Kimco Realty (KIM) 11 Feb 212020 Q4 Earnings call transcript

Good morning. Welcome to Kimco’s Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to David Bujnicki, Senior VP, Investor Relations and Strategy. Go ahead.

you Kimco’s thank earnings quarter and call. morning for fourth joining XXXX Good team call our questions Investment on Flynn, Kimco as to Kimco’s participating The management answer as Officer the that our David Ross well are President Chief available Operating Cohen, members Kimco’s Cooper, call. today team and during Glenn Chief of the Officer; other CFO; Jamieson, executive CEO; Conor include also

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

reference our found presentation, of arises, certain Relations turn the we Kimco’s to as Conor. the management that, measures that better make be website. will resolve help Reconciliations with if area operating event, our results. Also, this we over can possible call additional financial in and may believe call measures as in non-GAAP need will try investors And the technical to understand will website. Investor of non-GAAP to these to our quickly post I information IR was to the we difficulties, incur During

our with guidance by Thanks, Glenn follow Dave. and and Good for beyond. XXXX. a metrics focus our quick giving today. begin updates of morning key and joining overview accomplishments will with will for transactions Ross and XXXX strategic thanks XXXX I on our in close for us will and

XXXX advantage year to well-located a open change not and take mitigate that responses in sector, way way shopping was In performed withstand to about the team. landscape, soon are best this a the life. able events sheet, resilient, converged and companies our a air, are and demonstrated challenges, risk the of also to and are ones us, social of was portfolio have unrests Kimco’s and superior while happy a the year a volatile that For assets in management to not stayed requires opportunities. times, COVID, we that centers am XXXX forever positive the economic center a report year. that political strong will mixed-use balance in be these well of confident all and that forgotten. all will the we the the immune grocery-anchored strong, coming volatility XXXX, shopping opportunity I of

validated. vision threw portfolio to at Our reposition strategy pandemic XXXX our our us portfolio all that withstood as the was

Our grocery-anchored improvement essential XXXX, proved both the from saw essential services and retailers In continued markets organization. U.S. in in remains mixed-use properties from of ABR XX% to assets XX% strongest centers. grocery-anchored of ABR strategic we plus coming concentrated portfolio from percentage in the and a grocery-anchored the across resilient. Growing the the focus

by encouraged evaluating. opportunities are increasing the pipeline progress level We and are currently in of we the the

the part are Fresh share Amazon As Bellevue, these Marketplace upcoming at at today opening in to efforts, of pleased we our Washington. Factoria of

widen and anticipate future growth. flow to continue new in during point, We executed drive rent. portfolio’s the we and is durability range to quarter quarter. amount square quality of true XXX,XXX leases, XX quarter, and positive, our fourth fourth which will new to To the a exceeded the as that physical that test leasing the precursor occupancy During a achieved totaling remained rising ability leasing XXXX. economic X.X% The the spreads between cash feet, of fourth

portfolio existing advantage COVID who to stores from to allows invest our in cash store essential nationwide continue boost serve we help to of robust their surge take of the of reserves, the them customers. their With our our better relationships, tenants, are experiencing brokers the team, network and in-house retailers and demand expand that

laser-focused pandemic everything the positioned do to them we We can overcome to to be keeping existing are help to also our and continue and process. tenants on

helping Our the PPP have business round we their tenant shop assistance successfully of program, with aid tenants small capital or continue accessing our aligned TAP, time helps of funding, our first partners small new of the PPP businesses critical navigate and believe to to After most funding. navigate we tenants best-in-class small round at need.

sheet, team Our initiatives tenant and of best-in-class portfolio well-positioned results and our strong approach. the are all balance

tenants with us work teams Specifically, focused our legal our relations in was obstacles efforts and beat. technology, navigated skipping a team its kept prospective without planning, and finance, leasing proactive and current effectively to and investor numerous

First, worth exceed year leasing, of cash pre-pandemic especially news good impacted free remain flow portfolio shutdowns. is So where leasing an We our here? from go all-time anticipate categories the This we to fund challenging, to priority is for we and The by determined back XXXX. it. highlighting visible this we portfolio team us the the our that confidence high have to induced growth meaningful that to and is to strategy. our highest provided the first has half provide pushed outlook It for to do leasing, are leasing. the pandemic occupancies level and those dramatically in get

grocery, are do high expect Interesting the beauty. restaurant improvement, While home furniture, hold retailers. demand that boxes to that especially demand health, well-located both to fitness value NOI in and from in are a which include anticipating starting home we experience rebound categories goods, challenging, wellness, we at off-price, rents will speed medical note, to our is recover in up, and we

portfolio X creation value over Finally, on long-term result shareholders. will continue long-term to meaningful in our our focus, past for streamlining we strategic years that believe the the

believe value best gives highest rule and our entitlement the adaptability and XX/XX our our to use to assets We on real applies the tremendous and focused in estate through of flexibility initiative. future are us the and create

in to position assets for clustering in as areas estate Specifically, XX% revenue focus our vertical. parking assets dense areas single-storey an consists of are significant our real generating the ideal that our any barriers is growth and lots of With are not of surrounding our with down XX% building. on entry,

whatever sure optimized our best estate differently. decisions Our in of than with and entire entitlement all assets are will we way, sales looking role The broader integrated the cases, team fulfillment their store quickly of to is team part all take real said fulfillment, and is to by need. of words are the make to continue that largest to accelerate at on fulfillment, integrated services in their retail positioning important convergence that that to serving as our become XX% ensure get to when our together accomplishments effort. continue we alongside by clear Kimco’s are the closing, continues locations this to our the tenants Kimco market get and more many physical neighborhood community. to expected as are into they as and The the share services. tenants conference evolve assets stewards stores valuable. most efforts of and very real stores. show store, changing is municipalities ESG good fulfilled play industrials we sharing Kimco stores the approach real best-in-class stated air CEO, provides poised which tenant. the that Best want that role easily our and to she optimized economic it utilization share and portfolio e-commerce way is for Put a and of with their hands. of that epicenters for new be to shine store what evolve Corie ever I chain, The work local make estate that even all are with to another was to exactly In retailers distribution, from our our at CES than into consumers now believe customers the destination customers’ the goods to estate the open a We And and distribution because also to Buy of more grocery-anchored is fulfillment Barry, the accessible the circumstances, doing. are Target supply portfolio company’s service customer. its Kimco goods safe with how advantage gain is and are to physical partnering massive easily

in geographic Our balance strongest stakeholders Ross. us our turn in years the entrepreneurial diverse come. mix approach, sheet I and to the for growth the well-capitalized and positions markets, presence to supported that, by our tenant With to all targeted unlock over call value

you, Conor good Thank and morning.

