Regency Centers Corp (REG) 2025 Q2 法說會逐字稿

Greetings, and welcome to Regency Centers' second-quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Regency Centers 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded.

提醒一下，本次會議正在錄製中。

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

現在我想將會議交給主持人克里斯蒂·麥克埃羅伊 (Christy McElroy)。謝謝。你可以開始了。

Good morning, and welcome to Regency Centers' second-quarter 2025 earnings conference call.

早安，歡迎參加 Regency Centers 2025 年第二季財報電話會議。

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.

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, 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. It's possible that actual results may differ materially from those suggested by these forward-looking statements we may make.

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。

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.

可能導致實際結果與這些聲明有重大差異的因素和風險可能包含在我們今天的簡報中，並在我們向美國證券交易委員會提交的文件中（特別是在我們最近的 10-K 和 10-Q 表格文件中）進行了更詳細的描述。

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 to our Investor Relations website. Please note that we also have posted a presentation on our website with additional information, including disclosures related to forward earnings guidance. Our caution on forward-looking statements also applied to these presentation materials.

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的收益資料中，並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。

(Event Instructions)

（活動須知）

Lisa?

麗莎？

Thank you, Christy. Good morning, everyone. We are pleased to deliver another quarter of excellent results, driven by both internal and external growth. And this is highlighted by the strength of our operating fundamentals and our accretive capital allocation.

謝謝你，克里斯蒂。大家早安。我們很高興在內部和外部成長的推動下，又一個季度取得了優異的業績。我們的經營基本面和增值資本配置的強勁表現凸顯了這一點。

On the operating side, we're having a phenomenal year. We continue to outperform on all metrics, demonstrated by strong same-property NOI growth and total NOI growth. In the second quarter, we had great success, commencing rents for tenants in our SNO pipeline, achieved record low shop move-outs and sustained robust leasing activity with strong rent growth.

在營運方面，我們度過了非凡的一年。我們在所有指標上繼續表現出色，強勁的同店淨營業收入成長和總淨營業收入成長就是明證。在第二季度，我們取得了巨大的成功，開始為 SNO 通路中的租戶提供租金，實現了創紀錄的低店鋪搬出率，並保持了強勁的租賃活動和強勁的租金增長。

Our investments team is also firing on all cylinders, sourcing high-quality opportunities and deploying more than $600 million of capital year to date. Most recently, we are excited to announce the acquisition of five outstanding shopping centers located in a premier community in South Orange County, California. Strategically, this transaction checks all of our boxes. It's accretive to earnings, quality, and growth while enhancing our presence in this supply-constrained Southern California market.

我們的投資團隊也全力以赴，尋找高品質的投資機會，今年迄今已投入超過 6 億美元的資金。最近，我們很高興地宣布收購了位於加州南橘縣一流社區的五家優秀購物中心。從戰略上來說，這筆交易符合我們所有的要求。它有助於提高獲利、品質和成長，同時增強我們在這個供應受限的南加州市場的地位。

During the second quarter, we also released our annual corporate responsibility report, highlighting our progress and future strategic direction. Our ongoing commitment to corporate responsibility in support of our business objectives remains a foundational strategy for Regency and the many achievements noted in the report reflect the dedication and efforts of our entire team.

第二季度，我們也發布了年度企業責任報告，重點介紹了我們的進展和未來的策略方向。我們持續致力於企業責任以支持我們的業務目標，這仍然是 Regency 的基本策略，報告中提到的許多成就反映了我們整個團隊的奉獻精神和努力。

Given the strength in our results, substantial progress in leasing, and opportunistic capital allocation, along with greater visibility for the remainder of the year, we are raising our full-year growth outlook for same-property NOI, core operating earnings, and NAREIT FFO. Regency's distinct strategic advantages continue to differentiate our company and position us favorably for future growth.

鑑於我們業績強勁、租賃業務取得實質進展、機會性資本配置以及今年剩餘時間的更大可見性，我們提高了同物業 NOI、核心營業利潤和 NAREIT FFO 的全年成長預期。Regency 獨特的策略優勢繼續使我們的公司脫穎而出，並為我們未來的發展奠定了有利基礎。

Our high-quality grocery-anchored shopping centers located in desirable suburban trade areas provide essential retail offerings focused on necessity, service, convenience, and value. Our well-established national development platform allows us to drive substantial value creation. And our strong balance sheet with low leverage and dependable access to low-cost capital enables our team to continue to pursue and successfully execute on strategic growth opportunities.

我們位於理想郊區貿易區的高品質雜貨店購物中心提供注重必需品、服務、便利性和價值的基本零售產品。我們完善的國家發展平台使我們能夠推動巨大的價值創造。我們擁有強勁的資產負債表、低槓桿率和可靠的低成本資本獲取管道，使我們的團隊能夠繼續追求並成功執行策略成長機會。

We are only halfway through 2025, and I am so proud of our team's accomplishments so far. I look forward to building on this success for the remainder of this year, into 2026 and beyond. Alan?

2025 年才剛剛過去一半，我為我們團隊迄今為止的成就感到非常自豪。我期待在今年剩餘時間、2026 年及以後繼續鞏固這一成功。艾倫？

Thank you, Lisa, and good morning, everyone. Our team achieved outstanding second-quarter operating results, highlighted by same-property NOI growth exceeding 7% with base rent being the largest contributor at 4.5%.

謝謝你，麗莎，大家早安。我們的團隊取得了出色的第二季營運業績，其中同店淨營業收入成長超過 7%，其中基本租金貢獻最大，達到 4.5%。

As discussed on last quarter's call, we had anticipated above-trend growth in the second quarter, and we delivered even better results, which were driven by a multitude of positive factors, including robust leasing activity, record low shop move-outs, favorable bankruptcy outcomes, accelerated rent commencement timing on a few key anchor tenants, and meaningful improvement in our expense recovery rates.

正如上個季度的電話會議所討論的那樣，我們預計第二季度的增長將高於趨勢，並且我們取得了更好的業績，這得益於多種積極因素，包括強勁的租賃活動、創紀錄的低店鋪搬出率、有利的破產結果、一些主要主力租戶的租金開始時間加快，以及費用回收率的顯著提高。

We maintained our same property lease rate and continue to grow shop occupancy as our high-quality properties are commanding strong tenant demand from a wide range of categories, including grocers, restaurants, health and wellness, off-price, and personal services.

我們維持了相同的物業租賃率，並繼續增加商店入住率，因為我們的高品質物業吸引了來自各個類別的強勁租戶需求，包括雜貨店、餐廳、健康和保健、折扣店和個人服務。

Our team is seizing every opportunity to enhance merchandising as leading retailers recognize that high-quality, well-located space is in short supply, and it is in centers like ours where these best-in-class retailers are achieving exceptional results.

我們的團隊正在抓住每一個機會來加強商品銷售，因為領先的零售商認識到高品質、位置優越的空間供不應求，而正是在像我們這樣的中心，這些一流的零售商正在取得卓越的業績。

We continue to commence tenants within our SNO pipeline at a rapid pace driving our commenced occupancy rate higher by another 40 basis points quarter over quarter. At the same time, we are also continuing to backfill the pipeline with new leases. Our lease to commence occupancy spread was 260 basis points at quarter end, representing an SNO pipeline of $38 million of incremental base rent.

我們繼續快速地在 SNO 管道內開始租戶，使我們的開始入住率比上一季再提高 40 個基點。同時，我們也持續透過新租約填補空缺。季度末，我們的租賃開始入住價差為 260 個基點，代表著 3,800 萬美元增量基本租金的 SNO 管道。

We continue to drive rent growth higher in the quarter for both new and renewal leasing, achieving cash rent spreads of 10%, and GAAP rent spreads of nearly 20%. Our GAAP spreads demonstrate our ability to not only drive mark-to-market rent increases when signing new and renewal leases but also reflect our continued success embedding meaningful contractual rent steps in the majority of our leases.

本季度，我們持續推動新租賃和續租租金的成長，實現現金租金利差 10%，GAAP 租金利差接近 20%。我們的 GAAP 利差表明，我們不僅在簽訂新租約和續約時有能力推動以市價計價的租金上漲，而且還反映了我們在大多數租約中嵌入有意義的合約租金步驟的持續成功。

In summary, I'm really proud of our results and I'm even more proud of the work of our incredible team to achieve them. We are capitalizing on persistent demand for our best-in-class shopping centers and the phenomenal operating trends that exist in our sector as we upgrade our merchandising and drive NOI higher.

總而言之，我對我們的成果感到非常自豪，我更為我們出色的團隊為實現這些成果所做的工作感到自豪。我們正在利用市場對我們一流購物中心的持續需求以及我們行業中存在的驚人營運趨勢來升級我們的商品銷售並提高淨營業利潤。

With current year lease commencements largely derisked, we are full speed ahead on continuing to build our future lease pipeline as we drive momentum and sustained growth opportunities well into 2026.

由於今年租賃開始的風險基本上降低，我們將全速前進，繼續建立未來的租賃管道，以推動 2026 年的勢頭和持續成長機會。

Nick?

