RPT - Earnings call transcript Q4 2017

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Operator

Greetings and welcome to the Ramco-Gershenson Properties Trust Fourth Quarter 2017 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] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host Dawn Hendershot, Senior Vice President of Investor relations. ahead. go Please

Dawn Hendershot

and thank and are quarter be Executive and President Ramco-Gershenson joining for Bedrosian, of Gershenson, us Trust. during Chief John would Good Officer; forward-looking Operating you year-end inform to statements you the Vice XXXX fourth Geoff the President Dennis Transactions. are and me made Financial for management Executive meaning may XXXX. earnings the Clark, Private Reform Officer; that With conference this not Hendrickson, Officer; statements within morning Chief today for which Chief Securities Cathy conference Properties call like deemed Act At this historical, certain of time, call of Litigation

as Listeners passage the this of the made statements will by statements Additionally, date made. to that the replay made call. should of understand time of the diminish itself during the quality are any of call

expectations reasonable release. from call remarks. believe detailed Dennis statements now we to to differ the forward-looking expectations that and the to turn cause like opening results would over for reflected could press quarterly factors that assumptions, in his in any actual Although on I are based the are risks

Dennis Gershenson

gentlemen. and in was Thank Good morning, you, Dawn. ladies an year respects. interesting XXXX several

of center included we last power sale dispositions XX%. cap the The a our Michigan four a including we First, $XXX quarter’s sold capitalization the generated power to a to dispositions set our shopping by million. which X.X%, the rate of quarter, large for our as reduced rate that fourth center our bringing centers the portfolio exposure center, we result, transformation total goal X.X%. Michigan And XX averaged of completing In year’s for months the Michigan end.

town in Park, in On the dynamics identified for Chicago. infill million. asset and an approximately we acquisition $XXX we attractive first Lincoln One, purchased two a in the had other, center Nashville, urban of which quarter the XXXX Tennessee; centers, side,

of centers Our XXXX of which completion now shopping the own several to center capital in center our Interestingly, were part years XXXX. portfolio our recycling shopping we program brings transformation two-thirds roster commenced ago. not

result and urban finished centers affluent, the these neighborhood of a located with centers, properties growing infill dynamic comprised efforts, top of As town strategic submarkets a in XXXX MSAs. portfolio XX we in predominantly

centers as our we shopping As with centers a you Day, the emphasis in their in of our strategy our ability on shopping great will be roster our in discussed between retailing’s destination class value, high-quality coasts. that for REIT be at efforts an market prosper the shopping experience provides areas. solid of convenience, best foundation Investor This with center dominant our variety, entertainment to consumer and ensures properties two portfolio future evolved we and the continue focused to

decision our owned we centers factor centers redevelopment upon realizing acquire generators I are to pleased purchased to of these in the second also Our uses. existing and/or of value-add was focus as our mixed of properties of of redevelopments variety placemaking identify ability to XXXX densification, XX we shopping that months. some say opportunities, well in pipeline over value-add am our were to as healthy that a to which list future grow to either in opportunities Many significant bring retail have time. include we to last the XX the all a for

market now second and energized leasing and those our the repositioning, are turn who remarks. by starting have I number have half which anchored a improved this attracting Company outperform, although his that will tenant John retail over to for our of along centers would transformed are position management years, in to a expansion have to produce of a call to the our roster, bankruptcies last over the an portfolio with been mode. Lastly, retailers desirability our impacted of we like of result are in peers Thus, occurred several and XXXX. as teams results our

John Hendrickson

Dennis. Thank you, morning, Good everyone.

second there developing for retail now have continue at this team. full-year in completed in are well And Day the the growth challenges while plan management been We environment, up Investor set our our we three-year outlined have to we December.

a highlight areas. minutes spend to me few Let of couple a

into during First, certainly on this are investing they leasing. demand seeing thus, indicate Conversations serving the and beginning their that are end in confident physical and that once they of value retailers network a of more year-ago. were year starting to They demand changing with into consumers’ coming again the back our XXXX understand retailers are than store and are the the of the stores. XXXX

