- Earnings call transcript Q3 2022

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Operator

Greetings and welcome to RPT Realty Third Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Craig Benigno, Senior Analyst, Investor Relations. Please go ahead, sir.

Craig Benigno

Good morning and thank you for joining us for RPT's Third Quarter 2022 Earnings Conference Call. statements would during to are Reform this may deemed management certain you not Act time, of be made meaning statements conference forward-looking of this XXXX. like Securities inform me that historical the At Private the Litigation within call which

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

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

Brian Harper

and morning for today. Thanks, our thank joining you Craig. call Good

of are of solid operating all we our Overall, to strength. happy another report elements are across We from a position business. quarter

the now for complete. are Our capital recycling efforts year

asset clear pathway we signed or XX% is Boston that low-Xs the in million and to roughly a Chicago, on as and with shape. of primarily located commences. The have funded maturing a leverage debt not and Columbus. Detroit basis earnings and great fixed in closed we our about debt Today in on of sheet acquisitions have have leverage largely is balance We sales no open until Miami neutral XXXX were $XXX in SNO

quarter the since third Our giving a high led to lease quarter about us quarter healthy on volume quarter beyond. organic last of that the heart jumped XX%. SNO of balance our the pushed downtown Miami. X% and leasing NOI transformational In $XX the strong closed in Mary of strong another SNO and we visibility rate XX% acquisition record Village XXXX annualized by of represents in of million Brickell growth to

have actively studio through leading with into integrating asset architectural a as portfolio this We been our our as design firm. Gensler, in-house well

are at developed and plans at lease modernization tenant with world-class range. this placemaking currently negotiations will operators. Today, asset over rents are several first-to-market significant strong we foot above our thrilled help unsolicited with MBV. and square interest in We Recent and our in at $XXX mark-to-market demand drive from per have that XX% the underwriting, the comps we opportunity are experiencing are tenants

strategically curate we ideal As a the how extremely measured of being result, mix are in we tenancy.

experience helping also best which Gensler term, at include Mary us is envision goal rents. future and that possible Brickell, to densification. deliver productivity optimal Longer customer significant the sales traffic, is in Our the foot results will

use, million and we future stronger is Our put, Mary feet value office originally which for up us Simply square of X.X significantly more creation. to site optionality residential, zoned hotel thought. great is upside gives for has or than Brickell

increased week, from funding XX%. open weighted grocery-anchored neutral the set scheduled our centers cost expansion management after the selling located we our has redevelopment and provided and remerchandising, Due Mary are asset and joint zero of on average Last on This to demand value-enhancing active this to expected heels is have These factoring roughly that effectively earnings outlet Brickell venture. our closed at about quarter. next of to approach, pipeline, totaling $XX XXXX. assets year. the sales Turning a hands-on projects XX today, million into leases and contributions of the generate year-end for to signed return assets of on opportunities Detroit the Midwest in in two two third we Chicago management fees, during at

in some the Before color turning I to that have wanted to & retailers of Bed Mike, over That's Beyond. two Regal Bath late. additional and news provide the call as on been

higher-quality a opportunities We record double-digit These tenants different. of no have proven returns. track space to are at releasing and recapturing proactively

By Regal leasing offense we our end example, proactively quarter, from Not trade improve had early are paying demand River it but will playing City flow in a Regal. the all in during three released if than are on firing asset are that credit Club. this of we Wholesale We the team third the at at three repurpose needed. for of the cylinders. All the freestanding, XXXX, cash are robust that BJ's and when quarter, starts we will lease to Regal the making $XX with we recaptured of also per leases way X.X% Jacksonville getting account significantly more foot the double only the Marketplace BJ or given is the centers, backfill easier of square and to us ABR. At them

example Regal. cap in we able negotiations opportunity to as expect part the pandemic compression upgrade This an us a for great a we created obtain tenancy. the our overall recapture as center were for deferral rate of with the is how rate Additionally, of given

