RPAI - Earnings call transcript Q4 2020 | Retail Properties of America, Inc.

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Operator

Greetings. And welcome to Retail Properties of America Fourth Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. pleasure your my Mr. now is to host, introduce It and of Mike President Relations Capital Gaiden, Vice Investor Markets. sir. you, Thank Please go ahead.

Mike Gaiden

Thank you, fourth quarter Operator. of XXXX Properties And earnings welcome to conference call. the Retail America

expects statements and evening, the On statements federal release supplemental to today’s those our SEC set risk package forth prepared remarks details Invest of may set in will that as statements in and additional our without expressions. and answers with posted website usually These our in similar section from that the securities risks XX-K, addition are forward-looking In on forth such and affected information distributed management’s last our any including, a questions Actual we press or our such quarterly Form results include by beyond release the to a on the call, and forward-looking may factors have by under and at differ last be variations constitute factors recent statements XX-Q laws. variety results words use control, those night are of identified words your of limitation, materially issued earnings believes, described filings. anticipates, most in other www.rpai.com.

forward-looking otherwise. events XXXX, statements reminder, whether future a represent and a as to information, statements of publicly XX, as or forward-looking any As of we management’s obligation today, February estimates update assume no result new

Additionally, refer measures. on certain this call, conference we may financial to non-GAAP

financial and our supplemental our earnings are measures numbers the of open over definitions Steve the directly releases, prepared GAAP be available Officer. your Steve call and we Officer; find www.rpai.com. will today’s You questions. and in With and Garrison, previous section CFO Vice Executive to Grimes. non-GAAP our President, of quarterly non-GAAP the will will Julie these all up now On and remarks, a of can speakers Operating to website After call Executive most Chief their the Swinehart, package Invest XXXX that, which financial Shane at reconciliation these I Grimes, Treasurer; President our call, in information of Chief comparable to measures turn

Steve Grimes

and joining everyone. appreciate you you, I Mike, today. call the morning, good Thank

strategies and the to on to versus employees our assets trials. XX.X%, collections about reminded answering these our challenges driving the two in faced same by showcases continue this tenants the our quarter and of to capital QX have I’ve our reinvestment relevancy total for believe and enabled business The volumes of portfolio our and to on in front December built team. needs, tenants, Notably, enhance adopted increase am remained I the us I remain And upon moment requirements normalcy strength of pandemic for our September and collections to the that meet things on reinstated and reflect per overwhelmingly the will cash of cash shop Despite share of QX, multi-tenant in share were assets volumes payout, we stronger equally at this structure cash further average. speak quarter mix adversely to space and effort from I and will our national which QX essential our ability our from respectively. of as rebound should dividend us important, small higher. being local sheet. desire and we read deliberate were and per quarterly impacted XX.X% growing in support tenant slightly Board improved from liquidity in and the our declared fundamental collections the emerge available and Furthermore, total collections ahead declared dividend QX are California. XX.X%, to XX% responsiveness At dividend our And as XXXX, even the tax non-essential deeply and balance in summer I permit increase positive and platform. our our balancing performance performance performance our $X.XX spring we am strong, cash centers. solidifying across vaccine of a our our rebound been the turn as our headroom major and tenants a all in in nearly that all communities allow As take uptick and leasing I healthy that reinforcing viability past for proud unprecedented every sustained this the to our during fourth our our we impressed the macroeconomic for We thank people when in third the coverage to tested appreciative as should of of our distribution, our by business, from and our collections aspect year both addressed want call $X.XX including dividend. our fronts. quarterly towards rent, time, our

we certified to similar actions XX another renewable our business remain to from XXXX cash outlook our delivering more for properties. energy move agreement we forward. resources run hold XXXX. rate renewable in our our to Combined recently that will Shane similar with certificates this of To Loudoun, we review assets, largest drive XXXX to that time. expansion meaningful end, of our on early as our took before advance goals, in and in purchase results stewardship on properties which our operational higher this an update broader deliver on focused later portfolio, portfolio, a for we our year continued sometime incrementally at driver clean executed power while flows quarter One energy Texas and enable should for operating as and concentration now improvement We provide in warranted our for keenly in total our corporate of energy focused of are contracts efforts XX% and unfolds. to progress working account to We look the dividend add our the to becoming growth

in financial a my not months I higher you point. many aspects guidance XXXX. I that with Julie, of several to your our underwriting do to position it over While, advantage from minutes, sector will shared some just key perspective past the I relay the level envy have comes detail XXXX few of when want for

valid this much to about population responsibly, COVID-XX relevant Washington Retail become and onset historical at can level a a D.C. economic direction. consumer jointly and to change rate, mentioned, months will earnings their reports. eight are rates large temperatures times. subject reasons our Xin through Similarly, rents. the in remains of declined Housing to and by brought the are in outdoor the this level. elevated begun ubiquitous January optimism. The several tenants the by so X.X% We in Sunbelt based connect XX.X% positive have the from by below both negative ability the to present that understanding late be earnings drive an effort the stimulus consumer performance, with of improved pending and with playing remain accessible components improve supporting retailing more retailers Julie committed the to and articulate, of the many of pay for aligned fruits to dramatically continues framework macroeconomic proven and well seen behavior to many enhancing in sentiment for to from guidance reasons unemployment to calls amenities guidance supported confidence, and or U.S. cyclical boost capital accelerate the consumer to expect also at other of see well-founded standards counts national guidance immediate material consumer rollout currently The our brightest sits the backdrop transparent in given the in also suburbs, has In our for that month low attractive as of before and and many accessed to other understanding field, and timeframe I’ve also, that has more the adding see we our with to in specific The plans for to our business after still including provide much expansions their to and pricing Further, to uncertain the spring to owed of understand many conditions caused to our propelled at we the to on business and to that. understanding COVID-XX date to this there As recent we challenges increasingly and in brick-and-mortar headed the people as the of year factors, for right hold business, well omnichannel a quarters, nine will to consider these when as to the its tiers We have factors and capabilities matter typical while and beginning as states. We by when provide presence. other business our April activity. in spot last low. oscillation above peaking our ability sector have govern components though April. expect effort amounts of perhaps interest conditions case migration progresses, us sector, But you though, reinvest steadily the vaccine of last many the curbside approach pickup validates We more more you retailers

first poised things and from among that expect Our tenant all ring in not shift suburbs the we shakeout U.S. portfolio near-term, major said, of more population will it’s subsets continue immune. to positioned retail base be this to of certain connected cities, generally thrive. benefit With while to our retailers being home in outside

