西蒙地產 (SPG) 2025 Q2 法說會逐字稿

Greetings. Welcome to Simon Property Group second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

問候。歡迎參加西蒙地產集團 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Tom Ward, Senior Vice President, Investor Relations. Thank you, sir. You may begin.

現在我很高興介紹投資者關係高級副總裁湯姆沃德 (Tom Ward)。謝謝您，先生。你可以開始了。

Thank you, Sherry. Thank you for joining us this evening. Presenting on today's call are David Simon, Chairman, Chief Executive Officer and President; and Brian McDade, Chief Financial Officer. 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 related to those forward-looking statements.

謝謝你，雪莉。感謝您今晚加入我們。出席今天電話會議的有董事長、執行長兼總裁 David Simon 和財務長 Brian McDade。需要提醒的是，本次電話會議中所作的陳述可能被視為《1995 年私人證券訴訟改革法案》安全港所定義的前瞻性陳述，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。我們請您參閱今天的新聞稿和我們向美國證券交易委員會提交的文件，以詳細討論與這些前瞻性陳述相關的風險因素。

Please note that this call includes information that may be accurate only as of today's date. Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today's Form 8-K filing. Both the press release and the supplemental information are available on our IR website at investors.simon.com.

請注意，本次通話中包含的資訊可能僅截至今天為止是準確的。新聞稿和今天提交的 8-K 表格中的補充資訊包含了非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳。新聞稿和補充資訊均可在我們的 IR 網站 investors.simon.com 上找到。

Our conference call this evening will be limited to one hour. (Event Instructions)

我們今晚的電話會議將限制為一小時。（活動須知）

I'm pleased to introduce David Simon.

我很高興介紹大衛·西蒙。

Good evening, everyone. We delivered robust financial and operational results yet again for the second quarter. Occupancy gains, increased shopper traffic and higher retail sales volumes contributed to strong cash flow growth. We continue to enhance our real estate platforms through development -- redevelopment and acquisitions, including the purchase of our partners' interest in Brickell City Centre, a premier mixed-use property in Miami and its rapidly growing Central Business District.

大家晚上好。我們第二季再次取得了強勁的財務和營運表現。入住率的提高、購物者流量的增加以及零售額的提高促進了現金流的強勁增長。我們繼續透過開發、再開發和收購來增強我們的房地產平台，包括購買我們合作夥伴在布里克爾城中心的權益，布里克爾城中心是邁阿密及其快速發展的中央商務區的一處頂級混合用途地產。

Our focus remains on creating long-term value through disciplined investments and operational excellence that drive growth in cash flow, funds from operation and dividends per share which, yet again, we raised.

我們的重點仍然是透過嚴謹的投資和卓越的營運創造長期價值，從而推動現金流、營運資金和每股股息的成長，而我們再次提高了每股股息。

I'm now going to turn it over to Brian, who will cover our second-quarter results in more detail.

現在我將把時間交給 Brian，他將更詳細地介紹我們的第二季業績。

Good evening, and thank you, David. Real estate FFO was $3.05 per share in the second quarter compared to $2.93 in the prior year, 4.1% growth. Domestic and international operations had a very good quarter and contributed $0.21 of growth, driven by a 5% increase in lease income. As anticipated, lower interest income and higher interest expense combined for a $0.07 drag year over year.

晚上好，謝謝你，大衛。第二季房地產 FFO 為每股 3.05 美元，去年同期為 2.93 美元，成長 4.1%。本季國內和國際業務表現非常好，貢獻了 0.21 美元的成長，這得益於租賃收入成長 5%。正如預期的那樣，較低的利息收入和較高的利息支出合計導致同比下降 0.07 美元。

Domestic property NOI increased 4.2% year over year for the quarter and 3.8% for the first half of the year. Portfolio NOI, which includes our international properties at constant currency, grew 4.7% for the quarter and 4.2% for the first half.

本季國內房地產淨營業收入年增 4.2%，上半年年增 3.8%。投資組合淨營業利潤（包括以固定匯率計算的國際資產）本季成長 4.7%，上半年成長 4.2%。

We signed approximately 1,000 leases for more than 3.6 million square feet in the quarter with approximately 30% of our leasing activity for the quarter on new deals. Nearly 90% of our leases expiring through 2025 are complete, ahead of this time last year.

本季度，我們簽署了約 1,000 份租約，總面積超過 360 萬平方英尺，其中本季約 30% 的租賃活動來自新交易。在我們截至 2025 年到期的租約中，近 90% 已經完成，比去年同期提前完成。

The Malls and Premium Outlets ended the second quarter at 96.0% occupancy, up 10 basis points sequentially and 40 basis points year over year. The Mills achieved a record 99.3% occupancy, an increase of 90 basis points sequentially and 110 basis points from the prior year. Occupancy remains strong across the portfolio, overcoming retailer bankruptcies of approximately 1.8 million square feet this quarter.

購物中心和名牌折扣店第二季的入住率為 96.0%，比上一季成長 10 個基點，比去年同期成長 40 個基點。The Mills 的入住率達到創紀錄的 99.3%，比上一季增加了 90 個基點，比前一年增加了 110 個基點。整個投資組合的入住率仍然保持強勁，本季克服了約 180 萬平方英尺的零售商破產問題。

Average base minimum rent for the Malls and Outlets increased 1.3% year over year and the Mills increased 0.6%. The sales for Malls and Premium Outlets per square foot were $736 for the quarter. And occupancy costs at the end of the quarter were 13.1%, flat sequentially from Q1 of '25.

購物中心和奧特萊斯的平均最低基本租金年增 1.3%，而 Mills 的平均最低基本租金上漲 0.6%。本季購物中心和名牌折扣店每平方英尺的銷售額為 736 美元。本季末的入住成本為 13.1%，與 25 年第一季持平。

Second-quarter funds from operations were $1.19 billion or $3.15 per share, compared to $1.09 billion or $2.90 per share last year, 8.6% growth.

第二季營運資金為 11.9 億美元或每股 3.15 美元，去年同期為 10.9 億美元或每股 2.90 美元，成長 8.6%。

Second quarter results include a $0.21 per share noncash after-tax gain, primarily due to Catalyst Brands deconsolidation of Forever 21, in addition, better operational performance at Catalyst Brands compared to last year. And lastly, a $0.13 per share noncash loss in unrealized mark-to-market adjustments on our exchangeable bonds due to the outperformance of Klépierre's share price, which increased 8% during the second quarter.

第二季業績包括每股 0.21 美元的非現金稅後收益，這主要歸功於 Catalyst Brands 將 Forever 21 從合併範圍中剝離，此外，Catalyst Brands 的營運表現較去年同期有所改善。最後，由於 Klépierre 股價表現優異（第二季上漲 8%），我們的可交換債券未實現的市價調整導致每股非現金損失為 0.13 美元。

Now, turning to development. At the end of the quarter, development projects were underway across all platforms, with our share of net cost of $1 billion and a blended yield of 9%. Approximately 40% of net costs are for mixed-use projects.

