Kimco Realty (KIM) 27 Oct 222022 Q3 Earnings call transcript

Greetings, and welcome to the Kimco Realty Corporation’s Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, the conference is being recorded.

It is now my pleasure to introduce your host, Mr. President Relations Vice Strategy. Senior Bujnicki, of and Investor David Thank you. Mr. begin. Bujnicki, may you

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

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

Reconciliations help measures Investor we During of understand Kimco’s may measures this presentation, our Relations management results. that these reference to financial in investors website. the better be non-GAAP found of certain non-GAAP believe area make operating can financial

our our were the need event and we’ll the we’ll information quickly as call resolve website. in to possible, if difficulties, incur arises, additional post try Investor Also, Relations to to technical as

over I’ll that, turn Conor. with And the to call

guidance. navigate Glenn also Thanks We’ll transaction metrics will the on what environment. we with an our appears Dave. then uncertain our update be challenging off plan with our Today macroeconomic update strategic to close I’ll a financial update strong as market, brief kick things and and operating fundamentals follow and with on an

First our results.

and continue continue suburbs major shine. first to talented of us changing assets, benefit quality of metro last to team the environment. supply These validate prioritize two mile and Another shopping high that open of air, continues our and quality strong continues to ring, will and use positioned our retailers current portfolio as in portfolio The quarter and good Kimco external grocery ever centers regardless landscape serve constants demand our mixed to each markets. the

basis XX.X% points rata net year-over-year. was points points to occupancy total flat to occupancy year-over-year basis basis sequentially up up XX XX.X% due ended finished was was up XX XX XXX basis Sequentially, and Small shop occupancy XXX points basis increased to quarter-over-quarter positive absorption. up pro XX.X% Anchor year-over-year. and at occupancy and points

which in Massapequa, noting recent with but It small Island, these We overall quarter, associated shop been would XX and vacancies two for is that as XX occupancy acquisition have our impact up point have basis and points upside small Fishtown, properties. the some a Philadelphia anchored vacancies centers activity shops our of at worth grocery this basis of Long all had on small view on vacancy. leasing XX future shop these

totaling new During quarter leases we the XXX feet. XXX,XXX square signed

have Our our including the Bath a notable & Bed many from to mark-to-market XX%. lease that in Beyond XX% Beyond XX.X% of spreads of value in a which embedded indicative upside Bath new rent vacating and a Southwest, This is older were with driver. Bed Burlington boxes former leases, the replacing ranging

decade, and a to targets opening virtually their new off it are the boxes. those have With meet dominant in variety no been a already event supply aggressively finding and our which In able tenants strong interest Bed difficult credit these have backfill candidates to such new pursuing players showed we as Bath Beyond spaces, of omni-channel are recapture or in over of have we opportunities. retailers, grocers, store many price

we continue to Nothing heightened more accentuates the the balance supply and than demand levels and experience. attention

totaling feet. X.X renewals we closed XXX and quarter During options square million the

this quarter XXX third and X.X% quarter quarter and the We only at almost square renewals for lower is at vacates reported ending Third options which X.X%. feet XX% vacates. renewals average X.X% with were five-year totaling options than spread historical XXX,XXX

totaling we feet confident our XXX base third the a at battle record and to million that X.X quality with the was who square Kimco demand, a endured continue favorable remain volume with tenant quarter monitor of higher are the and a deal have of the quality. have Overall deals tenants X.X%. combined Notwithstanding tested pandemic spread credit

potential environment are We current behavior. inflationary of consumer the mindful the and shift in

we already in I to to enable not experienced combined. have us than with decades that And years Black of priorities cycles, component last us these easy. Building multiple highlight a position Kimco has is With Swan business and long-term to in our on mind, a occurrences critical always we put the At our continue starts multiple value. five more strategic our in for outperform. which frequent that believe a strong once in previous success a we In all in events, events our focus and creating it navigating want culture. seems team will lifetime

diverse prioritize have and and understand fortunate allow it energetic patience resolve to plan integrity. team that executed. to are be Directors seasoned, We We strategic takes a to and Board our

focused right best embedded through building economic Having highly and out be for culture right doing essential rewarding. on team. as the can thing the cycles in the is weathering people adversity We’re together the we are and unequivocally working laser

have not efforts building gone unnoticed. team Our

work in nurture pride only by the voted and company are as as place great serve to elevate We leader a estate continuing employees. a industry. the in to our Kimco culture We award real to and take to in the public proud receive be sincere

