Site Centers Corp (SITC) 2024 Q2 法說會逐字稿

Good day, and welcome to the SITE Centers second-quarter 2024 operating results conference call. (Operator instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 SITE 中心 2024 年第二季營運業績電話會議。（操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Stephanie Ruys de Perez, Vice President of Capital Markets. Please go ahead.

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

Thank you. Good morning, and welcome to SITE Centers second-quarter 2024 earnings conference call. Joining me today are Chief Executive Officer, David Lukes; and Chief Financial Officer, Conor Fennerty.

謝謝。早安，歡迎參加 SITE Centers 2024 年第二季財報電話會議。今天加入我的是執行長 David Lukes；和財務長康納芬納蒂。

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 during today's call.

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，旨在支持我們在今天的電話會議期間準備好的言論。

Please be aware that certain of our statements today may contain forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially from our forward-looking statements. 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.

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。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。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'll be discussing non-GAAP financial measures on today's call, including FFO, operating FFO and same-store net operating income. Descriptions and reconciliation 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。這些非公認會計原則財務指標與最直接可比較的公認會計原則指標的描述和調節可以在今天的季度財務補充和投資者介紹中找到。

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. I'd like to start by thanking all of my colleagues at SITE Centers for their tremendous efforts over the past few quarters. The dedication, flexibility, and thoughtful execution from the entire organization has been astounding.

早安.首先，我要感謝 SITE 中心的所有同事在過去幾季所做的巨大努力。整個組織的奉獻精神、靈活性和深思熟慮的執行力令人震驚。

The results we announced today showcase the significant progress we've made on our strategic goals as we prepare for the planned spin-off of the Convenience portfolio from within SITE Centers into a new and unique focused growth company called Curbline Properties.

我們今天宣布的結果展示了我們在戰略目標上取得的重大進展，我們正在準備計劃將便利投資組合從 SITE Centers 內部分拆為一家名為 Curbline Properties 的新的、獨特的專注成長型公司。

Notably, we closed nearly $1 billion of transactions in the quarter, repurchased or retired over $50 million of debt, and reported 24% trailing 12-month new leasing spreads for the Curbline portfolio. Each of these accomplishments marks additional progress on the dual path of growing our Curbline portfolio through acquisitions and organic NOI growth and maximizing the value of the SITE Centers portfolio through dispositions, along with continued leasing and asset management.

值得注意的是，我們在本季完成了近 10 億美元的交易，回購或償還了超過 5,000 萬美元的債務，並報告了 Curbline 投資組合過去 12 個月的新租賃利差為 24%。這些成就中的每一項都標誌著我們在透過收購和有機 NOI 成長來發展 Curbline 投資組合以及透過處置以及持續租賃和資產管理來最大化 SITE 中心投資組合價值的雙重道路上取得了額外進展。

As we march closer to the spin-off date expected in October, we've spent considerable time with the investment community and have consistently heard two main questions. First, what is the genesis of the Curbline strategy, and how big of an opportunity does it represent? And second, what will SITE Centers look like at the time of the spin-off, and how do we plan on maximizing value for all stakeholders?

隨著預計 10 月分拆日期的臨近，我們與投資界花費了大量時間，並不斷聽到兩個主要問題。首先，Curbline策略的起源是什麼？其次，SITE 中心在分拆時會是什麼樣子，以及我們如何規劃為所有利害關係人實現價值最大化？

So I'll start with those two questions, talk briefly about staffing and Curbline acquisitions, and then conclude with the second-quarter operations before turning it over to Conor to talk in greater detail about results and the outlook for the second half of the year.

因此，我將從這兩個問題開始，簡要討論人員配置和 Curbline 收購，然後結束第二季度的運營，然後將其交給康納更詳細地討論下半年的業績和前景。

Starting with Curbline, we began investing in Convenience assets over five years ago as we witnessed a strong financial performance of the small-format asset class. Retention was high, credit was strong and diversified, and the CapEx load was extremely low.

從 Curbline 開始，我們在五年前開始投資便利資產，因為我們見證了小型資產類別的強勁財務表現。留任率很高，信貸強勁且多元化，資本支出負荷極低。

Importantly, mobile phone geo-location data also emerged during this period as a sophisticated and new tool that we could utilize to identify, underwrite, and provide hard facts around our investment opportunities. The traditional real estate underwriting of boots-on-the-ground market knowledge became supplemented by data analytics that allowed us a window into tenant performance and customer utilization of the small-format property sector.

重要的是，手機地理位​​置資料也在這段時期出現，成為一種複雜的新工具，我們可以利用它來識別、承保和提供有關投資機會的確鑿事實。傳統的房地產核保需要實地考察市場知識，而數據分析則為我們提供了一個了解小型房地產行業的租戶績效和客戶利用率的窗口。

As we transitioned through the pandemic years, two outcomes became notable. First, the capital efficiency of the business became increasingly important as capital itself became more expensive and valuable. In other words, the significantly higher conversion of top-line rental income down to property cash flow helped to offset higher capital costs while also generating compounding cash flow growth.

當我們度過大流行時期時，有兩個結果變得值得注意。首先，隨著資本本身變得更昂貴和有價值，企業的資本效率變得越來越重要。換句話說，頂線租金收入轉化為房地產現金流的顯著提高有助於抵消更高的資本成本，同時也產生了複合現金流成長。

Second, the sector has kept up with inflation remarkably well. Lease duration in general in the Curbline portfolio is shorter when compared with properties with a traditional anchor. This is certainly an opportunity as the increase of customers throughout the week with suburban communities due to population growth and flexible work mandates have steadily increased demand for Convenience-oriented real estate from tenants seeking to access those customers resulting in higher tenant retention and higher rent growth.

其次，該行業很好地跟上了通貨膨脹的步伐。與傳統錨定的房產相比，Curbline 投資組合的租賃期限總體上較短。這無疑是一個機會，因為由於人口增長和靈活的工作規定，郊區社區的客戶在一周內不斷增加，尋求接觸這些客戶的租戶對便利型房地產的需求穩步增加，從而導致更高的租戶保留率和更高的租金增長。

In other words, this is a renewals business where we can capture growing market rents with little landlord capital as most tenants are renewing leases since there's a shortage of high-quality Convenience real estate in suburban communities. To that point, same-store NOI for the Curbline portfolio is expected to average greater than 3% for the next three years when factoring in all of this.

換句話說，這是一項續租業務，我們可以用很少的房東資本來獲取不斷增長的市場租金，因為大多數租戶都在續租，因為郊區社區缺乏高品質的便利房地產。到那時，考慮到所有這些因素，Curbline 投資組合的同店 NOI 預計在未來三年平均將超過 3%。

These combined attributes, capital efficiency, and strong top-line growth have led numerous investors to ask us about the addressable market for Convenience properties. We now have five-plus years of transactions data under our belt and arguably own the highest quality portfolio of Convenience assets in the United States.

這些綜合屬性、資本效率和強勁的營收成長促使許多投資者向我們詢問便利物業的潛在市場。我們現在擁有五年多的交易數據，可以說擁有美國最高品質的便利資產組合。

Despite that fact, what we own today represents only one-quarter of 1% of the 950 million square feet of total US inventory, according to ICSC. As of quarter end, the Curbline portfolio included 72 wholly owned Convenience properties, or 2.4 million square feet of real estate expected to generate about $84 million of NOI. These assets share common characteristics, including excellent visibility, access, and, we believe, compelling economics highlighted by limited CapEx needs.

儘管如此，根據 ICSC 的數據，我們今天擁有的庫存僅占美國 9.5 億平方英尺庫存總量 1% 的四分之一。截至季末，Curbline 投資組合包括 72 個全資擁有的 Convenience 物業，即 240 萬平方英尺的房地產，預計將產生約 8,400 萬美元的 NOI。這些資產具有共同的特徵，包括出色的可見性、存取權限，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。

We continue to expect the spin-off to be completed on October 1 of this year with CURB capitalized with no debt and $600 million of cash. Given the substantial disposition activity to date and consistent with our commentary from last quarter, we now no longer expect CURB to retain a preferred investment in SITE Centers, which is a good segue since proceeds from the sale of SITE Centers portfolio of anchored properties has been used to facilitate on unmatched balance sheet for Curbline.

我們仍預計分拆將於今年 10 月 1 日完成，CURB 資本化，無債務，並有 6 億美元現金。鑑於迄今為止的大量處置活動，並且與我們上季度的評論一致，我們現在不再期望 CURB 保留對 SITE 中心的優先投資，這是一個很好的延續，因為出售 SITE 中心錨定物業組合的收益已用於促進Curbline 無與倫比的資產負債表。

As a result, I'll spend a moment on the expected strategy for SITE Centers after the spin. As of last Friday, we have closed $951 million of wholly owned property sales year to date, with total closed dispositions since July 1, 2023, of just over $1.8 billion at a blended cap rate of 7.1%. As of Friday, the company has over $1 billion of additional real estate currently either under contract, in contract negotiation, or with executed at nonbinding LOIs at a blended cap rate in the mid-7s.

因此，我將花一些時間討論旋轉後 SITE 中心的預期策略。截至上週五，我們今年迄今已完成 9.51 億美元的全資房地產銷售，自 2023 年 7 月 1 日以來已完成的處置總額略高於 18 億美元，混合上限率為 7.1%。截至週五，該公司目前擁有超過 10 億美元的額外房地產，這些房地產要么正在簽訂合約、正在進行合約談判，要么以 7 美元左右的混合上限利率按非約束性意向書執行。

Although we expect some of these transactions to close pre-spin, others will close in the fourth quarter, and some may fall out. As a result, we are not in a position today to quantify the SITE Centers portfolio at the time of the spinoff and expect to update disclosure on the portfolio itself as we near the spin date.

