西蒙地產 (SPG) 2024 Q3 法說會逐字稿

Greetings and welcome to the Simon Property Group third quarter, 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Tom Ward, Senior Vice President of Investor Relations. Thank you, Tom. You may begin.

歡迎參加西蒙地產集團 2024 年第三季財報電話會議。（操作員指示）謹此提醒，本次會議正在錄製中。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)。謝謝你，湯姆。你可以開始了。

Thank you, Paul. Good morning and thank you for joining us today. Presenting on today's call are David Simon, Chairman, Chief Executive Officer and President and Brian McDade, Chief Financial Officer.

謝謝你，保羅。早安，感謝您今天加入我們。出席今天電話會議的有董事長、執行長兼總裁 David Simon 和財務長 Brian McDade。

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 1,995. 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.

快速提醒一下，本次電話會議中所做的陳述可能被視為 1,995 年《私人證券訴訟改革法案》安全港含義內的前瞻性陳述。由於各種風險不確定性等因素，實際結果可能存在重大差異。我們建議您參閱今天的新聞稿和我們向 SEC 提交的文件，以詳細討論與這些前瞻性陳述相關的風險因素。

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.

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。新聞稿中包含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表。以及今天提交的 8-K 表格中的補充資訊。

Both the press release and the supplemental information are available on our IR website at investors.simon.com. Our conference call this morning will be limited to one hour for those who would like to participate in the question answer session. We ask that you please respect our request to limit yourself to one question.

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。今天早上我們的電話會議對於那些想參加問答環節的人來說將被限制為一小時。我們請求您尊重我們的要求，並將自己限制在一個問題上。

I am pleased to introduce David Simon.

我很高興介紹大衛·西蒙。

Good morning, everybody. And I'm pleased with our financial and operational performance. In the third quarter, we saw increased leasing volumes, occupancy gains and the total retail sales volumes. Demand for our space from a broad spectrum of tenants is strong and steady and we continue to strengthen our unique retail real estate platform through our growing development and redevelopment pipeline.

大家早安。我對我們的財務和營運業績感到滿意。第三季度，我們看到租賃量、入住率和零售總額都有所增加。廣泛的租戶對我們的空間的需求強勁而穩定，我們透過不斷增長的開發和再開發管道繼續加強我們獨特的零售房地產平台。

This combined with our A rated balance sheet really sets us apart and allows us to focus on the future. We raised our dividend again to $2.10. We're now in our historical high overcoming the arbitrary capricious closing of our real estate during COVID, we have a low payout ratio.

這與我們評級為 A 的資產負債表相結合，確實使我們與眾不同，並使我們能夠專注於未來。我們再次將股息提高至 2.10 美元。我們現在正處於歷史新高，克服了新冠疫情期間任意反复無常地關閉我們房地產的情況，我們的支付率很低。

And now turn it over to Brian, who will cover our third quarter results and full year guidance in more detail, Brian.

現在將其交給布萊恩，他將更詳細地介紹我們的第三季業績和全年指導，布萊恩。

Thank you David and good morning. Real estate FFO was $3.05 per share in the third quarter compared to $2.91 in the prior year, a 4.8% growth rate. Domestic and international operations had a very good quarter and contributed $0.15 of growth driven by a 3% increase in lease income.

謝謝大衛，早安。第三季房地產 FFO 每股價格為 3.05 美元，去年同期為 2.91 美元，成長率為 4.8%。國內和國際業務季度表現非常出色，在租賃收入增長 3% 的推動下貢獻了 0.15 美元的增長。

Third quarter, funds from operation were $1.07 billion or $2.84 per share as compared to $1.2 billion or $3.20 per share last year.

第三季度，營運資金為 10.7 億美元，即每股 2.84 美元，而去年為 12 億美元，即每股 3.20 美元。

Third quarter results include $0.13 per share of non-cash net loss and fair value adjustments from the mark to market on the Klepierre exchangeable bonds we issued in November of '23, which mature in November of 2026. The non-cash loss on derivative is due to the outperformance of Klepierre's stock price which increased 18% during the third quarter. As a result of the stock appreciation, the market value of our Klepierre investment increased by approximately $400 million during the third quarter.

第三季業績包括每股 0.13 美元的非現金淨虧損以及我們於 2023 年 11 月發行的 Klepierre 可交換債券的按市價計價的公允價值調整，該債券將於 2026 年 11 月到期。衍生性商品非現金損失是由於 Klepierre 股價第三季上漲 18% 的優異表現。由於股票升值，我們的 Klepierre 投資的市值在第三季增加了約 4 億美元。

OPI was an $0.08 loss in the quarter due to reduced discretionary spending by the lower income consumer at two SPARC brands and also from the loss of income from ABG in the prior year due to the sale of our interest earlier this year.

本季 OPI 虧損 0.08 美元，原因是低收入消費者在兩個 SPARC 品牌的可自由支配支出減少，以及由於今年稍早出售我們的權益而導致上一年 ABG 的收入損失。

As a reminder, the prior year results include $0.32 per share in non-cash gains from the partial sale of our ownership in SPARC in the third quarter of '23. Domestic NOI increased 5.4% year-over-year for the quarter due to continued leasing momentum, resilient consumer spending and operational excellence delivered the results exceeding our plan for the quarter.

提醒一下，上一年的業績包括 23 年第三季我們部分出售 SPARC 所有權帶來的每股 0.32 美元的非現金收益。由於持續的租賃動能、有彈性的消費者支出和卓越的運營，本季國內 NOI 同比增長 5.4%，超出了我們本季度的計劃。

Portfolio NOI which includes our international properties at constant currency through 5% for the quarter. Malls and outlet occupancy at the end of the third quarter was 96.2%, an increase of 1% compared to the prior year. The mills occupancy was 98.6% at the end of the quarter.

投資組合 NOI，其中包括本季以固定匯率計算 5% 的國際資產。第三季末購物中心和奧特萊斯入住率為96.2%，比去年同期成長1%。截至本季末，工廠的入住率為 98.6%。

Average base minimum rent for the malls and outlets increased 2.3% year-over-year and the mills increased 4.5% year over year. Leasing momentum continued across the portfolio. We signed approximately 1,200 leases for 4 million square feet in the quarter.

購物中心和奧特萊斯的平均基本最低租金年增 2.3%，工廠年增 4.5%。整個投資組合的租賃動能持續強勁。本季我們簽署了約 1,200 份面積為 400 萬平方英尺的租約。

Through the first nine months of 2024, we have signed more than 3,900 leases for 15 million square feet which is expected to generate more than 1 billion of revenue. We have an additional 800 deals in our pipeline including renewals for more than 600 million of revenue.

截至 2024 年前 9 個月，我們已簽署了超過 3,900 份租賃合同，面積達 1500 萬平方英尺，預計將產生超過 10 億美元的收入。我們還有 800 筆交易正在醞釀中，其中包括收入超過 6 億美元的續約。

We continue to see strong broad based demand from the retail community including continued strength for many categories, reported retailer sales per square foot with $737 for the mall and premium outlets combined and was up approximately 1% year over year excluding two retailers. Importantly, total sales volumes excluding those same two retailers were up approximately 1.5% year over year.

我們繼續看到零售界強勁的廣泛需求，包括許多類別的持續強勁，據報告，購物中心和高級奧特萊斯的每平方英尺零售商銷售額為737 美元，同比增長約1%（不包括兩家零售商）。重要的是，不包括這兩家零售商的總銷量年增約 1.5%。

The end of the quarter, our occupancy cost was 12.8%. Turning to new development and redevelopment. We opened Tulsa premium outlets on August 15, at 100% leased. And we also opened a significant expansion at Busan premium outlets in South Korea in September.

