Regency Centers Corp (REG) 2026 Q3 法說會逐字稿

Greetings, and welcome to Regency Centers Corporation third quarter 2026 earnings call. (Operator Instructions). As a reminder, this conference is being recorded.

各位好，歡迎參加 Regency Centers Corporation 2026 年第三季財報電話會議。（接線員指示）。提醒各位，本次會議將被錄音。

It is now my pleasure to introduce your host, Kathryn McKie, Vice President, Investor Relations. Thank you. Please go ahead.

現在我很榮幸介紹本次會議主持人：投資人關係副總裁 Kathryn McKie。謝謝。請開始。

Good morning, and welcome to Regency Centers' third quarter 2026 earnings conference call. Joining me today are Lisa Palmer, President and Chief Executive Officer; Mike Mas, Chief Financial Officer; Alan Roth, Chief Operating Officer; and Nick Wibbenmeyer, Chief Investment Officer.

各位早安，歡迎參加 Regency Centers 2026 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；營運長 Alan Roth；以及投資長 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.

提醒各位，今天的討論可能包含前瞻性陳述，涉及公司對未來業務與財務表現的看法，包括前瞻性盈餘指引及未來市場狀況。

These are based on the current beliefs and expectations of management and are subject to various risks and uncertainties. It is possible that actual results may differ materially from those suggested by these forward-looking statements we may make.

這些陳述係基於管理層目前的信念與預期，並受多項風險與不確定性影響。我們所做的前瞻性陳述所暗示之結果，實際結果可能與之存在重大差異。

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上述陳述存在重大差異的因素與風險，可能已包含於我們今天的簡報中，並在我們向美國證券交易委員會（SEC）提交的文件中有更詳細說明，特別是最近一期的 Form 10-K 與 10-Q 申報文件。

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.

在今天的討論中，我們也會提及若干非 GAAP 財務衡量指標。本季財報資料中已包含可對應的 GAAP 財務衡量指標，並已張貼於我們的投資人關係網站。另請注意，我們亦已在網站上發布一份簡報，提供額外資訊，包括與前瞻性盈餘指引相關的揭露。

Our caution on forward-looking statements also applies to these presentation materials. As a reminder, given the number of participants we have on the call today, we respectfully ask that you limit your questions to one.

我們對前瞻性陳述的警示同樣適用於這些簡報資料。提醒各位，由於今天參與人數眾多，敬請將提問限制為一題。

Please rejoin the queue if you have any additional follow-up questions. Lisa?

若您還有其他追問，請重新排隊等候。Lisa？

Thank you, Kathryn. Good morning, everyone, and thank you for joining us. Our team delivered another great quarter. We generated strong same-property NOI and FFO growth, driven by solid operating fundamentals and accretive capital allocation. Demand for space remains robust and our tenant base is strong, supported by the resiliency of consumers in the communities surrounding our centers.

謝謝你，Kathryn。各位早安，感謝各位加入我們。我們團隊本季再度交出亮眼成績。在穩健的營運基本面與具增益效果的資本配置帶動下，我們實現強勁的同店 NOI 與 FFO 成長。空間需求仍然強勁，我們的租戶基礎也很穩固，並受惠於我們各中心周邊社區消費者的韌性。

Our ground up development platform remains a key differentiator for Regency. We have been expanding our pipeline for years and our team continues to build on that momentum, sourcing high-quality projects across the country. We remain disciplined in the current higher interest rate environment focused on investments that create meaningful earnings growth and long-term value for our shareholders.

我們的從零開始（ground up）開發平台仍是 Regency 的關鍵差異化優勢。多年來我們持續擴大專案儲備（pipeline），團隊也延續這股動能，在全國各地尋找高品質專案。在目前較高利率環境下，我們仍維持紀律，聚焦於能帶來具意義的盈餘成長與股東長期價值的投資。

Our sector-leading national development platform provides us with a visible source of investment opportunities outside of the transaction markets. Our strong growth so far this year has allowed us to once again increase our full year outlook. We raised our dividend this quarter by 6% and a meaningful increase that extends our long track record of dividend growth, reflecting our performance and the confidence we have and the durability of our cash flows.

我們領先同業的全國性開發平台，為我們提供了在交易市場之外、可見度高的投資機會來源。今年迄今的強勁成長，使我們得以再次上調全年展望。本季我們將股利提高 6%，這是一項具意義的調升，延續我們長期的股利成長紀錄，反映我們的表現、我們的信心，以及現金流的持久性。

Looking more broadly and ahead to 2027 and beyond, the fundamentals of our business remain strong. The performance of our portfolio continues to demonstrate sustained strength in tenant demand.

更廣泛地看，展望 2027 年及更長遠未來，我們業務的基本面仍然強勁。我們投資組合的表現持續展現租戶需求的持久力道。

Our neighborhood and community centers anchored by top grocers and focused on necessity, service, convenience and value are well positioned to continue thriving. Our development platform remains the driving force behind our external growth. And we are investing in and leveraging new technologies across our organization, making our team more productive and effective and allowing us to make better, faster decisions.

我們以頂級生鮮雜貨商為主力店、聚焦必需性、服務、便利與價值的鄰里型與社區型購物中心，具備持續蓬勃發展的良好定位。我們的開發平台仍是外部成長的主要驅動力。同時，我們也在全組織投資並運用新技術，提升團隊生產力與效能，讓我們能做出更好、更快的決策。

As I close, what sets Regency part hasn't changed, a high-quality portfolio in strong suburban trade areas, a leading national development platform, a fortress balance sheet and the best team in the business. We are executing on our strategy and have confidence in our ability to drive growth and sustained long-term value for our shareholders in 2027 and beyond. Alan?

最後總結，讓 Regency 脫穎而出的因素並未改變：位於強勁郊區商圈的高品質投資組合、領先的全國性開發平台、堅若磐石的資產負債表，以及業界最優秀的團隊。我們正持續落實策略，並對在 2027 年及更長遠未來為股東帶來成長與可持續的長期價值充滿信心。Alan？

Thank you, Lisa, and good morning, everyone. The strength of our results in the third quarter and throughout 2026 reflects the hard work of our team and robust operating fundamentals across our portfolio. Same-property NOI increased 5.1% in the third quarter and 4.4% year-to-date, supported by continued occupancy gains, strong rent growth and disciplined execution.

謝謝你，Lisa，各位早安。我們第三季以及 2026 年迄今的強勁成果，反映了團隊的辛勤努力，以及我們投資組合整體穩健的營運基本面。第三季同店 NOI 成長 5.1%，年初至今成長 4.4%，主要受惠於持續的出租率提升、強勁的租金成長與有紀律的執行。

Our same property portfolio reached a new historic high of 97% leased with shop occupancy also reaching a record 94.6%, driven by broad-based tenant demand. Equally encouraging, commenced occupancy increased to 95.1%, yet another historic high as we continue converting our SNO pipeline into rent-paying tenants.

我們的同店投資組合出租率達到新的歷史高點 97%，店鋪（shop）出租率也創下 94.6% 的紀錄，係由廣泛的租戶需求所帶動。同樣令人振奮的是，已起租（commenced）出租率提升至 95.1%，再創歷史新高，因為我們持續將 SNO 專案儲備轉化為開始付租的租戶。

The combination of strong retailer demand as well as ongoing scarcity of both high-quality space and new supply continues to bolster our negotiating position across our portfolio. Cash rent spreads were 12% in the quarter, including negotiated renewal spreads at 15%, while GAAP rent spreads reached 22%. Nearly all of our new shop leases now include annual rent steps of 3% or higher, strengthening our contractual rent growth well into the future.

