RPT - Earnings call transcript Q3 2020

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Operator

Greetings, and welcome to the RPT Realty Third Quarter 2020 Earnings Conference Call. At this time, all participants are on 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 today, Mr. of President Vice Chao, Finance. Vin Thank you. may you Sir, begin.

Vincent Chao

that joining morning, of Private call. third RPT's which of thank are inform At conference Act may Securities during for statements and you us within you to Litigation quarter me deemed time, not would Reform for statements call, the management made this Good this like certain be XXXX forward-looking historical, earnings XXXX. conference meaning the

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

the like would after CEO, our remarks, Fitzmaurice, turn for site will our call includes their Form and from for third Certain Brian which measures. report are for in reasonable are statements Mike Web factors Certain today's as Although questions. we also CFO, risks Form XX-Q the second measures of the GAAP risk now ended non-GAAP call actual and available to described and releases in nearest we reflected of annual to made our and Listeners of factors statements involve XXXX, differ measures press are cause any earnings assumptions, year quarter is and expectations and quarterly for report over expectations. which, those XX-K of for the December quarter factors I on section. XXXX. directed based non-GAAP quarter definitions on to third on President on third believe XXXX quarter which open these Harper; could Investors our financial the to second the fiscal the in and and in to call these XX, of the release supplement, opening and on forward-looking results reconciliations

Brian Harper

call. several I our business addition for initiatives third eyes current an a to we and families your Also, of experienced hope the the eye our and to start are landscape. conference excellent quarter and two we you Despite thank industry, progress in all as activity third Vin, estate of on XXXX morning, good our on you well. and strong in quarter you, joining Thank to opportunistic facing continue accomplishments. and the keep challenges see collections, rent retail the we making and on shifts real ESG leasing future

our on we While we to will positioned disciplined well be are offensive. capital, with be the

of seeing demand We the so economy are after with leasing are that level we the quickly reopened. pleased

XXX,XXX level executed new we quarter, volume, quarter highest leasing This square of first the XXXX. total feet of since the

signed million our open nearly ABR since last result, not a doubled quarter. of As $X

ahead, of is our an in significantly demand of Today, negotiations that is this coming leasing with in more is we lease pipeline $X.X ABR look grocery, we have very and medical-use As million off-price, LOI QSR additional tenants. healthy. advanced currently Much from stages.

in seen also centers. for mall have traditional open-air space looking an We of tenants acceleration

this growth in the signed price friction are solid Overall, XXXX. into selective interested apparel. visibility turning our quarter centers on since spreads, including While are increase in market this with our pricing, and malls drive being XX% of not achieved COVID-XX store as into heavy open area balance creates that pipeline Along double-digit we in helps cushion provide highly closures. gives we flows second leases, and the in from full leasing us of activity, the a re-leasing some we our pending incremental our leasing concentration demand highest cash comfort not will outdoor new with level a

portfolio. in-place the management believe geographies to and rents new We only few. and mark-to-market incremental look of have credit accessible of to but averaged new return throughout we on spreads capital Leasing for of a that improve Midwest with the new name an deals are Nike, XX%, mid-XXXX, after Bank started, reflecting not capital with to These we the are Southeast more providing as range. highlights continue America, re-leasing the since tenants cash good were to return rent tenants. a our the drive the forward, fact, quality XX%, also in our In team our opportunity Sephora, expect flows, have Burlington quarter on mid-teens embedded

in at with Touching lululemon forecast. sales property initial the exceeding our our Woodbury During on grocery quarter, lulu's significantly Minneapolis, opened we Lakes initiative.

Kroger, reported of XXXX. We The Difficulty] Aldi our including to opportunity a grow gain flows. property the quarterly and continue announced U.S. demand Each Sprouts cash continue opportunity recently and and and strengthening share, see earnings in new Publix. plans real see while is open unique to resiliency stronger impressive we [Technical to stores improve values to and XX for tremendous sales,

enhance Our Negotiations of in pipeline tenancy. several then we the to to further of existing on provide to and progressing well includes deals grocer updates the coming weeks. and hope nongrocery-anchored are locations opportunities grocers the centers addition

third collected XX. noticeable rates base of XX% rent as collection of improvement and October Our showed with the quarter in recovery income

the seen October, the with ahead same point improvements collected is XX% in further thus of which pace we have for September in experienced We far, at time.

