這主要得益於基本租金的成長。正如麗莎所提到的，我們承認宏觀不確定性，但隨著四月的到來，我們投資組合中的租賃活動、客流量和租金收取趨勢仍然保持良好。由於我們的資產品質和位置、鄰里和社區中心形式的佔用持久性、可控的關註名單零售商曝光度以及強大的成本狀況（包括表現最佳的雜貨店），我們處於有利地位。

Nick?

缺口？

Thank you, Alan, and good morning, everyone. We had another active quarter of accretive investment activity, including closing on a large high-quality acquisition, continued successful execution of our in-process development projects on time and on budget and further progress sourcing new projects to drive growth in our future pipeline. During the quarter, we acquired Brentwood Place in Brentwood, Tennessee, one of the most desirable submarkets in Nashville. Whittwood Place is a 320,000 square foot community center with best-in-class retailers including national anchors that performed well above their chain averages. Furthermore, the future mark-to-market leasing opportunities give us clear visibility to significant growth in coming years at this shopping center.

謝謝你，艾倫，大家早安。我們又經歷了一個活躍的增值投資活動季度，包括完成一項大型高品質收購、繼續按時按預算成功執行我們正在進行的開發項目，以及進一步尋找新項目以推動我們未來管道的成長。本季度，我們收購了田納西州布倫特伍德的布倫特伍德廣場 (Brentwood Place)，這是納許維爾最受歡迎的次市場之一。Whittwood Place 是一個佔地 320,000 平方英尺的社區中心，擁有一流的零售商，其中包括業績遠高於連鎖店平均水平的全國性主力店。此外，未來以市價計價的租賃機會讓我們清楚地看到未來幾年該購物中心的顯著增長。

Additionally, we have a high-quality grocery-anchored shopping center under contract within our joint venture platform located in the Northeast. We expect to close in the second quarter and look forward to sharing more details at a later time. Pivoting to development. I'm really proud of our team's execution on our $500 million of in-process development and redevelopment projects. Leasing activity remains strong, and we are managing costs in line with our underwriting.

此外，我們在東北地區的合資平台內也簽訂了以食品雜貨為主的高品質購物中心的合約。我們預計將在第二季完成，並期待稍後分享更多細節。轉向發展。我對我們團隊在價值 5 億美元的在建開發和再開發項目中的出色表現感到非常自豪。租賃活動依然強勁，我們正在根據承保情況管理成本。

Ground-up development remains a key component of our strategy and a unique differentiator for Regency, especially in an environment with limited new retail supply and capital constraints for other developers.

從頭開始的開發仍然是我們策略的關鍵組成部分，也是 Regency 的獨特差異化因素，尤其是在新零售供應有限且其他開發商資本受限的環境下。

We believe our development platform, combined with accretive redevelopments within our existing portfolio continues to be the best use of our levered free cash flow with blended returns exceeding 9%. The vast majority of our projects involve partnering with leading grocers where we continue to see significant demand for space as they further expand their footprints and reach. Our team remains highly engaged sourcing and underwriting investment opportunities and we continue to have confidence in maintaining an annual planned pace of $250 million of project starts.

我們相信，我們的開發平台與現有投資組合內的增值再開發相結合，將繼續最大限度地利用我們的槓桿自由現金流，混合回報率將超過 9%。我們的絕大多數項目都涉及與領先的雜貨店合作，隨著他們進一步擴大其足跡和影響力，我們繼續看到對空間的巨大需求。我們的團隊仍然高度致力於尋找和承保投資機會，我們繼續有信心保持每年 2.5 億美元的專案啟動計劃速度。

Mike?

麥克風？

Good morning, everyone. Pilingon the comments from Lisa, Alan and Nick, we are certainly gratified with our strong first quarter results, evidenced across our same-property NOI for operating earnings and NAREIT FFO metrics. This is a testament of our team's ability to drive both occupancy and rent growth within our portfolio, amplified by astute capital allocation, including execution within our value-add development and redevelopment platform in addition to sourcing accretive acquisitions. We are reaffirming our 2025 earnings outlook, which implies growth in NAREIT FFO of nearly 6% and growth in same-property NOI of 3.6% each of the midpoint of our guidance ranges.

大家早安。結合 Lisa、Alan 和 Nick 的評論，我們對第一季的強勁業績感到非常滿意，這從我們的同物業 NOI 營業利潤和 NAREIT FFO 指標中可以看出。這證明了我們團隊有能力推動我們投資組合中的入住率和租金成長，並透過精明的資本配置實現放大，包括在我們的增值開發和再開發平台內的執行以及尋找增值收購。我們重申 2025 年獲利前景，這意味著 NAREIT FFO 成長近 6%，同類物業 NOI 成長 3.6%，均為我們指引範圍的中點。

This includes maintaining our credit loss guidance of 75 to 100 basis points, which combines the expected impact of both uncollectible lease income and lost revenues from bankruptcy-related moveouts. One item to point out within same-property NOI growth, we do expect a modestly elevated growth rate in the second quarter driven primarily by the timing of percentage rent and other income. These items will not affect base rent growth, which we expect to remain fairly consistent quarter-to-quarter. As a reminder, core operating earnings accretion from our Q1 acquisition of Brentwood Place was previously included within guidance. This quarter and with the closing behind us, you'll see within the guidance slides of our earnings presentation that we made a few adjustments for noncash items related to the below-market leases and below-market debt associated with that acquisition which were a wash for NAREIT FFO.

這包括維持 75 至 100 個基點的信用損失指導，該指導結合了無法收回的租賃收入和破產相關搬遷造成的收入損失的預期影響。需要指出的是，在同店淨營業收入成長方面，我們確實預期第二季成長率將略有上升，這主要受百分比租金和其他收入時機的推動。這些項目不會影響基本租金的成長，我們預計基本租金的成長將保持相當穩定的季度變化。提醒一下，我們在第一季度收購 Brentwood Place 帶來的核心營業利潤成長之前已包含在指引內。本季度以及收盤之後，您將在我們的收益報告的指導幻燈片中看到，我們對與低於市場租賃和低於市場債務相關的非現金項目進行了一些調整，這些調整與該收購有關，對 NAREIT FFO 產生了影響。

These small tweaks comprise the only changes to our earnings outlook for 2025.

這些小的調整是我們對 2025 年獲利前景的唯一變化。

Moving to the balance sheet. In February, S&P upgraded Regency's credit rating to A- as follows our upgrade to an A3 rating by Moody's approximately one year ago. We now hold the only A credit ratings from either Moody's or from S&P in the shopping center REIT sector. We are extremely proud of this accomplishment and the validation from the agencies, reflecting the strength of our business and appreciation for our balance sheet strategy. Our balance sheet strength and liquidity remain key advantages with leverage well within our target range of 5 to 5.5 times, strong annual free cash flow generation and plentiful availability on our credit facility.

