Tanger Inc (SKT) 2025 Q3 法說會逐字稿

Good morning. I'm Ashley Curtis, Assistant Vice President of Investor Relations, and I would like to welcome you to Tanger Inc.'s third-quarter 2025 conference call. Yesterday evening, we issued our earnings release as well as our supplemental information package and investor presentation.

早安.我是投資人關係助理副總裁 Ashley Curtis，歡迎各位參加 Tanger Inc. 2025 年第三季電話會議。昨晚，我們發布了獲利報告、補充資訊包和投資者簡報。

This information is available on our IR website, investors.tanger.com. Please note that this call may contain forward-looking statements that are subject to numerous risks and uncertainties, and actual results could differ materially from those projected.

這些資訊可在我們的投資者關係網站 investors.tanger.com 上查閱。請注意，本次電話會議可能包含前瞻性陳述，這些陳述受許多風險和不確定因素的影響，實際結果可能與預期結果有重大差異。

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.

有關這些風險和不確定性的詳細討論，請參閱我們向美國證券交易委員會提交的文件。在電話會議期間，我們還將討論美國證券交易委員會 G 條例定義的非公認會計準則財務指標。

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. 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 be only accurate as of today's date, November 5, 2025.

這些非GAAP指標與最直接可比較的GAAP財務指標的調節表已包含在我們的獲利報告和補充資料中。本次通話將會被錄音，以便日後一段時間內重播。因此，需要注意的是，管理層的評論包含有時效性的信息，這些信息可能僅在 2025 年 11 月 5 日當天是準確的。

(Event Instructions) On the call today will be 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. I will now turn the call over to Stephen Yalof. Please go ahead.

（活動說明）今天參加電話會議的有總裁兼執行長 Stephen Yalof；以及財務長兼首席投資長 Michael Bilerman。此外，我們領導團隊的其他成員也將出席問答環節。現在我將把電話交給史蒂芬·亞洛夫。請繼續。

Thank you, Ashley, and good morning, everyone. I'm pleased to report another quarter of strong financial and operating results, contributing to an increase in our full-year guidance. Our third-quarter results reflect robust execution across all aspects of our business, with our best-in-class leasing, marketing and operations platform, combined with accretive and strategic external growth, driving strong financial performance and positioning us for the future.

謝謝你，艾許莉，大家早安。我很高興地報告，公司又一個季度取得了強勁的財務和營運業績，這促使我們提高了全年業績預期。第三季業績反映了我們業務各個方面的強勁執行力，我們一流的租賃、行銷和營運平台，加上增值和策略性的外部成長，推動了強勁的財務業績，並為我們的未來發展奠定了基礎。

Core FFO was $0.60 per share, which represents an 11% increase over the prior year period, driven by solid same-center NOI growth of 4%. We achieved record leasing volume with more than 600 transactions, totaling 2.9 million square feet over the trailing 12 months.

核心 FFO 為每股 0.60 美元，比去年同期成長 11%，這主要得益於同店 NOI 穩健成長 4%。在過去的 12 個月裡，我們實現了創紀錄的租賃量，交易量超過 600 筆，總面積達 290 萬平方英尺。

This contributed to our quarter end occupancy of 97.4%, an 80 basis point sequential increase. Our portfolio reached sales productivity at an all-time high of $475 per square foot. We posted blended rent spreads of over 10%, our 15th consecutive quarter of positive rent spreads, while increasing our lease term durations for both renewals and new deals.

這使得我們季度末的入住率達到 97.4%，季增 80 個基點。我們的投資組合銷售效率達到了歷史新高，每平方英尺 475 美元。我們實現了超過 10% 的綜合租金差價，連續第 15 個季度實現正租金差價，同時延長了續租和新租約的租期。

We have seen a 50% increase in re-tenanting activity over the trailing 12 months ended September 30 compared to the prior year period. Limited retail development nationally has contributed to a robust leasing environment for our open-air outlet and lifestyle centers, providing a strategic opportunity to replace underperforming tenants, right-size larger stores, diversify merchandise assortments, and encourage reinvestment from existing tenants.

截至 9 月 30 日的過去 12 個月中，重新出租活動比去年同期成長了 50%。全國零售業發展有限，為我們的露天奧特萊斯和生活方式中心創造了強勁的租賃環境，為我們提供了一個戰略機遇，可以更換業績不佳的租戶，調整大型商店的規模，豐富商品種類，並鼓勵現有租戶進行再投資。

These initiatives are allowing us to add more productive stores plus new uses and categories that create variety and vibrancy, which in turn drive more frequent shopping trips, longer stays and ultimately, bigger spend.

這些舉措使我們能夠增加更多高效的門市，以及新的用途和類別，從而創造多樣性和活力，進而推動更頻繁的購物、更長的停留時間和最終更大的消費。

We are largely complete with our 2025 lease roll, which is aligned with our leasing strategy of increased re-tenanting activity and renewals targeted around 80%. We are already actively working on our 2026 lease roll and see continued opportunities to drive rent, elevate and diversify our centers' merchandise mix.

我們的 2025 年租賃計畫已基本完成，這符合我們增加重新出租活動和續約目標（約 80%）的租賃策略。我們已在積極籌備 2026 年的租賃計劃，並看到了持續提升租金、提升和豐富我們中心商品組合的機會。

Our shopping centers have evolved into seven-day a week destinations due to substantial changes in demographics and the outward population migration from urban to suburban markets. This has contributed to strong traffic creation in our markets, where residential growth continues at unprecedented levels.

由於人口結構的巨大變化以及人口從城市向郊區市場的遷移，我們的購物中心已經發展成為一周七天營業的場所。這促進了我們市場交通流量的強勁成長，住宅成長也以前所未有的速度持續下去。

This dynamic has fueled the need for more service, F&B and entertainment uses in our centers. And as we continue to deliver these new uses, the shoppers are responding. We are providing a well-rounded high-quality shopping, dining, and entertainment experience that is attracting new retailers and new shoppers alike, contributing to the record sales results we posted this quarter.

這種趨勢促使我們的購物中心對更多的服務、餐飲和娛樂設施的需求增加。隨著我們不斷推出這些新用途，消費者也給予了正面的回饋。我們提供全方位的高品質購物、餐飲和娛樂體驗，吸引了新的零售商和新的消費者，促成了我們本季創紀錄的銷售業績。

Our third-quarter performance was further bolstered by our early back-to-school and summer of savings campaigns that targeted new shoppers, younger consumers, and our Tanger Club loyalty members with digital, social, and SMS messaging.

第三季業績進一步提升，得益於我們提前開展的返校季和夏季省錢活動，這些活動透過數位、社交和簡訊等方式，針對新顧客、年輕消費者和 Tanger Club 會員開展了推廣活動。

Tanger team members, influencers and crowd-sourced content creators reached millions of shoppers and created hundreds of millions of impressions through TikTok, Instagram, and Facebook, calling out our new store openings, sharing our best deals and their latest halls.

Tanger 團隊成員、網紅和眾包內容創作者透過 TikTok、Instagram 和 Facebook 觸達了數百萬購物者，創造了數億次的曝光量，宣傳我們的新店開業、分享我們的最佳優惠和最新資訊。

Over the summer, Tanger deal days featured our early back-to-school promotions, and shoppers with concerns over tariff impact on product pricing and availability were encouraged to shop early and were incented to do so with great offers from our participating retailers.

在整個夏季，Tanger 的促銷日推出了我們早期的返校促銷活動，我們鼓勵擔心關稅對產品價格和供應影響的購物者儘早購物，並透過參與活動的零售商提供的優惠來激勵他們這樣做。

This momentum continued through the summer and the rest of the third quarter, and we have already kicked off our holiday selling season, anniversarying our successful 'Every Day is Black Friday' campaign, which started November 1.

這一勢頭一直延續到夏季和第三季度的剩餘時間，我們已經開始了假日銷售季，慶祝我們成功的「天天都是黑色星期五」活動週年紀念，該活動於 11 月 1 日開始。

Across our business, we continue to leverage AI technology to optimize customer service, enhance our data and analytics predictive functionality, and enable more efficient use of resources across our enterprise. We advanced our external growth strategy during the quarter with the acquisition of Legends Outlets, an open-air outlet center in Kansas City, Kansas. This acquisition demonstrates our commitment to disciplined external growth as we have added six open-air centers over the past two years, including three outlets.

在我們的業務中，我們不斷利用人工智慧技術來優化客戶服務，增強數據和分析預測功能，​​並提高整個企業資源的利用效率。本季度，我們透過收購位於堪薩斯州堪薩斯城的露天奧特萊斯購物中心 Legends Outlets，推進了我們的外部成長策略。這項收購顯示了我們對穩健外部成長的承諾，因為在過去的兩年裡，我們已經新增了六個露天購物中心，其中包括三個奧特萊斯。

Legends Outlets has been rebranded Tanger Kansas City at Legends, and aligns with our strategy to acquire well-located retail centers supported by strong residential and economic market fundamentals along with dominant entertainment destinations.

Legends Outlets 已更名為 Tanger Kansas City at Legends，符合我們收購地理位置優越、擁有強勁的住宅和經濟市場基本面以及主要娛樂場所的零售中心的策略。

Tanger, Kansas City is the only outlet center in Kansas, and it anchors the state's premier entertainment district. This surrounded by numerous traffic-driving attractions, including the Kansas Speedway, Great Wolf Lodge, a new Margaritaville Hotel, Nebraska Furniture Mart, Major League Soccer and Minor League Baseball stadiums, a large youth sports complex and a professional soccer training facility. '

堪薩斯城 Tanger 暢貨中心是堪薩斯州唯一的暢貨中心，也是該州首屈一指的娛樂區的核心。這裡周圍有很多吸引人流的景點，包括堪薩斯賽車場、大狼屋度假酒店、新建的瑪格麗塔維爾酒店、內布拉斯加家具商城、美國職業足球大聯盟和美國職棒小聯盟的體育場、大型青少年體育中心和專業足球訓練設施。'

The area continues to grow rapidly with Topgolf and the state's first Buc-ee's under development as well as additional hospitality, entertainment and residential projects. We are excited to enhance the center's productivity through our proven leasing, operating and marketing platforms, and to further leverage the area's expanding traffic drivers.

