Retail Opportunity Investments Corp (ROIC) 2023 Q1 法說會逐字稿

Good day, and welcome to Retail Opportunity Investments First Quarter 2023 Conference Call. (Operator Instructions)

美好的一天，歡迎參加 2023 年第一季度零售機會投資電話會議。 （操作員說明）

Now I'd like to introduce Laurie Sneve, the company's Chief Accounting Officer.

現在我想介紹一下公司的首席會計官 Laurie Sneve。

Thank you. Before we begin, please note that certain matters which we will discuss on today's call are forward-looking statements within the meaning of federal securities laws. These forward-looking statements involve risks and other factors which can cause actual results to differ significantly from future results that are expressed or implied by such forward-looking statements.

謝謝。在我們開始之前，請注意我們將在今天的電話會議上討論的某些事項是聯邦證券法意義上的前瞻性陳述。這些前瞻性陳述涉及風險和其他因素，可能導致實際結果與此類前瞻性陳述明示或暗示的未來結果存在重大差異。

Participants should refer to the company's filings with the SEC, including our most recent annual report on Form 10-K to learn more about these risks and other factors.

參與者應參考公司向美國證券交易委員會提交的文件，包括我們最近的 10-K 表格年度報告，以了解有關這些風險和其他因素的更多信息。

In addition, we will be discussing certain non-GAAP financial results on today's call. Reconciliation of these non-GAAP financial results to GAAP results can be found in the company's quarterly supplemental, which is posted on our website.

此外，我們將在今天的電話會議上討論某些非 GAAP 財務結果。這些非 GAAP 財務業績與 GAAP 業績的對賬可以在我們網站上發布的公司季度補充資料中找到。

Now I'll turn the call over to Stuart Tanz, the company's Chief Executive Officer. Stuart?

現在我將把電話轉給公司的首席執行官 Stuart Tanz。斯圖爾特？

Thank you, Laurie, and good morning, everyone. Here with Laurie and me today is Michael Haines, our Chief Financial Officer; and Rich Schoebel, our Chief Operating Officer. As reported in our press release, Laurie Sneve is retiring in a couple of weeks. Laurie and I have worked together for over 20 years, first at Pan Pacific and then for the past 11 years here at ROIC. I am truly grateful for her invaluable contributions with some guidance and leadership, over the years. She will be missed by everyone at ROIC, and all of us wish her the very best in her retirement.

謝謝你，勞裡，大家早上好。今天與我和 Laurie 一起來的是我們的首席財務官 Michael Haines；和我們的首席運營官 Rich Schoebel。據我們的新聞稿報導，Laurie Sneve 將在幾週後退休。勞里和我一起工作了 20 多年，首先是在泛太平洋，然後在過去的 11 年裡是在 ROIC。多年來，我非常感謝她在指導和領導下做出的寶貴貢獻。 ROIC 的每個人都會想念她，我們所有人都希望她在退休後一切順利。

With Laurie retiring, Lauren Silvera will become Chief Accounting Officer. Lauren joined ROIC back in 2013 as the company's Corporate Controller and has been an important part of the ROIC team for the past decade. Mike, Rich and I look forward to working with Lauren in her new role.

Laurie 退休後，Lauren Silvera 將擔任首席會計官。 Lauren 於 2013 年作為公司財務總監加入 ROIC，在過去十年中一直是 ROIC 團隊的重要成員。邁克、里奇和我期待著與勞倫一起擔任新角色。

Turning to our first quarter results. Our grocery-anchored portfolio and tenant base continue to perform very well. In fact, in terms of leasing activity, notwithstanding our portfolio being essentially full at over 98% leased at the start of 2023, we achieved the most active quarter in the company's history, leasing a new quarterly record amount of space and driving our portfolio lease rate to an all-time high, at quarter end.

轉向我們的第一季度業績。我們以食品雜貨為基礎的投資組合和租戶基礎繼續表現良好。事實上，就租賃活動而言，儘管我們的投資組合在 2023 年初基本滿租，出租率超過 98%，但我們實現了公司歷史上最活躍的季度，租賃了新的季度創紀錄數量的空間並推動了我們的投資組合租賃季度末，利率創下歷史新高。

Additionally, we again achieved solid re-leasing rent growth. In fact, it was our 45th consecutive quarter over 11 years in a row of achieving re-leasing rent growth on both new leases and renewals.

此外，我們再次實現了穩健的轉租租金增長。事實上，這是我們連續 11 年來第 45 個季度實現新租約和續租的再租賃租金增長。

Speaking of renewals, we posted our most active quarter by far in terms of renewing tenants, including long-time valued anchor tenants as well as a broad range of strong non-anchor tenants. Many of our tenants continue to reach out to us early to execute renewal options with a growing number looking to extend past the typical 5-year option period.

說到續約，我們在續約租戶方面發布了迄今為止最活躍的季度，包括長期有價值的主力租戶以及範圍廣泛的強大非主力租戶。我們的許多租戶繼續儘早與我們聯繫以執行續約選擇，越來越多的租戶希望延長超過典型的 5 年選擇期。

We think the renewal activity is indicative of the strength and long-term appeal of our grocery-anchored portfolio, with its strong location attributes and demographics. It is also indicative of the strength of our tenant base today.

我們認為，更新活動表明我們以食品雜貨為基礎的產品組合具有強大的地理位置和人口統計特徵，具有強大的實力和長期吸引力。這也表明了我們今天租戶基礎的實力。

Dampening our record-setting leasing during the first quarter, we had several expenses that impacted FFO and same-center NOI. Most notably, we incurred an inordinate amount of snow removal costs, primarily as a result of the unusual severe snowstorms up in the Seattle Area, back in July and February.

在第一季度抑制了我們創紀錄的租賃，我們有幾項費用影響了 FFO 和同中心 NOI。最值得注意的是，我們產生了過多的除雪成本，這主要是由於 7 月和 2 月西雅圖地區異常嚴重的暴風雪造成的。

We also incurred a onetime expense during the first quarter related to concluding an open item with a seller of a property that we had previously acquired. Notwithstanding these expenses, we remain on track in terms of our guidance for the year.

我們還在第一季度產生了一筆一次性費用，與我們之前收購的房產的賣家簽訂未清項目有關。儘管有這些費用，但我們在今年的指導方面仍保持在正軌上。

Along with working to enhance our portfolio through our leasing initiatives, we are also working to enhance our financial flexibility, especially in light of the recent banking turmoil. During the first quarter, we extended the maturity date of our credit facility.

除了通過我們的租賃計劃努力增強我們的投資組合外，我們還努力提高我們的財務靈活性，特別是考慮到最近的銀行業動盪。在第一季度，我們延長了信貸額度的到期日。

While the facility wasn't scheduled to mature until next year, we extended the maturity date out to 4 years from now with the flexibility to extend it by as much as 5 years. Additionally, watching the interest rate swap market closely during the fourth quarter, we swapped top of our floating rate term loan, reducing our floating rate debt considerably.

雖然該設施原定於明年到期，但我們將到期日期延長至從現在起的 4 年，並且可以靈活地延長多達 5 年。此外，在第四季度密切關注利率互換市場，我們交換了浮動利率定期貸款的頂部，大大減少了我們的浮動利率債務。

Now I'll turn the call over to Michael Haines, our CFO, to take you through the details. Mike?

現在我將電話轉給我們的首席財務官邁克爾海恩斯，向您介紹詳細信息。麥克風？

Thanks, Stuart. GAAP net income attributable to common shareholders for the first quarter of 2023 was $8.1 million, equating to $0.06 per diluted share. Funds from operations for the first quarter totaled $33.8 million, equating to $0.25 per diluted share.