in end accordance deferral are rising tenants periods their resume quickly with deferred plans. levels collection payment Our and as

as collections quarter XX% our from to result, a have up second last quarter. reported increased XX%, As

a asset also on smaller management have the collections and approach. our this XX% high to our and leasing third the in of mom-and-pop of Throughout our past the at We reflection downturns quarter. very suffered rate ground our the tenants we continue of boots tenants local these in from most collect and sector, historically high quality rent a are tenants believe

to we ABR some percentage also to collections will believe potential tenants at macro this that optimistic lower sitting we any drive of XX%, category should our collections relatively exposure October just future about our XX% We provide open are continue from cautiously and by of at headwinds, fallout. absent With XX% shelter higher.

Navy and important increase Plan business We're also Gap & the channel Today, almost it's an services curbside mind seeing the sales Gap several complement of to launched think sales Best They in largest Athleta fueled pickup XX just that thriving same-day our in recently in that strategy in first on years. fourth of and the a XX% Dick's. quarter Power our While X digital and recently that Athleta. refocus concepts comeback Navy Old brands. today, positive will Foods, announced comparable the to its and growth tenants are growing XX delivery Old and the Whole are Bed we XXXX Beyond, tenant. with Bath of including Buy top keep are still their pandemic, our I BOPIS throes

of risk is X% amount. to bankruptcy proceedings currently the and of On tenant about front, expect about our half we retain this ABR in

During of Ascena and the XX working quarter, recaptured X actively backfills on locations filing. bankruptcy we're well the we before

remaining location stages on of already the and seven. have are one re-leased negotiations in various We

expect positive tenancy and to We vastly mark-to-market upgrade these for opportunities experience locations.

During the fourth Mart XX,XXX recapture quarter, Stein representing feet. we to two boxes, square expect roughly

are per opportunity see negotiations off-price enhance upon credit us concepts, on re-lease those with $XX.XX spaces. both properties. we a opportunity for foot, just advanced in providing under also sizable and At both square mark-to-market We the merchandising of to materially

due recently wanted total, temporarily of theaters, of theater I which headlines, to that exposure. provide comes reclose a from ABR X% studio on our announced Regal to In of it recent is releases. the some would X% lack that Given color our with

disappointing, this theaters to that provide While a the difficult-to-replace entertainment the consumers. is news source film key as and we form of remain believe us, of will studios distribution a to

to allow the to hopeful Regal steps continue that are will pandemic. the difficult taken We weather

last-mile manageable our evaluating four However, single-tenant additional are like The The every Webster some locations. at Place have are densification last troubled our theater mixed-use location theater appropriate we rent. and best to reserving and can are quite We've of non-retail to residential. four that towards in including time uses, this category is cultivating the are at replacements, taking we residential site potentially exposure not is the the we partner. tenant, Park, proactively minimize asset Three alternatives boxes and our give distribution. Chicago, Overall, and to idle expanding us sitting some with all our clear our standalone believe highest box business, that use JV so uncollected trying a been been a we of is options, a opportunities. including amount where progress including impact and splits on asset even replacement the Lincoln measures we at the significant for

noting reason for are it's I category higher collection now many worth levels. levels our that and third our collection peer in concern, think at October quarter exposure a to the or have the pointed above to somewhat in as while theater analysts

a of point focusing tenants broad our the profile of As versus I that risk groups in at-risk the exposure of below-average, headlines categories to the you and about on to may rates our today. convergence collection would think be range individual and narrowly simply RPT,

in that presentation We we our regarding provides peers. have investor slide think versus broader exposures our COVID-sensitive our a context

Turning term, the near play raise a strategic are to capital outlook. pressure offense. we Without to our position to in

acquisition closely, scouring our continue liquidity to we manage actively markets target we are opportunities. While our for

