Kimco Realty (KIM) 30 Jan 202019 Q4 Earnings call transcript

Good day, and welcome to Kimco's Fourth Quarter 2019 Earnings Conference call. [Operator Instructions]. Please note that this event is being recorded. I'd now like to turn the conference over to Mr. David Bujnicki, Senior Vice President. ahead. go Please

thank Earnings and joining Fourth Kimco's Good you XXXX Call. Quarter morning, for

on are team during Glenn this Joining CEO; call members answer Operating the me today questions as well present President Dave our other Chief call. and Officer; CFO; to as Ross our Conor of and Investment are our the Officer; executive course Cohen, of Jamieson, Chief that Cooper, Kimco's Flynn, available

be course a results and factors. deemed variety filings statements other those Please and may address during forward-looking this As a factors. that could actual due risks, such statements SEC from forward-looking, that such the important company's of refer note reminder, materially to projected to it's in uncertainties company's of to call made the differ the

may measures can I'm During understand better over non-GAAP Relations call With in operating to certain make to believe Conor. website. we this help financial reference presentation, found these that the of investors to non-GAAP turn management Investor measures results. Reconciliations Kimco's the be going financial that,

and good everyone. morning, Dave, Thanks,

growth. of the begin XXXX strong both XXXX redevelopment our a sheet, we operating and development and that to portfolio an our a year to results results our satisfying. and finished pipeline final the XXXX commitment Vision strategy, to reflect determination our improved balance plans course. are particularly long-term We As stay our These metrics, produce with higher quality continues

guidance. view observations activity markets, Glenn conditions. with our we an And and in will general our metrics retail about development today's into XXXX with of Signature I the on ESG a capital an landscape our think and follow market projects remarks Ross will our update update on of and sheet our how redevelopment the operating on activity an and begin discuss overview our transaction balance metrics, and view efforts. Series and will

and $X.XX demand we a range markets achieved share exceeding FFO same-site $X.XX dividends. pay the share NAREIT the end dynamic per metrics guidance of The supply a within our adjusted year. continues strong top as with We for team see NOI core result. year, favorable portfolio The board, XX the growth produced to year, our per of where repositioning the X% for and the FFO for high great across

occupancy remains Our new all-time a the Dress while Charming Anchor high small to hit of closings finishing and at shop due at XX.X%, an slightly finished at year Barn high, occupancy at Avenue occupancy XX.X% recent Charlies. down XX.X%.

strong, The open. a remains we follow, growth usually which source physical Activity basis rents the for points, boxes Typically, anchor annual anchor primarily shops activated, as sits increases. the once yet economic the at to FFO on small vacancy becomes small view this higher and XXX our is of of and strong XXXX. shop driving spread result of occupancy

Our new and increased in at at spreads spreads new options leases for the quarter the for quarter X%. over XX.X% leasing which increase renewals were spreads The healthy, consecutive XX%. spreads represents in XXth with and

for X.X% portfolio. for the XX.X% in highlights of Our for and and deals mark-to-market renewals our embedded opportunities positive spreads year options new the

Our faster existing intensive and addressing in and quickly potential to reducing asset monitoring in technology management and platform downtime be more has driving enabled commencement proactive and vacancies, us fees. investment rent

must are all to head risks of necessary e-commerce the service successfully and retailers. continue make customer our demands plans, retail and distribution our sector consumer. legacy we face and We facilities continues our Darwinism, store see the pivot to While Bankruptcies, gravitate convenience, towards acknowledge experience some today's and in of store recognize challenges era on. to our saturation, the of will optimization we downsizing, retailers value. portfolio all automated this penetration service, perform Not confronting

with designed was plan strategic Vision XXXX challenges mind. Our these in

markets, us top access we a team the to put clustered scale where long-term capital shareholder world-class great change our entry, to platform, efficiencies tightly tremendous our significant portfolio of in the value. our and have create significant in barriers position mixed-use and Our embrace and inevitable to

to We large Our Series customers NOI communities stronger and continues assets quality have flagship with pipeline we the higher and believe in brand serve. with we produce Signature Kimco the elevated growth.

entitlement focus helps helped groups community in [indiscernible] long-term creation, with us value planning Our our has with which trust governments commitment sustainability, our on -- turn, and together to with in master establish local and

investment apartment mixed-use going every created in asset We asset our the forward. with keys, allow XXX always develop Kimco, us acquire defining our and office for our redevelopment will potential. million feet portfolio over driving strategy to started. are premium optimal platform aspect is hotel developing just critical We force plan the a untapped square and now base getting and X,XXX have assets second entitlements of of recognizing a be team units, only untapped for of over of to our space, has that in over to believe X.X an we none potential a but Retail will

service, to investing our employees Mill Pointe over feel the $XXX the enormous strides enjoy for making will ribbon we groundbreaking sales. recently Station end is XXXX, Spirit new site Spirit of gate, offerings. the X,XXX and of pro our cut they Dania be of At the million forma retail anchors out bringing of into Airlines' placed and headquarters. the over campus were where where amenities the exceeding will and we