Deerfield Our Providence expirations that of are performers in In remaining the experienced are and with our remaining Regals XX Center Nashville well Boston their strong case is in situated Towne XXXX and The Marketplace within national traffic theater of in and The since over miles Crossings in Crossings, away. have the markets respective year-over-year. strong are closest XXXX Each and improvements XXXX. in Cincinnati, at locations

portfolio of our in X.X% for that have four Bath ABR. Bed Bath, Bed and Regarding we BABY account eight buybuy stores the

the replacement have strong stores low would rents ABR foot rent about mark-to-market of average We opportunity. our $XX.XX, per be is square which providing a a mid-teens, believe peers. the in lowest amongst Our

We range goods. good have of wide our grocers, apparel, and including sporting discount locations of tenant types, each for from demand furnishings seen home a

the overall over to for Mike. Given real high-quality supply imbalance see retail over in the tenant that, this improve and quality earnings time. in-place I'll estate we demand rents, opportunity and average to strong below as markets an With turn call our drive

Mike Fitzmaurice

morning, Brian, and Thanks, good everyone.

$XXX shape rising end Liabilities of XXXX. in and be debt high, until as maturing are sheet great we at the balance thrive and Our have puts SNO Including $XX environment. net quarter. is we revolver million Liquidity to Leverage is low the on ticked year. adjusted getting today's is equity it footing million, down this X.X to to about week's and puts EBITDA in debt strong midpoint balance us per $XXX,XXX no us Financial bad bad Regal. and same-property X.X times. times versus in million, down $XX of better. We've would expect our This flat have our forward of to Regal's was be $XXX,XXX at rate during squarely X.X% of downside $XX pay of just this X.X% expense range. our despite long-term debt undrawn million are environment. diluted lastly, our [ph] only the the putting in we Operating note, quarter, above due a coming quarter, related for the risk NOI And Of recognized was today, year-to-date. eliminating Of FFO debt floating roughly last plan. outsized that filing the to us bankruptcy of quarter to of at was September. the rate debt, X% share results $X.XX we

less to no spaces this our generated to totaling best-in-class strong Club, retailers our during for the represents XXXX. as Ferguson over volume putting Publix, from Gallery. such and and million and allowing XXX,XXX recovery BJ's to Over rates. quarter. currently as level year-to-date that lease to our Burlington, spreads Giant/Ahold, continue X.X% a Company, leasing clear, of highest $XX quarter. last volume balance of XXXX since XX%, leasing with advantage X.X deals be yearly basis, opportunistically CapEx rate square XX our about above increase retention XX-month square is to over not Absent for that an years To a the rent signed The several to expect record feet, brings We as on on drive about robust XX% in on comes last leasing We historical feet that leasing quarter trailing of SNO essential retail This the million limited are spreads recapture new of take Sierra well renewal and $X.X of with us commenced rent renewed construction purposeful downtime. us We Trading signed XX% the the track respectively. remerchandise, Wholesale environment. million, and activity hit XXXX leases These supply income demonstrate is tenants third to X.X% well vacant. Sephora expected we of our drove or be spaces SNO leases

incremental share through share, will up FFO expected per a to with total Our about benefit SNO backlog per be earnings provide $X.XX $X.XX operating tailwind to XXXX last from quarter.

in $X.XX online We in XXXX, XXXX of in XXXX, expect the come $X.XX fourth to $X.XX and $X.XX quarter XXXX. in

stat. XXX our year-over-year. Our basis XX since sequential basis began our leased resulted This to and points tracking leasing success the spread lease XXX pushed uptick rate to in the basis spread in we a up points XX%, points, widest occupied

to did flow, quarter sustainable the due mindset recaptures Barn improving proactive spaces: lower have Marketplace this and to River Pottery and proactive HomeGoods. merchandising Cross, Northborough and of tick in which been occupancy These quality released City mix. Regal of Club, part Our our at at recapture anchor Marshalls two and cash credit large reflect already planned long-term Wholesale BJ's outlet

guidance. to Turning

are to performance at better-than-expected to to the in midpoint. a raising the from $X.XX, we $X.XX, FFO operating guidance the up $X.XX $X.XX Given share our $X.XXX quarter, per increase