強勁的零售商需求，加上高品質空間與新增供給的持續稀缺，持續強化我們在整體投資組合中的議價地位。本季現金租金價差（cash rent spreads）為 12%，其中協商續約價差為 15%，而 GAAP 租金價差達到 22%。我們幾乎所有新的店鋪租約現在都包含每年 3% 或更高的租金調升幅度，進一步強化未來多年的合約租金成長。

And importantly, we are capturing this rent growth while remaining disciplined with our leasing capital spend. Overall, our tenants remain healthy, and the underlying indicators remain encouraging. Collections are strong, receivables remain below historic levels.

更重要的是，我們在掌握租金成長的同時，仍對租賃資本支出保持紀律。整體而言，我們的租戶仍然健康，各項基本指標也持續令人鼓舞。收款表現強勁，應收帳款維持在歷史水準以下。

Bankruptcy impacts have been minimal this year, and both foot traffic and tenant sales performance remains solid. And while we have continued visibility to the benefit of commenced occupancy into 2027, growth opportunities extend well beyond the remaining vacancy in our portfolio. We’re leasing space earlier, often while it's still occupied, reducing downtime between tenants and accelerating rent commencement.

今年破產事件的影響很有限，人流與租戶銷售表現也依然穩健。此外，雖然我們對已起租出租率帶來的效益可見度已延伸至 2027 年，但成長機會遠不僅止於投資組合中剩餘的空置面積。我們更早開始出租空間，往往在空間仍有租戶承租時就完成出租，降低租戶更替期間的空置時間，並加速租金起算。

We're capitalizing on mark-to-market opportunities as leases roll taking advantage of supply-demand dynamics through negotiated renewals and embedding strong contractual rent steps into our leases. And we will continue to unlock redevelopment opportunities that improve merchandising, strengthen the competitive positioning of our centers and create value.

我們也在租約到期（roll）時把握市價調整（mark-to-market）機會，利用供需動態透過協商續約，並在租約中嵌入強勁的合約租金調升條款。同時，我們將持續釋放改建／再開發機會，以改善業態組合（merchandising）、強化中心的競爭定位並創造價值。

Our team continues to deliver, and I'm excited about the runway we have to keep driving NOI growth. With that, I'll hand it over to Nick.

我們團隊持續交出成果，我也對我們推動 NOI 成長的長期跑道感到振奮。接下來我把時間交給 Nick。

Thank you, Alan, and good morning, everyone. We continue to see significant positive momentum across our investment platform. During the third quarter, we started several new development and redevelopment projects made great progress executing on our in-process pipeline, source new opportunities and acquire high-quality properties.

謝謝你，Alan，各位早安。我們持續看到投資平台出現顯著的正向動能。第三季期間，我們啟動了數個新的開發與再開發專案，在進行中的專案儲備執行上取得重大進展，並開發新的機會以及收購高品質資產。

Year-to-date through October, we started more than $280 million of projects including more than $100 million in the third quarter alone, and we continue to expect starts to approach $400 million by year-end. Our ground up starts in the quarter included a Whole Foods-anchored project in Southern California, and shortly after quarter end, we broke ground on a Sprouts-anchored project in Northern California.

年初至今截至 10 月，我們已啟動超過 2.8 億美元的專案，其中僅第三季就超過 1 億美元；我們仍預期到年底啟動金額將接近 4 億美元。本季從零開始（ground up）的開工專案包括南加州一個以 Whole Foods 為主力店的專案；而在季末不久後，我們也在北加州一個以 Sprouts 為主力店的專案破土動工。

Each of these developments payers a leading grocer with a premier suburban location, which are exactly the types of projects our platform is designed to deliver.

上述每一項開發案都配有一家位於優質郊區地段的領先雜貨商作為主要付租戶，這正是我們平台所設計用來交付的專案類型。

Our in-process pipeline currently stands at approximately $680 million with expected blended return of 9%. We continue to have great momentum leasing up these projects, which is allowing us to bring project NOI online and driving the significant total NOI growth we've seen this year.

我們目前在建的專案管線約為6.8億美元，預期加權綜合報酬率為9%。我們在這些專案的出租進度上持續保持強勁動能，使我們得以讓專案NOI上線，並推動我們今年所見的顯著總NOI成長。

This success can be seen in the $158 million of projects we've completed so far this year, including the shops at SunVet on Long Island in the third quarter. This whole foods-anchored center has been met with tremendous enthusiasm from both retailers and the community with a merchandising mix that includes Nordstrom Rack, Sephora, Shake Shack, and Warby Parker, among others.

這項成果可從我們今年迄今已完成的1.58億美元專案中看出，包括第三季在長島完成的SunVet商店街。這座以Whole Foods為主力店的購物中心，憑藉包含Nordstrom Rack、Sephora、Shake Shack與Warby Parker等在內的品牌組合，獲得零售商與社區的熱烈回響。

On the transaction side, we acquired more than $100 million of properties in the third quarter, bringing our year-to-date total through October to over $170 million. These included a Stop & Shop anchored center in Northern New Jersey, and a market basket anchored property in suburban Boston. We funded several of these acquisitions with joint venture capital alongside a long-standing partner with whom we have additional capacity to invest.

在交易方面，我們於第三季收購了超過1億美元的物業，使我們截至10月的年初至今累計收購總額超過1.7億美元。其中包括新澤西州北部一處以Stop & Shop為主力店的購物中心，以及波士頓郊區一處以Market Basket為主力店的物業。我們以與一位長期合作夥伴共同投入的合資資本為其中數筆收購案提供資金，且我們與該夥伴仍有額外投資額度可用。

We continue to source attractive acquisition opportunities, but it remains a competitive transaction market and today's rising interest rate environment creates additional challenges. That said, because we don't exclusively rely on acquisitions to drive our external growth, we can remain patient and selective, pursuing only the opportunities that truly meet our standards for quality and accretion.

我們持續尋找具吸引力的收購機會，但交易市場仍然競爭激烈，而當前利率上升的環境也帶來額外挑戰。儘管如此，由於我們並非完全仰賴收購來推動外部成長，我們得以保持耐心與選擇性，只追求真正符合我們對品質與增益性（accretion）標準的機會。

In closing, I'm confident in our ability to keep building and delivering accretive developments and sourcing high-quality acquisitions that create meaningful growth and value for our shareholders. Based on our deep grocer relationships, a proven track record, ample access to capital as well as sustained strong demand. Mike?

最後，我對我們持續打造並交付具增益性的開發案，以及尋找能為股東創造實質成長與價值的高品質收購案的能力充滿信心。這建立在我們深厚的雜貨商關係、經驗證的實績、充足的資本取得能力以及持續強勁的需求之上。Mike？

Thank you, Nick, and good morning, everyone. As you've heard from the team, Regency delivered exceptional results in the third quarter, reflecting the continued fundamental strength of our portfolio and the accretive impact of differentiated capital allocation.

謝謝你，Nick，各位早安。正如各位從團隊所聽到的，Regency在第三季交出卓越成果，反映出我們投資組合持續的基本面強勁，以及差異化資本配置所帶來的增益性影響。

Year-to-date, same-property NOI growth is 4.4%, driven by continued growth in occupancy robust new and renewal leasing, high tenant retention and strong tenant health. Beyond the same property pool, year-to-date total NOI growth is 7.6% and with this metric capturing NOI from our ground-up development projects.

