Regency Centers Corp (REG) 2025 Q3 法說會逐字稿

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

各位好，歡迎參加 Regency Centers Corporation 2025 年第三季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

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

現在我將把會議交給主持人克里斯蒂·麥克爾羅伊。謝謝。你可以開始了。

Good morning, and welcome to Regency Centers third-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.

早上好，歡迎參加 Regency Centers 2025 年第三季財報電話會議。今天與我一同出席的有：總裁兼執行長 Lisa Palmer；財務長 Mike Mas；東部地區總裁兼營運長 Alan Roth；以及西部地區總裁兼首席投資長 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. 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.

提醒各位，今天的討論可能包含有關公司未來業務和財務業績的前瞻性陳述，包括對未來盈利的預測和對未來市場狀況的展望。這些決策是基於管理階層目前的信念和預期，並受到各種風險和不確定性的影響。實際結果可能與我們所做的這些前瞻性聲明所暗示的結果有重大差異。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已包含在我們的簡報中，並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，特別是我們最新的 10-K 表格和 10-Q 表格文件。

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.

在今天的討論中，我們也將提及一些非GAAP財務指標。本季度收益資料中包含了可比較的 GAAP 財務指標，這些資料已發佈在我們的投資者關係網站上。請注意，我們還在網站上發布了一份演示文稿，其中包含更多信息，包括與未來盈利預期相關的披露信息。我們對前瞻性陳述的謹慎態度同樣適用於這些簡報資料。

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 follow-up questions. Lisa?

再次提醒，鑑於今天參加電話會議的人數眾多，我們懇請您將問題限制為一個，如有其他後續問題，請重新排隊。麗莎？

Thank you, Christy. Good morning, everyone. We're proud to share another quarter of outstanding results, highlighted by strong same-property NOI growth and earnings growth. These results reflect the continued success of our team in leasing space, commencing our SNO pipeline, and driving rents higher amid robust operating fundamentals and strong demand at our shopping centers. Our tenants remain healthy, which is evident in sustained sales strength and historically low bad debt.

謝謝你，克里斯蒂。各位早安。我們很自豪地宣布又一個季度取得了優異的業績，其中同店淨營業收入和盈利增長強勁。這些結果反映了我們團隊在租賃空間、啟動 SNO 專案以及在穩健的營運基本面和購物中心強勁需求的推動下提高租金方面取得的持續成功。我們的租戶經營狀況良好，這從持續強勁的銷售業績和歷史低點的壞帳率中可見一斑。

Our earnings growth is further amplified by the successful execution of our capital allocation strategy this year. Our investments team has accretively deployed more than $750 million of capital into high-quality opportunities, including acquisitions, ground-up development, and redevelopment. By year-end, we expect to have started around $300 million of projects, bringing total starts to an impressive $800 million over the past three years. I am so proud of our team for this accomplishment. I'll let Nick talk in just a few minutes about the specific development projects we started in the third quarter, but I want to emphasize again how ground-up development is truly a key differentiator for Regency.

今年，我們資本配置策略的成功實施進一步提升了我們的獲利成長。我們的投資團隊已累積投入超過 7.5 億美元的資金用於高品質的投資機會，包括收購、新建項目和重建項目。到年底，我們預計將啟動價值約 3 億美元的項目，使過去三年來的總啟動金額達到令人矚目的 8 億美元。我為我們團隊所取得的這項成就感到無比自豪。稍後我會讓 Nick 談談我們在第三季啟動的具體開發項目，但我想再次強調，從零開始的開發對於 Regency 來說確實是一個關鍵的差異化因素。

We are the only national developer of grocery-anchored shopping centers at scale in an environment of otherwise limited new supply. We are building the types of assets that we would acquire, and we're doing so accretively and with manageable risk, creating meaningful net asset value with yields well ahead of market cap rates. Given our exceptional results and a continued strong fundamental backdrop, we are raising our full-year earnings growth outlook and reflecting that strong performance, increasing our dividend by more than 7%. Our strong and consistent track record of dividend increases over time is very important to us in driving total shareholder returns while also maintaining a substantial level of free cash flow.

在現有新供應有限的環境下，我們是唯一一家大規模開發以超市為主力購物中心的全國性開發商。我們正在建立我們想要收購的那種資產，而且我們以增值和可控風險的方式進行，創造了有意義的淨資產價值，收益率遠高於市場資本化率。鑑於我們卓越的業績和持續強勁的基本面，我們提高了全年盈利增長預期，並反映了這一強勁的業績，將股息提高了 7% 以上。我們長期以來持續穩定提高股息的良好記錄，對於推動股東總回報並保持充足的自由現金流至關重要。

Before turning it over to Alan, I want to say again how proud I am of our team's performance this year. And as we look ahead, we believe our competitive advantages position us well to drive sustainable cash flow growth from our essential grocery-anchored shopping centers in suburban trade areas with strong demographics to our leading national development platform, strong balance sheet, and the best team in the business.

在把發言權交給艾倫之前，我想再次表達我對我們團隊今年表現的自豪之情。展望未來，我們相信，憑藉我們在人口結構良好的郊區商圈內以雜貨店為主的購物中心、領先的全國性開發平台、強大的資產負債表以及業內最優秀的團隊，我們的競爭優勢使我們能夠很好地推動可持續的現金流增長。

Alan?

艾倫？

Thank you, Lisa, and good morning, everyone. Our team did an incredible job producing another quarter of outstanding results, growing same-property NOI by nearly 5% with strong base rent growth as the primary contributor at 4.7%. This outperformance is a culmination of a record amount of new leasing in recent years and accelerating rent commencement from our SNO pipeline, combined with favorable bankruptcy outcomes and historically low levels of bad debt. Our tenant base is healthy. And across our portfolio, we continue to experience significant demand from nearly all retailer categories and for both anchor and shop spaces.

謝謝你，麗莎，大家早安。我們的團隊表現出色，又一個季度取得了優異的業績，同店淨營業收入成長了近 5%，其中強勁的基本租金成長（4.7%）是主要貢獻因素。這一優異表現是近年來創紀錄的新租賃數量和我們 SNO 項目加速開始支付租金的綜合結果，再加上有利的破產結果和歷史低位的壞賬水平。我們的租戶基礎良好。在我們的投資組合中，幾乎所有零售類別，無論是主力店或一般商鋪，都持續感受到巨大的需求。

Our same-property percent leased rate sits at 96.4%, and we remain confident that we can exceed prior peak levels in this favorable retail environment with limited new supply and sustained strong demand for our high-quality space. Looking ahead, our leasing pipeline is robust, fueled by interest from vibrant restaurants, leading health and wellness brands, off-price retailers and, of course, our best-in-class grocers. In fact, we signed three new grocer leases in the third quarter alone, unlocking exceptional redevelopments that will drive enhanced merchandising and better foot traffic to these assets, all at highly accretive returns. Our same-property commenced rate increased by 40 basis points in the quarter to 94.4%, with eight anchors rent commencing, including several key openings at redevelopment projects. At our hub at Norwalk asset located in Fairfield County, Connecticut, the long-awaited Target opened in the quarter to strong crowds.

我們同店出租率達到 96.4%，我們仍然有信心在當前有利的零售環境下，在新供應有限、優質空間需求持續強勁的情況下，超越以往的峰值水平。展望未來，我們的租賃業務前景良好，這得益於充滿活力的餐廳、領先的健康和保健品牌、折扣零售商以及我們一流的雜貨店的濃厚興趣。事實上，僅在第三季度，我們就簽署了三份新的雜貨店租賃協議，開啟了非凡的重建計劃，這將推動這些資產的商品銷售和客流量得到提升，所有這些都將帶來高增值回報。本季同店開租率成長 40 個基點至 94.4%，共有 8 家主力店開始出租，其中包括幾個重建項目的重要開業。位於康乃狄克州費爾菲爾德縣諾沃克的我們樞紐資產中，期待已久的 Target 在本季度開業，吸引了大量顧客。

We also opened a brand-new Publix at our Cambridge Square asset in Atlanta and a Nordstrom Rack at our Pine Ridge Square Center in South Florida. All of these retailers reported exceptional openings, and we couldn't be more pleased with the upgraded merchandising and success we've seen at each of these projects. While we've made meaningful progress converting our SNO pipeline into lease commencements, we are also actively backfilling our pipeline with newly executed leases. Our 200 basis points of pre-leasing now represents approximately $36 million of signed incremental base rent. Additionally, we have another 1 million square feet of leases in negotiation, representing visibility to continued strong leasing activity.

我們還在亞特蘭大劍橋廣場購物中心開設了一家全新的 Publix 超市，並在南佛羅裡達州松嶺廣場購物中心開設了一家 Nordstrom Rack 折扣店。所有這些零售商都報告了非常出色的開業情況，我們對每個項目中所看到的商品陳列升級和成功感到無比滿意。雖然我們在將 SNO 專案儲備轉化為租賃專案方面取得了實質進展，但我們也在積極地透過新簽訂的租賃合約來填補我們的專案儲備。我們目前 200 個基點的預租約相當於約 3,600 萬美元的已簽署增量基本租金。此外，我們還有 100 萬平方英尺的租賃合約正在洽談中，這表明租賃活動將繼續保持強勁勢頭。

We also continue to have great success driving higher rent growth. Cash re-leasing spreads were strong at 13% in Q3, while GAAP rent spreads were near record high levels at 23%, demonstrating our ability to achieve strong mark-to-market rent growth while also embedding meaningful annual rent steps into our leases. Importantly, we are also being prudent with our leasing capital investment.

