Urban Edge Properties (UE) 2025 Q1 法說會逐字稿

Greetings and welcome to the Urban Edge Properties first quarter 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions) It is now my pleasure to introduce your host, Jeff Olson. Please go ahead.

大家好，歡迎參加 Urban Edge Properties 2025 年第一季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（操作員指示）現在我很高興介紹您的主持人傑夫奧爾森。請繼續。

Good morning and welcome to Urban Edge Properties first quarter 2025 earnings conference call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer, Jeff Mooallem, Chief Operating Officer, Mark Langer, Chief Financial Officer, Rob Milton, general counsel, Scott Auster, EVP and head of leasing, and Andrea Drazin, Chief Accounting Officer.

早上好，歡迎參加 Urban Edge Properties 2025 年第一季財報電話會議。今天與我一起出席的有董事長兼執行長 Jeff Olson、營運長 Jeff Mooallem、財務長 Mark Langer、總法律顧問 Rob Milton、執行副總裁兼租賃主管 Scott Auster 和首席會計長 Andrea Drazin。

Please note today's. May contain forward-looking statements about the company's views of future events and financial performance, which are subject to numerous assumptions, risks, and uncertainties, and which the company does not undertake to update.

請注意今天的。可能包含關於公司對未來事件和財務表現的看法的前瞻性陳述，這些陳述受眾多假設、風險和不確定性的影響，且公司不承諾更新這些陳述。

Our actual results, financial condition, and business may differ. Please refer to our filings with the SEC, which are also available on our website for more information about the company. In our discussion today, we will refer to certain non-GAAP financial measures.

我們的實際結果、財務狀況和業務可能有所不同。請參閱我們向美國證券交易委員會 (SEC) 提交的文件，您也可以在我們的網站上找到這些文件以獲取有關該公司的更多資訊。在今天的討論中，我們將參考某些非公認會計準則財務指標。

Reconciliations of these measures to GAAP results are available in our earnings relief and our supplemental disclosure package. At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer Jeff Olson.

這些指標與 GAAP 結果的對帳可在我們的收益減免和補充揭露包中找到。現在，我很高興介紹我們的董事長兼執行長傑夫奧爾森。

Great, thank you, Aba, and good morning, everyone. We had a great first quarter generating results that exceeded our expectations, reporting FFO as adjusted of $0.35 per share, a 6% increase over the first quarter of last year, and the highest quarterly earnings result in UE's 10 year history.

太好了，謝謝你，阿巴，大家早安。我們第一季的業績非常出色，超出了我們的預期，調整後的 FFO 為每股 0.35 美元，比去年第一季度增長 6%，是 UE 10 年曆史上最高的季度收益。

The same property NOI increased 3.8% compared to the first quarter of last year. And benefited from rents commenced from our signed but not open pipeline, improved recovery ratios, and better than expected collections.

同一物業的淨營業收入較去年第一季增加了3.8%。並受益於我們已簽署但尚未開放的管道開始收取的租金、回收率的提高以及好於預期的收款。

Leasing momentum continued at a good pace in the first quarter with the execution of 42 leases totalling 434,000 square feet. This included 18 new leases in the quarter amounting to 118,000 square feet with same space cash leasing spreads of 34%.

第一季租賃動能持續保持良好，共簽訂 42 份租賃協議，總面積達 434,000 平方英尺。其中包括本季的 18 份新租約，總面積達 118,000 平方英尺，相同空間現金租賃利差為 34%。

Our tenant retention ratio remains high at 95%. Our progress in attracting a desirable mix of shop tenants continued as our shop occupancy grew to a new record of 92.4%. Our leasing pipeline remains strong. Since the tariffs were announced in early April, we have not seen any changes in retailer demand at our properties. However, the investment sales market is showing early signs of slowing down.

我們的租戶保留率仍然高達 95%。我們在吸引理想店舖租戶方面繼續取得進展，店舖入住率增長至 92.4% 的新高。我們的租賃管道依然強勁。自四月初宣布關稅以來，我們尚未發現我們物業的零售商需求有任何變化。然而，投資銷售市場正出現放緩的早期跡象。

On the debt side, there has been limited CMBS issuance since April. Life insurance companies and banks are still actively lending on shopping centers, generally with spreads that have increased 10basis points to 30 basis points. On the equity side, many REITs and foreign investors are pausing.

債務方面，自 4 月以來，CMBS 發行量有限。人壽保險公司和銀行仍在積極向購物中心提供貸款，利差普遍增加了10個基點至30個基點。在股權方面，許多房地產投資信託基金和外國投資者正在暫停投資。

Transactions with private buyers remain active. This is highlighted by our successful $25 million sale of eight acres of land at Bergen Town Center, which has been approved for 460 residential units. Additionally, we are under contract to sell two more properties for $41 million which will bring our total dispositions to $66 million this year at a 5% weighted average cap rate.