本季末，我們的入住成本為 12.8%。轉向新開發和再開發。我們於 8 月 15 日在塔爾薩開設了高級奧特萊斯店，出租率為 100%。9 月份，我們還在韓國釜山的高級奧特萊斯進行了大規模擴張。

At the end of the quarter, new development and redevelopment projects were underway across all platforms in the US and internationally. With our share of net cost of $1.3 billion at a blended yield of 8%.

截至本季末，美國和國際所有平台都在進行新的開發和再開發專案。我們的淨成本份額為 13 億美元，綜合收益率為 8%。

Turning to other platform investments. Our OPI results for the third quarter at SPARC underperformed as the lower income consumer continues to be more cautious in their spending.

轉向其他平台投資。由於低收入消費者在支出方面繼續更加謹慎，SPARC 第三季度的 OPI 業績表現不佳。

We first highlighted the inflationary impact in the second half of 2022 relative to this consumer. Performance was below expectations at forever 21 in Reebok. SPARC and JC Penney did, however, record sequential improvements in comp sales during the third quarter which sets these brands up well for the important upcoming holiday season.

我們首先強調了 2022 年下半年相對於該消費者的通膨影響。Reebok 的 Forever 21 表現低於預期。然而，SPARC 和 JC Penney 在第三季度的銷售量確實實現了環比增長，這使得這些品牌為即將到來的重要假期做好了良好的準備。

We are not sitting still, and we expect to have some positive announcements by year end with respect to these businesses. Turning to our balance sheet during the quarter, we amended and extended our $3.5 billion supplemental revolving credit facility for three years on existing terms.

我們不會坐以待斃，我們預計到年底會發布一些有關這些業務的積極公告。談到本季的資產負債表，我們修改了 35 億美元的補充循環信貸額度，並以現有條款延長三年。

We also issued 1 billion in senior notes with a term of 10 years and a 4.75% interest rate. This was clearly good timing on our part.

我們也發行了10億張優先票據，期限為10年，利率為4.75%。對我們來說，這顯然是個好時機。

During the first nine months of the year, we completed refinancing of 14 property mortgages for a total of approximately $1.3 billion at an average rate of 6.13%. We ended the quarter with approximately $11.1 billion of liquidity. And at the end of the quarter, subsequent to the end of the quarter on October 1, we repaid our last remaining unsecured maturity for 2024 of $900 million.

今年前九個月，我們完成了 14 筆房產抵押貸款的再融資，總額約 13 億美元，平均利率為 6.13%。本季結束時，我們的流動資金約為 111 億美元。在 10 月 1 日季度末之後的季度末，我們償還了 2024 年最後一筆剩餘無擔保到期債務 9 億美元。

We constantly innovate in both our physical and digital worlds to create world class convenience for our shoppers and drive incremental sales for our brand partners in continuing this effort and building upon the success of shop premium outlets. We rebranded our digital marketplace shop Simon to take advantage of all of our assets including shopper email lists totaling over 25 million customers.

我們在實體和數位世界中不斷創新，為購物者創造世界一流的便利，並在繼續這項努力並在高級奧特萊斯取得成功的基礎上，為我們的品牌合作夥伴推動增量銷售。我們重新命名了數位市場商店 Simon，以利用我們的所有資產，包括總計超過 2500 萬客戶的購物者電子郵件清單。

The expanded and rebranded digital marketplace add on sale and discounted merchandise while continuing to offer outlet products from leading brands. This is the next phase in our journey to create the ultimate omni channel experience.

擴大和重新命名的數位市場增加了促銷和折扣商品，同時繼續提供領先品牌的直銷產品。這是我們打造終極全通路體驗之旅的下一個階段。

We also launched a new nationwide marketing campaign, Meet Me at the mall. The campaign celebrates the shopping malls continued cachet as the go to destination for all generations. Turning to our dividend. Today, we announced our dividend of $2.10 per share for the fourth quarter. A year over year increase of 10.5%.

我們還推出了一項新的全國行銷活動「Meet Me at the mall」。該活動旨在慶祝購物中心繼續作為各個世代的必去目的地。轉向我們的股利。今天，我們宣布第四季度每股股息為 2.10 美元。年增10.5%。

The dividend is payable on December 30. This is the fourth consecutive quarter we have increased our dividend and the dividend is now back to our pre pandemic record high.

股息將於12月30日支付。這是我們連續第四個季度增加股息，股息現已回到大流行前的歷史新高。

Finally turning to guidance, we are affirming our guidance range of $12.80 to $12.90 per share, which excludes $0.14 per share, year-to-date impact of the non-cash loss and fair value adjustments from the mark to market on the Klepierre exchangeable bonds, which prior to the third quarter is only a $0.01 net non-cash loss but is now 0.14 and needed to be highlighted.

最後轉向指導，我們確認每股 12.80 美元至 12.90 美元的指導範圍，其中不包括每股 0.14 美元、年初至今非現金損失的影響以及 Klepierre 可交換債券按市價計價的公允價值調整，第三季度之前的非現金淨虧損僅0.01 美元，但現在為0.14 美元，需要加以強調。

With that, thank you for your time today. David and I are now available for your questions. Operator?

在此，感謝您今天抽出時間。大衛和我現在可以回答你們的問題。操作員？

(Operator Instructions)

（操作員說明）

Steve Sakwa with Evercore ISI.

Steve Sakwa 與 Evercore ISI。

Yeah, thanks. Good morning. David and Brian, you know, it sounds like you've got great momentum on the leasing front and with the portfolio, north of 96%.

是的，謝謝。早安.David 和 Brian，聽起來你們在租賃方面和投資組合方面勢頭強勁，超過 96%。

I'm just curious how you guys are attacking the lease expiration schedule over the next couple of years and whether you feel like pricing power is moving materially in your favor. Just given the interplay with, sales being a little bit flat, but obviously they're being strong demand for high quality retail space.

我只是好奇你們在未來幾年如何應對租賃到期時間表，以及你們是否認為定價能力正在朝著對你們有利的方向發展。考慮到兩者的相互作用，銷售額有點平淡，但顯然他們對高品質零售空間的需求強勁。

Yeah, Steve, I'll answer that, simplistically, I guess. I would say that our job is to continue to improve the merchandise mix at our real estate. And so it's a lot more than just what rent you can charge. It's really what is the right retail retailer tenant, etcetera, what's the right mix for that property?

是的，史蒂夫，我想我會簡單地回答這個問題。我想說，我們的工作是繼續改善我們房地產的商品組合。因此，這不僅僅是您可以收取的租金。這實際上是什麼是正確的零售零售商租戶，等等，該物業的正確組合是什麼？

And we take more of a holistic approach to how we re merchandise centers. We're still undergoing significant re merchandizing across the portfolio because we're seeing better retailers. When I say retailers, it could be restaurants, et cetera. I'm using that as a generic term.

我們對銷售中心的改造採取更多的整體方法。我們仍在整個產品組合中進行重大的商品重組，因為我們看到了更好的零售商。當我說零售商時，可能是餐廳等。我將其用作通用術語。

We're seeing a lot more interesting and better retailers that are interested in our portfolio. So we need to take advantage of that and that's the focus. So you know, obviously supply and demand, I mean, you know, construction costs are up 60% from pre pandemic numbers, I mean, pretty staggering number and we're basically one of the few that can build and overcome that.

