Site Centers Corp (SITC) 2023 Q4 法說會逐字稿

Good day and welcome to SITE Centers reports fourth quarter 2023 operating results conference call.

美好的一天，歡迎來到 SITE 中心報告 2023 年第四季營運表現的電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over toStephanie Ruys de Perez, Vice President Capital Markets.

現在我想將會議交給資本市場副總裁 Stephanie Ruys de Perez。

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, and welcome to SITE Centers Fourth Quarter 2023 earnings conference call.

早安，歡迎參加 SITE 中心 2023 年第四季財報電話會議。

Joining me today are Chief Executive Officer, David Lukes, and Chief Financial Officer, Conor Fennerty.

今天與我一起出席的有執行長 David Lukes 和財務長 Conor Fennerty。

In addition to the press release distributed this morning, we have posted our quarterly financial supplement and slide presentation on our website at www.sitecenters.com, which are intended to support our prepared remarks.

除了今天早上發布的新聞稿外，我們還在我們的網站 www.sitecenters.com 上發布了季度財務補充資料和幻燈片演示文稿，旨在支持我們準備好的言論。

During today's call, please be aware that certain of our statements today may contain forward-looking statements within the meaning of federal securities laws.

在今天的電話會議中，請注意，我們今天的某些聲明可能包含聯邦證券法含義內的前瞻性聲明。

These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements.

這些前瞻性陳述存在風險和不確定性，實際結果可能與我們的前瞻性陳述有重大差異。

Additional information may be found in our earnings press release and in our filings with the SEC, including our most recent report on Form 10-K and 10-Q.

更多資訊可在我們的收益新聞稿和向 SEC 提交的文件中找到，包括我們最新的 10-K 和 10-Q 表格報告。

In addition, we will be discussing non-GAAP financial measures on today's call, including FFO, operating FFO and same-store net operating income, descriptions and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures can be found in today's quarterly financial supplement and investor presentation.

此外，我們將在今天的電話會議上討論非 GAAP 財務指標，包括 FFO、營運 FFO 和同店淨營業收入，這些非 GAAP 財務指標與最直接可比的 GAAP 指標的描述和調節可在今天的季度財務補充和投資者介紹。

At this time, it is my pleasure to introduce our Chief Executive Officer, David Lukes.

此時此刻，我很高興向您介紹我們的執行長 David Lukes。

Good morning, and thank you for joining our quarterly earnings call.

早安，感謝您參加我們的季度財報電話會議。

Fourth quarter was significant for SITE Centers to say the least highlighted by the announced planned spin-off of the convenience portfolio from within SITE Centers into a new and unique focused growth company Curbline Properties.

第四季對 SITE Centers 來說意義重大，最不值得強調的是，宣布計劃將便利產品組合從 SITE Centers 內部分拆為一家新的、獨特的、專注於成長的公司 Curbline Properties。

This announcement, along with nearly $1 billion of transaction activity, has put us on a dual path of growing our core blind portfolio through acquisitions and realizing NAV of the SITE Centers portfolio through dispositions and asset management.

這項公告以及近 10 億美元的交易活動使我們走上了一條雙重道路：透過收購擴大我們的核心盲目投資組合，並透過處置和資產管理實現 SITE 中心投資組合的資產淨值。

We are only three months past the spin-off announcement, but have made substantial progress on the business plans for both site and Kurt with more progress to come.

距離宣布分拆僅三個月，但我們已經在網站和 Kurt 的業務計劃上取得了實質進展，並且還將取得更多進展。

I'll start with an update on Curb line transition, exit transactions and then conclude with an update on the quarter and operations before turning it over to Conor to talk about how all of this impacts the balance sheet and 2024 results.

我將從路邊線過渡、退出交易的最新情況開始，然後以季度和營運的最新情況結束，然後交給 Conor 討論所有這些如何影響資產負債表和 2024 年業績。

Starting with curved line, we began investing in convenience assets over five years ago and after several years of transaction activity review and data analytics and financial and tenant analysis, we are more convinced than ever that the convenience sector is both differentiated and a unique growth opportunity.

從曲線開始，我們在五年多前開始投資便利資產，經過幾年的交易活動審查、數據分析以及財務和租戶分析，我們比以往任何時候都更加確信便利行業既具有差異化，又具有獨特的成長機會。

As announced to seize this opportunity, we are creating curb line properties as a unique first mover read that is differentiated from all other retail rates and has what we believe to be the highest organic cash flow growth growth potential driven by annual bumps, the ability to recapture and mark to market units, a high-quality and diversified tenant roster with minimal concentration risk and limited CapEx needs as compared to other property types.

正如宣布的那樣，為了抓住這個機會，我們正在創建路緣線物業，作為獨特的先行者讀物，它與所有其他零售價格不同，並且具有我們認為由年度波動驅動的最高有機現金流增長潛力，能夠與其他房產類型相比，重新奪回並按市場計價的單位、高品質和多元化的租戶名單，集中風險最小，資本支出需求有限。

Same-store NOI for the current curb line portfolio is expected to grow 4.5% in 2024, an average greater than 3% for the next three years when factoring in all of these attributes.

目前路邊線組合的同店 NOI 預計將在 2024 年成長 4.5%，考慮到所有這些因素，未來三年的平均成長將超過 3%。

As of year end, the curve line portfolio included 65 wholly owned convenience properties expected to generate about $76 million of NOI in 2024.

截至年底，曲線投資組合包括 65 個全資便利物業，預計到 2024 年將產生約 7,600 萬美元的 NOI。

All of these assets share common characteristics, including excellent visibility, access and what we believe are compelling economics highlighted by limited CapEx needs.

所有這些資產都有共同的特徵，包括出色的可見性、訪問權限以及我們認為有限的資本支出需求所凸顯的令人信服的經濟效益。

Arguably what we own today represents the largest highest quality convenience portfolio in the United States.

可以說，我們今天擁有的代表了美國最大、最高品質的便利產品組合。

These properties, which primarily cater to daily customer aaron's are an integral part of a suburban lifestyle, which has only become more entrenched with increased suburban migration and the rise of hybrid work and combined with a balance sheet that is truly unmatched with no outstanding debt and cash and a preferred investment on hand, curbline properties is expected to generate best in class growth and returns for stakeholders.

這些物業主要迎合日常客戶亞倫的需求，是郊區生活方式不可或缺的一部分，隨著郊區移民的增加和混合工作的興起，加上真正無與倫比的資產負債表，沒有未償債務，這種生活方式只會變得更加根深蒂固。現金和手頭上的首選投資，路邊房產預計將為利益相關者帶來一流的成長和回報。

As of today, we expect the spin-off to be completed on or around October 1, of this year.

截至今天，我們預計分拆將於今年 10 月 1 日左右完成。

Based on the transactions completed to date, we now expect curve to be capitalized with $600 million of liquidity or $100 million more than a few months ago in the form of cash and the preferred investment in SITE Centers.

根據迄今為止完成的交易，我們現在預計 Curve 將透過現金和 SITE 中心的優先投資形式獲得 6 億美元的流動資金，比幾個月前多出 1 億美元。

Additionally, should we make more progress on the dispositions front, it is likely that curve would not retain a preferred investment in sight and would be capitalized simply with no debt and $600 million of cash.

此外，如果我們在處置方面取得更多進展，Curve 很可能不會保留優先投資，並且會在沒有債務和 6 億美元現金的情況下進行資本化。

To that point moving to transactions, we sold $736 million of wholly-owned properties in the fourth quarter at a blended cap rate of 6.5%.

至此，轉向交易，我們在第四季度以 6.5% 的混合上限出售了 7.36 億美元的全資房產。

Subsequent to year end, we sold another $82 million.

年底後，我們又賣了 8,200 萬美元。

As of today, the pace of dispositions has remained robust, and the pricing of those assets has remained strong, resulting in almost $750 million of real estate currently either under LOI or in contract negotiation at a blended cap rate of roughly 7%.

截至目前，處置步伐依然強勁，這些資產的定價也依然強勁，導致目前有近 7.5 億美元的房地產處於意向書或合約談判中，混合上限利率約為 7%。

The bulk of this inventory is primarily sub-market dominant power centers with roughly 30% of the assets by value containing a traditional grocer.

這些庫存的大部分主要是次市場主導的電力中心，以價值計算，約 30% 的資產包含傳統雜貨店。

Needless to say, the level of demand speaks to the quality of the SITE Centers portfolio and highlights the opportunity that we identified with the spin-off announcement.

不用說，需求水準說明了 SITE 中心產品組合的質量，並凸顯了我們在分拆公告中發現的機會。

Over the past six years, this management team has sold over $7 billion of shopping centers, through that process, John Catena and his team have gained a very good understanding of which buyers are seeking high-quality assets.

在過去的六年裡，這個管理團隊已經出售了價值超過 70 億美元的購物中心，透過這個過程，John Catena 和他的團隊非常了解哪些買家正在尋求優質資產。

These parties include a wide range of market participants, including both private buyers and public risks.

這些各方包括廣泛的市場參與者，包括私人買家和公共風險。

In all cases, these buyers know the assets, they know our submarkets and they are often unlevered acquirers of high-quality real estate.

在所有情況下，這些買家都了解資產，他們了解我們的子市場，而且他們往往是優質房地產的無槓桿收購者。

The SITE Centers portfolio fits that mold, having been carefully selected via the RVI spin off and our joint venture unwinds and remains extremely attractive to a wide range of buyers looking to invest in open-air retail real estate.

SITE 中心的投資組合符合這種模式，是透過 RVI 分拆和我們的合資企業精心挑選的，並且對希望投資露天零售房地產的廣大買家仍然極具吸引力。

The retail operating environment has dramatically shifted post pandemic with limited supply and higher demand from a broader set of tenants, trends that should support fundamentals for the sector for years.