FFO uptick until asset with previously and open assumption our X.XX% XXXX. fourth growth XX line raising will Additionally, are to which fourth the questions. at midpoint. to back same-property is NOI sales the in increase compensation finalized in similar Detroit the quarter, to operator quarter, result do an what the experienced call the expense to for in not We basis And to in operating Also, turn to Columbus. a G&A the in fourth the we I in X.XX%, we could that, quarter point to discussed our expect due decelerate range incentive

Operator

you. the ahead. Please Instructions] Thank first with Deutsche a line We [Operator from Johnston of question Derek Bank. go have

Derek Johnston

Good morning. everybody. Hi

initial how tracking the underwriting Mary the initial is versus wondering Just versus Brickell plan.

do You have vacancy still some there.

what that, type opinion? or does besides So of your the in what center need mix merchandising

Brian Harper

With in much even is my greater. something special the asset. Yes. we Brickell, I bought Thanks, as our prepared Mary And we opinion we now when Derek. knew said had remarks,

in one billion of pointed space District only such I as hottest the we in and of both this the alone XXX,XXX zero international Aventura, Brickell The out improving. retailers and now astonishing. coming in which Manhattan a submarkets sales, last see in it's to a and considered to in supply the is square the submarket. Brickell similar desired areas demand that Vegas. We think sales American does in rival mind – Brickell, location has $X.X is, two years, really is want the that in Food keep even the the area this is market, presence and need country, feet. Design from and beverage trade given center

mentioned space, and I landlords. $XXX allows favorable the rent. supply pricing So We recapture zero net it for proactively this when for the for with In higher we the even power of – coupled triple space. top-tier prepared my sales extremely remarks, gaining see this,

any really say to concepts. this even as this and unlevered expire, for now, up, mark-to-market of to we first And like the on least, the significant even few returns this sum laser-focused, in will tenants negotiating shareholders just the with first-to-market, deliver center, we're really we X placemaking densification. $XX design double-digit Right vertical. this Gensler center. really our the NAV are see Phase with U.S. Derek, before significant we As a deals we see will to To and center prior ABR go

thought us $XX when foot. is it underwrote a this much at stronger we than of So any square

Derek Johnston

And on Got markets, bit just really little Thank volumes transaction helpful. private fallen a off certainly, cliff That's have a here. you. it. the

year, it appreciated? buyers bid-ask now, do really it you sellers? tell You was But said guys color what can to between guys. thought there interesting likely markets but about private done you front-loading, were intelligently right clearly. you're the very active this And and most the any year Thanks I that us for at is

Brian Harper

first, Yes. who I discovery. blinks owners. this looking mean a it's sellers at approach and other and think I is at each wait-and-see pricing and a buyers Sellers

maybe tangible, to firing sitting just of too really pipeline and bps early But on given call even we rest now tell. more on observing even and focusing large or I growing the the power XX think the grocery anticipate cylinders Thanks. smaller, right we're that core the front, urban is infill; further. all widening, that SNO operational on

Operator

you have further do Derek, any questions.

Derek Johnston

No. guys. That's Thanks it for me.

Operator

you. Thank

from next question with KeyBanc Capital go We have line the ahead. Todd a of Markets. Please Thomas

Todd Thomas

Hi. Thanks. morning. Good

First guess, guidance. question, I Mike, on

revised think this $X.XXX the of, $X.XX quarter. I implies quarter OFFO So to compares guidance fourth that

you're some about considerations incentive the we dispositions or also, about around I guess, you talked asset $X.XXX little $X.XX just from midpoint? model? step You XXXX comp, the for expecting the the to provide bit sales or be down color, contributions. a any of that Can on thinking at should more And that

Mike Fitzmaurice

Sure.