later also as open first The our Boulevard to closer activation moving plan is tenants this year. to

nearly also will to to The as this in million leasing the the residential to with Witmer, at records Pentagon landing set X And effect area. at the at our from activating national will residential HQ one-of-a-kind Pentagon, asset. we in Amazon City residential for entitlements look XXXX come. second feet, be tower later create highlights years benefit We our tower additional Pentagon we for of square first asset value continue

balance sheet quality strength. In closing, portfolio and was our primarily XXXX our focused Vision strategy on

limited be are forward estate. continue need we the listen to changing best, real that issues and Board and issues be impacting and shareholder to and to XXXX the retail our them. sets, beyond, vigilant nature of we engagement As to move To we stakeholders continue sustainability. diversity in the challenges practices, to to to not face skill need concern We the refreshment, governance corporate Director responsive all and and of

estate is Kimco we in light such we NAREIT all have It the proud of Light, While making in in take to note, in and more. already made the our for recent can of as we strides place. do special of Of our a Leader leader given these ESG are areas, large real efforts retail all all particular award a of shines granted. don't something on Ross?

Conor, and you, morning. Thank good

our Our reflects reported growth redeployment year significant and the asset the had closing. second of a recap, XX center half million. another activity, execution for we the we year, earlier we XXXX transaction of were which the full capital this in activity year, into and of a closed opportunities. on properties fourth To of originally future of the month, excellent note, the Kimco's sold million in of we slated dispositions properties for XX a the through share. transaction our the grocery in XXX% them. with market million sales a for acquisition a as $XXX respective value in total sale-leaseback $XXX Factoring stores gross of were X of $XXX We portion sale XXXX, XXXX of occurred sales that accelerated January shopping as Of several net the quarter for

team reflects transaction our quality Our success both and portfolio. the our upgraded dedicated of

growth asset with of a top substantial XXXX, concentrated years tightly completed As to opportunities XX will XXX our markets in portfolio for result the base of own a our dispositions come. that continue densification potential strengthen in now we centers, to shopping and

XXXX. Now fund share. operating and level, will the to potential anticipate to our X% X.X% properties million range. at Kimco's sales markets. pruning our Signature continue within acquisition intend Proceeds We redevelopment cap our $XXX rates $XXX targeted million to modest Series outlook in opportunities from We to selling a for blend at help the program of to between

of in latter, for fit assets back We intend million offense add that in go to to and $XXX range. X% cap properties with to $XXX As acquire selectively strategy. between our we plan the X% XXXX million rates the on to

with our for our of creation We summer capital, offer the presents acquisitions improved future the of is cost have past the no the shopping properties, selectively acquire demonstrated value With and us potential it approach several to appropriate time opportunity years portfolio new believe since disciplined reshaped which we XXXX. when center over high-quality itself.

you While evaluating additional identified we're these are already X second details to the we quarter. share have in particularly hard find, that to with and asset exciting hope currently

rates remaining Xs As equity, for and at there in our as no Texas, Xs capital, assets our And and aggressive debt rates Pennsylvania quarter. activity results. California, Glenn through in markets. transactions their market continue fourth both for interested for be saw we current Florida pursuing now high value institutional to low XXXX. low of long-term to forward product We levels, interest financial look in core to with type. shortage quality in move building And the We the generally, is in the investor additional cap and

spreads finished and of delivered new fourth at maintained another and high, an strong results. NOI with Ross, quarter all-time Thanks, leasing We good growth. positive XXXX operating We double-digit our morning. level quarter generated same-site occupancy

further we equity of balance program. issuance our the sheet our fortified addition, In utilizing ATM with common

NAREIT include reminder, marketable from connection securities preferred in with losses longer definition investments gains in the and sales, FFO. we FFO a equity no NAREIT As clarification, land and

prior it on we calculation. or we have unique event transactional gain adjusted We therefore this are FFO, previously this These excluded sure be to out. conform year, and transactional NAREIT periods impact to and from be on items no point Also, reporting as were have in presenting FFO election. the beginning communicated, with will charge, we only as a will already that

offset totaled color $X.X or per additional XXXX Rico per FFO transactional diluted million quarter for $X.XX redemption of of for XXXX share income XXXX the quarter NAREIT on per transactional $X.XX Now million million and or results. $XXX.X included fourth transactional million quarter $X.X Net Puerto for million for fourth fourth $X.X $XXX.X or stock fourth preferred the FFO from the charges quarter share, net fourth charges, as XXXX. $X.X income. by some quarter claims debt. compared to was forgiveness million share of $X.XX comprised the of of for insurance our diluted NAREIT diluted

share higher NOI as The expenses for $X.XX of drivers million, same million fourth were diluted FFO higher primary management was of as period the to the the quarter [indiscernible] year. adjusted, lower and share fees diluted costs and increase XXXX for impairments, and compared $X.X $X.X $X.XX last excludes of per of per which nonoperating income transactional financing