我們在推動租金成長方面也持續取得了巨大成功。第三季現金再租賃價差強勁，達到 13%，而 GAAP 租金價差接近歷史最高水平，達到 23%，這表明我們能夠在實現強勁的按市值計價租金增長的同時，在租賃合約中嵌入有意義的年度租金階梯。重要的是，我們在租賃資本投資方面也保持謹慎。

In closing, I am so proud of our team's great work. Strength in retailer demand, leasing fundamentals, and tenant health indicators remain favorable, and we have great visibility into continued above-trend same-property NOI growth in 2026.

最後，我為我們團隊的出色工作感到無比自豪。零售商需求強勁，租賃基本面良好，租戶健康狀況指標依然良好，我們非常看好 2026 年同店淨營業收入將持續高於趨勢水準成長。

Nick?

缺口？

Thank you, Alan, and good morning, everyone. As Lisa mentioned, this was another very active quarter for accretive investment activity. We're seeing great momentum in starting new development and redevelopment projects, executing on our in-process pipeline as planned, and continuing to successfully source acquisition opportunities. Since our last update a quarter ago, our most significant progress has been in growing our development and redevelopment pipeline. We started over $170 million of projects during the third quarter, bringing our year-to-date total to more than $220 million.

謝謝你，艾倫，大家早安。正如麗莎所提到的，本季增值投資活動又非常活躍。我們在啟動新的開發和重建項目、按計劃執行正在進行的項目以及繼續成功尋找收購機會方面都取得了巨大的進展。自從一個季度前我們上次更新以來，我們最大的進展是擴大了我們的開發和重建專案儲備。第三季度，我們啟動了超過 1.7 億美元的項目，使我們今年迄今的總項目金額超過 2.2 億美元。

Our starts in the quarter included two exciting new ground-up projects. Ellis Village will be a 50,000 square foot Sprouts anchored center located in the Bay Area at the front door of a thriving master plan community. The Village at 7 Pines will be a 240,000 square foot public-anchored center in the heart of Jacksonville's well-established retail node. The property will serve as the commercial hub of an iconic master plan community that will also include over 1,600 homes. Given our success in bringing projects to fruition, we now expect approximately $300 million of starts in 2025. As the only active national developer of high-quality neighborhood shopping centers, leading grocers remain engaged with us on new projects across our platform.

本季我們啟動了兩個令人興奮的全新項目。Ellis Village 將是一個佔地 50,000 平方英尺、以 Sprouts 超市為核心的購物中心，位於灣區，毗鄰一個蓬勃發展的總體規劃社區。位於傑克遜維爾成熟零售中心地帶的 7 Pines Village 將是一個佔地 24 萬平方英尺、以公共設施為主的購物中心。該物業將作為標誌性總體規劃社區的商業中心，該社區還將包括 1600 多套住宅。鑑於我們在專案落地方面的成功，我們現在預計 2025 年將有價值約 3 億美元的專案開工。作為全國唯一活躍的高品質社區購物中心開發商，領先的雜貨商與我們保持著密切的合作關係，共同開發我們平台上的新項目。

Our team continues to execute well on our in-process development and redevelopment projects, which now totals more than $650 million, with strong leasing activity and blended returns exceeding 9%. On the transaction side, we had another active quarter as well. As mentioned on our last call, we acquired the five-property $350 million RMV portfolio in South Orange County at the beginning of the quarter. As a reminder, this was an off-market OP unit deal, with the value proposition of owning Regency stock playing a meaningful role in seller motivation. We've already fully integrated these centers into our platform and are seeing them perform very well.

我們的團隊繼續在進行中的開發和重建項目中保持良好的執行力，目前總投資額超過 6.5 億美元，租賃活動強勁，綜合回報率超過 9%。交易方面，我們又迎來了一個活躍的季度。正如我們在上次電話會議中提到的，我們在本季度初收購了位於南奧蘭治縣的五處房產，其市場估值為 3.5 億美元。需要提醒的是，這是一筆場外 OP 單元交易，持有 Regency 股票的價值主張在賣方的動機中發揮了重要作用。我們已經將這些中心完全整合到我們的平台中，並且看到它們運作得非常好。

We also purchased our JV partner's interest in three grocery-anchored centers during the quarter, including two in Houston and one in Northern New Jersey. We welcome these opportunities to convert to full ownership of high-performing centers and strong markets.

本季度，我們也收購了合資夥伴在三個以超市為主力店的購物中心中的股份，其中兩個位於休士頓，一個位於新澤西州北部。我們歡迎這些機會，將業績優異的中心和強勁的市場轉變為完全所有權。

In closing, our team is actively working to source attractive opportunities and further build our future investment pipeline. While the opportunity set for new development projects remains limited, our flywheel effect is real, and our ongoing success uniquely positioned us to take advantage of future opportunities to create value.

最後，我們的團隊正在積極尋找有吸引力的投資機會，並進一步拓展我們未來的投資管道。雖然新的開發項目機會仍然有限，但我們的飛輪效應是真實存在的，我們持續的成功使我們擁有獨特的優勢，能夠抓住未來創造價值的機會。

Mike?

麥克風？

Thank you, Nick. As you've heard this morning, the Regency team delivered another outstanding quarter of results, driven largely by the strength of our leasing efforts, the health of our tenant base, and the value we're creating from capital allocation. This is reflected in earnings and same property NOI growth that again exceeded our expectations. As a result, we now anticipate same-property NOI growth of 5.25% to 5.5% and with the increase driven by lower credit loss and higher recommencement from our SNO pipeline. Notably, within that expectation, we have decreased our credit loss guidance range to 50 to 75 basis points.

謝謝你，尼克。正如您今天早上所聽到的，Regency 團隊又取得了一個出色的季度業績，這主要得益於我們強勁的租賃工作、健康的租戶基礎以及我們從資本配置中創造的價值。這體現在收益和同店淨營業收入成長上，再次超出了我們的預期。因此，我們現在預計同物業淨營業收入將成長 5.25% 至 5.5%，成長主要由信貸損失減少和 SNO 專案重啟率提高所驅動。值得注意的是，基於此預期，我們將信用損失預期範圍下調至 50 至 75 個基點。

This higher organic growth is driving our increased full-year outlook for earnings per share with our new ranges now calling for growth of mid-7% for NAREIT FFO and mid-6% for core operating earnings. And as Lisa mentioned, we also raised our dividend by more than 7% this quarter. Our balance sheet remains strong with leverage squarely within our target range of 5 to 5.5 times. We are generating significant free cash flow to continue funding external growth, and we have nearly full availability on our $1.5 billion credit facility. You'll recall that late last year, we issued $100 million of forward equity.

更高的內生成長推動了我們提高全年每股收益預期，我們新的預期範圍目前要求 NAREIT FFO 成長 7% 左右，核心營運收益成長 6% 左右。正如麗莎所提到的，本季我們也提高了股利7%以上。我們的資產負債表依然穩健，槓桿率完全在我們設定的 5 到 5.5 倍的目標範圍內。我們正在產生大量自由現金流，以繼續為外部成長提供資金，而且我們15億美元的信貸額度幾乎已全部可用。您應該還記得，去年年底，我們發行了 1 億美元的遠期股權。

To update you on timing, please note that we settled $50 million in August and will settle the balance by the end of October. Looking ahead to 2026, we plan to provide detailed guidance when we report Q4 results in February, but I want to offer some early thoughts on our current expectations for growth as we work to finalize our plan. We expect same-property NOI growth in the mid-3% area including a credit loss environment similar to 2025. We expect total NOI growth in the mid-6% area which includes our expectation of delivering approximately $10 million of incremental NOI from ground-up development projects currently in process. As Lisa and Nick discussed, Development is an important differentiator for Regency as you consider our external growth prospects, and we are gratified to realize a more significant impact from these successful projects as they lease towards stabilization.

關於時間安排，請注意，我們已於 8 月支付了 5,000 萬美元，並將於 10 月底前支付剩餘款項。展望 2026 年，我們計劃在 2 月公佈第四季度業績時提供詳細的指導，但我想在最終確定計劃的同時，就我們目前的成長預期提供一些初步想法。我們預期同店淨營業收入成長將在 3% 左右，信貸損失環境與 2025 年類似。我們預計總淨營業收入成長將達到 6% 左右，其中包括我們預計目前正在進行的全新開發項目將帶來約 1,000 萬美元的新增淨營業收入。正如 Lisa 和 Nick 所討論的那樣，在考慮我們的外部成長前景時，開發是 Regency 的一個重要差異化因素，我們很高興看到這些成功的專案在租賃過程中逐漸穩定下來，並產生了更大的影響。

NAREIT FFO growth is expected to be in the mid-4% area, representing continued solid growth after taking into account the impact of current year and planned 2026 debt refinancing activity which collectively is expected to have an impact on growth of approximately 100 to 150 basis points. Organic same-property NOI growth of 5.25% to 5.5%. And an internally funded and growing development and redevelopment pipeline, evidencing Regency's unique competitive advantage, an A-rated balance sheet prepared to weather all seasons and an outlook for continued growth even through the realities of today's higher rate environment. It's clear that Regency's best-in-class team is operating on all cylinders.