Another needs unique opportunities out a financial like liquidity, always provides to us those find relative in is opportunities. which generational be it others, enabling distress a and to company of moments has seek advantage a to When in top strength priority priority real Kimco estate.

fixed diverse a benefit of we free credit, from investment flow, sets addition, of In ample large credit debt and a line grade base, maturity is cash rating predominantly that which long-dated lender apart. profile rate, a an Kimco amounts

position. liquidity our already boosted unique A Albertsons partial recent monetization has

ACI opportunity forward, As growth have we’ll shares additional opportunities. move reinvest we to in monetize the and

on which open-air shopping competency, to market located entry plan grocery-anchored owning markets is core high below leases. also centers with in our barriered continue We focusing

while defensive to in continue anticipate environment offering These level. the sales based being able characteristics at our asset we Importantly, outperform to notwithstanding. with offers This traffic, improvement our opportunity flow plans. simultaneously grocery-anchored necessity how ever is economic and further include to cash re-merchandising proven ample changing portfolio the execute

are continue And finally, for value. use opportunities its long-term patient wait Kimco shareholder to we platform and for can unique to able to which create

the to look capital the cost a that We we landscape of of and investment weighted make over are Kimco help at broad positioned average well to will our invest sure opportunities at spread long-term. outperform

over turn I that, will to with it Ross. And

good to few busy importantly a changing we on ever of take and of Conor, the morning. It’s well ever you been Kimco variety as a been market as conditions. advantage have potentially Thank is positioned months but fronts,

the to With us continue bond liquidity recent refinancings be positions partial opportunistic. and monetization completed, to Albertsons our

we on front completing the On in mentioned, began quarter previously grocery-anchored three Cedar Pennsylvania. acquisition assets the in the grocery-anchored addition the participating as of to two transactions the assets loan by portfolio from

sales Kimco’s of parcels core Select portfolio. activity million centers venture with share joint consisting partnership. the and a KIM’s of shopping assets assets was XX% the with demographics venture highlighted the assets that our disposition QX million. exit land with by of $XX venture legacy included the continued of with ownership five from remaining Weingarten sale several inconsistent in joint included These nine and $XXX for of two

repaid Kimco quarter, was the in Investments investment the loan formation in during unlevered on XX-month the we Additionally, of that that Structured full XX%. XXXX. made mezzanine The on was first the since Program IRR

a rate widening interest bid and slowdown the rising environment and led progressed, As between on the spread quarter the a to market flow uncertainty deal ask given buyers overall sellers. in

majority have have transacted delayed were of been exceptions for deals pulled XXXX all financing or plans market the until assets finalized. The already this on summer A committed that put that either had are were together. not sale

we the of For have of strong being dispositions due liquidity price the minimal Kimco, strength and planned given our have luxury portfolio, to sensitive position. the

we of and prior were execute by remainder that a committed dispositions done year to As end. we at look expect few the on in year, get should months the

of confident for properties. remain our but excited fundamentals companies about with core and our retail the capitalized advantage strong Looking of the that well XXXX, about ahead taking dislocation business conviction to also of open-air prospect we portfolio, favors

enviable the the on quality unique capitalize be capital the in XXXX disciplined stages and early to should and in ready the is This premium pandemic real while not at XXXX, judicious we case and us intend liquidity rule. to of returns allocation opportunities. when position As to on the with our outsized and was exception is enable a our capital generate estate

off the to I Glenn prior will the to now quarter. for results financial pass provide

site that the NOI kind had and Thanks Ross productive another leasing as positive well We same through very quarter strong walked as of activity morning. highlighted growth. by good

maturity addition, a In liquidity. our our leverage level high have profile and maintaining further we extended while metrics of improved debt

and stubborn rates, predict While we the inflation consumers weathering and continuing to can’t it rising future interest so impact. as retailers the are our far relates

The $XX.X related costs Weingarten million diluted by from million per higher the primarily share some million in merger XXXX. Weingarten XXXX, for was favorably rata quarter FFO $XX.X This NOI the the third compares share $X.XX included results. details to $XX per Weingarten or which with increase our FFO, million of Now $X.XX excluding $XXX.X million share expenses. related pro for third $X.XX quarter was quarter diluted or on per merger diluted the driven contributed in to the or $XXX.X third acquisition.

