西蒙地產 (SPG) 2020 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Simon Property Group, Inc. First Quarter 2020 Earnings Conference Call.

女士們、先生們，感謝大家的支持，歡迎參加西蒙地產集團 2020 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

（操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference to your speaker today, Tom Ward, Senior Vice President of Investor Relations. Please go ahead, sir.

我現在想把會議交給今天的發言人、投資者關係高級副總裁湯姆沃德 (Tom Ward)。請繼續，先生。

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

謝謝你，朱厄爾。大家晚上好，感謝您今天加入我們。出席今天電話會議的是董事長、執行長兼總裁 David Simon。財務長 Brian McDade 也參加了電話會議；和首席會計官 Adam Reuille。

Before we begin, 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. Please note that this call includes information that may be accurate only as of today's date.

在我們開始之前，先快速提醒一下，本次電話會議中所做的陳述可能被視為 1995 年《私人證券訴訟改革法案》安全港含義內的前瞻性陳述；由於各種風險、不確定性和其他因素，實際結果可能存在重大差異。我們建議您參閱今天的新聞稿和我們向 SEC 提交的文件，詳細討論與這些前瞻性陳述相關的風險因素。請注意，本次電話會議所包含的資訊僅截至今天為止可能是準確的。

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures are included within the press release and the supplemental information in today's Form 8-K filing. Both the press release and the supplemental information are available on our IR website at investors.simon.com. (Operator Instructions)

非公認會計原則財務指標與最直接可比較的公認會計原則指標的調節包含在新聞稿和今天提交的 8-K 表格中的補充資訊中。新聞稿和補充資訊均可在我們的投資者關係網站 Investors.simon.com 上取得。 （操作員說明）

For our prepared remarks, I'm pleased to introduce David Simon.

對於我們準備好的發言，我很高興介紹大衛西蒙。

Good evening, and thank you for joining us today. I wish everyone listening today the best in these challenging times.

晚上好，感謝您今天加入我們。我祝福今天聆聽的每個人在這個充滿挑戰的時代都能取得最好的成績。

Before I turn over to our first quarter results, I want to express my sincere gratitude to the entire Simon team for the work they have done and continue to do since the COVID-19 crisis began. The team has adapted to a constantly changing environment. We made difficult decisions and successfully transitioned to a remote work environment in our corporate and regional offices. We implemented new protocols to adapt how we operate our properties for the safety of our shoppers, employees and tenants; and I'm frankly very proud of the entire team, Simon team.

在介紹第一季業績之前，我想對整個 Simon 團隊自 COVID-19 危機開始以來所做和繼續所做的工作表示衷心感謝。該團隊已經適應了不斷變化的環境。我們做出了艱難的決定，並成功過渡到公司和區域辦事處的遠距工作環境。我們實施了新的協議，以調整我們的物業營運方式，以確保購物者、員工和租戶的安全；坦白說，我為整個團隊，西蒙團隊感到非常自豪。

Now turning to our first quarter results. They were largely in line with our expectations. Reported FFO, funds from operation, was $980.6 million or $2.78 per share. As a reminder, the prior year period included $0.24 per diluted share from insurance settlement proceeds and a gain on a sale of our interest in a multifamily residential property. In the current period, the operations of our investment in retailers were negatively impacted by approximately $0.06 per share pretax due to store closures as a result of the COVID-19 government shutdown. Adjusting the current period for the COVID-19 impact, our investment in retailers in the prior year period, for the insurance proceeds and the residential asset sale gain that I mentioned above, comparable funds from operation for the current year period is $2.83 compared to last year of $2.80. Comp NOI was flat in the quarter, and portfolio NOI decreased 20 basis points year-over-year.

現在轉向我們第一季的業績。它們基本上符合我們的預期。報告的 FFO（營運資金）為 9.806 億美元，即每股 2.78 美元。提醒一下，上一年期間包括來自保險結算收益的攤薄每股 0.24 美元以及出售我們在多戶住宅物業中的權益的收益。本期，由於 COVID-19 政府關閉導致商店關閉，我們對零售商的投資營運受到每股稅前約 0.06 美元的負面影響。根據 COVID-19 的影響調整本期，我們上一年期間對零售商的投資，對於我上面提到的保險收益和住宅資產銷售收益，本年度運營的可比資金與去年相比為 2.83 美元年2.80 美元。本季比較 NOI 持平，投資組合 NOI 年比下降 20 個基點。

Occupancy at -- for our premium and mall portfolio at quarter end was 94%. Average base minimum rent was $55.76, and our mall and outlet portfolio recorded leasing spreads of $2.80 per square foot or an increase of 4.6%. Reported retailer sales per square foot for our malls and outlets were $703 for the trailing 12 months ended February 29 compared to $660 in the prior year period, an increase of 6.5%. When you include March, even though we were shut down since March 18, reported retailer sales still increased 2.1%. Our portfolio is performing well. We saw solid trends in shopper traffic, tenant demand, retail sales and our results including our retail investments, until the COVID-19 stay-at-home recommendations and orders began to be issued in the middle of March.

截至季末，我們的高端和購物中心投資組合的入住率為 94%。平均基本最低租金為 55.76 美元，我們的購物中心和奧特萊斯投資組合的租賃價差為每平方英尺 2.80 美元，增幅為 4.6%。截至 2 月 29 日的過去 12 個月，我們的購物中心和折扣店每平方英尺的零售商銷售額為 703 美元，而去年同期為 660 美元，增長了 6.5%。如果算上 3 月份，儘管我們自 3 月 18 日起就停業了，但報告的零售商銷售額仍成長了 2.1%。我們的投資組合表現良好。在 3 月中旬開始發布 COVID-19 居家建議和訂單之前，我們看到了購物者流量、租戶需求、零售銷售以及包括零售投資在內的業績的穩健趨勢。

Now let's talk about some of the actions we've taken. We were the first large retail owner and operator to close our property system-wide to address the spread of the pandemic. We were the first to reopen our properties, of course, subject to government stay-at-home orders and restrictions. We took immediate and decisive actions to aggressively reduce our operating costs and increase our financial resources, including but not limited to some of the following: suspended or eliminated more than $1 billion of capital for redevelopment and new development projects in the U.S. and internationally. Our current investment focus is on projects nearing completion. We will reevaluate all suspended projects over time. Importantly, our share of remaining net cash funding required to complete the new development and redevelopment projects under construction is approximately $160 million. We significantly reduced property operating expenses and all nonessential corporate spending. We also made some very, very difficult decisions regarding our employees, including a reduction in force and furloughed a certain of our field and corporate personnel due to closures of our properties as a result of government stay-at-home orders. We implemented a freeze on all hiring efforts. We lowered base salaries across the senior executive team, implemented a shared salary reduction plan for higher-compensated employees and deferred certain executive bonuses. Our Board also played their part by agreeing to temporarily reducing their cash retainer fees. And we drew down $3.75 billion under our revolving credit facility, which increased our cash position, including our share of joint venture cash, to over $4 billion at the end of March.

現在讓我們談談我們已經採取的一些行動。我們是第一家在整個系統範圍內關閉物業以應對疫情蔓延的大型零售業主和營運商。當然，我們是第一個重新開放房產的公司，但要遵守政府的居家令和限制。我們立即採取果斷行動，積極降低營運成本並增加財務資源，包括但不限於以下一些措施：暫停或取消超過 10 億美元的資金，用於美國和國際上的再開發和新開發項目。我們目前的投資重點是接近完工的項目。隨著時間的推移，我們將重新評估所有暫停的項目。重要的是，我們在完成在建新開發和再開發項目所需的剩餘淨現金資金中所佔份額約為 1.6 億美元。我們大幅減少了物業營運費用和所有非必要的企業支出。我們也對我們的員工做出了一些非常非常困難的決定，包括由於政府的居家令而關閉我們的物業，因此減少了我們的兵力，並讓我們的某些現場和公司人員暫時休假。我們凍結了所有招募工作。我們降低了整個高階管理團隊的基本薪資，對高薪員工實施了共同減薪計劃，並推遲了某些高階主管獎金。我們的董事會也發揮了自己的作用，同意暫時降低現金保留費。我們根據循環信貸額度提取了 37.5 億美元，這使我們的現金頭寸（包括我們在合資企業現金中的份額）在 3 月底增加到超過 40 億美元。

Now some positive news on reopening. The health and safety of our communities, of course, will always be our highest priority. Last week, we started reopening our properties in markets where local and state closures orders have been lifted and will -- and where retail restrictions have been eased. As part of the ongoing reopening process, we published our comprehensive COVID-19 exposure control policy that was developed in connection with the leading experts in the field of epidemiology and environmental health and safety experts in order to ensure the highest possible safety standards at our properties. You can see these on our -- online but let me just name a few. Our safety protocols include preemptive employee health screening, employee safety protections, promotion and enforcement of social distancing practices, enhanced sanitizing and disinfecting and, of course, shopper safeguards. These protocols meet or exceed the guidelines published by the CDC and are more robust than many of the measures deployed by essential businesses and online fulfillment centers that have remained open during this pandemic. We implemented the temporary closures of our centers to protect our shoppers and the communities in which we serve from the spread of the coronavirus, and we are now leading the effort for these local economies to get back to business while delivering a new, elevated standard of safety for all. Now we have opened, as of today, 77 of our properties and are planning to have approximately half of our U.S. portfolio opened within the next week. We are, of course, working in conjunction with state and local governments on our reopening plans. Shopper response to our reopenings has been positive, and sales of many tenants have been better than their initial expectations. Additionally, we have opened 12 of our designer and international Premium Outlets.

現在有一些關於重新開放的積極消息。當然，我們社區的健康和安全永遠是我們的首要任務。上週，我們開始在當地和州關閉令已經解除且即將解除以及零售限制已經放鬆的市場重新開放我們的物業。作為正在進行的重新開放過程的一部分，我們發布了全面的COVID-19 暴露控制政策，該政策是與流行病學領域的領先專家以及環境健康和安全專家合作制定的，以確保我們的酒店達到盡可能高的安全標準。您可以在我們的網路上看到這些內容，但讓我僅舉幾個例子。我們的安全協議包括預防性員工健康檢查、員工安全保護、促進和執行社交距離做法、加強清潔和消毒，當然還有購物者保障。這些協議符合或超過了疾病預防控制中心發布的指導方針，並且比在這次大流行期間保持開放的基本企業和在線履行中心部署的許多措施更為有力。我們暫時關閉了我們的中心，以保護我們的購物者和我們服務的社區免受冠狀病毒的傳播，我們現在正在領導這些當地經濟體恢復業務的努力，同時提供新的、更高的標準所有人的安全。截至今天，我們已經開設了 77 家酒店，並計劃在下週內開設大約一半的美國投資組合。當然，我們正在與州和地方政府合作制定重新開放計畫。購物者對我們重新開業的反應積極，許多租戶的銷售情況好於他們最初的預期。此外，我們還開設了 12 家設計師品牌折扣店和國際高級奧特萊斯。

Now let me turn to our tenant update. Of course, we're in the midst of discussions with our tenants regarding their individual situation, and as such, it is not appropriate to comment on specific details or terms at this point due to the confidential nature of those discussions. Each situation is analyzed individually based upon our tenant's market position, their financial status and the history and depth of our relationship. I am sure you can respect this. These discussions are ongoing, and as we complete them, we are more than prepared to share the appropriate information. Our tenants are eager to reopen their stores and we are working with them to do so. We are also very focused on helping local entrepreneurs reopen and are also supporting our restaurant operators both nationally and locally.