我們看到很多更有趣、更好的零售商對我們的產品組合感興趣。所以我們需要利用這一點，這就是重點。所以你知道，顯然供需關係，我的意思是，你知道，建築成本比大流行前的數字增加了60%，我的意思是，這是一個相當驚人的數字，我們基本上是少數能夠建造和克服這問題的國家之一。

So there is no real new supply and that does put us in a positive light, but our job is to make the properties better. And not just focus on the highest rent per square foot we can get.

因此，沒有真正的新供應，這確實為我們帶來了積極的影響，但我們的工作是讓房產變得更好。而不僅僅是關注我們可以獲得的每平方英尺最高租金。

So with that, you know, we have a balanced approach. Obviously, we think we still have growth as leases expire or we bring in new tenants. But I don't, I really don't like the term pricing power. I really don't like to focus on that.

因此，你知道，我們有一個平衡的方法。顯然，我們認為隨著租約到期或引入新租戶，我們仍然有成長。但我不，我真的不喜歡定價權這個詞。我真的不喜歡關注這個。

You know, it's just how do you continue to make the portfolio better is really the number one focus for our team. We just literally, had three-day marathon session. You know, we go property by property with our leasing folks.

你知道，如何繼續讓產品組合變得更好才是我們團隊的首要任務。我們真的進行了為期三天的馬拉松訓練。你知道，我們和我們的租賃人員一起逐個房產地進行考察。

You know, we did the malls this week, we'll do the outlets and mills next week. And if, you participated in it, I think I offered somebody one time down the road to who was it? Alex probably, Alex is the only guy that would want to sit through it. But if you sat through it, the primary focus is how do we make the property better? We still have work to do there.

你知道，我們這週去了購物中心，下週我們將去專賣店和工廠。如果，你參與了，我想我曾經向某人提供過，那是誰？亞歷克斯可能是唯一願意坐下來經歷這一切的人。但如果你仔細聽過，主要的焦點是我們如何讓房產變得更好？我們在那裡還有工作要做。

But I think at the end of the day when you do that, you'll get the property growth that we're all looking for. So I would characterize it that way, Steve, the good news is supply and demands in our favor. We have the capital to invest in our portfolio to make it better. Overcome the unbelievable rise in construction cost when you think about it. And that's the focus.

但我認為，當你這樣做的時候，最終你會得到我們都在尋找的房地產成長。所以我會這樣描述它，史蒂夫，好消息是供應和需求對我們有利。我們有資本投資我們的投資組合，使其變得更好。當您考慮一下時，您會克服建築成本令人難以置信的上漲。這就是重點。

All right. Well, I'm free next week if you want me to sit in on the meeting. Thanks.

好的。好吧，如果你想讓我參加會議的話，我下週有空。謝謝。

You, you're more than welcome. You get to choose outlets or mills all let Tom know. Okay.

你，我們非常歡迎你。您可以選擇專賣店或工廠，請讓湯姆知道。好的。

Alright. Thank you.

好吧。謝謝。

Caitlin Burrows, Goldman Sachs.

凱特琳·布羅斯，高盛。

Hi, good morning, everyone. David, you mentioned a growing development and redevelopment pipeline. I was wondering if you can go through like how deep this opportunity is for Simon's portfolio. Now, considering all that you've already done to what extent is there still potential for anchor replacement or other retail redevelopments and then also the larger mixed-use projects?

嗨，大家早安。大衛，您提到了不斷成長的開發和再開發管道。我想知道您是否可以了解這個機會對於西蒙的投資組合來說有多深。現在，考慮到您已經完成的所有工作，錨點更換或其他零售重建以及更大的混合用途項目仍有潛力嗎？

Yeah, I think that continues Klepierre to be a huge focus for us. So I would our pipeline is probably around 4 billion right now. That doesn't mean we're going to do all of it, but we have massive mixed use opportunities ahead of us and, and we still don't have all the anchors redevelop the way we want to.

是的，我認為克萊皮爾仍然是我們關注的焦點。所以我想我們現在的管道數量可能約為 40 億。這並不意味著我們要完成所有這一切，但我們面前有大量的混合用途機會，而且我們仍然沒有按照我們想要的方式重新開發所有錨點。

So, you know, we have opportunities that, you know, like at Barton Creek or, go down the line, if you look at kind of some of the sears passion value is a great opportunity we're going to get the JC Penney, SPARC back and probably do about a $500 million redevelopment between retail and mixed use our residential pipeline.

所以，你知道，我們有機會，你知道，就像在 Barton Creek，或者，如果你看看西爾斯的一些熱情價值，我們將獲得 JC Penney 的一個很好的機會， SPARC 回來了，可能會在我們的住宅管道之間進行約5 億美元的零售和混合用途重建。

As an example of that is over a billion dollars today. And without including kind of the, you know, the fashion valleys or the Barton Creeks of the world that we think could do residential and we continue to see. You know, an interesting relationship between residential development adjacent or part of our existing retail format.

舉個例子，今天的金額已超過十億美元。不包括我們認為可以開發住宅的時尚谷或巴頓溪，我們將繼續看到它們。您知道，鄰近的住宅開發案或我們現有零售業態的一部分之間存在著有趣的關係。

They actually go hand in glove. It's very encouraging to see. I think if you listen to Don Wood, he'll tell you the same thing. So that is exciting, we're going full steam ahead. As you know that supply, it's probably, you know, in certain markets been over supplied, but the reality is nobody building now.

他們實際上是緊密相連的。看到這一點非常令人鼓舞。我想如果你聽唐·伍德的話，他也會告訴你同樣的事情。所以這很令人興奮，我們正在全速前進。如您所知，供應可能在某些市場供應過剩，但現實是現在沒有人建造。

And if you think how we're looking at it, it's going to take two to three to four years. And if we bring these on, there'll be no new supply. And I think that'll put us in an advantageous situation. So long story short, say $4 billion. And you know, roughly a third of that is probably ready.

如果你想想我們如何看待它，這將需要兩到三到四年的時間。如果我們啟用這些，就不會再有新的供應。我認為這將使我們處於有利的境地。長話短說，40 億美元。你知道，其中大約三分之一可能已經準備好了。

(multiple speakers) But some office, like for instance, we just approved a deal and I don't think it's in our AK, but we just approved a deal in Clear Fork, which is in Fort Worth, kind of a newer center. And we just approved to deal with our partner to build an office and retail and around for, the office is going to be.

（多個發言者）但是某些辦公室，例如，我們剛剛批准了一項交易，我認為這不在我們的AK 範圍內，但我們剛剛批准了Clear Fork 的一項交易，該交易位於沃斯堡，是一個較新的中心。我們剛剛批准與我們的合作夥伴合作建立一個辦公室和零售店，以及辦公室的周邊。

I don't know if I can say it but basically, you know, we don't, it's not big, it's I know 50,000 square feet and Wells is going to take, the majority of it. And so we'll still do smatterings of those kind of projects. You know, as we go forward, but you know, building a big spec office out of our pipeline.

我不知道我是否可以這麼說，但基本上，你知道，我們不知道，它不大，我知道有 50,000 平方英尺，威爾斯將佔據其中的大部分。所以我們仍然會做一些這類專案。你知道，隨著我們前進，但你知道，我們正在建造一個大型規格辦公室。

Got it. And just to confirm, I know in there you were talking about retail office. Well, not so much office and the multi family you mentioned at one point in there, overbuilding that was on the residential side.

知道了。只是為了確認一下，我知道你在那裡談論的是零售辦公室。好吧，沒有那麼多辦公室和你提到的多戶家庭，而是住宅方面的過度建設。

Correct.

正確的。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Jeffrey Spector, Bank of America.

傑弗裡·斯佩克特，美國銀行。

Great. Thank you. Maybe just, you know, following up on the first question topic, David, your comments on merchandizing mix. You know, maybe something else that is sometimes overlooked. I know, you guys talked about your the omni channel experience and what you're doing there. Meet Me at the mall.

