西蒙地產 (SPG) 2026 Q2 法說會逐字稿

Greetings. Welcome to Simon Property Group second quarter 2026 Earnings Conference Call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Tom Ward, Senior Vice President, Investor Relations. Thank you. You may begin.

各位好。歡迎參加西蒙地產集團（Simon Property Group）2026 年第二季財報電話會議。（接線員指示）請注意，本次會議將被錄音。現在我將把會議交給投資人關係資深副總裁 Tom Ward。謝謝。您可以開始。

Thank you, Sherry, and thank you for joining us this evening. Presenting on today's call are Eli Simon, Chief Executive Officer, President and Chief Operating Officer; and Brian McDade, Chief Financial Officer.

謝謝你，Sherry，也感謝各位今晚加入我們。今天電話會議的簡報人員為執行長、總裁兼營運長 Eli Simon，以及財務長 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 1995, and actual results may differ materially due to a variety of risks, uncertainties and other factors. We refer you to today's press release and our SEC filings for a detailed discussion of the risk factors relating to those forward-looking statements.

提醒各位，本次電話會議中所作之陳述可能構成 1995 年《私人證券訴訟改革法》安全港條款所定義的前瞻性陳述，而實際結果可能因各種風險、不確定性及其他因素而出現重大差異。關於與該等前瞻性陳述相關之風險因素的詳細討論，請參閱我們今日的新聞稿及向美國證券交易委員會（SEC）提交的文件。

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，本次電話會議所包含之資訊可能僅在今日日期為準確。非 GAAP 財務衡量指標與最直接可比 GAAP 指標之調節表，已包含於新聞稿及今日提交之 Form 8-K 文件中的補充資料。新聞稿與補充資料皆可於我們的投資人關係網站 investors.simon.com 取得。

Our conference call this evening will be limited to one hour. For those who would like to participate in the question and answer session, we ask that you please respect our request to limit yourself to one question. I am pleased to introduce Eli Simon.

今晚的電話會議將限制為一小時。欲參與問答環節者，敬請配合我們的要求，每位僅限提問一個問題。我很高興介紹 Eli Simon。

Good evening. We delivered excellent financial and operational results in the second quarter. Domestic property NOI and real estate FFO growth accelerated in the quarter to 8.5% and 7.9%, respectively. This was driven by continued leasing demand, disciplined execution across all platforms and contributions from recent acquisitions.

各位晚安。我們在第二季交出優異的財務與營運成果。本季美國國內物業 NOI 與不動產 FFO 成長分別加速至 8.5% 與 7.9%。這主要受惠於持續的租賃需求、各平台的紀律性執行，以及近期收購案的貢獻。

Shopper traffic accelerated in the quarter and retailer sales volume again grew solidly year-over-year, further evidence that our portfolio is well positioned and our properties are the places where shoppers and tenants want to be.

本季來客人流加速成長，零售商銷售額亦再次穩健年增，進一步證明我們的投資組合具備良好定位，而我們的物業正是消費者與租戶想要前往與進駐的地方。

And with our recently declared dividend, we will have paid out over $50 billion to shareholders since becoming a public company. Tenant demand continues to be widespread with no slowdown, drawing from a broad mix of established and emerging retailers across categories, platforms and geographies. During the second quarter, we signed more than 1,200 leases totaling over 4.8 million square feet.

此外，隨著我們近期宣告的股利，自成為上市公司以來，我們累計已向股東發放超過 500 億美元。租戶需求仍然廣泛且未見放緩，來源涵蓋各類別、各平台與各地區的成熟與新興零售商。第二季期間，我們簽署超過 1,200 份租約，合計超過 480 萬平方英尺。

The number of new deals signed in the quarter increased more than 20% compared to last year, and new deals represented approximately 28% of total lease square feet. Year-to-date through the second quarter, initial base minimum rent per square foot on new deals is up 17% year-over-year, while tenant allowance per square foot on new deals is down 12% year-over-year.

本季簽署的新交易數量較去年增加逾 20%，且新交易約占總出租面積的 28%。截至第二季的年初至今，新交易的每平方英尺初始基本最低租金年增 17%，而新交易的每平方英尺租戶補助（tenant allowance）年減 12%。

We have completed more than 87% of our 2026 expirations and are ahead of where we were at this time last year as we continue to negotiate 2027 and 2028 expirations with many tenants. The pipeline of prospective deals continues to build, remaining well ahead of last year's pace, reflecting continued broad-based tenant demand.

我們已完成 2026 年到期租約中超過 87% 的續租／重談，且進度領先去年同期；同時也持續與許多租戶協商 2027 與 2028 年到期租約。潛在交易管線持續累積，仍明顯快於去年的節奏，反映租戶需求持續且具廣泛性。

Moving on to retailer sales. Malls and Premium Outlets were $838 per square foot, up 13.9%. Importantly, total sales volume increased 6.6% over the trailing 12 months and 7.6% in the quarter, with comparable sales growth of 5.7% for the second quarter. We continue to host unique activations that highlight the incredible value our portfolio offers.

接著談零售商銷售。購物中心與 Premium Outlets 的每平方英尺銷售額為 838 美元，成長 13.9%。更重要的是，過去 12 個月的總銷售額增加 6.6%，本季增加 7.6%；第二季同店銷售成長為 5.7%。我們持續舉辦獨特的行銷活動（activations），凸顯我們投資組合所提供的卓越價值。

Our fifth annual National Outlet Shopping Day produced another year of shopper traffic and retailer sales growth, along with a more than 25% increase in retailer participation compared to last year with Simon+ members enjoying exclusive rewards tied to the event.

我們第五屆年度 National Outlet Shopping Day 再次帶動來客人流與零售商銷售成長；同時，參與的零售商數量較去年增加逾 25%，Simon+ 會員亦可享有與活動連動的專屬獎勵。

We also built on the momentum around the World Cup, running a coordinated activation strategy across our portfolio that featured fan experiences, watch parties, retailer collaborations and community programming. The shopper and retailer response to these types of events underscores Simon's offering, the ability to turn major moments into large-scale real-world experiences that bring our consumers, brands and communities together.

我們也延續世界盃帶來的動能，在整體投資組合推動協同的活動策略，包含球迷體驗、觀賽派對、零售商合作與社區活動。消費者與零售商對此類活動的回饋，凸顯 Simon 的價值主張：能將重大時刻轉化為大規模的線下實境體驗，讓消費者、品牌與社區凝聚在一起。

Turning now to development and redevelopment activity. At the end of the quarter, we had development projects underway across all platforms with our share of the net cost totaling $1.07 billion at a blended yield of 9%. Approximately 50% of the net cost is for mixed-use projects.

接著談開發與改造進度。截至季末，我們在各平台均有開發案進行中；以我們持分計算的淨成本合計 10.7 億美元，綜合殖利率為 9%。其中約 50% 的淨成本為複合式用途（mixed-use）專案。

Looking ahead, we expect projects representing more than $600 million of additional net cost to start construction in the second half of this year. Our development pipeline remains robust with over $4 billion of projects, which we believe will generate attractive returns, enhance our properties and support long-term growth in cash flow, FFO and dividends per share.

展望未來，我們預期今年下半年將有代表超過 6 億美元額外淨成本的專案動工。我們的開發管線仍然強勁，專案總額超過 40 億美元；我們相信這些專案將帶來具吸引力的報酬、提升物業品質，並支持每股現金流、FFO 與股利的長期成長。

This is consistent with the results we have achieved on similar recently completed projects such as Southdale Center in Edina, Minnesota, Brea Mall in Orange County and Briarwood Mall in Ann Arbor, Michigan.

這與我們在近期完工的類似專案所達成的成果一致，例如明尼蘇達州伊迪納（Edina）的 Southdale Center、橘郡的 Brea Mall，以及密西根州安娜堡（Ann Arbor）的 Briarwood Mall。

Over the last four years, we have also committed more than $400 million to center enhancements that are either completed, underway or recently approved, including common area upgrades, landscaping, lighting and other amenities, creating a more elevated shopping experience. These enhancements are noticed and appreciated by our customers and particularly by our retailers who value a landlord committed to the long-term success of their stores and the communities we serve.

過去四年，我們亦承諾投入超過 4 億美元於已完成、進行中或近期核准的商場提升工程，包括公共區域升級、景觀綠化、照明及其他設施，打造更高品質的購物體驗。這些提升措施受到顧客的注意與肯定，尤其也獲得零售商的重視；他們看重的是一位致力於其門市與我們所服務社區長期成功的房東。

We remain focused on these enhancements alongside our broader development activity, and our balance sheet allows us to continue reinvesting in our portfolio for years to come. With that, I will turn it over to Brian, who will review our financial results from the second quarter in more detail and provide an update on our outlook for the remainder of the year.

我們在推動更廣泛的開發活動之際，仍將這些提升工程列為重點；而我們的資產負債表也使我們能在未來多年持續再投資於投資組合。接下來我將把時間交給 Brian，他將更詳細回顧第二季財務結果，並更新我們對今年剩餘期間的展望。

Thank you, Eli. Real estate FFO was $1.25 billion or $3.29 per share in the second quarter compared to $1.15 billion or $3.05 per share in the prior year period, an increase of 7.9%. Domestic and international operations both performed well and contributed $0.29 of growth, driven by increased lease income, disciplined cost management and contribution from acquisitions.