現在讓我來談談我們的租戶更新。當然，我們正在與租戶討論他們的個人情況，因此，由於這些討論的保密性質，目前不宜對具體細節或條款發表評論。根據我們租戶的市場地位、財務狀況以及我們關係的歷史和深度，對每種情況進行單獨分析。我相信你會尊重這一點。這些討論正在進行中，當我們完成這些討論時，我們已經準備好分享適當的資訊。我們的租戶渴望重新開放他們的商店，我們正在與他們合作。我們也非常注重幫助當地企業家重新開業，並支持我們在全國和當地的餐廳經營者。

Now let me turn to the balance sheet. We have always maintained a strong balance sheet in order to capitalize on opportunities but also to withstand economic downturns. On March 16, 2 days before we shut down our portfolio, we amended and extended our $4 billion credit facility with a $6 billion facility that includes a $2 billion delayed-draw term loan. At quarter end, our total liquidity was $8.7 billion, consisting of $4.6 billion of available credit facility borrowing capacity and the $4.1 billion of cash mentioned earlier. As a reminder, the $8.7 billion is net of $1 billion of U.S. and euro commercial paper that was outstanding at quarter end. Commercial paper market is open and continues to find stability. Investment demand for our paper has increased, allowing us to successfully issue over $375 million during the last couple of weeks. We currently have approximately $500 million outstanding between our U.S. and euro CP programs. For the remainder of the year, we have $900 million of unsecured notes maturing and a limited number of maturing nonrecourse secured loans to single-purpose entity borrowers. Our debt covenants remain well above, well above the required levels, with significant headroom.

現在讓我談談資產負債表。我們始終保持強勁的資產負債表，以便抓住機會並抵禦經濟衰退。 3 月 16 日，也就是我們關閉投資組合的前 2 天，我們修改並延長了 40 億美元的信貸安排，增加了 60 億美元的安排，其中包括 20 億美元的延遲提取定期貸款。截至季末，我們的總流動性為 87 億美元，其中包括 46 億美元的可用信貸融資能力和前面提到的 41 億美元的現金。需要提醒的是，這 87 億美元扣除了季末未償還的 10 億美元美國和歐元商業票據。商業票據市場開放並持續穩定。對我們票據的投資需求增加，使我們在過去幾週內成功發行了超過 3.75 億美元。目前，我們的美國和歐洲 CP 計劃之間大約有 5 億美元的未償款項。在今年剩餘時間內，我們有 9 億美元的無擔保票據到期，並向單一目的實體借款人提供數量有限的到期無追索權擔保貸款。我們的債務契約仍然遠高於要求的水平，並且還有很大的空間。

Now given the evolving nature of COVID-19 and the global economic disruption it has caused, it is not currently possible to predict with certainty the pandemic's impact on the rest of our year's financial results. As a result, we are withdrawing our full year 2020 guidance for estimated net income attributable to common stockholders per diluted share, estimated FFO per diluted share and comparable property NOI growth which we provided on February 4, 2020. As of today, over 700 public companies have withdrawn their full year guidance.

鑑於 COVID-19 不斷演變的性質及其造成的全球經濟混亂，目前無法確定地預測該流行病對今年剩餘時間財務表現的影響。因此，我們將撤回我們於2020 年2 月4 日提供的2020 年全年稀釋每股歸屬於普通股股東的估計淨利潤、稀釋每股FFO 估計和可比財產NOI 增長的指引。名公眾公司已撤回全年指引。

Let me turn to the dividend. The Board will declare a second quarter dividend before the end of June, and that dividend will be paid in cash. We expect to pay out at least 100% of our taxable income in 2020 in cash. As a point of reference, there have been over 175 public companies who have either suspended or reduced their common stock dividend by 50% or more. We will not be one of those companies.

讓我談談股息。董事會將在六月底之前宣布第二季股息，該股息將以現金支付。我們預計2020年至少100%的應稅收入以現金支付。作為參考，已有超過 175 家上市公司暫停或減少普通股股利 50% 或更多。我們不會成為這些公司之一。

Let me turn to the Taubman transaction. As you know, we announced a transaction with Taubman on February 10, 2020, and we will not make any comments or provide any updates on this call about the status of the Taubman transaction. We will provide information as and when appropriate.

讓我談談陶布曼交易。如您所知，我們於 2020 年 2 月 10 日宣布了與 Taubman 的交易，我們不會在本次電話會議上就 Taubman 交易的狀態發表任何評論或提供任何更新。我們將在適當的時候提供資訊。

Finally, concluding before we turn it over to Q&A. Most importantly, I want to thank all of my colleagues for busting their a**. I also reflect on the last few weeks in how our company has responded. 2 words come to mind: resilience and innovation. We have managed through many severe crises over the decades, whether natural disasters, bubble bursts, numerous recessions, et cetera. Each crisis had its own unique circumstances just as we face today with this pandemic. But one thing I know is certain, the Simon team will be focused on the long-term needs of our stakeholders and once again will come out ahead.

最後，在我們將其交給問答之前進行總結。最重要的是，我要感謝所有同事的努力。我也反思了過去幾週我們公司的應對方式。我想到了兩個詞：韌性和創新。幾十年來，我們度過了許多嚴重的危機，無論是自然災害、泡沫破裂、多次衰退等等。每場危機都有其獨特的情況，就像我們今天面臨的這場大流行一樣。但我知道的一件事是肯定的，西蒙團隊將專注於利害關係人的長期需求，並再次取得領先。

And we're now ready for questions.

現在我們準備好提問了。

(Operator Instructions) Our first question comes from Alexander Goldfarb with Piper Sandler.

（操作員說明）我們的第一個問題來自 Alexander Goldfarb 和 Piper Sandler。

So 2 questions from us. And first, David, on the dividend, good to hear you talk about cash, given what we've heard from others on the whole offset between accrued rents still mandating taxable income versus cash. So good to hear that you guys are going to pay cash. Just a question. As you guys have seen reopenings in Asia and your overseas centers, what lessons have you learned there? And what have you seen as far as shopper rebound? Has it been more of the core shopper coming back? Have people been pretty open to accepting all the accommodations and getting back to sort of normalcy? Or your view is, from what you've seen overseas, it may take longer for the shopper and the tenants to rebound?

我們有兩個問題。首先，大衛，關於股息，很高興聽到你談論現金，因為我們從其他人那裡聽到了應稅收入與現金之間的應計租金之間的整體抵消。很高興聽到你們要支付現金。只是一個問題。當你們看到亞洲和海外中心重新開放時，你們從中學到了什麼教訓？就購物者反彈而言，您看到了什麼？是否有更多的核心購物者回歸？人們是否願意接受所有的安排並恢復正常？或者您的看法是，從您在海外看到的情況來看，購物者和租戶可能需要更長的時間才能恢復？

Well, I think in -- it's actually we've been pleasantly surprised. We would like -- I think the retail community in Europe was a little bit more prepared to open, so they've had a higher percentage of retailers open, Alex. And I think the biggest reason has been the rules there have been a little clearer. And they don't have different municipalities basically directing different rules, so to speak, so they were a little bit more prepared. Plus, in a lot of cases their employees were not on furlough, so it was easier for them to get up, but I think our sales have been somewhat better than what we were seeing in Europe. And Asia, we've been basically open, except recently Japan closed. But we were doing, believe it or not, reasonably well in Asia until kind of the last months, when both Malaysia and Japan had to shut down. South Korea has been fine.

嗯，我認為——實際上我們感到驚喜。我們希望——我認為歐洲的零售業為開業做好了更多準備，因此他們開業的零售商比例更高，亞歷克斯。我認為最大的原因是那裡的規則更加清晰了。可以這麼說，他們沒有不同的市政當局基本上指導不同的規則，所以他們準備得更充分。另外，在很多情況下，他們的員工沒有休假，所以他們更容易起床，但我認為我們的銷售比我們在歐洲看到的要好得多。在亞洲，我們基本上是開放的，除了最近日本關閉之外。但不管你信不信，我們在亞洲的表現相當不錯，直到最後幾個月，馬來西亞和日本都不得不關閉。韓國一直很好。

So I think as -- I think the retail community didn't anticipate we were going to open. We kept telling them we were going to open. We opened, but the consumers actually have been very supportive. Obviously, they want to see more stores open, as do we, but I think it's a process, and you got to get started and you go from there. So some of the sales have been much better than what we expected and in some cases comped higher than last year, but that -- I'm not -- I do think, for the retailers that are opening, they're gaining market share. They're taking advantage of pent-up demand. And I think others that aren't ready are missing that opportunity, but that's up to them. We are not forcing the issue at all but -- in terms of whether retailers open or not, but we want to help these local communities because, frankly, they depend on our sales tax and our real estate tax. I think the municipalities and the governments ultimately are going to appreciate what we've done over year-after-year delivering sales and property tax payments. And they don't have that at the rate that they're used to, and I think finally we'll garner some respect that we deserve.

所以我認為零售業並沒有預料到我們會開業。我們一直告訴他們我們要開業。我們開業了，但消費者實際上非常支持。顯然，他們希望看到更多商店開業，我們也是如此，但我認為這是一個過程，你必須開始，然後從那裡開始。因此，一些銷售額比我們預期的要好得多，在某些情況下比去年更高，但我確實認為，對於即將開業的零售商來說，他們正在獲得市場份額。他們正在利用被壓抑的需求。我認為其他沒有準備好的人會錯過這個機會，但這取決於他們。我們根本沒有強迫這個問題，但是 - 就零售商是否開業而言，但我們希望幫助這些當地社區，因為坦率地說，他們依賴於我們的銷售稅和房地產稅。我認為市政府和政府最終會欣賞我們在年復一年繳納銷售稅和財產稅方面所做的努力。他們沒有按照他們習慣的速度獲得這些，我想最終我們會獲得我們應得的一些尊重。

Okay. And then the second question is obviously a lot of tenants, I guess, have not paid. You haven't disclosed the level, but I'll let that be, but have you noticed your tenants reaching out to their banks, their lenders to get default waivers? So if they're not paying you, the landlord, they're not being in default of their own lending standards. Or have you seen most of your tenants not apply for those waivers from their end?

好的。第二個問題顯然是很多租戶，我猜，還沒有付款。你還沒有透露這個水平，但我就這樣吧，但你有沒有註意到你的租戶向他們的銀行、貸方尋求違約豁免？因此，如果他們不向房東付款，他們並沒有違反自己的貸款標準。或者您發現您的大多數租戶都沒有從他們的末端申請這些豁免？

I think they -- generally what I hear, for the financially solid retailers, there's not an issue in terms of them getting the capital. And look, I will tell you, I mean, we're not giving a percent of what we've collected. And let me just expound on it for a second, if I could. First of all, we're much better than what the prognosticators -- I've read some things thinking, well, this is where we're at. We're doing better than that, but I also don't think it's appropriate to air our discussions in the public format. And also you have to put in mind what percent we collect in April or May. It almost -- in a sense, it's not something overly to focus on because the reality is we have a lease and they have to pay. So we don't have to give semantics. And the way I also think about it, yes, obviously if they decide they're going to -- they are in bankruptcy, then that's when they get the right to reject the lease.