該地區持續快速發展，Topgolf 和該州第一家 Buc-ee's 便利商店正在建設中，此外還有其他酒店、娛樂和住宅項目正在籌建中。我們很高興能夠透過我們成熟的租賃、營運和行銷平台來提高該中心的生產力，並進一步利用該地區不斷增長的交通流量。

Kansas City is one of our many markets where sports is a key traffic driver, and we continue to harness the growing momentum of this category in our marketing initiatives. In that connection, we're excited to announce this quarter our new partnership with Unrivaled Sports, the nation's leader in youth sports experiences to be their exclusive shopping center partner in our shared markets.

堪薩斯市是我們眾多市場之一，體育賽事是重要的客流量驅動因素，我們將繼續利用這一類別不斷增長的勢頭來開展行銷活動。在此方面，我們很高興地宣布本季度與全國領先的青少年體育體驗公司 Unrivaled Sports 建立新的合作夥伴關係，成為其在我們共同市場中的獨家購物中心合作夥伴。

This partnership offers exceptional cross-promotional opportunities and will put our centers on the itinerary for thousands of young athletes and their families when they travel to these markets for experiences and tournaments hosted by Unrivaled Sports.

此次合作將帶來絕佳的交叉推廣機會，並將使我們的中心成為成千上萬年輕運動員及其家人前往這些市場參加 Unrivaled Sports 主辦的體驗活動和錦標賽時的行程安排之一。

This is just the latest example of how we are pursuing the strategy of creating compelling partnerships to drive traffic and sales and deepen local engagement in our communities. In today's dynamic retail environment, Tanger's value proposition continues to resonate strongly with both shoppers and retailers.

這只是我們透過建立強有力的合作夥伴關係來推動客流量和銷售，並加深與當地社區的聯繫這一策略的最新例證。在當今瞬息萬變的零售環境中，Tanger 的價值主張仍然能夠引起消費者和零售商的強烈共鳴。

Our record results demonstrate the strength of our platform, while our strategic evolution continues to create new growth opportunities. The strength of our balance sheet with conservative leverage and ample liquidity provides us the flexibility to continue to pursue selective external growth opportunities while investing in our existing portfolio.

我們創紀錄的業績證明了我們平台的實力，而我們的策略演進也持續創造新的成長機會。我們穩健的資產負債表、保守的槓桿率和充足的流動性，使我們能夠靈活地繼續尋求選擇性的外部成長機會，同時投資於我們現有的投資組合。

We remain confident in our approach and in our ability to deliver compelling results for all stakeholders. I want to thank our dedicated Tanger team members, retail partners, shoppers and shareholders for your continued support.

我們對我們的方法和為所有利害關係人帶來令人滿意的結果的能力充滿信心。我要感謝我們敬業的 Tanger 團隊成員、零售合作夥伴、顧客和股東們一直以來的支持。

I'll now turn the call over to Michael to discuss our financial results and updated guidance in more detail.

現在我將把電話交給邁克爾，讓他更詳細地討論我們的財務表現和最新指引。

Thank you, Steve. For the third quarter, we delivered core FFO of $0.60 per share, representing an 11% increase compared to the $0.54 per share in the prior-year period. This strong performance was driven by solid same-center NOI growth of 4%, reflecting the success of our leasing and operational strategies across the portfolio and the contributions from our external growth activity.

謝謝你，史蒂夫。第三季度，我們的核心FFO為每股0.60美元，比上年同期的每股0.54美元成長了11%。這一強勁的業績得益於同店淨營業收入 (NOI) 4% 的穩健成長，反映了我們在整個投資組合中租賃和營運策略的成功以及外部成長活動的貢獻。

Reflecting the tenant demand that we're seeing, we continue to drive our total rents, reflecting both higher base rents and higher tenant reimbursements, and locking in percentage rent on renewals. We are also seeing growth in our other revenue businesses, successfully selling our assets as marketing mediums and creating additional sources of revenues at each of our assets.

為了反映我們所看到的租戶需求，我們繼續提高總租金，包括提高基本租金和提高租戶補償，並在續租時鎖定百分比租金。我們也看到其他收入業務也在成長，成功地將我們的資產作為行銷媒介出售，並在我們的每項資產上創造了額外的收入來源。

We also continue to seek and achieve operating efficiencies, driving our overall NOI growth. Our balance sheet remains strong with conservative leverage metrics that provide us with significant financial flexibility to support both our operational needs and strategic growth initiatives, including selective acquisition opportunities, like the recent Kansas City acquisition.

我們持續尋求並實現營運效率的提升，從而推動整體淨營業收入的成長。我們的資產負債表仍然穩健，槓桿指標保守，這為我們提供了相當大的財務靈活性，以支持我們的營運需求和策略性成長計劃，包括選擇性的收購機會，例如最近對堪薩斯城的收購。

We acquired Legends Outlets in Kansas City for $130 million using available liquidity and the assumption of $115 million CMBS loan that matures in November 2027. In conjunction with the closing of the acquisition, we settled approximately $70 million of previously issued forward equity using those proceeds to pay down our line and hold some cash in escrow for the Kansas City loan assumption. We estimate that the center will deliver an 8% return during the first year with potential for additional investment and growth over time.

我們利用現有流動資金和承接將於 2027 年 11 月到期的 1.15 億美元 CMBS 貸款，以 1.3 億美元的價格收購了堪薩斯城的 Legends Outlets。在完成收購的同時，我們結算了約 7000 萬美元的先前發行的遠期股權，並將這些收益用於償還我們的貸款，並將一些現金存入託管帳戶，用於承擔堪薩斯城的貸款。我們預計中心第一年將帶來 8% 的回報，隨著時間的推移，還有可能獲得額外的投資和成長。

At the end of the third quarter, our net debt to adjusted EBITDA was at 5 times, benefiting from the strong EBITDA growth and the retention of free cash flow after dividends, while our growing dividend only represents 58% of our funds available for distribution.

第三季末，我們的淨負債與調整後 EBITDA 比率為 5 倍，這得益於強勁的 EBITDA 成長和股息後自由現金流的保留，而我們不斷增長的股息僅佔可供分配資金的 58%。

Pro forma for the recent transaction activity, we estimate that our leverage would be approximately 4.7 times at quarter end. From a liquidity perspective, we had approximately $581 million of total liquidity at quarter end, including $21 million in cash and $560 million available on our lines of credit.

根據最近的交易活動，我們估計到季度末，我們的槓桿率約為 4.7 倍。從流動性角度來看，截至季末，我們的總流動性約為 5.81 億美元，其中包括 2,100 萬美元現金和 5.6 億美元的可用信貸額度。

At quarter end, 97% of our debt was at fixed rates, inclusive of our swaps, and our weighted average interest rate stands at 4.1%, with a weighted average term to maturity of 3.1 years. The next significant debt maturity will be our unsecured bonds next September 2026.

截至季末，我們97%的債務（包括互換）採用固定利率，加權平均利率為4.1%，加權平均到期期限為3.1年。下一個重大債務到期日是我們的無擔保債券，將於 2026 年 9 月到期。

Based on our strong performance year-to-date and our positive outlook for the remainder of the year, we are raising our full year guidance, and we now expect core FFO per share of $2.28 to $2.32 a share, and this represents core FFO growth of 7% to 9%. We've lifted same-center NOI growth to 3.5% to 4.25%, which is up from 2.5% to 4% previously.

鑑於我們今年迄今的強勁業績以及對今年剩餘時間的積極展望，我們提高了全年業績預期，目前預計核心FFO每股為2.28美元至2.32美元，這代表核心FFO增長7%至9%。我們將同中心淨營業收入成長率上調至 3.5% 至 4.25%，高於先前的 2.5% 至 4%。

We've also incorporated the modest 2025 accretion from the acquisition of Legends, which raised interest expense, as well as raising our weighted average shares outstanding from the settlement of our forward equity. Our guidance does not assume any additional acquisitions, dispositions or financing activities. For additional information and assumptions, please see our release issued last night.

我們還納入了收購 Legends 帶來的 2025 年適度增值，這增加了利息支出，以及由於遠期權益結算而增加的加權平均流通股數。我們的指導意見並未假設任何額外的收購、處置或融資活動。有關更多資訊和假設，請參閱我們昨晚發布的公告。

The strength of our financial metrics, combined with the operational improvements that Steve outlined, reinforces our confidence in our strategic direction and our ability to generate long-term value for stakeholders.

我們強勁的財務指標，加上史蒂夫概述的營運改善措施，增強了我們對自身策略方向的信心，以及為利害關係人創造長期價值的能力。

Our focus remains on maintaining this momentum while prudently managing our capital to support both our current operations and our future growth opportunities. We are pleased to welcome analysts and investors to Kansas City last month, showcasing our recent acquisition and how our external growth, leasing, marketing and operating platform creates value for all stakeholders. We look forward to seeing many of you in Dallas in December for Nareit, homes at Tanger Outlets Fort Worth, as well as in Miami for the Jefferies Real Estate Conference in a few weeks.

我們將繼續保持這一發展勢頭，同時謹慎管理資本，以支持我們當前的營運和未來的成長機會。上個月，我們很高興地接待了分析師和投資者來到堪薩斯城，向他們展示了我們最近的收購，以及我們的外部成長、租賃、行銷和營運平台如何為所有利害關係人創造價值。我們期待在 12 月與大家在達拉斯的 Nareit 展會、沃斯堡 Tanger 奧特萊斯購物中心的房屋展示會上見面，並在幾週後與大家在邁阿密的 Jefferies 房地產大會上見面。

With that, operator, we can now open the line for questions.