anchors, with notably pick there majority the were that based March have deal showcase flow XX%, end but volumes As through signs Conor to have The overall seen been deals retail essential a back discussed, market transactions several were late challenging transaction down year, close XXXX general starting life was we of theme the with The but are there from of transactions up. to year occurring. grocery. XXXX in

the size result is or nonessential much the those inability bigger For requiring based equity part, a thus most finance in can but for big check good, to deals. the too tenancy large

shortage our the South and Multiple is made cap cash asset products remained California, a in sub Denver, the Washington chasing rolling at are the Florida, flow assets of uncertainty U.S. type, financing and North those secondary represents but while Carolina chunkier in which rent grocery For markets those within for smaller major primary have that challenging. deals. bullish DC, throughout capital the there deals on community the again, more we transacted no X% assets, core rates portfolio, resilient, has have the grocery bit anchored

of earnings our discussed high-quality tailor assets cost current call, we us the capital, attractively program. versus of on supply our led has last priced, to As investment quarter’s limited

Queens, strong relates during a we program, acquire investment As very South a pair a both our quarter. versus generate $XX will return located on preferred centers to equity A the future. it financing the accretive in two cost center capital on high-quality a chance Florida of our in mezzanine to million an investments of shopping small million structured with investments York, on New densely and possibly a which made center $XX shopping of

in capital and return the chain obligation. is done stores those we Aid landlord relationships, IRR Aid to cost provide unique These pharmacy a the annual and Rite investment To which This of rent acquired Additionally, plus centers these an uncover represents our the strong in point, dislocation state for to that rich NAV many X approximately for tenant distribution another for million. that real are well centers attractive distribution in enhanced all of releasing investment sale significant Rite California. we and transaction with we with were recently, completed an our long-term able of will times, that in estate leverage basis back $XX value. company. with service leaseback as zero on have a California XXX bumps we particularly excess

and being structuring positive future capital returns. summary. spread risk. create right business to will flexible evaluate refusal to type, the With that, to in our approach in long-term I complement our offer an will conviction selectively for continue this mitigating an We new believe relationships, first pass a to with opportunistic potential enviable at and This opportunities current is of a our with while capture in of one along dislocation. it our of when of acquisitions financial constant the to position Furthermore, us of our believe high-quality our approach the owning of downside assets upside product first or capital, cost tenant important of puts period we right Glenn a pipeline cost

third improvement With compared fourth results, and and further with delivered Ross higher credit quarter our rent loss. in good Thanks, sequential quarter morning. to collections the operating improvement we

The of charge of For diluted the This million of a preferred mainly million preferred share $XX.X $X.XX due credit was $XXX diluted the reduction increased XXXX, and loss per redemption for or the fourth and million share income NAREIT FFO offset $XXX.X per recovery lower $X.X by dividends or of as $X.X net of of for the $X.XX quarter XXXX. million to XXXX. was was stock reduction to in million and lower million. quarter rent fourth $X.X compared abatements quarter fourth

the $XXX.X million of Now NAREIT FFO, although XXXX, primarily did the gain of on record our we in stock. mark-to-market which driven fourth securities, unrealized was in XX.X of a the shares of our marketable million not change during quarter by included Albertsons value

of excess in valued is Albertsons in today. stake million $XXX Our

million credit as full $XXX.X the was or million straight-line $XXX.X primarily impact the and in year. prior to change $X.XX FFO share and year XXXX, The for XXXX or to $XX.X $X.XX XXXX, reserves the of diluted NAREIT diluted For and per NOI disposition totaling $XXX.X abatements, was increases rent due activity million. share per during compared million aggregating loss

These debt. of $X.X stock a million we during preferred extinguishment were financing reductions costs and early incurred redemption an the million XXXX. $XX.X XXXX, for charge $XX.X the during $XXX million addition, for charge of offset In of of lower by million

collections and the down under quarter Although the has been third and Collections Conor our rents of annual operating of All by we shopping continue and operating. have X%, granted shown Deferrals year of were collected. of this our quarter X% accounting over third were basis of cash pandemic, base continued of XX%. collected on compares signs are open the We just the improvement, as a remain XX% improve. to portfolio effects to tenants be during rents to impacted of quarter of centers quarter. end fourth XXXX, that X.X% and our earlier. open XX% fourth from from tenants At has base our XX% discussed during

was total receivable. XX% $XX.X rata or of share of reserve year million pro outstanding total end, accounts uncollectible our As of our

converted finished a respectively, Now, quarter, to better debt-to-EBITDA credit of over and last with $X further pro turn attributable from we untapped of X.Xx to including if a with cash credit pro the JV quarter loss. on of forma sheet, X.Xx and net was position debt comprised our liquidity full available X.Xx improvement our outstanding million the X.Xx fourth levels consolidated reported revolving On turning to stock lower facility. last basis, and a XXXX to Xx look-through by improve and these the This progress rata represents we to of would and on $XXX levels the investment level X.Xx. basis, preferred balance year. metrics billion with Albertsons a ended We in strong began cash, than share

and during bond mature only does We next have November XXXX. maturing XXXX debt not consolidated $XXX million of mortgage our until

REIT consolidated of at the profile maturity in Our the one XX.X weighted average years, longest stood net industry.

treasury our of issued among addition, points the have example, XX way over credit peers. improved spread XXXX area in the unsecured is our our green lowest is XX-year the treasury. spreads over bond trading July points In XX-year significantly. basis of bond in basis currently By XXX at This all

Regarding our dividend share. paid a dividend, XXXX $X.XX quarter we of per fourth common common

expect the a XXXX common first level As reflecting declare during to of our Directors Board such, least the our normalized taxable expected dividend quarter that of more equals we at XXXX, income.

per tenants continues, its are NAREIT Now, effects on of certain the share XXXX. for comfortable while and guidance, establishing pandemic we our FFO guidance for

potential to This G&A assumes NAREIT taking pandemic. initial neutral range is no a to flat share expense, due modestly guidance Albertsons equity net we $X.XX Our guidance the is range and as include levels per disposition also XXXX Other costs of transactional investment no than This to issued. and and expenses higher no range historically wider $X.XX. common of FFO have variability loss minimal provided assumptions well corporate ongoing into account activity. the or income monetization as additional our financing acquisition credit

pre-COVID $X.XX quarter a be FFO per quarter low we NAREIT to expected XXXX to the of questions. relative of Notwithstanding of first at optics quarter Lastly, results, and be first keep will to our our XXXX mind the first over happy XXXX. reflects that the in results with guidance share growth range. $X.XX your the would take range that, high-end And in both

line start just deep. I let very in the the we you want know the queue is Q&A, people for that up Before to

just have ask through you With first again, than could a caller. you one the efficient, we take this pretty that, may make to rejoin more get this order you then question welcome a are could so and efficiently. in queue, to then So, reminder and that follow-up the