大流行後，零售經營環境發生了巨大變化，供應有限，而更廣泛的租戶需求增加，這些趨勢應該會在未來幾年內支撐該行業的基本面。

Macro tailwinds, along with company-specific factors like sites, ethanol pipeline, which represents 4.2% of spin adjusted base rents along with redevelopment deliveries and the lease-up of vacant units are expected to generate substantial forward NOI growth.

宏觀順風，加上公司特定因素，如場地、乙醇管道（佔旋轉調整後基本租金的 4.2％）以及重建交付和空置單位的租賃，預計將產生大幅的遠期 NOI 增長。

These two factors combined our knowledge of the buyer universe plus sector and specific tailwinds makes us very confident and maximizing value on additional sites on those properties via private market asset sales.

這兩個因素結合了我們對買家領域的了解以及行業和特定的有利因素，使我們非常有信心，並透過私人市場資產銷售來最大化這些房產的其他地點的價值。

Going forward, I would expect Site to continue to focus on this compelling value creation opportunity and the NAV arbitrage in terms of acquisitions.

展望未來，我預計 Site 將繼續關注這一引人注目的價值創造機會和收購方面的資產淨值套利。

We acquired four convenience properties for $62 million in the quarter, and Charlotte, Cape Coral, Atlanta and Phoenix.

我們在本季以 6,200 萬美元的價格收購了四處便利物業，以及夏洛特、珊瑚角、亞特蘭大和鳳凰城。

Average household incomes for the fourth quarter, investments will over $104,000 and a weighted average lease rate of almost 100%, highlighting our focus on acquiring properties where the renewals and lease bumps drive growth without significant CapEx.

第四季的平均家庭收入、投資將超過 104,000 美元，加權平均租賃率接近 100%，這突顯了我們專注於收購房產，這些房產的續約和租賃增長推動了增長，而無需大量資本支出。

Going forward, we remain encouraged by the unique opportunities in the convenience subsector, including the size of the opportunity itself.

展望未來，我們仍然對便利產業的獨特機會感到鼓舞，包括機會本身的規模。

The addressable market for convenience ASSETS according to ICSC, is 950 million square feet.

根據 ICSC 的數據，便利資產的潛在市場面積為 9.5 億平方英尺。

Curbline's current portfolio comprising 2.2 million square feet represents one-quarter of 1% of total US inventory, meaning we have plenty of room to grow.

Curbline 目前的投資組合包括 220 萬平方英尺，占美國總庫存 1% 的四分之一，這意味著我們有足夠的成長空間。

That said, while we expect to acquire additional properties prior to the spin, we are prioritizing dispositions to take advantage of demand for sites' assets, which will act as a governor of sorts to acquisitions volume in 2024.

也就是說，雖然我們預計在分拆之前收購更多房產，但我們正在優先考慮利用對場地資產的需求進行處置，這將在某種程度上對 2024 年的收購量起到調節作用。

Ending with the quarter and operations, we had a very productive fourth quarter with results ahead of budget.

在本季和營運結束時，我們的第四季非常富有成效，結果超出了預算。

Our property operations teams continue to do a great job getting tenants open for business ahead of schedule, which drove part of our outperformance this quarter.

我們的物業營運團隊繼續出色地推動租戶提前開業，這在一定程度上推動了我們本季的優異表現。

Overall, quarterly leasing volume was down sequentially, but this was largely a function of a smaller portfolio and less availability.

總體而言，季度租賃量環比下降，但這主要是由於投資組合規模較小且可用性較低。

Leasing demand continues to be very strong from both existing retailers and service tenants expanding into key suburban markets, along with new concepts, competing for the same space.

現有零售商和服務租戶擴展到主要郊區市場，以及新概念爭奪同一空間，租賃需求持續強勁。

Despite the strength of execution from our leasing team, our lease rate was [down 10%] -- [10 basis points] sequentially due to a 50 basis point headwind from significant fourth quarter asset sales, which averaged 98% leased.

儘管我們的租賃團隊執行力強勁，但由於第四季度資產銷售的平均 98% 的租賃率下降了 50 個基點，導致我們的租賃率環比下降了 10% - [10 個基點]。

Looking forward, we have another 350,000 square feet at share in lease negotiation, including effectively all of our remaining Bed Bath square footage, which we expect to be completed over the next two quarters at similar spreads and economics than the trailing 12 month figures reported today.

展望未來，我們在租賃談判中還有另外350,000 平方英尺的份額，實際上包括我們所有剩餘的床浴面積，我們預計將在未來兩個季度內以與今天報告的過去12 個月數據類似的價差和經濟效益完成。

We continue to expect commencement of our signed leases to be the material driver of our same-property NOI growth over the course of 2024.

我們仍然預計，我們已簽署的租賃合約的開始將成為 2024 年同一物業 NOI 成長的實質驅動力。

Before turning the call over to Conor I want to thank everyone at the SITE Centers team for their work leading into this announcement.

在將電話轉給 Conor 之前，我要感謝 SITE 中心團隊的每個人為促成這項消息所做的工作。

And over the last few months, spin-off at Curbline properties as possible due to the work of truly everyone across the organization and it positions us for growth.

在過去的幾個月裡，由於整個組織中真正每個人的工作，Curbline 財產的分拆成為可能，這為我們的成長奠定了基礎。

We strongly believe that the compelling opportunity in front of us is to create significant value for the company's stakeholders.

我們堅信，擺在我們面前的絕佳機會是為公司利害關係人創造重大價值。

And with that, I'll turn it over to Conor.

有了這個，我會把它交給康納。

Thanks, Dave.

謝謝，戴夫。

And I'll start with quarter earnings and operations before concluding with the 2024 outlook and updates to the balance sheet.

我將從季度收益和營運開始，然後以 2024 年展望和資產負債表更新作為結束語。

As David noted, fourth quarter OFFO was ahead of budget due to better than expected operations and higher interest income, partially offset by higher operating and G&A expenses.

正如 David 指出的那樣，由於營運好於預期且利息收入增加，第四季度 OFFO 超出了預算，但部分被營運和一般管理費用增加所抵消。

Specific to operating expenses, we had about $2 million of higher landlord and CAM expenses in the quarter related in part to some seasonal items, including snow removal that we do not expect to reoccur.

具體到營運費用，本季我們的房東和 CAM 費用增加了約 200 萬美元，部分與一些季節性項目有關，包括我們預計不會再次發生的除雪。

Outside of these items, there were no other material callouts in the quarter.

除了這些項目之外，本季沒有其他重大標註。

Moving to operations, fourth quarter leasing volume was lower due to the significant dispositions that David highlighted in the back half of the year, along with what's available space with this smaller denominator, operating metrics will become more volatile based on the leasing pipeline.

轉向運營，由於大衛在今年下半年強調的重大部署，第四季度的租賃量較低，加上分母較小的可用空間，基於租賃管道的運營指標將變得更加不穩定。

At year end, we expect spreads to be consistent with trailing 12 month levels over the course of the year.

到年底，我們預計利差將與全年過去 12 個月的水平保持一致。

Overall, leasing activity economics remain elevated and we remain confident on the backfill of the remaining vacancies highlighting the quality of the portfolio and depth of demand.

總體而言，租賃活動的經濟效益仍然較高，我們對剩餘空缺的填補仍然充滿信心，這突顯了投資組合的品質和需求的深度。

Moving to 2024, as David noted, we're extremely excited to form and scale the first publicly traded retail focus exclusively on convenience assets and based on the mortgage commitment announced in October, along with recent transaction and financing activity, we have positioned both SITE and Curbline with the balance sheet that they need to execute on their business plans.

正如David 指出的那樣，到2024 年，我們非常高興能夠組建和擴展第一個專注於便利資產的公開交易零售公司，並且根據10 月份宣布的抵押貸款承諾以及最近的交易和融資活動，我們將SITE定位為Curbline 提供了他們執行業務計劃所需的資產負債表。

As a result of the planned spinoff and significant expected asset sales, we are not providing a formal 2024 FFO guidance range.

由於計劃中的分拆和大量的預期資產出售，我們不會提供正式的 2024 年 FFO 指導範圍。

We are providing projections, though, for total portfolio at Ally for the site and current portfolios that include all properties owned as of year end.

不過，我們正在提供 Ally 的總投資組合以及目前投資組合（包括截至年底擁有的所有房產）的預測。

And as we move forward over the course of the year, we expect to update the projection ranges for transaction activity.

隨著今年的進展，我們預計會更新交易活動的預測範圍。

For the CURB portfolio, total NOI is expected to be roughly $76 million at the midpoint of the projected range before any additional acquisitions.

對於 CURB 投資組合，在進行任何額外收購之前，總 NOI 預計約為 7,600 萬美元（按預期範圍的中點計算）。

And same-store NOI growth is expected to be between 3.5% and 5.5% for 2024.

預計 2024 年同店 NOI 成長將在 3.5% 至 5.5% 之間。

For the SITE portfolio, total NOI is expected to be roughly $265 million at the midpoint of the project range before any dispositions.

對於 SITE 投資組合，在進行任何處置之前，總 NOI 預計約為 2.65 億美元（按項目範圍的中點計算）。

Additional details on the assumptions underpinning these ranges are in our press release and earnings slides.

有關支持這些範圍的假設的更多詳細信息，請參閱我們的新聞稿和收益幻燈片。

In terms of other line items, we expect JV fees to average around $1.25 million per quarter, and G&A to average around $12 million per quarter prior to the planned spin-off.

就其他項目而言，我們預計在計劃分拆之前，合資企業費用平均每季約為 125 萬美元，一般管理費用平均每季約為 1,200 萬美元。

Given the significant cash balance on hand, interest income is likely to remain elevated in the first half of the year.

鑑於手頭現金餘額較多，上半年利息收入可能維持在高水準。

So it will obviously be dependent on short term rates and any debt repayment activity.