好了，接線員，我們現在可以開始接聽提問電話了。

Thank you. We'll now be conducting a question-and-answer session. (Operator Instructions)

謝謝。接下來我們將進行問答環節。（操作說明）

Thank you. Craig Mailman, Citi.

謝謝。克雷格‧梅爾曼，花旗銀行。

Hey, good morning guys. Just as we look, occupancy was up 80 bps in the total portfolio. You guys are now at 97.4%. You guys are getting pretty close to -- I don't know where you would assume frictional vacancy is. But can you just talk about the opportunities from maybe shifting the temp space?

嘿，各位早安。如我們所見，整個投資組合的入住率上升了 80 個基點。你們現在佔97.4%。你們已經非常接近——我不知道你們會認為摩擦空位在哪裡。但您能否談談臨時工市場轉型可能帶來的機會？

I know you guys are about 10%, would have liked to keep some of that in there for strategic reasons. But just walk us through kind of from 97.4%, where you think the portfolio could go from here and what the earnings power may be if we start to think about that 10% moving subtly towards that 5% historic average?

我知道你們佔了大約 10%，出於戰略原因，我本來想保留一部分。但請您從 97.4% 的水平出發，為我們分析一下，您認為該投資組合接下來會走向何方，以及如果我們開始考慮讓那 10% 的份額緩慢向 5% 的歷史平均水平靠攏，其盈利能力可能會如何？

Sure. Well, thanks for the question, Craig. As we look at temp tenancy, it's really very strategic in our portfolio. I mean you go back to the historic 5% pre-COVID temp number. And at that time, this organization had one or two people working on temp tenancy.

當然。謝謝你的提問，克雷格。當我們審視臨時租賃時，它在我們的投資組合中確實具有非常重要的策略意義。我的意思是，你可以回到新冠疫情前5%的歷史體溫水平。當時，該組織只有一、兩個人是臨時工。

The way we're structured currently, every one of the general managers in our shopping centers, our leasing representatives as part of their core responsibility and owning the P&L of their shopping center, they're responsible to make sure that any space that becomes vacant gets tenanted with a short-term lease while we're waiting for that appropriate long-term lease to come in and take that space. So we've basically gone from two leasing representatives in short-term leasing to 40 representatives in short-term leasing.

按照我們目前的組織架構，我們購物中心的每一位總經理，以及我們的租賃代表，作為他們的核心職責之一，他們負責管理購物中心的損益，確保任何空置的空間都能以短期租賃的方式出租，同時我們也在等待合適的長期租賃合約出現並接管該空間。所以，我們短期租賃業務的代表人數基本上從兩名增加到了 40 名。

So of course, that is going to be a more significant part of our business. In many instances, we bring in retailers that may have never been introduced to our platform before, that become really important part of not only the shopping center where they open, but part of our growth strategy.

所以，這當然會成為我們業務中更重要的組成部分。在許多情況下，我們引入了以前可能從未接觸過我們平台的零售商，他們不僅成為他們開設的購物中心的重要組成部分，也成為我們成長策略的重要組成部分。

And in fact, our full-term leasing team has a representative on that team whose job it is to take the best short-term tenants and make sure that we can bring them throughout our portfolio in the form of longer-term leases. So we think the short-term tenancy is very strategic. Now in this leasing environment, where we continue to grow occupancy, where we continue to add more -- better long-term tenants.

事實上，我們的長期租賃團隊中有一位代表，他的工作就是尋找最好的短期租戶，並確保我們能夠以長期租賃的形式將他們引入我們所有的房產組合中。所以我們認為短期租賃是非常有策略性的。在目前的租賃環境下，我們不斷提高入住率，並不斷增加更多優質的長期租戶。

We've talked about a lot of those great retailers that have just joined our portfolio that are producing higher sales per square foot volumes, that are signing long-term leases, we're going to be very strategic how we add them.

我們已經討論過很多剛加入我們投資組合的優秀零售商，他們的每平方英尺銷售額更高，並且簽訂了長期租賃合同，我們將採取非常有策略的方式來增加他們。

And we're also equally strategically replacing some of these retailers who have lost some market share or in some instances, have declining sales productivity. We're downsizing retailers that creates a lot of that frictional vacancy.

同時，我們也有策略地替換一些市佔率下降或銷售效率下滑的零售商。我們正在縮減零售商的規模，這造成了大量的摩擦性空置。

So I think the important metric is our ability to continue to grow our net operating income. Our ability to continue to grow our business to continue to drive our sales performance on a per square foot basis and using that short term or that temp tenancy as a lever to introduce new people to the platform, bringing great seasonal retailers as we need to for different holidays, whether it's Halloween or Christmas, but also fill that vacancy because we've said before, most of our customers don't know the difference between a short-term tenant and a full-term tenant, but everybody knows the difference between a closed store and an open store. We want to keep lights on. We want to keep the properties cash flowing, and we want to set ourselves up for the great new brands of the future.

所以我認為最重要的指標是我們能否繼續提高營業淨收入。我們有能力繼續發展業務，繼續推動每平方英尺的銷售業績，並利用短期或臨時租賃作為槓桿，將新客戶引入平台，根據需要引進優秀的季節性零售商，以應對不同的節日，無論是萬聖節還是聖誕節，同時也能填補空缺，因為我們之前說過，我們的大多數客戶不知道短期租戶和長期租戶之間的區別，但每個人都知道關門的商店和商店的區別。我們希望保持電力供應。我們希望保持物業的現金流，並為未來偉大的新品牌做好準備。

Great. And just pivoting, you guys have done a good job sourcing acquisitions here, with Legends being the most recent. And just with what's going on in the debt market with term loans in sort of the -- in the mid-4% at this point, I mean, what does the pipeline look like of deals? And how do you view using some of that term debt, if available, to kind of finance it to get premium spreads versus your peers given where you guys are going on initial yields?

偉大的。順便一提，你們在收購方面做得很好，Legends 就是最近的一個收購案例。鑑於目前債務市場，尤其是定期貸款市場，利率大約在 4% 左右，我的意思是，未來的交易前景如何？鑑於你們目前的初始收益率，你們如何看待利用部分定期債務（如果可用）進行融資，以獲得相對於同行的溢價利差？

Thanks, Craig, for the question. Our acquisition strategy is not programmatic. We are very focused on what value we can bring to the table. And so, the market remains active. There's a lot of product. The capital markets, as you mentioned, whether it's debt or equity, are supportive.

謝謝克雷格的提問。我們的收購策略並非程序化運作。我們非常關注我們能為公司帶來什麼價值。因此，市場依然活躍。產品種類繁多。正如您所提到的，無論是債務還是股權，資本市場都給予了支持。

But at our size, we really want to lean in where we can add value. And I think you look at the five acquisitions that we've done is how can we bring our operating, our leasing, and our marketing platform to bear to be able to drive value for stakeholders. From a leverage perspective, we're at low leverage today. And I think there is a wide variety of sources of capital that would allow us an ability to accretively deploy.

但以我們目前的規模，我們真的希望在能夠創造價值的領域全力以赴。我認為，看看我們完成的五項收購，就能明白我們如何利用我們的營運、租賃和行銷平台，為利害關係人創造價值。從槓桿角度來看，我們目前的槓桿率很低。我認為有很多種資金來源可以讓我們進行增值部署。

Great. Thank you.

偉大的。謝謝。

Jeff Spector, Bank of America.

傑夫·斯佩克特，美國銀行。

Great, good morning. Steve, can you talk a little bit more about -- you mentioned more trips, longer stays, higher traffic. You talked about the early back-to-school, and then the Black Friday campaign. And it all ties to, I know your platform initiatives and marketing, and maybe some of your data initiatives. I guess, can you just talk a little bit more about that and how that's progressing and maybe anything new coming in '26?

太好了，早安。史蒂夫，你能再詳細談談——你提到了更多的旅行、更長的停留時間和更高的客流量。你談到了提前返校季，然後是黑色星期五促銷活動。我知道這一切都與你們的平台計劃、行銷以及一些數據計劃息息相關。我想，您能否再多談談這方面的情況，以及進展如何，還有2026年會有什麼新動向？

Yeah, sure. And thanks for asking that question, because I think it's a really important part of our business. I remind you that in the outlet space, marketing is critically important because most of our retail partners are driving customers to their full-price assets, and it really becomes incumbent on us as landlord to drive the customer to the shopping center in that space.

當然可以。感謝您提出這個問題，因為我認為這對我們的業務非常重要。我提醒各位，在奧特萊斯領域，行銷至關重要，因為我們的大多數零售合作夥伴都在引導顧客前往他們的全價商品區，而作為業主，我們有責任引導顧客前往該區域的購物中心。

And because of that, traffic generation is a huge part of our business plan. In fact, it's one of the three pillars of our operating platform and one that we lean extraordinarily heavily into, I probably think more than most in our space.

正因如此，流量獲取是我們商業計劃的重要組成部分。事實上，它是我們營運平台的三大支柱之一，也是我們格外重視的支柱之一，我認為我們可能比業內大多數人更重視。

Because of that, we have to take a look at the current environment. We have to look at the macroeconomic environment, and we have to make decisions in advance that are going to lead to traffic-generating opportunity.

因此，我們必須審視一下當前的環境。我們必須審視宏觀經濟環境，並且必須事先做出能夠帶來客流量的決策。

So in the case of tariffs being announced as early as April, we felt that our customer -- our core customer is going to be concerned about whether or not product was going to be on the shelf in the third quarter of this year, whether or not pricing was going to meet their pricing expectations and they were going to be able to afford the things that they needed for that back-to-school sales season, which is the second biggest shopping holiday of the year.