儘管我們預計其中一些交易將在分拆前完成，但其他交易將在第四季度完成，但仍有一些交易可能會失敗。因此，我們今天無法在分拆時量化 SITE Centers 投資組合，並預計在分拆日期臨近時更新投資組合本身的揭露資訊。

What we can say is that SITE Centers post spin will contain a diversified portfolio, including assets in major markets with strong tenant sales, and we remain flexible and open to a variety of outcomes and the eventual path to creating value for our stakeholders. In terms of potential buyers and activity, the pool of interest remains deep, and it remains an active and liquid market for our portfolio of open-air shopping centers.

我們可以說的是，SITE 中心分拆後將包含多元化的投資組合，包括租戶銷售強勁的主要市場中的資產，我們對各種結果和為利益相關者創造價值的最終路徑保持靈活和開放的態度。就潛在買家和活動而言，興趣仍然濃厚，對於我們的露天購物中心組合而言，它仍然是一個活躍且流動性強的市場。

Leasing momentum remains strong. Market rents are growing, and replacement costs remain elevated. Factors, we believe, they're supporting strong buyer interest. In addition to considering further asset sales, we will continue to focus on leasing and asset management and listened to the signals from the public and private market with respect to valuation and expect to act on those signals as appropriate.

租賃勢頭依然強勁。市場租金不斷上漲，重置成本仍居高不下。我們相信，這些因素支撐著買家的強烈興趣。除了考慮進一步出售資產外，我們將繼續專注於租賃和資產管理，並聽取公開和私人市場有關估值的信號，並預計根據這些信號採取適當的行動。

Shifting to post-spin staffing, both Curbline and SITE Centers will have their own leasing and property management teams along with dedicated accounting and legal leadership. Other departments and staff will remain within SITE Centers and be utilized by both companies under a shared service agreement, including the accounting, legal, and IT departments among others.

轉向分拆後的人員配備，Curbline 和 SITE 中心都將擁有自己的租賃和物業管理團隊以及專門的會計和法律領導團隊。其他部門和員工將留在 SITE 中心，並根據共享服務協議由兩家公司使用，其中包括會計、法律和 IT 部門等。

The purpose of this agreement is to facilitate an orderly transition of our current resources and allow each company to pursue its business plan with as little G&A friction as possible. It's an elegant way to maintain historical portfolio knowledge, keep the talent in our team intact, and allow flexibility to execute each business plan. More detail and clarity on the shared service agreement will be provided in the Form 10.

該協議的目的是促進我們現有資源的有序過渡，並允許每家公司在盡可能減少管理費用摩擦的情況下實施其業務計劃。這是維護歷史投資組合知識、保持團隊人才完整併允許靈活執行每個業務計劃的優雅方式。表 10 中將提供有關共享服務協議的更多詳細資訊和清晰度。

Moving to acquisitions, we acquired five Convenience properties in the second quarter with total acquisitions at share of $65 million, including our partner's interest in Meadowmont Village in Chapel Hill, North Carolina. The Convenience portion of this property is expected to be included in the CURB spin-off.

在收購方面，我們在第二季度收購了五處 Convenience 地產，收購總額達 6,500 萬美元，其中包括我們合作夥伴在北卡羅來納州教堂山 Meadowmont Village 的權益。該財產的便利部分預計將包含在 CURB 分拆中。

We closed another $27 million of acquisitions in the third quarter to date and have over $200 million of additional Convenience assets awarded or under contract subject to our completion of diligence. Average household incomes for the second quarter investments were over $117,000 with a weighted average lease rate of over 96% excluding Meadowmont, highlighting our focus on acquiring properties, where renewals and lease bumps drive growth without significant CapEx.

迄今為止，我們在第三季完成了另外 2,700 萬美元的收購，並在我們完成盡職調查後授予或根據合約授予了超過 2 億美元的額外便利資產。第二季投資的平均家庭收入超過117,000 美元，不包括Meadowmont 的加權平均租賃率超過96%，這凸顯了我們對收購房產的關注，這些房產的續約和租賃成長推動了成長，而無需大量資本支出。

As I noted, going forward, we remain encouraged by the unique opportunities in the Convenience subsector, including the size of the opportunity itself and have plenty of room to grow. And combined with the balance sheet that is expected to have no outstanding debt and substantial liquidity, Curbline Properties has the opportunity to generate compelling and elevated relative growth and returns for stakeholders.

正如我所指出的，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，並且有足夠的成長空間。加上預計沒有未償債務和大量流動性的資產負債表，Curbline Properties 有機會為利害關係人帶來引人注目的、較高的相對成長和回報。

Ending with operations, overall quarterly leasing volume was up sequentially again despite a materially smaller portfolio and less availability. Leasing demand continues to be steady from both existing retailers and service tenants expanding into key suburban markets, along with new concepts competing for the same space. Despite the strength of execution from our leasing team, our lease rate was down 100 basis points sequentially in large part due to the sale of assets with an average lease rate of almost 97%.

截至營運結束，儘管投資組合大幅縮小且可用率較低，但整體季度租賃量再次環比上升。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，租賃需求持續穩定。儘管我們的租賃團隊執行力強勁，但我們的租賃率仍較上季下降了 100 個基點，這在很大程度上是由於平均租賃率接近 97% 的資產出售所致。

In terms of leasing spreads, we added new disclosure in the supplement this quarter, breaking out activity for Curbline. Leasing activity, velocity, and economics continue to improve as we grow this portfolio, highlighted by almost 50% straight line new leasing rent spreads for the trailing 12-month period. Recent new and renewal deals include a number of first to portfolio and recurring national tenants, including Cava, Panda Express, Wells Fargo, the UPS Store, LensCrafters, and Comcast.

在租賃利差方面，我們在本季的補充中添加了新的揭露內容，打破了 Curbline 的活動。隨著我們擴大這項投資組合，租賃活動、速度和經濟效益持續改善，過去 12 個月期間新租賃租金利差幾乎達到 50%，這凸顯了這一點。最近的新交易和續約交易包括一些首次投資和經常性的全國租戶，包括 Cava、Panda Express、Wells Fargo、UPS Store、LensCrafters 和 Comcast。

Before turning the call over to Conor, I want to thank again, everyone at SITE Centers for their work these past few quarters. There is no shortage of individuals and teams across the company who have worked tirelessly to position both SITE and Curbline for success, and I'm extremely grateful for all of their contributions.

在將電話轉給 Conor 之前，我想再次感謝 SITE 中心的每個人在過去幾季所做的工作。公司內不乏孜孜不倦地努力使 SITE 和 Curbline 取得成功的個人和團隊，我非常感謝他們所做的所有貢獻。

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

有了這個，我會把它交給康納。

Thanks, David. I'll start with second-quarter earnings and operations before concluding with updates to our 2024 outlook, including balance sheet moving pieces heading into the expected spin-off date. Second-quarter results were ahead of budget due to better-than-expected operations, including higher-than-forecast lease termination fees and a number of other smaller positive variances.

謝謝，大衛。我將從第二季的收益和營運開始，最後更新我們的 2024 年展望，包括進入預期分拆日期的資產負債表變動。由於營運優於預期，包括高於預期的租賃終止費和其他一些較小的正差異，第二季業績超出了預算。

In terms of operations, leasing volume was sequentially higher, to David's point, despite a smaller asset base. With a smaller denominator, operating metrics for both SITE and CURB remained volatile, though, based on the leasing pipeline at quarter end, overall leasing activity and economics remain elevated, and we remain encouraged by the depth of demand for space.

大衛表示，就營運而言，儘管資產基礎較小，但租賃量卻較上季上升。由於分母較小，SITE 和 CURB 的營運指標仍然波動，但根據季度末的租賃管道，整體租賃活動和經濟狀況仍然較高，而且我們仍然對空間需求的深度感到鼓舞。

As David noted, we did break out Curbline leasing activity and spreads in the supplement this quarter. It is important to note that CURB's leasing spreads include all units, including those that have been vacant for more than 12 months with the only exclusions related to first generation space and units vacant at the time of acquisition.

正如大衛指出的那樣，我們確實在本季度的補充中列出了路邊租賃活動和價差。值得注意的是，CURB 的租賃價差包括所有單元，包括空置超過 12 個月的單元，唯一排除與第一代空間和收購時空置單元相關的單元。

Additionally, the current lease rate was negatively impacted by the acquisition of vacant space at Meadowmont Village, which represented about half of the sequential change and the recapture of two vintage restaurant pads, which accounted for the remainder. Both pads, one in Phoenix and the other in Orlando, have an identified backfill user with an expected blended 75% mark to market on the new deals.

此外，收購 Meadowmont Village 的空置空間（約佔連續變化的一半）和收回兩個老式餐廳場地（佔剩餘空間）對當前租賃率產生了負面影響。兩個墊子，一個位於菲尼克斯，另一個位於奧蘭多，都有一個確定的回填用戶，預計新交易的市場混合率為 75%。

Moving to our outlook for 2024, we are extremely excited to form and scale the first publicly traded REIT focused exclusively on Convenience assets with an expected spinoff date of October 1. And based on the SITE mortgage commitment announced in October, along with recent transaction and other financing activity, we have positioned both SITE and Curbline with the balance sheets that they need to execute on their business plans.