million credit activity, XXXX. The reversals net level the in NOI million NOI $XX.X due million disposition included in also offset fees. from recorded loss increase lease from to core The was and increase growth, million credit the change by $X significant acquisition other $X.X of termination $X loss portfolio from

credit out reserves. we three prior $X.X have It XXXX is to loss recognized of of first income call the year million from quarters through of important reversals

repayment only terms although a third forward. in interest bonds not two Altogether, benefit during benefit quarter. was $X acceleration it that the million carry we the the the it will market expense, $X.XX from amortization of $XXX,XXX Weingarten the quarter In debt higher, from of derived of approximately FFO one-time early of includes fair

and rent redevelopment and basis of abatements increases last third component growth comping credit These reversals basis quarter. the portfolio level the were X.X%, If for same and have projects. Our a points. added were been prior another we would XXX from quarter. XX NOI significant as operating site XX.X% minimum The delivered NOI recorded Lower includes XX impact level the of This we added offset a contributed benefit same rent loss result an loss year higher year. by our percentage basis credit the of basis points. point excluded X.X% positive excellent is points site growth the against XX in which abatements,

proceeds The quarter, ranging hand along with sheet, new unsecured is from million issued $XXX million the our we XXXX to totaling unsecured all to to in balance during X.X%. which a and X.X% repay XXXX, $XXX bond, to coupons the remaining X.XXX% XXXX. with on scheduled used cash debt in Turning were y mature or due

We us off $XX quarter. our of debt also to near-term paid refinancing during enabled mortgage risks. all proactively address actions million These the

not profile at and our leverage We at ever $X with over level we under ratio investment, ago. Albertsons stands metric maturity X.X does look is net billion debt third a began Importantly, any disclosing just we had our rata debt-to-EBITDA now benefit issuances. quarter of include the of includes quarter a of preferred times, pro value average lowest years. end. from which our through venture Further, weighted our the this which since reported perpetual This have debt finished this decade share joint X.X

million billion Kimco Our we net shares in we which $XXX quarter, can end, million million capital proceeds. in billion [ph], sold revolving the approximately liquidity receiving million, the our for at approximately $XXX to end pay Based cash. approximately million $XXX $X.X of gain facility approximately credit of comprised Subsequent quarter in of $X and debt on capital which our on stock $XXX Albertsons nearly further and expect to be gains used the tax $XX XX.X reduction. million, of investments was accretive would available

capital this for note, their side company share the have a the on credit has of federal a pro the will As our paid. company receive pays an shareholders gain, rata opportunity the to tax extent to tax

end. year will We approach details provide we more on as this

to for Based account $X range range third previous value $X.XX share the FFO time our and the year, Albertsons and quarter range zero the fourth for monetization on discussed in the during fourth our NOI earlier. expense impact loss from guidance derived This XXXX higher growth debt one from refinancing $X.XX quarter, of year-to-date again to $X.XX. million, are benefits the new $X.XX during interest our our completed debt expectations the strong quarter, into the increasing to takes guidance credit of per and results site amortization, fair positive reduction to we market we same of the the

provide expense we of the the stack, want This higher perspective fair result completed, [indiscernible] past, refinancing paid have for interest when be higher have in the quarter our we the current Weingarten reduction with outlook on results. in year. the the ever-changing and As fourth XXXX. is report given we expect to recently we adjustment in million economic $XX landscape, we market from said, off, we the value associated That our bonds plan debt interest to rates coming higher to the provide rate. total some Based global XXXX our

to basis to about the per items revert had continue year, Instead, likely of historic expectation norms credit reversals macro loss to We points million in with recognized not XXXX. we repeat which revenues an In loss we given environment. that $X.X expect XXXX, XXXX. credit XXX XX to income in will deluded do expect of from one-time towards we share we of $X.XX initial this uncertain don’t

common year represents and of the Moving third fourth an $X.XX range, new guidance our level common raised per quarter This over level the per on a increased on $X.XX of quarter common and X.X% quarterly paid share. the $X.XX from of per previous a XX.X% to our share ago. share Directors increase to has Board the results our for based of consecutive cash strong dividend dividend, again

or from and cash dividend are Xth, cash as maintain dividend we scheduled Albertsons investment expect of with free stock for distribution million. either taxable partial to to requirements and as the or benefits satisfy before comprised over reductions. redistribution $XXX common and recurring to cash line million announced we which in retain include continue of amounts and not from we proceeds receipt, totaling a November dividend expect CapEx. after operations of of estimated on receive declare do dividend, debt income We Albertsons a cash special retain our annually from special $XXX level and to to receive flow stock possible monetization dividends the Upon a end year future combination the much These

