Kimco Realty (KIM) 1 Aug 242024 Q2 Earnings call transcript

Good day, and welcome to the Kimco Realty Second Quarter 2024 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 Vice President and Investor Relations Strategy. Please go ahead.

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

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

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

Also, if difficulties, resolve possible, our we'll website. as to as we'll quickly in try and incur technical IR call event need additional information to arises, post to the the was our

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

provide high-quality, portfolio. with our good our grocery-anchored strong supply update will operating results, an on and additional and mixed-use position metrics, will will share provide provide on our highlights for then outlook. which cover resiliency sheet transaction some demand and of financial of balance updated morning. the Dave, environment, will of and our Glenn consumer, I environment underscore the also on Ross current the our report Kimco Thanks, and overview favorable begin an the business and all

that gives that during offset with excess report savings available. that signals. navigate been to and no the American recent have cushions used off are the Bloomberg mixed rising declined consumer the continue prices have pandemic built savings to We up an longer noted that The economy

This remains market remain growth as strong, in consumer of labor wage growth the areas hand, other led retrenched. the they've and but situated. job to reflecting the not On has both the is spending, portfolio tempered resilient our

reported, are off-price now share. the market at staples towards and who retailers Walmart, value consumer recently JPMorgan Costco gaining As rotating and is seeking

such, the our our why also at XX% from annual needs-oriented from properties we've sequentially is As as It grocery-anchored, our benefited over of rents shopping portfolio, both nature year-over-year. has base centers. of and increased open-air come traffic

remains on to our leasing to space retain cylinders. This seek as operating strong as firing new is add Demand team positively has well-located existing or our translated all our tenants product fundamentals for locations.

levels retention competition and having closing, tenants and striving all-time to vacancies, on goals. a being auctions, impact any are store credit are higher the quality acquired their by Our near Nationally, better retail meet generating openings with are valuations. heavy bankruptcy positive as increasing tenant of rents, expansion leases is outpacing high, lack for healthy

low. center The at exceedingly since new drive provided sector and a supply, to record sector It vacancies stands of of favor. sub-X% the shopping been outlook our been retail in center which country. tailwind well remains low terms In XXXX, currently inventory, existing X.X% documented across shopping that approximately the retail the meaningful development, has has remains has

see don't this More importantly, anytime we dynamic changing soon.

accretive worthwhile. of REIT a As XX%. This development to XX% of the research new by firm, increases rent rents to that the needed markets XX calculated notable need in assertion increase XX% we to previously noted, validated upwards range to stimulate was required top have equity to be recently would which make investment between development

portfolio. and position unique our strength All of this highlights the of

policy uncertainty we grocery-anchored, shifts, of necessity-based predictions weather. in results all and hard solid economic with focus are I our able includes kinds soft potential landings of generate and like. on the noted, of off-price This As retail, national or to elections

best-in-class well-located out. Our solid resilient features demographic portfolio trade and sheet balance which areas, a strong stands team, and company,

To further now on illustrate point, this highlights. let operating me a touch few

During rata XX.X%, totaling our square leases, spreads. GLA XXX feet XXX,XXX spreads the quarter new of of pro rent second new with XXth double-digit signed of quarter, we leasing consecutive

completed Renewals continued with of square options XXX totaled renewals and their trend with XX.X%. and positive rent X%. volume X.X a million spreads Overall spread of options feet, at deal combined

occupancy XX.X%, XX points increased points Leasing in last of year-over-year. to was year-over-year. points basis velocity up points occupancy higher from all-time and rata set matching Pro XXXX occupancy rata representing XX.X%. of retention drove XX basis shop to high Small quarter an basis to QX our XX.X% sequentially increase basis XX by points and XX and pro sequentially increased basis anchor XX

strong credit. Of fitness XXX%, outperformance executed a note, fitness thesis. new comp replacing and a the validates meaningful portfolio, which acquisition derive a furniture continue by grocery-anchored weaker spreads of replacing driven to our X from RPT QX, further in operator store we rent leases a We with