缺口？

Thank you, Alan, and good morning, everyone. We've maintained a robust pace of investment activity with more than $600 million of accretive capital deployment so far this year. Our investments platform is unequaled by our ability to acquire, redevelop, and importantly, develop ground-up best-in-class shopping centers.

謝謝你，艾倫，大家早安。我們維持了強勁的投資活動步伐，今年迄今已累計投資超過 6 億美元。我們的投資平台具有無與倫比的能力，可以收購、重建，更重要的是，可以開發一流的購物中心。

As Lisa mentioned, we recently had a tremendous opportunity to lean into acquiring. Last week, we closed on a five-asset portfolio within the Rancho Mission Viejo master plan community in Orange County, California for $357 million. The R&D portfolio, as we refer to it, is 97% leased and includes more than 600,000 square feet of high-quality retail GLA and one of Southern California's most sought-after suburban submarkets.

正如麗莎所提到的，我們最近有一個巨大的機會去收購。上週，我們以 3.57 億美元的價格完成了位於加州橘郡 Rancho Mission Viejo 總體規劃社區內的五項資產投資組合。我們所說的研發組合已出租 97%，包括超過 60 萬平方英尺的高品質零售 GLA 和南加州最受歡迎的郊區子市場之一。

These shopping centers are right down the middle of Regency's fairway, strategically positioned at primary intersections with strong trade area demographics and anchored by high-performance grocers. The transaction is well aligned with Regency's capital allocation strategy. Accretive to our growth, earnings and, overall portfolio quality as well as leverage neutral to our balance sheet.

這些購物中心位於 Regency 球道的正中央，地理位置優越，位於主要交叉路口，擁有強大的貿易區人口統計數據，並以高性能雜貨店為支柱。此交易與 Regency 的資本配置策略非常契合。增加我們的成長、收益和整體投資組合質量，並對我們的資產負債表保持中性槓桿作用。

Furthermore, our UPREIT structure provided us a competitive advantage in the transaction offering tax planning optionality to the seller as well as an opportunity to participate in our future success through the ownership of our operating partnership units. We also assumed $150 million of below-market debt with an average term to maturity of about 12 years.

此外，我們的 UPREIT 結構為我們在交易中提供了競爭優勢，為賣方提供了稅務規劃選擇權，同時也為我們提供了透過擁有我們的營運合作夥伴單位來參與未來成功的機會。我們也承擔了 1.5 億美元的低於市場價格的債務，平均到期期限約為 12 年。

In addition to the acquisition of these exceptional assets, we continue to successfully execute on our $500 million in-process development and redevelopment pipeline. Consistent with the fundamental strength that exists throughout our operating portfolio, leasing activity for these projects is robust and blended project returns exceed 9%.

除了收購這些優質資產外，我們還繼續成功執行價值 5 億美元的在建開發和再開發項目。與我們整個營運組合的基本實力一致，這些項目的租賃活動強勁，混合項目回報率超過 9%。

Importantly, our team is completing projects on time and on budget. We are also making significant progress sourcing incremental opportunities, especially in our ground-up development program. While overall supply growth in our sector remains limited, we continue to find more than our fair share of attractive projects as the leading national developer of high-quality open-air shopping centers.

重要的是，我們的團隊正在按時、按預算完成專案。我們在尋找增量機會方面也取得了重大進展，特別是在我們的自下而上的開發計劃中。雖然我們行業的整體供應成長仍然有限，但作為全國領先的高品質露天購物中心開發商，我們繼續發現大量有吸引力的項目。

We have started nearly $50 million of new projects this year. And after two consecutive years of $250 million or more of starts, we continue to have visibility to at least that level in 2025 with the majority of the investment in ground-up development. Leading grocers and retailers across the country are demonstrating a strong commitment to expand in our markets and partner with us on the high-quality centers we are developing.

今年我們已經啟動了近5000萬美元的新計畫。經過連續兩年 2.5 億美元或以上的啟動資金，我們預計到 2025 年，隨著大部分投資投入從頭開始的開發中，我們至少可以達到這一水平。全國各地領先的雜貨商和零售商都表現出了擴大我們市場的強烈決心，並與我們合作開發我們正在開發的高品質中心。

In closing, our team is energized and is taking advantage of the flywheel momentum we built within our investments platform to source new opportunities. As a result, we continue to see substantial activity across the board in acquisitions, redevelopment, and ground-up development, fueled by our best-in-class team, sector-leading balance sheet, substantial free cash flow, and access to capital.

最後，我們的團隊充滿活力，正在利用我們在投資平台內建立的飛輪動力來尋找新的機會。因此，在我們一流的團隊、業界領先的資產負債表、充足的自由現金流和資本取得的推動下，我們繼續看到收購、重建和徹底開發領域的全面活躍。

We look forward to announcing additional exciting investments in the near future. Mike?

我們期待在不久的將來宣布更多令人興奮的投資。麥克風？

Thank you, Nick, and good morning, everyone. As you've heard from Lisa, Alan, and Nick, Regency delivered exceptional results again this quarter. Our same-property NOI and earnings growth surpassed our expectations, and we are grateful for our team's hard work in delivering these results.

謝謝你，尼克，大家早安。正如您從 Lisa、Alan 和 Nick 那裡聽到的，Regency 本季度再次取得了卓越的業績。我們的同店淨營業利潤和盈利增長超出了我們的預期，我們感謝團隊為實現這些成果所付出的辛勤工作。

Following the strong first half performance, combined with greater conviction on our outlook for the remainder of the year, we are raising our current year earnings guidance. I'll refer you to pages 5 and 6 in our earnings presentation while I highlight some key guidance changes.

由於上半年業績表現強勁，加上對今年剩餘時間的前景更有信心，我們上調了今年的獲利預期。我將向您推薦我們的收益報告的第 5 頁和第 6 頁，同時我會重點介紹一些關鍵的指導變化。

We raised our same property NOI growth range to 4.5% to 5%, up 115 basis points at the midpoint. We raised our NAREIT FFO range by $0.06 per share at the midpoint, now representing full-year growth of more than 7%, and we raised our core operating earnings per share by $0.05 at the midpoint, representing growth north of 6%.

我們將相同的房地產 NOI 成長範圍提高至 4.5% 至 5%，中間值上漲了 115 個基點。我們將 NAREIT FFO 範圍中點提高了每股 0.06 美元，代表全年增長率超過 7%，並且我們將核心每股營業收益中點提高了 0.05 美元，代表增長率超過 6%。

The increase to same property NOI guidance was fundamentally driven by higher average commenced occupancy from higher shop retention rates, combined with strong lease commencement activity. Additionally, and as a follow-on impact of the elevated occupancy, together with the completion of our annual reconciliation process, we are benefiting from higher expense recovery rates, further amplifying NOI growth.

同一物業 NOI 指導值的增加主要得益於更高的店鋪保留率帶來的平均開始入住率上升，以及強勁的租賃開始活動。此外，由於入住率提高的後續影響，加上我們年度對帳流程的完成，我們受益於更高的費用回收率，進一步擴大了 NOI 的成長。

Lastly, with greater clarity on the outcomes related to some of the more high-profile bankruptcies this year, we are also narrowing our credit loss guidance to 75 to 85 basis points. While the increase to same-property NOI was the largest contributor to our overall earnings guidance range, our accretive investment activity is also moving the earnings needle even higher, including the accretion expected to be generated by our recently announced RMV portfolio acquisition.

最後，隨著今年一些備受矚目的破產案件的結果更加明朗，我們也將信用損失預期縮小至 75 至 85 個基點。雖然同類物業淨營業利潤的成長是我們整體獲利預期範圍的最大貢獻者，但我們的增值投資活動也使獲利水準進一步提高，其中包括我們最近宣布的 RMV 投資組合收購預計將產生的增值。

We've also substantially derisked our capital raising plan for the year, following the successful execution of our $400 million bond offering in May. We issued seven-year notes at a 5% coupon, allowing us to prefund our November unsecured bond maturity, and resolve our remaining corporate level financing needs. This issuance demonstrates our clear cost of capital advantage as we remain the only shopping center REIT with an A credit rating from both Moody's and S&P.

繼五月成功發行 4 億美元債券後，我們也大幅降低了今年的融資計畫的風險。我們發行了票面利率為 5% 的七年期票據，以便我們預先支付 11 月到期的無擔保債券，並解決我們剩餘的公司層面融資需求。此次發行證明了我們明顯的資本成本優勢，因為我們仍然是唯一一家同時獲得穆迪和標準普爾 A 級信用評級的購物中心房地產投資信託基金。

Our leverage is comfortably within our target range of 5 to 5.5 times and will remain so even taking into consideration the portfolio acquisition, which was funded on an effective leverage neutral basis.

我們的槓桿率處於 5 至 5.5 倍的目標範圍內，即使考慮到以有效槓桿中性為基礎融資的投資組合收購，我們的槓桿率仍將保持這一水平。

We continue to generate significant levels of free cash flow, have nearly full availability on our $1.5 billion credit facility and still have $100 million of unsettled equity from our forward ATM issuance late last year, which we will settle in the second half of this year. With our sector-leading financial and balance sheet position, we will continue to play offense and execute on strategic investment opportunities fortifying ongoing earnings growth.