謝謝，斯圖爾特。 2023 年第一季度歸屬於普通股股東的 GAAP 淨收入為 810 萬美元，相當於每股攤薄收益 0.06 美元。第一季度的運營資金總額為 3380 萬美元，相當於攤薄後每股收益 0.25 美元。

As Stuart touched on, during the first quarter, we had several expenses that impacted our first quarter results. That said, property level rental revenue from the quarter actually came in above our budget such that actual GAAP operating income for the first quarter was fully in line with our budget, notwithstanding the added expenses.

正如斯圖爾特所說，在第一季度，我們有幾項費用影響了我們的第一季度業績。也就是說，本季度的物業租金收入實際上高於我們的預算，因此儘管增加了費用，但第一季度的實際 GAAP 營業收入完全符合我們的預算。

With respect to bad debt for the first quarter, bad debt was approximately $1 million, which was below our budgeted amount of 1.5% of total revenue. The bulk of the $1 million related to a combination of the onetime expense that Stuart mentioned and various tenant account adjustments. In other words, the bulk of our first quarter bad debt was not related to tenant vacancies. Overall, our tenant base continues to perform well.

關於第一季度的壞賬，壞賬約為 100 萬美元，低於我們預算的總收入 1.5%。 100 萬美元中的大部分與斯圖爾特提到的一次性費用和各種租戶賬戶調整有關。換句話說，我們第一季度的大部分壞賬與租戶空置無關。總體而言，我們的租戶基礎繼續表現良好。

In terms of financing initiatives, as Stuart noted, during the first quarter, we extended the maturity date on our credit line. Specifically working with our banking group, we extended the maturity date from February 2024 to March 2027, with the flexibility to extend the maturity for another year to March 2028. Additionally, borrowings on our line are now based on SOFR. We also have the flexibility to double the capacity on the credit line from its current capacity of $600 million, up to $1.2 billion. As of the end of the first quarter, we had just $67 million drawn on the line.

在融資計劃方面，正如 Stuart 指出的那樣，在第一季度，我們延長了信貸額度的到期日。特別是與我們的銀行集團合作，我們將到期日從 2024 年 2 月延長至 2027 年 3 月，並可以靈活地將到期日再延長一年至 2028 年 3 月。此外，我們的貸款現在基於 SOFR。我們還可以靈活地將信貸額度的容量從目前的 6 億美元增加一倍，達到 12 億美元。截至第一季度末，我們僅提取了 6700 萬美元。

As Stuart highlighted, we continue to watch the debt market closely with an eye towards reducing our floating rate path, namely our $300 million floating rate term loan. During the first quarter, we capitalized on a favorable window and entered into 2 interest rate swap agreements fixing the interest rate on $150 million of our $300 million term loan, locking in the rate at 5.4% through August of next year.

正如 Stuart 強調的那樣，我們繼續密切關注債務市場，著眼於降低我們的浮動利率路徑，即我們的 3 億美元浮動利率定期貸款。在第一季度，我們利用了一個有利的窗口，簽訂了 2 項利率互換協議，將我們 3 億美元定期貸款中的 1.5 億美元的利率固定下來，將利率鎖定在 5.4%，直至明年 8 月。

With the swaps in place, we lowered our floating rate debt from 28% of our total debt, where we were started 2023, down to 16% as of March 31. Additionally, in terms of the company's interest expense, our initial budget for 2023 assumed that the interest rate on our $300 million term loan, would remain floating throughout the year.

隨著掉期的實施，我們將浮動利率債務從 2023 年開始的總債務的 28% 降低到 3 月 31 日的 16%。此外，就公司的利息支出而言，我們 2023 年的初始預算假設我們 3 億美元定期貸款的利率將全年保持浮動。

Having put the swaps in place, we estimate it could lower our overall actual interest expense for the year by $0.5 million more, depending upon the trajectory of interest rates, as the year progresses.

實施掉期後，我們估計它可以使我們今年的總體實際利息支出再減少 50 萬美元，具體取決於利率軌跡，隨著時間的推移。

In terms of the $150 million that is still floating, we purposely held off swapping it out in order to give us flexibility in terms of refinancing options later in the year, including possibly refinancing the $150 million, together with the $250 million of fixed rate bonds that mature in December. Additionally, the term loan is repayable in full or part at any time and doesn't mature until another 2 years, which also gives us considerable flexibility regarding refinancing strategies.

就仍在浮動的 1.5 億美元而言，我們故意推遲將其換出，以便在今年晚些時候為我們提供再融資選擇的靈活性，包括可能對 1.5 億美元以及 2.5 億美元的固定利率債券進行再融資十二月成熟。此外，定期貸款可隨時全額或部分償還，並且要再過 2 年才會到期，這也為我們的再融資策略提供了相當大的靈活性。

Lastly, in terms of mortgage debt, with the banking terminal, there is currently a lot of concern regarding the commercial real estate lending market, particularly as it relates to mortgage refinancings, going forward.

最後，在抵押貸款債務方面，通過銀行終端，目前對商業房地產貸款市場存在很多擔憂，尤其是與抵押貸款再融資相關的問題。

Given the regional banks hold the bulk of mortgage debt, fortunately, we only had 2 mortgage loans on our balance sheet that together totaled about $61 million, one loan matures next year and the other matures in 2025. Our plan is to refinance both loans with unsecured debt.

鑑於區域銀行持有大部分抵押貸款債務，幸運的是，我們的資產負債表上只有 2 筆抵押貸款，總計約 6100 萬美元，一筆貸款將於明年到期，另一筆將於 2025 年到期。我們的計劃是為這兩筆貸款再融資無擔保債務。

Now I'll turn the call over to (inaudible). Rich?

現在我將把電話轉給（聽不清）。富有的？

Thanks, Mike. While the first quarter of each year has traditionally been relatively quiet in terms of leasing activity, following the holiday season. As existing and prospective tenants evaluate and set plans for the new year. In distinct contrast, in recent years, the first quarter has become increasingly active across our portfolio with more and more tenants buying for any space that may have become available following the holiday season.

謝謝，邁克。在假期過後，每年第一季度的租賃活動歷來相對平靜。作為現有和潛在的租戶評估和製定新的一年的計劃。與此形成鮮明對比的是，近年來，第一季度在我們的投資組合中變得越來越活躍，越來越多的租戶購買假期後可能可用的任何空間。

This is especially the case, as it relates to shop space, where we continue to see a growing number of franchisees seeking to expand not only in the quick-serve restaurant sector, but more and more in the medical, wellness and self-care sectors, along with boutique fitness and child development. A number of which are bringing new concepts to the market and all continue to seek out grocery-anchored shopping centers.

尤其是這種情況，因為它與商店空間有關，我們繼續看到越來越多的加盟商不僅尋求在快餐店領域擴張，而且越來越多地尋求在醫療、健康和自我保健領域擴張，以及精品健身和兒童發展。其中一些正在為市場帶來新概念，並且都在繼續尋找雜貨店錨定的購物中心。

Capitalizing on the demand, we posted our most active quarter on record for the company, leasing over 559,000 square feet. Additionally, our robust leasing activity helped drive our portfolio lease rate to a new record high of 98.3%.

