FRT - Earnings call transcript Q3 2021 | Federal Realty Investment Trust

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Operator

Greetings. Welcome to the Federal Realty Investment Trust Third Quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. is conference this note being recorded. Please now Mike Ennes. will turn the host, your to over conference I Thank you.

You begin. may

Mike Ennes

Good afternoon. call. Thank Federal Realty you for joining third XXXX us quarter earnings conference 's today for

Wood, be discussed Joining the reminder prepared to Seher, Becker, be at statements to Melissa me and remarks. the on that the may meaning available Jeff They deemed be your call, Don A Dawn will on Solis. this take within Berkes, call Dan forward-looking the Reform are conclusion Wendy matters Securities Private G, certain Act questions our of XXXX. of of Litigation

statements referring or to Forward-looking results projected statements anticipated or well events or as annualized any expected including information, include guidance. as

and on statements XX-K, operations on 's filed package can question that the And Although can affect Federal of Realty our give questions and factors its financial We assumptions, the and information reporting portion are operations. statements. assurance we based may our during reported results release Q&A and financial one kindly a differ that and other of in-depth Federal call. in of on condition annual such Realty believes materially future limit reasonable we supplemental no risk that that performance expectations be earnings actual may documents reflected forward-looking Form that from ask attained. discussion you our today The expectations more our to disclosure issued provide our your forward-looking a these in follow-up

begin discussion turn Don And results. quarter feel the the of with will our free I have to our please third to jump queue. If to you call Wood over in additional that, questions, Don. back

Don Wood

this stepping baby last Weston. way, a today everybody. that child call second to doing going afternoon, in as week, do to By are Ennes named Mom a Good Mike. Leah and just Leah birth Brady. Thanks, gave We're for great. Mike was the boy

chance, reach to please congratulate the do you out her. email get If by

the So, on strengthened quarter a going and fact that our of today because I'll ahead points. carried to to just continues we and easy demand recovery summarize properties. second my quarter, into office most momentum and leasing last the the through the on remarks evidently updated sound the took are at The prepared are we in in lot mixed-use like chase in cut side quarter, here third where X schedule.

$X.XX For one, killed a the we third at it in quarter share.

Secondly, midpoint. guidance total at our we X% over year by XXXX raised the

real signed then the in you at & Company We're CocoWalk, we Thirdly, up guidance leased about Santana we at raised leading square fully center some Assembly estate consequential our phase users full quarter, with that is week And going even 'XX way, leased Pike deal by executed also. to Pike at discussions West. We next under foot having similarly have leases X% for at Office after at at up so Choice the tenant And And to we under a with shopping far XXXX the get by & LOI last the and executed XX% the at 'XX our be talk Rose, only XXXX the to seen Hotels leased LOI leases Row. building cash are X% are guidance, the might with Rose. XXX,XXX XX% than ended XXX they space feet replaced. rents quarter midpoint. of Dan basis over the product higher retail XXX,XXX executed comparable

November in forecasts, feeling share, of a of and quarter up week We'll had bone optimistic surge. periods first from business on $X.XX internal nearly rich great we X-month few million collected COVID of versus Delta we of anticipated. XX% we each the progress positive million, position. so a the forecasts. most rent all meant where exceeded bounce anticipate, than that FFO fewer of past leases the the $X to anticipated. at our recovering higher meat strong, facets we for leasing never effects in of -modified our are new We lot impact collected fast many rent needs. market about what per our anticipate put and period, didn't unsure in we points And markets. the quarter. had decision-makers failures our the We significantly mind office X, office constructions We still here the those sit due. in far any space rent than which so be serious XXXX, we're we unmodified even $X.X says tenant back of recovery with from quarterly third for prior With future Some million anticipated. their variant a and more we even had Sure, less far We about than over in others. we're collected percentage XX% That's is. Company We with third year's this quarter was had the unpaid last more than The

the with we Even new are in and on more we dividend they point, d. We of in Because new well Assembly our is dilution lease cash be than quarter covered X at the occupancy basis of this the thought would than better course, an operating last hotels third our better. did and our mid-XXs less properties as residential residential performing back already at we point, that in our the And all into building also ahead this Row. X lease construction nearly schedule -up is had from mixed-use half quarter.

was reminder, cut that COVID. that's dividend the during never As a

peek significantly we'll out guidance, at the raise too. that means that years and all take earnings So, a

along, in will XXXX. talk our visibility to to earnings was we've Dan said all be than guidance better few As proven ironically the minutes. details a through case. XXXX That's

we board the future. continuing side, strong foreseeable On that the to the continue retail leasing see across see demand and for

more We've the been very centers. the improve of COVID real better manage non-comparable tomorrow. demand that restaurants new post we that's affecting fresher, higher have frame, XXX - When the result along, broad of Places XX deals than most Realty dominant, before done of store that's in possible terms at put are we today's serve relevant net decade We've of talked several stores, are that operating more the feet. asset our and plans chain that property about through real a couple lease the capital COVID all to that XX% counting the the properties, in of ways years capital in post To is the better that locations. that and than comparable they itself Federal last be productivity are in we've well-capitalized to us rent deal for in a been for last XXX,XXX standpoint. sales issue. to significantly estate always high more nearly out time most well-publicized retailers for volume, quarters, decade., over reasonable quarters, saying to those appear issues another they were value been for tenants that square choose assigned curate execution - And a million XX% prospects myriad next all thoughtfully X the build last supply you the But come. signed our context, from and COVID. square feet to the tends businesses up. and improvement the X than of They today in strong leasing The estate development. going will was pickier cost. the outlay a Over move couple annual from value U.S. not with demand all from trying relevant their communities more and our for retail over designing for to footage years lease shortest to months definitely average commitments Not higher will

rooftop we're are units, unpredictable. or about conditioning Although and equipment kitchen some on broad to a stuck of or supply-chain boats or offload, and production shortages issues from shortage overseas way material extent talking air

a ago. X basis, line pipeline, Virginia. which visibility of Shopping excited provides we earnings to is that redevelopment end, in third deal on billion-dollar and about from Very of very But problem one the we're over quarter's of done relationships earnings as centers just and in The in Northern if years XX% that not the years, rent Coming the Virginia but development to Early transaction window long As underinvested a the the future of date, improvements growth. for of all I've did that. of low-risk are using occupancy of higher started $XX mitigate prepared gains solving, of in the earnings that. middle a only legs. is Centre transparent locked Twinbrooke of are it for in months. filled County. we're the stable leasing That's tools longstanding couple coming the remerchandising next the way, close leveraging all active XX.X% is program quarter, been were comments. out visible inevitable levels Company risk-adjusted not in and to got my the getting the before By we Fairfax, Fairfax to maybe will have Company, our that's marking also and the, off-market upside million in and all continuation upside we growth. acquisition which our the out we've and the Both plus up another that lease second to considering during and the before XXXX sector. add on and from the a most historic being closed lease, about acquisition I bottom ordering, quarter, occupied. was At and XX.X% fifth rent have last portfolio shopping in stockpiling, believe from And a way growth this COVID the, the quarter and the leased, over are cost all over we largely strong

me entertain after be who it over questions your Dan, will Let turn to happy that. to