the primary were management of further was The of drivers about the capitalizing FFO hit primarily of million effect $XX.X FFO which of or the full of impacted as share, The from lower year G&A and attributable preferred and impact income as share upper our resulting million $XXX lower adjusted stock of diluted net of and year from $XX.X year Full per million, tax increase charges. costs. costs the came accounting in $X.XX lower diluted full share $XXX.X XXXX million the fee expense XXXX XXXX no million expense dispositions per by NOI longer income. or includes per Full was higher adjusted and XXXX redemption FFO leasing $X.XX $XX.X $X Full expense range. and end diluted to year higher lease at indirect share. million year NAREIT was $X.XX $X.XX of increase per XXXX guidance financing change transactional or

portfolio property results. continues positive high-quality to Our produce

XXX signed we quarter, rata foot, at average X.X $XX.XX weighted pro square square a per foot. fourth square portfolio improving the of totaling to per our $XX.XX further feet leases ABR million During ABR

were for the at from beginning year occupancy high, year. for for spreads an [Indiscernible] steady options and by the quarter XXXX. net Our fourth points positive This and driven of held positive from X% new renewals up positive and signed XX impact all-time absorption leases, increase year-end the the full was X.X% dispositions. basis the positive

primary same-site for was redevelopments. from growth XX impact NOI drivers growth rent lease-up, in Full from with NOI of year X.X% contractual increases points commencement were Same-site fourth NOI rents quarter positive XXXX same-site and minimum the The includes X% the activity. basis from redevelopment positive rent starts. was bumps continued XXXX and growth no

economic occupancy which Our same-site same-site leased bodes same-site XX%, occupancy well for growth. XX.X%, stands and NOI is continued at

of markets. active our average issue the million We X.X Turning sheet. share, in capital raising price at We were $XXX the $XX.XX We utilized million. $XXX common to stock a of X.X% opportunistically used shares program the of balance preferred to per ATM net proceeds stock. redeem to weighted million again over

our fixed to on X.Xx over debt-to-EBITDA we further of X.Xx and As We by by $XX.X debt-to-EBITDA reduced focused look-through look-through annually. charges time. net a remain a result, our reduced level net reducing million

with over is position of available. immediate liquidity liquidity $X billion excellent Our

manageable due for joint with are maturities quite mortgage $XX million due XXXX of debt debt in million approximately Our our only $XXX and consolidated ventures.

debt Our the profile be the years, REIT continuing maturity weighted one industry. XX.X to of longest average is in

our successfully associates these We on or meeting XXXX, want effort dedication for which their targets. executed commitment, our many I results. exceeding to fronts produced thank and throughout

know the be We but in more future full ever-changing are enthusiastic retail to about done this there well landscape. is

XXXX Moving and on guidance underlying to the assumptions.

million XXXX associated to development primarily initial a basis from stock by million FFO NOI $XX growth financing of of compared incremental of $XX equity growth include: including the and G&A redevelopments, XXXX. from the XXXX NOI assumptions for share. of dispositions. X.X% diluted redemption reduced NAREIT $XX lowered for of lower the same-site and year count net of from the of loss; to range per to assumes $XX per Our flat million, for share share range $X.XX $XXX preferred million is in in impact $XX guidance This X%, XXXX; and projects issuance includes Other during impact rate million XXXX; with XXX as guidance credit $X.XX increased range to NOI points costs XXXX to million the full to

disposition Ross to as target million, mentioned, target million. our from $XXX is to $XXX addition, $XXX million and In acquisition our ranges $XXX million

be no happy or guidance issued. your our additional no questions. Lastly, we'd with share expense assumes take And FFO that, per transactional NAREIT to equity common range and income

[Operator Instructions]. take We're the happy question. first to

Instructions]. [Operator

question Citi. comes First Christine McElroy from from

on NOI guidance, up initial follow to to X.X% wanted of your Just sort same-store X%.

rate. everyone's you is as fallout? may what think for in as last right unknown is moving of reserve. know debt conservative out, properties lot context you potentially bad now, expecting. to to sort it trying parts. that deceleration pool of of based There's buffer in fallout, expecting are of an a realistic this that get And terms know year, on -- a from is be think trying Or sort year growth that are that an range? I anticipating figure accretive you of around, And there's arms join some to what the that what context or initial how of There that that just the currently in the you're the we're I I what conservative initial versus far or is expected our to disappointing range are are

So that. color just wanted to get some around

on the Christy, yes, we're XXX year. as very we We're have much focused on that, appropriate, and it's raise XX you so. very early focused and year hopefully throughout do outperform do continue place and But months the shine. it It's to in loss. got credit we'll fluid points good think if the We've to We've outperforming. for to will basis know. We a a and as to you start very environment portfolio the it's believe appropriate year. some an know. made assumptions reserved that range transformed to that start continue it's believe And

the properties around to adding be is like much the on accretive? pool Boulevard, to the just that comment same-store how expected then And

million would to $X Boulevard helpful the of around it's million, so range but part in So million as add modest. on a of $XXX it, it's $X