利用需求，我們發布了公司有記錄以來最活躍的季度，租賃面積超過 559,000 平方英尺。此外，我們強勁的租賃活動幫助將我們的投資組合租賃率推高至 98.3% 的歷史新高。

As Stuart highlighted, the bulk of our leasing activity centered around tenant renewals. Specifically, during the first quarter, 512,000 of the 559,000 square feet that we leased involved renewing existing tenants. In terms of anchor space, at the start of 2023, we had a total of 393,000 square feet scheduled to roll, during the course of the year.

正如 Stuart 強調的那樣，我們的大部分租賃活動都圍繞租戶續約展開。具體來說，在第一季度，我們租賃的 559,000 平方英尺中有 512,000 平方英尺涉及更新現有租戶。就錨定空間而言，在 2023 年初，我們計劃在這一年中滾動 393,000 平方英尺。

In just the first 3 months alone, we have already renewed 384,000 square feet of anchor tenants. Five of the anchor tenant renewals were long-standing supermarket tenants. Additionally, one of the anchor renewals involved a long-standing tenant whose lease wasn't scheduled to roll until 2028, but they came to us wanting to exercise their 5-year option now and extend their lease through 2033. We also had 3 anchor tenants that came to us about extending their 5-year renewal option out to 7 years.

僅在前 3 個月，我們就已經更新了 384,000 平方英尺的主要租戶。五個主要租戶續約是超市的長期租戶。此外，其中一個錨點續約涉及一位長期租戶，其租約要到 2028 年才到期，但他們來找我們，希望現在行使他們的 5 年期選擇權，並將租約延長至 2033 年。我們還有 3 個錨點來找我們將他們的 5 年續約選擇權延長至 7 年的租戶。

Taking all of our anchor renewal activity into account, as of March 31, we now have only 3 anchor leases scheduled to roll this year, 2 of which we expect to renew with 1 tenant seeking a 7-year extension instead of 5, and they would also like to extend their leases similarly at several other locations within our portfolio that roll in future years.

考慮到我們所有的錨定續約活動，截至 3 月 31 日，我們現在只有 3 個錨定租約計劃在今年滾動，我們預計其中 2 個將續約，其中 1 個租戶尋求 7 年延期而不是 5 個，他們還希望在未來幾年滾動的我們投資組合中的其他幾個地點類似地延長租約。

With respect to the third anchor lease, which is a 17,000 square foot space, we are currently in discussions with several prospective new tenants to lease the space, where we expect to achieve a significant increase in rent.

關於第三個錨定租賃，即 17,000 平方英尺的空間，我們目前正在與幾個潛在的新租戶討論租賃該空間，我們預計租金將大幅上漲。

Looking out further in 2024, we currently have 13 anchor leases scheduled to roll, of which we expect that 12 will renew. In terms of non-anchor space, at the start of the year, we had 466,000 square feet of shop space scheduled to roll.

展望 2024 年，我們目前有 13 項錨定租約計劃滾動，我們預計其中 12 項將續約。在非錨定空間方面，今年年初，我們計劃推出 466,000 平方英尺的店鋪空間。

During the first quarter, we re-leased 175,000 square feet in total of shop space, of which about 3/4 of that were renewals. In terms of re-leasing rent growth, we posted another solid quarter, achieving an 11% increase in new leases signed during the first quarter and a 6% increase on renewals.

第一季度，我們重新租賃了總計 175,000 平方英尺的店鋪空間，其中約 3/4 為續租。在轉租租金增長方面，我們發布了另一個穩健的季度，第一季度新簽訂的租約增長了 11%，續租增長了 6%。

Lastly, with respect to getting new tenants open and operating, we had another active successful quarter. At the start of the year, the spread between leased and build space stood at 3.9%, equating to $7.6 million of rent from new tenants that have not yet taken occupancy and commenced paying rent.

最後，關於讓新租戶開業和運營，我們有另一個活躍的成功季度。今年年初，租賃空間和建築空間之間的差價為 3.9%，相當於來自尚未入住並開始支付租金的新租戶的租金為 760 萬美元。

During the first quarter, new tenants representing $2.1 million of the $7.6 million took occupancy, taking into account new leases signed during the first quarter. At March 31, the spread stood at 3.2%, representing $6.5 million of rent that has not yet commenced. We expect the bulk of the $6.5 million will come online, as we move through the year.

第一季度，新租戶佔 760 萬美元中的 210 萬美元，考慮到第一季度簽署的新租約。截至 3 月 31 日，差價為 3.2%，相當於 650 萬美元尚未開始的租金。我們預計隨著這一年的推進，650 萬美元中的大部分將上線。

Now I'll turn the call back over to Stuart.

現在我會把電話轉回 Stuart。

Thanks, Rich. Our continued success with leasing and the ongoing demand for space against the backdrop of increasingly challenging and uncertain economic environment, speaks volumes as to the fundamental strength of our portfolio and the benefits of our hands-on approach.

謝謝，里奇。在日益具有挑戰性和不確定的經濟環境的背景下，我們在租賃方面的持續成功和對空間的持續需求充分說明了我們投資組合的基本實力和我們親力親為的好處。

As we continue to capitalize on the demand, we are focused on making the most of every opportunity to enhance our already strong necessity and service-based tenant mix. Importantly, as always, we continue to be disciplined and selective with the tenants that we are renewing, and the new tenants that we are bringing to our portfolio.

隨著我們繼續利用需求，我們專注於充分利用每一個機會來增強我們已經很強大的需求和基於服務的租戶組合。重要的是，一如既往，我們繼續對我們正在續約的租戶以及我們正在為我們的投資組合帶來的新租戶保持紀律和選擇性。

In terms of acquisitions and dispositions, we currently have one property under contract to sell for $15.4 million. It's a property up in the Portland market that we acquired back some years ago as a value-add reposition play. Since acquiring the property, we fully re-tenanted and re-merchandised the center, increasing the NOI substantially along the way.

在收購和處置方面，我們目前有一項合同以 1540 萬美元的價格出售。這是我們幾年前作為增值重新定位遊戲收購的波特蘭市場的一處房產。自收購該物業以來，我們完全重新租用並重新銷售該中心，在此過程中大幅增加了 NOI。

While the center is a stable property, it is one of the few properties in our portfolio that is not grocery-anchored. Beyond this, we have several other properties that we are exploring selling. However, at the moment, we are currently holding off with moving forward until there's more clarity in the market.

雖然該中心是一個穩定的財產，但它是我們投資組合中為數不多的不以雜貨店為主的財產之一。除此之外，我們還有其他幾個正在探索出售的房產。但是，目前，我們目前正在推遲前進，直到市場更加明朗。

Just a few short months ago, the acquisition market was starting to show encouraging signs of becoming active and favorable again. However, the sum banking turmoil has caused traditional mortgage lenders and other capital sources, as well as buyers and sellers to pull back significantly. As a result, activity in the market in terms of actual deals being consummated is currently very limited.

就在短短幾個月前，收購市場開始出現令人鼓舞的跡象，再次變得活躍和有利。然而，金融風暴導致傳統抵押貸款機構和其他資金來源，以及買賣雙方大幅撤資。因此，就正在完成的實際交易而言，市場活動目前非常有限。

With respect to the few transactions that have occurred recently in the grocery-anchored sector on the West Coast, cap rates have been in the low 6s, but there hasn't been enough activity to really know with confidence, where the market is heading. While we are being patient, we continue to be proactively engaged and continue to have discussions with our off-market sources, so that we are in a strong position to move forward once there's clarity in the marketplace.