謝謝你，Eli。第二季不動產 FFO 為 12.5 億美元，或每股 3.29 美元；相較去年同期的 11.5 億美元，或每股 3.05 美元，成長 7.9%。國內與國際業務皆表現良好，合計貢獻每股 0.29 美元的成長，主要由租金收入增加、成本管理具紀律，以及收購案貢獻所帶動。

As anticipated, higher interest expense and lower interest income combined were a $0.06 drag year-over-year. Reported FFO was $3.12 per share in the second quarter compared to $3.15 per share in the prior year period, which included a $0.21 per share noncash after-tax gain primarily due to Catalyst Brands' deconsolidation of Forever 21.

如預期所示，利息費用上升與利息收入下降合計，使年對年每股減少 0.06 美元。第二季報告口徑 FFO 為每股 3.12 美元，去年同期為每股 3.15 美元；去年同期包含每股 0.21 美元的非現金稅後收益，主要源自 Catalyst Brands 對 Forever 21 的去合併（deconsolidation）。

Domestic property NOI increased 8.5% year-over-year for the quarter and 7.6% for the first half of the year. Approximately 120 basis points of growth for both the second quarter and first half of the year were attributable to our acquisition of the remaining 12% interest in TRG. Portfolio NOI, which includes our international properties at constant currency, grew at 8.3% for the quarter and 7.5% for the first half of the year.

本季國內物業NOI年增8.5%，上半年年增7.6%。第二季與上半年約各有120個基點的成長可歸因於我們收購TRG剩餘12%權益。投資組合NOI（包含以固定匯率計算的國際物業）本季成長8.3%，上半年成長7.5%。

Malls and Premium Outlets occupancy at the end of the second quarter was 96%, flat compared to the first quarter and year-over-year, a result that reflects the depth of retail demand as we absorbed approximately 1 million square feet of retailer bankruptcy-related space returned during the quarter and successfully relet.

第二季末，購物中心與高端暢貨中心（Premium Outlets）出租率為96%，較第一季及去年同期持平；此結果反映零售需求的深度，因為我們在本季吸收了約100萬平方英尺因零售商破產而退回的空間，並成功重新出租。

The Mills occupancy was 98.8%. Average base minimum rent for the Malls and Premium Outlets increased 6.3% year-over-year, while ADR for the mills increased 12.3%. Occupancy cost at the end of the quarter was 12.5%.

The Mills出租率為98.8%。購物中心與高端暢貨中心的平均基本最低租金年增6.3%，而The Mills的ADR年增12.3%。季末的承租成本（Occupancy cost）為12.5%。

Shifting to return of capital. Today, we announced a dividend of $2.25 per share for the third quarter, an increase of $0.10 or 4.7% year-over-year. The dividend is payable on September 30 to shareholders as of the record date. During the second quarter, we repurchased approximately 793,000 shares of common stock and approximately 238,000 limited partnership units for a $211 million investment at an average purchase price of $205.10 per share.

接著談資本回饋。今天，我們宣布第三季每股股利為2.25美元，較去年同期增加0.10美元或4.7%。股利將於9月30日支付給截至除權基準日登記在冊的股東。第二季期間，我們以2.11億美元投資、平均每股205.10美元的價格，回購約793,000股普通股及約238,000個有限合夥單位。

On to the balance sheet. During the quarter, we completed eight secured loan transactions totaling $1.4 billion at a weighted average interest rate of 5.36%. We issued EUR500 million of senior notes at a 3.65% rate for five years, and we closed on a $460 million five-year term loan priced at SOFR plus 70 basis points, the proceeds of which were used to repay $460 million drawn under our revolving credit facility.

接著看資產負債表。本季我們完成8筆擔保貸款交易，合計14億美元，加權平均利率為5.36%。我們發行5年期、利率3.65%的5億歐元優先票據，並完成一筆4.60億美元的5年期定期貸款，定價為SOFR加70個基點；其資金用於償還我們循環信用額度項下已動用的4.60億美元。

We ended the quarter with approximately $9.3 billion in liquidity, and our balance sheet remains incredibly robust with net debt-to-EBITDA below 5.0 times and fixed charge coverage of 4.7 times. This supports our strategy and our continued execution.

本季末我們的流動性約為93億美元；資產負債表仍極為穩健，淨負債對EBITDA低於5.0倍，固定費用覆蓋倍數為4.7倍。這支持我們的策略以及我們持續的執行。

Finally, on to 2026 guidance. Given our results for the first half of the year and our current view for the remainder of the year, we are increasing our full year 2026 real estate FFO guidance to a range of $13.20 to $13.30 per share. That compares to $12.73 last year and is an $0.08 increase at the midpoint compared to the range previously provided. Thank you, and we are now available for your questions.

最後，談2026年指引。基於上半年業績以及我們對今年剩餘期間的目前看法，我們將2026年全年不動產FFO指引上調至每股13.20至13.30美元區間。相較去年為12.73美元，且相較先前提供的區間，中點上調0.08美元。謝謝，我們現在開放提問。

(Operator Instructions)

（接線員指示）

Caitlin Burrows, Goldman Sachs.

Caitlin Burrows，高盛。

I guess I'm wondering if you can talk about TIs and cash flow growth. You did reference some of the pieces in the prepared remarks. So if you look over a long time period, like the last 10 years, NOI and FFO growth have outpaced FAD growth.

我想請教你們能否談談TI與現金流成長。你們在事先準備的發言中確實提到其中一些部分。如果拉長時間來看，例如過去10年，NOI與FFO的成長一直快於FAD的成長。

Year-to-date, it looks like actually FAD growth has outpaced NOI and FFO growth. So maybe that is a change in the trend or maybe the numbers move around. But wondering, can you discuss the outlook for TIs and what they're a function of? If the demand and leasing environment is so strong, do you expect to pull back on TIs? And is reducing TIs a goal of yours?

但從年初至今來看，似乎反而是FAD成長快於NOI與FFO成長。所以這可能代表趨勢改變，也可能只是數字短期波動。但我想請你們談談TI的展望，以及TI主要取決於哪些因素？如果需求與租賃環境如此強勁，你們是否預期會縮減TI？降低TI是否是你們的目標？

Sure. So thanks for the question, Caitlin. So I think -- when I think about the -- let's just talk about TIs first. That's a function of demand for the tenants and -- demand from the tenants and demand for the space and the supply of available space. The reality is we're having a ton of conversations with retailers. Our pipeline today is up 26%, I think it is, from this time last year, which is over 100 more deals.

當然。謝謝你的問題，Caitlin。我想——先談TI。TI取決於租戶端的需求、對空間的需求，以及可供空間的供給。實際上，我們正與大量零售商進行洽談。我們目前的洽談管線較去年同期增加26%（我記得是這個數字），也就是多了100多筆交易。

And when we have those conversations, rent is a component of it and TI is a component of it. And there are certain times where it might be a tenant that we want to start a new relationship with, but we're concerned potentially about the credit or about their long-term viability.

在這些洽談中，租金是一個要素，TI也是一個要素。有些時候，可能是我們希望建立新合作關係的租戶，但我們可能會擔心其信用狀況或長期存續能力。

And so maybe we'll say, yes, maybe it doesn't make sense to pay as much of a TI as what we might pay for someone else. We're more certain about what the performance could be. So I think it's really a function of mix over the long run. But the reality is supply and demand shows itself in two ways. It shows itself in rent growth and it shows itself in TIs.

因此我們可能會說，是的，或許支付像對其他租戶那樣高的TI並不合理。對於我們更有把握其表現的租戶，我們的判斷會不同。所以我認為，長期來看這主要取決於組合結構（mix）。但現實是，供需會以兩種方式呈現。一是租金成長，二是TI。

Stepping back, if you look at funds available for distribution more broadly, I think for the year, we're up 9% or over 9% year-to-date. It's a focus of ours, right? Our focus is to grow cash flow growth and part of the cash flow growth is from the FFO and part of it is from the capital we spend.

退一步看更廣義的可供分配資金（FAD），我認為今年年初至今我們成長了9%或超過9%。這是我們的重點之一，對吧？我們的重點是提升現金流成長，而現金流成長的一部分來自FFO，另一部分來自我們投入的資本支出。

But what I do want to highlight or reiterate, which I said on the call -- in the prepared remarks, is we are reinvesting back into our centers in a big way, and that is noticeable from the consumers and really from the retailers. And I've been to, I don't know, I think I've been to 12 states in the last three weeks and seen a bunch of our properties where we have done these transformations.

但我想強調或重申——我在電話會議、也在事先準備的發言中提到——我們正大幅度地再投資於我們的商場／中心，消費者、以及更重要的零售商都能明顯感受到。而且我在過去三週去了大概12個州，看到我們許多已完成這些改造的物業。

And what I've seen is new leases being signed there and new retailers coming to these centers because they see a landlord that has reinvested into that space. And when you ask the general manager, what's the customer perception been, they say, well, we've had people come up and say I didn't realize this center was still here, this center was still thriving.