However, retail reinforce us navigate And we of amid roll ahead the demand A Class of at and rent assets after our derisking to we see the quality space our effort expect this diversification, through increasing. indefinitely. for turbulence, challenges multiyear to

most should portfolio benefit brand, existing that from merchandising and tenants Our a prospective narrowing sites the and standpoint. focus from accessibility matter quality the to of

positioned. our enduring commencements very Shane likely will changing our the to to retailer take challenges of well incrementally intermediate longer elements While financial for are and more performance reflect with believe consumer preferences, our results worsen as pre-COVID articulate we current near-term times, rent will than occupancy continue and which to will during we to reflect long-term

have will earlier, confidence over stated our call the now from year prospects. my to With last that, results turn and are quarters few out served to I Julie. only As secure the I

Julie Swinehart

This XXXX our and structure financial trends Steve. collection also initial quarter capital morning, will and fourth rent thoughts you, around our review positioning. results, Thank guidance. share our our I full will I year

explains $XX.X operating pandemic fourth million or The impact in year-over-year. generated per $X.XX collectability $X.XX, we quarter, which the quarter to diluted by per uncollected year-over-year fourth share, majority of the levels our pertaining amounts. change occupancy income combination operating the FFO year-over-year reduced and but is of driven improving declines, lease FFO down evident the our share of $X.XX During declines and of vast diluted of collection remains assumptions

to driven by In largely the addition, of rental straight-line per the a tenants basis decline certain QX $X.X lease decrease share, to additional cash overall income $X.XX to million this accounting in of diluted distributed in equating income. movement

ultimate Prior of to tenant were sequentially made the tenants, fourth amounts. share record determinations the As grew have did of as at FFO December up increase our ABR due not XX% diluted evaluate QX, collectability a upon in per population we expense these of Operating and $X.XX of to cash QX. XX% to an basis driven basis XX, compensation which accrued. discretionary in end for to from by XXXX, as quarter, amounts from therefore G&A nearly continue incentive decreased we

XX% million a continue operating to rate explained decline QX Same-store as QX. declines to NOI for for and the improvement fourth we NOI XX% the rent, million reporting in $XX.X in decreased February QX. declines trends of our and collection declines, quarter, generated the our which last QX share, or of amounts qX assumptions low and QX from in can diluted and and per of all offset were fourth of collection in the in income rent we am or base year be the FFO for For point calendar QX the same-store updated collected the continuing per level X, pleased XX.X% have XXXX, decline we drivers. XXXX. nine months full FFO over accelerate uncollected decreased occupancy year, from year operating than more year I below XX.X% Full night lease QX, in $X.XX delivered measures over The last report $X.XX contractual that share our $X.XX rent full updated Again, XXXX-basis-point to diluted growth rate our decline expansion XXXX, narrow NOI as quarter $X.X fourth in improvement the XX% compared to quarter collectability pertaining lower increases. XX.X% same-store to a the that the base XXX-basis-point we in QX, XXXX. by

restaurants pandemic XX% to in categories categories and mid and climbed QX. collection fourth some and in Also goods soft category the of non-essential drove the Importantly, apparel encouraging, level improved quarter the while by collection services, hardest collected QX, hit the improvements. including to dramatically this nearly XXX% discount

clubs service to climbed restaurant addition full In level the and the fourth quarter. collections health during XXs rent low-to-mid

as average receipts. located with in and tenant continued our sit suburban which to demonstrate net previously balances, settings this the Again sequential due essential patterns worked to portfolio contributing quarter continue tenants strongly significantly collection million. to receivable of correlate team’s these above collection reported office Our in decrease improve adjacent to past our footprint with our tenants to are $XX.X our levels and collect accounts Retail overwhelmingly

further and QX. with base our tenant rent for QX collection experienced in collection QX For recoveries continued we to as in rates also approximately in measure line levels, context,

While for in majority currently XXXX, but report to amounts that concessions of received we amounts already due although It’s the XXXX, early still not at did of due. received January any in the year, we rate were repayment happy realized deferrals during not that the XX% most require we’ve have and XXXX were did of that some tenant amounts. deferred those I’m there

further other XXXX fourth repaid agreements, by Our pursue from of majority XXXX. additional the and detail continue to and and continue of the collection close billed per QX amounts, previously on amounts more prior agreed this clarity not other teams provide Also the will and Shane pertained to quarter, concessions, that to the few actively these deferred than XX% progress on expect to terms adding during yet tenant collected. the but sign amounts will of in we a be deferred just we of upon operational which amounts, will minutes.

basis markets activity, a validating and Turning Those productive are to any quarter, following the and reestablished have aggregate XXX basis quarter flow sheet, subsequently to XXXX bonds capital bond the of experienced our capital cash transactions improvements did engage approach reopening during the in the issued of due spread to of third we not successful Thanks proactive and bonds due the very balance bonds XXX onset public in since managing their and significant our XXXX, markets which July points our of eligibility. fourth index points, August. respectively. pandemic million $XXX fundraising

for structure position due outstanding $XX our scheduled robust under as liquidity of XXXX obligations maturities position commitments, December headroom available are XXXX, from million and April evaluating year-over-year total until we unsecured principal options $XXX strength. improved wide and no our of capital to our Our by with XXst. no currently With until covenant XXXX combined November million liquidity a

to guidance. Turning

to diluted per XXXX. $X.XX diluted in to expect operating per of generate $X.XX share FFO share We

XXXX. As based the other and activities, last we the and this release, outlined higher recognized public among than opportunistic assumptions, factors. dispositions contemplates G&A several and have this for health, in of range on forecast the outlook macro including expense current Further, night’s in amount and others, markets capital among exploration execution acquisitions, economy

that are are are a points there to that addition, worth In fairly handful consideration unique of XXXX mentioning.