與私人買家的交易仍然活躍。其中最突出的是，我們以 2500 萬美元成功出售了位於卑爾根市中心的八英畝土地，該土地已獲準建造 460 個住宅單元。此外，我們還簽訂了以 4,100 萬美元的價格出售另外兩處房產的合同，這將使我們今年的總處置額達到 6,600 萬美元，加權平均資本化率為 5%。

We plan to reinvest this capital into accrete of acquisitions that will enhance our portfolio quality and growth rate. Now turning to our 2025 outlook, we are reiterating our 2025 full year guidance of achieving FFO as adjusted of $1.37 to $1.42 per share, reflecting growth of 4% at the midpoint.

我們計劃將這筆資金重新投資於收購，以提高我們的投資組合品質和成長率。現在談到我們的 2025 年展望，我們重申 2025 年全年指導，即實現調整後的 FFO 每股 1.37 美元至 1.42 美元，中間值增長 4%。

We would have likely increased our guidance by $0.02 a share if not for the economic volatility in April. While we had a stronger start to the year than we expected, the economic uncertainty has led us to project a more conservative outlook for the back half of the year.

如果不是因為 4 月的經濟波動，我們可能會將每股指引價格上調 0.02 美元。雖然今年的開局比我們預期的要強勁，但經濟的不確定性導致我們對下半年的前景預測更加保守。

We will revisit our assumptions again next quarter to see if an increase in guidance is appropriate. Our 5 points of differentiation should continue to drive our growth. First, our properties are concentrated in the DC to Boston corridor, the most densely populated supply constrained region of the country.

我們將在下個季度再次重新審視我們的假設，看看增加指導是否合適。我們的 5 個差異點應該會繼續推動我們的成長。首先，我們的房產集中在華盛頓至波士頓走廊，這是美國人口最稠密、供應最緊張的地區。

Our average three-mile population density of approximately 200,000 people is the highest in the sector. Second, our forecasted growth in net operating income is one of the most visible in the sector, rooted in our $25 million signed but not open pipeline representing 9% of our current net operating income.

我們的平均三英里人口密度約為 20 萬人，是該地區最高的。其次，我們預測的淨營業收入成長是業內最明顯的成長之一，這源自於我們已簽署但尚未開放的 2,500 萬美元的管道，占我們目前淨營業收入的 9%。

Third, we have a large redevelopment pipeline totaling $156 million of projects expected to generate a 14% return. Fourth, we are actively recycling capital by selling some of our non-core lower cap assets and redeploying that capital into a creative acquisitions.

第三，我們擁有龐大的再開發項目儲備，總額達 1.56 億美元，預計可產生 14% 的回報。第四，我們正在積極回收資本，出售一些非核心低市值資產，並將這些資本重新部署到創意收購中。

Over the past 18 months we have acquired over $550 million in assets at a 7.2% cap rate and sold approximately $450 million at a 5.2% cap rate. And finally, our balance sheet is conservatively built for market disruption, considering we have no corporate debt other than $50 million currently drawn on our line.

在過去的 18 個月中，我們以 7.2% 的資本化率收購了超過 5.5 億美元的資產，並以 5.2% 的資本化率出售了約 4.5 億美元的資產。最後，我們的資產負債表是針對市場波動而保守制定的，因為除了目前已提取的 5,000 萬美元外，我們沒有其他公司債務。

We have 31 individual non-recourse mortgages totaling $1.6 billion isolating market risk to individual assets rather than at the corporate level. Our remaining 43 properties are unencumbered. I will now turn it over to our Chief Operating Officer, Jeff.

我們擁有 31 筆個人無追索權抵押貸款，總額達 16 億美元，將市場風險隔離到個人資產而非公司層級。我們剩餘的 43 處房產均無抵押。現在我將把麥克風交給我們的營運長傑夫。

Thanks Jeff, and good morning, everyone. We had an excellent first quarter of leasing, signing 42 deals for over 430,000 square feet, 24 renewals at a 6% spread, and 18 new leases at an impressive 34% spread. That spread was driven by deals with best-in-class retailers like Trader Joe's, Sephora, and Sweetgreen, providing both economic and merchandizing upgrades at our assets.

謝謝傑夫，大家早安。我們第一季的租賃業績非常出色，簽署了 42 份協議，面積超過 43 萬平方英尺，續約 24 份，利差為 6%，並簽署了 18 份新租約，利差高達 34%。這種利差是由與 Trader Joe's、絲芙蘭和 Sweetgreen 等一流零售商達成的交易推動的，這些交易為我們的資產帶來了經濟和商品升級。

Our same property lease rate now stands at 96.6%, a 50basis point decrease over the previous quarter, and a 10basis point decrease over the first quarter of 202,024.

