Federal Realty Investment Trust (FRT) 2 Aug 232023 Q2 Earnings call transcript

Good afternoon, and welcome to the Federal Realty Investment Trust Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Leah Brady, Vice President of Investor Relations. Please go ahead.

Good afternoon. us Call. Federal joining XXXX Second for Conference Earnings you today Realty's for Quarter Thank

on executive available well call Operating me Becker, General and Investment Jeff Executive Joining Counsel President, Officer; the President, take Treasurer; Berkes, Vice Executive Federal's Vice Eastern as Vice members at President of Officer; Jan Chief Wendy Executive Sweetnam, and President, other Financial Seher, Vice Chief Chief the Officer; President, Executive are Region our G., Executive President; are Dan Officer team Don Chief of questions your prepared our Secretary; to and as that Dawn conclusion and remarks. Wood,

on XXXX. reminder Private of be call the may be Litigation the A discussed deemed Act Reform meaning certain Securities that of this forward-looking matters to statements within

statements annualized any referring expected or well projected including events as to information guidance. include Forward-looking results, or anticipated as statements or

expectations based its federal such our financial Realty that attained. and financial a filed the in forward-looking and earnings reporting issued that condition operation. discussion of we believes Federal forward-looking our performance supplemental statements, may are be in-depth report actual future the Realty's may the more differ can no materially and The our our yesterday, statements results information disclosure that annual Although on these assurance package give from assumptions, affect in and reflected release operations XX-K provide Form we other reasonable documents factors can on expectations and risk of

begin our quarter our And to call I Wood [Operator results. to over second with turn the of that, Instructions] Don? will discussion Don

by $X.XX afternoon. of line quarter's to ahead a time despite interest quarter afternoon, was quarter large last exited for FFO growth share way, bookstores. ahead everybody. this Simon X% Amazon share more his of as expense. second per they ahead brick-and-mortar record-setting termination with Realty By for result quarter. their a internal bottom per Thanks, Leah, second Federal this from FFO quarter expectations year's us. or higher That's a finishing consensus, last for time fees, David this year's really less strong good of special second fee call helped And thanks significantly on quarter All-time grew the and termination Ex and

include Leasing signed to at velocity feet comparable the straight-line final redevelopment of their on X% way, you for leases, $XX.XX which, higher was and very quarter a robust numbers with lie the XXX square leasing, newly million leases & rent representing rent. Shop well in re-leased our averages towards Tree in executed history, office second for square the was in continues highlight. than the $XX way our space relates newly paying. the on When we'll XXX,XXX tenant are to XX% a of that long production lease, foot, a for outside and by be annual along basis development cash loss the We a projects, go us year feet, contracted over exceptional. noncomparable out long and XXX the Christmas largely the XXX,XXX until XXXX we previous our These stream basis. paying of Bath Bed rent leases income Demand and very built Beyond offsetting they're

lease, of Plaza Mount leases a Bath X at to assumed Northern On BABY locations terms effective retailer that at and rejected Virginia, were more Bath XX% leases online a the rent been XX, to continue Me. hit accordingly, so the re-leased X X% the Vernon rents rent to baby were square remaining we'll received in guidance. X occupancy lost lost our Bed receive during to The the have In a June all and was replacement Bath, by July X. rejected Dream in quarter. Two increase. on of were And remaining third Bed the box Bed Burlington remaining were of we, to XXXX, And Bed are X our in foot rent of we Three has future. considered of in has Bath in buybuy locations, XX,XXX expect leases That our balance of million or about the remaining works ramp in for for therefore, late been Deals will which of the and up XXXX. rent start of quarter. all $X.X

are Small XX the physical first shop 'XX. and and end tenants That's basis points, and is continued physical The of small previous XX in on create respectively, year-over-year. basis. at previous during our occupancy XX quarter points vacancy improve to at quality All respectively, increased XX trend leased, occupied created of small tenancy, of we with occupancy particular, shop a we small and leased leased occupancy continued quarter their occupancy points, shop basis XX.X% or total properties way and the and the basis equal. that on choose and not a them ton XXX gains, basis basis a points an compared XX% quarter the Both value. XX.X% a our increase QX where shop up quarter the with year. and compared XX rather, since discerning is in --