Kimco to team acknowledge shareholder value. the would and I efforts again to Lastly, like all the they do and from commitments create entire

your we are And now questions. take ready to

comes from Goldsmith [Operator you. Please ahead. Thank with Instructions] The UBS. first question Michael go

a Thanks last my for Conor, qualified taking with Good cautious quarter you lot results morning. question. the optimism.

demand how to so recognize change change tenant years? I different in posture to to challenging. trying lot This been in tone overall your kind talk of quarter their you’re you in the have market was And Thanks. described presumably as types, have you XXXX uncertain tenant thought a upcoming of I’m just it’s understand Can on the process? store to Has are starting any about market how the conversations and about the And openings. there tenants seat seeing may and and what translate in that evolving?

It’s a question. great

we about continue we you for our poised positioned when think portfolio think ourselves growth. think to is how I

optimism And so is our shining team remains the through really portfolio see the as continue and strength same of path previous on you our cautious as our quarter. and results our

On the the horizon, uncertainty. have clouds there’s macro on side, darker clearly the more gotten

what may tone challenging to be tried of we’re scripts flashing come how for sure prepare on for environment. that’s think you where when those in types And to you warning preparing could need earning signs, the make So focused outline I you get a what exactly have next. our

part, has and we’ve and the portfolio tested good battle been a is the transformed. part Now good got the team Kimco for very

the demand the dynamic and consumer, for Kimco look weather at to portfolio of Kimco we like convenience the you when good feel we resilient a value and supply any next very year. come in storm that be because offer type component, should and position So we

ways at when the in out looking the lot the and might ever retailer’s have demand of not most haven’t demand and the they overall, They’re a you be already of for environment supply. deals So device pretty slowed we’ve seen of depth a XXXX those still of best been look solidified. is retailer the this has point because leasing and the lack by baked XXXX down. in There’s there commentary and deals lot much retailer of this of already open breadth changed.

Next question comes Khanal go Samir from with ahead. Evercore. Please

everyone. and the light over on seeking the Albertsons that morning Thanks. Maybe Hi that elaborate let’s XX that of in your you’ve of potentially you of monetization opportunities set done? say look recent Good months, opportunity Conor. comments strength. of opening like In next given especially your what statement about kind financial XX talked kind even to could growth

and a With we our are to, point liquidity Clearly well. as you nice look it’s got pretty can come landscape Ross already positioning unique a happy We’re when we’ve in to banks opportunities back. pulling forward. of chime into where

lot not done. of You’re bond seeing deals a getting

You’re a floating that’s lot coming seeing maturity. to rates of

signals coming a That dislocation of take if you lot much it. powder, pretty distress some or can of dry type where seeing CMBS maturity got typically advantage You’re up. of you’ve

we look acquisitions been our the the is to hard embedded preferred have when core mine we markets continue med set to Those little to where the opportunity bit found clearly What love on we cash with So on come buy at we’d unique unique have our for in opportunities, by side those growth in flow. of a opportunities. more structure.

again that starts have the nice capital tightened get as a opportunity focus come may acquisition the capital opportunity may on asset. for to that in to with higher next a that up. with We that get [indiscernible] And a us future is be to door a to year think return continue something foot into that

are attractive most these our the where a ability have do and now to deals. in lot of we Yes, environments ways

onset Just exchanges to in money more at fast over looking that this the back came and were the we pricing challenging to the XXXX and XXXX investments lot market pushing I became opportunistic all that of point. early accomplish months that’s the we’re some of that, in XXXX, much pandemic subsided unique as XX able really recovered. think A really have last

perfect a there us structured think back find So to to we and really attractive some ways environment the investments. will XXXX in out go be of lot for

we lots a have hang an bid may in interest have hoop a to do conversations and acquisitions of to Conor opportunity. We lot the continue have be core joint consider and mentioned, see the around of to as given do owners all our while And been quickly that brokers partners liquidity position of the monetizing next selling environment. has we’ll spread on open venture have late, in And with that with who our wide of with if move the ready and year. dialogue may choppy

