a resoundingly with Thank and comments transformative XXXX. will morning, can RPT for of provide a end the I described focus you, areas my as successful in This only year Vin. highlights the from be company what and key for discussion
recent our financial guidance. Mike, details the on share will will I to fourth performance, financing provide operating more and regarding turn XXXX color that, quarter After activities our and who discuss our over more call
targeted been be at progress past signed on the And and XXXX. and calls, remerchandising start couldn't remerchandising, I regard vacant in XX initiative. as successfully initiatives: in you laser-focused second we the more is first made circled our XX of have to boxes the we've of pleased leasing As two XXXX. our anchor is leases fronts shop primary our know small year, operating XX on With and teams on development the program, targeted boxes from with both opportunities remerchandising
benefit the the We XXXX. activity will of end this of rent first by full the quarter realize
double-digit we a quality Through the Fitness. like this lower Kmart spaces the Gander And SOW program, capital. and former risk by REIT-strong so improve Pier and the restaurant; replacing Athleta; of on and regional Planet ULTA; at which we returns Cycle Mountain is tenants Plated, with Bar; portfolio X, did
our will we increase happy sustained years an basis the market shop smaller XX.X%, to directly but growth our coming I'm XXX points growth, only basis points will in are report shop NOI spaces in of the small us more benefit the occupancy shop year-over-year. higher stronger last regard lease The small given tenants. terms to XXX not in that demand for and attractive initiative, and with With at quarter occupancy the we for ended position seeing versus up up XXXX rate
at also customer alike. making portfolio teams our our in unique enables to tenants shop of mix better tenants our attractive the more curate experiences and shoppers Increasing leasing to them centers,
progress This and vehicle able of leasing we by organization the of on equally partnership that an wins GIC. as for growth. shopping the but as have venture past income a open-air to year, joint thrilled this with only we our new also not While thrilled center I'm were a the made I'm close viability validates
Boston support to Minneapolis, of profile. completion Austin, seek organization. improve Raleigh our venture of our carefully joint investment Richmond, to plan of strategic new world-class product plans with to we a to capital thought-out was and in partner the growth that portfolio continue a and goals of deal as also this like Nashville, high-growth The alternative capital sustainable sources towards Our acquisition our RPT's provides reshape will accelerate Orlando, long-term markets
one long-term started we next and of partnership, estate day-to-day entering fit the respected reaction successful partners. clear We are as world's with the about ideas a key it, phase where sovereign met be the to and the ago, process, The community became we wealth of making of dozens be overwhelmingly potential deal vision with been ideal discussed It and from regarding most evolution the soon to GIC partner. company's the real I call has that the thrilled would a with funds. year the like positive, cultural shared a to
to transactions. Moving on
respectively, acquired As in The announced is team market. Austin Target Plaza and Austin, acquisition Lakehills foot release, on square first and per square average the an people company's boasts million. balance or XX% acquisition our $XX.X XXX,XXX demographics Texas on of center about a X.X our the sitting first community last of center portfolio foot $XX,XXX represents night's and as new higher population XX,XXX high-growth by sheet for shadow-anchored and in has we in $XX management Lakehills and X-mile a than Plaza, ABR acres income strong average.
to we tracking an owned and acquisition venture to grow joint both portfolio. are still pipeline continue we acquisition, of our markets comb million target as the our the for almost Following $XXX opportunities wholly
to centers XXXX. grocery of contract We half we that or the negotiation expect have first in X close under very in dynamic
strong opinion. $XX an traded good we of Austin of and We Plaza million XXXX. quarter trade with transaction in In first $XX ABR currently suburban contract close an also a $XX Illinois ABR the of the to are This property on effect, Ellyn, and our out pretty sell for Chicago at was expect of a profile. in to in growth into under and Market Glen our
on was Lakehills a for neutral sale basis long-term leverage the better will growth. of transaction and upon closing position will The deal, a off-market but true purchased Plaza which have been Market earnings RPT
shops in project Jacksonville, adding expansion Parkway Moving progress at outlet and pipeline on in-progress on our to our We it great made to this quarter. plans. our
open for entitlements ground units, a residential phase the in March. all partner, now which XXX and for be finalizing are will with we have to Aldi lease leading residential a first We secured
$X.X million expect to XX% in $X.XX a we or spend share. Here, XX% at yield to total roughly
As our we tolerance over we are at has the past capital where risk quarters, hinted in putting for at cycle. have given few fallen, the
such, we retail reduced the significantly As reducing have our Parkway scope the capital enhancing while risk. of returns development project, at Shops our
than us much visibility about to on leasing existing think we continue in get reduced as opportunities, our lease-up reward our redevelopment. with on portfolio downtime ground-up where and or development with within risk double-digit we we Additionally, better capital the light of allocation prefer afforded capital risk can tolerance, with returns less
that the completion. on Sports further of in include others deals Authority, working are leasing and larger and the of we quality and business Some our replacement should momentum spreads higher-paying in tenants OfficeMax today higher drive upon upper result rent former will with teens Petco,
to focus management which rash XXXX in XXXX a the our of But calls, heightened troubled given for of store tenants. to of thankfully, additional troubled result want proactive color I turning operational believe the outlook we we on saw regarding and retailers Before our impact our portfolio, major on did peer feel a closures. direct tenancy. is our provide some not
exposure only annualized points has down as to XX For X which is of rent, instance, quarter base now basis only of from Pier locations, RPT XXXX. X two representing second
XXX of from were announced bankruptcy, closure the X our X recent directly following heard not have Pier locations remaining on we neither list. store Although their
are we color seeing Pier fact, expiration, stores his tried X these treating on provide have are spaces. get we remarks. In unsuccessfully of X back demand for how as last more these to ahead our we in will in forecast incredible Mike prepared
headline lease these RPT one we're Dress no Modell's, had and like recently other. are Moore, the Barn Sears Louie Hour that to our troubled negotiations happy backfilling in exposure and X locations with in bankruptcies Where announced Earth former Below on already the has even progress to Charming spaces. of like advanced tenants, good I'm Papyrus, Bar closures Five Bose. to Fitness, report signed Fairway, Barn and of on Lucky's, to We've A.C. XX we Dress making exposure Charlie, Additionally, Fare, or
upside former X each on are We Charming square about where Charlie tremendous X paying re-lease. $XX.XX our spaces, us of upon negotiations per foot, offering in were
demand All and seeing about nontraditional are tenants. this the both from open-air centers said, we traditional are we for encouraged
increasingly proposition are model. the by the recognizing open-air offered strong We value
actively can. always, we our closures tenant will list monitor we watch continue to and where known store As of stay ahead
our the XXXX, operational value the to focus into will risk-adjusted best expect XXXX. be will Looking on we on maximizing strong assets from continue the momentum which existing sustain the basis, of
the out shop double-digit closing at driving by closer program this target. do XX% targeted small XX% our merchandising to will towards yields occupancy We and
demand. With full prime exciting upgraded On the through best potential offense noncore foundation the will where our by for beyond. set, XXXX we defense retailer growth, the the balance excited shifting us from XXXX we sheet being front, in sales and playing to see asset to see are our in and of see high-growth realized markets organization external acquiring portfolio our playing
And to over the with call that, Mike. turn I'll
