西蒙地產 (SPG) 2024 Q1 法說會逐字稿

Greetings, and welcome to the Simon Property Group First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加西蒙地產集團 2024 年第一季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Tom Ward, Senior Vice President of Investor Relations. Thank you, Mr. Ward, you may begin.

現在我很高興向您介紹主持人，投資者關係高級副總裁湯姆沃德 (Tom Ward)。謝謝您，沃德先生，您可以開始了。

Thank you, Camilla, and thank you all for joining us this evening. Presenting on today's call are David Simon, Chairman, Chief Executive Officer and President; Brian McDade, Chief Financial Officer; and Adam Reuille, Chief Accounting Officer.

謝謝卡米拉，也謝謝大家今晚加入我們。出席今天電話會議的有董事長、執行長兼總裁 David Simon；布萊恩·麥克達德，財務長；和首席會計官 Adam Reuille。

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.

快速提醒一下，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 SEC 提交的文件，詳細討論與這些前瞻性陳述相關的風險因素。請注意，本次電話會議所包含的資訊僅截至今天為止可能是準確的。

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. Our conference call this evening will be limited to 1 hour. For those who would like to participate in the question-and-answer session, we ask that you please respect our request to limit yourself to 1 question.

非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節包含在新聞稿和今天提交的 8-K 表格中的補充資訊中。新聞稿和補充資訊均可在我們的投資者關係網站 Investors.simon.com 上取得。我們今晚的電話會議將被限制在 1 小時內。對於想要參加問答環節的人，我們要求您尊重我們的要求，將自己的問題限制在 1 個以內。

I'm pleased to introduce David Simon.

我很高興介紹大衛·西蒙。

Good evening. We're off to a good start with results that exceeded our plan. First quarter funds from operation were $1.33 billion or $3.56 per share compared to $1.03 billion or $2.74 per share last year. Let me walk you through some highlights for this quarter compared to Q1 of '23. Domestic operations had a very good quarter and contributed $0.09 of growth driven by higher rental income. Gains from investment activity in the first quarter were approximately $0.75 higher year-over-year. OPI had a $0.02 after-tax lower contribution compared to last year.

晚安.我們有了一個好的開端，結果超出了我們的計劃。第一季營運資金為 13.3 億美元，即每股 3.56 美元，去年同期為 10.3 億美元，即每股 2.74 美元。讓我向您介紹本季與 23 年第一季相比的一些亮點。國內業務季度表現非常出色，在租金收入增加的推動下貢獻了 0.09 美元的成長。第一季投資活動收益年增約 0.75 美元。與去年相比，OPI 的稅後捐款減少了 0.02 美元。

Funds from operation from our real estate business was $2.91 per share in the first quarter compared to $2.82 in the prior year period, a 3.2% growth rate. Domestic property NOI increased 3.7% year-over-year. We have continued leasing momentum. Resilient consumer spending and operational excellence delivered these results that were above our plan for the first quarter.

第一季我們房地產業務的營運資金為每股 2.91 美元，去年同期為每股 2.82 美元，成長率為 3.2%。國內房地產NOI年增3.7%。我們的租賃勢頭持續強勁。富有彈性的消費者支出和卓越的營運帶來了超越我們第一季計畫的結果。

Portfolio NOI, which includes our international properties at constant currency, grew 3.9% for the quarter. NOI from OPI in the first quarter includes a $33 million charge in one-time restructuring charges at SPARC and JCPenney. Excluding these one-time charges and a bargain purchase gain from Reebok transaction last year, NOI from OPI improved $5 million year-over-year and was on plan for the quarter. Remember, these retailers are on a fiscal year end of January 31, and the charges were part of the year-end closing process. They were not budgeted.

投資組合 NOI（包括以固定匯率計算的國際物業）本季成長了 3.9%。第一季 OPI 的 NOI 包括 SPARC 和 JCPenney 的 3,300 萬美元一次性重組費用。除去這些一次性費用和去年銳步交易帶來的討價還價購買收益，OPI 的 NOI 同比增加了 500 萬美元，並且符合本季的計劃。請記住，這些零售商的財年結束日期為 1 月 31 日，這些費用是年度終結算流程的一部分。他們沒有編入預算。

Mall occupancy at the end of the first quarter was 95.5%, an increase of 110 basis points compared to the prior year. Mills was 97.7%. Average base minimum rent for our malls and outlets increased 3% year-over-year and at The Mills, 3.8% increase. Leasing momentum continued. As I mentioned, we signed more than 1,300 leases for approximately 6.3 million square feet. Approximately 25% of our leasing activity in the first quarter was new deal volume. We are approximately 65% complete with our 24 lease expirations, and we continue to see strong broad-based demand from the retail community.

一季末商場出租率為95.5%，較去年同期成長110個基點。米爾斯為 97.7%。我們的購物中心和折扣店的平均基本最低租金年增 3%，The Mills 則成長 3.8%。租賃勢頭持續。正如我所提到的，我們簽署了 1,300 多份租約，面積約為 630 萬平方英尺。第一季我們的租賃活動中約 25% 是新交易量。 24 個租賃期滿後，我們已完成約 65%，並且我們繼續看到零售界廣泛的強勁需求。

Retail sales volume across the portfolio increased 2.3% for the first quarter compared to last year. Our tourist-oriented properties outperformed the portfolio average in the quarter with a 6% increase in sales. Reported retail sales per square foot in the first quarter was $745 a foot for our outlets and malls combined, which was flat year-over-year, excluding 2 retailers. Retail sales per square foot from our premium outlet platform reached an all-time high this quarter. Occupancy costs at the end of the first quarter was 12.6%.

第一季整個投資組合的零售額與去年同期相比成長了 2.3%。我們的旅遊導向物業在本季的表現優於投資組合平均水平，銷售額成長了 6%。根據報道，第一季我們的直銷店和購物中心的每平方英尺零售額合計為每平方英尺 745 美元，與去年同期持平（不包括 2 家零售商）。本季我們優質奧特萊斯平台的每平方英尺零售額達到歷史最高水準。第一季末的入住成本為12.6%。

Now, let me talk about other platform investments, affectionately known as OPI. We sold our remaining interest in Authentic Brands Group during the first quarter for gross proceeds of close to $1.2 billion and recorded a pretax and after-tax gain of $415 million and $311 million, respectively.

現在，讓我談談其他平台投資，被親切地稱為OPI。我們在第一季出售了 Authentic Brands Group 的剩餘股權，總收益接近 12 億美元，稅前和稅後收益分別為 4.15 億美元和 3.11 億美元。

The sale in the first quarter, combined with the sale in the fourth quarter, yielded gross proceeds of $1.45 billion. We generated substantial value from the ABG investment and a 7x multiple on our net invested capital during our short ownership period. As a result of the sale of ABG and the restructuring charges that I mentioned earlier, one-time in nature at SPARC and Penney in the first quarter, we now expect FFO contribution from OPI to be around breakeven this year compared to the initial guidance of $0.10 to $0.15. For your reference, we budgeted the -- at OPI, the FFO from ABG around $0.08 per share, so roughly half of that was associated with ABG.

第一季的出售，加上第四季的出售，總收益為 14.5 億美元。在我們短暫的所有權期內，我們從 ABG 投資中創造了巨大的價值，並讓我們的淨投資資本實現了 7 倍的成長。由於 ABG 的出售和我之前提到的重組費用（第一季 SPARC 和 Penney 一次性支付的費用），我們現在預計 OPI 的 FFO 貢獻今年將與0.10 美元至 0.15 美元。供您參考，我們在 OPI 上對 ABG 的 FFO 進行了預算，約為每股 0.08 美元，因此大約一半與 ABG 相關。

Now moving on to new development and redevelopment. We opened an AC Hotel at St. Johns Center. We are opening Tulsa Premium Outlets this summer. Leasing is going great, and we have a significant expansion at Busan Premium Outlets in South Korea this fall. At the end of the quarter, new development and redevelopment projects were underway across our platforms in the U.S. and internationally as well with our share of net cost of $930 million at a blended yield of 8%.