展望 2024 年，我們非常高興能夠組建和擴大第一個專門專注於便利資產的公開交易房地產投資信託基金，預計分拆日期為 10 月 1 日。根據 10 月宣布的 SITE 抵押貸款承諾，以及最近的交易和其他融資活動，我們已經為 SITE 和 Curbline 制定了他們執行業務計劃所需的資產負債表。

As a result of the planned spin-off and significant expected transaction activity, we did not provide a formal 2024 FFO guidance range. We did provide projections, though, for total portfolio NOI for the SITE and CURB portfolios, which have been updated to reflect first-half 2024 acquisitions and dispositions.

由於計劃中的分拆和重大的預期交易活動，我們沒有提供正式的 2024 年 FFO 指導範圍。不過，我們確實提供了 SITE 和 CURB 投資組合總投資組合 NOI 的預測，這些預測已更新以反映 2024 年上半年的收購和處置。

For the CURB portfolio, total NOI is now expected to be roughly $84 million in 2024, up from $79 million at the midpoint of the projected range before any additional acquisitions, and same-store NOI growth is expected to be between 3.5% and 5.5% for 2024.

對於 CURB 投資組合，預計 2024 年總 NOI 約為 8,400 萬美元，高於任何額外收購之前預計範圍中值的 7,900 萬美元，同店 NOI 增長預計在 3.5% 至 5.5% 之間2024 年。

For the SITE portfolio, total NOI is now expected to be $201 million at the midpoint of the projected range before any additional dispositions and includes only properties owned as of June 30. Details on the assumptions underpinning these ranges are in our press release and earnings slides.

對於 SITE 投資組合，在進行任何額外處置之前，NOI 總額目前預計為 2.01 億美元，處於預計範圍的中點，並且僅包括截至 6 月 30 日擁有的房產。支持這些範圍的假設的詳細資訊請參閱我們的新聞稿和收益幻燈片。

In terms of other line items, we continue to expect JV fees to be about $1.25 million and G&A to be about $12 million in the third quarter. Given the significant cash balance on hand, interest income remains elevated at almost $9 million for the quarter, though, that figure will come down over the remainder of the year as we use the cash on hand to repay debt.

就其他項目而言，我們繼續預計第三季合資費用約為 125 萬美元，一般管理費用約為 1,200 萬美元。鑑於手頭上有大量現金餘額，本季利息收入仍保持在近 900 萬美元的高位，不過，隨著我們使用手頭現金償還債務，這一數字將在今年剩餘時間內下降。

On that point in the second quarter, we repurchased just under $27 million of unsecured bonds at a discount, resulting in a gain of approximately $300,000. Finally, transaction volume, particularly the timing of asset sales is expected to be the largest driver of quarterly FFO, and the second quarter included $11.2 million of NOI from assets sold in the quarter as detailed in the income statement.

在第二季的這一點上，我們以折扣價回購了近 2,700 萬美元的無擔保債券，從而獲得了約 30 萬美元的收益。最後，交易量，特別是資產出售的時機預計將成為季度 FFO 的最大驅動力，第二季度包括來自本季出售資產的 1,120 萬美元 NOI，如損益表中詳述。

Moving to the balance sheet in terms of leverage at quarter end, debt to EBITDA was just over 3x and cash on hand was over $1.1 billion. We continue to expect to close the SITE Centers mortgage facility subject to the satisfaction of closing conditions sometime in the middle of the third quarter with proceeds along with cash on hand expected to be used to retire outstanding unsecured debt, including all outstanding unsecured notes and the unsecured term loan.

從季度末的槓桿率來看，資產負債表上的 EBITDA 債務剛剛超過 3 倍，手頭現金超過 11 億美元。我們繼續預計，在第三季中期滿足成交條件的情況下，將關閉 SITE 中心抵押貸款融資，所得款項以及手頭現金預計將用於償還未償無擔保債務，包括所有未償無擔保票據和無擔保定期貸款。

Details on the projected capital structures for both SITE and CURB can be found on page 11 of the earnings slides. For Curbline properties, the Company at this time -- at the time the spin is expect to have no debt and $600 million of cash. As David noted, Curbline is no longer expected to have a preferred investment in SITE Centers.

有關 SITE 和 CURB 預計資本結構的詳細信息，請參閱收益幻燈片第 11 頁。對於 Curbline 資產，該公司目前預計沒有債務，並擁有 6 億美元的現金。正如 David 指出的那樣，Curbline 預計不再優先投資 SITE 中心。

This highly liquid balance sheet will allow Curbline to focus on scaling its platform while providing the capital to differentiate itself from a largely private buyer universe acquiring communities properties.

這種高度流動性的資產負債表將使 Curbline 能夠專注於擴展其平台，同時提供資本，以使其與收購社區房產的私人買家區分開來。

Finally, prior to the spinoff, we expect to provide additional details on the portfolio's run rates and balance sheets of both SITE and Curbline pro forma for third quarter today transactions.

最後，在分拆之前，我們預計將提供有關 SITE 和 Curbline 預計第三季交易的投資組合運作率和資產負債表的更多詳細資訊。

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. Operator, we're ready for questions.

謝謝你，康納。接線員，我們準備好回答問題了。

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）

Dori Kesten, Wells Fargo.

多麗凱斯滕，富國銀行。

Yes, thanks. Good morning. Can you remind us what the timing is for the Form 10?

是的，謝謝。早安.您能提醒我們 Form 10 的提交時間嗎？

Sure, Dori. I would expect it would come out sometime in September.

當然，多麗。我預計它會在九月的某個時候發布。

Okay. And for the assets under contract or letter of intent currently, can you give us a sense of the type of bidders you're seeing and the level of competition; and just how that compares to what you saw with your initial sale?

好的。對於目前合約或意向書中的資產，您能否讓我們了解您看到的投標人類型以及競爭程度？與您在首次銷售中看到的情況相比如何？

Sure. I would say that the bidders, I think they have emerged over the past six or nine months. They have kind of fit into three categories. There's the private buyers that generally are local families, family offices, and they've usually been unlevered buyers. Then there's been the kind of traditional private equity funds that have raised capital and are looking at open-air properties. And then the third group have been that kind of traditional spread investors, which include a lot of the institutions.

當然。我想說的是，我認為競標者是在過去六、九個月內出現的。它們可以分為三類。私人買家通常是當地家庭、家族辦公室，而且他們通常是無槓桿買家。還有一種傳統的私募股權基金已經籌集了資金並正在關注露天房產。第三類是傳統的價差投資者，其中包括許多機構。

So those three groups make up the bulk of what we've seen from the bidding tent, and the pricing can be quite wide between all three of those, depending on which one is most active. And I think that, Dori, probably explains most of what the bidding has been looking like in the last six or nine months. And I don't think it's really changed.

因此，這三組構成了我們從投標帳篷中看到的大部分，而這三組之間的定價可能相當寬，這取決於哪一組最活躍。我認為，多麗，這可能解釋了過去六到九個月的大部分競標情況。我認為它並沒有真正改變。

And you did say what's under contract or LOI is in the mid-7% range?

您確實說過合約規定的內容或意向書在 7% 的中間範圍內嗎？

Yes, that's correct.

是的，這是正確的。

And then last, regarding the 7% long-term cap rate spend as a percentage of NOI in the last few quarters, it's been a little bit higher than that, I guess, closer to 10%. I guess, can you explain what that has to do with the size of the space being still? Is it about retention or is it the incoming tenants?

最後，考慮到過去幾季 7% 的長期資本化率支出佔 NOI 的百分比，我猜它比這個數字要高一些，接近 10%。我想，你能解釋一下這跟靜止的空間大小有關係嗎？是關於保留還是新來的租戶？

Yeah, Dori, it's a function of a couple of things. And I would just caution just as I noted, the pool is small, the dominator is small. So just you have -- you could have one deal move things positively or negatively. To your point, we've been trending below 10% the last couple of quarters have tipped up. And that is solely a function of just increased leasing activity.

是的，多麗，這是由幾件事決定的。正如我所指出的，我要提醒大家的是，池子很小，主導者也很小。所以只要你有——你可以讓協議對事情產生積極或消極的影響。就您而言，過去幾季我們的趨勢一直低於 10%。這只是租賃活動增加的結果。

Similar to anchored portfolios coming out of COVID, there's just been a lot of demand, and so just the overall volume has increased relative to historical standards. But I would just tell you our confidence in that number kind of remaining sub-10% over the long term is incredibly high, just given the property type and the SITE plans that we're buying.

與新冠疫情期間出現的錨定投資組合類似，需求量很大，因此總體數量相對於歷史標準有所增加。但我只想告訴你，考慮到我們正在購買的房產類型和 SITE 計劃，我們對長期保持低於 10% 的數字的信心非常高。

Craig Mailman, Citi.

克雷格‧梅爾曼，花旗銀行。

Good morning. Conor, you noted that one asset that you bought and one kind of vacate move the occupancy numbers here, almost 120 basis points. I'm just kind of curious, as you guys continue to build out CURB kind of the plan on mixing in fully stabilized deals versus some deals with some level of vacancy as you guys put the portfolio together just as we can think about kind of that -- it's a smaller portfolio growing the variability in occupancy and kind of timing of NOI commencements.

早安.Conor，您注意到您購買的一項資產和一種騰出的資產使這裡的入住率發生了近 120 個基點的變化。我只是有點好奇，因為你們繼續制定遏制計劃，混合完全穩定的交易，而不是一些具有一定程度空缺的交易，因為你們將投資組合放在一起，就像我們可以考慮的那樣——這是一個較小的投資組合，增加了入住率和NOI 啟動時間的變動性。

Sure, Craig. Good morning, it's David. I'll start and then see if Conor can fill in what I've missed. But in general, this asset class is a highly leased asset class. There's not enough square footage for the demand right now from Convenience tenants. And as we look at our historical data, I think that remains true even through recessions and the pandemics and so forth.