Day, Investor in tenants our at mentioned I store added of X% XX% XX on our by their XXXX average. networks top and As grew stores

are deals is this results. reported now While in our taking to complete, longer demand reflected

third footage deals square new is over comparable of X.X%. spread our in last of Our XX straight this with year highest was now the quarters. rollover Also, the

Our retention about this XX% at compared we of in with less had year a point footage a ago. This us five-year square average as historical the rate high with X% expiring years next at remained leaves what well XX%. than

strong While results in in XXXX. one deals or spreads may two expect anchor a to given outlier we the quarter, leasing generally impact continue

bankruptcies was year-end than totaled that three in MC Mountain, occupancy was over XXX,XXX feet. occupancy year-end largely Our and by in occurred basis XX.X%, lower at XXX XXXX. rueXX This XXXX; points square chain that Sporting driven drop Gander Goods overall leased

stores, space the nearly of we alone basis resulted our of of decline points tenants the While in the space lease occupancy. negotiations are these end XX% year able XXX before the the in and are for majority active in unleased fill to these to

This part new of are of complete our impact XXXX. That the of the start million a impacted full-year and as to sign finished a higher does expect than first Investor XX% the several minimum this fourth of active reserves in rents XXX deals bad by than before was to forecast certainly Therefore, adding shop redevelopment the properties XXX as of XX mentioned, and plan leased year, our points to end same-center an and with environment. physical we quarter together more in the occupancy to important Our XXX,XXX occupancy these have XXX growth resulted the Day, was in this year. basis at same-center a to in than growth to this. completed debt in XXXX by year points of of projects with occupancy higher this more shop projected coming us Even same-center X.X% however, XXXX. at occupancy rolled which redevelopment Note in longer a occupancies basis was for final XXXX. decline deals other part points increase XXXX, we basis lower deals opportunity fourth $XX in but expected I rent, And by into be said, not tenant and taking driven the of for driven year years. occupancy is still discussed XXX with the XX% largely X.X%. small will in XXXX Driving finish growth number three the nearly in for quarter number at the this

to is of XXXX the are as stabilize second backend be redevelopment $XX very XXXX of to half and the to redevelopment properties occupancy loaded skewed the this improved in X.XX% year. much expect million same-center We X.XX%. with Remember, growth that

may the for year guidance of first be expect basis second fact, reason in half. growth half of a We In we lower the center for is list. points XXX in failure. tenant wide vacancy range related occur current XXX on than in unexpected spread to as well the to One guidance relief tenants include our the that our same bad rent our to assets as reserve debt watch and

re-lease in rent our bankruptcies. and The Toys will in impacted by mentioned, to recent continue which relief Us we reflected As most of same-center XXXX XXXX Charming is space result R short-term Charlie aggressively I guidance. have bankruptcies in and and

We two Charlie to stores. of stores our stay the lose one six only and expect to Charming year expect opened through Toys

these of at active to essentially been our two years. bankruptcy to ABR. Winn and level the just Our this bankruptcies rumored identified had to retailers in two stores risks be retailer where a soon, consistent point all most total exposure our of other Dixie last This recent which to we X% includes represents near-term file is

and So, is the this XXXX our forecast. case year current as in reserve XXXX, our largest was variable in

of our to range in all expect the should we be quarters. reserves range for we tighten cover to While two year, the exposure this able next

about Finally, I wanted redevelopment talk to our pipeline.

XX% pipeline value creation. create our million an average is in Right XX mentioned, growth same-center know of active that to business add XXX,XXX is substantially of create and part and integral preleased, from X as you value products feet of to now, execution As and sustained retail new total costs, our our GLA Dennis $XX to plan will of return. $XX million square

suburban a This quarter at project Cincinnati. one in single replaced outparcel service, tenant building

premier the current three-building the complete example at only county, Oakland to where project expect we’re our Day, highlighted remainder assets, assets. these open not this enhance XXXX. These one of Michigan An generate is on we our a of the also development own their We Marketplace. remainder but of returns at projects Investor completing projects street Troy of the in side

work our $XX on These XX,XXX service And were multiyear XX our eateries turn fast, per Geoff. We of XXX pay rents value Geoff? will to have the in and come into we quarter prepared to now in to pipeline, next third square average per for feet enterprise an quarters, than $XX on including of be million stabilize which to XX% X.X% casual specialty projects will asset square In we second impressive adding and restaurants the together our over our space Company foot. shops few place XX million through start average of current mix quarter That’s line and projects rent call are the I year. adding tenants XXXX. remarks. in and and as shadow additional I’ll all more fresh curated average of small $XX an