Okay. Instructions] [Operator

Morgan Rich Our first question from ahead. Stanley. Go from Hill is

through just a Can looks of through guys a you The the the guide, is the you maybe guide recognize you not I it. where to good understand again, downside? the to And I the Conor, range or fairly upside uncertainty are low. think I might trying morning so would walk risk bit supposed have and for how perception it’s when given we looks just guys. range little bit. better look calling just out in conservative of the My a the world, and the am of high-end you just conservative, XQ. that history wanted am and being to Hey, be be I it? to little low-end talk why annualization to about an Hey, I that like at want the the of

really Rich. unknown cash think it portfolio can year. coming showcase given handle Sure, on is Look, important hear of the Nice pandemic guidance the in before. a to exist in a the to we give you. from a that flows. and lot never have We we have that Clearly, guidance to there was still good

not of out the out yet of We’re pandemic. the woods

that If are some a for sort are midst that running growth there of is virus, a is could impact the there, that have the we out really anticipating. defensive you now returns that But that believe think we up the potential it’s to the we if are of earnings there about we the lot and of you variants of that the we showcase think nature pandemic. important that things is clearly, thought the of distribution – a and vaccine, unknown that XXXX. of could And lot even impact about the dramatically in showcase portfolio of

Glenn. It’s

those things obviously, and are of Let loss me guidance of pretty may numbers. also. The part credit just big a in add ranging, help wide that that’s a couple you levels, what’s

million of reserves loss we credit abatements between and had, So mentioned, reserves. I as $XXX straight-line and

another baked we year. still guidance, this $XX this for into are million million $XXX to have still we So –

So what’s component of that’s a there. in

is because And year. million to And interest that less payroll will another we also want million that have do thing capitalization capitalization The $X for this are to other interest the projects construction similarly, I $X online. $XX we out be capping less million of $X of have bring come that to less million.

the take the at looking when into capitalization guidance are as you So well. account differences those

Got it. telling That’s more ask and questions I because Bujnicki me helpful. many. asked any me I am don’t I going tracking to down want not too

thanks guys. So,

Kate question [indiscernible] from is from Our next Go Sachs. Goldman ahead.

of paid morning. for needed those tenants through grant expected good that deferrals did the extent of been in them, now, for the is the Hi, to should you outlook how terms have could or XXXX Maybe been receiving that that deferrals time timing and on going? the the receipt go paid by just in to have any you that

Yes.

deferrals have the over have the Of to most the we fourth expected have during good we the that XX-month get ones into the some of So so have billed will get fourth billed most in done, XX% mostly we deferrals quarter, the the been XXXX collected over a quarter, deferrals period, are that portion next actually that and of XXXX. in collected.

far, it’s so well. So, pretty going

are in for down Okay. of XXX% other And look weighing services, sectors ones. collection they rent terms then surprising, essential which like but there are for including the that isn’t the also under collection categories, rates

if for it outlook XXX%? directly by or I just go when the capacity impacted are could what’s like could to your wondering you and plateauing does collections was improve seem So, ones those non-essential rent not through, essential but constraints tenants

have had Well, Kate, XXX%. we never

starting I point, right. think that’s a

basis, When you other historic and X% your during collections, XX% collect comes quarter. the around For on a the into again, the we the collections most credit would month. look then a at collect to loss over you have X%, XX% we the for And would months, then following play. were given part, normally, that

We restaurants are occurred West impacted still that more – XX% peak far do. the yet. certainly collected definitely of again, are a seeing on the improve. the that are the We And so think we closures hitting still have nonessentials, So on to hit Coast lot improvement. and collections have for out starting we being have to don’t January. continuing we but

Okay. Thank you.

Go Our from next question is Evercore. from Samir Khanal ahead.

and quickly about the are out let’s in trough, sort plays Hi, that back get the better you recovery. trying get recovery pace quarters pre-pandemic to do you of robust was recovery, levels, second think leasing say, how of the the given the occupancy sort right, just for good and can of about? or I quarter, occupancy of amount morning, assuming quarter the have next – an you to If over we feel a the been several say, how talking of demand the let’s Conor. third of mid-XXs

good Yes, it’s a question.

to I lot going has is of with the I it – think a to think demand be do there.

side. anchor Because First we back the are demand and on subsided. originally, shop seeing now the box never it come foremost, really demand the or small

essential well-located that’s are the of clearly, starting past through you now quarters, was come available. anchor few So the to of retailers any towards nonessentials it weighted heavily back box see for and type some

first. it on of So, come small we I that shops have back come anticipate demand of that is and starting wide Jamieson what’s seeing. to back would I some a But sources. to interesting are pretty the will comment demand is now Dave are the spread he shop seeing small

entrepreneurs, actually were so. or are appreciate we challenged I way service coming way what a I surprising existing seeing a And positive a think the high-quality that is portfolios their way. in to markets and is mean I in restauranteurs, right and you it. into either near-term they in otherwise in No, do get vacancy as expand now, restaurant the are to the operation within back which seeing it Yes. operators, side seeing the on

really so start from as And encouraging seeing we’re And move pick I velocity is build. when that the was thought currently that, you sign continuing XXXX, and QX a that is look to up. through to standpoint a we’ll momentum that at QX see lease-up in we what

and point this the see the distant the think good us. that will some at future, thing So has is I we pandemic somewhat the that endpoint, too provided behind not hopefully, idea vaccine some one

are standpoint think market portfolios on we with done pandemic from and performance, that how their from for and price, like but especially the that share a a through accordingly. be open investment-grade are really So retailers up quality limited do business their higher to to and look Investors they what the that, will nonessential see and set this this public they not they share starting expand into side, footing people enter well knowing window say the stock only opportunity how sound you will are time. for a starting have And again, when again, of to prepare essential, prepare. on

So optimistic we future cautiously about the are here.

mean XQ then like sort a so peak How I has of to growth, than year how today? can I view your And ‘XX, views guess view XX%? – focused as compare ‘XX/XX. do of follow-up, your even say you NOI say, let’s I better say, for on not to, ‘XX changed this down XQ but to I they and are mean, year? not mean, do ‘XX, let’s you into much feel has your on last last trough let’s of end do of end

a go going spread about there the number are trips and clearly, changed of to can’t impacted demand they’re I there a pent-up play think to to to going because side still next Well, I they the what of it there go do of could variable going variables restaurants, you shopping services. a we the think where and about is the is few on going I most entertainment, how out. is QX lot going feel restaurants I’ve there about biggest Those spending. since these that quarters, year. wide they fitness talked that are to And has on categories scenarios is are or what like how good revenge are to be pretty We or of tell through revenge take. We feel really weather club many in people back to fitness NOI, QX, last conversations had what demand.