當然，克雷格。早上好，我是大衛。我先開始，然後看看康納能否補充我所遺漏的內容。但總體而言，該資產類別是高度租賃的資產類別。目前沒有足夠的面積來滿足便利商店租戶的需求。當我們審視歷史數據時，我認為即使經歷了經濟衰退和流行病等情況，這一點仍然如此。

So I would expect the occupancy volatility to be less than a traditional anchored property. And what that means is, as we're buying, we're really not buying vacancy. We're buying stabilized assets. And the best way to describe that is we're buying and growing a renewals business where we expect to be capturing mark-to-market with low CapEx. Every now and then, we're able to find a property that was under managed and may have some vacancy upside.

因此，我預計入住率波動性將低於傳統的錨定房產。這意味著，當我們購買時，我們實際上並不是在購買空置。我們正在購買穩定資產。描述這一點的最佳方式是，我們正在購買並發展續約業務，我們希望以較低的資本支出抓住市場價值。我們不時會發現管理不善且可能有一些空置空間的房產。

But for the most part, we're buying stabilized properties that have mark-to-market opportunity.

但在大多數情況下，我們購買的是具有以市價計價機會的穩定房產。

Yeah. To David's point, Craig, I mean I think our average lease rate on what we've acquired, excluding Meadowmont's probably been north of 98%, 99%. Maybe there's one small vacancy to David's point that might be recently vacated, and that's one of our upside opportunities. But in general, our confidence in this portfolio running between 96% and 98% leased, which is consistent with the last 10-plus years is very high.

是的。就大衛的觀點而言，克雷格，我的意思是，我認為我們收購的房產（不包括梅多蒙特）的平均租賃率可能超過 98%、99%。也許大衛的觀點有一個小空缺最近可能被空出，而這是我們的上行機會之一。但總的來說，我們對這個投資組合的信心非常高，租賃率在 96% 到 98% 之間，這與過去 10 多年的情況一致。

Is there a significant or any kind of yield difference on taking that lease-up risk from maybe a local owner versus buying something fully stabilized?

從當地業主那裡承擔租賃風險與購買完全穩定的東西相比，是否存在顯著或任何類型的收益率差異？

Not really. And I mean, honestly there's just not many assets for sale that have vacancy. You might find one shop here and there. But honestly, the competition for this type of property is pretty strong from local investors and sellers are being paid for that vacancy. So if there is a vacancy, it's going to show up in the cap rate.

並不真地。我的意思是，老實說，沒有多少待售資產有空置。您可能到處都能找到一家商店。但老實說，來自當地投資者對此類房產的競爭相當激烈，賣家也因該空置而獲得報酬。因此，如果有空缺，它將顯示在上限利率中。

So I think that when we look at the economics and we run our models to figure out what's the best risk-adjusted return, buying existing tenants that have renewal upside is just a better risk-adjusted return than paying extra for a vacancy and trying to generate a lot more growth. Especially at scale, if you think about the volume of assets we're buying, there's not that much vacancy in the country for the high-quality properties in high-income neighborhoods. So I think what we're looking for is strong credit, strong occupancy, but a big mark-to-market and hopefully a shorter weighted average lease term.

因此，我認為，當我們審視經濟學並運行我們的模型來找出最佳的風險調整回報時，購買具有續約優勢的現有租戶比為空置支付額外費用並試圖獲得更好的風險調整回報。尤其是在規模上，如果你考慮我們購買的資產數量，你會發現全國高收入社區的優質房產並沒有太多空缺。因此，我認為我們正在尋找的是強勁的信用、強勁的入住率，但要按市值計價，並希望加權平均租賃期限更短。

That makes sense. And then you guys are 13% West Coast today. I don't know what the breakout of California is of that. But are you guys kind of less interested at this point given the minimum wage issues going on because you guys do have a fair amount of probably a fast food, fast casual in that portfolio that you're building?

這是有道理的。然後你們今天是西海岸的 13%。我不知道加州的突破是什麼。但考慮到最低工資問題，你們現在是否不太感興趣，因為你們正在建立的投資組合中確實有相當數量的可能是快餐、休閒快餐？

I think, Craig, we said we're focused on creating a really high-quality diversified portfolio. There are times, to your point, where certain geographies might lag others. I think our confidence in high-income metros throughout the country, where the top 20, top 25, top 30, whatever it might be, is high. So you're right, there might be some headwinds in California. There's no mandate internally to grow or avoid certain geographies outside of our goal, just having a well-diversified portfolio.

我想，克雷格，我們說過我們專注於創建真正高品質的多元化投資組合。就您而言，有時某些地區可能會落後於其他地區。我認為我們對全國高收入城市的信心很高，其中前 20 名、前 25 名、前 30 名，無論是什麼，都是如此。所以你是對的，加州可能會遇到一些阻力。內部沒有強制要求發展或避免超出我們目標的某些地區，只是擁有多元化的投資組合。

And then just one last quick one. I know the Form 10 isn't out yet. But as we think about kind of the final structure for SITE, is it going to be fairly clean from a change of control or other friction costs to make it more salable -- someone wants to come in, just buy the rest of the assets, without having to kind of pay a platform value for a company that's essentially liquidating?

然後是最後一個快速的。我知道Form 10還沒出來。但當我們考慮 SITE 的最終結構時，它是否會相當乾淨，不會受到控制權變更或其他摩擦成本的影響，從而使其更容易銷售——有人想進來，只需購買其餘資產，無需為基本上正在清算的公司支付平台價值？

Yes. I would say that the cleanliness of SITE Centers should be very high. And I think it has a lot of different options for potential outcomes. I think the Board and the management team are open-minded as to what those outcomes are. And we're trying to do everything we can to structure it so that it's a pretty simple business.

是的。我想說SITE中心的清潔度應該要非常高。我認為它有很多不同的潛在結果選擇。我認為董事會和管理團隊對於這些結果持開放態度。我們正在盡一切努力來建立它，使其成為一項非常簡單的業務。

Todd Thomas, KeyBanc Capital Markets.

托馬斯 (Todd Thomas)，KeyBanc 資本市場。

Hi, thanks. Good morning. First question, appreciate the CURB leasing activity breakout, pretty strong new lease spreads there in the quarter, almost 100%. David, you talked about high retention in the Convenience segment. It's a renewals business with lower CapEx. But I'm just curious if you see a little bit of a more significant opportunity to capitalize on better merchandising in the near-term with better rent growth and mark-to-market opportunities, and a scenario where we could see higher turnover over the next maybe couple of years for the pro forma CURB portfolio.

你好，謝謝。早安.第一個問題，CURB 租賃活動的突破，本季的新租賃價差相當強勁，幾乎 100%。大衛，您談到了便利領域的高保留率。這是一項資本支出較低的續約業務。但我只是好奇你是否看到了一些更重要的機會，可以在短期內利用更好的商品銷售，更好的租金增長和按市值計價的機會，以及我們可能會看到更高的營業額的情況接下來也許是幾年的預估CURB 投資組合。

Good morning Todd. I think that's unlikely. I think if you look at the tenant roster, it's a pretty well-diversified group of high credit tenants. Even when we buy local shops we're making sure that we like the tenant credit. We feel like there's strength in the operations. We feel like the tenants have been in business for a long time.

早安，陶德。我認為這不太可能。我認為如果你看一下租戶名冊，你會發現這是一個相當多元化的高信用租戶群體。即使我們購買當地商店，我們也會確保我們喜歡租戶信用。我們覺得營運方面有實力。我們感覺租戶已經營業很久了。

I think the risk-adjusted return for this asset class have more to do with finding successful businesses, successful tenants, and increasing the rents along with their increased profitability as opposed to buying properties and effectively redeveloping or re-tenanting. I think that's somewhat unnecessary because we're buying front row, very convenient properties that usually have already attracted the best tenants. And so I just don't think it's necessary to do a whole lot of tenant recycling.

我認為該資產類別的風險調整回報更多地與尋找成功的企業、成功的租戶以及增加租金和盈利能力的提高有關，而不是購買房產並有效地重新開發或重新租賃。我認為這有點不必要，因為我們購買的是前排、非常方便的房產，通常已經吸引了最好的租戶。所以我認為沒有必要進行大量的租戶回收。

And to that point, Todd, I mean you think about our forecast for same-store for the next three years, the kind of assumptions underpinning that don't require us to significantly turn over the asset base and to kind of tie that into Dori's question, that's why the CapEx percentage in Hawaii is so low. This is a renewables business. We're pushing rents at maturity. It is not to re-tenant or [re-merchandise] or change over the tenant roster of any of these properties.

就這一點而言，托德，我的意思是，您考慮一下我們對未來三年同店的預測，這種假設不需要我們大幅轉變資產基礎並將其與 Dori's 聯繫起來問題，這就是夏威夷的資本支出百分比如此低的原因。這是一項再生能源業務。我們正在推高到期時的租金。並非重新租賃或[重新銷售]或更改任何這些房產的租戶名冊。

Okay. And then I guess, like sticking with that a little bit, the capital efficiency of this segment within retail. You mentioned that you've looked at a history of operations for these types of assets through the pandemic and the later cycle, I think you said about five years or so. It's been a little while since we've gone through a traditional cycle, certainly more than five years. And I'm just curious how you think the portfolio would perform if the economy were to go through a cycle where some of the potential risks might be?

好的。然後我猜想，就像堅持一點一樣，零售業這一細分市場的資本效率。您提到您已經研究了此類資產在大流行和後來的周期中的運營歷史，我認為您說的是大約五年左右。我們已經有一段時間沒有經歷過傳統的週期了，當然已經超過五年了。我只是很好奇，如果經濟要經歷一個可能存在一些潛在風險的週期，您認為該投資組合將如何表現？

You have about 30% of the portfolio occupied by nine national tenants, the relatively high exposure of food and restaurant tenants, how are you thinking about that if we were to go through a little bit of a broader economic cycle?