現在正在進行新的開發和重建。我們在聖約翰中心開設了一家 AC 酒店。我們將於今年夏天開設塔爾薩名牌折扣購物中心。租賃進展順利，今年秋天我們在韓國釜山名牌折扣購物中心進行了大幅擴張。截至本季末，我們在美國和國際平台上正在進行新的開發和再開發項目，我們的淨成本份額為 9.3 億美元，綜合收益率為 8%。

We expect to start construction on additional projects in the next few months, including just shortly, our residential project at Northgate Station in Seattle. What's interesting for us is we're able to build when others need to rely on construction lending market, which is, as you might imagine, very difficult right now. We expect our starts to be around $500 million this year.

我們預計在未來幾個月內開始建造更多項目，包括不久之後我們位於西雅圖北門站的住宅項目。對我們來說有趣的是，當其他人需要依賴建築貸款市場時，我們能夠進行建設，正如您可能想像的那樣，這現在非常困難。我們預計今年的啟動資金約為 5 億美元。

Now, on our balance sheet, we retired $600 million of senior notes in the quarter. We ended the quarter with approximately $11.2 billion of liquidity. Today, we announced our dividend of $2 per share for the second quarter, a year-over-year increase of 8.1%. The dividend is payable on June 28. And given the transactions for this quarter and our results for this quarter, our current view for the remainder of the year, we're increasing the full range of our full year guidance of 2024 in the guidance range of $11.85 to $12 -- I'm sorry, let me restate that. We're increasing our range to $12.75 to $12.90 per share compared to $12.51 last year. This is an increase of $0.90 at the bottom end of the range and $0.85 at the midpoint.

現在，在我們的資產負債表上，我們在本季註銷了 6 億美元的優先票據。本季結束時，我們的流動資金約為 112 億美元。今天，我們宣布第二季股息為每股 2 美元，年增 8.1%。股息將於 6 月 28 日支付。美元——抱歉，讓我重申。我們將每股價格範圍從去年的 12.51 美元提高到 12.75 美元至 12.90 美元。範圍底部增加了 0.90 美元，中間增加了 0.85 美元。

Needless to say, I'm very pleased with our first quarter results, and our business and tenant demand continues to remain strong. Despite a cloudy macro environment, occupancy is increasing, property NOI is growing. We made a significant profit on our ABG investment, and everything is kind of moving in all the right directions.

不用說，我對我們第一季的業績非常滿意，我們的業務和租戶需求繼續保持強勁。儘管宏觀環境陰雲密布，但入住率仍在增加，房地產 NOI 也在成長。我們的 ABG 投資獲得了可觀的利潤，一切都朝著正確的方向發展。

Thank you. We're ready for questions.

謝謝。我們已準備好接受提問。

(Operator Instructions) Our first question comes from the line of Caitlin Burrows with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的凱特琳·布羅斯（Caitlin Burrows）。

Congrats on the solid quarter operationally and execution on the ABG sale. I guess there have been news reports that you could get involved in Express. So whether it's related to Express that's Simon's strategy going forward, can you give some insight to your current thinking on having ownership in brands, what type of terms are attractive to you and how you balance that with the potential earnings volatility?

恭喜本季的營運和 ABG 銷售的執行。我猜有新聞報導你可能會參與 Express。那麼，無論這是否與西蒙未來的策略有關，您能否談談您目前對擁有品牌所有權的想法，什麼類型的條款對您有吸引力，以及您如何平衡這一點與潛在的收益波動？

Well, no one likes earnings volatility unless it's volatility in the right direction, okay? So Caitlin, thank you for the comments to start. But that's -- I don't like volatility either. Listen, on Express, we were approached by the IP owner. I think it's not overly complicated in the sense that they saw what we had done historically, both with ABG and SPARC and offered us to participate with no capital, but also add our expertise and our knowledge in what we've been -- what we've done in the past with SPARC. And because we have always valued Express as a retailer and as a client, we jumped at the opportunity. So we don't expect it -- we expect to be -- it's got to go through bankruptcy process, and that's out of our control. But if WHP does end up getting it, we'd be pleased to participate in the turnaround of Express.

好吧，沒有人喜歡獲利波動，除非它的波動方向正確，好嗎？凱特琳，謝謝您的評論。但那是——我也不喜歡波動性。聽著，在 Express 上，IP 所有者聯繫了我們。我認為這並不太複雜，因為他們看到了我們歷史上所做的事情，包括ABG 和SPARC，並讓我們在沒有資本的情況下參與，但也增加了我們的專業知識和我們一直以來所做的事情－我們所做的事情。因為我們一直重視 Express 作為零售商和客戶的價值，所以我們抓住了這個機會。所以我們不希望它——我們希望它——它必須經歷破產程序，而這是我們無法控制的。但如果 WHP 最終能夠實現這一目標，我們將很高興參與 Express 的扭虧為盈。

And again, we don't expect any capital as part of that participation. So when we get opportunities like that, we evaluate it, we look at the brand and the value of the brand. In this case, we're comfortable that Express is a good company, and it's a great brand and we can add value to it. And given the fact that we were able to hopefully turn around the retailers, save jobs, create value from our investment, it's -- we see it as a win-win situation with no capital from our standpoint.

再說一遍，我們預計不會有任何資本作為參與的一部分。因此，當我們獲得這樣的機會時，我們會對其進行評估，我們會專注於品牌和品牌的價值。在這種情況下，我們很高興 Express 是一家好公司，也是一個很棒的品牌，我們可以為其增值。考慮到我們能夠扭轉零售商的頹勢、挽救就業機會、從我們的投資中創造價值，我們認為這是一個雙贏的局面，從我們的角度來看，不需要任何資本。

Our next question comes from the line of Jeff Spector with Bank of America.

我們的下一個問題來自傑夫·斯佩克特與美國銀行的對話。

This is Lizzy Doykan on for Jeff. I was curious if you could talk a little bit more about the key drivers of retailer sales as we started the year. And it seems like there's been some good outperformance from -- driven by especially your tourism-driven centers. So I'm just wondering how much that has been a factor into the first quarter of this year and how much upside there is remaining from tourism.

我是傑夫 (Jeff) 的麗茲·多伊坎 (Lizzy Doykan)。我很好奇您是否能在今年年初多談談零售商銷售的關鍵驅動因素。似乎在旅遊業驅動的中心的推動下，出現了一些良好的表現。所以我只是想知道這對今年第一季的影響有多大，以及旅遊業還有多少上升空間。

Sure. We feel very bullish on our portfolio in general. And then obviously, our tourist centers, especially in California and in the Northeast are starting to finally see the improvement that we have been seeing for quite some time in Florida. And Florida continues to be an unbelievably strong market as well. So we're finally seeing California, Northeast pick up. Obviously, the strong dollar vis-a-vis certain currency does have an effect, kind of an inhibitor effect. But even with that said, domestic tourism continues to excel.

當然。總體而言，我們對我們的投資組合非常看好。顯然，我們的旅遊中心，特別是在加州和東北部的旅遊中心終於開始看到我們在佛羅裡達州相當長一段時間以來所看到的改善。佛羅裡達州也仍然是一個令人難以置信的強勁市場。所以我們終於看到加州和東北部的情況有所改善。顯然，美元相對於某些貨幣的走強確實會產生一種抑制效應。但即便如此，國內旅遊業仍表現出色。

And I think people, at the end of the day, they as part of -- when they go on holiday, they love shopping as part of that experience, dining, shopping, being with their families. And as I said earlier, I mean, we feel like the mall has made a big comeback, physical stores or where it's happening. We're seeing a resurgence and reinvigoration of that whole product.

