西蒙地產 (SPG) 2023 Q1 法說會逐字稿

Greetings, and welcome to the Simon's First Quarter 2023 Earnings Conference Call. (Operator Instructions)

您好，歡迎來到西蒙 2023 年第一季度收益電話會議。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Tom Ward, the SVP of Investor Relations. Thank you, and you may proceed, sir.

提醒一下，這次會議正在錄製中。現在我很高興向您介紹主持人，投資者關係高級副總裁 Tom Ward 先生。謝謝，您可以繼續了，先生。

Thank you, Claudia. And thank you for joining us this evening. Presenting on today's call is David Simon, Chairman, Chief Executive Officer and President. Also on the call are Brian McDade, Chief Financial Officer; and Adam Roy, Chief Accounting Officer.

謝謝你，克勞迪婭。感謝您今晚加入我們。出席今天電話會議的是董事長、首席執行官兼總裁戴維·西蒙 (David Simon)。與會的還有首席財務官 Brian McDade；和首席會計官 Adam Roy。

A quick reminder that statements made during this call may be deemed forward-looking statements within the meaning of the safe harbor of the Private Securities Litigation Reform Act of 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors. We refer you to today's press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements. Please note that this call includes information that may be accurate only as of today's date. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today's Form 8-K filing. Both the press release and the supplemental information are available on our IR website at investors.simon.com.

快速提醒一下，在本次電話會議中所做的陳述可能被視為 1995 年《私人證券訴訟改革法案》安全港含義內的前瞻性陳述，實際結果可能因各種風險、不確定性和其他因素而存在重大差異.我們建議您參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，以詳細討論與這些前瞻性陳述相關的風險因素。請注意，本次電話會議包含的信息可能僅在今天準確無誤。非 GAAP 財務指標與最直接可比的 GAAP 指標的對賬包含在新聞稿和今天提交的 8-K 表格中的補充信息中。新聞稿和補充信息均可在我們的 IR 網站 investors.simon.com 上獲取。

Our conference call this evening will be limited to 1 hour. (Operator Instructions)

我們今晚的電話會議將限制在 1 小時內。 （操作員說明）

I'm pleased to introduce David Simon.

我很高興向大家介紹大衛·西蒙。

Thank you. Good afternoon, and I'm pleased to report our first quarter results. We are off to a good start with results that exceeded our plan. First quarter funds from operation were $1.03 billion or $2.74 per share. Let me walk through some variances for this quarter compared to Q1 of 2022. Domestic operations had a very good quarter and contributed $0.15 of growth, primarily driven by higher rental income. Our international operations also performed well and contributed $0.02 of growth.

謝謝。下午好，我很高興報告我們第一季度的業績。我們有了一個良好的開端，結果超出了我們的計劃。第一季度運營資金為 10.3 億美元或每股 2.74 美元。讓我來看看本季度與 2022 年第一季度相比的一些差異。國內業務季度表現非常好，貢獻了 0.15 美元的增長，這主要是受租金收入增加的推動。我們的國際業務也表現良好，貢獻了 0.02 美元的增長。

These positive contributions were partially offset by declines from the headwind from a strong U.S. dollar of $0.02, higher interest rate expense of $0.05, lower lease settlement income of $0.06 compared to Q1 of 2022, and we had a mark-to-market gain on publicly held securities of $0.06 for the quarter, and a $0.13 lower contribution from our other platform investments compared to Q1 2022.

與 2022 年第一季度相比，美元走強 0.02 美元、利率支出增加 0.05 美元、租賃結算收入減少 0.06 美元，這些積極貢獻被部分抵消，我們在公開市場上獲得了按市值計算的收益本季度持有的證券為 0.06 美元，與 2022 年第一季度相比，我們其他平台投資的貢獻減少了 0.13 美元。

Let me walk you through some of that and remind everyone that for OPI results, we are generally on our plan. Please keep in mind OPI was up against very tough comparisons from last year's Q1. This quarter also includes onetime transaction cost from ABG's recent acquisition activity, JCPenney's deployment of their new beauty initiative and investments related to physical stores, IT and onetime reorganization expenses all flowing through our FFO number. The retailer part of our OPI investments has seasonality associated with it generally with losses in the first quarter and the majority of our profit in the fourth quarter and should be modeled accordingly. Overall, we continue to expect OPI to meet our 2023 guidance we provided at the beginning of the year, which is similar -- which will be a similar FFO contribution that was compared to 2022.

讓我向您介紹其中的一些內容，並提醒大家，對於 OPI 結果，我們通常都在按計劃進行。請記住，OPI 與去年第一季度的比較非常艱難。本季度還包括來自 ABG 最近收購活動的一次性交易成本、JCPenney 對其新美容計劃的部署以及與實體店、IT 和一次性重組費用相關的投資，所有這些都通過我們的 FFO 編號進行流動。我們 OPI 投資的零售商部分具有季節性，通常與第一季度的虧損和第四季度的大部分利潤相關，因此應相應地建模。總體而言，我們繼續期望 OPI 能夠滿足我們在年初提供的 2023 年指導，這與 2022 年的 FFO 貢獻相似。

Now domestic property NOI increased 4% year-over-year for the quarter. Portfolio NOI, which includes our international properties at constant currency, grew 3.9% for the quarter. Our malls and outlet occupancy at the end of the first quarter was 94.4%, an increase of 110 basis points compared to the prior year. Mills was 97.3%, and TRG was 93.3%, and importantly, average base minimum rent was $55.84 per square foot, an increase of 3.1% year-over-year.

現在，本季度國內房地產 NOI 同比增長 4%。本季度，包括我們以固定匯率計算的國際資產在內的投資組合 NOI 增長了 3.9%。我們的商場和奧特萊斯在第一季度末的入住率為 94.4%，比去年同期增長 110 個基點。 Mills 為 97.3%，TRG 為 93.3%，重要的是，平均基本最低租金為每平方英尺 55.84 美元，同比增長 3.1%。

Leasing momentum continued across the portfolio. We signed more than 1,200 leases for more than 5.9 million square feet in the quarter. We have an additional 1,500 deals in our pipeline, including renewals for approximately $570 million in gross occupancy cost. More than 25% of our leasing activity in the first quarter was new deal volume. We're seeing strong broad-based demand from the retail community, including continued strength from many categories. By the end of the second quarter, we expect to be approximately 75% complete with our 2023 expiration.

整個投資組合的租賃勢頭持續。我們在本季度簽署了 1,200 多份租約，面積超過 590 萬平方英尺。我們還有 1,500 筆交易在籌備中，包括總入住成本約為 5.7 億美元的續約。我們第一季度超過 25% 的租賃活動是新交易量。我們看到零售社區的廣泛需求強勁，包括許多類別的持續增長。到第二季度末，我們預計將在 2023 年到期時完成約 75%。

Retail sales momentum continued. Reported retail sales per square foot reached another record in the first quarter at $759 per square foot for malls and premium outlets combined, an increase of 3.3%. All platforms achieved record sales level, including the mills at $6.83 a foot, a 2.2%, and TRG was $1,100 per square foot, a 6% increase.

零售銷售勢頭持續。第一季度報告的每平方英尺零售額再創歷史新高，購物中心和高級奧特萊斯合計達到每平方英尺 759 美元，增長 3.3%。所有平台都達到了創紀錄的銷售水平，包括工廠每平方英尺 6.83 美元，增長 2.2%，TRG 為每平方英尺 1,100 美元，增長 6%。

Good news is tourism is returning with our tourist-oriented centers outperforming the portfolio average in terms of sales. Our occupancy cost at the end of the first quarter was 12%. We opened our West Paris designer outlet in Normandy, France, last week, our 35th international outlet center.

好消息是旅遊業正在回歸，我們以遊客為導向的中心在銷售額方面的表現優於投資組合的平均水平。我們在第一季度末的入住成本為 12%。上週，我們在法國諾曼底開設了西巴黎名品奧特萊斯，這是我們的第 35 個國際奧特萊斯中心。

During the quarter, construction restarted on our upscale outlet center in Tulsa, Oklahoma, which will now open in the fall of 2024. We have several densification projects under construction, and a pipeline of identified projects that includes approximately 2,000 residential units and hotel rooms.