本季同房出租率為96.6%，較上季下降50個基點，較第一季的202,024套下降10個基點。

This occupancy decrease was primarily a result of recapturing anchor spaces from Big Lots, Party City, and Bye Baby. We had seven leases with those retailers two were acquired through the bankruptcy process by tenants we wanted in our properties, and five we took back willingly with better replacements in mind.

入住率下降主要是因為從 Big Lots、Party City 和 Bye Baby 手中奪回了主力店的空間。我們與這些零售商簽訂了七份租約，其中兩份是我們想要的租戶透過破產程序獲得的，另外五份是我們自願收回的，因為我們考慮尋找更好的替代品。

We are negotiating deals on those five spaces at better overall terms with tenants that we think are a better fit for those properties than the prior occupants.

我們正在與租戶就這五個空間進行談判，以取得更好的整體條件，我們認為這些租戶比之前的租戶更適合這些空間。

We also continue to improve our shop occupancy, which is now up to 92.4%, a 150-basis point increase since the last quarter, and a 400-basis point increase over the prior year. Despite a bumpy economy in April, our leasing pipeline remains strong. We still expect to end 2025 with anchor occupancy of at least 97% and shop occupancy between 93% and 94% with healthy leasing spreads of 20% or more.

我們也持續提高店舖入住率，目前已達 92.4%，比上一季增加了 150 個基點，比前一年增加了 400 個基點。儘管四月經濟形勢不穩，但我們的租賃管道依然強勁。我們仍預計，到 2025 年底，主力店入住率將至少達到 97%，商店入住率將在 93% 至 94% 之間，租賃利差將達到 20% 或以上。

On the development side, we completed redevelopment projects at Montehiedra, Marlton Commons, Bergen Town Center, and Manalapan at an aggregate cost of $22 million. These projects provided not only a healthy return on our investment, but also sets us up for future rent growth as tenants like TJ Maxx, Ross, First Watch, and Nordstrom Rack all bolster the lineup at those properties.

在開發方面，我們完成了 Montehiedra、Marlton Commons、Bergen Town Center 和 Manalapan 的重建項目，總成本為 2,200 萬美元。這些項目不僅為我們的投資帶來了豐厚的回報，而且隨著 TJ Maxx、Ross、First Watch 和 Nordstrom Rack 等租戶紛紛加入這些物業的陣容，它們也為未來的租金增長做好了準備。

We commenced two redevelopment projects in the first quarter totaling $14 million at Yonkers' Gateway Center and at our target anchored Kingswood Crossing in Brooklyn.

我們在第一季啟動了兩個重建項目，總額為 1,400 萬美元，分別位於揚克斯的 Gateway Center 和我們目標所在地佈魯克林的 Kingswood Crossing。

Our total active redevelopment pipeline is now $156 million at an expected 14% return. Jeff already touched on some of the dislocation in the transaction market, so I won't add much more there other than to say any volatility should give us a chance to transact at more attractive returns.

我們目前活躍的再開發項目總額為 1.56 億美元，預期報酬率為 14%。傑夫已經談到了交易市場中的一些混亂情況，因此我不會再多說，只是說任何波動都應該給我們一個以更具吸引力的回報進行交易的機會。

The stability of our portfolio along with the accretive redevelopment opportunities embedded throughout it allows us to be patient. I will now turn it over to our Chief Financial Officer, Mark Lager.

我們的投資組合的穩定性以及其中蘊含的增值重建機會使我們能夠保持耐心。現在我將把話題交給我們的財務長馬克拉格 (Mark Lager)。

Thanks, Jeff. Good morning. As you just heard, we had another excellent quarter with strong earnings, continued progress on the leasing front, and good execution on our anchor repositioning projects.

謝謝，傑夫。早安.正如您剛才聽到的，我們又度過了一個出色的季度，盈利強勁，租賃方面繼續取得進展，並且我們的主力重新定位項目執行良好。

FFO has adjusted was $0.35 per share, and our same property NLI, including redevelopment, increased 3.8% compared to the first quarter of 2024. And a live growth was better than expected due in part to higher net recoveries, year-end cam reconciliation billings, and collections from tenants in bankruptcy that continued to pay rent.

FFO 已調整為每股 0.35 美元，而我們相同的物業 NLI（包括重建）與 2024 年第一季度相比增長了 3.8%。實際成長優於預期，部分原因是淨回收額較高、年末現金對帳單以及破產租戶繼續支付租金的收款。

FFO has adjusted also benefited from the impact of previous accretive capital recycling and lower recurring GNA. Our balance sheet remains strong, with approximately $800 million of total liquidity, including $98 million in cash.