XX X.X% our at executed We options of during XX%. a former have for and sites former RPT same-site The spreads with new at spread. with also we XX% of renewals average X.X% of spreads year-to-date, also produced XX Year-to-date, portfolio executed XX% the quarter options meaningfully RPT QX NOI renewals underwriting. outperforming leases and and XX and

small Kimco's. at our this opportunities increased below from as additional future year cost stemming points which to XXX portfolio, revenue over saving RPT the increasing realized currently basis also as shop be synergies We well sits

in by will our also specialty be Additional generated program. leasing income growth ancillary

our for growth enthused new up, trend the opportunities, growth look outlook. by our spectrum investment team remaining profile In same-site team performance on across portfolio, vigilant and while of our are resulting all of our continues our to to Ross? to and closing, in continues increases NOI we and portfolio costs. the The FFO

good everyone having and Conor, you, summer. Thank morning. hope is a wonderful I

transaction open-air talked the how in tempered the discussed We about format. and we call, quarter's environment. volatility fundamentals solid last further has capital the On of markets the it retail the

invest favorable access multiple we continue to and dislocations the capital persist, to themes accretively same market of our are advantage investment platforms. take those given positioned to While to within

We larger quarter, And on format for both the targeted continue we the centers. funded acquisition second unique to see opportunities new several as investment side open-air well via opportunities structured as in investments all real of a acquire if structured unique are for high-quality have in to the general but accretive theme they right sale estate, and marketed that attributes, a yields future. share

senior Alexandria, X% mezzanine the in interest touch financing provided center X Antonio San Sprouts Atlanta, at in The at significant the $X I'll grocery-anchored transactions. funded $XXX a dense an million rate. of million of a in Georgia, Virginia, for on for financing grocery-anchored market also We we $XX center a of Foods loan more infill Rim of Giant mezzanine acquisition regional core the of and for million

financing, mezzanine all just us We the greater U.S.. on in most $XX visited converted our but of a in of asset that trophy control existing Texas, also capital properties, preferred The Rim equity stack position the of is not million giving to one the

the rates. we the is On pricing deal our moving possibilities to by side, are acquisition the hurdle encouraged closer flow and as

shareholders. centers and demographics is to rates trading format neighborhood differentiator acquisitions in for Kimco due range X% priced, structured our cap grocery-anchored to operational platform in sizes. These solid We we is confident dynamics assets the rate opportunities at the range, $XXX aggressively densification for geographies and markets our remain million better with that are $XXX higher larger similar core and cap While check risk-adjusted XXXX allows achieving the inclusive believe in well their larger investments. that remain a X% of with unique a our million, attributes in align of return to

our guidance $XXX million of relates the the half to completion quarter, this following very a plan. XXXX first of cap in have the of in of $XXX a neutral substantially dispositions rate. XXXX year be the target to completed Therefore, reduced to dispositions, the our year it slightly lower have our rate. cap will weighted at a million, million Any and range for As which blended sales asset acquisition lower RPT with with modest is disposition much second we we $XXX average net new

for on on an Glenn update quarter. aspects the the Now financial to of

Thanks, good Ross, morning. and

a activity, quarter balance double-digit spreads generated results, and the quarter NOI increased Our high-quality our positive another quarter we and producing for position. sheet enhance of growth. liquidity maintained second strong leasing continued include second same-site portfolio solid leasing Highlights occupancy, operating as strong

details quarter diluted compared consolidated some of We million per $XXX.X or million higher was the portfolio. million pro per from $XX.X $XX.X the $X.X or the produced as total million over in in driven $X.XX representing higher last period the was X.X%. year. share net FFO NOI our same for share the per $XXX results. million $X.XX quarter second from of of by share, of $XXX.X results pro This million increase Now diluted and NOI balance on the second second to acquisition, rata from RPT $XX.X from of million growth growth prior recoveries year's quarter, rents rata minimum of an

impacted lower credit of increases by percentage and NOI income due and $X.X These higher consolidated rent was of which timing million. $X.X million, loss to mostly were other

basis Our credit of our was the the XX half assumption. points, the of debt year for midpoint loss bad first

the of debt, fair with the connection amortization increase The bond. was million on Garden million related issued of market greater the the RPT higher last lower fourth rate $XXX by pro to coupon acquisition value additional refinancing payoff in and The the $XX related lower $XXX the interest debt to interest in of expense offset net NOI bond million to rata due quarter year Wine