我看到的是，那些地方正在簽下新租約，也有新的零售商進駐這些中心，因為他們看到一位已對該空間進行再投資的房東。當你問總經理顧客的觀感如何，他們會說，有人走過來表示：我不知道這個中心還在，我不知道這個中心仍然如此興旺。

So our job is to continue to reinvest back into our centers and to make them better from the customer's perspective and from our retailers' perspective. But our job overall is to grow cash flow growth, grow dividends per share and make our centers better and sort of we throw it all into the calculus. And I think the results have been obviously very impressive so far, and we're looking forward to the future.

因此，我們的工作是持續再投資於我們的中心，從顧客與零售商的角度讓它們變得更好。但整體而言，我們的工作是提升現金流成長、提高每股股利，並讓我們的中心更好——我們會把這些都納入整體的權衡計算之中。我認為迄今為止成果顯然非常亮眼，我們也期待未來。

Michael Griffin, Evercore ISI.

Michael Griffin，Evercore ISI。

Eli, I appreciate your commentary around the leasing outlook. Just wondering, as you kind of look ahead to really '27, and beyond, you've got rents on in-line shops to, call it, $60 to $65. I realize you don't quote a mark-to-market on the portfolio, but can you give us a sense as those leases are coming due, are you signing leases in the 70s, mid-70s? Just curious about the trajectory and opportunity there in rent growth given all the demand that you've really highlighted.

Eli，我很感謝你對租賃前景的評論。我只是想問，當你展望到真正的 2027 年以及之後，你們的店中店（in-line shops）租金大概在 60 到 65 美元。我知道你們不會引用整體投資組合的市價調整（mark-to-market），但你能否讓我們了解一下，當這些租約到期時，你們簽的新租約是否在 70 多美元、70 多美元中段？只是好奇，在你強調的強勁需求之下，租金成長的軌跡與機會如何。

Sure. So if you look at year-to-date, I think we've signed new leases at $78 more or less. And -- but what you have to focus on those leases coming due is a large number of them will renew. They're great tenants. We have great relationships with them. They're important for the center.

當然。如果看今年迄今，我想我們簽的新租約大致是在 78 美元左右。不過——你必須把重點放在那些即將到期的租約上，其中有相當多會續約。他們是很棒的租戶。我們和他們的關係很好。他們對購物中心很重要。

And our renewals historically speaking, and that's holding true now is sort of in the mid-single digits. And so we'll renew some and we'll replace some if we think that there are better retailers that can perform better and add more to the center. So it's not as simple as saying the $60, $65 goes to $78. But clearly, if you look at the trajectory of where new leases have been signed, obviously, it's a positive story.

而我們歷史上的續約幅度，現在也仍然如此，大概是在中個位數百分比。因此我們會續約一部分，也會替換一部分——如果我們認為有更好的零售商能有更佳表現、並為購物中心帶來更多價值。所以事情並不是簡單地從 60、65 美元就直接到 78 美元。但很明顯地，如果你看新租約簽訂的走勢，顯然是個正面的故事。

The supply and demand story is positive, but it's not as simple as just saying, take the $60, $65 to $78. But I think really the focus is what's the right retailer for each space. And there's no market rent really in our industry or how we think about it is what's the market rent for that tenant based on how they're going to perform and what they're going to do with the rest of the center.

供需面的故事是正面的，但並不是簡單地說把 60、65 美元拉到 78 美元。但我認為真正的重點是：每個空間要放進最合適的零售商。而在我們的產業裡，其實沒有一個真正的「市場租金」；或者我們的思考方式是：對那個租戶而言的市場租金，取決於他們的表現、以及他們會如何帶動整個購物中心的其他部分。

So we think it's a positive story. I don't think it's quite the $65 to $78 in a year, but we look forward to continuing to upgrade -- continue to upgrade the merchandise mix in the pipeline, I think it's 483 deals and a similar number of them are new deals or new tenants as we've done year-to-date, which is 28%. So we feel very good about the pipeline, and it's our job to continue to execute and continue to grow it over time.

所以我們認為這是個正面的故事。我不認為會在一年內就從 65 美元到 78 美元，但我們期待持續升級——持續升級商品組合；在管線中，我想是 483 筆交易，而且其中新交易或新租戶的比例，和我們今年迄今所做的相近，約為 28%。因此我們對管線感到非常有信心，而我們的工作就是持續執行、並隨時間持續成長。

Samir Khanal, Bank of America.

Samir Khanal，美國銀行。

Eli, given that occupancy is at 96% today, I guess, where do you see the greatest opportunity to drive NOI and earnings growth, right? Clearly, there's a lot of momentum here. So help us think through the -- about the key drivers of growth, let's call it, over the next 12 to 18 months.

Eli，鑑於目前入住率（occupancy）已達 96%，我想問你認為推動 NOI 與獲利成長的最大機會在哪裡？顯然這裡有很強的動能。所以請協助我們思考——未來 12 到 18 個月的主要成長驅動因素是什麼。

Sure. So first off, on occupancy, I think it's important to realize that we are at 96% occupied on the malls and mills -- I'm sorry, in malls and outlet portfolio. We got 1 million square feet space back in mid-May and are at the same occupancy level as we were at the end of the first quarter. I think that's pretty impressive. I think it speaks to the strength of the team and the strength of our portfolio.

當然。首先，談到入住率，我認為重要的是要了解：我們在購物中心與 outlet 投資組合——抱歉，是在購物中心與 outlet 投資組合——的入住率是 96%。我們在 5 月中旬收回了 100 萬平方英尺的空間，但入住率仍與第一季末相同。我認為這相當令人印象深刻。這也反映了團隊的實力以及我們投資組合的強度。

But when I think about the levers of growth, so to speak, occupancy does have a little bit more to go from here. I don't think we'd ever be at 100%. We wouldn't want to be. We want the ability to move around tenants, but there obviously is a little bit more from here. I think, honestly, above where we finished last year is the team's goal, and I think we'll achieve that.

但當我談到所謂的成長槓桿時，入住率從這裡確實還有一點上升空間。我不認為我們會到 100%。我們也不希望如此。我們希望保有調整租戶配置的彈性，但顯然從這裡還能再提升一些。坦白說，高於我們去年結束時的水準是團隊的目標，我認為我們會達成。

The other piece, obviously, is retenanting, taking out lower performers who obviously pay lower rent and replacing them with new, better tenants that pay more rent, given their increased productivity is obviously a focus. And the last piece is our development pipeline. We have $1 billion in the ground today.

另一個部分，顯然是重新招商（retenanting）：把表現較差、租金也較低的租戶移出，並以生產力更高、能支付更高租金的新、更好的租戶取代，這當然是重點。最後一個部分是我們的開發管線。我們目前有 10 億美元正在施工中。

We have hopefully $600 million plus that will be approved and start by the end of the year. We're generating 9% return on those investments, which is obviously a very healthy number. And again, when I -- when we quote those numbers, that is only on the capital we're spending on those developments.

我們希望在年底前能再有 6 億美元以上獲得核准並啟動。我們在這些投資上產生 9% 的報酬率，這顯然是非常健康的數字。而且再次強調，當我——當我們引用這些數字時，那只針對我們在這些開發案上投入的資本。

But if you look at what we've done at Southdale, look at what we've done at Brea, look at Briarwood, there's significant benefit to the rest of the center when we do those developments that are not reflected in those returns. And so that's another avenue of growth for us.

但如果你看看我們在 Southdale 的成果、在 Brea 的成果、以及 Briarwood 的成果，當我們進行這些開發時，對購物中心其他部分有顯著的帶動效益，而這些並未反映在上述報酬率中。因此，這也是我們另一條成長途徑。

But it's really continuing to do what we've been doing, which I think we've obviously done a good job so far, but we have more to go. We're going to continue to reinvest into our centers and continue to upgrade the merchandise mix. But there's a lot of factors that go into our growth, but we feel pretty good about where we sit today.

但本質上就是持續做我們一直在做的事；我認為到目前為止我們顯然做得不錯，但還有更多可以做。我們會持續再投資於我們的購物中心，並持續升級商品組合。我們的成長有很多因素共同作用，但我們對目前的位置感到相當不錯。

Michael Goldsmith, UBS.

Michael Goldsmith，瑞銀（UBS）。

I think Brian in his prepared remarks talked about 1 million square feet of bankruptcy-related space coming back during the quarter. Can you outline who has been giving you back space? And then also, can you just talk about -- we've talked a little bit about the occupancy and you've been able to keep that flat despite giving all that space back.

我想 Brian 在事先準備的發言中提到，本季有 100 萬平方英尺與破產相關的空間回收。你能否說明是哪些租戶把空間退還給你們？另外，也請談談——我們稍早談到入住率，而你們即使收回那麼多空間仍能維持入住率持平。

You also talked about how leasing economics are being strong, but can you talk a little bit about the space that you got back, at what rents were they in? Are you seeing kind of similar to the overall new leasing on those boxes? Just trying to understand the economic uplift from replacing the space.