FFO 調整後也受惠於先前增值資本回收和較低經常性 GNA 的影響。我們的資產負債表依然強勁，總流動資金約 8 億美元，其中包括 9,800 萬美元的現金。

Our debt maturity profile is very manageable, with only 8% of outstanding debt maturing through 2026 comprised of Q1 $24 million mortgage maturing in December of this year and $116 million in maturities in 2026.

我們的債務到期狀況非常易於管理，只有 8% 的未償債務將在 2026 年到期，其中包括今年 12 月到期的第一季 2,400 萬美元抵押貸款和 2026 年到期的 1.16 億美元債務。

Currently, our only variable rate debt pertains to our line of credit. Our net debt to annualized EBITA now stands at 5.9 times. Our balance sheet is well positioned to withstand the economic volatility that has recently emerged, and we have significant liquidity to take advantage of opportunities that may arise in the future.

目前，我們唯一的浮動利率債務與我們的信用額度有關。我們的淨債務與年度 EBITA 比率目前為 5.9 倍。我們的資產負債表能夠很好地抵禦最近出現的經濟波動，並且我們擁有充足的流動性來利用未來可能出現的機會。

Turning to our outlook for 2025, Jeff noted that we are reiterating full year FFO as adjusted guidance of $1.37 to $1.42 and same property NOI growth, including properties and redevelopment of 3 to 4%.

談到我們對 2025 年的展望，傑夫指出，我們重申全年 FFO 調整後的指引為 1.37 美元至 1.42 美元，包括物業和再開發在內的 NOI 增長率為 3% 至 4%。

Our assumption for revenue deemed to be uncollectible is unchanged at 75basis points to 100 basis points of gross rent. As we have previously stated, our $25 million SNO pipeline remains a significant driver of NLI growth, with $4.4 million of annualized gross rent commenced in the first quarter and our expectation to recognize an additional $4.4 million from our SNO pipeline for the remainder of 2025, predominantly waited to the second half of the year.

我們對被視為無法收回的收入的假設保持不變，仍為總租金的 75 個基點至 100 個基點。正如我們之前所說，我們價值 2500 萬美元的 SNO 管道仍然是 NLI 成長的重要驅動力，第一季開始的年化總租金為 440 萬美元，我們預計在 2025 年剩餘時間內將從我們的 SNO 管道中額外確認 440 萬美元，主要等到下半年。

Our same property NOI growth was ahead of plan in the first quarter. We have built in more conservative assumptions for the remainder of the year, incorporating a contingency to cover potential volatility in rent collections, tenant fallout, and other income.

我們第一季的同類型物業淨營業收入成長超出了計劃。我們對今年剩餘時間的財務狀況做出了更保守的假設，其中包括應急準備金，以應對租金、租戶流失和其他收入的潛在波動。

We reduced the high end of our expected recurring GNA expense for 2025 by $500,000 to a new midpoint of $35.8 million which is comparable to the amount incurred in the prior year. The reduction reflects our continued efforts to carefully manage third party spending as well as internal costs, including headcount.

我們將 2025 年預期經常性 GNA 支出的高端減少了 50 萬美元，達到新的中點 3,580 萬美元，與前一年的金額相當。此次削減反映了我們持續努力謹慎管理第三方支出以及包括員工人數在內的內部成本。

We are pleased with the efforts our entire team is making to ensure we operate with speed and efficiency. To conclude, our team remains focused on executing our business plan to drive leasing and occupancy and deliver new tenant spaces on time while carefully managing costs.

我們很高興看到整個團隊為確保快速且有效率地運作所做的努力。總而言之，我們的團隊仍然專注於執行我們的業務計劃，以推動租賃和入住率，並在謹慎管理成本的同時按時提供新的租戶空間。

We have a talented and seasoned team that has successfully navigated a variety of economic cycles, and we are confident that we can continue to drive sector leading growth in the years ahead. I will now turn the call over to the operator for questions.

我們擁有一支才華橫溢、經驗豐富的團隊，成功度過了各種經濟週期，我們有信心在未來幾年繼續推動行業領先成長。我現在將把電話轉給接線員來回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions), Your first question comes from Ronald Camden with Morgan Stanley. Please go ahead.

謝謝。我們現在將進行問答環節。 （操作員指示），您的第一個問題來自摩根士丹利的羅納德·卡姆登。請繼續。

Good morning, Ron.

早安，羅恩。

Ronald, your line is live. Okay, we'll move on to Michael Griffin with Evercore. Please go ahead.

羅納德，你的線路已通。好的，我們接下來再討論 Evercore 的 Michael Griffin。請繼續。

Great thanks. Jeff, I appreciate your kind of commentary as it relates to the demand for, releasing some of those bigger boxes, but if you think there is this macro uncertainty with the tariff policy and businesses might be putting decisions on hold, I mean, does that change your kind of thinking around the time frame of getting those leased up and how it might ultimately impact occupancy?