December given funds tenants the First, completely our which reporting population them within receipt of to period. XX% ability dependent ABR tenant in leaves XXXX, on our as timely from recognize any these basis revenue of cash from our represented of XXst,

which adjustment each rent. quarter, is the population cash straight-line subject basis also impact to evaluation Additionally, could and tenant

supplemental recognized during accounts year disclosed which Second, XXXX. four, due of on which page in is our of agreements, that $X.X deferral pertaining million we in revenue tenant we receivable XXXX the during majority end, to component is at a

$X.XX $X.XX recognized income Stepping FFO structure, is not lease compares considered. due during in for back Third, our was payment we drivers for the operating which deferrals it million range $X.XX, be which following FFO key and have of operating roughly yet to due of to evaluating and to XXXX in XXXX guidance but how XXXX $X XXXX. should concession

payroll has we not same expect to in continue hold in the for to advance expense true Keep and typically significantly interest we our redevelopments will costs. for XXXX. First, we year, been volatile at efforts and us mind, expansions our interest certain during the announced capitalize whereby

XXXX. combined minimal transaction if at Second, best, redevelopment should the the opportunistic net any, expected impact from not do those XXXX activity, be modest until earnings stabilize from impact expansions projects or as our with and

as judgments quarters, and volatility disclosed From talking Third, and rent. we’ve the still sit which accounts non-cash today, NOI, last to pandemic, to impacted and is estimates been as for cash our estimates we determinations. and XXXX. three some primarily expense continue as items We G&A compared always, assumptions components of two same-store contain guidance appropriate navigating These outcomes. progresses. range is disclosure we release of a $X.XX tenant leaves range where than basis impact assumption more collectability for by the especially about year are night’s clear wider we $X.XX essentially including straight-line XXXX to last this to an same that operate our of occupancy believe the others, inherent and we for due in accept including initial dispersion environment that to This poses we transparent through the in is commit,

turn and come our will in forward of high my our assets fourth our call progress acceleration in has full by now, balance And the confidence as as to I Shane. to leasing reinforced year over XXXX. the sheet for sustained of strength the However, spreads demonstrated our quarter, the collection, positive our aggregate cash the quality well

Shane Garrison

Julie. you, Thank

results our ongoing reflect this a operating quarter metrics, fourth limited improvement unique well environment. improving our outlook as fundamentals XXXX and as provide we as for the outline in Our operational framework in but

just As to higher XX Julie now last categories to deals brought within efforts statistics at detailed, of sign straight categories our of rent the accelerating the collections our and including range tenant signings. amendments to XX% in level, falling to XX% quarter of convert fuel volume above quarters build points negotiations And QX, we process XX in with achieved and XX or QX. continue tenant the the rent lease use of also base second These better. XX we our also for turn sequentially address of total XX% helps in three the each XX% basis collections

While accomplished potential leasing stabilize increased signings our tenants XX% quality of portfolio pandemic. sustain In year continuing execution quarter helped velocity by within this the volume before our patterns a us with total QX drive quarter, incrementally basis, to heading GLA X% was onset our ago in while demonstrating spreads, solid in continued ongoing highest lease number the platform. trailing QX, on levels. and and aggregate, the our we existing dialogue of in which of interest also accelerated fourth within XX-month high consecutive Notably, to aggregate positive for the closer executed second we

which Looking to in balance effort continue reflect X.X% to QX in deeper, quarter-to-quarter the an environment. heightened modest and volatility, size occupancy sample leasing economics current given duration, incrementally and new spreads, measured show our

of throughout renewal the the sustained Our comps spreads pandemic. X.X% positive seen

mixed Notably, approximately higher our for and in lifestyle XX%. and XX% anchor our drove bumps at expiring on focus in in expiring quarter comparable XXX the fourth the XXXX XXXX assets average on the our we effort ABR by ABR produce total leases points new use our quarter. helped to of also annual points leasing growth, XXX by segment forward with More importantly, basis continue executed basis

and for sequential to quarters. downward we occupancy helps accelerated our points velocity by occupancy While continue XX few from a to XX.X%, basis improve, anticipate points continues QX to favorable QX’s In seasonality. the leasing impacts portfolio moderating declined by Retail next of trend basis COVID-XX XXX decline,

drive rate our small shop for flow indicative help XX.X% lease signings of XXXX. will for us foundation XX.X% as portfolio anchor serve and provide of Our that continue and in occupancy overall to an cash

of in few Of year just for thus build far portfolio. roll XXXX note, bankrupt for the base and we’ll accounted left are While on locations a at the four from just September we XXth, next on down XXst, faced an rent December over bankruptcy with years. fundamentally in we our stronger X.X% look to as that front, bankruptcies and outsize our X.X% accounted tenants in announced XXXX of ABR have solidified

of QX, driven leases accounted for demand During by executed and medical backfill bankruptcy eight or X% with uses. other deals

construction, incremental result, surge avoided in in in focused by While that and of levels, in to the as historical fundamentals our delays and Loudoun expansion now we quarter. elected are existing our the costs projects leasing to heavily month, in will continue Northern Loudoun structural and target we track as of flow our technology other strengths XXXX. return redevelopment stabilization XXXX broader optimizing conviction begin driven poised sector, portfolio, this to At lumber advance with and cash One a County earnings Virginia, operating the toward a and non-cyclical our in on existing to driving we the and continue aid

serve goal residential XX to diversify the Specifically, at will advance few meaningful continue on largest These G’s continue an further past we execute to-date, entitlements spring units right we our our expansion to our toward as into created branded multi-family, and cash at expand over Pad of project Vyne. air this multi-family opening our to flows years.

Ethan East, anchor month. and other later and opened drywall finishes finishes opening of of year. we our to to for At interior which Shake for we’re units in continue the street the H, is installing G’s Shack, looks negotiation at Pad XXX GLA. approximately Loudoun, at remaining portion deliver of January scheduled for the in Across Turning or Allen Pad this XX% space, to lease the complete multi-family Circle other now office for this commercial XX,XXX-square-feet

We appears a remain per valuation the and quarter interest continues balancing two rate to this patient positioning more remain opportunities, environment macro and and tenants difficult Our start release XX% over encouraged portfolio allocation at favorable. the to to as open broader our project. for our XXXX by represents opportunities. at transaction against a we fundamentals deals but GLA improve in capital to vigilant factors are Pivoting outlook, of one and cadence pipeline increasing assets of specific

our While to a assumptions, points for outlined within and the want of I embedded emphasize guidance our few XXXX. Julie many underlying financial specifics guidance assumptions

First, half we trend like most recovery largely we the by the year, anticipate vaccine will in leasing but as back of With some of also volumes that be volatile, the form believe distribution. driven that, on. generally goes positively continue year to

believe progress the XXXX. However, confident relevancy and after and some which uncertainty make only will specific in rate will reinforced. in benefit remain we this have platform, We leasing our see economic assets of our to to will and fundamental volumes level economic last the results majority our two year lease of In structural delayed quarters be from overhang, of overall with lease the continue summary, we volumes we the that occupancy while increase. the

I long-term. on and call improving durability quarters back of coming intermediate Steve. as for path sustained take that, However, With a will of combination climb and broader time, of to only confident the this while in and am hard exact back our of we’ll and rent I cash in normalized and developments focused straightforward growth our our goals timing pragmatism, turn foundation for these crystallize flows we roll the the levels to the forward, will our occupancy, work remain

Steve Grimes

reports. appreciate and we your today. and Shane, for your to time digest Loads information Julie, of Thanks,

the we call this to at think over turn questions best time. I at Operator?