sales from with then G&A. the from those quarter, a in more It's Prospect Troy, plus on Todd, the really $X.XX think the and into come is that you sale the the another to it the of fourth in in second right in the two assets are going of few quarter about did quarter, we half third elements country. quarter. Midwest I And hit from causing $X.XX, Mount the deceleration part sorry, the Shops a about Lane head. It's at

next the So in this the $XX year, and commenced of in expected some in for million, our year, you there about kind biggest that XXXX, the from mean, in known point $X.XX And The today's environment, the $X.XX contribute of especially really half. amount and I you year, of at next backlog, as $X.XX. unknowns. urges to is are $X.XX to $X.XX the about second least half signed the knowns us, about is which risk about first not think

which And quarter that about on XXXX. takes $X fourth more rate XX%, start. layer run and puts and our from there'll place clarity puts of to good at offer be you February will a there, If that's you that in on implied call right

Todd Thomas

any could just the in you're And leasing then conversations a any Okay. all, environment you're helpful. the we down tenant if little in let then seeing I'm sizable the or That's And bit. increase Brian, having. in maybe shift demand at to that build what's about, can curious talk I you that feel here leasing advanced in economic leasing that what's pipeline, about, you pipeline from to to improve? as behind SNO negotiations, the continue talked you backlog occupancy SNO whether for you guess, that that pipeline can continues change

Brian Harper

Yes.

Let me seen is no demand. are virtually which down healthier we product, in this going Class there's for robust It and ever as into with my supply A demand, supportive tackle as One, which think and Two, I've I much new to have. career the is comes that a recession. retailers incredibly few supply, currently landlords things.

is A like of Florida sold in than much our before, Atlanta. core I just given bucket and geography of this now lot of We portfolio. Boston. SNO one-third Our SNO, stronger the we've in mean hold holdings cities portfolio XX% changes. our that Miami, is in Tampa Boston, and

And – it having actually the on which portfolio like ABR Class the us occupancy we've just we to comes done a point us, is been I in Detroit, environment. since there. in recessionary final XX% A product costs. here have the demand, low mean, helps drive like in And in down Another good sector-leading any times which spreads, that any and environment, really leading we've

called slowdown. select feel We've shadow. there's even for been So yesterday. been no I the leases The demand very future signing

with We even are and in several advanced lease improvement. home negotiations grocers

our So as it's schedule. as robust SNO

to XXXX this good XXXX. is hit So well into and end feel XXXX. of a we going certainly, lot of And very going into

Mike Fitzmaurice

are portfolio and million today, to few percent negotiations represents of we're $X leased, we would couple legal in front I think $X XX%, Brian's get a $X active or XX%, which another XX% Todd, to about which can we mean, the million, of on things we is there. I add leasing, this LOI. And million. to in point,

to that going a about bit about anchor almost goal. lease lot rate And XX.X%, But today, got of just to rent, you we're a that's XX% from opportunity So closer a mean little small XX%. our of come we in there and shop, we so get what to XX%, of that is to that a really, I is that kind X% some too opportunity equates and at about to give increase small $X.XX. rate XX.X%, today, which on looks like, about $XXX,XXX for shop, it leased math every it's halfway in

from square higher So small it's shop ABR pretty you And material get effect the portfolio. to then per the foot. trifecta is our

better to those the of higher get You escalators X%, a also on you X% and expenses. recovery get

the excited about ahead of us. opportunity So we're pretty

Todd Thomas

Thanks all.

Operator

Thank you.

Baird. line of Please from go Golladay We Wes the question with have next ahead.

Wesley Golladay

I to that background highly Does back some Hey the probably until which you dynamics last this approach over target uncertain not risk change – going how economic I'm ground are saying, look there quarters? good going really on categories. if get that everyone. leases, when leasing do leasing? are you're show you strong but change the just I these adjusted Mary morning from that year. few up let's the to best is maybe very any you in next want on pulling wondering seeing, to this you're the the to going Or at it's returns, just backdrop. may you're deterioration Village? Brickell just Any in hey,