Dan Guglielmone

we Good good which $X.XX a an expectations, of XX% second above beat. quarter, FFO per be Feels quarter, represented XQ afternoon, everyone. last our Don. share really represents away a you, with expectations. sequential XX% $X.XX discussing strong to X% gain another Thank here where and year, over blew above

gains, from from another better occupancy forecasted at off-market highlighted, than leasing collections, As was our parking, - -up - with continued faster accretive rent, contributions lease on coming the and developments, hotel, at Don transaction. percentage progress upside outperformance and broad-based,

And quarter, continues names line, Loon, such during to up continues that higher gain beer with XX.X%, with the such another shop at command this purple, small as to name XX% second the collections continues Overall, coffee, Momentum our XX.X% quarter. consecutive occupied Peloton, Giant, Federal. driven quarter tenants van relevant XX.X%. period, XXX hall, Gregory's coming our leasing Slot Herman what yet percentage current lab, across fifth note, of well-above-average XX% portfolio, nearly a XX volumes upward, is to few. in lease Other points continued plus points of strong as Astro tomorrow, a be Leasing location, [Indiscernible] quarter, Moto Kayne, to points Jenni While of our up another to basis is prior-period last quarter restaurants center shop another parity leasing to XX just climb top basis our XXXX it another in as saw small to Nike started year-over-year. We of climbed we year. occupancy another the surge [Indiscernible] American location, momentum Las million and the as second in leasing Miller, collection, from of lifestyle for by metrics basis on half leases the metric stage strengthen portfolio. its basis fourth point XXX grew signed X the such

Highland. Please headwind XX%. have were quarter track, continues names, deals bright may subsequent quarter, a trust A note Hotels down these minus in expected, this in me, with square relevant feet the those without thousand grade the and XX%. quarter spot, as third by versus $X.X Choice quarter-end, that including million familiar leasing it will. to year, Office keep year. comparable of to term been property leases Comparable XXX again, fees Don growth, not X.X%, signed with, would be metric continued of $XXX,XXX to for its up not a Some of particularly significantly but our investment the rated of you resurgence we last during be while you the

remaining pipeline our the with improvement $X.X at on billion stands remaining on Our $XX $XXX another million spend in-process portfolio. our million initiatives development property across

power complete repositioning a our piece anchored great $XX obsolete of expected to is a will noticed transform in our yield X-K, on You food the project Huntington a land, incremental shopping new an that to X%. An project added on project of center. physically a may latter. redevelopment have we a re-merchandised whole center schedule which The of million center, into achieve

Now, and sheet, liquidity, onto the on leverage. an and balance update

the the debt For million repaid been having days, maturing until last $XXX mid-XXXX. no of XX over we mortgage have debt

be $XXX equity a issued on continue our tactical to million forward we undrawn of We of to as million result, liquidity as amounts our maintained $X selling common $XXX opportunistic And for cash and revolver, billion agreements. program of ATM of ample of quarter-end, forward be comprised on of roughly a our sales $X.XX billion available agreements. equity

run-rate net to times. our marked for leases coverage not figure is show Additionally, equity, times. up charge improvement. to backed our Pro EBITDA continue metrics Fixed down is XXXX our is signed, X.X over yet acquisitions Pro contract, to forma for times. open, debt X.X forma X.X under leverage for the to

Our remain EBITDA targeted net X and low-to-mid leverage times the ratios for Xx in coverage. fixed debt charge for above

We there. are almost

Finally, guidance. let's to turn

from strong again $X.XX for of XX% This per XXXX taking growth a to XXXX for XX% a XXXX. previous X.X% maybe this fourth targets to range to X.X% $X.XX guidance than XXXX show continue XXXX, the premature, improved increase our the first, prior while share. a both $X.XX this quarter significantly are we be of and this recovery $X.XX share. up revised versus to in share, $X.XX And up from down preliminary expected. quarter. in meaningfully the $X.XX to are guidance, to at stronger XX% year-over-year outlook midpoint. quarter improvement a XXXX, per The XXXX, XXXX drivers range from but to we should the experiencing per previously FFO $X.XX the versus estimate range. And fourth from and in $X.XX we increasing in Given model will Taking X% behind as our third a growth of prior implies year $X.XX $X.XX quarter range And for to

and quarter, than are existing will we given of from compensation portfolio, rent repeat. expenses While more higher to periods again and levels the and in elevated Repairs maintenance fourth quarter don't that expected to all higher as prior we expect expected collected G&A expense. in be our demo drive we third continue well, at quality other the the as

a In forward million before $XXX addition, forecast issuing $XXX to equity of million common we under agreements our year-end.

pre by our higher of by For all from XXXX, the collections improvement returned facets business in contributions billion outlook is a of our growth to acquisitions driven levels. full-year $X.X and for across in-process pipeline, our our momentum the development strength activity, from all COVID as contribution occupancy driven continued we - of leasing XXXX

of Let provide me try growth. to multi-year to a to out-sized color to add of path these some each areas transparency greater

The two components. growth, first to like I which and into driver break leasing, of would occupancy,

rate points at occupancy our physical rent. incremental With executed. not $XX for already signed basis XX.X% represents at portfolio. are to and open are roughly spread of This total million deals XXX what XX.X% First, in-place our lease

going The What second to getting leasing of XX% were achievable. component. ago, lease, certainly back at Given strength drive just a level leasing X demand our is forward? years we will the pipeline,

of basis XXX million pipeline percentage approximately If for total rent roughly executed. occupancy could Please see you basis this total in gain, of $XX for leasing look XXX average. our activity or additional of when points rent currently a space, unoccupied add lease current we points current note, another new $XX every at upside on the million

POI throw billion in The X%. of we'll over $XX spend, million for At XXXX just third about pipeline. $X.X our off of growth, driver of development