因此，如果關稅早在 4 月就宣布，我們認為我們的客戶——我們的核心客戶——會擔心今年第三季產品是否還能上架，價格是否能滿足他們的預期，以及他們是否能夠負擔得起返校季（一年中第二大購物季）所需的商品。

So our marketing team came up with the unique idea of early back-to-school shopping, making sure that, that customer was aware that with participating retailer partners, we were able to offer special benefits, deeper discounts, and doorbuster opportunity for those who took advantage of that early back-to-school selling period. And what happened was we saw our traffic continue to build as early as June 1, into July and August, for the customers that were taking advantage of that opportunity.

因此，我們的行銷團隊想出了一個獨特的主意，那就是提前開啟返校購物，確保顧客知道，透過參與的零售合作夥伴，我們可以為那些利用返校購物季早期階段的顧客提供特別優惠、更大幅度的折扣和搶購機會。結果，我們看到從 6 月 1 日開始，一直到 7 月和 8 月，我們的流量都在持續成長，這主要歸功於那些抓住了這個機會的客戶。

Smart retailers that participated with us used the strategy of bounce back, where they got that customer in as early as June, and then used the opportunity through further discounts, particularly in the outlet channel to bounce them back later in the year.

與我們合作的聰明零售商採用了反彈策略，他們早在 6 月份就吸引了顧客，然後利用進一步的折扣，尤其是在奧特萊斯渠道，在今年晚些時候再次吸引他們購買。

So we saw the same customer coming back. We saw them building bigger baskets, and we were really excited about the prospects of setting up that strategy to have that early back-to-school. And I think that's going to be a perennial plan that we're going to add in '26 and beyond. All levered off of that last year, there was big macroeconomic headwinds going into the holiday selling season.

所以我們看到同一個顧客又回來了。我們看到他們建造了更大的籃子，我們對實施這項策略以實現提前返校的前景感到非常興奮。我認為這將是一項長期計劃，我們將在 2026 年及以後繼續實施。受去年種種因素的影響，假日銷售季到來之際，宏觀經濟面臨巨大逆風。

And we brought Black Friday forward last year to November 1. Halloween is a very big holiday in this country these days and also in our shopping centers. Halloween decor is critically important, kids trick-or-treat in what they consider to be a really safe environment.

去年我們將「黑色星期五」提前到了11月1日。如今，萬聖節在這個國家以及我們的購物中心都是一個非常重要的節日。萬聖節裝飾至關重要，孩子們會在他們認為非常安全的環境中進行「不給糖就搗蛋」的活動。

The shopping center, the brands are participating, and we had some great traffic generation with Halloween being on Friday this year. But on that Saturday, the Halloween decor comes down, the Christmas holiday decor goes up.

購物中心和各大品牌都參與了活動，而且由於今年的萬聖節是星期五，我們獲得了非常好的客流量。但到了那個星期六，萬聖節裝飾會被拆除，聖誕節裝飾會被掛上。

And the Christmas music starts playing, and we start to promote every day of November is Black Friday. It worked great for us, traffic build during the course of that November. We anticipate similar build in this November going into December, and we're looking forward to add -- keeping that as a perennial program for us in the years to come as well.

於是聖誕音樂開始播放，我們開始宣傳11月的每一天都是「黑色星期五」。這對我們來說效果非常好，11 月的流量顯著成長。我們預計今年 11 月到 12 月期間會有類似的建設，我們也期待著增加——在未來的幾年裡，這也將成為我們的長期計劃。

Great. Thank you, very helpful to understand. And then, my second question is on the retenanting. I know when you established this goal and plan, you mentioned earlier, 80% was a target for retenanting and then the other 20% upgrading tenants, and you've had a lot of success evidenced by the increase in sales per square foot. Are you evaluating that 80% and maybe even decreasing it? Or like what are your thoughts heading into next year on that?

偉大的。謝謝，這很有幫助。然後，我的第二個問題是關於重新出租的。我知道，正如你之前提到的，當你制定這個目標和計劃時，80% 的目標是重新招租，另外 20% 的目標是升級租戶，而且你已經取得了很大的成功，每平方英尺銷售額的增長就證明了這一點。您是否正在評估這 80% 的比例，甚至考慮降低它？或者說，你對明年在這方面有什麼想法？

Yeah. First of all, the 80% is the renewal. And so, that leaves the rest of that space for retenanting and for new tenants. We have up 150% of our retenanting activity. So the strategy is working. I think that 80% to 85% is probably a pretty good number, especially since we've done a really good job of sort of clearing out some of the retailers that may or may not have been performing over the past few years.

是的。首先，這 80% 指的是續約率。因此，剩下的空間可以用來重新出租或招租。我們的重新招租活動增加了 150%。所以這個策略奏效了。我認為 80% 到 85% 可能是一個相當不錯的數字，特別是考慮到我們已經很好地清理了一些在過去幾年中可能表現良好或不佳的零售商。

The fact that there's not a lot of new retail space being added to the market gives us the opportunity to really be more selective. We're looking at department store contraction. We're looking at -- and in that regard, we feel that our real estate is worth more every single day. And because of it, we're being real strategic with it.

由於市場上新增零售空間不多，這讓我們有機會更加挑剔。我們正在關注百貨公司的萎縮問題。我們正在關注——而且在這方面，我們認為我們的房地產每天都在增值。正因如此，我們才採取了非常具有策略性的做法。

Now when you own the shopping center, you're responsible for merchandising that center and making sure that you bring the best retailers into your property that isn't always the one that's going to pay you the last dollar in rent.

現在，當你擁有一家購物中心時，你就要負責該中心的商品銷售，並確保將最好的零售商引入你的物業，而這些零售商不一定是那些會支付你最後一分錢租金的零售商。

But in some instances, it's the one that's going to draw the most amount of customers or it's going to draw the most amount of other retailers who see some of those great retailers as barriers that will break through to get new retailers to come into our shopping centers.

但在某些情況下，它反而會吸引最多的顧客，或吸引最多的其他零售商，因為他們把一些優秀的零售商視為障礙，需要突破這些障礙才能讓新的零售商進入我們的購物中心。

And we saw that with our -- with the supportive deals that we've made. We recently made a number of deals with Marc Jacobs. There's a lot of other luxury brands that are now paying attention to our portfolio in a way that they hadn't in the past.

我們從我們達成的支持性協議中看到了這一點。我們最近與馬克·雅各布斯達成了一系列交易。現在有許多其他奢侈品牌開始關注我們的產品組合，這是他們過去從未有過的關注。

We're delivering the sales. These brands are excited about coming into our markets -- our mid-tier markets where they need to continue to grow their business. And because of that, we're going to make real strategic decisions on who gets renewed and who gets replaced.

我們正在實現銷售目標。這些品牌對進入我們的市場——他們需要繼續發展業務的中端市場——感到興奮。正因如此，我們將對哪些人續約、哪些人被替換做出真正的策略決定。

But as long as that queue of new retailers who are interested in our environments are paying attention and want to be in our shopping centers, we're going to make sure that they get a really good look. So I'll go back to the fact that our job is to drive traffic.

但是，只要那些對我們的環境感興趣的新零售商還在關注我們，並且想要入駐我們的購物中心，我們就會確保他們能得到充分的考察機會。所以，我還是要重申，我們的工作就是吸引流量。

Our job is to continue to drive sales. Those two metrics inform that sales performance that we've shown you over the past couple of years as it continues to build. And a lot of our base rents are based on our ability to continue to drive that traffic. So I think that flywheel creates our opportunity to continue to grow long-term sustained NOI over time.

我們的工作是繼續推動銷售。這兩個指標反映了我們在過去幾年中不斷成長的銷售表現。我們的許多基本租金取決於我們能否持續吸引客流量。所以我認為，這種飛輪效應為我們創造了機會，使我們能夠隨著時間的推移繼續實現長期可持續的淨營業收入成長。

Thank you.

謝謝。

Thanks, Jeff.

謝謝你，傑夫。

Greg McGinniss, Scotiabank.

格雷格·麥金尼斯，加拿大豐業銀行。

Hello, this is Viktor Fediv on with Greg McGinnis. Probably building on previous question, but more specifically looking into 2026 expiration, it appears that the average rent on expiring leases is just slightly above the portfolio average. So are there any notable potential non-renewals you're aware of at this point? And overall, what spreads do you expect to achieve given the expiring and respective market rents?

大家好，我是維克托·費迪夫，正在和格雷格·麥金尼斯連線。可能是在前一個問題的基礎上，更具體地說明 2026 年到期的租約，似乎到期租約的平均租金略高於投資組合的平均水平。那麼，目前您是否了解任何值得注意的潛在不續約情況？整體而言，考慮到到期日和相應的市場租金，您預期能實現怎樣的利差？

Thanks, Victor. From a rent perspective, we look at our leasing volume up at 2.9 million square feet. So we still have a significant amount of velocity. When you look at the average base rents, part of it is going to be a mix of what assets, what tenants are rolling.

謝謝你，維克多。從租金角度來看，我們的租賃面積已達 290 萬平方英尺。所以我們仍然擁有相當大的速度。從平均基本租金來看，部分原因在於哪些資產、哪些租戶正在續租。

So I wouldn't read too much into sort of that level. And we want to be able to continue to drive total NOI growth, which is not only the role, but what vacancy or what temp we may be leasing and then what are we remerchandising and what are renewing and in totality, driving positive growth on that balance.

所以我覺得沒必要對這種層面過度解讀。我們希望能夠繼續推動總淨營業收入成長，這不僅包括職缺，還包括我們可能租賃的空置職位或臨時職位，以及我們正在重新銷售和續租的職位，總而言之，就是推動這些因素共同實現積極增長。

Got it. And then as a quick follow-up on your watch list overall. Do you anticipate any Carter's store closures, given that they are planning to close 150 stores?