現在，轉向發展。截至本季末，所有平台的開發項目均已啟動，我們的淨成本份額為 10 億美元，混合收益率為 9%。約 40% 的淨成本用於混合用途項目。

As David mentioned, we acquired our partner's interest in Brickell City Centre. Our $512 million investment includes the retail and parking components and is accretive. We now fully own and manage this highly productive center and look forward to enhancing operations with efficiencies in our leasing and management expertise to drive NOI growth.

正如大衛所提到的，我們收購了我們合作夥伴在布里克爾城中心的權益。我們的 5.12 億美元投資包括零售和停車部分，並且具有增值性。我們現在完全擁有並管理這個高效的中心，並期待利用我們的租賃和管理專業知識來提高營運效率，以推動 NOI 成長。

Turning to the balance sheet and liquidity. During the first half of the year, we completed 21 secured loan transactions totaling approximately $3.8 billion. The weighted average interest rate on these loans was 5.84%. And we ended the quarter with over $9 billion of liquidity.

轉向資產負債表和流動性。上半年，我們完成了 21 筆擔保貸款交易，總額約 38 億美元。這些貸款的加權平均利率為5.84%。本季末我們的流動資金超過 90 億美元。

Turning to the dividend. Today, we announced our dividend of $2.15 per share for the third quarter, a year-over-year increase of $0.10 or 4.9%. The dividend is payable September 30.

談到股息。今天，我們宣布第三季每股股息為 2.15 美元，年增 0.10 美元，增幅為 4.9%。股息將於 9 月 30 日支付。

Now, moving on to guidance. We are increasing our full-year 2025 real estate FFO guidance range to $12.45 to $12.65 per share, compared to $12.24 last year. This is an increase of $0.05 at the bottom end of the range and $0.03 at the midpoint.

現在，繼續指導。我們將 2025 年全年房地產 FFO 指引範圍上調至每股 12.45 美元至 12.65 美元，而去年為 12.24 美元。該範圍的底端增加了 0.05 美元，中間點增加了 0.03 美元。

With that, thank you, and David and I are now available for your questions.

謝謝您，我現在和 David 可以回答您的問題了。

(Operator Instructions) Jeff Spector, Bank of America.

（操作員指示）美國銀行的傑夫·斯佩克特。

Given them first, I'll keep it high level. So just given all the uncertainty, [ICSC] today, I guess, could you describe for us the leasing velocity you're seeing? Some of the demand may be a peak in to your last leasing meeting in terms of quantity, deal flow, and quality of the deals, please?

首先給予它們，我會保持高水準。因此，考慮到所有的不確定性，我想，今天[ICSC]您能否為我們描述您所看到的租賃速度？從數量、交易流程和交易品質來看，部分需求可能在您上次租賃會議上達到頂峰，是嗎？

Unabated. So you're right, Jeff, in the sense that the whole world and -- is uncertain, a lot of geopolitical stuff going on, obviously, a lot of domestic political stuff going on. New York City, thankfully, we're not at an investor in New York City, but obviously, a lot of political uncertainty in New York City. Tariff swings back and forth, interest rate uncertainty, you can name it.

有增無減。傑夫，你是對的，從某種意義上說，整個世界都是不確定的，很多地緣政治問題正在發生，顯然，許多國內政治問題正在發生。紐約市，值得慶幸的是，我們不是紐約市的投資者，但顯然，紐約市存在著許多政治不確定性。關稅波動、利率不確定，等等。

However, you have unbelievable stores that are in particular, they are able to manage that. And in addition, retail demand is really unabated. And the physical shopping environment continues to be the place to be.

然而，你們擁有令人難以置信的商店，他們能夠做到這一點。此外，零售需求確實有增無減。實體購物環境依然是人們最想去的地方。

So we're quite bullish about what we've done, what we are doing, where we are going despite all of the headlines that are out there, so unabated. And if you look at our 33-year almost track record, I kind of lap not -- I guess not to segue, but to segue.

因此，儘管外界有各種各樣的報道，但我們對我們已經做的事情、正在做的事情以及我們將要去的地方都非常樂觀。如果你看一下我們 33 年來的幾乎歷史記錄，我會發現，我有點不... 我想不是要過渡，而是要過渡。

Now, I kind of chuckle to myself in that some of our -- you read all these companies that are restructuring, well, now they're going to lease their properties better, now they're going to manage their balance sheet better. Now they're going to bring in new management, would be better.

現在，我有點暗自發笑，因為我們的一些人——你們讀到所有這些正在重組的公司，嗯，現在他們將更好地租賃他們的房產，現在他們將更好地管理他們的資產負債表。現在他們要引進新的管理階層，這樣會更好。

If you look at our particular little niche, we've had bankruptcies, we've had people that have bought companies that have overpaid to have to restructure their operations, wholesale management changes, restructuring of operations, just that together.

如果你看我們這個特定的小眾市場，我們經歷過破產，也經歷過有人購買了公司，這些公司支付了過高的費用，因此必須重組業務，進行全面的管理變革，重組業務，等等。

There's one group that's never done that, and that's us. And all we've done is run our business appropriately and we'll continue to do so. And it's something that I think investors and analysts in particular, Jeff, should point that out, you've never read about a Simon Property Group restructuring. Yes, we had to do some certain drastic things the deal with COVID and to deal with great financial crisis, but there's been no restructuring in this company, only things that have benefited shareholders.

有一個群體從來沒有這樣做過，那就是我們。我們所做的一切都是為了妥善經營我們的業務，我們將繼續這樣做。傑夫，我認為投資者和分析師尤其應該指出，你從未讀過西蒙地產集團重組的消息。是的，我們必須採取一些激烈的措施來應對 COVID 和巨大的金融危機，但這家公司沒有重組，只做了一些有利於股東的事情。

So the headline risks that are out there. They're real. Tenant demand is unabated, traffic is not (inaudible), sales are holding their own, and our properties are continuing to get better.

這就是主要的風險。它們是真實的。租戶需求有增無減，客流量沒有（聽不清楚），銷售維持穩定，我們的房產狀況持續改善。

Michael Griffin, Evercore ISI.

邁克爾·格里芬（Michael Griffin），Evercore ISI。

Maybe just diving into that tenant demand piece a bit more. It probably seems like the national retailers and concepts have a greater footing or clarity around their real estate footprint needs. But for maybe some of those smaller tenants, maybe those mom-and-pop local concepts, are you still seeing strong demand from those as well? David, you touched about kind of across the board demand, but just curious if you can kind of bifurcate those two pieces.

也許只是更深入地了解租戶需求部分。看起來，全國零售商和概念對於其房地產足跡需求有更深入的了解或更清晰的認識。但對於一些較小的租戶，也許是那些夫妻店之類的本地概念店，您是否仍然看到來自它們的強勁需求？大衛，你提到了全面的需求，但我好奇你是否可以將這兩個部分分開。

Yeah. You're right. Last quarter, I did express my concern about that segment given how tariffs might affect them and their cost of goods. But -- it's -- they're doing -- they're beating their plans so far this year. So it's all systems go there.