非常感謝。傑夫，我很欣賞您對釋放一些大型包廂的需求的評論，但如果您認為關稅政策存在宏觀不確定性，企業可能會暫停決策，我的意思是，這是否會改變您對租賃時間框架的看法以及它最終會如何影響入住率？

Look, so far we have seen no slowdown from the retailers, and that's not only across our portfolio, but you know when we're speaking to our brethren, when we're speaking to, retail landlords, we are not seeing anyone show a slowdown at the moment.

你看，到目前為止，我們還沒有看到零售商的業務放緩，這不僅是在我們的投資組合中，而且你知道，當我們與我們的同行交談時，當我們與零售業主交談時，我們目前沒有看到任何人出現業務放緩。

Last night I had dinner with somebody who runs one of the largest retail real estate brokerage firms here in the New York area. And he told me that they have 500 leases out right now that they're negotiating, and not one of them has seen a material change relative to, their historical norms. So at the moment, we're not seeing it.

昨晚我與紐約地區最大的零售房地產經紀公司之一的經營者共進晚餐。他告訴我，他們目前正在協商 500 份租約，其中沒有一份租約相對於其歷史標準發生實質變化。所以目前我們還沒有看到它。

Great, that's some helpful context, and maybe you could give a little more color on, the dispositions that were announced and the ones that you know are under contract. I realized they're probably you know.

太好了，這是一些有用的背景信息，也許您可以對已宣布的處置以及您知道的已簽訂合約的處置提供更多的說明。我意識到他們可能就是你知道的。

Only so much you can say, particularly for the ones that are under contract, but a 5% cap rate seems, pretty attractive, particularly given you were acquiring properties in the low seven last year. So as we think about the op opportunity set for external growth, is that a fair spread to assume about 200 basis points between acquisitions and dispos and any color there would be helpful.

您只能說這麼多，特別是對於那些已經簽訂了合約的房產，但 5% 的資本化率似乎相當有吸引力，特別是考慮到您去年收購了 7% 的房產。因此，當我們考慮外部成長的操作機會時，假設收購和處置之間存在約 200 個基點的公平利差，並且任何顏色都會有所幫助。

Well, look, over the last 18 months, that's what we've been able to do to the tune of around $500 million. We have; we obviously have some visibility on the $66 million that we've announced this morning at a 5. Those are three separate assets.

嗯，看看吧，在過去的 18 個月裡，我們已經賺了大約 5 億美元。我們有；我們顯然對今天早上宣布的 6600 萬美元的 5% 金額有一定的了解。這是三項獨立的資產。

One was land that is going to get used for residential purposes, but it had a building on it, so I think that was done at around a 4% cap rate. We will hope to do more in the future, but it's too early to tell. And then likewise, we're trying to line up acquisitions on the other side of the equation because many of these will be done in 1,031 and we're definitely on the hunt for those acquisitions.

一塊土地原本打算用於住宅用途，但上面有一棟建築，所以我認為其資本化率約為 4%。我們希望將來能做更多，但現在還言之過早。同樣，我們正在嘗試在等式的另一端安排收購，因為其中許多收購將在 1031 年完成，我們肯定會尋找這些收購。

Great, that's it for me. Thanks for the time.

太好了，對我來說就是這樣了。謝謝你的時間。

Okay. You bet. Thank you.

好的。當然。謝謝。

Next question. Floris Van Dijkum with Compass Point. Please go ahead.

下一個問題。弗洛里斯·範迪庫姆 (Floris Van Dijkum) 與羅盤點。請繼續。

Hey morning guys thanks for taking my question hey. Jeff, you mentioned something in your opening remarks, which sort of caught my attention and maybe if you could expand on that and maybe mark if you can give a little bit more detail behind it and it was, if it was not for the current.

嘿，大家早安，感謝你們回答我的問題。傑夫，你在開場白中提到了一些事情，引起了我的注意，也許你可以詳細說明一下，也許可以提供一些更詳細的信息，如果不是目前的情況的話。

Disruption in the market or volatility, with the tariffs, you would have raised your outlook by $0.02. Maybe if you can go into more detail, what specifically are you being more cautious about and did you raise your bad debt assumptions or what are the other things that you did not to raise your guidance going forward?

如果市場出現混亂或波動，加上關稅，您的預期將上調 0.02 美元。也許您可以更詳細地說明一下，您具體對哪些方面更加謹慎，您是否提高了壞帳假設，或者您沒有做其他什麼事情來提高未來的指導？

Look, I think Floris, we're just being more conservative, and we added to the contingency. There's nothing specific that's specific to a certain tenant that caused us to do it. It's just that we thought that it'd be more prudent to have more conservative guidance out at the moment and not raise at this time.