Brian Harper

the laser-focused that. to been lululemons I the Sure. very credit. that's T.J. the the a to we're credit, Publix Aholds, Maxxs lot of when And whether SNO, mean to at on you especially on always we've the of IG the look world focused

roughly we average on Wes, look this return and I our leasing I highest the get leasing at So XX% Small I possible. look at SNO, cost. can I where in mean, shop return

a remerchandising coupled our on at return business. average a that's deals of total good anchor cost. in a roughly with XX% SNO on redev XX% XX%, return That's the cost. Our That

And analyzing the of growth. there organic be team now so we're credits which will we more all have very, on we're retailers focused. we're very operation of leases but our a with, the and these And just so right certainly doing and all of focused scrutiny,

Wesley Golladay

a that's when And this it. at spend, then been big Got recapture the you look story of part year.

of got naturally Or for to look things credits. of together? now some recapturing? to are going you just the You these to bad come you wait continue Would ahead

Brian Harper

Yes.

rolls a are – biweekly of we're play like looking the asset think management, status – program status the tenants, almost regional CRM we that local on space. the we I of the every with tenants, me. in at to boots we The ground, mean, the status active space-by-space hands-on, I up have knowledge of

flow. whether your replace And grows effectuates opportunity general at. performing. or Bed recapture call that replace boxes idea and is Total of it, Bath but grocer, small if cash to a have there's concept, it's also with a higher And So our whether landlords how a they're shop, it's merchandising an look replace and that's we'll something as goal Wine, with sales recapture, well TJX a with mix we a a proactively to drive

Mike Fitzmaurice

will Marshalls, Two, so look Brian XXXX. And noted. the sense as did about purposeful Publix. to we're been We're we we're it that's we And makes these talking that's We're Giant/Ahold. took Wholesale, about talking going we than Sierra, here generally, continue all this about in And no I year and already XXX,XXX leased. what recipe, a HomeGoods, [indiscernible]. if from Yes. further that BJ's talking make of square feet decisions mean back about space perspective.

Brian Harper

on on we're leasing. Wes, offense summary, in mean I

Wesley Golladay

And going I companies it these you that picture guess clearly some a shut to pay Yes. negotiate? that bigger they know less Are recapture? we're down now have to You – easier saying, to Is to harder now are question on Okay. that. stores. just

actually to footprint. be them bit a little helping shrink their You out may

monetarily if little wonder it's just I bit... So a

Brian Harper

easier. It's never

maybe lease easier, hand it's – of check Some wish our a a to very But things. be in in tenant, having can few issues. have tenant was a on tenants cash dip where write flows good are we think to honest. I two, and other. the where couple you get always you the tenants of it And out, the I It's double

get say, turned would down. to I the of recapture actually, XX% time try we space So and

be this the get, this highest fragile. will precision, This and that be be with So can we CapEx using return selective. will will given is

Wesley Golladay

Thanks it. everyone. Got

Brian Harper

Wes. Thanks

Operator

Thank you.

Tsai line the We question have next Please Linda of go Jefferies. with from ahead.

Linda Tsai

for Thanks my Hi. taking question.

ratio, think retention by year-end XX% the occupancy. you're XX% you you XXXX? XX% Do to could at Given get

Mike Fitzmaurice

the on right The talking Look, there's absolutely unknowns. to shot. several occupancy in think million signed the and I which perspective, us item is with early and to known – occupancy. I should commenced, I knowns And I commented we I now some front. as for Brian on, that lease grow going leases think our there's it's that leased continue a was From But not too is there's think to like a most right best to of negotiation Todd, – have that now both rate. tell discussion some push

Brian Harper

a Linda, And things, I think too. couple of

at Broward. If XX% deals These you look leased. at and and look our supplemental, Delray specifically are XX%

real that have We pieces so big currently market-leading mid-XXs, that centers see occupancy are leased ABR short-term. that a here in see low grocer a occupancy These $XX for of are really growing that special two both. in the increase share we you'll estate to

Linda Tsai

million And Got $XX then that cushion. sounds it. a pipeline really creates SNO healthy it like

would Bath about debt that for you XXXX? do create kind against for bad background, Bed And & reserve you how So a of think Beyond?