Geoff Bedrosian

we $X.XX fourth expenses, retail primarily higher G&A partially by in in The other share, decrease I’m of cash operating same-store fourth financial from down quarter Hello, share quarter in $X.XX the the growth. higher had XXXX. year-over-year was $X.XX performance from of happy $X.XX offset per landscape. of FFO difficult and Operating face year $X.XX result report the John. NOI the of everyone. Thanks, from FFO for solid of per another was to a of

G&A the year call at expense a fourth common discussed considering G&A after our quarter outperformance of our the the August, the quarter During in increase in incentive in expense The plan costs. money years the the as during a Company relates out finish primarily million, of to record portion earnings severance quarter. our equity in money fourth $XX as result to expectations year we in was it of for long-term the approximately to plan, of of during our almost the the the to three requiring moved

to million Day dispositions a our completed results share, and of Investor of include of operating previously assumptions Last and range For at our with year, was $X.XX first a our our that our of $XX Those million to FFO the December at the mentioned. share. XXXX. of continued quarter Dennis difficult we December full the Investor XXXX at team per XXXX a less initiated per $X.XX operating part as operating XXXX $XXX end $X.XX in our The maximize environment. the their FFO guidance performance outlined in affirmed were guidance accelerated dispositions than a night, Day in of dispositions

do confident in XXXX. assumptions can Further, any G&A not costs reduce Our additional guidance we feel contemplate we that sales.

approximately non-recurring the Excluding which in costs severance million, rate we million approximately was stabilized the feel Company. $X.X quarter, a adjusting G&A quarter. the costs, for additional for costs good, would and And been $X.X have non-recurring run for G&A is fourth

I questions, over like balance touch turn would moment Before take our I a on to call the for to sheet.

mortgage fair amount the our XXXX our has We duration. activities availability $XX our to on our to with these reduce outstanding XXXX debt, sheet effectively our and build of XXXX to the funding line capital million credit, capital year. and with into our drive notes extend of balance as our approximately flexibility free a to million proceeds execute maturing in of focused net revolver for million and use recycling revolving we efforts have $XX and availability $XXX short-term our result repay cash the The offering only maturing facility no from in under and of $X.X million. needs plan during our prudently We eliminated flow XXXX. balance use we enter plan debt undrawn credit in value of And shareholders

This times prepared over that X.X remains operator lower remarks. target our to While our the ending X.X times the we EBITDA like the low I believe concludes to times future. growth leverage will at And debt would X we asset level net XXXX to intermediate area. for to back the anticipate questions. adjusted in EBITDA, leverage open the drive line call turn our to in

Operator

be will Capital we Instructions] Our first comes Thomas ahead. time, this of a conducting from session. At question-and-answer question Todd go Markets. Please KeyBanc today [Operator

Todd Thomas

morning. Good thanks. Hi,

stores? First John, that is that outside the you you XXXX? you Charming X noted debt reserve, talked was that you sorry what that I the relief Toys Winn-Dixie question, or us rent that the Charlies boxes, amounts the that, also is is what the clarify, R if the about, X to in for just XXXX, and X and bad can about in reserve reserve but can in that quantify missed And then, what