你也提到租賃經濟條件很強勁，但你能否多談一點：你們收回的那些空間原本的租金水準是多少？你們在那些大店鋪（boxes）上看到的情況，是否與整體新租賃相近？我只是想了解，替換這些空間所帶來的經濟增益。

Sure. So the 1 million square feet, basically all of that were the Saks Off Fifth's, right? Obviously, a pretty public bankruptcy process. But again, we've leased, right? So we had effectively no skipping, no excuses for lower occupancy, right? We got back where we are. And again, as of the end of July, we're at 96.3%. So we are above where we were.

當然。這 100 萬平方英尺基本上全部都是 Saks Off Fifth 的空間，對吧？顯然那是一個相當公開的破產程序。但再說一次，我們已經把它租出去了，對吧？所以我們基本上沒有任何空置期（no skipping），也沒有任何讓入住率下降的藉口，對吧？我們回到了原本的水準。而且截至 7 月底，我們的入住率是 96.3%。所以我們高於先前的水準。

But if you look at Saks, not dissimilar to what we talked about earlier this year. If you look at the boxes in the outlets, they were paying $18 million in rent. The deals we have signed today are already -- which about half the space are already well in excess of that, and the rest are under discussions and near final deals. But we'll basically take the $18 million and turn it into $44 million.

但如果你看 Saks，情況與我們今年稍早談到的並沒有太大不同。如果看 outlet 裡的那些大店鋪，他們原本支付 1,800 萬美元的租金。我們目前已簽的交易——其中約一半的空間——已經遠遠超過那個水準，其餘部分也正在討論中並接近定案。但我們基本上會把 1,800 萬美元提升到 4,400 萬美元。

The only thing that I'd say is not reflected in '26, or I guess will be reflected in '26, is that we got those boxes back, frankly, later than we thought we would. We didn't get them back until, I want to say, it was May 15 or May 16. And so by the time -- again, we hustled, we got leases signed, getting leases signed now, but that's really going to be a '27, story when those rents start hitting.

我唯一想說、但在’26 年沒有反映（或我想會在’26 年反映）的，是坦白說，我們把那些店面收回來的時間比我們原先預期的更晚。我們直到——我想說是 5 月 15 日或 5 月 16 日——才把它們收回來。所以到那個時候——再次強調，我們加緊腳步，已經簽下租約，也正在簽租約——但當那些租金開始入帳時，那真的會是’27 年的故事。

But again, it's a good news story for us, but that's really the vast, vast majority of that 1 million square feet of the Saks Off Fifth, which again, not surprising that we got them back, and I think it's overall a good outcome.

但再說一次，這對我們是個好消息的故事；不過那 100 萬平方英尺的絕大、絕大部分其實就是 Saks Off Fifth 的空間。再次強調，我們能把它們收回來並不令人意外，我認為整體而言是個很好的結果。

And the replacements have been, I don't want to use names because I don't know what's been publicly said or not, but great, great retailers, blue-chip retailers. A number of expansions, frankly, that might have been elsewhere in the center, wanted more space, some carve-ups. But overall, very, very good demand and a lot of them actually had options over who to replace them with, but turned out to be a good news story for us.

而替代的租戶——我不想點名，因為我不確定哪些已經公開說過、哪些還沒有——但都是非常、非常優質的零售商，藍籌零售商。坦白說，有不少是擴店需求，原本可能會在同一個商場的其他位置擴張，但他們想要更大的空間，也有一些切分重整。但整體而言，需求非常、非常強勁；而且其中很多其實在選擇由誰來接替方面有選項，但最後對我們來說是個好消息的結果。

Greg McGinniss, Scotiabank.

Greg McGinniss，豐業銀行（Scotiabank）。

Similarly, along those lines of tenants that you're putting into the centers, you mentioned the substantial retenanting. Could you please provide some details on which tenants or categories you're adding to centers that seem to be resonating with consumers today versus those where you're looking to potentially limit exposure and where you see the tenant watch list where that sits today?

同樣沿著你們把哪些租戶引進商場的這條思路，你提到大規模的重新招商（retenting）。能否請你提供一些細節：你們正在把哪些租戶或品類加入到商場中，這些似乎更能引起當今消費者共鳴；相對地，哪些領域你們可能會考慮限制曝險；以及你們目前的租戶觀察名單（tenant watch list）大概處於什麼狀態？

Sure. So we are adding, frankly, across a variety of categories across all geographies, across all platforms. I would say what is most exciting to me is our new and emerging brands, which are across a variety of sectors, includes technology companies, athleisure, home, jewelry, very big in the Gen Z, the teen consumer.

當然。所以我們坦白說是在各種品類、所有地理區域、所有平台上都在新增租戶。我會說最讓我興奮的是我們的新興品牌，涵蓋多個領域，包括科技公司、運動休閒（athleisure）、家居、珠寶——在 Z 世代、青少年消費者中非常受歡迎。

We are adding a ton of new brands there that are, in many cases, unique to the market, unique to our center and really differentiates one of our properties where we add these types of connectivity to other properties. And so these brands are coming from online. They're coming from Europe. They're coming from Asia in the beauty space. A number of deals in the beauty space from Asian retailers come in the collectible space. Athleisure space obviously continues to grow with new entrants. And so that's very exciting.

我們在那方面新增了大量新品牌，很多情況下是該市場獨有、我們商場獨有，當我們把這類型的連結性帶到其他物業時，確實能讓某些物業形成差異化。而這些品牌有些是從線上走到線下。有些來自歐洲。有些在美妝領域來自亞洲。在美妝領域我們做了不少交易，亞洲零售商也進入收藏品（collectible）領域。運動休閒領域顯然仍在成長，也有新的進入者。所以這非常令人振奮。

And when you walk one of our centers, you see something new, you see something that's differentiated. And I think it's resonating with customers. And when we add these types of retailers, we see increased traffic and not just for the retailers we add, but for the retailers for the rest of the center.

當你走進我們其中一個商場，你會看到新的東西，看到有差異化的內容。我認為這正在引起顧客共鳴。而當我們加入這類零售商時，我們看到人流增加——不只是新增的零售商受益，商場其餘零售商也同樣受益。

And what that's led to, frankly, is if you go and look at some of the legacy players in the spaces where we're adding the new emerging brands, they're reinvesting into their stores. Their stores look so much better. Their merchandise looks better, and it's really a great symbiotic relationship, which we're very proud of.

坦白說，這帶來的結果是：如果你去看我們在引進新興品牌的那些區域，一些傳統老牌業者也在重新投資他們的店面。他們的店看起來好很多。他們的商品陳列也更好，這真的是一種很棒的共生關係，我們也為此感到非常自豪。

The other area of focus, I would say, would be in the restaurant space. We continue to upgrade the restaurants and continue to add restaurants. If you look, we have a number of high-profile developments and redevelopments that have started and will start over the next, call it, year or so, we're going to add probably $400 million to $500 million of incremental restaurant sales from some of the biggest names out there on a regional, on a national basis.

我會說另一個重點領域是在餐飲。我們持續升級餐廳，也持續引進餐廳。如果你看，我們有多個高知名度的新開發與再開發案已經啟動，並將在接下來——大概一年左右——陸續啟動；我們預計將帶來約 4 億到 5 億美元的餐飲增量銷售，來自一些區域性與全國性最知名的品牌。

And so again, that's something that we can continue to do to create a fresh environment, an exciting environment and an environment that customers want to go to. So that's really the focus, but the demand is from a variety of categories, variety of retailers. On the watch list, it's in very good shape. Nothing close to material, sort of normal course and the extent stuff happens, we handle an ordinary course of business.

所以再說一次，這是我們可以持續做的事情，用來打造一個新鮮的環境、令人興奮的環境，以及顧客想要前往的環境。這就是重點；但需求其實來自各式各樣的品類、各式各樣的零售商。至於觀察名單，目前狀況非常好。沒有任何接近重大（material）的事項，基本上屬於正常營運範圍；即便有事情發生，我們也會以日常業務的方式處理。

It's actually an opportunity for us, Greg. It's Brian. The watch list is at its low point. But as we've said now, the recapture space does provide us opportunity to bring in better merchants.

其實這對我們來說是個機會，Greg。我是 Brian。觀察名單目前處在最低點。但正如我們一直說的，收回空間（recapture space）確實給了我們引進更好商戶的機會。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

Eli, I just wanted to go back on your Simon Brand Ventures. I think before you had said that I think it delivered like $200 million and maybe there's a goal of like $800 million, but also you have 2 billion people who go through your global portfolio.

Eli，我想回到你提到的 Simon Brand Ventures。我記得你之前說過，它大概帶來了 2 億美元，目標可能是 8 億美元；但同時你們的全球資產組合每年有 20 億人次到訪。

Just want to get a better sense of as you look to monetize this -- the visitor count, is this something that you think is like near term, like in the next, call it, two years that we'll see a material shift in this revenue increase? Or this is something more of a longer-term initiative? I'm just trying to get a handle on. I mean, 2 billion is certainly a lot of people.

我想更清楚了解：當你們要把這——到訪人次——變現時，你認為這會是比較近期的事情嗎？比如接下來大概兩年內，我們會看到這塊收入出現實質性的提升？還是這更像是一個長期的計畫？我只是想掌握一下。畢竟 20 億確實是非常多的人。

Thanks, Alex. So I don't know if you have access to my e-mails, I guess. I have a draft press release that I guess I can say now that will be launched in the next couple of weeks to launch Simon Media Network to really, in a more broad way, take advantage of the first-party customer insights that we are getting. As you said, we have billions of visits a year, probably carrying over $100 billion in our domestic portfolio.