大約有 30% 的投資組合由 9 個國家租戶佔據，食品和餐廳租戶的曝光度相對較高，如果我們要經歷更廣泛的經濟週期，您如何看待這一點？

Todd, it's Conor. The five years a day reference was just on transactions activity. We've been buying these assets for five years. To your point, we've gone back much further than that. And the carve-out portfolio is a great proxy for how we think this portfolio will perform during recession.

托德，我是康納。每天五年的參考僅針對交易活動。五年來我們一直在購買這些資產。就你的觀點而言，我們的歷史遠不止於此。剝離投資組合很好地代表了我們認為該投資組合在經濟衰退期間的表現。

We will lose occupancy, right? And any reception similar to any property type in the real estate industry, generally, NOI growth is correlated to GDP growth, the two-quarter lag, right? That's not unique to this. But what's fascinating is if you look back for the last 15 years and including through the GFC, this portfolio actually had higher occupancy and higher lease rates than the anchor portfolio, meaning the carve-out versus the rest of the property, which is a little counterintuitive to your point on shops and traditional risk and associated risk of shops. But I think to David's point, we are solving for credit and generally, tenants that operate on the Curbline of major vehicular corridors are credit tenants.

我們會失去入住率，對嗎？與房地產行業中任何房地產類型類似的任何接待，一般而言，NOI 增長與 GDP 增長相關，即兩個季度的滯後，對嗎？這並不是獨一無二的。但令人著迷的是，如果你回顧過去15 年，包括經歷了全球金融危機，這個投資組合實際上比主力投資組合擁有更高的入住率和更高的租賃率，這意味著與其他房產相比，剝離的資產有點少。但我認為，就大衛的觀點而言，我們正在解決信貸問題，一般來說，在主要車輛走廊邊緣經營的租戶都是信貸租戶。

They're not the locals. Generally, the locals are back in line. The last thing I'd point to you is you're right, we're 70% national. If you look at how that compares to the rest of the peer group or kind of the broader retail property formats, that's at the very high end of that range. So again, I feel like we're really well-positioned.

他們不是當地人。一般來說，當地人都會重新排隊。我要向你指出的最後一件事是，你是對的，我們 70% 是全國性的。如果你看看它與其他同行群體或更廣泛的零售地產業態相比如何，你會發現它處於該範圍的非常高端。再說一次，我覺得我們處於有利位置。

If there is a recession, this portfolio like any portfolio will lose occupancy, but there's a lot of kind of risk mitigants we put in place. Some of those are structural like the property type. Others are just how we solve for acquisitions and solving for credit. The last thing is where there's a local, to David's point, we look for seasoning, how they've been through cycles, particularly if it's a local restaurant, whatever it might be. But again, I do think there's a lot of risk mitigants in the portfolio that help cushion us in the event of any kind of shock to the system.

如果出現經濟衰退，該投資組合將像任何投資組合一樣失去佔有率，但我們採取了多種風險緩解措施。其中一些是結構性的，就像財產類型一樣。其他只是我們解決收購和信貸問題的方式。最後一件事是，在大衛看來，哪裡有當地人，我們就會尋找調味料，他們是如何經歷週期的，特別是如果它是當地餐廳，無論它是什麼。但同樣，我確實認為投資組合中有很多風險緩解措施，可以在系統遭受任何衝擊時幫助我們緩衝。

I don't know if that answers your question, but?

我不知道這是否回答了你的問題，但是呢？

Yes, that's helpful.

是的，這很有幫助。

Samir Khanal, Evercore ISI.

薩米爾·卡納爾，Evercore ISI。

Hey, David, good morning. I guess just in terms of conversations picking up on the disposition side, have you seen any of that happen given what the 10-year yield or the interest rates have done over the last, let's call it, 90 days since the last call. I mean, I know you talked about the pipeline of about $1 billion. Just trying to gauge a little bit more on how much you can potentially sell before the spin?

嘿，大衛，早安。我想就處置方面的對話而言，考慮到自上次電話會議以來 90 天以來 10 年期收益率或利率的表現，您是否看到了這種情況發生？我的意思是，我知道您談到了大約 10 億美元的管道。只是想在旋轉之前更多地衡量一下您可以賣出多少？

Good morning Samir. I mean, I think if you're thinking about how much more there could be, I wouldn't look past what we've said we have awarded or under contract or under LOI. I mean that's a pretty current analysis of where the pipeline is today. Have we gotten more calls in the last couple of weeks? No.

早上好，薩米爾。我的意思是，我認為如果你正在考慮可能還有多少，我不會忽視我們所說的我們已授予的或根據合約或意向書授予的內容。我的意思是，這是對當前管道狀況的最新分析。過去幾週我們接到更多電話了嗎？不。

But I think the level of interest from buyers over the last nine months has been so high that I don't really see a notable change in the temperament due to rates potentially going down. I mean one of the things that you and I have talked about in the past is it's been very interesting.

但我認為過去九個月買家的興趣程度如此之高，以至於我並沒有真正看到由於利率可能下降而導致的情緒發生顯著變化。我的意思是你和我過去談論過的一件事是它非常有趣。

A lot of the buyers in the last nine months have been unlevered buyers, a lot of family offices, local real estate investors, and they look at open-air shopping centers. They see what happened during the pandemic. They look at the collections rate and really have not been all that dedicated to leverage.

過去九個月的許多買家都是無槓桿買家、許多家族辦公室、當地房地產投資者，他們關注露天購物中心。他們看到了大流行期間發生的事情。他們關注收款率，實際上並沒有那麼專注於槓桿。

And so I'm not sure it's making a huge difference with what we've been selling lately.

所以我不確定它是否會對我們最近銷售的產品產生巨大影響。

Okay, got it. And I guess on just the acquisitions, I don't know if you disclosed the cap rate on the Curbline Convenience items you're buying? What's been the cap rate on that?

好的，明白了。我想就收購而言，我不知道您是否披露了您所購買的 Curbline Convenience 項目的上限利率？其上限是多少？

Well, we've been kind of just around 6.5% from a GAAP perspective. There's not a material difference in GAAP and cash. But round numbers, we've been around 6.5%, Samir.

嗯，從 GAAP 角度來看，我們的成長率僅為 6.5% 左右。公認會計準則和現金沒有重大差異。但從數字來看，我們一直在 6.5% 左右，Samir。

Floris Van Dijkum, Compass Point.

弗洛里斯·範迪庫姆，羅盤點。

Hey, guys. Thanks for taking my question. You guys are avoiding the trap that small cap REITs fall into, which is typically they have lots of leverage. Curbline is going to have zero leverage and you're going to have a -- and cash with which you basically almost double the NOI from Curbline before you have to go back to the market. So that's -- I mean, to me, that makes this a unique story besides some of the other things. I just have a question -- a couple of questions, I guess.

嘿，夥計們。感謝您提出我的問題。你們正在避免小型房地產投資信託基金陷入的陷阱，這通常是它們擁有大量槓桿。Curbline 的槓桿率將為零，而你將擁有現金，在你必須回到市場之前，你基本上可以將 Curbline 的 NOI 幾乎翻倍。所以這——我的意思是，對我來說，除了其他一些事情之外，這使得這是一個獨特的故事。我只是有一個問題——我想有幾個問題。

Number one, how much -- is there a significant difference in OCR between your national and local tenants? I think you're around 28% local? And how concerned are you in the ability to push rents higher? And at what level does -- and to where, to the extent you have that information, obviously, but to what extent were you -- is there going to be a ceiling in terms of where you can push your OCR to, particularly for your local tenants?

第一，您的國家和本地租戶之間的 OCR 是否有顯著差異？我想你大概有28%是本地人？您對推高租金的能力有多擔心？在什麼層面上——以及在哪裡，在你擁有這些資訊的程度上，顯然，但你在多大程度上——在你可以推動你的 OCR 方面是否會有一個上限，特別是對於你的當地租戶？

I'll let David handle that one, Floris. I mean, it's funny. I actually was looking at that data yesterday as part of our Curbline of credit process. What's fascinating is the lowest occupancy cost ratios in the portfolio happen to be some of our local restaurants, which intuitively you think is probably one of the higher OCRs. So I guess to answer my question to Todd or I go back to my response to Todd, excuse me.

我會讓大衛來處理那個，弗洛里斯。我的意思是，這很有趣。事實上，我昨天正在查看這些數據，作為我們信貸流程限制的一部分。令人著迷的是，投資組合中入住成本率最低的恰好是我們當地的一些餐廳，您直觀地認為它們可能是 OCR 較高的餐廳之一。所以我想回答我對托德的問題，或者我回到我對托德的回答，對不起。

Look, if sales dip, it's going to put pressure on OCRs. So I think this business is correlated to GDP growth, sales growth, et cetera. But I would just tell you, it's one factor we look at upon many in terms of underwriting. And there's a pretty healthy cushion. David, I don't know if you'd respond any differently?

看，如果銷量下降，就會給 OCR 帶來壓力。所以我認為這項業務與 GDP 成長、銷售成長等有關。但我只想告訴你，這是我們在核保方面考慮的許多因素之一。還有一個非常健康的坐墊。大衛，我不知道你會有什麼不同的反應嗎？

Yes. The only thing that I'll add, Floris, what I find really interesting is that when you have small format spaces, 30 by 60 so it's an 1,800 square foot unit. There's hundreds of businesses that can occupy that space close to the customer and up along the Curbline. And you are right, to a certain extent on the positive side, if things are going really well you might have a tenant that has an occupancy cost ratio that's kind of at their max and you can only get so much in a rent renewal; whereas a big national high credit tenant that has more sales might be able to pay more. And that has happened a number of times.