是的。你說得對。上個季度，我確實表達了對該部門的擔憂，因為關稅可能會影響他們及其商品成本。但是 — — 他們正在做 — — 今年到目前為止他們已經超額完成了計劃。所以所有系統都運行到那裡。

I'm sure there's trepidation, but they're I think they're managing it as best they can. I still think the full story, obviously, given the volatility has not been written. But we're not seeing it in demand and that's a particular business that is sensitive to moms-and-pops continues to perform well. So we're more optimistic about that segment than I was last quarter. But like I said, it is something that we're watching closely.

我確信他們有恐懼，但我認為他們正在盡力應對。顯然，鑑於波動性尚未寫出完整的故事，我仍然認為。但我們並沒有看到它的需求，而且對夫妻店敏感的特定業務仍然表現良好。因此，我們對該部分比上個季度更加樂觀。但正如我所說，這是我們正在密切關注的事情。

Caitlin Burrows, Goldman Sachs.

凱特琳·伯羅斯，高盛。

Maybe just on the acquisition side, you guys were active in the first half with acquisitions, which was exciting to see. So I was wondering if you could talk a little bit more about the upside you see at Brickell, and then more broadly, to what extent other acquisition opportunities seem to exist for Simon today, either from JV partners or otherwise?

也許僅在收購方面，你們在上半年積極進行收購，這是令人興奮的。所以我想知道您是否可以再多談談您在 Brickell 看到的優勢，然後更廣泛地說，目前 Simon 似乎還存在多少其他收購機會，無論是來自合資夥伴還是其他方式？

Sure. Well, Brickell is a really good asset that long term will be great. Miami, Caitlin, I'm sure you're familiar with it. We're in the Central Business District, there's no real retail that can be built in that because of the traffic of Miami, it's kind of its own submarket. And even though there's a lot of retail generally in Miami, just because of the traffic and the population density and the tourism, it is really -- you can have a number of properties that flourish.

當然。嗯，Brickell 確實是一筆很好的資產，從長遠來看會很棒。邁阿密，凱特琳，我相信你對這裡很熟悉。我們位於中央商務區，由於邁阿密的交通，那裡無法建造真正的零售店，它就像是一個自己的子市場。儘管邁阿密的零售業總體上有很多，但由於交通、人口密度和旅遊業的原因，確實可以擁有許多蓬勃發展的物業。

And Central Business District, you see what Citadel is doing there. I still think you'll see a continuation of New York and Chicago companies moving there. So the job prospects are great. And Brickell in itself feels and attracts a lot of international customers and tourisms, it's got the hotels, it's got the night life, and we just think the asset is going to get better and better and there will be more development around it that will continue to fuel its growth.

在中央商務區，您可以看到 Citadel 在那裡做什麼。我仍然認為你會看到紐約和芝加哥的公司繼續遷往那裡。因此就業前景很好。布里克爾本身就吸引大量的國際客戶和遊客，這裡有飯店，有夜生活，我們認為這項資產會越來越好，周圍會有更多的發展，繼續推動它的成長。

When we bought it on a very accretive basis, we bought it at a higher cap rate than the strip centers that are being sold today. Strip centers that are subject to probably easier competition, easier to build. And Brickell, we bought it at below its replacement cost by far. It hasn't even had its first rollovers of rents. And again, I think we'll do -- now this is our core business. So I think we'll do better leasing and managing the asset. So we're very excited about Brickell as we are with them all.

當我們以非常增值的方式購買它時，我們以比今天出售的商業街中心更高的資本化率購買了它。商業街中心可能更容易受到競爭，也更容易建造。至於布里克爾，我們買下它的價格遠低於其重置成本。它甚至還沒有進行第一次租金展期。再說一次，我認為我們會這樣做——這是我們的核心業務。所以我認為我們會更好地租賃和管理資產。因此，我們對 Brickell 感到非常興奮，就像我們和他們所有人一樣。

And we're working on a few other things that we're able to do, and I mentioned this before, we're working on some other interesting things that we're able to do because we've never gone through a restructure. Oh, great, it's great to buy them all because you haven't bought anything in a decade.

我們正在做一些我們能夠做的其他事情，我之前提到過，我們正在做一些我們能夠做的其他有趣的事情，因為我們從未經歷過重組。哦，太好了，把它們都買下來真是太好了，因為你已經十年沒有買過任何東西了。

Well, that's never been us. And so we'll keep finding opportunities where we can grow our platform, but we're going to be picky on what we buy and what we want to do but we're able to do it because this company doesn't need to sell a bunch of assets, doesn't need to bring in a new management team, it doesn't need to downsize its platform. It doesn't need to do it because it's outperformed over a 30-plus-year period that no one else has done. So we're hopeful that a couple of more things will get announced this year, and they'll be accretive, will add to our platform, and that we'll be able to manage them better so we'll be able to grow our cash flow.

嗯，我們從來都不是這樣的。因此，我們會繼續尋找機會發展我們的平台，但我們會挑剔我們購買什麼和我們想做什麼，但我們能夠做到這一點，因為這家公司不需要出售大量資產，不需要引入新的管理團隊，也不需要縮小其平台規模。它不需要這樣做，因為在過去 30 多年裡，它的表現一直很出色，而其他任何人都沒有做到過。因此，我們希望今年能宣布更多的事情，它們將會帶來增值，將擴充我們的平台，並且我們將能夠更好地管理它們，從而能夠增加我們的現金流。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Just continuing on --

繼續--

We're actually in New York City. That's why I brought up the New York City comment.

我們實際上在紐約市。這就是我提出紐約市評論的原因。

Okay. Well, then you're just down the train line from us here in Greenwich. So hopefully, you're enjoying in the city.

好的。嗯，那你就在格林威治，沿著火車線走了。希望您在這座城市過得愉快。

So a question, just following up on Caitlin's question on externals. For quite a long time, you've been reiterating to us that you see more investment potential in your existing portfolio versus externally.

所以我有一個問題，只是跟進凱特琳關於外部的問題。很長一段時間以來，您一直在向我們重申，您認為現有投資組合比外部投資組合具有更大的投資潛力。

So if Tom will forgive me for a two-parter. One, what is the return threshold the gap that you need when you go externally versus ability to reinvest internally in your existing? And two, it does seem like we're on the cusp of a mall transaction wave, where capital is starting to flow back to malls across the spectrum. And just sort of curious if, in your view, this is going to set up like a repeat that we had in the, I guess, late '90s, early 2000s when there was suddenly within a few years, this massive mall trade. So wondering if you're foreseeing that.

所以如果湯姆能原諒我寫兩個部分的話。第一，當你進行外部投資時，你需要的回報門檻與你現有的內部再投資能力之間的差距是多少？其次，我們似乎正處於購物中心交易浪潮的風口浪尖，資本開始回流到各個購物中心。我只是有點好奇，在您看來，這是否會像我們在 90 年代末、21 世紀初所經歷的那樣，在短短幾年內就突然出現了大規模的購物中心貿易。所以想知道您是否預見了這一點。

So that's my two-parter. Forgive me, Tom.