因此，這顯然取決於短期利率和任何債務償還活動。

Transaction volume, particularly the timing of asset sales, is expected to be the largest driver of quarterly FFO in the fourth quarter included $4.5 million of NOI from assets sold in the quarter as detailed in the supplement.

交易量，特別是資產出售的時機，預計將成為第四季度季度 FFO 的最大驅動力，其中包括本季出售資產帶來的 450 萬美元 NOI，如補充資料中詳述。

Moving to the balance sheet in terms of leverage at quarter end debt to EBITDA was 4.2 times with a net debt yield

從資產負債表來看，季末負債與 EBITDA 的槓桿比率為 4.2 倍，淨負債殖利率為

[north to 20%].

[北至20%]。

Over the course of 2024, we expect leverage to continue to decline with net debt to EBITDA below 4 times.

2024 年，我們預期槓桿率將持續下降，淨債務與 EBITDA 比率將低於 4 倍。

Prior to drawing on the $1.1 billion mortgage commitment, we expect to maintain the significant primarily unencumbered asset base, providing additional scale and collateral for site stakeholders.

在動用 11 億美元抵押貸款承諾之前，我們預計將維持重要的主要未支配資產基礎，為場地利害關係人提供額外的規模和抵押品。

We repaid the 2024 notes and one wholly owned mortgage in the fourth quarter and expect to retire the majority of outstanding consolidated debt prior to the spin with proceeds from the mortgage commitments.

我們在第四季度償還了 2024 年票據和一筆全資抵押貸款，並預計在分拆之前用抵押貸款承諾的收益償還大部分未償合併債務。

This mortgage will be secured by 40 properties that are expected to be part of SITE Centers post-spin.

該抵押貸款將由 40 處房產作為擔保，這些房產預計將成為分拆後 SITE 中心的一部分。

Funding expect is expected to occur prior to the spinoff, subject to the satisfaction of closing conditions.

預計融資將在分拆前進行，但須滿足交割條件。

For Curbline properties, the company at the time to spend is expect expected to have no debt now at $300 million of cash and a $300 million preferred investment insights enters this highly liquid balance sheet will allow turbine to focus on scaling this platform while providing the capital to differentiate itself from the largely private buyer universe acquiring communities properties.

對於Curbline 資產，該公司在支出時預計將沒有債務，現金為3 億美元，而3 億美元的優先投資見解將進入這個高度流動的資產負債表，這將使渦輪機能夠專注於擴展該平台，同時提供資本與收購社區房產的私人買家區分開來。

Additionally, as David noted, depending on the level of asset sales completed prior to spin, we may look to fund Curb entirely with cash and no preferred investment in sight.

此外，正如 David 指出的那樣，根據分拆前完成的資產出售水平，我們可能會考慮完全用現金為 Curb 提供資金，並且看不到優先投資。

Details on sources and uses and projected capital structures can be found on pages 12 and 13 of the earnings slides.

有關來源和用途以及預計資本結構的詳細信息，請參閱收益投影片的第 12 頁和第 13 頁。

Lastly, as a result of 2023 transaction activity, SITE Centers paid in January 2020 for a special dividend of $0.16 per share.

最後，由於 2023 年的交易活動，SITE Centers 於 2020 年 1 月支付了每股 0.16 美元的特別股息。

The dividend was funded with cash on hand, the Company also declared its first quarter dividend of $0.13 per share, which is unchanged from the fourth quarter.

該股息由手頭現金支付，該公司還宣布第一季股息為每股 0.13 美元，與第四季持平。

And with that, I'll turn it back to David.

說到這裡，我會把它轉回給大衛。

Thank you, Conor.

謝謝你，康納。

Operator, we're now ready to take questions.

接線員，我們現在準備好回答問題。

We will now begin the question and answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員說明）

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hey, good morning.

嗨，早安。

Morning, going to out a few quick pay morning.

早上，要出去幾個快付早。

Just a few questions here.

這裡只是幾個問題。

Just first, the big one, David, you're not outlining an RVI type entity for legacy site, but still it's hard not to think about site ultimately sort of going the way, if you will, especially at the pace of dispositions that you're doing.

首先，大衛，您並沒有概述遺留站點的 RVI 類型實體，但仍然很難不考慮站點最終會走上這條路，如果您願意的話，尤其是按照您的部署速度正在做。

And clearly management's focus on curb.

顯然管理層的重點是遏制。

So can you just give a little bit more color on how we should think about SITE Uno post October first, 2024?

那麼，您能否就 2024 年 10 月 1 日之後我們應該如何考慮 SITE Uno 提供更多資訊？

Sure.

當然。

I'll be happy to.

我會很樂意的。

I think it really depends on what signals we're getting from the public markets and what signals we're getting from the private markets.

我認為這實際上取決於我們從公開市場獲得的訊號以及我們從私人市場獲得的訊號。

And at this point, the signals are very strong that the private market values assets and at a higher value.

在這一點上，私人市場對資產進行估值並且價值更高的訊號非常強烈。

And so we're listening to those signals and we continue to sell assets on should that continue.

因此，我們正在傾聽這些訊號，如果這種情況繼續下去，我們將繼續出售資產。

Then those asset sales, I think probably pick up on, you can see how much activity we have going on right now at values that I think are very strong.

然後，我認為這些資產銷售可能會增加，您可以看到我們現在正在進行多少活動，我認為這些活動的價值非常強勁。

So moving forward, all I can say is in the time being between now and the spin date.

因此，展望未來，我所能說的就是從現在到旋轉日期之間的這段時間。

We will continue to sell assets and we'll reconsider what the strategy is and what the eventual outcome is at that time.

我們將繼續出售資產，我們將重新考慮當時的策略是什麼以及最終結果是什麼。

Okay.

好的。

And then on cap rates, I think the prior back, but you sold a year end into early this year, I think you averaged [6.5%] on dispositions.

然後就資本化率而言，我認為之前的回報，但你在年底到今年年初都出售了，我認為你的處置平均為[6.5%]。

You're saying now the next batch looks to be a

你是說現在下一批看起來是

[7%].

[7%]。

And I don't recall what you said on the curb asset acquisitions, but can you just talk a little bit more about cap rates and then also, can you talk about IRRs?

我不記得你在限制性資產收購方面說過什麼，但你能多談談資本化率嗎？然後，你能談談內部報酬率嗎？

So when you look at these assets, the ones you're selling and then the ones you're buying, it almost sounds like based on your comments, literally the convenience assets not only have lower CapEx needs but actually have higher returns, which sounds incredible, but just wanted to get a little bit more perspective on that.

因此，當您查看這些資產時，您正在出售的資產，然後是您正在購買的資產，聽起來幾乎是根據您的評論，從字面上看，便利資產不僅具有較低的資本支出需求，而且實際上具有更高的回報，這聽起來難以置信，但只是想對此有更多的了解。

And then maybe as part of that, you could just talk about what you're finding on credit quality as far as expectations for bad debt as you underwrite the curve assets.

然後也許作為其中的一部分，您可以只談論您在承保曲線資產時對信用品質的發現以及對壞帳的預期。

Sure.

當然。

Well, on cap rates on either you and I have discussed numerous times, it's difficult to pin down cap rates when the number of transactions are a handful here and there I will say that on the assets closed in the fourth quarter that were averaging a [6.5% cap], did have a wide range of formats as well as a real wide range of cap rates.

好吧，關於你和我已經討論過很多次的資本化率，當交易數量很少時，很難確定資本化率，我會說，在第四季度關閉的資產中，平均 [ 6.5％上限]確實有多種格式以及真正廣泛的上限率。

We sold some assets in the [low 5s] and we sold some assets in the [high 7s] on this next group where we're under LOI.

我們在意向書下的下一組中出售了 [low 5s] 的一些資產，並出售了 [high 7s] 的一些資產。

We've awarded deals and we're starting to negotiate contracts on.

我們已經授予了交易，並開始談判合約。

It's the same thing.

這是同一件事。

There are some properties that are

有一些屬性是

[low 6s].

[低6秒]。

There's some properties that are

有一些屬性是

[high 7s].

[高7秒]。

So I think the average is an interesting note, and I do think the average of [6.5] in the last batch to seven in this batch, I don't know what that means going forward.

所以我認為平均值是一個有趣的註釋，我確實認為上一批的平均值是 [6.5]，而本批次的平均值為 7，我不知道這意味著什麼。

I don't know if the additional properties we have are going to be higher or lower.

我不知道我們擁有的額外屬性會更高還是更低。

I what I have found is that the private market participants are less focused on retail format and they're more intrigued by the credit quality, the submarket that the asset lies in and the duration of the lease term.

我發現，私募市場參與者不太關注零售業態，他們對信用品質、資產所在的次市場以及租賃期限更感興趣。

And in that sense, the SITE Centers portfolio fits that mandate of a lot of private buyers because we are in high income demographics.

從這個意義上說，SITE 中心的投資組合符合許多私人買家的要求，因為我們屬於高收入者。

The lease-up has been so robust in the last two or three years that the duration is pretty strong and the weaker tenants like Bed Bath and beyond have largely left the portfolio.

過去兩三年的租賃量非常強勁，持續時間相當長，而像 Bed Bath 等實力較弱的租戶基本上已經離開了投資組合。

So it feels like the private market participants are putting a higher value on those assets, which means that we fit those mandates.

因此，感覺私人市場參與者對這些資產賦予了更高的價值，這意味著我們符合這些要求。

One of the things that, as you know, also contributes to a lot of activity is the presence of a grocery store.

如您所知，雜貨店的存在也是促成大量活動的因素之一。

And we still have more than 2,000 centers that have a grocery store attached to them in the portfolio today.

如今，我們的投資組合中仍有 2,000 多個附有雜貨店的中心。

And the average sales are quite high and there's a number of them that are more than $1,000 a square foot.