John Hendrickson

it’s Todd, hit try to I’ll of John. all Sure, points. Hey, those

are debt. years basically standard rate we’re we’ve off debt, bad assuming the ‘XX. that range bad of First in assuming our run seen a guidance last for fairly couple and on for We that in

in. end or obviously, so same-center thing impact higher little a than of mention, fourth our our in only the have the But day. that’s came $XX,XXX a same-center One but at standpoint, the an expectation, more So quarter it’s fourth in like on I’d number from forecasted quarter. that did factored

have this do yes, and Charlies range. your but what our it’s rumor for in And two range, And same resolved those go that they point that happen actually Charlie Winn-Dixie, the We so, bankruptcy. know, is are will the a Charming in they stores. relief I about number and do question is it’s that you, just this not a rent. $X to of tell know guidance if have, for heading rent now stores two bankruptcy. into we be not rent completely Charming at toward we going at Toys, don’t Obviously, obviously, our foot our that point, average will

we backfill opportunities very good about back. So, feel filling our those of

hit think I I So, everything.

Let anything. me know if missed I

Todd Thomas

helpful. That’s Yes.

should regarding surface else anything we that Us, sort that of reserve, then for the as year? in anything might budget the balance a the of Toys that think might sort So, the R incremental cushion about and sort throughout of Winn-Dixie, happen of

John Hendrickson

be absolutely. form Winn-Dixie, Obviously, basically Sure, list. of and those if cushion those upside I our it in for X% if have at I being about, than we end up with is were mean, each impact, we talk that it if guidance covered impact that but upside; our I some kind people mean of some of range And in expect our watch of that worried point. have we of of would about, like one this our the be in midpoint, to would no ends that upside range more, reserve, more our up if of the

next little should in too or the quarter So that’s but why more year, in point, tighten at this -- we it’s at a the early know this point to two.

Todd Thomas

to disposition. shifting Okay. over And then, the

details the down that around Park, center, and the the the in moving with had power partnerships You last rationale wound for up several can venture? some Michigan and partnership years. discuss joint share there Millennium over just you So, cleaned the direction

I’m And splint, there then, are to any So, and responsibilities there. just leasing asset curious fee Ramco? how be being income management will

Dennis Gershenson

our closing, he the he and short is prior put investor morning. to What was Todd, Good came approximately Dennis. he in transaction a to significant purchaser he in a in but million week amount needed. just lost had additional that us that going happened that $X of dollars it’s notified that

mortgage the is that to have buyer But an that taken of asset. he have opportunity, done would the earliest interest. out at thought second be we allow. we will didn’t prudent with sell to mortgage, preference Our understanding which it his a We do a have been was

And sale. way And so, we to bridge the proceeded that the best was gap. with this

Todd Thomas

Okay.

Dennis Gershenson

finish to the participant we the asset. again, management not thought, are in Just active of an the

a knowledgeable it. Obviously, with associated fees no are there we’re So, investor.

we flow short-term the that again, in be the on there cash to asset. So, that. monthly based information holder. leverage upon is the the expect a we upside on And is get But

Todd Thomas

no the it for pulled then, just we disposition is an the lastly just initiatives. But, like on can other sounds update provide and dispositions Crossing? And pool Jackson the in the Okay. some and asset update You’ve you there’s being, from other vacancy guidance. be leasing should Any expect time in given that sold that an Sports there MC still to future? that the

Dennis Gershenson

portfolio. not model Over in long fit yes, term, does overall it the our

of projections opportunities the sale juncture. on for We this at a number space. our XXXX, it’s in backfill MC are the But, not at Sporting certainly to of working least Goods

Operator

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

Craig Schmidt

Great, thanks. you were the would to with them on Winn-Dixie, if replacement? as they work they a close, or two merchandise backfill grocer guess, general I would another

John Hendrickson

the talking Craig. with who been It’s enter are at anticipating this moment, with we’ve the been John. grocers we’ve Winn-Dixie; Hi, issue actively actually market. Yes, actively looking to other

So I with at be they grocers. would would the moment, think backfilled

Craig Schmidt

you small yourself the goal then, it up shop giving if pretty And driving could like outline occupancies, maybe you’re strategy hefty there. Great. seems a

John Hendrickson

Right.