關於最近在西海岸以食品雜貨為基礎的行業發生的少數交易，資本化率一直處於 6s 的低位，但還沒有足夠的活動來真正有信心地知道市場的發展方向。在我們保持耐心的同時，我們繼續積極參與並繼續與我們的場外消息來源進行討論，以便一旦市場情況明朗，我們就處於有利地位向前推進。

Based on our experience over many years through numerous challenges, market conditions often change rapidly and opportunities quickly arise, especially in terms of off-market acquisitions. In the meantime, we intend to continue working diligently in enhancing the value of our existing portfolio.

根據我們多年來應對無數挑戰的經驗，市場情況往往瞬息萬變，機會也很快出現，尤其是在場外收購方面。與此同時，我們打算繼續努力提高我們現有投資組合的價值。

Notwithstanding all of the various macroeconomic challenges, our portfolio remains rock solid, and the fundamental drivers of our grocery-anchored business remains sound.

儘管存在各種宏觀經濟挑戰，但我們的產品組合仍然堅如磐石，我們以雜貨為基礎的業務的基本驅動力依然強勁。

Now we will open up the call for your questions. Operator?

現在我們將打開您的問題的電話。操作員？

(Operator Instructions) Our first question will come from Craig Mailman of Citi.

（操作員說明）我們的第一個問題將來自花旗的 Craig Mailman。

I wanted to follow up on your kind of commentary on tenants, looking to extend beyond that 5-year term and maybe come in to you early. I guess other than the rent spreads that you're getting, which has been healthy, kind of what other concessions have you been looking for? Or are they willing to give up to go to lock in longer, at this point?

我想跟進你對租戶的評論，希望延長 5 年期限，也許會早點來找你。我想除了你得到的租金差，這是健康的，你還在尋找其他什麼優惠？還是他們願意放棄，在這一點上鎖定更長時間？

Sure. I mean it really depends on the situation. In a lot of cases, the tenant may come to us and have limited options remaining, and they want an additional option. And in exchange for that, we'll insist on additional committed term. In other situations, we may have 2 anchors that are expiring simultaneously, and we want to start splitting those expirations up, so that we don't, in the future, have a bunch of anchor tenants expiring all in the same year. So, it really depends on every situation, and we evaluate those requests, and there's always some form of a trade-off where we're getting some form of value for that additional committed term.

當然。我的意思是這真的取決於情況。在很多情況下，租戶可能會來找我們並且剩下的選擇有限，他們想要一個額外的選擇。作為交換，我們將堅持額外的承諾期限。在其他情況下，我們可能有 2 個同時到期的錨，我們想開始將這些到期分開，這樣我們將來就不會有一堆錨租戶在同一年到期。因此，這實際上取決於每種情況，我們會評估這些請求，並且總會有某種形式的權衡，我們會為額外的承諾期限獲得某種形式的價值。

When you say some form of value, like are you looking -- are you able to put in better escalators? Are you getting kind of encumbrances taken off that they may have had on, the parking field or kind of what's your goal to improve the NPV of those leases to go out kind of longer?

當你說某種形式的價值時，比如你在看——你能安裝更好的自動扶梯嗎？您是否正在取消他們可能已經擁有的負擔，停車場或您改善這些租約的 NPV 以延長租期的目標是什麼？

Yes. there's a number of items that we're dealing with, in terms of this first one is ESG. We're able to very successfully incorporate now, what we need at the property level from an ESG perspective. Second thing is, exclusive or uses in the leases. We're very active on that front to make sure we can do whatever we can. The third is no build zones from the anchor tenants. Give us the ability to build more pads and create more NOI going forward.

是的。我們正在處理許多項目，第一個是 ESG。從 ESG 的角度來看，我們現在能夠非常成功地整合我們在財產層面所需要的東西。第二件事是，排他性或在租約中使用。我們在這方面非常積極，以確保我們可以盡我們所能。第三個是主要租戶沒有建設區。使我們能夠構建更多的焊盤並在未來創造更多的 NOI。

So it's really a combination of a series of different things but we're trying to, obviously, in giving them more term, incorporate all of this in terms of the actual extension.

所以它實際上是一系列不同事物的組合，但顯然，我們正在嘗試為它們提供更多術語，將所有這些納入實際擴展中。

That's helpful. And then moving to the acquisition market. It sounds like you guys don't have anything under contract, but at the time of our conference, it sounds like you had one deal. Can you kind of talk to what happened there? And then, on kind of the distance you have in the market, maybe the buyer pools that you've been talking to, the nature of the buyers. Just a little bit more color overall.

這很有幫助。然後轉向收購市場。聽起來你們沒有任何合同，但在我們會議期間，聽起來你們有一筆交易。你能談談那裡發生的事情嗎？然後，根據你在市場上的距離，也許你一直在與之交談的買家群體，買家的性質。只是整體顏色多了一點。

Sure. Well, the buyer pool, I think as I mentioned in my prepared remarks, obviously, has very -- has thinned out. So as once in a while, when we see a very good grocery drug-anchored center come to the market, we are tracking things extremely closely. And -- but again, the buyer pools are very thin out there.

當然。好吧，正如我在準備好的發言中提到的那樣，我認為買家群體顯然已經非常稀疏了。所以偶爾，當我們看到一個非常好的食品雜貨藥物錨定中心進入市場時，我們會非常密切地跟踪事情。而且 - 但同樣，買家池非常薄。

In terms of the deal that we currently have, that deal is still around for us. We're dealing with a couple of items at the property level, primarily some environmental issues. But that particular transaction is still on the table for us. I will tell you, there's been a lot of ongoing discussions on OP units again with some of those sellers, which is encouraging.

就我們目前的交易而言，該交易對我們來說仍然存在。我們正在處理物業級別的幾個項目，主要是一些環境問題。但該特定交易仍在我們的談判桌上。我會告訴你，與其中一些賣家再次就 OP 單元進行了大量討論，這令人鼓舞。

And then more importantly, we certainly have our pulse on a pipeline of off-market transactions, which we think will play certainly very well into our game plan, as we move through the balance of the year on the external side.

然後更重要的是，我們當然對一系列場外交易有了脈搏，我們認為這肯定會在我們的遊戲計劃中發揮很好的作用，因為我們在外部方面度過了今年的餘額。

And those, I assume, kind of it's still in that low 6% going in cap rate range?

而那些，我認為，它仍然處於 6% 的低上限利率範圍內？

Yes. Most of the -- the very small number of deals that it had, which have been primarily 1031 buyers have traded in that high 5%, low 6% cap rate range.

是的。大多數——它擁有的極少數交易，主要是 1031 個買家，交易的上限利率在 5% 和 6% 之間。

Our next question will come from Juan Sanabria of BMO Capital Markets.

我們的下一個問題將來自 BMO Capital Markets 的 Juan Sanabria。

Just hoping to -- if you could spend a little bit more time talking about some of the onetime expenses, and where those are included in the P&L, just to have a better sense of what the growth forward run rate is? And, I know you mentioned the snow removal cost, but anything kind of orbit above that would be helpful just to have some confidence on how to model, and your conviction on the previous same-store NOI guidance range.

只是希望——如果你能多花一點時間談論一些一次性費用，以及這些費用包含在損益表中的什麼地方，只是為了更好地了解增長遠期運行率是多少？而且，我知道你提到了除雪成本，但任何高於此的軌道都會有助於對如何建模有一些信心，以及你對之前同店 NOI 指導範圍的信念。

Well, the snow removal cost, one is going to be in the operating expense, and I know it's because I serve mentioned the significant snowfall that occurred up in the Pacific Northwest region, we have plow the parking lots -- numerous times, keep defense open on operating.

