Tanger Inc (SKT) 2022 Q4 法說會逐字稿

Good morning. This is Ashley Curtis, and I would like to welcome you to the Tanger Factory Outlet Centers Fourth Quarter 2022 Conference Call. Yesterday evening, we issued our earnings release as well as our supplemental information package and investor presentation. This information is available on our Investor Relations website, investors.tangeroutlets.com. Please note that during the conference call, some of management's comments will be forward-looking statements that are subject to numerous risks and uncertainties, and actual results could differ materially from those projected.

早上好。我是 Ashley Curtis，歡迎您參加 Tanger Factory Outlet Centers 2022 年第四季度電話會議。昨天晚上，我們發布了收益報告以及補充信息包和投資者介紹。此信息可在我們的投資者關係網站 investors.tangeroutlets.com 上找到。請注意，在電話會議期間，管理層的一些評論將是前瞻性陳述，受眾多風險和不確定因素的影響，實際結果可能與預期結果存在重大差異。

We direct you to our filings with the Securities and Exchange Commission for a detailed discussion of these risks and uncertainties. During the call, we will also discuss non-GAAP financial measures as defined by SEC Regulation G, including funds from operations or FFO, core FFO, same-center net operating income, adjusted EBITDA RE and net debt. Reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures are included in our earnings release and in our supplemental information.

我們會將您引向我們向美國證券交易委員會提交的文件，以詳細討論這些風險和不確定性。在電話會議期間，我們還將討論 SEC 法規 G 定義的非 GAAP 財務指標，包括來自運營或 FFO 的資金、核心 FFO、同中心淨營業收入、調整後的 EBITDA RE 和淨債務。這些非 GAAP 指標與最直接可比的 GAAP 財務指標的對賬包含在我們的收益發布和補充信息中。

This call is being recorded for rebroadcast for a period of time in the future. As such, it is important to note that management's comments include time-sensitive information that may only be accurate as of today's date, February 22, 2023. At this time, all participants are in listen-only mode. Following management's prepared comments, the call will be opened for your questions.

此通話正在錄製中，以便在未來一段時間內重播。因此，重要的是要注意，管理層的評論包括時間敏感的信息，這些信息可能僅在今天，即 2023 年 2 月 22 日之前是準確的。此時，所有參與者都處於只聽模式。在管理層準備好的評論之後，將打開電話詢問您的問題。

We request that everyone ask only one question and one follow-up to allow as many of you as possible to ask questions. If time permits, we are happy for you to re-queue for additional questions. On the call today will be Steven Tanger, our Executive Chair; Stephen Yalof, President and Chief Executive Officer; and Michael Bilerman, Chief Financial Officer and Chief Investment Officer. In addition, other members of our leadership team will be available for Q&A.

我們要求每個人只問一個問題和一個跟進，以允許盡可能多的人提問。如果時間允許，我們很樂意讓您重新排隊回答其他問題。今天的電話會議將是我們的執行主席 Steven Tanger； Stephen Yalof，總裁兼首席執行官；首席財務官兼首席投資官 Michael Bilerman。此外，我們領導團隊的其他成員也將參與問答環節。

I will now turn the call over to Steven Tanger. Please go ahead, Steve.

我現在將把電話轉給 Steven Tanger。請繼續，史蒂夫。

Good morning, and thank you for joining us for our Fourth Quarter and Full Year 2022 Earnings Call. The team delivered tremendous results, executing on all of our objectives and positioning Tanger for continued growth. 2023 is a milestone year for Tanger and marks our 30th year as a public company traded on the New York Stock Exchange. I am very proud of what we have accomplished and even more excited about our future. I have the utmost confidence in the management team and the strategic direction of the company.

早上好，感謝您加入我們的 2022 年第四季度和全年收益電話會議。該團隊取得了巨大的成果，執行了我們所有的目標，並為 Tanger 的持續發展奠定了基礎。 2023 年對 Tanger 來說是具有里程碑意義的一年，標誌著我們成為在紐約證券交易所上市的上市公司 30 週年。我為我們所取得的成就感到非常自豪，對我們的未來更加興奮。我對公司的管理團隊和戰略方向充滿信心。

I will now turn the call over to Steve Yalof.

我現在將把電話轉給 Steve Yalof。

Thanks, Steve, and good morning. I'm pleased to announce another quarter of solid results, which reflects our strategy of providing curated, engaging and value-filled experiences for our shoppers, offering a productive sales model, as well as the clearance channel for our retailers, elevating and diversifying our tenancy and delivering a platform which delivers both reliable earnings and attractive growth opportunities.

謝謝，史蒂夫，早上好。我很高興地宣布另一個季度的穩健業績，這反映了我們為購物者提供精心策劃、引人入勝和充滿價值的體驗的戰略，提供高效的銷售模式，以及為我們的零售商提供清關渠道，提升我們的業務並使其多樣化租賃並提供一個平台，該平台既可以提供可靠的收入，也可以提供有吸引力的增長機會。

We are pleased to introduce our guidance for 2023, which anticipates continued growth, taking into effect the leasing execution from last year and continued momentum, even in the face of broader macroeconomic uncertainty, and we look forward to the grand opening of our newest development in Nashville, Tennessee expected in September.

我們很高興地介紹我們對 2023 年的指導，即使面對更廣泛的宏觀經濟不確定性，該指導預計會持續增長，考慮到去年的租賃執行和持續的勢頭，我們期待著我們最新開發項目的盛大開業田納西州納什維爾預計 9 月。

In 2022, we delivered a 5.5% increase in same-center NOI, which was supported by robust leasing, strong occupancy gains and attractive rent spreads. For the year, we executed 447 leases, representing 2.1 million square feet, a 50% increase from the 1.4 million square feet executed last year.

2022 年，我們的同中心 NOI 增長了 5.5%，這得益於強勁的租賃、強勁的入住率增長和有吸引力的租金差。這一年，我們執行了 447 份租約，佔地面積 210 萬平方英尺，比去年執行的 140 萬平方英尺增加了 50%。

For the trailing 12 months, we realized a 10.1% blended rent spread on these leases. This includes a 28% re-tenanted and an 8.6% renewal spread, representing 7 consecutive quarters of improvement for Tanger. This strong performance is the result of our ability to exercise pricing power and convert variable rent to fixed rent and is a clear demonstration of the importance that retailers place on the outlet retail distribution channel and our open-air shopping centers.

在過去的 12 個月裡，我們實現了 10.1% 的混合租金利差。這包括 28% 的續租和 8.6% 的續租差價，代表 Tanger 連續 7 個季度有所改善。這種強勁的表現是我們行使定價權並將浮動租金轉換為固定租金的能力的結果，清楚地表明了零售商對奧特萊斯零售分銷渠道和我們的露天購物中心的重視。

Our occupancy increased by 170 basis points year-over-year, ending the year at 97%. But even at this high level, we have a meaningful growth opportunity as we continue to realize attractive rent spreads on both renewal and re-tenanted space and convert temporary space to long-term occupancy.

我們的入住率同比增長 170 個基點，年底達到 97%。但即使在這個高水平，我們也有一個有意義的增長機會，因為我們繼續在續租和再租用空間上實現有吸引力的租金差，並將臨時空間轉化為長期佔用。

Our temporary occupancy serves as an important and effective role in our overall strategy in both maintaining revenue-generating occupied space, while introducing new tenants to the Tanger platform.

我們的臨時入住在我們的總體戰略中發揮著重要而有效的作用，既可以維持創收佔用空間，又可以將新租戶引入 Tanger 平台。

With approximately 10% of our GLA currently occupied by short-term pop up or other temporary tenancy, we have the ability to drive additional rent growth over time as a portion of these convert to longer-term leases.

我們目前約有 10% 的 GLA 被短期彈出式或其他臨時租賃佔用，我們有能力隨著時間的推移推動額外的租金增長，因為其中一部分轉為長期租賃。

Beyond the numbers, the quality of our leasing activity is something I'd like to highlight. We have prioritized elevating and diversifying our brands. And since embarking on this objective 2 years ago, we have made tremendous progress adding new food and beverage, entertainment, home furnishing and digitally native brands to our portfolio.

除了數字之外，我還想強調我們租賃活動的質量。我們優先考慮提升和多樣化我們的品牌。自從 2 年前著手實現這一目標以來，我們已經取得了巨大進步，在我們的產品組合中增加了新的食品和飲料、娛樂、家居和數字原生品牌。

With the goal of curating the best open-air environments with elevated brands, improved amenities and best-in-class food and beverage, we are creating a more engaging experience for our shoppers who ultimately stay longer and spend more dollars at our centers. We are pleased with the quality of our tenants and the importance of the outlet channel to their operations. While we maintain a watch list, it is minimal. We proactively manage this list and work with tenants to mitigate our risk.