年初至今，同店NOI成長為4.4%，主要由持續提升的入住率、強勁的新租與續租、較高的租戶留存率以及良好的租戶健康度所驅動。在同店範圍之外，年初至今總NOI成長為7.6%，而此指標亦涵蓋我們自建（ground-up）開發專案所貢獻的NOI。

The strength of our operating results and our ability to accelerate development NOI allows us to once again raise our current year guidance. We've increased the midpoint of our same-property NOI growth rate to 4.25% or higher, and we've also raised the midpoint of core operating earnings per share, which now calls for full year growth of 5.7% at the midpoint.

我們營運成果的強勁表現，以及加速開發案NOI貢獻的能力，使我們得以再次上調本年度指引。我們將同店NOI成長率的中位數上調至4.25%或更高，同時也上調核心營運每股盈餘的中位數，該指引目前意味著全年在中位數情境下成長5.7%。

Looking ahead to next year, while we'll hold full guidance for our fourth quarter call, I do want to share a couple of early indications. Following two outstanding years of same property NOI growth, we expect 2027 to be another great year for internal growth as our portfolio is well positioned to benefit from continued strong fundamental trends.

展望明年，雖然我們會在第四季電話會議上提供完整指引，但我想先分享幾項初步訊息。在連續兩年同店NOI成長表現出色之後，我們預期2027年將是內生成長的另一個好年，因為我們的投資組合已具備良好條件，可受惠於持續強勁的基本面趨勢。

As we sit here today, we anticipate next year's same property NOI growth to be in the mid-3% area, reflecting continued high levels of occupancy, strong rent growth benefiting from our pricing power, steady tenant health and positive contribution from redevelopment. With respect to our long-term target earnings growth rate, we anticipate the refinancing of our maturing debt early next year will have an impact of somewhere in the area of 150 to 200 basis points.

以目前來看，我們預期明年的同店NOI成長將落在3%中段區間，反映持續高水準的入住率、受惠於我們定價能力的強勁租金成長、穩健的租戶健康度，以及改建（redevelopment）的正向貢獻。就我們長期目標的盈餘成長率而言，我們預期明年初對到期債務進行再融資，將帶來約150至200個基點的影響。

Rates have certainly shown some volatility recently. But given where borrowing costs are today, our bias would be towards the lower end of this range. Again, much more to come on 2027 earnings with our full suite of guidance in February.

利率近期確實出現一些波動。但考量目前的借款成本水準，我們的判斷會偏向此區間的較低端。關於2027年盈餘的更多細節，我們將在2月提供完整的一整套指引時再進一步說明。

Moving to our capital and liquidity position. In an environment where balance sheet strength matters more we are comforted to be in a position of financial strength. Our total leverage currently stands just below our target range, and we have a ratings from both Moody's and S&P.

接著談我們的資本與流動性狀況。在資產負債表實力更為重要的環境下，我們很欣慰能處於財務穩健的位置。我們目前的總槓桿率略低於目標區間，且同時獲得穆迪（Moody's）與標普（S&P）的評等。

We have substantial availability on our $1.5 billion credit facility and continued to generate strong free cash flow, allowing us to fund our growing external growth pipeline without the need to issue equity or sell properties. We also benefit from additional investment capacity available to us through our long-tenured joint venture partner relationships. This flexibility allows Regency to continue investing accretively and remain opportunistic.

我們在15億美元的信用融資額度下仍有充足可用額度，且持續產生強勁的自由現金流，使我們得以為日益成長的外部成長管線提供資金，而無需發行股權或出售資產。我們也受惠於與長期合資夥伴關係所帶來的額外投資能力。這種彈性使Regency得以持續進行具增益性的投資，並保持把握機會的能力。

In summary, we have had an exceptional year. Our operating fundamentals are very strong, evidenced by our same-property NOI growth rate. Our development pipeline is providing new, sustained total NOI growth and our balance sheet supports the flexibility to continue investing accretively even through a more uncertain rate environment.

總結來說，我們今年表現非常出色。我們的營運基本面非常強勁，從同店NOI成長率即可見一斑。我們的開發管線帶來新的、可持續的總NOI成長，而我們的資產負債表也支持我們即使在利率環境更不確定的情況下，仍能保持彈性並持續進行具增益性的投資。

We look ahead with confidence in the underlying strength of Regency's portfolio and in our team's ability to deliver attractive, durable growth over the long term. With that, we'd be happy to take your questions.

我們對Regency投資組合的內在實力，以及團隊長期交付具吸引力且具韌性成長的能力，充滿信心。接下來，我們很樂意回答各位的問題。

(Operator Instructions)

(接線員指示)

Michael Goldsmith, UBS.

UBS的Michael Goldsmith。

I appreciate the early indication of the 2027 growth numbers. Right now, you just took your '26 same-property NOI growth to more than 4.25%. And for next year, you're pointing at the mid-3s.

我很感謝你們提前提供2027年成長數字的初步指引。目前你們剛把2026年的同店NOI成長上調到4.25%以上，而對明年則指向3%中段。

So is there -- are there any factors that are in play that would suggest that same property NOI would decelerate. Maybe you can talk through the puts and takes on the same property NOI for next year.

所以是否有——是否有任何因素在發揮作用，會使同店NOI出現放緩？也許你可以談談明年同店NOI的利多與利空因素如何拉扯。

Sure. Michael, I appreciate the question. So I think I'll start with occupancy, which is where you should start any time you're talking about the direction of our same property growth. As I mentioned on the call in my prepared remarks, we will continue to expect to maintain this very high level of occupancy that we've delivered so far this year.

當然可以。Michael，謝謝你的提問。我想我會先從入住率談起，因為每當你在討論同店成長方向時，都應該先從入住率開始。正如我在電話會議的事先準備講稿中提到的，我們預期將持續維持今年迄今所達成的這個非常高的入住率水準。

But the increases will be moderating. It's just kind of natural to expect that to occur just as a real brief reminder. And I think to congratulate the Regency team, 2025, we've moved our average commenced occupancy by about 150 basis points.

但增幅將會趨於溫和。這其實是很自然會發生的情況，我簡短提醒一下。我也想恭喜Regency團隊，在2025年，我們將平均已起租入住率（commenced occupancy）提高了約150個基點。

We moved it again this year, and we expect to move it by about 80 basis points. And I would say that leaves about, I don't know, somewhere in the area of 40 to 50 basis points to move it next year. More to come on the details of that. But that is kind of a natural occurrence of our portfolio as you reach these historical highs that we find ourselves in. Together with that, you benefit from expense recoveries.

今年我們又再提升，而我們預期今年大約會提升80個基點。我會說，這使得明年大概只剩下約40到50個基點的提升空間。關於細節之後會再提供更多資訊。但當你達到我們目前所處的這些歷史高點時，這就是我們投資組合的一種自然現象。此外，你也會受惠於費用回收。

So we have been benefiting from higher levels of expense recovery rates in '25 and now on to '26, and we'll continue to have some of that up in 2017 as well. we are calling for an 87% or 88% recovery rate going forward, which is, again, kind of matching our historical highs.