我們繼續產生大量的自由現金流，15 億美元的信貸額度幾乎全部可用，去年年底我們發行的 ATM 遠期債券仍有 1 億美元未結算股權，我們將在今年下半年結算。憑藉我們行業領先的財務和資產負債表地位，我們將繼續積極進攻並抓住策略投資機會，鞏固持續的獲利成長。

With that, we welcome your questions.

我們歡迎您提出問題。

(Operator Instructions) Samir Khanal, Bank of America.

（操作員指示）美國銀行的 Samir Khanal。

I guess, Mike, as you alluded, very strong print for same store in the quarter, certainly a big contributor was the base rent. But also saw some positive contribution from recoveries, other income and percentage rents. So walk us through kind of how you're thinking about the contribution from the various components into the second half as we think about the same-store NOI cadence?

我想，麥克，正如你所暗示的，本季度同店銷售額非常強勁，其中基本租金無疑是一個很大的貢獻者。但也看到了來自復甦、其他收入和百分比租金的一些積極貢獻。那麼，當我們考慮同店 NOI 節奏時，請向我們介紹您如何看待各個組成部分對下半年的貢獻？

Sure. Hey, Samir. Good morning. Yeah, so last quarter, we spent a little bit of time talking about the known deceleration in the growth rate that we are seeing in the numbers. And that hasn't changed. And however, what I would add to that is the second quarter was exceptional on a couple of other line items, which is kind of just raised the entire sea level, but that bias to the second half of the year being a little lower than the midpoint still exists.

當然。嘿，薩米爾。早安.是的，上個季度，我們花了一點時間討論我們在數字中看到的成長率的已知減速。這一點至今沒有改變。然而，我想補充的是，第二季度在其他幾個項目上表現非常出色，這幾乎提高了整個海平面，但下半年略低於中點的偏見仍然存在。

So what's going on here. As you said, base rent will -- has been and will continue to be the largest contributor. But some of the credit loss elements are where that bias is happening in the back half of the year. As we know, we have now more certainty, and we know that the [BK] move-outs from Party City, from JOANN, from Rite Aid, these will be back half of the year elements.

那麼這裡發生了什麼事？正如您所說，基本租金一直是並將繼續成為最大的貢獻者。但有些信貸損失因素是下半年出現這種偏差的地方。我們知道，現在我們有了更多的確定性，我們知道 [BK] 從 Party City、JOANN 和 Rite Aid 撤出，這些將是今年上半年的回歸要素。

We also have uncollectible lease income. The first half of the year has been incredibly low, well below our historical averages. We are planning for a slightly higher level of ULI in the back half of the year. I will share that we're planning for still below historic levels, but higher than the first half, which is putting a little pressure on that growth rate.

我們還有無法收回的租賃收入。今年上半年的業績非常低迷，遠低於歷史平均。我們計劃在今年下半年稍微提升 ULI 水準。我想說的是，我們計劃的成長速度仍低於歷史水平，但高於上半年，這會對成長率造成一些壓力。

Lastly, there's a comp in the prior year from an uncollectible lease income perspective, again, very low in the back half of last year, so comping to a little bit higher this year and our expectations. There is -- and in the second quarter uniquely, there is some percentage rent that shifted into the quarter from the first quarter. There's other income, which, by definition, is a bit of an uneven line item, and we had a little bit of froth in the second quarter.

最後，從無法收回的租賃收入的角度來看，與前一年相比，去年下半年的水平非常低，因此今年的水平會略高一些，符合我們的預期。確實如此——第二季的獨特之處在於，有一定比例的租金從第一季轉移到了第二季。還有其他收入，根據定義，這是一個有點不均衡的項目，我們在第二季出現了一些泡沫。

And then lastly, I tried to color it up in the prepared remarks about our reconciliations. Again, this is a testament to the team and just rent paying occupancy being higher and it exceeded our expectations on our ability to not only collect rent on a prior year basis, but also to continue to collect recoveries, I should say, on a prior year basis and collect recoveries going forward, which has increased our eye level there.

最後，我嘗試在準備好的關於我們和解的評論中為它增添色彩。再次，這證明了團隊和租金支付入住率更高，這超出了我們的預期，我們不僅能夠在上一年的基礎上收取租金，而且還能在上一年的基礎上繼續收取追償款，並且在未來繼續收取追償款，這提高了我們的關注度。

I hope that helps on the growth rate and the trajectory. But I also hope it doesn't take away from the fact that we've had an incredible first half of the year, and we're looking forward to continuing that momentum.

我希望這有助於提高成長率和軌跡。但我也希望這不會掩蓋我們今年上半年取得的令人難以置信的成績的事實，我們期待著繼續保持這種勢頭。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Questions just about the same-property NOI growth algorithm. You have a wonderful chart in your presentation that outlines the different drivers, which is driving the 7% property NOI growth during the quarter. Like as we think about it going forward, like occupancy -- kind of peak leased occupancy, maybe still a little bit of room on the commence.

問題僅涉及同屬性 NOI 成長演算法。您的簡報中有一張精彩的圖表，概述了推動本季房地產 NOI 成長 7% 的不同驅動因素。就像我們考慮未來一樣，例如入住率——租賃入住率的峰值，一開始可能還有一點空間。

But can you just talk about kind of the shift away from occupancy into some of the other components of the same-property NOI growth algorithm to kind of make up for that? And I know Alan mentioned in his comments, just continued meaningful contractual rent steps in a majority of releases, if you could touch on that as well.

但是，您能否談談從入住率轉向同一物業 NOI 成長演算法的其他一些組成部分以彌補這一點？我知道艾倫在他的評論中提到，在大多數版本中都繼續採取有意義的合約租金步驟，如果你也可以談談這一點的話。

Yeah. Let me just start from -- hey, Michael, it's Mike. From the algorithm perspective, I'll let Alan provide some color if he thinks it's necessary. One, I appreciate you recognizing the disclosure. I'm pretty proud of it. The team does a great job sharing that.

是的。讓我先從——嘿，邁克爾，我是邁克。從演算法的角度來看，如果艾倫認為有必要的話，我會讓他提供一些顏色。首先，感謝您對此披露的認可。我對此感到非常自豪。團隊在分享這一點上做得很好。

On a prospective basis, you're right. We continue to see continued runway on a commenced occupancy perspective. While we are at peak levels of percent leased, we have not reached peak levels of commenced. And that gives us confidence as we move through the second half of this year and into 2026, that we have a continued what I would call above-trend growth profile or opportunity ahead of Regency, and we're excited for that.

從未來來看，你是對的。從已開始入住的角度來看，我們繼續看到跑道的持續運作。雖然我們的租賃率已達到峰值，但開工率尚未達到峰值。這讓我們對今年下半年和 2026 年充滿信心，我們將繼續擁有我所說的高於趨勢的成長前景或 Regency 機遇，我們對此感到興奮。

I'll let Alan speak to the SNO pipeline in a few seconds, but we should see that continue to compress in a very positive way.

幾秒鐘後，我將讓艾倫談論 SNO 管道，但我們應該看到它繼續以非常積極的方式壓縮。

And then lastly, from an algorithm standpoint, let me share that redevelopments have been, and we are expecting them to continue to be quite positive to our same-property NOI growth metric. We've talked about in the past, '25 will have north of 100 basis points positive impact to our same property growth rate.

最後，從演算法的角度來看，讓我分享一下重建的情況，我們預計它們將繼續對我們的同物業 NOI 成長指標產生相當正面的影響。我們過去曾談到，25 將對我們的相同房地產成長率產生超過 100 個基點的正面影響。

And actually, as we sit here today, I think that may replicate into 2026. We've done an exceptional job starting and delivering and working on our redevelopment business. And the prospects for that to continue to be positive to NOI growth, I think, will continue into next year.

事實上，當我們今天坐在這裡時，我認為這種情況可能會延續到 2026 年。我們在啟動、交付和開展重建業務方面做得非常出色。我認為，這種對營業淨收入成長有利的前景將持續到明年。

Yeah, Michael, I'll just color up the SNO piece. And I would just say our team is continuing to make really great progress bringing rent online, as I mentioned, in the opening remarks. But I'm even more proud of continuing to backfill that pipeline with additional signed leases. The process is working just in terms of getting our tenants to start plans early, proactively fitting out our spaces to make them more marketable, ordering equipment in advance, all leading to some accelerated rent commencement date.

是的，邁克爾，我只會為 SNO 部分上色。我想說的是，正如我在開場白中提到的那樣，我們的團隊在將租金轉移到線上方面繼續取得了巨大進展。但我更自豪的是繼續透過簽署更多租約來填補這一空缺。這個流程的作用只是讓我們的租戶儘早開始計劃，主動裝修我們的空間以使其更具市場價值，提前訂購設備，所有這些都可以加快租金開始日期。

From a normalized run rate, I think we've mentioned we expect that at a stabilized basis, SNO will be at about 175 basis points, but the compression we had this quarter, it's a great thing, particularly when it's in conjunction with percent commenced going up, which it did 40 basis points. So team is clicking on all cylinders on that front, and I hope that, that number continues to compress certainly over time.