這就是我的兩部分內容。原諒我，湯姆。

Well, you don't have to, Tom. You don't have to ask for forgiveness from Tom. He's a very nice man. He'll give you a free pass, Alex.

好吧，你不必這麼做，湯姆。你不必向湯姆請求原諒。他是個非常好的人。他會給你免費通行證，亞歷克斯。

So look, I think a lot goes into acquisitions, and it's not an either or thing. I think we have, as you know, Alex, the balance sheet, the firepower to do both. And the development process, i.e., or the redevelopment process takes years to do, right? So take [Brickell] is under construction and we had to buy the Sears store, to get approvals. We have -- we're about to start on multifamily. That's over three-year process. So it's not like suddenly the money just goes out day one. So we've never had this dilemma that you're suggesting where it's an either/or.

所以，我認為收購涉及很多方面，並不是一件非此即彼的事。正如亞歷克斯你所知，我認為我們擁有資產負債表和火力來同時完成這兩件事。而開發過程，或者說再開發過程要花數年時間，對嗎？就拿正在建造中的 [Brickell] 來說，我們必須買下西爾斯商店才能獲得批准。我們即將開始多戶住宅業務。這是一個為期三年多的過程。所以這並不是說第一天錢就突然用完了。所以我們從來沒有遇過您所說的這種非此即彼的困境。

And I think from a math point of view, we look at it kind of the similar basis. Do we -- are we buying it when we're redeveloping or developing or recreating net asset value. So if it's a mall, is the redevelopment yield higher than where that asset might trade, what does it do to the overall asset's growth rate of cash flow. A lot goes into that, but that's the basics.

我認為從數學的角度來看，我們以類似的基礎來看待它。我們是否在重新開發、開發或重建淨資產價值時購買它？因此，如果它是一個購物中心，那麼重建收益率是否高於該資產可能交易的收益率，它對整體資產的現金流量成長率有何影響。這其中涉及很多內容，但這些是基礎。

And then on an acquisition, it's a little bit of the same thing with our expertise, what does it do for the platform, does it deepen our relationships with the retailers, are we buying it under replacement cost, and as we -- and when we look back, will it be accretive to NAV. And so you have to take a little bit longer-term view on that. But it's not -- it has not created this situation where we can't do both. And so our goal is to continue to do both and to push to do both.

然後，在收購方面，這與我們的專業知識有點相似，它對平台有什麼作用，它是否加深了我們與零售商的關係，我們是否以重置成本購買它，當我們回顧時，它是否會增加資產淨值。所以你必須從更長遠的角度來看待這個問題。但事實並非如此——它並沒有造成我們無法同時做到這兩點的情況。因此，我們的目標是繼續同時做到這兩點，並努力做到這兩點。

And the reason we haven't done as many acquisitions as we really have been product and price-sensitive, and will continue to be product and price-sensitive because we can't create NAV without focusing on the product and the price sensitivity. So as my -- I'm on the Board of Apollo, and not to quote Marc Rowen, but I'll go ahead and quote him, purchase price matters, okay? So it does. So -- and we're very focused on that. So rest assured, when we buy something, we vetted the price. Really vetted the price.

我們之所以沒有進行那麼多收購，是因為我們真的對產品和價格很敏感，而且我們將繼續對產品和價格很敏感，因為如果不關注產品和價格敏感度，我們就無法創造資產淨值。所以作為我的——我是阿波羅董事會成員，不是引用馬克·羅文的話，而是引用他的話，購買價格很重要，好嗎？確實如此。所以——我們非常關注這一點。所以請放心，當我們購買東西時，我們會審查價格。確實審查了價格。

So going to your next thing, I'm not sure about whether there's going to be the huge mall transactions. I think you'll have other players come in buying maybe not necessarily A properties, but a lot of Bs because the reality is you can make -- you can -- we're stable and you can create a nice arbitrage and manage them or lease them and improve them.

那麼說到你的下一個主題，我不確定是否會有大量的商場交易。我認為會有其他參與者進來購買，不一定是 A 級房產，而是很多 B 級房產，因為現實情況是，你可以賺到 — — 你可以 — — 我們是穩定的，你可以創造良好的套利並管理它們或租賃它們並改善它們。

And they are a lot stickier than then people believe because most malls, Alex, I hate to break it to you, but most in close models are 30 to 50 years old. And yet, despite the media and naysayers, the -- and that's not to say there hasn't been a significant amount of obsolescence, but most of them are here today, still fighting a pretty good battle. And despite a lot of things not going their way.

而且它們的黏性比人們想像的要大得多，因為大多數商場，亞歷克斯，我不想告訴你，但大多數近距離模特兒都有 30 到 50 年的歷史了。然而，儘管媒體和反對者持反對態度，但這並不是說沒有大量的過時產品，而是大多數產品今天仍然存在，並且仍在奮力拼搏。儘管很多事情並不如他們所願。

So I think there'll be more trades, but I'm not sure this will be this huge wave of transactions. I don't know, Brian, you can weigh in if you want, but that's kind of just some random rambling thoughts, Alex, you can comment. I will let Tom give you another pass, you can comment on my comments, while Brian is contemplating whether he won't want to add anything to it. So your turn --

所以我認為會有更多的交易，但我不確定這是否會是一波巨大的交易浪潮。我不知道，布萊恩，如果你願意的話你可以發表意見，但這只是一些隨機的漫無目的的想法，亞歷克斯，你可以發表評論。我會讓湯姆再給你一次機會，你可以對我的評論發表評論，而布萊恩正在考慮是否不想添加任何內容。輪到你了--

No, I'm going to defer to others who want to ask. That was very thorough. So thank you, David.

不，我要聽從其他想要提問的人的意見。那非常徹底。所以謝謝你，大衛。

Brian?

布賴恩？

Nothing to add, you covered it.

沒什麼好補充的，你已經說完了。

Craig Mailman, Citi.

花旗銀行的克雷格‧梅爾曼 (Craig Mailman)。

Wanted to maybe circle back on some of the themes of the earlier questions, David. Just a lot has happened in the last 90 days and last quarter. Your message was a little bit more realistic, I think, in the face of uncertainty and Brian kind of focused us to the midpoint of guidance. Fast forward 90 days, maybe there's been a little bit less fallout than would have expected, you guys raised the low end. Would you still kind of point us to that midpoint of guidance? Maybe update us on your views today of how you're feeling about the macro? And are you concerned about any lingering effect of policy or geopolitical happenings kind of weighing on 2026 growth?

大衛，我想回顧一下之前問題的一些主題。過去 90 天和上個季度發生了很多事情。我認為，面對不確定性，您的訊息更加現實一些，而 Brian 將我們的注意力集中在指導的中間點。快進 90 天，也許影響比預期的要小一些，你們提高了低端。您還能向我們指出指導的中間點嗎？也許今天您可以向我們更新您對宏觀的看法？您是否擔心政策或地緣政治事件的持續影響會對 2026 年的成長產生影響？

Well, I'll let Brian kind of -- I'll be less verbose than I was with Alex. I will say unquestionably, even though we raised the bottom end, I mean, we're still very cautious about the economic environment. We have to, right? I mean, tariffs on our real cost of doing business and they're changing consistently, right? The only consistent thing about tariffs is that they've been consistently changing, right?