我認為人們，歸根結底，當他們去度假時，他們喜歡購物，作為體驗的一部分，用餐、購物、與家人在一起。正如我之前所說，我的意思是，我們覺得購物中心、實體店或正在發生的地方已經捲土重來。我們看到整個產品的復興和復興。

So we're pleased it's kind of where we're seeing things. So certainly, the lower income consumer has been under pressure now for quite some time. We're very focused on that. Obviously, inflation has taken its toll. And even though inflation is moderating, the prices that the lower income consumers dealing with are quite daunting. So we'll continue to see volatility in that area, we anticipate.

所以我們很高興這就是我們所看到的東西。因此，可以肯定的是，低收入消費者在相當長一段時間內一直面臨壓力。我們非常關注這一點。顯然，通貨膨脹已經造成了損失。儘管通貨膨脹正在放緩，但低收入消費者面臨的價格仍然令人望而生畏。因此，我們預計該領域將繼續出現波動。

We're hoping that their cost of living moderates and to some extent their wages go up or their cost of living goes down, so we can see more discretionary income there. The higher-income consumer continues to spend and visits our properties, and it's good. And as a good example of that is our traffic for the first quarter, I think, was up around 2% for the year, right, guys?

我們希望他們的生活成本能夠適中，並且在某種程度上他們的工資會上漲或生活成本會下降，這樣我們就可以看到那裡有更多的可自由支配收入。高收入消費者繼續消費並參觀我們的房產，這很好。一個很好的例子就是我們第一季的流量，我認為全年增長了 2% 左右，對吧，夥計們？

Yes.

是的。

So that's also a very good sign.

所以這也是一個非常好的跡象。

And our next question comes from the line of Samir Khanal with Evercore.

我們的下一個問題來自 Samir Khanal 和 Evercore 的關係。

David, Brian, you provided a same-store guide of at least 3% last quarter. I guess, how do you feel about that guide today? You're doing 3.7% in the first quarter. Clearly, leasing has been strong, but we've also seen some announcements from Express, Route 21. I guess how do you feel about that guide today?

David、Brian，上個季度你們提供了至少 3% 的同店指導。我想，您今天對這份指南有何感想？第一季的成長率為 3.7%。顯然，租賃一直很強勁，但我們也看到了 Express、Route 21 的一些公告。

Yes. Look, we don't update that, as you probably know. I think you know. We don't -- that's our goal for the year. We don't update it every quarter as some others might. But we still feel like that's -- even though we've got some -- unanticipated to some extent, I mean, we do create bogeys on our rental income stream on retailers that we do feel might come under pressure in the year. So we do have kind of adjustments in our budgeting process dealing with those. We still feel like our initial guidance on that is very achievable. So we don't update it every quarter, but if we didn't feel like we could achieve it, I think we would highlight that. But we don't see that even with some of the -- I mean, we might not overachieve, as we always want to, but I think we can still deliver the initial guidance.

是的。你看，我們不會更新它，你可能知道。我想你知道。我們不——這是我們今年的目標。我們不會像其他人一樣每季更新一次。但我們仍然覺得——儘管我們有一些——在某種程度上是出乎意料的，我的意思是，我們確實對零售商的租金收入流造成了困擾，我們確實認為今年可能會面臨壓力。因此，我們確實對預算流程進行了一些調整來應對這些問題。我們仍然認為我們對此的初步指導是非常可以實現的。所以我們不會每個季度更新它，但如果我們覺得我們無法實現它，我想我們會強調這一點。但我們沒有看到，即使有一些——我的意思是，我們可能不會像我們一直希望的那樣實現超額目標，但我認為我們仍然可以提供初步指導。

Our next question comes from the line of Ronald Kamdem with Morgan Stanley.

我們的下一個問題來自摩根士丹利的羅納德‧卡姆德姆 (Ronald Kamdem)。

Great. Just a quick one on the $500 million development starts, if you could just talk about sort of the opportunities there? And do you sort of still see opportunities to go on offense on sort of the mall space given that fundamentals are coming back and that there is going to be peers looking to sell assets? Are there opportunities and appetite to go on offense on sort of buying more assets?

偉大的。簡單介紹一下耗資 5 億美元的開發項目，您能談談那裡的機會嗎？考慮到基本面正在恢復並且會有同行尋求出售資產，您是否仍然認為有機會在購物中心領域發動攻擊？是否有機會和興趣去進攻購買更多資產？

Sure. I think we've seen rates more or less stabilized now. There was a volatility prior to that where it was hard to predict. Now, we're not anticipating a reduction in rates, but at least we feel like we're at a more or less a stable rate environment. That makes it easier to make investment decisions, so I would break it up into 2 buckets. The first bucket being our redevelopment effort, and most of that, frankly, is mixed use in our properties, and we feel very bullish on that.

當然。我認為我們現在已經看到利率或多或少穩定了。在此之前存在著難以預測的波動。現在，我們預計利率不會降低，但至少我們感覺處於或多或少穩定的利率環境中。這使得做出投資決策變得更容易，所以我會將其分成兩部分。第一個目標是我們的重建工作，坦白說，其中大部分是在我們的房產中混合使用，我們對此非常樂觀。

Remember, you're talking about bringing on -- if it's a 2- to 3-year process, you're talking about bringing on product in 2 to 3 years, not going to be any supply. We do a very good job of understanding the supply and demand. The new better product always wins. So we are unabated in our mixed use, and we'll be doing some multifamily development, both in Brea in Orange County, and as I mentioned, we just signed our GMP at Northgate Station to build about 300 units as part of that whole redevelopment.

請記住，您談論的是引入 - 如果這是一個 2 到 3 年的過程，那麼您談論的是在 2 到 3 年內引入產品，而不是任何供應。我們在了解供應和需求方面做得很好。更好的新產品總是獲勝。因此，我們的混合用途有增無減，我們將在奧蘭治縣的布雷亞進行一些多戶住宅開發，正如我提到的，我們剛剛在北門站簽署了GMP，將建造約300 個單元，作為整個重建的一部分。

So that really goes unabated, that when you get to the external new deal environment, I would say, we have a lot of opportunities ahead of us. And I think our job is just to prioritize, make sure we're valuing the opportunities, right, and we don't take our eye off the ball with what we're doing with our existing portfolio.

因此，這種情況確實有增無減，當你進入外部新政環境時，我想說，我們面前有很多機會。我認為我們的工作只是確定優先順序，確保我們重視機會，對吧，而且我們不會把注意力從我們現有的投資組合上所做的事情上移開。

So long story short, I probably would venture to say that there could be more external opportunities for us. But again, it's got to be great quality at a fair price and have assets where we think our expertise can add cash flow growth to them.

長話短說，我可能會鬥膽說我們可能有更多的外在機會。但同樣，它必須以合理的價格提供優質的產品，並且擁有我們認為我們的專業知識可以為其增加現金流成長的資產。

Our next question comes from the line of Michael Goldsmith with UBS.

我們的下一個問題來自瑞銀集團的麥可‧戈德史密斯。

David, you highlighted the health of the consumer. It seems like doing all right or managing through the environment. Just given your positioning, the occupancy gains and the pricing power that you have, if there was some sort of macro slowdown, do you think -- how do you think you would be able to navigate it or, maybe said another way, do you think the business has become a little bit less macro-sensitive as you -- as there's been consolidation and you've kind of become the place where you've reached consumers in that luxury space?