So of if we is are not that of now and the there think cautiously green have another that that some horizon we sort we on think about. there’s variant doesn’t clearly visibility the some infections, have shoots optimistic of vaccine that the out wave plays I virus a

it Thanks. Great. for me. That’s

St. Haendel from is question next Our

Juste from Mizuho. Go ahead.

center, guys. pretty out morning there last end, new near-term some foresee prospects how funded the that now good yield, $XXX is on be Hey, back of here in do the operator. game How meaningfully the redevelopment, that some million pipeline will disposition of and you, for we guess, the you I the Question large up from proceeds including Pentagon at of for window about Thank quarter. are or here? the that? is what redevelopment perhaps with pipeline, year open Albertsons stock that’s type

can those to be on look our activate some is we entitlements And I we how entitlement created can sold achieved what on supplemental years believe asset entitlements. have initiative. have entitlements. decision added we Look, it. is over in seen And Dave what then past the And of our the lot X to the tree value base just we have more Sure. is that have through start done the past some over and X years. we have give the on of that a we color we there

the and what point at. entitlements cost ROI, and supply would unlock our look we can the we we depending some exit area, of leased at that capital, to have on a We there entitlements to demand trying spread have the in the what to ground what XXX trade the some that project really our value. basis deliver believe be and sell joint And we on ventured spread we have depending and cap project between could at

so Pentagon, one like And there. there a of circumstances is unique the feel obviously, pretty we set where is

a the right our to from rates and it’s what in that that trade If dramatic. you have are Center, area, be Helix with adding some Amazon the that the of Pentagon the to the of with across traded going of success CPP. very doing the seen we they rendering And comfortable It’s venture. Witmer street joint pretty cap haven’t and pipeline feel with the in

on with first that’s helped into returns, existing the project of you that amount ground $XX our But Those lot helping we also We these way double-digit or year are range with up have return. a like the the feel where are us feel the the going to pad selective. initiative the million But tied tower have love We typically drive-thru in that significant multifamily capital that’s of a the ones tower. type a type are pipeline. very smaller scale a scale like tenant. second out very to of be like a And we expanding that projects. that an of have experts entitlements. to or parcel leasing and we $XXX do projects the not solid going are that’s right million to larger an forward, to We double-digit adding add run

So, see we be being on forward much to be you consistent, how but we that very and going selective will of add pipeline the mindful will that.

any those a on make the I And Alberstons comment Okay. understand you how opened then early portion – a window, potentially of year shares. from for sell on this you

So fund you curious, what have be that would to looking you investments – at, Thanks. redevelopment, pay-down, are some be? can would you the mezz debt some and of comment potential use curious the

Glenn. it’s Haendel, Hi,

of reduction proceeds anything my really over will fungible, more terms that kind Albertsons As else. than in XXXX have those reduction That’s for debt of and in investment we monitor but as of cash is the it. forward. we towards it geared Again, obviously have ability we we time more what closely prepared I debt again, think go we earmarked no the for. an further has in mentioned in monetization it’s guidance remarks, Again, very

you, Thank guys. Got it. it. Got

question is ahead. Derek Bank. from Johnston Deutsche next Our Go from

Hi, you. everybody. Thank

easier investor out BOPUS you been What’s that them level? pointed very COVID? it encouraging and Are store actually pretty have retailers local the well trends omni-channel besides the at Is driver in the is fulfillment distribution presentation. So, are expensive facilities? that drivers using industrial what So, in retailer more of increase trend? lieu they to now their or talk your with as and the management like speak teams key store to in possibly you this fleet

are exactly you Yes, right.

And is incentives the from at wouldn’t successful the of follow. to that And But I have customer but primarily most you point But surprised are set being think last and the start been see being we to to others more fulfillment to being blueprint changes point. mile of if they base their the offer they be when store customers have with you retailers best-in-class looking drive that their them margin that’s being think, when as very mile. unlocked, over retailers the as that can store who it they for for last incentivizing amenity and margin they differently, with coupons solve retailer. made store want to tried up to store can The than with clear I good fulfillment your utilized our available is last seeing BOPUS, be in as higher estate that And open of distribution control take what’s to ways that by one. drive the and can a something at a to now years. they’re the is seeing really that service when cracked optimized are retailers, you how I for with is is a look more for for mile have number the to good, want take advantage the last it to the get because there people dialogue are are does they you services. the is mile curbside suite the pickup, real

So they differently. it very are looking at

thank then pipeline versus No, is bright you a you. would has leasing say Thanks your now pre-COVID quick clearly, very leasing just that’s levels? where spot And follow-up, guys. a Okay, helpful. been

QX it at mentioned look is year-over-year, compare performance. it No, Yes. pipeline that is leasing into And bit have normal. But is been I our is what basically you seeing increase you tend which post historically see QX and mean, ‘XX a in And when of earlier, – holiday to extremely ‘XX, an related encouraging. is pre-pandemic. usually we XXXX you lighter to I as vacancies, level little when the

So shortly people seeing opportunity coming again, that as to window it of will close want knowing they displacement, take of advantage are that, vacancies new to this market, thereafter.

from from next Our is question Mueller Mike Go JPMorgan. ahead.

acquisitions. guess, A the Aid Yes, I quick question, hi. on warehouse Rite

that and on the is you now capital about think scope for we what’s table put should the wide How to how So into? buy? what

to happy answer am I Mike. Sure, that.

successful the the their held you of opportunities Dating owned. Miami, redevelopment times shopping the of would just many we locations of business acquired have significant as to where transaction, with and advantage Aid plus those in the subsequently, have Winn-Dixie, Density. sale of So in at back, X the transaction Florida Rite X to were the our and further controlled, of and a slated sold potentially little a Most component transaction stores of that grocery the obviously, leaseback a investment, bit in center investment we the get able centers that we we as is at and And showcases, didn’t future now we is look X several when we within freestanding taken that they to is profit fact off that I a where doesn’t which grocer. a history that which we that where Albertsons bigger level the redevelopment on very smaller of center of the maybe Keys, shopping for acquire same their X past. point recently, well freestanding pretty had sort asset shopping

So presented get in of opportunity look would lastly, just this strategy. when bound in the TRS, in tell centers grocery were it’s into itself, of seeing are we the distribution provide, in exit us to because in can’t the transact we the products much are I in the while our the market. of when substantially of transaction, their provides than higher for core flexibility significantly say And liquidity our desires. that too are we solutions are or them rich, I those economics retailers, cap real rate confidentiality, the able Rite the that it needs communication directionally, the that we can by of particularly you with we I say, specifics I constant some helping estate Aid are would maximum negotiate holding other period that trading here, which cap When state that it sort rate we look we is And that hold our higher California. this we terms at are of than our seeing at

am that selectively, themselves. ranging like a suggesting sort opportunities do take of to opportunity, is not present So when I but advantage those wide this we

Got it.

as retailers where out you sounds sort heading and an some that like take are this as transaction thinking we opposed leaseback industrial down and industrial be sale – carping So some now the trying Is of to assets. it transaction of about going the path to to should fair?

Yes, exactly. extended There is is zero they sale an time. that landlord leased period It obligation of leaseback a have for here.