謝謝，Alex。所以我不知道你是不是能看到我的電子郵件，我猜是吧。我手上有一份新聞稿草稿——我想我現在可以說——我們會在接下來幾週內推出 Simon Media Network，更廣泛地利用我們取得的第一方客戶洞察。如你所說，我們一年有數十億次到訪，在我們的美國本土資產組合中，可能承載超過 1,000 億美元的銷售額。

And so there will be an announcement in next -- in the coming weeks. But yes, we think there's a real opportunity here to take sort of our whole ecosystem of -- we have obviously our digital footprint with Simon+, with ShopSimon, with Simon Search, our in-house screen network.

所以在接下來——在未來幾週內——會有一項公告。但沒錯，我們認為這裡有很大的機會，把我們整個生態系——我們當然有數位足跡，包括 Simon+、ShopSimon、Simon Search，以及我們自有的螢幕聯播網。

We have over 4,000 screens, the largest footprint of screens, I think, in the world that we continue to invest in. And then now to take the data we're going to get into Simon Media Network and create something that's really, really interesting, both for our endemic brands, the retailers in our centers, but also for non-endemic brands who want access to our consumer who is -- has a high intent to shop and to shop and shop a lot.

我們有超過 4,000 個螢幕，是我認為全球最大的螢幕佈建規模，而且我們持續投資。接著把我們將取得的數據導入 Simon Media Network，打造一個非常、非常有意思的東西——不僅對我們商場內的本業品牌（endemic brands）、也就是零售商有價值，對那些想接觸我們消費者的非本業品牌（non-endemic brands）也有價值；而我們的消費者——購買意圖很高，而且會買、也會買很多。

And so it's something we are focused on. I don't know about the 200 to 800. I hope it's that. I hope it's more than that, frankly, but it's a business that's growing at double-digit, mid-teens percent year-over-year. We're investing into it. We're adding screens. We're adding touch points at our centers.

所以這是我們正在聚焦的事情。至於 2 億到 8 億那個數字，我不確定。我希望是那樣。坦白說，我希望能超過那個數字；但這是一個年增率雙位數、約中十位數百分比（mid-teens）的成長型業務。我們正在投入資本。我們在增加螢幕。我們在各個商場增加觸點。

One is because we can make a really good return and have a one- to two-year payback period. But two is I think it looks good, frankly. I think when done right, I think it adds to our centers. We have our digital directories, allowed us to search for real-time inventory through Simon Search at our centers, which gets great usage.

其一是因為我們可以取得非常好的報酬，且回收期約為一到兩年。其二是坦白說，我覺得這看起來很不錯。我認為如果做得對，會為我們的中心加分。我們的數位導覽目錄讓我們能在各中心透過 Simon Search 搜尋即時庫存，使用率非常高。

And so it's something that we are focused on. I'm focused on. We think there's a really big opportunity here clearly, malls, retail centers at large are having a cultural moment. People realize that they're not going away. Young people want to hang out here. And there's an opportunity to, I think, really take advantage of that because we can provide to people who are looking to advertise something that really nobody else can.

因此這是我們正在聚焦的事情。也是我在聚焦的事情。我們清楚地認為這裡有非常大的機會；購物中心與大型零售中心正迎來一個文化上的高光時刻。人們意識到它們不會消失。年輕人想在這裡聚會。而我認為我們有機會真正把握這點，因為我們能提供給想投放廣告的人一種幾乎沒有人能提供的東西。

And so we're focused on it. Again, I don't know when we think about this over the long term, but we think there's tremendous opportunity to really grow this business. And obviously, it's a great business today, but we really do think that there's an opportunity to make this business much bigger over time.

所以我們會專注在這上面。再說一次，從長期來看我們怎麼看待這件事我不確定，但我們認為要真正把這門業務做大，有非常可觀的機會。而且很明顯，這今天已經是一門很好的生意，但我們確實認為隨著時間推移，有機會把這門業務做得更大。

Juan Sanabria, BMO Capital Markets.

Juan Sanabria，BMO Capital Markets。

Hoping you could talk a little bit about your retention strategy. Are you looking to maybe pull that back given the strength of demand and the ability to drive leasing spreads on new deals, particularly for in-line tenants? And if you could talk about kind of the spread between leased versus occupancy and how that shifted with the 1 million in bankruptcies noted and the lease-up of some of the space subsequently.

希望你能談談你們的續租／留租策略。鑑於需求強勁，以及在新合約上（特別是對於商場內街店承租戶）能推升租賃價差的能力，你們是否考慮把留租力度稍微收回一些？另外也請談談已出租率（leased）與實際入住率（occupancy）之間的差距，以及在提到的 100 萬平方英尺破產影響與之後部分空間完成出租後，這個差距如何變化。

Sure. So on the retention side, it's a space-by-space decision that has so many different factors that go into it. It's a relationship with the tenant. It's do we -- what's the replacement not just rent, but are they adding to the center. It's a complicated story, but it's something we focus on. The team is obviously very focused on downtime, right? We still are running.

當然。在留租方面，這是逐一空間的決策，牽涉非常多不同因素。包括與承租戶的關係。以及我們的替代方案——不只是租金水準，還包括他們是否能為中心加分。這很複雜，但我們確實很專注在這上面。團隊顯然也非常關注空置期（downtime），對吧？我們仍在運作。

Yes, the long-term growth, we also obviously have to focus on cash flow in the intermediate term as well. So it's -- I wouldn't say it's materially changing. But to the extent that we think there's an opportunity to replace a tenant with someone who is going to perform better and add more to the center, add more traffic and then obviously, the rent would be higher as well. We'll look to do it. But it's not like we're going and making a blanket assumption or a blanket call on that. It's really space by space, tenant by tenant, center by center is how we think about that. On the SNO.

是的，長期成長之外，我們當然也必須關注中期的現金流。所以——我不會說這在實質上有改變。但只要我們認為有機會用表現更好、能為中心帶來更多價值、帶來更多人流的承租戶來替換，且顯然租金也會更高，我們就會考慮這麼做。但我們不是用一刀切的假設或一刀切的決策來處理。我們的思考方式確實是逐一空間、逐一承租戶、逐一中心來看。至於 SNO（已簽約未開業）。

Juan, we're still trending around 310 basis points of signed but not open. And really, that got backfilled by the 1 million square feet of leases, right? The open leases were backfilled with some of the work we've been doing since we captured the Saks outlet business.

Juan，我們目前已簽約未開業（SNO）仍大約在 310 個基點的趨勢水準。而且實際上，這已由那 100 萬平方英尺的租約所回補，對吧？已開業的租約也透過我們自從拿下 Saks outlet 業務以來所做的一些工作而得到回補。

Floris Van Dijkum, Ladenburg Thalmann.

Floris Van Dijkum，Ladenburg Thalmann。

Maybe obviously, very strong NOI growth, even excluding the TRG, 7% plus and sales growth through the roof with 13% plus. Maybe talk a little bit about the breadth of that sales growth and talk -- I mean, is this just your top 50 assets carrying the portfolio? Or how is the rest of the portfolio doing? Or what's the bifurcation between your top 50 or 100 assets versus the rest of the portfolio?

你們的 NOI 成長顯然非常強勁，即使不含 TRG 也有 7% 以上；銷售成長更是飆升到 13% 以上。能否談談這個銷售成長的廣度——我的意思是，這是否主要是你們前 50 個資產在支撐整個投資組合？其餘投資組合表現如何？或者你們前 50 或前 100 個資產與其餘資產之間的分化情況是什麼？

Sure, Floris. So it's definitely broader than the top 50, right? It's a pretty broad story. Frankly, the sales trends are pretty similar to what we talked about last quarter that luxury remains very strong on the full price side for sure. On the outlet side, too, but most of the -- or I would say most, but some of the strength of the luxury or tenants that just don't have outlets.

當然，Floris。所以這絕對不只是前 50 個資產，對吧？這是一個相當廣泛的故事。坦白說，銷售趨勢與我們上季談到的很相似：奢侈品在正價端仍然非常強勁，這點毫無疑問。在 outlet 端也是如此，但大部分——或我應該說不是大部分，而是部分強勁來自於那些奢侈品牌或承租戶本身沒有 outlet。

Obviously, the jewelry side, the watch side, that remains very, very strong, continues to grow. No real sign of slowdown there. But if you look at the juniors brands, which is targeting sort of the Gen Z customer, we've had 16 straight months of positive comps there, which is pretty staggering, obviously, given all the macro noise out there.

顯然，珠寶類、腕錶類仍然非常、非常強勁，並持續成長。目前看不出任何放緩跡象。但如果你看青少年品牌（juniors brands），也就是鎖定 Z 世代客群的那一塊，我們已連續 16 個月同店成長為正，考量到外部總體環境雜音，這顯然相當驚人。

And if you think about a customer group that could be hit, it would be that group, and that's continued to grow both new retailers or new entrants in that space, but obviously, the legacy retailers as well. And so the other trends are still holding. Restaurants, again, are a little bit softer than the rest of the portfolio. I think maybe that's economic based, but I think there's also other factors, right? Alcohol sales are down.