是的。Floris，我唯一要補充的是，我發現真正有趣的是，當您擁有小型空間（30 x 60）時，它是一個 1,800 平方英尺的單元。有數百家企業可以佔據靠近客戶和沿路沿線的空間。你是對的，在某種程度上，從積極的一面來看，如果事情進展得很順利，你可能會有一個租客的入住成本率達到了最高水平，而你在續租中只能得到這麼多;而銷售額較高的全國性高信用大型租戶可能能夠支付更多費用。這種情況已經發生過很多次了。

It's particularly happening in Miami right now, where when we have local tenants expiring, the nationals can simply pay significantly more. So we have been doing some tenant recycling when those local tenants run out of bandwidth to pay more rent and the market rents are higher. On the other hand, I do think that this type of business keeps up with inflation pretty well simply because most of these tenants are able to raise their sales along with inflation and be able to keep up with the rents at the same time.

現在這種情況尤其發生在邁阿密，當地租戶到期時，國民只需支付更多費用。因此，當地租戶沒有足夠的頻寬來支付更多租金並且市場租金更高時，我們一直在進行一些租戶回收。另一方面，我確實認為這類業務能夠很好地應對通貨膨脹，因為大多數租戶能夠隨著通貨膨脹而提高銷售額，同時能夠跟上租金。

So I guess I feel like there will be some recycling of tenants when we want to really push rents high. But on the other hand, I think we're very focused on the low CapEx nature of it, and we're pretty dedicated to being renewals business. So we're trying to find tenants that we buy that have been in the property for a long time and have a proven track record.

所以我想，當我們想要真正推高租金時，將會對租戶進行一些回收。但另一方面，我認為我們非常關注它的低資本支出性質，並且我們非常致力於續訂業務。因此，我們正在努力尋找我們購買的租戶，他們已經在該房產中居住了很長時間並且擁有良好的記錄。

What is that renewal percentage today? And what is that average over the last five years?

今天的續訂百分比是多少？過去五年的平均值是多少？

Yeah. So for nationals, it's mid-90s. This last quarter, it was 100% for nationals. For locals, it's been about mid-80s. So blended over the last seven years, it's called -- depending on the quarter, anywhere between 80% and 90%, Floris.

是的。對國民來說，現在是90年代中期。上個季度，國民的比例為 100%。對當地人來說，現在已經是 80 年代中期了。經過過去七年的融合，它被稱為——根據季度，80% 到 90% 之間的弗洛里斯 (Floris)。

Okay. Another question for you guys in terms of debt strategy for CURB going forward. And Conor, I guess that's more towards you, but you're not going to have any debt to begin with. Is your view that you want to build up a higher pool of unsecured assets and then tap unsecured markets or would you be relying on select mortgage as you make more acquisitions and you deploy some of that -- the $600 million of cash?

好的。你們的另一個問題是關於未來遏止債務策略的問題。康納，我想這對你來說更有利，但你一開始就不會有​​任何債務。您是否認為您想要建立更多的無擔保資產池，然後開拓無擔保市場，或者您會在進行更多收購時依賴精選抵押貸款並部署其中的一部分（6 億美元現金）？

Floris, it's a great question. And the nice part is we've got a lot of flexibility and time to think about it. If you look back historically for the last seven years at SITE Centers, we have been an unsecured borrower. We like that market. We think it's really attractive.

弗洛里斯，這是一個很好的問題。好的部分是我們有很大的靈活性和時間來考慮它。如果您回顧 SITE 中心過去七年的歷史，您會發現我們一直是無擔保借款人。我們喜歡那個市場。我們認為這確實很有吸引力。

We've also maintained relationships with LifeCos and other mortgage providers because we like to have kind of all the arrows in the quiver where there are times when the unsecured markets closed and it's great to have those secure relationships, and vice versa. So I think it's fair to assume we'll operate a similar balance sheet strategy with CURB.

我們也與 LifeCos 和其他抵押貸款提供者保持關係，因為我們喜歡箭袋裡的所有箭頭，有時無擔保市場關閉，擁有這些安全的關係很棒，反之亦然。因此，我認為可以公平地假設我們將採用與遏制類似的資產負債表策略。

To your point, though, on day 1, we have a fully unencumbered pool, which provides a lot of flexibility and optionality. So again, not at the risk of reiterating what you just said, I think you'll see a little bit of both. But just given the size of the properties, the unsecured market is definitely more efficient for CURB and it's likely we tilt that way, somewhat of how SITE Centers has operated the last seven years.

不過，就您而言，在第一天，我們就有了一個完全不受阻礙的池，它提供了極大的靈活性和選擇性。再說一遍，我認為您不會冒著重申您剛才所說內容的風險，我認為您會看到兩者都有一點。但考慮到房產的規模，無擔保市場對 CURB 來說肯定更有效，而且我們很可能會朝這個方向傾斜，這在某種程度上類似於 SITE 中心在過去七年的運作方式。

Ronald Kamdem, Morgan Stanley.

羅納德‧卡姆德姆，摩根士丹利。

Just a couple of quick ones. One on the sources and uses. I think I'm looking at $150 million of acquisitions expected in 3Q, $446 million of sales expected in 3Q as well. Just on the acquisition front, is that -- are all those already sort of in the pipeline under contract, how much of that is speculative and so forth?

只是幾個快速的。一是關於來源和用途。我認為第三季預計將有 1.5 億美元的收購，第三季預計將有 4.46 億美元的銷售額。就收購而言，所有這些都已經在合約中，其中有多少是投機性的等等？

Good morning Ron. None of it is speculative. To David's point, we have $200 million plus awarded to us. That figure is what we feel confident in closing prior to the spin-off date.

早安，羅恩。這些都不是推測性的。對 David 來說，我們獲得了超過 2 億美元的獎勵。這個數字是我們有信心在分拆日期之前完成的數字。

Great. And then look, my follow-up was just going to be on the -- is it fair to say that the transaction activity has been even sort of greater than you sort of anticipated when you started this process initially? Because now if you could do sort of $100 million of acquisitions, plus or minus in the quarter, you're going to be able to do $300 million, $400 million plus annually. Is that sort of the right way to think about it sort of post-spin acquisition run rate on an annual basis for us to think about?

偉大的。然後看，我的後續行動只是——可以公平地說，交易活動甚至比您最初開始此過程時預期的要大嗎？因為現在如果你能進行大約 1 億美元的收購，加上或減去本季度，你每年將能夠完成 3 億美元、4 億美元以上的收購。這是我們考慮每年剝離後收購運作率的正確方法嗎？

Yeah. Ron, I assume you're talking about -- have we been surprised on the transaction activity, meaning on the sales or on the buy?

是的。羅恩，我想你正在談論 - 我們對交易活動（即銷售或購買）感到驚訝嗎？

Both. I was talking more on the sales, but I think you guys have been doing more on the buy as well.

兩個都。我更多地談論了銷售，但我認為你們在購買方面也做了更多的工作。

Yeah. I think -- I mean, we've mentioned a number of people in retrospect that we had a high degree of confidence that we could sell high-quality assets, but we were unprepared for the level of interest. And I think the sales activity has far exceeded our expectations in terms of pacing and pricing.

是的。我認為——我的意思是，我們已經提到了很多人，回顧過去，我們對出售高品質資產充滿信心，但我們對興趣水平沒有做好準備。我認為銷售活動在節奏和定價方面遠遠超出了我們的預期。

On the acquisition side, that's actually been a little bit of a challenge because there's only so much time in the day with the transactions team. And given how much has been sold in the last nine months, it's just a time allocation of how much can you allocate towards the acquisitions front.

在收購方面，這實際上是一個挑戰，因為一天中與交易團隊相處的時間有限。考慮到過去九個月的銷售量，這只是您可以分配多少資金用於收購方面的時間分配。

But if you look at $200 million that's been awarded to us, we feel pretty confident that we can support our previous statements that this business, we feel pretty confident we can buy about $500 million a year. So that would be $125 million a quarter. And I think that fits pretty well with what we have been awarded to us to-date. So it feels like that run rate, our confidence level is pretty high.

但如果你看看我們獲得的 2 億美元，我們非常有信心能夠支持我們先前的聲明，我們每年可以購買大約 5 億美元的業務。因此每季將達到 1.25 億美元。我認為這與我們迄今為止所獲得的獎勵非常吻合。所以感覺這個運行率，我們的信心水平相當高。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

What's the average weighted lease term for CURB's current 72 centers? And what do you see as ideal for balancing risk and reward?

CURB 目前 72 個中心的平均加權租賃期間是多少？您認為平衡風險和報酬的理想方式是什麼？

Hey Linda, it's Conor. It's about five years right now. I think it's like 5.2 years as of June 30.

嘿琳達，我是康納。到現在已經快五年了。截至 6 月 30 日，我認為大約有 5.2 年。

I mean in terms of ideal, Linda, there's really no such thing as an ideal because when you're buying stabilized assets that have in-place leases, I would say the wall is going to be between 4 and 5.5 years consistently. It's hard to really see a portfolio growth that's not in that range.

我的意思是，就理想而言，琳達，實際上不存在理想這樣的事情，因為當你購買具有就地租賃的穩定資產時，我會說隔離牆的期限將持續在4 到5.5 年之間。很難真正看到投資組合的成長不在這個範圍內。

I think the variance is that wall might not be dissimilar to an anchor property. The variance is, there are very few leases that are out double digits, meaning there are no tenants that generally have control for 15, 20, 25 years to have them asset mark-to-market. And so you might have a fresh 10-year term in there, to David's point, a couple of mid option tenants and then always kind of blend a plus or minus five years, but it doesn't impact the liquidity or the ability to drive growth or rental growth in the near-term.