我認為，一般來說，據我所知，對於財務穩健的零售商來說，獲得資金不存在問題。看，我會告訴你，我的意思是，我們不會捐獻我們所收集的資金的百分之一。如果可以的話，讓我稍微解釋一下。首先，我們比預言家的預測要好得多——我讀過一些東西，我想，好吧，這就是我們現在的處境。我們做得比這更好，但我也不認為以公開形式公開我們的討論是合適的。您還必須記住我們在四月或五月收集的百分比是多少。從某種意義上說，這幾乎不是一件值得過度關注的事情，因為現實是我們有租約，他們必須付費。所以我們不必給出語義。我也這麼想，是的，顯然如果他們決定要破產，那麼他們就有權利拒絕租約。

But here's also how I think about it. And I just want you to understand this, Alex. Say we got 50%, and it's a hypothetical. If I was a retailer and I pay the 50%, I'd be basically upset that there were 50% that didn't pay, on one hand. On the other hand, if I didn't pay the 50%, I'd almost feel justified in not paying because the reality is I've got another 50% of the retailers that didn't pay. So we know what we're doing here. We will navigate this. This is not easy, but I just think it's better to have our discussion directly with the retailers. And the bottom line is we do have a contract and we do expect to get paid, and that -- but I know somehow the market morphed into this number, but the reality is our business is a lot more complex than some of these others. And remember our rent roll is -- a month of our rent roll is sometimes greater than these guys for the entire year. So we're a little more complicated, a little bigger. And we're -- I think we're navigating it appropriately. So again, I wanted to give you context to that, and I hope that was helpful.

但這也是我的想法。我只是想讓你明白這一點，亞歷克斯。假設我們得到了 50%，這是一個假設。如果我是零售商，我支付了 50% 的費用，一方面，我基本上會因為有 50% 的人沒有付款而感到沮喪。另一方面，如果我不支付 50%，我幾乎會覺得不支付是合理的，因為現實是我還有另外 50% 的零售商沒有支付。所以我們知道我們在這裡做什麼。我們將對此進行導航。這並不容易，但我認為最好直接與零售商進行討論。最重要的是，我們確實有一份合同，我們確實希望得到報酬，而且——但我知道不知何故，市場變成了這個數字，但現實是我們的業務比其他一些業務複雜得多。請記住，我們的租金總額是 - 我們一個月的租金總額有時比這些人全年的租金還要高。所以我們有點複雜，更大一些。我認為我們正在適當地應對它。再次，我想向您提供相關背景信息，希望這對您有所幫助。

Yes, it was.

是的，確實如此。

I also want to say the only reason I'm yelling is because I'm far away from the speaker. In this social distancing in our boardroom, for whatever reason, the guys put me away from the speaker.

我還想說，我大喊大叫的唯一原因是因為我離說話者很遠。在我們董事會的這種社交距離中，無論出於何種原因，這些人都讓我遠離演講者。

I can imagine why they did that.

我可以想像他們為什麼這麼做。

Our next question comes from Christine McElroy with Citi.

我們的下一個問題來自花旗銀行的 Christine McElroy。

Understanding that you have significant liquidity through your cash balance and your expanded credit facility, as you get closer to the expected closing date of the Taubman merger, can you talk about your desire to issue longer-term debt? We've seen some of the other higher-rated REITs access the unsecured bond market. Is that something that you would pursue near term? And where do you think that you could issue debt today in terms of accessing permanent capital in this market?

隨著您接近陶布曼合併的預期截止日期，您透過現金餘額和擴大的信貸額度擁有大量流動性，您能談談您發行長期債務的願望嗎？我們已經看到一些其他評級較高的房地產投資信託基金進入無擔保債券市場。這是您近期會追求的目標嗎？您認為今天可以在哪裡發行債務來獲得這個市場的永久資本？

Well, again -- I don't know if you heard my opening remarks, but I...

好吧，再說一次——我不知道你是否聽到了我的開場白，但我…

I did.

我做到了。

Okay. So we -- I have nothing to say on the -- further on Taubman. We'll let you know when we have information to provide. So there's not much more I can say on that front.

好的。所以我們——我對陶布曼沒有什麼好說的。當我們需要提供資訊時，我們會通知您。所以在這方面我沒什麼好說的了。

Well, I guess, just in terms of accessing debt capital in this market, have you looked at doing a bond deal?

好吧，我想，就在這個市場上獲取債務資本而言，您是否考慮過進行債券交易？

Well, at some point, we're going to do a bond deal because it's natural for us to do one every year. So we'll -- we're in no rush to do one. We're constantly marketing -- or reviewing the market. We can issue paper, but we're going to be smart about it. We're certainly not under the gun to issue any paper. Our ratios are as strong as anybody that's out there, and we'll just continue to monitor it. The good news is the market is there. And that's why in a company like ours, to have access to both private capital, unsecured public debt market, mortgage market, having all of those available to us is a real advantage.

好吧，在某個時候，我們將進行債券交易，因為我們每年都會進行一次債券交易是很自然的。所以我們不急於做這件事。我們不斷進行行銷——或者說評估市場。我們可以發行紙張，但我們會採取明智的做法。我們當然不會在槍口下發表任何論文。我們的比率與其他公司一樣強大，我們將繼續監控它。好消息是市場就在那裡。這就是為什麼對於像我們這樣的公司來說，能夠進入私人資本、無擔保公共債務市場、抵押貸款市場，擁有所有這些對我們來說是一個真正的優勢。

And then your contribution from straight-line rents. It looks like it was down from the recent quarterly run rate. To what extent was that impacted by a write-off of straight-line rent receivables? To what extent have you moved any of your tenants to cash basis accounting? And how are you thinking about that collectability assessment in the current environment versus previously?

然後是直線租金的貢獻。看起來它比最近的季度運行率有所下降。直線應收租金沖銷在多大程度上影響了這一點？您在多大程度上將您的租戶轉變為收付實現制會計？與以前相比，您如何看待當前環境下的收藏性評估？

Yes. That's essentially the new accounting rules that we enacted last year, and we don't get into specifics about writing off straight-line rent receivables. And there wasn't any. Okay.

是的。這本質上是我們去年頒布的新會計規則，我們沒有詳細討論註銷直線應收租金的細節。但沒有。好的。

Our next question comes from Rich Hill with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Rich Hill。

David, 2 questions for me. First, I noticed in your supplement that you did not discuss occupancy costs, so I was hoping you could maybe update on what you saw in the first quarter.

大衛，問我兩個問題。首先，我在你的補充中註意到你沒有討論入住成本，所以我希望你能更新你在第一季看到的情況。

13%.

13%。

Brian?

布萊恩？

It was about 13%, consistent with prior years.

約 13%，與往年一致。

Yes.

是的。

Perfect. David -- and I wanted to maybe take a bigger picture question. Look, in the past, you've been active with retailers, both Aéropostale and Forever 21. There's obviously some distress in the retail market right now. I can't help but think that you see this as a medium- to long-term opportunity. Could you maybe update us on your thinking on retail investments at this point in time?

完美的。大衛——我想問一個更大的問題。看，過去，您一直積極與 Aéropostale 和 Forever 21 等零售商合作。我不禁認為您認為這是一個中長期的機會。您能否及時向我們介紹一下您目前對零售投資的想法？

Well, look, I think our #1 priority, if you saw or you listened in early the call -- I mean our retailer investments were significantly impacted because of the -- they're having to close stores. And I mean the companies Nautica, Aéropostale and F21 are in good shape. We have plenty of liquidity to manage this situation, but it's not -- I mean it's -- our focus is to make sure that they're doing what they need to do to position their business for profitability. They were not profitable in the first quarter. That's why we pointed that out. Last year was basically breakeven. So we had basically a $0.06 change year-over-year, quarter-over-quarter.

好吧，聽著，我認為我們的第一要務，如果你在電話會議的早期看到或聽到的話——我的意思是我們的零售商投資受到了重大影響，因為——他們不得不關閉商店。我的意思是，Nautica、Aéropostale 和 F21 公司狀況良好。我們有充足的流動性來應對這種情況，但我們的重點不是——我的意思是——確保他們正在做他們需要做的事情來定位他們的業務以實現盈利。他們第一季沒有獲利。這就是我們指出這一點的原因。去年基本是損益平衡。因此，我們的同比、環比基本上有 0.06 美元的變化。

I think our focus right now is on -- Rich, is on those operations. We're not going to rule it out. We're only taking inbound calls. So if people want us to think about something, we're happy to do it, but we're not out there running around soliciting investments. Priority is on what we got across the board. And -- but I'm sure there will be opportunities, and we're in a position to be opportunistic if we think it helps our business.

我認為我們現在的重點是──Rich，是這些業務。我們不會排除這種可能性。我們只接聽來電。因此，如果人們希望我們考慮一些事情，我們很樂意這樣做，但我們不會到處招攬投資。優先考慮的是我們全面獲得的東西。而且 - 但我確信會有機會，如果我們認為這對我們的業務有幫助，我們就可以抓住機會。

Got it. That's helpful. And maybe just one more quick question, if I may. To pay -- do you have a sense, to pay 100% of your taxable income, what percentage of your rent you need to collect in 2Q?

知道了。這很有幫助。如果可以的話，也許還有一個簡單的問題。為了支付——您是否知道，為了支付 100% 的應稅收入，您需要在第二季收取多少比例的租金？

Well, I mean, frankly, we don't have to collect a nickel, I mean, but we are. But we don't -- we -- obviously it's going to impact our taxable income over the year. It's not a quarter-to-quarter issue. We're going to make an estimate by basically June-ish, mid-June what our taxable income looks. And we'll be smarter a month from now, and that's basically why we're doing what we're doing. And we will -- I think we will have been through most of whatever discussions we're doing with our retailers. We'll know at that point how many properties are not open so we'll be able to narrow that down. We have a decent handle on it now, but the fact of the matter is, as long as we declare it in the second quarter, I'd rather be smarter on it. And we think another month of making sure we know what's going to open when will give us a chance to really fine-tune that, and then we'll go from there.

好吧，我的意思是，坦白說，我們不需要收取一分錢，我的意思是，但我們是。但我們不會——我們——顯然這會影響我們全年的應稅收入。這不是季度與季度的問題。我們將在六月左右、六月中旬之前對我們的應稅收入進行估算。一個月後我們會變得更聰明，這基本上就是我們現在做的事情的原因。我們會——我認為我們已經完成了與零售商進行的大部分討論。屆時我們將知道有多少房產尚未開放，以便我們能夠縮小範圍。我們現在已經很好地處理了這個問題，但事實是，只要我們在第二季宣布這一點，我寧願在這方面更聰明一些。我們認為再用一個月的時間來確保我們知道什麼時候會開放，這將給我們一個機會來真正調整它，然後我們將從那裡開始。

Well, in our -- again -- and again, in my text I gave you an indication of what it won't be, okay? So I'm not really certain what it will be, but I told -- I gave you a really good hint of what it won't be. So I hope you understand that. And it's there for the -- it's there for people to consume, I guess, but put yourself in our shoes. I mean we -- today, we still don't have half of our portfolio up and running. So it's a little unusual, but I think, in another month or so, we'll be able to fine-tune it.