因此，我們在'25年以及延續到'26年都受惠於較高的費用回收率水準，而且在2017年也仍會有部分延續。我們預期未來的回收率為87%或88%，這同樣大致符合我們過去的歷史高點。

And then the only other kind of on the downside, I would highlight is -- we are about 25 basis points on bad debt expense this year, incredibly low. In the third quarter, we had a very low bad debt expense rate. I would say, as we sit here today and it's early, I would plan for something more in the historical averages, which is something approximated or approaching 50 basis points. So that would be incorporated into that 3.5% area that I identified for next year.

另外，唯一我想強調的下行面是——我們今年的壞帳費用大約只有25個基點，低得驚人。在第三季，我們的壞帳費用率非常低。我會說，以我們今天所處的時間點來看、而且現在還早，我會規劃回到較接近歷史平均的水準，也就是大約或接近50個基點。因此，這會被納入我所提到的明年約3.5%那個區間之中。

Jamie Feldman, Wells Fargo.

Jamie Feldman，富國銀行。

This is Connor on with Jamie. Maybe on ground-up development, can you talk about yields in the next wave of opportunities relative to the 7% plus on the recently announced projects? Are stronger rents and faster leasing, creating room for yields to improve or are higher land costs kind of absorbing that upside?

我是Connor，和Jamie一起在線上。想請教關於從零開始的開發（ground-up development），能否談談下一波機會的收益率，相較於近期公布專案的7%以上如何？更強的租金與更快的出租速度，是否讓收益率有改善空間？還是較高的土地成本把這些上行空間吸收掉了？

Yeah. Good morning, Yes. Connor, I appreciate the question. This is Nick. You're absolutely right. I mean, let's just start with the tremendous work our team has been doing over the last several years building this just unbelievable development pipeline that we're now seeing come online and build our in process to now approaching $700 million.

好的。早安，是的。Connor，謝謝你的問題。我是Nick。你說得完全正確。我的意思是，先從我們團隊過去幾年所做的出色工作談起——打造出這條令人難以置信的開發案管線，我們現在正看到它陸續上線，並使我們的在建案規模接近7億美元。

And so as you articulated, are in process or 7% plus on our ground-up developments. And our teams have been pushing hard to try to get towards the higher end of that 7% plus and they're continuing to push. Do I think we're going to see the gap out at 8% plus? No. I think the 7% to 8% range is where they're landing because to your point, there's a lot of inputs, including land cost.

因此如你所說，我們在建的從零開始開發案收益率在7%以上。我們的團隊一直很努力，試圖把收益率推向7%以上區間的高端，而且仍在持續推進。我認為差距會拉大到8%以上嗎？不。我認為它們會落在7%到8%的區間，因為如你所指出的，影響因素很多，包括土地成本。

But at 7% plus, we still feel really good with that spread compared to, one, our cost of capital to create real accretion and two, compared to what those assets would be worth in the private market from an NAV standpoint.

但在7%以上的水準，我們仍然對相較於（第一）我們的資金成本所形成的利差感到非常滿意，因為這能帶來實質的增益（accretion）；（第二）相較於從NAV角度看，這些資產在私募市場可能的估值。

So feel really good about those assets. I also feel really good about how we derisk those. I just want to remind everybody, we have a lot of pre-leasing done on those assets before we close were fully entitled and we have construction bids in hand.

所以我們對這些資產感覺非常好。我也對我們如何降低風險（derisk）感到很有信心。我想提醒大家，我們在完成交割前，這些資產就已經做了大量的預租（pre-leasing），而且我們已取得完整的開發許可（fully entitled），並且手上也有施工投標報價（construction bids）。

And so as you've seen us bring these projects online, our teams have done an amazing job holding those yields and improving on the margin in many cases compared to what we thought when we closed on those transactions.

因此，正如你們看到我們讓這些專案上線的過程，我們的團隊在維持這些收益率方面做得非常出色，而且在許多情況下，相較於我們在完成交易時的預期，還能在邊際上有所改善。

I'd love to just come over the top. And as Mike complemented the operating team to complement our development team. Our conviction in development is as strong as it's been. It remains a key differentiator for us, and it is an important part and driver of long-term growth. And Nick hit on that in terms of the spreads over market cap rates.

我想再補充一句。正如Mike稱讚營運團隊一樣，也要稱讚我們的開發團隊。我們對開發的信念比以往任何時候都更強。它仍然是我們的關鍵差異化因素，也是長期成長的重要組成與驅動力。而Nick也提到，這反映在相對於市場資本化率（cap rates）的利差上。

And we are mindful of our cost of capital. Our head is not in the sand on that, and we'll remain disciplined in what we pursue. But the fundamentals supporting development today are still really constructive, as Nick said.

而且我們也留意我們的資金成本。我們並沒有對此視而不見，並且會在追求的項目上保持紀律。但如Nick所說，當前支撐開發的基本面仍然相當正向。

Samir Khanal, Bank of America.

Samir Khanal，美國銀行。

I guess maybe, Mike, if you can provide an update, expand a little bit on your comments about the transaction market, kind of what are you seeing broadly given the volatility in rates where our unlevered IRRs today? And any comments on pricing or cap rates would be helpful.

我想也許Mike，如果你能提供一些更新，並稍微延伸你對交易市場的評論——在利率波動的情況下，你們整體上看到什麼？目前我們的無槓桿IRR大概在哪裡？另外，若能談談定價或資本化率（cap rates）也會很有幫助。

Yes, Samir, this is Nick. As Mike alluded to in his opening comments, it's volatile out there. There's no question about that. And so we're still in the early innings of what is that going to mean for the transaction market. As you can appreciate, many deals that are closing now were priced 60, 90 days ago.

好的，Samir，我是Nick。正如Mike在開場評論中提到的，外部環境波動很大。這點毫無疑問。因此，我們仍處於非常早期的階段，還在觀察這對交易市場意味著什麼。如你所理解，現在正在完成交割的許多交易，其實是在60到90天前定價的。

But early indications are, and this is what you always see in volatility, quality matters. And so early indications are really core grocery-anchored assets with good growth profiles continue to have a lot of demand as there is fund flow into our asset class.

但初步跡象顯示——而這也是波動時期一貫會看到的——品質很重要。因此，初步跡象是，具備良好成長輪廓的核心民生雜貨店主力店（grocery-anchored）資產，因為資金持續流入我們這個資產類別，仍然維持很強的需求。

And it does appear those assets that did have a little bit more challenges potentially, we're going to have a little bit more leverage. Those may be getting retreated in the market from a pricing standpoint. But again, early innings and all indications are our asset classes are still very much in high demand.

而且看起來，那些可能面臨較多挑戰的資產——我們原本可能會給予較高槓桿——在定價面可能會在市場上出現回撤。這些資產在定價上可能正在被市場往回修正。但同樣地，現在仍在早期階段；所有跡象都顯示，我們的資產類別仍然非常搶手、需求很高。

And so but more to come over the next 90 days as assets reprice here.

因此，接下來90天隨著資產在此重新定價，還會有更多資訊可供觀察。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

I just wanted to follow up on your comments around the early indication for 2027 same property NOI growth in the 3.5% range. Base rank contribution continues to improve. That was up 4% from 3.7% last quarter. And you talked about the runway from converting the SNO pipeline to rent paying tenants. So are you anticipating any known vacates or occupancy pressure in '27?

我想追問一下你們對2027年同店（same property）NOI成長率約3.5%的早期指引。基本租金（base rent）貢獻持續改善。這一季是4%，高於上季的3.7%。你也談到把SNO管線轉換為付租租戶所帶來的跑道（runway）。所以你們是否預期在'27年會有任何已知的退租（vacates）或入住率壓力？

And then related to your comments on bad debt, is the assumption simply a normalization from current levels? Or is there anything specific? Any specific tenant issues or anything like that, that you're contemplating?