聽著，我認為弗洛里斯，我們只是變得更加保守，並且增加了應急措施。沒有什麼特別的事情是針對某個特定的租戶而導致我們這麼做的。我們只是認為，目前採取更保守的指導而不是升息的做法更為謹慎。

Okay, fair enough. And then, One of the other things is as you look out, obviously you, you're looking at negotiating and deploying some of that capital.

好吧，夠公平。然後，另一件事是，當你觀察時，顯然你正在考慮談判和部署部分資本。

Maybe you're doing a lot of these 10:31 exchanges and what kind of impact does that have on your taxable income I'm thinking there's another company that I cover in the office sector that has done a lot of 1,031 exchanges in its history and one of the, obviously the good news is that you defer the tax.

也許你正在進行大量這種 10:31 交換，這對你的應稅收入有什麼樣的影響？我想我所關注的辦公領域的另一家公司在其歷史上也進行過大量 1,031 交換，顯然，其中一個好消息是你可以延遲納稅。

The bad news is it, forces you to pay out more in terms of dividends and obviously you guys are still, your payout ratio is still very modest, but how do you think about that and what kind of impact would that have on your taxable income and your dividend would that force you to Through these 1,031 exchanges, does that force you to bump up your dividend maybe a little quicker than you otherwise might have?

壞消息是，它迫使你支付更多的股息，顯然你們的派息率仍然很低，但你如何看待這個問題，這會對你的應稅收入和股息產生什麼樣的影響，這會迫使你通過這 1,031 個交易所，是否迫使你比平時更快地提高股息？

I don't think so at all.

我完全不這麼認為。

But by nature of doing the 1,031, just to clarify for you, that is what's protecting us to defer the gain. So had we not put these in 1,031 exchanges, it would have increased taxable income and Point therefore increased potential pressure on distributing that in the form of a dividend, but because we're protecting these gains via the deferral in 1,031, we are not adding any pressure to the dividends. So that's why we find it particularly attractive to do.

但從執行 1,031 的性質來看，只是為了向你澄清，這就是保護我們延遲收益的方法。因此，如果我們沒有將這些投入 1,031 家交易所，它就會增加應稅收入，從而增加 Point 以股息形式分配這些收入的潛在壓力，但由於我們透過 1,031 家交易所的延期來保護這些收益，因此我們不會對股息增加任何壓力。這就是我們認為它特別有吸引力的原因。

So. Got it. No, just, but just to clarify, the new tax basis of your or the new depreciable basis of your asset is the basis of your previous asset, correct?

所以。知道了。不，只是，只是為了澄清一下，您的新稅基或資產的新折舊基礎是您之前資產的基礎，對嗎？

Correct, that's correct.

正確，沒錯。

Got it. Okay. That's it for me. Thanks guys

知道了。好的。對我來說就是這樣。謝謝大家

Thank You.

謝謝。

Next question. Paulina Rojas with Green Street. Please go ahead. Good morning.

下一個問題。Paulina Rojas 與 Green Street 合作。請繼續。早安.

Good morning and in your press release, you mentioned that brand growth is accelerating across your markets. Can you provide some numerical context or guidance to support that comment and Do you believe the number of PKs we had in in one had any impact on landlords negotiating leverage?

早安，在您的新聞稿中，您提到您的各個市場品牌成長正在加速。您能否提供一些數位背景或指導來支持該評論？您是否認為我們在一次 PK 中遇到的次數對房東的談判籌碼有任何影響？

Paulina. Good morning. It's Jeff Mooallem. I mean, as far as context, what we can tell you is that we are pushing rents across the board. We recently had a situation where we had a national retailer telling us they were topped out in the mid-teens, and we passed on the deal, and they were able to come back in the low 20's.

保利娜。早安.我是 Jeff Mooallem。我的意思是，就背景而言，我們可以告訴你的是，我們正在全面提高租金。我們最近遇到的情況是，一家全國性零售商告訴我們，他們的價格在十幾歲時就達到了頂峰，我們放棄了這筆交易，而他們卻能夠在二十多歲時重新回到這個水平。

So you can attribute a 10% to 15%, increase in market rents from that transaction, and I think that maybe. It's a little less than that, maybe 5 to 10 is a good number to use, but certainly we've seen some legitimate market rent growth across our markets and good demand across the board.

因此，您可以將市場租金的 10% 到 15% 的增長歸因於該交易，我認為這是可能的。比這個數字略少一些，也許 5 到 10 是一個不錯的數字，但可以肯定的是，我們已經看到整個市場出現了一些合理的市場租金增長，而且整體需求良好。

The bankruptcies in the first quarter, in particular, if you look at big lots and Party City, which have been hanging out there for a very long time. And you could add Joanne's to that list, although we don't have any Joanne's exposures.