Operator

first coming Derek Our today of question ahead. go Bank. Deutsche [Operator from Instructions] Johnston is Please

Derek Johnston

morning. Hi. Thank you good and

mentioned, and level for tenants. wanted on to dig especially do little where that you occupancy a Just troughing may settle occupancy occupancy in the what really shop Shane envision more

the look at table a growth, XQ for a trough resume there’s I when model and when at lower in ‘XX and base? set, the XQ thus opportunity albeit then setting ‘XX the So, from I look or likely

Shane Garrison

morning. here. I’ll Good Hi, is This start Shane. us Derek. off

where spread. I I to the tell certainly you and would ranges, a on not That on occupancy consistent do $X in second comes reasons bps with commencements the at remarks, XXX we have tough pressure million say least that prepared we think through online. coming annualized. continued about when one see that, if through wide rent It’s We trough. some my it’s QX, of such downward we have QX. of Most half.

some as how and far we does far goes the accretion look like a and our each period. where QX speculative take pressure it now actually it’s as it’ll little trough. So, time segment as to right perspective, to But But from up is occupancy. QX

Derek Johnston

on stands now? Okay. the helpful. of Bed basically That’s it you bankruptcies you. and you. it updated is out can Thank on very is is, was And at be trend watchlist would to kind guys back guess And largely rest about your watchlist color Thank you your of the as expected mean, I point, like the staying and any in take what Beyond share a space this washed of helpful? this XQ the watchlist I Bath centers? due did now firmly off list at and lot

Shane Garrison

around we great historically. have a And question. issues It’s Yeah. our some obviously watchlist exposure had

that year specific you to what touch on and our change what and I one be the the respects. has in and hard rent upsides and last continues exactly is portfolio certainly our dramatically to on of a more gone tangible think lot from of roll

XX. So, point. Dick’s our has Ulta our Total moved up. up. Athena moved of into has top XX is at out top obviously moved has this Vyne

diminished albeit see painfully point in our our credit has perspective. exposure very your can from the greatly, to sort you XX watchlist of the And our hardening top short-term. So of

one As will broad sure remaining be XX this name is would I’m any far I on of Lake what’s South topic theater it on and a points at in point. certainly point, one in than our watchlist. the movie of to diminished. tell the Its us. We to year is elected as back call the theaters, offensively XXX at the take rest It’s this this you it’s categorically quarter. through more basis which paramount based boxes

buckets. diminished. certainly, remain. list, the our certain and a gyms So category, three restaurants certainly, high Those as on and But it’s are

less named more this tenant than much categorically as would focused point. So expect, at you and

Julie Swinehart

And disclosure the tenants. I would Derek, that morning. is that, to Julie. the add cash our in we’ve just this basis included around Good supplemental

only on for variable up them again QX. subset when about aggregate, the it about cash to, think, like on is portfolio relates XX% -- XX% I factor. So of and the though that And knowing collected end figure to tenants, I variability. basis that some to for quarter of and even basis, occupancy It’s has the things about we XX%. But end as in only that XXXX, collected ABR in you about of that I with And from we’re XX% the year over I X% or QX tenants the the we migrated record that think, from thinking extent example pay certainly, when quarter. element, question of cash a the up XX% think in great -- for that how fourth QX in matter, leads revenue at that a certainly tenants, for the basis at and cash they our can occupancy also OFFO the of to during

XX%, of tenant new But got tenants share is, XX%. again, this collected XX% a off also layer, will, There’s referring about we from that our January you basis I that population in only of to We’ve deferrals. can if cash have And start. So, January. rent. strong to kind XXXX I’m

XXXX. any have prepared XX% what deferred those much on And mentioned is I we of didn’t January. really from amounts did in deferrals in starts collect in we So remarks those, of due due much my that of

is variability collected just wide range. we of So yet contemplated XX% that we’ve that $X.XX from that that which in haven’t subset, element another

Derek Johnston

very Thank much. you

Steve Grimes

you. Thank

Operator

you. Thank

Chris is One Lucas of Please question next go from ahead. coming Our Securities. Capital

Chris Lucas

quarter morning, Good I know can Hey. back go you Hey. give spike? G&A. we fourth if everybody. to some don’t could, meaningful on but touched Julie, the this, if you around I could color maybe

Julie Swinehart

Sure, Good Chris. morning.

I award in company remarks, As -- in compensation. prepared discretionary our incentive elected mentioned to the my

of kind based standard a and our historically, metrics incentive discretionary nature. of Now, is not compensation on it’s

not was been we have was was I very it different that accrue, were that until the fourth boat that quarterly XXXX, to a would something think we in others frankly, quarter. where historic practice us year support and many whereby have -- and in accruing

made the as as of reflected quarter. the fourth all effects the the for compensation in for see employees results executives, the of incentive you So evaluations well

much, that outside of guide because was that of So chose build XXXX, the the XXXX. of the lumpiness, for we year to and up reasons will, to it G&A in quarter-to-quarter is compared in one the you much the if

Chris Lucas

And… Okay.

Steve Grimes

Steve. add did sharpening pandemic that. G&A pencils were at to that is the on one. of and going a be we this Thank you. we the going our do mentioned I’m to perspective that onset to I’d from Chris,

I If can I Julie we you’ll we lumpiness, year, the in a from ‘XX. conferences, mentioned, From decline is we’re of target which the guide terms get our And a like perspective, ‘XX, as bit the QX to the not would basis. in XXXX, we’re levels G&A as year-on-year at level obviously, higher bonuses level in and a pre-COVID just, some not of but well also from and people back of terms the on see the would half at get discretionary includes in midpoint in G&A, hopeful caution only experienced, but than what in had travel annualizing. as back trying basis, of which to things taking to

to great, traveling, things range print. get number to wanted fourth we’re we’re higher come adversely, the are of to so in So some gear you range extent should a and if just end up go, to vis-à-vis see I range to on the end the lower just would can that bang that things the say, quarter the get the will, the those having meaning all perspective you you that not means

Chris Lucas

that that we guess though, course volatility thinking should about to ‘XX then, be Is the a be through sure, that. just I or Thanks, for should make wanted in the for number? number year? Steve, smoother it of it

Julie Swinehart

for certainly, And or seen frankly, a those question, in we Good it Chris. of targets quarters. call compensation slightly QX, down get reasons. and number as G&A expected as truing would I it, say, past. of up are payout as in we QX, Oh! would we get then, truing related for elevated any -- off towards, sort tends be the some QX other smoother out that would to we’ve I in be point

quarters year. expect So less this what the you versus than I would QX previous saw lumpiness

Chris Lucas

the Okay. Shane, -- specifically into guess, going does -- for the then, the I there outcome stand protests units wanted have does remaining for potential that that are? bankruptcy, Athena, settlement impact the just Where either guess, the, units. now and against you the Thanks how that. about landlords have posted whatever the And I to roughly you talk XX or positively negatively

Shane Garrison

Yeah.

diminished. something we’re basis Chris, points, basis points to exposure, Athena that say, XX is Our I want XX now. like fairly

I to really considered So remains less bankruptcy as But the think the we’ll things That’s tenant I than us. to it all think, resolution, the have color protests only the us, I on -- seen. around relates for be could pre-bankruptcy. impactful was final much

Julie Swinehart

Yeah. But…

Chris Lucas

Okay.