RPT that generate as for the be that transformational our criteria, and while balance Though point, is but are the We is flow additional the all-time to deals already pricing these and we later Recession. which emerge this more are servicing roughly have not could volumes GIC of and to excess of I'm at levels million we in further debt strategically on stressed starting part our $XX see in activity be will year overall even in opportunities size. stringent CMBS special debt in cash about And capital signs exploring and for advantage more We opportunities have that To-date, deal are percentage deployment in above materializes. is believe strong, cash debt, of our Also, and our our opportunities. deal seen our actively current we the stressed opportunities order excess our not strategic personally sheet starting options the appropriate open-air is At calls resting XXXX. as light, with partnership have in been attractive for ready on of during get company arise. early sector deploy retail laurels met special will of a accretively first high. servicing we underwriting at key yet a the not be believe liquidity could an Great includes to to

the on the our I turning wanted made over call we to initiatives. to Mike, Before highlight ESG progress

recently Top a in were for as As Press launched the press say launched the Detroit into our of Places turning With efforts Place landing that, one release, GIC. mission, selected to ESG Diversity discuss proud the GRESB And performance award Work assessment Commercial for Highlighting accomplishments. to purpose goals fulfill that Best corporate to joint our I'll Transactions site, commitment the filed Detroit yesterday, Mike also our financial page over I'm an and the were turn to announced by social RPT front, recently ground noted of list. part Property we that of Executive within our with just quarter. Web to inaugural our portfolio our to XXXX's we on we Inclusion Mike? our as XXXX our for Free Investment and sustainability call commercial venture won our Work ground. the category our Cool Crain's recognized and for we as Committee the common on highlighting

Mike Fitzmaurice

good everyone. and Brian, morning, Thanks,

review our results. with a begin brief Let's third of quarter

fueled were FFO of by past both as pandemic. not Third up direct since improving a operating of quarter a result collections quarter, of smaller a rent last probable the impact move we same-property depths collection, and from NOI

included prior collection of to $X.X which the quarter $XXX,XXX for were million. not abatements our roughly rent quarter, clean of quarter related million was about theaters. not probable in The and $X.X Our billing, probable rent primarily collection the

prior third excluding As Page million amounts or down X% period $X.X is supplemental, of quarter versus the detailed level. our XX on our first quarter pre-COVID rent,

in stark number to and price. is While our forward, run the decrease a this not implied it a contrast a share point-in-time rate is moving

in with puts ABR tenant signed contractual the The there embedded of on, items not state and are speculate the in negotiation is we which of The takes forward, open to of leases $X open $X.X the ABR of associated As reductions rent million, and look annual or pandemic. such any trajectory given tough are not growth. are backlog the fallout NOI. rent takes to as signed puts million

quarter, of the I Regarding about reserved, third $XXX,XXX million totaled of and rent, noted for uncollected about $X.X quarter unaddressed. $X.X was earlier, million it's reserves, was leaving million $X.X deferred which as net

on Touching in fundamentals. Page XX. For reference, our this supplemental is our on detailed operating

covering of leases highest by sequentially spread, down XX COVID-XX ended of third statistics. our new since square leased rate were we quarter, XX% We with mid-XXXX. the begin During driven a spreads effects XXX,XXX as basis occupancy XX XX.X% our feet. impact signed points the quarter Blended lease rent the XX.X%, our to

quarter, leasing we Burlington up our deals during solid fueled are quarter, Collins, was demand. in last Range actually our our activity Given anchor rate seeing from by the XX Nike where Front points at leased leasing Colorado, Village and excellent basis Fort

$XX balance ended $XXX of the result of earlier our Brian million, and shop small took rate liquidity as impacted a Ascena of borrowings basis unfavorably noted, leased nearly healthy million our collections was and as rent cash. cash quarter quarter year, we recaptured impacted by in rising of $XXX of points. a this our which eight rate As spaces, measures Bolstered by leased we including we XX% million XX the with revolver

debt our confidence paid strong Our quarter flow million. cash our incremental $XX in we of balance about cash With million $XX by quarter. and our revolver off before business, another repayments during third the generation increased

expect our overall economy the revolver state. returns stability steady to repay outstanding improve cash on amounts flow to We continues in and as to more additional

also to CapEx time liquidity, tight and the right expenses. gives approach us invest term. the This long continue over at control to the flexibility for We will keep strategically

this very of important the dividend, understand a shareholders. return we our is total Regarding to piece

projections. taxable need However, would timing we on I our the of based noted Board decision. pay for quarter, a income balance as XXXX our reinstatement quarterly payout current dividend common The remains to a meet requirement last REIT of not to