NAREIT FFO 成長率預計將在 4% 左右，考慮到本年度和計畫中的 2026 年債務再融資活動的影響（預計這些活動合計將對成長產生約 100 至 150 個基點的影響），這代表著持續穩健的成長。有機同業淨營業收入成長5.25%至5.5%。此外，公司還擁有內部資金支持且不斷增長的開發和重建項目儲備，這證明了 Regency 獨特的競爭優勢；公司擁有 A 級資產負債表，足以應對各種挑戰；即使在當今利率較高的環境下，公司也保持著持續增長的前景。很明顯，Regency的一流團隊正在全力以赴地運作。

We are happy to take your questions.

我們很樂意回答您的問題。

(Operator Instructions) Greg McGinniss, Scotiabank.

（操作說明）Greg McGinniss，加拿大豐業銀行。

This is Viktor Fediv on for Greg McGuinness. Can you provide some color on this 11 asset distribution transaction with your JV partner? What options do this transaction open actually for Regency?

這是維克托·費迪夫替補格雷格·麥吉尼斯上場。您能否詳細介紹一下您與合資夥伴進行的這11項資產分配交易？這筆交易實際上為Regency公司帶來了哪些選擇？

Sure. Absolutely. This is Nick. Appreciate the question. Regarding GRI, I would start with the fact that they've been a very, very good and long-term partner of ours, and our interests have been aligned for many, many years.

當然。絕對地。這是尼克。感謝您的提問。關於 GRI，首先我想說的是，他們一直是我們非常非常好的長期合作夥伴，多年來我們的利益一直一致。

And that portfolio aligns completely with our strategy, and we like every asset we own with them. The only challenge sometimes with these long-term partnerships is there's not a perfect way to capital recycle. And so this allowed us to do a mini DIK in order for them to own 6 assets. They now have full control over and we now own five assets at 100% that we are excited about owning and anticipate owning long-term and excited about the partnership on a go-forward basis, again, because they've been great partners. We expect them to continue to be aligned with our interest on the portfolio we continue to own together.

而且該投資組合與我們的策略完全一致，我們很喜歡我們與他們共同擁有的每一項資產。這些長期合作關係有時面臨的唯一挑戰是，沒有完美的資金循環使用方式。因此，這使我們能夠進行一次小型 DIK，使他們擁有 6 項資產。現在他們完全控制了我們 100% 擁有的五項資產，我們對擁有這些資產感到非常興奮，並期待長期擁有這些資產，也對未來的合作關係感到興奮，因為他們一直是很好的合作夥伴。我們期望他們在我們共同持有的投資組合中繼續與我們的利益保持一致。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

Mike, I appreciate the early parameters for 2026, if you will, you pointed to the same property NOI growth in the mid-3%, what's changing from the environment that you're seeing there? Or can you help bridge to get there? And then also, you mentioned you expected credit loss environment similar to 2025. Does that mean like your expectations at the start of 2025 or this historically a little bad debt that Lisa mentioned at the beginning of the call, is that applied for next year?

Mike，我很欣賞你對 2026 年的早期預測，你指出同一物業的 NOI 成長率在 3% 左右，那麼你觀察到的環境發生了哪些變化？或者你能幫忙搭建通往目標的橋樑嗎？此外，您也提到您預計 2025 年的信用損失環境將與 2025 年類似。那是不是意味著，就像您在 2025 年初的預期，或者 Lisa 在電話會議開始時提到的歷史上略微有些壞賬，這些都適用於明年嗎？

Sure, Michael. Let me start with the second, and I'll just clear that before I move to the first on the bridge. We're expecting next year's credit loss provision to look a lot like '25 ended. So we're -- I would call that a continuation of really on both fronts, whether it's bankruptcy losses or on flexible lease income, better than historical averages. So our tenant -- the roster of our tenants is as healthy as it's ever been.

當然可以，麥可。讓我先從第二個開始，我先把它解決掉，然後再去解決橋上的第一個問題。我們預計明年的信貸損失準備金將與 2025 年底的情況非常相似。所以，我認為在破產損失或彈性租賃收入這兩個方面，我們都延續了以往的良好勢頭，而且都優於歷史平均水平。因此，我們的租戶—我們的租戶名單一如既往地健康。

With respect to the bridge, I think you have to start with an understanding of 2025 before you can appreciate that our outlook as we sit here today, and by the way, as we continue to refine our plans, we feel pretty proud with. But I think if you really think about '25 and think about the components of this year's growth, which are culminating in today's targeted area of 5.25% to 5.5%. A large -- this is about as much commenced occupancy as we have absorbed in this company in our history. And kudos to the team for building that SNO pipeline through 2024, kudos to the team for delivering that SNO pipeline into 2025, and they've continued expectations of that delivery. And we are quickly -- we've quickly absorbed space, and we're approaching levels of NOI that are -- levels of occupancy that are what we would call peak levels.

關於這座橋，我認為你必須先了解 2025 年的情況，才能理解我們今天在這裡的展望。順便說一句，隨著我們不斷完善計劃，我們感到非常自豪。但我認為，如果你認真思考 2025 年，並​​思考今年成長的各個組成部分，你會發現它們最終匯聚成了今天 5.25% 到 5.5% 的目標範圍。規模很大——這差不多是我們公司歷史上吸收的最大入住量了。值得稱讚的是，該團隊成功地將 SNO 管道建設到 2024 年，值得稱讚的是，該團隊成功地將 SNO 管道交付到 2025 年，並​​且他們一直期望能夠繼續交付。我們很快就——我們已經迅速吸收了空間，並且我們的 NOI 水平——入住率水平——我們稱之為峰值水平。

Together with that, we have benefited from an extreme uptick in our recovery rate. All of that recovery rate benefit in 2025 is about 100 basis points. So if you -- reflecting on 2025, as I think about a mid-3% area same-property growth next year, all of which -- nearly all of which is coming from base rent, I think that's pretty darn good growth on top of really good growth in 2025. So we still feel really confident with our outlook.

同時，我們的康復率也大幅提升。到 2025 年，所有這些回收率優勢約為 100 個基點。所以，展望 2025 年，考慮到明年該地區同類型房產的增長率約為 3%，而且幾乎全部增長都來自基本租金，我認為這在 2025 年本身就非常好的增長基礎上，又實現了相當不錯的增長。所以我們仍然對自己的前景充滿信心。

Yeah. And I would just like to emphasize that. I think Mike said it really well. But mid-3% same property NOI growth a year after what we're doing this year. And then adding on top of that, the contributions that we're getting from development was a 6% NOI growth we feel really good about how well positioned we are for our future growth.

是的。我只想強調這一點。我覺得麥克說得很好。但以我們今年的策略，一年後同店淨營業收入成長將達到 3% 左右。此外，我們從發展中獲得的貢獻使我們的營業淨收入成長了 6%，我們對未來的成長前景感到非常滿意。

Cooper Clark, Wells Fargo.

庫柏克拉克，富國銀行。

I appreciate the early '26 thoughts, I guess how should we be thinking about the potential on development and redevelopment starts into next year considering an increasingly competitive transaction market and strong leasing. And then I would also appreciate any color on the mix between ground-up and redevelopment as you think about starts moving forward?

我很欣賞您在 2026 年初提出的想法。考慮到競爭日益激烈的交易市場和強勁的租賃市場，我們該如何看待明年開發和重建項目的潛力？此外，我還想請您談談在推進工程建設過程中，新建案和舊址重建工程之間的平衡點？

Yes, Cooper. I appreciate the question. This is Nick. So I think there's a couple of pieces to that. So let me just actually step back for your benefit and others.

是的，庫柏。感謝您的提問。這是尼克。所以我覺得其中包含幾個面向。所以，為了你和別人著想，我還是退後一步吧。

It wasn't that many years ago, we were talking about starting between our development and redevelopment program, $1 billion over the next five years. And now fast forward, and as we look over our shoulder here as we round third base in 2025, we will have started $800 million just in the last three years. And so as we've been articulating, we continue to feel really good about finding more than our fair share of investment opportunities in our development and redevelopment program. And so I would say, as we look forward, we would expect to continue to find more than our fair share in that run rate, we feel good about as we move into 2026 and the team is working every day to find even more opportunities and where we find those, we'll take advantage of those. And then in terms of the divide between development and redevelopment, look, wherever we can invest our capital accretively, we're going to lean into.

就在幾年前，我們還在討論啟動我們的開發和重建計劃，在未來五年內投入 10 億美元。現在快進到2025年，當我們回頭看看時，我們光是過去三年就已經投入了8億美元。因此，正如我們一直闡述的那樣，我們對在發展和重建計劃中找到遠超我們應得份額的投資機會感到非常滿意。因此，展望未來，我們預計在2026年將繼續取得比我們應得的更多的成功，我們對此感到滿意。團隊每天都在努力尋找更多的機會，一旦找到機會，我們就會充分利用。至於開發和重建之間的分歧，你看，無論我們能夠以增值方式投資資本的領域，我們都會全力投入。

But because of the success we've been having on the development program. As you can see, the split is starting to lean into the ground-up development. And so I expect that to continue. If you look at our in process today, this is the first quarter in quite some time are in process developments out number from an investment standpoint or redevelopments. And so we have now flipped the script where the developments are outweighing redevelopments.