大衛，你強調了消費者的健康。看起來就像做得很好或透過環境進行管理。考慮到你的定位、入住率成長和你擁有的定價能力，如果出現某種宏觀經濟放緩，你認為——你認為你將如何應對它，或者換句話說，你認為您是否認為該業務對宏觀的敏感度已經不像您那樣低了——因為進行了整合，並且您已經成為了接觸奢侈品領域消費者的地方？

Sure. Look, we are -- make no mistake about it, we are not immune to macro -- the macro environment. So we would have to deal with it, both from -- if it ultimately led to less consumer spending and more retail client stress. We're not immune to it. However, and this is a big -- the big underlying from my standpoint, I have always felt like we've done our best work when others are dealing with the macro environment.

當然。看，我們——毫無疑問，我們不能免受宏觀——宏觀環境的影響。因此，如果它最終導致消費者支出減少和零售客戶壓力增加，我們就必須應對它。我們也不能倖免。然而，從我的角度來看，這是一個很大的基礎，我一直覺得，當其他人處理宏觀環境時，我們已經做了最好的工作。

So -- and as I mentioned, we have $11 billion of liquidity, in our comments earlier. So I think when and if -- and frankly, I mean, it's realistic to assume we may go through a reasonable slowdown here coming up. I think that's when we do our best work. That's when others get tired and throw in the towel. That's where we get rejuvenated. Hopefully, we're rejuvenated now, but this is when we really get motivated.

因此，正如我在先前的評論中提到的，我們擁有 110 億美元的流動性。因此，我認為何時以及如果——坦率地說，我的意思是，假設我們可能會在未來經歷一段合理的放緩是現實的。我認為那是我們盡最大努力的時候。這就是其他人感到疲倦並認輸的時候。這就是我們恢復活力的地方。希望我們現在已經恢復活力，但這是我們真正受到激勵的時候。

And as I think back, and I have had the luxury of being in the spot for 30 years, I think we do our very best work when the times get tough. So I'm not wishing that on us or anyone, but it's a realistic probability. We won't be immune for it, but I think we'll further separate this company from our peers. So that I know, that I have 100% confidence in that. If that does happen, we'll have further separation.

回想起來，我有幸在這個職位工作了 30 年，我認為，當情況艱難時，我們會盡力做好工作。所以我不希望我們或任何人出現這種情況，但這是一個現實的可能性。我們不能倖免，但我認為我們將進一步將這家公司與同行區分開來。所以我知道，我對此有 100% 的信心。如果真的發生了，我們就會進一步分開。

Our next question comes from the line of Alexander Goldfarb with Piper Sandler.

我們的下一個問題來自亞歷山大·戈德法布（Alexander Goldfarb）和派珀·桑德勒（Piper Sandler）的對話。

David, I just want to go back to Caitlin's question. In response to the retailers, you said that it brings a lot of volatility. Obviously, we all like volatility in the right way. But you can't deny that you guys have made a ton. I guess I could use a French word to describe the ton, but you guys have made a ton of money, billions from these retailer investments. Yes, they are volatile, but they've been lucrative. So I just want to get a better sense, is the express model sort of a future where you guys will participate if you put in no capital? Or just trying to understand how you weigh the money that you've made versus the short term or the quarterly earnings volatility because clearly, it's been a source of success for you.

大衛，我只想回到凱特琳的問題。在回覆零售商時，您說這帶來了很大的波動。顯然，我們都喜歡以正確的方式波動。但你不能否認你們已經賺了很多錢。我想我可以用一個法語單字來形容這一噸，但你們已經從這些零售商的投資中賺了很多錢，數十億美元。是的，它們波動很大，但利潤豐厚。所以我只是想更了解一下，如果你們不投入資金，快遞模式是否會成為你們參與的未來？或者只是想了解您如何權衡您賺到的錢與短期或季度收益波動，因為顯然，這一直是您成功的來源。

Yes. That's -- it's interesting, Alex. It's a very good question. And I think, honestly, we really focus on -- to the extent we do put in fresh capital, we -- in addition to understanding what it means for our overall business, and the totality of our company, it's also absolutely driven by return on investment, just like building a new shopping center.

是的。這很有趣，亞歷克斯。這是一個非常好的問題。老實說，我認為，我們真正關注的是——就我們投入的新資本而言，我們——除了了解這對我們的整體業務和我們公司的整體意味著什麼之外，它也絕對是由回報驅動的在投資上，就像建造新的購物中心一樣。

And again, yes, we have volatility, but in the scheme of things, again, and the fact that we've made money, I hope most folks are understanding that the volatility is really on the margin. And I'll just give you a good example. And again, we take -- FFO, as you know, is net income plus depreciation. Well, the contribution we get from our retailers is net income, which is fully burdened by depreciation, so there's no add back.

再說一次，是的，我們有波動性，但從總體上看，我們已經賺錢了，我希望大多數人都明白，波動性確實是在邊際上的。我會給你一個很好的例子。再次強調，FFO，如您所知，是淨收入加上折舊。好吧，我們從零售商那裡得到的貢獻是淨收入，它完全受到折舊的影響，所以沒有加回來。

But to give you a simple analysis on just ABG as an example. So we cleared $1.450 billion of cash. And that produced about $0.08 of earnings because we just picked up our share of net income. We only got -- we only as a shareholder, they are only -- we only would get tax distribution. It's a subchapter as essentially. So we'd only get our tax distributions, which amounted to $2 million a quarter. So that's $8 million. And if you take the $1.450 billion and you invested in a bank at 5.5%, that's $70 million. So we went from $8 million in cash flow to $70 million, just selling that.

但僅以ABG為例給大家簡單分析。因此我們清理了 14.5 億美元的現金。這產生了大約 0.08 美元的收益，因為我們剛剛獲得了我們的淨利潤份額。我們只能——我們只能作為股東，他們只能——我們只能得到稅收分配。這本質上是一個子章節。所以我們只能得到每季 200 萬美元的稅收分配。也就是 800 萬美元。如果你把這 14.5 億美元以 5.5% 的利率投資於一家銀行，那就是 7,000 萬美元。所以我們的現金流從 800 萬美元增加到 7000 萬美元，只是把它賣了。

So we look at every aspect of it, pretax, after-tax, what does it mean to the portfolio, what is -- we don't want volatility, but we'll have -- we'll certainly accept it if we think it's going to be a good investment. And it all kind of goes into the analysis. We understand the market is not thrilled with it. So we try to also do it in a way that really does not make it the store. It is on the margin, and it will always be on the margin. But we do think we can add value to the enterprise by some of these investments.

因此，我們會審視它的各個方面，稅前、稅後，這對投資組合意味著什麼，什麼是——我們不想要波動，但我們會——如果我們認為，我們肯定會接受它這將是一項很好的投資。這一切都進入了分析。我們知道市場對此並不感到興奮。所以我們也嘗試以一種不真正成為商店的方式來做。它處於邊緣，而且永遠處於邊緣。但我們確實認為我們可以透過其中一些投資為企業增加價值。

And each investment is so idiosyncratic that it's hard to say -- again, if Express happens, it's hard to say that, that's the new model because -- I don't know that I can say that, I think every one of these things is somewhat idiosyncratic, but we do have the opportunity to do more than lease space in Alabama someplace. That's what this company is all about, we do more -- we're in South Korea, we're in Jakarta, we're building in Tulsa, we're building apartments in Seattle.