如果要說哪個客群可能會受到衝擊，那可能就是這一群，但他們仍持續成長；不僅有新的零售商或新進者進入該領域，當然既有的老牌零售商也同樣成長。因此其他趨勢也仍在延續。餐飲方面再次說明，相較於投資組合其他部分略為疲弱。我想可能與經濟因素有關，但我也認為還有其他因素，對吧？酒精飲品銷售下滑。

That's obviously something we can't control. But the story remains positive. Florida remains very, very strong from Jacksonville and St. Johns, obviously, the greater Miami area and Boca over to Naples, Orlando's remained very strong, even the Panhandle continues to grow. That's been a good sign.

那顯然不是我們能控制的。但整體故事仍然正向。佛羅里達仍然非常、非常強勁，從 Jacksonville 與 St. Johns，到大邁阿密地區與 Boca，再到 Naples；Orlando 也一直很強勁，甚至佛州狹長地帶（Panhandle）也持續成長。這是一個好跡象。

The border is growing now, but a little bit less than the rest of the portfolio, which impacts the outlets more, right, just given that we have more outlets on the borders than full price. A couple of better outlets, again, are growing a little bit lower than the overall primarily due to the international travel, which, yes, it came here from the World Cup.

邊境地區現在也在成長，但比投資組合其他部分略低，這對 outlet 的影響更大，對吧？因為我們在邊境的 outlet 比正價店更多。幾個表現較好的 outlet 再次說明，其成長略低於整體，主要是因為國際旅遊——是的，部分旅客是因世界盃而來。

But if you look at our outlet portfolio, Vegas is a key component of that. Orlando is a key component of that, which obviously didn't have -- both didn't have World Cup matches. But Orlando also coming off of 12 months of 10% to 15% comp growth. So that naturally slowed down a little.

但如果你看我們的 outlet 投資組合，拉斯維加斯是其中的關鍵組成。Orlando 也是關鍵組成，而這兩地顯然都沒有舉辦世界盃賽事。但 Orlando 也剛經歷了 12 個月 10% 到 15% 的同店成長。所以那自然會稍微放緩一些。

But the reality is it's a broad-based story that, yes, the luxury is very strong, no doubt. But this is not 10, 15 centers carrying. This is malls, this is outlets, this is mills. They're all positive comping. And traffic is up across all of them, too. So that's a good news story, is obviously, back-to-school has hit, I don't know, probably two-third of the country right now and then the remaining part as we speak. And so that's a good news. And then we look to the holiday season from there.

但現實是，這是一個廣泛的成長故事；是的，奢侈品非常強勁，毫無疑問。但並不是只有 10、15 個中心在撐盤。這涵蓋購物中心（malls）、outlets、以及 mills。它們的同店表現都為正。而且所有類型的人流也都在上升。所以這是一個好消息：顯然返校季已經在全國大概三分之二的地區開始了，剩下的部分也正在進行中。因此這是好消息。接著我們就把目光放到假期旺季。

Rich Hightower, Barclays.

Rich Hightower，巴克萊。

I was curious if you could give us an update on TRG. And I think last quarter, you sort of talked about the level of excitement there and some of the upside. And maybe just give us an update on where we stand there? And when do you think that comp really starts to kind of normalize within the contribution to the whole, I guess?

我想請教您能否就TRG提供最新進展。我記得上季您有提到那邊的興奮程度以及一些上行空間。能否更新一下目前的狀況？另外，您認為那個同店（comp）對整體貢獻何時才會開始趨於正常化呢？

Sure. So we were as excited, more excited, continue to be excited, all of the above on TRG. So the EBITDA margin, we've increased the EBITDA margin on those assets that we manage. I remember, there's a few of the assets that we don't manage as part of the portfolio. But the assets that we manage, we've increased the margin by 300% this year.

當然。所以我們對TRG一樣興奮、甚至更興奮，而且會持續保持興奮——以上皆是。就EBITDA利潤率而言，我們已提升了我們所管理資產的EBITDA利潤率。我記得投資組合中有少數資產不是由我們管理。但對於我們管理的資產，今年我們把利潤率提高了300%。

And I would say there is probably another couple of hundred basis points -- sorry, 300 basis points. There's another couple of hundred basis points to go. And that's everything from our purchasing contracts, janitorial, cleaning, it's our parking, it's marketing and sort of you name it, we're focused on it every dollar. We're incredibly focused on it.

我會說大概還有再提升幾百個基點的空間——抱歉，是300個基點。另外還有幾百個基點可以努力。這涵蓋了從我們的採購合約、清潔與保潔，到停車、行銷等等，你能想到的我們都在盯，每一塊錢都在管。我們非常、非常專注。

From a comp perspective, the 120 basis points Brian talked about, that's just surely we added 12% additional ownership, right? So that it goes away in the next two quarters. And then that doesn't -- that obviously goes away, right? Because then we'll have owned the remaining interest for a year. Obviously, you did the deal at the end of October, so that narrows as the year goes on.

從同店（comp）的角度來看，Brian提到的120個基點，純粹是因為我們額外增加了12%的持股，對吧？所以在接下來兩個季度就會消失。然後那個影響——顯然就會消失，對吧？因為到時我們就已持有剩餘權益滿一年。當然，交易是在10月底完成，所以隨著年度推進，影響會逐步收斂。

But we think there's a lot of upside over time. And again, we did not make that deal for the next year, for the next quarter. We made that deal for the long term to own really, really, really good assets and then to do what we do, which is upgrade the merchandise mix, reinvest into them.

但我們認為長期來看仍有很大的上行空間。再說一次，我們做這筆交易不是為了明年、不是為了下個季度。我們做這筆交易是為了長期持有非常、非常、非常優質的資產，並且做我們擅長的事：提升商品組合，並再投資於這些資產。

We have some really exciting stuff going on at Green Hills that hopefully we can announce sooner than later, putting significant amount of money into that center, both on renovation, adding great, great tenants, really changing that center sort of like what we did with Southdale in Edina, but in one of the best, if not the best market in the country. International Plaza, putting significant renovation to start soon. Cherry Creek, we just finalized our renovation plans there to continue to make the best asset in the market better.

我們在Green Hills有一些非常令人振奮的進展，希望能儘快對外宣布；我們將在該中心投入大量資金，包括翻新、引進非常非常優質的租戶，真正改造那個中心，有點像我們在Edina的Southdale所做的那樣，但這裡是在全美最好的市場之一，甚至可能是最好的市場。International Plaza也將進行大規模翻新，預計很快開始。Cherry Creek方面，我們剛剛敲定翻新計畫，持續讓該市場中最好的資產變得更好。

So it's a long-term story for us. The additional contribution from the 12% obviously goes away soon, but we look for those properties to have significant runway for growth into the future, we're very happy, and we're very excited about the opportunity with those assets.

所以對我們而言這是一個長期故事。來自那12%持股的額外貢獻顯然很快就會消失，但我們預期這些物業未來仍有很長的成長跑道；我們非常滿意，也對這些資產的機會感到非常興奮。

Mike Mueller, JPMorgan.

Mike Mueller，摩根大通。

You have about $4.5 billion of unsecured debt coming due in 2H in '27, I think about $1.5 billion of cash. Can you talk about how you're thinking about those maturities in the cash today?

我想你們在2027年下半年有大約45億美元的無擔保債務到期，另外我記得大概有15億美元現金。能否談談你們如何看待這些到期債務以及目前的現金部位？

Mike, it's Brian. We're as focused as always on our balance sheet and preserving our liquidity. We're active across a variety of markets. We've done two deals in Europe in the past quarter, certainly looking around the globe for interest opportunities. We've not yet accessed yen funding, but that's certainly we're considering. There's a variety of other capital markets executions that are out there.

Mike，我是Brian。我們一如既往地專注於資產負債表並維持流動性。我們在多個市場都很活躍。過去一個季度我們在歐洲做了兩筆交易，也確實在全球尋找有吸引力的機會。我們尚未動用日圓融資，但這當然是我們正在考慮的選項。此外，還有各式各樣的資本市場操作方式可供選擇。

So we have flexibility. Certainly credit spreads are incredibly tight, obviously, pricing off a higher base rate. But ultimately, there is plenty of capital in the world today to refinance our debt. But certainly, we're still going to be up against a raising interest rate environment or a higher interest rate environment.

所以我們具備彈性。當然，信用利差非常緊，但定價是建立在較高的基準利率之上。不過歸根結底，當今全球有充足的資金可以為我們的債務再融資。但我們確實仍將面對升息環境或較高利率環境的挑戰。

At the beginning of the year, we guided towards $0.25 to $0.30 of negativity of interest expense on this year. We're about $0.10 into it. So we've got about $0.20 to go for the balance of the year. And that's under the current interest rate kind of market environment. And then as we head into next year, to your point. And so we certainly are being proactive about our interest expense and managing it appropriately.

年初我們指引今年利息費用將帶來每股0.25到0.30美元的負面影響。目前我們已經反映了約0.10美元。所以今年剩餘期間大約還有0.20美元要走。這是基於目前利率市場環境的假設。而進入明年，正如你所說。因此我們確實在積極管理利息費用，並以適當方式加以控管。

Craig Mailman, Citi.