我們的目標是通過提升品牌、改進設施和一流的食品和飲料來打造最佳露天環境，我們正在為我們的購物者創造更具吸引力的體驗，他們最終會在我們的中心停留更長時間並花費更多的錢。我們對租戶的素質以及奧特萊斯渠道對其運營的重要性感到滿意。雖然我們維護了一個監視列表，但它是最小的。我們主動管理此列表並與租戶合作以降低我們的風險。

Traffic for 2022 approached last year's levels as we (inaudible) strong comps for 2021. Traffic was down 50 basis points for the full year and 200 basis points for the fourth quarter, which reflects the historic winter storm that impacted much of the country in December. However, we are encouraged by current trends as we have seen an uptick in traffic post-Christmas and into the New Year.

2022 年的交通量接近去年的水平，因為我們（聽不清）2021 年的強勁表現。全年交通量下降了 50 個基點，第四季度下降了 200 個基點，這反映了 12 月影響該國大部分地區的歷史性冬季風暴.然而，我們對當前的趨勢感到鼓舞，因為我們看到聖誕節後和新年期間的交通量有所上升。

Total gross sales reported by tenants in our centers remained steady to last year's levels as we faced a more promotional environment compared to last year where we saw the benefits of a tight inventory for retailers and stimulus spending by shoppers. Our sales per square foot was roughly flat on a sequential basis at $445 per square foot. However, down slightly compared to the prior 12-month period, impacted by the change in the mix of retailers included in the comparable pool as well as retailer expansion that occurred during the year. We are encouraged by our outlook as we start to see the benefit of our new leasing activity in the coming quarters.

我們中心的租戶報告的總銷售額與去年的水平保持穩定，因為與去年相比，我們面臨更多的促銷環境，我們看到了零售商庫存緊張和購物者刺激支出的好處。我們每平方英尺的銷售額大致持平，為每平方英尺 445 美元。然而，與前 12 個月相比略有下降，這是受可比池中包含的零售商組合變化以及年內發生的零售商擴張的影響。隨著我們開始看到未來幾個季度新租賃活動的好處，我們對前景感到鼓舞。

Our ability to help drive sales productivity is in part attributable to our enhanced performance marketing, which we continue to refine and achieve measurable results with increasingly relevant and compelling content. We continue to drive incremental value from our centers through our marketing partnerships, media platform and sustainability efforts.

我們幫助提高銷售效率的能力部分歸功於我們增強的績效營銷，我們將繼續完善並通過越來越相關和引人注目的內容取得可衡量的結果。我們繼續通過我們的營銷合作夥伴關係、媒體平台和可持續發展努力從我們的中心推動增值。

Other revenues for 2022 grew 14% as local, regional and national brands sought to gain visibility with Tanger shoppers. We continue to build our media infrastructure and have proven its value to clients, evidenced by repeat campaigns from several national brands. We believe this is a unique revenue stream to Tanger given the scale and quality of our audience with additional runway in the years ahead. Through our sustainability initiatives, we seek to have a positive impact on the planet while driving positive returns on our investments.

2022 年的其他收入增長了 14%，因為本地、區域和國家品牌尋求在丹吉爾購物者中獲得知名度。我們繼續建設我們的媒體基礎設施，並向客戶證明了它的價值，幾個國家品牌的重複活動證明了這一點。考慮到未來幾年我們觀眾的規模和質量以及更多跑道，我們相信這對 Tanger 來說是一個獨特的收入來源。通過我們的可持續發展計劃，我們尋求對地球產生積極影響，同時推動我們的投資獲得積極回報。

In August, we announced our goal to be carbon neutral by 2050 and have already achieved several milestones. These include our investment in renewable energy, recently doubling our solar infrastructure and adding electric vehicle charging stations across our centers. We have also attained lead gold certification at an additional 4 centers. Now over 50% of our GLA is LEED certified.

8 月，我們宣布了到 2050 年實現碳中和的目標，並且已經實現了多個里程碑。其中包括我們對可再生能源的投資，最近將我們的太陽能基礎設施增加了一倍，並在我們的中心增加了電動汽車充電站。我們還在另外 4 個中心獲得了鉛金認證。現在，我們 50% 以上的 GLA 都獲得了 LEED 認證。

We continue to progress on our Nashville development, which is now over 80% lease committed. Construction is well underway and on track for grand opening in September of this year. Our anticipated stabilized yield of 7% to 7.5% remains unchanged. We -- this center will add 290,000 square feet of GLA tenanted with elevated national brands, best-in-class food and beverage, and entertainment concepts.

我們在納什維爾的開發項目上繼續取得進展，該開發項目目前已承租超過 80%。建設工作進展順利，預計將於今年 9 月盛大開業。我們預期的 7%至 7.5%的穩定收益率保持不變。我們——這個中心將增加 290,000 平方英尺的 GLA，租用提升的民族品牌、一流的食品和飲料以及娛樂概念。

Tanger Outlets Nashville will feature an updated design and layout, which enables a sense of place for our shoppers, retailers and community activations. We are encouraged by the success that we have achieved in Palm Beach, where we have rebranded the existing outlet center, Tanger Outlets, Palm Beach. To date, we have realized strong tenant demand and executed robust leasing volume. We're looking forward to welcoming investors to this center during the upcoming Citi CEO Conference in March.

Tanger Outlets Nashville 將採用更新的設計和佈局，為我們的購物者、零售商和社區活動提供場所感。我們對我們在棕櫚灘取得的成功感到鼓舞，我們在那裡重新命名了現有的奧特萊斯中心，棕櫚灘丹吉爾奧特萊斯。迄今為止，我們已經意識到強勁的租戶需求並執行了強勁的租賃量。我們期待在即將於 3 月舉行的花旗 CEO 會議期間歡迎投資者光臨該中心。

Looking ahead, we're well positioned for growth. Our occupancy cost ratio has increased by 50 basis points over the past year and at just 8.6% for 2022. We believe we still have significant runway to realize additional rent increases while providing tremendous value for our retailers and tenants.

展望未來，我們已做好增長準備。我們的入住成本比率在過去一年中增加了 50 個基點，到 2022 年僅為 8.6%。我們相信，我們仍有很長的路要實現額外的租金增長，同時為我們的零售商和租戶提供巨大的價值。

We have a model that generates strong free cash flow and a solid balance sheet, which provides us with the liquidity and flexibility to invest in our growth. We continue to return capital to shareholders through our well-covered and growing dividend. We are driving organic growth unlocking additional value at our centers through redevelopments and activating other revenue opportunities while selectively pursuing external growth.

我們的模式可以產生強勁的自由現金流和穩健的資產負債表，這為我們提供了流動性和靈活性來投資於我們的增長。我們繼續通過覆蓋面廣且不斷增長的股息向股東返還資本。我們正在推動有機增長，通過重建和激活其他收入機會來釋放我們中心的附加價值，同時有選擇地追求外部增長。

Over the past 2 years, we have assembled an immensely talented and experienced senior management team. This team's capabilities are evident in our 2022 results, and I'm excited about the value we will continue to create in the quarters and years ahead.

在過去的兩年裡，我們組建了一支才華橫溢、經驗豐富的高級管理團隊。這個團隊的能力在我們 2022 年的業績中顯而易見，我對我們將在未來幾個季度和幾年繼續創造的價值感到興奮。

I'm pleased to now be turning this call over to our newest senior team member, Michael Bilerman, Tanger's CFO and Chief Investment Officer. I want to thank our entire team, our shoppers, retailers and all of our stakeholders for their continued support.

我很高興現在將這個電話轉給我們最新的高級團隊成員，Tanger 的首席財務官兼首席投資官 Michael Bilerman。我要感謝我們的整個團隊、我們的購物者、零售商和所有利益相關者一直以來的支持。

I'd now like to turn the call over to Michael.

我現在想把電話轉給邁克爾。

Thank you, Steve. I'm extremely excited to be part of this team and help drive value for all of our stakeholders. Today, I'm going to quickly walk through our financial results, our balance sheet position and the guidance that we're introducing for 2023.

謝謝你，史蒂夫。我非常高興能成為這個團隊的一員，並幫助為我們所有的利益相關者創造價值。今天，我將快速瀏覽一下我們的財務業績、資產負債表狀況以及我們為 2023 年推出的指導方針。

Tanger delivered solid results for the fourth quarter and full year 2022, meeting the high end of our upwardly revised annual guidance range. Core FFO per share increased 4.4% to $0.47 for the fourth quarter and was up 4% for the year to $1.83. Same-center NOI for the total portfolio increased 5.1% for the quarter and was up 5.5% for the year, driven by the growth in occupancy, positive rent spreads and similar to other retail peers, some benefit from reserve reversals.

Tanger 在第四季度和 2022 年全年取得了可觀的業績，達到了我們向上修訂的年度指導範圍的高端。第四季度每股核心 FFO 增長 4.4% 至 0.47 美元，全年增長 4% 至 1.83 美元。總投資組合的同中心 NOI 本季度增長 5.1%，全年增長 5.5%，這是受入住率增長、正租金差以及與其他零售同行類似的推動，一些受益於儲備逆轉。

The reserve reversals were included in our original guidance and largely were recorded earlier in 2022. And just as a reminder, our same-center NOI is presented on a cash basis and also excludes lease termination fees. As part of our active asset management strategy in the fourth quarter, we did sell a noncore outlet center located in Blowing Roth, North Carolina for $13 million or approximately a 9% to 10% cap rate. Of note, this was our least productive center in our portfolio.