而且平均銷售額相當高，有不少都超過每平方英尺1000美元。

So I do think that the valuation that we've been seeing feels to be consistent with what I would expect the next couple of months to be on.

因此，我確實認為我們所看到的估值與我對未來幾個月的預期一致。

So our view on cap rates is that buyers are seeing the value of this duration and the credit quality.

因此，我們對上限利率的看法是，買家正在看到這段期限的價值和信貸品質。

And we're seeing the outcome of that.

我們正在看到其結果。

On the buy side, where we're buying convenience properties, the main difference between what we're selling and buying is that growth and the cost of that growth.

在買方方面，我們購買便利的房產，我們出售和購買的主要區別在於成長和成長的成本。

So if we can deliver a much higher same-store number, but the cost to generate that is significantly less.

因此，如果我們能夠提供更高的同店數量，但產生該數量的成本會顯著降低。

I do agree with you that the unlevered IRR of the convenience properties is higher than what we're selling today.

我確實同意你的觀點，即便利房產的無槓桿 IRR 高於我們今天銷售的房產。

Thank you.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Thank you.

謝謝。

Sort of follow up on the sales on at least the case that you guys are the last couple quarters have averaged almost $800 million a quarter.

至少在過去幾季的銷售額中，你們每季的平均銷售額接近 8 億美元。

You guys have $750 million under contract, just beyond the $750 million, how much is being marketed currently, maybe not at the under contract or LOI phase, but kind of close to give us a sense of what the cadence could be for the balance of the year, because it seems like you guys have.

你們的合約金額為 7.5 億美元，略高於目前正在銷售的 7.5 億美元，可能不在合約或意向書階段，但有點接近，讓我們了解平衡的節奏可能是怎樣的。今年，因為你們似乎都經歷過。

What about $3.5 billion left to sell Pro formative

剩下 35 億美元可以賣 Pro formative 怎麼樣？

[$750 million].

[7.5億美元]。

Is that about right from a volume perspective?

從成交量的角度來看，這是正確的嗎？

Sure, Craig, it's David.

當然，克雷格，是大衛。

It's a little difficult to hear you, but I think what you're asking is what's the total volume of assets that them we're marketing is that?

聽你說的話有點困難，但我想你想問的是我們正在行銷的資產總量是多少？

Is that where you're going?

那是你要去的地方嗎？

Yes, sorry, I'll talk louder to my phone.

是的，抱歉，我會對著手機大聲說話。

Yes, the total volume that you're marketing today and just the fact that on the $750 million kind of that's a pretty similar cadence to what you did in the fourth quarter.

是的，您今天行銷的總量以及 7.5 億美元的銷售額與您在第四季度的節奏非常相似。

So is that is that achievable kind of quarterly run rate here?

那麼這就是可以實現的季度運行率嗎？

And as we think about what's last on?

當我們思考最後發生了什麼事？

It feels like about $3.5 billion.

感覺大約是 35 億美元。

Is that also kind of the right way to think about kind of what's left here in the near term?

這也是思考近期剩下的事情的正確方式嗎？

Well, I'd say right now under under LOI and negotiating transactions.

好吧，我想說的是，現在正在意向書和交易談判中。

Like I said, it's about $750 million.

正如我所說，大約是 7.5 億美元。

There's another 2,000 properties that are in various forms of marketing with brokers on that.

還有另外 2,000 處房產正在與經紀人進行各種形式的行銷。

And that equates to somewhere around an $800 million group that's going to be launching sometime in the next 30 days.

這相當於一個價值約 8 億美元的團隊將在未來 30 天內推出。

And the real question is how much of that transacts?

真正的問題是其中有多少交易？

There had been properties that we didn't like the pricing and we didn't transact there, have them situations where a buyer has wanted to group a couple of assets together into a small portfolio that has speeded up the process.

曾經有一些房產我們不喜歡它的定價，所以我們沒有在那裡進行交易，在這種情況下，買家希望將一些資產組合成一個小型投資組合，從而加快了這一過程。

So it really comes down to simply how much time does John's team have to transact?

所以這實際上取決於約翰的團隊有多少時間進行交易？

And is it one by one?

而且是一一的嗎？

Or is it in small groups or larger portfolios?

還是小團體還是更大的投資組合？

So it's really difficult for me to say, other than if we close $800 million in the fourth quarter, we got another $750 million is spoken for and then we've got another $800 million that's in an early stage of marketing.

所以我真的很難說，除瞭如果我們在第四季度關閉 8 億美元之外，我們還獲得了另外 7.5 億美元的資金，然後我們還有另外 8 億美元處於行銷的早期階段。

It feels like there's still plenty of volume out there.

感覺音量還是很大的。

What I don't know is how much of that closes and how much of it, Todd actually transacts there could go into just a slide from a timing perspective, just kind of the cadence of to David's point when assets are being listed, et cetera, you're likely to see a lull between the December closings we had and then the next batch, meaning it's probably a month or two from now and just to give you context.

我不知道其中有多少是關閉的，有多少是托德實際上在那裡進行的交易，從時間的角度來看，這可能只是一張幻燈片，就像大衛在資產上市時所指出的那樣，等等。 ，您可能會在 12 月份的關閉和下一批之間看到一段平靜期，這意味著從現在起可能需要一兩個月，只是為了給您提供背景信息。

So it's as likely now to $750 million first quarter run rate, but to David's point based off how much we have under LOI or contract plus the stainless and you could see a lot more volume in the second and third quarters.

因此，現在第一季的運行率很可能達到7.5 億美元，但就大衛的觀點而言，根據我們的意向書或合約加上不銹鋼的數量，你可能會在第二季和第三季看到更多的銷量。

In terms of your question on the valuation, we did provide the projected NOI ranges for site and Curb.

關於您關於估值的問題，我們確實提供了場地和路邊預計的 NOI 範圍。

So I'll defer to you on kind of what cap rate you want to put in there, but that should help give you a sense of sizing on the remaining asset base.

因此，我會聽從您的意見，確定您想要設定的資本化率，但這應該有助於您了解剩餘資產基礎的規模。

No, that's helpful.

不，這很有幫助。

And David, to your point of, you know, the hit rate kind of what do you think the hit rate is on the kind of decision to sell versus what's being marketed here?

大衛，就你的觀點而言，你認為銷售決定與這裡銷售的產品的命中率是多少？

And how does that and kind of translate into what you think ultimately are what are the characteristics that are kind of driving the pricing that you're getting versus maybe some bids that don't fall in?

這如何轉化為您認為最終推動您獲得的定價與某些不符合的出價的特徵是什麼？

And how far outside of the kind of the parameters or some of these bids?

參數或其中一些出價的種類有多遠？

And why not just at this point, given the fact that you're effectuating stent, I mean, are they so low ball does it.

為什麼不只是在這一點上，考慮到你正在實施支架，我的意思是，他們的做法是如此低調。

Does it make sense just to take them versus continue to hold out for better pricing here since you ultimately need to wind down this portfolio anyway?

因為無論如何你最終都需要減少這個投資組合，所以僅僅接受它們而不是繼續在這裡等待更好的定價是否有意義？

Yes, it was.

是的。

I would say in the fourth quarter, the bid-ask spread was a little lighter.

我想說的是，第四季的買賣價差稍微小一點。

And so there were some properties that we chose not to transact on.

因此，我們選擇不交易一些房產。

What feels like it's changed, Craig, as capital flows on that in the second half of last year, there were a number of value add buyers that were looking at strips.

克雷格，感覺情況發生了變化，隨著去年下半年資本的流動，有許多增值買家正在考慮剝離。

And I think most of what we sold in the fourth quarter was off market where John had relationships with 1,031 buyers or strategic buyers in a certain market.

我認為我們在第四季度出售的大部分產品都是場外交易，約翰與某個市場的 1,031 名買家或戰略買家有關係。

What seemed to change in the first quarter is that there's just more capital allocated to strips from core and core-plus buyers.

第一季似乎發生的變化是，核心和核心+買家分配了更多的資本。

And the increase in institutional interest in the last 30 days has been noticeable.

過去 30 天內機構興趣的增加非常明顯。

So it feels to me like the bid-ask spread has come in, the amount of capital looking for core real estate has gone up the confidence level of core buyers that the sector has really good fundamentals and tailwinds seems higher.

因此，在我看來，買賣價差已經出現，尋找核心房地產的資本數量已經提高了核心買家的信心水平，即該行業的基本面確實良好，而且順風似乎更大。

And therefore, it feels to me like the transaction activity is likely to stay pretty high.

因此，我覺得交易活動可能會保持相當高的水平。

And so I do think the hit rate is probably higher than it was in the back half of last year.

所以我確實認為命中率可能比去年下半年高。

And then just one last one.

然後只有最後一張。

Just I know we're a couple of months past the initial kind of announcement here.

我只知道我們距離最初的公告已經過去幾個月了。

So do you guys have any more clarity on the management structure, G&A, kind of fee structure that goes along with it in between sight and Curb?

那麼，你們對視線和路邊之間的管理結構、一般行政費用、費用結構是否有更清楚的了解？

Let's remember that the purpose of these two companies are very different.

讓我們記住，這兩家公司的目的非常不同。

One is getting smaller and one is getting bigger.

一種越來越小，一種越來越大。

And in order to facilitate that transition, the shared services that we'll be putting in place between the two companies will allow for that G&A to migrate from one company to the other.

為了促進這一轉變，我們將在兩家公司之間實施的共享服務將允許 G&A 從一家公司遷移到另一家公司。

At the end of the day, once the shared services agreement burns off I don't expect any overlap in staffing between the two companies.

最終，一旦共享服務協議失效，我預計兩家公司之間的人員配置不會有任何重疊。

I think we're going to know a lot more in the next six months as to which company needs more staff and which type of leadership.