Craig Mailman，花旗。

Eli, it's always helpful going through the development pipeline and kind of what you guys -- the opportunity you have there with the $4 billion. I guess. But as you look at the size of your company, right, $4 billion is 2% to 4% of your total market cap. I'm just -- it's all very helpful and it's all value accretive. But is there a way to, I guess, create a step function in earnings growth from here?

Eli，你們梳理開發管線以及那40億美元的機會，總是很有幫助。我想問的是。但以你們公司的規模來看，40億美元大概只占你們總市值的2%到4%。我只是——這些都很有幫助，也都能增厚價值。但有沒有什麼方式能在此基礎上，讓獲利成長出現一個「跳躍式」的提升？

I know Brian was just talking about the liquidity you have and you guys are searching the globe. I mean, is there any type of opportunity above and beyond the -- continuing to fix the portfolio, drive earnings from there to kind of grow the platform further and drive maybe that incremental growth above and beyond what malls and retail generally can deliver on a year in and year out basis?

我知道Brian剛談到你們的流動性，而且你們正在全球尋找機會。我的意思是，除了——持續修復投資組合、從中推動獲利之外，是否還有任何進一步的機會，能把平台做得更大，並帶來超出購物中心與零售業一般逐年可交付水準的增量成長？

Sure. So there's definitely opportunity. It's something we're always focused on. The great thing about the balance sheet that Brian mentioned is that we can do and will do all of the above to do development and continue to reinvest into our properties. We'll continue to evaluate buying back stock. We still love to own more of what we own, I guess, is the best way to say it.

當然。確實有機會。這也是我們一直在關注的事情。Brian提到的資產負債表的優勢在於，我們可以、也會「多管齊下」：做開發並持續再投資於我們的物業。我們也會持續評估回購股票。我想最好的說法是，我們仍然很喜歡持有更多我們已經擁有的東西。

And we know the embedded growth profile given that pipeline that you talked about. But we're also not going to do something just to do it. I think I said this last quarter and it remains true, is we'll buy stuff and look at acquisitions as accretive that we think we can operate better on our platform, but it has to be at the right price. And so we're not going to do something just to add scale.

而且我們也知道，基於你提到的那條管線，我們有內生的成長輪廓。但我們也不會為了做而做。我上季說過、現在仍然如此：我們會在我們認為能在本平台上營運得更好、且具增厚性的前提下，去買資產並評估併購，但前提是價格要對。因此我們不會只是為了擴大規模而做任何事。

I don't think it's the right thing to do. But the reality is we have $9.3 billion of liquidity. We're in a business or in a balance sheet that's naturally deleveraging based upon our free cash flow generation. And so we'll continue to evaluate. And if there are opportunities, the great thing is we know we can execute. We have the team to execute it.

我不認為那是正確的做法。但現實是我們有93億美元的流動性。我們所處的業務、以及我們的資產負債表，會因自由現金流的產生而自然去槓桿。因此我們會持續評估。如果有機會，最棒的是我們知道自己能執行。我們有團隊可以把它做成。

You look at what we did with Brickell last year, we are -- our year one yield there is over 100 basis points higher than our underwriting. And that's because we bought really, really, really good real estate at a good price and also because we're operating it, we're leasing it very well and -- but we're laser-focused on it. So we'll continue to do transactions like that to the extent that they are out there, but we're not going to chase stuff.

你看看我們去年在 Brickell 做的事情，我們——那裡第一年的收益率比我們的承銷假設高出超過 100 個基點。這是因為我們以合理的價格買到了非常、非常、非常優質的不動產，也因為我們在營運上做得很好、出租也做得很好——而且我們對它是高度聚焦的。所以只要市場上有這類機會，我們就會持續做這樣的交易，但我們不會去追逐那些標的。

And if others want to chase stuff, that's fine. But we love our portfolio. We love the assets we own. We'll continue to reinvest in them and continue to make those assets better. And if there are opportunities or when there are opportunities, we're ready to go and we can move quick and then add value that way.

如果其他人想去追逐那些標的，也沒關係。但我們很喜歡我們的投資組合。我們很喜歡我們擁有的資產。我們會持續再投資於它們，並持續把這些資產做得更好。而如果有機會、或當機會出現時，我們隨時準備好出手，也能快速行動，並以此方式創造價值。

But we look at it, we've grown NOI 4-plus percent for the last four, five years now, I guess. We have $1 billion in the ground in development. We got $4 billion behind it and much, much more behind that, that we're actively working on sort of the shadow part two, I guess.

但我們這樣看：過去四、五年，我們的 NOI 成長了 4% 以上。我們有 10 億美元正在開發建設中。我們後面還有 40 億美元的項目，甚至遠不止於此；我們也正積極推進更多項目，我想可以算是「影子」第二部分。

So we're focused. We look to continue to grow cash flow, but we're going to do it smartly, and we're going to do it by adding great assets over time. And if nothing is out there that we can transact on, that's fine. We'll do what we do and grow the cash flow of the existing assets.

所以我們很專注。我們希望持續成長現金流，但會以更聰明的方式來做，並且隨著時間推移逐步加入優質資產。如果市場上沒有我們能成交的機會，也沒關係。我們就做我們擅長的事，提升既有資產的現金流。

Vince Tibone, Green Street.

Vince Tibone，Green Street。

Comparable tenant sales are up about 6% year-to-date, which is much stronger than the last few years. I just -- how should we think about potential upside to 2026 NOI and FFO growth from overage rents if these strong sales trends continue for the rest of the year? If you could also touch on just kind of what's baked into guidance right now in terms of sales growth for the portfolio, that would be helpful.

可比租戶銷售額年初至今約成長 6%，這比過去幾年強很多。我想問——如果這種強勁的銷售趨勢在今年剩餘時間持續，從超額租金（overage rents）的角度來看，對 2026 年 NOI 與 FFO 成長可能帶來的上行空間，我們應該怎麼思考？另外也請談談，目前指引中對投資組合銷售成長大概已經納入（baked into）了哪些假設，會很有幫助。

Sure. So I would say we've seen no signs of a slowdown at all, frankly. In fact, traffic which we have, traffic accelerated in July. And I don't think anybody asked about traffic, but traffic was up 2%, I think, in the quarter and 3.6% in July, a good number. So I felt like we should say it. But -- so we have not seen any change in sales. I would say that sales are the one thing that we cannot control.

當然。所以我會說，坦白講，我們完全沒有看到任何放緩的跡象。事實上，我們有追蹤人流，而人流在 7 月加速了。我想沒有人問人流，但本季人流大概成長 2%，7 月成長 3.6%，是個不錯的數字。所以我覺得應該提一下。不過——我們沒有看到銷售有任何變化。我會說，銷售是我們唯一無法控制的事情。

Obviously, there's a lot of macro factors, geopolitical, political, political, right, with an election in a couple of months that are out of our control. And so I would say when we think about the guidance, I think it's fair to say that if the sales trends continue, we'll be above the range we guided. But the reality is it's very hard to know how sales are going to perform.

顯然，有很多我們無法控制的總體因素，包括地緣政治、政治、政治——對，幾個月後還有選舉。所以我會說，當我們思考指引時，我認為可以合理地說，如果銷售趨勢持續，我們會高於我們所給的區間。但現實是，很難知道銷售會如何表現。

Clearly, overage and sales-based rent is back-end weighted, obviously, as you go towards the holiday -- to the holiday season. And so the guidance effectively assumes a slowdown. If we -- if it stays like this, then we obviously will be above that range. But it's -- we don't really feel comfortable guiding at the same growth just because it's something we can't control. We can control leasing.

很明顯，超額租金與銷售抽成租金（sales-based rent）在時間分布上偏向後段，尤其接近假期——到假期季。因此，指引實際上是假設會出現放緩。如果——如果維持目前這樣，那我們顯然會高於那個區間。但我們——我們不太願意用同樣的成長率來做指引，因為這是我們無法控制的事情。我們能控制的是出租。

We can control how we manage expenses, but we can't control sales. And so although there's nothing that we've seen that would suggest the slowdown is imminent, we thought it was prudent to guide with some sort of sales moderation. But again, very strong numbers.

我們能控制費用如何管理，但我們無法控制銷售。所以雖然我們沒有看到任何跡象顯示放緩迫在眉睫，我們仍認為在指引中納入某種程度的銷售降溫是審慎的。但再次強調，數字非常強勁。

If you look at the -- for the six months, it's 6.3% comp growth. That's obviously very good. And there are tougher comps in the back half of the year. The malls really started there more positive upward trajectory this time last year. So there's a bit tougher comps too that we will see, but we are hopeful that the consumer is shown to be resilient. Obviously, stock market being at or near record highs is not insignificant, but that's sort of, I guess, the best way to summarize sales. I don't know, Brian, anything?

如果你看——以六個月來看，可比成長是 6.3%。這顯然非常好。而且下半年會面臨更嚴苛的可比基期。購物中心大概在去年這個時候開始走向更正面的上升軌跡。所以我們也會遇到更難的可比，但我們仍希望消費者展現出韌性。顯然，股市處於或接近歷史高點並非無足輕重，但我想這大概就是總結銷售狀況的最佳方式。我不知道，Brian，你還有補充嗎？

No, I think you covered it well, Eli. Ultimately, we would expect if the current conditions continue, that will be a further contribution beyond our -- what's baked into our guidance for the year.