and continue bit can years we've plans our cash have apartments part undergone mixed-use rate we revenue that at recently differentiating important of the roughly The be make properties and and add an conservative our continued. means properties leasing have portfolio spot It to the that to Similarly, at compared the expect quarter. our productivity quarters productivity this improvement occurred redevelopment exceeded outperformed the a the X,XXX maybe at to real our continue. and that expectations, flow provided and XX% was property too with stream that and/or has properties leasing over than both value. significantly and year's other operating times. more that that residential and a noted has June quarter second underwriting in the remain leased acquired In property our for at to up past XX portfolio at have past I've aggregate, last that couple XX% of several income we bright

of Resi super them the XX% year-end. important expect which Choice deliver is this component and work to under building, occupy neighborhoods space West by office quarter our the which finish way, by built the building component, mixed-use outside headquarters leased newly is and also construction. is as their out a the office Choice to Hotels is the did, and Santana We

certainly follow Northern citing California areas related and life is that and Silicon renewed Feels Valley in and hiring lower Sodexo, the dramatic Even press will inquiries right in new behind. and technologies. tours building, at continued. have layoffs the reported AI, is stabilizing. electric property vehicles seen West, quarter and like has that same last like I investment Santana

me, Miami the prove I I doing, will you D.C. of So be back look that Jose, us, the mark seem to I as the and as to so. communities on high that most that is consumers San to well-known to seem and Washington, some and right continue can and resilient demand that and Boston, remain got about be outside sitting mixed-use we're to tell productive think product what in country's it is just

before up questions. it your Let opening me to to Dan over it turn

a is year hello, we our the a interest of earlier last term previous face our record also rate underlying and satisfying of fees beat very Thank To had you, model. to sequential versus comment, given reiterate indicator X% strong year health company Don's record continued X% FFO business. quarter testament headwinds and the for the by Don, that last of the particularly growth a in we quarter, outsized FFO in of is again, the when and first adjusting Reporting everyone. our the posted per business $X.XX we strength share

percentage rent offset lower controls G&A. level was parking, by operating expenses significantly coupled leasing as than respect following the on costs. continued higher expectations, which this aforementioned corporate we rents, to higher can to resulting exceeded forecast point and With record strength at as This was in the continued by POI performance drivers: well in property-level a cost our lower focus specialty the driven interest with

As very quarter. you strong can see, a

respect note, $X.X $X.X was comparable year, on Term quarter the a fees to of versus rent. in of last $X.X prior million were these With quarter better our term down in and please even in detail our fees are of metric, impacts comparable period term this the comparable the million the in X-K figures million significantly basis, and excluding all prior fees was On rent growth million period XX. in of XX second at supplemental Again, Pages X.X%. and to 'XX. growth, was this rent, excluding X.X%, POI quarter $X.X period second quarter disclosed cash POI and versus pool prior

bps percentage year-over-year a XX a growing metric and occupied overall from from small our XX.X%. year with to leased shop points basis lease previous shop of progress the with Small rate continued XX XX%. targeted XX% XX XX.X% our continued momentum rate XX.X% with showed occupancy points up to over being Year-over-year basis for year-over-year XX.X% increasing

million our in rent and of incremental portfolio of in occupied to not $XX total the rent noncomparable million signed $XX total and approximately at roughly signed additional delivered. is be total percentage $XX stands Our where are or comprised X% leases an pool million existing in of space our

pool overlooked. noncomparable is Federal's differentiator not business of which often an is occupied Our important signed plan,

basis straight-line the a X.XX% straight-line for on small basis Total roughly volume by for highest second a rent and for a The sector-leading driven quarter that's XXX,XXX comparable X% Federal which quarter across comparable XX% both a on feet, on leasing ever growth volume of portfolio for a cash second anchor bumps, the the at and rollover and quarter entire basis. averaged our shop. square record blended highlights a contractual

with revolver total cash. At the under of $XXX billion comprised June available to and we stood Now $X.X sheet. billion our of XX, balance available million liquidity $X.X of