the entered common behind As our slightly of level dividend, into so of a quarter pandemic trailing to with the range the will adjusted quarter We entered the quarter previously reinstate third grow when X.Xx, sustainable we net from noted, X.Xx at we long-term remain in another conjunction last X.Xx target can we earnings. EBITDA to do to XX-month X.Xx pro bringing move that COVID-impacted of impacts committed up with calculation. as the debt leverage forma as us. We

at recurring between As earlier provided our the guidance, duration you third XX we supplemental. and COVID-XX. our the we from and several as helpful business, continuing providing improve be factors, this degree our name base the time given to evaluate economic a We election, I and granular an results build breakdown on the rent NOI of uncertainty quarter you this trajectory a of effort revenue of will first few. to unaddressed alluded to to recoveries of have not With transparency respect hope find high of update and stimulus and including of bridge our surrounding an reported pandemic the into as rent to part the of and scale Page macro a

practicality operator will of will questions. future We the the reassess that, to resuming I to continue With Operator? the back in for line the to guidance quarters. call open turn

Operator

Please with Capital. Thomas KeyBanc first with your proceed Our Todd from Instructions] [Operator question question.

Todd Thomas

of of deferrals new was as deferral now in percent agreements the and the that have some in you have in regarding maybe to just And third recut rent rolling October where off, had question, been what scheduled? quarter place? deals First collected you had any the

Mike Fitzmaurice

Yes. Good the the negotiations. Brian you. to Good Sure, about can ongoing and hear Todd. question, morning. with I'll from start deferral talk

reported, to we August, or second point million noticed that rate last went million back reported night, paid. our up if you stats in Since walk from quarter's me let collection $XX $X last deferred. million QX. that been about time Todd, of $XX And XX% XX%. which collection has time, we the in our had we early you in then, to At So was so

least thereafter. of layer million, about million be that trajectory from million the the And $X when little paid or million so. quarter 'XX at that there, this then the with and a it's the off Todd, in year, pay you deferral remaining we of associated fourth XX% about $XX is will and on $XX at in $X XX% after QX, then about So you're

Brian Harper

that's top anchor deferral our other as top on from has And as none of mom negotiations small as far and national, far. any agreement, local so the And Yes. pops. been well ongoing as there main

yet, there deferrals top of hasn't as been So any on of deferrals.

at. So that's where we're

Todd Thomas

appreciate Great. comments I the your right. theater And All on then, exposure.

or the if redevelop were sounds surface that a you an on to boxes, constrained guess stand-alone few to get to you're recapture I I space? or unable do would and paying reimagine potential questions. it theaters three boxes. working So at have from aren't be rent, guess, rights What space that like plans, to those that opportunity the you

Brian Harper

one of of perspective offense good City, the boxes; Nashville; a open-air across have. said, a and from Deerfield question. we on center; Super freestanding some we're tremendous and the a standing the of in But very high-performing that's one outdoor three other And from with obviously, There's kind what free rights Center in And I Sephora River our trend confidentiality that's Jacksonville those. in parcel. leases, true, one a at from as the Walmart Yes. street playing Towne the

So two We're from can in boxes and were said where script, certain split demands openings tenants interest some last different mile I box of clubs. or a a then up and junior we're wholesale spaces. there's lot we there's some logistics lot where looking of looking like the full, junior at, box at into my even

Todd Thomas

of location, how a Okay. what's And the if sort skews can stripped rent But the figure? Place out pays, much it's for pretty full. foot, that the you share Regal's, seems the rent Webster Regal that almost that $XX you

Mike Fitzmaurice

front don't number in of We us, that Todd. have Yes.

to get one. that off-line us Let on you back

Todd Thomas

And last one just Okay. question then.

positive of October. in from was so ticked down XQ local terms small the but it the in there collections, to trend X% On shops, XQ

Is that, there the the mid-tier within weakness read national segments, and shops? increased. at you seeing all are to surface, local all anything other into within the anchors, any small the small The shops

Mike Fitzmaurice

mean, more I where than it's October No, were I is a we same And advanced haven't. of time. today over September. October, statement time

wouldn't that X% I number. all. read into that even good We're on movement So at daily seeing

a of just point time. it's So

Operator

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

Conor Peaks

This is But spreads are Conor metrics. have sustainable for these reported? that been rent looking Peaks on on into forward lease positive how Congrats the that, Derek going Johnston. operating