好吧，在我們的──一次又一次──在我的文字中，我給了你一個指示，它不會是什麼，好嗎？所以我不太確定它會是什麼，但我告訴過——我給了你一個很好的暗示，它不會是什麼。所以我希望你能理解這一點。我想，它是供人們消費的，但請設身處地為我們著想。我的意思是，今天，我們的投資組合中的一半仍然沒有啟動並運行。所以這有點不尋常，但我認為，再過一個月左右，我們就能夠對其進行微調。

Our next question comes from Mike Mueller with JPMorgan.

我們的下一個問題來自摩根大通的麥克·穆勒。

I guess, first, what are the reopening expectations for the tenants that are on month-to-month leases on the carts and kiosks?

我想，首先，對於按月租賃推車和售貨亭的租戶來說，重新開放的期望是什麼？

I'm sorry. You weren't -- you didn't -- we got -- we didn't get all of it, Mike. Can you -- something about -- say it one more time.

對不起。你沒有——你沒有——我們得到了——我們沒有得到全部，麥克。你能——關於什麼——再說一次嗎？

Yes. I was going to say, yes. What are your expectations for the tenants that are on month-to-month leases and them reopening?

是的。我想說，是的。您對按月租賃並重新開業的租戶有何期望？

Well, most of those are local entrepreneurs. And actually, I mean, that's the great thing about America. They want to open. They don't -- they want to go to work. They want to open. We're very focused on helping them. I mean obviously we'll screw somebody up somewhere just because we're -- because of our -- we won't do everything perfect, but we're going to help that group. They want to open. And I've been very pleased and our team has been very pleased by the amount of local and month-to-month people that want to open. So I think that's their livelihood, and boy, do we appreciate that. And we want them now. Again, some are waiting for PPP and so on and so forth. But pretty good interest on that front.

嗯，其中大多數是當地企業家。事實上，我的意思是，這就是美國的偉大之處。他們想要打開。他們不想——他們想去工作。他們想要打開。我們非常專注於幫助他們。我的意思是，顯然我們會在某個地方搞砸某人，因為我們——因為我們——我們不會把每件事都做得完美，但我們會幫助那個團隊。他們想要打開。我非常高興，我們的團隊也對想要開業的本地人和每個月的人數感到非常高興。所以我認為這就是他們的生計，天哪，我們對此表示讚賞嗎？我們現在就想要它們。同樣，有些人正在等待 PPP 等。但對這方面相當感興趣。

Got it. And for the centers that you reopened, about what percentage of the tenants opened up as well?

知道了。對於重新開放的中心，大約有多少比例的租戶也開放了？

It varies all over the place. And every week, we'll get better. Again, we -- it was very interesting. I don't think the community -- even though we were trying to keep them up to speed and even though some days we had to change what we thought was going to happen because it changed -- and there was a very chaotic up and down, waiting for governors to order real actions, some doing it, some not doing it, some deferring it to municipalities. I think we managed it as well. I can't tell you how across the board -- the many states that really were impressed by our COVID response efforts across the board. I talked to many governors, many chiefs of staff; and I think it was universal in praise. And frankly, our team worked very hard to do that, but I think our retail community just was waiting a little bit. And now it's coming and I'm feeling good about it, but every property is different. I don't have a number that says, of the 77, here it is, but it'll get better each week.

各地情況各不相同。每個星期，我們都會變得更好。再說一次，我們——這非常有趣。我不認為社區——儘管我們試圖讓他們跟上進度，儘管有時我們不得不改變我們認為會發生的事情，因為它發生了變化——而且上下非常混亂，等待州長下令採取實際行動，有些人做了，有些人不做，有些人延後到市政當局。我想我們也做到了。我無法告訴你全面的情況——許多州對我們全面應對新冠肺炎的努力印象深刻。我與許多州長、許多參謀長交談過；我認為這是普遍的讚揚。坦白說，我們的團隊非常努力地做到這一點，但我認為我們的零售社區只是在等待一段時間。現在它來了，我感覺很好，但每個房產都是不同的。我沒有一個數字來說明 77 個中的數字，就在這裡，但每週都會變得更好。

And the good news is our department stores -- I will tell you, our department stores were actually -- Dillard department stores was ready with us. Macy's is there with us. Belk is opening. Nordstrom is going to be opening in the next few weeks. Even Neiman Marcus is opening. So that whole group calls -- we saw really good reception, communication and wanting to get opened. I think people want to get opened. They want -- look, we have a job to do. And how we operate differently than what it was a year ago, we understand that. We've got to monitor that, but people are ready to open and compete with the broad array of options that the consumer has. The biggest misnomer in this whole thing was that industry was shut down. Not really. Just certain industries were shut down. And our -- I think our folks are ready to compete, and we'll see what happens.

好消息是我們的百貨公司 - 我會告訴你，我們的百貨公司實際上 - 迪拉德百貨公司已經準備好了。梅西百貨就在我們身邊。貝爾克即將開幕。 Nordstrom 將於未來幾週內開幕。就連內曼馬庫斯 (Neiman Marcus) 也開業了。所以整個團隊都打電話——我們看到了非常好的接待、溝通和希望開放。我認為人們想要開放。他們想要──看，我們有工作要做。我們的運作方式與一年前有所不同，我們理解這一點。我們必須對此進行監控，但人們已經準備好開放並與消費者擁有的廣泛選擇進行競爭。整件事中最大的用詞不當是工業被關閉。並不真地。只是某些行業被關閉。我認為我們的員工已經準備好競爭，我們將看看會發生什麼。

Our next question comes from Linda Tsai with Jefferies.

我們的下一個問題來自 Jefferies 的 Linda Tsai。

Given where your stock trades on an implied cap rate basis, what's your willingness to buy back shares at the current levels?

考慮到您的股票在隱含上限利率的基礎上進行交易，您在當前水平回購股票的意願如何？

Well, I think we're going to be relatively conservative just given kind of the nature of the pandemic and making sure we get the portfolio open. Look, we did buy shares back in Q1 early. So we believe in our business. We also will say that, when we look at what we're planning to earn -- and again this is subject to change, but what we're looking to probably earn this year and next year, obviously subject to fine-tuning, we are tremendously undervalued. But we get it right now. We're going to be conservative. And there's just no reason why we should be trading at this multiple, but we get it and we'll be conservative, and it is what it is. That's not our primary focus right now. Getting the portfolio opened, taking care of our employees, dealing with the retailers and the communities, that's the primary focus.

嗯，我認為考慮到大流行的性質並確保我們開放投資組合，我們將相對保守。看，我們確實在第一季早些時候回購了股票。所以我們相信我們的業務。我們也會說，當我們考慮我們計劃賺取的收入時，這可能會發生變化，但我們希望今年和明年的收入，顯然會進行微調，我們被嚴重低估。但我們現在就明白了。我們會保持保守。我們沒有理由以這個倍數進行交易，但我們明白了，我們會保持保守，事實就是如此。這不是我們現在的主要關注點。開放投資組合、照顧我們的員工、與零售商和社區打交道，這是首要重點。

That makes sense. And then I realize you're delaying the bulk of redevelopment spend, but how do you feel about 7% to 9% yields on redevelopments longer term?

這是有道理的。然後我意識到您推遲了大部分重建支出，但您對重建的長期收益率 7% 至 9% 有何看法？

Well, I still feel reasonably good that our pipeline that we had was something that would be beneficial to the company and its shareholders. I mean obviously we've got to see where we are. We're still early in this even though, I think, we've turned the corner because we're almost half open, but we've still got a lot of the -- a lot of properties to open. We do think this pandemic will affect certain properties differently. Obviously, you've got the Northeast, where we don't know when we're going to open there. And some of those projects that we're focused on will be -- might change. A property in Oklahoma may be all systems go. A property somewhere else, because of various factors, we may put on hold for a while. So it's really going to be like it always has been, but even more today than ever, it's going to be really focused on the nature of the particular property, where it's located, the consumer demographics. All of this stuff is changing, and we'll just have to see. It's also going to be impacted by is it an indoor center or an outdoor center. So all of these things are, at least currently with the pandemic, all basically things that we're going to have to take into account for the future. And things are different. We recognize that.

嗯，我仍然感覺相當不錯，我們擁有的管道對公司及其股東有利。我的意思是顯然我們必須看看我們在哪裡。我們還處於早期階段，儘管我認為我們已經度過了難關，因為我們幾乎開放了一半，但我們仍然有很多——很多房產要開放。我們確實認為這種流行病將對某些房產產生不同的影響。顯然，你有東北部，我們不知道什麼時候在那裡開業。我們關注的一些項目可能會發生變化。俄克拉荷馬州的一處房產可能是所有系統都可以運作的。其他地方的房產，因為各種因素，我們可能會擱置一段時間。因此，它確實會像以前一樣，但今天比以往任何時候都更加關注特定房產的性質、它的位置和消費者人口統計。所有這些事情都在發生變化，我們只需拭目以待。它也會受到室內中心還是室外中心的影響。因此，所有這些事情，至少在目前的大流行中，基本上都是我們未來必須考慮的事情。但情況有所不同。我們認識到這一點。

I just have one last one. What are your expectations for remaining 2020 lease expirations?

我只剩下最後一張了您對 2020 年剩餘租約到期有何期望？

Well, I mean, it's going to be at retailer -- it's going to be retail -- I'm sorry, retailer by retailer. I'm sure we'll have some falloff, but generally we have a prosperous portfolio for the retailer. I think the big issue is what they estimate their sales to be in this year. And obviously, the more they get comfort in that, I think, the higher probability that we'll have the success that we've had historically.

嗯，我的意思是，它將在零售商處進行——這將是零售——對不起，逐個零售商進行。我確信我們會出現一些下滑，但總的來說，我們為零售商提供了繁榮的投資組合。我認為最大的問題是他們估計今年的銷售額是多少。顯然，我認為，他們對此感到越安心，我們在歷史上取得成功的可能性就越大。

Our next question comes from Derek Johnston with Deutsche Bank.

我們的下一個問題來自德意志銀行的德里克約翰斯頓。

So David, your subsector has endured a heavy toll. And being at home for a while, I think people probably do want to get out and, hopefully, shop. So I mean the question is, how does your cycle-tested team pull us out of this? And what are the plans to make customers and retailers comfortable and I guess, more importantly, excited to get back to malls?

大衛，你的界別遭受了沉重的損失。待在家裡一段時間後，我認為人們可能確實想出去購物。所以我的意思是問題是，你們經過循環測試的團隊要如何讓我們擺脫困境？有哪些計劃可以讓顧客和零售商感到舒適，而且我想，更重要的是，讓他們興奮地回到購物中心？

Well, I'm just -- Derek, when you say subsector, what are you referring to?

好吧，我只是——德里克，當你說分區時，你指的是什麼？

I just mean malls in general have really taken a heavy toll...

我只是說商場總體上確實造成了沉重的損失...

Well, Derek, we are not a mall company. We are predominantly a retail real estate company, but we're not -- I wouldn't, by any stretch of the imaginations, consider us a mall company. So that's essentially how I would answer. I mean we are focused on retail real estate, but we are not a mall company, and I think we've been consistent on that for years.