偉大的。謝謝。也許只是，你知道，跟進第一個問題主題，大衛，你對商品組合的評論。你知道，也許還有其他一些有時被忽略的事情。我知道，你們談論了你們的全通路體驗以及你們在那裡所做的事情。在商場見。

Can you expand a little bit on some of the key initiatives that the company is doing to again engage customers, bring them to the centers and how this may evolve over the next few years. I know, of course, this holiday season, you have some great programs. Thank you.

您能否詳細介紹公司正在採取的一些關鍵舉措，以再次吸引客戶，將他們帶到中心，以及未來幾年將如何發展。我當然知道，這個假期，你們有一些很棒的節目。謝謝。

Sure. So, I would say Jeff that, the mall continues to be a unique gathering place and I think we all get too focused on whether it's, you know, enclosed has a roof on it. I mean, to me, it really doesn't matter. It's kind of what is the best retail project in that trade area.

當然。所以，我想說傑夫，購物中心仍然是一個獨特的聚會場所，我認為我們都太專注於它是否是封閉的，上面是否有屋頂。我的意思是，對我來說，這真的不重要。這是該貿易領域最好的零售項目。

And we believe that and if you talk to, really new and exciting companies like [ASIAN] or other Skims or, you know, kind of the, the new wave of retailers slash marketplaces, they all believe in our product. And we're seeing a rejuvenation of the younger consumers wanting to hang out at the mall.

我們相信，如果你與真正新的、令人興奮的公司交談，例如 [ASIAN] 或其他 Skims，或者你知道，新一波零售商削減市場，他們都相信我們的產品。我們看到，想要在購物中心閒逛的年輕消費者正在重新煥發活力。

And I think it's our obligation both for us you know, in our investors, etcetera. And also for the retailers to really highlight that. Now, you know, we don't have unlimited budgets, you know, like the tech companies, right?

我認為這是我們的義務，你知道，我們的投資者等等。零售商也要真正強調這一點。現在，你知道，我們沒有無限的預算，就像科技公司一樣，對吧？

But we try to do the best we can to reinforce that. Hey, this is cool now, at the same time, you know, digital is important, right. So 14%, 15% of commerce is digital and we think we can play a role in that. We think the best way to do that is through shops sign. And we made sure we had proof of concept before, you know, we put kind of our brand on it. If you remember it started the shop premium outlets.

但我們會盡力加強這一點。嘿，這現在很酷，同時，你知道，數位化很重要，對吧。因此，14%、15% 的商業是數位化的，我們認為我們可以在其中發揮作用。我們認為最好的方法是透過商店標誌。我們確保我們之前已經有了概念驗證，你知道，我們在上面放了一些我們的品牌。如果你還記得的話，它是開設高級直銷店的。

We floundered around until we partnered with Michael Ruben and RGG. We've created, we hired some, you know, top notch talent there. We're building our marketplace; we had proof of concept and then we decided to rebrand it under shop assignment. So, you know, we do think and then ultimately this will add, we'll hang a loyalty product on that which will be important.

我們一直在苦苦掙扎，直到與 Michael Ruben 和 RGG 合作。我們在那裡創造、僱用了一些頂尖人才。我們正在建立我們的市場；我們有了概念驗證，然後決定在商店分配下重新命名它。所以，你知道，我們確實認為，最終這將增加我們將在重要的事情上懸掛忠誠度產品。

And then ultimately, we have Simon search which will hang on that. And, you know, we'll end up with, you know, ship from store pick up at the mall, etcetera. So it's the flywheel is starting to fill itself out. But in the meantime, we want to reaffirm the positive nature that our product means to the community means to our retailers.

最終，我們將進行西蒙搜尋（Simon search）。而且，你知道，我們最終會從商店發貨，在商場提貨，等等。所以飛輪開始自行填充。但同時，我們想重申我們的產品對社區對零售商的正面意義。

You know as we grow on and we can't ignore digital because, you know, let's face it is around that 14%, 15% not growing the way it used to. But, you know, we have to assume it might. So we have to play in there. And I think with shops sign and we've got the right product, our retailer, relationships and faith they have in us, gives me confidence, we have the right team, we have the right partner.

你知道，隨著我們的成長，我們不能忽視數位化，因為，你知道，讓我們面對 14%、15% 左右的數字，並沒有像以前那樣成長。但是，你知道，我們必須假設它可能會發生。所以我們必須去那裡玩。我認為有了商店標誌，我們就有了合適的產品，我們的零售商，他們對我們的關係和信心，給了我信心，我們有合適的團隊，我們有合適的合作夥伴。

And RTG I think gives us confidence that you know, we'll continue to create real value out of that platform, but it's not overnight. It takes time, takes investment, prudent investment, and that's what.

我認為 RTG 給了我們信心，我們將繼續利用該平台創造真正的價值，但這不是一朝一夕的事。這需要時間，需要投資，謹慎的投資，僅此而已。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Craig Mailman with Citi.

花旗銀行的克雷格‧梅爾曼。

Hey, good morning. Maybe just fall on the shop Simon concept, David. You know, as you guys are looking to re merchandise malls and you know, there could be some more anchor fall out over time.

嘿，早安。也許只是落在店西蒙的概念上，大衛。你知道，當你們正在尋求重新建立商品商場時，隨著時間的推移，可能會有更多的錨點脫落。

I mean, it is the idea here to hopefully get this up and running to where you guys can convert part of the mall to last mile distribution and be able to, you know, bring in that logistics angle to your business to help your retailers and also be able to monetize it or am I reading a little bit too much into it?

我的意思是，這裡的想法是希望將其啟動並運行到您可以將購物中心的一部分轉換為最後一英里配送的地方，並且能夠，您知道，將物流角度引入您的業務，以幫助您的零售商和也能夠將其貨幣化，還是我對它的解讀有點太多了？

Well, you know, I do think there is absolutely a role that we can play in search at your local store that happens to be in our center.

嗯，你知道，我確實認為我們絕對可以在恰好位於我們中心的當地商店的搜索中發揮作用。

And then maybe there's a distribution angle and certainly pick up in store is an angle that we can help facilitate with our retailers. Whether we'll be build a mini distribution center or not. I mean, we look at those things and there's possibilities, a certain retailers or certain centers that, we might be able to do a micro or, you know, mini distribution facility.

也許還有一個分銷角度，當然，我們可以幫助我們的零售商促進店內取貨的角度。我們是否會建立一個迷你配送中心。我的意思是，我們研究了這些事情，並且存在可能性，某些零售商或某些中心，我們可能能夠建立微型或迷你分銷設施。

You know, we're also looking at last mile in the power area because obviously that's, going crazy and that, there is with the. Our real estate is unbelievably well located, and it does, you know, it is not, we're not out in the hinterlands and last mile is very important and we usually have real estate that's, you know, a one a. So, you know, there's possibilities, it's not going to be dominant or whatever, it will be selective, but there are potential possibilities.

你知道，我們也在關注電力領域的最後一英里，因為顯然這會變得瘋狂，而且還有。我們的房地產位置優越得令人難以置信，而且確實如此，你知道，事實並非如此，我們不在內陸地區，最後一英里非常重要，我們通常擁有獨一無二的房地產。所以，你知道，可能性是存在的，它不會占主導地位或其他什麼，它會是選擇性的，但存在潛在的可能性。

Thank you.

謝謝。

Greg McGinniss with Scotiabank.