So, is over XXX to a the next goal basis few XXX goal, points the near-term the years.

to ‘XX be drives we upgrading to authority goal certainly Gander it near-term doing at like saw demand. retailer a our we’ve places least shop try basis another to box and something When helps up can like can helped River also demand points driver backfilling we at so place there retailer that XXX of you to overall. anchors would that done trade as XXX that productive, small sports backfilled by a we’re drive boxes, year at City back places and anchors failing that that out continue points. the to biggest Obviously, Our end -- basis at a to end is drive the anchors, that there, adding being least is the of drive

So, -- Deerfield we anchors, Those will for were significant up placemaking the the I general Deerfield redevelopment, overall where in small significant are in think Woodbury adding redevelopments the driving shop go impacts in areas. couple And occupancy. the that finishing two our mind, of up finish upgrades, at and adding we’re general, shop really out, demand occupancy together. at both centers two in Woodbury as keep just like all centers

great comfortable able growth in which So that’s that be where occupancy we I a general next the will on opportunity, that as opportunity years. to few execute over is really I see get the

Operator

Please The next Collin from of Mings ahead. is go Raymond question James.

Collin Mings

back on touch prepared back it little First, a you may core -- just G&A maybe bit guidance, think bit going talking going long-term you remarks swings a about about that like that of we more what’s driving can XXXX? to savings, in in And on comp incentive maybe how of sounds results, weighed be talking here then, should just on to are about G&A little then. the QX kind potential

Geoff Bedrosian

Hey, it’s Geoff. Collin,

the ‘XX core we to the sense think, some to the I run guidance, give were it think is you of bridge said. our be were going really yes, like adjustments a savings, we’re rate was trying able just as to relates what and out you tweak to of be. to Part going

very on that for number We’re sure. focused

Collin Mings

that purposes? long-term a Okay. driving what’s more, modeling maybe sort bit variability in impact number, for that to Can any again what comp extent, you of elaborate could little that,

Geoff Bedrosian

quarter. out had, your part it When in of of had we as the I at some run So, long-term note, the significant rate, you we the in pointed stabilized look is think you fourth comp. kind volatility

of changed LTIP. at a the the of it the we’ve large reduced, So, because composition get day. of Volatility part will the end that’s

reason that will changed lot we that fact cash so, and G&A well, last into this And the We we and as methodology settling year the continue volatility. in the is our less number. why volatility visibility it have we’re year

Collin Mings

for then, around as bounce higher just back I Okay. That’s And than renewals this to a but John. the number recognize going little far the the bit, again, you helpful. guys, looked as typically it TIs, and number has quarter, TI been on can

maybe are that can on or any be bit are little touch a that there would there detail specific you If leases more driving helpful.

John Hendrickson

numbers. we in trend to get our look term associated mean, think is I also at was that was will certainly number we’ll longer one to I the portfolio. doing the I be but will trend are this -- the end tenants But There be at Collin. that and of upgraded term more investing quarter of is quarter obviously, capital, that Sure, the stores the buy that investing one did the in size upgrade higher excuse is to to longer tenants hate deal because any dictate But, driven case, we we so lock one and overall with day, -- -- it it, by, there in investing cases too, be renewal, there. possibly investing, but where doing renewal, a

normal. see be might you So, than that number higher

end paid up for I think, it. we getting

given at I yearly net spreads you look from think, I year, year, you rather see this if this that the you at if spreads last look again, basis look it a quarter, any versus our those effective year than at improved.

for our don’t I getting be I paid So, we’re seems think, feel good I about. it which -- capital, to think

Collin Mings

you again in appreciate given color dispositions remarks some make look of of potential back right back acquisitions. going are where the maybe looking John. any you you I some Investor And about and seeing you the stock is of now, the terms maybe trends making prepared at terms comments are just of what Can without asset Day the to how just and on Okay. no to any us at to acquisitions? additional pricing acquisition update plans aggressively of as sort price the opportunities, again just of in going kind there, them

Dennis Gershenson

those space -- still or what’s our primary finger vacant acquisition by the will and of mean begun as pulse that start, find have most our part saying increasing buying at the very just is, don’t our It But, doesn’t as of see to move, our the sheet but balance is least me at far slight, rates, don’t I our out assets. have there Collin, are but and utilizing be in because we as the redevelopments. focus for acquisition near mentioned, desirable, cap our an as assets far as we market. water the on on focus. types of total may on it’s is on That in we this leasing there continue that going lot to maintaining that in an term. capital buyers at of the and delivery Interestingly, the focus Let the juncture, moment