本季度，我們在俄克拉荷馬州塔爾薩的高檔奧特萊斯中心重新開始建設，該中心將於 2024 年秋季開業。我們有幾個正在建設的緻密化項目，以及一系列已確定的項目，其中包括大約 2,000 個住宅單元和酒店客房。

Now turning to the balance sheet. We completed a dual tranche U.S. senior notes offering that totaled $1.3 billion at a combined average term of 20 years at an average coupon of 5.67%. We closed on our new $5 billion multicurrency revolving credit facility with a maturity in 2028. Importantly, the pricing is unchanged from our prior facility. The traditional secured mortgage markets continue to support the refinancing of our assets across geographies and property types. Our A-rated balance sheet is as strong as ever.

現在轉向資產負債表。我們完成了總計 13 億美元的雙期美國優先票據發行，平均期限為 20 年，平均息票率為 5.67%。我們完成了 2028 年到期的 50 億美元新多幣種循環信貸安排。重要的是，定價與我們之前的安排沒有變化。傳統的擔保抵押貸款市場繼續支持我們跨地域和財產類型的資產再融資。我們的 A 級資產負債表一如既往地強勁。

We ended the quarter with $9.3 billion of liquidity. Today, we announced our dividend of $1.85 per share for the second quarter, a year-over-year increase of 9%. The dividend is payable on June 30 of this quarter. Guidance for this quarter, given the results of this quarter and our current view of the remainder of the year, we are increasing our full year 2023 guidance range from $11.70 to $11.95 per share, to $11.80 to $11.95 per share compared to last year of $11.87. This is an increase of $0.10 at the bottom end of the range and $0.05 at the midpoint.

我們在本季度結束時擁有 93 億美元的流動資金。今天，我們宣布了第二季度每股 1.85 美元的股息，同比增長 9%。股息將於本季度的 6 月 30 日支付。本季度的指導，鑑於本季度的結果以及我們目前對今年剩餘時間的看法，我們將 2023 年全年的指導範圍從每股 11.70 美元增加到每股 11.95 美元，上調至每股 11.80 美元到 11.95 美元，而去年同期為 11.87 美元.這是范圍底端增加 0.10 美元，中點增加 0.05 美元。

And I'm pleased with our first quarter results. Tenant demand is excellent, and brick-and-mortar stores are where shoppers want to be. And even with the economic uncertainty, we are running ahead of our internal plan. Excuse me here, I have some kind of frog in my throat, but we're ready for questions.

我對我們第一季度的業績感到滿意。租戶需求非常好，實體店是購物者想要去的地方。即使存在經濟不確定性，我們也領先於我們的內部計劃。打擾一下，我的喉嚨裡有些青蛙，但我們已經準備好提問了。

(Operator Instructions) The first question comes from Caitlin Burrows from Goldman Sachs.

（操作員說明）第一個問題來自高盛的Caitlin Burrows。

Maybe regarding upcoming lease maturities and what that means for potential cash flow changes going forward, the ABR for '23 maturities is around $62 versus the portfolio overall at $56. So would you think it's fair to say that the rest of the '23 maturities may face a headwind on renewal, but then the '24 maturities, which are 12% of rents and have an ABR of $54, have significant opportunity? I'm guessing it's not that straightforward. So wondering if you could discuss that rent maturity and mark-to-market outlook?

也許關於即將到來的租賃期限以及這對未來潛在現金流變化意味著什麼，'23 期限的 ABR 約為 62 美元，而整個投資組合為 56 美元。因此，您是否認為可以公平地說 23 年到期的其餘項目可能面臨續約的逆風，但 24 年到期的項目（佔租金的 12% 且 ABR 為 54 美元）有很大的機會？我猜這不是那麼簡單。所以想知道您是否可以討論租金期限和按市值計價的前景？

Yes. Thank you, Caitlin, for the question. One of the numbers I threw out there while I was coughing during my presentation was our renewals and new leases will add $570 million of basically gross rental income. In that is included some renewals, which is the roll off of some of the numbers that you quoted. We are renewing above our overall -- above our expiring rents. So even with that said, we expect to continue to have positive rental spreads, even with the higher number for the balance of this year and certainly in '24. So the outlook on that front is very positive and unchanged since our commentary at the -- certainly, at the beginning of this year and fourth quarter of last year as well.

是的。凱特琳，謝謝你提出這個問題。我在演講期間咳嗽時拋出的數字之一是我們的續約和新租約將增加 5.7 億美元的基本總租金收入。其中包括一些續訂，這是您引用的一些數字的滾動。我們正在續約，高於我們的整體 - 高於我們即將到期的租金。因此，即使如此，我們仍預計租金利差將繼續保持正值，即使今年餘下時間和 24 年的數字更高。因此，自我們在今年年初和去年第四季度發表評論以來，這方面的前景非常樂觀且沒有變化。

The next question comes from Steve Sakwa from Evercore ISI.

下一個問題來自 Evercore ISI 的 Steve Sakwa。

I was wondering if you could just maybe shed a little more light on the leasing demand that you're seeing. Is there anything that you could discuss with us on kind of price point, either luxury versus more moderate tenants? Anything by region? Anything by product type, whether it's the mills, the outlets, the traditional malls? Just looking for a little color, given what we're going through and kind of what your tenants are telling you. Just kind of curious where the strongest demand is, and maybe to the extent that there are any weak spots, what would you call out?

我想知道您是否可以更清楚地了解您所看到的租賃需求。您有什麼可以與我們討論價格點的問題嗎，無論是豪華租戶還是更溫和的租戶？有什麼按地區的嗎？按產品類型劃分的任何東西，無論是工廠、奧特萊斯還是傳統購物中心？考慮到我們正在經歷的事情以及您的租戶告訴您的事情，只是在尋找一點顏色。只是有點好奇需求最強的地方在哪裡，也許在某種程度上存在任何弱點，你會說什麼？

Well, I mean, I know this is kind of in the face of a lot of economic uncertainty, but demand really has not changed when I owed it. Now let's talk about the luxury side. Clearly, they're running up against tough comps compared to Q1 of last year. But those brands and those companies think long term. And I mean, the best example is if we were at the opening of the Tiffany store in -- on 57th Street. You have to take a long-term view when you open stores like that. And all of those brands, whether LVMH Group, Kering, Richemont, et cetera, they're looking at '23, '24, '25. We're -- making commitments. Nothing there is really abated. So all systems go on that front, even though they're running up against tough comps compared to Q1.

好吧，我的意思是，我知道這是在面對很多經濟不確定性的情況下，但當我欠它時，需求確實沒有改變。現在讓我們談談豪華的一面。顯然，與去年第一季度相比，他們正面臨艱難的競爭。但那些品牌和那些公司從長遠考慮。我的意思是，最好的例子是如果我們在第 57 街的蒂芙尼商店開業。開這樣的店，必須要有長遠的眼光。所有這些品牌，無論是 LVMH 集團、開雲集團、歷峰集團等等，他們都在關注 '23、'24、'25。我們——做出承諾。沒有什麼真正減少。因此，所有系統都在這方面進行，即使與第一季度相比，它們正面臨著艱難的競爭。

You look at the restaurant category, very strong demand. Lots of new deals across lots of price points, from P.F. Chang's, Cheesecake Factory, to some of the chef-driven brands. So all systems go there. You've got the box demand, lots of new business with Dick's, Life Time Fitness, the best of the best. SCHEELS department store demand by [now] is happening. Then you look at athleisure, Vuori, Alo, lululemon, Brooks Brothers, all of that, pretty much across the board, we're seeing new stores.