好吧，德里克，我們不是一家購物中心公司。我們主要是一家零售房地產公司，但我們不是——無論怎麼想，我都不會認為我們是一家購物中心公司。這基本上就是我的回答。我的意思是，我們專注於零售房地產，但我們不是一家購物中心公司，我認為我們多年來一直堅持這一點。

Okay. And secondly...

好的。其次...

And then I think, on your -- I think the other point on your answer is I think it's going to -- certain properties and certain areas are going to be just fine. And then others might take longer to get up to speed. And indoor, outdoor centers in -- that are dependent on tourism could be different. I think every property -- you cannot -- first of all, you've got to understand we're not a mall company. And number one, we've never said that for years and years and years. And number two, every property, it's going to be somewhat affected differently, and the demographics and what happens in that local trade area. Is -- does oil go back up to 50 -- again, there is no blanket statement. Everything looks -- really has to be looked at kind of regionally and so on.

然後我認為，關於你的答案的另一點是，我認為某些房產和某些區域會很好。然後其他人可能需要更長的時間才能跟上進度。依賴旅遊業的室內和室外中心可能會有所不同。我認為每一處房產——你不能——首先，你必須明白我們不是一家購物中心公司。第一，多年來我們從未說過這樣的話。第二，每個房產都會受到不同程度的影響，人口統計資料以及當地貿易區域發生的情況也會有所不同。油價會回到 50 嗎？一切看起來——確實必須從區域角度來看待等等。

Okay, understood. So a lot of investors are going to glean negative assumptions and speculation from your lack of commentary on the Taubman merger. So without talking about Taubman at all, what would you say to those investors here and now directly?

好的，明白了。因此，許多投資者將從您對陶布曼合併缺乏評論中收集到負面假設和猜測。那麼，在完全不談論陶布曼的情況下，您現在想直接對那些投資者說些什麼嗎？

I've said what I have to say, Derek.

我已經說了我要說的話，德瑞克。

Our next question comes from Vince Tibone with Green Street Advisors.

我們的下一個問題來自 Green Street Advisors 的 Vince Tibone。

What was the rationale for reducing the redevelopment pipeline so drastically? Was it primarily a balance sheet-related decision? And how do you think about the impact of taking a pause from redevelopment could have on the long-term positioning on some of these properties?

如此大幅減少重建管道的理由是什麼？這主要是與資產負債表相關的決定嗎？您如何看待暫停重建可能對其中一些房產的長期定位產生的影響？

Well, Vince, believe it or not, I'm a grizzly veteran and I've seen -- I am proud that we've always been able to flip our toggle switch on and off, depending upon economic scenarios. And the reality is we have a great pipe. It will end up being dependent upon a particular property, and we can switch it on completely. Also remember that the fact is construction was, in a lot of places, forced to shut down; and we felt it was appropriate to be conservative in the spend. And the reality is we can turn it off. We can turn it on. We're never going to get over our skis on that front. And we'll have -- as I think about it, we'll have 2 or 3 bigger decisions to make in Q3, Q4 on a couple projects, 1 internationally, 2 domestically. And the rest of them, we'll restart when we feel good about the environment.

好吧，文斯，不管你信不信，我是一名灰熊老兵，我已經看到了——我很自豪我們總是能夠根據經濟狀況打開和關閉我們的切換開關。現實是我們有一個很棒的管道。它將最終依賴於一個特定的屬性，我們可以完全打開它。也要記住，事實上，很多地方的施工被迫關閉；我們認為在支出上保持保守是適當的。現實是我們可以將其關閉。我們可以打開它。在這方面我們永遠無法超越我們的滑雪板。我認為，我們將在第三季、第四季就幾個項目做出 2 到 3 個更大的決定，其中 1 個是國際項目，2 個是國內項目。其餘的，當我們對環境感覺良好時，我們將重新啟動。

That makes sense. So just staying on redevelopment for a second. I mean, how do you see anchor redevelopments changing post COVID and when the economy starts to rebound? I mean, can you just discuss kind of some high-level back selling plans if there is an acceleration of department store closures?

這是有道理的。所以只停留在重建上一秒鐘。我的意思是，您如何看待疫情過後以及經濟開始反彈時主力重建的變化？我的意思是，如果百貨公司加速關閉，您能否討論一些高層的回售計劃？

Well, I mean, Vince, you guys are smart. I'm not sure I agree with a lot of your research, but I do appreciate you do a great job. Look, it's variable that there will be some, and it all depends on the opportunity. It all depends on property-specific information. We do think that department stores still play a meaningful role in a number of properties. They also -- whether through lease or not, there's some good real estate there. And we were, as you know, on the -- very focused on redeveloping those boxes. That will continue to be a long-term focus for us, without question. We have great real estate. We're more than a mall company. And the ability to redevelop our great real estate is a hallmark of this company and something we will continue. There is nothing wrong with taking a pause while we sort our way through a pandemic, and we've dealt with a lot. I honestly say I haven't dealt with this, but we're back up and running almost half the portfolio. We're feeling good about what we've done, feel good about the balance sheet, feel good about our people and what they're trying to accomplish. And again I think the ability to redevelop real estate that we get back will be an important component of what we do to add value going forward. So we're not deterred by the current events, but we are taking a pause as it sorts its way through.

嗯，我的意思是，文斯，你們很聰明。我不確定我是否同意您的許多研究，但我確實很欣賞您所做的出色工作。看，是否會有一些是可變的，這完全取決於機會。這一切都取決於特定於房產的資訊。我們確實認為百貨公司在許多物業中仍然發揮著有意義的作用。他們也——無論是否透過租賃，那裡都有一些好的房地產。正如你所知，我們非常專注於重新開發這些盒子。毫無疑問，這將繼續成為我們的長期關注點。我們有很棒的房地產。我們不僅僅是一家購物中心公司。重新開發我們偉大的房地產的能力是這家公司的標誌，我們將繼續這樣做。在我們應對流行病的過程中暫停一下並沒有什麼錯，而且我們已經處理了很多事情。老實說，我還沒有處理過這個問題，但我們已經恢復並運行了幾乎一半的投資組合。我們對我們所做的事情感覺良好，對資產負債表感覺良好，對我們的員工以及他們正在努力實現的目標感覺良好。我再次認為，重新開發我們收回的房地產的能力將是我們未來增值工作的重要組成部分。因此，我們並沒有被當前發生的事件嚇倒，但我們會在事情進展順利時暫停一下。

Our next question comes from Craig Schmidt with Bank of America.

我們的下一個問題來自美國銀行的克雷格·施密特。

You've been open for 2 weekends. I wonder if you could comment on how the consumers are being received by the different formats, outlet, malls, whatever; and by the different geographies.

你已經營業了兩個週末了。我想知道您是否可以評論一下不同業態、奧特萊斯、購物中心等消費者是如何接受的；以及不同地區的情況。

Well, I would certainly say outdoor folks, outdoor centers feel a little bit more comfortable. And I obviously would say that the states that we're opening, that it is so dependent upon the kind of the state and the -- where things are. And generally the suburban outside of kind of the major, dense areas seem to be doing better. I do think there's pent-up demand. I'd say the consumer is probably a little more moderate, as opposed to high end, yet in our outlets we're seeing some really good traction with some of the higher-end brands as they sell their goods. So I do think that may be from a moderate customer that's having the ability to shop there, but it's a little early to say. But some of our good bread-and-butter states, we feel pretty encouraged by.

嗯，我當然會說戶外活動的人們，戶外中心感覺比較舒服。我顯然會說，我們正在開放的州，它非常依賴州的類型和事物的位置。一般來說，主要密集地區以外的郊區似乎表現較好。我確實認為有被壓抑的需求。我想說的是，與高端消費者相比，消費者可能會更加溫和一些，但在我們的商店中，我們看到一些高端品牌在銷售商品時確實具有良好的吸引力。所以我確實認為這可能來自有能力在那裡購物的中等顧客，但現在說還為時過早。但我們對一些經濟發達的州感到非常鼓舞。

Great. And then I just wondered if there are any plans to expand or extend curbside shopping, helping the consumers transition to shopping in store again.

偉大的。然後我想知道是否有計劃擴大或延伸路邊購物，幫助消費者再次過渡到商店購物。

Well, sure. I mean in some cases that's all that you can do. And to -- we're there to help the retailer if they need our help, but in a lot of cases they already have their own protocol. So look, I think it's helpful and beneficial, but it's more important ultimately for us to get our properties open fully.

嗯，當然。我的意思是，在某些情況下，這就是你所能做的。如果零售商需要我們的幫助，我們會為他們提供幫助，但在許多情況下，他們已經有了自己的協議。所以看，我認為這是有幫助和有益的，但最終對我們來說更重要的是讓我們的財產完全開放。

Our next question comes from Jeremy Metz with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Jeremy Metz。

David, I was hoping you can maybe discuss the reduction in the operating costs a little more in terms of what you've been able to do and if you can quantify the actual savings that you expect here on the full year of operations versus maybe your initial budget. And along those same lines, with most of your tenants on fixed CAM reimbursement, is there any carry-through there, or no? And maybe you can just also quantify the reduction in the corporate spending. Just help us get a better feel for what that actually looks like.

大衛，我希望您可以根據您已經能夠做的事情來更多地討論運營成本的降低，以及您是否可以量化您在全年運營中預期的實際節省與您的實際節省初始預算。沿著同樣的思路，大多數租戶都享有固定的 CAM 報銷，是否有任何結轉？也許您也可以量化企業支出的減少。只是幫助我們更好地了解它的實際情況。

Yes. Jeremy, as you know, we withdrew guidance, so we really can't do that, but obviously when your property is not allowed to operate and open and -- we have the ability to reduce all sorts of costs. And that's really it, on the one hand. On the other hand, if you take and if you've seen our protocols and we do open, we're going to have a -- additional costs of running the centers. And I -- it's hard for me to give you a number because the reality is I don't know when we're going to be able to open the entire portfolio, but as soon as we do that, we're going to -- we'll try to give you the new normal. But we are -- when we are opening, we are one shift. So that does save us -- I'm hopeful that at some point we'll come away with that because that's a good sign, but we're not quite there yet. But when we do open, we have extra maintenance, cleaning, et cetera. So it's -- there are so many variables right now to -- it just -- I can't really do it. And it's hard to do it right now without knowing the entire -- when the entire system opens up and how it opens up and what our restrictions are going to be.

是的。傑里米，正如你所知，我們撤回了指導，所以我們確實不能這樣做，但顯然，當你的財產不被允許運營和開放時，我們有能力減少各種成本。一方面，確實如此。另一方面，如果您接受並看過我們的協議並且我們確實開放，我們將需要支付營運中心的額外費用。我——我很難給你一個數字，因為現實是我不知道我們什麼時候能夠打開整個投資組合，但一旦我們這樣做了，我們就會—— - 我們將盡力為您提供新常態。但我們是——當我們開業時，我們是一個輪班。所以這確實拯救了我們——我希望在某個時候我們能夠實現這一目標，因為這是一個好兆頭，但我們還沒有完全做到這一點。但當我們開業時，我們會進行額外的維護、清潔等工作。所以現在有很多變數，我真的做不到。如果不了解整個系統何時開放、如何開放以及我們的限制是什麼，現在就很難做到這一點。

By the way, we don't think they should be -- just to be -- go on the record: We do think we should be able to be open. We have terrific protocols. They're as good as any of our other competitors, which are the online-only operators and the big boxes and so on that continue to operate. We have the same distancing. We're limiting the amount of personnel. We have -- we're handing out masks. We're doing everything that all of the other competitors are doing, including the major online competitors, so we do think we should open. I mean I want to go on record saying that. And we do think we should calibrate that, obviously. We're prepared to operate, clearly, within any government protocols, but we do feel like we should open. And clearly it's -- clearly our outdoor centers should, clearly, open, but in any event I just can't give you the number because I don't really know when we're opening. We are saving some money, but as we get opened, a lot of that will go back into the property to maintain the protocols. We're helping the -- we're doing our share in those communities.