從正常化的運行率來看，我想我們已經提到過，我們預計在穩定的基礎上，SNO 將在 175 個基點左右，但本季度我們的壓縮是一件好事，特別是當它與百分比開始上升相結合時，它上升了 40 個基點。因此，團隊正在全力以赴，我希望，隨著時間的推移，這個數字會繼續壓縮。

Greg McGinniss, Scotiabank.

加拿大豐業銀行的格雷格·麥金尼斯。

This is Viktor Fediv on for Greg McGinniss. I'd like to dig into this SoCal acquisition to better understand transaction markets through these plans. So who are you competing lease for the asset? And from your perspective, what gave you a competitive edge in successful executing the deal?

這是 Viktor Fediv，代替 Greg McGinniss。我想深入研究這次南加州收購，以便透過這些計劃更了解交易市場。那麼，您與誰競爭租賃該資產？從您的角度來看，是什麼讓您在成功執行這筆交易方面具有競爭優勢？

Hey, Greg. This is Nick. I appreciate the question. This is one of those opportunities that I can really sort of pound our chest that it was truly off market. And so -- the seller is a family that's owned these properties literally since the 1800s. They've owned tens of thousands of acres throughout Southern California that they've been masterplan developing now for generations. And they chose us, and they came to us really for three primary reasons in our discussions with them.

嘿，格雷格。這是尼克。我很感謝你提出這個問題。這是一個我可以真正敲響胸口的機會，它確實不在市場上。賣家是一個自 19 世紀以來就擁有這些房產的家庭。他們在南加州擁有數萬英畝土地，幾代以來一直在進行總體規劃開發。他們選擇了我們，並且在我們與他們討論時主要出於三個原因。

First and foremost, the quality of our currency matters. And so the UPREIT transaction was really important to them from a tax optionality standpoint moving forward on their side. And the quality of the currency they were getting in return was really critical, given they are now a large shareholder of Regency Centers. And so we appreciate their commitment to our platform and their ownership now in our company.

首先，我們的貨幣品質很重要。因此，從稅收選擇權的角度來看，UPREIT 交易對他們來說確實非常重要。鑑於他們現在是 Regency Centers 的大股東，他們所獲得的貨幣的品質至關重要。因此，我們感謝他們對我們平台的承諾以及他們現在對我們公司的所有權。

So beyond the quality of our currency, the quality of our operations matter. Again, they have a very vested interest in this community, not only and what they've done to develop it to date, but there's future development on the horizon, residential to the east of these projects, and they live and shop in these communities. They're very, very proud of these shopping centers. And so the quality of the operator taking over the shopping centers to make sure they are best-in-class moving forward was critical to them.

因此，除了貨幣品質之外，我們的營運品質也很重要。再說一次，他們對這個社區有著濃厚的興趣，不僅因為他們迄今為止為這個社區所做的開發，還因為他們未來的發展，這些項目東邊的住宅區，以及他們在這些社區生活和購物的地方。他們對這些購物中心感到非常自豪。因此，接管購物中心的營運商的素質對於確保他們在未來保持最佳水平至關重要。

And then last but not least, there are future development opportunities within the future phases of their master plan development. And so the opportunity to partner with them on future developments mattered. And so really, when they prioritize those three items, the only company they felt like checked all three of those boxes was us. And so we're very proud to have engaged with them, came up with a quality transaction for all parties involved.

最後但同樣重要的一點是，在總體規劃發展的未來階段中還存在著未來的發展機會。因此，與他們合作開發未來發展的機會非常重要。因此，實際上，當他們優先考慮這三個項目時，他們覺得唯一一家同時滿足這三個條件的公司就是我們。因此，我們非常自豪能夠與他們合作，為所有相關方達成高品質的交易。

I just need to come over to just for a second and just say I'm really proud of the team because it took many throughout our organization to make this happen. It certainly didn't happen overnight, as you can imagine.

我只需要過來一會兒，然後說我真的為這個團隊感到驕傲，因為我們整個組織的許多人才實現了這一目標。正如您所想像的，這當然不是一夜之間發生的。

And just ditto to everything Nick said in terms of why the sellers were more comfortable and wanted to transact with Regency, and that goes to the people into our strategy and to the company that we've built. So grateful to the whole team, grateful to the sellers.

同樣，尼克所說的為什麼賣家更願意與 Regency 進行交易，以及為什麼賣家更願意與 Regency 進行交易，都與我們的策略和我們所建立的公司有關。非常感謝整個團隊，感謝賣家。

Steve Sakwa, Evercore ISI.

史蒂夫‧薩誇 (Steve Sakwa)，Evercore ISI。

Could you maybe expound on the development opportunities? It seems like development yields are quite high for you guys -- the acquisition yields. And I'm just curious if there's incremental discussions you're having with the national retailers about new developments?

能否闡述發展機會？看起來你們的開發收益——收購收益——相當高。我只是好奇，您是否與全國零售商就新發展進行了漸進式討論？

I appreciate the question, Steve. Again, it's Nick. Yeah, as we've been articulating, I think, now for quite a few quarters. We continue to see demand from best-in-class grocers, growing their physical presence in the markets that we do business. And so, we continue to have very active conversations with those key grocers about partnering with them to help them build their program out.

我很感謝你提出這個問題，史蒂夫。再次強調，我是尼克。是的，正如我們已經闡明的那樣，我認為，現在已經有好幾個季度了。我們持續看到一流雜貨商的需求，他們在我們開展業務的市場中的實體影響力不斷擴大。因此，我們繼續與這些主要的雜貨商進行非常積極的對話，以與他們合作，幫助他們建立他們的計劃。

And so we -- as I've articulated in the prepared remarks, we're bullish on our ability to find those opportunities. They are very difficult. I'll reinforce that. It is challenging to find these deals. But we are best in class. Given our relationships, our expertise, and our capital, our teams just continue to do a tremendous job coast-to-coast partnering with these grocers and putting these deals together.

因此，正如我在準備好的發言中所說的那樣，我們對自己找到這些機會的能力充滿信心。他們非常困難。我會強調這一點。找到這些交易很有挑戰性。但我們是班上最好的。憑藉我們的關係、專業知識和資本，我們的團隊將繼續在全國範圍內與這些雜貨商合作並達成這些交易，做出巨大貢獻。

And so we're bullish. As we've talked about, we delivered -- we started $250 million in the last two years. And as I said in the prepared remarks, we expect to start that much this year or even maybe beyond that. And we do expect the majority of that to be in Roundup developments given the success our team has had. And in terms of yield, as you've seen, we're in that 7% range, 7% plus, and I would expect us to maintain that yield eyesight for the time being.

因此我們持樂觀態度。正如我們所說的，我們實現了目標——在過去兩年裡，我們啟動了 2.5 億美元的融資。正如我在準備好的發言中所說的那樣，我們預計今年就能開始實現這一目標，甚至可能更久。鑑於我們團隊所取得的成功，我們確實預計其中大部分將用於 Roundup 開發。就收益率而言，如您所見，我們的收益率處於 7% 左右，甚至 7% 以上，我希望我們暫時能夠保持這種收益率預期。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

It's Nick here for Craig. You touched on the better expense recovery rates in the quarter and net OpEx dropped meaningfully quarter over quarter. So how sustainable is that going forward? Or do you expect a reversal?

我是尼克，為克雷格服務。您提到了本季更好的費用回收率，並且淨營運支出環比大幅下降。那麼，這種發展趨勢的可持續性如何？還是您預期會出現逆轉？

There's a -- it will decelerate from a recovery rate perspective going forward. Again, because of the -- there is a onetime element to the second quarter being that we completed our annual reconciliation process. So not to get too much in the weeds there. But that results in a little bit of prior year recognition that exceeded our estimates that we booked at the end of last year. The rough number there is maybe $1 million of kind of onetime baked into the second quarter.

從未來的復甦率來看，復甦速度將會減慢。再一次，因為──第二季有一個一次性因素，那就是我們完成了年度對帳流程。所以不要陷入太多的麻煩。但這導致上一年確認的金額略微超出了我們去年年底的估計。粗略的數字可能是第二季一次性支出的 100 萬美元。

I do -- we do anticipate that this recovery rate basically will fall maybe by 100 basis points if you're using Q2 as a run rate going forward. But that -- again, the average in-place occupancy is really what's driving this higher rate of recovery for us. And the average in-place occupancy last quarter, we were talking about that potentially moving by 75 basis points or more in 2025.

我確實——我們確實預計，如果使用第二季度作為未來的運行率，這一復甦率基本上會下降 100 個基點。但是，再次強調，平均入住率才是真正推動我們實現更高恢復率的因素。上個季度的平均入住率，我們預計到 2025 年可能會上升 75 個基點或更多。

Now as we sit here today, given the success we had in the second quarter, we're seeing that move by north of 100 basis points in 2025. That significant change in average commenced occupancy is what's driving the fundamental increase in our expense recoveries.

現在，當我們今天坐在這裡時，考慮到我們在第二季度的成功，我們預計到 2025 年這一數字將上升 100 個基點。平均入住率的顯著變化推動了我們的費用回收的根本性成長。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

I wanted to go back to the SoCal acquisition. Do you have any rights to participate in future developments or future acquisition opportunities with the sellers in SoCal within that master planned community. And then you highlighted that it's accretive to Regency's core growth rate, can you just provide some additional detail on the growth opportunity within the portfolio, which is 97% leased. What's the upside related to? And is there any incremental CapEx or reinvestment capital anticipated in order to generate that outsized growth?