你看餐廳品類，需求很旺盛。來自 P.F. 的許多價格點的許多新交易。 Chang's、Cheesecake Factory 等一些廚師驅動的品牌。所以所有系統都去那裡。你有盒子需求，很多與 Dick's、Life Time Fitness 的新業務，最好的。 [現在] 的 SCHEELS 百貨商店需求正在發生。然後你看看運動休閒、Vuori、Alo、lululemon、Brooks Brothers，幾乎所有這些，我們都看到了新店。

So I said this at the end of last year, early this year, even with -- even though comps are going to be tougher in this year in terms of sales compared to last year, the demand on leasing really has not changed. We're seeing the entertainment concepts come back. Theater business is positive. So we feel it's -- we're feeling very good. Obviously, we're cautious. We don't expect sales like they were over '21 and '22.

所以我在去年年底，今年年初說過這個，即使 - 儘管今年的銷售與去年相比會更加艱難，但租賃需求確實沒有改變。我們看到娛樂概念回歸。劇院業務積極。所以我們覺得它 - 我們感覺非常好。顯然，我們很謹慎。我們預計銷售額不會像 21 年和 22 年那樣。

And we planned accordingly. But demand, we check every day, and there's certainly a couple here or there that slowed down, but nothing of -- nothing really noteworthy. VS, North Face, Timberland, Cotton On, they're all growing, and it's all pretty healthy.

我們相應地進行了計劃。但是需求，我們每天都會檢查，肯定有一些在這里或那裡放慢了速度，但沒有——沒有什麼真正值得注意的。 VS、North Face、Timberland、Cotton On，它們都在生長，而且都很健康。

The next question comes from Ronald Kamdem from Morgan Stanley.

下一個問題來自摩根士丹利的 Ronald Kamdem。

Great. I remember last quarter, we talked about domestic property NOI growth of at least 2%. And you're thinking about looking at 1Q already at 4%. Just maybe can you give us an update how you're thinking about that number for the rest of the year? And looking at the guidance raise, how much of that property -- core property NOI versus maybe other factors?

偉大的。我記得上個季度，我們談到國內房地產 NOI 增長至少 2%。你正在考慮將第一季度的增長率看成 4%。也許你能告訴我們你對今年剩餘時間裡這個數字的看法嗎？並查看指導加薪，該財產中有多少——核心財產 NOI 與其他因素相比？

Sure. Yes, we're going to beat 2%. And I would hope we would do at least 3 plus. I mean there is some -- it's very interesting, the first 6 months from a retail point of view, comps will be tough, but we think the second half for the retailers will be more positive, lots of economic uncertainty out there with the big macro things, but assuming sales come in the way we initially budgeted, we should be hopefully at least 3%. If we have an uptick in sales, we'll do better.

當然。是的，我們要超過 2%。我希望我們至少做 3 次以上。我的意思是有一些 - 這非常有趣，從零售的角度來看，前 6 個月，競爭將很艱難，但我們認為下半年對零售商來說會更加積極，經濟不確定性很大宏觀事物，但假設銷售額按照我們最初預算的方式出現，我們應該希望至少達到 3%。如果我們的銷售額有所上升，我們會做得更好。

The next question comes from Alexander Goldfarb from Piper Sandler.

下一個問題來自 Piper Sandler 的 Alexander Goldfarb。

So first, thank you for all the detail on the retailer platform and the emphasis on the seasonality, so that's helpful. My question is bigger. You guys seem to have a lot of positive trends with the redevelopment program coming back, retailer demand healthy. Obviously, some of your competitors are having trouble on the capital side. It strengthens your portfolio. So my question is, as you look over the next few years to invest incremental capital, is your focus still on the best returns or internal in your existing malls and adding more densification? Or are you starting to see some external opportunities where it may make sense to use capital and whether that's domestically or a broad of -- sort of curious.

首先，感謝您提供零售商平台上的所有細節以及對季節性的強調，這很有幫助。我的問題更大。隨著重建計劃的回歸，你們似乎有很多積極的趨勢，零售商需求健康。顯然，你的一些競爭對手在資金方面遇到了麻煩。它加強了你的投資組合。所以我的問題是，當你展望未來幾年投資增量資本時，你的重點仍然是現有購物中心的最佳回報或內部並增加更多的密度嗎？或者你是否開始看到一些外部機會，在這些機會中使用資本可能是有意義的，無論是國內的還是廣泛的 - 有點好奇。

Yes. I don't see -- let me do it in pieces with no particular order. I do see -- I still do feel strongly that the best use of our capital is making our existing portfolio better and better. I think that's -- we have spent $8-plus billion over the last several years upgrading the portfolio and doing new development. So we continue to see that as our best use. I don't see -- and as I mentioned in the call, I mean, we have a residential pipeline that looks really attractive and hotels that are generating really good accretive values of around 2,000 units.

是的。我不明白——讓我不按特定順序分段進行。我確實看到了——我仍然強烈地認為，對我們資本的最佳利用正在使我們現有的投資組合越來越好。我認為那是——在過去幾年裡，我們已經花費了 8 多億美元來升級產品組合併進行新的開發。因此，我們繼續將其視為我們的最佳用途。我沒有看到 - 正如我在電話中提到的那樣，我的意思是，我們有一個看起來非常有吸引力的住宅管道和產生約 2,000 個單位的非常好的增值價值的酒店。

Now that's not going to happen overnight, but that's going to happen over the next few years. So that, for us, is a real opportunity. I don't see much of our external capital doing any kind of acquisition opportunities internationally. I still think we'll grow our international Asia outlet portfolio with redevelopment and new development over time, essentially recycling the capital -- the cash flow that we have there on accretive new development. And we're looking at everything domestically here, and nothing really has wet -- I think I could say this, wet our whistle here to make us -- I can say that, right? Okay. So nothing here that would...

現在這不會在一夜之間發生，但會在未來幾年內發生。所以，對我們來說，這是一個真正的機會。我沒有看到我們的很多外部資本在國際上進行任何形式的收購機會。我仍然認為，隨著時間的推移，我們將通過重新開發和新開發來擴大我們的國際亞洲門店組合，本質上是循環利用資本——我們在新開發項目中擁有的現金流。我們正在看國內的一切，真的沒有什麼是濕的——我想我可以這麼說，弄濕我們的口哨來讓我們——我可以這麼說，對吧？好的。所以這裡沒有什麼會......

You said it.

你說的。

Yes. I said it. True. Good point. Nothing here that would really -- like we're not jumping up and down to do external transactions. So it's mostly the same stuff that we've been doing and just keep plugging away on that. And look, I do think we have to expect the capital markets. The capital markets are telling all companies to be more prudent to do more accretive investments, and we are listening very closely to that.

是的。我說了。真的。好點子。這裡沒有什麼是真正的 - 就像我們不跳上跳下進行外部交易一樣。所以這基本上是我們一直在做的相同的事情，只是繼續努力。看，我確實認為我們必須期待資本市場。資本市場告訴所有公司要更加謹慎地進行更具增值性的投資，我們正在密切關注這一點。

The next question comes from Vince Tibone from Green Street.

下一個問題來自 Green Street 的 Vince Tibone。

I wanted to follow up on your comment regarding 2,000 residential and hotel units in the upcoming pipeline. Just curious how quickly you could start these projects, how much spend this could potentially represent? And if this is something that you're going to maybe do through joint ventures or would be wholly owned on the balance sheet? Kind of any color on some of these points would be helpful.

我想跟進您對即將推出的 2,000 個住宅和酒店單元的評論。只是想知道您能以多快的速度啟動這些項目，這可能代表多少支出？如果這是您可能通過合資企業或將在資產負債表上全資擁有的事情？在其中一些點上使用任何顏色都會有所幫助。

Sure. All right. So I think we will do selective JVs on certain of the residential development. So that's -- and it may -- it also may be that we could potentially bring in third-party equity, too. So that would -- we'll look at each deal individually, but that's certainly a possibility. And then I think, Vince, essentially, we're looking at -- to reach all those 2,000 units. It's really probably a 5-year build process. We expect to start several this year. But yet, we're frankly, being a little bit cautious. We're still permitting some things in California and the Northwest. So we don't -- we're going to just see how the world is, but we don't have to make a decision yet. And I would think at the end of the day, off the -- I'd rather Brian give you a more scientific number because a lot of these are part of redevelopments, too.