但由於我們在發展計劃方面取得了成功。正如你所看到的，這種分拆方式開始傾向於由下而上的發展。因此，我預計這種情況還會持續下去。如果你看看我們今天的在建項目，這是相當長一段時間以來，在建項目數量首次從投資角度超過重建項目數量。因此，現在情況發生了逆轉，開發項目超過了重建項目。

And as I look more near term into 2026, I would expect that to be the case as well.

展望2026年，我預計情況也會如此。

Samir Khanal, Bank of America.

薩米爾·卡納爾，美國銀行。

Mike, just looking at your net effective rent page. When I looked at the new leases, just curious, there seems to be a little bit more leasing being done on -- the new leasing being done on the anchor side. versus shops, which you go back the last several quarters, it's been -- the mix has been primarily shop space. So just can you provide a bit more color? Was there something like did you get boxes back?

麥克，我正在看你的淨有效租金頁面。我查看了新的租賃合同，發現似乎主力店面的租賃活動有所增加，而過去幾個季度以來，租賃市場主要以商店為主。所以，可以再詳細描述一下嗎？有沒有類似「你收到退回的箱子了嗎？」這樣的問題？

Is this related to some of the development side? Just trying to understand why the mix has gone up for anchors here?

這和開發方面的一些問題有關嗎？我只是想了解為什麼這裡的主播人數增加了？

Samir, this is Alan. I appreciate the question. So no, it's just an anomaly for the quarter. We happen to do more anchor transactions. It's not development-driven per se in the quarter.

薩米爾，這位是艾倫。感謝您的提問。所以，不，這只是本季的一個異常現象。我們剛好做了更多錨定交易。本季並非以發展為主導。

And again, I'd say 10 anchor transactions came in. That's what's also skewing, I think, with the lower rent that you're seeing. But importantly, that I'd slide you over and go look at the cash rent spreads and the GAAP rent spreads that happened for the quarter. So nothing more than coincidental timing that a lot of anchor transactions happen to come through the Q in quarter 3.

我再次表示，有 10 筆錨定交易發生。我認為，租金下降也是造成這種偏差的原因之一。但重要的是，我會帶你過去看一下本季的現金租金差價和 GAAP 租金差價。所以，很多關鍵交易剛好都發生在第三季度，這純粹是巧合。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆登，摩根士丹利。

I just want to touch on acquisitions because we definitely appreciate the early '26 thoughts on same-store. But on the acquisition front, just number one, just on just cap rates or IRRs, just what are you guys seeing in the market and how that's trended? And we also noticed a lot of the JV transactions in the quarter, I guess, you still have over 100 assets in those JVs. Is there more incremental willingness to sort of sell or buy those assets out?

我只想簡單談談收購，因為我們非常欣賞 2026 年初關於同店收購的想法。但就收購方面而言，首先，就資本化率或內部報酬率而言，你們在市場上看到了什麼，以及這種趨勢如何？我們也注意到本季有很多合資交易，我想，你們在這些合資企業中仍然擁有超過 100 項資產。是否有更多意願逐步出售或收購這些資產？

Appreciate the question, Ronald. Let me start with your second question first, which is the joint venture side. The short answer is yes. I mean the assets we own, whether we have 100% or we on with partners, we're excited about owning them. And so where there's an opportunity with our partners to buy out their interest, we're constantly having those conversations and where the stars align, we plan on taking advantage of that.

感謝你的提問，羅納德。讓我先回答你的第二個問題，也就是合資企業方面的問題。簡而言之，答案是肯定的。我的意思是，我們擁有的資產，無論是我們100%擁有還是與合作夥伴共同擁有，我們都對擁有這些資產感到興奮。因此，當有機會與合作夥伴收購他們的股份時，我們會不斷地進行這些對話，一旦時機成熟，我們計劃抓住機會。

We are obviously set up to transact quickly, and we're having those conversations on a very regular basis. So excited about the ones we were able to execute on last quarter. We can't perfectly predict when our partners want to exit the future. But again, we expect that to continue to be a pipeline on a go-forward basis. And then in terms of cap rates, I'll just reiterate the good news for us, given the development program we just spoke about based on Cooper's question is, I would just reiterate, we don't have to acquire assets to grow.

我們顯然已經做好了快速交易的準備，而且我們經常進行這類對話。上個季度我們成功執行了一些項目，我感到非常興奮。我們無法完美預測合作夥伴何時想要退出未來。但我們預計，未來這一進程將持續保持暢通。至於資本化率，我只想重申對我們來說的好消息，鑑於我們剛才討論的發展計劃，根據庫柏的問題，我只想重申一下，我們不必收購資產就能發展。

But where we can find the opportunities to lean in, where they match our quality, match our future growth profile, and we could fund accretively, we're leaning in. And as you can see, that's led to over $0.5 billion of acquisitions this year. But that's becoming more difficult in this environment because there is capital flowing into our sector, no question about that. And so I would have told you last quarter, we'd probably be talking cap rates 5.5% to 6% on most core assets. Now from what we're seeing in the market, I would say it's more of the minus side on 5.5%.

但是，只要我們能找到機會深入參與，只要這些機會符合我們的品質標準，符合我們未來的成長前景，並且我們能夠進行增值融資，我們就會深入參與。正如你所看到的，這促成了今年超過 5 億美元的收購。但毫無疑問，在當前環境下，這變得越來越困難，因為有大量資金流入我們的產業。所以，上個季度我會告訴你們，我們大多數核心資產的資本化率可能會達到 5.5% 到 6%。從我們目前在市場上看到的情況來看，我認為5.5%的可能性不大。

There's a lot of capital chasing these opportunities. And so we're going to continue to be true to our business plan, make sure we're investing our capital wisely but also excited to see so many people finally waking up to understand how defensive and quality our NOI streams are.

很多資金都在追逐這些機會。因此，我們將繼續堅持我們的商業計劃，確保我們明智地投資資本，同時也很高興看到這麼多人終於意識到我們的淨營業收入流有多麼具有防禦性和品質。

Really quickly, I would just like to add, I'm going to reiterate, I think with Nick's answer to one of the first questions. We really value our long-term partners and continue to do that. And it was not that long ago that Oregon committed even additional capital to us, and you've seen us continue to acquire assets with them into that partnership. So that's one that we're growing, for example.

我只想快速補充一點，我重申一下，我認為尼克對第一個問題的回答是正確的。我們非常重視長期合作夥伴，並將繼續這樣做。不久前，俄勒岡州又向我們追加了資金，你們也看到了我們繼續與他們合作收購資產。例如，這是我們正在發展的一個領域。

So again, we value our long-term partners, and we often are the best buyer if there's a reason that the partner wants to exit, and that's when we have those opportunities.

所以，我們非常重視長期合作夥伴，如果合作夥伴有理由想要退出，我們通常是最佳買家，而這正是我們獲得這些機會的時候。

Sydnie Rohme, Barclays Bank.

Sydnie Rohme，巴克萊銀行。

I was wondering if you could give a little bit of color on what your expectations are for rent spreads and if you expect them to continue to be around this percentage or what?

我想請您簡單說明一下您對租金差價的預期，以及您認為租金差價是否會繼續維持在這個百分比左右？

Sydney, thank you for the question. Look, I'm really proud of the trajectory we have been on and how committed the team is to ensuring not just these elevated levels of rent spreads, but even more importantly, the gap spreads that we always talk about and the continued embedded rent steps. So I don't necessarily have a target on it per se. But what I would say is I look back at Q3 new shop leasing, 85% of our shop transactions had 3% or higher in terms of embedded rent steps. And 25% of our new shops had 4% or higher.

悉尼，謝謝你的提問。你看，我為我們所取得的成就感到非常自豪，也為團隊致力於確保不僅租金差價保持在高位，更重要的是，確保我們一直談論的租金差價以及持續的嵌入式租金階梯式增長而感到自豪。所以我並沒有刻意設定目標。但我想說的是，回顧第三季的新店舖租賃情況，85% 的店鋪交易中，嵌入式租金階梯幅度達到或超過 3%。我們新開的店舖中有 25% 的轉換率達到或超過 4%。

So the teams are really embracing that long-term sustainable approach with these embedded rent steps, while on top of that, getting that 13% rent spread that you have seen. I will take as much as they are willing to give, and I just believe in this sort of supply constrained environment. We have an opportunity to continue to lean in.

因此，各團隊真正接受了這種長期可持續發展的方法，並採取了這些嵌入式租金措施，同時也獲得了你所看到的 13% 的租金差價。我會接受他們願意給予的一切，而且我堅信這種供應受限的環境。我們有機會繼續積極參與。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I just wanted to revisit the mid-3% same property NOI comments. You said that that's the base rent component primarily. So contractual rent steps and cash releasing spreads. Do you expect a further contribution from the SNO pipeline in 2026? And can you also speak to what sort of contribution you might anticipate from redevelopment in 2016?