Redevelopments, be to somewhere points range. XX Christy, within the should XX same-site about guidance basis between

that that's excluding And to X%, that redevelopment including or impact? Okay. that's X.X%

included. It's

America. Craig question Schmidt, from of Bank Next comes

to of the had in much reserve you how wonder of I last use XXX you year needed bps XXXX.

it's Craig, Glenn.

a basis total for XX of used we So points XXXX. all of

as to NOI to came And XXXX. we continue went through of ahead. increase were same-site we So guidance that, we part in again, as able

in on how -- that your rent is 'XX? and restructuring? in And the decline how versus Okay. much NOI 'XX will drag you And of much active a sequential terms of be then how

always Dave with through not options. Jamieson. renewals new question. on mean the this quality have really looking -- Craig, clear doing so want is rent that It's deals, upgrade we're opportunities is discussions identifying market rents I ahead, drive restructuring just to of proactively the and be the tenancy, tenants to what

as and that definitely I we rents. out. wouldn't day something do in restructuring classify So day of it

shop very we known that In opportunities, that drove But is XXX number the basis were bankruptcies XXXX, back to points the small of events half robust. of some look About on obviously, activity there when down. that to -- mentioned. Conor really that the that tenants into an contributed well. the through already fuel as 'XX We future was end to opportunity the as as of identified bankruptcy that growth and 'XX of ahead

with the the very new physical occupancy coming and and we're continue our the portfolio our of So quality the start balance environment lease, with where throughout about will optimistic shop small we to have year. growth. to drive you as online well. to anchors the compress the start When see That of

where those Yes. churn Craig, all-time sit to is, in is mark-to-market is the a do order of high at an we opportunities. part need bit occupancy little nice at we XX.X% get

on looking improve active tenant the and credit of portfolio. for we're So our being -- preleasing opportunities to

think that us. mark-to-market this a So opportunity of opportunities driver really there's lot another to become year for of we

high push I given rents? limiting mean that is record occupancy, the ability just your to

Again, No. it's side, on... it's the -- spread always the dependent on

you're mean No. to able add just the I not that to new fact same-property. occupancy

No.

think, that drive are there at I anchor continue when are you that again, that opportunities, mark-to-market. coming the to due will look renewals

As realize to that the we've of. anchor you continued have below-market benefit we substantially portfolio know,

a the at foot small the the next small than on in when in-place rollover shops you schedule current years. currently at over five rate lowest shop addition, In our rent. side, are the is $XX XXXX, look And rent

is to to the so. at you room still when there So push rents, opportunity do look very much

really not able when mean, get pretty the macro guess less. but so is the sound positive that. to you I guidance guess, to I'm I details Okay. I we much reconcile

want you very it's early consistent. months It's fluid outperforming a that in two be been realistic, you'll we see as understanding and We been year. if do years, back on so. we I past the the XX you environment, We're focused to know. we've to Craig, doing, like have have think look

question Ki Bin Our of comes from Kim next SunTrust.

Your renewal we quarters. hover around it this somewhat X% forward? run spread we've X%, newer going rate of that a -- three mark should consecutive Is of seen the for expect a

is, population Yes. on X occupancy lease maintained our the you options slightly the spread. our lower anchor a were Again, Between as to know, to in ground of renewals it quarters, blended over closer it's that addition boxes were all small there and with dependent last given anchor any market. flat large that as shops of some several And being on the options that, are quarter. the

XX% So quarter almost small new under -- were X,XXX in particular, this deals, of shop our deals square around feet.

that So opportunities is spreads spread. But earlier there's sometimes comments, your push in to on the have basis. can to impact as equation, new a go-forward lease on mark-to-market you which I mentioned look continue a closer forward, an my when

Okay. And restructuring or a just on going back question rent just rent to cuts. prior

a what on tenant maybe owner? you're you because from tenant, with a to sorry give us to starts increasingly if pay they're can cut paying need Just even up -- or a similar Kimco. tenants more that at to sense could a rent just is for whether I the that to pay. following larger happening start how don't based of a shift landscape, is that concern what to at the if And at rent I look you that, should mindset something often a ask what a different actually And there strong

It's case-by-case variables on tenant side. both a many value quality that side go so the a with of is analysis, landlord is high into any the and Everything There's negotiation. portfolio. The our that Kimco discussion.

real the of property we want starts markets which benefit have maybe location, quality for look made. and decision could rent. in you if a to operate, pay But tenancy, into less slightly and that estate that's weigh to final our our then the our Someone full the lesser

it's a ongoing that's and on So we do always case-by-case, basis. something that an

really done any We haven't restructuring.