當然。好的。所以我認為我們將在某些住宅開發項目上進行選擇性合資。所以這就是——而且可能——也可能是我們也有可能引入第三方股權。所以那將 - 我們將單獨查看每筆交易，但這當然是可能的。然後我認為，文斯，基本上，我們正在考慮 - 達到所有這 2,000 個單位。這真的可能是一個 5 年的構建過程。我們預計今年會啟動幾個。但是，坦率地說，我們有點謹慎。我們仍然允許在加利福尼亞和西北部進行一些活動。所以我們不——我們只是看看世界是怎樣的，但我們還不必做出決定。而且我想在一天結束時，關閉 - 我寧願布賴恩給你一個更科學的數字，因為其中很多也是重建的一部分。

And so to really isolate the hotel, apartment or rental stuff, I'd want to give you a number, but I -- my instinct would be probably about $1.5 billion. But I think Brian can give you more detailed number, but somewhere in that range. And these go from Austin, Texas, to Orange County, California, to Seattle, some hotels in Florida, some residential in Florida, multifamily. So it's kind of where you'd expect it to be where supply and demand is in our favor. But we're considering building a hotel in Cape Cod because we think there's a good supply-demand imbalance there.

因此，為了真正隔離酒店、公寓或出租的東西，我想給你一個數字，但我——我的直覺可能是 15 億美元左右。但我認為布賴恩可以給你更詳細的數字，但在那個範圍內的某個地方。這些從德克薩斯州的奧斯汀到加利福尼亞州的奧蘭治縣，再到西雅圖，佛羅里達州的一些酒店，佛羅里達州的一些住宅，多戶家庭。所以這就是你期望的供需對我們有利的地方。但我們正在考慮在科德角建一家酒店，因為我們認為那裡存在嚴重的供需失衡。

So it really is across. And every -- I'd say, generally, as we get that real estate through our redevelopment efforts, the big focus is on where we can add some mixed uses because we do think like what we did in Buckhead is having a tremendous impact on the overall value of that real estate. So not only does it -- is it accretive from a value point of view just on the cost to -- the return on the build versus what the value that is after it's built, but also the residual benefits that we see from them all.

所以它真的是跨越了。每一個——我想說的是，一般來說，當我們通過重建工作獲得房地產時，重點是我們可以在哪裡添加一些混合用途，因為我們確實認為我們在巴克海特所做的事情對該房地產的整體價值。因此，它不僅 - 從價值的角度來看，它是否只是在成本上增加 - 構建的回報與構建後的價值相比，還有我們從它們中看到的剩餘收益。

Got it. No, that's all super helpful. And then somewhat related follow-up question. Just curious if you could share any updates on the Carson outlet project. And if you think you'd be moving forward there in the near term?

知道了。不，這一切都非常有幫助。然後是一些相關的後續問題。只是想知道您是否可以分享 Carson 奧特萊斯項目的任何更新。如果你認為你會在短期內向前推進？

That's a complicated one. We are -- that's a complicated one, but we're -- every day, we make progress. So it's terrific real estate, very complicated transaction, but we continue to make progress, but no final decision has been made to do it, but I expect one to be made over the next few months.

這是一個複雜的問題。我們是——這是一個複雜的問題，但我們——每一天，我們都在取得進展。所以這是一個很棒的房地產，非常複雜的交易，但我們繼續取得進展，但還沒有做出最終決定，但我希望在接下來的幾個月內做出一個。

The next question comes from Craig Mailman from Citi.

下一個問題來自花旗銀行的 Craig Mailman。

It's actually Nick Joseph on here with Craig. David, just on executive comp and the $24 million onetime cash bonus related to OPI. I know at least one of the proxy analysis firms has raised some concerns on it. So hoping you could give some more color on what the rationale behind it in terms of the amount and the structure of it ahead of the vote later this week?

實際上是 Nick Joseph 和 Craig 一起來的。大衛，只是在執行補償和與 OPI 相關的 2400 萬美元的一次性現金獎金。我知道至少有一家代理分析公司對此提出了一些擔憂。因此，希望您能在本週晚些時候的投票之前就其數量和結構方面的理由給出更多的顏色？

Yes. Look, I think this was essentially paid to 23, 24 executives last February, so about 15 months ago. Fully disclosed in an 8-K. Our rationale and reasoning by the comp committee was fully disclosed in our filed proxy as well as a supplemental letter to our shareholders. I think if you look at the company in totality, which is important, I mean, we can always pick a moment in time to say, why this, why that? But if you look at the history of the company, you look at executive comp, you look at our stock program, you look at our burn rate, you look at our G&A as a function of our NOI or asset value, we are at the lowest of the low.

是的。看，我認為這基本上是去年 2 月支付給 23、24 名高管的，大約 15 個月前。在 8-K 中完全披露。我們提交的委託書以及給股東的補充信中充分披露了我們的理由和委員會的推理。我認為如果你從整體上看公司，這很重要，我的意思是，我們總是可以及時選擇一個時刻說，為什麼這樣，為什麼那樣？但是如果你看看公司的歷史，你看看高管薪酬，你看看我們的股票計劃，你看看我們的燃燒率，你看看我們的 G&A 作為我們 NOI 或資產價值的函數，我們處於最低的。

Anybody can pick out one particular number they don't like. But if you look at it in totality, we are absolutely proud of how we run this business. If you want to get more detail, I encourage you to talk to Head of our Comp Committee, or our Lead Independent Director, any shareholder can do that. But I would encourage everyone to look at the totality of our history and then come to whatever conclusion they think. And we're very happy to talk to anybody that would like to go through it from a shareholder point of view.

任何人都可以挑出一個他們不喜歡的特定號碼。但如果你從整體上看，我們對我們經營這項業務的方式感到非常自豪。如果你想了解更多細節，我鼓勵你與我們的薪酬委員會負責人或我們的首席獨立董事交談，任何股東都可以這樣做。但我會鼓勵每個人都審視我們的歷史，然後得出他們認為的任何結論。我們很高興與任何願意從股東的角度來看它的人交談。

The next question comes from Greg McGinniss from Scotiabank.

下一個問題來自豐業銀行的 Greg McGinniss。

I just want to make sure that I understand that $570 million gross rental income number that you mentioned, is that new and renewal leases? Is it on a pro rata basis, inclusive of international and DRG? How much of that, I guess, is incremental to in-place rents? Or is all of it? And then what's the time frame that you think they're contributing?

我只是想確保我理解你提到的 5.7 億美元的總租金收入數字，是新租約還是續租租約？是否按比例計算，包括國際和 DRG？我猜，其中有多少是對就地租金的增量？還是全部？那麼您認為他們做出貢獻的時間框架是什麼時候？

All terrific questions. And we highlighted that just to give you a sense of the scope of the business that's going on here. So that's a huge number. That's just one leash -- one level of activity in the year-end, and it's bigger than some companies that exists today.

所有很棒的問題。我們強調這一點只是為了讓您了解這裡正在進行的業務範圍。所以這是一個巨大的數字。這只是一條皮帶——年底的一個活動水平，它比今天存在的一些公司更大。

So let me try to unpack it. It does include renewals. It's just SPG. It's just domestic. And if you look at the renewals and the new business, there's a really good uptick from kind of the in-place income on that. And that will come in not really this year but over '24 and '25 as those stores get opened. And I think it just adds a sense of our future growth that we see in front of us from our existing portfolio. But I'm not in a position to break it out between renewals and new incremental business, but you'll see that flow through the NOI in the upcoming quarters.

所以讓我試著打開它。它確實包括續訂。這只是 SPG 俱樂部。這只是國內的。而且，如果您查看續訂和新業務，就會發現就地收入確實有很好的增長。這不會在今年真正出現，而是在 24 和 25 年這些商店開業後才會出現。而且我認為它只是增加了我們從現有投資組合中看到的未來增長感。但我無法在續訂和新的增量業務之間進行區分，但你會在接下來的幾個季度看到它通過 NOI 流動。

Okay. So it is both, though, because you mentioned $100 million of new income last quarter -- of new NOI.