我認為在接下來的六個月裡我們將更多地了解哪家公司需要更多員工以及哪種類型的領導力。

And I would expect in the next couple of months and quarters, we will certainly be able to give more information to the market, our Board of Directors is very focused on the issue, management is very focused on the G&A issue and our competence level that we can eventually run on Curbline at a G&A level that's at least as efficient as SITE Centers of today is very high, but there's a transition period.

我預計在接下來的幾個月和幾個季度，我們肯定能夠向市場提供更多信息，我們的董事會非常關注這個問題，管理層非常關註一般管理問題以及我們的能力水平我們最終可以在Curbline 上運行，其G&A 級別至少與當今的SITE 中心一樣高效，但有一個過渡期。

And I think we'll be giving you a lot more detail in the next few quarters, but I don't have a lot to add this morning.

我認為我們將在接下來的幾個季度向您提供更多詳細信息，但今天早上我沒有太多可補充的。

And Craig, if you think about just going back to my comment about projections, we've got the NOI range as we effectively giving you the pieces for a sum of the parts.

克雷格，如果你想回到我對預測的評論，我們已經得到了 NOI 範圍，因為我們有效地為你提供了各個部分的總和。

And to David's point, as we get close to that spin, they remember we're still six plus months off.

對於大衛來說，當我們接近那個旋轉時，他們記得我們還有六個多月的時間。

You'll start to see us transition more towards the kind of earnings story and give you the ingredients and pieces.

您將開始看到我們更多地轉向盈利故事，並為您提供要素和細節。

The Form-10 is obviously important part of that.

Form-10 顯然是其中的重要組成部分。

So again, I think you'll kind of see it drifting out of information, much like we provide additional information today versus October over the next couple of months.

再說一遍，我認為您會看到它從資訊中消失，就像我們今天提供的附加資訊與接下來幾個月的 10 月相比。

Great.

偉大的。

Thank you.

謝謝。

Thanks Craig.

謝謝克雷格。

Todd Thomas, KeyBanc.

托德·托馬斯，KeyBanc。

Thanks.

謝謝。

Good morning.

早安.

First, can you just expand a little bit on the investment pipeline for Kerr properties in the market today?

首先，您能否稍微擴大一下當今市場上 Kerr 房產的投資管道？

Just in terms of product you're seeing and pricing.

僅就您所看到的產品和定價而言。

And I think, David, you said that you're emphasizing I SITE center dispositions today, but I'm curious how we should think about the volume of acquisitions going forward for the carbon today?

我想，大衛，你說過你今天強調 I SITE 中心的配置，但我很好奇我們應該如何考慮今天碳的收購量？

Yes, Todd, the I'm there's a certain amount of anchor internally because we're all excited to be buying assets on.

是的，托德，我內部有一定的錨定，因為我們都很高興能夠購買資產。

We've got a lot of opportunities that we're underwriting.

我們正在承保很多機會。

The volume of Curbline assets that are available at any given time in the US is much higher than I would have thought.

在美國任何特定時間可用的 Curbline 資產數量都比我想像的要高得多。

So it feels like the addressable market is there.

所以感覺潛在市場就在那裡。

We've been buying somewhere in the mid six cap rate range and we feel strong strongly about the financial returns of that investment.

我們一直在六上限利率範圍內的某個地方購買，我們對該投資的財務回報感到強烈。

The challenge is simply want to time management.

挑戰只是想要時間管理。

We've got an awful lot of disposition activity going on on, like I mentioned to Craig, the amount of capital that seems to be very intrigued with SiTE centers on as we turn the calendar to '24 has been high.

我們正在進行大量的處置活動，就像我向 Craig 提到的那樣，當我們將日曆翻到 24 年時，似乎對 SiTE 中心非常感興趣的資本數量一直很高。

And so we've been allocating internal resources towards dispositions, and that's on the legal side.

因此，我們一直在將內部資源分配給處置，這是在法律方面。

That's on the transaction side, that's on the due diligence and underwriting side.

這是在交易方面，這是在盡職調查和承銷方面。

And so it has put a little bit of a governor on how much we can allocate to acquisitions.

因此，它對我們可以分配多少資金用於收購起到了一定的控製作用。

So I would expect the acquisitions to be a little bit slower over the next couple of months because we're awfully busy on selling.

因此，我預計未來幾個月的收購速度會稍微慢一些，因為我們非常忙於銷售。

Okay.

好的。

And you said that curbs expected to grow, I guess on the quarter, same-store basis around 3% or more over the next several years.

你說，我猜，未來幾年，本季同店的限制預計將成長 3% 或更多。

But in '24, it's expected grow 3.5% to 5.5% to 4.5% at the midpoint.

但在 24 年，預計中位數將成長 3.5% 至 5.5% 至 4.5%。

What why is 2024 same-store growth more elevated relative to that long-term growth rate target?

為什麼 2024 年同店成長相對於長期成長率目標更高？

Can you just talk about what's driving that premium growth in the near term for the CURB segments.

您能否談談近期推動 CURB 細分市場溢價成長的因素是什麼？

Its Conor.

是康納。

Good morning.

早安.

There's a couple of factors there.

這裡有幾個因素。

The biggest one being simply just the S&L pipeline and the collapse of the kind of leasing occupancy rate.

最大的一個就是 S&L 管道和租賃入住率的崩潰。

So much like SITE Centers, much like our peers, much like the open-air sector, there's just been a lot of leasing volume in the current portfolio and we expect that kind of occupancy gap to compress over time.

就像 SITE 中心、我們的同行、露天部門一樣，目前投資組合中的租賃量很大，我們預計這種入住率差距會隨著時間的推移而縮小。

The other member advantage of the current portfolio is you just have less downtime.

目前產品組合的另一個會員優勢是您的停機時間更少。

And so if you think about it you've got space back over the last couple of years, downtime to backfill is a lot shorter versus banker.

因此，如果您考慮一下，您在過去幾年中已經獲得了空間，回填的停機時間比銀行家要短得多。

And so you're just seeing kind of that compression or timeline to get those spaces back filled in a much shorter period, which is driving the growth.

因此，您只會看到某種壓縮或時間線，以便在更短的時間內重新填充這些空間，這正在推動成長。

The other thing is we had members a small denominator, some very, very significant mark-to-market opportunities as well.

另一件事是，我們的成員雖然很小，但也有一些非常非常重要的以市場計價的機會。

Those are driving as well.

那些也在開車。

So again, I would say it's a similar boost or drivers versus other kind of open-air real estate.

再說一遍，我想說，與其他類型的露天房地產相比，這是一個類似的推動力或驅動力。

It's just a tighter time line and a smaller denominator.

只是時間線更緊，分母更小。

Okay, makes sense.

好吧，有道理。

And one last one, actually, David, you've mentioned now I think twice, you know, the increase in appetite for retail real estate since the end of the year at the beginning of the year here.

最後一個，實際上，大衛，你現在已經提到過，我想三思而後行，你知道，自今年年底年初以來，對零售房地產的興趣有所增加。

Is the disposition activity still best and to be executed on a one-off property basis?

處置活動是否仍然最好並在一次性財產的基礎上執行？

Or is there any appetite for a portfolio sale or something larger in the marketplace to take place today on the SITE dispositions?

或者今天是否有興趣在 SITE 上進行投資組合銷售或市場上更大的交易？

It remains to be seen, Todd.

這還有待觀察，托德。

We're certainly open-minded to portfolios because it makes our job a little bit easier.

我們當然對投資組合持開放態度，因為它讓我們的工作變得更容易一些。

And there have been conversations with several groups about potential portfolios from, but we're also price sensitive and there's been a lot of private capital that's got a [1,031] need or that knows the sub market really likes an asset and certain cases, it just means that it's worth the extra work because of the value.

我們已經與多個團體就潛在的投資組合進行了對話，但我們也對價格敏感，並且有很多私人資本有[1,031] 的需求，或者知道次級市場確實喜歡某種資產，在某些情況下，它只是意味著，由於其價值，額外的工作是值得的。

I will be curious as well to see if portfolios increase.

我也很好奇投資組合是否會增加。

And we're if we continue more with one-off transactions, I'll be curious, but I don't I don't really know.

如果我們繼續進行更多一次性交易，我會很好奇，但我不知道，我真的不知道。

Okay, thank you.

好的謝謝。

Thanks, Todd.

謝謝，托德。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Hi there.

你好呀。

David, on the $750 million that's under contract, the power centers have a

大衛，在價值 7.5 億美元的合約中，電力中心有一個

[seven cap].

【七帽】。

And with that, that may be a positive read for the market out there, considering that some people may think it was closer to an [eight] kind of what you have remaining to sell.

考慮到有些人可能認為它更接近你剩餘的待售產品的[8]種，這對市場來說可能是個正面的解讀。

So maybe give us a little bit more color on I don't know like the geographic regions where these assets are located.

因此，也許可以讓我們對我不知道的這些資產所在的地理區域有更多的了解。

It's just sort of a portfolio type deal?

這只是一種投資組合類型的交易？

Or just trying to get a bit more more more color on these on these power centers?

或只是想在這些能量中心上獲得更多的色彩？

Yes, Sameer.

是的，薩米爾。

First of all, just remember when I did not say under contract I said awarded under LOI or negotiating a contract on.

首先，請記住，當我沒有說根據合約時，我說的是根據意向書授予或談判合約。

So some of those might fall out that might get replaced by others.

因此，其中一些可能會脫落，並可能被其他人取代。

But we felt it was when it was important to provide at least some disclosure around how much volume, approximately what type of pricing we're working on today since it is relevant.

但我們認為，至少需要揭露一些關於我們今天正在製定的定價類型的交易量和定價類型，因為它是相關的。

And I feel like what we're working on today is fairly consistent with the majority of the portfolio on the assets that we're currently negotiating contracts are spread across the country.