Our [ph] Bank. with next question from ahead. Please comes McGinniss Greg go Deutsche

morning. Good

line remarks, that in much Glenn, with know, from shared cash to in goal your proceeds, you as special Albertsons your a on how kind You cash of might as as much the you dividend? push mentioned ratio retain possible opening

didn’t just I can last it. repeat sorry, you hear the I’m part?

much versus How distribution might you push special the the share on cash dividend?

it Yes, still XX% minimum we do It’s of that something so go the to There’s over requirement cash. a haven’t with in Board. to we finalized yet. need a

stock And going full it’s cash as it relative rata issue try much shareholders the finalize -- to shareholders. as since would can. it’s role we and -- that dividend we we’re retain may will over the range to again, but time, I mean, we So of ideally amongst any pro going we’re fall

go Capital from with Juan question ahead. next Your BMO comes Please Markets. Sanabria

and morning good thanks the time. Hi for

be the Glenn Just a for question on guidance. may

from FFO? comments apologies quarter I you’re the can give fourth the you curious part about what on I if FFO kind but as X% of on the commentary then believe positive. year-to-date, it being driver NOI the guidance, think if you’re holding same-store you the is that missed more just perspective I of for an And it, sell walked just implied and through

of you could around give some and maybe puts more the So same-store NOI. little for bit just context takes a

first so Yes, guidance. the just on

previous raise the level. as So we $X.XX $X.XX mentioned, guidance I to didn’t, did to from we the

are of the quite end candidly range. We at the upper comfortable

So that quarter. would fourth $X.XX imply roughly a

that the mentioned, one of a I market $X.XX did couple came quarter of amortization million As the have through fair as LTA. third about value time in

as at So relates it we of upper range to end feel comfortable pretty the guidance. the

site in the to quarter be So close on I us where that, won’t going range, NOI in you probably the probably X same percent-ish in we’re saw that say range. third you know, to

at when we it significantly a the really start to XX think You be points pretty come from of I and you I time. again, where tough what close credit think of income as more something mentioned, we but come the quarter. over are all has loss having up credit it know, back seen look where we I will said, at to Again, and pretty whole, line basis to against as comp down in income look that it third revert together of with previously, over we’ve you’ve we’re XX%, saw the loss end towards loss will credit

next Haendel comes Your E. question St. from

with Please ahead. go Juste Mizuho.

morning. good Hey,

guess Ross So transaction the side. on I one for maybe

capital Given acquisitions know maybe on When curious I during on your I here was could early what on Thanks. you you rates. occurred they’re the And you quarter. you to need cap rates pay but dispositions the in quarter, here? transacted your some see terms think where then us given in moving, more quarter where your probably activity higher give those the I of those perspective would cost cap rates then curious, in get of to and cap active would today?

I cap target a certainly mean of a moving environment. this Yes, in rates Sure. bit are

a as have of don’t has they go a little rates lag rates necessarily While pretty dramatically. with point risen basis to there interest been point basis bit

to forward days willing today. today necessarily think committed marketplace are bit that you’re comfortable XX in mentioned, are I where deals sell are as XX really seeing as on is moving sellers today, to exactly where I not the pause are a bit where still particularly it little acquisitions the a are of previously core a not buyers deals peg to So because, plus, difficult last of

you bit Now think asset bid that forced a that, might mark but spread. wide to now distress start cap selling, transact to and rates where right seeing change a if start little more will see you’re I will pretty which

first an cap the in it just we of were grocery-anchored shopping in-place cap check center clearly, penciling transactions the deals Again, rate But previous point in based high about in investors the we did not half in for spot the is the today. are sub time. were upon year all that five to through that talked mid saw for close quarter we and that us quarters, Xs. as a rates, looking in at really cap a The

the the our our to I about a IRRs an fuel in and acceptable our little that which will and we vacancy be bit growth and remarks, of level. able talked prepared to acquired, think get some really assets the CAGR we

at. while So we look the cap not we end metric do rate the that that of in, it’s is something factor

sellers we year. to next year we lot the certainly by with get that before the closely. clarity we’ll in watching position starts very move willing beginning for But more end a we’re to capitulation good clearly So into transact once on a waiting bit little closings The this enables of where and whole be as sellers we’re to of occurring, the are see us of occur.

from Goldfarb Please go Sandler. The next question ahead. with comes Piper Alexander