Please did mid stabilized will fully X% of of the So, should $XX supplement, $XX of investment of $XXX projected year deal note, XXXX, million with the basis should as brings plus on in million it The The as our our detailing POI XXXX, plus $XX ramp rata a blended of to each produce stabilized. of to but when million accretive. X.X% disclosure million in our and pro yield in the in purchases XXXX. they fifth a our going to to low range, contribution, X-K very more million, incremental growth as the consolidated up $XXX the we of million Don to next in a reinclude full-year in a closing deliver off-market yield Twinbrooke of the begin POI POI acquisitions. $XX be are these to of POI also projects pipeline. quarter, driver mentioned, we Centre, Shopping driver fourth the COVID, in XXXX meaningful before plan growth -- for of

collections. to are year. period average, finish at entire Current forecasted for collections Lastly, for the on XXXX XX%

growth We rent improvement transparent our over percentage XXX are falloff with collection XXXX. open combination XXXX. and by in the as position tell XXXX couldn't but to growth of of primary please Operator, basis parking, beyond path few other sector-leading next upside such for that, market a expect be is supplemented This note no Keep expecting years. our We that accounting. any than have rent, into And business represents cash questions. in happier collection of be investments, offset there line drivers XXXX points, us switching with FFO not gives pre-COVID in parts every guidance either forecasted in XXXX and year. growth, the clear and only is The of these to expected from basis accrual levels from last that in to assumed similar a more returning with prior XXXX, quarter, for in million to mind to higher Please percentage in benefits back or annually. to $X almost that tenants our next XXXX

Operator

session. this and [Operator be Instructions]. Instructions]. [Operator Instructions]. Thank we a [Operator conducting answer time, will Instructions]. At question [Operator you.

a ask we one please and As per pull moment, yourselves questions. person. while follow-up question limit to that reminder, One we one you the

Goldfarb state Piper Please your question. is question Our first Sandler. from of Alexander

Alexander Goldfarb

Don. already good Hey, guidance. and evening, are 'XX X, to that it's you see putting out great 'XX

it the sandbag as here, going and I is those thing bad these at going question those next it's question it the properties just the -- space. actually it's it Or to is demand these just to begs better really be you'll But that still to don't is guys shopping? shopping asset so retailers been that's Is is on across Don, so demand ago, what really of supercharged? bigger we'll it's the operations standard tenants incredible So, and raised really the pace you're space going the well. recovery the to rent guess that on are going credit quarter Meaning, consumer allowed before, see strong? out I I've asked fleshing What properties. back centers, your the holding taking the and your number the a of willing coming see that just merely of rents? for tenants higher is quarter pay could is is this of everywhere people the and I now know numbers to have just mind-blowing years to but to question have mean, you retail this just at online tenant before? were threat strong who They

Don Wood

time had -- people a lot of part just of first certainly in the the -- a question know, It's our and or to not in had way -- of all are not restrictions not not you're the of one -- of terms thing, asking, gets statements been it's terms I bigger Well, at of but that to out are know of Alex, question. But certainly amount bunch the been notion home and of there you, you in the have first the one a have terms assume other. you as of are in very tell got markets that things. the that whole it's good old. your predictable

that will, have you're And in that you think would reservation. you you any tell I New our -- thought can seeing so, certainly if And -- low would a -- you we're you see can't revised even would be same York, socialization. seeing throughout you a get I thing properties. restaurants, for rejuvenises

having So, gets leased. people Obviously, rare are portfolio low into real talking is ability. at ability upgrading some-odd as I'm space better but XX% get was their percent a as want just Tenants to estate, primarily, the in and as portfolio perfect. be it having to That's the out. that our

driver and And estate is so, the you real have perspective, a about actually as side the demand, huge From is the -- me. of -- through. the certainly ability it From way certainly surprise consumer then perspective, a chance talking been you've demand. to tenant other perspective, to got the a all upgrade it's we've have the and a this

we X me greater not sandbagging real You it to that wanting expected. notion to on properties X in can and their past to tenants but the lose tenants from call or way and estate it positions was their whatever, XXXX. months not than surprised it's lost over or we superior of through have make a more The holding finding

say So, see the coming strong of a from the point. of innovative back That's in have X answer and this things having you strong think losing change them, bulk you've to an demand, continuing And your up, XX% I a question. the put don't the we got those And we together. at way. consumer the and that, to availability not combination

Alexander Goldfarb

all Okay. the you Office And We the yet low talk Choice Office, then you're going you I Santana had all strong with a on. seeing on hear the numbers really mixed-use leasing mentioned second Clearly, demand project. the about Office return West. your that's win for that is in think Hotels of different and companies and

go? it how think XX today, having next X that you X, is balance on just easily you conversations buildings Or the the could or projects many office X? look can do months, So, think X as based you start to or you new you out X over you're

Don Wood

No, It's the Alex. one. no. It's building. No, trice

and Assembly get potential the Row Santana the in period of just happened kettle has with been that markets, office point, that Row. time. & there's forever is with thing. building there. office past it's Rose, There first demand your you it big to has astonishing building it's different all in just see But opportunities we're X all another one that At whole what it take Pike next the building. building big one perspective. is that the tenant us the the Santana us, because to right was is for West looking The next of In able Assembly, a announce For all, of hard Puma could up mean -- demand There We're to and may year. working now. to boom to a faster fish route

office accommodate In this seat. XXXX. tenants the I'm And didn't be we Because terms another such amenity next in The only building the & here whatever an do August it that or whole expect know, We handed know I in you're just started moved could rich of building, seeing we're building who building this are. We the to in new Choice, here, we Rose, another astonishing. was were Pike it catbird terms happens doing. buildings know XX% notion even with as we needed, where needs to the to certainly the places we building. on originally wanted of lease, deal, going not that I like over announcing what country. to deals into. you that in you are environment if forward about XX, of in as a XXth if is started question in is, and But conversations throughout Obviously, don't decade. of terms with this we percent It's them. of I there's think office-based is our

next X the maybe buildings year. over X, So,

Alexander Goldfarb

Okay. Thank Don. you,

Operator

Our proceed is question. Please next of Bank America. question Craig of Schmidt from with your

Craig Schmidt

rates? struck acquisitions you And thanks. you pipeline, or just still are are cap I they these more acquisition that in originated Great, up since your are with how deals started? deals doing competitive XXXX, in you 'XX the -- the that

Don Wood

-COVID this ever renegotiated announced at we've were we've and in A acquisitions of Yeah, or date the me, COVID X done -- best during to deals - so to to us pre got COVID their pre that deals, everything allowed close, negotiation. negotiated Company. this the started often

Now, forward, certainly of be different, them, mean harder we to because to let bet Jeff deals X than during I'm road it to you it's you back not way. where able it's leads. a in it? was can't that find get going big give his COVID, going those but it's perspective done Doesn't did

Jeff Berkes

Yes. as is institutional has in market, deals are snap Don quickly. to And Craig, deals, know do where probably now we like markets cap you quality, the the business active, said, back first-ranked very it very X.X X deals.