好的。不過，這兩者都是，因為你上個季度提到了 1 億美元的新收入——新的 NOI。

Correct. Yes, it includes both, correct.

正確的。是的，它包括兩者，正確。

The next question comes from Derek Johnston from Deutsche Bank.

下一個問題來自德意志銀行的 Derek Johnston。

Occupancy is now at 94.4%, and that's just 70 bps below pre-pandemic levels. Do you expect to surpass 4Q '19's 95.1% occupancy this year? And given the leasing demand we've discussed, how is the team weighing occupancy versus rates now that the gap is so narrow?

現在的入住率為 94.4%，僅比大流行前水平低 70 個基點。您預計今年會超過 4Q '19 的 95.1% 入住率嗎？考慮到我們已經討論過的租賃需求，既然差距如此之小，團隊如何權衡入住率與利率之間的關係？

Well, let me take that part first. I do think -- the good news is that when we're -- and again, every lease is different. Every relationship is different. Rollovers -- some rollovers go down. But I would say, generally speaking, we are finally seeing renewals that are overall above the expiring rents. So that -- and part of that is just supply/demand is in our favor, and we are getting -- because one is -- I think from the retailer's point of view, there's a real appreciation for bricks and mortar, one. Two is they know we're a landlord that they can rely on, and that we're going to do the right thing to maintain and reinvest in these properties and we have the capability of doing so.

好吧，讓我先來談談。我確實認為 - 好消息是當我們 - 再一次，每份租約都是不同的。每個關係都是不同的。翻滾——一些翻滾下降。但我要說的是，總的來說，我們終於看到了總體上高於到期租金的續約。所以——其中一部分只是供需對我們有利，我們正在得到——因為一個是——我認為從零售商的角度來看，對實體店有真正的讚賞，一個。二是他們知道我們是他們可以依賴的房東，我們將做正確的事來維護和再投資這些房產，而且我們有能力這樣做。

And generally, there's more demand that we're seeing. And the retailers are in, having survived COVID, are in better shape and want to grow their business. So that has all happened. And getting to your first point, will we beat it this year, it will be close. I'm not -- I can't guarantee it. But I am hopeful that we will beat that number in the not -- certainly within the next 12 months, assuming we can continue to maintain reasonably decent economic conditions.

一般來說，我們看到的需求更多。零售商在 COVID 中倖存下來，處於更好的狀態，並希望發展他們的業務。所以這一切都發生了。談到你的第一點，我們今年會擊敗它嗎，它會很接近。我不是——我不能保證。但我希望我們能在未來 12 個月內超過這個數字，前提是我們能夠繼續保持相當不錯的經濟狀況。

The next question comes from Floris Van Dijkum from Compass Point.

下一個問題來自 Compass Point 的 Floris Van Dijkum。

David, so maybe if you can give us a little bit more of an update? I know in the past you've talked about your signed, not open pipeline being around 200 basis points. Your leased occupancy just increased by 110 basis points. Is that SNO pipeline relatively similar? And then maybe, I mean, the -- if I look at the base rent going up by 3.1% approximately and if you get about 10% of your space back, I mean, it assumes pretty healthy re-leasing spreads, if my math is correct. I mean how should we be thinking? Because clearly, it appears that leasing spreads are accelerating in your core business?

大衛，也許你能給我們多一點更新嗎？我知道你過去曾談到過你的已簽署但未開放的管道約為 200 個基點。您的租賃入住率剛剛增加了 110 個基點。該 SNO 管道是否比較相似？然後也許，我的意思是，如果我看到基本租金上漲了大約 3.1%，如果你收回了大約 10% 的空間，我的意思是，如果我的數學計算，它假設再租賃利差相當健康是正確的。我的意思是我們應該怎麼想？因為很明顯，您的核心業務中的租賃利差似乎正在加速？

I think that's a fair statement. And I would say that the pipeline is similar to what it's been, right, Brian?

我認為這是一個公平的說法。我會說管道與過去類似，對吧，布賴恩？

Yes, Floris, we're still hanging right around 200 basis points at this point in the year.

是的，弗洛里斯，今年這個時候我們仍然徘徊在 200 個基點左右。

So I do think it -- as we've been saying over the last few couple of quarters, I mean, we have finally turned the corner on lease spreads. Demand, better properties, more commitments from retailers, more -- and more retailers wanting to open stores all driving pretty good demand, which allows us to get the spreads that we were accustomed to. But we were flatlining pre-COVID. Obviously, we got hurt during COVID, and we bounced back nicely. And so from that standpoint, it's good to see.

所以我確實認為——正如我們在過去幾個季度所說的那樣，我的意思是，我們終於在租賃利差方面取得了進展。需求、更好的物業、零售商的更多承諾、更多——以及更多想要開店的零售商都推動了相當好的需求，這使我們能夠獲得我們習以為常的利差。但是我們在 COVID 之前保持平穩。顯然，我們在 COVID 期間受傷了，但我們恢復得很好。所以從這個角度來看，很高興看到。

And if I can maybe follow up, David, on Jamestown and you mentioned external capital. How are you thinking about -- how is the Jamestown acquisition betting in? And is that potentially a source of external capital that you can bring into some of that -- the apartment or hotel investments and/or how are the synergies between those 2 businesses working out? And in particular, I'm thinking like Atlanta with the street retail right near your 2 fortress malls.

如果我可以跟進，大衛，在詹姆斯敦，你提到了外部資本。你是怎麼想的——收購詹姆斯敦的賭注如何？這是否是您可以引入其中一些的潛在外部資本來源——公寓或酒店投資和/或這兩項業務之間的協同效應如何發揮作用？特別是，我想像亞特蘭大一樣，在您的 2 個堡壘購物中心附近有街頭零售店。

Yes. Look, I -- to separate -- just to be clear. So we bought into the asset management business. We bought -- we partnered with Jamestown for a couple of -- several reasons, but a couple to highlight here. One is they're really good asset managers. Two is they have the development capability that's very interesting to us, and they have excellent institutional relationships. And we think with our partnership, we can grow that business. We did not -- other than -- there is a big future development, master plan development that they're working on in Charleston where we did partner with them directly. We did not buy any of their existing real estate that's owned by the various funds, whether it's the German funds or the premier fund.

是的。看，我 - 分開 - 只是為了清楚。所以我們買入了資產管理業務。我們購買了——我們與詹姆斯敦合作有幾個——幾個原因，但有幾個要在這裡強調。一是他們是真正優秀的資產管理者。二是他們擁有我們非常感興趣的開發能力，並且他們擁有良好的機構關係。我們認為通過我們的合作夥伴關係，我們可以發展該業務。我們沒有——除了——他們在查爾斯頓進行的大型未來開發、總體規劃開發，我們確實與他們直接合作。我們沒有購買任何由各種基金擁有的現有房地產，無論是德國基金還是總理基金。

Jamestown is in the process of raising their, what, 32nd German fund. They have a lot of separate account interest. It's really good for us because we get to learn those institutional investors better and more. And I just think we're early days there. But I think the thesis that we had going in continues to be very, very valid. This is a long-term relationship that I think will grow. Eventually, I see us partnering with institutional money that will be managed by Jamestown, that will partner with us to build XYZ or buy XYZ or build a big community in Charleston -- North Charleston.

詹姆斯敦正在籌集他們的第 32 支德國基金。他們有很多單獨的帳戶利息。這對我們真的很好，因為我們可以更好、更多地了解那些機構投資者。我只是認為我們還處於早期階段。但我認為我們的論點仍然非常非常有效。這是一種我認為會發展的長期關係。最終，我看到我們與將由詹姆斯敦管理的機構資金合作，這將與我們合作建立 XYZ 或購買 XYZ 或在查爾斯頓 - 北查爾斯頓建立一個大社區。

So yes, I think all of the elements of potential growth with Jamestown are out there. We do like the asset management business as a platform. We dipped our toe into it. But I think, again, just as we look at the landscape of real estate owners and managers, we think -- when we look at a Blackstone, when we look at a Brookfield, obviously, they own. They asset manage. For us to have some scale or some role in that business, I think, ultimately, (inaudible) to the benefit of Simon Property Group, and that's what we're asking.