我只是想再次提及之前提到的 3% 左右的同店 NOI 成長。你說過那主要是基本租金部分。因此，合約租金階梯和現金釋放價差。您預計 SNO 管道在 2026 年會繼續做出貢獻嗎？您能否也談談您預計2016年的重建計畫會帶來怎樣的貢獻？

Is that going to be sort of a neutral impact year-over-year? Or do you still expect there to be some additional growth on top of that from redevelopment?

這是否會對同比數據產生中性影響？或者，您是否仍預期重建專案會在此基礎上帶來額外的成長？

Sure. Thanks, Todd. And I'm happy to dig in a little bit deeper here. But I'm going to leave some of that detail to our full plan, which we'll provide to everybody in February.

當然。謝謝你，托德。我很樂意在這裡深入探討。但我會把其中一些細節留到我們完整的計劃中再談，我們將在二月向大家提供該計劃。

Yes, so to get to mid-3s, it's going to take some occupancy climb. And we still see an opportunity and we have some slides in our investor materials that articulate that, there remains opportunity in our commenced occupancy percentage to close that gap. We're sitting at 200 basis points wide right now. The historical average is in the 175, 180 area. And we are confident that we will continue to make headway towards closing that gap into '26, which will drive some of that base rent growth that I articulated.

是的，所以要達到3%左右的入住率，入住率還需要提升。我們仍然看到機會，我們在投資者資料中也有一些幻燈片闡述了這一點，我們目前的入住率仍有提升空間，可以縮小差距。目前我們之間的價差為 200 個基點。歷史平均值在 175 到 180 之間。我們有信心在 2026 年繼續縮小這一差距，這將推動我之前闡述的一些基本租金成長。

We do -- that includes delivering on redevelopments. So in 2025, we had a year where we contributed to growth from redevelopments north of 100 basis points. I actually think that, that's going to repeat itself into 2026. Those are overlapping concepts in some way. It's really about absorbing space and driving commenced occupancy.

我們確實會這樣做——這包括完成重建項目。因此，在 2025 年，我們透過重建計畫為經濟成長做出了超過 100 個基點的貢獻。我個人認為，這種情況會持續到2026年。這些概念在某種程度上是重疊的。實際上，關鍵在於吸收空間並推動入住率的提升。

And then the balance is going to come from rent growth. And I thought Alan did a really nice job of articulating our position in that marketplace, both driving contractual steps as well as cash releasing spreads. I hope that helps. And again, we'll give some more color on this outlook in February.

剩下的平衡將來自租金成長。我認為艾倫很好地闡述了我們在該市場中的立場，既推動了合約步驟，也釋放了現金流。希望對您有幫助。我們將在二月對此前景進行更詳細的闡述。

Craig Malman, Citi.

克雷格‧馬爾曼，花旗銀行。

Maybe just a two-parter here. As we think about the bread problems you laid out for next year for same-store and implicitly total NOI growth and maybe even FFO. Just looking at your same-store occupancy, you guys kind of ticked a little lower than where you peaked out at. Is there room to push that lease rate higher? Or are we going to close the gap to the historical spread by just commencing and you kind of are the frictional level for that leased occupancy.

或許可以分成兩部分。當我們思考您為明年同店銷售、總淨營業收入成長甚至FFO提出的麵包問題。單從你們的同店入住率來看，你們的入住率比之前的高峰略有下降。租金還有上漲空間嗎？或者，我們可以透過啟動租賃來縮小與歷史差距，而您則成為了租賃佔用率的摩擦點？

And then just the second piece for Mike, I know you said 100 to 150 basis point drag from refinancing. Are you guys giving any consideration to putting some term loan debt in the stack, which is, from what I'm hearing from some of your peers pricing the mid-4s, which would kind of compress that headwind a bit.

還有第二個問題，Mike，我知道你說過再融資會帶來 100 到 150 個基點的拖累。你們有沒有考慮過在債券組合中加入一些定期貸款債務？根據我從你們一些同行那裡了解到的情況，他們正在為4年中期債券定價，這樣做可以稍微緩解一下這種不利因素。

Craig, it's Alan. I'll take the first part and let Mike color up the second part. I do believe that we can pierce through the occupancy of where we are. That 20 basis point drop this quarter really was attributable to the Rite Aid bankruptcy and us getting 10 Rite Aid spaces back in the quarter. But as we look at, again, as I think I said on one of the prior questions, strong demand, limited supply.

克雷格，我是艾倫。第一部分由我來畫，第二部就交給麥克來上色吧。我相信我們能夠突破我們所處位置的束縛。本季下降 20 個基點確實是由於 Rite Aid 破產以及我們在本季度重新獲得了 10 個 Rite Aid 的庫存空間。但是，正如我在之前的一個問題中提到的，我們再次看到，強勁的需求，有限的供應。

I think there's certainly upside there. And I think we'll probably see that come from largely is on the anchor front. We're at 98% leased. And as we look back at peak levels there and I look at the pipeline of deals that is in process right now for those anchor transactions, there's real opportunity there. And with this even further encouraging to me is when we look at kind of who those tenants are and Five Below, Barnes & Noble, Home Goods, J. Crew also, there's just a whole lot of them that are out there that are materially engaged and just great operators that will be really fantastic adds to our portfolio.

我認為這其中肯定有上升空間。而且我認為我們很可能會看到這種情況主要出現在主流媒體方面。我們的出租率已達98%。當我們回顧這些交易的巔峰時期，再看看目前正在進行中的那些關鍵交易，就會發現其中蘊藏著真正的機會。更令我感到鼓舞的是，當我們查看這些租戶是誰時，會發現 Five Below、Barnes & Noble、Home Goods、J. Crew 等等，有很多租戶都積極參與其中，而且都是非常優秀的運營商，他們的加入將極大地豐富我們的投資組合。

So hard to the balance sheet, and I appreciate the question. Yes. We consider all forms of capital as we think about refinancing our obligations. And the 150 basis point impact on refinancing is pretty wide range that we're sharing today largely because we're still considering what options we may take for 2026. The 2025 financing activity has already been executed. So we know what that impact is next year that the balance of our expectation will be driven on the solution we choose.

資產負債表很難反映這一點，我很感謝你的提問。是的。在考慮債務再融資時，我們會考慮所有形式的資本。150 個基點對再融資的影響範圍相當廣泛，我們今天分享這些資訊主要是因為我們仍在考慮 2026 年可能採取的方案。2025年的融資活動已經完成。所以我們知道明年會產生什麼影響，我們的預期平衡將取決於我們選擇的解決方案。

Term loans, converts, vanilla bond offerings, all of those are always considered by Regency. We will make the best decision at that point in time depending on the market conditions. Let me lastly say that with the credit position that we're in from an A-rated balance sheet and the extreme pricing we can achieve on just the vanilla bond offering with a 10-year term, I do think you squeeze out a lot of that potential opportunity that others may have as they consider their alternatives.

定期貸款、可轉換債券、普通債券發行，Regency 始終都會考慮這些方案。屆時我們將根據市場狀況做出最佳決策。最後我想說的是，憑藉我們 A 級資產負債表的信用狀況，以及我們僅憑 10 年期普通債券發行就能實現的極高定價，我認為我們已經擠佔了其他人在考慮其他選擇時可能擁有的許多潛在機會。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

I guess a two-part question. One, you mentioned $1 million -- or 1 million square foot pipeline in your prepared remarks. So just curious if you could contextualize that historically is that being skewed by some of these anchor opportunities you've kind of noted. And then the second part would just be anything unusual on bad debt this quarter that was actually a contributor to growth and is there any of that assumed seemingly in 2026, given you expect bad debt to kind of be similar next year versus this year?

我想這是一個包含兩個部分的問題。第一，你在事先準備好的發言稿中提到了 100 萬美元——或者說 100 萬平方英尺的管道。所以我很好奇，您能否從歷史角度分析一下，您提到的這些關鍵機會是否造成了這種偏差？第二部分就是本季壞帳是否有任何異常情況，實際上對成長有所貢獻？考慮到您預計明年的壞帳情況與今年大致相同，那麼在 2026 年是否也存在這種情況？

Juan, I appreciate that question. That 1 million square feet is pretty consistent with multiple prior quarters, again, I think speaking to the strength of the environment that we're in right now. It is -- there is no disproportion of anchors versus shops on a relative basis in terms of how we look back. And again, it's a full of great retailers. And I rattled off a few junior box players that we're engaged with, but we're also doing multiple transactions in that pipeline as full with the Warby Parkers and the Jersey Mikes and the Mendocino Farms and the Joe and the Juice and just a whole host of great operators that were sprinkling in across the country.

胡安，感謝你的提問。100萬平方英尺的增幅與前幾季的數據相當一致，我認為這再次說明了我們目前所處環境的強勁勢頭。確實如此——從我們回顧的角度來看，主力店與商店的比例並沒有明顯失衡。而且，這裡還有很多很棒的零售商。我一口氣列舉了一些我們正在合作的青少年籃球運動員，但我們也在進行多項交易，包括與 Warby Parkers、Jersey Mikes、Mendocino Farms、Joe and the Juice 以及全國各地眾多優秀的籃球運動員的合作。

So again, we always say qualify the right operators and merchandising is very important to us. We don't just lease to anybody. And so while I'm proud of the 1 million square feet in terms of the numbers that are in there in the pipeline, equally, if not more proud of the quality of those retailers that are here.