每項投資都如此特殊，很難說——再說一次，如果 Express 發生了，也很難說，那是新模式，因為——我不知道我可以這麼說，我認為每一件事情有點特殊，但我們確實有機會做更多的事情，而不僅僅是在阿拉巴馬州的某個地方租賃空間。這就是這家公司的宗旨，我們做得更多——我們在韓國，我們在雅加達，我們在塔爾薩建造，我們在西雅圖建造公寓。

So -- I mean I'm waxing a little bit here, but I -- we think of ourselves broader than I think the market thinks of us, that's incumbent upon us. And I think our disclosures have gotten better over time. I hope you read, Alex, on OPI, so you could see it, not to track from real estate, but at the same time, we're somewhat different than when you line us up to others that do some of what we do.

所以——我的意思是我在這裡說得有點多了，但是我——我們對自己的看法比我認為市場對我們的看法更廣泛，這是我們的責任。我認為隨著時間的推移，我們的披露情況已經變得越來越好。亞歷克斯，我希望您閱讀OPI 上的文章，這樣您就可以看到它，而不是從房地產中進行跟踪，但與此同時，我們與您將我們與其他做我們所做的事情的人聯繫起來時有所不同。

And that was the point that you guys have this special thing. It's sort of like Kimco has their retailer unique thing, and it would be a shame to do away with it if it was just volatility because clearly, it's made you a lot of cash.

這就是你們擁有這種特殊東西的意義。這有點像 Kimco 擁有他們的零售商獨特的東西，如果它只是波動性，那麼廢除它將是一種恥辱，因為顯然，它為你帶來了很多現金。

Our next question comes from the line of Craig Mailman with Citi.

我們的下一個問題來自花旗銀行的 Craig Mailman。

It's Nick Joseph here with Craig. David, I just wanted to ask on kind of the opportunity and -- to roll out additional luxury, either VIP suites or retailers, we saw what you did at Woodbury. And I'm just curious on the opportunity for the remainder of the portfolio and what kind of demand do you think that will drive from some of these higher income clientele that you're seeking.

我是尼克約瑟夫和克雷格。大衛，我只是想問一下有什麼機會——推出額外的奢侈品，無論是貴賓套房還是零售商，我們看到了你在伍德伯里所做的事情。我只是好奇該投資組合的其餘部分的機會，以及您認為您正在尋找的一些高收入客戶會帶來什麼樣的需求。

Listen, I think we've got a great portfolio of real estate that is focused on the very high income consumer. And I think we need to step up our game in all the services that need to be provided to that consumer. And I think Woodbury, Sawgrass are just the beginning of an effort to really -- I can't think of the right word, but really entertain that consumer to make it really special. And it's all the services that they're accustomed to, it's the fine dining, it's the ease of access, it's right -- having the right retailer mix.

聽著，我認為我們有一個很棒的房地產投資組合，主要針對高收入消費者。我認為我們需要在需要向消費者提供的所有服務方面加強我們的遊戲。我認為伍德伯里、索格拉斯只是努力的開始——我想不出合適的詞，但真正取悅消費者，使其變得真正特別。這是他們習慣的所有服務，是精緻的餐飲，是便捷的交通，這是正確的——擁有正確的零售商組合。

So we probably have around 20 to 25 properties that are -- that have this high -- our centers are really big, so they obviously appeal to a broader range of consumers, which is the way we like it because -- that's also you diversify the ebbs and flows. But that -- but those 20, 25 centers really need special attention. We've got a great team that's dedicated to them. And in many cases, we're the preferred or certainly a meaningful landlord to the best retailers in the world. And we want to -- we definitely want to stay in that spot. So a big push for us to step up our game when it's dealing with the very high-end consumer on all sorts of levels.

因此，我們可能有大約20 到25 處房產，它們的數量如此之高，我們的中心真的很大，所以它們顯然吸引了更廣泛的消費者，這就是我們喜歡的方式，因為——這也是你的多元化潮起潮落。但這——但這 20、25 個中心確實需要特別關注。我們有一支出色的團隊致力於他們。在許多情況下，我們是世界上最好的零售商的首選或肯定是有意義的業主。我們想——我們絕對想留在那個位置。因此，當我們面對各種級別的高端消費者時，這對我們來說是一個很大的推動力。

And so I think what happens at Sawgrass with the Oasis and The Colonnade and what already happens at Woodbury, but we're just stepping up our game, will happen at Houston and King of Prussia. And if you saw what we did at Phipps in Atlanta and what's going on at Boca Raton in Florida, just to name a few that jump out at me, is really, really a high priority for the company.

所以我認為在索格拉斯綠洲和柱廊發生的事情以及在伍德伯里已經發生的事情，但我們只是加強我們的遊戲，將在休斯頓和普魯士國王發生。如果你看到我們在亞特蘭大菲普斯所做的事情以及佛羅裡達州博卡拉頓所做的事情，僅舉幾個讓我印象深刻的例子，這確實是公司的高度優先事項。

And our next question comes from the line of Floris Van Dijkum with Compass Point.

我們的下一個問題來自 Floris Van Dijkum 與 Compass Point 的系列。

David, I was going to ask you about luxury, but I was pipped so instead I'm going to ask you about capital recycling. Presumably, your guidance -- I mean, you just -- you've cleared $1.2 billion on the ABG sale, sitting there in cash. And obviously, you do have some ongoing development, but that was essentially funded from your retained cash flow, if you will. So the guidance assumes that is that cash sits there uninvested essentially for the rest of the year? Or is there further upside, I guess, is what I'm getting at if you were to do something else with that cash and to redeploy that into higher-yielding investments?

大衛，我本來想問你關於奢侈品的問題，但我被打敗了，所以我要問你關於資本回收的問題。據推測，您的指導——我的意思是，您只是——您已經在 ABG 出售中清算了 12 億美元，並持有現金。顯然，您確實有一些正在進行的開發，但這基本上是由您保留的現金流提供的，如果您願意的話。那麼，該指導意見是否假設現金在今年剩餘時間基本上沒有投資？或者，我想，如果你用這些現金做其他事情並將其重新部署到收益更高的投資中，我想得到的是否還有進一步的好處？

Yes. Very good question. In fact, we cleared in 2 months $1.450 billion, as you know, Floris. So I just wanted to mention that. But yes, right now, our guidance just assume it sits in the bank and/or pays down debt. But that's basically it. So no really -- no real redeployment is contemplated in our numbers at this point.

是的。非常好的問題。事實上，正如您所知，弗洛里斯，我們在 2 個月內清算了 14.5 億美元。所以我只想提一下。但是，是的，目前，我們的指導意見只是假設它存在銀行和/或償還債務。但基本上就是這樣。因此，目前我們的人員並未考慮進行真正的重新部署。

Brian, if you want to add anything?

布萊恩，你想補充什麼嗎？

Yes. No, that's right. We've just assumed that we would hold the cash for the time being. And we have debt maturities coming due here in September and October. And so we could use the cash on hand to fund that. We also were carrying cash from our activities -- from our capital markets activities last year. So the combination of it will address our upcoming maturities.

是的。不，沒錯。我們只是假設我們暫時持有現金。我們的債務將於九月和十月到期。因此我們可以使用手邊的現金來資助這項計畫。我們也從去年的資本市場活動中獲得了現金。因此，它的結合將解決我們即將到來的成熟問題。

Our next question comes from the line of Vince Tibone with Green Street.

我們的下一個問題來自 Vince Tibone 與 Green Street 的對話。

Could you elaborate on the charges taken in the first quarter related to SPARC and JCPenney? And then possibly related to that, kind of what is your near-term outlook in terms of JCPenney store closures, just given foot traffic trends in recent years has not been great? So just curious how long you think the current store count and fleet is sustainable?