準備金沖銷包含在我們最初的指導中，並且大部分記錄在 2022 年早些時候。提醒一下，我們的同中心 NOI 以現金形式呈現，也不包括租賃終止費。作為我們第四季度積極資產管理戰略的一部分，我們確實以 1300 萬美元或大約 9% 至 10% 的資本化率出售了位於北卡羅來納州 Blowing Roth 的非核心直銷中心。值得注意的是，這是我們投資組合中生產力最低的中心。

We enter 2023 with a balance sheet with the liquidity and the flexibility to pursue our growth objectives. As of year-end, our cash and cash equivalents and our short-term investments totaled $273 million with full availability on our $520 million unsecured line of credit. In addition, our net debt to adjusted [EBITDA] improved to 5.1x in 2022, down from 5.5x in 2021, one of the lowest in the retail sector, which provides additional capacity to drive our growth while staying below our target leverage level. The weighted average rate on our debt at year-end was 3.4%, with 93% of our debt at fixed rates and a weighted average term to maturity of 5.6 years.

進入 2023 年，我們的資產負債表具有流動性和靈活性，可以實現我們的增長目標。截至年底，我們的現金和現金等價物以及我們的短期投資總計 2.73 億美元，我們的 5.2 億美元無擔保信貸額度已完全可用。此外，我們調整後的淨債務 [EBITDA] 從 2021 年的 5.5 倍下降至 2022 年的 5.1 倍，是零售行業中最低的之一，這提供了額外的能力來推動我們的增長，同時保持在我們的目標槓桿水平以下。年末我們債務的加權平均利率為 3.4%，其中 93% 的債務為固定利率，加權平均到期期限為 5.6 年。

Now in terms of thinking about our anticipated cash moves during the year, our biggest cash expense will be funding the rest of our development in Nashville, which is set to deliver in mid-September.

現在考慮我們今年預期的現金流動，我們最大的現金支出將用於資助我們在納什維爾的其餘開發項目，該項目將於 9 月中旬交付。

As of year-end 2022, we had deployed nearly $36 million into the project with an additional $110 million remaining to fund at the midpoint. For recurring CapEx across our portfolio, we have earmarked $50 million to $60 million this year, including our second-generation tenant allowance and capital improvements. This aggregate level is anticipated to be higher in 2023 than in 2022 as we return to a more traditional precoded level and embark on certain strategic center renovations.

截至 2022 年底，我們已向該項目投入近 3600 萬美元，中期還有 1.1 億美元可供資助。對於我們投資組合中的經常性資本支出，我們今年已撥出 5000 萬至 6000 萬美元，包括我們的第二代租戶津貼和資本改善。隨著我們回到更傳統的預編碼水平並著手進行某些戰略中心改造，預計 2023 年這一總體水平將高於 2022 年。

Our dividend is well covered with a low payout ratio, providing the company with additional free cash flow after dividends. As previously announced, our Board of Directors approved 2 dividend increases during 2022, resulting in a combined 20% increase in the annual dividend to its current annualized level of $0.88 per share. This annualized dividend equates to a current yield of nearly 5% based on the recent stock price of approximately $18. And now turning to our guidance.

我們的股息支付率很低，為公司提供了股息後額外的自由現金流。正如之前宣布的那樣，我們的董事會批准了 2022 年期間兩次增加股息，導致年度股息總共增加 20%，達到目前每股 0.88 美元的年化水平。基於最近約 18 美元的股價，這一年化股息相當於當前近 5% 的收益率。現在轉向我們的指導。

We are introducing FFO guidance for 2023 and expect core FFO to be in the range of $1.80 to $1.88 per share. Underpinning this guidance is same-center NOI growth of 2% to 4%. As I mentioned before, this range assumes no reserve reversals compared to a net $4.5 million last year, which represents approximately 150 basis points of same center growth.

我們正在推出 2023 年的 FFO 指南，預計核心 FFO 將在每股 1.80 美元至 1.88 美元的範圍內。支撐這一指導的是同中心 NOI 增長 2% 至 4%。正如我之前提到的，與去年的淨 450 萬美元相比，這一範圍假設沒有儲備逆轉，這代表同一中心增長約 150 個基點。

In addition, we're assuming a more normalized level of bad debt reserves in our numbers. We expect G&A to be in the range of $73 million to $76 million as we've invested in a strong team and infrastructure. And new this year, we are also introducing guidance for interest expense and interest and other income. We are in the unique position of temporarily benefiting from rising interest rates with a cash balance that is currently larger than our variable rate debt exposure.

此外，我們假設我們的數字中的壞賬準備金水平更為正常。我們預計 G&A 將在 7300 萬美元至 7600 萬美元之間，因為我們已經投資於強大的團隊和基礎設施。今年新，我們還引入了利息支出和利息及其他收入的指導。我們處於獨特的地位，可以暫時受益於利率上升，現金餘額目前大於我們的可變利率債務敞口。

For additional details on our key assumptions, please see our release issued last night. And now I'd like to open up the call for questions.

有關我們的主要假設的更多詳細信息，請參閱我們昨晚發布的新聞稿。現在我想開始提問。

Operator, can we please take our first question?

接線員，我們可以回答我們的第一個問題嗎？

Certainly. (Operator Instructions). Our first question is coming from Todd Thomas from KeyBanc Capital Markets.

當然。 （操作員說明）。我們的第一個問題來自 KeyBanc Capital Markets 的 Todd Thomas。

Stephen, Michael, I wanted to ask a little bit about investments and external growth for Tanger as operating trends have stabilized. The balance sheet is in good shape with low leverage of cash, full availability on the line and Nashville is underway, but that's really it, as we see today. And as you step back and think about external growth for the company, how should we think about investing initiatives over the next 1, 3 or 5 years as we look forward?

斯蒂芬、邁克爾，隨著經營趨勢的穩定，我想問一些關於丹吉爾的投資和外部增長的問題。資產負債表狀況良好，現金槓桿率低，生產線完全可用，納什維爾正在進行中，但事實就是如此，正如我們今天所看到的。當您退一步思考公司的外部增長時，我們應該如何考慮未來 1、3 或 5 年的投資計劃？

Thanks for the question. So the way we're looking at external growth, take a look at not only the Nashville development that we'll be delivering in September, but also take a look at the Palm Beach property that we just added to our portfolio as an incentivized management deal. And there's a number of similar structured deals that we're looking at externally.

謝謝你的問題。因此，我們看待外部增長的方式，不僅要看看我們將在 9 月份交付的納什維爾開發項目，還要看看我們剛剛作為激勵管理添加到我們的投資組合中的棕櫚灘物業交易。我們正在外部尋找許多類似的結構性交易。

We're an operating company. We're set up for best-in-class leasing, marketing and property operations, and we plan on flexing those muscles over the next -- or the coming years and quarters.

我們是一家運營公司。我們已為一流的租賃、營銷和物業運營做好準備，我們計劃在未來或未來幾年和幾個季度展示這些實力。

We're extremely confident in the team that we've built over here and are in conversations with a number of different property types currently, primarily in the outlet or adjacent outlet space that gives us the opportunity to leverage a lot of the business that we've done with big box, food and beverage and entertainment uses and expand those uses to other properties across the country.

我們對我們在這裡建立的團隊非常有信心，目前正在與許多不同的物業類型進行對話，主要是在奧特萊斯或鄰近的奧特萊斯空間，這讓我們有機會利用我們的許多業務已經完成了大盒子、食品和飲料以及娛樂用途，並將這些用途擴展到全國其他物業。

Just as we were very quiet on Palm Beach and Nashville until we were ready to discuss it, we're going to remain so. But looking forward to giving you an update on that progress in the coming quarters.

正如我們在棕櫚灘和納什維爾非常安靜，直到我們準備好討論它一樣，我們將保持這種狀態。但期待在未來幾個季度為您提供最新進展。

Okay. And with regard to Nashville, now that it's set to open in September, what is the timing look like to get to that 7% to 7.5% stabilized yield? Can you talk about what the initial yield might look like in September when it opens and what the ramp will look like in terms of the time line? And also, can you help us understand how you'll see capitalizing interest on the project. Will it be the entire project at that time? Or do you bring phases online over the course of months and quarters?