轉到資產負債表。今年 2 月，標準普爾將 Regency 的信用評級上調至 A-，而大約一年前穆迪將我們的評級上調至 A3。目前，我們是購物中心房地產投資信託領域唯一獲得穆迪或標準普爾 A 級信用評級的公司。我們對這項成就和機構的認可感到非常自豪，這反映了我們業務的實力和對我們資產負債表策略的讚賞。我們的資產負債表實力和流動性仍然是關鍵優勢，槓桿率遠低於我們的目標範圍 5 至 5.5 倍，年度自由現金流產生強勁，信貸額度充足。

From this position of strength, we will remain opportunistic, investing accretively, and driving earnings growth and shareholder value over the long term and through economic cycles.

憑藉這一優勢，我們將繼續把握機遇，進行增值投資，並在長期和整個經濟週期中推動獲利成長和股東價值。

With that, we look forward to your questions.

我們期待您的提問。

(Operator Instructions) Michael Goldsmith, UBS.

（操作員指示）瑞銀集團 (UBS) 的 Michael Goldsmith。

The questions on the watchlist and bad debt. Clearly, the market is concerned about the impact of tariffs and the potential pressure consumers that may follow up from that. So as you're looking at your tenant base, have you made any changes to the watchlist or has there been anything noticeable from your perspective in terms of accounts receivable or in a small shop? Are you expecting anything? And with that, can you remind us of your Rite Aid exposure?

關於關註名單和壞帳的問題。顯然，市場擔心關稅的影響以及由此可能給消費者帶來的潛在壓力。那麼，當您查看租戶基礎時，您是否對關註名單做過任何更改，或者從您的角度來看，在應收賬款或小商店方面是否有任何值得注意的改變？你期待什麼嗎？那麼，您能回顧一下您在 Rite Aid 的經歷嗎？

This is Alan. That was a loaded -- a lot of questions in there. So let me see if I can unpack you one at a time. So from the watchlist perspective, we are constantly evaluating and updating that watchlist. But from an exposure perspective, it stays consistent with where it has been in the past. And so we feel really good about how we are proactively approaching our watchlist tenants.

這是艾倫。這裡面有很多問題。那麼，讓我看看能否逐一解答您的疑問。因此，從監視清單的角度來看，我們正在不斷評估和更新該監視清單。但從曝光角度來看，它與過去的情況保持一致。因此，我們對於如何積極主動地與關註名單上的租戶接觸感到非常滿意。

From a Rite Aid exposure, we have 30 basis points of ABR that is out there. And again, the team is not just from a Rite Aid perspective, but the totality of the watch list standpoint, we are aggressively out in front of proactively what we call leasing occupied space where appropriate. And from an AR perspective, I would just tell you it remains below historic levels. And I think that addressed your questions, Michael.

從 Rite Aid 的曝光來看，我們有 30 個基點的 ABR。再說一次，團隊不僅僅是從 Rite Aid 的角度，而是從整個觀察名單的角度，我們積極主動地在適當的情況下租賃佔用空間。從 AR 的角度來看，我只想告訴你它仍然低於歷史水平。我想這回答了你的問題，麥可。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

I guess, Lisa, just maybe expanding on your opening remarks there maybe post sort of April to talk about kind of how leasing discussions have been going, how activity has been trending? I mean, even for your existing tenants, right? I mean, they're certainly going to -- I mean, if this tariff situation doesn't get resolved to a certain degree, the more this lingers, how are you sort of approaching these conversations given the higher cost that they'll have to incur?

我想，麗莎，也許可以擴展一下你的開場白，也許在四月份之後，談談租賃討論的進展情況，以及活動的趨勢如何？我的意思是，即使對於您現有的租戶也是如此，對嗎？我的意思是，他們肯定會——我的意思是，如果關稅問題得不到一定程度的解決，這個問題拖得越久，考慮到他們將要承擔的成本越高，您將如何處理這些對話？

I'll start, but I think it might be best to have Alan address the specific conversations with tenants. I will again just reiterate that -- and you've said this in your question, the kind of reality, the scale, the impact from tariffs is so unknown right now and uncertain. And we acknowledge that of speaking -- many of you know Hap but speakingwith Hap earlier this week. And like our eyes are wide open and do not want anyone to think that they're not. But I want to remind you and just to reiterate what I did say in my prepared remarks, and that is our sector, our product type, we really do cater to essential nondiscretionary service, convenience, value that's the product that our centers offer to our shoppers.

我先開始，但我認為最好讓艾倫來處理與租戶的具體對話。我再一次重申這一點——正如你在問題中提到的那樣，關稅的現實性、規模和影響目前都是未知且不確定的。我們承認，你們中的許多人都認識 Hap，但本週早些時候我們與 Hap 進行了交談。就像我們睜大眼睛一樣，不想讓任何人認為他們不是。但我想提醒您，並重申我在準備好的發言中所說的話，那就是我們的行業，我們的產品類型，我們確實提供必要的非自由支配服務、便利和價值，這是我們的中心為購物者提供的產品。

And we are not immune, and we know we're not immune, but we are much more resistant as a result of that and able to kind of absorb economic uncertainty and cycles. Recession is what would impact us is when people lose their jobs and when there's a lack of -- and they don't have income coming in when they really cut back on spending. But again, remind you of the trade areas in which we operate much more well positioned to absorb those pressures. So if you think historically, because I've been at the company for quite some time now, have lived through different cycles. There were really two major economic downturns that impacted us.

我們並不能倖免，我們也知道我們不能倖免，但因此我們的抵抗力更強，能夠吸收經濟的不確定性和週期。經濟衰退會對我們造成影響，當人們失去工作，當人們缺乏收入時，當他們真正削減開支時，他們就沒有收入來源。但再次提醒大家，我們經營的貿易領域更有能力吸收這些壓力。所以如果你從歷史角度思考，因為我已經在公司工作了很長一段時間，經歷過不同的週期。確實有兩次重大的經濟衰退對我們產生了影響。

And I'll say they only impacted us by 200 to 250 basis points of occupancy, and they were severe. And that was the GFC and COVID. I don't have a crystal ball. I have no idea where we're going. I'd be surprised if we have something that severe.

我想說的是，這些影響只對我們入住率造成了 200 到 250 個基點的影響，而且影響非常嚴重。這就是全球金融危機和新冠疫情。我沒有水晶球。我不知道我們要去哪裡。如果我們遇到如此嚴重的事情我會感到驚訝。

So I feel really good about the strength and quality of our tenant base. As you just heard Alan say about ARs, they're healthy. The quality of our tenants, they're able to navigate and get through challenges and also, again, emphasizing service convenience value essential goods. So no, we're not immune, but I feel really good about how well positioned we are to perform through and even outperform and thrive in economic downturns.