我認為差異在於牆可能與錨屬性沒有什麼不同。不同之處在於，很少有租賃超過兩位數，這意味著通常沒有租戶擁有 15 年、20 年、25 年的控制權，可以將資產按市值計價。因此，按照大衛的觀點，你可能會有一個新的 10 年任期，幾個中間選項租戶，然後總是混合正負五年，但這不會影響流動性或推動能力短期內的增長或租金增長。

Thanks for that. And then the comment that the local tenants might run out of bandwidth to pay higher rents. Are there any other metrics besides OCR, you're monitoring to assess that?

謝謝你。然後也有評論說當地租戶可能會耗盡頻寬來支付更高的租金。除了 OCR 之外，您還正在監控以評估其他指標嗎？

Yes, the cell phone traffic data. That's been one of the primary tools to understand the -- we don't know basket size specifically, but we certainly can look at historical trends of customer visits. And that has been helpful in understanding when we would like to renew a tenant and when we think we can do better.

是的，手機流量數據。這是了解購物籃大小的主要工具之一——我們具體不知道購物籃的大小，但我們當然可以查看客戶訪問的歷史趨勢。這有助於了解我們何時想要續租以及何時認為我們可以做得更好。

Got it. And then the $1 billion under LOI or under contract in the mid-7s, would that pricing look any different 12 months ago?

知道了。然後，根據意向書或 7 年代中期的合約規定的 10 億美元，這個定價與 12 個月前看起來有什麼不同嗎？

Just to clarify, we said over $1 billion under contract order or is there LOI.

澄清一下，我們說合約訂單金額超過 10 億美元，或者是否有意向書。

But the pricing looked different a year ago. That's a good question. I don't know, Linda. That's a really good question. It's hard to speculate.

但定價看起來與一年前有所不同。這是個好問題。我不知道，琳達。這是一個非常好的問題。很難推測。

Okay. And then in terms -- I think you said it was like $950 million of -- well, square feet from ICSC that kind of fits Convenience Centers, but how much of that do you think qualifies with the $117,000 HHI, good visibility, good economics like you were talking about earlier for what you're targeting for your portfolio?

好的。然後，我想您說過，ICSC 的面積約為 9.5 億美元，適合便利中心，但您認為其中有多少符合 117,000 美元的 HHI、良好的能見度、良好的經濟效益就像您之前談論的您的投資組合目標一樣？

I would say, as we've been tracking all of these transactions for the past five years, and we look at how many deals we've underwritten and what we have made offers on, it's been around 15%. And so if you take that as a proxy and say, well, 15% pass all of the hurdles and thresholds and underwriting standards, 15% of $950 million is still a substantial growth opportunity. And that to us feels like why our confidence level that this is a real growth story is pretty intact.

我想說的是，過去五年我們一直在追蹤所有這些交易，我們查看了我們承銷的交易數量以及我們提供的報價，大約在 15% 左右。因此，如果您將此作為代理並說，好吧，15% 通過了所​​有障礙和門檻以及承保標準，那麼 9.5 億美元中的 15% 仍然是一個巨大的成長機會。對我們來說，這就是為什麼我們對這是一個真正的成長故事的信心水平完好無損。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hey, good morning. Two questions here. First, just all this conversation on the efficiency of the Convenience assets and that it's really a mark-to-market story. It's not necessarily a replacement story or a lease-up story. Does this -- it sounds like from an efficiency, overall platform efficiency CURB should be -- I don't know how many points better, but I don't know -- but it should be some material magnitude more efficient than SITE Centers. Is that a fair assessment?

嘿，早安。這裡有兩個問題。首先，所有這些都是關於便利資產效率的對話，這實際上是一個按市值計價的故事。這不一定是替換故事或租賃故事。這聽起來像是從效率來看，CURB 的整體平台效率應該是——我不知道好多少分，但我不知道——但它應該比 SITE 中心效率高一些。這是一個公平的評價嗎？

And if that is, is there some metrics that you can provide on overall corporate efficiency? Like is this platform 500 basis points more efficient? Or how do we gauge that given all the positives that you said about managing the portfolio?

如果是這樣，您是否可以提供一些衡量公司整體效率的指標？例如這個平台效率提高了500個基點嗎？或者考慮到您所說的有關管理投資組合的所有積極因素，我們如何衡量這一點？

Alex, it's Conor. The short answer is yes. The longer answer is what we said publicly is that we think Curb can be as efficient as SITE once it's fully invested, which I think is a very good kind of proxy to use for the first couple of years. But then you're right, as you bolt on and grow to Floris' point, a couple of other points around growth, you should run a much more efficient platform.

亞歷克斯，這是康納。簡短的回答是肯定的。更長的答案是我們公開表示的，我們認為一旦完全投資，Curb 可以與 SITE 一樣高效，我認為這是前幾年使用的一種非常好的代理。但你是對的，當你繼續發展並發展到弗洛里斯的觀點（圍繞增長的其他幾個觀點）時，你應該運行一個更有效率的平台。

There are also some real benefits of the spin-off where we're looking at other efficiencies and ability to kind of boot up kind of startup-type mentality from a whole host of other perspectives from departmentalized IT, et cetera. So there's a lot of optionality. There's a lot of efficiencies in the business, but the short answer is yes.

分拆也有一些真正的好處，我們正在考慮其他效率和能力，從部門化 IT 等的許多其他角度來啟動某種啟動類型的心態。所以有很多選擇。業務效率有很大提高，但簡短的答案是肯定的。

Okay. And then the second question is just going to that huge demand for your traditional assets but it doesn't sound like you're facing a similar competitive pool for the Convenience assets. So what's going on in the buyer base? Or are you seeing the same amount of buyer interest in Convenience assets that you're seeing when you sell the traditional assets?

好的。第二個問題是對傳統資產的巨大需求，但聽起來您並沒有面臨類似的便利資產競爭池。那麼買家群體中發生了什麼事？或者，您看到買家對便利資產的興趣與出售傳統資產時所看到的興趣相同？

Just trying to understand because from what you're describing, it would seem like the Convenience assets should be highly desirable, equal to the assets that you're selling, but maybe you're going to say, hey, it's really a yield play for the private buyers, they'd rather buy stabilized mid-7s than buying a 6.5%.

只是想理解，因為根據您的描述，便利資產似乎應該非常受歡迎，等於您正在出售的資產，但也許您會說，嘿，這實際上是一種收益遊戲對於私人買家來說，他們寧願購買穩定的7%左右的利率，也不願購買6.5%的利率。

Alex, good morning, it's David. I would say I don't want to give the impression that there has not been competition buying Convenience assets. I mean there had been -- every situation has involved a lot of bidders going after the same properties. We just happen to have a couple of benefits. One is we're national, we're unlevered, and we can do due diligence quickly and close quickly.

亞歷克斯，早上好，我是大衛。我想說的是，我不想給人留下沒有競爭購買便利資產的印象。我的意思是，每一種情況都涉及許多競標者追逐相同的房產。我們剛好有幾個好處。一是我們是全國性的，我們沒有槓桿，我們可以快速進行盡職調查并快速關閉。

So I think we've been a preferred buyer for sellers, but it is a very desirable asset class. It's historically owned by local private wealth within these secondary markets. And so we're usually one of the few institutions to show up looking at these types of properties, but it's definitely competitive. I mean cap rates are definitely competitive on the Convenience side for sure.

所以我認為我們一直是賣家的首選買家，但它是一個非常理想的資產類別。它歷來由這些二級市場中的當地私人財富擁有。因此，我們通常是少數幾個關注此類房產的機構之一，但它絕對具有競爭力。我的意思是，上限利率在便利性方面絕對具有競爭力。

Paulina Rojas, Green Street.

寶琳娜·羅哈斯，格林街。

Good morning. You have the same property growth guidance for Curbline of 3.5% to 5.5%. And how is the portfolio doing year-to-date? And the range feels a little wide. So I'm intrigued about the string factors behind that guidance.

早安.Curbline 的房地產成長指引相同，為 3.5% 至 5.5%。今年迄今為止，該投資組合表現如何？而且範圍感覺有點寬。所以我對該指導背後的字串因素很感興趣。

Hey, Paulina. It's Conor. You're right, the range is wide, to my comments in our script look, it's a small denominator, so there could be some more volatility, variability, a couple of hundred thousand dollars either way. But our confidence in that range is very high right now. We're running kind of the midpoint to the higher end of it. And we haven't had any credit issues to-date.

嘿，寶琳娜。這是康納。你是對的，範圍很廣，根據我在腳本外觀中的評論，這是一個小分母，所以可能會有更多的波動性、可變性，無論哪種方式都會有幾十萬美元。但我們現在對該範圍的信心非常高。我們正在運行從中點到高端。到目前為止，我們還沒有出現任何信用問題。

So you think about the major bankruptcy headlines have impacted some of the anchor properties. We haven't had any of those. To my earlier comment or response retention has been very high. So we feel really good about it. It's just a function of having a really small denominator that is allowing us or pushing us to have a little bit wider range than normal.

所以你想想主要的破產頭條新聞已經影響了一些主力財產。我們沒有這些。我之前的評論或回覆保留率非常高。所以我們對此感覺非常好。這只是一個非常小的分母的函數，它允許我們或推動我們擁有比正常情況更寬的範圍。

Okay. And then I think your expectation is for Curbline same-property NOI to grow at more than 3%. Can you remind us of the different components behind the 3% -- plus 3%?