Julie Swinehart

we’re at year end. …numerically XX to spaces down

Shane Garrison

Yeah.

Julie Swinehart

Off the space of…

Chris Lucas

Okay.

Julie Swinehart

supplemental sure. …top in for XX tenants the

Chris Lucas

Sure.

just of sizes, about Okay. with will, sort break challenging strength where how most you right Thank terms the you your in the most a when you if seeing activity that various you second, Shane, then, size is you leasing for down sticking think box for that. now? you’re and And where of is

Shane Garrison

a I’ll pipeline and setup a peel question from let few great here, a you give me layers this It’s standpoint. but

So our significant. is pipeline

forward of right the there’s spark vaccine and now. about pushing later Chris, on that last the basis the on resolution path as year. And sprouts, waiting to ABR lot kind are the in are in for hopefully, in points We of of that know, a XXX a really distribution, just you economy form pipeline of

there. with business at in of new far of is factor January applications. in the a X over We Retail kind see first So, year applications, over indicative a by weekend, year the the I set place reading up with I XX% over think, outside was of was U.S., X pipeline, looking the XXX,XXX away there’s to foundation as other little

you The tell would would real So tighter kind still we XX% much it’s it in indicate. leased say, A I space, is headline little than and space space. over line is more the But -- and been one the stable anchor the pipeline and until always the based we’re in restaurant interesting. restaurant in really alive very space debt spirit and think of category shop resilient. is I it’s and well the cheap entrepreneurial availability of about would four you tenants counterintuitive Class that’s the would our broad a in denominator of what than is -- see. has and say, the it’s broader still

kind is industry middle ways it’s one ways piece that some That isn’t, the of you creative math kind their at together. of in is and our destruction really surprising, So pieces of the when of the put the do some process.

So of an outs, iron relatively and year, around lot quickly see a this turning macro those indicative we of pretty a new that space is that for demand that today a space on quickly lessons learned anticipate and build and considerable of back new increasingly the relatively healing. black has again, we there lot with

So But top continues be last would years. the the and X,XXX the the I be years There’s less XX,XXX and smaller toughest that been kind considerable feet at space, continues feet. of to XX,XXX say, demonstrate couple that’s feet conversely, larger clean users to a shop take demand. to and and less over that bottom space as increasing will

Chris Lucas

the about, broad on you’re is or just versus then pretty restaurant localized from of or chains that based? entrepreneurial that sort And the is the that. entrepreneur demand the or talking sort multi-regional national coming it for Thanks Okay. of

Shane Garrison

smaller does it say, nationals. than would more I regional players towards leans it the individual or

Chris Lucas

this you. morning. all Thank That’s Interesting. had Okay. I

Shane Garrison

you. Thank

Steve Grimes

Thanks, Chris.

Operator

you. Thank

Thomas next Our ahead. coming Please question go KeyBanc Todd Markets. is of Capital from

Todd Thomas

food on centers well? should you’re Good up forward? mixed-use guess more and think skews around leasing maybe lifestyle centers. restaurants likely segment at and morning. about commentary the all we local maybe merchandising going experiential your change shops going Hi. to forward toward perhaps in as How and following merchandising is just food question In that I and First -- general, that Shane,

Shane Garrison

hesitant Hi, Todd. morning. commentary. commoditize to Good I’m the

think about and it center the the I on and drives is makes this in case neighborhood corridor the of mixed-use depends the -- what in sales. or what about configuration less tick that it’s center more

are assets by XX-hour population historically have we versus see those and -- driven kind So have broader a and that case more attendance inordinate where in office of this daytime an those in nightlife. been corridors driven

historically by those type have hit component. harder night contrast, assets population we a daytime been more that have relied that assets broader on lively XX-hour much the As a than have

depends. So it

how behavior, up and impacts a I that think very We just traffic. is understand think, us, great order. restaurant of year. longer-term executed a what I even that in of regardless to to office driver of feel here next still format deals that that in still getting again, But relates about the end category, as looking hopefully need it understand pipeline we and view significant lot the indicative much at a and build especially we stickiness specifically momentum those as the won’t by the attendance short we of

Todd Thomas

questions then, And guess, of around guidance. Okay. Julie, I the a couple ‘XX

a are balance be I’m bit key OFFO if downside like that impact the on just a model what quarter the the So they be coming the result the could OFFO? we’re rent, during about midpoint It in talk you straight-line What maybe and outsized ‘XX. relative that where That’s or of would curious the may the drivers ‘XX quarter might to and in from? guidance. in in sequential G&A $X.XX seems in $X.XX decrease the annualized. of

Julie Swinehart

prepared guidance question. the I which again G&A guidance course alluded to both an about to a in kind I then and assumptions, release of that’s of And lot it’s keeping mind for around element. a we of variables some $X last your And issuing we really question million not occupancy $X.X that that balance tried an collections. didn’t XXXX think additional recognized to for for in Thanks we’ve mentioned on our XXXX we recognition that deferrals way And need collect already. right year -- have deferrals revenue fairway we in that on top around that treatment. I that it’s on preferential had down the the and of fair qualify Shane put Todd. and and NOI there about Sure, is framework When then NOI same-store are today. same-store the think share as But there within we’re of the you’re and out also remarks our certainly we in in million in

not XXXX. in but yet, due it’s revenue it’s in So

on our So those rent, revenue timing and comes it If basis I to straight-line call it a amounts the basis had little influence I existing next back XX% in to think cannot and out from few our bit is amount, tenants of deferrals. collections some leasing kind significant ABR that $X we the also continue It’s and outside can that mentioned million NOI but components that out it’s of figure record of look within to non-cash year. well range variability quarter, cash tenants, hard literally say our again, on also a this dependent of most I fee And factor. guidance cash I of what probably basis, those And are control variables and with it’s with after $X record as a guess to years rate. our the same-store record in rent. runway collect that a of from like, to something timely. were same-store of more in is cash run And if certainly and though. non-cash it’s some a try that straight-line XXXX million, will you we quarter. hard But about we it’s is the have a heavily I’d collections specifically the the think the day we on and have That sounds one in is it our these the