好吧，除雪成本，其中一個將在運營費用中，我知道這是因為我提到太平洋西北地區發生的大雪，我們已經犁過停車場 - 無數次，保持防禦打開運行。

And then there was a onetime item, where we finally resolved kind of a disputed issue with the seller property that we bought a couple of years ago, we finally came to resolution and took a bit of an expense on that side. I think, that was in our other expense, not our operating expenses. So those -- if you exclude those, I think our operating performance is right in line with budget.

然後有一個一次性項目，我們最終解決了與幾年前購買的賣方財產有爭議的問題，我們終於達成了解決方案，並為此付出了一些費用。我認為，那是我們的其他費用，而不是我們的運營費用。所以那些 - 如果你排除那些，我認為我們的經營業績符合預算。

Yes. I mean, look, in terms of modeling, obviously, we do very detailed budgets every year, and we incorporate increases in expenses in those budgets. So going forward, Juan, I don't think you're going to see hopefully, we won't see any items like you've seen in the first quarter, which, again, are very, very focused and relative to situations that were out of our control.

是的。我的意思是，看，就建模而言，顯然，我們每年都會做非常詳細的預算，並且我們將增加的費用納入這些預算。所以展望未來，胡安，我不認為你會看到希望，我們不會看到任何像你在第一季度看到的項目，這些項目再次非常非常集中並且與情況相關我們無法控制。

And how much was that the onetime item with the dispute with the seller, roughly?

那件與賣家發生糾紛的一次性物品大概多少錢？

It was just over $300,000, I believe.

我相信它剛剛超過 300,000 美元。

Okay. And then just curious, you mentioned bad debt was kind of running in line. What's assumed for the balance of the year? You've obviously had some known kind of tenants finally fall out, just if you could remind us of your exposure, which I think is fairly de minimis, but what's assumed for the balance of the year, given we're already almost in May, which is kind of crazy to think about. But just..

好的。然後只是好奇，你提到壞賬有點排隊。今年餘下時間的假設是什麼？你顯然已經有一些已知類型的租戶最終失敗了，只要你能提醒我們你的曝光率，我認為這是相當微不足道的，但考慮到我們已經快到五月了，今年餘下時間的假設是什麼，想想就有點瘋狂。只是..

Our bad debt guidance. The range for the full year is the $3 million to $5 million, which should more than, I mean that -- more than covers our typical operating in any other onetime that might pop up. To your point, I think we have very minimal exposure to any of the headline retailers out there. So that $3 million to $5 million range for the entire year, should stand well.

我們的壞賬指引。全年的範圍是 300 萬到 500 萬美元，這應該超過，我的意思是——超過我們在任何其他可能突然出現的一次性的典型運營。就你的觀點而言，我認為我們對任何一家主要零售商的接觸都非常少。因此，全年 300 萬至 500 萬美元的範圍應該保持良好。

Our next question will come from [Leslie Durkin] of Bank of America.

我們的下一個問題將來自美國銀行的 [Leslie Durkin]。

I was just curious about any changes in your assumptions around the pace, or amount of acquisitions and dispositions that was put out in guidance from last quarter. I guess, would you be willing to take on slightly higher leverage? Or is the priority still on maintaining net debt to EBITDA in the low 6s, as you put out last quarter? Just wanted to see, if there's any changes in the pace -- assumptions on pace.

我只是想知道你對上一季度指導中提出的步伐、收購和處置數量的假設有何變化。我想，你願意承擔稍微高一點的槓桿嗎？還是如您上個季度所說，首要任務仍然是將 EBITDA 的淨債務維持在 6 的低水平？只是想看看步伐是否有任何變化——關於步伐的假設。

Yes. I mean, I'll speak to the -- Mike, you can answer the question on the second half of the question. But in terms of guidance, I mean, we're still on track to get $200 million as the goal this year. Obviously, that will be funded a lot through sales and other things that we're doing. But the -- there's no change to guidance. The more important thing is that we have guided and modeled the acquisitions, in the second half of the year.

是的。我的意思是，我會和——邁克談談，你可以在問題的後半部分回答這個問題。但就指導而言，我的意思是，我們仍有望在今年實現 2 億美元的目標。顯然，這將通過銷售和我們正在做的其他事情獲得大量資金。但是 - 指導沒有變化。更重要的是，我們在今年下半年對收購進行了指導和建模。

In relation to our debt leverage ratio, that's all keeping those intact where they are or lowering them.

關於我們的債務槓桿率，所有這些都是保持原樣不變或降低它們。

Got it. And I wanted to dig into the guide on same-store NOI growth, just a bit more. Is -- are we still assuming that range of 3% to 5%? And just given that the spread on snow seems to remain the same or that didn't change. Just wondering, if there's any changes to your outlook on the assumptions leading to the bottom and the top end of that range?

知道了。我想深入了解同店 NOI 增長指南，再深入一點。是——我們仍然假設 3% 到 5% 的範圍嗎？只是考慮到雪的分佈似乎保持不變或沒有改變。只是想知道，您對導致該範圍底部和頂部的假設的看法是否有任何變化？

No, I would say our internal budget actually had same center NOI growth starting out slightly down in the first quarter. And then, steadily ramping up as we move through the year. So at this point, 4 months in the year, we're still on track to achieve same center NOI growth for the full year. That's within that guidance range that we put out earlier, including potentially even the higher end of the range. So we're still comfortable with that range, as we stand today.

不，我會說我們的內部預算實際上有相同的中心 NOI 增長，從第一季度開始略有下降。然後，隨著我們度過這一年，穩步上升。所以在這一點上，一年中的 4 個月，我們仍然有望實現全年相同的中心 NOI 增長。這在我們之前提出的指導範圍內，甚至可能包括該範圍的高端。所以我們仍然對這個範圍感到滿意，就像我們今天所處的那樣。

Okay. And lastly, if I could, just get the latest update on your densification efforts. I guess, what's the latest on entitlement efforts at Crossroads? And then maybe the couple of others you had mentioned last quarter.

好的。最後，如果可以的話，請獲取有關緻密化工作的最新消息。我想，Crossroads 在權利方面的最新進展是什麼？然後也許是你上個季度提到的其他幾個人。

Sure. Well, [Panol] is fully done and fully entitled and we're just waiting for the right moment in time to put that on the market and sell it. Panol , we're getting very close to getting final entitlements, probably another 60 to 90 days out, maybe a bit longer.

當然。好吧，[Panol] 已經完全完成並完全有權使用，我們只是在等待合適的時機將其投放市場並出售。 Panol，我們已經非常接近獲得最終權利，可能還需要 60 到 90 天，也許會更長一些。

You said [Panol]. Though you meant Novato.

你說 [Panol]。雖然你的意思是 Novato。

I meant, sorry. Novato, not [Panol]. And then, in Bellevue, in terms of construction on Phase 2 at Crossroads, we're currently moving through the permitting process, which we now expect to be completed probably by the end of the third quarter, although it's difficult to gauge given the pace that the municipality tends to operate at. But once, we complete the process at that time, we will determine whether or not to commence construction or wait until there is more clarity in the marketplace.

我的意思是，對不起。 Novato，不是 [Panol]。然後，在貝爾維尤，就 Crossroads 的第二階段建設而言，我們目前正在通過許可程序，我們現在預計可能會在第三季度末完成，儘管鑑於速度很難衡量市政當局傾向於在其中運作。但是一旦我們當時完成了這個過程，我們將決定是開始建設還是等到市場更加明朗。

Okay. Got it. So just to clarify, I guess, the biggest hindrances are still the same factors, as it has been, just -- is it due to supply chain or just, I guess, the time line of seeing those delays?