Mike Fitzmaurice

tell Again, are I happy very this too Bath with to Beyond with Bed think it's at locations. point. & we our early

get prepared back, its in think do in we're huge square those us stores. event commented foot that remarks a I them the Brian we per low – presents his But are ABR above-average opportunity.

as what the debt And Bed that will XXXX. got be for I basis change & bad I don't next the mean, year our Bath prior from this collections, we period into year, revenue going our expect debt goes, absent ex- track points recognition we're on bad XXX benefit to As of favorable meet to Beyond. as far

Linda Tsai

thinking for pressure about consideration? XXXX? or Got Brian. And question store part how they you of Is final are cost to their opening as just talk one it. inflation When they look to plans retailers,

Brian Harper

ABR comes helps. looking mean, we're that think that I – portfolio at up. And low having I really certainly, mean I

We given will increases their allow to rent, be occupancy still healthy in able for costs, costs. and still them drive labor

minds on XXXX that's benefit. locations And and and on have, really maybe we're a even talking a We're signing for some it's XXXX just that. we ABR meeting of kind of right the high-quality I – the looking even given for think So low portfolio Linda. now, leases the

it's let So there's too, been really all. looking years, no outer down at and

Linda Tsai

it. Thanks. Got

Brian Harper

Thank you.

Operator

Thank you.

the We have question St. next from Haendel of line

Juste with go Mizuho Please Securities. ahead.

Haendel St. Juste

morning. Good there. Hey

end. Just a from few follow-ups my

some I pay guess what on rent in they on pay to I I not First, And rent? they wanted clarity Thanks. get Regal and and October guess, you September? Bed they are Bath. Do November? differently, did expect current do for said

Mike Fitzmaurice

pay pay not landlords. across did all fully to pay expect us and their October, rents, did December. that's September them They They November we and and

Haendel St. Juste

and Bed Regal? that's And Thanks. Okay. Bath

Brian Harper

has Bed current. and paid everything Bath are

Haendel St. Juste

Got it. Got it.

Mary million of pipeline, Okay. this get bit How to big of – $X quarter. attributable Trying $XX of is I want part Village? to from And million from much jump just that the then million is $XX clarity SNO on to that a the... to Brickell the here understand, on specifically

Brian Harper

$X Brickell. is million that Mary $XX of million

has organic. So the rest been

Mike Fitzmaurice

of new we which MBV, to us signed the And during $X.X then $X.X quarter, give – of the from leaves attributable $X you $XX $X.X second to had million. quarter, million commenced million is million last million. I'll of leases the during which that quarter. quarter. bridge the about us end about a Yes. We $X.X gets million as the about last We quarter

Haendel St. Juste

transaction anything clearly one I'm That's about on what some – has type deploying the your the curious environment of of been just via for? what next couple more: looking currently and at, your views curious opportunistic that minimum the capital quarters. – capital the challenging, there's you thinking. remaining if what curious is your over today, investments. have here looking And just actively deploying Or JVs the very maybe thoughts IRRs some capacity in and Just of be JV you're but JVs you'd you're helpful. on of

Brian Harper

Haendel. Yes. Thanks,

platform. with So lease let's net the start

to We $X.X be waiting of have of remaining deployed. on feel capital being good We very for stress. patient cash billion times that and

building great that We we further are we a that have environment team this to world. do, widening. that cap which be going even is and Tyler pipeline So great think Grocery-anchored. a fully rate to in expect capital,

an remarks, really We're to We that from a in confirmation we on things that said We data and on is $XXX for remaining double But my digits. what's call analytics with or apply the prepared we as I patient. the to conversations X% looking of just X% was, about going would in settle are it, now capital IRR talk all lot unlevered, what GIC platform. team time. have I deployed. million There's the But positively say said and waiting to to to still from towards our universe we're some get that waiting Fed. being seeing trading that. trying

Haendel St. Juste

Appreciate you guys. that. Thank

Brian Harper

Thanks Haendel. Yes.