The not rent basis The the quarter basis continues XXX by positive results, quicker quarter. pipeline, Conor positive to operating the second outlined. X.X%, to open driver for minimum which portfolio was produce NOI primary signed, as from compressed was Same-site rents XX strong contributing X% points. from points driven last commencements growth higher

of June, of is million open year. the commence which $X generating in million XXX second half of of the the not of million ABR, represents remainder for leases the the and end the pipeline $XX year, to $XX signed, expected At

the XXXX, positive demonstrate the For our continued X.X%. growth X results of of strength portfolio. was These same-site well-located NOI months

ended debt we debt-to-EBITDA would tick We income rata a if and better have quarter the Rim perpetual in sheet. from preferred balance X.Xx. quarter was center These XXXX the shopping in The including million June. the metrics full $XXX outstanding, one of investment net JV to the basis, late debt-to-EBITDA included structured Turning consolidated net X.Xx. made been pro On with look-through stock of second

additional the credit the the account mid-Xs used full had to revolving outstanding invested pending million our a on the billion interest-bearing The was spread a in a $XXX which loan an loan rate the The our our to credit fixed quarter size $XXX X.XX%, maturity million. swapped term to million end, and XXXX, including has we Subsequent of increased final of balance earning $X facility, date million investment. borrowing use term X.XX%. coupon of in we proceeds funds term. We for in $XXX of the by repay $XXX an for

of Scope Separately, end we X surpassing Scope by targets. X and greenhouse achieved the our high reduction required sustainability our emission goals gas

$XXX credit we the get a spread points $X for is our is our billion and the on both As credit under credit result, X-basis-point in facility revolving million basis green fee pricing reduced on stated loan facilities, facility facility. feature. term The borrowing reduction our X the our a spread from reduction and revolving

and a outlook. Now on the our new on strong to to results $X.XX again the of $X.XX for our expectations of $X.XX. for from share balance $X.XX update our range FFO to per Based we are raising our diluted an range first year, half

of X.XX% share from to increased points and of and be a between Same-site loss $XXX million RPT incorporates range income our basis per disposition to $XX XXX million. acquisition assumptions. to the assets the full interest improving RPT following million guidance XX cost $XXX NOI full to expected is of level from year Our $XX to updates million to synergies of to growth year X% savings million; credit $XX and of previous basis to assumption inclusive the to FFO points; $XX X.XX% million; X.XX% the guidance lower

intact. other Our guidance remain full year assumptions

efforts our I want thank to all whose to contributed results. significantly associates our outstanding

are positioned well growth. to We deliver

your to ready take we're that, questions. with And

Michael from UBS. [Operator Our comes Goldsmith first question Instructions] with

$X.XX, to And by expectations is on FFO as property the NOI was that and some higher to guidance as question took guidance. supported the My moving both pieces. same the other higher $X.XX you well

that the you driving property FFO can of kind the other driven contribution pieces walk is through forecast same just of like what by the are much higher? So how And guidance then NOI? are the of a

had that it's is the And quicker driver our major we Again, what commencements also rent same-site Michael, because we have really primary That's -- drives operating a cash been the forecast. based. portfolio. NOI than originally growth driver.

control piece. Expense is another

primary and operating level the So are portfolio. control, very we've drivers, from level. on been the the really Those property but it's expense the both coming focused G&A at really

say, We've the talked Yes. as better we also I than RPT. about, it's planned. had execution would also Michael, that

well doing increase. guidance for us well as that's So the from

Just as a though. follow-up related here

half that property same in X.X% Can that kind the are NOI half. of done decelerates of the to half factors The You've you going deceleration what the the in through first walk year. of for back back guidance of the are assumes drive year? that the

based that year little feel guidance again, mean, do now the twice year. is of revised But same-site put in increased the bit were impact. the have that an well. that some a guidance on performing with I last overall, Again, onetime things range We a of comp very Yes. portfolio quarter range tougher we in third the of we've the very out. has there during we've comfortable

There's at there's it's always et an as annualized -- And intended be we number. of always number. to quarter-to-quarter Yes. Really, also noise -- expenses, timing annualized same-site recoveries, as mentioned, an Glenn cetera. we look

look when and the good we're of direction at increased that is you we've So outlook we going. annual a indication the guidance, feel

question next with Samir comes Our from Evercore ISI. Khanal

about space, I that mean repositioning. probably just of that to trying spoke understand right? the kind is portfolio, the timing lease imagine close considering need RPT on I anchor gap. shop in some you to ability capital You some the what's occupancy. XXX-basis-point to on Conor, this spend that guess harder for spread of this, I would the

the the So several through think how to kind gap walk help us over that about closure years? of of next

vacancy upside. as Samir. to, we real that Look, look at happy Yes,

RPT look at you compressed. pipeline open the that's the when really or signed, getting former not pipeline the SNO portfolio, of what's So