因此，我對我們的租戶基礎的實力和品質感到非常滿意。正如您剛才聽到艾倫談到 AR 時所說，它們是健康的。我們的租戶素質很高，他們能夠應對和克服挑戰，並且再次強調服務便利性和價值必需品。所以，我們並非免疫，但我對我們在經濟低迷時期表現良好、甚至超越和繁榮的狀況感到非常滿意。

Samir, I thought that was such a well-articulated answer. I'm not going to add anything.

薩米爾，我認為這是一個非常清晰的答案。我不會添加任何東西。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Lisa, I appreciate the comments that you just made and kind of in that being with pretty decent conviction here that you guys are a little bit more immune at least in the near term. You guys talked also about the balance sheet capacity, and you've been opportunistic. You bought the Nashville asset. Just kind of how are you thinking about keeping powder dry until things maybe we get better visibility on what ultimately plays out from a tariffperspective versus looking at opportunity today and how much you would want to kind of put to work if you think that maybe this is less of an issue and there's some dislocation in the market and you can find some opportunities.

麗莎，我很欣賞你剛才所發表的評論，我確信你們至少在短期內會更有免疫力。你們也談到了資產負債表容量，並且你們一直抓住機會。您購買了納許維爾資產。只是您如何考慮保持冷靜，直到事情最終從關稅角度得到更好的了解，而不是從今天的機會來看，如果您認為這可能不是什麼大問題，市場上存在一些混亂，您可以找到一些機會，您會願意投入多少精力。

Appreciate the question. And I also appreciate the recognition of the strength of the balance sheet. And strategically, it is not by accident that we're the only A-rated company in the sector. We intentionally keep balance sheet capacity so that we can play offense again through all cycles and so that we can take advantage of and capitalize on opportunities. Our best use of our free cash flow, and we've said this often is our development program today, and that's because it gives us the best return on our invested capital, and that will continue to be the case.

感謝你的提問。我也很欣賞對資產負債表實力的認同。從戰略上講，我們是該行業唯一一家 A 級公司並非偶然。我們有意保持資產負債表容量，以便我們能夠在所有周期中再次發動進攻，並能夠利用和把握機會。我們對自由現金流的最佳利用，我們經常說這是我們今天的發展計劃，這是因為它為我們的投資資本帶來了最好的回報，而且這種情況將繼續下去。

So we will always evaluate opportunities as they're presented to us. And if it's compelling enough, which gets to your question about using it now versus saving it, we'll know if it's compelling. And if it's compelling, we'll act, and we have the capacity to act. And so again, in my prepared remarks, I made the comment about the playbook and our objectives remain firm, and that's the case, and we will continue to operate that way.

因此，當機會出現在我們面前時，我們總是會對其進行評估。如果它夠引人注目，也就是你關於現在使用它還是保存它的問題，我們就會知道它是否引人注目。如果有必要，我們就會採取行動，而且我們有能力採取行動。因此，在我準備好的發言中，我再次談到了劇本，我們的目標仍然堅定，事實也是如此，我們將繼續以這種方式運作。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

I just wanted to dig in a little bit and follow up on Samir question. Just curious, has there been any change at all in the time line to get lease deals done, whether you're seeing any slowdown at all in the decision-making process or whether there's any pushback at all on new lease deal conversations through escalators or move-in rents given what might be a little bit more of an uncertain outlook for tenants trying to budget sales at a new location?

我只是想深入一點並跟進 Samir 的問題。只是好奇，完成租賃交易的時間線是否有任何變化，您是否看到決策過程有任何放緩，或者是否有任何阻力通過自動扶梯或入住租金進行新的租賃交易談判，因為對於試圖在新地點預算銷售的租戶來說，前景可能會更加不確定？

So we always closely monitor lease activity, foot traffic, collections, pipeline and quality of the pipeline and simply put, as we look at April post-quarter close, we're simply just not seeing any translation from this volatility in our April results. Activity was really solid in April. In fact, 2025 new activity exceeded the April '24 new activity. Foot traffic for the first three weeks was up 7% year-over-year. As I mentioned in Michael's question, AR remains well below our historical averages.

因此，我們始終密切監控租賃活動、客流量、收藏品、管道和管道質量，簡而言之，當我們回顧 4 月份季度結束後的情況時，我們根本沒有看到 4 月份業績因這種波動而出現任何變化。四月份的活動確實很活躍。事實上，2025 年的新活動超過了 24 年 4 月的新活動。前三週的客流量年增了 7%。正如我在邁克爾的問題中提到的那樣，AR 仍然遠低於我們的歷史平均水平。

And our pipeline still remains strong with quality operators. We're going to continue to stand tall as Lisa said, with our eyes wide open and our antenna up, but April was another really good month for us, and nothing has transitioned.

我們的管道仍然擁有強大的優質運營商。正如麗莎所說，我們將繼續昂首挺胸，睜大眼睛，豎起天線，但四月對我們來說又是一個非常好的月份，一切都沒有改變。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

Just on the construction side, development side, if you will. Just any sort of quick early indications of how much construction costs are up. And how are you guys thinking about sort of the evolution of the yields that you're targeting sort of in this post tariff environment?

如果你願意的話，就只談建設方面、開發方面。這只是任何一種快速早期跡象，表明建築成本上漲了多少。你們如何看待後關稅環境下你們所瞄準的收益率的演變？

This is Nick. So yes, we're obviously very closely monitoring construction costs. And as you go all can appreciate, the last four or five years have been a challenging time to do that for a host of reasons. And so with the new volatility our team is digging in as they always do, to really make sure we understand every line item. And as you can see in our in process, the team continued to do an amazing job.

這是尼克。所以是的，我們顯然正在密切監控建築成本。正如大家所理解的，過去四五年由於多種原因而成為充滿挑戰的時期。因此，面對新的波動，我們的團隊像往常一樣深入挖掘，以確保我們真正了解每項內容。正如您在我們的過程中所看到的，團隊繼續做出出色的工作。

We really do de-risk these projects significantly before we even start construction. So our in process continue to perform really, really well. And then as we look forward to our projects that have not yet started construction, same thing the team is digging in and yes, these proposed tariffs could impact some of those line items without a doubt.

在開始施工之前，我們確實大大降低了這些項目的風險。因此，我們的進展繼續表現得非常非常好。然後，當我們期待尚未開始建造的項目時，團隊正在深入研究同樣的事情，是的，這些擬議的關稅無疑可能會影響其中的一些項目。

The good news is though other line items, we have seen some pullback in cost. Steel prices are down year-over-year. Crude prices are down year-over-year. And so net-net, we still feel really good that we can deliver the projects that are in our pipeline at a budget and a return that we think is appropriate. And to your question on return, you can see where we have our eyesight.