我覺得我們今天所做的工作與我們目前正在談判的合約遍布全國的大部分資產組合相當一致。

They're in various some retail formats and about 30% of them have a traditional grocery store at about 70% down.

他們有多種零售業態，其中約 30% 擁有傳統雜貨店，折扣率約 70%。

And some of them are larger assets, some are smaller assets.

其中有些是較大的資產，有些是較小的資產。

And so to me, it feels like a pretty good mix of the majority of our portfolio.

所以對我來說，這感覺像是我們大部分的投資組合很好的組合。

I would say there are some assets that we have not transacted yet that are better, i.e, very high volume grocers and there are some assets that we have that are not included in that that are probably worse.

我想說的是，我們尚未交易的一些資產較好，即數量非常大的雜貨店，而我們擁有的一些資產未包含在可能更差的資產中。

They might have a theater with a high rents on.

他們可能有一個租金很高的劇院。

But for the most part I feel like it's a pretty consistent read through to the majority of the portfolio.

但在大多數情況下，我覺得這是對大部分投資組合的相當一致的閱讀。

Okay, got it.

好，知道了。

And I guess my second question is around Curbline.

我想我的第二個問題是關於 Curbline 的。

I know you said it had no debt initially, but I guess what's the longer term leverage plan or even sort of the capital structure for curve at this time?

我知道你說它最初沒有債務，但我想目前的長期槓桿計劃或甚至曲線的資本結構是什麼？

Thanks.

謝謝。

Hey Samir, its Connor, good morning, Dave and I both mentioned as of today, we're expecting $300 million of cash at the time of spin and the $300 million preferred investment.

嘿，薩米爾，我是康納，早上好，戴夫和我今天都提到，我們預計在旋轉時將獲得 3 億美元的現金以及 3 億美元的優先投資。

However, to David's point, if we continue to sell assets that likely shift to just $600 million of cash and let's call it.

然而，就 David 的觀點而言，如果我們繼續出售資產，可能會變成 6 億美元的現金，我們就這樣吧。

Yes, I think we've got $1.2 billion or $1.3 billion of GAV today.

是的，我認為我們今天有 12 億美元或 13 億美元的 GAV。

Now to Tom's point, we do expect to acquire more assets, let's call it $25 million to $50 million a quarter going into it.

現在，湯姆的觀點是，我們確實期望收購更多資產，我們稱其為每季 2,500 萬至 5,000 萬美元。

So round numbers, you're talking about a GAV of, call it, $1.4 billion and $600 of cash and perhaps a, call it $2 billion time to spin initially.

如此整數，你談論的是 14 億美元的 GAV 和 600 美元的現金，也許還有 20 億美元的初始旋轉時間。

I think it's fair to assume that that curve would use that cash to deploy capital, and then once you're have utilized that cash, the question is, what's your kind of leverage path or trajectory?

我認為可以公平地假設該曲線將使用該現金來部署資本，然後一旦您使用了該現金，問題是，您的槓桿路徑或軌跡是什麼？

And there we'll see.

我們拭目以待。

We'll see how it plays out.

我們將看看結果如何。

I mean, I think if you look at our company or SITE Centers in the last six years, we've generally looked to maintain a balance sheet that was consistent, if not marginally better than the peer group.

我的意思是，我認為如果你看看我們公司或 SITE 中心在過去六年中的情況，我們通常會尋求保持一致的資產負債表，即使不是比同行稍微好一點。

And I think the curb is fair to be seen if there's either a fair to assume, excuse me, that it's a similar path.

我認為，如果有一個公平的假設，請原諒，這是一條類似的道路，那麼路邊是公平的。

All that said, that's a ways out from now.

綜上所述，這是從現在開始的出路。

So we'll see what, um, what we're how we go from there.

所以我們會看看我們如何從那裡開始。

But I'm again, I think it's fair to assume it's just a consistent cap structure as we have a site today.

但我再說一遍，我認為假設它只是一個一致的上限結構是公平的，因為我們今天有一個網站。

I don't know if that helps answer your question.

不知道這是否有助於回答你的問題。

No, it does.

不，確實如此。

That's it for me.

對我來說就是這樣。

Thanks, guys.

多謝你們。

Thanks, Samir.

謝謝，薩米爾。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, good morning, guys.

嘿，早上好，夥計們。

Thanks.

謝謝。

Looks like you're going to be busy for the next couple of months, pretty exciting new concepts, higher growth, as you say.

正如你所說，看起來你接下來的幾個月會很忙，非常令人興奮的新概念，更高的成長。

I'm just curious on some of the cost involved.

我只是對其中涉及的一些費用感到好奇。

You mentioned the commitments that you've got for the $1.1 billion of debt, mortgage debt.

您提到了您對 11 億美元債務、抵押貸款債務的承諾。

Could you tell us what the cost of that commitment is and what the cost of that debt would be?

您能否告訴我們該承諾的成本是多少以及該債務的成本是多少？

And then secondly, it was part of that.

其次，這是其中的一部分。

You've said you that debt is related to 40 assets, I think post spin.

你說過債務與 40 項資產有關，我認為是分拆後的。

Have you identified those assets already?

您已經確定了這些資產嗎？

Presumably lenders will want to know what assets are there providing the credit on?

想必貸款人會想知道哪些資產提供信貸？

And so does that are those assets some of your better assets or maybe give a little bit of detail on what's what's remaining that you expect it to be part of sites post spin?

那麼，這些資產是否是您更好的資產，或者可能提供一些關於您希望其成為網站旋轉後的一部分的剩餘內容的詳細資訊？

Good morning.

早安.

It's Conor.

這是康納。

If you look at our slides on page 12, we've got sources and uses for the transaction, which we updated as of year-end.

如果您查看第 12 頁的幻燈片，我們會提供交易的來源和用途，並在年底進行了更新。

If you recall at the time of the spin announced on October 30 and provided a similar slide that was as of the third quarter.

如果您還記得 10 月 30 日宣布的旋轉並提供了截至第三季的類似幻燈片。

So we kind of roll this forward a quarter to help with the sources and uses.

因此，我們將其向前推進了一個季度，以幫助解決來源和用途問題。

You are correct to point out that we've excluded the commitment fee related to that transaction from those costs.

您正確地指出，我們已將與該交易相關的承諾費從這些成本中排除。

I think it's fair to assume that the additional detail is provided in our K when we file that and a couple of weeks from here.

我認為可以公平地假設，當我們提交該文件時以及幾週後，我們的 K 中會提供更多詳細資訊。

But they're generally market terms, we had a commitment as part of the RBI facility.

但它們通常是市場條款，我們作為印度儲備銀行設施的一部分做出了承諾。

If you recall, back in 2018, I think it was actually six years ago, seven years ago this month.

如果你還記得，早在2018年，我想那其實是六年前、七年前的這個月。

And we've been kind of a market commitment fees generally around a point upfront.

我們的市場承諾費用通常約為預先決定的一點。

And it's fair to assume that at the Apollo facility, something very similar.

可以公平地假設，在阿波羅設施中，情況非常相似。

If you come back to who our counterparty with that as Atlas SP, that was actually our counterparty, the old Chris, we securitized products team six or seven years ago, as I just mentioned, so it's a group of work worked with for a number of occasions.

如果你回到我們的對手方Atlas SP，那實際上是我們的對手方，老克里斯，正如我剛才提到的，我們六七年前對產品團隊進行了證券化，所以這是一組與許多人合作的工作。的場合。

We've done a number of deals with in the summer.

我們在夏天達成了很多交易。

We lose we have like Retail Trust and as part of our process for that commitment.

我們失去了像零售信託這樣的東西，並且作為我們實現這一承諾的流程的一部分。

We identified those 40 assets.

我們確定了這 40 項資產。

We've already gone through underwriting with them.

我們已經與他們進行了承保。

So yes, that pools and identified guests that lender have worked through that if you recall, there's also a kind of effectively a go-shop provision as part of that commitment where we can take that to market and go in a different path or we can continue to work with Atlas or Apollo.

所以，是的，貸款人已經解決了這個問題，如果你還記得的話，還有一種有效的去商店條款作為承諾的一部分，我們可以將其推向市場並走不同的道路，或者我們可以繼續與Atlas 或Apollo 合作。

So the ultimate financials or ultimate economics, I should say of that transaction are to be determined to David's point, I think from Craig earlier, we'll provide more details as we get closer.

因此，最終的財務或最終的經濟學，我應該說，這筆交易將根據大衛的觀點來確定，我認為從克雷格早些時候的觀點來看，我們將在接近時提供更多細節。

But there's a world where we use a much smaller facility based off asset sales.

但在這個世界上，我們使用基於資產銷售的規模小得多的設施。

Those even though even more aggressive loan we don't we don't have any borrowings that time to spend if the transaction market really remains robust.

即使我們沒有更激進的貸款，如果交易市場確實保持強勁，我們也沒有任何借款可以花費。

So again, we'll provide more detail as we get closer to spend.

因此，當我們接近支出時，我們將再次提供更多詳細資訊。

But it's a market.

但這是一個市場。

It's fair to assume it's a market rate CMBS deal.

可以公平地假設這是一項市場利率 CMBS 交易。

And again, we'll land we'll provide updates as we progress through 2024.

再次強調，我們將在 2024 年進展時提供更新。

Thanks, Conor,

謝謝，康納，

(multiple speakers)

（多個發言者）

I think that the answers that part of the question?

我認為這回答了問題的那一部分？

I think the other question I had was in relation to your to your current portfolio.

我認為我提出的另一個問題與您目前的投資組合有關。

There's one other as far as I'm aware, there's one other our sizable portfolio out there that somewhat similar to yours, which is the Crowe portfolio.

據我所知，還有一個我們龐大的投資組合與您的有點相似，那就是 Crowe 投資組合。

You must have looked at that closely.