好的。然後我認為您的預期是 Curbline 同類物業 NOI 增長超過 3%。您能否提醒我們 3%（加上 3%）背後的不同組成部分？

Sure. So bumps plus national options get to kind of low 2s mark-to-market and some occupancy growth gets you to kind of mid- to high-3s and then some credit loss probably pushes you to low 3s. Those components could change over time, right, just as occupancy gets higher in the portfolio. But generally, that's the math behind it.

當然。因此，顛簸加上全國性的選擇，以市價計算，會達到低 2 分，而一些入住率增長會讓你達到中高 3 分，然後一些信用損失可能會將你推到低 3 分。這些組成部分可能會隨著時間的推移而變化，對吧，就像投資組合中的入住率越來越高一樣。但一般來說，這就是背後的數學原理。

And regarding occupancy, I know you have mentioned a couple of times that you are acquiring stable assets. So is it fair to assume that your current lease rate is -- or that we shouldn't expect lease rate to climb higher from where it is today or you see further occupancy gains from where we are?

關於入住率，我知道您已經多次提到您正在收購穩定資產。那麼，假設您目前的租賃率是——或者我們不應該期望租賃率從現在的水平上升，或者您看到入住率比我們現在的水平進一步提高，這是否公平？

The commensurate, we expect to be higher. So the portfolio generally, we think I think I made a comment earlier, can run kind of 95% to 98% leased at the lower end of that range. Right now. We have a pretty decent size us no pipeline to push that back higher. So some yes, there is some occupancy upside and the portfolio today.

相應地，我們預期會更高。因此，總體而言，我認為我之前發表過評論，投資組合可以在該範圍的下限運行 95% 至 98% 的租賃率。現在。我們的規模相當不錯，但沒有管道將其推高。所以有些是的，今天的入住率和投資組合有一些上升空間。

Ki Bin Kim, Truist.

金基賓，真理主義者。

Thanks, good morning. Just a couple of follow-ups. On the 6.5% GAAP cap rate on the acquisitions that you're looking at, does that include any lease mark-to-market upside?

謝謝，早安。只是幾個後續行動。您正在考慮的收購的 6.5% GAAP 上限利率是否包括按市值計價的租賃上行空間？

Yes. So the cap rate would. But to my point, Ki Bin, the gap between cash and GAAP, no pun intended, it's pretty skinny. It's not like you're buying an anchored property with a $2 rent, that market is $10 and you've got this $3 going in yield that becomes a $7. I bet you the cash yield is probably [6.35] and the GAAP yield, [6.5].

是的。所以上限利率會。但就我而言，Ki Bin，現金和公認會計原則之間的差距，沒有雙關語的意思，它非常小。這並不像你以 2 美元的租金購買固定房產，市場價格為 10 美元，而你的 3 美元收益變成了 7 美元。我敢打賭，現金收益率可能是 [6.35]，而 GAAP 收益率，[6.5]。

Okay. And for CURB longer term, is there somewhat of an optimal mix for tenant mix or credit profile that you're looking at as you build this portfolio?

好的。對於 CURB 長期而言，您在建立此投資組合時是否正在考慮租戶組合或信用狀況的最佳組合？

Okay. And with tougher curve longer term, is there a somewhat of an optimal mix for a tenant mix or credit profile that you're looking at as you build this portfolio?

好的。從長遠來看，曲線更加艱難，您在構建此投資組合時正在考慮的租戶組合或信用狀況是否存在某種最佳組合？

I think tenant mix not necessarily; but credit, yes. We've heavily tilted towards credit. I think that it's going to be a balancing act of measuring credit with growth, and a lot of the growth comes from local shop tenants, but that also comes with some risk. So over time, as we get the portfolio larger and larger, we'll settle in the right ratio between credit and noncredit. But I think the credit component is more important than the actual tenant roster mix.

我認為租戶混合不一定；但信用，是的。我們嚴重傾向於信貸。我認為這將是衡量信貸與成長的平衡行為，許多成長來自當地商店租戶，但這也伴隨著一些風險。因此，隨著時間的推移，隨著我們的投資組合越來越大，我們將在信貸和非信貸之間確定正確的比例。但我認為信貸部分比實際的租戶名冊組合更重要。

Yes. One of the things we like the most about this portfolio, Ki Bin, in this concept. If you look at page 15 of our slides, our tenant concentration is incredibly low and it should continue to improve. And so to my earlier response on credit and credit risk, one of the massive mitigants of this portfolio is that there are no kind of major tenants where if they file for bankruptcy and start to close stores, you see this dramatic sudden impact to earnings or NOI for a certain year, and you have these kind of transition years that you've seen in other kind of anchored portfolios.

是的。在這個概念中，我們最喜歡這個組合的一件事是 Ki Bin。如果您查看我們投影片的第 15 頁，您會發現我們的租戶集中度非常低，而且應該會繼續改善。因此，根據我先前對信用和信用風險的回應，該投資組合的一大緩解因素是，沒有任何主要租戶，如果他們申請破產並開始關閉商店，您會看到對收入或收入的突然巨大影響。某一年的NOI，以及您在其他類型的錨定投資組合中看到的過渡年份。

So to David's point, one of the credit mitigants is the fact that you've got this massive diversification from a tenant perspective that is, in our view, one of the strongest and most compelling aspects of the portfolio.

因此，就大衛的觀點而言，信貸緩解措施之一是，從租戶的角度來看，您已經實現了大規模的多元化，在我們看來，這是投資組合中最強大和最引人注目的方面之一。

Thanks for that. And just last quick one. What was the cap rate for the assets that you sold in the quarter?

謝謝你。最後一個快點。您在本季出售的資產的上限利率是多少？

The asset we sold end of quarter, sorry, help me out?

我們在季度末出售的資產，抱歉，幫幫我嗎？

Yes, dispositions in 2Q. What was the cap rate?

是的，第二季的處置。上限利率是多少？

I think it was a 7.1% or 7.05%. And the blended to date on the $1.8 billion has been 7.1%. And I think if you just do the math on the ranges for NOI ranges the variance quarter-over-quarter, I think it's a 7.1%, but I can come back to that, Ki Bin.

我認為是 7.1% 或 7.05%。迄今為止，18 億美元的混合率為 7.1%。我認為，如果你只計算 NOI 範圍的季度與季度之間的方差，我認為它是 7.1%，但我可以回到這一點，Ki Bin。

[Hyun Zeng], JP Morgan.

[Hyun Zeng]，摩根大通。

Yes, hey, guys. I guess what would you what do you think would be the normal lease to occupied gap for the Curbline portfolio compare to, I think, the 200, 20 basis points today?

是的，嘿，夥計們。我想，與今天的 200、20 個基點相比，您認為 Curbline 投資組合的正常租賃與佔用缺口會是多少？

Yes, it's a good question, Hyun. I mean my guess is closer to 100 basis points. One of the things we like about the property type is you're not -- there aren't dramatic redevelopment projects or repurposing or reimagining to use some of the words have been used in the retail space last couple of years. It's just releasing. And so the odds of or the timeline to backfill a shop with another shop to David's point, that's 30 by 60, is pretty short.

是的，這是個好問題，賢。我的意思是我的猜測接近 100 個基點。我們喜歡這種房產類型的原因之一是，沒有戲劇性的重建項目，也沒有重新利用或重新想像使用過去幾年零售領域使用的一些詞語。這只是釋放。因此，按照大衛的觀點，用另一家商店回填一家商店的可能性或時間表（即 30 x 60）非常短。

So that will lead to a tighter SNO pipeline or SNO gap versus other property types. So round numbers, I bet it's about 100 basis points.

因此，與其他財產類型相比，這將導致 SNO 管道或 SNO 差距更緊密。所以四捨五入的數字，我敢打賭大約是 100 個基點。

Got it. And I guess, how do lease options differ in the CURB portfolio compared to, I guess, the SITE stand-alone or it's more traditional anchored centers?

知道了。我猜想，與 SITE 獨立或更傳統的錨定中心相比，CURB 投資組合中的租賃選項有何不同？

They don't. I mean a national lease in the CURB portfolio is no different than in an anchored portfolio. It's a 10 and 2.5. A local might have 1.5 or no options, but still a 10-year initial term. So there's really no difference, except for the fact that the number of options in a lease will be dramatically lower, meaning I think I answered this in an earlier response, you're not going to see any tenants with control for 30 or 40 years with the $4 lease that you just can't get at.

他們不這樣做。我的意思是，CURB 投資組合中的全國性租賃與錨定投資組合中的租賃沒有什麼不同。這是10和2.5。當地人可能有 1.5 個選項或沒有選項，但初始期限仍為 10 年。所以實際上沒有什麼區別，除了租約中的選擇數量會大大減少這一事實，這意味著我想我在之前的回復中回答過這個問題，你不會看到任何租戶在30 或40 年內擁有控制權4美元的租金是你買不到的。

You're going to see at most two options on the back end. And to David's point, we generally are buying 100% leased or seasoned properties. So the number of tenants that have control past making itself 2034 is really skinny and could probably count them on one hand.

您最多會在後端看到兩個選項。就 David 而言，我們通常會購買 100% 租賃或陳舊的房產。因此，到了 2034 年，擁有控制權的租戶數量確實很少，一隻手就可以數得過來。

This concludes our question-and-answer session. I would like to turn the conference back over to David Lukes, Chief Executive Officer, for any closing remarks.

我們的問答環節到此結束。我想將會議轉回執行長大衛·盧克斯 (David Lukes) 發表閉幕詞。

Thank you very much for joining our call.

非常感謝您加入我們的通話。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。