我想回到南加州的收購。您是否有權與南加州的賣家一起參與該總體規劃社區的未來開發或未來收購機會？然後您強調它對 Regency 的核心成長率有增值作用，您能否提供一些有關投資組合內成長機會的更多細節，該投資組合的租賃率為 97%。其好處與什麼有關？為了實現如此巨大的成長，是否預期會有增量資本支出或再投資資本？

Sure. Todd, let me start with your second question. Yes, we're really excited about the future growth of that portfolio. As you articulated, it is 97% leased. However, we do think there's upside in some of the rents that are in the near term.

當然。托德，讓我先問你的第二個問題。是的，我們對該投資組合的未來成長感到非常興奮。正如您所說，它的出租率為 97%。然而，我們確實認為短期內部分租金有上漲空間。

And there are some small redevelopment opportunities. There's currently a vacant Rite Aid in the Sandero marketplace that we anticipate redeveloping and soon to be vacated CVS further north in the Bridge Park. And so small redevelopments within that portfolio, but again, exactly what we do every day in our core portfolio.

還有一些小型的再開發機會。目前，桑德羅市場內有一家空置的 Rite Aid，我們預計將對其進行重新開發，並且位於 Bridge Park 更北邊的 CVS 也即將被騰空。因此，該投資組合內有小型重建項目，但同樣，這正是我們每天在核心投資組合中所做的事情。

And so we do expect that growth rate to be north of 3% moving forward. And so although that portfolio has been really well taken care of, really well operated. There's still opportunity for growth within it, which is what we're excited about.

因此，我們確實預計未來成長率將超過 3%。儘管該投資組合得到了很好的管理，運作也很好。其中仍有成長機會，這讓我們感到興奮。

And in terms of your first question, I'll start with the acquisitions first. No, we don't have the ability to acquire more within that master plan community because the answer is simple. We bought all of their assets that currently exist. And so that's what we were so excited about within this acquisition. We own all of the retail servicing these phenomenal master plan developments.

關於您的第一個問題，我首先從收購開始。不，我們沒有能力在總體規劃社區內獲得更多，因為答案很簡單。我們購買了他們目前存在的所有資產。這就是我們對此次收購感到興奮的原因。我們擁有為這些非凡的總體規劃開發項目提供服務的所有零售業務。

And so knowing that we really do control that market is what we're excited about. And then in terms of future development, there are planned future development, especially on the residential side, again, which is just going to bring more demand to the existing assets. But we do anticipate the potential for future retail, and we have had discussions and very positive dialogue about participating and partnering to everybody's benefit on those projects in the future.

因此，當我們知道我們確實控制了該市場時，我們感到非常興奮。就未來發展而言，我們有計劃進行未來發展，特別是在住宅方面，這將為現有資產帶來更多需求。但我們確實預見了未來零售業的潛力，並且我們已經就未來參與和合作以使每個人受益的項目進行了討論和非常積極的對話。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

You guys mentioned plan to settle the $100 million remaining forwards in the second half of the year. So I guess I was curious what your thoughts or plans were for that capital? I think most of us presumed for development and redev , but also was curious kind of what your appetite for more potential acquisitions could be near term?

你們提到計劃在今年下半年結算剩餘的 1 億美元遠期款項。所以我很好奇你對那個首都的想法或計劃是什麼？我想我們大多數人都認為這是開發和重新開發，但也很好奇您近期對更多潛在收購的興趣是什麼？

Haendel, it's Mike. Yeah, to reiterate our plans, we're going to settle that in the second half of the year. We have to settle it contractually by, call it, end of November, early December, and we will do that. What we're seeing -- it's all fungible from a use of proceeds perspective. We view it as just additional added capacity for us to continue to grow our development pipeline to continue to find accretive acquisition opportunities. So it goes into that bucket.

韓德爾，我是麥克。是的，重申我們的計劃，我們將在今年下半年解決這個問題。我們必須在十一月底或十二月初之前透過合約解決這個問題，我們會這樣做。我們看到的是──從收益使用的角度來看，這一切都是可替代的。我們認為這只是額外的附加能力，以便我們可以繼續擴大開發管道，並繼續尋找增值收購機會。所以它就進那個桶子了。

I will say there does appear to be some momentum building on our ability to roll up down REIT transactions, smaller joint ventures, where we can take advantage of rolling up and our understanding of those assets and buying the unowned portions of those shopping centers. So that is a -- maybe a near-term direct use of that capital. But on balance, I would just view it as added capacity.

我想說的是，我們在擴大房地產投資信託基金交易和小型合資企業方面的能力確實出現了一些勢頭，我們可以利用這些資產以及我們對這些資產的了解來購買這些購物中心的未擁有部分。所以這也許是近期對該資本的直接利用。但總的來說，我只是將其視為增加的容量。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

Could you provide thoughts on further portfolio style deals here and where you're seeing portfolio cap rates for single asset transactions as we think about the SoCal acquisition and the upward revision to acquisition cap rates and guidance?

當我們考慮 SoCal 收購以及對收購上限率和指引的上調時，您能否就此處進一步的投資組合式交易提供一些想法，以及您如何看待單一資產交易的投資組合上限率？

Sure. Let me speak first, Cooper. This is Nick. So what we're just seeing in the market in general, and then Mike may color up a little bit of just how to think of the cap rate related to RMV. And so we're still seeing overall a lot of demand in our sector.

當然。讓我先說，庫柏。這是尼克。因此，我們只是在市場上看到了總體情況，然後 Mike 可能會稍微解釋一下如何看待與 RMV 相關的資本化率。因此，我們仍然看到我們行業總體上存在很大的需求。

So no question. There's a capital that's very interested in owning irreplaceable grocery-anchored assets throughout the country. And so whether that's single assets or portfolio quality assets, seeing cap rates push down in the low 5s, depending on the growth profile into the low 6s.

所以毫無疑問。首都對在全國範圍內擁有不可替代的以食品雜貨為主的資產非常感興趣。因此，無論是單一資產或投資組合品質資產，資本化率都會下降到 5% 以下，而成長情況則會下降到 6% 以下。

And so there's some stability in that in the sense that it feels like that's the way it's been here over the last couple of quarters given the capital flow and interest in our sector for all of the reasons you're hearing flow through our operating results.

因此，從某種意義上說，這其中存在一定的穩定性，因為考慮到您聽到的所有原因，我們行業的資本流動和興趣都影響著我們的經營業績，感覺過去幾個季度的情況就是這樣。

And so, we continue to be competitive. And as we've always said, the really good news about our business plan is we don't have to buy things to meet our growth objectives, given our development and redevelopment program. But when those opportunities present themselves, where we feel like we can acquire assets that are equal or better than our quality and growth profile and that we can fund accretively, we are ready to move and RMV is a perfect example of that.

因此，我們繼續保持競爭力。正如我們一直所說的那樣，我們的商業計劃的真正好消息是，考慮到我們的開發和再開發計劃，我們不必購買東西來實現我們的成長目標。但是，當這些機會出現時，我們覺得我們可以收購與我們的品質和成長狀況相當或更好的資產，並且我們可以進行增值融資，我們就準備採取行動，而 RMV 就是一個很好的例子。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Just hoping you talk a little bit about the tenant health on the small shop side. You said that the turnover was less than expected. I guess is that -- why do you attribute that to? And how are tenants feeling about tariffs, particularly on the small shop side where there, I think there's less maybe ability to pass costs for you to have negotiating leverage with suppliers?

只是希望您能談談小商店方面的租戶健康狀況。您說營業額低於預期。我猜是——你為什麼將其歸因於此？租戶對關稅有何看法，特別是小商店，我認為他們轉嫁成本的能力較弱，無法與供應商進行談判？

Juan, I appreciate the question. Look, we're looking at foot traffic to our assets, and it remains positive. Our [ARs] are at historic lows. Our sales are up for our retailers, and our pipeline, particularly on the new lease side remains very strong. So your question about the health of the tenant, it's very strong in our portfolio and very proud of the disciplined and intentional approach of how we're managing that.

胡安，我很感謝你的提問。瞧，我們正在關注我們資產的客流量，它仍然是正面的。我們的[AR]處於歷史最低水準。我們的零售商銷售額有所上升，我們的銷售管道，特別是新租賃方面的銷售管道仍然非常強勁。所以，您關於租戶健康狀況的問題，在我們的投資組合中，租戶的健康狀況非常強勁，我們為我們管理租戶的嚴謹和有目的的方法感到非常自豪。

Retention rate was about 77%. It's a little bit higher than we typically see. And again, I think that's a little bit of a supply constraint that you're seeing out there, coupled with productive stores for them. But for us, cycling through and enhancing merchandise has always been a key thing for us. So we're hearing nothing, but really positive feedback from our existing tenant base.