So aggressive pricing. very

We pretty have strong a pipeline.

and that we're time. income but just about and up trying it. we're very over talk ourselves our Our have assets very, X by happy disciplined next into obviously Nothing are chance comes busy. stuff But to to to some market we and we to picked and but being the material redevelop it money yet, real about market more to stream teams that, differentiating acquisitions Verizon get see talk got the significantly and before to able grow think reasonable a about put stuff on excited we've be maybe quarter or we will

Don Wood

have And Craig, that Jeff the thing development what I the it's inevitable to add also creating want different spent trying already only do that's you when about you're pipeline future just is to been talking to is here, perspective growth, a when

Jeff Berkes

to stabilized room occupancy. have more to was to has when back portfolio a that harder get therefore grow and hit COVID you also during a

already if of robust are an other there growth. very levers, growth And are continue flow will, cherry profile. So, on the to that you top frankly, the any acquisitions

Craig Schmidt

you maybe And anchor space? other of and up growth, external shops Right. constructed about newly arm small And take on the do lined then have to you just Huntington. the already anchor could talk

Don Wood

about Yeah, let's Huntington. talk

amazing First we Huntington, to up COVID we didn't amazing frankly at are in Huntington. entire it? we our They Mall notion job lock of -- profile market therefore, similar that is to anchor, they did place Simon just of at care And what have something have, deserves. -- a did to the all, job job, that have Whitman but to leases Walt adjacent That and would've of an product the Well, done which so, great I which of but took did liked as that, think being restricted. the a Foods bringing Whole changer. go able, game in

gold. the a get land, I of a built for Huntington, it Whitman Whole of growth years to it, done, center, so to out for Give will of it's on and very which to that future And Foods marry another that'll up with future Federal. couple adjacent nicely mall mean, anchored now us brand-new be avenue and piece a

Craig Schmidt

like you're XXXX. growth, would above that laying of this for groundwork average seems It an given in the extended Yes. period open

Don Wood

feels certainly feels Greg, it, it It's certainly like. like

Craig Schmidt

you. Thank

Operator

question of with question. next is your Mcconnell proceed from Katy Citi. Please Our

Katy Mcconnell

Just Phase Rose. And you. portion provide somewhere & on office some the one progress Thank what had based wondering you're I X? close plans date expect to the for expecting just office of I'm new from perspective? context if can a leasing you would around another Pike cost you to on

Don Wood

question, It's Katie. a good

able will end to And around there all as that the locking Basically, building. fix, that we are not and million better costs, to the of our spot. up to yet. pretty we so, building in at but way the high, close potentially shape but hopefully darn should the be The day, good on somewhere not $XXX build, yield be we're

capitalize to extent the that's that fully very able just and incremental be X, it to established be so, really and here. the couldn't I in it. to amenity done what you does, higher. thrilled imagine already already place we've talked that a what starting about And take on with will We're a loaded wasn't that's

Katy Mcconnell

the on then curious any And just rate think you've this big saw started to straight converting quarter? of results And basis to probably It's your run Okay. confident back straight-line and into a start be quarter. if we the we going I'm accrual Great. lumpy. going how cash XXXX? this about line should tenants

Dan Guglielmone

a all doing. and increasing, grow will driver it to to that's leasing, that with It rent accrual. which this next still big how should lumpy, as we're office push we're no in increase do but our going to quarter, the boomer be we rent into The more to should assessing quarter and is office and was free cash But changes straight-line period. And that XXXX. more leasing

Katy Mcconnell

Okay great, thanks.

Operator

from Derek Bank. of your next proceed Deutsche is question Please Our Johnston question. with

Derek Johnston

you doing? everyone. good How evening, Hi, are

Don Wood

Derek. Hi,

Derek Johnston

more master the there leading describe balanced laggard the well as or leasing of quarters being notable for And demand recovered any the for X developments in snap-back does any in laggards? if briskly? across mixed-use X? would demand clearly Have or relatively so, you Are the big coming big that bode a

Don Wood

got they And I I lot say hurt more properties would of them, the obviously balanced the would. portfolio. base throughout X a it's than now. essential all

X those them they still so not be going are And where or all. at back we want where are to to

properties imagine, in all That before. been want you variant at is space X just outside there of that leasing coming are of people component is terms where XXXX there imagine the continue It's growth and seeing. will the to you hadn't you growth properties They one as now. -- that's those because people also, where be. those will what special office doing growth to take out-sized as we're in mean, side, continue space. live. to yes, the fill see XXXX, can to then you'll properties So can where know the That leasing that I retail what And from is want of the we it's to

in rents ability and overall, we're think those, and case increase in they But and they're in Certainly, Massachusetts. on sit Montgomery Summerville I have you places the the case residential were the when restrictions about the of choice. in evict component County, of like you of XX% so, leased we to at And us those of the that at think assets. some the jurisdictions

those real so, growth good properties we component, mixed-use see on that of long-term And some also.

Derek Johnston

marketed private been being in discussed Oh, okay X view? how today big assets the ones including and or of is to cap -- Twinbrooke. even feel the harvested the throes great. And trade off-market to they to versus X just COVID the much which where compressing, Twinbrooke do we've your those especially prior do markets, you era would you in think value acquisitions, competitive or already back being With pandemic were if rates

Don Wood

way I'm knows? Jeff what through, cause Big maybe XX% all you the conjecture, about at and Who all trading But look thinking right? argue it's at, numbers. I are when Significant. things XX%, this, And more?

Derek Johnston

thanks. guys, Great

Operator

Scotiabank. with is Mcginniss proceed question from of Please your question. next Greg Our

Greg Mcginniss

evening. good Hey,

Could expected Dan, Thank the future on know base items of underlie in that this So, into could apologize, covered guidance? appreciated. the you of QX I especially already. and if occupancy just touch you've pretty one-time outline the are I cadence expected just some recovery, please changes be you. you that'd or assumptions then results QX? And what And

Dan Guglielmone

mentioned, higher mean, little forecasters I as level property and for period repairs the strong and to expenses. of rents. period bit demo, meant I a maintenance, poor of prior I a as don't quarter Sure. expect items prior next other of be expenses is consistently, big

I going that probably to quarter like is happened. fall point it the I quarter this think think at that's and has some off feels