好消息是，儘管其他項目的成本有所回落。鋼材價格較去年同期下降。原油價格年減。因此，總體而言，我們仍然感到非常高興，因為我們能夠以我們認為合適的預算和回報完成我們正在進行的專案。至於您提出的回歸問題，您可以看到我們的視野在哪裡。

As we've always articulated our development program, we want a spread above what we think those assets are worth post being built. And so we're looking at a 150 basis point spread, and we continue to achieve that and then some. And so feel really good about in process and feel really comfortable with what we have planned to start as we move forward this year next.

正如我們一直闡明的我們的開發計劃一樣，我們希望這些資產的收益能夠高於建成後的價值。因此，我們正在考慮 150 個基點的利差，並且我們會繼續實現這一目標，然後再實現一些。因此，我們對目前的進展感到非常滿意，並且對我們計劃在今年下半年開始的工作感到非常滿意。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just hoping you could talk a little bit about the transactions market, how higher trends have changed. Are there more or less players looking to acquire in the space? And kind of where you see cap rates trending? Have you seen any diminution of foreign investors looking at the US?

只是希望您能稍微談談交易市場，以及更高的趨勢是如何變化的。在這個領域尋求收購的參與者增加了還是減少了？您認為資本化率的趨勢如何？您是否發現關注美國的外國投資者數量有所減少？

The reality is we're in early innings from the volatility, so let me say that. And sometimes, the transaction market is a little backwards looking. But every data point we're looking at, we continue to see cap rates in the 5% to 6% range for high-quality, grocery-anchored assets, the type of assets we're pursuing. And in recent conversations anecdotically, it does seem like there's been a little pullback in the public and international markets compared to other private market. And so it does appear deals that are on the market right now continue to have a lot of interest from private capital and are still pricing aggressively.

事實是，我們正處於波動的早期階段，所以我就這麼說吧。有時，交易市場會有些回顧過去。但從我們觀察的每一個數據點來看，我們仍然看到高品質、以食品雜貨為主的資產（也就是我們所追求的資產類型）的資本化率在 5% 到 6% 之間。從最近的談話中可以看出，與其他私人市場相比，公共和國際市場確實出現了一些回調。因此，目前市場上的交易似乎繼續受到私人資本的極大興趣，定價仍然很激進。

Michael Griffin, Evercore ISI.

邁克爾·格里芬（Michael Griffin），Evercore ISI。

Maybe sticking in the acquisition vein. Just wanted to get some more color and context on the Brentwood deal. It looks like a going in cap rate of call it, the mid 5s, but it seems like there is some opportunity to realize mark-to-market as those leases roll. I'm curious, number one, how quickly do you think you can realize that mark-to-market within the center? And then what are you looking at on sort of a stabilized cap rate basis from that acquisition?

或許會堅持收購的想法。只是想了解布倫特伍德交易的更多細節和背景。它看起來像是一個進入資本化的利率，即 5 秒中段，但隨著這些租約的滾動，似乎有一些機會實現以市價計價。我很好奇，第一，您認為您能多快實現中心的以市價計價？那麼，您對此次收購的穩定資本化率有何看法？

So a couple of things. One is we do feel really good about the mark-to-market opportunities. And so as you articulated, we're comfortable with the going in yield and how that project was financed, especially with the low market debt, but we're even more excited about the future growth potential of that asset. And so -- and that initial 10-year hold, our eyesight is really at a high single-digit IRR. And so we feel good about the ability to achieve that IRR.

有幾件事。一是我們對以市價計價的機會確實感到非常滿意。正如您所說，我們對收益率和該項目的融資方式感到滿意，特別是在市場債務較低的情況下，但我們對該資產的未來成長潛力更為興奮。因此 — — 在最初的 10 年持有期內，我們的預期 IRR 實際上處於較高的個位數。因此，我們對實現該 IRR 的能力感到滿意。

But then what's even more exciting about that asset is we have visibility beyond even that initial 10-year hold of future material mark-to-market opportunities. And so that asset based on the quality of that market, the quality of the asset within that market and the quality of the income stream on a go-forward basis, we're extremely excited to bring that one into the mix.

但這項資產更令人興奮的是，我們甚至可以預見未來 10 年以上的重大市價機會。因此，基於該市場的品質、該市場內資產的品質以及未來收入流的質量，我們非常高興將該資產納入其中。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

This is Viktor Fediv on with Greg McGinniss. And let's stick with acquisitions. I'd like to kind of understand your forward-looking thinking. Essentially, you've doubled your Tennessee exposure with this acquisition and obviously great asset. But what are your future plans?

這是 Viktor Fediv 和 Greg McGinniss 的節目。讓我們繼續進行收購。我想了解一下您的前瞻性思維。本質上，透過這次收購，您在田納西州的曝光度增加了一倍，這顯然是一項巨大的資產。但是你未來的計畫是什麼？

Are you planning to kind of expand in this market, your footprint, or which markets are your areas of interest as of now?

您是否計劃擴大這個市場、擴大您的影響力，或您目前感興趣的市場是哪些？

As we've talked about before and as Lisa has alluded to a couple of times on just this call, the good news in our business plan is we don't have to acquire to meet our business objectives. And so let me state that first and foremost. But that being said, we are very, very focused on growing our exposure in high-quality markets across the country. And so every one of our 22 plus offices is waking up every day trying to figure out what are the opportunities within that market to own a best-in-class retail that we feel like has appropriate growth profile. And so Nashville has been on that list for quite some time.

正如我們之前談到的，以及麗莎在這次電話會議中幾次提到的那樣，我們商業計劃中的好消息是我們不必透過收購來實現我們的商業目標。因此，首先讓我說明這一點。但話雖如此，我們非常非常注重擴大我們在全國高品質市場的曝光率。因此，我們 22 多個辦事處中的每一個人每天醒來都在試圖弄清楚該市場中存在哪些機會來擁有我們認為具有適當增長前景的一流零售業務。因此，納許維爾已經在這個名單上停留了相當長一段時間。

It's a very tight market. And so there's no doubt, not a lot trades in that market. We continue to be focused on Nashville, but I'll tell you, we are also focused on the other great markets we operate around the country. And so feel good that we'll win more than our fair share of these opportunities as they present themselves.

這是一個非常緊張的市場。因此毫無疑問，該市場的交易量並不大。我們將繼續專注於納許維爾，但我要告訴你，我們也專注於我們在全國各地運作的其他重要市場。因此，當這些機會出現時，我們會贏得比應得的更多份額，這讓我們感到高興。

Jamie Feldman, Wells Fargo.

富國銀行的傑米·費爾德曼。

Great. I guess, sticking with tariffs a little bit. I mean, have you -- are you able to provide any color from conversations with tenants or even your own math in terms of just tariffs as proposed, what they would do to cost of goods sold for your tenants? What it could mean for credit coverage. Just anything you can kind of quantify from either work you've done or conversations you're having with tenants?