好的。至於納什維爾，既然它將於 9 月開放，那麼達到 7% 至 7.5% 穩定收益率的時機是什麼時候？你能談談 9 月份開盤時的初始收益率會是什麼樣子嗎？從時間線來看，坡道會是什麼樣子？而且，你能幫助我們了解你將如何看待項目的利益資本化嗎？到時候會是整個項目嗎？還是您會在幾個月和幾個季度的時間內將階段上線？

Sure, Todd. This is Doug. I'll start with your last question. It's all coming online at the same time and capitalized interest will stop upon the opening of the center this fall. With regards to the stabilized yield, we see that happening probably 2 to 3 years in. It's going to -- the first year is going to be below that range. And as we strategically hold back certain spaces within the center and fill them with shorter-term tenants. But we're expecting that stabilized yield is there in year 2 to year 3.

當然，托德。這是道格。我將從你的最後一個問題開始。全部同時上線，資本化利息將在今年秋季中心開業後停止。關於穩定的收益率，我們看到這種情況可能會在 2 到 3 年內發生。第一年將低於該範圍。當我們戰略性地保留中心內的某些空間並用短期租戶填充它們時。但我們預計第 2 年至第 3 年會出現穩定的收益率。

Any sort of sense on what the initial yield might look like early on, just so we get a sense for the model, how that might trend late in '23 into '24?

對早期初始收益率的任何感覺，只是為了讓我們對模型有所了解，在 23 世紀後期到 24 世紀的趨勢如何？

Sure. It won't be very far below the yield that we've guided to, but I'd say somewhere in the (inaudible)

當然。它不會比我們指導的產量低很多，但我會說（聽不清）

Okay. That's helpful. And if I could just sneak one last one in on the balance sheet, Michael, the $300 million of swaps were so fixed at about 50 basis points. They're not set to expire until February of next year, but any thoughts there or any potential strategies that we should be considering during 2023 as it pertains to that -- those swaps?

好的。這很有幫助。如果我能在資產負債表上偷偷記下最後一個，邁克爾，3 億美元的掉期利率固定在大約 50 個基點。它們要到明年 2 月才會到期，但是有什麼想法或我們應該在 2023 年期間考慮的任何潛在策略，因為它與此有關——那些互換？

Thanks for that, Todd. As we think about where our balance sheet is today, we're obviously extraordinarily pleased with where it stands with the amount of cash we have on our balance sheet, the below average leverage and no significant maturity until 2026 outside of a JV loan that comes due this year. And so the swaps is really the only thing that's currently on the docket as you've talked about, it's not until next January until when those burn off.

謝謝你，托德。當我們考慮我們今天的資產負債表時，我們顯然對我們資產負債表上的現金量、低於平均水平的槓桿率以及 2026 年之前沒有重大到期日的情況感到非常滿意，除了合資貸款今年到期。因此，正如您所說，掉期實際上是目前唯一的事情，直到明年 1 月，這些事情才會被燒掉。

And obviously, they can burn off and just go to floating at that point. But there's a lot of other strategies that we're going to look at overall on our balance sheet as we progress through the year and into 2024.

很明顯，它們可以燃燒殆盡，然後漂浮起來。但是，隨著我們從今年到 2024 年的進展，我們將在資產負債表上整體審視許多其他戰略。

Next question today is coming from Craig Mailman from Citi.

今天的下一個問題來自花旗銀行的 Craig Mailman。

Just wanted to circle back to the same-store guidance, Michael, you kind of pointed out the 150 basis point drag from the reserve reversals. But if -- can you just kind of give us what the assumption is for bad debt this year and maybe how that compares to '22 if you were to normalize for kind of prior period collections. I'm just want to get an apples-to-apples the 3% versus the 5.5% you guys had in 2022?

只是想回到同店指導，邁克爾，你有點指出儲備逆轉拖累了 150 個基點。但是，如果 - 你能不能給我們一些今年壞賬的假設，如果你要對前期收款進行標準化，那麼這與 22 年相比如何。我只想得到一個蘋果對蘋果的 3% 與你們在 2022 年的 5.5% 相比？

Sure. And thanks for the question, Craig. I think if you step back from it, we've introduced guidance of 2% to 4% of same-store NOI growth, which as we talked about was on a cash basis and excludes lease termination fees. We had $4.5 million of reserve reversals last year that this year in 2023, we don't have that. So that -- if we just take that in isolation is 150 basis points of same-store growth. Separate from that is what we would be assuming for bad debt.

當然。克雷格，謝謝你提出這個問題。我想如果你退後一步，我們已經引入了同店 NOI 增長 2% 到 4% 的指導，正如我們所說的那樣，這是以現金為基礎，不包括租賃終止費。去年我們有 450 萬美元的儲備逆轉，今年 2023 年，我們沒有。所以 - 如果我們只是孤立地考慮同店增長的 150 個基點。與此分開的是我們對壞賬的假設。

Now we go back to 2022, there was a positive benefit from that debt. I think you would probably agree, given the macroeconomic environment, we probably should not be assuming that we have positive recoveries in this environment. So our guidance when we -- if we adjust for the reserves in that 3.5% to 5.5%, there's a lot of different assumptions that go into that, one of which is obviously the bad debt, and we're trying to be prudent in how we're looking at that against all the other variables that's embedded in coming up with the same store in terms of our occupancy, where our spreads are, the percentage rents, our recoveries, the timing of our leasing, the role, the burden that we have from 2022.

現在我們回到 2022 年，那筆債務帶來了積極的好處。我想你可能會同意，鑑於宏觀經濟環境，我們可能不應該假設我們在這種環境下有積極的複蘇。因此，當我們的指導意見——如果我們調整 3.5% 至 5.5% 的準備金時，會有很多不同的假設，其中之一顯然是壞賬，我們正試圖謹慎對待我們如何根據我們的入住率、我們的利差、租金百分比、我們的回收率、我們的租賃時間、角色、負擔等方面的所有其他變量來看待這一點我們從 2022 年開始。

Steve talked about temp-to-perm conversion, there's a lot of things that go into it, of which bad debt is one, and we're assuming a relatively prudent level. We're very cognizant that we do not have large exposure to some of the distressed retailers that have announced store closings and potential bankruptcies. And Steve talked about our watch list being very low at this point. Does that sort of help put it... Some color...

史蒂夫談到了從臨時到燙髮的轉換，涉及到很多事情，壞賬就是其中之一，我們假設一個相對謹慎的水平。我們非常清楚，我們對一些已宣布關閉商店和可能破產的陷入困境的零售商沒有大量敞口。史蒂夫談到我們的觀察名單在這一點上非常低。那種幫助把它...一些顏色...

It does. But I guess what I'm trying to get at is, right, maybe these are 2 of the bigger components in isolation. And I get your point that there's a bunch of moving parts. But as we think about the fact that occupancy is up year-over-year, so you get the benefit of better reimbursements and the incremental revenue there going from temp to perm is obviously a positive tailwind.

確實如此。但我想我想表達的是，對，也許這些是孤立的較大組件中的 2 個。我明白你的意思，有很多活動部件。但是當我們考慮到入住率逐年上升這一事實時，您將獲得更好的報銷和從 temp 到 perm 的增量收入顯然是一個積極的順風。

I'm just trying to see of these 2, right, and everything else aside because that's where the growth is, but these are sort of assumptions that are placeholders to some extent rather than kind of bottom-up analysis. So I'm just trying to get at if you were at 5.5%, you adjust for the 150million you're about 4.5% to the 3, right? What's the net year-over-year change for bad debt? Is that 4.5% now, 5.25? Is it 5?

我只是想看看這兩個，對吧，除了其他一切，因為那是增長所在，但這些假設在某種程度上是佔位符，而不是自下而上的分析。所以我只是想知道如果你是 5.5%，你調整 1.5 億你大約是 4.5% 到 3，對嗎？壞賬的同比淨變化是多少？現在是 4.5%，5.25？是5嗎？

Like what decel is baked in year-over-year because of the just the bad debt? And then maybe some of these other things, again, you're being conservative, you may get more temp to perm done, other areas that could move it higher? Because I assume you're going to be somewhat conservative with initial guidance. But just from a baseline kind of where are we on a year-over-year decel?

比如僅僅因為壞賬，年同比下降多少？然後也許還有一些其他的事情，再次，你是保守的，你可能會得到更多的時間來完成燙髮，其他領域可以使它更高？因為我假設您對初始指導會有些保守。但僅從基線來看，我們的同比減速在哪裡？

You're staying conservative, we would say prudent. This is a 3.5% to 5.5% same-store range has different variabilities at the low and the high end. We feel 4.5% core growth. Again, the reserve reversals was just money we got back from prior reserves going back to COVID days.

你保持保守，我們會說謹慎。這是一個 3.5% 到 5.5% 的同店範圍，在低端和高端有不同的變化。我們認為核心增長為 4.5%。同樣，儲備金逆轉只是我們從 COVID 時代以前的儲備金中收回的錢。

So that's why we're really looking at this 3.5% to 5.5%. And we feel very good about the momentum we have in driving that above-average growth relative to the retail sector. The bad debt, Craig, just given the size of our tenancy and where we are on our watch list, it's just a more normalized level embedded in our guidance.