沒有，我覺得你講得很完整，Eli。最終，如果目前的狀況持續，我們預期這會帶來額外貢獻，超出——也就是超出我們今年指引中已納入的部分。

Tayo Okusanya, Deutsche Bank.

Tayo Okusanya，德意志銀行。

Quick question. Eli, you kind of -- you mentioned comments before about jewelry being very strong. And I guess everything you seem to read in the news is that diamond prices are going down and the younger generation is not buying diamonds and things like that. So just trying to understand a little bit better why that particular category is doing well. And if there are any categories in particular that you kind of worry about saturation as well?

快速問一個問題。Eli，你之前提到珠寶表現非常強。但我想新聞裡看到的似乎都是鑽石價格在下跌、年輕一代不買鑽石之類的。所以想更了解一下，為什麼這個類別表現會這麼好。另外，有沒有任何類別是你們特別擔心也可能出現飽和的？

Sure. So I would say that the jewelry space, frankly, for jewelry and watches, it's coming from a variety of price points. It's clearly the luxury, the uber luxury that just very -- honestly more demand than supply of those types of items. So that allows prices to go up and the consumer is there. But also, there's been a lot of new entrants into the space on sort of more of the -- I guess, more affordable price points.

當然。所以我會說，珠寶領域——坦白講，珠寶與腕錶的需求來自各種不同的價格帶。很明顯，奢侈品、超奢侈品那一端——老實說，這類商品的需求大於供給。因此價格可以上升，而且消費者也在。但同時，這個領域也出現了很多新進者，走的是——我想是更可負擔的價格帶。

So there's a lot of new entrants in this space that we're doing business with that are -- that have great-looking stores, attract maybe that younger consumer. And so it's a category that's important for us. I think, again, these things go in cycles, they change over time. But right now, that is -- it's a trend that we are -- we see, we're focused on.

所以這個領域有很多新進者，我們正在與他們合作——他們有外觀很棒的店面，可能更能吸引年輕消費者。因此這對我們來說是一個重要的品類。我想，再次強調，這些事情是有週期的，會隨時間改變。但就目前而言，這是——我們看到並且聚焦的一個趨勢。

And so it's -- we continue and expand the relationship and expand the stores with some of the more established players, players in the luxury space that we have great relationships with and want to continue to do more and more business with. But also there's this new entrant, again, at a different price point, but they are creating really great stores, great environment that they're focused on getting that younger consumer in an environment that is Instagrammable, right, for lack of a better word.

因此——我們持續深化並擴大與一些更成熟的業者、也就是我們在奢侈品領域合作關係很好的業者之間的關係，並擴增店數；我們希望與他們做越來越多的生意。但同時也有這些新進者——同樣是在不同的價格帶——他們正在打造非常出色的店面與環境，並專注於把年輕消費者帶進來，營造一個「很適合上 Instagram」的環境，姑且這麼說。

And so it's sort of how we view all of our leases is that we want to go where the consumer goes. And we have a great team. We have boots on the ground. across the country. We have a great team that's focused on new and emerging brands. So we go where the customers are and want to give them more of what they want. And so that's really what we're doing in that space.

因此，我們看待所有租約的方式是：我們希望走到消費者所在的地方。而且我們有一支很棒的團隊。我們在全國各地都有第一線的人員。我們有一支很棒的團隊，專注於新興與正在崛起的品牌。所以我們到客戶所在之處，並希望給他們更多他們想要的東西。這就是我們在那個領域真正正在做的事。

Tayo, I think you also see just given the outperformance of the US relative to the rest of the globe that you continue to see luxury retailers bringing their product here, their newest and greatest product, because this is where the action is. So as long as that continues, we think that the trend line will hold.

Tayo，我想你也看到，鑑於美國相對於全球其他地區的優異表現，你會持續看到奢侈品零售商把他們的產品帶到這裡，帶來他們最新、最好的產品，因為行動就在這裡。所以只要這種情況持續，我們認為這條趨勢線就會維持。

Ronald Kamdem, Morgan Stanley.

Ronald Kamdem，摩根士丹利。

Great. I just had a quick one, just AI related. We're a couple of months into this journey now. And when you're thinking about sort of your business and as well as sort of the retailer business, where do you think we are in terms of the adoption of these tools to better understanding where the customer is coming from and starting to see some tangible benefits? Is it still too early to see tangible results? Just curious like how that's been sort of going, both for your business and the retailers that you partner with?

很好。我只有一個很快的問題，跟 AI 有關。我們踏上這段旅程已經幾個月了。當你思考你們的業務，以及零售商的業務時，你認為在採用這些工具、以更好地理解客戶從哪裡來並開始看到一些具體效益方面，我們目前處於什麼階段？現在看到具體成果是否仍然太早？只是好奇這進展如何，無論是對你們的業務，或是你們合作的零售商而言？

Sure. I mean it's obviously early days. I don't know if it's the first inning, third inning, but it's definitely early days. I would say from the SPG perspective, I think where we've made leaps and bounds strides over the past several months, and there's so much more we can do, so much more we can do with our data.

當然。我的意思是，顯然還在早期階段。我不知道是第一局、第三局，但肯定是早期階段。我會說，從 SPG 的角度來看，我認為過去幾個月我們已經取得長足進展，而且我們還能做更多，能用我們的數據做更多。

We're seeing real efficiencies and insights from our -- think about it, we have, I don't know, 29,000, 30,000 different leases, so many different REAs, so many different documents and joint venture documents, loan documents, et cetera.

我們從我們的——想想看，我們有，我不知道，29,000、30,000 份不同的租約，這麼多不同的 REA，這麼多不同的文件與合資文件、貸款文件等等——看到了真正的效率提升與洞見。

So we're seeing a lot we can do in that space to be quicker, to be more efficient, so much we can do on the marketing front. Again, we have hundreds of centers, so many different retailers. And so the ability to create imagery that's quicker, that looks better is meaningful for us.

所以我們在那個領域看到很多可以做的事，讓速度更快、效率更高；在行銷面也有很多可以做的。同樣地，我們有數百個中心、非常多不同的零售商。因此，能夠更快地製作影像素材、而且看起來更好，對我們而言很有意義。

It's early days, and I'd say the retailers, again, same thing, right, from what we're hearing is that everyone is starting the journey. They're focused on it, but it's not a -- I don't think there's been a sea change in how anybody is operating.

還在早期階段；我會說零售商也是一樣，對吧？從我們聽到的情況來看，大家都在開始這段旅程。他們很專注，但這不是——我不認為任何人的營運方式已經出現翻天覆地的改變。

I think it's just stepping back bigger picture, I think it makes us more bullish on physical real estate, physical retail. I think we've seen it the younger cohorts, the most excited to come to the mall, the most excited to shop in the mall. As individual websites potentially become harder to navigate to from individual retailers, the physical real estate, the ability to have their brand representation becomes more and more important. And so that leads to more money being reinvested into the stores, creating a better, more unique experience.

我想如果退一步看更大的格局，我認為這讓我們對實體不動產、實體零售更為看多。我想我們已經看到，較年輕的族群最興奮來逛商場、最興奮在商場購物。當各個零售商的獨立網站可能變得更難以導流與瀏覽時，實體不動產、能夠呈現品牌形象的能力就變得愈來愈重要。因此，會有更多資金再投入到門市，打造更好、更獨特的體驗。

So we think it's great for us long term. But as far as adoption and anything like that, it's obviously early days. And we do -- as I mentioned earlier, with the Simon Media Network, AI will be a big component of that and our ability to sort through our data better, right, which is a lot, as you can imagine, with billions of visits a year and hundreds of billions -- $100-plus billion in sales. It's a lot of data, a lot of leases, a lot of tenants.

所以我們認為這對我們長期而言非常好。但就採用程度或類似議題而言，顯然仍在早期階段。而且我們確實——如我先前提到的，透過 Simon Media Network，AI 將會是其中一個重要組成，並提升我們更好地梳理數據的能力，對吧？如你所想像的，因為每年有數十億次到訪，以及數千億——超過 1,000 億美元的銷售額。這是大量的數據、大量的租約、大量的租戶。

And so there's a lot we can do there to be with our Simon Media Network and related entities that's really getting up and running. But overall, we look at this as great for us long term. And our job is to continue to make our properties where retailers want to be and where customers want to be, and that's really what we're focused on.

因此，我們在 Simon Media Network 及相關實體上有很多可以做的事，而這些也正真正開始運作起來。但整體而言，我們把這視為對我們長期非常有利。我們的工作是持續讓我們的物業成為零售商想進駐、顧客也想來的地方，而這正是我們專注的重點。

We have reached the end of our question-and-answer session. I would like to turn the call back over to Eli for closing remarks.

我們的問答環節到此結束。我想把電話會議交回給 Eli 作結語。

Thank you, everybody, for your questions, and have a great week.

謝謝大家的提問，祝大家有個美好的一週。

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

謝謝。今天的電話會議到此結束。您現在可以掛線，感謝您的參與。