保留率約為77％。它比我們通常看到的要高一點。再說一次，我認為這是你所看到的供應限制，再加上對他們來說生產性商店的限制。但對我們來說，循環利用和改進商品始終是關鍵。因此，我們沒有聽到任何來自現有租戶群體的正面回饋。

And as they think through your tariff question, they're time-tested operators. They know how to operate and be agile through uncertain times. And I suspect if the time comes where they need to negotiate with suppliers, they will if they need to consider sourcing goods elsewhere they will, if it's passing through some expense to the consumer, they will. They're going to evaluate all the levers that need to be done. And I don't believe they're sitting back.

當他們仔細考慮您的資費問題時，他們就是久經考驗的運營商。他們知道如何在充滿不確定性的時期內運作並保持敏捷。我認為，如果他們需要與供應商進行談判，他們會考慮從其他地方購買商品，如果這需要將一些費用轉嫁給消費者，他們會這麼做。他們將評估所有需要採取的措施。我不相信他們會袖手旁觀。

They're evaluating those things now and many are making changes right now. So feedback is positive in pipeline that's coming behind that remains very positive.

他們現在正在評估這些事情，而許多事情正在做出改變。因此，後續管道的回饋是正面的，並且仍然非常積極。

Yeah. I would just reiterate what we've been saying for many years. We are -- if you think about our product type, no one really -- no one knows there's no consensus on what the impact will be of policies. But what we do know is that we have a really high-quality portfolio. You just meant we have -- the health of our tenants is really strong.

是的。我只是想重申我們多年來一直在說的話。如果你考慮我們的產品類型，你會發現沒有人真正知道政策會產生什麼影響，也沒有人有共識。但我們確實知道，我們擁有真正高品質的投資組合。您剛才的意思是，我們的租戶的健康狀況非常好。

And we are in good suburban trade areas. And we -- with the focus on essential needs, value, convenience, daily necessities, we feel really good about the future opportunities and growth within our portfolio. The consumers, not only are our tenants resilient, the consumer is also very resilient. And we continue to see that with all of the trends in our portfolio, foot traffic, tenant sales, et cetera, I feel really good about it.

而且我們位於良好的郊區貿易區。我們專注於基本需求、價值、便利性和日常必需品，我們對投資組合的未來機會和成長感到非常樂觀。消費者，不僅我們的租戶具有韌性，消費者也非常有韌性。我們繼續看到我們的投資組合、客流量、租戶銷售等所有趨勢，我對此感到非常滿意。

Rich Hightower, Barclays Bank.

巴克萊銀行的里奇‧海托爾 (Rich Hightower)。

A lot of good questions so far. But I think maybe just a follow-up on the tightening of the credit loss assumption for 2025. Obviously, that's a good sign. But any indications on maybe potentially troubled tenants for '26, even notwithstanding the comments just now about very strong tenant health. Any sort of leading indicators there?

到目前為止已經有很多好問題。但我認為這可能只是對 2025 年信貸損失假設收緊的後續行動。顯然，這是一個好兆頭。但儘管剛才有評論說租戶的健康狀況非常好，但沒有任何跡象表明 26 年可能會出現陷入困境的租戶。那裡有任何領先指標嗎？

Rich, let me just speak to the guidance and the change a little bit, and then Alan can jump into from a tenant health perspective. I appreciate you helping us reiterate that we did kind of narrow and lessen our outlook for credit loss.

里奇，讓我稍微談談指導和變化，然後艾倫可以從租戶健康的角度來談談。感謝您幫助我們重申，我們確實縮小並減少了信貸損失的前景。

And I would like to remind everyone, when we speak of credit loss at Regency, it is a combination both of move-outs from bankruptcies or lost base rent together with uncollectible lease income or traditionally [banded] expense. I'd say both of those elements have declined in our outlook for the year. The BK outlook is what declined the most.

我想提醒大家，當我們談到 Regency 的信用損失時，它是指破產搬出或基本租金損失以及無法收回的租賃收入或傳統[分級]費用的結合。我想說，這兩個因素在我們今年的展望中都已經下降了。BK 前景下降幅度最大。

And if you think about what's occurred over the last three months, it's just a lot of clarity. We've had a lot more clarity come to us through the outcomes of these bankruptcy proceedings. And we now know that which stores we will lose and which we won't and when. And the timing and that certainty is what's allowed us to lower our eye level there in a very positive way.

如果你回想過去三個月發生的事情，你就會明白很多事情。透過這些破產程序的結果，我們得到了更清楚的認識。現在我們知道了哪些商店將會失去，哪些商店不會失去，以及何時失去。時機和確定性使我們能夠以非常積極的方式降低我們的視線水平。

As an example, we learned in May that CVS was taking four of the Rite Aid positions in our Pacific Northwest portfolio. So that is a change to our plan and allowing us to lower our eye level. I mean I don't know if we have much more to add beyond what Alan already shared from an outlook perspective. Our tenants are extraordinarily healthy. The AR that we're looking at greater than 90 days is at historically low levels. We would continue to anticipate a retention rate roughly in the 75 to 80 basis point range. Tenants will move out.

例如，我們在五月獲悉，CVS 將收購我們太平洋西北地區投資組合中的四個 Rite Aid 股票。所以這是對我們的計劃的改變，允許我們降低我們的視線水平。我的意思是，我不知道除了艾倫已經從展望角度分享的內容之外，我們是否還有更多內容可以補充。我們的租戶非常健康。我們所看到的超過 90 天的 AR 處於歷史最低水平。我們將繼續預期留存率大約在 75 至 80 個基點的範圍內。租戶將會搬出去。

So that element of the business play will change. Active asset management will continue where we are always looking to upgrade our merchandising mix and ensure that we're providing the best product for our consumer. And -- but at the same time, there's going to be bankruptcy filings. It is an element of our business. Tenants will fail.

因此，商業運作的要素將會改變。我們將繼續進行積極的資產管理，始終尋求升級我們的商品組合，並確保為消費者提供最好的產品。但同時，也會有破產申請。這是我們業務的一個要素。租戶將會失敗。

Regency does better than most in those outcomes. We retain -- in reorganizations, we retain a lot of our tenancies. And when -- and those that we don't retain, we re-lease pretty quickly and oftentimes higher rents.

在這些結果方面，Regency 的表現比大多數公司都要好。我們保留了——在重組中，我們保留了許多租約。當我們沒有保留住那些房子時，我們很快就會將其重新出租，而且租金通常會更高。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

Just want to talk about the earlier commencements of a few tenants. Were those primarily junior anchors? And are they just looking to open a season earlier?

只想談幾個租戶早些時候開始的事情。那些人主要是初級主播嗎？他們只是想提前一個賽季開始嗎？

Wes, I'm assuming you're talking about earlier commencement of rent, yes, it was a couple of anchor tenants that, in fact, we were just able to accelerate openings is really what it boils down to. And I think, again, that's a testament to driving a very efficient process being front and center, visible and partnering with our retailers to get them open.

韋斯，我假設您談論的是提前開始收取租金，是的，事實上，我們只是能夠加速開業，這才是關鍵。我認為，這再次證明了推動非常高效的流程的必要性，該流程處於中心位置，清晰可見，並與我們的零售商合作以使他們開業。

Wes, did that answer your question?

韋斯，這回答了你的問題嗎？

Yeah. Well, just -- was it just the ability to get it open or were they kind of push in to say, hey, we want to open instead of maybe fall. We want to get open for the summer? Is there anything like that going on?

是的。好吧，只是——只是有能力打開它，還是他們有點推搡地說，嘿，我們想要打開而不是可能掉下來。我們想在夏天開業嗎？有類似的事情發生嗎？

No. I don't -- there was no -- again, I think it's always interests are line, the sooner we can get it open. The quicker we can get our consumer in the faster we can generate sales, which is a real win-win for all of us. I really just don't have much more to add to it than that, Wes. It was just a good partnership.

不。我不——沒有——再說一次，我認為利益總是最重要的，我們越早開放它就越好。我們越快吸引消費者，就能越快產生銷售，這對我們所有人來說都是真正的雙贏。韋斯，我真的沒有什麼好補充的了。這只是一次良好的合作關係。

And I think that is one thing that we pride ourselves on is working together with our customer, which is our retailer, our tenant and doing everything we can to get them open sooner.

我認為，我們引以為傲的一件事就是與我們的客戶（我們的零售商、我們的租戶）合作，盡一切努力讓他們盡快開業。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Just a couple of quick ones on leasing. The renewal spread this quarter, 17.2% on a GAAP basis. Can you remind me, does that include the options or not? And what would that spread look like without options? And just second question, just over time, any lessons learned on how much you can stretch occupancy costs and your better quality assets. I realize it's probably higher for those assets, but has that elasticity changed at all over time?

我只想簡單介紹一下有關租賃的問題。根據 GAAP 計算，本季續約率增加了 17.2%。你能提醒我一下，這是否包括選項？如果沒有選擇權的話，這種利差會是什麼樣子呢？第二個問題是，隨著時間的推移，您從中吸取了哪些經驗教訓，可以提高入住成本和提高資產品質。我知道這些資產的彈性可能更高，但隨著時間的推移，這種彈性有沒有改變？

Ki Bin, good morning. So to answer your first question, yes, it does include options. And our negotiated renewal rates are absolutely higher when you're excluding the option rate from that metric. Your second question was on --

基彬，早安。因此，回答您的第一個問題，是的，它確實包含選項。當您從該指標中排除選擇利率時，我們協商的續約利率絕對會更高。你的第二個問題--

It was basically on our ability to push occupancy cost. I'm happy to take it. I -- because I've spoken about this on other calls and in most meetings. There's clearly -- there's been limited supply. And so the supply-demand equation, we've talked about is in our favor today. It has to be win-win. Alan used those -- used that term as well. Our tenants need to be successful for us to be successful. But they know that there's limited supply. We know that there's limited supply.