您能否詳細說明第一季對 SPARC 和 JCPenney 的指控？然後可能與此相關的是，考慮到近年來的人流趨勢並不好，您對 JCPenney 商店關閉的近期前景有何看法？所以只是好奇您認為當前的商店數量和車隊可以持續多久？

Yes. The charges pretax were $33 million, so not -- most -- it's kind of funny -- because you know most charges were in the hundreds of millions of dollars, so -- yes, I think you have to put it in perspective. But with that said, it really dealt with personnel and inventory. So that were the 2 primary factors and more really on the inventory side because we had some clearance of inventory that in SPARC it was really focused on F21 and Penney just on basically clearing out some inventory.

是的。稅前費用為 3300 萬美元，所以不是 - 大多數 - 這有點有趣 - 因為你知道大多數費用為數億美元，所以 - 是的，我認為你必須正確看待它。但話雖如此，它確實涉及人員和庫存。這是兩個主要因素，更多的是庫存方面的因素，因為我們清理了一些庫存，在 SPARC 中，它真正關注的是 F21，而 Penney 只是基本上清理了一些庫存。

So Penney -- we're pleased with Penney. I'll just talk a moment about the store closings. They're very interesting. They don't -- Penney is able to produce positive EBITDA even if there's no -- not high sales, I think they do out of the box. So I don't really -- in fact, I think Penney always can be a beneficiary opening new stores as opposed to closing stores. I'm sure there will be a few here and there, but most all of their stores are positive EBITDA. And so they have a very good way of having positive EBITDA out of what I call low-volume stores.

所以彭尼——我們對彭尼很滿意。我只想談談商店關門的事。他們非常有趣。他們沒有——彭尼公司能夠產生正的 EBITDA，即使沒有——不是高銷售額，我認為他們是開箱即用的。所以我並不真的——事實上，我認為彭尼總是可以成為開設新店而不是關閉商店的受益者。我確信到處都會有一些商店，但大多數商店的 EBITDA 都是正數。因此，他們有一個非常好的方法，可以從我所說的低銷售商店中獲得正的 EBITDA。

And again, this is what's interesting to us, Penney is not public. So you know what matters to me, Vince, cash flow, EBITDA and that, obviously, sales -- comp sales are important, right? But as long as we're profitable out of the stores, there's no Wall Street pressure that we've got to narrow the store count. I don't necessarily believe shrink to grow. It's very hard to achieve. Maybe you can achieve it. It's -- my history, not overly long, but long enough, it's -- I don't care what industry, it's very hard to do. Some have done it, but the -- but to me, if it's that positive EBITDA, there's nothing wrong with maintaining that store for the community.

再說一次，這對我們來說很有趣，彭尼不是公開的。所以你知道什麼對我來說最重要，文斯，現金流，EBITDA，顯然，銷售——比較銷售很重要，對吧？但只要我們能夠從商店中獲利，華爾街就不會施加壓力要求我們縮小商店數量。我不一定相信收縮會增長。這是很難實現的。也許你能實現它。我的歷史，不是太長，但足夠長，我不在乎什麼行業，這很難做到。有些人已經做到了，但對我來說，如果 EBITDA 是正值，那麼為社區維持這家商店就沒有什麼問題。

You certainly don't want to lower standards of how you operate it, but if you can create cash flow, doesn't necessarily mean you have to reinvest that much in it, and you can use that cash flow to reinvest in other elements of your business. So I don't anticipate -- long story short, I really don't anticipate much portfolio real estate activity at the JCP level.

您當然不想降低營運方式的標準，但如果您可以創造現金流，並不一定意味著您必須對其進行再投資，並且您可以使用該現金流對其他要素進行再投資您的事。所以我不預期——長話短說，我真的不預期 JCP 層面會有太多的投資組合房地產活動。

That's really helpful color. Maybe just as a quick follow-up on that. I'm just curious, given the ownership structure, I mean are you guys able to pursue recapturing some of these boxes at your best properties to unlock mixed-use development opportunities? Or how would that work given your foot ownership with Brookfield?

這真是有用的顏色。也許只是作為對此的快速跟進。我只是很好奇，考慮到所有權結構，我的意思是，你們是否能夠在自己最好的房產上重新奪回其中一些盒子，以釋放混合用途的開發機會？或者考慮到你在布魯克菲爾德擁有腳權，這會如何運作？

Yes. Well, look, I think as part of the deal originally -- first of all, our relationship with Brookfield is excellent in our -- we both basically -- and ABG is an investor in there as well, but we very much see eye-to-eye on JCPenney and how it operates and how we should operate it. And I would say both of us, and now, my memory is a little bit cloudy, but when we did the restructuring, we did get -- both of us got the opportunity to reclaim certain space from JCPenney that we could redevelop it.

是的。好吧，聽著，我認為作為最初交易的一部分 - 首先，我們與布魯克菲爾德的關係非常好 - 我們基本上 - 並且 ABG 也是那裡的投資者，但我們非常看重 -關注JCPenney 及其運作方式以及我們應該如何運作它。我想說的是我們倆，現在，我的記憶有點模糊，但是當我們進行重組時，我們確實得到了——我們倆都有機會從 JCPenney 收回某些空間，我們可以重新開發它。

So it's a good question. And the fact is we are about to embark upon, one, that you'll see an announcement in the near future where we are going to ultimately redevelop a JCPenney at one of our centers. So I don't remember the exact count. I don't remember exactly how much Brookfield, but as part of the bankruptcy process and negotiation with each other, we did give each other the right to do that. And so what happens there is we get notice to the company, it's already documented, then we get the -- we -- and we can -- in this case, it's a lease. So there's nothing to pay. We just cancel the lease.

所以這是一個好問題。事實上，我們即將開始，您將在不久的將來看到一則公告，我們將最終在我們的一個中心重新開發 JCPenney。所以我不記得具體的數字了。我不記得布魯克菲爾德到底有多少，但作為破產程序和相互談判的一部分，我們確實給予對方這樣做的權利。因此，我們會向公司發出通知，它已經記錄在案，然後我們得到——我們——我們可以——在這種情況下，這是一份租約。所以沒什麼要付的。我們只是取消租約。

Now, obviously, store is a little bit profitable, very profitable for JCPenney. So we're going to have to find them some new opportunities to make up for it, but that's all part of the deal. So I think there'll be a handful like that, both from us and Brookfield that we'll be able to do. But -- and again, that was all prenegotiated. To the extent that there's one that wasn't part of that negotiation, that's pretty -- given our relationship with Brookfield, pretty straightforward, we come up with a value or they come up with a value. Obviously, the JCPenney management team would have to be part of that. And they would get the appropriate value to redevelop that project.

現在，顯然，商店有一點盈利，對 JCPenney 來說非常有利可圖。因此，我們必須為他們找到一些新的機會來彌補，但這都是交易的一部分。所以我認為我們和布魯克菲爾德都會有一些這樣的事情，我們將能夠做到。但是──再說一次，這一切都是預先商定好的。在某種程度上，有一個不屬於談判的一部分，這很好——考慮到我們與布魯克菲爾德的關係，非常簡單，我們提出一個價值，或者他們提出一個價值。顯然，傑西潘尼管理團隊必須參與其中。他們將獲得適當的價值來重新開發該項目。

Our next question comes from the line of Juan Sanabria with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的胡安·薩納布里亞 (Juan Sanabria)。

Just hoping to ask about the watchlist or bad debt. I believe you said you had assumed 25 basis points last quarter. Has that changed now at all? And if so, maybe if you could break out the Express impact. And in your prepared comments, you talked about sales on a per-square-foot basis being flat, stripping out 2 tenants. Just curious on the color of why those 2 tenants were stripped out, if there's any interesting development?