豐業銀行的格雷格·麥金尼斯。

Hey, good morning. Congrats on the strong leasing quarter crossing 96% occupancy ahead of (technical difficulty)

嘿，早安。恭喜租賃季度表現強勁，入住率提早突破 96%（技術難度）

Yeah, you come up there.

是的，你上來吧。

(technical difficulty) go where you're functionally full.

（技術難度）去你功能齊全的地方。

Well, you know, look, I think we can still increase our occupancy but also beyond occupancy. And I said earlier is which really, we're really focused on merchandise. So, but we still have room to grow our occupancy.

嗯，你知道，我認為我們仍然可以增加入住率，但也可以超出入住率。我之前說過，我們確實專注於商品。所以，但我們仍然有增加入住率的空間。

But more important is that, you know, bringing in the right tenants in the right center in the right location that's a huge focus for us. But we still think we have plenty of opportunity to grow our occupancy.

但更重要的是，你知道，在正確的中心、正確的位置引入正確的租戶是我們的重點。但我們仍然認為我們有很多機會增加入住率。

Okay. Thanks. And just one quick one on FFO for share guidance, we're trying to better understand the, that's all your contribution from real state as opposed to some of the noise that's generated by other platform investments. Are you still anticipating around $0 from OPI or is that lower now, and maybe offset by better real estate performance?

好的。謝謝。關於 FFO 的分享指南，我們正在努力更好地了解這一點，這就是您來自真實狀態的所有貢獻，而不是其他平台投資產生的一些噪音。您是否仍然預計 OPI 約為 0 美元，或者現在更低，也許會被更好的房地產表現所抵消？

Greg, it's Brian. I think we now think the OPI contribution is going to be a 5-minus to 10-minus for the year but being offset by, you know, significant improvement in the real estate FFO explanation.

格雷格，這是布萊恩。我認為我們現在認為今年 OPI 的貢獻將是 5 至 10 負，但被房地產 FFO 解釋的顯著改善所抵消。

Okay.

好的。

Overall then we expect it to improve in the fourth quarter for sure.

總體而言，我們預計第四季度的情況肯定會有所改善。

Right. But I guess overall, I think my take is that the real estate business guidance would be increase of, if it were stand alone.

正確的。但我想總的來說，我的看法是，如果房地產業務指導是獨立的，那麼它將會增加。

Yeah, if you know, OPI is you're breaking up. I don't know if it's our phone or yours. But OPI has been a drag this year from an so point of view. Now, remember we essentially have four assets in OPI. Okay. We have our investment in RGG, we have our investment in Jamestown.

是的，如果你知道的話，OPI就是你們要分手了。我不知道這是我們的手機還是你的手機。但從這個角度來看，OPI 今年一直是個拖累。現在，請記住我們在 OPI 中基本上有四種資產。好的。我們對 RGG 進行了投資，並對 Jamestown 進行了投資。

We have our interest in SPARC and JC Penney, when you put it all together, we have positive EBITDA in those business, you know, of a meaningful amount. But again, when you own an interest in a retailer, you've got lots of depreciation, lots of expenses that end up hurting FFO but not necessarily the EBITDA Line.

我們對 SPARC 和 JC Penney 感興趣，當你把所有這些放在一起時，我們在這些業務中擁有積極的 EBITDA，你知道，這是一個有意義的數額。但同樣，當你擁有一家零售商的權益時，你會面臨大量折舊和大量費用，最終會損害 FFO，但不一定會損害 EBITDA 線。

So I just want everybody to put in that perspective. And again, I would also mention to you that, you know, our investment in both Penny and SPARC is de minimis at this point. You know, we have a little bit more investment in RGG and Jamestown. But the size of our company, is you know, you know, is the right thing to do.

所以我只是希望每個人都從這個角度來看。再次，我也要向您提一下，您知道，目前我們對 Penny 和 SPARC 的投資是微不足道的。你知道，我們對 RGG 和 Jamestown 的投資多了一點。但我們公司的規模，你知道，你知道，這是正確的做法。

So with that said, and Brian said in our call, well we are still not standing still on our retail side, which is Penny and SPARC. And I do think we'll have some positive announcements with respect to those businesses, near year end or early '25. So we're working hard on that. But the bottom line is, it has been a drag this year.

話雖如此，Brian 在我們的電話會議中表示，我們在零售方面（即 Penny 和 SPARC）仍然沒有停滯不前。我確實認為我們將在年底或 25 年初發布一些關於這些業務的積極公告。所以我們正在為此努力。但最重要的是，今年一直是個拖累。

Part of that drag was because we sold ABG. So we lost that income that we thought that we, when we gave you our budget, we weren't anticipating. We're extremely happy with that sale.

部分原因是我們出售了 ABG。因此，我們失去了當我們向您提供預算時我們認為沒有預料到的收入。我們對這次銷售非常滿意。

So that was the right thing to do at the right time. And, but so we tackled one opportunity, we're tackling the next. We view RGG and Jamestown as long-term investments at this point, obviously, that can change. But we view those as long term investments.

所以這是在正確的時間做正確的事。而且，我們抓住了一個機會，我們正在抓住下一個機會。目前，我們將 RGG 和 Jamestown 視為長期投資，顯然，這種情況可能會改變。但我們將這些視為長期投資。

And, again, so you know, and if you go back in history, which I think is important, you know, when we got into the retail business, it was the right thing to do at that particular time. You know, we are less.

再說一次，所以你知道，如果你回顧一下歷史，我認為這很重要，你知道，當我們進入零售業務時，在那個特定的時間做正確的事情。你知道，我們人少。

You know, given today's time, it's probably not the right thing to do. And that's why we haven't done a retail investment in a few years, four years. So we're smart, we get it, but we're focused in, you know, we have an investment that's worth something with no capital in it.

你知道，考慮到今天的時間，這可能不是正確的做法。這就是為什麼我們在幾年、四年內沒有進行零售投資。所以我們很聰明，我們明白，但我們專注於，你知道，我們有一個有價值的投資，但沒有資本。

So our job is to, is to make it better and that's what we're focused on. A little diver, a diversion from what you wanted. But I figured I'd give you the full story.

所以我們的工作就是讓它變得更好，這就是我們的重點。一個小潛水員，偏離了你想要的。但我想我應該給你完整的故事。

Okay. All the colors appreciated. Thank you.

好的。所有顏色都受到讚賞。謝謝。

No worries. Thanks.

不用擔心。謝謝。

Ron Kamdem, Morgan Stanley.

羅恩‧卡姆德姆，摩根士丹利。

Ron? Looks like we lost Ron.

羅恩？看來我們失去了羅恩。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

Hey, good morning, morning out there David. And yeah, I'll happy to coordinate with Tom and Steve on sitting in on one of those leasing sessions with you.

嘿，早安，早安，大衛。是的，我很樂意與湯姆和史蒂夫協調，與您一起參加其中一場租賃會議。

Well do it. You might, you'll either be fully impressed or you'll the detail might overwhelm you. So we'll see.

好吧，就這麼做吧。您可能會被深深打動，或者細節可能會讓您不知所措。所以我們拭目以待。

I look forward to being overwhelmed. So question David, just getting back to the commentary on the 96%-plus least performance of the portfolio and the comments that you've made about, you know, the opportunity in the malls. As you look at the bottom tier for a long time, you talked about the bottom 20% driving cash flow to reinvest in the top malls.

我期待著不知所措。所以問大衛，回到對投資組合 96% 以上表現最低的評論，以及你對商場機會的評論。當您長期關注底層時，您談到了底層 20% 的人推動現金流再投資於頂級購物中心。

But given how competitive the retail environment has become, lack of new supply. Are you seeing new opportunities in your bottom 20% of malls that previously you would have just harvested for cash flow? But because of the changing landscape, you now see opportunities that didn't exist a few years ago.