順便說一句，我們認為他們不應該——只是——公開記錄：我們確實認為我們應該能夠公開。我們有很棒的協議。他們和我們的其他競爭對手一樣好，這些競爭對手是僅在線運營商和繼續運營的大型盒子等。我們有同樣的距離。我們正在限制人員數量。我們正在分發口罩。我們正在做所有其他競爭對手正在做的一切，包括主要的線上競爭對手，所以我們確實認為我們應該開放。我的意思是我想把這句話記錄下來。顯然，我們確實認為我們應該對此進行校準。顯然，我們準備在任何政府協議範圍內開展業務，但我們確實覺得我們應該開放。顯然，我們的戶外中心顯然應該開放，但無論如何，我無法給你這個數字，因為我真的不知道我們什麼時候開放。我們節省了一些錢，但隨著我們開業，其中許多錢將回到酒店以維持協議。我們正在幫助這些社區，我們正在盡我們的一份力量。

We're -- I hope the communities appreciate what we're doing. I hope they appreciate what we do not only in sales tax but in property tax. My favorite obviously is in Long Island, where I won't name the mall, but we send probably in total over $60 million in property taxes for a couple of properties. My guess is with right protocols we ought to get a chance to see what we can do, especially as our competitors are open and selling stuff that's clearly more than nonessential. A long-winded answer to your very straightforward question, which is I can't really give you [an answer], okay?

我們——我希望社區能夠欣賞我們正在做的事情。我希望他們欣賞我們不僅在銷售稅方面而且在財產稅方面所做的工作。我最喜歡的顯然是長島，我不會透露那裡的購物中心名稱，但我們為幾處房產繳納的房產稅可能總計超過 6000 萬美元。我的猜測是，有了正確的協議，我們應該有機會看看我們能做什麼，特別是當我們的競爭對手開放並銷售明顯超過非必需品的東西時。對你非常簡單的問題的冗長回答，即我無法真正給你[答案]，好嗎？

No, I think that's fair. And you just -- are you willing to comment on the employee side as you reopen properties and taking employees off furlough? Have you seen any attrition, or are employees simply not returning? Is that something that's kind of percolated out there as a possible concern?

不，我認為這是公平的。當您重新開放物業並讓員工休假時，您是否願意對員工方面發表評論？您是否發現員工流失，還是員工根本沒有回來？這是否是一種潛在的擔憂？

Yes. Listen, I think, just the whole employee thing, even in the -- when I went back to Indianapolis was 1990. And obviously, retail real estate, that was a serious recession and we had to go through a very painful downsizing. This is -- since that, basically 30 years ago, we've never really had a reduction in force. Even in the recession of -- the Great Recession in '08, '09, we didn't have a reduction in force. So we went through that. I feel personally terrible for it. And then you couple that with the furlough that we had to do, so just a very painful scenario. And I do think we -- as soon as we get our system open, I'm hopeful that we're going to call as many people back as we can from furlough. I hope they -- not that they should, but I hope they at least can understand why we did what we had to do. And I hope they do come back. I do think we've been pretty good so far on what we've opened. And then I think, as our level of activity increases, we're going to bring as many folks back as we can. We did have a permanent reduction in force. We do not plan on bringing those folks back. And obviously that's not something we wanted to do. I didn't think I had to do that again. We built this company not to do that, but we felt like we had to do that, and I apologize to the folks that were impacted by it. There's no good excuse.

是的。聽著，我想，就整個員工問題而言，即使在1990 年，當我回到印第安納波利斯時也是如此。 。從那以後，基本上從 30 年前開始，我們從未真正削減過兵力。即使在08年、09年的經濟大衰退中，我們也沒有減少兵力。所以我們經歷了這個過程。我個人對此感到很糟糕。然後你再加上我們必須休假，所以這是一個非常痛苦的場景。我確實認為，一旦我們的系統開放，我希望我們能夠召回盡可能多的休假人員。我希望他們——不是說他們應該這樣做，但我希望他們至少能夠理解我們為什麼要做我們必須做的事情。我希望他們能回來。我確實認為，到目前為止，我們所開設的業務做得相當不錯。然後我認為，隨著我們活動水平的增加，我們將盡可能讓更多的人回來。我們確實永久減少了兵力。我們不打算讓這些人回來。顯然這不是我們想做的事。我不認為我必須再這樣做。我們建立這家公司並不是為了這樣做，但我們覺得我們必須這樣做，我向受影響的人道歉。沒有什麼好的藉口。

Yes, no. And the second one for me, just a little more positive, to go back to your opening comments about innovation coming into mind in the last few weeks. Maybe you can just expand a little bit more what that means, what you're doing differently; and then just what else, maybe bigger picture, you're looking to do as you start to think about potential changes to the model and how to adapt your centers or curate them possibly differently, including just your going down the path of adding some mixed use. Does this change that aspect at all? Or just too early to make some of those calls?

是的，不是。第二個對我來說，只是更積極一點，回到你過去幾週關於創新的開場評論。也許你可以稍微擴展一下這意味著什麼，你正在做什麼不同的事情；然後，當您開始考慮模型的潛在變化以及如何調整您的中心或以不同的方式管理它們時，您還希望做什麼，也許是更大的圖景，包括您沿著添加一些混合的路徑使用。這會改變這方面嗎？或者現在撥打這些電話還為時過早？

No. I -- as I mentioned earlier, Jeremy, I do think the whole redevelopment of our properties will continue to be very important. I would look at what we're doing now as a pause, making sure that we have a better feel for the landscape. And the fact is you can't redevelop anything if you can't open your property, okay? So please understand we're still confronted with that dilemma. I think we've just been so innovative on how we opened the portfolio. I mean we've been -- the ability to do what we did as fast as we did, as high level as we did, I don't think anybody really could appreciate that in scale and scope. I think, in what we're trying to do with our retailers, again I'm sure there will be a difference of opinion on that, but what we're trying to do in terms of listening to what their issues are, maybe not agreeing but certainly trying to have a constructive dialogue, segmenting the retailers out in various categories, putting the right people involved -- again, we're not going to [bet a thousand] -- we're going to have some conflicts because we do believe in our contracts, but we're clearly trying to do that innovatively. We're really focused on the local community, trying to be innovative there and then just listening to the consumer and what we could do and learn from there. And then I think technology will be added to our properties to enhance their -- to enhance the consumer experience and certainly to keep them safe. So there is a lot more to come, but we are basically 8 weeks into this, right, almost eighth week...

不，我——正如我之前提到的，傑里米，我確實認為我們房產的整體重建將繼續非常重要。我會將我們現在正在做的事情視為暫停，以確保我們對景觀有更好的感覺。事實上，如果你不能開放你的房產，你就不能重新開發任何東西，好嗎？所以請理解我們仍然面臨這種困境。我認為我們在打開投資組合的方式上非常創新。我的意思是，我們一直有能力以盡可能快的速度、盡可能高的水平做我們所做的事情，我認為沒有人能真正在規模和範圍上欣賞這一點。我認為，在我們試圖與零售商一起做的事情中，我再次確信對此會有不同意見，但我們在傾聽他們的問題方面所做的事情可能不會同意，但肯定會嘗試進行建設性對話，將零售商分為不同類別，讓合適的人參與進來——再說一次，我們不會[打賭一千]——我們會發生一些衝突，因為我們確實相信我們的合同，但我們顯然正在嘗試以創新的方式做到這一點。我們真正關注當地社區，努力在那裡進行創新，然後傾聽消費者的聲音以及我們可以做什麼並從中學習。然後我認為技術將被添加到我們的財產中以增強它們——增強消費者體驗，當然也保證他們的安全。所以還有很多事情要做，但我們基本上已經進入了 8 週，對，幾乎是第八週...

Yes.

是的。

And we're learning a lot and doing a lot. I expect that to continue.

我們學到了很多東西，做了很多事。我希望這種情況能夠持續下去。

Our next question comes from Ki Bin Kim with SunTrust.

我們的下一個問題來自 SunTrust 的 Ki Bin Kim。

So David, whether a mall or retail real estate center is open or not, one of the challenges that you face is just diminished capacity, right, just less traffic than normal. So I'm just curious just conceptually. I don't really care about the April or May rent collection, but just conceptually, how are you thinking about what rent should be during this kind of transitional phase? And is your approach more along the lines of, a, if the city is open and the malls open safely, rent is due; or something a little bit more accommodating?

所以大衛，無論購物中心或零售房地產中心是否開放，您面臨的挑戰之一就是容量減少，對吧，就是人流量比平常少。所以我只是從概念上好奇。我不太關心四月或五月的租金收取，但只是從概念上講，您如何考慮在這種過渡階段的租金應該是多少？您的做法是否更符合以下原則：a，如果城市開放且購物中心安全開放，則應繳納租金；或更方便一點的東西？

Well, again, I think the short answer is -- I think I've addressed a lot of this, but the short answer is it's very much a property-by-property and a retail-by-retail process that we go through. We use the judgment that we've had 60 years of experience. We will not always get it right, but we try to rely on that. We also, from the retailer, what -- how they're treating us. I mean it's a 2-way street, and we try to put it in a blender and find out a solution. I'm hopeful we can do that, but there's no guarantee that we can. And I think the receptivity from our properties is really going to be -- I mean I do think it's going to be -- a lot of it will depend on the consumer demographics and where that property is and what the psyche of that consumer really has been affected. I can assure you, at least based on what I'm seeing, that in certain properties that we opened, the psyche of that consumer hasn't really been affected. It may be affected elsewhere.

好吧，我再次認為簡短的答案是——我想我已經解決了很多這個問題，但簡短的答案是，這在很大程度上是我們經歷的一個逐個物業和一個逐個零售的過程。我們根據 60 年的經驗做出判斷。我們並不總是能做到正確，但我們會盡力依靠這一點。我們也從零售商那裡了解他們如何對待我們。我的意思是，這是一條雙向街道，我們嘗試將其放入攪拌機中並找出解決方案。我希望我們能做到這一點，但不能保證我們能做到。我認為我們的房產的接受度確實會——我的意思是我確實認為它會——很大程度上取決於消費者的人口統計數據、房產的位置以及消費者的真實心理。我可以向你保證，至少根據我所看到的情況，在我們開設的某些酒店中，消費者的心理並沒有真正受到影響。它可能會受到其他地方的影響。

Okay. And you've talked about the benefits of the Simon platform and the scale that you have and how much of an advantage it is. Just broadly speaking, do you think in this type of environment where there's going to be some economic challenges, companies that don't have the same scale, maybe smaller, could be disproportionately impacted?