get at mark-to-market some If like back we'd opportunity. and the you look to look so through the portfolio spaces our we occupancy, get

to to tenant backfill at a we typically, the us ability a given higher or to opportunity as confidence portfolio an that's transformed have wants have So option in the much what's rent. misses the because leave,

our new corridor, driving nice balance shopping when position XX%-plus because spreads. When the your in we center right get spaces in we've and placed comes those it's like is the demand. it in leasing So a competitive and of the rents to store set that's got great we what's to supply back, down below-market feel locations be all and

Our Alexander from Sandler. Piper next Goldfarb, question is

you and you're look conservative. [Technical points, points year, at talking XX response pretty Difficulty] last guidance, you XX. only about about said which NOI Christy's that questioning. exceeded we basis year's, NOI you your If the by in XXX of sorry, to your This end top darn yet seems used Craig again, basis

in deltas or in budgeting guys second, So therefore, sort X for and percent? on to look that's: low unknown this to of to of the XXXX; one, points from the is already year legacy, produced much and sort year? close so we're as then XXXX, like know that last just relative same-store that is of curious, of XXX how what year; trying the are to what So you legacy solve looks to why percent going what X as basis Pier same-store all you you the the last sort X is and your based Pier closed X three, your factor,

yes. Alex,

take we closures, we So known out is what for all those our do budget. of

know sites of them So we on we basis reserve. out of And points be are vacating, XXX top we to where of that, credit tenants take the budget. then the going in put

so us the very we've will that we -- understand appropriate, if environment. year. It's gives few raise to the feel early to been very we'll cushion the we year. months We've so do last continue able throughout in a year. throughout focused to it's The raise to and that got on obviously, XX We're outperforming. And fluid years, the

in addition is. what what is from there's to the already the XXX already much cushion So XXX amount an there? of that's actual there -- Conor, closure the cushion, extra XXX Like so in there in is to I'm trying understand already already closure? how just

points There's of. It's we're that aware roughly XX Glenn. basis

then balance starting we're And a a as the what's for point. unknown. that kind beginning really with is of So

it's to that through So and to to the stage with, we again, again, its to to be able outperform. -- is And deal take are approach us year the just and want fluid for sometimes we trying challenges. the an has environment go set hopefully

is an update... just next then And Okay.

thing have just bear mind, other in the in we very a actually to quarter. the comp Just first tough

The first quarter X.X%. of last was year

in So of that as go. kind just we bear mind

Okay. just was Albertsons, IPO. the newspaper, And then on obviously -- in potential

Just far share what as for potential timing, go, you with won't us go, you if as can what -- is. if will it latest the

Yes. I on comment to with the rumor that. regard the S-X, really on can't mean we

been we by couple And years, value. includes and on that of times, For understand last right of new there. last $X the the the know we've management, we've reducing as the which years, call sale-leasebacks debt -- the for the kind really billion of cash Board at of management invigorated us, in and do really really that we're and the time, to company tools improving the the said really what team giving the to is succeed, up through the right investors have on the CEO, last set the over company couple to and operation execute a focused X company, bringing the working

want have very the long Also the this for locations Albertsons understand, to banners. across with for successful to about company a We Kimco, term. be we XX

long for as the sense So into we're that to well. of make term business not doesn't that going rush anything

Evercore. is question from Khanal, Next Samir

to over I Can to mean the sources $XXX can I and just $XXX guess, dispositions. redevelopments. trying million have you uses? you're go ask from -- Glenn, you coming understand, I I funding the of I'm million ask

the But be You'll you'll flow. of I -- bit million still you'll short a of feel cash developments. think have free $XXX

address or capital you're plans, on the side? maybe what the debt for maybe guidance the Just equity assuming even

equity actually to parcels So preferred in capital able the in will place some fund that. plan contracts terms we of investments and balance, on to that have land of help some to also some fund be the our

amount and in part terms So can million. $XX be to that guidance that's Ross' of million of $XX disposition, not

X to that's So bridge. piece the

between favorable opportunistic. then It's balance The to did using comes look we our other capital our bond be line we if at not -- going from but into enormous cash markets, credit. be numbers what similar be, of in to the again, the we liquidity need is the and moment, thing have quite watch And XXXX, market closely. the again, equity And we're markets the to to will is too. always baked

have So of be mechanism. to to in the create a funding of lot options we lot different a able places different

is And you've Great. Okay. then, Dania XX I Forever Pointe. my know guess, box the got second there. I question on

two that in Lucky's on I can then, the guess impact got income is update grocer. that close stores You've those the some an that the cotenancy those through there? risks tenants. And guess, I there event coming development

good Yes. It's a question.