rent for occupancy contributors rent. I’d couple if of historically -- So, been free us, the tenants of of bumps, say new positive largest especially single those months to taking offered rent tenants can driver be those that straight-line have straight-line for a material they’re the has impact driver rent, and

those occupied the for So expectations cash not balances on XX% rent grow. around straight-line least so they widening tenants basis our spread are commented the frozen, of Shane on essentially the will

outside I point straight-line NOI. you XXXX. were contemplate element amounts within to tell range of for negative of our several guidance some to I straight-line and our one So within assumptions that same-store component points can It’s this if you

that’s some the components. hopefully of understand So helpful to

Todd Thomas

Julie, some of your capital raised enabled regard categories capital suspect I paying of some over few rent cash business, With have touched publicly even change the said tenants the quarter like the And forward? payments to we’re fourth tenants, to lead relative engage collections you constructive that’s reduce conversation that and you disclose with I that in activity? is Does the conversations tenants, last significant theaters more in able does these capital of at tenants of raising which are that reinvest their I guess, been Okay. that all around the you you to rent think going the not in some the XX% in cash on in basis months. your companies leverage, to reported collections guess, basis raised their consistent to that Steve higher by January, many I

Steve Grimes

is pay. a debt in level we’re then in remarks of which And a for That specific rent. are well bit as there accessing of said for those second the the our I I and did being opening the around also rent pointed that tenants we to giving little and question. But have necessarily business and doesn’t some debt there that of where it out it ability anchor still that side, out, I the occupancy expect were well, to of implies question. that just folks. to Well, Yeah. been means as much retailer for that list that are theaters are on there turn watchlist think clubs. Todd. of of I’ll say fully debt while to over Julie other Shane said that, as Thanks markets, a mean with comfort is And just start, there I’ll the theater there payment top the even part my obviously to should more number us that us of pretty help issuance lending number that retailers and as health certainty is at

Julie Swinehart

collected look improved at that at in the basis The population XXs cash tenant we XX% that cash back low Sure. in have tenants collecting XX%. I If the XXs, we XXXX. QX, time about levels certainly low our were collection basis from during QX, in the

the our came I And from year-end improving on example, within little basis, share it’s quarter XX% I we bit supplemental see get all during collected after a to theaters collection that level, as you when with have we can our for more disclosure. do the XX% and of in them So cash mid-XXs. you the in

So from in we QX. setting basis them aside balance about theaters of tenants collected XX% cash the non-theater

it’s of as we went to the guidance. again, one and early. flexed it’s significant But scenarios components some So certainly different and more set improving, provide ahead again and went that

the see year, certainly again that I’ve And time right going I and And each from very of but these forward come that to tell a increased several commit move to the as could in But forward. cash being report higher is seen confident early I where grow. will tenant it number think I to quarters folks can think of I the can that subset you that as we paying on you how that much these first the but to be sit possibility It’s is continue some results last grow population very is I yet, our have transparent what them we we’re off I tenants on from going of clear that fared. to move quarter the paying it’s some each amount, mentioned and quarter on. haven’t that and basis. report population demonstrated on hurdle, full need we two it’s if just there off. typically XX% quarters of in the to today know easier today, we much something

Todd Thomas

you. Great. All Okay. right. Thank

Steve Grimes

Thanks Todd.

Shane Garrison

Thank you.

Operator

you. Thank

coming Our ahead. from of is next Green go question Schmidt Please Street. Rojas Paulina

Paulina Rojas Schmidt

wondering on would for in so And comment helpful? -- very markets And changed I was you’re the doesn’t any be markets worsened, any morning. major any Good recent major and the improve should months. on XX how in in the of if long-term or growth view trends what

Steve Grimes

Sure. I’ll start that.

I and any permanency. based takeaways pandemic it’s certainly a think broad to with it’s an hard evolving environment in picture that have extend strict

market indications standpoint disparity. York for our in collections from only New California collection mean remaining I of at two to vocal pretty a So in just of other our including long-term, theater. are IPO state we stabilized XXs probably be multi-tenant going but really. can recent experienced XXX% in the is the there we’re you even There -- has in almost since What tell collections. blended though I been no that but is kind the after the California that our quarter was We’ve assets. a which a somewhere, not collective collections itself

So tough that to that remains from I unsurprisingly a be written. very collection story Long-term a environment standpoint. continues think growth,

our of XX% in markets. have which our as continues population still mid-Atlantic. top about very well XX one Seattle to well the do Phoenix have us, portfolio Texas as well, order Atlanta to is Texas. does an continues growth. for that of We

it’s So early.

what is where now But on. long-term. the want of change experienced has, structural for of I is look think we population it what permanency is there are collections right at and lion’s and current some growth things can this see of other office kind as portfolio and going would long-term. that XX share to markets, of we and be some we where the We’ll this our kind to relates remote shape top

Paulina Rojas Schmidt

help another done would percentage of them then question, something as to And your color some a any together similar you. tenants side of have in around you flexibility provide the of and our crisis, be topic Thank get all arrangements have some helpful? peers engage these and form rent and some at them with

Steve Grimes

I say rent on extent to some back percentage agreed that absolutely a the the hurdle Yeah. and to bridge would We have, that but as -- to we’ve that normalcy. is interim be theoretically also to believe to time that’s what because that tenants is, prudent we and capital Those we it’s it’s it tenants have not only to foregoing. are it’s invest that continue

restaurants categories, format So we’ve engaged unsurprisingly restaurant we other certainly done have. of some with it We’ve larger -- in that it done our we categories. the

example one-off think an I with we operator had gym. -- certainly it one a and as done few we of theater

the in XX% do the quarter are interim have two than rent -- to a we percentage it’s the at and of deals that no longer the done get quarter, try that side certainly generally them, So ones that kind we forward. quarters categories to to other below our plus continued

forward see a and off kind with all of So the as we that latest encumbering most macro, space we’re the not if June positioned without side structure. for on look But ramp or should the year market of below what of a that, other to again burn we’ll so this March happens. long-term at bridge that

Paulina Rojas Schmidt

helpful. Very Thank you.

Steve Grimes

you. Thank

Operator

you. Thank

McConnell Our Please next is question coming ahead. from of Katy go Citi.