知道了。然後，作為對您整體關注清單的快速跟進。鑑於 Carter's 計劃關閉 150 家門市，您預計會有 Carter's 商店關閉嗎？

Hi, Viktor, it's Justin. Listen, Carter's and Oshkosh have positive trends in our portfolio, both over the rolling 12 months and the rolling three. So we're encouraged, and they're very productive in our portfolio. We've gotten out in front of this, just like we get out in front of all of our brands where we've been replacing some underperforming stores over the past 12 to 24 months.

嗨，維克托，我是賈斯汀。聽著，卡特和奧什科甚在我們投資組合中都呈現出積極的趨勢，無論是在過去 12 個月還是過去 3 個月。所以我們很受鼓舞，而且它們在我們投資組合中表現非常出色。我們已經提前採取措施，就像我們過去 12 到 24 個月對所有品牌採取的措施一樣，我們一直在更換一些業績不佳的門市。

So where we probably see some downward pressure throughout the country, not just in the Tanger portfolio is probably more on the OshKosh side of the business, where they have multiple stores with landlords in a center.

因此，我們可能會看到全國各地出現一些下行壓力，而不僅僅是 Tanger 的投資組合，OshKosh 的業務可能更受關注，因為他們在一個購物中心擁有多家門市。

Like I said, we've gotten out in front of that. We've already replaced a handful of them. We only have a handful left, very little exposure. So we're going to continue to work with them. They're great partners with us, and we're going to work to consolidate those brands in our centers and replace those stores at higher rents and more productive tenants.

正如我所說，我們已經提前應對了這個問題。我們已經更換了其中一些。我們只剩下寥寥幾件了，曝光率很低。所以我們會繼續與他們合作。他們是我們很好的合作夥伴，我們將努力整合我們購物中心內的這些品牌，並以更高的租金和更高的效率吸引更多租戶來取代這些店。

Got it. Thank you.

知道了。謝謝。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Great, thanks. Steve, I know you talked a lot about investing in both data analytics and as well as enhancing the F&B component at a number of your centers. Can you maybe quantify whether its dwell time, customer spend that you've seen at centers where you've unlocked that F&B value? And then maybe give us a sense of the ROI that comes from that F&B component as it relates to maybe future improvement in retailer sales. Anything there would be great.

太好了，謝謝。史蒂夫，我知道你曾多次談到要投資數據分析，以及提升你旗下多家中心的餐飲服務。您能否量化一下，在您已充分挖掘餐飲價值的購物中心，顧客的停留時間和消費額是否有所提高？然後，或許可以讓我們來了解餐飲部分帶來的投資報酬率，以及它與未來零售商銷售提升之間的關係。那裡的任何東西都很好。

Yeah. What I can share with you right now is mostly anecdotal. I think a lot of the data comes with our analytics team now using dwell time is a real important metric to determine how long folks are staying when they come and shop at our centers.

是的。我現在能和你們分享的大多是一些軼事。我認為很多數據都來自我們的分析團隊，現在使用停留時間是一個非常重要的指標，可以用來確定人們在我們中心購物時停留的時間。

And we're using that baseline that we're currently creating to inform later years, so we can come back and actually share the metric. So we understand what levers we can pull in order to drive that longer stay with the customers.

我們正在利用目前創建的這個基準來指導以後的年份，以便我們能夠回來實際分享該指標。因此，我們了解了可以採取哪些措施來延長客戶的停留時間。

However, anecdotally, we have operating folks on every one of our properties. And those people have been there for a number of years. We know when the parking lots are full. We know when the customer is carrying certain shopping bags. We see the lineups and the wait times at the restaurants on the property.

不過，據我們了解，我們每個物業都有工作人員負責營運。這些人已經在那兒待了很多年了。我們知道停車場何時停滿。我們知道顧客何時會攜帶某些類型的購物袋。我們看到飯店內各家餐廳都排起了長隊，等位時間也很長。

So we can tell you anecdotally that restaurants and better food and beverage offer, particularly in our outlet shopping centers is really adding to creating a new destination for that traffic, but as importantly, making sure that the folks that are there that might shop the morning and then leave get them to stay.

因此，我們可以根據一些軼事告訴你，餐廳和更好的餐飲選擇，尤其是在我們的奧特萊斯購物中心，確實為客流創造了一個新的目的地，但同樣重要的是，要確保那些可能上午購物然後離開的人留下來。

We've got places for them that are a little bit more upscale than the offering that we've had in the past. We're seeing them stay and we're seeing them stay for that afternoon shopping experience as well. We talked about Unrivaled Sports and that partnership.

我們為他們準備了一些比以往更高端的地方。我們看到他們留了下來，而且他們也留下來享受下午的購物體驗。我們談到了 Unrivaled Sports 以及那次合作。

It's critically important that we've got places for those families in between tournaments and games and things that they're doing with that Unrivaled Sports partnership, where we can bring them to our shopping centers.

至關重要的是，我們要為這些家庭在比賽和錦標賽間隙，以及他們與 Unrivaled Sports 合作的活動之間，提供一些場所，我們可以把他們帶到我們的購物中心。

And that's not just for shopping. That's for the entertainment, that's for the amenities. And as importantly, it's for the food and beverage service. As our shopping centers become more seven-day a week destinations because of that outward migration of folks moving from the cities into those mid-tier markets, where most of our shopping centers presently reside, we're seeing that day population grow. We're seeing more people shop during the week than we have in traditional outlet shopping centers in years past.

而且這不僅僅是為了購物。那是娛樂費用，那是配套設施費用。而且同樣重要的是，它是用於餐飲服務的。由於人們從城市向中檔市場（我們大多數購物中心目前都位於這些市場）遷移，我們的購物中心變得越來越像一周七天營業的目的地，我們看到白天營業的人口也在增長。我們發現，與往年傳統奧特萊斯購物中心相比，現在工作日來購物的人更多了。

And because of it, it's supporting a lot of these new businesses that we're putting into the marketplace. I can't share currently an ROI. The data points are -- we're in the early innings of creating a real analytical messaging as it relates to why we make these decisions and why it's more prudent to make certain investments rather than others. And we're looking forward to sharing that information with you in the coming quarters and years.

正因如此，它得以支持我們推向市場的許多新企業。目前我無法提供投資報酬率數據。數據點顯示——我們正處於創建真正的分析資訊的早期階段，這些資訊與我們做出這些決定的原因以及為什麼進行某些投資比其他投資更謹慎有關。我們期待在未來的幾個季度和幾年裡與您分享這些資訊。

Great. Then maybe one for Michael, just on the acquisition opportunity set. Are you seeing more institutional capital interested in these deals? I realize that your centers are pretty operationally intensive from an asset management perspective.

偉大的。那麼或許可以給麥可一個機會，就放在收購機會清單裡。您是否看到更多機構資本對這些交易感興趣？我意識到從資產管理的角度來看，你們的中心運作起來相當耗費精力。

But my sense is that if you get a going-in yield in the 8% range, stabilizing above that could attract more capital to be interested in these kind of centers. So just maybe talk about the competitive set against and what you're up against relative to competition out there.

但我的感覺是，如果初始收益率在 8% 左右，並且穩定在這個水平以上，可能會吸引更多資本對這類中心感興趣。所以，或許可以談談你所面臨的競爭環境，以及相對於其他競爭對手所面臨的挑戰。

Thanks, Griffin. I think it's a good sign for retail overall that you're seeing that institutional interest in the asset class. Steve talked about the low supply environment, and you're clearly seeing retail fundamentals across all the retail asset classes perform really well.

謝謝你，格里芬。我認為，機構投資人對這類資產的興趣，對零售業整體而言是個好兆頭。史蒂夫談到了供應緊張的環境，但很明顯，所有零售資產類別的基本面都表現得非常好。

And so I think institutional capital, whether they own existing assets today or they're looking to deploy, presents an opportunity as well for us, because as you said, we are an operating platform. And we believe that where we want to be able to lean in is where can we bring that platform to bear to create value and being able to tap into different capital sources helps in that regard when we can bring more than just money.

因此，我認為機構資本，無論他們現在擁有現有資產還是正在尋求部署資產，對我們來說也是一個機會，因為正如你所說，我們是一個營運平台。我們相信，我們想要深入參與的地方，就是我們可以利用這個平台創造價值的地方，而能夠利用不同的資本來源在這方面會有所幫助，因為我們帶來的不僅僅是資金。

We know our balance sheet is in great shape to be able to finance our external growth, but it really comes down to our operating our leasing and our marketing platforms to create that value. You were with us in Kansas City, you saw our team that just descended on that acquisition and is already having an impact as we bring resources from our company to bear to add that value.

我們知道我們的資產負債表狀況良好，能夠為我們的外部成長提供資金，但真正創造價值的關鍵在於我們如何經營租賃和行銷平台。您當時和我們一起在堪薩斯城，您看到了我們團隊迅速投入到那次收購中，並且已經產生了影響，因為我們調動了公司的資源來增加價值。

Great. That's it for me. Thanks for the time.

偉大的。就這些了。謝謝你抽出時間。

Thank you.

謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Hi, good morning. Thanks for the time. Just on 2026, just curious initial thoughts on the bad debt or watch list of tenancies. And curious how far you are along at this point versus last year in handling or taking off lease expirations.

您好，早安。謝謝你抽出時間。就2026年而言，只是好奇對壞帳或租戶觀察名單的初步想法。我很想知道，與去年同期相比，您在處理或解除租賃到期方面進展如何。

Thanks, Juan. Our watch list remains at manageable levels. I think as we progress through the next few months, when we'll come out in February with our guidance, we'll be able to articulate some of that. Things have been relatively stable as of late, but it is a very operationally intensive business from a retailer perspective.