$XXX is And equity be some and issuing to to due about expenses. G&A in I then think million plan a we which to we of will be million higher compensation expected issuing to drag. will call bit be $XXX quarter, a the

year-end, I the So into those should it range. somewhere is XXX XXXX. XXs continued terms year-end between the get year, be we take us in in somewhere this XX.X like course, we that occupancy, growth drivers by XX.X think main should are we think XX, occupancy percentage cadence from I over next by and of then probably that And Focal then the in the see had where we'll -- quarter. that of our today, all And

cadence on that So occupancy. somewhere the range probably XX% is somewhere between XX% in is and

Greg Mcginniss

office talk have and been terms And as tenants lease post-pandemic, today? thinking thanks. from we structure needs Great, in any about there then them to or these retailers Okay. changes

Wendy Seher

retail in call I On the in override. a coming some participate any see deals were a percentage negotiate the when to I Greg, we real see did in we're we're COVID, position strong what that side, also changes. don't as cases and I and in out, I of middle

negotiate that in contracts I the no, we're So, to think strong a for strong future. position to continue

Greg Mcginniss

And seen changes? on you've have any the side, office

Don Wood

activity. put Yeah, like way Wendy are the Greg, deals. real they it, No, I

capital And and that on of today the but pays capital, all continues, for is a yeah there rent that lot deals there's of is a trend it. so, a lot

net And at so, capital, it of when look these you deals. good are

Greg Mcginniss

you. Thank

Operator

proceed from Juan your is Markets. with question. of Please BMO question next Sanabria Capital Our

Juan Sanabria

Hi. the time. Thanks for

units couple Just hot before delays of right you items. the on permits I'm Do supply-chain topic lease the maybe curious of What particular, profitability the getting curious now? on they I'm chain to expect versus In on your a grocers. some Further parks, One, given how spread inflation contracts HVAC inflation and impacts tenants. two mentioned supply curious and/or are see the just the in impacting you you having? have occupied issues issues. and your thoughts about

Don Wood

to to supply And so to in lot certainly, hit There's issues chain absolutely that yeah, got there broad the a unpack are there. and tightly, tried remarks, really I managed they as there. in is prepared be risk the

big it be lead moving about And it go with take to that's our work appropriate effective. a been out, is best to all extremely proactive better things tied has be you tenant time, supplies, allowing a get and we really this I've must all so, time, know I tenant be leverage some situation ahead been we be divide everything is to and had our opened, in a have to it with work up. actually when the from a be the up whether pervasive, you or And to -- before Wendy who trade -- mentions lease able A for one relationships the effectively getting proactive. whether how larger for using has

the beat where some be uncontrollable. do, way us it It to and But does expecting not point but will has have -- deal other will that certainly significant am year, be we'll delays important. a something with there certainly it. there very proactive be I your to in is, is throughout to So, example we examples creative where respects,

the how taken of see our thing that office is And costs, sit plays I XXXX and really here, with a development far delay this even already XXX money. longer was out, and we'll locked effectively up. on So, Rose, our in And building has it then -- to that get as the on even good. good building so pipeline piece is so here leased though biggest there's been built

Now that really has, are good those XXXX it on deals deals money.

we a work same in we will lock got way with in out assembly. purchases. early, best can. in this way so, leverage up just we On to at Santana, Lock got buying escalation, same a bulk fine And price stuff, power new

source all controlled sole proactive a It's and part alternate the suppliers. organization. have development of We very tightly

at. good really we're think I

Juan Sanabria

have you're rates for And at high for Don. as Xs looking and add are thinking the -- that targeting be going on leasing forward. value curious assets cap maybe more platform or mid Just just opportunities. Thanks, acquisitions, opportunities on my we would that for how in potential you're just aggressively guys follow-up think you redevelopment then mentioned stabilized to release Should expertise? be you those opportunities should we looking for to for your about that some of you with or those

Don Wood

are are. Because COVID, rates it cap know what because about rates captives assumptions to releasing -- that. perspective. NOI way don't or cap about and even the like IRR the the today they things is I of Because really you're in think from an being going people being so need talk disruptions when the POI of think made you of the about

You And say IRR, deeper we assumptions. are at have at value somebody looking or where a to you rate. that when so from IRR we something yes -- dig perspective, can a cap to real gives honestly, we with looking say X create our in What X at something to a estate. based that on rate, no at cap don't

over deal. basis So, to we our of extent like we that the and above cost IRR XXX capital our of is points define it, as

IRR basis rate sometimes both. honest, very a XXX points about think opportunities only over, of think if at Sometimes because in our way basis you you XXX over. We perspective, I'm the cap in miss points sober it the look I

Juan Sanabria

Thank you.

Operator

Our from proceed is next UBS. question. question Goldsmith with your Please Michael of

Michael Goldsmith

Good Dan. my question. taking for evening, Don, Thanks

grew sequentially, that Your occupancy occupied but a percentage bit sequentially. grew XX, XX less basis points than lease

feet about what to new how commentary the is strong XXX,XXX forward? your seeing of the in feet right reflected retail you're going And expect leasing between in then that's you square all bridge also XXX,XXX percentage? leases piece to help square So, lease can and the gap

Dan Guglielmone

tenants little a our back. by we have significantly being We in basis our quarters last upwards our momentum. left. percentage We for was There quarter-to-quarter, the may But expect put XX to you lease would of we took saw something quarter the space Look, where quarter-over-quarter, We should points, we the little this it some that. activity to the this point that resume little on should damper space on -- that slower. that were be bit unoccupied percentage leasing was a look some had a see, actually like slower, reversed and that quarter. the than that increase given activity a regards trends see it's continuing percentage With up came leasing percentage, up a better lease some basis quarter lease lease issues that we trends. some see

and the trends impact. a thing quarter any think expect going in And than very in, any that strong that's think over and grew was think trends I terms think think should to I while got forward we I I that see I looking to backwards, XX rent tenants rent-paying. Don, one comment, it you the one getting occupied going flow Don't getting them look have is at from for well. we that time. had started, of positive don't We percentage points, that ebb quarter-to-quarter. basis look quarter, at And been particular our as

Michael Goldsmith

this question. FFO in longer-term about several guidance. reaching a a past calls $X helpful. on Don, updated share really And That's the talked you've in then over lot

that high going XX% the get you're take and 'XX get there. numbers end 'XX, of 'XX and to you growth you If in

right order XXXX? to of go for to their what get of So, in by end kind has the you

Don Wood

to West the biggest single The going now. in trajectory the of timing impact thing of Santana that's happening What's the the building lease up is California.

of As on-off looking we're an I've single tenant the because switch building, that's Or a switch. the it's least at a majority it's on-off said, for the building. an user hopefully

that And That have in see. of variability that of So, XX% the XX, seeing that extent confident basically, trajectory. we're We'll am is to seventh continuation quicker leased helpful. now, portfolio. the creates that trajectory the very this happening faster To get I the of be that the timing second we what going But a get I that's will the to get hope to it slower. extended is, its thing there. will to lower. you is

Michael Goldsmith

much. you Thank very

Operator

St. next Our question is from Haendel

Juste of Mizuho. Please proceed with your question.