偉大的。我想，稍微堅持一下關稅。我的意思是，您能否根據與租戶的談話，甚至根據您自己的計算，就所提議的關稅提供任何信息，他們會對您的租戶的商品銷售成本產生什麼影響？這對於信用覆蓋意味著什麼。您可以從您所做的工作或與租戶的對話中量化什麼嗎？

And then along those lines, President is going to be in office for four or more years maybe more, but we'll see. Does it change at all your view on the types of tenants you want, types of categories you want in the portfolio or even where you want to own assets longer term?

按照這樣的思路，總統的任期將會是四年或更長時間，也許更多，但我們拭目以待。這是否會改變您對想要的租戶類型、想要的投資組合類別類型甚至想要長期擁有資產的看法？

I'll start and again, I'll have Alan add if he so desires. I really -- I'm just going to go ahead and reiterate holding our playbook firm, our strategy firm, and we really like it, right? The format that we own, neighborhood, community shopping centers, mostly grocery-anchored, catering to essential needs, catering to service, convenience and value. I do not expect that to change. We feel really good about it.

我會開始，如果艾倫願意的話，我會讓他加。我真的——我只是要繼續重申堅持我們的劇本、我們的策略，我們真的很喜歡它，對吧？我們所擁有的形式是鄰裡、社區購物中心，主要以雜貨店為主，滿足基本需求，提供服務、便利性和價值。我並不認為這種情況會改變。我們對此感覺非常好。

We feel really good about the sustainability of cash flows and the ability to sustain growth in those cash flows as a result of the offering that we have to both our customers, which are people we're leasing space to and the customers of those merchants, the shoppers. Reiterate once again, foot traffic is up year-over-year. It was up in April over Q1. We feel really good about the positioning and the ability to perform through so there will always be cycles and we have proven that we can and will perform.

我們對現金流的可持續性以及維持現金流成長的能力感到非常滿意，因為我們向客戶（即我們出租空間的人）和這些商家的客戶（即購物者）提供了服務。再次重申，客流量年增。四月比第一季有上漲。我們對定位和執行能力感到非常滿意，因此總是會有週期，我們已經證明我們能夠並且將會執行。

And Jamie, I would just add as we think about categories and again, we don't know, but apparel, luxury, hobby, home improvement, variety stores, largely discretionary type retailers, and that's a very small part of our portfolio and those that could be impacted. We certainly have the very well capitalized operators that are top in their sector and our time tested really knowing how to operate through uncertain times. And so as we think about our approach to leasing, I would say it's not going to change. It has been and it will always be very intentional, very deliberate as we think about how to qualify operators based on their experience, based on their balance sheet, and we're just not filling space to fill space.

傑米，我想補充一下，當我們考慮類別時，我們不知道，但服裝、奢侈品、愛好、家居裝修、雜貨店、主要是非必需品類型的零售商，這只是我們投資組合中很小的一部分，可能會受到影響。我們確實擁有資金雄厚、在各自領域處於領先地位的營運商，而且我們經過時間的考驗，真正知道如何在不確定的時期開展營運。因此，當我們考慮我們的租賃方式時，我想說它不會改變。我們一直在思考如何根據營運商的經驗和資產負債表來評估他們的資質，而且我們不會僅僅為了填補空白而填補空白。

And I will remind you that the retail world is always changing. And you will always have -- you're going to have operators that cannot navigate challenges, changes in their kind of environment and they'll fail. Really interesting. I was telling some of the people that I work with that I went back and did a quick reread of good to great and one of the companies that they highlight as Circuit City is a great company, and we all know what happened with Circuit City. So it's just an example of doesn't mean that we're going to be perfect.

我要提醒你們的是，零售業總是在改變。而且你總是會遇到——你總是會遇到那些無法應對挑戰、無法適應環境變化的營運商，他們就會失敗。真有趣。我告訴一些與我共事的人，我回去快速重讀了一遍《從優秀到卓越》，他們重點介紹的其中一家公司是 Circuit City，它是一家偉大的公司，我們都知道 Circuit City 發生了什麼。所以這只是一個例子，並不代表我們會變得完美。

It doesn't mean that we're going to have a 100% batting average or 1,000% batting average that there will always be failures in our business. We plan for those. We expect those, but we also manage it really proactively. And as a result of that, the impacts in our portfolio tend to be pretty small and pretty immaterial and insignificant and we manage through it.

這並不意味著我們的成功率會達到 100% 或 1,000%，我們的業務永遠都會失敗。我們為此做好了計劃。我們預料到了這些，但我們也會積極主動地管理。因此，我們的投資組合受到的影響往往非常小、非常不重要且微不足道，我們能夠應付。

Haendel St. Juste, Mizuho.

亨德爾聖朱斯特，瑞穗。

This is Ravi Vaidya on the line for Haendel. I hope you guys are doing well. Just trying to the map here on page 9 of the presentation. Looking at the timing of commencements and contributions to the snow pipeline. How should we think about rent recognition either being pulled forward or pushed back in the current environment?

我是 Ravi Vaidya，代表 Haendel 轉達。我希望你們一切都好。只是想看看簡報第 9 頁的地圖。查看雪管道的開始時間和貢獻。在當前環境下，我們應該如何看待租金確認的提前或延遲？

Ravi, that's a good question. So the slide that just to position everybody, we get some details on our SNO pipeline and the delivery of the same. So again, just to level set 80% of our SNO pipeline is set to commence in 2025. However, only about 1/3 of that will be recognized as income this year. And what that really says to us is that, that positions us for continued positive momentum and tailwind going into '26.

拉維，這是個好問題。因此，幻燈片只是為了讓每個人都了解情況，我們獲得了有關 SNO 管道及其交付的一些詳細資訊。因此，再次強調，我們 80% 的 SNO 管道將於 2025 年開始建造。然而，其中只有約三分之一能夠被確認為今年的收入。這實際上告訴我們，這將使我們在進入 26 年時繼續保持積極的動力和順風。

As we'll continue to deliver upon the really strong losing efforts of the team. The variability on these line items from a commencement perspective is rather small. I mean we tend to -- on the vast majority of our leases embed contractual rental rate increase as commencement dates.

因為我們將繼續發揮球隊在輸球方面真正強大的努力。從開始的角度來看，這些項目的變化相當小。我的意思是，我們傾向於——在絕大多數租約中，將合約租金上漲嵌入到生效日期中。

So the tenant is obligated to commence rent as the earlier when they open or a date certain. So we know we have a tremendous amount of visibility into that certainty of that income stream. Our ability to pull that forward and accelerate that opening to commence rent is what this team is about and what this team has been doing a great job accelerating build-outs to get that rent commencing sooner. So the risk would be in the difference between that ability and the contractual increase, which I would characterize as relatively small.