Hey sounds there. it’s good question. morning, morning one out It like

it well? stuff. to of And the TRS, you sound taxable you gain? sort the and aspect some stuff the what some that do there’s and the In in of provide then credit give mean tax the up and that Albertsons the how you to hear also you’re tax already sits on Albertsons the extent out so doesn’t a more maybe fun all perspective? disclose shareholders but income, taxable just on that and we it focus just just paying about is REIT, REIT but on can gains color dividends how that, sounds normally to that land color get? bit capital Can much maybe coming in as little going more don’t year, much I’m next your manage abilities like either So And

you’re the great, is, definitely all. REIT for sector great right, Alex. it’s great, Yes, at the this questions, norm And not

So to call it’s a guess have, really great I’ll I it. problem

our So in now all the shares of We ago, in the ago. in REIT. gain we which And Previously into which related the had, years the back TRS the all, them in shares years upon in today the five years, passed really built I were waiting REIT, has sit it’s is, of any guess expired. first merged six to TRS. XXXX shares had the

now are sitting the REIT. So shares the all in

gross gain, deal one a it’s have the the with a now matter retest with we as that we the of, first staying it’s in So gain, are we compliance capital so retest, to test. being sure income make of the

and all in that retain for future investment So then reduction the things fine. we’ve monitored best to we do that and we’re The capital debt the gain, the question business. how is, capital

of we paying about shareholders not we’re capital have we’ve of as million. tax the the So the with a to that us the on gains we going monetized. paying all that pay entitled to credit $XX And credit, tax that as rata that I provide a is decided are gain us the tax, mentioned, to REIT, a piece going that for adoption, as pro information tax capital share we are paid. their With

by be a you’re filed path paying So entity. tax But be to non-tax a might even if getting that there’s returns form to cash, filed that non-exempts. and clear there’s

to as base shareholder on they our So they we as that roadmap that pretty provide detail so on the outreach understand well to website significant need our that plan to take.

to they situation sure we we’ll what allocate I everybody understand time and it’s need a a, make credit. you to think said, and tax that have it’s get unique as to effort do

and over two will continue work then we and And can monetize that the to much next shares the cash of I’d as that still XX.X to as tax retaining distribution other XXXX then, the stock. we we’ll XXXX add as And own expectation requirements. that our we years, through us And is million it. thing is, allow maximize

Citi. with Please go Our next Craig from ahead. Mailman question comes

Hey guys.

Just a running in there have through investment through in quick was Glenn the environment, that mention Long the about Ross was guidance, press. $XXX talked as running no million question guys you acquisition was of the Island

that table XXXX? here punted into still or on or think as curious, is Just of sort the being about should we delayed that

look, Sure. to anticipate until days the not closings next policy side. transactions comment XX has on disposition acquisition they in yes, additional mean and really close. the will there been year that do I We on this be both the our

as soon So we’ll detail provide certainly close. any those as more of transactions do

I the one is the on all cycle these and deals all own of some know, significantly life have that that comment different timeframes. of would they nuances thing You have their they

You all oftentimes larger have bread significant or quickly. butter creative Other loan structuring. assumptions close know, very cash that tax transaction include different our very transactions may and nuances can are portfolio

So initial to closing deals quite line. take to while to the from do point certain get a that conversations the

they we soon on more provide So these be we’ll provide to as detail as as any close, have to deals of happy that.

The question from with Floris Dijkum ahead. Point. go next comes Compass Please van

point question. year has if what be that taking the and about evolving happened next maybe actually Good IR because talk do yield as but a of months expectations, the you could a guys little out, your target But XX since rightly necessarily moving how see not beginning bit morning. expectations the Ross. over well? to talk and up you follow I to on wanted question, can for as you my that Haendel’s yields Thanks about

capital no. That’s a basis. our good look a question. absolutely on daily and Yes to cost at We

IRR bit you minimum moving frankly internal rates hurdles a we’re we’re of are In have that at perspective, single there’s I cap tell target, more will moving our be the in while are target. an a also from this some unlevered looking can But environment, at be opportunities digits. opportunistic digits, digits. that certainly investment low hopeful that high going to that transactions clear double to double So

from be So, XXXX have that. we that perspective, host targeting we’re of should in that our able potential equip a to deals absolutely

staying we’re patient. So

We’re position a in right good now.