所以這就是為什麼我們真正關注這個 3.5% 到 5.5% 的原因。我們對推動零售業高於平均水平的增長勢頭感到非常滿意。克雷格，壞賬只是考慮到我們租賃的規模和我們在觀察名單上的位置，這只是我們指導中嵌入的一個更正常的水平。

It's not something that is massive that's going to change our numbers one way or the other. It's one element in the overall pie where I would say all the things that we're doing, you look at our occupancy growth, you look at where our rent spreads are, that is really what's driving our top line overall.

它不會以一種或另一種方式改變我們的數字。這是整個餡餅中的一個元素，我會說我們正在做的所有事情，看看我們的入住率增長，看看我們的租金差在哪裡，這才是真正推動我們整體收入的因素。

So I should just assume it's not a significant drag relative to 4.5%.

所以我應該假設它相對於 4.5% 不是一個顯著的拖累。

Yes.

是的。

Okay. And then separately, Michael, maybe sticking with you, just kind of curious you be able to seat for about 3 months. Just your initial impressions going into the job, some of what you're seeing, some of the challenges you think you have had? Just any commentary would be helpful.

好的。然後分開，邁克爾，也許會堅持你，只是有點好奇你能坐 3 個月左右。只是你對這份工作的初步印象，你所看到的一些東西，你認為你遇到過的一些挑戰？任何評論都會有所幫助。

So thanks for that. It's day 83, I am extraordinarily excited being here. And what I find really unique is relative to my prior life, where I focused on 90 different companies being able to take all of my time on one. I certainly had an appreciation for where this company had been and where it was going but I've gotten a much deeper appreciation for our business, our people, our platform and the significant growth opportunities that are in front of us.

所以謝謝你。今天是第 83 天，來到這裡我非常興奮。我發現真正獨特的是相對於我以前的生活，我專注於 90 家不同的公司，能夠把我所有的時間都花在一個上。我當然很欣賞這家公司的過去和未來，但我對我們的業務、我們的員工、我們的平台以及擺在我們面前的重要增長機會有了更深刻的認識。

I think the biggest surprise for me has been able to get out and see a lot of our assets. So over the past 3 months, I've actually been able to go out and visit with our teams across the country. And that, to me, the quality, the location, the retailer interest in the assets really has been the differentiator, and I'm so excited to be able to get out on the road with you and other analysts as well as the investors and really show what we have because all of the results are driven out of those local assets and the perception, I think, is different than the reality.

我認為對我來說最大的驚喜是能夠出去看到我們的很多資產。所以在過去的 3 個月裡，我實際上已經能夠與我們在全國各地的團隊一起出去參觀。而且，對我來說，資產的質量、位置、零售商對資產的興趣確實是差異化因素，我很高興能夠與您和其他分析師以及投資者和真正展示我們所擁有的，因為所有結果都是從這些本地資產中提取出來的，我認為，這種看法與現實不同。

Thank your next question today is coming from Floris Gerbrand Van Dijkum from Compass Point.

感謝您今天的下一個問題來自 Compass Point 的 Floris Gerbrand Van Dijkum。

So I have -- let me start with my first question. If we can touch on the temp occupancy of 10%. You talk about this as being one of your growth drivers. Maybe if you can -- I was always under the impression that temp occupancy should probably be closer to 5% or in that range.

所以我 - 讓我從我的第一個問題開始。如果我們能觸及 10% 的臨時入住率。你說這是你的增長動力之一。也許可以的話——我一直認為臨時入住率可能應該接近 5% 或在該範圍內。

What do you have baked into your numbers for '23 in terms of the temp to permanent conversion? And could you also remind us again on what kind of impact you would get from those tenants that convert from temp to occupancy in terms of NOI impact?

就臨時到永久轉換而言，您將什麼納入 23 年的數字？你能否再次提醒我們，從 NOI 影響的角度來看，那些從臨時轉為入住的租戶會給你帶來什麼樣的影響？

Sure, Floris. And thanks for the question. So we've said for at least the last 6 to 8 quarters as we've built this field-driven company that's far less centralized and gone to a decentralized structure, giving each of our general managers the opportunity to really run the business that is their shopping center operations.

當然，弗洛里斯。謝謝你的提問。因此，至少在過去的 6 到 8 個季度中，我們已經說過，我們已經建立了這家現場驅動的公司，它的中心化程度要低得多，而且去中心化的結構，讓我們的每個總經理都有機會真正經營業務他們的購物中心運營。

We've essentially quadrupled the size of our leasing team by making everybody in the field leasing people. And for us, especially coming out of COVID a couple of years ago, losing 1 million square feet of retailers, we looked to the local marketplace in order to fill a lot of that space.

通過讓該領域的每個人都租賃人員，我們基本上將租賃團隊的規模擴大了四倍。對於我們來說，尤其是幾年前從 COVID 中走出來，失去了 100 萬平方英尺的零售商，我們著眼於當地市場以填補很多空間。

We learned a number of things. First of all, we learned that our customer that was shopping in our outlet focused shopping environments, we're looking for far more experienced amenity, food beverage and entertainment when they came and visited our shopping centers. A lot of which has been sourced both nationally but also locally. A lot of that local sourcing has been developed by a lot of the people out in the field that are doing that work.

我們學到了很多東西。首先，我們了解到，我們的客戶在我們以奧特萊斯為中心的購物環境中購物，當他們來到我們的購物中心時，我們正在尋找更有經驗的便利設施、食品飲料和娛樂設施。其中很多都是在國內和本地採購的。許多本地採購是由從事這項工作的該領域的許多人開發的。

We actually have a team in place now that focuses solely on taking short-term tenants or tenants that we brought in on a temporary basis to build space and keep lights on and keep the space cash flowing, it's solely focused on converting the best of breed into long-term deals, and that has been very productive for us, not only in the locations where they've originated their business, but also taking them across our portfolio, we're relevant. And we've seen that with a lot of food and beverage, but also with specialty retail as well. And it's been a great source of temp to permanent occupancy growth for us.

實際上，我們現在有一個團隊，專注於吸收短期租戶或我們臨時引入的租戶來建造空間並保持照明並保持空間現金流，它只專注於轉換最好的品種進入長期交易，這對我們來說非常有成效，不僅在他們開展業務的地方，而且還把他們帶到我們的投資組合中，我們很重要。我們已經看到很多食品和飲料，但也有特色零售。對我們來說，這一直是我們永久入住率增長的重要來源。

In that same time period, we talked about temp leasing being closer to -- we said above 10% at one point, we said closer to 12%. So if that temp leasing number continues to go down, it's being replaced with permanent and the 170 basis points of occupancy growth that we've seen year-over-year, there's a lot of permanent leasing embedded in that occupancy growth as well.

在同一時期，我們談到臨時租賃更接近——我們曾說過超過 10%，我們說接近 12%。因此，如果臨時租賃數量繼續下降，它將被永久租賃和我們看到的同比 170 個基點的入住率增長所取代，入住率增長中也包含很多永久租賃。

We've also said on past calls that in many instances, some of the temp deals, which are localized deals, deals that, like I said, keep life on, but also give us the flexibility of a 30-day termination should the adjacent tenant choose to expand into that space or a new tenant want to come and fill that space, and we're seeing great growth and upside when we replace a temp tenant with a permanent tenant that we've said in some instances, 2, 3 and 4x the rent that the 10 tenant is paying. So we see upside in that as well.

我們在過去的電話會議上也說過，在許多情況下，一些臨時交易是本地化的交易，就像我說的那樣，這些交易會繼續存在，但也給了我們 30 天的靈活性，如果相鄰的租戶選擇擴展到該空間或新租戶想要來填補該空間，當我們用我們在某些情況下說過的永久租戶替換臨時租戶時，我們看到了巨大的增長和好處，2, 3和第 10 個租戶支付的租金的 4 倍。所以我們也看到了好處。

And one need only look at the rent spread growth that we've experienced, look at the occupancy growth that we experienced and more importantly, look at the growth in NOI and a lot of that is coming from some of the powerful leasing that we've done and a lot of that conversion of temporary stuff into permanent stuff.

人們只需要看看我們經歷過的租金差增長，看看我們經歷過的入住率增長，更重要的是，看看 NOI 的增長，其中很多來自我們強大的租賃業務。已經完成了很多將臨時內容轉換為永久內容的工作。

Just to clarify, is your attempt to perm conversion, are they included in your lease spreads? Or I thought they were separate?

澄清一下，您是否嘗試進行轉換，它們是否包含在您的租差中？或者我認為它們是分開的？

Yes. They are separate. My reference to the lease spreads just shows the pricing power we have in our real estate.

是的。它們是分開的。我提到的租賃利差只是表明我們在房地產中擁有的定價權。

Got it. Got it. So my second question, I'll try to stick to 2 is that -- the -- in terms of your sales numbers, obviously, there were -- tenant sales were down marginally flat sequentially, but down year-over-year. In -- obviously, in an inflationary environment, how should people think about that? And maybe also touch on because I would have thought that including more food and beverage in your leasing and in your tenancy should potentially increase your average sales numbers -- but that's clearly -- I'm not sure what the impact of that is.