Operator

Chao Our next ahead. Bank. question from is Deutsche Vincent of go Please

Vincent Chao

sales think, of players with seem Just there investment does sticking in to about in are markets, I conditions plan some concern terms getting level, some some for of assets changed the at is success of a deals higher the coming curious, I just a demand was lot increased much seeing dispose and quarters. done. the a of have like strip number assets maybe of pricing you lot a today? stabilization some on was there It side,

Cathy Clark

Hi. This is Cathy.

depending. depends are their cap to of So, think A those of kind peers fair big that or type it see out, tenant I the we in be just range, really change market properties in a going it’s what’s X space, rate. our like to of in the have continue to don’t depending the will kind properties. in ‘XX, X.X But, that lot seems It be they et risk volume see And X.X stabilize to maybe really I the on much cetera. come deals of growth, sellers.

Vincent Chao

power for centers... that’s Then

Cathy Clark

category include equal. the created power under estate would is of real centers now That

are power formation around capital centers. there think, some I

those is looking at that range. buying yield, I in are that for people think but Our that

Vincent Chao

going But, bit just quarter, Okay. expense like coming Thank a down then, you to and color John, a what the bad basis. some back you. an doesn’t like the like And debt on quite that? it for equivalent was down into provide and seem same-store Can It couple were you through driving things the reimbursements performance maybe of the that. mentioned looks on carried expenses comparable headwinds year-over-year. that

John Hendrickson

we of operating your And expense over operating basically years. recovery, recoverable quarter the our quarter fact thing control you think an you year basically expenses mention maintain year. the basically mean, year, from a do years. was couple that flat Day timing control will to I is the on the last part go same that One lower an last repairs items the this at substantially it the trued we in the of of was maintenance generally; was going quarter include so true-ups, that standpoint forward year I keep basis recovery last have also last I of point, remember, the last basis, the did issue this recoveries timing next last couple expenses see we trend. of the expect the thing expense standpoint, of see able expenses and expense been negative against to a one-time quarter we will fact remember that comparable than and if to less comp. you of flat and the over more -- and Investor to said fourth the is from Recoverable So, on fact basically our one you quarter, we’re versus comping higher because up expenses issue And rate operating forward

think, the I benefit of and some have from expense last some you also there some So, year. one-time control expenses

Vincent Chao

Got it, lease? that pushed are Is just in ‘XX. out that’s question okay. there the themes lease broader driving to half And the then, of anything you first or the mentioned particular just maybe sort any into on more that that, of leasing delays been

John Hendrickson

tenants committee, any mentioned is real slam cautious. real more recession was definitely estate more think of there’s the basically it mean, operations generally, this I I into dictating when that went necessarily a a a be and thing. recession, mean, estate tenant XX-XX used going the And it’s committee, it to know a don’t since I trends. something nowadays before couple times, into is I’ve recession, dunk are Yes. I since the

to than and deals guess approval having to to. running into to both have in several lot slower you things general And document more up do end just parallel I get you are done. paths a internal So, process used tenants

couple occupancy a occupancy deals there’s from that case, in larger Now, impacted lease our an standpoint. standpoint, us

we expect the XXXX, we of it deals do you done of couple definitely I that end last have didn’t should items get benefit, that at just in to specific So, but see see a year. you’ll

Operator

The next go George of question comes from ahead. Please Jefferies. Hoglund

George Hoglund

guys. Hey. morning, Good

Just guess Winn-Dixies, the centers? Why average I market at MSA. on rents in in two would are be looking two those those the Miami

John Hendrickson

George, it’s John.

rent it the standpoint. is X, mentioned mid I the that based rent much would expect -- actually it for fact closer would teens I capital into generally, end low And deal. on X obviously digits, up actually market it’s there in standpoint, you single depends a to I it’s putting the low in to teen. place base on But, So, actually you on be said hope in the Winn-Dixie how

George Hoglund

there portfolio, also, And in I portfolio grocers think any guys issues? don’t Okay. other that tops any you faced in have do then, your your are are any you?