這基本上取決於我們提高入住成本的能力。我很樂意接受它。我——因為我在其他電話會議和大多數會議上都談到了這個問題。顯然——供應有限。因此，我們今天討論的供需方程式對我們有利。這必須是雙贏的。艾倫也使用了這些——也使用了這個術語。我們的租戶需要成功，我們才能成功。但他們知道供應有限。我們知道供應有限。

So they -- again, they're better operators, they're time tested, and they continue to invest in their business and to really find other ways to eliminate costs in their business so that they can afford higher occupancy costs.

所以他們——再說一次，他們是更好的運營商，他們經過了時間的考驗，他們繼續投資於他們的業務，並真正找到其他方法來消除他們的業務成本，以便他們能夠承擔更高的入住成本。

So yeah, we're absolutely pushing. It's why you continue to see the really strong contractual rent steps that the team is getting in our leases in addition to the rent spreads upon expiration.

是的，我們絕對在努力。這就是為什麼您繼續看到團隊在我們的租約中獲得真正強勁的合約租金步驟以及到期時的租金差額。

Mike Mueller, JPMorgan.

摩根大通的麥克·穆勒。

In the comments, you specifically mentioned working to source new developments. And looking at the sup, it's about a 50-50 split today between ground-up and redevelopment investment. Do you think that's about where the mix is going to stay for the next three to five years? And how deep is the redev pipeline?

在評論中，您特別提到了努力尋找新的發展。從目前的情況來看，新建投資和重建投資的比例約為 50-50。您認為未來三到五年內這種混合狀態會持續下去嗎？重新開發管道有多深？

Sure. Mike, I appreciate the question. Look, the reality is, as I articulated a little bit ago, we continue to find success in the ground up program. And so I do think, just given where our occupancy is going redevelopments, we are always going to be a core part of our business. We're going to constantly be pruning our portfolio for opportunities to invest capital accretively.

當然。麥克，我很感謝你提出這個問題。事實是，正如我剛才所說，我們繼續在從頭開始的計劃中取得成功。因此我確實認為，考慮到我們的入住情況以及重建情況，重建將始終是我們業務的核心部分。我們將不斷調整我們的投資組合，尋找投資資本增值的機會。

And so I don't want to take away from those efforts. But when you talk about a spend rate and a start rate in the $250 million-plus range, I do think as you look forward, the majority of that will start to come from ground-up developments. And I think, again, this year, you'll see that flip in terms of our starts as we round the third and fourth quarter here.

所以我不想放棄這些努力。但是，當你談論 2.5 億美元以上的支出率和啟動率時，我確實認為，展望未來，其中大部分將開始來自從頭開始的開發。我認為，今年，當我們進入第三季和第四季時，你會看到我們的開局出現這種轉變。

Floris Van Dyke, Ladenburg Thalman.

弗洛里斯·範·戴克，拉登堡·塔爾曼。

So Lisa, I mean, I've heard you talk about the favorable supply and demand and obviously, one of the best operating environments in history or certainly in recent history, -- has your thinking changed on what's your peak occupancy, both leased and physical can be? And how much more room do you think there is?

那麼麗莎，我的意思是，我聽過你談論有利的供需關係，顯然，這是歷史上或近代歷史上最好的經營環境之一，你對租賃和實體的最高入住率的想法是否發生了變化？您認為還有多少空間？

And certainly, some of your peers have been achieving higher occupancy levels, leased occupancy than you guys, which historically you've led the sector. Has your thinking changed on how much more room you have to push occupancy levels higher?

當然，你們的一些同行已經實現了比你們更高的入住率和租賃入住率，從歷史上看，你們一直處於該行業的領先地位。您是否改變了想法，認為需要增加多少空間才能提高入住率？

Absolutely, and we are continuing to do that. And I feel good that -- I mean we're already surpassing prior peaks. Alan has often said, records are made to be broken, and we continue to break them. So our thinking has changed, and we do believe that we can continue to push higher. And I do believe that the percent leased is highly correlated with quality of a portfolio.

絕對如此，而且我們將繼續這樣做。我感覺很好——我的意思是我們已經超越了之前的峰值。艾倫常說，記錄就是用來打破的，而我們也不斷打破紀錄。因此我們的想法已經改變，我們確實相信我們可以繼續取得更大進步。我確實相信租賃百分比與投資組合的品質高度相關。

Ours is very well leased. But at the same time, you can't look at it in isolation. Nick just mentioned the focus on redevelopments and intense asset management. And when you do redevelop, often there will be strategic vacancy. And so that may cloud the numbers some, but there's no question that we believe that we can continue to surpass and hold higher levels of percent leased than we have in past history.

我們的租房情況很好。但同時，你也不能孤立地看待它。尼克剛才提到了對重建和強化資產管理的關注。當你重新開發時，通常會出現戰略空缺。因此，這可能會使一些數字變得模糊，但毫無疑問，我們相信我們可以繼續超越並維持比過去更高的租賃百分比水準。

There is no ceiling, floors. And (multiple speakers) we are very comfortable and absolutely committed to also taking space offline when it's accretive to do the redevelopments as Lisa had mentioned. Good question.

沒有天花板，沒有地板。並且（多位發言者）我們非常樂意並且絕對致力於在進行重新開發時將空間撤出線下，正如麗莎提到的那樣。好問題。

Jamie Feldman, Wells Fargo.

傑米·費爾德曼，富國銀行。

Just following up on the second part of Cooper's question. So how do you think about the magnitude of potential for more larger-scale OP unit deals? It sounds like this one took years to come together. It was pretty unique in terms of the scale and quality. It would be helpful for you to frame how the transaction like this may be out there and how you balance taking the good with the bad and portfolio transactions?

只是跟進庫柏問題的第二部分。那麼您如何看待更多更大規模的 OP 單位交易的潛力？聽起來這花了數年時間才完成。就規模和品質而言，它相當獨特。描述一下此類交易的運作方式以及如何平衡好壞交易和投資組合交易，這對您有幫助嗎？

Yeah. Let me start, Nick, and you can maybe speak to the specifics of the deal. It's really -- Jamie, it's really an M&A type of mindset when you come across these opportunities. I don't -- I don't want to do -- I mean, they don't come around that often, nor does large-scale M&A. And -- but the mindset is largely the same. We're partnering. There's a given and get. We are selling our portfolio. They are selling their assets. We are buying their assets, they're buying our portfolio.

是的。首先，尼克，你可以談談這筆交易的具體細節。真的——傑米，當你遇到這些機會時，這真的是一種併購類型的思維方式。我不想——我的意思是，這種事情不會經常發生，大規模的併購也不會經常發生。但心態基本上是一樣的。我們正在合作。有得必有失。我們正在出售我們的投資組合。他們正在出售資產。我們購買他們的資產，他們購買我們的投資組合。

We have -- we bring to that a mindset of what is our value, what is our NAV. We balance that with what is our perception of their value, their cash flows. And you move from there. By the way, those cash flows would include, in this particular case, the value of the total market debt that they're bringing to the equation as well. And just to reiterate, that's 4.2% coupon for 12 years, which has value to it.

我們有－我們對我們的價值是什麼、我們的資產淨值是什麼有一個認識。我們根據對其價值和現金流的認知來平衡這一點。然後你就從那裡出發了。順便說一句，在這種特殊情況下，這些現金流還包括他們帶入等式的總市場債務的價值。再次重申一下，12 年的票面利率為 4.2%，這是有價值的。

And then I think to speak to the point that Nick made earlier, Regency can be a magnet, and we are very attractive to a seller because anyone with an UPREIT can provide tax protection. But the ability to partner with us and see the value of the combined organization going forward and the growth potential of not only those assets, but the balance of the portfolio, we think separates Regency as we continue to look for more opportunities.

然後我想談談尼克之前提出的觀點，Regency 可以成為一塊磁鐵，我們對賣家非常有吸引力，因為任何擁有 UPREIT 的人都可以提供稅收保護。但我們認為，能夠與我們合作並看到合併後組織未來的價值以及不僅是這些資產的成長潛力，而且還有投資組合的平衡，是 Regency 與眾不同之處，我們將繼續尋找更多機會。

And I'd just add from the question about the -- how do we balance portfolio, it's what we always say. I'll just reiterate it, whether it's a single asset, whether it's a portfolio of five properties or whether it's a company is the transaction accretive to earnings? Is it neutral or accretive to our future growth rate? And is it neutral or accretive to the quality of the portfolio? And if it checks those boxes, we are -- we have the ability to execute and we do successfully.