on in website to leverage, improve on strategy. in bond, check overall back quarter, the to second with the demonstrated continues market our our With million corporate highlighting be ratio XXXX. bond, with focus the X/X% to our Make out unsecured mid-Xx targeted net to report our annual commitment June. fully green responsibility our attractive sure quarter, was expect published at successfully our $XXX and X each that respect respect to green debt-to-EBITDA a access sustainability level During and we ESG to our early in our we levels to

remaining that redevelopments billion expansions capital, active of leasing pipeline good remaining and with a $X.X against million news large chunk $XXX figure of million available has $XXX liquidity spend only which to deployed. is in-process Our being when our of

guidance. Now to on

or X% share share are to Guidance midpoint. a over to We $X.XX at $X.XX new X% per range now $X.XX per the growth X.X% at to of $X.XX increasing a share. for per per XXXX by $X.XX midpoint our FFO share about reflects for range to FFO of XXXX to the $X.XX forecast from of XXXX

We other small sector have fallout. more date extremely managed well, having Bath from retail exposure the bankruptcies than collecting retailer rent forecasted to we to had in relatively through Bed and

we As Bath it XX the of result points. basis bankruptcy point XX XX down, year credit Bed the basis expect initial in versus to our winds for hit reserve will a

of With respect that basis to points. to balance XX at reserve we XX the are our tenancy, setting

impact $X.XX We Christmas the midpoint one balance and year will become low our midpoint. quarter impact quarter see at but the locations fourth cadence at reflected of as Also next lost share mind a third at the in of mid-XX% year range. for to for back the fully dip $X.XX and keep quarter Tree with per finish its the occupancy FFO in the Shops at that its expect forecasted the Bed to of in Bath

as a period X% affirming fees. and basis X% to a to X% range as for for growth on perspective, well cash rents are given X% comparable range term solid a our first year, From the we of growth prior the comparable POI adjusting half

million -- of controls, lowered and our million from million and previous $XX forecast $XX focus million midpoint, the to $XX $XX.X the forecast million, $XX expansions our up G&A Given range at on our from redevelopments to contributions for we we to from $XX increased million. cost $XX to million

XX on assumptions our an of have on of Page updated provided guidance summary key our We X-K. these

me I Before Directors to prepared highlight for that our increased remarks, consecutive my a allow Federal's Board REIT dividend, XXth year, industry close of the record.

And compounded. Please with over flow. the Wood his that cash now XX X% me the and real the stayed estate extremely As providing challenging cycle a remarks, remarks. CAGR to and turn of shareholders gratified back another these note course economic let it is continued reliably to my yet through have our with dividend in the finished are comfort I'm in king stream we Don completion years sector, prepared of for growing the sole

Thanks, Dan.

As communities. is, to to conversation conversation and our to bears I of performance continued repeating big of There's the I so point know about listen but it and mixed-use part wanted you X want of about the that about the and good outsized business I part drive second that overall Dan's really make. X but I and one as thought in helped quarter, supermarket our communities the strength results much more its I industry there, comments quarter. how mixed-use the I -- spoke the last

big Taken tenant and Row, Bethesda properties are These XX% the shoppers and company Federal, million real well which our Rose than the with & think with ever Row we a estimation, humming XXXX comes and together, want XX trailing for product is Assembly more it occupancy traffic demand in well at Placer.ai, Pike XX Santana estimated in number, this and retail the Row, levels. know, of market before in as database above leased differentiator in months. the that That's you understated. a consumers sales a most. of foot is world In post-COVID excess the from in are

well-publicized Christmas increase the that's the for did feeling like despite our guidance the on this as effects out, of interest higher and bankruptcies and been is Tree by the Bed year which Shops quarter. about rates Bath playing I'm much could good So we way of business, as and basis we this darn pretty companies

up over questions. to and now Let's turn it it open your

of will Piper our Instructions] Goldfarb [Operator question from come Alexander Sandler. first And

question, guess, I mixed-use. on a the So

You not for addition. -- was approval guess Federal an Plaza guys is guys West, Pike you with which some from a had there on Rose & far recent I residential you article too got that

a maybe a color general, feeling Pike shopping center more up, is your more from apartments in few another again, on given, view & at maybe across back but don't on the maybe adding here. but not of do a you're roll your time, sort that multiple just a then mega your So this. are redevelopment, Rose apartments thoughts on think perspective capital portfolio? I ramping anticipating cost better to out doing about these And bit Or capital? of you'll you planning you're projects of