that you that driving and were in we that's saw quarters, portfolio the second So the X NOI first why quarter. X% over for same-site

have an fill box, to those Whereas shop to anchors small vacancy. previously, can going you start see as anchor the Now vacancy. that's the you anchor come you typically, that around the to have that's to you're former because those harder want shops pickup start easier operating small in lot if to a the it's online, leasing mark-to-market where rents when lease around vacant a around to

continuing the So because small we we thesis leasing in because, again, we the that focus small on upside. we own that's continue shop we have to on. it portfolio, focused sort of portfolio and driving the and the shop our anticipate are where That's see do acceleration, show that in and on execute to seen investment very strength occupancy really the

Kesten next question The Fargo. comes Wells from Dori with

discussions The strip X today you had private describe you today you're how own how versus are where a the trading? nice run say, your strip in earlier ago? this then week. equity NAV Based versus, interest And viewing on with your would peers, months

centers. that we've year for Yes, Dori. consistent to Thanks, capital formations this shopping open-air been continue accelerate pretty

the capital amount recent from to formations I joint at obviously you transactions clear think starting come talking venture in when supply is at and a it's very demand to & up you institutional the and been announced, that of investors, focus look significant numbers grocery-anchored been about private equity, producing look growth. the really is showing center. When the because have I shopping in, buy Cohen that we've into it's in Steers a coming mean the it's

really you I the rates relatively shopping think sector. I the think of to on people's driving the up is the when lack of eyes I that interest like big And of the is really supply sectors. lot other that piece still opens other for at center of the back And product horizon, it because are feel look attractive new cap a

the curious formations the activity beyond investment -- think I diverse have that. to joint have we're lot board, of given And retail. and back is add, strong And that would the And in we forward going views have all really just gone private retail something that active. I and and from, cap are seeing that venture partners and have that push other on and different what the Yes. we rates half across we really that would is pretty retail purview pretty to mean a equity is a say, year both of I

comes And from next Sanabria the question with Capital BMO Markets. Juan

investments, curious incrementally opportunities and some mentioned on maybe for the flow yield on how and you expectations. XXXX? of comment market types in half going into we more should as well, think bigger the the Just can structural if seeing And you of you're opportunities centers about deal incremental kind second

that Absolutely. of opportunity different. The amount have I The we the structured transactions recap tremendous One could to it course, X was investment that product is in It of a further strengthen of a dominant was financing. target. in was embedded of an bit a on become closed combination every an And acquisition equity a second the is a then, ultimately, unique has deal a ability Rim existing quarter. our little owner. unique and in we the It position exciting, acquisition an where of asset. indicated

the whatever going of Kimco. positive to be outcome for investment just that is a and asset So

on the that investment been investments structured the is go-forward be And we and our heavily they're quarters, some of look will that as sort activity basis, nature. core a completed. more in weighted one-off the toward expectation think third I and have unique acquisitions at of as again, our fourth

we've be cuts rate more optimism whether our definitely might seen the starting within more for optimism in And just stack, seems to and expectation increase the a volumes the a an coming. there new repositioning, there's be capital there's and a financing, it as in place acquisitions, environment to But be stability environment. the bit as lot that

So for the is half to going the that back year of I Kimco. think positive be

with McGinniss Greg Scotiabank. next the comes from And question

to it about cap the land? I for but we investment there? are there year mean to math there something The -- Ross, on million the Or missing blended seems X% midpoint, better on on million. $XXX the to like of $XX you're cap imply sounds just plan core Is remaining is a the guidance. rate acquisition talking X.X% understand a assets, buy on

It's a not -- play. certainly land not

guidance, think our investments and is spread core a you structured I at look when blended it between our the activity.

As weighted the half year, has more acquisition. do going activity heavily that second be clearly, to on you've We of been half seen, first anticipate investments. the there's the structured core the in towards the year of

we'll a with we're now, with we little have the what in in specifics as we and deals that clarity But that guidance the more range. know So pipeline, and today comfortable at sit. update where we sit color we're on the looking that bit of is where we certainly

Okay. on culture the seemed quarter. to then limited And a place development have side, Is color would investment slowdown development happening there? Any to appreciated. there be this pretty

No, we is its parking. for way. the retail, Yes. parking, then ground under now, floor foundation the the poured we And -- construction right the turning

as reminder Just equity a it's a for us, preferred structure.

capital our is investment So limited.

that add capital fully As matter is actually our fact, just of a I'll in.

see won't any you So going increase forward.