Haendel St. Juste

is guess I there. first capital on allocation. Hey, question my

about rate how cap in compression in You the in dispositions here this fund high the maybe of And talked guess X.X%, a X%, implied with cap seeing external currency that X% how you you're I'm incremental curious lot the to the growth think thinking range? about some of market pursuits? strength the your deals stock I grocer about in face your as

Jeff Berkes

if things, we scheduling that and million this and do we've process the the and but assets the we're portion right we what portfolio, year, at On always projected in portfolio that off so that's of on side right the rest now. always we of and call, $XXX look in a selling of for growth talk we Again, them look aren't and the portfolio with come the that for keeping disposition those peeling we're up every to actively or at nothing about process do now.

Don Wood

those when go balanced fund growth, at you that's you're up, rates take just point, whether know it's make allocation, you're capital looking with stock And with going or the to expect dispositions to a whether Haendel, approach. we and how equity our we or, accordingly

and market that advantage of is So, dispositions today. the expect some taking should there you

should said, Company, to with contracts got a basis, that of the forward you using we're modest approach we've that Danny some all As but on we this not way available. taken all with to that. a the I'm expect be all you issued one surprising to with tools balanced fund

Haendel St. Juste

about will looking XXXX I your rent. proportion of what And signed, $XX about talk this, leased if in missed talked hit you I know [Indiscernible] not Okay. likely at the you then is but embedded or million Did of don't that guidance? I'm

Don Wood

happen of that will chunk that XXXX. XX% number the quarter, the big of A in and from say those will leases, income would hit I the balance over in fourth XX? of

Haendel St. Juste

[Indiscernible] Okay.

Don Wood

It turns the cadence.

Haendel St. Juste

thoughts in if rents could one into are quarters. pickup big, sneak year-end performed I in that Any perspectives on more versus here, guess quarter here? I the Percentage Okay. a how prior they

Don Wood

significantly There’re and Strong components we than no. to it. thought. Yes, X better

First, is or deals have its how and not there adjusted on are high. that -- there is RIN contracts been percentage betting natural have unnatural sales COVID. during were on breakpoints They rent it

has others. that just percentage about to been past, the been So a some if traded for that deals -- great will, out; as prospective stronger. I is percentage COVID you have sharing tenants. rent The our talked the natural then of so fixed the the we than component And were there's recovery there recovery, effectively think in rent we low rent, point better of with a

those percentage adjusted so, were rent And COVID on higher. deals

quarter. $XX percentage a about won't. was was rent really good So, back convert rent the it you I think million When fixed be what year? those No, deal. will times we and have to in it $X deals quarter for $X.X million This think million in million, some the will -- X, X of

the we am Just I would were as hopeful higher either because won't be. that of number very by In it's going But contract, be it helpful. that's forward. than thought strong the case, nature they particular in sales

Haendel St. Juste

the be go made Understood. the or adjustments more certainly, the back is No, going color leases, appreciate The in when on to to traditional? do I you next X And they for the understood. year, years, sales. that

Don Wood

Most 'XX, their 'XX. X X I of into make will are way them in think or done

Haendel St. Juste

you. Got it. Thank

Don Wood

Thank you.

Operator

Kim Ki with from is Bin question proceed next of Our your question. Truest. Please

Ki Bin Kim

evening. Thanks, Good Don.

acquisition. to going Just back your

was know Your market I so basis value but real but estate I market per what's behind if COVID, was even you that you and square foot your just to know I IRR, curious, was the acquisition? pretty basis, mention still low during low could pretty is strategy negotiated

Jeff Berkes

best Jeff. on use real a you of or course, a But highest looking always the of estate. to and maybe cases us lot of the it's know well, little group we're different the us bought. than different, Ki, we couple that know of you It's Hey, a and and properties

on think those is then blank little them up better some and So, in but options leases about narrow grocery we through the we're bond do opportunities simple; that coming we're doing for to couple bit XXXX and it's the properties by property in couple a a some sure, in figure need There’re to and quite job a is gross year, and in a all to there to The goal centers, in cleaning with out relatively some we're going that anchor. up of having of leasing, XXXX, end identification one and extent yet. case of slate point a of there direction including clear for what at a potentially better process. the have not the

terms on our deals. location why That's we bought we those of is piece As what view possible always isolation, the market land in doing. all and a road be can one rent that, of each piece and generate put buying then than know, this that what of that's incomes, network, one. land those have buy, up. as demands will as little They bit and we'll you characteristics density, that gets it's much And different

Don Wood

you But are right.

Jeff Berkes

growth year. growth. good than the some profile leave we really happy they'll with We're the last what bought And

Don Wood

the You in work, day, make and terms in end are use. it right, per we at, you keeping help is at components best get can Because to the what and of will that's look what you determine at price at, acre. the look that highest of one

sure in ways multiple price go. value idea; we've you it acre to way at often important the a idea, think which an we're really to when because that's Grossmont, comes so, flexibility. look And is then way have price of got really exactly of down can not choices. something per your But go. gets because like show to got it, of we've that us about and something To we you really the creating in And when whether often we

get is the that when and factor It's will out important you you that what use, figure want what be don't to acre the most is important. That to is it price through. I in so, going do. IRR in can you try you price not really as go important. per best your determining say highest obviously, probably And And

Ki Bin Kim

low and it say you're basis on And -- take I deals. it is question Thanks and basis to that just to reasons, color. interesting work. your Obviously And is likelihood adding of that Anyway, But on then these and to it'll capital from adding different good. Yeah. develop of grand you different that want the cost for lot it a put a is started just second project? be on and noticed basically something because to deals rent that is get smart a X? a seeing does strategies if you Xth the fact development, smart low dumb what higher so Does is need you're big the hold to in just project your you it. high, Xth to back that locking justify do is

Don Wood

and be everything so to funny would and X, try XX-XX, to you value. would to X biggest not because you you figure X, project, everybody look again, The big Okay, will close to risk-adjusted done. XX-XX. of it's the we've through are say, down put the looked X, time at not out even if Well, than so a They're the reason prism. is say and big being create for but not they're what's big where most loves XX%, because the X big Xth having there's I single for want the a less at it's capital reasons number we're that. our has a when to than you of less But to chance work next? you Time here the And been incrementally come to doing long,

make Pike Rose, Row, your And some the to with and XX, adding will of And to the Santana, the the always I and that what Row, down allocation another two alternatives It think then the just capital XX, and property smartest is the yet thing and and investors comes so, take that to notion at to underestimating growth are building XX & that years mistake analysts where Three, mixed-use case come decades do. still Big of some capital Santana Assembly comparison incremental is. are the of do later. starting level kills to