你一定仔細看過了。

Maybe could you give a couple of potential differentiating factors you have for your portfolio versus that portfolio or and how people should think about us and what's your what percentage of your NOI, the $76 million of NOI that you have for the for the current portfolio, how much of that was carve out and from your existing assets versus actual convenience assets that you've acquired separately as stand-alone assets?

也許您可以給出一些您的投資組合與該投資組合的潛在差異化因素，或者人們應該如何看待我們，以及您的 NOI 的百分比是多少，您當前投資組合的 7600 萬美元的 NOI，其中有多少是從您現有的資產中剝離出來的，與您作為獨立資產單獨購買的實際便利資產相比？

Yes, but in two parts, but I'll let I apologize, Alex.

是的，但分成兩部分，但我要道歉，亞歷克斯。

I'll let Kurt take part B, which is the carve-out details.

我會讓 Kurt 參與 B 部分，即排除細節。

But on Part A., there's so much inventory in the US and convenience.

但在 A 部分，美國的庫存非常多，而且很方便。

There are a number of smaller and midsize portfolios out there.

有許多中小型投資組合。

I hate to get into a comparison between on different portfolios just because you have imperfect information.

我討厭僅僅因為資訊不完善就對不同的投資組合進行比較。

I will say that we did hand select this portfolio.

我想說的是，我們確實手工挑選了這個投資組合。

I mean, we chose what the carve out.

我的意思是，我們選擇了要開拓的東西。

We chose what the lead behind, which owes what to buy in the last five years.

我們選擇了後面的領先者，欠了過去五年購買的東西。

So we're very happy with the credit quality, the growth quality, the sub markets, the locations, the daily traffic, the cellphone data that we've been tracking for years, as you know.

因此，正如您所知，我們對信用品質、成長品質、子市場、位置、每日流量、手機數據非常滿意，這些都是我們多年來追蹤的。

So we're really happy with the portfolio we have on I hate to start comparing it to other portfolios that we just don't have perfect information as a data point.

因此，我們對我們擁有的投資組合非常滿意，我討厭開始將其與其他投資組合進行比較，因為我們只是沒有完美的資訊作為數據點。

I think it's a really important asset because we built this from the ground up literally asset-by-asset.

我認為這是一項非常重要的資產，因為我們從頭開始建立它，實際上是逐一資產地建構的。

So everything in here, we feel really good about the overall metrics are on page 15, floors on which makes the comparisons, I guess difficult to your point to David's point on the carve outs are about 25%, maybe marginally more than that of the overall portfolio in terms of ABR.

所以這裡的所有內容，我們對第 15 頁的總體指標感覺非常好，進行比較的樓層，我想你很難理解大衛關於剝離的觀點約為 25%，可能比就ABR 而言，整體投資組合。

But that's coming down every day, right, as we buy assets.

但隨著我們購買資產，這個數字每天都在下降，對吧。

And you think about just some years question on the balance sheet for a $1.2 billion-ish of GAV today and we carve outs or call it $300 million, $400 million of that, as we deployed a $2 billion, $3 billion, the carve outs dropped to a fairly insignificant amount.

你想想今天資產負債表上 12 億美元左右的 GAV 的幾年問題，我們剝離或稱之為 3 億美元、4 億美元，當我們部署 20 億美元、30 億美元時，剝離下降了到相當微不足道的數量。

So again, we feel really good about each of those carve outs.

再說一遍，我們對每一項剝離都感覺非常好。

We're happy to own them and we hand-selected each of them.

我們很高興擁有它們，並且每一個都是我們親自挑選的。

But that kind of a subset of the portfolio will shrink over time as we as we lever up or at least deploy the cash.

但隨著我們提高槓桿率或至少部署現金，投資組合的這一子集將隨著時間的推移而縮小。

Thanks, guys.

多謝你們。

Ki Bin Kim with Truist.

Ki Bin Kim 與 Truist。

Thanks.

謝謝。

I have a couple of housekeeping items here.

我這裡有一些家務用品。

When you quote cap rates on your dispositions, can you just talk about what definition that is?

當你引用你的配置的上限利率時，你能談談這是什麼定義嗎？

And if you if you're including property management charge and things like that, hey, even more installment in our mind, there's only one definition of the cap rate, which is a forward 12-month NOI, including a management fee.

如果你包括物業管理費和類似的費用，嘿，甚至更多的分期付款，上限利率只有一個定義，即遠期 12 個月的 NOI，包括管理費。

Okay.

好的。

And on your $250 million NOI projection for the SITE Centers portfolio.

以及 SITE 中心投資組合的 2.5 億美元 NOI 預測。

I'm assuming that's as of [1231], 2023 portfolio.

我假設這是截至 [1231]、2023 年的投資組合。

And if you can provide just high level, what does that translate to from a same-store NOI standpoint?

如果您可以提供高水準的服務，那麼從同店 NOI 的角度來看，這意味著什麼？

Yes, you're right.

你是對的。

So it includes the two assets that were sold as of January or February to date.

因此，它包括截至一月或二月迄今為止出售的兩項資產。

And so you did adjust for those.

所以你確實針對這些進行了調整。

So effectively, we gave you the balance sheet and the analyzed at 1231.

因此，我們實際上為您提供了資產負債表並在 1231 進行了分析。

So it's a good one.

所以這是一件好事。

It's a good point to call out in terms of same or it's the same for and why we didn't provide a projection for SITE Centers for a couple of reasons.

這是一個很好的觀點，可以用「相同」或「相同」來表示，以及為什麼我們出於幾個原因沒有提供 SITE 中心的預測。

And the biggest reason, and this is something, David and I both alluded to in our prepared remarks is it's just losing relevance.

大衛和我在準備好的演講中都提到，最大的原因是它正在失去相關性。

So we sold $1 billion of real estate effectively in the fourth quarter.

因此，我們在第四季度有效出售了 10 億美元的房地產。

None of those assets had a Bed Bath & Beyond.

這些資產都沒有床浴及其他設施。

If we included those in 2024 our same store would be higher, not because it's better real estate or worst real estate, but simply because of whether or not the bad debts are in there or not.

如果我們把 2024 年的那些也包括在內，我們同一家商店的價格會更高，不是因為它是更好的房地產還是最差的房地產，而只是因為壞帳是否存在。

In the same vein, if we sell a number of our Bed Bath assets, which we expect to in the first half year, our same-store will start to go up.

同樣，如果我們出售一些 Bed Bath 資產（我們預計將在上半年出售），我們的同店業績將開始上升。

Does that mean things were getting better for that portfolio now it's just the volatility around operating metrics for Titan is really going to grow and as a result that's dropped in terms of relevance.

這是否意味著該投資組合的情況正在變得更好，只是泰坦營運指標的波動性確實會增加，因此相關性下降了。

Now, do you think about some guideposts on how you should think about same-store per site over the course of the year, it's fair to assume on a static portfolio growth would be look similar to the fourth quarter and the first half of the year as we come through through bad debt.

現在，您是否考慮過一些關於如何在一年中考慮每個網站同店的指南，可以公平地假設靜態投資組合增長將與第四季度和今年上半年類似當我們擺脫壞賬時。

And then you start to see a pretty dramatic acceleration in the back half of the year as the S&L pipeline and also those in those bed that backfills come into place.

然後，隨著 S&L 管道以及回填管道的到位，你會開始看到今年下半年出現相當戲劇性的加速。

And that gets you to a level that I think it's pretty consistent what we did in 2023 in the back half and what some of our peers reporting for their guidance for 24.

這讓你達到了一個水平，我認為這與我們在 2023 年下半年所做的事情以及我們的一些同儕報告的 24 年指導非常一致。

But I would just I would just give you again a caveat that relevance, we think the metric is pretty low and the volatility of same-stores be so dramatic, of course, 24 based on asset sales that we just don't think it's a relevant number or to provide at this time.

但我只是想再次警告您，相關性，我們認為該指標相當低，同店的波動性如此之大，當然，24 基於資產銷售，我們認為這不是一個相關號碼或此時提供。

Okay.

好的。

Thank you.

謝謝。

Dori Castaigne, Wells Fargo.

多麗·卡斯塔涅，富國銀行。

Thanks, warning, which could you call October rather firm time line for the spin at this point or could material incremental sales move that forward or doing more installers?

謝謝，警告，您可以將十月份的旋轉時間線稱為相當固定的時間線，或者實質性的增量銷售是否可以推動這一點，或者進行更多的安裝？

It's a great question at this time.

這是一個很好的問題。

We think October first as a great place holder, you're absolutely right.

我們認為十月一日是個很好的佔位符，你是完全正確的。

If you saw some dramatic change in transaction positively negatively, we might move up or move back to date.

如果您看到交易發生一些戲劇性的積極或消極的變化，我們可能會向上或向後移動。

All that said, remember, we don't need to sell another asset to get this transaction done right now with the financing is effectively that bridge.

儘管如此，請記住，我們不需要出售另一項資產來立即完成這筆交易，融資實際上就是這座橋樑。

So everything from here to David's point or responses from earlier is purely upside to both site and curb stakeholders, which is the same stakeholder today.

因此，從這裡到大衛的觀點或先前的回應，對於現場和路邊利益相關者來說都是純粹的好處，而這也是今天的同一利益相關者。

So it's a great question.

所以這是一個很好的問題。

Mobile Altadis, along as of today is our best guess.

截至目前，移動阿塔迪斯是我們最好的猜測。

It feels like transactions and five transactions remain the biggest variable to whether that date moves forward or back a month or so.

感覺交易和五筆交易仍然是該日期是否向前或向後移動一個月左右的最大變數。

Okay.

好的。

And what I guess what level of asset sales from this point on would remove the preferred equity stake from the transactions, it's probably pretty close story to [$1 for dollar], meaning if we sold an additional 300 then from here, we'd prefer to go away.