我只是想補充一下關於「我們如何平衡投資組合」的問題，這是我們一直說的。我只想重申一下，無論是單一資產，還是五項資產的投資組合，還是一家公司，交易會增加收益？它對我們未來的成長率是中性的還是有增值的？它對投資組合的品質是中性的還是有增值的？如果符合這些條件，我們就有能力執行，而且我們能夠成功執行。

Yes. And just -- sorry, just to come back, I want to want to get some points out there that hopefully are pretty clear to our disclosure. But we're getting $0.01 to this year's earnings, which again is only a half year's worth of ownership.

是的。只是——抱歉，回到正題，我想提出一些觀點，希望這些觀點對我們的揭露來說是相當清楚的。但我們今年的收益只有 0.01 美元，這僅相當於半年的所有權價值。

So you double that, we're at $0.02 accretion on a relatively small portfolio with respect to the quantum of Regency's assets. It just, again, speaks to the quality of this trade, I think it was a pretty special transaction. Very proud to have our new unitholders. I know they're proud of the outcome that we've accomplished together, and we're excited to see these properties grow.

因此，如果將其翻倍，那麼相對於 Regency 的資產量而言，我們在相對較小的投資組合上獲得了 0.02 美元的增值。這再次說明了這筆交易的質量，我認為這是一筆非常特殊的交易。我們非常自豪能夠擁有新的單位持有者。我知道他們為我們共同取得的成果感到自豪，我們也很高興看到這些資產的成長。

(Operator Instructions) Paulina Rojas, Green Street Advisors.

（操作員指示）Paulina Rojas，Green Street Advisors。

I found it interesting that you increased your exposure to California already your top state by ABR. Do you have any strategic plans to increase or reduce exposure to other US markets? Or should I think about future acquisitions and really almost like 100% driven by granular trade area and property considerations?

我發現有趣的是，透過 ABR，您增加了對加州的曝光度，而加州已經是您最喜愛的州。您是否有增加或減少對其他美國市場的曝光的策略計劃？或者我應該考慮未來的收購，並且幾乎 100% 由具體的貿易區域和財產考慮驅動？

Paulina, let me try to address what I believe I heard with regards to really this portfolio diversification and exposure to markets. We really like the markets in which we operate. We really like the diversification, national exposure.

保利娜，讓我試著談談我認為我所聽到的有關投資組合多樣化和市場風險敞口的問題。我們非常喜歡我們經營所在的市場。我們非常喜歡多樣化和全國性的曝光。

We have talked about that there are potentially some markets that we would like to expand into to grow further, like our acquisition in Nashville earlier this year, and we will continue to invest incrementally in the markets that we like is, again, if it checks all of those boxes. If we are able to find compelling opportunities that are accretive to earnings, accretive to growth, accretive to quality.

我們曾談到，有一些潛在的市場我們希望擴展以進一步發展，例如我們今年早些時候在納許維爾的收購，我們將繼續在我們喜歡的市場進行增量投資，如果它能滿足所有這些條件的話。如果我們能夠找到能夠增加收益、促進成長、提高品質的引人注目的機會。

And again, we are confident and comfortable with our portfolio diversification. We don't have outsized exposure to any one MSA.

再次強調，我們對我們的投資組合多樣化充滿信心和信心。我們對任何一個 MSA 都沒有過大的風險敞口。

Michael Gorman, BTIG.

邁克爾·戈爾曼，BTIG。

Understanding it's a smaller component. Can we maybe just reverse the acquisition discussion and talk about the disposition guidance? And how we think about that $75 million? And are those assets that are no longer accretive to Regency's growth profile? Or are these assets that have maybe moved out of the quality spectrum, whether it's demographics or geography or tenant base that's in those assets? Kind of how are you thinking about what's in that bucket and using that for a funding source going forward?

理解它是一個較小的組件。我們是否可以反過來討論收購並討論處置指導？那我們要如何看待這 7500 萬美元呢？那麼這些資產是否不再對 Regency 的成長產生增值作用？或者這些資產可能已經超出了品質範圍，無論是這些資產的人口統計、地理位置還是租戶基礎？您如何考慮這個桶子裡有什麼，並將其用作未來的資金來源？

Yeah. Appreciate it, Mike. So the guidance is unchanged. We've -- for the year, we've been forecasting $75 million of sales. We did drop the cap rate this quarter on those to 5.5%, now that we have some more clarity on the transaction.

是的。非常感謝，麥克。因此指導意見保持不變。我們預測今年的銷售額為 7500 萬美元。現在我們對交易有了更清晰的認識，我們確實將本季的資本化率降至 5.5%。

But frankly, it's largely one asset where we see a lower growth potential than the balance of the Regency portfolio. And by the way, of the cap rate that we're disclosing, you can tell we're getting pretty full value for that. So call it, a flattish grocery anchor shopping center that we would be disposing of that we see, we just don't see the growth potential there any longer relative to Regency.

但坦白說，我們認為這在很大程度上是一項資產，其成長潛力低於 Regency 投資組合的餘額。順便說一句，從我們揭露的資本化率來看，您可以發現我們獲得了相當充分的價值。所以，我們會把它當作一個扁平的雜貨主力購物中心來處理，因為相對於 Regency，我們不再看到它的成長潛力。

But the other 10 bps of the guidance would include smaller pieces of the portfolio that are just nonstrategic. So we picked up some small office buildings in the EVP portfolio that we are moving to dispose of, given that they just don't align with our strategy.

但指導意見中的其他 10 個基點將包括非策略性的較小投資組合部分。因此，我們在 EVP 投資組合中挑選了一些小型辦公大樓，並準備將其出售，因為它們與我們的策略不符。

And to reiterate what Nick said earlier about being in the position that we do not need to acquire anything to achieve our growth objectives given our exceptional development platform. We also don't need to sell anything. But when we have an opportunity to dispose of something that, as Mike said, either nonstrategic or the growth rate is not on par with what we expect for the whole portfolio and able to invest those funds accretively, we'll capitalize on that opportunity. We believe that it fortifies future NOI growth and always have believed that.

重申尼克之前所說的話，鑑於我們卓越的開發平台，我們不需要收購任何東西就能實現我們的成長目標。我們也不需要出售任何東西。但正如麥克所說，當我們有機會處置某些非策略性資產，或者其成長率與我們對整個投資組合的預期不符，並且能夠將這些資金進行增值投資時，我們就會利用這個機會。我們相信它將增強未來的淨利潤成長，並且我們一直都相信這一點。

Ronald Kamdem, Morgan Stanley.

摩根士丹利的羅納德‧坎登 (Ronald Kamdem)。

This is just a quick follow-up just on the acquisition environment. I have to see you guys have a large deal, a couple of your peers talked about activity. Just historically, cap rates have been really tight. Is this just a one-off? Or is this sort of a notable shift where you think over the next couple of years, there will be more sort of opportunities?

這只是對收購環境的快速跟進。我必須看到你們有大動作，你們的幾個同事談到了活動。從歷史上看，資本化率一直非常緊張。這只是一次性事件嗎？或者您認為這是一種顯著的轉變，在未來幾年內，會有更多的機會嗎？

Ron, I appreciate the question. This is Nick. Yes. Look, the reality is sellers come out when they see demand picking up. And so as I articulated earlier, there is demand for core grocery-anchored shopping centers from the investment community.

羅恩，我很感謝你的提問。這是尼克。是的。瞧，現實情況是，當賣家看到需求回升時，他們就會出來。正如我之前所說，投資界對以核心食品雜貨為主的購物中心有需求。

And so I do think that is bringing some sellers out that are testing that market. And so as we look at what's on the market right now, I would say it's up from a year ago. And we're a little bit in that summer low right now where people are going to wait until after Labor Day to call for offers. And I do think another group of assets will come out after Labor Day.

因此我確實認為這會吸引一些賣家來測試這個市場。因此，當我們看看現在的市場情況時，我會說它比一年前有所上升。現在我們正處於夏季低潮期，人們會等到勞動節之後才打電話詢問報價。我確實認為勞動節後會有另一組資產出現。

And so I do think we are seeing a marginal pickup in velocity. But as we've articulated on this call several times, we're going to chase the ones that make sense for us and lean in on those. But the good news is we don't have to find those to make our earnings growth that we're projecting.

因此我確實認為我們看到了速度的邊際回升。但正如我們在這次電話會議中多次表達的那樣，我們將追求那些對我們有意義的東西，並依靠它們。但好消息是，我們不必找到這些來實現我們預期的獲利成長。

Yes. To be really clear, while we say we don't need to, we like to because -- and we've been very successful. And if you look at our track record for acquiring compelling outstanding shopping centers that check all of those boxes. We have a cost of capital advantage. We have a platform advantage. And when we're able to find those opportunities, we've been able to execute successfully. And I expect that we'll continue to do so.

是的。需要明確的是，雖然我們說我們不需要這樣做，但我們喜歡這樣做，因為——而且我們已經非常成功了。如果你看一下我們收購符合上述所有條件的優秀購物中心的記錄。我們擁有資本成本優勢。我們有平台優勢。當我們能夠找到這些機會時，我們就能夠成功執行。我希望我們能夠繼續這樣做。

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

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

Thanks so much, Rob. Thank you all for your interest in Regency and have a great day. Thank you.

非常感謝，羅布。感謝大家對 Regency 的關注，祝大家有個愉快的一天。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了，感謝您的參與。