因此，租戶有義務在開業時或在特定日期儘早開始租賃。因此，我們知道，我們對該收入流的確定性有著極大的了解。我們有能力提前完成並加速開業和開始出租，這就是這個團隊的職責所在，而且這個團隊在加速建設以儘早開始出租方面做得非常出色。因此，風險在於這種能力與合約增加之間的差異，我認為差異相對較小。

Got it. That's really helpful. Just one more here. In terms of your leasing pipeline, how forward.

知道了。這真的很有幫助。這裡再多一個。就您的租賃管道而言，進展如何？

Ravi, we limited to one question. If you could requeue, that would be great.

拉維，我們只問一個問題。如果您可以重新排隊，那就太好了。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

So just going back to your comments about April being better than last April. I'm guessing the dentist pie probably isn't too impacted by tariffs. So if you looked at some of the tenant categories that might be more impacted. Is that the same case? Or are some of those tenants a lot more impacted?

所以回到你關於四月比去年四月更好的評論。我猜牙醫業可能不會受到關稅的太大影響。因此，如果您查看一些可能受到更大影響的租戶類別。是不是也是如此？或者其中一些租戶受到的影響更大嗎？

Ki Bin, I'm not sure I 100% follow that question, to be honest. I feel bad about that, but let me just say a few things. So QSR and Medical were our top categories in the first quarter in terms of who we transacted with. And then there are a lot of tenants that we did multiple deals with that are aggressively out there expanding Shake Shack, a remarkable QSR operator, Paris Baguette, Warby Parker, Great Clips, those are just a few that come to mind that we did multiple transactions with. And we're constantly doing portfolio reviews and continued one-off deals with a lot of nationals as well who still remain committed.

Ki Bin，說實話，我不確定我是否 100% 理解了這個問題。我對此感到難過，但我還是想說幾句話。因此，就我們交易的對象而言，QSR 和醫療是我們第一季的主要類別。我們還與許多租戶進行了多次交易，這些租戶正在積極擴張，其中包括著名的 QSR 運營商 Shake Shack、Paris Baguette、Warby Parker、Great Clips，這些只是我們與之進行過多次交易的幾個例子。我們不斷進行投資組合評估，並與許多仍保持承諾的國民繼續進行一次性交易。

And I think importantly, as Lisa mentioned, looking long term, right? And it's certainly multiple grocers that are out there, off-price, financial services, vet clinics to name a few. And so things are still really good and really active, and I hope that addressed your question.

我認為重要的是，正如麗莎所提到的，要著眼於長遠，對吧？當然，那裡有多家雜貨店、折扣店、金融服務店、獸醫診所等等。所以事情仍然很好而且很活躍，我希望這回答了你的問題。

We haven't seen a shift in the character of our leasing activity in April versus now. It's the same to Alan's point, that we're working with a lot of the same tenants who are looking to expand their businesses. Similarly, the impact of more heavier tariffs impact tenants is small. Therefore, it is not as materially represented in our leasing activity. So as of today, Ki Bin, we're just not seeing anything in the numbers.

與現在相比，我們四月份的租賃活動性質沒有任何變化。這與艾倫的觀點相同，我們正在與許多希望擴大業務的租戶合作。同樣，較重的電費對租戶的影響也較小。因此，它在我們的租賃活動中並不具有實質的體現。所以截至今天，Ki Bin，我們還沒有看到任何數字。

And anecdotally, reiterating what I said in my remarks, the conversations, which I think getting a little bit more direct to your question, Ki Bin, the conversations we have had with our tenants have not indicated any shifts in consumer behavior. And the fact that we did see overall foot traffic accelerate from Q1, I think, just reinforces that.

有趣的是，重申我在演講中所說的內容，我認為這些對話更直接地回答了你的問題，Ki Bin，我們與租戶進行的對話並未表明消費者行為發生任何變化。我認為，我們確實看到從第一季開始整體客流量加速成長，這一事實強化了這一點。

Michael Gorman, BTIG.

邁克爾·戈爾曼（Michael Gorman），BTIG。

Maybe just going back to the transactions market for a minute here. Can you -- and I know there's more details to come, but can you maybe give a little bit of background on the grocer-anchored asset that's under contract for the JV platform kind of what drove that into the JV platform versus wholly owned? And kind of maybe the appetite that you see out there for institutional capital still coming into the space given some of the recent market volatility?

也許我們只是在這裡稍微回顧一下交易市場。我知道接下來會有更多細節，但您能否介紹一下與合資平台簽訂合約的雜貨商錨定資產的背景，是什麼促使它成為合資平台而不是全資平台？鑑於最近市場的一些波動，您是否看到機構資本仍然有興趣進入該領域？

Sure. I appreciate the question, Michael. So let me start with a little bit on the assets. So again, once we close, we'll share all of the details. But what I will share at this point is -- it is a phenomenal grocery-anchored shopping center and a great submarket.

當然。我很感謝你提出這個問題，邁克爾。那麼就讓我先來介紹一下資產。因此，一旦我們結束，我們將分享所有細節。但現在我要分享的是——這是一個非凡的以食品雜貨為主的購物中心和一個很棒的子市場。

And I'll keep it as simple as that as it relates to the specific transaction. But it's definitely right in line with other great assets we own in the Northeast, and so very excited about the opportunity. And then in terms of the structure with the joint venture, it's a long-term institutional JV partner we've had for years and years that is still very bullish on the sector for the same reasons we are. And so we do have a program rotation with them to offer them opportunities as we have the ability to acquire them. And the hit rate is very high when we say we want to buy assets, they are usually hand-in-hand with us.

由於它與具體交易有關，因此我會盡量簡單說明。但它絕對與我們在東北部擁有的其他優質資產一致，因此我對這個機會感到非常興奮。就合資企業的結構而言，它是我們多年來一直合作的長期機構合資夥伴，出於與我們相同的原因，它仍然非常看好該行業。因此，我們確實與他們進行了專案輪換，以便為他們提供機會，因為我們有能力獲得他們。而且當我們說要購買資產的時候，命中率非常高，他們通常都會與我們攜手並進。

And this is just the case in this scenario of they're taking their opportunity within the rotation to partner with us on this asset.

在這種情況下，他們正在抓住輪換中的機會與我們合作開發這項資產。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，指南針點。

So I believe that Brentwood had something like 4.3 million visits last year. Where would that rank in your portfolio? And how many assets do you have that actually do more than where the Brentwood gets in terms of annual visitors. I'm sure you have that data somewhere Nick. I'd love to get your perspective on that.

所以我相信布倫特伍德去年的遊客人數大約是 430 萬人次。這在你的投資組合中排在第幾位？就每年接待的遊客數量而言，您擁有的資產實際上有多少比布倫特伍德接待的遊客數量還要多？我確信你在某處有這些數據，尼克。我很想聽聽你對此的看法。

Floris, I'm laughing because I love the question. Talk about the (technical difficulty) to your point, it is a phenomenal asset, and it is heavily traffic. I have to admit off the top of my head, I don't know where it ranks in our portfolio. We can circle back with you and give you that specific answer. But it's definitely on the top end.