所以我們一直強調，篩選合適的經營者，商品銷售對我們來說非常重要。我們不會隨便租給任何人。因此，雖然我為正在籌建的 100 萬平方英尺的建築面積感到自豪，但我同樣甚至更加為這裡現有零售商的品質感到自豪。

On the bad debt question, and I think you're referencing our uncollectible lease income line item. Interesting this quarter -- so again, this is a line item that is reflecting the collection rate on our cash basis tenants, right? So that pool of property -- we just had higher collections from that pool of property, the pool of tenants, I should say, this quarter. In fact, interestingly, we've been collecting this quarter on some receivables from tenants who had previously moved out, and we had long written off ago. And kudos to the team, they both operations and legal for continuing to pursue those owed receivables, and we've collected on those this quarter.

關於壞帳問題，我想您指的是我們無法收回的租賃收入項目。本季很有意思——所以，這又是一個反映我們現金支付租戶收款率的項目，對吧？所以，這部分房產——我應該說是租戶群體——本季的租金收入更高了。事實上，有趣的是，本季我們一直在收回一些之前已經搬走的租戶的應收帳款，而這些應收帳款我們很久以前就已經註銷了。也要讚揚團隊，包括營運團隊和法務團隊，他們繼續追討這些應收帳款，我們本季已經收回了這些款項。

So that's what drove the positive anomaly. On a year-to-date basis, we're running in the 20 to 25 basis point area on ULI, that's as a percent of total revenues. You've heard us talk about our historical averages before, which are in the 40 to 50 basis point area. So for a couple of years now, we've been operating at historical lows. Again, the tenant base that we have today is extraordinarily healthy, doing very well.

這就是導致正異常的原因。今年迄今為止，我們的 ULI 指標在 20 到 25 個基點之間，這是佔總收入的百分比。您之前已經聽過我們談過歷史平均值，大約在 40 到 50 個基點之間。所以近兩年來，我們的營運一直處於歷史低點。再次強調，我們目前的租戶基礎非常健康，經營狀況良好。

And that comment I'm making at the end, we believe will continue into next year. So we are anticipating that we'll continue to be lower than our long-term historical averages on lease income in 2026.

而我最後要說的那句話，我們相信會延續到明年。因此，我們預計 2026 年我們的租賃收入將繼續低於長期歷史平均值。

Michael Griffin, Evercore.

Michael Griffin，Evercore。

On the developments, I'm curious if you can give us a sense of where you're underwriting rents both for anchor and small shop versus where current rents are in the market? And then maybe stepping back more broadly, we've heard about this dearth of new supply in strip land. And clearly, Regency is a differentiator on the development side. I mean, I realize you don't want to give away all the secrets, but how are you all able to make the math pencil? Is it the land basis?

關於目前的進展，我很想知道您能否簡要說明一下，您為主要租戶和小商舖的租金所做的承保，與當前市場上的租金水平相比如何？然後，從更廣闊的角度來看，我們也聽說過條狀土地新供應短缺的問題。顯然，Regency 在開發方面具有差異化優勢。我知道你們不想透露所有秘密，但是你們是怎麼製造出數學鉛筆的呢？是土地成本嗎？

Is it the proximity to population areas like these master planned communities. It just seems like you're able to make this work, whereas others out there in the market aren't able to.

是因為靠近人口密集區，例如這些總體規劃社區嗎？看起來你似乎能做到這一點，而市場上其他人卻做不到。

Appreciate the question, Michael. This is Nick. I'll start with your second part, which is, yes, there's no secret sauce. I'll tell you that. It's a lot of really, really hard work over years and years that build up to put us in the position we're in.

感謝你的提問，麥可。這是尼克。我先回答你的第二部分，那就是，是的，沒有什麼秘訣。我會告訴你這一點。這是我們多年來付出巨大努力才有今天成就的成果。

And it comes back to, again, starting with the relationships. We have the best relationships across the country with the best grocers. If you look at our end process. I mean we're building for Whole Foods. We're building for HEB, Safeway Public, Sprouts doing a major redevelopment with Kroger.

歸根究底，還是要從人際關係開始。我們與全國最好的雜貨商建立了最佳合作關係。如果你看一下我們的最終流程。我的意思是，我們是在為全食超市（Whole Foods）建廠。我們正在為 HEB、Safeway Public 和 Sprouts 建造，並與 Kroger 進行大規模的重建。

And so those relationships have been forged over decades of work. Capital, there's no question. We have the capital. It's where we're allocating it as we keep talking about. And so we are blessed to be in a position with our free cash flow and our balance sheet to be able to lean in and take advantage of these opportunities.

因此，這些關係是在數十年的努力下建立起來的。毫無疑問，是資金。我們有資金。這就是我們一直在討論的分配方式。因此，我們很幸運，憑藉良好的自由現金流和資產負債表，我們能夠積極掌握這些機會。

And that really matters to a seller to know that we are committed and we have the capital ready to go. And then last but not least, it's just expertise, really, really hard work to grind into every aspect of our pro forma. And again, years of experience, the best professionals in the business, no doubt working on our construction costs, working on our underwriting and sharpening every aspect of that pro forma to make these things pencil. And so again, no secret sauce, but we're really, really proud about what we've done here recently and what the future looks like for us. But it's not zero competition.

對於賣家來說，知道我們有誠意並且資金充足非常重要。最後但同樣重要的是，我們需要投入專業知識，付出艱辛的努力，才能將我們的預測表的每個方面都完善到位。再次強調，多年的經驗，業內最優秀的專業人士，無疑在負責我們的建築成本、承保工作，並不斷完善預測的各個方面，以確保這些項目能夠盈利。所以，我們沒有什麼秘訣，但我們對我們最近在這裡所取得的成就以及我們的未來前景感到非常非常自豪。但並非完全沒有競爭。

There's -- we are the only active one nationally, but we're competing with local developers in these markets. And there's some quality local developers that are forcing us to up our game and sharpen our pencil every day. And so we're excited about the ones that we're winning for the reasons I just articulated and continue to believe we'll get more than our fair share. And in terms of rents, you're absolutely right. I mean, two aspects to every pro forma, what's the cost, which we're really smart about and understand really well, which is why you've seen our in process perform the way they have.

我們是全國唯一活躍的公司，但我們在這些市場中與當地開發商競爭。而且，一些優秀的本地開發人員也迫使我們每天提高水平，精益求精。因此，我們對贏得的那些獎項感到興奮，原因正如我剛才闡述的那樣，並且我們仍然相信我們會獲得比我們應得的更多的獎項。至於租金方面，您說得完全正確。我的意思是，每個預測模型都有兩個方面，一是成本，二是成本，我們在這方面非常精明，理解得也很透徹，所以你們才會看到我們的流程表現如此出色。

But the other side is the income. Given the operating portfolio we have, the platform we have there as well as our leasing agents on the ground looking at our ground-up developments, really proud of the team's ability to forecast the income side of these developments and redevelopments as well. And so if you were on our internal calls, you'd hear us say, we don't want to underperform, but we also don't expect to outperform. We expect our teams to really understand both sides of the pro forma, and you'll see on the margin, we're outperforming more than underperforming based on the team's great work.

但另一方面是收入。鑑於我們現有的營運組合、平台以及實地考察我們新建項目的租賃代理，我對團隊預測這些開發項目和重建項目的收入方面的能力感到非常自豪。所以，如果你參加我們的內部電話會議，你會聽到我們說，我們不想表現不佳，但我們也不指望表現優異。我們希望我們的團隊能夠真正理解預測結果的正反兩方面，你會看到，由於團隊的出色工作，我們在邊際效益方面表現優於預期，而不是低於預期。

I really appreciate Nick's answer, but I'm going to -- because he's so more intimately involved I think he just described the secret sauce. And I wouldn't underestimate what that is because it's our team and it's the decades of experience and track record that have built those relationships. And Nick is a part of that. So it's not something that's easily replicated.

我非常感謝Nick的回答，但我還是要說——因為他參與得更深入，我認為他剛剛描述了秘訣所在。我不會低估這一點，因為這是我們的團隊，是數十年的經驗和業績記錄才建立起這些關係的。尼克也是其中的一份子。所以這不是很容易複製的東西。

Handel St. Juste, Mizuho.

亨德爾‧聖‧朱斯特，瑞穗出版社。

I'm Ravi Vaidya on the line for Handel today. I wanted to ask about capital recycling. Can you offer more commentary on the decision to sell the asset in Miami. What was the competitive process like? Are there a number of bids?

我是拉維·瓦伊迪亞，今天為您帶來亨德爾的報導。我想諮詢一下資本循環利用的問題。您能否就出售邁阿密資產的決定提供更多評論？競爭過程是怎麼樣的？有多少份投標書？

And was there anything in particular about the asset or the market itself that led to this decision?