所以是的，我認為詹姆斯敦的所有潛在增長要素都在那裡。我們確實喜歡資產管理業務作為一個平台。我們將腳趾浸入其中。但我再次認為，就像我們審視房地產所有者和經理的情況一樣，我們認為——當我們看 Blackstone 時，當我們看 Brookfield 時，顯然，他們擁有。他們管理資產。為了讓我們在該業務中擁有一定規模或發揮某種作用，我認為最終（聽不清）有利於 Simon Property Group，這就是我們所要求的。

The next question comes from Craig Schmidt from Bank of America.

下一個問題來自美國銀行的 Craig Schmidt。

Given the seasonality of the OPI business, which quarter do you expect that number to turn positive?

鑑於 OPI 業務的季節性，您預計該數字將在哪個季度轉正？

I think it will be -- Craig, you know about retailers. So just to reinforce the retail part of OPI, remember, the vast majority of the OPI value is in our ABG stock. But we still have a very profitable business with both Penney and SPARC and then other investments that are in that, including RGG and so on. So just important to put it in context. So the retail part, the pure retailer part, Penney and SPARC, is seasonal. And last quarter -- Q1 of '22 was just stimulus, whatever, was a really tough comparison for the retail -- retailer part of OPI. With that said, it will -- we expect it to be profitable in Q2 and Q3. And -- but the vast -- the majority -- the vast majority of it will be Q4 like all the other retailers.

我認為這將是 - 克雷格，你知道零售商。因此，為了加強 OPI 的零售部分，請記住，絕大部分 OPI 價值都在我們的 ABG 庫存中。但我們仍然與 Penney 和 SPARC 以及其中的其他投資（包括 RGG 等）有非常有利可圖的業務。所以把它放在上下文中很重要。所以零售部分，純零售商部分，Penney 和 SPARC，是季節性的。上個季度 - 22 年第一季度只是刺激，無論如何，對於零售 - OPI 的零售商部分來說是一個非常艱難的比較。話雖如此，我們預計它會在第二季度和第三季度實現盈利。而且 - 但絕大多數 - 絕大多數 - 絕大多數將像所有其他零售商一樣在第四季度。

So when you see retailers report this quarter that are public, I think generally, they'll probably all have tough comps against Q1 of last year. Yes, the comps get a lot easier. This is a lot more information for a business that we have no cash investment remember, and it does create a little volatility of our earnings for better or worse. In this case, this quarter, it's worse. Fourth quarter will be much better. It does create a little volatility. But it'll -- you'll see us map out part of that OPI map out just like other retailers where the loss will be in Q1, profitability in Q2 and 3 and then 70% -- 65%, 70% in Q4.

因此，當您看到本季度公開的零售商報告時，我認為一般來說，與去年第一季度相比，他們可能都表現不佳。是的，比賽變得容易多了。對於我們沒有現金投資的企業來說，這是更多的信息，而且它確實會造成我們收益的好壞波動。在這種情況下，本季度，情況更糟。第四季度會好很多。它確實會產生一點波動。但它會 - 你會看到我們繪製出 OPI 地圖的一部分，就像其他零售商一樣，第一季度虧損，第二季度和第三季度盈利，然後是 70% - 65%，第四季度為 70%。

The next question comes from Juan Sanabria from BMO Capital Markets.

下一個問題來自 BMO Capital Markets 的 Juan Sanabria。

Just hoping to get a little color on the month-to-month leases. They ticked up from about 4.5% to 7.5% sequentially in the first quarter, while you did a fantastic job chopping wood and reducing the rest of the ['23 expirations]. But just curious on why the increase in the month-to-month leases and what's going on behind that?

只是希望在每月的租約上有所作為。他們在第一季度從大約 4.5% 連續上升到 7.5%，而你在砍柴和減少 ['23 到期] 的其餘部分方面做得非常出色。但只是好奇為什麼月租增加，背後發生了什麼？

Yes. One of the comments I made was we expect to be basically 75% by the end of Q2. It's just a process. It's just -- we're negotiating. The retailers are negotiating. The stores are open and operating. But we -- it's just a typical drawn-out process that is the, so to speak, the art of the negotiation. But a lot of that's already handshake committed to that we're just going through and processing now.

是的。我發表的其中一項評論是，我們預計到第二季度末基本上會達到 75%。這只是一個過程。這只是 - 我們正在談判。零售商正在談判。商店已開門營業。但我們——這只是一個典型的冗長過程，可以說，這就是談判的藝術。但其中很多已經握手承諾，我們現在正在經歷和處理。

If you look at it [currently, Juan], it's just normal seasonality of that line item at this point time in the year.

如果你看一下 [目前，Juan]，這只是該行項目在一年中這個時間點的正常季節性。

The next question comes from Mike Mueller from JPMorgan.

下一個問題來自摩根大通的 Mike Mueller。

I was wondering, has there been any notable change in lease duration for what you're signing so far in 2023 compared to last year?

我想知道，與去年相比，您在 2023 年到目前為止簽署的租約期限是否有任何顯著變化？

Not really. Not at all.

並不真地。一點也不。

The next question comes from Haendel Juste from Mizuho.

下一個問題來自瑞穗的Haendel Juste。

David, I think earlier you mentioned that new leases were 25% of deal volume in the first quarter. I guess I'm curious if that's why CapEx ticked up. It was up 8% in the quarter. And if this is also a new level of new versus renewal leasing that we should expect near term?

大衛，我想你早些時候提到新租約佔第一季度交易量的 25%。我想我很好奇這是否就是資本支出上升的原因。該季度上漲了 8%。如果這也是我們近期應該預期的新租賃與續租租賃的新水平？

We have a tough connection. Did you guys hear that?

我們有一個艱難的聯繫。你們聽到了嗎？

Haendel, can you repeat your question, please? You kind of broke up a bit.

亨德爾，你能重複你的問題嗎？你們有點分手了。

So my question was on -- David, I think you mentioned earlier in the call that new leases were 25% of the deal volume in the first quarter. So I'm curious if that's why CapEx was up, I think, 8% in the first quarter. And also if this level of new leases, 25% or so, would be kind of the right way to think about new versus renewal leasing going forward.

所以我的問題是 - 大衛，我想你在電話會議早些時候提到新租約佔第一季度交易量的 25%。所以我很好奇這是否就是資本支出在第一季度上漲 8% 的原因。而且，如果這種水平的新租賃（25% 左右）將是考慮未來新租賃與續租租賃的正確方式。

Yes. I think -- I guess, on the TA line, there is some -- we are doing more deals, so there is probably more TA associated with it. So I'm not sure -- the CapEx line or you're looking at the TA line. But generally, the answer is, yes, we're doing a lot more new business. And in some cases, that does mean a little bit more TA. And I still had a hard time on the last part. Did anybody hear it?

是的。我想——我想，在 TA 線上，有一些——我們正在做更多的交易，所以可能有更多的 TA 與之相關。所以我不確定——是資本支出線還是你在看 TA 線。但總的來說，答案是，是的，我們正在做更多的新業務。在某些情況下，這確實意味著更多的助教。我在最後一部分仍然很難過。有人聽到了嗎？

No, we didn't hear it.

不，我們沒有聽到。

Unfortunately, we didn't hear it. But if you want to call back with -- we're happy to answer that.

遺憾的是，我們沒有聽到。但是，如果您想回電 - 我們很樂意回答。

The next question comes from Ki Bin Kim from Truist.

下一個問題來自 Truist 的 Ki Bin Kim。

Going back to your comments on international tourism, David, can you remind us where international tourism (inaudible) for your portfolio today versus, let's say, pre-COVID? And if it should return to that normal level, what does that mean for Simon's NOI or earnings, however you want to look at it?