are low in a Albertsons were hurdle very clear much yield, about internal we that. monetization accretive expectations the X% While getting be that to our only clearly higher than has to

Bank go with The Please next of comes America. from question Craig Schmidt ahead.

operating year-to-date the up increased and by expense that noticed you. Thank is XX.X% X.X% I [ph]. that

operation expect run the we in digit double rate, a to As closer expense? gains can

good Craig, it’s a question.

going the that breakdown. to on back I you get to on think to we’re have detail

detail items see think we’ll with that expenses and create to of don’t you that the but some may in operating give follow I and I there one-time unpack you. think the continue. you’ll up jump, have type that

done expenses think and operating don’t we’ve we I a can’t we our good job sort making see spikes that manage sure of any pretty control. of

you back we’ll one. get on So to that

from ahead. comes Bin question Truist next go Securities. with Please The Ki Kim

morning. good Thanks,

yield? basis think earlier Just that you’re you expecting us come if a want of to a like split, we year? you reserve realized you reserve looks are I I from for haven’t to identified much XX a mentioned loss for much while. that typical is, XXXX, pretty might that comments to what frame [indiscernible] in I credit things just had versus how points. normal tenants go if like and back can a about that XXX normal your could that year a that wondering in of was accounts And what buffer for just

Yes, sure sure, Ki.

a pre-pandemic in per run somewhere pretty running XX was long year points loss credit the rate basis historically that XX range. for So to

So and around looking dollar in basis something it, to you of in XXX look XX we’re area you’re at uncertainty $XX range or we’re this of a if it, expectation just point where viewing the because at if the million. area target mathematically, in economy

So XXX $XX to total million basis spread. in on point million that to $XX XX

give will that idea. an you So

-- mean tenant. any I a short closely. of targeted of at cycle It’s bankruptcies. not lot risk, is again, particular watching pretty tenants been we’re is But actually pretty not a long to list It or our today. the specific the

and pretty lot held a recession incredibly around rhetoric time. in of There’s that we’re well. tenants again, mean. the uncertain a But coming up have what So might

approach our So be how cautious is to we just guide. about

Okay, great.

Ronald go next Our comes Morgan Please with Kamdem ahead. question Stanley. from

Great.

markets. Just quick just one me from on a financing the

that issue would you need helpful. Just may number today? us can be you one, remind where not so sort forth, could of recognize to debt you and I

this the XXXX you comment a of just put the a think environment? second piece environment, new sort it interest in for target then potentially financing just rate I if on REITs. about for And I clearly retailers, what Maybe step the team think out, is, we’re has back of different can environment and you changes that take in Thanks.

first XXXX. happy this that a really the we of that take I’ll window did really, So for went so do We the small year until no we’re we we the question. part to found of open we would maturing pushed balance debt out, the really when say to or I and did. have market your we very issuance debt our maturities

It rates than tell little are normally pretty wider spreads the is day issued. as risen would I today in spreads come have to a we But bit. have you, dramatically, expected we interesting, would

at was XXX issuance done Our over.

We’re the XXX XX-year. of terms probably in on in a spread range today

but math, is around XXX. the do treasury can you So today

XXX a you’re around to So XXX. coupon of probably around somewhere looking at

So is go at and long is part have a The virtually years. need to market. we fixed pretty to rate our all consolidated for nice no debt the again, X.X debt time about the

anything don’t environment. we we’ll where we exposure and time. else, bonds be future appropriate So the an repay can opportunistic And and have look debt rate like at short-term the at to to look stock continue to

question think other aspirational, might those I goals try trying the that that set make achieve try goals, we XXXX push we somewhat consistent market dramatically. in reach pretty be and that Your to changed we each goals. out want that to we’re Clearly, and to has financing to but sure want about

that to solid monitor The is very demand rates, the business the fundamentals we our and stickiness continue leasing with quite business. flow the the at the we’ll That’s to continue part the seeing of supply are When think exciting cash footing our see look and about You on situation. you strong. so retention that factor and growth we’re continuing. lack

goals We’ve lot units plan hit by we’ve the year. But to X,XXX of a end well. future this to got that to up secured as the X,XXX year. of we to X,XXX maybe that entitlement We’d get like

to entitlements, typically sometimes when usually loosen stretching and tax their because So their times on when base operations find continue trying the municipalities get increase to that municipalities. ways that’s hit we’re think they’re tough, to increase that up and of to find to ways

get hopefully, more things we even entitlements secure So tough. if can do

our just in operating expenses really quarter Schmidt’s increase closed we Before quarter. we a August months portfolio Craig want The derived in of year, Weingarten to three expenses. I was We this question next this last on full now of so quarter. in clarify the question, full from go to operating having have a