Mailman the Citi. comes question Craig from And with next

Just maybe bit. to back go a to The Rims

is the coupon, about of guys near you You something in given million property think in? a about and are is? LTV open to kind sense equity of what the capital I seems of this you you kind investment? should we -- like versus Could and -- that guys are mean, what mean, high-quality to now. I give could getting kind overall always for others that particular term X% own, get an us strip of of a $XXX you it I stack maybe of is loan this alluded air but the for stake seems the know look guys rate, high How this

Performs exceptional Sure. Happy well. really Rim The is an to. Yes, asset. really

around business exceptionally XXX% is We're partner/borrower Our there. on plan well. strong. has Leasing the occupied right executed

there's in least of Our is that expectation equity valuations of terms at that $XX deal. in million recent

from we're out. $XXX looking of at So position structured sort when which that our right being under the standpoint, is at program from an cap XX%, really million intended you're where just it to investment LTV is

we feel sit. very with where comfortable we So

or shakes a fantastic outcome own ultimately where position mentioned, the still it, one that think whether keep would be deal I to But for out. as it's in and repaid get a bit either As I little that unclear we ultimately Kimco. a

sale consider is are be that coupon is be whether to the think It You a next it high. the correct while step is refinance, the I clearly short intended or otherwise. what a relatively borrowers term, there,

So there we're strong but pieces a are there, some in moving really position.

question from Goldfarb next comes Alexander Piper And with Sandler. the

I I'm guess I person. -- don't new-aged I'm Goldfarb. still Alexandra know, a fluid Alexander

quick question you. a for So

give sure small occupancy in is On the framework the the XX.X%. the rate occupied, juice the in XXX becomes where earnings portfolio, paying FFO maybe got small if bps release, RPT shop some you small Not impact leases effect And the rents, economics. the obviously, benefit larger the versus is impact as small small basis that what that's highlighted Kimco. to the The every you as versus in or occupancy mentioned record a maybe lot but takes lease quantified, earnings margin, shop superior XXX of shop you I the NOI because shop just given the believe could. up of you around the coming you've Kimco points lower Can shop Because to better just boxes? from.

I'll No, quickly. question, great math the Yes. be doing Alex.

XX about shop million have you feet of space. square small So

are it's for basis our around small that, foot. rents you XXX XXX,XXX. Average shops take a If points $XX about of

around benefit would any that. get from that And you get that well. million recovery $X X, to coming multiply So excludes of from as ABR you obviously

take how the obviously, Kimco we've back for small what there's look been potentially the So you so when activity what the into do RPT going -- obviously anticipate gain, forward. we -- And if on see we quantify FFO on at could real side? you We that, benefits upside. significant trending, and shop

pipeline, million. On $XX the snow that

of $XX about represents that million. it XX% On the non-anchor side, total

to starting growth. small see a shop meaningful from contribution real you're the So

to time capital Small also less come take typically shops and less online.

we Clearly, continue the ride we understand upside, momentum. the focus. a it's to and really, So

Dijkum question Floris Van with And from next the Compass comes Point.

from from guys of huge and ABR Obviously, stabilizes, up are potential. Following I that around earnings on ABR go Where driver think, to? the shop space concept. portfolio today. of you note a goes the do you once shop it's shop percentage small or space can to XX% upside

good that quarter. I mean RBT the It's records this uncharted had I shop Obviously, portfolio about if because Floris. the shop small small you in that are setting Kimco's question, focused on territories occupancy, laser on a think driving think we're drag we're occupancy. we

have We So momentum from continue XX%. of the in growth to derail any to as push. the There's the see us don't sort to ability is we really anchors we're trying that occupancy a hurdles shop front small seeing, lot on over the demand should still side of generate much that and the focus. of there. The is

I of lot are As space. bankruptcy find can't quality because acquired that leases a mentioned in earlier, retail good are auctions they being

of process. can there's it the So they're not when look you to going we're out push shop but it, as to it really at side, highs. we how we're -- as sure occupancy acquiring think the hard But all-time can we small high I bankruptcy push

Jeff from with of comes question Bank next The America. Spector

consumer, Is is your around the changing on point? leasing based just what the leasing this marching the Conor, remarks signals or orders -- what aggressive? your team opening at strategy it to maybe staying the the mixed economy of are

pretty Thanks, Jeff. It's consistent.