但考慮到零售環境的競爭已經變得多麼激烈，缺乏新的供應。您是否在排名靠後 20% 的購物中心中看到了新的機會，而以前您只能收穫現金流？但由於情況的變化，您現在看到了幾年前不存在的機會。

You know, that's a good that's a really interesting question and a good point, I think based on if you asked everybody on the last three days of you know, the mall portfolio, we absolutely, you know, not every asset in the bottom tier. And again, I don't like that phrase but you know, I'm going to use it anyway.

你知道，這是一個很好的問題，這是一個非常有趣的問題，也是一個很好的觀點，我認為根據你在過去三天詢問每個人的情況，商場投資組合，我們絕對，你知道，並不是底層的所有資產。再說一次，我不喜歡這個短語，但你知道，無論如何我都會使用它。

I would tell you if you talk to our team, you know, our leaders in that area, you know, John Murphy and Eric Satty, Rick [God love] him, still loves to, you know, go through it.

我會告訴你，如果你和我們的團隊交談，你知道，我們在該領域的領導者，你知道，約翰·墨菲和埃里克·薩蒂，里克[上帝愛]他，仍然喜歡，你知道，經歷這一切。

And John Ruly, etcetera, I would say to you, one of the real opportunities for this company is to improve the bottom 20. And because you're right, there's no new supply in those markets.

約翰·魯利（John Ruly）等等，我想對你們說，這家公司真正的機會之一是提高排名後 20 名的員工的水平。因為你是對的，這些市場上沒有新的供應。

You know, just like human nature, we always want to work on the [sexy] stuff, right? So I do think there's a real potential to improve that because in many cases, we're the only game in town and given lack of supply and our ability to reinvest, I do think we can make, you know, real strides in the bottom tier, you know, again, not every asset but you know, the majority plus of them. So that's a big focus going into '25 without question.

你知道，就像人性一樣，我們總是想從事[性感]的事情，對吧？所以我確實認為確實有改進的潛力，因為在很多情況下，我們是城裡唯一的遊戲，考慮到供應不足和我們再投資的能力，我確實認為我們可以在底部取得真正的進步再說一遍，不是所有資產，而是其中的大多數。因此，毫無疑問，這是進入 25 年的一大焦點。

Thank you.

謝謝。

Sure.

當然。

Floris van Dijykum, compass point.

Floris van Dijykum，羅盤點。

Good morning, guys. Thanks question on the leasing. By the way, I thought the response to Alex's question was fascinating by the way because we believe that, you know, the B malls or the lower quality malls financing might finally be coming back to that market now too.

早安，夥計們。謝謝關於租賃的問題。順便說一句，我認為對 Alex 問題的回答很有趣，因為我們相信，B 購物中心或品質較低的購物中心融資現在也可能最終回到該市場。

But maybe if you can talk about your [SNO] pipeline last quarter, you mentioned it was 250 basis points. How has that moved? I saw that Hermes just opened up its store in [FS]. And what percentage of that SNO pipeline is luxury in in your view? Is it is a meaningful and you know, are there other FS type luxury project plans in the portfolio going forward?

但也許您可以談論上個季度的 [SNO] 管道，您提到它是 250 個基點。那是怎麼移動的？我看到愛馬仕剛剛在[FS]。您認為 SNO 管道中奢侈品的比例是多少？這是一個有意義的項目嗎？

Yeah, let me, yeah, interesting question again and I would say I have it right in front of me or I used to it here. Okay, so we've executed 75 new luxury deals covering 208,000 square feet.

是的，讓我，是的，再次提出有趣的問題，我會說它就在我面前，或者我習慣在這裡。好的，我們已經執行了 75 筆新的豪華交易，佔地 208,000 平方英尺。

And we have another 47 out for signature. So that's kind of the total out there at this point. But again, we're increasing that, you know, every day as we speak. So yeah, we even though you know, the sales for certain brands has slowed in that area.

我們還有另外 47 份待簽名。這就是目前的總數。但同樣，我們每天都在增加這一點。所以，是的，即使你知道，某些品牌的銷售在該地區已經放緩。

They are continuing to commit and for us as you know, I mean, the build out and the and the time for those retailers to open is probably, you know, compared to kind of a traditional retailer is longer. So we've got a very impressive pipe on that with a lot of square footage that will open over the next few years and growing to this day.

他們正在繼續做出承諾，正如你所知，我的意思是，與傳統零售商相比，這些零售商的擴建和開業時間可能會更長。所以我們有一個非常令人印象深刻的管道，有很多平方英尺，將在未來幾年內開放，並不斷擴大到今天。

And Floris, the signed but not open. Number is about 300 basis point. And importantly, here though, as you've heard David talk about multiple times, this is about merchandizing mix. So this isn't all incremental. We're swapping out, underperforming retailers or better wet and we do have retailers making commitments well into the future in that number as.

還有弗洛里斯，已簽署但未公開。數字約300個基點。重要的是，正如您多次聽到大衛談論的那樣，這是關於商品組合的。所以這並不都是增量的。我們正在更換表現不佳的零售商或更好的零售商，我們確實有零售商對未來的數字做出了承諾。

Thanks guys.

謝謝你們。

Vince Tibone, Green Street.

文斯·蒂伯恩，格林街。

Hi, good morning. Could you provide some color on the cadence of stabilizations for the development and redevelopment pipeline specifically? If you could share, you know how much incremental NOI you're expecting in '25 from the pipeline on a net basis, you know, all the opening this year.

嗨，早安。能否具體介紹一下開發和再開發管道的穩定節奏？如果你能分享一下，你就知道你預計 25 年管道中的 NOI 增量會在淨基礎上增加多少，你知道，今年所有的開放。

Next offset by any, you know, disrupt or downtime with new projects. That would be, you know, super helpful for forecasting.

接下來，您知道，新項目的任何中斷或停機都會被抵消。你知道，這對預測非常有幫助。

Yeah, Vince, we think we're ultimately going to deliver about 30% of the portfolio investment in '25. So, you know, against the 8% on leverage yield. I think you can you get back into the estimated income contribution from that those data points.

是的，Vince，我們認為我們最終將在 25 年交付約 30% 的投資組合投資。所以，你知道，相對於 8% 的槓桿收益率。我認為您可以從這些數據點中重新了解估計的收入貢獻。

And is that like an average then or I think that is like 30% on average will stabilize because like stuff that you know, delivered the third quarter, for example, this year is obviously going to be, you know, creative to '25 just wanted to clarify that point.

那是平均水平嗎？這一點。

Yeah, I think that's a decent run rate for expectation relative to our development business about a third probably stabilizes.

是的，我認為相對於我們的開發業務來說，這是一個不錯的預期運行率，大約三分之一可能會穩定下來。

Great, that's helpful. And if I can squeeze in one more follow up, could you just provide a quick description of any, you know, mall redevelopment started in the quarter? I saw the spend increase some, but you know, no description in the release of the project.

太好了，很有幫助。如果我可以再進行一次跟進，您能否簡要描述一下本季開始的購物中心重建項目？我看到支出增加了一些，但你知道，項目發布中沒有任何描述。

So we started a [resay] project at Briarwood and we started a redevelopment at Tacoma. Those were the two big ones in the quarter that really that we added to the pipeline.

因此，我們在 Briarwood 啟動了一個 [resay] 項目，並在 Tacoma 啟動了重建項目。這些是本季我們真正添加到管道中的兩個大項目。

Great. Thank you.