知道了。知道了。所以我的第二個問題，我會盡量堅持 2 是 - 就你的銷售數字而言，顯然有 - 租戶銷售額環比略微持平，但同比下降。在 - 顯然，在通貨膨脹的環境中，人們應該如何考慮？也許還會觸及，因為我認為在您的租賃和租賃中包括更多的食品和飲料可能會增加您的平均銷售量——但這很明顯——我不確定這會產生什麼影響。

And then also talk maybe about what the average dwell time is that a shopper has at your center and how that's tracked over the last year? And maybe because you would assume that adding more food and beverage and other non-apparel elements to your centers should actually increase the amount of time people spend at your properties?

然後還可以談談購物者在您中心的平均停留時間是多少，以及過去一年的追踪情況？也許是因為您認為在您的中心增加更多的食品和飲料以及其他非服裝元素實際上應該會增加人們在您的酒店花費的時間？

Okay. Lots of impact there fast. Let's -- now I even know where to start. Let's just talk about the food and beverage and the growth in dwell time because I think that, that's important. And just remember that in the sales per square foot number, some of that new leasing that we've done is noncomp. So it's not going to appear in that dollar per square foot number yet.

好的。那裡的影響很快。讓我們——現在我什至知道從哪裡開始。讓我們談談食品和飲料以及停留時間的增長，因為我認為這很重要。請記住，在每平方英尺的銷售額中，我們完成的一些新租賃是非補償的。所以它不會出現在每平方英尺的美元數中。

I think the most important concept, particularly what we saw in 2022, and we should focus on this is that we are in the outlet space. And a lot of the retailers, the larger retailers in our platform have said publicly that they're using the outlet space as a clearance channel and keeping a lot of their full price distribution and wholesale distribution channels a little bit cleaner, meaning that they're clearing a lot of that excess inventory to our channel.

我認為最重要的概念，尤其是我們在 2022 年看到的，我們應該關注的是我們處於奧特萊斯空間。許多零售商，我們平台上的大型零售商公開表示，他們正在使用奧特萊斯空間作為清倉渠道，並使他們的許多全價分銷和批發分銷渠道更加清潔，這意味著他們“我們正在清理大量過剩庫存到我們的渠道。

And so as we see a lot of that activity what will ultimately happen is that an item which last year in 2021, where we saw a very non-promotional environment, particularly in the fourth quarter, where you might have sold 2 items for $100, we're finding across our platform that you can now get that same you can now get 3 items for that same $100 or buy 2 and get the third free is a common promotion spend to get.

因此，當我們看到很多這樣的活動時，最終會發生的是去年 2021 年的一件商品，我們看到了一個非常非促銷的環境，特別是在第四季度，你可能以 100 美元的價格售出了 2 件商品，我們發現在我們的平台上，您現在可以獲得相同的商品，您現在可以花相同的 100 美元購買 3 件商品，或者購買 2 件並免費獲得第三件商品，這是常見的促銷支出。

It gives the retailer an opportunity and clear through a lot of excess inventory, but we're not going to see a tremendous amount of sales growth, although they're able to execute to what their objective is and that's get rid of excess inventory. And look, I would just point to the fact that a lot of those larger retailers are -- have a number of stores within our portfolio, and we've done tremendous amount of renewal activity over the past year and also into this year.

它為零售商提供了一個機會，可以清除大量過剩庫存，但我們不會看到大量的銷售增長，儘管他們能夠執行他們的目標，即擺脫過剩庫存。看，我只想指出這樣一個事實，即許多大型零售商在我們的產品組合中擁有許多商店，並且我們在過去一年和今年都進行了大量的更新活動。

And our renewal spreads point to the fact that those retailers that might not have seen huge gains from a dollars per square foot point of view, but they're also willing to pay more rent to be in our shopping centers, and they're not giving up space in our shopping centers either, meaning that they see the value that outlet and the outlet channel provides and therefore, willing to pay slightly more for that.

我們的續約價差表明，那些從每平方英尺美元的角度來看可能沒有看到巨大收益的零售商，但他們也願意支付更多的租金來進入我們的購物中心，而且他們不會放棄我們購物中心的空間，這意味著他們看到奧特萊斯和奧特萊斯渠道提供的價值，因此願意為此支付更多的錢。

So I think there's -- there'll be some more growth coming from that organically as we go forward. I know you asked a number of other questions in there, Floris. Can you just remind me if I missed any?

所以我認為，隨著我們的前進，有機地會有更多的增長。我知道你在那裡問了很多其他問題，弗洛里斯。如果我錯過了什麼，你能提醒我嗎？

Yes. No. I mean I think you've hit upon the key ones. And maybe if I can just get you to give some comments. One of the things which I find very intriguing about the outlet space is the expansion in the U.S. of luxury tenants, which have significantly higher sales, significantly higher sales also in the outlooks.

是的。不，我的意思是我認為你已經找到了關鍵點。也許我能讓你發表一些意見。我發現奧特萊斯空間非常有趣的一件事是美國奢侈品租戶的擴張，這些租戶的銷售額明顯更高，前景也明顯更高。

And as they expand more full-price stores in the country, which is what they're doing in the A malls, they're also -- they have to -- they can't burn stuff anymore for excess inventory. So they are opening from what we hear from others more stores in outlets. And have you seen any of that? I know that you might not have all of the outlets suitable for that, but presumably, you have a couple of them.

隨著他們在國內擴張更多的全價商店，這就是他們在 A 級購物中心所做的，他們也——他們必須——他們不能再為過剩庫存而燃燒東西。因此，根據我們從其他人那裡聽到的信息，他們正在開設更多的奧特萊斯商店。你見過嗎？我知道您可能沒有所有適合的網點，但大概有幾個。

Can you talk a little bit about that trend? And what that could mean also for average tenant sales and average traffic in your centers?

你能談談這個趨勢嗎？這對您中心的平均租戶銷售額和平均流量也意味著什麼？

Yes. I think it will have a positive effect on all. Obviously, we're in that game, too. We're in touch with all of those retailers. We understand they're open to buy. We know where they want to open stores. And as is common practice with us over here until the lease is executed and in many cases, until the sign is put up on the door in front of the store, we have a tendency to keep a lot of the names of tenants with whom we're doing business quiet. But that is a recent trend, one that we are very actively participating at.

是的。我認為這將對所有人產生積極影響。顯然，我們也在這場比賽中。我們與所有這些零售商保持聯繫。我們知道他們願意購買。我們知道他們想在哪裡開店。按照我們在這裡的慣例，直到租約執行，在許多情況下，直到標誌貼在商店前面的門上，我們傾向於保留很多租戶的名字，我們與他們一起安靜地做生意。但這是最近的趨勢，我們非常積極地參與其中。

Your next question is coming from Craig Schmidt from Bank of America.

你的下一個問題來自美國銀行的 Craig Schmidt。

This is Lise Dugan on for Craig. I wanted to ask a couple more questions about progress on Nashville was, I guess, the plant opening in September seems about 16 to 17 months until after this broke ground back in May. Is this in line with your expectations and the typical time frame you anticipated? Were there any delays there just on the expected time line there?

我是 Craig 的 Lise Dugan。我想再問幾個關於納什維爾進展的問題，我猜，9 月開工的工廠似乎需要 16 到 17 個月，直到 5 月破土動工。這是否符合您的期望和您預期的典型時間框架？那裡的預期時間表是否有任何延誤？

Thanks for the question, Lise, there were no delays. In fact, we did a great job of buying steel. We did a great job of buying a lot of the long lead items that are right now still caught up in manufacturing for other developments, and we very fortunately, have a lot of those products on site.

謝謝你的問題，Lise，沒有延誤。事實上，我們在購買鋼材方面做得很好。我們做得很好，購買了很多目前仍在製造中用於其他開發的長周期項目，我們非常幸運，現場有很多這樣的產品。

One of the -- having built a number of shopping centers in my history, a typical start to opening is about a year, 12 months to 14 months. This has taken a bit longer because as you're probably aware, Nashville is built on solid rock, and rock remediation takes quite a bit of time. That was a big part of the lead time to getting the site prepared before we're actually ready to pour the foundations and start directing steel and (inaudible) -- which if you visited the site, you would see is taking place right now as we speak.

其中之一——在我的歷史中建造了許多購物中心，典型的開業時間大約是一年零 12 個月到 14 個月。這需要更長的時間，因為您可能已經知道，納什維爾建在堅硬的岩石上，而岩石修復需要相當長的時間。在我們真正準備好澆築地基並開始指導鋼鐵和（聽不清）之前，準備現場的準備時間佔了很大一部分——如果您訪問了現場，您會看到現在正在進行我們說。

Okay. And with about $110 million remaining to fund, how should we expect the cadence of that spend? And then separately, I guess, you've mentioned the updated design and layout. If you could provide more details on maybe how this you might be changing your thinking around the design of your developments now. What kind of makes Nashville more unique and different?