另外，關於你對壞帳的評論，這個假設只是從目前水準回歸正常化嗎？還是有任何特定因素？例如任何特定租戶問題或類似情況，是你們正在納入考量的？

Todd, I appreciate the follow-up. I would characterize the plan as we sit here today again as being kind of occupancy neutral. We have done an incredible job, and I congratulate the team again on raising our eye level on where occupancy can be in this portfolio.

Todd，謝謝你的追問。以我們今天所處的時間點來看，我會把這個計畫描述為大致對入住率中性（occupancy neutral）。我們做得非常出色，我也再次恭喜團隊，把我們對這個投資組合可達入住率的標準提高了。

which, by the way, also includes delivering now an incredible amount of redevelopment activity. And I would characterize next year as being kind of occupancy neutral, but opportunity to continue to compress that SNO spreads, right? So I do think we can continue to move commenced occupancy closer to percent leased. I would characterize the ULI change as a normalization.

順帶一提，這也包括我們現在交付了大量令人驚豔的再開發（redevelopment）活動。我會把明年描述為大致對入住率中性，但有機會持續壓縮SNO利差（spreads），對吧？所以我確實認為，我們可以持續讓已起租入住率（commenced occupancy）更接近已出租比例（percent leased）。我會把ULI的變動描述為正常化。

I don't -- we are not seeing any evidence of tenant health concerns at all. I just can't help but look over my shoulder at a historical average and compare that to where we are today and think -- and not at least think that it could normalize back to historical levels.

我不——我們完全沒有看到任何租戶健康狀況的疑慮跡象。我只是忍不住回頭看歷史平均，拿它和我們今天的水準相比，並且——至少會認為它有可能回歸到歷史水準。

The teams are doing an incredible job on the leasing front. Pushing rate, using their leverage where we have it, and we have a lot of it today given the tailwinds in the marketplace given the lack of availability in high-quality centers. And that could evidence itself in a little bit of pressure on bad debt expense.

團隊在租賃方面做得非常出色。推升租金水準，在我們具備優勢的地方善用議價能力；而在當前市場順風之下——由於高品質購物中心供給不足——我們今天確實擁有很大的槓桿。而這可能會在壞帳費用上呈現出一些壓力。

And we'll just be prudent to plan for that. But to this point, haven't seen a rapid impairment of tenant.

我們會審慎地把這點納入規劃。但截至目前，尚未看到租戶出現快速惡化的情況。

Ronald Kamden, Morgan Stanley.

Ronald Kamden，摩根士丹利。

Great. Just following up on that, but going more into the portfolio. Just wondering if you could talk a little bit about just what you're seeing in terms of foot traffic and then some of the categories that are outperforming and updated thoughts on categories that you're reducing exposure to at this point?

很好。就此再追問一下，但更深入到投資組合層面。想請你談談目前看到的人流情況，以及哪些業態表現優於預期；另外也想更新一下你們目前正在降低曝險的業態有哪些？

Ronald, thank you for the question. It's Alan. So when I look back at the quarter, there are some really great retailers that we signed multiple leases with. And I think, as you know, the food category tends to be sort of the leader in transactions quarter-over-quarter, but Cava, Paris Baguette, Chipotle, just to sort of name a few on that front.

Ronald，謝謝你的提問。我是 Alan。回顧本季，我們與一些非常優秀的零售商簽了多筆租約。而且我想你也知道，食品類別通常是季度間交易量的領先者；像 Cava、Paris Baguette、Chipotle 等等，僅舉幾個例子。

Health and wellness is a key sort of sector that we've been talking a lot about for the last number of years. And we continue to lean into that with 13% of our ABR combined on fitness and medical. And so when you look back at that quarter again, where were there multiple transactions signed, sweat house, IVX Health. Jet Set plates all really just great small shop retailers that are filling the portfolio.

健康與養生是我們過去幾年一直談很多的關鍵領域。我們也持續加碼，目前健身與醫療合計占我們 ABR 的 13%。因此再回頭看本季，哪些地方簽了多筆交易？像 Sweat House、IVX Health。Jet Set Plates 也都是非常優秀的小型店鋪零售商，正在填補我們的投資組合。

And then from a milestone perspective, we signed our 75th lease with TJX again, another phenomenal retailer. So there's just a lot of really great operators that are out there. As Mike had mentioned, we are leasing a lot of occupied space right now.

另外從里程碑來看，我們與 TJX 簽下第 75 份租約——同樣是另一家非常出色的零售商。所以市場上確實有很多很棒的經營者。正如 Mike 提到的，我們目前正在出租大量已有人承租的空間。

The pipeline is deep, it's healthy. And at these occupancy levels, that is another certainly key focus that we continue to drive rents on some of that occupied space.

我們的案源管線很深、也很健康。在這樣的入住率水準下，另一個我們持續推動的重點，當然就是在部分已出租空間上推升租金。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

So I saw that Kroger announced plans to expand their store fleet pretty notably over the next couple of years. And a key partner of theirs. I'm wondering how Regency could stand to benefit from this? Could this be incremental ground-up developments, redevelopments of existing stores? And then as you look at kind of the grocery landscape broadly, I realize that being with the right grocer in the right market is really paramount.

我看到 Kroger 宣布未來幾年將相當顯著地擴張其門市規模。你們是他們的重要合作夥伴之一。我想了解 Regency 可能如何從中受益？這會是新增的從零開始開發（ground-up development）、或既有門市的再開發（redevelopment）嗎？另外，從更廣泛的雜貨零售格局來看，我理解與合適的雜貨商在合適的市場合作至關重要。

But does the environment feel better for openings there into the next few years? And then how can Regency benefit as a result?

但展望未來幾年，那邊的開店環境是否感覺更好？以及 Regency 能如何因此受益？

Nick, I'll just take -- I'm going to address the latter and then let you finish with the beginning of the question. I appreciate you answering the question yourself and your question. We certainly always pay attention to the grocers. They're an important part of our business. And as many of you know, because you probably did see it on social media. I've been with the company for 30 years now.

Nick，我先回答後半段，然後再讓你把前半段補完。也謝謝你在提問時自己先把答案說了一部分。我們當然一直密切關注雜貨商。他們是我們業務中很重要的一環。而且如同各位所知——你們可能也在社群媒體上看到了——我在公司已經 30 年了。

And for all of those 30 years, the grocery business is extremely competitive and that environment just becomes more and more so. And the traditional grocers are facing more competition from the specialty grocers from different means of customers getting their groceries delivered to them as well.

在這 30 年裡，雜貨業一直是高度競爭的產業，而且競爭環境只會愈來愈激烈。傳統雜貨商也面臨更多競爭，包含專門型雜貨商，以及消費者透過不同方式把雜貨配送到家的選項。

So the competitive pressures are not being reduced in any way, and we never minimize that. But I think it's really important because it's something that we always talk about to really distinguish between the performance of the grocer chain and the underlying value of their best-performing stores.

所以競爭壓力並沒有任何減輕，我們也從不低估這點。但我認為很重要的一點——也是我們一直在談的——是要清楚區分：雜貨連鎖整體的表現，與其表現最佳門市的底層價值。

And our strategy is to focus on to own, to develop the stores that will be the best performing stores in their portfolio. And we continue to believe and grocers continue to believe that a physical presence is important for them to be successful across all delivery across all delivery of their goods to the consumers, whether they walk in the store, order online and pick up, or have it delivered.