their sure advantages work to that make and and even partners, out X, X when think with strategy. the looking scale, and retailers of in have for growth call we got that terms be first and years we are try we I the try advantage you've proactive of our our X,

to is where consider yet and of target regional, have some the even them phenomenal portfolio. are portfolio So some our of retailers a areas of Kimco's of have lot we benefit our

done of example, look yet you recently, to at of when Sprouts the retailers that penetrate they quite our have even well So Market, really like have for some some markets. Farmers

some for is at X our the to this X, of leases a that portfolio, team did feel lot and goes and value when unlock grocery-anchored strategy demand And like it. platform more same And to utilize we look we go the our the to is adding quarter, accelerating. by groceries and grocers. We other still

brand the actually site a about, on tools excited data. of all our designed focus links that to is of our momentum we're We at plan a Clearly, executing. So lot interactive got that really a there's disposal. We've there. just of lot new

a be leasing sort unique really the allows field of that it's to with to able tool field to opportunities. in team the it to be So utilize retailers able generate our more

to So all And of now. can clicking the you momentum. excited we're obviously, things continue a lot tell super on right cylinders

Kamdem And next with Stanley. question from comes the Morgan Ronald

on X ones, Just quick one RPT. the

slide the looking which helpful. the at in was Just deck, really

I think how is progressing? we talked small on but thinking you sort it's that, can basis just I out, farther about occupancy, sort Village the on one? but would are timing? hit Brickell points about the Mary be executing shop just the redevelopment, know XXX of How that you question of

sort here. same of And is is full. NOI. The crumbs on pretty just then bread from occupancy on like It to With the question similar X the store seems you're going continue portfolio gain what last long there? another assumptions as puts year, this there the takes year you reason sort of X% and going as do debt term forward? What of any is are bad can't to in sort

Yes.

term, you're and side, the Right are a plan Brickell reinvention merchandising right. significant. the the near Mary there there. opportunity the of amount now, tremendous opportunities I of is re-leasing On mean

the seeing XXs digits. You're the up triple rents go from into

And so reposition in our right focus now portions re-merchandise, to near-term that will focus the term. that is the be near opportunities hefty asset, of and

As other it relates question... your to

Yes. Yes.

we same-site, are again, comfortable that As with to it the we very the have. range relates guidance

to X.XX% X.XX%. you're So

our an of those number. open as and can. is every same-site leases lot and we possible. it's it's makes But can. stores Looking as open at -- generating the quickly fast is resource a quick We've dedicated getting a range, XX as tenants as commencement the as as little longer our tricky get focused again, annual incredibly rent quarter-by-quarter obviously, tenants on those to getting drive we helping growth team Quarter-by-quarter it much to continue to but intent days,

driving today. the that's So force

retailers rents $XXX Brickell the foot The to only was around Market Brickell add probably square Brickell part up that whole RPT which and accelerate. Mary development I portfolio, continue the the of headlines price the of of other demand Mary on you've Mary the would thing Village portfolio accelerate. the there Village was is all going a to from foot, news and per lot Village. And continues Brickell for Village included Mary obviously a seen

The Goldman Burrows Sachs. Caitlin next from comes question with

environment more a while. like pretty feels the just leasing been on bit good a has side. the It for Maybe little

use been some are are? leasing the So if the activity, what how stats number to of who tenants any of the there they the et change active to proposals, like, size key you you cetera? trending? baseline and lease guys And are interest has of And gauge

I mean, are are [indiscernible] retention, last which right about our Yes. on first, rates retention several the historic our years. obviously, the over exceeding highs XX%, now

demand and the for renew to really, tenants existing been really place to to and operate us, it's their in encouraging. continue business So with want remain

the shop new Conor the mentioned all-time and both hitting the of again, lease times several On the before, our highs. acceleration side, anchor small activity, as

I the think your that's demand showing indicator side. of best

you're growing. retaining So and then you're

development and future create planning to new the earlier, because, any into years new the You're in are right expand now, lot in retailers of we there you're way which portfolio? into X as in is very ethnic to mentioned only but X then And the not they're a being out in on great. no inventory. terms to really terms And of proactive the for of looking seeing X-plus new that looking forward how grocers is now well years, sector supply horizon looking meaningful

all about space. second-generation it's So

their their growth All and to these hit hit strategies. own of need retailers mark

as proactive want be are they them. us as to we with So with

they past, or opportunity something that, more in fit terms too, either seeing It they into obviously flexible of utilize much they've now And become the in flexibility the deal in extend of which coveted space. contract were target. presented how space the the the and terms of Prototypes and that's front in in can you're the them.