好的。知道了。所以我想澄清一下，最大的障礙仍然是相同的因素，就像過去一樣，只是 - 是由於供應鏈還是我想，只是看到這些延遲的時間線？

Yes. I mean it's really more related to the city of Bellevue, and the process internally than it is to supply chain or other things. So -- but again, we're anticipating that. Hopefully, we get through -- finally get through this process towards the third quarter, maybe the end. But again, it's outside of our control.

是的。我的意思是它與貝爾維尤市和內部流程的關係比與供應鍊或其他事物的關係更密切。所以 - 但我們再次期待這一點。希望我們能通過——最終在第三季度，也許是結束時完成這個過程。但同樣，這不在我們的控制範圍內。

Our next question will come from Todd Thomas of KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Todd Thomas。

I just had a question back on leasing and sort of the rent spreads. The portfolio is 98.3% leased and leasing production was very strong in the quarter. Rent spreads have been solid over the last several quarters, but just curious why leasing spreads are not even stronger, just given how little space you have to lease within the portfolio, whether you're taking a more conservative approach with regard to rents in order to stimulate leasing demand or maybe it's a mix issue. Can you just talk about that, and whether you expect to see pricing power begin to improve a little bit more in the near term?

我剛剛有一個關於租賃和租金差價的問題。投資組合中有 98.3% 已出租，本季度租賃生產非常強勁。在過去的幾個季度裡，租金差價一直很穩固，但很好奇為什麼租賃價差沒有更高，只是考慮到您在投資組合中必須租賃的空間非常小，您是否在租金方面採取了更保守的方法，以便刺激租賃需求，或者這可能是一個混合問題。你能談談這個嗎？你是否希望看到定價能力在短期內開始有所改善？

Sure. I mean, obviously, some of that's dictated by the specific leases that we're getting back in terms of where they were at, and what the market rents are. But there are a lot of leases that are scheduled to roll that are below and significantly below market, where we'll see some really good lifts. And then on the renewal side, that is also impacted by options, which are already baked in, and we don't have any control over those rent spreads. But as you say, with the 98% occupancy, it really does give us the leverage and the right opportunities to drive the rents, when we have that opportunity.

當然。我的意思是，很明顯，其中一些是由我們要收回的具體租約所決定的，這些租約包括它們所在的位置以及市場租金。但是有許多計劃滾動的租約低於市場價格，而且明顯低於市場價格，我們將看到一些非常好的電梯。然後在續約方面，這也受到已經確定的選項的影響，我們無法控制這些租金差。但正如你所說，98% 的入住率確實為我們提供了推動租金的槓桿和合適的機會，當我們有機會的時候。

Okay. If we look ahead to the balance of 2023 and also 2024 expirations, what's the mix like between leases with option rents versus those that you'd be able to renew or negotiate a fair market value?

好的。如果我們展望 2023 年和 2024 年到期的餘額，帶有期權租金的租賃與您能夠續籤或協商公平市場價值的租賃之間的組合如何？

I don't have a specific percentage that do not have options, but there are. Some of these properties where the leases have been in place for a while, they are starting to burn off their options. That's what is driving some anchor tenants to come to us early to secure additional options, particularly in the situation where they want to invest capital in the space. So it's hard to give you a specific number or range, but we would expect that it will be consistent with our past performance.

我沒有沒有選擇的特定百分比，但有。其中一些租約已經存在一段時間的房產，他們開始放棄他們的選擇權。這就是促使一些主要租戶儘早來找我們以獲得更多選擇的原因，特別是在他們想要在該空間投資的情況下。所以很難給你一個具體的數字或範圍，但我們希望它與我們過去的表現一致。

Okay. And then, Mike, I think you touched on this briefly, but maybe you could just add a little bit more detail or provide some thoughts on the remaining $150 million portion of the term loan that's still floating, whether -- or if there's an incremental amount of that $150 million variable rate that you might look to swap out. And you talked about the unsecured maturity, later this year. Where do you think pricing would be today for 10-year notes?

好的。然後，邁克，我想你簡要地談到了這一點，但也許你可以添加更多細節或提供一些關於仍在浮動的定期貸款的剩餘 1.5 億美元部分的一些想法，無論是 - 或者是否有增量您可能希望換出的 1.5 億美元可變利率的金額。你談到了今年晚些時候的無擔保期限。您認為 10 年期國債今天的定價是多少？

Let me address the second part of your question first. I think today, I think the 10-year is around $340 million or maybe $350 million, it kind of bounces around. I would expect to do a 10-year deal probably in the low to mid-6% range today, given where spreads are. I have to keep my where the 10-year treasury goes from here. But as far as the swapping goes, we wanted to maintain as much flexibility as possible.

讓我先回答你問題的第二部分。我認為今天，我認為 10 年期約為 3.4 億美元或 3.5 億美元，它有點反彈。鑑於利差所在，我預計今天可能會在 6% 的低至中等範圍內進行 10 年期交易。我必須保留我的 10 年期國庫從這裡去的地方。但就交換而言，我們希望保持盡可能多的靈活性。

Our goal is to refinance the $250 million that are due in December with a new public bond issuance and to achieve reasonable investor interest and hopefully better pricing. We look to issue up to maybe $400 million of public bonds. So by refinancing the $150 million of the term loan with those 23 bonds to get a total of $400 million.

我們的目標是通過發行新的公共債券為 12 月到期的 2.5 億美元再融資，並實現合理的投資者興趣和更好的定價。我們希望發行多達 4 億美元的公共債券。因此，通過用這 23 種債券為 1.5 億美元的定期貸款再融資，總共可以獲得 4 億美元。

That leaves the part of a swap looking into next year, when we have another $250 million bonds ensuring it in the end of 2024. We could again look to do another $400 million bond deal, refinancing that along with the $150 million that we swap, which then becomes available to paid off.

這就留下了明年的掉期交易的一部分，屆時我們還有 2.5 億美元的債券可以確保在 2024 年底完成。我們可能會再次考慮進行另一筆 4 億美元的債券交易，將其與我們交換的 1.5 億美元一起再融資，然後可以付清。

So it's kind of a flexibility issue of doing, it's kind of 2 back to back $400 million deals, splitting the term loan and refinancing of our 2 public bond issues that they mature.

所以這是一個做事的靈活性問題，它是一種 2 背靠背 4 億美元的交易，拆分定期貸款和我們 2 個到期的公共債券的再融資。

Okay. Got it. That's helpful. And then, I think you said as it pertains to the full year guidance that as a result of the swaps that you put in place during the quarter, that interest expense is now expected to be about $500,000, lower than the initial guide. Is that right?

好的。知道了。這很有幫助。然後，我想你說過，因為它與全年指導有關，由於你在本季度實施的掉期，現在預計利息支出約為 500,000 美元，低於最初的指導。是對的嗎？

Yes, that's right. Where the curve was, and we really modeled the term loan to float all year long. And when we did the model for the initial guidance. It's where the curve was at the time. And as you know, that's moving around a little bit. But based on the original curve and the expected interest expense that swapping we'll save about $0.5 million or more.

恩，那就對了。曲線在哪裡，我們真的將長期貸款建模為全年浮動。當我們為初始指導製作模型時。這是當時曲線所在的位置。如您所知，它正在一點點移動。但根據原始曲線和交換的預期利息費用，我們將節省大約 50 萬美元或更多。

Okay. But outside of the December maturity and what you might do there, there is no additional capital raising activity embedded in the guidance?

好的。但是，除了 12 月到期以及您可能在那裡做什麼之外，指南中沒有嵌入額外的籌資活動嗎？

Correct. That's correct.