John Hendrickson

No, only the that’s Winn-Dixie really to mind from comes we one a do not. No, that standpoint. change besides

sold no, just so one -- there think I’m Jewel. news Jewel-Oscos, Albertson grocers at I Jewels. just this So, was two week least we two but, this that can’t obviously, But we any we today. concerned about about I generally, mean, is sold just of

Operator

ahead. Floris from comes Please question Boenning Scattergood. van and go next Dijkum The of

Floris van Dijkum

And your if helpful? maybe replacement whether on of someone or information where update potential or to you would insider outside Dennis, from and Board an an stage? could be going this stands sort the at search anything the that’s give be

Dennis Gershenson

we earnests the after announced in I can it search commencing year. you. really the Floris, of first Well, the tell in December, begin this When much

up exists that we’ve are John I vetting market As internal the this that the is like and would we for strong is and side, I the as to at what candidates. about potential articulated, both good as external we John candidate. can the to here potential with additional portfolio, That’s we and that And articulated point. will think candidate, a this much opportunity be morning tell believe attractive

As certainly update be we will you. happy more make to I progress, than

Operator

question [Operator CapitalOne Instructions] Christopher Lucas of Securities. Our from next comes

Christopher Lucas

essentially rent the the about and duration some year. that for We’ve call in Just there out rent from one one that mentioned Toys duration John, the the to of besides relief heard question earlier to you -- well? as me. shortening through Did the you’ve others Charlies. of were also go relief, leases Charming guys related

John Hendrickson

Yes.

taking. fair a to find looking basically they during which to terms opportunity we’ve a terms two-year be been that’s basically There will about. yes, time same that them have this with from period. approach backfill, tenant standpoint that good replacement fixed to two-year talking tend our to that But consistent been So, then are terms we’re is

Operator

from of Zhang Hong J.P. go comes question ahead. next Morgan. Please Our

Hong Zhang

Hey.

call, rate an Sorry, updated mentioned provide the guys the did dispositions this QX? cap earlier in got done you on but on

Dennis Gershenson

specifically cap talked the power called center We X.X%. overall out at X.X% rate Yes. we Michigan an and about in of disposition

Operator

Instructions] go Thomas have Capital We question KeyBanc of a Todd follow-up from [Operator ahead. Markets. Please

Todd Thomas

thanks. Hi,

Just a recycling. quick follow-up on the capital

$XX of the had I of of dispositions incremental Day, $XX that you think, acquisitions. talked million about at million match Investor so would fund

on call, commentary of to Just understand. some want the I I the just make sure

million like check $XX also So, to guidance? just in regard in the see there nothing sounds bit anticipated little dispositions they year. the of now. right a update It on the the of to the with that wanted that and first before how closed accelerated you pipeline What’s And the impact and that I acquisitions? end the might the is were quarter

Dennis Gershenson

You’ve of opportunity moved move we To to capital the into that on. got which in complete had talked the dispositions Todd. recycling, we the about fourth the it XXXX, right, million $XX exactly we quarter

never the concerned. never far as as an at acquisition landscape today, look we say is As

space at most areas However, vacant our feeling redevelopments. our our capital operations a juncture, is and the includes which this our intelligently used existing is of completing in leasing-up

John Hendrickson

I Todd, our guidance the is think, in acquisition doing And just range. not

reflects And Dennis I update pursue something, or appropriately. says, then, our right if something think up business. guidance outlook And as we now, our on we’ll end current so, finding our

Operator

back I further at like are time. this no would to call the for to turn remarks. questions Gershenson over There Dennis closing

Dennis Gershenson

As Have and day. we you your always, of ladies attention, the at for first good quarter. forward the look your speaking you to gentlemen, end and interest to thank and a

Operator

conference. This concludes today’s

You your may disconnect you your lines Thank for at participation. this time.

RPT Realty (KIM+N) 21 Feb 182017 Q4 Earnings call transcript