回到你對國際旅遊的評論，戴維，你能提醒我們今天你的投資組合中國際旅遊（聽不清）與 COVID 之前相比的地方嗎？如果它應該恢復到正常水平，這對西蒙的 NOI 或收益意味著什麼，不管你想怎麼看？

Well, I would say, generally speaking, we -- just to give you a sense, our sales for our tourist properties that we identified was up 8% quarter-over-quarter, right, generally?

好吧，我想說的是，一般來說，我們 - 只是為了給你一個感覺，我們確定的旅遊物業的銷售額環比增長了 8%，對嗎？

Yes.

是的。

So the bottom line is it's really going to result in overage rent that we probably flatlined, more or less, on those properties. So -- and that will manifest itself once we reach the breakpoint, so later in the year. But we're seeing -- we're starting to see -- I mean, like Vegas -- where are our tourist properties? Florida, which has been pretty strong, but we're seeing more and more international tourism there. Woodbury here in the New York area -- I say here, I'm in Indianapolis -- but in the New York area is really starting to see a lot more international tourism. California has been kind of the weak link, but we're starting to see more and more sales there. And then Vegas is just going crazy. Vegas, we -- and we have really important exposure in Vegas between Forum, Crystals, our 2 outlet centers.

所以底線是它真的會導致超額租金，我們可能或多或少地在這些房產上持平。所以 - 一旦我們達到斷點，這將在今年晚些時候體現出來。但是我們看到——我們開始看到——我的意思是，就像維加斯——我們的旅遊地產在哪裡？佛羅里達州，一直很強勁，但我們在那裡看到越來越多的國際旅遊業。伍德伯里在紐約地區——我在這裡說，我在印第安納波利斯——但在紐約地區真的開始看到更多的國際旅遊業。加利福尼亞一直是薄弱環節，但我們開始看到那裡的銷售額越來越多。然後維加斯就變得瘋狂了。維加斯，我們 - 我們在維加斯在 Forum、Crystals 和我們的 2 個直銷中心之間有非常重要的曝光。

Vegas is as good as it gets. It's the casinos, what's going on with the city, the movement from California to Nevada, all of the football, baseball, sporting activity, Formula 1. It's just -- it's a great place to have a lot of retail real estate, and we're seeing real benefits in that. So this will manifest itself in the fourth quarter as we've seen that. But -- as we reach the breakpoints. But we're finally seeing the international tourists come back to the States. A little weaker dollar helps and obviously, all the -- I think, finally, you don't have the vaccine card, whatever that's required, company or -- all of that's kind of yesterday's news, as of today or yesterday. So we're -- I think we're finally starting to see that come back like it was pre-pandemic.

拉斯維加斯盡其所能。這是賭場，城市發生了什麼，從加利福尼亞到內華達州的運動，所有的足球，棒球，體育活動，一級方程式賽車。它只是 - 這是擁有大量零售房地產的好地方，我們看到真正的好處。所以這將在第四季度體現出來，正如我們所看到的那樣。但是——當我們到達斷點時。但我們終於看到國際遊客回到美國。美元走軟有幫助，顯然，所有——我想，最後，你沒有疫苗卡，無論需要什麼，公司或——所有這些都是昨天的新聞，截至今天或昨天。所以我們 - 我認為我們終於開始看到它像大流行前一樣回歸。

Okay. And a quick question for Brian. You guys have a pretty healthy cash balance of over $1 billion, yet you still carry a balance on the revolver. I'm sure there's a pretty logical, simple answer to this, but just curious.

好的。還有一個簡短的問題要問布賴恩。你們有超過 10 億美元的相當健康的現金餘額，但您仍然在左輪手槍上有餘額。我敢肯定對此有一個非常合乎邏輯的簡單答案，但只是好奇。

Yes, that's exactly right. The outstandings on our revolver are denominated in euros, and they serve as a net investment hedge against our asset base in Europe. We do have a heavy -- a sizable cash balance as we did our offering earlier in this year and prefunded the balance of our unsecured maturities for this year. So we're carrying cash, and we'll pay off the June maturities at par at maturity.

是的，完全正確。我們左輪手槍的未償還款項以歐元計價，它們作為我們在歐洲資產基礎的淨投資對沖。我們確實有大量現金餘額，因為我們在今年早些時候進行了發行，並為今年的無擔保到期日餘額提供了資金。因此，我們持有現金，我們將在到期時按面值償還 6 月到期的債券。

The next question comes from Michael Goldsmith from UBS.

下一個問題來自瑞銀的 Michael Goldsmith。

David, your base minimum rent growth is accelerating. You have a nice SNO pipeline. You're talking about blowing past your 2% NOI growth guidance for the year. All sounds great. I guess the question is, how sustainable is this algorithm? How long can it continue? And what are the factors that are ultimately going to weigh on this momentum that you have?

戴維，你的基本最低租金增長正在加速。您有一個不錯的 SNO 管道。你說的是超過你今年 2% 的 NOI 增長指導。一切聽起來都很棒。我想問題是，這個算法的可持續性如何？還能持續多久？最終會影響您擁有的這種勢頭的因素是什麼？

Well, look, I mean, I think -- I see it continuing. We see good demand. We are tied to the general economic condition, but supply/demand is in our favor. I think our spot in our industry is well established. We have the confidence with our retail partners. We know what we want to do with our properties. We're not -- we don't bat a thousand. We make mistakes all the time, but we know where we want to position them. And so I hate using kind of this, but it's really going to be the external environment that could slow this down, meaning what happens, do we do a recession or that.

嗯，看，我的意思是，我認為——我看到它還在繼續。我們看到良好的需求。我們與總體經濟狀況息息相關，但供需對我們有利。我認為我們在行業中的地位已經確立。我們對我們的零售合作夥伴充滿信心。我們知道我們想用我們的財產做什麼。我們不是——我們沒有擊中一千。我們總是犯錯誤，但我們知道我們要把錯誤定位在哪裡。所以我討厭使用這種方式，但實際上外部環境可能會減緩這種情況，這意味著會發生什麼，我們是否會出現衰退或那樣。

And I honestly think some of these markets are -- when people ask me that, I actually think if we do go into a recession, it will be "this kind of regional recession." I just don't see markets right now -- they may flatten. They may not grow as much. But I don't see Floridas, Texas, Nevadas of the world, Georgias, I just don't see them slowing. I don't see them going into a recession. So if there is one, we've always heard, well, it's going to be a regional one. This one might be one. But who (inaudible), I really don't know. But I think that's what slows us down. Obviously, we do have some headwinds with higher interest rates. We do have a debt maturity at low rates that will rollover, will cost us some growth. But we just have to kind of go through that and deal with.

老實說，我認為其中一些市場是——當人們問我這個問題時，我實際上認為如果我們真的陷入衰退，那將是“這種區域性衰退”。我只是現在看不到市場——它們可能會趨於平緩。他們可能不會增長那麼多。但我沒有看到世界各地的佛羅里達州、德克薩斯州、內華達州、佐治亞州，我只是沒有看到它們放緩。我不認為他們會陷入衰退。所以如果有的話，我們總是聽說，嗯，這將是一個地區性的。這一個可能是一個。但是誰（聽不清），我真的不知道。但我認為這就是讓我們放慢腳步的原因。顯然，我們確實遇到了更高利率的一些不利因素。我們確實有低利率的債務到期會展期，這將使我們失去一些增長。但我們只需要經歷並處理。

The next question comes from Linda Tsai from Jefferies.

下一個問題來自 Jefferies 的 Linda Tsai。

How do you think about the longer-term growth profile of the OPI business versus growth in overall portfolio NOI? Do you think the OPI business requires more consistent investment before it generates more stable returns?

您如何看待 OPI 業務的長期增長情況與整體投資組合 NOI 的增長情況？您認為 OPI 業務需要更穩定的投資才能產生更穩定的回報嗎？

Well, I think you have to look at the individual investments. And like, for instance, Authentic Brands Group is a growth machine. They're buying brands left and right. They're buying Billabong. They're buying Vans. They've got a huge pipeline. So I really see that company growing, growing, growing. SPARC and Penney are -- SPARC is opening new stores, getting better at e-commerce, getting better operating. I'm sure -- they added Reebok to its portfolio last year. That still hasn't been fully integrated. So I expect EBITDA growth to accelerate in the latter half of '23 and '24. RGG, which includes Rue La La, Gilt and importantly, Shop Premium Outlets. Remember, we contributed to that joint venture. Shop Premium Outlets is on fire. We're growing our GMV by leaps and bounds.