好的。剩下大約 1.1 億美元的資金，我們應該如何預期這筆支出的節奏？然後，我猜你已經提到了更新的設計和佈局。如果您可以提供更多詳細信息，說明您現在可能會如何改變您對開發設計的看法。是什麼讓納什維爾更加獨特和與眾不同？

So first of all, a lot of our most recent outlet developments, and I would say most recent outlet developments in the outlet space have been raised track design with the parking on the outside and the shopping up the inside. And that's been for years, that's been the trend, and it's been a great model. But what we found, particularly coming out of COVID, as we pivoted a number of our uses from strictly -- from less pure-play outlet to adding things like food and beverage and experiential retail and entertainment retail.

因此，首先，我們最近的許多奧特萊斯開發項目，我想說奧特萊斯空間中最近的奧特萊斯開發項目都採用了軌道設計，停車場在外面，購物在裡面。多年來一直如此，這一直是趨勢，而且它一直是一個很好的模式。但是我們發現，特別是從 COVID 中得出的結論，因為我們將我們的一些用途從嚴格的——從不那麼純粹的商店轉向添加食品和飲料以及體驗式零售和娛樂零售等東西。

We also find that the customer and the shoppers and the outlet centers are looking to stay longer and they're looking for more amenities. And as we provide them with a more better amenitize space, -- what we've created in Nashville is the shopping on the outside, the parking on the inside, all surrounded by a central park essentially, that part will be an activated community space, one where our retailers will use if it's an athletic fitness brand to hold yoga or fitness.

我們還發現，顧客、購物者和奧特萊斯中心都希望停留更長時間，並且他們正在尋找更多便利設施。當我們為他們提供更好的舒適空間時，我們在納什維爾創造的是外面的購物場所，裡面的停車場，基本上都被中央公園包圍，那部分將是一個活躍的社區空間, 如果它是一個運動健身品牌來舉辦瑜伽或健身活動，我們的零售商將使用它。

Our restaurants will activate so that they can have entertainment and experiential activations on that side as well. So we think that's kind of unique creating that big gathering space at the move of the shopping center.

我們的餐廳將啟動，以便他們也可以在那邊進行娛樂和體驗活動。因此，我們認為在購物中心移動時創造大型聚會空間是一種獨特的做法。

With regard to the timing on the spent, I'm going to hand that over to Michael and Michael can take you through those numbers.

關於花費的時間，我將把它交給邁克爾，邁克爾可以帶你了解這些數字。

Thanks, Steve. So Lise, we spent $36 million to date, and we have $110 million left to spend. You should think about that ratably over the course of the year, as we move into September, and that's sort of how -- when you think about our cash balance during the year, we'll draw that down as we go.

謝謝，史蒂夫。 Lise，迄今為止我們已經花費了 3600 萬美元，我們還有 1.1 億美元可以花掉。當我們進入 9 月時，你應該在一年中考慮這一點，這就是 - 當你考慮我們一年中的現金餘額時，我們會隨著時間的推移減少它。

Okay. Got it. That's helpful. And if I could, I just wanted to ask about the noncore outlet center that was sold for $13 million. What sort of indications were you seeing from the buyer's pool this past quarter? And what are -- what's the thinking around dispositions in 2023?

好的。知道了。這很有幫助。如果可以的話，我只想問一下以 1300 萬美元售出的非核心奧特萊斯中心。您從上個季度的買家群中看到了什麼樣的跡象？什麼是 - 關於 2023 年處置的想法是什麼？

Just real quickly, the buyer pool for that particular shopping center was a local buyer -- it was a noncore asset. It was a smallest asset in our portfolio. So it really wasn't a center that we were -- we had talked about marketing that center, but it was one where local buyers came forward in order to acquire it.

很快，那個特定購物中心的買家群是當地買家——這是一項非核心資產。這是我們投資組合中最小的資產。所以它真的不是我們的中心——我們曾討論過營銷該中心，但它是當地買家出面收購它的地方。

With regard to the other shopping centers in our portfolio, obviously, for the right price, we're willing to discuss. But as you've seen, our occupancy grow materially across our portfolio, all of our shopping centers continue to trend positively, cash flow positively. So we have no current plans to sell any of those shopping centers.

至於我們投資組合中的其他購物中心，顯然，為了合適的價格，我們願意討論。但正如您所看到的，我們的投資組合的入住率大幅增長，我們所有的購物中心繼續呈積極趨勢，現金流為正。所以我們目前沒有出售任何這些購物中心的計劃。

Your next question is coming from Vince Tibone from Green Street…

您的下一個問題來自 Green Street 的 Vince Tibone……

Could you share some color on the steps you've taken to keep same-store expense growth under 1% in '22 despite inflation? And just kind of any color as well on expense reimbursements, which are also on the lower growth side, just whether these expense reimbursements are fixed versus variable? Just some commentary around there would be helpful.

儘管通貨膨脹，您能否分享一下您為在 22 年將同店費用增長率保持在 1% 以下所採取的步驟？還有一些關於費用報銷的顏色，這些費用報銷也在較低的增長方面，只是這些費用報銷是固定的還是可變的？周圍的一些評論會有所幫助。

Our Chief Operating Officer is on the phone, Leslie Swanson. I'm going to kind of hand this off to her and ask her to give you a quick answer on that.

我們的首席運營官 Leslie Swanson 正在接電話。我打算把這個交給她，並請她就此給你一個快速的答复。

One of the things that we've been able to do over the last several years is convert our contracts to fixed contracts. So we've been very successful with that. We've also been able to identify revenue streams within our operating expenses that we've been able to maximize and build over the last 2.5 years with this new senior management team.

在過去幾年中，我們能夠做的其中一件事就是將我們的合同轉換為固定合同。所以我們在這方面非常成功。我們還能夠確定我們在過去 2.5 年中與這個新的高級管理團隊一起能夠最大化和建立的運營支出中的收入來源。

So maybe just like on the CAM piece. So if there are fixed reimbursement, I thought those are generally in the 3% to 4% range. But over the full year '22, that revenue was under 1% growth. So just is there -- is it the maybe lower taxes? Is it direct flow-through? Or do you just help me understand maybe why the fixed versus variable CAM component? Maybe if you follow up my questions.

所以也許就像在 CAM 片上一樣。所以如果有固定的報銷，我認為一般在3%到4%的範圍內。但在 22 年全年，該收入增長率低於 1%。那麼就在那裡 - 可能是較低的稅收嗎？是直接流通嗎？或者你只是幫助我理解為什麼固定和可變 CAM 組件？也許如果你跟進我的問題。

Sure, Vince. This is Doug. Another component that impacts those numbers that you're looking at, there was an agreement that we did last year involving our trash pickup that took some costs out of the property operating expense but also took a commensurate amount out of the recoveries. It's still an opportunity where we have -- there's some growth in that business line for us, but this was a strategic transaction to help provide a little bit of incremental income. It just -- it's a geography thing that impacted both the expense and recovery side.

當然，文斯。這是道格。影響您正在查看的這些數字的另一個組成部分是，我們去年達成了一項協議，涉及我們的垃圾收集，該協議從物業運營費用中扣除了一些成本，但也從回收中扣除了相應的金額。這仍然是我們擁有的機會——對我們來說，該業務線有一些增長，但這是一項有助於提供一點增量收入的戰略交易。它只是 - 這是影響費用和恢復方面的地理因素。

Got it. And then one more for me. Just on the CapEx side. It looks like the guidance for CapEx is a little higher in '23 than it was in '22 and kind of the typical pre-COVID years. So is there anything unique about '23? Is it just getting a lot of stores open? Or maybe how should we think about CapEx over the next 3 to 5 years? Is this a level we should underwrite annually? Or is kind of the more historical levels appropriate and '23 is a little unique.

知道了。然後再給我一個。就在資本支出方面。看起來 23 年的資本支出指導略高於 22 年和典型的 COVID 前年份。那麼'23有什麼獨特之處嗎？只是讓很多商店開張嗎？或者我們應該如何考慮未來 3 到 5 年的資本支出？這是我們應該每年承保的水平嗎？或者是更合適的歷史水平，'23 有點獨特。

So Vince, as we think about that total CapEx number, right, there's 2 components to it. It's our second-generation tenant allowances and the second part being some strategic center renovations that we have targeted for this year. I think if you go back to last year, you heard us talk about having pushed some of those, but we feel confident in going forward with some of those projects this year and returning to a more normalized level of renovation CapEx in our portfolio...

所以文斯，當我們考慮資本支出總額時，對，它有兩個組成部分。這是我們的第二代租戶津貼，第二部分是我們今年針對的一些戰略中心改造。我想如果你回到去年，你會聽到我們談論推動其中一些項目，但我們有信心在今年推進其中一些項目，並在我們的投資組合中恢復到更正常的翻新資本支出水平。 .