我們的策略是聚焦於持有並開發那些在其門市組合中表現會最好的店點。我們持續相信，而且雜貨商也持續相信，實體據點對他們成功至關重要，因為這能支撐他們以各種方式把商品交付給消費者——不論是消費者走進店裡、線上下單到店取貨，或是配送到府。

Yes, Michael, I'll just add to that. The specifics regarding Kroger, without a doubt look, we love when important relationships we have doubled down on what Lisa just said. And reinforce that net new stores and brick-and-mortar is important to them. We believe that as well as just Lisa articulated. And so you think about Kroger, yes, we've had a long-standing relationship and a lot of development and redevelopments with Kroger.

是的，Michael，我再補充一下。關於 Kroger 的細節，毫無疑問，你看，我們很樂見重要的合作關係能呼應 Lisa 剛才說的內容。並再次強調：新增門市與實體通路對他們很重要。我們也同意這點，就像 Lisa 所闡述的。因此談到 Kroger，沒錯，我們與他們有長期合作關係，也與 Kroger 做了很多開發與再開發案。

And so any incremental demand they have is a benefit for Regency. And you could look -- as we talk right now, we just reopened a teardown rebuild store in Westchester, Ohio with Kroger, phenomenal redevelopment. We're building a King Soopers, which is a Kroger brand in Colorado, new development in Lone Tree, Colorado. And so we are very engaged with Kroger. We're excited to see them ramp back up their store program.

所以他們任何新增的需求，對 Regency 都是利多。你也可以看——就我們現在所談的，我們剛在俄亥俄州 Westchester 與 Kroger 重新開幕了一家拆除重建（teardown rebuild）的門市，是非常出色的再開發案。我們也正在科羅拉多州 Lone Tree 興建一間 King Soopers（Kroger 旗下品牌），屬於新開發案。因此我們與 Kroger 的互動非常密切。我們也很高興看到他們重新加速其開店計畫。

And I think incrementally, again, if you just look over our shoulder, look, we started just over $250 million of developments and redevelopments in '24. In '25, we started over $300 million. We've given a head not this year, it should be in the $400 million range.

而且我認為從增量角度來看，如果你回頭看看我們的進度：我們在 2024 年啟動了略高於 2.5 億美元的開發與再開發案。在 2025 年，我們啟動了超過 3 億美元。我們今年已經給出指引，應該會落在 4 億美元左右。

And so incrementally, as these grocers lean back into store programs, it is beneficial to our development and redevelopment program. So we're appreciative of those relationships. They're very important to us, and that's why I'm excited about our future investment program.

因此，隨著這些雜貨商重新加碼門市計畫，對我們的開發與再開發計畫是有利的。我們很感謝這些合作關係。它們對我們非常重要，也正因如此，我對我們未來的投資計畫感到振奮。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

I wanted to keep on the grocers, the strength in Kroger, but that's kind of offset potentially a bit by Albertsons talking about reviewing its real estate. Just curious if you can touch on how your banners with them are performing, whether you see that as any risk or not, just given the quality of your assets?

我想延續雜貨商的話題：Kroger 的強勁表現，可能在某種程度上被 Albertsons 表示要檢視其不動產所抵銷。想請教你們與他們合作的各個品牌（banner）表現如何？考量你們資產的品質，你們是否認為這會帶來任何風險？

Greg, thank you for the question. I think Lisa did a really nice job articulating the fact that our stores, when we look at their performance, are trending above with the banners average volumes are. And again, I think that's a testament to the markets that we're operating in, how we deliberately think about merchandising and operating these assets.

Greg，謝謝你的提問。我認為 Lisa 已經很清楚地說明：就我們門市的營運表現來看，其趨勢是高於各品牌（banner）的平均銷售量水準。同樣地，我想這也證明了我們所處市場的品質，以及我們如何有意識地思考商品組合（merchandising）並營運這些資產。

And we feel really, really good about the overall health of our supermarkets. Some of them, as we talked about Albertsons came out and said they're working to improve their stores, recognizing that grocery competition is, in fact, fierce. But again, we would bring it back to the overall quality of our real estate.

而且我們對我們超市整體的健康狀況感到非常、非常滿意。其中一些，如同我們談到的，Albertsons 出來表示他們正在努力改善門市，並認知到雜貨零售的競爭確實非常激烈。但再次強調，我們會把重點拉回到我們不動產的整體品質。

It's great. They, too, are also an important relationship, not just Kroger. Certainly, Whole Foods, Publix, there's a whole [host of them] sprouts, et cetera. And we're staying close to all of them as we do with all of our key retailers, not just the grocers. So we certainly remain very encouraged by the locations and performance of those stores.

很棒。他們同樣也是一段重要的合作關係，不只是 Kroger。當然，Whole Foods、Publix，還有一整群（很多家）Sprouts 等等。我們會像對待所有關鍵零售商一樣，與他們保持緊密聯繫，不僅僅是雜貨商。因此，我們對這些門市的據點與營運表現仍然非常受到鼓舞。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO Capital Markets。

Just hoping to maybe shift gears a bit. Thinking about some of the trends across retail real estate more broadly, it does seem that landlords just trying to take advantage of eyeballs and foot traffic across their platforms.

只是希望也許可以稍微換個話題。從更廣泛的零售不動產趨勢來看，似乎房東都在嘗試利用其平台上的目光關注與人流。

So just curious on your latest initiatives on media or advertising opportunities that I think would be pretty unique, given daily and weekly traffic to your centers.

所以想請教你們在媒體或廣告機會方面最新的舉措；考量到你們中心每日與每週的來客量，我認為這會相當獨特。

Juan, thank you for the question. I think I love the media advertising capabilities because I know Eric Davidson, our group would love to have the shout out to his White Box Series that I think has got over 1 million YouTube views on it.

Juan，謝謝你的提問。我想我很喜歡媒體廣告的能力，因為我知道 Eric Davidson 以及我們團隊會很想替他的 White Box Series 喊話一下，我記得那個在 YouTube 上已經有超過 100 萬次觀看。

But Look, there is certainly an environment of landlord leverage in today's environment at 97%, we are leaning in, and there's a lot of things that certainly, we're doing. There's a transition more to fair market value options. There's a transition to no options in many instances.

不過你看，在今天這樣的環境下，房東的議價能力確實存在；在 97% 的（出租）水準下，我們正積極投入，而且我們確實在做很多事情。例如，正逐步轉向以公允市場價（FMV）作為續租選擇權的條款。在許多情況下，也正轉向不提供選擇權。

A lot of nonmonetary provisions that there's an opportunity to certainly improve that gives more flexibility for leasing decisions and redevelopment decisions in our assets. But again, I think one important thing that CCC has always done is we're very deliberate in how we think about merchandising our assets how we think about place making, connecting with the community.

還有許多非金錢性的條款，我們也有機會加以改善，讓我們在資產的租賃決策與改造／再開發決策上更具彈性。但再次強調，我認為 CCC 一直以來做得很重要的一點是：我們在思考如何配置我們資產的業態組合、如何打造場域（place making）、如何與社區連結時，都非常審慎且有計畫。

And in today's environment -- again, we try to hone in on everything that can really make that asset sustainable in the long term. And so we continue to feel really good about how the teams are focused on various things. And I think that's evidenced in the results. I appreciate the question.