just get entitlements using I've the Thanks, Federal put cool. quite changes. I Yes, get of going Plaza. our into think all, and you're residential. working talked It's lot Resi for keep Alex. downtime some reading for time detail County, impressed as of team what's And releases I'm to entitlements on know the at really Montgomery talk that on And of that the entitlements, an really but a shovel-ready about only there's get And today. and a to is do have did first that a the at us, obviously numbers XXX we underwrite could just much to not the we're do. Federal gotten not at looking We, at important for Cynwyd, really there right and units also part can is allocation resi really what capital done are And what properties, important and it's of what Bala need we -- which part Row at we Pennsylvania. now, how mixed-use Plaza full about press at Federal. can be I get pretty our team work development Santana that Maryland and see and apartments development people we economy to hard we

are to particularly, so centers. wouldn't that, necessarily units Friendship places are which think addition shopping on another working about X,XXX at Jersey, them. In this them properties, when our like And actively about like done there's we think Center, entitlements you units, X,XXX for like dozen Shopping another we've Baltimore, doing AVENUE before. been a THE like us, New of years. Hoboken outside Pan We've for you bunch Am it Heights, stuff in of XX These

own it the that back Shopping Chelsea of a at to stuff, at We numbers Plaza, try and look with So Center, so do do it Bala. the we our [indiscernible], the make Congressional moves lot sense of when this needle. capital previously

needle to And above-average that look Federal. the next and key and we'll one capital move our an at that return differentiators given for the of X the we with it's could stuff at Doing will look get years. work experience we put X over and the

Some anybody. surprise No today. of those to don't projects pencil

value the the So it when entitlements, be put our work growth. sense. what? to of to Get a money increase That's of land, the ready makes key part

The Markets. next Sanabria Juan question comes from Capital of BMO

in properties differentiate? and -- for that? of any you've which just you're you Just any talked past, help looking curious how of that about joint the you X if are bigger pull of kind getting and you funding thinking Or the of thinking about funding. push think opportunities, -- the about venture big about Would as consider how new growing

a great we it's move and company And Juan, forward. we the where fund question. talk holistically about how let's

we we've that. do one will, effectively will, plan done that of not you of harvesting, about -- sitting the of if I X. -- I'm and think markets Federal, that some do you big of company the great and on able the to on long-term of this venture here think work the when is meeting up, where to a it we right I of value. ready it's taking is past at I've had here. equity think if right Assembly this in today. our looking to a or now And And proud have big in and joint today real This window what Board of out ton we Assembly Row. we're created that talked differentiators be that want day be to the is about we tied the ton But up, you will open a those Santana. partner

when source one show stock the under well did is, be what I when yes, think that trade. over it it at that we at funding believe, common paid I the can will do would effectively history here. a We'll and medium for we we're is that show So getting don't because we term, critical value of that

So critically part. that's important a

In open addition, are to us when plan, Dan markets to term can been know even the funding have us you open worst talk talk about, about that in times. the capital you nearer the of and

in all the that's of going what longer should us the the a in our So as lower quiver would next medium or the this help normally notion expect the so term, grow there's of run using special capital year tied But is term. arrows up of company company. over over to really we cost you

question of Goldsmith Michael The comes from UBS. next

Questions office and latest and how greatest on through Row mixed-use on there? return a that the And And talk you kind And office of momentum you're the at to return center driving office conversations West. to the part Santana Santana there? having more specifically, tenants, What's return of they to to office conversations and versus of thinking leasing that as kind setting? are as looks that to a traditional is is amplify? continues

Yes, Michael, question. it's a great

here give a or then Jan extent to something else me there's and bit say. little you Let -- to the Jeff expand and to ask