the you that look Anthropologie do a -- the to the create we X by able for that X loss years backfill. a create -- Tommy ago. Urban opportunity and us So locations when happier other Main that's the bring starting signed of at with to to going over on closer the lease now a was of couldn't of on it's into signings we're bring Initially, to opportunity somewhat the evolution to backfill Forever Outfitters What XX box, it's market. new Bahamas. -- project, and recent us be And lease to location, step the the with is Street, leader back, anchor complemented we project, a is this this almost to

already and best in center the of It's activity. have So itself. we the one us, that's opportunity locations an strong for

a As it relates ground to it's lease. Kroger-backed Lucky's,

with the currently this ground We're market. to Kroger low bring is now again, another there lease. So the to opportunity rent. And where on in we grocery a component able that closer currently, had it's on

Forever lease a and recapture. we space, XX the The right ground now. marketing to that's by recaptured have actively backed it we're yet have Kroger, We

McGinniss from is question Greg of Next Scotia.

dig Conor, expected the was hoping into growth a more. to just bit I

from So earnings There's X% similar lease greater and fewer change. not growth, we're year drag there's to in contribution prior guidance of XXXX, dispositions, development. the a expecting seemingly, implies from accounting is which XXXX. But a

considering So just bit bridge gap us appears low why help what achieved on can growth a in maybe these versus XXXX? items, you was the

to And shine we've Yes. early like to year. we we've able environment. be portfolio. developments appropriately We retail I it's I be like we'll very have We able changing that the we XXXX come come. but recognize is hopefully think very a feel a the like position mean if ourselves transformed a got your throughout look, to The online, to accomplishments in it's able feel point, light year. raise outperform, fluid recognize are feel to redevelopments that the daily. starting far to We how to we on are and

we've But lot leasing got needs not a And a we to our to there's to said, that to some of that do. pivot come lot that work that There's the be able out projects consumer. and still of There's retailers these lot -- of meet that needs get a done. there need eyes online. of may have being on the

there. So we that -- have out creating we to And this range sort take put that what's of that's really into the consideration.

has been range messaging range, drag but expected we Okay. can And above $XXX $XXX a forward XXXX. in that million So dispositions thinking with million at Ross, to one? then me consistent dispositions the help came you on from about more. going this the $XX bit this in million

million still $XXX You'd in expect million to $XXX XXXX.

what led increase range And be on aggressive deterioration could you wondering XXXX? for there Just to potentially, more certain in operating then is some lead to assets, disposition in slightly at performance if the dispositions. which an

few we in as certainly that that characterize would operations. I days certainly last were factored deterioration a it. initially year anticipated into it closed of be wouldn't that the XXXX the dispositions, the a XX had in assets Yes. so There

on the overage was always the guidance guidance. to guidance a in relates net that transaction it 'XX, As

of in in So really the that factor the million. was achieved it about you sale-leaseback was when early part $XX 'XX,

was less million. it the So a little bit than $XX

XX% again, But the really for had to had closing. typically, robust demand assets. we a about years market it the that assets just XX% We was very having to the rate on success in past, in

market few including The the thought ones delayed. asset second that put closed, been a every single into would of that months 'XX, half have we we

'XX, we we're desire anticipation range ramp our sell XXXX. for range we that or but very no have to that move bit would elevated And we'll for that or sticking comfortable So range be the more. that desire within a the up

Haendel from Next question comes St.

Juste from Mizuho.

maybe for be about like point Glenn, we can that? occupied. basis your this gap the year. narrowing versus How should builds opportunity Sounds me you help XXX thinking So with

This anywhere is weighted basis XXXX it and from the that $XX million of Dave. it million back It's 'XX. we XXX towards XXX basis be to and expect heavily flow points the compressed from to to from the $XX half run, come we that XXX. will of currently at When so look points, XXX

I to expand it little now, we'll new signing a stores and continue are those new it. on we range, start if we in space or when the we not look come know on that now, the additional think right could compressing whether feel So bit. looks do feel We leases, range. we some it good about outlook, contract, open right But back, like expand work or and the I does

we're coming a go Appreciate that. for NOI back -- year, Glenn, it's you follow-up. And $X $X I the quick far what this of of want million then NOI. going million to to a online fixed-cap guess, below just $X to mentioned which I million, convention, think around pretty I Boulevard $X.X million thinking is million was second. I midyear math. $XXX through

what could on might missing there be and number. that you some me through walk maybe I color So

Yes. take will I'm -- the going to let you Dave through timing.

start back to through area that inspection, you towards borough for work related York the with going the There the manage we're are to development half tristate deal you the process 'XX. to when companies New utility opening, New through. York opening in items continue area now, look the of and retailers Right or the preparing we'll Sure. them and of

just we're the timing construction we're as the this So -- of project, continuing tenancy. finalize to there on influence will be of phase

the look said, So at project you et the half stabilization, of up we but of look it's very 'XX. the the very, day, back that quality start confident out and shop, a going still 'XX feel openings end towards into really the right, is where cetera, as when this to -- just of matter we the timing very of -- to of end about

be towards end assets the Right. 'XX. Stabilization for of the should

Hawthorne, Markets. is from question Capital Brian Next RBC

talk about expectations XXXX? of you Can the for in dispositions your timing

Sure.