而在今天的環境下——再次強調——我們會聚焦在所有能讓該資產長期可持續的要素上。因此，我們對團隊在各項工作上的專注度仍然非常有信心。我想這也反映在成果上。謝謝你的提問。

Haendel St. Juste, Mizuho Securities

Haendel St. Juste，Mizuho Securities

This is Ravi Vaidya on the line for Haendel. I hope you guys are doing well. I wanted to ask about your capital deployment optionality with leverage below your long-term range of 5% to 5.5%. And what appears to be a disconnect from private market cap rates of maybe 100, 150 bps. Why not buy back stock here?

我是 Ravi Vaidya，代 Haendel 在線上。希望各位都一切順利。我想問的是，在槓桿率低於你們長期目標區間 5% 到 5.5% 的情況下，以及看起來與私募市場資本化率（cap rates）可能有 100 到 150 個基點的落差之下，你們在資本配置上的選擇性如何？為什麼不在這裡回購股票？

How should we think about your capital deployment optionality, particularly for larger portfolio deals with your peers doing some larger deals such as the Summit and Slate?

我們應該如何看待你們的資本配置彈性，特別是同業正在做一些較大型的投資組合交易，例如 Summit 和 Slate 這類更大的案子？

Appreciate the question. We have leveraged free cash flow that, as Nick said, still have really great opportunities to put into our development pipeline and it's our in-process development as well as redevelopments.

謝謝你的提問。我們有槓桿後的自由現金流；如 Nick 所說，仍有非常好的機會可以投入到我們的開發管線，包括進行中的開發案以及再開發案。

And those returns are still greater than the returns we would receive buying back stock. Stock buybacks have been and will always continue to be a tool in our toolbox and when we do have the availability of capital to use it and when the returns are more attractive than what they would be versus our developments and/or acquisitions, we will utilize it. That's not the case today.

而這些報酬率仍高於我們回購股票所能獲得的報酬。股票回購一直是、也將永遠是我們工具箱中的一項工具；當我們有可運用的資本，且其報酬相較於我們的開發和／或收購更具吸引力時，我們就會使用它。但今天並非如此。

Sydnie Rohme, Barclays.

Sydnie Rohme，Barclays。

I've got kind of a bigger picture one on supply. For a developer that's starting from scratch today and buying land and building at current costs, what rent does a new center needs to make sense versus the roughly $38 per foot you're getting on new leases? And how long does that gap sort of keep new supply out in your opinion?

我有一個比較宏觀、關於供給面的問題。如果有開發商今天從零開始，買地並以目前成本興建，一個新中心需要達到什麼樣的租金水準才合理？相較之下，你們新簽租約大約是每平方英尺 38 美元。依你看，這個差距會讓新增供給在市場上缺席多久？

I appreciate the question. This is Nick. I hope you can appreciate it. It's difficult to answer because it's so market-specific and site-specific. And so it is our job as our teams do a tremendous job around the country sourcing these land deals.

謝謝你的提問。我是 Nick，希望你能理解。這題很難回答，因為它高度取決於市場與基地條件。因此，我們的工作——而我們的團隊在全國各地尋找這些土地交易方面做得非常出色——

Our job is to put all the inputs into the pro forma to make sure it's a risk-adjusted return we're comfortable with. And so certain markets have higher land costs, as you can appreciate, higher construction cost. And so there is no unfortunate easy button to hit of what the rent needed to make those deals pencil. It really is market by market.

我們的工作是把所有投入變數放進財務模型（pro forma）裡，確保這是一個我們能接受的風險調整後報酬。因此某些市場的土地成本更高，如你所知，施工成本也更高。所以很可惜，沒有一個簡單按鈕可以直接告訴你需要多少租金才能讓這些案子算得過去。真的必須逐一市場來看。

But as you can see, we -- I'm comfortable saying both are true. We are getting more than our fair share of development opportunities. Our teams are doing a tremendous job putting all those inputs into the pro forma, making sure we're getting a risk-adjusted return of north of 7%, which we articulated, we're very comfortable with in this environment.

但如你所見，我——我可以有信心地說兩件事都成立。我們拿到的開發機會超過我們應得的份額。我們的團隊在把所有投入變數放進財務模型方面做得非常出色，確保我們取得我們所說的、在此環境下我們非常滿意的、超過 7% 的風險調整後報酬。

But at the same time, we also know how extremely difficult. Those opportunities are to find and to make pencil. And that is why even with all of our relationships, even with all of our knowledge, we do believe we are the best in the business at it.

但同時，我們也知道要找到這些機會並讓它們算得過去有多麼困難。這些機會很難找，也很難讓數字成立。這也是為什麼即便我們擁有所有的關係網、所有的知識，我們仍相信我們在這方面是業界最強的。

We know how difficult it is and so we don't see a massive amount of supply coming online. I do think there's a pretty material delta from those economics making sense for a massive amount of supply to come online. And so we're confident on both ends.

我們知道這有多難，所以我們不認為會有大量供給上線。我確實認為，距離讓這些經濟條件足以支撐大量供給上線，仍有相當顯著的差距。因此，我們對兩端都很有信心。

We're confident on our ability to grow our development pipeline like we have been, and we're confident on the operating side that we're going to continue to have leverage given the limited amount of overall supply coming into the market.

我們對自己像過去一樣持續擴大開發管線的能力有信心；同時在營運端，我們也有信心，鑑於整體新增供給有限，我們將持續擁有議價能力。

Michael Mueller, JPMorgan.

Michael Mueller，JPMorgan。

This is Jacob on for Mike. Keeping on the development theme, some of your recent activity has been tied to master plan communities. Can you tell us of working with these developers gives you more visibility into starts three to five years out? And does it give you any more visibility in the shadow pipeline as well?

我是 Jacob，代 Mike 提問。延續開發主題，你們近期的一些活動與總體規劃社區（master plan communities）有關。你們能否談談與這些開發商合作，是否能讓你們對未來三到五年的動工（starts）有更高的能見度？以及是否也能讓你們對潛在管線（shadow pipeline）有更多能見度？

Yes, I really appreciate the question, Jacob. You're absolutely right. We've had a tremendous amount of success working with master plan developers just for the reason you articulated. Number one is they are planning years in advance which works to our benefit to work with them as a partner to plan. arguably their most important amenity and many of these projects is what is the retail center going to be and as you're well aware, new homeowners really want to know where they're going to grocery shop is an important part of our everyday lives.

是的，Jacob，非常感謝你的提問。你說得完全正確。我們與總體規劃開發商合作取得了非常大的成功，原因正如你所描述的。第一，他們會提前多年規劃，這對我們很有利，讓我們能以合作夥伴的身分與他們一起規劃。可以說，在許多這類專案中，他們最重要的配套設施之一就是零售中心會是什麼；而且如你很清楚的，新住戶非常想知道他們要去哪裡買菜，這是我們日常生活中很重要的一部分。

And so being able to work with what they see as best-in-class developer, grocer-anchored tender is an important attribute that they are selling to their future homebuyers. And so -- also, given the previous question, Sydnie asked, they're a little less concerned about the specific land value on that one parcel of land when they're working with thousands of acres.