謝謝你，胡安。我們的觀察名單仍然保持在可控範圍內。我認為，隨著接下來幾個月的進展，當我們在二月發布指導意見時，我們將能夠闡明其中的一些內容。最近情況相對穩定，但從零售商的角度來看，這是一個營運密集業務。

In terms of lease roll, we have already begun our '26, and even looking at some further in those discussions. And you can see in the sub that we -- the role already came down, I think, about 100 basis points since last quarter, and we'll continue to make progress as we move the next few months.

就租賃業務而言，我們已經開始了 2026 年的業務，甚至還在討論一些更進一步的業務。從這份報告可以看出，我們——我認為，自上個季度以來，這一比例已經下降了約 100 個基點，而且在接下來的幾個月裡，我們將繼續取得進展。

Great. Then maybe just, Michael, a follow-up. Anything you'd want to flag in terms of '26 considerations as we think about earnings and some of the moving pieces and timing of stuff that happened this year versus full-year impacts next year?

偉大的。那麼，邁克爾，或許可以再跟進。考慮到2026年的收益情況，以及今年發生的一些事件和時間節點對明年全年的影響，您有什麼需要特別指出的嗎？

I give guidance in February. And so, we'll be able to lay everything out. I think our trends this year have been positive. I think you mentioned the credit side, which is always something that you have to think about in the year in terms of a range of outcomes. The other aspect is going to be our capital. And our bonds next year come due late in the year. But how we finance that, when we finance that could have some range to it relative to this year.

我二月會提供指導。這樣，我們就能把所有事情都安排好。我認為我們今年的發展趨勢是正面的。我想你提到了信貸方面，這是你一年中必須考慮的各種結果因素。另一方面，我們的資金也將是關鍵。我們明年的債券將在年底到期。但是，我們如何籌集資金，何時籌集資金，相對於今年的情況可能會有一定的波動範圍。

Thanks. Glad to hear Mariah Carey's defrosting as planned.

謝謝。很高興聽到瑪麗亞凱莉如期走出陰霾。

Rich Hightower, Barclays.

Rich Hightower，巴克萊銀行。

Hey, good morning guys. Thanks for taking the question here. So maybe just to go back to the prior conversation about institutional capital flows into the asset class. I mean, maybe just to turn it on its head for a second.

嘿，各位早安。感謝您接受這個問題。所以，或許我們可以回到先前關於機構資本流入該資產類別的討論。我的意思是，或許可以稍微換個角度思考。

I believe you guys haven't sold too much since 2019 in terms of the magnitude of sales. And so, are there reasons why maybe as we think about the bottom tier, of the portfolio, which is very helpfully broken out in the supplemental. Are there reasons why we wouldn't think about recycling some of that? Is it for tax reasons? Is it for descaling the company reasons? Or are there other reasons why that might not maybe pick up in future years?

我認為，就銷售規模而言，你們自 2019 年以來銷量並不算太好。那麼，當我們考慮投資組合的底層部分時，是否有一些原因呢？補充資料中對此進行了非常有幫助的細分。我們有什麼理由不考慮回收其中的一些物品呢？是出於稅務原因嗎？是為了公司精簡規模嗎？或者有其他原因可能導致這種情況在未來幾年內不會好轉？

Sure. Rich, thanks for the question. If you look back over the history, we've actually sold a number of assets pre-COVID and coming out of COVID. We sold an asset in Howell earlier this year. And all of our assets are cash flowing.

當然。Rich，謝謝你的提問。回顧歷史，我們實際上在新冠疫情爆發前和疫情結束後都出售了一些資產。今年早些時候，我們出售了位於豪厄爾的一處資產。我們所有的資產都能產生現金流。

And what's really important is the same way that we talk about buying outlets and bringing them into our platform and the value that we can create we have that ability to create that on all the assets that we own, and that's really important. We'll always look at our portfolio for areas. And if we see significant change or not consistent, we would look to exit certain assets. But our goal is to continue to leverage this platform and grow.

真正重要的是，就像我們談論收購銷售點並將其納入我們的平台以及我們能夠創造的價值一樣，我們有能力在我們擁有的所有資產上創造這種價值，這真的很重要。我們會一直關注我們的投資組合，尋找合適的領域。如果我們發現出現重大變化或情況不穩定，我們會考慮出售某些資產。但我們的目標是繼續利用這個平台並實現成長。

Okay, helpful. And then, I know you mentioned Every Day is Black Friday started November 1. So we're not too far into that. But just give us a sense of what you are -- what you might be seeing so far in that campaign and just maybe help us understand how much of a window holiday sales over the next couple of months might be for -- what does that mean for the outlook for leasing and the business as we get into next year? Thanks.

好的，很有幫助。我知道你提到過「天天都是黑色星期五」活動從11月1日開始。所以，我們還沒深入那個階段。但請您簡要介紹一下您目前在該活動中的觀察結果，並幫助我們了解未來幾個月的假期銷售旺季可能對租賃和業務前景意味著什麼——這對我們進入明年的租賃和業務前景意味著什麼？謝謝。

Thanks for the question. It's Leslie Swanson. We're very excited about getting into launching Black Friday every day just this week. We see a lot of opportunity in the future. One of the best opportunities for us is the partnerships we're seeing from our retailers as far as bringing additional value to the Tanger shoppers. So we're working with them on a weekly basis to continue to layer in more and more value opportunities.

謝謝你的提問。是萊斯利·斯旺森。我們非常興奮地宣布，本週將每天推出「黑色星期五」促銷活動。我們看到未來有很多機會。對我們來說，最好的機會之一就是與零售商建立合作關係，為 Tanger 的購物者帶來更多價值。因此，我們每週都與他們合作，不斷增加更多有價值的機會。

We have good inventory in our stores. We've got lots of great things happening from an eventing perspective, our annual tree lightings. We're bringing the local choirs in from the schools in our communities and really doing as much outreach as we can to bring additional traffic to the shopping centers across the holiday season.

我們門市庫存充足。從活動策劃的角度來看，我們有許多精彩的活動，例如一年一度的聖誕樹點燈儀式。我們正在邀請社區學校的當地合唱團前來演出，並盡我們所能進行宣傳推廣，以在節日期間為購物中心帶來更多客流量。

I'd love to be a part of that and attend one of those. Any sort of broad commentary on maybe what that might mean for leasing next year as you kind of see how the campaign is performing over the next couple of months?

我很想參與其中，並參加其中一次活動。您能否就此發表一些總體看法，看看在接下來的幾個月裡，該活動的表現如何，以及這可能對明年的租賃市場產生什麼影響？

Yeah, Rich, the campaign last year was wildly successful, and our retailers recognized it. And they want to partner with us on the marketing side and get more in depth with our loyalty program, with our marketing team. So we anticipate this to be as successful as it was last year and just like the back-to-school program was for us. So we're very encouraged by the results and our retailers and our consumers are excited as well.

是的，里奇，去年的活動非常成功，我們的零售商也認可了這一點。他們希望在行銷方面與我們合作，並與我們的行銷團隊一起更深入地了解我們的會員忠誠度計劃。因此，我們預計今年的活動會像去年一樣成功，就像我們去年的返校計畫一樣成功。因此，我們對結果感到非常鼓舞，我們的零售商和消費者也同樣感到興奮。

All right. Thanks so much.

好的。非常感謝。

Floris Van Dijkum, Ladenburg Thalmann.

弗洛里斯·範·迪庫姆，拉登堡·塔爾曼。

Hey, morning guys. So Michael, a question for you in terms of -- I know people have been asking about rent roll, et cetera. But talk about operating margins maybe and some of your initiatives on fixed CAM, where do you see your expense recovery and operating margins trending?

嘿，各位早安。所以邁克爾，關於租金收入等等，我有個問題想問你。但談談營業利潤率以及您在固定CAM方面的一些舉措，您認為您的費用回收和營業利潤率的發展趨勢如何？

Thanks, Floris. We have been fortunate that we've been able to grow our margins really through both the top line as well as the bottom line. And so, on the revenue side, we continue to drive total NOI. That's through both our renewal and re-tenanting. But also when you look at our leasing, we have a substantial amount of non-comp leasing.

謝謝你，弗洛里斯。我們很幸運，能夠透過提高營收和利潤兩方面的成長，真正提高利潤率。因此，在收入方面，我們繼續推動總淨營業收入成長。這包括我們的續租和重新招租。但從我們的租賃情況來看，我們也有大量的非競爭性租賃。

And so, all of that taken together is what's driving our revenue. And as we talked about, when we are negotiating with our tenants, we're somewhat agnostic to lease structure, whether it was a gross lease or whether it's base and CAM because at the end of the day, we're just driving a total rent number.

因此，所有這些因素加在一起，就構成了我們收入的驅動力。正如我們之前討論過的，當我們與租戶談判時，我們對租賃結構持開放態度，無論是總租金還是基本租金加公共區域維護費，因為歸根結底，我們只是在計算總租金數額。

We have been pursuing a greater share of CAM in that total rent, and that's what you're seeing move up. And then, on the operating expense side, we constantly look for ways that we can become more efficient. And some of that is just rebidding our general contracts, whether that's security or our insurance.

我們一直在爭取讓公共區域維護費在總租金中佔更大的比例，這就是你看到的租金上漲的原因。此外，在營運費用方面，我們也一直在尋找提高效率的方法。其中一部分工作就是重新招標我們的一般合同，無論是安保合同還是保險合同。

We're trying to get better on our property taxes and all of the elements that we have to run our properties, run them as efficiently as we can to grow that margin. And so, I think we'll continue to see upward trajectory as we move into 2026.

我們正在努力改善房產稅以及我們營運房產所需的所有要素，盡可能有效率地運作它們，以提高利潤率。因此，我認為隨著我們進入 2026 年，我們將繼續看到上升趨勢。

Thanks. And maybe my follow-up question, this might be more for Steve. But when we toured Kansas City, I think I was impressed by the billboard opportunity at that particular asset. You've got some existing billboards, obviously, you can upgrade them. Maybe can you talk about maybe not specific to Kansas City, but also the other opportunities you see within the portfolio to increase the billboard revenue and really boost your other revenue line going forward?