那麼，該資產或市場本身有哪些特別之處促成了這個決定嗎？

I appreciate the question. I'll start again, just high level. Again, given where we're at from a capital standpoint, we don't have to sell anything, and we really like our portfolio. So I always start answering disposition questions with that. Now that being said, we're always looking at assets that we believe are nonstrategic.

感謝您的提問。我重新開始，就從高階水平開始。再說一遍，鑑於我們目前的資本狀況，我們不需要出售任何東西，而且我們非常滿意我們的投資組合。所以我總是用這種方式來回答性格上的問題。話雖如此，我們始終關注那些我們認為不具戰略意義的資產。

And they may be nonstrategic from a format perspective, which you've seen some of these smaller assets we sell at or nonstrategic from a future IRR perspective. We obviously have a future view of capital and income on these assets. And so the Miami asset would fit into that second bucket where our view of the future IRR didn't align from a strategic standpoint. Based on what we believe the market would pay for that asset because that market is in such high demand. And so yes, there was a deep pool of bidders that did allow us to drive pricing we thought was appropriate to transact and recycle that capital.

從形式角度來看，它們可能不具有戰略意義（您可能已經看到我們出售的一些較小資產就是如此），或者從未來內部收益率 (IRR) 的角度來看，它們可能不具有戰略意義。我們顯然對這些資產的未來資本和收益有預期。因此，邁阿密資產就屬於第二類資產，也就是從策略角度來看，我們對未來內部報酬率的看法並不一致。基於我們認為市場願意為該資產支付的價格，因為該資產的市場需求非常旺盛。所以，是的，有很多競標者，這使我們能夠制定我們認為合適的定價策略，從而完成資金的交易和循環。

And then I would just say, again, when you look at high level, we're selling just over $100 million of assets this year, just over a 5.5% cap rate. but we're buying over $500 million at a 6%. And so our capital recycling right now is accretive, not dilutive, and we're proud about that because we own such a great portfolio, we can take advantage where we feel like those stars align to exit an asset that we're not in love with from a future IRR and reinvest that capital in assets we think have high single-digit, if not double-digit IRRs.

然後我想再次強調，從宏觀層面來看，我們今年出售的資產略高於1億美元，資本化率略高於5.5%。但我們以6%的資本化率收購超過5億美元的資產。因此，我們目前的資本再利用是增值而非稀釋，我們為此感到自豪，因為我們擁有如此優秀的投資組合，我們可以在時機成熟時抓住機會，退出那些我們認為未來內部收益率 (IRR) 不理想的資產，並將這些資本再投資於我們認為具有高個位數甚至兩位數內部收益率的資產。

Wes Golladay, Baird.

韋斯·戈拉迪，貝爾德。

I just want to go back to the development. You're doing a lot more like this quarter with master plan communities or next to master planned communities. Are the grocers leading you there? Or are you putting more emphasis on being next to those projects? And then for development start, are you still targeting around a 50% prelease level?

我只想回到開發階段。本季度，你們在總體規劃社區或毗鄰總體規劃社區的專案上做了很多類似的工作。雜貨店老闆會帶你到那裡去嗎？還是你更注重參與這些專案？那麼，在開發啟動階段，你們的目標預發布比例還是在 50% 左右嗎？

Appreciate the questions, Wes. So all of the above. And so we are targeting master plan communities, our grocers are targeting master plan communities. And to be quite frank, master plan developers are reaching out to us. And it really goes back to the question I answered before, which is if you're a master plan developer, the most -- one of the most important aspects of many of these projects is having a great community grocery acre shopping center to be an amenity to your project.

感謝你的提問，韋斯。以上全部。因此，我們的目標客戶是總體規劃社區，我們的雜貨店的目標客戶是總體規劃社區。坦白說，總體規劃開發商正在主動聯繫我們。這其實又回到了我之前回答的問題，那就是，如果你是一個總體規劃開發商，那麼許多這類項目最重要的方面之一就是擁有一個很棒的社區雜貨店購物中心，作為你項目的配套設施。

And not only is it important that you can count on your retail partner to build a world-class project, but you also want to know that they're going to own it and operate it in perpetuity. And so we love the opportunity to sit down with master plan developers to create a really, really win-win partnership on both sides. And you've seen, in many cases, we've done multiple transactions with the same master plan developer. And so for all of those reasons, I think that will continue when you look at our go-forward pipeline, as you've indicated, led to success this quarter. And so -- I forgot the second part of the question.

而且，你不僅需要確保你的零售合作夥伴能夠打造一個世界級的項目，還需要知道他們將永久擁有並經營該項目。因此，我們非常樂意與總體規劃開發商坐下來，共同打造真正意義上的雙贏合作關係。而且您也看到了，在許多情況下，我們與同一個總體規劃開發商進行了多次交易。因此，基於以上所有原因，我認為當我們展望未來發展方向時，這種情況將會持續下去，正如您所指出的，這也促成了本季的成功。所以——我忘了​​問題的第二部分。

(inaudible) prelease.

（聽不清楚）預售。

Oh, the prelease. Absolutely. Again, and when you talk about derisking, that's what we're also excited about in our development program is we really do derisk these assets. And so they're fully entitled. They're designed their bid.

哦，預售賽。絕對地。再說一遍，說到降低風險，這也是我們在開發計畫中感到興奮的地方，因為我們確實降低了這些資產的風險。所以他們完全有權利這樣做。他們已經設計好了投標方案。

We have a real understanding of the visibility on the cost side. And to your point, they're tremendously pre-leased. And so the anchor is always in place. And so depending on the size of the anchor compared to the overall project, it's not always right at 50%, but it's a large portion of that NOI is guaranteed. But again, if you look at our in-process pipeline, the team is just doing a phenomenal job.

我們對成本方面的透明度有非常清晰的了解。正如你所說，這些房子幾乎都被預租了。因此，錨點始終處於原位。因此，根據錨定項目相對於整個項目的規模，它並不總是正好是 50%，但很大一部分 NOI 是有保障的。但話說回來，如果你看看我們正在進行的專案流程，你會發現團隊的工作做得非常好。

I'll point to two projects where our anchors aren't even open, shops at Donebridge, our Whole Foods-anchored project in Connecticut and Jordan Ranch, our HEB-anchored project in Houston. Neither of those anchors are open yet and both of those projects are already over 90% leased. And so it just gives you, again, the sense of the demand in the market for these new projects we're building.

我舉兩個例子，我們的主要商家甚至還沒有開業，分別是康乃狄克州以 Whole Foods 為主力店的 Donebridge 計畫和休士頓以 HEB 為主力店的 Jordan Ranch 計畫。這兩家主力店都還沒開業，但這兩個項目的出租率都已經超過 90%。因此，這再次讓你感受到市場對我們正在建造的這些新項目的需求。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

A two-parter regarding your snow pipeline. The 1 million square feet of leases in negotiation, any initial thoughts on how much that could further contribute to your snow pipeline. And then with your snow pipeline having compressed in 3Q is the expectation that it continues to compress in '26.

關於你們的雪管道，分成兩個部分。正在洽談的100萬平方英尺租賃合同，您初步認為這將對您的雪道建設做出多大貢獻？而且，由於第三季雪管壓縮，預計 2026 年雪管將繼續壓縮。

I'm happy to take it for Alan, you can color up the pipeline. I would -- so we're sitting at 200 basis points spread today. For my comments earlier, I do think we are -- we have to set up to continue to compress that snow pipeline into '26. That being said, and the comments that Alan has shared about our prospects for setting new levels of percent lease. There is a scenario during which we also -- we maintain or potentially expand that snow pipeline.

我很樂意替艾倫做這件事，你可以為管道上色。我會的——所以我們今天的利差是 200 個基點。對於我之前的評論，我的確認為我們——我們必須做好準備，繼續將那條雪道壓縮到 2026 年。話雖如此，Alan 也分享了關於我們預計設定新的租賃百分比水準的評論。有一種情況是，我們也會—維持或可能擴大該雪管道。

So I hope that's helpful, Linda. I think as we normalize or stabilize our occupancy, I think your -- I think the comments around snow pipelines will start to dissipate and this will just become regular leasing activity, where we're replacing a lot of the GLA every year just from natural attrition, some of which is decided by the tenants themselves, a lot of which is decided by our leasing teams who are looking to upgrade the tenancy in our shopping centers.

希望這對你有幫助，琳達。我認為隨著我們的入住率趨於正常或穩定，關於雪管道的評論將會逐漸消失，這將成為正常的租賃活動，我們每年都會因為自然損耗而更換大量的總可出租面積，其中一些是由租戶自己決定的，而很多是由我們的租賃團隊決定的，他們希望提升我們購物中心的租賃水平。

Mike Mueller, JPMorgan.

麥克·穆勒，摩根大通。

I guess, Mike, what's prompting you to talk about '26 this early? Is it something looks off with the '26 estimates that are out there where you just want people to have sticker shock with the 3% to 3.5% same-store number after this year's great print? Or is it something else?