Brian Harper

good think that. for that's question, a and I thank Conor, you

mean, there. have think I place, I got second sustainability been we've quarter average management since XX% been XXXX. is So since the averaging in lease And we've spread new

you're I market rent, we and continually this So but see where the and category pleased under-managed, we long-term when of the and on talking was hence, Burlington, as the really I talking think of when with spreads $XX.XX you're SNO small when name Obviously, few. across rent we a junior the -- upside massive just talking drive continue box Nike impressive. and rents. to we the the pretty the and continuously from quarter, within be at under said, was our flows perspective the and deals. can ABR Sephora, the And an size, especially given quality Really, shop. over is board. Remember, ebbs there'll America, just Bank you're that's average

it, with mid these certainly small a there were still XX% it, at some spreads. we were call double digits averaging junior So drove of boxes or that that but shop spread, let's deals couple

Conor Peaks

opportunities in lines? starting to Got transactions. bit are color just you of looking it. from Kind that kinds you the into a increase looking was said over And of potential that those see that, of acquisition then Any what area? Thanks. guys along an there to front,

Brian Harper

of and deep for a opportunity. outsized where way. where from coming think estate, office banks these the we can as CMBS the finding be IRRs loan well. And portfolios. seeing pre-COVID key of could drive meaningful some In debt be huge in one-offs, have family or this on Really, increased the were in value this individuals doing private I private real this We're where activity due, we great is all come a could sectors, some Yes.

remarks, But date operators these personally debt I'm sell. our said found my to to strategy. across getting on from as has as that operators prepared some based flow the anything has deal and and considerably, up in and based up well, our of haven't calls We coming some underwriting picked would on country I like

Operator

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

Linda Tsai

online Signed but in the see ABR, do you that not coming the of come weighting open quarters? how

Mike Fitzmaurice

open next over Yes. the The $X X million, will of quarters. online signed not that all come

and So over a bit ratably this little year 'XX.

Linda Tsai

much you discuss due pipeline of XQ? seeing leasing been has can for you're in is what then, of And the how ABR And your XX% in addressed? that XXXX,

Brian Harper

Yes.

leasing have negotiations, in said and pipeline, strong. is prepared $X SNO, million behind is from then advanced if well, in that $X.X lease I've remarks, million visibility million So will. in a that the we you LOI pretty another few behind my

And without it's in committees I -- mean, I [Audio largest deals even it and ago, deals that's of committee, here. Gap] this the quarter had included Linda, weeks Monday lease that So, a in was few committee grocer had every morning. new being

pipeline on pretty the the and I'm results So pleased very team's with is that. quite robust

Mike Fitzmaurice

XX% Yes. right we're to that. on And as about for complete then now, renewal as far XX% next plans the year,

Linda Tsai

do over quarters, have of then, trough? might sense the where next a several And occupancy you

Mike Fitzmaurice

I Oh mean, I you. I could tell man, wish

primarily, a still election it's of I think but there. just the we're variables bit really darn prepared results, competing the too talked I waiting duration pandemic. remarks the that little many on my obviously on there's out

So too early occupancy. really be seen on

Brian good remarks, million leases we is, his some Q&A, I backlog $X.X from it rent have talked from he plus here news of of is a in about SNO, kind another think prepared in growth. about, again negotiation, in the talked million contractual $X

some puts, tenant this year. quarter, is or next fallout the rent be But seen. across to deterioration biggest any portfolio, there's So unknown into so the going the some into positives

Linda Tsai

Thanks that. for

one. Just one last

banks but tenants, do apparel you at these demand and uses In your welcoming businesses? how for long-term terms the of evaluate of centers, medical avoiding full-priced lines

Brian Harper

obviously, and the a it's undersupply. hospitals oversupply micro. and team geographies certain there's and have shopping in is there's a of of a banks, And looking open-air municipalities their of segments It's they certain access institutional these to It's are harvest asset-by-asset. medical, visibility centers. really in branch at obviously, macro And perspective from a to really these assigned where really From we hospital key. a have

facilities, feet, feet So where XX,XXX just lease. outpatient that we XX,XXX credit of solid get square on square

it depends, on, macro Linda, to intersections really from So intersections. all really,

Operator

question from Dijkum with Compass Our van Floris comes next Point.