The think start a the maybe where you'd some I in to sort can important there you if there, Valley. the stabilization saw press of period say, And of do a there huh, time here, happening we and things happening. believe getting I are everything thing out understand is lived and out

brand-new it our We in Santana negotiations Row, amenitized. right where product is and, of fully space for because are because a some frankly, now that looking is at is with at that that are simply tenants earnest advanced simply space

in amenitized from has product And have the where that is careful palpably hope the we we'll look, I'm in confident the I've leasing standpoint, -- a or been it this. views success But that a certainly right. because than This it But of of year product we're of feels times because near Valley you If it's I wrong. And last some X. I this I'm mixed-use getting environment. is not, mean, I at. of the say pretty different the type before, I'm future. can snakebitten have that relatively stuff couple I'm so the the that over was about fully know I

they Jan, is [ share we're our than looks fair Those I are that it's to the positive. the wants talking right been go think we're out. to add, the we're reason would right now their Everyone to more only the thing for talking laid Don want the marketplace seeing to in back this real that I Michael, in is of people the to office where work. and carrot tenants have now, to types ] bring of very

Greg from McGinniss The next question Scotiabank. comes of

in spreads acquire? be the you're out could and hoping on bid-ask narrowing you quality whether acquisition there a looking see of to properties whether seeing you're touch of starting there's Just market within you'd opportunities to today, what of the that terms

handfuls to maybe up in with it's marketing West the X. a Yes, is look less trades the to where deals market start Greg, our another at sub been expectations of Coast bit. markets a probably trades rates X. in East handful that starting we of handful Jeff. would there than Coast There's couple pick slightly on West buy, the and and of are both the a cap a There's little or of process

So start we're more narrow. to stuff bid-ask come to spreads see to market the the and starting

a And into to we're an about this to looking stuff starting at we see in point. before you But gets it looking we're ] a don't to definitely really definitely and auction lot and We're of have too, As talk there, stuff, market. always have active selective, activity. but trying process. [ anything team. We're out source the at very more always know,

hopefully, in quarters good coming to we'll regard. So have something that report in

any be if could question. interest being is is of more on up that capitalized when tenant in on Santana between have follow based you modeling to when But a the to capitalizing and there stop I property, there? sort moving disconnect interest West going just on And that's a

of -- to income to 'XX. we plan that to bring timing down. the have fully build-out starting the capitalized based interest to the as floor-by-floor the end on expect we We and replace capitalize our we be And Yes. able and expect so expect for through forth

more we multi-tenant out we expect know of to disconnect see moment, and success approach the as continue the in and signed we'll as we've so at but building. the that build leases And get we the the had don't on

next comes from question The Haendel St.

Mizuho. of Juste

Vaidya This St. is Haendel line on Ravi for the

Juste.

here. on you what an ABR your the And on What mark-to-market would you it be question one list? Can on comment basis? that Just estimate you be would embedded watch estimate would to subset?

Look, watch regards we've very that to far. of date. the well think mean little we've had the to the done list with I we've very exposure Bed to with Bath, I so exception that had failing retailers

I think that radar, At on are names they be or just have our like people's that exposure very other we Jo-Ann or Home generally, those whether limited that, there.

I Wendy, other think, comments? know there's don't I if

we're not managing who's long And I Yes. size list, it's who's in us going watch what that means in term. mean going list. size, the to how and down reevaluating up but the in we constantly are just it's the

watch what If on see our feeling list. pretty at about you bankruptcies, what good look I I'm

of Party to second locations this we David's with the we and leases, them in them. it. at If one executed both signed we had, had bankruptcies one Tuesday short-term the lease we Two them, out already documentations have leases of City, were we've and are intent signature has location and quarter. assumed. one is location on X for you X of backfill. look The have letters Morning, Bridal, leases our And lease with

feeling So pretty strong.

Evercore. of Khanal comes next question from The Samir

about, just conservative? I sort expect reserve, to that last August in you similar you I higher you sort will a provide it just think would want general being this mean, watch missing any recall, put year, if year? sort think you've guess, trying of into do be? bps. where the maybe on here, a hints of general know bit even that I of or or I reserve you just to half I I I to you year? of to think make little I'm knowing XX the into XX anything. next can be mean it's just -- it's the similar Any that some do Do is question lower, you sure I'm right? the Dan, comments Or list. said this fallout back not to

half the of Beyond, points and basis Bath kind Look, XX about credit had year of first we reserve the impact. Yes. of of outside Bed

as I or we're the think on -- with about Bed I up year. we stated, for points to expect to full Bath XX up going end with end basis