麥克，我猜是什麼促使你這麼早就談論 2026 年的事？是 2026 年的預測數據有點問題？你們是否想讓人們在今年銷量大增之後，看到 3% 到 3.5% 的同店銷售額增長時感到震驚？還是另有隱情？

Mike, maybe a little bit surprised by the question. I feel like we've had a track record of sharing an outlook at this point in time, every year. And you got to take the COVID area out of it. Maybe that's what's some of our memories are missing is during COVID, all the rules were off. But we're prideful in our ability to provide some transparency on a forward basis sometime in this period -- in this quarter, in the fourth quarter of the year.

麥克似乎對這個問題有點驚訝。我覺得我們每年這個時候都會分享一些看法，這似乎已經變成了一種慣例。而且你還得把新冠疫情因素排除在外。也許我們有些人的記憶缺失的就是，在新冠疫情期間，所有的規則都被取消了。但我們很自豪能夠在此期間（本季度，即今年第四季度）提前提供一些透明度。

Long time ago and the way back machine we used to do December Investor Days, and we would put out forward-looking guidance. Today, we're doing that together with Q3 results. And we've done that for a year or two at this point. So nothing more than that practice. I hope it's helpful.

很久以前，我們曾經在 12 月舉辦投資者日活動，並發布前瞻性指引。今天，我們將一起公佈第三季業績。我們已經這樣做了一、兩年了。所以，僅此而已。希望對您有幫助。

I know we want more details behind the headlines that we've provided. We look forward to providing those details later. And I'll just leave it at that.

我知道我們都想了解更多新聞標題背後的細節。我們期待稍後提供這些細節。我就說到這兒吧。

Floris Van Dijkum, Ladenburg Thalman.

弗洛里斯·範迪庫姆，拉登堡·塔爾曼。

My question is sort of related to the occupancy. Obviously, you're 10 basis points off your peak in both leased and commenced. You've got a big pipeline coming up, there's not a whole lot more you can push in terms of your anchors. I mean, you did allude to the fact that 98% and your peak is probably closer to 99%. My question is partly related to your most valuable space, your shop space, how much more can you push occupancy in your shop?

我的問題與入住率有關。顯然，無論從租賃還是啟動來看，你都比高峰低了 10 個基點。你們即將推出一條大型管道，在錨定效應方面，你們能做的已經不多了。我的意思是，你確實暗示過你的水平是 98%，而你的巔峰水平可能接近 99%。我的問題部分與您最寶貴的空間—您的店鋪空間有關，您的店鋪入住率還能提高多少？

And maybe also talk about your renewal percentage today? And where do you see that trending going forward? It sounds like you think there might be more churn going forward as you keep raising rents. But curious to hear your comments.

或許還可以談談你們今天的續約率？你認為這種趨勢未來會如何發展？聽起來你認為隨著租金的不斷上漲，未來可能會出現更多的人員流動。很想聽聽大家的意見。

Floris, thank you for the two-part question. I don't know maybe it's a trend here for us to always answer the second one first, just from a memory perspective. But the renewal retention, we've always hovered around 75%-ish. And I am very comfortable with that number. It's an opportunity to retain exceptional retailers, and it's an opportunity to also use additional higher-quality merchandising and higher rents into the portfolio.

弗洛里斯，謝謝你提出的兩部分問題。我不知道，也許這是我們這裡的一種習慣，我們總是先回答第二個問題，只是出於記憶方面的原因。但續約率一直徘徊在 75% 左右。我對這個數字非常滿意。這是一個留住優秀零售商的機會，也是一個將更高品質的商品和更高的租金納入投資組合的機會。

So on the edges, sometimes it's 70%, sometimes it's 85%. But typically, we're in that 75%, and I'm really, really comfortable with that in terms of active and engaging leasing. And so you'll also find that from a new leasing perspective, we are leasing occupied space. We have a few tenants on our watch list that for some time, we've been thinking we are getting space back. We have leases sitting there executed waiting to get some of those spaces back.

所以在邊緣地帶，有時是 70%，有時是 85%。但通常情況下，我們的租賃率都在75%左右，就積極有效的租賃而言，我對這個比例非常滿意。因此，從新的租賃角度來看，您也會發現，我們租賃的是已佔用的空間。我們有一些租戶在我們的觀察名單上，一段時間以來，我們一直認為我們會收回他們的空間。我們已經簽好了租約，就等著要收回那些空間了。

And so again, that's the proactive mindset. I'm not going to guide to a percentage per se in terms of where we ultimately can go but we're going to continue to be creative. And one example I would give you is the fact that we are invoking some relocation provisions and leases to relocate a successful tenant that the community knows is there that's doing really well, such that they can occupy a perhaps more challenging space to us to lease on the market which then unlocks the ability to lease their space, right? And so the team is out there, I think, really creatively doing everything they can to continue to still grow occupancy and pierce through that. And again, in this environment, I feel really comfortable and confident, coupled with the quality of our assets to continue to be able to do that.

所以，這又體現了積極主動的心態。我不會具體給出我們最終能達到的百分比，但我們會繼續保持創新精神。我舉個例子，我們正在援引一些搬遷條款和租賃協議，將一位社區熟知且經營狀況良好的租戶搬遷到其他地方，以便他們能夠佔據一個對我們來說在市場上更難出租的空間，這樣一來，我們就能夠出租他們的空間，對吧？所以我覺得，團隊正在盡力，發揮創造力，繼續提高入住率，突破重重阻礙。再次強調，在這種環境下，我感到非常安心和自信，再加上我們擁有優質的資產，我完全有能力繼續做到這一點。

Paulina Rojas, Green Street Advisors.

Paulina Rojas，Green Street Advisors。

So as it has been mentioned a few times, your commence occupancy is near peak levels. When I look at your presentation, the last time your occupancy levels were this high was around 2014, 2018. When commenced occupancy actually stayed elevated for a long period. So I'm curious how does retailer sentiment today compared to that period. what similarities or difference are you seeing between then and now?

正如之前多次提到的，您的入住率已接近峰值水平。從你們的簡報來看，你們上一次入住率達到這麼高是在 2014 年和 2018 年左右。入住率在很長一段時間內都保持在高位。所以我很想知道，如今零售商的情緒與當時有何不同？您認為現在和那時之間有哪些相似之處或不同之處？

I believe I heard the consumer sentiment, is that -- the retailer sentiment. I think that, Paulina, the way I would address that is there's a lot has kind of changed over that period of time in that retail is always evolving. We've seen that. So coming out of the GFC, there was a lot of demand for new store growth and then we saw a little bit of a dip when we all saw the headlines of this retail apocalypse and how is e-commerce going to affect our business. And then COVID hit.

我相信我聽到了消費者的心聲，那就是──零售商的心聲。保利娜，我認為，我的回答是，在這段時間裡，零售業發生了很大的變化，它一直在不斷發展。我們已經看到了這一點。因此，在走出全球金融危機後，人們對新店擴張的需求很大，但當我們都看到零售業末日來臨的新聞標題，以及電子商務將如何影響我們的業務時，我們看到需求略有下降。然後新冠疫情爆發了。

And when -- what the pandemic did, and we've said this a lot, is it really generated a renewed appreciation from our retailers for the importance of a physical location. So while they may have been dialing back in that '17, '18, '19 timeframe of new store expansion coming out of the pandemic they realize the importance of having that location, the last mile close to their consumer. At the same time, renewed appreciation from the consumer for shopping for not just buying online, but actually enjoying what we at Regency offer with regards to our fresh load connecting placemaking and having a curation of great merchants at our shopping centers. Over that period of time from 2014 to today, there's been really limited supply. So we've had the tailwinds coming out of the pandemic.

而疫情——我們已經多次說過——真正讓零售商重新認識到實體店的重要性。因此，儘管他們可能在疫情後的 2017、2018、2019 年縮減了新店擴張的規模，但他們意識到擁有靠近消費者的最後一公里這一位置的重要性。同時，消費者對購物的欣賞也發生了變化，他們不僅在線上購物，而且真正享受 Regency 提供的服務，包括我們新鮮的商品和服務，以及我們購物中心內精選的優質商家。從 2014 年至今，供應量一直非常有限。所以，我們從疫情中獲得了順風。

We've had the retailers understanding and really appreciating the need for and importance of a physical location. And we are -- again, it gives me another opportunity to say, we have been the only national development platform at scale for a period of time. So with that limited supply, it's -- the supply demand is in our favor. So as Alan has said repeatedly today, he believes that we will have the ability to push that percent commenced for all of those reasons. And I have the utmost confidence in the team to be able to do that.

我們已經讓零售商們理解並真正認識到實體店面的必要性和重要性。而且──這又給了我一個機會再次說明，在一段時間內，我們是唯一一個大規模的國家發展平台。因此，在供應有限的情況下，供需對我們有利。正如艾倫今天反覆強調的那樣，他相信我們有能力將這一百分比提高到目前的水平，原因正是基於這些因素。我對團隊能夠做到這一點充滿信心。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to your host, Lisa Palmer.

問答環節到此結束。現在我想把電話轉回給主持人麗莎·帕爾默。

Thank you all for your time with us today. And once again, I just want to give a shout out to the Regency team. Really proud of our results year-to-date. Thank you all.

感謝各位今天抽空與我們共度時光。我再次要向 Regency 團隊致以誠摯的感謝。對我們今年迄今為止的成績感到非常自豪。謝謝大家。

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，感謝您的配合。