偉大的。謝謝。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO 資本市場。

Good morning. Just given where we are with the election next week. Just curious on your thoughts on potential positives or negatives that could come out depending on which side wins and I guess specifically also what would be your view on tariffs? Is that positive or negative for Simon's business as a whole? Thank you.

早安.剛剛給出下週選舉的情況。只是好奇您對潛在的積極或消極的想法，這取決於哪一方獲勝，我想具體來說您對關稅的看法是什麼？這對西蒙的整個業務來說是積極還是消極？謝謝。

Well, look I am of the view that you that, CEO,'s, whether they're founders, you know, kind of like the way I feel or, you know, up through the ranks ought to stay out of politics. Okay.

好吧，我認為，首席執行官，無論他們是創始人，你知道，有點像我的感覺，或者你知道，高層應該遠離政治。好的。

That's not to say that they shouldn't lobby. Because, you know, there are a lot of things that go on in Washington that may affect the company and that's their job. So I'm go and I'm not here to endorse kind of take the Washington post view that, you know, that we have to be ready for all sorts of digital comes.

這並不是說他們不應該遊說。因為，你知道，華盛頓發生的很多事情可能會影響公司，而這就是他們的工作。所以我要走了，我來這裡並不是為了贊同《華盛頓郵報》的觀點，即我們必須為各種數位化的到來做好準備。

I do think because of, you know, that the, you know, the vitriol that's occurring, you know, and that's why we're cautious, you know, with respect to kind of our guidance for the fourth quarter is that it's an uncertain time, right. So, not only here domestically, and here globally.

我確實認為，因為，你知道，正在發生的尖酸刻薄，你知道，這就是為什麼我們對第四季度的指導持謹慎態度，因為這是一個不確定的因素時間，對了。因此，不僅在國內，而且在全球。

But, beyond that, I really am not going to get into that. I think the decision ought to be left to the, to individuals. People like me should stay out of trying to influence, you know, the people. The people are, what matter. And, you know, we'll see what happens.

但是，除此之外，我真的不會討論這個。我認為這個決定應該留給個人。像我這樣的人不應該試圖影響人民。人就是人，有什麼關係。而且，你知道，我們會看看會發生什麼。

We'll be prepared, you know, there's basically six potential outcomes, right? If I had to do it, right. You know, you could have a Democratic sweep, you could have a Republican sweep and then you can, I used to be able to do that, you know, but, you know, three times I think it's six, right? So, so you could have six possible outcomes.

我們會做好準備，你知道，基本上有六種潛在結果，對吧？如果我必須這樣做，對吧。你知道，你可以讓民主黨橫掃，你可以讓共和黨橫掃，然後你可以，我曾經能夠做到這一點，你知道，但是，你知道，三倍，我認為是六倍，對嗎？所以，你可能有六種可能的結果。

You know, we've got to be ready for all six. And I'm not going to tell you what outcome I want. I don't think it's my job.

你知道，我們必須為這六場比賽做好準備。我不會告訴你我想要什麼結果。我不認為這是我的工作。

I do think it's my job to lobby once we understand, you know, what's happening, like, you know, maybe on the de minimis rule or etcetera that hurts our retailers or hurts our, you know, consumer. But beyond that, you know, if I could be so, you know, I don't know, if I should say this sounds, you know, guys like me, who, who knows what guys like me means. But we ought to like just let the people decide without this overbearing influence from outside people that that's my personal kind of view. And we just need to be ready for six possible outcomes.

我確實認為，一旦我們了解正在發生的事情，例如，你知道，可能會傷害我們的零售商或傷害我們的消費者的最低限度規則等，遊說就是我的工作。但除此之外，你知道，如果我可以這樣，你知道，我不知道，如果我應該這樣說，你知道，像我這樣的人，誰知道像我這樣的人意味著什麼。但我們應該讓人民自己決定，不受外界影響，這是我個人的觀點。我們只需要為六種可能的結果做好準備。

Fair enough. Understood.

很公平。明白了。

Thanks, David.

謝謝，大衛。

Michael Goldsmith, UBS.

麥可‧戈德史密斯，瑞銀集團。

Good morning. Thanks a lot for taking my question. Maybe just tying some of the themes that we've heard from the call together. Your occupancy crossed 96%. You feel like there's more room to grow.

早安.非常感謝您提出我的問題。也許只是將我們從電話會議中聽到的一些主題聯繫在一起。您的入住率已超過 96%。你感覺自己還有更大的成長空間。

You're focused on merchandizing and being selective and it also looks like your expiring rights for '26 maturities are below '25 by 6% to 7%. So you can throw it together. Does that give you confidence or visibility to sustainable mid-single digit at a NOI growth over the next couple of years?

您專注於商品化和選擇性，而且看起來您的 '26 到期日的到期權利比 '25 到期的權利低 6% 到 7%。所以你可以把它放在一起。這是否讓您有信心或能看到未來幾年 NOI 可持續中個位數成長？

Hey Michael, it's Brian. Yes, we do believe that we will have the momentum in our NOI will continue. All of the things you highlighted are certainly part of it. Plus the investment of capital back into the business. As you've heard, David says, we will be opening up projects in '25, '26 and '27 but that there's going to be no new supply. So that is certainly going to support our growth as well.

嘿邁克爾，我是布萊恩。是的，我們確實相信我們的 NOI 將會繼續保持勢頭。您強調的所有內容肯定都是其中的一部分。再加上資本投資回企業。正如你所聽到的，大衛說，我們將在 25 年、26 年和 27 年開放項目，但不會有新的供應。因此，這肯定也會支持我們的成長。

Thank you very much.

非常感謝。

Linda Tsai, Jefferies.

琳達·蔡，杰弗里斯。

Thanks for taking my question. Can you provide some color on the quarter over quarter improvement in domestic and portfolio NOI and then how do you think about noy growth in '25 is an initial guidepost?

感謝您提出我的問題。您能否提供一些有關國內和投資組合 NOI 季度環比改善的信息，然後您如何看待 25 年的 NOI 增長作為初步指導？

Well, Linda, I think you know the quarter, we continue to see rent growth, occupancy growth, conversion of temp to perm. I think you see the quarter reflecting us executing on our business plan to a high degree. And as I just said, I think we carry that momentum into next year as we continue to execute.

好吧，琳達，我想你知道這個季度，我們繼續看到租金成長、入住率成長、臨時工向永久工的轉換。我認為這個季度反映了我們在很大程度上執行了我們的業務計劃。正如我剛才所說，我認為我們將在明年繼續執行這一勢頭。

Any color on '25 though, in terms of the same level, continuing?

不過，就同一水平而言，25 年的任何顏色都會繼續嗎？

Well, Linda, we give our guidance in February. So we'll update you at that point in time, but I do believe that we have momentum.

好吧，琳達，我們在二月給出我們的指導。因此，我們會及時向您通報最新情況，但我確實相信我們有動力。

Thank you.

謝謝。

Michael Mueller, JPMorgan.

邁克爾·穆勒，摩根大通。

Yeah, hi. Two questions, first. Do, do you think you'll see more acquisition opportunities over the next few years compared to what you've seen over the past, you know, 5 or 10? And then the second question on development redevelopment, what do you see is the average spend level for the next three years?

是的，嗨。首先有兩個問題。與過去相比，您是否認為未來幾年您會看到更多的收購機會，您知道，5 個或 10 個？然後是關於開發重建的第二個問題，您認為未來三年的平均支出水準是多少？

Yeah, I will. I'll answer, I'll let Brian take number two, but I'll answer one. I do listen, I think company like ours has been always structured, built, financed to buy high quality retail real estate, you know, is obviously been our primary focus.