second more Okay? year. points, It's then XXX half we the the right the initially But there year, probably points start of conservatism basis the the with we're XX with XX to basis be out points. regards And to of -- the may now, there. XX XXX XXX to in came at some in probably to basis

we've some made real there. So progress

And do we'll better than XX. that so hopefully, XX to

of from comes question next The Citi. Craig Mailman

know sequential you from out kind through sequential just of to FFO. of the XQ decline Bath go XQ already -- of I $X.XX, million Dan, there's I the million X Could rejections. kind bridge called of you to I want a kind for $X.X from essentially, the dip, Bed which think $X.X FFO balance about just us? is

quarter, hit in repaid the there X. a them June on interest second is big Yes. to A expense. the bond We refinanced effectively going be

Plus, continues to rates. see going the Fed quarter we're So there. the full raise to

little have XQ. to bit we exposure addition the and lion's of Bath that's a side, so impact Bed on probably And the floating do share rate the in in

America. of next question comes of Doykan Lizzy Bank The from

looks on expectations. particularly just that comment executed productivity continued talk can this about did the renewals. like quarter? on But you you It moderated, that's and So leasing achieved the leases spreads on to outperform

going what on willing spreads some color and get forward. on kind the are to to for want the still Just more take, trend tenants of outlook comment on

a ours. company over I spread in that X% than the a bumps I at important much really -- thing have bumps it's hear talking really you. equivalent And think we of looking with really believe that inherent Liz, of lease, that less a our few -- basis the it's we've I about very been of points type still that's re-leasing XX% spread inherent last with XXX the quarters.

the have don't matter that bumps It's and the who when the or I mix contractual you And think that economics. XX a understood compare particular you a all have X% well. don't simply XX, I of So it's in still to that's we deceleration. see doesn't somebody else better of quarter. think

So I that. lines you draw don't think with trend associated any should

think and when I bumps something that. discloses I a you, anchors. because I I'm -- like got X% X% have And the are anybody leases it. look -- our economics of I've it. that I that to when tell ma'am, that X in me out let better making I number -- say is better here, could it's very else sure bumps. think a up this significantly don't right. have because get them, nobody you, big of here. you of get those I'm at or don't X number, tell not bumps like includes of know But and But you

The next question comes Kim Truist. of from Ki Bin

your some is where issuance when very stock how I you a just Your you realize your overall. to back the your guess, that more acquisition of guidance. of is? higher FFO buying curious opportunities And realistic that just equity million was at decisions, only spectrum attractive is guidance Xs? $XXX trading given than I stock, how that's standpoint, to sub issuing talked one much which price curious but is overall how And [ lowered. from about made I ] at mid- X is impact maybe And realistic potentially, just make

huge very It we the assumption layer difference that question, guidance. our doesn't that's question. Look, had million we that a good we an equity, between the $XXX a very I just regards that's for -- in with good No, to previously. think make

read into too wouldn't I much that. So

attractive where a assumption with use better redevelopments to just preserve it's acquisitions we'll buying back on range that And today dry particularly an to get I $X.XX our have. I and we're stock, mean, we of the focus a think capital given of currently in we've is look, potentially got for given respect think our that trading. want there that powder for -- I that to and and that it's don't to opportunities currently we midpoint think number

Ki And one I guess Bin, just more.

stock of change back and you, company effectively share are But size the unless and they're a you're needle. of to capitalization say lots broader great really in going hear You that have doing the notion all. doesn't repurchases certainly buy tell to it that, it of the I and got to move companies

deeply, it's discounted for -- long the of deeply a and deeply, unless time. So stays deeply of period discounted idea

on doesn't so how does and little driving opportunities kind of in work term. the on, for the the put it back much, we'd but long stock a to again like in the even see us make what buying sense short by term And if up bump, to we horizon leverage money here provide that

and is and stock to of extent where trading. is our market attractive trading, don't we the more that where try got like we've stock in look the opportunistically And our assets obtain we'll sell pricing to a pool than

in the arrows multiple got business to the we've So fund quiver going forward.

question next of from Wells Kesten The comes Dori Fargo.