on be the certainly will quarter first lighter the think I side.

closing of assets a previously the up the would As -- I in of mentioned, QX few end the that close end we last ended thought year.

of So bit side. disposition X at And and X. light be somewhat X, should it a little on a see be Qs in QX we'll ramp-up that point, ratable. But the will

then leases Okay. you in have do And expiring the mark-to-market anchor XXXX? for your

Yes.

our foot. XX anchors some have that's our $XX just we're which foot, at currently When the at currently of $XX $XX.XX. options, and date, you a expiring, a are on have you current With list, to about that look leases --

Next question Stanley. Hill of is from Morgan Rich

NOI, A When the that back Did basis the redevelopment clarification couple to to questions, points? beginning. you hear I of about headwind to was right? XX thought XX same-store from maybe that going

basis It's XX to used. number embedded we points, XX that a It's not in headwind the though. as

for mentioned loss thinking term. what on the to XX included was And having XXX about should [indiscernible] understand. sorry math you redevelopment No, basis reserve, understood wanted points, XXX make impact I Or XXX? that basis NOI. versus basis just using we And agrees is no. like wrong about be points completely our XXX I'm But sure to supplement you reserve points. basis the same-store XX then known I as as points, the the points? the the when I basis per loss closer in which on talked

be Conor mentioned, to not out, as known are take out tenants that take We this. we going

pieces up are So out make points. see that other that basis other of those are XX -- where it. There this we

XX went that's of points else say, happen. would if loss. no credit to expect we out, But I basis not we would know So going one

extra is basis this have all budget into for we our point other So that unknowns. process built the XX

basis I say, points, process. it's it's no, not XXX of our budget So in would a total XXX

the same-store that then to something specific 'XX year-over-year we maybe expect as think, of trajectory really think Got NOI. was Could the it. about trajectory sort X.X% of I maybe year be thinking is same-store as Obviously, thinking you strong XQ -- XXXX? Do should with, helpful. you year. there NOI just throughout same-store the NOI about was a 'XX? basis? there something throughout -- a good 'XX XQ That's XQ Or of you very the about And just revisit on be how

Right.

that report XXXX. I give up tell Although first it's ramp quarterly we the our in guidance, low the see terms we will you the and as for would point expectation it don't you'll year, quarter we go that what of throughout would probably be

Van from Compass from is Floris question Next Point. Dijkum

excess on that guess, clarification, Think about expectation of points you I get average the What Pier Are locations, I lease on rent right to actively question a $XX -- A in foot, well is that market marketing that were impact. quick I rent. anchor note back? your or a now? of which average that X. is you square to around is space XX basis XX already have rental looking you if your

of We've Yes. deem below to prelease and time. in And we a proactively over size, them ranges for sizable clarify, are anything boxes X majority to actually the Pier X as acreage actually, been looking square an of Pier feet. what period just XX,XXX a

benefit. a rent average appropriate determine mark-to-market anchor the necessarily most is not way the using So to

feel opportunity a Some like will be there. will good I but down, we have up, some be

of and to occupy we In help quality obviously upgrading tenancy be the those in addition retailers the to that, spaces. thriving will bringing

to closely, to those continue So actively prelease we'll monitoring into look out 'XX, the we as continue and we're very situation very, boxes.

Linda Jefferies. Tsai of from question, Next

to what to rate, upside expect the X% in do like profile relative does On you look in-place same-store the XXXX And portfolio? acquisitions, cap the what the growth rents? X%

I be the range that what of we they're buying, would a I X% looking -- that the whether and X. But opportunities. redevelopment be be given pretty in certainly locations we're to think the will opportunity, Yes. any When we'll mean the slightly the X. that at opportunities, X% look at with leases, we below-market anticipate, acquisition market between have growth different and opportunity cap quality that year significant in the rates it

quality look the rate the portfolio continue really portfolio have that's outsized think on we to we that a to compared the of over the and at time. to comment accretive So can't the of would term. acquire specifics existing will and growth to time this particular be acquisition I long anything But growth a

rent straight-line up year-over-year on and the like looks more XXXX? what's rate bit? quarter-over-quarter for it was did higher realistic Why then a run And this And go a basis.

It's that tied the that's opening in line delivery being matter again, somewhat a ready signed getting -- So -- it. tenant. to are driving box and being straight the just really leases is leases or for the what's to

leases a in that new lot Station. You signed of places at have Mill like were

Dania. that leases You are have in of signed a getting lot

tied straight-lining in what is than rate to those that start the So you rent you quarter. there's a lot free of where lower see fourth run The in.