Floris van Dijkum

moving maybe comment also you with can fact staying GIC the venture? also, gummed to market that Brian, particularly slow on along, be are lending still the joint discussions do given of And your Strategically, stock in be So you terms price the how up. to seems very appear and reconcile allocating capital?

Brian Harper

Yes.

So obviously, we're don't lot. see Q&A, We in an lot everything. Yes, see. that don't deal a that you on as conversation if with and a will yield, we said see is GIC flow flow see. They earlier deal IRR of they I

it's going of compared back all we to believe where that us on pot, we're based out can So into be that's receivers I achieve out believe several to boxes first it a the do responsibility started, do number mid-teen assets capital had are I comes yields. capital, and there, areas where really matching versus managing, mismanaged high there we IRRs just be to leasing we what could being or a XX for And average X you We're that -- if that goes got years. that is strategic where assets managing jump. that acquisition enormous other over allocation. as opportunities special vacant We're to will and debt. our

pounce. capital a which compared balance likely liquidity, be place. leasing compared will a we delicate it good very unicorns, our and will I to those sheet find is can think, But we balance in where to So

Mike Fitzmaurice

as from able our described. reminder, just on we the And and you. have Floris good accordingly, Yes. morning. to cash to unrestricted Good balance But million sheet to do a just of be hear allocate Brian $XXX

Floris van Dijkum

your -- the in of market, on the the M&A one how does discussion with lenders, that stumbling the acquisition that or blocks in is potentially? side, particular, right -- how And is now biggest

Brian Harper

Yes. there's is Obviously, geography size for important. No, credit and the debt. extremely I and think very right assets,

and smaller credit, on story, most So more one-offs seeing not about market's that some that. good portfolios deals, yes, talking for off-price. that. for M&A and grocery we're good where -- likely We're there's talking good large or open a the of narrative, We're

Operator

with Please next question question. [Operator with Instructions] JPMorgan. Mueller Our proceed your Mike comes from

Mike Mueller

couple A of questions.

First, about driving spread future I'm you I kind grocery-anchored just not differently but quarter? missed terms of terms essential you're was are those mix the the this if new on did of you about question, lease and in anything abnormal factors second this, there comment acquisitions, contemplating of in sure And thinking what thinking buying?

Brian Harper

Yes. Mike, thanks.

me There let really extremely number had a double-digit the then abnormal. well. we hit spreads, So We that shop spreads deals wasn't small anything first. boxes of good were spreads were that had junior but X as

have we So and even have that's and our rate hand while that. in in before might grocer driving creating is where perspective, or those intriguing value, today, I back that's execute or compression. a pocket Two, on low in can a a on rates that's the what's grocery, we think we acquisitions essential power driving center or two on DD business where a are cap community cap deal obviously center three

are And since again, solid the proven tremendous outsized XX looking property started company. that IRRs real NOI occupancy time really across yields just we've relationships filling eventually the these at and boxes will have we we're of highest So increases every on lot them with growth we double-digit country we And do of the stock show and we've tenants. that. taking we And at if a can and and that. now single a up again, estate. the bottoms-up IRR achieved level, time And one

tenant in of of sealed on having we do eye where arbitrage cap but rate go yield, and before locked maybe the have we buying can I So even strategy high and a at close. a

Operator

Mr. the turn time, like to would for comments. Harper over you. Thank I this At call back to closing

Brian Harper

is and guided our treated Years will liquidity prepared vendors, believe, Those we there how measures how pandemic in to stakeholders. and new this decision-making are now, our pillars found for liquidity, took we value after to liquidity throughout extremely that our things, our hold this and how have humanity, crisis. create were from retailers innovation. we from hit Thank and and we stakeholders These Humanity if three innovation employees, remember regard. pandemic and be that confident continue innovation, I we I'm you. humanity, ways pandemic. day the what we in and the every three high

Have I'm that tomorrow. virtual you back made a forward will have Thank couple our be to morning, this a look a proud of at the decisions extremely call we joining many We better to NAREIT of of weeks. led you conference all and seeing and for will today wonderful the in looking day.

Operator

conclude Thank teleconference. you. This does today's

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

RPT Realty (KIM+N) 8 Nov 202020 Q3 Earnings call transcript