是的，我會的。我會回答，我會讓布萊恩選第二，但我會回答第一。我確實聽著，我認為像我們這樣的公司一直都是為了購買高品質的零售房地產而建造、建造和融資的，你知道，這顯然是我們的首要關注點。

So it's hard to know whether it'll be similar to what we've done. But, you know, the last 5 or 10 years. But you know, there will be opportunities for us to grow. We really haven't done much of any acquisitions since the TRG deal, which was, you know, I can still remember that, you know, it was in the height of, well, it was a week, two weeks before COVID and then Bobby forgot to tell me he should have known because, you know, he has those assets in China, but he forgot to tell me about COVID.

所以很難知道它是否會與我們所做的類似。但是，你知道，過去 5 年或 10 年。但你知道，我們會有成長的機會。自從 TRG 交易以來，我們確實沒有進行太多收購，你知道，我仍然記得，你知道，當時正值，嗯，在新冠疫情爆發前一周、兩週，然後鮑比忘記告訴我他應該知道，因為他在中國擁有這些資產，但他忘記告訴我有關新冠病毒的事情。

But they worked out for everybody involved. But so it's really been a while that doesn't mean that we're not, you know, looking, paying attention to it, but we're being, very thoughtful about, what we would like to buy and at what price and I would tell you that's not going to change, but I do think there'll be opportunities as we go forward.

但他們為每個參與者都帶來了好處。但確實已經有一段時間了，這並不意味著我們沒有，你知道，沒有關注，但我們正在非常深思熟慮，我們想買什麼，以什麼價格購買，我會告訴你這不會改變，但我確實認為隨著我們的前進，將有機會。

But it's, again, it's hard to compare it to, you know, 5 or 10 years ago. But, but I do think over time will grow, you know, through acquisition. Go ahead on the pipe and.

但同樣，很難將其與 5 或 10 年前進行比較。但是，但我確實認為隨著時間的推移，透過收購將會成長。繼續管道和。

Michael, I think as you think about the development redevelopment pipeline, you heard David talk today about a $4 billion shadow pipeline, we've got 1.2 billion committed. You know, I think you're going to continue to see us committed for a billion and a half a year.

邁克爾，我想當你考慮重建開發管道時，你聽到大衛今天談到了 40 億美元的影子管道，我們已經承諾了 12 億美元。你知道，我想你會繼續看到我們在十億年半的時間裡所做的承諾。

That could [ebb] and flow by a couple of 100 million on either side, just given the size of the projects and the delivery of the projects. So we do see that level of investment available to us over the in the future.

考慮到專案的規模和專案的交付情況，雙方的資金可能會出現數億的波動。因此，我們確實看到了未來我們可以獲得的投資水準。

Great, appreciate it.

太好了，欣賞一下。

Thank you.

謝謝。

Ki Bin Kim, Truist Securities.

Ki Bin Kim，Truist 證券公司。

Good morning. Just going back to shop simon.com. Can you just provide some high level parameters on the progress you're making the traction you're gaining and also curious about the back end logistics side of it, if you're given the multiple brands we have, are the shipments being consolidated or is it still, you know, each individual retailer sending shipment?

早安.剛回到 simon.com 購物。您能否提供一些關於您所取得的進展的高級參數，以及您對後端物流方面的好奇，如果您擁有我們擁有的多個品牌，那麼發貨是否正在整合或你知道，還是每個零售商都在發送貨物嗎？

Yeah, just, I'll answer that first. I mean, look, we're early days and in using, shop Simon for delivery, you know, remember it's mostly a marketplace, but we think over time that'll be a service that we'll be able to offer through the shops sign and app or website. And I would say we've had remarkable growth in our GMD.

是的，只是，我先回答這個問題。我的意思是，看，我們還處於早期階段，正在使用西蒙商店進行送貨，你知道，記住它主要是一個市場，但我們認為隨著時間的推移，這將成為我們能夠通過商店提供的服務標誌和應用程式或網站。我想說的是，我們的 GMD 取得了顯著的成長。

We just rebranded it. So, you know, and I'm only hesitant because we do have a partner in that and I'm not sure I should disclose that to you. But we've got a meaningful growth in our GMV there.

我們剛剛重新命名了它。所以，你知道，我只是猶豫，因為我們確實有一個合作夥伴，但我不確定是否應該向你透露這一點。但我們在那裡的 GMV 取得了有意義的成長。

And now that we're going to use our brand and our, as Brian mentioned in his marks, you know, our 25 million email list and add loyalty, we think the there'll be more retailers on which will add to GMV which will add to the overall volume of the site.

現在我們將使用我們的品牌和我們的，正如布萊恩在他的標記中提到的，你知道，我們的2500 萬電子郵件列表並增加忠誠度，我們認為將會有更多的零售商增加GMV ，這將添加到網站的總體積。

So I'm just going to be cautious, Ki Bin then because, you know, we have a partner there. So the good news is we're making a lot of progress, and we've got real traction. We've got a number of retailers. I don't remember exactly, but Brian or Tom can tell you after the call. But I'll hold off on the GMV right now, you know, maybe at some point we'll be able to disclose that.

所以我會保持謹慎，Ki Bin，因為，你知道，我們在那裡有一個合作夥伴。所以好消息是我們正在取得很大進展，並且我們已經獲得了真正的牽引力。我們有許多零售商。我記不太清楚了，但布萊恩或湯姆可以在電話後告訴你。但我現在會推遲 GMV，你知道，也許在某個時候我們能夠透露這一點。

Okay, thank you.

好的，謝謝。

Our next question is from Ron Camden with Morgan Stanley.

我們的下一個問題來自摩根士丹利的羅恩·卡姆登。

Hey, just a quick one for me. Just looking at the sort of the domestic, NOI growth almost 5% which is pretty strong in the past. You sort of made some comments about next year, sort of hitting that 3% number, just curious to get some updating comments on what you're seeing on the ground and any sort of differentiation between the traditional mall and outlet business as well. Would be helpful.

嘿，對我來說只是一個快速的。僅看國內的情況，NOI 成長近 5%，這在過去相當強勁。您對明年做了一些評論，有點達到了 3% 的數字，只是好奇地想得到一些關於您在實地看到的情況以及傳統購物中心和奧特萊斯業務之間的任何差異的最新評論。會有幫助的。

Yeah, I listen, I think overall they're all kind of moving in that direction. So, I appreciate you trying to get us to disclose our '25 NOI growth. We will do so in February, we're just going through the phase of that now, which is, as I mentioned to you, we did the malls this week, we do the outlets in the mills next week.

是的，我聽著，我認為總的來說他們都在朝著這個方向前進。因此，我感謝您試圖讓我們揭露我們 '25 NOI 的成長情況。我們將在二月這樣做，我們現在剛剛經歷這個階段，正如我向你提到的那樣，我們本週在購物中心做了，下週我們在工廠做奧特萊斯。

But we're absolutely, you know, share that with you with our year-end earnings and early fed. But again, I think the momentum that we're seeing over the last couple of years continues that that's the important point.

但你知道，我們絕對會透過年終收益和提前聯準會與您分享這一點。但我再次認為，過去幾年我們看到的勢頭仍在繼續，這是重要的一點。

Thanks so much.

非常感謝。

Thanks Ron.

謝謝羅恩。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to David Simon for any closing comments.

謝謝。目前沒有其他問題。我想把發言權交還給大衛·西蒙，讓他發表最後的評論。

Okay. Thank you. I appreciate all the questions and interest and, we'll talk soon if we don't talk of a, you know, a good holiday season. Thank you.

好的。謝謝。我感謝所有的問題和興趣，如果我們不談論一個美好的假期，我們很快就會討論。謝謝。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。