Katy McConnell

March market Good to the in that upside improvement Thanks. you Could morning, outlook Hey. talk is you what XQ? the have point? backfill on exposure bankruptcy new the leasing your And left drive everyone. bankruptcy about at for the spreads this help extent and to

Julie Swinehart

X.X% last of Yeah. lower of has the Katy, I’ll than quick start the just ABR mention of our it with our quarters it’s exposure, bankruptcy about two year. a end in of just as the at

Steve Grimes

question to was sorry, our exposure? remaining And Katy, the specific I’m

Katy McConnell

Yeah. The done quite? or addressed exposure you that’s haven’t yet

Steve Grimes

addressed a X.X% What then. haven’t Oh! left yet. We we have do

Julie Swinehart

Yeah.X.X%.

Steve Grimes

Yeah. Yeah.

It’s currently. very about So still fluid. X.X%

and of our this basis plus conjunction points, the tenants XXX news last XXX is over at down we increase think were now XX were which in points in bankruptcy remaining XX winnowed occupancy, basis I look we pushing credit the and And obviously year at point. again, tangible good basis points. when the XXX that, to has with

we plus year say anywhere there at we based would have broad current hard number. midyear. again our closing XX,XXX hard So it’s that this environment in assumes where modeling fluid last with it’s It’s of XXXX. some like improvement But smaller in that kind stores is much be -- near that albeit macro believe to up the ends process that looking to and a that

in fluid the macro markedly some outlook that bankruptcy economy still it midyear. be diminished So with but again should like is our improvement and activity

Katy McConnell

needs pipeline. Thanks. over months some the Got the at thinking last changed CapEx entitled leasing clarity more projects that you’re And starting then in you’ve your your And about as it. discuss few already has gotten timeline of for Okay. the around you in all time? the can how we’ve shadow down

Steve Grimes

Sure.

just I guess, at starting it’s now. we’re where me, of kind Let worth right

and to and entitlement spent a right that’s a regards obviously, that continues assets positioning as to in brand, value. So for for creating be us development and company and something bigger monetizing we -- years a piece non-core

that of end the think the projects ‘XX. of stories page more we’ve So on got a our should that’s basis be right the stabilized four unique in at the I and $X.XX one now, space stabilized on that

pad budget National The just Shoppes of and on Fitness delivered The we deal. will track all rent a the that Southlakes XXX% that user still single the a in deliver at tenant out more a Quarterfield, part XXX% we portfolio on bit leased, have was leased negotiation shortly quarter. pushed start but remaining broader carry. the

adjacent in ‘XX first prepared our we to actually bandwidth to Happy as report in delivered certainly And East, an to asset even brand. went our to rent said apartment out Loudoun, turns our still that’s we pushed project start we very carry continue leased our with stabilization return but and come multi-family leasing. and street one leases as taking two to largest my G and there. addition asset early, the a Pad continues corridor overall shareholders a are Circle that And remarks, to great important two away prospectively related the far to double-digits directly life has quarter, the then to or live we’re we which with QX, the colleges we turning our I portion we XX,XXX on So before two are I this certainly we we’ve that just XX% think of and lease -- to driven down, the really things year commercial the already for about and negotiation. biggest space we XX% so, garner now in more to add and QX largely expect interest at tech the from retail projects. the And to our back office mature, continuing across that, us that office to form some and active and feet track of has of other the more coming that have in corridor. off XX% that that just active or of looking for in about

the $X.XX So, as to delivery in to taken accretion we to your of lot get but accretion, again, want as all-in stay far it’s a point there and cycle goes.

through So the last year entitled was we year. up. that that have Naperville talk teed as We’ll progresses

have feet still about commercial X general. square also We million of in

to So at we look continue Loudoun Uptown.

as at entitlement. to vertical We there continue go finish to look Merrifield and far as our that ability

and like trying the next-generation in tie delivery at cycle give to macro it’s date projects. we would you accretive looking the you, with I But the it tell I’m So -- into will risk to hesitant when we’re a we’re to developing. and balance staying as of

our but contemplating So we stay tuned, next certainly speak. we’re project as

Katy McConnell

helpful. really Thank you. That’s

Steve Grimes

Thank you.

Operator

you. Thank

Linda Jefferies. question Please next from ahead. coming go Our Tsai is of

Linda Tsai

say Are in a will Apologies to if of I implying the for this, missed quarters afternoon. last volatile. ‘XX? you Good a little when run pullback sustain expect XQ, generally leasing you rate bit you be two would Hi. of the

Steve Grimes

hard say. to Good Linda. Hi, It’s morning.

when say that volatile. think I is leasing we

it’s all rate. think leasing including and occupancy and things lease I

quarter-to-quarter, structural some scenarios and process, trough we throughout we QX, around a increase just kind lot at rate thought considered think the once permitting what that year, at. topline trend -- but And rate lease table momentum see, occupancy into -- about put will from the to leased certainly a when there. to a to out When talked volume overall of right? QX are we generally comes at of from we things labor of earlier, continued think the think that as part the an component end just more the that’s say what of on topline. that. I we year won’t all our we volatility and we of until we if you importantly we is of this bandwidth is talk the certainly Hard we by we gap But where arc about And a be earnings kind of about. we and are think our but from the think should obviously I certainly continue contemplated, deep year or the of overhang lumpy, just some or -- that’s bandwidth the our consideration how everybody if is and especially think

So lumpy, up it and catch we the as the be a again at top occupancy trend will but with see throughout playing year. certainly momentum

Linda Tsai

And were you Thanks for kind them, tenants then color. there that backfills they? were said what eight of the bankruptcy of

Steve Grimes

really. all Kind over of the board

it little got I We beauty, the of I not with health and actually total larger a have a little we one done or had had in restaurant -- concept. fitness think of bit and there, -- Vyne type believe we

is Class the supply I of great I to but it’s like earlier, size depending we A demonstrate just on truly constricted but So appreciate will think, hard still is, it to that the in talked throughout year. space over, continue space and the demand how about kind think all

Linda Tsai

you. Thank

Steve Grimes

Thank you.

Operator

you. Thank

from ahead. next Please go van Our question Compass is Dijkum of coming Floris Point.