尤其是第一季的破產案例，如果你看一下 Big Lots 和 Party City，你會發現它們已經存在很長時間了。您可以將 Joanne 添加到該列表中，儘管我們沒有任何 Joanne 的曝光。

We don't view those as a canary in the coal mine of multiple retailer bankruptcies. There are names on the at-risk list that we worry about and that we talk about often, but we don't, we think the retailer balance sheets are overall very healthy.

我們並不認為這些是多家零售商破產的預兆。風險名單上有一些我們擔心並且經常談論的名字，但我們並不這麼認為，我們認為零售商的資產負債表總體上非常健康。

And when we talk to our biggest tenants like the Home Depots, the Walmarts, the TJ Maxx companies, they're not worried. Ross is performing extremely. Well in the Northeast so far and has opened up their buying program to do a lot more stores.

當我們與家得寶、沃爾瑪、TJ Maxx 公司等最大的租戶交談時，他們並不擔心。羅斯的表現非常出色。到目前為止，他們在東北地區已經開放了採購計劃，涵蓋了更多的商店。

We're negotiating a couple of deals with them right now, so we don't really see any big bankruptcy headlines coming down the pike. Obviously, the economic disruption we're all worried about and the potential recession that that could cause is on all of our minds. But leaving that aside, we feel like the state of the industry is very healthy right now.

我們目前正在與他們談判幾項交易，因此我們預計不會有任何重大破產消息。顯然，我們都擔心經濟混亂以及由此可能引發的經濟衰退。但撇開這一點不談，我們覺得目前這個產業的狀況非常健康。

Thank you. My other question is, and I think during periods of market volatility, investors tend to view traditional small format grocery anchored centers as a safer space compared to larger properties with a higher exposure to anchor space.

謝謝。我的另一個問題是，我認為在市場波動期間，投資者傾向於將傳統的小型雜貨店中心視為比主力店空間敞口更高的大型物業更安全的空間。

What's your view on this perception and given the credit quality of your anchors, how do you think your portfolio would perform in a more difficult environment relative to a typical again, small grocery anchored center portfolio?

您對這種看法有何看法？考慮到您的錨定資產的信用質量，您認為您的投資組合在更困難的環境中相對於典型的小型雜貨店錨定中心投資組合會如何表現？

Yeah, Paulina, it's Jeff Buwalum again, it's a great question, and it's one that we ask ourselves constantly as we do our internal valuations and we look at our external opportunities.

是的，Paulina，又是 Jeff Buwalum，這是一個很好的問題，也是我們在進行內部評估和審視外部機會時不斷問自己的問題。

We feel very good about how our portfolio would perform in a recessionary environment. I like to say to our employees here that Urban Edge is a good place to be when times are good and a great place to be when times are bad, and I really do believe that.

我們對我們的投資組合在經濟衰退環境下的表現感到非常樂觀。我想對我們這裡的員工說，Urban Edge 在順境時是個好去處，在逆境時是個很棒的去處，我確實相信這一點。

Now, of course, if you're comparing it to a very healthy grocery store with a reasonable 10,000 to 20,000 square feet amount of shop space in a thriving environment. And those shops are getting 3% a year increases.

現在，當然，如果你將它與一家非常健康的雜貨店進行比較，該雜貨店在繁榮的環境中擁有合理的 10,000 到 20,000 平方英尺的店鋪空間。這些商店的年收入成長 3%。

That's an excellent investment, and it's priced that way, right? There's a 50 to 150 basis point delta between where those price in the market today and where some of our stuff might price.

這是一項極好的投資，而且價格也如此，對嗎？當前市場價格與我們部分產品的定價之間存在 50 至 150 個基點的差異。

But a lot of the grocery anchored centers we look at are very heavy on shop space and in our opinion, therefore might be exposed more to a slowdown in the economy than some of our properties which are very heavy on, well balanced sheeted anchor spaces.

但是，我們所考察的許多以雜貨店為主力的購物中心的店鋪空間都非常大，因此，我們認為，與我們的某些以均衡的片狀主力空間為主力的物業相比，它們可能更容易受到經濟放緩的影響。

Who's to say what happens in a recession, but historically, if you look at the GFC and other times of turbulences, it's been the small shops, it's been the local mom and pops, and the weaker balance sheets that have struggled the most and had the most trouble coming out of it.