好吧，我會讓布萊恩有點——我會比和亞歷克斯說話時更少說話。我可以毫不懷疑地說，儘管我們提高了底線，但我們對經濟環境仍然非常謹慎。我們必須這麼做，對吧？我的意思是，關稅會影響我們實際的經營成本，而且它們不斷變化，對嗎？關稅唯一不變的是它們一直在不斷變化，對嗎？

So -- and in the cost of doing business, ultimately, who pays that cost. Is it the consumer? There's only -- first of all, it's the domestic company that imports, right? So they start with the cost pain, and you can see it by Ford and a number of other companies that said it's going to cost me $800 million or $1 billion. And then the next question is, can the suppliers chip in and ultimately the consumer. And I think most companies are kind of working that next step or two through.

所以——在經營成本中，最終由誰來支付這筆成本。是消費者嗎？只有──首先，進口的是國內公司，對嗎？因此，他們從成本痛點開始著手，你可以從福特和其他一些公司看到，他們說這將花費我 8 億美元或 10 億美元。接下來的問題是，供應商以及最終消費者能否參與其中。我認為大多數公司都在努力實現下一步或兩步。

So in that scenario, it is hard for us not to be cautious. And obviously, from just pure retail, are they going to are they going to be more cautious on buying than they might not otherwise be for tariffs. At the same time, the US economic landscape looks -- I mean, I don't have to tell you how much money in capital is planning to be spent in the US. That's a huge driver of GDP.

因此，在這種情況下，我們很難不謹慎。顯然，從純零售的角度來看，他們在購買時是否會比在關稅問題上更謹慎？同時，美國的經濟狀況看起來——我的意思是，我不需要告訴你計劃在美國投入多少資本。這對 GDP 來說是一個巨大的推動力。

I don't think it will be all that's out there, all that's announced, but there's going to be a huge driver of GDP growth. The ultimate ramifications of those investments are uncertain, but that's several years down the road, I believe.

我不認為這會是目前為止公佈的全部內容，但它將成為 GDP 成長的巨大推動力。這些投資的最終影響尚不確定，但我相信那還需要幾年的時間。

So we're optimistic about the growth profile of the US. But I mean, it's -- there's a lot of variabilities that all companies are dealing with. So again, I said I wouldn't give you a long winded, it turns out that I was. But -- so I think the bottom line is we'll be a little more cautious.

因此我們對美國的成長前景持樂觀態度。但我的意思是，所有公司都面臨著許多變化。所以，我再說一遍，我不會給你長篇大論，事實證明我是這樣的。但是——所以我認為底線是我們會更加謹慎。

I think '26 actually to me, might feel better only because by then, you'll know the tariffs, the tariffs could be a one-time cost that between the suppliers and the tenders or the importers, you've kind of figured out who's going to pay for it, and it will surface and then you'll be able to go forward and operate the business. So I don't think '26 will have this kind of volatility from the tariff scenario, and it actually could look better.

我認為 26 年實際上對我來說可能會感覺更好，因為到那時，你會知道關稅，關稅可能是供應商和投標人或進口商之間的一次性成本，你已經弄清楚誰來支付它，它就會浮出水面，然後你就可以繼續經營業務。因此，我認為 26 年的關稅情況不會出現這種波動，而且情況實際上可能會更好。

Brian?

布賴恩？

Craig, I guess all I would add to that is, as you look at kind of what we did for guidance, certainly, looking back over history, it is not -- we traditionally will bring up the bottom end of our range at this point in the year after seeing the first six months. Occupancy is up, FFO is up, so I think we're cautiously optimistic to David's point for the balance of the year.

克雷格，我想我要補充的是，當你看到我們為指導所做的工作時，當然，回顧歷史，事實並非如此 - 我們傳統上會在看到前六個月之後，在今年的這個時候提高我們的範圍的底端。入住率上升了，FFO 也上升了，所以我認為我們對 David 對今年餘額的觀點持謹慎樂觀的態度。

Michael Goldsmith, UBS.

瑞銀集團的麥可‧戈德史密斯。

David, I think you've mentioned increased shopper traffic on the call twice now. So are you able to quantify what you're seeing? And is there any difference in the traffic growth between mall and outlet or any other way that you can segregate it with the goal of trying to understand if the consumer is -- if there's any trends for the consumers at different price points?

大衛，我想你已經在電話中兩次提到增加購物者流量了。那麼你能量化你所看到的東西嗎？購物中心和奧特萊斯之間的客流量成長是否存在差異，或者您可以透過其他方式將其區分開來，試圖了解消費者——不同價位的消費者是否有任何趨勢？

Yeah. It's -- our traffic is up 1.5%. So that's the number. I would still -- we're not operating on all cylinders and where we see a little bit of sales and traffic weakness or order, these assets are still great, so don't get me wrong. But generally, they provide pretty healthy sales growth. But right now, they're relatively flat.

是的。我們的流量增加了 1.5%。這就是數字。我仍然會——我們並沒有全力以赴地運營，雖然我們看到銷售和流量略有疲軟或訂單，但這些資產仍然很棒，所以請不要誤會我的意思。但總體而言，它們的銷售成長相當健康。但目前，它們相對平穩。

But I would say the softness at least based upon historical results has been assets on -- and it doesn't really matter whether it's an outlet or a full price mall, but it's assets that are on the border, north or south, okay? It's almost irrelevant, whether it's Canadian border or the Mexican border.

但我想說，至少根據歷史結果來看，疲軟是資產的表現——無論是奧特萊斯還是全價購物中心，都並不重要，重要的是位於邊境的資產，無論是北部還是南部，好嗎？無論是加拿大邊境還是墨西哥邊境，這幾乎無關緊要。

And so from a sales and traffic point of view, we're not hitting on all cylinders because those -- that freedom of going back and forth to shop or whatever is restricted. And I would also say we're not seeing the benefit that normally you might see from a weaker US dollar vis-à-vis the euro or certain other currencies as the international tourists is not growing or flat lining in terms of people, the way you might see historically.

因此，從銷售和客流量的角度來看，我們並沒有全力以赴，因為往返購物或做其他事情的自由受到了限制。而且我還想說，我們並沒有看到美元兌歐元或某些其他貨幣走弱所帶來的好處，因為國際遊客數量並沒有像歷史上那樣增長或持平。

So those kind of tourist-oriented centers are not -- again, they're great centers. So they have a high bar to achieve. But they're not the -- hopefully being articulate, but they're not outperforming like they always do for us. We're kind of in line. So therefore, we're not, in my opinion, not performing at the highest level because those great properties order, north-south tourism are kind of operating within the normal portfolio performance. Makes sense? Do you want to stand on the same?