If had supplemental see previously. recovering margin, more you you our than at expense actually which look put in this could quarter, we we we’re ratio operating the

job Conor’s there. point, to a doing better we’re So

question. You the next could take

you. Wes The ahead. comes next Golladay question Baird. Thank with from Please go

everyone, morning good Hey, Wes. it’s

Just able all a million on you a kind why lump here, get more the taxes, retain just curious sum, it floating year year in rate call wouldn’t looking scenario monetize you you question for quick you’d some that if be could the have we distribute? year, second be where of may have like that $XXX cash you may then that I’m XXXX, unrelated Albertsons get any at debt. I next be to when to if higher then is an gains you flow, cap and pay question have we this JVs have cleaner part to potential where And would monetization bigger a the the look and into

was for were the that didn’t something many seeing just companies. I for. partners it know if We’re pushing

Great questions.

Albertsons So part. talk let I’ll then the first, the take and JV about me

very, So a remainder include current just taxable Albertsons. really operations. where in from if not recurring gain the to the of what It where does income was look and are close from capital very dividend at you our is, line, the we but dividend are

to I really actually pay important would would XXs because the are low much we of it’s find where FAD have range operations in to based keeping way us the number year as dividend, be tax can for in If the same and keep us. additional the capital. tax that our we for strategies, So lots on going the to not, recurring along keep the options. require to pushing some it’s either Those retain that. percent we shelter deductions of leave we this position to are mean, that that dividend to

to have look they them and So shelter with for come as whatever we specials, the deal just we can find. along

it somewhat again We’ve is to some of lot over JVs, sometimes had, relates seen, ventures of because brought viewed they’re properties time. bit again, as joint it more of out the a transitional. we’ve the a as As little you’ve

properties it’s the financed unsecured we care they the that’s -- agreement want of partners have almost -- of unencumbered bank an portfolio, with how to kind fully actually So an between do been it’s debt. In it. pool

floating because do parent it’s a JVs rate, fine But for there we anything and the So in right; more it’s as use is done you combination the than floating so rate to just leverage floating it’s low the partners. working it and with now. keep within been been of the are debt

them to floating the I think in bit flexibility want for it the they out the market asset give the like little partners rate. if to more a too put on they essence take then sale,

it as think well. I part that’s So of

question with JPMorgan. Mueller comes next go ahead. from The Please Mike

just and we as or of over Yes, next contracting mixed-use of of I given redevelopment at years of same backdrop the pipelines the pipeline stay should couple some? likely that projects your the it and are think hi. the size size completed looking guess the can today, as

glad question. the jump quiet could getting so Thanks getting was at over I Mike, mad, end. I I appreciate here, the in

our opportunistic redevelopment We’re pipeline. very with

As you such, that we our entitlement of a units capital program our know, that to extent find entitled, when go is the of are with makes and is market’s sense. ready pretty the cost exhaustive when can thousands of and structure warranted

demand in, program still the markets we’re side. we projects especially good just that I while And multiple The clear looking the for mentioned. potentially all about our considering thing in variables is on which at product, could multifamily other there’s operate in near-term the the activate those

read lot the You of hear headlines market. residential related of in a a the lot you headlines; to undersupply

California, a housing of much driver is et demand that’s Florida, very opportunity cetera. well as in So there the

continue to that. look we So at

terms to is driven activate, of it pipeline In by and our leasing, there. we that right, continue the core opportunities redevelopment

core and hit such As redevelopment our their mousetrap. achieve the in that really trying to our very growth leasing remarks, earlier are needs fits quickly. into open-to-buy that’s the out And into build is help program and goals. Conor that mentioned to inventory for COVID his there we to Retailers needs getting better their right targets their demand have a solve much

more coming a again, coming the continue in cadence So quarters And in and program. to we the see the about nice far the pace of healthy year. rest

This to turn management over question-and-answer like to closing floor for now back the concludes I session. our comments. would the

to everybody join appreciate rest of us call. taking the enjoy earnings the We you time We day. for hope your today the

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

may You disconnect. now