it's to strong so And in achieve help both partnerships us results -- our developed really and with of all all get to collectibles. retailers creative really of having

Jefferies. from And with the comes Tsai next question Linda

two-part question. A

even you there faster? You you do quantify the this SNO more mentioned any much way getting ability Is quickly happening? is faster. And to to move open think how have it

$XX-plus coming our year, year. of in contribution prepared at upper anticipated half million SNO part about that of about of as million the $X this end to the first $XX for million. remarks, Sure. mentioned million the so range, we year, $XX for In online Glenn with, We're his this the second now

what's ahead come as in when be and then $XX-plus it of contributed 'XX XXXX. about million to million terms will 'XX look relates And 'XX, online another online $XX-plus that in going come to between in $XX to will start you then million and

SNO almost So that pipeline months. to over the XX% XX%, next starting XX flow that's of

efforts tenant work. How construction team, coordination, leasing that's in we're you exhausting of it. and get the all opportunities help sooner, just all the are them only put It's doing the open the management challenges to this [indiscernible] that is to property simply can their exhaustive field problems solve way

transaction a How on just compression the rates level might environment. then cap year? the months? expect of follow-up much the what's over And next you the has XX beginning of And compressed since the then

Yes.

consistent. fairly the half of year, first think been in it's I the

the year we about, But lower that this done volumes fairly rates. As compared talked to at have to getting continue transaction are be XXXX. aggressive deals been

of amount much to with a being that XXXX, the the as half down gradually amount cap going comparable optimism that terms rate of movement more sidelines of in capital or the stable, over of invest and the is be back trading that mentioned, rates into that rates anticipation lower, there, haven't push which and capital, environment seen at. that's that's expectation product is moving cap there's should year to I with not been the ready if on the inherently time. That is the fair they're we the So said,

And Wes with the Golladay question comes next Baird. from

mark-to-market. no their of have move-outs a anchor about relevant about leases, just It looks older in? should get Would here? to leases the It expiring think XX% option. XXXX tenants like looks XX% through force under How look more retention you like to we

Yes, that's a great question.

half it's rolled right, of in XX process resolving about already. or you're in now, right options the about no that leases with are those So We've of out resolved 'XX.

it's at of rent. in space combination backfill identifying a tenants a So rents, opportunities higher retaining the place and new existing market to

look, center shareholder do the we of environment, support shopping And itself. and best asset what the needs value the to what to today's term we merchandising the long is best is and at for mix drive

looking into So it's of feel But a all good ahead 'XX already the activities. we're outlook. combination very again, those and about

Green question Rojas Capital. comes from And with Street the Paulina next

to clearly be year-over-year the rent described, on the the is should you most translate level fundamentals me about -- is if on into, to evolving sector's Based your of of from power what coming solid As you're It be the negotiating the growth shop that months? business. you also, with XX solid. background growth very experience, think side of And rent comment how you seems if could anchors? XX next to

seen you we're the Yes. Good And lot you to When of at I what know, question, continues that, think occupied. you've improve. as of with do look so same-site to the a has because trajectory the it Paulina. NOI is growth components retention highly of

able leasing, retention X% the high we've past from that getting the rates plus and remain you're So growth to we're new seeing over X been incremental as quarters produce.

glide hard So like. when you look extract what out, new path to exactly looks it's the

to shop going we've opportunities the today produced about has But trending -- higher executing sector numbers. on our Clearly, to the same-site we that. small we we will we're on the towards growth X% around look continuing a Historically, And anchor opportunity talked and like today the Obviously, forward. NOI than continue we in and lot are think profile. just at where that manifest a then have, our set side?

future. periods mentioned the retain that and categories. ensuring period, continuing the you we option anchor in push broad into we of We're we growth. into can as the rent the Obviously, it Yes, -- conversation, the on side, break the on escalations, much as sort X terms, control primary to both

space When mentioned more at the we also of before, willing from accommodation the growth in I flexible occupy. the with look comes this being to space, which they're

able from open of modify and that get place, operating. them and center tenant you're effect then if with to also halo So in get prototype some balance the the to benefit you show the flexibility

pipeline I finally, timing, the as with too, And then into mentioned, we're future. robust building a very

anchors out front we're XX, achieve with partners and XX retail our well so to and gold. beyond to And collective XX, in working months both help our look

pretty dramatically broad several evolved conversation categories. in the seeing we're So

comes the next from Haendel question St.