弗洛里斯，我笑是因為我喜歡這個問題。談論（技術難度）你的觀點，這是一項非凡的資產，而且流量很大。我必須承認，我不知道它在我們的投資組合中處於什麼位置。我們可以與您聯繫並給您具體的答案。但它絕對是最高端的。

But again, as you can appreciate, Floris, the size matters. And so it's a larger asset, and so by default, traffic counts are going to be higher. And so not only do we look at total volume, we also look at traffic based on GLA as well, which also gives us a really accurate prediction on volumes and success for our retailers. And so we can circle back with you on the exact on that one, but I think your assumption is correct that is of our portfolio.

但是，正如您所理解的，弗洛里斯，尺寸很重要。因此，它是一項更大的資產，預設情況下，流量數量將會更高。因此，我們不僅關注總量，還關注基於 GLA 的流量，這也能讓我們對零售商的銷售和成功做出非常準確的預測。因此，我們可以再次與您討論這個問題，但我認為您的假設是正確的，即我們的投資組合。

Paulina Rojas, Green Street.

保利娜‧羅哈斯 (Paulina Rojas)，綠街。

Regarding developments, I had a follow-up to a prior question. You looking for spread over the value or the cap rate the property would sell for. But I imagine cap rates are likely becoming less of a certain thing in this environment. So I wonder how you're navigating that uncertainty. And then second, as you continue to evaluate new development projects, are you seeing any consistent pattern in the types of projects that are emerging?

關於事態發展，我對之前的一個問題進行了跟進。您正在尋找該房產的售價分攤價值或資本化率。但我想，在這種環境下，資本化率可能會變得不那麼確定。所以我想知道你是如何應對這種不確定性的。其次，當您繼續評估新的開發專案時，您是否看到正在出現的專案類型中存在任何一致的模式？

And who are other developers that you are seeing in the market today?

您目前在市場上看到的其他開發商有哪些？

Sure. Paulina, let me take your first question first related to yields and spreads. And so you're right, as I articulated before, we definitely are looking to get a spread above what we think the value of that asset would be stabilized. But it's not because we anticipate selling that asset, it really is to make sure we're getting an appropriate risk-adjusted return. And as you've heard Lisa mention even several times on this call, that is our best use of capital.

當然。保利娜，首先讓我回答您關於收益率和利差的第一個問題。所以你是對的，正如我之前所說的，我們肯定希望獲得高於我們認為的資產價值穩定的利差。但這並不是因為我們預計出售該資產，而是為了確保我們獲得適當的風險調整回報。正如您在這次電話會議中聽到麗莎多次提到的那樣，這是我們對資本的最佳利用。

And so when you look at the yields we're getting on our development program in comparison to what acquisitions would be, there's no question it's a better source -- a better use of our capital in terms of what that long-term return is and then I would just stress, yes, we want that spread because of the risk of that transaction, but we do a phenomenal job derisking these development opportunities.

因此，當您將我們從開發計劃中獲得的收益與收購的收益進行比較時，毫無疑問，這是一個更好的來源——就長期回報而言，它可以更好地利用我們的資本，然後我只想強調，是的，我們希望獲得這種利差，因為交易存在風險，但我們在降低這些開發機會的風險方面做得非常出色。

The team is highly focused on getting entitlements in hand, significant pre-leasing, construction bids and drawings in hand before we close, which is why you've seen usually right after closing, we are starting construction. And so when you combine that going in yield compared to what an acquisition would be and how well these assets are derisked. And I think our track record shows we do a very good job of delivering these projects on time and on budget. That really is why our eyesight continues to be open. But we are continuing to monitor those yields, and we'll continue to push development yields to the best of our ability to be as high as we can get, look, it's to our benefit to build to as high yields as we can achieve.

團隊高度重視在專案結束前獲得授權、重要的預租、施工投標和圖紙，這就是為什麼您通常會看到專案結束後我們就開始施工。因此，當你將收益率與收購的收益率以及這些資產的風險降低程度結合起來時。我認為我們的過往記錄顯示我們在按時、按預算完成這些項目方面做得非常好。這就是為什麼我們的視力仍然開闊。但我們仍在持續監測這些收益，並且我們會繼續盡最大努力推動開發收益，使其達到盡可能高的高度，看，實現盡可能高的收益對我們有利。

And so feel good about that business plan, and you're starting to see the impact of that come through.

因此，您對該商業計劃感到滿意，並且您開始看到它的影響。

And then in relation to what we're seeing in terms of competition and the type of developments, it's really what we've talked about the last couple of years, which is the grocery side of the business. And so at our scale, we have phenomenal relationships with every major market in the country. And they continue to invest right now in the brick-and-mortar side of their business. They know stores are a critical component to driving their top line, and we're there to partner with them and help them execute on that side of the business. And so the vast majority of the opportunities we're looking at are with our tremendous grocery partners.

關於我們所看到的競爭和發展類型，這實際上就是我們過去幾年所談論的，即雜貨業務方面。因此，以我們的規模，我們與國內每個主要市場都建立了良好的關係。他們現在繼續對實體業務進行投資。他們知道商店是推動其營業額成長的關鍵因素，我們會與他們合作並幫助他們實現業務的目標。因此，我們所尋找的絕大多數機會都來自我們龐大的雜貨合作夥伴。

I feel like it's a great opportunity for me to jump in and just remind everyone. Development is something that we have been committed to for as long as we have been a company and certainly as long as we've been a public company for decades. And the combination of kind of factors are what really allow us to have such success. And it's why it is the best use of our capital because it does provide us the best returns on our invested capital. And that is -- so you can't turn it on and off.

我覺得這對我來說是一個很好的機會，可以參與其中並提醒大家。自從我們成立公司以來，尤其是自從我們成為上市公司以來，幾十年來，我們一直致力於發展。正是多種因素的結合才使得我們取得了這樣的成功。這就是為什麼它是我們資本的最佳利用方式，因為它確實為我們的投資資本提供了最佳回報。也就是說——你不能打開或關閉它。

You've heard me say that, and you can't build it in a year. So it has been decades of this. So we have the experience of our team is second to none. And the talent that goes along with that experience, the relationships with the grocers and the retailers and the master plan communities and then our cost of capital. And you combine those things and we will remain committed to it, and we will develop through cycles, and it will enhance our growth rate.

你聽我說過，你不可能在一年內建成它。這種情況已經持續了幾十年了。因此我們團隊的經驗是首屈一指的。以及與經驗相伴的人才、與雜貨商、零售商和總體規劃社區的關係以及我們的資本成本。將這些結合起來，我們將繼續致力於此，我們將透過週期性發展，這將提高我們的成長率。

(Operator Instructions) Mike Mueller, JPMorgan.