好吧，我認為你必須看看個人投資。例如，Authentic Brands Group 是一台增長機器。他們左右購買品牌。他們正在收購 Billabong。他們正在購買貨車。他們有一個巨大的管道。所以我真的看到那家公司在成長、成長、成長。 SPARC 和 Penney 是——SPARC 正在開設新店，在電子商務方面做得更好，運營也更好。我敢肯定——他們去年將 Reebok 添加到其產品組合中。那還沒有完全整合。因此，我預計 EBITDA 增長將在 23 世紀下半年和 24 世紀加速。 RGG，包括 Rue La La、Gilt 以及重要的 Shop Premium Outlets。請記住，我們為該合資企業做出了貢獻。 Shop Premium Outlets 著火了。我們正在突飛猛進地發展 GMV。

I really think -- this was an idea we had years ago. We kind of got it off the ground maybe not quite as good as [Wilbur -- but Wilbur, right]? But we got it off the ground. We merged it into RGG. And it's really rocking and rolling. We've got -- we're signing up good retailers all the time. That's got a great, great story to it. And we have some smaller investments in that. So I think I see a real growth pattern in all of those. Penney is reinvesting. I think Penney (inaudible). It's getting better brands in the store. We're making the stores look better. It's got growth in beauty that's investing.

我真的認為——這是我們多年前的想法。我們的起步可能不如 [Wilbur——但是 Wilbur，對吧]？但我們把它從地面上拿走了。我們將它合併到 RGG 中。它真的搖擺不定。我們有——我們一直在與優秀的零售商簽約。那有一個很棒的故事。我們在這方面有一些較小的投資。所以我認為我在所有這些方面都看到了真正的增長模式。 Penney 正在進行再投資。我認為 Penney（聽不清）。商店裡的品牌越來越好。我們正在使商店看起來更好。它在美容方面取得了投資增長。

So the retailer side of OPI has a little more exposure to the economy because [retail just does]. But I think they all, in their own right, have their own growth story. And -- but you know what? We're economic animals to the extent that we think we get fair value. We've got lots of opportunities to invest in our company or other transactions that will add value. So we look at these very clinically. And I just remember, we've created a lot of value here with very little capital. And what's amazing, it's in our earnings now and -- which is a good sign because it means it's earning money. And given the small investment, it's been -- if you just want to look at return on earnings or return on investment, it's been outstanding.

因此，OPI 的零售商方面對經濟的影響更大一些，因為 [零售就是這樣]。但我認為他們都有自己的成長故事。而且 - 但你知道嗎？就我們認為我們獲得公允價值而言，我們是經濟動物。我們有很多機會投資於我們的公司或其他可以增加價值的交易。所以我們非常臨床地看待這些。我只記得，我們在這裡用很少的資本創造了很多價值。令人驚奇的是，它現在就在我們的收入中——這是一個好兆頭，因為這意味著它在賺錢。考慮到小額投資，它一直是——如果你只想看看收益回報或投資回報，它一直很出色。

So very proud of it, very profitable, not our core focus yet. [I used] the executive team here to leverage our capabilities, intellectual firepower, et cetera, to make those companies better. And I think we've done a pretty darn good job, and we've had good partners across the board. So we've done it in a very prudent way, and it's been very beneficial for us. And I expect growth to continue -- have more ups and downs. It won't be a straight line, but I have -- I expect more growth from that category. At the same time, 10 years from now or 5 years from now, we don't have to own any of these companies.

非常自豪，非常有利可圖，這還不是我們的核心重點。 [我使用]這裡的執行團隊來利用我們的能力、智力火力等，讓這些公司變得更好。而且我認為我們做得非常好，而且我們在各個方面都有很好的合作夥伴。所以我們以非常謹慎的方式做了這件事，這對我們非常有利。我預計增長將繼續——會有更多的起伏。這不會是一條直線，但我有——我預計該類別會有更多增長。與此同時，10 年後或 5 年後，我們不必擁有這些公司中的任何一家。

And then just a follow-up, do you have a sense of how much mixed-use development could become as a percentage of portfolio NOI? And could you give us a sense of what that might represent today?

然後只是後續行動，您是否了解混合用途開發佔投資組合 NOI 的百分比？你能告訴我們今天可能代表什麼嗎？

It's not very big today. What is it, like 3%, 4%?

今天不是很大。它是什麼，比如 3%、4%？

[About 3%].

[約 3%]。

3%. So we're a big company. So to do a lot to get to like 8% to 10% would take a lot, would be a few years down the road. But I don't see any reason why -- we certainly should try to strive to get up there if we can do it accretively in the kind of the 7%, 8% range. But that would be roughly $500-plus million of NOI. So it's not -- it's going to take time.

3%。所以我們是一家大公司。所以做很多事情來達到 8% 到 10% 需要很多時間，需要幾年的時間。但我看不出有任何理由——如果我們能夠在 7%、8% 的範圍內實現增長，我們當然應該努力實現這一目標。但這將是大約 500 多萬美元的 NOI。所以它不是 - 這需要時間。

The next question -- the final question comes from Haendel Juste from Mizuho.

下一個問題——最後一個問題來自 Mizuho 的 Haendel Juste。

I wanted to get to the second part of my question, and then I have one more. So the second part of my earlier question was if you're expecting new lease volume to be about 25% of the overall leasing volume as they were in the first quarter over the near term.

我想進入問題的第二部分，然後還有一個。所以我之前的問題的第二部分是，你是否預計新租賃量在短期內將佔總租賃量的 25% 左右，就像第一季度一樣。

Yes, I think that's a reasonable number, yes, in that range.

是的，我認為這是一個合理的數字，是的，在那個範圍內。

Okay. And then the second question I had was on foot traffic. We saw some recent Placer foot traffic data for March indicating that year-over-year foot traffic at enclosed retail malls is down 8% year-over-year in March. I'm curious if you're seeing similar trends at your properties and if you think that's [reflective of] the consumer and if that's coming up in lease negotiations in the current environment.

好的。然後我的第二個問題是人流量。我們看到一些最近的 Placer 3 月份客流量數據表明，3 月份封閉式零售商場的客流量同比下降 8%。我很好奇你是否在你的房產中看到類似的趨勢，你是否認為這是 [反映] 消費者，以及在當前環境下的租賃談判中是否會出現這種情況。

Well, yes, that's -- I'm glad you asked that because I have -- we keep track of that ourselves. And just to give you March over -- March '23 over March '22, we are 105.5% for malls, 105.6% for mills and 120.2% for outlets for 108% above last year this time. And January and February, we're actually much higher month-over-month. So we -- for our portfolio, we're above -- traffic is above where it was this time last year, year-to-date, month-to-month.

嗯，是的，那是——我很高興你這麼問，因為我有——我們自己跟踪。只是為了給你 3 月 - 23 年 3 月比 22 年 3 月，這次我們的購物中心為 105.5%，工廠為 105.6%，奧特萊斯為 120.2%，比去年高 108%。而 1 月和 2 月，我們實際上每個月都高得多。所以我們 - 對於我們的投資組合，我們高於 - 流量高於去年這個時候，年初至今，月環比。

There are no further questions at this time. I would like to turn the floor back over to David Simon for closing remarks.

目前沒有其他問題。我想把發言權轉回給大衛·西蒙，讓他發表閉幕詞。

Okay. Thank you and appreciate the questions and we'll talk soon. Thank you.

好的。謝謝您並感謝您提出問題，我們會盡快討論。謝謝。

Thank you very much, sir. This does conclude today's teleconference. You may disconnect your lines at this time, and thank you very much for your participation.

先生非常感謝您。今天的電話會議到此結束。此時您可以斷開您的線路，非常感謝您的參與。