誰也無法預料經濟衰退時會發生什麼，但從歷史上看，如果你回顧一下全球金融危機和其他動盪時期，就會發現那些小商店、當地的夫妻店以及資產負債表較弱的企業陷入了最大的困境，也最難擺脫困境。

So when I look at our balance sheet and our tenant roster, I view it as more bulletproof and a little bit more insulated than some of the peers. We'd love to buy more great grocery anchored shopping centers, but we're not going to stretch and buy something with too much shop space just because it has a grocer in it if we think it's going to be more susceptible to a slower economy.

因此，當我查看我們的資產負債表和租戶名冊時，我認為它比一些同行更加堅固且更具保護性。我們很樂意購買更多以雜貨店為中心的大型購物中心，但如果我們認為某個購物中心更容易受到經濟放緩的影響，我們就不會僅僅因為裡面有雜貨店就擴大規模併購買店鋪空間過大的東西。

Thank you, great caller.

謝謝您，很棒的來電者。

Alright, thank you.

好的，謝謝。

(Operator Instructions) Next question comes from Ronald Camden with Morgan Stanley. Please go ahead.

（操作員指示）下一個問題來自摩根士丹利的羅納德·卡姆登。請繼續。

Hey, sorry about that. I guess two quick ones just on, I think you guys have clearly had a lot of success, sort of capital recycling over the past couple of years here, I'm just wondering sort of post tariff, post the slowing economy, does that create sort of more opportunities on the acquisition side, less opportunities just what are you seeing in the market and any sort of early reads on cap rates.

嘿，很抱歉。我想快速問兩個問題，我認為你們顯然取得了很大的成功，過去幾年的資本循環就是這樣，我只是想知道關稅之後，經濟放緩之後，這是否會在收購方面創造更多的機會，更少的機會，你在市場上看到了什麼，以及對資本化率的任何早期解讀。

I mean we're underwriting a handful of deals right now. I still think the bid a spread is pretty wide and it's probably going to take some time to sort out what true pricing is.

我的意思是我們現在正在承銷一些交易。我仍然認為買賣價差相當大，而且可能需要一些時間才能理清真正的定價。

So most sellers today want yesterday's price, so we're going to be patient at the moment.

因此，今天大多數賣家都想要昨天的價格，所以我們現在會保持耐心。

Makes sense. My second question is just on, I think you talked about sort of conservatism and the guidance. Can you just remind us what the bad debt assumption is now versus previous and even more specific just on the coals, the cos exposure, maybe if you have some thoughts on that space is there opportunities to get that back sooner, and so forth so bad debts and colds, Thanks.

有道理。我的第二個問題是，我認為您談到了某種保守主義和指導。您能否提醒我們，現在與以前的壞帳假設相比如何，甚至更具體地說，只是在煤炭、資本充足率方面，如果您對此有一些想法，是否有機會更快地收回這些壞賬，等等，那麼壞賬和感冒，謝謝。

Great, let me just start with Kohl's because I mean we don't view Kohl's as having near term bankruptcy risk. I mean if you just look at the pricing of their public bonds that come to later this year, they're trading at about par.

太好了，我先從科爾士百貨開始，因為我的意思是我們不認​​為科爾士百貨有短期破產的風險。我的意思是，如果你看一下今年稍後發行的公共債券的定價，你會發現它們的交易價格大約是平價。

Many of our stores are the most productive stores in their portfolio, and they have relatively cheap rents at $11 a foot. So we'd love to get back many of those spaces. I doubt we will anytime soon, but the demand is strong for those boxes.

我們的許多商店都是其投資組合中最俱生產力的商店，而且租金相對便宜，為每平方英尺 11 美元。因此，我們非常希望能夠恢復這些空間。我懷疑我們很快就會這樣做，但這些盒子的需求很強。

And in terms of bad debt, Ron, we reiterated our guide for bad debt to be 75basis points to 100 basis points of gross rents. We were about 10 bits lower than that in Q1, but as you heard us say, we've built in a little bit of additional contingency for the back half of the year. So that's where we stand with the reiterated guidance.

羅恩，關於壞賬，我們重申壞賬指導原則，即總租金佔壞賬總額的 75 個基點至 100 個基點。我們比第一季低了大約 10 位，但正如您所聽到的，我們為下半年建立了一些額外的應急措施。這就是我們重申指導意見的立場。

Great thanks so much that's it for me.

非常感謝，對我來說就是這樣了。

There are no further questions, I would like to turn the floor over to Jeff Olson for closing the remarks.

沒有其他問題了，我想把發言權交給傑夫奧爾森來結束演講。

Great. Well, we appreciate your interest and look forward to seeing everyone soon. Thank you.

偉大的。好吧，我們感謝您的關注，並期待很快見到大家。謝謝。

This concludes today's teleconference. You may disconnect your minds at this time and thank you for your participation.

今天的電話會議到此結束。大家現在可以放鬆思緒了，感謝大家的參與。