Juste with Mizuho.

first you we've here. in the guess I Ross. a bit I sizable for scarcity you're I amount, position know have, So interest. a dispositions not in increased maybe guess question not buyer assets, I the was sell heard I a but reduction to it's but premiums surprised in of needing

these So add pricing the or You're here? why Are the I demand color guess want? perhaps assets? you pulling Are assets are you you than you're keep you preferring better since greater back to not of you a or what's not bit sale on flow? more first getting the can appreciated? appreciating the a What portion cash former RPT contemplated we changed of

outlook the Sure. right excited we we where the I completed X. We, on dispositions It's just are really the execution had mentioned, August as the the majority at We looking of dispose. were that with planned. now, RPT vast of

when we performance dispose. right have the portfolio to need a And there at of look further really we the isn't that now,

We have the availability credit facility. our full of

a in, best the it's capital not se. been need in is that so shape it's per liquidity So

lower than on the those prompted a a assets of the significantly may they rate upper of sort is that do, or drop disposition. market. any currently if which transact. are within But rates be certainly what decision may We're end not cap there the if We we've few to cap ventures range do of will the are those where been, or have the not that our joint of several in certain

our But So 'XX, the we'll of of the that's of our comfortable. we the things feel at where end shake where XXXX. when where it go plan our portfolio, we and are. really we and entirety good out the of outlook a feel about combination and we through most for revisit just performance And budgets really capital through is least

question comes Mike JPMorgan. from with The Mueller next

quick a Just debt. on one bad

for can the basis points tenants? in year, the first XX concentrated of diversed of little So that? had or the about quarter the there? bit the a half was the or notable first talk of How Anything you that makeup you types

Yes. for Thanks the much so question.

us the There's that go nothing to our would make you're XX is tenants that having outside for credit of no -- concern credit basis points. number of basis really right, loss XXX inside that the So year-to-date loss at points. XX projected are guidance current

quarter, the an definitely in there's of there. For timing impact

a have So tax reserve such, majority And real as the a tenants CAM bills some put we away. well up basis, second as quarter. of any to at estate cash you as bills during our bill XXX% a right

impact. timing a definitely it's So

terms are AR our acceleration and year-over-year anything the not we're pretty overall, creep levels flat. stable on seeing in But in of any or

guidance. points that XX So have basis we're comfortable very with to in our XXX we

Gorman with BTIG. And Michael the final question from comes

[indiscernible] ratio that you're seeing...

cut just Can you you off. Mike, start again?

And of it, from about if you're you're guess, for specifically, missed the there's about supply-demand can a a you that the there. talk just I out perspective, but occupancy Sorry the new traditional thinking strength there ratio lot estate cost I obviously doing seeing as minute the this reason is leasing? I'm real

tenant towards and can structure estate? cost their in thought how towards here? support strength real and the much the much continued in I'm tenant go just rent been shift any rent there of has And growth environment can wondering of process terms how

with to associated But it's a sell. and cost run occupancy margins sector, all-in culmination ratio that the they retailer because CAM retail how base and between both dialogue the what it's Yes, the is the rent continued the really for our they a sector on products their very always with business cost rent. and is associated leases, of

we rent you from their a still of, we're have seeing, something But right And you to they're point. mindful to continuing opportunity growth are see were those at that and negotiating we're healthy bidders of. action. what now, we're it's when higher. table, Obviously, by But have where the push very encouraged mindful that rents historically strong multiple it's

most don't Yes, now retail used is of Mike, fulfillment a brick-and-mortar point. and forget that as distribution

I we're honestly, the because of the think old X surface margin think scratching store just So just occupancy we're I terms the changed of walls true in is cost -- and days proposition of gets enhanced. cost the And value the the the of occupancy dramatically. has just

expansion towards can capital which you today. their putting they're model, the and goals sale the why retailers business that of a lot If most through store, continue as show to e-commerce run have

because grabbing a like and looking trade they're trade it's market entire they're its it of Yes, area. out now the at much in how actually great point area totality share

or of store growth. in than different it the But that catchment was very sell. the which EBITDA just days is world larger this area So way X-wall what they're is viewing old just instead the

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

Just your of on as rest of day call today. like everybody the enjoy our participated summer. rest as thank We you to the well that hope the

So thanks much. so

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

may You now disconnect.