maturities? refinancing then for that your is What where considering options pricing 'XX are you today? And

today. assessing market look, have April. opportunistic it. in $XXX With regards we're not that raised million It's million in We to January, the in the $XXX due coming back we particularly

million. we've I the that market. feel got think pretty access X $XXX we coupon to Look, at X/X% for about good

today, it find if We access attractive, today. that time. we think got don't the upper would to the but I particularly we've kind in market be of Xs were

so in we've and quiver there look as in the be got opportunistic. we'll arrows well options, And multiple to

the where several but we'll months, get knows it be over we'll who next done. So

comes question from of Mueller next JPMorgan. The Mike

at to year portfolio leases the first look And half Just on a leasing, quick bump discussion. follow-up of you overall What's then on portfolio? did escalator ramp-up the the for the the overall compared portfolio? those average the how if

that in the entire this line bit roughly quarter maybe shy. with of that, was little across kind and And shop, around okay? And retail bumps extent have anchors X.XX a small blended to Obviously, Blended, only. in leases, tend portfolio, and and they Yes. higher, they it's drives that's annual to spread up. the we that have other that commercial be to tend

from Dijkum next The comes question Van Floris Compass of Point.

have that guidance raised X where think X your center not Look, are midpoint if is you the guys I of I'm companies mistaken. above consensus, shopping

-- going by an bonds. that be has actually So to was at the obviously, rates. deal green positive. I encouraged are financing There again, potentially be that should with some pretty higher issue to is everybody

talk if rate efficiency, not this about detail that portfolio -- of and probably cycle, to I power the cetera, bonds, overall lasting and love -- because the because sort investments need water a to energy some I'd is in talk as more we'll virtuous I and that things green get the But and what regular what sort to also you today. qualify for of this et about differential much on terms do you of think to of of bonds of on of One usage. kind maybe have part return the on those will, relative think

it with regards pricing, look, don't Just we do incremental the to for pricing.

part enhances what important bond do important -- think of But -- -- what look the great. is which specifics. ESG look, just of that for fact it do, it say of Gold that bonds to think it better market. like that's that's just or that forth, Gold-certified of the more And and expands communities, it think I We've could dozen, at because got LEED also there's in I & I country. bonds. who some means green develop most potential And to pricing only investors it us probably the the maybe a highlight the thing. incremental neighborhood should it we But mixed-use kind Pike universe I and difficult today's better. what Becker we with in the I we quantify we kind but think, if our is honestly, when showcases the designation highlight is because an do so we will at We a gives You develop we Rose, in at think, the pricing, LEED one Dawn execution, of demand.

of The next Linda Jefferies. question from comes Tsai

of, comparable of but about I that think, the million pipeline the occupied signed not and cadence online? $XX coming million, The of $XX $XX noncomp million what's

mean lion's the quarter to it's about And And be all it the third It's the existing portfolio. it's -- on weighted million $XX share million there's online there's scheduled not the in million million. in and $XX or million, $XX is is That million. I $XX the total $XX $XX will space come Well, noncomparable delivered. almost to XX% this portfolio of in it, of balance remainder 'XX. this And a in of million, come the that, bit commence the than year. $XX more little the is fourth in year. of quarter will of then

The Paulina Green next question of Rojas Street. from comes

I'm what year Can than is provide and lower rate some driving other looking disclosure background your capital years. we CapEx? at [indiscernible] versus and prior also see on that you expenditures, on last

CapEx this that you're The seeing quarter? lower

that you're million million XX know, specifically think Yes, year-to-date maintenance down I I It's XX at X.X last don't year. versus, million, significantly.

whether you. please Yes, capital. time you hearing we're it's guess, try I or to not. not giving the don't Paulina, answer I having on are know going connection hard we We're this, to you what If you the a to a this, or directly. us and at I Dan what Melissa after want, shot, specifically give call where we'll get a Call going. we're But guess, take want. going you we're

Yes, the sure. to, that I'm you're referring quite not numbers

we think to But up we on kind follow up We'll specific that. in the answer we'll your feel thing this. So can't up with is about down to follow and good notice, call evening. capital question. this I that the One follow of quarter, after you yes,

turn over session. remarks. This closing concludes conference to back question-and-answer the our any like Leah would for I Brady to

joining a seeing soon. of you Thanks rest great for tonight. us the summer. have you to Hope Look forward

you attending concluded. now and for has now Thank today's may disconnect. conference The you presentation,