Your next question is coming from Mike Muller from JPMorgan.

你的下一個問題來自摩根大通的 Mike Muller。

I guess first, where does the overall mix of leases to the tenants like home, food and beverage, where it's a greater area of focus, where does that stand today compared to a few years ago?

我想首先，房屋、食品和飲料等租戶的整體租賃組合在哪裡，這是一個更大的關注領域，與幾年前相比，今天的情況如何？

As far as percentage, look, our reliance on apparel and footwear continues to drop as we go after different uses. Obviously, Home has been a great driver for us in a number of our shopping centers where we've built these -- essentially built these home clusters like Riverhead and San Marcos.

就百分比而言，看，隨著我們追求不同用途，我們對服裝和鞋類的依賴繼續下降。顯然，在我們建造這些購物中心的許多購物中心中，Home 一直是我們的重要推動力 - 基本上建造了這些家庭集群，如 Riverhead 和 San Marcos。

And we'll continue to do so. entertainment uses, we're continuing to build our entertainment resource in places like Foxwoods, Savannah and Atlantic City where those markets definitely gain the benefit of putting those uses there.

我們將繼續這樣做。娛樂用途，我們將繼續在 Foxwoods、Savannah 和大西洋城等地建立我們的娛樂資源，這些市場肯定會從這些地方獲得這些用途的好處。

So we're going to be strategic where we place those uses. We're going to make sure that there is void in the marketplace, but there's also demand, so we'll execute accordingly.

因此，我們將在放置這些用途的地方具有戰略意義。我們將確保市場上存在空白，但也有需求，因此我們會相應地執行。

But again, the overarching strategy is to limit our reliance on certain categories that are quite high in our portfolio.

但同樣，總體戰略是限制我們對我們投資組合中相當高的某些類別的依賴。

Got it. And Michael, you guided to $5 million to $7 million of interest and other income. I guess what is that number in '22? And assuming it's part of other revenues, why just call out that part of other revenues?

知道了。邁克爾，你指導了 500 萬到 700 萬美元的利息和其他收入。我猜 22 年的那個數字是多少？假設它是其他收入的一部分，為什麼只調出其他收入的那一部分？

So thanks, Mike. And actually, if you look at our P&L, it's a line other income and then in brackets expense, that embeds the interest income. If you look at 2022, in that $6 million of what we determine interest and other income expense was the $2.5 million, $2.4 million gain on the sale of our aircraft. So you would back that out from that number and you get down to 3.6%. In totality, we're giving you guidance of $5 million to $7 million. The vast majority of that income is interest income.

所以謝謝，邁克。實際上，如果你看一下我們的損益表，它是一條其他收入線，然後在括號內的費用中，嵌入了利息收入。如果你看看 2022 年，我們確定的利息和其他收入支出中的 600 萬美元是 250 萬美元，240 萬美元的飛機銷售收益。所以你會從那個數字中倒出來，你會下降到 3.6%。總的來說，我們給你的指導是 500 萬到 700 萬美元。該收入的絕大部分是利息收入。

We talked about our current cash and cash equivalents and short-term investments. Today, is $273 million. That cash balance is going to come down over the course of the year as we spend money in Nashville -- and as we embark on our tenant allowances and our strategic center renovations.

我們談到了我們當前的現金和現金等價物以及短期投資。今天，是 2.73 億美元。隨著我們在納什維爾花錢，以及我們開始租戶津貼和戰略中心翻新，現金餘額將在這一年中下降。

And so then we look at, okay, what interest income should we use? And we don't feel like we're smarter than the market. So we look at the forward curve and take some assumptions around the timing of our cash, the yields that we're getting and all of that goes into a range of $5 million to $7 million for interest and other income, which again will be tied to that line item in our P&L.

然後我們看看，好吧，我們應該使用什麼利息收入？而且我們不覺得我們比市場更聰明。因此，我們查看遠期曲線，並對我們的現金時間、我們獲得的收益率以及所有這些都在 500 萬至 700 萬美元的利息和其他收入範圍內進行一些假設，這將再次被捆綁到我們損益表中的那個行項目。

And I should just step back, we feel that the numbers we've given you in terms of our same-store growth, our interest and other income, the G&A, the interest expense, if you total all those up, you should be able to attain our range.

我應該退後一步，我們覺得我們在同店增長、利息和其他收入、G&A、利息支出方面給你的數字，如果你把所有這些加起來，你應該能夠達到我們的範圍。

Your next question today is coming from Greg McGinniss from Scotiabank.

您今天的下一個問題來自豐業銀行的 Greg McGinniss。

Just touching on occupancy and perhaps some tenants again, in how you interpret the question. But what are your expectations for the cadence and trend of occupancy in 2023?

在您如何解釋這個問題時，再次談到入住率，也許還有一些租戶。但您對 2023 年的入住節奏和趨勢有何期待？

We're not guiding to occupancy, but I will tell you, we're -- our expectation based on the lease momentum, some of the executed but not yet opened stores and a lot of the deals in the pipeline, we're very optimistic about our occupancy growth going into next year.

我們不是在指導入住率，但我會告訴你，我們是——我們基於租賃勢頭的預期，一些已執行但尚未開業的商店以及很多正在籌備中的交易，我們非常對我們明年的入住率增長持樂觀態度。

So even beyond… (inaudible)

所以甚至超越......（聽不清）

I was going to add, the totality, we don't want to isolate just one item because what we're trying to do here is grow our NOI, drive our rents, obviously, move our permanent occupancy and gain the benefit and diversify our tenant base and leverage our balance sheet.

我要補充的是，總的來說，我們不想只孤立一個項目，因為我們在這裡試圖做的是增加我們的 NOI，推動我們的租金，顯然，移動我們的永久入住率並獲得收益並使我們的多元化租戶基礎並利用我們的資產負債表。

And Greg, one more thing to highlight. As you know, historically, the first quarter often has a little bit of a dip as there are some holiday tenants that leave and a lot of leases that carry January 31 expiration.

格雷格，還有一件事要強調。如您所知，從歷史上看，第一季度通常會略有下降，因為有一些假期租戶離開，而且許多租約將於 1 月 31 日到期。

I don't think we expect anything out of the norm this year, but don't be alarmed if there's a small pullback in the first quarter.

我認為我們預計今年不會出現任何異常情況，但如果第一季度出現小幅回落，請不要驚慌。

Okay. Yes. I was asking more to understand if there's a larger pullback because the level of tenants you guys have done a nice job of getting back to pre-pandemic occupancy. So I appreciate the clarity there. And then just with the expected increase in CapEx, how are you thinking about free cash flow expectations this year?

好的。是的。我問的更多是為了了解是否有更大的回調，因為你們的租戶水平在恢復到大流行前的入住率方面做得很好。所以我很欣賞那裡的清晰度。然後，隨著資本支出的預期增長，您如何看待今年的自由現金流預期？

So we don't give FAD guidance, but we give you enough of the components to try to estimate that. And so we feel good about where our underlying cash flows are and the investments that we're making.

所以我們不提供 FAD 指導，但我們會提供足夠的組件來嘗試對其進行估算。因此，我們對我們的基礎現金流量在哪里以及我們正在進行的投資感到滿意。

We feel very strong coming into 2023. You can see where our FAD payout ratio was in the fourth quarter at just about 60%, which I would add is below -- we're in a unique position where we're offering investors a higher yield with a lower payout ratio, which is typically the inverse. So we feel good about where we stand today.

進入 2023 年，我們感覺非常強勁。您可以看到我們的 FAD 派息率在第四季度僅為 60% 左右，我要補充的是，我們處於一個獨特的位置，我們為投資者提供更高的派息率較低的收益率，這通常是相反的。因此，我們對今天的立場感到滿意。

We've reached the end of our question-and-answer session. I would like to turn the floor back over to Mr. Tanger for any further or closing comments.

我們的問答環節已經結束。我想將發言權轉回給 Tanger 先生，以徵求任何進一步意見或結束意見。

Thank you for joining us today. We are looking forward to seeing many of you at several upcoming investor conferences, including hosting investor meetings tomorrow at the 26th Annual Wells Fargo Real Estate Securities Conference in New York, and then hosting a presentation, investor meetings and a tour of our Palm Beach Tanger outlets at the Citi Global Property CEO Conference in early March in Florida. If you'd like to join us at any of these events or visit any of our other centers, please give Michael Bilerman a call.

感謝您今天加入我們。我們期待著在即將舉行的幾場投資者會議上見到你們中的許多人，包括明天在紐約舉行的第 26 屆年度富國銀行房地產證券會議上主持投資者會議，然後主持演講、投資者會議和參觀我們的丹吉爾棕櫚灘3 月初在佛羅里達州舉行的花旗全球房地產 CEO 會議上。如果您想參加我們的任何活動或參觀我們的任何其他中心，請給 Michael Bilerman 打電話。

Goodbye, and have a great day. Thank you.

再見，祝你有美好的一天。謝謝。

That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。感謝您今天的參與。