So, locations. opportunistic point an that those any a really just sort we at time. be involvement in operational in investment This don’t of there anticipate was will

Got it. you. Thank

Sure.

Our from from question Scotiabank. Greg next is McGinniss ahead. Go

good Hey, morning.

compared volume nice was leasing the up like compared releasing it new down but So to year, see to looked to average. that the last the XXXX was volume was it

Just of and curious this how pace were to of drivers at renewals compared average? what historical the that the XXXX the point does

This It’s thanks. Yes, Dave. is great a question.

obviously, for So on the of impact was some the vacated. those tenants re-leasings, that

down that result So a drive of pandemic. the little would the a bit average as

to the options when the coming forward I rollover look But you the are some XXXX, Obviously, is renewals. into years. sheet to foot more but think we being still both lowest as the early. square exercised we As schedule look beginning relative ‘XX from that well as are see continuing good it’s importantly, for February, rent at only in we per of the momentum at

the tenancy so room lift see run to the options on should go mark-to-market and/or we spread as that those, side, renewals we secure as the when of forward. us on we is of opportunity give so the And plenty exercise additional they there some

modeling that thank primarily more for should QX potentially to adjustment basis number? tenants positive. interpreting that cash you. or but was – rent appeared this Okay, Does the maybe $X paying me, uncollectible one be million more rent be the just in reflect we a related, how And

out there. Hey, Greg, it’s Kathleen. I will help you

you the there look are line that items together. almost three need page, at to really the So if you take

So adjustments tenant really sign way presenting the to with for or up abatements. line basis adjustment together rent reason the cash that adjustment total the income rent the is. and primarily what that P&L the potentially then are signs the rent to come impact we also that abatement, the income in is And opposite

that, come looking are the potential actual abatement abatement thinking see reserve a a in line you through adjustments. reserve. reserve that take flipping So And does rent up the a with for there reserve and future that on tenants but that we our general put previously the on at rent is that occur, have it uncollectible then we line, abatement, will we when would is

So, really, together. overall the it’s three lines

the just it’s tenants the of not it’s paying abatements? reflecting So cash timing basis rent back then,

happens, Exactly. reserve yes. The timing of abatement the actually the was

Thanks much. great. so Okay,

from is ahead. Michael question from Citi. next Our Bilerman Go

again. it lease spread narrow about Hey, widening to and good Conor, morning. you the before talked occupancy likely starts

So, bit and can between the leased the throughout occupied you year about expect cadence a talk little space? that you

before. The saw And Dave consistent flowed, to. side for demand never the is experienced our them have improving that’s of and the as portfolio year. and market we really essential as it lot up go mentioned by the between as the is to What what’s And small big pretty I available can assets on typically we of continuing, to we to I share physical their most spread side. going in well. that happy a improve think seeing as retailers Sure, continue that is of comment economic high-quality it weren’t through locating occupancy grab are really do change and was shop that through the think earlier. David anchor ebbed the pandemic

historically, more are wouldn’t eclipse we lot of there look XX up if today are noted open. think thinking between Glenn, about points hit signing if those wide I we because retailers two. they wouldn’t I surprised a grab. just is around months you And probably like I out be X were pent-up I surprised share at how really deals when basis be for market think this, to the demand, XXX are of before a they that. lot XXX we

grab possible they to that best market when that position share so now up And the are in feel occurs, soak market to reopening is time the so the like share. they

good So, feel we are portfolio, out like potentially high. really with all-time widen have we to shape to transformed the that its in spread

the a end third basis I to was little We a perspective. basis our spread points. points. if just peak of then think points. XXX the just year XXX I At basis, was And historic to was basis ended say, Yes. the you – going quarter, a On want the XXX about at give you little

seeing before you flowing. starts So are lease-up should momentum, basis exceed as we start coming it rent that I Conor’s leasing this down point, points XXX as the to continue, and those would back expect obviously, we

I wider Glenn, Right. guidance. just questions. having some impacts called follow-up and you the a And number. it’s the sticking it’s And I you to relating acknowledged with line sort appreciate and of you on think as out bottom

impacts the are line Can very be I are significant opaque, it’s XXXX I and it’s NOI and shares during in very impacts bad important to lot having of a provide figure uncertainty, bottom on XXXX. know occurred a debt? abatements especially the that to sort actually the almost ranges, have, XXXX think just just there likely line and is say, we I detailed line those side by you deferrals And you having we out, but variables. sort to all you And bottom number. in provide of can and number. of relative interesting it numbers then all given divide a there going XQ this us, just outstanding would that but know given the the in for did the components amount category many line of how more

do can don’t and of is that more after terms can on now provide the detail basis. a if it there those so or I both you you cash GAAP know in And if call impacts,

so don’t why know don’t I And provided. I wasn’t know it

can that? bit little a more So maybe detail you provide around

$XX little $XXX Again, million loss. world. a what’s guidance, to happening on the the there in tried you of bit million potential reserve I credit to Again, into flavor of is give baked certainly

pretty a wide have gap you So there.

except costs. as the Again, less financing You do going relatively what’s have for happening costs we’re are stable, financing on see I capitalization mentioned. to

interest $X year. and We XXXX. would million to million into baked have XXXX, guidance in the somewhere of of there’s somewhere So million. between payroll program, being million was and stable. retirement by $XX $X $X of capitalized capitalization between expect lower voluntary less a relatively about early of did G&A That’s also versus $X savings do million $X which construction create million offset our

what’s major is is in NOI we’d So credit there. to again, lease-up the drivers further work. you how as But detail be well happy on the tendency components. those the the the after as impact there of call. provide just Those have are Again, on, some further really much sitting itself

it’s and A clear you no really the the appreciate the then very it out and what the go-forward clear of the that very Yes. it summary going to taking when its plan to because up breaking component in opaque. is call, number are that being XX XQ there’s from and parts And ambiguity numbers throw numbers and matching bottom a in out format, I so having think all components about line created. I how number. It’s even

much Glenn difference here. from spread we really, difficult And is the have width credit the in the of And reserve, really, lease-up, represents is timing of million fourth the million. as provided obviously, on the based of $XX the mean, makes range Bujnicki. continuation bit high be, that looking of loss reality of where the standpoint. quarter the we of in NOI, it at annualization. I it it’s mentioned, Glenn have low the could And the just the occupancy range little $XXX as of guidance the terms end the quarter in is the Also Dave mentioned, or we past and end in the end particular where our terms really the between high and Michael, a reserves really lease the Yes. a haven’t fourth than the the

what we’ll breaking down it but in do neutral, could net we of terms So further. see

are We be and it’s things those back used items ranges, and some right? I think So onetime haven’t and been many times before, in carries for that them just so income think that those think to pandemic that wins of the just in allied and through, items investor stable. I community. state different went presentation buried right? more There’s impacts, the much I a are analysts would where in very helpful way have line having you So of