（操作員指示）摩根大通的 Mike Mueller。

I guess for the full year bad debt guide, it looks like what you booked in the first quarter was extremely low, but you maintained the full year guidance. I guess, is it just conservatism given the world? Or is there some known kind of chunky fallout coming down the pike soon?

我想，對於全年壞帳指南來說，看起來您在第一季的記錄非常低，但您維持了全年指導。我猜，這是否只是世界性的保守主義？或者是否很快就會出現某種已知的嚴重後果？

Mike, I appreciate the question. We -- remember, we gave guidance not even 3 months ago, so 2, 2.5 months ago, we had a pretty good indication at the time that the first quarter would come in late. And we still provided a range on credit loss of 75 to 100 basis points. And the reason for the first quarter being light is -- the health of the tenant base, as Alan articulated, we knew that our cash base tend to collection rate on some annual reconciliations would be high, that would be recognized in the first quarter. And what you're seeing is a result of that, right?

麥克，我很感謝你提出這個問題。我們——記得，我們​​甚至不到 3 個月前就給出了指導，所以 2 到 2.5 個月前，我們當時就有相當好的跡象表明第一季將會延遲到來。我們仍然提供了 75 至 100 個基點的信用損失範圍。第一季業績不佳的原因是租戶基礎的健康狀況，正如艾倫所說，我們知道我們的現金基礎往往在某些年度對帳中的收款率較高，這將在第一季得到確認。您所看到的就是其結果，對嗎？

So kind of a detailed way of articulating, we understood that this would be a first half to second half story, where the first half would be a little bit higher from a run rate perspective. And the second, on the growth but nothing was out of the ordinary. Nothing was beyond our expectations. So I wouldn't go as far to call it added conservatism, but an in-line quarter to our expectations and our outlook remaining the same, given that the current conditions that we're seeing haven't changed.

透過這種詳細的表達方式，我們了解到這將是一個從上半場到下半場的故事，從運行率的角度來看，上半場會稍微高一些。第二，雖然有成長，但並沒有什麼異常。一切都沒有超出我們的預期。因此，我不會將其稱為增加保守性，而是一個符合我們預期的季度，我們的前景保持不變，因為我們看到的當前條件沒有改變。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

On foot traffic being up 7% the first three weeks in April, how much do you think that came from pull-forward demand? And then just any color on variances in traffic by region?

四月前三週客流量成長了 7%，您認為其中有多少是來自於提前需求？那麼，依地區劃分的流量差異有哪些特性呢？

I'll take the first part and I'll let Alan address the regions. But I've read the same things that you have and have seen the data come through of some kind of forward front loading and spending. But I have to think about when you think about, again, our tenant types or just -- there wouldn't be a lot of that. People are not going grocery shopping for months in advance. And when they go out to eat, going out to eat for that day.

我將負責第一部分，然後讓艾倫負責各個地區的問題。但我讀過的內容和你一樣，也看到了某種形式的前期投入和支出的數據。但是我必須再次考慮我們的租戶類型，或者只是——不會有很多這樣的類型。人們不會提前幾個月去買食品雜貨。當他們出去吃飯時，那天就出去吃飯。

So I would doubt that there's as much of that at our centers.

所以我懷疑我們的中心是否有這麼多的這種情況。

Yes, Linda, I would just add that there was marginal differences around the country on traffic count, but importantly, every single region was up. So I think that's really the way I would answer the question. And so there really was no read-through from a foot traffic perspective as we try to bifurcate the regions.

是的，琳達，我只想補充一點，全國各地的交通流量略有不同，但重要的是，每個地區的交通流量都在上升。所以我認為這確實就是我回答這個問題的方式。因此，當我們嘗試劃分區域時，實際上並沒有從人流的角度來解讀。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，指南針點。

Lisa, a question for you. And I think you're in a good position to comment on this. As retailers are going to have margin pressure because of tariffs and et cetera, what do you think the impact is on the store and owners like yourself in particular owners with high-quality real estate?

麗莎，問你一個問題。我認為您很有資格對此發表評論。由於關稅等因素，零售商將面臨利潤壓力，您認為這會對商店和像您這樣的業主，特別是擁有優質房地產的業主產生什麼影響？

Appreciate the question. And I think it's possible we've spoken about this. Retailers have been feeling margin pressures over the past five years. And I am on the Board of Trustees with ICSC. So I do have the opportunity to sit with many of them, and I have said this often, we want -- it's got to be a win-win.

感謝你的提問。我認為我們可能已經討論過這個問題。過去五年來，零售商一直感受到利潤壓力。我是 ICSC 董事會成員。因此我確實有機會與他們中的許多人坐在一起，我經常說，我們希望——這必須是雙贏的。

We want our tenants to be successful and be productive so that we can continue to raise and increase our cash flows, which comes from rent. And there is no question that there continues to be tailwinds despite all of these headwinds that we've focused on, on this call, there's also tailwinds in our industry due to the limited new supply that has come online over the last decade, really, plus 15 years.

我們希望我們的租戶能夠成功並且富有成效，這樣我們才能繼續增加來自租金的現金流。毫無疑問，儘管我們在這次電話會議上關注了所有這些不利因素，但仍然有順風，由於過去 10 年（實際上是 15 年）上線的新供應有限，我們的行業也存在順風。

And as a result, and I said this in my prepared remarks, there's still a scarcity of quality space available. And retailers are going to want to continue to grow and we're going to continue to grow in the best locations and where they're going to have the opportunity to produce the best sales, which will then help them with margin pressures that they're facing. So again, to say that we're immune to any impacts of inflation or recessions, I know we're not. I feel really good about the quality of our trade areas, the quality of the locations within those trade areas and the quality of the retailers in which we do business. And I think that we will manage through that, and we will continue to grow same-property NOI for the years ahead.

因此，正如我在準備好的發言中所說的那樣，可用的優質空間仍然稀缺。零售商希望繼續發展，我們也將繼續在最佳地點發展，在那裡他們將有機會實現最佳銷售，這將有助於他們應對所面臨的利潤壓力。所以，我再說一遍，我們不會受到通貨膨脹或經濟衰退的影響，我知道事實並非如此。我對我們的貿易區的品質、這些貿易區內地點的品質以及我們開展業務的零售商的品質感到非常滿意。我認為我們會解決這個問題，並且在未來幾年內我們將繼續增加同店淨營業收入。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to Lisa Palmer for closing comments.

問答環節已結束。現在我想將電話轉回給麗莎·帕爾默 (Lisa Palmer) 來做最後發言。

Thank you all for your time. Appreciate the questions, and have a great rest of your day. Thank you.

謝謝大家抽出時間。感謝您的提問，祝您今天過得愉快。謝謝。

This concludes today's conference. You may disconnect your lines at this time. And we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路。我們感謝您的參與。