因此，能夠與他們視為同級最佳（best-in-class）的開發商、以雜貨店為主力店（grocer-anchored）的承租方合作，是他們向未來購屋者銷售時的一項重要賣點。所以——也呼應前一題 Sydnie 的提問——當他們在操作數千英畝的土地時，對於那一塊地的特定土地價值就沒那麼擔心。

And so they are a little more realistic on land value to make sure they're bringing in the absolute best-in-class grocery operator. So it's a win-win scenario from our perspective. They know we're going to bring the best operator possible to their development. They know we're going to develop it all cash and they know we're going to own it and care about it long term.

因此，他們在土地價值上會更務實一些，以確保能引進絕對同級最佳的雜貨營運商。所以從我們的角度看，這是雙贏的局面。他們知道我們會把最好的營運商帶進他們的開發案。他們知道我們會以全現金方式開發，而且我們會持有並長期用心經營。

And so if you're a master plan developer, I say it all the time, I don't know how you wouldn't pick us to be your retail partner. So very important part of our development program. We take those relationships very, very serious. And to your point, it gives us the confidence as we are working on our shadow pipeline that we're going to be able to continue to have our development starts to be in the same ZIP code that we're seeing this year.

所以如果你是總體規劃（master plan）開發商，我常說，我不知道你怎麼會不選我們當你的零售合作夥伴。這是我們開發計畫中非常重要的一環。我們非常、非常重視這些關係。而如你所說，這也讓我們在推進我們的潛在儲備案源（shadow pipeline）時更有信心，能夠讓我們的開發動工量持續維持在與今年相近的水準。

Craig Mailman, Citi.

Craig Mailman，花旗（Citi）。

I just want to go back to the comments just on the solar demand pipe even for spaces that are leased. Just kind of want to see if there's any takeaways that you could give on where spreads are trending? Are they strengthening or kind of stay the same?

我想回到你剛才關於太陽能需求管線（solar demand pipe）的評論，即使是已出租的空間也有需求。想請教你是否能分享一些重點：價差（spreads）的趨勢如何？是在走強，還是大致持平？

And then just kind of longer term, I know we've chatted a little bit on this call about just the vertical makeup in the portfolio. Like long term, are there any changes that you would like to see from a remerchandising standpoint to just bolster the sustainability of cash flows or break down bad debt long term as you look to replace some of these tenants who are maybe struggling or just overall strength in the center.

另外從更長期來看，我知道我們在這通電話裡也聊到一些投資組合的業態組成。長期而言，從重新招商／調整業態（remerchandising）的角度，你是否希望做任何改變，以提升現金流的可持續性，或在長期替換一些可能經營吃力的租戶時，降低壞帳風險，或整體提升商場的強度？

Craig, good morning, it's Alan. I appreciate the question. So from a forward demand perspective, look, our pipeline remains very strong. And merchandising, as I said, has always been a deliberate strategy. I think what I would look to maybe a bit first is the retention rate.

Craig，早安，我是 Alan。謝謝你的問題。就前瞻需求而言，我們的管線仍然非常強勁。而業態配置（merchandising）如我所說，一直都是一項審慎且有意識的策略。我想我可能會先看的一點是續租率（retention rate）。

Again, and this sort of ties into the supply-demand dynamic that we're in right now. But we were at 84%, and that's a peak. And we do not manage to a number on a retention basis. It's really more of just an outcome. And I would say that I'm very comfortable and it is healthy to take some space back and we do that intentionally via this sort of proactive leasing some occupied space.

同樣地，這也與我們目前所處的供需動態有關。但我們的續租率達到 84%，那是高點。我們不會以某個續租率數字作為管理目標。它更像是一個結果。我會說，我非常安心，而且適度收回一些空間是健康的；我們也會刻意這麼做，透過這種主動式出租部分已被占用的空間。

And I don't want to make this such a huge prevalent theme, but it's an important one in that we have $2 million of incremental signed snow pipeline that is on space that is occupied right now. And so that ties directly into your point of why are we doing it?

我不想把這件事講得好像是非常主導性的主題，但它確實很重要：我們有 200 萬美元的已簽約增量「snow」管線，是發生在目前仍被占用的空間上。所以這就直接呼應你問的：我們為什麼要這麼做？

We're doing it because we believe we can get a better operator that should drive better foot traffic, which will drive higher sales, look to drive higher rent for the rest of the asset. And it's an accretive transaction, hence, the incremental add to our ABR. So it's a key focus. It's something we've done in the past, and we will certainly continue to do in the future, particularly at 97% leased, where we'll take advantage of that tailwind of driving revenue.

我們這麼做是因為我們相信可以引進更好的營運商，帶來更好的來客量，進而帶動更高的銷售，並有望推升資產其餘部分的租金。而且這是一筆具增益（accretive）的交易，因此能為我們的 ABR（年化基礎租金）帶來增量增加。所以這是關鍵重點。這是我們過去做過的事，未來也一定會持續做，尤其在出租率 97% 的情況下，我們會善用這股順風來推動營收成長。

(Operator Instructions)

（接線員指示）

Linda Tsai, Truist.

Linda Tsai，Truist。

Hi. Thanks for the time. Do you feel pricing power is more concentrated in the starting front or higher contractual escalators?

嗨，謝謝撥冗。你覺得定價能力（pricing power）是更集中在起始租金（starting front），還是較高的合約調租幅度（contractual escalators）？

Linda, no, I appreciate that question. It's all about GAAP rent from my perspective. And I think, look, it is an art, not a science. There are instances where you're driving a higher initial rent spread. But at the end of the day, on a collective basis, we're focused on both.

Linda，不，我很感謝這個問題。就我來看，關鍵在於 GAAP 租金。而且我認為，這是一門藝術，不是科學。有些情況下，你會推動更高的起始租金價差。但歸根結底，從整體角度，我們兩者都會著重。

And I think when you look at our new deals for the quarter, we were at, what, just north of 30% in terms of GAAP rent spreads. When you look at our shop embedded rent steps, 100% of our new shop deals did include rent steps. And we're at that point where 90% of them are over 3%. 20% of them were over 4%. And so the teams are really clicking on all cylinders in terms of the combined long-term sustainable growth in both spreads and steps.

我想如果你看我們本季的新成交案，我們的 GAAP 租金價差大概是 30% 出頭。再看我們店鋪（shop）內嵌的租金階梯（embedded rent steps），我們 100% 的新店鋪成交案都包含租金階梯。而且其中 90% 的調幅超過 3%。有 20% 超過 4%。因此，團隊在推動價差與階梯兩方面的結合式、長期可持續成長上，確實是火力全開、全面到位。

Thank you. At this time, I'd like to turn the floor back over to Ms. Lisa Palmer for closing comments.

謝謝。此時，我想把時間交回給 Lisa Palmer 女士作結語。

Yes, we thought that maybe perhaps someone else was trying to ask.

是的，我們原本想說也許還有其他人想提問。

I did somebody come in, but they removed themselves.

我看到有人進來了，但他們又自行退出了。

Okay. Perfect. Thank you so much. I appreciate everyone's time today. Have a -- well we'll see many at Nareit in just a couple of weeks, and enjoy the weekend. Thank you.

好的。完美。非常感謝。感謝大家今天撥冗參與。再過幾週我們會在 Nareit 見到許多人，祝大家週末愉快。謝謝。

Ladies and gentlemen, this concludes today's event. You may disconnect your lines or log off the webcast at this time, and enjoy the rest of your day.

各位女士先生，今天的活動到此結束。您現在可以掛斷電話或登出網路直播，祝您今天剩餘時間愉快。