Michael. that, do to sure make will We

more in we guidance. have the the out walk just always disclosure. through there’s how we but obviously, there best-in-class with we are guidance that have of variables of growth a lot in cash flow. through show And pandemic, we came We the confidence it’s can to And the profile in you important think to terms

we can So help components. you the through

low to just closures that’s around details would I there’s or some want the just and that it trying totally who that line it numbers and at get be detail to you. of knows trying forward the have and get not your to Yes, bottom to helpful. mandated end, a And agree. – is the positive I in – Thank is

Our Goldfarb Piper next ahead. question from Go from Sandler. Alexander is

morning. Hey, good

now that into So I’ll February, are from to that you a year that were believe maybe picture a guys just in this. – are we take just Conor, active. hard almost bigger

You talked improvement, a lot about entrepreneurs. especially restaurants,

it, have rent look XX% So you as collections. at we a

You have deferrals at less than X% in the quarter. fourth

you seem at we public like also it are math So and right pretty it half make How but half you feel X% it, good is you’re going here, got a have lock getting residuals, on store? that tenants to credit? do feel be feel guys you be that’s to there remaining pay know ready that’s like because going you do where about like, or call call, it about like – to good? always all would your you scary we’re to you X% that remaining. the question ultimately, which folks – Do to do the will but about real X% which and sitting tenants is do The handle now, other let’s go those on of will tapioca sounds basically, a feel

And question, it’s if run-up stock have see at happened Yes. think that AMC what of them Alex. changes with pretty It’s I take you to look remarkable mean that it. almost good was the a I advantage weekly. one and

do still that lot have all by because still most quickly How of categories all can can are were get of you tenant, really things reopened? they questions off-line. closed. to come tenant depends those are a control. which outside that But to down hard the significant go to to they think full back are it Or And it that I so have And we are can answer that comes capacity, constraints. they quickly our how that capacity impacted on

if our approached lights at a retailer responsibility try we’ve is it. look our on, through it’s this it last to this last help to their when phase and hopefully, so you the them mentality this pandemic And phase make how this it, And has is, through kept it. of point, of

capacity best And trying so And staying of the they blockbuster that done that’s can we the Kimco get into everything that in, that put make round, And facing, they to a a breathing structure potentially navigate can the them forward lot way help retailers with afloat. account that funding a really those takes by throw hopefully we’re room give is approaching the it constraints and is it’s foot tenant PPP luckily with make at approach it. it’s category have it leases we we’re to But tenants movies. if they’re through. tenant are big their work that to that the to the to these that are have that waiting partner sure product them

our that components really are our feel make things feel like and come comfortable these all it. job the up disclosing that that range to So, assumptions it’s guidance exceed to we

basically, that those have picture, their Conor, big picture some views you lights must lights on the are just big or So X% outstanding, so people’s But just remaining. – are all X% a some half I of on mean off?

Dave. in this a is man, add can I little bit Alex, here, Yes.

that a of in to process through deferment does we papered. not deferment them deal on to vacated, be mentioned, but and just yet closing, January, date, and Conor that the which it and start extending say go had or out working say probably not start date on expected. could so business West they cut early dark originally in vary are a terms they’re now Coast, pandemic we and their as impacted where on in So it’s that out could tenants work We had in the a the collection more than they with themselves second be uncollectible but their

of situations. uncommon in some So that’s not these

get are While working and in parties center, both to what we others, agreement existing we within reasonable out redevelop their that. parts negotiating of some a additional lease where we flexibility reposition, would still are between make the

ongoing or the I that assume It’s tenants just an by dark any wouldn’t vacated. with that and So is that they they not X% means, take are dialogue there. it

obviously then And the with plus Okay. or rage, is, the a guys question SPACs have business. you all second success the

Simon how are views – capital could SPAC see your that you you therefore, of Kimco free that’s really positive up that what is raise pursuing? raising where Is are So you’re because or to doing? would something something a similar outside you actively not capital,

So Alex, good a it’s question.

think, I every obviously, a day. there’s SPACs amount of crazy

then shareholders, what’s balance versus provide on are real separate of that the of position If What was strength and look to to entity. sheet you a do to really we looking needed outperformance of that because in to on June, eternity on. investment drive was in business vehicle. blocking dislocation was our our opportunities, earnings and time look take we exploring an the like we extrapolate because core when a you from to rich, that we estate like effort focus focus and their elected our there. lot and of Then then retailers growth, upside drive continuing press focusing We for to that at a our on core a were there And going what’s tackling Kimco business. our ago, remember shareholders going you liquidity release did advantage back do focusing an can we it sector seems for to which believed and felt

Okay. Thanks, Conor.

Our Schmidt Bank next question is from Go of Craig America. from ahead.

grocer that XX previous us mention in if other wonder stand? you. Amazon could those for negotiation. I were opportunities you calls, having On opportunity Fresh. update where mentioned over you’ve the currently Thank an Thanks

effort I’d all LOI be new vary opportunity regional progress, say as grocery of the all others some legal and non-grocery QX either the ethnic conversion XX on demand it’s be really the seeing three Joe’s of drivers grocers negotiating to stage of teams our It to hyper-focused this, opportunities forms the H overall the market an locations, to all of these their mainstream, But share whether lease. whether the value-oriented out, to existing actively exploring various in over our also from Craig, to Trader early discussion. we’re are – the negotiations backfilling more with in does the of oriented and We And And of Dave. grocers at opportunities are that to some Sure, the Mart, grocery. it’s Sprouts, could or they’re it every each of come increase specialties executed is in grocers, and in all expanding really fall on. Ranch, it balance population quarter a of sectors, the all markets.

been by So And we’re that encouraged conversations focus. the by we’ve operators. having of with each these

have we – as to in really this see our long-term today we the So a grocery. convert than goal currently is

you that what looking know what is openings? projects finally, it’s looking then versus is at Boulevard, new those regarding open? how at scheduling just Do And retailers are existing leasing? then just And I projects And XX%. see Great. the percent of

They and history. fleet’s October I Sure. was opened. The the in It opened in Boulevard they of an actually at believe Shoprite XXXX, opening. their had incredible biggest

a into on So in first as shops summer tenants And will The of that ‘XX. are fall go what the of ‘XX and we be by half long-term balance that ‘XX into then the well. open the through then will the this success going year floor that the small complemented Box the first great the in to of was sign second of as Junior Boulevard. scheduled of see

projects real at for projects, and the quality demand seen there. the they existing, through obviously, was and relates it by what We’ve look that’s the as new And activity us, is you existing to for portfolio, accelerate. So and of Boulevard we’re and starts the quality on on very planned, encouraged of themselves been demand currently portfolio. – the speak the drive as and we’re the between focus for that. and core our track Adena when estate And to the coming pandemic leasing unfortunately, the the both we’ve through

you. Thank

is Bin Truist. Our Ki question from ahead. next Go Kim from

morning. good and Thanks

do of we kind some about curious of from talked What just cadence expect the seasonal of I impact that should first guys see more the you So think you’ll little in quarter. XXXX, but was you with kind bankruptcies?

was So actually… far, the this we that of detail. sort in of haven’t significance was it last back I any of can comment Ray experienced a was the quarter. bankruptcies whole I think But on in, bankruptcy really was think it lot back

Middle of of November, middle November.