謝謝。或許我的後續問題比較適合問史蒂夫。但當我們參觀堪薩斯城時，我覺得我被那裡的廣告看板機會深深吸引了。你們已經有一些現有的廣告看板了，顯然可以對它們進行升級。或許您可以談談，不一定非得是堪薩斯城，而是您認為在您的投資組合中還有哪些機會可以增加廣告看板收入，並真正促進您未來的其他收入來源？

Yeah. Look, that marketing partnership business is a really important one for us. And it really started at almost nothing when we joined the company sort of just post-COVID. And under Leslie's leadership, we've grown to a very substantial business. We think there's a great opportunity on our shopping centers to monetize existing eyeballs.

是的。你看，行銷合作對我們來說非常重要。我們加入這家公司的時候，幾乎是一無所有，那也是新冠疫情爆發之後不久的事了。在萊斯利的領導下，我們發展成為一家規模非常大的企業。我們認為，我們的購物中心蘊藏著巨大的商機，可以利用現有的人流來創造效益。

There -- most of the properties are situated on interstates that have great visibility in two directions that see over 100,000 cars a day, and we see that opportunity as well to really grow revenue from that off-site billboard program.

那裡的大部分房產都位於州際公路沿線，雙向車流量都很大，每天車流量超過 10 萬輛，我們也看到了透過場外廣告看板計畫真正增加收入的機會。

But for us, I think that the real important piece of our marketing partnership business and the one that has the greatest amount of future revenue opportunity is working with our existing retailers to grow their on-site presentation.

但對我們來說，我認為我們行銷合作業務中真正重要的部分，也是未來收入機會最大的部分，是與我們現有的零售商合作，提升他們的現場展示效果。

We mentioned earlier that it's our responsibility to drive traffic to these shopping centers, which we have a machine that executes. Once that customer gets there, it's worth it to a lot of our retailers to invest in the opportunity to make sure that the -- that everybody who visits our centers knows their store is there. And in that connection, we take certain holidays, whether it's an accessories brand during Valentine's Day to do a full shopping center takeover to make sure every customer knows that they're there.

我們之前提到過，我們有責任為這些購物中心吸引客流，我們有一台機器可以執行這項任務。一旦顧客到達那裡，對於我們許多零售商來說，投資確保每個光顧我們購物中心的人都知道他們的商店在那裡，就是值得的。因此，我們會利用某些節日，例如情人節期間的配件品牌，全面佔領購物中心，確保每位顧客都知道他們的存在。

We're doing a lot of that. We're working with a lot of these partnerships. We're monetizing these holidays, and we're turning them into a real revenue opportunity for us. I also want to go back to the Unrivaled Sports partnership that we recently signed. Partnerships like this give us the opportunity to off-site drive traffic to our shopping centers on site.

我們正在做很多這樣的事情。我們正在與許多這樣的合作夥伴合作。我們正在利用這些節日賺錢，並將它們轉化為我們真正的收入機會。我還想再談談我們最近簽署的與 Unrivaled Sports 的合作協議。這樣的合作關係讓我們有機會透過場外引流的方式，將客流量引導至我們購物中心的現場。

And the more footsteps that we can bring, the more cars we put in the parking lot, the more footsteps we can bring on center makes our product far more valuable every day. We're going to continue to grow this business.

我們帶來的客流量越多，停車場裡的車輛就越多，中心的客流量就越大，這使得我們的產品每天都更有價值。我們將繼續發展這項業務。

We think we're in the early innings of growing this business. And as we acquire additional shopping centers, and you saw it in Kansas City, we've got great opportunities for these brands to present their product to the customer in real unique ways in very creative ways, makes for a real entertaining experience for the customer as well because there's a lot of great creativity that these retailers bring to those initiatives.

我們認為我們正處於這項業務發展的初期階段。隨著我們收購更多購物中心（就像你在堪薩斯城看到的那樣），這些品牌有了絕佳的機會，可以以真正獨特的方式、非常有創意的方式向顧客展示他們的產品，這也能為顧客帶來真正的娛樂體驗，因為這些零售商為這些舉措帶來了很多很棒的創造力。

Thanks, Steve.

謝謝你，史蒂夫。

Thanks, [Floris]

謝謝，[弗洛里斯]

Hong Zhang, JPMorgan.

張宏，摩根大通。

Yeah, hey, two questions from me. I guess first question, would you be able to quantify any seasonal impacts either on the revenue or the expense side as we move from the third quarter to the fourth quarter? Because I think normally, your expenses go up, and I'm not sure if there's any pull forward of revenue from back-to-school in the third quarter this year?

好的，我有兩個問題。我想問的第一個問題是，從第三季到第四季度，您能否量化一下季節性因素對收入或支出的影響？因為我認為通常情況下，你們的支出會增加，而且我不確定今年第三季是否會因為返校季而提前產生收入？

Sure, Hong. We've talked previously where a lot of our recovery income is effectively straight line throughout the year. But the expense trajectory is often volatile and especially going into the fourth quarter, we tend to see more traffic. It requires more janitorial, more security. The marketing is typically heavier. So we would expect to see a little bit lower recovery rate in the fourth quarter. And we do also tend to see higher overage rent in the fourth quarter and potentially some volatility in that number.

當然可以，洪。我們之前討論過，我們的大部分恢復收入實際上全年都是直線成長。但支出軌跡往往波動較大，尤其是在進入第四季時，我們往往會看到流量增加。它需要更多的清潔人員和保全人員。行銷力度通常會更大。因此，我們預計第四季的復甦率會略有下降。而且我們往往會在第四季度看到更高的超額租金，而且該數字可能會出現一些波動。

Got it. And then, I guess just on the recoveries, I think you previously indicated that you expect to be around like 87% for the year. Is that still the case just because it would imply a pretty substantial drop in the fourth quarter? And how do you expect -- how much further upside do you see in recoveries in 2026?

知道了。然後，關於復甦情況，我想你之前曾表示預計今年的復甦率將在 87% 左右。僅僅因為這意味著第四季會出現相當大的降幅，就仍然這樣認為嗎？那麼，您預計2026年經濟復甦還有多少上漲空間？

It will probably be a little bit higher 80s. The third quarter was a little stronger than we had expected. There was just a very modest amount of out-of-period expense recoveries that came in the third quarter. So that skewed it slightly higher. But I would think a high-80s number is probably good for the full-year run rate there on expense recoveries.

可能會略高於80度。第三季的表現比我們預期的要好一些。第三季只有非常少量的非當期費用回收。所以這導致結果略微偏高。但我認為，全年費用回收率達到 80% 以上可能比較理想。

Hong, the other part about the expense recovery is lease structure. And so, part of what we estimated if we had just a gross lease, if we end up doing a lease where they're paying us space in CAM, it's the same rent that we're getting the same NOI. It's just showing up in a different line item. So part of that is what's growing that expense recovery rate as well as keeping our expenses low.

洪，關於費用回收的另一部分是租賃結構。因此，我們之前估計，如果我們只簽訂一份總租金租賃合同，而最終簽訂的租賃合同中，他們按公共區域維護費 (CAM) 向我們支付租金，那麼我們獲得的淨營業收入 (NOI) 也與租金相同。它只是顯示在不同的條目中。因此，部分原因在於我們提高了費用回收率，同時維持了較低的支出水準。

Got it. Okay. Thanks.

知道了。好的。謝謝。

Harrison Slater, Goldman Sachs.

哈里森·斯萊特，高盛集團。

Hey, good morning, everyone. Thanks for taking my question. On the acquisition side, congrats again on the Kansas City deal. Can you go through how the deal was sourced, the upside opportunity and when some of that could be realized?

嘿，大家早安。謝謝您回答我的問題。收購方面，再次恭喜堪薩斯城交易成功。能否詳細介紹這筆交易是如何促成的，有哪些潛在的收益機會，以及這些機會何時能夠實現？

Thanks, Harrison. This was an off-market deal between the seller and us. This asset is one that we know well from its original development, and we work just in partnership with the owner, similar to how the Asheville deal came about. And we're able to successfully transact. We see both near-term as well as long-term upside from this asset as we bring our platform to bear. The asset today is 93% occupied.

謝謝你，哈里森。這是賣家和我們之間達成的場外交易。我們對這項資產的最初開發非常了解，我們只是與所有者合作，就像阿什維爾的交易一樣。我們能夠成功完成交易。我們認為，隨著我們平台的運用，該資產在短期和長期內都有上漲空間。該物業目前的入住率為 93%。

We think that there's opportunity to grow that occupancy over time. The asset also came with some peripheral land, a parcel that sits right in front of the Minor League Baseball Stadium as well as another parcel around.

我們認為隨著時間的推移，入住率有成長的空間。資產也附帶一些週邊土地，一塊土地正好位於小聯盟棒球場正前方，以及周圍的另一塊地。

So there's opportunities over time to intensify the real estate. And then as we bring this asset into our operating platform, we think there's a lot of opportunities to increase marketing from our marketing platform. Floris has talked about the signage that we feel we can improve, and we think there's a lot of opportunities to bring the best of the Tanger tenant portfolio to Kansas City.

因此，隨著時間的推移，房地產開發將有機會加強。然後，隨著我們將這項資產納入我們的營運平台，我們認為有很多機會可以透過我們的行銷平台來增加行銷效果。Floris 談到了我們認為可以改進的標牌，我們認為有很多機會將 Tanger 租戶組合中最好的部分帶到堪薩斯城。

Great. Thank you so much.

偉大的。太感謝了。

Naishal Shah, Green Street.