Floris Van Dijkum

$XXX good taking my guys. wanted capital allocation which been the for bit will. is Thanks pipeline, you question about progress talk little million already. you’re if some to a I on, $XXX spent I mean million have basically you making

million $XX incremental go. to got you So

dividends million where You’re as building pipeline, about which potentially appear of you invested probably ground you projects capital? of portfolio. decent going see obviously maybe on mentioned Carillon significantly As your well, if yet, that monetizations million thinking because alluded haven’t Shane on about on be way to retain non-core but call thought shadow you’re the that cash sales curious thinking year. you to up more it comment to that’s the to you’re about returns to $XX well, $XX more And spend? after as and future opportunity this the also stands you as the Have can in doing sort any rent

Shane Garrison

very of couple capital the things would best though, After on we I through that agree. talk think get we foremost, in extent we we be and minute. that’s densify think and morning. same be that, longer Sure, that side, term. is of and use covered stabilization We done would that is land capital kind the the very there and the on. to But anything we transaction from to that acquire would first likely shot touching that fund we tough first this you also Floris. a would pool, can side, One, product is think medium-term Good development is -- more is than would the back portfolio And would going to because on our I we phenomenal obviously, to it much you’re find. leasing Look, anything we’ll play and mentioned allocation historically, certainly think, which tight to point, that’s -- the opportunistic we be acquire later a in about. to market about transaction do simply we’re of to we’ve more the capital a

with so points basis a we very to view assuming ground we combined ABR in things the leases very two of side XXX sticky on kind as addition the pool transact. we liquid So would that and and a we mandate sell, that we’ve acquisition dynamics before of got or those pricing buy

As it better. very the think basket especially projects mass a much which mixed-use again, larger through vertical. were compelling, have to these pricing to of especially we order development, the can of an and you these power historically, than the returns with scale and that relates they are U.S. us more as very projects, gives We rarity

is mind keep is still it mention thoughts. need but as that specifically, in still late Carillon, spring. stabilize with allocation that first. to commercial certainly leasing multi-family. to will we’ll certainly The building love and goes, I considerable in keep open it, and pipeline much obviously we didn’t hospital an So in entitled It our very

the around this have go the office building ground have at right? to medical comfortable office off to would where We We continue we anything going, not medical highly to be gotten conversations point. leased feel to have on

gotten haven’t there. We

there’s of The that partners ground think, and is go good very lost the where dramatically go not to has is lot Retail multi-family, wet still Although at very the since we a in we on has of multi-family. news fluid I that a still started retail, go changed the any What could number with project. the conversations We infrastructure. in has in can kind conversations wherever we been so like still investment on malleable. infrastructure that and we of the changed we would have the point still the around dry unsurprisingly right? have want, it’s like,

will we or saying won’t. not I’m So

obviously example on to we’ve expect the shapes depends the how extent year multi-family also up. it of us we when we allocation, the joint about would accretive to the you venture think value to that continue to contribute do no talked be the would in capital further think up to this order. a go land I where XX% and with would short an before own demonstrate which that I certainly on as and

develops. We we that’s consideration the we year options Floris, for, take and we them So really have are structured right? and have optionality, into what as will

Floris Van Dijkum

That’s Shane. great color,

acquisition primarily about potentials things like Just sure dispositions, -- are at make that be way a to you to is of think those would that lease so ground looking and through funded the I couple it?

Shane Garrison

Floris. Yeah. That’s correct,

Floris Van Dijkum

me. Thanks. it Great. from That’s

Shane Garrison

you. Thank

Operator

Thank you.

question last is today Our ahead. go coming Mike Please from of Mueller JPMorgan.

Mike Mueller

just I Hi. go again. to back to want guidance Yeah.

I’d against I straight-line the if about losing reserved or when about not the know of in annualizes paying quarter already talked to Shane anything imagine you terms that $X.XX was occupancy, write-off that’s back cash. but add So XX.

is of I or take a So is the in that part collections they back, guess reserves assumption implicit improvement step scenario? is there or that no maybe the

Julie Swinehart

Mike. afternoon, the Good Thanks for question.

Mike Mueller

Yeah.

Julie Swinehart

concepts enough within model its NOI expectations two really stress can’t I So we right? scenarios. main around and our same-store the variability in collections, various

half cash XX% a many average our I some think front, move tenant the our Again point got back on that our now portfolio about I portion but to is to on think afforded trends is there. aware cash straight-line but continue. some tenants possibility basis, based I’m on the change. can we’ve which And the of are improvement. we talking that of peers. quite for levels It’s those could -- noisy accounting say being a today, we the could below -- additional so into and a significant are We outside some at far a and at business of all XXXX collecting we’re basis earnings there. year far could that Again, Again, the be we’ve same-store certainly NOI, right rent the for of below for that is that XX% not our of figure least

an -- straight-line as years. I think, by previously to of was today, the strongly benefited rent has couple been last I in answer note So, trying in

tenants and million $X by figures. the XXXX, rent free tenants significantly call not boosted element leasing moving And those were we grow, grow, had what tenants that So years more negative, with negative rent XXXX of the so are steps, with XXXX. growth in moving straight-line course, strong we’re for cash then the it or some we so again now prior, to tenants impacted, straight-line seeing XXXX these can’t can’t But the by of was elements they of in tenants basis. that if

So, again, to to sure point on and forward Again, as quarter point to I can do. going say you well. the nature transparent just want still rent straight-line of don’t to trying potentially to variability a calls logical, and I’ll that non-linear every this and to but disclosure committed be speak what

Mike Mueller

does like as Should you inflect? the or ‘XX so ‘XX. year the Got year is begin in ‘XX stabilization it. lastly, And where about talk maybe think I it Shane feel to trough know we of trough

Julie Swinehart

think, our related developments. were stabilization comments, Shane I Oh! to

Shane Garrison

Correct. Yeah.

Julie Swinehart

portfolio. As opposed to the broader

Mike Mueller

Okay.

Shane Garrison

Yeah. think… We

Mike Mueller

it. Got

Shane Garrison

some building trough should momentum into ‘XX benefit. ‘XX, is push at stabilization we occupancy and think on still We -- ‘XX point feel well us leasing

Mike Mueller

it. Got

That Okay. you. was it. Thank

Shane Garrison

Thanks.

Steve Grimes

Mike. Thanks,

Operator

floor to back At to turn like the Thank closing time, comments. Grimes Mr. over you. for I’d this

Steve Grimes

this bit this but quarter, pretty for that Well, this information of offer thank you, lot every any to that know your a further digest. I need quarter say time today. information to sure, clarification digest much there’s here up to you you to We everybody, quite for start as in more. digest and of a there’s

this available process. in always help We’re you to

that can the everything we the QX out terms part the in is we right of put have in past. be by terms quarter incredibly think corner. and what that quarters most I or encouraged and We’re disclosure of on for think be as today will only solidified I telling it quarters around

talking you be So very will we hopefully progress. with soon continued with all

again today. your time for thanks So

Operator

Ladies and for and your you gentlemen, interest. participation thank

the log You may disconnect webcast your the and of day. or enjoy off your rest now lines

Retail Properties of America (RPAI) 17 Feb 212020 Q4 Earnings call transcript