正確的。這是正確的。

Our next question will come from Wes Golladay of Baird.

我們的下一個問題將來自 Baird 的 Wes Golladay。

Follow-up question on the tenant health in the portfolio. Can you comment on your overall exposure to some of these branches of the banks that are in the news every day or -- not every day, but every so often? And then, second follow-up would be exposure to Bed, Bath & Beyond. It looks like you have one buybuy BABY. I just wanted to make sure that, that was correct.

關於投資組合中租戶健康狀況的後續問題。你能評論一下你對這些銀行分支機構的總體曝光率嗎？這些分支機構每天都在新聞中出現，或者——不是每天，但每隔一段時間就出現在新聞中？然後，第二次跟進將接觸 Bed、Bath & Beyond。看起來你有一個 buybuy BABY。我只是想確保那是正確的。

And then, just the final one, can you comment on your Rite Aid exposure? And how do you feel about that? Would you look to recapture any of the space this year?

然後，最後一個，你能評論一下你在 Rite Aid 的曝光嗎？你對此有何感想？您希望今年重新奪回任何空間嗎？

Sure. Well, Bed Bath & Beyond, we don't have any -- we do have 2 buybuy BABYs. But the ABR only accounts for 0.038%. So less than a half of 1% from an ABR perspective. These 2 buybuy BABYs are in great locations, very strong sales. We don't expect these leases to be rejected.

當然。嗯，Bed Bath & Beyond，我們沒有——我們有 2 個 buybuy BABY。但ABR只佔0.038%。所以從 ABR 的角度來看，不到 1% 的一半。這 2 個 buybuy BABY 位置優越，銷量非常強勁。我們不希望這些租約被拒絕。

However, we certainly have been very active in the market re-leasing both spaces, and we currently do have some very good tenants lined up, if things were to go away. Rich, do you want to comment on bank branches and Rite Aid?

然而，我們在重新租賃這兩個空間的市場上肯定非常活躍，如果事情消失的話，我們目前確實有一些非常好的租戶在排隊。 Rich，你想對銀行分行和 Rite Aid 發表評論嗎？

Sure. In terms of Rite Aid, there's only -- they only account for about 1.7% of our total base rent, which is from about 16 leases, which are across our portfolio in all of our markets with many of those leases below market. One of the leases coming up in the next 2 years is a Rite Aid lease that is significantly in market. It's one, that we mentioned that is not renewing. We expect to have a very big spread on the replacement rent.

當然。就 Rite Aid 而言，它們只占我們總基本租金的 1.7% 左右，這是來自大約 16 個租約，這些租約橫跨我們所有市場的投資組合，其中許多租約低於市場。未來 2 年即將出現的租約之一是 Rite Aid 租約，該租約在市場上佔有重要地位。它是一個，我們提到過它不會更新。我們預計重置租金會有很大的差價。

And then, in terms of bank branches, we really haven't seen any follow-up from regional banks. We have received notice from some larger banks that they're giving back some space, but those spaces that we're getting back all incorporate drive-throughs, and we're currently.

然後，在銀行分行方面，我們真的沒有看到區域性銀行有任何跟進。我們已經收到一些大銀行的通知，他們正在退還一些空間，但我們要退回的那些空間都包含免下車通道，而我們目前正在這樣做。

While the rents are still coming in, redesigning those buildings to facilitate the strong demand that we have for drive-throughs throughout the West Coast. So, we actually see this as an opportunity to re-tenant those spaces.

在租金仍在上漲的同時，重新設計這些建築物，以滿足我們對整個西海岸免下車服務的強烈需求。因此，我們實際上將此視為重新租用這些空間的機會。

Yes. In fact, in one situation, I think, during the quarter, Rich, we had chase actually released a new lease on a Bank of America branch. So although we've seen a bit of fallout, we've also seen some activity on the other side in terms of new leasing.

是的。事實上，我認為在一個情況下，在本季度，Rich，我們實際上已經發布了美國銀行分行的新租約。因此，儘管我們看到了一些影響，但我們也看到了另一方面在新租賃方面的一些活動。

And then Rite Aid, I mean, I think as we've mentioned before, obviously, a number of our Rite Aids are newer prototypes, which means they're on pads with drive-thrus. And, in terms of sales, a number of our Rite Aids are in the top 3 in terms of sales.

然後是 Rite Aid，我的意思是，我認為正如我們之前提到的，很明顯，我們的一些 Rite Aids 是較新的原型，這意味著它們在帶驅動器的墊子上。而且，就銷售額而言，我們的許多 Rite Aids 都在銷售額方面排名前三。

So we've seen this sort of play out before over the last 20 years, in terms of dealing with Rite Aid. And we certainly feel quite comfortable where our portfolio stands today, in terms of capturing and potentially getting some nice upside of Rite Aid were to go away.

因此，在過去 20 年中，就與 Rite Aid 打交道而言，我們已經看到了這種情況。我們當然對我們今天的投資組合所處的位置感到非常自在，就捕獲和可能獲得 Rite Aid 的一些不錯的優勢而言，我們已經消失了。

That's fantastic. And then, I guess a quick modeling question. It looks like other revenue was abnormally low this quarter. Anything special going on there?

這太妙了。然後，我猜是一個快速建模問題。看起來本季度其他收入異常低。那裡有什麼特別的事嗎？

Actually, last year, the other income was a lot higher, it was primarily related to an early lease recapture initiative, where we replaced an existing tenant. So that was kind of -- it was actually, last year was the outlier.

實際上，去年的其他收入要高得多，這主要與我們更換現有租戶的早期租約收回計劃有關。所以這有點——實際上，去年是異常值。

Our next question will come from Michael Mueller of JPMorgan.

我們的下一個問題將來自摩根大通的邁克爾穆勒。

You mentioned earlier in your comments that, there are some other centers that you're thinking about listing for sale. And just curious about how big that bucket of centers is? And what are some of the attributes of those?

您之前在評論中提到，您正在考慮掛牌出售其他一些中心。只是好奇那桶中心有多大？這些屬性有哪些？

Sure. Well, we actually have -- I think it's the only other center that's nongrocery-anchored, we actually have on the market as well. And we actually do have an LOI that came in yesterday that we may execute on. So that potentially gives us another I don't know, $12 million or $14 million of proceeds.

當然。好吧，我們實際上有——我認為這是唯一一個非雜貨店錨定的中心，我們實際上也有市場。實際上，我們昨天收到了一份意向書，我們可以執行。所以這可能會給我們帶來另一個我不知道的收入，1200 萬美元或 1400 萬美元。

But outside of those 2 assets, we are looking at putting a couple of other stabilized, fully leased assets on the market that have very little internal growth like the one we're currently selling in Portland, on the market as well. And so the bucket to the answer to your question, is probably 4 to 6 centers depending on market conditions and depending on pricing, more than anything else.

但在這兩項資產之外，我們正在考慮將其他一些穩定的、完全租賃的資產投放市場，這些資產的內部增長很少，就像我們目前在波特蘭出售的資產一樣。因此，根據市場條件和定價，回答你的問題的答案可能是 4 到 6 個中心，最重要的是。

Got it. And that's 4 to 6 exclusive of the 2 that we know about?

知道了。那是我們所知道的 2 的 4 到 6？

That's correct. And that does exclude the densification as well. So, I'm hoping that the multifamily market gets a bit better, and we're ready to go on selling both of those assets, which could provide another, let's call it, $20 million to $25 million of proceeds.