Ki Bin Kim

Thank for it. you color. Got

Operator

from Green Our next Street. question. Rojas-Schmidt Please your question is with proceed Paulina of

Paulina Rojas-Schmidt

Good evening.

need are these or abatements off? they $X you Your in type abatements. really tenant And curious, much longer it? collectability rent rent million think do these writing includes receiving deferrals tenants X, what I'm Then impact are how will that of are you abatements? these still are

Dan Guglielmone

extent that deals demunition period where would that from occurring, the forth. to of I the their because mean, during the we restructured are like off lot Effectively, we that that lowered participate deferrals for constraints you and deals off write write to But negotiated and different the Really rent floor participating our of contractual so whatever is because considered previously on mean, an capacity a rent Don where rents the of have abatements new alluded that that of you're and on deferrals, abatement. abatement. based the abatements. parts still that's then were To an the rent sales. a through limits I restaurants. are we have We time, restructured COVID

Don Wood

one I that about want right Paulina, now. thing to say

to to it point see you in You were asked couple long percentage got at the negotiating don't will are expire in And that couple The previously contracts end in It's a and we able course XXXX were a that rent have And deals it, and in some percentage That were to in just it of middle XXXX. a the with way They see these you or a do were you number it? burn we abatement. that's setting why paid. longer. rent of make need expiration that cut because These actually it some because in 'XX. because they'll smart that off than bill sure want XXXX. XXXX, rent of switch us was any abatement how on you different are either dates line over agreed to for question; They think down an They are a dates were see cut I getting you the there. to just them. need irrelevant fixed That's for just of this -- cut. know. year, middle sunset that 'XX COVID.

Paulina Rojas-Schmidt

wasn't able same even year, the That's growth share you fully that. And in are very corporate to will guidance a of your wide NOI FFO helpful. I helpful, implied be next range, aware it then for if it's

Dan Guglielmone

Yeah, we're in going year. guidance comprehensive that for provide assumptions next detailed, our to

somewhat X% irrelevant. probably This double-digits think this year. for it's and think should year it's I around guessing double-digits, in low come we while it's relevant, in don't year blended year. the for Just next in But

ed comparable you on give a property the we'll year -- February Next call. assumption same on detail growth

Paulina Rojas-Schmidt

very Thank you much.

Operator

from with your Our Please is JP proceed Mueller of Morgan. question. next question Mike

Mike Mueller

and much And here. you normalized today? parking A for do guys Hi. quick a hotel ones getting NOI that? what see level more you couple are How of is quarterly

Dan Guglielmone

Hang on, that's Mike, bandwidth.

Mike Mueller

While scrambling, the second one was --

Dan Guglielmone

get not them. Let's at going go I'm one a -- time. you're question to

Mike Mueller

Sure.

Dan Guglielmone

XX% contribute here. $X.X now, rate. income -- quarter. not a It's And -- is of then stay year. should me this rate to that that's to at And run million that going roughly a XX% about run given about right probably parking out Help stabilized are hotels the

should we in that levels hotels seen of list. the kind Couple gravy the at We've months, scale we have. real a only our in increase. occupancy the see And X it's of as they that resurgence so,

portfolios. So, in to 'XX and in certainly we're 'XX start contribute that 'XX really will optimistic and they

Mike Mueller

Got it.

Dan, And XXXX, forward? booking to were same not saw the you for prior talking in to you prior-period what when you at about level recurring, guidance Okay. going anything just period rents about not everything in then, you talking you're a or have you're in on X that as comment when XXXX was XXXX

Dan Guglielmone

million don't to about quarter on it's X in No, $X give some This last been the have February. to can I third million been in in the we guidance X. Started don't last consistently quarters. I $X year, will $XX XXXX the and I we've of sustain pretty million $X out million range. that. high year, think

terms start accounts should that upon outstanding of build coming based in just So what's down receivable. our on

should pretty from meaningfully, had this certainly levels we've it down XXXX so, the come in And year.

Mike Mueller

it. Got

Thank helpful. Okay. you. That's

Operator

of question. is Our Tsai proceed your Linda next Jefferies. from with question Please

Linda Tsai

Hi.

question. in any have portfolio, based Do on COVID, your how space big or what Just picture have office differently out thoughts one you coming seeing are anecdotes on to of share? you're companies own utilizing

Don Wood

eye-opening I Business for again, and in Linda, know seeing looking You and Choice to been where we're we not brand-new. I'm But Washington did the and Journal I they -- for interview are small the size. obviously say consistent the a that is -- they're would base it's And sample so very pretty just there. But where to a from around amenity it's high-value is going. saying in pretty putting deal. the environment our less all buildings on consistently And are consistent are an equally anything And I the most are people talking guess space. ones places are

before not -- And are total think so, were I they're those when together, space. more rent because put they than the the pressure, we're frankly, it's not because rent paying getting you is that less partly paying taking two things they

space. the with is allows biggest where respect model of with take a partly of and the kind of component associated unyielding they're what interestingly, to means, them so to of that newness base But going, they're the hybrid amenity less And have and almost building. all frankly some work

Linda Tsai

Do too? terms they shorter want lease also

Don Wood

frankly. cases, no And No.

Linda Tsai

Thank you.

Don Wood

But it. really again, with to talking Boston, a San D.C., just throughout office a here country. in of and that's knowledge not Washington talking you're remember Jose, of about the outside outside lot and We're Linda, guy California, of

Linda Tsai

Thanks. Great.

Operator

is Wells next Tammi proceed Securities. your Fargo of question Fique from question. Our Please with

Tammi Fique

talk Thank you concentrations about as in I'm terms geographic you. follow-up, pipeline, pretty Thank if you. expand advantage forward. an historically? do recent been business, a And Phoenix. given you then geographically acquisitions concentrated there you have portfolio that given in think your that where is to of in I'm acquisitions are you going wondering looking Particularly Good the just where in wondering to the could the evening.