November, Yes, right?

the of we’ve happened for was obviously, radar, with December. themselves have our that’s And Go actually up now. they gotten some all creation on filed months ahead. the on by basically and Canter the breathing bankruptcies came room. but AMC And had no XX in middle Star major market, November X

we So just of but some monitoring the right theaters, gyms, to now. keep of they the this movie seem out be coming

to and going just to sure higher I exclusive. or each maybe location if inclined And mutually competing different just mutually others go those lower was a centers quality high rent. there some spaces, know week quality lower some just be a you But level. Okay. is lower target your higher after curious, aren’t you And high-quality this two curious I’m quality, have exclusive has are And ones? is situation. the also I rent I high know is with have with that not the rent but zone, retailer speaking, Theoretically more seller

Yes. there It’s retailer’s – are decision space. factored variables, a I particular any into take so many guess, to

significant Sometimes one of that a there their retailer demand in is has existing locations.

looking on so for one pressure of release some And store. to valve a demand that they’re

that look format maybe available. was a our say, they grocery, they’ll will center, at, take So if for smaller in

where street look while across book-ending double area with it the trade look down another. saturate they’ll one a at productive markets, others has in look put and to people multiple they a almost Some Ross to stores. strategy from their will – higher stores

with discussion been strategy what on grabbing done terms and where just fleet they really of share. they mile. whether it that really are it trade ongoing, I depends curbside, it’s and pandemic, lot have complements is of areas a accelerate, So BOPUS, And in their think it’s view distribution, the last how the how market

so those retailer And within conversations ongoing the are world. ever-changing and

a make And stay always want view us or to that may it’s close to and upon sure market to out. benefits. knowing vary We that our change so we’re very them, a site to may of very, their incumbent month-to-month,

It’s short, get long peg to a So just really variables factored one story that number attributes towards it’s and it in. hard element. of

it. Got

and retailers that accessibility as the would are factor. convenience focused I also say on well appeal curb the very as the

usually the EBITDA retailers. for profitable So very our major four-wall is

focused really advantage up right are their able get and being grabs, think, upgrade some estate. I they weaker not they’re where and now, been of that’s market making for right the have the of to real quality. some the coming sure they their are on flank And necessarily share in they so And taking portfolio of, players defending

a investments at centers curb Retailers making Yes. just show our we’ve of capital extremely looking making factor in make it’s idea themselves class service does and to customers, to same those appealing And But into also well the to landlord appeal. amount, are I possible as landlords any that point. make – more are X given which as as long-term, would tremendous invested which our can thing to add actually sorry, well their Conor’s market, it highest well. continue customers. sure this that as And that the the we I mean sure really in are represent.

question next Our Capital. from Juan Sanabria is Go from BMO ahead.

excellent you operator. and pronunciation, Thank

worst income a And going curious flavor the more Just FAD you’re, as to for kind on guys as least, if at it’s part how of given to readjusted? case, with me guidance? about of correct comments FFO forward, wrong, NAREIT little think AFFO the how I’m your give your bit regards dividend you taxable the that, could to relative or if

where level our to Well, taxable us would the payout at in income. right be we’re bring at for be most And a as ratio. mid-XXs part, should least, that to around the really a probably dividend, AFFO targeting the

in So the and see sorts of where kind to a the it. you dividend. income, tax it once Again, and are strategies that’s the look with the our for manage we capital we quarter of the we of obviously, But leasing reconciliation you keep think declare TIs commissions continue that’s FFO CapEx, it our where and but all can first that’s get is. we and again, between have board Taxable on again, difference to AFFO flavor I kind that check. of target better meet, and spent

it you. me. That’s Thank for Great.

from Our Go next ahead. Tsai question Linda is Jefferies. from

Hi.

and markets there so regions better In white? you’re where this of opportunistic terms were it disruption, black is restrictions of seeing are during where not or staying opportunities, specific maybe time like lockdown stricter

hasn’t in nature. been geographic really It Yes.

it’s individual specific circumstances. very think to I

have some that see specific needs for talked maturities. their or So it’s a have we previously, capital we about bit to opportunity started whether owners as little from assets, additional debt repositionings

geographics break of wouldn’t So I owner sort of in or or down is a necessarily location, terms a of of property specific type. terms it trend investor. individual in It that circumstance

space earlier, this seeing fitness for said are demand from you I you Is Thanks. entrants? more that then And think new ones or existing from guys operators.

quickest available. appropriate usually is coming demand value-oriented I price I operators, come I’m a markets or expansion servicing pandemic. With into and they that brick-and-mortar the been trends start. providing at sure see that the centers see Crunches The The developed to the point case. opportunity. online over Obviously, we’ll from through the that then emerge probably walls, that think where previously where and will think those boutique of always forms Planets, of see enter we’ll the here otherwise variance all of the opportunity That’s also the app their weren’t fitness seeing of the combination again And to transfer the We’re I’m sure that, they home, a that pandemic the four it lot see is World, of together. of and fitness out as

Thanks.

Dijkum from Point. is Compass Our Go Van next Floris question ahead. from

to anchor more of do have lifestyle look portfolio. my your had and question. Thank that centers, the may value is maybe buying land Dijkum. about guys grocery how that is centers? looking and at your rent ground opportunity doing you’re lifestyle about think within centers undervalued? anchor at value those grocery And days? And Conor, be to And these about you about being adding talk taking grocery the anchored grocery centers. at What also you Thanks interesting the comments but you you. – components? indicated for relative Van all versus seems anchored how looking existing one talk obviously, have do No deals, obviously, you about also you your some

outlined. good question, lends you can up stores, a which, of the When grocery-anchor opinion, foremost, seeing and It’s rate by big itself when demand Dave led we a It’s the categories we’re that just Floris. we that leasing interesting. risk-adjusted being boxes different versus return And from There’s lot grocery is we have opportunity, difference the don’t. a cap the all see it’s, have my grocery in to today. when to grocery you best a products first find

deep is. these to relationships that’s we so these are focus looking our that And retailers expand. have with And where

opportunity think, on even pipeline wherewithal asset. a want we itself can the there a that that we the take we have assets don’t in the necessarily have up buy that may of close to we so to that component, but acquisitions have and connections, before of. sort grocery to line I grocer we And And we lend Where as that of have, advantage well deep future.

does that’s cap does spaces, traffic cross-shopping and start it that So secret It additional the in rate. some rents surrounding some sauce. to compress generate usually higher leads flow, the the to