只是希望詢問觀察名單或壞帳。我相信你說過上個季度你假設了 25 個基點。現在情況有改變了嗎？如果是這樣，也許你可以擺脫 Express 的影響。在您準備好的評論中，您談到每平方英尺的銷售額持平，剔除了 2 個租戶。只是好奇為什麼這兩個租戶被剝奪的顏色，是否有任何有趣的發展？

Yes. Let me answer that. I think the 2 tenants -- I mean, even if we didn't -- I think it's just color for you to know that generally, the portfolio was flat. We don't like to name tenants, so we don't focus on it. I'd also, I think, point out to you, the most important thing we look is total volume, and we were up quarter-over-quarter. What was the number again? 2.3%. That's really the number we look at. And again, remember, these are reported sales. We can get into this whole diatribe about some of the retailers credit their sales with Internet returns. So it's just information, okay? Do what you want with it, but it's just information.

是的。讓我來回答一下。我認為這兩個租戶——我的意思是，即使我們沒有——我認為這只是顏色讓你知道，總的來說，投資組合是持平的。我們不喜歡說出租戶的名字，所以我們不關注它。我想，我還想向你們指出，我們關注的最重要的事情是總量，我們的季度環比增長了。又是多少號？ 2.3%。這確實是我們看到的數字。再次請記住，這些是報告的銷售額。我們可以深入探討一些零售商將其銷售歸功於網路退貨的整個謾罵。所以這只是訊息，好嗎？用它做你想做的事，但它只是訊息。

But our sales, if you include the 2 retailers, the last 12 months was down 1.8% on a rolling 12 basis. But total, because not all those are comp total, was up 2.3%, which is the more important number. Now, we'd also -- just to -- and Brian can add in here. Now that I'm talking I might as well just finish. We don't -- as part of our discussion, we don't -- we'll never get into a retailer-specific response.

但如果包括 2 家零售商，過去 12 個月我們的銷售額在連續 12 個月的基礎上下降了 1.8%。但總數增加了 2.3%，因為並非所有這些都是比較總數，這是更重要的數字。現在，我們還要——只是——布萊恩可以在這裡添加。既然我已經講完了，那我就結束吧。我們不會——作為我們討論的一部分，我們不會——我們永遠不會做出針對零售商的回應。

But obviously, bankruptcy for tenants has a lot of -- a lot goes on, leases have to be rejected and depending on where they were on that and what happens. So we -- in our comp NOI, we have our bad debt expense. I think I gave you some color. We still feel like it's achievable. So -- but again, I don't think, and Brian can add, we're not going to really give you a color too much on Express, but we do put in -- when we model our business for the year, we do put in unforeseen circumstances. And we try to budget appropriately for retailers that are under pressure. In this case, we kind of knew Express was in that spot. But a lot remains to be seen how Express comes out of bankruptcy and the ultimate financial impact.

但顯然，租戶的破產有很多事情發生，租約必須被拒絕，這取決於他們的處境和發生的情況。因此，在我們的比較 NOI 中，我們有壞帳費用。我想我給了你一些顏色。我們仍然覺得這是可以實現的。所以，我不認為，布萊恩可以補充說，我們不會在 Express 上給你太多的顏色，但我們確實投入了——當我們為今年的業務建模時，我們確實會陷入不可預見的情況。我們嘗試為面臨壓力的零售商制定適當的預算。在這種情況下，我們知道 Express 就在那個地方。但 Express 如何擺脫破產以及最終的財務影響還有待觀察。

And our next question comes from the line of Haendel St. Juste with Mizuho.

我們的下一個問題來自 Haendel St. Juste 和 Mizuho 的線路。

A quick 2-part here. First, I wanted to follow up on Floris' question on the uses for the cash on the retail monetization. The stock is $35 or so higher than what you lost back, so I assume it's fair -- that it's fair to assume that buying back stock is less likely here. And are there any special dividends that need to be paid on that game?

這裡是一個快速的兩個部分。首先，我想跟進弗洛里斯關於零售貨幣化現金用途的問題。該股票比你損失的股票高出 35 美元左右，所以我認為這是公平的——可以公平地假設這裡回購股票的可能性較小。那場比賽有什麼特別的紅利需要支付嗎？

And then my second part of the question is we noticed that the TRG property count dropped to 18 properties versus 20 last quarter, what happened there?

然後我的問題的第二部分是我們注意到 TRG 房產數量從上個季度的 20 處下降到 18 處，那裡發生了什麼？

I'll let Brian, you can -- I hope you can answer all these. I expect you to...

我會讓布萊恩，你可以——我希望你能回答所有這些。我希望你...

I can. With respect to TRG, there were 2 properties. One was a partner buying out our interest, so the property count went down by 2 in the quarter. With respect to...

我可以。對於 TRG，有 2 個屬性。其中一個是合作夥伴買斷了我們的權益，因此該季度的房產數量減少了 2 處。關於...

Tell him the 2.

告訴他2。

Fair Oaks and Country Club are the 2 assets that when -- the partner is buying us out or bought us out. With respect to capital on the balance sheet, certainly, it's a capital allocation decision relative to stock buyback. But we -- with the amount of capital that we are generating, both free cash flow and what's on our balance sheet, it is still an appropriate use of capital throughout the balance of the year and would expect that we would have interest in buying back our stock at certain levels.

Fair Oaks 和鄉村俱樂部是合作夥伴收購我們或收購我們的兩項資產。就資產負債表上的資本而言，當然，這是與股票回購相關的資本配置決策。但我們——根據我們產生的資本量，包括自由現金流和資產負債表上的內容，在今年餘下的時間裡，這仍然是資本的適當使用，並且預計我們有興趣回購我們的庫存處於一定水平。

Yes. And I would just add to that, the ABG sale happened, I don't remember exactly, but near quarter end. And we were blacked out from that because of Q1 earnings. So I wouldn't read that the fact that it's sitting on the balance sheet to read too much into that.

是的。我想補充一點，ABG 銷售發生了，我記不太清楚了，但在季度末附近。由於第一季的收益，我們被排除在外。因此，我不會認為資產負債表上有太多的內容。

Got it. Appreciate that. And the special dividend, anything on that front...

知道了。感謝。還有特別股息，這方面的任何事...

There is no required special dividend. These were -- this interest was owned in our taxable REIT subsidiaries. So there will be a tax, actual payment due, not actually a special dividend.

沒有規定的特別股利。這些權益是我們的應稅房地產投資信託子公司所擁有的。因此，將會產生稅款，即實際應付款項，而不是實際上的特別股利。

Our next question comes from the line of Linda Tsai with Jefferies.

我們的下一個問題來自 Linda Tsai 和 Jefferies 的對話。

A 2-parter. I appreciate the fact that you won't provide capital to Express, but could you just give more color on how you would be providing assistance to the brand?

2人制。我很欣賞你們不會向 Express 提供資金，但你們能否就如何為該品牌提供幫助提供更多資訊？

Well, I think obviously, there is a couple of elements, the first -- the most important one is that we have the history of running a retailer coming out of bankruptcy. So I think -- for better or worse, I think it's better, but others may not agree with me. There's a certain expertise in doing that, and we've -- we had. And I think what our potential partner sees on that is that, that we can bring to the table. So I wouldn't underestimate that. That's one.

嗯，我認為顯然有幾個要素，第一個——最重要的一個是我們有經營一家擺脫破產的零售商的歷史。所以我認為——無論好壞，我認為這是更好的，但其他人可能不同意我的觀點。在這方面有一定的專業知識，我們已經擁有了。我認為我們的潛在合作夥伴對此的看法是，我們可以將其帶到談判桌上。所以我不會低估這一點。這是一個。

Number two is, as part of any bankruptcy, we're going to have a lease negotiation. Some leases will get restructured, some won't. Some will pay what the existing rent is and so on, so -- but that happens regardless of whether or not we're involved or not. So that's just part of the bankruptcy process. We go space by space and find out -- we kind of find out what we'd like to do, maybe short-term leases, so on and so forth, but that -- but we're not alone in that. Any other landlord will have to come to their own conclusion on what they want to do, if part of rent adjustment is necessary to get the brand on solid financial footing.