所以那些以旅遊為導向的中心不是——再說一遍，它們是很棒的中心。因此他們要達到的目標很高。但他們並不是——希望他們能夠表達清楚，但他們的表現並不像我們一直以來那樣出色。我們有點排隊。因此，我認為我們的表現並沒有達到最高水平，因為那些優質的房地產、南北旅遊業都在正常的投資組合表現範圍內運作。有道理嗎？你想站在同樣的高度嗎？

Absolutely. Thank you.

絕對地。謝謝。

Floris van Dijkum, Ladenburg Thalmann.

弗洛里斯·範·迪庫姆，拉登堡·塔爾曼。

David, maybe if you could comment on last -- I think last quarter, I asked about your [FFO] pipeline of being around 300 basis points. And as I look at your portfolio, your Mills assets are 99.3% leased or something like that. Is this getting to be the new normal on the supply-constrained market? I did notice your TRG assets saw a drop, but the rents were up markedly. Maybe if you can talk a little bit about where the greatest growth potential is in your view, in between the various segments of your portfolio?

大衛，也許您可以評論一下上個季度的情況——我記得上個季度，我詢問過您的 [FFO] 頻道大約是 300 個基點。當我查看您的投資組合時，我發現您的 Mills 資產有 99.3% 是出租的，或類似的比例。這會成為供應受限的市場的新常態嗎？我確實注意到您的 TRG 資產有所下降，但租金卻大幅上漲。您是否可以稍微談談您認為您的投資組合中各個部分的最大成長潛力在哪裡？

If you could maybe expand on that. And then maybe update on the SNO pipeline as well, please?

如果你能詳細闡述一下的話。然後也許也可以更新 SNO 管道，好嗎？

So Floris, I'll start with the SNO. It's a 340 basis points at the end of the quarter. As we think about -- and you've heard us talk about occupancy, it's the optimization of that occupancy is where we're kind of at in the weight of the cycle now. And so it's really finding merchandise mix and finding tenants that make us -- the properties better. And so there will be more of that replacement of existing tenants with new tenants going forward that's really going to drive the performance of the portfolio.

那麼 Floris，我將從 SNO 開始。本季末為 340 個基點。正如我們所想的——您也聽過我們談論入住率，入住率的優化正是我們現在在周期重心所在。因此，真正重要的是找到商品組合和租戶，這樣才能讓我們的房產變得更好。因此，未來將會有更多的新租戶取代現有租戶，這將真正推動投資組合的表現。

And it's across all of our asset classes. So the Mills is still even in a high occupancy, the tenant demand is still strong, and we're able to replace underperforming tenants, and I think you said the same across the outlet and the Mills businesses -- I mean, excuse me, the outlets and the Malls businesses as well.

它涵蓋了我們所有的資產類別。因此，米爾斯的入住率仍然很高，租戶需求仍然強勁，我們能夠替換表現不佳的租戶，我想您所說的情況對於奧特萊斯和米爾斯業務也是如此——對不起，我的意思是奧特萊斯和購物中心業務也是如此。

Yes. And (inaudible) no, there's -- TRG, no real -- it's a smaller portfolio, so swing here and there has a bigger impact, couple Forever 21. So as Brian mentioned in the text, we lost a million square feet in bankruptcy, 1.7 million of that was Forever 21, that has a bigger impact on a smaller portfolio. And that's really what transpired at the TRG level.

是的。而且（聽不清楚）沒有，有－TRG，沒有真正的－它是一個較小的投資組合，所以在這裡和那裡波動有更大的影響，還有 Forever 21。正如 Brian 在文中提到的那樣，我們在破產中損失了 100 萬平方英尺的空間，其中 170 萬平方英尺是 Forever 21 的，這對較小的投資組合影響更大。這正是 TRG 級別上發生的事情。

And in terms of occupancy, is 99% your goal now internally? Do you think you can get back to the other platforms as well?

就入住率而言，目前你們的內部目標是達到 99% 嗎？您認為您也可以重返其他平台嗎？

I mean, I don't want every space leased about with the highest productive tenant. I think it's an interesting tidbit, 99.3%. I don't get excited about it one way or another. Next quarter to be 99.5% or it could be 99.1%. I think neither here or there, okay? You're doing -- the team is doing a good job, I'll give them a pat on the back.

我的意思是，我不希望每個空間都租給生產效率最高的租戶。我認為這是一個有趣的趣聞，99.3%。無論如何，我對此並不感到興奮。下個季度將達到 99.5% 或可能是 99.1%。我認為兩者都不是，好嗎？你做得——團隊做得很好，我會給他們一點鼓勵。

Vince Tibone, Green Street Capital Markets.

文斯‧蒂博內 (Vince Tibone)，綠街資本市場 (Green Street Capital Markets)。

I was a bit surprised, Simon, was not more active acquiring JCPenney boxes from Copper Property Trust, like just big picture, can you discuss how you're currently thinking about the importance of owning and controlling additional anchor boxes at your centers and how that -- how your appetite to acquire these may vary based on center quality, near-term redevelopment prospects. I love to pick your brain on that topic.

我有點驚訝，西蒙，沒有更積極地從 Copper Property Trust 收購 JCPenney 盒子，就像大局一樣，您能否討論一下您目前如何看待擁有和控制中心額外錨盒的重要性，以及那 - 您收購這些的興趣可能會根據中心質量、近期重建前景而變化。我很想就這個主題徵求您的意見。

Yeah. Well, again, this is a complicated matter, so I'm not going to talk about it specifically, but it's really up to Catalyst. We don't have any particular right to buy, it's really up to Catalyst may or -- it has the right to buy it, I'm not going to really get into that scenario. What happens, we've been very active on buying boxes and redeveloping our centers. I think everybody knows that.

是的。好吧，再說一次，這是一個複雜的問題，所以我不會具體談論它，但這確實取決於 Catalyst。我們沒有任何特殊的購買權，這實際上取決於 Catalyst 是否有權購買，我不會真正陷入這種情況。實際情況是，我們一直非常積極地購買箱子並重建我們的中心。我想每個人都知道這一點。

But as I said earlier, purchase price matters, and we are very focused on paying the right price on any given particular scenario. But again, you got to be careful this going from what [PropCo] is selling to Simon Property Group.

但正如我之前所說，購買價格很重要，我們非常注重在任何特定情況下支付正確的價格。但是，再次強調，你必須小心謹慎，因為 [PropCo] 正在向 Simon Property Group 出售產品。

There's a company called Catalyst that operates those stores. We're a shareholder in it, and it's a complex matter. And beyond that, other than to say we've been very active in buying boxes since all the various restructurings that are going on, but we're going to pay the right price.