奈沙爾·沙阿，格林街。

Good morning. This is Naishal on for Vince. Thank you for taking my question. I was wondering if you could touch on co-tenancy clauses tied to the off-price stores from traditional mall anchors. Given the recent headlines surrounding Neiman Marcus and Saks, I'm curious if they were to close some other outlet locations, would the resulting NOI impact be limited to just their box? Or would it also affect some of the other in-line tenants as well? Thank you.

早安.這是奈沙爾替文斯發言。感謝您回答我的問題。我想請您談談與傳統購物中心主力店的折扣店相關的共同租賃條款。鑑於最近有關尼曼百貨和薩克斯百貨的新聞，我很好奇，如果他們關閉其他一些門市，由此造成的淨營業收入影響是否僅限於他們自己的門市？或者，這也會影響到其他一些並排租戶嗎？謝謝。

Yeah. great question. In the outlet channel, we have very limited exposure to co-tenancy. Our tenants trust us with our merchandising strategies, and there's very little impact or exposure from that standpoint on the outlet side of the business.

嗯，問得好。在奧特萊斯頻道，我們對合租模式的接觸非常有限。我們的租戶信任我們的商品陳列策略，因此從這個角度來看，對奧特萊斯業務的影響或風險非常小。

Thank you. That's very helpful.

謝謝。那很有幫助。

Todd Thomas, KeyBanc Capital Markets.

Todd Thomas，KeyBanc Capital Markets。

Hi, thanks, good morning. I wanted to go back to some of the trends that you're seeing specifically around occupancy. So in the first quarter of this year, you experienced a little bit more occupancy loss than in prior years, and it weighed on same-store growth.

您好，謝謝，早安。我想再談談您目前看到的與入住率相關的一些趨勢。因此，今年第一季度，你們的入住率下降幅度比往年略大，這對同店成長造成了影響。

As you've clawed back that occupancy now, I was just hoping you could provide some insight on early expectations around the sequential change we might anticipate sort of post holidays into the first quarter of next year, whether you think you can maintain higher year-over-year occupancy heading into '26, or if the temp tenant strategy and merchandising strategy results in just a little bit more seasonality around the holidays and post-holiday period than you've seen sort of historically?

既然你們現在已經恢復了入住率，我只是希望你們能就節後到明年第一季可能出現的入住率變化提供一些初步的預期，比如你們是否認為在2026年能夠保持比去年同期更高的入住率，或者臨時租戶策略和商品銷售策略是否會導致節後期間的季節性波動比以往更大一些？

Thanks, Todd. So the first thing is just in terms of the first quarter and the occupancy decline, there was no impact really on same center from that. And the reason for that is that excess occupancy decline was really the result of two boxes in our portfolio, which I know we've talked about this a bit, but our average portfolio is 16 million square feet, 3,500 stores, average store size of under 5,000 square feet.

謝謝你，托德。所以首先，就第一季和入住率下降而言，這對同一中心並沒有真正產生影響。造成這種情況的原因是，入住率下降實際上是我們投資組合中的兩個項目造成的，我知道我們已經討論過這個問題，但我們的平均投資組合為 1600 萬平方英尺，3500 家門店，平均門市面積不到 5000 平方英尺。

In the first quarter, we had two boxes that totaled almost 80,000 square feet, one at our asset here in Deer Park, which was an old Christmas tree shops that was temp with a Wayfair for over a year at temp rent, and we re-leased that space to Main Event, who's taken over possession and will open next year.

第一季度，我們有兩個總面積近 80,000 平方英尺的倉庫，一個位於我們在鹿園的資產中，那里以前是一家聖誕樹商店，我們曾以臨時租金將該倉庫臨時出租給 Wayfair 一年多，後來我們又將該倉庫重新出租給了 Main Event，他們已經接管了該倉庫，並將於明年開業。

But that vacancy effectively in the first quarter wasn't that meaningful from a revenue perspective given the prior tenant was a temp. The other piece was a 30,000 square foot box that was bought vacant in Huntsville that we had a Spirit Halloween at the end of the year.

但從收入角度來看，第一季的空置期並沒有那麼重要，因為之前的租戶只是臨時租戶。另一棟是我們在亨茨維爾買下的一棟 30,000 平方英尺的空置建築，我們在年底在那裡舉辦了一場 Spirit Halloween 活動。

And again, temp rent, not a big amount, but it was 30,000 square feet. And that, too, we've re-leased LL Bean will be coming to Huntsville in half of the box, and then we have some plans for the other side. So that occupancy decline when you back out those two tenants at 150 basis points was exactly in line with our 20-year historical average going from 4Q to 1Q because in our channel and in our strategies, occupancy troughs in the first quarter where you come out of the holidays and you have your highest amount of lease roll and then we build sequentially each quarter, ending the year at the highest occupancy, as Steve talked about earlier in the call, we want to fill our assets and have open, vibrant options for the consumers who come shop with us. And so, you tend to get that seasonal lift as you move through the year. The rent on that space is not as much as it is on a permanent basis.

再次強調，臨時租金雖然不多，但面積有 3 萬平方英尺。而且，我們已經重新授權 LL Bean 將在亨茨維爾開設分店，佔據盒子的一半，然後我們對另一半也有一些計劃。因此，在剔除這兩位租戶後，入住率下降了 150 個基點，這與我們 20 年來從第四季到第一季的平均入住率完全一致。因為根據我們的管道和策略，第一季入住率會達到低谷，因為假期過後，租賃合約數量最多。然後我們每季都會逐步提高入住率，最終在年底達到最高入住率。正如史蒂夫在電話會議中早些時候提到的，我們希望充分利用我們的資產，為前來購物的消費者提供開放、充滿活力的選擇。因此，隨著季節推移，你往往會感受到這種季節性的提升。那個地方的租金不像長期租賃那麼高。

And that's why in a big part, that occupancy decline in the first quarter didn't have any effect on us where we reiterated the guidance and then have been able to lift it throughout the year. Is that -- was there a second part that I missed in the question?

正因如此，第一季的入住率下降在很大程度上並沒有對我們造成任何影響，我們重申了業績指引，並在今年逐步提高了業績指引。是嗎──問題中是不是還有我漏掉的第二部分？

Yeah. No, that's sort of helpful context and kind of a reminder of the early year impact. I guess it sounds like with those box recaptures in '25, assuming that does not replicate that you might expect to have sort of a higher occupancy rate starting point for the year relative to last year. So that's helpful. If I could shift over then, Steve, you talked about the revenue opportunity for marketing and some of the partnership opportunities here.

是的。不，這提供了一種有用的背景信息，也提醒我們年初的影響。我猜想，考慮到 2025 年的那些箱子回收情況，假設這種情況不會重演，那麼你可能會預期今年的入住率起點會比去年更高一些。那很有幫助。史蒂夫，如果我可以換個話題的話，你剛才談到了行銷的收入機會以及這裡的一些合作機會。

I understand the increase in foot traffic and how that benefits tenants and Tanger broadly. But is there a more significant revenue opportunity separate from what we see today in the financials that we should consider as we think about the earnings potential for the company?

我了解人流量增加的好處，以及這對租戶和 Tanger 整體的益處。但是，除了我們目前在財務數據中看到的之外，是否還有其他更重要的收入機會值得我們在考慮公司盈利潛力時予以考慮？

Yeah, the only thing I can say is as we continue to add new properties to our portfolio, one of the great opportunities that we see across the new additions is our ability to grow that business in those markets. So I would say Kansas City is probably a good example of a shopping center where we will put a tremendous amount of focus on that sort of marketing and partnership business that we call it.

是的，我只能說，隨著我們不斷增加新的物業，我們看到這些新增物業帶來的巨大機會之一，就是我們有能力在這些市場發展業務。所以我認為堪薩斯城可能是一個很好的例子，在這個購物中心，我們將投入大量精力來發展我們稱之為行銷和合作業務的模式。

I'm not going to sort of guide to how big they can be. We certainly don't want to overcrowd our shopping centers with marketing and messaging. We want to be artful. We want to be elegant. We want to be smart, but we think we're still in the relative early innings with regard to our long-term ability to grow that business and grow sustained rent revenue over time.

我不會去指導它們可以有多大。我們當然不希望購物中心充斥著過多的行銷和宣傳訊息。我們想展現藝術性。我們想要優雅。我們想做得更好，但我們認為，就我們長期發展這項業務並隨著時間的推移實現持續租金收入成長的能力而言，我們仍處於相對早期階段。

Okay. I guess, Michael, if there is any additional revenue that begins to flow through as a result of some of these programs or initiatives, that would fall in the management leasing and other services line on the P&L. Is that where we would start to see that reflected?

好的。邁克爾，我想，如果由於這些計劃或舉措而開始產生任何額外的收入，那將計入損益表中的管理租賃和其他服務項目。我們是不是從這裡開始看到這種現象的展現？

No, it's in the other revenues. So if you look at the breakdown of our revenues that appears on Page 15 in the supplemental, you'll see there's that rental revenue. And then on the face of the income statement on Page 14, you'll see the other revenues listed there, it's 3% to 4% of our total revenue base, but it's been growing at an above-average pace, which has led to enhanced revenue and same-center growth. And so that's where a lot of those activities fall.

不，它包含在其他收入中。所以，如果您查看補充資料第 15 頁的收入明細，您會看到有租賃收入。然後，在第 14 頁的損益表上，你會看到列出的其他收入，它占我們總收入的 3% 到 4%，但它的增長速度高於平均水平，這帶來了更高的收入和同店增長。所以很多這類活動都屬於這一類。

Okay. All right, that's helpful. Thank you.

好的。好的，這很有幫助。謝謝。

Thanks, Todd.

謝謝你，托德。

Thanks, Todd.

謝謝你，托德。

Thank you. There are no further questions at this time. This concludes today's conference call. We thank you again for your participation. You may now disconnect your lines.

謝謝。目前沒有其他問題了。今天的電話會議到此結束。再次感謝您的參與。現在您可以斷開線路了。