好的。您談到了 Simon 平台的優勢以及您擁有的規模以及優勢有多大。從廣義上講，您是否認為在這種會出現一些經濟挑戰的環境中，那些規模不同（甚至規模較小）的公司可能會受到不成比例的影響？

Yes, without question.

是的，毫無疑問。

Our next question comes from Nick Yulico with Scotiabank.

我們的下一個問題來自豐業銀行的尼克尤利科。

I just wanted to go back to this topic of rent deferrals. I mean you do, in the 10-K, disclose that you have given some rent deferrals. You're not saying what they were or not, but I guess I'm just wondering what drove the decision to do rent deferrals, which you did do some, so far, versus conversations that you still have with tenants where you haven't made a decision yet what the outcome is going to be.

我只是想回到延期租金這個話題。我的意思是，您確實在 10-K 中透露您已經推遲了一些租金。你沒有說它們是什麼或不是，但我想我只是想知道是什麼推動了租金延期的決定，到目前為止，你確實做了一些，而不是你仍然與租戶進行的對話，而你還沒有這樣做做出了決定，但結果會是如何。

Well, it's a retailer-by-retailer discussion. I mean we went out of our way, knowing the extraordinary changes that this pandemic has created. And given our financial wherewithal, we went out of the way to offer deferral for a lot of our retailers. And we felt that was -- we had the balance sheet and the cash flow and everything else to do it. And we just felt it was the right thing to do even though there's nothing in the contract that alleviates their contractual right to pay rent, in the 90, 95 percentile of our leases. So we just felt like we can help, as simple as that.

嗯，這是零售商之間的討論。我的意思是，我們不遺餘力地了解這種流行病造成的非凡變化。考慮到我們的財力，我們不遺餘力地為許多零售商提供延期服務。我們認為我們擁有資產負債表、現金流以及其他一切來做到這一點。我們只是覺得這是正確的做法，儘管合約中沒有任何內容可以減輕他們在我們租賃的 90、95% 的租金中支付租金的合約權利。所以我們只是覺得我們可以幫忙，就這麼簡單。

And in terms of just going back to the timing of -- I think you said, by the time June comes around, the Board is going to have more information on taxable income; other items, I guess, about ultimate collection of rents. What -- how much, though, is that going to depend on the reopening of your centers? And I guess, as well, how much of your -- if you have already given some deferrals, I mean, how much of the portfolio is kind of in question right now in terms of where ultimate rent collection is going to be? And why is it that, when you get to June, you think you're going to have -- the Board is going to have more confidence in ultimately where your income may settle out this year?

就時間而言——我想你說過，到六月到來時，董事會將獲得更多有關應稅收入的資訊；我猜還有其他一些關於最終收取租金的內容。不過，這在多大程度上取決於你們中心的重新開放？我也猜想，如果您已經推遲了一些，我的意思是，就最終租金收取的情況而言，目前投資組合中有多少是有問題的？為什麼到了六月，你認為董事會會對今年的收入最終結算更有信心？

Well, I mean, because the reality is we're opening centers now, which was the first hurdle. We'll know -- every week, we're opening more centers. We'll make further progress on where we are with our retailers. I -- the amount of information that I have today versus what I had a month ago is exponentially higher. I would expect the same thing to occur. And it's the most thoughtful thing to do since it will still be declared in our second quarter is to have another month of information or thereabouts on all the factors that go into our taxable income. And again, I mean, I indicated earlier, I don't know if you listened to my opening remarks, where we think it is today, but another month or 5 weeks from now, I'll know more. Not that complicated.

嗯，我的意思是，因為現實是我們現在正在開設中心，這是第一個障礙。我們會知道——每週我們都會開設更多中心。我們將在與零售商的合作方面取得進一步進展。我——我今天掌握的資訊量與一個月前相比呈指數級增長。我希望同樣的事情也會發生。這是最深思熟慮的事情，因為它仍然會在我們的第二季度宣布，那就是再有一個月的資訊或有關影響我們應稅收入的所有因素的資訊。再說一遍，我的意思是，我之前指出過，我不知道你是否聽了我的開場白，我們認為今天就是這樣，但再過一個月或五週，我會知道更多。沒那麼複雜。

Our next question comes from Wes Golladay with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場部的 Wes Golladay。

I just have a few quick modeling questions. The first one is, do you have much exposure to hotels? I imagine it's pretty small, but with RevPAR down 90%, it might start to show up in the numbers.

我只有幾個簡單的建模問題。第一個是，您對飯店的接觸多嗎？我認為這個數字相當小，但隨著 RevPAR 下降 90%，它可能會開始體現在數字中。

Very small, but we -- the ones that we do have are not open. I think one is actually, but yes, it's very small, very small.

很小，但是我們——我們現有的那些還沒有開放。我認為確實有一個，但是是的，它非常小，非常小。

Okay. And then going into your accounting expertise here. Now that the pipeline is smaller, will you be capitalizing costs going forward? Or with the projects on a suspension mode, can you still capitalize the costs?

好的。然後在這裡討論您的會計專業知識。既然管道較小，您會資本化未來的成本嗎？或者專案處於暫停狀態，還能資本化成本嗎？

Well, you can't capitalize the cost if it's suspended. It's not going to be a material change one way or another.

好吧，如果你暫停，你就無法將成本資本化。無論怎樣，這都不會是重大改變。

Wes, we would keep capitalizing costs on those projects that are still active as of right now.

韋斯，我們將繼續將那些目前仍然活躍的項目的成本資本化。

Our next question comes from Christine McElroy with Citi.

我們的下一個問題來自花旗銀行的 Christine McElroy。

It's Michael Bilerman with Christy. David, I think we all want to know how you do with home schooling rather than what you're doing on the business side.

這是邁克爾·比勒曼和克里斯蒂。大衛，我想我們都想知道你在家庭教育方面做得如何，而不是你在商業方面做了什麼。

Home schooling...

在家上學...

What you're doing -- how you are as a teacher rather than you are as a CEO.

你在做什麼——你作為一名教師而不是作為一名執行長。

That's very good. I'm not sure what I do well, okay?

那很好。我不確定我什麼做得好，好嗎？

So as you think about on the dividend and you talk about the June making decision, why not wait until the end of the year, because it's an annual election, not a quarterly election, and sort of figure out when all is said and done? Because I don't think any of us know the depth and length of this pandemic and things. We could get a resurgence in the fall, maybe get a resurgence from all the reopenings right now, so why not wait until there is perfect clarity for annual taxable income?

因此，當您考慮股息並談論 6 月的決策時，為什麼不等到年底，因為這是年度選舉，而不是季度選舉，然後弄清楚什麼時候一切都說了算？因為我認為我們中沒有人知道這場流行病的深度和持續時間。我們可能會在秋季復甦，也許現在所有的重新開放都會復甦，所以為什麼不等到年度應稅收入完全明確之後呢？

Well, I think we'll be in a pretty good spot. I mean we have a -- we're bucketing it now. We just want to reaffirm our buckets and get more information. I want to -- you did say something about our openings. And unequivocally, you're not going to increase, in my opinion, the potential spread of COVID. And communities may go up, but don't blame, don't -- unless you have science, don't blame it -- don't blame the -- our openings on an increase in that community's COVID. I don't -- I'm not sure that I would create that causation, okay?

嗯，我想我們會處於一個非常好的位置。我的意思是我們現在正在努力。我們只是想重申我們的目標並獲得更多資訊。我想——你確實談到了我們的空缺。毫無疑問，在我看來，你不會增加新冠病毒的潛在傳播。社區可能會上升，但不要責怪，不要——除非你有科學依據，不要責怪它——不要責怪——我們的空缺導致了該社區新冠病毒的增加。我不——我不確定我是否會創造這種因果關係，好嗎？

No, I'm not saying it's your assets.

不，我並不是說這是你的資產。

I just -- you said something and I just wanted to make it clear. And clearly...

我只是——你說了一些話，我只是想說清楚。顯然...

No, I'm saying just generally, yes, generally a remark.

不，我只是說一般性的，是的，一般性的評論。

Yes, generally. I mean, look, I think it's possible, right? I mean there could be markets where there is a spike and it's reduced, but I mean common sense would indicate we're just going to have to figure out how to live with this threat for a while. And again, I mean I'm not in-charge, but we'll do what we need to do. And if there's better technology or if there's a better idea -- our protocols, and I said this to states, municipalities and -- we study what everybody is doing, but the reality is, if there's a better way to do what we're doing, we'll do it, that simple, and because it will change. I mean there will be better protocols than what we initially set forth, but look, Michael, I do like -- look, I think it's important to the investment community to do the -- I mean it goes back to your first part. I mean I do think there is good -- it's good to have a quarterly cadence. We're in a position financially to do that. And the reality is that we think it's the right thing to do just to fine-tune it, get more data over the next 4 to 5 weeks and go from there.

是的，一般來說。我的意思是，看，我認為這是可能的，對嗎？我的意思是，有些市場可能會出現峰值，然後又會減少，但我的意思是，常識表明我們只需要弄清楚如何在一段時間內忍受這種威脅。再說一遍，我的意思是我不負責，但我們會做我們需要做的事情。如果有更好的技術或有更好的想法——我們的協議，我對各州、市政府說了這一點——我們研究每個人都在做什麼，但現實是，如果有更好的方法來做我們正在做的事情做，我們就會做，就這麼簡單，而且因為它會改變。我的意思是，將會有比我們最初提出的更好的協議，但是看，邁克爾，我確實喜歡——看，我認為投資界這樣做很重要——我的意思是這可以追溯到你的第一部分。我的意思是，我確實認為有一個季度的節奏是件好事。我們在財務上有能力做到這一點。現實情況是，我們認為微調它、在接下來的 4 到 5 週內獲取更多數據並從那裡開始是正確的做法。

Right, and pay it in cash greater than 50% of where it was before, which was in your opening comments.

是的，用現金支付，金額比之前的金額高出 50%，這在你的開場評論中是這樣的。

Well, I think we said we won't be like the -- probably, by the time it's June, it will be over 200. I said it won't be -- like at least 200 companies that will be less than 50%, based on what we know today, on our modeling. So we'll pay it in cash. And we're going to pay our taxable income, and we're not going to do the weird stuff that you pay the -- whatever they call that thing. What do they call that thing, that straddling of 1 tax year to the next, whatever…

好吧，我想我們說過我們不會像——可能到 6 月的時候，它會超過 200 家。 我說過不會——就像至少 200 家公司的比例將低於 50% ，基於我們今天所知道的，基於我們的模型。所以我們會用現金支付。我們將支付我們的應稅收入，我們不會做那些你付錢的奇怪的事情——無論他們怎麼稱呼那件事。他們怎麼稱呼那個東西，跨越一個納稅年度到下一個納稅年度，無論如何......

As you think about going into this pandemic. Obviously, the retailers, a number of them, were struggling. And I think one of the frustrations you had was on the e-commerce businesses that a lot of these retailers were operating were generated a lot of those sales by your assets. And so while the sale didn't take place at your mall or outlets or Mills center, they were developed from that interaction. As you think about where we are today with most of the retailers not having access to their storefront, obviously the e-com activities are growing pretty substantially and getting a lot bigger adoption by consumers. Is there an opportunity, as you go forward in these restructurings or deferrals or whatever you're dealing with your tenants, to restructure all of the leases with the retailers to bring things to sort of the current marketplace relative to when those leases were first signed?