I Okay. What's the And mentioned in that? to in prepared XXXX. then remarks, G&A think you flat driving lower

for efficiency one thing. More

size If look you we've what the the done, reduced we've portfolio. of

year-over-year costs And from a perspective. also the leasing

stands size, over staff try That's reduced we measured. really everything we -- years. time keep a the lot portfolio G&A the can we do a to very some to monitoring of where spend as have do in And is the it -- and again, we size of reduced

and we over so investment. and significant going efficiencies We've switched a to there We coming to from made our investment synergies well. there's updated think lot that MRI as of systems be

Chris Lucas from of comes question Securities. One next Capital Our

Do quick as go? real far you anything under one. around a right Ross, as contract have acquisitions

No, nothing at contract under moment. the

should go do both to thinking understand, Okay. And or then I something? guidance how the have the to to of same-store redev, I just understand be The please X% patient Last you to about would back is guidance with to this? with and say a X.X% what, been, need without clarification bear Do on without X.X% that with X.X% redev. me. that fully be so X%, I so me. -- redev. did Is includes I then year,

With that -- yes, would correct. that be

Okay. And then...

points at when and credit you're a of look it's for basis we it, point loss. starting again, us in XXX baking Chris,

little So over... a

you So had from let known the Barns basis that, going that fallouts and Dress next year, this into me the to correct? you that's points go XXXX, know is so XXX which that point, all

already into our... That's built

Right, right.

So initial that going know you that's an drag, in.

So that's already XXX.

at So going into this year. now we're looking

know of about. XX you reserve, already of it, kind basis XXX have of You points and essentially

of rest year. that the for whatever of the sort of left Is correct? XX there's So

that's of what retailers I is you're those at points. part guidance, and first of Chris, trying credit bankrupt the end initial starting headwind XXX of loss that the points. of last year. the basis of the guidance That's from is That basis went get somewhere at rents of about not factored to XX into lost our initial No. some think with point a

Right.

So XXX you... Chris, clarify, XX in. not Dress just It's as it's that's from basis baked Barn to points

go. we There Okay.

the That's for. was Okay. I number looking

out, bankrupt that's I a course over of headwind lost already that of know rent we think that XXXX. losses the credit we Chris, it's going those just anticipate for

XX all the guidance would they're Right. with started we that tenants higher. of so already. know were the there, number still be Said out We points basis out if differently, those

[Operator Instructions].

from Next, of McElroy we have a follow-up Christine Citi.

So sorry, to a just continue that bit. little conversation

a -- mentioned and XX unknown, XX? Pier Is the reserve. So sort of give all assume X points points That on how individual what your that? in basis right, plays the Maybe around fall can expecting what that's bit you're XX is Like the what -- XXX in more of I in for any point detail are points impacted you basis into And Forever models -- that retailers the that? XX? does basis basis just expectations you little sort XX. XX of And the is of that where out?

were That's know in was modeled of not list, got So we've the we've so expect XX close. known. that list driven what seen we that some saying we the doing Forever those XX. just stores to to that prior -- and I by is part It's Pier we X again, closing we of being

that's in? not range. the in the Where does in already -- Forever because Is XX that XXX in it's fall even

Forever In very Yes. exposure. small we had a XX,

it. so Dania, is pool not you're our that of X in the Dania, would it's when same-site talking about Phase part be So

one only location. And there's

Yes.

So that's the issue. part not of

We put mentioned, stores I number names there's then factors some that and into have That of XXX We potential other some of of ones the that better initial know of going everything points. we sensitivity visibility there, year we think the we in hey, forward. you've out maybe have mentioned the that Christy, We'll -- those first factor the and when the timing And reevaluate you some of go maybe of Pier that what closing through typically as we X list. away. early. the for when that course right happen. quarter, that out impact. look other when that's could at after the It's during basis

acceleration expecting? Okay. any up uncollectibility follow aware recapture write-off questionable of any question of the early or And of straight-line that just to FAS sort sort on to rent we around on space then Should based the Linda's of be noncash of XXX of related you're rents. some this any receivable year

Last within this is some okay. year we amount rents, in year, Well, had less our below-market number. There modeled the below-market plan benefit helpful certainly in we for of which rent were than XXXX. had

As tenants. rent, going on to depend it it's of to the writing again, relates straight-line off

write their would if tenant that But the that we and year. goes credit that modeled tenant, the we -- off. in this plan amount out, immediately a modest through, of So tenant by run there's quality,

And and about then are -- cash about this, you spend about are thinking leasing, of flow? it your to relates missed this thinking the terms in CapEx CapEx dividend, CapEx and you costs Okay. flow sorry how how recurring few free after if of as just recurring sort relative thinking of I landlord sort sort year last to growing maintenance cash years free of

XXXX similar a we than XXXX. it's Capex, in spent So I TIs, leasing in between total, would say, commissions, or range what -- in incurred for

conference over remarks. This Please the to to go for session. back like turn David concludes question-and-answer Mr. I'd any ahead. Bujnicki our closing

call follow-up our of have you you course available have today. the much. a Thanks additional any if participating the day, so hope day. I Otherwise, I'm nice for questions. during you Thank in really

Thank conference has now attending for The concluded. today's presentation. you

may now You disconnect.