有一家名為 Catalyst 的公司負責經營這些商店。我們是其中的股東，這是一個複雜的問題。除此之外，自從進行各種重組以來，我們一直非常積極地購買盒子，但我們會支付合理的價格。

Now that -- just maybe to summarize and confirm, is it kind of fair to summarize that it seems like there's probably more complexities in this structure versus this is not an indication that Simon is less interested in buying anchor boxes or the appetite has changed. I mean that's kind of what I read through, but I just want to kind of confirm that's a fair category --

現在——也許只是為了總結和確認，這樣總結是否公平，似乎這個結構可能更加複雜，而這並不表明西蒙對購買錨盒不太感興趣，或者胃口發生了變化。我的意思是，這就是我讀過的內容，但我只是想確認這是一個公平的類別--

You can confirm -- first of all, it's really -- as a relationship with PropCo, which is Catalyst. We have no relationship, we, Simon Property Group, has no relationship with PropCo. So we have a relationship with Catalyst because they're -- in some cases, they're a tenant to us. In some cases, they're not a tenant to us, but they operate a JCPenney store in our malls.

您可以確認—首先，它確實與 PropCo（即 Catalyst）有關係。我們沒有任何關係，我們西蒙地產集團與 PropCo 沒有任何關係。因此，我們與 Catalyst 建立了合作關係，因為在某些情況下，他們是我們的租戶。在某些情況下，他們不是我們的租戶，但他們在我們的商場經營 JCPenney 商店。

So you can't go from whatever the name of that -- Copper Retail to Simon Property. You can't make that link and say, oh, Simon is not interested in the boxes. Would I be interested in all the PropCo boxes? No, not necessarily would I be interested in the Simon boxes? Potentially sure, but then I would fall back on what the right price is.

因此，無論名稱是什麼，您都無法從 Copper Retail 前往 Simon Property。你不能建立這種聯繫然後說，哦，西蒙對這些盒子不感興趣。我會對 PropCo 的所有盒子感興趣嗎？不，我不一定對 Simon 盒子感興趣嗎？有可能，但是我會考慮合適的價格。

You follow what I'm saying? That it's not -- you can't go from there to Simon Property, there's a step function there.

你明白我的意思嗎？事實並非如此——你不能從那裡去西蒙地產，那裡有一個階梯函數。

So -- but the simple answer to your question is do not read -- you're right, do not read any intent from Simon Property Group due to that transaction. And we'll see if they even close. Deals get announced but they don't close. Tariffs get announced, but they don't close. Let's see what closes when and how, and we'll take it from there.

所以——但對你的問題的簡單回答是不要讀——你是對的，不要讀出西蒙地產集團因該交易而產生的任何意圖。我們將看看它們是否接近。交易已經宣布但尚未完成。關稅已經公佈，但並未結束。讓我們看看什麼時候、以何種方式關閉，然後我們再從那裡開始。

Haendel St. Juste, Mizuho Securities.

Haendel St. Juste、瑞穗證券。

David, I guess I was intrigued by your commentary earlier that the cap rate for the Brickell asset was higher than recent open air strip asset cap rates. So I guess, I'm curious if that's more of a unique dynamic to this transaction because you were, I guess, the only logical bidder here? Or perhaps you have some additional color or thoughts you'd like to share on the asset pricing for top quality malls versus quality open air?

大衛，我想我對你之前的評論很感興趣，布里克爾資產的資本化率高於最近的露天地帶資產資本化率。所以我想，我很好奇這是否是這筆交易的獨特動態，因為我想你是這裡唯一合乎邏輯的競標者？或者，您可能對頂級購物中心與優質露天購物中心的資產定價有一些額外的見解或想法想要分享？

And then any thoughts on what you see as the long-term opportunity either from a mark-to-market or densification opportunity at Brickell?

那麼，您對 Brickell 的長期機會（無論是從市價計價還是密集化機會來看）有何看法？

Yeah. I just think we're great at finding opportunities, and we don't participate -- rarely do we participate in auctions. Auctions get when our friends at Eastville or -- what are some of the (inaudible). When they run a process man, they're going to find -- usually, it's pretty -- it's pretty tough. We like to find opportunities -- and I have all the respect in the world for those guys are doing their job. But we like to figure out how to do it without that.

是的。我只是認為我們很擅長尋找機會，但我們很少參與拍賣。當我們在 Eastville 的朋友或——有哪些（聽不清楚）。當他們運行一個流程時，他們會發現——通常，它非常——它非常困難。我們喜歡尋找機會——我對那些正在做自己工作的人充滿敬意。但我們想弄清楚如何在沒有它的情況下做到這一點。

And I think the market does not recognize the value of something like Brickell. Brickell showed and sold in an auction at a higher price than what we paid. But the market is mispriced when it comes to high-quality and Brickell is not close by any stretch of imagination. If the market misprices big retail, in this case, it has a roof, has a movie room, so it's got all sorts of stuff to it, but the market misprices which is good for us because we can take advantage of it.

我認為市場還沒有認識到 Brickell 之類的東西的價值。Brickell 在拍賣會上展示並以高於我們支付的價格出售。但就高品質而言，市場定價錯誤，而且無論如何，布里克爾 (Brickell) 都遠遠達不到這個水平。如果市場對大型零售店的定價錯誤，在這種情況下，它有屋頂，有電影室，所以它有各種各樣的東西，但市場定價錯誤，這對我們來說是好事，因為我們可以利用它。

I'm letting the cat out of the bag, which is probably pretty stupid. But the market absolutely unequivocally misprices big enclosed shopping centers. Because if you look at the cash flow growth and longevity, forget about it. But that's fine with us, and it's good for us.

我洩漏了秘密，這可能相當愚蠢。但市場對大型封閉式購物中心的定價絕對是錯誤的。因為如果你只看現金流成長和壽命，就忘掉它。但我們對此沒有意見，這對我們有好處。

Ron Kamdem, Morgan Stanley.

摩根士丹利的 Ron Kamdem。

Just coming back to domestic property NOI. I see 3.8% year to date. I think you talked about at least 3% for the year. And then you made some interesting comments about how the tariff or the strong dollar may be holding back some of the centers. Just wondering if you could just comment on how you guys see that shaping for the rest of the year? And if there's any way to quantify what sort of this headwind is going to that number, so we get a sense what a true run rate can be.

剛剛回到國內房地產 NOI。我預計今年迄今將達到 3.8%。我認為您談到的是今年至少 3% 的成長。然後，您就關稅或強勢美元如何阻礙一些中心的發展發表了一些有趣的評論。我只是想知道您是否可以評論一下您對今年剩餘時間的情況有何看法？如果有辦法量化這種不利因素對這個數字的影響，我們就能了解真正的運作率是多少。

Yeah. Look, we're outperforming our year to date even with volatility of the tariffs that were announced in April. The consumer is holding on. We don't update our guidance for comp NOI. There's a lot to goes into it. But we're very confident we're going to beat that number and have a very strong year. And like I said, I think we see leasing demand continues unabated.

是的。你看，儘管 4 月宣布的關稅出現波動，但我們今年迄今的表現仍然超乎預期。消費者正在堅持。我們不會更新公司淨營業收入指引。其中涉及很多內容。但我們非常有信心，我們將超過這個數字，並迎來非常強勁的一年。正如我所說，我認為租賃需求持續有增無減。

Sales is always a little bit out of our control. But we'll have to see how that evolves. And the -- we're seeing pretty good sales results even up to today and a pretty good back to school season. So we'll see how the rest of it shapes out.