當你考慮進入這場大流行。顯然，零售商（其中不少）都在苦苦掙扎。我認為您遇到的挫折之一是許多零售商正在經營的電子商務業務，其中許多銷售額都是由您的資產產生的。因此，雖然銷售不是在您的購物中心、奧特萊斯或米爾斯中心進行，但它們是從這種互動中發展而來的。當你想到我們今天的處境時，大多數零售商都無法訪問他們的店面，顯然電子商務活動正在大幅增長，並得到了消費者更大程度的採用。當您進行這些重組或延期或與租戶打交道的任何事情時，是否有機會重組與零售商的所有租約，以使事情相對於首次簽署租約時的當前市場進行排序？

Well, look, I think that -- let's just say this. The Internet for retail, whether it's a marketplace or direct-to-consumer or any other method, is a big competitor to our entire industry. It is part of our industry, and we always have to compete with it. And our greatest asset is the physical one, and service and those kind of things. And we will have to see how that evolves. I do think a number of retailers are, frankly, shipping right now. Even if we're in a place where we're not allowed to operate, a lot of retailers are accessing their store and shipping directly from that store. So it'll be interesting to see what happens with that, whether -- even though we were not able to operate, they're in there operating. And I'm sure there's social distancing and all that stuff, but they're in there operating, selling e-commerce.

好吧，聽著，我認為——讓我們這麼說吧。零售業的互聯網，無論是市場、直接面向消費者或任何其他方式，都是我們整個產業的一大競爭對手。它是我們行業的一部分，我們總是要與之競爭。我們最大的資產是物質資產、服務以及諸如此類的東西。我們必須看看事情會如何發展。坦白說，我確實認為許多零售商現在正在發貨。即使我們在不允許經營的地方，許多零售商也會訪問他們的商店並直接從該商店發貨。因此，看看會發生什麼將會很有趣，即使我們無法操作，他們也在那裡操作。我確信存在社交距離之類的問題，但他們在那裡經營、銷售電子商務。

So look, it is the Internet. Certainly it would be hard to intellectually argue that it's -- this scenario has increased adoption for it. And we'll -- but we're -- we compete and we'll figure out how to compete. And the stores are important to the retailers that have both, and I think that will remain the same. I do think perhaps there is some thinking out there that they don't need as big a storefront or store network. I think that could backfire on them in the long run because it's kind of out of sight, out of mind. And -- but we'll see. I am sure there will be some retailers that will get the sense that the fleet, the store network is not as important as it was 3 months ago. I think that -- I -- we'll see how that shakes out and what role we can play in that. I think they might be making the wrong decision, but that's not for me to say. That's just my own instinct.

所以看，這就是網路。當然，很難從理智上論證這種情況增加了它的採用率。我們會——但是我們——我們會競爭，我們會弄清楚如何競爭。商店對於同時擁有這兩種產品的零售商來說很重要，我認為這一點將保持不變。我確實認為也許有人認為他們不需要那麼大的店面或商店網路。我認為從長遠來看，這可能會對他們產生適得其反的效果，因為這有點眼不見為淨。而且——但我們拭目以待。我相信有些零售商會意識到車隊、商店網路並不像三個月前那麼重要。我認為——我——我們將看看這將如何發展以及我們可以在其中發揮什麼作用。我認為他們可能做出了錯誤的決定，但這不是我能說的。這只是我自己的直覺。

I mean, look, you're -- do you hear about people saying, "Less office space. We never have to go back to the office. There's not going to be any stores." So I don't see us being in our homes 100% of the time working and shopping. I do think we live in a society that craves some of that, but there's going to be significant change as we come through this because a lot of your tenants, unfortunately, don't have the wherewithal to get through. A lot of tenants just don't have the wherewithal, whether they're office tenants, living in an apartment. I mean there's -- it's a real recession going on, and so it's just getting from point A to point B.

我的意思是，你看，你有沒有聽到人們說，“辦公空間減少了。我們永遠不必回到辦公室。不會有任何商店。”所以我不認為我們 100% 的時間都在家裡工作和購物。我確實認為我們生活在一個渴望其中一些的社會，但當我們經歷這個時，將會發生重大變化，因為不幸的是，你的許多租戶沒有足夠的資金來度過難關。許多租戶只是沒有足夠的資金，無論他們是住在公寓裡的辦公室租戶。我的意思是，這是一場真正的經濟衰退，所以它只是從 A 點走向 B 點。

We are clearly aware of that, for sure.

我們當然清楚地意識到這一點。

Yes. Last question. And I get your comment: no comments, status updates on Taubman. The question I have is why. So what is the rationale? You don't have a shareholder vote, so I didn't think there would be anything restrictive on that. You've talked a lot about the decisive actions you're taking, immediate actions you're taking, the aggressive actions that you've taken to protect your enterprise. Why not mention anything about a pretty sizable deal that you entered into, where there is a proxy outstanding? What's the rationale for not providing any updates?

是的。最後一個問題。我收到了你的評論：沒有評論，陶布曼的狀態更新。我的問題是為什麼。那麼其中的道理是什麼呢？你沒有股東投票權，所以我認為對此不會有任何限制。您已經談了很多關於您正在採取的果斷行動、您正在採取的立即行動、您為保護您的企業而採取的積極行動。為什麼不提及您所達成的相當大的交易，其中有未完成的代理？不提供任何更新的理由是什麼？

Look, Michael, the only reason why I let you get back on the call is because you're -- you make me laugh and you're a good guy, but the reality is I've already answered this question. And if you have anything else, let me know.

聽著，邁克爾，我讓你回電的唯一原因是因為你——你讓我發笑，你是個好人，但現實是我已經回答了這個問題。如果您還有其他事情，請告訴我。

All right. No, it was just more so -- I didn't want to get -- but I didn't know if there was a legal reason why. That's the only thing. I didn't know if it was a legality thing that you can't speak about it. That's why I asked it in that way.

好的。不，更是如此——我不想——但我不知道是否有法律原因。這是唯一的事情。我不知道這是否是一個不能談論的合法性問題。所以我才這樣問。

I appreciate the way you asked it. It was very gentlemanly, but I've already said what I'm going to say on Taubman.

我很欣賞你提問的方式。這很有紳士風度，但我已經說過我要對陶布曼說的話了。

Our next question comes from Haendel St. Juste with Mizuho.

我們的下一個問題來自 Mizuho 的 Haendel St. Juste。

David, what can you tell us, what update can you provide us on Forever 21 specifically? I understand your earlier comments on liquidity and you're not making any new retailer-level investments here, but I'm curious if you think investing capital today in the Forever 21 platform specifically for the long term is still worthwhile in this environment.

David，您能告訴我們什麼嗎？我理解您之前對流動性的評論，並且您不會在這裡進行任何新的零售商級別的投資，但我很好奇您是否認為今天在Forever 21 平台上專門進行長期投資在這種環境下仍然值得。

We actually capitalize it pretty reasonably well, so we're in good shape right now and there's no need for additional capital. So obviously it's important for them to get the stores up and running and operating, but it's between us and our partners of Authentic Brands Group and Brookfield. We're in pretty good shape to weather the storm.

事實上，我們的資本利用得相當好，所以我們現在狀況良好，不需要額外的資本。顯然，讓商店開業、營運和營運對他們來說很重要，但這是我們和 Authentic Brands Group 和 Brookfield 合作夥伴之間的事情。我們的狀態很好，可以抵禦這場風暴。

Okay, helpful. What can you tell us about the Carson outlet joint venture project you have with Macerich? Understanding there's a bit of a court battle with the city going on there and that the project seems to be in a bit of a standstill, but I'm curious if you think the project still has a future and if you'd still be willing to pursue this project once normalcy returns to the world and if it might be a project you'd be willing to pursue on your own if need be.

好的，有幫助。關於您與 Macerich 的卡森奧特萊斯合資項目，您能告訴我們什麼嗎？我知道那裡正在與市政府進行一場法庭鬥爭，而且該項目似乎處於停滯狀態，但我很好奇您是否認為該項目仍然有未來並且您是否仍然願意一旦世界恢復正常，就繼續這個項目，如果需要的話，如果這可能是你願意自己進行的專案。

Well, look, I will -- the only -- it's -- since it's in litigation, I really can't comment, but I'd encourage you to read the complaint that we and Macerich filed against the agency. And it's all -- I mean it's a lot, but it's all spelled out, and plenty of time has passed. And this was -- this has nothing to do with the pandemic. This was going on for several months, but I encourage you to read the complaint. It's all spelled out black and white, lots of pictures too. I think they're colored actually. I'm not even sure, but some are colored. Okay?

好吧，聽著，我會——唯一的——這是——因為它正在訴訟中，我真的無法發表評論，但我鼓勵你閱讀我們和馬塞里奇對該機構提出的投訴。就這樣——我的意思是很多，但都已經說清楚了，而且已經過去了很多時間。這與大流行無關。這種情況持續了幾個月，但我鼓勵您閱讀投訴。都是黑白的，還有很多圖片。我認為它們實際上是有顏色的。我什至不確定，但有些是彩色的。好的？

Sure, sure. No, we've taken a look. We're just curious if it's something that perhaps has a long-term future but understand what's going on. So lastly, any -- how should we think -- I'm wondering, I guess, how your redevelopment approach overall might change here post COVID. Are you going to require more of a premium spread, the yield spread versus cap rates even matter? And any thoughts on what a more appropriate measure or how you would focus quantitatively in determining which projects to pursue versus others?

當然，當然。不，我們已經看過了。我們只是好奇這是否可能有長期的未來但了解正在發生的事情。最後，我們該如何思考，我想，我想，在新冠疫情之後，你們的重建方法總體上可能會發生怎樣的變化。您是否需要更多的溢價利差，而收益率利差與上限利率甚至很重要？對於什麼是更合適的衡量標準，或者您將如何定量地集中精力來確定要進行哪些項目而不是其他項目，有什麼想法嗎？

Well, I mean, it's -- a lot of it's based on our years of experience and judgment. I -- it's interesting. Do cap rates matter? That's a very good question, okay? Put that aside. We look at return on investment. Obviously, if it's too low, you're not creating any value for the shareholders. So cap rates are not necessarily a science. We tend to look on return on equity, return on investment, but look, I think right now we're just -- we're focused on finishing what's really almost ready to complete. We have -- and then we're focused obviously on getting our portfolio up and running, and those are the priorities right now.

嗯，我的意思是，這很大程度上是基於我們多年的經驗和判斷。我——這很有趣。上限利率很重要嗎？這是一個很好的問題，好嗎？把它放在一邊。我們關注的是投資報酬率。顯然，如果它太低，你就不會為股東創造任何價值。因此資本化率不一定是一門科學。我們傾向於專注於股本回報率、投資回報率，但看，我認為現在我們只是——我們專注於完成真正幾乎準備好完成的事情。我們已經——然後我們顯然專注於讓我們的產品組合啟動並運行，而這些是現在的優先事項。

Okay, thank you. I appreciate your allowing us to move the call. We changed it up because we have our shareholder meeting tomorrow and that was the only way we could pull everybody together in the remote offices. So thank you.

好的，謝謝。感謝您允許我們轉接通話。我們改變了它，因為我們明天要召開股東大會，這是我們能夠將遠端辦公室的每個人聚集在一起的唯一方法。所以謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。