Operator

you. Thank

line with Please JPMorgan. Mueller the from of question next have go ahead. Mike We

Michael Mueller

the you front, be of where there. question on was thought work off you didn't queue. get I but could guess investment to out tried active on I My the Hey, it

So I think I'm good.

Brian Harper

Thanks Mike.

Operator

Thank you.

go of with next Craig Schmidt Bank the have Please from question ahead. line We America. of

Craig Schmidt

in think where and about opportunity tenants the lies regional Thank you. When you local occupancy, small or you national? growing shop the think do

Brian Harper

I it's combination. a think

that about in XX% strong certain of We've that in we certainly deal and primarily doing just I lululemon local and Whole regional regional's nationals parts added we've the We're seeing a as probably great have small was and Florida power some and shop in think tip-off Boston. with a center – made national. a where it's of Foods. in more deal, tailwinds Sephora. it St. of was a We're with tenant Louis,

lean think national regional towards So tenants. going I probably it's but and to think be I Craig, a mix heavier

Craig Schmidt

hard a guidance. good the sales retailers weakness Great. the in showed of of And their any I the good are then down in categories? sales number take Commerce wonder, Department good in We've And of a addition, you softening seeing hard U.S. seen categories. hard XXXX

Brian Harper

close to attention that. We're playing

As from of truly now, what tell think data to I sales it's our captures.

on So we're saw, we haven't that. close are that in the way seeing or goods, seen but eye same we boost one hard keeping and data another you any certainly significant a

Craig Schmidt

you. Thank Okay.

Brian Harper

Thank you.

Operator

you. Thank

Markets. We of Thomas have go next ahead. with Capital question from KeyBanc Todd line the Please

Todd Thomas

Yes. Hi. Thanks.

circle external GIC's to I Just required mentioned of IRRs or back, you the something that investment to in comment platform. X% was moved that double about wanted guess And digits. unlevered are where returns the now X% Is Brian, else? growth to Or perhaps to has that competition? expectations I of given of you GIC remain return and take just offensive guess capitals And appetite relationship also do the slowed? with in they like your that maybe looking here, cost how decrease where required manage are both of are? have advantage

Brian Harper

Yes.

return of That's the return. kind where I'm seeing of land a really this isn't man's today. unsettled required really, no So that,

those I we'll things able speaking the months conversations should to their first occurring relationship They're both understand GIC, them. and where gotten a obviously where returns stronger. the be that has settle with not quarter. or platforms, There on several pleased of And next very are we've with in the slowed. yields has appetite will be lot provided think with

more so the produce our is a conversations. align shareholders really that the and there's think returns and for each of wait highest how other help I ongoing on and grow and efficiently So them, see most we can

Todd Thomas

any the in potential missed just turned this or Okay. XXXX, this or question are Anything point? terms apologies All right. the in move-outs into we That's I known XXXX that's season at had of any that you're post-holiday today? corner aware as other season there early But anticipated of of and vacates holiday helpful. if you commented. And sort maybe, then Mike, one I and

Mike Fitzmaurice

I point, going experience any seasonal your small to heavy probably mean related no. that in year. of shop every a But terms at have this anchor spaces you're you normal move-outs to

Todd Thomas

Okay. Alright. all. Great. That's you. Thank

Brian Harper

Todd. Thanks

Operator

we I'd sir. Brian of the to you, for over to gentlemen, Harper, question-and-answer to and remarks. turn the And back have closing end Ladies the session. CEO, call President and you. Over Thank like reached

Brian Harper

Thank you, operator.

a in positive we the to testament are Our over results business have few quarter third that investments the made our years. past

joining Thank Our year-out. cash approach portfolio and Have expect will long-term produce a focus, in call to morning. led wonderful all this and people, more a our have innovative year-in day. you flow results processes we consistent for investments our that and resilient

Operator

today's gentlemen this Ladies and conference. you. Thank concludes

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

RPT Realty (KIM+N) 6 Nov 222022 Q3 Earnings call transcript