我猜從此時開始什麼水準的資產出售將從交易中刪除優先股，這可能與[1美元換1美元]非常接近，這意味著如果我們從這裡開始額外出售300股，我們更願意走開。

I think, to David's point around, you know, the level of activity we're seeing, we feel pretty good that that's likely curve is just cash.

我認為，就大衛的觀點而言，我們所看到的活動水平，我們感覺很好，那可能的曲線只是現金。

No problem on that said, again, like the financing we have everything in place.

再說一遍，這沒問題，就像融資一樣，我們已經一切就緒。

We don't need to sell additional assets today, but it does feel likely based on the volumes of activity we've got going on that.

我們今天不需要出售額外的資產，但根據我們正在進行的活動量，這確實是可能的。

It's likely that curve is simply cash?

這條曲線很可能只是現金？

Correct.

正確的。

Thank you.

謝謝。

Patrick Rhodia's, Green Street.

派崔克‧羅地亞 (Patrick Rhodia)，格林街。

Yes, good morning.

是的，早安。

And my question is about the in-place ABR for Cove.

我的問題是關於 Cove 的就地 ABR。

And I see it's 36 a foot and which is towards the high end of what I see for your peers for small shop.

我看到它是 36 英尺一英尺，這已經接近我所看到的小商店同行的高端價格了。

So I was wondering where do you see the market rent for your space today?

所以我想知道您今天的市場租金是多少？

Yes, it's a good question calling out.

是的，這是一個很好的問題。

And the reality is that you shop rents can vary dramatically in a larger property.

現實情況是，在較大的房產中，您的商店租金可能會有很大差異。

In other words, the shops that are along the curve line up in the front of the property tend to have higher rents.

換句話說，位於房產前面的曲線上的商店往往租金較高。

The properties that we refer to as the shops there in the back of a property adjacent to a grocery store adjacent to a larger format, retailers tend to have lower rents.

我們所說的商店位於物業後面，毗鄰雜貨店，毗鄰較大規模的零售商，租金往往較低。

So it's not surprising that the outparcel buildings or multi-tenant pads that are along the high traffic intersection tend to generate the higher rents on the mark to market is a really good question, and I don't have a succinct answer on that part of the reason is that market rents for shops have been grown specifically coming out of the pandemic with a lot of that suburban migration.

因此，交通繁忙的十字路口沿線的地塊外建築或多租戶住宅區往往會產生更高的租金，這並不奇怪，這是一個非常好的問題，我對這部分沒有簡潔的答案。原因是商店的市場租金在疫情期間特別增長，大量人口向郊區遷移。

The cellphone data, which is telling us that a hybrid workforce is pretty entrenched on.

手機數據告訴我們，混合勞動力已經相當根深蒂固。

You're just seeing a lot more tenant demand.

你只是看到了更多的租戶需求。

And so a lot of the rents are growing at a pace that we're not really sure we don't have great data on, but the market market, it certainly presents.

因此，許多租金的成長速度我們不確定我們是否沒有大量數據，但市場市場確實存在。

I think an important if you look back our disclosure from October 30th under our new lease spreads averaged over 30% on the last four years with the current portfolio.

如果你回顧我們 10 月 30 日的揭露，我認為這一點很重要，在過去四年中，我們的新租賃利差在當前投資組合中平均超過 30%。

I think one of the things we really like about the property type is that mark-to-market achievable, meaning the duration of the leases is such that we can actually get at that market rent as opposed to think about a grocery-anchored asset or a large from an asset, the biggest mark to market is with the biggest national tenants in the back, I either grocers someone else and you're never going to get at that mark-to-market.

我認為我們真正喜歡這種房產類型的原因之一是可以實現按市價計價，這意味著租賃期限足夠長，我們實際上可以獲得市場租金，而不是考慮以雜貨店為基礎的資產或從一項資產來看，最大的市場價值是後面有最大的全國租戶，我要嘛去雜貨店別人，你永遠不會達到那個市場價值。

So it's an important differentiator of the property type that we really like is there's real mark-to-market and we can get at it and which isn't always the case in other open-air formats.

因此，我們真正喜歡的房產類型的一個重要區別在於，它具有真正的以市價計價，我們可以做到這一點，而在其他露天格式中並不總是如此。

Thank you.

謝謝。

And then my second question is you have matured that you're prioritizing dispositions and I wonder if it was at all a consideration trying to accelerate acquisitions to maximize and to

然後我的第二個問題是，你已經成熟了，你正在優先考慮處置，我想知道這是否完全是一種考慮，試圖加速收購以最大化和

[1,031]?

[1,031]？

Yes, it's a really good question, Paul.

是的，這是一個非常好的問題，保羅。

And I just given this is a taxable spin, we're actually better off not a 1031 gains because it's actually then that gain has passed on the stakeholder.

我只是考慮到這是一個應稅的旋轉，我們實際上最好不要獲得 1031 收益，因為實際上那時收益已經轉嫁給了利益相關者。

So on the other point I would just make is we actually don't have material gains, I should say at a portfolio level.

因此，我想說的另一點是，我應該說在投資組合層面上，我們實際上沒有物質收益。

There are certain assets that have significant tax gains.

有些資產具有顯著的稅收收益。

But on a on an overall blended portfolio basis, I don't think it's significant relative the enterprise.

但在整體混合投資組合的基礎上，我認為這相對於企業來說並不重要。

So for both of those reasons, on the 1031 market is less of a focus for us today.

因此，由於這兩個原因，1031 市場不再是我們今天關注的焦點。

Thank you.

謝謝。

You're welcome.

不客氣。

Mike Mueller, JP Morgan.

麥克·穆勒，摩根大通。

Yes, hi.

是的，嗨。

Just a few questions on curb for small deal.

只是關於小額交易的幾個問題。

Can you give us a sense as to when we look at your blended rent spreads, how they would compare if you would break out mix up between curve and kind of the legacy site stuff that you want to sell?

您能否讓我們了解一下，當我們查看您的混合租金利差時，如果您將曲線和您想要出售的遺留網站內容之間的混合分開，它們將如何比較？

Yes, there are some we haven't broken them out again to my question.

是的，有些我們還沒有針對我的問題再次詳細說明。

Paulina response to point, excuse me, the spreads for the curve we provided in the October presentation.

寶琳娜回應了一點，對不起，我們在 10 月的演示中提供的曲線的利差。

I will point out though there is a little bit different dumb approach or not a little bit.

我會指出，雖然有一點點不同的愚蠢方法，或是一點點都沒有。

There is a different approach for curve.

對於曲線有不同的方法。

We are likely to include all spreads included in that, not just spreads that have a tenant moved out in the last 12 months for a variety of reasons.

我們可能會包含其中包含的所有價差，而不僅僅是過去 12 個月內因各種原因搬出的租戶的價差。

One, we just it's a bigger pool to we think it's just a more relevant metric.

第一，我們只是因為它是一個更大的池，我們認為它只是一個更相關的指標。

But if you look with that kind of differentiated new approach, our spreads have averaged 30%.

但如果你用這種差異化的新方法來看，我們的利差平均為 30%。

That's not dramatically different than site, and it's just the capital to get that spread is a lot lower.

這與網站沒有太大不同，只是獲得點差的資本要低得多。

So again, I'd point you back to the October 30th presentation, on just just the only caveat being that it's a little bit different approach and that includes all spaces, not just those vacant less than 12 months.

所以，我想再次提醒您注意 10 月 30 日的演示，唯一需要注意的是，它的方法有點不同，並且包括所有空間，而不僅僅是那些空置時間少於 12 個月的空間。

I'm sorry, I missed part of that.

抱歉，我錯過了其中一部分。

I think my signal went out for a little bit during that last question.

我想在最後一個問題中我的訊號消失了一點。

And then one other question too on I guess in the supplemental, you typically break out redevelopment expansion.

我想在補充中還有另一個問題，你通常會打破重建擴張。

And I guess we're just looking at that.

我想我們只是在關注這一點。

Is it safe to say that pretty much everything tied to that goes theoretically with that legacy site or when you look at the current portfolio a year out or so.

可以肯定地說，理論上，與此相關的幾乎所有內容都與該遺留網站有關，或者當您在一年左右查看當前的投資組合時。

Would you envision having some some activity like that, whether it's like a renovation or expansion and as well, just what's Innosight this up today for SITE Centers shops or framing him.

您是否會設想進行一些類似的活動，無論是翻新還是擴建，以及 Innosight 今天為 SITE 中心商店進行的活動或陷害他。

That's new Starbucks pad that is part of occurred in university Hills.

這是位於大學山的新星巴克辦公室的一部分。

That is part of the curve as well.

這也是曲線的一部分。

But I'll defer to David on the ultimate path going forward, I certainly think that our our redevelopment activity will be minimal at best at this point on it's a renewals business.

但我會在未來的最終道路上聽從大衛的意見，我當然認為我們的重建活動至多是最小的，因為這是一項續約業務。

The purpose of the business is to buy real estate where we can raise rents with low CapEx.

業務的目的是購買房地產，我們可以以較低的資本支出提高租金。

Having said that, the larger the portfolio gaps, the more renovation work is required here and there so I think we will have some activity, but I would not expect us to be having a large redevelopment component in the business.

話雖如此，投資組合差距越大，到處需要的翻新工作就越多，所以我認為我們將會有一些活動，但我不希望我們在業務中進行大量的重建工作。

Got it.

知道了。

Okay.

好的。

Thank you.

謝謝。

Thanks, Mike.

謝謝，麥克。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to David Lukes for any closing remarks.

我想將會議轉回給大衛·盧克斯（David Lukes）發表閉幕詞。

Thank you all for joining our call, and we will talk to you next quarter.

感謝大家加入我們的電話會議，我們將在下個季度與您交談。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。