銷售總是有點不受我們控制。但我們必須觀察事態如何發展。而且——截至今天，我們的銷售業績仍然相當不錯，返校季的銷售情況也相當不錯。因此我們將看看其餘部分如何形成。

Linda Tsai, Jefferies.

Linda Tsai，傑富瑞集團。

I think it was in response to Alex's question earlier, you were discussing acquisitions in the context of deepening relationships with retailers. What are some of the examples of this because I would think that you have a lot of negotiating power with the majority of retailers?

我認為這是對 Alex 之前問題的回答，您正在討論在深化與零售商關係的背景下的收購。我覺得您與大多數零售商都有很大的談判實力，可以舉一些例子嗎？

Well, we really -- I mean retailers have all the power because they can they can go across the street or close the store or go online leave the market. So it's -- with the more product you have available to them, the better the relationship. So it's just a commercial relationship. If IBM -- so if Microsoft sales Outlook to a big company, they're going to be able to sell other products to that company, so it's no different.

嗯，我們真的——我的意思是零售商擁有所有的權力，因為他們可以穿過街道或關閉商店或上網離開市場。所以——你為他們提供的產品越多，關係就越好。所以這只是一種商業關係。如果 IBM——如果微軟將 Outlook 銷售給一家大公司，他們就能向該公司銷售其他產品，所以這並沒有什麼不同。

We're -- if we could talk about 20 things as opposed to three things, it just means we'll have a longer meeting. And maybe -- and if they have confidence in our ability to deliver a good product, maybe we'll have 21 things.

如果我們可以討論 20 件事而不是 3 件事，那就意味著我們的會議時間會更長。也許—如果他們相信我們有能力提供優質產品，也許我們會有 21 件產品。

But don't teach yourself. These retailers have all the leverage because they can close stores and go across the street or read the market or bring business their online. And that's -- and we're the one begging for the new business.

但不要自學。這些零售商擁有所有的優勢，因為他們可以關閉商店，穿過街道，或了解市場，或將業務轉移到網路上。這就是──我們就是那個懇求新業務的人。

So I just think the more products you have, the better you are, and the more likely you are to have more senior focus from that retailer, just like if you're selling widgets. If you have a bigger portfolio, you're able to spend more time with the customer. That's just commercial common sense. And that's -- they have safe in our ability to deliver a good product and have confidence that we'll operate the center appropriately, and that's why we're able to do a lot of repeat business. There's no there's nothing more to that than that. But believe they got the leverage because they don't have to operate the store.

所以我認為，你擁有的產品越多，你就越好，你就越有可能得到零售商高層的關注，就像你銷售小部件一樣。如果您擁有更大的投資組合，您可以花更多的時間與客戶在一起。這只是商業常識。這就是——他們對我們提供優質產品的能力充滿信心，並相信我們會適當地經營中心，這就是我們能夠開展大量回頭業務的原因。除此之外，沒有別的事了。但相信他們獲得了優勢，因為他們不必經營商店。

Hong Zhang, JPMorgan.

摩根大通張紅。

David, I mean, you've talked about how you expect Brickell to be great because people are moving from New York and Chicago over to the area. I guess, have you seen the opposite impact in your New York centers, like say, Westchester or Roosevelt Field?

大衛，我的意思是，你說過你希望布里克爾會很棒，因為人們正從紐約和芝加哥搬到這個地區。我想，您是否在紐約的中心，例如威斯特徹斯特或羅斯福球場，看到了相反的影響？

Well, first of all, Brickell is really, really good. So just to -- this is not a troubled asset, right? So I just want to -- just want to make sure you understand that.

嗯，首先，布里克爾真的非常非常棒。所以這只是——這不是一個問題資產，對吧？所以我只是想——只是想確保你理解這一點。

Your second part of -- your second part?

您的第二部分—您的第二部分？

I guess are you seeing a negative impact in your New York assets like Roosevelt Field and Westchester as people are migrating out of New York?

我想，隨著人們遷出紐約，您是否看到羅斯福球場和威斯特徹斯特等紐約資產受到負面影響？

I don't think it's going to affect Long Island. I think New York City, I'd be nervous that urban environment. Yeah. I mean, I do -- there's a lot of great stuff from New York City. But I think the suburbs -- by the way, we've seen the suburban renaissance, primarily due to COVID, right? So I think that the suburbs of New York City and suburban New Jersey, Jersey City, Long Island, Westchester County, all could benefit depending on the -- what happens with the city. But I don't think it's -- I don't know if this is a New York issue or more -- I think more of a New York City issue.

我認為這不會影響長島。我覺得紐約市，那個城市環境讓我很緊張。是的。我的意思是，我確實如此——紐約市有很多很棒的東西。但我認為郊區——順便說一句，我們已經看到了郊區的復興，這主要是由於新冠疫情，對吧？因此，我認為紐約市郊區和新澤西州郊區、澤西市、長島、威斯特徹斯特縣都可以受益，這取決於城市的發展。但我不認為這是——我不知道這是否是紐約的問題，或者更確切地說——我認為更多的是紐約市的問題。

Tayo Okusanya, Deutsche Bank.

德意志銀行的 Tayo Okusanya。

Hi, guys. Good evening. I am curious about the secured loan transactions this quarter. Again, you guys have an A- credit. A lot of your peers are kind of doing unsecured around 5%, curious why you guys decided the best thing to do was the secured loans at 5.84%. I don't know whether it's a duration --

嗨，大家好。晚安.我對本季的擔保貸款交易感到好奇。再說一次，你們的信用是 A-。你們的許多同行都在做 5% 左右的無擔保貸款，我很好奇為什麼你們認為最好的選擇是 5.84% 的擔保貸款。我不知道這是否是一個持續時間--

That's mortgage finance -- yeah. But it's with a JV partner. So we wouldn't want to use our balance sheet for a JV partner.

這就是抵押貸款融資——是的。但它是與合資夥伴合作的。所以我們不想將我們的資產負債表用於合資夥伴。

I mean, 10-year unsecured debt for us today is right around 5%. So on the unsecured market, we're right on top of the market where others are issuing.

我的意思是，我們今天的 10 年期無擔保債務約為 5%。因此，在無擔保債券市場上，我們處於領先地位，而其他公司則在發行債券。

It should be -- I agree with -- I agree, it should be 4%, by the way. I agree with the President Trump. Interest rate should be lower.

應該是——我同意——順便說一下，我同意應該是 4%。我同意川普總統的觀點。利率應該會更低。

We have reached the end of our question-and-answer session. I would like to turn the floor back over to Chairman, Dave Simon, for closing remarks.

我們的問答環節已經結束。我想把發言權交還給主席戴夫·西蒙，請他作最後發言。

All right. Thank you. Hope you enjoyed our call. And I know Tom and Brian available for follow-ups.

好的。謝謝。希望您喜歡我們的通話。我知道湯姆和布萊恩可以進行跟進。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。