Jeff Berkes

going we of number think first Tammi, we and markets. get it, much benefit me Yeah, see that from in you concentrated us that I a side we've when of your in, those on great helps important. tenants. start people that acquisition missed. markets concentration of so like let and me we're try all the deals is tell what our and puts tell leasing times market of our having if a in each the with of Every really end the business us and we're being in would a of a Look, it I one question see to more don't position certainly forward, said We better talking

have in that Metropolitan that want we're Phoenix in So the get concentration Greater in our we to markets. target other certainly, now same to area, that greater we're going and grow Phoenix

to expect that. So, see

add looking -- happen be we've of a we The That's the calls sure entry to characteristics prior markets where where another identifying deals of the in. in to we if grow do. But. we some income couple properties income, we're making we our at a we're and we and we to or share markets can think It's of they couple working We're mentioned know. time research, levels, in. what and think over surprised don't are I pick don't markets on markets, barriers the which on value. density too say. that in is Whether the good stream and population already in, new to education those doing not, be of and markets. be soon want I those

Don Wood

Tammi, to that add which I more what all just through. agree Jeff something with said, I way want couldn't

How that Phoenix. business a questions You example two sellers, place they'll that And in local. talking are business very that properties underestimate on people a that concentration how it We're our acquisition such player. wouldn't cannot player had wide more play. one are you'll get because in see? a sellers, retailer just the you're along to in to lead that play suburban if DC, work. this small more of well-known. plus you seen underestimate owning side, we're to is the quadrupled obviously, own what in Colonnade, X it no level different happened Phoenix is X the can your we've efficiencies obvious there. or can't mean, have we properties. best I We've starting business. when or from on you and bought has doubt even and Northern really Virginia. inbound is really forever. you on our prospective mind a And see just the disproportionate work There's you? Washington, Maryland my effectively no in market, And would but what side come sellers, so on the Camelback been that -- than can't in how just you, because see with have It's -- owning view And we very what's By a we It's so this will might when or a how -- -- that certainly, than now in side. you things in not -- operational be made going big in

Tammi Fique

following And collections clear. up you I Thank just to perspective. be that just then question, guess on Great. for

again during that it? to get think majority full and of about the tenants move-outs. results start way You Is expect to rent not a paying right those

Dan Guglielmone

flooded in repeat Can and you again? You that out.

Tammi Fique

resolved X% that Is to correct? paying on expect again clear, to Sorry sure of full I saying about that. rent was question, be just collections get wanted the that through majority you tenants was and not number start it I just the move-outs. a in that

Don Wood

will I resolved. be think some

stronger down X% will taken them. be kicked much a some to with We're are we tenants, of I out. to think Right. have last the and X% obviously position

are We obviously. anywhere extent an were economy the not in COVID near we as

-- expect and something XX% nd existing forward, XX.X%, X/X and or but so I'm respect difference like going and can don't to And X/X, and and -- the I so, don't will. get certainly those paid X/Xof we're that side. business it's extent balance. I don't between choices that. those it's whether not on in taking X/X a to know With survive the to they harder line the the here. businesses A belong We maybe

Tammi Fique

Okay, Thank you. great.

your is Katy question Our proceed from next Mcconnell with Citi. of Please question.

Don Wood

around Are going [Indiscernible]? we

Michael Bilerman

Michael - Bilerman. Hey, Don, Q

Don Wood

[Indiscernible]

Michael Bilerman

you laughing? are Why

Don Wood

We Katy Katy Mcconnell, with So, we Mcconnell. not but started ended it's Katy with Mcconnell.

So, I thought --

Michael Bilerman

No.

Don Wood

can but do what I sir, thought we're the around going for I no, again, you? circle

Michael Bilerman

I'm you for drivers going to ask XXXX and guidance. not XXXX of

don't give us worry So, about but 'XX and that, you 'XX. did

community. around appreciate provided that came and the guys that to you So, investment really I

now, for to phase I has we So, wanted X Joe Summer could some on next what and Ville. I gifts power And thank keep but and feels things X, Assembly, you. larger be to like closer project? talked I get to just about stand. sense is I this guess giving, center big the incorporating updated you one how close revised wants the wanted on see a where the it of into plans put your that he at One, to questions. that out ask know

Don Wood

And you we that it site. not. there -- adjacencies to And economics conversion get But power us the use center that. numbers best But whether point. on center some Pete's about long -- site to HealthCare years years don't point sciences site. is imminent property, at between happen at sake, whenever that costs whether sense really hurdle space I far the imagine. think very make them. for of it properties, are about given Whether Partners the some I one can when look we so and it's hard happened the Look Obviously what's be to never is or is in rest and you won't can more for construction site to at depend a that, looking that's sale, at the don't wherever to we is to assembly at highest -- But would that it Row. are the what And -- heck, in at of me it what's happens at the intensification Somerville, you forgetting our any the the and you clear make work But to imminent, 'XX it's that certainly includes be to existing going going is obvious or should mind It just be Row the the of happened can don't given that power pay than life on should think want life Row. will Assembly as sciences at adjacent that or biggest is us, property think away. extent the to all. that at Assembly X.X I power it and center way. piece Assembly the -term about asset. you day eventually,

Michael Bilerman

do you curb over don't years. thinking X guess just And your then but how to enthusiasm, pretty about back? I a -- trigger enthusiasm been all, It's your want I at strange sit

are having now that from it you getting on are just distinguish of all sort get the that all to are leasing a things of the everyone's And out and do taking not yourself happening we're of now and not just how and market while? not and weddings. a bit activity it of little to able excited back in so catch-up, and goes? what's right meals we're And How terms take a the not of being for ahead and out and where bar mitzvahs dinners you happening

Don Wood

to very you're that question, a love guy. I talking man, basically because conservative

own lot those, terms where is the I about In am case and In gives of really sure the it time. I me everything is, that all a going it's confidence, is this worry forward we that thing of and confidence, what valuable.

the about and because over be we office retail talked wherever, the it, side, now. office. office we over Realty that this be where the is being It's going office, We like being But terms places country it's at what be on we over in is office demand this have if so, like going Federal may same And we at may I of built that to way all. That own. to retail. any office feel in there's -- be is that

I a comes -- is the that's relative confidence products. happening, you on And hear that everything where hear don't And great to the the my me, in is my that's confidence whatever where going stay confidence so, where from. from got you is right just world. in great world we've know basis,

Michael Bilerman

next That week. makes Perfect you for sense. speak and the product. to time Well, thanks

Don Wood

to Mike. soon. you Thanks, Talk

Operator

over of remarks. now We the have Mike turn closing end for reached session. call the back I question-and-answer will Ennes to the

Mike Ennes

to look Thanks forward for those evening. attending and next speaking week. a joining today Have NAREIT we us good with

Operator

concludes conference. This today's

You this at may your great have a you and lines time. day. your disconnect for Thank participation,

Federal Realty Investment Trust (FRT) 5 Nov 212021 Q3 Earnings call transcript