You want to sort of for without it. get that paying lift

encouraged So we’re what seeing we so far. are by

sort loaded dynamics usually restaurants that entertainment, from the got like it’s organization. focus of On with Lifestyle We across and feel think the percentage question grocery hardest anchored, your have lifestyle those between lifestyle, rent If but to strategy right? of of like we second is and leases the work driven. and most about the lot pandemic, hit there you do, heavily a the are is and

and live sort of success breathe your the of with retailers. you so And

are. you’re is, of the days, in taking so worse best And on chin they the today it killing and it just like you’re the

themselves essential lifestyle one So types opportunity the to think densification you And just to everything value. maybe but be or can can defensive. a repositioning not those lifestyle pool some future of lend we sure we to we’d them can product of I not playing a maybe add underwrite there I’m But that a of of to anchored portions work. centers, it’s underwrite and there’s where centers very to through of unlocked for like think lifestyle volatile. get if is sense grocery center entitlement correctly. It’s in very be we’re it going

it value not platform our and necessarily shareholders. can real the really where the we try best there judge blanks way unlock and has look but today, our comes late. our we it at as should go that value in on that that’s and So and estate like feel use the just what highest and envision sits with be then And have for team

the estate. we at And way so that’s real look

and your this. that. in on portfolio can Thanks. terms ground Ross, Thanks, maybe comment you rents And Conor, for of

million rents. What tight scale realize about some I on $XXX really a that the think probably these and transaction market. rates of I mean something you larger like have by those days of are underappreciated to doing value? ground things the cap

underappreciated some our that exactly have I assets. for The of of is amount within a is of challenge the think significant unlocking Yes. No, we value product. best that you’re that that mean, right. contained I that is would

some the best our assets. a it’s high a of investment-grade is ground freestanding thing one ground contained within of tenancy. to another So heart with have It’s credit rent that when lease

want the obviously retain our to of the of to future best we and much create and acreage enhance control opportunity. So assets as GLA

retain certainly know been because those that objective of be greater. to there we’ve So rent, But that could and is leases. many cases, to lot in to day future in one into and approached, that is large value underlying continue significantly our those, the we a turn that something value are lowest parcels

Yes.

have, we initiative I entitlement is other The mentioned, as side. on the

estate bodes we’ve And expand XX%. number leases, continue of start that to from of complexes now unlock I more to apartment ground the the and to to value, future of which coming our I is real on that a think control percentage think over help done that ground well I also leases. ABR think do for

can of potential be? quantify the what you of under could Is complexes there something rents any apartment like future sort ground

a did far we a some extrapolate the lease per so we valuations We disclose on basis, the and start you the to good help on there ground unit done that like can to we’ve deals barometer you of supplemental, future. feel and can on the entitlements start for that is

guys. Appreciate it. Thanks,

from is Go Capital Chris One. question Our ahead. next Lucas from

at the would this policy, Hi. guys. I dividend first you Good back I a morning go if have declared to guys Normally, just quarter dividend. could. wanted point, to

a going Or whether Just relates we the curious to run going little So getting just of in announcement out it be much of the kind sort Should is to be future of you’re to paying paying sort as quarterly as focus lumpy. could minimum? on taxable to interpret dividend rate? be the and first dividends. it year-end to really

Chris, no, during quarterly we as do didn’t we’re always to dividends and we XXXX. even dividends planning – we even have, quarterly did

timing. we So suspended temporarily we the it shifted and

dividend income. this plan first first closer that be do and with I And we’ll and our we will to mentioned, will the the month meet to reflect a So dividend the quarter it as for declare Board in normalized paid have, quarter. level later more taxable

normalized from. able we a something be think I and So should grow you’ll over that, see time, to level

think first the was pandemic we quarter the announce since do see the And logical. before midst door coming is really, dividend. we collect, that’s focused we that’s the Yes, we what still, in just the we’re what on, Board Chris, through rent dialogue for of see the the why I with the don’t when

– the amount. really that’s we elect what a of way understanding have before we think I terms we to dividend in

Okay. you. Thank

Green Rojas Our next Paulina question is Go from Street. ahead. from

Good relates health last what as your Are Also, of performance the morning. much? of of way, Could of program, your assessment advantage Not you please meaningful PPP round tenants you these your small tenant worried? of so provide particularly opinion? to resources it is broadly an update a the on your more in local Are taking loans? assistance your speaking, tenants? in the

that good the align engaged tenant with have are of program, we details the seen of with assistance navigating we funding have the already terms hundred that our We in couple best-in-class on engagement The round. program. PPP partners a really, –

$XXX I correct wrong, I’m think or was me million Dave, it was if $XXX – million.

it’s I million. around think $XXX

$XXX million.

obviously, our and far, So it’s our been the them small to much think we so able good, of capital, need but make the so I the to we And was access bit to is process. see, waiting do comment give they’re want to how capital. time there And at then, Dave, funding this that in are point again, people a little access fastest to path it mission that get to possible shops? you sure that to about cycle,

speaking small basis. Yes. With on we’re them to a regular actively shops, of our each

the get on but that while in and than have think, we to footing make we want those to and deployed closely is to the end of example through they great to to really ourselves a them need shops continue lifeblood the very Some tools no their help redeployed we sure best came surprise, back build second so the with to additional and fairly the are round to assistance and provide of the pandemic we continue hold the continue that TAP to resources That’s others we all provide best needed of anyone, thrive they’re one on when that to position to the small to close work struggle. resources the early modify and we will as on done of well I that that this, continue tools back. business the through

And think heal? categories longer you then do impact about that your changes? permanently And the to distancing see temporary you thing a more there that take will opinion and tenant trying tenant beyond categories this measures I’m will to pandemic structural and this such, social second think know damaged? are of emerge any from question do

deploy the I BOPUS, support those overnight, just and conversations trends to were it’s that we’ve are I that we emerging, out pulled that. think terms to pandemic the Well, efforts forward. COVID had etcetera. catalyst infrastructure to the It are prior for curbside, and were whether think These all build essentially, years And several pandemic. required in structural of again, changes, already to

fabric I’d improve of expect whether So will that with to to that retailer is continue it’s and just is to understand will return and business opportunities, the always social it’s engagement each we And these or as the back our are into modifications other how we’re case, to invest the strategy, but the with emerging. those built how create that’s customers consumers retailers I efficiency points that think the hard as more sure to centers. sure shopper and to it wholesale to make for changes new opportunities where tell. create both customer. that important they for time and important the us, it’s give touch their really behavior of retailers It get by really us to is and does for best resources the to well end the trends landlord, as And make just desired retailers necessary case a engage location with

Thank you.

our now the like back concludes Bujnicki turn David closing session. over to would This conference question-and-answer I to remarks. for

participated to the today. care. wish Please be during on safe to take continue thank call want Just our much you everybody that I this and best earnings so season. and Thanks

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

disconnect. now may You