第二是，作為任何破產的一部分，我們將進行租賃談判。有些租賃將進行重組，有些則不會。有些人會支付現有的租金等等，所以——但無論我們是否參與，這種情況都會發生。所以這只是破產程序的一部分。我們逐個空間尋找——我們有點發現我們想做什麼，也許是短期租賃，等等，但是——但我們並不孤單。如果有必要進行部分租金調整以使品牌擁有堅實的財務基礎，那麼任何其他房東都必須就自己想要做什麼得出自己的結論。

And do you have any clarity on the store closures at all, because one of your much smaller peers expects to close 65% of its stores in 2Q?

您對商店關閉情況是否有任何明確了解，因為您的一家規模小得多的同行預計將在第二季度關閉 65% 的商店？

We are not involved in that process. That's really management. So I have no point of view or no opinion on that at all. That whole process is part of -- we really won't get involved until we're approved as the stalking horse bidder. So that -- all that's going on today with the depth and everything else is all part of -- it's all the existing management team. We have no involvement in that whatsoever.

我們不參與過程。這才是真正的管理。所以我對此沒有任何觀點或根本沒有意見。整個過程是——在我們被批准為潛馬競標者之前，我們真的不會參與其中。因此，今天發生的所有事情都具有深度，其他一切都是現有管理團隊的一部分。我們沒有參與任何事情。

And our next question comes from the line of Mike Mueller with JPMorgan.

我們的下一個問題來自 Mike Mueller 與摩根大通 (JPMorgan) 的對話。

It's Hong on for Mike. I guess I was wondering, can you give us an idea of where -- of what kind of CAGRs you're seeing most of the demand from in your malls? Is it -- I'm just wondering if it's broad-based and/or how much of it is apparel versus the other categories?

洪為麥克代言。我想我想知道，您能否告訴我們您在商場中看到的大部分需求的複合年增長率是怎樣的？我只是想知道它是否具有廣泛的基礎和/或與其他類別相比，其中有多少是服裝？

Honestly, it's across the board, restaurants, entertainment, athleisure, sports-related -- it's the bigger boxes, the UNIQLOs, Primarks of the world, Zara. It is -- this is where I give a shout-out to Rick as he used to go through it. But we're seeing it -- Abercrombie were doing a lot of new opportunities with Mango, Golden Goose, just to name a few; KnitWell, JD Sports, Alo, Lululemons growing with us, upsizing a lot of properties. Our House is a great company that we're doing business with, pinstripes, number of restaurants, restaurant tours. It's very, very, very encouraging because it's so diverse.

老實說，它是全方位的，餐廳、娛樂、運動休閒、體育相關——它是更大的盒子、優衣庫、Primarks of the world、Zara。這是──這是我向瑞克大聲喊叫的地方，因為他曾經經歷過這樣的事情。但我們看到了——Abercrombie 在 Mango、Golden Goose 等品牌上創造了許多新機會；僅舉幾例； KnitWell、JD Sports、Alo、Lululemons 與我們一起成長，擴大了許多資產。我們的房子是一家與我們有業務往來的偉大公司，細條紋，餐廳數量多，餐廳旅遊。這是非常、非常、非常令人鼓舞的，因為它是如此多樣化。

Got it. If I could sneak 1 other question. And I guess the $745 square foot sales, is that portfolio weighted or NOI weighted?

知道了。如果我能偷偷問另外一個問題的話。我猜 745 平方英尺的銷售額是投資組合加權還是 NOI 加權？

Portfolio weighted. I'm sorry, just portfolio, pure. If it was NOI weighted, where we used to do that, it's like $950 -- higher.

投資組合加權。抱歉，只是作品集，純粹的。如果按 NOI 加權（我們以前這樣做），則約為 950 美元——更高。

$950 plus or minus, basically.

基本上是 950 美元上下。

Okay. $950, thereabouts.

好的。 950 美元左右。

Our next question comes from the line of Greg McGinniss with Scotiabank.

我們的下一個問題來自豐業銀行的格雷格‧麥金尼斯 (Greg McGinniss)。

David, just on looking at the volatility of the retail investments, what are the drivers to keep SPARC and JCPenney on balance sheet as opposed to the ABG investments? And would you look to sell those in the near future?

David，只要看看零售投資的波動性，與 ABG 投資相比，將 SPARC 和 JCPenney 保留在資產負債表上的驅動因素是什麼？您會在不久的將來考慮出售這些產品嗎？

Well, again, they're equity accounted, so they're really not on our balance sheet just to make us clearer. So they're investments in them. Listen, they are -- we built a company where everything is core and nothing is core. So we saw ABG, we got an offer, we hit the bid. I would view that for any and all assets that we have, whether it's JCPenney, SPARC, XYZ mall. Call Uncle David and not -- most people don't hit my bid, but the only thing that's core is the company and its people and its balance sheet, but every other assets were sale at the right price, so nothing is critical long term.

好吧，再說一遍，它們是權益會計的，所以它們實際上並不在我們的資產負債表上，只是為了讓我們更清楚。所以他們是對它們的投資。聽著，他們是──我們建立了一家一切都是核心但沒有什麼是核心的公司。所以我們看到了 ABG，我們得到了報價，我們得標了。我認為對於我們擁有的所有資產，無論是 JCPenney、SPARC、XYZ 購物中心，都是如此。打電話給大衛叔叔，而不是——大多數人不會達到我的出價，但唯一的核心是公司及其員工和資產負債表，但所有其他資產都以合適的價格出售，因此長期來看沒有什麼是重要的。

And again, look, guys, we're talking about volatility, and the reality is the volatility has been mostly on the upside. And again, we're a company that earns $12, and we're talking about $0.10 here or there. So I just want to put everything more or less in perspective. But there's nothing that I wouldn't sell at the right price across the company and worldwide, period, end of story. Because -- and it's very simple. You know why? I think because if we got the cash, I know we would find an appropriate investment that would replace the earnings lost, it's really that simple, or we give it to the shareholders or we buy our stock back. So I am at the point of the highest level of indifference about monetizing an asset as you'll see.

再說一遍，夥計們，我們正在談論波動性，而現實情況是波動性大部分都是上行的。再說一遍，我們是一家盈利 12 美元的公司，而我們在這裡或那裡談論的是 0.10 美元。所以我只是想或多或少地正確看待一切。但在整個公司和全球範圍內，沒有什麼是我不會以合適的價格出售的，就這樣吧。因為——而且非常簡單。你知道為什麼？我認為因為如果我們得到現金，我知道我們會找到適當的投資來彌補收入損失，這真的很簡單，或者我們把它交給股東，或者我們回購我們的股票。因此，正如您將看到的，我對資產貨幣化處於最高程度的漠不關心。

We have reached the end of our question-and-answer session. And with that, I would like to turn the floor back over to Mr. David Simon for any closing comments.

我們的問答環節已經結束。至此，我想將發言權交還給大衛·西蒙先生，請他發表結束語。

Okay. Thank you. Sorry, we -- I know it's the end of earnings season, we're always late in the Q1 because we tie it to our annual meeting next -- on Wednesday. But thank you for your interest and your questions, very good questions. Appreciate it. Thank you.

好的。謝謝。抱歉，我知道現在是財報季結束的時候，我們總是在第一季遲到，因為我們將其與下週三的年度會議聯繫起來。但感謝您的興趣和問題，非常好的問題。欣賞它。謝謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。