這是正確的。這也排除了緻密化。所以，我希望多戶家庭市場變得更好，我們準備繼續出售這兩項資產，這可以提供另一個，我們稱之為 2000 萬到 2500 萬美元的收益。

Our next question will come from Linda Tsai of Jefferies.

我們的下一個問題將來自 Jefferies 的 Linda Tsai。

In terms of the $400 million bond at year-end, where would that price today?

就年底時的 4 億美元債券而言，今天的價格是多少？

Today, it would probably be in the low to mid-6% range, assuming a 10-year at about $350 million or $340 million.

今天，假設 10 年期約為 3.5 億美元或 3.4 億美元，它可能處於 6% 的中低區間。

And then, how much more, does it drive through benefit the cap rate of one of your shopping centers?

然後，還有多少，它是否通過受益於您的一個購物中心的上限率來推動？

In terms of our pads, the drive-thru certainly would, which certainly -- I think it certainly helps the process, but it's not going to drive cap rate by any meaningful difference. And I think, drive-thrus are more related to leasing and the incremental increase you get in leasing in terms of rent. But from an acquisition or disposition perspective, we look at it, as part of the overall property in NOI.

就我們的墊子而言，直通車肯定會，這當然 - 我認為它肯定有助於這個過程，但它不會通過任何有意義的差異來推動上限率。而且我認為，得來速與租賃以及您在租賃方面獲得的租金增量更多地相關。但從收購或處置的角度來看，我們將其視為 NOI 整體財產的一部分。

And then, in terms of your 9% Kroger and Albertsons exposure, has there been further communication of potential overlap?

然後，就您 9% 的 Kroger 和 Albertsons 風險敞口而言，是否有進一步溝通潛在的重疊？

While we continue to communicate regularly with both Kroger and Albertsons and conduct business as usual, including renewing leases. We're just not at liberty yet to discuss their consolidation plans, and it's just too early in the process in terms of the government and the FTC in terms of the process.

雖然我們繼續與 Kroger 和 Albertsons 定期溝通，並照常開展業務，包括續租。我們還不能隨意討論他們的整合計劃，就政府和 FTC 而言，現在還為時過早。

And then, maybe just in terms of the potential buyers for your 4 to 6 centers, how focused are they on potentially inheriting SpinCo assets?

然後，也許就您的 4 到 6 個中心的潛在買家而言，他們對潛在繼承 SpinCo 資產的關注程度如何？

It hasn't come up at all in terms of the discussions. The 1 or 2 deals on the market that have Albertsons and/or Safeway, I don't think that's had much impact either to tell you the truth from a pricing perspective.

就討論而言，它根本沒有出現。市場上有 Albertsons 和/或 Safeway 的 1 或 2 筆交易，我認為這對從定價角度告訴你真相沒有太大影響。

So it really -- there's not -- I mean, obviously, there's a lot of noise around this, but really on the ground has had very little impact from a pricing perspective. Because at the end of the day, you're really looking at the attributes of the real estate and more importantly, the sales and the economic aspects of what you're buying, as it relates to Kroger or Safeway anchored tenants.

所以它真的 - 沒有 - 我的意思是，顯然，圍繞這件事有很多噪音，但從定價的角度來看，實際影響很小。因為在一天結束的時候，你真的在看房地產的屬性，更重要的是，你所購買的東西的銷售和經濟方面，因為它與 Kroger 或 Safeway 固定租戶有關。

(Operator Instructions) Our next question will come from Paulina Rojas-Schmidt of Green Street. .

（操作員說明）我們的下一個問題將來自 Green Street 的 Paulina Rojas-Schmidt。 .

My question is about occupancy cost. So we usually think about occupancy cost for anchors. And I wonder, do you track that metric at all for your small shop tenants? And even, if you do loosely, how would you say that has evolved? Or how does it compare relative to the past?

我的問題是關於入住成本。所以我們通常會考慮主播的佔用成本。我想知道，您是否會為您的小商店租戶跟踪該指標？甚至，如果你鬆散地做，你會說它是如何進化的？或者與過去相比如何？

Sure. Rich, do you want to?

當然。有錢，你要嗎？

Yes. I mean we always pay close attention to the occupancy cost because that has a big effect on how much rent we can get out of the tenants. And the things that we have control over, such as the operating expenses, we stay very focused on keeping them, as low as possible. But the overall, the tenants continue to perform well. The occupancy costs are sustainable, and we are not getting any pushback from tenants on the renewal side in terms of their occupancy cost.

是的。我的意思是，我們始終密切關注入住成本，因為這對我們可以從租戶那裡獲得多少租金有很大影響。而我們可以控制的事情，例如運營費用，我們會非常專注於將它們保持在盡可能低的水平。但總體而言，租戶繼續表現良好。入住成本是可持續的，我們在續約方面沒有收到租戶在入住成本方面的任何阻力。

And then one last question. You mentioned a couple of times that you have seen very few transactions, but the ones that you have seen closed have been in the West Coast being at low 6s. And I'm curious, do you, in your view, has the quality of those assets that have transacted being similar to your portfolio? Are they representative for your portfolio?

然後是最後一個問題。你多次提到你看到的交易很少，但你看到關閉的交易在西海岸處於低 6s。我很好奇，在您看來，已交易的資產質量是否與您的投資組合相似？它們代表您的投資組合嗎？

Again, very few transactions to talk about. These have been -- pretty good quality, stabilized grocery-anchored centers. I would tell you that certainly, the quality of the assets have been there, but these assets are newer in nature. And therefore, rents in terms of creating NOI growth at the property level has not been that strong because they're brand-new leases.

同樣，很少有交易可談。這些都是——質量非常好、穩定的雜貨店錨定中心。我會告訴你，當然，資產的質量一直在那裡，但這些資產本質上是更新的。因此，就在物業層面創造 NOI 增長而言，租金並沒有那麼強勁，因為它們是全新的租約。

So we continue to monitor, obviously, the market very closely. But most of these deals, and again, very few of them that have traded, these have been very stabilized newer assets. So, the cap rates sort of reflect, in my view, not a lot of internal growth because there's just -- they're typically 100% occupied.

因此，我們顯然會繼續密切關注市場。但這些交易中的大多數，而且很少有交易，這些都是非常穩定的新資產。因此，在我看來，資本化率在某種程度上反映了內部增長並不多，因為它們通常是 100% 被佔用。

And I'm seeing no further questions in the queue. I would now like to turn the conference back to Stuart Tanz for closing remarks.

我沒有看到隊列中有其他問題。我現在想把會議轉回 Stuart Tanz 作閉幕詞。

In closing, thanks to all of you for joining us today. As always, we appreciate your interest in ROIC. If you have any additional questions, please contact Mike, Rich or me directly. Also, you can find additional information in the company's quarterly supplemental package, which is posted on our website, as well as our 10-Q.

最後，感謝大家今天加入我們。一如既往，我們感謝您對 ROIC 的關注。如果您有任何其他問題，請直接聯繫 Mike、Rich 或我。此外，您還可以在我們網站上發布的公司季度補充包以及我們的 10-Q 中找到更多信息。

And lastly, for those of you who are attending ICSC Convention in Las Vegas next month, please stop by our booth. We will be in the South Hall on Level 1, specifically booth #807. We hope to see you there. And thanks, again, and have a great day, everyone.

最後，下個月要參加在拉斯維加斯舉行的 ICSC 大會的各位，請光臨我們的展位。我們將在 1 層的南廳，特別是 807 號展位。我們希望看到你在那裡。再次感謝大家，祝大家有美好的一天。

This concludes today's conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接，並度過愉快的一天。